Twentieth Annual Report of the Federal Reserve Board 1933
Transcript of Twentieth Annual Report of the Federal Reserve Board 1933
TWENTIETH ANNUAL REPORT
OP THE
FEDERAL RESERVEBOARD
COVERING OPERATIONS
FOR THE YEAR 1933
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1934
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FEDERAL RESERVE BOARD
DECEMBER 31, 1933
EX OFFICIO MEMBERS
WILLIAM H. WOODIN,
Secretary of the Treasury, Chairman.
J. F. T. O'CONNOR,
Comptroller of the Currency.
H. WARNER MARTIN,
Assistant to the Governor.CHESTER MORRILL, Secretary.
J. C. NOELL, Assistant Secretary.L. P. BETHEA, Assistant Secretary.S. R. CARPENTER, Assistant Secretary.WALTER WYATT, General Counsel.
GEORGE B. VEST, Assistant Counsel.
LEO H. PAULGER,
Chief, Division of Examinations.FRANK J. DRINNEN,
Federal Reserve Examiner.n
EUGENE R. BLACK, Governor.
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
GEORGE R. JAMES.
J. J. THOMAS.
M. S. SZYMCZAK.
E. A. GOLDENWEISER,Director, Division of Research and*.
Statistics.CARL E. PARRY,
Assistant Director, Division ofResearch and Statistics.
E. L. SMEAD,
Chief, Division of Bank Operations..J. R. VAN FOSSEN,
Assistant Chief, Division of BankOperations.
O. E. FOULK, Fiscal Agent.JOSEPHINE E. LALLY,
Deputy Fiscal Agent.
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CONTENTS
TEXT OF REPORT
PageDevelopments leading to the banking crisis 3The banking crisis 8Conditions following the banking crisis 14Open-market operations: 1930-33 17Rehabilitation of the banking structure 21Suspension of gold payments 2&Growth of world stock of gold 30Business conditions 30Credit agreements with foreign central banks 35Amendments to the law relating to the Federal Reserve System 3&Recommendations concerning legislation 50
Earnings and expenses of Federal Reserve banks 59Building operations of Federal Reserve banks 62Branches and agencies of Federal Reserve banks 62Bank examinations 63Trust activities of national banks 63Changes in membership 63Federal Reserve inter district collection system 65Additions to and changes in Federal Reserve Board's regulations 65Administration of sections 8 and 8A of the Clayton Antitrust Act . 66Reductions in capital stock of member banks 66Applications for voting permits by holding company affiliates 67Meetings of Federal Advisory Council 67Organization, staff, and expenditures 67
TABLESFEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT AND RELATED ITEMS:No. 1. Annual averages, 1918-33 71No. 2. Monthly averages, 1917-33 72-75No. 3. Weekly averages, 1932-33 76-77No. 4. By weeks (Wednesday series), 1922-33 78-89No. 5. End of month series, 1929-33 90No. 6. Call dates, 1917-33 91
RESERVE BANK CREDIT:No. 7. Annual averages, 1915-33 92No. 8. By months, 1925-33 92-93No. 9. Deposits, reserves, note circulation, and reserve percentages
of Federal Reserve banks, by months, 1932-33 94No. 10. Deposits, total gold reserves and other cash, Federal Reserve
note circulation, and cash ratio, by months, 1932-33 94in
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IV CONTENTS
RESERVE BANK CREDIT—Continued. p a g e
No. 11. Bills discounted for member banks—holdings of each FederalReserve bank, by months 95
No. 12. Reserve balances of member banks in each district, bymonths 95
No. 13. Bills discounted for member banks in each State, by months. 96No. 14. Principal assets and liabilities of Federal Reserve banks, by
weeks 97No. 15. Federal Reserve banks—holdings of bills discounted, by
weeks, by districts 98-99No. 16. Federal Reserve banks—assets and liabilities in detail, Dec.
31, 1933 100-101No. 17. Assets and liabilities of Federal Reserve banks (in detail) at
the end of each month 102-103No. 18. Condition of each Federal Reserve bank at end of 1932 and
1933 104-107No. 19. Number of member banks discounting paper at Federal
Reserve banks, by months, 1914-33 108No. 20. Number of member banks discounting paper at Federal
Reserve banks, by Federal Reserve districts, 1926-33 108No. 21. Number of member banks discounting paper at Federal Re-
serve banks, by States, 1925-33 109No. 22. Bills discounted by Federal Reserve banks—holdings at the
end of each month, by classes 11.0No. 23. Bills discounted—holdings of each Federal Reserve bank on
Dec. 31, 1933, by classes 111No. 24. Bills discounted—holdings of each Federal Reserve bank on
Dec. 27, 1933, by maturities 111No. 25. Bills bought by Federal Reserve banks—holdings at the end
of each month, by classes 112No. 26. Acceptances payable in foreign currencies—holdings of
Federal Reserve banks, 1924-33 112No. 27. Holdings of bills discounted and bills bought by Federal
Reserve banks, by maturities, 1932-33 113No. 28. Holdings of United States Government securities by Federal
Reserve banks at end of each year, 1929-33, by classes 114No. 29. United States Government securities held by Federal Reserve
banks in System investment account, under resale agree-ment, etc. (average basis), 1932-33 115
No. 30. United States Government securities held by Federal Re-serve banks in System investment account, under resaleagreement, etc. (Wednesday basis) 116
No. 31. Holdings by Federal Reserve banks of 1-day certificates ofindebtedness issued by the United States Treasury,1925-33 117
VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS:No. 32. Volume of operations in principal departments, 1929-33 118No. 33. Volume of operations in principal departments of each
Federal Reserve bank, 1933 119No. 34. Volume of operations of branches of Federal Reserve banks _ _ 120
GOLD SETTLEMENT FUND:
No» 35. Summary of transactions through the fund, 1926-33 121No. 36. Summary of transactions through the fund, by districts, 1933_ 121
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CONTENTS V
FEDERAL RESERVE AGENTS' GOLD FUND: PageNo. 37. Summary of transactions through the fund, 1926-33 122No. 38. Summary of transactions through the fund, by districts, 1933- 122
MEMBERSHIP IN PAR COLLECTION SYSTEM:No. 39. Number of banks on par list and not on par list, 1926-33.__ 123No. 40. Number of banks on par list and not on par list, by districts- _ 124No. 41. Number of banks on par list and not on par list, by States,
on Dec. 31, 1932 and 1933 125FEDERAL RESERVE BANK PREMISES:
No. 42. Cost of bank premises of Federal Reserve banks and branchesto Dec. 31, 1933 126
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS:
No. 43. Gross and net earnings of Federal Reserve banks, and dis-position made of net earnings, 1914-33 127
No. 44. Earnings of Federal Reserve banks, by sources, 1914-33 127No. 45. Total earnings, current expenses, and net earnings of each
Reserve bank, and disposition made of net earnings,1914-33 128-129
No. 46. Earnings and expenses of the Federal Reserve banks during1933 130-131
No. 47. Reimbursable expenditures of the Federal Reserve banksduring 1933 132
FEDERAL RESERVE NOTES:
No. 48. Federal Reserve agents' accounts at the end of each month 133FEDERAL RESERVE BANK NOTES:
No. 49. Federal Reserve agents' Accounts at the end of each month__ 134
GOLD STOCK, GOLD MOVEMENTS, AND MONEY IN CIRCULATION
GOLD:No. 50. Monetary gold stock of the United States, 1914-33 137No. 51. Analysis of changes in monetary gold stock, by months,
1926-33 138No. 52. Gold held under earmark by Federal Reserve banks for
foreign account, by months, 1916-33 139No. 53. Gold movements to and from United States, by countries,
1930-33 139No. 54. Gold movements to and from United States, by months,
1924-33 140MONEY IN CIRCULATION:
No. 55. United States money in circulation, by months, 1914-33 141No. 56. Kinds of money in circulation, 1931-33 142
DISCOUNT RATES AND MONEY RATES
DOMESTIC MONEY RATES:
No. 57. Federal Reserve bank discount rates 145-147No. 58. Federal Reserve bank buying rates on acceptances—changes
from Jan. 1, 1929, to Dec. 31, 1933 148No. 59. Average rates earned by Federal Reserve banks on bills and
securities, 1920-33 149No. 60. Open-market rates in New York City, by months, 1929-33 . 150No. 61. Open-market rates in New York City, by weeks 151No. 62. Money rates in New York City—prevailing rates charged
customers, 1929-33 152No. 63. Rates charged customers by banks in principal cities (weight-
ed averages), 1921-33 153Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
VI CONTENTS
MONEY RATES IN FOREIGN COUNTRIES: p a g e
No. 64. Discount rates of foreign central banks, 1931-33 154No. 65. Open-market rates in foreign countries, by months, 1929-33- 155
MEMBER AND NONMEMBER BANK CREDIT
ALL BANKS IN THE UNITED STATES:
No. 66. Number of banks, 1914-33 159No. 67. Total loans and investments of member and nonmember
banks, 1914-33 160No. 68. Total loans of member and nonmember banks, 1914-33 161No. 69. Total investments of member and nonmember banks,
1914-33 162No. 70. Deposits of member and nonmember banks (exclusive of
interbank deposits) 1914-33 163ALL MEMBER BANKS:
No. 71. Assets and liabilities of national and State bank members,Dec. 31, 1932, and Dec. 30, 1933 164
No. 72. Assets and liabilities of reserve city and country banks,Dec. 31, 1932, and Dec. 30, 1933 165
No. 73. Deposits subject to reserve, reserves required, reserves held,and borrowings at Federal Reserve banks, by months,1933 166
No. 74. Net demand and time deposits, by months 167No. 75. Net demand and time deposits of member banks in larger
and smaller centers, 1929-33 168No. 76. Holdings of eligible assets (United States Government secu-
rities and eligible paper) compared with borrowings atFederal Reserve banks, 1926-33 169
No. 77. Classification of demand and time deposits on call dates,1928-33 170
No. 78. Principal assets and liabilities on call dates, 1914-33 171-173No. 79. Classification of member bank loans and investments on
call dates, 1930-33 174-175No. 80. Reserve balances, by months, 1922-33 176No. 81. Borrowings at Federal Reserve banks, by months, 1914-33__ 176No. 82. Member banks in New York City, Chicago, and other re-
serve cities—deposits subject to reserve, reserves required,reserves held, and borrowings at Federal Reserve banks,by weeks, 1933 177-179
No. 83. Deposits by size of account, by Federal Reserve districts,May 13, 1933 180-181
No. 84. Summary of deposits by size of account, May 13, 1933 181No. 85. Deposits by size of account, by States, May 13, 1933 182-183
REPORTING MEMBER BANKS IN LEADING CITIES:No. 86. Loans, investments, deposits, reserves, and borrowings at
Federal Reserve banks (101 cities), 1922-33 184-185No. 87. Principal assets and liabilities, by weeks (101 cities), 1933. 186-187No. 88. Principal assets and liabilities, by weeks (90 cities), 1932-
33 188-191No. 89. New York City banks—Principal assets and liabilities, by
weeks, 1933.1 192-193No. 90. Banks outside New York City-—Principal assets and liabili-
ties, by weeks (89 cities), 1932-33 194-197No. 91. Bankers' balances: Total, New York City, other leading
cities, by weeks (90 cities), 1932-33 198-199Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONTENTS VII
BROKERS' LOANS: PageNo. 92. Loans to brokers and dealers, secured by stocks and bonds,
made by reporting member banks in New York City, byweeks 200
No. 93. Brokers' borrowings, 1929-33 201No. 94. Member bank loans on securities to brokers (and dealers in
securities) in New York City, 1928-33 202No. 95. Member bank loans on securities to brokers (and dealers in
securities) outside New York City, 1928-33 202BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING:
No. 96. Bankers' acceptances and commercial paper outstanding,1927-33 203
No. 97. Dollar bankers' acceptances outstanding, by classes 203No. 98. Dollar bankers' acceptances held by group of accepting
banks, 1926-33 204No. 99. Purchased acceptances held by member banks on call dates,
1930-33 204No. 100. Distribution of dollar bankers' acceptances outstanding 204
BANK DEBITS:No. 101. Debits to individual accounts, by banks in 141 principal
cities, by months, 1924-33 205BANK SUSPENSIONS:
No. 102. Banks suspended and reopened, by years, 1921-32 206No. 103. Number of bank suspensions, 1921-32, by Federal Reserve
districts and States 207-211No. 104. Deposits of banks suspended, 1921-32, by Federal Reserve
districts and States 212-221No. 105. Number, classified according to capital stock, 1921-32 222No. 106. By size of town or city, 1921-32 222No. 107. Banks suspended and nonlicensed banks placed in liquida-
tion or receivership, Jan. 1 to Dec. 31, 1933, and non-licensed banks on selected dates in 1933 223
CHANGES IN MEMBERSHIP IN THE FEDERAL. RESERVE SYSTEM:No. 108. Changes, by class of bank, in 1933 224
EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS:No. 109. Loans and investments, capital funds, and profits, 1923-32. 225No. 110. Ratios of earnings, expenses, etc., to average loans and in-
vestments, 1923-32 226No. 111. Earnings, expenses, and dividends, 1924-32 227
BUSINESS CONDITIONS
CAPITAL ISSUES AND SECURITY PRICES:
No. 112. Capital issues, 1919-33 231No. 113. Security prices, 1919-33 232-233No. 114. Bond yields, 1919-33 234-235
INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES:
No. 115. Production, employment, and trade, 1919-33 236-241No. 116. Production of manufactures, by groups, 1919-33 242No. 117. Production of minerals, by industries, 1919-33 243No. 118. Factory employment, by groups, 1919-33 244-247No. 119. Factory pay rolls, by groups, 1919-33 248-249No. 120. Wholesale commodity prices in the United States, by months
and years, 1913-33 250-251No. 121. Wholesale commodity prices in the United States by weeks 252-253
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CONTENTS
APPENDIXPage
Recommendations (and directory) of the Federal Advisory Council 257-259Banking legislation in 1933:
Extension of Glass-Steagall Act 260Joint resolution authorizing Comptroller of the Currency to exercise
additional powers 260Emergency Banking Act and Bank Conservation Act 261-265Amendment to Emergency Banking Act 266Title III of the act of May 12, 1933 (known as the "Thomas amend-
ment" 267-268Section 28 of the act of May 12, 1933, amending section 13 of the
Federal Reserve Act 269Amendment to Bank Conservation Act 269Amendments to sections 5200 and 5202 of the Revised Statutes 269Joint resolution relating to payments of gold 270Redemption of notes of unidentified banks 270Amendment to Emergency Banking Act 271Banking Act of 1933 272-295
Regulations of the Federal Reserve Board:Regulation L—Interlocking bank directorates and other relationships
under the Clayton Act 296Regulation M-—Open-market operations 300Regulation N—Relations with foreign banks and bankers 303Regulation P—Holding company affiliates—Voting permits 304Regulation Q—Payment of interest on deposits 312Regulation R—Relationships with dealers in securities 316
Executive orders and proclamations with respect to banking and currency:Proclamation relative to bank holiday 319Continuation of bank holiday 320Licensing of banks to reopen—Licensing of gold exports 320Disposition of unlicensed member banks 321Hoarding of gold coin, gold bullion, and gold certificates 321Foreign exchange and the earmarking and export of gold coin or
bullion or currency 323Hoarding, export, and earmarking of gold coin, bullion, or currency
and transactions in foreign exchange 324Sale and export of gold recovered from natural deposits 326Gold recovered from natural deposits 327Coinage of silver 328Control over State banking institutions 329
Directory of the Federal Reserve Board 331Salaries of officers and employees of the Federal Reserve Board 331Receipts and disbursements of the Federal Reserve Board 332-333Salaries of national-bank examiners 334-335Governors and directors of Federal Reserve banks 336-339Salaries of officers and employees of Federal Reserve banks 340State bank and trust company members of Federal Reserve System:
List of members, with location, loans, investments, etc 340-355Summary classification according to capital stock 356-358
Fiduciary powers granted to national banks 359-380Banks authorized to accept bills up to 100 percent of capital and surplus. 381-382Description of Federal Reserve districts 383-388Description of Federal Reserve branch territories 389-390Map of Federal Reserve districts 391Digitized for FRASER
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LETTER OF TRANSMITTAL
FEDERAL RESERVE BOARD,
Washington, May 28, 1934.To the SPEAKER OF THE HOUSE OF REPRESENTATIVES.
Pursuant to the requirements of section 10 of the Federal ReserveAct, I have the honor to submit the Twentieth Annual Report,prepared by direction of the Federal Reserve Board, covering oper-ations during the calendar year 1933.
Yours respectfully,EUGENE R. BLACK, Governor.
IX
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ANNUAL EEPOET OF THE FEDEBAL KESEKVE BOABD
Early in 1933, the year covered by this the Twentieth AnnualEeport of the Federal Reserve Board, banking difficulties, which hadbeen developing since the beginning of the depression, became greatlyintensified. Conditions became so critical in the first week of Marchas to necessitate a Nation-wide suspension of banking activities byPresidential proclamation, followed by a reopening of banks under ageneral plan of rehabilitation of the banking machinery of the country.Cooperation with other agencies of the Government in efforts to bringabout this rehabilitation of the banking system constituted an impor-tant part of the work of the Federal Reserve System during the year,and the System's participation was an important factor in this work.Another important part of the System's work in 1933 was the inter-pretation and administration of banking laws enacted in the courseof the year.
Early in 1933 with the recurrence of bank failures and deposit with-drawals the Federal Reserve System was called upon to meet largedemands for currency and gold, so that, at the time when all the bankswere closed early in March, member bank reserves had been drawndown to a low level, and Reserve bank credit outstanding and moneyin circulation were in the largest volume on record. The ability of theFederal Reserve banks to meet enormous demands for currency duringthe crisis demonstrated the effectiveness of the country's currencysystem under the Federal Reserve Act. At no time was there diffi-culty in converting a balance with a Reserve bank into currency orin increasing such a balance through the discount of eligible paper.Under the terms of emergency legislation passed in 1932 sound assetsnot ordinarily eligible for rediscount could also be converted intobalances with a Reserve bank and consequently, if the need existed,into currency. The crisis of February and March 1933, therefore,was not a currency crisis but a banking crisis, and was occasioned notby a shortage of currency but by loss of confidence in the solvencyof banks and by a depreciation in bank assets consequent upon thedrop in prices of all classes of property caused by the depression.
After the middle of March, the reopening of banks and the returnof confidence resulted in a rapid return flow of currency to theReserve banks. The demand for Reserve bank credit consequentlydiminished, discounts for member banks declined rapidly, and
1
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2 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
member banks built up considerable reserves in excess of legal re-quirements. In the middle of May the Federal Reserve banks re-sumed the policy of purchasing United States Government securitiesfor the purpose of encouraging business recovery by increasing theexcess reserves of member banks. These excess reserves reached alevel of $800,000,000 in October and remained near that level for theremainder of the year.
During 1933 changes of a fundamental character occurred in themonetary system of the United States, the most important of whichwas suspension of gold payments. At the time of the banking crisisgold payments by banks and the Treasury were suspended by theGovernment, and the export of gold was placed under control of theSecretary of the Treasury, In April an embargo was imposed ongold exports. In May there was legislation authorizing the Presidentwithin certain limitations to change the gold content of the dollar.Further legislation in June prohibited the inclusion of gold clausesin obligations that might be incurred thereafter, including obligationsof the United States, except currency, and abrogating such clauses inobligations already outstanding. The value of the dollar in foreignexchange markets began to decline April 18, 1933, and by the endof the year was more than 35 percent below its legal parity interms of gold currencies. Early in 1934, acting under the terms ofthe Gold Reserve Act of 1934, the President redetermined the weightof the gold dollar. It was fixed at \h%\ grains of gold nine tenthsfine, compared with the old weight of 25.8 grains. On January 31,1934, the country returned to a gold basis at the new level.
Important banking legislation was enacted during 1933 both at thetime of the banking crisis and later in the year, and this legislationis described in detail elsewhere in this report. The Banking Act of1933, enacted in June, included provisions imposing upon the FederalReserve banks and the Federal Reserve Board many new responsibili-ties, including regulation of the volume of security loans by memberbanks, and requiring the Board to exercise special supervision overthe foreign relations of the Federal Reserve banks. Conditions underwhich member banks are authorized to have branches were mademore liberal. Member banks were forbidden to be dealers in securi-ties, required to divorce security affiliates, forbidden to pay intereston deposits payable on demand, and subjected in respect to intereston time deposits to limitations to be prescribed by the FederalReserve Board. The act provided for a plan for insuring depositsup to $2,500 for any depositor in any participating bank, to becomeeffective at the end of the year. All member banks were requiredto participate in the plan and nonmember banks were authorized toparticipate under certain conditions. The Federal Reserve bankswere required to invest an amount equal to one half of their surplusin stock of the Federal Deposit Insurance Corporation.Digitized for FRASER
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 3
Industrial and business activity and the level of commodity priceswere at low ebb in the first quarter of 1933. Following the reopeningof banks in the middle of March the volume of production, employ-ment, and trade showed a considerable advance, and there occurred arise in commodity prices. The improvement was particularly markedin industries producing semifinished products, and the Board's indexof industrial production, which is based largely on the output of suchproducts, advanced by midsummer to a level equal to that prevailingon the average in the 3 years 1923-25. Subsequently there oc-curred a recession in production. At the end of the year industrialoutput and factory employment were at about 75 percent of the 1923-25 averages. In the last quarter of the year, as indicated by figuresadjusted for seasonal variation, department store sales were about15 percent larger than in the first quarter, the output of industryabout 20 percent larger, and the number of employees at factoriesabout 25 percent greater. Commodity prices at the end of the yearwere about 20 percent higher than at the beginning and at the highestlevel since the autumn of 1931.
DEVELOPMENTS LEADING TO THE BANKING CRISIS
The banking crisis early in 1933 was a culmination of developmentsthat had been under way since the beginning of the depression in 1929and in many areas for a considerably longer period. One of the out-standing characteristics of the depression had been the successive out-breaks of acute banking difficulties that began in 1930 and continuedto recur from time to time until March 1933. Between the end ofDecember 1929 and the end of February 1933 nearly 5,500 banks, ormore than one bank in every five, suspended operations, with depositliabilities aggregating about $3,500,000,000.
Bank failures, 1930-33.—The first series of these failures came inthe latter part of 1930 in Kentucky, Tennessee, Arkansas, and NorthCarolina, followed by suspension of a large bank in New York andanother in Philadelphia. Conditions improved early in 1931, but therewas another and even more wide-spread series of failures from the mid-dle of 1931 until February 1932. This series started with suspension ofa large number of banks in Chicago and the surrounding region andspread to Ohio and other Midwestern States, to Pennsylvania andNew York, and toward the end of 1931 to New England.
Following the formation of the Reconstruction Finance Corpora-tion in February 1932 the rate of suspensions was substantiallyreduced. In June and July 1932, however, banking difficulties againoccurred in Chicago and surrounding territory. During the remainderof 1932, until December, there were relatively few failures and mostof these were among small banks. In December 1932 suspensionsbegan to increase and in the first 6 weeks of 1933 they became more
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4 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
numerous and more widespread and involved more banks of sub-stantial size. The volume of deposits of suspended banks was particu-larly large in southern New Jersey, the District of Columbia, Ten-nessee, Illinois, Iowa, Missouri, Nevada, and California. Finally,renewed banking difficulties in February 1933 led to the temporaryclosing of all banks by official action, first in the State of Michigan,then in other States, and finally by Presidential proclamation through-out the country.
Decrease in value of bank assets.—The successive waves of bankfailures between 1930 and 1933 reflected primarily the drastic declinethat occurred in the value of bank assets and the withdrawal of de-posits in currency. Continued decrease in the value of bank assets,although due chiefly to the business depression, reflected in additionthe fact that when banks had to liquidate assets, whether loans orinvestments, to meet sudden demands from depositors, such liquida-tion contributed to declines in the prices of securities and com-modities. This unfavorable influence became aggravated when bankswere suspended, because their deposits, which represented a part ofthe liquid funds of the community used for current business purposes,were tied up for varying periods, while their assets were being sold asrapidly as possible. This contributed to further decreases in marketvalues and to further restrictions on business enterprise.^ I n the 3 years, 1930,1931, and 1932, the reported volume of total loans.and investments of member banks declined by nearly $8,500,000,000,reflecting the elimination of many banks by suspensions, the repay-ment of loans and the sale of investments, and the writing down orwriting off of both loans and investments because of a decline in the real-ization value of these assets. Loans declined nearly $11,000,000,000and there was also a decline after 1930 in member bank holdings ofcorporate bonds, while holdings of Federal, State, and Governmentbonds increased more than $3,000,000,000. During the same periodthe decline in the net deposits of member banks approximated$7,000,000,000, or about $1,500,000,000 less than that shown in loansand investments, the difference reflecting largely a substantialdecrease in the capital, surplus, and undivided profits of the banksthat arose to a large extent from losses sustained in consequence ofdeclines in asset values.
Currency withdrawals.—Withdrawals of deposits in currency, whichin many instances was not redeposited in other banks, began to assumeconsiderable proportions in the autumn of 1930 and thereafter thetotal amount of currency withheld from deposit was augmented witheach new wave of bank suspensions. The accompanying chart showsthe volume of paper currency of different denominations in circula-tion since October 1930.
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
The increase in large denominations clearly indicates that most ofthe currency withdrawn represented funds taken out for hoarding.The continued steady demand for small denominations while busi-ness was declining probably reflects an increase in the use of currencyfor business purposes in lieu of checks in localities where banking
DENOMINATIONS OF PAPER CURRENCY
MILLIONS OF DOLLARS
2000
1800
1600
1400
1200
1000
800
€00
400 ^
200
( End of month figures )MILLIONS OF DOLLARS
2000
1800
1600
1400
1200
1000
800
6Q0
400
200
1931 1932 1933Money in circulation, i.e., outside Treasury and Federal Reserve banks.
facilities had been substantially impaired and also in places whereconfidence in banks had been shaken.
The shifting of deposits.—Many withdrawals of deposits were notin the form of currency but in the form of transfers of accounts frombanks in which confidence was shaken to other banks. There is noaccurate measure of the extent to which this took place, but it is known
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6 ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD
that, while^certain banks were losing deposits in substantial amounts,other banks were either gaining deposits or losing only relatively smallamounts. Large depositors with wide connections transferred accountsfrom bank to bank and from city to city. In the 6 months betweenJuly 1932 and January 1933, for example, as shown in the accom-panying table, while the deposits of New York and Chicago banks
MEMBER BANK DEPOSITS
[Net demand and time deposits; monthly averages of daily figures. In millions of dollars]
July 1932 January1933
Percentchange
All member banks
Central Reserve city banks in:New York CityChicago - . .
Reserve city banks
Country banks in:Places of over 15,000 population..Places of under 15,000 population
24,712
5,9511,113
8,717
5,1893,742
25, 641
7,0501,230
8,792
5,0183,550
+3.8-
+18.5+10.5
+.9
- 3 . 3- 5 . 1
showed large increases, those of reserve city banks remained prac-tically unchanged, and those of country banks, particularly in thesmaller towns, showed substantial decreases. Deposits in nonmemberbanks showed a percentage decline similar to that for country memberbanks in the smaller places.
In order to obtain funds to meet withdrawals of deposits, whetherfor currency hoarding or for transfer to other banks, bank$ subjectedto withdrawals were forced to call loans, to sell securities, or to borrowon their assets. As a rule the better assets were liquidated or pledgedfirst, leaving the poorer assets as cover for the remaining deposits.When banks were forced to liquidate assets to meet demands of depos-itors, values were further depreciated and the position of other banksweakened. These developments contributed to the spread of suspen-sions and to the loss of confidence in banks.
Efforts to prevent bank failures.—Throughout the depression manyattempts were made to prevent the failure of individual banks andto check the spread of bank failures. Private efforts averted a largenumber of suspensions and these efforts were supplemented from theearly days of the depression by measures of collective action, includ-ing the provision by governmental authorities of new lending facilities.
In the autumn of 1931 the National Credit Corporation was formedunder the sponsorship of the banks themselves to make loans tobanks in difficulties.
In February 1932 the Reconstruction Finance Corporation wasestablished under act of Congress to lend to banks, to other financialinstitutions, and to railroads. By the end of July 1932 the Corpora-tion had outstanding over $500,000,000 of loans to banks, and at theDigitized for FRASER
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 7
end of December 1932 about $600,000,000. In addition, over$270,000,000 had been loaned to railroads, largely to meet maturingobligations, and about $150,000,000 to insurance companies, mort-gage institutions of various kinds, and agricultural credit agencies.The granting of these loans served for the time being to check thevolume of bank failures.
Borrowings of member banks from the Federal Reserve banks hadincreased to a billion dollars by the end of 1931, and while memberbanks in the aggregate held an ample amount of paper eligible forrediscount at the Reserve banks, there were many individual membersthat required assistance but did not possess eligible paper. To meetthis situation the Federal Reserve Act was amended in February1932 to permit a member bank under exceptional circumstances toborrow from a Federal Reserve bank upon paper other than thatordinarily eligible for rediscount or as collateral for loans. About 50member banks availed themselves of this permission in 1932 and 30Sin 1933. While the amounts involved in these loans were not large,the maximum outstanding at any one time being $95,000,000, theexistence of these facilities served a useful purpose in many individualsituations.
An amendment to the National Bank Act, approved July 22, 1932,made all United States Government bonds bearing coupon rates upto 3% percent eligible, for a period of 3 years, as security for cir-culation of national bank notes. This provision permitted nationalbanks that owned such Government securities to obtain currencywithout selling or borrowing on these securities.
Another amendment to the Federal Reserve Act in February 1932,permitted the Board to authorize Federal Reserve agents for a limitedperiod to accept Government securities from Federal Reserve banks ascollateral for Federal Reserve notes. This did not expand the lendingfacilities available to member banks, but it increased the power of theFederal Reserve banks to purchase Government securities in the openmarket in order to meet demands for the export of gold and increasedcurrency requirements, as well as to furnish member banks with addi-tional reserve funds. Such funds, when not absorbed by gold exportsor currency withdrawals, could be used by member banks to reducetheir borrowings at the Reserve banks or to increase loans andinvestments. On the strength of this authority the Federal Reservebanks in the spring and early summer of 1932 increased their holdingsof United States Government securities by approximately $1,100,-000,000. As a consequence, notwithstanding an outward flow ofgold of $500,000,000, member banks were able to reduce their borrow-ings at the Reserve banks by about $350,000,000 and to increasetheir reserve balances by approximately $200,000,000.
49753—34 2Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
THE BANKING CRISIS
While the measures that have been reviewed served to check thecumulative process of liquidation, they did not result in a restorationof the value of assets held by banks or in restoration of confidence inthe solvency and safety of banks. There was some betterment in thethird quarter of 1932, when there was a definite improvement inindustrial and financial conditions. The volume of productionincreased, trade was more active, unemployment was somewhatreduced, currency returned from hoards, the outflow of gold changed toan inflow, banks reduced their borrowings, and prices rose in com-modity, stock, and bond markets. In the last quarter, however, theimprovement in business was not sustained. At the same time itbecame evident that there was a wide-spread and growing populardistrust of the ability of a great many banks to meet their liabilities.
In January 1933 the post-holiday return flow of currency was lessthan usual, indicating that currency was being withheld from deposit,and early in February substantial withdrawals of currency indicatedthe development of another major hoarding movement. In additionto currency hoarding, there were substantial transfers of depositaccounts from banks in which depositors had lost confidence to otherinstitutions, involving in many cases the shift of funds from onesection of the country to another. Toward the end of February therewas also some loss of confidence in the prospective convertibility ofthe currency, and withdrawals of gold, which had occurred sporadicallyduring the preceding 2 years, increased in volume. There were demandsfor gold both for domestic hoarding and for export. As these move-ments developed, the pressure was felt not only by the weaker mem-ber and nonmember banks in scattered sections of the country, butgenerally by member and nonmember banks in the financial centersand elsewhere throughout the country and by the Federal Reservebanks, which experienced a large demand both for Federal Reservenotes and for gold, so that their liabilities increased and their reservessimultaneously decreased.
Between the early part of February and March 4, money in circula-tion increased by $1,830,000,000, of which $1,430,000,000 was inFederal Reserve notes and $320,000,000 in gold and gold certificates,and at the same time $300,000,000 of gold was withdrawn throughearmarking. Nearly two thirds of these demands were concentratedin the week ending March 4. In order to obtain currency and gold,member banks, between early February and March 4, increased theirbills discounted at the Federal Reserve banks by over $1,160,000,000and drew down their reserve balances by over $500,000,000. At thesame time the Reserve banks increased their holdings of purchasedbills by $390,000,000 and of United States Government securities bynearly $100,000,000.Digitized for FRASER
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ANNUAL KEPOET OF THE FEDERAL RESERVE BOARD 9
As a consequence of the simultaneous increase of Federal Reservenotes in circulation and decrease in gold holdings, the ratio of thereserves of the Federal Reserve banks to their note and depositliabilities declined to 45.3 percent on March 3. In the critical cir-cumstances then existing and in order to adjust the operating positionof the Reserve banks to the situation, the Federal Reserve Boarddeemed it advisable on March 3, acting under authority of section11 (c) of the Federal Reserve Act, to suspend reserve requirements fora period of 30 days and to establish a tax on the amounts by whichreserves were deficient. Little use was made of this suspension by theReserve banks because of a marked turn for the better in the bankingsituation. In view of the rapid flow of currency and gold to theReserve banks after the reopening of the banks, the suspension wasnot renewed at the expiration of the 30-day period.
The development of the banking crisis was accompanied by a sharpincrease in money rates. In the New York money market, rates onbankers' acceptances, which were sold in large quantities by banksand dealers, rose from the low level of one fourth of 1 percent earlyin February to as high as 3% percent in the week ending March 4.The official rate for new call loans on stock-market collateral rosefrom a nominal level of 1 to 4 percent, with outside bids of as high as5 and 6 percent on March 3. Commercial paper rates also advanced.In line with the general rise in money rates and in order to combatboth domestic and foreign withdrawals of funds from the banks, theFederal Reserve Bank of New York on March 3 raised its rediscountrate from 2% to 3% percent and effective March 4 the Federal ReserveBank of Chicago made a similar change in its rate. During the weekwhen banks were first reopened, money rates were even higher—com-mercial paper was at 4K and call loans at 5 percent and March 15issues of 5-month and 9-month Treasury certificates carried ratesof 4 and 4% percent, respectively. Subsequently, money rates ingeneral promptly declined to more moderate levels.
Banking authorities in the different States had been obliged toadopt emergency measures from the beginning of February. OnFebruary 4 a 1-day holiday was declared in Louisiana to permitlarge New Orleans banks to raise funds and make readjustmentsnecessary to enable them to continue to meet their obligations. OnFebruary 14 a 4-day banking holiday was declared in Michigan toenable banks in Detroit to make similar arrangements and to pro-vide in the interim, as stated in the Governor's proclamation, "forthe equal safeguarding without preference of the rights of all depos-itors/' Satisfactory settlement of the difficulties was not reached,however, and the holiday was extended.
While the Michigan holiday arrested withdrawals of deposits frombanks in that State, outside Michigan there was an increase in themovement of funds from weaker to stronger banks and in currencyDigitized for FRASER
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10 ANNUAL REPOET OF THE FEDERAL RESERVE BOARD
withdrawals. Funds were withdrawn from banks in other States tosend to Michigan or to meet payments that would otherwise havebeen met from deposits in Michigan banks. Developments of thisnature were partly responsible for the rapid spread of the bank-holiday movement among other States. On February 25, the Gov-ernor of Maryland declared a bank holiday, chiefly on account ofconditions in Baltimore, and at about the same time restrictions wereauthorized on withdrawals of bank deposits in Indiana, Arkansas,,and Ohio. In a number of States new law s were passed to providefor safeguarding bank depositors or for readjusting the liabilities ofbanks without establishing receiverships. With a view to enablingthe banking situation in any particular State to be better handledas a whole, a joint resolution was adopted on February 25 by theCongress of the United States authorizing the Comptroller of theCurrency to exercise with respect to national banks such powers asState officials might have with respect to State banks.
On March 1 Alabama, Kentucky, Tennessee, and Nevada declaredbank holidays, and similar action was taken by 6 other States onMarch 2 and 7 others on March 3. On the morning of March 4, theGovernor of the State of New York issued a proclamation declaringthat day, which was a Saturday, and the following Monday to bebank holidays. Similar action was taken in Illinois, Massachusetts,New Jersey, Pennsylvania, and elsewhere.
The bank holiday, March 4-12.—Declaration of holidays in thevarious States had by March 4 closed or placed under restrictionspractically all banks in the country. Federal Reserve banks alsoobserved State holidays and closed on March 4. All leading ex-changes ceased operations and business in general was practicallyat a standstill. On March 6 the President issued a proclamation1
declaring a Nation-wide bank holiday to continue through the 4days ending Thursday, March 9. An important purpose of thisaction was to attack the problem of bank failures comprehensivelyby reviewing at one time the condition of all banks and reopeningonly such banks as could meet all demands upon them. This pro-cedure was intended both to assure more equitable treatment asbetween the depositors who were making withdrawals and thosewho were not, and to restore confidence in the banking situationas a whole.
The President's proclamation was issued under the authority of asection of the "Trading with the Enemy Act" of October 6, 1917, asamended September 24, 1918, which gave the President power toregulate or prohibit transactions in foreign exchange and in gold andsilver, and also to prohibit the hoarding of gold and silver coin andbullion and of paper currency. The proclamation declared that
i Proclamations and Executive orders issued during the year dealing with currency and bankingmatters are printed on pp. 319-330.Digitized for FRASER
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ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD H
there had been heavy and unwarranted withdrawals of gold andcurrency and extensive speculative activity in foreign exchanges,which had created a national emergency, and the bank holiday wasordered to prevent a continuation of such hoarding and speculationand to permit the application of appropriate measures for protectingthe interests of all bank depositors and other persons dependent onthe banks. During the holiday banks were not to pay out any coin,bullion, or currency or to transact any other banking business what-soever, except as might be permitted by the Secretary of the Treasury.The Secretary of the Treasury was authorized to permit banks toperform any or all banking functions, to require or permit the issu-ance of clearing-house certificates, and to authorize special trustaccounts for receipt of new deposits.
At the same time the President called a special session of Congressto meet on March 9 to enact such legislation as might be needed forthe reopening of banks. In the interim attention was devoted notonly to devising measures for reopening the banks but also to effect-ing arrangements for meeting during the holiday certain essentialpayments. The Secretary of the Treasury distributed through theFederal Reserve banks a series of regulations permitting specifiedtypes of transactions, and a number of statements interpreting theseregulations.
Some of the more important Treasury regulations were as follows:Banks were permitted to perform in a limited manner specified bank-ing functions, such as to make change, complete settlements notinvolving payments of currency, allow access to safety-deposit boxes,deliver documents held for safekeeping, and transact certain fiduciarybusiness. They were also given permission to perform functions essen-tial to provide the community with food, medicine, and other necessi-ties of life, for relief of distress, for payment of usual salaries andwages, and for similar purposes. Banks were permitted to acceptspecial trust deposits withdrawable on demand. Such deposits wereto be held in cash or in United States Government obligations or de-posited with Federal Reserve banks, which in turn were to hold suchdeposits in special accounts. These regulations contained provisionsthat in the exercise of these powers no bank should pay out any goldor gold certificates, and that banks should not permit withdrawals ofcurrency for purposes of hoarding.
On March 7 Federal Reserve banks were authorized to supply cur-rency, extend credit, and make transfers required by member banksin exercising the powers granted to them, provided that the memberbanks should inform the Federal Reserve banks of the amounts ofcurrency held and of the circumstances giving rise to need for morecurrency and should deliver to the Reserve bank all gold and gold cer-tificates held. The demand for gold for domestic hoarding had been
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12 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
one of the striking aspects of the course of events that brought on thebanking crisis and it was deemed advisable to obtain a return of thisgold to the banks. Accordingly, on March 8 the Federal ReserveBoard requested the Federal Reserve banks to prepare lists of personswho had recently withdrawn gold (including gold certificates) and hadnot redeposited it in a bank by March 13, the date being subsequentlyextended, and to give publicity to the request. On March 10 thePresident issued an Executive order which prohibited the export ofgold except in accordance with regulations prescribed by or underlicense issued by the Secretary of the Treasury.
The cessation of gold payments, the possible publication of thenames of gold hoarders, together with the general recognition by thepublic of the desirability of restoring to the country's reserves goldheld privately, where under prevailing conditions it did not promotethe public interest, resulted in a rapid return flow of gold and goldcertificates to the Reserve banks and the Treasury.
Since an important part in the events leading up to the bankingcrisis was played by the demand for currency, means of meetingpossible further demands when the banks reopened were consideredduring the banking holiday. It was recognized as essential in resum-ing banking operations to have made provisions for an adequatesupply of currency to meet all possible demands of depositors.
Issuance of clearing-house certificates or of similar forms of localemergency currency was among the matters to which considerationwas given by Government officials and by various local agencies.In previous monetary crises, before the Federal Reserve System wasestablished, such certificates had proved useful. On March 7 theSecretary of the Treasury issued a regulation authorizing clearinghouses and similar qualified associations to issue demand certificatesagainst sound assets of banking institutions, but this authorizationwas not to become effective before March 10, since it was hoped that inthe meantime a comprehensive national plan might be evolved. Inmany cities the printing of such certificates was begun and arrange-ments were made for pledging the required assets, but after the passageof the Emergency Banking Act of March 9 it became evident that thesecertificates would not be needed. Provisions of this act made possiblethe issue of the necessary amount of emergency currency in the formof Federal Reserve bank notes, which could be based on any soundassets possessed by banks.
The Emergency Banking Act.—On March 9, 1933, Congress assem-bled in special session and received a message from the Presidentasking for legislation " giving to the executive branch of the Govern-ment control over banks for the protection of depositors; authority
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ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD 1 3
forthwith to open such banks as have already been ascertained to bein sound condition and other such banks as rapidly as possible; andauthority to reorganize and reopen such banks as may be found torequire reorganization to put them on a sound basis."
On the same day the legislation requested was passed by Congressand signed by the President. This act confirmed all of the emergencymeasures adopted by the President and the Secretary of the Treasurysince March 4 and gave the President emergency powers to controlforeign exchange transactions, gold and currency movements, andbanking transactions.
The act also provided that when necessary for the conservation ofthe assets of a national bank the Comptroller of the Currency mightplace the bank in the hands of a conservator, whose powers differ inimportant respects from those of a receiver. The principal duty of aconservator, like that of a receiver, is to conserve the assets of thebank for the benefit of depositors, but in performance of this duty heis not under the same obligation as a receiver to liquidate the assets.He may resort, furthermore, to certain new procedures for reorgani-zation, some of which require approval of a smaller proportion ofthe depositors and stockholders than older methods. The act alsoauthorized the issuance and sale of preferred stock by national banksand the purchase of such stock by the Reconstruction Finance Cor-poration.
These measures provided means for readjusting the liabilities ofinsolvent banks without receiverships and for checking or slowingdown the process of liquidation which had been contributing to thecontinued decline in the value of bank assets in general and thusundermining other banks. Banks were offered, moreover, a newmethod of raising funds through the sale of preferred stock, capitalnotes or debentures. This method enabled them to meet demandsfor funds without creating claims superior to the claims of theirdepositors, such as those which arose when they borrowed at theReconstruction Finance Corporation or elsewhere.
The Federal Reserve Act was amended by the act of March 9, 1933,to permit the issuance by Federal Reserve banks of Federal Reservebank notes which could be secured by direct obligations of the UnitedStates Government up to 100 percent of their value, or by any notes,drafts, and bills acquired by the Federal Reserve banks up to 90percent of their value. No reserves were required to be held againstthese notes. Conditions under which Federal Reserve banks wereauthorized in unusual circumstances to make loans to member banks,on collateral otherwise considered ineligible, were liberalized. TheReserve banks were also authorized by this act to make advances to
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1 4 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
individuals, partnerships, and corporations on notes secured byUnited States Government obligations.1
These measures made it possible for any member bank during theemergency to meet all demands for currency so long as it had soundassets, regardless of the technical eligibility of these assets under per-manent law.
Program for reopening banks.—After the passage of the EmergencyBanking Act on March 9, the President issued a proclamation indefi-nitely extending the bank holiday and on March 10 by Executiveorder he conferred upon the Secretary of the Treasury power tolicense members of the Federal Keserve System found to be in satis-factory condition to conduct a usual banking business with exceptionsas to the paying out of gold and the furnishing of currency for hoard-ing. A like power was granted to the banking authorities of the vari-ous States with respect to banks outside of the Federal Reserve Sys-tem. The Federal Keserve banks were designated in this Executiveorder to act as agents of the Secretary of the Treasury for the receivingof applications and the issuance of licenses in his behalf and upon hisinstructions. On Saturday, March 11, the Reserve banks wereauthorized by the Treasury to reopen on the following Monday forthe performance of all usual banking functions, except as to the payingout of gold and the furnishing of currency for hoarding. On the samedate it was announced that on March 13 banks in the 12 Federal Re-serve bank cities would be reopened, on March 14 banks in approx-imately 250 other cities having recognized clearing houses, and onMarch 15 banks in other places. On Sunday evening, March 12,the President made a statement by radio in which he gave an accountof what had been done during the crisis, outlined the program onwhich banks were to be reopened, gave the assurance that banksreopened would take care of all needs and indicated that the successof the whole program was dependent upon the cooperation of thepublic.
CONDITIONS FOLLOWING THE BANKING CRISIS
The measures adopted during the bank holiday and the statementby the President to the people resulted in a restoration of confidenceso that as soon as the banks were reopened a large volume of currencywas redeposited in the banks. Money in circulation, which reached apeak of over $7,500,000,000 early in March, declined by about$1,250,000,000 during the remainder of that month and by about$2,000,000,000 by the end of August.
1 The Emergency Relief and Construction Act of 1932, approved July 21, had contained authority for theReserve banks to make advances to individuals, (1) in unusual and exigent circumstances, (2) by authorityof a vote of not less than five members of the Federal Reserve Board, (3) on eligible paper endorsed andotherwise secured to the satisfaction of the Federal Reserve bank, and (4) on submission of evidence that theborrower was unable to secure adequate accommodation from other banking institutions.
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ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD 1 5
The return flow of money was principally from hoards rather thanfrom active circulation, as is indicated by the fact that the larger partof the paper currency returned to the Federal Reserve banks afterMarch was in the larger denominations, $50 and over, which are usedrelatively little in day-to-day transactions. Amounts of currency ofvarious denominations in circulation on end-of-month dates betweenOctober 1930 and December 1933 are shown in the chart on page 5.From the end of February 1933 when money in circulation was about$1,000,000,000 less than at the peak, to the end of July, currency ofdenominations of $50 and over declined by about $500,000,000, or 26percent, whereas currency of $20 denomination declined by $165,-000,000, or 11 percent, and the circulation of the denominations of$10 and under, which are the ones used largely for business purposes,declined by $75,000,000, or 3 percent. In the next few months thecirculation of large denominations continued to decrease while thatof small denominations showed a seasonal increase.
There was also a rapid return flow of gold and gold certificates tothe Reserve banks and the Treasury, which continued at a diminishingrate during the remainder of the year. Between March 4 and March15, $370,000,000 in gold coin and gold certificates were returned, anamount about $50,000,000 more than had gone out between the firstof the year and March 4. About $260,000,000 was returned in thesecond half of March, about $175,000,000 more in the second quarterof the year, and about $60,000,000 more in the last 2 quarters.
With this return flow of currency and gold, banks showed an in-crease in their deposits and were also able to reduce indebtedness in-curred during the banking crisis. By the middle of April deposits atthe weekly reporting member banks had increased by about $1,000,-000,000 and before the end of June the increase amounted to morethan $2,000,000,000.
Reserve bank credit, March to December.—In the first month afterthe resumption of operations, member banks reduced their borrowingsat the Federal Reserve banks by about $1,000,000,000, and at thesame time increased their reserve balances by about $300,000,000.In this period maturing acceptances held by the Reserve banks werealso paid off to the extent of over $150,000,000. Further reductionsin member-bank borrowings and increases in their reserves duringthe remainder of the year reflected principally purchase of UnitedStates Government securities by the Reserve banks. In conjunc-tion with this policy of open-market purchases the Federal Reservebanks also reduced their rates on discounts and on acceptances. AtNew York the discount rate was reduced from Z}{ to 3 percent onApril 7, to 2% percent on May 26, to 2 percent on October 20, and to1% percent on February 2, 1934. Reductions were also made in thediscount rates at other Reserve banks. Rates on acceptances were
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16 ANNUAL KEPORT OF THE FEDERAL. RESERVE BOARD
also substantially reduced and the rate on the shorter maturities wasone half percent in the last quarter of the year.
The chart shows the course of the total volume of Reserve bankcredit, and of holdings by the Reserve banks of discounts, acceptances,and United States Government securities for the 4 years 1930-33.
MILLIONS OF DOLLARS
4000
RESERVE BANK CREDIT( Wednesday figures ) MILLIONS OF DOLLARS
4000
3000
2000
1000
3000
2000
1000
1930 1931 1932Holdings of Federal Reserve banks.
1933
Member bank reserve balances.—The building up of member bankdeposits was accompanied by a growth of member bank reservebalances with the Federal Reserve banks, reflecting both the redepositwith the Reserve banks of currency returning from circulation andopen-market purchases by the Reserve banks. Since the increase inlegal reserve requirements arising from the growth of deposits wasmuch smaller that the increase in reserve balances, excess reserves ofmember banks rose in the autumn to $800,000,000, the highest levelthen on record. This volume of excess reserves was maintained tothe end of the year.
Excess reserves of member banks during 1932 and 1933 are shownon the chart, with separate figures for banks in New York City andoutside New York City. The chart shows that excess reserves beganto increase in 1932, when the Federal Reserve banks were purchasinga large volume of United States Government securities in the openmarket, and continued to grow, except for a short period during theDigitized for FRASER
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 17
banking crisis, until the autumn of 1933. During 1932 the larger partof the excess was held by banks in New York City, where banksthroughout the country kept a considerable part of their surplus funds.In 1933, however, largely as a consequence of the passage of the Bank-ing Act of 1933 which, with some exceptions, prohibits the payment
EXCESS RESERVES OF MEMBER BANKSMILLIONS OF DOLLARS ( Wednesday figures ) MILLIONS OF DOLLARS
, ,
~. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D.
100
Reserve balances held with Federal Reserve banks in excess of legal requirements.
of interest on demand deposits, excess reserves became more widelydistributed, and in the last half of the year the larger part was heldby banks outside of New York City.
A special survey of the distribution of excess reserves during thefirst half of November 1933 showed that more than half of all themember banks held reserves that were at least 20 percent above legalrequirements, and only 6 percent of all member banks were deficientin reserves. The proportion of member banks with a considerablevolume of excess reserves was larger among member banks withdeposit liabilities of $500,000 or less than among larger member banks.This large and widely-distributed volume of excess reserves was animportant influence in maintaining easy conditions in the moneymarket and constituted in the existing circumstances a factor favor-able to business recovery.
OPEN-MARKET OPERATIONS: 1930-33
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view the System pursued a policy of reducing its discount and open-market rates and of purchasing United States Government securitiesin the open market, thereby placing a large volume of reserve fundsat the disposal of member banks.
During the speculative expansion in 1928 and 1929 the FederalReserve System had sold the greater part of its holdings of Govern-ment securities, thereby causing member banks to increase their dis-counts with the Reserve banks, and at the same time had advancedits discount and acceptance rates in pursuance of a policy of restrain-ing credit expansion by increasing both the volume and the cost ofindebtedness of member banks to the Reserve banks. This policyof restraint terminated when the speculative boom came to an end inthe autumn of 1929, and a policy of assistance to the market wasadopted during the following period of crisis. Between the end ofSeptember of 1929, when the stock market break began, and the endof that year the Federal Reserve banks purchased $350,000,000 ofGovernment securities and $100,000,000 of acceptances in orderto help the member banks to meet demands that were being madeupon them and in order to ease the money market at a time of seriousfinancial disorganization.
ITEMS RELATED TO OPEN MARKET POLICY: 1930-33
[In millions of dollars]
Date
End of 1929July 20, 1932End of 1932End of 1933
Changes during:1930, 1931, and to July 20, 1932....July 20, 1932, to end of year1933 _
1930 to 1933
Reserve bank holdingsof
U.S.Gov-ern-
mentsecuri-
ties
5111,8361,8552,437
+1,325+19
+582
+1,926
Billsbought
3925233
133
-340-19
+100
-259
Dis-counts
63253823598
-94-303-137
-534
Mone-tarygoldstock
4,2843,9524,5134,323
-332+561-190
+39
Moneyin cir-cula-tion
4,8655,7355,6755,806
+870-60
+131
+941
Member bank reservebalances
Total
2,3552,0362,5092,729
-319+473+220
+374
Re-quired 1
2,4281,7891,9351,870
-639+146- 6 5
-558
Excess1
- 7 3247574859
+320+327+285
+932
i Partly estimated.
The Reserve System's open-market policy in relation to the depres-sion may be considered as beginning with the opening of the year 1930.The table shows the principal items directly related to this policy forsignificant dates during the period 1930-33. Figures for July 20,1932, are shown because that date marked a reversal in the movementof currency and gold.
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At the beginning of 1930 the Keserve banks held about $500,000,000of United States Government securities and $390,000,000 of accept-ances, and the member banks were in debt to the Reserve banks tothe extent of $630,000,000. During the period from the beginningof 1930 to September 1931 the Federal Reserve banks bought asubstantial amount of United States Government securities, andthereby enabled member banks to meet the domestic demand forcurrency for hoarding and at the same time to reduce their borrow-ings. Additional funds were supplied to the banks during thisperiod through an inflow of gold from abroad, with the consequencethat at the middle of September 1931 member banks had $200,000,000of excess reserves. In the latter part of 1931, following the suspen-sion of gold payments by England, there was a large outflow of goldand member bank borrowings at the Reserve banks increased. Earlyin 1932, after the passage of the Glass-Steagall Act, which authorizedthe pledging of United States Government obligations as collateralagainst Federal Reserve notes, the Federal Reserve banks undertookopen-market operations on a large scale, increasing their holdingsby about $1,100,000,000 between the end of February and themiddle of July. These purchases enabled member banks to meetlarge demands for gold from abroad and for currency for domestichoarding and at the same time to reduce their borrowings and tobuild up their balances.
During the 30 months from the beginning of 1930 to July 1932, takenas a whole, the increase in Federal Reserve bank holdings of Govern-ment securities was $1,325,000,000. These purchases enabled themember banks to meet a drain of gold amounting to $330,000,000and a demand for currency of $870,000,000 and at the same time toreduce their indebtedness to the Reserve banks by $95,000,000, aswell as to provide funds for the repayment of maturing acceptancesin the amount of $340,000,000. Member-bank reserve balancesdeclined during the period by $320,000,000, but the decline wassmaller than the decrease in reserve requirements caused by a reduc-tion in bank deposits, so that member bank reserves, which wereapproximately equal to legal requirements at the close of 1929, were,by mid-July of 1932, $247,000,000 in excess of such requirements.
Up to that time the open-market policy of the Federal Reservebanks, although it had created a substantial volume of excess reserves,was effective chiefly in counteracting the unfavorable influence onbanking conditions of gold withdrawals and currency hoarding. Bothof these movements ceased in the middle of July 1932 and during theremainder of that year there was a considerable inflow of gold and somereturn of currency from hoarding. Since the assets of the Reservebanks consisted in large part of holdings of United States Govern-ment securities, which could be liquidated only at the initiative of the
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Reserve banks, and only in small part of discounts for member banks,the inflow of gold in the second half of 1932 was only partly absorbedby further liquidation of member-bank indebtedness and resulted,in addition to liquidation of discounts for member banks, in a furthergrowth of excess reserves to $575,000,000 by the end of the year.Member banks, therefore, entered the year 1933 with a low level ofindebtedness to the Reserve banks and a large volume of excess reserves.
It is not necessary for the purpose of reviewing the system's open-market operations during 1933 to discuss the developments whichaccompanied the banking crisis in February and March, during whichthere was a temporary increase of large magnitude in the volume ofmoney in circulation and a corresponding growth in member-bankborrowings at the Reserve banks. These developments are dis-cussed elsewhere in this report. The currency withdrawn duringthe panic soon returned to the Reserve banks after the banks of thecountry were reopened and was used by member banks to reducetheir borrowings.
During the year 1933 taken as a whole, the Reserve banks pur-chased $580,000,000 of Government securities. These purchasesresulted in a further reduction of $140,000,000 in member-bankindebtedness to the Reserve banks, which at the end of the year wasbelow $100,000,000 for the first time since the early days of thesystem. This reduction in member-bank indebtedness occurred not-withstanding a loss of $190,000,000 of gold during the year and anincrease of $130,000,000 in money in circulation. By the autumnmember-bank reserve balances in excess of legal requirements in-creased to a level above $800,000,000, the largest since the establish-ment of the Federal Reserve System. Open-market operations in1933 may be described as having been conducted primarily for thedirect purpose of building up excess reserves of the member banks-with a view to further easing conditions in the money market andencouraging the banks to adopt more liberal lending and investingpolicies and so to facilitate the recovery of business.
Summing up the open-market operations for the 4 years 1930-33,,the Reserve banks purchased during those years about $2,000,000,000of Government securities with the consequence of reducing indebted-ness of member banks and Reserve bank holdings of acceptances byabout $800,000,000 and building up reserves of member banks by$375,000,000, notwithstanding an increase of $940,000,000 in moneyin circulation. Inasmuch as reserve requirements had been reducedby $560,000,000 through the decline in bank deposits, the volume ofreserves at the close of the 4-year period was more than $800,000,000in excess of legal requirements.
It is difficult to say what the course of the depression would havebeen had the Federal Reserve System not pursued a policy of liberal
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 2 1
open-market purchases, which at first helped the banks to meet ex-traordinary demands upon them and later to build up excess reservesto an unprecedented level. This policy, together with the concurrentreduction in discount rates, was an important factor in the generaldecline of money rates to extreme low levels. Commercial paper,which at the opening of 1930 was at a 5 percent level, had declined bythe end of 1933 to 1% percent. Bankers' acceptances declined from4 percent to five eighths of a percent. The call money rate declinedfrom 6 to 1 percent. The rate on Treasury certificates declinedfrom 3K to one fourth percent, and average rates charged bybanks in leading cities to their commercial customers declined fromabout 6 to 4c}{ percent.
That the system's open-market policy also exerted an influence onthe volume of bank credit is indicated by the fact that in the middleof 1932 the precipitous decline in bank credit was temporarily arrestedpartly in consequence of the large volume of reserves that were avail-able to member banks. During 1933, however, the volume of mem-ber bank loans and investments, after a very rapid decline during thebanking crisis of the first 2 months, rose only slowly as banks reopenedand resumed operations, and after midsummer showed relativelylittle change. The banks' investments in Government securities in-creased considerably during the year; their other investments showedlittle change, while their open-market loans increased somewhat-Loans to commercial customers, however, as nearly as they can bemeasured from available statistics, declined rapidly during the first2 months of the year and regained only a part of that loss during theremainder of the year.
A review of open-market operations by the Federal Reserve Sys-tem during the 4 years indicates, therefore, that the placing ofreserve funds in the market through the purchase of United StatesGovernment securities has been an effective means of preventing ex-ceptional demands upon the member banks from tightening the creditsituation and that these funds have been a powerful means towardthe establishment and maintenance of ease in the short-term moneymarket. Although the abundant credit provided was not effectivelyemployed by business, it would appear that the maintenance con-tinuously of a substantial volume of excess reserves through open-market purchases helped to arrest a powerful deflationary movementand created conditions propitious to business recovery.
REHABILITATION OF THE BANKING STRUCTURE
General rehabilitation of the banking structure began with theadoption and promulgation of the plan for reopening the banksafter the banking holiday. A vital element in carrying this planinto effect was the public confidence created by the President's
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2 2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
radio address on March 12 in which he gave the people the assurancethat the banks reopened would be able to meet every legitimate calland that the Government was determined not to have " anotherepidemic of bank failures."
In accord with the Government's announced policy the Secretaryof the Treasury licensed during the first 3 days after the bankingholiday 4,507 national banks and 571 State member banks, or about75 percent of all member banks of the Federal Reserve System, leavingunlicensed 1,400 national banks and 221 State member banks. ByApril 12, State banking authorities had licensed approximately7,400 nonmember banks, or about 71 percent of the total numberof such banks. The resources of the member banks licensed atthat time represented about 90 percent of the resources of all memberbanks and their estimated deposits approximated $23,000,000,000.By the end of the year the number of licensed member banks hadincreased to 6,011, as a result of the reopening of unlicensed banks,the organization of new member banks, and the admission of Statebanks to membership in the Federal Reserve System, while thenumber of nonmember banks operating without restrictions hadincreased to approximately 8,200. The number of unlicensed mem-ber banks had been reduced by the end of the year to 512 and thenumber of unlicensed nonmember banks to approximately l^OO.1
A number of the member banks that were licensed to reopen at theconclusion of the banking holiday, and many of those that werelicensed later in the year, were strengthened in some way before theywere licensed, chiefly with new capital supplied by local interests orwith funds from the Reconstruction Finance Corporation. After beingreopened, furthermore, a considerable number of banks were strength-ened through additions to their capital. Some additions were made inthe second and third quarters of the year, but most of them were madein the last quarter when banks in large numbers were being fortifiedwith funds from the Reconstruction Finance Corporation for entranceat the end of the quarter into the Federal deposit insurance fund.
An important form of procedure in the administration of unlicensednational banks, of which there were 1,400 on March 15, was throughthe appointment by the Comptroller of the Currency of conservators,in accord with the Bank Conservation Act of March 9, 1933. TheComptroller has reported the use of conservatorships in 1,088 cases.
The conservator of a national bank may, with the approval of theComptroller of the Currency, pay out an authorized percentage ofdeposits previously accepted, and is permitted to accept new deposits,to be held in cash or United States Government securities or ondeposit with a Federal Reserve bank, and to pay out such new
* Figures for nonmember banks as given throughout this report, except when otherwise specified, areexclusive of mutual savings banks.
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 23
deposits. This enables a national bank to render a limited bankingservice to its community during whatever period may intervenebefore it is reopened or placed in receivership. A conservator hasauthority to reorganize a bank on the basis of agreements signed bycreditors representing 75 percent of total deposits and other liabilitiesor by stockholders owning at least two thirds of the outstandingcapital stock or by a combination of the two, these agreements to bebinding upon the minority creditors and stockholders. Whenreopening of the bank on a sound basis has become possible he mayturn the bank over to its board of directors.
The powers possessed by conservators enabled them in certaincommunities to facilitate the prompt release of deposits in a numberof closed institutions, sometimes to the extent of as much as 50 per-cent of these deposits, through the instrumentality of a new bankorganized to take over in effect a part of the business of each of theclosed banks. In some instances the conservators of the participatinginstitutions sold the new bank good assets of the unlicensed institu-tions. In other cases, funds were provided the new bank throughborrowing on the assets of the old bank from the ReconstructionFinance Corporation, the old institution subsequently going into re-ceivership. This method was widely used throughout the country andassisted, as for instance in Detroit, in the liquidation of some of thelargest of the closed banks.
Release of deposits.—On April 12, 1933, when the first comprehen-sive figures became available after the banking crisis, nearly$4,000,000,000 of deposits were tied up in about 4,200 unlicensed orrestricted banks, member and nonmember, that had been open priorto the banking holiday. By a process of reopening restricted banksor placing them in liquidation the aggregate volume of deposits in re-stricted banks was reduced by the end of June to about $2,500,000,000,and by the end of the year to about $1,225,000,000 in about 1,900banks, including about 1,400 nonmember banks. Many of the non-member banks classed as operating under restriction were permittedto operate with varying proportions of their deposits subject towithdrawal.
Receivers and liquidating agents of closed banks, in releasing fundsto depositors, have been able in many cases since February 1932 toborrow from the Reconstruction Finance Corporation. In October1933, in order to accelerate this process, the Deposit LiquidationBoard was established, which included officials of the ReconstructionFinance Corporation and other Government departments. Theprimary concern of this arrangement was with banks which had closedafter January 1, 1933. After the creation of the Board and up to theend of 1933, the Reconstruction Finance Corporation had author-ized for the purpose specified 776 loans aggregating more than
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2 4 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
$300,000,000. At the end of the year approximately $146,000,000had been disbursed on these loans and additional disbursements werebeing made at the rate of several million dollars daily. By borrowingupon the assets of closed banks receivers and other liquidating agentshave been able to conserve values, to liquidate in an orderly manner,and to make it possible for a large number of depositors to obtainfunds without prolonged delay.
Deposit insurance.—The plan for the insurance of deposits, in-cluded in the Banking Act of 1933, approved June 16, introducedan important new element into the process of rehabilitating thebanking structure. The act provided for a temporary insurancefund to become effective January 1, 1934, and for a permanent planof deposit insurance to become effective on July 1, 1934, both tobe administered by the Federal Deposit Insurance Corporation.
The temporary plan provided for the insurance of deposits up to$2,500 for any depositor in any participating bank. Licensed mem-bers of the Federal Reserve System were required to participate inthe temporary insurance fund, and the Insurance Corporation wasnot required to examine them. A nonmember bank operating on anunrestricted basis was permitted to apply for participation and waseligible if it was certified by the State authorities to have assetssufficient to meet its deposits and other liabilities.
The Federal Deposit Insurance Corporation undertook to examineduring the closing months of the year such of the approximately9,000 nonmember banks as applied for participation in the insurancefund. During September the Corporation sent forms to all non-member banks upon which to make application for participation.A large body of examiners was mobilized, headquarters set up in Statecapitals, and with the cooperation of the State banking authoritiesthe task of examining applicants was completed by the end of theyear. Examiners of the Federal Reserve System, of the Comptroller'soffice, and of the State superintendents of banking all participated inhandling this large task of examination.
Figures of the Federal Deposit Insurance Corporation as of Feb-ruary 15, 1934, showed that 13,529 institutions were members of thetemporary Federal deposit insurance fund—5,229 national banks,909 State-chartered banks belonging to the Federal Reserve System,and 7,391 State-chartered banks not members of the System. Thetotal number of insured accounts was reported at 54,682,092, and thevolume of insured deposits $15,483,000,000.
The working capital available to the temporary fund included thesubscription of $150,000,000 by the United States Treasury, $139,-300,000 subscribed by the Federal Reserve banks, and approximately$37,000,000 derived by an assessment on participating banks. Thecontribution of participating banks was equal to one fourth of 1
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ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD 25
percent of their insured deposits, and the Corporation has the powerto levy in all for the needs of the temporary fund total assessmentsof not more than 1 percent of the aggregate of insured deposits.
Recapitalization of banks.—To prepare banks for participation inthe insurance fund, as well as in the interest of general rehabilitationof the banking structure, the Government determined in the courseof the summer to make liberal use of the authority possessed by theReconstruction Finance Corporation to make investment in thecapital of banks as permitted by section 304 of the EmergencyBanking Act.
During the first few months following the banking crisis, this powerwas utilized chiefly in connection with bank reorganization for thepurpose of extending essential banking services to communities thatlacked such services, but during the summer the Federal ReserveBoard cooperated in making a survey to determine the amount of new-capital that might be required to strengthen active banks preparatoryto their applying for participation in the Insurance Corporation. TheFederal Reserve Board requested the Federal Reserve agents tokeep in touch with such member and nonmember banks in their respec-tive districts as might require their assistance. Federal Reserveofficials cooperated with State banking authorities in organizing localsituations and in bringing about the prompt filing of proper applica-tions by State banks with the Reconstruction Finance Corporation.
The program to improve the capital position of the banks was pro-moted by the formation for the purpose late in October of a specialdivision of the Reconstruction Finance Corporation with an advisoryadministrative committee of eight members which was named by thePresident and included the Governor of the Federal Reserve Board.The results of this program were becoming apparent in the last 2months of the year. Many of the strongest metropolitan bankscooperated in the program, enlarging their capitalization by takingReconstruction Finance Corporation funds. By the end of the yearapplications for additional capital had been received from about 5,000banks, more than one third of all active banks. One third of theapplicants were member banks and two thirds were State banks notmembers of the Federal Reserve System. By December 31, 1933, theReconstruction Finance Corporation had made commitments withrespect to capital investments in more than 4,500 banks in an amountaggregating $842,000,000, of which $264,000,000 had been disbursed.Additional capital to be furnished by the Corporation had beenofficially authorized with reference to nearly 550 member banks,in the aggregate amount of about $345,000,000, of which about$240,000,000 had been disbursed. For about 1,800 nonmemberbanks the amount then authorized was about $160,000,000 and theamount disbursed about $22,000,000. In addition, member and non-
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2 6 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
member banks had commitments for new capital from the Corporationaggregating about $340,000,000. After the end of the year the pro-gram continued to develop rapidly, new authorizations were made,and within a few weeks an additional $150,000,000 was disbursed.
The policy followed by the Secretary of the Treasury in reopeningbanks after the banking holiday, together with the steps to strengthenmember banks subsequently taken in cooperation with the Recon-struction Finance Corporation, was reflected in the fact that but 15of the approximately 6,000 member banks reopened were obliged tosuspend operations during the remainder of the year.
SUSPENSION OF GOLD PAYMENTS
General loss of confidence in the solvency of banks that character-ized the acute stages of the banking crisis, leading to the withdrawalof large amounts of paper currency for hoarding, was accompaniedby considerable but less widespread loss of confidence in the papercurrency itself. This was reflected in demands upon the commercialbanks, and through them upon the Reserve banks, for substantialamounts of gold to be placed in private hoards, sent out of the coun-try, or otherwise utilized to protect the holder against possible finan-cial loss. A consequence of these events, as noted elsewhere in thisreport, was to reduce substantially the amount of gold held by theFederal Reserve banks as a basis for currency and credit, and tobuild up the amount held in private hands where under prevailingcircumstances it could serve no useful public purpose. Officialmeasures taken during the banking holiday to halt and later to reversesuch developments represented the first of a series of steps that ledbefore the end of April to a suspension of gold payments in the UnitedStates.
Gold hoarding.—Heavy withdrawals of gold for hoarding were oneof the factors that led to the proclamation of March 6, declaring abank holiday. While the proclamation did not require the return ofgold already hoarded, it characterized the practice of hoarding goldas unwarranted and provided that during the bank holiday neitherany Federal Reserve bank nor any other bank should pay out, export,earmark, or permit the withdrawal of any gold or take any other actionthat might facilitate the hoarding thereof. A regulation issued by theSecretary of the Treasury on March 7, permitting the Federal Re-serve banks to perform certain limited services for their memberbanks, provided that the Reserve bank should first require the memberbank to deliver to it all gold and gold certificates held by the memberbank in its own right. On March 8 the Federal Reserve Boardrequested the Federal Reserve banks to prepare a list showing thenames of persons who had recently withdrawn gold or gold certificatesfrom a Reserve bank or a member bank and who had not redeposited
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ANNUAL KEPOBT OF THE FEDERAL RESERVE BOARD 2 7
the gold or gold certificates before March 13 (a date later extended).On March 9, by section 3 of the Emergency Banking Act, the Secre-tary of the Treasury was authorized, whenever in his judgment suchaction should be deemed necessary to protect the currency system, torequire all persons to deliver to the Treasurer of the United States allgold coin, gold bullion, and gold certificates owned by them inexchange for an equivalent amount of any other coin or currencycoined or issued under the authority of the United States. All thesemeasures were taken during the banking holiday, and their effect inpromptly bringing large amounts of gold and gold certificates out ofhoards has been described elsewhere in this report.
The next step was taken on April 5 in an Executive order whichprohibited the hoarding of gold coin, gold bullion, and gold certificates,and required anyone holding such gold or gold certificates in excess of$100 to deliver the excess to a Federal Reserve bank, either directlyor through a member bank, on or before May 1, 1933. A statementto the press issued at the time by the Secretary of the Treasury statedin effect that in the emergency the turning in of hoarded gold to theFederal Reserve banks, which could use it as a basis for currency andcredit, was a duty owed by all citizens; that while many had volun-tarily turned in their gold, others had not done so and that by thisorder the Government would, as in fairness it ought, assure perform-ance of this duty by the others. On December 28, the Secretary ofthe Treasury issued an order revoking the $100 exemption in connec-tion with the holding of gold coin by the public, and from that dateno gold coin—excepting coin having a recognized value to collectorsof rare coin—could be legally held.
Control of gold exports.—The proclamation of March 6, declaringthe banking holiday, prohibited the exportation of gold by banks aswell as the paying out of gold, except as authorized by the Secretaryof the Treasury. In this respect the proclamation applied to theFederal Reserve banks as well as to member and nonmember banks.An exception was made, however, by official authorization on March 7for gold earmarked prior to March 6 for foreign governments, foreigncentral banks, and the Bank for International Settlements, providedeach shipment was specifically authorized by a license issued by theSecretary of the Treasury. Licenses for export of gold so held werefreely granted by the Secretary. On March 10, the day after the pas-sage of the Emergency Banking Act, the export of any gold coin,gold bullion, or gold certificates by anyone, except as authorized bythe Secretary of the Treasury, was prohibited.
The order issued on April 5, prohibiting hoarding of gold, providedthat the Secretary of the Treasury might license the Federal Reservebanks and the member banks of the Federal Reserve System todeliver gold for proper domestic purposes (not involving hoarding) or
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28 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD
for export upon a showing by the applicant of need for gold for suchpurposes. On April 13, upon application of a member bank in NewYork City, the Secretary of the Treasury issued a license authorizing ashipment of about $600,000 in gold bars to Holland, and on April15-17 licenses were granted for the export of $9,000,000 in gold barsto France. These exports were authorized at a time when exchangeon important European countries was at gold export point and hadthe effect for the time being of steadying the value of the dollar inthe foreign exchange market. On April 18 applications for licensesto export were refused, notwithstanding further weakness in the dollarin the exchange market, and on April 19 it was officially announcedthat licenses for the export of gold would no longer be freely granted.On April 20 an Executive order was issued definitely prohibiting theexport of gold, with specified exceptions including gold previouslyearmarked for account of foreign governments, foreign central banks,and the Bank for International Settlements. With these exceptions,the authority of the Secretary of the Treasury to issue licenses forthe export of gold was limited to such transactions as he might deemnecessary to promote the public interest and in respect to these hewas authorized to issue licenses only with the approval of the Presi-dent. During the 3 days April 18-20 the value of the dollar inrelation to gold standard currencies declined sharply to a levelconsiderably below parity.
Abrogation of gold clause.—On June 5 legislation was enacted whichabrogated in respect to all obligations past and future any provisionpurporting to give the obligee a right to require payment in gold orin an amount of money measured thereby, and included specificreference to every obligation of and to the United States exceptingcurrency.
Gold purchases.—On August 29 an Executive order was issued ineffect permitting producers of gold newly mined from natural de-posits in the United States to sell such gold on the world market,by consigning it for the purpose to the Secretary of the Treasury,the sales to be made through the Federal Reserve banks or otheragents designated by the Secretary. Transactions under this ordercontinued for about 2 months. On October 25 the President issuedan Executive order revoking the order of August 29 and authorizingthe Reconstruction Finance Corporation to acquire gold and todispose thereof. The Corporation accordingly offered to take at anannounced price, in exchange for its own 90-day debentures, all goldnewly mined in the United States. The initial price was above thedollar price of gold in London and other centers, and it was raiseddaily, almost without interruption, until the middle of November.From the middle of November to the first of December there were fivechanges, and only one change thereafter until the dollar was devalued
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on January 31, 1934. The Reconstruction Finance Corporation alsoengaged in purchases of gold abroad. In all these transactions theFederal Reserve Bank of New York acted as agent.
The accompanying chart shows by days the course of dollarexchange throughout 1933 in relation to gold currencies.
PER CENT OF PAR
110
100
90
80
70
60
50
40
30
20
10
FOREIGN EXCHANGE VALUE OF THE DOLLAR( 1933, by days )
V
.AAVy
PER CENT OF PAR
110
100
90
80
70
60
50
40
30
20
10
JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV.
Based on noon ra tes in N e w Y o r k for F rench francs.
DEC.
Gold Reserve Act of 1934.—At the end of January 1934, Congresspassed the Gold Reserve Act of 1934, which provided that title to allmonetary gold in the United States should be vested in the UnitedStates Government, and that, in case the President should, underauthority of the act of May 12, 1933, reduce the weight of the golddollar, this weight should not exceed 60 percent of the old weight.On January 31, 1934, the President issued a proclamation fixing theweight of the gold dollar at 15%i grains nine-tenths fine, or at 59.06of the former weight of 25.8 grains. At the same time he gave noticethat he reserved the right to alter or modify this proclamation as theinterest of the United States may seem to require.
Effective February 1, 1934, the United States Treasury undertookto purchase all gold offered at $35 an ounce, compared with the oldstatutory price of $20.67 an ounce, and to sell gold for export to
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foreign central banks whenever our exchange rates with gold-stand-ard currencies reach the gold export point.
GROWTH OF WORLD STOCK OF GOLD
In 1933, as in the previous year, there was a large increase in theamount of gold available for world monetary use. There was a fur-ther movement of gold from the hoards of the Indian people amount-ing to about $140,000,000, a release of gold from private holdings inChina, the Straits Settlements, and Russia approximating $80,000,000,and a production of new gold for the world as a whole of $505,000,000,which was somewhat larger than production in 1932. Consumptionof gold by industry was about matched by melting down scrap andplate ware. The bulk of the gold coming from mines and from easternhoards during the year, amounting to approximately $720,000,000, wasabsorbed in private or undisclosed holdings in Europe, almost entirelyduring the first half of the year and during the final quarter.
Recorded reserves of central banks and governments increasedduring 1933 by about $45,000,000. Monetary gold stock of theUnited States declined by $190,000,000, but gold holdings of theFederal Reserve banks and the Treasury declined by only $30,000,000,the difference reflecting the turning in of gold by the public in compli-ance with Executive orders and Treasury regulations. Recordedcentral gold reserves increased in England, $345,000,000; in Italy,$65,000,000; in South Africa, $50,000,000^ in the Union of SovietSocialist Republics, $50,000,000; in Sweden, $45,000,000; and in Bel-gium, Mexico, Greece, and Portugal by an aggregate of $60,000,000.Reserves in France declined $230,000,000; in Germany, $100,000,000;in Switzerland, $90,000,000; in Netherlands, $45,000,000; in Australia$40,000,000; and in Siam $30,000,000.
BUSINESS CONDITIONS
In the first quarter of 1933, accompanying the banking crisis, thevolume of industrial production and of factory employment declinedto about the low level of July 1932 and the volume of merchandise dis-tributed in domestic and foreign trade showed a considerable decrease.Prices of commodities in both wholesale and retail markets continuedto decline and there were further reductions in rents. In the securitymarkets prices declined but remained somewhat above the low levelsprevailing in the middle of 1932. The volume of new capital flotationsreceded further, and mortgage money continued to be generallyunavailable. Expenditures for private construction remained at anextremely low level, and the volume of new public projects undertakenshowed a considerable decline, reflecting in part further curtailmentby local governmental agencies which in many instances were not in aposition to issue new securities or to refund earlier issues.
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During the last three quarters of the year business was much moreactive than during the first quarter, as shown in the accompanyingtable and brought out in detail in the following paragraphs, and at theend of the year all of the principal lines of activity, though still farbelow their average level for the years 1923, 1924, and 1925, werematerially above the low points of the depression.
PRODUCTION, EMPLOYMENT, AND TRADE IN 1933
[Index numbers, 1923-1925=100. Adjusted for seasonal variation]
Quarter
FirstSecond.. _.ThirdFourth
Indus-trial pro-duction
63799275
Con-structioncontractsawarded(value)
19162448
Factoryemploy-
ment
58617373
Factorypay rolls
39425554
Freight-car load-
ings
53576260
Depart-ment-storesales
(value)
59677268
Whole-sale com-modityprices1
60637071
i Without seasonal adjustment.
Industrial production and commodity prices.—Industrial outputadvanced rapidly from March to July, reflecting sharp increases in theproduction of semifinished goods, both durable and nondurable, andsmaller increases in output of finished articles. Increases in the out-put of steel ingots, semifinished textile products, flour, tobaccoproducts, automobiles and tires were particularly large. This expan-sion in activity was stimulated by the reopening of banks, the lowlevel of stocks of certain commodities and the prospect of higher costsand higher prices in many lines. The increase in manufacturingactivity in turn was an important factor in stimulating a rise in com-modity prices, particularly prices of raw materials. In manyinstances prices were affected directly or indirectly by the prospect oflimitations of production, processing taxes, industrial codes, and thedecline of the dollar in the foreign exchange market. An unusuallysmall winter wheat crop was an important element in a rapid advancein wheat prices. In general, price increases in this period were mostmarked in raw materials, which were most in immediate demand andwhich, in many instances, were traded in international markets.This marked recovery in raw materials prices was from extremelylow levels.
After July the total volume of industrial production declinedconsiderably for 4 months, reflecting chiefly sharp reductions inactivity in the manufacture of semifinished goods which in earliermonths had increased rapidly and in some instances had reachedlevels higher than in 1929. In December industrial output as a wholedeclined by an amount smaller than is usual at this season, reflectingin part a nonseasonal increase in operations at steel mills that arose
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3 2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
from a change in trade practices. Consumption of raw materials inthe textile industries continued to decline.
In the late summer and in the autumn there was a recession in theprices of many raw materials, while prices of finished goods, which hadshown smaller increases in earlier months, advanced somewhatfurther. In this period and in the last 2 months of the year, thegeneral level of wholesale prices showed relatively little change.
Construction.—In the second quarter, while industrial productionincreased rapidly, the value of construction work undertaken increasedby less than the usual seasonal amount. During this period therewas a temporary reduction in the volume of Federal projects, whilethe total for private work showed an increase, accounted for largelyby projects in the beverage industry and by increased building ofsingle-family houses to be occupied by owners.
In the third and fourth quarters the volume of construction workundertaken showed large increases, reflecting a rapid growth in theamount of work undertaken by public agencies, as shown in thefollowing table:
CONSTRUCTION CONTRACTS AWARDED IN 1933
FirstSecondThirdFourth
[F. W. Dodge data for 37 eastern States.
Quarter
In millions of dollars]
Total
196236309515
Publiclyfinanced
9170
141383
Privatelyfinanced
105166168132
The value of residential projects increased from 8 percent of the1923-25 average in the first quarter to 13 percent in the fourthquarter, on a seasonally adjusted basis, while nonresidential workadvanced from 27 to 76 percent. The increase in residential workreflected in part an increase in work of a public character, such asthe building of dormitories. House rents generally declined furtherin the second half of the year, while prices of building materialsadvanced. The decline in house rents, as reported by the Bureau ofLabor Statistics, was somewhat less rapid in the second half of theyear than in the first half.
Distribution.—Activity in the distribution of commodities in domes-tic and foreign trade also showed an increase after the first quarter.The extent of the increase cannot be determined precisely for thereason that a large part of the information available is in terms ofvalue only and not in physical units and the additional reason thatfor some of the important channels of distribution no organized infor-mation is available. Total railroad freight traffic increased duringthe spring and summer, reflecting larger shipments of all classes ofcommodities, and after the middle of the year the volume of railDigitized for FRASER
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ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD 33
shipments was relatively stable at a level somewhat below the peakreached in July. The value of department store sales was relativelylarge in midsummer and showed somewhat less than the usual seasonalincrease in the autumn months when higher prices prevailed. Ke-gional reports on sales of automobiles and on sales of merchandiseby department stores, chain stores, and mail order houses indicate thatthe largest growth was in the Southern States.
Value of exports of domestic commodities, which had declined toa tow level in the early part of 1933, showed increases during each ofthe last three quarters of the year. In the second half of the yearthe value of exports was about a third larger than in the second halfof 1932, reflecting in part increases in the prices of certain exportcommodities, such as cotton and tobacco, and in part increases inthe physical volume of exports of other commodities, such as ironand steel products and automobiles. Value of imports increased sub-stantially in the second and third quarters of 1933 and declinedmoderately in the last quarter. Imports in the second half of theyear as a whole were about 50 percent larger in value than in thecorresponding period of 1932, reflecting increases in both prices andquantities of commodities imported.
Employment.—In the last three quarters of 1933 the number ofpersons employed showed a considerable growth, reflecting chieflyincreased industrial and trade activity during the spring and summermonths, reductions in average working hours in the autumn, and, inthe latter part of the year, the employment by the Civil WorksAdministration of an increasing number of people, reaching 3,500,000by the end of December.
Factory employment increased during the spring and summermonths by about one third and in September the Board's seasonallyadjusted index was at 74 percent of the 1923-25 average. Subse-quently there was a decline to 72 percent in December. The growthin employment reflected increases at establishments producing dur-able goods, such as steel, automobiles, and lumber, as well as estab-
FACTORY EMPLOYMENT IN 1933
[Index numbers, 1923-25=100. Adjusted for seasonal variation]
FirstSecondThirdFourth
Quarter Total
58617373
Durable
43445658
Nondurable
70748584
lishments producing less durable goods, such as foods, textiles, andleather products. Employment in the production of durable manu-factures, however, continued throughout the year at a level con-siderably below that for nondurable products, as indicated in theaccompanying table.Digitized for FRASER
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In the construction industry, in which the number of employeeshad been reduced during the depression more than in most otherindustries, employment continued at a relatively low level in 1933.In the latter part of the year the volume of construction work under-taken by public agencies showed a rapid increase but this was onlypartially reflected in expenditures and employment during this period.At coal mines there were increases in employment during the secondhalf of the year which were partly of a seasonal character. In thisperiod working forces in bituminous fields were larger than in the corre-sponding period of 1932 by about 10 percent, while in anthracite fieldsthere was a decline of about 5 percent. On the railroads the numberof employees increased until September and then showed a decline.The average number employed in the last quarter was about 1,010,000,as compared with about 1,680,000 in the corresponding period in 1929.On farms the volume of employment appears to have been about thesame as in other recent years, reflecting the relative stability, in theaggregate, of agricultural production.
Income.—Aggregate income of wage earners increased considerablyin the second half of the year, reflecting increased pay rolls of indus-trial establishments and public agencies. There was also an increasein the income of farmers, as compared with 1932, arising chiefly fromthe higher level of prices of many agricultural commodities and inpart from the distribution among producers by the AgriculturalAdjustment Administration of benefit payments in connection withthe production control program. Financial reports of a representativegroup of large corporations showed an increase in net profits during thesecond and third quarters of 1933, and in the latter period profits werelarger than at any other time since the second quarter of 1931.
Security prices.—Stock prices at the beginning of the year, thoughsomewhat higher than in the early summer of 1932, were at a relativelylow level, and receded further during February and March 1933 duringthe banking crisis. Thereafter, accompanying business recovery anddepreciation of dollar exchange, there was a rapid rise in stock prices,and by July representative averages for industrial and railroad shareshad advanced by 100 percent. During the same period publicutility stocks on the average rose by about 50 percent. From July tothe end of the year the industrial average receded only slightly fromits highest level, while there were more marked declines in rail andutility shares. Both industrial and railroad issues ended the yearmuch higher than they had been at the beginning.
At the beginning of 1933 bond prices showed a pronounced rise, butduring the crisis they declined sharply. From March to July therewere broad advances in the bonds of railroads and industrial corpo-rations, particularly in some of the more speculative issues, followedby a recession until nearly the end of November. For the year as a
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whole corporate bonds, excepting those of public utilities, showedsubstantial advances.
Municipal bonds declined along with all other classes during theliquidation of February and March, but contrary to the generaltendency, continued to fall until the middle of May. Some recoveryfollowed, but these issues declined again during November and atthe end of 1933 were somewhat lower than a year earlier. FederalGovernment issues, likewise, went to a relatively low level duringMarch and again during the last 2 months of the year. At the endof the year Government bonds were selling at somewhat lower pricesthan at the beginning.
Capital issues.—The volume of new securities publicly floated in1933, exclusive of Federal Government issues, totaled about $1,059,*000,000, of which $337,000,000 were for refunding purposes and$722,000,000 were to raise new capital. The total of new capitalissues in 1933 was about 60 percent of that for 1932 and about 12percent of the annual average for the years 1925-30. In 1933, as in1932, about two thirds of the offerings were bonds of States andmunicipalities.
Of the total flotations for the year new stock issues accounted for$120,000,000, almost all being equities in industrial and miscellaneouscompanies. This total was above that for 1932, although only a smallfraction of the volume of earlier years. Corporate bond financingwas at a low level throughout the year, and there were practically noflotations of new foreign securities.
Long-term financing of the United States Government in 1933 farexceeded in volume all other securities issued during the year.Federal bonds outstanding increased by $1,346,000,000, and Treasurynotes outstanding by $1,826,000,000. There was a slight decrease inthe aggregate of bills and certificates outstanding, so that the netincrease in the Government's interest-bearing debt amounted toabout $3,000,000,000.
CREDIT AGREEMENTS WITH FOREIGN CENTRAL BANKS
Credits extended with the approval of the Federal Keserve Board bythe Federal Reserve Bank of New York, in association with otherFederal Reserve banks and other banks of issue, to the GermanReichsbank and the Austrian National Bank under agreementsdescribed in the Annual Reports of the Federal Reserve Board for1931 and 1932 were completely repaid in 1933. The credit to theGerman Reischsbank in which Federal Reserve participationamounted to about $21,500,000 at the beginning of the year wasliquidated on April 13. The credit to the Austrian National Bank inwhich Federal Reserve participation amounted to about $975,000 atthe beginning of the year was liquidated in August and September,
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the final payment having been received on September 2. FederalReserve participation in two credits extended to the National Bankof Hungary, also described in the Annual Reports of the FederalReserve Board for 1931 and 1932, were reduced from $4,000,000 toabout $3,500,000 on October 18, at which time they were consolidatedfor repayment over a period of 3 years.
The demand deposit of $10,000,000 which was placed with the Bankfor International Settlements by the Federal Reserve banks in 1931,and which amounted to about $2,500,000 at the end of 1932, wasincreased to about $3,200,000 in March 1933, but subsequentlyreduced to about $2,900,000 by the end of the year.
AMENDMENTS TO THE LAW RELATING TO THE FEDERAL RESERVESYSTEM
During the year 1933 Congress passed several acts which containeda number of provisions of importance amending the Federal ReserveAct or by their terms affecting the Federal Reserve System. Theseprovisions are summarized below. The full text of the acts in questionis printed on pages 260-295.
ACT OF FEBRUARY 3, 1933
Exceptional advances to member banks.—The act of February 27,1932, popularly known as the "Glass-Steagal] Act", amended theFederal Reserve Act by adding thereto section 10 (b), which author-ized the Federal Reserve banks, until March 3, 1933, in exceptionaland exigent circumstances and subject in each case to the affirmativeaction of not less than five members of the Federal Reserve Board,to make advances to individual member banks having a capital notexceeding $5,000,000 which lacked sufficient eligible and acceptableassets to enable them to obtain adequate credit accommodations fromthe Federal Reserve banks by the customary methods. This sectionwas amended by the act of February 3, 1933, so as to extend the timewithin which Federal Reserve banks might make such advances untilMarch 3, 1934. As stated below, however, the section was furtheramended by the act of March 9, 1933.
Obligations of the United States as security for Federal Reservenotes.—The act of February 27, 1932, also amended section 16 ofthe Federal Reserve Act so as to authorize the Federal Reserve Boarduntil March 3, 1933, when it deemed it in the public interest, to per-mit the use of direct obligations of the United States as collateralsecurity for Federal Reserve notes. Prior to this amendment thecollateral security for Federal Reserve notes authorized by the lawwas paper discounted or purchased by Federal Reserve banks andgold or gold certificates. By the act of February 3, 1933, theauthority of the Federal Reserve Board to permit the use of direct
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obligations of the United States as collateral security for FederalReserve notes was extended until March 3, 1934. In March 1934this authority was extended for 1 more year, with authority in thePresident to extend it for an additional period not exceeding 2 years.
ACT OF MARCH 9, 1933
The act of March 9, 1933, entitled "An act to provide relief in theexisting national emergency in banking, and for other purposes",contained numerous important provisions relating to the authority ofthe President over the export and hoarding of coin and currency andover transactions in foreign exchange, the appointment of conservatorsfor national banks, the reorganization of such banks and the issuanceof preferred stock by them. In addition to these provisions, theact contained several amendments to the Federal Reserve Act orprovisions which by their terms directly affect the Federal ReserveSystem.
Recapture of gold.—Section 11 of the Federal Reserve Act wasamended by adding at the end thereof subsection (n) which authorizesthe Secretary of the Treasury when, in his discretion, such action isnecessary to protect the currency system of the United States, torequire all individuals, partnerships, associations, and corporations todeliver to the Treasurer of the United States all gold coin, gold bullion,and gold certificates owned by them. The Secretary of the Treasuryis required to pay therefor an equivalent amount of other forms ofcoin or currency, together with all costs of transportation. Failure tocomply with this provision is made subject to a penalty of twice thevalue of the gold or gold certificates in respect to which such failureoccurred.
Transaction of banking business in emergencies.—The act ofMarch 9, 1933, prohibits a member bank, during such emergencyperiod as the President of the United States may prescribe, fromtransacting any banking business except in accordance with regula-tions, limitations, and restrictions prescribed by the Secretary ofthe Treasury with the approval of the President, and penalties areprovided for violations of this prohibition.
Issuance of Federal Reserve bank notes.—Section 18 of the Fed-eral Reserve Act was amended so as to authorize the issuance, undercertain prescribed conditions, of circulating notes to Federal Reservebanks, usually known as Federal Reserve bank notes, upon thesecurity of direct obligations of the United States in amounts equalto the face value of such obligations, or upon the security of anynotes, drafts, bills of exchange, or bankers' acceptances acquiredby Federal Reserve banks under the Federal Reserve Act in amountsequal to not more than 90 percent of the estimated value of suchcollateral security. Prior to the passage of the act of March 9,
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1933, it had been possible under the law to issue Federal Reservebank notes only against the security of United States bonds whichwere eligible as security for national bank notes; and it is providedthat no Federal Reserve bank notes may be issued after the Presidentshall declare that the emergency recognized by him in his proclama-tion of March 6, 1933, has terminated, unless they are secured bybonds of the United States bearing the circulation privilege.
Advances to member banks in exceptional circumstances.—Section10 (b) of the Federal Reserve Act, which authorizes advances byFederal Reserve banks in exceptional and exigent circumstances toindividual member banks which are without sufficient eligible andacceptable assets to enable them to obtain adequate credit accom-modations from the Federal Reserve banks through other methodsprovided by the law, was further amended by the act of March9, 1933, by eliminating the requirement for action by the FederalReserve Board with respect to such advances and the limitation of$5,000,000 upon the capital of member banks receiving such ad-vances and also by providing that no such advances may be madeafter March 3, 1934, or after the expiration of such additional period,not exceeding 1 year, as the President may prescribe.
Advances to individuals, partnerships, or corporations on the secur-ity of obligations of the United States.—Section 13 of the FederalReserve Act was amended so as to add thereto a new paragraphauthorizing a Federal Reserve bank, under such regulations as theFederal Reserve Board may prescribe, to make advances for periodsnot exceeding 90 days to any individual, partnership, or corporationon promissory notes secured by direct obligations of the United States.
ACT OF MARCH 24, 1933
The act of March 9, 1933, was amended by the act of March 24,1933, by adding thereto a new section which authorizes FederalReserve banks under certain conditions to make loans to any Statebank or trust company not a member of the Federal Reserve Systemupon security approved by such Federal Reserve bank and after athorough examination of the borrowing institution. During the timethat such borrowing bank or trust company is indebted to a FederalReserve bank it must comply in all respects with the provisions ofthe Federal Reserve Act applicable to State member banks and theregulations of the Federal Reserve Board issued thereunder, includingthe maintenance of the reserve balance required under section 19 ofthe Federal Reserve Act, but need not subscribe to stock in the FederalReserve bank. Notes representing such loans are eligible as securityfor Federal Reserve bank notes issued to Federal Reserve banksunder the conditions prescribed in section 18 of the Federal ReserveAct. Loans may be made under this section during the existing
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emergency in banking or until the section is declared no longer oper-ative by proclamation of the President, but in no event after March24, 1934.
ACT OF MAY 12, 1933
Title III of the act of May 12, 1933, known as the Thomas amend-ment, contained a number of important provisions relating to theauthority of the President to fix the weight of the gold dollar and theweight of the silver dollar, to direct the issuance of United Statesnotes for the repayment or purchase of obligations of the UnitedStates, and to accept silver in payment of indebtedness from foreigngovernments. In addition, the Thomas amendment contained cer-tain provisions which by their terms directly affect the FederalReserve System.
Purchase of obligations of the United States by the Federal Reservebanks.—This act authorizes the President in his discretion, wheneverhe finds that any one of certain stated conditions exists, to direct theSecretary of the Treasury to enter into agreements with the FederalReserve banks and the Federal Reserve Board under which suchbanks will agree to conduct open market operations, pursuant toexisting law, in obligations of the United States or of corporations inwhich the United States is the majority stockholder and to purchaseand hold for an agreed period of time Treasury bills or other obliga-tions of the United States in an aggregate sum of $3,000,000,000 inaddition to those held on May 12, 1933. It was also provided thatno suspension of reserve requirements of the Federal Reserve banksnecessitated by reason of operations in accordance with such authorityshall require the imposition of a graduated tax upon deficiencies insuch reserves nor an automatic increase in rates of interest or discountcharged by any Federal Reserve bank, which are provided for insection 11 (c) of the Federal Reserve Act.
Legal tender.—This act also contained a provision to the effectthat United States notes issued under the authority of that act aswell as all other coins and currencies heretofore or hereafter coinedor issued by or under the authority of the United States shall be legaltender for all debts, public or private; and this provision was amendedby a provision of the Joint Resolution approved June 5, 1933, "toassure uniform value to the coins and currencies of the United States "so as to provide that all coins and currencies of the United States(including Federal Reserve notes and circulating notes of FederalReserve banks and national banks) heretofore or hereafter coined orissued shall be legal tender for all debts, public and private, publiccharges, taxes, duties, and dues except that gold coins, when belowthe standard weight and limit of tolerance provided by law for thesingle piece, shall be legal tender only at valuation in proportion totheir actual weight.
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Change in reserve requirements.—Section 19 of the Federal Re-serve Act was amended so as to authorize the Federal Reserve Board,upon the affirmative vote of not less than five of its members and withthe approval of the President, to declare that an emergency exists byreason of credit expansion and during such emergency to increaseor decrease the reserve balances required to be maintained againstdemand or time deposits by member banks.
Security for advances to member banks.—Section 13 of the FederalReserve Act was amended by section 28 of the act of May 12, 1933,so as to authorize the use of farm loan bonds, issued by Federal landbanks for certain purposes under section 21 of the latter act, assecurity for advances by Federal Reserve banks to member banksfor periods not exceeding 15 days. The provision of section 13 ofthe Federal Reserve Act which was so amended, however, was againamended and reenacted by the Banking Act of 1933 so as to omitand thereby to repeal the provision containing this authority.
ACT OF JUNE 16, 1933, " BANKING ACT OF 1933"
The Banking Act of 1933 contained many important amendmentsto the Federal Reserve Act and other provisions affecting the FederalReserve System.
Control of Federal Reserve bank credit by Federal Reserve Board.—Section 4 of the Federal Reserve Act, which provided that the boardof directors of each Federal Reserve bank " shall administer theaffairs of said bank fairly and impartially and without discrimina-tion in favor of or against any member bank or banks and shall,subject to the provisions of law and the orders of the Federal ReserveBoard, extend to each member bank such discounts, advancements,and accommodations as may be safely and reasonably made withdue regard for the claims and demands of other member banks"was amended by changing "shall extend" to "may extend" andadding the words "the maintenance of sound credit conditions, andthe accommodation of commerce, industry, and agriculture." Theamendment further provides that each Federal Reserve bank shallkeep itself informed of the general character and amount of theloans and investments of its member banks with a view to ascertain-ing whether undue use is being made of bank credit for any purposeinconsistent with sound credit conditions, and shall give consider-ation to such information in determining whether to make advancesto such member banks. Undue use of bank credit shall be reportedto the Federal Reserve Board by the chairman of the Federal Re-serve bank, and the Board may suspend a member bank from theuse of the credit facilities of the System if, in its judgment, the bankis making such undue use of bank credit.
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Voting by groups or chains in elections of Federal Reserve bankdirectors.—Section 4 of the Federal Keserve Act was amended to pro-vide that when two or more member banks are affiliated with thesame holding company affiliate only one of such banks, which maybe designated by such affiliate, may participate in the nomination orelection of Federal Keserve bank directors.
Distribution of earnings of Federal Reserve banks.—Section 7 ofthe Federal Eeserve Act was amended to provide that all net earningsof a Federal Reserve bank, after payment of expenses and dividendclaims, shall be paid into the surplus fund of the bank. Prior to thepassage of this law the provisions of the act were that the FederalKeserve banks pay all their net earnings above dividend requirementsinto surplus until such surplus shall have reached 100 percent of thesubscribed capital and that thereafter 10 percent of the earningsshould go to surplus and the remaining 90 percent should be paidto the Government as a franchise tax. As a matter of practicaloperation the repeal of the franchise tax provision makes littledifference in the disposition of the banks' earnings, in view of thefact that the investment of $139,000,000 of their surplus in the stockof the Federal Deposit Insurance Corporation reduced the surplusto a point where it would have taken a considerable number ofyears to bring that surplus up to 100 percent of the subscribedcapital. During that period the Federal Keserve banks would notin any case have to pay franchise tax. The System began to payfranchise tax in 1917 and has paid some franchise tax in every yearsince with the exception of 1918 and 1931, the aggregate paymentsfor the entire period amounting to $149,138,000. About $120,000,000of the franchise tax was paid in the two years 1920 and 1921, whenthe volume of Federal Reserve earning assets was unusually largeand the discount rates were at a relatively high level. Since thattime the franchise tax payments have been in relatively small amount.The provision that the net earnings of Federal Reserve banks abovedividend requirements be paid into surplus does not add to the profitsof the member banks from their stock in the Federal Reserve bank,but merely increases the capital structure of the Reserve banks and,therefore, increases their capacity to serve commerce, industry, andagriculture. It also provides a fund out of which the Reserve bankscan pay their dividends in years when their earnings are not sufficientfor the purpose. The law provides that in case of liquidation thesurplus of the Reserve banks, after the payment of all debts, divi-dends, and the par value of the stock, shall become the property of theUnited States.
Membership of Morris Plan banks.—Section 9 of the Federal Re-serve Act was amended to make eligible for membership in the Federal
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Reserve System Morris Plan banks and other incorporated bankinginstitutions engaged in similar business.
Branches of State member banks.—Section 9 of the Federal Re-serve Act was amended so as to provide that nothing therein con-tained shall prevent State member banks from establishing brancheseither in the United States or elsewhere upon the same terms andconditions as those applicable to the establishment of branches bynational banks.
Membership of mutual savings banks and other banking institu-tions without capital stock.—Section 9 of the Federal Reserve Actwas amended so as to make eligible for membership in the FederalReserve System mutual savings banks having no capital stock andother banking institutions the capital of which consists of timedeposits which are segregated from other deposits and regarded ascapital stock for purposes of taxation and dividends. A mutualsavings bank may be admitted to membership when it has surplusand undivided profits not less than the amount of capital requiredfor the organization of a national bank in the same place. It mustsubscribe for Federal Reserve bank stock (or in certain circumstancesmay make a deposit in lieu of such subscription) in an amount equalto six tenths of 1 percent of its total deposit liabilities, such sub-scription to be adjusted semiannually on the same basis.
Reports of affiliates of State member banks.—Section 9 of the Fed-eral Reserve Act was amended so as to provide that a State memberbank shall obtain from each of its affiliates, other than member banks,and furnish to the Federal Reserve bank and the Federal ReserveBoard, not less than three reports of condition each year on datesidentical with the reports of the affiliated member bank and suchadditional reports as the Reserve bank or the Board may deemnecessary. The provision requiring such reports to be made is man-datory ; but they are required to contain only such information as, inthe judgment of the Federal Reserve Board, shall be necessary todisclose fully the relations between such affiliate and such bank andto enable the Board to inform itself as to the effect of such relationsupon the affairs of such bank. The reports of affiliates are to bepublished by the bank under the same conditions as govern its owncondition reports. A penalty is prescribed for failure to obtain andfurnish any such report.
Dealings in stocks and investment securities by State memberbanks.—Section 9 of the Federal Reserve Act was amended so as toprovide that State member banks shall be subject to the same limita-tions and conditions as are national banks with respect to the pur-chase, sale, underwriting, and holding of investment securities andstock.
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Divorce of stock of State member bank from stock of other corpo-rations.—Section 9 of the Federal Reserve Act was amended so as toprovide that, after 1 year from the passage of the Banking Act of1933, no certificate of stock of a State member bank shall representthe stock of any other corporation, except a member bank or a corpora-tion existing when the provision takes effect engaged solely in holdingthe bank premises of such State member bank; nor shall the owner-ship or transfer of the stock certificate of such a bank be conditionedupon the ownership or transfer of a certificate of stock of anothercorporation except a member bank.
Right of an affiliate of a State member bank to vote stock held by-it in such bank.—Section 9 of the Federal Reserve Act was amendedso as to provide that each State member bank affiliated with a holdingcompan}^ affiliate is required to obtain from such affiliate, within aperiod prescribed by the Board, an agreement that the affiliate willbe subject to the same conditions and limitations with respect tovoting stock in the bank as are applicable in the case of holding com-pany affiliates of national banks; and the penalty for failure so to dois forfeiture of the membership of the State bank in the Federal Re-serve System. If the Board revokes the voting permit (required asstated below) of any holding company affiliate, the membership ofany State member bank affiliated with it may be forfeited.
Examination of the affiliates of State member banks.—Section 9 ofthe Federal Reserve Act was amended so as to require such examina-tions of affiliates of State member banks to be made in connectionwith the examination of such banks as shall be necessary to disclosefully the relations between such banks and their affiliates and theeffect of such relations. The expenses of such examinations may, inthe discretion of the Board, be assessed against the bank examined;and, in the event of the refusal of the affiliate to give information orto permit an examination, or in the event of the failure of the bank topay the cost thereof, the membership of the bank may be forfeited.
Terms of Federal Reserve Board members.—Section 10 of theFederal Reserve Act was amended so that, upon the expiration of theterm of any appointive member of the Federal Reserve Board in officeon June 16, 1933, the term of his successor shall be fixed by the Presi-dent at not more than 12 years in such manner as to provide for theexpiration of the term of not more than one appointive member in any2-year period, and thereafter each appointive member shall hold officefor a term of 12 years from the expiration of the term of his prede-cessor.
Offices of the Federal Reserve Board.—The provision of sectio 10of the Federal Reserve Act that the Secretary of the Treasury mayassign offices in the Treasury Department for the use of the Boardwas repealed.
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Other provisions regarding the Federal Reserve Board.—Section 10of the Federal Reserve Act was also amended so as to provide expresslythat the principal offices of the Federal Reserve Board shall be in theDistrict of Columbia. At meetings of the Board, the Secretary ofthe Treasury shall preside as chairman; in his absence, the Governorshall preside; in the absence of both, the Vice Governor; and in theabsence of all three, the Board shall elect a member to act as chairmanpro tempore. Provision was also included to make clear the right ofthe Federal Reserve Board to leave its funds on deposit with theFederal Reserve banks and the Board's powers with respect to thefunds derived from the assessments levied on the Federal Reservebanks for the purpose of defraying its expenses. It was also providedthat the certification of a Board member that he is not an officer,director, or stockholder of any bank is to be filed with the Secretaryof the Board instead of with the Secretary of the Treasury.
Loans by member banks on stock or bond collateral.—Section11 (m) of the Federal Reserve Act was amended to provide that, uponthe affirmative vote of six members, the Federal Reserve Board mayfix the percentage of individual bank capital and surplus in each Fed-eral Reserve district which may be represented by loans secured bystock or bond collateral made by member banks in such district. Nosuch loan shall be made by a member bank to any person in an amountin excess of 10 percent of its unimpaired capital and surplus. Suchpercentages, which may be changed from time to time upon 10 days'notice, are to be fixed with a view of preventing the undue use of bankloans for the speculative carrying of securities. The Board may directany member bank to refrain from increasing such loans, for 1 year orless, under penalty of suspension of rediscount privileges.
Federal Open-Market Committee.-—A new section, 12A, was addedto the Federal Reserve Act creating a Federal Open-Market Com-mittee consisting of 12 members, one being appointed by each Fed-eral Reserve bank. Their meetings, held at least four times a year,may be attended by the members of the Federal Reserve Board. NoFederal Reserve bank may engage in open-market operations exceptin accordance with regulations of the Federal Reserve Board, whichshall be transmitted to the committee and to the Federal Reservebanks. Open-market operations shall be governed with a view toaccommodating commerce and business and with regard to their bear-ing on the general credit situation. If a Federal Reserve bank shalldecide not to participate in open-market operations recommendedand approved as provided in this section, it shall notify the com-mittee and the Board.
Federal Deposit Insurance Corporation.—A new section was addedto the Federal Reserve Act, section 12B, creating a Federal DepositInsurance Corporation and providing for the insurance of deposits inmember banks of the Federal Reserve System and also in nonmemberDigitized for FRASER
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banks under certain conditions and limitations. The law providesthat the Federal Reserve banks shall purchase stock in the FederalDeposit Insurance Corporation in an amount equal to one half of theReserve banks' surplus as of January 1, 1933. Since the depositinsurance is administered by the Federal Deposit Insurance Corpora-tion no detailed statement of the statutory provisions on this subjectis set forth here.
Loans on member banks' collateral notes.—Section 13 of the Fed-eral Reserve Act was amended so as to increase the maximum maturityof advances to member banks on their promissory notes secured bypaper eligible for rediscount or for purchase by Federal Reserve banksfrom 15 to 90 days. The maximum maturity of 15 days on advanceson member banks' notes secured by Government bonds or obligationsof Federal intermediate credit banks was not changed. If a memberbank, while indebted to a Federal Reserve bank on such a 15-day or90-day collateral note and despite a warning of the Federal Reservebank or the Federal Reserve Board, increases its outstanding collateralloans or loans to securities dealers for the purpose of purchasing orcarrying stocks or investment securities (except obligations of theUnited States), its note shall be immediately due and payable and themember bank shall be ineligible to borrow on such a 15-day or 90-daynote for a period determined by the Board.
Foreign transactions of Federal Reserve banks.—Section 14 of theFederal Reserve Act was amended to provide that all relationshipsand transactions by Federal Reserve banks with foreign bankers shallbe subject to special supervision and regulation by the FederalReserve Board; that negotiations with foreign bankers shall not beconducted without the permission of the Board; that the Board maybe represented in any such negotiations; and that a full report of allsuch negotiations shall be made to the Board in writing.
Member banks as mediums in making loans on collateral.—Section19 of the Federal Reserve Act was amended so as to forbid a memberbank to act as the medium or agent of any nonbanking corporation,partnership, or individual in making loans on the security of stocks,bonds, and other investment securities to brokers or dealers in suchsecurities, and a fine is provided for violation.
Interest on deposits of member banks.—Section 19 of the FederalReserve Act was amended so as to provide that no member bank shallpay interest on any demand deposit, except in accordance with thenexisting contracts; but this provision does not apply to a depositwhich is payable only at an office of the bank located in a foreigncountry and does not apply to a deposit made by a mutual savingsbank nor to a deposit of public funds made by any State, county,municipality, or school district or other subdivision, with respect towhich payment of interest is required under State law. The Federal
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Reserve Board shall limit the rate of interest to be paid ontime deposits. No member bank shall pay any time deposit beforeits maturity, or waive a requirement of notice before payment of asavings deposit except when such requirement is waived as to allsavings deposits subject thereto.
Loans by member banks to executive officers.—Section 22 of theFederal Reserve Act was amended so as to forbid a member bank toloan to its executive officers and to forbid them to borrow from thebank; but loans of this kind theretofore made may be renewed orextended not more than 2 years from June 16, 1933. An executiveofficer of a bank who borrows from any other bank is also requiredto make a written report thereof to the chairman of the board ofdirectors of his bank. Violation of this provision is made a mis-demeanor, subject to fine or imprisonment.
Loans to or investments in stock of affiliates.—A new section, 23A,was added to the Federal Reserve Act which provides that no memberbank shall make any loan or extension of credit to, or purchase securi-ties under repurchase agreements from, any of its affiliates, or investin the stock or obligations of such affiliates, or accept such stock orobligations as security for advances, if the aggregate amount thereof,in the case of any one affiliate, will exceed 10 percent of the capitalstock and surplus of the member bank, or if, in the case of all suchaffiliates, the aggregate amount thereof will exceed 20 percent of thecapital stock and surplus of such member bank. Each loan or exten-sion of credit to an affiliate shall be secured by collateral, in the formof stocks, bonds, debentures, or other such obligations, having a marketvalue of at least 20 percent more than the amount of the loan orextension of credit or at least 10 percent more than the amountthereof if secured by State or municipal obligations. Loans orextensions of credit secured by obligations of the United States,Federal intermediate credit banks, Federal land banks, Federal homeloan banks, the Home Owners' Loan Corporation, or paper eligiblefor rediscount by Federal Reserve banks are excepted from therequirement as to marginal collateral. The provisions of this sectiondo not apply to certain limited classes of affiliates.
Limitation on investment in bank premises.—A new section, 24A,was added to the Federal Reserve Act which provides that no nationalbank, without the approval of the Comptroller of the Currency, andno State member bank, without the approval of the Board, shallinvest in bank premises, or in stock or obligations of, or make loansto or upon the security of the stock of, any corporation holding itsbank premises, in an aggregate sum exceeding the amount of the bank'scapital stock.
Jurisdiction of Federal courts over cases involving foreign bankingtransactions.—A new section, 25 (b), was added to the Federal Re-
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serve Act which confers upon District Courts of the United Statesjurisdiction over any case to which a corporation organized underthe laws of the United States is a party and which arises out oftransactions involving international or foreign banking, eitherdirectly or through the agency, ownership, or control of branches orof local institutions in foreign countries.
Jurisdiction of suits by or against Federal Reserve banks.—Thenew section 25 (b) restores to the District Courts of the UnitedStates jurisdiction of all suits to which a Federal Reserve bank shallbe a party and provides that Federal Reserve banks shall not be sub-ject to attachment or garnishment proceedings before final judgmentin any case.
Dealings in investment securities.—The Banking Act of 1933 alsoprovides in effect that, after 1 year after the passage of the act, deal-ings in investment securities by a member bank shall be limited tothe purchase and sale of such securities, without recourse, solely uponthe order and for the account of customers, except that a memberbank may purchase for its own account investment securities underlimitations and restrictions prescribed by regulation of the Comptrol-ler of the Currency; and the law provides certain other limitationsand restrictions upon such investments by member banks. No mem-ber bank may purchase stock of any corporation except as otherwisepermitted by law.
Capital requirements of State member banks.—Section 9 of theFederal Reserve Act was amended so as to eliminate the provision oflaw under which a State bank was permitted to become a member ofthe Federal Reserve System with a capital equal to only 60 percentof the amount required for the organization of a national bank in theplace in which it is situated. The capital of State member banksnow admitted to the System, therefore, must in all cases be equal tothat required of national banks located in places of like size. Theact contains a proviso, however, which would permit a State bank,organized when this proviso became effective, with a capital of notless than $25,000 and located in a place of not more than 3,000 in-habitants, to become a member of the System, and also a State bank,which is located in such a place and increases its capital to $25,000while entitled to the insurance benefits of the act, to become a member.
Regulation of holding companies.—Under the Banking Act of 1933shares of a member bank controlled by a holding company affiliateshall not be voted unless such affiliate shall have obtained a votingpermit from the Federal Reserve Board; and in acting upon an appli-cation for such permit, the Board shall consider the financial condi-tion of the applicant, the general character of its management andthe probable effect of the granting of the permit upon the affairs ofsuch bank. No permit shall be granted except upon the followingconditions:Digitized for FRASER
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(a) Each such holding company affiliate shall agree: to submit toexaminations, at its own expense, disclosing fully the relationshipbetween such affiliate and such bank; that such examinations may bemade of each bank owned or controlled by the affiliate; and thatpublication of statements of condition of such banks may berequired.
(b) After 5 years after the passage of the act, every such holdingcompany affiliate shall possess unpledged readily marketable assetsother than bank stock in an amount not less than 12 percent of thepar value of all bank stocks controlled by such affiliate, which amountshall be increased by not less than 2 percent annually up to 25 per-cent thereof and by reinvesting in such readily marketable assets netearnings in excess of 6 percent annually until such 25 percent require-ment is reached.
(c) However, after 5 years after the passage of the act, where theshareholders of the affiliate are themselves liable under the double-liability provisions on the bank stock held by the affiliate, the lattershall be required only to establish, out of its net earnings in excessof 6 percent, a reserve of readily marketable assets equal to 12 per-cent of the par value of bank stocks controlled by it, and readilymarketable assets required of such affiliate may be used for replace-ment of capital in, or losses incurred by, banks affiliated with it;but any deficiency so incurred shall be made up within such periodas the Federal Reserve Board may prescribe.
(d) Officers, directors, agents, and employees of such a holdingcompany affiliate shall be subject to the same penalties for falseentries as officers and employees of member banks are subject tounder section 5209 of the Revised Statutes.
(e) Every such holding company affiliate shall show that it doesnot have any interest in, and is not participating in the managementof, any securities company and that it will not acquire such an interestor participation; that, if it has such an interest or participation itwill, within 5 years, divest itself thereof; and that it will declaredividends only out of actual net earnings.
If any holding company affiliate violates any of the provisions ofthis act, the Federal Reserve Board may revoke its voting permitafter notice, and thereafter no national bank whose stock is controlledby such affiliate shall receive Government deposits or pay any divi-dend to such affiliate.
Where such a voting permit of an affiliate has been revoked, thefranchise of any national bank controlled by such an affiliate shall,in the discretion of the Federal Reserve Board, be subject to forfeiture.
Relationships between member banks and securities dealers.—Under the Banking Act of 1933, after 1 year from the date of enactmentof the act, no member bank shall be affiliated with a securities corpora-
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tion in the manner described in the act. A violation of this provision-subjects the member bank to a penalty of $1,000 a day, in the discretionof the Federal Reserve Board, and if the violation is continued for 6months after warning from the Board, the bank's franchise may be for-feited, if a national bank, or its membership in the Federal ReserveSystem may be forfeited, if a State bank.
Receipt of deposits by securities companies and other nonbankinginstitutions.—It is made unlawful, after June 16, 1934, (1) for anyperson, corporation, or other organization engaged in the issue, under-writing, or selling of securities to receive deposits subject to checkor to repayment upon presentation of a passbook or certificate; (2)for any person, corporation, or organization, other than a financialinstitution or private banker subject to examination and regulationunder State or Federal law, to receive deposits subject to check or torepayment upon presentation of a passbook or certificate, unless suchperson, corporation, or organization shall submit to periodic examina-tion by the Comptroller of the Currency or Federal Reserve bankand shall make periodic reports of condition in the same manner andat the same time as is required of national banks. A violation of theabove provisions is punishable by fine or imprisonment or both, andofficers, directors, employees, or agents knowingly participating insuch a violation are subject to like penalties.
Removal of bank directors or officers from office.—In the Bank-ing Act of 1933, there is provided a procedure for the removal of adirector or officer of a member bank who has continued to violate thelaw or has continued unsafe or unsound practices in conducting thebusiness of the bank with which he is connected, after being warnedby the Comptroller of the Currency (as to a national bank) or theFederal Reserve agent of his district (as to a State member bank) todiscontinue such violations or such practices. After a hearing by theFederal Reserve Board establishing such facts, the Board may orderthe removal of such director or officer and a copy of such order shallbe served upon him and upon the bank with which he is connected.Such order and findings of fact may not be made public or disclosedexcept to such director or officer and the directors of his bank, "other-wise than in connection with proceedings for a violation of thissection.7' Participation by such officer or director in the manage-ment of such bank after having been removed is punishable by fine orimprisonment.
Board of directors of national and State member banks.—AfterJune 16, 1934, the board of directors of every national bank and Statemember bank shall consist of not less than 5 and not more than25 members and each director shall own stock having a par valueof not less than $2,500. If, however, the capital of the bankdoes not exceed $50,000, a director is required to own stock having a
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par value of only $1,500, and if the capital does not exceed $25,000 heis required to own stock having a par value of only $1,000. The Comp-troller of the Currency may appoint a receiver or conservator for anational bank which continues to violate this provision after 30 days'notice from the Comptroller, and the Federal Reserve Board mayforfeit the membership of a State member bank which continues toviolate the provision after 30 days' notice from the Board.
Relations of member banks with securities companies.—After Janu-ary 1, 1934, no officer or director of a member bank shall be an officer,director, or manager of an organization engaged primarily in thesecurities business and correspondent relationships between memberbanks and securities organizations are prohibited, except when author-ized by a permit therefor issued by the Federal Reserve Board. TheBoard may issue such a permit if not incompatible with the publicinterest, and may revoke such permit if the public interest requires.
Amendment to the Clayton Antitrust Act.—The Clayton AntitrustAct was amended by adding a new section, section 8A, to providethat after January 1, 1934, no officer, director, or employee of anybank organized or operating under the laws of the United Statesmay be an officer, director, or employee of a corporation (other thana mutual savings bank) or member of a partnership which makesloans on stocks or bonds except to its own subsidiaries.
Amendments relating to national banks.—In addition to the provi-sions of the Banking Act of 1933 which are above referred to, theact contained a number of important amendments to the laws relatingto national banks, among which are provisions with respect to theircapital requirements, divorce of their stock from stock of other cor-porations, cumulative voting for directors, liability of their share-holders, branches which they may operate, consolidations with otherbanks and transfer of trust business upon such consolidations, rateof interest on loans, and reports and examinations of their affiliates.
RECOMMENDATIONS CONCERNING LEGISLATION
The Federal Reserve Board recommends to Congress the enactmentof a number of amendments to the statutes relating to the FederalReserve System. The amendments recommended, together with abrief statement of the reasons for the desired changes, are presentedbelow.
Revision of reserve requirements of member banks.—The FederalReserve Board renews its recommendation that reserve requirementsof member banks of the Federal Reserve System be based not solelyon the volume of deposits but also on the rapidity of their turn-over,in other words, on the extent to which the deposits are utilized.The report of the committee on bank reserves, on which the Board'srecommendation is based, appeared in the Annual Report for 1932,
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pages 260-285. A recent statement on the subject by GovernorBlack, speaking on behalf of the Board, appeared in the FederalReserve Bulletin for April 1934.
Payment of deposits and interest thereon by member banks andby banks whose deposits are insured.—The inflexibility of the provi-sions of the last two paragraphs of section 19 of the Federal ReserveAct, which relate to the payment of deposits and interest thereon, ina number of instances has affected member banks and their depositorsin a manner not believed to be intended by the statute and has givenrise to numerous difficulties in administration. In view of the unde-sirable situations created thereby, it is believed that these paragraphsshould be amended in a manner which will eliminate these objection-able features and at the same time will further the purposes of thepresent law.
The fact that the prohibition upon the payment of any time depositbefore maturity admits of no exception under the law has been thecause of much inconvenience to the customers of member banks; andit is the view of the Board that the absolute prohibition of the lawshould be relaxed so as to permit the payment of such deposits beforematurity in exceptional circumstances and in order to avoid hardships.Accordingly, it is recommended that the law be amended so as toprovide that no time deposit may be paid before its maturity exceptupon such conditions and in accordance with such rules and regula-tions as may be prescribed by the Federal Reserve Board.
It is also recommended that the provisions of the last two para-graphs of section 19 of the Federal Reserve Act relating to the pay-ment of deposits and interest thereon be amended so as to apply toevery bank whose deposits are insured under the provisions of section12B of the Federal Reserve Act. It is the view of the Board thatbanks which are not members of the Federal Reserve System, but thedeposits of which are insured under the provisions of said section 12B,should be on the same basis as to the payment of deposits and ofinterest thereon as member banks of the Federal Reserve System.Under existing law banks which are members of the Federal ReserveSystem are subject to certain limitations and restrictions with respectto the payment of deposits and of interest thereon which are notapplicable to other banking institutions whose deposits are insuredunder the provisions of said section 12B, and such institutions arethereby afforded a competitive advantage over member banks. Thesuggested amendment would place all banks whose deposits are in-sured under section 12B on a basis of equality in this respect.
The rates of interest customarily paid on deposits by foreign bank-ing institutions are often in excess of the rates which may lawfully bepaid by member banks of the Federal Reserve System on the samekinds of deposits, and, as a result thereof, branches of member banks
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section 8A, which forbids any director, officer, or employee of anybank, banking association, or trust company, " organized or operatingunder the laws of the United States'', to be at the same time a director,officer, or employee of a corporation (other than a mutual savingsbank) or a member of a partnership " organized for any purposewhatsoever'' which shall make loans secured by stock or bond col-lateral to any individual, association, partnership, or corporationother than its own subsidiaries.
While the purposes of this section are not entirely clear, it is believedthat they are generally to prevent a too close association or communityof interest between national banks and nonbanking lenders on secu-rities and to supplement other provisions of the Banking Act of 1933which were designed to discourage corporations engaged in commerceor industry from making loans to brokers or dealers in stocks andbonds, i.e., the so-called "brokers loans for account of others." Itseeks to accomplish these objects by preventing individuals associatedwith organizations which make loans on the security of stock or bondcollateral from serving at the same time as directors, officers, oremployees of banks organized or operating under the laws of theUnited States.
It is not believed that this section was actually intended to pre-vent the same person from serving as director, officer, or employeeof two or more banks; but the conclusion that it has that effect seemsinescapable, because banks clearly are included in the broad term"corporation * * * organized for any purpose whatsoever" andalso because the specific exception of mutual savings banks indicatesthat all other banks which make loans on stock or bond collateralare included. It is believed, therefore, that an amendment whichwould except all banks instead of mutual savings banks alone fromthe provisions of the section is in harmony with its real purposes andshould be enacted.
Moreover, because of the very comprehensive language employed,and especially the words " corporation * * * organized for anypurpose whatsoever", section 8A has been found to apply to certainother types of situations which are not believed to be within thepurpose of the statute. Numerous member banks have suffered the lossof some of their most valuable directors and are threatened with theloss of others solely because such directors are officers or directors ofcorporations which occasionally make loans on stock or bond col-lateral to their own officers and employees or because they are officersor directors of corporations engaged primarily in an agricultural,industrial, or commercial business which occasionally make such loansto their own customers as an incident to their principal business.It is felt that the statute should be made inapplicable to such situ-a ons and that amendments should be adopted making exceptions
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operated in places outside of the United States may lose substantialamounts of deposits unless they are permitted to meet competitionby paying interest at a rate equal to that currently paid by competingforeign banking institutions. In view of these circumstances, it isthe opinion of the Board that the last two paragraphs of section 19should be amended so as to except deposits payable only at an officeof a member bank located outside of the States of the United Statesand of the District of Columbia from the prohibition upon the pay-ment of interest on deposits payable on demand and from the provi-sions relating to the payment of interest on time and savings deposits.
The laws of a number of States require the payment of interest onuninvested funds held in trust by banks; and, since trust funds await-ing investment as a practical matter must usually be available ondemand and may not ordinarily be carried as time deposits, it isbelieved that the prohibition upon the payment of interest on depositspayable on demand should be made inapplicable to deposits of trustfunds with respect to which the payment of interest is required byState law.
The present law provides that the prohibition upon the payment ofinterest on deposits payable on demand shall not be construed toprohibit the payment of interest by a member bank in accordancewith the terms of any certificate of deposit or other contract enteredinto in good faith and in force on the date of enactment of the BankingAct of 1933. It is believed that the law should be amended so thatthis prohibition will not apply to any payment made in accordancewith the terms of a bona fide contract in force on the date on whichthe bank becomes subject to such provisions. Such an amendmentwould except from the prohibition upon the payment of interest ondeposits payable on demand any payment made by a bank enteringthe system subsequent to the enactment of the Banking Act of 1933,provided such payment is made in accordance with the terms of acontract entered into in good faith and in force on the date the bankbecomes a membei of the System.
In order that the provisions of the paragraphs in question may besufficiently adaptable to meet the requirements of actual conditionsit is believed that it is desirable to vest in the Federal Reserve Boardspecific authority to define for the purposes of such paragraphs certainterms used therein, such as "time deposits", "savings deposits7',and "deposits payable on demand." In addition it is believed thatthe Board should be expressly authorized to prescribe such rules andregulations as may be necessary to effectuate the purposes of theparagraphs and to prevent evasions thereof.
Interlocking bank directorates under the Clayton Antitrust Act.—Section 33 of the Banking Act of 1933 amended the Clayton AntitrustAct by adding after section 8 thereof a new section, designated
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covering these classes of cases and at the same time guarding care-fully against any evasion of the true purposes of the law. It is be-lieved that such amendments should include a provision making theproposed exceptions inapplicable in the case of corporations or partner-ships which make loans to brokers or dealers in stocks or bonds orwhich make loans to finance the purchase or sale of, or trading in,stocks or bonds other than loans to their own officers and employeesfor the purpose of enabling them to buy stock or bonds in suchcorporations.
Section 8A of the Clayton Act has been interpreted by the FederalReserve Board as not forbidding interlocking relationships betweenState member banks and corporations or partnerships which maymake loans on the security of stock or bond collateral. This inter-pretation is based upon an opinion of the Attorney General withregard to a similar question arising under section 8 of the ClaytonAntitrust Act. The Board feels that the purposes of section 8Awill be accomplished more effectively if its provisions are madeapplicable to State banks which are members of the Federal ReserveSystem as well as to national banks. It is recommended, therefore,that the words "any bank, banking association, or trust companyorganized or operating under the laws of the United States" nowappearing in the statute be stricken out and that there be substi-tuted the words "any member bank of the Federal Reserve System."Incidentally this change would make the section inapplicable toFederal Reserve banks, Federal land banks, Federal intermediatecredit banks, Federal home loan banks, and similar institutions,which are not believed to be within the intent of the section.
Discounts for individuals, partnerships or corporations by FederalEeserve banks.—Section 13 of the Federal Reserve Act was amendedby the act of July 21, 1932, so as to add thereto a new paragraph underwhich the Federal Reserve Board, in unusual and exigent circum-stances and by the affirmative vote of not less than five members,may authorize any Federal Reserve bank during such periods as theBoard may determine to discount for any individual, partnership, orcorporation notes, drafts, and bills of exchange of the kinds andmaturities made eligible for discount for member banks, when en-dorsed and otherwise secured to the satisfaction of the FederalReserve bank and when such individual, partnership, or corporationhas been unable to secure adequate credit accommodations from otherbanking institutions. Pursuant to the authority of this amendmentto the law, the Federal Reserve Board authorized such discounts byany Federal Reserve bank for a 6 months' period beginning August 1,1932, and has renewed such authorization from time to time so thatit has been in effect continuously and is still in effect. Under thisauthority, Federal Reserve banks up to May 2, 1934, had discounted
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for individuals, partnerships, and corporations notes, drafts, and billsof exchange in the amount of $1,389,000, of which $343,000 wasoutstanding on that date.
On account of the requirement that paper so discounted be bothendorsed and secured it has been necessary for the Federal Reservebanks to decline to make such discounts in cases where it mightotherwise have been possible to do so. It frequently happens that anindividual, partnership, or corporation which may be desirous of dis-counting paper directly with a Federal Reserve bank can furnishsatisfactory endorsement of the paper to be discounted, or satisfactorysecurity, but is unable to furnish both the endorsement and security;and in such cases the discount may not lawfully be made.
The Board believes that if the law should be changed so as torequire, in the alternative, satisfactory endorsement or satisfactorysecurity, the Federal Reserve banks would be able to extend creditto individuals, partnerships, or corporations in instances wherethey now have no such authority; and such a liberalization of thismethod of affording credit to industry would seem to be desirableunder existing conditions. Inasmuch as it would still be necessaryafter such an amendment to the law for the borrowers to furnisheither satisfactory endorsement or satisfactory security, it is believedthat the Federal Reserve banks would be adequately protected inmaking such advances.
It is recommended, therefore, that the requirement for bothendorsement and security with respect to discounts for individuals,partnerships, or corporations under the third paragraph of section13 of the Federal Reserve Act be changed so that either endorsementand/or security of a satisfactory character will be sufficient under thelaw.
Advances by Federal Reserve banks to member banks in excep-tional circumstances.—Section 10 (b) of the Federal Reserve Actauthorizes any Federal Reserve bank in exceptional and exigent cir-cumstances to make advances to its member banks on their time ordemand notes secured to the satisfaction of such Federal Reserve bankwhen such member banks are without sufficient eligible and acceptableassets to enable them to obtain adequate credit accommodationsthrough other methods provided in the Federal Reserve Act. Thesection was added to the Federal Reserve Act by the act of February27, 1932, and under the authority of its provisions, as amended bysubsequent acts and as extended by a proclamation signed by thePresident of the United States on February 16, 1934, advances maybe made thereunder up to and including March 3, 1935.
The existence of the authority conferred by section 10 (b) of theFederal Reserve Act has made it possible for the Federal Reservebanks to extend to a considerable number of member banks credit
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which was urgently needed to tide them over a difficult period and insome instances to prevent suspension. Up to and including May 2,1934, advances aggregating $303,574,000 had been made under theauthority of this section to member banks located in all FederalReserve districts. The highest amount outstanding at any one timewas $95,000,000, and on May 2, 1934, all except $9,530,000 had beenrepaid.
In view of the fact that this section has enabled the Federal Reservebanks to render valuable assistance to member banks in difficultieswithout impairing the liquidity of the assets of the Federal Reservebanks, it is believed that the authority of the section should be madepermanent. However, it is the view of the Board that loans shouldnot be made thereunder except during periods of a banking emergencywhen member banks may be in unusual need of assistance and thatthe section should be enacted in permanent form only if an appropri-ate safeguard is incorporated therein to enable the Board to preventan undue use of such credit facilities. The Board recommends,therefore, that the section be enacted in permanent form with anamendment providing that loans may not be made by Federal Reservebanks under the provisions of the said section except pursuant toauthorit}7 granted by the Federal Reserve Board upon the affirma-tive vote of not less than five members and under rules and regula-tions prescribed by the Federal Reserve Board.
Receipt of deposits by other than financial institutions or privatebankers.—The Board also invites attention to the desirability of aclarification of subdivision (2), paragraph (a) of section 21 of theBanking Act of 1933, which is somewhat uncertain as to meaning.This provision of the statute makes it unlawful after June 16, 1934,for any person, firm, corporation, association, business trust, or othersimilar similar organization, other than a financial institution orprivate banker subject to examination and regulation under Stateor Federal law, to engage in the business of receiving deposits, unlessthe individual or organization shall submit to periodic examinationby the Comptroller of the Currency or by the Federal Reserve bankof the district and shall make and publish periodic reports of itscondition.
It is not entirely clear whether a person or organization desiring tosubmit to periodic examination has the right to select for such pur-pose either the Comptroller of the Currency or the Federal Reservebank of the district, or whether it is the intent of the law that theComptroller of the Currency or the Federal Reserve bank shalldetermine which of such authorities shall be selected by a person ororganization desiring to submit to examination thereunder. Itshould also be noted that neither the Comptroller of the Currencynor the Federal Reserve bank is given the right to take action to
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require the correction of irregularities which may be disclosed bysuch an examination, or to exercise regulatory powers over a personor organization so submitting to examination.
The Federal Reserve Board accordingly recommends that suchamendments to this provision of the law be enacted as may be neces-sary to clarify its meaning and provide an effective means of super-vising or regulating any person or organization submitting to examina-tion as therein provided.
Publication of reports of condition of State member banks.—TheFederal Reserve Board also brings to the attention of Congress theneed for an amendment to the statute to require the publication ofreports of condition made by State member banks of the FederalReserve System pursuant to the provisions of the Federal ReserveAct. The existing law contains no such requirement Reportsof condition of national banks made to the Comptroller of theCurrency are required by the law to be published and the FederalReserve Board feels that State member banks of the Federal ReserveSystem should be made subject to a like requirement with respect toreports rendered on dates fixed by the Federal Reserve Board.Moreover, the Federal Reserve Act, as amended by the Banking Actof 1933, requires reports of affiliates of a State member bank to bepublished by the bank " under the same conditions as govern its owncondition reports." This provision appears to have been basedupon the assumption that there was a requirement in the Federalstatute for the publication of condition reports of State member banksbut, as stated, there is no such requirement. In the circumstances,the Federal Reserve Board feels that it is desirable that the law beamended so as to require the publication of reports of condition ofState member banks which are made to the Federal Reserve banks ondates fixed by the Federal Reserve Board.
Capital notes and debentures as part of capital funds of Statebanks.—The Federal Reserve Board also recommends an amend-ment to section 9 of the Federal Reserve Act to make it clear that theproceeds of capital notes and debentures issued by a State bank andpurchased by the Reconstruction Finance Corporation shall beregarded as capital funds of such bank and as a part of its unimpairedcapital for the purpose of membership of such bank in the FederalReserve System. It is understood that among State banks which areeligible for insurance of deposits under section 12B of the FederalReserve Act there are many whose capital would not be sufficient tomake them eligible for membership in the Federal Reserve System,unless they were permitted for this purpose to count, as part of theirunimpaired capital, the proceeds of notes and debentures sold to theReconstruction Finance Corporation. Under the law, banks thatare not members of the Reserve System may not continue to partici-
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pate in the Federal Deposit Insurance Corporation after July 1, 1936.,Many banks that may have been admitted to participation in theFederal Deposit Insurance Corporation, therefore, may have to beexcluded from it on that date unless they qualify for membership inthe Federal Reserve System. The Federal Reserve Board has ruledthat, in view of the fact that purchases of capital notes and deben-tures by the Reconstruction Finance Corporation are for the sole andexpress purpose of strengthening the capital structure of the banksselling the notes or debentures, the proceeds of such notes and deben-tures may be counted as part of the banks' unimpaired capital.Since the law is not explicit on this subject, however, the Boardrecommends that it be clarified.
Treatment of capital notes, debentures, and subordinated depositsin certification of banks for insurance.—Subsection (e) of section12B of the Federal Reserve Act requires the Federal Reserve Board,in the case of a State member bank, or the Comptroller of the Cur-rency, in the case of a national bank, to certify upon the basis of athorough examination of a bank applying for class A stock in the Fed-eral Deposit Insurance Corporation whether or not its assets are ade-quate to enable it to meet all of its liabilities to depositors and othercreditors as shown by the books of the bank. Many banks may notbe eligible to obtain class A stock in the Federal Deposit InsuranceCorporation if the holders of capital notes and debentures issued bythe banks are considered "creditors " within the meaning of this pro-vision and it is believed desirable that the statute should make itclear that holders of such capital notes and debentures are excludedfrom the term " creditors" as there used. In some cases also bankshave entered into agreements with their depositors under which thedepositors agreed to waive the right to demand payment of a part oftheir deposit claims until after other claims against the bank shouldbe satisfied in an endeavor to provide for the elimination of losses inthe bank. In certain of these cases the bank issued to such depositorsdeferred certificates under which the bank agreed to pay the depositorsthe amount of their deferred deposits before any distribution of assetsof the bank to its stockholders, and in the event of the dissolution ofthe bank the holders of the deferred certificates are entitled to sharein the assets of the bank after claims of other depositors and othercreditors have been provided for. If the owners of such subordinateddeposits are considered as "other creditors7' within the meaning ofsubsection (e) above mentioned, such banks may not be eligible toobtain class A stock in the Federal Deposit Insurance Corporation.Accordingly, it is believed to be important that the statute shouldmake it clear that the owners of such subordinated deposits are notto be considered as "creditors" within the meaning of the provisionin question. The Federal Reserve Board, therefore, recommends that
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 59
the law be amended so as to exclude from the term "creditors" in theprovision mentioned the holders of capital notes and debenturesissued by the bank and the owners of subordinated deposits of thekind described.
Rate of interest charged by branches of member banks locatedoutside of the United States. —The Federal Reserve Board also favorsthe enactment of an amendment to section 5197 of the RevisedStatutes of the United States, relating to the rate of interest whichmay be charged by national banks on loans or discounts, which wouldpermit a branch of such a bank located outside of the States of theUnited States and the District of Columbia to charge a maximumrate of interest on loans or discounts equal to the rate allowed by thelaws of the country, territory, or possession where such branch islocated. Such an amendment is believed to be desirable in orderthat such branches of national banks may be enabled to compete ona basis of equality with other institutions in the localities where theyare situated and would be in harmony with the amendment aboveproposed to except from the provisions of section 19 of the FederalReserve Act relating to the payment of deposits and interest thereondeposits which are payable only at an office of a member bank locatedoutside of the States of the United States and the District of Columbia.
Insurance of bank deposits payable outside of the United States.—The Board also recommends an amendment to section 12B of theFederal Reserve Act, relating to the insurance of bank deposits,which would exclude, in any determination of the insured depositliabilities of any closed bank or of the total net deposit liabilities ofany bank which is a holder of class A stock of the Federal DepositInsurance Corporation or a member of the fund provided for insubsection (y) of that section, deposits payable only at an officelocated outside of the States of the United States and the District ofColumbia and which would render ineligible for insurance under theprovisions of section 12B deposits of any bank so situated, whetheror not a member of the Federal Reserve System. It is believed thatsuch an amendment would be in harmony with the present purposesof section 12B to exclude deposits payable only at an office of a banklocated in a foreign country and that it is not desirable that bankslocated in the United States should be required to contribute to thesatisfaction of losses incurred by banks located outside of the UnitedStates.
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS
Gross earnings of the Federal Reserve banks in 1933 amounted to$49,487,000, or $532,000 less than in 1932. After deducting currentexpenses of $29,223,000—about $2,900,000 more than for the preced-ing year—reserves for depreciation on bank premises, and reserves forDigitized for FRASER
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60 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
losses, self-insurance, etc., there remained net earnings of $7,957,000,or $917,000 less than the amount of dividends paid during the year.Earnings, expenses, dividend payments, etc., for all Federal Reservebanks combined for 1933 and 1932 are shown in the following table:
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1933 AND 1932
[In thousands of dollars]
Total earnings ._ _ . .Current expenses _
Current net earnings. _
Additions (profits on sales of U.S. Government securities, etc.)Deductions (depreciation and other reserves, etc.)
Net deductions from current net earningsNet earnings __
Dividends paid . . . . . .Transferred to surplusFranchise tax paid U.S. Government
1933
49,48729, 223
20, 264
1,76214,069
12,3077,957
8,874-917
1932
50,01926, 291
23, 728
3,8845,298
1,41422, 314
9,28211,0212,011
The earnings of only two Reserve banks, New York and Chicago,were sufficient during 1933 to pay dividends in full without makingany charge against surplus.
Gross and net earnings during the year 1933 and the distribution ofnet earnings of each Federal Reserve bank are shown in the followingtable:
FINANCIAL RESULTS OF OPERATIONS OF THE FEDERAL RESERVE BANKS DURING1933
Federal Reserve bank Grossearnings
Netearnings
Dividendspaid
Transferredto surplus
BostonNew YorkPhiladelphia-Cleveland
RichmondAtlantaChicagoSt. Louis
Minneapolis..Kansas City..DallasSan Francisco
Total...
$2, 774,08117, 523,9304,311,4354, 705,091
1,699,1911,686,4976,764, 5541,629,136
1, 497, 6691, 742,2601, 251, 2763,902,198
$25,6176,197, 727-318,445731,683
-328,740154,971
1,790,493-90,766
82,085-268,275-448,047429,104
$645, 6813, 509, 873950,437789,058
49,487,318 7,957,407
281,644858,127246,643
171,569250,321227,888634,633
8,874, 262
-$620,0642,687,854
- 1 , 268,882-57,375
-637,128-126,673932,366
-337,409
-89, 484-518,596-675,935-205,529
-916,855
Earnings on total bills and securities were practically the same inthe aggregate as in 1932, an increase of nearly $360,000,000 in averagedaily holdings of bills and securities being offset by a reduction from2.33 percent to 1.98 percent in the average rate of earnings. Averagedaily holdings of bills and securities, together with average rates and
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 61
amounts of earnings thereon, are shown for recent years in the follow-ing table:
EARNINGS ON B I L L S AND SECURITIES
[Amounts in thousands of dollars]
Daily average holdings:1930193119321933 _ . .
Earnings:1930 . . .193119321933
Average rate of earnings (percent):1930193119321933.
Bills and securities
Total
1,056,8951, 251,0582,062,4462,421, 566
34, 36527,56547, 99247,995
3.252.202.331.98
Bills dis-counted
271, 727326, 217520,637283,229
10, 6729,821
17,8819,137
3.933.013.433.23
Billsbought inopen mar-
ket
213,201245, 26070,90282,882
6,0815,0102,7851,238
2.852.043.931.49
UnitedStates Gov-
ernmentsecurities
563,672669,013
1,461, 2582,052,160
17, 27312,42826,92437, 530
3.061.861.841.83
All otherbills andsecurities
8,29510,5689,6493,295
33930640290
4.092.904.172.74
Current expenses of the Federal Reserve banks in 1933 were$29,223,000, or $2,932,000 more than in 1932. Owing to the increaseddemand for currency prior to the banking holiday and to the cost ofprinting Federal Reserve bank notes which were issued after thebanking holiday, the cost of printing and redeeming Federal Reservecurrency increased about $900,000. Current expenses for 1933 alsoinclude the tax on Federal Reserve bank notes amounting to $506,000.Smaller increases were reported for salaries, for postage and express-age, for printing and stationery, for traveling expenses, for telephoneand telegraph service, for assessments for Federal Reserve Board'sexpenses, for insurance, and for certain other items. These increaseswere largely the result of increased work during and after the bankingholiday and to the increased responsibilities and duties of the FederalReserve Board and the Federal Reserve banks under the BankingAct of 1933.
The average number of officers and employees, exclusive of thoseassigned to the Reconstruction Finance Corporation unit, increasedfrom 9,283 in 1932 to 10,015 in 1933, largely in consequence of modi-fications in hours of employment and to a large increase in work ofsome of the departments, notably the Federal Reserve agent's depart-ment, in connection with the licensing and reorganization of banks.There wTas also a substantial increase in the volume of work in thecollection and fiscal agency (Treasury) departments. During theyear the Federal Reserve banks had an average of 1,114 officersand employees engaged on work of the Reconstruction FinanceCorporation.
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62 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
The volume of work handled in the principal operating departmentsof the banks for which a measurement is available, during each ofthe past 4 years, was as follows:
VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS
1930 1931 1932 1933
NUMBER OF PIECES HANDLED 1
Bills discounted:ApplicationsNotes discounted
Bills purchased in open market for ownaccount
Currency received and countedCoin received and countedChecks handledCollection items handled:
United States Government couponspaid
Allother ZUnited States Government securities-
issues, redemptions, and exchanges byfiscal agency department
Transfers of funds ._.
AMOUNTS HANDLED
Bills discountedBills purchased in open market for own
accountCurrency received and counted.C oin received and countedChecks handledCollection items handled:
United States Government couponspaid— ._
Allother.United States Government Securities-
issues, redemptions, and exchanges byfiscal agency department -.
Transfers of funds
2 96, 000415, 000
208,0002,441, 989, 0003,325, 555,000
904, 975, 000
19, 362, 0006, 388, 000
2 1,412,0001,868, 000
$14,067,117,000
3,873, 698,00014, 262,809,000
537, 534,000324,883,021,000
499, 111, 0007, 528,014, 000
2 7,084,080,000198,880,880, 000
2109,000513, 000
221,0002, 269, 292,0002, 900,462, 000
864, 615, 000
17, 322,0006,927, 000
2 2, 431, 0001, 663, 000
$14, 555, 590,000
2,998, 415,00012, 668,638, 000
585,945, 000248,172,956, 000
479,960,0007,321,814, 000
217,348,971,000162, 095, 081,000
178,000779,000
76, 0002,025, 552, 0002, 654, 787, 000
734, 538, 000
17, 710,0007,468, 000
21,956, 0001,469,000
$18, 648,306,000
762, 755, 00010,952, 597,000
360, 295,000176,591, 791,000
529,086,0005, 427,817,000
19,444,110, 000116, 040, 041, 000
81,000346, 000
79,0002, 013, 459,0002, 497,928,000
688, 933, 000
18, 099, 0008,371,000
3, 502,0001, 290,000
$9,632,808,000
898,001,00011, 710,364,000
624, 617,000157,833, 692,000
578,082,0005, 539, 659,000
24,622, 726,00085, 059,151,000
1 Two or more checks, coupons, etc., handled as a single item, are counted as 1 "piece."2 Revised.
BUILDING OPERATIONS OF FEDERAL RESERVE BANKS
Construction of an addition to the building occupied by the FederalReserve Bank of Philadelphia, which was begun in September 1932,was continued throughout 1933. At the end of 1933 all FederalReserve banks were housed in buildings owned by them, as were allFederal Reserve branches, except those at Cincinnati, Charlotte, Port-land, Seattle, and Spokane.
BRANCHES AND AGENCIES OF FEDERAL RESERVE BANKS
The 25 branches and 2 agencies of the Federal Reserve banks whichwere in operation at the end of 1932 continued to function throughoutthe year 1933. The following table shows a comparison of the volumeof work handled in certain departments during the years 1930, 1931,1932, and 1933.
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 63
VOLUME1 OF OPERATIONS OF FEDERAL RESERVE BRANCHES AND AGENCIES
Checks handled:N"umhp,rAmount
Currency received and counted:Number of piecesAmount _ , ._ .
Coin received and counted:Number of piecesAmount __ __
1930
265,300,000$62,834,956, 000
581, 697,000$3,106, 716,000
572, 611, 000$84,394,000
1931
245,416,000$48,079,197,000
522, 933, 000$2, 565,552,000
593,425,000$72, 550,000
1932
205, 505,000$34,048,272,000
470, 285,000$2, 222, 943,000
574, 622, 000$71, 273,000
1933
193, 799,000$33,618, 776, 000
472,870, 000$2, 543,130,000
526,189,000$126, 211,000
* Two or more checks, etc., handled as a single item, are counted as 1 "piece."
Current expenses during 1933 of the branches and agenciesamounted to $5,834,000, compared with $5,613,000 during 1932.
BANK EXAMINATIONS
The Board's division of examinations conducted one examinationof each Federal Reserve bank during the year.
The head office of the only banking corporation now in operationorganized to engage in foreign and international banking business,under the provisions of section 25 (a) of the Federal Reserve Act,generally referred to as the Edge Act, was examined during theyear.
TRUST ACTIVITIES OF NATIONAL BANKS
The Board in 1933 approved 41 original and 2 supplementary appli-cations by national banks for permission to exercise fiduciary powersunder the provisions of section 11 (k) of the Federal Reserve Act.Two thousand sixty-four national banks, including banks operatingunder conservatorships, were holding permits to act in fiduciary capac-ities on December 31, 1933.
Five national banks during the year 1933 surrendered their rightsto exercise trust powers under the provisions of section 11 (k) of theFederal Reserve Act.
A list of national banks holding permits to exercise trust powers onDecember 31, 1933, is printed on pages 359-380.
CHANGES IN*MEMBERSHIP
During the year 1933 the number of member banks decreased from6,816 to 6,523, a net reduction of 293 as compared with a net reduc-tion of 430 the year before. Membership on March 15, 1933, the endof the banking holiday, included 4,507 licensed and 1,400 unlicensednational banks, and 571 licensed and 221 unlicensed State banks,representing a decrease between January 1 and March 15, 1933, of104 in the number of national banks and 13 in the number of Statebanks. Between March 15 and the end of the year there was a de-
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64 ANNUAL KEPORT. OF T H E FEDERAL RESERVE BOARD
cline of 176 in the number of member banks, as a result of a decreaseof 301 in the number of national banks, partly offset by an increaseof 125 in the number of State banks. At the end of 1933 member-ship included 5,154 licensed and 452 unlicensed national banks and857 licensed and 60 unlicensed State banks.
The decline in the number of member banks was the result largelyof the suspension of 89 banks from January 1 to March 15, and theliquidation of 511 unlicensed member banks from March 16 to theend of the year. These decreases were partly offset by the organiza-tion of 249 new national banks, resulting mainly from the reorganiza-tion of unlicensed national banks after the banking holiday, and theadmission of 237 State banks to membership.
At the end of December 1933 loans and investments of licensedmember banks constituted approximately 83 percent of the totalloans and investments of all banks, exclusive of mutual savingsbanks, as compared with 80 percent at the end of 1932 and 77 percentat the end of 1931.
CHANGES IN THE NUMBER OP NATIONAL AND STATE BANK MEMBERS DURING1933
Number of member banks on Jan. 1,1933—.
Additions to membership:Organizations of national banks (including successions and con-
versions)Admissions of State banks. . .Resumptions following suspension
Total additions
Decreases in membership:Withdrawals of State banks .Suspensions, Jan. 1 to Mar. 15Mergers, absorptions, consolidations, liquidations, and receiver-
ships
Total decreases - . - -
Net increase or decreaseNumber of member banks on Dec. 31,1933:
LicensedUnlicensed
MEMORANDUM—UNLICENSED MEMBER BANKS
Number on Mar. 15,1933 . . . _ . . .
Changes Mar. 16 to Dec. 31, 1933:Add: Licenses revoked __ _ _Deduct:
Unlicensed banks licensed..Liquidations and receiverships 3 _.Withdrawals of State banks
Number on Dec 31 1933
National
6,011
249
i 5
254
66
593
659
-405
5,1542 452
1,400
17
489*466
2 452
Statemember
805
237i 1
238
4223
61
126
+112
85760
221
17
874536
60
Total
6,816
249237
6
492
4289
654
785
—293
6,011512
1,621
14
576
36
512
1 Includes 1 bank placed in conservatorship after the banking holiday which had suspended prior to thattime.
* Includes 16 national banks whose Federal Reserve bank stock had been canceled and membershipterminated but which, at the end of the year, were still included in the Comptroller of the Currency's rec-ords of unlicensed national banks.
* Includes unlicensed banks absorbed or succeeded by other banks.* Includes 2 banks placed in receivership subsequent to revocation of license.
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 65
FEDERAL RESERVE INTERDISTRICT COLLECTION SYSTEM
At the end of 1933 there were 13,677 banks (licensed and unlicensed)on the Federal Reserve par list, comprising all member banks (6,523)and 7,154 nonmember banks that pay, without deduction of exchangecharges, such checks drawn upon them as are presented or forwardedfor payment by the Federal Reserve banks. During the year thenumber of nonmember banks on the par list decreased by 960—largely as a result of the reduction in the number of banks in opera-tion—and the number not on the par list by 351. Of the 2,695 banksnot on the par list at the end of 1933, 1,465 were located in 11 SouthernStates and 1,086 in 6 West North Central States and the adjoiningState of Wisconsin. As will be seen from the following table, all ofthe banks in the Boston, New York, and Philadelphia districts, and allbut 3 in the Cleveland district, were on the Federal Reserve par list;
INTERDISTRICT COLLECTION SYSTEM
[Number of banks at end of December]
Federal Reserve district
United States
Boston __New York .PhiladelphiaClevelandRichmondAtlantaChicago -_ - -St LouisMinneapolisKansas CityDallas ._San Francisco
Member banks
1933 2
6,523
367808671621400330692403532748549402
1932
6,816
367827693630392323792429545785584449
Nonmember banks
On par list
1933*
7,154
209300281696352109
1,9861,002
4291,256
365349
1932
8,114
221333303764425134
2,2001,112
3221,422
421457
Not on par listl
1933 2
2,695
333863718737770419921139
1932
3,046
5366705251409818224220
48
1 Figures cover all incorporated banks (other than mutual savings banks).2 Includes unlicensed banks; licensing began Mar. 13, 1933.
ADDITIONS TO AND CHANGES IN THE FEDERAL RESERVE BOARD'S
REGULATIONS
Under the provisions of the Banking Act of 1933, the FederalReserve Board was authorized to issue regulations on a number ofsubjects with respect to which it had not theretofore issued regula-tions or which had not been within the scope of its authority. Pur-suant to these provisions of the Banking Act of 1933, the FederalReserve Board issued its Regulation M, relating to open-marketoperations of Federal Reserve banks; its Regulation N, regardingrelations of Federal Reserve banks with foreign banks and bankers;its Regulation P, with respect to holding company affiliates and
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6 6 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
voting permits; its Regulation Q, relating to the payment of depositsand interest thereon by member banks; and its Regulation R, regard-ing relationships of member banks with dealers in securities. Also,pursuant to the provision of the Banking Act of 1933 which added anew section, 8A, to the Clayton Antitrust Act, the Board revised itsRegulation L regarding interlocking bank directorates and otherrelationships under the Clayton Act. The text of the regulationsmentioned is printed on pages 296-318.
ADMINISTRATION OF SECTIONS 8 AND 8A OF THE CLAYTON ANTITRUSTACT
The Banking Act of 1933 added a new section, 8A, to the ClaytonAntitrust Act, under which, after January 1, 1934, no director,officer, or employee of any bank, banking association or trust com-pany organized or operating under the laws of the United States maybe at the same time a director, officer, or employee of a corporation(other than a mutual savings bank) or a member of a partnershiporganized for any purpose whatsoever which shall make loans securedby stock or bond collateral other than to its own subsidiaries. Theprohibitory provisions of this section are in addition to those con-tained in section 8 of the Clayton Act. Under the latter section,however, the Federal Reserve Board is authorized subject to certainconditions to grant permits if, in its judgment, it is not incompatiblewith the public interest, covering relationships of the kind prohibitedby the provisions of the Clayton Act between banks, banking associa-tions or trust companies; and, during the year 1933, the FederalReserve Board acted upon the applications of 151 persons for permitsto serve at the same time as director, officer, or employee of morethan one bank, banking association, or trust company where suchservice was, without such a permit, within the prohibitory provisionsof the law.
REDUCTIONS IN CAPITAL STOCK OF MEMBER BANKS
During the year 1933 the Board acted upon applications of 261member banks for permission to reduce the amount of their capitalstock. Two hundred and fifty-six of these applications were fromnational banks and 253 were approved. Five were from Statemember banks and all these were approved. In practically all casesthese were reductions of common stock made in connection with theissuance of preferred stock or capital notes or debentures, the fundsreleased through the reduction of common stock being used to coverlosses and undesirable assets.
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 6 7
APPLICATIONS FOR VOTING PERMITS BY HOLDING COMPANY AFFILIATES
Under the provisions of the Banking Act of 1933 shares of a memberbank controlled by any holding company affiliate of such bank maynot be voted unless such holding company affiliate shall have firstobtained a voting permit from the Federal Reserve Board. TheBoard is required to consider, in acting upon an application for such apermit, the financial condition of the applicant, the general characterof its management, and the probable effect of the granting of the per-mit upon the affairs of the bank, and may grant or withhold a permitas the public interest may require; but may not grant such a permitexcept upon certain conditions specified in the law.
Prior to January 1, 1934, the Federal Reserve Board acted upon 49applications for voting permits submitted in accordance with thisprovision of law. All other applications filed prior to January 8,1934, were acted upon before January 9, 1934, the date for regularannual shareholders' meetings of national banks. On account of thelarge number of banks and the great amount of detail involved inthese applications, and the fact that most of the applications were filedduring the latter part of 1933, the Board found it advisable to grantpermits to vote the stock of the member banks for certain limitedpurposes or for certain limited periods only and reserved for furtherconsideration the issuance of general permits in such cases.
MEETINGS OF FEDERAL ADVISORY COUNCIL
Four meetings of the Federal Advisory Council were held in Wash-ington during 1933 on the following dates: February 21, May 16,September 19, and November 21.
ORGANIZATION, STAFF, AND EXPENDITURES
On March 4, 1933, William H. Woodin, of New York, succeededOgden L. Mills, of New York, as Secretary of the Treasury and asex-officio chairman of the Federal Reserve Board. Mr. Mills hadbeen Secretary of the Treasury since February 12, 1932.
On May 11, 1933, J. F. T. O'Connor, of California, was appointedComptroller of the Currency and, as such, became an ex-officio mem-ber of the Federal Reserve Board.
The resignation tendered on March 24, 1933, by Eugene Meyer, ofNew York, as member and Governor of the Federal Reserve Board wasaccepted as of May 10, 1933. Mr. Meyer had been Governor of theBoard since September 16, 1930.
Effective May 19, 1933, Eugene R. Black, of Georgia, was appointeda member of the Federal Reserve Board for the unexpired portion ofthe term ending August 9, 1938, and was designated as Governor ofthe Board, succeeding Mr. Meyer.
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The term of Wayland W. Magee, who had been a member of theFederal Reserve Board since May 18, 1931, expired on January 24,1933.
On June 14,1933, J. J. Thomas, of Nebraska, and M. S. Szymczak,of Illinois, assumed office as members of the Federal Reserve Boardunder appointments for the unexpired portions of the 10-year termsending January 24, 1943, and April 18, 1943, respectively.
Floyd R. Harrison, assistant to the Governor of the Federal Re-serve Board, tendered his resignation as of the close of business onMay 15, 1933, and it was accepted by the Board. On May 18, 1933,the Board appointed E. M. McClelland, formerly assistant secretary,as assistant to the Governor to succeed Mr. Harrison. Mr. McClel-land died on July 27, 1933, and effective August 16, 1933, H. WarnerMartin was appointed assistant to the Governor, succeeding Mr.McClelland.
On May 18, 1933, S. R. Carpenter was appointed Assistant Secre-tary of the Federal Reserve Board succeeding Mr. McClelland inthat office.
Effective August 22, 1933, L. P. Bethea was appointed AssistantSecretary of the Federal Reserve Board.
Effective August 16, 1933, Oliver E. Foulk, formerly deputy fiscalagent, was appointed fiscal agent of the Federal Reserve Board andJ. C. Noell, formerly assistant secretary and fiscal agent, continuedas assistant secretary. Effective August 16, 1933, Miss Josephine E.Lally was appointed deputy fiscal agent of the Federal Reserve Board,succeeding Mr. Foulk.
H. Lee Boatwright, Jr., was appointed assistant counsel to theFederal Reserve Board, effective May 3, 1933. J. Delafield DuBoiswas appointed assistant counsel to the Federal Reserve Board, effec-tive September 21, 1933. Alfred K. Cherry was appointed assistantcounsel to the Federal Reserve Board, effective October 16, 1933.
The total cost of conducting the work of the Board during the year1933 was approximately $882,890. Two assessments were leviedagainst the Federal Reserve banks aggregating $800,159.66, or slightlyless than one fifth of 1 percent of their average paid-in capital andsurplus for the year.
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FEDERAL RESERVE BANK CREDIT
69
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RESERVE BANK CREDIT AND RELATED ITEMS
No. 1 . — R E S E R V E B A N K C R E D I T AND R E L A T E D ITEMS, A N N U A L AVERAGES,
1918-33
[Averages of daily figures. In millions of dollars]
OtherFed-eralRe-
serveac-
counts
Year
Reserve bank credit outstanding
Billsdis-
count-ed
1,1341,9062,5231,797
571736372481568442840951272326521283
Billsbought
28732438591
1592271722872812633282412132457183
U.S .Gov-ern-
mentsecuri-
ties
134254324264455186402359350417297208564669
1,4612.052
Otherreservebank
credit *
16814115846415650685953405938342411
Total
1,7232,6253,3902,1981,2261,205
9961,1951,2581,1751,5051,4591,0871,2742,0772,429
Mone-tarygoldstock
3,1583,1292,8693,2913,8024,0614,4394,3814,4524,5644,2064,2834,4604,7044,2394,346
Treas-uryandna-
tional-bankcur-
rency(2 3)
1,867L, 716L, 695,758
L8711,9912,0172,0001,9852,0002,0082,0152,0252,0252,0962,271
Moneyin cir-cula-tion
4,6585,0165,4784,9504,5354,8224,8794,8694,9324,8924,7834,7634,5324,9595,6155,863
Mem-ber
bankreserve
bal-
ances
1,4971,7191,8351, 6711,7811,8732,0232,1672,2092,2902,3552,3582,3792,3232,1142,343
Treas-urycash
and de-positswithF.R.
banks(2 4)
391464293263268255260244242226225229239251275343
i
Non-mem-
berdepos-its s
10811567283027273128312930289756
147
1918.1919.1920.1921.1922.1923.1924.1925.1926.1927.1928.1929.1930.1931.1932.1933.
95155280
'336286280263264284300327376
' 393373351350
r Revised.1 Includes Governmen t overdrafts in 1918, 1919, and 1920.2 I n earlier presentat ions of these da ta the two i tems, " T r e a s u r y and nat ional -bank c u r r e n c y " and
" T r e a s u r y cash and deposits wi th Federal Reserve b a n k s " , were combined unde r " T r e a s u r y cur rencyad jus t ed" , which was derived b y deduct ing the second of the i tems from the first.
3 Comprises ou ts tanding Uni ted States notes, na t ional -bank notes, silver certificates ( included in lieu ofthe silver dollars or silver bull ion pledged against t h e m ) , Treasury notes of 1890, s t anda rd silver dollars(excepting those pledged against silver certificates), subsidiary silver and minor coin, and the FederalReserve b a n k notes for the re t i rement of which lawful money has been deposited wi th the Treasurer ofthe Uni ted States (comprising at present such of these notes still ou ts tanding as were issued under t heFederal Reserve Act prior to its a m e n d m e n t b y the act of M a r . 9, 1933)—including the currency of thesekinds t ha t is held in the Treasury and in the Federal Reserve banks as well as t h a t in circulation.
4 Government funds on deposit wi th the Federal Reserve banks and cash (including gold bullion) heldin the Treasu ry excepting (a) gold and silver held against gold and silver certificates and (6) amount s heldfor the Federal Reserve banks .
s Designated heretofore as " N o n m e m b e r deposits, e t c . " I t e m includes all deposits in Federal Reservebanks except Governmen t deposits and member bank reserve balances.
6 Designated heretofore as " U n e x p e n d e d capital funds . " Th is i tem is derived from the condit ion s ta te-m e n t of the Federal Reserve banks by adding capital , surplus , and "a l l other l iabi l i t ies" and sub t rac t ingthe s u m of b a n k premises and "a l l other assets ."
71
49753—34 6
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
72 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 2,—RESERVE BANK CREDIT AND RELATED ITEMS, MONTHLY AVERAGES,1917-33
[Averages of daily figures. In millions of dollars]
Month
1917—AugustSeptember.OctoberNovember.December.,
1918—JanuaryFebruary, _March4prilM a yJune. -. _JulyAugustSeptember.OctoberNovember _December. _
1919—JanuaryFebruary...MarchApril . . .M a vJune -.JulyAugustSeptember.OctoberNovember.December.
