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T h e P a p e r s of E u g e n e M e y e r ( m s s 5 2 0 1 9 )
120 05 001-
Subject File, Federal Reserve Board, Reports - Div of Bank Ops. (Smead,
E.L.) Includes Memos, 1930-32
EUGENEMEYER
sun mot rnr
F o rm N o. 131
O ffice Correspondence
*(r
FEDERAL RESERVE
BOARD
Date December 2J ,1930
Governor M®yer
Subject:Amount of U. S, securit ies that
M r . Smead
can be purchased by federal reserve banks
CONFIDENTIAL
Following our telephone conversation the other morning I have given some
thought to the amount of U. S. securities which the Federal reserve banks
could buy without materially interfering with their present operating procedure
and have compiled some statistics relating thereto which you may find interest
ing.
• .
On December 2U, the day before Christmas, the excess reserves and free
gold holdings of the Federal reserve banks wer® as follows:
F . R . 3ank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Excess Reserves
Free Gold
(in thousands of dollars)
1 0 5 ,6 b0
33.137
■$73,686
508,977
122,792
L 7 .5 L6
150,889
62,012
18,58U
51.3^5
75.292
7 .7 0 U
•
1 1 9 ,8 7 U
191.925
57,bo9
19.977
32,922
6,U6s
b 5 ,3 9 6
lU.bgb
22,965
10,513
1 2 9 .9 U 7
22,327
1
.U9 5 . 8 7 5
7 3 6 .3 2 >*
The excess reserves, shown above, are as you will note in agreement
with the excess reserves as shown in the next to the last column on the
second page of cur daily summary of condition cr Federal reserve banks. The
free gold figures, however, are considerably less than th® fr®e gold fig
ures shown in the last column of that statement. The reason for the
difference is that th® free gold figures as shown above are based on the
actual amount of Federal res®rve notes outstanding, $2,121,000,000 wh®reas
th® free gold figures shown in the daily statement are calculated on the
basis of Federal reserve notes in actual circulation, $1,722,000,000 plus
an allowance of $ 1 9 0 ,0 0 0 , 0 0 0 as the estimated minimum amount of Federal re
serve notes which the Federal reserve banks and branches could conveniently
get along with as till cash if the Federal reserve agents had representatives
at their branches in order to promptly supply them with additional Federal
reserve not®s as needed.
The free gold holdings of the Federal reserve banks as stated in the
daily summary ar® as follows:
Federal Reserve Bari1
*
2
Free Gold
(in thousands of dollars)
5U.65*
U 7 7 ,121
53,057
73,192
2 2 ,72 2
9 tU3U
152,153
17.9^5
5,811
l6tU07
1 1 ,0 0 7
81,985
3os ton
New York
Philadelphia
Cleveland
"Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
985.51 U
Recently, as you know, there has been a substantial increase in mon°y
in circulation as a result of un°asin»ss in the banking situation, especially
in New York, in addition to the normal seasonal increase which occurs every
year to take care of the holiday trade. The amount of money in circulation
increased about $500,000,000 from November 1 to December 2h as compared with
an increase during the corresponding period last year of about $200,000,000
and in 1028 of about $320,000,000. Owing to the unusual conditions now
existing it is difficult to estimate the return flow of currency to the end
of January but it will probably be in excess of $500,000,000. If so, it will
presumably result in a reduction of perhaps $2 50 ,000,000 in rediscounts and
$1 5 0 ,000,000 in acceptances and. in some increase in member bank reserve bal
ances, which on December 2h were relatively low,and possibly in some adjust
ment in security holdings * When this return flow of currency takes place the
excess reserves of the Federal reserve banks will go up to around
$1,750,000,000 and the reserve ratio to about S3 ner cent. The actual free
gold holdings of the banks will increase to about $83p>,000,000 and the “Es
timated free gold" holdings as used in our daily statement to around
$1,100,000,000.
After the above readjustment takes place, the Federal reserve banks will
be in a position to lose about $500 ,000,000 of gold for export without re
ducing their free gold below an easy-working margin. If such an amount of
gold were lost, it would result in a decline in the reserve ratio to around
bS or J O oer cent, and in free gold holdings from $835*000,000 to- around
$335,000,000.
Should the System purchase $500,000,000 of U. S. securities, it is to
be presumed that gold would move out of the country in some volume. If say
$30 0 ,000,000 of gold should leave the country as a result of such purchases,
the reserve ratio would remain above 70 per cent and the free gold position
of the System would be reduced to about $U65,000,000 if credit for the
additional $200,000,000 purchases of securities were taken in the form of
member bank reserve balances. If taken in the form of Federal reserve not°s,
♦This, of course, deD®nds on system policy.
however, the free gold position would be the same as if the gold were
taken for export as the additional issues of Federal reserve notes would
have to be covered dollar for dollar by gold pledged with Federal re
serve agents . I have used $50 0 ,000,000 in the above calculations as
that seems to be approximately the amount of U. S. securities the Fed
eral reserve banks could purchase without reducing their working balances
below an easy margin. If, however, an assistant Federal reserve agent
were to be stationed at each branch and the amount of Federal reserve
notes necessary to be held as till cash thereby reduced to around
$150 ,000,000 the ^pderal reserve banks could purchase a materially larger
amount of U. S. securities, say $500,000,000. Were such a purchase to
result in gold exoorts of $500 *000,000 3n& 311 increase of $1 5 0 ,000,000
in both Federal reserve note circulation and member bank reserve deposits
the System would still have about $400,000,000 in free gold, around
$1 ,200 ,000,000 of excess reserves and a ratio of between 60 and 65 per
cent. If tve Federal reserve banks wer° authorized to use as collateral
security for outstanding Federal reserve notes any securities which they
are permitted by the Federal Reserve Act to purchase, the difference
between free gold and excess reserves would largely disappear and the
Federal reserve banks would be able to purchase securities to the same
extent that th®v are new able to rediscount paper for member banks or to
buy acceptances in the open market.
During the course of our telephone conversation, I stated that if
the Federal reserve banks should buy securities equal to approximately
the amount of their free gold holdings it would probably necessitate
some rediscounting between Federal reserve banks. This, of course, is
not true. Rediscounts betweai Federal reserve banks become necessary
when member banks are heavily in debt to the Federal reserve banks and
the reserve ratios are approaching the legal minimums but not when the
System is purchasing large amounts of U. S. securities and the reserve
ratios are well above legal minimums. Security purchases at such times
would, however, necessarily be shifted back and forth between the Fed
eral reserve banks in order to avoid a shortage in the collateral require
ments against outstanding Federal reserve notes.
*
^
V /.
Office Correspondence
Governor Meyer
T
FEDERAL RESERVE
BOARD
r w
January 21, 1951
Subject:.
From__ ^
2— 8405
• r•
,ve just ‘brought up to date our mimeographed statement in
explanation of the items used in the Board’s weekly consolidated
statement of condition of the Federal reserve hanks,
ing hereto a copy for your files*
and
I am attach-
*
EXPLANATION OP ITEMS IN SHE WEEKLY CONSOLIDATED STATEMENT
OP CONDITION OP THE TWELVE FEDERAL RESERVE BANKS
January, 1931
R E S O U R C E S
GOLD WITH FEDERAL RESERVE AGENTS. Gold pledged with the Federal re
serve agents by the Federal reserve hanks as security for Federal reserve
notes issued to them hy the agents under authority of Section l6 of the
Federal Reserve Act. This gold together with eligible paper (hills dis
counted and purchased), also so pledged* mast at least equal the amount
of Federal reserve notes outstanding, i.e,, issued to the Federal reserve
hanks. Under the provisions of Section l6, gold pledged with the agents,
in addition to serving as pant of the collateral security for notes issued
hy the agents to the hanks, is also counted as part of the Uo per cent
gold reserve which Federal reserve hanks are required to maintain against
Federal reserve notes in actual circulation. Part of the gold pledged
with the Federal reserve agents is kept on deposit with the Federal Re
serve Board (held in custody for the Board hy the United States Treasurer)
for the purpose of facilitating transfers of gold to and from the Federal
reserve hanks, and the remainder in the agents* vaults in the form of
hullion, coin or gold certificates.
GOLD REDEMPTION FUND WITH U. S. TREASURY. Gold deposited with the
U. S.. Treasury hy the Federal reserve hanks for the redemption of Federal
reserve notes. Each Federal reserve hank is required hy Section l6 of the
Federal Reserve Act to provide for the redemption of its Federal reserve
notes in Washington hy maintaining with the U. S. Treasurer a gold deposit
of not less than 5 per cent of the amount of notes issued to it and not
covered hy gold pledged with the Federal reserve agent. The Secretary of
the Treasury is authorized to require the Federal reserve agents to main
tain a gold redemption fund with the United States Treasurer for the re
demption of Federal reserve notes covered hy gold deposited with the
agents. The Secretary of the Treasury has not required the agents to
maintain redemption funds since August 1, 1929 *
GOLD HELD EXCLUSIVELY AGAINST F. R. NOTES. This is the total of
the two preceding items and constitutes that part of the reserve of the
Federal reserve hanks which can he counted as reserve against Federal re
serve notes only. Other gold reserves held hy a Federal reserve hank
may he counted as a reserve against notes or against deposits, at the
option of the Federal reserve hank.
GOLD SETTLEMENT FUND WITH FEDERAL RESERVE BOARD. Gold deposited
hy the Federal reserve hanks with the Federal Reserve Board (held in
custody for the Board hy the U. S. Treasurer) for the purpose of creating
a fund through which the Federal reserve hanks and branches settle their
daily interdistrict "balances, as authorized hy Section l6 of the Federal
Reserve Act. The Board receives a telegram daily from each Federal re
serve "bank, and from each Federal reserve "branch which settles directly
through the fund, giving the amount it has collected for the credit of
each other reserve "bank: and branch. After the necessary bookkeeping
entries have been made, the net debit or credit of each bank in the clear
ing is deducted from or added to its balance in the fund, thus effecting
a settlement between the several Federal reserve banks without the physical
shipment of money. Through a daily Federal reserve note clearing, each
Federal reserve bank receives immediate credit in its gold settlement fund
balance . for notes of other reserve banks which it ships to the bank of
issue or to the Treasury for redenption. Immediate transfers of funds
are also made through this fund by telegraph for the account of the United
States Government.
GOLD AND GOLD CERTIFICATES HELD BY BARKS. United States gold coin,
foreign gold coin, gold bullion,, and gold certificates otmed by the Fed
eral reserve banks and held in their own vaults.
TOTAL GOLD RESERVES. This is the total of the preceding three items
and represents the amount of gold held by or for the account of the Fed
eral reserve banks and agents which can be counted as part of the reserves
required to ..be carried against Federal reserve notes and deposits.
RESERVES OTHER THAN GOLD. United States notes (greenbacks), silver
certificates, and standard silver dollars. Reserves other than gold may
be counted as reserves against deposits only.
TOTAL RESERVES. This is the sum of "Total gold reserves" and "Re
serves other than gold," and constitutes the entire legal reserves of the
Federal reserve banks against both deposit and Federal reserve note lia
bilities. The Federal Reserve Act, section l6, requires each Federal re
serve bank to maintain a gold reserve of *40 per cent against its Federal
reserve notes in actual circulation and a gold or lawful money reserve of
35 per cent against its total deposits.
HOMESERVE CASH. National bank notes, Federal reserve bank notes,
subsidiary silver and minor coin. Nonreserve cash, as the name implies,
represents cash held by the reserve banks wh:ich, under the terms of the
Federal Reserve Act, cannot be counted as part of their required reserves
against Federal reserve notes and deposits. Nonreserve cash does not in
clude Federal reserve notes on hand at the issuing bank, as they are de
ducted from the total amount of such notes received from the Federal re
serve agent to obtain the amount of Federal reserve nptes in actual
circulation against which the Federal reserve bank is required to maintain
- 3 -
B -2 2 0
a Uo per cent gold, reserve. Federal reserve notes of other "banks, which
are shown separately, are not included in nonreserve cash for the reason
that Section l6 of the Federal Reserve Act prohibits the paying out of
such notes under penalty of a tax of 10 per cent.
BILLS DISCOUNTED - SECURED BY U. S. GOVERNMENT OBLIGATIONS.
Advances to member banks on their promissory notes secured by United
States Government bonds, Treasury notes, Treasury certificates and Treas
ury bills, or by customers 1 paper fully secured by such obligations of
the United States Government; rediscounts for member banks of customers’
paper fully secured by United States Government obligations and redis
counts for both member and nonmember banks of World War veterans’ promis
sory notes secured by adjusted service certificates.
OTHER BILLS DISC QUITTED. Advances to member banks on their promis
sory notes secured by customers' paper (except paper fully secured by
United States Government obligations); rediscounts for member banks of
eligible paper not secured by United States Government obligations or only
partly secured by such obligations; and rediscounts of agricultural paper
for Federal Intermediate Credit banks.
BILLS BOUGHT IN OPEN MARKET. Bankers and trade acceptances and
dollar exchange bills bought by the Federal reserve banks in the open
market, i.e., from member banks, nonmember banks, and dealers in accept
ances, etc.
U. S. GOVERNMENT SECURITIES. The three items listed under United
States Government securities represent the amount of United States Govern
ment bends, Treasury notes, and Treasury certificates and bills, respec
tively, that are owned by the Federal reserve banks.
OTHER SECURITIES. Federal Intermediate Credit bank debentures,
Federal land bank bonds, and municipal warrants, if any, owned by the
Federal reserve banks.
TOTAL IILLS AND SECURITIES. This is the total of the five preced
ing items and comprises all of the discounts, acceptances and securities
acquired by the reserve banks under the provisions of Sections 13 &nd 1^
of the Federal Reserve Act, except paper rediscounted for banks since
closed which is included in ’’All other resources”.
DUE FROM FOREIGN- BANKS. Deposit balances held with foreign central
banks by the Federal Reserve Bank of New York and participated in by the
other Federal reserve banks.
F.
R. NOTES OF OTHER BANES.
Federal reserve notes of other Federal
reserve banks, which under the -provisions of the Federal Reserve Act may
not be paid out except under penalty of a tax of 10 per cent. These notes
\
-1+
-
B-220
axe forwarded periodically to the bank of issue, or to the United States
Treasurer for redemption, whereupon payment for them is received from the
bank of issue through the Gold Settlement Fund.
UNCOLLECTED ITEMS. Checks and drafts and other cash items deposited
with the Federal reserve banks which are in process of collection.
BANK PREMISES. Book value of bank buildings and building sites
owned by the Federal reserve banks for banking-house purposes.
ALL OTHER RESOURCES. Miscellaneous assets such as reimbursable ex
penses, deferred charges, claims account closed or suspended banks, interest
accrued, overdrafts, premium on securities, etc.
L IABILITIES
FEDERAL RESERVE NOTES IN ACTUAL CIRCULATEON. Federal reserve notes
paid out by the Federal reserve banks, ife., the amount of Federal reserve
notes received by the Federal reserve banks from the Federal reserve agents,
less the amount of its own Federal reserve notes held by each Federal re
serve bank, also less any mutilated notes forwarded to Washington for
redemption.
DEPOSITS: MEMBER BANK - RESERVE ACCOUNT. Represents the entire
lawful reserve carried by national banks against their deposit liabilities
and the lawful reserve which state member banks carry with the Federal re
serve banks.
Section 19 of the Federal Reserve Act requires all member banks,
national and state, to carry with the Federal reserve banks the entire
legal reserves prescribed by the Act. In most states the state banks
which are members of the Federal Reserve System are required to carry no
reserves other than those which they must maintain as members of the Fed
eral Reserve System, but in a few states a state bank, after becoming a
member, is required by state law to comply with the reserve requirements
applicable to other state banks, and its reserve balance with the reserve
banks is counted merely as a reserve balance with an approved depositary.
These deposits, while constituting the required reserves of member banks,
may be drawn upon to meet current requirements, and in fact are actively
used by member banks in connection with their check clearing operations,
transfers of funds, currency shipments, etc.
DEPOSITS: GOVERNMENT. Deposits with the Federal reserve banks by
the United States Treasury. The Federal reserve banks act as fiscal
agents for the Treasury and as such receive Government funds on deposit
and pay Government checks and coupons and maturing securities.
*
V
-
B -220
5
DEPOSITS: FOREIGN BANK. Deposits of various foreign central "banks
with the Federal Reserve Bank of New York. Each of the other Federal re
serve banks is allotted a participation in foreign bank deposits by the
Federal Reserve Bank of New York.
OTHER DEPOSITS. Clearing balances of so-called clearing nonmember
banks, maintained in accordance with Section 13 of the Federal Reserve
Act, Federal reserve bank officers' checks outstanding, Federal reserve
exchange and transfer drafts (drafts drawn by member banks on Federal re
serve banks), and funds collected for the account of other Federal reserve
banks which cannot be transferred to them on the date collected because
of their being closed on account of local holidays. Nonmember banks which
maintain clearing accounts with the Federal reserve banks are entitled to
make the same use of the check clearing and collection facilities of the
Federal reserve banks as are momber banks.
TOTAL DEPOSITS. Ihis is the total of the four preceding items and
represents the aggregate deposit liability of the Federal reserve banks
against yhich they are required to maintain a gold or lawful money reserve
of 35 Per cent.
DEFERRED AVAILABILITY ITEMS. Checks, drafts, and other cash items,
in process of collection, for which the Federal reserve banks have given
member banks, clearing nonmember banks, and the United States Treasury,
credit in a deferred availability account. Final deposit credit subject
to actual collection is given for these items in accordance with the Fed
eral reserve banks' published time schedules, which are based upon the
average time required to collect the items.
CAPITAL PAID IN. Each member bank is required by Section 2 of
the Federal Reserve Act to subscribe to the capital stock of the Federal
reserve bank in a sum equal to 6 per cent of its own paid-in capital and
surplus. One-half of the subscribed capital of the Federal reserve banks
has been paid in and the balance is subject to call if and when deemed
necessary by the Federal Reserve 3oard.
SURPLUS. After all necessary exoenses have been provided for, each
Federal reserve bank pays its member banks an annual dividend of 6 per
cent on its paid-in capital stock and transfers the remainder of its earn
ings to surplus account until such account is equal to its subscribed capital.
One-tenth of any remaining earnings are transferred to surplus account and
nine-tenths paid to the Government as a franchise tax.
taxes
ALL
OTHER
and
dividends
account
LIABILITIES.
unpaid,
f a i l e d banks,
Miscellaneous
reserves
unearned
for
discount,
liabilities
self-insurance
and
net
such
as
and for
earnings.
accrued
losses
«
%
6
B - 220
M E MOBANDA
RATIO OF TOTAL RESERVES TO DEPOSIT AND F. R. NOTE LIABILITIES
COMBINED. This is the ratio of total reserves to the sum of Federal re
serve notes in actual circulation and total deposits.
CONTINGENT LIABILITY ON BILLS PURCHASED FOR FOREIGN CORRESPONDENTS.
The amount of "bankers' acceptances purchased and held in custody for the
account of its foreign correspondents "by the Federal Reserve Bank of New
York and which the Federal reserve "bank has agreed to repurchase on demand.
All of the Federal reserve "banks participate in these accounts.
ro rm N o. 131
Office Corresnondence
FEDERAL RESERVE
BOARD
Governor Meyer
’•
Date. February 13* 1931
Subject:.Security affiliates of member
banks
S jn e a d
_________________
We have been compiling statistics for some time on branch, group and
chain banking and it is believed that our records in this regard are now
substantially correct.
They do not include, however, affiliations between
banks and securities companies, and other non-banking enterprises.
The growth in security and other affiliates of member banks has been
especially marked during the past few years and it seems to me that the
Board should have available a reasonably complete record of all corporate
enterprises (a) which are controlled by member banks or by the management
of member banks through stock ownership of the directors, officers and
stockholders, or (b) which own or control member banks.
As illustrations of
the tie-up between member banks and other corporate enterprises, I am attach
ing hereto examples as follows:
Chase National
First National of Boston
Anglo London Paris National
First National of Atlanta
Bank of Manhattan Trust
National City
Central Trust of Illihois
If the Board decides that a comprehensive effort should be made to
compile such information, it might be obtained from member banks as a
supplement to their quarterly call reports either once a year or, if thought
advisable, each quarter, or it might be obtained by requesting the- Federal
Reserve agents to assemble as complete data as possible from sources available
to them.
Any data compiled by the Federal Reserve agents would necessarily
not be as current or as complete as data furnished by the member banks them
selves,
The Federal Reserve agents would, however, be the best source from
which to obtain data on non-member affiliations.
If the collection of the information is to be undertaken, I think it
would be well to discuss the problem thoroughly with the Comptroller of the
Currency before making a definite decision as to best method of procedure.
CHASE
NATIONAL BANK,
NEW YORK
CITY
Chase Securities Corporation
New York City
Securities Co.
100$ of stock trusteed for pro rata beneficial interest of
Bank stockholders
American Express Company
New York City
Foreign Exchange
and Travel
Practically all stock owned by Chase Securities Corporation.
American Express Bank & Trust Company
New York City
54$ of stock owned by American Express Company;
owned by Chase Securities Corporation
State Bank
36$ of stock
Wblls Fargo & Company
New York City
Controlled by American Express Company, Now in process of
liquidation.
Westcott Express Company
Mode of control not known
New York City
Baggage Transfer
Harris Forbes & Company
New York City
Securities Co.
100$ of stock owned by Chase Securities Corporation
Equitable Trust Company
New York City
(Function and mode of control not known)
Equitable Eastern Banking Corporation
NeYf York City
Foreign Banking
Controlled 100$, Mode of control not known; presumed to be
either by Chase National Bank or Chase Securities Corporation.
Chase Bank
Paris, France
Controlled 100$, Mode of control not known.
Chase
Safe
Deposit
100$
Company
o w e d
by
Chase
New York
National
Bank
City
Mexico City, Mexico
FIRST
NATIONAL BANK OF
BOSTON
The First National Old Colony Corporation
Boston
Securities Co,
100$ of stock trusteed for pro rata beneficial interest of bank
stockholders.
