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

For sale by the Superintendent of Documents, Washington, D.C. Price 50 centsDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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


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


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


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


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


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


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


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.


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


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



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


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


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


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


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



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


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


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.


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


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



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

Throughout the period of the depression the Federal ReserveSystem lent its support to efforts to counteract deflationary forcesand to facilitate expansion of business activity. With this end inDigitized for FRASER



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.



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



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


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



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 lÔO.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.



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



$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


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-



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


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


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


ANNUAL EEPORT OF THE FEDEEAL EESERVE BOAED 29

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



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.


ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD 31

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



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



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



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


ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD 35

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,



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



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,



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



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.



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.



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



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.



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.



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



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



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-



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



(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-


ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD 4 9

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



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,



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


ANNUAL KEPOKT OF THE FEDEEAL RESEEVE BOARD 53

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


5 2 ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD

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



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



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



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



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-



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



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



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



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.



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.



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-


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.



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



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.



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.



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.


FEDERAL RESERVE BANK CREDIT

69


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



No. 2,—RESERVE BANK CREDIT AND RELATED ITEMS, MONTHLY AVERAGES,1917-33


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. _


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."


RESERVE BANK CREDIT 73

No. 2.—RESERVE BANK CREDIT AND RELATED ITEMS, MONTHLY AVERAGES,1917-33—Continued


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-


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


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.



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. .


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


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.


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. .


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


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




No, 3.—RESERVE BANK CREDIT AND RELATED ITEMS, WEEKLY AVERAGES,

1932-33[Averages of daily figures. In millions of dollars]

Week ending(Saturday)—


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


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.



No. 3.—RESERVE BANK CREDIT AND RELATED ITEMS, WEEKLY AVERAGES,1932-33—Continued



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


Mar. 4Mar. 1 1 . . .Mar. 18Mar. 25

Apr. 1.—Apr. 8Apr. 15Apr. 22Apr. 29


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.



No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33(WEDNESDAY SERIES)


Date(Wednesday)


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


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




4#—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33(WEDNESDAY SERIES)—Continued


Date(Wednesday)


Billsdis-

count-ed

Billsbought

U.S.Gov-ern-

mentsecuri-

ties

Otherre-

servebankcredit

Total

Mone-tarygoldstock

i

Treas-uryandna-

tionalbankcur-

rency*


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


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




No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33(WEDNESDAY SERIES)—Continued


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-


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


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




No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33(WEDNESDAY SERIES)—-Continued


Date(Wednesday)


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


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




No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS,(WEDNESDAY SERIES)—Continued


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. ._


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


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





[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..


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


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




No, 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33(WEDNESDAY SERIES)—Continued


Date(Wednesday)

1928

Jan 4Jan.11Jan 18Jan. 25

Feb. 1Feb 8Feb. 15Feb. 22Feb 29

Mar 7Mar. 14Mar. 21Mar 28

Apr 4Apr. 11Apr. 18Apr 25


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


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


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,


RESERVE BANK CREDIT 8 5



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


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


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





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


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


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


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


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



EBSEEVE BANK CREDIT 87



Date(Wednesday)

1931Jan. 7Jan. 14Jan. 21Jan. 28


Mar. 4Mar. 11 ._Mar. 18Mar. 25

Apr. 1Apr. 8 . .Apr. 15Apr. 22Apr. 29



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


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


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


49753—34-



No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33,(WEDNESDAY SERIES)—Continued


Date(Wednesday)


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


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



RESERVE BANK CEEDIT 89No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33

(WEDNESDAY SERIES)—Continued


Date(Wednesday)


Billsdis-

count-ed

Billsbought

U.S.Gov-ern-

mentsecuri-

ties

Otherre-

servebankcredit

Total

Mone-tarygoldstock

Treas-uryandna-

tionalbankcur-

rency*


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.



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. _


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


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


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.


RESERVE BANK CREDIT 91No. 6.—RESERVE BANK CREDIT AND RELATED ITEMS, CALL DATES, 1917-33


Call date i


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.



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


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



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


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


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


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


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).



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).


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



Apr. 5Apr. 12Apr. 19Apr. 26


June 7June 14Juue 21June 28

July 5July 12July 19July 26



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






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


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


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.