1920—JanuaryFebruary._MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December. _
Reserve bank credit outstanding
Billsdis-
count-ed
134181320563683
612529537751897939
1,1621, 3331,6041,6831,7601, 765
1,7311,7651,8631,9201,9761,8401,8641,7981,7762,0682,1402,115
2,1362,2972,3772,4312,5362,4562,5132, 5962,6672,7802,7622,718
Billsbought
159168179192243
266288315313278239208217249354374346
278274261207187247358372351343455549
570541480413411400362324310303276242
U.S.Gov-ern-
mentsecuri-
ties
7489
112124102
1491852711738697655367
123130214
200186195213228236249270341296307327
326309344332302347319304339305320339
Otherre-
servebankcred-it^
8883
126126145
143141140144151279196147153195152166
150116161111107144128119168140136212
173167212188136179150129179134109143
Total
455521737
1,0051,173
1,1701,1431,2631,3811,4121,5541,6311,7502,0732,3552,4162,491
2,3592,3412,4802,4512,4982,4672,5992,5592,6362,8473,0383,203
3,2053,3143,4133,3643,3853,3823, 3443,3533,4953,5223,4673,442
Mone-tarygoldstock
3,1833,1523,1513,1533,153
3,1523,1593,1623,1633,1633,1623,1613,1573,1563,1513,1553,156
3,1603,1623,1613,1663,1763,1693,0873,1143,1433,1203,0703,021
2, 9612,9092,8592,8212,8352,8542,8622,8552,8472,8552, 8732,894
Treas-ury
nation-al-
bankcur-
rency(2 3)
1,9021,9051,9091,9161,922
1,9281,9301,9341,9241,8831,8901,8351,8471,8321,8191,8001,794
1,7781,7531,7321,7151,7041,7011,7001,7041,7071,7071,7091,680
1,6991,6901,6861,6891,6831,6831,6901,6961,6981,7061,7111,714
Mon-ey incircu-lation
4,0014,0614,1524,2034,342
4,3064,2804,3734,4234,4014,4484, 5204,6664,9115,1345,1835,243
5,0504,9324,9424,9704,9414,8914,8964,9134,9895,1065,2085,342
5,2315,2855, 3985,3725,4145,4485,4785,5095,6005,6735,6625,658
Mem-ber
bankreserve
bal-ances
1,1411,1301,2431,4091,439
1,4671,4681,4661,5041,4821,5121,4481,4591,5071,5391,5201,586
1,6351,6121, 6521,6561,6861,6961,7191,7401,7691,7931,8371,820
1,8831,8581,8781,8701,8531,8531,8401,8071,8171,8151,7821,758
Treas-urycashandde-
positswithF.R.
banks(2<)
306271280354360
364341351361362418443408422417422376
378467526439470470494456453497
. 479441
443449348279271257236239268238236256
Non-mem-berde-
posits(5)
' 3 1' 5 6••56' 3 6' 3 1
36638595
126138124126121130131117
1181141231261351331211041089997
100
989498
10610388544638272725
OtherFed-eralRe-
serveac-
counts(6)
6061667078
7680848587899295
101105115119
116131131142145147157164167178196201
210227236246262273288302316330344353
' Revised.1 Includes Government overdrafts in 1918, 1919, and 1920.2 In earlier presentations of these data the two items, "Treasury and national-bank currency" and
"Treasury cash and deposits with Federal Reserve banks", were combined under "Treasury currencyadjusted", which was derived by deducting the second of the items from the first.
3 Comprises outstanding United States notes, national-bank notes, silver certificates (included in lieuof the silver dollars or silver bullion pledged against them), Treasury notes of 1890, standard silver dollars(excepting those pledged against silver certificates), subsidiary silver and minor coin, and the FederalReserve bank notes for the retirement of which lawful money has been deposited with the Treasurer of theUnited States (comprising at present such of these notes still outstanding as were issued under the FederalReserve Act prior to its amendment by the act of Mar. 9, 1933)—including the currency of these kinds thatis held in the Treasury and in the Federal Reserve banks as well as that in circulation.
4 Government funds on deposit with the Federal Reserve banks and cash (including gold bullion) heldin the Treasury excepting (a) gold and silver held against gold and silver certificates and (b) amounts heldfor the Federal Reserve banks.
5 Designated heretofore as "Nonmember deposits, etc." Item includes all deposits in Federal Reservebanks except Government deposits and member bank reserve balances.
6 Designated heretofore as "Unexpended capital funds." This item is derived from the condition state-ment of the Federal Reserve banks by adding capital, surplus, and "all other liabilities" and subtractingthe sum of bank premises and "all other assets."
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE BANK CREDIT 73
No. 2.—RESERVE BANK CREDIT AND RELATED ITEMS, MONTHLY AVERAGES,1917-33—Continued
[Averages of daily figures. In millions of dollars]
Month
1921—JanuaryFebruary__MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
1922—JanuaryFebruary._MarchAprilMayJuneJulyAugustSeptember.OctoberNovember _December..
1923—JanuaryFebruary._MarchAprilM a yJune __JulyAugustSeptember .OctoberNovember.December. .
1924—JanuaryFebruary._MarchAprilM a vJuneJuly . .AugustSeptember.OctoberNovember.December. .
1925—JanuaryFebruary. _MarchApril . . . . .MayJuneJulyAugustSeptember.OctoberNovember.December-
Reserve bank credit outstanding
Billsdis-
count-ed
2,5232,4002,2972,1291,9591,8111,7191,5481,4421,3711,2281,180
962769638
'572479437425396417486623660
547608628658705741834809845873799771
574514476489433370315268262240228301
267340390403397437480545594619597688
Billsbought
20016913711084542638405679
105
98889293
103136153159212252260259
218190234272271224186175174185265324
3002732281708050443092
180268358
329313298287279263231205226298352369
U.S.Gov-ern-
mentsecuri-
ties
298287296277303302261249254207208226
238357459520603591547497486448325380
4213563162291931539790
1029183
106
118135244274324416467539575585588554
464384376355361345338329335328332359
Otherre-
servebankcred-i t *
896268484044432831352937
281918252328455065605778
635150555360625363555759
493342484250534454525175
655658656373696472767191
Total
3,1102,9182,7982,5642,3862,2112,0491,8631,7671,6691,5441,548
1,3261,2331,2071,2101,2081,1921,1701,1021,1801,2461,2651,377
1,2491,2051,2281,2141,2221,1781,1791,1271,1841,2041,2041,260
1,041955990981879886879881983
1,0571,1351,288
1,1251,0941,1221,1101,1001,1181,1181,1431,2271,3211,3521,507
Mone-tarygoldstock
2,9312,9753,0403,1173,1973,2543,3053,3923,4793,5473, 5953,643
3,6723,7043,7363,7563,7683,7763,8033,8403,8603,8843,8963,917
3,9453,9603,9663,9753,9934,0404,0614,0974,1234,1554,1824,226
4,2664,3024,3404, 3834,4334,4714,5034,5164,5154,5064,5174,507
4,4684,3924,3404,3404,3534,3604,3614,3724,3864,3914,4074,397
Treas-uryand
nation-al-
bankcur-
rency *
1,7081,7071,7211,7111,7341,7451,7461,7581,7751,8041,8351,842
1,8391,8351,8401,8451,8551,8611,8621,8711,8861,8991,9171,940
1,9631,9721,9801,9871,9941,9901,9871,9962,0062,0032,0062,009
2,0102,0122,0152,0162,0182,0192,0172,0192,0182,0192,0222,025
2,0262,0262,0192,0132,0061,9991,9931,9891,9861,9831,9811,980
Mon-ey incircu-lation
5,4015,2635,2045,0785,0424,9364,8574,7714,7524,7214,6734,718
4,5274,4514,4834,4824,4504,4294,4434,4484,5524,6434,6714,827
4,6794,6724,7134,7314,7644,7794,8124,8334,9014,9414,9535,071
4,8474,8324,8704,8864,8664,8304,8104,8004,8534,8914,9705, 088
4,8634,8054,8144,8034,7914,7904,7944,8174,9084,9454,S605,119
Mem-ber
bankreserve
bal-ances
1,7731,7281,6941,6651,6571,6641, 6391,6211,6291,6521,6631,673
1,7071,6891,7111,7331,7831,8201,8121,7991,8111,8361,8251,840
1,9181,9011,8731,8691,8741,8671,8671,8351,8481,8641,8751,882
1,9111,8921,9151,9051,9222,0012,0462,0722,1202,1412,1642,182
2,1942,1592,1372,1232,1322,1412,1602,1512,1612,2032,2212,219
Treas-urycashandde-
positswithF.R.
banks*
246272310285250238233251266271260266
288313263272280262267258256241266250
239263290276254252244249260250249238
260253267297251260254255254264250257
261247237244244255228247236246246240
Non-mem-berde-
posits(*)
242631343231272627262827
293439403734282523212728
462522213628242222233122
252222232421283331273032
434230272825272526304132
OtherFed-eralRe-
serveac-
counts(*)
306311320331337342344345348351350350
286284286283282285285283284287288289
275276276279281282280281281284284282
274270270270266264261255257259259261
258258263266264266262264267271272274
1 See footnotes on p. 72.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
74 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 2.—RESERVE BANK CREDIT AND RELATED ITEMS, MONTHLY AVERAGES,
1917-33—Continued[Averages of daily figures. In millions of dollars]
Month
1926—JanuaryFebruary. _MarchAprilMavJuneJuly - -AugustSeptember.OctoberNovember.December.-
1927—JanuaryFebruary. _MarchAprilMay .JuneJulyAugustSeptember.OctoberNovember -December.-
1928—JanuaryFebruary __MarchAprilMay _June -_ .JulyAugustSeptember _OctoberNovember.December. _
1929—JanuaryFebruary. _MarchAprilMay . . -JuneJulyAugustSeptember.OctoberNovember _December..
1930—JanuaryFebruary._MarchApril _ _MayJune _ _JulyAugustSeptember.OctobarNovember.December. .
Reserve bank credit outstanding
Billsdis-
count-ed
520526557537511473549555640663615668
481393425447473429454409422424415529
465471513661836
1,0191,0901,0611,064
975897
1,013
859889969
1,004956978
1,0961,043
969885953803
501378274231247251226214183196221338
Billsbought
324305268234232243230245265295348385
343304253248233205190173216282336378
373360343358349244185178226368471483
4733852651561459975
124229337296320
314285246266182141154153197185184257
U.S.Gov-ern-
mentsecuri-ties
368335336371398408380353316306302322
310307345341291398381439501506579606
512406415351257232213210240237238263
229184197165153179147155165154315446
485480540530529571583599597602599644
Otherre-
servebankcred-it *
675255625961625057585370
523932514449907248424755
382724353036433651414765
524450524961625464746774
573835453837403233372934
Total
1,2791,2181,2161,2041,2001,1851,2211,2031,2781,3221,3181,445
1,1861,0431,0551,0871,0411,0811,1151,0931,1871,2541,3771,568
1,3881,2641,2951,4051,4721,5311,5311,4851,5811,6211,6531,824
1,6131,5021,4811, 3771,3031,3171,3801,3761,4271,4501,6311,643
1,3571,1811,0951,072
9961,0001,003
9981,0161,0201,0331,273
Mone-tarygoldstock
4,4074,4254,4444,4484,4344,4384,4604,4674,4714,4724,4774,481
4,5274, 5764, 5954,6014,6514,6064,5754,5854,5844,5664,4904,416
4,3774,3734,3354,2874,2074,1194,1134,1184,1254,1334,1514,142
4,1154,1434,1664,2264,2924,3114,3354,3514,3684,3814,3744,324
4,2834,3174,3944,4434,5054,5284,5324,4964,5034,5204, 5534,583
Treas-uryand
nation-al-
bank
cur-"ency
1,9781,9801,9811,9841,9851,9861,9861,9841,986,989,991,992
,990,991,994.997
2^0022,0042,0032,0032,0032,0032,0042,005
2,0052,0052,0062,0072,0082,0072,0052,0062,0072,0112,0122,012
2,0122,0102,0112,0152.0182,0182,0162,0072,0062,0152,0242,023
2,0222,0222,0222,0232,0242,0242,0242,0252,0262,0272,0282,027
Mon-ey incircu-lation
4,8914,8544,8644,8824,8714,8814,9164,9124,9695,0015,0055,131
4,9034, 8434,8564,8794,8604,8314,8514,8494,9174,9344,9365,048
4,7854,7094,7104,7304,7224,7364,7464,7434, 8044,8364,8605,008
4,7484,6864,7094,6794,6844,6874,7644,7774,8114,8104,8454,943
4,6524,5544,5324,5184,4974,4894,4834,4764,4934,5014,5284,823
Mem-ber
bankeservebal-
ances
2,2362,2082,1982,1832,1992,2062,2122,2012,2112,2192,2142,218
2,2432,2122,2402,2482.2622, 3012,2892,2832,3002,3262,3732,399
2,4262,3682,3652,3962,3882, 3552,3242,2742,3142,3322, 3522,367
2,3872,3572,3372,3082,2962,3142,3342,3222,3352,3862,5212,395
2,3492,3052,3302,3502,3562,3922,4172,3922,3972,4072,4332,415
Treas-urycashandde-
positswithF.R.
Danks*
234261274262241215233229236243236243
230235228
' 236233227223223227227214209
227229225229229215223233220225224222
223226220230231240227226240229235226
238241225242244249235238242240235234
Non-mem-berde-
posits(*)
302627262623252730273632
332623233934333030344427
272624272728302838303229
312931353230312728283327
292727282927352826273027
OtherFed-eralRe-
serveac-
counts(*)
273274278283282284281285289293295294
294295298299299298297296300302304306
305310312317321322326332337342347352
351357361366370376376382387392395399
394393397400398
! 395389385388392388384
* See footnotes on p. 72.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE BANK CREDIT 75No. 2.—RESERVE BANK CREDIT AND RELATED ITEMS, MONTHLY AVERAGES,
1917-33—Continued[Averages of daily figures. In millions of dollars]
Month
1931—January--.February..MarchAprilMayJune .JulyAugustSeptember.OctoberNovember.December _.
1932—JanuaryFebruary._MarchApriljMayjJuneJuly .AugustSeptember .OctoberNovember.December. .
1933—JanuaryFebruary._MarchAprilMayJune .JulyAugustSeptember-OctoberNovember.December. .
Reserve bank credit outstanding
Billsdis-
count-ed
253216176155163188169222280613695774
828848714605486495523451387328313282
255307999429339250170159138119114117
Billsbought
20610212317314412179
135259692560340
221151105
524150603734343434
32102379230861216877
15101
U.S.Gov-ern-
mentsecuri-
ties
647603604600599610674712736733727777
759743809
1,0141,4131,6971,8181,8501,8481,8511,8511,854
1,8061,8041,8751,8371,8461,9332,0162,0642,2022,3552,4372,432
Otherre-
servebankcred-i t *
231518242026323838505359
564324231920211513181322
1612
- 1 5181512108
12118
19
Total
1,129936921952926945954
1,1071,3132,0882,0351,950
1,8641,7851,6521,6941,9592,2622,4222,3532,2822,2312,2112,192
2,1102,2243,2372,5152,2862,2082,2112,2392,3582,4922,5742/669
Mone-tarygoldstock
4,6224,6564,6824,7114,7674,8654,9584,9754,9484,4474,3634,450
4,4524,3844,3724,3814,2733,9563,9414,0304,1404,2264,2924,429
4,5474,4914,2614,3014,3134,3174,3194, 3234,3274,3244,3234,323
Treas-uryand
nation-al-
bankcur-
rency
2,0262,0252,0262,0252,0232,0222,0232,0232,0232,0242,0252,031
2,0372,0492,0592,0812,0602,0582,0562,0772,1302,1712,1942,202
2,2042,2042,2562,3022,3012,2952,2832,2802, 2802,2772,2752,293
Mon-ey incircu-lation
4,6954,5984,5904,6474,6794,7504,8364,9475,1335,4785,5185,611
5,6455,6275,5315,4525,4565,5305,7515,7195,6855,6435,6435,699
5,6315,8926,9986,1375,8765,7425,6755,6165,6325,6565,6815,811
Mem-ber
bankreserve
bal-ances
2,4332,3702,3862,3762,3872,4042,4072,3452,3332,2562,1182,069
1,9791,9071,8991,9962,1382,0622,0032,0732,1812,3072,3782,435
2,5162,2911,9142,0862,1252,2112, 2682,3752,4892,5902,6292,616
Treas-urycashandde-
positswithF.R.
banks*
242245248255240263239259255256260249
264262267272272271276281304285277287
303314359390371353347316328333349357
Non-mem-berde-
posits(*)
28252427283583
187199208171144
1137337637765464035384043
6079
134156173164179186169163158143
OtherFed-eralRe-
serveac-
counts(*)
379379381383382380370367364361357358
352349349353349348343347347355359359
351343349349355350344349347351355358
* See footnotes on p. 72.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
76 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No, 3.—RESERVE BANK CREDIT AND RELATED ITEMS, WEEKLY AVERAGES,
1932-33[Averages of daily figures. In millions of dollars]
Week ending(Saturday)—
Reserve bank credit outstanding
Billsdis-
count-ed
803815826831859
862843856842
828757684667
651647637579543
514480474477
496506496491
484509521536531
494458443432
433422394362
343336331318321
327314310309
311302280271263
Billsbought
315288222187162
157166150139
12513610784
6858524947
45.434138
37365656
6473655744
41383636
34343434
3333333434
34343435
3534343333
U.S.Gov-ern-
mentsecuri-
ties
791771752752749
749742741740
754786820825
854882957
1,0771,186
1,2841,3721,4381,504
1,5631,6381,7001,746
1,7911,7931,8211,8311,839
1,8461,8511,8511,851
1,8511,8421,8431,852
1,8531,8521,8511,8511,851
1,8511,8511,8511,851
1,8511,8511,8591,8541,852
Otherre-
servebankcredit
5960565451
54514331
25262322
2222242418
20221915
21192320
2129211615
15161612
14151414
1420162616
17121511
1215223124
Total
1,9671,9341,8551,8231,822
1,8221,8031,7901,752
1,7311,7051,6341,599
1,5951,6091,6701,7291,794
1,8641,9161,9712,034
2,1172,1992,2762,313
2,3592,4042,4282,4392,430
2,3952,3632,3462,330
2,3322,3132,2842,262
2,2442,2412,2322,2292,222
2,2292,2112,2102,205
2,2082,2022,1952,1892,171
Mone-tarygoldstock
4,4594,4644,4644,4544,429
4,4104,4054,3794,356
4,3524,3634,3744,382
4,3904,3924,3814,3764,370
4,3504,3164,2744,204
4,1073,9893,9223,916
3,9193,9203,9323,9523,963
3,9874,0024,0404,060
4,0824,1074,1354,164
4,1844,2004,2114,2304,256
4,2654,2724,2844,314
4,3364,3524,4114,4874,503
Treas-u r yand
nation-al
bankcur-
rency*
2,0352,0352,0362,0372,039
2,0432, 0462,0492,054
2,0562,0582,0592,060
2,0602,0602,0612,0612,061
2,0602,0602,0602,060
2,0592,0592,0582,057
2,0572,0562,0562,0562,056
2,0582,0652,0762,089
2,1052,1162,1282,139
2,1512,1592,1672,1762,182
2,1872,1922,1952,196
2,1982,2012,2022,2032,204
Mon-ey incircu-lation
5,6665,6805,6465,6325,617
5,6455,6425,6275,605
5,5945,5635,5375,498
5,4695,4755,4505,4425,428
5,4655, 4575,4595,439
5,4775,4735,4855,556
5,7035,7855,7455,7515,718
5,7385,7255,7255,706
5,7095,7325,6905,660
5, 6355, 6665,6625,6415,608
5,6325,6575,6425,635
5,6545,6825,6835,7345,704
Mem-ber
bankreserve
bal-ances
2, 0532,0201;9871,9561,941
1,9251,9171,9061,895
1,885,1,9011,9091,890
1,9091,9161,9752,0222,095
2,1152,1252,1522,164
2,1072,0932,0922,032
1,9791,9461,9912,0252,057
2,0142,0412,0782,122
2,1292,1342,1882,196
2,2412,2562,2602,3142,385
2,3692,3442,3852,402
2,3992,3882,4572,4442,471
Treas-urycashandde-
positswithF.R.
banks*
Non-mem-
berde-
posits*
OtherFed-eralRe-
serveac-
counts(*)
1932Jan. 2Jan. 9._ _Jan. 16..Jan. 23Jan.30
Feb. 6Feb. 13Feb. 20Feb. 27
Mar. 5Mar. 12..Mar. 19Mar. 26
Apr. 2Apr. 9Apr. 16..Apr. 23 _Apr. 30
May 7May 14May 21May 28
June 4June 11June 18June 25
July 2 . . .July 9July 16July 23July 30
Aug. 6Aug. 13 _Aug. 20Aug. 27
Sept. 3.Sept. 10Sept. 17Sept. 24._
Oct. 1Oct. 8Oct. 15Oct. 22Oct. 29
Nov. 5Nov. 12Nov. 19Nov. 26.
Dec. 3Dec. 10Dec. 17Dec. 24Dec. 31
* See footnot
2G8269262257266
265269256259
273280234269
271270273275276
264285269273
262272257287
257261291281282
294272273276
302290286325
315290293281277
287275268274
284284265297302
118111108119117
91788255
41343733
4550637373
79747472
356353352350349
348348348348
346348350351
351350351354352
351350350349
349348347350
346345344343343
345345345346
346346348349
351350353358358
357359359359
357357360362360
;es on p. 72.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE BANK CREDIT 77
No. 3.—RESERVE BANK CREDIT AND RELATED ITEMS, WEEKLY AVERAGES,1932-33—Continued
[Averages of daily figures. In millions of dollars]
Week ending(Saturday)—
Reserve bank credit outstai
Billsdis-
count-ed
245249251267
269256283335
8471,4211,185
696
539443434420411
404343331314
305284255228
196179169166164
164159165155
153147134132132
125120119116
116113112113
120122118117110
Billsbought
33323231
313145
181
361417400356
316288244208180
1481158146
2011109
25291499
8887
7
7777
7776
78
1620
2767
117114120
U.S.Gov-ern-
mentsecuri-
ties
1,8531,8291,7931,770
1,7631,7751,8091,833
1,8481,8761,9071,882
1,8461,8381,8371,8371,837
1,8371,8371,8431,851
1,8801,9071,9251,950
1,9792,0082,0162,0132,025
2,0342,0442,0542,082
2,1132,1502,1942,2232,260
2,2952,3332,3682,397
2,4242,4392,4392,437
2,4372,4312,4322,4322,434
Otherre-
servebankcredit
22171511
915188
0)- 5 3- 1 5
4
213212615
17161712
8131611
10131395
68
109
91116129
89
1910
810105
78
173025
iding
Total
2,1532,1272,0912,080
2,0742,0782,1552,357
3,0563,6613,4772,939
2,7032,5822,5362,4922,444
2,4072,3112,2722,224
2,2132,2162,2072,198
2,2102,2292,2122,1972,204
2,2122,2192,2372,253
2,2822,3162,3512,3742,408
2,4362,4682,5122,530
2,5562,5702,5782,575
2,5912,6282,6832,6932,689
Mone-tarygoldstock
4,5264,5484,5584,554
4,5494,5304,5054,450
4,3334,2444,2514,263
4,2724,2834,3014,3124,310
4,3114,3124,3134,314
4,3154,3164,3174,318
4,3184,3184,3194,3194,320
4,3204,3204,3214,325
4,3284,3294,3264,3274,326
4,3244,3244,3234,323
4,3234,3234,3234,323
4,3234,3234,3234,3234,323
Treas-uryand
nation-al-
bankcur-
rency*
2,2042,2042,2042,204
2,2042,2032,2032,205
2,2192,2332,2552,273
2,2852,2952,3022,3072,306
2,3042,3032,2992,298
2,2982,2962,2952,295
2,2932,2852,2842,2832,281
2, 2812,2812,2812,280
2,2802,2802,2802,2802,279
2,2782,2772,2772,277
2,2762,2752,2752,276
2,2772,2792,2932,2982,303
Mon-ey incirculation
5,6695,6165,6165,620
5,6645,7175,8506,032
6,8057,5327,2606,643
6,3766,2716,1726,0856,015
5,9725,9105,8635,815
5,8145,7845,7425,711
5,7015,7465,6895,6515,619
5,6295,6235,6225,607
5,6125,6525,6255,6235,622
5,6635, 6795,6655,627
5,6525,6825,6735,672
5,7315,7735,7845,8555,840
Mem-ber
bankreserve
balances
2,5132,5632,5262,487
2,4262,3692,2562,235
2,0651,8031,8981,952
1,9732,0022,0832,1362,130
2,0802,0902,1262,177
2,1652,1992,2152,193
2,2732,2442,2542,2672,297
2,3102,3622,3722,402
2,4052,4102,5072,5162,556
2,5032,5442,6082,663
2,6252,6032,6492,671
2,5972,5502,6352,6142,669
Treas-urycashandde-
positswithF.R.
banks*
302300296307
318311331312
296311336401
421402391378378
431393366327
333316348403
337329355346359
338295307325
340336314329330
368342319315
349358336329
363397369347317
Non-mem-
berde-
posits*
47486474
69688290
96143140129
141138144157181
184178175164
161178164155
163169172188185
188191190177
187181165165157
157158165167
173169163146
146154155135128
OtherFed-eralRe-
serveac-
counts(*)
1933Jan.7Jan.14Jan. 21Jan. 28
Feb. 4Feb. 11Feb. 18Feb. 25
Mar. 4Mar. 1 1 . . .Mar. 18Mar. 25
Apr. 1.—Apr. 8Apr. 15Apr. 22Apr. 29
May 6May 13May 20May 27
June 3June 10 _ . .June 17June 24
July 1July 8July 15July 22July 29
Aug. 5Aug. 12Aug. 19Aug. 26
Sept. 2Sept. 9__Sept. 16Sept. 23 . . .Sept. 30
Oct. 7Oct. 14_.Oct. 21Oct. 28
Nov. 4Nov. 11Nov. 18.._Nov. 25
Dec. 2Dec. 9Dec. 16Dec. 23Dec. 30
352352351350
350346344343
346349349350
349347349355356
355355354353
353351350349
347344345347345
349348347
346346346348348
347346355358
356356355356
354356356363361
i Less than $500,000.* See footnotes on p. 72.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
78 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33(WEDNESDAY SERIES)
[In millions of dollars]
Date(Wednesday)
Reserve bank credit outstanding
Billsdis-
count-ed
1,113987914850
838823786721
708631592616636
625574553500
509475469487471
420414422469
499430443380
400382382390404
405387424420
434525511469
588640653614650
705660616630
Billsbought
127879583
90947883
961028787
103
98948783
10710697
105118
136124121154
155158149156
150147150166172
188205220238
235247257258
261259261257259
267263252246
U.S.Gov-ern-
mentsecuri-
ties
231219227250
305342385355
413444598443441
463513532567
609618595596603
618630556557
551557542541
497492489485498
508497439451
483475447409
360347326295304
312307431458
Otherre-
servebankcredit
43221924
319
1216
2816301314
18184317
232138182
22322225
42574933
6042534646
63717140
6158
10152
625
656041
5465
12088
Total
1,5131, 3151, 2551,208
1,2651,2691,2601,175
1,2441,1931,3071,1601,193
1,2041,1991,2151,167
1,2501,2181,1981,2061,195
1,1961,1991,1211,205
1.2471,2011,1831,110
1,1081,0631,0731,0871,120
1,1651,1591,1551,150
1,2141,3041,3161,187
1,2701,2501,3041,2261,254
1,3381,2951,4181,423
Mone-tarygoldstock
3,6643,6703,6763,675
3,6843,6963,7033,715
3,7223,7283,7393,7423,746
3,7503,7523,7593,762
3,7633,7683,7683,7703, 771
3,7723,7753,7823,784
3,7853,7933,8083,815
3,8303,8363,8403,8463,850
3,8553,8603,8623,870
3,8823,8853,8873,886
3,8893,8903,8963,9003,906
3,9063,9153,9213,924
Treas-uryandna-
tionalbankcur-
rency*
1,8411,8401,8381,836
L,833L, 833L, 8351,836
1,8381,8391,8401,8411,841
1,8431,8431,8451,848
1,8501,8541,8561, 8581,861
1,8601,8611,8631,862
1,8611,8621,8621,863
1,8661,8691,8721,8751,878
1,8821,8851,8891,890
1,8931,8961,8991,903
1,9061,9111,9171,9211,928
1,9321,9361,9421,946
Mon-ey incircu-lation
4,6854, 5404,4754,424
4,4314,4144,4314,457
4,4804,4794,4664,4674, 463
4,4884,4844,4634,437
4,4664,4494,4394,4164,455
4,4264,3954,4044,398
4,5034,4314,4064,393
4,4184,4284,4344,4484,459
4,5394,5304,5404,561
4,6084,6564,6384,624
4,6404,6784,6584,6414,704
4,7434,7744,8874,874
Mem-ber
bankre-
servebal-
ances
1,7311,7361, 6741,652
1,6891, 7151,7441,677
1,7251,7201,8451,6681,709
1, 7301,7261,7611,749
1,7751,8061,8111,8231,782
1,8241,8211,8121,865
1,8191,8751,8641,815
1,8381,7841,7901,7851,807
1,7961,8111, 7751,798
1,8431, 8911,9211,800
1,8481,8121,8601,8291,808
1,8441,8181,8401,861
Treas-urycashandde-
positswithF. R.
banks*
287237301327
341354306275
283241238282284
256262259269
296264256281276
263303231271
258237271271
234248253269276
262259283243
232233234247
261250288269270
280246230237
Non-mem-
berde-pos-its*
29263331
36313431
3336514040
39385439
4538363434
33343230
29292926
3024242223
23222222
20192218
3124232119
20203531
OtherFed-eralRe-
serveac-
counts(*)
1922Jan. 4Jan. 11Jan. 18Jan. 2 5 . - .
Feb. 1...Feb. 8—Feb. 15-Feb. 21-
Mar. 1 . . .Mar. 8 . . .Mar. 15. _Mar. 22Mar. 29..
Apr. 5—Apr. 12-Apr. 19-Apr. 26-
May 3__May 10-May 17_May 24 _May 31-
June 7__-June 14-.June 2L-June 28-
July 5 - -July 12-July 19-July 26-
Aug. 2__Aug. 9_.Aug. 16_Aug. 23 _Aug. 30_
Sept. 6.-.Sept. 13-.Sept, 20.Sept. 27.
Oct. 4 —Oct. 11-Oct. 18-Oct. 25-
Nov. l._Nov. 8.-Nov. 15.Nov. 22.Nov. 29.
Dec. 6—Dec. 13-Dec. 20-Dec. 27-
285287286
284285284285
284284285285285
284284283282
282281281281
282281286286
283284283283
283284283283283
282282286
286286287287
286287287
289
* See footnotes on p. 72.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE BANK CREDIT 79
4#—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33(WEDNESDAY SERIES)—Continued
[In millions of dollars]
Date(Wednesday)
Reserve bank credit outstanding
Billsdis-
count-ed
Billsbought
U.S.Gov-ern-
mentsecuri-
ties
Otherre-
servebankcredit
Total
Mone-tarygoldstock
i
Treas-uryandna-
tionalbankcur-
rency*
Mon-ey incircu-lation
Mem-ber
bankre-
servebal-
ances
Treas-urycashandde-
positswithF. R.
banks*
Non-mem-
berde-pos-its*
OtherFed-eralRe-
serveac-
counts(*)
1923Jan. 3Jan. 10Jan.17Jan. 24Jan. 31
Feb. 7—Feb. 14-.Feb. 21...Feb. 28..
Mar. 7 . .Mar. 14.Mar. 2t .Mar. 28.
Apr. 4.. .Apr. 11..Apr. 18-Apr. 25..
May 2May 9May 16May 23May 30
June 6June 13June 20June 27
July 3. . .July 11.July 18..July 25-
Aug. 1Aug. 8Aug. 15Aug. 22Aug. 29
Sept. 5Sept. 12Sept. 19Sept. 26
Oct. 3___Oct. 10..Oct. 17_.Oct. 24..Oct. 31 . .
Nov. 7__Nov. 14.Nov. 21.Nov. 28.
Dec. 5—Dec. 12...Dec. 19...Dec. 26—
512513570597
569653628596
571613630700
695623643637
730695697700731
735708731775
930846806761
806823801781816
850841774862
8828698558368b4
817791746794
746762750857
255226201205189
185184182208
219225238254
260274277274
275267282271258
248219206204
199186183177
183177173177173
175179171172
173182191180205
248268285289
298329322336
457508412353354
353354354363
345345292249
239238238194
185186189207189
183158122135
9510198
9490908594
991009392
959294
919681104 I
581025839
27824633
58626946
1,4381,3101,1841,1751,174
1,1571, 2501,2201,213
1,1931, 2401, 2261,239
1,2621,1921,2331,152
1,2571,2021,2481,2271,215
1,2251,1621,1291,157
1,2971,2191,1611,087
1,1391,1431,1331,0951,123
1,1811,2001,1251,179
1,2181,2011,2421,1621,220
1,1821,2311,1501,200
1,1931,2491,2221,343
3,9293,9433,9483,9483,953
3,9583,9583,9633,963
3,9673,9643,9653,969
3,9703, 9743,9763,979
3,9833,9903,9964,015
4,0294,0404,0464, 048
4,0514,0534,0594,074
4,0774,0884,0994,1054,109
4,1124,1184,1294,133
4,1404,1504,1594,1634,167
4,1724,1824,1894,200
4,2134,2264,2334,235
1,9591,9611,9621, 9651,968
1,9691,9721,9751, 977
1,9791,9801,9821,983
1,9841,9861,9871,988
1,9901,9921,9941,9961,997
1,9981,9941,9871,980
1,9751,9821,9921,995
1,9951, 9961,9971,9961, 997
1,9992,0002,0012,001
2,0022,0032,0032, 0042,005
2,0052,0062,0072, 007
2,0082,0082,0102,010
4,8084,6924,6294,6044,614
4, 6284,6604,6964,703
4,7004,6904,6854,699
4,7214, 7114,7094,710
4,7484,7444,7434,7374,784
4,7744,7484,7434, 751
4,8594,8064,7704,759
4,7754,8274,8264,8134,826
4,8934,8834,8704,884
4,9264,9454,9264,9074,929
4,9474,9344,9094,974
4,9835,0185,0955,154
1,9431,9601, 9181, 9251,913
1,9061,9651,8981,888
1,8801,9331,8661,871
1,8941,8761,9251,854
1,8951,8861,9081,9311,874
1,8961, 9141,8741,868
1,9321,9091,8841,839
1,8801,8601,8511, 8251,849
1,8431,8731,8251,852
1,8841,8641,9161,8721,895
1,8651,9131,8911,881
1,8841,9241,8501,874
227234231250259
252256266264
261265323321
300264262254
266237271222252
272224236258
225234253254
254236250253255
254256253275
244240258246262
239265238245
241236214253
275276274275275
274275275275
274274278280
280279
279280280280
280281282283
279280280280
279280280281281
280281281281
282282281282282
282283283283
283283283
* See footnotes on p. 72.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
80 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33(WEDNESDAY SERIES)—Continued
[In millions of dollars]
Date(Wednesday)
1924Jan. 2Jan.9Jan.16Jan. 23Jan. 30
Feb. 6—Feb. 13..Feb. 20-Feb. 27-
Mar. 5_.Mar. 12.Mar. 19.Mar. 26.
Apr. 2.. .Apr. 9—Apr. 16-Apr. 23-Apr. 30-
May 7__May 14.May 21.May 28.
June 4...June 11-June 18 _June 25-
July 2—July 9—July 16--July 23..July 30 .
Aug. 6. . .Aug. 13..Aug. 20..Aug. 27..
Sept. 3...Sept. 10.Sept. 17.Sept. 24.
Oct. 1 -Oct. 8 -Oct. 15.Oct. 22.Oct. 29.
Nov. 5.-Nov. 12.Nov. 19.Nov. 26-
Dec. 3—Dec. 10-Dec. 17-Dec. 24_.Dec. 31-
Reserve bank credit outstanding
Billsdis-
count- boughted
607534541522
487546496532
431482530530470473447
440411415430
401376351350
311305291294
274266259263
302261258260
267266263223223
229224234221
249254284396314
Bills
347319293276272
283278253263
260243194202
214198177140124
87755687
56445745
5359373224
22182649
70929992
139175197170215
235248275281
355353337390387
U.S.Gov-ern-
mentsecuri-
ties
127100117121121
125127142156
182212297257
265269267274302
311323325333
398423426430
435451467477505
536540541542
542568619575
576581599583584
585588587582
575552564538540
Otherre-
servebankcredit
494927
55508943
5059704733
33705442
6363
10214061
Total
Mone-tarygoldstock
1,3101,080997986946
911969942983
998974973
1,0681,042980929911
892863833881
900889907875
928878873841858
873875
9711,065970
1,0321,0811,1291,0231,055
1,0821,1301,1501,126
1,2421,2221, 2871,4641,302
4,2434,2564,2704,2744,281
4,2924,2974,3094,315
4,3234,3354, 3414,354
4,3634,3714,3864,3924,411
4,4234,4354,4424,450
4,4584,4684,4764,481
4,4904,4954,5054,5094,512
4,5124, 5144,5164,522
4,5174,5174,5134,510
4,5104,5074,5104,5084,508
4, 5114, 5154,5214,525
4,5224,5144,5024,4964,499
Treas-uryandna-
tionalbankcur-
rency*
2,0092,0102,0092,0102,010
2,0102,0122,0122,013
2,0142,0152,0152,014
2,0152,0152,0172,0172,017
2,0172,0182,0182,018
2,0192,0192,0202,019
2,0192,0202,0192,0132,017
2,0192,0192,0192,019
2,0192,0182,0182,017
2,0172,0182,0192,0192,020
2,0202,0212,0212,023
2,0242,0242,0252,0242,025
Mon-ey incircu-lation
5,0274,8784,7884,7634,759
4,7794,8204,8284,842
4,8554,8454,8404,850
4,8914,8784,8854,8554,853
4,8554,8404,8264,864
4,8574,8034,7914,781
4,8844,8394,7774, 7404,744
4,7634,7714, 7814,790
4,8534,8364, 8254, 823
4,8614,8614,8894,8674,885
4,9524,9554,9354,990
4,9995,0245, 0785,1995,047
Mem-ber
bankre-
servebal-
ances
Treas-urycashandde-
positswithF. R.
banks*
1,9641,9411,9361,9351,928
1,8941,9151,8911,927
1,9071,9451,9811,912
1,9331,9351,9411,9351,945
1,9541,9401,9411,936
1,9882,0322.1042,035
2,0162,0372,0852,0752, 087
2,0932.1052,0952,082
2,1022,1392,2612,120
2,1282,1902,1862,1502,162
2,1182,1722,2152,148
2,2522,1922,2152,2232,220
266229252278256
249252253252
216289
332323265257245
232243233261
247253221271
248233250259265
267240245259
255246220266
282267292245249
254250251250
246254226269262
Non-mem-
berde-
pos-its*
OtherFed-eralRe-
serveac-
counts(*)
274274274272271
270270269
268270270
270269269268268
267266267
263262265266
262260260258258
256255254255
255253259259
259259260259259
258259259258
259259262262258
* See footnotes on p. 72.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE BANK CREDIT 81
No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33(WEDNESDAY SERIES)—-Continued
[In millions of dollars]
Date(Wednesday)
Reserve bank credit outstanding
Billsdis-
counted
Billsbought
U.S.Gov-ern-mentsecuri-ties
Otherre-
servebankcredit
Total
Mone-tarygoldstock
Treas-uryandna-
tionalbankcur-
rency*
2,0262,0262,0262,027
2,0272,0272,0252,023
2,0232,0202,0182,016
2,0162,0142,0132,0112,010
2,0072,0062,0052,003
2,0041,9991,9991,997
1,9971,9951,9931,9921,990
1,9901,9891,9881,988
1,9881,9871,9861,9851,985
1,9831,9831,9831,982
1,9821,9811,9811,980
1,9811,9791,9791,9801,977
Mon-ey incircu-lation
4,9314,8244,7754,752
4,7754,8044,7764,806
4,8214,8014,7854,775
4,8034,8124,7884,7644,772
4,7824,7584,7474,771
4,7984,7724,7584,748
4,8174,8064,7624,7404,731
4,7724,7874,7984,816
4,8414,9064,8994,8884,916
4,9354,9364,9014,893
4,9404,9374,9134,971
4,9855,0375,0935,2515,099
Mem-ber
bankre-
servebal-
ances
2,2482,2562,1412,172
2,1942,1752,1912,208
2,1662,2012,1762,119
2,1332,1412,1412,1632,135
2,1802,1542,1182,138
2,1472,1562,2132,140
2,1992,1472,1962,1612,153
2,2122,1802,1842,183
2,1872,1962,1982,2072,210
2,2382,2302,2062,227
2,2462,2322,2612,220
2,2362,2462, 2652, 2192,309
Treas-urycashandde-
positswithF. R.
banks*
249250258284
249246238238
252242215239
248234245249238
240229252252
257259215263
230231221225233
243246242245
235234209242239
2,26243263259
250234240252
264252211232221
Non-mem-berde-pos-its*
43434441
45404035
32282936
2924292426
28262625
36252624
3028252527
26252524
2426292827
28263131
39343634
3332302733
OtherFed-eralRe-
serveac-
counts(*)
1925
Jan. 14Jan. 21Jan. 28
Feb. 4__.Feb. 11..Feb. 18 -Feb. 25._
Mar. 4 . .Mar. 11.Mar. 18.Mar. 25-
Apr. 1. . .Apr. 8—Apr. 15-Apr. 22_.Apr. 29-
May 6._May 13.May 20.May 27.
June 3 —June 10..June 17..June 24..
July 1—July 8—July 15..July 22-July 29..
Aug. 5 —Aug. 12..Aug. 19..Aug. 26..
Sept. 2...Sept. 9__Sept. 16..Sept. 23.Sept. 30.
Oct. 7...Oct. 14.Oct. 21..Oct. 28..
Nov. 4..Nov. 10.Nov. 18.Nov. 25.
Dec. 2...Dec. 9—Dec. 16-Dec. 23..Dec. 30.
264262203274
322332342434
401410339378
400391395412400
411339338414
412417442455
512450455443
544538559580
577639488641633
644644603590
565566625
644679619764750
341324
325312317
304301277307
316311274276267
278283276278
285275246242
249241231225210
212212195202
210214212238
284287293329
342353355359
358370353370363
423394
389390378365
383388428344
358362358353349
376380358349
354360306325
354339344335330
333329323332
326327409323343
324325330334333332
339352398360377
108606259
56586442
72687554
5262887061
64747650
9166126
1166751
77717159
48667559
706312313774
1,2091,133994
1,035
1,0751,1051,0961,158
4,4954,4734,4564,446
4,4194,3924,3844,366
1,160 4, 3491,167 4, 3451,119 I 4,3331, 083 4, 335
1,1261,1261,1151,1111,077
1,1291,0761,0481,091
1,1421,1181,1201,083
1,1821,1181,1151,0621,057
1,1591,1431,1481,167
1,1821,2491,2251, 2691,295
1,3291,3381,2911,303
1,3561,3181,3291,375
1,4111,4641,4931,6311,564
4,3384,3384,3404,3424,349
4,3594,3504,3554,356
4,3574,3594,3614,362
4,3604,3624,3604,3614,361
4,3684,3704,3774,379
4,3824,3904,3914,3804,382
4,3844,3844,3994, 397
4,4084,4104,4124,393
4,3994,3984,4024,3944,398
259258258258
258259260
260261265265
265265264263265
264264264264
264265267267
263263264264264
263264264265
264264267269
270270271271
271272272272
273273275275275
* See footnotes on p. 72.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
82 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS,(WEDNESDAY SERIES)—Continued
[In millions of dollars]
1922-33
Date(Wednesday)
1926Jan.6 _Jan. 13Jan. 20Jan. 27
Feb. 3Feb. 10Feb. 17 _ .Feb. 24
Mar. 3Mar. 10Mar. 17Mar. 24Mar. 31
Apr. 7.Apr. 14Apr. 21Apr. 28
May 5. _May 12May 19May 26
June 2June 9 _ _ __June 16June 23June 30
July 7July 14Julv 21July 28
Aug. 4 ___Aug. 11Aug 18Aug. 25
Sept. 1Sept. 8Sept. 15 . . .Sept. 22Sept. 29
Oct 6Oct. 13Oct. 20Oct 27
Nov. 3Nov 10Nov. 17Nov. 24
Dec 1Dec. 8Dec. 15Dec. 22Dec. 29. ._
Reserve bank credit outstanding
Billsdis-
count-ed
593506453449
488533538540
583502481618632
579577450514
547476490474
525448393479515
613515495521
548549535571
626614566662717
624704587632
676581567628
645605562715711
Bills)ought
345327306295
302301302304
287285257252250
230274229199
213228226239
244250233247249
238234217211
228231254255
253266262270276
273291293308
332340348341
368391384388379
U.S.Gov-ern-
mentsecuri-
ties
369369370365
350333334331
326360353308330
342377389389
395396399395
404418482383385
375391383369
370366360321
319312488305302
306308307300
302300308300
306324478314317
Otherre-
servebankcredit
90676555
53536341
6548684250
53606753
60586245
6657994845
70715641
40434838
3754786637
699
6341
16496439
485284
12960
Total
1,3971,2691,1941,164
1,1931,2201,2371,216
1,2611,1951,1581,2201,262
1,2041,2881,1351,155
1,2151,1581,1771,153
1,2391,1731,2071,1571,194
1,2961,2111,1511,142
1,1861,1891,1971,185
1,2351,2461,3941,3031,332
1,2721,3121,2501,281
1,3261,2701,2871,308
1,3671,3721,5081,5461,467
Mone-tarygoldstock
4,4024,4024,4144,406
4,4134,4294,4284,426
4,4334,4434,4474,4444,442
4,4524,4524,4434,438
4,4424,4314,4334,432
4,4344,4344,4344,4451,447
4,4504,4654,4664,468
4,4694,4654,4704,470
4,4684,4734,4694,4724,475
4,4714,4714,4734,474
4,4754,4814,4804,475
4,4764,4814,4784,4864,490
Treas-uryandna-
tionalbankcur-
rency*
1,9771,9771,9791,979
1,9791,9791,9801,980
1,9811,9791,9821,9821,983
1,9831,9841,9841,984
1,9841,9841,9851,985
1,9881,9861,9861,9861,986
1,9861,9861,9861,986
1,9861,9861,9841,986
1,9841,9851,9871,9871,988
1,9881,9891,9901,990
1,9901,9911,9921,991
1,9911,9911,9911,9921,993
Mon-ey incircu-lation
4,9674,8384,8034,786
4,8054,8404,8274,855
4,8624,8384,8364,8284,860
4,8534,8634,8434,840
4,8504,8274,8174,828
4,9044,8604,8524,8374,885
4,9624,8834,8494,847
4,8754,8864,8914,887
4,9144,9754,9414,9304,953
4,9705,0024,9544,955
5,0064,9804,9545,005
5,0035,0585,0955,2185,093
Mem-ber
bankre-
servebal-
ances
2,2782,2802,2432,217
2,2152,2392,2622,203
2,2242,2102,2302,2182,215
2,1922,2832,1712,203
2,2312,1942,2372,195
2,2252,2242,2612,2252,229
2,2402,2422,2082,205
2,2172,2262,2152,204
2,2242,2072,3692,2312,249
2,2122,2172,2132,217
2,2072,2192,2382,202
2,2572,2312,3542,2182,264
Treas-urycashandde-
positswithF. R.
banks*
226229238245
268247256266
287270212292309
288277241229
251245235241
228203205218212
223230241238
241218238236
229206204277273
233235228253
247219238240
249228198268251
Non-mem-
berde-pos-its*
34282826
24282423
2523272722
26212523
27252424
2023242120
26232123
24272429
3430443430
24272526
36283432
3232322243
OtherFed-eralRe-
serveac-
counts(*)
272273275274
273274275276
276277280281281
281281282283
282283282283
283283285286282
281283282283
283283283286
285286290290291
291292292293
294294294294
293294296297298
* See footnotes on p. 72.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE BANK CREDIT 83
No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33(WEDNESDAY SERIES)—Continued
[Tn millions of dollars]
Date(Wednesday)
1927Jan. 5Jan.12Jan. 1 9 . - .Jan. 26
Feb. 2.. .Feb. 9...Feb. 16-Feb. 23..
Mar. 2__.Mar. 9 . .Mar. 16.Mar. 23.Mar. 30.
Aug. 3_.Aug. 10.Aug. 17.Aug. 24.Aug. 31.
490416365
393379396398
435416331457456
402426414444
508442458429
497399361439477
July 6 507July 13 426July 20July 27
Apr. 6—Apr. 13..Apr. 20-Apr. 27..
May 4 . .May 11.May 18.May 25.
June l._.June 8-.-June 15..June 22..June 29..
Sept. 7..Sept. 14.Sept. 21.Sept. 28.
Oct. 5.. .Oct. 12..Oct. 19..Oct. 26..
Reserve bank credit outstanding
Billsdis-
count-Bills
bought
Nov. 2 ,_.-Nov. 9 ....Nov. 16Nov. 23Nov. 30
Dec. 7.-.Dec. 14..Dec. 21..Dec. 28..
415413390414401
449375415430
462430418402
379461367418477
444495578
389338337302
329303315280
265219231237
239257247242
244233225236
229222183183216
199193185169
178176171179185
197227219242
262274283301
335336334327355
380381366386
U.S.Gov-ern-
mentsecuri-
ties
314311313303
304305312305
311307475342353
342355333318
316254269322
362438547369376
374378386385
407420442445473
499500484494
505510500511
526530705621548
588603
Otherre-
servebankcredit
10591
Total
1,4141,1891,125
999
1,0621,0171,075
996
1,0771,0171,0581, 0541,073
1,0331,0821,0431,041
1,125971999
1,019
1,1261,0971,1481,0441,121
1,1661,1021,0651,028
1,1251,0891,0841,0931,102
1,1941,1681,1571,201
1, 2721,2681,2571,238
1,2821,3461,4671,4001,416
1,4581,5281,6301,639
Mone-tarygoldstock
Treas-uryandna-
tionalbankcur-
rency*
4,4974,5204,5354,550
4,5604,5724,5774, 585
4, 5874,5934,5954,6004,597
4,6004,6004,6044,605
4,6124,6854,6844,627
4,6074,6124,6204,6024,589
4,5794,5694,5724,578
4, 5794,5844,5864,5884, 588
4,5974,5864, 5854,577
4,5734,5734,5744, 553
4,5314,5114,4874,4604,451
4,4384, 4184,4044, 385
1,9911,9901,9901,990
1,9891,9901,9911,992
1,9931,9921,9941,9941,996
1,9961,9971,9971,998
1,9982,0012,0022,004
2,0042,0052,0042,0052,003
2,0042,0032,0032,003
2,0042,0032,0032,0032,003
2,0032,0032,0042,002
2,0032,0032, 0032,004
2,0042,0042,0042,0042,005
2,0042,0062,0052,006
Mon-ey incircu-lation
4,9994,8754,8254,795
4,8094,8104,8044,850
4,8544,8364,8264,8224,832
4,8604,8654,8364,821
4,8404,8284,8194,810
4,8664,8124,7944, 7754,805
4,8974,8094,7864,776
4,8114,8154,8244,8254,854
4,9194,8814,874
4,9104,9344,8974,876
4,9054,9294,8914,9254,952
4,9705, 0005,0955, 043
Mem-ber
bankre-
servebal-
Treas-urycashandde-
positswith
ances F. R.[banks"
2,3522,2742,2432,192
2,2422,2212,2892,166
2,2312,2212, 2952,3002,274
2,2322,2652,2502,270
2,3262,2712,2952,268
2, 3082,3312,4212,3072,342
2,2972,3152, 3012,282
2,3502,3152,2952,3062,299
2,3182,3252,3112,337
2,3602,3242,3842, 352
2,3622,3692,5002, 3932,379
2,3972,4192,3942,432
209230249233
242230229242
253223203205239
218232239233
220219238238
231240210236235
221220226225
220221227227216
235227231234
247216213230
212228200202204
199203220223
Non-mem-
berde-
pos-its*
OtherFed-eralRe-
serveac-
counts(*)
293294294294
294294295295
295297298298
298298299299
299300299300
299298300300300
297296297297
296297
295
294294300302
302302303304
303303303305304
305305306306
* See footnotes on p. 72.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
84 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No, 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33(WEDNESDAY SERIES)—Continued
[In millions of dollars]
Date(Wednesday)
1928
Jan 4Jan.11Jan 18Jan. 25
Feb. 1Feb 8Feb. 15Feb. 22Feb 29
Mar 7Mar. 14Mar. 21Mar 28
Apr 4Apr. 11Apr. 18Apr 25
May 2May 9May 16May 23May 29
June 5 -June 13 _June 20June 27
July 3 . . . .July 11July 18July 25
Aug. 1Aug 8Aug. 15Aug 22AUP- 29
Sept. 5Sept. 12Sept 19Sept. 26
Oct. 3 .Oct. 10Oct 17Oct. 24Oct 31
Nov. 7Nov 14Nov. 21Nov. 28 _
Dec 5Dec 12Dec. 19 . . ._Dec. 26
Reserve bank credit outstanding
Billsdis-
count-ed
521439412385
423459481461493
482472477524
601619620709
757777807847944
9821,043
9911,032
1,1911,0891,0121,025
1,0861,0611,0031, 0371,039
1,0801,0691,0941,011
1,026993936912932
957858800990
1,0121,028
9471,168
Billsbought
387393369347
377369355353344
338343333346
344362351366
363365347331304
266240224223
210188181169
166162190184184
187211237263
310332379401440
449474484482
478494453489
U.S.Gov-ern-
mentsecuri-
ties
627545499441
434401408402408
403401385386
383378341305
292277262230219
210223223212
220218209208
212208206207209
206221225229
231227231231227
223222226229
227236291232
Otherre-
servebankcredit
6937ao21
2926222019
30291817
37274420
4235392721
46403327
59474628
4122483230
43557039
6434602525
5614828
45468152
Total
1,6041,4141,3101,194
1,2631,2551,2661,2361,264
1,2531,2451,2131,273
1,3651,3861,3561,400
1,4541,4541,4551,4351,488
1,5041,5461,4711,494
1,6801,5421,4481,430
1,5051,4531,4471,4601,462
1,5161,5561,6261,542
1,6311,5861,6061,5691,624
1, 6341,6151,5581,729
1,7621,8041,7721,941
Mone-tarygoldstock
4,3794,3814,3774,380
4,3744,3754,3764,3764,361
4,3624,3354,3204,308
4,3044,3024,2704,266
4,2654,2354,1854,1784,161
4,1474,1044,1054,103
4,1104,1154,1144,115
4,1134,1144,1194,1204,124
4,1234,1244,1254,129
4,1254,1294,1364,1404,142
4,1454,1564,1594,128
4,1344,1394,1504,149
Treas-uryandna-
tionalbankcur-
rency*
2,0062,0052,0052,005
2,0032,0052,0052,0062,007
2,0062,0062,0062,006
2,0062,0062,0072,007
2,0102,0082,0082,0082,009
2*0082,0062,0072,007
2,0P72,0072,0082,004
2,0062,0072,0062,0062,007
2,0062,0072,0082,009
2,0102,0102,0102,0112,011
2,0112,0112,0132,013
2,0122,0112,0112,013
Mon-ey incircu-lation
4,9394,7794,7014,659
4,6714,6764,6884,6984,691
4,6874,6704,6664,667
4,7254,6974,6914, 676
4,7154,6974,6904,6754,721
4,7034,6954,6934,698
4,8084,7294,6894, 665
4,6904,7054, 7174,7234,730
4,8014,7614,7574,770
4,8074,8324,8134,7914,806
4,8484,8204,7954,903
4,9134,9355,0255, 089
Mem-ber
bankre-
servebal-
ances
2,4862,4732,4322,355
2,4052,3952,3912,3572,375
2,3612,3622,3222,357
2,4002,4322,3922,417
2,4422,4262,3822,3702,357
2,3842,3922,3322,345
2,4032,3652,3072,300
2,3442,2662,2852,2812,269
2, 2732,3492,3612,316
2,3502,3132, 3592,3222,371
2,3302,3652,3462,361
2,3822,4092,3262,409
Treas-urycashandde-
positswithF. R.
banks*
228. 218
228231
232230230227233
236221214227
213223207236
222227228230230
225219201209
225212217230
233247211222233
214212250217
239210210236228
236225214231
237232204219
Non-mem-
berde-pos-its*
35272525
2324262423
24222322
24272524
3227262527
23273126
35302926
2927292829
23305338
3229302728
30262526
27272530
OtherFed-eralRe-
serveac-
counts(*)
302303307309
309310311312311
312311315314
314316317318
317319321321322
323323326327
325327328328
329330332333334
334335337339
339340340344344
346347348348
348350352355
* See foonotes on p. 72,
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE BANK CREDIT 8 5
No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33(WEDNESDAY SERIES)—Continued
[In millions of dollars]
Date(Wednesday)
1929Jan. 2Jan. 9Jan.16 __ .Jan.23Jan.30
Feb. 6Feb. 13 _.Feb. 20Feb. 27
Mar. 6Mar. 13Mar. 20Mar. 27
Apr. 3Apr. 10Apr. 17Apr. 24.-.
Mav 1May 8 . .___May 15May 22May 29
June 5June 12 _June 19June 26
July 3July 10July 17July 24July 31
Aug. 7Aug. 14Aug. 21Aug. 28
Sept. 4Sept. 11 ._Sept. 18-Sept. 25
Oct. 2Oct. 9Oct. 16Oct. 23Oct. 30
Nov. 6._Nov. 13Nov. 20Nov. 27 ._
Dec. 4. _Dec 11Dec. 18Dec 24Dec. 31
Reserve bank credit outstanding
Billsdis-
count-ed
1,151877822782821
852904865952
989956943
1,024
1,030964994975
986962915904988
977934959
1,017
1,1251,1531,0841,0641,076
1,0641,028
986974
1,046973934944
931857849796991
991971900912
872769737763632
Billsboughi
484477481454436
411391356334
305283237208
175157141141
170157146138118
1131148783
7466686975
79118132157
182222241264
323333360379340
330300284257
257322309355392
U . S .Gov-ern-
mentsecuri-
ties
244239238202202
200177173166
163165185170
169166161150
151149156153145
147170139150
141136153146147
158154149145
149159178152
146141138136293
293313327326
355387533485511
Otherre-
servebankcredit
3145633426
37153732
44493627
51285332
5946522836
66506744
9155665049
52524941
55606051
8054
1106356
40865327
574863
12048
Total
1,9101,6381,6041,4721,485
1,5001,4871,4311,484
1,5011,4531,4011, 429
1,4251,3151,3491,298
1,3661,3141,2691,2231,287
1,3031,2681,2521,294
1,4311,4101, 3711,3291,347
1,3531, 3521,3091,317
1,4321,4141,4131,411
1,4801, 3851,4571, 3741,680
1,6541,6701,5641,522
1,5411, 5261,6421,7231,583
Mone-tarygoldstock
4,1274,1204,1084,1174,128
4,1274,1504,1514,154
4,1584,1604,1704,174
4,1884,2214,2354,245
4,2654,2904,2984,2994,301
4, 3034,3054,3154,327
4,3314,3284,3404, 3464,341
4,3474,3504, 3534,359
4,3634,3644, 3694, 375
4,3744, 3784,3794, 3864,385
4,3804, 3754,3744,366
4,3694,3544,3214,2944,284
Treas-uryandna-
tionalbankcur-
rency*
2,0132,0122,0112,0112,011
2,0102,0112,0112,008
2,0102,0122,0112,012
2,0132,0142,0162,016
2,0162, 0182,0182,0182,018
2,0182,0182,0192,019
2,0202,0182,0172,0142, 013
2, 0082,0072,0062,005
2, 0062,0052,0042,009
2,0102,0122, 0152,0162,020
2,0232, 0252,0242,024
2,0232,0222,0222,0232,022
Mon-ey incircu-lation
4,9334,7624,6974,6434,630
4,6404,6724,6694,670
4,6914,6654,6544,667
4,6744,6424,6464,631
4,6604,6534,6444,6344,694
4,6674,6364,6354,636
4,7664,8174,7494, 7044, 717
4,7414,7454, 7444,748
4,8294,7914, 7644,744
4,7894,7884,7894,7524,789
4,8304,8204, 7774,856
4,8674,8694, 9375,0594, 865
Mem-ber
bankre-
servebal-
ances
2,4942,4052,4152,3592,391
2,3862,3722,3192,367
2, 3502,3632,3402,332
2,3352,3022,3022,290
2, 3362,3302,3202, 2762,286
2,3212, 3282,2922,344
2,3802,3032,3522, 3572,355
2, 3232,3302,2922,306
2,3202, 3602,3812,364
2,3992,3392,4082,3782, 652
2, 5582, 6082,5182,376
2,4012,3972,4082,3202,355
Treas-urycashandde-
positswithF. R.
banks*
235220228220223
228220221227
238209200225
222208253241
243240219230224
233223253255
228235221225226
235224223219
241219219271
259232234225225
241 !220246258
242215210234245
Non-mem-
berde-
pos-its*
3933322628
28282725
30262628
30333229
4131322930
28293027
3429292828
30282725
25263426
2726272826
34272526
2625282430 1
OtherFed-eralRe-
serveac-
counts(*)
348350351352353
355355356357
360361362363
365365366368
367369370370372
375375375378
374373378375376
379382381384
386388388390
389391393393393
394395396396
397396401402394
* See footnotes on p. 72.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
86 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33(WEDNESDAY SERIES)—Continued
tin millions of dollars]
Date(Wednesday)
1930Jan. 3Jan. 15Jan 22Jan. 29
Feb. 5F8D. 12Feb 19Feb. 26 _
Mar. 5Mar 12Mar 19Mar 26
Apr 2Apr. 9Apr. 16Apr 23Apr. 30 -
May 7 . -May 14May 21 - -May 28
June 4June 11June 18June 25
July 2 . -July 9July 16 - . --July 23July 30
Aug 6Auc 13Aug 20Aug 27
Sept 3Sept 10Sept 17Sept 24
Oct 1Oct 8Oct 15Oct 22Oet 29
Nov 5Nov 12Nov 19Nov 26
Dec 3Dec. 10Dec 17Dec. 24Dec. 31
Reserve bank credit outstanding
Billsdis-
count-ed
568442433407
381382377343
309266206207
241226214211233
237210210247
240210207232
260236207191197
206191196193
231183163167
186173210192202
213192205234
251257331448251
Billsbought
319323298258
296276281299
271257185256
301267302257210
175171187176
189148133102
157149169151131
134154159163
170193209198
193211185
. 177166
186207178176
219244252260364
U.S.Gov-ern-
mentsecuri-
ties
485479477477
478479481483
486514561529
530527535527530
528528528530
544579598 ,577
596591 ,577576576
576606 i602602
602602610602 ;
601600602602601
602601 !596596
602617692642729
Otherre-
servebankcredit
48576129
39633031
39313133
5227483533
39432823
31372325
5736472823
24312926
38302624
3028472116
9352422
3616227529
Total
1,4201,3011,2691,171
1,1941,1991,1691,156
1,1051,068
9831,025
1,1241,0471, 0991,0301,006
979952953976
1,004974961936
1,0701,0121,000
946927
940982986984
1,0411,0081,008
991
1,0101,0121,044
992985
1,0101,0351,0031,028
1,1081,1341,2971, 4251,3.3
Mone-tarygold
stock
4,2774,2834,2844,289
4,3024,3104,3294,345
4,3604,3844,4054,420
4,4244,4354,4384,4454,491
4, 4964,5024,5144,516
4,5234,5264,5294,533
4,5364,5364,5404,5234,515
4,4954,4894,4934,504
4,5004,5034,5074,506
4,5114,5144,5194,5234,533
4,5344,5494,5564,568
4,5724,5764, 5844,589 I4,593 1
Treas-uryandna-
tionalbankcur-
rency*
2,0222,0222,0212,022
2,0222,0212,0212,022
2, 0222,0222,0222,022
2,0222,0222,0242,0242,024
2,0242,0232,0242,025
2,0242,0242, 0252,025
2,0262,0252,0252,0242,023
2,0262,0262,0262,026
2,0262,0262,0262,026
2,0272,0272,0272, 0272,028
2,0282,0282,0282,027
2,0282,0232,0272,0272, 027
Mon-ey incircu-lation
4,6904,5964,5534,508
4,5254,5424, 5214,505
4,5284,4954,4814,467
4,5184,4954,5054,4614,476
4,4744,4464,4374,490
4,4764,4594, 4504,426
4,5534,4884,4484,4074,397
4,4374,4374,4434,448
4,5114,4644,4584,435
4,4924,4874,5004,4504,426
4,4914,4774,4824,565
4, 6154,6534,8375, 0144,890
Mem-ber
bankre-
servebal-
ances
2,3672,3582,3602,308
2,3392,3082,3152,346
2,3152,3542,2912,340
2,3752,3452,3802,3632,385
2,3492,3792,3742,347
2,4122,4092,4082,386
2,4062,4172,4602,4322,415
2, 3642,4002,4142,419
2,3932,4282,4562,416
2,3942,4082, 4402,4372,468
2,4102,4902,4492,410
2,4242,4482, 4552,c672, ',71
Treas-urycashandde-
positswithF. R.
banks*
238229239247
236219263254
223206216232
248241249251234
246224252259
242238233258
240244228231238
244239237235
250232210256
245243230239236
248230245240
2562232052522 0
Non-mem-berde-pos-its*
31302926
25702725
27262628
2925262427
30292824
25242727
4234393428
28352525
27272625
2525282525
32252824
2626262428
OtherFed-eralRe-
serveac-
counts(*)
393393393393
393393393393
394393396400
400398401400399
399400400397
396394396396
391390390389388
387386386386
385386391391
392390391391390
390390383382
3873843853.41.75
* See footnotes on p. 72.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EBSEEVE BANK CREDIT 87
No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33(WEDNESDAY SERIES)—Continued
[In millions of dollars]
Date(Wednesday)
1931Jan. 7Jan. 14Jan. 21Jan. 28
Feb. 4Feb. 11Feb. 18Feb. 25
Mar. 4Mar. 11 ._Mar. 18Mar. 25
Apr. 1Apr. 8 . .Apr. 15Apr. 22Apr. 29
May 6May 13May 20May 27
June 3June 10June 17June 24
July 1July 8July 15July 22 _.July 29.
Aug. 5Aug. 12_ . . . .Aug. 19Aug. 26
Sept. 2Sept. 9 _Sept. 16Sept. 23Sept. 30
Oct. 7 .Oct. 14Oct. 21Oct. 28 ._ _
Nov. 4Nov. 11Nov. 18Nov. 25
Dec. 2__. _Dec. 9Dec. 16Dec. 23Dec. 30
Reserve bank credit outstanding
Billsdis-
count-ed
292243230215
223222200190
191173162165
164143132135155
150145149153
173185185198
150162162182183
189195231242
257260263310328
463628698717
705684662686
718725698911
1,024
Billsbought
265196152120
1048894
106
10115112283
167172131152170
194153131125
134127107106
10392706767
66136155181
198198218243469
581730769725
642597534480
423389307257327
U.S.Gov-ern-mentsecuri-ties
659644625610
610610600599
600605618599
598599599599598
598598599598
598599599619
663668678678678
681728728728
728728742738742
738727727727
728727727727
717717906758803
Otherre-
servebankcredit
32281311
129
119
16135
11
1415332513
25221510
33181637
3438411517
31462748
3830562439
57404442
34564948
4749638048
Total
1,2481,1111,020
956
949929905904
908942907858
943929895911936
967918894886
938929907960
950960951942945
9671,1051,1411,199
1,2211,2161,2791,3151,578
1,8392,1252,2382,211
2,1092,0641,9721,941
1,9051,8801,9742,0062,202
Mone-tarygoldstock
4,6024,6254,6314,637
4,6494,6514,6614,663
4,6724,6774,6854,689
4,6984,7034,7104,7134,721
4,7434,7664,7724,795
4,7934,8034,8934,915
4,9564,9644,9594,9514,953
4,9554,9644,9834,992
4,9995,0015,0164,8974,741
4,6424,4244,3374,289
4,3124,3474,3714,408
4,4204,4404,4584,4654,458
Treas-uryandna-
tionalbankcur-
rency*
2,0262,0262,0252,025
2,0252,0242,0262,027
2,0252,0262,0272,027
2,0252,0252,0252,0252,024
2,0232,0232,0222,022
2,0222,0222,0222,023
2,0222,0222,0232,0242,024
2,0242,0242,0232,023
2,0232,0232,0232,0232,023
2,0232,0242,0242,024
2,0252,0262,0262,025
2,0272,0282,0312,0352,035
Mon-ey incircu-lation
4,7824,6494,5934,544
4,5764,5944,5604,569
4,5754,5544,5624,547
4,6204,6124,6234,6124,621
4,6634,6274,6394,634
4,6734,7234,7564,733
4,8414,8364,8084,7954,780
4,8494,8904,9524,994
5,0365,0925,0885,1645,246
5,4315,4735,5055,481
5,5455,5195,4735,479
5,5115,5095,5785,7335,632
Mem-ber
bankre-
servebal-
ances
2,4442,4642,4412,425
2,3792,3652,3802,378
2,3652,4362,4362,357
2,3922,3892,3562,3802,408
2,4182,4212,4112,425
2,3892,3992,4012,457
2,3892,4402,4362,4322,415
2,3392,3932,3822,342
2,3742,2902,4182,2802,364
2,2772,2232,2762,229
2,1222,0992,1242,117
2,0732,0862,1682,0012,323
Treas-urycashandde-
positswithF. R.
banks*
242245238243
263242247243
264254211262
248250237247246
240250230235
274224258289
257228234236231
231233252303
265260223242249
258249250263
257279251250
247253221275274
Non-mem-
berde-pos-its*
31262525
24242523
22222624
2524312624
29262627
37282840
70728785
126
159209195210
203233224186120
178269207192
167185165170
163145138138107
OtherFed-eralRe-
serveac-
counts(*)
377378380380
380379379381
380379384384
382382384384383
383383382382
380381379379
371370368368369
368367366365
365364365363363
360359361359
355355356358
358355359359359
* See footnotes on p. 72.
49753—34-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
88 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33,(WEDNESDAY SERIES)—Continued
[In millions of dollars]
Date(Wednesday)
Reserve bank credit outstanding
Billsdis-
count-ed
818818819838
855819846835
828748661666633
635629565532
506471465471
495502496488470
500516538525
487452443427433
420402359340
333328314322
326311307308309
299284270267
Billsbought
275214188162
156169146133
1161381068266
58524946
45434138
3536665464
77625240
4139363534
34343434
33333434
3434353535
34343333
U.S.Gov-ern-
mentsecuri-
ties
766752751752
749741741741
760785842835872
885985
1,0781,191
1,2871,3851,4661,525
1,5751,6451,6921,7301,801
1,8011,8211,8361,841
1,8461,8511,8511,8511,852
1,8511,8511,8521,854
1,8511,8511,8511,851
1,8511,8511,8511,8511,851
1,8511,8511,8511,851
Otherre-
servebankcredit
61504846
49484725
2527251516
2120
917
22191613
1716161611
30181216
1415148
12
14141514
23222114
153
1688
14202517
Total
1,9211,8341,8071,798
1,8101,7791,7811,734
1,7291,6981,6341,5971,587
1,5991,6861,7001,785
1,8591,9191,9882,048
2,1222,1982,2702,2882,346
2,4082,4172,4382,422
2,3882,3572,3442,3212, 331
2,3192,3012,2592,241
2,2412, 2342,2192,221
2,2262,1992,2082,2012,202
2,1972,1892,1802,168
Mone-tarygoldstock
4,4584,4574,4514,426
4,4064,4034,3694,350
4,3504,3624,3744,3814,388
4,3964,3804,3774,368
4,3444,3144,2754,207
4,1073,9793,9093,9173,920
3,9223,9323,9523,961
3,9874,0054,0464,0644,088
4,1054,1284,1654,184
4,2014,2084,2274, 257
4,2664,2704,2834,3194,340
4,3524,3684,4874,505
Treas-uryandna-
tionalbankcur-
rency*
2,0352,0362,0372,039
2,0432,0462,0492,054
2,0562,0582,0602,0602,060
2,0602,0612,0612,061
2,0602,0602,0612,060
2,0592,0592,0582,0572,057
2,0572,0562,0562,056
2,0582,0642,0762,0872,105
2,1152,1282,1402,152
2,1582,1662,1752,182
2,1862,1932,1952,1962,199
2,2012,2022,2032,203
Mon-ey incircu-lation
5,6615,6195,6135,589
5,6315,6255,6095,593
5,5835,5455,5225,4805,439
5,4585,4235,4255,398
5,4495,4315,4495,411
5,4675,4525,4675,5055,649
5,7755,7145,7355,690
5,7285,7075,7065,6845,692
5,7255,6685,6425,605
5,6495,6515,6215,584
5,6165,6515,6295,6355,648
5,6695,6645,7305,687
Mem-ber
bankre-
servebal-
ances
2,0361,9941,9721,945
1,9371,9051,9041,878
1,9021,9101,9191,9111,911
1,9422,0111,9792,114
2,1472,1442,1922,214
2,1252,1122,1012,0662,034
1,9632,0152,0362,072
2,0122,0622,0802,1422,146
2,1422,2442,2112,269
2,2842,2462,3262,412
2,3842,3422,4002,4002,411
2,3952,4252,4462,482
Treas-urycashandde-
positswithF. R.
banks*
260258251264
258282256274
265283221268280
255281307278
242288261270
243263225287246
264289286286
301265288268304
295263327318
279298276277
279274266271275
287277293306
Non-mem-
berde-pos-its*
103103108116
85688246
3832552955
50617471
77787170
10562945245
42434648
4746463136
31363636
37613930
3834335350
40373939
OtherFed-eralRe-
serveac-
counts(*)
1932Jan. 6Jan. 13Jan. 20Jan. 27
Feb. 3 . .Feb. 10_.Feb. 17..Feb. 24..
Mar. 2__Mar. 9__Mar. 16.Mar. 23.Mar. 30.
Apr. 6Apr. 13._-Apr. 20Apr. 27...
May 4__May 11-May 18 _May 25_
June1June 8June 15-.-June22June 29—
July 6_-_July 13-_July 20-_July 27-
Aug. 3—Aug. 10-Aug. 17-Aug. 24-.Aug. 3 1 -
Sept. 7 -Sept. 14.Sept. 21.Sept. 28.
Oct. 5-__Oct. 12_.Oct. 19-Oct. 26__
Nov. 2__Nov. 9-.Nov. 16.Nov. 23.Nov. 30.
Dec. 7-_.Dec. 14..Dec. 21_.Dec. 28_.
353353350349
348347347349
347350350351350
350350354353
351350350350
349347349351349
343344343343
344346346347345
346347349351
351352359357
359360359357357
357356362363
* See footnotes on p. 72.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE BANK CEEDIT 89No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33
(WEDNESDAY SERIES)—Continued
[In millions of dollars]
Date(Wednesday)
Reserve bank credit outstanding
Billsdis-
count-ed
Billsbought
U.S.Gov-ern-
mentsecuri-
ties
Otherre-
servebankcredit
Total
Mone-tarygoldstock
Treas-uryandna-
tionalbankcur-
rency*
Mon-ey incircu-lation
Mem-ber
bankre-
servebal-
ances
Treas-urycashandde-
positswithF. R.
banks'
Non-mem-
berde-pos-its*
OtherFed-eralRe-
serveac-
counts(*)
1933Jan.4Jan. 11. . . .Jan. 18—Jan. 25.__Feb. 1—_Feb. 8—..Feb. 15...Feb. 22....
Mar. 1___Mar. 8___Mar. 15._Mar. 22..Mar. 29..
Apr. 5Apr. 12._.Apr. 19—Apr. 26—
May 3May 10—May 17—May 24_._May 31—
June 7June 14—June 21...June 2 8 —
July 5July 12. _.July 19___July 26—
Aug. 2—.Aug. 9 —Aug. 16—Aug. 23...Aug. 30—
Sept. 6...Sept. 13..Sept. 20 __Sept. 27._
Oct. 4____Oct. 1 1 —Oct. 18...Oct. 25__.
Nov. 1...Nov. 8...Nov. 15. _Nov. 22..Nov. 29..
Dec. 6Dec. 13...Dec. 2 0 —Dec. 27...
251248249265
269253286327
7121,4141,233680559
441428414385
400338330312302
277254222191
182168163161
164156166150153
145133130133
123119113115
117112111112119
116118115111
33323231
313131180
384417403352310
247208177
144113784320
11109
777
7777
7777
77152024
61116113111
1,8511,8121,7781,763
1, 7641,7841,8091,834
1,8361,8811,8991,8641,838
1,8371, 8371,8371,837
1, 8371, 8371,8371,8621, 890
1,9121,9321,9551,975
1,9952,0072,0172, 028
2,0382,0482,0592,0942,129
2,1662,2032,2382,274
2,3092,3442,3752,400
2,4202,4302,4322,4312,432
2,4312,4322,4322,432
171010
4- 6 8- 9- 1
7- 7
- 17
2,1632,1062,0682,067
2,0702,0852,1362,351
3,6443,5262,8962,702
2, 5792,5282,490w, 412
2,3962,2972,2542,2192,218
4,5244,5494,5664,556
4,5484,5354,5114,460
4,3434,2434,2514, 2644,272
4, 2834,2934,3134,310
4,3124,3134,3134,3144,315
2,214 i 4,3162,2122,1942,182
2,2062,2012,1972,201
2,2082,2202,2402,2582,298
2,3302,3572,3882,421
2,4492,4772,5132,526
2,5502,5422,5642,5622,581
2,6152,6772,6862,674
4,3184,3174,318
4, 3184,3194,3194,320
4,3204,3204,3214,3284,328
4,3294,3274,3274,324
4,3244,3244,3234,323
4,3234,3234,3234,3234,323
4,3234,3234,3234, 323
2, 2042,2052,2052,204
2,2042,2032,2032,203
2,2182,2302,2562,2732,287
2,2972,3032,3082,306
2,3052,3032,2992,2992,298
2.2962, 2952,2952,296
2,2852,2842,2832,282
2,2812,2812,2812,2802,281
2,2802,2812,2802,279
2,2792,2782,2772,277
2,2762,2752,2752,2762,277
2,2772,2952,2992,304
5, 070 2, 5145,5S3 If, 5745,602 I 2,5455,611 ! 2,513
5,6525,7055,8545,988
6,7197,5387,2696,6086,353
6,2616,1476,0685,994
5,9545,8925,8525, 7955,812
5,7675,7235,6965,675
5,7525,6675,6355,601
5,6185,6085,6125,5925,592
5,6485,6025,6055,595
5,6525,6735,6505,608
5,6405,6735, 6555,6545,742
5,7585,7635, 8495,824
2,4382,4192,2362,271
2,0381,7761,9641,9181,987
1,9762,0962,1592,136
2,0342,0892,1142,1942,167
2, 2042,2812,2052,286
2,2192,2692,2902,306
2,3192,3762,3712,4322,427
2,4392,5422,5432, 596
2,5232,5672,6552,693
2,5912,5782,6452,6872,573
2,5612,6382,6362,675
305294 !21)4 |292
319285330325
303317317432428
441390366371
487399370329345
307316405317
331353335366
333292315319339
327317334331
372338284302
388373345316369
386379329315
61
66688888
91138132126144
135143163172
182178175161155
197153152169
164169194186
188195197175202
178157164156
159155166167
178161163149142
156160132124
3533533-12350
347345342343
345348350350348
347348355355
3563553:4353353
351351348348
344345344343
350350347348347
343345348347
346345358357
3533^5355355354
354355362362
ee footnotes on p. 72.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
90 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 5.—RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES)
1929-33[In millions of dollars]
UaiQ
(End of month)
1929—JanuaryFebruary._MarchAprilMayJuneJulyAugustSeptember.OctoberNovember-December..
1930—JanuaryFebruary. _MarchApril . . .MayJuneJulyAugustSeptember.OctoberNovember-December—
1931—JanuaryFebruary-_March_AprilM a yJuneJuly . „AugustSeptember.OctoberNovember..December..
1932—JanuaryFebruary. _MarchAprilM a yJuneJulyAugustSeptember.OctoberNovember..December..
1933—JanuaryFebruary->MarchAprilMay _.JuneJulyAugustSeptember.OctoberNovember-December. _
Reserve bank credit outstanding
Billsdis-
count-ed
805973
1,095934
1,0681,0371,0761,046
9581,0001,030
632
394353310233313272200215272207275251
232198250157174149195255328728718638
899828639556490440538433332328309235
27458244743530216416715312811611998
Billsbought
4403302001791178275
176293355256392
294270279210185128130168209163175364
12510912416312510673
215469681452339
15310968483667433433343533
313363051712048
9777
24133
U.S.Gov-ern-
mentsecuri-ties
202169172163143216147150162321326511
479480535530528591577602597602599729
610599599598598668678728742727717817
746740872
1,2281,5491,7841,8411,8521,8541,8511,8511,855
1,7631,8661,8381,8371,8901,9982,0282,1292,2772,4212,4322,437
Otherre-
servebankcredit
373869513265496845676548
423725332327274025263029
132017192020305739484459
583218182119171214148
22
- 8103
167
1068957
20
Total
1,4841,5101, 5361, 3271, 3601,4001^347M401,4581,7431,6771,583
1,2091,1401,1491,0061,0491,018'934
1,0251,103
9981,0791,373
980926990937917943976
1,2551,5782,1841,9311,853
1,8561,7091,5971,8502,0962,3102,4392,3312,2332,2272,2022,145
2,0772,7942,5932,4592,2182 2202,2092.2972,4212,5482,5812,688
Mone-tarygold
stock
4,1274,1534,1884,2604,3014,3244,3414,3604,3724,3864,3674,284
4,2914.3524,4234,4914,5174,5354,5174,5014,5114,5354,5714,593
4,6434,6654,6974, 7264! 7984,9564 9494,9954,7414,2924,4144,460
4,4164,3544,3904,3674,1523,9193,9744,0884,1934,2644,3404,513
4,5524,3804,2824,3124,3154 3184,3204,3284,3244,3234,3234,323
Treas-uryandna-
tionalbankcur-
rency*
2,0112,0082,0132,0162,0182,0192,0132,0042,0102,0202,0242,022
2,0212,0222,0222,0242,0242,0252,0232,0252,0272,0282,0282,027
2,0252,0252,0262,0242! 0222,0222,0242,0232,0232,0242,0272,035
2,0392,0552,0602,0602,0592,0572 0562,1062,1542,1862,1992,204
2,2042,2172,2892,3052,2982 2862,2812,2812,2782,2772,2772,303
Mon-ey incircu-lation
4,6574,6984,7484,6764,7384,7464,7174,8404,8194,8384,9294,865
4,5604,5764,5494,4764, 5514,5224,4264,5334,5014,4934,6604,890
4,6104,6204,6084,6524,7024,8224,8375,0525,2465,5405,5365,647
5,6415,6045,4595,4655,4805,6955,7265,6925,6535,6285,6485,675
5,6456,5456,3206,0035,8125 7215,6305,6125,6505,6355,7425,806
Mem-ber
bankre-
servebal-
ances
2,3622,3622,3572,2822,2882,3562,3552,3372,3262,6662,4582,355
2,2932,2602,3672,3852,3692,3892,3962,3782,4672,4182,3732,471
2,3982,3432,4282,3712,3892,3812,3672,3732,3642,1672,0511,961
1,9471,8491,9242,1242,1131,9822,0522,1462,2252,3832,4112,509
2,4462,1411,9492,1322,1672 2922,2942,4092,5382,6852,5732,729
Treas-urycashandde-
positswithF. R.
banks*
223228229243248240226218278221258245
249261251234250237236231255230235230
236250273253235271237294249257258276
266265255256257222299306315278275280
333279405397345299357341331299369287
Non-mem-berde-pos-its*
292541353328282428312630
252528272440282426292528
242322273177
140189120181170110
107535979
10942493636315043
6480
143188155166184197155173142132
OtherFed-eralRe-
serveac-
counts(*)
352359363
r ggg375374376
•-385••390
394398
••393
' 393394
••399r 400
395391389
••386393392386375
381••379
383r 383
381371369365362
•356357354
351347350352348345
'•344345352357356355
346346348355353346346347348356354360
r Revised.* See footnotes on p. 72.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE BANK CREDIT 91No. 6.—RESERVE BANK CREDIT AND RELATED ITEMS, CALL DATES, 1917-33
[In millions of dollars]
Call date i
Reserve bank credit outstanding
1917—Dec. 31 (Mon.)_
1918—June 29 (Sat.). .Dec. 31 (Tues.)-
1919—June 30 (Mon.)Dec. 31 (Wed.).
1920—June 30 (Wed.)Dec. 29 (Wed.).
1921—Apr. 28 (Thurs.)June 30 (Thurs.)Dec. 31 (Sat.)._
1922—Mar. 10 (Sat.)--June 30 (Fri.) _.Dec. 29 (Fri.)—
1923—Apr. 3 (Tues.)._June 30 (Sat.) __Sept. 14 (Fri.)._Dec. 31 (Mon.)_
1924—Mar. 31 (Mon.)June 30 (Mon.).Oct . l0(Fri . )~-Dec. 31 (Wed.).
1925—Apr.6 (Mon.)..June 30 (Tues.)Sept. 28 (Mon.)Dec. 31 (Thurs.)
1926—Apr. 12 (Mon.) .June 30 (Wed.).Dec. 31 (Fri.)_._
1927—Mar. 23 (Wed.).June 30 (Thurs.)Oct. 10 ( M O D . ) .Dec. 31 (Sat.)..
1928—Feb. 28 (Tues.).June 30 (Sat.)..Oct. 3 (Wed.)..Dec. 31 (Mon.).
1929—Mar. 27 (Wed.)June 29 (Sat.)_.Oct. 4 (Fri.)—_Dec. 31 (Tues.)
1930—Mar. 27 (Thurs.)June 30 (Mon.).Sept. 24 (Wed.).Dec. 31 (Wed.).
1931—Mar. 25 (Wed.).June 30 (Tues.) .Sept. 29 (Tues.)Dec. 31 (Thurs.)
1932—June 30 (Thurs.)Sept. 30 (Fri.)..Dec. 31 (Sat.). .
1933—June 30 (Fri .) . .Oct. 25 (Wed.).Dec. 30 (Sat.) __
655
9001,760
1,8002,215
2,4682,737
2,0621,7511,144
613461609723837864723518334226314402480608635525515637457443446581481095
02403789863220527216725116514932563844033223516411598
273
205292
316574
384247
1054014591161271265206181355228371803873052542593742622493812312112583923462173104892088229739227912819836483106423339673333487
133
128
255239
292300
339288
268260234466555426245102111134263431589540360353332375363385315342370503617401235231228170216134511529591602729599668750817
1,7841, 8541,8551,9982,4002.437
82
186186
97196
155136
31454271483515871271831466148564475154548235929631939643627658548382724291020345919142210520
1,138
1,5462,474
2,5053,285
3,3463,408
2, 4662,0961,5651,1771,1911,389
1,2841,2031,2271,239
1,027833
1,0411,302
1,115,143,243,459
,165,194,381
,055,083,236,653
,247,586,631
,429,400.414.,582
1,0511,018
9911,373
858943
1,5321,853
2,3102,2332,145
2,2202, 5262,688
3.155
3,1633,160
3,1132,994
2,8652,926
3.1563,2753,660
3,7323,7853,932
3,9704,0504,1194,244
4,3644,4884,5034,499
4,3344, 3604,3814,3994,4524,4474,492
4,6004,5874,5734,3794,3624,1094,1254,141
4,1744,3244,3744,284
4,4244,5354,5064,593
4,6894,9564,7574,461
3,9184,1914,513
4,3184,3234, 323
1,8811,795
1,698
1,6871,710
1,7131,7501,842
1,8381,8621,957
1,9841,9761,9992,0092,0152,0192,0182,025
2,0151,9971,9851,977
1,9841,9861,9911,9942,0032,0032.0062,0072,0062, 0102,0122,0122,0192,0102,022
2,0222,0252,0262,027
2,0272,0222,0232,035
2,0572,1542,204
2,2862,2772,303
4,373
4,4825,238
4,8775,378
5,4685,612
5,0504,9114,690
4,4884,4634,824
4,7384,8234,9065,044
4,8994,8494,8955,047
4,8364,8114,9215,104
4,9004,8855,0954,8224,8514,9545,0034,6954,7974,8074,973
4,6674,7464,8394,865
4,4904,5224,4354,890
4,5474,8225, 2245,6475, 6955,6525,675
5,7215,6085,8C6
1,448
1,5651,635
1,7581,890
1,8211,743
1,6571,6041,753
1,7191,8201,919
1,8911,8521,8701,898
1,8851,9442,1142,220
2,0952,1722,1452,212
2,1252,2292,194
2,3002,2492,3022,487
2, 3552,3252,3502,3892,3322,3562,3012,3552,3452,3892,4162,4712,3572,3812,3291,9611,9822,2252,5092,2922,6932, "729
326
331340
413415
259243
276254331230253232308242267251329262269262233228244219270212217205242223223231224239224225240240245236237256229262271262276222315280299302287
10
115113
122101
7225
342827373028212921232223253934272829232065233431262229322728282830254025282476134110423643166167132
64
97103
147193
278357
318297278274273275279283281274270262259258265263269273281282293298296302300311327
363374389394400391391375384371364354344351354346357360
i Dates for which calls were issued for reports of condition of national banks by the Comptroller of theCurrency and for State member banks of the Federal Reserve System by the Federal Reserve Board. Forperiod December 1917 to December 1920, inclusive, figures are for June and December calls only. Com-mencing with 1921, the figures are for all calls. Data for other calls in earlier years are not available.
*See footnotes on p. 72.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
92 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
RESERVE BANK CREDITNo. 7.—RESERVE BANK CREDIT, ANNUAL AVERAGES, 1915-33
[Averages of daily figures. In thousands of dollars]
Year
19151916191719181919.19201921192219231924 . . . .192519261927192819291930193119321933
Reservebankcredit
outstand-ing
i 60,149i 163,350
523,1201, 723,1682, 625,4063, 390, 4222,198, 2381, 226, 3341, 204, 752
996, 4671,195, 3971, 257,8591,175, 0351, 505, 0851,459, 2641, 086,8701, 273, 6712, 076, 7742,428,829
Bills and securities held by Federal Reserve banks
Total
60,149163,350439, 977
1, 556,1622, 484,0213, 232,1542,152, 2841,185,1651,147, 964
948, 5251,138, 5421, 206, 3791,124. 5381,467, 3711,414,1261, 056, 8951, 251,0582, 062, 4462,421, 566
Bills dis-counted
24,37124,140
193, 7831,134, 4861, 905, 6972, 523, 0731, 797, 226
571, 220735, 608372,121480, 609568,166442, 287839, 942950, 580271, 727326, 217520, 637283, 229
Billsbought
10,43065, 508
150,094287,147323,939385, 42091,150
159,102226,767172,437287, 482281,104263, 258327, 806241,399213, 201245, 260
70, 90282, 882
U.S. Gov-ernmentsecurities
7,93147,16189, 207
134,177254, 384323, 661263,864454, 777185,504402, 271358, 760349, 599417, 480297, 499207,659563, 672669, 013
1, 461, 2582,052,160
Othersecuri-
ties
17,41726, 5416,893
3521
44"6685
1, 2102,4733,3961,5132,124
13,4208,295
10, 0589,6493, 295
Foreignloans
on gold
4869,2184,114
1,068
510
Duefrom
foreignbanks
5362,765
793692699701644671674
8,643603732804
5,3214,6873,689
Reservebankfloat
2 83,1432 166,4702138,6202 157, 475
45, 2(5240, 47056, 08747, 29856,18450,80641,85437,11144,40629,17117,292
9, 6413, 574
1 Exclusive of Reserve bank float for which figures are not available.2 Includes Government overdrafts.
No. 8.—RESERVE BANK CREDIT, BY MONTHS, 1925-33[Monthly averages of daily figures. In thousands of dollars]
Month TotalBills dis-counted
Billsbought
U.S.Govern-mentsecuri-
ties
Other se-curities
Foreignloans on
gold
Duefrom
foreignbanks
Reservebankfloat
1925—JanuaryFebruary. _.MarchAprilMayJuneJulyAugustSeptember,OctoberNovember..December..
1926—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember.OctoberNovember..December..
1927—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember.December..
1,125,4161,094, 0471,121,9511,109,6581, 099,9731,118,3441,118,2391,142, 7061, 226, 6361, 320, 5821, 351, 6931, 506, 515
1,27:1, 218, 4031, 216, 0421, 203, 6531,199, 8381,185, 4681, 221, 4211, 202, 6391, 277, 7871, 321, 5681,318,0271, 445, 340
1,185, 7781, 043, 0821, 055,1631, 087,1411, 041, 3971, 081, 2751,114, 7881, 093, 4861,187, 2271, 254, 4351,377,1281, 567, 814
267, 003340, 253389,611402, 766397, 352437,177480,105545,196594, 080618,770597,158687, 766
519,917525,678556,541537, 003511,490472. 871549,107555, 241639, 508663, 296614, 501668, 453
480, 622392,996424, 543447, 286472, 984428, 563453, 997409, 439422,192424, 413415, 216528, 624
329, 258313,419298,177287, 322279, 054263, 497231,122205, 401225, 728298, 211351, 751368,659
323, 874304,816267,833234, 409232, 219243, 233229, 923245,117264, 813295, 249348, 365384, 603
343, 448304,071252, 722248,429233, 224205, 273189, 774173,122215, 928281, 903335, 908377, 712
463, 722383,790375, 566354,984361,261344, 969337, 667329,091335, 425327, 685331,962359, 242
367, 789334,816335, 742370, 754398, 201407,896379, 618353,192315, 530306,189302, 434321, 540
310, 486306, 606344,922341, 081291, 495397, 754381,081438,511500,637506,177579, 238605,841
2, 5392,9732,6521,6431,8672,2502,0442,0582, 4142,7033,3783,191
3,1433,1853,6534,8864,1033,4533,1173,3733,7003,0422, 5252,579
3,5502,2502,0642,0611,8011,5331,300758587698646942
i 8, 22410, 50010, 50010, 50010, 50010, 50010, 50010, 4697,9547,3785,2608, 367
6,8527,1318,2018, 6877,7587,4073,521
641642720639640730636645735639652738
642709696645707676681702659677650650
657658658659660
8,62745, 37036,1907,141
628564566
54,02942, 47044, 72551, 80249, 29959,22156,16549, 84660, 30065,19661, 58278, 552
56, 59142, 06843, 37647, 26945, 36049, 93255, 45444, 92453, 57753,11549, 55267, 515
47, 01536., 50130, 25447,, 62541, 23339,52543, 26635,46640,74440, 61645, 55654,129
1 Foreign loans on gold ou t s tand ing from Dec.M a y 10, 1929, J u n e 22 to J u n e 27, 1931, and Aug
2, 1924, to Aug . 2, 1926, M a r . 7 to M a r . 18, 1929, Ap r . 11 to29 to Oct. 8, 1931.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESEKVE BANK CREDIT 93
No. 8.—RESERVE BANK CREDIT, BY MONTHS, 1925-33—Continued
[Monthly averages of daily figures. In thousands of dollars]
Month Total Bills dis-counted
Billsbought
U.S.Govern-
mentsecuri-
ties
Other se-curities
Foreignloans on
gold
Duefrom
foreignbanks
Reservebankfloat
1928—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember-OctoberNovember-December..
1929—JanuaryFebruary. _.MarchAprilMayJuneJulyAugustSeptember-OctoberNovember..December..
1930—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember-OctoberNovember..December..
1931—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember-December..
1932—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember-OctoberNovember-December. .
1933—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember _.OctoberNovember-December..
1,387,5911,263,8141,295, 2461,405,1351,471,5591,531,1031, 530,9931,485,1961, 581, 4211,621,3271,652,8411,824,0701, 613,0931, 501, 5651,480,9311, 377, 2821,303,4111,316,8011,379,7961,376, 0861,426,8901,449, 6201,631, 3971, 643,0731,356,7211,181, 3301, 094, 6341,072,438995,534999, 628
1,003, 327998, 473
1,015,9031,019, 7501.033, 4011, 273,1451,129, 438936,391920, 631952, 286925,914944,969954,174
1,106,9061, 313,1032, 087,7712.034, 5421, 950,1331,864,1211, 784, 7341,651, 5901, 693, 5371,959,4672, 262,0952,421,9292,352, 6152, 282, 4562,231,3932, 211, 4032,191, 7002,109, 7482, 224,2843, 237,3132, 514,8582, 285, 7842, 208,0222,211,4512, 238, 5732, 358,4062,492,4402, 573,978" 1,361
465, 275470,680513,233660,927835,502
1,018,7351,089, 5791,060,8111, 064,302975, 204897,309
1,013,003859, 223889, 207968, 565
1,004, 440956, 274978,009
1,095, 6231,043, 467969.000884, 501952, 640803, 352500, 780377,644273, 517231,172246,890251, 237226,041213, 987188, 700196,388220, 769337, 557252,886215, 757176, 431154,658162, 765187,806169,036222, 270280,153613, 012695,081774,471
827,998847, 619714,142605,054486,470494,992522,888450, 771386, 918327, 537313,048282,188255, 274306, 547998, 768428, 506338,932249,872169, 624158, 923137, 647119,495114.001116,868
372, 538359,883342, 790358,026348, 600243,540185, 018177,951226,033367.595470, 638482, 704472, 543384, 662265,430155, 686144,89999, 48974,815124,441229, 395337,121296, 212319,997313,839285,152245, 562266,141181,725141,173153.896152,898196, 630185, 470184, 212256.596205,841102, 076123, 293172.897143, 759120, 740
134, 549259, 257691, 723560, 341340,157220,824150,817105,35852,17441, 01349,99059, 77137, 06633,63933,51834,39433, 76032,108101, 516378, 576230,44385,90112, 47515,9827,5227,0766,73915,088100,820
511,852405, 551414,681351,105256,686231,907212.978209,610240,429236,914238,335262, 776228, 528184, 241196, 746165, 311152, 870179, 370147,473154, 513164, 579154,462315, 289446,066484,8184S0,121539,513529,899528, 636571,175
598. 649597,030601, 582599,065643, 880647, 348603, 373603, 940600, 280598, 559609, 537673,593712, 254736,190733,054726, 612776, 954
759, 252742,816809,087
1,014,0321,412, 6111, 697,1211,818,4651,850, 2161,847, 7771,851,3061,850,7721,853,5091, 806,4101,804,0341,875, 2081,837,4231,846, 3831,933,4282, 015, 6422, 063, 8392, 201, 6272, 355,1482,436,9572, 432, 290
657535821990
1,000790490764
3,1774,4334.1607,5979,6089,4748,4107, 0737,44611,42710,55813, 64415, 59420,38721, 44013,08313, 21312,81710,3839,1018,4135,5877,341
7,2826,4006,3114,6173,133
431,0095,4448,7335,95410,87222,83631, 57430, 37033,58127,1856,7274,8315,0945,5215,8926,0255,2835,3845,4115,4144,6884,2015,5445,5665,4203, 6432,1151,8521,8121,6441,5701,555
2,9285,8543,979
2,133
9821,7831,230
566566568570571573572574574645729727730729723723726729728724740764740722722721722712710708705703701
1,720705804708703703
1,4803,25318, 78010,0338,7828,792•8,7688,638
7,8456,3394,8213,6462,7392,7082,6602,7322,7972,8603,2313,5123,6123,6763,6773,8003,9063,8923,7883,9513,7733,442
36,70326,59923,15333,51729,20035,55842,35635,48646,90636, 53641,67057, 26342,46133, 25238,12938,19537, 21747,77750, 59939, 29747, 58252, 38545,07659,85343, 34924, 87524,93735,32329,16029, 74832, 45523, 88825, 56028,19022, 33929,691
19,52214, 48216, 26423, 71119,12417,82920,66312,11714,81517,13412,14219,413
13,8287,6978,431
11,1079,458
10,82512,1745,8296,179
10,9164,981
13,969
8,0374,474
2 24,3959,2445,4714,8044,1822,5456,4565,4632,589
14,386
2 Excess of deferred availability items over uncollected items.Back figures—See Annual Report for 1928 (table 1).Digitized for FRASER
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94 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
N o . 9 . — D E P O S I T S , R E S E R V E S , N O T E CIRCULATION, AND R E S E R V E P E R C E N T -AGES OF F E D E R A L R E S E R V E B A N K S , BY M O N T H S , J A N U A R Y 1 9 3 2 - A P R I L 1933
[Monthly averages of daily figures. In thousands of dollars]
Month
1932JanuaryFebruaryMarchAprilMayJuneJuly- .AugustSeptember..OctoberNovember. _December.. .
1933JanuaryFebruaryMarchApril 2
Deposits
Total
2,130,1482,014,3971,975, 2632,102, 0192, 250,3022,165,8972,094,3432,153,8562, 266, 7832,381,2972, 449,8922,508,584
2, 602, 2162,406, 2642,103, 5452, 281, 210
Memberbank
reserve
1,979,0971,907,4771,898,9651,996, 0092,137,6492. 061,9152, 002, 5872, 073, 2202,181,1292,307,4062, 378, 4542,434,553
2,515, 9082,291, 0431,914, 0462,085, 635
U.S.Gov-ern-ment
37,69533, 97939, 21442, 75636,14639, 04745, 47240, 32151, 02835,88630,96730,845
26, 72936, 57755, 68639, 927
Foreignbankand
govern-ment
8,6398,6007,8456,3394,8223,6472,7392,7082,6602,7322,7972,860
33, 22751, 21030, 44317,183
Other
104, 71764,34129, 23956, 91571,68561, 28843, 54537, 60731,96635, 27337, 67440, 326
26, 35227, 434
103, 370138, 465
Cash reserves
Total
3,179,6863,154,9103,190,8283, 230, 4443,118, 2532, 799, 2252, 793,1972, 908, 5333, 034, 3783,145,1823, 217, 7103, 282,905
3, 417,1323, 359, 6103,150,1943, 550,165
Excess
1,373,2401,384,3341, 457, 2921, 471, 6211, 305,786
989,101915,124
1, 015, 7651,123,1541, 218, 7881, 277, 2881,308, 863
1, 420,4931, 349, 940
797, 0131,337, 567
Federalreservenote cir-culation
2, 652, 2352,663, 8442, 605, 4842, 557, 7892, 562,1522, 630,1512,862,6332,847, 2962, 794, 6242, 732, 3502, 707, 4002, 740,096
2, 714, 6582, 918,6944, 042, 3513, 535,436
Re-serveper-cent-age l
66.567.469.769.364.858.456.358.260.061.562.462.5
64.363.151. a61.0
1 Ratio of cash reserves to deposit and Federal Reserve note liabilities combined.2 Act of May 12, 1933, made all coins and currencies of the United States legal tender and eligible for use
as reserve against deposits. Since that date, therefore, cash reserves include coins and currency not pre-viously eligible for such use. For comparative purposes figures are shown in table 10 on the current basisretroactively to the beginning of 1932.
Back figures—See Annual Reports for 1932 (table 8) and 1928 (table 2).
No. 10.—DEPOSITS, TOTAL GOLD RESERVES AND OTHER CASH, NOTE CIRCULA-TION, AND CASH RATIO OF FEDERAL RESERVE BANKS, BY MONTHS, 1932-33
[Monthly averages of daily figures. In thousands of dollars]
Month
1932JanuaryFebruaryMarchAprilMayJuneJulyAugust.September. _.OctoberNovember. _.December
1933January.FebruaryMarchApril...MayJuneJuly.August..September-..OctoberNovemberDecember
Deposits
Total
2,130,1482,014,3971, 975, 2632,102, 0192, 250, 3022,165,8972, 094,3432,153,8562, 266, 7832, 381, 2972, 449, 8922, 508, 584
2, 602, 2162, 406, 2642,103,5452, 281, 2102, 346,1102, 456, 5882, 519,8242, 606, 2142, 712, 9622,811,9492, 855, 0462,829, 975
Memberbank
reserve
1,979,0971,907,4771,898,9651, 996, 0092,137,6492,061, 9152, 002, 5872, 073, 2202,181,1292, 307, 4062, 378, 4542, 434, 553
2, 515,9082, 291, 0431,914,0462,085, 6352,124, 8132, 210, 9702, 268,1252, 374, 6062,488,9032,589,6882, 629,1442, 615, 798
U.S.Gov-ern-
ment
37, 69533, 97939, 21442, 75636,14639, 04745,47240, 32151, 02835, 88630, 96730, 845
26, 72936, 57755, 68639, 92748, 32081,33073, 02845, 45555, 51359, 63267, 65570, 677
Foreignbankandgov-ern-
ment
8,6398,6007,8456,3394,8223,6472,7392,7082,6602,7322,7972,860
33,22751, 21030,44317,18321, 74815, 34616, 55123, 31622, 23415,4848,4056,828
Other
104, 71764,34129, 23956,91571, 68561,28843,54537, 60731,96635, 27337, 67440, 326
26,35227,434
103, 370138, 465151, 229148, 942162,120162, 837146, 312147,145149,842136, 672
Gold reserves andother cash *
Total
3, 251,0033, 227, 2923, 263, 9633, 303,4813,188,9442, 868, 0222,863, 2442, 979, 7103,110, 6703, 221,1243, 291, 2783, 354, 736
3, 500,8693,433, 5233, 238, 8213, 653, 3293, 770,1983, 813, 6763, 810, 3453,817,8163, 813, 0133,810, 2163, 794, 3303, 771, 973
Excess
1,444,5571,456, 7161,530,4271, 544, 6581, 376,4771,057,898
985,1711, 086, 9421,199, 4461, 294, 7301, 350,8561, 380, 694
1, 504, 2301, 423, 853
885, 6401, 440, 7311, 627,0301,702,8121, 703, 6931, 705, 9371, 663,1301, 627,9891, 599, 4661, 552,841
Federalreservenote cir-culation
2, 652, 2352, 663,8442, 605, 4842, 557, 7892, 562,1522, 630,1512,862,6332, 847, 2962, 794, 6242, 732, 3502, 707, 4002, 740, 096
2, 714, 6582, 918, 6944, 042, 3513, 535,4363,305, 0733,127, 6463, 061, 7852, 999, 2603, 000,8662,995,1122, 988,9953, 071,601
Cashratio3
68.069. 071.270.9-66. 359. 8-57.859. 6-61. 563.063,863.9-
65.864.552. 762.866. 768.368.3"68.166.765.664. &63. &
* Other cash does not include Federal reserve notes or a bank's own Federal reserve bank notes.2 Ratio of total gold reserves and other cash to deposit and Federal reserve note liabilities combined.Digitized for FRASER
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BESEBVE BANK CREDIT 95H o . 1 1 . — B I L L S D I S C O U N T E D FOR M E M B E R B A N K S 1—HOLDINGS OF E A C H
F E D E R A L R E S E R V E B A N K , BY M O N T H S
[Monthly averages of daily figures. In millions of dollars]
Month
Federal Reserve Bank
Bos-ton
NewYork
Phila-del-phia
Cleve-land
Rich-mond
At-lanta
Chi-cago
St.Louis
Min-ne-
apolis
Kan-sas
CityDallas
SanFran-cisco
1933JanuaryFebruaryMarchAprilMayJuneJulyAugust _SeptemberOctoberNovemberDecember
12.312.123.517.915.211.78.16.65.34.15.36.3
57.768.2
479.9114.578.861.951.446.042.641.141.746.9
47.053.9
130.555.846.139.633.831.529.026.324.925.6
24.537.891.959.468.139.110.711.811.910.29.8
10.3
16.218.240.322.318.815.813.812.911.08.46.85.4
17.519.236.725.620.411.08.36.77.06.06.56.9
16.126.262.418.416.115.111.910.07.35.96.25.9
7.95.7
10.94.43.32.92.42.73.11.81.51.5
10.210.413.19.87.96.14.64.13.63.23.02.3
11.714.725.220.613.510.97.34.64.23.73.42.0
4.44.16.26.66.24.63.84.34.12.11.1
29.836.178.173.244.831.313.517.88.56.63.82.9
1 Including small amounts of bills discounted for intermediate credit banks, etc.; see tables 13 and 22.
Back figures—Set Annual Reports for 1932 (table 9), 1931 (table 80), 1928 (table 72), and 1927 (table 55).
No. 12.—RESERVE BALANCES OF MEMBER BANKS IN EACH DISTRICT, BY MONTHS
[Monthly averages of daily figures. In millions of dollars]
Month
1933January.FebruaryMarchAprilMayJuneJulyAugustSeptember...OctoberNovember...December
Federal Reserve District
Boston
147.2155.8126.9123.7126.6153.3160.2153.6158.6171.5184.3166.4
NewYork
1,230.3979.5808.2985.1
1,001. 0988.4926.5972.1
1,024. 71,023.9
994.7957.7
Phila-del-phia
127.0127.5106.6111.9114.1118.9125.7123.3126.0128.3122.2125.8
Cleve-land
141.5135.6123.8128.9132.4137.6147.3148.1143.2145.2151.9171.4
Rich-mond
52.862.555.558.263.267.973.571.069.471.978.084.2
At-lanta
44.244.840.542.546.951.154.355.153.955.857.760.1
Chi-cago
420.6403.2263.4264.1265.6302.2350.3411.8468.3520.4533.8509.1
St.Louis
59.159.363.363.764.566.073.073.173.975.584.493.3
Min-ne-
apolis
38.342.140.339.040.043.450.751.550.450.853.455.8
Kan-sas
City
67.078.780.575.674.481.899.5
103.2105.3105.7110.1114.5
Dallas
46.452.466.750.750.051.755.957.358.876.384.398.4
SanFran-cisco
141.7149.7138.4142.3146.3148.6151.4154.6156.2164.5174.3179.0
Back figures.—See Annual Reports for 1932 (table 10), 1931 (table 100), and 1927 (table 89).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
96 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 13.—BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE, BY MONTHS
[Holdings of Federal Reserve banks at end of month. In thousands of dollars]
1933
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
MaineNew Hamp-
shireVermontMassachusetts-Rhode Island. _Connecticut—
New YorkNew JerseyPennsylvania.-
OhioIndianaIllinoisMichigan .Wisconsin
MinnesotaIowaMissouriNorth Dakota.South Dakota..NebraskaKansas
DelawareMarylandDistrict of Co-
lumbiaVirginiaWest Virginia. _North Carolina.South Carolina.GeorgiaFlorida
KentuckyTennesseeAlabamaMississippi
ArkansasLouisianaOklahomaTexas
MontanaIdahoWyomingColoradoNew MexicoArizonaUtah .NevadaWashingtonOregonCalifornia
3,208
1,5311,9014,294
1522,793
2, 935
1,0761,7616,938300
3,344
585 164, 940504
902 111, 823
37,25,80443,"""
21,9553,8644,7915,2642,927
2,9324,4253,2031,5623,6673,7602,365
4462,763
4715,9254,1682,2531,5003,688
841
8026,1133,8641,074
8505,4851,5823,690
1,131581878
3,03862676
78583
4,406
U, 134
62, 50610, 5745,04917, 2383,945
3,8483, 7534,8011,5203,4513,4602,295
4535,966
8,4587,2354,0463,5991,7664,297
4,4245,6395,209940
7236,3462,7424,721
1,006535859
3,21753977690117
2 4, 0181,295
47, 628
3,436
1,5731,918
11, 063535
3,324
76, 25243,18264, 625
47,9106,9484,r~6,1292,537
3,2682,6425,0051,2793,3843,0553,191
5313,949
1,9238,0424,2116,4412,2844,411748
1,8465,8248,9001,247
7605, 8546,9994,829
1,264522
1,0333,037336354754186
4,9811,17368,153
2,712
1,554
9 489570
2,406
86, 36537, 82250,150
72,0985,8183,0076,4882,095
3,3782,0644,0681,1112,9632,1282,942
5624,275
1,6757,1494,4272,7021,7283,363663
1,5316,1999,2351,065
4904,7283,6027/
917490933
2,92962172574179
3,59997
61,417
2,625
1,7461,7057,792875
2,040
45,07329,92042,081
48,1374,7451,9347,9451,489
2,1631,2185,482686
2,4311,5962,143
6043,566
1,5205,8543,7322,6401,2782,992614
1,5875, 7096,9581,098
4751,1062,4804,727
748400780
2,36538454512179
3,001664
32,121
2,564
1,4031,4152,949
838
36,19819, 94831, 447
6,7173, T""1,4637,9181,302
1,358769
2,917498
1,7681,1301,213
1,405
1,4114,3163,4501,9621,0762,310457
7552,498948847
1501,1341,3273,008
483131336
1,76629240530
3,042
887782
1,990335821
32, 04822, 71331, 664
4,6722,f"1,1436,6641,169
1,174612362373
1,6091,020779
4501,567
1,4014,4333, 7001,915828
2,16:496
1,0794,47i
83'640
402556
1,4604,420
409116346
1,38324858552
2,383
496384
2,292325
1,124
31,19719, 24530, 413
5,8211,435961
6,023991
512305346
1,553872
2571,399
1,3974,3493,8781,404157
2,160538
1,7261,911904711
679545
1,1813,901
325141434
1,04720971570
1,708
529146
1,18750
1,753
30, 34617,95426,991
6,4161,269731
4,851472
1,006379429244
1,359982625
2451,344
2,792666
2,272
2,526569
13,332
2,410386
11, 526
3,7333, 0981,106
521,859531
1,3402,091592
162530847
2,782
31380507
1,02729963
631
1,977381
2,137
1,683
285140
1,128
838
26, 79719,16923, 583
6,900678414
4,969481
716155464229
1,3841,376631
4281,123
1002, 7852,73585837
1,422511
9422,197449792
131625192
1,100
23356427
1,109264574862;521329
3,601
1,001
341122
3,356200
2,077
29, 25020,18624, 005
5,774335365
6,297562
744309554229
1,291843
4521,576
832
50062
2,323
1,303
26, 77217, 75523, 420
4, 091317280
3,728273
377153666180810704387
3381,117
2,1512,2445246
1,772957
7893,624302
339138
1,130
166232585101884522650342299
1,558
1,4581, 581387
1, 320351
6501, 376165802
101247120
1839
1223
1352841405041216264865
1 Figures given include borrowings of $310,000 by Federal intermediate credit banks.2 Figures include borrowings of $35,000 by Federal intermediate credit banks.Back figures.—See Annual Reports for 1932 (table 11) and 1931 (table 110).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE BANK CREDIT 97N o . 1 4 . — P R I N C I P A L ASSETS AND L I A B I L I T I E S OF F E D E R A L R E S E R V E B A N K S ,
BY W E E K S
fin millions of dollars]
Date
Bills and securities
Bills bought U.S. Governmentsecurities
Deposits
1933
Jan. 4Jan. 11Jan. 18Jan. 25
Feb. 1Feb. 8Feb. 15Feb. 22
Mar. 1Mar. 8Mar. 15Mar. 22Mar. 29
Apr. 5Apr. 12Apr. 19Apr. 26
May 3May 10May 17May 24May 31
June 7June 14Juue 21June 28
July 5July 12July 19July 26
Aug. 2Aug. 9Aug. 16Aug. 23Aug. 30
Sept. 6Sept. 13Sept. 20Sept. 27
Oct. 4Oct. 11Oct. 18Oct. 25
Nov. 1Nov. 8Nov. 15Nov. 22Nov. 29
Dec. 6Dec. 13Dec. 20Dec. 27
2,1402, 0982,0632,064
2,0672,0712,1312, 346
2,9373,7183,5412,9022,713
2,5702,5182,4652,405
2,3872,2942,2502,2222,216
2,2052,2002,1882,177
2,2022,1902,1922,200
2,2122,2142,2342,2532,291
2,3202, 3452,3772,416
2,4412,4722,4962,523
2,5442,5512,5602,5652,576
2,6102,6682,6622,655
251248249265
269253286327
7121,4141,233680559
441428414
400338330312302
277254222191
182168163161
164156166150153
145133130133
123119113115
117112111112119
116118115111
33323231
313131180
384417403352310
286247208177
144113784320
11109
7777
77152024
61116113111
33323231
313131175
373407376343310
286247208177
144113784320
1110
777
7777
7777
77152024
61113111109
1,8511,812
5.2
10.710.027.09.0
14.95.2
2.71.61.5
1,7781,763
1,7641,7841,8091,834
1,8361,8811,8991,8641,838
1,8371,8371,8371,837
1,8371,8371,8371,8621,890
1,9121,9321,9551,975
1,9952,0072,0172,028
2,0382,0482,0592,0942,129
2,1662,2032,2382,274
2,3092,3442,3752,400
2,4202,4302,4322,4312,432
I2.431 !2.432 I2,4322,432
1,8511,8121,7781,763
1,7641,7841,8091,834
1,806., 846,854,862,836
,836.,836,836
1,8361,8361,8371,8621,890
1,9121,9321,9551,975
1,9952,0072,0172,028
2,0372,0472,0572,0922,129
2,1652,2022,2382,273
2,3092,3442,3752,400
2,4182,4302,4302,4302,430
2,4302,4302,4302,430
30.035.544.61.81.9
.9
.8
.7
.7
.71.0
1.0
1.6
1.51.01.5
1.01.51.51.7
3,4363,5093,5223,547
3,5353,5223,4613,378
3,1342,8573,2253,4973,573
3,5983,6393,6883,725
3,7483,7583,7713,8083,807
3,8123,8263,8203,834
3,8053,8243,8183,818
3,8113,8273,8233,8333,828
3,8103,8293,8223,824
3,8113,8053,8213,829
3,8143,7923,8033,8033,778
3,7793,7883,7623,778
2,5872,6442,6082,587
2,5402,5002,3762,399
2,1571,9512,1242,1552,203
2,1962,2742,3482,345
2,3602,3102,3202,3932,394
2,4332,4812,4872,510
2,4512,5222,5422,574
2,5642,5962,6162,6562,697
2,6732,7452,7672,808
2,7802,7852,8392,888
2,8842,8292,8732,8682,796
2,8152,8922,8122,829
2,5142,5742,5452,513
2,4382,4,192,2362,271
2,0381,8001,9641,9181, 987
1,9762,0962,1592,136
2,0342,0892,1142,1942,167
2,2042,2812,2052,286
2, 2192,2692,2902, 306
2,3192,3762,3712,4322,427
2,4392,5422,5432,596
2,5232,5672,6552,693
2,5912,5782, 6452, 6872,573
2,5612,6382,6362,675
73706374
10281140128
119151160237216
220178189209
326221208199
229200282224
253252268
220245224
234203224212
257218184195
293251228181223
254254176154
2,7382, 6872,6972,706
2,7302,7732,8913,000
3, 5804,2154,2933,9163,748
3,6443,5473,4773,424
3,395?, 350?,3003,2213, 203
3,1643,1183,0903,061
3,1153,0673,0383,004
3,0052,9992,9962, 9852,974
3,0112,9892,9872,973
3,0082,9942,961
2,9672,9832,9732,9703,030
3,0433,0383,0923,081
1 Includes "other securities."
Back figures.—Se& Annual Reports for 1932 (table 12), 1931 (table 9), 1930 (table 8), 1929 (table 7), etc.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 15.—FEDERAL RESERVE BANKS—-HOLDINGS OF BILLS DISCOUNTED, BY WEEKS, BY DISTRICTS
[In thousands of dollars]00
Date
1933Jan. 4Jan, 11Jan.18Jan.25
Feb.1Feb. 8Feb. 15Feb. 21
Mar. 1Mar. 8Mar. 15Mar. 22Mar. 29
Apr. 5Apr. 12Apr. 19Apr. 26
May 3May 10May 17May 24May 31
June 7June 14June 21June 28
July 5July 12July 19July 26
Total
251,102248,151248, 668264, 698
252, 640286, 373327,138
712, 3911, 413,9361, 233, 237
680, 111559, 002
441, 065428,456414, 270385,001
400,102338, 241330, 225312,165301,974
276,665253, 762222, 056190,981
181,803167,866163,129161,363
Federal Reserve District
Boston
11,99612, 49912, 21911,977
11, 92811,38211,69412, 423
15, 73118, 67734, 07022, 03720, 386
19, 02117,86217, 50716, 739
15, 99314, 81814, 51915,33816,152
12,99011,30110, 2709,901
8,8378,2107,8317,529
NewYork
58, 67458, 56256, 34858, 681
57, 57254, 04258,18763, 696
280, 617772, 762615,143254, 262180, 205
115, 615121, 583110, 40387, 967
91, 32678, 94978, 05269, 75268, 330
63,70558,77159,60158,155
54, 75653,82348,56349,179
Philadel-phia
47,38046, 61646, 79847, 615
45,12346,14149, 23655, 582
126, 996142,928156,354123, 260101, 664
62, 69555, 58053,16850,347
47, 45946,11845, 54845, 22844, 054
41, 63340,18637, 51836, 785
34, 41333, 58033,32133,326
Cleve-land
22,04122, 31424, 70626, 779
25, 45426, 98343, 03046, 041
79, 636119,151114,08760, 03362, 323
53, 68553, 90853, 24764,166
79,10673, 05667, 04461, 53955, 025
53,81547,30924, 06520, 706
11, 54310,65111, 0449,949
Rich-mond
16,13515, 72415, 77115, 778
16, 24915, 99617, 49418, 452
41, 70855, 63047, 01227, 70324, 958
23, 59921, 04921,41720,860
20,17518,93218, 46017,98418,360
17,32315, 05014, 76914, 214
13, 54013, 73013,94013, 539
Atlanta
16,28116,92817, 71817, 518
19, 69217, 72818, 70318, 65725, 08340, 66552, 06132, 67226, 077
26, 34225, 67325, 27124, 600
22,14221,69921, 26217, 93818, 24712,1989,5478,7657,624
8,2938,1638,6168,116
Chicago
16,01515, 95714, 91515,892
18,11817. 75618, 82538, 099
43, 676113, 51762, 22037, 74223, 004
18, 82218, 86018, 05717, 203
16, 78215, 97315,81615, 59215,177
15, 73015, 66415,28913, 691
12,44712,45012, 05510, 608
St. Louis
7,6488,3349,0237,512
6,7645,5555, 5205,575
6,99115, 30312,9826, 6215,820
5,1054,3144,3333, 872
3, 6933,2632,9532,8504,955
2,5832,7193,0192,578
2, 5952,2842,1082,062
Minne-apolis
9,54010,31410,36410,562
10, 29810, 25310,17410,409
10, 73214, 83514,18111, 51310, 707
10, 0449,8139,5449,413
8,2647,7707,4427,072
6,4936,1335,8195,338
4,9144,7674,4994,438
KansasCity
11,19511,32711,43811,572
12, 72314, 43815, 06114,97816, 45130, 88330, 85220, 22121,428
21. 82021,89521,18616,488
15,17413, 70213,11912, 46012, 546
12,09211,14910,1719,537
8,7158, 2507,5704,900
Dallas
4,8314,5044,1924,062
4,1193,9264,0244,166
5,4216,0267,2536,2035,822
5,6745,4886,9318,018
7, 5546,1906,2535,8015,165
4,7104,5084,1864,104
3,2583, 5613,9644,108
San Fran-cisco
29,36625, 07225,17636, 750
40, 65028, 44034, 42539, 060
59,34983, 55987, 02277,84476,608
78, 64372, 43173,20665,328
72, 20937, 27739,42940, 24136,891
33,39331, 42528, 5848,348
18,4928,3979,61813, 609
n
H
WO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Aug. 2__.Aug. 9__.Aug. 16..Aug. 23..Aug. 30..
Sept. 6__,Sept. 13..Sept. 20.Sept. 27..
Oct. 4...Oct. 11..Oct. 18..Oct. 25..
Nov.Nov.NovNov.Nov, 29.
Dec. 6—Dec. 13-Dec. 20..Dec. 27..
163, 542156, 268165,891150,145153, 220
144, 793133, 233130,161133, 233
122,984119,307112, 754114, 593
116,507112. 261111,437112,152119, 041
115 561118,184115,188110, 552
7,0616,7975,9836,3367,014
5,2334,5945,2405,871
4,2224,2463,7113,874
3,9794,9074,8165,7176,503
5,3826,5957,5406,858
47,87145, 64947,57142,85646, 066
43,76440,99740, 24141,935
40,84839,78739,68841,716
39,57140,19441,19241,99145, 208
43,10945,01046,65049,101
32, 72431, 54631,14830, 49530, 643
28,86828,839
, 28,24628,995
26,45726,87525,56425,941
24, 76224,14124,81625,49525,922
24,96925, 53026, 27225, 724
10, 93511,01611,90212, 49711, 778
12, 51212,12011,43910, 772
10, 27810,1769,8339,764
10,14310,4529,9199,1979,596
10,46010,9548,9647,627
13, 75713,59312,44012,44512,627
11,72511,35110, 04110,266
8,9308,7538,0647,633
7,2776,7746,8196,7406,485
5,3655,5555,1314,490
8,6875,6516,2186,4466,422
7,2547,2916,8606,688
6,0975,7065,9916,077
6,1916,2115,7796,2397,679
8,1677,4196,0744,834
10, 72410,8059,7668,3988,464
8,1307,0656,8106,413
6,2475,8065,8065,702
5,8195,4345,8476, 2807,098
6,5596,2536, 2004,178
2,5932,1432,6232,6873,185
2,8983,0413,5412,590
1,8391,9641,8781,862
1,5771,5461,4271,2851,391
1,3391,3941,4501,510
4,2654,2024,0593,9473,909
3,8033,5893,5723,451
3,3493,1503,1503,006
2,9563,0323,0672,9812,886
2,7732,2702,0772,034
4,8764,7894,3434,2334,333
4,2584,1984,3214,004
3,7783,5043,5863,710
3,8814,0024,0942,6792,510
2,2222,1071,8931,559
4,7444,4214,0214,2524,235
4,6824,1914,2343,614
2,7862,4511,8271,570
1,2481,1001,028881
1,260
1,000983909768
15,30515, 65625,81715,55314, 544
11, 6665,9575,6168,634
8,1536,8893,6563,738
9,1034,4682,6332,6672,503
4,2164,1142,0281,869
Back figures.—See Annual Report for 1932 (table 13), 1931 (table 83), 1930 (table 78), 1929 (table 72), etc.i
w
8
CO£5
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1 0 0 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 16.— FEDERAL RESERVE BANKS—ASSETS AND LIABILITIES IN DETAIL,DEC. 31, 1933 *
[Amounts in the column to the right are those shown in the Board's weekly statement, their componentsbeing shown in the column to the left. In thousands of dollars]
ASSETSGold with Federal Reserve agents . 2,625,053Gold redemption fund with U.S. Treasury 44, 739
Gold held exclusively against Federal Reserve notes 2, 669,792Gold settlement fund with Federal Reserve Board 618,205Gold and gold certificates held by banks:
Gold coin 144,699Gold bullion and foreign goid coin 34,367Gold certificates 101,913
Total gold and gold certificates held by banks 280,979
Total gold reserves 3,568,976Other cash:2
Legal-tender notes 58,197Silver certificates 89,487Standard silver dollars 4,070National and Federal Reserve bank notes 50,004Subsidiary silver, nickels, and cents 22,876
Total other cash 224,634
Total gold reserves and other cash 3,793,610
Redemption fund—Federal Reserve bank notes 13,082
Bills discounted:Secured by U.S. Government obligations:
Discounted for member banks . 27,229Discounted for nonmember banksDiscounted for others 62
Total secured by U.S. Government obligations 27,291Other bills discounted:
For member banks 69,644For intermediate credit banks 310For nonmember banks 3For others 342
Total other bills discounted . . . 70,299
Total bills discounted 97,590Bills bought in open market:
Payable in dollars:Bought outright 108,108Bought under resale agreement. 19,284
Payable in foreign currencies *. 6,033
Total bills bought in open market 133,425U.S. Government securities bought under resale agreement:
Liberty bonds 1,600Treasury bonds 522.Treasury notes 98Certificates of indebtedness 25Treasury bills ---
Total U.S. Government securities bought under resale agreement 2,245U. S. Government securities bought outright:
Liberty bonds 383,460Bonds issued since 1921 57,110Other U.S. Government bonds 644
Total bonds 441,214Treasury notes 1,053,202Certificates of indebtedness 425,060Treasury bills 515,769
Total U.S. Government securities bought outright 2,435. 245Total U.S. Government securities 2,437,490
Other securities:Municipal warrants 1,493
Total bills and securities 2,660,998
Due from foreign banks 3,333Federal Reserve notes of other Reserve banks . . . 18,460
1 Before closing of books at end of year.2"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.Back figures.—See Annual Report for 1932 (table 14), 1931 (tables 10), 1930 (table 9), 1929 (table 8), etc.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE BANK CREDIT 1 0 1
N o . 1 6 . — F E D E R A L R E S E R V E B A N K S — A S S E T S AND L I A B I L I T I E S IN D E T A I L ,D E C . 31, 1933—Continued
ASSETS—continuedUncollected items:
Transit items 403,643Exchanges for clearing house 21,988Other cash items. 19,973
Total uncollected items _. 445,604Bank premises __ 54,807All other assets:
Claims account closed or suspended banks __ 16,247Premium on securities 12,854Interest accrued 10,552Deferred charges 560Suspense account and miscellaneous assets 4,814
Total all other assets _ 45,027
Total assets _ _ 7,043,921
LIABILITIES
Federal Reserve notes outstanding (issued to Federal Reserve bank) 3,349,805Held by banks and branches 260,136
Forwarded for redemption 10,126
Federal Reserve notes in actual circulation 3,079,543
Federal Reserve bank notes outstanding (issued to Federal Reserve bank) 233,725
Held by banks and branches and forwarded for redemption 24,728
Federal Reserve bank notes in actual circulation 208,997
Deposits:Members—reserve account 2,728,605Government 2,837Foreign banks 4,233Special deposits:
Member banks __ 46,691Nonmember banks _ 9,961
Other deposits:Nonmember clearing account 39,004Officers' checks 11,039Federal Reserve transfer and exchange drafts 278Allother._._ - 21,065
Total other deposits - . . _ — - 71,386
Total deposits _ 2,863,713
Deferred availability items:Government transit items __ 16,830All other transit items 414,053
Total deferred availability items 430,883Capital paid in. 144,693Surplus 278,599All other liabilities:
Earnings:Gross earnings 49,487Current expenses 29,222
Current net earnings 20,265Add—profit and loss 1,684Deduct:
Furniture and equipment. 286Dividends accrued since closing of books 8,875
Net earnings available for depreciation allowances, reserves, and surplus 12,788
Reserves for self insurance 6,895Reserves for losses account failed or suspended batiks 5,164Miscellaneous reserves. 59Accrued dividends unpaid 823Unearned discount - 238Accrued taxes unpaid 520Discount on securities 296Suspense account and miscellaneous liabilities 10,710
Total all other liabilities 24,705Total liabilities 7,043,921
Contingent liability on bills purchased for foreign correspondents 3,810
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 17.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL) AT THE END OF EACH MONTH
[In thousands of dollars]
ASSETS
Gold with Federal Reserve agentsGold redemption fund with U.S. Treasury.
Gold held exclusively against Fed-eral Reserve notes __ „
Gold settlement fund with Federal Re-serve Board
Gold and gold certificates held by banks..-
Total gold reservesOther cash 1
Total gold reserves and other cash___Redemption fund—Federal Reserve bank
notes
Bills discounted:For member banksFor intermediate credit banksFor nonmember banks, etc
Total bills discounted -
Bills bought:Payable in dollars:
Bought outrightUnder resale agreement
Payable in foreign currencies
Total bills bought
U.S. Government securities:Bought outright-Under resale agreement
Total U.S. Government securities __.
1932
Dec. 31
2,351,67540,441
2,392,116
340,343418,212
3,150, 671267,556
3,418, 227
233,834349749
234,932
3,634
29,489
33,123
1,851,0314,111
1,855,142
1933
Jan. 31
2,406,94737,148
2,444,095
429,819382,077
3,255,991280,387
3, 536, 378
273,582
864
274,446
2,303
29,036
31,339
1,763,292
1,763,292
Feb. 28
2,225,06874,233
2,299,301
379, 251273,198
2,951,750242,508
3,194, 258
581,60535
794
582,434
294,59212,42928,997
336,018
1,836,37730,000
1,866,377
Mar. 31
2,577,82581,199
2, 659,024
230,002361,375
3, 250,401318, 522
3, 568,923
1,100
445,094
1,440
446,534
277,9742,021
24, 788
304,783
1,836,4161,925
1,838,341
Apr. 30
2, 648,69262,115
2, 710,807
349,972355, 628
3, 416,407310, 694
3, 727,101
3,318
433,064
1,946
435,010
163,527
7,181
170, 708
1,836,488800
1,837, 288
M a y 31
2,813,63944,353
2, 857, 992
409,834252,072
3, 519,898286, 770
3, 806, 668
6,242
300,843
1,131
301,974
12,881
6,981
19,862
1,889, 278300
1,889,578
June 30
2, 784,20144,068
2,828,269
504,551210, 366
3, 543,186270,153
3,813,339
7,392
162, 707
977
163,684
1,08939,8377,089
48,015
1,997, 652
1,997,652
July 31
2, 759, 57238, 761
2, 798,333
506, 224243, 265
3, 547, 822245,171
3, 792, 993
7,993
166,305
860
167,165
1,719
6,821
8,540
2,027,221500
2,027, 721
Aug. 31
2,757,67635,633
2, 793,309
553,784240,971
3,588, 064231, 659
3, 819, 723
8,024
152,157
719
152,876
695
6,199
6,894
2,128, 286800
2,129, 086
Sept. 30
2, 695,42735,773
2, 731,200
608,948250, 736
3, 590,884213, 962
3,804,846
10,045
127,350
612
127,962
853
6,068
6,921
2,276, 76874
2,276,842
Oct. 31
2, 635,85637,369
2, 673, 225
670,739247, 081
3, 591,045225, 876
3,816,921
11,699
115,002
553
115,555
965
5,686
6,651
2,419,4981,600
2,421,098
Nov. 30
2, 618, 25440,888
2, 659,142
673,403240, 693
3, 573, 238204,583
3, 777,821
11,990
118, 590
451
119,041
18,025
5,841
23,866
2,430,1371,500
2,431,637
Dec. 31
2,625,05344, 739
2, 669, 792
618, 205280, 979
3, 568, 976224, 634
3, 793, 610
13,082
96,873310407
97, 590
108,10819,2846,033
133,425
2,435, 2452,245
2,437,490
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Other Reserve bank credit:Municipal warrantsDue from foreign banks-Reserve bank float2
5 Total Reserve bank credit outstand-01 ingw1 Gold held abroad2 Federal Reserve notes of other ReserveI banks
Uncollected items not included in float1 Bank premises
0 0 All other assets
Total assets
LIABILITIES
Federal Reserve notes:Held by other Federal Reserve banks. _Outside Federal Reserve banks—
Total F.R. notes in circulation *Federal Reserve bank notes in circulation«
Deposits:Member bank—reserve account.Government-.Foreign bankSpecial deposits:
Member bankNonmember bank _.
Other depositsTotal deposits
Deferred availability itemsCapital paid inSurplus _ _ _All other liabilities
Total liabilities
Contingent liability on bills purchased forforeign correspondents
4,8182,976
13,885
2,144,876
72,638
17,819368,30956,00037,119
6,114,988
17,8192,720,789
2,738,608
2,509,4908,262
19,446
23, 687
2,560,885
368,309151,292278, 59917,295
6,114,988
40,170
3,4213,505
834
2,076,837
12,899303,49953,88049,351
6,032,844
12,8992,712,522
2, 725,421
2,445, 66244,38140,003
23, 791
2,553,837
303,499151,086278,59920,402
6,032,844
40,914
4,5523,5151,598
2,794,494
10,889357,05653,96253,709
6,464,368
10,8893,406,430
3,417,319
2,140,92414,91940,125
40,213
2, 236,181
357,056150,309278,59924,904
6,464,368
29,984
5,4923,618
3 6,230
2, 592, 538
29,005312,69054,03751,351
6,609, 644
29,0053,666,718
3, 695, 72314,567
1,949,10741,12616,384
65,48916,13344, 724
2,132,963
312,690149,595278,59925,507
6,609, 644
45,305
5,7263,6566,738
2,459,126
20,850295,37254,18546,103
6,606,055
20,8503,407,061
3,427,91147,808
2,132,38959,19729,928
81,90916,69959,640
2,379, 762
295,372150,171278,59926,432
6, 606,055
43,060
4,8233,815
3 2,035
2,218,017
15,143318,082
54,25548,020
6,466,427
15,1433,187,959
3,203,10296,280
2,166, 72172,3287,848
83,63718,05945,180
2,393,773
318,082150,271278,59926,320
6,466,427
35, 731
2,6773,7293,830
2,219,587
15,549369,84154,31350, 645
6,530,666
15,5493,077,862
3,093,411123,851
2,292,36035,48115, 523
75,88918,81456,193
2,494,260
369,841146,763278,59923,941
6,530,666
35,854
1,8474,029
14
2,209,316
20,104303,93054,37052,801
6,441,507
20,1042,992,381
3,012,485127,357
2,293,87566, 02319, 023
80,66120,96663,707
2,544,255
303,930146,100278,59928,781
6,441,507
37,120
1,8543,7102,855
2,297, 275
16,389358,99554,45552,179
6, 607,040
16,3892,971,988
2,988,377131, 500
2,409,12869,00537,376
76,88318,17864,399
2, 674,969
358,995146,148278, 59928,452
6, 607,040
40,176
1,8373,7693,311
2,420, 642
18,139371,68754,55454,891
6,734,804
18,1392,983,623
3,001, 762154,876
2,537,61956,17913,504
73,15115,45152,398
2, 748, 302
371,687145,834278, 599
33, 744
6, 734,804
41,462
1,5593,7323 447
2,548,148
17,880389,998
54, 64149,856
6, 889,143
17,8802,947,715
2,965,595188,022
2,684,88726,88016,186
68,22114,08674,900
2,885,160
389,998145,504278,59936, 265
6,889,143
31, 294
1,5803,5231,602
2, 581,249
15,434373, 73054, 73250,442
6,865,398
15,4343,014,895
3,030,329205,394
2,572,94281, 5195,324
55,00614,33167,352
2, 796,474
373,730145,194278, 59935, 678
6,865,398
2,893
1,4933,333
14, 745
2, 688,076
18,460430,88351,88444,693
7,040,688
18,4603,061,083
3,079,543208,997
2,729,4422,8374,233
46,6919,961
71,386
2,864, 550
430,883144,693277,68034,342
7,040, 688
3,810
1 " Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.2 Uncollected items in excess of deferred availability items.3 Deferred availability items in excess of uncollected items.* Differs from figures given in table 48, by the amount of Federal Reserve notes held by (a) other Federal Reserve banks and (b) the U.S. Treasury.5 Differs from figures given in table 49, by the amount of Federal Reserve bank notes held by (a) other Federal Reserve banks and (b) the U.S. Treasury.
Back figures.—See Annual Reports for 1932 (table 15), 1931 (table 11), 1930 (table 10), 1929 (table 9), 1928 and 1927 (table 7), etc.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 18.—CONDITION OF EACH FEDERAL RESERVE BANK AT END OF 1932 AND 1933
[In thousands of dollars]
ASSETS
Gold with Federal Reserve agentsGold redemption fund with U.S. Treasury
Gold held exclusively against Federal Reserve notes.Gold settlement fund with Federal Reserve BoardGold and gold certificates held by banks
Total gold reserves . .Other cash !
Total gold reserves and other cashRedemption fund—Federal Reserve bank notes _ .
Bills discounted:Secured by U S Government obligationsOther bills discounted -
Total bills discounted .Bills bought in open market
U.S. Government securities:Bonds - -Treasury notesCertificates and bills
Total U.S. Government securities .Other securities
Total bills and securities -Gold held abroadDue from foreign banksFederal Reserve notes of other Reserve banks.Uncollected itemsBank premises _All other assets
Total assets _ _ _ _ _ .
Total
1932
2,351,67540,441
2, 392,116340,343418, 212
3,150,671267, 556
3, 418, 227
61,000173, 932
234,93233,123
421,862299, 703
1,133, 577
1,855,1424,818
2,128, 01572, 6382,976
17,819382,19456,00037,119
6,114,988
1933
2,625,05344, 739
2, 669, 792618, 205280,979
3, 568, 976224, 634
3, 793, 61013,082
27,29170, 299
97, 590133,425
443, 3361,053, 300
940,854
2, 437,4901,493
2, 669,998
3,33318,460
445,62851,88444, 693
7,040,688
Boston
1932
181,0272,123
183,15014,42613,808
211, 38421,487
232,871
3,0868,727
11,8132,248
20, 33416, 52759,807
96, 668
110, 729
237439
44, 7023,280
945
393,203
1933
192, 6721,977
194, 64919,24022,092
235, 98118,044
254, 0251,250
2,7152,145
4,86028, 671
24, 39070, 95562, 326
157, 671
191, 202
256466
50, 4723,224
395
501,290
New York
1932
616,6306,155
622, 785103,793289, 510
1, 016, 08873, 543
1,089, 631
25, 33228, 269
53,6019,780
187, 266118,675427,413
733, 3542,907
799, 64272,638
1,0656,091
118,17014, 39318,389
% 120, 019
1933
573, 70610, 707
584, 413164, 759189, 230
938, 40250,104
988, 5062,871
14, 51226,179
40, 69122, 258
170,047361, 239305,469
836,755903
900, 607
1,2283,726
126, 52111,06625,103
2, 059, 628
Philadelphia
1932
152, D005,497
157, 49720, 2837,391
185,17125,127
210, 298
11,14936,451
47, 6003,054
31,17123,40484, 694
139, 2691,000
190,923
322965
30, 3592,9891,339
437,195
1933
170, 5004,188
174, 68810,92711,905
197, 52031, 051
228, 5711,300
5,28620, 077
25, 3637,858
28,06874,04265, 010
167,120510
200,851
3671,066
36, 8963,8414,577
477,469
Cleveland
1932
192,9705,833
198,80331,18018,919
248, 90217, 227
266,129
7,08712, 989
20,0762,978
36, 69233,900
111, 090
181, 682
204, 736
3011,216
30,9567,5091,299
512,146
1933
217, 7705,216
222, 98662, 5305,058
290,57415, 643
306,2171,356
2,0084,868
6,87612,186
32,16196, 28784, 577
213,025
232,087
3301,026
39, 6606,7851,910
589, 371
Richmond
1932
73,0001,857
74,85711,0693,393
89, 31911,909
101, 228
2,25613, 953
16,2091,867
9,6488,116
29, 368
47,132
65,208
1191,195
28, 2603,2373,054
202, 301
1933
142,4751,886
144, 36125,957
1,088
171,40612,076
183,482267
4564,077
4,5333,926
11,86035,51031,193
78, 563
87,022
1301,312
34,2753,1282,553
312,169
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LIABILITIES
Federal Reserve notes in actual circulationFederal Reserve bank notes in actual circulationDeposits:
Member bank—Reserve accountGovernment.. _Foreign bank. _Special deposits:
Member bankNonmember bank
Other deposits
Total deposits . __ _- __ _Deferred availability itemsCapital paid in __ _ __ _SurplusAll other liabilities „_
Total liabilities
Ratio of total gold reserves and other cash * to deposit andFederal Reserve note liabilities combined
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:Issued to Federal Reserve bank by Federal Reserve
agent. __ __ _ __ ___Held by Federal Reserve bank . . .
In actual circulation
Collateral held by agent as security for notes issued tobank:
Gold . __ __Eligible paperU.S. Government securities
FEDERAL RESERVE BANK NOTE STATEMENT
Federal Reserve bank notes:Issued to Federal Reserve bank (outstanding)Held by Federal Reserve bank
In actual circulation __
Collateral pledged against outstanding notes:Discounted and purchased bills. _U.S. Government securities
2, 738,608
2, 509,4908,262
19,446
23, 687
2, 560, 885368,309151, 292278, 599
17,295
6,114,988
64.5
2,987,015248,407
2, 738,608
2, 351,675219,888427,800
3, 079, 543208,997
2, 729,4422,8374,233
46, 6919 961
71,386
2, 864, 550430, 883144, 693277, 680
34, 342
7, 040, 688
63.8
3, 349, 805270, 262
3, 079, 543
2, 625,053188, 440600, 500
233, 72524, 728
208, 997
2,021256, 774
195,960
119,420668
1,592
38
121, 71843, 75410,85620,460
455
393,203
73.3
214,44018,480
195,960
181, 02711,79021,900
234, 30519,976
165,945102304
502
1,935
168,78846, 34510,56419,840
1,472
501, 290
63.0
255, 56521, 260
234,305
192, 67232,17332,000
22, 6532,677
19,976
30, 000
587, 566
1,256,9511,9515,331
7,634
1, 271,867114,49958,61985,058
2,410
2,120,019
58.6
671, 06983, 503
587, 566
616, 63050, 8625,000
651, 08654, 008
1,036, 524742
1,460
3,8021,314
34, 313
1, 078,155119,762
58, 28087, 74610, 591
2,059, 628
57.2
726,12675,040
651,086
573, 70647, 653
130,000
63, 6059,597
54,008
64, 274
238,125_.
121, 686647
2,157
85
124, 57528, 85316, 04529, 242
355
437,195
58.0
251,38913, 264
238,125
152,00047,46352,000
236,12820, 390
129, 22583
437
6,9301,920
662
139, 25735,04415,91727,973
2,760
477,469
60.9
249,18113,053
236,128
170,50018, 93060,000
25,8725,482
20, 390
26, 500
285, 386
146, 5591,2152,115
3,062
152,95129, 75814,10128, 294
1,656
512,146
60.7
296,43311,047
285,386
192,97020,02985, 000
290, 59025, 091
182,299198412
4,989157
4,138
192,19338, 33512,40428, 236
2,522
589, 371
63.4
304, 44813,858
290, 590
217, 77016, 80380, 000
26, 9951,904
25, 091
1,65630, 000
101, 501
51,951244838
2,045
55,07827,188
5,15011,616
1,768
202,301
64.6
107, 2925,791
101, 501
73, 00016, 87318,000
157, 5414,523
96, 255338163
1,976693
1,016
100,44132,430
5,03510,979
1,220
312,169
71.1
170, 04012, 499
157, 541
142, 4756,917
22, 0C0
4,56744
4,523
5,000
" Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.O
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 18.—CONDITION OF EACH FEDEKAL RESERVE BANK AT END OF 1932 AND 1933—Continued
[In thousands of dollars]
ASSETS
Gold with Federal Reserve agentsGold redemption fund with U.S. Treasury
Gold held exclusively against Federal Reservenotes
Gold settlement fund with Federal Reserve BoardGold and gold certificates held by banks
Total gold reservesOther cash i
Total gold reserves and other cash .Redemption fund—Federal Reserve bank notes
Bills discounted: ,Secured by U.S. Government obligations _ \Other bills discounted
Total bills discountedBills bought in open market
U.S. Government securities:BondsTreasury notes _ _ _Certificates and bills
Total U.S. Government securitiesOther securities _•-
Total bills and securities
Due from foreign banks _Federal Reserve notes of other banksUncollpcted ifavmsBank premises _ _All other assets _ _ _
Total assets
Atlanta
1932
62,0002,878
64,8788,1859,104
82,16710,078
92,245
1,06313,886
14,9493,439
10,2818,111
29,012
47,404500
66,292
1101,239
11,1992,4224,164
177, 671
1933
90,8803,157
94,03722,087
2,093
118, 21711,875
130,0921,014
2303,954
4,1844,279
11,30532,29528,298
71,898
80,361
1171,640
14,0122,3723,775
233,383
Chicago
1932
699,8703,392
703, 26292, 71727, 749
823, 72847,090
870,818
3,81311,156
14,9693,964
40,77534,301
187,134
262, 210
281,143
4192,674
43, 2147,5951,454
1, 207, 317
1933
710,9876,841
717,828160,423
2,719
880, 97033, 316
914, 2861,879
9113,142
4,05314, 091
76,950177,161183,232
437, 343
455, 487
4554.238
54, 5107,3751,549
1, 439, 779
St. Louis
1932
73, 2551,513
74,76813, 9632,566
91,29713,737
105,034
3,9812,357
6,338973
13,94011,30640,910
66,156
73,467
171,312
15, 9173,2851,082
200,114
1933
124, 6821,304
125,98637,020
247
163,25311,084
174, 337494
797618
1,4154,693
14,49341,90136,806
93, 200
99, 308
141.157
18, 7323,111
413
297, 566
Minneapolis
1932
41,5402,214
43, 7547,7972,340
53, 8917,249
61,140
3529,252
9,604612
17,3978,110
29, 343
54,850411
65, 477
11717
10,8171,7461,723
141, 631
1933
76, 2541,612
77,86619, 518
550
97, 9348,322
106, 256593
501,822
1,8723,189
16,31526, 29223,061
65, 66880
70,809
9658
10, 6411,6571,474
192,097
Kansas City
1932
61,4802,101
63, 58113, 8769,601
87,0589,986
97, 044
46511,047
11, 512855
11,7749,846
35, 632
57, 252
69,619
86772
18, 3363,559
818
190,234
1933
102, 2901,170
103, 46032, 25510, 985
146, 7009,397
156,097524
391,382
1,4214,566
14,10936, 91032,422
83,441
89,428
971.147
23; 7673,4851,151
275, 696
Dallas
1932
20,6401,256
21,8967,2444,247
33, 38712,088
45, 475
5724,630
5,202826
17, 3146,150
22, 257
45, 721
51, 749
83318
12, 5131,7411,226
113,105
1933
41,074865
41,93932,877
3,741
78, 5576,797
85, 354708
164719
8839,248
18, 52825, 52622,421
66, 475
76, 606
97494
15, 7231,750
914
181, 646
San Francisco
1932
177,2635,622
182, 88515,81029, 584
228, 27918,035
246,314
1,84421, 215
23,0592, 527
25, 27021, 25776,917
123,444
149,030
206881
17, 7514,2441,626
420,052
1933
181, 7635,816
187, 57930, 61231, 271
249, 46216, 925
266,387826
1231,316
1,43918,460
25,11075,18266, 039
166, 331
186, 230
2331, 530
20,4194,090
879
480, 594
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LIABILITIES
Federal Reserve notes in actual circulation..-Federal Reserve bank notes in actual circulationDeposits:
Member bank—Reserve accountGovernmentForeign bank_Special deposits:
Member bank _NoTTmfimbpr bank
Other deposits
Total deposits _ .Deferred availability itemsCapital paid in... __ ___ _SurplusAll other liabilities
Total liabilitiesRatio of total gold reserves and other cash l to deposit
and Federal Reserve note liabilities combinedFEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to Federal Reserve bank by Federal ReserveagentHeld by Federal Reserve bank
In actual circulation __Collateral held by agent as security for notes issued to
bank:GoldEligible paperU.S. Government securities
FEDERAL RESERVE BANK NOTE STATEMENT
Federal Reserve bank notes:Issued to Federal Reserve bank (outstanding)Held by Federal Reserve bank.__
In actual circulation
Collateral pledged against outstanding notes:Discounted and purchased billsU.S. Government securities
97,139
49, 760159775
1,056
51, 75010, 7474,679
10, 5442,812
177, 671
62.0
115, 32418,185
97,139
62,00015, 78139,000
125,1755,121
65,442112146
1,948264
4,170
72,08213,3324,450
10, 4172,806
233, 383
66.0
144, 27219,097
125,175
90, 8806,570
48,000
5,654533
5,121
2317 000
692,150
409, 3601 7822,806
2,080
416, 02840, 89816,15739,4972,587
1, 207, 317
78.6
733 78841, 638
692,150
699 87014, 68122, 000
784, 75928,737
494, 81376
541
17,1603
1,080
513, 67355, 68912, 79040,429
3,702
1,439, 779
70.4
832,19247,433
784, 759
710,98715,176
110, 000
30,4991,762
28, 737
36, 000
103, 930
62,027394733
1,201
64, 35516, 3734,360
10,186910
200,114
62.4
111, 8707,940
103,930
73,2556,201
32, 500
144, 3078,067
97, 260100141
3,1794 7104,468
109,85820,4763,9449,8491,065
297, 566
68.6
150 0925,785
144, 307
124 6825,724
22, 000
8,234167
8,067
1349,000
80, 967
37, 760468461
348
39,03710, 7382,8857,019
985
141, 631
50.9
82,8531,886
80,967
41, 5407,525
34,900
92,8967,718
62, 0139196
1,013277
2,805
66, 29511,1282,8766,9294,255
192, 097
66.7
97, 7844,888
92, 896
76,2544,234
19, 500
8,048330
7,718
10, 000
90,490
68, 490268607
159
69, 52416,6314,0528,2631,274
190, 234
60.6
98, 6118,121
90,490
61,48010, 63929,000
106,8149,615
118, 73167
121
2,22627
1,757
122, 92923, 5554,0777,744
962
275, 696
67.9
115, 3598,545
106,814
102, 2905,409
12, 000
9,824209
9,615
10,000
38, 783
46, 779125586
658
48,14812, 5003,9108,7191,045
113,105
52.3
43,9085,125
38, 783
20, 6404,920
18, 500
42,88811,344
95, 93760
121
333
1,466
97, 91716, 4143,7198,0431,321
181, 646
60.6
48,8835,995
42,888
41,0749,766
12, 7981,454
11, 344
14,000
226, 611
138, 747341
1,445
5,321
145,85416,37010,47819, 701
1,038
420,052
66.1
260,03833,427
226,611
177, 26313,12470, 000
213,05414,407
184,998868291
2,633596
13, 576
202, 96218, 37310, 63719,4951,666
480, 594
64.0
255,86342,809
213, 054
181, 76319,08565,000
14,976569
14,407
15, 000
i "Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.Back figures.—See Annual Reports for 1932 (table 16), 1931 (table 12), etc.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
108 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 19.—NUMBER l OF MEMBER BANKS DISCOUNTING PAPER AT FEDERALRESERVE BANKS, BY MONTHS, 1914-33
Month
JanuaryFebruaryMarchApril
Mav_ _-. _JuneJulyAugust...
SeptemberOctober.-November,December..
Year.
Month
JanuaryFebruary-_MarchApril
MayJuneJulyAugust
SeptemberOctober .NovemberDecember.- .
Year
1914
132339
1924
3,6633, 4653, 5163,744-
3,7953,7063,4323,052
2,7862,6632,5732,783
6,060
1915
398469570606
693813760711
761794835754
1,920
1925
2,5542,4152,7313,016
3,2093,2893,2072,979
2,7292,7962,8763,021
5,183
1916
614451535606
655678642483
448383336314
1,788
1926
2,8382,6593,0453,155
3,2823,4583,1903,016
2,8792,8562,8713,024
5,343
1917
309262315384
590900960990
9531,1401, 5741,701
3,127
1927
2,8252,5662,7172,707
2,8582,8342,6692,511
2,3612,3772,3502,345
4,869
1918
1,4321,3531,5682,100
2,7933,0213,4623,671
3, 4643, 6103,6673,288
5,493
1928
2,2562,1042, 4052,522
2,7422,9572,9272,797
2,5622,6632,6392,801
4,718
1919
3,3163,0913,5753,875
4,0354,0473,6853,460
3,7223,8393, 6493, 656
5, 993
1929
2,6912, 5972,8603,185
3,3913,4143, 3013,012
2,8222,9173,2463,080
5,113
1920
3,4613,3383,6704,175
4,6424,9484,8584,780
4,7584,9525,2755,551
6,941
1930
3,0492,7302,7072,753
2,9512,8492,7292,466
2,1942,4002,4762,839
4,991
1921
5, 2935,1075,3205,568
5,6325, 7455, 6075, 453
5,4275,5725, 6225,676
7,415
1931
2,7212, 3752,3692,185
2,3342,4672, 3442,304
2,5253,2883,2103,375
5,260
1922
5, 3504, 8474,7014,738
4, 6364.4364,1674,042
3,9443,7933,8593,873
6,956
1932
3,6403,4883,4003,391
3, 3653,4993,5603,334
3,1222,9282,8842,932
5,017
1923
3, 2942, 9763, 2823, 507
3, 9423, 9994,1103,960
3, 6003, 7523, 7323, 698
6, 333
1933
2, 7362, 7393, 2852, 070
1,9181, 7381, 2901, 305
1, 2051, 0641, 0331, 056
4, 270
1 Figures for each month and year are exclusive of duplications, i.e., each bank is counted only onceno matter how often it borrowed during the month or year.
N o . 20.— N U M B E R OF M E M B E R B A N K S DISCOUNTING P A P E R AT F E D E R A LR E S E R V E B A N K S , BY F E D E R A L R E S E R V E DISTRICTS, 1926-33
District
Boston ._-New YorkPhiladelphiaCleveland _
RichmondAtlantaChicagoSt. Louis_- _
Minneapolis, _Kansas CityDallasSan Francisco
Total
1926
286603558466
430333814330
270453453347
5,343
1927
261602552430
383300746309
275377318316
4,869
1928
265623562421
386315685292
224381296288
4,718
1929
306651594475
384352708338
249417359280
5,113
1930
280oo c:
459
345311656343
234447375270
4,991
1931
294736722457
353301695334
266432375295
5, 260
1932
260717609408
309217662303
333470353376
5,017
1933
246656541383
290241474226
271405267270
4, 270
Back figures.—See Annual Reports for 1928 (table 97), 1922 (table 48), 1919 (table 39), 1916 (p. 93), and1915 (p. 71).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EESERVE BANK CREDIT 109
No. 21.-—NUMBER OF MEMBER BANKS DISCOUNTING PAPER AT FEDERALRESERVE BANKS, BY STATES, 1925-33
State 1925
3739281461441
438235509
28514931116173
99265110525210874
15549
14682786913117
67638826
7735146309
60561172218361
8260138
5,183
1926
3339301351246
429247613
27614132117468
91230108535911295
14541014383757412141
60658831
7428167417
483896714833
7857134
5,343
1927
313628126644
418261596
25113528618271
85190124665210987
16539
12474725910435
52567932
5929100290
4538106010633
7356111
4,869
1928
2937221331143
437264610
24113126716678
80153116613697105
16509
13277784810836
51539233
5530102267
252885112335
674887
4,718
1929
3240431421151
455264673
26214331118385
781311215940102108
13558
13981614911549
726210333
5030113323
45231364186331
806080
5,113
1930
314232128850
459282671
25213028713989
671621234749101120
14468
1257861359635
68679133
6127127346
40271468114312
755181
4 991
1931
3342321341054
526406667
24712230819383
831471173963101117
17519
1269653279431
71738625
5324117345
41291766167324
765298
5,260
1932
282534124851
511294648
213124289167105
1131521034860107120
17489
1217740226223
74545621
4424121324
534325782110327
9468125
5,017
1933
New England:MaineNew HampshireVermontMassachusettsRhode IslandConnecticut
Middle Atlantic:New York.New JerseyPennsylvania _
East North Central:OhioIndianaIllinois - -MichiganWisconsin
West North Central:MinnesotaIowaMissouriNorth DakotaSouth DakotaNebraskaKansas
South Atlantic:DelawareMaryland—District of ColumbiaVirginia —West VirginiaNorth C arolinaSouth Carolina _GeorgiaFlorida -
East South Central:KentuckyTennesseeAlabamaMississippi
West South Central:ArkansasLouisianaOklahomaTexas
Mountain:MontanaIdahoWyoming.ColoradoNew MexicoArizonaUtah_Nevada
Pacific:Washington _Oregon .-California _
Total —
233828
1118
47
466271560
21510718512378
10311286364791
101
16549
1057436208132
65515618
2921
108242
40292266178
194
743999
4,270
Back figures— See Annual Reports for 1930 (table 105), 1922 (table 49), 1919 (table 30), 1918 (table 23),and 1917 (p. 104).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
110 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 22.—BILLS DISCOUNTED BY FEDERAL RESERVE BANKS—HOLDINGS AT THEEND OF EACH MONTH, BY CLASSES
[In thousands of dollars]
End ofmonth
Rediscounted bills
.2.S
s
T3 03
Member bank collateralnotes
I .O.o it!
1933January. __February..March
AprilMayJune
July..AugustSeptember.
OctoberNovember.December.
274,446582,434446, 534
435, 010301, 974163, 684
167,165152,876127,962
115, 555119,04197, 590
95, 641119, 362113,179
102,21878, 72253, 653
48,18440, 27834, 565
28, 56424, 38619, 723
101292102
12859
47
1,5592,0021,400
1,272933162
262709144
147201147
262232197
1507728
172119
14114
8811,7161,273
1,212855570
457426382
359326
71,034323, 777143, 783
118, 23964,81333, 248
40, 20736, 95929, 944
26,50836, 53826,891
89, 914115, 761119,002
115,13182,08550, 493
50,14953,09042, 609
39, 88336, 59531, 246
14, 21718, 53066,157
94, 72573, 26124, 439
26, 96220,65219, 611
19, 45520, 51318,824
7451,386
1,3731,066
930
793669590
534446404
5152524
523813
12
1 Not elsewhere specified. Includes bills discounted for Federal intermediate credit banks as follows:February, $35,000; December, $310,000.
2 Includes notes secured by adjusted-service certificates discounted for nonmember banks as follows:January, $56,000; February, $49,000; March, $54,000; April, $58,000; May, $40,000; June, $23,000; July,$15,000; August, $12,000; September, $9,000; October, $7,000; November, $5,000; December, $3,000.
3 Includes paper secured by United States Government obligations as follows: March, $715,000; April,$690,000; May, $346,000; June, $233,000; July, $205,000; August, $219,000; September, $159,000; October,$151,000; November, $95,000; December, $62,000.
Back figures—See Annual Reports for 1932 (table 20), 1931 (table 14), 1930 (table 13), 1929 (table 12), and1928 (table 11).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BESEBVE BANK CREDIT 111
No. 23.—BILLS DISCOUNTED—HOLDINGS OF EACH FEDERAL RESERVE BANK ONDEC. 31, 1933, BY CLASSES
[In thousands of dollars]
Federal Reservebank
BostonNew YorkPhiladelphia
ClevelandRichmondAtlanta
ChicagoSt. LouisMinneapolis
Kansas CityDallasSan Francisco
Total
classes)
4 86040, 69125 363
6,8764,5334 184
4 0531,4151 872
1 421883
1,439
97, 590
Com-mer-cialandagri-cul-
turalpaper i
7142,3956,201
2,4972,9181,028
1,167
1,145
745641272
19, 723
Rediscounted bills
p.
mand
sight
1
102
13
Secur-ed by
ad-justedserv-ice-
eertif-icates
(3)4
4
Trade
263438
4211
1
4
147
Securedb y
U.S.Gov-ern-
mentobliga-tions
20
31
2611311
2
338
Member banknotes
Securedb y
U.S.Gov-ern-
mentobliga-tions
2,69514,5125,255
1,747417216
90978850
3916499
26, 891
Securedby
othereligible
col-lateral
1,40511,73112,031
672584
1,677
312485624
63263
1,030
31, 246
collateral
Securedby bills
andsecurities
noteligiblefor dis-count or
purchase,sec. (10b)
11,6771,807
1,656574
1,248
1,66213349
558
18,824
Dis-counts
forindi-
viduals,partner-ships,and
corpo-rations*
342
263
9
24
404
1 Not elsewhere specified.2 Includes paper secured by United States Government obligations as follows: Richmond, $26,000;
Atlanta, $3,000; St. Louis, $9,000; San Francisco, $24,000.3 Less than $500,000.
Back figures.—See Annual Reports for 1932 (table 21), 1931 (table 81), 1930 (table 76), 1929 (table 70), 1928(table 73), etc.
No. 34.—BILLS DISCOUNTED—HOLDINGS OP EACH FEDERAL RESERVE BANK ONDEC. 27, 1933, BY MATURITIES
[In thousands of dollars]
Federal Reserva bank
BostonNew York _Philadelphia
ClevelandRichmondAtlanta
Chicago.- _St. LouisMinneapolis . - _.
Kansas CityDallas _ -_.San Francisco
Total
Total
6,85849,10125, 724
7,6274,4904,834
4,1781,5102,034
1,559768
1,869
110, 552
Within15 days
6,39536,63620,942
4 3452,7153,769
2,8171,402
970
780382
1,634
82,787
16 to 30days
1601,2372,001
491760353
443101143
1255544
5,913
Maturity
31 to 60days
1513,6431,785
1,037690455
529
276
1797075
8,890
61 to 90days
1397,585
979
1,635265251
3317
273
1188778
11, 748
91 days to6 months
13
17
114586
50
280
33914230
1,049
Over 6months
52
8
• 92
18328
165
Back figures—See Annual Reports for 1932 (table 22), 1931 (table 82), 1930 (table 77), 1929 (table 71).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
112 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 25.—BILLS BOUGHT BY FEDERAL RESERVE BANKS—HOLDINGS AT THE ENDOF EACH MONTH, BY CLASSES
[In thousands of dollars]
End of month
1933JanuaryFebruaryMarch.April...
MayJuneJulyAugust
September...OctoberNovemberDecember
Total
31,339336,018304,783170,708
19,86248,0158,5406,894
6,9216,65123,866133,425
Bills payable in dollars
Total
2,303307,021279,995163, 527
12,88140,9281, 719695
853965
18,025127,392
Bankers acceptances
Total
2,303307,021279, 699163, 231
12,88140,926
1,719695
853965
18, 025127,392
Based on—
Im-portsinto
United UStates
21831,08833,11420,417
2,3597, 536149
106328
i, 92022, 317
Ex-portsfromnited
States
Goodsstored inUnitedStates(ware-house
credits) orshippedbetweendomestic
points
11657,63355,95834, 778
3,2425,893
37760
63163
2,37422, 269
1,370104, 39787, 05137, 709
1,31910,989
364232
526174
3,82538, 660
Dollarex-
change
Based ongoods
stored inforeign
countriesor
shippedbetweenforeignpoints
4,6724,0212,424
162320
220820
549106,89497, 436
5.7939; 073
829354
158300
4,21839,104
Allother
Tradeaccept-ances
502,3372,1191,897
7,115
Billspay-
able inforeign
cur-rencies
296296
4,222
29,03628,99724,7887,181
6,9817,0896,8216,199
6,0685,6865,8416,033
Back figures—See Annual Reports for 1932 (table 23), 1931 (table 15), 1930 (table 14), 1929 (table 13), 1928(table 12), etc.
No. 26,—ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES—HOLDINGS OFFEDERAL RESERVE BANKS, 1924-33
[In thousands of dollars]
End of month
January.._February.MarchApril
MayJuneJulyAugust-
September.OctoberNovember.December—
1924 1925 1926 1927 1928 1929 1930 1931
1 2, 4692, —
1,267
1,2741,072
9611,149
602687857720
1,270911642914
1,015795
1,1371,213
1,2031,6431,0361,043
1,5061,6231, 7202,189
2,0511,8972,0351,334
1,38812,48913, 39913,947
8,4952, 2831,167837
1,0351,0381,0401,054
1,0581,0641,0651,071
1,07521, 58331, 58735,983
36,11923, 9581,0631,074
1,07310, 55134,371145, 215
48,80433, 50133, 38633,429
1932 1933
33, 44433,47830, 77830, 736
30,83730, 76230, 64530,834
30, 84930, 65930, 65229,489
29,03628,99724, 7887,181
6,9817,0896,8216,199
6,0685,6865,8416, 033
! The first purchase of acceptances payable in foreign currencies was on Sept. 18, 1924.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
KESEEVE BANK CREDIT 113
No. 21.—HOLDINGS OF BILLS DISCOUNTED AND BILLS BOUGHT BY FEDERALRESERVE BANKS, BY MATURITIES, 1932-33
[In thousands of dollars]
Date Total
Maturity
Within15 days
16 to 30days
31 to 60days
61 to 90days
91 daysto 6
monthsOver 6months
Bills discounted:1932—Jan. 27-..
Feb. 24 -Mar. 30..Apr. 27 -
May 25 _.June 29..July 27...Ail?. 31 . .
Sept. 28..Oct. 26—Nov. 30..Dec. 2 8 -
1933—Jan. 25...Feb. 21. .Mar. 29-.Apr. 26_.
May31_.June 28..July 26—Aug. 30..
Sept. 27-Oct. 25- .Nov. 29-.Dec. 27_-
Bills bought:1932—Jan. 27.-
Feb. 24-_Mar. 30.Apr. 27-
May 25-.June 29..July 27-Aug. 31..
Sept. 28.Oct. 2 6 -Nov. 30.Dec. 28—
1933—Jan. 25. .Feb. 2 1 -Mar. 29_Apr. 26-
May 31..June 28..July 26-Aug. 30.