The Old Colony Trust Company
Boston
100$ of stock trusteed for pro rata beneficial interest of bank
stockholders,
Old Colony Investment Trust
Massachusetts trust. Administered by self-perpetuating board of
trustees subject to approval of the executive committee of the Old
Colony Trust Company, Operates as general management investment
trust, 50$ of stock owned by First National Old Colony Corporation,
Old Colony Trust Associates
Massachusetts trust. Administered by self-perpetuating board of
trustees subject to approval of executive committee of Old Colony
Trust Company, Managed by First National Old Colony Corporation,
Stock owned by the public, A controlling interest in the follow
ing named banks and trust companies is owned by the Old Colony
Trust Associates:
Appleton National Bank
Boulevard Trust Company
Dedham National Bank
First National Bank
First National Bank
Harvard Trust Company
Lechmere National Bank
Henotoray Trust Company
National Mount Wollaston Bank
Needham Trust Company
Newton Trust Company
Second National Bank of Malden,
Springfield Chapin National Bank
& Trust Comapny
Stoughton Trust Company
Union Market National Bank
Winchester Trust Company
Concord National Bank
Canton Trust Company
Everett Trust Company
Lowell, Mass,
Brookline, Mass.
Dedham, Mass.
Mansfield, Mass.
West Newton, Mass•
Cambridge, Mass.
Cambridge, Mass.
Arlington, Mass.
Quincy, Mass.
Needham, Mass.
Newton, Mass.
Malden, Mass.
Springfield, Mass.
Stoughton, Mass.
Watertown, Mass.
Winchester, Mass.
Concord, Mass.
Canton, Mass.
Everett, Mass.
ANGLO
&
LOUDON
PARIS
NATIONAL BANK,
SAN FRANCISCO
Consolidated Securities Company
San Francisco
100$ of stock trusteed for pro rata beneficial interest of the
bank's stockholders.
Anglo National Corporation
San Francisco
Controlled by the Consolidated S°curities Company
Holding company
The Anglo-London Paris Company
San Francisco
Controlled by the Consolidated Securities Company
Securities courpany
The Anglo Corporation
San Francisco
Controlled by the Consolidated Securities Company
Inactive
Pacific National Agricultural Corporation
San Francisco
Function and mode of control not known
Fairfield, Calif
First National Bank
Hanford
“
First National Bank
Lemoore
"
First National Bank
Oakland
"
First National Bank
Weed
"
First National 3ank
Longview,
Wash.
First National Bank
Red Bluff, Calif
Bank of Tehama County
Redding
Northern California National Bank
Redding
The Redding Savings Bank
Modesto
Modesto Trust & Savings Bank
San Jose
San Jose National BarkSuisun
Bank of Suisun, N. A.
Winters
Winters National Bank
Vreka
First National Bark
Bakersfield
Tirst National Bank
Vallejo
Mechanics 8r Merchants National Bank
National
Corporation.
Above banks controlled by Anglo
FIRST NATIONAL BANK, ATLANTA
Trust Company o f Georgia
A tla n ta
100 $ of stock trustee d fo r pro r a ta B e n e fic ia l in te r e s t of
Bank*s stockholders
F i r s t N a tio n al A sso c ia te s
A tla n ta
100$ of stock owned by Trust Company o f Georgia
H old in g Company
F i r s t N atio n al Company
A tla n ta
100$ of stock owned by F i r s t N a tio n a l A s s o c ia te s
S e c u r itie s Company
N a tio n a l Exchange Bank
Augusta
50$ or more of stock owned by F ir s t N a tio n a l A sso c ia te s
Fourth N a tio n a l Bank
Columbus
50$ or more of stock owned by F i r s t N a tio n a l A sso c ia te s
F i r s t N a tio n a l Bank
Rome
50$ or more of sto ck owned by F ir s t N a tio n a l A sso c ia te s
L ib e rty N a tio n a l Bank & Trust Company
Savannah
50$ or more o f stock owned by F i r s t N a tio n a l A sso c ia te s
F i r s t N a tio n a l Bank and Trust Company
Macon
50$ or more o f stock owned by F i r s t N a tio n a l A ss o c ia te s
A tla n ta Savin gs Bank
A tla n ta
50$ or more of stock owned by F ir s t N a tio n a l A sso c ia te s
BANK OF MANHATTAN TRUST COMPANY, NEW YORK CITY
Manhattan Company
Owns over
9 9 % >
New York C ity
stock o f Bank o f Manhattan Trust Company
H oldin g Company
In te rn a tio n a l Acceptance Bank
New York C ity
Over 9 9 % o f stock owned by Manhattan Company
Acceptance
In te rn a tio n a l Manhattan Company
New York C ity
Over 2 9 % , o f stock owned by Manhattan Company
S e c u ritie s Co,
New York T it le and Mortgage Company
Mortgages and
T it le Insurance
New York C ity
M a jo rity o f sto ck owned by Manhattan Company
N ational Mortgage Corporation
New York C ity
Owned by New York T it le and Mortgage Company
Land E sta te s,
. Incorporated
Owned by New York T it le and Mortgage Company
County Trust Company
Yftiite P la in s
Owned by New York T it le and Mortgage Company
State Bank
4
NATIONAL CITY BANK, NSW YORK CITY
C ity Bank Farmers Trust Company
New York C ity
Trust company
100 $ of sto ck trusteed fo r pro r a t a b e n e fic ia l in te re st o f bank
sto c k h o ld e rs.
C ity Bank Farmers Trust Company. Ltd.
London, England
Trust comoany
100 $ of stock trusteed fo r pro ra ta b e n e fic ia l i n t ^ e s t of bank
stockholders .
N a tio n a l C ity Company
New York C ity
100 $ of sto ck trusteed fo r pro r a ta b e n e f ic ia l in te re st of bank
sto c k h o ld e rs.
In te rn a tio n a l Banking Corporation
Co n tro lle d by N a tio n a l C ity Bank
New York C ity
F oreign banking
Bank of H a it i, In c .
C o n tro lle d by In te rn a tio n a l Banking Corporation
Banque N ation ale de la Renublique d 'H a it i
Owned by Bank of H a it i, In c .
N atio nal C ity Bank, France, S. A.
P o rt-a u -P rin c e , H a it i
P a r is
Nice
C o n tro lle d by In te r n a tio n a l Banking Corporation
CENTRAL 5RUST COMPANY OF IL L IN O IS
C e n tral I l l i n o i s Company
Chicago
S e c u ritie s Co
100$ of stock trusteed f o r pro r a ta b e n e fic ia l in te r e s t of Trust
Company1s stockholders
C e ntral I l l i n o i s S e c u ritie s Corporation
60 $ of stock owned by Cen tral I l l i n o i s Company
Chicago
Investment Trust
a ff ilia t e
Attached, hereto i s a memo rand-uni on changes in branch, group and
chain banking d u rin g the l a s t h a l f of 1930, prepared by Mr. H orbett.
In a d d itio n to the p o in ts brought out by Mr. Horbett, i t i s
in te r e s tin g to note that of the 28 branch systems that suspended during
the l a s t h a lf of 1 9 3 0 , l 6 banks had 28 branches — a l l o u tsid e head
o f f ic e c it ie s , and the 12 rem aining banks load 9 $ branches — a l l in
head o ffic e c i t i e s . The fou r p r in c ip a l branch banking systems which
suspended operations during the l a s t s ix months of 1930 operated 89
branches, a l l in head o ffic e c i t i e s , as fo llo w s:
Bank of United States
Bankers Trust Company
L o u is v ille Trust Company
Chelsea Bank & Trust Company
Hew York
P h ila d e lp h ia
L o u is v ille
Hew York
58
19
6
6
branches
branches
branches
branches
In the group and chain f ie ld , the rep o rts show that the 17
groups and chains in which bank suspensions occurred c o n tro lle d 1 5 5
banks in June 1930. Of these 155 banks, however, only 87 suspended,
in f a c t in only 3 cases out of the 1 7 did a l l the banks in the chain
suspend. The la r g e s t group or ch a in to suspend operations was the
Rogers Caldwell - A. 3. Banks group, which c o n tro lle d 63 banks in June,
o f which 44 suspended — 42 of these 44 banks be in g in Arkansas. The
11 banks in the A. T. Hudspeth chain, a l l of which suspended, were
a ls o in A rkan sas.
The suspended banks in the BancoKentucky Corporation, of which
the p r in c ip a l bank was the N a tio n a l Bank of Kentucky, had lo a n s and
investments of about $72,000,000; in the C aldw ell group the suspended
banks had loans and investments o f about $4g,000,000; and in the Albert
H. Greenfield chain of P h ila d e lp h ia , of which the 3ankers T ru st Company
was the la rg e st bank, $34,000,000. In no other chain d id the suspended
banks have lo an s and investments of as much a s $4,000,000.
(B-313)
Not fo r im p lic a tio n
BRANCH, GROUP AND CHAIN BAILING, DECEI/IBER 3 1 , 1930
Changes in la s t h a lf of 1930. Both the member of branches and the
number of group and chain banks declined d u rin g the la s t h a lf of 19 3 0 ,
the to ta l number of branches in operation at the end of the year being
3,539 — 79 le s s than at the end of June, and the number o f banks belong
in g to groups or chains 2 ,OSS — 87 le s s than in June. The decreases
were la r g e ly the re su lt o f bank suspensions, though quite a number of
branches were abo lish e d or merged with other branches, p a r t ic u la r ly in
C a lifo r n ia .
The number of banks operating branches declined durin g the
six-m onth period from S1 7 to 7 7 6 , and the number o f groups and chains
from 296 * to 2 8 7 .
The gro ss decrease in the number of branches in the six-m onth p e rio d
was 2 1 1 , in c lu d in g 84 branches that were ab o lish e d or merged w ith other
branches and 12 7 that suspended (w ith the suspension of the parent bank).
P a r t ly o f f s e t t in g these decreases, 6 l branches were opened de novo, 59
b a ik s were absorbed and converted into branches, and 12 branches of su s
pended barks resumed operations.
There was a gro ss decrease of 181 in the number of banks belonging
to groups and ch ains, o f w hich 87 resu lte d from suspensions, 36 from the
merger of banks belonging to the same groups, 8 from other mergers, and
50 from withdrawals, sa le s to other in te re sts, or the d is s o lu t io n of
groups and ch ain s. These decreases were p a r t ly o ffse t by the a d d itio n
of 75 banks to e x is t in g groups and chains, and the in c lu s io n of 19 banks
in new groups.
These changes in branch, group and chain banking are summarized in
Table A,
C la s s if ic a t io n of banks and branches.
At the end of 19 3 0 there were
or a to ta l o f
2 b,308 bank o ff ic e s .
Of t h is to ta l, 3,608 banks and branches belonged to
groups and ch a in s — in c lu d in g 1 , 9^8 banks w ithout branches and l4o
o p e ratin g 1,520 branches. Loans and investments of a l l banks in the
U nited States aggregated $56,200,000,000, of which $11,300,000,000 repre
sented loans and investments of banks b e lo n gin g to groups and chains.
2 2 ,7 6 9 banks** and 3»539 branches in the United States,
b
a
n
k
s
♦ Revised.
**A11 re p o rtin g n a tio n a l, sta te , savings, and p riv a te banks, and tr u s t
companies, except p r iv a te banks not under State su pe rvisio n .
2
The fo llo w in g table g iv e s a c l a s s i f i c a t io n of the number and lo a n s
and investments of a l l banks and branches at the end of 1 9 3 0 *
CLASSIFICATION OF LUMBER AM) LOANS AND INVESTMENTS
OF ALL BANKS AND BRANCHES, DECEMBER 31, 1930
In
T ota l
grou p s
N ot
or
grou p s
c h a in s
T O T A L NUMBER OF BANKS
N um ber
of
banks
Banks
w ith o u t
Banks
w ith
L ocal
22,769
2,088
20,681
....................................................
21,993
1,94s
20 ,0 U 5
636
ib o
106
sy stem s
......................................................................
l *+3
18
90
16
3,539
2,396
399
742
1 ,5 2 0
916
2,019
85
314
519
223
In
ow n
In
oth e r
o ffic e
co u n ty
-
.................................................
.......................................................
(o u ts id e
IN V ESTM EN TS
A ll
and
....................................
..........................................................
T ota l
c o u n tie s
head
o ffic e
c ity )
.............................................................
(m illio n s
of
1M 2
d o lla r s )
-
t o t a l ....................................
56,209
....................................................
32,070
11.279
5,085
2 6 ,9 3 5
24,139
21,379
285
6 ,19 4
4 ;117
92
1 7 !2 6 2
bran ch es
-
T o ta l
....................................
sy stem s*
......................................................................
sy stem s
......................................................................
S ta te -w id e
“W "
125
7^
bran ch es
bran ch es
B a ilie s w i t h o u t
T o ta l
c ity
LOANS AND
w ith
-
sy stem s
bran ch es
C o u n ty
......................................................
776
543
head
L ocal
2 2 ,70 0
.....................................................................
In
Banks
3,60 8
bran ch es
bran ch es
S ta te -w id e
banks
26,308
AND B R A N C H E S .........................
T o ta l
c h a in s
sy stem s*
C o u n ty
D o m e s tic
-
or
in
sy stem s
..........................................................
2,475
1,985
44,930
17,945
193
490
♦ Includes a l l banks o pe ratin g branches on ly in the head o ffic e c it y and
contiguous te r r ito r y , a ls o 5 banks which in the aggregate had l l U
branches in the head o f f ic e c it y and contiguous te r r it o r y , 8 other
branches in the home county and 4 branches outside the home county.
I t w il l be noted from the tab le that of the to ta l of 22,769 "banks
(head o ff ic e s ) in operation at the end of 1 9 3 0 , 776 were o p e ratin g bran
ches, in clu d in g 5^3 " lo c a l" branch systems, 1 U3 "county" systems, and 90
" state-w ide" systems. A number of these branch systems — in fa c t some
of the la r g e s t ones — were a ls o members of bank groups or chains.
B-313
3
The la rge m a jo rity of the 3,539 "branches
c lu d in g 2 ,3 9 S lo cate d in the sane c i t i e s
in the same counties (though outside the
c f the branches were located outsid e the
463 were in C a lifo r n ia ,
of course, were "lo c a l,” in
as t h e ir parent hanks and 399
head o ffic e c it.ie s).
Only 742
home counties, and of these
Branch systems taken as a whole liad aggregate loan s and investments
of approximately $24,000,000,000 as compared w ith $5 6 , 000 , 000,000 fo r a l l
banks, hut about $2 1 , 500 , 000 , 0 0 0 . represents the loans and investments of
lo c a l and county systems and o n ly $2 ,^ 00 , 000,000 of state -w id e systems.
Furthermore, many of the 90 state-w ide systems, with loan s and in v e st
ments a ggre gatin g $2,500,000,000, were of r e la t iv e ly sm all size . This
i s apparent from the fa c t that the 4 p r in c ip a l state-w ide systems in
C a lif o r n ia account fo r $1,650,000,000 of the aggregate lo a n s and in v e st
ments of the e n tire group.
P r in c ip a l hank groups. Although group and chain banking i s quite
wide-spread, com prising 3»60S bank o ff ic e s ( 2 , OSS banks and 1,520 bran
ches) embraced in 2S7 groups and chains, there are r e la t iv e ly few groups
of la rg e size.
The la r g e s t groups, from the standpoint of the number of
bank o ffic e s operated, are l i s t e d in Table B.
I t w ill be noted from t h is
ta b le that of the t o t a l of 3 , 60 S bank o f f ic e s included in bank groups and
chains, 1 ,5 0 6 banks and branches w ith to ta l loan s and investm ents of
approxim ately $5,300,000,000 were embraced in the 10 la r g e s t groups. The
40 la r g e st groups comprised 2 ,0 8 9 bank o f f ic e s w ith loan s and investments
of approximately $8 , 000 , 000 , 000 , while the rem aining 247 groups and cliains
comprised 1 , 5 1 9 bank o ff ic e s w ith lo an s and investments of approximately
$3 , 200 , 000 , 000 .
The la r g e s t group from the standpoint o f to ta l banking o ff ic e s i s
the Transamerica Corporation, which 3iad only 13 co n stitu e n t banks but,
in addition, was ope ratin g 449 branches, 368 of these b e in g located out
sid e the h e a d -o ffic e c ity . A l l but one of the banks and n e a rly a l l of
the branches in t h is group are on the P a c if ic coast, the rem aining bank w ith
35 branches b e in g located in New York C ity .
From the standpoint of the
number of banks, i . e . , e x clu siv e of branches, the la r g e s t groups are, of
course, the Northwest Bancorporation and the F ir s t Bank Stock Corporation,
both of M inneapolis, which a t the end of 1930 co n tro lle d 1 1 7 and 103 banks,
re sp e ctiv e ly .
The two groups l a s t mentioned, as i s ge n e ra lly known, co n tro l banks
throughout the N in th Federal reserve d i s t r i c t * , th e ir f i e l d of operation
being considerably, wider than of some other well-known groups. The
D e tro it Bankers group, fo r example, comprises only D e tro it banks and
banks in the surrounding m etropolitan area; the Guardian D e tro it Union
group has a somewhat la r g e r f i e l d embracing D e troit and the lower part of
M ichigan; the banks in the W isconsin Bankshares Corporation group are a l l
in the State of W isconsin; those in the F ir s t N a tio n a l O ld Colony group
of Boston are n early a l l in the Boston m etropolitan area; the 1 7 banks in
tne Marine Midland group are lo ca te d m ostly in Western New York, but some
♦ The Northwest Bancorporation a lso co n tro ls a number of banks
in three other d i s t r i c t s .
B-313
1+
o f thorn are in other p a rts o f tho State, in c lu d in g one in New York C ity .
Some of the groups, therefore, correspond c lo s e ly to lo c a l or county
branch systems, and others to state-w ide branch syatoms. There are no
branch systems th at correspond to the d is t r ic t - w id e groups in the Ninth
d is t r ic t .
*
During the l a s t s ix months of 1930 there was a net in crease o f 9 in
the number of banks c o n tro lle d by the Northwest Bancorporation, 3 in
tho F ir s t Bank Stock Corporation, and IS in the W isconsin Bahkshares group.
Some of the other groups show sm all reductions in the number of con stitue nt
banks due to mergers, in fa c t there was a net reduction of 36 in the t o t a l
number of group and chain banks as the r e s u lt of the merger o f con stitue nt
banks, p r in c ip a lly in tho la r g e r groups.
I t i s of in te re st, in connection w ith the recently formed groups, to
note that in quite a number of cases the co n stitu e n t banks are located in
towns of sm all population. T h is i s brought out in the fo llo w in g table
which covers f iv e of the p r in c ip a l groups:
Number of banks
located in p la c e s
w ith pop ulation
of In home c it y
Outside home c it y :
Less than 500
500 -10 0 0
1000^1500
1500-2500
2500-5000
5000 and over
Total
F ir s t
Northwest
Bank
Bancor
Stock
p o ra tio n
Corp.
Guardian
D e tr o it
Union
Group
S
6
4
7
13
17
9
ll
l4
9
3
Southwest
W isconsin
Bank Shares Bahkshares
Corp.
Corpora
Tulsa. Okla,
tio n
3
l4
2
4
4
1
13
2
8
16
10
2
1
1
1
4s
44
IS
13
2
2
6
16
117
103
30
36
46
_
P r in c ip a l branch bank system s. While a t o t a l of ~ f l G banks were opera
t i n g branches at the end o f 1 9 3 0 * only 90 of these were Mout-of-fcounty"
systems, and of t h is number o n ly l4 had more than 10 branches. These l4
s t a te —wide systems had a t o t a l of 799 branches, or approxim ately 75 per
cent of a l l of the branches th at were being operated by **o u t-o f-co u n ty 11
systems.
In ad d itio n , 12 other banks in t h is group had from 6 to 10
branches each, w hile the rem aining 64 banks in the group were operating an
average of two branches each.
The la r g e s t state-w ide systems are, of course,
those in C a lif o r n ia , but as in d ic a te d in Table C one system in South
C a ro lin a had 4 l branches and one in Maryland 20 branches.
B-313
5
There were 5^3 " l o c a l ” "branch systems at the end of 1930 with a,
to ta l of 2,301 "branches. However, as indicated hy Table C, 1,278 of these
branches were being operated by only 46 banks, in fact the l4 largest
lo c a l systems — each with more than 3 0 branches — had in the aggregate
736 branches. A ll of these l4 systems were located in the c i t i e s of Hew
York, D etroit, Los Angeles, Cleveland and B u ffalo.
The principal state-wide and local branch systems are listed in
Table C.
Changes in branch banking since June 1924. The reduction in the num
ber of branches during the last half of 1 9 3 0 — resulting largely from bank
suspensions — is the first decrease reported since June 1924, the first
date for which complete branch banking statistics are available. There was
a steady growth in the number of branches up to June of last year, the
number increasing from 2,293 in June 1924 to 2,900 in February 1927 (when
the McFadden branch banking amendment became a law) and to 3»6l8 in June
1930. The net increase in the number of branches between June 1924 and
December 1930 was 1,24$.
There has, of course, been a constant reduction in the la s t decade in
the number of banks (head o f f i c e s ) , due p rin cip a lly to suspensions and con
solid atio n s, and th is continued in the la s t h a lf of 1930. Until la s t year,
however, the decrease in the number of banks was partly o f f s e t by an in
crease in the number of branches. The net decrease in the number of banks
between June 1924 and December 1930 was 6,227, while the net decrease in
the to ta l number of banking o f f ic e s (banks plus branches), a fte r allowance
i s made for the increase of 1,24$ branches, was 4,981.
From the standpoint of the individual states, the largest decrease in
the number of banking offices occurred, of course, in the states prohibit
ing the establishment of branches. In these states, 22 in number, the
total number of banking offices declined from 16,000 in June 1924 to
12,350 in December 1930 or by approximately 23 per cent. In the 5 states
that have no provision in the State law regarding branch banking, the total
number of banking offices declined from 2 ,2 8 7 to 1,423 or by 38 per cent.