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


No. 17.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL) AT THE END OF EACH MONTH


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


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.


No. 18.—CONDITION OF EACH FEDERAL RESERVE BANK AT END OF 1932 AND 1933


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


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


No. 18.—CONDITION OF EACH FEDEKAL RESERVE BANK AT END OF 1932 AND 1933—Continued


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


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.



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).


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).



No. 22.—BILLS DISCOUNTED BY FEDERAL RESERVE BANKS—HOLDINGS AT THEEND OF EACH MONTH, BY CLASSES


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).


BESEBVE BANK CREDIT 111

No. 23.—BILLS DISCOUNTED—HOLDINGS OF EACH FEDERAL RESERVE BANK ONDEC. 31, 1933, BY CLASSES


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


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).



No. 25.—BILLS BOUGHT BY FEDERAL RESERVE BANKS—HOLDINGS AT THE ENDOF EACH MONTH, BY CLASSES


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


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.


KESEEVE BANK CREDIT 113

No. 21.—HOLDINGS OF BILLS DISCOUNTED AND BILLS BOUGHT BY FEDERALRESERVE BANKS, BY MATURITIES, 1932-33


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.



No. 28.—HOLDINGS OF UNITED STATES GOVERNMENT SECURITIES BY FEDERALRESERVE BANKS AT END OF EACH YEAR, 1929-33, BY CLASSES


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


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—


Underresale

ment

1-dayTreas-

urycertifi-cates


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).


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)


Date

1933Jan 4Jan 11Jan 18Jan 25

Feb. 1Feb. 8Feb. 15Feb 22

Mar. 1Mar. 8Mar. 15Mar. 22Mar. 29..-



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



515

22

1111

11

0)0)(0

0)

1-dayTreas-

urycertifi-cates

9


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


Sept. 6Sept. 13Sept. 20. . .Sept. 27

Oct. 4Oct. 11Oct. 18Oct 25

Nov. 1. _._Nov. 8Nov. 15Nov. 22Nov. 29


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



0)1122

0)11

0)1

(l)

2

212

1222

1-dayTreas-

urycertifi-cates


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).



No. 31.—HOLDINGS BY FEDEEAL RESERVE BANKS OF 1-DAY CERTIFICATES OFINDEBTEDNESS ISSUED BY THE UNITED STATES TREASURY, 1925-33


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).



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 purchased in open market for ownaccount

Currency received and countedCoin received and countedChecks handledCollection items handled:


Allother _"United States Government securities-


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:


AllotherUnited States Government securities-


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).


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 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).



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



GOLD SETTLEMENT FUND

No. 35.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1926-33


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


Federal Reservebank

Boston. .New YorkPhiladelphiaCleveland


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




FEDERAL RESERVE AGENTS' GOLD FUND

No. 37.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1926-33


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


No. 38.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1933


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.



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


1928

Mem-ber

banks On par Not on

Nonmemberbanks

list list

1929

Mem-ber

banks

Nonmemberbanks


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


Mem-ber

banks2

Nonmemberbanks


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.



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.


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).



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


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


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


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


$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


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


$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.


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


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

CO

HWtsl

3g

m

wo•


FEDERAL RESERVE NOTESNo. 48.—FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE END OF EACH MONTH


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


FEDERAL RESERVE BANK NOTES

No. 49.—FEDERAL RESERVE BANK NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE END OF EACH MONTH


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

>F

W

O

w

w

1

w


GOLD STOCK, GOLD MOVEMENTS, ANDMONEY IN CIRCULATION

135

49753—34 -10


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


No. 51.—ANALYSIS OF CHANGES IN MONETARY GOLD STOCK, BY MONTHS, 1926-33

[In millions of dollars; $l=25ô 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.



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



No. 54.—GOLD MOVEMENTS TO AND FROM UNITED STATES, BY MONTHS, 1924-33l


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.

Âverages 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).


DISCOUNT RATES AND MONEY RATES

143


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__


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



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



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).


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 ,


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.



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.


Higher rates may be charged for other classes of bills.



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




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.Âverage 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



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.


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#4î-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.


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.



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--


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).


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 _



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


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


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


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.