Sept. 27-Oct. 2 5 -Nov. 29-Dec. 27 -
837, 639835,243633, 255531, 824
471, 267469, 828525, 380432, 756
339, 647322, 322308, 973267, 382
264, 698327,138559,002385,001
301, 974190, 981161, 363153, 220
133, 233114,593119, 041110,552
162, 261133, 38266, 36245, 874
38, 37363,51939, 70034,098
33, 60433, 69534,88033, 307
31, 496179, 576310, 235177, 450
19, 8628,1869,6166,900
6,6816,523
23, 866111,083
648,606651, 541486,632
334, 792326,127370, 062304,870
236,003232, 592224, 502187, 581
187, 706239, 487
254, 905
192, 071136, 381116,058118,190
99, 04184,05691, 80482, 787
53,13350,11028, 6028,567
6,05429, 0417,66310, 009
2,2675,85711, 2766,452
4,74664, 81272, 47171, 214
12, 4791,3702,2951,756
1,110285
5, 62316, 518
45,47246,61937,15135,894
32,07431,45838,28133,378
27,99824, 77722, 79520, 288
19, 35221, 80734,44724, 725
24,14816, 67711, 90611,150
9,9698,2689,5845,913
24, 32426, 55410, 97010, 769
10,0922,5457,2419,438
1,6445,6897,8505,742
6, 86430, 31960,16574, 240
5,2391,5521,1002,552
2,118737
4,68714, 816
73, 68572, 38756,83050, 743
50,17251, 54853,99249, 502
41, 26635, 98430, 57229, 013
27, 96731, 69642, 89848, 636
41, 68714, 55515, 59812, 84010, 97915,0618,5078,890
50, 76621,12915, 810
10, 0952,94512,1223,836
1,79211,5757,31910, 385
9,30235, 753145, 90526,022
8422,697411
1,495
565899
4,77546,136
48,66435, 35034,41437, 239
29,46536, 72542, 73333,623
27,17420, 717
19, 503
19, 22523, 61962, 79549,133
36, 41618, 46815, 323
12, 3176,0287,856
11, 748
33, 57035, 56410, 74219, 280
11, 89228, 97512, 67410, 815
27, 87110, 5748,43510, 728
10, 58448,48131, 4815,923
1,3022,5675,8091,097
4,6028,700
33, 440
18, 53615,25813,86416, 312
20,54623,18819,77610,833
6,5577,1429,4159,364
9,0528,6427,6396,855
7,4644,8532,4371,219
8551,0811,0961,049
25238270
24013
30
21121351
81173
2,6764,0884,3643,467
4,218782536550
6491,1101,6011,633
1,3961,8872,317747
474153
7299194165
Back figures.—See Annual Reports for 1931 (table 16), 1930 (table 15), 1929 (table 14), 1928 (table 13), 1927(table 13), 1925 (tables 20 and 25), 1924 (tables 21 and 30), etc.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
114 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 28.—HOLDINGS OF UNITED STATES GOVERNMENT SECURITIES BY FEDERALRESERVE BANKS AT END OF EACH YEAR, 1929-33, BY CLASSES
[In thousands of dollars]
1929 1930 1931 1932 1933
Bonds* TOTAL HOLDINGS2 percent consols of 19302 percent Panamas of 1936-383 percent conversion bonds of 1946-473H percent Liberty loan .434 percent Liberty loan _.334 percent Treasury bonds of 19413^8 percent Treasury bonds of 1940-433% percent Treasury bonds of 1941-433/4-4% percent Treasury bonds of 1943-45..3 ^ percent Treasury bonds of 1943-47.4M percent Treasury bonds of 1947-524 percent Treasury bonds of 1944-54?>% percent Treasury bonds of 1946-5633^ percent Treasury bonds of 1946-493 percent Treasury bonds of 1951-55
Total bonds.
Treasury notesCertificates of indebtednessTreasury bills
Total U.S. Government securities.BOUGHT OUTRIGHT
In System investment account:ZlA percent Liberty loan..434 percent Liberty loan.. J-4M Treasury bonds of 1943-45..
Treasury notes -Certificates of indebtednessTreasury bills -
Total in special investment account.In other accounts:
Bonds:2 percent consols of 19302 percent Panamas of 1936-383 percent conversion bonds of 1946-4733 2 percent Liberty loanAM percent Liberty loan334 percent Treasury bonds of 194133^ percent Treasury bonds of 1940-433 ^ percent Treasury bonds of 1941-433M-4M percent Treasury bonds of 1943-45..?>% percent Treasury bonds of 1943-47434 percent Treasury bonds of 1947-524 percent Treasury bonds of 1944-543% percent Treasury bonds of 1946-56ZYs percent Treasury bonds of 1946-493 percent Treasury bonds of 1951-55
Total bondsTreasury notesCertificates of indebtednessTreasury bills ---
Total in other accounts
Total bought outright.BOUGHT UNDER RESALE AGREEMENT
Bonds:3K percent Liberty loan.434 percent Liberty loan334 percent Treasury bonds of 19413H percent Treasury bonds of 1940-433% percent Treasury bonds of 1941-43Z% percent Treasury bonds of 1943-474 percent Treasury bonds of 1944-543% percent Treasury bonds of 1946-563 percent Treasury bonds of 1951-55
Total bondsTreasury notesCertificates of indebtednessTreasury bills - ---
Total bought under resale agreement
915237
2 1,7961
3 72,253
915237
2 1, 79610,102
3 103,060
0)2 655
84, 5253 213,240
(02 644
25, 027364,188
12 5,009 14, 85413, 245
13, 7765,987
187
516900
3,2027,852
27, 7123,900
8,560717
7,3795,082
10, 2721,837
5,79184
3982,8751,8491,243
0)2 644
26, 625358,434
4G713,772
5, 74925, 634
5, 772530395
2,8821, 876
55676,817 163, 785 360,366 421,862 443,336
215,604161,916
56, 250
226, 473315, 02824,181
33, 038271,199152, 354
299, 703718,964414, 613
1,053,300515, 769425, 0S5
510,587 I 729,467 816,957 1,855,142
33,950
63,365129,935
50, 250
277, 500
915237
2 I, 7961
2 32, 223
12
187
~416
35, 787136,02331,981
6,000
209, 791
487, 291
6,080
100900
7,08016, 216
23,296
28,04880, 025
131,79025, 025
310,591
159, 532223,46324,181
20, 000252, 283
82, 718
282, 334649,200372,458
2,437, 490
25, 025285, 591
25, 0001,004,862
470, 337412, 335
435,224 566,816 1,639,608 2,223,150
915237
2 1, 7969,252
3 60, 244
(02 655
4,5003 68,965
5,009 14,85411,152
3,2027,852
20, 7123,900
8,560717
5,2235,082
10, 272542
113,11948, 58189,140
130, 52211,53817,81647,936
250,840
686, 064
85014, 768
7,000
22, 61818, 3602,425
43,403
207,812
774,628
12,485
2,093
2,156
1,295
18, 0291,5001,100
21, 700
42,329
0)2 644
253,577
13, 7765,787
5,79184
3982,8751,849
550
85,33314,17169,76442,155
211,423
1,851, 031
20
200
693
0)2 644
72,84317
13, 7725, 749
6345, 772
530395
2,8321,876
534
105, 59848, 34045, 40712,750
212, 095
2,435, 245
1, 600
450
50
913 I3,198
4,111
2,1229825
2,245
1 $100. 2 Includes $500, 3 percent loan of 1961.3 Includes 4 percent Liberty bonds as follows: 1928, $1,250; 1929, $1,200; 1930, $1,050; 1931, $1,950.
Back figures.—Bee Annual Reports for 1930 (table 16) and 1925 (table 27).Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EESEEVE BANK CREDIT 115
No. 29.—UNITED STATES GOVERNMENT SECURITIES HELD BY FEDERAL RESERVEBANKS IN SYSTEM INVESTMENT ACCOUNT, UNDER RESALE AGREEMENT, ETC.(AVERAGE BASIS), 1932-33
[In millions of dollars]
Month orperiod
In Sys-tem
invest-ment
ac-count
Average amount held—
Outside System in-vestment account
Underresaleagree-ment
1-dayTreas-
urycertifi-cates
AllotherU.S.Gov-ern-
mentsecuri-
ties
Total
Month orperiod
In Sys-tem
invest-ment
ac-count
Average amount held—
Outside System in-vestment account
Underresale
ment
1-dayTreas-
urycertifi-cates
AllotherU.S.Gov-ern-
mentsecuri-
ties
Total
1932JanFebMar. 1-14...Mar. 15-18 KMar. 19-31..
Apr . . .MayJune 1-28—.June 29 *June 30
July..Aug..Sept.
OctNovDec. 1-14—Dec. 15-18 > _Dec. 19-31..
567567606637658
8421,2431,5121,5601,560
1,6041,6391,640
1,6401,6401,6401,6401,640
24
20
184175174173173
171170178200202
203198204
211211211211211
759743780829835
1,0141,4131,6901,8011,784
1,8181,8501,848
1,8511,8511,8511,8711,851
1933JanFebMar. 1-9-.-Mar. 10-12..Mar 13-14—Mar. 15Mar. 16-31.-
Apr--May_June.
July..Aug..Sept.
OctNovDec. 1-15Dec. 16-17—Dec. 18-31-.
1,5981,5981,6291,6291,6291,6291,629
1,6291,6371,724
1,8021,8551,994
2,1422,2202,2232,2232,223
208206227247247246235
207209209
214208207
213216207207208
1,8061,8041,8611,8881,9221,8991,873
1,8371,8461,933
2,0162,0642,202
2,3552,4372,4312,4352,433
1 Periods of Treasury financing during which 1-day certificates were held. (See table 31.)2 Less than $500,000.Back figures.—See Annual Reports for 1932 (table 27), 1931 (table 18), and 1930 (table 17).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
116 ANNUAL KEPOET OF THE FEDERAL RESERVE BOARD
No. 30.—UNITED STATES GOVERNMENT SECURITIES HELD BY FEDERAL RESERVEI BANKS IN SYSTEM INVESTMENT ACCOUNT, UNDER RESALE AGREEMENT, ETC.L. (WEDNESDAY BASIS)
[In millions of dollars]
Date
1933Jan 4Jan 11Jan 18Jan 25
Feb. 1Feb. 8Feb. 15Feb 22
Mar. 1Mar. 8Mar. 15Mar. 22Mar. 29..-
Apr. 5Apr. 12Apr. 19Apr. 26
May 3May 10May 17May 24May 31
June 7_June 14_Juno 21June 28_
Amount held—
In Sys-tem
invest-ment
ac-count
1,6401,6041,5741,559
1, 5591,5791,6041,629
1,6291,6291,6291,6291,629
1, 6291, 6291, 6291,629
1,6291,6291,6291,6541,682
1,7041,7251,7471, 768
Outside System in-vestment account
Underresaleagree-ment
515
22
1111
11
0)0)(0
0)
1-dayTreas-
urycertifi-cates
9
AllotherU.S.Gov-ern-
mentsecuri-
ties
211208204205
205205205205
207246245233207
207207207207
207207207207207
207207207207
Total 1
1,8511,8121,7781,763
1,7641,7841,8091,834
1,8361,8811,8991,8641,838
1,8371,8371,8371,837
1,8371,8371,8371,8621,890
1,9121,9321,9551,975
Date
1933July 5July 12July 19July 26
Aug. 2Aug. 9Aug. 16Aug. 23Aug. 30
Sept. 6Sept. 13Sept. 20. . .Sept. 27
Oct. 4Oct. 11Oct. 18Oct 25
Nov. 1. _._Nov. 8Nov. 15Nov. 22Nov. 29
Dec. 6Dec. 13Dec. 20Dec. 27
Amount held—
In Sys-tem
invest-ment
ac-count
1,7881,8001,8101,820
1,8301,8401,8501,8851,921
1,9591,9952,0312,067
2,1022,1372,1682,193
2,2112,2232,2232,2232, 223
2,2232,2232,2232,223
Outside System in-vestment account
Underresaleagree-ment
0)1122
0)11
0)1
(l)
2
212
1222
1-dayTreas-
urycertifi-cates
AllotherU.S.Gov-ern-
mentsecuri-
ties
207207207207
207207207207207
207207207207
207207207207
207207207207207
207207207207
Total
1, 9952,0072, 0172, 028
2, 0382,0482,0592, 0942,129
2,1662, 2032, 238.2, 274
2,3092, 3442,3572, 400
2, 4202, 4302,4322, 4312, 432
2, 4312, 4322, 4322,432
i Less than $500,000.
Back figures.—See Annual Reports for 1932 (table 28), 1931 (table 19), and 1930 (table 17a).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE BANK CREDIT 117
No. 31.—HOLDINGS BY FEDEEAL RESERVE BANKS OF 1-DAY CERTIFICATES OFINDEBTEDNESS ISSUED BY THE UNITED STATES TREASURY, 1925-33
[In thousands of dollars]
Date
Mar. 10Mar 11Mar. 13Mar. 15Mar. 16Mar. 17Mar. 18Mar. 19Mar. 20 .Mar. 21Mar. 22Mar 23
June 8-10June 15June 16June 17June 18June 19June 20June 21June 29
Sept. 15Sept. 16Sept. 17Sept. 18Sept. 22-23.
Oct 18Nov. 15Nov 16Nov. 17- _Nov. 18 _ _ _Nov. 19-20Nov 21Nov. 22Nov. 23-24..Nov. 25Nov. 26-27..Nov. 28Nov. 30Dec. 1 .Dec. 2.Dec. 3-4Dec. 5Dec. 6. .Dec 7Dec. 8. . .Dec. 9Dec. 10-11Dec. 12Dec. 13.Dec. 14Dec. 15Dec. 16Dec. 17Dec. 18Dec. 19 _Dec. 20Dec. 21Dec. 22 . . .Dec. 23
1925
182,000122, 500100, 50058, 50034, 500i 2,000i 2, 000
108,00042, 5008,000
177, 50094, 00041,000
172,00091,00034,500
1926
209,000157,00099,00038, 000
4,000246,000141, 50077, 00023,000
192,00072, 5007,000
188,00070,000
1927
251,500177,500176, 000
79, 000i 48,000i 48,000
16,0009 0003,000
185,00044, 50015, 500i 6,500i 6, 500
196, 50091, 500
1 54,0001 54,000
89, 500164, 500214, 500134, 500
1 156, 50045, 50062,000
1 80, 50020,500
i 27, 00038,0002,0004,000
15,0001 27,000
38,00047,00050,00054,00058,000
i 57, 00054,00050,00040,000
197, 500106,500
1 57,000i 57,000
10,000
1928
201,000208,000
i 155,000i 155, 000
75,00013,000
192, 500i 82,0001 82, 000
5,000
19,0004,000
i 158,000i 158,000
31, 00047,000i 4,000
6 000
i 316,000i 316,000
132,000183,00077,50063,000
1929
314,000i 181,000i 181,000
129,00060, 50019,0009,000
i 239, 500i 239, 500
50, 500
162, 50033, 000
312,50099,50069,00019,0009,000
»4,000i 4,000
3,000
1930
2,0001 0005,000
1 218,000i 218,000
105, 50056, 50029,00035,000
114,000
104, 50054,00045,0003,000
135,00068,000
109,00055,0003,000
1931
64,00027,00045,00022,0009,000
i 12,000i 12,000
22, 000
38, 500
39, 00014,00023, 000
219, 500197, 500184, 250198,000
i 181,000i 181,000
107,00029,000
1932
19,50032, 00019,0006,000
24, 000
24,00013,000
i 22, 000122,000
1933
6,0008,000
9,000
i 3,0001 3, 000-
*2-day certificates, account Sunday or holiday.
Back figures.—See Annual Report for 1929 (table 17).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1 1 8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS
No, 32.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS, 1929-33
[Number in thousands; amounts in thousands of dollars]
1929 1930 1931 1932 1933
NUMBER OF PIECES HANDLED 1
Bills discounted:ApplicationsNotes discounted
Bills purchased in open market for ownaccount
Currency received and countedCoin received and countedChecks handledCollection items handled:
United States Government couponspaid
Allother _"United States Government securities-
issues, redemptions, and exchanges byfiscal agency department
Transfers of funds
AMOUNTS HANDLED
Bills discounted _Bills purchased in open market for own
accountCurrency received and countedCoin received and counted -Checks handledCollection items handled:
United States Government couponspaid
AllotherUnited States Government securities-
issues, redemptions, and exchanges byfiscal agency department
Transfers of funds
145
1962,427,3303,239,709
924,449
20,9356,504
1,8332,139
60,747,124
3, 587,47814, 782,429
478,219367, 215,123
535,6127,185,384
7,018,844170, 789,669
415
2082,441,9893,325,555
904,975
19,362
r 1,4121,868
14,067,117
3,873,69814,262,809
537,534324,883,021
499, 1117,528,014
'7,084,080198,880,880
' 1 0 9513
2212, 269,2922,900,462
864, 615
17,3226,927
r 2,4311,663
14, 555,590
2,998,415
585,945248,172,956
479,9607, 321, 814
17,348,971162, 095,081
178779
2,025, 5522,654,787
734, 538
17,7107,468
r 1,9561,469
18.648,306
762,75510.952, 597
360,295176, 591,791
529,0865,427,817
19,444,110116,040,041
81346
2,013,4592,497,928
688,933
18,0998,371
3,5021,290
9,632,808
898,00111,710,364
624,617157,833,692
578,0825, 539,659
24,622,72685, 059,151
' Revised.i Two or more checks, coupons, etc., handled as a single item are counted as 1 " piece."
Back figures.—See Annual Reports for 1931 (table 21), 1930 (table 19), 1925 (p. 26), 1924 (p. 14), and 1923(p. 41).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 33.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF EACH FEDERAL RESERVE BANK, 1933
Federal Reserve bank
Total Boston New YorkPhiladel-
phia ClevelandRich-mond Atlanta Chicago St. Louis
Minne-apolis
KansasCity Dallas San Fran-
NUMBER OF PIECES HANDLED: 1 1933
Bills discounted:ApplicationsNotes discounted
Bills purchased in open mar-ket for own account
Currency received andcounted
Coin received and countedChecks handledCollection items handled:
U.S. Government cou-pons paid
AllotherU.S. Government securities-
issues, redemptions, andexchanges
Transfers of funds
80,974345,675
78, 622
2,013, 459, 0002,497, 928, 000688,933,000
18, 099,0008, 371, 000
3, 502,0001, 290,000
17, 376
6,443
000 596,588,000164,1, 727,000 264,
1,155,000444,000
162,00038,000
18,45955,416
39, 799
190, 864,314,004,000 940;71,378,000 143, 372, 000
4,121,0002, 641,000
1,160,000307, 000
17, 25878, 444
2,652
1,378,000476,000
187,00096,000
25,180
1,677
2,815,000468, 000
365, 00082,000
7,48247,510
1,983
642,000375,000
94,00079,000
5,40926,108
3,409
498,000210,000
104,00060, 000
4,83827,847
7,642
556,000 119,873, 000 100, 213,000 103, 514,000 362,955,000 103,161,000 36, 997,000 60, 935,000 46, 883,000 126,920,000:; 069,000 118,372,000 154, 559,000 68,667,000 287,877,000104,609, "
58,014,000 68,006,000 46,191,000 27,069,000 92,358,000 37,405,
3, 331,000829,000
706, 000189, 000
2,8423,196
3,538
1,156,000442,000
192,00078,000
2,29012,044
3,049
534,0001,128,000
94,00053,000
3,32423,138
M997,
000 21,323,000 52, 297,000 41000 20, 779,000 50,433,000 30; 660,000
1,042,000381,000
207,00099, 000
2,82119,324
1,390
883,411,000 130,660
319,000209,000
81,00089,000
4,71110, 092
5,158
,013,00043, 268,000
1,108, 000768, 000
150,000120, 000
AMOUNTS HANDLED: 1933 (in millions of dollars)
Bills discountedBills purchased in open mar-
ket for own accountCurrency received and
countedCoin received and countedChecks handledCollection items handled:
U.S. Government couponspaid
All otherU.S. Government securities—
issues, redemptions, andexchanges
Transfers of funds
9,632. 8
898.0
11, 710. 4624.6
157,833. 7
578.15, 539. 7
24, 622. 785,059. 2
265.9
95.7
1,075.140.4
10,205.8
38.9528.7
1,128. 73,339.1
4, 753. 4
386.5
3, 709.1207.1
57, 739. 8
286.41, 682. 7
16,116.037,289. 8
1,070. 0
37.2
825.140.2
14, 936. 6
35.0289.7
715.03,406.1
31.8
676.425.9
13, 734.8
56.7405.9
3, 304! 1
534.3
21.6
494.32.0
7,660. 0
14.1231.8
343.33,883. 2
246.2
30.0
465.217.4
5, 881. 4
8.0162.6
240.91, 337. 9
435.9
127.1
2,495. 3136.7
16,928. 3
67.0996.5
3, 554. 713,194. 5
195.7
28.0
460.219.5
7, 561. 2
18.4291.5
418.32, 920. 6
50.2
24.6
197.69.9
3,293.4
8.7219.1
181.41,847. 7
134.4
19.0
307.118.8
6, 787. 9
16.5235.1
390.73, 208. 2
52.9
15.9
192.910.7
4, 461. 6
5.6196.4
253.82,910. 6
1,045.1
811.866.0
8, 642. 9
22.8299.7
598.18, 417. 4
1 2 or more checks, coupons, etc., handled as a single item, are counted as 1 "piece."Back figures.—See Annual Reports for 1932 (table 31), 1931 (table 84), 1930 (table 79), 1929 (table 73), 1928 (table 77), 1927 (table 60), and 1924-26 (pt. 2, table 6).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1 2 0 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 34.—VOLUME OF OPERATIONS OF BRANCHES OF FEDERAL RESERVE BANKS
F e d e r a l Reservebranch and districtnumber
Billsdis-
counted
Currencyreceived
andcounted
Coin re-ceived andcounted
Checkshandled
Noncash collec-tion itemshandled
Govern-ment
couponsAll
other
Fiscalagencyissues,
re-demp-tions,
and ex-changesof U.S.securi-
ties
Transfersof funds
No. 2—BuffaloNo. 4—Cincinnati-.
Pittsburgh-_No. 5—Baltimore
Charlotte....No. 6—Birmingham.
Jacksonville.NashvilleNew Orleans. _
No. 7—DetroitNo. 8—Little Rock
LouisvilleMemphis
No. 9—HelenaNo. 10—Denver
Oklahoma CityOmaha
No. 11—El PasoHoustonSan Antonio...
No. 12—Los AngelesPortland. __Salt Lake CitySeattleSpokane
TotaL
No.No.
2—Buffalo4—Cincinnati-
Pittsburgh.5—Baltimore
CharlotteNo. 6—Birmingham.
Jacksonville.Nashville.—New Orleans. _
7—Detroit..8—Little Rock-
LouisvilleMemphis.-----
9—HelenaNo. 10—Denver
Oklahoma CitjOmaha
No. 11—El PasoHoustonSan Antonio. .
No. 12—Los Angeles. _PortlandSalt Lake CitySeattleSpokane
No.
No.No.
No.
NUMBER OF PIECES HANDLED: i 1933
2,366
" 15," 846
3,4334,617
273902320990
2,860
4,737896547
1,5852,233
7421,3181,5022,219
37,176, 00028, 520, 00038,829, 00048, 208,00012,025,00011, 221, 00015, 427, 00010, 771, 00023, 025, 00068,149,""6, 560, 000
17, 080, 00015, 607, 0001, 334, 0009, 097, 0008, 483, 0007, 859,0003, 280, 0009, 481, 0008, 219, 000
64, 077, 0006,137, 0003, 803, 000
10, 520,0001, 954,000
000000 108, 543,000
000 107,
36, 409, 00040, 356, 00032, 632, 000
i, 0006, 578, 0007, 436, 0008, 640, 0004, 294, 000
29, 801, 000',347,0005, 924, 00013, 429, 0008, 371, 0001,101, 0008, 300, 0006, 472, 0009, 679,0002, 382, 000
10, 359, 0006, 235, 000
51, 518, 0006,831, 0002,401, 0008, 977, 0001, 416, 000
10,104,00014,870, 00026, 329, 00016, 794, 0005, 697, 0003,897, 0004, 933, 0005,167, 0004, 537, 000
12, 562, 0002, 937, 0008, 355, 0003, 021, 0001, 898, 0007,153, 000
12, 646, 0008, 747, 0002, 230, 0005, 341, 0004, 647, 00015, 208, 0004, 791, 0004, 683, 0004,167, 0003, 085, 000
47,386 466,842,000 525,431,000 193, 799,000 4,037,000 1,813,000
67, 434854,952486,141342, 89541, 55522, 39283, 08936, 055142,102259, 30430,151247,85856, r~"40, 944
206, 03747, 422181,96823, 91763, 27246,789362, 207145, 20665, 661128, 76954, 382
95,48238, 76431, 731173,32143, 93814, 37049, 66534, 05641, 699172, 58585, 23147, 03459, 79522, 68668, 33263, 71572, 09516, 94656,87928,829138, 92861, 801
243, 21249,976101, 463
48537, 20625, 64212, 826
14, 4187,375622
1,78548"
1,5111,7731,439
13, 4583,5052,1744,4311,562
130, 699
15, 22515, 64417,18417, 20613, 2655, 33810, 2134,1098, 04120, 4728,76210, 51010, 7377, 45012, 5707,89322,9135,71123, 66912, 61444, 098
8, 56012, 89711, 6069, 313
336, 000
AMOUNTS HANDLED: 1933 (in thousands of dollars)
457, 527
"207," 106
55, 654104, 6707,163,69538,6616,52735, 778
26, 4204,2765,0344,952
38, 81912, 66320, 41563,10317,185
Total. 1,170,294
203, 398125, 909203, 280240, 49253, 04941,40566, 71539, 47597, 530544, 69129, 52786,28258, 88813,10356, 49235, 44843, 62315, 35239, 53941, 224
314, 80037, 67430,16471,49016, 552
2, 506,102
3,1577,7366,69511,3173,7801,6152,076970
4,'17, 064
6265,3122,921621
6,5301,3403,3041,0302,3842,603
30, 0083,4671,5683,541908
125, 250
1, 764, 7552,153,1046, 553, 8252, 514, 5831, 035, 288794, 696651, 018825,196
1,162, 8792, 995, 268392,904
1, 508, 256713,173254,470
1,164,1561, 422,1511, 094, 416
224, 352886, 213576, 685
2, 384, 680776, 090615, 999724,884429, 735
33, 618, 776
2,37914, 43515, 0018,069507276
1,437399
2,4066,14-386
3, 476843524
3,778534
2,423310
1,073703
7,8241,660
87,1,821555
35,94659, 58447, 038103, 68231, 98010, 65619, 84236, 39543, 708105, 72731,90348,63948, 9719,301
39, 33626, 52559, 87110, 42559, 43428, 49953, 87026, 86738,84423,38922, 721
77,841 1, 023,153
63046, 65852,15679,142
27, 69812,155
415606491
5,447729
4,785
34,2842,6851,8994,""830
275, 59:
1,183, 810330,156896, 497822, 780615,10967, 439152, 61261, 208
336, 6122,191, 959130,737382, 557352, 22284, 236
471, 359130, 484635,190130, 220938, 540279, 020
1, 702,173393, 008359, 544759,342134, 364
13, 541,178
i 2 or more checks, coupons, etc., handled as a single item, are counted as 1 "piece."
NOTE.—Currency received and counted during 1933 by agencies of the Federal Reserve Bank of Atlanta:Habana, Cuba, 2,499,000 pieces, amount $26,629,000; Savannah, Ga., 3,529,000 pieces, amount $10,399,000.Coin received and counted by Habana, Cuba, 98,000 pieces, amount $790,000; Savannah, Ga., 660,000pieces, amount $171,000.
Back figures—See annual Reports for 1932 (table 32), 1931 (table 85), 1930 (table 80), 1929 (table 74), 1928(table 78), 1927 (table 61), 1926 (table 67), 1925 (table 69), 1924 (table 72), 1923 (table 72), 1922 (table 74),1921 (p. 80), 1920 (p. 93), and 1919 (p. 39).Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 121
GOLD SETTLEMENT FUND
No. 35.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1926-33
[In millions of dollars]
Year and month
19261927192819291930193119321933
1933JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember
Balanceat begin-ning ofperiod
689.2665.3528.2687.0511.2417.4314.1340.3
340.3429.8379.3230.0350.0409.8
504.6506.2553.8608.9670.7673.4
Daily settlementsbetween FederalReserve banks
Transitclearings
115,455. 3123, 031. 5132, 525. 2145,132. 4151,458. 3124,137. 389, 527. 675, 725. 4
6, 705. 26, 541.46, 650. 75, 326. 56,173. 66, 702. 6
6,943. 06, 211. 85,858. 76, 279. 85,926. 96,405. 3
FederalReserve
noteclearings
635.8673.2658.4758.7669.4540.1545.4614.4
45.229.760.367.959.251.9
46.558.452.452.247.343.4
Inter-reservebank
transfers
1,043.41,436. 71,172. 61, 052.11, 530. 21,905.01, 648. 42, 575. 0
55.5189.5875.5151.5130.5131.0
96.5211.0142.9127.0180.1284.0
With-drawals
3,029. 23, 797. 32,855. 63,160. 42, 063. 82, 729. 04,156. 64, 548. 6
190.9801.1
1, 825. 5277.7270.2227.8
286.1143.974.6
112.895.9
242.3
Deposits
3,005. 33, 660. 33, 014. 42, 984. 51,970. 02, 625. 74,182. 84,826. 5
280.4750. 5
1, 676. 3397.6330.1322.5
287.7191.5129.8174.698.5
187.1
Balanceat end of
period
665.3528.2687.0511.2417.4314.1340. 3618. 2:
429. 8379.3230.0350.0409.8504.6
506.2553.8608.9670.7673.4618.2
Back figures.—See Annual Report for 1932 (table 33), 1931 (table 22), 1930 (table 20), etc.
No. 36.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1933
[In millions of dollars]
Federal Reservebank
Boston. .New YorkPhiladelphiaCleveland
RichmondAtlantaChicagoSt. Louis
MinneapolisKansas City.. . . .DallasSan Francisco
Total
Bal-ance
Jan. 1
14.4103.820.331.2
11.18.2
92.714.0
7.813.97.2
15.8
340.3
Daily settlements between FederalReserve banks
Transitclearnings
Pay-ments
5,554. 025,440. 6
5, 694. 85,456. 9
5,148. 92, 509. 7
10, 763. 94, 089. 5
1, 528. 93,443. 62, 718. 43, 376. 3
75, 725. 4
Re-ceipts
5, 736. 625,877.4
5, 742. 75, 524.1
5, 268.12, 381. 5
10,452. 64, 019. 9
1, 507. 03, 346.12, 694. 23,175. 2
75, 725.4
Federal Re-serve noteclearings
Pay-ments
58.2152.960.668.1
38.122.989.237.4
25.329.111.821.0
614.4
Re-ceipts
41.8146.054.749.6
38.044.3
122.738.5
17.422.812.426.1
614.4
Interreservebank transfers
Pay-ments
273.71,178. 7
132.5181.8
162.954.5
390.860.0
32.021.529.057.6
2, 575. 0
Re-ceipts
102. 4807.652.0
147.6
112.8126.8599.3181.2
74.0137.973.0
160.5
2, 575. 0
With-drawals
246.62, 090. 8
221.1201.7
214.3112.5808.6197.7
69.891.395.8
198.5
4, 548. 6
De-posits
256.42,093. 0
250.3218.5
160.1160.9945. 5168.0
69.497.1
100.9306.4
4, 826. 5
Bal-ance infund atclose ofbusi-ness
Dec. 31
19.2164.810.962.5
26.022.1
160.437.0
19.532.332.930.6
618.2
Back figures.—See Annual Report for 1932 (table 34), 1931 (table 86), 1930 (table 81), etc.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1 2 2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE AGENTS' GOLD FUND
No. 37.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1926-33
[In millions of dollars]
Year and month
192619271928 .1929 .1930 . .19311932 . ._1933
1933JanuaryFebruaryMarch_ . . . _. .April _MayJune ._. _ _
JulyAugust-.. ---September.. _. _ ___October __ _NovemberDecember-. _
Balanceat begin-ning ofperiod
960.2963.4
1,028. 3761.9
1, 262 91,109. 41, 250 71, 237. 6
1, 237. 61, 278. 81, 380 61,312.81 315 31, 346. 9
1, 266. 91, 245. 91, 232. 71,174. 41,116.61,105. 2
With-drawals
568.2454.2473.6358.5
1.0
Deposits
112.363.370.5
149.9.5
1.34.04.0
3.0
1.0
Transfersto
bank
1,799.42,458. 41,631. 41, 500.61,101. 71,678. 53,101. 64,030. 3
144.2600.9
1, 524. 3262.5224.4298.0
252.5153.7126.8158.098.4
186.7
Transfersfrombank
2,258. 52,914. 31,768.12, 210. 2
947.81,819. 53,084. 53,938. 5
185.5702.7
1,453. 5265.0256.0218.0
230.5140.568.5
100.287.0
231.3
Balanceat end
ofperiod
963.41,028.3
761.91,262.91,109. 41, 250. 71, 237. 61,149. 7
1, 278. 81,380. 61, 312. 81,315. 31, 346.91, 266. 9
1, 245.91, 232. 71,174. 41,116. 61,105. 21,149. 7
Back figures.—See Annual Report for 1932 (table 35), 1931 (table 23), 1930 (table 21), etc.
No. 38.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1933
[In millions of dollars]
Federal Reserve bank
BostonNew YorkPhiladelphia
Cleveland -- --RichmondAtlanta - -
Chicago - - -St LouisMinneapolis --
KTansas CitvDallasSan Francisco -- --
Total -
BalanceJan. 1
134.0134 073.7
121.554.648.0
437.049.328.0
51.88.4
97.3
1, 237. 6
With-drawals Deposits
4.0
4.0
Transfersto
bank
243.91, 758.9
213.1
196.5139. 282.5
877.0145.043.0
56.078.2
197.0
4, 030. 3
Transfersfrombank
228.01, 715. 0
208.3
181.5175.0103.5
705.0191.961.5
88.090.3
190.5
3, 938. 5
Balanceat close ofbusinessDec. 31
118.190.168.9
110. 590.469.0
265. 096.246.5
83.820.590.8
1,149. 7
Back figures—3ez Annual Report for 1932 (table 36), 1931 (table 87), 1930 (table 82), etc.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 123
MEMBERSHIP IN PAR COLLECTION SYSTEM
No. 39.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, 1926-33
End of month
1926
Mem-ber
banks
Nonmemberbanks
On par Not onlist par list
1927
Mem-ber
banks
Nonmemberbanks
On par Not onlist par list
1928
Mem-ber
banks On par Not on
Nonmemberbanks
list list
1929
Mem-ber
banks
Nonmemberbanks
On par Not onlist par list
January _FebruaryMarchApril
MayJuneJulyAugust
SeptemberOctoberNovemberDecember
9,4599,4379,4259,410
9,4009,3849,3779,377
9,3369,3019,260
14,54014,49014,44114,382
14,32514,25714,20714.164
14,13014,07313,99113,911
3,9903,981
3,9713,9653,9013,907
3,9243,9353,9253,913
9,2069,1689,1439,130
9,1109,1069,1059,099
9,0889,0819,067
13,85213,78113,70013,643
13,58913,55613,52813,486
3,8333,8393,858
3,8673,8633,8573,858
9,0148,9878,9718,949
8,9358,9298,9208,912
13,15513,10113,03512,960
12,92512,88812,864
3,9183,9053,9103,908
3,9163,9263,934
13,430 3,87713,358 3,89013,306 3,91313,247 3,910
8,8938,8828,837
12,838 3,936
12,800 3,95412,7581 3,93612,713 3,91312,643 3,911
8,8078,7778,7588,743
8,7318,7078,6778,656
8,629
8,522
12,56712, 50612,46612,411
12,34612,31812,27512,242
12,22112,17512,10412,045
3,9133,9093,901
3,8293,8123,7793,779
3,7773,7693,7613,754
1930 1931 1932 1933 i
End of monthMem-
berbanks On par Not on
Nonmemberbanks
list par list
Mem-ber
banks On par Not on
Nonmemberbanks
list par list
Mem-ber
banks
Nonmemberbanks
On par Not onlist par list
Mem-ber
banks2
Nonmemberbanks
On par Not onlist par list
JanuaryFebruaryMarchApril
MayJuneJulyAugust
September...OctoberNovember. __December
8,4868,4478,4078,382
8,3598,3158,2848,271
8,2528,2288,1598,052
11,94311,86411,77611,703
11,63511,55911,48511,412
11,33811,26911,12910,956
3,7283,7123,6893,645
3,6403,6293,6243,632
3,6253,6073,5323,437
8,0067,9687,9247,!
7,8427,7827,7467,679
7,5947,4267,3587,246
10, 79710, 71810,64810, 567
10,47110,32710,23810,103
9,8839,5419,4319,181
3,4133,4413,4273,455
3,4523,4373,4463,429
7,138 8,9277,094 8,8397,079 8,7867,059| 8,727
7,0316,9776,9476,925
3,2963,2613,207
6,9046,8866,8456,816
8,5608,4488,365
8,3378,2928,2338,114
3,1473,1273,1083,110
3,1133,1163,1083.122
3,1083,0733,0653,046
6,7366,6996,692
6,7056, 7016,7226,684
6,6376,5616,5556,523
7,8527,7747,659
7,6437,5897,5327,461
7,4367,3677,2627,154
3,0062,9792,9342,852
2,8102,7952,7802,763
2,7502,7392,7122,695
1 Includes banks not licensed following banking holiday.2 Including a number of nonlicensed national banks (16 at the end of 1933) whose Federal Reserve bank
stock had been canceled on applications of conservators but which were still included in statistics of nationalbanks in operation.
NOTE.—Nonmember banks not on par list comprise all incorporated banks, other than mutual savingsbanks, that have not agreed to pay, without deductions for exchange, such checks drawn upon them as arepresented for payment by the Federal Reserve banks.
Back figures.—See Annual Report for 1928 (table 21).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1 2 4 ANNUAL KEPOET OF THE FEDERAL RESERVE BOARD
No. 40.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, BY DISTRICTS
nd of month (1933)
Mem-ber
banks
Nonmemberbanks
On parlist
Not onpar list
Boston district
Mem-ber
banks
Nonmemberbanks
On parlist
Not onpar list
New York district
Mem-ber
banks
Nonmemberbanks
On parlist
Not onpar list
Philadelphia district
January...February. -MarchAprilMay..JuneJulyAugustSeptember.October...November.December-
January...February. .MarchAprilMayJuneJuly-AugustSeptember.October...November.December.
JanuaryFebruary—.MarchApril -MayiJune.July.AugustSeptember-OctoberNovember..December..
JanuaryFebruary—.MarchApril..MayJuneJulyAugustSeptember-OctoberNovember-December. .
367367366367367367368369366367369367
222223224222221220221219219218214209
823821821824828828824821815809809808
333332325310307306307306308307308300
692687688687686685687681680678675671
300297297292292292291292290283281281
Cleveland district Richmond district Atlanta district
631632632633634632638635630629637621
760761747740735733728720726714708696
391390387393393390392387386386390400
424421420406406396389379372371366352
358352350353352355353349346346339338
317316316317322321325324323322328330
131129126128125122119117119118114109
659648646646644637637
Chicago district St. Louis district Minneapolis district
775766771768771777778772759709698692
2,1552,1332,1282.0992,1172,1022,0822,0512,0362,0121,9971,986
247243219212185184186186187188189187
411402404405404407409408409408401403
1,082
]
,058,040,037,034-L,02T,023L, 018, 015, 010L, 007L,002
402390388382378378380378376376377377
539537533530537530538540537539545532
312306311302297295290290286286253249
813806792759752744743737734726716704
Kansas City district Dallas district San Francisco district
775769770771771773772769758750749748
1,3961,3711,3501,3251,3231,3101,3071,3001,2961,2821,2751,256
218216220212215211208207203206201199
576576566564563563561559558554549549
409393393393389383382381381379376365
219226222216217217217216214212211211
439436438432429428430419416410405402
439428413405403401393388388387363349
484847454544424141393939
NOTE.—See footnotes to table 39.Back figures.—See Annual Reports for 1932 (table 38), 1931 (table 88), etc.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBERSHIP IN PAR COLLECTION SYSTEM 125No. 41.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, BY STATES,
ON DEC. 31, 1932 AND 1933
State
New England:MiaineNew HampshireVermontMassachusettsRhode IslandConnecticut
Middle Atlantic:New YorkNew JerseyPennsylvania - -
East North Central:OhioIndianaIllinoisMichigan »Wisconsin __
West North Central:Minnesota _ _ _Iowa . .MissouriNorth DakotaSouth DakotaNebraskaKansas
Couth Atlantic:DelawareMaryland __ _ _ _District of ColumbiaVirginia - .West VirginiaNorth CarolinaSouth Carolina _ . _GeorgiaFlorida
East South Central:KentuckyTennesseeAlabama. _ _Mississippi
West South Central:Arkansas _ -LouisianaOklahoma _Texas
Mountain:Montana _ _ _Idaho --WyomingColorado _ _ _New Mexico. .ArizonaUtahNevada
Pacific-WashingtonOregon _California _
Total -.
1932
Memberbanks
455445
1601461
588327819
311161368200140
2341841507781
159224
207312
1499648258052
113848426
6434
235540
683929
102281232
7
11182
169
6,816
Nonmember banks
On parlist
361641669
72
231114378
481505682400435
133561660
1537
274615
3413523
148108267
1832
329849
11
7317
225398
576539
102181042
6
10862
167
8,114
Not onpar list
9273
215
44510570
140121179
4
769
18398
19787
17197141191
13214327
148
22
4323
3414
3,046
1933
Memberbanks
495443
1601260
580306803
311134365173123
2291481377285
147215
207012
1589654218252
108798927
6335
224506
65343290271232
7
10263
157
6,523
Nonmember banks
On parlist
311640601167
198114338
444460534400381
92537595
929
207564
33131
1311586196
1126
3147969
7216
219343
51352686165
297
8647
141
7,154
Not onpar list
822
2179
3806558
13698
1733
597
16810418578
15177132177
12011615
149
19
4322
318
2,695
NOTE.—See footnotes to table 39.Back figures.—See Annual Reports for 1932 (table 39), 1930 (table 84), 1928 (table 82), 1926 (table 65), and
1924 (table 70).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1 2 6 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE BANK PREMISES
No. 42.—COST OF BANK PREMISES OP FEDERAL RESERVE BANKS AND BRANCHES
TO DEC. 31, 1933NEW BUILDINGS CONSTRUCTED BY FEDERAL RESERVE BANKS
Federal Reserve bankor branch
Cost ofland, in-cluding
old build-ings de-
molished,net
Cost of buildings
Fixedmachin-ery andequip-ment
All other Total
Totalcost of
land andbuildings
Bookvalue
netDate occupied
Boston __New York:
Main building _Annex building
Cleveland __PittsburghRichmond:
Main buildingAnnex building
Baltimore
AtlantaBirmingham. __JacksonvilleNew Orleans
Chicago _Detroit.—St. Louis _Little Rock—._Memphis
Minneapolis
Kansas CityDenverOklahoma CityOmaha .__
DallasEl PasoHouston ._San Antonio...
San FranciscoLos AngelesSalt Lake City
Total..
$1,246,726
4,850, 210592, 679
1, 295,490781, 364
271,92480, 333
250, 487
283,000124,13745,842
201, 250
2,963, 548650,000
1, 355, 37485,007
100,906
600, 521
495,300101, 51265,021
176,427
189,83139,00366, 31375,002
412,996454, 592114, 075
$662,157 $3, 542, 603 $4, 204, 760 $5,451,486 $3,224,177
.9, 598,9032, 259, 667
3,145,152 11215,418
, 603, 541 14, 748, 693 19, 598,903 10,1,451,570
1, 559,120352, 411
470,644104,217330,439
175, 27946, 78825,956
159, 502
1, 276, 579113,161
1,126,036103,60844,062
620,054
777,94060, 59377, 48073,479
352, 67110, 82461,90521, 238
784,102282,698
84, 814
6,464, 2531,049,450
2, 046, 286482,482
1, 244, 685
1, 355,487311,336214,312738,404
6, 227, 3261,006,139
2,111,!233,079232, 293
2, 316, 745
3, 391,101449,876409,890397,938
1,172,133111, 369286, 801156, 791
3,144, 407988,109341, 449
1,
8,023,3731,401,861
2, 516,930586, 699
1, 575,124
1, 530, 766358,124240,268897,906
>, 507, 6891,339,154
9, 318, 8632,183, 225
2, 788,854667,032
1, 825, 611
1, 813, 766482,261286,110
1,099,156
7, 503,905 10,467,4531,119,300
3, 237,845336,687276, 355
2, 936, 799
4,169, 041510, 469487,370471,417
1, 524, 804122,193348, 706178,029
3,928, 5091, 270,807
426, 263
1, 769, 300
4, 593, 219421, 694377,261
3, 537, 320
4,664,341611,981552, 391647, 844
1, 714, 635161,196415,019253,031
4,341, 5051, 725, 399
540,338
4, 714,5982,070, 765
1, 710,310254,819
1,417,956
1,081,192341,277179,363607,667
5, 790,1711,584,709
2, 292,577263,536319, 639
1, 606,725
2, 294,437401, 270326,834462,603
1,110,882108,235296, 802234, 299
2,191,2021,479, 444
419,201
March 1922.
October 1924.(0
August 1923.December 1931.
October 1921.
September 1928.
October 1918.January 1927.June 1924.October 1923.
July 1922.December 1927.
June 1925.March 1925.June 1929.
February 1925.
November 1921.November 1925.April 1923.December 1925.
March 1921.August 1920.February 1922..October 1928.
December 1923.April 1930.February 1927,,
17,968, 870 13,118, 327 53,481, 664 66, 599, 991 84, 568,861 48, 631, 533
BUILDINGS PURCHASED BY FEDERAL RESERVE BANKS
[Amounts shown under " Cost of land " represent appraised value of land—remainder of actual cost includedin "Cost of buildings"]
New York (no. 10 GoldStreet)
Buffalo...Philadelphia-PittsburghNashvilleLouisvilleHelena
Total
Grand total
$45,000255,000
1,900,830297,000
48, 000131,177
5,000
2, 682,007
$344, 624138, 99425,10135,06016,109
559, 888
$125,864465, 707
3,028,964560,460211,616226, 259156, 290
4, 775,160
$125, 864465,707
3,373, 588699,454236, 717261,319172,399
5,335, 048
$170,864720, 707
5, 274, 418996,454284,717392, 496177,399
8,017,055
20, 650,877 13, 678, 215 58, 256, 824 71,935,039 92, 585,916 53,972,489
$93,400558, 600
3,841,412400,000162, 773234,19050, 581
5, 340,956
0)May 1928.December 1917.December 1922.June 1919.February 1921.
i Occupied by tenants.a Estimated cost to complete addition $1,417,000.NOTE.—-No bank buildings or sites therefor have been acquired for the following branches and agencies:
Branches—Charlotte, Portland, Seattle, Spokane; agencies—Savannah, Habana. The Cincinnati branchsince Jan. 3,1928, has occupied quarters in the chamber of commerce building, erected on the site leased tothe Cincinnati Chamber of Commerce by the Federal Reserve Bank of Cleveland.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 1 2 7
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANES
No, 43.—GROSS AND NET EARNINGS OF FEDERAL RESERVE BANKS, AND DISPO-SITION MADE OF N E T EARNINGS, 1914-33
[Figures for each Federal Reserve bank are given in table 45]
Year
1914-151916191719181919
19201921 _192219231924
19251926 --1927192819291930 .193119321933
Total
Earnings
Total
$2,173,2525,217,998
16,128,33967,584,417
102,380, 583
181, 296.711122,865,86650,498,69950, 708, 56638,340,449
41,800,70647, 599,59543,024, 48464, 052,86070,955, 49636, 424, 04429, 701, 27950,018,81749,487,318
1,070, 259, 479
Net*
-$141,4592,750,9989,579,607
52,716,31078,367,504
149, 294,77482,087, 22516, 497, 73612,711,2863,718,180
9,449,06616, 611, 74513, 048, 24932,122, 02136, 402, 741
7,988,1822, 972, 066
22,314, 2447, 957,407
556,447,882
Disposition of net earnings
Dividendspaid
$217,4631,742,7746,801,7265,540,6845,011,832
5, 654,0186,119, 6736,307,0356, 552, 7176,682,496
6,915,9587,329,1697, 754, 5398,458,4639, 583,913
10, 268, 59810, 029, 7609, 282, 2448,874,262
129,127, 324
Trans-ferred tosurplus 2
$1,134,23448,334,34170, 651, 778
82,916, 01415,993,086
-659,9042, 545, 513
-3,077,962
2,473,8088,464,4265,044,119
21,078,89922, 535, 597
-2 ,297,724-7, 057, 694
11, 020, 582-916,855
278,182, 258
Franchisetax paid toU.S. Gov-ernment 2
$1,134,234
2,703,894
60, 724,74259,974,46610,850, 605
3, 613, 056113, 646
59,300818,150249, 591
2, 584, 6594,283, 231
17, 308
2,011,418
149,138,300
Profit (+)or loss (-)
carriedforward
-$358,922+1,008,224
+509,413-1,158,715
1 Total earnings less current expenses, depreciation charges, and net losses.2 Amount paid as franchise tax for 1922 includes additional franchise tax payments for prior years with-
drawn from surplus account on Dec. 31, 1922, as follows: For 1920, $270,389; for 1921, $3,129,673. Franchisetax requirement was repealed by Banking Act of 1933.
No. 44.—EARNINGS OF FEDERAL RESERVE BANKS, BY SOURCES, 1914-33
1914-151916 _ - .191719181919 - --
192019211922 „19231924 , .
1925 .19261927192819291930193119321933
Total
Earnings
Total
$2,173,2525, 217,998
16,128,33967, 584,417
102, 380, 583
181, 296, 711122,865,86650, 498, 69950, 708, 56638,340,449
41,800,70647, 599, 59543, 024,48464, 052,86070,955,49636, 424, 04429, 701, 27950, 018, 81749, 487, 318
1, 070, 259,479
Ondiscounted
bills
$1,218, 5161,025, 6756,971,479
48, 348,00780, 768,144
149,059, 825109, 598, 67526, 523,12332,956, 29315, 942,845
17, 679, 54922, 551, 56117,010, 77838, 334,14047,790, 66210, 672, 2159,820, 546
17,881, 0589,137, 038
663, 290,129
Onpurchased
bills
$244, 6641,560,9184, 951, 729
11,939,80813, 994, 544
22, 020,1585, 234,1415, 628, 9569, 371, 2885, 709,809
9,103,91510,003,0819, 206, 677
13,020, 53512, 063, 3496,081,1875,009, 5412, 785, 2131, 238, 068
149,167, 581
OnU.S. Gov-ernmentsecurities
$171,8311,106,8602, 367,9893,828, 7825,761,300
7,140, 6156, 253, 854
16, 682,4637,444,089
14,712, 593
12,783,00112, 589,11914,206,17410,827, 7028,163,486
17, 273, 33112, 428, 29726,923,56837, 529,872
218,194,926
Deficientreserve
penalties
$1,157194, 526698,991727,844
1, 573, 3351,177, 562
602,951521,061381,619
310,406382,946273,839277,401449, 653225,748296,960541,432191,051
8,828,482
Frommiscellane-ous sources
$538,2411, 523,3881, 642,6162,768,8291,128,751
1,502,778601, 634
1,061, 206415,835
1,593, 583
1,923,8352,072,8882, 327,0161, 593,0822,488, 3462,171, 5632,145,9351,887,5461,391, 289
30,778,361
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
128 ANNUAL. EEPOET OF T H E FEDERAL RESERVE BOARD
No. 45.—TOTAL EARNINGS, CURRENT EXPENSES, AND NET EARNINGS OF EACHRESERVE BANK, AND DISPOSITION MADE OF N E T EARNINGS, 1914-33
All Federal Reservebanks:1914-261927192819291930193119321933
Total
Boston:1914-261927192819291930 _193119321933_
Total
New York:1914-26 »1927192819291930193119321933
Total.
Philadelphia:1914-261927192819291930193119321933_.._
Total -
Cleveland:1914-261927192819291930193119321933
Total
Richmond:1914-26192719281929 .1930193119321933
Total
Earnings and expenses
Total earn-ings
$726, 595,18143,024,48464,052,86070,955,49636,424,04429, 701,27950,018,81749, 487,318
1,070, 259,479
49,331, 5592, 975,3574, 465,3425,160,8312, 368,0861,800,6192, 774, 3032, 774,081
71, 650,178
214, 277,97210, 647, 75918,483,04219,314, 27910,393,1897, 555, 21315, 948, 94317, 523,930
314,144,327
53,004, 7233,363, 6265,394, 5466,076,0482,996,2432, 714, 0165,001,0984, 311, 435
82,861, 735
60, 761,7364,197,8366,250, 5536,986, 5803,585, 2023,038,0835,128,5544, 705,091
94, 653,635
35,395,1282,086, 3032,857, 6483,299, 6091,641,3901,389,0861,871,1231,699,191
50,239,478
Currentexpenses
$245,408,04627, 518,44326,904,81029,691,11328,342,72627,040,66426,291,38129,222,837
440,420,020
17,644,6861,976,9351,870,0032,232,1092,077,7921,948,4801,880,1832,074,230
31, 704,418
58,311,7976, 472,1716,444, 2657,052,4656,826, 5646,647,1046,376, 7297,052,351
105,183, 446
18,138, 6312,106, 6821,986, 2422,197,8912,041,6271,985, 5861,994,0302, 233,745
32,684,434
20,935, 2262, 610, 4742, 596,8142, 785,9792,649,4972, 623,8422, 583,9042,915, 300
39, 701,036
12,832,4041,379,4021,402,3921, 587,2441,569,0341,491, 6631,406,1211, 544,618
23, 212,878
Net earn-ings i
$433,642,97213,048, 24932,122,02136,402,7417,988,1822,972,06622,314,2447,957,407
556,447,882
29,755, 582837,612
2, 316,5222, 766,134253, 777
—140, 230686, 63925,617
36,501,653
146,448,3263, 720, 60111,018, 43312, 263, 2244, 588. 3841,532,08110, 404, 5506,197, 727
196,173,326
32, 781, 7851,176,4693, 282, 6413,801,9881,102, 771884,172
3, 270,835-318, 445
45,982, 216
34,913,8051,108,1903,180, 7153, 705,442783, 77778, 545
1,871, 256731, 683
46,373,413
20,289,016497, 711
1,118,9601,342, 225-28, 797-156,646314,490
-328, 740
23,048, 219
Disposition of net earnings
Dividendspaid
$64,875, 5457,754, 5398,458,4639, 583,91310,268, 59810,029,7609, 282,2448,874,262
129,127,324
5,038,180550,446590,830634,112705,949709,139675, 511645,681
9,549,848
16,828,1162,327, 3552, 743,7253, 544,3144,013,7793,891, 5993,562, 0303, 509,873
40,420,791
5,955, 555781,540843,755938, 312
1,002, 6021,004,836973,393950,437
12, 450,430
7,158,249832, 583856,843910,007952,934936,513858,427789,058
13,294, 614
3,440, 351372, 230370, 683368,601353,472340,360314,490308, 388
5, 868,575
Transferredto surplus
$228, 775, 3345,044,119
21, 078,89922, 535, 597
- 2 , 297,724-7,057,69411,020,582-916,855
278,182, 258
17,606,007287,166
1, 725,6922,132,022-452,172-849,369
11,128-620,064
19,840,410
61,613,9481,393, 2468, 274, 7088, 718,910574,605
-2,359, 5186, 842, 5202, 687,854
87, 746, 273
21, 267,329394,929
2,438,8862,863, 676100,169
-120,6642, 297,442
-1,268,882
27,972,885
23, 745,855275,607
2, 323,8722,795, 435-169,157-857,968180,083-57, 375
28,236,352
12,198,187125, 48174,82897,362
-382, 269-497,006
-637,128
10,979,455
Franchisetax paid toU.S. Gov-ernment
$139,992,093249, 591
2, 584,6594,283, 231
17,308
2,011,418(2)
149,138,300
7, 111, 395
(2)
7, 111, 395
68,006,262
(2)
68, 006,262
5, 558,901
(2)
5,558,901
4,009,701
832,746(2)
4,842,447
4,650,478
673,449876,262
(2)
6,200,189
1 Total earnings less current expenses, depreciation charges, and net losses.* Franchise tax requirement repealed by Banking Act of 1933.
Back figures.—See Annual Report for 1932 (table 43).Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EARNINGS AND EXPENSES OF FEDERAL, RESERVE BANKS 129
No. 45.—TOTAL EARNINGS, CURRENT EXPENSES, AND N E T EARNINGS OF EACHRESERVE BANK, AND DISPOSITION MADE OF N E T EARNINGS, 1914-33—Cont.
Atlanta:1914-26.1927192819291930193119321933
Total
Chicago:1914-261927192819291930193119321933 _._
Total
St. Louis:1914-26..1927192819291930193119321933. -
TotalMinneapolis:
1914-26--.1927192819291930 ._-193119321933Total
Kansas City:1914-26192719281929 -.1930193119321933Total
Dallas:1914-2619271928 ._19291930193119321933
Total ._..San Francisco:
1914-26 _1927192819291930193119321933
Total
Earnings and expenses
Totalearnings
$34, 758, 3272, 067, 8393, 578,1564,116, 0491,963,7241,448,8352,003,1961, 686, 497
51, 622, 623
104, 651, 2966,167,3528,936, 4189,889,4514,834,1534,143, 6015, 613, 6716, 764,554
151,000, 496
31,530,7962, 228, 0792,901,9253, 247, 9361, 745, 6851,188, 6311, 625,4321, 629,136
46,097, 620
24, 747, 0201,390, 0311, 710, 3041,926,0311, 235, 082936, 604
1,435, 0931,497,669
34,877, 834
36,360,4192,304,9382, 597,9682,976,5761, 667,6671,555, 0842,021,4681, 742, 260
51, 226, 380
26, 029, 7311, 741,9222,119, 6662,496, 0301, 585,1131, 213,9871,307, 2461, 251, 276
37,744,971
55,746, 4743, 853,4424, 757, 2925,466 0762,408, 5102, 717,5205, 288, 6903, 902,198
84,140, 202
Currentexpenses
$11,321,5241, 264,1561, 253,1341, 513,2391,372, 8821,268, 7761, 217, 7771,321, 267
20, 532,755
33,862, 2073,887, 0583,696,6794,092,3693,805,1173,524,4013, 432, 6933, 854,009
60,154, 533
13, 287,9431,368,6641,336, 7941,438,4181,398,9361, 350, 9241, 360, 6101, 473, 311
23, 015, 600
9,005, 0651,048, 7461,000, 4741,022,009976,867918,942926, 668
1,114,09416, 012, 865
15, 582,4161, 677, 2151, 661,9801,830,8331,784,6091, 664, 2821, 612, 7141, 723,116
27, 537,165
11,751,9741,267,3381, 245, 4791, 384,8761,341,1531, 257, 8841,141,9841, 220, 798
20, 611,486
22, 734,1732, 459, 6022, 410, 5542, 553, 6812, 498, 6482,358,7802, 357,9682, 695, 998
40,069,404
Netearnings i
$19,593,418669,904
1,693,9851,428, 518323, 307
292, 545154,971
24,156, 648
64, 285, 2161, 927, 6454,763,4295,424, 6651, 054, 328609,895
2, 242, 7251,790, 493
82,098, 396
15,129, 614775, 681785,159885,8841,114
-61,263243, 485-90, 766
17, 668,908
13,778,851296, 077614, 704794,762193,58945,805272,33882,085
16, 078, 211
17, 599, 459414,726659,760
1,013, 586-200,976-185,486245, 356
-268, 275
19, 278,150
10,804,112568,209713,455770, 391272, 597111,982163, 915
-448,047
12,956,614
28,263,7881,055,4241, 974, 2582, 205, 922-355, 689253,211
2,306,110429,104
36,132,128
Disposition of net earnings
Dividendspaid
$2, 638,182305,817312, 259321, 696323,307313, 247292,545281, 644
4,788,697
8, 785, 2461,029,9901, 099,7611,170,3631,211,4181,170, 6331,029, 933858,127
16, 355,471
2, 985, 253317, 727321, 855319, 231315, 839289,409268,505246, 643
5,064,462
2,187,936180,726181, 203184,030184, 445180, 455175,495171,569
3,445,859
2,823,841252, 753253, 254256, 549259,397253,621245, 356250, 321
4, 595, 092
2, 589,112256,310258,544266,613262, 510254, 878237, 970227,888
4,353,825
4,445, 524547,062625, 751670, 085682,946685,070648,589634, 633
8,939, 660
Transferredto surplus
$9, 631,766364,087558,425303, 032
-313,247
126, 673
10,417, 390
31,880,795897, 655
3, 663, 6683, 651,464-157,090-560, 738121, 279932, 366
40,429, 399
9,939, 013457,954423,01156, 665
-314, 725-350, 672-25, 020-337, 409
9, 848, 817
7, 527, 03011,53543,35061,073
914-134,650
9,684-89, 484
7, 429, 452
9,029, 48116,19840, 65175, 704
-460,373-439,107
-518,5967, 743, 958
8,215,000311,899163, 301244, 4171,009
-142,896-74, 055-675,935
8, 042, 740
16,120, 923508,362
1, 348, 5071, 535, 837
- 1 , 038, 635-431,8591, 657, 521-205, 529
19,495,127
Franchisetax paid toU.S. Gov-ernment
$7,323,470
823,301803, 790
(2)8, 950, 561
23, 619,175
602, 838
1,091,513
25, 313,526
2, 205, 348
40, 293509, 988
(2)
2, 755, 629
4, 063, 885103,816390,151549, 6598,230
87,159
5, 202, 900
5, 746,137145, 775365, 855681,333
(2)6, 939,100
291,610259,3619,078
(2)560, 049
7, 697, 341
(2)
7, 697,341
For footnotes see p. 128.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 46.—EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING 1933
EARNINGSGOO
Total Boston New York Philadel-phia
Cleve-land
Rich-mond Atlanta Chicago St. Louis
Minne-apolis
KansasCity Dallas
San Fran-cisco
Discounted billsPurchased billsU.S. Government securitiesDeficient reserve penalties-.Miscellaneous
Total earnings
$9,137, (1, 238, 068
37, 529, 872191, 051
1, 391, 289
$302, 777227, 020
2,135, 0752,500
106, 709
572, 465 $1, 550, 233 $1,""" "~ 59,542
2, 658, 24825, 79117, 621
$'' ' 288,117
14, 255, 73219, 476
388,140
., 105, 78271, 395
3, 417, 25619, 54591,113
$517, 96551, 639
1, 060, 61113, 97155, 005
$521, 50044, 602
1, 024, 99921, 61373, 783
234,0605, 667, 501
20, 554223, 633
$133, 49744, 693
1, 372, 392
$221, 74037, 596
1,179, 9758,01750, 341
$296, 74425,636
1,199, 8375,161
214, 882
$143, 462 $120,498
1,062, 7199,19215, 405
:, 152, 067133, 270
2,495,52735, 29386, 041
49,487,318 2,774,081 17,623,930 4,311,435 4,705,091 1,699,191 1,686,497 6,764,554 1,629,136 1,497,669 1,742,260 1,251,276 3,902,198
CURRENT EXPENSES
Salaries:OfficersClerical employeesOther employees
Governors' conferencesFederal Reserve agents' conferencesFederal Advisory CouncilDirectors' meetingsTraveling expenses x
Assessments for F.R. Board's expenses.Legal feesInsurance on currency and security ship-
mentsOther insuranceTaxes on banking houseLight, heat, power, and waterRepairs and alterations, banking house-RentOffice and other suppliesPrinting and stationeryTelephoneTelegraphPostageExpressage
Miscellaneous expenses
Total, exclusive of cost of currencyFederal Reserve currency:
Original costCost of redemptionTaxes on F.R. bank-note circulation.
Total current expenses
$2, 634, 53211, 433, 7663, 344, 097
5,1682,366
13,913180, 043296, 260800,160120, 259
374, 378473, 721
1, 242, 383348, 860123, 437165,279349, 303470, 719298, 853466, 442
2, 425, 528490, 216658, 324
26, 718, 007
1, 841, 631156, 952506, 247
29, 222,837
$135, 098792, 883156, 431
230308
1,1006,942
12,34358, 3662,400
45, 76032, 418
126, 53522, 607
'48016, 20836, 09021, 24611, 059
257,87151, 83134. 556
1, 830,650
167, 73913,13862, 703
2, 074, 230
$575,3403,109, 770
877, 76256
124702
22, 41729, 665
268, 74311, 220
77,80, 475
364,86362, 73439, 086
74, 24080, 91082, 34799,141
403, 251120, 856133, 896
6, 515, 226
317,59240, 630
178. 903
7,052,351
$133, 294996,193159, 527
7007,37830,12484, 5129,216
36, 23736, 01556, 66122,4588,7631,102
33, 09737,15437, 65625, 492
209, 93554, 56769, 270
2, 049,450
135, 64014, 24734, 408
2, 233, 745
$240, 7471, 053,976448, 013
46194300
12, 02422, 32378, 21728, 781
31, 21838, 368133, 03337, 03715, 55185, 62840, 23951, 37124, 94426, 864
214, 28436, 87552, 852
2, 673, 200
181, 47412, 99647. 630
2, 915, 300
$172,143599,415166, 904
13043300
9,63520, 77131, 6431,612
20, 77023, 73869, 22616, 3621,362
15, 60321, [-25, 30712, 88931, 065165, 86430, 30130, 308
1, 467, 288
65, 7128,0263,592
1, 544, 618
$194, 010393, 35692, 215
47294
86623, 26821, 93828,6558,844
28, 48328, 77556, 54818, 2454,3454,35015,16124, 0699,910
46, 495147, 74831, 53330, 711
1, 210, 091
92, 5937,28011,303
1, 321, 267
$323, 3551, 437, 279489,475
351252
1,28113, 09837, 070101, 29514,107
51,19139, 67396,10948, 56815,1521,079
47, 48871, 53,29, 70934, 519323, 66664,44889,104
3, 329, 804
397, 86530,18596.155
3,854, 009
$172, 004567, 215151, 905
367342
1,30015, 22815, 67026,892-1,371
9,70946, 01253, 63922, 5525,7913,00014, 58224, 77515, 91734, 241111, 75716, 50736, 699
1, 344, 733
110, 8269,5918.161
1,473,311
$105, 369367, 666119,742
806194
1,2999,533
31, 30718, 47314, 456
11,20032, 34068, 31918, 7941,940
17, 01718, 9939,78517, 063
109, 67011, 77337,957
1, 023, 696
77,'4,2458,193
1,114, 094
$174, 473611, 977216, 775
387307
1,05029, 26918,88223, 22110,191
12, 98646, 66087, 22630, 8187,541
20,69223, 7799,897
51, 473171, 48224, 94238, 438
1, 612,466
94; 2845,46110,905
1,723,116
$161,963468, 376119, 680
515203
1,7158,78413, 39223, 60210, 488
14, 42827, 97232,86718, 6631,32f1,430
10, 35916,59711,30632, 065114, 38520, 76233, 988
1,144,862
47, 6532,590
25, 6931, 220, 798
$246, 7361,035,660345, 668
1,294405
3,30722, 46042, 77556, 54110,315
34, 76841,27597, 35730,02214,69652, 60738, 32360,13933,24756,965195,61525,82170, 545
2, 516,541
152,2938,56318,601
2, 695,998
i Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PROFIT AND LOSS ACCOUNT
EarningsCurrent expenses .. _
Current net earnings
Additions to current net earn-ings:
Profit on U.S. Governmentsecurities sold ...
All other
Total additions _ .
Deductions from current netearnings:
Bank premises—deprecia-tion _ - . . _ _
Furniture and equipment..Reserve for probable losses.Reserve for self-insurance\11 other
Total deductions
Net deductions from currentnet earnings
Net earnings
Dividends paid. . ._ _ .Transferred to surplus
Total
$49, 487, 31829, 222,837
20, 264, 481
1, 056, 246705, 505
1,761,751
2,922, 209286,881
9, 882, 616569, 347407, 772
14, 068, 825
12, 307, 074
7, 957, 407
8, 874, 262-916,855
Boston
$2, 774, 0812,074, 230
699,851
60,95329, 691
90,644
55,8324,887
702,323
1,836
764, 878
674, 234
25, 617
645, 681-620,064
New York
$17, 523,9307,052, 351
10, 471, 579
426,822230, 400
657, 222
1, 751, 49541,319
3,011,18166 39860, 681
4, 931,074
4, 273,852
6,197, 727
3, 509,8732, 687,854
Philadel-phia
$4,311,4352, 233, 745
2, 077, 690
74,19242, 917
117,109
27,6472, 483, 524
2,073
2, 513, 244
2,396,135
-318, 445
950, 437-1,268,882
Cleveland
$4, 705,0912,915,300
1, 789,791
98, 26140, 216
138, 477
149, 56035,161
800,000
211,864
1,196, 585
1, 058,108
731, 683
789,058- 5 7 , 375
Rich-mond
$1, 699,1911, 544,618
154, 573
30, 73517,300
48,035
109, 30813, 630
391, 805
16,605
531, 348
483, 313
-328 , 740
308, 388-637,128
Atlanta
$1,686,4971,321,267
365, 230
31, 53621,154
52, 690
49,85513, 235
185, 643
14, 216
262,949
210, 259
154, 971
281, 644-126,673
Chicago
$6, 764, 5543,854, 00£
2, 910, 545
140, 466232, 779
373, 245
233, 94024,545
717, 260500,000
17, 552
1,493, 297
1,120, 052
1, 790,493
858,127932, 366
St. Louis
$1, 629,1361, 473, 311
155, 825
39, 05917,836
56,895
175, 33227,90186, 832
13,421
303, 486
246, 591
- 9 0 , 766
246, 643-337 , 409
Minne-apolis
$1,497,6691,114,094
3,83, 575
2€,30819,953
46,261
90, 37119,547
234, 590
3,243
347, 751
301, 490
82,085
171, 569-89,484
KansasCity
$1, 742, 2601, 723,116
19,144
33,84812, 739
, 46,587
85, 4913,264
205, 6822,949
36, 620
334,006
287,419
-268 , 275
250, 321-518, 596
Dallas
$1,251,2761,220,798
30,478
21,93412, 073
34, 007
46,6557,750
450,050
8,077
512, 532
478, 525
-448,047
227,888-675, 935
San Fran-cisco
$3,902,1982, 695,998
1, 206, 200
72,13228,447
100, 579
174,37067,995
613, 726
21, 584
877,675
777,096
429,104
634, 633-205,529
SURPLUS ACCOUNT
Surplus, Jan. 1, 1933Transferred from net earnings__
Surplus, Jan. 1, 1934
$278, 599,113-916,855
277, 682, 258 19, 840, A
$20, 460, 473 $85, 058, 421 $29, 241,-620,064
5, 058,2, 687,854
87, 746, 275
- 1 ,
27,972,885
767 $28, 293, 727 $11- 5 7 , 375
28, 236, 352
, 616,-637,128
10, 979, 455
0, 544,-126,673
10, 417, 390
!9, 497,932, 366
40, 429, 399
583 $10, 544, 063 $39, 497, 033 $10,186, 225 $7, 018,935 $8, 262, 553 $8, 718, 67- - - - - - -675,935-337, 409
9, 848,816
7, 018,- 8 9 , 484
6, 929,451 j
-518 , 596
7, 743, 957 8, 042, 741
19, 700, 657-205 , 529
19, 495,128
OO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 47.—REIMBURSABLE EXPENDITURES OF THE FEDERAL RESERVE BANKS DURING 1933
[Expenditures as fiscal agents, depositaries, and custodians for the Treasury Department and U.S. Government agencies]
Treasury DepartmentReconstruction Finance CorporationOther U.S. Government agencies
Total .
Total
$406,9071,827,805
22, 310
2, 257, 022
Boston
$27, 52335,179
52
62, 754
NewYork
$61, 309178, 35711,513
251,179
Philadel-phia
$23,73383,816
107, 549
Cleve-land
$38,769191,546
230,315
Rich-mond
$26,413182,151
208, 564
Atlanta
$14,435145,404
5,603
165,442
Chicago
$72,492514,362
586,854
St. Louis
$27,494133,166
160, 660
Minne-apolis
$28, 75271, 5154,346
104,613
KansasCity
$38,30069,077
107,377
Dallas
$19,47454,014
106
73, 594
San Fran-cisco
$28,213169,218
690
198,121
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FEDERAL RESERVE NOTESNo. 48.—FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE END OF EACH MONTH
[In thousands of dollars]
Federal Reserve notes received from theComptroller
Federal Reserve notes held by FederalReserve agents
Federal Reserve notes issued to FederalReserve banks:
Held by issuing Federal Reserve bank.Held by other Federal Reserve banks. _Held by U.S. TreasuryIn circulation 1
Total notes issued
Collateral held as security for Federal Re-serve notes issued to Federal Reservebanks:
Gold and gold certificates in vault:Gold bullionUnited States gold coinGold certificates
Total in vaultIn gold fund, Federal Reserve Board
Total gold and gold certificatesEligible paperU.S. Government securities
Total collateral heldCollateral required as security for Federal
Reserve notes
Collateral pledged in excess of FederalReserve notes issued
1932
Dec. 31
5,059,333
2,072,318
248,40717,819
r 5, 0762, 715,713
2,987,015
309, 545277,180527,390
1,114,1151, 237,560
2, 351, 675219,888427,800
2,999,363
2,987,015
12,348
1933
Jan.31
5,088,160
2,150,890
211,84912,8995,620
2, 706,902
2,937, 270
213,972364, 500549,630
1,128,1021, 278, 845
2,406,947256,497313, 300
2,976,744
2,937,270
39,474
Feb. 28
5,768,032
2,089,200
261,51310,8891,483
3, 404,947
3,678,832
130,598231,430482,405
844,4331, 380,635
2, 225,068855,908611,600
3,692,576
3, 678,832
13, 744
Mar . 31
7, 551, 776
3,516, 010
340,04329,00545, 279
3, 621,439
4,035, 766
405,600771,306
1, 264,9901, 312,835
2, 577,825598,813884, 700
4,061,338
4,035, 766
25, 572
Apr. 30
7,470,417
3, 791, 655
250,85120,85045,005
3, 362,056
3, 678, 762
37,886457, 095838, 376
1, 333, 3571, 315, 335
2, 648,692434, 778639, 500
3,722,970
3, 678, 762
44,208
M a y 31
7, 367,688
3,930,816
233,77015,14321,210
3,166,749
3, 436,872
37,886571, 315857,503
1,466, 7041, 346,935
2,813, 639190,397480, 900
3,484,936
3, 436,872
48, 064
June 30
7,292,490
3,955, 623
243,45615, 54917,069
3,060, 793
3,336,867
32,176587,805897, 285
1, 517, 2661, 266,935
2, 784, 201134,459442, 700
3, 361,360
3, 336,867
24,493
Ju ly 31
7,217,811
3, 952, 501
252,82520,10418,595
2,973, 786
3, 265, 310
32,176630, 340851,121
1,513, 6371, 245,935
2, 759, 572102, 542469, 200
3,331,314
3,265, 310
66,004
Aug. 31
7,140,621
3,890,496
261,74816, 38919,468
2,952,520
3,250,125
32,176637, 217855,548
1,524,9411, 232, 735
2, 757,67697,898
449, 700
3,305, 274
3,250,125
55,149
Sept. 30
7,068,578
3,826,145
240, 67118, •17,663
2,965,960
3,242, 433
32,176631,062857,754
1, 520, 9921,174, 435
2, bio, 42779, 588
538, 200
3,313,215
3, 242,433
70,782
Oct. 31
7,010,751
3, 784,860
260,29617,88017,569
2, 930,146
3, 225,891
32,176634,137852,938
1, 519, 2511,116, 605
2, 635,85673,429
566,600
3,275,885
3,225,891
49,994
Nov. 30
6,979, 686
3, 714,795
234,56215,434
2,998,026
3, 264,891
32,176637, 582843, 321
1,513, 0791,105,175
2, 618,25496,276
597,600
3,312,130
3, 264,891
47,239
Dec. 31
6,953, 281
3, 603,476
270, 26218,46017, 200
3,043,883
3, 349,805
32,176598,912844,220
1,475,3081,149, 745
2, 625,053188,440600, 500
3,413, 993
3,349,805
64,188
m
O
'Revised.i This figure corresponds with that given under the same caption in table 56. It differs from that given in table 17 by the amount of Federal Reserve notes held by (a) other
Federal Reserve banks and (b) the U.S. Treasury.Back figures.—See Annual Report for 1932 (table 45), 1931 (table 28), 1930 (table 26), 1929 (table 25), 1928 (table 25), etc.
00CO
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FEDERAL RESERVE BANK NOTES
No. 49.—FEDERAL RESERVE BANK NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE END OF EACH MONTH
[In thousands of dollars]
Federal Reserve bank notes received from the ComptrollerFederal Reserve bank notes held by Federal Reserve agents... - .
Federal Reserve bank notes issued to Federal Reserve banks:Held by issuing Federal Reserve bank _ _Held by other Federal Reserve banksHeld by United States TreasuryIn circulation 2
Total notes issued
Collateral held as security for Federal Reserve bank notes issued to Fed-eral Reserve banks:
Discounted and purchased billsU S. Government securities . - _. __
Total collateral held .Collateral required as security for Federal Reserve bank notes
1933
Mar. 31l
122,800101,751
6, 482
414, 563
21, 049
5,25825, 249
30, 50721,049
Apr. 30
217,820150, 446
19, 5665
4547, 758
67, 374
40,80067,854
108,65467, 374
M a y 31
266, 540143, 406
26,85484
13896, 058
123,134
26, 039136, 274
162, 313123,134
June 30
319, 340180, 596
14, 89376
513123, 262
138, 744
1,981160, 974
162,955138, 744
Ju ly 31
321,988174,576
20, 05579
623126, 655
147,412
2,302171,274
173,576147, 412
Aug. 31
326, 505173, 876
21,12980
493130, 927
152, 629
2,349176, 274
178, 623152, 629
Sept. 30
368,456188,316
25, 264290982
153, 604
180,140
2,093207, 674
209, 767180,140
Oct. 31
407, 061189, 616
29,423463
1,557186, 002
217,445
2,129241, 374
243, 503217, 445
Nov. 30
417,064191, 520
20,150568
1,525203, 301
225, 544
1,948247, 274
249, 222225, 544
Dec. 31
421,381187, 656
24, 7281,2001,919
205,878
233, 725
2,021256, 774
258, 795233, 725
1 No Federal Reserve bank notes were issued to the Federal Reserve banks after 1923 to March 1933, and the liability of the Federal Reserve banks on all notes then outstandingwas extinguished by depositing lawful money with the United States Treasurer in 1924.
2 This figure differs from that given in table 17 by the amount of Federal Reserve bank notes held by (a) other Federal Reserve banks and (b) the U.S. Treasury and from table56 by the amount of Federal Reserve bank notes in circulation on which the liability of the Federal Reserve banks had been extinguished by depositing lawful money with the U.S.Treasury.
Back figures.—Bee Annual Report for 1924 (table 33).
00
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GOLD STOCK, GOLD MOVEMENTS, ANDMONEY IN CIRCULATION
135
49753—34 -10
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 1 3 7
GOLDNo. 50.—MONETARY GOLD STOCK * OF THE UNITED STATES, 1914-33
[In millions of dollars; $1=25.8 grains of gold 9/10 fine, i.e., an ounce of fine gold=$20.67. For figures byweeks see tables 3 and 4]
End of month
January...February..MarchAprilMayJuneJulyAugustSeptember.October...
December.
End of month figures
1914 1915 1916 1917 1918 1919 1920 1921 1922 1923
,923,919,931,942,929"II
,859,853:,844-,8081,8071,813
1,8221,8381,8691,8931,9291,9862,0072,0762,1242,1982,2602,312
2,3252,3252,3232,3182,3362,4452,5062,5492,6302,7142,7362,843
2,9222,9963,1053,1373,1333,2203,1903,1653,1513,1533,1543,155
3,1603,1623,1653,1663,1723,1633,1623,1613,1533,1563,1593,160
3,1623,1653,1653,1773,1773,1133,0643,1253,1473,1033,044
'2,994
2,9302,8872,8502,8412,8562,8652,8622,8512,8732,8682,8972,926
2,9663,0003,0863,1643,2313,2753,3473,4393,5193,5723,6273,660
3,6853,7233,7503,7643,7713,7853,8293,8553,8733,8883,9063,929
3,9533,9633,9703,9824,0284,0504,0794,1114,1364,1674,2074,244
End of month 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933
January...February..March....AprilMayJuneJulyAugustSeptemberOctober...November.December.
4,2894,3234,3644,41.14,4554,4884,5114,5214,5114,5094,5274,499
4,4234,3644,3394,3424,3574,3604,3674,3824,3824,4074,397
£4.399
4,4124,4234,4424,4384,4334,4474,4714,4734,4664,4734,4774,492
4,5644,5864,5974,6104,6084,5874,5804,5884,5714,5414,4514,379
4,3734,3624,3054,2664,1604,1094,1134,1234,1254,1424,1284,141
4,1274,1534,1884,2604,3014,3244,3414,3604,3724,3864,3674,284
4,2914,3534,4234,4914,5174,5354,5174,5014,5114,5354,5714,593
4,6434,6654,6974,7264,7984,9564,9494,9954,7414,2924,4144,460
4,4164,3544,3904.3674,1523,9193,9744,0884,1934,2644,3404,513
4,5534,3804,2824,3124,3154,3184,3204,3284,3244,3234,3234,323
MonthAverages of end of month figures Averages of daily figures
1914 1915 1916 1917 1918 1919 1920 1921 1923
January.. _February..MarchAprilMayJuneJulyAugustSeptemberOctober. __November.December.
1,9181,9211,9251,9361,9351,9101,8751,8561,8481,8261,8071,810
1,8171,8301,8541,8811,9111,9571,9962,0422,1002,1612,2292,286
2,3192,3252,3242,3202,3272,3902,4752,5282,5902,6722,7252,789
2,8822,9593,0503,1213,1353,1773,205
2 3,183»3,152" 3,151»3,153»3,153
3,1523,1593,1623,1633,1633,1623,1613,1573,1563,1513,1553,156
3,1603,1623,1613,1663,1763,1693,0873,1143,1433,1203,0703,021
2,9612,9092,8592,8212,8352,8542,8622,8552,8472,8552,8732,894
2,9312,9753,0403,1173,1973,2543,3053,3923,4793,5473,5953,643
3,6723,7043,7363,7563,7683,7763.8033,8403,8603,8843,8963,917
3,9453,9603,9663,9753,9934,0404,0614,0974,1234,1554,1824,226
Averages of daily figuresMonth
1924
January-February .MarchAprilMayJune..JulyAugustSeptemberOctober...November.December.
1925
4,2664,3024,3404,3834,4334,4714,5034,5164,5154,5064,5174,507
4,4684,3924,3404,3404,3534,3604,3624,3724,3864,3914,4074,397
1926
4,4074,4254,4444,4484,4344,4384,4604,4674,4714,4724,4774,481
1927
4,5274,5764,5954,6014,6514,6064,5754,5854,5844,5664.4904,416
1928
4,3774,3734,3354,2874,2074,1194,1134,1184,1254,1334,1514,142
1929
4,1154,1434,1664,2264,2924,3114,3354,3514,3684,3814,3744,324
1930
4,2824,3174,3944,4434,5054,5284,5324,4964,5034,5204,5534,583
1931
4,6224,6564,6824,7114,7674,8654,9584,9754,9484,4474,3634,450
1932
4,4524,3844,3724,3814,2733,9563,9414,0304,1404,2264,2924,429
1933
4,5474,4914,2614,3014,3134,3174,3194,3234,3274,3244,3234, 323
1 Gold coin and bullion (including foreign coin) held by United States Treasury and Federal Reservebanks (including gold held under earmark abroad) and United States gold coin in circulation. Amountsheld abroad under earmark (end of month figures) as follows: 1917, June-December, $52,500,000; 1918,January-May, $52,500,000; June, $16,271,000; July, $11,630,000; August-December, $5,829,000; 3919, January-March, $5,829,000; August, $107,119,000; September, $159,618,000; October, $149,166,000; November, $135,-694,000; December, $131,320,000; 1920, January, $114,322,000; February, $112,822,000; March-April, $112,-780,000; May-July, $111,530,000; August-September, $111,458,000; October, $16,536,000; November-Decem-ber, $3,300,000; 1921. January-February. $3,300,000; 1927, May, $59,548,000; June, $23,300,000; 1932, December,$72,638,000.
2 Averages of daily figures. r Revised.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
138 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 51.—ANALYSIS OF CHANGES IN MONETARY GOLD STOCK, BY MONTHS, 1926-33
[In millions of dollars; $l=25^o grains of gold *Ko fine; i.e., an ounce of fine gold=$20.67]
Month
1926JanuaryFebruary..MarchAprilMay ._June.July_.AugustSeptember.October...November.December-
Total
1927January.._February-._MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..
Total.
1928JanuaryFebruary. _.MarchAprilMay—.June. . .JulyAugustSeptember..OctoberNovember..December..
Totsl.
1929JanuaryFebruary.. .March.__ __AprilMayJuneJulyAugustSeptember-OctoberNovember..December..
Total-
Goldstockat end
ofmonth
4,4124,4234,4424,4384,4334,4474,4714,4734,464,4734,474,492
4,5644,5864,5974,6104,6084,5874,5804,5884,5714,5414,4514,379
4,3734,3624,3054,2664,1604,1094,1134,1234,1254,1424,1284,141
4,1274,1534,1884,2604,3014,3244,3414,3604,3724,3864,3674,284
Analysis of changes
In-crease
instock
12.11.18.
- 3 .- 4 .14.23.2.0
-7 .47.73.2
15.4
92.6
72.321.311.112.91 A
-20.9-7 .5
8.5-17.5-30.2-89.7-71.7
-112.8
-6 .0-11.2-57.6-38.7
-105. 7-51.0
3.410.32.1
17.3-14.0
13.2
-237.8
-14.426.434.472.440.623.416.318.912.114.4
-19.2-82.9
142.5
Netgold
impor
16.21.39.
- 4 .- 6 .15.14.
-17.8- 7 .
7.9.09.8
97.8
44.519.910.811.931.712.88.96.4
-11.5-8 .6
-53.2-67.4
6.1
-13.8-11.1-94.9-91.2-81.7-79.9-63.9
!513.36.7
23.3
-391. 9
47.225.524.823.123.630.234.718.417.617.5
-23.2-64.4
175.1
Net releasefromear-
mark1
-6.C- 1 1 . C-23 . C
—.64.0
19.2-2 .4
- 7 . 51.0
-26.3
19.53.2
- 1 . 5-1 .0
-35.5-36.7-23.1-2 .5-9 .0
-25.0-40.0-8 .5
-160. 2
5.52.9
35.845.7
-26.530.160.95.9
-1 .21.2
-25.0-15.8
119. 5
-65.0
7.548.616.1
- 7 . 5-22.0-1 .0-6 .6- 4 . 5
1.0-22.0
—55.4
Otherfac-tors
2.01.02.21.41.6
-1 .05.0.6
2.1
1.74.6
21.1
8.3-1 .8
1.82.02.33.06.74.72.93.53.54.2
41.3
2.3-2 .9
1.56.72.6
-1 .26.43.62.82.84.35.6
34.5
3.4.9
2.1.8.9.7
3.61.51.11.43.03.5
22.8
Month
1930JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.October...November.December..
Total
1931JanuaryFebruary. _.MarchAprilMay. . .JuneJulyAugustSeptember-October. . . .November..December..
Total.
1932JanuaryFebruary.. .MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..
Total.
1933JanuaryFebruary. __March _AprilMayJuneJulyAugustSeptember _OctoberNTovember—December..
Total.
Goldstockat end
ofmonth
4,2914,3534,4234,4914,5174.5354,5174,5014,5114,5354,5714,593
4,6434,6654,6974,7264,7984,9564,9494,9954,7414,2924,4144,460
4,4164,3544,3904,3674,1523,9193,9774,0884,1934,2644,3404,513
4,5534,3804,2824.3124,3154,3184,3204,3284,3244,3234,3234,323
Analysis of changes
In-crease
instock
6.861.970.268.525.917.6
-18.4-15.5
10.223.336.822.1
309.6
49.422.032.028.772.4
158.0-6 .645.7
-254.3-448.4
122.045.8
-133.4
-44.2-62.3
36.0-23.1
-214.1-233.9
58.0111.7104.870.875.6
173.5
52.9
40.0-173.4-97.2
29.53.62.22.77.5
-3 .8
_______
-190.4
Netgold
impor
4.60.55.65.23.13..
-19.-19.
2.26.435.232.7
280.
34.416.125.649.549.663.819.557.520.6
-337. 789.456.9
145.3
-73.0-90.6-24.7-30.2
-195. 5-206.0
-3 .46.1
27.920.621.7
100.9
-446.2
128.5217.8
2 -22.1-10.0-21.1-3 .2
-83.9-80.4-56.7-32.4
- . 8- 9 . 1
-173.5
Net releasefromear-
mark
0.
~~~15.~
2.2.
- 3 .
""To- 6 .- 2 .
-15.2
-2 .4
11.92.53.0
- 7 . 54.0
92.3-29.7-16.0
-279.1-107.6
28.3-22.9
-320.8
25.426.458.34.0
-22.1-28.8
56.2100.572.345.848.671.0
457.5
-91.5-178.3-100.1
33.722.13.5
84.579.549.326.9
.611.8
-58.0
Otherfac-tors
2.31.9
- . 32.3.5
1.74.34.23.73.13.84.5
31.9
3.13.33.3
-13.318.81.93.64.24.2
- 3 . 14.2
11.9
42.1
3.41.92.43.23.6.9
5.25.14.64.55.31.6
41.6
3.0-12.9
25.05.72.61.92.18.43.64.8.1
- 3 . 1
41.1
1 Gold released from earmark at Federal Reserve banks less gold placed under earmark (with allowancemade when necessary for change in gold earmarked abroad for account of Federal Reserve banks. Seetable 52 and table 50, note 1.)
2 Differs from Department of Commerce figures since $8,900,000 declared for export on Feb. 28 was notactually taken from the Federal Reserve Bank of New York until Mar. 1.
Back figures.—See Annual Report for 1931 (table 30).
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GOLD 139
No. 52.—GOLD HELD UNDER EARMARK BY FEDERAL RESERVE BANKS FORFOREIGN ACCOUNT, BY MONTHS, 1916-33
[In thousands of dollars; $l=25*Ho grains of gold Mo fine; i.e., an ounce of fine gold=$20.67]
End of month 1916 1917 1918 1919 1920 1921 1922 1923 1924
JanuaryFebruary...MarchApril.MayJuneJuly—AugustSeptember..OctoberNovember..December..
i 2,3914,5714,5715,0715,4025,5025,9555,9815,9816,097
6,0976,0976,0976,0976,0976,0976,0976,7786,9426,9426,9426,942
6,9426,9426,9426,9426,9426,9426,9426,9426,9426,9426,9426,942
6,9426,9426,842
3,0004,0005,000
6,0005,0006,0009,00010,00011, 50014,50016, 50017, 50020,00020,50022,000
18, 01020,00020,00020,00020, 00023,00018,00018, 0008,000
5,3291,0001,000
1,5001,7003,700
1,5001,5001,0003,0003,0003,000
3,0002,4074,8595,4174,4172, 4175,000
12, 98426, 21343, 21343, 71345, 213
End of month 1925 1926 1927 1928 1929 1930 1931 1932 1933
January...February..MarchAprilMay..JuneJulyAugustSeptember.October...November.December.
46,02352,38961, 71446,86430, 88925,81428, 91517, 34015,83912, 96910, 96912, 969
19,01230, 01253, 00053, 00053,00053, 58049, 58030, 38032, 78032, 77640, 27439, 266
19, 77916, 59918,10119,101
114,101114, 601114,417116, 918125, 918150, 919190, 919199, 419
193, 919191, 051155, 251109, 511136, 050105, 997
45, 05039,13440, 33439,13464,13679,897
144, 898144,898137, 39188,82172, 69480, 207
102,194103,194109, 795114, 296113, 292135, 295
134, 794134, 794119, 795119, 295117, 295115, 295118,295118, 295114, 303120, 410122, 536137, 695
125, 795123, 295120, 295127, 795123, 79531, 53161, 23177, 231356, 321463, 931435,821458, 534
433,149406, 781348, 469344, 501366, 650395, 447339, 210238, 709166, 421120, 646'72,08073, 694
92, 552270,837370, 929337, 228315,114311, 569227,099147,632
71, 45970,85959,079
' Revised. i First transaction Mar. 21, 1916.NOTE.—For statistics of gold earmarked abroad for account of Federal Reserve banks see table 50, note 1.
No. 53.—GOLD MOVEMENTS TO AND FROM UNITED STATES, BY COUNTRIES,
1930-33[In thousands of dollars; $l = 25$io grains of gold Ho fine; i.e., an ounce of fine gold=$20.67]
IMPORTS
From— 1930 1931 1932
EXPORTS
1930 1931 1932 1933
BelgiumFranceGermanyGreat BritainItalyNetherlandsSpainSwedenSwitzerlandCanadaCentral AmericaMexicoWest IndiesArgentinaBoliviaBrazilChileColombiaEcuadorPeruUruguayVenezuelaAustraliaBritish IndiaChinaDutch East Indies...Hong KongJapanNew ZealandPhilippine Islands.._Allother.
61332714
1793
502
43,6181, " -
20, 8052,184
20, 2722,730
87,776438
9,09'1,5516,8968,3544,747
54
2419, 39437, 0737,015
9
405,571
5581, 252
1,09025, 319
10, 3261, 752
12, 286156, 609 199;
2203,715
127
141, 2631516
26015,1161,0157,5226,0801,0732,6438, 064
19, 6834,870
14,641"1,328
1853,740
893
1,03116,649
38268,718
18,69015
30, 0791,071
55, 2041
19, 34722
28:64, 757
1,39220,4073,784
13,00019
1,3121,6243,2421, 0533,2424,3841,7707,510
26, 59623, 2S0
2,90115,76349, 720
1,6817,0523,055
20,141850
4,859525
14105
~2,~33797
1,0071,537
"~5063,176
25,6295,931
8016,8906,702
1876,023
155
Total 396, 054 612 119 363, 315 193,197
BelgiumC zechoslo vakiaFranceGermany .,Great Britain ___ItalyNetherlandsNorwayPoland and Danzig..PortugalSwedenSwitzerland— ._CanadaCentral AmericaMexicoArgentinaEcuadorPeru..VenezuelaDutch East Indies...Hong KongJapanTurkeyAll other
15,60740
83,602 8956,504
73,808 363,908 458,298 246,113201 1,047 13,738289 219 15,132
3, 000 5,320 1071 50,327 115,277
36, 746
41550
6202,
3519,823 118,
116100
3,052
3,60348,82624,04411,4456,100
2,386
96550
401
1,08252
1,560184
3320
91,660
126
6025,002
11,631247
6579
1524
150
8342
3,004229 63 864
Total. 115, 967 466, 794 809, 528 366, 652
Back figures.—See Annual Reports for 1929 (table 28), 1925 (table 102), and 1921, p. 13. For figures bymonths see Federa ]Reserve Bulletin.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
140 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 54.—GOLD MOVEMENTS TO AND FROM UNITED STATES, BY MONTHS, 1924-33l
[In thousands of dollars]
Year and month Imports ExportsNet im-ports orexports
()Year and month Imports Exports
Net im-ports orexports
1924JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember...OctoberNovember. _December—
Total..1925
JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. .OctoberNovember..December
Total..1926
JanuaryFebruaryMarchAprilMay—June...July.—AugustSeptember...OctoberNovember. _.December....
Total..1927
JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember...OctoberNovember...December
Total..1928
JanuaryFebruaryMarchAprilMayJuneJuly.AugustSeptember. .OctoberNovember. _December...
45,13635, 11134,32245,41841, 07425,18118,83418,1506,65619, 70219,86210,274
319, 721
5,0383,6037,3378,87011, 3934,42610, 2044,8624,12850, 74110,4567,216
128,273
19,35125,41643,41313,1162,93518,89019,82011,97915,9878,85716,73817,004
213, 504
59, 35522,30916, 38214, 50334,21214, 61110,7387,87712,9792,0562,08210,431
207, 535
38, 32014, 6862,6835,3191,968
20, 00110,3312,4454, 27314, 33129, 59124, 950
Total - 168,897
281505817
1,391593268327
2,3984,5804,1256,68939,675
44,85534,60633, 50544, 02740,48124,91318, 50715, 7522,07615, 57713,173
-29,401
61,648 258, 073
73, 52650,60025,10521,60413,3906,7134,4172,1366,78428,03924,3605,968
-46,997-17,768-12,734-1,997-2,2875,7872,726
-2,65622, 702
-13,9041,248
262, 640 -134,367
3,0873,8514,22517,8849,3433,3465,069
29, 74323, 0811,1567,7277,196
16, 26421, 56539,188- 4 , 768-6,40815, 54414,751
-17, 764-7,0947,7019,011
115,708 97, 796
14,8902,4145,6252,5922,5101,8401,8031,524
24,44410, 69855, 26677,849
44,46519,89510, 75711,91131, 70212, 7718,9356,353
-11,465-8,642
-53,184-67,418
201, 455 6,080
52, 08625,80697,536
99,93274,1901,6983,810
99222, 9161,636
-13, 766-11,120-94,853-91,150-81,721-79,931-63,859
747463
13,3396,676
23,314
560, 759 -391, 862
1929JanuaryFebruaryMarchApril.MayJuneJuly__AugustSeptember. _.OctoberNovember. _.December
Total . .
1930JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember-..OctoberNovember. _.December.—.
Total. .
1931JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember...OctoberNovember. _.December. _ _
TotaL.
1932JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December.. _
Total-
1933JanuaryFebruaryMarchAprilMayJune . . -JulyAugustSeptember. _OctoberNovember. .December...
Total-
48,57726,91326,47024,68724, 09830,76235,52519,27118,78121,3217,1238,121
291,649
12,90860,19855, 76865,83523, 55213,93821,88919,71413, 68035,63540,15932, 778
396,054
34,42616,15625,67149,54350,25863,88720, 51257, 53949, 26960,91994,43089, 509
612,119
34,91337, 64419, 23819, 27116, 71520,07020,03724,17027,95720,67421,756100,872363,315
128,4792 39,2972 6, 0486,7691,7851,1361,4961,0851,5451,6962,1741,687
193,197
1,3781,4251,6351,594467550807881
1,2053,805
72,547
47,19925,48824,83523,09i323, 63030, 21234,71818,39017, 57617, 516
-23,166-64,426
116, 583 175,066
8,9482072901108226
41, 52939,33211,1339,2665,008
36
3,96059,99155, 47865, 72523,47013,912
-19, 640-19, 617
2, 54726,36935,15132, 742
115,967 280,087
5414262762840
1,00939
28,708398, 6044,99432,651
34, 37216,14225,64549, 51649,63063, 84719, 50357, 50020, 561
-337, 68589,43656,858
466,794 145, 325
107,863128, 21143,90949, 509212,229226,11723,47418,067
60611613
-72,951-90,567-24, 671-30, 239-195, 514-206, 047-3,4376,10327,89720, 61321, 740100,859
809,528—14
21, 52128,12316, 74122,9254,380
85, 37581,47358, 28134,0462,95710, 815
-446, 214
128, 465217, 776
2 -22, 075-9, 972-21,140- 3 , 243
-83, 879-80, 388-56, 736-32, 350
-783-9,128
366, 652 -173,455
1 With some exceptions figures represent customs valuations at rate of $20.67 a fine ounce.2 Differs from Department of Commerce figure since $8,900,000 declared for export on Feb. 28 was not
actually taken from the Federal Reserve bank of New York until Mar. 1.
Back figures.—See Annual Report for 1927 (table 20).Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
MONEY IN CIRCULATION
141
No. 55.—UNITED STATES MONEY IN CIRCULATION,1 BY MONTHS, 1914-33[In millions of dollars. For figures by weeks, see tables 3 and 4]
End of month
End of month figures
1914 1915 1916 1917 1918 1919 1920 1921 1922 1923
JanuaryFebruary. _MarchAprilMayJune.JulyAugustSeptember.OctoberNovember.December..
3,5023,5033,5083,5303,5333,4593,3943,5413,7323,7443,4103,319
3,2533,2423,2643,2843,317
3,3233,4023,4553,5193,5443,589
3,5923,6033,6133,6213,5853,6493,6583,7373,8223,8763,8773,966
4,1204,1734,1944,256
2 4,0663,973
4,0514,1074,2524,373
4,1364,3154,3964,4344,4164,4824,5644,7765,0275,1455,1955,238
4,9194,9224,9484,9434,9184,8774,8704,9485,0375,1275,2695,378
5,1775,3605,3915,4095,4525,4685,4545,5485,616
5,6435,612
5,3035,2735,1245,0805,0154,9114,7974,7404,7444,6954,6514,690
4,4414,4914,4974,4684,4554,4634,4244,4804,6084,6464,7044,817
4,6144,7034,7474,7594,7974,8234,7874,8764,9454,9295,0185,044
End of month 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933
January. __February..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.
4,7774,8874,8994,8534,9054,8494,7564,8594,8634,9425,0525,047
4,8024,8484,8114,7824,8374,8114,7924,8664,9164,9695,0445,104
4,8414,9044,8604,9074,9234,8854,9094,9304,9785,0215,0375,095
4,8464,8854,8624,8914,8934,8514,8464,8544,9484,9464,9525,003
4,6774,6904,7494,7484,7444,7974,7014,8034,8464,8064,9904,973
4,6574,6984,7484,6764,7384,7464,7174,8404,8194,8384,9294,865
'4,562* 4, 5794,5494,4764,5514,5224,4264,5334,5014,4934,6604,890
4,6104,6204,6084,6524,7024,8224,8375,0525,2465,5405,5365,647
5,6415,6045,4595,4655,4805,6955,7265,6925,6535,6285,6485,675
5,6456,5456,3206,0035,8125,7215,6305,6125,6505,6355,7425,806
MonthAverages of end of month figures Averages of daily figures
1914 1915 1916 1917 1918 1919 1920 1921 1922 1923
JanuaryFebruary. _MarchAprilMayJuneJuly -AugustSeptember.OctoberNovember.December..
3,4973,5023,5063,5193,5313,4963,4263,4673,6373,7383,5773,365
3,2863,2473,2533,2743,3003,3183,3213,3633,4293,4873,5323,567
3,5913,5983,6083,6173,6033.6173,6533,6973,7793,8493,8773,922
3,9784,0554,1474,1844,225
2 4,1614,020
»4,001«4,061s 4,1523 4,2033 4,342
4,3064,2804,3734,4234,4014,4484,5204,6664,9115,1345,1835,243
5,0504,9324,9424,9704,9414,8914,8964,9134,9895,1065,2085,342
5,2315,2855,3985,3725,4145,4485,4785,5095,6005,6735,6625,658
5,4015,2635,2045,0785,0424,9364,8574,7714,7524,7214,6734,718
4,5274,4514,4834,4824,4504,4294,4434,4484,5524,6434,6714,827
4,6794,6724,7134,7314,7644,7794,8124,8334,9014,9414,9535,071
Averages of daily figures
Month1924 1925 1926 1927 1928 1929 1930 1931 1932 1933
January...February.MarchAprilMayJuneJulyAugustSeptemberOctober. _.November.December.
4,8474,8324,8704,8864,8664,8304,8104,8004,8534,8914,9705,088
4,8634,8054,8154,8034,7914,7904,7944,8174,9084,9454,9605,119
4,8914,8544,8644,8824,8714,8814,9164,9124,9695,0015,0055,131
4,9044,8434,8564,8794,8604,8314,8514.8494,9174,9344,9365,048
4,7854,7094,7104,7304,7224,7364,7464,7434,8044,8364,8605,008
4,7484,6864,7094,6794,6844,6874,7644,7774,8114,8104,8454,943
4,6524,5544,4324,5184,4974,4894,4834,4764,4934,5014,5284,823
4,6954,5984,5904,6474,6794,7504,8364,9475,1335,4785,5185,611
5,6455,6275,5315,4525,4565,5305,7515,7195,6855,6435,6435,699
5,6315,8926,9986,1375,8765,7425,6755,6165,6325,6565,6815,811
rRe vised.1 Money outside Treasury and Federal Reserve banks (prior to November 1914, money outside Treasury).»Figures prior to June 21, 1917 (when legislation became effective changing reserve requirements of
member banks), while comparable with one another, are not strictly comparable with those for succeed-ing dates; the transfer to the Federal Reserve banks of that part of legal reserves of member banks formerlyheld in own vaults reduced the volume of money outside Treasury and Federal Reserve banks (see note1). The increasing membership of State banks in the Federal Reserve System after June 1917, had a similareffect upon the figures.
^Averages of daily figures.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 56.—KINDS OF MONET IN CIRCULATION, 1931-33[Money outside Treasury and Federal Reserve banks. In thousands of dollars] bo
End of month Total Goldcoin
Gold cer-tificates
Standardsilverdollars
Silvercertifi-
Treasurynotes of
1890
Subsidi-ary
silverMinorcoin
UnitedStatesnotes
FederalReserve
notes
FederalReserve
banknotes
National-banknotes
1931—JanuaryFebruary...MarchAprilMayJune__JulyAugustSeptember..OctoberNovember..December..
1932—JanuaryFebruary.. .MarchAprilMayJuneJulyAugustSeptember-OctoberNovember-December. .
1933—-JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember.OctoberNovember..December. .
4,609,6874,620, 4144,607,9144,652,4144,702,2754,821,9334,837,0855,052,0275, 246,0645, 540,0165, 536,1435, 646,7735, 641, 2055, 603, 5435,459,0855,464,6275,479, 6275, 695, 0905, 726, 2625,692,0545,653,3505,627, 5815,647, 5705,674,9415, 644, 6196, 545, 0686, 319, 5156,003, 4735,812, 3205, 720, 7645, 629,8535, 612,1225, 649,9145, 634, 6035, 742, 4935,805,604
357,565355,912353,647352,055352, 525363,020362,782362,983376, 312387,051382,841408, 626406,897
403, 586411,047435, 328452, 732454,060449,451444,942444, 786454,451468,479478,745571,066366,501334, 792323,881320,939319, 664318,518312, 431311,954311,036310,684
1,055,7401,060,9221,047,3271,034,6331,020,452996, 510975,947989,272
1,036,668971,928927,930876, 769850,248820,128779,362757, 511734,944715,683694,046669,307644,253623,977635,076600,671591,320649,239
i 393,499323,286280,017265,487252,161242,481232,112224,626219,391212,883
35,05034,86434,67934,33834,29934,32633,95333,75633, 68133, 26633, 22732, 79431,59631,19630,77330, 39330,13930,06529, 74929, 72729,42129,31029,38729,17728, 27528, 39028,34727,94427,94827,99528,22928,32128, 42228,53428,91629,338
371,830373,179372,030374,779380,103377,149375,447380, 374382,157387, 559386,701389,088366, 771362,917355,495355, 707354,821352, 605350,792349,986358,631360, 575360,660371,095350, 217362,436376,185360, 448358,814360,699365, 341371,898385, 302387, 340393, 784406, 919
1,2451,2441,2431,2421,2401,2401,2391,2371,2361,2331,2321,230
1,2291,2281,2261,2241,2231,2221,2211,2201,2191,2191,2171,217
1,2151,2151,2141,2081,1851,1861,1991,1981,1971,1971,1961,195
269,814269,650270, 596271, 504272,867273,147270,856270,876272, 706271,459271, 719270, 591260, 436260,078258,805256, 717256,895256, 220254,030255,004256,660257,457258,366257,754250,471252,109258, 284255,118256, 264256,865258, 082261,168264, 667267, 385269,080271,646
116,188115,988116,383116, 707117,071117, 393117,059116, 751117,052116, 831117,043117,167114, 581114,241114,067113,663113,634113,619112, 729112,903112,851113,069113,416113,260111,466111, 478112, 220111, 700112,182112,532112,883113,897114, 783115,651116, 552117, 314
288,972295,260289,452294, 747299,619299,427301, 275300, 692299,175299,606294,447287,811281,691279,823274,199281,934290,017289, 076
284,997286,066289,171291,196294,421286,967300, 558265,827261, 498265,101268,809275,143277,343279,938276, 628285,401285,663
1, 470,2311,460,9451,471,0901, 518,1751, 566,4801,708,4291, 748, 7091,947, 2312,079,5752,411, 5652,463, 2822,603,4542,647,8522,633,6332,545,9432,550,6912,557,9112,780,2292,838,1632,793,1172,731,3602,688,7792,674,7352,715,7132, 706, 9023,404,9473, 621, 4393, 362,0563,166, 7493,060, 7932,973,7862,952, 5202, 965,9602, 930,1462,998,0263,043,883
3,0202,9892,9722,9552,9452,9292,9152,9042,8912,8612,8522,8382,8202,8092,7922,7732,7622,7462,7272,7012,6912,6782,6682,658
2,6442,63617,19150,38698,639125,845129,238133,449156,129188,526205,827208,191
640,031649,459648,495651,278654,673648,363646,902645,950644,611656,656654,868656,404
677,084691,152692,838702,966701,954700,894699,847743,640785,256816,561826,396820,497836, 397860,994878,808915, 037921, 540919, 614914,127911, 329908,973902,616913,284917,888
i The private holding of gold coin and gold certificates became illegal with minor exceptions as to numismatic collections as a result of a series of Executive and Treasury ordersincluding those of Apr. 5, Aug. 28, and Dec. 28, 1933.
Back figures.—See Annual Reports for 1932 (table 52), 1930 (table 32), and 1927 (table 22).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISCOUNT RATES AND MONEY RATES
143
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNUAL KEPOET OP THE FEDERAL RESERVE BOARD
DOMESTIC MONEY RATES
No. 57.—FEDERAL RESERVE BANK DISCOUNT RATES
[Percent]
145
Date effective
In effect Jan. 1,1930
1930—Jan. 16 _.Feb. 7Feb. 8Feb. 11.—Feb. 13- _._.Feb. 15- __Mar. 14Mar. 15Mar. 20Mar. 21Apr. 8 _Apr. 11Apr. 12Apr. 15_May 2May 8June 7June 20June 21July 3July 12July 18Aug. 7Aug. 8Aug. 15Sept. 9 . .Sept. 12..Dec. 24Dec. 29
1931—Jan. 2 _Jan. 8Jan. 9 .._ ._Jan. 10May 7May 8 .May 9Mayl5_ _May21__.May 22. ._Oct. 9Oct. 10. . . .Oct. 16. _Oct. 17™Oct. 20.Oct. 21Oct. 22.Oct. 23.Oct. 24. -__Nov. 14
1932—Jan. 25Jan. 28Feb. 26.June 24_June 25__
Federal Reserve Bank
Bos-ton
NewYork
Phila-del-phia
Cleve-land
Rich-mond
At-lanta
Chi-cago
St.Louis
Min-ne-
apolis
Kan-sas
CityDal-las
SanFrancisco
A. Rates on rediscounts for and advances to member banks under sees. 13and 13 (a) of the Federal Reserve Act. Changes from Jan. 1, 1930, toDec. 31, 1933
4K
4
3
2K
2
2 i ^
4
3V
3
2
\y2
2 i /
3 1 /
3
5
iy2
4
3H
3
5
4H
4
3H
3
2H
3
5
4K
4
ly2
3
4
4
3
%y2
4
V/2
3
2H
3 1 /
2V,
5
4K
4
giZ
3
2H
0 1 /
5
4
zy2
4
3
0 1 /
5
4V4
4
0 1 /
3
4
0 1 /
4
VA
3
2M
3H
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
146 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 57.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued
[Percent]
Date effective
1933—Mar. 3Mar. 4Apr. 7__ -May 26May 27June 1June 2June 8__June 10__Oct. 2O.-_Oct. 21Nov. 2Nov. 3Nov. 16
In effect Dec. 31,1933
1933—Jan. 1 iJuly 6July 7 .July 1 2 . . - -July 14July 15Aug 5Oct 2Oct 16Oct 19Oct. 20.. .Oct. 21Dec 9
In effect Dec. 31, 1933
1933—Mar 27Mar 29Mar 31Apr 1Apr 3Apr 6Apr 10Apr 12Apr 15May 3May 4July 6July 7July 12..July 14July 15Aug 5Oct 2Oct 16Oct 19Oct. 20Oct 21Dec 9
In effect Dec. 31, 1933
Federal Reserve Bank
Bos-ton '
New *Fork del- *
phia31eve-land
Rich-mond
At-lanta
Chi-cago
St.Louis
Min-ne-
apolis
Kan-sas
CityDal-las
SanFran-cisco
A. Rates on rediscounts for and advances to member banks under sees. 13and 13 (a) of the Federal Reserve Act. Changes from Jan. 1, 1930, toDec. 31, 1933—Continued
3
2 i /
2H
33/
3
2
2
3
2iz
CO
2V2
2* m
31 /
3
2\4
2X
3
3 3H VA VA
3
2H
B. Rates on advances to member banks under Sec. 10 (b) of the FederalReserve Act
5
4M
4
4
5
4
4
5
4H
4
4
5
4 1 /
4
4
5
5
5
4 ^
4H
5
4 ^
4
4
5
4H
4H
5
5
5
5
5
4M
«x
5
4H
4
4
C. Rates on advances to nonmember banks and trust companies under sec.404 of the act of Mar. 9, 1933, as amended by the act of Mar. 24, 1933
5
4M
4
4
5
±Y
4
4
5
43
4
4
5
414
4
4
5
5
5
43^
1
5
4M
4
4
5
5
5
5
5
5
5
43^2
5
4H
4
4
1 A general rate of 5 percent was adopted effective Jan. 1,1933, prior to which time the rate of bxA percentwas specified for each advance made under sec. 10 (b).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DOMESTIC MONEY BATES 147
No. 57.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued
[Percent]
Date effective
1039—Auff 10Aug 11 -Aug. 12Aug 13Aug. 20 .-Sept 2Sept 8 - -
In effect Dec. 31, 1933 ,
Federal Reserve Bank
Bos-ton
NewYork
Phila-del-phia
Cleve-land
Rich-mond
At-lanta
Chi-cago
St.Louis
Min-ne-
apolis
Kan-sas
CityDal-las
SanFran.Cisco
D. Rates on discounts for and advances to individuals, partnerships, andcorporations under the third paragraph of sec. 13 of the Federal ReserveAct, as amended by sec. 210 of the act of July 21, 1932
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
E. Rates on advances to individuals, partnerships and corporations, securedby direct obligations of the United States, under the last paragraph of sec.13 of the Federal Reserve Act, as amended by sec. 403 of the act of Mar. 9,
1933—Mar 13Mar 14Mar. 15 - . - -Mar 16Mar 23Apr. 15 . . , .Oct 2Oct 16Oct. 19Oct 20Oct. 21 _
In effect Dec. 31,1933
W66
4M
4
4
4M
4
4
4H
4
4
4
4
4H
4H
4K
434
4
4 4K
4H
4M
4H
4M
4K
4
4
Back figures.—See Annual Report for 1931 (table 36); for years previous to 1922, when different rateswere generally in effect for different classes of bills, see Annual Reports, Federal Reserve Bulletin, andpamphlet issued by the Board in 1922, Discount Rates of the Federal Reserve Banks, 1914-21.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
148 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 58.—FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES1—CHANGES FROM JAN. 1, 1929, TO DEC. 31, 1933
[Buying rates at the Federal Reserve Bank of New York. Percent]
Date effective 1 to 15days
16 to 30days
31 to 45 46 to 60days
61 to 90 91 to 120days
121 to 18adays
In effect Jan. 1, 1929.
1929—Jan. 4. . . .Jan. 21...Feb. 15..Mar. 21..Mar. 25..July 12..Aug. 9...Oct. 25. .Nov. l._.Nov. 15..Nov. 21..
1930-Jan. 31Feb. 11Feb. 24Mar. 5Mar. 6Mar. 11 . . . .Mar. 14Mar. 17.....Mar. 19Mar. 20.....May 1May 2May 8May 19June 3June 5June 16June 20June 30July 21Dec. 24
1931—Jan. 16...Jan. 26...Apr. 9 . . .Apr. 2 1 . .Apr. 27..May 5 . . .M a y 6 . . .M a y 8 —May 13..May 19..Sept. 25..Oct.9__.Oct. 13._Oct. 16. _Nov. 20-
1932—Jan. 12...Feb. 26..Mar. 25..June 24_.
1933—Feb. 16..Feb. 27..Mar. 1...Mar. 2...Mar. 3 . . .Mar. 13_.Mar. 17-.Mar. 20..Mar. 22..June 29..Oct. 20__
In effect Dec. 31, 1933..
5
t%50i*K4
5
f54%
3i3X4
2X
1%
"ill
l%
m
"IHm
3
X
1\2
32Y*21
H
. . .
iI-2H*V3
2^2^21/
i\2
m3
2
V2
3]33'2V*21
&A
5 8
4%
2M2V2
2
1M
2M
"2
mmIX
mm mm
3 2\i
23M3K32lA21
- lAV2
l
2
X
IK
'm
32%2AIX
2%2H
334. . . . .
2%
134
"VA
3tt
3H3
A3M
IK
1 Rates on prime bankers' acceptances.2 Rate for 76 to 90 days 2 percent.3 Rate for 76 to 90 days 234 percent.
Back figures.—See Annual Report for 1928 (table 35).
Higher rates may be charged for other classes of bills.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DOMESTIC MONEY BATES 149
No. 59.—AVERAGE RATES EARNED BY FEDERAL RESERVE BANKS ON BILLS ANDSECURITIES, 1920-33
[Percent]
Month
Total bills andsecurities:
January....February. _MarchApril
MayJune . _July . . . .August
September.October....November.December..
Year
B i l l s d i s -counted:
JanuaryFebruary __MarchApril
MayJuneJulyAugust
September .OctoberNovember.December..
Year
Bills bought:JanuaryFebruary. _March .April
MavJuneJulyAugust
September .OctoberNovember.December..
Year
U. S. Govern-ment securi-ties:
JanuaryFebruary. _MarchApril
MayJune.. .JulyAugustSeptember.OctoberNovember.December..
Year
1920
4.464.885.125.23
5.365.515.725.81
5.815.945.985.98
5.50
4.715.205.475.58
5.665.896.136.19
6.226.356.416.42
5.88
4.795.065.475.70
5.775.986.076.07
6.066.076.036.05
5.66
2.182.172.102.10
2.222.242.152.22
2.272.202.172.43
2.21
1921
5.885.925.905.85
5.795.675.605.42
5.355.254.994.74
5.61
6.306.376.366.32
6.296.206.095.91
5.855.695.395.11
6.07
6.145.996.015.97
5.985.975.965.36
5.335.044.914.50
5.70
2.132.112.242.15
2.492.402.312.33
2.492.382.682.92
2.37
1922
4.624.474.344.25
4.083.983.903.85
3.843.884.004.06
4.11
4.994.904.834.75
4.684.614.504.47
4.424.364.294.29
4.63
4.444.254.063.83
3.503.293.183.11
3.113.243.593.84
3.54
3.163.583.723.77
3.703 673.633.60
3.653.713.783.79
3.67
1923
4.034.134.264.32
4.354.364.424.42
4.414.444.404.38
4.33
4.264.244.454.49
4.504.504.504.50
4.504.504.504.50
4.46
4.014.094.104.08
4.114.144.184.19
4.194.194.184.20
4.14
3.743.963.994.11
4.174.024.174.15
4.074.214.184.03
4.01
1924
4.394.364.304.34
4.264.033.803.67
3.453.303.213.17
3.83
4.504.504.504.50
4.454.354.113.99
3.853.753.693.59
4.25
4.204.184.174.17
4.053.662.802.49
2.222.202.232.46
3.31
4.264.174.044.14
4.053.793.683.57
3.463.443.463.39
3.67
1925
3.273.323.413.49
3.503.503.523.55
3.563.593.613.68
3.51
3.553.423.603.66
3.693.693.683.68
3.663.663.713.84
3.67
2.702.883.063.13
3.163.173.193.24
3.323.373.403.43
3.17
3.513.593.503.58
3.573.533.543.54
3.553.623.623.63
3.56
1926
3.733.803.803.81
3.723.663.653.67
3.773.833.843.83
3.76
3.913.994.003.98
3.873.883.853.91
3.994.004.004.00
3.95
3.463.553.613.63
3.523.373.333.32
3.503.673.753.76
3.55
3.693.713.603.65
3.613.563.553.52
3.533.623.613.55
3.60
1927
3.803.763.753.75
3.783.723.733.58
3.453.393.333.34
3.60
4.004.004.004.00
4.004.004.003.83
3.623.523.513.51
3.83
3.733.703.683.67
3.653.663.673.51
3.313.193.193.20
3.49
3.553.533.493.48
3.543.463.433.37
3.373.383.273.28
3.41
1928
3.363.523.633.74
3.964.244.394.63
4.674.694.684.70
4.24
3.503.773.954.01
4.204.454.604.87
4.904.924.924.93
4.56
3.213.283.383.52
3.723.844.014.34
4.504.564.564.56
3.97
3.353.443.443.46
3.533.683.673.69
3.833.944.054.05
3.64
1929
4.734.764.804.88
4.894.894.945.02
5.105.064.844.48
4.S6
4.994.924.924.98
4.954.985.005.16
5.275.205.044.86
5.03
4.624.804.985.30
5.505.485.445.13
5.115.215.224.60
5.00
4.013.913.993.91
3.934.064.054.00
4.093.993.933.69
3.93
1930
4.224.053.783.54
3.403.233.002.86
2.722.692.642.61
3.25
4.804.594.324.11
3.813.753.653.46
3.423.383.283.23
3.93
4.194.033.723.25
2.962.592.101.93
1.921.941.911.87
2.85
3.623.643.523.43
3.343.152.972.88
2.752.692.632.57
3.06
1931
2.512.482.262.08
2.001.891.992.01
1.961.972.332.67
2.20
3.112.982.922.92
2.772.642.592.49
2.522.733.363.48
3.01
1.931.851.641.52
1.341.203.703.91
2.771.701.912.39
2.04
2.472.412.192.02
1.941.791.641.50
1.451.541.631.95
1.86
1932
2.963.023.022.89
2.472.232.132.11
2.101.961.901.77
2.33
3.523.543.453.43
3.443.453.363.36
3.353.363.363.36
3.43
3.603.883.974.75
4.873.653.044.14
4.464.314.354.18
3.93
2.142.222.492.47
2.051 821.731.76
1.791.661.601.48
1.84
1933
1.801.842.152.08
2 ?,72.182.031.95
1.871.851.811.91
1.98
3.343.253.273 04
3.103.012.832.53
3.013.853.242.88
3.23
4.351.761.261.46
1.812.902.424.39
3.292.42.36.50
1.49
1.531.601.731.94
2.132 061.961.89
1.791.741.751.81
1.83
Back figures.—See Annual Report for 1929 (table 34).
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150 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No, 60.—OPEN-MARKET RATES IN NEW YORK CITY, BY MONTHS, 1929-33
[Percent per annum]
Month
Prevailing rate o n - Average yieldon 2—Average rate on i—
Primecommer-
cialpaper,
4-6months
U.S.Treas-
urybills,
3months«
Primebankers'accept-ances,
90 days
Timeloans,
90 days 3
6.947.479.809.468.797.839.418.158.626.105.404.88
7.057.069.108.898.917.709.238.238.506.435.444.83
4.845.155.345.455.485.495.165.135.135.014.233.90
4.664.394.604.805.094.804.554.704.584.373.473.03
4.314.283.563.793.052.602.182.222.172.002.002.27
4.644.323.694.003.122.622.202.212.192.002.002.23
2.612.502.502.502.502.502.082.002.001.351.001.00
2.652.502.502.502.502.502.082.002.001.351.001.00
1929—January—February-MarchAprilMayJuneJulyAugustSeptember.October. __November.December.
1930—January _._February..MarchAprilMayJuneJulyAugustSeptember.October . . .November.December.
1931—January...February..MarchAprilMayJuneJulyAugustSeptember,October...November.December.
1932—January-February-.MarchAprilMayJuneJulyAugustSeptember.October...November.December.
1933— J a n u a r y -February. .MarchAprilMayJuneJulyAugustSeptember.October...November.December.
kVA-VA
1 Monthly averages of daily quotations.2 For yield on Treasury bonds see table 114.3 Stock exchange 90-day time loans.4 Stock exchange call loans; new and renewal rates.^Average rate of discount on issues sold by U.S. Treasury within month.^Negative yield.Back figures.—See Annual Reports for 1932 (table 56), 1928 (table 39), and 1927 (table 28).Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DOMESTIC MONEY BATES 151
No. 61.—OPEN-MABKET RATES IN NEW YORK CITY, BY WEEKS
[Percent per annum]
Week ending (Satur-day)—
Prevailing rate o n -
Primebankers'accept-
ances, 90days
Timeloans, 90
days3
Average rate on *—
Call loans«
New Renewal
Primebankers'accept-ances, 90
days
Average yield on *
U.S.Treasury
bills,3
months«
U.S.Treasurynotes and
certifi-cates, 3-6months
1933Jan. 7Jan. 14Jan. 21Jan. 28Feb. 4Feb. 11Feb. 18Feb. 25Mar. 4Mar. 11Mar. 18Mar. 25Apr. 1Apr. 8Apr. 15Apr. 22Apr. 29...May 6May 13May20._May 27June 3__June 10..June 17June 24July 1July 8July 15July 22July 29Aug. 5Aug. 12Aug. 19Aug. 26Sept. 2Sept. 9Sept. 16Sept. 23Sept. 30Oct. 7Oct. 14Oct. 21Oct. 28Nov. 4Nov. 11Nov. 18Nov. 25Dec. 2Dec. 9Dec. 16Dec. 23Dec. 30
1X1H1H-IXiH'A
lX-i.
1X-1HiHr'
K
%l*i300
2Jfr*
1.001.00.00.00.00.00.00.00
2.06(5)4.313.003.001.911.251.00].001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.00.85.75.75.75.75.75.75.75.75.75.75.75.75.75.82
1.001.001.00
1.001.001.001.001.001.001.001.001.80
(s)4.753.103.002.101.381.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.001.00.85.75.75.75.75.75.75.75.75.75.75.75.75.75.80
1.001.001.00
0.38.38.38.25.25.28.41.62
1.98(•)3.432.00
2.001.50.68.55.53.50.50.50.50.44.38.38.38.38.41.50.50.50.50.50.50.43.30.25.25.25.25.25.25.25.25.25.31.38.48.53.63.63.63.59
0.20.24.18
.18
.23
.55
.99
1.831.721.35.77.49.51.49.48.45.42.32.27
.74
.73
0.12.16
().03.52
(7)U.40
1.381.27.79.20.41.41.39.34.21.23.15.08
8.08.05.06.09.25.25.13.08
0
0000
8.01.10.06.04.01.07.18.15.16.25.28.21.40
8.25.25.25
1 Weekly averages of daily quotations.2 For yield on Treasury bonds see Federal Reserve Bulletin for June 1934, pp 322-323.* Stock exchange 90-day time loans.* Stock exchange call loans; new and renewal rates.* Average rate of discount on issue sold by U.S. Treasury within week.«Negative yield.» Bank holiday, markets closed.* Change of issue on which yield is computed.
Back figures.—See Annual Reports for 1932 (table 57), 1931 (table 40), etc.
49753—34 11Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
152 ANNUAL BEPOET OF THE FEDERAL RESERVE BOARD
No. 62.—MONET RATES IN NEW YORK CITY—PREVAILING RATES CHARGEDCUSTOMERS, 1929-33
[Rates prevailing during 7-day period ending with 15th of month. Percent per annum]
MonthPrune
commer-cial
loans
VA53
5Ji2~5^5 ^
59^-6534-65^-6
66
6 - 6 ^534-6
5 ^
h\i-f>Y>5 -oJ4434-54^-494
4 7 - 4 ^4 -43^4 -4J4
43^4—4
3^-43^-4
3/2-4
31/4-43J4-43 -43H-43^-43 -43 -43 -41/24 -54 -5
4 -54 -54 -54 -54 -4H4 -43/24 -4344 -4M3 -43^3 -4343 -43 -4
3 -43 -4434-5334-434334-43 -43 -33^3 -33423,-^-33^23^-31^2 -3M134-334
Inter-bankloans
5J^-653^2-6
5^-65^-6
5^1-666
6 -6M5K-65^-6
5H-65 -5H494-5#4^i-5
4 "-54 - 4 ^4 - 4 ^4 -4H4 - 4 ^4 - 4 ^4 -4\i
3H-54 -4H3H~54 - 4 ^4 -4^24 -4144 -54 -41/2
4 -43^4 -54^-54^-5
4H-5H43^-54^-54^-543^-543^-54 -4K4 -54 -54 -54H-5
4 -54 -4%4^-54 -54^-54 -54 -533^-43^33^-53^-53^-4^
Loans secured bystocks and bonds
Demand
53^-65^-6
6666666
6 - 6 ^6
5M-6
594-65^-65 -64^-5H
4^-54 -54 -54 -54 -54 -54 -5
m-54^-54^-54^-54^-54^-54 -54 -4}.i4 -43^4^-5
4^-5
4H-5H43^-53^4^-5^43^-54H-54 -54^-54 -54 -54 -54 -5
4 -54 -541^-51^4 -54^-54 -54 -54 -54 -54 -54 -43^4 -5
Time
5^-65^-6
6666666666
5^-6
5 -65 -5H
4^-543-4-54^-54 -54 -54 -54 -5
4^-543^-541/2-54H 543^-54 -54 -54 -54 -4i/24^-54^-54>i-5
4H-5H43^-53^24^-5 i
4^-5 2
4 2-54^-54 -54 -54 -54 -5
4 -54 -54//2~5/^4x2—5
4^-54H-54 -54 -54 -54 -5
4 -43J
Loanssecured
by ware-house
receipts
5^-6
5^1-666666666
534-6
5H-65 \\ -65 -5 \i
4 H-.64H-54 -5
4H-54 -54 - 4 ^4 -5
394-5394-53%-4H
31/^-43%-4^3H-431/^-5
4 -4V^4 -54M-5
4H-543^
4)14 -4H4 -4H4 -5
3 -43^3i^;_4i^3 -43^3 -43^
3 -43 -44^;_531^-533 1-43 ' -41 /3 -43^33^-4 M!3 -43^3 - 4 ^3 -42j^>-4
JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember-OctoberNovember-December..
1929
Janua ry . . .February. .March . . ; . . .AprilMay . . .JuneJulyAugustSeptember..OctoberNovember-December. .
1930
JanuaryFebruary ..MarchAprilMayJune . .JulyAugustSeptember..OctoberNovember.December. .
1931
JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember ..OctoberNovember-December..
1932
JanuaryFebruary.. .MarchAprilMayJune !_.JulyAugustSeptember..OctoberNovember..December..
Back figures.—See Annual Reports for 1928 (table 41) and 1927 (table 30).
NOTE.—For corresponding figures relating to cities other than New York, see Federal Reserve Bulletin;also Annual Reports for 1927. pt. II, table 30,1926, pt. II, table 16, and 1925, pt. II, table 12.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DOMESTIC MONEY BATES 153No. 63.—RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES, 1921-33
[Weighted averages of prevailing rates]
New York City:JanuaryFebruaryMarchApril....MayJuneJuly -.AugustSeptember _.OctoberNovemberDecember-_
Eight other north-ern and easterncities:
JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
Twenty-seven south-ern and westerncities:
JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933
6.716.786.706.646.686.436.216.256.115.935.965.68
6.996.956.946.996.946.976.936.596.626.656.326.19
7.107.117.137.127.067.057.047.036.966.856.746.67
5.505.485.435.465.064.935.164.664.704.744.824.86
5.895.775.465.435.435.315.275.125.205.335.44
4.824.914.985.325.275.215.295.185.335.375.395.21
5.345.385.525.495.545.455.475.645.595.575.515.48
6.566.466.356.226.236.136.046.025.945.895.945.90
5.905.915.835.945.925.915.965.985.945.955.995.99
5.215.075.064.984,894.644.214.094.204.414.134.29
5.535.385.375.315.265.125.094.804.4.s:4.804.87
;
4.164.434.534.484.384.364.464.364.574.624.614.70
4.804.794.894.924.954.954.904.985.045.165.205.17
6.025.915. 8U5.895.795.695.635.575.555.475.535.53
I
5.575. 555. 615.615.585.595.595.605.555.535. 555.61
4.644.684.624.624.664.584.384.624.814.854.794.79
5.145.115.155.175.074.874.924.915.085. 155.075.09
4.664.564.564.634.634.604.564.414.444.494.354.50
4.994.984.884.904.954.934.904.874.774.794.824.76
5. 56 ) 5. 725.65 j 5.715.02 5.655.655.615.555.545.565.605.665.675.68
5.575.595.545.525.535.615.565.565. 60
4.564.444.594.724.975.095.385.565.635.635.565.63
4.734.764.814.915.045.365.575.595.805.805. 825.91
5.535.535.545.545.565.675.775.805.825.875.905.91
5.745.735.815.855.885.935.886.056.066.085.865.74
5.875.865.916.006.096.026.086.116.246.256.125.94
5.945.966.046.076.106.166.176.226.276.296.296.20
5.645.355.224.914.744.594.484.414.294.264.174.16
5.885.665.475.225.135.064.814.794.744.754.664.68
6.126.055.985.865.755.695.635.585. 555.545.505.43
4.244.314.204.174.114.134.053.973.934.274.674.64
4.614.634.624.574.554.494.484.474.484.624.874.91
5.505.435.405.365.265.345.305.285.325.385.535.56
4.714.714.724.694.554.614.424.454.304.354.124.22
5.075.135.145.105.145.135.055.125.034.964.88
5.615.615.645.635.645.625.635.685.635.565.555.60
4.124.114.884.334.244.103.933.973.793.763.523.48
4.81?4.845.395.094.994.974.824.684.654.514.544.59
5.605.565.665.685.665.625.545.535.555. £05.425.43
r Revised.NOTE.—Figures relate to rates charged by reporting banks to their own customers (see table 62) as
distinguished from open-market rates, which are given in tables 60 and 61. All averages are based onrates reported for 3 types of customers loans—commercial loans, and demand and time loans on securities.The method of computing the averages takes into account (a) the relative importance of each of these 3types of loans and (b) the relative importance of each reporting bank, as measured by total loans. In thetwo group averages the average rate for each city included is weighted according to the importance of tfcatcity in the group, as measured by the loans of all banks.
Back figures.—See Annual Report for 1931 (table 42).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1 5 4 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
MONEY RATES IN FOREIGN COUNTRIESNo. 64.—DISCOUNT RATES OP FOREIGN CENTRAL BANKS, 1931-33
Date effective
In effect Jan. 1,1931
1931—Jan. 3Jan. 22Jan. 24Feb. 6May 14May 16June 13July 16July 23July 30July 31Aug. I .Aug. 12_.Sept. 2Sept. 21Sept. 25Sept. 28Sept. 29Oct. 6Oct. 8Oct. 10Oct. 19 - . . - .Nov 4Dec. 10 --.
1932—Feb. 18Feb 19 - . .Mar 3Mar 9 . . _MarlO —Mar. 12Mar. 17Mar. 21 . . .Apr. 9Apr. 19—Apr. 21Apr. 28May 2May 12May 17June 3-_June 8 . -June 30Aug. 18Sept 1Sept. 22.
1933—Jan. 9May 12June 1 -- --June 29July 3July 15 -July 29Aug. 15;Sept. 4Sept 19Dec 1Dec. 11 - -- --r--
In effect Dec. 31, 1933
Central bank of—
England
3
2M
3H
6
5
4
3K
3
2H
2
2
France
2
Ger-many
5
710
15108
7
6
5H
5
4
4
Italy
7
6
5
4
3H
3
3
Japan
5.11
5.84
6.57
5.84
5.11
4.38
3.65
3.65
Nether,lands
3
2 i /
2
3
2H
VA
VA
43H3
VA
Sweden
3K
3
4
568
7
6
5H5
f*
VA
! oo
j
- - 2 H
2H
Switzer-land
2
. . . . . . . . .
2
Back figures.—See Annual Reports for 1930 (table 40) and 1928 (table 42).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY RATES IN FOREIGN COUNTRIES 155
No. 65.—OPEN-MARKET RATES IN FOREIGN COUNTRIES, BY MONTHS, 1929-33
Month
England(London)
Bankers'accept-ances, 3months
4.325.055.335.215.215.325.385.475.596.135.354.76
4.073.822.782.482.162.312.372.212.072.092.182.30
2.252.562.602.582.242.092.584.284.745.685.755.85
5.524.632.592.191.441.05.92.74.67.82.89
1.02
.87
.83
.62
.59
.50
.50
.48
.41
.44
.791.051.06
France(Paris)
Privatediscount
rate
3.503.393.373.443.493.503.503.503.503.503.503.50
3.382.912.702.572.362.112.082.101.992.002.002.08
1.891.771.571.471.281.061.201.501.501.801.901.75
1.751.751.801.661.501.22.99
1.021.001.011.00.91
1.121.892.041.871.761.501.391.451.131.251.852.26
Germany(Berlin)
Privatediscount
rate
5.805.806.316.637.497.507.397.187.187.286.896.08
6.335.535.124.463.893.583.403.243.304.664.794.82
4.754.884.764.654.656.05
i 7.0018.92
7.998.008.007.33
6.946.676.105.124.874.754.584.504.253.873.873.87
3.873.873.873.873.873.873.873.873.873.873.873.87
Italy(Milan)
Privatediscount
rate
5.836.006.316.756.836.756.756.857.017.187.007.00
7.006.956.576.435.815.505.505.505.485.255.435.50
5.505.505.505.485.255.255.255.255.477.507.507.50
7.506.926.536.005.525.505.505.505.505.005.005.00
4.424.254.204.004.004.004.004.003.553.503.503.00
Japan(Tokyo)
DiscountedD111S
5.84-6.215. 66-5.845.66-5.845.48-5.665. 48-5.665. 48-5.665.48-5. 66
5.485.485.485.485.48
5.485.485.485.485.485.485.485.485.48
5.48-5. 665.48-5.66J5.48-5.66
5.48-5.665.48
5.29-5.485.29-5. 485.29-5.485.29-5.484.93-5.484.93-5.484.93-5. 484.93-5. 665.48-6. 575.84-6. 57
5.84-6. 575. 84-6. 576. 20-6. 576. 20-6. 576. 20-6. 576. 02-6. 576. 02-6. 395. 84-6. 215. 66-6. 215. 66-6. 025. 66-5. 845. 66-5.84
5. 48-5.845. 48-5. 845. 48-5. 845. 48-5. 845.11-5. 845.11-5. 485.11-5. 485.11-5. 485.11-5. 485.11. 5. 485.11-5. 485.11-5.48
Nether-lands
(Amster-dam)
Privatediscount
rate
4.204.394.645.365.375.305.205.065.365.154.263.52
2.992.802.502.522.291.891.851.831.961.591.311.39
1.381.121.091.501.391.051.531.301.302.761.591.57
2.241.871.221.02.60.39.49.37.37.37.37.37
.37
.37
.64
.662.112.183.541.11.77.50.45.52
Switzer-lano
(Zurich)
Privatediscount
rate
3.283.313.393.453.343.203.193.333.383.383.323.15
2.972.712.602.612.442.061.921.751.501.291.161.18
1.171.00.99
1.061.121.121.551.981.801.901.771.7fi
1.681.521.501.501.501.501.501.501.501.501.501.50
1.501.501.501.501.501.501.501.501.501.501.501.50
1929JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1930JanuaryFebruaryMarchAprilMayJuneJuly.AugustSeptemberOctoberNovemberDecember
1931JanuaryFebruaryMarchAprilMayJuneJulyAugust. __.SeptemberOctoberNovemberDecember _
1932JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1933JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1 Based on data for part of month, no quotations being available for remainder of month.NOTE.—For explanation of table, see Federal Reserve Bulletin for November 1926, pp. 794-796; April
1927, p. 289; October 1929, p. 680; November 1929, p. 736; and May 1930, p. 318.
Back figures.—See Annual Reports for 1931 (table 44) and 1926 (table 116).Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER AND NONMEMBERBANK CREDIT
157
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNUAL, EEPOET OF THE FEDERAL RESERVE BOARD 159
ALL BANKS IN THE UNITED STATESNo. 66.—ALL BANKS IN THE UNITED STATES—NUMBEB OP BANKS, 1914-33
Date1
1914—June 301915—June 231916—June 301917—June 20
1918—June 291919—June 30 _1920—June 30
Nov. 15Dec. 29
1921—Apr. 28June 30. _ _Dec. 31.
1922—Mar. 10June 30. _Dec. 29
1923—Apr. 3 __June 30Sept. 14Dec. 31.-_
1924—Mar. 31June 30Oct 10 ._-Dec. 31
1925—Apr. 6_._June 30Sept. 28. __ _Dec. 31
1926—Apr. 12June 30Dec. 3 1 . . .
1927—Mar. 23June 30Oct. 10Dec. 31
1928—Feb. 28June 30Oct. 3Dec. 31.
1929—Mar. 27June 29Oct. 4 .Dec. 31 _
1930—Mar. 27June 30Sept. 24.Dec. 31
1931—Mar. 25June 30 _Sept. 29 . _Dec. 31.
1932—June 30Sept. 30.Dec. 31
1933—June 30 e ___.D e c . 30
Allb a n k s 2
26,27426,60527,04127,495
28,33428,60029,829
(4)
30,560
(4)30,158
(4)29,83329,79029,505
29, 21028,99628,91528,806
28,63628,47928,45728,257
27,98927,85427,367
26,97526,76526,64126,416
26,14625,94125,82825, 576
25,34125,11024, 95124, 630
24, 22323,85223,59022, 769
22,37221,90321,29419,966
19, 04618,79418,390
14, 53015,212
Member banks
Total
7,6147,6057,652
8,2128,8219,3989,5679,606
9,6989,7459,779
9,8169,8929,859
9,8599,8569,8439,7749,6819,6509,6359,5879,5319,5389,5399,4899,4129,3759,2609,1449,0999,0879,0348,9838,9298,8968,8378,7558,7078,6168,5228,4068,3158,2468,0527,9287,7827,5997,2466,9806,9046,8165,6066,011
National
3 7,5147,5977,5717,599
7,6997,7798,0248, 1188,125
8,1488,1508,165
8,1928,2448,220
8,2248,2368,2348,1798,1108,0808,0698,0438,0108,0668,0798,0487,9947,9727,9067,8227,7907,7987,7597,7287,6857,6707,6297,5697,5307,4687,4037,3117,2477,1927,0336,9306,8006, 6536,3686,1456,0806,0114,8975,154
State
173453
5131,0421,3741,4491,481
1,5501,5951,614
1,6241,6481,639
1,6261.620
,609L, 595
,571,570,566,544
1,521,472,460
L, 441
,4181,403,354
1,322L, 309
1,275
L, 255L,2441,226L208
1,1861,1771,1481,119
1,0951,0681,0541,019
998982946878
835824805
709857
Nonmember banks
Mutualsavings
3 644639632632
636633631
(4)(4)
634
630
(4)628
5 628630
5 630625
5 625623
5 623623
»623621
5 621621618
5 618618
5 618618
5 618616
5 616613
5 613611
5 611609
5 609606
5 606603
5 603600
5 600597
5945594
594
576581
Other
3 18,11618,35218,80419,211
19,48619,14619,800(4)(4)
(4)20.181(4)
( 4 )
19,636(4)
(4)19,34919,31919,101
18,89918,72118,65518,596
18,48218,31818,29518,147
17,95617,85817,489
17, 21317,04816,93616,764
16,54516,39616,31616,126
15,97315,79215,72415,499
15,20814,93114,73814,114
13,84113,52113,09512,123
11,47211, 29610,980
8,3488,620
1 Date of reports of member banks; figures for nonmember banks are as of nearest available date.2 Includes National banks, State commercial banks and trust companies, mutual and stock savingsbanks, and all private and industrial banks included in abstracts issued by State banking departments.
3 Figures for this date, which preceded establishment of the Federal Reserve System, relate to nationalbanks and banks other than national, rather than to member and nonmember banks.
4 Figures not available.5 Figures of preceding call carried forward.6 Beginning June 30, 1933, all figures (other than for mutual savings banks) relate to licensed banksonly, with some exceptions as to nonmember banks.
NOTE.—Figures for June 1914 to June 1922, inclusive, taken from annual reports of the Comptroller of theCurrency.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
160 ANNUAL REPORT. OF THE FEDERAL RESERVE BOARD
No. 67.—ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTSOF MEMBER AND NONMEMBER BANKS, 1914-33
[In millions of dollars]
Date*All
banks 2
Member banks
Total National State
Nonmember banks
Mutualsavings Other
1914—June 30. . .1915—June 23 . . .1916—June 30. . .1917—June 20. . .1918—June 29. . .1919—June 30-..
1920—June 30. . .Nov. 15. .Dec. 29 . . .
1921—Apr. 28—June 30-..Dec. 31—
1922—Mar. 10..June 30. . .Dec. 29—
1923—Apr. 3..._June 30__.Sept.. 14..Dec. 31_..
1924—Mar. 3 1 . .June 30. . .Oct. 10._.Dec. 31—
1925—Apr. 6 . . . .June 30. . .Sept., 28-_Dec. 31—
1926—Apr. 12. . .June 30-..Dec. 31 - - .
1927—Mar. 23 . .June 30. . .Oct. 10. . .Dec. 31—
1928—Feb. 28__.June 30. . .Oct. 3Dec. 31—
1929—Mar. 27. .June 29. _Oct. 4 . . . .Dec. 31—
1930—Mar.. 27_.June 30. .Sept. 24..Dec. 31—
1931—Mar,, 25. -June 30. .Sept. 29._Dec. 3 1 . . .
1932—June 30.. .Sept. 30..Dec. 3 1 . . .
1933—June 30 L.Dec. 30—
20, 78821, 46624, 58628, 28631,81336, 570
41, 6844 42,149Ml, 5514 40, 250
40, 0014 39, 0074 38,918
39,9564 41,9194 42, 971
43, 73743, 74244, 003
44, 45345,18046, 44847,182
47,91148, 83049, 82650, 603
50,83051,56252, 024
52, 46253, 75054, 44355, 45055, 32757, 26557, 21958, 26658, 01958, 47458, 83558,417
57, 38658,10957, 59056,209
55,92455, 02253, 36549, 704
46, 07145,85244,94640, 08940,477
8,76410,31512,45318, 50722, 24025, 55925, 76925,531
24, 39124,12123, 482
23, 27824,18225, 58026,14126, 50726, 31926,48726, 66327,16728,31128, 746
29,04629, 51830,17630, 884
30, 81931,18431,642
31, 94932, 75633,18634, 247
33,68835, 06134, 92935, 68435, 39335,71135,91435, 934
35, 05635, 65635, 47234, 860
34, 72933,92333,07330, 57528,00128, 04527, 469
24, 78625, 220
3 8, 3138,68810, 08611,89713, 91315, 712
17, 54717, 63417, 420
16,17815,89515,445
15, 30115,70516,511
16,60916, 80516,83716, 80716,86517,05717, 59817,84018,08918, 29318, 77819,15318, 96519,15919,267
19,87820, 23720,83021, 53521, 27222, 06322, 01422, 40721, 92221,45721, 39021, 584
21,18021, 74921, 75321,426
21, 35620,82520,12219,094
17, 44817,33417, 399
15, 46015, 941
76230556
4,5946,5288,0128,1358,1118,2138,2268,0377,9778,4779,0699,5339,7039,4829, 680
9,79810,10910, 71310, 906
10, 95711, 22611,39711, 731
11, 85512, 02512, 37412, 07112, 52012, 35612, 712
12,41612, 99912,91513, 27713,47114, 25414, 52414, 35013, 87613. 90613, 71913,43413,37213,09812, 95111,482
10, 55210,71110,071
9,3269,278
3 3,9794,0404,2214,5004,4894,828
5,308(5)
()5,699(6)()6,010(5)()6,582
6 6, 5826,743
6 6, 7437,014
6 7,0147,226
6 7, 2267,556
6 7, 5567,691
6 7, 6918,0148,204
6 8, 2048,605
6 8, 6058,860
9,2426 9, 2429,390
6 9, 3909,556
6 9, 5569,463
6 9,4639,747
6 9,7479,987
6 9, 98710, 506
6 10, 50610,488
10,3166 10,31610,18210,044
3 8,4968,66210,05011, 3338,8179,502
10,817(5)
()10,181(5)
()9,764(5)()10, 65010,84110, 77311,04710, 99911,12311,21111, 63911,75612, 09412, 029
12, 32012, 36412,17812, 30912, 38912, 65212, 34412, 77912, 96213, 04913,19213, 23613, 20713, 36613, 02012,, 86812, 70612, 37111, 362
11, 20810,, 5939, 7868,, 641
7,, 7557,4917,, 294
5., 2585,269
1 Date of reports of member banks; figures for nonmember banks are as of nearest available date.2 Includes national banks, State commercial banks and trust companies, mutual and stock savingsbanks, and all private and industrial banks included in abstracts issued by State banking departments.
3 Figures for this date, which preceded establishment of the Federal Reserve System, relate to nationalbanks and banks other than national, rather than to member and nonmember banks.4 Estimated.6 Separate figures not available.6 Figures of preceding call carried forward.7 Beginning with June 30, 1933, all figures (other than for mutual savings banks) relate to licensedbanks only, with some exceptions as to nonmember banks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES 161
<J8.—ALL BANKS IN THE UNITED STATES—TOTAL LOANS OF MEMBER ANDNONMEMBER BANKS, 1914-33
[In millions of dollars]
Date*
1914—June 301915__june 231916—June 301917_june 201918_June 291919—June 30 .1920—June 30
Nov. 15Dec. 29 .- . .
1921—Apr. 28 .June 30Dec. 31 —
1922—Mar. 10June 30Dec. 29
1923—Apr. 3June 30 . . . _Sept. 14Dec. 31
1924—Mar. 31 .June30Oct. 10Dec. 31
1925—Apr. 6June 30Sept. 28Dec. 31
1926—Apr. 12 .June 30Dec. 31 .
1927—Mar. 23June 30Oct. 10Dec. 31__
1928—Feb. 28June 30Oct. 3Dec. 31
1929—Mar. 27June 29Oct. 4Dec. 31
1930—Mar. 27June 30Sept. 24Dec. 31
1931—Mar. 25 .June 30Sept. 29 . .Dec. 31
1932—June 30Sept. 30Dec. 31
1933—June 30 iDec. 30
Allbanks 2
15, 25715,65317,97220, 52522, 40424, 723
30,8394 31,322
30, 655
4 29,38728,988
4 27, 869
4 27, 58027, 750
4 28,880
29, 71930,39830, 56030, 797
31, 21931, 54132,10032,458
33, 01933,88234,85035,658
35, 71936,17636, 777
36, 53237,37837,83038, 426
37,91039,48339, 69040, 78240, 57741,53142, 22141,918
40, 70640,63839,73538,135
36,81335,38433, 75031,305
27,83426,98526,063
22, 21522,077
Member banks
Total
6,7207,9649,370
13, 23415, 413
19, 53319,85219, 555
18, 48718,11917,394
17, 08017,16517,930
18,41918, 75018, 71918, 842
19,04519, 20419,71319,933
20,17620, 65521, 28521,996
21, 78522, 06022, 652
22, 32722,93823, 22723,886
23, 09924,30324, 32525,155
24, 94525, 65826,16526,150
25,11925, 21424, 73823,870
22,84021,81620,87419, 261
16, 58715,92415,204
12,85812,833
National
' 6,4436,6637,7678,935
10,07710,903
13,49913, 66613, 446
12, 32311,97611,463
11,24711,19111, 549
11,61011, 77811,88111,808
11, 90211,95512,15912, 214
12, 36612, 59213, 05713, 419
13,18913, 32213,482
13, 56013,84914,21814,641
14,19714, 92114,90415, 28514, 85614,80514,95515,136
14, 63514, 87414, 64214,347
13,70713,16212, 46611,905
10, 2659,9049,828
8,1028,086
State
57197434
3,1564,5106,0356,1866,1106,1646,1435,9315,8335,9756.3816,8096,9736,8387,0347,1437,2497,5547,7197,8108,0638,2288,5778,5968,7389,1708,7679,0899,0089,2458,9029,3829,4219,870
10,08810, 85311,21011,01410,48310, 34010, 0969,5249,1338,6548,4097,3566, 3226,0205,3764,7564,747
Nonmember banks
Mutualsavings
3 2,1242,1702,2212,3682,3152,3362,591
2,810
(5)
3,003(s)
(5)3,382
6 3, 3823,557
6 3, 5573,806
e 3,8063,971
6 3,9714,212
6 4, 2124,393
6 4,3934,6334,821
6 4,8215,078
6 5,0785,273
• 5, 2735,518
6 5, 5185,894
6 5, 6945,892
e 5, 8925,945
e 5,9456,009
6 6,0096,068
6 6,0686,169
6 6,1696,2186,130
e 6,1306,0795,9415,909
Other
3 6,6896,7637,7868,7856,8566,9748,714
(5)(5)
(5)8,060
(5)
7.584(5)
(5)8,2658,4598,3988,6178,5318,5818,5548,8729,0159,3539,2699,5419,4819,3049,3849,3629,5259,2669,5389,6629,8479,9339,9389,981
10,1649,8239,6429,4158,9888,1967,9067,3996,7075,8275,1174,93i4,7803,4153,335
For footnotes see table 67.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
162 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 69.—ALL BANKS IN THE UNITED STATES—TOTAL INVESTMENTS OF MEMBER
AND NONMEMBER BANKS, 1914-33
[In millions of dollars]
Date i
1914—June 30..1915—June 23.1916—June 30.1917—June 20.1918—June 29.1919—June 30.
1920—June 30.Nov. 15.Dec. 29..
1921—Apr. 28_.June 30.Dec. 31 -
1922—Mar. 10.June 30.Dec. 29-
1923—Apr. 3—June 30.Sept. 14.Dec. 31.
1924—Mar. 31.June 30_Oct. 10..Dec. 31.
1925—Apr. 6...June 30.Sept. 28.Dec. 31..
1926—Apr. 12..June 30.Dec. 31-
1927—Mar. 23.June 30.Oct. 1 O.-Dec. 31-
1928—Feb. 28..June 30.Oct. 3—Dec. 31-
1929—Mar. 27.June 29.Oct. 4 . . .Dec. 31..
1930—Mar. 27.June 30.Sept. 24.Dec. 31-
1931—Mar. 25.June 30.Sept. 29.Dec. 31..
1932—June 30.Sept. 30.Dec. 31.
1933—June 307Dec. 30.
Allbanks s
5,5325,8136,6147,7649,408
11,847
10,845* 10,827<10,896
* 10,86311,012
< 11,148
« 11,33812,206
< 13,039
* 13, 25213,34113,18213,206
13,23413,63914, 34814, 724
14,89314,94814,97514,945
15,11115,38615,246
15,93016, 37316,61317,024
17,41617,78217, 53017,484
17,44216,94316,61516,499
16, 68017,47117,85518,074
19,11119,63719,61518, 399
18, 23718,86718, 883
17,87418,400
Member banks
Total
2,0442,3513,0845,2746,827
6,0265,9175,976
5,9036,0026,088
6,1987,0177,649
7,7227,7577,6007,645
7,6187,9638,5998,813
8,8698,8638,8908,888
9,0349,1238,990
9,6229,8189,959
10,361
10,59010,75810,60410,529
10,44810,0529,7499,784
9,93710,44210,73410, 989
11, 88912,10612,19911,314
11,41412,12112, 265
11,92812, 386
National
3 1,8702,0252,3192,9623,8364,809
4,0483,9683,974
3,8553,9193,982
4,0554,5144,962
4,9985,0274,9574,999
4,9635,1035,4395,626
5,7235,7005,7215,734
5,7755,8375,785
6,3186,3886,6126,894
7,0757,1417,1117,122
7,0656,6516,4356,448
6,5456,8757,1117,079
7,6507,6627,6567,189
7,1837,4307,571
7,3587,855
State
1932
1231,4382,018
1,9771,9492,001
2,0482,0832,106
2,1432,5032,688
2,7242,7302,6442,646
2,6552,8603,1593,187
3,1473,1633,1693,154
3,2593,2863,204
3,3033,4303,3473,466
3,5143,6173,4933,407
3,3833,4013,3143,336
3,3923,5673,6233,910
4,2394,4444,5434,126
4,2314,6914,695
4,5704,531
Nonmember banks
Mutualsavings
31,8551,8701,9992,1322,1742,492
2,716(5)(5)
(5)2,889(5)
(5)3,007(5)
(5)3,200
6 3, 2003,186
6 3,1863,208
6 3, 2083,256
6 3, 2563,344
6 3, 3443,298
6 3,2983,3813,383
e 3, 3833,527
6 3, 5273,587
6 3,5873,723
« 3, 7233,696
6 3,6963,664
6 3, 6643,518
6 3, 5183,739
6 3,7393,920
6 3,9204,337
6 4, 3374,270
4,186* 4,186
4,103
4,1034,080
Other
3 1,8071,8992, 2632, 5471,9612, 528
2,104(5)09
0)2,122
(5)(3)2,182
(5)
(5)2, 3842, 3812, 375
2,4302,4662, 5422, 655
2, 7672, 7412, 7412, 759
2, 7792, 3842, 873
2,9253,0283,1273,077
3,2403,3013,2033,259
3,2983,2273,2023,197
3,2253,2903,3823,165
3,3023,1943,0792,814
2,6372,5602,514
1,8431,935
For footnotes see table 67.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES 163
No. 70.—ALL BANKS IN THE UNITED STATES—DEPOSITS OF MEMBER AND
NONMEMBER BANKS (EXCLUSIVE OF INTERBANK DEPOSITS), 1914-33
[In millions of dollars]
Date' AHbanksa
Member banks
Total National State
Nonmember banks
Mutualsavings Other
1914—June 30 18,5661915—June 23 - 19,1311916—June 30._ 22,7591917—June 20 26,3521918—June 29 28,7651919—June 30 33,6031920— June 30 . ~ ~ 37,721
Nov. 15 (')Dec. 29 (*)
1921—Apr. 28 — (<)June 30 35,742Dec. 31 (*)
1922—Mar. 10 («)June 30 37,615Dec. 29 («)
1923—Apr. 3 . . . — (<)June 30 40,688Sept. 14 40,685Dec. 31 42,163
1924—Mar. 31 _._ 41,979June 30 43,405Oct. 10 44,184Dec. 31 45,835
1925—Apr. 6 I 45,859June 30 | 47,612Sept. 28 ! 47,994Dec. 31 49,224
1926—Apr. 12..June 30.Dec. 3 1 -
1927—Mar. 23June 30Oct. 10 I 52,152Dec. 31 I 52,909
48,73649,73350,15549,80251,662
1928—Feb. 28June 30.Oct. 3 . . .Dec. 31—
1929—Mar. 27.June 29.Oct. 4__Dec. 31—
1930— Mar. 27.June 30. _Sept. 24.Dec. 31—
1931—Mar. 25.June 30. _Sept. 29.Dec. 31. _
1932—June 30. _Sept. 30.Dec. 31—
1933—June 30 eDec. 30..
52,22153,39853, 72056, 76654,54553,85255,18055,28953,18554,95452,78453,03951,42751, 78249,15245,82141,96341,94241,64338, 01138,646
6,6788,395
10,30115, 67119,17021,91521,87621,13620,14320,63720, 38720,49522,39723,79623,69223,87123,73924,99624,79025,71126,30527,83627,16828,44028,19730,02929,04429, 78130,47429,8fi931,26931,27332,06331,19132,13332,13834,82633,21532,28433,00433,86532,08233,69031,83932, 56031,15331, 56629,46927,43224,75524,90324,80323, 33823, 771
3 6,3746,6098,1599,74211,21412,95114,31614,31213,73012,74512,99112,80712,84813,82114,66314,34814,49014,59415,23115,03215,52915,80716,694
16,36317,02717,06318,06617,37117, 74618,02218,13018,92219,27919,66219,33719,90820.10021,40720,40919,41119,64720,29019,37320,55619,66620,13819,37119,41818,12617,27115,62915, 63516.101
14, 77215, 386
68235559
4,4576,219
7,6007,5647,40.67,3987,6467,5817,6478,5759,1329,3449,3809,1449,7649,75810,18310,49811,14110,80411,41311,13411,96411,67312,03612,45311,73912,34711,99512,40111,85312, 22412,03813,41912,80712,87313, 35713, 57512, 70913,13412,17312,42211,78212,14711,34310,161
9,1269,2688,7018,5668,385
3 3,9163,9514,1884,4224,4224,7515,187(<)(*)(<)5,575(<)()5,7800)()6,295
5 6,2956,455
8 6,4556,712
5 6,7126,898
« 6,8987,167
5 7,1677,298
5 7,2987,5627,763
5 7,7638,095
« 8,0958,344
s 8,3448,653
« 8,6538,849
8 8,849
8 8,9838,916
8 8,9169,197
5 9,1979,507
8 9, 50710,017
5 10,01710,10510,020
5 10,02010,0229,7139,711
3 8,2768,502
10,176-11,630-8,6739,682
10,618.
()9,5290)(<)9,439(*)(*)10, 52210,65110,71210,73410,98211,16711,10111,79312,00512, 63011,89712,39412, 39011,91812,17012,29812,78412, 50212,68612,61212,92913,09112,48112,58413,19312, 50812,18712,06711,74810,97210,76710,1999,6668,284
7,1887,0206,8184,9615,165
For footnotes see table 66.NOTE.—Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate
withdrawal which aggregated $103,000,000 on that date.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
164 ANNUAL REPORT OP THE FEDERAL RESERVE BOARD
ALL MEMBER BANKS
No. 71.—ALL MEMBER BANKS—ASSETS AND LIABILITIES OF NATIONAL ANDSTATE BANK MEMBERS, DEC. 31, 1932, AND DEC. 30, 1933
[In thousands of dollars]
Total
Dec. 31, Dec. 30,1932 19331
National banks
Dec. 31, Dec. 30,1932 19331
State bank mem-bers
Dec. 31, Dec. 30,1932 1933 i
ASSETS
Loans (including overdrafts)U.S. Government securitiesOther securitiesTotal loans and investmentsCustomers' liability on account of accept-
ancesBanking house, furniture, and fixturesOther real estate ownedCash in vaultReserve with Federal Reserve banksItems with Federal Reserve banks in pro-
cess of collectionDue from banks in United StatesDue from banks in foreign countries (in-
cluding own branches)Exchanges for clearing house and other
checks on local banksOutside checks and other cash itemsRedemption fund and due from U.S.
TreasurerAcceptances of other banks and bills of
exchange or drafts sold with endorse-ment
Securities borrowedOther assets
Total assets
15, 204, 050 12,833,6,539,7065, 725, 714
27,469, 470 25i
. 1,4837, 254, 2345,131,9261,219,643
1,142 8,086,335 5,375,9083,755,379 4,462,257 2,784,3273,815,311 3,392,904 1,910,403
643 17, 398, 832 15, 941,496 10,070, 638
412,2481,150, 245
268, 945422,838
2, 511, 374
449,8482, 415, 656
193, 881I
594,69577, 406
39, 242
14, 86912,928
226,28136, 259, 926 33,876,326 23,268,936
LIABILITIES
Demand depositsTime depositsUnited States depositsDue to Federal Reserve banksDue to other banks in United StatesDue to banks in foreign countries (includ-
ing own branches)Certified and officers' checks outstanding.Cash letters of credit and travelers' checks
outstandingTotal depositsNational-bank notes outstandingAgreements to repurchase U.S. Govern-
ment or other securities soldBills payable and rediscounts:
With Federal Reserve banksAll other
Acceptances of other banks and bills of ex-change or drafts sold with endorsement-.
Acceptances executed for customersAcceptances executed by other banks for
account of reporting banksSecurities borrowedInterest, taxes, and other expenses accrued
and unpaidOther liabilitiesCapital notes and debenturesCapital stock (see memorandum below) _.SurplusUndivided profits, netReserves for contingencies
Total liabilities, including capitalaccount
:3,393, 23,.0, 549, 579
474,74136, 663
3, 607, 649
295,989369, 891
15, 25028, 742, 997
776, 749
45,57
234, 524312, 261
14, 869429, 738
7,33512, 928
73, 276200, 501
2, 409, 8592,148, 260
438,521412, 529
MEMORANDUM
Par value of capital stock:First preferredSecond preferredCommon
Total
Number of banks
2,409,8592,409, 859
6,816
459, 264981, 206274, 966471,006
2, 677, 693
485,0221,969,141
302,499
588, 23'59, 079
40, 307
46, 34910, 827
291,
198,403758, 676169,759306,349
1, 625,840
279,0141,849, 678
139,335
315,55460,847
39, 242
5,4228,027
113,958
229, 937643,580158,415340, 820
1, 747, 364
325, 8781,536, 873
208,098
295, 94443,165
40,307
14,0055,716
172, 267
213,845391, 56999,186
116,489885,534
170,834565,978
54, 546
279,14116, 559
4, 747,1482, 791, 9771, 739, 0229,278,147
229, 327337, 626116, 551130,186930,329
159,144432, 268
94,401
292, 29315, 914
9,4474,901
112, 323
32, 3445, 111
118, 82021, 703,865 .2,990,990 12,172,461
13,442,2609,125, 241
967,16738, 930
3,124, 968
142,833331,157
8,16627,180, 722
775, 270
74,75668, 584
46, 349480, £
10, 72510, 827
69,120184, 973103, 610
2, 312, 0191, 749, 935
355, 386441, 41 r
8, 264,1587, 359, 689
250, 60227, 672
2, 210, 690
199, 428220,150
6,6658,539,054
776, 749
22, 053
185,015163, 513
5,422207, 285
2,7478,027
46,14774, 826
8,338, 2506,375,155
552,43730, 254
2, 003, 617
78, 703185,135
5,43617, 568,987
775, 270
5,905
45, 72636, 261
14,005235, 699
6,8165,716
45, 06967, 870
5,129, 0773,189,890
224,1398,991
1, 396, 959
96, 561149, 741
8, 58510,203, 943
5,104,0102, 750,086
414,7308, 676
1,121, 351
64,130146, 022
2,7309, 611, 735
23, 526
49, 509148,748
9,447222, 453
4,5884,901
27,129125, 675
1, 631, 0591,171,215
269,197166, 627
1, 584, 625878, 838235,929197,149
778,800977, 045169, 324245, 902
5, 764
29, 03032, 323
32, 344245, 270
3, 9095,111
24, 051117,103103, 610727,394871,097119,457244,263
36, 259, 926 33, 876, 326 23, 268,936 21, 703,865 .2, 990,990 .2,172,461
159, 0255,750
2,148, 692
140, 295
1, 631,0594,400
1,441,134 778, 800
18, 7301, 350
707,5582, 313, 467 1, 631,059 1, 585, 829 778,800 727,638
6,011 6,011 5,154 805
i Licensed banks (operating on an unrestricted basis).Back figures,—See Annual Report for 1931 (table 47), etc., and Member Bank Call Report Nos. 34-59;
see also Annual Report for 1926 (tables 77-78) for principal items.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS 165
No. 72.—ALL MEMBER BANKS—ASSETS AND LIABILITIES OF RESERVE CITYAND COUNTRY BANKS, DEC. 31, 1932 AND DEC. 30, 1933
[In thousands of dollars]
Central reservecity banks
Dec. 31,1932
Dec. 30,1933 1
Other reserve citybanks
Dec. 31, Dec. 30,1932 19331
Country banks
Dec. 31,1932
Dec. 30,1933 1
ASSETS
Loans (including overdrafts)U.S. Government securitiesOther securitiesTotal loans and investmentsCustomers' liability on account of accept-
ancesBanking house, furniture, and fixturesOther real estate ownedCash in vaultReserve with Federal Reserve banksItems with Federal Reserve banks in
process of collectionDue from banks in United StatesDue from banks in foreign countries (in-
cluding own branches)Exchanges for clearing house and other
checks on local banksOutside checks and other cash itemsRedemption fund and due from U.S.