On the other hand, in the 12 states in which the establishment of branches
is permitted though restricted generally to head-office cities, the total
number of banking offices remained nearly unchanged — 9*448 in June 1924
and 9,407 in December 1930. In the 10 states (including the District of
Columbia) in which state-wide branch banicing is permitted, the number of
banicing offices declined during the 6-1 / 2 year period from 3*554 to 3*128,
or by 12 per cent.
3-313
6
A
distribution
banking
Table
offices
5,
and a
in
by
states
June
summary
192U,
of
the
June
number
1930
classification
is
of bank s ,
and
December
given
branches
1930,
is
and
total
given
in
below:
Dec. 31 June 30 Dec. 31 Feb. 25 June 30
1930 __ 1329
1927*
1930
Banks operating branches
Total
776
s i7
822
779
714
l6 l
l6 0
165
169
166
384
bib
68
66
U07
65
145
189
3 S7
50
108
191
3 S7
28
3
3
b
8
(a)
3 ,5 3 9
3 .6 1 s
3 .5 4 7
2 ,9 0 0
2 ,2 9 3
In head office city
Outside but in own county
In other counties
2 , 39S
399
2 .^ 7 0
U28
720
2 .4 3 2
U23
692
1 ,9 2 9
1 ,5 0 8
971
785
Of national banks
Of state bank members
Of nonmember commercial
banks
Of mutual savings banks
Of Private banks
1 ,1 0 6
1 ,0 2 7
1 ,2 9 9
390
zbs
1 ,2 8 6
1 ,0 ^ 1
1 ,3 0 s
1 ,5 6 0
1,13 7
1 ,0 3 9
1 ,1 6 4
1 ,1 1 5
8 63
908
76
(a)
(a)
National banks
State bank members
Nonmember commercial banks,
Mutual savings banks
Private banks
180
Number of branches
Total
7^2
10b
b
101
b
99
7
)
)
11
(a) Not separately tabulated; included with "nonmember commercial banks."
* Date of McFadden Act.
Changes in group and chain banicing since June 1929. The first statis
tical summary of group and chain banking was prepared as of June 1929* at
which time (on the basis of the latest revised figures) 1 ,8 3 1 banks were
members of groups and chains, as compared with 2 ,0 8 8 on December 31. 1930,
a net increase of 257 banks for the period of l-l/2 years. Corresponding
figures for each state for June and December in both 1929 and 1930, are
shown in Table b. Increases in the number of constituent banks have, of
course, been confined to what are known as bank "groups," nearly all of
which came into existence in the last two or three years, while the de
creases have been largely due to the suspension of "chain" banks.
Tables by states and classes of banks. All of the data presented herein
are shown in greater detail in Tables 1 to 5* which give separate figures
for each state, also totals for each class of banks — national, state
memb er, and nonmember.
B-313
National banks, it will be noted from Table 5, were operating 1,106
branches at the end of 1930 as compared with 2 ^g in June 1924, the first
date for which complete data are available; state bark members were
operating 1,286 branches at the end of 1 9 3 0 as compared with 1 , 1 3 7 in
1924; and nonmember banks had 1,147 "branches at the end of 1 9 3 0 as coopared with 9 0 S in 1924.
In the fiold of group and chain banking, 824 national banks were
reported as members of groups or chains at the end of 1 9 3 0 as compared
with 656 in June 1929» the first date for which comparable data are avail
able. During the same period of l-l/2 years, the number of constituent
state bank members increased from 104 to 120, and the number of nonmember
banks in groups and chains from 1 , 0 7 1 to l,l44.
Recent State legislation on branch banking. In the
in which figures of branch, group and chain banking are
state, the states have been grouped into four classes —
branch banicing permitted, (2) Branches restricted as to
lisment of branches prohibited by law, (4) No provision
garding branch banks.
accompanying tables,
given for each
(l) State-wide
location, (3) Estabin State law re
This is the grouping used in former summaries, and all of the stakes
have been grouped exactly the same as in the June 1930 summary. However,
in March of the present year, three states enacted branch banicing legis
lation, as follows:
(1) In Montana the state law now permits the establishment of branches
in the same county as the parent bank or in adjoining counties, provided
sucji branches result from the consolidation of two or more banks and the
consolidated bank has a paid-up capital of $75,000 or more. In other words,
if two or more banks located in the same or adjoining counties consolidate,
all offices may continue in operation, one as the parent bank and the re
mainder as branches.
(2) In Indiana the law now permits the establishment of intra-city
branches in county-seat cities of 50*000 population or over, also inter
city branches within the same county as the parent bank provided there is
no bank in operation in the town in which the branches are to be estab
lished.
fffahhg establishing intra-city branches must have a paid-up and
unimpaired capital and surplus of $2 2 5 ,0 0 0 for each such branch.
(3) In Iowa the law does not permit the establishment of "branch
*
banks" but it does permit the establishment of "offices11 in towns in which
no banks are in operation in the county in which the bank is located and
in adjoining counties, these offices being authorized simply to receive
deposits and cash checks and to perform other clerical and routine duties.
FEDERAL RESERVE BOARD
DIVISION OF BANE OPERATIONS
APRIL 18, 1931
3-313
Table
A
—
A N A L Y S I S „Or
CH/.FGFS
IN B R A N C H .
GROUP AND
CHAIN
B A NKING-
B-313
Year
1930
Number of branch systems
At beginning of period .
Increases —
New branch systems ..........
Suspended branch systems reopened
Number of domestic branches
At beginning of period . ,
Increases —
De novo branches ...........
Banks converted into branches .
Resumption following suspension
Decreases—
Discontinued .....................
Suspended (with suspension of parent bank]
At end of period .
Number of groups or chains
At beginning of period .
Increases — new groups
Decreases through —
Suspensions .......
Mergers of banks . .
Sales and withdrawals
At end of period
Number of group and chain banks
At beginning of period . . . .
Number of banks in new groups—
Transferred from other groups . . . .
Other banks....................
Increases in existing groups or chains—
Transferred from other groups . . . .
Other additions . . . .
Decreases through —
Mergers with banks in same groups .
Mergers with banks in other groups
Other mergers ............
Suspensions ..............
Sales to other groups . . . .
Withdrawals or other disposal
Dissolution of group . . . .
Second h alf
of 1930
822
817
^3
32
11
1
+12
38
2
TS
20
12
__ L
_
-39
-53
776
817
776
3 .5 U7
3 ,5^ 7
3 ,6 1 8
150
121
1*4
89
6l
62
2
12
+285
+153
+132
1*4*4
1*49
60
22
8*4
-293
-82
-2 11
3,539
3 , 6 1s
3,539
297
1 /2 9 7
296
+ 19
+13
+6
3
3
11
2
2
*40
1*4
-92
At end of period . .
of 1930
822
s i
Decreases through —
Mergers with other banks (net)
Suspensions ..............
Discontinuance of branches . ,
First h alf
1*4
5
10
18
28
1
59
127
-29
8
315
-15
287
r/2 9 6
287
2,105
r/2 ,1 0 5
2,175
78
59
19
#27
20*4
+282
# 15
# 12
75
#*4
65
2
13
112
#31
58
Ja
-299
129
+188
29
-
7
25
+94
36
2
6
87
#19
#12
33
24
-118
25
-181
At end of period ..........
2,088
2,088
d 2 ,1 7 5
r/ Revised.
T ^another^0^ in tilG total ~ represents merely transfers from one group to
Table
B —
PRINCIPAL BANK
CROUPS, DECEMBER
3 1,
1930
-Sr-313
Name and location of group
Transamerica Corporation
Detroit Bankers, Inc.
Goldman Sachs Trading Corporation
Security First National Co., Los Angeles
Northwest Bancorporation
First Bank Stock Corporation
Guardian Detroit Union Group
Marine Midland Group
First National Old Colony Corp., Boston
Wisconsin Bankshares Corporation
Total, first 10 groups
Number of banking offices
Branches
invpfff.mpin-ho
H. 0.
Out
(thousands
Total Banks city and
side of dollars
county
*4-62
81
36S
1 ,2 8 5 ,SUO
13
—
22*4
21
203
6 5 7 , 64s
*4
ISO
118
5 6 5 ,6 7 1
5S
*4
13*4
101
*462 ,6 *4*4
29
117
120
3 *45 ,S10
3
—
106
103
333,451
3
10*4
30
375.160
lb
U7 7 ,64S
52
69
17
21
55
3^
577,913
—
*16
6
52
248.877
L.5 0 6
1+55
376
5.330,062
~ZtT
American State Bankers Group, Detroit*
*40
11
29
American National group, Nashville, Tenn.
*41
20
20
Financial Institutions, Inc. .Augusta, Me.
1*4
*40
19
Southwest Bank Shares Corp., Tulsa, Okla.
36
36
F irst S ecu rities Corp., Syracuse, N.Y.
28
15
13
Mist Security Corporation, Ogden, Utah
28
28
Socavn.au Corporation, Charleston, S.C.
*4
26
10
—
0!.d National Corporation, Spokane, Wash.
2*4
2*4
Western New York Investors, Buffalo, N.Y.
22
3
19
BancOhio Corporation, Columbus, Ohio
21
10
11
Hamilton National Associates, Chattanooga
21
16
5
Anglo National Corporation, San Francisco
IS
1
17
Citizens & Southern Holding Co., Savannah
18
7
3
Shawmut Association, Boston
6
11
17
First National group, Atlanta
10
17
7
Industrial Trust Co., Providence, R.I.
17
3
9
Interstate Trust & Banicing Co.,New Orleans
16
8
8
Federal National Investment Trust,Boston
8
15
7
Commerce Union Bank, Nashville, Tenn.
16
3
3
First National Corporation, Louisville,Ky.
1*4
6
8
Calcasieu National group, Loire Charles, La.
1*4
6
3
Worchester County Bk & Tr.Co., Worchester
6
13
7
Exchange National group, Tampa, Fla.
12
12
United States National Corp.^Portland, Ore.
11
11
Central Trust Company, Chicago
10
10
National Republic Bancorporation, Chicago
10
10
Peoples Trust & Guaranty Co. .Hackensack^.«I 10
10
Marine Bancorporation, Seattle, Wash.
—
10
10
First Seattle Dexter Horton Securities
Company, Seattle, Wash.
2
9
7
First National group, Chicago
9
9
Total, *4-0 groups
72 0
866
2,089
2*4-7 other groups and chains
L, 519 1 ,3 6 8
135
Total, 2S7 groups and chains
5, 60 s 2,088 j
1 ,0 0 1
1
61,8*42
74,714
7
7 8 ,0 2 2
12
—
—
—
—
_
8
..
—
5
77,515
10*4, 63*4
3 6 ,9 7 5
4 0 ,9 6 5
32,7 h
1*41j*4*48
70,22*4
3 1 ,1 8 1
143,346
67,425
177,365
97,S17
i4g, 5 2 7
2 3 ,4 4 3
—
-
54,988
15,559
43,465
1*4,69*4
72,299
15,577
69,26*4
191,575
170,838
-
2 6 ,2 9 3
3 3 ,1 9 5
10
—
5
-
—
—
—
-
503
16
519
7 5 .0 9 4
539,821
8 ,0 6 1 ,9 1 0
3,217,090
1 1 ,2 7 9 ,0 0 0
♦Group dissolved upon merger of American State 3ank, the principal bank in the
group, with the Peoples Wayne County Bank of the Detroit Bankers group.
1
Table
C ~ ■PRINCIPAL
BRANCH BANK
SYSTEMS,
D E C E M B E R 31,
1930
B-313
Name and location of parent bank
Number
of
branche s
Loans and
investments
(thousands)
351
130
9 19 * 5 6 0
4 6 1 ,5 6 5
STATE-WIDE BRANCH SYSTEMS
Bank of America National Tr. & Sav. Assn.,
San Francisco
Security-First National Bank, L0s Angeles
American Trust Company, San Francisco
Bank of America, Los Angeles
Peoples State Bank of South Carolina, Charleston
Eastern Shore Trust Co., Cambridge, Md.
Tennessee Valley Bank, Decatur, Ala.
Industrial Trust Company, Providence, R. I.
North Carolina Bank & Trust Co., Greensboro, N.C.
Commerce Union Bank, Nashville, Tenn.
Grenada Bank, Grenada, Miss.
Valley Bank and Trust Co., Phoenix, Ariz.
South Carolina Savings Bank, Charleston
Page Trust Company, Aberdeen, N. C.
Total, l4 banks with over 10 branches
banks with 6 - 1 0 branches
64 banks with less than 6 branches
12
Total, 90 banks
3k
S3
ki
20
15
Ik
214,910
50,760
24,179
16,449
5 ,8 6 2
11
11
11
138,890
38,446
10,077
7,078
11,424
5,472
3,239
799
1,907,9H
99
129
2 0 4 ,9 3 8
3 6 2 ,1 5 1
1 ,0 2 7
2 ,4 7 5 ,0 0 0
Ik
12
12
LOCAL* BRANCH SYSTEMS
Peoples-Wayne County Bank, Detroit
Bank of Manhattan Trust Company, New York. *
'
Corn Exchange Bank and Trust Co., New York
Cleveland Trust Conpany, Cleveland
California Bank, Los Angeles
National City Bank, New York
Chase National Bank, New York
Manufacturers Trust Co., New York
Guardian Detroit Bank, Detroit
Bank of American National Assn. , New York
Citizens National Trust & Savings Bank, Los Angeles
Marine Trust Co., Buffalo
Public National Bank & Trust Co., New York
First National Bank, Detroit
137
78
Total, l4 banks with over 30 branches
13S
5,144,216
5 U2
184
839
4 , i4 o ,6 i 2
1 .1 ^9 ,*+37
1 0 ,9 4 4 ,7 3 5
2,301
2 1 ,3 7 9 ,0 0 0
211
2 8 5 ,0 0 0
3,539
2 4 ,1 3 9 ,0 0 0
barns with 1 1 - 3 0 branches
24 banks with 6 - 1 0 branches
473 banks with less than 6 branches
32
Total, 5 U3 banks
1^3
county systems (each with less than 6 branches)
Total, 776 banks
66
57
55
k3
45
44
38
35
34
33
33
32
353,851
342,442
212,544
257,204
94,186
9 2 6 ,9 1 8
1 ,782,481
2 2 6 ,8 8 5
103,959
265,476
9 8 ,6 2 6
224,244
113,938
141,462
♦Includes all banks operating branches only in the head office city and con
tiguous territory, also 5 banks which in the aggregate had ll4 branches in
the head office city and contiguous territory; 8 other branches in the
home county and 4 branches outside the home county.
B -313
Table
1
—
State
U.S. Total
National
St.members
Nonmembers
TOTAL NUMBER
OF BANKS,
BRANCH
SYSTEMS,
A N D BRANCHES:
Total
Number of banks
Number
banks
Branch s.vsi;ems
Banks
and Total
with Total
bran
Local* County State out
wide branches
ches
26-308 22.769 5*43
8,139 7.033 1*48
2.305 1 .0 1 9 1*45
15,86*4 1*4.717 250
90
10
9
71
1*43
3
6
13*+
Dec.
3.539
6 ,8 7 2
1 ,1 0 6
1930
B-313
of domestic branches
In Outside
In
head but in
other
office
own
coun
city county
ties
2.398
705
859 1,286 1 .156
1*4,262 1.1*47
537
a .993
31,
399
*45
^5
309
7*42
35b
85
301
STATE-WIDE BRANCH BANKING PERM.ETTED
1.83*4
*41
*421
61
*48
65
39
221
352
>403
318
72
35
160
237
112
102
4*49
509
88
Total
Arizona
California
Delaware
Dist.of Col.
Maryland
No. Carolina
Rhode Island
So. Carolina
Vermont
Virginia
3.128
68
1,2*19
Total
Georgia
Kentucky
Louisiana
Maine
Massachusetts
Michigan
Mississippi
New Jersey
New York
Ohio
Pennsylvania
Tennessee
9 .*K)7 7 .2 1 2 *4*41
*405
365
5
5*42
519
5
316
213 10
196
128
3
616
*4*45 81
l,i4g
722 61
2*+9
272
1
66*4
556
55
1,809 1,09 9 102
1,2*42
*42
965
1,680 1 ,5 0 1
66
*450
10
517
58
5
8
3
-
60
n r
25
3
12
15
6
10
3
2
12
20
1
10
8
1
3
*4
15
2
8
2
11
13
1.628 1.29*4
32
27
828
368
*41
13
26
27
192
131
289
85
23
37
1*48
77
10
95
60
*413
*4*41
275
3
26
71
13
17
8
—
28
209
9
90
*4
39
2L
13
7
8
18
6*4*4
18
*163
6
—
183
8
2
*47
38
20
_
6
8
_
28
10
81
12
1
5
22
■4
21
51
7
62
2
1*4
BRANCHES RESTRICTED AS TO LOCAI’ION
78
5
1
28
11
5
5
28
5
1
1
10
—
—
-
-
*4
1
3
7
-
12
2
1
6 .6 6 5 2.195
350 ^ T o
512
23
103
17*+
10*4
68
359
661
239
*498
997
919
1,428
*42*4
1.931
20
20
51
8
151
171
*426
*426
1
23
98
108
710
710
2*45
277
169
179
32
67
*4
ESTABLISHMENT OF BRANCHES PROHIBITED BY LAW
16
16
2
..
*4
19
Total
1*4
12.350 12.301
26
5 __ 3 12.279
*49
7
16
Alabama
332
2
1
312
315
1*4
17
3
—
—
Arkansas
30*4 1
305
1
1
303
Colorado
266
—
—
—
266
266
Connecticut
231
231
231
Florida
201
201
201
Idaho
136
136
136
Illinois
1,589 1,589
1, 589
Indiana**
881
1
S69
873
3
8
7
1
Iowa**
1,1*46 1,1*46
1,1*46
Kansas
1 ,0 1 2 1 ,0 1 2
1, 012
Minnesota
2
998
6
~6
I
I
9?0
Missouri
1,1*46 1 .& 2
1,146
Montana**
17*4
17*4
17*4
Nebraska
7*49
2
7*47
2
2
7*45
Nevada
35
35
35
New Mexico
1
5*4
55
1
1
53
Oregon
225
225
225
Texas
1 ,2 1 5 1 ,2 1 5
1 ,2 1 5
Utah
99
99
99
Washington
1
330
1
335
1
327
5
3
1
1
West Virginia
280
280
280
Wisconsin
9*40
1
931
9
8
i
5
925
NO PROVISION IN STATE LAW regard ;ENG BRANCH BANKING
Total
l.*423 1.422 1 1.421
1
1
New Hampshire
122
121
1
120
1
l
No. Dakota
—
321
321
321
Oklahoma
—
569
569
569
So. Dakota
328
32 8
328
Wyoming
83
83 S3
♦Includes all banks operating branches only in the head office city and contig
uous territory, also 5 banks which in the aggregate had 11*4 branches in the head
°^^ce ci'ty and contiguous territory, 8 other branches in the home county and *4
branches outside the home county.
**State branch banking law amended since last summary — see accompanying text.
_
-
_
—
_
—
Table 2 —
NUMBER OF GROUP AND CHAIN BANKS AND NUMBER OF THEIR BRANCHES:
December 31, 1930
3-313
State
U.S. Total
National
St, members
Nonmembers
Total
Arizona
C aliforn ia
Delaware
D ist, of Col.
Maryland
No. Carolina
Rhode Island
So. Carolina
Vermont
Virginia
Total
Georgia
Kentucky
Louisiana
Maine
Massachusetts
Michigan
M ississip pi
New Jersey
New York
Ohio
Pennsylvania
Tennessee
Total
Number of group and chain banks Number of domestic branches
group
of group and chain banks
and chain
Branch systems
Banks
In
Outside In
banks anc Total
with Total head but in other
State
their
out
Local* County
o ffic e
own
coun
wide
branches
branches
c ity
county tie s
3 .6 0 8
2.088
10 6
18
16
l .q t e 1.520
916
85
---------519---82*+
1+6
1
1,579
36s
3 U9
772
38
5
755
659
12 0
1
i+6 s
31
6k
3
85
7
539
1,370 1 , 1 1 +1+
16
8
226
1+0
80
1,091
10 6
29
STATE-WIDE BRANCH BANKING PERMITTED
750 ____ 15.
7
62
675
16 1
1+2
3 . . 3
1+72
—
6
1
7
1
1
5
69 1+
2
1+
6 U3
2
1+55
51
1+3
15 3
35
—
3
3
3
J . . .J .
mm
_T
_
T
m
m
m
m
—
1
1
17
28
3
11
-
-
- -1 ,3 8 8
14
1+3
U8
111
1+82
1+0
12 6
317
21
63
78
—
1
-
mm
—
—
1
2
8
1
2
_
,,
:t
—
_
ik
1+
1+
17
—
BRANCHES RESTRICTED AS TO LOCATION
564
96
8
15
1+1+5
821 +
735
l
1
20
25
12
23
_
—
6
1
8
8
5
20
1+
2
1
6
13
23
—
1+
10
17
3
31
3
2
51
36
60
13
58
_
—
138
28
110
31+1+
31 +1+
28
1
12
27
1
1
S3
61+
17
1+3
37
—
—
10 0
81
19
217
217
—
_
10
1
11
11
9
6
2
50
1+2
ll
13
36
8
2
1
1+2
28
25
ESTABLISHMENT OF BRANCHES PROHIB][TED BY LAW
—
1.171 _____L_
l
1 .1 6 5
21
20
Total
- 1 .1 9 2
Alabama
26
m
m
26
26
.r
Arkansas
6
6
6
Colorado
m
m
11
ll
11
n
Connecticut
m
m
ik
Ik
ii+
_
_
_
Florida
...
hs
1+9
1+9
Idaho
1
—
1+5
k5
1+5
,
I llin o is
—
—
m
10 S
10 6
10 6
_
Indiana **
m
m
2k
29
1
5
5
23
Iowa**
_
—
m
m
70
70
70
Kansas
_
m
m
m
m
m
.