ALL BANKS IN THE UNITED STATES 161

<J8.—ALL BANKS IN THE UNITED STATES—TOTAL LOANS OF MEMBER ANDNONMEMBER BANKS, 1914-33


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.



No. 69.—ALL BANKS IN THE UNITED STATES—TOTAL INVESTMENTS OF MEMBER

AND NONMEMBER BANKS, 1914-33


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.


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


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.


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


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


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



No. 73.—ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVESREQUIRED, RESERVES HELD, AND BORROWINGS AT FEDERAL RESERVE BANKS,BY MONTHS, 1933


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


April4


Reserve city banks:JanuaryFebruaryMarch 3

April4


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


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



No. 75.—NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN LARGER ANDSMALLER CENTERS, 1929-33


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


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


1932 2JanuaryFebruaryMarchApril

MayJuneJuly—.August .


19332


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).


No. 76.—ALL MEMBER BANKS—HOLDINGS OF ELIGIBLE ASSETS (UNITED STATES GOVERNMENT SECURITIES AND ELIGIBLE IÂPER)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


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


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


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


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.


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.


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

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


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


No, 79.—CLASSIFICATION OF MEMBER BANK LOANS AND INVESTMENTS ON CALL DATES, 1930-33


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 \î.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


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


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


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.


* Beginning with 1933, figures relate to licensed banks only.« Central reserve city banks only.



No. 80.—ALL MEMBER BANKS—RESERVE BALANCES, BY MONTHS, 1922-33


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


No. 81.—ALL MEMBER BANKS—BORROWINGS AT FEDERAL RESERVE BANKS,BY MONTHS, 1914-33


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.)


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


Week ending (Friday)

New York City. 31933—Jan. 6 . . . .

Jan. 13Jan 20Jan. 27


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


'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


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


( 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).



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



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


June 2June 9June 16June 23June 30


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


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


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).


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




Netdemand Time Total

Reservesrequired

Reserves held

Total Ex<


^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).


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


All member banks:BostonNew YorkPhiladelphiaCleveland

RichmondAtlantaChicago _St. Louis

MinneapolisKansas CityDallasSan Francisco

Total

National bank members:BostonNew YorkPhiladelphiaCleveland


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


State bank membersBostonNew YorkPhiladelphiaCleveland


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


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


South Atlantic:DelawareMarylandDistrict of ColumbiaVirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida



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



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.



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


186 ANNUAL EEPOKT OF THE FEDERAL RESERVE BOARD

No. 87.—REPORTING MEMBER BANKS (101 CITIES) 1—PRINCIPAL


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.



ASSETS AND LIABILITIES, BY WEEKS, 1933


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


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.


Average.

Mar. 1.

Outside New York City:Jan. 4.Jan. 11.Jan. 18.Jan. 25.

Average.


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.



No. 88.—REPORTING MEMBER BANKS (90 CITIES) J —


Date or month

1932Jan . 6_ ._ . .J a n . 1 3Jan. 20Jan. 27

Feb . 3Feb . 10Feb. 17Feb . 24

Mar . 2Mar . 9Mar . 16Mar . 23 .Mar . 30


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


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


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


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.


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


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


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



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"


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


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.


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



Date or month

1933

Jan. 4Jan. 11 _Jan. 18Jan. 25 _

Feb. 1. . .Feb. 8Feb. 15Feb. 22


Apr. 5Apr. 12.Apr. 19Apr. 26 _ _ .


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]


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


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


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.



Apr. 5.Apr. 12.Apr. 19.Apr. 26.



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.



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


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



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


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.


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.


Oct. 5.Oct. 12.Oct. 19.Oct. 26.


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


No. 90.—REPORTING MEMBER BANKS OUTSIDE NEW YORK CITY (89 CITIES)—

Date or month


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


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



June 7June 14June 21 _June 28





Nov. 1 -Nov. 8Nov. 15..__Nov. 22Nov. 29


Monthly averages:JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember


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


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


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.



Apr. 5.Apr. 12.Apr. 19.Apr. 26.



July 5.July 12.July 19.July 26.

Aug. 2.Aug. 9.Aug. 16.Aug. 23.Aug. 30.


Oct. 4.Oct. 11.Oct. 18.Oct. 25.