TreasurerAcceptances of other banks and bills of ex-
change or drafts sold with endorsement—.Securities borrowedOther assets
Total assets
4,169, 4172,831, 0661, 372,1268,373,609
360, 810277, 050
18, 67664, 373
1,416, 793
149, 07409,108
151,600
386, 9545,427
1/22C
4,290
82, 68:
4, 057, 3542, 748, 6451, 448, 3938,254,392
398, 022264,14940, 73692, 246
1, 247,939
151,61292,145
252, 489
381,1907,855
3,810
30,1193,200
82,139
5, 541, 5602, 234, 3621, 713, 5699,489,49
47,184412,190108,038126, 473646,104
203, 5451, 239, 605
39,636
158,47154, 768
13, 592
9,6785,382
91, 546
4, 553, 2932,822, 9061, 521, 5038, 897,702
57,837337, 537104, 603153, 334856, 794
226,157934,877
48, 003
157, 75636,006
14, 523
15,4963,507
126,160
5, 493, 0731, 474, 2782, 640, 0199,607,370
4,254461,005142, 231231, 992448, 477
97, 228766, 943
2,645
49, 27017, 211
24, 430
9017,546
52, 05311, 700, 667 11, 502, 048 12. 645, 703
4, 222,8361, 682, 6832,162, 0308,067,549
3,405379, 520129, 627225, 426572, 960
107, 248742,119
2,007
49, 29115, 218
21,974
7344,120
82, 78811, 970, 292 11, 913, 556 10. 403, 986
LIABILITIES
Demand depositsTime depositsUnited States depositsDue to Federal Reserve banksDue to other banks in United StatesDue to banks in foreign countries (includ-
ing own branches)Certified and officers' checks outstanding .Cash letters of credit and travelers' checks
outstandingTotal deposits..National-bank notes outstandingAgreements to repurchase U.S. Govern-
ment or other securities soldBills payable and rediscounts:
With Federal Reserve banksAllother
Acceptances of other banks and bills of ex-change or drafts sold with endorsement.-.
Acceptances executed for customersAcceptances executed by other banks for
account of reporting banksSecurities borrowedInterest, taxes, and other expenses accrued
and unpaidOther liabilitiesCapital notes and debenturesCapital stock (see memorandum below)...SurplusUndivided profits—netReserves for contingencies
Total liabilities, including capitalaccount. .^
5,507,9561, 255, 858
191,438
1, 841,180
273, 212179,130
11,3739,260,154
21,315
13, 388
5, 668,1951,106, 821
463, 292
127, 537176, 889
4, 280, 7574, 217, 439
210,9128,004
1, 503, 241
21,470129, 656
5,3669,018,037 10,
64, 368
1,380
13,17:
4,290376, 004
3,703
24,65678,126
753,831, 628134, 090186, 242
5,000
30,119419, 776
6, 3783,200
29, 55590, 388
i, 300
3,651375,130268,08"
12, 291
40, 98774, 279
9,67851, 324
1,6545,382
28,07758, 749
757,069693, 424
93, 912213,142
783, 044660,821135, 397140,803
4, 356,9783, 652,951
393,0097,414
1, 404,083
14, 547100, 576
2,6999,932,257
275, 607
5,043
7,8257,931
15, 49658,071
3,9643,507
23,51542, 05J25, 500
761, 481536, 269125, 550146, 221
3, 604, 5225,076, 282
72, 39128, 652
263, 228
1,30761,105
2269,107,713
487, 347
19, 900
193,537224, 810
9012,410
1,9787,546
20, 543
872, 916655, 811169, 03485, 484
3,417, 0874,365,469
110, 86631,516
250, 948
74953, 692
1018,230,428
435, 295
5,246
66,93155,653
7343,122
3834,120
16,05052, 530
1,810793, 469520, 242135, 92482, 049
1, 700, 667 11, 502, 048 12, 645, 703 11,970, 292 11,913,556 0, 403, 9
MEMORANDUM
Par value of capital stock:First preferredSecond preferredCommon
TotalNumber of banks
50,000
753,899 707, 069 783,044753,899
71,1544,200
686, 261 872, 916
37,8711,550
755,362757, 069 783, 044 761, 615 872,916 794, 783
48 64 322 299 6,446 5,648
i Licensed banks (operating on an unrestricted basis).
Back figures.See Annual Report for 1931 (table 48), etc,, and Member Bank Call Report Nos. 34-59(in which data are given by cities).Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
166 ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD
No. 73.—ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVESREQUIRED, RESERVES HELD, AND BORROWINGS AT FEDERAL RESERVE BANKS,BY MONTHS, 1933
[Averages of daily figures. In millions of dollars]
Class of bank and month
Deposits subject to reserve
Net de-mand i Time 2 Total
Reservesrequired
Reserves held
Total Excess
Borrow-ings atFederalReservebanks
All member banks:JanuaryFebruaryMarch 3
April4
M a y . .JuneJulyAugustSeptemberOctoberNovemberDecember
New York City:5
JanuaryFebruaryMarch 3
April4
MayJuneJulyAugustSeptemberOctoberNovemberDecember
Chicago: 5
JanuaryFebruaryMarch 3
April4
MayJuneJulyAugustSeptemberOctoberNovemberDecember
Reserve city banks:JanuaryFebruaryMarch 3
April4
MayJuneJulyAugustSeptemberOctoberNovemberDecember
Country banks:JanuaryFebruaryMarch 3
April4
MayJuneJuly , -AugustSeptemberOctoberNovemberDecember
15,11614, 645
10, 52510, 333
25,64124,978
1,9321,874
2,5162,291
13,07813,81514, 24114,10013, 92014, 02714. 24314, 34714, 567
6,1095,842
8,6338,6948,7329,0609,1199,1139,1269,1399,078
941
21, 71022, 50922,97423,16023, 03923,140
23,48623, 646
7,0506,722
1,6611,7501,7971,7851,7651,7771,7981,8051,822
822786
2,0402,0692,1602,2212,3312,4512.5572,5992,588
1,109
5,3315,7665,9235,5975, 4685,5165,5355,4755,452
919902
751746826814802805814763
311302
6,1206,5176,6696,4246,2826,3186.341
6.215
1,2301,204
717772792752735741744736732
129126
867878861796837896893866828
306295
794874939
1,0211,0161,0171,0501,0651,065
4,5514,466
352357361365360357354351356
4,2414,177
1,1461,2321,2991.3861,3761,3741,4041,4161,422
8,7928,643
114124133144143143147149149
582572
172177211245295340386387361
659
3,9624.1164,2244,3224,2834, 3164,4094,4784,626
3,5373,435
3.4123,4943,5093,6133.6593,6553,6403,6373,611
5,0314,974
7,3747,6107,7327,9357,9427,9718,0498.1158,237
8.5688,409
516528539538541550557571
399390
570595648691699716749794832
442441
2,9903,0583.1563,1603,1533,1783,2493,3303,424
4,0814.0924,1174,2554.2864,2994,3264,3364,348
7,0717,1507,2737,4167,4397,4777,5757,6667.772
332337344350349351357363370
431418441489501499529553567
583.8417.3
379.1319.1363.1435.7565. 5674.5758.4794.1765.7
286.274.5
150.2106.068.943.2
101.8155.2149.0129.896.0
177.6
58.153.177.9
101.6151.9197.1238.8237.9211.5
76.6122.4
71.378.9
120.1151.3160.5174.4199.1236.7261.2
43.451.8
99.581.296.2
139.6151.3147.8171.5189.6197.1
254.4305.6
323.4252.8184.4113. 2115.6102.591.089.694.9
21.81.0.3
1.52.81.4
1.0
.1
56.797.0
131.9102.157.718.023.314.413.112.815.3
197.6200.0
169.7149.7126.595.190.785.276.676.778.7
1 Subject to reserve requirements of 13 percent for central reserve city banks, 10 percent for reserve citybanks, and 7 percent for banks outside central reserve and reserve cities (so-called country banks).
3 Subject to reserve requirements of 3 percent.» March data not available.4 Beginning with April the figures relate to licensed banks only.8 Central reserve city banks only.• Less than $50,000.
Back figures.—See Annual Reports for 1932 (table 69) and 1931 (table 49).Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS 167
No. 74.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY MONTHS
[Averages of daily figures. In millions of dollars]
Month (1933)
Netde-
mandplustimede-
posits
Netde-
mandde-
posits
Timede-
posits
Boston district
Netde-
mandplustimede-
posits
Netde-
mandde-
posits
Timede-
posits
New York district
Netde-
mandplustimede-
posits
Netde-
mandde-
posits
Timede-
posits
Philadelphia district
Netde-
mandplustimede-
posits
Netde-
mandde-
posits
Timede-
posits
Cleveland district
JanuaryFebruary._.March *April 2
M a y 2 __.June 2
July 2
August2
September 2_.October 2November 2_.December 2.
JanuaryFebruary.__March iApril2
1,8351,817
1,650
1,6621,687[,7351,738
1,7471, 7571, 7521,751
1,1,
1,1,1,
027016
943
959980997988
995Oil006012
8019,4669,115
708
703708738750
752746746740
8,241
8,6428,8358,5888,448
8,4848, 5128,4628,387
7,0466,763
6,160
6,6066,7896,4106,280
6,3326,3516,2956,288
2,4202,352
2,081
2,0362,0462,1782,168
2,1522,1612,1662,099
1,9871,964
1,715
1,7241,7291,7461,726
1,7291, 7501, 7581,790
968955
848
858862837802
800815826861
1,0191,009
867
866867908924
930934932929
2,3272,296
1,768
1,7791,8201,8561,860
1,8631,8761, 8731,886
1,0871,063
870
891924900873
868887877896
1,2401,233
897
887896955987
996989996990
Richmond district Atlanta district Chicago district St. Louis district
May 2June 2July 2August2
September 2.October 2
November 2_December 2_
JanuaryFebruaryMarch iApril 2
866851
697
766772804819
834856872898
406389
354
393395413419
433447462480
460461
343
373377391400
401409410418
712687
572
609628645652
654663673691
356339
297
314325329331
335343356377
356347
3, OH*2,917
295303317321
318320317314
2,063
2,2252,3242,4882,503
2,5292,5762,6192,666
1,649i r ~
1,259
1,3911,4741,6031,617
1,6411,6861,7221,757
1,3611,318
804
850885
890897909
814782
680
684fiQ4.
727732
726731752771
443427
386
390OQQ
424427
420425445468
370355
295
294296303305
306306307303
Minneapolis district Kansas City district Dallas district San Francisco district
May 2June 2July 2August2
September 2___October 2
November 2___December 2___
638630
574
592614632634
633640650645
267259
242
254280302305
307313325323
371371
333
337333330328
326327325321
868854
784
795820867873
867374886901
545536
494
508531575576
566569584604
323318
290
289293297
301305302297
611608
581
581582588580
588323654681
417415
395
394396397389
401436466494
194192
2,5062,458
187186191191
188187188187
2,385
2,4512,4682,4852,474
2,4852,5112,5352,578
904
830
855
913913
929
1,007
1,6021,575
1, 555
1,5961,5821,5721,561
1,5561,5511,5531,571
1 March data not available.2 Licensed banks (operating on an unrestricted basis).Back figures.-—Bee Annual Reports for 1932 (table 70), 1931 (table 99), 1930 (table 95), 1929 (table 89), 1928
(table 93), and 1927 (table 87).
49753—34_ -12
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
168 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 75.—NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN LARGER ANDSMALLER CENTERS, 1929-33
[Averages of daily figures. In millions of dollars]
Member banksin places withpopulation of
15,000 and over
Month
Netdemanddeposits
Timedeposits
Member banksin places with
population under15,000
Netdemanddeposits
Timedeposits
Month
Member banksin places withpopulation of
15,000 and over
Netdemanddeposits
Timedeposits
Member banksin places with
population under15,000
Netdemanddeposits
Timedeposits
19291January 16,221February 16,046March 15,919ApriL __| 15,754
May 15,703June . 15,814July 16,009August - 15,936
16,00516,30617, 22716,419
SeptemberOctoberNovemberDecember
19301JanuaryFebruaryMarchApril
16,06915,63715,801
MayJuneJulyAugust
II
16, 09716, 29716, 32516, 273
16, 22916, 26516, 53316, 316
16, 27616,12016,17616, 224
16,18915, 86515,93915,653
September....! 15,428October j 14,838November >• 14,404December \ 14,095
SeptemberOctoberNovember jDecember \
i19311 |
January IFebruary !March iApril
MayJune....July....August.
10, 08810,0299,9749,911
9,9519,9079,8529,899
9,9799,9879,9039,819
10,00410, 01010,14010, 247
10,32510,44110, 58710, 581
10, 68110, 75610,82910,488
10, 32710,44610,51510, 577
10, 66010,47610, 33510, 217
9,9809,3859,0388,722
2,8802,8422,8022,768
2,7272,7042,7242,726
2,7732,8182,7522,693
2,6512,6252,5892,564
2,5472,5152,4952,473
2,4782,4612,4262,345
2,2962,2692, 2552,268
2, 2302,1902,1832,130
2,0972,0201,9541,891
3,3773,3803,3733,362
3,3513,3363,3363,334
3,3323,3293,2923,250
3,2573,2593,2613,259
3,2593,2513, 2563,254
3,2553,2443, 2273,165
3,1493,1343,1223,111
3,0893,0713,0693,041
2,9942,8932,8222,731
19312JanuaryFebruaryMarchApril
16,50716, 35016,40916,459
May 16,422June 16,091July 16,162August 15,873
15,64815, 04814, 60814, 292
SeptemberOctoberNovemberDecember
1932 2JanuaryFebruaryMarchApril
MayJuneJuly—.August .
SeptemberOctoberNovemberDecember
19332
JanuaryFebruaryMarch 3
April *
10, 56110, 67810, 74910,812
10,89610, 71210,56810,455
10, 2189,6099,2588,936
May 4
June 4
July 4
August4
September 4 _.October4
November 4_-December 4-._
13,81813,19813, 01613,046
13,15712,92712, 72312, 723
12,98513, 25813,45513, 578
13, 76713, 330
8.5108,4738,419
8,4338,3298,2478,312
8,2948,3498,3668,311
8,3248,160
2,0642,0392,0222,032
1,9981,9641,9601,910
1,8781,8111,7511,693
1,6281,5911,5591,543
1,5221,4861,4341,418
1,4231,4221,4101,387
1,3491,315
I
11,961
12, 66513, 05312,87512,686
12, 77512,94313, 01413,201
6,931
6,9827,0057,2927,333
7,3147,3097,3197,256
1,117
1,1501,1881,2251,234
1,2521,3001,3331,366
2, 9162,9012, 8892, 875
2, 8532,8362, 8362, 804
2, 7572,6702, 6022,517
2,4582,4162, 3832, 379
2, 3542, 3332, 3082, 291
2, 2712, 2632, 2462, 216
2, 2012,172
1,702
1, 7121, 7271, 7681, 786
1,7991,8171, 8201, 822
1 On basis of 1920 census of population.2 On basis of 1930 census of population.3 March data not available.4 Licensed banks only.
Back figures.—For similar figures of a single date in each month see Annual Reports for 1928 (table <and 1927 (table 36).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 76.—ALL MEMBER BANKS—HOLDINGS OF ELIGIBLE ASSETS (UNITED STATES GOVERNMENT SECURITIES AND ELIGIBLE I^APER)COMPARED WITH BORROWINGS AT FEDERAL RESERVE BANKS, 1926-33
[In millions of dollars. Back figures not available]
Date
1926—June 30..
1927—June 30-
1928—June 30..Oct. 3___Dec. 31..
1929—Mar. 27..June 29—Oct. 4___.Dec. 31_-
1930—Mar. 27.June 30-Sept. 24.Dec. 31..
1931—Mar. 25..June 30-Sept. 29.Dec. 31..
1932—June 30-Sept. 30.Dec. 31..
1933 2—June 30Oct. 25..-Dec. 30..
Holdings of U.S. Government securities l and eligible paper (including paper under rediscount)
By Reserve city banks
U.S. Gov-ernmentsecurities
2,210
2,299
2,7142,8232,730
2,8322,5772,4692,403
2,6192,6402, 6822,777
3,5843,8713,9423,706
3,9854,6234,776
5,1064,8935,232
Eligiblepaper
2,825
2,775
2,6802,5512,349
2,5822,6882,8652,713
2,5422,2852,2712,100
2,0451,8701,7871, 505
1,4571,5081, 403
1,3101,5521,413
Total
5,035
5,074
5,3945, 3745,07ft
5,4145,2655,3345,116
5,1614, 9254,9534,877
5,6295, 7415,7295,211
5,4436,1316,179
6,4166,4456,645
By "country" banks
U.S. Gov-ernmentsecurities
884
847
862914932
974929912814
818772764708
776
9941,003
1,0541,1651,247
Eligiblepaper
2,100
1,992
1,9671,8171,811
1,7611,7731,7331,684
1,6621,6201,5411,438
1,373 i1,3281,2091,068
971916844
667685685
Total
2,984
2,839
2,8292,7312,744
2,7352,7022,6452,498
2,4802,3922,3052,146
2,1492,1642,2032,056
1,9641,9191,830
1,7221,8501,932
By all member banks
U.S. Gov-ernmentsecurities
3,094
3,146
3,5763,7383,662
3,8073,5063,3813,217
3,4383,4123,4463,485
4,3604,7074,9364,694
4,9795,6265,763
6,1606,0586,479
Eligiblepaper
4,925
4,767
4,6474,3684,160
4,3434,4614,5984,397
4,2043,9053,8123,538
3,4183,1982,9962,573
2,4282,4242,246
1,9772,2372,098
Total
8,019
7,913
8,2238,1067,822
8,1507,9687,9797,614
7,6427,3177,2587,023
7,7787,9057,9327,267
7,4088,0508,009
8,1378,2958,577
Memberbank
borrow-ings atFederalReservebanks
516
441
1,0961,0201,041
9811,029
899
206274173248
165147323623
441331235
8475
WCO
1 Exclusive of Government securities pledged against national bank note circulation.2 Beginning with 1933 the figures relate to licensed banks only. CO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 77.—ALL MEMBER BANKS—CLASSIFICATION OF DEMAND AND TIME DEPOSITS ON CALL DATES, 1928-33[In millions of dollars]
Call date
Demand deposits l
Total
17, 50118,904
17, 70817,81517, 93718,862
17, 07918, 06216, 83817, 502
16, 33916, 62215, 52614, 955
13, 20413, 08113, 393
12, 92812,99413, 442
Indi-vidual
de-positssub-jectto
check
15,72716,997
15,84015, 74316,16716, 936
15,19515, 93015,10715, 560
14, 38714,52113, 70313,151
11,49111, 69711,853
11,41911,50711,677
Certif-icates
ofde-
posit
230235
207201188202
183198197192
179180172166
138115148
120127133
States,coun-ties,and
munici-palities
1,2431,300
1,3851,5121,2241,335
1,4461,5681,2761,362
1,479,556
1,3501,303
1,314L, 034L, 119
1,0871.1061,320
Banks
InUnitedStates
(2)(2)(2)
( 2 )(2)
( 2 )
(2 )
(2)
( )( 2 )
(2 )
( 2 )(2)
( 2 )
(2 )
( 2 )1
91414
Inforeigncoun-tries
(2)(2)(2 )
f2)(2 )
( 2 )
(2)'( 2 )
( 2 )
( 2 )
(2 )
( 2 )(2 )
( 2 )
(2 )
( 2 )1
1
Allother
301372
276359358389
255365258386
294365302335
261235272
291240298
Time deposits
Total
13,41013,453
13, 32913, 32513,31813, 233
13, 51913,81213,94513, 546
13, 66313,51512, 77611,316
10, 63610, 60210, 550
8,9819,1149, 125
States,coun-ties,and
munici-palities
405418
429477491595
536571572509
530508440388
337342342
300270301
Banks
InUnitedStates
1
Inforeigncoun-tries
34124
11380
11195
103112101107
1351148663
707087
898783
78112154
176224234238
20115511226
751
16
Evi-denced
bysav-ingspassbook
9,7039,810
9,7289,8349,6049,592
9,6269,6789,6329,591
9, 4469,3168,7688,134
7,4917,2587,259
6,1276,2616,429
Other time deposits
Cer-tifi-
catesof
de-posit
1,8821,895
1,8321,7451,7431,741
1,8111,8621, 9601, 885
1,9281,9061,7871,472
1, 3501,3811, 352
1,038989900
Openac-
counts
1,
Allother
includ-ing
Christ-mas
savings
1691,071
1,110997
1, 136934
1, 1401, 2331, 3031, 027
1,1801,2371, 223
771
772851799
545611583
^924 110i 45
>
Postal ^sav- hjings £r
C
H117 n' 134 §116 H115 tf120 £122
128 ft134 O144 ft189 W
242 t"1
279 M360 M463 w
610 W695 <708 H
788 S781 g
1928—Oct. 3___Dec. 3 1 -
1929—Mar. 27.June 29-Oct. 4___Dec. 31_.
1930—Mar. 27_June 30..Sept. 24.Dec. 31__
1931—Mar. 25.June 30-Sept. 29 _Dec. 31..
1932—June 30-Sept. 30.Dec. 3 1 -
L933 3—June 30Oct. 25 . .Dec. 30..
1 Not including due to banks, certified and officers' checks outstanding, or letters of credit and travelers' checks sold for cash and outstanding.2 Included in "Due to banks" (table 78).3 Beginning with 1933 the figures relate to licensed banks only.* Includes deposits the payment of which has been deferred beyond the time originally contemplated, either by agreement with depositors or otherwise: $33,000,000 on June 30,
$36,000,000 on Oct. 25, $27,000,000 on Dec. 30.Back figures.—-Not available.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 78.—ALL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON CALL DATES, 1914-33(In millions of dollars!
Call date
1914—Dec. 31 (Thurs.)
1915—Mar. 4 (Thurs.)May 1 (Sat.) _.June 23 (Wed.)Sept. 2 (Thurs.)Nov. 10 (Wed.)Dec. 31 (Fri.)
1916—May 1 (Mon.)June 30 (Fri.)Sept. 12 (Tues.)Nov. 17 (Fri.)Dec. 27 (Wed.)
1917—Mar. 5 (Mon.)May 1 (Tues.)June 20 (Wed.)Dec. 31 (Mon.)
1918—May 10 (Fri.)June 29 (Sat.)Nov. 1 (Fri.)Dec. 31 (Tues.)
1919—Mar. 4 (Tues.)June 30 (Mon.)Nov. 17 (Mon.)Dec. 31 (Wed.)
Loans and investments
Total
8,498
8,5708,7078,7649,0489,6939,861
10,25210,31510, 73211, 25911, 275
11, 70111,98512,45316,896
18, 67318, 50720,98120, 593
21, 48422,24224,18724, 778
Loans
6,419
6,5636,7056,7206,9657,4837,622
7,8987,9648,2638,7128,714
9,0969,2089,370
12,316
12, 66713, 23314, 55014, 224
13,87715,41417,42318,149
Investments
Total
2.079
2,0072,0022,0442,0832,2102,239
2,3542,3512,4692,5472,561
2,6052,7773,0834,580
6,0065,2746,4316,368
7,6076,8276,7656.630
U.S.Govern-
mentsecuri-
ties
760
747750749747745742
710703703697690
687748
1,0651,759
3,2032,4653,5913,472
4,6523,8033,4943,324
Othersecuri-
ties
1,319
1,2601,2521,2951,3361,4651,497
1,6441,6481,7661,8501,871
1,9182,0292,0182,820
2,8032,8092,8402,896
2,9553,0243,2713,306
Duefrom
banks *
1,163
1,3531 3221,2821,4431,6371,563
1,7671,5641,7482,0671,874
2,0561,8971,6952,129
1,8701,9062,0362,194
2,1372,1252, 5752,519
Capi-tal, sur-plus,and
undi-vided
profits2
2,093
2,0982,0972,1242,1292,1462,126
2,1482,1432,1842,2132,231
2,2182,2582,3072,807
3,0053,0023,2223,220
3,2803,3503,5873,542
Totaldeposits
8,305
8,6668,9678,8949,437
10,38910,636
11,40411,13311,73712,89312,661
13, 39613,65113, 39718,628
19,21018,95420,86421,457
21,51122,83325,18326,139
Demanddeposits 3
5,125
5,0925,3675,2785,4916,1526,334
6,6616,5816,8927,5227,340
7,5037,9157,856
11,180
11,05110, 75412,05913,347
12,72713,92515, 65216,080
Timede-
posits 4
1,233
1,2641,3201,3521,4161,4631,506
1,6861,7751,8531,0401,083
2,1252,2632,3043,156
3,3473,3953,6513,834
4,0924,3445,0505,305
UnitedStates
Govern-ment
de-posits
71
584648444035
3439343435
3435
141649
1,4591,5211,708
472
884902386648
Due tobanks5
1,876
2,2522,2342,2162,4862,7342,761
3,0222,7382,9583,3973,303
3,7343,4383,0963,643
3,3533,2843,4463,804
3,8083,6624,0954,106
Netdemanddeposits
6,235
6.6226,7356,8117,1457,8797,971
8,3368,2268,8049,5679,502
10,0449,8699,690
12,487
12,45112, 21713, 32214,563
14,16014,72516,26116, 581
Netdemand
plustime
deposits
7,468
7,8868,0558,1638,5619,3429,477
10,02210,00110, 65711,50711,485
12,16912,13211,99315,643
15, 79715, 61216,97318,397
18,25219,06921,31021,886
Reservewith
Federalreservebanks
266
295295317324376414
438490554674733
778802862
1,497
1,5361,5651,5201,655
1,6331,7241,8251,904
Billspay-ableand
redis-counts
133
969198
10610499
6469958095
753 95327783
1,0431,0221,9121,876
1,9621,9272,2572,347
N u m -ber ofbanks
7,582
7,6077,6147,6157,6307,6407,631
7,6057,6067,6187,6147,614
7,6147,6297, 6537,907
8,1328,2138,5968,692
8,7258,8228,9959,066
WDO
For footnotes see p. 173.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 78.-—ALL MEMBER BANKS- -PRINCIPAL ASSETS AND LIABILITIES ON CALL DATES, 1914-33—Continued
[In millions of dollars]^ 1
to
Call date
1920—May 4 (Tues.)June 30 (Wed.)Nov. 15 (Mon.)Dec. 29 (Wed.)
1921—Apr. 28 (Thurs.)June 30 (Thurs.)Dec. 31 (Sat.)
1922—Mar. 10 ( F r i . ) . _June30(Fri . )Dec.29(Fri.)
1923—Apr. 3 (Tues.)June 30 (Sat.)Sept. 14(Fri.)Dec. 31 (Mon.)
1924—Mar. 31 (Mon.)June 30 (Mon.)Oct. 10(Fri.)._Dec. 31 (Wed.)
1925—Apr. 6 (Mon.)June 30 (Tues.)Sept. 28 (Mon.)Dec. 31 (Thurs.)
1926—Apr. 12 (Mon.)June 30 (Wed.)Dec. 31 (Fri.)
Total
25,41825,55925,76925, 531
24,39024,12123,482
23,27824,18225, 579
26,14126, 50726, 31926, 487
26,66327,16728,31128,746
29,04629, 51830,17630,884
30,81931,18431,642
Loans and investments
Loans
19,19819,53319,85219, 555
18,48718,11917,394
17,08017,16517,930
18,41918, 75018,71918,842
19,04519,20419,71319,933
20,17620,65521,28521,996
21, 78522, 06022, 652
Investments
Total
6,2206,0265,9175,976
5,9036,0026,088
6,1987,0177,649
7,7227,7577,6007,645
7,6187,9638,5998,813
8,8198,8638,8908,888
9,0349,1238,990
U.S.Govern-
mentsecuri-
ties
2,9582,8112,6552,619
2,4962,5612,581
2,7013,2053,754
3,8493,8353,6853,603
3,5343,5753,8663,874
3,8943,7803,7613.728
3,8053, 7453,389
Othersecuri-
ties
3,2623,2153,2623,357
3,4073,4413,507
3,4973,8123,896
3,8733,9223,9154,042
4,0844,3874,7334,939
4.9755,0825,1295,160
5,2295,3785,601
Duefrom
banks*
1,8741,8241,7741,577
1,3251,3541,450
1,6141,6471,806
1,7741, 5961,6401,824
1,6441,9402,4302,339
2,0912,0172,0312,155
1,9341,9802,066
Capi-tal, sur-plus,and
undi-vided
profits2
3,8333,8534,0864,120
4,1564,1334,093
4,1854,2144,364
4,3564,3674,4364,378
4,4684,4864,5944,532
4, 6694, 6904,6884,678
4,8264,8324,944
Totaldeposits
24, 87125,40125,10624, 220
22, 83023,35023, 247
23, 66025, 54727,288
27, 20027, 08826,94228,507
28,27029, 56630,79532,384
31, 24932. 45732, 07534, 250
32, 89333, 76234, 528
Demanddeposits3
15,38815, 74415,51214, 632
13, 52713,88113,630
13, 50315,06515,689
15.14515,19615,12816,107
15, 60916,32916,40617,788
16, 62917,88217,45219, 072
17,71018,38118.800
Timede-
posits i
5,7475,9116 1446,188
6,3436,3676.451
6,6627,1757,645
8,1438,3788,4668,651
8,8909,2049,5979,805
10,12710,38110,46710, 653
10, 95511,17311,440
UnitedStates
Govern-ment
de-posits
190260220316
273390306
330156462
404297145237
292179302242
412177278304
379228234
Due tobanks5
3,5463,4863,2303,084
2,6872,7132,860
3,1653,1503,492
3,5083,2173,2033,512
3,4803,8544,4904,548
4,0814,0183,8784,221
3,8493,9804,054
Netdemanddeposits
16,42616,42215,92415,345
14,38914,32114,449
14,49315, 53916,203
16,08616,06615,91916,376
16,11216,83817,80418,468
17,70818, 27718,25919, 260
18, 39218,80418,922
Netdemand
plustime
deposits
22,17322,33322,06821, 533
20,73220,68820,900
21,16022,71423,848
24,22924,44424,38525,027
25,00226,04227,40128,273
27,83528,65828,72629,913
29,34729,97730, 362
Reservewith
FederalReservebanks
1,8661,8391,8271,763
1,6541,6251,758
1,7231,8351,939
1,9091,8711,8691,900
1,8931,9652,1212,228
2,0922,1912,1472,238
2,1362,2362,210
BillsPay-ableand
redis-counts
2,7552,7013,0803,036
2,3132,0221,364
758592727
815944983808
614443325408
486559712733
620612760
Num-ber ofbanks
0.2919,3999,5679,606
9,6989,7459,779
9,8169,8929,859
9,8509,8569,8439,774
9,6819,6509,6359,587
9,5319,5389,5399,489
9,4129,3759,260
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1927—Mar. 23 (Wed.)June 30 (Thurs.)Oct. 10(Mon.)Dec. 31 (Sat.)
1928—Feb. 28 (Tues.)June 30 (Sat.)Oct. 3 (Wed.)Dec. 31 (Mon.)
1929—Mar. 27 (Wed.)June 29 (Sat.)Oct. 4 (Fri.)Dec. 31 (Tues.).
1930—Mar. 27 (Thurs.)June 30 (Mon.)Sept. 24 (Wed.)Dec. 31 (Wed.)
1931—Mar 25 (Wed.)June 30 (Tues.)Sept. 29 (Tues.)Dec. 31 (Thurs.)
1932—June 30 (Thurs.)Sept. 30 (Fri.)Dec. 31 (Sat.)
19336—June 30 (Fri.)__Oct. 25 (Wed.).__.Dec. 30 (Sat.)
31,94932, 75633,18634, 247
33, 68835,06134,92935,684
35,39335,71135,91435,934
35,05635, 65635, 47234,860
34, 72933, 92333, 07330, 575
28,00128, 04527, 469
24, 78624, 95325, 220
22, 32722,93823,22723, 886
23,09924,30324,32525,155
24,94525, 65826,16526,150
25,11925, 21424.73823,870
22,84021, 81620, 87419, 261
16, 58715,92415, 204
12, 85813,05812, 833
9,6229,8189,95910, 361
10, 59010, 75810,60410,529
10, 44810,0529,7499,784
9,93710,44210, 73410, 989
11, 88912,10612,19911,314
11,41412,12012, 265
11, 92811, 89412, 386
3,8353,7963,8563,978
4,2164,2254,3864,312
4,4544,1554,0223,863
4,0854,0614, 0954,125
5, 002 |5.343 '5,5645,319
5,6286,3666,540
5,7876,0226,1036,383
6,3746,5346,2186,217
5,9945,8985,7275,921
5,8526,3806,6396,864
6,8866,7636, 6355,996
5, 7865, 7555,726
6, 887 5, 0416, 801 5, 0937, 254 5,132
1,S961,9682,0772,210
1,9411,8972,0262,124
1,7411,8852,0052,168
1,9022, 3602,4632,456
2,7912,5171,9351,662
1,7312,0492,416
2,0081,8481,969
5,0865,1475,2955,341
5,4045,6255,8425,899
6,1746,3456,6756,709
6,7606,7266,8276,593
6, 5986,4306,3595,999
5,6615,5715,409
4,8374,9084,962
33, 75635, 39835,48236, 669
35, 37536, 06036,17539,075
36, 79935,89336, 69438, 014
35, 83638,13936,36437,117
36, 00036, 26833, 48030, 746
27, 86428, 46628, 743
26, 58726, 60227,181
17, 64418, 84218,37819, 032
18,18218, 43718, 57021,111
19,47618, 61119, 37120, 489
18,23819, 59717,637IS, 746
16, 98817, 65516,16715, 704
13, 73213, 56313, 778
13, 55113, 42113, 782
11,81812, 21012,45912, 765
12,92313,43913,41013,453
13,32913, 32513, 31813, 233
13,51913,81213.94513, 546
13, 66313, 51512, 77611,316
10, 63610, 60210, 550
8,9819,1149,125
407218435267
86257159262
411348315143
325281257267
502395526412
387738475
806918967
3,8874,1294,2094,606
4,1843,9274,0374,249
3,5843,6083,6904,148
3,7544,4504, 5254,557
4,8464,7024,0113,314
3,1093,5643,940
3,2503,1493,307
18,54219,25019,17020,105
19,23619,19118,99519,944
18, 83318,97718, 95219,797
18, 48919,17018,65718,969
18, 48118, 35717, 44516, 067
14, 48214, 62615,193
14,15614,38914, 821
30,36031,46031,62932,870
32,15832,62932,40533,397
32,16232,30232, 26933,030
32,00732,98232, 60232, 516
32.14431, 87230, 22227, 383
25,11825, 22825, 743
23,13723, 50323, 946
2,3212,2802,3202,514
2,3672,3422,3482,409
2,3392,3592,3222,374
2,3532,4082, 4152,475
2,3642,3962,3391,975
1,9982,2352,511
2,2352,6512,678
546541528663
5811,2091,1541,162
1,1531,1981,150879
347435316355
281217466839
815697547
191188143
9,1449,0999,0879,034
8,9838,929C fiQfiO, otfO
8,837
8,7558,7078,6168,522
8,4068, 3158,2468,052
7,9287,7827,5997,246
6,9806,9046,816
5,6065,8186,011
K
wte)
w
1 Excludes items with Federal Reserve banks in process of collection, due from foreign banks or own foreign branches, and balances not subject to immediate withdrawal.2 Includes reserves for contingencies (for "dividends, contingencies, etc." prior to December 1932) and prior to Sept. 28, 1925, reserves for interest, taxes, and other expenses
accrued and unpaid.3 Includes certified and cashiers' or treasurers' checks, and, beginning Nov. 1, 1918, letters of credit and travelers' checks sold for cash.• Includes postal-savings deposits, except that such deposits of State bank members prior to June 20. 1917, are included with demand deposits.8 Includes amounts due to Federal Reserve banks, foreign banks, and other banks and bankers; also amounts due to own foreign branches beginning Mar. 23, 1927; excludes bal-
ances not subject to immediate withdrawal.6 Licensed banks only (operating on an unrestricted basis).
— w
^ 1
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No, 79.—CLASSIFICATION OF MEMBER BANK LOANS AND INVESTMENTS ON CALL DATES, 1930-33
[In millions of dollars]
Call date
Total:1930—Mar. 27—.
June 30Sept. 24_.._Dec. 31
1931—Mar. 25June 30Sept. 29Dec. 31
1932—June 30Sept. 30.—Dec. 31____
1933 4—June 30...Oct. 25Dec. 30
New York City: 5IQQAJ Mar 27XijtJVJ -L>Jk-CX>L * ^ 1 _ _ — —
June 30Sept. 24Dec 31
1931—Mar. 25June 30\9 \^i.A-±\J KJ\J _ _ — —
Sept. 29Dec. 3i
1939—June 30J-l/t-J^J U L A X J I V Kt\J — — — —
Sept. 30Dec. 3i
1933 4—June 30L"Oct. 25Dec. 30..
Totalloansand
invest-ments
35,05635, 65635, 47234, 86034, 72933, 92333, 07330, 57528, 00128, 04527, 46924, 78624, 95325, 220
8, 2388 7988,5578 5828, 4738, 2878 2537, 4606 7157,1127 3277 1336,9716,995
Loans to banks
Total
527535466631446457599790573457444330297287
199196169283154150250374260203216162143146
Se-cured
bystocksand
bonds
260230175315219229311455345270242179156158
927853
1327066
125204155120115857984
Allother
267305291316228228288334228187202150142129
1071181161518484
12517010583
101777063 i
Loans to customers (exclusive of banks)
Total
21,49521, 56621, 01021, 00719, 94019, 25718, 71317,57015, 26714, 49813, 90511,33711, 52311,315
4,3384,3094,2784,3384,0073,8393,8503,6942,8562,6382 6202,2972.4342,395
Secured bystocks and
bonds
Tobro-kersout-sideNewYorkCity1
706819774675575515521391283258241165178166
606886
10412112711687656361384745
Toothercus-
tomers
7,0247,2427,0907,2666,8486,6026,3215,8995,0094,8284,6083,7523,6313,606
1,8761,9541,9452,0331,8391,7701,6991,6411,2791,2371,1861,044
985989
Secured byreal estate
Farmland
394386387387386388376359363368356308311318
1
1
Otherreal
estate
2,7752,7692,7762,8472,8342,8302,7732,6782,5312,5172,5052,0642,0522,041
150157157147149160152153159154159157149147
Re-port-ing
banks'own
accept-ances
(3)(3)(3)(3)(3)178130116189158225192257213
(3)(3)
(3)(3)
(3)15510477
13890
148120179130
Other-wise se-curedand
unse-cured
10, 59510,3499,9829,8319,2988,7448,5928,1266,8926,3695,9704,8575,0924,972
2,2522,1292,0902,0541,8961,6271,7771,7351,2161,0941,066
9371.0751,084
Open-market loans
Total
3,0973,1133,2622,2332,4542,1031,563
901747970855
1,1911,2381,231
1,6552,0911,9121,5251,6511,4971,121
695564764701964891912
Purchased paper
Accept-ancespay-
able inUnitedStates2
175170205315361389268146313407375291303223
89144148188199296201107262341330224233170
Accept-ances,etc.,pay-able
abroad
79716255
1011137041343430252437
4029282251443317211815108
17
Com-mer-cial
paper
4995075233663613842961401221159387
164132
4935223435944829231419102719
Loansto bro-kers inNew
Yorki
2,3442,3652,4721,4981,6301,217
928575278414357788748840
1,4771,8831,7141,2811,3671,063
839542258391337720624706
Investments
Total
9,93710, 44210, 73410, 98911,88912,10612,19911,31411,41412,12112, 26611,92811,89412, 386
2,0462,2032,1982,4352,6622,8013,0322,6973,0333,5083,7893,7093.5013| 542
U.S.Gov-ern-
mentsecuri-
ties
4,0854,0614,0954,1255,0025,3435,5645,3195,6286,3666,5406,8876,8017,254
1,1501,1471,0911,2391,4661,6561,8301,7682,0082,4292,6032,5512.3202^362
Othersecuri-
ties
5,8526,3806,6396,8646,8866,7636,6355,9965,7865,7555,7265,0415,0935,132
8971,0561,1071,1971,1961,1451,202
9281,0251, 0791,1861,1581.181i; 179
Totalloans
onstocksand
bonds
10, 33410, 65610, 5119, 7549,2728,5638,0817,3205,9165,7705,4474,8844,7134,769
3, 5043,9833,7983,5503,3973,0262,7802,4741,7571,8111,6991,8871.7281^824
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Chicago:«1930—Mar. 27
June 30Sept. 24Dec. 31
1931—Mar. 25June 30Sept. 29___.Dec. 31. .
1932—June 30Sept. 30 . .Dec. 31
1933 4—June 30 „Oct. 25Dec. 30
Other reserve cities:1930—Mar. 27
June 30Sept. 24Dec. 31
1931—Mar 25June 30Sept. 29Dec. 31
1932->rune 30 .Sept. 3 0 —Dec. 31
1933 4—June 30—Oct. 25Dec. 30
Country banks:1930—Mar. 27
June 30Sept. 24Dec. 31
1931—Mar. 25June 30Sept. 29_.__Dec. 31
1932—June 30 ._Sept. 3 0 —Dec. 31.__.
1933 4—June 30.__Oct. 25Dec. 30. . -
1, 7171, 8491 9341,8611,8531,7541,6441,5171,2771,1921,0451,2871,1961,259
11, 85811,85212, 03811,89712,11311,81411,37210, 5989,7689,7889,4898,4928,7568,898
13, 24313,15712, 94412, 51912, 29012.06811,80510, 99910, 2409, 9549,6077,8738,0318,068
5850415541706587775342302622
205228193231194177219260177152136999480
6562626258606469594950383538
5043354235585874684534242117
1049977
12510189
1111541089383335650
1411111514161724151210777
g7
13
127
131098665
1011281171069388
108106695953363831
5152514644444745443740312831
1,1601,2571,1871,1941,0501,004
987926111659550589608524
7,7907,7717,5397,7127,3597,0966,8586,4815,7435,5375,3274,2574,3044,273
8,2068,2288,0077, 7627,5247,3187,0186,4695,8915,6635,4054,1944,1754,123
194229239201159133157124938567485133
3604313603122312082051521059296636673
9390885964474328201715151415
474487448472452435421407361292231251245208
2,5762,6632,5862,6712,5242,4132,3082,1231,8441,8351,7741,3401,2971,316
2,0972,1372,1122,0902,0331,9841,892,728,525,464,417,117,104,092
22222221111321
113110111120122126120120124125121123121120
279274275264261260254237238241234182189196
1818161816172422252518263028
1,4111,3941,3981,4911,4801,4761,4401,3951,2571,2551,2581,008
9921,001
1,1961,2011, 2051,1911,1881,1771,1571,1091,0901,0841,070
873881865
23
11152923242732
192223333652464948
214342333
472521482501422415381361282227210237254222
3,3303,1723,0853,1193,0022,8542,7622,6682,3802,1942,0271,6781,7791,714
4,5414,5274,3264,1583,9783,8473,6773,3623,0152,8542,6672,0051,9841,952
18817629695
1711177724223537586758
75853476843647535424911196
11777
125207200
49731228617715813511671645539437362
327
18143225
1622272515
551747
104144876533334122364336
278455214
1381423
1119131425422310565778
2419171523261212798679
44432222222123
335642182121249
11129
121916
20924529519419116814353505336387261
2071711641201141018148363628274634
14099
23345
1115127
3111
131618
4692534091231167329146
1411458494
25812911549363032161398
102322
310366409518592563514480400445414610495655
3,1053,3193,5373,5174,0854,1864,0473,7463,7533,9813,9484,0114,1514,344
4,4754,5544,5894,5194,5504,5554,6064,3924,2264,1864,1143,5983,7483.845
146160157240329346308288234256228384284386
1,5161,5251,6281,4861,9842,0621,9931,8441,9532,2092,2342,4832,6052,823
],2731,2291,2191,1591,2241,2791,4331,4181,4321,4711,4741,4691,5921,683
164205252277263217206191166189186226211269
1,5901,7941,9092,0312,1012,1252,0541,9021,8001,7721,7141,5281,5461,522
3,2023,3263,3703,3593,3263,2763,1722, 9742,7942,7152,6402,1292,1562,162
859859955761756677664608522422333336333276
3,5093,4473,4313,2302,9732,7822,6532,4432,0632,0341,9651,5111,5031,533
2,4622,3672,3262,2132,1472,0781,9851,7961,5741,5031,4501,1491,1481,136
1 Includes loans to dealers in securities.2 Exclusive of acceptances acquired and held by the accepting member banks, shown in a preceding column.3 Included in following column, prior to June 1931.
Back figures.—See Annual Report for 1931 (table 53).
* Beginning with 1933, figures relate to licensed banks only.« Central reserve city banks only.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
176 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
No. 80.—ALL MEMBER BANKS—RESERVE BALANCES, BY MONTHS, 1922-33
[Monthly averages of daily figures. In millions of dollars]
Month
JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember.December—
1922
1,7071,6891,7111,7331,7831,8201,8121,7991,8111,8361,8251,840
1923
1,9181,9011,8731,8691,8741,8671,8671,8351,8481,8641,8751,882
1924
1,9111,8921,9151,9051,9222,0012,0462,0722,1202,1412,1642,182
1925
2,1942,1592,1372,1232,1322,1412,1602,1512,1612,2032,2212,219
1926
2,2362,2082,1982,1832,1992,2062,2122,2012,2112,2192,2142,218
1927
2,2432,2122,2402,2482,2622,3012,2892,2832,3002,3262,3732,399
1928
2,4262,3682.3652,3962,3882,3552,3242.2742.3142.3322, 3522,367
1929
2, 3872.3572,3372,3082,2962,3142,3342,3222.3352,38fi2. 5212,395
1930
2,3492,3052,3302,3502,3562,3922,4172,3922,3972,4072,4332,415
1931 ! 1932
2,4331 1,9792,370: 1,9072,386| 1,8992,376! 1,9962,387j 2,1382,404 2,0622,407: 2,0032,345| 2,0732,333 2,1812,256 2,3072,1181 2,3782,069 2,435
1933
2, 5162, 2911,9142, 0862,1252, 2112, 2682, 3752, 4892, 5902, 6292, 616
Back figures.—See Annual Report for 1929 (table 47).
No. 81.—ALL MEMBER BANKS—BORROWINGS AT FEDERAL RESERVE BANKS,BY MONTHS, 1914-33
[Monthly averages of daily figures. In millions of dollars]
Month
JanuaryFebruaryMarchApril . .MayJune.JulyAugust .- --SeptemberOctoberNovember ..December . _
Month
January __ _FebruaryMarch—AprilM a yJune -JulyAugustSeptemberOctoberNovember..
1914
610
1924
574514476489433370315268262240228301
1915
121720222325272830282932
1925
267340390403397437480545594619597688
1916
292222222021252827222033
1926
520526557537511473549555640663615668
1917
2118192543
155151134181320563683
1927
481393425447473429454409422424415529
1918
612529537751897939
1,1621,3331,6041,6831,7601,765
1928
465471513661836
1,0191,0901,0611,064
975897
1,013
1919
1,7311,7651,8631,9201,9761,8401,8641,7981,7762,0682,1402,115
1929
859889969
1,004956978
1,0961,043
969885953803
1920
2,1362,2972,3772,4312,5362,4562,5132,5962,6672,7802,7622,718
1930
501378274231247251226214189196221338
1921
2,5232,4002,2972,1291,9591,8111,7191,5481,4421,3711,2281,180
1931
253216176155163189168222280613695774
1922
962769638572479437425396417486623660
1932
828848714605486495523451387328313282
1923
547608628658705741834809845873799771
1933
255307999429339250170159138119114117
NOTE.—Figures include a small amount of borrowing by intermediate credit banks, etc. (See table 22.)
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBEE BANKS 171
No. 82.—MEMBER BANKS IN NEW YORK CITY, CHICAGO, AND OTHER RESERVECITIES—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED, RESERVESHELD, AND BORROWINGS AT FEDERAL RESERVE BANKS, BY WEEKS, 1933
[Averages of daily figures. In millions of dollars]
Week ending (Friday)
New York City. 31933—Jan. 6 . . . .
Jan. 13Jan 20Jan. 27
Feb. 3Feb. 10Feb. 17Feb. 24
Mar 3 5
Mar. 10 5
Mar 17 5
Mar 24 5
Mar 3 1 5
Apr. 7 6
Apr. 14Apr 21Apr. 28
May 5May 12May 19. ___ _•__ . .May 26
June 2June 9 .June 16June 23June 30
July 7July 14July 21July 28
'lug 4Aug. 11Aug. 18 . - -Aug. 25
Sept. 1Sept. 8Sept. 15 _ - . _ .Sept. 22Sept 29
Oct. 6Oct. 13. .Oct. 20Oct. 27
Nov. 3Nov. 10 _ . .Nov. 17Nov. 24
Dec. 1Dec. 8Dec. 15 .Dec. 22Dec. 29
Deposits subject to reserve
Netdemand1
6,0316,0996,1576,123
6,1256,0095,9005,685
5,1065,1915,3625, 535
5,6295,6835,8055,852
5,9396,0006,0975 8805,690
5,6425,6145,6055,575
5,4935,4835,4635,439
5,4845,4355,5435,5595,517
5,5125,4675,5655,582
5,5545,4435,4455,476
5,5165,4615,4345,429
! 5,440
Time2
939941952949
908903895860
790782789791
787765749730
731730729750781
821818833834
£24819824804
800796799804807
814806801801
805818819817
805785771755742
Total
6,9707,0417,1107,072
7,0336,9126,7956,546
5,8965,9736,1516,326
6,4156,4486,5546, 582
6,6706,7306,8276,6306,470
6,4636,4326,4386,410
6,3186,3026,2876, 243
6, 2846,2316,3426,3636,324
6,3266,2736,3666,383
6,3596,2616,2646,293
6,3216,2466,2056,1846,181
Reservesrequired
812821829824
823808794765
688698721743
755762777783
794802815787763
758754754750
739737735731
737730745747741
741735748750
746732732736
741733730728729
Reserves held
Total
1,1211,1711,1411,057
997931855801
794853908900
844839877923
920882899830820
788784784815
811793818875
882860916899911
881851890931
905856886872
840777834847836
Excess
308.7350.1311.8232.9
173.7123.260.836.6
106.2154.5187.5156.9
89.077.599.5
140.7
125.779.984.543.557.0
30.129.830.165.5
72.555.883.5
143.7
145.1129.7171.4152.5169.6
139.6116.3142.7181.7
158.6123.7153.6135.4
99.043.2
104.3118.4106.3
Borrow-ings atFederalReservebanks
( 4 )
0)
o. 1
7.2
17.227.424.417.6
n.3
. 5
.6
. 1
.2
.22.11.5
3.34.51.01.93.3
2.72.31.4. 2
# i. 1
0)j -2
3.5i . 2! . 2! . 1
1 Subject to reserve requirements of 13 percent for central reserve city banks and 10 percent for reservecity banks.
2 Subject to reserve requirements of 3 percent.3 Central reserve city banks only.4 Less than $50,000.3 March data not available.6 Beginning Apr. 7, figures are for licensed banks only (operating on unrestricted basis).
Back figures.—See Annual Report for 1932 (table 77) and 1931 (table 56).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
178 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 82.—MEMBER BANKS IN NEW YORK CITY, CHICAGO, AND OTHER RESERVECITIES—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED, RESERVESHELD, AND BORROWINGS AT FEDERAL RESERVE BANKS, BY WEEKS, 1933—Continued
[Averages of daily figures. In millions of dollars]
Week ending (Friday)
Chicago:3
1933—Jan. 6 ~Jan. 13Jan 20Jan 27
Feb. 3Feb 10Feb 17Feb. 24
Mar. 3 »Mar. 10 5
Mar 17 «Mar. 24 *Mar. 31 «
Apr 7 6
Apr 14Apr 21Apr 28
May 5May 12May 19May 26
June 2June 9June 16June 23June 30
July 7July 14July 21July 28
Aug. 4Aug 11Aug 18Aug 25
Sept 1Sept 8Sept 15Sept 22Sept 29
Oct 6Oct 13Oct 20Oct 27
Nov 3Nov 10Nov 17Nov 24
Dec 1Dec 8Dec 15Dec 22Dec. 29
Deposits subject to reserve
Netdemand
918917921919
920905907893
755784801826
845876876879
891906935953973
9801,0141,0281,045
1,0441,0261 0301,000
994985
1,0121,0271,044
1 0301 0401 0521,067
1,0641,0581 0701 070
1.0521,0421 0561 0621,095
Time
318313309307
311310309294
354354346352
357358356357
361363364356359
372366363360
359361361360
360361358355354
355354354353
354354348348
353355356357358
Total
1,2371,2291,2301,226
1,2311 2151,2151,188
1,1091,1381,1471,177
1,2031 2341 2321,237
1,2521,2691,2991 3091,332
1 3521,3801,3911,406
1,4031,3861 3911,360
1,3551,3461,3701,3821,398
1,3851,3951 4051,420
1,4191,4121 4181,419
1,4151,3971,4111,4191,453
Reservesrequired
129129129129
129127127125
109113114118
121125125125
127129133135137
139143145147
146144145141
140139142144146
145146147149
149148150150
149146148149153
Reserves held
Total
291300302316
320301289296
158174172181
177182184172
175201213211225
223231244269
280296296290
307313330351367
356378386402
405385372395
392370359353362
Excess
161.7171.6173.3187.5
191.4174 1161.4170.7
49.861.857.863.4
56.657 359.646.7
48.572.280.576.088.1
84 188.799.7
122.5
133.4152.3151.2149.5
167.2173.8187.9206.7221.2
211.7232.6238 2252.8
255.7236.6222.1245. 9
242. 9223.6211.6204.4208. 7
Borrow-ings atFederalReservebanks
0.2.2
0). 1
3 Central reserve city banks only.* Less than $50,000.6 March data not available.6 Beginning Apr. 7, figures are for licansed banks only (oparating on unrestricted basis).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS 179N o . 8 2 . — M E M B E R B A N K S IN N E W Y O R K C I T Y , CHICAGO, AND O T H E R R E S E R V E
C I T I E S — D E P O S I T S SUBJECT TO R E S E R V E , R E S E R V E S R E Q U I R E D , R E S E R V E SH E L D , AND BORROWINGS AT F E D E R A L R E S E R V E B A N K S , BY W E E K S , 1933—Continued
[Averages of daily figures. In millions of dollars]
Week ending (Friday)
Deposits subject to reserve
Netdemand Time Total
Reservesrequired
Reserves held
Total Ex<
Borrow-ings atFederalReservebanks
^Reserve city banks:1933—Jan. 6
Jan. 13Jan. 20Jan. 27
Feb. 3 . .Feb. 10.Feb. 17.Feb. 24.
Mar. 3 5-.Mar. 10«.Mar. 17 «.Mar. 24».Mar. 315.
Apr. 7 6 -Apr. 14..Apr. 21..Apr. 28..
May 5...May 12..May 19-May 26..
June 2...June 9-..June 16..June 23..June 30..
July 7 . .July 14.July 21.July 28.
Aug. 4—Aug. 11..Aug. 18-Aug. 25..
Sept. 1 —Sept. 8 —Sept. 15-Sept. 22-Sept. 29..
Oct. 6—Oct. 13.Oct. 20.Oct. 27.
Nov. 3~.Nov. 10..Nov. 17-Nov. 24-.
Dec. l._Dec. S.-Dec. 15.Dec. 22.Dec. 29.
4,5864,5314,5564,533
4,5244,4884,4884,428
4,2384,2594,2444,234
4,2224,2224,2084,161
8,8238,7898,8008,767
8,7458,7108,6958,589
581583580
579575575568
3,9203,9173,9554,047
4,0814,0924,1384,128
4,1324,1654,2474,2444,270
4,2974,2954,3514,344
4,3134,2854,3024,263
4,2674,2694,3174,3384,340
4,3524,3754,4394,443
4,4434,4074,4804,510
4,5304,5574,6094,6464,679
3,3933,3953,4023,444
3,4793,4903,4923,503
3,5103,5063,4963,4873,548
3,6013,6073,6123,626
3,6063,6453,6573,676
3,6763,6593,6503,6553,654
3,6513,6353,6363,633
3,6453,6403,6423,638
3,6223,5913,5953,6123,634
7,3137,3127,3577,492
7,5607,5837,6297,632
7,6427,6727,7437,7327,818
7,8987,9027,9647,970
7,9197,9307,9587,939
7,9437,9287,9677,9937,993
8,0028,0108,0758,076
8,0478,1228,148
8,1528,1498,2058,2598,313
494494498508
512514519518
519522530529533
538538544543
540538540537
537537541543544
545547553553
554550557560
562563569573577
643646648681
705695691
557563573576
588582583601
602622625651708
679
676705707695
695689717721741
725747760754
744775812824
817814832827850
57.364.764.8
100.9
107.4129.5120.5123.7
63.369.275.167.5
75.668.164.382.9
83.4100.595.0
121.5174.5
172.8160.4145.7136.1
136.8167.5167.4158.3
158.1152.6176.2177.5197.5
180.5200.8207.3201.1
190.6225.0255.1263.6
255.5250.2262.9254.2273.3
46.648.051.966.9
74.065.079.6
108.3
138.6130.8127.1126.2
141.8105.395.391.3
85.579.463.149.431.7
20.014.016.120.0
22.221.430.723.5
18.818.413.111.714.2
12.512.315.312.7
13.612.811.411.9
14.616.016.915.712.8
* March data not available.6 Beginning Apr. 7, figures are for licensed banks only (operating on unrestricted basis).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 83.—LICENSED MEMBER BANKS -DEPOSITS BY SIZE OF ACCOUNT, BY FEDERAL RESERVE DISTRICTS, MAY 13, 1933[Amounts of deposits in thousands of dollars] 00
Federal Reserve district
All member banks:BostonNew YorkPhiladelphiaCleveland
RichmondAtlantaChicago _St. Louis
MinneapolisKansas CityDallasSan Francisco
Total
National bank members:BostonNew YorkPhiladelphiaCleveland
RichmondAtlantaChicagoSt. Louis
MinneapolisKansas CityDallasSan Francisco
Total
Nuin-
of li-censedmem-
berbanks
311693587480
305272470327
462695535363
5, 500
286553530421
271236379277
427668486302
4,836
Total—All depositaccounts
Number ofaccounts
2,013,0755,971, 4022,893,3733, 095,121
1, 687, 9031, 629, 6733, 413, 1511, 514, 343
1,199,1821, 745, 5981,374,0174, 019, 267
30, 550, 105
1, 464, 3323, 345, 6402, 251, 6541,883, 343
1,314,9801,503,1952,498,9511,038,058
1,127,4631, 565, 9141, 270, 0433, 213,154
22, 476, 727
Amount ofdeposits
1, 749, 7678,938, 5311,806, 0631, 792, 732
823,101661.339
2,530, 128742, 185
648,908915, 584629, 751
2,304,218
23, 542, 307
1,334,1083, 701,1951, 243, 1341, 085,832
.627, 532599 3 r>2
2, Oio! 402516,877
617, 725810, 910596, 649
1, 785, 636
14, 909, 352
$2,500 or less
Numberof ac-
counts
1,919, 4355, 661,8432, 794, 6703, 002, 724
1,641,8881 595 J 753,' 303' 9671, 475, 032
1,163,1211,702,7271,339,4063, 882, 396
29, 482, 384
1,398,6363,198,1882,178, 5761,827, 875
1, 279, 2101,471,6582, 418, 0241,010,215
1,093,2551, 526, 6471, 237, 3333,109,137
21, 748, 754
Amountof de-posits
444, 1041, 323, 505
534, 950540, 073
263,915194, 354582, 757244, 806
220, 669263, 125199,849768, 220
5, 580, 327
329, 816686, 209411,175334, 311
207, 932175, 8S8421, 192163, 530
209, 032245,417187,052612, 157
3, 983, 711
Deposit accounts of—
$2,501 to $5,000
Numberof ac-
counts
49, 386156,03456, 76651, 534
24, 89118, 47555, 47922, 176
20, 07321,07017, 30176, 648
569, 833
35, 36583, 59443,55730, 656
19, 53916, 90740, 37915, 338
19, 01619, 62716, 34058,696
399,014
Amountof de-posits
169,186493, 560191,163178,769
85,91160, 214
192, 09970, 992
70, 22676, 90560, 868
262, 239
1,912,132
121, 950242, 301144, 417106,419
67, 33854, 741
140, 27347, 995
66, 57171. 69357, 501
203,101
1, 324, 300
$5,001 to $10,000
Numberof ac-
counts
24, 06075,11724, 96723, 327
11,8238,572
27, 5759,121
9,17010, 7789,082
36,311
269, 903
16, 26133, 97718,15313,873
9, 2797,797
20, 2876, 539
8,6849, 8248, 590
27,311
180, 575
Amountof de-posits
159, 450518,161169, 876159,055
80, 73158,868
188, 38561,173
61,80374, 61463, 015
245, 660
1,840, 791
110, 095231, 647122, 65993, 932
63,15153, 608
138,85043, 392
58, 61367,85259, 630
185,189
1, 228, 618
$10,001 to $50,000
Numberof ac-
counts
16,39458, 79114, 00514, 306
7, 7556,168
20, 8346,600
5,7489,0246,991
20,499
187,115
11,10022, 6409,4928, 831
5,8145,642
15,9554,940
5,4738,0886,600
15, 453
120,028
Amountof de-posits
318, 5771, 226,138
266, 731276, 463
149, 323122,806417, 972129, 883
112,570183,092135, 559381, 289
3, 720, 403
225, 870456, 886179,831171,806
111,270112,166321, 82398, 465
107,413162,712127, 907290,182
2, 366,331
Over $50,000
Numberof ac-
counts
3,80019,6172, 9653,230
1,5461,2835, 2961,414
1,0701,9991,2373,413
46, 870
2,9707,2411,8762,108
1,1381,1914,3061,026
1,0351,7281,1802,557
28,356
Amountof de-posits
658,4505, 377,167
643, 343638,372
243, 221225,097
1,148,915235, 331
183, 640317,848170,460646,810
10, 488, 654
546,3772, 084,152
385,052379, 364
177,841202, 949988, 264163, 495
176, 096263,236164, 559475, 007
6,006, 392
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
State bank membersBostonNew YorkPhiladelphiaCleveland
RichmondAtlantaChicagoSt. Louis
MinneapolisKansas Ci tyDallasSan Francisco. _.
Total
251405759
34369150
35274961
548,7432, 625, 762
641, 7191, 211, 778
372, 923126, 478914, 200476, 285
71,719179, 684103, 974806,113
664 8, 079, 378 8, 632, 955
415, 659it 237, 336
562, 929706, 900
195, 56961, 987
519, 726225, 308
31,183104, 67433,102
538, 582
520,7992, 463, 655
616, 0941,174,849
362, 678123, 517885, 943464,817
69,866176, 080102, 073773, 259
7, 733, 630
114, 288637, 296123, 775205, 762
55, 98318, 466
161, 56581, 276
11, 63717, 70812, 797
156, 033
1, 596, 616
14, 02172, 44013, 20920, 878
5,3521,568
15,100
1,0571,443
98117,952
170, 819
47, 236251, 259
48, 74672, 350
18, 5735,473
51, 82622, 997
3,8555,2123,367
59,138
587, 832
7,79941,1406,8149,454
2,544775
7,2882,582
486954492
9,000
89,328
49,355286, 514
47, 21765,123
17, 5805,260
49, 53517, 781
3,1906,7623,385
60, 471
612,173
5,29436,1514,5135,4751,941526
4,8791,660275936391
5,046
67,087 1,354,072
83012,3761,0891,122
40892
990388
3527157
856
18,514
112, 0733, 293, 015
258, 291259, 008
65, 38022,148
160, 65171, 836
7,54454, 6125,901
171, 803
4, 482, 262
No. 84.—LICENSED MEMBER BANKS—SUMMARY OF DEPOSITS BY SIZE OF ACCOUNT, MAY 13, 1933
Size group
5,500 licensed member banks—TotalDeposit accounts of:
$2,500 or less$2,501 to $5,000 __ - _ . . .$5,001 to $10,000$10,001 to $50,000Over $50,000
4,836 licensed national banks—TotalDeposit account of:
$2,500 or less .$2,501 to $5,000$5,001 to $10,000$10,001 to $50,000 _ _Over $50,000
664 licensed State bank members—TotalDeposit accounts of:
$2,500 of less$2,501 to $5,000__._$5,001 to $10,000$10,001 to $50,000 . .Over $50,000
Number ofaccounts
30, 556,105
29, 482, 384569, 833269,903187,11546, 870
22, 476, 727
21, 748, 754399, 014180, 575120, 028
28, 358
8, 079, 378
7, 733, 630170, 81989, 32867, 08718,514
Percent oftotal num-ber of ac-
counts
100.0
96.51.9.9.6. 1
100.0
96.81.8.8.5.1
100.0
95.72.11.1.8.23
Amount of de-posits
$23, 542, 307, 000
5, 580, 327, 0001, 912,132, 0001,840, 791, 0003, 720, 403, 000
10, 488, 654, 000
14, 909, 352, 000
3, 983, 711, 0001, 324, 300, 0001, 228, 618, 0002, 366, 331, 0006, 006, 392, 000
8, 632, 955,000
1, 596, 616, 000587, 832, 000612,173, 000
1, 354, 072, 0004, 482, 262, 000
Percent oftotal de-
posits
100.0
23.78.17.8
15.844.6
100.0
26.78.98.2
15.940.3
100.0
18.56.87.1
15.751.9
Averagesize of ac-
counts
$770
1893,3566,820
19, 883223, 782
663
1833,3196,804
19,715211,821
1,069
2063,4416,853
20,18.242,101
Back figures.— Not available.00
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 85.—LICENSED MEMBER BANKS—DEPOSITS BY SIZE OF ACCOUNT, BY STATES, MAY 13, 1933
[Amounts of deposits in thousands of dollars]00
State
Deposit accounts of—
Num-ber oficensedmem-
berbanks
254931
1451359
500260666
2451072728892
2041011186774
132206
Total—All depositaccounts
Numberof accounts
112,077114,957
71, 2911,101,006
371, 568302, 582
4, 494,9821, 799, 0603, 499, 088
1,829, 876431, 334
1,905, 581640, 971604, 649
753, 746277, 384862, 941
94,77599,122
284, 581390, 398
Amountof deposits
64,96048, 36928,340
1,186, 427233, 797222, 707
8,137,060927. 487
2, 463, 879
845, 649181, 267
1,733,826383, 453279,807
444, 707129, 649607,137
37, 89840,193
142, 388139,307
$2,500 or less
Numberof accounts
106,860111,94169,041
1, 045, 743352, 853290, 995
4, 250,9101, 725, 9063, 374, 778
1,781,411421,920
1, 837,490620,170589,348
730,819270,725834, 736
92, 38496,930
277,157383,103
Amountof de-posits
26,98220, 54814,860
256, 29770, 68768, 507
997,140374,860653, 694
314,11864, 596
331,821121, 766101, 586
137,69142, 777
152, 62316, 98615,19747,85955, 305
$2,501 to $5,000
Numberof ac-
counts
3,2251,7681,461
28, 5479,2946,512
111, 73248,92970, 255
27,3155,070
32,89411,9688,674
12, 5923,439
15,1831,3571,1943,6933,807
Amountof de-posits
10,8706,1055,042
99, 06130,35822, 654
388, 084121,441238,009
94, 78817, 594
113,79141.70029, 735
44,00211, 74850,991
4,7254,156
12, 49412, 795
$5,001 to $10,000
Numberof ac-
counts
1,326747557
13, 5185,6052,891
61,29915,87531,112
12, 3562,314
17,3325,2723,692
5,6811,7086,313
637563
1,8761,829
Amountof de-posits
8,6444,9373,695
92,14534,42919, 282
424, 552107, 767211,558
84.62915, 429
119,05835, 88824,936
38, 60811, 52342,890
4,1943,822
12, 74112, 677
$10,001 to $50,000
Numberof ac-
counts
598429220
10, 2893,4231,783
52, 2807,390
18, 439
7,4591,688
13,8753,0572,471
3,8571,2795,338
349370
1,5721,412
Amountof de-posits
10,8927,7103,773
212, 65455,12135,157
1,099,054142,121355, 287
143,97532, 890
281,90857, 05249,158
76,97625, 710
108, 7806,6057,410
31,00229, 579
Over $50,000 ^
Numberof ac-
counts
687212
2,909393401
18, 761960
4,504
1,335342
3,990504464
797233
1,3714865
283247
q
Amount Fof de-posits g
O
7,572 h39,069
970 O526,270 ^43,202 j77.!07 |
5, 228, 230 M181,298 g
1,005,331 §
208,139 {>50.758 F
887, 248127,047 g74,392 «
147,430 237,891 g
251,8535,388 W9,608 O
38,292 >28,951 g
New England:MaineNew HampshireVermontMassachusetts. _Rhode IslandConnecticut
Middle Atlantic:New YorkNew JerseyPennsylvania.--
East North Central:OhioIndianaIllinoisMichiganWisconsin
West North CentralMinnesotaIowaMissouriNorth Dakota. _South Dakota---NebraskaKansas
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
South Atlantic:DelawareMarylandDistrict of ColumbiaVirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida
East South Central:KentuckyTennesseeAlabamaMississippi
West South Central:ArkansasLouisianaOklahomaTexas
Mountain:MontanaIdahoWyomingColoradoNew MexicoArizonaUtahNevada
Pacific:WashingtonOregonCalifornia
Total
1944101327237197146
91697321
5122217497
583130772410306
8361145
5,500
65, 665215, 400231,945648,884371,t538204,66965,123
540, 842234, 391
435, 319433, 471364, 05489,456
122, 501206.157466, 474
1, 295, 764
101,49158,86961,811284,10044, 37244, 759113, 76212,964
316, 655302, 489
3,181, 211
30,556,105
55, 468208, 344162,485247, 554108, 95597,11319,921
197, 451135, 309
153, 303159, 507116, 23533, 331
50, 783124,121214, 407579,919
65, 42825, 70227,106177,91616, 43923,83656, 7197,650
168, 379150,175
1, 880, 444
23, 542, 307
62, 767203, 985223, 265633,979364, 922200, 03263, 801530, 435228,313
426,312• 424,361
357. 34487,198
119, 502200,137457, 099
1, 263, 594
97, 55557, 52160, 237275, 22243, 52343,700110, 37612.329
307, 589294,830
3, 067, 236
29, 482, 384
12,18149, 67644, 83795,99146, 30327, 6648,16954,92532,881
59, 01553, 49940,15313, 307
18,21330, 88756. 823185, 608
21. 48910,1059,27956, 6046, 2409,10418, 4623,186
54, 71454, 548
620, 564
5, 580, 327
1,4765,8644,5988,6203,9392,183643
5,9372,957
5,0244.7353,6141,254
1,6202,8954,40016, 204
2,071710849
4,811444580
1,768375
4.8364,510
64. 007
569,833
5, 11120, 47515,98229, 49913, 5457,4922,20816, 32410,429
17, 29216,76512, 3074,393
5,63910, 64715, 43456, 629
7,5992,4982,95016,9571,5912,0456,2861,332
16, 71815, 635
218, 207
1, 912,132
7803,1052,2433,7151,6341,158352
2,3401,558
2,3132,4091,763596
7731,6082,3488.408
1,098344379
2,233217251934186
2,2511,893
30, 511
269. 903
5,29121,12215, 40425, 47511, 0577,8352,43915,85810,937
15. 37716, 33112,0684,106
5.31111,17916, 05058, 308
7,3322,4682,71615, 6261,4931,7986,2161,238
15, 61312, 769
205, 970
1, 840, 791
5102,0591.5072,214894
1,074198
1,6801.298
1,4321,6771,172368
5261,2372,1396,426
662245291
1,47415619057765
1,6421,022
16, 802
187,115
9,86839, 39529,08042,44617,01821,4343,75234,48324,541
27, 44833, 29122,3206,691
10, 24126, 26243, 303124, 524
12, 7764,6076,04127.4733,0353,56811,2611,120
32, 49119, 405
309, 715
3, 720, 403
132387332356149222129450265
23828916140
80280488
1,132
105495536032381079
337234
2,655
46, 870
23,01777, 67657,18254,14321, 03232, 6883,353
75, 86156, 521
34,17139, 62129, 3874,834
11, 37945,14682, 797154, 850
16. 2326,0246,120
61, 2564,0807,32114, 494
774
48, 84347. 818525, 988
10, 488, 654
tr1
Back figures.—Not available.
CO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
184 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
REPORTING MEMBER BANKS IN LEADING CITIES
No. 86.—REPORTING MEMBER BANKS (101 CITIES) 1 —LOANS, INVESTMENTS,DEPOSITS, RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS,1922-33
[Monthly averages of weekly figures. In millions of dollars]
Month 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933
Loans and in-vestments:
JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Total loans:JanuaryFebruary..MarchAprilMayJuneJuly--AugustSeptember.October....November.December-
Loans on se-curities:
JanuaryFebruary..MarchAprilMayJune -.July -AugustSeptember.OctoberNovember.December..
All other loans:January—February..MarchApril -- .MayJuneJuly-AugustSeptember.OctoberNovember.December..
Investments:JanuaryFebruary. _MarchApril.MayJuneJuly..AugustSeptember.OctoberNovember.December..
14,69414,68814,61714,68814,96815, 24215,254!
15,373!15,446!15,73215,81616,006
11,204!11,025;1.1,034:11.00211,045;11,024110,959|10,94211,06611,34211,400'11,4451
3,7113,6663,6413,657.3,8253,909!3,895'3,862!3.908!4,060;4,103!4,123
7,4937,35917,3937,3457,2197,1157,0647,0807,158!7.2827,2977,322
3,4903,6633,5833,6863,9234,2184,2954,4314,3794,3904,4164,561
16, 23316,22616,36816,44316,48716,42816,40416, 20116,30516,38116, 28716,318
11,56011,59711,79611,91912,00211,90511,91211,79211, 93012, 02911,97511,985
4,1944,1194,1164,173i4,2204,1574,150;3,994!4,028!4,052!4,05614,142|
16,32116, 31916,44316,56516.61816,81617,13117,44617,75718,21718,35"18,465
IV12,00412,13812.21212,17212, 24912,40012,59412, 72512, 95512, 96913,087
4,2524,1734, 1814,2184,2214,3104,4794,5824,6754,7264.7404,91
7,36617,4777,6807,7467,78117,748!
7,76117, 798!7,903'7,977;7,920!7,843;
4,673'4,629!4,5724,523:4,485'4,5224,492(4,409!4,3754,3524,3124,333
7,7367,8317,9567,9947,9517,9397,9218,0128,0498,2298,2298,170
4,3334,315|4,306|4,3524,4454, 567|4,731j4,8515,0325, 26215, 3895,378
18,50218,43918,52318,55418, 52718,64118,72218, 77518, 97819, 23919,33119,413
13,17913,232i13,32013, 29713,29413,37513,47413,55713,79714,05714,18114, 248
5,0085, 0565,1225,0985,1675,2895,3705,3775,4475,5585,6965,843
8,1708,1768,1988,1998,1278,0858,1038,1808,3498,5008,4858,405
5,3235,2065,2045, 2585, 2335,5,2485,2175,1815,1815,1515,165
19,35819,32319,42019,39219,50219, 59619,56119,59419,77519, 78419,67319, 742
14,20014,14014,17214,14014,16014,23514,24114,31314,49814,555114,48714, 578
5,8745,7675,6525, 5765,592!5,693|5,7435,7715,8475,7415,6335,771
8,3268,3738,6218,5648,5688,5418,4988, 5428.6528,8148, 8548,807
5,1585.1825,2485,2525,3425.3K25,3205,2815,2775,2285,1865,165
19,68619,558!
19,989!20,068;20, 273!20,506;20.404'20, 35720,65320,91821,11221,328
14,53814,34714,53614,56414, 66614,84914,781!14,82515,06615, 25815,30815,396
5,91515, 780!5,867j5,9306,017!6,2206,191!6,20l|6,298!6,40316,492!
21,49321,31521,50221,94422,14822. 06322,00621,80921,87121, 93821,98322. 189
15,44115,22315,37015.80515,96015,87115,892|15,825!15, 898j16,00316,09616, 253
6.8116,6066,5866,9247,0756,9fi26,9556,8166,8406,8747,0827,198
8,6238,566'8,670!8,634;8,6498,628'8,590|8,624|8,76818,85518,816i8, 720|
5,1485,2125,4535,5045,6085,6585,6235,5315,5875,6605,8045,932
8,6318,6178,7848,8808,8848,9098, 9379,0099,059]9,1309,0149,055
6,0526,0916,1336,1406,1886,1936,1145,9845,9735,9345,888^5,936!
22,320;22,26322,472!22,388!22,11322, 23122,47922, 46522,64623,12423,66323,012
16,30016,26016,49116,46416,277i16,4801
16,950|16, 96917,197i17,706118,041I17,444.
7,506|7, 5227.5801
7,392:
7,218|7,332!7,7167,578!7.6541
8.098!8, 249l
7,968
8,7948,737!8,9119,0739,0599,1499,23419,390!9,543'9,6089,792;9,476
6,0216,00415,981I5,9245,8365,751!5, 52915,496!5,449i5,4185,6235,567
22, 36822,08322, 35222, 65722, 66223. 02423.10123,12823, 22023, 40923, 45523,117
16, 82116, 54216, 74616,90116, 82517, 04816,90616, 83816, 85916, 83416, 67316, 332
7,7947,6717,9648,2708,3128,5608, 3918, 3498,3838,2377,8977,776
9,0278,8718.7818,6318,5138,4878,5158,4888,4768,5978,7768,557
5, 5485,5415,6075,7565,8375,9776,1946,2916,3616,5756,7826,784
22, 66022, 65922,83922, 94222,71322,43922, 39322,09322, 07821, 42521, 02320, 749
15, 89415, 55715,45215,19714, 89114 623
20,17819, 77519,43419,09619,112!18,87718,41918, 58718, 73919,026118,987118, 840
18, 66518, 532
(2)
12,97512, 711j12,375111.9701
11, 702L
10,12610, 036
(2)
14,623 ll,420!_14,595' 11,071!14,380' 10,897|_14,283! 10, 753'_13, 65013,44513, 204
7,4957,3157,30217,157|6,9986,7706,6316,4806,4135,9715,8595,763
8, 399j8,2428,1508,040!7,8937,8537,9647,9007,8707,6797,5867,441
6,7667,1027,3877,7457,8227,8167,7987, 7137,7957,7757,5787,545
10, 605:
10,400 _10,340!
5,6445,4975,3885,1504,9754,811!4,6161
4,578!4,5244,4374, 2804,319]
4,2234,217!2)
5,P035,819()
7,3317,2146,9876,8206,7276,609;6,4556,319;6,229!6,168;6,1206,021
7,203 8, 5397,0641 8,4967,059| (2)7,126!7,4107,4577,3487,6907,9868,421!8,5878,500
1 For list of cities, see table 87.2 Discontinued; see note below table 87.
Back figures.—See Annual Report for 1930 (table 51).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REPORTING MEMBER BANKS IN LEADING CITIES 185
No. 86.—REPORTING MEMBER BANKS (101 CITIES)—LOANS, INVESTMENTS,DEPOSITS, RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS,1922-33—Continued
[Month ly averages of weekly figures. In millions of dollars]
Month
Net demandplus time de-posits:
JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
Net demanddeposits:
JanuaryFebruary. .MarchAprilMayJuneJuly.AugustSeptember.OctoberNovember.December..
Time deposits:JanuaryFebruary._MarchAprilMayJuneJuly.-AugustSeptember.OctoberNovember.December-
Reserve bal-ances:
JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember .OctoberNovember.December-
Borrowings atFederal re-serve banks:
JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember _December. .
1922
13,40913,33913,52913, 76614,17014,48714,62714,60214,68014,85214, 79614,866
10, 36710,28010, 39110, 58710,91911,13811,11311,00711,07611,22811,12111,146
3,0423,0593,1383,1793,2513,3493,5143,5953,6043,6243,6753, 720
1,2891,2991,3181,3241,3811,4051,4141,3701,357L. 412I', 3791,383
514374264215161130151115145!240376!392
1923
15,31215,29415,21215,20415,23015,19615,20414, 97315,02615,15515, 22815,210
11,56111, 52211, 28411, 21411,22211,17611,19810,96810,99111,10711,17011,127
3, 7513,7723,9283,9904,14,0204,0064,0054,0354,0484,0584,083
1,4471,4341,4041,3971,4081,4001,4021,3661,3601,3811,3821,382
343402417420455466552516545585505502
1924
15,43415,45015,50915, 57715,75916,16416,60316,96717,26217,68917,94518,039
11,29911,27311,28211,29911,42411, 77312,11412,39612, 63012,93713,08013,184
4,1354,1774,2274,2784,3354,3914,4894,5714,6324,7524,8654,855
1,4331,4071,4351,4391,4491,5391,5581,5951,6451,6441,6381,691
3472852452581851318961
75145
1925
18,09417,97717,87217,82817,91318,00718,11918,04918,12218,38618,55818, 530
13,20313,02012,86612, 74212, 74212,80512,92212,83112, 89213,08513,18513,173
4,8914,9575,0065,0865,1715,2025,1975,2185,2305,3015,3735,357
1,6631,6561,6271,'"'"1,6121,6221,6271,6401,6391,6521,6671,685
108218234229191238264351403437411491
1926
18, 59718,46818,41418,39218,54418, 71518,67718,64118,7-"18,7:18,6118,81
1927
13,19513,01912,91712,83012,95313,07412, 96412,90013,02413,01512, 93813,032
5, 4025, 4495,49'5,5625,5915,6415,7135, 7415,7225,7125,7525,768
1,6721,6521,6491,6391,6471,6641,6491,6401,6741,6271,6311,680
318351372329290252315335428440422447
18,92118,77119,02319,05419,29219,57719,48319,50419,60919,75720,11220,291
13,06712, 88313,03413,03313,17913, 41413, 30613,27613,34013,41213, 70313,872
5,8545,888
6,0216,1136,1636,1776,2286,2696,3456,4096,419
299233268270302!268272256267283276
1928
20,54220,28620, 26820, 57620,65220,37320,10719, 73319,88020,05920, 21720,241
13,98213, 67313,57913,81413,76013,45013, 24612,00213,04913,216j13, 36913,399
1929
20,48720,27020,12719,86919,76819, 74019, 91819,84819,99020,47221,13120, 501
13,59313, 39113,28813,07612,99213,00113,24513,12013,18013, 63314, 36313, 774
6, 560|6, 613i
6,7626,8926,9236,8616,8316,8316,8436,8486,842
1,71,7581,7261,7831,7711,7401,7231,6721,6991,7071,7141,748
314338362488644796854806822736681799
6,8946,8796,8396,7936,7766,7396,6736,7286,8106,8396,7686,72-
1,7771,7341,7151,6721,6661,6721,7031,6651,7031,775[1,8691,743!
1930 1931 1932
20, 09619,83520,06720,46020, 51120,84221, 07821,05021,09321,28421, 45221,060
13,22412, 97413,09313, 39113, 39313, 63113, 72013,651!13, 622J13, 73513,93413, 839
6, 8726,8616, 974J7, 0697,1187,21117, 358!7,3997,4717,5497,5187,221
1,7181,704
1^7401,7451,7811,8131,7911,8131,8241, 8291,834
20, 83620,83920,94421, 05921,09920, 68320, 72720, 36020, 02919,05818, 53018,037
13, 76313, 62613, 67813, 73113, 69213,42513,57613, 29013,13712, 57412, 27912, 024
7,0737, 2137,2667,3287,4077,2587,1517,0706,8926,4846,2516,013
1,8461,7921,8111,7991,8361,8271, 8431,7951,7911,7171,6031,637
663!659J740!
725!661;670|801!717|706J634655490
247!174817159535343445671
141
8257352628564475
127398404499
17,40916,796
1933
17, 59317, 204
(2)16,64116,668 .16,820 .16.61216,34l|16,472j16.768!17,022117,263117,336|.
11,58811,08110,95011,01211,13011,01310,79310,84211,14311,34211,571II,"-1
5,8215,7155,6915,6565,69015,5995, 548!5,630!5,625!5, 6805.6925,648
11,90211,609(2)
5, 6915, 595(2)
1,5101,4371.4471,5481,7051,6261,5681,6431, 778'1,8681,9492,002
469;484!
6395
277!185:——.1911212!164<1281039975
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
186 ANNUAL EEPOKT OF THE FEDERAL RESERVE BOARD
No. 87.—REPORTING MEMBER BANKS (101 CITIES) 1—PRINCIPAL
[In millions of dollars]
Date or monthTotal
Joans andinvest-ments
Loans
Total On se-curities All other
Investments
TotalU.S.
Govern-ment
securities
Other se-curities
1933All cities:
Jan. 4Jan. 11Jan.18Jan. 25
Average. -
Feb. 1Feb. 8Feb. 1 5 . - -Feb. 2 1 . —
Average.
Mar. 1-
New York City:Jan. 4Jan.11Jan.18Jan. 25
Average. . .
Feb .1Feb .8Feb. 15Feb. 21
Average _
Mar. 1
Outside New York City:Jan. 4Jan.11Jan.18Jan. 25
Average
Feb. 1Feb .8Feb. 1 5 —Feb. 24
Average,
Mar. 1
18,71318, 67318, 65518, 61918, 655
18, 72518, 57318, 57118, 25718, 532
17, 823
7,0377,0557,0867,1327,077
7,2227,0737,0786,8097,046
6, 512
11,87611,61811,56911,48711, 588
11, 50311,50011,49311,44811, 486
11,311
10,21410,13610,11510, 04010,126
10,16610,02810, 0839, 86510, 036
9,627
3, 4333,4023,4083,3983,410
3,5213,4053,4723, 2743, 418
3,079
6,7816, 7346, 7076,6426,716
6,6456, 6236,6116,5916,618
6,548
4,2714,2374, 2134,1734,223
4,2594,2044,2064,1994,217
4,234
1,5841,5801, 5591,5621,571
1,6431,6061,6141,6211,621
1,640
2,6872, 6572, 6542,6112, 652
2,6162,5982,5912,5782,596
2,594
5,9435,8995,9025,8675,903
5, 9075,8245,8775, 6665,819
5,393
1,8491,8221,8491,8361,839
1,8781,7991, 8581, 6531,797
1,439
4,0944,0774, 0534,0314, 064
4,0294,0254,0204,0134,022
3,954
8,4998, 5378, 5408,5798,539
8,5598,5458,4888,3928,496
8,196
3,6043,6533,6783,7343,667
3,7013,6683,6063, 5353, 628
3,433
4,8954,8844, 8624,8454,872
4,8584,8774,8824,8574,868
4,763
5,2055,2625, 2915, 2835,260
5,2535,2485,2065,1155, 205
4,908
2,5022, 5602,6092,6312, 575
2, 6002, 5722,5222,4522,537
2,338
2,7032,7022,6822,6522,685
2,6532,6762,6842.6632,668
2,570
3, 2943, 2753, 2493, 2963, 279
3,3063, 2973, 2823, 2773, 291
3,288
1.1021,0931,0691.1031,092
1,1011, 0961, 0841, 0831,091
1, 095
2.1922,1822,1802.1932,187
2, 2052, 2012,1982.1942, 200
2,193
1 Following is a list of the 101 cities, including the 11 cities (preceded by an asterisk) which weredropped w hen the 90 cities series shown in table 88 was inaugurated:
District no. 1 (6 cities).—Boston, Mass.; Hartford, Conn.; New Haven, Conn.; Providence, R.I.; Spring-field, Mass.; Worcester, Mass.
District no. 2 (8 cities).—New York City, N.Y.; Buffalo, N.Y.; Albany, N.Y.; Bridgeport, Conn.;Jersey City, N.J.; Newark, N.J.; Rochester, N.Y.; Syracuse, N.Y.
District no. 3 (4 cities).—Philadelphia, Pa.; Camden, N.J.; Scranton, Pa.; Wilmington, Del.District no. 4 (10 cities).—* Cleveland, Ohio; Cincinnati, Ohio; Pittsburgh, Pa.; Canton, Ohio; Colum-
bus, Ohio; Dayton, Ohio; Erie, Pa.; Lexington, Ky.; Toledo, Ohio; * Akron, Ohio.District no. 5 (12 cities).—Richmond, Va.; * Baltimore, Md.; Charleston, S.C.; Charleston, W.Va.;
Charlotte, N.C.; * Columbia, S.C.; Huntington, W.Va.; Lynchburg, Va.; Norfolk, Va.; Roanoke, Va.;Washington, D.C.; Wilmington, N.C.
District no. 6 (8 cities).—Atlanta, Ga.; Birmingham, Ala.; Jacksonville, Fla.; Nashville, Tenn.; * NewOrleans, La.; Chattanooga, Tenn.; Mobile, Ala.; Savannah, Ga.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REPORTING MEMBER BANKS IN LEADING CITIES 187
ASSETS AND LIABILITIES, BY WEEKS, 1933
[In millions of dollars]
Reservewith
FederalReservebanks
2,0502,1372,0932,0812,090
1,9941,9771,7941,8141,895
1,599
1,0521,1471,0991,0281,082
967924775782862
683
998990994
1,0531,008
1,0271,0531,0191,0321, 033
916
Cash invault
221216208211214
193213249283234
389
4240373639
3438424841
92
179176171175175
159175207235193
297
Net demand plus time deposits
Total
17, 52917,64117, 60917,59217, 593
17, 54717, 32517,16016, 78517, 204
15,893
6,6276,7746,7596,7426,725
6,7216,5666,3926,1836,465
5,759
10,90210,86710, 85010, 85010,868
10,82610, 75910, 76810, 60210, 739
10,134
Net de-mand
11,82311,94011,90711,93611,902
11, 89911,69911, 55211, 28611, 609
10, 605
5,7335,8805,8455,8715,832
5,8625,7175,5455,3805,626
4,983
6,0906,0606,0626,0656,070
6,0375,9826,0075,9065,983
5,622
Time
5,7065,7015,7025, 6565, 691
5,6485,6265,6085,4995,595
5,288
894894914871893
859849847803839
776
4,8124,8074,7884, 7854,798
4,7894,7774,7614,6964,756
4,512
U.S.Govern-
mentdeposits
332286266243282
300245190148221
90
13311210293
110
11492715483
34
199174164150172
18615311994
138
56
Borrow-ings atFederalReservebanks
6158597663
8170
10013095
488
183
6158597663
8170
10013095
305
Date or month
1933All cities:
Jan. 4.Jan. 11.Jan. 18.Jan. 25.
Average.
Feb. 1.Feb. 8.Feb. 15.Feb. 21.
Average.
Mar. 1.
New York City:Jan. 4.Jan. 11.Jan. 18.Jan. 25.
Average.
Feb. 1.Feb. 8.Feb. 15.Feb. 21.
Average.
Mar. 1.
Outside New York City:Jan. 4.Jan. 11.Jan. 18.Jan. 25.
Average.
Feb. 1.Feb. 8.Feb. 15.Feb. 21.
Average.
Mar. 1.
District no. 7 (12 cities).—Chicago, 111.; * Detroit, Mich.; Cedar Rapids, Iowa; Des Moines, Iowa; * Flint,Mich.; * Fort Wayne, Ind.; Grand Rapids, Mich.; Indianapolis, Ind.; * Joliet, 111.; Milwaukee, Wis.Peoria, 111.; Sioux City, Iowa.
District no. 8 (5 cities).—St. Louis, Mo.; * Little Rock, Ark.; Louisville, Ky.; Memphis, Tenn.; Evans-ville, Ind.
District no. 9 (8 cities).—Minneapolis, Minn.; Helena, Mont.; Duluth, Minn.; Fargo, N.Dak.; GreatFalls, Mont.; La Crosse, Wis.; St. Paul, Minn.; Sioux Falls, S.Dak.
District no. 10 (12 cities).—Kansas City, Mo.; Denver, Colo.; Oklahoma City, Okla.; Omaha, Nebr.;Kansas City, Kans.; Lincoln, Nebr.; Muskogee, Okla.; Pueblo, Colo.; St. Joseph, Mo.; Topeka, Kans.;Tulsa, Okla.; Wichita, Kans.
District no. 11 (9 cities).—Austin, Tex.; Dallas, Tex.; El Paso, Tex.; Houston, Tex.; Fort Worth, Tex.;Galveston, Tex.; San Antonio, Tex.; Shreveport, La.; Waco, Tex.
District no. 12 (8 cities).—San Francisco, Calif.; Los Angeles, Calif.; Portland, Oreg.; Salt Lake City,Utah; Seattle, Wash.; Spokane, Wash.; * Oakland, Calif.; Tacoma, Wash.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
188 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 88.—REPORTING MEMBER BANKS (90 CITIES) J —
[In millions of dollars]
Date or month
1932Jan . 6_ ._ . .J a n . 1 3Jan. 20Jan. 27
Feb . 3Feb . 10Feb. 17Feb . 24
Mar . 2Mar . 9Mar . 16Mar . 23 .Mar . 30
Apr. 6Apr. 13Apr. 20Apr. 27
M a y 4May 11May 18May 25June 1June 8June 15June 22June 29July 6July 13July 20July 27Aug. 3Aug. 10Aug. 17Aug. 24Aug. 31Sept. 7Sept. 14Sept. 21Sept. 28Oct. 5Oct. 12Oct. 19__Oct. 26Nov. 2Nov. 9Nov. 16Nov. 23Nov. 30Dec. 7Dec. 14Dec. 21Dec. 28Monthly averages:
JanuaryFebruaryMarchAprilMayJuneJulyAugust _.SeptemberOctoberNovemberDecember
Totalloans andinvest-ments
18,13418,01117,78617, 73417, 72417, 53817, 48617, 37517, 29717,09317,37417, 20217,16416,99416,88116,94716,87017,11816, 99316,89816,86216,88616,59016, 94716, 69416, 64516, 42416,38016, 24016, 24916, 60016, 53116, 49216, 42716, 47216, 50116,49516, 85916, 85616, 82616, 93617,06817,06616,97716,98216,90216,90216,97016,81916,82216. 85416, 781
17,91617.53117, 22616, 92316, 96816, 75216, 32318, 50416, 67816, 97416, 94716,819
Loans
Total
11,44011,37811,29111,216
11,19411,09211,06510,994
10, 97510,83410,80210, 67610,631
10, 48610, 39910, 40210, 319
10, 28710,17210,11710,052
10,0929,8649,9919,7759,748
9,6069,6489,5299,501
9,5069,4729,4279,3559,325
9,3449,3039,2709,252
9,1869,1899,1899,074
9,003
8,9058,9438,9828,9328,9038,9438,871
11,33111, 08610, 78410, 40210,1579,8949,5719,4179.2929,1608,9658,912
On se-
5,0865,0475,0224,9924,9704,9094,8784,8464,8514,8364,8314,7594,7444,6434, 5704,5534,5184,4894,4084,3744,3394,3354,2264,2654,2124,1854,0774,0764,0664,040
4,0804,0604,0424,0103,9713,9804,0073,9743,9843,9483,9353,9173,8223,7863,7713,7223,7353,7643,7843,7973,8053,789
5,0374,9014,8044,5714,4034,2454,0654,0333,9863,9063,7563,794
All other
6,3546,3316,2696,2246,2246,1836,1876,1486,1245,9985,9715,9175,8875,8435,8295,8495,8015,7985,7645,7435,7135,7575,6385,7265,5635,5635,5295,5725,4635,4615,4265,4125,3855,3455,3545,3645,2965, 2965,2685,2385,2545, 2725,2525,2175,2185,1835,2085,2185,1485,1065,1385,082
6,2946,1855,9805,8315,7545,6495,5065,3845,3065,2545,2095,118
Investments
Total
6,6946,6336,4956,5186,5306,4466,4216,3816,3226,2596,5726,5266,5336,5086,4826,5456,5516,8316,8216,7816,8106,7946,7266,9566,9196,8976,8186,7326,7116,7487,0947,0597,0657,0727,1477,1577,1927,5897,6047,6407,7477,8797,9927,9747,9937,9977, 9597,9887,8877,9197,9117,910
6,5856,4456,4426,5216,8116,8586. 7527,0877,3867,8147,9827,907
U.S.Govern-
mentsecurities
3,7823,7183,5993,5633,6453,5703, 5583,5273,4653,4283,7243,6663,6493,6143,5893,6073,6203,8933,8773,8323,8223,7743,8194,0564,0303,9933,9423,8573,8433,8724,2094,2034,2224,2164,2614,2624,2834,6894,6794,7134,7784,8975,0024,9864,9955,0064,9614.9734,9424,9264,9474,916
3,6653,5753,5863,6073,8563,9343,8784,2224,4784,8474,9844,933
Other se-curities
2,9122,9152,8962, 9552, 8852, 8762, 8632, 8542,8572,8312,8482,8602,8842,8942, 8932,9382,9312, 9382, 9442,9492,9883,0202,9072,9002,8892,9042,8762,8752, 8682, 8762, 8852, 8562, 8432, 8562, 8862, 89J52,9092, 9002, 925
2, 9272, 9692,9822,990
2, 9882, 9982,9912, 9983, 015
2,9452,9932,9642,994
2,9202,8702,8562,9142,9552,9242,8742,8652.9082,9672,9982,974
1 For list of the 90 cities see note below table 87.Back figures—-Not available (for 90 cities series); for 101 cities series, see Annual Reports for 1932
(table 79), 1931 (table 58), and 1930 (table 52).Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REPORTING MEMBER BANKS IN LEADING CITIES
P R I N C I P A L ASSETS AND LIABILITIES , BY W E E K S , 1932-33
[In millions of dollars]
189
Reservewith
FederalReservebanks
1,4211,3981,3881,371
1,3491,3311,3211,307
1,3191,3351,3391,3391,349
1,3651,4371,4061, 547
1,5591,5741,6101,6491,5521,5221,5231,5011,472
1,3941, 4531,4741,520
1,4501,5101,5281,5931,6101,5991,7091,6591,7221,7211,6991,7681,8741,8271,8051,8541,8621,888
1,8551,8951,9131,946
1,3951,3271,3361,4391,5981,5141,4601,5381,6721, 7651,8471,902
Cash invault
220214208204
191203187194
176180174183184
173177170178
173179179180
175180180184211
202200198188
177185177179181179190174180
173180178179167190176186183
188202215206
211194179175177186197180181177180203
Net demand plus time deposits
Total
15,66815, 51615,36415,309
15, 01414,92214,87814, 79714,80814,79814,78714, 63914,738
14,66314,73814,85214,96714,94615, 01214,99015, 01814,95414,81314,89514,68114,655
14,54014, 62014,50614,570
14,58614,65414,68014,72814,84614,86315,06814,95715,099
15,09515, 21915,32415, 44515,42915,46415, 52915,50415,674
15,47715,63515,64215, 673
15,46414,90314,75414,80514,99414,80014, 55914, 69914,99715, 27115, 52015, 607
Net de-mand
10,92410,78310, 65810,645
10,36510, 29910, 27310,202
10, 20810,18410, 20110,06210,153
10,09910,19210, 28310,370
10,32910,38510,38210,41110, 36010, 25310,35810,17310,174
10, 05910,14810,02210, 039
10, 04010, 07910,10210,14810, 27210, 30110, 51310,38510, 515
10,50010,60410,67610, 76910, 76310,79810,87110,85611, 041
10,86011, 01211, 03411, 051
10, 75210, 28510,16210, 23610, 37710, 26410, 06710,12810,42910, 63710,86610,989
Time
4,7444,7334,7064,664
4,6494,6234,6054,5954,6004,6144,5864,5774, 585
4,5644,5464,5694,597
4,6174,6274,6084,6074,5944,5604,5374,5084,481
4,4814,4724,4844,531
4,5464,5754,5784,5804,5744,5624,5554,5724,584
4,5954,6154,6484,6764,6664,6664,6584,6484,633
4,6174,6234,6084,622
4,7124,6184,5924,5694,6174,5364,4924,5714,5684,6344,6544,618
U.S.Govern-
mentdeposits
271242229215
427370331283
219148507445414
345296191159443339295248223102413355308
1801138059
329277230201165134133551551
537496542505483437423398383
333314385359
239353347248331280108240342520425348
Borrow-ings atFederalReservebanks
346313310314
337321346337
331270218228214
212209165155
143123128127
147150148143126
1381511681611421211231091171161108575
79797080
7770686968
58503935
32133525218513014315512296777045
Date or month
1932Jan. 6.Jan. 13.Jan. 20.Jan. 27.
Feb. 3.Feb. 10.Feb. 17.Feb. 24.Mar. 2.Mar. 9.Mar. 16.Mar. 23.Mar. 30.
Apr. 6.Apr. 13.Apr. 20.Apr. 27.May 4.May 11.May 18.May 25.
June 1.June 8.June 15.June 22.June 29.July 6.July 13.July 20.July 27.Aug. 3.Aug. 10.Aug. 17.Aug. 24.Aug. 31.Sept. 7.Sept. 14.Sept. 21.Sept. 28.Oct. 5.Oct. 12.Oct. 19.Oct. 26.Nov. 2.Nov. 9.Nov. 16.Nov. 23.Nov. 30.Dec. 7.Dec. 14.Dec. 21.Dec. 28.Monthly averages:
January.February.March.April.May.June.July.August.September.October.November.December.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
190 ANNUAL REPOBT OF THE FEDERAL EESEEVE BOARD
No. 88.—REPORTING MEMBER BANKS ([In millions of dollars]
Date or month
1933Jan. 4Jan.11 . .Jan. 18Jan. 25
Feb. 1Feb. 8Feb. 15Feb. 22
Mar. 1Mar. 8Mar. 15— .Mar. 22Mar. 29— . .
Apr. 5 _ __ __Apr. 12Apr. 19 -. -.Apr. 26
May 3May 10 _May 17May 24May 31
June 7June 14June 21June 28-
July5 - . .July 12July 19July 26
Aug. 2Aug. 9Aug. 16.Aug. 23Aug. 30
Sept. 6 .Sept. 13Sept. 20Sept. 27 _.-
Oct. 4Oct. 11.. ._Oct 18Oct. 25 .
Nov. 1Nov. 8 -.Nov. 15Nov. 22Nov 29
Dec. 6 -Dec. 13Dec. 20Dec. 27
Monthly averages:JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember-OctoberNovember-December
Totalloans andinvest-ments
16,70816,67716, 66016, 631
16, 75616, 62216, 61716,315
15,90015, 72816, 01716, 02116, 001
15,92715,88715,87616,048
16, 28816, 31816, 34616, 32916, 426
16,48516, 52116,80516, 665
16, 68616, 72416, 76616, 662
16, 55716, 52416,70816, 60516, 607
16, 56216,58016, 59216, 529
16, 54816, 53616, 59216, 467
16, 74916, 71916, 68116, 61916, 672
16, 60016,51916, 69416, 666
16, 66916, 57715,93315, 93416, 34116, 61916, 71016 60016, 56616, 53616,68816, 620
Loans
Total
8,8028,7348,7148,648
8,7828,6468,7018,500
8,2818,3108,3888,3908,332
8,2578,2458,2108,341
8,4048,4048,4218,3528,485
8,5118,5698,5008,452
8,5308,6428,6548,561
8,5468,5388,5838,5058,533
8,5388,5968,5608,540
8,5658, 5708, 6438,543
8, 5938, 5938, 5578, 5088, 568
8,4978,4718,4598,402
8,7258, 6578,3408,2638,4138,5058,5978,5418,5598,5808,5648,457
On se-curities
3,7513,7233,6993,662
3,7513,6963,6943,693
3,7273,7593,7623,7253, 644
3,6173, 5843,5833,638
3,6983,7153,7243,6483,713
3,7423,7983,7693,748
3,8113,8743,8643,789
3,7723,7683,7953,7373,766
3,7483,7733,7033,687
3,6513,6373,6733,584
3,6043,5903,5573,5493,569
3,5563,5963,6003,628
3,7093,7083,7233,6053,7003,7643,8353,7683,7283,6363,5743,595
All other
5,0515,0115, 0154,986
5,0314,9505,0074,807
4,5544,5514,6264,6654,688
4,6404,6614,6274,703
4,7064,6894,6974,7044,772
4,7694,7614,7314,704
4,7194,7684,7904,772
4,7744,7704,7884,7684,767
4,7904,8234,8574,853
4,9144,9334,9704,959
4,9895,0035,0004,9594,999
4,9414,8754,8594,774
5,0164,9494,6174,6584,7134,7414,7624,7734,8314,9444,9904,862
90 CITIES)—PRINCIPAL
Investments
Total
7,9067,9437,9467,983
7,9747,9767,9167,815
7,6197,4187,6297, 6317, 669
7,6707,6427,6667,707
7,8847,9147,9257,9777,941
7,9747,9628,3058,213
8,1568,0828,1128,101
8,0117,9868,1258,1008,074
8,0247,9848,0327,989
7,9837,9667,9497,924
8,1568,1268,1248,1118,104
8,1038,0488,2358,264
7,9447,9207,5937,6717,9288,1148,1138,0598,0077,9568,1248,163
U.S.Govern-
mentsecurities
4,9164,9684,9984,991
4,9714, 9824,9344,836
4,6314,4274,5804,5784,583
4,5854,5844,6354,678
4,9094,9084,9344,9634,948
5,0134,9905,3075,254
5,2035,1265,1405,117
5,0485,0375,1865,1555,131
5,0835,0445,0865,056
5,0224,9944,9874,956
5,1645,1475,1385,1115,114
5,1365,1485,2885,267
4,9681 4,931
4,5604,6204,9325,1415,1475, 1115,0674,9905,1355,210
Other se-curities
2,9902,9752,9482,992
3,0032,9942,9822,979
2,9882,9913,0493,0533,086
3,0853,0583,0313,029
2,9753,0062,9913,0142,993
2,9612,9722,9982,959
2,9532,9562,9722,984
2, 9632, 9492, 9392,9452,943
2,9412, 9402,9462,933
2,9612, 2722, 9622,968
2,9922,9792,9863,0002,990
2,9672,9002,9472,997
2,9762,9893, 0333, 0512,9962,9732,9662,9482,9402, 9662,9892,953Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REPORTING MEMBER BANKS IN LEADING CITIES 191
ASSETS
Reservewith
FederalReservebanks
1,9442,0351,9911,978
1,8911,8641,6841,722
1,5181,3021,4381,3311,453
1,4361,5591,6041,596
1,4641,5361,5571,6351,624
1,6361,7091, 6271,697
1,6011,6371,6491,674
1,6641,7081,7101,7781,784
1,7901,8761,8831,936
1,8441,8941,9552,002
1,9111,8781,9251,9651,864
1,8241,9071,8971,914
1,9871,7901,4081,5491,5631,6671,6401,7291,8711,9241,9091,885
AND LIABILITIES, BY WEEKS, 1932-33—Continued
Cash invault
198188184186
168183220243
351559481297266
231229215219
207211199198205
194198189196
203201188188
178189183187199
191195189205
200217208207
200226215225231
236249266258
189204391223204194195187195208219252
[In millions of dollars"
Net demand plus time deposits
Total
15, 76615,88715,87015, 850
15,84415, 65415,49515,159
14, 31113, 52013, 79313,92414,075
14,15914, 29814,44514, 745
14, 67814,82714,95215,00315, 200
15, 25815,47015,15915,147
15,13415, 23015, 21415,136
15,00815,03214, 89714, 89414,935
14,87515,04215,02115, 006
14,93415,00315,17615,157
15,12315,02615,10115,12115,161
15,02015,13115,03415, 205
15, 84315, 53813, 92514,41214, 93215, 25915,17814,95414, 98615, 06715,10615,098
Net de-mand
11,11311,23211,21311, 236
11,23311, 05510,91310, 667
9,9969,2759,4759,6019,745
9,8199,964
10,10210, 393
10,34810, 50910, 68110, 72510,918
10, 98311, 20710,82310, 741
10, 64210, 70910,66710, 598
10,47510,49510, 36310, 37810,427
10, 38010, 55810, 51910, 505
10,44810, 52510, 70010,685
10, 65310, 53110,62910, 67610, 751
10, 65310, 77510, 68010, 866
11,19810,9679,619
10, 07010, 63610,93910, 65410,42810,49110, 58910, 64810, 744
Time
4,6534,6554,6574,614
4,6114,5994,5824,492
4,3154,2454,3184,3234,330
4,3404,3344,3434,352
4,3304,3184,2714,2784,282
4,2754,2634,3364,406
4,4924,5214,5474,538
4,5334,5374,5344,5164,508
4,4954,4844,5024,501
4,4864,4784,4764,472
4,4704,4954,4724,4454,410
4,3674,3564,3544,339
4,6454,5714,3064, 3424,2964,3204,5244,5264,4954,4784,4584,354
TT QU . 0 .
Govern-ment
deposits
298258238218
265219167129
7842
288291290
291290191141
258231218219218
181158633633
606581581560
560560897875865
865865865863
863863780725
1,012999960915817
786736887825
253195198228229401582751865808941809
Borrow-ings atFederalReservebanks
39333446
50365265
4141,066
849379283
177168158124
12980857876
60535026
31212228
3128382931
27222022
20232022
2421212225
24252324
3851
5981579047253123212224
Date or month
1933Jan. 4.Jan. 11.Jan. 18.Jan. 25.
Feb. 1.Feb. 8.Feb. 15.Feb. 22.
Mar. 1.Mar. 8.Mar. 15.Mar. 22.Mar. 29.
Apr. 5.Apr. 12.Apr. 19.Apr. 26.
May 3.May 10.May 17.May 24.May 31.
June 7.June 14.June 21.June 28.
July 5.July 12.July 19.July 26.
Aug. 2.Aug. 9.Aug. 16.Aug. 23.Aug. 30.
Sept. 6.Sept. 13.Sept. 20.Sept. 27.
Oct. 4.Oct. 11.Oct. 18.Oct. 25.
Nov. 1.Nov. 8.Nov. 15.Nov. 22.Nov. 29.
Dec. 6.Dec. 13.Dec. 20.Dec. 27.
Monthly averages:January.February.March.April.May.June.July.August.September.October.November.December.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
192 ANNUAL REPORT OP THE FEDERAL RESERVE BOARD
Date or month
1933
Jan. 4Jan. 11 _Jan. 18Jan. 25 _
Feb. 1. . .Feb. 8Feb. 15Feb. 22
Mar. 1Mar. 8Mar. 15Mar. 22Mar. 29
Apr. 5Apr. 12.Apr. 19Apr. 26 _ _ .
May 3May 10May 17May 24May 31
June 7..June 14 _ _June 21June 28
July 5July 12July 19July 26Aug. 2_Aug. 9Aug. 16.Aug. 23Aug. 30Sept. 6 __ _ _Sept. 13Sept. 20Sept. 27Oct. 4_Oct. 11Oct. 18Oct. 25Nov. 1.Nov. 8Nov. 15Nov. 22..Nov. 29Dec. 6Dec. 13Dec. 20Dec. 27Monthly averages:
JanuaryFebruaryMarch ._AprilMay. .__JuneJulyAugustSeptember _.OctoberNovember _.December
^ o . 89.—REPORTING MEMBER[In millions of dollars]
Totalloans andinvest-ments
7,0377,0557,0867,132
7,2227,0737,0786,809
6,5126,4126,5236,4846,457
6,4396,4556,4396,627
6,7536,7906,8476,7866,933
6,9706,9937,0396,913
6,9376,9326,8586,7316,7326,7226,7436,6856,7266,7116,7446,7426,6986,7286,7336,7826,6706,8226,7786,7546,7196,8046,7336,6506,7306,756
7,0777,0466,4776,4906,8216,9796,8656,7226,7246,7286,7756,717
Loans
Total
3,4333,4023,4083,398
3,5213,4053,4723,274
3,0793,1213,1573,1513,118
3, 0633,0923,0733,225
3,2913,3053,3523,2873,427
3,4593,5173,4553,400
3,4543,5033,4583,3693,3743,3653,4033,3463,3853,4053,4443,3743,3443,3653,3893,4613,3773,4253,4283,3933,3463,4413,3673,3443,3613,386
3,4103,4183,1253,1133,3323,4583,4463, 3753,3923,3983,4063,364
On se-curities
1,5841,5801,5591,562
1,6431,6061,6141,621
1,6401,6681,6741,6261,555
1,5481,5351,5381,611
1,6761,7111,7351,6631,733
1,7771,8401,8131,791
1,8471,8941,8621,790
1,7781,7751,8001,7571,794
1,7951,8201,7431,731
1,6991,6831,7121,636
1,6661,6571,6241,6181,651
1,6301,6631,6661,722
1,5711,6211,6331,5581,7041,8051,8481,7811,7721,6831,6431,670
All other
1,8491,8221,8491,836
1,8781, 7991,8581,653
1,4391,4531,4831,5251,563
1,5151,5571,5351, 614
1,6151,5941, 6171,6241,694
1,6821,6771,6421,609
1,6071,6091,5961,579
1,5961,5901,6031,5891,591
1,6101,6241,6311,613
1,6661,7061,7491,741
1,7591,7711,7691,7281,790
1,7371,6811,6951,664
1,8391,7971,4921,5551,6281,6531,5981,5941,6201,7151,763
%1, 694
BANKS IN NEW YORK
Investment
Total
3,6043,6533,6783,734
3,7013,6683,6063,535
3,4333,2913,3663,3333,339
3,3763,3633,3663,402
3,4623,4853,4953,4993,506
3,5113,4763,5843,513
3,4833,4293,4003,3623,3583,3573,3403,3393,3413,3063,3003,3683, 3543,3633,3443,3213,2933,3973,3503,3613,3733,3633,3663,3063,3693,370
3,6673,6283,3523,3773,4893,5213,4193,3473,3323,3303,3693,353
U.S.Govern-
mentsecurities
2,5022,5602,6092,631
2,6002,5722,5222,452
2,3382,1862,2532,2102,185
2,2152,2082,2362,269
2,3532,3572,3782,3842,429
2,4432,3982,4842,438
2,4092,3542,3322,2932,3002,3072,2992,2872,2932,2572,2522,3142,2972,2712,2362,2262,1942,2742,2312,2312,2302,2252,2492,2512,2692,253
2,5752,5372,2342,2322,3802,4412,3472,2972,2802,2322,2382,256
5
Other se-curities
1,1021,0931, 0691,103
1,1011, 0961,0841, 083
1, 0951,1051,1131,1231,154
1,1611,1551,1301,133
1,1091,1281,1171,1151, 077
1, 0681, 0781,1001,075
1,0741, 0751, 0681, 069
1, 0581, 0501, 0411,0521,048
1,0491,0481, 0541, 057
1, 0921,1081,0951, 099
1,1231,1191,1301,1431,138
1,1171,0551,1001,117
1,0921,0911,1181,1451,1091,0801,0721,0501, 0521,0981,1311,097
Back figures.—Bee Annual Reports for 1932 (table 80), 1931 (table 59), and 1930 (table 53).Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REPORTING MEMBER BANKS IN LEADING CITIES 193
C I T Y — P R I N C I P A L ASSETS AND LIABILITIES , BYfin millions of dollars
Reservewith
FederalReserve
bank
1,0521,1471,0991,028
967924775782
683618669609739
734830882874
734797823913868
856907794788
703742740782749761783862860847903879881814824878919859796829835768731798797789
1,082862664830827836742803878859817779
Cash invault
42403736
34384248
92131855650
46464041
3838363744
38403739
4240373836373636413838373939453837364439394940435346
394183433939393738404146
Net demand plus time deposits
Total
6,6276,7746,7596,742
6,7216,5666,3926,183
5, 7595,2305,2585,3795,564
5, 6545,7725,8856,120
6,0496,1486, 2506,2866,437
6,4456,5566,2746,177
6,1596,2026,1136,0465,9976,0165,9045, 9546,0125,9576,0576, 0396,0075, 9615,9706,0886,0686,0445,9445,9545,9866,0255,9175,9315,8485,950
6,7256,4655,4385, 8586, 2316, 3636,1305, 9776, 0156, 0225,9915,911
Net de-mand
5,7335,8805, 8455,871
5,8625,7175,5455,380
4,9834,4814,5184,6404,827
4,9065,0325,1365,372
5,3185,4255,5585,6015,749
5,7585,8695,5225,428
5,3745,4205,3185,2635,2215,2445,1285,1995,2575,2005,2965,2785,2445,1955,2085,3315,3115,2835,1695,1805,2145,2745,1855,2105,1415,257
5,8325,6264,6905,1125, 5305,6445,3445,2105, 2555, 2615,2245, 198
Time
894894914871
859849847803
776749740739737
748740749748
731723692685688
687687752749
785782795783
776772776755755
757761761763
766762757757
761775774772751
732721707693
893839748746704719786767760761767713
TT C!
Govern-ment
deposits
13311210293
114927154
3411
170170170
17017011787
124112105105105
8776
290290
278265265254
254254403393388
388388388388
388388351326
453446428406364
349327414386
11083
111136110186265338388363419369
WEEKS,
Borrow-ings atFederalReserve
bank
18363248314784
182723
1
30617
1933
Date or month
1933Jan. 4.Jan. 11.Jan. 18.Jan. 25.
Feb. 1.Feb. 8.Feb. 15.Feb. 22.
Mar. 1.Mar. 8.Mar. 15.Mar. 22.Mar. 29.
Apr. 5.Apr. 12.Apr. 19.Apr. 26.
May 3.May 10.May 17.May 24.May 31.
June 7.June 14.June 21.June 28.
July 5.July 12.July 19.July 26.Aug. 2.Aug. 9.Aug. 16.Aug. 23.Aug. 30.Sept. 6.Sept. 13.Sept. 20.Sept. 27.Oct. 4.Oct. 11.Oct. 18.Oct. 25.Nov. 1.Nov. 8.Nov. 15.Nov. 22.Nov. 29.Dec. 6.Dec. 13.Dec. 20.Dec. 27.Monthly Averages:
January.February.March.April.May.June.July.August.September.October.November.December.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
194 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 90.—REPORTING MEMBER BANKS OUTSIDE NEW YORK CITY (89
Date or month
Jan.6.__Jan. 13. _Jan. 20. .Jan. 27. _
Feb. 3 . . .Feb. 10..Feb. 17..Feb. 24-.
Mar. 2...Mar. 9 - .Mar. 16..Mar. 23-.Mar. 30..
Apr. 6...Apr. 13-.Apr. 20..Apr. 27_.
May 4...May 11..May 18..May 25..
June l-_.June 8__.June 15_.June 22..June 29..
July6._ .July 13. _July 20. _July 27. _
Aug. 3-_.Aug. 10-.Aug. 17..Aug. 24..Aug. 31..
1932
Sept. 7Sept. 14Sept. 21Sept. 28Oct. 5Oct. 12Oct. 19Oct. 26Nov. 2Nov. 9Nov. 16Nov. 23Nov. 30Dec. 7Dec. 14Dec. 21Dec. 28Monthly averages:
JanuaryFebruaryMarchAprilMayJuneJuly _.AugustSeptemberOctoberNovemberDecember
Totalans andinvest-ments
11,09511,02310,94810,915
10,93010,90010,88310, 831
10,75710, 67210, 75710, 71610, 623
10, 53910,46110, 37910, 345
10,39110,32010, 29410, 279
10, 25110,16010, 30210, 23210,111
10, 0049,9899,9559,932
10, 04410, 0169,9919,9549,929
9,9269,896
10, 06310, 055
10,04710, 03010,07910, 084
9,9799,9389,8769,8459,801
9,7599,7709,7999,761
10, 99510,88610, 70510, 43110, 32110,2119,9709,9879,986
10, 0609,88.89,772
Total
6, 9686,9136,8756,851
6,8356,8006,7766,744
6,7066,6606,6546,6286,557
6,4946,4556,3946,361
6,3246,2826,2386,227
6,2176,1616,1676,1306,095
6,0426,0426,0306,009
6,0055,9795,9455,9015,874
5,8665,8105,8025,7735,7615,7395,7145,6905,5995,5695,5245,5005,4845,4595,4715,4575,421
6,9026,7886,6416,4266,2686,1546,0315,9415,8135,7275,5365,452
Loans
On se-curities
2,8632,8312,8172,798
2,7922,7852,7662,754
2,7422,7392,7652,7502,701
2,6642,6372,6032,593
2,5812,5632,5342,529
2,5202,4892,5062,4922,489
2,4302,4262,4182,410
2,4112,3882,3802,3592,339
2,3342,3212,3122,3012,2792,2812,2642,2532,2102,2012,1672,1682,1662,1592,1782,1852,177
2,8282,7742,7392,6242,5522,5002,4212,3762,3172,2702,1832,175
All other
4,1054,0824,0584,053
4,0434,0154,0103,990
3,9643,9213,8893,8783,856
3,8303,8183,7913,768
3,7433,7193,7043,698
3,6973,6723,6613,6383,606
3,6123,6163,6123,599
3,5943,5913,5653,5423,535
3,5323,4893,4903,4723,4823,4583,4503,4373,3893,3683,3573,3323,3183,3003,2933,2723,244
4,0744,0143,9023,8023,7163,6543,6103,5653,4963,4573,3533,277
Investments
Total
4,1274,1104,0734,064
4,0954,1004,1074,087
4,0514,0124,1034,0884,066
4,0454,0063,9853,984
4,0674,0384,0564,052
4,0343,9994,1354,1024,016
3,9623,9473,9253,923
4,0394,0374,0464,0534,055
4,0604,0864,2614,2824,2864,2914,3654,3944,3804,3694,3524,3454,3174,3004,2994,3424,340
4,0934,0984,0644,0054,0534,0573,9394,0464,1734,3334,3524,320
U.S. Gov-ernmentsecurities
2,0602,0422,0212,016
2,0522,0502,0622,050
2,0201,9912,0812,0652,039
2,0182,0001,9641,968
2,0732,0512,0732,041
1,9972,0302,1782,1492,072
2,0412,0262,0042,002
2,1222,1382,1492,1492,145
2,1532,1752,3452,3582,3632,3562,4282,4542,4522,4402,4302,4232,3952,3962,4032,4452,435
2,0342,0542,0391,9872,0592,0852,0182,1412, 2582, 4002,4282,420
Other se-curities
2,0672,0682,0522,048
2,0432, 0502, 0452, 037
2, 0312, 0212,0222,0232, 027
2, 0272,0062, 0212, 016
1,9941, 9871,9832, 011
2,0371, 9691,9571,9531,944
1,9211, 9211, 9211,921
1,9171,8991, 8971, 9041, 910
1, 9071,9111,9161,924
1,9231,9351,9371, 940
1, 9281,9291, 9221,9221,922
1, 9041,8961, 8971,905
2, 0592, 0442,0252,0181,9941,9721,9211,9051,9151,9331,9241,900
Back figures—-Not available (for 89 cities series); for 100 cities series, see Annual Reports for 1932 (table 81),1931 (table 60), and 1930 (table 54).Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REPORTING MEMBER BANKS IN LEADING CITIES 195
CITIES) L
Reservewith
FederalReservebanks
716713706689
695685688684
680692691680660
665683699715
739753760750
771781781739776
706725724742
730728739731744
763752735761
775786809819
821836828823841
860840847843
707688680691750770724734753797830847
—PRINCIPAL ASSETS AND LIABILITIES, BY WEEKS, 1932-33
Cash in
vault
168163160157
148153146150
136139136143141
133137131138
134139136138
135139140144166
160160160148
140146140141143
140147138142
135141142142
133149140144141
149158163162
162150139135136145157142142140141158
Net demand plus time deposits
Total
9,7459,6619,5829,503
9,4479,4219,4009,362
9,3379,3419, 2979,2209,166
9,1139,1179,1359,148
9,1029,1429,1329,119
9,1229,0879,1249,0288,965
8,8938,9408,8758,872
8,8648,8318,8968,8738,894
8,9018,9578,9158,974
8,9758,9879,0319,056
9,0629,0789,0619,0059,013
8,9769,0459,0839,062
9,6229,4089,2739,1299,1269,0658,8958,8828,9379,0129,0439,042
Net de-mand
5,7765,7175,6555,595
5,5565, 5555,5385,509
5,4815,4835,4625,3965,339
5,3095, 3265,3375,330
5,2585,2915, 2S05,278
5, 2955,2865,3455, 2755,240
5,1745,2325,1655,141
5,1205,1265,1455,1235,148
5,1595,2185,1675,2195,2235,2395,2705,293
5,2975,3225,3135,2615,273
5,2545,3205,3605,323
5,6855,5405,4335,3265,2795,2885,1785,1325,1915,2565,293
1 5,314
Time
3,9693,9443,9273,908
3, 8913,8663,8623,853
3,8563,8583,8353,8243,827
3,8043, 7913, 7983,818
3,8443,8513,8423,841
3,8273.8013,7793,7533,725
3,7193, 7033,7103,731
3,7443,7553,7513,7503,746
3,7423,7393,7483,7553,7523,7483,7613,763
3,7653,7563,7483,7443,740
3,7223, 7253,7233,739
3,9373,8683,8403,8033,8473,7773,7173,7503,7463.7553, 7503,728
U.S.Govern-
mentdeposits
132118111104
178151130108
7953
254231221
19316710992
258200175147
13362
247212185
109705139
16714111810385
7069
278278
270250277258
247223218205197
173161209196
11614216814019516867
122173264218185
Borrow-
FederalReservebanks
286268295299
302306326317
316270218228214
212209165155
143123128127
147150148143126
138151168161
142121123109117
1161108575
79797080
7770686968
58503935
28731224918513014315512296777045
Date or month
1932Jan. 6.Jan. 13.Jan. 20.Jan. 27.
Feb. 3.Feb. 10.Feb. 17.Feb. 24.
Mar. 2.Mar. 9.Mar. 16.Mar. 23.Mar. 30.
Apr. 6.Apr. 13.Apr. 20.Apr. 27.
May 4.May 11.May 18.May 25.
June 1.June 8.June 15.June 22.June 29.
Julv 6.Julv 13.Julv 20.July 27.
Aug. 3.Aug. 10.Aug. 17.Aus>\ 24.Aug. 31.
Sept. 7.Sept. 14.Sept. 21.Sept. 28.
Oct. 5.Oct. 12.Oct. 19.Oct. 26.
Nov. 2.Nov. 9.Nov. 16.Nov. 23.Nov. 30.
Dec. 7.Dec. 14.Dec. 21.Dec. 28.
Monthly averages:January.February.March.April.May.June.July.August.September.October.November.December.
i For list of the 89 cities see note below table 87.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
196 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 90.—REPORTING MEMBER BANKS OUTSIDE NEW YORK CITY (89 CITIES)—
Date or month
Totalloans andinvest-ments
9,6719,6229,5749,499
9,5349,5499,5399,506
9,3889,3169,4949, 5379,544
9,4889,4329,4379,421
9,5359,5289, 4999, 5439,493
9,5159,5289,7069,752
9,7499,7929,9089,931
9,8259,8029,9659,9209,881
9,8519,8369,8509,831
9,8209,8039,8109,797
9,9279,9419,9279,9009,868
9,8679,8699,9649,910
9,5929,5319,4569,4449,5209, 6409, 8459,8789,8429,8089,9139,903
Total
5,3695,3325,3065,250
5, 2615,2415,2295,226
5,2025,1895, 2315,2395, 214
5,1945,1535,1375,116
5,1135,0995,0695,0655,058
5, 0525,0425,0455,052
5,0765,1395,1965,192
5,1725,1735,1805,1595,148
5,1335,1525,1865,196
5,2005,1815,1825,166
5,1685,1655,1645,1625,127
5,1305,1275,0985,016
5,3155,2395,2155,1505,0815,0475,1515,1665,1675,1825,1585,093
Loans
On se-curities
2,1672,1432,1402,100
2,1082,0902,0802,072
2,0872,0912,0882,0992,089
2,0692,0492, 0452,027
2,0222,0041,9891,9851,980
1,965. 1,958
1,9561,957
1,9641,9802,0021,999
1,9941,9931,9951,9801,972
1,9531, 9531,9601,956
1,9521,9541,9611,948
1,9381, 9331,9331,9311,918
1,9261,9331,9341,906
2,1382,0872,0902,0471,9961,9591,9871,9871,9561,9531,9311,925
All other
3,2023,1893,1663,150
3,1533,1513,1493,154
3,1153,0983,1433,1403,125
3,1253,1043,0923,089
3,0913,0953,0803,0803,078
3,0873,0843,0893,095
3,1123,1593,1943,193
3,1783,1803,1853,1793,176
3,1803,1993,2263,240
3,2483,2273,2213,218
3,2303, 2323,2313,2313,209
3,2043,1943,1643,110
3,1773,1523,1253,1033,0853,0883,1643,1793,2113,2293,2273,168
Investment
Total
4,3024,2904,2684,249
4,2734,3084,3104,280
4,1864,1274,2634, 2984,330
4,2944,2794,3004,305
4,4224,4294, 4304,4784,435
4,4634,4864,7214,700
4,6734,6534,7124,739
4, 6534,6294,7854,7614,733
4,7184,6844,6644,635
4,6204,6224,6284,631
4,7594,7764,7634,7384,741
4,7374,7424,8664,894
4,2774,2924,2414,2944, 4394,5934,6944,7124,6754,6264,7554,810
U.S. Gov-ernmentsecurities
2,4142,4082,3892,360
2,3712,4102,4122,384
2,2932,2412,3272, 3682,398
2,3702, 3762,3992,409
2,5562,5512, 5562, 5792,519
2,5702,5922,8232,816
2,7942,7722,8082,824
2,7482,7302,8872,8682,838
2,8262,7922,7722,759
2, 7512,7582, 7612,762
2,8902,9162,9072,8812,889
2,8872,8973,0193,014
2,3932,3942, 3262,3882, 5522,7002, 8002,8142,7872,7582,8972,954
3
Other se-curities
1,8881,8821,8791,889
1,9021,8981,8981,896
1,8931,8861,9361,9301,932
1,9241,9031,9011,896
1,8661,8781,8741,8991,916
1,8931,8941,8981,884
1,8791,8811,9041,915
1,9051,8991,8981,8931,895
1,8921,8921,8921,876
1,8691,8641,8671,869
1,8691,8601,8561,8571,852
1,85C1,8451,8471,88C
1,8841,89£1, 91£l,90£1,8871,8951,8941,8951, 8881,86?1,85?1,856
1933Jan. 4Jan. 11Jan. 18Jan. 25
F e b . 1Feb .8Feb. 15Feb. 22
Ma.r 1Mar. 8Mar. 15Mar. 22Mar. 29
Apr. 5Apr. 12Apr. 19Apr. 26
May 3May 10May 17May 24May 31
June 7June 14June 21 _June 28
July 5July 12July 19July 26
Aug. 2Aug. 9Aug. 16Aug. 23Aug. 30
Sept. 6Sept. 13Sept. 20Sept. 27
Oct. 4Oct. 11Oct. 18Oct. 25
Nov. 1 -Nov. 8Nov. 15..__Nov. 22Nov. 29
Dec. 6Dec. 13Dec. 20Dec. 27
Monthly averages:JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
KEPOBTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL ASSETS AND LIABILITIES, BY WEEKS, 1932-33—Continued
197
Reservewith
FederalReservebanks
892888892950
924940909940
835684769722714
702729722722
730739734722756
780802833909
898895909892
915947927916924
943973
1,0041,055
1,0301,0701,0771,083
1,0521,0821,0961,130.1,096
1,0931,1091,1001,125
905928744719736831898926993
1,0651,0921,106
Cash invault
156148147150
134145178195
259428396241216
185183175178
169173163161161
156158152157
161161151150
142152147151158
153157152166
161172170170
164182176186182
196206213212
150163308180165155156150157168178206
Net demand plus time deposits
Total
9,1399,1139,1119,108
9,1239,0889,1038,976
8,5528,2908,5358,5458, 511
8,5058,5268,5608,625
8,6298,6798,7028,7178,763
8,8138,9148,8858,970
8,9759,0289,1019,090
9,0119,0168,9938,9408,923
8,9188,9858,9828,999
8,9739,0349,0889,089
9,0799,0829,1479,1359,136
9,1039,2009,1869,255
9,1189,0738,4878,5548,6988,8969,0488,9778,9719,0459,1159,187
Net de-mand
5,3805,3525,2685,365
5,3715,3385,3685, 287
5, 0134,7944,9574,9614,918
4,9134,9324,9665,021
5,0305,0845,1235,1245,169
5,2255,3385,3015,313
5,2685,2895,3495,335
5,2545,2515,2355,1795,170
5,1805,2625,2415,261
5,2535,3195,3695,374
5,3705,3625,4495,4625,477
5,4685,5655,5395,609
5,3665,3414,9294,9585,1065,2955,3105,2185,2365,3285,4245,546
Time
3,7593,7613,7433,743
3,7523,7503,7353,689
3,5393,4963,5783,5843,593
3,5923,5943,5943,604
3,5993,5953,5793,5933,594
3,5883,5763,5843,657
3,7073,7393,7523,755
3,7573,7653,7583,7613,753
3,7383,7233,7413,738
3,7203,7153,7193,715
3,7093,7203,6983,6733,659
3,6353,6353,6473,646
3,7523,7323,5583,5963,5923,6013,7383, 7593,7353,7173,6913,641
U.S.Govern-
mentdeposits
165146136125
1511279675
4431
118121120
121120
7454
134119113114113
9482
343343
328316316306
306306494482477
477477477475
475475429399
559553532509453
437409473439
1431128792
119215317413477445522440
Borrow-ings atFederalReservebanks
39333446
50365265
231434366232199
159141135124
12980857876
60535026
31212228
3128382930
27222022
20232022
2421212225
24252324
3851
2921409047253123212224
Date or month
1933Jan. 4.Jan. 11.Jan. 18.Jan. 25.
Feb. 1.Feb. 8.Feb. 15.Feb. 22.
Mar. 1.Mar. 8.Mar. 15.Mar. 22.Mar. 29.
Apr. 5.Apr. 12.Apr. 19.Apr. 26.
May 3.May 10.May 17.May 24.May 31.
June 7.June 14.June 21.June 28.
July 5.July 12.July 19.July 26.
Aug. 2.Aug. 9.Aug. 16.Aug. 23.Aug. 30.
Sept. 6.Sept. 13.Sept. 20.Sept. 27.
Oct. 4.Oct. 11.Oct. 18.Oct. 25.
Nov. 1.Nov. 8.Nov. 15.Nov. 22.Nov. 29.
Dec. 6.Dec. 13.Dec. 20.Dec. 27.
Monthly averages:January.February.March.April.May.June.July.August.September.October.November.December.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
198 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 91.—REPORTING MEMBER BANKS (90 CITIES) l—BANKERS' BALANCES:TOTAL, NEW YORK CITY, OTHER LEADING CITIES, BY WEEKS, 1932-33
[In millions of dollars]
1932Jan. 6Jan. 13Jan. 20Jan. 27
Feb. 3Feb. 10Feb. 17Feb. 24
Mar. 2 . .Mar. 9Mar. 16Mar. 23Mar. 30
Apr. 6Apr. 13Apr. 20Apr. 27
May 4May 11May 18.May 25
June 1June 8June 15June 22June 29
July 6July 13July 20July 27
Aug. 3Aug. 10Aug. 17Aug. 24Aug. 31
Sept. 7Sept. 14Sept. 21Sept. 28
Oct. 5Oct. 12Oct. 19Oct. 26
Nov. 2 . . . . .Nov. 9Nov. 16Nov. 23Nov. 30
Dec. 7Dec. 14Dae. 21Dec. 28
Total
2,3752,2442,2082,140
2,1802,1332,1222,091
2,2062,1682,2672,2052,226
2,3872,4032,4392,504
2,6462,6082,5772,559
2,5602,5512,5722,4842,396
2,4592,4602,4322,393
2,5122,5472,5722,5512,597
2,7042,8272,7822,806
3,0073,0043,0282,984
3,0593,1073,1503,0883,116
3,1273,1523,1293,125
Due to banks
New YorkCity
942867862844
836819815804
876836909885902
9951,0141, 0401,099
1,1531,1331,0981,108
1,1001,0821,0931,0541,021
1,0511,0811,0661,030
1,1141,1491,1571,1561,207
1,2331,3001,2561,270
1,3541,3711,3891,360
1,4031,4191,4441,4391,480
1,4441,4671,4501,457
Other lead-ing cities
1,4331,3771,3461,296
1,3441,3141,3071,287
1,3301,3321,3581,3201,324
1,3921,3891,3991,405
1,4931,4751,4791,451
1,4601,4691,4791,4301,375
1,4081,3791, 3661,333
1,3981,3981,4151,3951,390
1,4711,5271,5261,536
1,6531,6331,6391,624
1,6561,6881,7061,6491,636
1,6831,6851,6791,668
Due from banks
Total
885828795768
827809798787
819784883826864
919981993
1,063
1,1441,1331,1361,114
1,1041,1131,1491,1241,068
1,0791,0961,0741,062
1,1211,1481,1861,1741,194
1,2491,3541, 3151,321
1,4181,4471,4811,448
1,4861,5101,5701,5301,545
1,5411,6041,5861,598
New YorkCity
68615858
10599
103100
9677857370
64686269
72676862
7566767179
77767474
9088816774
71697073
83838181
8782857890
86858781
Other lead-ing cities
817767737710
722710695687
723707798753794
855913931994
1,0721, 0661,0681, 052
1, 0291, 0471,0731, 053
989
1,0021, 0201, 000
988
1,0311, 0601,1051,1071,120
1,1781, 2851, 2451,248
1, 3351, 3641, 4001, 367
1, 3991, 4281,4851,4521, 455
1, 4551, 5191,4991, 517
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REPOBTING MEMBER BANKS IN LEADING CITIES 199
No. 91.—REPORTING MEMBER BANKS (90 CITIES)—BANKERS' BALANCES:TOTAL, NEW YORK CITY, OTHER LEADING CITIES, BY WEEKS, 1932-33—Continued
[In millions of dollars]
Due to banks
Total New YorkCity
Other lead-ing cities
Due from banks
Total New YorkCity
Other lead-ing cities
Jan. 4___.Jan. 11__.Jan. 18...Jan. 25...Feb. 1—.Feb. 8—.Feb. 15-Feb. 22..Mar. 1...Mar. 8-..Mar. 15..Mar. 22..Mar. 29_.Apr. 5.—.Apr. 12-Apr. 19-Apr. 26-May 3 - . .May 10-.May 17-.May 24-.May 31-.June 7June 14-.June 21._June 28-July5-__.July 12- _.July 19...July 26--.Aug. 2- . .Aug. 9 . . .Aug. 16..Aug. 23-.Aug. 30-.Sept. 6...Sept. 13..Sept. 20-Sept. 27..Oct. 4___.Oct. 1 1 -Oct. 18 -Oct. 25__Nov. 1...Nov. 8,..Nov. 15-.Nov. 22-Nov. 29-Dec. 6—Dec. 13-Dec. 20_.Dec. 27-
1933
101 CITIES SERIES *
Jan. 4__.Jan. 11-.Jan. 18_.Jan. 25-.
Feb. 1 -Feb. 8—Feb. 15..Feb. 22..
Mar. 1_.
1933
3,2733,3723,3723,3453,3783,2713,0612,635
2,0701,7131, 7882,1052,144
2,3492,4232,4872,564
2,6232,7002,7622,7542,812
2,9693,0792, 8192,754
2,8462,7712, 6902,564
2,5602,5882,4802,4482,4592,5212,5892,5972,531
2,6402,6012,7402,675
2,7152,6762,7372,6742,646
2, 6602,6692,6562,699
3,4703,5623,5583, 524
3,5583,4403,2182,778
2,199
1,5421,6161,6091,616
1, 6551,5371,4181,176898690756859930
1,0501,1011,1381,2121,1861,2511,3001,3001,356
1, 3981,4741,2781,2481,2651,2261,1621,099
1,1161,1421,0791,0911,125
1,1301,1811,1791,122
1,1551,1351, 2191,1911,2261,1791,1791,1441,1481,1171,1111,0921,125
1,5421,6161,6091,616
1,6551,5371,4181,176
898
1,7311,7561,7631,729
1,7231,7341,6431,459
1,1721,0231,0321,2461,214
1,2991,3221,3491,352
1,4371,4491,4621,4541,456
1,5711,6051,5411,506
1,5811,5451,5281,465
1,4441,4461,4011,3571,334
1,3911,4081,4181,409
1,4851,4661,5211,4841,4891,4971,5581,5301,498
1,5431,5581,5641,574
1,6251,7031,7201,728
1,7161,6351,4761,213
809589745910903
1, 0251,0991,1491,2141,2171,2551,3281,3171,333
1,4511,5311, 3611,2911,3251,2761,1961,114
1,1181,1361,1281,1231,139
1,1601,2271,1971,171
1,1971,2001,2391,212
1,2361,1541,2091,1641,135
1,1231,1901,1791,197
1,9281,9461,9491,908
1,9031,9031, 8001,6021,301
1,7541,8191,8301,833
1, 8321,7341,5631, 287
1,5271,6181,6411,6501,6381,5601,4031,141
747536690856848963
1,0421,0911,155,127,174,247,242,256,366,454,282,215, 240,203,125,048,046,0681,0611, 059l;0751,0941,1601,1301,102
1.1221,1281,1641,131
1,1521,0771,1301,0901,0631,0521,1121,1011,122
1,6561,7341, 7511,7551,7541,6591,4901,215804
1 For list of the cities see note below table 87.
Back figures.—Not available for 90 cities series; for 101 cities series, see Annual Report for 1932 (table82), etc.
49753—34- -14Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
200 ANNUAL EEPOKT OP THE FEDERAL RESERVE BOARD
BROKERS' LOANSNo. 92.—LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS,
MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY, BY WEEKS[In millions of dollars]
1933
Demand and time loans
Total
Forownac-
3ount
Forout-of-
townbanks1
Forothers
Demand loans
TotalForownac-
count
Forout-ac-
townbanks ]
Forothers
Time loans
TotalForownac-
count
Forout-of-
townbanks1
For)thers
Jan. 4Jan. 11 -Jan. 18Jan. 25Feb. 1Feb. 8Feb. 15Feb. 22Mar. 1Mar. 8Mar. 15Mar. 22Mar. 29Apr. 5Apr. 12Apr. 19Apr. 26May 3May 10May 17May 24May 31June 7June 14June 21June 28July5_.July 12July 19July 26Aug. 2Aug. 9Aug. 16Aug. 23Aug. 30.Sept. 6Sept. 13Sept. 20Sept. 27 _.Oct. 4 . . .Oct. 11Oct. 18Oct. 25..Nov. 1Nov. 8Nov. 15Nov. 22Nov. 29Dec. 6Dec. 13Dec. 20Dec. 27Averages:
January..February.MarchAprilMayJuneJulyAugustSeptember.October...November.December.
367378
454422427429
418413388398371
376375386461
512564618563635
699782775764
858955967
853881
866890825806
790781815731
749739707698720
723760753801
380433398399578755919877847779722759
379367353362
438405410410
398395366367336
347248363439
491541594539611
675754719699
784846833761
742742764726759
761790715697
677664691620
641626595584608
605629621671
365416373374555712806747741663610632
12111111
11111010
911152631
25232018
1717171717
17224956
64101128127
125131123119114
9692
103102
107114117105
101106109109104
111124127125
11101821173610512298111106121
236205191197
276242242249
243236235252234
241235242316
371422472413481
539588591558
643723721644
627625639580592
580604543531
516508545463
485477460457478
477493494546
207252240258432569683613565508471502
223194179183
262227227231
225219214222201
215211221297
353402451392460
518563537494
570615588513
494488511454471
476506435423
404392422353
378364348344366
359362363417
195237216236412528571484460393360375
10
710142529
22201715
1414141414
15194755
63100127126
124130122118113
9591101101
106113116104
100106109108104
111123126124
1718143410412197110105121
158176176181
178180185180
175177153146137
135140144145
141142146150154
160194184206
215232246250
249255255273289
286286282275274273270268
264262247241242
246267259255
173181158141146186236264282271251257
156173174179
176178183179
173176152145135
132137142142
138139143147151
157191181205
214231245248
248254253272288
285284281274
273272269267
263261247241242
246267258254
171179156138143183235263281270251256
i Member and nonmember banks outside New York City (domestic banks only); includes unknownamount for customers of these banks.
Back figures—See Annual Reports for 1932 (table 83), 1931 (table 62), 1930 (table 56), 1929 ( table 54).1928 (table 57), and 1927 (table 46).Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BROKERS' LOANS 201
No. 93.—BROKERS' BORROWINGS, 1929-33
[Net borrowings on collateral in New York City as reported by members of the New York Stock Exchange]
[In millions of dollars]
Date
1929Jan.31. .Feb. 28Mar. 30Apr. 30 . . .May 31June 29_Julv31Aug. 31Sept. 30Oct. 31Nov. 3 0 . . . .Dec. 31
1930Jan. 31Feb 28Mar. 31__.Apr 30May 31June 30July 31Aug. 30Sept. 30Oct. 31 .Nov. 29Dec. 31
1931Jan. 31Feb. 28 . .Mar. 31Apr. 30 . .May 29__June 30-July 31 . -Aug. 31Sept. 30 _-Oct. 31Nov. 30Dec. 31
1932Jan. 30Feb. 29 .Mar. 31Apr. 30M a y 31June 30July 30. . .Aug. 31Sept. 30 . .Oct. 31Nov. 30Dec. 31
1933Jan. 31Feb. 28Mar. 31Apr. 29M a y 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30 _ . .Dec. 3 0 . . .
On demand and
Total
6,7356,6796,8046,7756,6657,0717,4747,8828,5496,1094,0173,990
3,9854,1684,6565,0634,7483,7283,6893, 5993,4812,5562,1621,894
1,7201,8401,9091,6511,4351,3911,3441,3541,044
796730587
512525533379300244242332380325338347
359360311322529780916917897 ;776789 i845
FromNewYorkbanksandtrustcom-
panies
5,6645,6195,7135,5805,4825,7976,1546,4927,0775,3133,4323,370
3,3683.5294,0264,4094,1393,2013,2273,1093,0572.2991,9291,694
1,5571,6461,6921,4661,2931,2211,1711,160
932688582455
374385391300243194195248292263278279
270298247268461694822841806706712776
on time
Fromprivatebanks,
brokers,foreign
bankingagen-
cies, etc.
1,0711,0601,0911,1941,1831,2751,3201,3901,472
796585620
616639631654609527462489425257234199
163194217185141170173194112108148132
138140142795749478488616168
906264546886947691707769
On demand
Total
5,9835,9486,2106,2046,1006,4446,8707,1627,8325,2383,2973,376
3,5283,7114,0524.3633,9672,9803,0212,9132,8301,9871,6911,519
1,3661,5051,6301,3891,1731,1021,0411,069
802616600502
453482497341247189190264270202214227
255223208207398583679634624515544598 i
FromNewYorkbanks
andtrustcom-
panies
5,0435,0345,2315,1545,0615,3335,7055,9626, 5434.6392,8732,883
3,0073,1623,5193,8193,4642,5212,6072,4812,4511,7701,4811,340
1,2231,3341,4251,2211,045
946879885698512458374
319345358267194147147184187143154160
166162145157332498590563535445468529
Frompr vatebanks,
brokers,foreign
bankingagen-
cies, etc.
939914979
L, 050L, 039L, 111L, 165L, 200.289599424494
521548533543503459414431380217210179
143171204168128156162184104103142128
133137138745343437983586066
896163506785897190707669
On time
Total
752730594571565627604720717871719613
457457604700781747668686651669471374
35433527926226128930328524218113085
5943373853545268
110123124120
104137103115130197237283272261245247
FromNewYork
banks,trustcom-
panies,etc.
621584482427422464449530534674559487
361367506590675680620628606530447354
33431226724524827629227523417612481
55403333494848
• 64105120123119
103136102111129196232278271261244247
Fromprivatebanks,foreignbankingagen-
cies, etc.
132146112144144163155190183197lfil126
659098
11110667485845402420
20231217131311108564
533547455312
111411551
1
Back figures.—See Annual Report for 1927 (table 47) for figures for 1918-22; figures for 1923-25 not available;see Annual Report for 1930 (table 57) for figures for 1C26-28.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
202 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 94.—MEMBER BANK LOANS ON SECURITIES TO BROKERS (AND DEALERSIN SECURITIES) IN NEW YORK CITY, 1928-33
[In millions of dollars]
Call date
1928—Oct. 3Dec. 31
1929—Mar. 27 . . .Juno 29.Oct. 4Dec. 31. . . . .
1930—Mar. 27 . . .June 30Sept. 24. . .Dec. 3 1 - . .
1931—Mar. 25. . .June 30Sept. 29. . .Dec. 3 1 . . . .
1932—June 30 . . .Sept. 30.._Dec. 31 . . . .
1933 2—June 30..Oct. 25Dec. 30
T o t a l -All
member
1,8992.556
1,8792,0251,8851,660
2,3442,3652,4721,498
1,6301,217
928575
278414357
788748840
Memberbanks in
NewYorkCityi
8801,639
1,1021,3591, 0961,202
1,4771,8831,7141,281
1,3671,063839542
258391337
720624706
Member banks outside New York City
Total
1,019917
777
789459
482757217
2631548832
202420
124134
In Chi-cago l
11975
18485911
14099
23345
1115127
In otherReserve
cities
522465
405302354239
469253409123
116732914
61411
458494
OutsideReserve
cities
376
3.'4316376218
25913011549
36303216
13
102322
1 Central Reserve city banks only.2 Beginning with 1933, figures relate to licansad banks only.Back figures.—Not available.
N o . 9 5 . — M E M B E R B A N K L O A N S ON S E C U R I T I E S TO B R O K E R S (AND D E A L E R S INSECURITIES) OUTSIDE NEW YORK CITY, 1928-33
[In millions of dollars]
Call date
1928—Oct. 3 - . .Dec. 31..
1929—Mar. 27.June 29..Oct. 4 . . .Dec. 31..
1930—Mar. 27.June 30..Sept. 24..Dec. 3 1 -
1931—Mar. 25..June 30-Sept. 29..Dec. 3 1 -
1932—June 30..Sept. 30.Dec. 3 1 -
1933 2—June 30.Oct. 25—Dec. 30...
T o t a l -All mem-
berbanks
850975
1,014921939803
706819774675
575515521391
283258241
165178166
Memberbanks in
NewYorkCity i
104
12112711687
656361
Member banks outside New York City
Total
804925
962858893748
646750687571
454388405304
218195179
126131121
In Chi-cago i
252309
311242257240
194229239201
159133157124
938567
485133
In otherReserve
cities
435509
538511510425
360431360312
231208205152
1059296
636673
OutsideReserve
cities
117107
11410512583
93908859
64474328
201715
151415
1 Central Reserve city banks only.2 Beginning with 1933, figures relate to licensed banks only.Back figures.—Not available.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 203
BANKERS' ACCEPTANCES AND COMMERCIAL PAPEROUTSTANDING
No. 96.—BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING,1927-33
[In millions of dollars]
End ofmonth
JanuaryFebruaryMarch .« _.April
May. .JuneJuly . .August—
SeptemberOctober-.NovemberDecember
Bankers' acceptances outstanding *
1927
774785809811
775751741782
864975
1,0291,081
1928 j 1929i
1,0581,0561,0851,071
1,0411,026
978952
1,0041,1231,2001,284
1,2791,2281,2051,111
1,1071,1131,1271,201
1,2721,5411,6581,732
1930
1,6931,6241,5391,414
1,3821,3051,3501,339
1,3671,5081,5711,556
1931
1,5201,5201,4671,422
1,4131,3681,2281,090
9961,0401,002
974
1932
961919911879
787747705681
683699720710
1933
707704671697
669687738694
715737758764
Commercial paper outstanding J
1927
551577606599
582579569591
600611603555
1928
577567570571
541503483458
430427421383
1929
407411387351
304274265267
265285316334
1930
404457529553
541527528526
513485448358
1931
327315311307
305292289271
248210174118
1932
108103106108
111103100108
11011311081
1933
85847?64
607397
107
123130133109
i Figures collected and compiled by American Acceptance Council.1 Paper maturing within 7 months. Figures reported by dealers to the Federal Reserve Bank of
New York.Back figures.—Bankers' acceptances outstanding, see Annual Report for 1931 (table 66). Commercial
paper outstanding, see Annual Report for 1930 (table 60).
No. 97.—DOLLAR BANKERS' ACCEPTANCES OUTSTANDING, BY CLASSES J
[In thousands of dollars]
End of month Total
961,066919,392911, 291879,039
787, 415747,248704,647681, 466
683,189698, 620719, 551709,730
707,404703, 826671,117696, 813
668,811686, 674738, 259694,012
715.149736, 791758, 212764, H I
Importsinto
UnitedStates
150,021142,141128,786117,950
103,12496, 95085,44975,951
73,10681,47280,87878,578
70, 99371,02373,13877, 339
76, 54280, 08086, 36894,863
103, 20699, 36497, 54994, 269
Based on—
Exportsfrom
UnitedStates
207,415195,034205,385198, 859
183, 684173,194161, 523151,713
156,191157,364160,864163, 764
166, 023173, 847175, 276176,499
173, 629168,012168,121160,106
170, 757184, 985199, 654207, 227
Goodsstored
in UnitedStates(ware-house
credits)
254,382254,116247, 623230,887
199,315179, 232163,363175,160
197, 657206,478220, 652215, 387
209,161205, 552173, 992188,822
173,468203,109239, 514215,002
222, 759238, 406263, 666263, 007
Goodsshippedbetweendomestic
points
17, 28017,35419, 54219,895
17,94313, 61514,41816,880
14,39215, 71315,96414, 397
13, 26913, 4079,913
10, 274
11, 21813, 89715, 57914, 279
' 14,59414,13913, 87813,833
Dollarexchange
33,52926,46722, 74017, 250
14, 62413, 24315,16411, 287
7,9536,3838,7799,927
11,2768,6048,3589,872
9,0949,0049,6724,049
4,3634,6983,7753,968
Basedon goodsstored inforeign
countriesor
shippedbetweenforeignpoints
298,439284, 279287, 215294,199
268, 726271,015264, 729250, 473
233,890231,211232,415227, 677
236, 683231, 393230, 441234,007
224, 860212, 573219,006205, 712
199,469195, 200179, 690181,807
1932JanuaryFebruaryMarchAprilMayJuneJ u l y . .AugustSeptemberOctober...NovemberDecember
1933JanuaryFebruaryMarchAprilMay . .JuneJuly.AugustSeptemberOctoberNovemberDecember
i Figures collected and compiled by American Acceptance Council.
Back figures.—See Annual Reports for 1932 (table 88), 1930 (table 61), 1929 (table 57), 1928 (table 60), and1927 (table 49).Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
204 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
No. 98.—DOLLAR BANKERS' ACCEPTANCES HELD BY GROUP OF ACCEPTING
BANKS, 1926-33[In thousands of dollars]
End of month 1926
118, 956127, 580132,104137,144107,38966,81757, 63063,64447, 63456, 21464,44477,007
1927
54,987166,485104,48486,97694, 56188,94786, 412132,890103, 592118,167116, 913104,999
1928
79,96890,09099, 05856, 39758,18371, 28952, 64250,33153,18743, 71150, 34575, 842
1929
79, 24689,050117, 43095,12987, 39684, 28490,03382, 37870, 767129, 413244, 463191,061
1930
220, 467182,930166, 663157, 527165,611205,110278,642267,337316, 678384,173493,002371, 452
1931
571, 404549, 548472, 246410, 249464,163553, 519668, 034606, 469409,895230,407296,161262,092
1932
332, 211342, 807377, 200455, 454510, 423517,547562, 955573, 737573, 360605, 069654, 523603, 858
1933
January. ...February..MarchAprilMay_JuneJulyAugustSeptember.October. __November.December.
626, 274325,007261, 036404, 252504, 992487, 255552,148499,444517,207592,165599, 077442, 457
NOTE.—Banks included are those which report to the American Acceptance Council; figures includeboth own acceptances held and purchased acceptances held.
Back figures.—See Annual Report for 1932 (table 89).
No. 99.—PURCHASED ACCEPTANCES HELD BY MEMBER BANKS ON CALL DATES,1930-33
[In thousands of dollars]
Call dateTotal—allmember
banks
1930-Mar. 27_June 30..Sept. 24.Dec. 31 . .
1931—Mar. 25.June 30..Sept. 29.Dec. 31 . .
1932—June 30..Sept. 30.Dec. 31 . .
1933—June 30 2
Oct. 25 2.Dec. 30 2.
253, 728241,106267, 366369, 747
462,089501,291338,463187,013
347,361440, 732405,554
315, 354326, 542259,885
Memberbanks in
NewYorkCity i
129,379172,883175, 792210, 497
249, 281339,525233, 514124,100
283, 564358, 769345, 562
234, 210240, 287186,565
Member banks outside New York City
Total
124,34968, 22391,574
159, 250
212,808161, 766104,94962,913
63,79781, 96359,992
81,14486, 25573,320
In Chi-cago *
13,99820, 72820, 25031, 558
39,03044,83325,10512,229
9,78421,83327, 290
33, 24531,97223, 097
In other Outsidereserve reservecities cities
79,53835, 46464,144
119, 714
166, 777113,08976, 93444,337
39, 79750,16629,865
42, 41150, 37544, 505
30,81312, 0317,1807, 978
7,0013,8442, 9106,347
14, 2169,9642,837
5, 4883,90S5, 718
1 Central reserve city banks only.2 Licensed banks (operating on an unrestricted basis).NOTE.—Purchased acceptances only—i.e., exclusive of own acceptances held, amounting to $212,637,000
on Dec. 30,1933, which are shown separately in table 79.Back figures.—See Annual Report for 1932 (table 90).
N o . 1 0 0 . — D I S T R I B U T I O N OF DOLLAR B A N K E R S ' ACCEPTANCES OUTSTANDING[In thousands of dollars]
End of month (1933) Total out-standing
Held by Federal Reserve banks
TotalFor ownaccountl
For for-eign cor-respond-
ents 3
Held by group ofaccepting banks
Own billsBills
bought
Held byothers
January. . .February..MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.
707, 404703, 826671,117696,813668, 811686, 674738, 259694, 012715,149736, 791758, 212764, 111
43, 217337, 005325, 004206, 29148,61276, 77938, 83940. 87142, 31532, 25920, 918131, 202
2,303307,021279, 699163, 23112, 88140, 9251,719695853965
18,025127, 392
40,91429,98445, 30543,06035, 73135,85437,12040,17641, 46231, 2942,8933,810
256,454201, 344153,098205, 747229, 479200, 693248, 362252, 233235, 661270, 779272, 683223, 275
369, 821123, 663107,938198, 505275, 513286, 562303, 786247, 213281, 546321, 386326, 394219,182
37,91341, 81485, 07786,270
115, 207122, 640147, 271153, 697155, 627112,367138, 217190, 452
1 Reserve bank holdings of "bills bought," exclusive of (1) trade acceptances and (2) bills payable in for-eign currencies.
2 Contingent liability of Federal Reserve banks on bills bought for foreign correspondents.Back figures.—See Annual Reports for 1932 (table 91), 1931 (table 70), 1930 (table 64), 1929 (table 58), and
1928 (table 61).Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 205
BANK DEBITS
No. 101.—DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN 141 PRINCIPALCITIES, BY MONTHS, 1924-33
[In millions of dollars]
Month
JanuaryFebruary._MarchAprilMay.JuneJulyAugustSeptember.OctoberNovember.December..
Total
JanuaryFebruary. _MarchAprilMayJune.JulyAugustSeptember.OctoberNovember.December..
Total
1924 1925 1926 1927 1928 1929 1930 1931 1932 1933
TOTAL, 141 C I T I E S
41,49837, 39840, 73939, 51940, 04440, 23040,13138, 69238,97243, 41841,89349,157
491,691
49, 98241, 51747,62344, 55846, 59648, 63147, 03743,13445, 26452,95548, 36754, 399
570, 064
54,14544, 91556,46451,83748, 02050, 66250, 95947,01146, 95452, 53547, 38457, 070
607, 956
54, 71448, 22058, 51855, 58354,14356. 82053, 68253, 70256, 75059, 20157, 08565, 441
673,861
62, 88554,49370, 63367, 00371, 61672, 48558, 98158, 50463,17672, 89471, 34982, 386
806,405
82,81470, 77783, 52474,75076,53569,66677,63177,34477,61795,52782, 09066, 752
935,027
60, 42352, 62565, 72362, 94661,81162, 31252. 74445, 99348, 63654,46042,17652,107
661,957
46, 25338, 03147, 01146,44043, 93045, 29939,45134, 02736, 70038,80229, 06936, 345
481, 357
33, 56927, 25129, 88929, P2325, 41127.10325, 23925, 21525, 93125, 29820, 75026, 787
322, 366
24,46622, 437
0)22, 62825,48629, 71131, 23225, 45124, 55526, 30724,13126,301
2 282,706
140 CITIES (EXCLUDING NEW YORK CITY)
19,38417, 51219,19318, 86518, 63918, 30418, 66217, 77618, 23820, 91218,84621,830
228,161
22, 30118, 59321, 24020, 61320,41721, 70221, 58019,86920, 89524, 03921, 35724, 085
256, 691
23, 60720,10223,45822, 53721,44922, 46623, 30020, 77821,33623, 78021, 59324, 493
268,900
23,45620, 78124, 02623, 57622, 87323, 81222, 93222, 04823, 38125, 11123,80326, 503
282, 303
25, 00121, 75325, 84725, 22526, 34627, 02923, 89723,40124,45027, 70525, 88029, 659
306,193
28,09524,48928,09926,77026,49226,40428,41628,31027,27432,20228,48626, 902
331,938
25, 69121, 50824, 98324,31524, 38824,62123,14520,94121, 25323, 67919, 68623,107
277,317
21, 69717, 08419, 42119, 62018,85819,40618,44416, 52616, 62718,12514, 60517,112
217, 523
15,89312,87013,72914, 36612,49812, 90112, 51111, 75611,76712,35410,93512,820
154,401
12,05310,4010)
10,61611, 50912,96913,87812,37612,21513, 02711,92713, 287
2 134,257
1 Not available, complete data not having been reported on account of bank holidays.2 Total for 11 months.
Back figures.—See Annual Report for 1925 (table 100); series begins with 1919. Corresponding figuresfor each Federal Reserve district and for each reporting center are available in mimeographed form begin-ning with 1919 and may be had upon request.
NOTE.—Figures represent debits on the books of reporting banks to accounts of individuals, firms, andcorporations, and of the United States Government, including war-loan deposit accounts, also debitsto savings accounts, payments from trust accounts, and certificates of deposits paid. Figures do notinclude debits to the accounts of other banks or in settlement of clearing-house balances, payment ofcashiers' checks, charges to expense and miscellaneous accounts, corrections, and similar charges. Monthlyfigures are derived from weekly reports, the figures for weeks which do not fall entirely within a singlecalendar month being prorated.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
2 0 6 ANNUAL EEPOKT OF THE FEDERAL RESERVE BOARD
BANK SUSPENSIONS
No. 102.—BANKS SUSPENDED AND REOPENED, BY YEARS, 1921-32 *
[Amounts in thousands of dollars]
Class of bank and year
411 banks:19211922 . ._ ._19231924 .19251926 . - _19271928 . _ .19291930_19311932
TotalMember banks:
192119221923192419251926192719281929193019311932
TotalNational banks:
192119221923192419251926 . _ -192719281929 . . .19301931.1932 . -
TotalState bank members:
19211922 . -__19231924 .192519261927 . -19281929 .193019311932 __.
TotalNonrnember banks:
1921192219231924 _.1925 -._19201927_ .__ _.19281929 _193019311932
Total
Banks suspended
Number
505367646775618976669499659
1,3522.2941,456
10,816
7162
1221601461581227381
188516331
2,030
524990
122118123915764
161409276
1,612
19133238283531161727
10755
418
434305524615472818547426578
1,1641,7781,125
8,786
Capital
23, 73214, 56021, 36728,43224, 75433, 48225, 37119,90933, 432
111,791207, 965108, 450
653,245
5,2234, 3566,933
10, 3309,9408,1947,8895,1257,075
50, 51083, 76144,705
244,041
2,9893,5354,8237,6607,9905,6955,4154,1505, 095
19, 67549, 34734, 560
150,934
2,234821
2,1102,6701,9502,4992,474
9751,980
30, 83534,41410,145
93,107
18, 50910, 20414, 43418,10214, 81425, 28817,48214, 78426, 35761, 281
124, 20463, 745
409,204
Deposits
172,18893, 043
149, 601210,151167, 555260, 378199, 329142, 580230, 643853,363
1, 690, 669715, 626
4,885,126
38,14027,31046,80378,53565,45767,46463,48946, 73058,073
372,845733,128269,303
1,867, 277
20, 77720,19734, 24464,89055, 57443,99845, 54736, 48341, 614
170, 446439,171214,150
1,187,091
17,3637,113
12, 55913, 6459,883
23, 46617,94210, 24716, 459
202, 399293,95755,153
680,186
134,04865, 733
102, 798131,616102,098192,914135,84095,850
172,570480, 518957, 541446, 323
3,017,849
Banks reopened
Number
9711869
11181
1621295369
159276290
1,614
10271419101410556
3152
203
92511178
108234
2544
166
123224232268
37
8791559271
148119
4864
153245238
1, 411
Deposits
24,43745.45217 34831, 52322,93159, 96243 14422, 55528, 58663,013
157, ] 59276,194
792, 304
2, 66911,2304,8037,1163, 7567, 5166,9595,9741,9103,053
52, 47071, 666
179,122
2, 2017,8743, 6706, 5673, 4414,1084,759
4271,4041, 517
24, 71756, 267
116,952
4683, 3561,133
549315
3,4082,2005, 547
5061,536
27,75315, 399
62,170
21,76834, 22212, 54524,40719,17552, 44636,18516, 58126, 67659,960
104, 689204, 528
613,182
1 Banks closed on account of financial difficulties by order of supervisory authorities or by the directors ofthe bank. Figures of suspensions include banks subsequently reopened. Deposits are as of date of suspen-sion or nearest call date.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK SUSPENSIONS 207
No. 103.—NUMBER OF BANK SUSPENSIONS 1921-32, BY FEDERAL RESERVEDISTRICTS AND STATES 1
Federal Reserve dis-trict and State
DISTRICT
BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. Louis..MinneapolisKansas CityDallasSan Francisco
TotalSTATE
New England:MaineNew Hampshire .VermontMassachusettsRhode IslandC onnecticut
Middle Atlantic:New York .New JerseyPennsylvania
East North Central:Ohio.IndianaIllinoisMichiganWisconsin...
West North Central:Minnesota .IowaMissouriNorth DakotaSouth DakotaNebraskaKansas-._
South Atlantic:Delaware .MarylandDist. of ColumbiaVirginia.West VirginiaNorth Carolina. .South Carolina...Georgia..Florida
East South Central:Kentucky..TennesseeAlabama __Mississippi _
West South Central:ArkansasLouisiana .OklahomaTexas
Mountain:MontanaIdahoWyoming __ColoradoNew Mexico._ __ArizonaUtahNevada
Pacific:WashingtonOregon.California _.
Total,1921-32
70135157384856
1,0422,2231,2292,0561,604
574486
10, 816
542
293
29
9952
237
223365704287218
604971600566547572370
336
4111107306304448262
138154128178
29176
342439
23410667
13863454521
1088689
ALL B A N K S
Number of bank suspensions
1921
1626
3280443281858056
505
1
1
5
4
3698
182416373
2911
4
51
149
657
3325
5112763
23227
12777
1263
1922
2311
3231252770925033
367
1
1
122
8442
15121113112420
2
518
1620
6
21
11
36
3934
318485531
566
1923
3436
47225230
2731334627
646
1
11
4
4
5743
12
46352299441734
3
1826124
4322
65
5319
77109
181482
552
1924
2625
4249
10650
2961394929
775
2
6
2
34
128
10
55834375
1132116
42
1125303
56
103
72
5025
457
339
2332
1232
1925
2
3136346
11053
168855124
618
1
1
8
1975
11
50864432632119
1
34
164134
1
6754
74
2039
1683
151031
633
1926
41263
17318076
2841185016
976
6
87
192311
931345859
1152546
42
1245
10943
71347
16102137
843
14
1
255
1927
12
294672
12480
1421004132
669
1
2
7
1625296
15
65704637272536
45
14242631
81726
174
2835
2
24112
4126
1928
331
174370875894902310
499
12
3
1
112418
465132387
5226
11
758
222735
7415
1435
22
12
3
21
23
1929
63
1459
129934685
1971116
659
515
1024309
11
3134233713
152
11
101418173465
112148
12
10
13151
. . . . .