89
89
89
_
Minnesota
m
m
m
276
270
2
268
6
6
Missouri
„m
27
27
27
—
Montana **
^m
1+6
1+6
1+6
Nebraska
—
m
m
m
m
67
67
67
Nevada
m
m
Ik
ik
Ik
New Mexico
L
6
6
6
Oregon
33
33
33
Texas
81
81
81
Utah
—
M
*
26
m
m
26
26
Washington
Zk
SO
1
1
1+
3
78
—
—
West V irginia
Wisconsin
—
81
—
g7
1
3
6
78
6
NO PROVISION IN STATE LAW REGARDING BRANCH BANKING
Total
278 . - 2 7 8
—
278
New Hanpshire
North Dakota
m
M
96
96
96
_
Oklahoma
97
97
97
South Dakota
60
60
60
Wyoming
—
25
25
25
5
1
3
12
1+5
1+6
8
12
5
9
—
19
2
...
5
12
1
,
2
3
11
1
1
J
(For footnotes , see Table 1)
—
—
Table
3 —
LOANS A N D
AND
INVESTMENTS
CHAIN BANKS:
OE
ALL
BALTICS A N D
December
31,
THEIR BRANCHES,
AND
OE
GROUP
1930
(In m illions of d o lla rs)
-3=3.13..
Of group and chain
Of a l l banks and their branches
State
0
0
*
Branch System
Banks
Branch Svsi:ems
Banks
State
without
Total
State
without
Local* County
County
wide
branches
wide branches
U.S. Total
56,209 .21^3.79____285 2,475
32.070 11,279 4,117
92 1 ,9 8 5
5,085
National
2 1 ,4 2 6 6 ,9 0 1
31 1,59b 1 2 ,8 9 8 6 ,5 6 6 2 ,1 2 7
27 1,475
2,937
St. members 13,434 9,057
460
3 ,8 6 9
2 ,8 9 2 1*683
382
36
791
Nonmenibers a , 349 5 ,4 a
206
4ao 1 5 ,3 0 2 1 , 8 a
128
307
29
1.357
STATE-WIDE BRANCH!BANKING PERMITTED
Total
i o ^ r 2.205
6,293 1,606
2.378
2.044
6
2 1 .8 l 6
220
Arizona
69
3
16
47
19
17
C alifornia
3,285
42
1,828
715
1,752
776
1,647
177
Delaware
165
65
38
1
3
1
59
D is t.o f Col.
248
152
96
Maryland
286
825
481
33
No. Carolina
278
16
99
3
3
15 9
Rhode Island
218
164
537
1
1
150
15 5
139
So. Carolina
l4i
1
10
67
30
12
63
45
Vermont
16
8
237
210
3
V irginia
l4 i
508
10
332
25
Total
BRANCHES RESTRICTED AS TO LOCATION
260
16.087 5.587 3.713
Total
35,850 -19o3Q7. ._1.7.b .
Georgia
300
2
99
Kenimcky
458
77
Louisiana
170
385
33
Maine
*)30
27
25
Massachusetts *+,237 1 .7 3 **
42
Michigan
1,897 1,1*18
Mississippi
156
8
5
New Jersey
980
2 .3 5 0
36
New York
1 7 .0*6 ll. **99
Ohio
4
1
.U
1
5
2,5**
Pennsylvania
1
.9
3
9
22
5.659
Tennessee
363
l6 l
7
Total
New Hampshire
North Dakota
Oklahoma
South Dakota
Wyoming
Ol
Missouri
Montana**
Nebraska
Nevada'
New Mexico
Oregon
Texas
Utah
Washington
West V irginia
Wisconsin
(For fo o tn o tes, see Table 1)
-
140
378
l6 q
274
2,46i
70
18
—
61
89
906
21
—
7
10
773
959
35
1,173
132
27
7 **9
ll
57
-
1 ,2 7 7
5.5**7
qo
164
43
518
1 ,5 2 2
267
1,3*12
167
56
13
51
—
8
36
29
—
29
3,61)3
2
115
12
188
10
119
ESTABLISHMENT OE BRANCHES PROHIBITED BY LAW
464
4
13.173
9 I2 ,6 q6 3.1)32 399
3
246
1
6
66
239
rm
—
1
131
130
12
—
,
25*1
254
25
—
1 ,3 2 6
1 ,3 2 6
92
..
192
192
118
—
7**
4o
74
3.70**
3.70*) 1,280
.J
44
—
732
688
20
57
70S
708
75
352
352
43
86 2
16 1
—
54l l6 l
701
—
1 ,1 1 9
l4i
1,119
im
128
im
128
76
—
320
7
313
63
—
36
36
23
_
„m
36
1
36
—
1
239
23s
126
ll4
909
909
—
155
155
51
442
64
1
374
64
3'
203
3
319
319
889
1
187
285
701
15*1
NO PROVISION IN STATE LAW REGARDING BRANCH BANKING
1
qi4
217
296
l
295
—
—
-,,
93
56
93
—
_
360
360
98
_
~
Ii4
li4
45
52
—
18
52
J
D
I-*
Total
Alabama
Arkansas
Colorado
Connecticut
Florida
Idaho
I llin o is
Indiana**
Iowa**
Kansas
Minnesota
59
3
13
io4
i.
1
-
1 ,12*1
70
871
143
1.617
38
25
20
28
98
214
19
186
180
4l
754
l4
3.030
66
12
25
92
118
Uo
1,280
37
75
43
3So
l4l
76
63
23
1
12 6
ll4
51
136
131
217
56
98
ll
18
Table 4 — CHANGES IN NUMBER AND LOANS AND INVESTMENTS OF GROUP
AND CHAIN BANKS: June 1929 to December 1930
Numbe r 0f gr oup and chain banks
State
U.S. Total
National
State members
Nonmembers
Total
Arizona
California
Delaware
Dist. of Col.
Maryland
North Carolina
Rhode Island
South Carolina
Vermont
Virginia
Total
Georgia
Kentucky
Louisiana
Maine
Massachusetts
Michigan
Mississippi
New Jersey
New York
Ohio
Pennsylvania
Tennessee
Dec.
1930
2 ,OSS
824
120
l,l44
— ... 75
6
51
3
June
1930E
Dec.
1929E
June
1929E
1.831
Loans and investments of group
and chain banks
June
June
Dec.
Dec.
1930E
1930
1929E
1929E
8,842
1 1 ,7 3 0
11,279 12,151
2,105
2,175
S4i
656
807
io4
126
127
1,207
1,172
1 ,0 7 1
STATE-WIDE BRANCH BANK11IG
71+
72
S3
6
6
6
58
59
59
3
3
3
—
6,566
2,892
—
1
l
3
3
11
11
3
2
1
_
-
—
—
-
3
3
2
150
45
50
36
Total
Alabama
Arkansas
Colorado
Connecticut
Florida
Idaho
Illinois
Indiana**
Iowa**
Kansas
Minnesota
Missouri
Montana**
Nebraska
Nevada
New Mexico
Oregon
Texas
Utah
Washington
West Virginia
Wisconsin
1.171
Total
New Hampshire
North Dakota
Oklahoma
South Dakota
d o ming
27 S
26
6
11
14
49
45
106
24
70
S9
270
27
46
67
l4
r
0
33
Si
26
so
81
-
1,69 0
2.179
18
1,998
1
2,123
18
l,9*+3
1
—
—
—
-
-
-
3
153
44
-
-
153
8
1
153
8
—
BRANCHES RESTRICTED AS TO LOCATION
586
426
6.277
6.087
5.587
557
164
22
166
20
25
173
4
124
l6
13
13*
^3
a
21
60
61
60
a
12
89
80
70
17
5
906
50
Hg
895
879
33
i,a6
1,246
i4o
13s
1 ,1 7 3
91
32
32
32
31
31
27
so
4^0
518
72
522
67
1 ,5 2 2
82
2,082
103
2 ,0 32
105
—
6
86
13
70
99
804
48
52
871
809
42
149
176
143
23
33
ESTABLISHMENT OF BRANCHES PROHIBITED BY LAW
8.1+32
1.199
1.083
3.44o
3.233
1,225
26
66
22
32
37
19
66
49
48
12
69
55
11
12
28
28
12
25
—
8
10
72
92
37
4s
4o
134
118
142
^3
44
4l
4i
4o
37
39
101
86
1,280
l,2l+2
1,217
91
l4
64
27
57
25
67
77
90
71
87
67
75
88
46
85
kl
43
89
276
541
270
230
580
567
30
i4i
149
l4s
30
31
46
4l
28
82
80
76
65
6l
67
63
79
7^
l4
16
24
20
13
23
6
1
2
3
9
9
126
36
36
82
33
135
ll4
so
S3
105
103
79
26
26
50
27
53
51
189
62
201
Ik
79
203
-
2?
6
20
17
51
13S
2S
S3
100
10
6,383
3,391
1,955
1,821
2,125
PERMITTED
2.044
2.193
18
17
1,828
1 ,971+
1
1
_
-
6,605
3 ,1+20
-
-
_
-
_
-
1+.107
157
*51
U
60
53
530
421
31
4oi
1,572
—
782
92
2 .1+10
7
4i
28
—
129
37
996
31
6s
44
259
147
44
30
23
3
82
92
51
91
—
54
285
211
63
53
253
NO PROVISION IN STATE U iW REGARDING BRANCH BANKING
281
250
21+5
217
231
..... 27 5
-
‘+,639
2,509
207
202
—
96
96
97
9S
92
9S
60
62
60
25
25
25
86
85
54
25
56
98
116
45
18
48
20
59
52
H5
44
20
4l
102
39
20
r/ Revised.
** State branch banking law amended since last summary - see accompanying text.
Table 5 — CHANGES IN TOTAL NUMBER OF BANKING- OFFICES, IN NUMBER OF BANES,
AND L NUhdSR OF BRANCHES: Jane 1924 to December 193O
B-313
State
U. S. Total
National
State members
Nonmembers
Total banking offices
(banks plus branches)
June
Dec.
June
1324
■133..0 1210.
26,308 27,470
8,139 8,288
2.305
15,86 4
2,376
31,285
8,328
2,707
16,806 20,254
Number of domestic
branches
Dec.
June
June
Number of banks
Doc.
1230
June
,1230
June
.1924
2230. 1230
1924
22,769
23,852
28,996
3,339
3.61S
2,293
7.033
7.247
8,080
1,10 6
1,068
1 5 ,5 3 7
1 ,5 7 0
1,286
1,147
1 ,04l
1 .30 S
1,2 6 9
24s
1 ,0 1 9
1 4 ,7 1 7
19,346
1 ,1 3 7
90S
STATE-WIDE BRANCH 3ANKING PERMITTED
Total
Arizona
California
Delaware
Dist. of Col.
Maryland
No. Carolina
Rhode Island
So. Carolina
Vermont
Virigina
Total
Georgia
Kentucky
Louisiana
Maine
Massachusetts
Michigan
Mississippi
New Jersey
New York
Ohio
Pennsylvania
Tennessee
3 ,1 2 8
3 ,2 6 7
3 ,55 ^
6s
1,249
71
1,290
S3
1,213
65
61
65
152
&
72
237
61
65
355
475
71
244
Alabama
Arkansas
Colorado
Connecticut
Florida
Idaho
Illinois
Indiana**
Iowa**
Kansa.s
Minnesota
Missouri
Montana**
Nebraska
Nevada
New Mexico
Oregon
Texas
Utah
Washington
W. Virginia
Wi sconsin
Total
New Hampshire
North Dakota
Oklahoma
South Dakota
Wyoming
1,959
44
2,719
1,30s
27
27
S28
S53
13
13
26
25
129
131
84
S5
36
37
77
71
1,29 4
63
675
X
4s
47
4o
46
65
39
221
33S
226
250
620
31S
391
55^
66
45
35
35
160
4n
J*31
173
102
105
l°3
105
449
56s
462
523 !
BRANCHES RESTRICTED AS TO LOCATION
421
112
509
113
.9,407
405
542
9,710
9,448
.7,212
7,4 5 3
8.051
2.195
432
580
612
612
330
197
617
1 ,1 6 5
365
519
213
128
445
390
316
196
665
624
344
197
546
4o
23
1 ,0 5 0
360
500
722
616
1 ,l4s
272
664
1,809
1,242
1,680
517
522
318
666
1 ,8 7 2
1 ,2 5 0
1,735
548
249
556
1,482
1,310
1,748
965
1 ,5 0 1
622
450
ESTABLISHMENT
Total
1.334
4i
1,099
of
549
222
131
449
731
293
10
60
150
448
718
335
560
1 ,12 2
986
479
1 ,1 2 0
l,54i
479
1 ,6 5 0
569
1,107
20
53S
18
19
ss
66
21
20
10
60
45
2.,217.. 1,397
42
53
103
68
251
S3 5
171
426
23
108
710
277
179
67
31
12
108
93
66
168
434
25
106
750
264
194
69
^7
98
332
25
21
362
203
98
53
BRANCHES PROHIBITED BY LAW
12,350
12,949
16,000
1 2 ,3 0 1
12,897
15,939
49
52
6l
332
305
338
399
381
315
304
362
4s 5
17
270
17
3
19
266
321
396
270
237
207
137
231
201
136
1,589
881
l,l46
1,012
998
l,i46
174
749
35
54
226
1 ,2 1 5
99
335
280
940
237
207
137
1,683
924
1 ,2 1 6
1,051
1,021
1,235
185
775
35
53
229
1,279
102
338
4ss
342
266
222
300
231
201
177
136
1.90 6
1 ,1 1 6
76
1,589
873
1,146
1,012
992
1,146
174
747
35
54
278
1,522
225
1 ,2 1 5
l,6l6
1,293
1,4 3 3
1 .6 1 2
248
1,102
34
116
222
1
299
177
1,9 0 6
915
1,2 16
1 ,0 5 1
1 ,0 1 5
1 ,2 3 5
1,108
l,6l6
1,293
1,422
...
s
_
6
6
1 ,6 1 2
24s
1,100
34
76
277
2
2
2
1
l
1
5
7
9
9
1 .5 2 2
116
_
290
945
-1.^3
1 ,5 4 4
2,287
1,422
.1,54 3
2.2S7
1
1
122
321
122
123
121
569
6 S7
598
328
83
374
SOS
553
321
569
123
1
687
121
366
1
366
598
37^
SOS
553
379
5
350
993
9
NO PROVISION IN STATE LAW REGARDING BRANCH BANKING
116
290
936
84
116
11
-
99
330
280
931
84
s
9
38b
350
1,002
328
S3
3
342
1,683
185
773
35
53
22S
1,279
102
333
1
-
-
-
♦♦State branch banking law amended since last summary - see accompanying text.
Form No. 131
O ffice Correspondence
FEDERAL RESERVE
BOARD
Governor Meyer
Smead
Date___ April 2 5.
1931
Subject:. Progressive penalties on deficient
__
reserves of member .banks_______
Section 19 of the Federal Reserve Act provides that the required reserve
balance carried by a member bank with a Federal reserve bank may, under the
regulations and subject to such penalties as may be prescribed by the Federal
Reserve Board, be checked against and withdrawn by such member bank for the
purpose of meeting existing liabilities.
In accordance with this section the
Federal Reserve Board has provided in Regulation D that a penalty on the
amount of the deficiency in reserves shall be assessed at a basic rate of 2
per cent per annum above the Federal reserve bank discount rate on 90 day
commercial paper, also that upon the application of a Federal reserve bank
the Board will approve progressive penalties for continued deficiencies in
reserves, the total penalty not to exceed 10 per cent.
At the present time 7 Federal reserve banks apply progressive penalty
rates on continued deficiencies in reserves, six of them having a maximum
penalty rate of 10 per cent, and one S per cent.
In order to compare the
deficiencies in the districts which apply progressive penalties with de
ficiencies in districts which do not apply progressive penalties, we have
prepared the attached table showing:
1. Average number of member banks in operation in 1930.
2. Number of member banks subject to basic and to progressive
penalties for deficiencies in reserves.
3. Number of banks out of each 1,000 in operation that were
subject to basic and to progressive penalties on deficiencies.
k. Ratio of average deficiencies to average reserve balances of
all member banks.
From an examination of the table it appears that the Federal reserve
banks that apnly progressive penalty rates have relatively more banks with
continued deficiencies, than do the reserve banks that do not apply progressive
2
penalty rates.
This raises the question whether the progressive penalties
are paid Dy
(a) Member banks which, owing to their overextended condition,
are unable to maintain their required reserves, or
(b) Member
banks which are in a reasonably satisfactory
condition but, through negligence or otherwise, make no
attempt to maintain their required reserves.
The Federal Reserve Banks of Chicago, Minneapolis and Dallas, which
at one time applied progressive rates, have discontinued them.
The reasons
given for discontinuing the progressive penalties are as follows:
Governor Young of Minneapolis - "After a thorough investigation
of the situation, we are convinced that the banks that pay a
ten per cent penalty rate do not do so because of their un
willingness to carry sufficient reserve with us, but solely
because of their utter inability to do so."
.
Mr. Walsh of Dgl las - "The progressive rate does not in itself
act as a deterrent to member banks, and those banks that have
paid the increased rate, even to the maximum, although having
every desire to do so, have been unable to maintain their
required reserve by reason of having reached their maximum
ability."
Mr. Heath of Chicago - "Our observation is that by far the greater
number of member banks whose reserves-are continually deficient,
are unable to maintain such reserves without rediscounting fur
ther, and that their condition as a rule is not such as to
justify further increase in rediscounts."
From a preliminary examination of data available in this office, it appears
that during the past two years 287 member banks have been subject to maximum
progressive penalty rates during one or more of the reserve computation periods.
Of these 287 banks, 162 are still members, 32 have suspended, 32 have been
absorbed by other banks, 5 have liquidated and 6 have withdrawn from the
System.
The f a c t
r e la tiv e ly
t h a t F e d e r a l r e s e r v e b a n k s t h a t a p p ly p r o g r e s s i v e p e n a l t i e s h a v e
m ore member b a n k s w it h c o n t i n u e d d e f i c i e n c i e s
th a n F e d e r a l r e s e r v e
3
banks that do not apply progressive penalties, and that a relatively large
percentage of the member banks that pay the progressive penalties are in an
overextended condition, raises the question as to whether the application of
progressive penalties does not, in most cases, place additional burdens on
those member banks which are least able to bear them.
It occurs to me that you may wish to discuss this question with the
Governors at their conference next week.
Form No. 131
f \ C C *
/*>
|
Ui rice Correspondence
FEDERAL RESERVE
^
nat« *pm 27.1931
As you know we receive from the Federal reserve banks quarterly re
ports on banks borrowing continuously and on banks borrowing 80 per cent
or more of the time from the Federal reserve banks. All of the reports
for the first quarter of 1931 are not in, but in view of the fact that the
Governors are meeting here this week it occurs to me that you may wish to
have an estimate of what the complete figures are likely to show.
During the first quarter of 1931 & H member banks borrowed on an aver
age $215,000,000 from the Federal reserve banks . Of this amount about
$100,000,000 was borrowed by banks which were in debt to the Federal re
serve banks every day during the quarter, and about $1 5 0 ,000,000 by banks
which were in debt 80 per cent or more of the time during the quarter.
Inasmuch as borrowings of all member banks are now down to about
$1 3 5 »000»000 It is probably safe to assume that at least 3/5thsof this
amount, or say $80,000,000, is still borrowed by something over 1,000
banks whose condition is presumably such that they are compelled to re
main continuously in debt.
F o rm
po.
131
Office Correspondence
To
Mr. Fahy
From
Mr« Sinead
FEDERAL RESERVE
BOARD
D ate_ May 5 1 1 9 3 1
Subject:.
On April 25 I gave the Governor a memorandum on progressive penalties
for deficient reserves of member banks. On the bottom of page 2 of this
memorandum we gave preliminary figures showing the number of banks that were
subject to ma-rim-nm penalties, etc. We now have final figures and we have
substituted them for the preliminary figures. I am, therefore, attaching
hereto a revised page 2 of the memorandum which is the same as the original
except for figures contained in the paragraph at the bottom of the page.
rev.
- 2 -
penalty rates. This raises the question whether the progressive penalties
are paid by
(a) Member banks which, owing to their overextended condition,
are unable to maintain their required reserves, or
(b) Member banks which are in a reasonably satisfactory con
dition but, through negligence or otherwise, make no
attempt to maintain their required reserves.
The Federal Reserve Banks of Chicago, Minneapolis and Dallas, which
at one time applied progressive rates, have discontinued them. The reasons
given for discontinuing the progressive penalties are as follows:
Governor Young of Minneapolis - “After a thorough investigation
of the situation, we are convinced that the banks that pay a
ten uer cent penalty rate do not do so because of their un
willingness to carry sufficient reserve with us, but solely
because of their utter inability to do so."
Mr. Walsh of Dallas - “The progressive rate does not in itself
act as a deterrent to member banks, and those banks that have
paid the increased rate, even to the maximum, although having
every desire to do so, have been unable to maintain their
required reserve by reason of havii^ reached their maximum
ability
Mr. Heath of Chicago - “Our observation is that by far the greater
number of member banks whose reserves are continually deficient,
are unable to maintain such reserves without rediscounting fur
ther, and that their condition as a rule is not stfch as to
justify further increase in rediscounts."
Data available in this office indicate that during the cast two years,
286 member banks have been subject to the maximum penalty rates of 10 per cent,
or would have been subject to such rates had they been applied in all districts.
Of these 28b banks, 163 are still members, 79 have suspended, 29 have been ab
sorbed by other banks, 8 have been reorganized or succeeded by new banks, 6
have withdrawn from the System, and 1 has gone into voluntary liquidation.