Dec. 6.Dec. 13.Dec. 20.Dec. 27.

Monthly averages:January.February.March.April.May.June.July.August.September.October.November.December.



No. 91.—REPORTING MEMBER BANKS (90 CITIES) l—BANKERS' BALANCES:TOTAL, NEW YORK CITY, OTHER LEADING CITIES, BY WEEKS, 1932-33


1932Jan. 6Jan. 13Jan. 20Jan. 27


Mar. 2 . .Mar. 9Mar. 16Mar. 23Mar. 30


May 4May 11May 18.May 25

June 1June 8June 15June 22June 29





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


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


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


Due to banks

Total New YorkCity


Due from banks

Total New YorkCity


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


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]


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.



No. 94.—MEMBER BANK LOANS ON SECURITIES TO BROKERS (AND DEALERSIN SECURITIES) IN NEW YORK CITY, 1928-33


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


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


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.



BANKERS' ACCEPTANCES AND COMMERCIAL PAPEROUTSTANDING

No. 96.—BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING,1927-33


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


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



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.


No. 99.—PURCHASED ACCEPTANCES HELD BY MEMBER BANKS ON CALL DATES,1930-33


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


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


BANK DEBITS

No. 101.—DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN 141 PRINCIPALCITIES, BY MONTHS, 1924-33


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.


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


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



No. 103.—NUMBER OF BANK SUSPENSIONS 1921-32, BY FEDERAL RESERVEDISTRICTS AND STATES—Continued

NATIONAL BANKS


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




Pacific:Washington. _ __OregonCalifornia


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


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


Mountain:MontanaIdahoWyoming . .ColoradoNew MexicoArizonaUtahNevada

Pacific:WashingtonOregonCalifornia..


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



No. 103.—NUMBER OF BANK SUSPENSIONS, 1921-32, BY FEDERAL RESERVEDISTRICTS AND STATES—Continued

NONMEMBER BANKS,


DISTRICT

BostonNew York .PhiladelphiaClevelandRichmond . .AtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Total

STATE

New England:MaineNew Hampshire.VermontMassachusettsRhode IslandC onnecticut

Middle Atlantic:New YorkNew Jersey .Pennsylvania



South Atlantic:DelawareMarylandDist. of Columbia-VirginiaWest VirginiaNorth Carolina. _South Carolina-GeorgiaFlorida

East South Central:KentuckyTennesseeAlabama -Mississippi


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


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



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


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.


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


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


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


No. 104.—DEPOSITS OF BANKS SUSPENDED, 192^-32, BY FEDERAL RESERVE DISTRICTS AND STATES—Continued

NATIONAL BANKS

to


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 .._


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>


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


No. 104.—DEPOSITS OF BANKS SUSPENDED, 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES—Continued

STATE BANK MEMBERS

fcO


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>


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

s

to


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


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



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

K

Wo>>



South Atlantic:DelawareMarylandDistrict of Columbia..VirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida




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


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


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

3zn

sCO

to


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



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.



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.



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)


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.


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.


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).


BUSINESS CONDITIONS

229



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).



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


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



No. 114.—BOND YIELDS


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-



No. 114.—BOND YIELDS—Continued


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


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


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


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



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


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


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


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


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


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


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



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.



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.


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


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


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


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


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


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


°™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


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.



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



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.



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


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]


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


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


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]


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.. .


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


APPENDIX

255


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



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.


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.


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


BANKING LEGISLATION IN 193 3 2 6 1

EMERGENCY BANKING ACT AND BANK CONSERVATION ACT


[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



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-


BANKING LEGISLATION IN 193 3 263

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.



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



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.


2 6 6 ANNUAL EEPORT OF THE FEDEEAL RESERVE BOARD

AMENDMENT TO EMERGENCY BANKING ACT


[H. R. 3757]

AN ACT

To provide for direct loans by Federal reserve banks to State banks and trust companies in certain casesând 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."

Approved March 24th, 1933Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


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



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



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


[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


[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.


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


[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


BANKING LEGISLATION IN 19 3 3 2 7 1

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


[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.



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."


BANKING LEGISLATION IN 19 3 3 273

(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


274 ANNUAL KEPOBT OF THE FEDERAL RESERVE BOARD

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



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



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



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



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


BANKING LEGISLATION IN 19 3 3 279

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-

49753—M 19Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


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



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.