714
1930
12111041
1531422643621561384221
1,352
123
7
83
19
2587
1252124
2287
10359554643
3
201093273139
30293459
134102234
111
5
53
327
1931
3380
1011822061396312602712229376
2,294
22
19
10
5538
137
11596
23811349
1012081226673
10938
20
375763343517
27313656
577
2486
11103
211592
221418
1932
111427587089
50715513620538
146
1,456
5
6
108
42
2668
2098767
621478014235169
14496
31182511
38281812
13143235
8242
2417
1416
282633
1 Banks closed on account of financial difficulties by order of supervisory authorities or by the directorsof the bank. Figures of suspensions include banks subsequently reopened. Figures for 1921-31 havebeen revised.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
208 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 103.—NUMBER OF BANK SUSPENSIONS 1921-32, BY FEDERAL RESERVEDISTRICTS AND STATES—Continued
NATIONAL BANKS
Federal Reserve dis-trict and State
DISTRICT
BostonNew YorkPhiladelphiaCleveland.. _RichmondAtlantaChicago.S t LouisMinneapolis ._Kansas CityDallas . .San Francisco..
Total
STATE
New England:MaineNew Hampshire.VermontMassachusettsRhode IslandConnecticut
Middle Atlantic:New YorkNew JerseyPennsylvania
East North Central:OhioIndiana.IllinoisMichiganWisconsin
West North Central:MinnesotaIowaMissouriNorth DakotaSouth DakotaNebraska . .Kansas
South Atlantic:DelawareMarylandDist. of ColumbiaVirginiaWest VirginiaNorth Carolina...South Carolina...GeorgiaFlorida
East South Central:KentuckyTennesseeAlabamaMississippi
West South Central:ArkansasLouisianaOklahomaTexas
Mountain:MontanaIdahoWyomingColoradoNew MexicoArizonaUtahNevada
Pacific:Washington. _ __OregonCalifornia
Number of bank suspensions
Total1921-32
12513899
124105293115320184145126
1,612
11712
362481
3535
1192320
801503386734327
26
152942343125
18122916
293
82102
6736113121
542
232040
1921
1
11141
118
1212
52
1
1
1
3
224
1
1
1
310
77
111
12
2
1922
3
4
23
13996
49
12
1
2
221
2
11
1
1184
91
rH CO
2
3
1923
1
33221
4016148
90
1
3
1
411
14521
1
2
1
1
1
173
1752
. . . . . .
2
21
1924
111
3451
46331710
122
1
1
1
1
3
84
91483
1
21
12
96
13493
12
1
5
1925
3109 .
17
4416109
118
3
1
1
1516
17
121
14571
1
96
94
72
212
1926
1244
367
4012116
123
1
224
1431
21]1231
1
3
1
121
3
87
21
4
2
3
1927
942
255
201178
91
6
2321
1221
14231
122
2
2
86
12
24
1928
1
1294
132
10942
57
1
234
3615234
1
13531
24
. . . . .
1
1929
127
16134
10623
64
1
2141
1818
. . . . .
1
11143
11
21
1
12
11
1
1
1
1930
1218
211728341515163
161
1
116
34
202
11368343
25
10434
3373
1316
14
2
1
1
2
1931
63423474625703546213323
409
1
5
241642
198
3714
132112131384
3
61814543
4488
8
230
34
7111
648
1932
21010221221782225281036
276
1
1
g5
20
2]246
5
2483639
11
225382
10361
119
10
36
6
1
2
58
1Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK SUSPENSIONS
No. 103.—NUMBER OF BANK SUSPENSIONS 1921-32, BY FEDERAL RESERVEDISTRICTS AND STATES—Continued
STATE BANK MEMBERS
Federal Reserve dis-trict and State
DISTRICT
Boston .New YorkPhiladelphiaClevelandRichmond .AtlantaChicagoSt LouisMinneapolisKansas CityDallasSan Francisco
Total
STATE
New England:Maine - -New Hampshire.VermontMassachusetts...Rhode IslandConnecticut . . .
Middle Atlantic:New York... . . .New Jersey .Pennsylvania
East North Central:OhioIndianaIllinoisMichigan - —Wisconsin.--
West North Central:Minnesota. .IowaMissouri- -North DakotaSouth Dakota .NebraskaKansas - _ __
South Atlantic:DelawareMarylandDist. of Columbia..Virginia _ . ..,.West VirginiaNorth Carolina. .South Carolina.__Georgia .Florida . .
East South Central:KentuckyTennessee - . . .AlabamaMississippi
West South Central:ArkansasLouisianaOklahomaTexas
Mountain:MontanaIdahoWyoming . .ColoradoNew MexicoArizonaUtahNevada
Pacific:WashingtonOregonCalifornia..
Number of bank suspensions
Total1921-32
213
7231657
1213640
93856
418
2
967
218
2239
1
75710
1
141
1037
6
22
104
1532
31
2620
2
6
10
1114
1
1921
2112157
19
11
1
1
1
4
24
1
1
11
1922
11
4
25
13
1
1
2
44
1
1923
261
14234
32
1
1
141
2
2
1
11
112
2
2
1924
19
1029241
38
1
291
3
17
1
11
1
4
2
3
1
1925
15815
53
28
2
61
1
14
1
14
42
1
1926
81641132
35
1
1152
7
1
21
3
2
1927
344821117
31
312
51
1
411
11
1
1
13
1
3
1928
2138
11
16
2
1
7
112
1
1
1929
175
2
11
17
_____
1
22
1_____
2
1
1
1
1930
2
1154
101
12
27
11
113
21
1
131
1
13
3
1
1
1
1931
110
716
75
3291
910
107
1
846
1525
23
131
14
24
11
6
9
2
2
231
1932
11
1
622
6
23
13
55
1
11
1111
31
2
2
1
3
11
3
2
2
54
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
210 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 103.—NUMBER OF BANK SUSPENSIONS, 1921-32, BY FEDERAL RESERVEDISTRICTS AND STATES—Continued
NONMEMBER BANKS,
Federal Reserve dis-trict and State
DISTRICT
BostonNew York .PhiladelphiaClevelandRichmond . .AtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco
Total
STATE
New England:MaineNew Hampshire.VermontMassachusettsRhode IslandC onnecticut
Middle Atlantic:New YorkNew Jersey .Pennsylvania
East North Central:OhioIndianaIllinoisMichiganWisconsin
West North Central:MinnesotaIowaMissouriNorth DakotaSouth DakotaNebraskaKansas
South Atlantic:DelawareMarylandDist. of Columbia-VirginiaWest VirginiaNorth Carolina. _South Carolina-GeorgiaFlorida
East South Central:KentuckyTennesseeAlabama -Mississippi
West South Central:ArkansasLouisianaOklahomaTexas
Mountain:MontanaIdaho -."WvominsfColorado - -New MexicoArizonaUtahNevada
Pacific:WashingtonOregonCalifornia
Total,1921-32
424697
235706844
1,5611,0701,6811,407
309304
8,302
421
172
18
2922
128
146285563134196
516637555480462526340
122
49374
263260345230
118140
89158
24570
258224
1355053
10736403119
745248
OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS
Number of bank suspensions
1921
1323
2974262967764337
390
1
1
2
3
139
18161535
12411
2
41
149
616
3314
5112429
13117
11566
1031
1922
2828162353832822
281
5412
157
11119
2320
517
15176
21
10
25
3117
1834725
1
563
1923
2
32
44183528
2181152115
501
1
1
4
154
11
41232085371533
2
1626
94
3312
55
35
4937
18106
531
1924
15
38357446
235103
2318
578
1
34
11
7
45594066951313
32
112221
3
557
CO
C
OrH
4113
243
226831
632
1925
2
11050296352
119692612
433
1
1
3
1562
10
35474225502019
23
123520
6734
74
1019
3238831
411
1926
859
1579165
24110532
8
766
1
54
15
10
78745448
1012245
32
12429842
712
25
119
1323
CO
OS
310
1
""""§"2
1927
1
1538587672
121872917
514
1
1
92025
314
53324433252234
44
12181728
816
16
134
9,024
14111
472
1928
1332625856837916'7
406
1
71913
5
43323133
44920
745
162232
7415
1433
15
1
3
1
22
1929
32
125092634273
1917
12
547
214
81926
110
28
222913
14911
11
81316131352
11211
7
11
206
2141
1
513
1930
646
291291201923171401232216
1,104
12
4
19
1973
1024
23
21559651514240
1
185
83222534
262626
CO
OO
C
O
1616
91
4
52
125
1931
243365
106151109485215224201
4143
1,697
21
13
8
201880
7181
1966241
87160109
5360
10134
15
303549272714
23262748
427
2237
843
14
462
1479
1932
63
17325862
382125107175
2197
1,085
1
5
22
21
2147
1526163
52111
7111164660
3474
261515
9
2725
911
11122318
416
218
16
1214
181419
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK SUSPENSIONS 211
No. 103.—NUMBER OF BANK SUSPENSIONS, 1921-32, BY FEDERAL RESERVEDISTRICTS AND STATES—Continued
PRIVATE BANKS
Federal Reserve dis-trict and State1
DISTRICT
BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicago . . .St LouisM! inneapolisKansas CityDallas __
Total
STATE
New England:Connecticut
Middle Atlantic:New YorkPennsylvania
East North Central:OhioIndianaMichigan
West North Central:IowaMissouriSouth DakotaKansas
South Atlantic:Maryland .VirginiaGeorgiaFlorida
West South Central:ArkansasTexas
Mountain:Montana. .Wyoming
Total,1921-32
92515279
36247
g144
82
476
9
2521
213791
127252
72
351
282
61
Number of bank suspensions
1921
2
223
1311
20
44
2
22
1 8
4
2
21
20
1
1922
1
11
261
11
23
1
2
13
3
2
11
1923
4
1
9
1
8
23
4
112
7
8
1924
15
1171615
37
1
5
7
1121
1
5
4
1925
2
23
22
10
39
2
23
17
113
10
1926
32
437
2
4
52
4
11
22
14
2
4
4
1927
2
2
8151
14
33
2
212
12
8
14
1
1928
23
18
122
19
2
3
2
6
12
1
2
1929
3
11412
1
31
3
45
3
114
1
1930
33332
401
3
58
3
34
29
15
17
2
3
1931
236
132
431
10
80
2
39
105
14
24
2
110
1932
3
2523
4
37
39
10
9
1
4
1
MUTUAL SAVINGS BANKS
DISTRICT
BostonRichmondChicago.- -_Minneapolis
Total
STATE
New England:MaineMassachusetts. _New Hampshire.
East North Central:Wisconsin-
West North Central:Minnesota
South Atlantic:Maryland
5111
8
131
1
1
1
1
1
1
1
1
1
2
2
11
1
1
1
2
1
3
2
1
i State and district listed only in cases where suspensions occurred.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 10-1.—DEPOSITS OF BANKS SUSPENDED, 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES 1
ALL BANKS bO
Federal Reserve district and State
BostonNew YorkPhiladelphia.-.ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis-..Kansas City..-DallasSan Francisco..
Total-
New England:MaineNew Hampshire-VermontMassachusetts...Rhode IslandConnecticut
Middle Atlantic:New YorkNew JerseyPennsylvania
East North Central:OhioIndiana.-Illinois ,--_MichiganWisconsin
Deposits (in thousands of dollars)
Total1921-32
249, 716407, 201258, 398532, 486362,995383,877, 083, 307385, 073431,425345,166176,166269,316
4,885,126
5,35713, 7831, 655
148,2712, 48582,937
322,19196,845
424, 392
323, 221174,137419,188160, 07369, 759
1921
13,31716, 0842,6621,5626,729
14, 40316, 6917,122
17, 36020, 87222,16333, 223
172,188
13, 317
"~2~164"
13,920
3,178
513800
5,5944,570
1922
1,861828415778
9,7485,6026,1839,43514, 49023, 2348,16412,305
93, 043
1,861
273555
1,193
5, 0621,218246237
1923
1,8842
4,8624, 7297,3994,25715, 3638,372
53, 42033,15810, 5665, 589
149,601
459
2931,132
5, 236
4,3551,6753,585743
1,519
1921
1, 6841,774972
1,0566,4065,57039,971 I11, 30879, 56434, 93719, 7977,112
1925
1,461
210,151
1,684
1,774
972
553653
3,877624
1,770
2, 6659,43912,9206,739
38, 35310, 88638, 52726, 05011, 9298, 586
167, 555
1,381
10, 754
1631, 4212,439335
2, 276 j
1926
9705,16116, 86655, 02563, 66817, 61561, 48124,1128,8806, 600
260, 378
1, 805
3,8841,0665,4053, 8582,354
1927
783438
16, 73714, 62236, 42946, 26015, 96626, 07221,6176,41913, 986
199, 329
783
438
9,202
6,36812, 43711,1741, 749 ,2,794 |
1928
1,5131,357533
6,95113, 07536, 43323,71512, 69117,19716,4447,6724,999
142, 580
1,273240
1,357
43
5,1435,9944,885
1,516
1929
18, 4303, 4208,47720, 60358, 07036,3249,194
14, 82838,4861,644
21,167
230, 643
12,6305,8008,128
3,4797,99116,8722,2634,929
1930
37,612187, 24355,48840, 55584, 38186, 403108,999169,12123,13928,75216, 34915, 321
853, 363
11,4001,6559,575
17, 590
183, 6802,993
62,159
30, 03135, 93261, 2836, 4868,894
1931
117,038155, 272155, 729400,171116, 70051,370
425,04167, 37657,44846,91753, 03044, 577
2,2541,002
95, 408
18,374
92,80173,128
270, 787
260,43963,890175,978102,84124, 701
1932
72,56325, 77330, 68236,87053, 54623,576262,73945,98727,89930,5879,55395,851
715, 626
29,678
42,885
15,31614,36950,937
8,29337, 216126,87836, 35818,769
3d>FWo
3
w
w
W
o
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
West North Central: iMinnesota. _____ _ __Iowa _ __Missouri.. _ _ __North DakotaSouth DakotaNebraska _. _Kansas ____. __ _ __ .
South Atlantic:DelawareMarylandDistrict of ColumbiaVirginiaWest Virginia _North Carolina _South CarolinaGeorgia. _ . _ _Florida
East South Central:KentuckyTennessee.. ___Alabama
West South Central:Arkansas__ _ ___ __ _LouisianaOklahoma .._ _. _Texas . _
Mountain:MontanaIdaho -_ _.. .-WyomingColorado _New MexicoArizonaUtahNevada
Pacific:Washington, _ _OregonCalifornia
1*6,314375,859111,39571,873
132 246126, 80969, 597
1 56838,523
3 49731,83162, 601
129,968102,04676, 670
194 254
100 46758,90331 96762 399
74,46622, 63877, 994
142, 323
52, 66633, 69618,62129, 26819 26525,14224 01821 439
73,13136, 28761, 091
4, 7426,4662, 5365, 362
6977. 7452,989
665
917535
1,8363,3118,9953,326
4371,472
8141 667
7711,3977,953
20, 625
6,5597.377
598964
1,1544,312
877
16, 9492,4571,629
2,9701,6375,1582,2422 5455,6564,618
766
624539
2,8744,9453,2921,004
342220
1 252
1,1271, 253
11, 6945,869
6. 7331,018
3421,386
9491,8621 672
82
9614,7392,027
7, 76'18,9106,616
13, 41011, 9383,030
10, 803
886
3,3193,194
7213,007
1,292617127171
1,781535
11, 0584,107
19, 6182,6071,5134,6894,3092,276
561
824495427
20, 65934,9659,9749,498
36, 4874, 8764,680
1,172247
1,8673,1202,814
327
9182,041
927574
912137
8,62410, 474
11,7231,986
13,1961,8069,1141,366
395
2,341470554
15, 68632,9106,3793,915
15, 5105,7522,815
3381,5993,1988, 5765,201
395
5051,787
3981,233
2,891512
7,1558,838
2,4492,588
2669,0622,7503,099
164
1,678442615
23,19053, 28713, 5518,365
27, 6986,8696,130
901184
2,51213, 26918, 04633,199
1,7475, 304
3851,644
3, 7142,0982,7897,550
519618213
2,168
74
2211,3644,397
13, 63222, 317
5,6585,4004,7028,2895,407
2132,1545,4787,0611, 623
30, 419
1,5473,1063,2192,244
3,592628
7,0455,984
1381,962
164318
6078
357
4,2253,4653,899
9,47513, 5353,9055,5041,9409,6264,465
533194
1,8971,7381,8527,394
15, 42419, 093
1,9683,419
611,570
3,428569
1,1457,616
15303
764
620146
8053,125
7,8238,9892,8673,8841.622
29, 5701,849
243947
1,3966,5756,9344,7982,455
48, 824
6312,0014,2641,734
2,110
4,4521,550
1761,281
4201,176
94
3,508
9,8522,0744,452
3,03430, 91117,9495,057
10,95310, 37510, 086
4,656
5,81610, 27656, 178
7,4555,637
40, 748
62, 45528, 5479,216
20, 870
41, 4715,3654,435
11, 781
2,23646
857
3,2451,230
1,082164
9,554
25, 31386, 22222,8998,170
12,97128,137
6,369
25, 775
16, 79237, 83229,7919,9478, 5159,935
18,1325,5836,759
27,496
11, 7444,7123,404
49, 403
1,1362,2901,0313,234
7522,9688,326
172
10, 4299,460
13, 367
12, 02975, 71013,903
1,0665,1836,8849,386
7925,5203,497
879922
14,12928, 9763,9473,977
10, 4934,8065,7971,944
9255,4328,2408,526
1,36411, 620
8782,844
835,8629,816
17, 531
23, 7648,032
20,170
ui
dCD
9uiMO
i Banks closed on account of financial difficulties by order of supervisory authorities or by the directors of the bank.Figures for 1921-31 have been revised. Deposits are as of date of suspension or nearest call date.
Figures of suspensions include banks subsequently reopened.
toCO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 104.—DEPOSITS OF BANKS SUSPENDED, 192^-32, BY FEDERAL RESERVE DISTRICTS AND STATES—Continued
NATIONAL BANKS
to
Federal Reserve district and State
DISTRICTB o s t o n . - _ _ _ _ _ _ _ _ _ _ _New YorkPhiladelphiaCleveland-_RichmondAtlanta. __ChicagoSt. Louis .Minneapolis _ _ _ _ _ _ _Kansas City . .Dallas __ _ _ _San Francisco _ _ _ _
Total _
STATENew England:
MaineNew Hampshire .VermontMassachusetts __ _Rhode IslandConnecticut _ __ _
Middle Atlantic-New York _ _New JerseyPennsylvania. _ __ _ __
East North Central:Ohio _ _ _IndianaIllinois _ _ _MichiganWisconsin .._
Deposits (in thousands of dollars)
Total1921-32
47,96768, 07227, 803
173,31197, 72391,350
219, 056103, 579102, 60585,02478, 50792,094
1,187,091
402862
41,0491,2734,381
36, 65238, 639
143, 236
43,01728, 321
111,47821,15411,977
1921
643
467228121682182
2,0514,4496,4585,496
20, 777
643
467
51
1922
828
3,996
2771,6533,6544,5582,0433,188
20,197
273555
1,016
1923
293
4,0812,108
80176745
12, 2106,9735,2972,281
34,244
293
4,081
77
1924
1,684801300
1,3191,1564,228
59919, 41617,92214, 6472,818
64, 890
1,684
801
300
599
1,129
1925
3,6013,9922,8068,641
16, 67312, 8084,2142,839
55, 574
3,601
129
396
1926
5861,6531,4061,321
15,2931,554
13,5902,8612,9732,761
43,998
586
1,653529780
252
1927
10, 5222,9901,823
10, 729949
6,9474,9191,4515,217
45, 547
8,131
2,1071,803
483708175
1928
1,273
5331,1032,762
12, 5095.379
6975,8652,6681,0452,649
36, 483
1 273
1,103598
1,312
790
1929
1,229947
4,85212, 6406,1571 0441,5641,818
78610, 577
41,614
1,229
947328
2, 436291
1930
8621,134
5189, 695
20, 75729,85920, 23658,9542,9737,997
12,0815,380
170,446
862
458676
4,792
5,4211,816
12, 4091,558
160
1931
39,82444,08618, 279
118, 58738, 78720, 64977,16621 04310,9818,987
23, 57117, 211
439,171
402
39,422
22,46126, 728
101,922
26, 02710, 81446, 53415,9636,066
1932
4,03120 5806,358
22, 65514, 5268,386
70, 09216 1596,6819,0643,941
31,677
214,150
1,334
2,697
12,01610, 68022, 208
1,67811,36646,796
2,6342,932
o
HW
wo>
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
West North Central:Minnesota _ _ _IowaMissouri _ _ _ _
^ North Dakota .•5 South Dakota& Nebraska1 Kansas _ _ _ _ _ _1 South Atlantic:rt*. Delaware1 Maryland
District of Columbia1 VirginiaS West Virginia.- _ _ _ _ _ _
North CarolinaSouth Carolina. _ _GeorgiaFlorida ._ _
East South Central:Kentucky . . _ _ _ _ _ _ _ _ _TennesseeAlabama-- _ _ _ _Mississippi
West South Central:Arkansas.Louisiana. ___ _ _ _ _ _ _ _. _Oklahoma . _ _ __Texas
Mountain:MontanaIdahoWyomingColorado. _ _ _ _ __ _New MexicoArizona. _ _ __Utah-Nevada
Pacific:WashingtonOregon.. _California
35,16480, 35912, 69019,18025 02219, 75413, 912
1,3254,621
11,05121,61644, 28816, 70019, 03732, 305
51,93117, 6739,609
18,171
11,4392,609
31,81660,832
17,42819, 2649,154
13,19210,0202,0121,9745,556
21, 02010, 63733,289
631
354384
2,042
228
121
182
2, 2205,921
1,3133,384
187159378
403438
1,271
277
445560701
766
1,8671,363
161
47641
3,4751,096
2, 649280
635653
1,601
1,307
1, 20399
1503,0361 774
613685
494
1,614
34
_ _. _
74546
6,9302,028
6,1971,741
272
714878
301239
4, 5563 887
2,3087 5983,1771,459
964
355556
154446
3,3017,916
4,1661,3858,8821,2866,548
279
1,154
8,8458,512
2551,4724 474
597
4411.0232,5282,211
395
200
5,1572,212
1,4861,272
7,6071,194
952193422
6,04614, 278
2743,0784,1081,020
281
594
812
489
58125175
911
1,3352,408
10689
790
221
2,451
4,5248,218
2511,691
5332,660
275
2842,641
349
1, 823
215
2,0541,381
241,328
2,0431,846
2,4742,825
5512,691
7001,230
874
533
2731,1531,336
11, 904605
5641,045
137
2,512
1973,300
3541,191
689506
207845
1,5662,234
60711,337
696128
364
207786
176985
416
8,838
754
49313, 9571,0451,172
978966
4,923
5125,703
11,3663,1761,105
12, 738
38, 37913,1952,8213,982
6,3621,8882,1219,780
170
82
924
4,456
4,5246,0615,4861,4992,8865,6511,605
3,016
7,71313, 65913, 0911,3081,5133,424
8,6212,1271,994
13,188
3,026
23322,318
4251,255
1,099752402
94
4,5731,4199,870
2,30218, 3144,324
2431,027
4083,304
792839
339411
9,9673,239
9861,494
4,1861,6163,155
455
85680
4, 2193,941
7167,408
1,090
354
5,556
3,9553,731
10, 673
CO
3UlM
ow
toOx
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 104.—DEPOSITS OF BANKS SUSPENDED, 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES—Continued
STATE BANK MEMBERS
fcO
Federal Reserve district and State
DISTRICT
BostonNew YorkPhiladelphiaClevelandRichmondAtlanta.. .ChicagoSt. Louis... .MinneapolisKansas CityDallas.. _ __San Francisco
Total . _.
STATENew England:
MaineNew Hampshire -- - -VermontIVtassachusettsRhode Island - - -Connecticut - -
Middle Atlantic:New YorkNew JersevPennsylvania
East North Central:OhioIndiana - - -IllinoisMichigan --Wisconsin --.,. .---. ~-.
Total1921-32
13, 557216 979
10, 26698 06810,46832, 218
174,07447, 52416,4385,084
24,90930, 601
680,186
13,557
205, 35113,88813,077
92,99715,10647,56549, 598
797
1921
1,051950468352731
2,12911, 682
17, 363
1922
233,136
1,230
2,219505
7,113
3,136
1923
2982,1871,3635,8831,002
6801,146
12, 559
455
743
Deposits (in thousands of dollar
1924
299889
3,704762
5,577623
1,604187
13, 645
419
1925
1101,3285,760
37632
1,649367
9,883
155
1926
1, 24716, 341
1, 686648
2,0061,243
295
23, 466
219
1927
1,4282,6964,6454,928
847114241
1,8291,214
17, 942
1,428216
1,744
s)
1928
1,034432
5,7102,758
147166
10, 247
1,034
239
1929
70811,3992,670
1,201
206275
16, 459
903797
1930
161, 279
532534
1,1564,773
32, 994305
25801
202, 399
161, 000279
532321
9,643
1931
3,29954, 90310, 26694, 562
5,6891,817
97, 6703,757
496
12, 7458,753
293,957
3,299
44, 35112,81212, 565
90,00310, 82316, 98439,951
1932
10, 258797
512
2,65529,1975,610
481433
5,210
55,153
10 258
797512
18,9557,363
s
W
fedWO>
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
West North Central:MinnesotaIowa -- - -MissouriNorth Dakota .__ .South Dakota _ _ _NebraskaKansas
South Atlantic:Delaware _ _MarylandDistrict of Columbia -- __ _ _ .VirginiaWest Virginia _. . _North CarolinaSouth Carolina - -GeorgiaFlorida __ -
East South Central:KentuckyTennessee - - -AlabamaMississippi _
West South Central:ArkansasLouisianaOklahomaTexas _ .
Mountain:MontanaIdahoWyomingColorado _ _ _ _ _ .New MexicoArizona...UtahNevada _
Pacific:WashingtonOregon _California
3,11169,3505,641
3,5601,212
241
1 5153,673
7084,5727,816
17,793
16 556135
5,8241,955
17, 585763248
22, 891
9,7673,680
623
2,110
2,994
13, 9659,752
210
950468
731
405
646
2,039
352880
90
74
10, 508220
23
2,219
1,230434
71
190989662
662
298
1,363
18784
5,031585
749
561
5763,285
242
2,406
299694
94
520101
333
2,595
623
1,271
187
5,60537
187
1101,250
78
611,588
445175
192
64816,1222,258
1,116
494
940131
1,243
295
2,968199
241
2,69685
1,360
223,178
648
1,829
114505
233
476
2,519
432379
5,331
147
166
1,201970
708
52110,743
135
206
275
330163
305
534745359
14, 209
521,461
11, 640
25
718
83
49630,051
1,157
1,5153,673
5011,461
113356
2,348
12, 745
762
474
3916,916
210
5,561455
481
839
2,347
1,285
126531
433
173
863
2,5211,653
W00
3GO
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No. 104.—DEPOSITS OF BANKS SUSPENDED, 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES—Continued
NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS
toGO
Federal Reserve district and State
DISTRICT
BostonNew YorkPhiladelphia _ _ ._Cleveland __Richmond _.Atlanta __ .ChicagoSt. Louis. _MinneapolisKansas CityDallasSan Francisco
Total
STATENew England:
Maine . _ _ _New Hampshire _ __ _ .VermontMassachusetts .__ __Rhode IslandConnecticut _ ______ _
Middle Atlantic:New YorkNew Jersey _ _ _ _ _Pennsylvania
East North Central:OhioIndianaIllinoisMichiganWisconsin
Deposits (in thousands of dollars)
Total1921-32
155, 571111,628213,547254,155254, 580258, 749641, 438233,070307, 417254, 76961,641
146, 621
2, 893,186
3,4961,981
79379, 520
1,21273,341
69, 66644, 318
257,063
184,489125, 038260,14573,58656, 548
1921
13 31714, 7822, 662
7626, 501
13, 0039, 9466,131
14, 59715, 69211,72116,045
125,159
13,317
2,164
12, 618
2,709
180315
5,594
1922
5, 7525, 5492,4507,6989,606
18, 6763,6218, 612
61, 964
8261,218
246237
1923
1,591
4,862596
5, 2913, 879
11,8036, 264
35, 32725,1834,0672,162
101, 025
459
1,132
5, 236
2221,0183,585
1,442
1924
6721, 0564,7883, 428
28, 4759,889
51, 94616, 2583, 2694,107
123, 888
672
553653
3,278
641
1925
1 461
1125,8388. 7882, 547
20, 56310. 84921, 22213, 2424, 5455,380
94, 547
1, 381
80
4,600
163894
2,310235
1,880
1926
2,96415, 46052, 22725, 83614, 37546, 69319, 2453,1733, 544
183, 517
515
2,007474
4,625
2,102
1927
783
4,4098, 936
29, 38527,94314, 10619,01116, 4352,9407,555
131,503
783
1,071
2, 45510, 2878, 947
8992,619
1928
4,8149,687
18,19915,13211,99410, 98513, 6436,0722,184
92, 710
43
3,0065,2783, 334
726
1929
12, 9802,1917,530
15, 04333, 70525, 5618,150
12, 06336, 668
65210,315
164, 858
7,1805,8006, 899
2,5327,046
14, 436617
4,132
1930
16 00823, 83154, 97029, 94863,09055, 38874, 88077, 07719, 86120, 7554,0419,140
448, 989
7934,708
13,115
21, 2232,038
57, 303
23, 76232, 63139, 231
1,7158,734
1931
73 41555, 639
123, 754182, 74472, 22428, 904
240, 37242, 43945, 97137, 93013, 94218, 613
935, 947
2,254600
52, 687
17, 874
25, 34533, 588
149, 798
143, 20341, 838
112, 46044, 83018,198
1932
48,9964,396
24,32413,49439,02012, 535
158,47724,09820,13521,0423,598
58,964
429,079
8,808
40,188
3,3002,892
28, 217
6,40623, 77861,12725,04415,837
O
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Wo>>
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
West North Central:MinnesotaIowaMissouriNorth DakotaSouth DakotaNebraskaKansas
South Atlantic:DelawareMarylandDistrict of Columbia..VirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida
East South Central:KentuckyTennesseeAlabamaMississippi
West South Central:ArkansasLouisianaOklahomaTexas
Mountain:MontanaIdahoWyomingColoradoNew MexicoArizonaUtahNevada
Pacific:Washington. __ __OregonCalifornia __.
107,879198,47292, 87252,693101, 852105, 84355,311
24333, 7083,49719, 23537, 31284,97280,77448,465143,948
31, 98041,09516, 53442, 273
45, 24119, 26645, 93047, 491
22, 62010, 7528,82216, 0767,13523,13019, 05015,883
38,14615, 89827, 592
4,7424,4352,0685,008313
4,9722,989
665
689535
1,8363,3118,4493,118
4371,472168
1,485
7711,3975,73310, 810
4,5343,113598777905
3,934803
6,0381,799358
2,9701,0405,1581,7971,9854,9554,618
624539
1,0073,5823,2391,004
342220
1,091
6511,2128,2192,273
2,854304342751296
1,862
82
9614,739720
6,8275, 80410, 3749,5022,41710,118
392
1,7053,194389
3,007
54761781171
418535
3,9411,473
8,390281
1,2414,6892,8461,398
824194188
15, 52724, 4349,5407,190
26, 0161,6993,221
2471,8672,4661,467327
9181,887387574
39236
5,3231,948
2,804601
3,691520
1, 2951,366116
1,000470554
6,84115, 8766,0872,44310, 8495,1552,815
1,1582,1755,9381,682
5051,787120
1,233
2,891512
1,9373,517
5181,141268
1,4551,5563,099164
72657193
16, 49620, 39111,0195,287
23, 0405,8495,849
307184
2,51212,45716. 70032, 710
1, 7474,723134
1,075
1,8631,9671,4542,408
413529213
1,378
74
1,0691,946
9,1088,7445,2083,7094,1695,6294,891
2131,8702, 8374,016962
27, 236
1,5473,084
412,244
2,665628
4,9912,575
1291423186078124
4,225946
2,053
7,0017,8633, 3542,813893
8,3963,458
1, 8971, 465699
5,6263,12613,157
1,9683, 419
611,570
3,428569581
6,016
15
764
620146
805613
6,4253,8522,5132, 6931,622
28, 8811,343
243
1,1895,7304, 6602, 5641,001
26, 744
6312,0013,4331,606
1,
4,
746
245558
296420760
3,508
7392,0743, 698
2,54111, 79516, 7413,8859,6709,4095,163
4, 656
5,3044,573
44, 8123, 7453, 787
27, 651
9,86715, 3526, 34315, 427
23, 4693,4772,3141,774
2,06646
3, 245512
75164
5,098
20, 29343,22616, 2566,67110, 08522, 4864, 764
I
22, 759
7,56420, 50016, 7008,1385,5416,511
9,5113,3434,40914, 308
6, 2334,7123,17111, 568
711273
1, 0312,135
2,5667,758172
5,4651,1253,287
9, 56749,9899,124
8233,7085, 9956,082
4,6813,497
540511
4,16225, 7372,1222,483
3,9603,1901, 3571,489
7144,2214,0212, 571
3154, 039
8781,754
835,5088,953
11, 975
17, 2882,6489,497
ui
c!
Ul
o
Ul
fcO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 104.—DEPOSITS OF BANKS SUSPENDED, 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES—ContinuedPRIVATE BANKS
Federal Reserve district and Statel
DISTRICT
BostonNew York _ _ _ „PhiladelphiaCleveland _RichmondAtlanta .ChicagoSt. LouisMinneapolis _ ___ __ __Kansas CityDallas
Total
New England: STATE
ConnecticutMiddle Atlantic-
New YorkPennsylvania
East North Central:OhioIndianaMichigan - __
West North Central:IowaMissouri __ .South DakotaKansas.. __
South Atlantic:Maryland-.-... _.__VirginiaGeorgia . . . ___Florida . .
West South Central:ArkansasTexas
Mountain:Montana -Wyoming-. _ ._ _
Deposits 2 (in thousands of dollars)
Total1921-32
2 5, 2152 10, 522
2 6, 7826,952
2 302 1,560
2 48, 302900
4,805289
2 11,109
96, 466
2 5 215
2 10 5222 11 016
2,7185,672
2 15, 735
2 27, 678192
1,812133
( 2 )230
2 1, 352208
2012 11,109
2,85122
1921
659
333
2285,113
341360
1,855
8,889
659
333434
4, 570
450
20208
1,855
360
1922
415778
3032084
281
1, 908
1 193
84
320
30
281
1923
2
52
1,197
522
1,773
9
52202
995
522
1924
973
973, 564
582,625
134277
7,728
973
205
3,359192467
97
277
2,158
1925
2,553
3058
3,389
1,521
7,551
2 553
372100
2.917
3058
1, 521
1926
384544
2306,198
550
1,491
9,397
704
22463
3, 639
2,496
550
230
1,491
1927
438
378
5762,660
64
22199
4,337
438
378131142
2, 387
576
64199
22
1928
2401,357
15446
347133408
2,946
240
1 357
118
328
347133
15
408
1929
5,450
3261,936
7,712
5 450
617452
867
326
1930
4,475999
380
9,11096
202
15, 262
4,475
99964
3161,1643, 213
4, 829
202
1931
500644
3,4304,278
9, 396137
2,772
21, 157
500
6446,502
1,206415
2, 097
6,884
1372,772
1932
209
4, 973120923
1,581
7,806
2092,0721,317
1,846
4-18
1, 581
333
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISTRICT
BostonRichmondChicago.Minneapolis
Total
STATENew England:
MaineMassachusetts _ _New Hampshire __
East North Central:Wisconsin
West North Central:Minnesota
South Atlantic:Maryland __
27,406194437160
28,197
1,86114,14511,400
437
160
194
MUTUAL
1,861
1,861
1,861
SAVINGS BANKS
194
194
194
16, 267
16, 267
4,86711,400
437
437
437
9,278
160
9,438
9,278
160
1 State and district listed only in cases where suspensions occurred.2 Deposit figures not available and, therefore, not included in table 104 for the following number of private banks which are included in table 103: Connecticut (Boston district)
1 each in 1922 and 1924; New York, 3 in 1923 and 1 in 1928; Pennsylvania (Philadelphia district) 1 in 1926, 3 in 1930, and 1 in 1931; Michigan (Chicago district) 2 in 1921, 3 in 1922, 1in 1923, 4 in 1924, 2 in 1925, 1 in 1929, 2 in 1930, and 2 in 1931; Michigan (Minneapolis district) 1 each in 1923 and 1924; Iowa, 1 in 1921, 2 in 1922, 5 in 1923, 2 each in 1924 and 1925, 1 in1926, 2 each in 1927 and 1928, and 1 each in 1930 and 1931; Maryland, 2 in 1921, 1 in 1925, and 2 each in 1930 and 1931; Virginia, 1 in 1929; Georgia, 1 each in 1921, 1922, 1925, 1926, and1927, and 9 in 1929; Texas, 14 in 1921, 8 in 1922, 4 in 1923,1 in 1924, 2 in 1925, and 1 each in 1929 and 1931.
d
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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
222 REPORT OF THE FEDERAL RESERVE BOARD
No. 105.—BANK SUSPENSIONS: NUMBER, CLASSIFIED ACCORDING TO CAPITALSTOCK
Banks having capitalstock of—
All banks:Less than $25,000$25,000$25,100 to $49,000$50,000 to $99,000$100,000 to $199,000...$200,000 to $999,000...$1,000,000 and over. . .Not available
Total . .
National banks:$25,000$25,100 to $49,000$50,000 to $99,000$100,000 to $199,000...$200,000 to $999,000...$1,000,000 and over
Total
State bank members:Less than $25,000$25,000$25,100 to $49,000$50,000 to $99,000$100,000 to $199,000...$200,000 to $999,000...$1 000 000 and over
Total
Nonmember banks:Less t h a n $25,000$25,000$25,100 to $49,000$50,000 to $99,000$100,000 to $199,000. _ .$200,000 to $999,000.. .$1 000 000 and overNot available...
Total
1921
194107368347163
19
505
242
1583
52
337411
19
19480316135122
19
434
1922
1279041562515
13
367
165
1486
49
45112
13
127703141167
13
305
1923
29515147923216
13
646
419
25105
90
102
1433
32
2951003653198
13
524
1924
32119059
1245916
6
775
431141198
122
104
10122
38
321137447328
6
6
615
1925
23614043
1314618
4
618
415
451611
118
111
1852
28
23588377825
5
4
472
1926
3952331021674815
16
976
45204512
1
123
167
1362
35
39418275
1093012
16
818
1927
24616765
1214815
7
669
316
40122
91
133474
31
2461235677299
7
547
1928
19510739964511
6
499
153
2595
57
3265
16
19589346531
6
6
426
1929
23115165
1205820168
659
156
261331
64
4255
1
17
231132
5789401748
578
1930
47429314221913270
2 1111
1,352
56153930192
161
825534
27
4742291251759748
511
1,164
1931
5465122204572842273 32
16
2,294
10234
12189567
409
91126192715
107
546401175310176144
1016
1,778
1932
3923451402941441264 11
4
1,456
64257558513
276
116
1312112
55
392270109206
7464
Q
4
1,125
1 Includes 1 bank with capital of $1,225,000 and 5 banks each with capital of $1,000,000.2 Includes 6 banks with capital of $1,218,000, $1,750,000, $2,500,000, $4,000,000, $4,877,000, and $25,250,000,
respectively, and 5 banks each with capital of $1,000,000.3 Includes 6 banks with capital of $1,300,000, $1,400,000, $1,525,000, $1,750,000, $1,910,000, and $2,000,000,
respectively; 4 banks each with capital of $1,500,000; 2 banks each with capital of $2,500,000; and 3 banks eachwith capital of $3,000,000; and 17 banks each with capital of $1,000,000.
* Includes 2 banks with capital of $2,000,000 and $2,800,000, respectively; 2 banks each with capital of$1,600,000; 3 banks each with capital of $1,500,000; and 4 banks each with capital of $1,000,000.
No. 106.—BANK SUSPENSIONS, BY SIZE OF TOWN OR CITY, 1921-32
Places with populationof—
Less than 500500 to 1,0001 000 to 2,5002,500 to 5,0005,000 to 10,00010,000 to 25,00025,000 and over
Total
Number of suspensions
1921
CO
O
OC
O
CO
8236253044
505
1922
136597731171136
367
1923
31311811433231431
646
1924
31616113666312837
775
1925
21812512969302423
618
1926
372218208
70322452
976
1927
25914812661173424
669
1928
OS
OS
10631241725
499
1929
23513913749352440
659
1930
4312722731246655
131
1,352
1931
665401426213140134315
2,294
1932
4442552811499384
150
1,456
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK SUSPENSIONS 223
No. 107.—BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDA-TION OR RECEIVERSHIP JAN. 1 TO DEC. 31, 1933, AND NONLICENSED BANKSON SELECTED DATES IN 1933
[Preliminary figures, subject to change]
Period or date
JanuaryFebruaryMarch 1 to 4March 5 to 15
Total
March 16 to 31AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
Total
March 16 to 31April _MayJune _ _JulyAugustSeptember..OctoberNovemberDecember
Total.
March 15April 12June 30October 25December 30
Total
N u m b e r of banks
Na-tional
Statemem-
ber
Non-mem-
ber
Deposi ts i (in thousands o f dollars)
Total NationalStatemem-
berNon-
member
Banks suspended, Jan. 1 to Mar. 15
2421542442
462
4420
2
66
157
1
23
1831272439
373
134, 20264, 703
3,28815, 542
217, 735
55,93815, 864
1,381
73,183
14, 3947,239
109
21, 742
63,87041, 600
3,28814, 052
122, 810
Licensed banks suspended,2 Mar. 16 to Dec. 31
39361815131815221827
221
2113
11
9
4
1
1
6
39301714101813211826
206
25,14420, 74934,04724,99811, 03214, 3017,7365,9234,6963,912
152, 538
4,457799
7,9113,300
879144
17, 490
Nonlicensed banks placed in liquidation or receivership,
95119827784
114126156102145
1,100
1
4,2153,0782,3011,905
97
1413265166
1126898
464
4587454422
4 45
821076057545856403245
591
Nonlicensed banks 5
1,4001,108
985683452
2211481107660
2,9591,9831,5421,393
22, 68763, 798
677,228427,970
89,471166,147132, 094124,01477,122
114,169
1, 894, 700
2,6508,093
507, 71524, 28659,18272, 28366, 02491, 53567, 20467, 704
966, 676
1,600
1,860
67
3,527
25,14414, 69233 24817, 0877 732
14, 3014,9975,7794,6963,845
131, 521
M a r . 16 to Dec. 31
2,7044,568
132, 331385, 674
34754,97526,88917, 429
98421, 089
4 646, 990
(other than mutual savings)
3,981,2322, 329,9991, 564,1331, 202,420
2,163, 5951,818, 5411, 028, 347
610,463434, 978
924,177841,382237, 668136,40592, 876
17, 33351,13737,18218,01029,94238, 88939,18115,0508,934
25, 376
281, 034
1,321,3091, 063,984
817, 265674, 566
1 Deposits of national banks suspended or placed in liquidation or receivership are as of the date of sus-pension or conservatorship, while those of nonlicensed national banks shown in the fourth section of thetable are as of the nearest call date; deposits of State bank members are as of the nearest call date; anddeposits of nonmember banks are as of Dec. 31, 1932, or as of the nearest available call date prior thereto.
2 Includes banks placed in liquidation or receivership and banks placed on a restricted basis; excludesbanks reported as having been absorbed or succeeded by, or consolidated or combined with, other banks.
3 Includes nonlicensed banks absorbed or succeeded by other banks.4 Includes 1 bank in April with deposits of $4,222,000,1 in June with deposits of $23,453,000, 2 in July with
deposits of $173,000, 1 in August with deposits of $49,000,000, 1 in September with deposits of $3,989,000,and 1 in November with deposits of $811,000, which did not receive licenses following the banking holidayand withdrew from the Federal Reserve System before being placed in liquidation.
5 Banks operating on a restricted basis or not in operation but which have not been placed in liquidationor receivership.
NOTE.—Banks reorganized under old charters after recapitalization or waiver of a portion of deposits arenot included in the above table.
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224 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVESYSTEM
No. 108.—CHANGES IN MEMBERSHIP, BY CLASS OF BANK, IN 1933
Number of member banks on Jan. 1,1933__
Additions to membership:Organizations of national banks (including successions and
conversions)Admissions of State banksResumptions following suspension
Total additions
Decreases in membership:Withdrawals of State banks _ _ _ _Suspensions, Jan. 1 to Mar. 15 _Mergers, absorptions, consolidations, liquidations, and receiver-
ships _ _ _ _
Total decreases __ _ _
Net increase or decrease _ _ __Number of member banks on Dec. 31, 1933:
Licensed _ _ _ _ _ _ _ _Unlicensed
MEMORANDUM—UNLICENSED MEMBER BANKS
Number on Mar. 15, 1933
Changes Mar. 16 to Dec. 31, 1933:Add: Licenses revoked _ _ _ _Deduct:
Unlicensed banks licensedLiquidations and receiverships 3 __Withdrawals of State banks
Number on Dec. 31, 1933_
National
6,011
249
1 5
254
66
593
659
-405
5,154
2 452
1,400
17
489<4662 452
Statemember
805
237i l
238
4223
61
126
+112
85760
221
17
874536
60
Total
6,816
249237
6
492
4289
654
785
-293
6,011512
1,621
14
576
36
512
* Includes 1 bank placed in eonservatorship after the banking holiday which had suspended prior tothat time.
2 Includes 16 national banks whose Federal Reserve bank stock had been canceled and membershipterminated but which, at the end of the year, were still included in the Comptroller of the Currency'srecords of unlicensed national banks.
3 Includes unlicensed banks absorbed or succeeded by other banks.4 Includes 2 banks placed in receivership subsequent to revocation of license.
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 225
EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBERBANKS
No. 109.—MEMBER BANKS—LOANS AND INVESTMENTS, CAPITAL FUNDS, ANDPROFITS, 1923-32
Year ended Dec. 31
Amounts * (in thousands of dollars)
Loans and investments
Total Loans Invest-ments
Capitalfunds a
Ratios *
Loansand in-
vestmentsper $1 ofcapitalfunds
$5.986.126.476.466.346.185.625.265.235.04
5.785.906.206.226.256.175.805.505.495.37
6.376.506.956.886.506.195.354.934.864.57
N 3tprofit
per $100of loansand in-
vestments
$1.291.321.411.391.361.451.56
.87
.04« - . 89
L. 16L.24L. 32L. 28L. 26L. 33L. 34.73
« - . 2 76 - . 9 3
1.501.441.561.551.531.661.901.07
.525 _- . 8 4
Netprofits
per $100of
capitalfunds
All member banks:192319241925...1926192719281929193019311932 *
National member banks:19231924_._19251926.1927 .19281929193019311932 ^
State member banks:19231924.19251926.__192719281929193019311932 4
26, 206,98827,474, 72729, 673,89131,132,14932, 755,97134, 721, 87935, 727,12835, 395,41233,431, 79128, 522, 520
16, 713, 73917,233,43118, 430, 57919.135,96020, 349, 56221, 858, 25021, 751, 74821, 538, 52420, 564,44617,818, 632
9, 493, 24910, 241, 29611, 243, 31211, 996,18912,406, 40912, 863, 62913,975, 38013,856,88812, 867, 34510, 703,888
18, 531,96119,347,30020,809,10722,123, 39723,006, 03924,153,67725, 614, 65525,018, 22221, 732, 28916,743,940
11, 725,16312,007,44712, 729, 67513, 353,10113,949,96914, 789, 56615, 007, 57014, 726,93713,117,21610,475, 546
6,806, 7987,339, 8538,079,4328, 770, 2969,056,0709, 364, 111
10, 607, 08510, 291, 2858, 615, 0736, 268, 394
7, 675,0278,127,4278, 864, 7849, 008, 7529, 749,932
10. 568, 20210,112,47310,377.19011, 699, 50211, 778, 580
4, 988, 5765, 225,9845, 700,9045, 782, 8596, 399, 5937, 068, 6846, 744,1786,811,5877,447, 2307, 343,08G
2, 686,4512,901,4433,163, 8803, 225, 8933, 350, 3393,499, 5183, 368, 2953, 565, 6034, 252, 2724, 435, 494
4, 380,0744,491, 6634, 589, 2944, 820,1295,162, 7025, 622, 3126,380, 3066, 722, 7826, 395, 8665, 660,145
2,890, 9302, 916, 7912, 970,4533, 077.1833, 254, 5073, 543, 6093, 750, 5213,913,4503, 746.9613, 317,163
1,489,1441, 574, 8721, 618, 8411, 742, 9461, 908,1952, 078, 7032, 609, 7852, 809, 3322, 648, 9052, 342, 982
$7.698.049.148.958.668.968.754.56.19
6 - 4 . 50
6.727.338.227.967.918.217.774.04
5 - 1 . 4 7« - 4 . 97
9.579.37
10.8310.709.94
10.2510.165.282.54
s-3.84
1 Figures are averages of amounts for call dates during year and the last call date in the previous year.2 For explanation of these ratios, see Federal Reserve Bulletin for December 1928, pp. 826-828.3 Capital, surplus, undivided profits, and reserves for dividends, contingencies, etc., including, in 1923 and
1924 only, reserves for taxes, interest, etc., accrued.4 Figures for 1933 not yet available.8 Net loss.
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226 ANNUAL KEPOKT OF THE FEDERAL RESERVE BOARD
No. 110.—MEMBER BANKS—RATIOS OF EARNINGS, EXPENSES, ETC., TO AVERAGELOANS AND INVESTMENTS, 1923-32
[Amounts per $100 of loans and investments]
Year ended Dec. 31
All member banks:192319241925192619271928 _1929193019311932L
National member banks '19231924192519261927-19281929193019311932 1 _ . _ .
State member banks:1923192419251926192719281929193019311932 i
Gross earnings
Total
$6. 566. 506.466.516.476.586.926.305 725.45
6.376.356.296.336.346.416.646.335.815.60
6.906.766.756 816. 706.867.386.245 ">85 19
Interestearned
$5. 705.515.445.495.345.495.795.244.734.645.765.575.515.545.445.545.735.414.914.89
5.595.415.345.415.175.405.884.994 454.26
Expenses
Total
$4.704.664.614.634.634.654.714.533.994.01
4. 534.504.464.484.524.524.544.594.124.20
5.004.934.854. 884.814.874.984. 4f,3 793.69
Interestpaid ondeposits
$2.092.162.172.162.182.162.132.121.741.52
1.972.072.082.072.122.102.072.141.831.65
2.302.332.322.312.27
2! 212.081 581.30
Losses
Gross
$0.79.72.65.67.64.63.83
1.031.862.73
.93
.81
.74
.76
.73
.72
.921.152.132.74
.55
.56
.51
.51
.49
.46
.68
.841 432.72
Net
$0.57.53.44.50.48.48.65.90
1.692.33
.67
.60
.51
.57
.56
.56
.761.011.952.33
.40
.40
.34
.38
.36
.34
.50
.721 272.35
Netprofits
$1. 291.321 411.391 361.451.56
.87
.042 - . 8 9
1 161.241. 321 ?81.261.331.34.73
2 —. 272 - . 93
1. 501.441.561. 551. 531. 661. 901.07
52• - . 8 4
1 Figures for 1933 not yet available.2 Net loss.NOTE.—For explanation of these ratios, sea Federal Reserve Bulletin for December 1928, pp. 826-828.
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EAKNINGS AND EXPENSES OP MEMBER BANKS 227
No. 111.—MEMBER BANKS—EARNINGS, EXPENSES, AND DIVIDENDS, 1924-32fin thousands of dollars]
Year ended Dec. 31
All member banks:19241925192619271928 _.19291930__ . .19311932 1
National memberbanks:19241925-..._19261927... .192819291930___19311932 !
State member banks:19241925-. .19261927192819291930..19311932 1
Gross earnings
Total
1,786,4711,918,0942,027, 7522,120,2772,283,9982,474,0992, 228,7741,911,6021, 553, 618
1,093,8321,159,5951,210,9111, 289, 2971,401,4711,443,3031, 363,923'1,194.140 i998,128'
692, 639758,499:816,841|830, 980882,527
1,030, 796864,846717,362555, 490:
Interestearned
1,514,5001, 615, 5951, 710,4921,749,0081,905,7282,068,9011,857, 5141, 581,9051, 325,478
960, 6011,015,3521, 060, 5891,107, 2421,211,2591,247,1251,165, 5501,009,829
870, 424
553,899600, 243649,903641, 766694,469821, 7761691,964J572, 076;455, 054!
Allother
271,971302,499317,:371, 269378, 270405,198371, 260329, 597228,140
133,231144,243150,322182, 055190, 212196.178198,378184.311127, 704
138,740158, 256166, 938189, 214188, 058209,020172, 882145,286100, 436
Expenses
Total
1,280,5241,367,3181,441,7451,515, 7041,613,8111,683,7201,604,3351,335, 3791,143, 384
776,070822, 255856,765918,816987,739987,140988, 029848,254748, 587
504,454545,063584,980596,888626,072!696, 580616, 306! I487,1251394, 797!
Interest paid
On de-posits
594,432643,158672,927713,038749, 662759,:""748,992580,910434, 324
356,311382,483395,352431, 763459,819450, 258461,311377,281294, 813
238,121260, 6751277, 575281,275289,843309,002287.681203, 629139. 511
On bor-rowedmoney
Sal-ariesand
wages
24,74625,95431,35024,51448,44364,26522,00119,13638,814
17,00117, 172;20,08915,42929,184 [37,35012,80711,61324, 684|
7,7451
8, 782;11,2619,085
19,259:26,9159,1947,52314,130
355,018372,741396,786420,128440,000463,847451,776412, 531356, 557
213,994223, 756
Taxes
253,634269,429271,103277,798257,074|224, 480
141,024148,985160, 827166, 494170,571192,744173,978155, 457132, 077
97,341102,411105,885109, 778113, 759112,476113,418
86, 36767, 077
64,67666,64568,27069,21969,87264,33368,37353,11044, 552
32, 66535 ^37 61540, 55943,88748,14345, 04533, 25722, 525
Allother
223,054234, 787248,246261,947283,872268,148236,435246, 612
124,088132,199137,085148, 771159,435164,096167, 740149,176160,058
84,89990,85597, 70299,475
102, 512119,776100, 40887, 25986, 554
Year ended Dec. 31
All member banks:19241925.—1926___19271928192919301931 . . .1932 1
Nat iona l memberbanks:
192419251926192719281929193019311932 1
State member banks :1924.1925- -19261927. _19281929193019311932 1
Losses
Netearn-i n g s ! Total
505,947550, 776586,007604,573670,187790,379624, 439576,123410, 234
317, 762337,340354,146370,481413,732456,163375,899345,886249, 541
188,185213,436231,861234,092256,455334,216248, 540230, 237160, 693
197,343193,099207,530208,693217,194295,473365,314620, 456778, 230
140, 250136,269145,831148, 225158,254200, 633248,618437,016 I487,545
57,09356,830161,69960,468158,940J94,840116,696!183.440'290, 685;
Onloans
r
Oninvest-ments
133,079128,774124,885123,745119, 290139,588194, 725295, 241403, 272
97, 58292,12788,01791,21488,07793,680135,085212, 575261, 364
35,49736,64736,86832, 53131,21345,90859,64082,666141, 908
AHother
33,19635,12735,90937,28445, 29395,465i109,028264, 170304, 961
23,96023, 69226, 26125, 66534,45563,30471,202184,290184, 646
9,23611,4359,64811,61910,83832,16137, 82679, 880120, 315
Recov-eries
31,06829,19846, 73647,66452,61160,42061, 56161, 04569, 997
18,70820,45031, 55331,34635, 72243,64942,33140,15141, 535
12,360;8,748!
15,183!16,318|16,88916, 77119,23020,89428, 462!
52,73961,80653,00651,12950,87561,60847, 37756, 594113,109
36, 27043,12236, 66235,02735, 28235,85430,88736,23473,106
16,46918,68416,34416,10215, 59325,75416,49020.36040,003
Netlosses
Netprofits
Divi-dends
de-clared
144,604131,293154, 524157,564166,319233,865317,937563,862665,121
103,98093,147109,169113,198122,972164,779217, 731400, 782414, 439
40,62438,14645,35544,36643,34769,086100, 206|163, 080250, 682
361,343419,483431,483447,00()i503,868556, 514306, 50212, 261
2 254,887
213,782244,193244,977257,283290,760291,384158,1682 54,896
2 164, 898
147,561175,290186, 506189, 726213,108265,130148,33467,157
2 89,989
258,044272,686284,809312,680327,422408, 628371, 968335, 792245, 074
162,636171, 324176,421197, 555204,612247,317215,992193,696135, 092
95,408101,362108,388115,125122,810161,311155,976142,096109,982
1 Figures for 1933 not yet available. 2 Net loss.Back figures.—Avaliable only from 1923—see Annual Report for 1932 table (102).
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BUSINESS CONDITIONS
229
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 231
BUSINESS CONDITIONSNo. 112.-—CAPITAL ISSUES
[Exclusive of refunding issues. In millions of dollars]
Year and quarter
YEAR1919.19201921192219231924.19251926._.19271928192919301931 _ „1932 . .1933
QUARTER
1922—FirstSecondThird ._Fourth
1923 FirstSecond..ThirdFourth
1924—FirstSecondThirdFourth _
1925—FirstSecondThird. . . .Fourth
1926—FirstSecondThirdFourth..
1927—First.SecondThirdFourth. .
1928—FirstSecond .ThirdFourth. .
1929— FirstSecond .Third.Fourth. .
1930—FirstSecond.ThirdFourth
1931—FirstSecond. _ThirdFourth
1932-FirstSecondThirdFourth
1933—First . . .SecondThirdFourth ._
Totaldomestic
andforeign
3,6263,7323,6444,3914,4375,5576,2016,3147,5568,040
10, 0916,909
' 3, 0891,165
722
1,1591,539
940753
1 3851,109
6431,300
1,2761,6011,1351,545
1,5851,5831,3511,682
1,8211,7581,2541,482
2, 0G22,0791, 3572,057
1,7542,3431, IBS2,806
2,7822, 5433,0731, 694
2,1172, 6821, 116
994
r 1, 197r 1, 021
591'280
419240244262
101185232204
Domestic issues *
T o t a l 3
3,2343,2353,0213,6274, 0164,5885,1255,1896,2196,7899,4206,0042,8601,157
710
8751,252
860640
1,2401,052
5621,162
1,1201,488
8991,081
1,3571,3711,0591, 338
1,6271,423
9871,152
1,7291, 7o01,1221,638
1,4511, 799
9992,540
2,5182, 3492, 9931,561
1, 8482, 2521, 016
S88
1,089928565278
419240237261
101179226204
Stateand
munic-ipal
678672
1,1991,0711,0431,3801,3521,3441,4751,3791,4181, 4341,235
755484
285357253176
240333177293
293489343255
318414323297
355381295313366496290323
354396212417
246416265491
311437266420
446393282114
282188122163
6314696
179
Corporate bonds and notes
Total
8101,5611,4351,6441,9762,2002,4522, 6673,1832,3852,0782,9801,240
30540
393636292323
656448313559
574624420582
737623496597
788744515620871893503856
686606404690
662625413379
1,115985563316
532398242
68
125269362
202000
Longterm
4981,0391,2741, 5401,8331,9242, 2312,4182,9622,1751,8732,460
951271
24
343597287313
615374303541
491542375516
654587459532
692672483571
834824508796
632568337638
625548382318
1,028782454195
477297120
57
111238354
20400
Shortterm
312522161104143276221249221210205520289
3417
5039
510
41741018
83824566
83363765
96723249
37695560
54386752
37773161
87203109121
55101122
11
133
108
11600
Stocks
1, 4361,002
265570659829
1,1531,0871,4742,9615,9241,503
311••20120
92155213110
21216465
218
178322111219
244290232387
446263165214460323264427
407705380
1,409
1,6101,3082,315
691
399820172111
821372666
'90
' 3rS
6137625
Foreignissues 2
392497623764421969
1, 0761,1251,3371, 251
671905
r229g
12
28428780
113
1455781
138
156113236464
228212292344
194335267330
333349235419
303544139266
26419480
133
269430100106
r108r 9326r 2
0071
07
0
r Revised.1 Source: Commercial and Financial Chronicle. J Compiled by Department of Commerce.
1 Includes issues of Federal land banks and Federal intermediate credit banks not shown separately.Back figures.—See (for quarterly data) Annual Report for 1931 (table 128).
49753—34 16Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
232 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 113.—SECURITY PRICES
[Average of daily or weekly figures]
Year and month
Bondsi
U.S.Gov-ern-ment
Corpo-rateand
munic-ipal(highgrade)
Corporate
TotalIndus-trial
Rail-road Utility
Pre-ferredstocks2
Common stocks (1926=100)
Total Indus-trial
Rail-road
Publicutility
Number of issues 3 7-13 *69 20 20 20 20 421 351
192019211922192319241925192619271928.19291930193119321933
1926JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember—OctoberNovemberDecember
1927JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1928JanuaryFebruaryMarchAprilMay -JuneJulyAugustSeptemberOctoberNovemberDecember
()
(5)
102. 7104.8103.9100.9104.2103.199.2
102.2
102.3102.7102.7102. 7102. 8102.9102.8102.5102.5102.5103.0103.6
103.9104.1104.6104.6104.8104.6104.5104. 8105.0105.0105.4105.9
88.380.881.892.491.893.595.397.098.998. 795.798.396.181.183.9
96.296.696.696.997.397.397.097.297.097.097.697.8
97.998.198.499.099.198.498.498.899.399.699.7
100.0
105.7105.6105.6105.3104.8104.2103.0102.5102.4102.4103.1102.4
100.3100.3100.5100.399.798.597.997.297.597.597.897.2
()97.6
100.7100.898.099.390.969.573.4
96.096.696.397.498.198. 297.797.597.797.598.699.0
99.799.6
100.1100.5100.6100.0100.0100.9101.3101.7101.9102.2
102.2102.2102.1102.1101.6100.399.899.599.9
100.0100.499.7
()93.695.995. 893.292.681.863.269. 2
92.693.292.693.694.093.893.593.493.693.594.595.1
95.795.996.295.995.795.295.095.796.196.496.596.9
97.297.296.696.896.595.595.294.995.194.895.194.7
()101.7107.0106.7103.3106.093.964.870.5
99.199.999.7
101.3102.4102.8102.2101. 9102.3102.0103.4103.7
104.9104.8105.5106.7107.1106.0106.1107.3108.0108.7109.1109.4
109.1108.7108.8108.3107.5106.0105.1104.5105.3105.5106.2104.9
()97.399.2
100.097.799.497.280.580.6
96.196.996.897.397.797.997.597.397.297.197.898.1
98.598.298.498.999.198.998.899.599.8
100.0100.0100.4
100.4100.7100.9101.2100.599.599.298.999.399.7
100.099.6
110.9103.2103.0114.0114.4115.2118.6121.0127.1130.9127.4126.4119.196.1
104.8
120.0120.6120.1120.6121.4121.3121.2121.9120.5120.2121.1123.6
124. 0125.0125.6126.4127.6127.2126.7127.6128.5128.5128.8129.7
131.3131.1132.8135.3134.2131.5129.6128.8129.3123.8129.3128.9
70.764.255.267.769.072.889.7
100. 0118. 3149.9190. 3149.894.248.463.4
101.8101.895.892.993.297.2
100. 0102.9104.3101.5103.1105.4
105. 6107.9109.1111.1114.2115.4117.2122.0127.7126.7129.6133.1
134.4132.3137.9145. 9152.1145.3144.2148.3156.6159.1171.1171.4
66.151.664.766.669.688.4
100.0118.4154.3189.4140.686.946.366.2
102.2102.496.392.692.696.999.9
103.1104. 2101. 5102.9105.4
105.6107.5108.6110.0113.1114.4116.7112.3128.9127.5131.3135.5
137.4134.8141.1149. 5154.9148.2147.8152.6162.2166.2178.9178.4
70.163.961.872.771.976.789.5
100.0119.1128. 5147.3124.972.126.238.0
97.194.793.694.798.4
100. 2103.1105.9102.7104.2106.4
107.1111.6112.2115.7118.1119.2120.7123.1125.2124.3124.9126.8
125.3121.6125.9130.7133.2126.7124.6129.6129.6128.2134.9134.9
37
60.354.557.870.973.878.994.9
100. 0116.0148.9234. 6214. 6147.978.878.0
103. 2103. 894.993.394.397.7
100. 2102. 0103.1100.9103.1104. 0
104.4105.3107. 3110. 5114.2115. 6114.9118. 5124.1124. 5125. 6127. 2
129. 5130.9134.4142. 5155. 3148.1145. 3155.8155.8154. 5168. 6173. 4
1 Price indexes derived from average yields.2 Average of prices adjusted to a $7 annual dividend basis.3 Average price of principal outstanding issues, beginning in 1926 with 5 Liberties and 2 Treasuries; new
Treasury issues were included as they appeared on market; 2d Liberties were dropped in July 1927 and 3dLiberties in July 1928; average in December 1933 included 3 Liberties and 10 Treasuries.4 Forty-five corporate and 15 municipal,
s Averages not computed.Sources.—For United States Government bonds, Federal Reserve Board and Federal Reserve Bank of
New York; for other bonds and for stocks, Standard Statistics Co.Back figures.—For high-grade bonds, preferred stocks, and common stocks, see Annual Report for
1930 (table 123).Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS CONDITIONS 233
No. 113.—SECURITY PRICES—Continued[Average of daily or weekly figures]
Year and month
Bonds
U.S.Gov-ern-ment
Corpo-rateand
munic-ipal(high
Corporate
TotalIndus-trial
Kail-road Utility
Pre-ferredstocks
Common stocks (1926=100)
Total Indus-trial
Rail-road
Publicutility
1929JanuaryFebruaryMarchApril. .MayJuneJulyAugustSeptemberOctoberNovember...December
1930JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember...OctoberNovember—-December
1931JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember....OctoberNovemberDecember
1932JanuaryFebruaryMarchAprilMayJune. . .JulyAugustSeptember....OctoberNovember....December
1933JanuaryFebruaryMarchAprilMay.JuneJuly . . .AugustSeptember....OctoberNovemberDecember
101.9100.999.7
100.6100.499.9
100.499.9
100.0100.6103.1103.2
102.6102.8104.0103.4103.9104.5104.6104.5104.6105.0105.2105.0
105.2104.4104.4104.3105.3105.3104.9104.6103.599.499.696.5
93.094.897.099.298.798.7
100.3100.3101.7101.8101.7102.3
103.3102.4101.0101.3102.4103.2103.3102.9103.0102.9100.5100.0
97.096.395.895.895.795.395.295.094.895.195.696.6
96.596.497.797.898.098.298.799.6
100.099.999.197.8
99.699.4
100.099.699.799.499.498.595.689.989.782.2
82.081.483.780.276.072.875.184.387.085.283.182.2
84.182.576.775.482.086.889.689.987.986.582.683.6
99.799.298.598.798.397.597.597.196.697.597.498.4
98.798.899.799.7
100.099.9
100. 2100.8101.699.898.194.8
97.897.897.295.394.994.295.492.988.481.882.473.1
75.174.975.967.962.260.662.172.474.670.869.267.7
70.768.566.064.872.477.781.580.877.675.372.173.6
94.894.594.294.393.792.792.792.892.192.591.592.3
92.693.093.794.294.093.393.293.994.692.390.386.5
89.289.588.385.584.183.184.883.478.872.775.266.8
67.967.869.161.456.854.956.566.467.963.963.062.4
64.962.160.761.068.272.875.675.974.572.770.571.5
104.9104.0103.3103.9103.4102.6102.4101. 8101.2102.8103.8105.2
105.1104.9106.4106.0106.6106.7107. 3108.0109.3107.3104.5100.2
104.4104.2102.599.699.899.0
100.094.789.882.481.168.7
73.974.274.963.954.953.154.868.271.166.163.059.6
63.462.960.658.969.476.182.281.276.873.568.572.2
99.599.097.997.997.797.097.296.896.797.297.098.5
98.398.199.099.099.499.6
100.2100.5101.099.799.597.9
99.799.8
100.8100.6100.6100.4101.3100.896.790.790.984.0
83.582.784.178.675.173.875.182.784.982.781.781.1
83.980.776.874.779.584.286.885.381.479.777.377.1
129.2128.8128.7128.6128.5127.7127.0126.3126.8126.4123.9126.4
126.5126.9127.8128.2127.6126.8125.9126.5127.9126.8124.7121.7
123.6124.8126.4125. 3122.6119.7121.1120.7116.1112.0112.7104.0
102.2101.7103.294.290.383.685.398.6
101.899.897.495.4
97.895.793.195.7
103.3109.7112.5112.9112.0109.8107.5107.7
185.2186.5189.1186.6187.8190.7207.3218.1225.2201.7151.1153.8
156.3165.5172.4181.0170.5152.8149.3147. 6148.8127.6116.7109.4
112.3119.8121.6109.298.095.198.295.581.769.771.757.7
58.056.556.843.939.834.035.953.358.249.947.547.4
49.144.943.247.562.974.980.475.174.869.569.170.4
192.5192.3196.0193.4192.5191.0202.7210.3216.1194.4144.8146.9
148.8155.9163.0170.8160.1143.1139.8138.7139.3117.8108.5101.9
103.4110.3111.8100.389.486.589.888.575.864.867.554.3
54.452.953.841.738.133.535.851.555.847.745.444.8
46.242.541.648.865.377.383.578.880.775.576.778.8
141.8141.6140.4138.3138.7144.8160.0165.4168.1157.0135.1136.3
136.5142.5143.2141.7136.0124.5124.2121.2122.6110.9102.193.5
100.4104.797.287.376.874.075.366.256.148.446.033.0
36.634.232.122.217.414.115.629.234.527.525.525.7
27.626.725.626.337.544.052.649.447.240.338.440.3
192.7202.4203.7201.4212.3233.0272.8304.3321.0276.6194.4200.9
208.7230. 6'242.1263.7250.0223.5215.4212.7216.4187.0167.4157.9
163.4177.9188.9169.8156.4153.0157.5154.0131.9111.9114.795.6
94.492.893.473.367.855.055.484.291.480.677.679.6
81.873.167.063.579.296.997.587.180.175.070.067.3
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
234 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 114.—BOND YIELDS
[Average of daily or weekly figures]
Year and month U.S.Treasuryl
2-8
(4)(4)(4)(4)(4)('-)(4)3.683.343.333.603.283.313.663.31
3.773.713.713.703.673.673.683.703.703.683.623.56
3.513.483.373.353.313.343.363.323.303.293.233.17
3.183.193.173.203.243.293.423.493.463.483.393.46
3.523.623.743.633.643.693.643.703.683.603.363.37
Munic-ipal 2(nigh
grade)
15
4.464.985.094.234.254.204.094.083.984.054.274.074.024.654.71
4.104.094.094.074.064.064.064.044.084.094.094.07
4.044.044.003.963.944.004.024.003.963.933.933.90
3.893.893.893.934.024.094.134. 1G4. 174.174.154.15
4.164.254.324.294.234.264.284.314.324.294.254.22
Aaa
30
5.486.125.985.125.125.004.884.734.574.554.734.554.585.014.49
4.824.774.794.744.714.724.114.724.724.714.684.68
4.664.674.624.584.574.584.604.564.544.514.494. 46
4. 464.464.464.464. 494.564.614.644.614.614.584.61
4.624.664.704.694.704.774.774.794.804.774.764.67
jorporate,
Aa
30
5.856.596.555.595.625.445.204.974.774.714.934.775.055.975.23
5.075.045.054.994.944.924.954.954.974.954.934.89
4.874.874.834.804.794.804.804.734.734.694.654.62
4.624.614.594.604.644.754.794.824.794.784.754.77
4.794.884.924.904.914.984.974.995.015.014.944.84
Dy ratings
A
30
6.487.417.276.036.175.935.555.245.045.005.275.136.017.206.09
5.385.335.345.275.185.185.215.235.235. 235.175.16
5.115.135.125.065.055.075. 055. 015. 014.974.944.92
4.924.934.834.924.955.065.095. 105. 075.044.995.08
5.105.135.245.235.245.195.325.395. 435.385.335.21
3
Baa
30
7.238.208.357.087.246.836.275.875.485.515.905.907.619.307.76
6.096.026.055.985.865.805.795.815.795.815.775.68
5.615.595.545.475.505.555.545. 485.425.385.355.32
5.425.425.395.375.425.555.585.615.595.585.555.60
5.635.665.795.805.805.945.956.046.126.116.035.95
Number of issues..
1919..1920_.1921.1922..1923..1924..1925 _.1926-1927..1928 _.1929.1930-1931.1932_1933-
JanuaryFebruary--MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.-
JanuaryFebruary.-.MarchAprilMayJuneJulyAugustSeptember ..OctoberNovember _December-
JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December-
JanuaryFebruary._MarchAprilMayJuneJulyAugustSeptember.October __._November.December—
1926
1927
1928
1929
1 Computed by section of Financial and Economic Research of U.'tion of average see Federal Reserve Bulletin for June 1934, p. 322.
2 Standard Statistics Co.3 Moody's Investors' Service.4 Averages not computed.
. Treasury Department. For descrip-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS CONDITIONS 235
No. 114.—BOND YIELDS—Continued
[Average of daily or weekly figures]
Year and month
JanuaryFebruary __MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
JanuaryFebruary . .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
JanuaryFebruary . .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
1930
1933
U.S.Treasury
3.433.413.293.363.303.243.233.253.233.203.173.20
3.173.273.263.243.133.103.113.133.243.623.593.92
4.324.113.913.663.713.733.553.423.383.393.393.31
3.193.293.443.433.313.223.203.213.203.223.463.53
Munic-ipal
(highgrade)
4.224.244.124.114.114.104.053.973.973.944.004.05
3.923.953.893.803.753.763.883.884.004.354.424.64
4.925.034.794.734.774.814.784.504.394.374.384.37
4.234.284.885.055.274.714.604.544.594.60
Corporate, by ratings
4.664.694.624.604.604.574.514.474.424.424.474.52
4.424.434.394.414.374.364.364.404.554.984.955.33
5.205.234.985.175.365.415.264.914.704.644.634.59
4.444.484.684.784.634.464.364.304.354.344.544.50
Aa
4.864.884.804.784.774.764.744.684.654.674.754.85
4.704.704.674.764.764.814.804.855.085.575.616.29
6.076.135.856.106.386.606.515.835.545.515.575.60
5.305.355.615.815.405.094.834.774.964.975.355.27
5.235.255.155.125.075.085.065.004.945.065.215.43
5.265.295.305.525.655.755.645.886.316.886.897.70
7.067.066.807.488.408.508.196.846.456.446.536.61
6.166.306.646.856.295.885.585.515.705.766.226.21
Baa
5.925.895.735.705.725.785.775.735.655. 946.256.71
6.416.386.446.527.147.367.087.478.079.048.91
10.49
9.148.878.83
10.4611.6311.5210.798.227.617.878.248.42
8.018.368.919.127.747.076.626.777.277.497.987.75
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 115.—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers of the Federal Reserve Board.* 1923-25=100]
toCO
Year and month
191919201921192219231924192519261927 .192819291930193119321933
1919JanuaryFebruary _ . _MarchAprilM a yJune _JulyAugust _SeptemberOctober _NovemberDecember...
Industrial production
Total
Unad-justed
83876785
10195
10410810611111996816476
817876778084878989898781
Ad-justed
827976787883878987868586
Manufactures
Unad-justed
84876786
10194
10510810611211995806376
828078808084879089889183
Ad-justed
828078797884899188868988
Minerals
Unad-justed
77897074
1059699
10810710611599847181
746361657582888394956370
Ad-justed
797066717476817885876377
Construction contracts awarded (value)2
Total
Unad-justed
636356798494
122129129135117926328
212740536982888281747466
Ad-justed
303239445570787878788890
Residential
Unad-justed
443044688195
1241211171268750371311
91525395261635960544937
Ad-justed
111824324253636159555143
All other
Unad-justed
799065888694
120135139142142125844037
303752648399
10810199909490
Ad-justed
45445154668090929497
117128
Factory em-ployment 3
Unad-justed
1071088290
10496
1001019997
1018874626fi
105102102102103104107109111110112113
Ad-justed
108103102102103104107108109108111114
Fac-torypay
rolls3
Unad-justed
981187781
10396
10110410210210887664548
97919190919396
101105102107114
Freight-car loadings
Total
Unad-justed
84917987
10097
10310610310310692755658
7572717380839091
102998682
Ad-justed
848378808180858891878390
Merchandise,1. c. 1.
Unad-justed
7187949699
10510510510410597877267
Ad-justed
Departmentstore sales
(value)
Unad-justed
789487889899
103106107108111102926967
60596577737659607689
101137
Ad-justed
667172726976808083818686
oH
W
O
S
%W
o
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1920JanuaryFebruaryMarchAprilMay _JuneJulyAugustSeptember...OctoberNovember. . .December
1921JanuaryFebruaryMarchAprilMayJuneJuly . . . .AugustSeptemberOctoberNovemberDecember
1922JanuaryFebruaryMarchAprilM a y . .JuneJulyAugustSeptember...OctoberNovember.._December
929394879292888988867868
666564646766646769737266
727681788286848389969995
959593889091898986837672
676664646665656768717170
7376807781858583889397100
949696909392878887837465
646463646665636668737266
727580838790888689959995
969695899191898986827368
646463636465646768717170
7374788186909087899497100
8278807386959498941009787
777267657373707172787164
738188485363616788989894
868487828588889185919494
817772727371686967716869
7785925354595762819094100
657280868272685856494034
313748606664626465625752
5059779510099968980726763
918678716560575454524946
434346505355576164656666
676875788085888680767679
313140454131262425242119
192736454844444854565754
505566808378706364687172
383637363330272625242221
243234363842465155575959
616162656875746967697476
93106113119114105988680695646
404557738180777774675850
50638610711311711711093766356
134127110999185827877747066
585356616465657071727272
7275848990949910090817881
1141131151141121111081091071049890
818383828281808183848483
8384868588908790949699100
1171151151141121111091081051029790
838483828281808182838483
8485858688908890929598100
117116124122123125120123121117108100
848282807876727474737274
707375747780788287899396
84818776889596991031039482
727271727880838089958172
74798477778887889810010088
949195848892919491909190
797975777980817780837777
808688817885838488899596
728286858278
727885878889908594959288
84889510195100979395929488
728382818080
798384858688908690929090
929394999399979490909191
8274909110196737388102112146
8376888791866463759597135
736977908985646685102108152
93
9795929692
929289898787878482868384
838384878786868891939293
dUl1—1
tz\teiUlUl
aoo
oUl
1 Descriptions of these indexes have been published in the Federal Reserve Bulletin as follows: Index of industrial production, February and March 1927 (certain revisions March1932 and September 1933); indexes of factory employment and pay rolls, November 1929, November 1930; index of construction contracts awarded, July 1931; index of freight-carloadings, xlugust 1927 (certain revisions, February 1931); index of department-store sales, February 1928 (certain revisions, November 1930).
2 Based on 3-month moving averages of F. W. Dodge data centered at the second month.3 For revised indexes of factory employment and pay rolls, without seasonal adjustment, as compiled by the Bureau of Labor Statistics, see Federal Reserve Bulletin for May
1934. For revised index of factory employment, with seasonal adjustment, as compiled by the Federal Reserve Board, see Federal Reserve Bulletin for June 1934.
CO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 115.-—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE—Continued
[Index numbers of the Federal Reserve Board. 1923-25=100]
toCO00
Year and month
1923JanuaryFebruaryMarchAprilMayJune.JulyAugustSeptemberOctoberNovemberDecember
1924JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
Industrial production
Total
Unad-justed
991011051071081051011001011029992
99104103969084818795
97
Ad-justed
99100103106106106104103100999897
1001021009589858489949597101
Manufactures Minerals
Unad-justed
9910310610910810498981001009892
1051059889827886939799
Ad-justed
99100103105106105103101101989797
1011009588848389939597102
Unad-justed
97949799107112115116106113108
10010093839396959610310410095
Ad-justed
1019910311110810811111097104106
103105
97
Construction contracts awarded (value)
Total
Unad-justed
64768910210294837680818277
76871021131119992
959384
Ad-justed
92
Residential
Unad-justed
77879789807268778389
10111011910790827885939790
Ad-justed
101107102989691878588939595
All other
Unad-justed
617591106112106918382807668
6776961081131061019599969180
Ad-j listed
918994949491888796103103101
Factory em-ployment
Unad-justed
101102105105105106105106106105103101
1001011011009693919294959596
Ad-justed
102103104105105106106105104104103102
101101101999694
Fac-torypay
Unad-justed
103104107108103104105107105103
9810410410197928589929594
Freight-car loadings
Total
Unad-justed
90889496102104105106111110104
919594909593949911111210493
Ad-justed
9997101104102102102101
10210096949193959910099101
Merchandise,l.c.l.
Unad-justed
8687
99989710210210294
919610110110197
10410410397
Ad-justed
99100100999996979899101100101
Departmentstore sales
(value)
Unad-justed
7977939710099737594111117164
8684
103
9771
105117166
Ad-justed
919395100981019810110010110099
9910199989710096961019610099
HWfed
fedO
fedmfed
Wo
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1925JanuaryFebruaryMarchAprilMayJuneJulyAugust.September- -OctoberNovember..December—.
1926JanuaryFebruaryMarchAprilMayJuneJuly _.AugustSeptember..OctoberNovember. _December—
1927JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December...
1928JanuaryFebruary--.MarchApril - .MayJuneJulyAugustSeptember..OctoberNovember..December...
10510710710410310099101102107108103
105108110108107106103109113115110101
10611111311011210710210510610510196
105111112110110108105110116118115109
106104103102102102103103101104107109
106105106107106108108110111111110107
107108110108109107106106104102101102
107109108108108108109110113115117118
1061091091061031009799103108110106
10811111211010810610210811211310899
10511011411211210610210410510410095
106113114113111108105110116117115110
105105104103102102103102103106109112
109107106106106108108110111111109105
106107108108110108107106104102101102
107110109109108109110111114116118120
10195908910510410711297989889
90929896103109110115119124123113
1121131119610810810311111111210597
100999895104104104111115123118106
1051009610010410110410789909593
9195106108104107108109110113118119
115117120106109106101106104103102102
103102105105106102102105107111114111
7890111127133131140140139128125119
113121130142135131136137137127125114
107114132144145140140131133126122111
111121138155159154142137138134122107
97103107111118123131137133131131136
139139127126120122126132130130132131
132131128128128128128126128128129131
137138137137137139132131134136132127
8090114131130124131137144140139125
113114128140135120116115122123120109
97105123133132117115108119120120111
11612814315214914012711611811511293
9699106H2117126135145141138137134
135127121121120119119119120122118117
117117116115115114114113118119121125
139142136130130133126119118115114106
7690109124136137147142134118113113
113126132143136140151.155149130130119
115121138153157158160149145131124111
108115134157168166155154154150130117
99106108110118120128130127125126138
141149132130120125133142139137142142
144142138139139140140136136135136136
135135137142143144137141147152146145
969810099989898100102102102102
10110210310210110199101103103101100
9810010010099999899101999795
94969796969696981001009998
9898999999999999100101102102
102102102101101101101101102102101101
1001001009999100999998989797
9696969696979797989899100
9510110310010199979999105105106
101.10610710510410499104105108105104
99105106105104102991021021039899
9610110310010110198103104107104104
9495959610310210411011511310997
9496999810610911011212112211398
96991029910510510410911611410188
9294979610510110510911911910994
103102101103102100102106102102105107
104103105105105107107107108108109108
1061071091061031041021041031019898
102102103101103100102103105106107106
95101105105106104103105111109109101
98102107106107106104105110109108101
9810210610610610510410511010910698
9810110510510810310410410910910799
102104104104104104104105105106106106
106105106105105106105105106104106105
105104105104104105105105105104104104
105104104103104103105104105104105105
84859410510398757697122122176
9087971021091007782104120124184
9189951091051017685103117126182
9188971051071028081113118125192
99103103102102102101101101111104104
106105101105109105106108106109106108
107108106106105106105111104107108106
108106107106107107110107112108108111
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 115.—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE—Continued
[Index numbers of the Federal Reserve Board. 1923-25= 100] 1
Year and month
1929JanuaryFebruaryMarchAprilM a yJuneJulyAugust _ »SeptemberOctoberNovemberDecember
1930JanuaryFebruaryMarchApril,..MayJune__JulyAugust.SeptemberOctoberNovemberDecember
Industrial production
Total
Unad-justed
11712112412412612512012212312110896
10310910610710599909092908476
Ad-justed
119118118121122125124121121118110103
10610710310410298939090888684
Manufactures
Unad-justed
11712212612812812712012212311910793
10211010911010698898890878274
Ad-justed
120118120122123127125122121118110101
10510710410410197928889868582
Minerals
Unad-justed
114116101103116116118121127127114110
1081049194
1021031001011011059689
Ad-justed
116119109114117114116115118116110116
11010898
1041041021009694959293
Construction contracts awarded (value)
Total
Unad-justed
981021211391431441361291121049484
7889
1021131251161078582756859
Ad-justed
120118121123121126124122110107103102
9510410210110599958181787673
Residential
Unad-justed
8184
106117113102948473676653
464454626154484852514637
Ad-justed
9794
1011009795938673676761
564952535249474952524843
All other
Unad-justed
111116133158168178170166144135116109
104126141156178166155115108948677
Ad-
justed
139137137142141152149152140139132136
128148144140148140135106105999998
Factory em-ployment
Unad-justed
971001011021021021021041051039995
939393939189868586848179
Ad-justed
1001001011021021031031031021019997
969493929190878483828180
Fac-torypayrolls
Unad-justed
10110811111111111010611111211110399
949898979491838283817574
Freight-car loadings
Total
Unad-justed
959998
10210911011111512111810289
899190939795959699978674
Ad-justed
108107105108107108107107106104102102
1009996979693928987868484
Merchandise,l.c.l.
Unad-justed
9710110610710710510510611010910696
9498
10110110198949599979486
Ad-justed
104104105104104105106106106104104103
101101100989898959595939292
Department-store sales
(value)
Unad-justed
9091
1071031091087984
117122125191
888993
110105987177
103112113165
Ad-justed
110111112110109113109111114112108108
10710810710710510310010299
1029894
go
i
wo
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1931JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember..OctoberNovember...December...
1932JanuaryFebruary._ _MarchAprilMayJune _.JulyAugustSeptember..OctoberNovember..December.-.
1933JanuaryFebruaryMarchAprilMayJuneJulyAucrustSeptember.,OctoberNovember. _December...
828789908983807877757268
717168646159565967686560
646460677991969085787269
838687888783827876737374
726967636059586066676566
6563596678921009184767275
818891919083797776727066
707066636058555866676358
636358688093978984767067
838687878782827875717172
716864615958575965666364
6361566577931019183767173
878482838486868283908479
747578726562636674807873
717674657682899493888480
898789918787867978838184
777885806764656571747577
737981727884909187818185
586877827874686359524330
252326313132313230282422
181614161921242530354245
717977736563.615959554938
312726272627273030292728
221914141618212430374857
374250524741363232292620
16151616141212111212108
778111314131212121211
444747444037353332302723
19171514121111121212109
888101113131212121313
758998107104101948781715739
333035434547464845413533
272318192427323645536673
93104100968584828180766750
413536383739404544434143
332718172023283345577693
767778787775747475716968
666766646159575962626160
585957586004697377767371
787878787876757473706969
686866646260585960616161
595957586165707374747272
687375747268646462595656
525452494643404042444241
394037394246505658575453
747475777977787678787061
585958575352515361655852
515148515660666568666155
82808080797776726969
838789919289878688878577
757575757471686872727064
656463656867706970706863
908989888989888685838383
817875737171696869696869
69666263666770096S666767
81819210197926668889497143
6464697472664649717573106
4949506867644959737775121
99971079796928985878482
7878727972696565
6360
6057676768707770706569
Wcjin
oo3
3
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
242 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 116.—INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS[Monthly series adjusted for seasonal variation. 1923-25=100]
Year and month
1919192019211922 .192319241925192619271928192919301931 .19321933
1930JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember-__OctoberNovember-..December
1931JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember- __December
1932JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember.._OctoberNovemberDecember
1933JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember__-December
Allindus-tries
848767861019410510810611211995806376
10510710410410197928889868582
838687878782827875717172
716864615958575965666364
6361566678931019184767173
Ironandsteel
829946821058910611310411913094603153
107118109107104102919083767163
717477716761585045455142
444235322926252328313128
3031223549721008066614761
87
97
95
83
Lum-ber
84867287101981019892919164412532
747882787670635954504345
484449484847423836332728
262226272826252323242123
262022243038464636333032
Auto-
biles
50584166102911071088611013585603549
971029810210191756262497485
636867777865605240263666
453528354547332324163160
483327445166706156463248
Leath-er andprod-ucts
104979010210895979910310210492908597
10197981019793899089857980
79879210010597969991787580
838790878279748191938985
8692849311011411610292939294
Non-fer-rousmetals
6778396994991071121091151259769
10510210310510096969597958685
777976737368656565645962
Petro-leumrefin-ing
546464748699115127136152168161155140145
160166165171171166164162163157148148
141146150159161159160161159158155149
140141138146148148140136133137138132
132132135140147154155153157152145137
Rub-bertiresandtubes
55778698116116120144135100967888
112105104110108106939985909093
949297961151081149480768488
9285737072107896864687367
59544165941151431111039097108
To-baccoprod-ucts
828785899699105112118124134131123111116
134133129134132140136129125128119132
124133131132135132121118118111113113
124114109109110118114108111104104112
1131159911614313511712311510895123
NOTE,—Paper and printing group omitted, as figures are being revised.Back figures of monthly series.—For index of manufactures, 1919-29 (all industries), see table 115.
Tables showing indexes, both adjusted and unadjusted, by groups and by industries, 1923-33, may beobtained from the Division of Research and Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS CONDITIONS 243
No. 117.—INDEX OF PRODUCTION OF MINERALS, BY INDUSTRIES
[Monthly series adjusted for seasonal variation. 1923-25=100]
Year and month
191919201921192219231924192519261927192819291930193119321933
1930JanuaryFphniarvIVIarchAprilMavJuneJuly.. .AugustSeptember. _OctoberNovemberDecember
1931JanuaryFebruaryMarchAprilMav .JuneJulyAugust. __September _ . . .October-NovemberDecember
1932
FebruaryMarch
M a yJuneJulyAugust
OctoberNovember
1933JanuaryFebruaryMarch-iprilM a yJuneJulyAugustSfiptfvmbp.rOctoberNovemberDecember
All in-dus-tries
77897074
1059699
10S10710611599847181
11010898
1041041021009694959293
898789918787867978838184
777885806764656571747577
737981727884909187818185
Bitu-minous
coal
891097978
1089399
1109996
10289735963
10193829893908783868887^6
787477787675757171716865
596371565046475158686767
576351555764767565616566
•Anthra-
cite
10911011265
11510976
10499939186746261
949180718589998978858289
838184837576706265746669
555882825043564962626676
536477444365676174557368
Petro-leum,crude
526164759997
104105122122137122116107122
133134126128128125121117114115114110
110109112120122122123107103116123121
11210910911210910610510410510410696
107110122108134134132134125120116119
Iron-ore
ship-ments
911133682
114
10411398
1041269045
t42
1061089796807458
28465659524112
23888
137
14154057686323
Copper(mined)
8185306293
1001071101051151278766
1019588909086838489838376
727670696867595960606466
Zinc
8739689697
10711611111211491543859
1049896949499919493907068
656565615454494949474545
454645433938343131333539
394344454555717777777267
Lead
667788
10211011611210611397684549
9210810310810095
10010298918089
807976697558626665665862
595455454949313341384539
454045453741363657647167
Silver
8487
10c10196959c889479493733
879886888277767276716768
646060545347474542413843
393130403645404138363730
363044363024342839333329
Back figures of monthly series—For index of minerals (all industries), 1919-29, see table 115. Tablesshowing indexes, both adjusted and unadjusted, by industries, 1923-33, may be obtained from theDivision of Research and Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No, 118.—INDEX OF FACTORY EMPLOYMENT, BY GROUPS
[Index numbers of the Federal Reserve Board. 1 1923-25=100]
Year and month
Allmanu-factur-ing in-dustries
Ironandsteel
Machin-ery Textiles
Foodprod-ucts
Paperand
print-ing
Lum-ber andprod-ucts
Transportationequipment
Group Auto-mobiles
Leatherand
prod-ucts
Cementclay,andglass
Non-ferrousmetals
Chemicals
GroupPetro-leum
refining
Rubberprod-ucts
Tobaccoprod-ucts
1919.1920-1921 _1922_1923.1924-1925-1926.1927 _1928 _1929.1930.1931.1932.1933.
1929—JanuaryFebruary...MarchAprilMayJuneJuly..AugustSeptember..OctoberNovember-December. .
106.7107.982.490. 1
104.296.299.6
101. 498.897.2
101. 187.874.462.066.2
97.499.8
101.4102.1101.9102.0102. 1104. 0105. 4103. 398.995.2
99.7107.065.483.9
104.497.298.4
101.306.895.498. 987.171.756.061.8
117.2128. 9
77.082.2
107.793.69S. 7
107. 9100.098.7
116. 197.472 552.052.0
97,898.393.097.3
105.395. 299.697.9
100.895. 190. 984.777.967.978.7
109.0103. 894.895.5
102. 0100. 098.09«. 599. 19». fi99. 794.7K8. 582.085.6
96.8104. 489.192.799.399.8
101.0103. 6103. 1101.7104. 2101.293.083.484.7
93.288.174.595.5
100.998. 1
101.0100.592. 388. 188. 269. 152. 238.741.4
96.3104. 271. 778.3
106.994.998.398. 388. 490.694. 676. 160.448.947.3
85.288.252. 972.0
100.693.5
105.8104. 891. 6
108.8114. 381.866. 153.953.0
107.598. 587.897.6
106. 296. 397.596. 897.393.593. 785.980.175. 579.5
84.789. 173.688.1
100. 899.0
100.2101.997. 592.389.675.661. 745.447.3
114.6121. 374.59 a I
107.195. 197.999.597. 496.6
101. 178.164. 650.355.3
108. 397. 170.881.0
101.595.9
102. 6108. 8107.9105. 3112.3104. 589.076.986.9
102.996. 5
100. 6110.2110.2102. 4116.4111.98S.877.480.4
Without seasonal adjustment
102.591.8105. 7104.6104.0108. 6108. 382. 771. 964.871.0
97.198.399.399.7
100.7100.899.8
101. 0101.099.497.092.2
106. 7110.4113.8116.7119. 1120.8121. 5119.4119. 5118.7115.0112. 1
95.998.0
101.199.397.396.391.594.298.499.897.194.3
98.698.897.696.297.399.299.899.7
102.4104. 2101.6100. 4
102. 5103.4103.1102. 5102.8103.2103. 6104. 1106.0106.1106.7106.9
85.585.886.688.289. 290. 090.592.291.890.186.781.6
94.099.0
100. 5101.7101.597.696.495.594.890.282.981.3
118.3129.5131. 1131.4130.0120. 6117.8115. 0113. 1101.383.779.6
91.994.192.790.690.389.494.698.199.599.394.490.0
84.384.586.890.593.193. S91.693.893.691.988.982.3
102.4106. 1107. 9107.7105.3102. 9100.599. 898.698.493.689.9
107. 6110.9115.5119.0110.3107.9108.9111.2114.5116. 1113.8111.8
104.0106. 7109. 2111.9114. 4116.4120.0121. 9124.0124.6123.7120.9
112.2112.3113.3114.3115.3115.0114.2111. 5108. 3102.791.289.2
112.9111.7110.5107.2105.898. 895.490.893.693.891.687.479.369.764.9
84.192.092.091.390. 391.490.593.093.795.096. 189.2
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1930—JanuaryFebruary. _MarchAprilMayJune _.JulyAugustSeptemberOctoberNovemberDecember
1931—JanuaryFebruary. _MarchApril _____MayJuneJuly _August . _SeptemberOctober __ _ . _NovemberDecember .
1932—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember.
1933—January _ _FebruaryMarch. _AprilMay __JuneJuly-August _September _OctoberNovemberDecember..
93.293.393.192.690.988.885.585.186.484.381.078.8
76.477.378.177.977. 175.073. 874.274.771.468.767.9
66.367.366.364.061.359.157.258.661.562 060.959.6
58.159.256.757.860.064.168 973.476.675.872 671.0
91.793.592.893.092. 790.086.183.682 381.679. H78.0
76.176.577.777.475 772.671. 169.968.066.365 064.4
62.863.061 859.857 254.851 450.451.753 353.652.1
49.651.849 150.653 258.165 372.775.373.871 770.4
109 9109.3108 5106. 9103 6100. 195 290.989 887.484.783 3
81.081.180.478.976 873. 970.467.767.065. 263 863.8
61.261.460 057.054 451.348 446.445 945 846.046.0
44.044.442 843.144 548.051 857 160.962 762 461.9
92.892.992.990.386.883.676.677.982.282.480.178.1
76.079.482.781.880.676.775.277.879.877.474 372.9
71.674.473 567.962 057.253 962.371 975 773.171.1
69.672.367.769.773 079.985 787.888.087.683 779.6
97 496.795.094.094 595.695 092.995 294.793.692. 3
90. 189.488. 187.388 388.487.887.989.789.288 087.9
84.282.981 480.681 080.979 380.783 885 082.981.5
78.678.476 978.280 281.983 189.396.097.495 192.0
105.1104.0103 7102.6102 4101.5100 599.798 698.898.498.4
96. 395.195.094.694 692.792.091.790.891.491 090.8
89.087.386.485.383.882.080.579.380.982 382.281.6
80.280.178.778.479.480.982 586.991.092.892 492.8
76 875.075 074.273 471.768 266.564 564. 361.658 4
54.454.654.454. 654 954.352.252.151.150. 148 445.2
42.442.040 339.638 637.836.336.437 739 038.136.6
33.833.431.832.835.339.944 047.651.151.748 946.3
83 283. 983 284.084 080.274 872.170 367.064.965.3
65.265.265.766.266 163.560.258.757.751.550 654.4
53.955.454.753.052.450.849 245.143.141 343.344.846.145.142.541.443.744.649 251.753.450.947 951.3
85. 789.791.093.995.388.881.076.373. 269. 667.969.0
68.369.873.475.177.372.667.265. 463.950.549.960.2
63.465.763.758.959.759.657.950.844.337 340.545.2
50.449.643.944.447.851.658 460.963.456.850 158.6
91.492.491. 589.886.884.586. 687.486. 183. 176.974.5
77. 580.383.282.480.879.784.686.784.279.269.673.2
75.780.081.278.872.770.571.676.178.079.072.770.0
73.377.376.675.076.479.685.488.786.684.975.475.2
74.775.378.481.281.780.475. 874.874.573.270.466.4
59.460.763. 165.767.367.063.762.661.759.050. 353.3
47.748.448.948.847.045.043.442.143.444 944.641.4
36.737.838.140.543.748.451.855.855.854.253.251.9
85.984.684.382.981.280.277. 775.172.571.670.970.2
68.468.168.868.167.465.463.462. 361.760. 860. 860.3
56.857.256.153.951.448.645.445.846.647.148.446.8
44.445.342.344.447.953.559.565.467.767.064.461.6
110.6110.2112.5111.7104. 6101.8101.0101. 5102. 7101.498. 697.8
96.295. 693. 396.791.486.786.284.486.085.783. 582.0
81.781.181.182.478.374.272.372.274.075.175.575.4
76.277.378.282.478.979.484.089.996.299.4
100.3100.6
120.8120.9118. 5116. 1114. 1114.0113.6112.2108. 5104. 199.899.6
97.896.286.394.094.491. 189.086.484.483.081.481.3
81.280.278.778.678.278.177.475.876.674.674.375.475.075.775.875.976.878.178.179.784.487.888.689.6
89.787.987.288.688.388.082.781.077.475.372.673.2
73.072.069. 071.174.375. 674. 171.571.770.270. 769.8
69.168.667.466.666.067.065.063.660.260.561.261.8
59.159.457.057.160.268.177.083.384.483.481.881.3
84.288.989.688.089.489.288. 284.087.788.087.184.9
75.483.482. 980.2SO. 779.979.479.179.579.979.371.7
69.071.970.468.467.369.068.468.369.971.972.768.8
60.463.457.656.364.266.465.667.667.170.271.967.5
For footnote see p. 247
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 118.—INDEX OF FACTORY EMPLOYMENT, BY GEOUPS—Continued to
[Index numbers of the Federal Eeserve Board. 1 1923-25=100]
Year and month
1929—JanuaryFebruaryMarchAprilMayJune _JulyAugust... -- .SeptemberOctober _._NovemberDecember
AHmanu-factur-ing in-
dustries
Ironandsteel
Machinery Textiles
Foodprod-ucts
Paperand
print-ing
Lum-ber andprod-ucts
Transportationequipment
Group Auto-mobiles
Leatherand
prod-ucts
Cement,flay,andglass
Non-ferrousmetals
Chemicals
1930—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
99.8100.3100.9101.7102.4102.7102.8102.7102.4101.399.396.9
95.693.992.992.491.489.786.684.483.482.281.180.1
99.097.697.898.599.5
100.8101. 3101.4100.299.197.493.6
93.692.891.691.991.690.087.383.981.781.380.279.1
107.8109.8112.0115.2118.3120.1121. 5119.6120.1119.5116. 4113.3
95.295.497.497.598.198.696.697.898.797.996.293.4
111.0108.6106.9105. 6102.899. 595.290.890.288.085.784. 2
92.290.389.488.687.485.781.081.082.480.779.477.4
99.999.899.599.6
100.099.4
100.199.999.999.899.1
98.797.696.997.597.195.895.293.092.990.991.490.8
101.7103.2102.8103. 0103.6104.2104.8105.4106.3105. 6105.2105.0
104.3103. 8103. 4103.1103.2102.4101. 7101.199.098.497.096.7
Adjusted for seasonal variation
88. 488. 488.589.389.789.890.190.589.187.285.082. 1
79.677.476.875.273.971.667.865.162.462.160.458.8
96.998.698. 098.097.096. 296.494.593.790.487.386.0
85.683.681.481.080.478.974.971.769.767.26S.6C9.4
124. 6127.6125. 3123.6119.8118.0118.2112.2109.8101.3
93.891.0
90.788.487.087.987.486.581.474.871.169.676.478.9
91.491.791.592.494.194. 194.995.495.696.095.192.6
90.990.290.491.590.488.986.885.182.780.277.476.6
91.990.9SO. 089.990.289.989.689.789.989.788.485.0
81.280.781.180.779.377.174.371.471.771.470.068.6
103.6104.0104.2105.1104.0102.9101.9101.2100.199.994.891.1
82.981.681.080.280.378.776.173.672.671.871.2
GroupPetro-leum
refining
Rubberprod-ucts
108.0109.5110.4112.0112. 2111.8113.4114.4114.0115.8113. 4111.9
111. 1109. 0107.5105. 6106.5105.7105.4104. 4102. 3101.198.397.9
Tobaccoprod-ucts
106.0108. 1110. 3111.9114.6115. 3117. 4119.7121.8124. 9124.9122.4
123.1122.4119.7116.1114.3113.0111.1110.1106.6104.3100. 8100.8
113.2111.4112.6113.3114.6114.7113.8110.3105.6102.994 490.8
90.487.386.888.088.088.082.480.075.375.475.274.7
90.892.992.693.391.992.092.693.690.989.990.987.4
90.890.190.290.190.989.790.484.185.183.582.083.5
W
o
o
wo
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1931—January...February. .MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December .
1932—January...February. .MarchAprilMayJuneJuly .AugustSeptember.October. __November.December.
1933—January...February._MarchAprilM a yJuneJulyAugustSeptember.OctoberNovember.December.
78.377.877.978.077.876.075.174.172.870.369.369.4
68.167.766.464.362.160.058.358.860.361.161.260.6
59.459.456.657.760.664.870.173.374.373.972.471.8
77.575.976.676.574.872.672.170.367.466.265.365.4
64.062.460.959.056.554.852.150.651.353.253.852.8
50.651.448.350.052.558.166.373.274.773.672.071.4
81.980.679.378.076.373.470.367.767.365.664.664.5
61.861.259.256.454.151.048.346.446.046.146.646.4
44.544.242.242.644.247.751.757.161.163.163.362.6
75.577.279.780.281.278.679.680.980.076.073.672.2
71.172.471.066.762.458.556.964.872.274.372.370.4
69.270.465.468.573.481.690.391.288.486.282.778.8
91.290.389.990.690.888.788.188.187.585.585.986.3
85.383.783.183.683.281.179.481.081.881.380.780.0
79.679.278.481.282.682.383.689.793.993.492.890.3
95.694,994.795.095.393.693.093.091.191.089.789.2
88.387.286.285.784.382.881.480.481.182.081.180.2
79.679.978.578.879.981.683.488.191.292.391.291.2
56.356.355.755.455.454.452.051.149.448.447.445.4
43.943.341.240.239.037.936.135.736.637.637.336.8
35.034.432.533.335.740.043.846.649.449.947.946.7
67.164.964.363.863.262.460.258.357.251.753.458.0
55.655.153.451.150.250.049.344.842.841.445.647.4
47.445.041.740.141.943.949.351.452.851.050.754.7
72.368,870.270.370.970.767.664.262.050.556.168.8
67.164.760.955.154.758.058.149.843.037.345.651.6
53.348.941.941.543.850.358.859.761.556.856.466.9
77.178.482.284.084.283.984.884.380.976.470.175.3
75.478.180.280.275.874.371.974.074.976.173.272.0
72.975.675.776.479.783.985.786.483.382.075.877.2
64.465.065.265.265.464.462.760.159.457.655.955.0
51.651.450.148.445.843.443.140.541.943.844.342.6
39.439.938.940.242.646.851. &53.953.952.952.853.3
69.266.866.666.566.665.464.263.162.561.761.461.1
57.456.054.352.750.848.746.046.447.247.848.947.4
44.844.441.043.447.453.660.366.168.667.965.262.3
96.694.589.891.793.089.689.486.685.785.483.181.9
81.980.278.678.579.776.474.774.073.774.975.275.2
76.476.475.677.680.382.387.592.495.999.199.8
100.4
99.797.487.294.094.590.287.184.882.983.282.282.3
82.881.279.578.678.477.475.774.475.274.775.076.3
76.476.776.675.976.977.476.478.383.087.989.490.7
73.771.468.470.574.075.773.870.569.870.373.371.3
69.768.167.066.165.867.064.662.758.660.763.763.2
59.759.156.656.759.767.876.481.982.283.785.383.4
81.384.683.482.182.180.481.479.177.275.874.870.4
74.372.870.870.168.469.470.268.367.968.368.667.7
64.964.157.857.565.466.867.367.765.266.867.866.4
i For revised total indexes offactory employment, without seasonal adjustment, as compiledby the Bureau of Labor Statistics, see Federal Reserve Bulletin for May 1934; detailedtables, by groups and by industries, may be obtained from the Bureau of Labor Statistics or the Federal Reserve Board. For revised index of factory employment, with seasonaladjustment, as compiled by the Federal Reserve Board, by groups and by industries, see Federal Reserve Bulletin for June 1934.
Back figures of monthly series.—See Federal Reserve Bulletin for November 1929 and November 1930 for data back to January 1919.
j
ss
to
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
No. 119.—INDEX OF FACTORY PAY ROLLS, BY GROUPS
[Index numbers of the Federal Reserve Board; without seasonal adjustment.1 1923-25=100] 00
Year and month
1919.1920.1921.1922.1923...1924.1925..1926.1927..1928.1929 .1930 .1931 .19321933
1929--JanuaryFebruary.-.MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December. _
1930—JanuaryFebruary. . .MarchAprilMayJuneJulyAugustSeptember-OctoberNovember..December..
Allmanu-factur-ing in-
dustries
98.1118.176.881.1
103.495.7
100.9104.3102.0101.8107.787.466.045.347.5
100.8108.1110.8111.4111.4109.7105.7110.6111.9110.9102.599.1
94.497.798.297.194,490.782.681.783.080.875.173.7
Ironandsteel
98.0123.855.869.9
103.896.799.4
104.298.599.9
106.084.455.428.436.9
101.3107.2108.5110.5111.6109.9103.5109.3108.9107.9100.093.5
90.598.197.197.795.590.878.677.575.475.868.966.7
Machinery
104.1135.669.672.8
107.092.6
100.4111.9103.5104.7125.696.760.433.833.8
112.3120.7126.5129.5131.9131.6128.2127.5127.9129.0121.6119.9
113.8115.2115.1113.4108.3102.790.985.884.281.475.175.0
Textiles
90.0107.889.291.0
105.894.499.898.4
104.196.499.681.969.448.455.5
97.0103.6108.8103.299.397.890.497.4
103.0104.896.293.8
92.294.196.689.382.777.869.273.281.280.373.472.2
Foodprod-ucts
98.0109.293.390.2
100.1100.599.4
101.2102.4102.5104.499.688.071.4
102.2102.5101.2100.4103.1105.6105.6105.0108.1108.8105.5105.5
102.5101.699.799.7
100.7102.3100.297.6
100.898.496.594.9
Paperand
print-ing
74.2100.383.386.196.199.7
104.2110.4110.1109.8114.5110.095.974.969.3
111.4113.0114.9113.3114.3113.6111.4112.8116.3117.8117.2118.2
114.9114.9115.0113.5113.3111.9107.3106.9106.3105.4105.0105.7
Lum-ber and
prod-ucts
89.2109.268.082.1
100.098.4
101.6102.095.190.590.665.841.522.123.3
83.486.588.490.992.892.293.594.796.696.889.282.7
72.872.674.673.873.270.963.061.660.960.454.750.4
Transportationequipment
°™P mobii;
88.8111.572.776.4
107.193 299.'799.191.397.2
103.476.454.638.136.9
93.6111.4113.9117.0116.0107.997.1
106.8103.399.889.485.6
80.989.890.692.091.183.871.766.366.062.860.860.8
74.990.448.766.2
100.890.2
109.1105.293.5
117.6122.076.754.540.040.3
114.5147.4148.2152.0147.1130.9110.2128.0120.3108.084.372.9
74.092.797.3
100.8101.789.272.458.162.458.457.455.5
Leatherand
prod-ucts
99.0105.987.096.0
106.895.597.898.198.692.493.175.464.951.455.7
90.294.591.487.988.189.897.8105.0104.3100.083.984.1
85.486.285.281.675.673.878.680.076.269.755.058.1
Cement,clay,and
72.693.667.473.298.9
100.7100.3101.596.290.487.068.748.727.828.0
79.081.084.889.391.892.586.191.291.390.686.480.2
67.370.273.477.176.976.166.466.466.466.460.956.3 |
Non-ferrousmetals
130.466.782.3
105.394.899.9
103.0100.3107.1115.279.657.335.039.6
117.4124.1127.6127.0123.1117.0112.6113.2112.1112.599.696.1
91.591.791.088.384.485.076.072.070.769.467.367.9
Chemicals
Group
100.1113.766.973.799.896.3
103.9111.0109.7106.0113.4103.984.564.468.3
106.3111.3113.6117.8113.1111.2111.2113.0116.0118.2115.6114.0
109.3110.0111.6110.9106.6105.3100.8100.7101.399.996.194.7
Petro-leum
refining
102.195.2
102.7111.4112.2105.7120.2116.489.169.467.4
105.3110.2112.1117.1118.9120.0123.3125.1129.3129.4126.3124.8
121.1125.0123.1122.1120.4121.7118.1117.2113.8109.3103.2101.4
Rubberprod-ucts
101.592.7
105.8106.2108.5114.8111.080.661.446.051.2
111.7123.3123.6124.4125.7120.6115.1110.9104.9100.985.985.0
88.992.190.094.595.488.380.877.671.865.958.762.6
Tobaccoprod-ucts
107.2124.6104.699.2
104.299.496.392.191.188.487.779.465.451.345.9
76.382.384.486.186.188.587.990.693.494.294.388.8
77.080.081.077.182.184.481.977.280.078.076.877.7
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1931—JanuaryFebruary.MarchAprilMayJune .JulyAugustSeptemberOctoberNovemberDecember
1932—JanuaryFebruary.MarchApril _MayJune _. _JulyAugust .SeptemberOctoberNovemberDecember
1933—January . .February - . . .March __ . ..AprilM n yJuneJulv.AugustSeptemberOctober, __NovemberDecember. _ .
68.473.274.973.672.267.664.464.361.859.456.255.8
52.453.552 348.746.242.639.640.142.143.541.840.9
39.240.036.938.642 046.249.955 757.657.453.653.1
62.467.570 069.164.957.652.450.645.243.941.241.0
36.337.235 432.130.426.022.222.123.426.225.624.2
22.724.722.424.429.536.242.452.749 049.344.444.8
69.971.972.069.767.862.457.454.951.250.248.348.9
44.545.042.639.135.932.328.827.127.027.727.428.0
26.026.324.024.427.432.035.738.941.243.443.343.0
68.476.981.976.871.766.765.970.271.066.059.358.1
55.559.859.349.441.535.832.542.353.155.649.446.4
44.248.241.345.246.853.658.967.070. 769.263.058.1
93.391.689 288.289.789.788.286.787.485.983.282.7
78.676.374 472.872 971.468.367.970.870.967.066.1
64.162.759.862.664.866.368.271.778 278.877.278.1
101.3100.7101.9100.6100.096.693.693.190.491.490.691.0
85.583.582.479.777.072.969.167.470.071.770.269.8
67.065. 863.362.464.966.667.870.874.676.075.677.2
44.045.646.244.945.744.641.741.340.338.234.431.2
26.625.924.523.222.220.919.019.320.922.420.918.8
16.316.314.315.618.021.724.628.933 133. 530.027.5
51.862.264.165.366.158.852.750.945.645.345.247.1
44.345.645.243.945.940.737.331.627.329.131.933.8
34.032.129.230.635.336.038.343.943.041.738.040.2
40.061.167.770.875.662.153.250.441.541.442.348.0
47.752.051.347.153.547.143.432.722.223.327.632.0
36.332.227.032.340.443.246.152.550.143.337.343.3
60.668.873 470.668.766.772.675.567.756.447.050.3
53.361.462 355.745 745.046.251.754.555.043.842.0
43.750.047.145.950.857.464.269.368 764.053.354.4
46.651.454.055.756.754.449.448.146.143.940.937.4
31.132.932.231.730.227.324.423.924.626.425.723.3
20.220.920.622.025.129.130.234.634. 134.132.832.0
64.164.466.365.463.459.154.552.950.249.948.848.6
44.945.042.138.334.532.029.428.930.332.231.930.1
27.527.425.127.434.541.446.550.451.450.247.246.2
90.492.989.892.088.484.182.980.480.880.876.475.0
71.471.070.168.566.963.260.060.059.860.760.959.8
60.760.860.460.861.964.6G7.972.274.378.778.278. S
99.3100.890.896.796.191.189.685.683.080.877.977.8
75.975.172.971.272.572.168.968.266.363.363.162.8
64.664.364.563.865.166.366. 166.769.872.572. 072.5
63.863.863.266.871.072.464.062.254.653.750.152.0
53.054.251.348.348.755.145.941.536.438.938.639.8
35.435.831.134.246.257.365.264.462.962.857.860.7
64.365.368.365.768.368.667.566.362.764.664.558.9
53.053.452.249.348.452.251.449.451.052.652.450.4
38.340.236.035.945.547.347.348.252.355.554.450.4
dI—I
ao
i io
i For revised total indexes of factory pay rolls, without seasonal adjustment, as compiled by the Bureau of Labor Statistics, see Federal Reserve Bulletin for May 1934; detailedtables, by groups and by industries, may be obtained from the Bureau of Labor Statistics or the Federal Reserve Board.
Back figures of monthly series.—See Federal Reserve Bulletin for November 1929 for data back to January 1919.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
250 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 120.—INDEX NUMBERS OF WHOLESALE COMMODITY PRICES IN THE UNITEDSTATES, BY M O N T H S AND Y E A R S , 1913-33 1
Undex numbers of the U.S. Bureau of Labor Statistics. 1926=-100]
Year andmonth
1913191419151916 - .19171918 -19191920192119221923192419251926 ( b a s e ) . - -1927192819291930193119321933
1926JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1927JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1928JanuaryFebruaryMarchAprilMavJuneJulyAugustSeptemberOctoberNovemberDecember
Allcom-modi-
ties
69.868.169.585.5
117.5131.3138.6154.497.696.7
100.698 1
103.5100.095.496 795.386.473.064.865 9
103.2102.0100 6100.3100.5100.499 599.199.799 498.497.9
96.595.894.794.194.294.194.395.296.396.696.396.4
96.495.895.596.697.596.797.497.698.696.795.895.8
Farmprod-ucts
71.571.271.584.4
129.0148.0157.6150.788.493.898.6
100.0109.8100.099.4
105.9104.988.364.848.251.4
107.4105.1101.7102.8102.4100.998.697.299.397.994.794.9
96.595.494.294.396.396.597.6
102.3105.9105.0104.3104.4
106.1104.5103.5107.6109.8106.7108.5106.9108.8103.4101.6103.6
Foods
64.264.765.475.7
104.5119.1129.5137.490.687.692.791 0
100.2100.096.7
101.099.990 574.661.060 5
102.6100.699.3
100.5100.1100.598.797.599.8
100 7100.4100.6
97.196.194.794.995.394.894.394.596.6
100.0101.4100.7
100.998.898.299.7
101.2100.3102.2103.8106.5102.1100.098.1
Other commodities
Total
70.066.468.088.3
114.2124.6128.8161.3104.9102.4104.399.7
102.6100.094.092.991.685.275.070.271.2
102.5101.7100.8100.0100.1100.199.499.699.699.499.198.0
96.595.894.593.593.493.593.493.693.993.593.093.3
92.892.992.692.792.992.692.692.993.092.992.993.0
Hidesand
leatherprod-ucts
68.170.975.593.4
123.8125.7174.1171.3109.2104.6104.2101.5105.3100.0107.7121.4109.1100.086.172.980.9
103.3101.5100.298.799.098.899.099.698.8
100.9100.3100.3
100.9100.1100.4101.7103.6107.1111.4111.5112.5112.7113.9116.5
120.7123.8123.7126.3125.8123.3123.8120.6120.4117.2115.3115.4
Tex-tile
prod-ucts
57.354.654.170.498.7
137.2135.3164.894.5
100.2111.3106.7108.3100.095.695.590.480.366.354.964.8
105.8105.0102.7101.3100.299.598.998.998.897.796.495.4
94.494.494.394.594.494.794.696.098.097.796.996.6
96.196.095.595.695.895.695.895.594.995.095.095.1
Fueland
light-ing
mate-rials
61.356.651.874.3
105.4109.2104.3163.796.8
107.397.392.096.5
100.088.384.383.078.567.570.366.3
98.899.298.398.0
100.7100.999.6
100.5101.3101.1102.299.4
98.296.691.486.885.986.286.286.086.386.085.084.7
82.883.082.782.883.583.984.585.886.486.185.885.3
Metalsand
metalprod-ucts
90.880.286.3
116.5150.6136.5130.9149.4117.5102.9109.3106.3103.2100.096.397.0
100.592.184.580.279.8
99.999.799.599.298.799.3
100.3100.7100.9100.8100.7100.4
97.096.196.195.996.496.295.896.195.895.595.396.3
95.695.795.996.096.196.496.397.597.698.098.699.6
Build-ing
mate-rials
56.752.753.567.688.298.6
115.6150.197.497.3
108.7102.3101.7100.094.794.195.489.979.271.477.0
101.3100.9100.599.899.299.199.4
100.0100.0100.0100.599.9
98.397.296.596.596.195.394.794.393.593.191.991.6
92.292.292.092.893.594.494.794.994.995.295.895.8
Chem-icalsand
drugs
80.281.4
112.0160.7165.0182.3157.0164.7115.0100.3101.198.9
101.8100.096.895.694.289.179.373.572.6
101.5100.7100.699.8
100.0100.6100.399.9
100.399.398.999.0
98.098.097.197.895.696.195.695.696.697.197.397.2
96.296.195.895.995.595.094.895.095.295.795.795.8
House-fur-
nish-ing
goods
56.356.856.061.474.293.3
105.9141.8113.0103.5108.9104.9103.1100.097.595.194.392.784.975.175.8
101.1101.0100.9100.7100.3100.2100.1100.099.799.699.698.7
97.597.597.597.597.597.797.497.597.597.397.697.6
96.596.495.995.595,594.894.794.894.894.194.194.1
Mis-cella-neous
93.189.986.9
100.6122.1134.4139.1167.5109.292.899.793.6
109.0100.091.085.482.677.769.864.462.5
110.0106.3105.0103.5102.5101.697.996.996.095.793.192.2
91.791.891.891.991.891.390.791.090.789.989.590.1
90.189.288.987.787.485.083.682.682.982.882.782.5
i Figures for 1926 and later years based on 784 price series.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS CONDITIONS 251
No. 120.—INDEX NUMBERS OP WHOLESALE COMMODITY PRICES IN THE UNITEDSTATES, BY MONTHS AND YEARS, 1913-33—Continued
[Index numbers of the U.S. Bureau of Labor Statistics. 1926= 100]
Year andmonth
Allcom-modi-
ties
Farmprod-ucts
Foods
Other commodities
Total
Hidesand
leatherprod-ucts
Tex-tile
prod-ucts
Fueland
light-ing
mate-rials
Metalsand
metalprod-ucts
IBuild-
ingmate-rials
Chem-icalsand
drugs
House-fur-nish-icg
goods
Mis-cella-neous
1929January....February..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.
1930January.. _.February..MarohAprilMayJuneJulyAugustSeptember.OctoberNovember.December.
1931January...February..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.
1932January., _.February..MarchApril ,May ,JuneJulyAugustSeptember.OctoberNovember.December-
JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember.._OctoberNovember.. .December
95.995.496.195.594.795.296.596.396.1
•95.193.593.3
92.591.490.290.0
84.484.384.483.081.379.6
78.276.876.074.873.272.172.072.171.270.370.2
67.366.366.065.564.463.964.565.265.364.463.962.6
61.059.860.260.462.765.068.969.570.871.271.170.8
105.9105.4107.2104.9102.2103.3107.6107.5106.6104.0101.1101.9
101.098.094.795.893.088.983.184.985.382.579.375.2
73.170.170.670.167.165.464.963.560.558.858.755.7
52.850.650.249.246.645.747.949.149.146.946.744.1
42.640.942.844.550.253.260.157.657.055.756.655.5
98.998.198.398.098.099.1
102.9103.5103.3101.498.998.7
97.395.894.394.992.290.886.887.689.588.886.282.4
80.778.077.676.373.873.374.074.673.773.371.069.1
64.762.562.361.059.358.860.961.861.860.560.658.3
55.853.754.656.159.461.265.564.864.964.264.362.5
92.391.992.191.891.591.991.791.491.691.690.890.5
89.589.088.287.887.385.784.583.683.282.181.180.3
79.078.377.275.975.174.173.974.273.972.973.572.3
71.771.370.970.970.470.169.770.170.470.269.869.0
67.366.065.865.366.568.972.274.176.177.277.277.5
113.4108.9108.2107.8106.7107.9109.1109.5110.6110.3108.3107.3
105.1103.9103.2102.7102.6102.4100.899.099.296.694.291.4
88.786.987.687.587.688.089.488.785.082.581.679.8
79.378.377.375.072.570.868.669.772.272.871.4
68.968.068.169.476.982.486.391.792.389.088.289.2
92.592.392.491.690.790.189.689.889.889.588.687.8
87.286.484.884.083.481.679.778.076.274.774.273.7
71.370.970.068.267.466.666.565.564.563.062.260.8
59.558.056.154.352.751.552.755.655.053.953.0
51.951.251.351.855.961.568.074.676.977.176.876.4
84.282.982.181.982.584.583.382.282.783.183.283.1
81.780.979.479.580.378.978.077.979.077.675.374.0
73.372.568.365.465.362.962.966.567.467.869.468.3
67.968.367.970.270.771.672.372.170.871.171.469.3
66.063.662.961.560.461.565.365.570.473.673.573.4
100.1100.6102.3102.3101.2101.2101.0100.5100.399.898.798.5
97.296.996.695.393.591.990.889.689.087.987.887.9
86.986.586.485.785.084.484.383.983.982.882.682.2
81.880.980.880.380.179.979.280.180.180.379.679.4
78.277.477.276.977.779.380.681.282.183.082.783.5
95.595.996.796.395.595.295.195.295.895.994.494.4
94.394.093.993.592.489.988.587.787.186.385.584.8
82.582.581.580.079.378.177.677.076.176.275.7
74.873.473.272.571.570.869.769.670.570.770.770.8
70.169.870.370.271.474.779.581.382.783.984.985.6
95.695.795.394.794.193.493.393.693.794.093.893.5
93.092.391.491.290.289.488.387.987.286.786.085.6
84.583.382.981.380.579.478.976.976.375.676.176.1
75.775.575.374.473.673.173.073.372.972.772,472.3
71.671.371.271.473.273.773.273.172.772.773.473.7
93.893.894.094.094.694.394.394.394.794.694.7
93.693.593.593.593.493.192.992.392.191.5
88.188.087.986.886.485.784.982.781.080.978.5
77.777.577.176.374.874.774.073.673.773.773.773.6
72.972.372.271.571.773.474.877.679.381.281.081.0
82.782.782.481.982.082.482.882.883.183.282.482.2
81.381.280.981.080.478.476.676.175.274.774.173.5
72.271.572.071.570.569.769.768.368.266.668.7
65.664.764.764.764.464.264.364.664.764.163.763.4
61.259.258.957.858.960.864.065.465.165.365.565.7
Back figures.—Available at the Bureau of Labor Statistics.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
252 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
JVo. 131.—INDEX NUMBERS OF WHOLESALE COMMODITY PRICES IN THE UNITEDSTATES, BY WEEKS, 1932 AND 1933
[Index numbers of the U.S. Bureau of Labor Statistics. 1926=100]
Week ending(Saturday)—
1932
Jan. 2.. .Jan. 9__Jan.16.Jan. 23.Jan. 30.
Mar. 5 . .Mar. 12.Mar. 19,Mar. 26.
68.368.167.967.666.7
Feb. 6 66.7Feb. 13 66.2FSv. 20 i 66.3Feb. 27 c* 3
Allcom-modi-ties
Apr. 2_._Apr. 9—Apr. 16-Apr. 2 3 -Apr. 30 -
May 7..May 14.May 21,May 28,June 4_._June 11-June 18-June 25-
July 2...July 9-.July 16..July 23..July 30.
66.266.566.566.2
65.965.766.065.865.5
65.164.964.564.3
64.063.863.764.0
64.464.865.064.564.7
Aug. 6 r*4. 8Aug. 13 __| 65.2
65. 465.2
gAug. 20Aug. 27
Sept. 3Sept. 10Sept. 17Sept. 24
Oct. 1—Oct. 8-._Oct. 15-.Oct. 22. .Oct. 29. .
Nov. 5_.Nov. 12.Nov. 19.Nov. 26.
Dec. 3—Dec. 10—Dec. 17-Dec. 24—Dec. 31 . .
65.565.765.465.5
65.464.964.464.464.1
63.964.064.264.0
63.663.163.062.562.2
Farmprod-ucts
54.655.655.554.651.1
52.150.750.951.2
50.951.051.650.5
49.549.750.149.748.8
47.947.847.146.3
45.645.845.446.4
46.948.148.747.848.4
47.949.449.949.5
50.450.449.249.3
49.548.847.447.046.2
45.946.648.347.3
46.844.744.744.343.7
Foods
68.767.766.765.763.1
63.062.462.962.9
62.762.962.462.4
61.761.461.361.061.0
60.259.959.159.3
58.658.658.559.5
60.160.761.261.061. >
61, 16 . 5Gi.61.6
61.662.362.162.1
62.061.560.760.860.1
59.360.261.361.6
60.758.758.858.457.9
Other commodities
Total
72.171.771.871.871.7
71.571.371.271.2
71.071.271.271.1
71.170.971.371.171.0
70.870.770.570.3
70.170.170.070.0
70.170.370.069.769.7
69.970.070.270.2
70.470.570.470.6
70.570.370.270.370.4
70.370.170.069.9
69.869.669.569.068.8
Hidesand
leatherprod-ucts
79.579.779.679.779.2
79.178.578.177.9
77.977.977.776.3
75.875.675.674.473.9
73.373.372.272.172.071.571.270.1
70.069.268.568.569.3
69.970.270.670.8
70.671.472.473.2
73.373.072.572.872.2
71.671.371.471.4
71.170.869.369.169.1
Tex-tile
prod-ucts
60.560.459.660.160.1
60.059.959.959.7
59.159.058.858.7
58.457.757.256.856.5
56.556.155.855.454.854.353.653.5
52.451.951.551.351.4
51.552.152.753.0
54.255.155.255.4
55.355.354.954.754.5
54.254.053.653.4
53.052.853.052.852.5
Fueland
light-ing
mate-rials
Metalsand
metalprod-ucts
67.867.767.868.068.2
68.168.067.867.8
6'.. 968.7C'J.l69.1
69! >71.771.772.0
71.771.671.471.4
71.371.371.671.8
72.673.372.872.872.8
73.072.972.872.7
72.271.971.871.7
71.771.371.371.972.8
72.872.272.072.1
71.971.671.569.569.0
82.381.981.781.781.6
81.381.080.9
"0.6 I80.880.7
80.280.180.280.2
80.280.179.979.8
79.979.979.979.8
79.880.180.379.079.1
79.279.480.180.0
80.280.479.680.1
80.080.180.180.379.9
79.979.879.679.5
79.579.479.379.379.3
Build-ing
mate-rials
76.075.274.774.974.7
7o. °i73.373.273.6
73.473.473.473.3
73.172.972.472.272.4
Chem-icalsand
drugs
76.476.275.875.875.8
75.875.775.575.7
75.275.375.174.9
74.474.374.574.574.4
House-fur-nish-ing
goods
71. 7 ! 74.071 7 I 73. 771. 8 73. 671. 3 73.4
71.071.070.970.7
70.370.769.769.569.5
69.970.270.470.7
70.670.570.570.570.6
70.770.670.770.7
70.570.670.670.970.8
73.273.173.0 j72.9 !
78.578.578.778.778.7
78.778.778.778.6
78.678.678.6
78.378.278.278.276.3
76.275.975.975.9
75.875.675.775.7
Miscella-neous
72.773.073.073.073.2
73.473.473.573.0
73.273.073.072.9
73.072.972.772.772.4
72.472.272.772.7
72.572.372.372.372.2
75.775.675.675.675.0
74.974.974.974.9
74.874.674.674.6
74.674.172.572.572.5
72.572.572.572.5
72.573.573.573.573.5
66.065.565.0
64.964.564.764.6
64.664.864.764.6
64.764.664.864. S
64.764.664.464.1
64.064.064.064.2
64.564.264.364.364.5
64.564. 764.764.4
64.764.565.164.9
64.564.163.9
63.863.663.663.5
63.563.363.263.263.1
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS CONDITIONS 253No. 121.—INDEX NUMBEBS OF WHOLESALE COMMODITY PRICES IN THE UNITED
STATES, BY WEEKS, 1932 AND 1933—Continued
[Index numbers of the U.S. Bureau of Labor Statistics, 1926=100]
Week ending(Saturday)—
1933Jan. 7Jan. 14.__.Jan. 21._._Jan. 28—
Feb. 4Feb. 11—Feb. 18—_Feb. 25—
Mar. 4.__-Mar. 11. _.Mar. 18...Mar. 25...
Apr. 1Apr. 8Apr. 15—Apr. 22Apr. 29....
May 6May 13...May 20...May 27.. .
June 3June 10June 17June 24
July 1July 8July 15July 22....July 29....
Aug. 5Aug. 12...Aug. 19...Aug. 26...
Sept. 2Sept. 9Sept. 16. __Sept. 23...Sept. 30...
Oct. 7Oct. 14. . . .Oct. 2 1 . . . .Oct. 28—.
Nov. 4 . . . .Nov. 1 1 . . .Nov. 18. . .Nov. 25 . . .
Dec. 2Dec. 9Dec. 16....Dec. 23. . . .Dec 30—
Allcom-modi-
ties
61.962.061.260.4
60.060.260.159.7
59.660.260.460.5
60.160.160.360.461.5
61.962.363.063.3
63.864.064.565.1
66.367.268.969.769.2
69.269.469.3
69.769.770.571.571.1
71.371.170.470.9
70.971.271.771.0
70.770.970.870.470.8
Farmprod-ucts
43.845.243.041.3
40.241.241.940.8
40.642.743.443.6
43.444.044.544.646.4
47.849.050.952.4
53.252.552.853.2
56.958.561.162.759.6
58.758.557.558.2
57.156.655.959.358.0
57.556.754.255.6
55.555.658.756.8
55.956.055.954.856.0
Foods
58.158.256.054.1
53.654.454.353.7
53.455.054.855.4
54.755.355.756.258.1
58.259.159.960.3
61.061.061.061.4
62.662.965.966.566.1
65.164.964.465.0
65.365.065.165.964.9
65.064.863.764.2
64.265.065.463.9
63.263.363.061.662.5
Other commodities
Total
68.268.167.667.0
66.866.666.366.2
66.266.066.166.1
65.765.565.665.566.2
66.466.566.867.0
67.367.868.569.4
70.171.172.272.973.2
73.674.174.274.4
74.674.876.176.576.6
77.177.077.077.1
77.277.577.577.5
77.477.677.577.677.6
Hidesand
leatherprod-ucts
68.969.269.068.6
68.368.167.967.6
67.667.568.1
68.768.568.369.171.8
73.375.877.978.9
79.980.982.883.5
83.383.785.487.888.3
90.491.490.992.8
92.992.892.092.091.9
91.8
87.7
87.687.588.5
89.189.0
89.289.6
Tex-tile
prod-ucts
52.752.351.951.8
51.451.051.050.7
50.650.751.151.1
51.050.950.951.452.4
53.754.055.356.2
57.558.760.261.5
62.264.166.568.368.4
70.872.974.174.2
74.273.975.576.476.3
76.376.276.276.3
76.176.075.875.8
75.475.976.076.076.0
Fueland
light-ing
mate-rials
68.167.867.665.2
64.764.764.464.3
64.463.963.763.6
63.262.962.662.462.5
62.161.361.261.0
61.160.861.463.6
64.365.766.766.867.0
66.666.866.566.7
67.267.672.572.872.6
73.473.874.074.5
74.674.774.573.9
73.874.574.274.474.5
Metalsand
metalprod-ucts
79.179.078.278.2
78.177.977.677.477.477.277.577.4
77.076.776.976.877.6
77.577.977.978.1
78.278.778.978.9
79.279.980.680.780.8
80.880.880.881.2
81.481.781.781.882.0
82.482.382.082.4
82.583.483.583.5
83.483.383.183.283.3
Build-ing
mate-rials
70.770.670.370.2
70.0
70.170.070.170.2
70.469.970.470.270.5
70.870.871.171.5
71.872.973.474.2
75.977.078.879.180.1
80.980.780.880.7
81.081.482.082.383.2
83.783.983.6
83.884.484.785.1
85.285.385.385.385.4
Chem-icalsand
drugs
72.072.171.971.9
71.871.471.471.3
71.371.471.571.7
71.671.371.271.372.0
72.472.672.973.2
73.273.873.873.6
73.573.072.973.273.4
73.473.172.972.5
72.272.372.172.172.1
72.772.772.672.7
72.673.273.573.8
73.773.673.473.473.3
House-fur-
nish-ing
goods
73.373.372.872.8
72.872.772.772.7
72.772.372.372.3
72.372.372.272.272.3
71.771.871.971.9
71.972.472.872.8
73.273.674.074.374.6
75.476.076.476.9
77.078.678.778.879.4
81.181.281.381.3
81.382.282.182.0
82.081.881.781.981.9
Mis-cella-neous
61.461.560.860.8
60.860.659.759.6
59.659.259.359.3
57.757.657.957.758.6
58.859.058.958.8
59.259.560.661.1
62.162.963.564.665.1
65.065.265.565.2
65.264.964.865. 165.1
65.065.064.965.2
65.365.465.465.4
65.365.665.665.565.6
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APPENDIX
255
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DIRECTORY OF THE FEDERAL ADVISORY COUNCIL
[Dec. 31, 1933]
OFFICERSPresident, WALTER W. SMITHVice President, MELVIN A. TRAYLORSecretary, WALTER LICHTENSTEIN
EXECUTIVE COMMITTEE
WALTER W. SMITH HOWARD A. LOEBMELVIN A. TRAYLOR JOHN K. OTTLEYWALTER E. FREW W. T. KEMPER
MEMBERSDistrict No. 1.—THOMAS M. STEELE, president, First National Bank & Trust
Co. of New Haven, Conn.District No. 2.—WALTER E. FREW, chairman, Corn Exchange Bank Trust
Co., New York, N.Y.District No. 3.—HOWARD A. LOEB, chairman, Tradesmens National Bank &
Trust Co., Philadelphia, Pa.District No. 4.—H. C. MCELDOWNEY, president, Union Trust Co of Pitts-
burgh, Pa.District No. 5.—HOWARD BRUCE, president, Baltimore National Bank,
Baltimore, Md.District No. 6.—JOHN K. OTTLEY, president, The First National Bank of
Atlanta, Ga.District No. 7.—MELVIN A. TRAYLOR, president, The First National Bank of
Chicago, 111.District No. 8.—WALTER W. SMITH, president, First National Bank in St.
Louis, Mo.District No. 9.—THEODORE WOLD, president, Northwestern National Bank,
Minneapolis, Minn.District No. 10.—W. T. KEMPER, chairman, Commerce Trust Co., Kansas
City, Mo.District No. 11.-—JOSEPH H. FROST, president, Frost National Bank, San
Antonio, Tex.District No. 12.—HENRY M. ROBINSON, chairman, Security-First National
Bank of Los Angeles, Calif.
RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THEFEDERAL RESERVE BOARD
FEBRUARY 21, 1933
TOPIC.—Publication of loans made by the Reconstruction FinanceCorporation.
Recommendation.—The Federal Advisory Council is of the opinionthat the list of loans made by the Reconstruction Finance Corporationmay well be filed with the President of the United States and thechairman of the appropriate committee in each of the Houses ofCongress. As the object of these loans was and is to restore publicconfidence in the financial and industrial structure of the country,the Council believes that much of the good accomplished has beenundone by the publication of the names of the institutions to whichloans have been made. The council believes that all such publicityis harmful and should cease.
257
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2 5 8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
SEPTEMBER 19, 1933
RESOLUTION WITH RESPECT TO CAPITAL FUNDS AND THE INVESTMENTMARKETS
Since the Securities Act of 1933 came into operation, the normalissue of corporate securities by responsible corporations has almostceased. It has become evident that large corporations, with respon-sible boards of directors, will not undertake capital issues because ofthe liabilities which the act imposes upon them and the individualmembers of their board of directors in regard thereto. It has alsobecome evident that responsible investment bankers will not act asunderwriters of corporate issues, because of the liabilities imposedupon them under the terms of the Securities Act of 1933. That thisis so, is clearly established from the fact that no nationally knownindustrial or public utility company has undertaken any new financingunder the Securities Act of 1933.
This situation presents a grave problem in connection with thenational industrial recovery program and with the orderly restorationof credit operations of financial institutions. Unless this situation ischanged, companies with maturing obligations will not have the usualfacilities provided for the refunding thereof, and many sound com-panies may be faced with receivership because of inability to obtaincapital funds for refunding purposes. Similarly, industrial progressrequiring new capital will be prevented through inability to obtaincapital funds, even though sought by sound and seasoned enterprises.There is nothing which will help so much in increasing employmentand aiding in the consumption of capital goods as the possibility ofcarrying on adequate capital financing. The banks of the countrycould not undertake to lend their depositors' funds to corporations toenable them to discharge their maturing capital obligations or tomake capital additions, because the volume of loans required forrefunding and new capital requirements would be beyond the capacityof the banks to meet.
Under the Banking Act of 1933, banks are in effect prohibited fromunderwriting the capital requirements of the industries of the country,either directly or through affiliates. This provision has restricted ina great measure the investment banking facilities of the country.
It is essential that the industries of the country (including publicutilities) be enabled to finance their ordinary capital requirementseither for refunding or for new capital in the investment markets, andit is apparent that amendments to the law must be made so that itwill not stifle the legitimate flow of capital into industry.
Accordingly, it is herebyResolved, That in aid of the national recovery program, the Securities
Act of 1933 and the Banking Act of 1933 should be amended in suchrespects as may be necessary to enable industries of the country toobtain capital funds in the investment markets, retaining in suchlaws such provisions as may be necessary properly to safeguard theinterests of the investing public.
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RECOMMENDATIONS OF FEDERAL ADVISORY COUNCIL 2 5 9
NOVEMBER 20, 1933
TOPIC NO. 1.—Monetary situation.Recommendation.—On September 18, 1933, the Governor of the Fed-
eral Reserve Board requested the opinion of the Federal AdvisoryCouncil with respect to certain features of the monetary situationhaving specific reference to inflation.
In view of this request the Federal Advisory Council offers the fol-lowing observations:
The council sympathizes with the fundamental purposes of theAdministration in its expressed determination to bring about anincrease in employment, to increase purchasing power, to raise pricelevels, and generally to return our citizenship to a condition of eco-nomic and social well-being consistent with the great wealth andresources of the country; it feels, however, that the attainment ofthese ends is certain to be seriously retarded by the widespread andincreasing concern for the value and stability of the Nation's currency.Without an enduring faith in the steady purchasing power of the dol-lar, the laborer is without security of his hire, capital is exposed toloss, and the entire economic structure is undermined by doubt andfear.
The Council, therefore, believes that an early return to a goldstandard basis for our currency is of the greatest importance and animperative necessity to the success of the Administration's recoveryprogram.
It strongly urges the Federal Reserve Board to exert its utmostinfluence to bring about early stabilization of the currency, togetherwith a commitment for the reasonable and definite limitation of theFederal debt, to the end that confidence in the dollar may be restored,that flight of American capital be halted, that decline in the price ofGovernment securities be arrested, and the welfare of all our peoplepreserved.
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BANKING LEGISLATION IN 1933
EXTENSION OF GLASS-STEAGALL ACT
[PUBLIC—No. 326—72D CONGRESS]
[S. 5484]
AN ACT
To extend the time during which certain provisions of the Act of February 27, 1932, relating to improvingthe facilities of the Federal reserve system to meet the needs of member banks in exceptional circum-stances, shall be effective.
Be it enacted by the Senate and House of Representatives of the United States ofAmerica in Congress assembled, That section 10 (b) of the Federal Reserve Act, asamended (U. S. C, Supp. VI, title 12, sec. 347b), and the second paragraph ofsection 16 of the Federal Reserve Act, as amended by section 3 of the Act entitled"An Act to improve the facilities of the Federal reserve system for the service ofcommerce, industry, and agriculture, to provide means for meeting the needs ofmember banks in exceptional circumstances, and for other purposes," approvedFebruary 27, 1932 (U. S. C, Supp. VI, title 12, sec. 412), are amended by strikingout the date "March 3, 1933" wherever it appears and inserting in lieu thereof" March 3, 1934."
Approved, February 3, 1933.
JOINT RESOLUTION AUTHORIZING COMPTROLLER OF THECURRENCY TO EXERCISE ADDITIONAL POWERS
[PUBLIC RESOLUTION—-No. 58—72D CONGRESS]
[S. J. Res. 256]
JOINT RESOLUTION
Authorizing the Comptroller of the Currency to exercise with respect to national banking associationspowers which State officials, may have with respect to State banks, savings banks, and/or trust companies under State laws.
Resolved by the Senate and House of Representatives of the United States of Americain Congress assembled, That, with the approval of the Secretary of the Treasury,the Comptroller of the Currency shall have and may exercise to such extent ashe deems advisable with respect to any national banking association any powerswhich the State officials having supervision of State banks, savings banks and/ortrust companies in the State in which such national banking associations arelocated may have with respect to such State institutions under State laws nowin force or hereafter enacted: Provided, That nothing herein shall be construedto permit the establishment of branches of either national or State member banksor allow consolidation of either national or State member banks not allowed byexisting laws.
Expenses incurred by the Comptroller of the Currency in the exercise of suchpowers may be assessed by him against the banks concerned and, when so assessed,shall be paid by such banks.
Nothing herein shall be construed to impair any power otherwise possessed bythe Comptroller of the Currency, the Secretary of the Treasury or the FederalReserve Board.
The powers herein conferred shall terminate six months from its approval bythe President; but the President of the United States may extend its force byproclamation for an additional six months.
Approved, February 25, 1933.260
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BANKING LEGISLATION IN 193 3 2 6 1
EMERGENCY BANKING ACT AND BANK CONSERVATION ACT
[PUBLIC—No. 1—73D CONGRESS]
[H.R. 1491]
AN ACT
To provide relief in the existing national emergency in banking, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States ofAmerica in Congress assembled, That the Congress hereby declares that a seriousemergency exists and that it is imperatively necessary speedily to put into effectremedies of uniform national application.
TITLE I
SECTION 1. The actions, regulations, rules, licenses, orders and proclamationsheretofore or hereafter taken, promulgated, made, or issued by the President ofthe United States or the Secretary of the Treasury since March 4, 1933, pursuantto the authority conferred by subdivision (b) of section 5 of the Act of October 6,1917, as amended, are hereby approved and confirmed.
SEC. 2. Subdivision (b) of section 5 of the Act of October 6, 1917 (40 Stat. L.411), as amended, is hereby amended to read as follows:
" (b) During time of war or during any other period of national emergencydeclared by the President, the President may, through any agency that he maydesignate, or otherwise, investigate, regulate, or prohibit, under such rules andregulations as he may prescribe, by means of licenses or otherwise, any transac-tions in foreign exchange, transfers of credit between or payments by bankinginstitutions as defined by the President, and export, hoarding, melting, or ear-marking of gold or silver coin or bullion or currency, by any person within theUnited States or any place subject to the jurisdiction thereof; and the Presidentmay require any person engaged in any transaction referred to in this subdivisionto furnish under oath, complete information relative thereto, including the pro-duction of any books of account, contracts, letters or other papers, in connectiontherewith in the custody or control of such person, either before or after suchtransaction is completed. Whoever willfully violates any of the provisions of thissubdivision or of any license, order, rule or regulation issued thereunder, shall,upon conviction, be fined not more than $10,000, or, if a natural person, may beimprisoned for not more than ten years, or both; and any officer, director, oragent of any corporation who knowingly participates in such violation may bepunished by a like fine, imprisonment, or both. As used in this subdivision theterm 'person' means an individual, partnership, association, or corporation."
SEC. 3. Section 11 of the Federal Reserve Act is amended by adding at theend thereof the following new subsection:
"(n) Whenever in the judgment of the Secretary of the Treasury such actionis necessary to protect the currency system of the United States, the Secretaryof the Treasury, in his discretion, may require any or all individuals, partnerships,associations and corporations to pay and deliver to the Treasurer of the UnitedStates any or all gold coin, gold bullion, and gold certificates owned by suchindividuals, partnerships, associations and corporations. Upon receipt of suchgold coin, gold bullion or gold certificates, the Secretary of the Treasury shallpay therefor an equivalent amount of any other form of coin or currency coinedor issued under the laws of the United States. The Secretary of the Treasuryshall pay all costs of the transportation of such gold bullion, gold certificates,coin, or currency, including the cost of insurance, protection, and such otherincidental costs as may be reasonably necessary. Any individual, partnership,association, or corporation failing to comply with any requirement of the Secretaryof the Treasury made under this subsection shall be subject to a penalty equal totwice the value of the gold or gold certificates in respect of which such failureoccurred, and such penalty may be collected by the Secretary of the Treasury bysuit or otherwise."
SEC. 4. In order to provide for the safer and more effective operation of theNational Banking System and the Federal Reserve System, to preserve for thepeople the full benefits of the currency provided for by the Congress through theNational Banking System and the Federal Reserve System, and to relieve inter-state commerce of the burdens and obstructions resulting from the receipt on anunsound or unsafe basis of deposits subject to withdrawal by check, during such
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262 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
emergency period as the President of the United States by proclamation mayprescribe, no member bank of the Federal Reserve System shall transact anybanking business except to such extent and subject to such regulations, limita-tions and restrictions as may be prescribed by the Secretary of the Treasury, withthe approval of the President. Any individual, partnership, corporation, orassociation, or any director, officer or employee thereof, violating any of theprovisions of this section shall be deemed guilty of a misdemeanor and, uponconviction thereof, shall be fined not more than $10,000 or, if a natural person,may, in addition to such fine, be imprisoned for a term not exceeding ten years.Each day that any such violation continues shall be deemed a separate offense.
TITLE II
SEC. 201. This title may be cited as the "Bank Conservation Act."SEC. 202. As used in this title, the term "bank" means (1) any national
banking association, and (2) any bank or trust company located in the Districtof Columbia and operating under the supervision of the Comptroller of theCurrency; and the term "State" means any State, Territory, or possession ofthe United States, and the Canal Zone.
SEC. 203. Whenever he shall deem it necessary in order to conserve the assetsof any bank for the benefit of the depositors and other creditors thereof, theComptroller of the Currency may appoint a conservator for such bank andrequire of him such bond and security as the Comptroller of the Currency deemsproper. The conservator, under the direction of the Comptroller, shall takepossession of the books, records, and assets of every description of such bank,and take such action as may be necessary to conserve the assets of such bankpending further disposition of its business as provided by law. Such conservatorshall have all the rights, powers, and privileges now possessed by or hereaftergiven receivers of insolvent national banks and shall be subject to the obligationsand penalties, not inconsistent with the provisions of this title, to which receiversare now or may hereafter become subject. During the time that such conser-vator remains in possession of such bank, the rights of all parties with respectthereto shall, subject to the other provisions of this title, be the same as if areceiver had been appointed therefor. All expenses of any such conservatorshipshall be paid out of the assets of such bank and shall be a lien thereon which shallbe prior to any other lien provided by this Act or otherwise. The conservatorshall receive as salary an amount no greater than that paid to employees of theFederal Government for similar services.
SEC. 204. The Comptroller of the Currency shall cause to be made suchexaminations of the affairs of such bank as shall be necessary to inform him as tothe financial condition of such bank, and the examiner shall make a report thereonto the Comptroller of the Currency at the earliest practicable date.
SEC. 205. If the Comptroller of the Currency becomes satisfied that it maysafely be done and that it would be in the public interest, he may, in his dis-cretion, terminate the conservatorship and permit such bank to resume thetransaction of its business subject to such terms, conditions, restrictions andlimitations as he may prescribe.
SEC. 206. While such bank is in the hands of the conservator appointed bythe Comptroller of the Currency, the Comptroller may require the conservatorto set aside and make available for withdrawal by depositors and payment toother creditors, on a ratable basis, such amounts as in the opinion of the Comp-troller may safely be used for this purpose; and the Comptroller may, in hisdiscretion, permit the conservator to receive deposits, but deposits receivedwhile the bank is in the hands of the conservator shall not be subject to anylimitation as to payment or withdrawal, and such deposits shall be segregatedand shall not be used to liquidate any indebtedness of such bank existing at thetime that a conservator was appointed for it, or any subsequent indebtednessincurred for the purpose of liquidating any indebtedness of such bank existingat the time such conservator was appointed. Such deposits received while thebank is in the hands of the conservator shall be kept on hand in cash, investedin the direct obligations of the United States, or deposited with a Federal reservebank. The Federal reserve banks are hereby authorized to open and maintainseparate deposit accounts for such purpose, or for the purpose of receivingdeposits from State officials in charge of State banks under similar circumstances.
SEC. 207. In any reorganization of any national banking association under aplan of a kind which, under existing law, requires the consent, as the case maybe, (a) of depositors and other creditors or (b) of stockholders or (c) of bothdepositors and other creditors and stockholders, such reorganization shall be-
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come effective only (1) when the Comptroller of the Currency shall be satisfiedthat the plan of reorganization is fair and equitable as to all depositors, othercreditors and stockholders and is in the public interest and shall have approvedthe plan subject to such conditions, restrictions and limitations as he may pre-scribe and (2) when, after reasonable notice of such reorganization, as the casemay require, (A) depositors and other creditors of such bank representing atleast 75 per cent in amount of its total deposits and other liabilities as shown bythe books of the national banking association or (B) stockholders owning atleast two-thirds of its outstanding capital stock as shown by the books of thenational banking association or (C) both depositors and other creditors repre-senting at least 75 per cent in amount of the total deposits and other liabilitiesand stockholders owning at least two-thirds of its outstanding capital stock asshown by the books of the national banking association, shall have consentedin writing to the plan of reorganization: Provided, however, That claims of de-positors or other creditors which will be satisfied in full under the provisions ofthe plan of reorganization shall not be included among the total deposits andother liabilities of the national banking association in determining the 75 percent thereof as above provided. When such reorganization becomes effective,all books, records, and assets of the national banking association shall be dis-posed of in accordance with the provisions of the plan and the affairs of thenational banking association shall be conducted by its board of directors in themanner provided by the plan and under the conditions, restrictions and limita-tions which may have been prescribed by the Comptroller of the Currency.In any reorganization which shall have been approved and shall have becomeeffective as provided herein, all depositors and other creditors and stockholdersof such national banking association, whether or not they shall have consentedto such plan of reorganization, shall be fully and in all respects subject to andbound by its provisions, and claims of all depositors and other creditors shallbe treated as if they had consented to such plan of reorganization.
SEC. 208. After fifteen days after the affairs of a bank shall have been turnedback to its board of directors by the conservator, either with or without a reor-ganization as provided in section 207 hereof, the provisions of section 206 of thistitle with respect to the segregation of deposits received while it is in the hands ofthe conservator and with respect to the use of such deposits to liquidate theindebtedness of such bank shall no longer be effective: Provided, That before theconservator shall turn back the affairs of the bank to its board of directors he shallcause to be published in a newspaper published in the city, town or county inwhich such bank is located, and if no newspaper is published in such city, town orcounty, in a newspaper to be selected by the Comptroller of the Currency pub-lished in the State in which the bank is located, a notice in form approved by theComptroller, stating the date on which the affairs of the bank will be returned toits board of directors and that the said provisions of section 206 will not be effec-tive after fifteen days after such date; and on the date of the publication of suchnotice the conservator shall immediately send to every person who is a depositorin such bank under section 206 a copy of such notice by registered mail addressedto the last known address of such person as shown by the records of the bank, andthe conservator shall send similar notice in like manner to every person makingdeposit in such bank under section 206 after the date of such newspaper publica-tion and before the time when the affairs of the bank are returned to its directors.
SEC. 209. Conservators appointed pursuant to the provisions of this title shallbe subject to the provisions of and to the penalties prescribed by section 5209 ofthe Revised Statutes (U. S. C, Title 12, sec. 592); and sections 112, 113, 114,115, 116 and 117 of the Criminal Code of the United States (U. S. C. ,Title 18,sees. 202, 203, 204, 205, 206 and 207), in so far as applicable, are extended to applyto contracts, agreements, proceedings, dealings, claims and controversies by orwith any such conservator or the Comptroller of the Currency under the provisionsof this title.
Sec. 210. Nothing in this title shall be construed to impair in any manner anypowers of the President, the Secretary of the Treasury, the Comptroller of theCurrency, or the Federal Reserve Board.
SEC. 211. The Comptroller of the Currency is hereby authorized and em-powered, with the approval of the Secretary of the Treasury, to prescribe suchrules and regulations as he may deem necessary in order to carry out the provisionsof this title. Whoever violates any rule or regulation made pursuant to thissection shall be deemed guilty of a misdemeanor and, upon conviction thereof,shall be fined not more than $5,000, or imprisoned not more than one year, or both.
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264 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
TITLE III
SEC. 301. Notwithstanding any other provision of law, any national bankingassociation may, with the approval of the Comptroller of the Currency and byvote of shareholders owning a majority of the stock of such association, upon notless than five days' notice, given by registered mail purusant to action taken by itsboard of directors, issue preferred stock in such amount and with such par valueas shall be approved by said Comptroller, and make such amendments to itsarticles of association as may be necessary for this purpose; but, in the case ofany newly organized national banking association which has not yet issued com-mon stock, the requirement of notice to and vote of shareholders shall not apply.No issue of preferred stock shall be valid until the par value of all stock so issuedshall be paid in.
SEC. 302. (a) The holders of such preferred stock shall be entitled to cumula-tive dividends at a rate not exceeding 6 per centum per annum, but shall not beheld individually responsible as such holders for any debts, contracts, or engage-ments of such association and shall not be liable for assessments to restore impair-ments in the capital of such association as now provided by law with reference toholders of common stock. Notwithstanding any other provision of law, the holdersof such preferred stock shall have such voting rights, and such stock shall besubject to retirement in such manner and on such terms and conditions, as maybe provided in the articles of association with the approval of the Comptrollerof the Currency.
(b) No dividends shall be declared or paid on common stock until the cumula-tive dividends on the preferred stock shall have been paid in full; and, if the asso-ciation is placed in voluntary liquidation or a conservator or a receiver is appointedtherefor, no payments shall be made to the holders of the common stock until theholders of the preferred stock shall have been paid in full the par value of suchstock plus all accumulated dividends.
SEC. 303. The term "common stock" as used in this title means stock of na-tional banking associations other than preferred stock issued under the provisionsof this title. The term "capital" as used in provisions of law relating to the capi-tal of national banking associations shall mean the amount of unimpaired commonstock plus the amount of preferred stock outstanding and unimpaired; and theterm "capital stock", as used in section 12 of the Act of March 14, 1900, shallmean only the amount of common stock outstanding.
SEC. 304. If in the opinion of the Secretary of the Treasury any national bank-ing association or any State bank or trust company is in need of funds for capitalpurposes either in connection with the organization or reorganization of suchassociation, State bank or trust company or otherwise, he may, with the approvalof the President, request the Reconstruction Finance Corporation to subscribefor preferred stock in such association, State bank or trust company, or to makeloans secured by such stock as collateral, and the Reconstruction Finance Cor-poration may comply with such request. The Reconstruction Finance Corpora-tion may, with the approval of the Secretary of the Treasury, and under such rulesand regulations as he may prescribe, sell in the open market or otherwise the wholeor any part of the preferred stock of any national banking association, State bankor trust company acquired by the Corporation pursuant to this section. Theamount of notes, bonds, debentures, and other such obligations which the Recon-struction Finance Corporation is authorized and empowered to issue and to haveoutstanding at any one time under existing law is hereby increased by an amountsufficient to carry out the provisions of this section.
TITLE IV
SEC. 401. The sixth paragraph of Section 18 of the Federal Reserve Act isamended to read as follows:
"Upon the deposit with the Treasurer of the United States, (a) of any directobligations of the United States or (b) of any notes, drafts, bills of exchange, orbankers' acceptances acquired under the provisions of this Act, any Federalreserve bank making such deposit in the manner prescribed by the Secretary ofthe Treasury shall be entitled to receive from the Comptroller of the Currencycirculating notes in blank, duly registered and countersigned. When such cir-culating notes are issued against the security of obligations of the United States,the amount of such circulating notes shall be equal to the face value of the directobligations of the United States so deposited as security; and, when issued againstthe security of notes, drafts, bills of exchange and bankers' acceptances acquiredunder the provisions of this Act, the amount thereof shall be equal to not more
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BANKING LEGISLATION IN 193 3 2 6 5
than 90 per cent of the estimated value of such notes, drafts, bills of exchange andbankers' acceptances so deposited as security. Such notes shall be the obligationsof the Federal reserve bank procuring the same, shall be in form prescribed by theSecretary of the Treasury, shall be receivable at par in all parts of the UnitedStates for the same purposes as are national bank notes, and shall be redeemablein lawful money of the United States on presentation at the United StatesTreasury or at the bank of issue. The Secretary of the Treasury is authorizedand empowered to prescribe regulations governing the issuance, redemption,replacement, retirement and destruction of such circulating notes and the releaseand substitution of security therefor. Such circulating notes shall be subject tothe same tax as is provided by law for the circulating notes of national bankssecured by 2 per cent bonds of the United States. No such circulating notes shallbe issued under this paragraph after the President has declared by proclamationthat the emergency recognized by the President by proclamation of March 6,1933, has terminated, unless such circulating notes are secured by deposits ofbonds of the United States bearing the circulation privilege. When required todo so by the Secretary of the Treasury, each Federal reserve agent shall act asagent of the Treasurer of the United States or of the Comptroller of the Currency,or both, for the performance of any of the functions which the Treasurer or theComptroller may be called upon to perform in carrying out the provisions of thisparagraph. Appropriations available for distinctive paper and printing UnitedStates currency or national bank currency are hereby made available for the pro-duction of the circulating notes of Federal reserve banks herein provided; but theUnited States shall be reimbursed by the Federal reserve bank to which such notesare issued for all expenses necessarily incurred in connection with the procuringof such notes and all other expenses incidental to their issue, redemption, replace-ment, retirement and destruction."
SEC. 402. Section 10 (b) of the Federal Reserve Act, as amended, is furtheramended to read as follows:
"SEC. 10 (b). In exceptional and exigent circumstances, and when any memberbank has no further eligible and acceptable assets available to enable it to obtainadequate credit accommodations through rediscounting at the Federal reservebank or any other method provided by this Act other than that provided by sec-tion 10 (a), any Federal reserve bank, under rules and regulations prescribed bythe Federal Reserve Board, may make advances to such member bank on itstime or demand notes secured to the satisfaction of such Federal reserve bank.Each such note shall bear interest at a rate not less than 1 per centum per annumhigher than the highest discount rate in effect at such Federal reserve bank onthe date of such note. No advance shall be made under this section after March3, 1934, or after the expiration of such additional period not exceeding one yearas the President may prescribe."
SEC. 403. Section 13 of the Federal Reserve Act, as amended, is amended byadding at the end thereof the following new paragraph:
" Subject to such limitations, restrictions and regulations as the Federal ReserveBoard may prescribe, any Federal reserve bank may make advances to anyindividual, partnership or corporation on the promissory notes of such individual,partnership or corporation secured by direct obligations of the United States.Such advances shall be made for periods not exceeding 90 days and shall bearinterest at rates fixed from time to time by the Federal reserve bank, subject tothe review and determination of the Federal Reserve Board."
TITLE V
SEC. 501. There is hereby appropriated, out of any money in the Treasury nototherwise appropriated, the sum of $2,000,000, which shall be available forexpenditure, under the direction of the President and in his discretion, for anypurpose in connection with the carrying out of this Act.
SEC. 502. The right to alter, amend, or repeal this Act is hereby expresslyreserved. If any provision of this Act, or the application thereof to any personor circumstances, is held invalid, the remainder of the Act, and the application ofsuch provision to other persons or circumstances, shall not be affected thereby.
Approved March 9th, 1933 8.30 p. m.
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2 6 6 ANNUAL EEPORT OF THE FEDEEAL RESERVE BOARD
AMENDMENT TO EMERGENCY BANKING ACT
[PUBLIC—No. 4—73D CONGRESS]
[H. R. 3757]
AN ACT
To provide for direct loans by Federal reserve banks to State banks and trust companies in certain cases^and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States ofAmerica in Congress assembled, That Title IV of the Act entitled " An Act to pro-vide relief in the existing national emergency in banking, and for other purposes,"approved March 9, 1933, is amended by adding at the end thereof the followingnew section:
" S E C . 404. During the existing emergency in banking, or until this sectionshall be declared no longer operative by proclamation of the President, but in noevent beyond the period of one year from the date this section takes effect, anyState bank or trust company not a member of the Federal reserve system mayapply to the Federal reserve bank in the district in which it is located and saidFederal reserve bank, in its discretion and after inspection and approval of thecollateral and a thorough examination of the applying bank or trust company,may make direct loans to such State bank or trust company under the terms pro-vided in section 10 (b) of the Federal Reserve Act, as amended by section 402 ofthis Act: Provided, That loans may be made to any applying nonmember Statebank or trust company upon eligible security. All applications for such loansshall be accompanied by the written approval of the State banking departmentor commission of the State from which the State bank or trust company has re-ceived its charter and a statement from the said State banking department orcommission that in its judgment said State bank or trust company is in a soundcondition. The notes representing such loans shall be eligible as security forcirculating notes issued under the provisions of the sixth paragraph of section 18of the Federal Reserve Act, as amended by section 401 of this Act, to the sameextent as notes, drafts, bills of exchange, or bankers' acceptances acquired underthe provisions of the Federal Reserve Act. During the time that such bank ortrust company is indebted in any way to a Federal Reserve bank it shall be re-quired to comply in all respects to the provisions of the Federal Reserve Actapplicable to member State banks and the regulations of the Federal ReserveBoard issued thereunder: Provided, That in lieu of subscribing to stock in theFederal reserve bank it shall maintain the reserve balance required by section 19of the Federal Reserve Act during the existence of such indebtedness. As usedin this section and in section 304, the term 'State bank or trust company' shallinclude a bank or trust company organized under the laws of any State, Territory,or possession of the United States, or the Canal Zone."
SEC. 2. (a) Section 304 of such Act of March 9, 1933, is amended by addingafter the first sentence thereof the following new sentences: " Nothing in this sec-tion shall be construed to authorize the Reconstruction Finance Corporation tosubscribe for preferred stock in any State bank or trust company if under the lawsof the State in which said State bank or trust company is located the holders ofsuch preferred stock are not exempt from double liability. In any case in whichunder the laws of the State in which it is located a State bank or trust companyis not permitted to issue preferred stock exempt from double liability, or if suchlaws permit such issue of preferred stock only by unanimous consent of stock-holders, the Reconstruction Finance Corporation is authorized, for the purposesof this section, to purchase the legally issued capital notes or debentures of suchState bank or trust company."
(b) The second sentence of said section 304 is amended to read as follows:"The Reconstruction Finance Corporation may, with the approval of the Sec-retary of the Treasury, and under such rules and regulations as he may prescribe,sell in the open market the whole or any part of the preferred stock, capital notes,or debentures of any national banking association, State bank or trust companyacquired by the corporation pursuant to this section."
Such section 304 is further amended by adding at the end thereof the followingnew sentence: (c) " As used in this section, the term 'State bank or trust company'shall include other banking corporations engaged in the business of industrialbanking and under the supervision of State banking departments or of the Comp-troller of the Currency."