The fact that Federal reserve banks that apply progressive penalties have
relatively more member banks with continued deficiencies than Federal reserve
y
'
i
Form No. 131
, i
1
(Jirice Correspondence
To_
Governor
M eyer _ _____________ •
FEDERAL RESERVE
B
0A
R
D
Date_June nL1931
S u b ject:_______________
The fact that Few York City is the central money market of this
country is rather clearly brought out by transactions occurring during
the past week. You will note from the weekly Federal reserve condition
statements that the Federal Reserve Bank of Chicago had an increase
during the week of $88,000,000 in its Federal reserve note circulation
while its discounts for member banks showed an increase of only
$5,000,000. This was due to the fact that the Chicago member banks
called upon their New York correspondents for the funds with which to
obtain the additional currency needed to take care of the disturbed
banking conditions in Chicago. The funds were transferred through the
gold settlement fund and resulted in an increase of the gold reserves
of the Federal Reserve Bank of Chicago by over $80,000,000, an amount
substantially corresponding with the increase in the bank’s Federal re
serve note circulation.
The movements of funds between the different parts of the country
were rather marked during the past week, partly in connection with
Treasury operations,and as a consequence these changes are not apparent
from the New York figures.
F o r m N o. 131
f \ r r »
U r h c e
/"*
1
C o r r e s p o n d e n c e
To_
Governor Meyer
From
Mr* Smead
FEDERAL RESERVE
B0ARD
___
Subject:
______
J^ e 25 , 1931
Bills bou^it under Austrian
credit*
This morning’s mail brought us the first schedules covering
hills bought under the recent Austrian credit*
The schedules which
the New York Bank received from the Panic for International Settle
ments listed the following amounts of bankers and trade bills pur
chased from the Oesterreichische National Bank, Vienna:
Bankers Bills
May 30
3 ,0 0 0 ,0 0 0
June 6
2 ,5 0 0 ,0 0 0
Trade Bills
(Schillings)
l ,6 6 0 ,4 l 6 * 3 5
6 0 3 ,7 3 4 .SI
Total
4,66o,416*35
3 ,1 0 3 ,7 3 4 .SI
The bills, with maturities ranging from 31 to 74 days, were all
taken at a discount of 5-1/4 per cent.
It is interesting to note that
some of the bills are for relatively small amounts, one of the Trade
bills being for only 50 schillings.
F o r m N o . 131
O f f i c e
T0
C o r r e s p o n d e n c e
Sovemor Meyer
FEDERAL RESERVE
BOARD
Date .August 10, 1931
Subject; Use of 'bills payable In foreign
currencies as collateral security for
F. R. notes.
•tO 2—8406
On Monday, August 3t while talking with Mr. Paddock over the telephone
I advised him that Boston was the only Federal reserve bank which was pledg
ing bills payable in foreign currencies as collateral security for Federal
reserve notes. I also stated that $hile the Board had taken no specific
action with regard to whether or not they should be so pledged I thought he
would like to know the practice followed by the other Federal reserve banks.
I wanted to bring this subject to your attention last Thursday morning
but you were so busy with other matters that I concluded it would be better
not t o bother you with it at that time. On Thursday afternoon, Mr. McClelland
called me and stated that the Board would like to have me talk the matter over
informally with the officials of the Boston bank while I was there on Friday,
While in Boston I was informed by Governor Young and Mr. Paddock that they
had discontinued the practice promptly following my telephone conversation
with Mr. Paddock last Monday, and upon reference to the bank's balance
sheet I find that the change was made on Wednesday, August 5This question first arose in 1927 at which time I discussed it with
Governor Crissinger and Governor Strong. Governor Strong was quite emphatic
in his position that none of the sterling bills which were then being
bought through the Bank of England should be pledged as collateral security
for note issues. Section sixteen of the Federal Reserve Act, in describing
the collateral that may be pledged as security for Federal reserve notes
states that "The collateral security thus offerred shall be notes, drafts,
bills of exchange, or acceptances acquired under the provisions of Section
thirteen of this Act, or bills of exchange indorsed by a member bfnk of any
Federal reserve district and purchased under the provisions of Section
fourteen of this Act, or bankers' acceptances, purchased under the pro
visions of said Section fourteen, or gold or gold certificates." You will
note from this that trade bills (not bankers' acceptances) to be elegible
as collateral for Federal reserve notes must bear a member bank endorsement.
Some of the bills now being purchased abroad are trade bills which,
of course, are not endorsed by member banks and consequently are not
elegible as collateral security for notes issued. If, therefore, the
decision were reached to pledge any of these bills as collateral security
for Federal reserve notes, the trade bills would have to be separated from
the bankers' bills and arrangements made for the bankers' bills to be held
in custody for the account of the respective Federal reserve agents.
/
FEDERAL RESERVE B O A R D
W A S H IN G TO N
A D D R E S S O F F I C IA L . C O R R E S P O N D E N C E T O
T H E FEDERAL. R E SE R V E B O A R D
August 17i 1931*
B-U58,
SUBJECT:
Earnings and Expense Reports and
Profit and Loss Statements.
Dear Sir:
In order to bring together in convenient form all
of the existing instructions governing the preparation of
earnings and expense reports and profit and loss state
ments furnished the Federal Reserve Board by the Federal
reserve banks and to clear up some doubtful points with
regard thereto, we have prepared the attached "Instruc
tions Governing the Preparation of Earnings and Expense
Reports and Profit and Loss Statements."
The instructions are in tentative form and be
fore submitting them to the Board, we shall appreciate
any suggestions for changes therein which you or any
members of your staff may wish to make.
Very truly yours,
E.
L. Smead, Chief,
Division of Bank Operations
TO ALL GOVERNORS*
-1
(Effective January 1, 1931)
INSTRUCTIONS
GOVERNING THE PREPARATION OF
EARNINGS AND EXPENSE REPORTS AND PROPIT AND LOSS STATEMENTS
SUBMITTED TO THE FEDERAL RESERVE BOARD
BY THE FEDERAL RESERVE BANKS
FEDERAL RESERVE BOARD
DIVISION OF BANK OPERATIONS
WASHINGTON, D. C.
B -^ 7
(Effective January 1, 1931)
TABLE 07 CONTEIITS
Page
Warnings . ..................................... . .
1
Current expenses....................... . .........
5
Reimbursable Fiscal
Agency expenses
...............
2k
Current entries............................
Closing entries
................................
25
27
Entries in Profit and Loss Account:
3-HU 7
1
(E ffe ctive
Ja n u a ry
1 ,1 9 3 1
EARRINGS
(Form 95)
G5FERAL
A. Reports axe to be submitted monthly to the Federal Reserve Board.
B. Interest received on "foreign loans on gold" or on any other
class of loans or investments not specified on form 95 should
be shown separately following "municipal warrants."
C. Where errors are discovered in the amount of earnings on bills
and securities, due to incorrect accruals or other causes, the
necessary debit or credit correcting entries should be made in
earnings as reported on Forms 3^ and 95.
1 . Discounted b i l l 3
Discount earned on bills discounted for member banks, for
nonmember banks (notes secured by adjusted service certifi
cates) for Federal Intermediate Credit banks, and for other
Federal reserve banks.
Includes interest earned on past-due paper, except past-due
paper of closed banks.
Discount profit or loss on paper rediscounted with other Fed
eral reserve banks should be added to or deducted from earn
ings on discounted bills. By discount profit or loss is
meant profit or loss resulting from the rediscount of paper
with other Federal reserve banks at a different rate than
that at which the paper was discounted for member banks.
2. Purchased bills
Discount earned on bankers’ and trade acceptances bought in
open market, from other Federal reserve banks and through
foreign banks.
Discount profit or loss on bills sold should be added to or
deducted from discount earned on purchased bills. By dis
count profit or loss is meant profit or loss resulting from
the sale of bills at a different rate than that at which
purchased.
,,
F
B -U U
7
-
(E ffe ctive
Ja n u a ry
1,
1931)
3. United States securities
Interest and discount earned on United States bonds, Treasury
notes, certificates of indebtedness and Treasury bills plus
discount or less premium amortized.
U. Federal Intermediate Credit Bank debentures
Interest earned on debentures issued by the Federal Intermediate
Credit banks plus discount or less premium amortized.
5. Federal Land Bank bonds
Interest earned on bonds issued by Federal Land banks plus dis
count or less premium amortized.
6. Municipal warrants
Interest earned on bills, notes, revenue bonds and warrants
issued by any state, county, district, political subdivision,
or municipality in the continental United States, including
irrigation, drainage, and reclamation districts, plus discount
or less premium amortized.
7. Deficient reserve penalties
Penalties on deficient reserves assessed member banks in
accordance with regulations of the Federal Reserve Board.
8. Miscellaneous (see below)
8-1. Income from banking house
\
Rent received for space leased to tenants in property
owned and occupied in part by the reserve bank as a
banking house.
Cost of repairs and alterations made for the use of tenants
should be amortized against this item over the period of
the lease for the premises affected unless the amount in
volved is relatively small, in which case the cost may be
charged directly against the item "Income from banking house."
Rental commissions should be amortized over the period of the
lease, unless paid monthly or of a relatively small amount,
Then they may be charged directly against rent received.
Rent should be credited to earnings for the month to which
it relates regardless of when received.
pj
2
~
3
(effective January 1, 1331)
8. Miscellaneous (Cont'd)
8t 2 . Interest received on past-due paper of closed banks
Interest received on past-due paper of closed banks need
not be credited to miscellaneous earnings pntil final
settlement with the receiver. Interest collected should
be applied first against the loss, if any, on such paper
and any remaining interest credited tc this acccutt.
8-3. Interest on non-current funds, delayed wire transfers, etc.
Interest charged for the time necessary to collect
payments made in non-Federal reserve funds.
Interest received on delayed wire transfers.
8-H.
Sale of waste loa-per. money bags, etc.
Receipts from the sale of waste paper,
8~5.
m oney
bags, etc.
Service charges cn collection items returned unpaid.
Service charges received on collection items returned
unpaid.
8-b. Monthly letters sold.
Amounts received from sales of the “Monthly Review" issued
by the Federal Reserve Agent.
8-7. Warnings on transactions with foreign banks (specify those
not provided for)
An explanation cf the items printed beneath this caption
on Form 35 is given below. Other earnings on transactions
with foreign banks, if any, should be resorted against
appropriate captions and numbered g-7(e), (f), (g), etc.
(a) Commissions on bills bought for foreign banks
Semi-annual distribution by the F°d^ral Reserve Sank
of New York of commissions on dollar acceptances
purchased for foreign banks.
R -U i+ 7
-
u
-
(Effective January 1, 1931)
8. Miscellaneous (cont’d)
8 . 7 (Cont’d)
(b) Interest on balances held abroad
Interest on deposit balances held with foreign
correspondents.
(c) Engagement commission on foreign credits
Participation in commissions charged on "Foreign
credits" . Interest received on any bills pur
chased under such agreements should be included
inanrllngs from purchased bills.
(d) Profit, on sales of foreign exchange.
Participation in profits (or loss) in foreign
exchange transactions, whether incident to the
purchase and salo of bills payable in foreign
currencies or otherwise.9
9. Total earnings.
B -U U
7
5
(E ffe c tiv e
Jan.
1,
1931)
CURRENT EXPENSES
(Form
96)
GENERAL
A. Reports are tote submitted monthly to the Federal Reserve Board.
B. Amounts reported as current expenses should he net, i.e., after
deducting any reimbursements received. However, if reimburse
ments received for any special services rendered exceed actual
expenses, so that there is a profit on the transaction, the net
credit should be included in miscellaneous earnings on Form 95•
C. Expenses of collecting paper of failed banks, such as salaries,
traveling expenses, etc., should be charged to the correspond
ing items on Form 9 6 . If reimbursement for such expenses is re
ceived before the end of the calendar year in which the expenses
were incurred the corresponding items should be credited but if
reimbursement is received after the end of such calendar year,
credit should be made to profit and loss account.
D. Expenses paid in advance should be debited to deferred charges
and prorated monthly to current expenses.
E. In case it is found that amounts accrued and charged to current
expenses are in excess of or less than actual payments, the
necessary adjusting entry should be made by debiting or credit
ing current expenses with the amount of the difference.
1. Salaries:
Officers
Compensation for jjersonal services paid all "officers1’ of the
bank. In this connection the term ’’officers” is defined as
conprising only those persons who devote their full time to
bank work and whose positions have been designated as "official.
Salaries of officers temporarily stationed at the head office or
branch of a Federal reserve bank should be included in the re
port of such head office or branch provided the temporary
6
(E ffe c tiv e
Jan.
1,
1931)
1. Salaries: Officers (Cont*d)
assignment continues for more than one month, otherwise such
salaries should he charged to the office to which the officers
are regularly assigned.
Salaries of officers paid in advance on account of vacation
or for other reasons should he debited to deferred charges
and prorated monthly to current expense.
2. Salaries;
Clerical employees
Compensation for personal services paid all employees of the hank
except those defined under item J: "Salaries: Other employees."
In this connection the term "employees" is defined as comprising
only those persons whose positions are provided for hy the
Personnel Classification Plan (Form A)
The salary of a clerical employee appointed as an acting
officer during the temporary absence of an officer or for
other reasons should he included with "Salaries-Clerical
Employees."
Salaries of clerical employees temporarily stationed at the
head office or branch of a Federal reserve hank should he
included in the report of ‘such head office or branch provided
the temporary assignment continues for more than one month,
otherwise such salaries should he charged to the office to
which the employees are regularly assigned.
Salaries of clerical employees paid in advance on account of
vacation or for other reasons should he debited to deferred
charges and prorated monthly to current expense.
Compensation paid to any clerical employees not on the regular pay
roll of the hank and not regularly employed.
Extra compensation paid to clerical employees for overtime work or
work on Sundays and holidays.
Supper money paid to clerical employees working overtime and cost
of furnishing lunches through the bankls cafeteria or otherwise
to employees when working on Sundays or holidays.
B-U47
(
7
(E ffe c tiv e
Jan.
1,
1931)
3. Salaries: Other employees
Compensation for personal services paid all employees of the type
shown below except those whose salaries are charged to some other
expense item with the approval of the Federal Reserve Board, as
for example, cafeteria employees. In this connection the term
11employees" is defined as pomprising only those persons whose
positions are provided for by the Personnel Classification Plan
(Form A)
Protection employees
Chauffeurs
Building employees
Porters
Telephone operators
Telegraph operators
Teletype operators
NOTE:
Equipment repairmen
Physicians
Dentists
Nurses
Welfare enployees
Salaries of employees of the type mentioned above
should be charged to "Salaries: Other employees,"
even though a minor part of their time is devoted
to clerical work.
Salaries of non-clerical enployees temporarily stationed at
the head office or branch of a Federal reserve bank should
be included in the report of such head office or branch
provided the temporary assignment continues for more than
one month, otherwise such salaries should be charged to the
office to which the employees are regularly assigned.
Salaries of non-clerical enployees paid in advance on account
of vacations or for other reasons should be debited to de
ferred charges and prorated monthly to current expense.
Compensation paid to any non-clerical employees not on the regular
payroll of the bank and not regularly employed.
Extra compensation paid to non-clerical employees for overtime work
or work on Sundays and holidays.
Supper money paid to non-clerical employees working overtime and
cost of furnishing lunches through the bankfs cafeteria or otherwise
to such employees when working on Sundays or holidays.
Salaries of branch line telegraph or teletype operators stationed
at the parent bank should be charged to the branch.
B -U l+ 7
5
(E ffe c tiv e
h.
Jan.
1,
1931)
Governors’ conferences: Traveling exp. . . _____ Other exp..... $_____
Traveling expenses All traveling expenses incurred in connection with Governors*
conferences such as railroad fare, pullman fare, and allowances
for subsistence and incidentals.
Other expenses All expenses, except traveling expenses, incurred in connection
with Governors* conferences.
5. F. R. Agents* conferences: Traveling exp... $ ______Other exp....*____
Traveling expenses All traveling expenses incurred in connection with Federal R»sprve
Agents' conferences such as railroad fare, nullman fare, and
allowances for subsistence and incidentals.
Other expenses All expenses, except traveling expenses, incurred in connection
with Federal Reserve Agents' conferences.
6. Fed, Advisory Council: Traveling exp ... . & _____ Other exp.... -_______
Traveling expenses All traveling expenses incurred in connection with meetings of
the Federal Advisory Council such as railroad fare, pullman
fare, and allowances for subsistence and incidentals.
Other expenses All fees, compensation or per diem allowance and other expenses,
except traveling expenses, incurred, in connection with meetings
of the Federal Advisory Council,
B-^U7
9
(E ffe c tiv e
Jan.
1,
1931)
7. Directors1 mootings: Traveling exp....$_____ Other exp.... _______
Traveling expenses All traveling expenses incurred in connection with attendance
at directors' meetings, executive committee meetings and
other authorized meetings or conferences of directors. Such
expenses should include railroad fare, pullman fare and allow
ances for subsistence and incidentals or the amount paid as an
allowance in lieu of actual traveling exppnr.es.
Other expenses All fees, compensation or per diem allowances (other than for
traveling expenses) paid directors for attendance at directors'
meetings, executive committoe meetings and other authorized
meetings or conferences of directors.
Includes cost of entertainment and of furnishing meals to dir
ectors either through the bank's cafeteria, officers' dining
room or through outside sources.
8 . T ravelin g expenses:
(Other than amounts included in items 4 to 7)
All traveling expenses such as railroad fare, pullman fare and
allowances for subsistence and incidentals incurred by officers
and employees in connection with regular bank work other than
traveling expenses incurred in connection with Governors' con
ferences and F, R. Agents' conferences.
Traveling expenses incurred by the Head Office auditing
force in connection with branch audits should be charged
to the branch. All other traveling expenses should be
charged to the head office or branch where the officer or
employee doing the traveling is permanently assigned.
Moving expenses in connection with the transfer of an officer or
employee from one office of a Federal reserve bank to another,
when paid by the bank, should be considered as traveling expenses
and included in the report of the office to which the transfer is
being made.
Gasoline, oil and repairs for passenger automobiles or mileage
allowances to employees using own cars.
B-1&7
10
(E ffe c tiv e
9.
Jan.
1,
1931)
Assessments for Federal Reserve Board expenses
Amounts paid to the Federal Reserve Board to cover its general
expenses. Such amounts should he debited to deferred charges
and prorated monthly.
10. Legal fees
All retainers' fees and other fees paid outside counsel. If
counsel is not an officer or employee of the hank and does not
devote all his time to hank work, the total payments to him,
including allowances for clerical help or for office space,
should he included in this item.
Traveling expenses of outside counsel.
Court, recording and notary fees, except protest fees.
Pro rata share of any assessments made hy the Federal Reserve
Board covering legal fees and expenses of special counsel
engaged in connection with matters affecting the Federal reserve
system as a whole.
11. Insurance on currency and security shipments
Cost of insurance ahsorhed hy the Reserve hank on all currency,
coin and security shipments, except shipments of Federal reserve
currency hetwoen the U. S. Treasury and the Foderal reserve hoiks
and their branches end between Federal reserve hanks, the cost of
which should he reported against items "Federal reserve currency:
Original cost, including shipping charges" and "Federal reserve
currency: Cost of redemption, including shipping charges." In
this connection the term "Security" includes any item which is
insurod.
3-4U7
~
(E ffe c tiv e
11.
January
11
1,
-
1931)
Insurance on currency and security shipments (Cont'd)
The cost of insurance on all shipments of fit currency between
head office and own branches should be included in this item
in the Head Office report.
Any rebate of insurance premiums should be credited to this
account.
12.
Other insurance
Cost of all classes of insurance except insurance on currency and
security shipments.
Insurance premiums paid in advance should be debited to deferred
charges and prorated monthly over the period covered by such
premiums.
Any dividends received should be credited to this account.
Any reimbursements received by the bank through workmen’s com
pensation insurance for loss of time of an employee on account
of disability, should be credited to salary account.
13*
Taxes on Banking House
All real estate taxes paid on property owned and occupied by the
Federal reserve bank in whole or in part.
Taxes paid in advance should bo debited to deferred changes
and prorated to current expenses monthly.
3 - ^ - 7
(E ffe c tiv e
13 ,
-
12
-
January
1,
1931)
Taxes on Banking House(Cont *d)
Taxes not
of each
current
to item
paid in advance should he estimated and on the last day
month the accrued portion thereof should he charged to
expenses and credited on daily balance sheet (^erm 3^)
"Accrued taxes, other than franchise tax, unpaid."
lU. Light, heat and power (in buildings owned)
Cost, other than salaries of hank employees, of supplying light,
heat, power and water, except special drinking water, to
property owned by the Federal reserve hank and occupied by it
in whole or in part.
1 5 . Repairs and alterations (to buildings owned)
Outside cost of labor, (i.e., persons not regularly employed by
the bank) and total cost of materials and repair parts used in
making repairs and alterations not of a major character, to
buildings owned, including painting, cleaning exterior of
building, etc,, except the cost of repairs and alterations
made for use of tenants.
The cost of repairs and alterations made for tenants should be
amortized against earnings (income from banking house) over the
period of the lease for the premises affected, unless the amount
involved is relatively small, in which case the cost may be
charged directly against rent received.
The cost of repairs and alterations of a major character should be
added to the book-value of the building or of fixed machinery
and equipment,
-
(E ffe c tiv e
16.
January
1,
13
-
1931)
Rent (including lights heat, power, water and re-pairs and alterations)
Rental of space for office quarters, storage of records, vault
space, garage, or space rented for any other purpose except Post
Office "box and safe deposit "box.
Rent paid in advance should he debited to deferred charges
and prorated monthly.
Light, heat, power, water (except special drinking water).
Outside cost of repairs and alterations and cost of materials and
repair parts used by own employees in making repairs and alter
ations.
Cost of repairs and alterations of a major character made to
rented property should be debited to deferred charges and
prorated monthly over the period of the lease.
17.
Office and other supplies
.
Please furnish Board with definition which will conform with
your present practice..