"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


BANKING LEGISLATION IN 193 3 28e3

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.



" (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.



"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:


2 8 6 ANNUAL BEPOKT OF THE FEDERAL RESERVE BOARD

"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



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



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



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



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



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:



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



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:



"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^



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.


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.

* * * * * * *

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.


REGULATIONS OF THE FEDERAL RESERVE BOARD 2 9 7

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.


2 9 8 ANNUAL REPOET OF THE FEDERAL RESERVE BOARD

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.


REGULATIONS OF THE FEDEEAL RESERVE BOARD 299

(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

4 See, however, exceptions nos. 11, 12, and 13 on p. 298.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

300 ANNUAL REPOET OF THE FEDERAL RESERVE BOARD

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.


REGULATIONS OF THE FEDERAL RESERVE BOARD 301


(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



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


REGULATIONS OF THE FEDERAL EESERVE BOARD 303

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.



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:



(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.


(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



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



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



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


REGULATIONS OF THE FEDERAL EESERVE BOARD 3 0 9

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


3 1 0 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD

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



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.


3 1 2 ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD

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 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



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.


314 ANNUAL KEPOET OF THE FEDEBAL RESERVE BOARD

(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.


REGULATIONS OF THE FEDERAL RESERVE BOAJE1D 315

(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



(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 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.



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.


3 1 8 ANNUAL KEPOKT OF THE FEDERAL RESERVE BOARD

(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 policiesôr 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.


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.

319



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


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.


EXECUTIVE OEDEES AND PROCLAMATIONS 321

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



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


EXECUTIVE ORDERS AND PROCLAMATION'S 3 2 3

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.

April 20, 1933.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 ANNUAL. BEPOBT OF THE FEDERAL RESERVE BOARD

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


EXECUTIVE ORDERS AND PROCLAMATIONS 3 2 5

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


326 ANNUAL EEPOKT OF THE FEDERAL RESERVE BOARD

(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:


EXECUTIVE ORDERS AND PROCLAMATIONS 3 2 7

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



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


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


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



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.



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


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


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


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.



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


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



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


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



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.


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


STATE BANK MEMBERSHIP


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





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


STATE BANK MEMBEKSHIP


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


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





PENNSYLVANIA


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


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


STATE BANK MEMBERSHIP 345[In thousands of dollars]


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


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*





WEST VIRGINIA


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




347

Loans Invest-,ments



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




Loans Invest-ments



LOUISIANA

(See also District no. 11)New Orleans: American Bank & Trust Co..Slidell: Bank of Slidell

MISSISSIPPI


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


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


STATE BANK MEMBEKSHIP


349


INDIANA


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





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


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


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


STATE BANK MEMBERSHIP 351



KENTUCKY


Hartford: Citizens bankLouisville:

Kentucky Title Trust CoLiberty Bank & Trust CoLincoln Bank & Trust Co

MISSISSIPPI


Indianola: Peoples Bank


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


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




LoansInvest-ments



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


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




353


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


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


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


Tucson: Southern Arizona Bank & Trust CoWillcox: The Bank of Willcox

LOUISIANA


Shreveport: Continental-American Bank & Trust Co._

NEW MEXICO


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





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


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


STATE BANK MEMBEBSHIP


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


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



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


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.


STATE BANK MEMBERSHIP 357LICENSED STATE BANK MEMBERS—SUMMARY CLASSIFICATION ACCORDING TO

CAPITAL STOCK, DEC. 30, 1933—Continued


State

Aggregate capital stock i of hanks with a capital stock i of—

New England:MaineNew Hampshire. _MassachusettsRhode IslandConnecticut—

15018,380

,000



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



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.



LICENSED STATE BANK MEMBERS—SUMMARY CLASSIFICATION ACCORDING TOCAPITAL STOCK, DEC. 30, 1933—Continued


State

Total deposits of banks with a capital stockl of—

New England:MaineNew Hampshire.MassachusettsRhode IslandConnecticut


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



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.


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

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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.

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and 9.



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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.

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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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to 3.to 7 and 9.to 4.to 7 and 9.