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TITLE III OF THE ACT OF MAY 12, 1933 (KNOWN AS THE THOMASAMENDMENT)
TITLE III—FINANCING—AND EXERCISING POWER CONFERRED BY SECTION 8 OPARTICLE I OF THE CONSTITUTION: TO COIN MONEY AND TO REGULATE THEVALUE THEREOF
SEC. 43. Whenever the President finds, upon investigation, that (1) the foreign-commerce of the United States is adversely affected by reason of the depreciationin the value of the currency of any other government or governments in relationto the present standard value of gold, or (2) action under this section is necessaryin order to regulate and maintain the parity of currency issues of the UnitedStates, or (3) an economic emergency requires an expansion of credit, or (4) anexpansion of credit is necessary to secure by international agreement a stabiliza-tion at proper levels of the currencies of various governments, the President isauthorized, in his discretion—
(a) To direct the Secretary of the Treasury to enter into agreements with theseveral Federal Reserve banks and with the Federal Reserve Board whereby theFederal Reserve Board will, and it is hereby authorized to, notwithstanding anyprovisions of law or rules and regulations to the contrary, permit such reservebanks to agree that they will, (1) conduct, pursuant to existing law, throughoutspecified periods, open market operations in obligations of the United StatesGovernment or corporations in which the United States is the majority stock-holder, and (2) purchase directly and hold in portfolio for an agreed period orperiods of time Treasury bills or other obligations of the United States Govern-ment in an aggregate sum of $3,000,000,000 in addition to those they may thenhold, unless prior to the termination of such period or periods the Secretary shallconsent to their sale. No suspension of reserve requirements of the FederalReserve banks, under the terms of section ll(c) of the Federal Reserve Act,necessitated by reason of operations under this section, shall require the imposi-tion of the graduated tax upon any deficiency in reserves as provided in saidsection ll(c). Nor shall it require any automatic increase in the rates of interestor discount charged by any Federal Reserve bank, as otherwise specified in thatsection. The Federal Reserve Board, with the approval of the Secretary of theTreasury, may require the Federal Reserve banks to take such action as may benecessary, in the judgment of the Board and of the Secretary of the Treasury, toprevent undue credit expansion.
(b) If the Secretary, when directed by the President, is unable to secure theassent of the several Federal Reserve banks and the Federal Reserve Board to theagreements authorized in this section, or if operations under the above provisionsprove to be inadequate to meet the purposes of this section, or if for any otherreason additional measures are required in the judgment of the President to meetsuch purposes, then the President is authorized—
(1) To direct the Secretary of the Treasury to cause to be issued in suchamount or amounts as he may from time to time order, United States notes, asprovided in the Act entitled " An Act to authorize the issue of United States notesand for the redemption of funding thereof and for funding the floating debt of theUnited States", approved February 25, 1862, and Acts supplementary theretoand amendatory thereof, in the same size and of similar color to the FederalReserve notes heretofore issued and in denominations of $1, $5, $10, $20, $50,$100, $500, $1,000, and $10,000; but notes issued under this subsection shall beissued only for the purpose of meeting maturing Federal obligations to repaysums borrowed by the United States and for purchasing United States bonds andother interest-bearing obligations of the United States: Provided, That when anysuch notes are used for such purpose the bond or other obligation so acquired ortaken up shall be retired and canceled. Such notes shall be issued at such timesand in such amounts as the President may approve but the aggregate amount ofsuch notes outstanding at any time shall not exceed $3,000,000,000. There ishereby appropriated, out of any money in the Treasury not otherwise appro-priated, an amount sufficient to enable the Secretary of the Treasury to retire andcancel 4 per centum annually of such outstanding notes, and the Secretary of theTreasury is hereby directed to retire and cancel annually 4 per centum of suchoutstanding notes. Such notes and all other coins and currencies heretofore orhereafter coined or issued by or under the authority of the United States shall belegal tender for all debts public and private.
(2) By proclamation to fix the weight of the gold dollar in grains nine tenthsfine and also to fix the weight of the silver dollar in grains nine tenths fine at adefinite fixed ratio in relation to the gold dollar at such amounts as he findsnecessary from his investigation to stabilize domestic prices or to protect theDigitized for FRASER
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foreign commerce against the adverse effect of depreciated foreign currencies,and to provide for the unlimited coinage of such gold and silver at the ratio sofixed, or in case the Government of the United States enters into an agreementwith any government or governments under the terms of which the ratio betweenthe value of gold and other currency issued by the United States and by any suchgovernment or governments is established, the President may fix the weight ofthe gold dollar in accordance with the ratio so agreed upon, and such gold dollar,the weight of which is so fixed, shall be the standard unit of value, and all formsof money issued or coined by the United States shall be maintained at a paritywith this standard and it shall be the duty of the Secretary of the Treasury tomaintain such parity, but in no event shall the weight of the gold dollar be fixedso as to reduce its present weight by more than 50 per centum.
SEC. 44. The Secretary of the Treasury, with the approval of the President, ishereby authoiized to make and promulgate rules and regulations covering anyaction taken or to be taken by the President under subsection (a) or (b) ofsection 43.
SEC. 45. (a) The President is authorized, for a period of six months from thedate of the passage of this Act, to accept silver in payment of the whole or anypart of the principal or interest now due, or to become due within six months aftersuch date, from any foreign government or governments on account of anyindebtedness to the United States, such silver to be accepted at not to exceed theprice of 50 cents an ounce in United States currency. The aggregate value of thesilver accepted under this section shall not exceed $200,000,000.
' (b) The silver bullion accepted and received under the provisions of this sec-tion shall be subject to the requirements of existing law and the regulations of themint service governing the methods of determining the amount of pure silver con-tained, and the amount of the charges or deductions, if any, to be made; but suchsilver bullion shall not be counted as part of the silver bullion authorized or re-quired to be purchased and coined under the provisions of existing law.
(c) The silver accepted and received under the provisions of this section shallbe deposited in the Treasury of the United States, to be held, used, and disposedof as in this section provided.
(d) The Secretary of the Treasury shall cause silver certificates to be issued insuch denominations as he deems advisable to the total number of dollars forwhich such silver was accepted in payment of debts. Such silver certificatesshall be used by the Treasurer of the United States in payment of any obligationsof the United States.
(e) The silver so accepted and received under this section shall be coined intostandard silver dollars and subsidiary coins sufficient, in the opinion of theSecretary of the Treasury, to meet any demands for redemption of such silvercertificates issued under the provisions of this section, and such coins shall beretained in the Treasury for the payment of such certificates on demand. Thesilver so accepted and received under this section, except so much thereof as iscoined under the provisions of this section, shall be held in the Treasury for thesole purpose of aiding in maintaining the parity of such certificates as provided inexisting law. Any such certificates or reissued certificates, when presented at theTreasury, shall be redeemed in standard silver dollars, or in subsidiary silver coin,at the option of the holder of the certificates: Provided, That, in the redemptionof such silver certificates issued under this section, not to exceed one third of thecoin required for such redemption may in the judgment of the Secretary of theTreasury be made in subsidiary coins, the balance to be made in standard silverdollars.
(f) When any silver certificates issued under the provisions of this section areredeemed or received into the Treasury from any source whatsoever, and belongto the United States, they shall not be retired, canceled, or destroyed, but shallbe reissued and paid out again and kept in circulation; but nothing herein shallprevent the cancelation and destruction of mutilated certificates and the issueof other certificates of like denomination in their stead, as provided by law.
(g) The Secretary of the Treasury is authorized to make rules and regulationsfor carrying out the provisions of this section.
SEC. 46. Section 19 of the Federal Reserve Act, as amended, is amended byinserting immediately after paragraph (c) thereof the following new paragraph:
" Notwithstanding the foregoing provisions of this section, the Federal ReserveBoard, upon the affirmative vote of not less than five of its members and withthe approval of the President, may declare that an emergency exists by reason ofcredit expansion, and may by regulation during such emergency increase ordecrease from time to time, in its discretion, the reserve balances required to bemaintained against either demand or time deposits."Digitized for FRASER
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SECTION 28 OF THE ACT OF MAY 12, 1933, AMENDING SECTION 13OF THE FEDERAL RESERVE ACT
SEC. 28. The eighth paragraph of section 13 of the Federal Reserve Act,as amended, is amended by inserting before the period at the end thereof a commaand the following: "or by the deposit or pledge of bonds issued pursuant to theparagraph added to section 32 of the Federal Farm Loan Act, as amended bysection 21 of the Emergency Farm Mortgage Act of 1933."
AMENDMENT TO BANK CONSERVATION ACT
[PUBLIC—No. 19—73D CONGRESS]
[S. 4110]
AN ACT
To amend section 207 of the Bank Conservation Act with respect to bank reorganizations.
Be it enacted by the Senate and House of Representatives of the United States ofAmerica in Congress assembled, That section 207 of the Bank Conservation Act isamended by striking out "national banking association" wherever it appearstherein and inserting in lieu thereof the word "bank."
Approved May 20th 1933.
AMENDMENTS TO SECTIONS 5200 AND 5202 OF THEREVISED STATUTES
[PUBLIC—No. 20—73D CONGRESS]
[S. 1415]
AN ACT
To amend sections 5200 and 5202 of the Revised Statutes, as amended, to remove the limitations on nationalbanks in certain cases.
Be it enacted by the Senate and House of Representatives of the United Statesof America^ in Congress assembled, That section 5200 of the Revised Statutes, asamended, is amended by adding at the end thereof the following new paragraph:
"(9) Obligations representing loans to any national banking association or toany banking institution organized under the laws of any State, or to any receiver,conservator, or superintendent of banks, or to any other agent, in charge of thebusiness and property of any such association or banking institution, when suchloans are approved by the Comptroller of the Currency, shall not be subjectunder this section to any limitation based upon such capital and surplus."
SEC. 2. Section 5202 of the Revised Statutes, as amended, is amended byadding at the end thereof the following new paragraph:
"Ninth. Liabilities incurred on account of loans made with the expiress approvalof the Comptroller of the Currency under paragraph (9) of section 5200 of theRevised Statutes, as amended."
Approved May 20th 1933.
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270 ANNUAL KEPORT OF THE FEDEEAL RESERVE BOARD
JOINT RESOLUTION RELATING TO PAYMENTS IN GOLD
[PUBLIC RESOLUTION—No. 10—73D CONGRESS]
[H.J.Res. 192]
JOINT RESOLUTION
To assure uniform value to the coins and currencies of the United States.
Whereas the holding of or dealing in gold affect the public interest, and are there-fore subject to proper regulation and restriction; and
Whereas the existing emergency has disclosed that provisions of obligations whichpurport to give the obligee a right to require payment in gold or a particularkind of coin or currency of the United States, or in an amount in money ofthe United States measured thereby, obstruct the power of the Congress toregulate the value of the money of the United States, and are inconsistent withthe declared policy of the Congress to maintain at all times the equal powerof every dollar, coined or issued by the United States, in the markets and inthe payment of debts. Now, therefore, be itResolved by the Senate and House of Representatives of the United States of America
in Congress assembled. That (a) every provision contained in or made with respectto any obligation which purports to give the obligee a right to require paymentin gold or a particular kind of coin or currency, or in an amount in money of theUnited States measured thereby, is declared to be against public policy; and nosuch provision shall be contained in or made with respect to any obligation here-after incurred. Every obligation, heretofore or hereafter incurred, whether ornot any such provision is contained therein or made with respect thereto, shallbe discharged upon payment, dollar for dollar, in any coin or currency which atthe time of payment is legal tender for public and private debts. Any such pro-vision contained in any law authorizing obligations to be issued by or underauthority of the United States, is hereby repealed, but the repeal of any suchprovision shall not invalidate any other provision or authority contained in suchlaw.
(b) As used in this resolution, the term "obligation" means an obligation(including every obligation of and to the United States, excepting currency)payable in money of the United States; and the term "coin or currency" meanscoin or currency of the United States, including Federal Reserve notes and circu-lating notes of Federal Reserve banks and national banking associations.
SEC. 2. The last sentence of paragraph (1) of subsection (b) of section 43 ofthe Act entitled "An Act to relieve the existing national economic emergencyby increasing agricultural purchasing power, to raise revenue for extraordinaryexpenses incurred by reason of such emergency, to provide emergency relief withrespect to agricultural indebtedness, to provide for the orderly liquidation ofjoint-stock land banks, and for other purposes", approved May 12, 1933, isamended to read as follows:
"All coins and currencies of the United States (including Federal Reservenotes and circulating notes of Federal Reserve banks and national bankingassociations) heretofore or hereafter coined or issued, shall be legal tender for alldebts, public and private, public charges, taxes, duties, and dues, except that goldcoins, when below the standard weight and limit of tolerance provided by lawfor the single piece, shall be legal tender only at valuation in proportion to theiractual weight."
Approved, June 5, 1933, 4.40 p.m.
REDEMPTION OF NOTES OF UNIDENTIFIED BANKS
[PUBLIC—No. 41—73D CONGRESS]
[S. 1634]AN ACT
To provide for the redemption of national-bank notes, Federal Reserve bank notes, and Federal Reservenotes which cannot be identified as to the bank of issue.
Be it enacted by the Senate and House of Representatives of the United States ofAmerica in Congress assembled, That whenever any national-bank notes, FederalReserve bank notes, or Federal Reserve notes are presented to the Treasurer ofDigitized for FRASER
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the United States for redemption and such notes cannot be identified as to thebank of issue or the bank through which issued, the Treasurer of the UnitedStates may redeem such notes under such rules and regulations as the Secretaryof the Treasury may prescribe, and the notes so redeemed shall be forwardedto the Comptroller of the Currency for cancelation and destruction.
SEC. 2. National-bank notes and Federal Reserve bank notes redeemed by theTreasurer of the United States under this Act shall be charged against the balanceof deposits for the retirement of national-bank notes and Federal Reserve banknotes under the provisions of section 6 of the Act entitled "An Act directing thepurchase of silver bullion and the issue of Treasury notes thereon, and for otherpurposes", approved July 14, 1890 (U.S.C., title 12, sec. 122), and section 18of the Federal Reserve Act (U.S.C., title 12, sec. 445); and charges for FederalReserve notes redeemed by the Treasurer of the United States under this Actshall be apportioned among the twelve Federal Reserve banks in proportion tothe amount of Federal Reserve notes of each Federal Reserve bank in circulationon the 31st day of December of the year preceding the date of redemption, andthe amount so apportioned to each bank shall be charged by the Treasurer ofthe United States against deposit in the gold-redemption fund made by such bankor its Federal Reserve agent.
Approved, June 13, 1933.
AMENDMENT TO EMERGENCY BANKING ACT
[PUBLIC—No. 56—73D CONGRESS]
[S. 1425]
AN ACT
To amend the Act entitled "An Act to provide relief in the existing national emergency in banking, andfor other purposes", approved March 9,1933.
Be it enacted by the Senate and House of Representatives of the United States ofAmerica in Congress assembled, That the Act entitled "An Act to provide reliefin the existing national emergency in banking, and for other purposes", approvedMarch 9, 1933, is amended by—
(a) striking out the whole of section 301 of title III thereof and inserting inlieu thereof the following:
"SEC. 301. Notwithstanding any other provision of law, any national bankingassociation may, with the approval of the Comptroller of the Currency and byvote of shareholders owning a majority of the stock of such association, uponnot less than five days' notice, given by registered mail pursuant to action takenby its board of directors, issue preferred stock of one or more classes, in suchamount and with such par value as shall be approved by said Comptroller, andmake such amendments to its articles of association as may be necessary for thispurpose; but, in the case of any newly organized national banking associationwhich has not yet issued common stock, the requirement of notice to and voteof shareholders shall not apply. No issue of preferred stock shall be valid untilthe par value of all stock so issued shall be paid in."
(b) striking out the whole of subsection (a) of section 302 of the said title IIIand inserting in lieu thereof the following:
"Notwithstanding any other provision of law, whether relating to restrictionupon the payment of dividends upon capital stock or otherwise, the holders ofsuch preferred stock shall be entitled to receive such cumulative dividends at arate not exceeding 6 per centum per annum and shall have such voting andconversion rights and such control of management, and such stock shall be subjectto retirement in such manner and upon such conditions, as may be provided inthe articles of association with the approval of the Comptroller of the Currency.The holders of such preferred stock shall not be held individually responsible assuch holders for any debts, contracts, or engagements of such association, andshall not be liable for assessments to restore impairments in the capital of suchassociation as now provided by law with reference to holders of common stock/'
Approved, June 15, 1933.
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2 7 2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
BANKING ACT OF 1933
[PUBLIC—No. 66—73D CONGKESS]
[H.R. 5661]
AN ACT
To provide for the safer and more effective use of the assets of banks, to regulate interbank control, toprevent the undue diversion of funds into speculative operations, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States ofAmerica in Congress assembled, That the short title of this Act shall be the"Banking Act of 1933."
SEC. 2. As used in this Act and in any provision of law amended by this Act—(a) The terms "banks", "national bank", "national banking association",
"member bank", "board", "district", and "reserve bank" shall have themeanings assigned to them in section 1 of the Federal Reserve Act, as amended.
(b) Except where otherwise specifically provided, the term "affiliate" shallinclude any corporation, business trust, association, or other similar organization—•
(1) Of which a member bank, directly or indirectly, owns or controls either amajority of the voting shares or more than 50 per centum of the number of sharesvoted for the election of its directors, trustees, or other persons exercising similarfunctions at the preceding election, or controls in any manner the election of amajority of its directors, trustees, or other persons exercising similar functions; or
(2) Of which control is held, directly or indirectly, through stock ownership orin any other manner, by the shareholders of a member bank who own or controleither a majority of the shares of such bank or more than 50 per centum of thenumber of shares voted for the election of directors of such bank at the precedingelection, or by trustees for the benefit of the shareholders of any such bank; or
(3) Of which a majority of its directors, trustees, or other persons exercisingsimilar functions are directors of any one member bank.
(c) The term "holding company affiliate" shall include any corporation,business trust, association, or other similar organization—
(1) Which owns or controls, directly or indirectly, either a majority of theshares of capital stock of a member bank or more than 50 per centum of thenumber of shares voted for the election of directors of any one bank at the pre-ceding election, or controls in any manner the election of a majority of the directorsof any one bank; or
(2) For the benefit of whose shareholders or members all or substantially allthe capital stock of a member bank is held by trustees.
SEC. 3. (a) The fourth paragraph after paragraph "Eighth" of section 4 ofthe Federal Reserve Act, as amended (U.S.C., title 12, sec. 301), is amended toread as follows:
"Said board of directors shall administer the affairs of said bank fairly andimpartially and without discrimination in favor of or against any member bankor banks and may, subject to the provisions of law and the orders of the FederalReserve Board, extend to each member bank such discounts, advancements, andaccommodations as may be safely and reasonably made with due regard for theclaims and demands of other member banks, the maintenance of sound creditconditions, and the accommodation of commerce, industry, and agriculture.The Federal Reserve Board may prescribe regulations further defining within thelimitations of this Act the conditions under which discounts, advancements, andthe accommodations may be extended to member banks. Each Federal reservebank shall keep itself informed of the general character and amount of the loansand investments of its member banks with a view to ascertaining whether undueuse is being made of bank credit for the speculative carrying of or trading insecurities, real estate, or commodities, or for any other purpose inconsistent withthe maintenance of sound credit conditions; and, in determining whether to grantor refuse advances, rediscounts or other credit accommodations, the Federalreserve bank shall give consideration to such information. The chairman of theFederal reserve bank shall report to the Federal Reserve Board any such undueuse of bank credit by any member bank, together with his recommendation.Whenever, in the judgment of the Federal Reserve Board, any member bankis making such undue use of bank credit, the Board may, in its discretion, afterreasonable notice and an opportunity for a hearing, suspend such bank from theuse of the credit facilities of the Federal Reserve System and may terminate suchsuspension or may renew it from time to time."
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(b) The paragraph of section 4 of the Federal Reserve Act, as amended (U.S.C.,title 12, sec. 304), which commences with the words "The Federal Reserve Boardshall classify " is amended by inserting before the period at the end thereof a colonand the following: "Provided, That whenever any two or more member bankswithin the same Federal reserve district are affiliated with the same holdingcompany affiliate, participation by such member banks in any such nominationor election shall be confined to one of such banks, which may be designated forthe purpose by such holding company affiliate."
SEC. 4. The first paragraph of section 7 of the Federal Reserve Act, as amended(U.S.C., title 12, sec. 289), is amended, effective July 1, 1932, to read as follows:
"After all necessary expenses of a Federal reserve bank shall have been paidor provided for, the stockholders shall be entitled to receive an annual dividendof 6 per centum on the paid-in capital stock, which dividend shall be cumulative.After the aforesaid dividend claims have been fully met, the net earnings shallbe paid into the surplus fund of the Federal reserve bank."
SEC. 5. (a) The first paragraph of section 9 of the Federal Reserve Act, asamended (U.S.C., title 12, sec. 321; Supp. VI, title 12, sec. 321), is amended byinserting immediately after the words "United States" a comma and the follow-ing: "including Morris Plan banks and other incorporated banking institutionsengaged in similar business."
(b) The second paragraph of section 9 of the Federal Reserve Act, as amended,is amended by adding at the end thereof the following: "Provided, however, Thatnothing herein contained shall prevent any State member bank from establishingand operating branches in the United States or any dependency or insular posses-sion thereof or in any foreign country, on the same terms and conditions and sub-ject to the same limitations and restrictions as are applicable to the establishmentof branches by national banks."
(c) Section 9 of the Federal Reserve Act, as amended (U.S.C., title 12, sees.321-331; Supp. VI, title 12, sees. 321-332), is further amended by adding at theend thereof the following new paragraphs:
"Any mutual savings bank having no capital stock (including any otherbanking institution the capital of which consists of weekly or other time depositswhich are segregated from all other deposits and are regarded as capital stock forthe purposes of taxation and the declaration of dividends), but having surplusand undivided profits not less than the amount of capital required for the organi-zation of a national bank in the same place, may apply for and be admitted tomembership in the Federal Reserve System in the same manner and subject tothe same provisions of law as State banks and trust companies, except that anysuch savings bank shall subscribe for capital stock of the Federal reserve bank inan amount equal to six-tenths of 1 per centum of its total deposit liabilities asshown by the most recent report of examination of such savings bank precedingits admission to membership. Thereafter such subscription shall be adjustedsemiannually on the same percentage basis in accordance with rules and regula-tions prescribed by the Federal Reserve Board. If any such mutual savings bankapplying for membership is not permitted by the laws under which it was organ-ized to purchase stock in a Federal reserve bank, it shall, upon admission to thesystem, deposit with the Federal reserve bank an amount equal to the amountwhich it would have been required to pay in on account of a subscription tocapital stock. Thereafter such deposit shall be adjusted semiannually in thesame manner as subscriptions for stock. Such deposits shall be subject to thesame conditions with respect to repayment as amounts paid upon subscriptionsto capital stock by other member banks and the Federal reserve bank shall payinterest thereon at the same rate as dividends are actually paid on outstandingshares of stock of such Federal reserve bank. If the laws under which any suchsavings bank was organized be amended so as to authorize mutual savings banksto subscribe for Federal reserve bank stock, such savings bank shall thereuponsubscribe for the appropriate amount of stock in the Federal reserve bank, andthe deposit hereinbefore provided for in lieu of payment upon capital stock shallbe applied upon such subscription. If the laws under which any such savings bankwas organized be not amended at the next session of the legislature following theadmission of such savings bank to membership so as to authorize mutual savingsbanks to purchase Federal reserve bank stock, or if such laws be so amended andsuch bank fail within six months thereafter to purchase such stock, all of its rightsand privileges as a member bank shall be forfeited and its membership in the Fed-eral Reserve System shall be terminated in the manner prescribed elsewhere inthis section with respect to State member banks and trust companies. Each suchmutual savings bank shall comply with all the provisions of law applicable toState member banks and trust companies, with the regulations of the Federal
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Reserve Board and with the conditions of membership prescribed for such savingsbank at the time of admission to membership, except as otherwise hereinbeforeprovided with respect to capital stock.
"Each bank admitted to membership under this section shall obtain from eachof its affiliates other than member banks and furnish to the Federal reserve bankof its district and to the Federal Reserve Board not less than three reports duringeach year. Such reports shall be in such form as the Federal Reserve Board may-prescribe, shall be verified by the oath or affirmation of the president or suchother officer as may be designated by the board of directors of such affiliate toverify such reports, and shall disclose the information hereinafter provided foras of dates identical with those fixed by the Federal Reserve Board for reportsof the condition of the affiliated member bank. Each such report of an affiliateshall be transmitted as herein provided at the same time as the correspondingreport of the affiliated member bank, except that the Federal Reserve Board may,in its discretion, extend such time for good cause shown. Each such report shallcontain such information as in the judgment of the Federal Reserve Board shallbe necessary to disclose fully the relations between such affiliate and such bankand to enable the Board to inform itself as to the effect of such relations upon theaffairs of such bank. The reports of such affiliates shall be published by thebank under the same conditions as govern its own condition reports.
"Any such affiliated member bank may be required to obtain from any suchaffiliate such additional reports as in the opinion of its Federal reserve bank orthe Federal Reserve Board may be necessary in order to obtain a full and completeknowledge of the condition of the affiliated member bank. Such additionalreports shall be transmitted to the Federal reserve bank and the Federal ReserveBoard and shall be in such form as the Federal Reserve Board may prescribe.
"Any such affiliated member bank which fails to obtain from any of its affiliatesand furnish any report provided for by the two preceding paragraphs of thissection shall be subject to a penalty of $100 for each day during which such failurecontinues, which, by direction of the Federal Reserve Board, may be collected,by suit or otherwise, by the Federal reserve bank of the district in which suchmember bank is located. For the purposes of this paragraph and the two pre-ceding paragraphs of this section, the term 'affiliate' shall include holding com-pany affiliates as well as other affiliates.
"State member banks shall be subject to the same limitations and conditionswith respect to the purchasing, selling, underwriting, and holding of investmentsecurities and stock as are applicable in the case of national banks under para-graph 'Seventh' of section 5136 of the Revised Statutes, as amended.
"After one year from the date of the enactment of the Banking Act of 1933, nocertificate representing the stock of any State member bank shall represent thestock of any other corporation, except a member bank or a corporation existingon the date this paragraph takes effect engaged solely in holding the bank premisesof such State member bank, nor shall the ownership, sale, or transfer of anycertificate representing the stock of any such bank be conditioned in anjr mannerwhatsoever upon the ownership, sale, or transfer of a certificate representing thestock of any other corporation, except a member bank.
"Each State member bank affiliated with a holding company affiliate shallobtain from such holding company affiliate, within such time as the FederalReserve Board shall prescribe, an agreement that such holding company affiliateshall be subject to the same conditions and limitations as are applicable undersection 5144 of the Revised Statutes, as amended, in the case of holding companyaffiliates of national banks. A copy of each such agreement shall be filed withthe Federal Reserve Board. Upon the failure of a State member bank affiliatedwith a holding company affiliate to obtain such an agreement within the time soprescribed, the Federal Reserve Board shall require such bank to surrender itsstock in the Federal reserve bank and to forfeit all rights and privileges of mem-bership in the Federal Reserve System as provided in this section. Wheneverthe Federal Reserve Board shall have revoked the voting permit of any suchholding company affiliate, the Federal Reserve Board may, in its discretion,require any or all State member banks affiliated with such holding companyaffiliate to surrender their stock in the Federal reserve bank and to forfeit allrights and privileges of membership in the Federal Reserve System as providedin this section.
"In connection with examinations of State member banks, examiners selectedor approved by the Federal Reserve Board shall make such examinations of theaffairs of all affiliates of such banks as shall be necessary to disclose fully therelations between such banks and their affiliates and the effect of such relationsupon the affairs of such banks. The expense of examination of affiliates of anyDigitized for FRASER
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State member bank may, in the discretion of the Federal Reserve Board, beassessed against such bank and, when so assessed, shall be paid by such bank.In the event of the refusal to give any information requested in the course of theexamination of any such affiliate, or in the event of the refusal to permit suchexamination, or in the event of the refusal to pay any expense so assessed, theFederal Reserve Board may, in its discretion, require any or all State memberbanks affiliated with such affiliate to surrender their stock in the Federal reservebank and to forfeit all rights and privileges of membership in the Federal ReserveSystem, as provided in this section."
SEC. 6. (a) The second paragraph of section 10 of the Federal Reserve Act, asamended (U.S.C., title 12, sec. 242), is amended to read as follows:
"The Secretary of the Treasury and the Comptroller of the Currency shallbe ineligible during the time they are in office and for two years thereafter tohold any office, position, or employment in any member bank. The appointivemembers of the Federal Reserve Board shall be ineligible during the time theyare in office and for two years thereafter to hold any office, position, or employ-ment in any member bank, except that this restriction shall not apply to a memberwho has served the full term for which he was appointed. Upon the expirationof the term of any appointive member of the Federal Reserve Board in officewhen this paragraph as amended takes effect, the President shall fix the term ofthe successor to such member at not to exceed twelve years, as designated by thePresident at the time of nomination, but in such manner as to provide for theexpiration of the term of not more than one appointive member in any two-yearperiod, and thereafter each appointive member shall hold office for a term oftwelve years from the expiration of the term of his predecessor. Of the six personsthus appointed, one shall be designated by the President as governor and one asvice governor of the Federal Reserve Board. The governor of the Federal Re-serve Board, subject to its supervision, shall be its active executive officer. Eachmember of the Federal Reserve Board shall within fifteen days after notice ofappointment make and subscribe to the oath of office."
(b) The fourth paragraph of section 10 of the Federal Reserve Act, as amended(U.S.C., title 12, sec. 244), is amended to read as follows:
"The principal offices of the Board shall be in the District of Columbia. Atmeetings of the Board the Secretary of the Treasury shall preside as chairman,and, in his absence, the governor shall preside. In the absence of both the Secre-tary of the Treasury and the governor the vice governor shall preside. In theabsence of the Secretary of the Treasury, the governor, and the vice governorthe Board shall elect a member to act as chairman pro tempore. The Boardshall determine and prescribe the manner in which its obligations shall be incurredand its disbursements and expenses allowed and paid, and may leave on depositin the Federal Reserve banks the proceeds of assessments levied upon them todefray its estimated expenses and the salaries of its members and employees,whose employment, compensation, leave, and expenses shall be governed solelyby the provisions of this Act, specific amendments thereof, and rules and regula-tions of the Board not inconsistent therewith; and funds derived from suchassessments shall not be construed to be Government funds or appropriatedmoneys. No member of the Federal Reserve Board shall be an officer or directorof any bank, banking institution, trust company, or Federal Reserve bank orhold stock in any bank, banking institution, or trust company; and before enteringupon his duties as a member of the Federal Reserve Board he shall certify underoath that he has complied with this requirement, and such certification shall befiled with the secretary of the Board. Whenever a vacancy shall occur, otherthan by expiration of term, among the six members of the Federal Reserve Boardappointed by the President as above provided, a successor shall be appointed bythe President, by and with the advice and consent of the Senate, to fill suchvacancy, and when appointed he shall hold office for the unexpired term of hispredecessor."
SEC. 7. Paragraph (m) of section 11 of the Federal Reserve Act, as amended(U.S.C., title 12, sec. 248), is amended to read as follows:
" (m) Upon the affirmative vote of not less than six of its members the FederalReserve Board shall have power to fix from time to time for each Federal reservedistrict the percentage of individual bank capital and surplus which may berepresented by loans secured by stock or bond collateral made by member bankswithin such district, but no such loan shall be made by any such bank to anyperson in an amount in excess of 10 per centum of the unimpaired capital andsurplus of such bank. Any percentage so fixed by the Federal Reserve Boardshall be subject to change from time to time upon ten days' notice, and it shall
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be the duty of the Board to establish such percentages with a view to preventingthe undue use of bank loans for the speculative carrying of securities. TheFederal Reserve Board shall have power to direct any member bank to refrainfrom further increase of its loans secured by stock or bond collateral for any periodup to one year under penalty of suspension of all rediscount privileges at Federalreserve banks."
SEC. 8. The Federal Reserve Act, as amended, is amended by inserting betweensections 12 and 13 (U.S.C., title 12, sees. 261, 262, and 342), thereof the followingnew sections:
"SEC. 12A. (a) There is hereby created a Federal Open Market Committee(hereinafter referred to as the lcommittee'), which shall consist of as manymembers as there are Federal reserve districts. Each Federal reserve bank byits board of directors shall annually select one member of said committee. Themeetings of said committee shall be held at Washington, District of Columbia,at least four times each year, upon the call of the governor of the Federal ReserveBoard or at the request of any three members of the committee, and, in the dis-cretion of the Board, may be attended by the members of the Board.
" (b) No Federal reserve bank shall engage in open-market operations undersection 14 of this Act except in accordance with regulations adopted by the FederalReserve Board. The Board shall consider, adopt, and transmit to the committeeand to the several Federal reserve banks regulations relating to the open-markettransactions of such banks and the relations of the Federal Reserve System withforeign central or other foreign banks.
' ' (c) The time, character, and volume of all purchases and sales of paperdescribed in section 14 of this Act as eligible for open-market operations shall begoverned with a view to accommodating commerce and business and with regardto their bearing upon the general credit situation of the country.
" (d) If any Federal reserve bank shall decide not to participate in open-marketoperations recommended and approved as provided in paragraph (b) hereof, itshall file with the chairman of the committee within thirty days a notice of itsdecision, and transmit a copy thereof to the Federal Reserve Board.
"SEC. 12B. (a) There is hereby created a Federal Deposit Insurance Corpora-tion (hereinafter referred to as the 'Corporation'), whose duty it shall be topurchase, hold, and liquidate, as hereinafter provided, the assets of nationalbanks which have been closed by action of the. Comptroller of the Currency, orby vote of their directors, and the assets of State member banks which have beenclosed by action of the appropriate State authorities, or by vote of their directors;and to insure, as hereinafter provided, the deposits of all banks which are entitledto the benefits of insurance under this section.
" (b) The management of the Corporation shall be vested in a board of directorsconsisting of three members, one of whom shall be the Comptroller of the Cur-rency, and two of whom shall be citizens of the United States to be appointedby the President, by and with the advice and consent of the Senate. One of theappointive members shall be the chairman of the board of directors of the Cor-poration and not more than two of the members of such board of directors shallbe members of the same political party. Each such appointive member shallhold office for a term of six years and shall receive compensation at the rate of$10,000 per annum, payable monthly out of the funds of the Corporation, butthe Comptroller of the Currency shall not receive additional compensation forhis services as such member.
"(c) There is hereby authorized to be appropriated, out of any money in theTreasury not otherwise appropriated, the sum of $150,000,000, which shall beavailable for payment by the Secretary of the Treasury for capital stock of theCorporation in an equal amount, which shall be subscribed for by him on behalfof the United States. Payments upon such subscription shall be subject to callin whole or in part by the board of directors of the Corporation. Such stock shallbe in addition to the amount of capital stock required to be subscribed for byFederal reserve banks and member and nonmember banks as hereinafter provided,and the United States shall be entitled to the payment of dividends on such stockto the same extent as member and nonmember banks are entitled to such pay-ment on the class A stock of the Corporation held by them. Receipts for pay-ments by the United States for or on account of such stock shall be issued by theCorporation to the Secretary of the Treasury and shall be evidence of the stockownership of the United States.
"(d) The capital stock of the Corporation shall be divided into shares of $100each. Certificates of stock of the Corporation shall be of two classes—class Aand class B. Class A stock shall be held by member and nonmember banks ashereinafter provided and they shall be entitled to payment of dividends out ofDigitized for FRASER
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net earnings at the rate of 6 per centum per annum on the capital stock paid in bythem, which dividends shall be cumulative, or to the extent of 30 per centum ofsuch net earnings in any one year, whichever amount shall be the greater, butsuch stock shall have no vote at meetings of stockholders. Class B stock shallbe held by Federal reserve banks only and shall not be entitled to the paymentof dividends. Every Federal reserve bank shall subscribe to shares of class Bstock in the Corporation to an amount equal to one half of the surplus of suchbank on January 1, 1933, and its subscriptions shall be accompanied by a certifiedcheck payable to the Corporation in an amount equal to one half of such sub-scription. The remainder of such subscription shall be subject to call from timeto time by the board of directors upon ninety days' notice.
"(e) Every bank which is or which becomes a member of the Federal ReserveSystem on or before July 1, 1934, shall take all steps necessary to enable it tobecome a class A stockholder of the Corporation on or before July 1, 1934; andthereafter no State bank or trust company or mutual savings bank shall beadmitted to membership in the Federal Reserve System until it becomes a classA stockholder of the Corporation, no national bank in the continental UnitedStates shall be granted a certificate by the Comptroller of the Currency authori-izing it to commence the business of banking until it becomes a member of theFederal Reserve System and a class A stockholder of the Corporation, and nonational bank in the continental United States for which a receiver or conservatorhas been appointed shall be permitted to resume the transaction of its bankingbusiness until it becomes a class A stockholder of the Corporation. Every mem-ber bank shall apply to the Corporation for class A stock of the Corporation inan amount equal to one half of 1 per centum of its total deposit liabilities as com-puted in accordance with regulations prescribed by the Federal Reserve Board;except that in the case of a member bank organized after the date this sectiontakes effect, the amount of such class A stock applied for by such member bankduring the first twelve months after its organization shall equal 5 per centum of itspaid-up capital and surplus, and beginning after the expiration of such twelvemonths' period the amount of such class A stock of such member bank shall beadjusted annually in the same manner as in the case of other member banks.Upon receipt of such application the Corporation shall request the Federal Re-serve Board, in the case of a State member bank, or the Comptroller of the Cur-rency, in the case of a national bank, to certify upon the basis of a thorough exami-nation of such bank whether or not the assets of the applying bank are adequateto enable it to meet all of its liabiHties to depositors and other creditors as shownby the books of the bank; and the Federal Reserve Board or the Comptroller ofthe Currency shall make such certification as soon as practicable. If such certifi-cation be in the affirmative, the Corporation shall grant such application and theapplying bank shall pay one half of its subscription in full and shall thereuponbecome a class A stockholder of the Corporation: Provided, That no memberbank shall be required to make such payment or become a class A stockholderof the Corporation before July 1, 1934. The remainder of such subscriptionshall be subject to call from time to time by the board of directors of the Corpora-tion. If such certification be in the negative, the Corporation shall deny suchapplication. If any national bank shall not have become a class A stockholder ofthe Corporation on or before July 1, 1934, the Comptroller of the Currency shallappoint a receiver or conservator therefor in accordance with the provisions ofexisting law. Except as provided in subsection (g) of this section, if any Statemember bank shall not have become a class A stockholder of the Corporation onor before July 1, 1934, the Federal Reserve Board shall terminate its membershipin the Federal Reserve System in accordance with the provisions of section 9 ofthis Act.
"(f) Any State bank or trust company or mutual savings bank which appliesfor membership in the Federal Reserve System or for conversion into a nationalbanking association on or after July 1, 1936, may, with the consent of the Corpora-tion, obtain the benefits of this section, pending action on such application, bysubscribing and paying for the same amount of stock of the Corporation as itwould be required to subscribe and pay for upon becoming a member bank.Thereupon the provisions of this section applicable to member banks shall beapplicable to such State bank or trust company or mutual savings bank to thesame extent as if it were already a member bank: Provided, That if the applicationof such State bank or trust company or mutual savings bank for membership inthe Federal Reserve System or for conversion into a national banking associa-tion be approved and it shall not complete its membership in the Federal ReserveSystem or its conversion into a national banking association within a reasonabletime, or if such application shall be disapproved, then the amount paid by such
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State bank or trust company or mutual savings bank on account of its subscrip-tion to the capital stock of the Corporation shall be repaid to it and it shall nolonger be subject to the provisions or entitled to the privileges of this section.
" (g) If any State bank or trust company, or mutual savings bank (referred toin this subsection as lState bank') which is or which becomes a member of theFederal Reserve System is not permitted by the laws under which it was organizedto purchase stock in the Corporation, it shall apply to the Corporation for admis-sion to the benefits of this section and, if such application be granted after appro-priate certification in accordance with this section, it shall deposit with theCorporation an amount equal to the amount which it would have been requiredto pay in on account of a subscription to capital stock of the Corporation. There-after such deposit shall be adjusted in the same manner as subscriptions for stockby class A stockholders. Such deposit shall be subject to the same conditionswith respect to repayment as amounts paid on subscriptions to class A stock byother member banks and the Corporation shall pay interest thereon at the samerate as dividends are actually paid on outstanding shares of class A stock. As longas such deposit is maintained with the Corporation, such State bank shall, for thepurposes of this section, be deemed to be a class A stockholder of the Corporation.If the laws under which such State bank was organized be amended so as toauthorize State banks to subscribe for class A stock of the Corporation, suchState bank shall within six months thereafter subscribe for an appropriate amountof such class A stock and the deposit hereinafter provided for in lieu of paymentupon class A stock shall be applied upon such subscription. If the Jaw underwhich such State bank was organized be not amended at the next session of theState legislature following the admission of such State bank to the benefits of thissection so as to authorize State banks to purchase such class A stock, or, if the lawbe so amended and such State bank shall fail within six months thereafter topurchase such class A stock, the deposit previously made with the Corporationshall be returned to such State bank and it shall no longer be entitled to the bene-fits of this section, unless it shall have been closed in the meantime on account ofinability to meet the demands of its depositors.
" (h) The amount of the outstanding class A stock of the Corporation held bymember banks shall be annually adjusted as hereinafter provided as of the lastpreceding call date as member banks increase their time and demand deposits oras additional banks become members or subscribe to the stock of the Corporation,and such stock may be decreased in amount as member banks reduce their timeand demand deposits or cease to be members. Shares of the capital stock of theCorporation owned by member banks shall not be transferred or hypothecated.When a member bank increases its time and demand deposits it shall, at the begin-ning of each calendar year, subscribe for an additional amount of capital stock ofthe Corporation equal to one half of 1 per centum of such increase in deposits.One half of the amount of such additional stock shall be paid for at the time of thesubscription therefor, and the balance shall be subject to call by the board ofdirectors of the Corporation. A bank organized on or before the date this sectiontakes effect and admitted to membership in the Federal Reserve System at anytime after the organization of the Corporation shall be required to subscribe foran amount of class A capital stock equal to one half of 1 per centum of the timeand demand deposits of the applicant bank as of the date of such admission,paying therefor its par value plus one half of 1 per centum a month from theperiod of the last dividend on the class A stock of the Corporation. When amember bank reduces its time and demand deposits it shall surrender, not laterthan the 1st day of January thereafter, a proportionate amount of its holdingsin the capital stock of the Corporation, and when a member bank voluntarilyliquidates it shall surrender all its holdings of the capital stock of the Corporationand be released from its stock subscription not previously called. The shares sosurrendered shall be canceled and the member bank shall receive in paymenttherefor, under regulations to be prescribed by the Corporation, a sum equal toits cash-paid subscriptions on the shares surrendered and its proportionate shareof dividends not to exceed one half of 1 per centum a month, from the period ofthe last dividend on such stock, less any liability of such member bank to theCorporation.
" (i) If any member or nonmember bank shall be declared insolvent, or shallcease to be a member bank (or in the case of a nonmember bank, shall cease to beentitled to the benefits of insurance under this section), the stock held by it inthe Corporation shall be canceled, without impairment of the liability of such bank,and all cash-paid subscriptions on such stock, with its proportionate share ofdividends not to exceed one half of 1 per centum per month from the period oflast dividend on such stock shall be first applied to all debts of the insolvent bankDigitized for FRASER
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or the receiver thereof to the Corporation, and the balance, if any, shall be paidto the receiver of the insolvent bank.
"(j) Upon the date of enactment of the Banking Act of 1933, the Corporationshall become a body corporate and as such shall have power—
" First. To adopt and use a corporate seal.u Second. To have succession until dissolved by an Act of Congress."Third. To make contracts." Fourth. To sue and be sued, complain and defend, in any court of law or
equity, State or Federal."Fifth. To appoint by its board of directors such officers and employees as are
not otherwise provided for in this section, to define their duties, fix their compen-sation, require bonds of them and fix the penalty thereof, and to dismiss at pleas-ure such officers or employees. Nothing in this or any other Act shall be construedto prevent the appointment and compensation as an officer or employee of theCorporation of any officer or employee of the United States in any board, com-mission, independent establishment, or executive department thereof.
"Sixth. To prescribe by its board of directors, bylaws not inconsistent withlaw, regulating the manner in which its general business may be conducted, andthe privileges granted to it by law may be exercised and enjoyed.
"Seventh. To exercise by its board of directors, or duly authorized officers oragents, all powers specifically granted by the provisions of this section and suchincidental powers as shall be necessary to carry out the powers so granted.
"(k) The board of directors shall administer the affairs of the Corporationfairly and impartially and without discrimination. The board of directors of theCorporation shall determine and prescribe the manner in which its obligationsshall be incurred and its expenses allowed and paid. The Corporation shall beentitled to the free use of the United States mails in the same manner as theexecutive departments of the Government. The Corporation with the consentof any Federal reserve bank or of any board, commission, independent establish-ment, or executive department of the Government, including any field servicethereof, may avail itself of the use of information, services, and facilities thereofin carrying out the provisions of this section.
"(1) Effective on and after July 1, 1934 (thus affording ample time for exam-ination and preparation), unless the President shall by proclamation fix an earlierdate, the Corporation shall insure as hereinafter provided the deposits of allmember banks, and on and after such date and until Julyl, 1936, of all nonmemberbanks, which are class A stockholders of the Corporation. Notwithstanding anyother provision of law, whenever any national bank which is a class A stockholderof the Corporation shall have been closed by action of its board of directors orby the Comptroller of the Currency, as the case may be, on account of inability tomeet the demands of its depositors, the Comptroller of the Currency shall appointthe Corporation receiver for such bank. As soon as possible thereafter the Cor-poration shall organize a new national bank to assume the insured deposit liabil-ities of such closed bank, to receive new deposits and otherwise to perform tem-porarily the functions provided for it in this paragraph. For the purposes ofthis subsection, the term 'insured deposit liability' shall mean with respect to theowner of any claim arising out of a deposit liability of such closed bank the follow-ing percentages of the net amount due to such owner by such closed bank onaccount of deposit liabilities: 100 per centum of such net amount not exceeding$10,000; and 75 per centum of the amount, if any, by which such net amountexceeds $10,000 but does not exceed $50,000; and 50 per centum of the amount,if any, by which such net amount exceeds $50,000: Provided, That, in determiningthe amount due to such owner for the purpose of fixing such percentage, thereshall be added together all net amounts due to such owner in the same capacityor the same right, on account of deposits, regardless of whether such depositsbe maintained in his name or in the names of others for his benefit. For thepurposes of this subsection, the term 'insured deposit liabilities' shall mean theaggregate amount of all such insured deposit liabilities of such closed bank. TheCorporation shall determine as expeditiously as possible the net amounts due todepositors of the closed bank and shall make available to the new bank an amountequal to the insured deposit liabilities of such closed bank, whereupon such newbank shall assume the insured deposit liability of such closed bank to each of itsdepositors, and the Corporation shall be subrogated to all rights against the closedbank of the owners of such deposits and shall be entitled to receive the same divi-dends from the proceeds of the assets of such closed bank as would have beenpayable to each such depositor until such dividends shall equal the insured de-
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posit liability to such depositor assumed by the new bank, whereupon all furtherdividends shall be payable to such depositor. Of the amount thus made availableby the Corporation to the new bank, such portion shall be paid to it in cash asmay be necessary to enable it to meet immediate cash demands and the remaindershall be credited to it on the books of the Corporation subject to withdrawal ondemand and shall bear interest at the rate of 3 per centum per annum untilwithdrawn. The new bank may, with the approval of the Corporation, acceptnew deposits, which, together with all amounts made available to the new bankby the Corporation, shall be kept on hand in cash, invested in direct obligationsof the United States, or deposited with the Corporation or with a Federal reservebank. Such new bank shall maintain on deposit with the Federal reserve bankof its district the reserves required by law of member banks but shall not berequired to subscribe for stock of the Federal reserve bank until its own capitalstock has been subscribed and paid for in the manner hereinafter provided. Thearticles of association and organization certificate of such new bank may be exe-cuted by such representatives of the Corporation as it may designate; the newbank shall not be required to have any directors at the time of its organization,but shall be managed by an executive officer to be designated by the Corporation;and no capital stock need be paid in by the Corporation; but in other respectssuch bank shall be organized in accordance with the existing provisions of lawrelating to the organization of national banks; and, until the requisite amount ofcapital stock for such bank has been subscribed and paid for in the manner here-inafter provided, such bank shall transact no business except that authorized bythis subsection and such business as may be incidental to its organization. Whenin the judgment of the Corporation it is desirable to do so, the Corporation shalloffer capital stock of the new bank for sale on such terms and conditions as theCorporation shall deem advisable, in an amount sufficient in the opinion of theCorporation to make possible the conduct of the business of the new bank on asound basis, but in no event less than that required by section 5138 of the Re-vised Statutes, as amended (U.S.C., title 12, sec. 51), for the organization of anational bank in the place where such new bank is located, giving the stockholdersof the closed bank the first opportunity to purchase such stock. Upon proofthat an adequate amount of capital stock of the new bank has been subscribedand paid for in cash by subscribers satisfactory to the Comptroller of the Currency,he shall issue to such bank a certificate of authority to commence business andthereafter it shall be managed by directors elected by its own shareholders andmay exercise all of the powers granted by law to national banking associations.If an adequate amount of capital for such new bank is not subscribed and paid in,the Corporation may offer to transfer its business to any other banking institutionin the same place which will take over its assets, assume its liabilities, and payto the Corporation for such business such amount as the Corporation may deemadequate. Unless the capital stock of the new bank is sold or its assets acquiredand its liabilities assumed by another banking institution, in the manner hereinprescribed, within two years from the date of its organization, the Corporationshall place the new bank in voluntary liquidation and wind up its affairs. TheCorporation shall open on its books a deposit insurance account, and as soon aspossible after taking possession of any closed national bank, the Corporation shallmake an estimate of the amount which will be available from all sources forapplication in satisfaction of the portion of the claims of depositors to which ithas been subrogated and shall debit to such deposit insurance account the excess,if any, of the amount made available by the Corporation to the new bank fordepositors over and above the amount of such estimate. It shall be the duty ofthe Corporation to realize upon the assets of such closed bank, having due regardto the conditions of credit in the district in which such closed bank is located; toenforce the individual liability of the stockholders and directors thereof; and towind up the affairs of such closed bank in conformity with the provisions of lawrelating to the liquidation of closed national banks, except as herein otherwiseprovided, retaining for its own account such portion of the amount realized fromsuch liquidation as it shall be entitled to receive on account of its subrogation tothe claims of depositors and paying to depositors and other creditors the amountavailable for distribution to them, after deducting therefrom their share of thecosts of the liquidation of the closed bank. If the total amount realized by theCorporation on account of its subrogation to the claims of depositors be less thanthe amount of the estimate hereinabove provided for, the deposit insurance ac-count shall be charged with the deficiency and, if the total amount so realizedshall exceed the amount of such estimate, such account shall be credited with suchexcess. With respect to such closed national banks, the Corporation shall haveall the rights, powers, and privileges now possessed by or hereafter given receivers
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of insolvent national banks and shall be subject to the obligations and penaltiesnot inconsistent with the provisions of this paragraph to which such receiversare now or may hereafter become subject.
"Whenever any State member bank which is a class A stockholder of theCorporation shall have been closed by action of its board of directors or by theappropriate State authority, as the case may be, on account of inability to meetthe demands of its depositors, the Corporation shall accept appointment as re-ceiver thereof, if such appointment be tendered by the appropriate Stateauthority and be authorized or permitted by State law. Thereupon the Corpora-tion shall organize a new national bank, in accordance with the provisions of thissubsection, to assume the insured deposit liabilities of such closed State memberbank, to receive new deposits and otherwise to perform temporarily the functionsprovided for in this subsection. Upon satisfactory recognition of the right ofthe Corporation to receive dividends on the same basis as in the case of a closednational bank under this subsection, such recognition being accorded by Statelaw, by allowance of claims by the appropriate State authority, by assignment ofclaims by depositors, or by any other effective method, the Corporation shall makeavailable to such new national bank, in the manner prescribed by this subsection,an amount equal to the insured deposit liabilities of such closed State memberbank; and the Corporation and such new national bank shall perform all of thefunctions and duties and shall have all the rights and privileges with respect tosuch State member bank and the depositors thereof which are prescribed by thissubsection with respect to closed national banks holding class A stock in theCorporation: Provided, That the rights of depositors and other creditors of suchState member bank shall be determined in accordance with the applicable pro-visions of State law: And provided further, That, with respect to such State memberbank, the Corporation shall possess the powers and privileges provided by Statelaw with respect to a receiver of such State member bank, except in so far as thesame are in conflict with the provisions of this subsection.
"Whenever any State member bank which is a class A stockholder of theCorporation shall have been closed by action of its board of directors or by theappropriate State authority, as the case may be, on account of inability to meetthe demands of its depositors, and the applicable State law does not permit theappointment of the Corporation as receiver of such bank, the Corporation shallorganize a new national bank, in accordance with the provisions of this subsection,to assume the insured deposit liabilities of such closed State member bank, toreceive new deposits, and otherwise to perform temporarily the functions providedfor in this subsection. Upon satisfactory recognition of the right of the Corpora-tion to receive dividends on the same basis as in the case of a closed national bankunder this subsection, such recognition being accorded by State law, by allowanceof claims by the appropriate State authority, by assignment of claims by de-positors, or by any other effective method, the Corporation shall make availableto such new bank, in accordance with the provisions of this subsection, the amountof insured deposit liabilities as to which such recognition has been accorded; andsuch new bank shall assume such insured deposit liabilities and shall in otherrespects comply with the provisions of this subsection respecting new banksorganized to assume insured deposit liabilities of closed national banks. In so faras possible in view of the applicable provisions of State law, the Corporation shallproceed with respect to the receiver of such closed bank and with respect to thenew bank organized to assume its insured deposit liabilities in the manner pre-scribed by this subsection with respect to closed national banks and new banksorganized to assume their insured deposit liabilities; except that the Corporationshall have none of the powers, duties, or responsibilities of a receiver with respectto the winding up of the affairs of such closed State member bank. The Corpora-tion, in its discretion, however, may purchase and liquidate any or all of the assetsof such bank. \
"Whenever the net debit balance of the deposit insurance account of theCorporation shall equal or exceed one fourth of 1 per centum of the total depositliabilities of all class A stockholders as of the date of the last preceding call report,the Corporation shall levy upon such stockholders an assessment equal to onefourth of 1 per centum of their total deposit liabilities and shall credit the amountcollected from such assessment to such deposit insurance account. No bankwhich is a holder of class A stock shall pay any dividends until all assessmentslevied upon it by the Corporation shall have been paid in full; and any directoror officer of any such bank who participates in the declaration or payment ofany such dividend may, upon conviction, be fined not more than $1,000, orimprisoned for not more than one year, or both.
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"The term 'receiver' as used in this section shall mean a receiver, liquidatingagent, or conservator of a national bank, and a receiver, liquidating agent, con-servator, commission, person, or other agency charged by State law with theresponsibility and the duty of winding up the affairs of an insolvent State memberbank.
"For the purposes of this section only, the term 'national bank' shall includeall national banking associations and all banks, banking associations, trustcompanies, savings banks, and other banking institutions located in the Districtof Columbia which are members of the Federal Reserve System; and the term'State member bank' shall include all State banks, banking associations, trustcompanies, savings banks, and other banking institutions organized under thelaws of any State, which are members of the Federal Reserve System.
"In any determination of the insured deposit liabilities of any closed bank orof the total deposit liabilities of any bank which is a holder of class A stock of theCorporation, or a member of the Fund provided for in subsection (y), for thepurposes of this section, there shall be excluded the amounts of all deposits ofsuch bank which are payable only at an office thereof located in a foreign country.
"The Corporation may make such rules, regulations, and contracts as it maydeem necessary in order to carry out the provisions of this section.
" Money of the Corporation not otherwise employed shall be invested in secu-rities of the Government of the United States, except that for temporary periods,in the discretion of the board of directors, funds of the Corporation may be de-posited in any Federal reserve bank or with the Treasurer of the United States.When designated for that purpose by the Secretary of the Treasury, the Corpora-tion shall be a depositary of public moneys, except receipts from customs, undersuch regulations as may be prescribed by the said Secretary, and may also beemployed as a financial agent of the Government. It shall perform all such rea-sonable duties as depositary of public moneys and financial agent of the Govern-ment as may be required of it.
" (m) Nothing herein contained shall be construed to prevent the Corporationfrom making loans to national banks closed by action of the Comptroller of theCurrency, or by vote of their directors, or to State member banks closed by actionof the appropriate State authorities, or by vote of their directors, or from enteringinto negotiations to secure the reopening of such banks.
" (n) Receivers or liquidators of member banks which are now or may hereafterbecome insolvent or suspended shall be entitled to offer the assets of such banksfor sale to the Corporation or as security for loans from the Corporation, uponreceiving permission from the appropriate State authority in accordance withexpress provisions of State law in the case of State member banks, or from theComptroller of the Currency in the case of national banks. The proceeds ofevery such sale or loan shall be utilized for the same purposes and in the samemanner as other funds realized from the liquidation of the assets of such banks.The Comptroller of the Currency may, in his discretion, pay dividends on provedclaims at any time after the expiration of the period of advertisement madepursuant to section 5235 of the Revised Statutes (U.S.C., title 12, sec. 193), andno liability shall attach to the Comptroller of the Currency or to the receiver ofany national bank by reason of any such payment for failure to pay dividends to aclaimant whose claim is not proved at the time of any such payment.
" (o) The Corporation is authorized and empowered to issue and to haveoutstanding at any one time in an amount aggregating not more than three timesthe amount of its capital, its notes, debentures, bonds, or other such obligations,to be redeemable at the option of the Corporation before maturity in such manneras may be stipulated in such obligations, and to bear such rate or rates of interest,and to mature at such time or times as may be determined by the Corporation:Provided, That the Corporation may sell on a discount basis short-term obliga-tions payable at maturity without interest. The notes, debentures, bonds, andother such obligations of the Corporation may be secured by assets of the Corpo-ration in such manner as shall be prescribed by its board of directors. Suchobligations may be offered for sale at such price or prices as the Corporation maydetermine.
" (p) All notes, debentures, bonds, or other such obligations issued by theCorporation shall be exempt, both as to principal and interest, from all taxation(except estate and inheritance taxes) now or hereafter imposed by the UnitedStates, by any Territory, dependency, or possession thereof, or by any State,county, municipality, or local taxing authority. The Corporation, including itsfranchise, its capital, reserves, and surplus, and its income, shall be exempt fromall taxation now or hereafter imposed by the United States, by any Territory,dependency, or possession thereof, or by any State, county, municipality, or local
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taxing authority, except that any real property of the Corporation shall be subjectto State, Territorial, county, municipal or local taxation to the same extent accord-ing to its value as other real property is taxed.
" (q) In order that the Corporation may be supplied with such forms of notes,debentures, bonds, or other such obligations as it may need for issuance underthis Act, the Secretary of the Treasury is authorized to prepare such forms asshall be suitable and approved by the Corporation, to be held in the Treasurysubject to delivery, upon order of the Corporation. The engraved plates, diesybed pieces, and other material executed in connection therewith shall remain in thecustody of the Secretary of the Treasury. The Corporation shall reimburse theSecretary of the Treasury for any expenses incurred in the preparation, custody,and delivery of such notes, debentures, bonds, or other such obligations.
"(r) The Corporation shall annually make a report of its operations to theCongress as soon as practicable after the 1st day of January in each year.
" (s) Whoever, for the purpose of obtaining any loan from the Corporation,or any extension or renewal thereof, or the acceptance, release, or substitution ofsecurity therefor, or for the purpose of inducing the Corporation to purchase anyassets, or for the purpose of influencing in any way the action of the Corporationunder this section, makes any statement, knowing it to be false, or willfully over-values any security, shall be punished by a fine of not more than $5,000, or byimprisonment for not more than two years, or both.
" (t) Whoever (1) falsely makes, forges, or counterfeits any obligation or coupon,in imitation of or purporting to be an obligation or coupon issued by the Corpo-ration, or (2) passes, utters, or publishes, or attempts to pass, utter, or publish,any false, forged, or counterfeited obligation or coupon purporting to have beenissued by the Corporation, knowing the same to be false, forged, or counter-feited, or (3) falsely alters any obligation or coupon issued or purporting to havebeen issued by the Corporation, or (4) passes, utters, or publishes, or attempts topass, utter, or publish, as true, any falsely altered or spurious obligation orcoupon, issued or purporting to have been issued by the Corporation, knowing thesame to be falsely altered or spurious, shall be punished by a fine of not morethan $10,000, or by imprisonment for not more than five years, or both.
"(u) Whoever, being connected in any capacity with the Corporation, (1)embezzles, abstracts, purloins, or willfully misapplies any moneys, funds, secu-rities, or other things of value, whether belonging to it or pledged, or otherwiseintrusted to it, or (2) with intent to defraud the Corporation or any other body,politic or corporate, or any individual, or to deceive any officer, auditor, orexaminer of the Corporation, makes any false entry in any book, report, or state-ment of or to the Corporation, or without being duly authorized draws any orderor issues, puts forth, or assigns any note, debenture, bond, or other such obliga-tion, or draft, bill of exchange, mortgage, judgment, or decree thereof, shall bepunished by a fine of not more than $10,000, or by imprisonment for not morethan five years, or both.
" (v) No individual, association, partnership, or corporation shall use the words'Federal Deposit Insurance Corporation', or a combination or any three of thesefour words, as the name or a part thereof under which he or it shall do business.No individual, association, partnership, or corporation shall advertise or otherwiserepresent falsely by any device whatsoever that his or its deposit liabilities areinsured or in anywise guaranteed by the Federal Deposit Insurance Corporation,or by the Government of the United States, or by any instrumentality thereof;and no class A stockholder of the Federal Deposit Insurance Corporation shalladvertise or otherwise represent falsely by any device whatsoever the extent towhich or the manner in which its deposit liabilities are insured by the FederalDeposit Insurance Corporation. Every individual, partnership, association, orcorporation violating this subsection shall be punished by a fine of not exceeding$1,000, or by imprisonment not exceeding one year, or both.
" (w) The provisions of sections 112, 113, 114, 115, 116, and 117 of the CriminalCode of the United States (U.S.C., title 18, ch. 5, sees. 202 to 207, inclusive),in so far as applicable, are extended to apply to contracts or agreements with theCorporation under this section, which for the purposes hereof shall be held toinclude loans, advances, extensions, and renewals thereof, and acceptances,releases, and substitutions of security therefor, purchases or sales of assets, andall contracts and agreements pertaining to the same.
" (x) The Secret Service Division of the Treasury Department is authorized todetect, arrest, and deliver into the custody of the United States marshal havingjurisdiction any person committing any of the offenses punishable under thissection.
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" (y) The Corporation shall open on its books a Temporary Federal DepositInsurance Fund (hereinafter referred to as the 'Fund'), which shall becomeoperative on January 1, 1934, unless the President shall by proclamation fix anearlier date, and it shall be the duty of the Corporation to insure deposits ashereinafter provided until July 1, 1934.
"Each member bank licensed before January 1, 1934, by the Secretary of theTreasury pursuant to the authority vested in him by the Executive order of thePresident issued March 10, 1933, shall, on or before January 1, 1934, become amember of the Fund; each member bank so licensed after such date, and eachState bank trust company or mutual savings bank (referred to in this subsectionas 'State bank', which term shall also include all banking institutions located inthe District of Columbia) which becomes a member of the Federal ReserveSystem on or after such date, shall, upon being so licensed or so admitted tomembership, become a member of the Fund; and any State bank which is not amember of the Federal Reserve System, with the approval of the authorityhaving supervision of such State bank and certification to the Corporation by-such authority that such State bank is in solvent condition, shall, after exami-nation by, and with the approval of, the Corporation, be entitled to become amember of the Fund and to the privileges of this subsection upon agreeing tocomply with the requirements thereof and upon paying to the Corporation anamount equal to the amount that would be required of it under this subsectionif it were a member bank. The Corporation is authorized to prescribe rules andregulations for the further examination of such State bank, and to fix the com-pensation of examiners employed to make examinations of State banks.
"Each member of the Fund shall file with the Corporation on or before thedate of its admission a certified statement under oath showing, as of the fifteenthday of the month preceding the month in which it was so admitted, the numberof its depositors and the total amount of its deposits which are eligible for insur-ance under this subsection, and shall pay to the Corporation an amount equalto one-half of 1 per centum of the total amount of the deposits so certified.One-half of such payment shall be paid in full at the time of the admission of suchmember to the Fund, and the remainder of such payment shall be subject to callfrom time to time by the board of directors of the Corporation. Within a reason-able time fixed by the Corporation each such member shall file a similar state-ment showing, as of June 15, 1934, the number of its depositors arid the totalamount of its deposits which are eligible for such insurance and shall pay to theCorporation in the same manner an amount equal to one-half of 1 per centum ofthe increase, if any, in the total amount of such deposits since the date covered bythe statement filed upon its admission to membership in the fund.
"If at any time prior to July 1, 1934, the Corporation requires additional fundswith which to meet its obligations under this subsection, each member of theFund shall be subject to one additional assessment only in an amount not exceed-ing the total amount theretofore paid to the Corporation by such member.
"If any member of the Fund shall be closed on or before June 30, 1934, onaccount of inability;- to meet its deposit liabilities, the Corporation shall proceedin accordance with the provisions of subsection (1) of this section to pa}^ theinsured deposit liabilities of such member; except that the Corporation shall paynot more than $2,500 on account of the net approved claim of the owner of anydeposit. The provisions of such subsection (1) relating to State member banksshall be extended for the purposes of this subsection to members of the Fundwhich are not members of the Federal Reserve System; and the provisions of thissubsection shall apply only to deposits of members of the Fund which have beenmade available since March 10, 1933, for withdrawal in the usual course of thebanking business.
"Before July 1, 1934, the Corporation shall make an estimate of the balance,if any, which will remain in the Fund after providing for all liabilities of theFund, including expenses of operation thereof under this subsection and allowingfor anticipated recoveries. The Corporation shall refund such estimated balance,on such basis as the Corporation shall find to be equitable, to the members of theFund other than those which have been closed prior to July 1, 1934.
"Each State bank which is a member of the Fund, in order to obtain thebenefits of this section after July 1, 1934, shall, on or before such date, subscribennd pay for the same amount of class A stock of the Corporation as it would berequired to subscribe and pay for upon becoming a member bank, or if such Statebank is not permitted by the laws under which it was organized to purchase suchstock, it shall deposit with the Corporation an amount equal to the amount itwould have been required to pay in on account of a subscription to such stock;and thereafter such State bank shall be entitled to such benefits until July 1, 1936.
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"It is not the purpose of this section to discriminate, in any manner, againstState nonmember, and in favor of, national or member banks; but the purpose isto provide all banks with the same opportunity to obtain and enjoy the benefitsof this section. No bank shall be discriminated against because its capital stockis less than the amount required for eligibility for admission into the FederalReserve System.'7
SEC. 9. The eighth paragraph of section 13 of the Federal Reserve Act, asamended (U.S.C., title 12, sec. 347; Supp. VI, title 12, sec. 347), is amended toread as follows:
"Any Federal reserve bank may make advances for periods not exceedingfifteen days to its member banks on their promissory notes secured by the depositor pledge of bonds, notes, certificates of indebtedness, or Treasury bills of theUnited States, or by the deposit or pledge of debentures or other such obligationsof Federal intermediate credit banks which are eligible for purchase by Federalreserve banks under section 13 (a) of this Act; and any Federal reserve bank maymake advances for periods not exceeding ninety days to its member banks ontheir promissory notes secured by such notes, drafts, bills of exchange, or bankers'acceptances as are eligible for rediscount or for purchase by Federal reserve banksunder the provisions of this Act. All such advances shall be made at rates tobe established by such Federal reserve banks, such rates to be subject to thereview and determination of the Federal Reserve Board. If any member bank towhich any such advance has been made shall, during the life or continuance ofsuch advance, and despite an official warning of the reserve bank of the districtor of the Federal Reserve Board to the contrary, increase its outstanding loanssecured by collateral in the form of stocks, bonds, debentures, or other suchobligations, or loans made to members of any organized stock exchange, invest-ment house, or dealer in securities, upon any obligation, note, or bill, secured orunsecured, for the purpose of purchasing and/or carrying stocks, bonds, or otherinvestment securities (except obligations of the United States) such advanceshall be deemed immediately due and payable, and such member bank shall beineligible as a borrower at the reserve bank of the district under the provisionsof this paragraph for such period as the Federal Reserve Board shall determine:Provided, That no temporary carrying or clearance loans made solely for thepurpose of facilitating the purchase or delivery of securities offered for publicsubscription shall be included in the loans referred to in this paragraph."
SEC. 10. Section 14 of the Federal Reserve Act, as amended (U.S.C., title 12,sees. 353-358), is amended by adding at the end thereof the following newparagraph:
"(g) The Federal Reserve Board shall exercise special supervision over allrelationships and transactions of any kind entered into by any Federal reservebank with any foreign bank or banker, or with any group of foreign banks orbankers, and all such relationships and transactions shall be subject to suchregulations, conditions, and limitations as the Board may prescribe. No officeror other representative of any Federal reserve bank shall conduct negotiationsof any kind with the officers or representatives of any foreign bank or bankerwithout first obtaining the permission of the Federal Reserve Board. TheFederal Reserve Board shall have the right, in its discretion, to be represented inany conference or negotiations by such representative or representatives as theBoard may designate. A full report of all conferences or negotiations, and allunderstandings or agreements arrived at or transactions agreed upon, and allother material facts appertaining to such conferences or negotiations, shall befiled with the Federal Reserve Board in writing by a duly authorized officer ofeach Federal reserve bank which shall have participated in such conferences ornegotiations."
SEC. 11. (a) Section 19 of the Federal Reserve Act, as amended (U.S.C.,title 12, sees. 142, 374, 461-466; Supp. VI, title 12, sec. 462a), is amended byinserting after the sixth paragraph thereof the following new paragraph:
"No member bank shall act as the medium or agent of any nonbanking cor-poration, partnership, association, business trust, or individual in making loanson the security of stocks, bonds, and other investment securities to brokers ordealers in stocks, bonds, and other investment securities. Every violation of thisprovision by any member bank shall be punishable by a fine of not more than $100per day during the continuance of such violation; and such fine may be col-lected, by suit or otherwise, by the Federal reserve bank of the district in whichsuch member bank is located."
(b) Such section 19 of the Federal Reserve Act, as amended, is further amendedby adding at the end thereof the following new paragraphs:
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"No member bank shall, directly or indirectly by any device whatsoever, payany interest on any deposit which is payable on demand: Provided, That nothingherein contained shall be construed as prohibiting the payment of interest inaccordance with the terms of any certificate of deposit or other contract heretoforeentered into in good faith which is in force on the date of the enactment of thisparagraph; but no such certificate of deposit or other contract shall be renewedor extended unless it shall be modified to conform to this paragraph, and everymember bank shall take such action as may be necessary to conform to thisparagraph as soon as possible consistently with its contractual obligations:Provided, however, That this paragraph shall not apply to any deposit of such bankwhich is payable only at an office thereof located in a foreign country, and shallnot apply to any deposit made by a mutual savings bank, nor to any deposit ofpublic funds made by or on behalf of any State, county, school district, or othersubdivision or municipality, with respect to which payment of interest is requiredunder State law.
"The Federal Reserve Board shall from time to time limit by regulation therate of interest which may be paid by member banks on time deposits, and mayprescribe different rates for such payment on time and savings deposits havingdifferent maturities or subject to different conditions respecting withdrawal orrepayment or subject to different conditions by reason of different locations. Nomember bank shall pay any time deposit before its maturity, or waive any re-quirement of notice before payment of any savings deposit except as to all savingsdeposits having the same requirement."
(c) Section 8 of the Act entitledl' An Act to establish postal savings depositoriesfor depositing savings at interest with the security of the Government for repay-ment thereof, and for other purposes", approved June 25, 1910, as amended(U.S.C., title 39, sec. 758), is amended by striking out the first sentence thereof andinserting in lieu thereof the following: "Any depositor may withdraw the wholeor any part of the funds deposited to his or her credit with the accrued interestonly on notice given sixty days in advance and under such regulations as thePostmaster General may prescribe; but withdrawal of any part of such funds maybe made upon demand, but no interest shall be paid on any funds so withdrawnexcept interest accrued to the date of enactment of the Banking Act of 1933:Provided, That Postal Savings depositories may deposit funds in member bankson time under regulations to be prescribed by the Postmaster General."
(d) The second sentence of section 9 of the Act entitled "An Act to estab-lish postal savings depositories for depositing savings at interest with the securityof the Government for repayment thereof, and for other purposes", approvedJune 25, 1910, as amended (U.S.C., title 39, sec. 759), is amended by strikingout the period at the end thereof and inserting in lieu thereof a colon and thefollowing: "Provided, That no such security shall be required in case of such partof the deposits as are insured under section 12B of the Federal Reserve Act, asamended."
SEC. 12. Section 22 of the Federal Reserve Act, as amended (U.S.C., title 12,sees. 375, 376, 503, 593-595; Supp. VI, title 12, sec. 593), is further amended byadding at the end thereof the following new paragraph:
"(g) No executive officer of any member bank shall borrow from or other-wise become indebted to any member bank of which he is an executive officer,and no member bank shall make any loan or extend credit in any other mannerto any of its own executive officers: Provided, That loans heretofore made to anysuch officer may be renewed or extended not more than two years from the datethis paragraph takes effect, if in accord with sound banking practice. If anyexecutive officer of any member bank borrow from or if he be or become indebtedto any bank other than a member bank of which he is an executive officer, heshall make a written report to the chairman of the board of directors of the memberbank of which he is an executive officer, stating the date and amount of suchloan or indebtedness, the security therefor, and the purpose for which the pro-ceeds have been or are to be used. Any executive officer of any member bankviolating the provisions of this paragraph shall be deemed guilty of a misde-meanor and shall be imprisoned not exceeding one year, or fined not more than$5,000, or both; and any member bank violating the provisions of this paragraphshall be fined not more than $10,000, and may be fined a further sum equal to theamount so loaned or credit so extended."
SEC. 13. The Federal Reserve Act, as amended, is amended by insertingbetween sections 23 and 24 thereof (U.S.C., title 12, sees. 64 and 371; Supp. VI,title 12, sec. 371) the following new section:
"SEC. 23A. NO member bank shall (1) make any loan or any extension ofcredit to, or purchase securities under repurchase agreement from, any of itsDigitized for FRASER
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affiliates, or (2) invest any of its funds in the capital stock, bonds, debentures, orother such obligations of any such affiliate, or (3) accept the capital stock, bonds,debentures, or other such obligations of any such affiliate as collateral securityfor advances made to any person, partnership, association, or corporation, if,in the case of any such affiliate, the aggregate amount of such loans, extensionsof credit, repurchase agreements, investments, and advances against such col-lateral security will exceed 10 per centum of the capital stock and surplus of suchmember bank, or if, in the case of all such affiliates, the aggregate amount ofsuch loans, extensions of credits, repurchase agreements, investments, and ad-vances against such collateral security will exceed 20 per centum of the capitalstock and surplus of such member bank.
" Within the foregoing limitations, each loan or extension of credit of anykind or character to an affiliate shall be secured by collateral in the form ofstocks, bonds, debentures, or other such obligations having a market value atthe time of making the loan or extension of credit of at least 20 per centummore than the amount of the loan or extension of credit, or of at least 10 percentum more than the amount of the loan or extension of credit if it is securedby obligations of any State, or of any political subdivision or agency thereof:Provided, That the provisions of this paragraph shall not apply to loans or ex-tensions of credit secured by obligations of the United States Government, theFederal intermediate credit banks, the Federal land banks, the Federal HomeLoan Banks, or the Home Owners' Loan Corporation, or by such notes, drafts,bills of exchange, or bankers' acceptances as are eligible for rediscount or forpurchase by Federal reserve banks. A loan or extension of credit to a directorofficer, clerk, or other employee or any representative of any such affiliate shallbe deemed a loan to the affiliate to the extent that the proceeds of such loan areused for the benefit of, or transferred to, the affiliate.
"For the purposes of this section the term 'affiliate' shall include holdingcompany affiliates as well as other affiliates, and the provisions of this sectionshall not apply to any affiliate (1) engaged solely in holding the bank premises ofthe member bank with which it is affiliated, (2) engaged solely in conducting asafe-deposit business or the business of an agricultural credit corporation orlivestock loan company, (3) in the capital stock of which a national banking asso-ciation is authorized to invest pursuant to section 25 of the Federal Reserve Act,as amended, (4) organized under section 25 (a) of the Federal Reserve Act, asamended, or (5) engaged solely in holding obligations of the United StatesGovernment, the Federal intermediate credit banks, the Federal land banks, theFederal Home Loan Banks, or the Home Owners' Loan Corporation; but as toany such affiliate, member banks shall continue to be subject to other provisionsof law applicable to loans by such banks and investments by such banks instocks, bonds, debentures, or other such obligations."
SEC. 14. The Federal Reserve Act, as amended, is amended by inserting be-tween section 24 and section 25 thereof (U.S.C., title 12, sees. 371 and 601-605;Supp. VI, title 12, sec. 371) the following new section:
"SEC. 24A. Hereafter no national bank, without the approval of the Comp-troller of the Currency, and no State member bank, without the approval of theFederal Reserve Board, shall (1) invest in bank premises, or in the stock, bonds,debentures, or other such obligations of any corporation holding the premises ofsuch bank or (2) make loans to or upon the security of the stock of any such cor-poration, if the aggregate of all such investments and loans will exceed the amountof the capital stock of such bank."
SEC. 15. The Federal Reserve Act, as amended, is further amended by insert-ing after section 25 (a) thereof (U.S.C., title 12, sec. 611-631) the following newsection:
"SEC. 25. (b) Notwithstanding any other provision of law all suits of a civ 1nature at common law or in equity to which any corporation organized under thelaws of the United States shall be a party, arising out of transactions involvinginternational or foreign banking, or banking in a dependency or insular possessionof the United States, or out of other international or foreign financial operations,either directly or through the agency, ownership, or control of branches or localinstitutions in dependencies or insular possessions of the United States or inforeign countries, shall be deemed to arise under the laws of the United States,and the district courts of the LJnited States shall have original jurisdiction of allsuch suits; and any defendant in any such suit may, at any time before the trialthereof, remove such suits from a State court into the district court of the UnitedStates for the proper district by following the procedure for the removal of causesotherwise provided by law. Such removal shall not cause undue delay in the
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trial of such case and a case so removed shall have a place on the calendar of theUnited States court to which it is removed relative to that which it held on theState court from which it was removed.
" Notwithstanding any other provision of law, all suits of a civil nature atcommon law or in equity to which any Federal Reserve bank shall be a partyshall be deemed to arise under the laws of the United States, and the districtcourts of the United States shall have original jurisdiction of all such suits; andany Federal Reserve bank which is a defendant in any such suit may, at any timebefore the trial thereof, remove such suit from a State court into the districtcourt of the United States for the proper district by following the procedure forthe removal of causes otherwise provided by law. No attachment or executionshall be issued against any Federal Reserve bank or its property before finaljudgment in any suit, action, or proceeding in any State, county, municipal, orUnited States court."
SEC. 16. Paragraph "Seventh" of section 5136 of the Revised Statutes, asamended (U.S.C., title 12, sec. 24; Supp. VI, title 12, sec. 24), is amended to readas follows:
"Seventh. To exercise by its board of directors or duly authorized officers oragents, subject to law, all such incidental powers as shall be necessary to carry onthe business of banking; by discounting and negotiating promissory notes, drafts,bills of exchange, and other evidences of debt; by receiving deposits; by buyingand selling exchange, coin, and bullion; by loaning money on personal security;and by obtaining, issuing, and circulating notes according to the provisions ofthis title. The business of dealing in investment securities by the associationshall be limited to purchasing and selling such securities without recourse, solelyupon the order, and for the account of, customers, and in no case for its own ac-count, and the association shall not underwrite any issue of securities: Provided,That the association may purchase for its own account investment securitiesunder such limitations and restrictions as the Comptroller of the Currency mayby regulation prescribe, but in no event (1) shall the total amount of any issue ofinvestment securities of any one obligor or maker purchased after this section asamended takes effect and held by the association for its own account exceed atany time 10 per centum of the total amount of such issue outstanding, but thislimitation shall not apply to any such issue the total amount of which does notexceed $100,000 and does not exceed 50 per centum of the capital of the associa-tion, nor (2) shall the total amount of the investment securities of any one obligoror maker purchased after this section as amended takes effect and held by theassociation for its own account exceed at any time 15 per centum of the amountof the capital stock of the association actually paid in and unimpaired and 25per centum of its unimpaired surplus fund. As used in this section the term'investment securities' shall mean marketable obligations evidencing indebt-edness of any person, copartnership, association, or corporation in the form ofbonds, notes and/or debentures commonly known as investment securities undersuch further definition of the term ' investment securities' as may by regulation beprescribed by the Comptroller of the Currency. Except as hereinafter provided orotherwise permitted by law, nothing herein contained shall authorize the purchaseby the association of any shares of stock of any corporation. The limitationsand restrictions herein contained as to dealing in, underwriting and purchasingfor its own account, investment securities shall not apply to obligations of theUnited States, or general obligations of any State or of any political subdivisionthereof, or obligations issued under authority of the Federal Farm Loan Act, asamended, or issued by the Federal Home Loan Banks or the Home Owners'Loan Corporation: Provided, That in carrying on the business commonly knownas the safe-deposit business the association shall not invest in the capital stock ofa corporation organized under the law of any State to conduct a safe-depositbusiness in an amount in excess of 15 per centum of the capital stock of the asso-ciation actually paid in and unimpaired and 15 per centum of its unimpairedsurplus."
The restrictions of this section as to dealing in investment securities shall takeeffect one year after the date of the approval of this Act.
SEC. 17. (a) Section 5138 of the Revised Statutes, as amended (U.S.C., title 12,sec. 51; Supp. VI, title 12, sec. 51), is amended to read as follows:
"SEC. 5138. After this section as amended takes effect, no national bankingassociation shall be organized with a less capital than $100,000, except that suchassociations with a capital of not less than $50,000 may be organized in any placethe population of which does not exceed six thousand inhabitants. No suchassociation shall be organized in a city the population of which exceeds fiftythousand persons with a capital of less than $200,000, except that in the outlyingDigitized for FRASER
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districts of such a city where the State laws permit the organization of State bankswith a capital of $100,000 or less, national banking associations now organized orhereafter organized may, with the approval of the Comptroller of the Currency,have a capital of not less than $100,000."
(b) The tenth paragraph of section 9 of the Federal Reserve Act, as amended(U.S.C., title 12, sec. 329), is amended to read as follows:
"No applying bank shall be admitted to membership in a Federal reserve bankunless it possesses a paid-up unimpaired capital sufficient to entitle it to becomea national banking association in the place where it is situated under the provi-sions of the National Bank Act, as amended: Provided, That this paragraph shallnot apply to State banks and trust companies organized prior to the date thisparagraph as amended takes effect and situated in a place the population of whichdoes not exceed three thousand inhabitants and having a capital of not less than$25,000, nor to any State bank or trust company which is so situated and which,while it is entitled to the benefits of insurance under section 12B of this Act,increases its capital to not less than $25,000."
SEC. 18. Section 5139 of the Revised Statutes, as amended (U.S.C., title 12,sec. 52; Supp. VI, title 12, sec. 52), is amended by adding at the end thereof thefollowing new paragraph:
" After one year from the date of the enactment of the Banking Act of 1933,no certificate representing the stock of any such association shall represent thestock of any other corporation, except a member bank or a corporation existingon the date this paragraph takes effect engaged solety in holding the bankpremises of such association, nor shall the ownership, sale, or transfer of anycertificate representing the stock of any such association be conditioned in anymanner whatsoever upon the ownership, sale, or transfer of a certificate rep-resenting the stock of any other corporation, except a member bank."
SEC. 19. Section 5144 of the Revised Statutes, as amended (U.S.C., title 12,sec. 61), is amended to read as follows:
"SEC. 5144. In all elections of directors, each shareholder shall have the rightto vote the number of shares owned by him for as many persons as there aredirectors to be elected, or to cumulate such shares and give one candidate asmany votes as the number of directors multiplied by the number of his sharesshall equal, or to distribute them on the same principle among as many candi-dates as he shall think fit; and in deciding all other questions at meetings ofshareholders, each shareholder shall be entitled to one vote on each share ofstock held by him; except (1) that shares of its own stock held by a nationalbank as sole trustee shall not be voted, and shares of its own stock held by anational bank and one or more persons as trustees may be voted by such otherperson or persons, as trustees, in the same manner as if he or they were the soletrustee, and (2) shares controlled by any holding company affiliate of a nationalbank shall not be voted unless such holding company affiliate shall have firstobtained a voting permit as hereinafter provided, which permit is in force at thetime such shares are voted. Shareholders may vote by proxies duly authorizedin writing; but no officer, clerk, teller, or bookkeeper of such bank shall act asproxy; and no shareholder whose liability is past due and unpaid shall be allowedto vote.
"For the purposes of this section shares shall be deemed to be controlled by aholding company affiliate if they are owned or controlled directly or indirectlyby such holding company affiliate, or held by any trustee for the benefit of theshareholders or members thereof.
"Any such holding company affiliate may make application to the FederalReserve Board for a voting permit entitling it to cast one vote at all elections ofdirectors and in deciding all questions at meetings of shareholders of such bankon each share of stock controlled by it or authorizing the trustee or trusteesholding the stock for its benefit or for the benefit of its shareholders so to votethe same. The Federal Reserve Board may, in its discretion, grant or with-hold such permit as the public interest may require. In acting upon such appli-cation, the Board shall consider the financial condition of the applicant, thegeneral character of its management, and the probable effect of the granting ofsuch permit upon the affairs of such bank, but no such permit shall be grantedexcept upon the following; conditions:
"(a) Every such holding company affiliate shall, in making; the applicationfor such permit, agree (1) to receive, on dates identical with those fixed for theexamination of banks with which it is affiliated, examiners duly authorized toexamine such banks, who shall make such examinations of such holding companyaffiliate as shall be necessary to disclose fully the relations between such banks
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and such holding company affiliate and the effect of such relations upon theaffairs of such banks, such examinations to be at the expense of the holdingcompany affiliate so examined; (2) that the reports of such examiners shallcontain siish information as shall ba necessary to disclose fully the relationsbetween such affiliate and such banks and the effect of such relations upon theaffairs of such banks; (3) that such examiners may examine each bank owned orcontrolled by the holding company affiliate, both individually and in conjunctionwith other banks owned or controlled by such holding company affiliate; and(4) that publication of individual or consolidated statements of condition of suchbanks may be required;
" (b) After five years after the enactment of the Banking Act of 1933, everysuch holding company affiliate (1) shall possess, and shall continue to possessduring the life of such permit, free and clear of any lien, pledge, or hypothecationof any nature, readily marketable assets other than bank stock in an amount notless than 12 per centum of the aggregate par value of all bank stocks controlledby such holding company affiliate, which amount shall be increased by not lessthan 2 per centum per annum of such aggregate par value until such assets shallamount to 25 per centum of the aggregate par value of such bank stocks; and(2) shall reinvest in readily marketable assets other than bank stock all netearnings over and above 6 per centum per annum on the book value of its ownshares outstanding until such assets shall amount to such 25 per centum of theaggregate par value of all bank stocks controlled by it;~- *'(c) Notwithstanding the foregoing provisions of this section, after five yearsafter the enactment of the Banking Act of 1933, (1) any such holding; companyaffiliate the shareholders or members of which shall be individually and severallyliable in proportion to the .number of shares of such holding company affiliateheld by them respectively, in addition to amounts invested therein, for all stat-utory liability imposed on such holding company affiliate by reason of its controlof shares of stock of banks, shall be required only to establish and maintain outof net earnings over and above 6 per centum per annum on the book value of itsown shares outstanding a reserve of readily marketable assets in an amount ofnot less than 12 per centum of the aggregate par value of bank stocks controlledby it, and (2) the assets required by this section to be possessed by such holdingcompany affiliate may be used by it for replacement of capital in banks affiliatedwith it and for losses incurred in such banks, but any deficiency in such assetsresulting from such use shall be made up within such period as the FederalReserve Board may by regulation prescribe;
"(d) Every officer, director, agent, and employee of every such holdingcompany affiliate shall be subject to the same penalties for false entries in anybook, report, or statement of such holding company affiliate as are applicable toofficers, directors, agents, and employees of member banks under section 5209 ofthe Revised Statutes, as amended (U.S.C., title 12, sec. 592); and
"(e) Every such holding company affiliate shall, in its application for suchvoting permit, (1) show that it does not own, control, or have any interest in, andis not participating in the management or direction of, any corporation, businesstrust, association, or other similar organization formed for the purpose of, orengaged principally in, the issue, flotation, underwriting, public sale, or distribu-tion, at wholesale or retail or through syndicate participation, of stocks, bonds,debentures, notes, or other securities of any sort (hereinafter referred to as 'securi-ties company'); (2) agree that during the period that the permit remains in forceit will not acquire any ownership, control, or interest in any such securities com-pany or participate in the management or direction thereof; (3) agree that if, atthe time of filing the application for such permit, it owns, controls, or has aninterest in, or is participating in the management or direction of, any such securi-ties company, it will, within five years after the filing of such application, divestitself of its ownership, control, and interest in such securities company and willcease participating in the management or direction thereof, and will not there-after, during the period that the permit remains in force, acquire any furtherownership, control, or interest in any such securities company or participate inthe management or direction thereof; and (4) agree that thenceforth it willdeclare dividends only out of actual net earnings.
"If at any time it shall appear to the Federal Reserve Board that any holdingcompany affiliate has violated any of the provisions of the Banking Act of 1933or of any agreement made pursuant to this section, the Federal Reserve Boardmay, in its discretion, revoke any such voting permit after giving sixty days'notice by registered mail of its intention to the holding company affiliate andaffording it an opportunity to be heard. Whenever the Federal Reserve Boardshall have revoked any such voting permit, no national bank whose stock isDigitized for FRASER
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controlled by the holding company affiliate whose permit is so revoked shall receivedeposits of public moneys of the United States, nor shall any such national bankpay any further dividend to such holding company affiliate upon any shares ofsuch bank controlled by such holding company affiliate.
" Whenever the Federal Reserve Board shall have revoked any voting permitas hereinbefore provided, the rights, privileges, and franchises of any or allnational banks the stock of which is controlled by such holding company affiliateshall, in the discretion of the Federal Reserve Board, be subject to forfeiture inaccordance with section 2 of the Federal Reserve Act, as amended."
SEC. 20. After one year from the date of the enactment of this Act, no memberbank shall be affiliated in any manner described in section 2 (b) hereof with anycorporation, association, business trust, or other similar organization engagedprincipally in the issue, flotation, underwriting, public sale, or distribution atwholesale or retail or through syndicate participation of stocks, bonds, debentures,notes, or other securities.
For every violation of this section the member bank involved shall be subjectto a penalty not exceeding $1,000 per day for each day during which such violationcontinues. Such penalty may be assessed by the Federal Reserve Board, in its;discretion, and, when so assessed, may be collected by the Federal reserve bankby suit or otherwise.
If any such violation shall continue for six calendar months after the memberbank shall have been warned by the Federal Reserve Board to discontinue thesame, (a) in the case of a national bank, all the rights, privileges, and franchisesgranted to it under the National Bank Act may be forfeited in the manner pre-scribed in section 2 of the Federal Reserve Act, as amended (U.S.C., title 12, sees.141, 222-225, 281-286, and 502), or, (b) in the case of a State member bank, allof its rights and privileges of membership in the Federal Reserve System may beforfeited in the manner prescribed in section 9 of the Federal Reserve Act, asamended (U.S.C., title 12, sees. 321-332).
SEC. 21. (a) After the expiration of one year after the date of enactment of thisAct it shall be unlawful—
(1) For any person, firm, corporation, association, business trust, or othersimilar organization, engaged in the business of issuing, underwriting, selling, ordistributing, at wholesale or retail, or through syndicate participation, stocks,,bonds, debentures, notes, or other securities, to engage at the same time to anyextent whatever in the business of receiving deposits subject to check or to repay-ment upon presentation of a passbook, certificate of deposit, or other evidence ofdebt, or upon request of the depositor; or
(2) For any person, firm, corporation, association, business trust, or othersimilar organization, other than a financial institution or private banker subjectto examination and regulation under State or Federal law, to engage to any extentwhatever in the business of receiving deposits subject to check or to repaymentupon presentation of a passbook, certificate of deposit, or other evidence of debt,,or upon request of the depositor, unless such person, firm, corporation, association^business trust, or other similar organization shall submit to periodic examinationby the Comptroller of the Currency or by the Federal reserve bank of the districtand shall make and publish periodic reports of its condition, exhibiting in detailits resources and liabilities, such examination and reports to be made and pub-lished at the same times and in the same manner and with like effect and penaltiesas are now provided by law in respect of national banking associations transactingbusiness in the same locality.
(b) Whoever shall willfully violate any of the provisions of this section shallupon conviction be fined not more than $5,000 or imprisoned not more than fiveyears, or both, and any officer, director, employee, or agent of any person, firm,,corporation, association, business trust, or other similar organization who know-ingly participates in any such violation shall be punished by a like fine or imprison-ment or both.
SEC. 22. The additional liability imposed upon shareholders in nationalbanking associations by the provisions of section 5151 of the Revised Statutes,as amended, and section 23 of the Federal Reserve Act, as amended (U.S.C., title1.2, sees. 63 and 64), shall not apply with respect to shares in any such association,issued after the date of enactment of this Act.
SEC. 23. Paragraph (c) of section 5155 of the Revised Statutes, as amended(U.S.C., title 12, sec. 36), is amended to read as follows:
"(c) A national banking association may, with the approval of the Comptrollerof the Currency, establish and operate new branches: (1) Within the limits of thecity, town or village in which said association is situated, if such establishmentand operation are at the time expressly authorized to State banks by the law of:
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the State in question; and (2) at any point within the State in which said asso-ciation is situated, if such establishment and operation are at the time authorizedto State banks by the statute law of the State in question by language specificallygranting such authority affirmatively and not merely by implication or recogni-tion, and subject to the restrictions as to location imposed by the law of theState on State banks. No such association shall establish a branch outside of thecity, town, or village in which it is situated unless it has a paid-in and unimpairedCapital stock of not less than $500,000: Provided, That in States with a populationof less than one million, and which have no cities located therein with a populationexceeding one hundred thousand, the capital shall be not less than $250,000:Provided, That in States with a population of less than one-half million, andwhich have no cities located therein with a population exceeding fifty thousand,the capital shall not be less than $100,000."
Paragraph (d) of section 5155 of the Revised Statutes, as amended (U.S.C,title 12, sec. 36), is amended to read as follows:
"(d) The aggregate capital of every national banking association and itsbranches shall at no time be less than the aggregate minimum capital required bylaw for the establishment of an equal number of national banking associationssituated in the various places where such association and its branches aresituated."
SEC. 24. (a) Sections 1 and 3 of the Act entitled "An Act to provide for theconsolidation of national banking associations", approved November 7, 1918, asamended (U.S.C, title 12, sees. 33, 34, and 34a), are amended by striking out thewords "county, city, town, or village" wherever they occur in each such section,and inserting in lieu thereof the words "State, county, city, town, or village."
(b) Section 3 of such Act of November 7, 1918, as amended, is further amendedby striking out the second sentence thereof and inserting in lieu thereof the fol-lowing: "The capital stock of such consolidated association shall not be less thanthat required under existing law for the organization of a national banking asso-ciation in the place in which such consolidated association is located. Upon sucha consolidation, or upon a consolidation of two or more national banking associa-tions under section 1 of this Act, the corporate existence of each of the constituentbanks and national banking associations participating in such consolidation shallbe merged into and continued in the consolidated national banking associationand the consolidated association shall be deemed to be the same corporation aseach of the constituent institutions. All the rights, franchises, and interests ofeach of such constituent banks and national banking associations in and to everyspecies of property, real, personal, and mixed, and choses in action thereto belong-ing, shall be deemed to be transferred to and vested in such consolidated nationalbanking association without any deed or other transfer; and such consolidatednational banking association, by virtue of such consolidation and without anyorder or other action on the part of any court or otherwise, shall hold and enjoythe same and all rights of property, franchises, and interests, including appoint-ments, designations, and nominations and all other rights and interests as trustee,executor, administrator, registrar of stocks and bonds, guardian of estates,assignee, receiver, committee of estates of lunatics and in every other fiduciarycapacity, in the same manner and to the same extent as such rights, franchises,and interests were held or enjoyed by any such constituent institution at the timeof such consolidation: Provided, however, That where any such constituent insti-tution at the time of such consolidation was acting under appointment of anycourt as trustee, executor, administrator, registrar of stocks and bonds, guardianof estates, assignee, receiver, committee of estates of lunatics or in any otherfiduciary capacity, the consolidated national banking association shall be subjectto removal by a court of competent jurisdiction in the same manner and to thesame extent as was such constituent corporation prior to the consolidation, andnothing herein contained shall be construed to impair in any manner the right ofany court to remove such a consolidated national banking association and toappoint in lieu thereof a substitute trustee, executor, or other fiduciary, exceptthat such right shall not be exercised in such a manner as to discriminate againstnational banking associations, nor shall any such consolidated association beremoved solely because of the fact that it is a national banking association."
SEC. 25. The first two sentences of section 5197 of the Revised Statutes (U.S.C,title 12, sec. 85) are amended to read as follows:
"Any association may take, receive, reserve, and charge on any loan or discountmade, or upon any notes, bills of exchange, or other evidences of debt, interest atthe rate allowed by the laws of the State, Territory, or District where the bank islocated, or at a rate of 1 per centum in excess of the discount rate on ninety-daycommercial paper in effect at the Federal reserve bank in the Federal reserve dis-Digitized for FRASER
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BANKING LEGISLATION IN 19 3 3 2 9 3
trict where the bank is located, whichever may be the greater, and no more, exceptthat where by the laws of any State a different rate is limited for banks organizedunder State laws, the rate so limited shall be allowed for associations organizedor existing in any such State under this title. When no rate is fixed by the lawsof the State, or Territory, or District, the bank may take, receive, reserve, or chargea rate not exceeding 7 per centum, or 1 per centum in excess of the discount rateon ninety-day commercial paper in effect at the Federal reserve bank in the Fed-eral reserve district where the bank is located, whichever may be the greater, andsuch interest may be taken in advance, reckoning the days for which the note, bill,or other evidence of debt has to run."
SEC. 26. (a) The second sentence of the first paragraph of section 5200 of theRevised Statutes, as amended (U.S.C., title 12, sec. 84; Supp. VI, title 12, sec.84), is amended by inserting before the period at the end thereof the following:"&,nd shall include in the case of obligations of a corporation all obligations of allsubsidiaries thereof in which such corporation owns or controls a majority inter-est."
(b) The amendment made by this section shall not apply to such obligationsof subsidiaries held by such association on the date this section takes effect.
SEC. 27. Section 5211 of the Revised Statutes, as amended (U.S.C., title 12,sec. 161; Supp. VI, title 12, sec. 161), is amended by adding at the end thereofthe following new paragraph:
"Each national banking association shall obtain from each of its affiliates otherthan member banks and furnish to the Comptroller of the Currency not less thanthree reports during each year, in such form as the Comptroller may prescribe,verified by the oath or affirmation of the president or such other officer as maybe designated by the board of directors of such affiliate to verify such reports,disclosing the information hereinafter provided for as of dates identical with thosefor which the Comptroller shall during such year require the reports of thecondition of the association. For the purpose of this section the term 'affiliate'shall include holding company affiliates as well as other affiliates. Each suchreport of an affiliate shall be transmitted to the Comptroller at the same time asthe corresponding report of the association, except that the Comptroller may,in his discretion, extend such time for good cause shown. Each such report*shall contain such information as in the judgment of the Comptroller of theCurrency shall be necessary to disclose fully the relations between such affiliateand such bank and to enable the Comptroller to inform himself as to the effectof such relations upon the affairs of such bank. The reports of such affiliatesshall be published by the association under the same conditions as govern itsown condition reports. The Comptroller shall also have power to call for addi-tional reports with respect to any such affiliate whenever in his judgment thesame are necessary in order to obtain a full and complete knowledge of theconditions of the association with which it is affiliated. Such additional reportsshall be transmitted to the Comptroller of the Currency in such form as he mayprescribe. Any such affiliated bank which fails to obtain and furnish any reportrequired under this section shall be subject to a penalty of $100 for each dayduring which such failure continues."
SEC. 28. (a) The first paragraph of section 5240 of the Revised Statutes, asamended (U.S.C., title 12, sec. 481), is amended by inserting before the periodat the end thereof a colon and the following proviso: "Provided, That in makingthe examination of any national bank the examiners shall include such an exam-ination of the affairs of all its affiliates other than member banks as shall benecessary to disclose fully the relations between such bank and such affiliatesand the effect of such relations upon the affairs of such bank; and in the event ofthe refusal to give any information required in the course of the examinationof any such affiliate, or in the event of the refusal to permit such examination,all the rights, privileges, and franchises of the bank shall be subject to forfeiturein accordance with section 2 of the Federal Reserve Act, as amended (U.S.C.,title 12, sees. 141, 222-225, 281-286, and 502). The Comptroller of the Cur-rency shall have power, and he is hereby authorized, to publish the report ofhis examination of any national banking association or affiliate which shall notwithin one hundred and twenty days after notification of the recommendationsor suggestions of the Comptroller, based on said examination, have compliedwith the same to his satisfaction. Ninety days' notice prior to such publicityshall be given to the bank or affiliate."
(b) Section 5240 of the Revised Statutes, as amended (U.S.C., title 12, sec.481), is further amended by adding after the first paragraph thereof the followingnew paragraph:
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"The examiner making the examination of any affiliate of a national bankshall have power to make a thorough examination of all the affairs of the affiliate,and in doing so he shall have power to administer oaths and to examine any ofthe officers, directors, employees, and agents thereof under oath and to make areport of his findings to the Comptroller of the Currency. The expense ofexaminations of such affiliates may be assessed by the Comptroller of the Cur-rency upon the affiliates examined in proportion to assets or resources held bythe affiliates upon the dates of examination of the various affiliates. If any sucliaffiliate shall refuse to pay such expenses or shall fail to do so within sixty daysafter the date of such assessment, then such expenses may be assessed againstthe affiliated national bank and, when so assessed, shall be paid by such nationalbank: Provided, however, That, if the affiliation is with two or more nationalbanks, such expenses may be assessed against, and collected from, any or all ofsuch national banks in such proportions as the Comptroller of the Currency mayprescribe. The examiners and assistant examiners making the examinations ofnational banking associations and affiliates thereof herein provided for and thechief examiners, reviewing examiners and other persons whose services may berequired in connection with such examinations or the reports thereof, shall beemployed by the Comptroller of the Currency with the approval of the Secretaryof the Treasury; the employment and compensation of examiners, chief exam-iners, reviewing examiners, assistant examiners, and of the other employees ofthe office of the Comptroller of the Currency whose compensation is paid fromassessments on banks or affiliates thereof shall be without regard to the provi-sions of other laws applicable to officers or employees of the United States.The funds derived from such assessments may be deposited by the Comptrollerof the Currency in accordance with the provisions of section 5234 of the RevisedStatutes (U.S.C., title 12, sec. 192) and shall not be construed to be Govern-ment funds or appropriated monies; and the Comptroller of the Currency is;authorized and empowered to prescribe regulations governing the computationand assessment of the expenses of examinations herein provided for and thecollection of such assessments from the banks and/or affiliates examined. Ifany affiliate of a national bank shall refuse to permit an examiner to make an;examination of the affiliate or shall refuse to give any information required inthe course of any such examination, the national bank with which it is affiliatedshall be subject to a penalty of not more than $100 for each day that any suchrefusal shall continue. Such penalty may be assessed by the Comptroller of theCurrency and collected in the same manner as expenses of examinations."
SEC. 29. In any case in which, in the opinion of the Comptroller of the Cur-rency, it would be to the advantage of the depositors and unsecured creditors ofany national banking association whose business has been closed, for such asso-ciation to resume business upon the retention by the association, for a reasonableperiod to be prescribed by the Comptroller, of all or any part of its deposits, theComptroller is authorized, in his discretion, to permit the association to resumebusiness if depositors and unsecured creditors of the association representing at,least 75 per centum of its total deposit and unsecured credit liabilities consent inwriting to such retention of deposits. Nothing in this section shall be construedto affect in any manner any powers of the Comptroller under the provisions of lawin force on the date of enactment of this Act with respect to the reorganization ofnational banking associations.
SEC. 30. Whenever, in the opinion of the Comptroller of the Currency, anydirector or officer of a national bank, or of a bank or trust company doing businessin the District of Columbia, or whenever, in the opinion of a Federal reserveagent, any director or officer of a State member bank in his district shall have con-tinued to violate any law relating to such bank or trust company or shall havecontinued unsafe or unsound practices in conducting the business of such bankor trust company, after having been warned by the Comptroller of the Currencyor the Federal reserve agent, as the case may be, to discontinue such violations oflaw or such unsafe or unsound practices, the Comptroller of the Currency or theFederal reserve agent, as the case may be, may certify the facts to the FederalReserve Board. In any such case the Federal Reserve Board may cause noticeto be served upon such director or officer to appear before such Board to showcause why he should not be removed from office. A copy of such order shall besent to each director of the bank affected, by registered mail. If after grantingthe accused director or officer a reasonable opportunity to be heard, the FederalReserve Board finds that he has continued to violate any law; relating to such bankor trust company or has continued unsafe or unsound practices in conducting thebusiness of such bank or trust company after having been warned by the Comp-troller of the Currency or the Federal reserve agent to discontinue such violation^
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of law or such unsafe or unsound practices, the Federal Reserve Board, in itsdiscretion, may order that such director or officer be removed from office. A copyof such order shall be served upon such director or officer. A copy of such ordershall also be served upon the bank of which he is a director or officer, whereuponsuch director or officer shall cease to be a director or officer of such bank: Provided,That such order and the findings of fact upon which it is based shall not be mad.epublic or disclosed to anyone except the director or officer involved and the di-rectors of the bank involved, otherwise than in connection with proceedings for aviolation of this section. Any such director or officer removed from office asherein provided who thereafter participates in any manner in the management ofsuch bank shall be fined not more than $5,000, or imprisoned for not more thanfive years, or both, in the discretion of the court.
SEC. 31. After one year from the date of enactment of this Act, notwithstandingany other provision of law, the board of directors, board of trustees, or othersimilar governing body of every national banking association and of every Statebank or trust company which is a member of the Federal Reserve System shallconsist of not less than five nor more than twenty-five members; and every di-rector, trustee, or other member of such governing body shall be the bona fideowner in his own right of shares of stock of such banking association, State bankor trust company having a par value in the aggregate of not less than $2,500,unless the capital of the bank shall not exceed $50,0C0, in which case he must ownin his own right shares having a par value in the aggregate of not less than $1,500,or unless the capital of the bank shall not exceed $25,000, in which case he mustown in his own right shares having a par value in the aggregate of not less than$1,000. If any national banking association violates the provisions of this sectionand continues such violation after thirty days' notice from the Comptroller of theCurrency, the said Comptroller may appoint a receiver or conservator therefor,in accordance with the provisions of existing law. If any State bank or trustcompany which is a member of the Federal Reserve System violates the provisionsof this section and continues such violation after thirty days' notice from theFederal Reserve Board, it shall be subject to the forfeiture of its membership inthe Federal Reserve System in accordance with the provisions of section 9 of theFederal Reserve Act, as amended.
SEC. 32. From and after January 1, 1934, no officer or director of any memberbank shall be an officer, director, or manager of any corporation, partnership, orunincorporated association engaged primarily in the business of purchasing, sellingor negotiating securities, and no member bank shall perform the functions of acorrespondent bank on behalf of any such individual, partnership, corporation,or unincorporated association and no such individual, partnership, corporation, orunincorporated association shall perform the functions of a correspondent for anymember bank or hold on deposit any funds on behalf of any member bank, unlessin any such case there is a permit therefor issued by the Federal Reserve Board;and the Board is authorized to issue such permit if in its judgment it is not in-compatible with the public interest, and to revoke any such permit whenever itfinds after reasonable notice and opportunity to be heard, that the public interestrequires such revocation.
SEC. 33. The Act entitled " An Act to supplement existing laws against unlawfulrestraints and monopolies, and for other purposes", approved October 15, 1914,as amended (U.S.C., title 15, sec. 19), is hereby amended by adding after section8 thereof the following new section:
"SEC. 8A. That from and after the 1st day of January 1934, no director, officer,or employee of any bank, banking association, or trust company, organized oroperating under the laws of the United States shall be at the same time a director,officer, or employee of a corporation (other than a mutual savings bank) or amember of a partnership organized for any purpose whatsoever which shallmake loans secured by stock or bond collateral to any individual, association,partnership, or corporation other than its own subsidiaries."
SEC. 34. The right to alter, amend, or repeal this Act is hereby expressly re-served. If any provision of this Act, or the application thereof to any person orcircumstances, is held invalid, the remainder of the Act, and the application ofsuch provision to other persons or circumstances, shall not be affected thereby.
Approved, June 16, 1933, 11.45 a.m.
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REGULATIONS OF THE FEDERAL RESERVE BOARD
There is printed below the text of the Federal Eeserve Board'sRegulation L in the form in which it was approved October 25, 1933,and became effective November 1, 1933; Regulation M in the formin which it was approved July 28, 1933, and became effective August10, 1933; Regulation N in the form in which it was approved July28, 1933, and became effective August 10, 1933; Regulation P in theform in which it was approved and became effective on August 4,1933; Regulation Q in the form in which it was approved and becameeffective on August 29, 1933 (except as otherwise therein provided);and Regulation R in the form in which it was approved October 26,1933, and became effective November 1, 1933.
REGULATION L, SERIES OF 1933[Superseding Regulation L, Series of 1930]
INTERLOCKING BANK DIRECTORATES AND OTHER RELATIONSHIPSUNDER THE CLAYTON ACT
SECTION I . STATUTORY P R O V I S I O N S
SECTIONS 8 AND 8A OF THE CLAYTON ANTITRUST ACT APPROVED OCTOBER 15, 1914, AS AMENDED BY THE ACTSOF MAY 15, 1916, MAY 26, 1920, MARCH 9, 1928, MARCH 2, 1929, AND JUNE 16, 1933 l
SEC. 8. That from and after two years from the date of the approval of this Act no person shall at thesame time be a director or other officer or employee of more than one bank, banking association, or trustcompany organized or operating under the laws of the United States, either of which has deposits, capital,surplus, and undivided profits aggregating more than $5,000,000; and no private banker or person who isa director in any bank or trust company organized and operating under the laws of a State, having deposits,capital, surplus, and undivided profits aggregating more than $5,000,000, shall be eligible to be a directorin any bank or banking association organized or operating under the laws of the United States. Theeligibility of a director, officer, or employee under the foregoing provisions shall be determined by the aver-age amount of deposits, capital, surplus, and undivided profits as shown in the official statements of suchbank, banking association, or trust company filed as provided by law during the fiscal year next precedingthe date set for the annual election of directors, and when a director, officer, or employee has been electedor selected in accordance with the provisions of this Act it shall be lawful for him to continue as such forone year thereafter under said election or employment.
No bank, banking association, or trust company organized or operating under the laws of the UnitedStates, in any city or incorporated town or village of more than two hundred thousand inhabitants, asshown by the last preceding decennial census of the United States, shall have as a director or other officeror employee any private banker or any director or other officer or employee of any other bank, bankingassociation, or trust company located in the same place: Provided, That nothing in this section shall applyto mutual savings banks not having a capital stock represented by shares, to joint-stock land banks or-ganized under the provisions of the Federal Farm Loan Act, or to other banking institutions which do nocommercial banking business: Provided further, That a director or other officer or employee of such bank,banking association, or trust company may be a director or other officer or employee of not more than oneother bank or trust company organized under the laws of the United States or any State where the entirecapital stock of one is owned by stockholders in the other: And provided further, That nothing containedin this section shall forbid a director of class A of a Federal reserve bank, as defined in the Federal ReserveAct, from being an officer or director, or both an officer and director, in one member bank: And providedfurther, That nothing in this Act shall prohibit any private banker from being an officer, director, or em-ployee of not more than two banks, banking associations, or trust companies, or prohibit any officer, di-rector, or employee of any bank, banking association, or trust company, or any class A director of a Federalreserve bank, from being an officer, director, or employee of not more than two other banks, banking as-sociations, or trust companies, whether organized under the laws of the United States or any State, if inany such case there is in force a permit therefor issued by the Federal Reserve Board; and the FederalReserve Board is authorized to issue such permit if in its judgment it is not incompatible with the publicinterest, and to revoke any such permit whenever it finds, after reasonable notice and opportunity to beheard, that the public interest requires its revocation.
The consent of the Federal Reserve Board may be procured before the person applying therefor has beenelected as a class A director of a Federal reserve bank or as a director of any member bank.
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When any person elected or chosen as a director or officer or selected as an employee of any bank or othercorporation subject to the provisions of this Act is eligible at the time of his election or selection to act forsuch bank or other corporation in such capacity his eligibility to act in such capacity shall not be affectedand he shall not become or be deemed amenable to any of the provisions hereof by reason of any changein the affairs of such bank or other corporation from whatsoever cause, whether specifically excepted byany of the provisions hereof or not, until the expiration of one year from the date of his election or em-ployment.
1 Amended by sec. 25 of the Federal Reserve Act as amended Sept. 7, 1916, and by act approved Dec.24, 1919, amending the Federal Reserve Act, as to corporations engaged in foreign banking and financialoperations. See sees. 25 and 25 (a) of Federal Reserve Act.
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SEC. 8A. That from and after the 1st day of January 1934, no director, officer, or employee of any bank,banking association, or trust company, organized or operating under the laws of the United States shallbe at the same time a director, officer, or employee of a corporation (other than a mutual savings bank)or a member of a partnership organized for any purpose whatsoever which shall make loans secured bystock or bond collateral to any individual, association, partnership, or corporation other than its ownsubsidiaries.
SECTION II. DEFINITIONS
Within the meaning of this regulation—The term "bank" shall include any bank, banking association, or trust com-
pany organized or operating under the laws of the United States or of any Statethereof.
The term "national bank" shall be construed to apply not only to nationalbanking associations but also to banks, banking associations, and trust companiesorganized or operating under the laws of the United States, including all banksand trust companies doing business in the District of Columbia, regardless ofthe sources of their charters.
The term "resources" shall be construed to mean an amount equal to the sumof the deposits, capital, surplus, and undivided profits and, in the case of a bank,banking association, or trust company, shall be determined by the averageamount of deposits, capital, surplus, and undivided profits as shown in theofficial statements of such bank, banking association, or trust company filed asprovided by law during the fiscal year next preceding the date set for the annualelection of directors.
The term "State bank" shall include any bank, banking association, or trustcompany incorporated under State law, except banks doing business in the Districtof Columbia, referred to above.
The term "private banker" shall apply to any unincorporated individual engag-ing in one or more phases of the banking business, as that term is generally under-stood, and to any member of an unincorporated firm engaging in such business.
The term "Edge corporation" shall mean any corporation organized under theprovisions of section 25 (a) of the Federal Reserve Act, as amended.
The term "city of over 200,000 inhabitants" includes any city, incorporatedtown, or village of more than 200,000 inhabitants, as shown by the last precedingdecennial census of the United States. Any bank located anywhere within thecorporate limits of such city is located in a city of over 200,000 inhabitants withinthe meaning of the Clayton Act, even though it is located in a suburb or an out-lying district at some distance from the principal part of the city.
SECTION III. PEOHIBITIONS OF CLAYTON ACT
(a) Under section 8 of the Clayton Antitrust Act, except as noted below undersection IV (a)—
(1) No person who is a director or other officer 2 or employee of a nationalbank having resources aggregating more than $5,000,000 can legally serve atthe same time as director, officer, or employee of any other national bank,regardless of its location.
(2) No person who is a director in a State bank or trust company havingresources aggregating more than $5,000,000 or who is a private banker havingresources aggregating more than $5,000,000 can legally serve at the sametime as director of any national bank, regardless of its location.
(3) No person can legally be a director, officer,2 or employee of a nationalbank located in a city of more than 200,000 inhabitants who is at the sametime a private banker in the same city or a director, officer, or employee ofany other bank (State or national) located in the same city, regardless of thesize of such bank.
(b) Under section 8A of the Clayton Antitrust Act, except as noted below undersection IV (6)—
From and after January 1, 1934, no person can legally be a director, officer,or employee of a national bank who is at the same time a director, officer, oremployee of a corporation (other than a mutual savings bank) or a memberof a partnership organized for any purpose whatsoever which shall makeloans secured by stock or bond collateral to any individual, association, part-nership, or corporation other than its own subsidiaries.
(c) The prohibitions of section 8 and section 8A are cumulative, i.e., the prohi-bitions contained in section 8A of the Clayton Antitrust Act are in addition tothose contained in section 8 thereof.
2 The Federal Reserve Board has ruled that a conservator of a national bank is not a director, officer, oremployee of such bank within the meaning of the Clayton Antitrust Act.
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SECTION IV. EXCEPTIONS
There are certain exceptions to section 8 and certain exceptions to section 8A,but they are not identical. Therefore, all the exceptions applicable to each sec-tion are stated separately below in order to avoid confusion.
(a) The provisions of section 8 of the Clayton Act—•(1) Do not apply to mutual savings banks not having a capital stock rep-
resented by shares.(2) Do not apply to joint-stock land banks organized under the provisions
of the Federal Farm Loan Act.(3) Do not apply to banking institutions which do no commercial banking
business.(4) Do not prohibit a person from being at the same time a director, officer,
or employee of a national bank and not more than one other national bank,State bank, or trust company, where the entire capital stock of one is ownedby stockholders in the other.
(5) Do not prohibit a person from being at the same time a class A directorof a Federal Reserve bank and also an officer or director, or both an officerand a director, in one member bank.
(6) Do not prohibit a person who is serving as director, officer, or employeeof a national bank, even though it has resources aggregating over $5,000,000,from serving at the same time as director, officer, or employee of any numberof State banks and trust companies, provided such State institutions are notlocated in the same city of over 200,000 inhabitants as the national bank anddo not have resources aggregating in the case of any one bank more than$5,000,000.
(7) Do not prohibit a person from serving at the same time as director,officer, or employee of any number of national banks, provided no two ofthem are located in the same city of over 200,000 inhabitants and no oneof them has resources aggregating over $5,000,000.
(8) Do not prohibit a person who is not a director, officer, or employee ofany national bank from serving at the same time as officer, director, oremployee of any number of State banks or trust companies, regardless oftheir locations and resources.
(9) Do not prohibit a person who is an officer or employee but not adirector of a State bank from serving as director, officer, or employee of anational bank, even though either or both of such banks have resourcesaggregating over $5,000,000, provided both banks are not located in thesame city of over 200,000 inhabitants.
(10) Do not prohibit a person who is an officer or employee but not adirector of a national bank from serving at the same time as director, officer,or employee of a State bank, even though either or both of such banks haveresources aggregating over $5,000,000, provided both banks are not locatedin the same city of over 200,000 inhabitants.
(11) Do not prohibit a director, officer, agent, or employee of a memberbank which has invested in the stock of any corporation principally engagedin international or foreign banking or financial operations or banking in adependency or insular possession of the United States, under the provisionsof section 25 of the Federal Reserve Act, from being at the same time adirector, officer, agent, or employee of any such foreign bank or financialcorporation, if the Federal Reserve Board has granted its approval.3
(12) Do not prohibit any officer, director, agent, or employee of any mem-ber bank from being at the same time a director, officer, agent, or employeeof any Edge corporation in whose capital stock the member bank shall haveinvested under the provisions of section 25 or section 25 (a) of the FederalReserve Act, if the Federal Reserve Board has granted its approval.3
(13) Do not prohibit an officer, director, agent, or employee of an Edgecorporation from being at the same time a director, officer, agent, or em-ployee of any other corporation in whose capital stock such Edge corporationshall have invested under the provisions of section 25 (a) of the FederalReserve Act, if the Federal Reserve Board has granted its approval.3
3 If a director, officer, agent, or employee is affected only by sec. 8 of the Clayton Act, informal applica-tion for the approval of the Federal Reserve Board under sec. 25 or 25 (a) of the Federal Reserve Act maybe made in the form of a letter pddr sed to the Board either by the director, officer, agent, or employee in-volved or in his behalf by one of tue banks which he is serving, such application to be delivered to the FederalKeserve agent at the Federal . 3serve bank of the district in which the bank now served by the applicant islocated. However, if a director, officer or employee is affected by sec. 8 A of the Clayton Act, it is necessaryfor him to apply for and obtain a l^rmal permit in accordance with the provisions of sec. V of this regulationsince the above exceptions do not apply to sec. 8A of the Clayton Act.
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(14) Do not prohibit a private banker or an officer, director, or employeeof any bank or a class A director of a Federal Reserve bank from being atthe same time an officer, director, or employee of not more than two otherbanks within the prohibitions of the Clayton Act, if there is in force a permittherefor issued by the Federal Reserve Board.
The above exceptions are cumulative, but apply only to the prohibitions ofsection 8. The exceptions to section 8A are stated below.
(b) The provisions of section 8A of the Clayton Act—(1) Do not prohibit a person who is a director, officer, or employee of a
national bank from being at the same time a director, officer, or employeeof a mutual savings bank.
(2) Do not prohibit a person who is a director, officer, or employee of anational bank from being at the same time a director, officer, or employee ofa corporation or a member of a partnership which shall make loans securedby stock or bond collateral only to its own subsidiaries.
(3) Do not prohibit a person wiio is a director, officer, or employee of anational bank from being at the same time a director, officer, or employee ofa corporation or a member of a partnership which does not actually makeloans secured b} stock or bond collateral, even though such corporation orpartnership is permitted by law to make such loans.
(4) Do not prohibit a person who is not a director, officer, or employee ofany national bank from serving at the same time as an officer, director, oremployee of any number of State banks or trust companies, whether membersof the Federal Reserve System or not.
(5) Do not prohibit a private banker or an officer, director, or employeeof any bank or a class A director of a Federal Reserve bank from being atthe same time an officer, director, or employee of not more than two otherbanks within the prohibitions of the Clayton Act, if there is in force a permittherefor issued by the Federal Reserve Board.
The above exceptions are cumulative, but apply only to the prohibitions ofsection 8A. The exceptions to section 8 are stated separately in section IV (a)of this regulation.
SECTION V. PERMISSION OF THE FEDERAL RESERVE BOARD
(a) In general.—Section 8 of the Clayton Antitrust Act, as amended by theacts of May 15, 1916, May 26, 1920, and March 9, 1928, authorizes the FederalReserve Board to permit any private banker or any officer, director, or employeeof any bank, banking association, or trust company, or any class A director of aFederal Reserve bank to serve as director, officer, or employee of not more thantwo other banks, banking associations, or trust companies coming within theprohibitions of the Clayton Act, if in the judgment of the Federal Reserve Boardit is not incompatible with the public interest, and permits may be issued coveringrelationships between banks which are prohibited by section 8A as well as thoseprohibited by section 8.
The Federal Reserve Board is authorized only to issue permits covering privatebankers and directors, officers, and employees of banks, banking associations, andtrust companies, and therefore cannot issue a permit to a director, officer, oremployee of a national bank or a class A director of a Federal Reserve bank to be adirector, officer, or employee of a corporation other than a bank, banking associa-tion, or trust company, or to be a member of a partnership other than a firm ofprivate bankers.4
(6) When obtained.—Inasmuch as this exception to the prohibitions of theClayton Act applies only when "there is in force a permit therefor issued by theFederal Reserve Board", it is a violation of the law to serve two or more banks inthe prohibited classes before such a permit has been obtained. A permit shouldbe obtained, therefore, before becoming an officer, director, or employee of morethan one bank in the prohibited classes. It may be procured before the personapplying therefor has been elected a director or appointed an officer or employeeof any bank in the prohibited classes.
(c) Applications for permission.—A person wishing to obtain a permit fromthe Federal Reserve Board to serve banks coming within the prohibitions of theClayton Act should—
(1) Make formal application on F.R.B. Form 94, or, if a private banker,on F.R.B. Form 94d.
(2) Obtain from each of the banks involved a statement on F.R.B. Form94a, showing the character of its business, together with a copy of its last
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published statement of condition, and, if a private banker, make a statementon F.R.B. Form 94e showing the character of his or his firm's business.
(3) Forward all these papers, in duplicate, to the Federal Reserve agentof his district, who will attach his recommendation on F.R.B. Form 94b andforward them to the Federal Reserve Board.
Each of the forms referred to in this subsection is made a part of this regulation.(d) Compatibility with the public interest.—In determining whether the issu-
ance of such a permit would be compatible with the public interest, the FederalReserve Board will consider—
(1) Whether the banks involved are natural competitors;(2) Whether their having the same directors, officers, or employees would
tend to lessen competition or to restrict credit;(3) The condition and the character of the management of the banks with
which the applicant is connected and the extent of his responsibility therefor;(4) Whether the applicant discharges the duties and responsibilities of
his office by attending directors' meetings or otherwise;(5) Whether the applicant, his family, or his interests have abused the
credit facilities of the bank or banks he is already serving;(6) Whether the applicant's influence upon the banks involved in his
application is likely to be helpful or harmful to such banks;(7) The nature and extent of the loans made by each of such banks secured
by stock or bond collateral and the policy of each bank with respect to mak-ing such loans; and
(8) Any other factors having a bearing upon the effect which the issuanceof the permit may have upon the public interest.
(e) Burden is upon applicant and banks involved.—In view of the fact thatsections 8 and 8A of the Clayton Antitrust Act forbid interlocking relationshipsbetween banks of certain classes except in cases where the Federal Reserve Boardfinds the specific interlocking relationships not incompatible with the publicinterest and grants permits therefor, the burden must rest upon each applicantfor such a permit, and upon the banks involved, to show to the satisfaction of theBoard that it would not be incompatible with the public interest to permit him toserve the banks involved.
(/) Approval or disapproval.—As soon as an application is acted upon by theBoard, the applicant will be advised of the action taken.
If the Board approves the application, a formal permit to serve the banksinvolved will be issued to the applicant.
(g) Hearing.—If it appears to the Board that it would be incompatible with thepublic interest to grant such a permit, the Board will so notify the applicant andwill afford him every opportunity to present any additional facts or argumentsbearing on the subject before making final decision in the case.
(h) Effect of permits.—A permit once granted continues in force until revoked,and need not be renewed.
(i) Revocation.—All permits, however, are subject to revocation whenever theFederal Reserve Board, after giving reasonable notice to the persons to whom theywere issued and affording them an opportunity to be heard, finds that the publicinterest requires their revocation.
REGULATION M, SERIES OF 1933
OPEN MARKET OPERATIONS
SECTION I
Pursuant to the authority conferred upon it by section 12A of the FederalReserve Act, as amended, and by other provisions of the Federal Reserve Act,the Federal Reserve Board prescribes the following regulations governing theprocedure to be followed ordinarily in the conduct of open market operations of theFederal Reserve banks.
The specific mention in this regulation of any power or authority of the FederalReserve Board or of the Federal Reserve banks, or the failure to mention specifi-cally any such power or authority, shall not be construed as an interpretation ofthe law as to the existence, extent, or absence of such power or authority; and theFederal Reserve Board expressly reserves the right to alter, amend, or repeal thisregulation in whole or in part at any time.
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SECTION II. DEFINITIONS
(a) Government securities.—The term "Government securities" shall includebonds, notes, certificates of indebtedness, and Treasury bills of the United States.
(b) Obligations.—The term "obligations" shall include all bankers' acceptances,bills of exchange, cable transfers, bonds, notes, warrants, debentures, and otherobligations, including Government securities, which Federal Reserve banks areauthorized by law to purchase in the open market.
(c) System account.—The term "system account" applies to Governmentsecurities held for two or more participating Federal Reserve banks under thecontrol of the executive committee.
(d) Executive committee.—The term "Executive committee" shall mean theexecutive committee of the Federal Open Market Committee.
SECTION III. GENERAL PRINCIPLES
The time, character, and volume of all purchases and sales in the open marketby Federal Reserve banks shall be governed with a view to accommodatingcommerce and business and with regard to their bearing upon the general creditsituation of the country.
SECTION IV. FEDERAL OPEN MARKET COMMITTEE
(a) Organization.—The Federal Open Market Committee created by section12A of the Federal Reserve Act, as amended by the Banking Act of 1933, consistsof one member from each Federal Reserve district selected annually by the boardof directors of the Federal Reserve bank of such Federal Reserve district. Thecommittee shall select its own chairman, vice chairman, and secretary.
(b) Meetings.—The committee shall meet in Washington, D.C., at least fourtimes each year and oftener if deemed necessary. Meetings shall be held uponthe call of the Governor of the Federal Reserve Board or at the request of anythree members of the committee and, in the discretion of the Board, may beattended by the members of the Board. The committee shall keep minutes ofall its meetings and furnish copies thereof to the Federal Reserve Board and toeach Federal Reserve bank.
(c) Functions.—It shall be the duty of the committee to consider the needs ofcommerce and business, the general credit situation of the country, and such othermatters as may be called to its attention by the Federal Reserve Board or by anymember of the committee and to formulate and submit to the Federal ReserveBoard for its action recommendations in writing concerning the open-marketpolicy of the Federal Reserve System.
(d) Open market policy.—Any open market policy recommended by theFederal Open Market Committee shall be considered by the Federal ReserveBoard and shall be effective only when and to the extent approved by the Board.Any such policy shall be subject to reconsideration at any time after it has becomeeffective and before it has been fully executed; and a meeting of the Federal OpenMarket Committee shall be called for that purpose whenever requested by theFederal Reserve Board or by any three members of the committee. The Boardreserves the right to modify or revoke its approval after the committee shall havehad a reasonable opportunity to reconsider any such policy and submit furtherrecommendations to the Federal Reserve Board. The Federal Reserve Boardwill notify each Federal Reserve bank and the chairman of the Federal OpenMarket Committee of all decisions respecting any such policy.
(e) Participation by Federal Reserve banks.—If any Federal Reserve bankshall decide not to participate in open market operations recommended by theFederal Open Market Committee and approved by the Federal Reserve Board,it shall file written notice of its decision with the chairman of the committeewithin 30 days after notification by the Federal Reserve Board of its actionrespecting such recommendation and shall transmit a copy of such notice to theFederal Reserve Board. Any Federal Reserve bank which shall fail within thetime prescribed to file such notice of its decision not to participate in such openmarket operations shall be deemed to have agreed to participate in the same andwill be expected to cooperate fully in carrying out the policy so decided upon.
(/) Undertaking to sell securities purchased.—Whenever the Federal ReserveBoard has approved an open market policy involving the purchase of Governmentsecurities for System account, all banks participating therein shall be deemed tohave agreed to the sale of any part or all of the Government securities so purchasedor of an equivalent amount of other Government securities held for Systemaccount, whenever such sale shall be recommended by the Federal Open MarketCommittee and approved by the Federal Reserve Board.Digitized for FRASER
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SECTION V. EXECUTIVE COMMITTEE
(a) Organization.—The Federal Open Market Committee, at its first meetingin each calendar year, shall select from its own membership an executive com-mittee consisting of five members and shall appoint the chairman thereof. Theexecutive committee shall keep minutes of all its meetings and furnish copiesthereof to the Federal Reserve Board and to each Federal Reserve bank.
(b) Functions.—It shall be the duty of the executive committee:(1) To execute purchases and sales of Government securities and other
obligations in the open market in accordance with open market policiesapproved by the Federal Reserve Board;
(2) To allocate among all participating Federal Reserve banks the aggre-gate amount of Government securities and other obligations held for theiraccount and to adjust such allocation from time to time to meet the changingneeds of the respective Federal Reserve banks. Such allocations shall bemade with the view primarily of (a) enabling each Federal Reserve bank tomaintain a suitable reserve position, and (b) equalizing as far as practicablethe net earning position of the Federal Reserve banks.
(3) To keep the Federal Reserve Board and each Federal Reserve bankinformed of all transactions executed by the committee and of all allocationsand reallocations of Government securities and other obligations held forparticipating banks; and
(4) To perform such other functions and duties in connection with openmarket policies approved from time to time by the Federal Reserve Boardas may be assigned to it from time to time by the Federal Open MarketCommittee with the approval of the Federal Reserve Board.
SECTION VI. PURCHASES AND SALES OF GOVERNMENT SECURITIES
No Federal Reserve bank shall purchase or sell Government securities exceptin accordance with an open market policy approved by the Federal ReserveBoard and in effect at the time, except that:
(1) In an emergency, any Federal Reserve bank may purchase Govern-ment securities when necessary to afford relief in a situation involving specificbanking institutions in its district; and
(2) After obtaining the consent of the Federal Reserve Board, any FederalReserve bank may purchase or sell Government securities for other specificpurposes, for its own account.
All purchases and sales of Government securities by any Federal Reserve bankfor its own account shall be reported promptly to the Federal Reserve Boardand to the chairman of the executive committee; and the executive committeemay make such compensatory purchases or sales for the System account andsuch reallocations of the obligations in the System account as may be appropriatein the light of purchases and sales made for their own account by individualFederal Reserve banks.
The Board reserves the right, in its discretion, to require the sale of any Gov-ernment securities purchased by an individual Federal Reserve bank under theauthority of this section.
Any Federal Reserve bank may purchase United States temporary certificatesof indebtedness for the accommodation of the Treasury of the United States inamounts requested by the Treasury and may sell participations therein; butsuch certificates shall not be held for more than 7 days without the approval ofthe Federal Reserve Board.
SECTION VII. OTHER OPEN MARKET OPERATIONS
Each Federal Reserve bank may engage in open market operations other thanthe purchase or sale of Government securities, subject to the following conditions:
(1) All such transactions shall be reported daily to the Federal ReserveBoard.
(2) Purchases of acceptances and bills of exchange shall be in accordancewith the provisions of Regulation B and the rates of interest or discountshall be in accordance with schedules approved by the Federal ReserveBoard: Provided, however, That no obligations payable in foreign currencyshall be purchased without the consent of the Federal Reserve Board.
(3) All purchases by Federal Reserve banks of bills, notes, revenues bondsand warrants of States, counties, districts, political subdivisions or muni-cipalities shall be in accordance with the provisions of Regulation E.
(4) No Federal Reserve bank shall engage in the purchase or sale of cabletransfers for its own account without first obtaining the approval of theDigitized for FRASER
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Federal Reserve Board, except that the Federal Reserve Bank of Atlanta maypurchase and sell cable transfers through its Habana agency in accordancewith the resolutions or regulations of the Federal Reserve Board governingthe operations of such agency.
(5) Except with the approval of the Federal Reserve Board, no FederalReserve bank shall engage in any open market transactions which are not ofthe customary character, which do not occur in the ordinary course of busi-ness, which are engaged in for the purpose of affecting general credit condi-tions or which may have a material effect upon general credit conditions:Provided, however, That any Federal Reserve bank may purchase obligationsfor the purpose of affording relief in a situation involving specific bankinginstitutions in its district.
REGULATION N, SERIES OF 1933
RELATIONS WITH FOREIGN BANKS AND BANKERS
SECTION I
§T Pursuant to the authority conferred upon it by section 12A and subsection (g)of section 14 of the Federal Reserve Act, as amended, and by other provisions oflaw, the Federal Reserve Board prescribes the following regulations governingrelationships and transactions between Federal Reserve banks and foreign banksor bankers or groups of foreign banks or bankers.
SECTION II . INFORMATION TO BE FURNISHED TO THE BOARD
In order that the Federal Reserve Board may perform its statutory duty ofexercising special supervision over all relationships and transactions of any kindentered into by any Federal Reserve bank with any foreign bank or banker orwith any group of foreign banks or bankers, each Federal Reserve bank shallpromptly submit to the Federal Reserve Board in writing full information con-cerning all existing relationships and transactions of any kind heretofore enteredinto by such Federal Reserve bank with any foreign bank or banker or with anygroup of foreign banks or bankers and copies of all written agreements betweenit and any foreign bank or banker or any group of foreign banks or bankerswhich are now in force, unless copies have heretofore been furnished to the Board,in which case the Federal Reserve bank shall inform the Board as to the dates uponwhich such copies were furnished. Each Federal Reserve bank shall also keep theFederal Reserve Board promptly and fully advised of all transactions with anyforeign bank or banker or with any group of foreign banks or bankers, excepttransactions of a routine character.
SECTION III. CONFERENCES AND NEGOTIATIONS WITH FOREIGN BANKS AND BANKERS
Without first obtaining the permission of the Federal Reserve Board, no officeror other representative of any Federal Reserve bank shall conduct negotiationsof any kind with the officers or representatives of any foreign bank or banker orany group of foreign banks or bankers, except communications in the ordinarycourse of business in connection with transactions pursuant to agreements pre-viously approved by the Federal Reserve Board. Any request for the Board'spermission to conduct any such negotiations shall be submitted in writing andshall include a full statement of the occasion and objects of the proposednegotiations.
The Federal Reserve Board reserves the right, in its discretion, to be repre-sented by such representative or representatives as it may designate in anynegotiations between any officer or other representative of any Federal Reservebank and any officers or representatives of any foreign bank or banker or anygroup of foreign banks or bankers; and the Board shall be given reasonablenotice in advance of the time and place of any such negotiations.
A full report of all such conferences or negotiations and all understandings oragreements arrived at or transactions agreed upon and all other material factsappertaining to such conferences or negotiations shall be filed with the FederalReserve Board in writing by a duly authorized officer of each Federal Reservebank which shall have participated in such conferences or negotiations, includingcopies of all correspondence appertaining thereto.
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SECTION IV. AGREEMENTS WITH FOREIGN BANKS OR BANKERS
No Federal Reserve bank shall hereafter enter into any agreement, contract,or understanding with any foreign bank or banker or with any group of foreignbanks or bankers without first obtaining the permission of the Federal ReserveBoard. When any Federal Reserve bank has entered into such an agreement,contract, or understanding with the consent of the Federal Reserve Board, anyother Federal Reserve bank desiring to do so may participate in transactionspursuant to such agreement with the approval of the Federal Reserve Board.
SECTION V. AMENDMENTS
The Federal Reserve Board reserves the right, in its discretion, to alter, amend,or repeal these regulations and to prescribe such additional regulations, condi-tions, and limitations as it may deem desirable respecting relationships andtransactions of any kind entered into by any Federal Reserve bank with anyforeign bank or banker or with any group of foreign banks or bankers.
REGULATION P, SERIES OF 1933
HOLDING COMPANY AFFILIATES—VOTING PERMITS
SECTION I. STATUTORY PROVISIONS
Section 2 of the Banking Act of 1933 provides, in part, as follows:(c) The term "holding company affiliate" shall include any corporation, business trust, association, or
other similar organization—(1) Which owns or controls, directly or indirectly, either a majority of the shares of capital stock of a
member bank or more than 50 per centum of the number of shares voted for the election of directors of anyone bank at the preceding election, or controls in any manner the election of a majority of the directorsof any one bank; or
(2) For the benefit of whose shareholders or members all or substantially all the capital stock of a memberbank is held by trustees.
Section 9 of the Federal Reserve Act, as amended by section 5 (c) of theBanking Act of 1933, reads, in part, as follows:
Each State member bank affiliated with a holding company affiliate shall obtain from such holdingcompany affiliate, within such time as the Federal Reserve Board shall prescribe, an aggrement that suchholding company affiliate shall be subject to the same conditions and limitations as are applicable undersection 5144 of the Revised Statutes, as amended, in the case of holding company affiliates of nationalbanks. A copy of each such agreement shall be filed with the Federal Reserve Board. Upon the failureof a State member bank affiliated with a holding company affiliate to obtain such an agreement withinthe time so prescribed, the Federal Reserve Board shall require such bank to surrender its stock in theFederal reserve bank and to forfeit all rights and privileges of membership in the Federal Reserve Systemas provided in this section. Wherever the Federal Reserve Board shall have revoked the voting permitof any such holding company affiliate, the Federal Reserve Board may, in its discretion, require any orall State member banks affiliated with such holding company affiliate to surrender their stock in theFederal reserve bank and to forfeit all rights and privileges of membership in the Federal Reserve Systemas provided in this section.
Section 5144 of the Revised Statutes of the United States, as amended bysection 19 of the Banking Act of 1933, reads as follows:
SEC. 5144. In all elections of directors, each shareholder shall have the right to vote the number of sharesowned by him for as many persons as there are directors to be elected, or to cumulate such shares and giveone candidate as many votes as the number of directors multiplied by the number of his shares shall equal,or to distribute them on the same principle among as many candidates as he shall think fit; and in decidingall other questions at meetings of shareholders, each shareholder shall be entitled to one vote on each shareof stock held by him; except (1) that shares of its own stock held by a national bank as sole trustee shallnot be voted, and shares of its own stock held by a national bank and one or more persons as trustees maybe voted by such other person or persons, as trustees, in the same manner as if he or they were the soletrustee, and (2) shares controlled by any holding company affiliate of a national bank shall not be votedunless such holding company affiliate shall have first obtained a voting permit as hereinafter provided,which permit is in force at the time such shares are voted. Shareholders may vote by proxies dulyauthorized in writing; but no officer, clerk, teller, or bookkeeper of such bank shall act as proxy; and noshareholder whose liability is past due and unpaid shall be allowed to vote.
For the purposes of this section shares shall be deemed to be controlled by a holding company affiliateif they are owned or controlled directly or indirectly by such holding company affiliate, or held by anytrustee for the benefit of the shareholders or members thereof.
Any such holding company affiliate may make application to the Federal Reserve Board for a votingpermit entitling it to cast one vote at all elections of directors and in deciding all questions at meetingsof shareholders of such bank on each share of stock controlled by it or authorizing the trustee or trusteesholding the stock for its benefit or for the benefit of its shareholders so to vote the same. The FederalReserve Board may, in its discretion, grant or withhold such permit as the public interest may require.In acting upon such application, the Board shall consider the financial condition of the applicant, thegeneral character of its management, and the probable effect of the granting of such permit upon theaffairs of such bank, but no such permit shall be granted except upon the following conditions:
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(a) Every such holding company affiliate shall, in making the application for such permit, agree (1) toreceive, on dates identical with those fixed for the examination of banks with which it is affiliated, examinersduly authorized to examine such banks, who shall make such examinations of such holding company affiliateas shall be necessary to disclose fully the relations between such banks and such holding company affiliateand the effect of such relations upon the affairs of such banks, such examinations to be at the expense of theholding company affiliate so examined; (2) that the reports of such examiners shall contain such informationas shall be necessary to disclose fully the relations between such affiliate and such banks and the effect ofsuch relations upon the affairs of such banks; (3) that such examiners may examine each bank owned orcontrolled by the holding company affiliate, both individually and in conjunction with other banks ownedor controlled by such holding company affiliate; and (4) that publication of individual or consolidated state-ments of condition of such banks may be required;
(b) After five years after the enactment of the Banking Act of 1933, every such holding company affiliate(1) shall possess, and shall continue to possess during the life of such permit, free and clear of any lien, pledge,or hypothecation of any nature, readily marketable assets other than bank stock in an amount not less than12 per centum of the aggregate par value of all bank stocks controlled by such holding company affiliate,which amount shall be increased by not less than 2 per centum per annum of such aggregate par value untilsuch assets shall amount to 25 per centum of the aggregate par value of such bank stocks; and (2) shallreinvest in readily marketable assets other than bank stock all net earnings over and above 6 per centum perannum on the book value of its own shares outstanding until such assets shall amount to such 25 per centumof the aggregate par value of all bank stocks controlled by it;
(c) Notwithstanding the foregoing provisions of this section, after five years after the enactment of theBanking Act of 1933, (1) any such holding company affiliate the shareholders or members of which shall beindivi lually and severally liable in proportion to the number of shares of such holding company affiliateheld by them respectively, in addition to amounts invested therein, for all statutory liability imposed onsuch holding company affiliate by reason of its control of shares of stock of banks, shall be required only toestablish and maintain out of net earnings over and above 6 per centum per annum on the book value of itsown shares outstanding a reserve of readily marketable assets in an amount of not less than 12 per centum ofthe aggregate par value of bank stocks controlled by it, and (2) the assets required by this section to bepossessed by such holding company affiliate may be used by it for replacement of capital in banks affiliatedwith it and for losses incurred in such banks, but any deficiency in such assets resulting from such useshall be made up within such period as the Federal Reserve Board may by regulation prescribe;
(d) Every officer, director, agent, and employee of every such holding company affiliate shall be subjectto the same penalties for false entries in any book, report, or statement of such holding company affiliate asare applicable to officers, directors, agents, and employees of member banks under section 5209 of the RevisedStatutes, as amended (U.S.C., title 12, sec. 592); and
(e) Every such holding company affiliate shall, in its application for such voting permit, (1) show that itdoes not own, control, or have any interest in, and is not participating in the management or direction of,any corporation, business trust, association, or other similar organization formed for the purpose of, or en-gaged principally in, the issue, notation, underwriting, public sale, or distribution, at wholesale or retail orthrough syndicate participation, of stocks, bonds, debentures, notes, or other securities of any sort (herein-after referred to as "securities company"); (2) agree that during the period that the permit remains in forceit will not acquire any ownership, control, or interest in any such securities company or participate in themanagement or direction thereof; (3) agree that if, at the time of filing the application for such permit, itowns, controls, or has an interest in, or is participating in the management or direction of, any such securitiescompany, it will, within five years after the filing of such application, divest itself of its ownership, control,and interest in such securities company and will cease participating in the management or direction thereof,and will not thereafter, during the period that the permit remains in force, acquire any further ownership,control, or interest in any such securities company or participate in the management or direction thereof;and (4) agree that thenceforth it will declare dividends only out of actual net earnings.
If at any time it shall appear to the Federal Reserve Board that any holding company affiliate has violatedany of the provisions of the Banking Act of 1933 or of any agreement made pursuant to this section, the Fed-eral Reserve Board may, in its discretion, revoke any such voting permit after giving sixty days' notice byregistered mail of its intention to the holding company affiliate and affording it an opportunity to be heard.Whenever the Federal Reserve Board shall have revoked any such voting permit, no national bank whosestock is controlled by the holding company affiliate whose permit is so revoked shall receive deposits of pub-lic moneys of the United States, nor shall any such national bank pay any further dividend to such holdingcompany affiliate upon any shares of such bank controlled by such holding company affiliate.
Whenever the Federal Reserve Board shall have revoked any voting permit as hereinbefore provided, therights, privileges, and franchises of any or all national banks the stock of which is controlled by such holdingcompany affiliate shall, in the discretion of the Federal Reserve Board, be subject to forfeiture in accordancewith section 2 of the Federal Reserve Act, as amended.
SECTION II. DEFINITIONS
(a) Holding company affiliate.—The term "holding company affiliate" includesany corporation, business trust, association, or other similar organization—
(1) which owns or controls, directly or indirectly, a majority of the sharesof capital stock of a member bank; or
(2) which owns or controls, directly or indirectly, more than 50 per centumof the number of shares voted for the election of directors of any memberbank at the preceding election; or
(3) which controls in any manner the election of a majority of the directorsof any member bank; or
(4) for the benefit of whose shareholders or members all or substantiallyall the capital stock of a member bank is held by trustees.
(b) Member bank.—The term "member bank", unless otherwise qualified,means any national bank, or any State bank, savings bank, trust company,Morris Plan bank, mutual savings bank or other banking institution which is amember of the Federal Reserve System.
(c) Nonmember bank.^-The term "nonmember bank" includes any bankinginstitution which is not a member of the Federal Reserve System.
(d) Shares controlled.—Shares shall be deemed to be controlled by a holdingcompany affiliate if they are owned or controlled directly or indirectly by such
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holding company affiliate, or if they are held by any trustee for the benefit of theshareholders or members of such holding company affiliate.
(e) Subsidiary.—The term "subsidiary" includes any national bank, or anyState bank, savings bank, trust company, Morris Plan bank, mutual savingsbank, private bank, mortgage loan company, title company, safe deposit com-pany, insurance company, or any other organization of any kind whatsoeverengaged in any kind of business whatsoever—
(1) Of which any corporation, business trust, association, or other similarorganization owns or controls, directly or indirectly, a majority of the sharesof capital stock; or
(2) Of which any corporation, business trust, association, or other similarorganization owns or controls, directly or indirectly, more than 50 per centumof the number of shares voted for the election of the directors, trustees, orother persons exercising similar functions at the preceding election; or
(3) Of which any corporation, business trust, association, or other similarorganization controls in any manner the election of a majority of the direc-tors, trustees, or other persons exercising similar functions; or
(4) Of which all or substantially all the capital stock is held by trustees forthe benefit of the shareholders or members of any corporation, business trust,association, or other similar organization.
(/) Subsidiary member bank.—The term "subsidiary member bank" includesany member bank which is affiliated with a holding company affiliate in any man-ner set forth in subdivision (e) of this section.
(g) Subsidiary nonmember bank.—The term "subsidiary nonmember bank"includes any banking institution, other than a member bank, which is affiliatedwith any corporation, business trust, association, or other similar organization inany manner set forth in subdivision (e) of this section.
(h) Affiliate.—The term "affiliate" includes any corporation, business trust,association, or other similar organization—
(1) Of which a member bank, directly or indirectly, owns or controls amajority of the voting shares; or
(2) Of which a member bank, directly or indirectly, owns or controls morethan 50 per centum of the number of shares voted for the election of any suchorganization's directors, trustees, or other persons exercising similar func-tions at the preceding election; or
(3) Of which a member bank controls in any manner the election of amajority of any such organization's directors, trustees, or other personsexercising similar functions; or
(4) Of which control is held, directly or indirectly, through stock owner-ship or in any other manner, by the shareholders of a member bank whoown or control a majority of the shares of such bank; or
(5) Of which control is held, directly or indirectly, through stock owner-ship or in any other manner, by the shareholders of a member bank who ownor control more than 50 per centum of the number of shares voted for theelection of directors of such bank at the preceding election; or
(6) Of which control is held, directly or indirectly, through stock ownershipor in any other manner, by trustees for the benefit of the shareholders of anymember bank; or
(7) Of which a majority of its directors, trustees, or other persons exer-cising similar functions are directors of any one member bank.
(i) When deemed affiliated.—A corporation, business trust, association, part-nership or other organization of any kind whatsoever, shall be "deemed to beaffiliated " with another such organization if it is affiliated with such other organi-zation in any manner set forth in subdivision (e) or subdivision (h) of this section.
0) Securities company.—The term "securities company" means any corpora-tion, business trust, association, or other similar organization formed for thepurpose of, or engaged principally in, the issue, flotation, underwriting, publicsale, or distribution, at wholesale or retail or through syndicate participation, ofstocks, bonds, debentures, notes, or other securities of any sort.
(fc) Board.—The term "Board" means the Federal Reserve Board.
SECTION III . REQUIREMENTS IN RESPECT TO STATE MEMBER BANK'S OBTAININGAND FILING WITH BOARD AGREEMENT BY HOLDING COMPANY AFFILIATE, ANDEFFECT OF FAILURE TO OBTAIN SUCH AGREEMENT
On or before October 1, 1933, each State member bank which is a subsidiaryof a holding company affiliate shall obtain from such holding company affiliatean agreement, on F.R.B. Form P-5, which is hereby made a part of this regu-Digitized for FRASER
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lation, that such holding company affiliate will be subject to the same conditionsand limitations as are applicable under section 5144 of the Revised Statutes, asamended, in the case of holding company affiliates of national banks. Every Statemember bank which hereafter becomes a subsidiary of any holding companyaffiliate shall obtain from such holding company affiliate a like agreement within90 days after such member bank shall have become a subsidiary thereof.
Upon the failure of a State member bank which is now or becomes hereafter asubsidiary of a holding company affiliate to obtain the requisite agreement withinthe time prescribed, the Board will require such bank to surrender its stock in theFederal Reserve bank and to forfeit all rights and privileges of membership in theFederal Reserve System.
Any State banking institution applying for membership in the Federal ReserveSystem which is a subsidiary of any corporation, business trust, association, orother similar organization, will be required to obtain an agreement from each suchorganization with which it is so affiliated on F.R.B. Form P-6, which is herebymade a part of this regulation, and the application of such organization for a votingpermit must be approved by the Board before such banking institution will beadmitted to membership.
The original and one copy of each such agreement must be filed promptly withthe Federal Reserve Agent of the district in which the applicant's principal officeis located, and the original of such agreement shall be sent by such FederalReserve Agent to the Board.
SECTION IV. NECESSITY FOR OBTAINING VOTING PERMITS
No holding company affiliate of a national bank, and no holding companyaffiliate of a State member bank which has executed an agreement such as thatrequired by section III of this regulation, may lawfully vote any share of stock inany such bank with which it is so affiliated unless such holding company affiliateshall have first obtained a voting permit which is in force at the time such sharesare voted, and before voting any such stock, each such holding company affiliatemust obtain a voting permit pursuant to the provisions of section 5144, RevisedStatutes, as amended, and of this regulation.
No State banking institution applying for membership in the Federal ReserveSystem which is a subsidiary of any corporation, business trust, association, orother similar organization, will be admitted to membership in the Federal ReserveSystem until the application for a voting permit of each organization of whichsuch banking institution is a subsidiary has been approved by the Board.
SECTION V. APPLICATION FOR VOTING PERMIT
Any holding company affiliate of a member bank, and any organization affili-ated in any manner described in subdivision (a) of section II of this regulationwith a nonmember bank applying for membership in the Federal Reserve System,may make application for a voting permit entitling it to cast one vote on eachshare of stock controlled by it at all elections of directors and in deciding allquestions at meetings of shareholders of each of its subsidiary member banks.In the event that the stock is held by a trustee, or trustees, for the benefit of aholding company affiliate or of its shareholders or members, the permit mayauthorize such trustee or trustees so to vote the same, except that no such per-mit to vote shares of stock of a national banking association held by it as soletrustee will be granted.
Each application must be submitted on F.R.B. Form P-l, which is made apart of this regulation. It is necessary for an applicant hereunder to file onlyone application, notwithstanding that such applicant may own or control morethan one subsidiary member bank. However, a separate agreement on F.R.B.Form P-3 to permit examinations and furnish reports of condition must be filedby each organization (other than a member bank) with which the applicant orany of its subsidiaries is affiliated (including a similar and separate agreementby each of applicant's subsidiary nonmember banks, notwithstanding that any orall of such subsidiary nonmember banks may also be applying for membership inthe System).
In preparing the application, all forms (except signatures of persons executingsame) should be filled out by typewriter. The original and two executed counter-parts of the application must be sent to the Federal Reserve Agent of the districtin which the applicant's principal office is located, and if any subsidiary memberbank or subsidiary nonmember bank applying for membership is situated in anydistrict other than that in which the applicant's principal office is located, a copyof the application must be filed with the Federal Reserve Agent of each suchother district.Digitized for FRASER
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The Federal Reserve Agent of the district in which the applicant's principaloffice is located will forward the original and one executed counterpart of suchapplication to the Board with his recommendation and that of the executivecommittee of the Federal Reserve bank of such district. The Federal ReserveAgent of any other district in which a subsidiary member bank or a subsidiarynonmember bank applying for membership is located will forward to the Boardhis recommendation and that of the executive committee of the Federal Reservebank in his district.
SECTION VI. INFORMATION AND DOCUMENTS TO BE FILED WITH APPLICATION
The statute vests in the Board discretionary authority to grant or withholdany voting permit applied for as the public interest may require. In acting uponeach application for a voting permit, the Board is required to consider the financialcondition of the applicant, the general character of its management, and theprobable effect of the granting of such permit upon the affairs of each subsidiarymember bank. In order that the Board may give adequate consideration to thesesubjects, each applicant for a voting permit must furnish with its application thefollowing information and documents:
(1) Names and addresses of all subsidiary member banks.(2) Certified copy of charter or articles of association and by-laws of
applicant, with all amendments to date.(3) Statement of financial condition of applicant, as of date of applica-
tion, including detailed list of investments.(4) Copy of report of last audit of applicant by an independent auditor or
auditors, if any.(5) Detailed statement in regard to management and personnel of appli-
cant, including list of directors and principal officers and stockholders, andtheir principal business interests.
(6) List of all of applicant's subsidiaries and all other corporations, busi-ness trusts, associations, or other similar organizations with which applicantor any of its subsidiaries is affiliated, with description of their functions, anddetailed statement of relations of applicant with each such organization.
(7) Statement of financial condition of each subsidiary member bank, asof a date not in excess of 60 days prior to date of application.
(8) Copy of report of last examination, if any, by State authorities of eachof applicant's subsidiaries and of each other corporation, business trust, asso-ciation, or other similar organization with which applicant or any of its sub-sidiaries is affiliated (other than a member bank).
(9) Copy of report of last examination, if any, by applicant of each of itssubsidiaries and of each other corporation, business trust, association, orother similar organization with which applicant or any of its subsidiaries isaffiliated.
(10) Detailed statement of any plan of reorganization involving any sub-sidiary or any other corporation, business trust, association, or other similarorganization with which applicant or any of its subsidiaries is affiliated,effected since last examination of any such organization, and of any suchreorganization proposed or pending.
(11) Agreements by subsidiary nonmember banks and affiliated organiza-tions (other than member banks) to submit to examination and furnishreports of condition (F.R.B. Form P-3).
(12) Statement as to whether any certificate representing stock of appli-cant represents stock of any other corporation, and whether ownership, sale,or transfer of any certificate representing the stock of applicant is conditionedin any manner whatsoever upon the ownership, sale, or transfer of a certifi-cate representing the stock of any other corporation. If so, information asto manner in which the ownership, sale, or transfer of a certificate represent-ing stock in applicant affects the ownership, sale, or transfer of a certificaterepresenting stock in such other corporation.
(13) Statement as to whether applicant owns, controls, or has any interestin, and whether it is participating in the management or direction of, anysecurities company.
SECTION VII. REQUIREMENTS REGARDING EXHIBITS D, G, AND H
(a) Statement of financial condition of applicant.—There must be attached toeach application for a voting permit, as exhibit D, a statement of the financialcondition of the applicant as of the date of the application. This statement must
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be taken from the books of the applicant, must show each control account sepa-rately, and must give detailed information in respect to the following:
(1) Loans, extensions of credit, and advances in any form (including re-purchase agreements and securities loaned) by each subsidiary bank toapplicant, the amounts, forms, and maturity dates thereof, the interest ratesthereon, and the collateral pledged therefor.
(2) Investments of applicant in capital stock of each subsidiary bank andeach other organization with which applicant or any of its subsidiaries isaffiliated, the number of shares of stock of each such affiliated organizationauthorized and outstanding, the par and book value thereof, and the numberof shares pledged, if any.
(3) Other investments—(?) Bonds—Names of obligors, par value, book value, interest rate,
maturity, and bonds pledged, if any.(ii) Stocks—Number of shares, par value, book value, class of stock,
and stocks pledged, if any.(4) Capital stock of applicant, classes of such stock, number of shares
authorized and outstanding in each class, the par value thereof, and anyoptions or stock purchase warrants outstanding.
(5) Accounts due to and from each subsidiary and each affiliate of appli-cant or of any of its subsidiaries.
(6) Detailed list of any and all contingent liabilities of applicant.(b) Statement of relationship of applicant to subsidiaries and affiliated organi-
zations.—There must also be attached to each application for a voting permit, as,exhibit G, a list of all of the applicant's subsidiaries and all other organizationswith which the applicant or any of its subsidiaries is affiliated, with a descriptionof their functions, and a detailed statement of the relationship of the applicant toits subsidiaries and to any and all other organizations with which the applicantor any of its subsidiaries is affiliated. Among other things, this statement must,set forth:
(1) The total number of shares of capital stock of each subsidiary and eachother affiliated organization authorized and outstanding;
(2) The number of shares owned or controlled by applicant, or held byany trustee for the benefit of the shareholders or members thereof;
(3) The form of control, whether sole or joint;(4) The manner in which, and object for which, control was established
and is maintained;(5) The extent of control;(6) Whether control is direct or indirect; and(7) The names of the intermediaries through which control, if indirect,
was established and is maintained.If control is held through any trustee, there should be attached to exhibit G
a copy of the agreement creating the trust and a copy of each other instrumentdirectly affecting the trust; and the exhibit must set forth, in addition to theinformation required above:
(1) The name of such trustee or trustees;(2) The names of the beneficiaries for whom the trust is maintained; and(3) The purpose of the trust.
(c) Statement of financial condition of each subsidiary member bank.—There must be attached to the application, as exhibit H, a statement of thefinancial condition of each subsidiary member bank as of a date not in excess of60 days prior to the date of application. Such statement must be taken from thebooks of the bank, and must be supplemented by full and complete informationin respect to:
(1) Funds of each subsidiary member bank invested in capital stock,bonds, debentures, or other such obligations of applicant, or of any sub-sidiary of applicant, or of any other organization with which applicant orany of its subsidiaries is affiliated.
(2) Loans, advances, or extensions of credit made to any person, part-nership, association, business trust, corporation, or other organization againstthe capital stock, bonds, debentures, or other obligations of applicant, or ofany subsidiary of applicant, or of any other organization with which appli-cant or any of the subsidiaries is affiliated.
(3) Balances "due to" and "due from" each subsidiary of applicant andeach other organization with which applicant or any of its subsidiaries isaffiliated.
If a subsidiary member bank of the applicant is exercising fiduciary powers, asupplementary statement must be attached to exhibit H, which statement must
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set forth the amount of capital stock, bonds, debentures or other obligations of, orguaranteed by, the applicant or any subsidiary or other organization with whichthe applicant or any of its subsidiaries is affiliated, which have been purchased foraccount of any of the trusts held in the trust department of such subsidiary mem-ber bank. This supplementary statement must set forth the name of the trust,the amount of the corpus thereof, and the amount invested in such capital stockor other obligations.
SECTION VIII. CONDITIONS WITH RESPECT TO ISSUANCE OF PERMIT
No voting permit will be granted unless the applicant agrees, among otherthings:
(1) To permit at its expense such examinations of its affairs by examinersduly authorized to examine banks with which it is affiliated as may be nec-essary to disclose fully the relations between applicant and such banks, andany other subsidiaries and other organizations with which applicant or anyof its subsidiaries is affiliated, and the effect of such relations upon the affairsof such banks and other organizations.
(2) That the reports of such examiners may contain such information asmay be necessary to disclose fully the relations between applicant and bankswith which it is affiliated, and any other subsidiaries and other organizationswith which applicant or any of its subsidiaries is affiliated, and the effect ofsuch relations upon the affairs of such banks and other organizations.
(3) That such examiners may examine each banking institution or otherorganization owned or controlled by applicant either individually or inconjunction with other banks or other organizations owned or controlled byapplicant.
(4) That publication of individual or consolidated statements of thecondition of the subsidiaries of applicant and other organizations with whichapplicant or any of its subsidiaries is affiliated may be required by theBoard.
(5) That during the period that any permit granted to applicant remainsin force it will not acquire any ownership, control, or interest in any securitiescompany, and will not participate in the management or direction of anysuch company other than one in the management or direction of whichapplicant is participating at the time of the filing of the application, and willnot engage principally in the business of a securities company in any manneror by Siny device whatsoever.
(6) That thenceforth it will declare dividends only out of actual netearnings.
(7) That it will maintain the required reserves of readily marketableassets, as set forth in section IX hereof.
(8) That it will furnish such information to the Board as it may require.(9) That copies of reports of examinations by constituted authorities,
and any other information they may have relating to applicant or its sub-sidiaries or the other organizations with which applicant or any of its sub-sidiaries is affiliated, may be furnished to the Federal Reserve Board, theFederal ELeserve Agent, the Comptroller of the Currency, or other duly con-stituted authority, upon request therefor.
(10) That any permit for which application is made may be granted fora temporary period in the discretion of the Board.
(11) That, if so requested by the Board, applicant will require any sub-sidiary nonmember bank to apply for membership in the Federal ReserveSystem, or will surrender any voting permit granted hereunder upon failureof any such bank to make such application and become a member of theFederal Reserve System, or will divest itself of its ownership or control ofsuch bank.
In the event that the applicant, at the time of filing the application for suchpermit, owns, controls, or has an interest in, or is participating in the managementor direction of, any securities company, it must agree that, within 5 years afterthe filing of such application, (i) it will divest itself of its ownership, control, andinterest in such securities company, (it) will cease participating in the manage-ment or direction thereof, and (in) will not thereafter, during the period that the
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permit remains in force, acquire any further ownership, control, or interest inany such securities company or participate in the management or direction thereof.1
SECTION IX. RESERVE REQUIREMENTS
(a) Holding company affiliate whose shareholders are not personally liable.—Beginning June 16, 1938, every holding company affiliate, the shareholders ormembers of which are not individually and severally liable in proportion to thenumber of shares of such holding company affiliate held by them respectively, inaddition to the amounts invested therein, for all statutory liability imposed onsuch holding company affiliate by reason of its control of shares of stock of banks,must, during the life of any voting permit granted by the Board to such holdingcompany affiliate:
(1) Own, and continue to own, free and clear of any lien, pledge, or hypotheca-tion of any nature, readily marketable assets other than bank stock in an amountnot less than 12 per centum of the aggregate par value of all bank stocks controlledby such holding company affiliate; and
(2) Increase such amount by not less than 2 per centum per annum of suchaggregate par value until such assets amount to 25 per centum of the aggregatepar value of such bank stocks; and
(3) Reinvest in readily marketable assets other than bank stock all net earningsover and above 6 per centum per annum on the book value of its own sharesoutstanding until such assets shall amount to such 25 per centum of the aggregatepar value of all bank stocks controlled by it.
(b) Holding company affiliate whose shareholders are personally liable.—Beginning June 16, 1938, a holding company affiliate, the shareholders or membersof which are individually and severally liable in proportion to the number ofshares of such holding company affiliate held by them respectively, in addition tothe amounts invested therein, for all statutory liability imposed on such holdingcompany affiliate by reason of its control of shares of stock of banks, is requiredonly to establish and maintain out of net earnings over and above 6 per centumper annum on the book value of its own shares outstanding a reserve of readilymarketable assets in an amount of not less than 12 per centum of the aggregatepar value of bank stocks controlled by it.
(c) Use of reserves.—Beginning June 16, 1938, the assets required to bemaintained as reserves may be used by the holding company affiliate for replace-ment of capital in banks affiliated with it and for losses incurred in such banks;but any deficiency in such assets resulting from such use must be made up withina period of 2 years after the date such assets were so depleted, unless the FederalReserve Board, in its discretion, extends such period for cause.
SECTION X. PENAL PROVISIONS
Under subparagraph (d) of section 5144 of the Revised Statutes, as amended,every officer, director, agent, and employee of every holding company affiliateof a national bank, or of a State member bank which has entered into an agree-ment such as that required by section III hereof, is made subject to the samepenalties for false entries in any book, report, or statement of such holding com-pany affiliate as are applicable to officers, directors, agents, and employees ofmember banks under section 5209 of the Revised Statutes, as amended (U.S.C.,title 12, sec. 592).
SECTION XI. REVOCATION OF PERMIT
(a) Grounds and method of revocation.—If it appears to the Board that anyholding company affiliate has violated any of the provisions of the Banking Actof 1933 or of any agreement made pursuant thereto, the Board may, in its dis-cretion, revoke any such voting permit after giving 60 days' notice by registeredmail of its intention to the holding company affiliate and affording it an oppor-tunity to be heard.
(6) Effect on national banks.—Whenever a voting permit of a holding companyaffiliate of a national bank shall have been revoked, no national bank, whosestock is controlled by the holding company affiliate whose permit is so revoked,
1 Section 20 of the Banking Act of 1933 provides that, after June 15,1934, no member bank may be affiliatedin any manner described in subdivision (/{) of section II of this regulation with any securities company, andfor every violation thereof the member bank involved is subject to a penalty not exceeding $1,000 per dayfor each day during which such violation continues If any such violation continues for G calendar monthsafter the member bank shall have been warned by the Board to discontinue the same the rights, privilegesand franchises of the national bank, or the rights and privileges of membership of the State bank, as thecase may be, may be forfeited as provided in the Federal Reserve Act, as amended.
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may receive deposits of public moneys of the United States, or pay any furtherdividend to isuch holding company affiliate upon any shares of such bank con-trolled by such holding company affiliate; and, in the discretion of the Board,the rights, privileges, and franchises of any or all such banks, the stock of whichis controlled by such holding company affiliate, are subject to forfeiture inaccordance with section 2 of the Federal Reserve Act, as amended.
(c) Effect on State member banks.—Whenever the Board shall have revokedthe voting permit of a holding company affiliate of a State member bank, theBoard may, in its discretion, require any or all State member banks affiliatedwith such holding company affiliate to surrender their stock in the FederalReserve bank and to forfeit all rights and privileges of membership in the FederalReserve System, as provided in section 9 of the Federal Reserve Act, as amended.