B -U U
7
-
lU
-
(Effective January 1, 1931)
IS. Printing and stationary
Cost, including shipping charges, of all letter heads, printed
forms, etc., purchased by the bank except:
Cost of printing supplies furnished member banks
Cost, including salaries, of operating bank’s printing plant
(but not the cost of mimeographing, multigraphing or of
other forms of duplicating) except:
Cost of printing supplies furnished member banks.
19. Telcphono
3ank’s proportion of cost of leased wires; toll charges; cost of
local service (including rental of switchboards, removal of
instruments, etc.), and outside cost of labor and materials in
connection with maintenance of interior automatic system.
20. Telegraph
Bank's proportion of the cost of the main line leased wire system.
Branches should be charged with their proportion of the cost of
the main line based upon the number of words sent over the main
line, originating at the branch plus the cost of the leased
wires to the branches.
Cost of commercial messages.
B-UU7
-
(e ffe c tiv e
21.
January
1,
15
1931)
Postage
Cost of all postage except postage on:
Federal reserve currency:
Original cost, including shipping charges
Cost of redemption, including shipping charges
Postage (shipping charges) on supplies purchased by the
bank should be included in the cost of the supplies.
The term postage is defined as including the cost of
registration fees, post cards, postage on stamped
envelopes and postage paid through use of postage
meter machines (but not the rental of the machines).
22.
impressage
Cost of all express, freight and cartage charges except
on supplies purchased by the bank.
Fxpressage on supplies purchased by the bank should
be included in the cost of the supplies.
i
Cost of gasoline, oil, tires, repairs, fines, etc,, in
curred in connection with operation of automobile truck by
bank.
Cost of removal of garbage, waste paper, ashes, etc.
B -U U 7
I
16
(E ffe c tiv e
23.
January
1,
1931)
Miscellaneous (see reverse side)
23-1. Rental of furniture and equipment
Cost of renting any furniture and equipment used by the
bank as, for example, electrical wall clocks, safe
deposit boxes, recordaks, typewriters, etc., except
rental of postage meter machines and news ticker.
23-2, Repairs and maintenance of furniture and equipment
Total outside cost of labor and total cost of materials
and spare parts used in connection with repairs and
maintenance of furniture and equipment.
23-3* Outside protection, vault inspection, time service, etc.
Cost of outside protection, vault inspection, and
burglar alarm services.
Includes time clock inspection and maintenance service
in connection with vaults, but not time service in
connection with ordinary clocks on walls.
23 -U. Outaide laundry and cleaning charges, etc.
Cost of outside laundry, dry cleaning and pressing
charges, except work for cafeteria
Includes outside cleaning service in connection with
window cleaning, floor polishing, etc.
Includes cost of fumigating an^ disinfecting bank
building and cost of exterminating insects and rodents.
B-Ul+7
-
23-5•
17
-
Licenses and permits-autonobile, chauffeurs, elevator, etc.
Cost of all city, county, state or Federal licenses or
permits purchased and all inspection charges pertaining
thereto.
23-6.
Local transportation-car fare
Cost of all local car or train fare furnished or reimbursed
to messengers, nurses, welfare workers, etc.
23-7.
Local transportation-taxi hire
Cost of all taxi fares in connection with overtime work,
medical service, emergencies, or other bank business.
23 -ii. Post office box and postage-meter rental
Pent of Post Office boxes
Rent of postage meter machines, but not the cost of postage
B-kU7
- IS (E ffe c tiv e
January
1,
1931)
23-9. Newspapers, periodicals, books, binding, d i m i n g service, etc.
Cost of subscriptions to newspapers, magazines and
periodicals and cost of newspaper clippings and nsws service
Cost of books, directories, etc.
Cost of information or service of a statistical or economic
nature such as news ticker and news service supplementing
news ticker.
Outside cost of all binding, including cost of binding bank's
own records.
23-10. Collection charges and -protest fees absorbed
Protest fees and collection charges absorbed by bank
23 - H • Clearing house membership dues
Membership dues paid to Clearing House Associations, including
any special assessments or donations to clearing house
associations.
23-12. Clearing house fines
Net fines paid to Clearing House Associations in accordance
with their rules and regulations.
B -U U 7
19
(E ffe c tiv e
Jan.
1 ,
1931)
23-13. Supplies furnished member "banks
Cost, including shipping charges, of all supplies furnished
member banks by the reserve bank
23-lU. Copies of bank examination reports
Cost of national and state bank examiners* reports.
23-15. Commercial agency credit reports and services
Subscriptions to commercial agency services and cost of special
reports received from them. Includes outside cost of credit
reports from other sources and of investigating employees.
23-16. Advertising
Cost of all advertising except for tenanto
Fees of employment agencies.
23 -1 7 . Employees1 pho tographs
Cost of photographs of directors, officers and employees.
20
(E ffe c tiv e
23.
M isc e lla n e o u s
Jan.
1,
1931)
(C o n t 'd )
23-12.Medical service and supplies and physical examinations
Retainer fees or payments to physicians, dentists, nurses,
oral hygienists, or welfare workers who are not employees
of the hank, i.e., whose positions are not provided for
in the Personnel Classification Plan (Form A)
Cost of other medical services including emergency services,
special pathological examinations, X-ray photographs, etc.
Membership dues and cost of supervisory service of the
Visiting purse Association, etc.
’
Cost, including shipping charges, of supplies, purchased
for use in connection with medical service such as
medicines (including containers), bandages, bottles,
cotton, gauze, instruments, etc.
Cost of milk, malted milk,
etc., furnished certain employees.
23-19. Cafeteria not expense
That part of the cost of operating cafeteria and officers'
dining room which is absorbed by the reserve baric. The
amounts reported should agree with bank's functional
expense report (Form E).
The Federal Reserve Board has authorized the Federal reserve
banks to absorb approximately one-third of the cost of
operating their cafeterias.
B-U47
21
(E ffe c tiv e
23.
M isc e lla n e o u s
Jan.
1,
1931)
(C o n t’d)
23-20. Entertainment of bankers end others not in bank*9 employ.
Cost of entertaining local and out-of-town bankers and
others not in bank’s employ.
Includes cost of meals served to outsiders in own
cafeteria or officers* dining room.
23-21. Officers* dinners.
Expenses, other than those changeable to traveling expenses,
or membership dues, assumed by the Federal reserve bank
in connection with the attendance of officers at meetings,
conferences, conventions, etc., including the cost of any
entertainment given by the Reserve bank to its own officers.
23-22. Employees* dinners
Expenses, other than those changeable to traveling expenses,
or membership dues, a„ssuned by the Federal reserve bank
in connection with the attendance of employees at meetings,
conferences, conventions, etc., including the cost of any
entertainment given by the Reserve bank to its own
employees.
2 3 -2 3 . Employees* education:
23 -2b
American I n s t i t u t e o f Banking
A ll other
Contributions made for onployees* education, whether
through the Federal Reserve Club or otherwise.
Includes dues and foes in A. I. B. refunded to employees.
3-kkj
22
(E ffe c tiv e
23.
M isc e lla n e o u s
Jan.
1,
1931)
( C o n t 'd )
2 3 -2 5 . Federal Reserve Club
A ll con trib u tion s made to the Federal Reserve Club or
Federal Reserve S o ciety , whether directJLy
or in
d ir e c t ly , in clu d in g any part of the cost o f p r in tin g
the Club or S o ciety magazine, except co n trib u tio n s
made fo r employees1 education.
2 3 -2 6 . Membership dues and donations (s p e c ify those not provided f o r ) :
(a) American Bankers1 Association
(b) State and other bankers* associations
(c ) C redit men's a s s o c ia tio n s
Includes dues and donations to Robert Morris Associates
(d) Chambers of Commerce
(e) American Acceptance Council
Membership dues in associations listed above. As indicated
membership dues and donations not provided for should be
listed separately. When there is any doubt as to whether
a given expenditure is a proper one for a Federal reserve
bank to make, the matter should b e referred to the Federal
Reserve Board.
2^. Total, exclusive of Cost of Currency
3 - I 4U 7
23
(Effective Jan. 1, 1931)
25. Federal reserve currency:
Original cost, including shipping charges
itounts paid Bureau of Engraving and Printing for printing
Federal reserve notes.
Postage and insurance paid on shipments of new Federal reserve
notes from Washington to a Federal reserve hank or branch.
These expenses should be included only on the Head Office report.
2 6 . Federal reserve currency:
Cost of redemption, including shipping charges
Cost of postage and redemption charges on all shipments of
unfit Federal reserve currency to Washington, D. C.
Cost of postage and insurance on shipments of fit Federal
reserve currency to the Federal reserve banks of issue.
Cost of redeeming Federal reserve currency at Washington, D.C.,
should be estimated at the end of each month and the amount
thereof included in current expenses and credited to "Sundry
items payable" on daily balance sheet (Form 3*0
27. Total current expenses (To agree with Form 3*0
3-M7
-
2k
(Effective Jan. 1, 1931)
REIMBURSABLE FISCAL AGENCY EXPENSES
(Form 95)
GENERAL
Fiscal Agency expenses which arci reimbursed, by the
Treasury Department. Expenses for which the Federal
Reserve Banks are reimbursed by the Federal Farm Board
should be included in n Reimbursable fiscal agency
expenses".
In casos where branch banks incur Fiscal agency
oxpenses which are reimbursable, such expenses should
be shown on the report of the branch even though actual
reimbursement is obtained through the head office.
Instructions governing tho reporting of current
expenses, form 9 o, should bo followed in preparing
reports on "Reimbursable Fiscal Agency Expenses. n
28.
Salaries, officers
29.
Salaries, employees
30. Printing and stationery
31. Postage
32.
33.
Miscellaneous
Total
B-^-7
- 25 (■Effective January 1, 1931)
ENTRIES IN PROFIT AND LOSS ACCOUNT
CURRENT ENTRIES
(Form St. 6552 )
A. Reports are to be submitted each month to the Federal Reserve Board.
3.
Items of the general character shown below should be included in
current entries.
1. Profit or loss on sales of United States securities held in
bank*s own investment account.
. Profit or loss on sales of United States securities by the
Executive Committee of the Open market Policy Conference
is now held in suspense account by the Federal Reserve
Bank of New York and distributed at the end of each year.
2. Income or expense , "Other real estate."
In this connection "Other real estate" is defined as property
which is owned but not occupied in idiole or in part by the
Federal reserve bank.
Taxes on land on which a new building is being constructed
should be included in this item.
3. Recovery of amounts previously charged off except recoveries
of amounts previously charged to reserve for losses on
paper of failed or over-extended banks.
Recoveries of amounts previously charged to reserve for
losses on paper of failed or over-fxtended banks should
be returned to the reserve account.
Proceeds from sale of furniture and equipment, regardless
of when purchased, should be credited to Furniture and
Equipment account.
B-UU7
-
26
-
(Effective January 1, 1931)
CURRENT ENTRIES (Cont*d)
k.
Interest paid on account of adjustments not connected
with tills and securities carried 'among earningassets of tank.
5.
Losses resulting from tank failures (except when a re
serve has teen set aside to cover such losses, in
which case the charge should te made to the reserve
account).
6 . Loss on light weight gold coin
Discount on foreign currency
Loss on counterfeits
Should te charged to depositing tanks tut in event
identity of depositing tank cannot te estatlished
any loss resulting to the reserve tank should te
charged to Profit and Loss account.7
7.
Sundry items ascertained to te losses (as distinguished
from expenses)
R -^ !-7
- 27 -
(Effective Janaary 1, 1931)
FNTRI3S IN PROFIT AND LOSS ACCOUNT
CLOSING 3NTRIFS
A. -In requesting authority of the Federal Reserve Board to pay
dividends to member banks at the end of Juno-and December
each Federal reserve bank should furnish the 3oard with
a certified copy of the resolution of its Board of Directors
with regard to the payment of such dividend.
3. Authority to charge earnings with depreciation allowances, re
serves for probable losses, etc., at the end of each year
should be obtained from the Federal Reserve Board.
C. The General procedure followed by the Federal Reserve Board
with regard to depreciation reserves on bank premises, reserves
for losses on paper of failed banks, and other charges to
current net earnings, and the method of determining franchise
taxes to be paid by Federal reserve banks is as follows:
1. Bank premises
a. Land
No charges against current net earnings or surplus will
be authorized by the Board to cover depreciation on
land where the estimated market value of the land is
equal to or in excess of its net book value.
b . Buildings
The Board will in general authorize the banks to set
aside a reserve each year to cover depreciation on
bank buildings, including vaults but excluding fixed
machinery and equipment, of not exceeding 2 per cent
of their estimated replacement cost, such replacement
cost to be determined in a manner approved by the
Board. Where the book value of a building is in ex
cess of replacement cost, the Board will consider
B -H U
/
7
- 28 -
(■Effective January 1, 1931)
"b. Buildings (Cont'd)
a request for permission to charge off an amount
sufficient to reduce the bock value to estimated
replacement cost.
c. Fixed machinery and equipment
The Board will authorize the hanks to set aside a reserve
each year to cover depreciation on fixed machinery and
equipment of not to exceed 10 per cent of cost. The
term fixed machinery and equipment as here used includes
such machinery and equipment as boilers, engines,
dynamos, motors, power pumps, elevators, heating, plumb
ing, lighting, and ventilating systems, pneumatic tubes,
refrigeration plant,automatic fire sprinkler equipment,
and vacuum cleaners.
The cost of replacements of fixed machinery and equipment,
less salvage (if any), should be charged to "Heserve for
depreciation on fixed machinery and equipment."
In this connection if an entire unit of fixed machinery
and / or equipment is replaced it should usually be con
sidered as a "replacement" even though the amount in
volved may seem small. If only a part of a unit of fixed
machinery and/or equipment is replaced it should be con
sidered as a "replacement" if the amount involved is
large.
If the cost of replacements materially exceeds the cost
of original equipment, consideration should be given to
the advisability of charging the excess cost to "Fixed
machinery and equipment" account.
TThen purchases of equipment not included in the original
installation are made, the cost of such items should be
charged to "Fixed machinery and equipment" account.
When the use of any fixed machinery and equipment is
discontinued and is not replaced but sold for salvage,
the original cost should be credited to "Fixed
machinery and equipment" account, and the difference
between the original cost and the amount of salvage ob-
BJ+1+7
- 29 (effective January 1, 1931)
c.
(Cont *d)
tained should he charged to “Reserve for depreciation on
fired machinery and equipment.”
When the account “Reserve for depreciation on fixed
machinery and equipment” equals “Fixed machinery and
equipment” account, depreciation allowances should he
discontinued until an increase occurs in the fixed
machinery and equipment account or a decrease occurs in
the account “Reserve for depreciation on fixed
machinery and equipment.” Provision should fthen he made
for annual depreciation allowances in order to increase
or restore the reserve account upon a fair depreciation
basis,
2. Reserves for losses on -paner of suspended banks and hanks in an
over-extended condition.
Authorization to set aside reserves to cover losses on paper
of suspended hanks or hanks in an over-extended condition
will he limited to such actual losses, in excess of re
serves already carried, as the hank may reasonably expect to
sustain on such paper.
3. Furniture and equipment.
It is the general practice of the Board to authorize the
hanks to charge off at the end of the year all furniture
and equipment purchased during the current year.
H. Other charges to current net earnings.
Where a hank desires to set up any reserve other than those
mentioned above or to make any other unusual charge
against current earnings or supplus at the end of the year,
full and complete information should he furnished the
Board regarding the necessity for such charge.
B-Ui+7
-
30
-
(effective January 1, 1931)
5.
Surplus and franchise taxes
After all current expenses, dividends, depreciation and other
reserves, and charge-offs authorized by the Board have been
provided for, any remaining net earnings shall be dis
tributed as follows:
a. Transfer to surplus account all net earnings unless such
transfer will result in the bankTs surplus account being
in excess of its subscribed capital, in which case only
such amount should be transferred as is necessary to in
crease the surplus account to an amount equal to the
subscribed capital,
b. Distribute all available net earnings after the bankfs sur
plus account is equal to its subscribed capital as
follows:
(1) Transfer 10 per cent to surplus account
(2) pay 90 per cent to United States Government as
a franchise tax.
D, Requests for authority to charge earnings or surplus with deprecia
tion allowances, reserves for probable losses, etc,, should be
accompanied by a statement shewing estimated gross earnings,
current expenses, additions to and proposed deductions from cur
rent net earnings, and net earnings available for surplus and
franchise tax for the calendar year.
E. The Board should be furnished on the morning of the first business
day of each year with a statement showing the financial results
of operation of the preceding calendar year. The data should be
furnished in the following form unless otherwise requested,
(Code)
EARL EDGE ESPY ETCH EACH EASY EDIT EVER EARN -
Earnings from discounted bills . , , . $____________
Earnings from purchased bills . , , , ____________
Earnings from U. S. securities , , , , ____________
Other earnings (items U-S on form 95)
__________________
Gross earnings ................ .
............
Cost of Federal Reserve Currency . . . ____________
Other current expenses ............
............
Total current expenses ............
............
Current net earnings.............
............
B-HU7
- 31 (effective January 1, 1931)
E. (Cont»d)
ELBA - Additions to Current net earnings
$_________
ENID - Deductions from Current net earnings _________
Net additions to or deductions
from current net earnings................. $
EAST - Net earnings available for dividends,
franchise tax, and surplus............... .
EYHE - Dividends paid . ...........................
EMET - Paid to Government as franchise t a x ........ .
EVEN - Transferred to surulus account............. .
Total (to agree with item EAST) ............
CAPP - Subscribed capital January 1 (of new year) . . . ,
CEDE - Surplus January 1 (of new year) . ............
F. Reports of earnings (Form 95) and of expenses (Form 96 ) for the
month of December should be accompanied with an itemized state
ment showing in detail all additions to and deductions from
current net earnings (profit and Loss Account) during the
calendar year. This statement should be prepared in the same
form as the corresponding statement in the Boards annual re
port with separate totals for each of the items shown therein.
Separate figures should be shown for each branch, if any, as
well as the combined figures for the bank as a whole.
G, In addition to the regular balance sheet (Form 3*0 for the last day
of the calendar year representing the condition of the bank after
final clt'sing of the books, a balance sheet (Form 3*0 should be
submitted showing the condition of the bank at close of business
but prior to the making of any adjusting, closing or other entries
not regularly made at the end of each month.
B-*+U7
- 32 (■ "Iffactive January 1, 1931)
VII.
As soon as practicable a fte r the end of each year the Auditor of each
Federal reserve bank should prepare and forward to the Under~
Secretary of the Treasury,, Washington,, D. C., with duplicate copy
to the Federal Reserve Board, a statement showing the following in
f om at ion:
1 . Statement of gross earnings, current expenses and p ro fit
and loss account for the calendar year in the form of the
corresponding table in the Boardls previous annual rep o rt,
except that a l l amounts should be given in dollars and cents.
2 . Statement of condition after closing of books on December 31
in the form of the Board's consolidated weekly press s ta te
ment of condition of Federal reserve banks, except that a ll
amounts should be given in dollars and cents. This statement
should also give, as a memorandum item, the amount of the
bankb subscribed capitg^, and the balance in i ts surplus
account afte r closing/books on December 31 of the previous
y ear.
On the la st sheet of these statements should appear the Auditor's
c e rtific a tio n , which should read as follows and be countersigned
by the Governor or a Deputy Governor;
"I hereby ce rtify that I have examined the above statements
of earnings, expenses, and p ro fit and loss of the Federal
Reserve Dank o f ________ for the calendar year _________ ,
and the condition statement of such bank afte r closing of
books on December 31»____ I that the items in such s ta te
ments are correct as shown by the records of such Federal
reserve bank^- that such p ro fit and loss statement shows a ll
items of gain during the period; that a ll deductions made
from gross and net earnings in such statement appear to be
f a ir , ju s t and reasonable in a l l respects; and th a t, as shown
thereon, there was ___________due the United States under
the provisions of Section 7 of the Federal Reserve Act as
amended.
&
(S ig n e d )
____________________________________________
Auditor, Federal Reserve
Bank of
C O U U T F R S IG 1 O T :
In the event that no franchise tax was due, the underlined portion of
the above c e rtific a tio n should read as follows:
"and that there was no amount due the United States under the
provisions of Section 7 of the Federal Reserve Act as amended
. n
B -W ?
Toj
Governor Meyer
Date:
From:
Mr. Snead
SUBJECT:
September 23, 1931Federal reserve branch banks
In accordance with the suggestion contained in our memorandum of
April U, on fe d e ra l reserve branch banks," the Board on April 22, requested
each Federal reserve bank to furnish i t with the name, location and loans and
investments of each member bank which is not within overnight mail time from
a Federal reserve bank or one of i ts branches and a set of maps showing by
colored lin es the boundaries of the te rrito ry in each d is tr ic t which is
within overnight mail time from the Federal reserve bank and from each branch,
if any.
From the data submitted by the reserve banks we have prepared the
attached table showing the number of member bank points not within over-night
mail time of a Federal reserve bank o ffice, the population of such places and
the number and to ta l loans and investments of member banks located therein.
From th is table i t w ill be noted th at there are 695 member bank points in the
United States not within over-night mail time of a Federal reserve bank or
branch.
There are 7 S5 member banks located in these places with to ta l loans
and investments of $U03,000,000*
This represents 9-9 Por cent of the to ta l
number and about 1 .2 per cent of the aggregate loans and investments of a ll
member banks.
Of the member bank points not within over-night mail time of a Federal
reserve bank or branch, only 13 arc c itie s with a population in okcoss of
10,000.
These c itie s , in the order of th eir siz e, are lis te d on the following
page:
B-500
Population
Butte, Mont.
Great F a lls , Mont.
Albuquerque, N. M.
Johnson City, Term.
ICLamath F alls, Ore.
Marquette, Mich.
Anac onda, Mont.
B risto l, Tenn.
Kingsport, Tenn.
Trinidad, Colo.
Santa Fe, H. M.
Norfolk, Neb.
Grand Junction, Colo.