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1, 2, 4,and 7.

l.1 and 4.

1 to 4.1.

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1 to 3.1 to 4.1, 2, and 4.


FIDUCIARY POWERS 361

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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.

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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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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

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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.

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FIDUCIARY POWEES 363

Powersgranted

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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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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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364 ANNUAL KEPOKT OF T H E FEDERAL RESERVE BOARD

Powersgranted

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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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4.

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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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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


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...

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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


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.

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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.

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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.

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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:


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....

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Shamokin:Market Street National BankNational Dime Bank of Shamokin.

Shenandoah:Merchants National BankMiners National Bank

Shickshinny: First National BankShippensburg:


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:


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-Û.

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


Ashland:Second National BankThird National Bank

Brooksville: First National BankCovington: First National Bank &

Trust Co.Cynthiana:

Farmers National BankNational Bank of Cynthiana

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1 to 9.1 to 5, 7 to 9.Digitized for FRASER




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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Q1 to 7 and 9.1 to 7 and 9.1 to 7 and 9.

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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:


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


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

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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


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

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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.

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.

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1 to 9.1 to 9.Ito9.1 to 9.

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1 to 9.Ito9.Ito9.




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:


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

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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.

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Ito9.Ito9.1 to 9.

1 to 9.Ito9.Ito9.


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


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

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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.

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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.



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.


Montgomery:Alabama National BankFirst National Bank

Oneonto: First National BankOpelika:


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

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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.

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1 to 9.Ito9.

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1 to 9.

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1 to 3, 5 to 7and 9.

1 to 9.Ito8.Ito9.


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

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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




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


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.

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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.

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Ito9.Ito9.


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:


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

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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.

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1 to 9.Ito9.


FIDTJCIAEY POWERS 373


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:


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:


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


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


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.


374 ANNUAL REPORT OP THE FEDERAL, RESERVE BOARD


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:


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.


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.


ARKANSAs—continued

Paris: First National BankPine Bluff: Simmons National Bank.Texarkana: State National Bank

ILLINOIS


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


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.


FIDUCIAET POWEES 375

Powersgranted

Powersgranted


INDIANA—continued

Washington:Peoples National Bank & Trust

Co.Washington National Bank

KENTUCKY


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:


MISSISSIPPI


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.


MISSOURI—continued

Sedalia: Third National BankSDringfield: Union National Bank.Trenton: Trenton National BankUnionville: Marshall National Bank-Warrensburg: Peoples National

Bank.

TENNESSEE


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


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, 2, 3, 5, 6,8, and 9.

Ito9.




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


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:


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


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 *ôioraoo 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.

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.




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:


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.


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.Ito9.1 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.




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


Nogales: First National BankTucson: Consolidated National Bank

LOUISIANA


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.


NEW MEXICO


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.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.




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:


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:


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 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.


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.


380 ANNUAL EEPOET OP T H E FEDERAL EESERVE BOARD


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.


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.


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



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.


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



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


DESCRIPTION OF FEDERAL RESERVE DISTRICTS 3 8 5



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


30,951

190,513

35,448

26,707

55,58640,789


1,862,000

18,855,000

6,554,000

2,673,000

2,482,0004,711,000





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


31,983

194,810

52,52520,595

9,338

22,567

20,843


2,435,000

9,754,000

1.872 0001,272,000

618,000

1,383,000

1,066,000


DESCRIPTION OF FEDERAL RESERVE DISTRICTS


387

Federal Reserve districtLand area

(squaremiles)


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


3 8 8 ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD



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


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


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


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


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).


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


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


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


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:


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


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:


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


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:


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


398 INDEX

Condition of banks—Continued.Member banks—Continued.

Deposits, time and demand—Continued.Reporting banks: Page


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


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:



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:


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


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


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


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


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


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:


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


Government securities. (See United States Government securities.)Governor of Federal Reserve Board:

Black, Eugene R., appointed 67Meyer, Eûgene, 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


INDEX 407

Iron and steel:Factory employment index 244Factory pay-roll index 248Production index 242

Iron-ore shipments 243Italy:


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


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


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


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


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:


Nonmember banks:Bank suspensions 206, 210, 218, 222, 223


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


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


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:


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


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


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:


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.)


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:


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