SECTION XII. PARTICIPATION BY SUBSIDIARY MEMBER BANKS OF SAME HOLDINGCOMPANY AFFILIATE WITHIN THE SAME FEDERAL RESERVE DISTRICT IN NOMI-NATION OR ELECTION OF DIRECTORS OF FEDERAL RESERVE BANKS
Whenever two or more member banks within the same Federal Reserve districtare subsidiaries of the same holding company affiliate, only one such bank mayparticipate in any nomination or election of directors of the Federal Reservebank for such district, and the holding company affiliate of such subsidiarymember banks may designate the particular subsidiary member bank which isto participate in such nomination or election.
SECTION XIII. RIGHT TO AMEND
The right to alter, amend, or repeal this regulation, in whole or in part, isexpressly reserved.
REGULATION Q, SERIES OF 1933
PAYMENT OF INTEREST ON DEPOSITS
SCOPE OF REGULATION
This regulation relates to the payment of deposits and interest thereon bymember banks of the Federal Reserve System and not to the computation andmaintenance of the reserves which member banks are required to maintainagainst deposits. The rules concerning reserves of member banks are containedin the Federal Reserve Board's Regulation D.
SECTION I. STATUTORY PROVISIONS
Section 19 of the Federal Reserve Act, as amended by the Banking Act of1933, provides in part as follows:
SEC. 19. Demand deposits within the meaning of this Act shall comprise all deposits payable withinthirty days, and time deposits shall comprise all deposits payable after thirty days, all savings accountsand certificates of deposit which are subject to not less than thirty days' notice before payment, and all
No member bank shall, directly or indirectly by any device whatsoever, pay any interest on any depositwhich is payable on demand: Provided, That nothing herein contained shall be construed as prohibitingthe payment of interest in accordance with the terms of any certificate of deposit or other contract hereto-fore entered into in good faith which is in force on the date of the enactment of this paragraph; but no suchcertificate of deposit or other contract shall be renewed or extended unless it shall be modified to conformto this paragraph, and every member bank shall take such action as may be necessary to conform to thisparagraph as soon as possible consistently with its contractual obligations: Provided, however, That thisparagraph shall not apply to any deposit of such bank which is payable only at an office thereof located ina foreign country, and shall not apply to any deposit made by a mutual savings bank, nor to any depositof public funds made by or on behalf of any State, county, school district, or other subdivision or munici-pality, with respect to which payment of interest is required under State law.
The Federal Reserve Board shall from time to time limit by regulation the rate of interest which maybe paid by member banks on time deposits, and may prescribe different rates for such payment on timeand savings deposits having different maturities or subject to different conditions respecting withdrawalor repayment or subject to different conditions by reason of different locations. No member bank shallpay any time deposit before its maturity, or waive any requirement of notice before payment of any savingsdeposit except as to all savings deposits having the same requirement.
Section 24 of the Federal Reserve Act, as amended by the act of February 25,1927, provides in part as follows:
Such banks may continue hereafter as heretofore to receive time and savings deposits and to pay intereston the same, but the rate of interest which such banks may pay upon such time deposits or upon savings orother deposits shall not exceed the maximum rate authorized by law to be paid upon such deposits by Statebanks or trust companies organized under the laws of the State wherein such national banking associationis located.Digitized for FRASER
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SECTION II. DEPOSITS PAYABLE ON DEMAND
(a) Interest prohibited.—Except as hereinafter stated, no member bank of theFederal Reserve System shall, directly or indirectly, by any device whatsoever,pay any interest on any deposit which is payable on demand.
(6) Exceptions.—This prohibition does not apply to—(1) Any deposit which is payable only at an office of such bank which is
located in a foreign country.1
(2) Any deposit made by a mutual savings bank.(3) Any deposit of public funds 2 made by or on behalf of any State,
county, school district, or other subdivision or municipality, with respect towhich payment of interest is required under State law.
(4) Payment of interest in accordance with the terms of any certificate ofdeposit or other contract which was lawfully entered into in good faith beforeJune 16, 1933, and in force on that date and which may not be terminated ormodified by such bank at its option or without liability; but no such certi-ficate of deposit or other contract may be renewed or extended unless it bemodified to eliminate any provision for the payment of interest on depositspayable on demand; and every member bank shall take such action as maybe necessary, as soon as possible consistently with its contractual obligations,to eliminate from any such certificate of deposit or other contract anyprovision for the payment of interest on deposits payable on demand.
SECTION III. INTEREST ON TIME DEPOSITS
(a) Time deposits.—The term "time deposits", for the purposes of this sec-tion, includes "time certificates of deposit", "time deposits, open accounts", and"postal savings deposits", as defined below:3
(1) Time certificates of deposit.—The term "time certificate of deposit"means an instrument evidencing the deposit with a bank of a certain sumspecified on the face of the instrument payable to bearer or to any specifiedperson or to his order—
(i) On a certain date, specified in the instrument, not less than 30days after the date of the deposit, or
(ii) At the expiration of a certain specified time subsequent to thedate of the instrument, in no case less than 30 days, or
(in) Upon notice in writing which is actually required 4 to be given acertain specified number of days, not less than 30 days, before the date ofrepayment, and
(iv) In all cases only upon presentation and surrender of the instru-ment.
(2) Time deposits, open accounts.—The term "time deposits, open ac-counts" means deposits, other than "time certificates of deposit", "postalsavings deposits", and "savings deposits", in respect to which a writtencontract has been entered into with the depositor at the time the deposit ismade that neither the whole nor any part of such deposit may be withdrawn,by check or otherwise, prior to the date of maturity, which shall be not lessthan 30 days after the date of the deposit, or on written notice which mustbe given by the depositor a certain specified number of days in advance, irano case less than 30 days.5
(3) Postal savings deposits.—The term "postal savings deposits" meansdeposits in banks which consist of postal savings funds deposited under theterms of the Postal Savings Act, approved June 25, 1910, as amended by theBanking Act of 1933, and which comply with the requirements of paragraph 1or 2 of this subsection.
1 The Philippine Islanus, Puerto Rico, Canal Zone, Hawaii, and other Territories, dependencies, orinsular possessions of the United. States are not foreign countries, within the meaning of the above provision.
2 Deposits of moneys paid into State courts by private parties pending the outcome of litigation are notdeposits of "public funds" made by or on behalf of any State, county, school district, or other subdivisionor municipality, within the meaning of the above provision.
3 Under the provisions of section 19 of the Federal Reserve Act, time deposits include savings deposits;:but, for convenience, savings deposits are dealt with separately in this regulation.
4 Under the provisions of Regulation D, a certificate of deposit with respect to which the bank merelyreserves the right to require written notice of not less than 30 days may be classified as a time deposit forthe purpose of computing reserves; but interest may not be paid on such a certificate of deposit, because it isin fact payable on demand unless prior to such payment the notice of not less than 30 days is actually re-quired, and because the prohibition in the law upon the payment by a member bank of any time depositbefore its maturity clearly contemplates that time deposits (other than savings deposits), upon whichinterest is payable, must have a definite maturity for at least 30 days prior to payment.
5 A deposit, with respect to which the bank merely reserves the right to require notice of not less than30 days before any withdrawal is made is not a "time deposit, open account", within the meaning of theabove definition.
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(b) Payment of interest.—Except in accordance with the provisions of thissection, no member bank shall pay interest on any time deposit in any manner,directly or indirectly, or by any method, practice or device whatsoever.
(c) Maximum rate of interest.—(1) No member bank shall pay interest, accruing after October 31, 1933,
on any time deposit or any part thereof at a rate in excess of 3 percent perannum, compounded semiannually,6 regardless of the basis upon which suchinterest may be computed, except as provided in paragraph 2 hereof.
(2) A member bank may pay interest on time deposits in accordance withthe terms of any certificate of deposit or other contract which was lawfullyentered into in good faith prior to June 16, 1933, and in force on that date andwhich may not legally be terminated or modified by such bank at its optionor without liability; but no such certificate of deposit or other contract shallbe renewed or extended unless it be modified to conform to the provisions ofthis regulation, and every member bank shall take such action as may benecessary, as soon as possible consistently with its contractual obligations,to bring all such certificates of deposit or other contracts into conformitywith the provisions of this regulation.
(3) The rate of interest paid by a member bank upon a time deposit shallnot in any case exceed (i) the maximum rate prescribed in paragraph 1 ofthis subsection, or (it) the maximum rate authorized by law to be paid uponsuch deposits by State banks or trust companies organized under the laws ofthe State in which such member bank is located, whichever may be less.
(d) Deposits payable within 30 days.—Interest at a rate not exceeding thatprescribed in subsection (c) of this section may be paid until maturity upondeposits which were bona fide time deposits at the time of deposit, although theyhave since become payable within 30 days. On time deposits with respect towhich notice of withdrawal shall have been given to the bank, interest may bepaid until the expiration of the period of such notice at a rate not exceeding thatprescribed in subsection (c) of this section. No interest shall be paid by a mem-ber bank on any amount which, by the terms of any certificate or other contractor agreement or otherwise, the bank may be required to pay within 30 days fromthe date on which such amount is deposited in such bank.
(e) No interest after maturity or expiration of notice.—After the date ofmaturity of any time deposit, such deposit is a deposit payable on demand, andno interest may be paid on such deposit for any period subsequent to such date.After the expiration of the period of notice given with respect to the repaymentof any time deposit, such deposit is a deposit payable on demand and no interestmay be paid on such deposit for any period subsequent to the expiration of suchnotice.
SECTION IV. PAYMENT OF TIME DEPOSITS BEFORE MATURITY
(a) No member bank shall pay any time deposit except in accordance with theprovisions of this section, even though no interest is paid on such deposit.7
(6) No member bank shall pay any time deposit, which is payable on a specifieddate, before such specified date.
(c) No member bank shall pay any time deposit, which is payable at the expira-tion of a certain specified period, before such specified period has expired.
(d) No member bank shall pay any time deposit, with respect to which noticeis required to be given a certain specified period before any withdrawal is made,until such required notice has been given and the specified period thereafter hasexpired.
SECTION V. INTEREST ON SAVINGS DEPOSITS
(a) Definition.—The term ''savings deposit" means a deposit which consistsof funds accumulated for bona fide thrift purposes 8 and in respect to which—
6 This limitation is not to be interpreted as preventing the compounding of interest at other than semi-annual intervals provided that the aggregate amount of such interest so compounded does not exceed theaggregate amount of interest at a rate of 3 percent per annum when compounded semiannually.
7 The making of a loan to the owner of a time deposit in a member bank by such bank, or by any otherbank, person, partnership or corporation in accordance with any agreement, arrangement, or understandingwith such bank, for the purpose of evading any prohibition of sec. IV above, will, to the extent of suchloan, be deemed to be a payment of such deposit in violation of such prohibition; and, in any case in whicha loan is made to the owner of a time deposit in a member bank by such bank or in accordance with an}7
•agreement, arrangement, or understanding with such bank, the member bank must be prepared to showclearly that it was made in good faith and not for the purpose of evading any such prohibition
8 If by reason of the amount of the deposit, the business of the depositor or otherwise, a question ariseswhether a deposit is properly classified by a bank as a savings deposit, the bank must be prepared to showclearly that it is a deposit consisting of funds accumulated for bona fide thrift purposes and that it other-wise complies with the above definition.
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(1) The pass book or other form of receipt, evidencing such deposit, mustbe presented to the bank whenever a withdrawal is made.
(2) The depositor is required, or may at any time be required, by the bankto give notice in writing of an intended withdrawal not less than 30 daysbefore a withdrawal is made, and
(3) The above requirements are included in the bank's printed regulationsaccepted by the depositor or in some other written contract with the depositor.
(6) Payment of interest.—Except in accordance with the provisions of thissection, no member bank shall pay interest on any savings deposit in any manner,directly or indirectly, or by any method, practice, or device whatsoever.
(c) Maximum rate of interest.—(1) No member bank shall pay interest, accruing after October 31, 1933,
on any savings deposit or any part thereof at a rate in excess of 3 percent perannum, compounded semiannually,9 regardless of the basis upon whichsuch interest may be computed, except as provided in paragraph 2 hereof.
(2) A member bank may pay interest on savings deposits in accordancewith the terms of any contract, which was lawfully entered into in goodfaith prior to June 16, 1933, and in force on that date and which may notlegally be terminated or modified by such bank at its option or withoutliability; but no such contract shall be renewed or extended unless it bemodified to conform to the provisions of this regulation, and every memberbank shall take such action as shall be necessary, as soon as possible con-sistently with its contractual obligations, to bring all such contracts intoconformity with the provisions of this regulation.
(3) The rate of interest paid by a member bank upon a savings depositshall not in any case exceed (?) the maximum rate prescribed in paragraph 1of this subsection, or (ii) the maximum rate authorized by law to be paidupon such deposits by State banks or trust companies organized under thelaws of the State in which such member bank is located, whichever may beless.
(d) Deposits upon which notice of withdrawal is not given.—Interest at a ratenot exceeding that prescribed in subsection (c) of this section may be paid uponsavings deposits as defined above with respect to which notice of intended with-drawal has not actuahV been required or given.
(e) Deposits upon which notice of withdrawal has been given.—Interest at arate not exceeding that prescribed in subsection (c) of this section may be paidupon savings deposits, with respect to which notice of intended withdrawal mayhave been given to the bank, until the expiration of the period of such notice.
(/) No interest after expiration of period of notice.—After the expiration ofthe period of notice given with respect to the intended withdrawal of any savingsdeposit, such deposit is a deposit payable on demand and no interest may bepaid on such deposit for any period subsequent to the expiration of such notice,unless the owner of such deposit advise the bank in writing that the deposit willnot be withdrawn pursuant to such notice or that the deposit will thereafter againbe subject to the requirements applicable to savings deposits, in which event thedeposit again constitutes a savings deposit after the date upon which such adviceis received by the bank.
SECTION VI. NOTICE OF WITHDRAWAL OF SAVINGS DEPOSITS
(a) A member bank must observe the requirements set forth below in requiringnotice of intended withdrawal of any savings deposit, or in waiving such notice,or in repaying any savings deposit, or part thereof, without requiring such notice,whether such notice of intended withdrawal is required to be given in each caseby the terms of the bank's contract with the depositor or may, under such con-tract, be required by the bank at auy time at its option.
(1) If a member bank waive such notice of intended withdrawal as to anyportion or percentage of the savings deposits of any depositor, it shall waivesuch notice as to the same portion or percentage of the savings deposits ofevery other depositor which are subject to the same requirement.
(2) If a member bank pay any portion or percentage of the savingsdeposits of any depositor, without requiring such notice, it shall, uponrequest and without requiring such notice, pay the same portion or percent-age of the savings deposits of every other depositor which are subject to thesame requirement.
8 This limitation is not to be interpreted as preventing the compounding of interest at other than semi-annual intervals provided that the aggregate amount of such interest so compounded does not exceed theaggregate amount of interest at a rate of 3 percent per annum when compounded semiannually.Digitized for FRASER
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(3) If a member bank require such notice before the payment of anyportion or percentage of the savings deposits of any depositor, it shall requiresuch notice before the payment of the same portion or percentage of thesavings deposits of any other depositor which are subject to the samerequirement.
(b) No member bank shall change its practice with respect to the requiring 01waiving of notice of intended withdrawal of savings deposits except after dulyrecorded action of its board of directors or of its executive committee properly.authorized, and no practice in this respect shall be adopted which does not con-form to the requirements of paragraphs 1, 2, or 3 of subsection (a) of this section.
(c) No change in the practice of a member bank with respect to the requiringor waiving of notice of intended withdrawal of savings deposits subject to thesame requirement shall be made until a reasonable time following the last pre-ceding change in the practice with respect to savings deposits subject to the samerequirement shall have elapsed.
(d) A member bank must observe the requirements of this section with respectto savings deposits even though no interest be paid on such deposits.10
REGULATION R, SERIES OF 1933
RELATIONSHIPS WITH DEALERS IN SECURITIES
(Under Section 32 of Banking Act of 1933)
SECTION I. STATUTORY PROVISIONS
Section 32 of the Banking Act of 1933 provides as follows:SEC. 32. From and after January 1, 1934, no officer or director of any member bank shall be an officer,
director, or manager of any corporation, partnership, or unincorporated association engaged primarily inthe business of purchasing, selling, or negotiating securities, and no member bank shall perform the func-tions of a correspondent bank on behalf of any such individual, partnership, corporation, or unincorporatedassociation and no such individual, partnership, corporation, or unincorporated association shall performthe functions of a correspondent for any member bank or hold on deposit any funds on behalf of any memberbank, unless in any such case there is a permit therefor issued by the Federal Reserve Board; and the Boardis authorized to issue such permit if in its judgment it is not incompatible with the public interest, and torevoke any such permit whenever it finds after reasonable notice and opportunity to be heard, that thepublic interest requires such revocation.
SECTTON II. DEFINITIONS
Within the meaning of this regulation, the term—Member bank shall include any national bank, State bank, savings bank, trust
company, Morris Plan bank, mutual savings bank, or other banking institutionwhich is a member of the Federal Reserve System.
Securities shall include stocks, bonds, debentures, and other similar obligations.Dealer in securities shall include any corporation, partnership, unincorporated
association, or individual engaged n primarily in the business of purchasing,selling, or negotiating securities.
Manager shall include any person who manages, controls, or directs the businessof a dealer in securities, or participates in such management or control, either atthe main office or at any branch, agency, or other office of such dealer, and shallinclude any general partner in a partnership which is a dealer in securities; butshall not include a partner in such a partnership who has no voice in the manage-ment or control of its business and whose liability is limited to the amount ofhis contribution to the partnership.
Correspondent bank shall include any member bank which shall act as themedium or agent or in any similar capacity for, or shall be regularly associatedwith, a dealer in securities in connection with the purchasing, selling, underwriting,flotation, or negotiation of securities; but shall not include (1) a member bank which
*° The making of a loan to the owner of a savings deposit in a member bank by such bank, or by anyother bank, person, partnership or corporation in accordance with any agreement, arrangement or under-standing with such bank, for the purpose of evading any requirement of this section, will, to the extentof such loan, be deemed to be a payment of such deposit or waiver of notice with respect thereto in violationof such requirement; and, in any case in which a loan is made to the owner of a savings deposit in a memberbank by such bank or in accordance with any agreement, arrangement or understanding with such bank,the member bank must be prepared to show clearly that it was made in good faith and not for the purposeof evading any requirement of this section.
11 This definition does not include organizations which were formerly engaged in such business but whichare not currently engaged in it; because the statute has reference only to the business presently transactedby the organization in question.
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shall merely purchase or sell securities without recourse solely upon the orderand for the account of its customers, and/or which shall merely purchase or sellinvestment securities for its own account as authorized by applicable law, throughsuch a dealer in securities, or (2) a member bank which shall merelj- acceptdeposits of funds, handle items for collection (with or without securities attached)or perform other ordinary banking functions for such dealer.
Correspondent dealer shall include any dealer in securities which shall performany banking functions, including the holding on deposit of any funds, on behalfof any member bank, or which shall act as the medium or agent or in any similarcapacity for a member bank in connection with the underwriting, flotation ornegotiating of securities, but shall not include a dealer who shall merely executeorders received from or through such member bank for the purchase or sale ofsecurities.
SECTION III. PROHIBITIONS OF SECTION 32
From and after January 1, 1934, unless there is a permit therefor issued by theFederal Reserve Board—
(1) No officer or director of a member bank can legally serve at the same timeas an officer, director, or manager of any corporation, partnership, or unincor-porated association engaged primarily in the business of purchasing, selling, ornegotiating securities.
(2) No member bank can legally perform the functions of a correspondentbank on behalf of a dealer in securities.
(3) No dealer in securities can legally perform the functions of a correspondentdealer for any member bank, or hold on deposit any funds on behalf of anymember bank.
SECTION IV. PERMISSION OF THE FEDERAL RESERVE BOARD
(a) In general.—Section 32 of the Banking Act of 1933 authorizes the FederalReserve Board to issue a permit covering any of the relationships which areprohibited by the provisions of that section, if in the judgment of the FederalReserve Board it is not incompatible with the public interest.
(b) When obtained.—Inasmuch as this exception to the prohibitions of section32 applies only when " there is a permit therefor issued by the Federal ReserveBoard", a permit should be obtained before the prohibited relationship is enteredinto, or before January 1, 1934, whichever is later.
(c) Application for permission—(1) An officer or director of a member bank wishing to obtain a permit
from the Federal Reserve Board to serve as an officer, director, or managerof a dealer in securities should—
(i) Make formal application on F.R.B. Form 99a.(ii) Obtain from each member bank a statement on F.R.B. Form 99b.(iii) Obtain from the dealer in securities a statement on F.R.B.
Form 99c.{iv) Forward all of these papers to the Federal Reserve agent of his
district, who will attach his recommendation on F.R.B. Form 99d andforward them to the Federal Reserve Board.
If the applicant desires to serve as an officer, director, or manager of morethan one dealer in securities, a separate application should be filed withrespect to each such dealer in securities. If the applicant desires to serveonly one dealer in securities, only one application is necessary even thoughthe applicant desires to serve more than one member bank.
(2) A member bank wishing to obtain a permit from the Federal ReserveBoard to act as correspondent bank for a dealer in securities should—
{%) Make formal application on F.R.B. Form 99e.(ii) Submit a statement on F.R.B. Form 99b.(iii) Obtain from the dealer in securities a statement on F.R.B.
Form 99c.{iv) Forward all of these papers to the Federal Reserve agent of its
district who will attach his recommendation on F.R.B. Form 99d andforward them to the Federal Reserve Board.
If the applicant member bank desires to act as correspondent bank formore than one dealer in securities, a separate application should be filed bythe member bank with respect to each such dealer in securities.
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(3) A dealer in securities wishing to obtain from the Federal ReserveBoard a permit to perform the functions of a correspondent dealer for amember bank should—
(i) Make formal application on F.R.B. Form 99f, if incorporated, oron F.R.B. Form 99g, if unincorporated.
(u) Submit a statement on F.R.B. Form 99c.(iii) Obtain from the member bank a statement on F.R.B. Form 99b.(iv) Forward all of these papers to the Federal Reserve agent of its
district, who will attach his recommendation on F.R.B. Form 99d andforward them to the Federal Reserve Board.
If the applicant dealer in securities desires to act as correspondent dealerfor more than one member bank, a separate application should be filed,covering each such member bank.
(d) Papers to be filed in duplicate.—All papers filed with the Federal Reserveagent pursuant to this section should be filed in duplicate.
The forms referred to in this section are made a part of this regulation.(e) Compatibility with the public interest.—In determining whether the
issuance of such a permit will be compatible with the public interest, the FederalReserve Board will consider—
(1) Whether the proposed relationship may tend to result in the undueuse of bank credit in connection with the purchasing, selling, underwriting,flotation, or negotiation of securities.
(2) Whether the proposed relationship will have any undesirable effectupon the member bank's financial condition, its credit or investment policies^or its policies in dealing with its other customers.
(3) Any other facts having a bearing upon the effect which the issuanceof the permit may have upon the public interest.
(/) Burden is on applicant.—In view of the fact that section 32 of the BankingAct of 1933 forbids relationships of certain kinds except in cases where the FederalReserve Board finds the specific relationships not incompatible with the publicinterest and grants a permit therefor, the burden must rest upon each applicantfor such a permit to show to the satisfaction of the Board that it would not beincompatible with the public interest to permit the relationship covered by theapplication.
(g) Approval or disapproval.—As soon as an application is acted upon by theBoard, the applicant will be advised of the action taken.
If the Board approves the application, a formal permit will be issued to theapplicant.
(h) Hearing.—If the Board is not satisfied that it is compatible with the publicinterest to grant such permit, the Board will so notify the applicant and willafford him or it every opportunity to present any additional facts or argumentsbearing on the subject before making any final decision in the case.
(i) Continuing effect of permits.—A permit once granted continues in forceuntil revoked, and need not be renewed, unless otherwise stated therein.
(j) Revocation.—All permits, however, are subject to revocation whenever theFederal Reserve Board, after giving reasonable notice to the holder and affordinghim or it an opportunity to be heard, finds that the public interest requires theirrevocation.
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EXECUTIVE ORDERS AND PROCLAMATIONS WITH RESPECTTO BANKING AND CURRENCY
PROCLAMATION RELATIVE TO BANK HOLIDAY
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
A PROCLAMATION
Whereas there have been heavy and unwarranted withdrawals of gold andcurrency from our banking institutions for the purpose of hoarding; and
Whereas continuous and increasingly extensive speculative activity abroadin foreign exchange has resulted in severe drains on the Nation's stocks of gold;and
Whereas these conditions have created a national emergency; andWhereas it is in the best interests of all bank depositors that a period of respite
be provided with a view to preventing further hoarding of coin, bullion or cur-rency or speculation in foreign exchange and permitting the application of appro-priate measures to protect the interests of our people; and
Whereas it is provided in section 5 (b) of the Act of October 6, 1917 (40 Stat.L. 411), as amended, "That the President may investigate, regulate, or prohibit,under such rules and regulations as he may prescribe, by means of licenses orotherwise, any transactions in foreign exchange and the export, hoarding, melting,or earmarkings of gold or silver coin or bullion or currency * * * "; and
Whereas it is provided in Section 16 of the said Act "that whoever shall will-fully violate any of the provisions of this Act or of any license, rule, or regulationissued thereunder, and whoever shall willfully violate, neglect, or refuse to complywith any order of the President issued in compliance with the provisions of thisAct, shall, upon conviction, be fined not more than $10,000, or, if a natural person,imprisoned for not more than ten years, or both; * * * ";
Now, therefore, I, Franklin D. Roosevelt, President of the United States ofAmerica, in view of such national emergency and by virtue of the authorityvested in me by said Act and in order to prevent the export, hoarding, or ear-marking of gold or silver coin or bullion or currency, do hereby proclaim, order,direct and declare that from Monday, the sixth day of March, to Thursday, theninth day of March, Nineteen Hundred and Thirty Three, both dates inclusive,there shall be maintained and observed by all banking institutions and allbranches thereof located in the United States of America, including the territoriesand insular possessions, a bank holiday, and that during said period all bankingtransactions shall be suspended. During such holiday, excepting as hereinafterprovided, no such banking institution or branch shall pay out, export, earmark,or permit the withdrawal or transfer in any manner or by any device whatsoever,of any gold or silver coin or bullion or currency or take any other action whichmight facilitate the hoarding thereof; nor shall any such banking institution orbranch pay out deposits, make loans or discounts, deal in foreign exchange,transfer credits from the United States to any place abroad, or transact any otherbanking business whatsoever.
During such holiday, the Secretary of the Treasury, with the approval of thePresident and under such regulations as he may prescribe, is authorized andempowered (a) to permit any or all of such banking institutions to perform anyor all of the usual banking functions, (b) to direct, require or permit the issuanceof clearing house certificates or other evidences of claims against assets of bankinginstitutions, and (c) to authorize and direct the creation in such banking institu-tions of special trust accounts for the receipt of new deposits which shall be subjectto withdrawal on demand with out any restriction or limitation and shall be keptseparately in cash or on deposit in Federal Reserve Banks or invested in obliga-tions of the United States.
As used in this order the term "banking institutions'' shall include all FederalReserve banks, national banking associations, banks, trust companies, savingsbanks, building and loan associations, credit unions, or other corporations, part-nerships, associations or persons, engaged in the business of receiving deposits,making loans, discounting business paper, or transacting any other form ofbanking business.
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In witness whereof, I have hereunto set my hand and caused the seal of theUnited States to be affixed.
Done in the City of Washington this 6th day of March—1 a. m. in the year ofour Lord One Thousand Nine Hundred and Thirty-three, and of the Independenceof the United States the One Hundred and Fifty-seventh.
[SEAL] FRANKLIN D. ROOSEVELTBy the President:
CORDELL HULLSecretary of State
CONTINUATION OF BANK HOLIDAY
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
A PROCLAMATION
Whereas, on March 6, 1933, I, Franklin D. Roosevelt, President of the UnitedStates of America, by Proclamation declared the existence of a national emer-gency and proclaimed a bank holiday extending from Monday the 6th day ofMarch to Thursday the 9th of March, 1933, both dates inclusive, in order to pre-vent the export, hoarding or earmarking of gold or silver coin, or bullion or cur-rency, or speculation in foreign exchange; and
Whereas, under the Act of March 9, 1933, all Proclamations heretofore or here-after issued by the President pursuant to the authority conferred by Section 5 (b)of the Act of October 6, 1917, as amended, are approved and confirmed; and
Whereas, said national emergency still continues, and it is necessary to takefurther measures extending beyond March 9, 1933, in order to accomplish suchpurposes:
Now, therefore, I, Franklin D. Roosevelt, President of the United States ofAmerica, in view of such continuing national emergency and by virtue of theauthority vested in me by Section 5 (b) of the Act of October 6, 1917 (40 Stat.L., 411) as amended by the Act of March 9, 1933, do hereby proclaim, order,direct and declare that all the terms and provisions of said Proclamation of March6, 1933, and the regulations and orders issued thereunder are hereby continuedin full force and effect until further proclamation by the President.
In witness whereof I have hereunto set my hand and have caused the seal of theUnited States to be affixed.
Done in the District of Columbia, this 9th day of March, in the Year of OurLord One Thousand Nine Hundred and Thirty-three, and of the Independenceof the United States the One Hundredth and Fifty-seventh.
[SEAL.] FRANKLIN D. ROOSEVELTBy the President:
CORDELL HULLSecretary of State
LICENSING OF BANKS TO REOPEN—LICENSING OF GOLD EXPORTS
EXECUTIVE ORDER
By virtue of the authority vested in me by section 5 (b) of the Act of October6, 1917 (40 Stat. L., 411), as amended by the Act of March 9, 1933, and by section4 of the said Act of March 9, 1933, and by virtue of all other authority vested inme, I hereby issue the following Executive order.
The Secretary of the Treasury is authorized and empowered under such regu-lations as he may prescribe to permit any member bank of the Federal reservesystem and any other banking institution organized under the laws of the UnitedStates, to perform any or all of their usual banking functions, except as otherwiseprohibited.
The appropriate authority having immediate supervision of banking institu-tions in each State or any place subject to the jurisdiction of the United Statesis authorized and empowered under such regulations as such authority may pre-scribe to permit any banking institution in such State or place, other than bank-ing institutions covered by the foregoing paragraph, to perform any or all of theirusual banking functions, except as otherwise prohibited.
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All banks which are members of the Federal reserve system, desiring to reopenfor the performance of all usual and normal banking functions, except as other-wise prohibited, shall apply for a license therefor to the Secretary of the Treasury.Such application shall be filed immediately through the Federal reserve banks.The Federal reserve bank shall then transmit such applications to the Secretaryof the Treasury. Licenses will be issued by the Federal reserve bank upon ap-proval of the Secretary of the Treasury. The Federal reserve banks are herebydesignated as agents of the Secretary of the Treasury for the receiving of applica-tion and the issuance of licenses in his behalf and upon his instructions.
Until further order, no individual, partnership, association, or corporation,,including any banking institution, shall export or otherwise remove or permitto be withdrawn from the United States or any place subject to the jurisdictionthereof any gold coin, gold bullion, or gold certificates, except in accordance withregulations prescribed by or under license issued by the Secretary of the Treasury.
No permission to any banking institution to perform any banking functionsshall authorize such institution to pay out any gold coin, gold bullion or goldcertificates except as authorized by the Secretary of the Treasury, nor to allowwithdrawal of any currency for hoarding, nor to engage in any transaction inforeign exchange except such as may be undertaken for legitimate and normalbusiness requirements, for reasonable traveling and other personal requirements,and for the fulfillment of contracts entered into prior to March 6, 1933.
Every Federal reserve bank is authorized and instructed to keep itself currentlyinformed as to transactions in foreign exchange entered into or consummatedwithin its district and shall report to the Secretary of the Treasury all transactionsin foreign exchange which are prohibited.
FRANKLIN D. ROOSEVELT.The WHITE HOUSE,
March 10, 1933.
DISPOSITION OF UNLICENSED MEMBER BANKS
EXECUTIVE ORDER
By virtue of the authority vested in me by section 5(b) of the Act of October 6,1917 (40 Stat. L., 411) as amended by the Act of March 9, 1933, and by section 4of the said Act of March 9, 1933 and by virtue of all other authority vested in me,I hereby issue the following executive order.
Whenever the appropriate authority having immediate supervision of anybanking institution located in any State or place subject to the jurisdiction of theUnited States, which is a member of the Federal reserve system and which hasnot been licensed by the Secretary of the Treasury to resume its usual bankingfunctions, shall deem it necessary or advisable in order to conserve the assets ofsuch banking institution for the benefit of the depositors or other creditors, suchauthority may, in accordance with the provisions of the applicable laws of suchState or place, appoint such appropriate official as may be authorized under suchlaws to conserve the assets of such banking institution pending further dispositionof its business as provided by such laws.
This order shall not authorize any such member bank to reopen for the per-formance of usual and normal functions until it shall have received a license fromthe Secretary of the Treasury as provided in Executive Order of March 10, 1933.
FRANKLIN D. ROOSEVELT.THE WHITE HOUSE,
March 18, 1933.
EXECUTIVE ORDER FORBIDDING THE HOARDING OF GOLD COIN,GOLD BULLION AND GOLD CERTIFICATES
By virtue of the authority vested in me by section 5 (b) of the act of October 6,1917, as amended by section 2 of the act of March 9, 1933, entitled "An act toprovide relief in the existing national emergency in banking, and for otherpurposes", in which amendatory act Congress declared that a serious emergencyexists, I, Franklin D. Roosevelt, President of the United States of America, dodeclare that said national emergency still continues to exist and pursuant tosaid section do hereby prohibit the hoarding of gold coin, gold bullion, and goldcertificates within the continental United States by individuals, partnerships,associations and corporations and hereby prescribe the following regulations forcarrying out the purposes of this order:Digitized for FRASER
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SECTION 1. For the purposes of this regulation, the term "hoarding" means thewithdrawal and withholding of gold coin, gold bullion or gold certificates from therecognized and customary channels of trade. The term "person" means any-individual, partnership, association or corporation.
SEC. 2. All persons are hereby required to deliver on or before May 1, 1933, to aFederal Reserve bank or a branch or agency thereof or to any member bank ofthe Federal Reserve System all gold coin, gold bullion and gold certificates nowowned by them or coining into their ownership on or before April 28, 1933,except the following:
(a) Such amount of gold as may be required for legitimate and customary usein industry, profession or art within a reasonable time, including gold prior torefining and stocks of gold in reasonable amounts for the usual trade requirementsof owners mining and refining such gold.
(b) Gold coin and gold certificates in an amount not exceeding in the aggregate$100 belonging to any one person; and gold coins having a recognized special value-to collectors of rare and unusual coins.
(c) Gold coin and bullion earmarked or held in trust for a recognized foreigngovernment or foreign central bank or the Bank for International Settlements.
(d) Gold coin and bullion licensed for other proper transactions (not involvinghoarding) including gold coin and bullion imported for reexport or held pendingaction on applications for export licenses.
SEC. 3. Until otherwise ordered any person becoming the owner of any goldcoin, gold bullion, or gold certificates after April 28, 1933, shall, within 3 daysafter receipt thereof, deliver the same in the manner prescribed in section 2;unless such gold coin, gold bullion or gold certificates are held for any of the pur-poses specified in paragraphs (a), (6), or (c) of section 2; or unless such gold coin orgold bullion is held for purposes specified in paragraph (d) of section 2 and theperson holding it is, with respect to such gold coin or bullion, a licensee or applicantfor license pending action thereon.
SEC. 4. Upon receipt of gold coin, gold bullion or gold certificates delivered toit in accordance with sections 2 or 3, the Federal Reserve bank or member bankwill pay therefor an equivalent amount of any other form of coin or currencycoined or issued under the laws of the United States.
SEC. 5. Member banks shall deliver all gold coin, gold bullion and gold cer-tificates owned or received by them (other than as exempted under the provisionsof sec. 2) to the Federal reserve banks of their respective districts and receivecredit or pa}rment therefor.
SEC. 6. The Secretary of the Treasury, out of the sum made available to thePresident by section 501 of the act of March 9, 1933, will in all proper cases paythe reasonable costs of transportation of gold coin, gold bullion or gold certificatesdelivered to a member bank or Federal reserve bank in accordance with sections2, 3, or 5 hereof, including the cost of insurance, protection, and such otherincidental costs as may be necessary, upon production of satisfactory evidenceof such costs. Voucher forms for this purpose may be procured from Federalreserve banks.
SEC. 7. In cases where the delivery of gold coin, gold bullion, or gold certificatesby the owners thereof within the time set forth above will involve extraordinaryhardship or difficulty, the Secretary of the Treasury may, in his discretion, extendthe time within which such delivery must be made. Applications for suchextensions must be made in writing under oath, addressed to the Secretary ofthe Treasury and filed with a Federal reserve bank. Each application must statethe date to which the extension is desired, the amount and location of the goldcoin, gold bullion and gold certificates in respect of which such application ismade and the facts showing extension to be necessary to avoid extraordinaryhardship or difficulty.
SEC. 8. The Secretary of the Treasury is hereby authorized and empowered toissue such further regulations as he may deem necessary to carry out the purposesof this order and to issue licenses thereunder, through such officers or agencies ashe may designate, including licenses permitting the Federal reserve banks andmember banks of the Federal Reserve System, in return for an equivalent amountof other coin, currency, or credit, to deliver, earmark, or hold in trust gold coinand bullion to or for persons showing the need for the same for any of the purposesspecified in paragraphs (a), (c), and (d) of section 2 of these regulations.
SEC. 9. Whoever willfully violates any provision of this Executive order or ofthese regulations or of any rule, regulation, or license issued thereunder may befined not more than $10,000, or, if a natural person, may be imprisoned for notmore than 10 years, or both; and any officer, director, or agent of any corporation
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who knowingly participates in any such violation may be punished by a like fine,imprisonment, or both.
This order and these regulations may be modified or revoked at any time.
THE WHITE HOUSE, FRANKLIN D. ROOSEVELT.
April 5, 1933.
EXECUTIVE ORDER RELATING TO FOREIGN EXCHANGE AND THEEARMARKING AND EXPORT OF GOLD COIN OR BULLION ORCURRENCYBy virtue of the authority vested in me by section 5 (b) of the act of October 6,
1917, as amended by section 2 of the act of March 9, 1933, entitled "An act toprovide relief in the existing national emergency in banking, and for other pur-poses/7 in which amendatory act Congress declared that a serious emergencyexists, I, Franklin D. Roosevelt, President of the United States of America, dodeclare that said national emergency still continues to exist and pursuant to saidsection a>nd by virtue of all other authority vested in me, do hereby issue thefollowing Executive order:
1. Until further order, the earmarking for foreign account and the export ofgold coin, gold bullion, or gold certificates from the United States or any placesubject to the jurisdiction thereof are hereby prohibited, except that the Secretaryof the Treasury, in his discretion and subject to such regulations as he mayprescribe, may issue licenses authorizing the export of gold coin and bullion (a)earmarked or held in trust for a recognized foreign government or foreign centralbank or the Bank for International Settlements, (b) imported for reexport or goldin reasonable amounts for usual trade requirements of refiners importing gold-bearing materials under agreement to export gold, (c) actually required for thefulfilment of any contract entered into prior to the date of this order, by anapplicant who, in obedience to the Executive order of April 5, 1933, has deliveredgold coin, gold bullion, or gold certificates, and (d) with the approval of thePresident, for transactions which he may deem necessary to promote the publicinterest.
2. Until further order, the Secretary of the Treasury is authorized, through anyagency that he may designate, to investigate, regulate, or prohibit, under suchrules and regulations as he may prescribe, by means of licenses or otherwise, anytransactions in foreign exchange, transfers of credit from any banking institutionwithin the United States or any place subject to the jurisdiction thereof to anyforeign branch or office of such banking institution or to any foreign bank orbanker, and the export or withdrawal of currency from the United States or anyplace subject to the jurisdiction of the United States, by any individual, partner-ship, association, or corporation within the United States or any place subject tothe jurisdiction thereof; and the Secretary of the Treasury may require any indi-vidual, partnership, association, or corporation engaged in any transactionreferred to herein to furnish under oath, complete information relative thereto,including the production of any books of account, contracts, letters or otherpapers, in connection therewith in the custody or control of such individual,,partnership, association, or corporation either before or after such transactionis completed.
3. The provisions relating to foreign exchange transactions contained in theExecutive order of March 10, 1933, shall remain in full force and effect except asamended or supplemented by this order and by regulations issued hereunder.
4. Applicants who have gold coin, gold bullion, or gold certificates in theirpossession, or who, in obedience to the Executive order of April 5, 1933, havedelivered gold coin, gold bullion, or gold certificates shall be entitled to licensesas provided in section 8 of said Executive order for amounts not exceeding theequivalent of such coin, bullion, or certificates held or delivered. The Secretarymay, in his discretion, issue or decline to issue any other licenses under saidExecutive order, which shall in all other respects remain in full force and effect.
5. Whoever willfully violates any provision of this Executive order or of anyrule, regulation, or license issued thereunder may be fined not more than $10,000,or, if a natural person, may be imprisoned for not more than ten years, or both;and any officer, director, or agent of any corporation who knowingly participates,in any such violation may be punished by a like fine, imprisonment, or both.
This order may be modified or revoked at any time.
THE WHITE HOUSE, FRANKLIN D. KOOSEVHLT.
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EXECUTIVE ORDER RELATING TO THE HOARDING, EXPORT, ANDEARMARKING OF GOLD COIN, BULLION, OR CURRENCY AND TOTRANSACTIONS IN FOREIGN EXCHANGE
By virtue of the authority vested in me by section 5 (b) of the act of October6, 1917, as amended by section 2 of the act of March 9, 1933, entitled " An act toprovide relief in the existing national emergency in banking and for other pur-poses", I, Franklin D. Roosevelt, President of the United States of America, dodeclare that a period of national emergency exists, and by virtue of said authorityand of all other authority vested in me, do hereby prescribe the following pro-visions for the investigation and regulation of the hoarding, earmarking, andexport of gold coin, gold bullion, and gold certificates by any person within theUnited States or any place subject to the jurisdiction thereof; and for the investi-gation and regulation of transactions in foreign exchange and transfers of creditand the export or withdrawal of currency from the United States or any placesubject to the jurisdiction thereof by any person within the United States or anyplace subject to the jurisdiction thereof.
SEC. 2. Definitions.—As used in this order the term "person'* means an indi-vidual, partnership, association, or corporation; and the term "the United States"means the United States and any place subject to the jurisdiction thereof.
SEC. 3. Returns.—Within 15 days from the date of this order every person inpossession of and every person owning gold coin, gold bullion, or gold certificatesshall make under oath and file as hereinafter provided a return to the Secretaryof the Treasury containing true and complete information relative thereto,including the name and address of the person making the return; the kind andamount of such coin, bullion, or certificates held and the location thereof; if heldfor another, the capacity in which held and the person for whom held, togetherwith the post-office address of such person; and the nature of the transactionrequiring the holding of such coin, bullion, or certificates and a statement explain-ing why such transaction cannot be carried out by the use of currency other thangold certificates; provided that no returns are required to be filed with respect to—
(a) Gold coin, gold bullion, and gold certificates in an amount not exceeding inthe aggregate $100 belonging to any one person;
(b) Gold coin having a recognized special value to collectors of rare and unusualcoin;
(c) Gold coin, gold bullion, and gold certificates acquired or held under alicense heretofore granted by or under authority of the Secretary of theTreasury; and
(d) Gold coin, gold bullion, and gold certificates owned by Federal Reservebanks.
Such return required to be made by an individual shall be filed with the collectorof internal revenue for the collection district in which such individual resides, or,if such individual has no legal residence in the United States, then with thecollector of internal revenue at Baltimore, Md. Such return required to be madeby a partnership, association, or corporation shall be filed with the collector ofinternal revenue of the collection district in which is located the principal placeof business or principal office or agency of such partnership, association, or cor-poration, or,, if it has no principal place of business or principal office or agencyin the United States, then with the collector of internal revenue at Baltimore,Md. Such return required to be made by an individual residing in Alaska shallbe filed with the collector of internal revenue at Seattle, Wash. Such returnrequired to be made by a partnership, association, or corporation having itsprincipal place of business or principal office or agency in Alaska shall be filedwith the collector of internal revenue at Seattle, Wash.
The Secretary of the Treasury may grant a reasonable extension of time forfiling a return, under such rules and regulations as he shall prescribe. No suchextension shall be for more than 45 days from the date of this Executive order.An extension granted hereunder shall be deemed a license to hold for a periodending 15 days after the expiration of the extension.
The returns required to be made and filed under this section shall constitutepublic records; but they shall be open to public inspection only upon order of thePresident and under rules and regulations prescribed by the Secretary of theTreasury.
A return made and filed in accordance with this section by the owner of thegold coin, gold bullion, and gold certificates described therein, or his duly author-ized agent, shall be deemed an application for the issuance under section 5 hereofof a license to hold such coin, bullion, and certificates.Digitized for FRASER
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SEC. 4. Acquisition of gold coin and gold bullion.—No person other than aFederal Reserve bank shall after the date of this order acquire in the UnitedStates any gold coin, gold bullion, or gold certificates except under license thereforissued pursuant to this Executive order, provided that member banks of theFederal Reserve System may accept delivery of such coin, bullion, and certificatesfor surrender promptly to a Federal Reserve bank, and provided further thatpersons requiring gold for use in the industry, profession, or art in which they areregularly engaged may replenish their stocks of gold up to an aggregate amount of$100, by acquisitions of gold bullion held under licenses issued under section 5(b),without necessity of obtaining a license for such acquisitions.
The Secretary of the Treasury, subject to such further regulations as he mayprescribe, shall issue licenses authorizing the acquisition of—•
(a) Gold coin or gold bullion which the Secretary is satisfied is required for anecessary and lawful transaction for which currency other than goldcertificates cannot be used, by an applicant who establishes that sinceMarch 9, 1933, he has surrendered an equal amount of gold coin, goldbullion, or gold certificates to a banking institution in the continentalUnited States or to the Treasurer of the United States;
(b) Gold coin or gold bullion which the Secretary is satisfied is required by anapplicant who holds a license to export such an amount of gold coin orgold bullion issued under subdivisions (c) or (d) of section 6 hereof, and
(c) Gold bullion which the Secretary, or such agency as he may designate, issatisfied is required for legitimate and customary use in industry, profes-sion, or art by an applicant regularly engaged in such industry, profes-sion, or art, or in the business of furnishing gold therefor.
Licenses issued pursuant to this section shall authorize the holder to acquire goldcoin and gold bullion only from the sources specified by the Secretary of theTreasury in regulations issued hereunder.
SEC. 5. Holding of gold coin, gold bullion, and gold certificates.—After 30 daysfrom the date of this order no person shall hold in his possession or retain anyinterest, legal or equitable, in any gold coin, gold bullion, or gold certificates situ-ated in the United States and owned by any person subject to the jurisdiction ofthe United States, except under license therefor issued pursuant to this Executiveorder; provided, however, that licenses shall not be required in order to hold inpossession or retain an interest in gold coin, gold bullion, or gold certificates withrespect to which a return need not be filed under section 3 hereof.
The Secretary of the Treasury, subject to such further regulations as he mayprescribe, shall issue licenses authorizing the holding of—
(a) Gold coin, gold bullion, and gold certificates, which the Secretary is satisfiedare required by the person owning the same for necessary and lawful transactionsfor which currency, other than gold certificates, cannot be used;
(b) Gold bullion which the Secretary, or such agency as he may designate, issatisfied is required for legitimate and customary use in industry, profession, orart by a person regularly engaged in such industry, profession, or art or in thebusiness of furnishing gold therefor;
(c) Gold coin and gold bullion earmarked or held in trust since before April 20,1933, for a recognized foreign government or foreign central bank or the Bankfor International Settlements; and
(d) Gold coin and gold bullion imported for reexport or held pending actionupon application for export licenses.
SEC. 6. Earmarking and export of gold coin and gold bullion.—After the dateof this order no person shall earmark or export any gold coin, gold bullion, or goldcertificates from the United States, except under license therefor issued by theSecretary of the Treasury pursuant to the provisions of this order.
The Secretary of the Treasury, in his discretion and subject to such regulationsas he may prescribe, may issue licenses authorizing—
(a) The export of gold coin or gold bullion earmarked or held in trust sincebefore April 20, 1933, for a recognized foreign government, foreign central bank, orthe Bank for International Settlements;
(b) The export of gold, (i) imported for reexport, (ii) refined from gold-bearingmaterials imported by the applicant under an agreement to export gold, or (iii) inbullion containing not more than 5 ounces of gold per ton;
(c) The export of gold coin or gold bullion to the extent actually required forthe fulfillment of a contract entered into by the applicant prior to April 20, 1933;but not in excess of the amount of the gold coin, gold bullion, and gold certificatessurrendered by the applicant on or after March 9, 1933, to a banking institutionin the continental United States or to the Treasurer of the United States; andDigitized for FRASER
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(d) The earmarking for foreign account and/or export of gold coin or gold bul-lion with the approval of the President, for transactions which the Secretary ofthe Treasury may deem necessary to promote the public interest.
SEC. 7. United States possessions—Shipments thereto.—The provisions ofsections 3 and 5 of this order shall not apply to gold coin, gold bullion, or goldcertificates which is situated in the Philippine Islands, American Samoa, Guam,Hawaii, Panama Canal Zone, Puerto Rico, or the Virgin Islands of the UnitedStates, and is owned by a person not domiciled in the continental United States.The provisions of section 4 shall not apply to acquisitions by persons within thePhilippine Islands, American Samoa, Guam, Hawaii, Panama Canal Zone, PuertoRico, or the Virgin Islands of the United States of gold coin or gold bullion whichhas not been taken or sent thereto since April 5, 1933, from the continental UnitedStates or any place subject to the jurisdiction thereof.
SEC. 8. Until further order, the Secretary of the Treasury is authorized, throughany agency that he may designate, to investigate, regulate, or prohibit, undersuch rules and regulations as he may prescribe, by means of licenses or otherwise,,any transactions in foreign exchange, transfers of credit from any banking institu-tion within the United States to any foreign branch or office of such banking insti-tution or to any foreign bank or banker, and the export or withdrawal of currencyfrom the United States, by any person within the United States; and the Secre-tary of the Treasury may require any person engaged in any transaction referredto herein to furnish under oath complete information relative thereto, includingthe production of any books of account, contracts, letters, or other papers, in con-nection therewith in the custody or control of such person either before or aftersuch transaction is completed.
SEC. 9. The Secretary of the Treasury is hereby authorized and empowered toissue such regulations as he may deem necessary to carry put the purposes of thisorder. Such regulations may provide for the detention in the United States ofany gold coin, gold bullion, or gold certificates sought to be transported beyondthe limits of the continental United States, pending an investigation to determineif such coin, bullion, or certificates are held or are to be acquired in violationof the provisions of this Executive order. Licenses and permits granted in accord-ance with the provisions of this order and the regulations prescribed hereunder,may be issued through such officers or agencies as the Secretary may designate.
SEC. 10. Whoever willfully violates any provision of this Executive order or ofany license, order, rule, or regulation issued or prescribed hereunder, shall, uponconviction, be fined not more than $10,000, or, if a natural person, may beimprisoned for not more than 10 years, or both; and any officer, director, or agentof any corporation who knowingly participates in such violation may be punishedby a like fine, imprisonment, or both.
SEC. 11. The Executive orders of April 5, 1933, forbidding the hoarding of goldcoin, gold bullion, and gold certificates, and April 20, 1933, relating to foreignexchange and the earmarking and export of gold coin or bullion or currency,respectively, are hereby revoked. The revocation of such prior Executive ordersshall not affect any act done, or any right accruing or accrued, or any suit or pro-ceeding had or commenced in any civil or criminal cause prior to said revocation,but all liabilities under said Executive orders shall continue and may be enforcedin the same manner as if said revocation had not been made. This Executive orderand any regulations or licenses issued hereunder may be modified or revoked atany time.
FKANKLIN D. ROOSEVELT.THE WHITE HOUSE,
August 28, 1933.{No. 6260]
EXECUTIVE ORDER RELATING TO THE SALE AND EXPORT OF GOLDRECOVERED FROM NATURAL DEPOSITS
By virtue of the authority vested in me by section 5(b) of the act of October 6>1917, as amended by section 2 of the act of March 9, 1933, entitled "An act toprovide relief in the existing national emergency in banking and for other pur-poses ", I, Franklin D. Roosevelt, President of the United States of America, dodeclare that a period of national emergency exists, and by virtue of said authorityand of all other authority vested in me, do hereby issue the following Executiveorder:
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The Secretary of the Treasury is hereby authorized to receive on consignmentfor sale, subject to such rules and regulations and upon such conditions as he shallprescribe, gold recovered from natural deposits in the United States or any placesubject to the jurisdiction thereof. Sales may be made:
(a) To persons licensed to acquire gold for use in the arts, industries, or pro-fessions, or
(b) By export to foreign purchasers.Such sales shall be made at a price which the Secretary shall determine to be
equal to the best price obtainable in the free gold markets of the world after takinginto consideration any incidental expenses such as shipping costs and insurance.
Such sales may be made through the Federal Reserve banks or such other agentsas the Secretary may from time to time designate and shall be subject to suchcharges as the Secretary may from time to time in his judgment determine.
Every person depositing gold for sale as provided herein shall be deemed tohave agreed to accept as conclusive without any right of recourse or review, thedetermination of the Secretary or his duly authorized agent as to the amount duesuch person as a result of any sale.
Consignments shall be sold as nearly as may be in the order of their receipt.The Secretary of the Treasury, in his discretion and subject to such regulations
as he may prescribe, is hereby authorized to issue licenses permitting the exportof articles fabricated from gold sold pursuant to this Executive order.
This Executive order may be modified or revoked at any time.FRANKLIN D. ROOSEVELT.
THE WHITE HOUSE,August 29, 1983.
[No. 6261]
EXECUTIVE ORDER RELATING TO GOLD RECOVERED FROM NATURALDEPOSITS
By virtue of the authority vested in me by section 5 (b) of the act of October 6,1917, as amended by section 2 of the act of March 9, 1933, entitled" An Act toProvide Relief in the Existing National Emergency in Banking and for otherPurposes", I, Franklin D. Roosevelt, President of the United States of America,do declare that a period of national emergency exists, and by virtue of said author-ity and of all other authority vested in me, do hereby issue the following Executiveorder:
SECTION 1. The Executive order of August 29, 1933, Relating to the Sale andExport of Gold Recovered from Natural Deposits, is hereby revoked: Provided,however, That the Secretary of the Treasury is authorized to sell in accordancetherewith gold received on consignment for sale on or before the date of thisExecutive order.
SEC. 2. The United States mints and assay offices are hereby authorized, sub-ject to such regulations as may from time to time be prescribed by the Secretaryof the Treasury, to receive on consignment gold which the mint or assay officeto which the gold is delivered is satisfied has been recovered from natural de-posits in the United States or any place subject to the jurisdiction thereof.
SEC. 3. The Reconstruction Finance Corporation is authorized, subject tosuch regulations as may from time to time be prescribed by the Secretary of theTreasury, to acquire gold which has been received on consignment by a UnitedStates mint or assay office, and to hold, earmark for foreign account, export, orotherwise dispose of such gold.
SEC. 4. The Executive order of August 28, 1933, Relating to the Hoarding,Export, and Earmarking of Gold Coin, Bullion, or Currency and to Transactionsin Foreign Exchange, is hereby amended to permit, subject to such regulations asmay from time to time be prescribed by the Secretary of the Treasury, the exportof articles fabricated from gold.
SEC. 5. The Secretary of the Treasury is hereby authorized and empoweredto issue such regulations as he maj^ deem necessary to carry out the purpose ofthis Executive order.
SEC. 6. This Executive order and any regulations issued hereunder may bemodified or revoked at any time.
FRANKLIN D. ROOSEVELTTHE WHITE HOUSE,
October 25, 1933.49753—34 22Digitized for FRASER
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3 2 8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
COINAGE OF SILVERBY THE PRESIDENT OF THE UNITED STATES OF AMERICA
A PROCLAMATIONWhereas, by paragraph (2) of section 43, title III, of the act of Congress, ap-
proved May 12, 1933 (Public, No. 10), the President is authorized "By proclama-tion to fix the weight of the gold dollar in grains nine-tenths fine and also to fixthe weight of the silver dollar in grains nine-tenths fine at a definite fixed ratioin relation to the gold dollar at such amounts as he finds necessary from his in-vestigation to stabilize domestic prices or to protect the foreign commerce againstthe adverse effect of depreciated foreign currencies, and to provide for the un-limited coinage of such gold and silver at the ratio so fixed, * * *"; and
Whereas, from investigations made by me, I find it necessary, in aid of thestabilization of domestic prices and in accordance with the policy and programauthorized by Congress, which are now being administered, and to protect ourforeign commerce against the adverse effect of depreciated foreign currencies,that the price of silver be enhanced and stabilized; and
Whereas, a resolution presented by the delegation of the United States ofAmerica was unanimously adopted at the World Economic and MonetaryConference in London on July 20, 1933, by the representatives of 66 Govern-ments, which in substance provided that said Governments will abandon thepolicy and practice of melting up or debasing silver coins; that low-valued silvercurrency be replaced with silver coins and that no legislation should be enactedthat will depreciate the value of silver; and
Whereas, a separate and supplemental agreement was entered into, at theinstance of the representatives of the United States, between China, India, andSpain, the holders and users of large quantities of silver, on the one hand, andAustralia, Canada, Mexico, Peru, and the United States on the other hand, asthe chief producers of silver, wherein China agreed not to dispose of any silverderived from the melting up or debasement of silver coins, and India agreed notto dispose of over 35,000,000 ounces of silver per annum during a period of 4 yearscommencing January 1, 1934, and Spain agreed not to dispose of over 5,000,000ounces of silver annually during said period, and both of said Governments agreedthat at the end of said period of 4 years they would then subject themselves to thegeneral resolution adopted at the London Conference, and in consideration ofsuch limitation it was agreed that the Governments of the five producing coun-tries would each absorb from the mines in their respective countries a certainamount of silver, the total amount to be absorbed by said producing countriesbeing 35,000,000 ounces per annum during the 4 years commencing the 1st dayof January 1934; that such silver so absorbed would be retained in each of saidrespective countries for said period of 4 years, to be used for coinage purposes oras reserves for currency, or to otherwise be retained and kept off the world marketduring such period of time, it being understood that of the 35,000,000 ounces theUnited States was to absorb annually at least 24,421,410 ounces of the silverproduced in the United States during such period of time.
Now, therefore, finding it proper to cooperate with other Governments andnecessary to assist in increasing and stabilizing domestic prices, to augment thepurchasing power of peoples in silver-using countries, to protect our foreigncommerce against the adverse effect of depreciated foreign currencies, and tocarry out the understanding between the 66 Governments that adopted the reso-lution hereinbefore referred to; by virtue of the power in me vested bjr the actof Congress above cited, the other legislation designated for national recovery,and by virtue of all other authority in me vested;
I, Franklin D. Roosevelt, President of the United States of America, do pro-claim and direct that each United States coinage mint shall receive for coinageinto standard silver dollars any silver which such mint, subject to regulationsprescribed hereunder by the Secretary of the Treasury, is satisfied has beenmined, subsequently to the date of this proclamation, from natural deposits inthe United States or any place subject to the jurisdiction thereof. The Directorof the Mint, with the voluntary consent of the owner, shall deduct and retain ofsuch silver so received 50 percent as seigniorage and for services performed by theGovernment of the United States relative to the coinage and delivery of silverdollars. The balance of such silver so received, that is, 50 percent thereof, shallbe coined into standard silver dollars and the same, or an equal number of otherstandard silver dollars, shall be delivered to the owner or depositor of such silver.The 50 percent of such silver so deducted shall be retained as bullion by theTreasury and shall not be disposed of prior to the 31st day of December 1937,except for coining into United States coins.Digitized for FRASER
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EXECUTIVE ORDEES AND PROCLAMATIONS 329
The Secretary of the Treasury is authorized to prescribe regulations to carryout the purposes of this proclamation. Such regulations shall contain provisionssubstantially similar to the provisions contained in the regulations made pursuvant to the act of Congress, approved April 23, 1918 (40 Statutes at Large, page535), known as the Pittman Act, with such changes as he shall determine pre-scribing how silver mined, subsequently to the date of this proclamation fromnatural deposits in the United States or any place subject to the jurisdictionthereof, shall be identified.
This proclamation shall remain in force and effect until the 31st day of Decem-ber 1937, unless repealed or modified by act of Congress or by subsequent proc-lamation.
The present ratio in weight and fineness of the silver dollar to the gold dollarshall, for the purposes of this proclamation, be maintained until changed byfurther order or proclamation.
Notice is hereby given that I reserve the right by virtue of the authority vestedin me to revoke or modify this proclamation as the interest of the United Statesmay seem to require.
In witness whereof I have hereunto set my hand and caused the seal of theUnited States to be affixed.
Done at the city of Washington this 21st day of December, in the year of ourLord nineteen hundred and thirty-three and of the independence of the UnitedStates of American the one hundred and fifty-eighth.
FRANKLIN D. ROOSEVELT.By the President:
WILLIAM PHILLIPS,Acting Secretary of State.
CONTROL OVER STATE BANKING INSTITUTIONS
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
A PROCLAMATION
Whereas, on March 6, 1933, I, Franklin D. Roosevelt, President of the UnitedStates of America, by virtue of authority vested in me by the act of October 6,1917 (40 Stat. L. 411), as amended, issued a proclamation declaring that anemergency existed and that a national banking holiday be observed;
Whereas, on March 9, 1933, I issued a proclamation continuing the terms andconditions of said proclamation of March 6, 1933, in full force and effect untilfurther proclamation by the President;
Whereas, on March 10, 1933, I issued an Executive order authorizing theappropriate authority having immediate supervision of banking institutions ineach State or any place subject to the jurisdiction of the United States to permitany banking institution not a member of the Federal Reserve System to performany or all of its usual banking functions except as otherwise provided;
Whereas, the Secretary of the Treasury, pursuant to authority granted byother provisions of the said Executive order of March 10, 1933, has acted uponall requests for licensing of banks members of the Federal Reserve System;
Whereas, the Federal Deposit Insurance Corporation has acted upon allapplications to it for membership in the Temporary Federal Deposit InsuranceFund as provided for in section 12B (y) of the Federal Reserve Act as amendedby section 8 of the act of June 16, 1933, Public No. 66, Seventy-third Congress,and has admitted to the said fund all applicant banks which are duly and properlyqualified; and
Whereas, it is now appropriate that the banking authority in each State andany place subject to the jurisdiction of the United States should have and exercisethe sole responsibility for, and control over, banking institutions not membersof the Federal Reserve System;
Now, therefore, I, Franklin D. Roosevelt, President of the United States, inorder to assure that the banking authority in each State and in any place subjectto the jurisdiction of the United States shall have and exercise the sole responsi-bility for, and control over, banking institutions which are not members of theFederal Reserve System, do hereby proclaim, order, direct, and declare that theproclamations of March 6, 1933, and March 9, 1933, and the Executive order ofMarch 10, 1933, and all orders and regulations pursuant thereto, are amended,effective the first day of January, nineteen hundred and thirty-four, to excludefrom their scope banking institutions which are not members of the FederalDigitized for FRASER
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ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD 331
DIRECTORY OF THE FEDERAL RESERVE BOARD[Dec. 31, 1933]
WILLIAM H. WOODIN, Secretary of the Treasury, member ex officio.J. F. T. O'CONNOR, Comptroller of the Currency, member ex officio.
EUGENE R. BLACK, of Georgia, Governor. Term expires August 9, 1938.CHARLES S. HAMLIN, of Massachusetts. Term expires August 9, 1936.ADOLPH C. MILLER, of California. Term expires August 9, 1934.GEORGE R. JAMES, of Tennessee. Term expires April 27, 1941.J. J. THOMAS, of Nebraska. Term expires January 24, 1943.S. M. SZYMCZAK, of Illinois. Term expires April 18, 1943.
H. WARNER MARTIN, Assistant to theGovernor.
CHESTER MORRILL, Secretary.J. C. NOELL, Assistant Secretary.L. P. BETHEA, Assistant Secretary.8. R. CARPENTER, Assistant Secretary.WALTER WYATT, General Counsel.GEORGE B. VEST, Assistant Counsel.LEO H. PAULGER, Chief, Division of
Examinations.FRANK J. DRINNEN, Federal Reserve
Examiner.
E. A. GOLDENWEISER, Director, Divisionof Research and Statistics.
CARL E. PARRY, Assistant Director,Division of Research and Statistics.
E. L. SMEAD, Chief, Division of BankOperations.
J. R. VAN FOSSEN, Assistant Chief,Division of Bank Operations.
O. E. FOULK, Fiscal Agent.JOSEPHINE E. LALLY, Deputy Fiscal
Agent.
SALARIES
Number of persons6 at1 at1 at1 at1 at _ _2 at1 at1 at1 at2 at3 at1 at2 at .3 at5 at_.6 at2 at__ _ _.7 at1 at _2 at2 at6 at2 at2 at1 at1 at1 at__
11 at1 at3 at6 at
OF OFFICERS tFEDERAL RES
[Dec. 3Annual salary
$12, 0009,0008, 5007, 5007,1007, 0006, 7506, 700
_ _ 6, 5006, 0005,5005, 4005,2005, 0004,8004, 500
_ 4,2504, 2004, 0003, 9003, 8003, 6003, 5003,4003, 3003,2003, 1603, 0002, 9202 9002,800
kND EMPLOYEES5ERVE BOARD1,1933]
Number of persons3at___4 at8 at
10 at _3 at6 at6 at. .
15 at1 at___ _ _ _4 at2 at _ _
13 at2 at1 at _4 at6 at3 at__
14 at20 at___18 at6 at1 at7 at9 at1 at2 at2 at___ _1 at4 at
261
OF THE
Annual salary$2,7002,6002, 5002, 4002,3002, 2002, 1002, 0001, 9201, 9001,8601, 8001,7501, 7401,7001, 6801, 6201, 6001, 5601 5001 4401 4001, 3801,3201, 2501, 2001, 1001 000
840
723, 340In addition to the above, there are 14 part-time employees and 4 temporary
employees paid on an hourly basis, and 3 special temporary employees paid on amonthly basis.
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3 3 2 ANNUAL KEPOKT OF THE FEDERAL RESERVE BOARD
RECEIPTS AND DISBURSEMENTS OF THE FEDERALRESERVE BOARD
RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE
YEAR 1933
Balance Jan. 1, 1933:Available for general expenses of the Board ___ $78,763.12Available for expensesj3hargeable to the Federal Reserve banks 50,532.48
Total. , $129,295.60
RECEIPTSAvailable for general expenses of the Board:
Assessments on Federal Reserve banks for estimated generalexpenses of the Board $800,159. 66
Subscriptions to Federal Reserve Bulletin 4,749.84Miscellaneous receipts, refunds and reimbursements 998.12Reimbursement on account of bank examinations 4,862.40
Total receipts available for general expenses of the Board. 810,770.02Available for expenses chargeable to Federal Reserve banks:
Assessments on Federal Reserve banks for:Cost of preparing Federal Reserve notes and Federal Re-
serve bank notes 1,256,012.03Expenses of leased wire system 212,051.52Expenses of private telephone lines 32,790.72Miscellaneous expenses 2,992.54
Total receipts available for expenses chargeable to Fed-eral Reserve banks 1,503,846.81
Total receipts 2,314,616.83
Total available for disbursement 2,443,912.43
DISBURSEMENTSFor general expenses of the Board:
Expenses of 1932 paid in 1933 $16,222,01Expenses for 1933 (per detailed statement) $882,891.00Less accounts unpaid Dec. 31, 1933 (estimated) 20, 703. 72
Amount actually paid out during the year 862,187. 28Refunds on account of subscriptions to Federal Reserve Bul-
letin 3.95
Total disbursements for general expenses of the Board 878,413. 24For expenses chargeable to Federal Reserve banks:
Cost of preparing Federal Reserve notes and Federal Reservebanknotes 1,271,163.08
Expenses of leased wire system 217,969.53Expenses of private telephone lines 32,790.72Miscellaneous expenses 2,936.46
Total disbursements for expenses chargeable to Federal Re-serve banks... 1,524,859.79
Total disbursements 2,403,273.03Balance Dec. 31, 1933:
Available for general expenses of the Board, 1934, and accounts unpaid Dec.31, 1933 11,119,90
Available for expenses chargeable fo Federal Reserve banks unpaid Dec.31, 1933 . .- 29,519.50
Total balance 40,639.40
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DETAILED STATEMENT OF EXPENSES OF THE FEDERAL RESERVE BOARD, 1933
PERSONAL SERVICES
Board members and their staffs-..Office of the secretaryOffice of general counselOffice of fiscal agentDivision of examinationsDivision of bank operationsDivision of research and statistics.Division of issue and redemption. -MessengersCharwomenGeneral
Total.
NONPERSONAL SERVICES
Transportation and subsistence:Board members and their staffsOffice of the secretaryOffice of general counselDivision of examinationsDivision of research and statisticsDivision of bank operationsAll other divisions including local
car fareCommunication service:
TelephoneTelegraphPostage
Printing, binding, etcRepairsHeat, light, and powerMiscellaneous, unclassifiedEquipment rentalSupplies, stationery and officeEquipment, furniture and officeBooks and periodicalsRent
TotalGrand total.
Total
$98, 598.1163,303. 4955,327. 26
6, 215. 60159, 898. 83100, 572. 36118, 627. 73
56, 600. 0721,178.
2, 922. 001, 084. 80
684, 329. 24
!, 475. 47
72.7075, 632. 66
547. 78499. 29
530. 32
23, 039. 402,198.101,103. 35
39, 627. 50580. 09618, 79
6, 054. 5654.00
6,852. 2411,971.422,191.45
24, 512. 64
198, 561. 76
January
$7, 866. 655, 383. 023, 823. 30
525, 0010,119. 418, 238. 64
10,163. 214,966.471, 775. 81
250. 00
53,111.51
22.85
4, 739. 2467.57
1,432. 76112.1766.51
2,343. 0969.3362.30
114. 644.50
216.244. 65
1,531. 051, 726. 00
12, 752, 75
Febru-ary
$7,066.665, 390.003, 823.30
525.0010, 425.008, 313.68
10,163.334, 969.991, 775.83
230.00
52, 682. 79
70.50
4, 061.5836.14
1, 797.05105.1423,50
2,363.1269.5962.30
126.104.50
161. 60341.17103. 96
1, 726.00
11,052.25
March
$7,066. 675,390. 043, 823. 32
525. 0010, 662. 298, 362. 359,975.934,958. 511, 775. 86
260.00200. 00
52,999. 97
4, 708. 91
37.50
3,231.12177. 42120. 55
1,731.6226.0362.30
275. 344.50
1, 300.15394. 6072.37
1, 726. 00
13,868. 41
April
$6,006.624, 645.563, 249. 76
446. 249,415.137, 236. 338, 567. 704,126. 421, 509. 42
212. 50
45, 415. e
4, 323.18
1, 554.42107. 6581.78
2, 679. 5548.0162.3096.834.50
101. 07389. 55147.76
1, 726.00
11,322.60
M a y
$5, 727. 994, 418.433, 646. 41
446. 249, 870. 787, 219. 758, 632.164,126. 421, 509. 42
221. 00
45,818. 60
148. 49
4,827. 35
232.21
1, 636.49464.1098.49
2,139.47.5362.30
117.364.50
410. 711, 039.17
52.641,726.00
13,006. 94
June
$7, 795. 474, 540. 544, 029.
485. 6211,461.157, 765. 879,181.174, 490. 731, 642. 50
240. 50142.
51, 776. 39
99.26
4, 279.1232.39
106. 90
37.50
1,846. 84349.93174.99
9, 941. 6361.1323.4499.334.50
650.19324. 8631.51
1, 726. 00
19, 789. 52
882,891.00 65,864.26 63,735.04 66,868.38 56,738.28 58,825.54 71,565.91 71,668.61 89,680.26 80,879,45 86,482.89 84,719.1185,863.27
July
$9,349. 985, 038. 784,449. 98
525. 0013, 069. 088, 679. 649, 954. 894, 854. 981, 775. 81
250. 00
57, 948.14
497. 76
5, 096. 26
168. 67
1, 456. 77174. 7241.43
3, 610. 5124.4824.9959.4.50
313. 27496. 88
24.751, 726. 00
13, 720. 47
August
$9,118. 055, 332. 914, 714. 98
537. 5014, 025. 838, 803. 83
10, 009. 524, 819. 851, 784.17
270. 0028.00
59, 444. 64
564. 93
16,075. 26
97.35
1, 619. 38258. 27108. 59
2, 430. 0442.4725.00
4, 514. 044.50
200. 582, 528. 50
40.711, 726. 00
30, 235. 62
Septem-ber
$9, 650. 025, 778. 395,001.15
550. 0015, 864.168, 950. 52
10, 482. 604, 744. 701, 884.19
250. 00114. 00
63, 269. 73
410.16
36.506,974. 42
96.1892.06
37.50
1,872. 0898.8668.43
1, 255. 9491.7426.56
368. 794.50
1, 397. 652,009.18
102.432, 666. 74
17, 609. 72
October
$9,649.985, 778. 285, 640.14
550. 0017,311.898,940. 56
10, 543. 604,831.981, 884.14
260. 00
65. 390. 57
472.14
36.207,496. 75
116.8712.40
1,914.32101. 22145.10
5, 612. 0268.0269.72151.
4.50432. 51
1, 759. 4'20.18
2, 679.30
21, 092.32
Novem-ber
5,840. 836,066. 64
550. 0018, 470. 65 19,1
$9, 650. 00 $9, 650. 02766.71058. 39550. 00203. 46090. 77
10,526.51 10,427.11• " • - - 855.03
977. 52230. 00600. 00
8,970. 42
4, 854.991,884.17
248. 00
67, 062. 21 69, 409. 01
138. 43
7, 043. 54134. 2621.29
2,140. 33106. 2861.24
3, 231. 6421.2867.7960.964.50
418.1,484.12
42.702, 679. 30
Decem-ber
9,C
50. 95
6,007. 0564.37
185. 61
2, 537. 84142. 34112. 74
2, 288. 7410.4869.7970.094.50
1, 249.80959. 2721.39
2, 679. 30
17, 656. 90 16, 454. 26
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334 ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD
SALARIES OF NATIONAL BANK EXAMINERS1
(As of December 31, 1933)
DISTRICT NO. 1—BOSTONChief examiner $13, 000Examiners: 1 at $5,400; 1 at $4,800; 1 at $4,500; 1 at $4,200; 1 at
$3,600; 1 at $3,300; 1 at $3,000; 1 at $2,700. Total, 8 examiners. 31, 500
DISTRICT NO. 2—NEW YORKChief examiner 20, 000Examiners: 1 at $9,500; 1 at $7,000; 3 at $6,000; 2 at $5,500; 1 at
$5,400; 2 at $5,200; 2 at $4,500; 2 at $4,200; 2 at $3,900; 3 at $3,600;2 at $3,300; 12 at $3,000; 1 at $2,700. Total, 34 examiners 142, 600
DISTRICT NO. 3—PHILADELPHIAChief examiner 15, 000Examiners: 1 at $7,000; 1 at $6,200; 1 at $6,000; 1 at $5,000; 1 at
$4,800; 2 at $4,500; 2 at $4,200; 3 at $3,900; 1 at $3,600; 1 at$3,000; 1 at $2,700. Total, 15 examiners 67, 400
DISTRICT NO. 4—CLEVELANDChief examiner 14, 000Examiners: 1 at $6,500; 1 at $5,000; 1 at $4,800; 1 at $4,500; 1 at
$4,200; 1 at $3,600; 3 at $3,300; 9 at $3,000. Total, 18 examiners, 65, 500DISTRICT NO. 5—RICHMOND
Chief examiner 11, 000Examiners: 1 at $5,000; 3 at $4,500; 2 at $4,200; 1 at $3,600; 1 at
$3,300; 5 at $3,000. Total, 13 examiners 48, 800
DISTRICT NO. 6—ATLANTAChief examiner 12, 000Examiners: 3 at $5,000; 3 at $4,200; 1 at $3,600; 2 at $3,300; 1 at
$3,000; 1 at $2,700. Total, 11 examiners 43, 500
DISTRICT NO. 7—CHICAGOChief examiner 13, 000Examiners: 1 at $6,300; 1 at $6,200; 1 at $6,000; 1 at $5,700; 1 at
$4,500; 1 at $4,300; 4 at $4,200; 4 at $3,900; 2 at $3,300; 6 at $3,000;1 at $2,700. Total, 23 examiners 92, 700
DISTRICT NO. 8—ST. LOUISChief examiner 11, 000Examiners: 2 at $6,000; 2 at $4,500; 1 at $3,900; 3 at $3,600; 3 at
$3,000. Total, 11 examiners 44, 700DISTRICT NO. 9—MINNEAPOLIS
Chief examiner 10, 000Examiners: 2 at $4,500; 1 at $4,200; 2 at $3,900; 1 at $3,600; 2 at
$3,300; 3 at $3,000; 3 at $2,700. Total, 14 examiners 48, 300
DISTRICT NO. 10—KANSAS CITYChief examiner 14, 000Examiners: 1 at $5,500; 1 at $4,800; 1 at $4,300; 2 at $4,200; 2 at
$3,900; 4 at $3,600; 1 at $3,300; 5 at $3,000. Total, 17 examiners, 63, 500
DISTRICT NO. 11—DALLASChief examiner 15, 000Examiners: 1 at $6,300; 1 at $6,000; 1 at $5,000; 1 at $4,900; 2 at
$4,700; 1 at $4,500; 1 at $3,800; 4 at $3,600; 1 at $3,500; 4 at$3,000. Total, 17 examiners 69, 800
DISTRICT NO. 12—SAN FRANCISCOChief examiner 13, 000Examiners: 2 at $6,000; 1 at $5,000; 2 at $4,800; 1 at $4,300; 2 at
$4,200; 1 at $4,000; 2 at $3,900; 6 at $3,600; 1 at $3,000; 3 at$2,700; 2 at $2,400. Total, 23 examiners 88, 600Digitized for FRASER
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SALARIES OF NATIONAL BANK EXAMINERS 335
SUMMARY
Total examiners 204Total salaries $806, 900
RECAPITULATION
Examining staff, office of Comptroller of the Currency:Chief examiner:
At $14,000 1Assistant chief examiners:
At $9,500 3At $8,000 __ 1At $7,500 1
Office of Comptroller:At $5,800 1At $5,200 1At $3,600 1
Total 9 $72, 600>Chief examiners of districts: • .
At $20,000 1At $15,000 _ _ _._ 2At $14,000 _ 2At $13,000 _ _ _ __ 3At $12,000 __ _ 1At $11,000 _ __ __ 2At $10,000 1
Total 12 161, 00a
Other examiners:At$9,500__ _ 1At$7,000__ _._ _ 2At $6,500 1At $6,300 2At$6,200__ _ 2At $6,000_ ___ _ 10At$5,700__ _ _ _ 1At$5,500___ _ 3At $5,400__ . 2At $5,200 2At$5,000___ ._ _ 8At $4,900 __ 1At $4,800____ 6At $4,700 _ ___ _ __ ___ 2At $4,500. ___ 15At$4,300_. . 3At $4,200 __ 20At $4,000 1At $3,900 __ _ _ 16At $3,800 1At $3,600 26At $3,500_ _ 1At $3,300__ 14At$3,000__ 51At$2,700__ __ 11At $2,400 2
Total 204 806, 900>
Total examining staff 225Total salaries 1, 040, 500
NOTE.—Since the enactment of the Banking Act of 1933, salaries of national bank examiners have notbeen submitted to the Federal Reserve Board for approval.
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336 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
GOVERNORS AND DIRECTORS OF FEDERAL RESERVEBANKS[Dec. 31, 1933]
DISTRICT NO. 1—BOSTONF. II. CURTISS, chairman and Federal
agent. ALLEN HOLLIS, deputy chairmanYOUNG, governor
Directors
Class A:E. S. Kennard, Rumford, MaineF. S. Chamberlain, New Britain,
ConnA. L. Ripley, Boston, Mass
Class B:E. J. Frost, Boston, Mass...E. S. French, Boston, Mass—P. R. Allen, East Walpole, Mass
Class C:Allen Hollis, Concord, N.HC. H. Merriman, Providence, R.IF. H. Curtiss, Boston, Mass
ReserveR. A.
TermexpiresDec. 31
1933
19341935
193319341935
193319341935
DISTRICT NO. 2-NEW YORK
J. H. CASE, chairman and Federal Reserve agent.0. D. YOUNG, deputy chairman. G. L. HARRI-SON, governor
Class A:D. C. Warner, Endicott, N.YG. W. Davison, New York, N.YE. K. Mills, Morristown, N.J
Class B:S. W. Reyburn, New York, N.YT. J. Watson, New York, N.YW. C. Teagle, New York, N.Y
Class C:C. M. Woolley, New York, N.YJ. H. Case, New York, N.Y0. D. Young, New York, N.Y
193319341935
193319341935
193319341935
BUFFALO BRANCH
R. M. O'HARA, managing director
R. M. O'Hara, Buffalo, N.Y...E. G. Miner, Rochester, N.YG\ F. Rand, Buffalo, N.YG. G. Kleindinst, Buffalo, N.YR. N. Ball, Rochester, N.Y.F. B. Cooley, Buffalo, N.YL. G. Harriman, Buffalo, N.Y _
1933193319331934193419351935
DISTRICT NO. 3—PHILADELPHIA
R. L. AUSTIN, chairman and Federal Reserveagent. A. B. JOHNSON, deputy chairman. G.W. NORRIS, governor
Class A:G. W. Reily, Etarrisburg, PaJ. C. Cosgrove, Johnstown, PaJ. Wayne, Jr., Philadelphia, Pa
Class B:J. C. DeLaCour, Camden, N.J __C. F. C. Stout, Philadelphia, PaA. W. Sewall, Philadelphia, Pa_
Class C:A. B. Johnson, Philadelphia, PaH. L. Cannon, Bridgeville, DelR. L. Austin, Philadelphia, Pa
193319341935
193319341935
193319341935
DISTRICT NO. 4—CLEVELAND
L. B. WILLIAMS, chairman and Federal Reserveagent. E. S. BURKE, Jr., deputy chairman. E.R. FANCHER, governor
Directors
Class A:B. R. Conner, Ada, OhioC. Lamberton, Franklin, PaR. A. Wardrop, Pittsburgh, Pa
Class B:J. E. Galvin, Lima, OhioR. P. Wright, Erie, PaG. D. Crabbe, Cincinnati, Ohio
Class C:W. W. Knight, Toledo, Ohio.L. B. Williams, Cleveland, OhioE. S. Burke, Jr., Cleveland, Ohio
TermexpiresDec. 31
193319341935
193319341935
193319341935
CINCINNATI BRANCHC. F. MCCOMBS, managing director
C. F. McCombs, Cincinnati, OhioG. M. Verity, Middletown, Ohio ..._B. H. Kroger, Cincinnati, OhioF. A. Geier, Cincinnati, OhioC. N. Manning, Lexington, KyJohn Omwake, Cincinnati, OhioT. J. Davis, Cincinnati, Ohio
1933193319331934193419351935
PITTSBURGH BRANCHJ. C. NEVIN, managing director
J. C. Nevin, Pittsburgh, PaJ. S. Jones, Wheeling, W.VaJames Rae, Pittsburgh, PaA. E. Braun, Pittsburgh, PaA. L. Humphrey, Pittsburgh, PaRichard Coulter, Greensburg, Pa
193319331934193419351935
DISTRICT NO. 5—RICHMONDW. W. HOXTON, chairman and Federal Reserve
agent. F. A. DELANO, deputy chairman. G. JSEAY, governor
Class A:C. E. Rieman, Baltimore, MdJ. C. Braswell, Rocky Mount, N . C —L. E. Johnson, Alderson, W.Va
Class B:C. C. Reed, Richmond, VaJ. H. Hanna, Washington, D.CD. R. Coker, Hartsville, S.C
Class C:F. A. Delano, Washington, D.CRobert Lassiter, Charlotte, N.CW. W. Hoxton, Richmond, Va
193319341935
193319341935
193319341935
BALTIMORE BRANCHH U G H LEACH, managing director
Hugh Leach, Baltimore, MdNorman James, Baltimore, MdM. M. Prentis, Baltimore, MdWm. H. Matthai, Baltimore, MdL. B. Phillips, Cambridge, MdE. P. Cohill, Hancock, MdL. S. Zimmerman, Baltimore, Md
1933193319331934193419351935
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOVERNORS AND DIRECTORS 337
DISTRICT NO. 5—RICHMOND—Continued
C H A R L O T T E BRANCH
W. T. CLEMENTS, managing director
Directors
W. T. Clements, Charlotte, N.CRobert Gage, Chester, S.CJ. L. Morehead, Charlotte, N.CW. H. Wood, Charlotte, N.CC. A. Cannon, Concord, N.CC. L. Cobb, Rock Hill, S.C
TermexpiresDec. 31
193319331934193419351935
DISTRICT NO. 6—ATLANTA
OSCAR NEWTON, chairman and Federal Reserveagent. W. H. KETTIG, deputy chairman. W. S.JOHNS, acting governor
Class A:H. L. Young, Atlanta, GaE. C. Melvin, Selma, AlaG. G. Ware, Leesburg, Fla
Class B:J. A. McCrary, Decatur, GaJ. B. Hill, Nashville, Tenn __.L. C. Simon, New Orleans, La
Class C:J. P. Allen, Atlanta, Ga_.W. H. Kettig, Birmingham, AlaOscar Newton, Atlanta, Ga
B I R M I N G H A M BRANCH
J. H. FRYE, managing director
J. H. Frye, Birmingham, AlaE. F. Allison, Bellamy, AlaW. E. Henley, Birmingham, Ala_-_W. H. Kettig, Birmingham, AlaJ. G. Farley, Birmingham, AlaOscar Wells, Birmingham, AlaW. W. Crawford, Birmingham, Ala
JACKSONVILLE BRANCH
HUGH FOSTER, managing director
Hugh Foster, Jacksonville, FlaS. 0 . Chase, Sanford, FlaA. F. Perry, Jacksonville, Fla_B. W. Haynes, Jacksonville, Fla__. _G. G. Ware, Leesburg, FlaFulton Saussy, Jacksonville, FlaE. W. Lane, Jacksonville, Fla
1933193319331934193419351935
NASHVILLE BRANCH
J. B. FORT, Jr., managing director
J. B. Fort,\Tr., Nashville, Tenn.W. P. Ridley, Columbia, Tenn_D. A. Craig, Nashville, TennJ. B. Hill, Nashville, TennF. J. Hade, Cleveland, TennP. M. Davis, Nashville, TennD.iW. Bailey, Clarksville, Tenn
1933193319331934193419351935
DISTRICT NO. 6—ATLANTA—Continued
NEW ORLEANS BRANCH
MARCUS WALKER, managing director
Directors
Marcus Walker, New Orleans, LaA. P. Bush, Mobile, AlaJ. D. O'Keefe, New Orleans, La . .P. H. Saunders, New Orleans, La.R. S. Hecht, New Orleans, LaL. C. Simon, New Orleans, LaF. W. Foote, Hattiesburg, Miss__
TermexpiresDec. 31
1933193319331934193419351935
DISTRICT NO. 7—CHICAGOE. M. STEVENS, chairman and Federal Reserve
agent. JAMES SIMPSON, deputy chairman. J.B. MCDOUGAL, governor
Class A:J. R. Leavell, Chicago, 111E. R. Estberg, Waukesha, WisG. J. Schaller, Storm Lake, Iowa
Class B:M. W. Babb, Milwaukee, WisS. T. Crapo, Detroit, MichN. H. Noyes, Indianapolis, Ind
Class 0:E. M. Stevens, Chicago, 111. ._F. C. Ball, Muncie, IndJames Simpson, Chicago, 111 .. '
193319341935
19341935
193319341935
DETROIT BRANCH
W. R. CATION, managing director
W. R. Cation, Detroit, MichDavid McMorran, Port Huron, MichG. B. Morley, Saginaw, MichJames Inglis, Detroit, MichW. W. Mills, Detroit, MichJohn Ballantyne, Detroit, MichN. P. Hull, Lansing, Mich.
1933193319331934193419351935
DISTRICT NO. 8—ST. LOUISJ. S. WOOD, chairman and Federal Reserve agent.
PAUL DILLARD, deputy chairman. W. McC.MARTIN, governor
Class A:M. B. Nahm, Bowling Green, KyF. Guy Hitt, Zeigler, 111J. G. Lonsdale, St. Louis, Mo
Class B:J. W. Harris, St. Louis, MoW. B. Plunkett, Little Rock, ArkM. P. Sturdivant, Glendora, Miss
Class C:J. S. Wood, St. Louis, MoPaul Dillard, Memphis, TennJ. R. Stanley, Evansville, Ind
193319341935
193319341935
193319341935
LITTLE ROCK BRANCH
A. F. BAILEY, managing director
A. F. Bailey, Little Rock, Ark..._ _F. K. Darragh, Little Rock, Ark.W. A. Hicks, Little Rock, ArkMoorhead Wright, Little Rock, ArkJo Nichol, Pine Bluff, ArkG. H. Campbell, Little Rock, Ark._Stuart Wilson, Texarkana, Ark
1933193319331934193419351935
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
338 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 8—ST. LOUIS—Continued
LOUISVILLE BRANCHJ. T. MOORE, managing director
Directors
J. T. Moore, Louisville, Ky__.E. H. Woods, Lucas, KyW. F. Huthsteiner, Tell City, Ind__W. W. Crawford, Louisville, Ky._.W. C. Montgomery, Elizabethtown,W. R. Cole, Louisville, KyWm. R. Cobb, Louisville, Ky
K v -
TermexpiresDec. 31
1933193319331934193419351935
MEMPHIS BRANCHW. H. GLASGOW, managing director
W. H. Glasgow, Memphis, Tenn.E. L. Anderson, Clarksdale, Miss.R. B. Snowden, Memphis, Tenn.S. E. Ragland, Memphis, Tenn__.J. W. Alderson, Forrest City, ArkWm. Orgill, Memphis, TennWillis Pope, Columbus, Miss
DISTRICT NO. 9—MINNEAPOLISJ. N. PEYTON, chairman and Federal Reserve
agent. H. P. CLARK, deputy chairman. W. B.GEERY, governor
Class A:H. C. Hansen, Churchs Ferry, N.Dak.P. J. Leeman, Minneapolis, MinnH. R. Kibbee, Mitchell, S.Dak
Class B:J. S. Owen, Eau Claire, WisW. O. Washburn, St. Paul, MinnJ. E. O'Connell, Helena, Mont
Class C:H. P. Clark, St. Paul, MinnG. W. McCormick, Menominee, Mich.J. N. Peyton, Minneapolis, Minn
HELENA BRANCHR. E. TOWLE, managing director
R. E. Towle, Helena, MontHenry Sieben, Helena, MontT. A. Marlow, Helena, MontW. P. Sullivan, Fort Benton, MontA. R. McDermott, Billings, Mont
DISTRICT NO. 10—KANSAS CITYM. L. MCCLURE, chairman and Federal Reserve
agent. J. B. DOOLIN, deputy chairman. G. H.HAMILTON, governor
Class A:C. C. Parks, Denver, ColoF. W. Sponable, Paola, KansE. E. Mullaney, Collyer, Kans
Class B:W. D. Hosford, Omaha, NebrJ. M. Bernardin, Kansas City, Mo . . .L. E. Phillips, Bartlesville, Okla
Class C:E. P. Brown, Davey, NebrJ. B. Doolin, Alva, OklaM. L. McClure, Kansas City, Mo
DISTRICT NO. 10—KANSAS CITY -Continued
DENVER BRANCHJ. E. OLSON, managing director
Directors
J. E. Olson, Denver, ColoM. W. Gano, Denver, ColoMurdo MacKenzie, Denver, ColoHarold Kountze, Denver, Colo__.H. W. Farr, Greeley, ColoR. H. Davis, Denver, ColoHenry Swan, Denver, Colo
TermexpiresDec. 31
1933193319341933193419351935
OKLAHOMA CITY BRANCH
C. E. DANIEL, managing director
C. E. Daniel, Oklahoma City, OklaJ. B. Doolin, Alva, OklaF. T. Chandler, Chickasha, OklaNed Holman, Oklahoma City, OklaLee Clinton, Tulsa, OklaAustin Miller, Oklahoma City, OklaH. H. Ogden, Muskogee, Okla
1933193319331934193419351935
OMAHA BRANCH
L. H. EARHART, managing director
L. H. Earhart, Omaha, NebrD. M. Hildebrand, Seward, NebrW. D. Clark, Omaha, NebrWilliam Diesing, Omaha, Nebr . . .A. H. Marble, Cheyenne, WyoW. E. Hardy, Linclon, Nebr. ._T. L. Davis, Omaha, Nebr_ . ._
1933193319331934193419351935
DISTRICT NO. 11—DALLASC. C. WALSH, chairman and Federal Reserve agent.
S. B. PERKINS, deputy chairman. B. A. Me-KINNEY, governor
Class A:R. E. Harding, Fort Worth, TexW. H. Patrick, Clarendon, TexAlf Morris, Winnsboro, Tex ._
Class B:J. R. Milam, Waco, TexA. S. Cleveland, Houston, Tex...J. D. Middleton, Greenville, Tex
S. B. Perkins, Dallas, TexC. C. Walsh, Dallas, TexE. R. Brown, Dallas, Tex
193319341935
193319341935
193319341935
EL PASO B R A N C H
J. L. HERMANN, managing director
J. L. Hermann, El Paso, TexS. P. Applewhite, Douglas, ArizS. D. Young, El Paso, TexC. M. Newman, El Paso, Tex..C. N. Bassett, El Paso, TexA. P. Coles, El Paso, TexA. F. Jones, Portales, N.Mex...
1933193319331934193419351935
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOVEBNOES AND DIEECTOES 339DISTRICT NO. 11—DALLAS—Continued
HOUSTON BRANCHW. D. GENTRY, managing director
Directors
W. D. Gentry, Houston, Tex..E. A. Peden, Houston, TexA. A. Home, Galveston, Tex _R.M. Farrar, Houston, TexJ. A. Wilkins, Houston, Tex .__J. 0. Wilson, Beaumont, Tex....Vacancy -
TermexpiresDec. 31
1933193319331934193419351935
SAN ANTONIO B R A N C HM. CRUMP, managing director
M. Crump, San Antonio, Tex_J. M. Bennett, San Antonio, TexG. C. Hollis, Eagle Pass, TexF. M. Lewis, Sr., San Antonio, TexW. P. Napier, San Antonio, TexRichard King, Corpus Christi, TexF. C. Groos, San Antonio, Tex
DISTRICT NO. 12—SAN FRANCISCOISAAC B. NEWTON, chairman and Federal Reserve
agent. W. N. MOORE, deputy chairman. J. U.CALKINS, governor
Class A:Keith Powell, San Francisco, CalifC. K. Mclntosh, San Francisco, Calif.T. H. Ramsay, San Francisco, Calif..
Class B:Malcolm McNaghten, Los Angeles,
CalifE. H. Cox, Madera, CalifA. B. C. Dohrmann, San Francisco,
CalifClass C:
W. N. Moore, San Francisco, CalifA. P. Welch, San Francisco, CalifIsaac B. Newton, San Francisco, Calif.
LOS ANGELES BRANCHW. N. AMBROSE, managing director
wc,F .J .A.
. N. Ambrose, Los Angeles, CalifB. Voorhis, Pasadena, CalifJ. Belcher, Jr., San Diego, CalifB. Alexander, Los Angeles, CalifJ. Cruickshank, Santa Ana, Calif
19331933193319341934
DISTRICT NO. 12—SAN FRANCISCO—Con.
PORTLAND BRANCHR. B. WEST, managing director
Directors
R. B. West, Portland, OregH. M. Haller, Portland, Oreg...J. C. Ainsworth, Portland, OregE. C. Pease, The Dalles, Oreg..R. S. Smith, Eugene, Oreg
TermexpiresDec. 31
19331933193319341934
SALT LAKE CITY BRANCHW. L. PARTNER, managing director
W. L. Partner, Salt Lake City, UtahLafayette Hanchett, Salt Lake City, Utah.H. E. Hemingway, Ogden, UtahM. W. Smith, Idaho Falls, IdahoE. 0. Howard, Salt Lake City, Utah
19331933193319341934
SEATTLE BRANCHC. R. SHAW, managing director
c.cMHM
R.H.A
AF .
Shaw, Seattle, Wash . _Clarke, Seattle, Wash. _Arnold, Seattle, WashRhodes, Tacoma, Wash __Backus, Seattle, Wash.
19331933193319341934
SPOKANE B R A N C HD. L. DAVIS, managing director
D. L. Davis, Spokane, Wash__.S. A. Easton, Kellogg, Idaho . . . .D. W. Twohy, Spokane, Wash..Peter McGregor, Hooper, WashR. M. Hardy, Yakima, Wash. . .
19331933193319341934
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
340 ANNUAL REPORT OP THE FEDERAL RESERVE BOARD
NUMBER AND SALARIES OF OFFICERS AND EMPLOYEESOF FEDERAL RESERVE BANKS
(Dec. 31, 1933)
Federal Reservebanks (including
branches)
Boston. . -New YorkPhiladelphiaClevelandRichmond ._Atlanta . . . .ChicagoSt. Louis . -MinneapolisKansas CityDallasSan Francisco
Total
Annual salaryof—
Chair-manand
FederalReserveagent
$20,00050,00020,00030,00020,00020,00035,00020,00020,00020, 00020,00024,000
299, 000
Gov-ernor
$30,00050,00030,00030, 00025,000
i 12,00035,00025,00025,00025,00030, 00030,000
347,000
Other officers
Num-ber
10379
221729332013201730
257
Annualsalaries
$91,750460,95085,000
191,000137,400164,940279,100137,90067,800
149,800122,900207,000
2, 095, 540
Employees(except those
whose salariesare reimbursed
to bank)
Num-ber
6292,367
7711,028
571411
1,300557344546377808
9,709
Annualsalaries
$956,2604,051,2461,182,1401, 616,491
816,452548, 557
2, 044,328763,484529,190843,866617,032
1,320, 748
15,289, 794
Employeeswhose salariesare reimbursed
to bank
Num-ber
3620679
14915615146313182
14563
130
1,791
Annualsalaries
$47,970280,020100, 236223,176196,866169,723624, 780158,487109,130197,05586,318
196, 680
2, 390, 441
Total
Num-ber
6772,612
8611,201
746593
1,798710441713459970
11,781
Annualsalaries
$1,145,9804, 892, 2161,417,3762,090, 6671,195,718
915, 2203, 018, 2081,104,871
751,1201, 235, 721
876, 2501, 778,428
20, 421, 775
1 Acting governor.
STATE BANK AND TRUST COMPANY MEMBERS
The following is a list of 857 licensed State bank and trust com-pany members of the Federal Reserve System on December 30, 1933,with their loans, investments, deposits, capital, and surplus.
[In thousands of dollars]
Loans Invest-ments
Totaldeposits Capital : Surplus
DISTRICT NO. 1
CONNECTICUT
Hartford: Phoenix State Bank & Trust Co 15,359New Haven: Union & New Haven Trust Co. . 7,725Southington: Southington Bank & Trust Co 770Torrington: Brooks Bank & Trust Co 734Waterbury:
Colonial Trust Co._ 5,852Waterbury Trust Co 1,836
MAINE
Augusta: Depositors Trust Co 804Bangor: Merrill Trust Co 8,856Bar Harbor: Bar Harbor Banking & Trust Co 2,463Ellsworth: Union Trust Co 814Guilford: Guilford Trust Co 1,132Sanford: Sanford Trust Co 1,065
MASSACHUSETTSBoston:
New England Trust Co 9,127Old Colony Trust Co 839State Street Trust Co I 31,514United States Trust Co | 6,080
Bridgewater: Bridgewater Trust Co i 233Brookline: Boulevard Trust Co I 2,191
i Par value of preferred and common stock.
4,7692,110
438229
3,854410
7003,228
978871
1,091964
11,30911,10618, 0666,378
3281,961
26,23211, 583
1, 29!1,183
7,1922,546
6,22111, 5893,2811,4782,4022,079
24. 7773,426
55, 73812,982
5364,263
I1, 6001, 459
150100
1, 000300
5952, 600
200300100100
1,0005, 0003, 0001,400
100350
1,20055075
100
2,000150
320300
150100
2,0005,0003,500
700100154
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBERSHIP
[In thousands of dollars]
341
Loans Invest-ments
Totaldeposits Capital Surplus
DISTRICT NO. 1—Continued
MASSACHUSETTS—continued
Cambridge: Harvard Trust CoEverett: Everett Bank & Trust CoFall River:
B. M. C. Durfee Trust CoFall River Trust Co
Gloucester: Gloucester Safe Deposit & Trust CoGreenfield: Franklin County Trust CoHolyoke: Hadley Falls Trust CoLynn: Security Trust CoMilton: Blue Hill Bank & Trust CoNewton: Newton Trust Co __Norwood: Norwood Trust Co __Quincy: Quincy Trust Co
Salem: Naumkeag Trust CoSomerville: Somerville Trust CoTaunton: Bristol County Trust Co.Winchester: Winchester Trust Co.-.
NEW HAMPSHIRE
Con way: Carroll County Trust Co..
RHODE ISLANDProvidence:
Industrial Trust CoUnion Trust Co
DISTRICT NO. 2
NEW JERSEY
(See also District no. 3)
Bayonne: Bayonne Trust CoBloomfield:
Bloomfield Bank & Trust Co _Community Trust CoWatsessing Bank..
Bogota: Bank of BogotaBoonton: Boonton Trust CoCarteret: Carteret Bank & Trust CoCranford: Cranford Trust CoDover: Dover Trust CoDunellen: Peoples Trust Co _East Orange: Savings Investment & Trust CoElizabeth:
Central Home Trust CoElizabethport Banking Co
Fort Lee: Fort Lee Trust CoFranklin: Sussex County Trust CoGlen Ridge: Glen Ridge Trust Co „__Hackensack:
Peoples Trust & Guaranty CoState Bank & Trust Co
Hasbrouck Heights: Bank of Hasbrouck HeightsJersey City:
Commercial Trust Co. of New JerseyNew Jersey Title Guarantee & Trust Co
Linden: Linden Trust CoMontclair:
Bank of MontclairMontclair Trust Co
Morristown: Morristown Trust CoNewark:
Columbus Trust CoFederal Trust CoFidelity Union Trust CoFranklin-Washington Trust CoMerchants & Newark Trust Co.United States Trust Co
Nutley: Bank of NutleyPaterson: Hamilton Trust CoPerth Amboy:
Perth Amboy Trust CoRaritan Trust Co
8,7252, 443
3,3601,6283, 0594,1977,3015,916550
8,0152,0803,011
2,7664,7301,570932
771
58, 61312,044
3,300
5,079723
1,627513
1,011387
1,3271,936259
12, 377
2,0633,772623836855
6,744152
23,85524, 5951,704
2,7727,4032,867
60119,03343, 9803,0699,9071,4421,3953,090
3,442705
6,175803
4,0391, 055554864
1,9251,9591,2699, 2512,7151,058
2,302152
2,095
277
51,9846,338
3,336
3,893222621459304256
1,0971,810175
980945252
1,3001,182
3,464307235
20, 8736,513
1,6853,8904,609
4437,969
87, 5321,1266, 696921
1,0792,166
1,230117
14,9683,200
6, 9002,5573,5654,4589,2428,1161,768
15, 4994, 6033.391
5,1874, 9663,7511,889
1,104
107,94420, 379
8,035
9,915705
2,251947
1,261598
1,8573,743380
17, 304
2,8874,3981,0512,1642,081
7,590402
48, 66322,1632, 220
4,46710, 3967,407
1,18227, 566140, 5364,08915, 0752,1032,5373,746
2,241405
1,000200
1,200300200400
1,400200100
1,080300300
250200300100
150
4,0001,000
400
1,500100200100100100200200100
2,375
500500100150200
1,00010075
3,4002,035200
5001,3501,000
4004,0566,6671, 2002,500600200
1,325
670250
1,050215
60061200200400300100
1,080300250
250150150100
7,5001,000
408
30050100501002510025050
2002005010050
5004050
4,0001,035
150750200
2002,0003,5001C0
2,50050040
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
342 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
DISTRICT NO. 2—Continued
NEW JERSEY—continued
Plainfield:Mid-City Trust CoPlainfield Trust Co _State Trust Co
Rahway: Rahway Trust CoRidgefield Park: Ridgefield Park-Overpeck Trust CoRochelle Park: Rochelle Park BankRutherford: Rutherford Trust CoSouth Orange: South Orange Trust Co..-Summit: Summit Trust CoWestfield:
Peoples Bank & Trust CoWestfleld Trust Co
"Westwood: Westwood Trust CoNEW YORK
Adams: Citizens & Farmers Trust CoAlbany: First Trust CoAmityville: The Bank of AmityvilleAmsterdam: Montgomery County Trust CoAvoca: Bank of AvocaBatavia: Genesee Trust CoBelmont: State Bank of BelmontBinghamton: Marine Midland Trust CoBlasdell: Bank of BlasdellBrooklyn: Brooklyn Trust CoBuffalo:
Liberty Bank of BuffaloManufacturers & Traders Trust CoMarine Trust Co
Canandaigua: Ontario County Trust CoCanisteo: First State BankCenter Moriches: Center Moriches BankChatham: State Bank of ChathamCohocton: Cohocton State BankDelmar: Bank of BethlehemDunkirk: Dunkirk Trust CoEast Aurora: Bank of East AuroraEllenburg Depot: The State Bank of EllenburgElmira: Chemung Canal Trust CoEndicott:
Endicott Trust CoUnion Trust Co
Farmingdale: Bank of FarmingdaleFloral Park: Floral Park BankFredonia: Citizens Trust CoGarden City: Garden City Bank & Trust Co _..Geneva: Geneva Trust CoGloversville: Trust Co. of Fulton CountyHamburg: Peoples BankHammondsport: Blank of HammondsportHicksville: Bank of HicksvilleIthaca: Ithaca Trust CoJamestown: Bank of JamestownJohnson City: Workers Trust CoKatonah: Northern Westchester BankKingston: Kingston Trust CoLittle Falls: Herkimer County Trust CoLocke: The Citizens Bank of LockeLowville: Lewis County Trust CoMalone: Peoples Trust CoMassena: Massena Banking & Trust CoMayville: State Bank of MayvilleMillbrook: Bank of Millbrc-okMineola: Nassau County Trust CoMount Kisco: Trust Co. of Northern WestchesterMount Vernon: Fleetwood BankNew York:
Amalgamated BankBankers Trust CoBank of the Manhattan CoBank of New York & Trust CoBank of YorktownCentral Hanover Bank & Trust CoChemical Bank & Trust Co •_.Clinton Trust CoColonial Trust Co
Loans
4999,5111,994
4851,644
422,087
7873,842
2,6142,729
497
1,66913, 512
5773,132
1671,108
3295,530
16552, 000
34, 47651,91099, 616
1,134262522950117393750
1,732314
5,518
1,851452563
1,144852998
2,4121,9331,162
3411,4894,1589,3172,037
4604,3221,558
911,1351,939
318380549
1, 683336446
3,748245, 379204, 27547,118
2,111241, 267119, 269
1,9543,349
Invest-ments
3304,813663666560207
1,265442
1,706
1,3851,166330
6209,587524
1,83227959899
1,78850
37, 874
15, 43833, 42951, 2081,070
63105
1,433281322
1,743530131
5,653
1,989963369537599813
1,199655736248764
2,4753,4032,540842
3,4132,863128
1,082496271449985
1,934325605
742285, 02892, 43969, 7591,671
301, 484210, 4991,3723,035
Totaldeposits
57818, 5642,890925
2,350198
2,7811,1775,825
4,0123,652629
2,15326, 0381,1504,067382
1,709334
6,084194
89, 601
41,31181, 650142, 0832,177325560
2,302413726
2, 2152,091439
9,399
4,1541,3921,0111,5651,4821,9673,5361,9241,717726
2,1186,42510, 2304, 6321,2666,5163,973223
2,1012,299410850
1,9964,109802
4,741577, 486351, 665123,083
4,501577, 597322, 218
2, 8075,035
Capital
10065015020010050250225600
200300200
1501, 0001002005010050
75030
8,200
5,5006,00012, 500
30050100100505025015050
800
100100751002001502503501505010040083320010025035025
20030015050
100300100200
65025, 00020, 0006,0001,500
21, 00020, 000
5003, 000
Surplus
1002001003020030300113200
30020050
1001,000
25450156510050011
4,000
5,5003,50012, 500
100152525102512510010
1,700
1001005050257075
250253525030533320050
500250135010075501002002550
50, 00025, 0008,000
6060,00040,000
250200
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBEKSHIP
[In thousands of dollars]
343
DISTRICT NO. 2-Continued
NEW YORK—continued
New York—Continued.Continental Bank & Trust Co __Corn Exchange Bank Trust CoFederation Bank & Trust CoFifth Avenue BankFulton Trust CoGuaranty Trust Co .Harbor State BankIrving Trust Co _J. Henry Schroder Trust CoLawyers County Trust Co_Manufacturers Trust CoMarine Midland Trust CoMerchants BankNew York Trust CoTrade Bank of New YorkUnited States Trust Co
Niagara Falls: Power City Trust CoOgdensburg: Ogdensburg Trust CoOlean: Olean Trust Co -Oneida: Madison County Trust & Deposit CoOntario: State Bank of OntarioOrchard Park: Bank of Orchard ParkOriskany Falls: First Trust & Deposit CoPearl River: State Bank of Pearl RiverPerry: Citizens BankPleasantville: Mount Pleasant Bank & Trust CoPort Chester: Mutual Trust Co. of Westchester
County _.Rochester: Lincoln-Alliance Bank & Trust Co..Rome: Rome Trust CoSag Harbor: The Peconic BankSalamanca: Salamanca Trust CoSaratoga Springs: Adirondack Trust CoScarsdale: Caleb Heathcote Trust CoSchenectady: Schenectady Trust CoSea Cliff: State Bank of Sea CliffSmithtown Branch: Bank of SmithtownSouthampton: The Southampton BankSpring Valley: Ramapo Trust CoStoney Brook: Bank of Suffolk CountySyracuse:
First Trust & Deposit Co... _Syracuse Trust Co.— -
Tarrytown: Washington Irving Trust CoUtica: First Citizens Bank & Trust CoWatertown: Northern New York Trust CoWestbury: Bank of Westbury Trust CoWest New Brighton: West New Brighton BankWhite Plains:
Citizens Bank of White PlainsCounty Trust Co
DISTRICT NO. 3
DELAWAREWilmington:
Equitable Trust Co _.Industrial Trust CoSecurity Trust CoWilmington Trust Co ..-
NEW JERSEY
(See also District no. 2)
Camden: Camden Safe Deposit & Trust CoHightstown: Hightstown Trust CoPrinceton: Princeton Bank & Trust CoRiverside- Riverside Trust CoSwedesboro: Swedesboro Trust Co
49753—34 23
19, 45460, 3615,016
16, 6994,009
507, 37676
181,91914
12,000189,836
783117,671
1,54740,83914, 2134,009
6461,246
827659406162453
1,740
1,98331, 3972,708
1141,6282,521
4586,505
398676.
1,149490281
50, 56019,174
59627, 7794,732
7671,066
3,3546,113
5,3581,6295,379
22,934
17, 805512
2,477659404
Invest-ments
15,609124,4011,122
21, 73512,809
503, 352638
210,8996,93815,576192,99335, 790
656123,1721,123
24,6467,5991,377386
1,180215211494364311663
12, 5611,587
99895
5,3061,5936,296129516323290193
14,25714, 6491,011
11, 2493,8291,053612
1,6692,655
6,1891,4363,08414, 343
6,677222671150223
31,981209,8376,151
44, 47615,073
937, 714612
412,5026,739
31, 735372,46865,8521,455
245,8593,34458,79219,9215,644870
2,0691,071818804530771
2,297
2,58053,0114,382157
2,8227,8001,779
13, 248452
1,1561,335487478
45, 79824, 9241,546
35, 982
1,8291,745
6,2887,613
8,8421,5247,372
27, 697
24,121697
3, 537940619
4,00015,000
825500
2,00090,000
20050,000
7002,00032,93510,000
40012,500
6602,0002,0006001002003080100100100200
3002,000300252002502007501005010020050
5,4002,500100
2,000500100100
400500
1,5002,0001,1214,000
1,200100300100100
Surplus
4,00015,000
6752,0C02,000
170, 00050
55,000350
1,0006,6005,000100
20,000115
24,0002,000100201003020355030100
1002,00030025400250150
1,0001250754012
3,0001,250100
2,00050050100
3001,500
2,100100
1,2509,500
6002010010040
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
3 4 4 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
DISTRICT NO. 3—Continued
PENNSYLVANIA
(See also District no. 4)
Bloomsburg: Bloomsburg Bank-Columbia Trust Co.Carlisle: Carlisle Trust CoChester: Chester-Cambridge Bank & Trust CoDanville: Montour County Trust CoDu Bois: Union Banking & Trust Co...Easton: Easton Trust CoEast Petersburg: East Petersburg State BankEgypt: Farmers Bank of EgyptHarrisburg:
Central Trust CoDauphin Deposit Trust Co
Hazleton:Markle Banking & Trust Co..Peoples Savings & Trust Co
Honesdale: Wayne County Savings BankHoutzdale: Houtzdale Trust CoHuntingdon: Grange Trust CoJenkintown: Jenkintown Bank & Trust CoKulpmont: Dime Deposit Bank & Trust CoLemoyne: Lemoyne Trust CoLewistown: Lewistown Trust Co.Lock Haven: Lock Haven Trust CoMahanoy City: Merchants Banking Trust CoMiddletown: Citizens Bank & Trust CoMount Carmel: Liberty State Bank & Trust CoMyerstown: Myerstown Trust CoNanticoke: Peoples Savings & Trust CoNew Oxford: Farmers & Merchants BankNorristown:
Montgomery Trust CoNorristown-Penn Trust Co _.
Orrstown: Orrstown BankPaoli: Paoli Bank & Trust CoPhiladelphia:
Fidelity-Philadelphia Trust CoGimbel Bros., Bank & Trust CoGirard Trust CoIntegrity Trust CoNinth Bank & Trust CoPennsylvania Co. for Insurance on Lives and
Granting AnnuitiesProvident Trust Co _..
Prospect Park: Interboro Bank & Trust CoQuaker town: Quakertown Trust CoSchnecksville: Schnecksville State BankSchuylkill Haven: Schuylkill Haven Trust CoShamokin: Rhamokin Banking & Trust CoSteelton: Steelton Bank & Trust CoTamaqua: Peoples Trust CoTemple: Temple State BankWilkes-Barre: Wilkes-Barre Deposit & Savings BankWyomissing: Peoples Trust CoYork:
Guardian Trust CoYork Trust Co
DISTRICT NO. 4
KENTUCKY
(See also District no. 8)
Lexington: Security Trust CoParis: Bourbon-Agricultural Bank & Trust Co
Richmond: State Bank & Trust Co
OHIO
Akron: Firestone Park Trust & Savings BankApple Creek: Apple Creek Banking CoAshland: Ashland Bank & Savings CoBellevue: Union Bank & Savings CoBellville: Farmers BankChristiansburg: Farmers & Merchants Bank Co
Loans
1,4342,1335,445
1821,2786,084
146332
4,9432,911
3,2131,8201,455
192329
3,024444
2,155506
1,890840732700534347293
2, 3745,544
197218
36, 036137
17,45222, 39010,400
91,11012,858
465414
491,175
4261,904
733162
2, 2352, 839
1,9324,388
1,3741,138
863
3,802121630
1,07617784
Invest-ments
702474
2,957264
1,0291,715
84257
9694,315
3,9172,4582,624
492373
4,413321656166
1,618662219609288419254
3,4373,964
63150
48, 0961, 259
71, 5589,7075,693
78, 32425,168
211833112811571671506267
1,5121,472
1,6811, 559
1,86215153
5,37232
523608
7923
Totaldeposits
2,2531,4026,177
4611,4816,449
165492
2,6787,967
6,9244,2053,890
576629
6,391526950484
3,0051,055
420809573433418
4,8637,047
203264
78, 7061,602
86,21837,86015,190
187,88732, 527
6421,085
1541,813
9031,521
900368
3,1792,602
2, 8754,938
2,920999
1,004
10, 678172
1,2851,666
23496
Capital
375250
1, 0501252502505060
400400
60025025012512537512520012537520012515012518050
1, 0001,250
35125
6,700200
4,0002,9881,375
8,4003,2001251252512512535015075499500
500750
500200150
200251501502525
Surplus
132225
1,25026350
1,1002560
800800
1,5004501003084
1,3501252006752520010012575450
1,0001,250
5635
15,00025
9,000375
1,375
17, 00012, 260
592501730025350110
"1,666
6001,000
15020055
300151251002525
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBERSHIP 345[In thousands of dollars]
DISTRICT NO. 4—Continued
OHIO—continued
Cincinnati:Central Trust CoFifth-Third Union Trust CoProvident Savings Bank & Trust CoThe Southern Ohio Savings Bank & Trust C o -Western Bank & Trust Co
Cleveland: Cleveland Trust CoColumbiana: Union Banking CoCortland: The Cortland Savings & Banking CoCoshocton: Peoples Bank & Trust CoDanville: Commercial & Savings Bank CoDelphos:
Commercial BankPeoples Bank of Delphos
Delta: Peoples Savings Bank CoEast Liverpool: Potters Bank & Trust CoFayette: Fayette State Savings Bank CoGeneva: Geneva Savings & Trust CoGibsonburg: Home Banking CoHillsboro: Hillsboro Bank & Savings CoHubbard: Hubbard Banking CoLeesburg: Citizens Bank & Savings CoLyons: Farmers State Bank -Mansfield: The Farmers Sayings <fc Trust CoMartins Ferry: Peoples Savings Bank CoMason: The First-Mason BankMiddletown: American Trust & Savings BankMinster: Minster State BankMount Blanchard: Citizens Bank of Mount Blanchard.Mount Vernon: Knox County Savings BankNewark: Newark Trust CoNew Philadelphia: Ohio Savings & Trust CoOrrville: Orrville Savings BankPomeroy: Fanners Bank & Savings CoRittman: Rittman Savings BankRussellville: Bank of RussellvilleSt. Marys: Home Banking CoSandusky: Western Security BankShelby: Citizens BankShiloh: Shiloh Savings Bank CoToledo:
Commerce Guardian BankToledo Trust Co
Utica: The Utica Savings Bank Co 1Van Wert: Peoples Savings BankWakeman: Wakeman Bank CoWellington: First Wellington BankWooster: Commercial Banking & Trust Co
PENNSYLVANIA
(See also District no. 3)
Aliquippa: Woodlawn Trust CoBeaver: Beaver Trust CoDormont: Dormont Savings & Trust CoEast Pittsburgh: East Pittsburgh Savings & Trust
CoErie: Security-Peoples Trust CoMcKeesport: Peoples City BankMeadville: Crawford County Trust CoNew Brighton: Beaver County Trust CoNew Castle: Lawrence Savings & Trust CoPaint Borough (Scalp Level postoffice): Merchants &
Miners BankPittsburgh:
Allegheny Trust CoCity Deposit Bank & Trust CoColonial Trust CoCommonwealth Trust CoHome wood Bank at PittsburghPeoples-Pittsburgh Trust CoPotter Title & Trust CoUnion Trust Co
Windber: Windber Trust Co
Loans
29,959S9,97517,137
2,94'7,270
165,125312269559189
75'309297
1,233236684338
6,48840
142473
1,178
1,22535688
6033,1651,086
31514137016361561
545189
2,07321, 522
169592192793358
1,900894
1,205
1,0905,2713,5551,066
7071,903
136
2,5048,243
11,0426, 658
17032,8683,545
69, 5041,156
Invest-ments
14,15429,0249,6801, 5453,290
42,95112945
36452
153270152
1,303
52686
2485'8726
3456541197659550
45051636521429316174
27923."39942
4, 02118, 130
1541775090
290
666387305
2,2932,1661,310
611448
1,027
107
3,7455,724
12, 3895,815
67136, 7782,999
158, 9801,690
Totaldeposits
50,22265, 57029,2594,561
10, 593231, 384
513313973269
85:62743.
2,593237
1,204432405607153169
1,1512,077
3291,950539142972
3,6931,240620470556214949293
1, 085183
8,13245, 222
396976257964557
2,7558S2
1, 597
3,9778,7274,1651,954749
2, 780
211
5,74214, 30525, 87011, 069
91267, 5584,728
182, 9692,631
Capital Surplus
4,0005,0001,800250
1, 25013,800
503515025
7550255805012525505025251502003515025251502001505050602510010010025
5005,000
3510025100150
125150125
300300
1,000250300300
30
7001,0002,6001,500100
6,000500
1,500250
2,5005,000-2,700>250500
6, 200 '60
;
20*
10025253001510012405ft
30»150'8'905513.7&200>10022151225.20>202020
2501,000
12100154552
15S35075
300'400770100350550-
30
700500'
1, 5001, 700
2510, 000
250'67, 5001
400*
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
346 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
DISTRICT NO. 4—Continued
WEST VIRGINIA
(See also District no. 5)
Sistersyille: First-Tyler Bank & Trust Co._W heeling:
Security Trust Co -..Wheeling Bank & Trust Co.
DISTRICT NO. 5
DISTRICT OF COLUMBIAWashington:
American Security & Trust CoWashington Loan & Trust Co
MARYLAND^Baltimore:
Baltimore Commercial BankFidelity Trust CoMaryland Trust CoUnion Trust Co of Maryland
Forest Hill: Forest Hill State BankSalisbury: Farmers & Merchants Bank..
NORTH CAROLINA
•Charlotte: American Trust Co. Concord: Citizens Bank & Trust CoEdenton: Bank of Edenton;Elizabethtown: Bank of Elizabethtown
'Marshall: Citizens Bank"Tryon: Tryon Bank & Trust Co _.Washington: Bank of Washington
•Wilmington:Peoples Savings Bank & Trust CoWilmington Savings & Trust Co _._
'Winston Salem: Wachovia Bank & Trust Co_.
SOUTH CAROLINA
Bishopville: Peoples Bank...^Charleston: Carolina Savings Bank.Chester: Commercial Bank
;Hartsville: Bank of Hartsville
VIRGINIA
Abingdon: Farmers Exchange Bank, Inc.Amelia: Union Bank & Trust CoBlackstone: Citizens Bank & Trust Co...Chase City: Peoples Bank & Trust CoFarmville: Planters Bank & Trust Co..Glade Spring: Bank of Glade Spring©alifax: The Bank of Halifax...Kenbridge: Bank of Lunenburg, IncLacrosse: Bank of Lacrosse•Lawrenceville: Farmers & Merchants Bank of Law-
renceville -Lynchburg: Lynchburg Trust & Savings BankMontross: Peoples Bank _.Petersburg: Petersburg Savings & American Trust Co.Richmond:
Bank of Commerce & TrustsMechanics & Merchants BankState-Planters Bank & Trust Co...
Rural Retreat: Peoples BankSmithfield: Merchants & Farmers Bank, IncSouth Hill: Citizens Bank, IncSuffolk:
American Bank & Trust CoThe Farmers Bank of Nansemond
Tazewell: Farmers Bank of Clinch ValleyWinchester: Union Bank of Winchester _
1,303
2,2324, 083
13,3307,217
2,6434,09913,13313, 773
1631,112
10, 7494176690526637364
3,67817, 731
581,114595457
115262465446498355208406192
2822,849198
1,335
4, 266979
14,973211272167
9272,945786376
Invest-ments
136
1,5151,260
18,1564,834
7318,5068,1696,756
87179
8, 50527116418134175226
440867
15, 210
742,299195180
86765547293768412662
1001,010
25912
1,339309
11, 528614878
347523171
Totaldeposits
1,600
3,5306,141
33, 29716,188
3,45514,14925, 53925,198
2691,257
28, 577817643211397220982
1,7815, 614
51,060
1633,996
951961
394357537507868400416600276
5033,737
2282,077
6,7221.434
29, 953354307390
1,2193,519
753456
Capital
200
300500
3, 4001,000
5001,0002,5002,500
25100
1,200100100255025
100
200300
2, 500
2520010075
5050
1001005050506550
50300
25515
600200
2,500355050
125500200100
Surplus
100
300500
3,4001,806
250500
1,2501,500
15100
8003540935510
25300
1,250
5010010038
102525308050108025
1030020
60040
1,000354418
505005021
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBERSHIP
[In thousands of dollars]
347
Loans Invest-,ments
Totaldeposits Capital Surplus
DISTRICT NO. 5—Continued
WEST VIRGINIA
(See also District no. 4.)
Berwind: Berwind BankBuffalo: Buffalo BankCharleston:
Kanawha Banking & Trust CoKanawha Valley Bank
Lewisburg: Greenbrier Valley BankMartinsburg: Peoples Trust Co _ _Parsons: Tucker County BankPetersburg: Potomac Valley BankRomney: Bank of RomneySt. Albans: Bank of St. AlbansSt. Marys: Pleasants County Bank.__Spencer: Traders Trust & Banking Co
DISTRICT NO. 6
ALABAMA
Aliceyille: Aliceyille Bank & Trust CoBirmingham: Birmigham Trust & Savings Co._Clanton: Peoples Savings BankClayton: Bank of CommerceColumbiana: Columbiana Savings BankCullman: Parker Bank & Trust CoDothan: Dothan Bank & Trust CoEutaw: Merchants & Farmers Bank of Greene County.Faunsdale: Watkins Banking CoGuin: Marion County Banking CoMarion Junction: Marion Junction State BankOneonta: The Citizens BankPine Apple: Bank of Pine Apple _ _Selma: Peoples Bank & Trust CoThomaston: The Planters Bank & Trust CoWinfleld: Winfield State BankYork: Bank of York
FLORIDA
Marianna: Citizens State BankWest Palm Beach:
Central Farmers Trust CoFlorida Bank & Trust Co_ _
GEORGIA
Adairsville: Bank of AdairsvilleAtlanta: Trust Co. of GeorgiaAugusta: Georgia Railroad Bank & Trust CoBainbridge: Citizens Bank & Trust CoBrunswick: Brunswick Bank & Trust CoCanton: Bank of CantonCochran: State Bank of CochranColumbus:
Columbus Bank & Trust CoMerchants & Mechanics Bank
Commerce: Northeastern Banking CoDawson: Bank of DawsonEastman: Bank of Eastman -Lawrenceville: Brand Banking Co _-Lincolnton: Farmers State BankMillen: Bank of MillenMonroe:
Bank of MonroeFarmers Bank
Pelham: Farmers BankReynolds: Citizens State BankRhine: Rhine Banking Co ---Sasser: Bank of SasserSavannah:
Citizens Bank & Trust Co_Savannah Bank & Trust Co._
Soperton: Bank of SopertonSwainsboro* Central BankTifton- Bank of Tifton
493104
2,0628,061461
1,795119198533246322421
1158,91917477112318237210741654126865159865100
135
45157
196,1585,03140255248480
4,2751,30719126010026379348
325254204677871
6772,31714692551
43721
8405,121
42236351459863355
1416,2571191728133458193981111761711073
72
2,4151,278
32,2611,169
58493229
1,2112371943501144215
11219691112
12611546
261
979117
3,04015, 029
6061,737162169499319251
36317,493
4311272476736804851412593863210644123138267
236
3, 2361,304
7811,0526,623337
1,010918170
5,1341,774257265149490148450
29046019074
10025
5001,000
7525025501005075
402,500
5050358560555025252525100252525
30
250100
252,0001,00010023015025
85020010010050502550
150100100252525
7662,12718495848
2007002525100
10020
2501, 200
201305960853016
20'
*2587
4060553540153103055
20050
., 500200201181507
650200-57•20--
"hb15
753021I633
7510010151.50
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
348 ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Loans Invest-ments
Totaldeposits Capital Surplus
DISTRICT NO. 6—Continued
LOUISIANA
(See also District no. 11)New Orleans: American Bank & Trust Co..Slidell: Bank of Slidell
MISSISSIPPI
(See also District no. 8)
Crystal Springs: Trucker Exchange Bank-Forest: The Bank of Forest
TENNESSEE
Carthage: Citizens Bank & Trust CoChattanooga: American Trust & Banking Co..Greeneville: Greene County Union BankHartsville: Bank of Hartsville
DISTRICT NO. 7
(See also District no. 8)
Argenta: Gerber State Bank..Belvidere: Farmers State BankBloomington: Peoples Bank of BloomingtonByron: Rock River Community BankChicago:
Amalgamated Trust & Savings Bank...Drexel State BankHamilton State BankHarris Trust & Savings BankLake Shore Trust & Savings BankLake View Trust & Savings BankLiberty Bank of ChicagoMain State BankMercantile Trust & Savings BankMerchandise Bank & Trust CoMetropolitan State BankNorthern Trust CoPersonal Loan & Savings BankSears-Community State BankSkala State BankState Bank of ClearingThe Upper Avenue BankUptown State Bank
Cowden: State Bank of CowdenEureka: Farmers State BankEvanston:
Evanston Trust & Savings BankState Bank & Trust Co
Galesburg: Farmers & Mechanics BankGeneva: State Bank of GenevaKewanee: Peoples State Savings BankLondon Mills: State Bank of London MillsMatteson: First State BankMattoon: Central Illinois Trust & Savings Bank,Metamora: Metamora State BankMilford: Citizens State BankMomence: Parish Bank & Trust CoNiantic: State Bank of NianticOak Park: Oak Park Trust & Savings BankPoplar Grove: Poplar Grove BankSpringfield: Springfield Marine BankStockland: Sumner State BankTolono:
Bank of TolonoCitizens Bank of Tolono
Tuscola: Tuscola State BankWalnut: Citizens State BankWashington: Danforth Banking Co -.. _.Wenona: First State BankWheaton: Wheaton Trust & Savings Bank...Wilmette: Wilmette State Bank _
8,800311
803,414
695107
115585
1,23883
8461,233
20547,079
1,5511,5951,199
2292,560
804224
30, 0425,7231,010
135381596
1,007131171
2,80584282442012188
224145296
76165
2,077145
2,658143
7379
15710911619386
527
7,291
26339
461,909
2590
35557
2,005
8041,305
16159, 2202,0153,5902,787
3813,6061,261
461135, 320
4191,462
722209
1,1561,746
3354
4,41365627455043
71679837
13312270775
2,963
104
15062
447415561629
16,017449
90400
6,862645230
1721,2294,869
340
2,3422,897
457133,808
5,1427,5994,554
7078,0883,119
888197,824
3,1393,657
883767
2,0192,705
114566
1,2718,9011,786
9951,264
17088
447291417229280
3,245234
7,091167
107111397218582653875
1,560
1,00050
500
12
2562520025
2510010050
200500200
6,000400500300200600500200
3,0002,0002002001202003002550
200500200100100402510050505050
1,0002550050
25257025505050200
5750
20
610040010
10015025
7,0001505001001020020075
6,0005002029151001001010
10030040505015252511106152005
20010
57705101025100
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBEKSHIP
[In thousands of dollars]
349
DISTRICT NO. 7—Continued
INDIANA
(See also District no. 8)
Connersville: Fayette Bank & Trust CoIndianapolis: Fletcher Trust CoJamestown: Citizens State BankMohawk: Mohawk State BankTipton: Farmers Loan & Trust Co
IOWA
Afton: Commercial State BankAlgona: Iowa State BankCherokee: Cherokee State BankDavenport: Davenport Bank & Trust CoDes Moines: Bankers Trust CoFontanelle: State Savings BankFort Madison: Fort Madison Savings BankGlenwood: Glenwood State BankHolstein: Holstein State BankIda Grove: Ida County State BankMonticello: Monticello State BankMoorhead: Moorhead State BankMuscatine: Muscatine Bank & Trust CoNewton: Jasper County Savings BankOsage: Home Trust & Savings BankOttumwa: Union Bank & Trust Co. of OttumwaRiceville: Riceville State BankRoyal: Home State BankShenandoah: Security Trust & Savings BankStorm Lake: Security Trust & Savings BankTempleton: Templeton Savings BankWilliams: Williams Savings Bank _
(See also District no. 9)Adrian:
Adrian State Savings BankCommercial Savings BankLenawee County Savings Bank
Alpena: Alpena Trust & Savings BankAnn Arbor:
Farmers & Mechanics BankState Savings Bank
Armada: Armada State BankBay City: Peoples Commercial & Savings BankBlissfield: Blissfield State BankBrown City: Brown City Savings BankCass City: The Pinney State BankCassopolis: Cass County State BankChelsea:
Farmers & Merchants BankKempf Commercial & Savings Bank
Croswell: State Bank of CroswellDetroit:
Detroit Savings Bank _-r United Savings Bank.. .Fennville: Old State BankFlint:
Citizens Commercial & Savings Bank _.Genessee County Savings Bank
Frankenmuth: Frankenmuth State BankFremont:
Fremont State BankOld State Bank
Grand Haven:Grand Haven State BankPeoples Savings Bank
Grand Rapids: Old Kent BankGreenville: Commercial State Savings BankHillsdale: Hillsdale State Savings BankManchester:
Peoples BankUnion Savings Bank
Manistee: Manistee County Savings BankMarcellus: G. W. Jones Exchange BankMarshall: Commercial Savings Bank
Loans
1,0387,488
21481
499
150336846
5,0223,38723995126313777
2,963155836876382
2,35076144270204100138
307626483
1,050
2,3742,780135
2,746407102151226
295321192
21,8108,038201
4,2732,011744
247359
939625
17, 794608585
94279997336516
Invest-ments
47113,221
1025144
27676201
4,8253,409
977912193452447228
1,06571021494592733120160112
281239226
1,360
6431,807
124,2041602310453299186362
23, 2213,277162
1,23972037
17064
525249
6, 454328714
67276
1,605109321
Totaldeposits
1,51123,963
282109606
2091, 7501,16412,1758,667416
2,111672575375
2,860199
2,9411,965663
3,953100141903461235307
7201,190730
2,197
2,9264,441167
7,716714184252282
572455563
52, 73812, 061
430
7,2853,200813
414473
1,487840
28, 236798
1,680
177475
2,770522847
Capital
2501,500
402550
255075
6001,000
401003050402003012510050300252560502525
150110150400
2504002550050255040
506072
5,5001,000
50
500700100
5057
10050
2,00050165
252520040100
Surplus
581,500
5550
145025300100175030118
200151505030100613301255
250400
25035
18
5040
75080018
550
25
10050
1,00050
501004033
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
3 5 0 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
DISTRICT NO. 7—Continued
MICHIG AN—continue d
Mason:Farmers BankFirst State & Savings Bank
Midland: Chemical State Savings BankMount Pleasant:
Exchange Savings BankIsabella County State Bank
New Baltimore: Citizens State Savings Bank...New Haven: New Haven Savings BankOnsted: Onsted State BankRoyal Oak: The Guardian Bank of Royal Oak.St. Charles: St. Charles State BankSt. Clair: Commercial & Savings BankSebewaing: Farmers & Merchants State Bank..South Haven: Citizens State BankSparta: Sparta State BankSpring Lake: Spring Lake State BankTraverse City: Traverse City State BankWilliamston: Crossman & Williams State Bank
WISCONSIN
(See also District no. 9)
Burlington: Bank of BurlingtonEdgerton: Tobacco Exchange BankMilwaukee:
Bager State BankMarshall & Illsley BankWest Side State Bank ._
Platteville: State Bank of PlattevilleSheboygan: Citizens State BankSouth Milwaukee: Home State BankSturgeon Bay: Bank of Sturgeon Bay
DISTRICT NO. 8
ARKANSAS
Batesville: Citizens Bank & Trust Co._.Blytheville: Farmers Bank & Trust Co.Fordyce: Fordyce Bank & Trust CoLittle Rock:
Bankers Commercial Trust CoPeoples BankUnion BankW. B. Worthen Co., bankers
Russell ville:Bank of RussellvillePeoples Exchange Bank
Waldron:Bank of Waldron
(See also District no. 7)
Breese: State Bank of Breese.Chester: First State BankEast St. Louis: Union Trust CoEdwardsville: Bank of EdwardsvilleEffingham: Effingham State BankEldorado: C. P. Burnett & SonsGreenville: State Bank of Hoiles & SonsHarrisburg: First Trust & Savings BankHillsboro: Montgomery County Loan & Trust Co.Hoyleton: Hoyleton State & Savings BankJacksonville: Elliott State BankLitchfield: Litchfield Bank & Trust CoO'Fallon: First State BankRichview: Richview State BankSteeleville: State Bank of SteelevilleWinchester: Neat, Condit & Grout, bankers
Loans
264242
1,007
24570590571731586613314676151296373165
708158
2,64315,1231,885408
2,892309992
20058890
1,119553
1,1252,025
312205
166
22147670956368825666551939112456925314446257320
Invest-ments
13671
23154146
64121192920199746130337128
317138
4019,32544826
2,17187499
149109127
1,210577
1,1971,490
15620
113
376302
1,37445033657322153137054
1,097373132611346
Totaldeposits
452367
2,121
5551,501158149175957328
1,552483
1,334207414859244
1,050323
3,31426,9172,406541
5,113594
1,662
7261,095262
3,3771,7764,2406,578
583310
285
645945
2,4791,1261,0821,278855
1,179730217
2,37770213772393390
Surplus
5025100
5060252525100257550100302520040
12550
4001,50040050500100200
5020050
300200300500
75100
60
505030015011010012015080
200100252525110
221525
35
1250338
"186250
~~20
2518
1001,000400
""16625
20405
60406050
3810
20
25256015025504075205
1002552
2525
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBERSHIP 351
[In thousands of dollars]
DISTRICT NO. 8—Continued
KENTUCKY
(See also District no. 4)
Hartford: Citizens bankLouisville:
Kentucky Title Trust CoLiberty Bank & Trust CoLincoln Bank & Trust Co
MISSISSIPPI
(See also District no. 6)
Indianola: Peoples Bank
(See also District no. 10)
Camdenton: Camden County BankGlasgow: Glasgow Savings BankLancaster: Schuyler County State BankLebanon: State Savings BankLuxemburg: Lemay Ferry Bank ._Maplewood: Peoples State Bank _Marshall: Wood & Huston BankMemphis: Bank of MemphisMoberly: Mechanics Bank & Trust CoNormandy: Normandy State BankPine Lawn: Pine Lawn Bank _Sedalia: Sedalia Bank & Trust CoSt. Louis:
Baden BankBremen Bank & Trust CoCass Bank & Trust Co.-Chippewa Trust CoEaston-Taylor Trust CoJefferson Bank & Trust CoJefferson-Gravois BankLindell Trust Co.. .Manchester BankManufacturers Bank & Trust Co. of St. Louis—Mercantile-Commerce Bank & Trust CoMississippi Valley Trust CoMound City Trust Co ._North St. Louis Trust CoNorthwestern Trust CoThe Plaza Bank of St. LouisSouthern Commercial & Savings BankSouthwest Bank of St. Louis__.Tower Grove Bank & Trust CoUnited Bank & Trust Co
St. Louis County: Gravois Bank of St. Louis County.Versailles: Bank of VersaillesWashington: Franklin County BankWebster Groves: Webster Groves Trust Co
DISTRICT NO. 9
(See also District no. 7)
Escanaba: State Savings Bank _..Ewen: State Bank of EwenGladstone: Gladstone State Savings Bank.IronJjMountain: Commercial Bank..Menominee: Commercial Bank-Sault Ste. Marie:
Central Savings BankSault Savings Bank
MINNESOTA
Cannon Falls: Security State BankChatfield: First State Bank _Clinton: Clinton State BankDakota: Dakota State BankGibbon: State Bank of Gibbon.
Loans
519,719
12,1766,727
63
67210101142539241
1,004612267188205
1,1721,0991,8991,019611
1,0032,152945
2,0052,58828,05933,457
6571,4942,981669
1,651662
4,0243,358362119330602
930142327848450
471339
10584144208207
Invest-ments
83
4,4023,7542,237
100
742052178071183131125
1,40813278120
9223,1342,097429539760
1,0771,5571,4412,14160,49724, 788
4031,1574,517817682
1,1053,4833,47521251184
50484364391368
5381,067
1732110351
Totaldeposits
148
3,37415,1248,380
232
158466459289600309
1,250242
2,489226203447
1,9734,4654,2981,4991,1521,9053,2632,4642,8217,857
102,13066, 2211,0242,7536,6432,1612,3771,5757,7247,000731260501
1,446
1,395223680
1,2171,030
1,0821,478
167323162341270
Capital
25
1,0002,000
750
25
25755025100100100252003030100
200400300400200200500300800
1,64510,0006,000200300500200200400500
1,000504050100
1002550100100
100100
Surplus
20
1,250
"""350
575
1820202005187105
150250300
""16650100100
""2872,0001,500
50100
1,0004010040300500101515100
100155010050
5060
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
3 5 2 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
LoansInvest-ments
Totaldeposits Capital Surplus
DISTRICT NO. 9—Continued
MINNESOTA—continued
Houston: Security State Bank of HoustonPlainview: Peoples State BankSt. Charles: Citizens State BankSpringfield:
Farmers & Merchants State BankState Bank of Springfield
Wadena: Wadena County State BankWestbrook: Citizens State BankWykoff: First State Bank of Wykoff
MONTANA
Anaconda: Daly Bank & Trust CoBillings: Security Trust & Savings BankBozeman:
Gallatin Trust & Savings BankSecurity Bank & Trust Co
Butte: Metals Bank & Trust CoDenton: Farmers State BankFromberg: Clarks Fork Valley BankGlasgow: Farmers-Stockgrowers BankGreat Falls: Montana Bank & Trust CoHelena: Union Bank & Trust CoPark City: Park City State BankRichey: First State BankRonan: Ronan State BankTerry: State Bank of TerryTownsend: State Bank of TownsendVictor: Farmers State BankWorden: Farmers State Bank
SOUTH DAKOTA
Alcester: State Bank of AlcesterAlpena: Bank of AlpenaArlington: Citizens State BankBelle Fourche: Butte County BankBelvidere: Belvidere State BankBuffalo: First State BankBurke: Burke State BankFaith: Farmers State BankFlandreau: Farmers State BankFreeman: Merchants State BankHuron: Farmers & Merchants Bank _Madison: Security Bank & Trust CoMiller: Hand County State BankMitchell: Commercial Trust & Savings BankNewell: Reclamation State BankPresho: Farmers & Merchants State Bank...Sturgis: Bear Butte Valley BankWessington Springs: Jerauld County Bank-Winner: Farmers State BankWoonsocket: Sanborn County Bank
WISCONSIN
(See also District no. 7)
Bloomer: Peoples State BankBoyceville: Bank of Boyceville
Glenwood City: First State Bank
DISTRICT NO. 10
COLORADO
Delta: Colorado Bank & Trust CoDenver:
Central Savings Bank & Trust CoInternational Trust Co
La Junta: Colorado Savings & Trust CoKANSAS
Abilene: Citizens Bank _Hiawatha: Morrill & Janes BankHutchinson: Hutchinson State BankKansas City: The Riverview State Bank
2268497
252241107142121
1,136
290228
2,65639456538
1,18995121653731918921
1926971609771754213020815810423511453522963233146104106
9047106
312
1,1533,625218
301501851
258180132
13211574445
1,041
17199
5,70858799206
1,2958621651441687283
27112511889205
101423654372527472515524413049
91118
159
6266,234123
209146272
1,635
536319236
294262338249208
2,6441,649
527319
11,1588565228522
4,053231128182657430237124
237559198218315351264363188767351174
1,36736384326176328223
190205203
737
2,28012,886
364
766556
1,0812,419
252525
4050302525
100100
10010060025253510025025252540502525
252525752525252550401005025100252525252525
253030
50
50050075
50100150100
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBERSHIP
[In thousands of dollars]
353
DISTRICT NO. 10-Continued
KANSAS—continued
Liberal: Citizens State BankOsage Citv: Citizens State BankPratt: Peoples BankSedan: Sedan State Bank __Sylvan Grove* Sylvan State BankTopekp: Fidelity Savings State BankWinfield: The State Bank
MISSOURI
(See also District no. 8)
Carthage* Bank of CarthageCraig: Bank of CraigKansas City:
Commerce Trust Co -Merchants Bank of Kansas City_ ._
King Citv: First Trust CoLamar" Barton County State BankSt. Joseph: Empire Trust CoSouth St. Joseph: St. Joseph Stock Yards Bank
NEHRASRA
Alma: Ilarlan County Bank - - . _ _.Bancroft: Citizens BankGrand Island: The Commercial Bank-.Moorefield: Bank of "MoorefieldPawnee City: Citizens State BankStromsburg: Strornsburg Bank __ .Wahoo: Wahoo State Bank
NEW MEXICO
(See also District no. 11)
Aztec Citizens Bank
OKLAHOMA
Okarche: First Bank of Okarche-
WYOMING
FATanston: Stockgrowers BankMountain View: Uinta County State Bank. .Newcastle: First State Bank . .Sundonce: Sundance State BankWheatland:
State Bank of WheatlandStock Growers Bank _ _ ._. _. . . . _
Worland: Farmers State Bank of Worland _
DISTRICT NO. 11
ARIZONA
(See also District no. 12)
Tucson: Southern Arizona Bank & Trust CoWillcox: The Bank of Willcox
LOUISIANA
(See also District no. 6)
Shreveport: Continental-American Bank & Trust Co._
NEW MEXICO
(See also District no. 10)
Deming: Mimbres Valley Bank
TEXAS
Angleton: The Angleton State BankBeaumont: Security State Bank & Trust CoBeeville: State Bank & Trust Co
Loans
14313944S157200493460
559137
29, 213922136179659933
131120518
4880
16091
141
64
37183
132249
514169200
2,120103
2,350
141
110373
96
Invest-ments
65137461
6277
1,282115
31711
36, 772568
2229
8701,199
•8818
3587
4813572
35
74
9410
16922
1177771
1,856111
1,591
266
101348
89
Totaldeposits
337375
1,076199356
2, 395850
1,302192
90, 8031, 905
138281
1,7492, 699
322149
1,13450
142348277
151
261
32252
357333
490288346
4,986270
5,712
484
2281,018
224
Capital
5025
1003025
200125
15025
6,000200
5025
200350
3030
10025253040
30
50
50402525
404025
25050
700
50
2512550
Surplus
25153620501857
5015
2,00ff100
4'3
100150.
41034
x4!
108*
6
IT
50'102513
60*2635-
275-5<
175*
25*
665Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
354 ANNUAL KEPOET OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
DISTRICT NO. 11—Continued
TEXAS—continued
Bremond: First State BankBrownfield: Brownfield State BankBryan: First State Bank & Trust CoCanyon: First State BankClarendon: Farmers State Bank. _Clifton: Farmers State BankDalhart: Citizens State BankDallas: Dallas Bank & Trust CoDel Rio: Del Rio Bank & Trust CoDodsonville: First State BankEden: Eden State BankFerris: Farmers & Merchants State BankForney: Forney State BankFranklin: First State BankGatesville: Guaranty Bank & Trust CoGoose Creek: Citizens State Bank & Trust CoGreenville* Citizens State BankHamilton: Hamilton Bank & Trust CoHuntsville: Runtsville Bank & Trust CoIola: Iola State BankKilleen: First State BankKirkland: First State BankKosse: First State BankLeakey: First State BankLlano: Moore State Bank _ _Loraine: First State Bank ._Luling: Lipscomb Bank & Trust CoMadisonville: Farmers State Bank _Matador: First State Bank _Mathis: First State BankMcAllen: City State Bank & Trust CoMcKinney: Central State BankMount Pleasant: Guaranty Bond State BankNacogdoches: Commercial State BankRails: Security State Bank & Trust CoRichardson: Citizens State BankRobert Lee: First State BankRoscoe: Roscoe State BankRusk: Farmers & Merchants State Bank & Trust CoShamrock: Farmers & Merchants State Bank of
ShamrockShiro: Farmers State BankSilsbee: Silsbee State BankSinton: Commercial State BankSpearman: First State Bank _Wellington: Wellington State BankWharton:
Security Bank & Trust Co _.Wharton Bank & Trust Co.— -
DISTRICT NO. 12
(See also District no. 11)
Buckeye: Buckeye Valley Bank..
Phoenix: Valley Bank & Trust Co.
CALIFORNIA
Carmel: Bank of CarmelDowney: Los Nietos Valley BankFairfield: Solano County Bank.Le Grand: Le Grand BankLong Beach: Farmers & Merchants BankLos Angeles:
California BankUnion Bank & Trust Co
Oakland: Central Bank of OaklandPasadena: Citizens Commercial Trust & Savings
BankSan Francisco:
American Trust Co.Wells Fargo Bank & Union Trust Co
Santa Paula: Citizens State Bank
Loans
101266577114116124210
4,143292781371897460184290367981343581252442224533095715675115414192553549427736131
2224416726875164
161394
513,148
531477165150
5,244
39,32616,13223,887
1,203
105,13461,063
332
Invest-ments
55181942217804
5,51032624423170208419382381911515572710155555
187145341927262419
821
14584508
163164
413, 542
16233128235
2,084
17,42810,1519,848
1,488
69,82490,245
104
Totaldeposits
269403908204192367278
12,9113281431352201107942594191914741747203117694532017948119851112051880925078675664101382265
39571431560143336
557842
999,121
709864451176
8,481
70,75126,07336,831
2,809
198,943163, 427
471
Capital
502510040505050
1,0001002550502530505010050502535352525503075253830607560*1006025303050
502540502550
50100
25210
50757525
1,000
5,0005,0004,146
300
10,0009,000100
Surplus
323
10030
5
~~25500
"~20
"~2556
14101725153
45
25
"8015251465
~50
10102550
710
25100
11200
60901113
250
1,0351,7001,354
150
10,0005,000
50
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBEBSHIP
[In thousands of dollars]
355
Loans Invest-ments
Totaldeposits
15814,292
123280207108423
1,325
31764391335
952401310222770277
1,0143,9931,033587707
8531,406
18, 452441
129436
90412
1,65335
1,093914295508514
36137622772125
10, 5562,164289421
14,1912,48844122298
1,337285
Capital
351,250
2540252525100
501002550
100505025505010030010010025
250300
1,50050
6050
502515025100100305050
5050252520
6005503050
1,00020045252510050
Surplus
DISTRICT NO. 12—Continued
IDAHO
Arco: Butte County BankBoise: First Security Bank of IdahoHazelton: Hazelton State BankMalad City: J. N. Ireland & Co., bankersOrofino: Bank of OrofinoRichfield: First State BankSoda Springs: Largilliere Co., bankersTwin Falls: Twin Falls Bank & Trust Co
OREGON
Dallas: Dallas City BankGrants Pass: Grants Pass & Josephine Bank.Haines: Bank of Haines .__Oakland: E. G. Young & Co. Bank
UTAH
Brigham: State Security BankCedar City: Bank of Southern Utah.Ephraim: Bank of EphraimGunnison: Gunnison Valley BankHelper: Helper State BankKaysville: Barnes Banking CoLogan: Cache Valley Banking CoOgden: Commercial Security Bank...Price: Carbon Emery BankPrqvo: Farmers & Merchants Bank..Salina: First State Bank of SalinaSalt Lake City:
Tracy Loan & Trust CoUtah Savings & Trust CoWalker Bank & Trust Co
Spanish Fork: Commercial BankVernal:
Bank of VernalUintah State Bank
WASHINGTON
Almira: Almira State BankC ashmere: C ashmere Valley B ankChehalis: Coffman-Dobson Bank & Trust Co.Coulee: Security State BankEllensburg: Farmers BankHoquiam: Bank of HoquiamKelso: Cowlitz Valley BankPomeroy: Pomeroy State BankPullman: Pullman State BankPuyallup:
Citizens State BankPuyallup State Bank
Ritzville: Ritzville State BankRockford: Farmers & Merchants BankRosalia: Bank of RosaliaSeattle:
Peoples Bank & Trust CoSeattle Trust Co
Selah: Selah State BankSouth Bend: Pacific State BankSpokane:
Spokane & Eastern Trust Co.Washington Trust Co
Tekoa: Tekoa State BankToppenish: Traders Bank.Uniontown: Farmers State BankWenatchee: Columbia Valley BankWilbur: State Bank of Wilbur
535,308
621922358132459
20218653106
511292384169461429633
1,690675404
612762
6, 357448
150307
8590922
40055677
451387
147815078
3,9131,435166125
4,5841,3272178375
818• 306
1046,347
38959036121272
6229122141
19173322721513
39289329312631
396784
K 31518
3463
45111
53047016238137
1611981057
4,6141,165
63291
4,8405781721133837561
825072a551310
2025
a
253555550100501005025-
15072550
17"
50503015010
1514153
20O2006
30-
25010016155
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
356 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
L I C E N S E D STATE B A N K M E M B E R S — S U M M A R Y CLASSIFICATION ACCORDING TOCAPITAL STOCK, D E C . 30, 1933
State
Number of banks with a capital stock i of-
VMew England:
MaineNew Hampshire.MassachusettsRhode IslandConnecticut
Middle Atlantic:New York .__New Jersey ...Pennsylvania
East North Central:OhioIndianaIllinoisMichiganWisconsin
West North Central:MinnesotaIowa --.Missouri
i South DakotaNebraskaKansas
sSouth Atlantic:DelawareMarylandDist. of Columbia.VirginiaWest VirginiaNorth Carolina. _.South CarolinaGeorgiaFlorida
rEast South Central:KentuckyTennesseeAlabama.-Mississippi
-West South Central:ArkansasLouisianaOklahoma _.Texas
Mountain:MontanaIdahoWyomingColoradoNew Mexico.ArizonaUtah
Pacific:Washington..OregonCalifornia—
Total.
1065268
10
857 140
10
58 119 37 115 57 150 62
1613
4
33
Par value of preferred and common stock.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE BANK MEMBERSHIP 357LICENSED STATE BANK MEMBERS—SUMMARY CLASSIFICATION ACCORDING TO
CAPITAL STOCK, DEC. 30, 1933—Continued
[In thousands of dollars]
State
Aggregate capital stock i of hanks with a capital stock i of—
New England:MaineNew Hampshire. _MassachusettsRhode IslandConnecticut—
15018,380
,000
Middle Atlantic:New YorkNew JerseyPennsylvania
East North Central:OhioIndianaIllinoisMichiganWisconsin
West North Central:MinnesotaIowaMissouriSouth DakotaNebraskaKansas
South Atlantic:DelawareMarylandDistrict of Colum-
biaVirginiaWest VirginiaNorth Carolina...South CarllinaGeorgiaFlorida
4,609
382, 71739,17856,242
35, 5201,865
21,12514, 6243,410
3803,02532,345
765280955
8,6216,625
4,400
50 60
25
3252527527525
1751251253505050
65
105404015060
1551401004013030
50050100
35050600550100
50200200100
15575135
135
200
166"166
2,0001,200100
500
150500 595 2,600
3,000
150
750300
2,380
1,325
150324
7001,100100
760575125
300
6,6003,9256,324
850250
3,5001,4501,000
8,5674,0203,550
1,080
3," 1661,700500
10,0805,0004,059
24, 00022,94122,463
7,0501,5006,0003,0001,500
5,000
340, 0356,667
21,100
23,800
'~6~6665,500
1357575
100
200500200100300
125150
5004,250
6002,300
1,0002,645 22,000
200
25 100 500
5,815
East South Central:KentuckyTennesseeAlabamaMississippi
West South Central:ArkansasLouisianaOklahomaTexas
4,600400
6,430380
4,625875
3,20075
1,8351,750
503,418
25505025
200
2550
17575
35 45010050
65230
75
30
300200300100600100
125
300
150
75 150 200 100
700750500200630250
200200
1,6151,000
8,6216,000
4,4002,5001,0003,700
1,550 3,000
1,250625
3,000
~2~500'
Mountain:MontanaIdahoWyomingColoradoNew MexicoArizonaUtah
1,6501,525
2451,125
275
17510075
338
7575
120
1005050
850
135 100 1,000 500700
330
50
Pacific:Washington-OregonCalifornia....
5353,160
3,430225
34, 771
1752525
30
50505050
300
500
500100
125
1,000
" I , " 666"
2501,250
75 1,000
60
105 35010050 150
400
300100100
150
460850
200 1,150
1,500
1,000
300 5,146 29,000
Total. 727, 640 3,500 950 2,579 11,500 7,915 19,139 3,502 159,455 459,102
1 Par value of preferred and common stock.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
358 ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD
LICENSED STATE BANK MEMBERS—SUMMARY CLASSIFICATION ACCORDING TOCAPITAL STOCK, DEC. 30, 1933—Continued
[In thousands of dollars]
State
Total deposits of banks with a capital stockl of—
New England:MaineNew Hampshire.MassachusettsRhode IslandConnecticut
Middle Atlantic:New YorkNew JerseyPennsylvania
East North Central:OhioIndianaIllinoisMichiganWisconsin- _
27,051
West North CentralMinnesotaIowaMissouriSouth DakotaNebraskaKansas
South Atlantic:DelawareMarylandDist. of ColumbiaVirginiaWest VirginiaNorth Carolina- _South Carolina...GeorgiaFlorida
1,104195, 780128, 32350,027
5,158,016436, 546877,741
488,47526, 471433,873157,31642,419
3,70642,841340,4476,7282,42410,409
45,43569,86749,.56,00634, 67790, 3036,07134,0844,776
4,1931,104
4,759 6,221 11, 589
48,057
1,291 2,546
379 1,265
154
3,296109
1,8642,819190
1,964991
1,1602,710193731
413
1,039282170
1,255408
1,4801,662690188
1,097199
5,828198583
3,480606
5,9896,189865
2623,4491,828714
1,829686
1,413
28,89510,528 ,
912 15,
8,3385,054i,753
78,923128,84441,024
4, 266 10,997
1,1274,544
10, 78413,761
594
21,0091,511
40,48527,808
10, 725
5,4,3201,050
32,82813,1927,282
37,18, 2015,113
140,104128, 32345,007
198,035428,261
90, 07423,963
204, 20840, 29726, 917
3,426
4, 596,723140,536334,151
342,176
2,067466982
1,103
4,0764,0532,1341,1344,050
2,9411,302
6,81336,487
12,17520,451
8,66714,857
1,931 2,395
269 1,257 3,455
228279431163942
354 3,911487397
6001,355
961
236
1,5001,4782,443
9512,3571,304
1,219 5,9236,8677,395
12, 3189,182
45,43564,88649, 486
East South Central:KentuckyTennesseeAlabamaMississippi
West South Central:ArkansasLouisianaOklahomaTexas
Mountain:MontanaIdahoWyomingColoradoNew MexicoArizonaUtah
Pacific:WashingtonOregon.__California-_.
31 9
22, 383723
19, 23222,178
26130,425
23, 23816, 9162,188
16, 267635
14,47631,982
39,1681,386
509,986
148426
723
1,004
611 644
3,9963,5513,236
645
29, 95315,02979,637
7,262 17,675
11,3006,862
18,497
17,493
1,522
1,053861
1,036
2,327
438830
449261
310 10, 488 6,5785,712 16,017
6,049
430
2,814
99
1,19291
176
151
322737484270
2,635
3,784
5,6601,325
1,018
4,053 11,15814, 292
364 15,166
129
1,025 2,555652709 1,315
3,586
3,344643471
14,1076,252
1,653 2,488 12,720
18,452
14,191
2,809 45,312
133,80852, 738
259,153
459,194
Total- 9,611,727 28, 225 17,004 54,218 24, 218126,102 65,582 438,481 409,432 126,560 6,321,905
i Par value of preferred and common stock.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIARY POWERS GRANTED TO NATIONAL BANKS
Under section ll(k) of the Federal Reserve Act as amended, theFederal Reserve Board has authorized the national banks listedbelow to exercise one or more fiduciary powers as follows:
(1) Trustee.(2) Executor.(3) Administrator.(4) Registrar of stocks and bonds,(5) Guardian of estates.(6) Assignee.(7) Receiver.(8) Committee of estates of lunatics.(9) Any other fiduciary capacity in which State banks, trust com-
panies, or other corporations which come into competitionwith national banks are permitted to act under the laws ofthe State in which the national bank is located.
The numerals opposite the name of each bank, which refer to thelist given above, indicate the power or powers it is authorized toexercise.
DISTRICT NO. 1
CONNECTICUT
(See also District no. 2)Ansonia: Ansonia National BankCanaan: Canaan National BankDerby: Birmingham National Bank..Hartford:
Capitol National Bank & TrustCo.
First National Bank.Hartford National Bank & Trust
Co.Meriden: Home National BankMiddletown:
Central National Bank.Middletown National Bank
Mystic: Mystic River NationalBank.
Naugaiuck: Naugatuck NationalBank.
New Britain: New Britain NationalBank.
New Haven:First National Bank & Trust Co.New Haven Bank, N.B.ASecond National Bank
New London:National Bank of CommerceNational Whaling BankNew London City National Bank
New Milford: First National Bank..Norwich: Uncas-Merchants National
Bank.Putnam: Citizens National BankTorrington: Torrington National
Bank & Trust Co.Wallingford: First National Bank....Waterbory:
Citizens and Manufacturers Na-tional Bank.
Waterbury National Bank49753—34 24
Powersgranted
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1 toft
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1 to 9.
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8, and 9.Ito9.Ito8.
l!o 9.Ito9.
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ltoft
DISTRICT NO. 1—Continued
CONN ECTICUT—continuedWillimantic: Windhain National
Bank.Winsted: Hurlbut National Bank...-
MAINB
Augusta: First National GraniteBank.
Bangor: Merchants National BankBar Harbor: First National BankBath:
Bath National BankFirst National Bank
Biddeford: First National Bank ofBiddeford
Camden: Camden National BankDamariscotta: First National Baak
of Damariscotta.Ellsworth: Liberty National Bank...Farmington:
First National BankPeoples National Bank
Fort Fairfield: Fort Fairfield Na-tional Bank.
Fort Kent: First National BankHoulton: First National BankLewiston:
First National BankManufacturers National Bank...
Pittsfield:First National BankPittsfield National Bank
Portland:Canal National BankFirst National Bank at Port-
land.National Bank of Commerce...Portland National Bank ._
Kockland: First National BankRumiord: Rumford National Bank...8aco: York National BankSkowhegan: First National BankThomaston: Thomaston National
Bank.
Powersgranted
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6.1 to 9.
1 to 9.1 to 3, and 5Ito9.
Ho 3. 5 to 9.Ito5,aad9-
Ito9.1 to 5, and 9.Ito9.1 to 9.
1 to 9.1 to 7 and 9.1 to 9.Ito9.Ito9.Ito9.Ito9.Ito91 to 3, 5, 8,
and 9.
359Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
360 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powersgranted
Powersgranted
DISTRICT NO. 1—Continued
MAINE—continued
Van Buren: First National Bank
Waldoboro: Medomak National Bank.
MASSACHUSETTS
Abington: Abington National Bank.Adams:
First National BankGraylock National Bank
Amherst: First National BankAndover: Andover National BankAthol: First National Bank.._Attleboro: First National BankBeverly: Beverly National BankBoston:
First National BankMerchants National BankNational Rockland Bank_National Shawmut Bank..Second National BankWebster & Atlas National Bank.
Brockton:Brockton National BankHome National Bank
.Concord: Concord National BankDedham: Dedham National BankEdgartown: fidgartown National
Bank.Everett: Everett National BankFall River: Fall River National Bank.Falmouth: Falmouth National Bank.Fitch burg: Safety Fund National
Bank.Foxboro: Foxboro National BankFramingbam: Framingham National
Bank.Gardner: First National Bank _.Gloucester: Cape Ann National
Bank.Great Barrington: National Ma-
haiwe Bank.•Greenfield: First National Bank &
Trust Co.Haverhill:
Haverhill National BankMerrlmacK National Bank
Holyoke: Holyoke National Bank...Hudson: Hudson National BankIpswich: First National BankLawrence: Bay State Merchants Na-
tional Bank.Leominster: Merchants National
Bank.Lowell:
Appleton National Bank..Union Old Lowell National Bank.
Lynn:Central National BankManufacturers National Bank...National City Bank
Maiden:First National Bank.Second National Bank
Marblehead: National Grand Bank..Marlboro:
First National Bank .„Peoples National Bank __
Medford: First National BankiVEethuen: Methuen National Bank..Milford:
Home National BankMilford National Bank & Trust
Co.Nan tucket: Pacific National Bank...Needhamr Needham National Bank-New Bedford:
First National BankMerchants National BankSafe Deposit National Bank
1 to 3, 5 to 7,and 9.
1 to 3, 5 to 7,and 9.
1.1 to 8.1 to 7 and 9.1 to 9.1 to 9.Ito9.1 to 9.Ito9.
1 to 9.1 to 9.1 to 9.1 to 9.Ito9.Ito9.
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1 to 9.1 to 9.
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1 to 9.
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1 to 7 and 9.
1 to 9.1 to 9.
1 to 8.1 to 9.1 to 5 and 7.
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Ito4.1 to 91,2,3, and 5.Ito8.
1 to 4.Ito9.
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DISTRICT NO. 1—ContinuedMASSACHUSETTS—continued
Newburyport:First and Ocean National Bank-Merchants National Bank
Newton: Newton National BankNorth A-dams: North Adams Na-
tional Bank.North Attleboro: Manufacturers Na-
tional Bank.Northampton:
First National BankNorthampton National Bank &
Trust Co.Orange: Orange National BankPalmer: Palmer National BankPeabody: Warren National Bank...Pittsfield:
Agricultural National BankPittsfield-Third National Bank
& Trust Co.Plymouth:
Old Colony National BankPlymouth National Bank
Provincetown: First National Bank..Quincy: National Mount Wollaston
Bank of Quincy.Rockport: Rockport National Bank..Salem: Merchants National BankShelburne Falls: Shelburne Falls
National Bank.Somerville: Somerville National
Bank.Southbridge: SouthDridge National
Bank.Springfield:
Springfield National BankThird National Bank & Trust Co.
Tisbury: Martha's Vineyard Na-tional Bank.
Townsend: Townsend National Bank.Turners Falls: Crocker National
Bank.Uxbridge: Blackstone National Bank.Waltham: Waltham National Bank..Wareham: National Bank of Ware-
ham.Watertown: Union Market National
Bank.Webster: First National BankWellesley: Wellesley National Bank.Westfield:
First National BankHampden National Bank &
Trust Co.Winchendon: First National BankWinchester: Winchester National
Bank.Woburn: Woburn National BankWorcester:
Mechanics National Bank „_.Worcester County National Bank.
Yarmouthport: First National Bankof Yarmouth.
NEW HAMPSHIREBerlin:
Berlin National Bank
City National BankCharlestown: Connecticut River Na-
tional Bank.Claremont:
Claremont National Bank__Peopies National Bank
Concord:First National BankMechanicks National BankNational State Capital Bank
Dover:Merchants National BankStrafford National Bank
Exeter: Rockingham National Bank.
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I to9
1 to 9.Ito9.
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1 to 9.1 to 7 and ».
1 to 5.1 to 4.1 to 9.Ito9.
1 to 4.1 to 9.1 to7and3.
1 to 9.
1 to 9.
1 to 9.to 9.to 8.
to 3.to 7 and 9.to 4.to 7 and 9.
1 to 9.
1 to 9.
1 to 9.1 to 9.
1 to 8.1 to 7 and 9.1 to 9.1 to 9.
1 to 3, 6, 7,and 9.
1 to 9.1 to 9.1 to 9.
1, 2, 4,and 7.
l.1 and 4.
1 to 4.1.
1 to 9.1, 2, and 4.1, 2, and 4.