13 c itie s
Member banks
Loans and in
Humber
vestments
3
10,2^7
2
2
2
2
2
2
1
1
2
1
1
1
$28,379,000
9 , 672,000
8 , 168,000
4 ,435,000
3 , 885,000
8 ,0 4 3 ,0 00
4,554,000
2 , 83^,000
1 , 273.000
5 , 066,000
3 ,0 4 2 ,0 0 0
818,000
1 , 505,000
231,171
22
S I,705,000
3 9 .5 3 2
23,822
26,570
25,080
13,093
1^,789
12,1494
12 ,0 0 5
1 1 ,9 1 4
1 1 ,7 3 2
1 1 .1 7 6
1 0 ,7 1 7
The two larg est c itie s , Butte and Great P a lls, Mont., are each less than
100 miles and about three hours’ tra in time from the- Helena branch but the
tra in schedules are such th at neither of the c itie s have over-night mail service
from the branch.
Both c itie s , however, are su fficie n tly close to the branch
at Helena to enable member banks to obtain emergency service by automobile
within about three hours' time.
Of the 695 member bank points not within over-night mail time of a
Federal reserve bank or branch about 95 per cent arc towns of less than 5*000
population.
The following table c la ssifie s these places according to population.
Member bank points not within overnight mail tin e .
Towns with population of *
Less than 500
500 - 1,0 0 0
1.0 0 0 - 1 ,5 0 0
1 ,5 0 0 - 2,500
2,500 - 5.000
Humber of to\7ns
5 .0 0 0 - 1 0 ,0 0 0
23
164
211
125
91
68
10.000 - 25,000
J
25.000 - 140,000
Total
695
- 3 -
With regard to the maps furnished by the Federal reserve banks in
accordance with the request contained in the Board's le t t e r , i t may be stated
that because of poor tra in service many towns in close proximity to a Federal
reserve city do not have overnight mail service from the Federal reserve bank,
while other towns a considerable distance away do have such service.
This
causes the lin es on the maps to in tersect at so many points that they are of
l i t t l e p ractical use.
Wo have, however, used such mares in preparing a map of
the en tire United States on which wo have located by means of dots each of the
$ 9 ^ member bank points in the United States which are not within overnight mail
time of a Federal reserve bank or branch in th eir respective d is tr ic ts .
A
photostat copy of th is map is attached hereto and the map it s e l f , of somewhat
Larger size, has been placed in the Board's General F iles.
Two of the Federal reserve banks, Atlanta and Kansas City, submitted
a l i s t of a ll member bank points within th e ir d is tric ts and indicated for each
point whether or not i t was within overnight mail time of more than one Federal
reserve o ffice.
It is in terestin g to note that in the case of these two d is
tr ic ts a large number of places arc within overnight mail time of more than one
office of the Federal reserve bank as w ill be seen from the following table:
A tlanta
D istrict
■ to ta l
only one office
two offices
three offices
four
"
f ivc
"
iny office
Hot within overnight timo of any
270
77
73
56
3^
s
22
Kansas City
D istrict
S25
107
2^5
100
11
-
162
B-500
member
BANKS hot within overnight m il time of the federal reserve bank or of a federal reserve branch bank
IN THE SAMS DISTRICT
(Figures as of March 25, 1931)
B-500
All member
Largest city
Not within over-night mail time:
Member bank
banks
on
not
within overnight
Member banks
mail time
banking -points
March 25, 1931
Aggre
Loans and inves
Total loans
Total loans &
Name
Number
gate
Humber
Popula
ments of member
invest
and
Humber
tion
popula.
ments
banks
investments
$28,379,000
3 9,532
785
$1+0 2 , 832,000 7,928 $3 to 72 8 , 565,000 But t e , Mont.
695 1 ,ito ,3 3 3
United States:
Boston d is tr ic t:
Maine
2
Hew Hampshire
1
Vermont
1
1+
Massachusetts
Rhode Island
Connecticut
Hew York d is tric t:
New York
18
New Jersey
1
Connecticut
Philadelphia d is tric t:
Pennsylvania
1
Hew Jersey
Delaware
Cleveland d is tric t:
Ohio
7
Pennsylvania
9
Kentucky
3
West Virginia
Richmond d is tric t:
Maryland
1
D ist. of Col.
V irginia
10
West V irginia
9
North Carolina
1+
South Carolina
2
2
2
1
1+
2,979
1 ,8 7 2
1,837
10,16 0
-
,-
1 6 . 38 H
-
too
-
19
1
-
1 ,3 7 9
-
-
-
-
to too
9 ,8 0 2
1 4 ,1 7 1
-
11,417
12.313
9,038
2,721
lU, 121,000
361,000
-
5^
56
1+5
172
I k
52
650
21+6
12
ii+toii+7,0 0 0
7 2 , 6 07,000
6 5 , 1+71 ,0 0 0
1 , 6 5 5 , 2311,000
323,738,000
239 , 717,0 0 0
Fort Kent
Colebrook
Island Pond
Provincetown
2,2ll5
1 ,8 7 2
1,837
3,7to>
72 7,0 0 0
633,000
1 , 090,000
1 , 105,000
-
-
1 0 , 6 6 3 , 01+2,000 Greenport
1 , 16 9 , 170 ,0 0 0 Hope
1+7 , 716,000
too
1 , 829,000
361,000
3 ,0 6 2
1
1+53, ooo
-
620
111
20
2 , 1+6 9 , 5110,000 Mt. Jewett
262 , 510,000
8 0 , 697,000
1.379
1153,000
7
9
1 , 452,000
to 207,000
5 , 097,000
357
293
72
13
1,81+9,098,000 West Union
1 , 1165, 535,000 Lyndora
8 6 , 895,000 Jenkins
3 2 , 612,000
1,0911
1+28,000
3.057
8 ,to 5
768,000
tos
350,000
3,908
5,720
3,563
1,381
50 7,0 0 0
to to 000
81+1,0 0 0
556,000
6
-
tos
-
1 , 30 1,000
633,000
1 , 090,000
3 ,So0,000
-
1
-
350,000
-
10
10
k
2
4 . 257.000
toostoooo
2 ,1 to ,000
9 8 8 ,0 0 0
78
12
165
111
63
37
29 1 , 113,0 0 0
1 3 3 , 213,000
3 5 3 , 259,000
1 5 1 , 298,000
1 5 0 , 3 78 ,0 0 0
6 5 , 613,000
Friendsville
5to,ooo
-
Big Stone Gap
Richwood
Edenton
Saluda
MEMBER BANKS HOT wITHIH OVERNIGHT M I L TIME OF THE FEDERAL RESERVE BARIC OR OF A FEDERAL RESERVE BRANCH BANK
IN THE SAME DISTRICT (Cont»d)
(Figures as of March 25, 1931)
Hot within over--night mail time:
All member
Member bank
banks on
Member banks
banking points
March 25, 1931
Aggre
Total loans
Total loans &
gate
Humber
Humber
and
Humber
invest
popula.
investments
ments
A tlanta d is tric t:
Georgia
1
916
Florida
Alabama
7
17,3^2
M ississippi
Tennessee
12
73.655
Louisiana
2
U, 537
Chicago d is tric t:
Michigan
H
9.381
Indiana
2
2,939
Illin o is
1
508
Wisconsin
Iowa
1
SI 2
St. Louis d is tric t:
Missouri
1 2 , 0^6
9
Arkansas
11
17,930
Kentucky
1S,U15
12
Indiana
12
lit ,029
Illin o is
is
25,901
Tennessee
1
1 ,12 9
M ississippi
1
2 , 01 s
Minneapolis d is tric t:
Minnesota
Hi, 001
37
Michigan
36,005
10
.North Dakota
57
>+7.823
South Dakota
H2
Hi .992
Montana
136,573
Wisconsin
10
1 1 ,6 7 2
b b
•
V
$12 5,0 0 0
1
-
-
9
5 , 599.000
16
1 ^,9 9 9 ,0 0 0
1 , 098,000
-
2
-
2
1
5 . 13 1.0 0 0
571,0 0 0
291,000
1
277,0 0 0
11
11
3 , 3 72 ,0 0 0
3 ,2 ^ 8 ,0 0 0
l*. 769,000
3 ,8 5 9 ,0 0 0
1 0 , 516,000
5
-
-
13
13
21
1
1
U3
11
5S
HH
53
10
201,000
660,000
i b ,
306,000
1 8 ,1 2 ^ ,0 0 0
1 8 , 609,000
1 8 ,7 1 9 ,0 0 0
6 2 , 130,000
2HS ,000
b ,
97
56
102
18
7?
24
2l
b
152
328
117
251
137
72
53
52
157
18
11
258
b S
10 H
98
77
b y
0231,375,000
1 ^ 2 , 268,000
l 8O.6 6 5 .OOO
H i, 691,000
1 6 9 , 558,000
208,5^6,000
1 , 3 1 8 , 365,0 0 0
3 2 2 , 19 1,0 0 0
2 .3 9 5 ,9 5 8 .0 0 0
HHi,5 ^ 5,000
3 0 6 , 126,000
6 1 6 , 6 H7 ,ooo
SH,800,000
16 b , 580,000
5 9 , 965,000
1 H1 . 267.000
7 0 , 272,000
1 0 , 016,000
5 1 3 , 923,000
6 7 , ^ 6,00 0
6 3 . 527,000
6 2 ,7 2 1 ,0 0 0
9 5 ,1 1 6 ,00 0
5 0 ,9 3 5 ,000
B-500
Name
Lincolnton
—
Andalus ia
_
Johnson City
De Bidder
Petoskey
Covington
Grant Park
Largest c ity
not within overnight
mail ti une
Loans and invest
Popula ments of member
tion
banks
916
5 .15H
25,080
3,7^7
5 .7 lK>
2,008
Bolivar
B atesville
Providence
Jasonville
Metropolis
Savannah
:Pontotoc
:Ely
:Marquette
’J illis to n
Madison
Butte
River Falls
1 ,7 9 0 ,0 0 0
H.H66.000
898,000
2,706,000
508
285,000
291,000
812
277,000
2,256
228,000
532,000
3H3,000
—
Hewe11
$125,000
H,HsH
^ ,7 ^ 2
3 ,5 3 6
598,000
5,573
•1 ,1 2 9
2,018
2,1 3 7 .0 00
6 ,15 6
1 ^ .73 9
5,10 6
*t.2S9
763,000
8 , 0 H3 ,0 0 0
3 9 .5 3 2
2,363
201,000
660,000
957,000
i 5 3 ,000
28,379.000
623,000
MEMBER BALTICS NOT WITHIN OVERNIGHT MIL TIME OP THE FEDERAL RESERVE BANK OR OF A FEDERAL RESERVE BRANCH BANK
IN THE SAME DISTRICT (Cent'd)
(Figures as of March 25. 1931)
B-500
Hot within cver-ni,r.ht mail time:
Member Lank
Member banks
banking -points
Aggre
Total loans
Number
and
Number
gate
investments
popula.
Mansas City d is tric t:
Kansas
Nebraska
Wyoming
Colorado
New Mexico
Oklahoma
Missouri
Dallas d is tric t:
Texas
New Mexico
Oklahoma
Louisiana
Arizona
1 2 ,1 3 5
6 s , 1^7
71
5
77,632
9,960
972
2,909
so
5
17.236
6,237
2M 95
9 ,6 5 7
37,277
3 U ,i $8
6 ,350
16
2
1
-
51,299
6 6 ,3 31
5U.7U7
3S.655
-
-
San Francisco d is tr ic t:
C alifornia
16
Nevada
3
Oregon
10
Washington
11
Idaho
2
lo
Utah
Arizona
3
25
25
55
17
27
3
30
-
k
6s
23
33
9
36
-
-
2
1
U
lU
13
28
19
3
$5 , 26s , 000
29 . 953.000
1 9 , 039,000
1 9 , 61 s ,000
1 6 , 22^,000
7 , 252,000
-
1 9 .u 9 7 .ooo
2 , 307,000
3 U1 ,000
1 . 31. 3,000
-
3 , 290,000
2 , 353,0 0 0
7 ,3 3 ^,0 0 0
9 51,000
1 1 , 621,000
k ,
9.U3S.OOO
1 , 16 1,0 0 0
All member
banks on
March 25, 1931
Total loans &
Number
invest
ments
2*6
170
29
116
9
252
39
620
19
12
11
H
207
10
115
132
55
32
10
Name
,1169 , 55s . 000
19 2 , 926,000
3 1 , 502,000
208,536,000
1 6 , 226,000
279 . 0 1 U.000
206 , 262,000
Lincoln
Norfolk
Laramie
Trinidad
Albuquerque
Anadarko
7 6 3 , 115 ,0 0 0
9 , 967,000
Rusk
Silver City
Bennington
Homer
-
k ,
233,000
3 3 , 966,000
9 , 736 ,0 0 0
2 , 6 12 , 356,000
1 5 , 997,000
1 9 1 , 075,000
30 0 , 052,000
UU,122,000
7 9 ,OS5,000
22,376,000
Westwood
Ely
Klamath F alls
Dayton
Twin F alls
Price
Winslow
Largest city
not within overnight
mail time
Loans and in
Popula ments of mem
tion
banks
11,732
26,570
$303,000
813,000
3.U28.000
5 , 066,000
8 , 168,000
5.036
526,000
3,259
187,0 0 0
1 , 21+5,000
i 6 U,ooo
1 , 313,0 0 0
1 ,7 3 2
10,717
8,609
3 ,5 1 9
U92
2,909
u .356
3 . 0 U5
16 .0 93
795,000
1 , 668,000
2 ,52S
2,727
U.osU
3 ,3 8 5 ,0 0 0
l,U 3 5 ,ooo
3 , 035,0 00
2 , 090,000
3 ,9 1 7
606,000
‘•OIM
WINNW'LG
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j *coi.ci«*
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K.irts.i
10H.ltA
Lot
* JtrfMfSONSt.
CITY
^
■■
C
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v
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oty
ati>
h
tai
l,. ‘
ja
c
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so
w
»|GHTOO»itt**Y
TAU>»
BATON »K
BLACK DOTS INDICATE
MEMBER BANK POINTS NOT WITHIN
OVER-NIGHT MAIL TIME FROM A
FEDERAL RESERVE BANK OR BRANCH
Tor CIRCULATION
F o rm N o. 131
3
Mr.Hamlin
Office Correspondfetee
Date
Novgnb er 28, 1931
Mr Millpr
To.
Governor Meyer
^Subject: Defic ie n c y In member bank r e 'Ur:
llorrison..
Sinead._______________ Mr. Morrill .
tor.
.
McClelland
1 /ft Wyam
n
-- w
s
&
i
_______ se rv es. San F rancisco d i s t r i c t
,F0 2—mss
.
Mr............
Mr....................... .
For some time o a st a ta b le has beep pu b lish e d in the B u lle t in (see pace
^
Please note-initial
639 of November 1931 issi*n$l
td e r a l reserve d i s t r i c t s , monthly
average fig u r e s of member bank d e p o sits, reserves ca rrie d with the Federal re
serve bank, excess rese rve s, and borrowings from the Federal reserve bank.
With one exception the ta b le has always shown an excess o f reserves ca rrie d
over average required re se rv e s.
The statement to be p u b lish e d in the fo r th
coming December B u lle t in w il l , however, show an average d e ficie n cy in reserves
o f $1,600,000 fo r the San Francisco d i s t r i c t .
From weekly co n d itio n rep o rts that we receive covering member banks in
selected c i t i e s i t is apparent that the d e ficie n cy fo r the d i s t r i c t is more
than accounted fo r by a d e ficie n cy in the rese rve s o f the San F ran cisco, Los
Angeles and Oakland o f f ic e s o f the Bank o f America N a tio n a l Trust & Savings
A sso c ia tio n , San F ra n c isco .
The weekly co n d itio n re p o rts cover only the San
Francisco, Los Angeles and Oakland o ff ic e s of t h is bank, i . e . , they do not
include branches lo cate d o u tsid e these three c i t i e s .
On the b a s is o f the
weekly re p o rts covering the o f f ic e s of the bank in these three c i t i e s o n ly,
the bank had an average d e fic ie n c y o f $3*600,000 in October, but on the
la t e s t report date, November IS , i t had excess reserves o f $578,000.
Since
June the bank’s d e p o sits have d e clin e d s u b s t a n t ia lly , while i t s borrow ings
from the Federal reserve bank have in creased.
In the f i r s t three weeks of
th is month, however, there has been some slow ing up of the withdrawals of
d e p o sits, p a r t ic u la r ly demand d e p o sits, as may be noted from the fo llo w in g
table:
-
2
-
DEPOSITS, RESERVES, AND BORROWINGS OF SAN FRANCISCO, LOS ANGELES AND OAKLAND
OFFICES OF BANK OF AMERICA N. T. & S. A., SAN FRANCISCO
(Exclusive of branches located outside these cities)
(In thousands of dollars)
Net
demand
denosits
Time
deoos its
Reserve with F. R. Bank
Required
Held
Excess
Borrowings
from F.R.
Bank**
Monthly averages
of weekly figures:
June 1931
105,06^
Oct. 1 9 3 1
7 9 ,1+77
3 7 2 .3 1 3
2 9 3 .^ 2 9
2 1 ,6 7 5
1 6 ,7 5 1
22,530
13.133
855
*3.618
19.313
57,800
Nov. IS, 1931
79,880
283,988
16,508
1 7 ,0 8 6
578
59,200
Change, June to
Oct.
-25,587
-78,86*1
-U,92U
-9.397
+38,1*87
-9,UUl
-2U3
+3.953
+i,Hoo
Change, Oct. to
Nov. IS
■ ^03
♦Deficiency in reserves.
♦♦Of entire bank — all borrowings from Federal
reserve bank are handled through head oTfice.
* F o r m N o . 131
Office Correspondence
FEDERAL RESERVE
BOARD
Subject:
Pafe December 9. 19^1
Bank Debits, November 1931
• ro
2— 8 4 9 5
The volume of debits to individual deposit accounts in November 1931,
as reported by banks in l4l centers aggregated $29,069,000,000, the lowest
figure reported fow any month since February 1919, shortly after we began
to collect debit figures.
The $29,069,000,000 reported in November compares
with $38, 802,00n,000 the month before, $42,176,000,000 in November last year,
and $95,527,000,000 in October, 1929, the month in which the largest volume
of debits was reported.
The November figures for the l4l reporting cities
represents a decrease of 70 per cent from the peak in October 1929, for
New York City a decrease of 77 per cent, and for the 140 cities other than
New York a decrease of 55 per cent.
A summary of debits for banks in l4l centers for the above mentioned
months, by Federal reserve districts, follows:
(in millions of dollars)
Federal
.Reserve
District
Boston
New York
Philadelphia
Cleveland
i
1931
! November 1 October
Hichmond
Atlanta
Chicago
St. Louis
Minneanoli s
Kansas City
Dallas
Srn Vrpncisco
Total, l4l cities
New York City
Total, 140 cities
1930
Nov ember
1,770
15.023
1.372
1,465
2,344
21,402
1,879
542
664
847
4,273
855
699
871
4,384
913
555
959
673
1,179
564
2.882
42,176
22,490
19,686
689
3.650
715
493
845
450
2.056
29,0^9
14,464
14,605
1 ,9 6 0
568
2 .4 9 5
38,802
20,678
18,124
2 ,3 2 6
23,192
1,821
2,171
1929
October
3,847
64,614
3 ,0 2 6
3 .3 4 6
865
19 19
February
1,595
14,927
1,273
1,534
1,317
8,755
1,521
549
736
3,302
942
1 ,0 1 5
1 ,6 7 2
488
1,004
935
4 .6 1 3
95,527
6 3 .3 2 5
3 2 ,20 ?
369
1.445___
28.163
14,492
13.671
F o r m N o. 131
Office Correspondence
To__
Governor Meyer
FEDERAL RESERVE
BOARD
Date December 19, 1931
Subject:
Sinead
While you were testifying before the Senate Committee on Banking and
Currency yesterday on the bill to provide for the creation of a Recon
struction Finance Corporation, Senator Glass asked what was the peak
amount of United States securities used as collateral to borrowings from
the Federal reserve banks during the speculative period.
On July 2, 1928, the Federal reserve banks held under discount for
member banks $901?523 »000 of paper secured by obligations of the United
States Government.
This was the largest amount of such paper held by
the Federal reserve bankB during 1928 and 1929*
K
F o r m N o. 131
Office Correspondence
T 0____
F r o m __ .
Mr. Harrison
FEDERAL RESERVE
BOARD
Date.
December 21, 1931
Subject:.
Mr * Smead
■n
On page 11 of the Go w m o r ' s testimony I have shown the amount
of Go rernment securities held by the Federal reserve banks as
$708,000,000.
This figure excludes special Treasury Certificates
amounting to $ 198 ,000,000, irtiich were held tenporarily pending
collection of the quarterly income taxes.
It is not quite clear to me just what Senator Glass had in
mind when talking about United States securities held for rediscount
purposes.
In order to make sure that his question is answered you
may wish to add after your penciled insert on page I3 something as
follows:
On June 30, 1928 member banks held $H,225,000,000 of
United States securities, of which about $650,000,000
were used as collateral for National bank notes, leaving
$3»575*000,000 which could be used as collateral for
borrowings from the Federal reserve banks.
Please also note changes made on page 65 *
I have read only those pages of the report marked for my
attention
2 — 8405
. ■
February 10 , 1932
■j
Mr. Hamlin
Distribution of eligible paper
Mr. Smead
among member banks
In compliance with your telephone request for a brief statement of the
extent to which the borrowing capacity of member banks would be affected if
United States securities were no longer available as a basis for borrowings
at the Federal reserve banks, I am giving below the ratio of eligible assets*
and of eligible paper to total loans and investments, on the basis of member
bank condition reports for September 29, 1931:
Eligible assets
Eligible paper
per $100 of loans per $100 of loans
and, investments
and investments
Total, all member banks
Banks with loans and investments —
Under $200,000
$200,000 to $500,000
$500,000 to $ 1 ,000,000
$1 ,000,000 to $5 ,000,000
$5 ,000,000 to $10 ,000,000
$10 ,000,000 to $50,000,000
$50,000,000 and over
$23.99
$9.06
3*. 90
27 .2S
30 .k 2
21.87
2 1 .1 7
15.36
10 .1*7
18.11
18.72
9.53
2 1 ,2 k
8.58
27.17
7.71
•Hepresents eligible paper plus U. S. Government securities not pledged
as collateral for national bank notes.