1 to 3.1 to 4.1, 2, and 4.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIARY POWERS 361
Powersgranted
Powersgranted
DISTRICT NO. 1—Continued
NEW HAMPSHIRE—continued
Franklin: Franklin National Bank-Hanover: Dartmouth National Bank.Keene:
Ashuelot-Citizens National Bank.Keene National B ank
Laconia:Laconia National BankPeoples National Bank
Lancaster: Lancaster National Bank.Lebanon: National Bank of Leba-
non.Manchester:
Amoskeag National BankManchester National BankMerchants National Bank
Milford: Souhegan National Bank...Nashua:
Indian Head National Bank
Second National BankNewport: Citizens National Bank. _.Peterboro: First National BankPlymouth: Pemigewasset National
Bank.Portsmouth:
First National Bank
New Hampshire National Bank..Rochester: Public National Bank
Tilton: Citizens National BankWilton: Wilton National BankWolfeboro: Wolfeboro National Bank
RHODE ISLAND
Newport:Aquidneck National Exchange
Bank & Savings Co.Newport National Bank
Providence:Blackstone Canal National Bank.National Bank of Commerce &
Trust Co.Providence National Bank
VERMONT
Barre: Peoples National BankBellows Falls: National Bank of Bel-
lows Falls.Bennington:
County National Bank..First National Bank...
Brandon: First National BankBrattleboro: Vermont Peoples Na-
tional Bank.Burlington: Howard National Bank
& Trust Co.Chelsea: National Bank of Orange
County.Chester: National Bank of Chester-Danville: Caledonia National Bank..Derby Line: National Bank of Derby
Line.Enosburg Falls: First National Bank.Manchester Center: Factory Point
National Bank.Middlebury: National Bank of Mid-
dlebury.Montpelier:
First National BankMontpeliVr National Bank
Newport: National Bank of Newport.Northfield: Northfield National
Bank.
1.1,2,4, and 9.1 and 4.Ito4.
1, 2, and 4.1 and 4.1,2,4, and 9.1, 2, 4, 6, 7,
and 9.
1, 2, and 4.1.1, 4, and 9.1 and 4.
1 to 4, 6, 7,and 9.
1, 2, and 4.1, 2, 4, 6, 7,
and 9.1, 4, and 9.1 and 4,
1, 2, 4, 6, 7,and 9.
1 and 9.1, 2, 4, 6, 7,
and 9.1 and 2.It 2, 4, 6, 7,
and 9.1 and 4.
Ito9,
Ito9.
1 to 9.Ito9.Ito9.
Ito9.Ito9.
Ito9.Ito9.Ito4.Ito9.
Ito8.
Ito8.
1,2,3, and 5.Ito9.1 to 3,5, and
9.1 to 9.Ito9.
1 to 9.
Ito4.Ito9.1 to 7 and 6Ito9.
DISTRICT NO. 1—Continued
VERMONT—continued
Poultney: Citizens National Bank...Rutland:
Central National BankClement National BankRutland County National Bank.
St. Johnsbury:First National BankMerchants National Bank
Springfield: First National BankWindsor: Windsor County National
Bank.
DISTRICT NO. 2CONNECTICUT
(See also District no. 1)Bridgeport: First National Bank &
Trust Co.Danbury:
City National Bank & Trust Co.Danbury National Bank _..
Greenwich: First National Bank in_.New Canaan: First National Bank
& Trust Co.Norwalk: National Bank of Norwalk.Ridgefield: First National Bank &
Trust Co.South Norwalk: City National Bank.Stamford:
First Stamford National Bank &Trust Co.
NEW JERSEY(See also District no. 3)
Allendale: First National BankAllenhurst: Allenhurst N a t i o n a l
Bank & Trust Co.Allentown: Farmers National Bank..Asbury Park: Asbury Park National
Bank & Trust Co.Atlantic Highlands: Atlantic High-
lands National Bank.Bayonne: Mechanics' National Bank.Belleville: Peoples National Bank &
Trust Co.Bergenfield: Bergenfield Nat ional
Bank & Trust Co.Bernardsville: Bernardsville National
Bank.Boonton: Boonton National BankBoundbrook: First National BankButler: First National Bank.Caldwell:
Caldwell National BankCitizens National Bank & Trust
Co.Carlstadt: Carlstadt National Bank..Carteret: First National BankClifton:
Clifton National BankFirst National Bank
Closter: Closter National Bank &Trust Co.
Cranbury: First National BankCranford: First National Bank...Dover: National Union BankDunellen: First National Bank...Elizabeth: National State BankEnglewood: Citizens National Bank
& Trust CoFlemington: Flemington National
Bank & Trust Co.Freehold:
Central National Bank—_,First National Bank...
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1 to 9.
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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
362 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. ?— Continued
NEW JERSEY—-continued
Frenchtown: Union National Bank—Garfield: First National BankGlen Rock: Glen Rock National
Bank.Hackensack: City National Bank &
Trust Co.Hackettstown:
Hackettstown National BankPeoples National Bank
Hamburg: Hardyston National Bank-Highland Park: First National Bank-Hillside: Hillside National BankHoboken: First National BankIrvington:
Irvington National BankPeoples National Bank & Trust
Co.Jersey City:
First National Bank...Franklin National BankHudson County National Bank..
Kearny: First National Bank &Trust Co.
Lambertville:Amwell National BankLambertville National Bank
Little Falls: Little Falls NationalBank.
Lyndhurst: First National BankMadison: First National BankManasquan: Manasquan National
Bank.Metuchen: Metuchen National Bank.Millburn: First National BankMilltown: First National BankMontclair:
First National Bank & Trust Co..Montclair National Bank..
Morristown:First National BankNational Iron Bank
Newark:Lincoln National BankMount Prospect National Bank..National Newark & Essex Bank-
ing Co.National State BankSouth Side National Bank &
Trust Co.Union National Bank
New Brunswick:National Bank of New JerseyPeoples National Bank
Newton: Sussex & Merchants Na-tional Bank.
Nutley:First National BankFranklin National Bank
Orange:Second National Bank-
Palisades Park: Palisades Park Na-tional Bank & Trust Co.
Passaic: Passaic National Bank &Trust Co.
Paterson:First National BankLabor National BankNational Bank of AmericaPaterson National BankSecond National Bank
Perth Amboy:First National BankPerth Amboy National Bank...
Phillipsburg:Phillipsburg National Bank &
Trust Co.Second National Bank
Powersgranted
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Ito9.1 to 7 and 9.Ito9.Ito9
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1 to 9.
1 to 9.Ito9.1 to 9.1 to 9.Ito9.
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1 to 8,
Ito9.
DISTRICT NO. 2—Continued
NEW JERSEY—continued
Plainfield:First National BankPlainfield National Bank
Pompton Lakes: First NationalBank & Trust Co
Prospect Park: Prospect Park Na-tional Bank.
Rah way: Rahway National Bank...Ramsey: First National Bank &
Trust Co.Red Bank: Second National Bank &
Trust Co.Ridgewood:
Citizens National Bank & TrustCo.
First National Bank & Trust Co.Roselle: First National BankRutherford: Rutherford National
Bank.Sayreville: First National BankSomerville: Second National Bank...South Amboy: First National Bank..South River: First National BankSummit: First National Bank &
Trust Co.Sussex: Farmers National BankTenafly: Northern Valley National
Bank.Union City: First National BankWashington: First National BankWeehawken: Hamilton NationalWestfield: National Bank of West-
field.West New York: First National
Bank.West Orange: First National Bank...Westwood: First National Bank
NEW YORKAlbany:
National Commercial Bank &Trust Co.
New York State National Bank..Amityville: First National Bank &
Trust Co.Amsterdam:
Amsterdam City National Bank.Farmers National BankFirst National Bank.
Auburn: The National Bank of Au-burn.
Babylon: Babylon National Bank& Trust Co.
Baldwin: Baldwin National Bank &Trust Co.
Bald wins ville: First National Bank& Trust. Co.
Ballston Spa: Ballston Spa NationalBank.
Batavia: First National Bank _Bath: Bath National BankBay Shore: First National Bank &
Trust CoBeacon:
Fishkill National BankMatteawan National Bank of
Beacon.Binghamton:
City National BankFirst National Bank
Bridgehampton: BridgehamptonNational Bank.
Bronxville: Gramatan Nat ionalBank & Trust Co.
Camden: First National Bank &Trust Co.
Powersgranted
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I to8 .
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1 to 3,5 to 81 to 9.1 to 9.1 to 9.
1 to 9.
1 to 9.1 to 9.
Ito9.
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1 to 9.
1 to 9.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIARY POWEES 363
Powersgranted
Powersgranted
DISTRICT NO. 2—Continued
NIW TOEK—continued
Canajoharie:Canajoharie National BankNational Spraker Bank
Canandaigua: Canandaigua Na-tional Bank & Trust Co.
Canton:First National BankSt. Lawrence County National
Bank.Carmel: Putnam County National
Bank.Catskill: Catskill National Bank &
Trust Co.Cazenovia: Cazenovia N a t i o n a l
Bank.Cedarhurst: Peninsula N a t i o n a l
Bank.Central Square: First National Bank.Central Valley: Central Valley Na-
tional Bank.Chester: Chester National BankClayton: First National Exchange
Bank.Clyde: Briggs National Bank &
Trust Co.Cohoes: National Bank of Cohoes.__Cooperstown:
First National BankSecond National Bank ,
Corning: First National Bank &Trust Co.
Cortland:National Bank of CortlandSecond National Bank & Trust
Co.Cuba:
Cuba National BankFirst National Bank
Delhi: Delaware National BankDolgeville: First National BankDover Plains: Dover Plains Na-
tional Bank.Dunkirk:
Lake Shore National BankMerchants National Bank
East Rockaway: East RockawayNational Bank & Trust Co
Edwards: Edwards National Bank..Ellenville: First National Bank &
Trust Co.Elmira: First National Bank & Trust
Co.Fairport: Fairport National Bank &
Trust Co.Farmingdale: First National Bank..Far Rockaway: National Bank of
Far Rockaway.Floral Park: First National Bank
& Trust Co.Fonda: National Mohawk River
Bank.Fort Plain: Fort Plain National
Bank.Frankfort: Citizens First National
Bank.Fredonia: National Bank of Fre-
donia.Freeport:
Citizens National BankFirst National Bank & Trust Co.
Fulton: Citizens National Bank &Trust Co.
Qeneseo: Genesee Valley NationalBank & Trust Co.
Glens Falls:First National BankGlens Falls National Bank &
Trust Co.
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DISTRICT NO. 2—Continued
NEW YORK—continued
Gloversville:City National Bank & Trust Co..Fulton County National Bank &
Trust Co.Goshen: National Bank of Orange
County.Granville: Washington County Na-
tional Bank.Groton: First National BankHampton Bays: Hampton Bays
National Bank.Hancock: First National BankHaverstraw: N a t i o n a l Bank <fc
Trust Co.Hempstead: First National BankHoosick Falls: Peoples First National
Bank.Hudson:
Farmers National BankFirst National Bank & Trust Co.
Hudson Falls;Peoples National BankSandy Hill National Bank
Huntington: First National Bank &Trust Co.
tlion:Ilion National Bank & Trust Co.Manufacturers National Bank...
Irvington: Irvington National Bank& Trust Co.
Islip: First National BankIthaca: First National BankJamestown: National Chautauqua
County Bank.Kingston:
First National Bank of Rondout.Rondout National BankState of New York National Bank.
Liberty: Sullivan County NationalBank.
Little Falls: Little Falls NationalBank.
Lockport: Niagara County NationalBank & Trust Co.
Lowville: Black River NationalBank.
Lyn crook:Lynbrook National Bank &
Trust Co.Peoples National Bank & Trust
Co.Malone: Farmers National Bank.__Manhasset: First National Bank &
Trust Co.Massena: First National Bank &
Trust Co.Mattituck: Mattituck Nat ional
Bank & Trust Co.Merrick: First National BankMiddletown: First Merchants Na-
tional Bank & Trust Co.Mineola: First National BankMonticello: National Union Bank of
Monticello.Morristown: Frontier National
Bank.Mount Kisco: Mount Kisco Na-
tional Bank & Trust Co.Mount Vernon: First National Bank.Newburgh:
Highland Quassaick National& Trust Co.
National Bank of NewburghNew Rochelle: National City Bank.
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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
364 ANNUAL KEPOKT OF T H E FEDERAL RESERVE BOARD
Powersgranted
Powersgranted
DISTRICT NO. 2-Continued
NEW YORK—continuedNew York:
Chase National BankCommercial National Bank &
Trust Co.Dunbar National BankFirst National Bank...Fort Greene National BankGrace National BankKingsboro National Bank of
Brooklyn in New York.Lafayette National Bank of
Brooklyn in New York.National City BankNational Safety Bank & Trust Co.Peoples National Bank of Brook-
lyn in New York.Public National Bank & Trust
Co.Sterling National Bank & Trust
Co.Northport: First National Bank &
Trust Co.Norwich:
Chenango County National Bank& Trust Co.
National Bank & Trust CoNyack: Nyack National Bank &
Trust Co.Olean:
Exchange National BankFirst National Bank
Oneida: Oneida Valley NationalBank.
Oneonta :Citizens National Bank & Trust
Co.Wilber National Bank
Ossining: First National Bank &Trust Co.
Oswego: First & Second NationalBank & Trust Co.
Ovid: First National BankOwego:
First National BankOwego National Bank
Patchogue: Peoples National Bank.Pearl River: First National Bank &
Trust Co.Peekskill:
Peekskill National Bank & TrustCo.
Westchester County NationalBank.
Perry: First National BankPlattsburg:
Merchants National Bank inPlattsburg.
Plattsburg National Bank &Trust Co
Pleasantville: First National Bank-Port Chester: First National Bank
& Trust Co.Port Henry: Citizens National Bank-Port Jervis:
First National BankNational Bank & Trust Co. of
Port Jervis.Port Richmond: Staten Island Na-
tional Bank & Trust Co.Port Washington : Port Washington
National Bank & Trust Co.Potsdam: Citizens National Bank...Poughkeepsie:
Fallkill National Bank & TrustCo.
Farmers & Manufacturers Na-tional Bank.
First National BankMerchants National Bank &
Trust Co.
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DISTRICT NO. 2-Continued
NEW YORK—continued
Red Hook: First National BankRichfield Springs: First National
Bank.Riverhead: Suffolk County National
Bank.Rochester: First National Bank &
Trust Co.Rockyille Center: Nassau County
National Bank.Rome: Farmers National Bank &
Trust Co.Roscoe: First National Bank &
Trust Co.Roslyn: Roslyn National Bank &
Trust Co.Rye : Rye National Bank , .St. Johnsville: First National Bank-Salamanca: First National BankSaranac Lake: Adirondack National
Bank & Trust Co.Saratoga Springs: Saratoga National
Bank.Saugerties: First National Bank &
Trust Co.Sayville ; Oystermens National BankScarsdale: Scarsdale National Bank
& Trust Co.Schenectady:
Mohawk National BankUnion National Bank
Sidney: First National Bank inSidney.
Silver Creek: Silver Creek NationalBank.
Skaneateles: National Bank & TrustCo.
Southampton: First National Bank.Spring Valley: First National Bank.Springville: Citizens National Bank.Stamford: National Bank of Stam-
ford.Suffern: Suffern National Bank &
Trust Co.Syracuse:
Lincoln National Bank & TrustCo.
Merchants National Bank &Trust Co.
Salt Springs National BankTarrytown: Tarrytown National
Bank.Ticonderoga: Ticonderoga National
Bank.Troy:
Manufacturers National Bank...National City BankUnion National Bank
Tuckahoe: First National Bank &Trust Co.
Utica: Oneida National Bank &Trust Co.
Valley Stream: Valley Stream Na-tional Bank & Trust Co.
Walden: First National Bank &Trust Co.
Walton: First National Bank &Trust Co.
Warrensburg: Emerson NationalBank.
Warsaw: Wyoming County Na-tional Bank.
Warwick: First National BankWatertown:
Jefferson County National Bank.Watertown National Bank
Watervliet: National Bank of Water-vliet.
Waverly: Citizens National Bank__.Wellsville: Citizens National Bank..Westbury: Wheatley Hills National
Bank.
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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIARY POWERS 365
DISTRICT NO. 2—Continued
NEW YORK—continued
Westfield: National Bank of West-field.
Whitehall: Merchants N a t i o n a lBank.
White Plains: Peoples NationalBank & Trust Co.
Yonkers:Central National BankFirst National Bank & Trust Co.Yonkers National Bank & Trust
Co.
DISTRICT NO. 3
DELAWARE
Delmar: First National BankDover: First National BankHarrington: First National BankLaurel: Peoples National BankMilford: First National Bank &
Trust Co.Seaford: First National BankSmyrna:
Fruit Growers National Bank &Trust Co.
National Bank of SmyrnaWilmington:
Central National BankUnion National Bank
NEW JERSEY
(See also District no. 2)
Absecon: First National BankAudubon: Audubon National Bank.Barnegat: First National BankBeach Haven: Beach Haven Na-
tional Bank & Trust Co.Beverly: First National Bank &
Trust Co.Blackwood: First National Bank &
Trust Co.Bordentown: First National Bank..Bridgeton:
Bridgeton National BankCumberland National BankFarmers and Merchants Na-
tional Bank.Burlington: Mechanics N a t i o n a l
Bank.Cam den:
American National BankFirst Camden National Bank &
Trust Co.Third National Bank & Trust Co.
Cape May: Merchants NationalBank.
Collingswood: C o l l i n g s w o o d Na-110118.1 .Da UK.
Elmer: First National BankOlassboro: First National BankHaddonfleld: Haddonfield National
Bank.Hightstown: First National Bank...Hopewell: Hopewell National Bank.Lakewood: Peoples National Bank..Medford: Burlington County Na-
tional Bank.Merchantville: Merchantville Na-
tional Bank & Trust Co.Millville: Millville National Bank...
Powersgranted
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DISTRICT NO. 3—Continued
NEW JERSEY—continued
Mount Holly: Union National Bank& Trust Co.
New Egypt: First National Bank &Trust Co.
Ocean City: Ocean City NationalBank.
Paulsboro: First National Bank &Trust Co.
Pemberton: Peoples National Bank.& Trust Co.
Penns Grove: Penns Grove NationalBank & Trust Co.
Pitman: Pitman National Bank &i ruse uo,
Point Pleasant Beach: Ocean CountyNational Bank.
Princeton: First National BankKoebling: First National Bank &
Trust Co.Salem:
City National Bank & Trust Co,Salem National Bank & Trust
Co.Swedesboro: Swedesboro National
Bank.Toms River: First National Bank..Trenton:
Broad Street National BankFirst-Mechanics National Bank..Prospect National Bank
Ventnor City: Ventnor City Na-tional Bank.
Vineland: Vineland National Bank& Trust Co.
Wildwood: Marine National Bank..Woodbury: First National Bank &
Trust Co^Woodstown*
First National BankWoodstown National Bank &
Trust Co
PENNSYLVANIA
(See also District no. 4)
Allentown:Allentown National BankMerchants National BankSecond National Bank
Altoona: First National BankAmbler: First National Bank.-Annville: Annville National Bank..Ashland: The Ashland National
Bank.Ashley: First National BankAtglen: Atglen National BankAvoca: First National BankBangor:
First National BankMerchants National Bank
Bedford:Farmers National Bank & Trust
Co-First National Bank & Trust Co..
Bellefonte: First National BankBelleville: Belleville National Bank.Berwick:
Berwick National BankFirst National Bank...
Berwyn: Berwyn National BankBethlehem:
Bethlehem National BankFirst National Bank & Trust Co.
Powersgranted
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366 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO.. 3—Continued
PENNSYLVANIA—continued
Blossburg: Citizens National Bank& Trust Co.
Boyertown:Farmers National Bank & Trust
Co.National Bank & Trust Co
Bradford: Commercial Nat ionalBank.
Bridgeport: Bridgeport NationalBank.
Bristol: Farmers National Bank ofBucks County.
Gatasauqua:Lehigh National BankNational Bank of Catasauqua
Ohambersburg:National Bank of Chambersburg.Valley National Bank
Chester:Delaware County National Bank-First National Bank
Clearfield: County National Bank...Ooatesville:
National Bank of Chester Valley-National Bank of Coatesville
L/OiumDia.Central National BankFirst Columbia National Bank..
Conshohocken: First National Bank.Dallastown: First National Bank &
Trust Co.Danville:
Danville National BankFirst National Bank
Darbv: First National Bank _Doylestown: Doylestown National
Bank & Trust Co.Du Bois:
Deposit National BankDu Bois National Bank
East Stroudsburg: Monroe CountyNational Bank.
Easton:Easton National Bank _First National Bank & Trust Co.
Ebensburg: First National BankEdwardsville: Peoples National
Bank.Elizabethtown: First National Bank
& Trust Co.Emaus: Emaus National BankEphrata:
Ephrata National Bank ______Farmers National Bank
Fleet wood: First National Bank &Trust Co.
Frackville: First National Bank &Trust Co.
Gap: Gap National Bank & Trust Co.Gettysburg:
First National BankGettysburg National Bank
Greencastle: First National Bank.__Hamburg: First National Bank &
Trust Co.Harleysville: Harleysville National
Bank.Harrisburg: Harrisburg National
Bank.Hatsboro: Hatsborn National Bank._Hatfield: Hatfield National Bank..__Hazleton:
First National BankHazleton National Bank
Honesdale: Honesdale Nat ionalBank.
Honeybrook: First National Bank...Hummelstown: Hummelstown Na-
tional Bank.
Powersgranted
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DISTRICT NO. 3—Continued
PENNSYLVANIA—continued
Huntingdon:First National BankUnion National Bank & Trust Co.
Johnstown:First National BankMoxham National Bank
Kane: First National BankKennett Square: National Bank &
Trust Co. of Kennett Square.Kutztown: Kutztown National
Bank.Lancaster:
Conestoga National BankFulton National BankLancaster County National Bank-
Langhorne: Peoples National Bank& Trust Co.
Lansdale: First National BankLansdowne: National Bank of Lans-
downe.Lebanon:
First National BankLebanon National Bank _Peoples National Bank _.
.Lenignton:Citizens National Bank & Trust
Co.First National Bank
Lewisburg:Lewisburg National BankUnion National Bank
Lewistown:Citizens National BankMiffiin County National Bank._.Russell National Bank
Lititz: Farmers National BankLittlestown: Littlestown National
Bank.Lock Haven: First National Bank—Luzerne: Luzerne National BankMahanoy City:
First National Bank_Union National Bank.. _
Malvern: National Bank of Malvern.Manheim:
Keystone National BankManheim National Bank
Mauch Chunk: Mauch Chunk Na-tional Bank.
Maytown: Maytown National BankMechanicsburg: Second National
Bank.Media: First National Bank.Millheim: Farmers National Bank
& Trust Co.Milton: First Milton National Bank.Montoursville: First National Bank..Montrose: First and Farmers Na-
tional Bank & Trust Co.Mount Carmel:
First National BankUnion National Bank
Mount Joy:First National Bank & Trust
Co.Union National Mount Joy Bank-
Mountville: Mountville NationalBank.
Myerstown: Myerstown NationalBank.
Nanticoke:First National BankMiners National BankNanticoke National Bank
Nazareth: Nazareth National Bank& Trust Co.
New Holland: Farmers NationalBank & Trust Co.
Powersgranted
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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIARY POWERS 367
DISTRICT NO. 3—Continued
PENNSYLVANIA—continued
Newtown: First National Bank &Trust Co.
Newville: First National BankNorristown:
Montgomery National BankPeoples National Bank .
Northampton Cement NationalBank of Siegfried.
Northumberland: NorthumberlandNational Bank.
Oley: First National BankOrwigsburg: First National Bank
& Trust Co.Oxford: National Bank of OxfordPalmerton: First National BankPatton: First National BankPen Argyl: First National BankPhiladelphia:
Central Penn National BankCity National BankCommercial National BankCorn Exchange National Bank
& Trust Co.Erie National BankFirst National BankKensington National BankMarket Street National BankMount Airy National BankNational Bank of Germantown
& Trust Co.National Bank of Olney in Phila-
delphia.North Broad National BankNortheast National BankNorthwestern National Bank
& Trust Co.Philadelphia National BankSecond National BankSouthwestern National BankTioga National Bank & Trust Co.Tradesmens National Bank &
Trust Co.Philipsburg: First National BankPhoenixville. Farmers and Mechan-
ino "NTofirv-nol "RQ-nlr-ICS IN acionai JJIIDK.Pine Grove: Pine Grove National
Bank & Trust Co.Pittston: First National Bank
Liberty National BankPlymouth: First National BankPort Allegany: First National Bank.Pottstown:
Citizens National Bank & TrustCo.
National Bank of PottstownNational Iron Bank
Pottsville:Merchants National BankMiners National Bank_._Pennsvlvania National Bank &
Trust Co.Reading:
Farmers National Bank & TrustCo.
Penn National Bank & Trust Co_Reading National Bank & Trust
CoRed Lion:
Farmers & Merchants NationalBank.
First National Bank & Trust Co.Ridgway: Ridgway National Bank..Sayre: First National BankSchuylkill Haven: First National
Bank & Trust Co.Schwenksville: National Bank <fc
Trust Co.Scranton:
First National BankThird National Bank & Trust Co.Union National Bank.
Selinsgrove: First National Bank....
Powersgranted
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DISTRICT NO. 3—Continued
PENNSYLVANIA—continued
Shamokin:Market Street National BankNational Dime Bank of Shamokin.
Shenandoah:Merchants National BankMiners National Bank
Shickshinny: First National BankShippensburg:
First National BankPeoples National Bank
Smethport: Grange National Bankof McKean County-
Souderton: Union National Bank &Trust Co.
Spring City: National Bank & TrustCo.
State College:First National BankPeoples National Bank
Stroudsburg: First Stroudsburg Na-tional Bank
Sunbury: First National BankSwarthmore: Swarthmore National
Bank & Trust Co.Tamaqua:
First National BankTamaqua National Bank
Tioga: Grange National BankTopton: National Bank of Topton...Towanda: Citizens National Bank..Tyrone: First Blair County National
Bank.Watsontown : Farmers N a t i o n a l
BankWaynesboro:
Citizens National Bank & TrustCo.
First National Bank & Trust Co.Weatherly: First National BankWernersville: Wernersville National
Bank & Trust Co.West Chester:
First National BankNational Bank of Chester County
O6 A 1 U . 0 I V-^U.
West Grove: National Bank & TrustCo.Wilkes-Barre:
Miners National BankSecond National BankWyoming National Bank
Williamsport:First National BankWilliamsport National Bank
Wrightsville: First National BankYork:
Central National Bank & TrustCo.
Drovers and Mechanics NationalBank.
First National BankIndustrial National Bank of
West York.Western National BankYork County National BankYork National Bank & Trust Co.
DISTRICT NO. 4
KENTUCKY
(See also District no. 8)
Ashland:Second National BankThird National Bank
Brooksville: First National BankCovington: First National Bank &
Trust Co.Cynthiana:
Farmers National BankNational Bank of Cynthiana
Powersgranted
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http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
368 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 4—Continued
KENTUCKY—continued
Georgetown:First National Bank _Georgetown National Bank
Harlan: Harlan National BankLexington: First National Bank &
1 rust oo.Ludlow: First National BankMiddlesboro: National Bank of
Middlesboro.Mount Sterling:
Montgomery National BankMount Sterling National BankTraders National Bank
Newport:American National BankNewport National Bank
Paintsville: Second National Bank...Paris: First National BankPikeville: First National BankRichmond: Madison Southern Na-
tional Bank & Trust Co.Saylersville: Saylersville National
x>anK.Somerset:
Farmers National BankFirst National Bank
Williamsburg: First National Bank..Winchester: Clark County National
Bank
OHIO
Alliance: Alliance First NationalAshtabula:
Farmers National Bank & TrustCo.
National Bank of AshtabulaAthens:
Athens National BankBank of Athens, N. B A
Bellaire: First National BankBradford: First National BankCambridge: Central National Bank-Canton: First National BankCincinnati:
Atlas National BankFirst National BankLincoln National BankSecond National Bank
Circleville: First National BankCleveland:
Central United National Bank...National City Bank
Columbus:City National Bank & Trust Co.Huntington National BankOhio National Bank
Coshocton:Commercial National BankCoshocton National Bank
Day lOn.Merchants National Bank &Trust Co.Third National Bank & Trust
Co.Winters National Bank & Trust
Co.East Liverpool: First National Bank.Findlay: First National Bank &
Trust Co.Greenville: Second National Bank...Hamilton:
First National Bank & TrustCo.
Second National BankHillsboro: Merchants National Bank.Lancaster: Fairfield National Bank..
Powersgranted
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1 to 9.
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1 to 7 and 9.1 to 7 and 9.1 to 7 and 9.
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1 to 7 and 9.1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9Ito9.1 to 7 and 9.1 to 7 and 9.
DISTRICT NO. 4—Continued
OHIO—continued
Lebanon: Lebanon - Citizens Na-tional Bank & Trust Co.
Lima: National Bank of LimaMansfield:Citizens National Bank & Trust
CoMansfield Savings Trust Na-
tional Bank.Marietta:
Citizens National BankFirst National Bank
Marion: National City Bank &Trust Co.
Mount Vernon: The Knox NationalBank.
Newark: Park National BankNew Philadelphia—Citizens National
Bank.Piqua:
Citizens National Bank & TrustCo.
Piqua National Bank & TrustCo.
Portsmouth: Security Central Na-tional Bank.
Ravenna: Second National BankSt. Clairsville: First National BankSandusky: Third National Exchange
Bank.Springfield:
First National Bank & Trust Co..Lagonda-Citizens National Bank.
Steubenville:National Exchange Bank & Trust
Co.Peoples National Bank..
Tiffin:Commercial National BankTiffin National Bank
Toledo: First National Bank...Troy: First Troy National Bank &
Trust CoUrbana: Champaign National Bank..Warren: Second National BankWilmington: Clinton County Na-
tional Bank & Trust Co.Wooster: Wayne County National
Bank.Youngstown:
Mahoning National BankUnion National Bank
ABI16SVU16.
Citizens National Bank in Zanes-ville.First National Bank
PENNSYLVANIA
(See also District no. 3)
A.rnold: National Deposit Bank ofBeaver Falls: First National Bank...Butler: Butler County National
Bank & Trust Co.Charleroi: National Bank of Charle-
roi & Trust Co.Connellsville: National Bank &
Trust Co. of Connellsville.Erie:
First National BankMarine National BankSecond National Bank
Ford City: First National Bank &Trust Co.
Franklin: Lamberton National Bank.Greensburg: First National Bank &
Trust Co.
Powergranted
1 to 7 and 9
1 to 7 and 9.
1 to 4 and 9.1 to 7 and 9.
1 to 7 and 9.1 to 7 and 9.1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.1 to 7 and 9.
Ito9.
1 to 7 and 9.1 to 7 and 9
1, 4, and 91 to 7 and 9.Ito9.
Ito9.1 to 7 and9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.1 to 7 and 9.1 to 7 and 9.1 to 7 and 9Ito7and9.1 to 9.1 to 7 and 9
1 to 9.
1 to 9.1 to 7 and 91 to 7 and 9
1, 4, and 9.
Ito9.Ito9.1 to 9.
Ito9.
Ito9.
1 to 9.1 to 9.1 to 9.Ito9.Ito9.Ito9.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIARY POWERS 369
DISTRICT NO. 4—Continued
PENNSYLVANIA—continued
Greenville:First National BankGreenville National Bank
Grove City:First National BankGrove City National Bank
Knox: Clarion County NationalBank of Edenburg.
Leeehburg: First National BankMcKeesport: First National Bank___Meadviile:
First National BankMerchants National Bank &
Trust Co.Meyersdale: Citizens National Bank..Monessen: Peoples National Bank
& Trust Co.Monongahela City: First National
Bank.New Bethlehem: First National
T>__.IjuanK.
New Brighton: Union National Bank.New Castle:
Citizens National BankFirst National Bank of Lawrence
County.New Kensington:
First National BankLogan National Bank & Trust
Co.Oakmont: First National BankOil City:
First National BankOil City National Bank
Pittsburgh:Farmers' Deposit National Bank.First National Bank. _Forbes National BankMellon National BankNational Bank of America at
•pittehnrtrV*Mr l l lSQUrgG
Union National BankPunxsutawnoy: Punxsutawney Na-tional Bank.
Reynoldsville: First National Bank..Sharon:
First National BankMcDowell National Bank.Merchants and Manufacturers
National Bank.Tarentum: First National Bank &
Trust Co.Titusville: Second National BankUniontown: Second National Bank.-.Warren: Warren National Bank.Washington: Citizens National Bank..
Waynesburg: First National Bank& Trust Co.
Zelienople: Peoples National Bank
WEST VIBGINIA
(See also District no. 5)
Elm Grove: First National Bank3istersviJle: Union National BankWheeling-
National Bank of West Virginia-National Exchange Bank ._
DISTRICT NO. 5
D18TBICT OF COLUMBIA
Washington:Franklin National BankHamilton National BankLiberty National Bank
Powersgranted
1 to9.Ito9.
Ito9.1 to 9.Ito9.
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Ito5,7to9.Ito9.
1 to9.Ito8.
1 to 3, 5 to 8.
Ito9.
Ito9.
Ito9.Ito9.
Ito8.1 to 7.
1.
1 to 9.1 to9.
4 and 9.1 to 9.1 to 9.I to 9.Ito9.
1 to 9.1 to 9.
Ito9.
1 to 9.1 to 8.1 to 9.
1 to 9.
1 to 9.Ito9,1 to 9.1 to 3, 5 to
7, and 9.Ito5,7to9.
1 to 4.
Ito9.Ito9.
1 to9.1 to 9
1 to 8Ito8.1 to8.
DISTRICT NO. 5-Continued
DISTRICT OF COLUMBIA—continued
Washington—Continued.Lincoln National Bank--National Bank of WashingtonNational Metropolitan BankRiggs National BankSecond National Bank
MABYLANDBaltimore:
Baltimore National BankFirst National BankWestern National Bank
Cumberland:First National BankSecond National Bank
Denton: Denton National Bank.Easton: Easton National BankFrederick:
Farmers & Mechanics NationalBank.
Hagerstown:Nicodemus National BankSecond National Bank
Pocomoke City: Citizens NationalBank.
Rising Sun: National Bank of RisingSun.
Rockville: Montgomery County Na-tional Baqk.
Salisbury: Salisburv National Bank..Snow Hill: First National BankTowson: Towson National BankWestminster:
Farmers & Mechanics National"Rant15 a l l K.
First National BankWilliamsport: Washington CountyNational Bank.
NORTH CAROLINA
Asheboro: First National BankAshevillo: First National Bank &
Trust Co. in Asheville.Charlotte:
Charlotte National Bank. . .Commercial National BankMerchants & Farmers National
Bank.Union National Bank
Concord: Concord National Bank . . .Elizabeth City: First <fe Citizens
National Bank.Gastonia: First National BankGraham: National Bank of Ala-
mance.Greensboro: Security National Bank.Mooresville: First National BankMorganton: First National BankMount Airy: First National Bank...Oxford: First National Bank of
Granville at; Oxford.Reidsville: First National BankRocky Mount: Planters National
OcillK OC 1 ruSD v-O.
Salisbury: First National BankThomasville: First National Bank...Wadesboro: First National BankWinston-Salem: Farmers National
Bank & Trust Co.
8OUTH CABOLINA
Anderson: Carolina National Bank..Camden: First National BankCharleston:
Atlantic National BankSouth Carolina National Bank...
Chester: Peoples National Bank
Powers1 granted
i
Ito8.1 to 8.Ito8.1 to 8.1 to 8.
1 to 9.Ito9.1 to 9.
Ito9.Ito9.Ito9.Ito9.
Ito9.
Ito9.Ito9.Ito9.
Ito9.
Ito3.
Ito9.Ito9.Ito9.
Ito9.
Ito9.Ito9.
Ito9.1 to 9.
Ito9.1 to 9.Ito9.
Ito9.Ito91 to 9
1 to 9.1 to 9.
Ito9.Ito9.1 to 9.1 to 9.1 to 9.
Ito9.Ito9.
1 to 9.1 to 9.Ito9.1 to 9.
Ito9.Ito9.
1 to 9.Ito9.Ito9.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
370 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 5—Continued
SOUTH CAROLINA—continued
Gaffney: Merchants & Planters Na-tional Bank.
Greenville:First National BankPeoples National Bank
Holly Hill: First National Bank.Orangeburg: Edisto National BankRock Hill: Peoples National Bank...Sumter: National Bank of South
Carolina.
VIRGINIA
Abingdon: First National BankAlexandria:
Alexandria National BankCitizens National BankFirst National Bank
AppalacMa: First National BankBedford: Peoples National BankBlackstone: First National Bank.....Bristol: Dominion National BankCharlottesvMe:
National Bank & Trust Co. atCharlottesville.
Peoples National Bank ,Clifton Forge:
Clifton Forge National BankFirst National Bank
Covington:Citizens National BankCovington National Bank
Crewe: First National BankCulpeper: Second National BankDanville:
American National Bank &Trust Co.
First National Bank-Emporia:
Citizens National BankFirst National Bank -
Fairfax: National Bank of Fairfax—.Fannville:
First National BankPeoples National Bank
Frederick sburg: Planters NationalBank in Frederieksburg.
Hampton: Merchants N a t i o n a lBank.
Harrisonburg:First National BankNational Bank of Harrisonburg.-Rockingharn National Bank
Leesburg:Loudoun National BankPeoples National Bank
Lexington:First National BankPeoples National BankRockbridge National Bank....
Lovingston: First National Bank ofNelson County.
Lynchburg:First National BankLynchburg National Bank &
Trust Co.Marion: Marion National BankMarshall: Marshall National Bank
& Trust CoMartinsville: First National Bank__Narrows: First National Bank __'Newport News: First National BaDkNorfolk:
National Bank of CommerceSeaboard Citizens National Bank.
Norton: First National Bank
Ito9.
Ito9.1 to 9.1 to 3, 5 to 9.1 to 9.Ito9.Ito9.
Ito9.
Ito9.1 to 9.Ito9.1.Ito9.Ito9.
Ito9.
Ito9.
Ito9.
Ito9.1 to 6 and 9.Ito9.Ito4.1 to 9.Ito9.Ito9.
Ito9.ito9.Ito9.Ito9.
Ito9.Ito9.Ito9.
Ito9.
1 to 9.Ito9.Ito9.
Ito9.1 to 9.
Ito9.Ito9.Ito9.Ito9.
Ito9.Ito9.
Ito9.Ito9.
Ito9.Ito9.1 to 9.
1 to 9.Ito9.Ito9.
DISTRICT NO. 5—Continued
VIRGINIA—continued
Orange:Citizens National BankNational Bank of Orange
Phoebus: Old Point National Bank.Portsmouth: American National
Bank.Pulaski:
Peoples National BankPulaski National Bank
Radford: First and Merchants Na-tional Bank.
Richmond:Central National BankFirst & Merchants National
Bank.Roanoke:
Colonial American National BankFirst National Exchange Bank...
Rockymount: Peoples NationalBank.
Salem: Farmers National BankStanley: Farmers & Merchants Na-
tional Bank.Staunton:
Augusta National BankNational Valley BankStaunton National Bank & Trust
Co.Strasburg:
First National BankMassanutten National Bank
Suffolk: National Bank of SuffolkWarrenton: Fauquier National
Bank.Waynesboro: First National BankWinchester:
Farmers & Merchants NationalBank & Trust Co.
Shenandoah Valley NationalBank.
Wytheville: First National FarmersBank.
WEST VIRGINIA
(See also District no. 4)
Beckley: Beckley National BankBluefield:
First National BankFlat Top National Bank -
Charleston: jCharleston National BankNational Bank of Commerce
Clarksburg: |Empire National BankMerchants National Bank ]Union National Bank
Graf ton: First National BankHuntington: First Huntington Na-
tional Bank.Logan: First National BankMadison: Boone National Bank.Martinsburg: Old National BankMontgomery: Montgomery National
Bank.Moorefield: South Branch Valley
National Bank.Parkersburg: Parkersburg National
Bank.St. Marys: First National BankWelch: McDowell County National
Bank in Welch.Williamson:
First National BankNational Bank of Commerce
Ito9.I to9.I to9.1.
Ito9,Ito9.Ito9.
Ito9.1 to 9.
I to9.Ito9.Ito9.
1 to 9.Ito9.
1 to 9.1 to 9.1 to 9.
Ito9.1 to 9.I to9.1 to 9.
1 to 9.
1 to 9.
I to9.
I to9.
Ito9.1 to 9.1 to 9.
1 to 9.1 to 9.1 to 9.1 to 9.1 to 91 to 9.Ito9.
1 to 9.Ito4.1 to 9.Ito9.
1 to 3,5 to).
I to9.
1 to 9.1 to 9.
I to9.Ito9.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIARY POWERS 371
DISTRICT NO. 6
ALABAMA
Albertville: Albertville NationalBank.
Anniston:Anniston National Bank.Commercial National Bank
First National BankBirmingham: First National Bank...Cullman: Leeth National BankDecatur: Morgan County National
BankDothan': First National BankFayette: First National BankFlorence: First National BankFort Payne: First National BankGreenville: First National BankTVTnVkila«jviooiie:
American National Bank & TrustCo.
First National BankMerchants National Bank
Montgomery:Alabama National BankFirst National Bank
Oneonto: First National BankOpelika:
Farmers National BankFirst National Bank
Opp: First National BankPiedmont: First National BankSelma: City National BankSylacauga: Merchants & PlantersNational Bank.Talladega:
Isbell National Bank
Talladega National BankTroy: First Farmers & Merchants
National Bank.Tuscaloosa:
City National BankFirst National Bank
Wetumpka: First National Bank
FLORIDA
Bradenton: First National BankDaytona Beach: First Atlantic Na-
tional Bank.De Funiak Springs: First National
Bank.Fort Myers: First National BankTo nircrkn Trill o»Atlantic National Bank
Barnett National BankFlorida National Bank
Lake City: First National BankMiami:
First National Bank. _Florida National Bank & Trust
Co. at Miami.Miami Beach: Miami Beach First
iNationaj DHIIK.Ocala: Munroe & Chambliss Na-
tional BankOrlando: First National Bank &Trust Co.
Pensacola: Citizens & Peoples Na-tional Bank.
St. Augustine: St. Augustine Na-tional Bank.
Sanford: Sanford Atlantic NationalBank.
Sarasota: Palmer National Bank &Trust Co.
Tampa:Exchange National BankFirst National Bank
Winter Haven: Exchange NationalBank.
Powersgranted
Ito9.
1 to 7, and 9.1 to 5, 7
and 9.1 to 8.1 to 9.1 to 4.1,2,3, and 5.I to8.1 to 9.1 to 8.1.Ito9,Ito9.
1 to 91 to 9.
1 to 9.Ito9.Ito3,5to9.
1 to 9.1 to 7.1 to 9.Ito3.1 to 8.Ito9.
1 to 3, 5 to7, and 9.
Ito9.1 to 7 and 9.
1 to 8.1 to 8.1 to 9.
1 to 4.Ito9.
Ito8.
Ito9.Ito9.Ito9.1 to 9.1 to 9.
Ito9.Ito9.
1 to 9.Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 3, 5 to 7and 9.
1 to 9.Ito8.Ito9.
DISTRICT NO. 6—Continued
GEORGIA
Albany: City National BankAthens: National Bank of AthensAtlanta.
First National BankFulton National Bank
Augusta: National Exchange Bank...Barnesville: First National BankBrunswick: Na t iona l Bank of
Brunswick.Cartersville: First National Bank...f^r lmnVvncv> Ui. lUXlU UD •
First National BankFourth National BankDalton: First National BankElberton: First National BankLa Grange: La Grange National
"RantJj&nK.
Louisville: First National BankMacon: First National Bank & TrustCo.
Moultrie: Moultrie National BankQuitman: Peoples-First National
Bank.Rome:
First National BankNational City Bank
Savannah:Citizens & Southern National
Bank.Liberty National Bank & Trust Co.
LOUISIANA
(See also District no. 11)Hammond: Citizens National Bank..La Fayette: First National BankLake Charles:
Calcasieu National Bank in LakeCharles.
First National Bank..-.New Orleans:
Hibernia National Bank in NewOrleans.
National Bank of CommerceWhitney National Bank
MISSISSIPPI(See also District no. 8)
Biloxi: First National BankCanton: First National BankHattiesburg: First National BankJackson: Jackson State National
Bank.Laurel:
Commercial National Bank &Trust Co.
First National BankMcComb City: First National Bank.Meridian: Citizens National Bank.Vicksburg:
First National Bank & Trust Co.Merchants National Bank &
Trust Co.Yaroo City: Delta National Bank....
TENNESSEE
(See also Distiict no. 8)Chattanooga:
Commercial National Bank-First National BankHamilton National Bank
Clarksville: First National Bank .Copperhill: First National Bank of
Polk County.Decherd: First National Bank of
Franklin County.Fayetteville:
Elk National BankFirst National Bank
Powersgranted
Ito9.1 to 4.Ito9.Ito9.Ito9.Ito8.Ito9.
Ito9.Ito9.Ito9.Ito5.Ito9.Ito8.Ito9.Ito9.
Ito9.ltog.
Ito9.Ito9.
Ito9.
Ito9.
Ito9.Ito9.
Ito9.
ltoQ.
Ito9.
Ito9.Ito9.
Ito5.Ito4.Ito9.1 to 7 and 9.
1 to 9.
1 to 91 to 3 and 5.1 to 9.
Ito9.Ito9.ltoO.
Ito9.1 to 9.1 to9.1.1 to 3, 5 to 3.
1,3 to 9.
1 to 3 and 5.1 to 3, 5 to 9.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
372 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 6—Continued
TENNESSEE—-continued
Gallatin: First & Peoples NationalBank.
Greeneville: First National BankKingsport: First National BankKnoxville:
Hamilton National BankPark National Bank
Lewisburg: First National BankNashville:
American National Bank._.Broadway National BankThird National Bank
Shelbyville: Peoples National Bank-South Pittsburg—First National
Bank.Springfield: First National Bank
Tullahoma: Traders National Bank..Winchester: Farmers National Bank-.
DISTRICT NO. 7
ILLINOIS
(See also District no. 8)
Amboy: First National BankAurora:
Aurora National BankMerchants National BankOld Second National Bank
Batavia:Batavia National Bank .First National Bank . .
Belvidere: Second National BankBlue Island- First National BankCharleston: National Trust Bank....f~! 1— £ ^ A «*r/% •
unicago.American National Bank & TrustCo.City National Bank & Trust Co..Continental Illinois National
Bank & Trust Co.Continental National Bank &
Trust Go.First National Bank _First National Bank of Engle-
wood.Lawndale National BankLive Stock National BankMutual National BankNational Builders BankTerminal National Bank
Chillicothe: First National BankDanville:
First National BankPalmer American National Bank.Second National Bank
Decatur:Citizens National BankNational Bank of Decatur
Des Plaines: First National BankDixon: Dixon National BansDundee: First National BankEl Paso: Woodford County Na-
tional Bank.Evanston: First National Bank &
l rust oo.Galesburg: First Galesburg National
Bank & Trust Co.Havana Havana National BankKankakee: City National BankKnoxville: Farmers National Bank.—Lake Forest: First National Ban_k.—La Salle: La Salle National Bank
& Trust Co.Lincoln: Lincoln National Bank.Macomb: Union National Bank
Powersgranted
ltoQ.
Ito9.1 to 7 and 9.
Ito9.1 to 9.1 to 8.
Ito9.1 to 7 and 9.1 to 91 to 3, 5 to 9.Ito9.
2, 3, 5 to 7,and 9.
Ito9.Ito3, 5to9.
Ito9.
Ito9.1 to 9.Ito9.
Ito9.Ito8.1 to 9.Ito9.Ito9.Ito9.
Ito9.Ito9.
Ito9.
Ito9.Ito4.
Ito9.1 to 9.Ito9.Ito9.1 to 9.Ito9.
Ito9.1 to 9.Ito8.
Ito9.1 to 9.Ito9.1 to 9.1 to 9.Ito9.
Ito9.
Ito9.
Ito9.1 to 4.Ito9.Ito9.Ito9.
Ito9.Ito9.
DISTRICT NO. 7—Continued
ILLINOIS—continued
Mattoon: National Bank of Mattoon.Moline: Moline National Bank.Montieello: First National BankNaperville: First National BankOttawa: First National BankParis:
Citizens National BankEdgar County National Bank
Pekin: American National BankPeoria:
Central National Bank & TrustCo.
Commercial Merchants NationalBank & Trust Co.
First National BankPontiac: National Bank of Pontiac...Princeton: Citizens National Bank...Rock ford:
Illinois National Bank & Trustl ^ O .
Swedish-American National BankThird National Bank
St. Charles: St. Charles NationalBank.
Savanna: First National Bankopringtieia.
First National BankIllinois National Bank
Streator: Union National Bank- :_ .Sycamore: National Bank & Trust
Co.Waukegan: First National BankWoodstock: American Na t iona l
Bank.INDIANA
(See also District no. 8)Albion: Albion National BankAttica: Central National Bank &
Trust Co.Auburn: City National BankAurora: First National BankBatesville: First National BankBloomington:
Bloomineton National BankFirst National Bank
Bluffton: Old First National Bank._Brazil: Riddell National Bank __Brookville:
Franklin County National Bank.National Rrookville Bank
Clay City: First National BankCloverdale: First National BankColumbus: First National BankCrawfordsville:
Citizens National BankFirst National Bank..
Dana: First National BankDyer: First National BankEast Chicago:
First National Bank in EastChicago.
Union National Bank of IndianaHarbor at East Chicago.
Elkhart: First National BankElwood- First National BankFort Wayne;
Fort Wayne National BankLincoln National Bank & Trust
Co.Franklin: Citizens National BankGoshen: City National BankGreensburg:
Citizens Third National Bank &Trust Co.
Greenwood: First National BankHartford City: First National Bank..
Powersgranted
Ito9.1 to 9.Ito9.1 to «.Ito9.
1 to 9.1 to 9.1 to 9.
1 to 9.
1 to 9.
1 to 9.1 to 9.1 to 3, 5 to 8.
1 to 9.Ito9.Ito9.1 to 9.Ito9,
1 to 9.1 to 9.1 to 9.Ito9.
Ito9.Ito9.
2,3,5, and 8.Ito9.
Ito9.1 to 9.Ito9.
1 to 9.1 to 7 and 9.1 to 9.Ito9.
1 to 4.1 toft.1 to 9.1 to 9.Ito9.
1 to 4.1 to 9.1 to 3.1 to 4.
1 to 9.
1 to 9.
1 to 9.I to 8.1 to 9.1 to 9.
Ito8.1 to 9.
Ito9.
1 to 9.Ito9.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDTJCIAEY POWERS 373
DISTRICT NO. 7—Continued
INDIANA—continued
Indianapolis:Fletcher American National
Bank.Indiana National BankMerchants National Bank
Knightstown: Citizens N a t i o n a lBank,
La Fayette: First-Merchants Na-tional Bank.
La Porte: First National Bank &Trust Co.
Liberty: Union County National"RantxJailK.
Logansport: National Bank of Lo-gansport.Lowell: Lowell National BankMarion: First National Bank in
Marion.Michigan City:
First National BankMerchants National Bank
Mishawaka: First National BankMonterey: First National BankNew Carlisle: First National Bank . .Noblesville: American National
Bank.Plainfield: First National Bank &
Trust Co.Remington: Farmers National Bank..Richmond:
First National BankSecond National Bank ___
Rochester: First National Bank
Rockville: Rockville National Bank..Rushville:
Rush County National BankRushville National Bank.Shelbyville:
Farmers National BankShelby National Bank
South Bend:Citizens National BankMerchants National Bank
Terre Haute: Terre Haute First Na-tional Bank.
Thorntown: Home National Bank...Tipton: Citizens National BankWabash: Farmers & Wabash Na-
tional Bank.IOWA
Akron: First National Bank.Arlington: American National Bank-Aureiia: First National BankBelle Plaine: Citizens National Bank.Boone: First National Bank.Cedar Rapids: Merchants National
"Rani?JuaQK,
Charles City:Citizens National BankCommercial National Bank
Charter Oak: First National Bank...Clinton: City National BankColumbus Junction: Louisa County
National Bank.oouncu £>iuns:
City National Bank.First National Bank
Creston: First National BankDes Moines:
Central National Bank & TrustCo.
Iowa-Des Moines National Bank& Trust Co.
Dubuque: First National Bank.Dysart: Dysart National Bank
Powersgranted
lto 9.
l to 9.l to 9.1 to 3,5 to 7,
and 9.l to 8.
l to 9.
l to 3.l to 9.
lto 8.1 to 9.
l to 9.l to 9.l to 9.Ito3,5tofi.l to 9.lto 9.
1 to 9.
1 to 3, 5 to 8.
1 to 9.lto 9.1 to 5,7, and
9.l to 9.
l to 4.l to 4.l to 9.Ito9.
l to 9.l to 9.l to 9.l to 8.lto 9.l to 7.
lto 9.l to 3.l to 91 to 3, 5 to 9.lto 7 and 9.l to 4.
l to 9.l to 9.1,2,3, and 5.l to 9.1,2,3, and 5.
l to 8.l to 9.lto 9.
lto 9.
l to 9.
l to 9.l to 9
DISTRICT NO. 7—Continued
IOWA—continued
Eldon: First National BankFairfield: First National BankFonda: First National BankFort Dodge: Fort Dodge National
Bank.Gladbrook: First National BankGrinnell: Powesh iek County
National Bank.Hampton: Citizens National Bank...Harlan: Harlan National Bank . . .Ha warden: First National BankIowa City: First Capital National
BankKeokuk: Keokuk National BankKnoxville: Community National
Bank & Trust Co.Mason City: First National BankNewton: Newton National Bank _Odebolt: First National BankOelwein: First National BanKOrange City: Orange City National
Bank.Paullina: First National Bank . . .Perry: First National BankPeterson: First National BankPrimghar: First National BankRed Oak: First National BankRemsen: First National BanK .Rippey: First National BankRockwell City: Rockwell City Na-
tional Bank.Sibley: First National BankSioux City:
First National Bank in Sioux CityLive Stock National BankSecurity National BankToy National BankSpencer: Clay County National
BankStorm Lake: Citizens First National
Bank.Thornton: First National BankWaverly: First National BankWebster City:
Farmers National BankMICHIGAN
(See also District no. 9)
Ann Arbor: First National Bank &Trust Co.
Battle Creek:City National Bank & Trust Co.Old Merchants National Bank
& Trust Co.Benton Harbor: Farmers & Mer-
chants National Bank & Trust Co.Charlotte: First National BankColdwater:
Coldwater National BankSouthern Michigan National
Bank.Detroit:
Manufacturers National Bank..National Bank of Detroit
Flint: First National Bank & TrustCo
Hillsdale: First National BankIonia: National Bank of IoniaJackson: National Bank of Jackson.Kaiamazoo: First National Bank &
Trust Co.Lansing: Capital National BankLapeer: First National BankLudington: First National Bank &
Trust Co.Monroe: First National Bank
Powersgranted
l to 9.l to 8.l to 4.l to 8.
1 to 3.l to 9.
l to 9.l to 8.1,2,3,5 to 8.l to 9.
l to 9.lto 9.
l to 9.l to 9.l to 4.l to 7.l to 9.
1 to 7 and 9.l to 9.l to 4.lto 9.l to 9.1 to 8.1,2,3, 5 to 8.l to 9.
1 to 3.
l to 9.l to 9.l to 9.lto 9.1 to 9.
l to 9.
l to 9.1 to 4.
l to 9.
l to 9.
l to 8.l to 9.
l to 9.
2,3,5, and 8.
2,3,5, and 8.1 to 9.
1 to 9.lto 9.l to 9.lto 5 and 8.1 to 9.1 to 9.i toy.
lto 4.2,3,5, and 8.2,3,5, and 8.
l to 9.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
374 ANNUAL REPORT OP THE FEDERAL, RESERVE BOARD
DISTRICT NO. 7—Continued
MICHIGAN—continued
Muskegon: Hackley Union NationalBank.
Petoskey: First National Bank_Port Huron: First National Trust &
Savings Bank.Quincy: First National Bank_St. Johns: St. Johns National BankSaginaw; Second National Bank &
Trust Co.Union City: Union City National
Bank.
WISCONSIN
(See also District no 9)
Antigo:First National BankLanglade National Bank
T)oairor T" QTYI *American National Bank__Old National Bank
Beloit: Second National BankBerlin: First National BankDarlington: First National BankEdgerton: First National BankFond du Lac:
Commercial National BankFirst Fond du Lac National Bank
Green Bay: Kellogg Citizens Na-tional Bank.
Hartford: First National BankJanesville: First National BankLake Geneva: First National Bank..Manitowoc: First National Bank in
IVXs-mitovsrocMarinette: First National BankMarshfield: American N a t i o n a l
Bank.Menasha: First National Bank_Milwaukee:
Marine National Exchange Bank.Monroe: First National BankNeenah:
First National BankNational Manufacturers Bank
Platteville: First National BankRacine: First National Bank &
Trust Co.Hipon: First National Bank3heboygan: Security National Bank-Sparta: Farmers National Bank3tevens Point:
Citizens National BankFirst National Bank
Viroqua: First National BankWaukesha: Waukesha National
Bank.Wan pun: National Bank of Waupun.West Bend: First National BankWisconsin Rapids: First National
Bank.
DISTRICT NO. 8
ARKANSAS
El Dorado: First National BankFayetteville: First National BankFordyce: First National BankFort Smith:
City National BankFirst National Bank...Merchants National Bank
Hot Springs: Arkansas NationalBank.
Marianna: Lee County NationalBank.
Newport: First National Bank-
Powersgranted
Ito9.
Ito4.Ito9.
2.3.5. and 8.2,3,5, and 8.Ito8.
2,3,5, and 8.
Ito8.1 to 3,5 to 8.
Ito9.1 to 9.1 to 9.1 to 9.1 to 8.1 to 8.
1 to 8.1 to 8.Ito9.
1 to 7 and 9.1 to 9.1 to 9.1 to 9.
1 to 9.1 to 9.
1 and 4.
1 to 9.1 to 9.
1 to 9.Ito3.Ito9.Ito9.
Ito9.Ito9.1 to 9.
Ito9.1 to 8.1 to 9.Ito8.
1 to 9.1 to 9.I to 9.
Ito9.1 to 9.1 to 9.
1 to 9.1 to 9.1 to 9.I to 9.
Ito9.
Ito8.
DISTRICT NO. 8-Continued
ARKANSAs—continued
Paris: First National BankPine Bluff: Simmons National Bank.Texarkana: State National Bank
ILLINOIS
(See also District no. 7)
Alton: First National Bank & TrustCo. in Alton.
Belleville:Belleville National BankFirst National BankSt. Clair National Bank...
Benld: First National Bank of Benld..Breese: First National BankBridgeport: First National BankBunker Hill: First National Bank...Carlinville: Carlinville N a t i o n a l
OciDK.
Carlyle: First National Bank—Carmi: National Bank of CarmiCentralia: Old National BankEdwardsville: Edwardsville Nation-
al Bank & Trust Co.Effingham: First National BankHighland: First National BankJonesboro: First National BankLebanon: First National BankMascoutah: First National BankMetropolis: City National BankMillstadt: First National BankMount Carmel—American - F i r s t
National Bank.Murphysboro: First National Bank—l\i doll VlllC
Farmers & Merchants NationalBank.First National Bank
National Stock Yards: NationalStock Yards National Bank of Na-tional City.
O'Fallon: First National BankPittsfield: First National BankSDarta: First National BankVandalia: First National Bank
INDIANA
(See also District no. 7)
Bedford: Bedford National BankBicknell: First National BankBoonville: First National BankBrownstown: First National Bank...
Cannelton: First Cannelton Na-tional Bank.
Evansville:National City BankOld National Bank
Fort Branch: Farmers & MerchantsNational Bank.
Madison: First National BankMitchell: First National BankNew Albany: New Albany National
Bank.Petersburg: First National BankPrinceton:
Farmers National Bank
Seymour: Seymour National BankTell City:
Citizens National BankTell City National Bank
Vevay: First National BankVincennes: American National BankWadesville: Farmers National Bank-
Powersgranted
Ito9.1 to 9.Ito9.
1 to 9.
1 to 9.1 to 9.1 to 9.1 to 3,5 to 81 to 9.i to 9.1 to 9.I to 9.
1 to 9.1 to 9.1 to 9.1 to 3, 5 to 7,and 9.
1 to 9.1 to 9.1 to 9.1 to 9.1 to 9.L to 4.1 to 9.1 to 9.
1 to 8.
Ito9.
1 to 9.1 to 9.
Ito9.I to 9.1 to 3,5 to 7.1 to 8.
1 to 3, 5 to 9.1 to 9.1 to 9.1 to 3, 5 to 7,
and 9.1 to 3, 5 to 8.
1 to 9.1 to 9.1 to 9.
1 to 7.1 to 9.1 to 5.1 to 9.
2, 3, and 5.
1 to 3, 5 to 7,and 9
1 to 9.
1 to 7 and 9,1 to 9.1 to 9.1 to 9.1 to 9.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIAET POWEES 375
Powersgranted
Powersgranted
DISTRICT NO. 8-Continued
INDIANA—continued
Washington:Peoples National Bank & Trust
Co.Washington National Bank
KENTUCKY
(See also District no. 4)
Bowling Green—American NationalBank.
Carrollton:Carrollton National BankFirst National Bank. _
Clay: Farmers National BankClinton: First National BankColumbia: First National Bank &
Trust Co.Danville:
Citizens National BankFarmers National Bank
Elizabethtown: First-Hardin Na-tional Bank.
Frankfort: State National BankLawrenceburg:
Anderson National BankLawrenceburg National Bank
Lebanon:Citizens National BankFarmers National BankMarion National Bank
Louisville:Citizens Union National Bank—.First National Bank
Madisonville: Farmers Nat ionalBank.
Mayfield: First National BankMorganfield: Morganfield National
Bank.Owensboro: National Deposit Bank
of Owensboro.Paducah: Peoples National BankPrinceton:
Farmers National BankFirst National Bank
MISSISSIPPI
(See also District no. 6)
Columbus: First Columbus NationalBank.
Greenville: First National Bank
West Point: First National Bank
MISSOURI
(See also District no. 10)Carrollton: First National BankColumbia:
Boone County National BankExchange National Bank..
Hannibal: Hannibal National Bank-Jefferson City: Exchange National
Bank.Kirksville: Citizens National Bank-Luxemburg: Lafayette Na t iona l
Bank & Trust Co.Monett: First National Bank...Pierce City: First National BankSt. Charles: First National BankSt. Louis:
Boatmen's National Bank..First National BankMercantile Commerce National
Bank in St. Louis.Security National Bank, Savings
& Trust Co.49753—34 25
Ito9.
Ito9.
1 and 4.
1 to 9.Ito9.Ito9.Ito9.1 to 3,5 to 8.
Ito9.Ito8.Ito9.
Ito9.
Ito3, 5to9Ito8.
Ito9.Ito9.Ito6.
Ito9.Ito9.1 to 9.
Ito9.1 to 9.
Ito9.
Ito9.
1 to 9.1 to 3,5 to 9.
Ito9.1 to 4.Ito9.
Ito8.Ito9.1 to 8.Ito9.1 to 9.
Ito8.Ito9
Ito9.Ito9.Ito9.
1 to 9.1 to 4.Ito9.
Ito9.
DISTRICT NO. 8—Continued
MISSOURI—continued
Sedalia: Third National BankSDringfield: Union National Bank.Trenton: Trenton National BankUnionville: Marshall National Bank-Warrensburg: Peoples National
Bank.
TENNESSEE
(See also District no. 6)
Dyersburg: First-Citizens NationalBank.
Jackson:First National BankNational Bank of Commerce
Memphis:First National BankNational Bank of Commerce in
Memphis.Union-Planters National Bank &
Trust Co.Union City: Old National Bank
DISTRICT NO. 9
MICHIGAN
(See also District no. 7)
Calumet: First National BankHancock: First National BankHoughton: Houghton National Bank.Ironwood: Gogebic National BankIshpeming: Miners National Bank...Lake Linden: First National Bank...Laurium: First National BankMarquette:
First National Bank & Trust Co.Union National Bank._
Menominee:First National BankLumbermen's National Bank
Munising: First National Bank ofAlger County.
Negaunee: First National Bank
MINNESOTAAlbert Lea:
First National BankFreeborn County National Bank
& Trust Co.Austin: First National Bank __Bemidji: First National BankBlooming Prairie: First National
Bank.Chatfield: First National BankDuluth:
City National BankFirst & American National BanklMinnesota National BankNorthern National Bank
Eveleth: First National BankFairmont:
First National Bank.Martin County National Bank__
Faribault: Security National Bank& Trust Co.
Fergus Falls:Fergus Falls National Bank &
Trust Co.First National Bank.
Hastings: First National BankHutchinson: Farmers N a t i o n a l
Bank.Little Falls: First National Bank
Mankato: First National Bank &Trust Co.
Ito3,5to7.Ito9.Ito9.1 to 3, 5 to 7.1 and 4.
Ito9
1.1 to 9.
Ito9.1 to 9.
Ito9.
Ito9.
Ito9.2,3,5, and 8.Ito9.2,3,5, and 8.2,3,5, and 8.2,3,5, and 8.2,3,5, and 8.
Ito9.Ito9.
1 to 9.2,3,5, and 8.2,3,5, and 8.
2,3,5, and 8.
Ito8.1 to 9.
1 to 8.Ito9.1,2,3, and 5.
1 to 5.
Ito9Ito9.Ito9.Ito9.1 to 3,5 to 9.
Ito9.Ito9.Ito9.
1 to 8.Ito9.Ito9.Ito9.
1, 2, 3, 5, 6,8, and 9.
Ito9.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
376 ANNUAL REPORT OP THE FEDERAL RESERVE BOARD
DISTRICT NO. 9—Continued
MiNNESOTA—continued
Minneapolis:First National Bank & Trust Co..Midland National Bank & Trust
Co.Northwestern National Bank..
Noithfield: Northfield NationalBank & Trust Co.
Owatonna: First National BankProctor: First National BankRed Wing:
First National BankGoodhue County National Bank-Red Wing National Bank &
Trust Co.Rochester: First National BankSt. Paul:
American National Bank__Empire National Bank & Trust
Co.First National BankMidway National BankTwin Cities National Bank
St. Peter: First National BankSpring Valley: First National Bank..Stillwater: First National BankTruman: Truman National BankVirginia: American Exchange Na-
tional Bank.Waseca: Farmers National BankWest Concord: First National Bank..Windom: First National Bank..Winona:
First National BankWinona National & Savings
Bank.
MONTANABillings:
Midland National BankMontana National Bank
Bozeman: Commercial N a t i o n a lBank.
Dillon: First National BankGreat Falls:
First National Bank.. .Great Falls National Bank
Helena: First National Bank &Trust Co.
Kalis pell: First National BankLewistown: National Bank of.Livingston: National Park Bank in
Livingston.Mites City: First National BankMissoula—
First National BankWestern Montana National
Bank.
NORTH DAKOTA
Bismarck:Dakota National Bank & Trust
Co.First National Bank
Dickinson: First National BankEllendale: First National BankFargo:
First National Bank & Trust Co.Merchants National Bank &
Trust Co.Grafton: Grafton National Bank.Grand Forks:
First National Bank in GrandForks.
Jamestown:James River National Bank &
Trust Co.National Bank & Trust Co
Minot:First National Bank & Trust Co.Union National Bank & Trust Co.
Powersgranted
1 to 9.Ito9.
4.1 to 9
1 U 9.Ito9.
1 to 9.Ito9.Ito9
Ito9.
Ito9.Ito9.
Ito9.Ito9.1 to 9.1 to 8.1 to 9.1 to 9.Ito9.1 to 3, 5 to 8.
Ito9.1 to 9.Ito9.
1 to 9.Ito9.
Ito9.Ito9.Ito4.
1 to 7 and 9.
Ito9.Ito4.1 to 7 and 9.
Ito4.Ito9.Ito9.
Ito9.
1 to 7 and 9.1 to 8.
Ito9.
1 and 9.Ito9.1 to 4.
Ito9.1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
Ito9.1 to 9
DISTRICT NO. 9—Continued
NORTH DAKOTA—continued
Valley City:American National Bank & Trust
Co.First National Bank...
SOUTH DAKOTA
Aberdeen:Aberdeen National Bank & Trust
Co.First National Bank & Trust Co.Arlington: First National Bank
Brookings: Security National BankChamberlain: First National Bank
& Trust Co.Clear Lake: Deuel County National
Bank.Deadwood: First National BankHuron: National Bank of Huron.....Lake Norden: First National Bank
& Trust Co.Lead: First National BankMiller: First National Bank..Rapid City: First National Bank_._.Sioux Falls:
Citizens National Bank & TrustCo.
First National Bank & Trust Co.Security National Bank & Trust
Co.Vermilion: First National Bank &
Trust Co.Watertown: First Citizens National
Bank.Yankton: First Dakota National
Bank & Trust Co.
WISCONSIN
(See also District no. 7)
Barron: First National BankChippewa Falls:
First National BankLumbermens National Bank
Eau Claire:American National Bank & Trust
Co.Union National Bank
Menomonie: First National Bank.....Superior:
First National BankNational Bank of CommerceUnited States National Bank
DISTRICT NO. 10
COLORADOBoulder:
Boulder National Bank..National State Bank
Brush: First National BankCanon City:
First National Bank.Fremont County National Bank.
Center: First National Banki^ i \ \ t\yQ ri /"\ CkT~\T*iT*k fro *^oioraoo opringt*.
Colorado Springs National Bank.Exchange National BankFirst National Bank
Denver:American National BankColorado National BankDenver National BankFirst National BankUnited States National Bank
Durango: Burns National BankEagle: First National Bank of Eagle
County.Englewood: First National BankFlorence: First National Bank
Powersgranted
Ito9.
1 to 9.
Ito9.
Ito9.Ito4.1 to 9.1 to 9.
Ito9.
Ito9.1 to 9.1 to 3, 5 to 8.
Ito9.Ito9.1 to 7 and 9.
Ito9.
1 to 8.1 to 9.
I to 9.
Ito9.
1 to9.
1 to 3.
Ito9.1 to 9.
Ito9.
1 to 9.Ito9.
Ito7.Ito9.1 to 9.
1 to 4.Ito9.1 to 3, 5 to 8.
1 to 9.Ito4.Ito4.
Ito9.1 to 9.Ito9.
Ito7.1 to 9.1 to 9.1 to 9.1 to 9.1 to 7.1 to 4.
1 to 4.Ito9.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIARY POWERS 377
DISTRICT NO. 10—Continued
COLORADO —continued
Fort Collins:First National BankPoudre Valley National Bank...
Fort Morgan: First National Bank..Glen wood Springs—First National
Bank.Grand Junction: Grand Valley Na-
tional Bank,tireeley:
First National BankGreeley Union National Bank
Gunnison: First National BankHugo: First National BankLamar: Lamar National BankLas Animas: First National Bank__.Longmont:
First National BankLongmont National Bank
Montrose: Montrose National Bank.Ordway: First National BankTrinidad: First National BankWalsenburg: First National Bank...Windsor: First National Bank
KANSASAnthony:
Citizens National BankFirst National Bank
Arkansas City: Home NationalBank.
Atchison: City National BankChanute: First National BankCoffeyville:
Condon National BankFirst National Bank...
Dodge City: First National Bank...Emporia:
Citizens National BankCommercial National Bank &
Trust Co.Fort Scott: Citizens National Bank..Horton: First National BankHutchinson:
American National BankE x<;hange Notional Bank_ _ ,First National Bank ..
Independence: First National Bank.Jewel City: First National BankKansas City: Peoples N a t i o n a l
Bank.Larnod: First National Bank in
Larced.Lawrrnce:
First National BankLawrence National Bank
Leavenworth: First National Bank..Luray: First National BankManhattan:
First National Bank...Union National Bank
Ottawa: Peoples National BankPaoli: Miami County National
Bank.Pratt: First National Bank._Salina:
Farmers National BankNational Bank of America
Topeka: National Bank of Topeka..Troy: First National BankWellington: First National Bank...Wichita:
First National Bank... ,Fourth National Bank.Southwest National BankUnion National Bank
Win3eld:First National BankW!nfield National Bank
Powersgranted
Ito4.1 to 7 and 9.Ito4.1 to 3, 5 to 7.
Ito9.
1 to 9.1 to 9.1 to 9.I to3.Ito9.1 to 9.
Ito9.1 to 9.1 to 9.1.1 to 3.1 to 9.1 to 4.
ltoS.Ito4.Ito9.
1 to 9.Ito9.
1 to 3. 5 to 9.] to 3 and 5.Ito9.
Ito9.Ito9.
1 to 7 and 9.Ito4.
Ito9.Ito8.1 to 4.1 to 9.Ito3.1 to 9.
1 to 3 and 5.
1 to 8.Ito8.1.Ito3.
1 to 9.1 to 9.Ito4.Ito9.
Ito9.
1 to 5 and 81 to 9Ito9.Ito3.Ito9.
Ito9.Ito9.Ito9.Ito9.
1 to 91 to 9.
DISTRICT NO. 10—ContinuedMISSOURI
(See also District no. 8)Cameron: First National BankCarthage: Central National BankIndependence: First National Bank.Joplin: Joplin National Bank &
Trust Co.Kansas City:
Columbia National BankDrovers National BankFirst National BankInterstate National BankStockyards National BankTraders Gate City National
Bank.Union National Bank in Kansas City.Neosho: First National BankPlattsburg: First National BankSt. Joseph:
American National BankBurns National BankTootle-Lacey National Bank
NEBRASKA
Belden: First National BankButte: First National BankDavid City: First National Bank—.Decatur: First National Bank.Emerson: First National BankGenoa: Genoa National BankGrand Island: First National Bank...Holdrege: First National BankLincoln:
Continental National BankFirst National Bank
Lyons: First National BankNebraska City: Nebraska City Na-
tional Bank.Omaha:
First National BankOmaha National BankUnited States National Bank
Ord: First National Bank in OrdOsmond: First National BankPender: First National Bank_Randolph: First National BankSouth Omaha:
Packers National BankStock Yards National Bank
Wahoo: First National BankWayne: First National Bank
NEW MEXICO(See also District no. 11)
Albuquerque:Albuquerque National Trust &
Savings Bank.First National Bank
Farmington: First National BankRaton: First National Bank in Raton.Santa Fe: First National Bank_
OKLAHOMA
Ada: First National BankAnadarko: First National BankBartlesville:
First National Bank...Union National Bank
Blackwell: First National BankBristow: American National Bank...Broken Arrow: First National Bank..Cleveland: First National BankDewey: First National BankEnid:
Central National BankFirst National Bank
Guthric: First National Bank
Powersgranted
Ito3.ito 31 to 9Ito9.
1 to 4 and 9.Ito9.Ito9.1 to 9.Ito9.1 to 9.
Ito9.Ito9.Ito9.
Ito9.1 to 4.Ito8.
Ito3,5to9.Ito3.Ito9.1 to 3.Ito8.Ito9.Ito9.1 to 9.
Ito9.Ito9.Ito3.Ito9.
Ito9.Ito9.1 to 9.1, 2, and 5.Ito9.1, and 3 to 7.1 to 9.
Ito9.4.1 to 3,5 to 9.Ito9.
Ito9.1 to 7 and 9.2 and 3.Ito7.Ito9.
ltoS.Ito9.
Ito9.4.Ito9.Ito9.Ito4,6to9.Ito9.Ito9.
Ito9.Ito9.Ito8.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
378 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 10—Continued
OKLAHOMA—continued
Holdenville: First National Bank
First National BankNational Bank of Commerce
Hooker: First National BankLawton: City National Bank. _—McAlester: First National BankMiami: First National BankMuskogee:
Commercial National BankFirst National Bank & Trust Co.
Norman:First National BankSecurity National Bank
Okemah:First National BankOkemah National Bank
Oklahoma City:City National Bank & Trust Co.Fidelity National BankFirst National Bank & Trust Co..Liberty National BankTradesmens National Bank
Okmulgee: Central National Bank..Shawnee:
Federal National BankState National Bank
Stillwater:First National BankStiilwater National Bank
Tulsa:First National Bank & Trust Co.National Bank of Commerce
WYOMING
Buffalo: First National Bank_Casper:
Casper National BankWyoming National Bank
Cheyenne *American National Bank--Stock Growers National Bank--.
CodyFirst National BankShoshone National Bank
Evanston- First National Bank —Kemmerer: First National Bank . -Laramie: First National Bank.Powell- First National BankRawlins:
First National BankRawlins National Bank
Rock Springs: Rock Springs Na-tional Bank.
Sheridan: First National BankThermopolis: First National Bank..,
DISTRICT NO. 11
ARIZONA
(See also District no. 12)
Nogales: First National BankTucson: Consolidated National Bank
LOUISIANA
(See also District no. 6)
Homer* Homer National BankShreveport:
Commercial National Bank inFirst National Bank
Powersgranted
1 to 9.
1 to 3, 5 to 9.1 to 9.1 to 3 and 5.Ito3,5to7,1 to 3, 5 to 7.1 to 9.
Ito8.Ito9.
Ito9.Ito9.
Ito8.Ito9.
Ito9.1 to 9.Ito9.Ito9.1 to 7 and 9.Ito9.
Ito9.1 to 9.
Ito9.Ito9.
1 to 9.1 to 3, 5 to 9.
Ito4.
Ito5.Ito9.
1 to 9.1 to 9.
1 to 9.1 and 4.Ito3.Ito5.Ito3.Ito8.
Ito9.1 to 9.Ito9.
Ito9.Ito9.
Ito8.Ito4.
Ito8.
Ito9.Ito9.
DISTRICT NO. 11—Continued
NEW MEXICO
(See also District no. 10)
Roswell: First National BankSilver City: American National Bank
OKLAHOMA
Durant: Durant National Bank inDurant.
TEXAS
Abilene:Farmers & Merchants National
Bank.Albany: First National BankAmarillo: First National BankAustin:
American National Bank--Austin National Bank
Bay City: First National BankBeaumont:
American National Bank.-First National Bank
Bonham: First National BankBrady: Brady National BankBrenham: First National Bank._Brownsville:
State National BankCameron: Citizens National BankChildress: First National BankClarfcsville: First National BankColorado: City National BankCorpus Christi: Corpus Christi Na-
tional Bank.Corsicana: First National Bank
First National Bank inNational Bank of CommerceRepublic National Bank & Trust
Del Rio: Del Rio National Bank.....Denison:
Citizens National BankState National Bank
El Paso—El Paso National BankState National Bank
Floresville: First City National Bank.Fort Worth:
Continental National BankFirst National BankFort Worth National Bank... . . .Stockyards National Bank
Qalveston:City National BankFirst National BankHutchings-Sealy National Bank..United States National Bank
Granger: First National BankGreenville: Greenville National Ex-
change Bank.| Haskell: Haskell National Bank! Houston:
First National Bank in Houston.National Bank of Commerce
! Second National BankSouth Texas Commercial Na«
tional Bank.State National Bank _Union National Bank _
i Italy: First National BankKingsville: First National BankLa Grange: First National BankLongview: First National Bank
Lubbock: First National BankMcKinney: Collin County National
Bank.
Powersgranted
Ito3.2 and 3.
1 to 3, 5 to 8.
Ito9.
4.1 to 9.
Ito9.Ito9.1 and 4.
Ito9.1 to 9.1 to 3, 5 to 7.1 to 3 and 5.1 to 7 and 9.
Ito9.1 to 9.Ito9.1 to 3, 5 to 8.Ito4.Ito7.
Ito9.Ito9.Ito9.1 to 9.Ito9.
1 to 9.Ito9.1 to 9.Ito9.Ito9.
Ito9.1 to 9.1 to 9.Ito4.
Ito9.Ito9.Ito9.Ito9.1 and 2.1 to 4.
1 to 3, 5 to 8.
1 to 9.1 to 7 and 9.1 to 7 and 9*Ito9.
Ito9.Ito9.Ito9.Ito9.1.1 to 3, 5,
and 8.Ito9.Ito9.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FIDUCIARY POWERS 379
DISTRICT NO. 11—Continued
TEX AS—continued
Marfa: Marfa National BankMarshall:
First National BankMarshall National Bank
Midland: Midland National Bank._Orange:
First National Bank in Orange.._Orange National Bank
Palestine: Royall National BankParis: First National BankPort Arthur:
First National BankMerchants National Bank
San Angelo:Central National BankFirst National BankSan Angelo National Bank
San Antonio:Alamo National Bank__Frost National Bank__Groos National BankNational Bank of Commerce
Seguin: First National BankSherman: Merchants & Planters Na-
tional Bank.Stanton: First National BankStephenville: Farmers-First National
•Rnnlrj3anK.Teague: Teague National BankTerrell: American National BankTexarkana: Texarkana National
Bank.Troup: First National BankTyler:
Citizens National BankPeoples National Bank.
Victoria: Victoria National BankWaco:
Citizens National BankFirst National Bank
Wichita Falls: First National Bank.DISTRICT NO. 12
ALASKA
Fairbanks: First National Bank
ARIZONA
Phoenix: First National Bank._Winslow: First National Bank
CALIFORNIA
Bakersfield: First National BankBeverly Hills: Beverly Hills Nation-
al Bank & Trust Co.Fullerton: First National Trust &
Savings Bank.Long Beach: California First Na-
tional Bank.Los Angeles:
Citizens National Trust A Sav-ings Bank.
Farmers & Merchants NationalBank.
Seaboard National BankSecurity-First National Bank
Mountain View: First NationalBank
Oakland: First National BankOrange: First National BankPasadena: Security National Bank...Pomona: First National Bank._Redwood City: First National Bank _
of San Mateo County.
Powersgranted
1 to 9.
1 to 3 and 5.1 to 5.Ito9.
1 to 9.Ito9.Ito4.Ito9.
1 to 5.Ito9.
Ito4.Ito9,1 to 9.
Ito9.Ito9.Ito9.Ito9.1 to 9.Ito9.
1 to 3.Ito9.1 to 9.Ito8.1 to 9.
1.
Ito9.Ito9.Ito4.
Ito9.Ito8.1 to 9.
1 to 9.
1 to 9.1
1 to 9.Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.Ito9.4.
1 to 9.1 to 9.Ito9.
1 to 3,5 to1 to 3, 5,
to 9.
DISTRICT NO. 12—Continued
CALIFORNIA—continued
Riverside: Citizens National Trust& Savings Bank.
Sacramento: Capital National Bank .Salinas: Salinas National BankSan Bernardino: American National
Bank.San Diego:
First National Trust & SavingsBank.
San Francisco:Anglo California National Bank..Bank of America National Trust
& Savings Association.Bank of California, N. ACrocker First National BankPacific National Bank.
Santa Ana: First National BankS&nta Barbara:
County National Bank & TrustCo.
First National Trust & SavingsBank.
Stockton: First National BankVentura: Union National BankWhittier: Whittier National Trust
& Savings Bank.Woodland": Bank of Woodland, N. A.
IDAHO
Boise: First National Bank of IdahoHagerman: First National Bank.Hailey: Hailey National BankIdaho Falls: American National
Bank.Lewiston: Lewiston National BankMoscow: First National Bank
NEVADA
Reno: First National Bank in Reno.
OREGON
Ashland: First National BankAthena: First National BankBaker: First National BankCorvallis: First National BankEugene: First National BankGrants Pass: First National Bank of
Southern Oregon.Harrisburg: First National BankHood River: First National BankJunction City: First National Bank.Klamath Falls:
American National BankFirst National Bank
Marshfield:Coos Bay National BankFirst National Bank of Coos Bay.
Medford: First National BankNewberg: United States National
Bank oi Newburg.Pendleton: First Inland National
Bank.Portland:
First National BankUnited States National Bank
UTAH
Logan: First National BankOgden: First National Bank
1 Price: First National Bank
Power?granted
1 to 9.
1 to 9.4.Ito9.
Ito9.
1 to 9.1 to 9.
1 to 9.1 to 9.1 to 8.1 to 9.
1 to 9.
1 to 9.
Ito9.Ito5.1 to 9.
Ito3,5to7.
Ito5.1.1 to 3.Ito9.
1 to 9.1 to 4.
1 to 7 and 9.
1 to 9.1 to 9.Ito9.1 to 9.1 to 9.1 to 3, 5 to 7.
and 9.1 to 3.1 to 9.1 to 3, 5 to 7,and 9.
Ito8.Ito9.
1 to 9.1 to9.1 to 9.1 to 9.1 to 9.
1 to 9.Ito9.
Ito9.1.2, 3, 5 to 8.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
380 ANNUAL EEPOET OP T H E FEDERAL EESERVE BOARD
DISTRICT NO. 12—Continued
UTAH—continued
Salt Lake City:Continental National Bank &
Trust Co.First National Bank
WASHINGTON
Aberdeen: Grays Harbor NationalBank.
Bellingham:American National BankBellingham National BankFirst National BankNorthwestern National Bank
Burlington: First National BankColfax: Farmers National BankDayton: Columbia National Bank._.Ellensburg: Washington National
Bank.Everett:
Security National BankFirst National Bank
Longview: First National BankMount Vernon:
First National BankSkagit National Bank.. _
Okanogan: First National BankOlympia: Capital National Bank....Port Angeles: First National Bank..Pullman: First National Bank
Powersgranted
1 to 7 and 9.
Ito4.
1 to 9.
1 to 3 and l.1 to 9.1 to 5 and 9.1 to 9.1 to 7 and 9.1 to 5.1 to 3.1 to 9.
Ito9.1 to 9.1 to 9.
1 to 9.1 to 4.1 to 9.1 to 9.1 to 9.1 to 7.
DISTRICT NO. 12—Continued
WASHINGTON
Rosalia: Whitman County NationalBank.
Seattle:First National BankNational Bank of Commerce.Pacific National BankUniversity National Bank
Spokane:First National Trust & Savings
Bank.Old National Bank & Union
Trust Co.Tacoma:
National Bank of TacomaPuget Sound National Bank
Toppenish: First National BankVancouver: Vancouver N a t i o n a l
Bank.Waitsburg: First National Bank__.Walla Walla:
Baker-Boyer National BankFirst National Bank
Wenatchee: First National BankYakima: Yakima First National
Bank.HAWAIIAN ISLANDS
Honolulu: Bishop National Bank ofHawaii at Honolulu.
Powersgranted
1 to 9.
Ito9.1 to 9.1 to 9.1 to 9.
Ito9.
1 to 9.
1 to 9.1 to 9.1 to 9.1 to 4.
1 to 9.
1 to 9.1 to 9.1 to 9.1 to 9.
Ito8.
NOTE.—The above list does not include the names of national banks which have received permissionto administer trusts transferred to them in connection with the acquisition of assets of other bankinginstitutions, but which have not been granted the right to accept new trust business.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANKS AUTHORIZED TO ACCEPT BILLS UP TO 100 PER-CENT OF CAPITAL AND SURPLUS
The following banks have been granted authority by the FederalReserve Board to accept drafts and bills of exchange up to 100 per-cent of their capital stock and surplus:
DISTRICT NO. 1Connecticut:
Hartford: Hartford National Bank & TrustCo.
New Haven: First National Bank & Trust Co.Maine:
Portland:Canal National Bank.Portland National Bank.
Massachusetts:Boston:
First National Bank.Merchants National Bank.National Shawmut Bank.Old Colony Trust Co.Second National Bank.State Street Trust Co.Webster & Atlas National Bank.
Massachusetts—Continued.Dedham: Dedham National Bank.Fitchburg: Safety Fund National Bank.New Bedford:
First National Bank.Safe Deposit National Bank.
Springfield: Springfield National Bank.Worcester: Worcester County National Bank.
Rhode Island:Providence:
Blackstone Canal National Bank.Industrial Trust Co.National Bank of Commerce & Trust Co.Providence National Bank.
DISTRICT NO. 2Connecticut:
Bridgeport: First National Bank & Trust Co.New Jersey:
Hoboken: First National Bank.Newark: National Newark & Essex Banking
Co.New Brunswick: National Bank of New Jer-
sey.Paterson:
Hamilton Trust Co.Paterson National Bank.
New York:New York City:
Bank of New York & Trust Co.Bankers Trust Co.
New York—Continued.New York City—Continued.
Chase National Bank.Chemical Bank & Trust Co.Commercial National Bank & Trust Co.Corn Exchange Bank Trust Co.Fifth Avenue Bank.First National Bank.Grace National Bank.Guaranty Trust Co.Irving Trust Co.Marine Midland Trust Co.National City Bank.New York Trust Co.Public National Bank & Trust Co.
DISTRICT NO. 3Pennsylvania:
Philadelphia:Corn Exchange National Bank & Trust Co.First National Bank.Market Street National Bank.
Pennsylvania—Continued.Philadelphia—C ontinuea.
Philadelphia National Bank.Tradesmen's National Bank & Trust Co.
DISTRICT NO. 4Ohio:
Cincinnati: Fifth-Third Union Trust Co.Cleveland:
Central United National Bank.Cleveland Trust Co.
Columbus:City National Bank & Trust Co.Ohio National Bank.
Pennsylvania:Greensburg: First National Bank & Trust Co.Pittsburgh:
First National Bank.Mellon National Bank.Union National Bank.Union Trust Co.
West Virginia:Wheeling: Wheeling Dollar Savings & Trust Co.
DISTRICT NO. 5Maryland:
Baltimore:Baltimore Commercial Bank.First National Bank.Maryland Trust Co.National Marine Bank.Western National Bank.
South Carolina:Charleston: South Carolina National Bank.Rock Hill: Peoples National Bank.
Virginia:Danville: First National Bank.Hampton: Merchants National Bank.Norfolk:
National Bank of Commerce.Seaboard-Citizens National Bank.
Richmond:Bank of Commerce & Trusts.Central National Bank.First-Merchants National Bank.
381
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
382 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 6Alabama:
Huntsville: Henderson National Bank.Mobile:
First National Bank.Merchants National Bank.
Montgomery: First National Bank.Florida:
Jacksonville: Atlantic National Bank.Pensacola: Citizens & Peoples National Bank.
Georgia:Albany: Albany Exchange National Bank.Atlanta: First National Bank,Macon: First National Bank & Trust Co.Savannah:
Citizens & Southern National Bank.Citizens Bank & Trust Co.Savannah Bank & Trust Co.
Georgia—Continued.Valdosta—First National Bank.
Louisiana:Lake Charles: First National Bank.New Orleans:
American Bank & Trust Co.Interstate Trust & Banking Co.Whitney National Bank.
Mississippi:Laurel: First National Bank.Vicksburg: Merchants National Bank
Trust Co.Tennessee:
Chattanooga:Hamilton National Bank.
Clarksville: First National Bank.
DISTRICT NO. 7Illinois:
Chicago:Continental Illinois National Bank &
Trust Co.Drovers National Bank.First National Bank.Harris Trust & Savings Bank.
Peoria: Commercial Merchants National Bank& Trust Co.
Indiana:Brazil: Riddell National Bank.
Wisconsin:Milwaukee: First Wisconsin National Bank.
DISTRICT NO. 8
Missouri:St. Louis:
First National Bank in St. Louis.Mississippi Valley Trust Co.
Tennessee:Memphis:
First National Bank.Union Planters National Bank & Trust Oof
DISTRICT NO. 9
Minnesota:Minneapolis:
First National Bank & Trust Co.Midland National Bank & Trust Co.
Minnesota—Continued.Minneapolis—Continued.
Northwestern National Bank.St. Paul: First National Bank.
DISTRICT NO. 10Colorado:
Denver: Denver National Bank.Kansas:
Hutchinson: First National Bank.Lawrence: Lawrence National Bank
Missouri:Kansas City:
Commerce Trust Co.
Missouri—Continued.Kansas City—Continued.
First National Bank.St. Joseph: First National Bank.
Oklahoma:Oklahoma City: First National Bank & Trust
Co.
DISTRICT NO. 11Arizona:
Nogales: First National Bank.Texas:
Austin; American National Bank.Brown wood: First National Bank in Brown-
wood.Corpus Christi: State National Bank.Dallas:
First National Bank in Dallas.Republic National Bank & Trust Co.
Eagle Pass: First National Bank.Fort Worth:
Fort Worth National Bank.Stockyards National Bank.
Texas—ContinuedOalveston:
Hutchings-Sealy National Bank.United States National Bank.
Hillsboro: Citizens National Bank.Houston:
Houston National Bank.National Bank of Commerce.Second National Bank.South Texas Commercial National Bank..Union National Bank.
Navasota: First National Bank.San Angelo: First National Bank.Terrell: American National Bank.Waco: First National Bank.
DISTRICT NO. 12California:
Los Angeles:Citizens National Trust <fe Savings Bank.Security-First National Bank.
San Francisco:American Trust Co.Anglo California National Bank.Bank of California, N. A.Crocker-First National Bank.Pacific National Bank.Wells Fargo Bank & Union Trust Co.
Santa Barbara: First National Trust & SavingsBank.
Oregon:Portland:
First National Bank.Unitecl States National Bank.
Washington:Seattle:
First National Bank.National Bank of Commerce.
Spokane:Old National Bank & Union Trust Co.Spokane & Eastern Trust Co.
Tacoraa: National Bank of Tacoma.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DESCRIPTION OF FEDERAL RESERVE DISTRICTS
Federal reserve districtLand area
(squaremiles)
PopulationJuly 1,1933(estimated)
No. 1—Boston..No. 2—New YorkNo. 3—Philadelphia.-.No. 4—ClevelandNo. 5—RichmondNo. 6—AtlantaNo. 7—ChicagoNo. 8—St. LouisNo. 9—Minneapolis...No. 10—Kansas City—No. 11—DallasNo. 12—San Francisco
Total
61,34551,89036,84273,424
152,316248,226190,513194,810414,004480,438386,116
7, 902, 00016, 622, 0007, 697, 000 •
11, 531,00011,191, 00011, 463, 00018, 855,0009, 754, 0005,410,0008,039, 0007, 206,000
10,023, 000
2,973, 776 125,693,000
FEDERAL RESERVE DISTRICTS
DISTRICT N O . 1—BOSTO
Connecticut (excludMaineMassachusetts.. . . .New HampshireRhode IslandVermont
DISTRICT N O . 2—NEW
N
ing Fairfield Countv}
YORK
Connecticut (Fairfield Coun t s _New Jersey
Counties of:BergenEssexHudson
New York
HunterdonMiddlesexMonmouth
DISTRICT N O . 3—PHILADELPHIA
DelawareNew Jersey
Counties of:AtlanticBurlington
Cape MayCumberland
Pennsylvania (eastern Dart,}_ _Counties of:
AdamsBedfordBerksBlairBradfordBucksCambriaCameronCarbonCenterChesterClearfield
ClintonColumbiaCumberlandDauphinDelawareElkFranklinFultonHuntingdonJuniataLackawannaLancaster
MorrisPassaicSomerset
GloucesterMercer
LebanonLehighLuzerneLycomingMcKeanMifflinMonroeMontgomeryMontourNorthamptonNorthumberlandPerry
SussexUnionWarren
OceanSalem
PhiladelphiaPikePotterSchuylkillSnyderSullivanSusquehannaTiogaUnionWayneWyomingYork
61,345
4,18929,8958,0399,0311,0679,124
51,890
6313,605
47,654
36,842
1.9653,909
30,968
7, 902, 000
1, 250,000802,000
4, 318,000469,000702,000361, 000
16, 622,000
396,0003 261 000
12, 965,000
7,697,000
241,000932,000
6,524,000
383
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
384 ANNUAL KEPOKT OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE DISTRICTS—Continued
Federal reserve district
DISTRICT N O . 4—CLEVELAND
Kentucky (eastern part)Counties of—
BathBellBooneBourbonBoydBrackenBreathittCampbellCarterClarkClayElliottEstillFayette
Ohio
FlemingFloydGarrardGrantGreenupHarlanHarrisonJacksonJessamineJohnsonKentonKnottKnoxLaurel
Pennsylvania (western part)Counties of—
AlleghenyArmstrongBeaverButlerClarion
CrawfordErieFayetteForestGreene
West Virginia (northern part).Counties of—
BrookeHancock
MarshallOhio
DISTRICT N O . 5—RICHMOND
District of ColumbiaMarylandNorth CarolinaSouth Carolina _.. .Virginia
i
West Virginia (southern part)Counties of—
BarbourBerkeleyBooneBraxtonCabellCalhounClayDoddridgeFayetteGilmerGrantGreenbrierHampshire
HardyHarrisonJacksonJeffersonKanawhaLewisLincolnLoganMcDowellMarionMasonMercerMineral
DISTRHT No. 6—ATLANTA
AlabamaFloridaGeorgiaLouisiana (southern nart.}
Parishes of—AcadiaAllenAscensionAssumptionAvoyellesBeauregardCalcasieuCameronEast Baton
RougeEast Feliciana
EvangelineIberiaIbervilleJeffersonJefferson DavisLafayetteLa FourcheLivingstonOrleansPlaqueminesPointe Coupee
Mississippi (southern part)Counties of—
AdamsA miteCiaiborneClarkeCopiahCovingtonForrestFranklinGeorgeGreeneHancock
HarrisonHindsIssaquenaJacksonJasperJetfcrsonJefferson DavisJonesKern perLamarLauderdale
LawrenoeLeeLeslieLetcherLewisLincolnMcCrearyMadisonMagoffinMartinMasonMenifeeMontgomeryMorgan
IndianaJeffersonLawrenceMercerSomerset
TylerWetzel
MingoMonongaliaMonroeMorganNicholasPendletonPleasantsPocahontasPrestonPutnamRaleighRandolphRitchie
RapidesSt. BernardSt. CharlesSt. HelenaSt. JamesSt. John the Bap-
tistSt. LandrySt. MartinSt. MarySt. Tammany
LawrenceLeakeLincolnMadisonMarionNeshobaNewtonPearl RiverPerryPikeRankin
NicholasOwsleyPendletonPerryPikePowellPulaskiRobertsonRockcastleRowanScottWhitleyWolfeWoodford
VenangoWarrenWashingtonWestmoreland
RoaneSummersTaylorTuckerUpshurWayneWebsterWirtWoodWyoming
TangipahoaTerre bonneVermilionVernonWashingtonW e s t B a t o n
RougeWest Feliciana
ScottSharkeySimpsonSmithSton*WaithallWarrenWayneWilkinsonYazoo
Land area(squaremiles)
73,424
17,614
40,74013,864
1,206
152,316
629,941
48,74030,49540,26222,816
248,226
51, 27954, 86158, 72526,891
25,519
PopulationJuly 1, 1935(estimated)
11,531,000
1,265,000
6, 798,000'3,263,00O
205,000
11,191,000
495,0001,663,0003,275,0001,748,0002,441,0001,569,000
11,463,000
2. 697,0001,554,0002,911,0001, 458,000
981,000
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DESCRIPTION OF FEDERAL RESERVE DISTRICTS 3 8 5
FEDERAL RESERVE DISTRICTS—Continued
Federal reserve district
DISTRICT NO. 6.—ATLANTA—ContinuedTennessee (eastern par t ) . . .
Counties of—AndersonBedfordBledsoeBlountBradleyCampbellCannonCarterCneathamClaiborneClayCockeCoffeeCumberlandDavidsonDe KalbDicksonFentressFranklin
GilesGraingerGreeneGrundyHamblenHamiltonHancockHawkinsHickmanHoustonHumphreysJacksonJeffersonJohnsonKnoxLawrenceLewisLincolnLoudon
DISTRICT NO. 7-—CHICAGO
Illinois (northern part)Counties of—
BooneBureauCarrollCassChampaignChristianClarkColesCookCumberlandDe KalbDe WittDouglasDu PageEdgar
FordFultonGrundyHancockHendersonHenryIroquoisJo DaviessKaneKankakeeKendallKnoxLakeLa SalleLee
Indiana (northern part)Counties of—
AdamsAllenBartholomewBentonBlackfordBooneBrownCarrollCassClayClintonDearbornDec sturTe KalbDelawareElkhartFayette
Iowa
FountainFranklinFultonGrantHamiltonHancockHendricksHenryHowardHuntingtonJasperJayJenningsJohnsonKosciuskoLagrangeLake
Michigan (southern part)Counties of—
Alcona EatonAlleganAlpenaAntrimArenacBarryBayBenzieBerrienBranchCalhounCassCharlevoixCheboyganClaireClintonCrawford
EmmetGeneseeGladwinGrand TraverseGratiotHillsdaleHuronInghamIoniaIoscoIsabellaJacksonKalamazooKalkaskaKentLake
McMinnMaconMarionMarshallMauryMeigsMonroeMontgomeryMooreMorganOvertonPerryPickettPolkPutnamRheaRoaneRobertsonRutherford
LivingstonLoganMcDonoughMcHenryMcLeanMaconMarshallMasonMenardMercerMoultrieOglePeoriaPiattPutnam
La PorteMadisonMarionMarshallMiamiMonroeMontgomeryMorganNewtonNobleOhioOwenParkePorterPuiaskiPutnamRandolph
LapeerLeelanauLenaweeLivingstonMacombManisteeMasonMecostaMidlandMissaukeeMonroeMontcalmMontmorencyMuskegonNewaygoOaklandOceana
ScottSequatchieSevierSmithStewartSullivanSumnerTrousdaleUnicoiUnionVan BurenWarrenWashingtonWayneWhiteWilliamsonWilson
Rock IslandSangamonSchuylerShelbyStarkStephensonTazewellVermilionWarrenW'hitesideWillWinnebagoWoodford
RipJeyRushSt. JosephShelbyStarkeSteubenTippecanoeTiptonUnionVermillionVigoWabashWarrenWavneWellsWhiteWhitley
OgemawOsceolaOscodaOtsegoOttawaPresque IsleRoscommonSaginawSt. ClairSt. JosephSanilacShiawasseeTuscolaVan BurenWashtenawWayneWexford
Land area(squaremiles)
30,951
190,513
35,448
26,707
55,58640,789
PopulationJuly 1,1933(estimated)
1,862,000
18,855,000
6,554,000
2,673,000
2,482,0004,711,000
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
3 8 6 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE DISTRICTS—Continued
Federal Reserve district
DISTRICT NO. 7.—CHICAGO—ContinuedWisconsin (southern part)
Counties of—AdamsBrownCalumetClarkColumbiaCrawfordDaneDodgeDoorFond du LacGrantGreen
Green LakeIowaJacksonJeffersonJuneauKenoshaKewauneeLafayetteLangladeManitowocMarathonMarinette
DISTRICT NO. 8—ST. LOUIS
ArkansasIllinois (southern part)
Counties of—AdamsAlexanderBondBrownCalhounClayClintonCrawfordEdwardsEfnnghamFayette
FranklinGallatinGreeneHamiltonHardinJacksonJasperJeffersonJerseyJohnsonLawrence
Indiana (southern part). -Counties of—
ClarkCrawfordDaviessDuboisFloydGibson
GreeneHarrisonJacksonJeffersonKnoxLawrence
Kentucky (western part)Counties of—
AdairAllenAndersonBallardBarrenBoyleBreckenridgeBullittButlerCaldwellCallowayCarlisleCarrollCaseyChristianClinton
CrittendenCumberlandDaviessEdmonsonFranklinFultonGallatinGravesGraysonGreenHancockHardinHartHendersonHenryHickman
Mississippi (northern part)Counties of—
AlcornAttalaBentonBolivarCalhounCarrollChickasawChoctawClayCoahoma
De SotoGrenadaHolmesHumphreysItawambaLafayetteLeeLefloreLowndesMarshall
MarquetteMilwaukeeMonroeOcontoOutagamieOzaukeePortageRacineRichlandRockSaukShawano
MacoupinMadisonMarionMassacMonroeMontgomeryMorganPerryPikePopePulaski
MartinOrangePerryPikePoseyScott
HopkinsJeffersonLarueLivingstonLoganLyonMcCrackenMcLeanMarionMarshallMeadeMercerMetcalfeMonroeMuhlenbergNelson
MonroeMontgomeryNoxubee
. OktibbehaPanola.PontotocPrentissQuitmanSunflowerTallahatchie
SheboyganVernonWalworthWashingtonWaukeshaWaupacaWausharaWinnebagoWood
RandolphRichlandSt. ClairSalineScottUnionWabashWashingtonWayneWhiteWilliamson
SpencerSullivanSwitzerlandVanderburgWarrickWashington
OhioOldhamOwenRussellShelbySimpsonSpencerTaylorToddTriggTrimbleUnionWarrenWashingtonWayneWebster
TateTippahTishomingoTunicaUnionWashingtonWebsterWinstonYalobusha
Land area(squaremiles)
31,983
194,810
52,52520,595
9,338
22,567
20,843
PopulationJuly 1,1933(estimated)
2,435,000
9,754,000
1.872 0001,272,000
618,000
1,383,000
1,066,000
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DESCRIPTION OF FEDERAL RESERVE DISTRICTS
FEDERAL RESERVE DISTRICTS—Continued
387
Federal Reserve districtLand area
(squaremiles)
PopulationJuly 1,1933(estimated)
DISTRICT N O . 8—ST. LOUIS—ContinuedMissouri (eastern part)
Counties of—Adair Douglas Maries ReynoldsAudrain Dunklin Marion RipleyBarry Franklin Mercer St. CharlesBenton Gasconade Miller St. ClairBollinger Greene Mississippi St. FrancoisBoone Grundy Moniteau St. LouisButler Harrison Monroe St. Louis CityCaldwell Henry Montgomery Ste. GenevieveCallaway Hickory Morgan SalineGamden Howard New Madrid SchuylerCape Girardeau Howell Oregon ScotlandCarroll Iron Osage ScottCarter Jefferson Ozark ShannonCedar Johnson Pemiscot ShelbyChariton Knox. Perry StoddardChristian Laclede Pettis StoneClark Lafayette Phelps SullivanCole Lawrence Pike TaneyCooper Lewis Polk TexasCrawford Lincoln Pulaski WarrenDade Linn Putnam WashingtonDallas Livingston Rails WayneDaviess Macon Randolph WebsterDent Madison Ray Wright
Tennessee (western part)Counties of—
Benton Fayette Henry ShelbyCarroll Gibson Lake TiptonChester Hardeman Lauderdale WeakleyCrockett Hardin McNairyDecatur Haywood MadisonDyer Henderson Obion
DISTRICT N O . 9—MINNEAPOLIS
Michigan (northern part)Counties of—
Alger Dickinson Keweenaw MenomineeBaraga Gogebic Luce OntonagonChippewa Houghton Mackinac SchoolcraftDelta Iron Marquette
MinnesotaMontana . .North DakotaSouth Dakota _Wisconsin (northern part)
Counties of—Ashland Dunn Oneida SawyerBarron Eau Claire Pepin TaylorBayfield Florence Pierce TrempealeauBuffalo Forest Polk VilasBurnett Iron Price WashburnChippewa La Crosse RuskDouglas Lincoln St. Croix
DISTRICT N O . 10—KANSAS CITY
ColoradoKansas . . . . . . . . . . . . . - . .Missouri (western part)
Counties of—Andrew Cass Holt NodawayAtchison Clay Jackson PlatteBarton Clinton Jasper VernonBates De Kalb McDonald WorthBuchanan Gentry Newton
NebraskaNew Mexico (northern part)
Counties of—Bernalillo Mora San Miguel ValenciaColfax Rio Arriba Santa FeHarding Sandoval TaosMcKinley San Juan Union
i Population Apr. 1,1930; decreased 1920 to 1930; no estimate made.
58,206 2,741,000
10,736 802,000
414,004 5,410,000
16,691
80,858146,13170,18376,86823,273
332,000
2,594,000i 537,606
687,000702,000557,000
480,438 8,039,000
103, 65881,77410, 521
76,80848,359
1,052,0001,900,000
927,000
1,392,000238,000
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
3 8 8 ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE DISTRICTS—Continued
Federal reserve district
DISTRICT N O . 10—KANSAS CITY—ContinuedOklahoma (northwestern part)
Counties of—AdairAlfalfaBeaverBeck hamBlameCaddoCanadianCarterCherokeeCimarronClevelandComancheCottonCraigCreekCusterDelawareDewey
Wyoming
EllisGarfieldQarvinGradyGrantGreerHarmonHarperHaskellHughesJacksonJeffersonKayKingfisherKiowaLatimerLe FloreLincoln
DISTRICT N O . 11—DALLAS
Arizona (southeastern part)Counties of—
Cochise Greenleevtranam
Louisiana (northern part). .Parishes of—BienvilleBossierCaddoCaldwellCatahoulaGlaiborneConcordia
New Mexico (south
De SotoEast CarrollFranklinGrantJacksonLa SalleLincoln
am nnrt.Counties of—
Catron EddyC havesCurryDe BacaDona Ana
GrantGuadalupenidalgoLea
Oklahoma (southeastern part)Counties of—
Atoka ChoctawBryan
Texas _..
DISTRICT N O . 12—SAN
Coal
FRANCISCO .
Arizona (northwestern part)Counties of—
ApacheCoconinoGila
CaliforniaIdahoNevada
UtahWashington..
MaricopaMohave
LoganLoveMcClainMclntoshMajorMayesMurrayMuskogeeNobleNowataOkfuskeeOklahomaOkmulgeeOsageOttawaPawneePaynePittsburg
Pima
MadisonMorehouseNatchitochesOuachitaRed RiverRichlandSabine
LincolnLunaOteroQuayRoosevelt
JohnstonMcCurtain
NavajoPinal
PontotocPottawatomieRoger MillsRogersSeminoleSequoyahStephensTexasTillmanTulsaWagonerWashingtonWashitaWoodsWoodward
Santa Cruz
TensasUnionWebsterWest CarrollWinn
SierraSocorroTorrence
MarshallPushmataha
YavapaiYuma
Land area(squaremiles)
61,770
97,548
386,116
23,412
18,518
74,144
7,644
262, 398
683,852
90, 398
155,65283, 354
109,82195, 60782,18466,836
PopulationJuly 1,1933(estimated)
2,299,000
231,000
7,206,000
132,000
695,000
196,000
160,000
6,023,000
10,023,000
321,000
6, 062,000447,000
93,000983,000518, COO
1, 599,000
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BRANCH TERRITORIES[December 31,1933]
BUFFALO BRANCH (District No. 2).—The 10 most westerly counties of New York State, as follows:Monroe Orleans Allegany Wyoming ChautauquaGenesee Erie Cattaraugus Livingston Niagara
CINCINNATI BRANCH (District No. 4).—That part of Kentucky in Federal reserve district No. 4, and thefollowing 25 counties in southern Ohio:
Adams Clermont Greene Meigs RossAthens Clinton Hamilton Miami SciotoBrown Darke Highland Montgomery VintonButler Fayette Jackson Pike WarrenClark Gallia Lawrence Preble Washington
PITTSBURGH BRANCH (District No. 4).—Those portions of the States of Pennsylvania and West Virginiaincluded in Federal reserve district No. 4.
BALTIMORE BRANCH (District No. 5).—The State of Maryland and the following 30 counties of WestVirginia:
Barbour Grant Lewis Pendleton TaylorBerkeley Hampshire Marion Pleasants TuckerBraxton Hardy Mineral Preston UpshurCalhoun Harrison Monongalia Randolph WebsterDoddridge Jackson Morgan Ritchie WirtGilmer Jefferson Nicholas Roane Wood
CHARLOTTE BRANCH (District No. 5).—The following counties in the States of North Carolina and SouthCarolina:
NORTH CAROLINA
AlexanderAlleghenyAsheAveryBuncombeBurkeCabarrus
CaldwellCatawbaCherokeeClayClevelandGastonGraham
EdgefieldFairfieldGreenvilleGreenwood
HaywoodHendersonIredellJacksonLincolnMaconMadison
SOUTH CAROLINA
LancasterLaurensLexingtonMcCormick
McDowellMecklenburgMitchellPolkRowanRutherfordStanly
NewberryOconeePickensRichland
SwainTransylvaniaUnionWataugaWilkesYancey
SaludaSpartanburgUnionYork
AbbevilleAikenAndersonCherokeeChester
BIRMINGHAM BRANCH (District No. 6).—The State of Alabama except the following counties: Mobile,Baldwin, Russell, Pike, Barbour, Coffee, Dale, Henry, Covington, Geneva, and Houston, and towns andcities in Lee and Chambers counties located on or south of the Atlanta & West Point Railroad and theWestern Railway of Alabama.
JACKSONVILLE BRANCH (District No. 6).—The entire State of Florida.
NASHVILLE BRANCH (District No. 6).—That part of the State of Tennessee included in Federal reservedistrict No. 6 with the exception of the city of Chattanooga.
N E W ORLEANS BRANCH (District No. 6).—Those parts of the States of Louisiana and Mississippi locatedin Federal reserve district No. 6, and the counties of Mobile and Baldwin in Alabama.
DETROIT BRANCH (District No. 7).—The following 19 counties in the State of Michigan:Bay Xngham Livingston Saginaw TuscolaGenesee Jackson Macomb Sanilac WashtenawHillsdale Lapeer Monroe St. Clair WayneHuron Lenawee Oakland Shiawassee
LITTLE ROCK BRANCH (District No. 8).—Territory is not determined by State or county lines. Branchterritory consists of all cities in Arkansas except those assigned to the head office and to the Memphisbranch. (For names of cities see Federal Reserve Interdistrict Collection System list.)
LOUISVILLE BRANCH (District No. 8).—Territory is not determined by State or county lines. Branchterritory consists of all cities in Kentucky and Indiana, included in Federal reserve district No. 8, exceptthose assigned to the head office. (For names of cities see Federal Reserve Interdistrict Collection Sys-tem list.)
MEMPHIS BRANCH (District No. 8).—Territory is not determined by State or county lines. Branchterritory consists of all cities in Mississippi included in Federal reserve district No. 8; all cities in Ten-nessee included in district No. 8, except those assigned to St. Louis, and cities in Arkansas not assignedto St. Louis or Little Rock. (For names of cities see Federal Reserve Interdistrict Collection Systemlist.)
389
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390 A N N U A L EEPOBT OF T H E FEDERAL RESERVE BOARD
HELENA BRANCH (District No. 9).—The entire State of Montana.
DENVER BRANCH (District No. 10).—The entire State of Colorado and that part of the State of NewMexico included in Federal Reserve District No. 10.
OKLAHOMA CITY BRANCH (District No. 10).—That part of the State of Oklahoma located in FederalReserve District No. 10.
OMAHA BRANCH (District No. 10).—The entire States of Nebraska and Wyoming.
E L PASO BRANCH (District No. 11).—That part of the States of Arizona and New Mexico located in FederalReserve District No. 11, and the following 14 counties in the State of Texas:
Andrews Ector Jeff Davis Midland WardCrane El Paso Loving Pecos WinklerCulberson Hudspeth Martin Reeves
HOUSTON BRANCH (District No. 11).—The following 41 counties in the southeast part of the State of Texas:AndersonAngelinaAustinBastropBrazoriaBrazosBurlesonChambersCherokee
ANTONIO BRAE
AransasAtascosaBanderaBeeBexarBlancoBrewsterBrooksCaldwellCalhounCameron
ColoradoFayetteFort BendGalvestonGrimesHardinHarrisHouston
fCH (District No.ComalDe WittDimmitDuvalEdwardsFrioGillespieGoliadGonzalesGuadalupeHays
JacksonJasperJeffersonLavacaLeeLibertyMadisonMatagorda
following 54 cou]HidalgoJim HoggJim WellsKarnesKendallKenedyKerrKimbleKinneyKleburgLa Salle
MontgomeryNacogdochesNewtonOrangePolkSabineSan AugustineSan Jacinto
nties in the State of TexLlanoLive OakMasonMaverickMcMullenMedinaNuecesPresidioRealRefugioSan Patricio
ShelbyTrinityTylerVictoriaWalkerWallerWashingtonWharton
as:StarrTerrellTravisUvaldeVal VerdeWebbWillacyWilsonZapataZavalla
Los ANGELES BRANCH (District No. 12).—That part of the State of Arizona located in Federal ReserveDistrict No. 12, and the following counties in California:
Imperial Los Angeles Riverside San Diego VenturaInyo Orange San Bernardino Santa Barbara
PORTLAND BRANCH (Pistrict No. 12).—The entire State of Oregon, except the towns of Klamath Falls,Lakeview, and Merrill, which are affiliated with the head office, and the following five counties in thaState of Washington:
Clarke Cowlitz Klickitat Skamania Wahkiakumand the town of Ilwaco, Wash.
SALT LAKE CITY BRANCH (District No. 12).—The entire State of Utah and the following counties in Idahoand Nevada:
IDAHO
PayettePowerTetonTwin FallsValleyWashington
SEATTLE BRANCH (District No. 12).—The following 16 counties in the State of Washington, except the townof Ilwaco, Wash.
Clallam King Lewis Pierce SnohomishGrays Harbor Kitsap Mason San Juan ThurstonIsland Kittitas Pacific1 Skagit WhatcomJefferson
SPOKANE BRANCH (District No. 12).—The following counties in the States of Washington and Idaho:
AdaAdamsBannockBear LakeBinghamBlaineBoise
Clark
BonnevilleButteCamasCanyonCar/ibouCassiaClark
Elko
CusterElmoreFranklinFremontGemGoodingJefferson
NEVADA
Lincoln
JeromeLemhiLincolnMadisonMinidokaOneidaOwyhee
White Pine
AdamsAsotinBentonChelan
BenewahBonner
ColumbiaDouglasFerryFranklin
BoundaryClearwater
WASHINGTON
GarfieldGrantLincolnOkanogan
IDAHO
IdahoKootenai
Pend OreilleSpokaneStevens
LatahLewis
Walla WallaWhitmanYakima
Nez PerceShoshone
1 Except the town of Ilwaco (see Portland branch).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS
ARK.
Little*Rock/
i r BOUNDARIES OF FEDERAL RESERVE DISTRICTS——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE. BANK AGENCY
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INDEX
Acceptances:Bankers':
Held by group of accepting banks 204Held by Federal Reserve banks 110, 111, 112Held by member banks on call dates 174, 204Outstanding 203
Distribution of 204Open-market discount rates 150, 151
Banks, list of, authorized to accept bills up to 100 percent of capitaland surplus 381, 382
Held by Federal Reserve banks 110, 111, 112Maturity of bills purchased and held by Federal Reserve banks 111, 113Number of pieces handled by Federal Reserve banks 62, 118, 119, 120Outstanding 203,204Payable in foreign currencies 100, 102, 112Purchased by member banks 174, 204Rates, discount and open-market:
Average rates earned on bills bought by Federal Reserve banks_ _ 61, 149Buying rates of Federal Reserve banks 9, 15, 21, 148Changes in Federal Reserve bank rates 9, 15, 21, 145-147Open-market rates in New York City 9, 15, 21, 150, 151
Trade, held by Federal Reserve banks___ 110, 111, 112(See also Bills bought; Bills discounted.)
Act amending Revised Statutes 269Acts amending Federal Reserve Act. (See Federal Reserve Act.)Additions and withdrawals, banks in Federal Reserve System 63, 64, 224Adjusted-service certificates, discount of paper secured by 110Administrator, list of national banks authorized to act as 359Advances to member banks under section 10 (b) of Federal Reserve Act_ 110, 111
Act regarding . 38, 265Discount rates on 146
Advisory Council, Federal. (See Federal Advisory Council.)Affiliates of State member banks:
Examination of, amendment to act regarding 43, 274Loans or investments in stock of, amendment to act regarding 46, 286Regulation P of Federal Reserve Board 304Regulation of, amendment to act regarding 47, 289Reports of, amendment to act regarding 42, 274Right of, to vote stock, amendment to act regarding 43, 274Voting permits, applications for, number granted by Federal Reserve
Board 67Agencies of Federal Reserve banks. (See Branches and agencies.)Agricultural paper held by Federal Reserve banks 110, 111Amendment to Revised Statutes 269Amendments to Federal Reserve Act. (See Federal Reserve Act.)Area of Federal Reserve districts 383-388Assessment for expenses of Federal Reserve Board 68, 130, 332Assets and liabilities:
Federal Reserve banks:At end of each month 102Combined statement 97Each bank 104-107Weekly statement and balance-sheet items 100
Member banks:Country banks 165National and State banks 164On call dates 171Reserve city and country banks 165Reporting banks:
By weeks 186-191List of cities in series 186
In New York City __ _ ._ 192-193Outside New York City 194-197
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394 INDEX
Assets and liabilities—Continued. PageNational banks 164Reserve city member banks 165State bank members 164
Assignee, list of national banks authorized to act as 359Automobiles:
Factory employment index 244Factory pay-roll index 248Production index 242
Balance sheets. (See Condition of banks.)Bank Conservation Act 261
Amendment to 269Bank consolidations 64, 224Bank debits 205Bank failures. (See Bank suspensions.)Bank holiday 10, 14, 21, 319, 320
Proclamation of President 319, 320Bank mergers 64, 224Bank premises, Federal Reserve 62, 101, 103, 105, 126, 131
Book value 126Cost of 126Date occupied 126Depreciation charges 131Limitation on investment in, act regarding 46, 287Repairs, cost of 130
Bank suspensions 3,206-223By Federal Reserve districts 207-211By size of city or town 222By States.__1 207-211By years 206Deposits of banks suspended 212-221Discussion of 3, 6, 14Executive orders of President:
Disposition of unlicensed banks 321Reopening of banks_ 320
Number, classified according to capital stock 222Proclamation of President declaring bank holiday 319, 320
Bankers' acceptances. (See Acceptances.)Bankers' balances of member banks 171, 198, 199Banking Act of 1933 2,272Banking conditions in 1933, discussion of 1Banking corporations engaged in foreign banking business, examination of _ 63Banking crisis 1-30Banks, list of, granted authority to accept bills up to 100 percent of capital
and surplus 381-382Bethea, L. P., appointed assistant secretary of Federal Reserve Board 68Bills bought by Federal Reserve banks 18, 71-92, 97, 100-107, 114-117
Chart showing 16Earnings on 61, 127, 130
Rates of 61, 149Holdings:
By classes 112By maturities 113
Open-market purchases 100, 104On call dates 91Outright 97, 100, 102Payable in foreign currency 100, 102, 112Under resale agreement 97, 100, 102Volume of:
Federal Reserve banks 62, 118, 119Federal Reserve branch banks 63, 120
Bills discounted by Federal Reserve banks 18, 71-92, 97, 100-107, 114-117Chart showing 16Earnings on 61, 127, 130
Rates of 61, 149
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INDEX 395
Bills discounted by Federal Reserve banks—Continued.Holdings: Page
By classes 110, 111By maturities 111, 113By months 95By States 96By weeks, by districts 98
On call dates 91Secured by United States Government obligations 100, 104, 110, 111Under resale agreement 100, 102Volume of:
Federal Reserve banks 62, 118, 119Federal Reserve branch banks 63, 120
Bills payable and rediscounts, member banks on call dates 171Black, Eugene R., appointed Governor of Federal Reserve Board 67Boatwright, H. Lee, appointed assistant counsel to Federal Reserve Board_ 68Bonds:
Capital issues 231Index of prices 232Paper secured by:
Discount rates 152Held by member banks 174
United States. (See United States Government securities.)Yield on 234
Book value, Federal Reserve bank premises 126Borrowings of member banks at Federal Reserve banks:
All banks 166, 176, 177By months 176
Banks in New York City, Chicago, and other reserve cities 177-179Compared with eligible assets held 169Reporting member banks:
By months 185By weeks 191In New York City 193Outside New York City 197
Branches and agencies of Federal Reserve banks:Bank premises:
Cost of 126Date occupied-- 126Book value __' 126
Clearing operations 62, 120Counties comprising territory 389, 390Directors of 336-339Expenses of 63Managers of 336-339Number of 62Territory 389, 390Volume of operations 62, 120
Branches of State member banks, amendment to act regarding 42, 273Brokers, loans to:
As reported by New York Stock Exchange 201By member banks 174, 200, 201, 202
In New York City:By weeks 200On call dates 174,202
Outside New York City 202Building contracts awarded 31, 32, 236Building materials, wholesale prices, index of 250, 252Buildings, Federal Reserve banks 62, 126, 130, 131
Cost of bank premises 126Book value 126Date occupied 126Depreciation charges 131Repairs, cost of 130
Business conditions in 1933 3, 8, 30Call loans:
In New York City 200, 201Money rates in New York City 9, 15, 21, 150, 151Digitized for FRASER
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396 INDEX
Capital: PageBanks suspended 206Federal Reserve banks 101, 103, 105, 107Member banks 164, 165, 171Requirements of State banks for membership in System, amendment
to act regarding 47, 289State bank members of system 339
Capital issues 35, 231Capital stock of State member banks, classification according to 356-358Car loadings, index of 236Carpenter, S. R., appointed assistant secretary of Federal Reserve Board. 68Cash in vault, member banks:
By weeks 191In New York City 193Outside New York City 197
Cash reserves of Federal Reserve banks 94, 97, 100, 102, 104Cement, clay, and glass:
Factory employment index 244Factory pay-roll index 248
Central banks, foreign:Discount rates 154Due to Federal Reserve banks from 100, 102, 104Open-market rates 155
Central Reserve city banks:Condition of 165Deposits, reserves, and borrowings at Federal Reserve banks 166Loans and investments 174
Certificates of indebtedness, Treasury:Held by Federal Reserve banks 100, 114, 115, 116, 117Temporary 1-day, held by Federal Reserve banks 115, 116, 117Yield on 150, 151
Chairmen of board of directors of Federal Reserve banks. (See FederalReserve agents.)
Changes in discount rates of Federal Reserve banks 9, 15, 145Changes in membership in Federal Reserve System 63, 64, 224Charts:
Denominations of paper currency 5Excess reserves of member banks 17Foreign exchange value of the dollar 29Reserve bank credit 16
Check clearing and collection:Gold settlement fund transactions 121Operations, volume of:
Federal Reserve banks 62, 118, 119Federal Reserve branch banks 62, 120
Par list, number of banks on 65, 123, 124, 125Chemicals:
Factory employment index 244Factory pay-roll index 248Prices, wholesale, index of 250, 252
Cherry, Alfred K., appointed assistant counsel to Federal ReservejBoard..__ 68Chicago, member banks in:
Deposits of 166Deposits, reserves, and borrowings at Federal Reserve banks 178
Circulation, money. (See Currency; Federal Reserve notes; Money.)Classification according to capital stock, State bank members 356-358Classification of demand and time deposits on call dates 170Classification of loans and investments of member banks on call dates 174Clayton Antitrust Act:
Administration of 66Amendment to 50, 295Regulation L of Federal Reserve Board 296
Coal, index of production 243Coin:
Circulation 142Held bv Federal Reserve banks 100, 102
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INDEX 397
Coin—Continued.Received and counted: Page
At Federal Reserve banks 62, 118, 119At Federal Reserve branch banks 63, 120
Coinage of silver, executive order of President regarding 328Collateral held by Federal Reserve agents as security:
For Federal Reserve notes 133For Federal Reserve bank notes 134
Collateral notes of member banks:Loans on, amendment to act regarding 45, 285Held by Federal Reserve banks 110, 111Maturities of, amendment to act regarding 45, 285
Collection of checks. (See Check clearing and collection.)Commercial paper:
Held by Federal Reserve banks i 110Money rates in New York City 9, 21, 150, 151, 152Outstanding 203Purchased by member banks 174
Commodity prices, wholesale, index of 250Comptroller of the Currency:
Joint resolution authorizing additional powers to 260O'Connor, J. F. T., appointment of 67
Condition of banks:All banks in the United States:
Deposits, exclusive of interbank deposits 163Investments J 162Loans and investments 160Loans, total 161
Country banks 165Federal Reserve banks:
At end of each month 102Bills bought, holdings of 71-92, 97, 100-107, 114-117
By classes 112By maturities 113
Bills discounted, holdings of 71-92, 97, 100-107, 114-117By classes 110, 111By months 95By maturities 111, 113By weeks 97
Deposits, reserves, note circulation, and reserve percentages 94Each bank 104In detail 100, 102United States securities, holdings of 71-92, 97, 100-107, 114-117
By classes 114In system investment account 115, 116Temporary 1-day certificates of indebtedness 115, 116, 117
Member banks:All banks:
On call dates 171National and State banks 164Reserve city and country banks 165
Bankers' balances 171, 198Borrowings at Federal Reserve banks:
All banks 166, 176Reporting banks:
By months 184By weeks 189In New York City 193Outside New York City 197
Deposits, time and demand:All banks 6, 166, 167, 168, 170, 171
By months 167By size of account 180, 182In larger and smaller centers 168On call dates 170, 171
Classification of 170
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398 INDEX
Condition of banks—Continued.Member banks—Continued.
Deposits, time and demand—Continued.Reporting banks: Page
By months 184By weeks 189In New York City 193Outside New York City 197
Deposits subject to reserves, reserves required, reserves held, andborrowings at Federal Reserve banks:
All banks 166Banks in New York, Chicago, and other reserve cities 177-179
Excess reserves 2, 16, 18, 166, 177Investments:
All banks : 171, 174Reporting banks 188-194
Loans and investments:All banks 164, 165, 171, 174
Classification, on call dates 174Reporting banks 1 184, 186-196
Loans, investments, deposits, reserves, and borrowings at FederalReserve banks 184
Reserve balances 71-91,95, 97, 101, 103, 104, 171, 176, 185, 189, 191, 193
All banks 95, 171, 176Reporting banks 185, 187, 191, 193, 195
By months 185By weeks 187, 189, 191In New York City 193Outside New York City 197
National banks 164Reserve city banks 165State bank members 164
Consolidations, bank 64, 224Construction contracts awarded 236Copper, index of production 243Cost of Federal Reserve bank premises 126Counties in Federal Reserve districts 383-388Counties in Federal Reserve branch territories 389-390Country bank members:
Condition of 165Deposits, reserves, and borrowings at Federal Reserve banks 166Holdings of eligible assets 169Loans and investments, classification of, on call dates 174
Courts, jurisdiction of, over cases involving foreign banking transactions,amendment to act regarding 46, 287
Credit:Federal ELeserve bank. (See Federal Reserve bank credit.)Member bank 157
Credit agreements, Federal Reserve banks with foreign central banks 35Currency:
Amounts received and counted:At Federal Reserve banks__ 62, 118, 119At Federal Reserve branch banks 63, 120
Circulation 94, 97, 141, 142By months 141By kinds 142Chart showing > 5Discussion of 4, 8, 14, 18
Federal Reserve, cost of 130, 332Legal tender, act regarding 39, 267
Debits to individual account 205Deferred availability items of Federal Reserve banks 101, 103, 105Deficient reserve penalties imposed by Federal Reserve banks 127, 130Demand deposits. (See Deposits.)Department-store sales 31, 236
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INDEX 399
Deposit insurance: P as e
Act creating Deposit Insurance Corporation 44, 276Plan for 24
Deposit Liquidation Board, establishment of___ 23Deposits:
All banks in the United States, exclusive of interbank deposits 163Banks suspended:
By years 206, 212-220By States 212-220
Federal Reserve banks 94, 97, 101, 102, 105By months 94By weeks 97Each bank 104Foreign bank 94, 101, 102, 104
Government:Held by Federal Reserve banks 94, 101, 102, 104Held by member banks 171, 189, 191, 193, 195, 197
By weeks 189In New York City 193On call dates 171Outside New York City 195
Member banks, time and demand:All banks 6, 166, 167, 168, 170, 171
By months 167By size of account 180, 182In larger and smaller centers 168
On call dates 170, 171Classification of 170
Reporting banks:By months 184By weeks 186In New York City 193Outside New York City 195
Net demand and time:All banks 167Banks in New York City, Chicago, and other reserve cities 177In larger and smaller centers 168
Payment of interest on:Amendment to act regarding 45, 286Regulation Q of Federal Reserve Board 312
Postal savings 170Receipt of, by securities companies and other nonbanking institutions,
act regarding 49, 291State bank members of Federal Reserve System 340Withdrawals, discussion of 4
Deputy chairmen of board of directors of Federal Reserve banks, list of _ 336-339Directors of Federal Reserve banks:
Election of, amendment to act regarding 41, 273List of 336-339Meetings, expenses of 130
Directors of member banks:Board of directors, composition of, act regarding 49, 295Removal of, from office, act regarding 49, 294
Discount and open-market operations of Federal Reserve banks:Acceptances. (See Acceptances.)Bills bought 18, 71-92, 97, 100-107, 114-117
Earnings on 61, 127, 130Rates of 61, 149
Holdings:By classes 112By maturities 113
On call dates 91Outright ., 97, 100, 102Under resale agreement 97, 100, 102Volume of:
Federal Reserve banks 62, 118, 119Federal Reserve branch banks 63, 120
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400 INDEX
Discount and open-market operations of Federal Reserve banks—Con. PageBills discounted 18, 71-92, 97, 100-107, 114-117
Earnings on 61, 127, 130Rates of 61, 149
Holdings:By classes 110, 111By maturities 111, 113By months 95
On call dates 91Under resale agreement 100, 102Volume of:
Federal Reserve banks 62, 118, 119Federal Reserve branch banks 63, 120
Collateral notes of member banks discounted and held 110, 111Commercial and agricultural paper discounted 110, 111Dollar exchange bills discounted or purchased 112Maturity of bills purchased or held 111, 113Number of member banks discounting paper:
By Federal Reserve districts 108By months 108By States 109
Number of pieces handled 62, 118, 119Rates charged and rates of earnings on bills discounted 61, 149Regulation M of Federal Reserve Board 300United States securities:
Earnings and rates of earnings 61, 127, 130, 149Paper secured by, purchased and held 100, 102, 111Purchased ?,nd held 18, 71-92, 97, 100-107, 114-117
Volume of operations 62, 118, 119, 120Discount and open-market rates:
Average rates earned by Federal Reserve banks on:Bills discounted _._" 61, 149Bills bought 61, 149United States securities 61, 149
Buying rates on acceptances 9, 15, 21, 148Central banks in foreign countries:
Changes in 154Open-market rates, by months 155
Changes in Federal Reserve bank rates 9, 15, 145Open-market rates in New York City:
By months 150By weeks • 151
Rates charged customers:In New York City 152In principal cities 153
Discounts for individuals, partnerships, and corporations 110, 111Rates 147
Districts, Federal Reserve. (See Federal Reserve districts.)Dividends:
Federal Reserve banks 60, 127, 128, 131Member banks 227National banks 227State bank members 227
Dollar exchange bills:Held by Federal Reserve banks 110Outstanding 203
Dollar, foreign exchange value of, chart showing 29Drafts, demand and sight, held by Federal Reserve banks 110, 111DuBois, J. D.,, appointed assistant counsel to Federal Reserve Board 68Due from foreign banks to Federal Reserve banks 92, 100, 103, 104Due to and from banks (bankers' balances) 171, 198
In New York City and other leading cities 198On call dates 171
Earmarked gold for foreign account 137, 138, 139Earning assets of member banks 225, 226
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INDEX 401
Earnings and expenses: F a? e
Federal Reserve banks 59-61, 127, 128, 130, 149Distribution of earnings, amendment to act regarding 41, 273Each bank during year 1933 130Earnings, by sources 127Gross and net earnings 127Rates of earnings 61, 149Years 1914-33 127, 128
Each bank 128Member banks 225, 226, 227National banks 225, 226, 227State bank members 225, 226, 227
Eligible assets (Government securities and eligible paper) held by memberbanks compared with borrowings at Federal Reserve banks 169
Eligible paper held by Federal Reserve agents as security:For Federal Reserve bank notes 134For Federal Reserve notes 133
Emergency Banking Act 13, 281Amendments to 266, 271
Employees:Federal Reserve banks, number and salaries 61, 130, 340Federal Reserve Board, salaries 331
Employment, factory 3, 31, 33, 236, 244England:
Discount rates of Bank of 154Open-market money rates 155
Examination of Federal Reserve banks, number of * 63Examiners, national banks, number and salaries 334Excess reserves:
Federal Reserve banks 95Member banks 2, 16, 18, 166, 177
Chart showing 17Executive orders, President of United States:
Disposition of unlicensed banks 321Gold exports 320, 323, 324, 326Hoarding of gold 321Licensing of banks to reopen 320Licensing of gold exports 320Sale and export of gold recovered from natural deposits 326, 327Transactions in foreign exchange 323
Executor, list of national banks authorized to act as 359Expenses:
Branches and agencies of Federal Reserve banks 63Federal Reserve banks 59-61, 127, 128, 130Fiscal agency departments of Federal Reserve banks 132Federal Reserve Board 68, 332, 333Member banks _ 225,226,227National banks 225, 226, 227State bank members 225, 226, 227
Exports and imports:Acceptances based on:
Outstanding 203Purchased and held by Federal Reserve banks 112
Gold:By countries 139By months 140
Expressage, cost of, at Federal Reserve banks 130Factory employment and pay rolls 31, 236, 244, 248Failures, bank. (See Bank suspensions.)Farm products, prices of, index of 250Farm land, loans on, by member banks 174Farm loan bonds as security for advances to member banks, amendment
to act regarding 40, 269Federal advisory council:
Meetings of 67Expenses of 130
Members of 257Recommendations of, to Federal Reserve Board 257-259Digitized for FRASER
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402 INDEX
PageFederal Deposit Insurance Corporation, act creating 44, 276Federal intermediate credit banks:
Bills discounted for 96, 100;, 102, 110Borrowings 96, 176
Federal Open Market Committee:Act creating * 44, 276Regulation M of Federal Reserve Board 301
Federal Reserve Act:Amendments to 36-50, 260-295
Extension of Glass-Steagall Act 260Emergency Banking Act and Conservation Act 261-266., 269, 271Thomas amendment 267Banking Act of 1933 272-295
Proposed amendments by Federal Reserve Board 51-59Federal Reserve agents:
Conferences of, expenses of 130Federal Reserve note accounts 133Federal Reserve bank note accounts 134Gold fund, summary of transactions 122Gold held by 100, 102List of 336-339Salaries of 340
Federal Reserve bank credit:Chart showing 16Control of, by Federal Reserve Board, act regarding 40, 272Discussion of 15Factors of increase or decrease in:
Annual averages 71By weeks (Wednesday series) 78End of month series 90Monthly averages 72, 73, 74On call dates 91Weekly averages 76
Outstanding 92(See also Federal Reserve banks.)
Federal Reserve bank float 92Federal Reserve bank notes:
Act providing for redemption of notes of unidentified banks 270Circulation 142Federal Reserve agents' accounts 134Held by Federal Reserve banks 100, 105, 107Issuance of, upon security of direct obligations of United States,
amendment to act regarding 13, 37, 265Federal Reserve banks:
Agreements with foreign banks to purchase commercial bills 35Bank premises 62, 101, 103, 105, 126, 131Bills bought by. (See Bills bought.)Bills discounted by. (See Bills discounted.)Branches and agencies of:
Bank premises:Cost of 126Date occupied 126Book value 126
Clearing operations 63, 120Counties comprising territory 389Directors of 336-339Expenses of 63Managers of 336-339Number of 62Territory 389Volume of operations 63, 120
Building operations 62, 126Capital 101, 103, 105, 107Chairman of boards of directors, list of 336-339Clearing operations 62, 118, 119Condition of. (See Condition of banks.)Deposits. (See Deposits.)Digitized for FRASER
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INDEX 403
Federal Reserve banks—Continued. PageDirectors, list of 336-339Discount rates. (See Discount and open-market rates.)Discounts. (See Discount and open-market operations.)Dividends paid 60, 127, 128, 131Earnings and expenses 59-61, 127, 128, 130, 149
Each bank during year 1933 130Earnings, by sources 127Gross and net earnings 127Rates of earnings 61, 149Years 1914-33 127, 128
Each bank 128Employees, number and salaries 61, 130, 340Examinations, number of 63Federal Reserve notes. (See Federal Reserve notes.)Fiscal agency operations 132Foreign transactions of, amendment to act regarding 45, 285Franchise tax paid to Government 60, 127, 128Gold held by 100, 102, 104Gold redemption fund 100, 102, 104Gold reserves 100, 102, 104Gold settlement fund 100, 102, 121Government deposits held by 94, 101-107Governors:
Conferences, expenses of 130List of 336-339Salaries of 340
Jurisdiction of suits by or against, act regarding 46, 287Number of member banks discounting paper at 108,109Officers and directors, list of_- 336-339Officers, salaries of 340Profit and loss account 131Reserve percentages 94Reserves 94, 97-107Resources and liabilities. (See Assets and liabilities.)Salaries, officers and employees 130, 340Surplus accounts 60, 127, 128, 131Tax, franchise, paid to Government 60, 127, 128United States Government securities:
Bills discounted secured by, holdings of 100, 102, 111Bonds bought by 100, 114Certificates of indebtedness, holdings of 100, 114, 115, 116, 117
Temporary 1-day certificates 115, 116, 117Earnings and rates of earnings on purchases 61, 127, 128, 130, 149Holdings of 71-92, 97, 100-107, 114-117
By classes 114Bought outright 97, 100, 114Bought under resale agreement 97, 100, 114In system investment account 115, 116Temporary 1-day certificates 115, 116, 117
Issues, redemptions, and exchanges handled by fiscal agencydepartments 62, 118, 119
Liberty bonds, holdings of_ 100, 114Paper secured by, holdings of 100, 110, 111Rates of earnings on purchases 61, 149Treasury bills, holdings of 100, 114Treasury bonds, holdings of______ 100, 114Treasury notes, holdings of 100, 114Volume handled 62, 118, 119, 120
Volume of operations 62, 118, 119All banks 62, 118Each bank 119Branches 63, 120
Federal Reserve Board:Assessment for expenses of 68, 130, 332Bethea, L. P., appointed assistant secretary 68Black, Eugene R., appointed Governor 67Boatwright, H. Lee, appointed assistant counsel 68Carpenter, S. R., appointed assistant secretary 68Digitized for FRASER
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404 INDEX
Federal Reserve Board—Continued. PageCherry, Alfred K., appointed assistant counsel 68Clayton Act, administration of 66Conferences with advisory council 67Directory 331DuBois, J. D., appointed assistant counsel 68Employees, number and salaries 331Expenses of 68, 130, 332Foulk, Oliver E., appointed fiscal agent 68Harrison, Floyd R., assistant to Governor, resignation of 68Lally, Josephine E., appointed deputy fiscal agent 68Magee, Way land W., member, expiration of term 68Martin, H. Warner, appointed assistant to Governor 68McClelland, E. M.:
Appointed assistant to Governor 68Death of 68
Members of 331Meyer, Eugene, Governor, retirement of 67Mills, Ogden L., ex-officio member, retirement of 67O'Connor, J. F. T., appointed ex-officio member 67Offices, amendment to act regarding 43, 44, 275Recommendations to Congress concerning legislation 50-59Receipts and disbursements 332Regulations of 65, 296-318Salaries of officers and employees 331Szymczak, M.S. , appointed member 68Terms of members:
Amendment to act regarding ._ 43, 275Expiration of 331
Thomas, J. J., appointed member 68Woodin, William H., appointed ex-officio member 67
Federal Reserve branch banks:Bank premises:
Cost of 126Date occupied 126Book value 126
Clearing operations 62, 120Counties comprising territory 389, 390Directors of 336-339Expenses of 63Managers of 336-339Number of 62Territory 389-390Volume of operations 62, 120
Federal Reserve districts:Area, square miles 383-388Counties comprising branch territories 389, 390Counties in divided States 383-388Map showing outline 391Population 383-388
Federal Reserve interdistrict collection system. (See Check clearing andcollection.)
Federal Reserve notes:Act providing for redemption of notes of unidentified banks 270Circulation 94, 97, 101, 103, 104, 142Cost of 130, 331Eligible paper held as collateral against 133Federal Reserve agents' accounts 133Gold and gold certificates held as collateral against 100, 102, 104, 133Held by Federal Reserve agents 100, 102, 104, 133Held by Federal Reserve banks 100, 102, 104United States obligations as security for, amendment to act regard-
ing 36, 260Fiduciary powers of national banks:
List of national banks authorized to exercise 357-378Number of permits issued 63
Fiscal agency operations of Federal Reserve banks 132Float, Reserve bank 92Digitized for FRASER
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INDEX 405
Food products: PageProduction index 242Factory employment index 244Factory pay-roll index 248
Food prices, wholesale, index of 250Foreign bank deposits held by Federal Reserve banks 94, 101, 102, 104Foreign banking, corporations engaged in, examination of 63Foreign banking transactions, jurisdiction of Federal courts over cases
involving, act regarding 46, 287Foreign banks:
Deposits of, held by Federal Reserve banks 94, 101, 102, 104Due to Federal Reserve banks from 92, 100, 103, 104Relations with, Regulation N of Federal Reserve Board 303
Foreign capital issues 231Foreign central banks:
Agreements with Reserve banks to purchase prime commercial bills 35Money rates:
Changes in 154Open-market rates 155
Foreign currency, bills and acceptances payable in, holdings of FederalReserve banks 100, 102, 112
Foreign deposits, member banks 170Foreign loans on gold 92Foreign securities held by member banks 174Foreign transactions of Federal Reserve banks, amendment to act regard-
ing 45, 285Foulk, Oliver E., appointed fiscal agent of Federal Reserve Board 68France:
Discount rates of Bank of 154Open-market money rates 155
Franchise tax paid by Federal Reserve banks to Government 60, 127, 128Freight-car loadings, index of 31, 236Fuel, index of wholesale prices 250Germany:
Discount rates of Reichsbank 154Open-market money rates 155
Glass-Steagall Act, extension of 260Gold:
Circulation 142Earmarked by Federal Reserve banks for foreign account 137, 138, 139Executive orders concerning:
Exports 320, 323, 324Hoarding 321Licensing of exports 320Sale and exports of gold recovered from natural deposits 326, 327
Exports, control over 2, 27Federal Reserve agents' gold fund 122Foreign IOPHS on, held by Federal Reserve banks 92Held as collateral against Federal Reserve notes 100, 102, 104, 133Held by Federal Reserve agents 100, 102, 104, 133Held by Federal Reserve banks 100, 102, 104Hoarding, discussion of 11, 14, 26Imports and exports:
By countries 139By months 140
Joint ieso]ution relating to payments in 270Purchases 28Recapture of, amendment to act regarding 37, 261Reserve Act of 1834 29Reserves of Federal Reserve banks 100, 102, 104Stock, monetary, in United States 18, 71-91, 137, 138
Analysis of changes in 138Years 1914-33 137
Weight of dollar, fixing of 2, 29World stock of 30
Gold redemption fund 100, 102, 104Gold settlement fund 100, 102. 104, 121
Summary of transactions 121Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
4 0 6 INDEX
Government bonds. (See United States Government securities.)Government deposits: Page
Held by Federal Reserve banks 94, 101, 102, 104Held by member banks 171, 189, 191, 193, 195, 197
By weeks 189In New York City 193On call dates 171Outside New York City 195
Government securities. (See United States Government securities.)Governor of Federal Reserve Board:
Black, Eugene R., appointed 67Meyer, E^ugene, resignation of 67
Governors of Federal Reserve banks:Conferences of, expenses of___ 130List of 336-339Salaries of 340
Great Britain. (See England.)Guardian of estates, national banks authorized to act as 357Harrison, Floyd R., assistant to Governor of Board, resignation of 68Housefurnishing goods, wholesale prices, index of 250Imports and exports:
Bankers' acceptances based on:Held by Federal Reserve banks 110Outstanding 203
Gold:By countries 139By months 140
Index numbers:Factory employment 244Factory pay rolls 248Manufactures 242Minerals 243Production, employment, and trade 236Security prices 232
Individuals, partnerships, and corporations:Discounts for 110, 111Loans to, act regarding 38, 265Rates of discount 147
Insurance:Deposit:
Act creating Deposit Insurance Corporation 44, 276Plan for 24
Federal Reserve banks 130Interbank loans, discount rates 152Interest on deposits, payment of:
Amendment to act regarding 45, 286Regulation Q of Federal Reserve Board 312
Interlocking bank directorates, Regulation L of Federal Reserve Board 296Investment securities, dealing in, by member banks, act regarding 47, 288Investments:
All banks in United States 162Member banks:
All banks 162, 171Reporting banks 184, 186, 188, 192, 194
By weeks 186, 188In New York City 192Outside New York City 194
Investments and loans:All banks in the United States 160, 161, 162Member banks:
All banks 160, 164, 165, 171, 174Classification, on call dates 174
Reporting banks:By months 184By weeks 186, 188In New York City 192List of cities in series 186Outside New York City 194Digitized for FRASER
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INDEX 407
Iron and steel:Factory employment index 244Factory pay-roll index 248Production index 242
Iron-ore shipments 243Italy:
Discount rates of Bank of 154Open-market money rates 155
Japan:Discount rates of Bank of 154Open-market money rates 155
Lally, Josephine E., appointed deputy fiscal agent of Board 68Land area of Federal Reserve districts 383-388Lead production, index of 243Leased-wire system, cost of 332Leather:
Factory employment index 244Factory pay-roll index 248Production index 242Products, wholesale prices, index of 250
Legal fees, Federal Reserve banks 130Legal tender, currencies of United States as, act regarding 39, 267Liberty Loan bonds:
Average yield on 150Held by Federal Reserve banks 100, 114
Loans:All banks in the United States 161By member bank to its executive officers, act regarding 46, 286By member banks on stock or bond collateral, act regarding. _ 44, 45, 275, 286Member banks:
All banks 161, 171, 174Classification of 174
Reporting banks 184, 186, 188, 192, 194By months 184By weeks 186, 188In New York City 192Outside New York City 194
On member banks' collateral notes, maturity of, act regarding 45, 285Secured by stocks and bonds:
Made by member banks on call dates 174Money rates in New York City 152
To brokers:As reported by New York Stock Exchange 201By member banks 174, 200, 201, 202
In New York City:By weeks 200On call dates 202
Outside New York City 202To individuals, partnerships, and corporations 110, 111
Act regarding 38, 265Discount rates on 146
To member banks in exceptional cases, act regarding 36, 38, 260, 265To nonmember banks by Federal Reserve banks, act regarding 38, 266
Loans and investments:All banks in the United States 160, 161, 162Member banks:
All banks 164, 165, 171, 174Classification, on call dates 174
Reporting banks 184, 186, 188, 192, 194By months 184By weeks 186, 188, 190In New York City 192List of cities in series 3 88Outside New York City 194
State bank members of Federal Reserve System 339-353Losses, reserve for, at Federal Reserve banks 131
49753—34 27
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408 INDEX
Lumber: PageFactory employment index 244Factory pay-roll index 248Production index 242
Machinery:Factory employment index 244Factory pay-roll index 248
Magee, Way land W., member of Federal Reserve Board, expiration ofterm 68
Managers of branches of Federal Reserve banks, list of 336-339Manufacturers, index of production 236, 242Map outlining Federal Reserve districts 391Martin, H. Warner, appointed assistant to Governor of Federal Reserve
Board 68Maturities:
Bills discounted and bought by Federal Peoerve banks 111, 113Loans on member banks' collateral notes, amendment to act 45, 285
McClelland, E. M.:Appointed assistant to Governor of Federal Reserve Board 68Death of 68
Member and nonmember bank credit 157Member banks:
Acceptances held 174, 204Advances to, under section 10 (b) of act:
Amendment to act 36, 38, 260, 265Holdings, by Federal Reserve banks 110, 111
Affiliates:Examination of, amendment to act regarding 43, 274Loans or investments in stock of, amendment to act regarding- 46, 286Regulation of, amendment to act regarding 42, 2 73Regulation P of Federal Reserve Board 304Reports of, amendment to act regarding 42, 273Right of, to vote stock, amendment to act regarding 43, 274Voting permits, number granted by Federal Reserve Board 67
Bank suspensions:By Federal Reserve districts and States 207-211By years 206Number, classified according to capital stock 222
Bankers' balances 171, 198, 199Borrowings at Federal Reserve banks:
All banks 7, 166, 176, 177By months 176Compared with eligible assets held 169
Reporting member banks:By months 185By weeks 191In New York City 193Outside New York City 197
Brokers' loans 174, 200, 201, 202Capital 164, 165, 171
Required for State banks admitted to System, act regarding 47, 289Changes in membership 63, 64, 224Condition of. {See Condition of banks.)Consolidations 64, 224Deposits:
Exclusive of interbank 163Government 171, 189, 191, 193, 195, 197Net demand and time 167, 168, 177Time and demand:
All banks 6, 166, 167, 168, 170, 171Classification on call dates 170Reporting banks 184, 187, 189, 193, 197
Deposits subject to reserve, reserves required, reserves held, and bor-rowings at Federal Reserve banks:
All banks - 166Banks in New York City, Chicago, and other reserve cities 177-179
Directors of:Board of directors, composition of, amendment to act regarding. 49, 295Removal from office, act regarding 49, 294Digitized for FRASER
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INDEX 409
Member banks—Continued.Dividends declared 227Dividends paid to, by Federal Reserve banks 60, 127, 128, 131Earnings, expenses, and dividends 225, 226, 227
National banks 225, 226, 227State banks 225, 226, 227
Eligible assets (Government securities and eligible paper) held, com-pared with borrowings at Federal Reserve banks 169
Excess reserves 16, 166, 177Executive officers of, loans to, amendment to act regarding 46, 286Failures 206-223Investments:
All banks 162, 171Reporting banks 184, 186, 188, 192, 194
List of, with loans, investments, deposits, capital, and surplus 340-355Loans:
All banks 161, 171, 174Classification of 174On stock or bond collateral, amendment to act regarding, 44, 45, 275, 285Reporting banks 184, 186, 188, 192, 194
Loans and investments:All banks 160, 164, 165, 171, 174
Classification, on call dates 174Reporting banks 184, 186, 188, 192, 194
By months 184By weeks 186, 188In New York City 192Outside New York City 194
Loans, investments, deposits, reserves, and borrowings at FederalReserve banks 184
Loans to brokers 174, 200, 201, 202Maturity of loans on collateral notes, act regarding 45, 285Mergers 64, 224National banks:
Additions to and withdrawals from system 64, 224Condition of__ 164Earnings, expenses, and dividends 225, 226, 227Examiners, number and salaries 334Mergers 64, 224Number 63, 64, 159, 224Suspensions 206, 208, 214, 222, 223Trust powers:
List of banks authorized to exercise 359-380Number of permits issued 63
Number of 159, 224Number of, discounting paper at Federal Reserve banks 108, 109Number of; on par list 65, 123, 124, 125Relationships between securities companies and, act regarding 48,
50, 291, 295Reserve balances 16,
18, 71-91, 95, 97, 101, 103, 104, 171, 176, 185, 189, 191, 193All banks 95, 171, 176
By months 95On call dates 171
Reporting banks 185, 187, 191, 193, 195By months 185By weeks 187, 189, 191In New York City 193Outside New York City 197
Reserves required, reserves held, deposits subject to reserve, and bor-rowings at Federal Reserve banks:
All banks 166Banks in New York City, Chicago, and other reserve cities. __ 177-179
State banks:Capital 191,339Changes in membership 63, 64, 224
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410 INDEX
Member banks—Continued.State banks—Continued. Page
Classification according to capital stock 356-358Condition of 164Earnings, expenses, and dividends 225, 226, 227List of, with loans, investments, deposits, capital, and surplus. _ 340-355Mergers 64, 224Number of 63, 64, 224, 340Suspensions 206, 209, 216, 222, 223
Withdrawals from system 64, 224Membership in Federal Reserve System:
Changes in 63, 64, 224State banks and trust companies, list of 339-353
Membership in par collection system 65, 123, 124, 125Mergers, bank 64, 224Metals, wholesale price index of 250, 252Meyer, Eugene, Governor of Federal Reserve Board, retirement of 67Mills, Ogden L., Secretary of Treasury, retirement of 67Mineral production, index of 243Monetary situation, recommendations of Federal Advisory Council
relative to 258Monetary gold"stock of United States 43-91, 137, 138
Years 1914-33 137Money in circulation 4, 8, 14, 18, 71-91, 94, 97, 141, 142
By kinds 142By months 141Chart showing 5Discussion of 4, 8, 14, 18
Money rates:In foreign countries 154, 155In New York City 9, 15,21, 152In principal cities 153
Morris plan banks, membership of, in System, act regarding 41, 273Municipal warrants purchased by Federal Reserve banks 100, 102Mutual savings banks:
Deposits 163Investments 162Loans 161Loans and investments 160Membership in System, act regarding 42, 273Number of 159Suspensions 211, 221
National bank notes:Act providing for redemption of notes of unidentified banks 270Circulation 142Held by Federal Reserve banks 100
National banks:Additions and withdrawals from System 64, 224Condition of 164Deposits - 163Earnings, expenses, and dividends -. 225, 226, 227Examiners, number and salaries 334Investments 162Loans and investments 160Loans 161Mergers 64, 224Number 63, 64, 159, 224Suspensions 206, 208, 214, 222, 223
By Federal Reserve districts and States 208, 214By years 206Number, classified according to capital stock 222
Trust powers:List of banks authorized to exercise 359-380Number of permits issued 63
Netherlands:Discount rates of Bank of 154Open-market money rates 155
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INDEX 411
New York City, member banks in:Deposits 166Deposits, reserves, and borrowings at Federal Reserve bank 177
New York Stock Exchange, brokers' borrowings as reported by 201Nonferrous metals:
Factory employment index 244Factory pay-roll index 248Production index 242
Nonmember banks:Bank suspensions 206, 210, 218, 222, 223
By Federal Reserve districts and States 210, 218By years 206Number, classified according to capital stock 222
Bills discounted for 100, 102, 110Deposits, exclusive of interbank deposits 163Loans and investments 160, 161, 162Loans to, by Federal Reserve banks, act regarding 38, 266Mergers 64,224Number of 159Number on par list 65, 123, 124, 125Proclamation of President relative to control over 329
Number of bank suspensions 222Number of banks in United States 159Number of member banks 224Number of member banks discounting paper at Federal Reserve banks. 108, 109O'Connor, J. F. T., appointed Comptroller of the Currency 67Officers and directors of Federal Reserve banks, list of 336-339Officers and employees:
Federal Reserve banks, number and salaries 61, 340Federal Reserve Board, salaries 331
Officers of member banks, loans to, amendment to act regarding 46, 286One hundred percent of capital and surplus, list of banks authorized to
accept bills up to 381-382Open Market Committee, Federal:
Act creating 44, 276Regulation M of Federal Reserve Board 301
Open-market operations of Federal Reserve banks. (See Discount andopen-market operations.)
Open-market rates. (See Discount and open-market rates.)Par collections. (See Check clearing and collection.)Par list, number of banks on 65, 123, 124, 125Pay rolls, factory, index of 31, 236-241Penalties for deficient reserves imposed by Federal Reserve banks 127, 130Petroleum refining:
Factory employment index 244Factory pay-roll index 248Production index . 242
Postal-savings deposits 170Population of Federal Reserve districts 383-388Postage, Federal Reserve banks, cost of 130Premises, Federal Reserve banks 62, 101, 103, 105, 126, 131
Book value 126Cost of 126Date occupied 126Depreciation charges 131
President of the United States:Executive orders:
Disposition of unlicensed banks : 321Gold exports 320, 323, 324, 326Hoarding of gold 321Licensing of banks to reopen 320Licensing of gold exports 320Sale and exports of gold recovered from natural deposits 326, 327Transactions in foreign exchange 323
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412 INDEX
President of the United States—Continued.Proclamations: Page
Bank holiday 319, 320Coinage of silver 327Declaring bank holiday 10, 319Continuing hank holiday 320Control over State banking institutions 329
Prices:Security 34, 232Wholesale commodity 31, 250, 252
Printing and stationery, Federal Reserve banks, cost of 130Production, index of 31, 236Profit and loss account of Federal Reserve banks 127, 131Public-utility stocks, prices of, index of 232Railroad car loadings, index of 236Railroad stocks, prices of, index of_ 232Rates, discount and open-market. (See Discount rates.)Real estate, loans secured by, made by member banks 174Receipts and disbursements of the Federal Reserve Board 332, 333Receiver, list of national banks authorized to act as 359Recommendations of Federal advisory council 257-259Reconstruction Finance Corporation:
Loans to banks, discussion of 7, 23Recommendations of Federal Advisory Council relative to publication
of list of loans of 257Registrar of stocks and bonds, list of national banks authorized to act as_ 359Regulations of the Federal Reserve Board:
Regulation L—Interlocking directorates and other relationships underthe Clayton Act 296
Regulation M—Open-market operations of Federal Reserve banks __ 300Regulation N—Relations with foreign banks and bankers 303Regulation P—Voting company affiliates; voting permits 304Regulation Q—Payment of interest on deposits 312Regulation R—Relationships with dealers in securities 316
Rent paid by Federal reserve banks 130Reporting member banks. {See Member banks.)Reserve balances of member banks 16,
18, 71-91, 95, 97, 101, 103, 104, 171, 176, 185, 189, 191, 193All banks 95, 171, 176
By months 95On call dates 171
Reporting banks 185, 187, 191, 193, 195By months 185By weeks 187, 189, 191In New York City 193Outside New York City 197
Reserve bank float 92Reserve city member banks:
Condition of 165Deposits, reserves required, reserves held, and borrowings at Federal
Reserve banks 166, 179Holdings of eligible assets 169Loans and investments, classification of, on call dates 174
Reserve percentages of Federal Reserve banks 9, 94Reserves:
Deficiencies in, penalties for 127, 130Federal Reserve banks 94, 97-107
Cash 94, 97, 100, 102, 104Excess 95Gold 100, 102, 104
Member banks:All banks 95, 164, 165, 166, 176Excess 2, 16, 18, 166, 177
Chart showing 17Deposits subject to reserves, reserves required, reserves held, and
borrowings at Federal Reserve banks:All banks 166Banks in New York, Chicago, and other Reserve cities_.. 177-179Digitized for FRASER
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INDEX 413
Reserves—Continued.Member banks—Continued. Page
On call dates 171Reporting banks 185, 187, 191, 193, 195Required:
Amendment to act regarding 40, 268Suspension of 9
Resources and liabilities:Federal Reserve banks:
At end of each month 102Combined statement 97Each bank 104-107Weekly statement and balance-sheet items 100
Member banks:Country banks 165National and State banks 164On call dates 171Reserve city and country banks 165Reporting banks:
By weeks 186-191List of cities in series 186In New York City 192-193Outside New York City 194-197
National banks 164Reserve city bank members 165State bank members • 164
Revised Statutes, amendments to sections 5200 and 5202 of 269Rubber products:
Factory employment index 244Factory pay-roll index 248Production index 242
Salaries:Federal Reserve banks 130, 340Federal Reserve Board 331National bank examiners 334
Secretary of the Treasury:Mills, Ogden L., retirement of 67Woodin, William H., appointed 67
Securities:Dealers in:
Receipt of deposits by, act regarding 49, 291(See also Brokers, loans to.)
Held by Federal Reserve banks 92Held by member banks 174United States Government. (See United States Government securi-
ties.)Securities Act of 1933, recommendations of Federal Advisory Council rela-
tive to amendments to 258Securities companies:
Regulation R of Federal Reserve Board 16, 316Relationships between member banks and, act regarding 48, 50, 291, 295
Security prices 34, 232Silver:
Circulation 142Held by Federal Reserve banks 100Proclamation of President relative to coinage of 328Production index 243
State banks:Affiliates of member banks. (See Affiliates.)Branches of, amendment to act regarding 42, 273Capital 191,339Changes in membership 63, 64, 224Classification according to capital stock 356-358Condition of 164Deposits 163Earnings, expenses, and dividends 225, 226, 227List of, with loans, investments, deposits, capital, and surplus 340-355Loans and investments I 161, 162
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414 INDEX
State banks—Continued. PageMergers 64, 224Number of 64, 159, 224, 339Stock of member banks, divorce of, from stock of other corporations,
amendment to act regarding 43, 274Suspensions 206, 209, 216, 222, 223
By Federal Reserve districts and States 209, 216By years 206Number, classified according to capital stock 222
State, county, and municipal deposits in member banks 170Stocks and bonds:
Issues of 231Loans secured by:
Made by member banks:In New York City 200, 202Outside New York City 202On call dates 174
Money rates in New York City 152Prices of 232
Stocks:Common and preferred, prices of, index of 232Dealing in, by State member banks, act regarding 42, 274Loans by member banks secured by, act regarding 44, 45, 275, 285
Surplus:Federal Reserve banks 101, 103, 105, 107, 128, 131Member banks. . , 164, 165, 171State bank members of Federal Reserve System 340-355
Suspensions, bank. (See Bank suspensions.)Sweden, Bank of, discount rates 154Switzerland:
Discount rates of Bank of 154Open-market money rates 155
Szymczak, M. S., appointed member of Federal Reserve Board 68Tax, franchise, paid by Federal Reserve banks to Government 60, 127, 128Tax on premises, Federal Reserve banks 130Telegraph, leased-wire system, cost of 332Telephone and telegraph expenses:
Federal Reserve banks 130Federal Reserve Board 332
Textiles:Factory employment index 244Factory pay-roll index 248Prices, wholesale 250, 252Production index 242
Thomas Amendment (act of May 12, 1933) 267Thomas, J. J., appointed, member of Federal Reserve Board 68Time and demand deposits. (See Deposits.)Tobacco manufactures:
Factory employment index 244F a c t o r pay-roll index 248Production index 242
Trade acceptances held by Federal Reserve banks 210, 211, 212Trade, wholesale, index of 31, 236Traveling expenses, Federal Reserve banks 130Treasury bills held by Federal Reserve banks 100, 114Treasury bonds:
Held by Federal Reserve banks 100, 114Yield on 150, 151,234
Treasury certificates of indebtedness:Held by Federal Reserve banks 100, 114, 115, 116, 117
Temporary 1-day certificates 115, 116, 117Yield on 150, 151
Treasury notes:Circulation 142Held by Federal Reserve banks 100, 104, 114Yield on 150, 151
Trust companies. (See State banks.)
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INDEX 415
Trust powers of national banks: PageList of banks authorized to exercise 359—380Number of permits issued 63
United States Government deposits:Held by Federal Reserve banks 94, 101, 103, 104Held by member banks:
By weeks 191In New York City 193On call dates 171Outside New York City 195
United States Government securities:As collateral against Federal Reserve bank notes 134
Act regarding 13, 37, 265As collateral against Federal Reserve notes 133
Act regarding 7, 36, 260Average yield on 150, 151, 234Bills discounted secured by, held by Federal Reserve banks 100,
104, 110, 111Bonds:
Held by Federal Reserve banks 100, 104, 114Yield on 234
Certificates of indebtedness:Held by Federal Reserve banks 100, 114, 115, 116, 117
Temporary 1-day certificates 115. 116, 117Yield on 150, 151
Earnings and rates of earnings on purchases by Federal reservebanks 61, 127, 130, 149
Held by Federal Reserve banks 7, 18, 71-92, 97, 100-107, 114-117By classes 114Bought outright :. 97, 100, 102, 114Bought under resale agreement 97, 100, 102, 114Chart showing 16In system investment account 115, 116On call dates 91Temporary 1-day certificates 115, 116, 117
Held by member banks 169, 171, 174, 186, 188, 192, 194Issues of 35Issues, redemptions, and exchanges handled by fiscal agency depart-
ment of banks 62, 118, 119Liberty bonds:
Held by Federal Reserve banks 100, 114Yield on 150
Open-market purchases by Federal Reserve banks, act regarding 39, 267Paper secured by, held by Federal Reserve banks 100, 104, 110, 111Rates of earnings on purchases by Federal Reserve banks 61, 149Treasury bills held by Federal Reserve banks 100, 114Treasury bonds:
Held by Federal Reserve banks 100, 104, 114Yield on 150, 151, 234
Treasury notes:Held by Federal Reserve banks 100, 114Yield on 150| 151
Volume handled by Federal Reserve banks 62, 118, 119, 120United States notes in circulation 142Volume of operations of Federal Reserve banks:
All banks 62, 118Branches. 63, 120Each bank 119
Warehouse receipts:Bankers' acceptances based on, outstanding 203Loans secured by, money rates in New York City 152
Warrants, municipal, held by Federal Reserve banks 100, 102Wholesale commodity prices, index of 250, 252Wholesale trade, index of 236Withdrawals from Federal Reserve System 64, 224Woodin, William H., Secretary of Treasury, appointment of 67Zinc, index of production 243
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