It will be noted from the table that, on September 29 , member banks had
$23*99 of assets on which they could borrow from the Federal reserve banks for
each $100 of loans and investments, whereas if United States securities had
not been available as a basis for such borrowings, member banks mould have had
available for this purpose only $9.06 for each $100 of their loans and invest
ments.
The reduction in borrowing power would by no means have been uniform for
all member banks.
For example, member banks having loans and Investments of
Mr. Hamlin - #2
less than $200,000 would, have had their borrowing power reduced from $3^-90
to $30.^2 per $100 of loans and investments, whereas member banks with over
$50 ,000,000 of loans and investments would have had their borrowing power
reduced from $27.17 to $7.71 per $100 of loans and inwstments.
The reduc
tion in assets available as the basis for borrowings at the Federal reserve
banks, which would result from
the elimination of United States Government
securities as a basis for such borrowings, would haws ranged from 12 .g per
cent for the smallest banks to 7 1 . 6 per cent for the largest banks.
Ton will also note that, on the average, the proportion of eligible paper
to total loans and investments declines as the size of the bank increases.
JEHslls
Form No. p i
Governor
Office Correspondence
To
Federal Reserve Board
_
From
Mr. Sinead_________________
FEDERAL RESERVE
BOARD
D a te
Ja n u a ry
5-»— 1 9 3 2
Suhject:
Preliminary statement of net
earnings, dividend payments, etc., o f
Federal reserve tanks in 1931 ______
• VO
2— 8495
Attached hereto is a statement showing preliminary figures of gross
and net earnings and of dividend payments of each Federal reserve hank for
1931* the amounts of depreciation reserves set aside on United States bonds
and the amounts charged to surplus account.
As no Federal reserve hank had
net earnings sufficient to cover dividend payments, no franchise tax was
paid at the end of the year.
The paid-in capital of the Federal reserve
hanks declined from $169,640,000 on December 31, 1930 to $160,569,000 at the
end of 1 9 3 1 and their surplus accounts ^rom $274-, 6 3 6 ,0 0 0 to $259,420,000.
CONFIDENTIAL
B-627
PRELIMINARY FIGURES OF GROSS AND NET EARNINGS AND DIVIDEND PAYMENTS OF EA.CH FEDERAL RESERVE BANK
FOR 1931 AND AMOUNTS CHARGED TO SURPLUS ACCOUNT
Federal
Reserve
Bank
Boston
Gross
earnings
Net
earnings
$1,SOI,000 -$l40,000
Dividends
paid
Franchise
tax
$709,000
-
Depreciation
reserve on
U. S.
bonds
$411,000
Charged
to
surplus
Subscribed capital
in excess of surplus
Jan. 1, 19 32
$1 ,2 6 0 ,0 0 0
$3.^59.ooo.
New York
7,555,000 1 ,5 3 2 ,0 0 0
3 ,8 9 2 ,0 0 0
-
3 ,1 3 9 ,0 0 0
5,498,000
48,200,000
Philadelphia
2 ,7 1 b , 000
884,000
1 ,0 0 5 ,0 0 0
-
459,000
579,000
6,714,000
Cleveland
3 ,0 3 s , 000
79,000
937,000
-
473,000
1 ,3 3 1 ,0 0 0
1 ,6 2 0 ,0 0 0
Richmond
1 ,3 ^9 ,0 0 0
-1 5 7 ,0 0 0
340,000
-
134,000
6 3 1 ,0 0 0
*5 2 7 ,0 0 0
Atlanta
l,Ui*9 ,0 0 0
-
3 1 3 ,0 0 0
-
9 5 ,0 0 0
409,000
*1 3 2 ,0 0 0
Chicago
4,144,000
6 1 0 ,0 0 0
1 ,1 7 1 ,0 0 0
-
9 6 5 ,0 0 0
1 ,5 2 5 ,0 0 0
*2 ,3 8 8 ,0 0 0
St. Loui s
1 ,1 8 9 ,0 0 0
-6 1 ,0 0 0
2 8 9 ,0 0 0
-
186,000
537,000
*6 3 8 ,0 0 0
Minneapolis
937,000
46,000
180,000
-
6 5 3 ,0 0 0
7 8 8 ,0 0 0
*4 5 4 ,0 0 0
Kansas City
1,555,000
-1 8 5 ,0 0 0
254,000
-
1 3 8 ,0 0 0
5 7 7 ,0 0 0
245,000
Dallas
1,214,000
1 1 2 ,0 0 0
2 5 5 ,0 0 0
-
1 ,1 6 8 ,0 0 0
1 ,3 1 1 ,0 0 0
646,000
San Francisco
2 ,7 1 8 ,0 0 0
2 5 3 ,0 0 0
6 8 5 ,0 0 0
-
337,000
7 6 8 ,0 0 0
4 ,9 7 2 ,0 0 0
2 9 .7 0 1 .0 0 0
3 6 .4 2 4 .0 0 0
2 ,9 7 2 ,0 0 0
7 ,9 SS,0 0 0
1 0 ,0 3 0 ,0 0 0
1 0 ,2 6 9 ,0 0 0
1 5 ,2 1 6 ,0 0 0
2 ,2 9 8 ,0 0 0
6 1 . 7 1 7 .0 0 0
Total, 1931
"
1930
$1 7 ,0 0 0
8 ,1 5 8 ,0 0 0
.,
♦Surplus in excess of subscribed capital.
DIVISION OF B A M OPERATIONS
FEDERAI. RESERVE BOARD
JANUARY 5, 19 3 2 .
6 4 . 6 4 7 .0 0 0
♦
<■ ^
fl
Mi'v-Sai
TO:
Federal Reserve Board
FROM:
Mr. Smead
SUBJFCT:
B-6 6 0
February 8 , 19^
Distribution of eligible assets
among member banks
In view of current discussions of banking legislation and
numerous inquiries relating to the distribution of eligible paper
among member banks, Mr. Korbett has prepared the attached memorandum
classifying eligible paper and eligible assets (eligible paper plus
United States Government securities) according to the proportion of
eligible paper to total loans and of eligible assets to total loans
and investments, respectively.
This classification has been made by
class of member bank, by size of bank, and by Federal reserve dis
tricts, as of September 29, 1931, the date of the Fall call for con
dition reports of member banks.
The office of the Comptroller of the Currency compiled the
basfc data used in the memorandum in so far as they refer to national
banks.
b-
66o
February 8 , 1932.
To:
Mr. Sinead
From:
Mr. Horbett
SUBJECT: D istr ib u tio n o f "E li g ib le A s s e t s "
among i ndi v i dual memb e r b ank s .
There are submitted herewith tabulation s showing the d is tr ib u tio n
of "e l i g i b l e p ap er" and of "e l i g i b l e a s s e t s " among several groups of member
banks as o f September 29, 1931.
"E li g ib le p ap er" represents the amount o f
member bank loans e l i g i b l e fo r rediscount with Federal reserve banks, and
" e l i g i b l e a s s e t s " the amount o f such e l i g i b l e paper p lu s United S tates
Government s e c u r itie s (except s e c u r itie s pledged against n a tio n a l bank note
c ir c u la tio n ) held by member banks.
E lig ib le a sse ts on September 29 , 1 9 3 1 , amounted to * 7 ,9 0 0 ,0 0 0 ,0 0 0 ,
o f which $ 3 , 000 , 000,000 was loans e l i g i b l e fo r rediscount and $l+,900 , 000,000
Government s e c u r i t i e s .
In June 1926,
the e a r l i e s t date fo r which correspond
ing data are a v a ila b le , member banks held $ 8 , 000 , 000,000 o f e l i g i b l e a s s e t s ,
of which $U , 900 , 000,000 was in the form o f e l i g i b l e paper and $ 3 , 100 , 000,000
in Government s e c u r it ie s .
The maximum amount o f e l i g i b l e a s s e ts reported for
any o f the c a l l dates fo r which such fig u r e s are a v a ila b le was * 8 , 200 , 000,000
in June 1928.
From an examination o f the data submitted herewith i t appears th a t,
although member banks in the aggregate had e l i g i b l e a s s e ts much in excess of
any probable requirements, 91 o f them reported no such a s s e ts on September
29 l a s t , and 1 ,5 6 7 member banks, or 2 0 .6 per cent o f the t o t a l number, had
le s s
than $10 o f e l i g i o l e a ss e ts per $100 o f t o t a l loans and investm ents.
There were 617 member banks, however, with e l i g i b l e a s s e ts o f $50 or more per
$100 o f loans and investm ents, and 1,260 with e l i g i b l e a s s e ts o f $ 1+0 or more
per $100 o f loans and investm ents.
le s s than $20 o f e l i g i b l e a s s e t s ,
Approximately h a lf o f the banks held
a v a ila b le as the b a s is fo r borrowings at
- 2 -
Federal reserve banks, for each $100 of th e ir loans and investments.
The d istrib u tio n of member banks on September 29, 1931, according to
the ra tio of elig ib le assets to loans and investments, was not substantially
d ifferen t from the corresponding d istrib u tio n at the end of December 1929, as
may be seen from the following table:
___ Sept. 29, 1931____ Dec. 31, 1929
Humber of Percentage number of Percentage
banks of banks
banks of banks
Total, a ll member banks
Banks with no elig ib le assets
Banks with following amount of
elig ib le assets per $100 of
loans and investments:
Under $10
$10 - $20
$20 - $30
$30 - $U0
- $50
$50 and over
7,599
10 0 .0
8,52 2
10 0 .0
91
1 .2
99
1 .2
1,567
20.6
27 J S
20.6
2,065
1 ,7^9
2 0 .5
2U.2
2 ,115
1,5 6 3
1,0 0 3
6U3
617
1 3 .2
8 .5
8 .1
1,529
1 8 .0
1,2 19
gU6
1 ,0 1 5
9 .9
1 1 .9
That there were no large banks among the 91 that had no elig ib le
assets is evidenced by the fa c t that th eir aggregate loans and investments
were only $ 5 0 ,0 0 0 ,0 0 0 .
The 3 ,682 banks that reported elig ib le assets of le ss
than $20 per $100 of loans and investments had a to ta l of $ 1 , 7 6 1 , 000,000 of
i
such elig ib le assets, as compared with aggregate loans and investments of
$13,U 6H ,000,000.
Their borrowings from Federal reserve banks amounted to
$ 1 7 6 , 000 , 000 , or 10 per cent of the amount that they could have borrowed on
the basis of th e ir elig ib le asse ts.
The following table shows loans and in
vestments, e lig ib le assets, and borrowings of each group of member banks:
/
-
3
-
(In m illio n s of d o lla r s )
September 29, 1931
December 31. 1929’*'**'
Loans
Borrowings
Loans
Eligible
Eligible
and
from
and
assets
assets
investments
F.R. banks investments
Total, all member banks
33.073
Banks with no eligible
assets
50
Banks v/ith following amounts
of eligible assets per $100
of loans and investments:
Under $10
3.526
$10 - $20
9.93S
$20 - $30
S,S9U
$30 - $Uo
7.6U3
$Ho - $50
2,083
$50 and. over
939
7,93>+
323
-
-
222
1,539
2.159
2.56s
36
iko
SO
906
5U0
36
15
16
35.922
101
5.5S2
12,952
10.7U7
U.3U1
1,5^3
7.637
-
363
2,013
2,73S
1.U62
656
667
395
’•‘♦ D istrib u tion of borro\7ings according to r a tio o f e l i g i b l e a s s e ts to loans
and investments i s not a v a ila b le fo r December 31, 1929 .
A tabu lation o f member bank borrowings from Federal reserve banks on
September 29, 1931, d isc lo se d that 5 .1 5 9 out o f the t o t a l o f 7 ,5 9 9 member banks
were not borrowing from the Federal reserve banks, and that 1 ,2 5 7 were borrowing
l e s s than 30 per cent o f the amount o f th eir e l i g i b l e a s s e t s . There were 2S
banks, however,
that were borrowing from Federal reserve banks amounts equal to
th e ir e l i g i b l e a s s e t s ,
b le a s s e t s ,
and
36 ’.7erc
167 were
borrowing from 90
to 99 per cent o f th eir e l i g i
borrowing from 70 to 90 per cent o f such e l i g i b l e a s s e t s .
A d is tr ib u tio n o f member banks according to r a tio o f borrowings to e l i g i b l e
a s s e ts i s given in the table below:
DISTRIBUTION OF MEMBER BANKS ACCORDING- TO RATIO OF BORROWINGS FROM FEDERAL
RESERVE BANKS TO ELIGIBLE ASSETS, ON SEPTEMBER 29, 1931.
Number o f banks reportin g
e l i g i b l e asstjts
Banks with le s s
Banks with $20 or
than $20 e l i g i b l e more e l i g i b l e a s ,*5o1t a l a s s e ts per $100
se ts per $100 o f
o f loans and i n loans and
vestments
investments
A l l member banks with e l i g i b l e a sse ts
Banks borrowing 100$
over
over
over
over
over
o f e l i g i b l e a sse ts
90$ of
70 $ 11
50$ ”
30 $ "
10 $ H
II
If
II
II
ft
T otal borrowing banks
Non-borrowing banks (e x c lu siv e o f 91
without e l i g i b l e a s s e ts )
7.50S
3 .6 3 2
3,326
2S
64
26
52
160
34s
650
1,062
2
12
71
219
533
1,105
12,440
l
1,131
1,309
:5,06s
2,551
2,517
231
567
1>1S3
2,167
j.he average amount of e l i g i b l e a ss e ts per $100 o f loans and investments fo r
member banks as a whole was approximately $ 2 4 .0 0 on September 29,
pared with an average o f approximately $ 2 1 .0 0 in December 1929.
1931, as com
This increase
r e f l e c t s p r in c ip a lly two fa c t o r s , one the reduction in t o t a l loans and in v e s t
ments, and the other the su b stn a tia l r is e in h old in gs o f U. S. Government se c u r i
t i e s , v/hich more than o f f s e t the reduction in loans e l i g i b l e fo r red iscou n t.
in d ica ted in the fo llo w in g ta b le ,
there was r e l a t i v e l y l i t t l e
As
change during th is
p eriod in the average amount o f e l i g i b l e a s s e ts per $100 o f loans and investments
held by country banks.
At c en tra l reserve c it y and reserve c it y banks, however,
p a r t ic u la r ly those in New York C ity ,th e average amount rose con sid erably, as a
r e s u lt o f the rapid growth in Government s e c u r ity h o ld in g s.
-
5
-
December 31. 1929
September 29, 1931
E ligible assets
E ligible
per $100 of
assets per $100 Humber
Humber
loans and
of
of loans
of
investments
and investments banks
banks
Total, a l l member banks
7.599
Central reserve city banks:
Hew York City
Chicago
Other reserve c ity banks
Country banks
U2
12
366
7.179
$23.99
8,52 2
$ 21.2 6
30.25
56
18.68
17
U5 S
7.991
2 ^ .5 3
20.02
2 1 .8 3
1 8 .7 6
2U.88
2^ .8 3
Member bark borrowirgs from Federal reserve banks on September 29 la s t
averaged approximately $1 oer
$100 of th e ir loans and investments, and approx
imately £H,00 per $100 of th eir elig ib le a sse ts.
In other words, such borrowing
represented about U per cent of the amount th at they could have borrowed on the
basis of th e ir e lig ib le assets, and about 1 per cent of the to ta l amount of member
bank credit outstanding.
These ra tio s were much lower la s t September than in
December 1929 in the case of central reserve city and reserve c ity banks, and
somewhat lower in the case of country banks as may be seen from the table below.
December 31, 1929
September 29, 1931
Borrowings at Borrowings Borrowings at
Borrowings
at F.R. bank F.R. bank per at F.R.bark F.R.bank per
$100 of
$100 of e l i per $100 of
per $100 of
e lig ib le
loans and
gible assets
loans and
assets
investments
investments
Total, a l l member banks
Central reserve c ity banks:
Hew York
Chicago
Other reserve city banks
Country banks
$ 8 .U9
$ 0.98
$H.0 S
$1.80
0 .l6
0 .5 2
1.29
0.17
U.15
£.73
2.05
2 .0 1
1 0 .2 3
1 .91
1 0 .2 1
0 . 0U
1.03
1 .6 3
5.27
9 .25
In connection with the above table i t should be noted again th at member
bank borrowings rose sharply in the la s t quarter of 1931. and- when the December
3 1 , 1 9 3 1 » c a ll report data become available, they w ill, of course, disclose
a su b sta n tia l r is e in the amount o f borrowings as r e la te d to loans and in v e s t
ments and to e l i g i b l e a s s e t s .
From the d is tr ib u tio n o f member banks according to siz e (u sin g loans
and investments as a measure o f s i z e ) ,
ed
in to two groups —
i t i s found that i f
the banks are d iv id
those with loans and investments under $ 1 , 000,000 and
those with loans and investments o f $ 1 , 000,000 and over — the average amount
\
o f e l i g i b l e a ss e ts per $100 o f loans and investments i s about the same fo r
both groups.
There i s a marked d iffe r e n c e , however, when the banks are divided
into sm aller siz e groups.
Banks o f the sm a llest s iz e show r e l a t iv e l y the
la r g e s t proportion o f loans and investments a v a ila b le as the b a s is o f borrow
in g ;
those in the middle size groups show r e l a t i v e l y the sm a llest proportion o f
such e l i g i b l e a s s e t s ; while the 30 la r g e s t banks reported a r e l a t iv e l y high
r a tio o f such e l i g i b l e a s s e t s .
The fig u r e s fo r each s iz e group are shown in
the ±able below.
September 29, 1931
E lig ib le
“ Fumber
a s s e ts per
of
$100 o f loans
and investments
banks
T o ta l,
a l l member banks
7 ,5 9 9
.3 23.99
H.539
2 3 .9 9
2 3 .99
December 31. 1929
E lig i b le a s s e ts
Fumber
per $100 of
of
loans and
banks
investments
s, 522
$ 21.26
4,90s
28.16
3 ,S i'4
2 0 .7 9
7S5
39 .52
3 2 .1 5
Banks with loans
and investments —
Under $ 1 ,0 0 0 ,0 0 0
$ 1 , 000,000 and over
Under $ 2 0 0,000
$ 200,000 to $ 500,000
$ 500,000 to $ 1 , 000,000
$ 1 , 000,000 to $ 5 , 000,000
$ 5 , 000,000 to $ 1 0 , 000,000
$ 1 0 , 000,000 to $ 5 0 , 000,000
$ 5 0 * 000*000 and over
3,0 6 0
S5 U
1 ,9 ^ 7
1,73S
2 .3 2 2
37.2
27 S
90
3 U.90
2 7.2 8
2 1 .1 7
I S . 11
IS.72
2 1 .2 4
2 7 .1 7
2 ,13 6
2 ,7 6 7
i+15
2 5 . 2H
is .39
1 8 .1 0
91
1 8 .5 5
2 2 . SS
1,937
3bi
-
7
-
Borrowings o f the sm a llest banks l a s t September were r e l a t iv e l y high
in r e la t io n to th eir loans and investments and th e ir e l i g i b l e a s s e t s .
example,
For
in the case o f the member banks that had loans and investments under
$ 1 , 000 , 000 , th eir borrowings from Federal reserve banks were approximately $ 2 .5 0
per $100 of loans and investments and $ 1 0 .5 0 per $100 o f e l i g i b l e a s s e ts , while
in the case o f banks with
loans and investments o f $ 1 , 000,000 and over, borrow
ings averaged 88 cents per $100 of loans and investments and $ 3 .6 7 per $100 o f
e lig ib le a sse ts.
These data fo r each s iz e group o f banks are given in the f o l
lowing ta b le , but here again i t
should be remembered that on September 29 borrow
ings o f member banks amounted to only $ 3 2 3 * 000 , 0 0 0 , whereas-they now amount to
$855,000,000.
September 29, 1931
Borrowings at F.H.bank Borrowings at F.H. bank
per $100 o f loans and per $100 o f e l i g i b l e
investments
a ss e ts
a l l member banks
?0 .9 S
to
o.
<0-
T o ta l,
2 .5 1
.8 0
1 0 . U7
Banks with loans and investments
Under $ 1 ,0 0 0 ,0 0 0
$ 1 , 000,000 and over
Under $ 200,000
$ 200,000 to $ 500,000
$500,000 to $ 1 , 000,000
$ 1 , 000,000 to $ 5 , 000,000
$ 5 , 000,000 to $ 1 0 , 000,000
$ 1 0 , 000,000 to $ 5 0 , 000,000
$5 0 , 000,000 and over
1T0TE:
3 .6 7
5 .2 9
1 5 .1 7
2 ,oU
1 0 . Uo
2 .0S
iM
1 .8 6
9 .7 5
8J 6
1 .3 3
.uu
9 . 9^
6.26
1 .6 1
This d is tr ib u tio n i s not a v a ila b le fo r December 31* 1929*
There are considerable d iffe r e n c e s between member banks in the
various d i s t r i c t s in the r e la tio n o f e l i g i b l e a s s e ts to loans and investm ents,
and in the r e la tio n o f borrowings to loans and investments and to e l i g i b l e
a sse ts.
Figures fo r each d i s t r i c t are given in the two fo llo w in g summary ta b le s ,
and more f u l l y in the appended ta b u la tio n s:
AMOUNT OF ELIGIBLE ASSETS PER $100 0^ LOAFS A?TD INVESTMENTS
September 29, 1931
E lig ib le
a sse ts per
Number
$100 o f loans
of
and
banks
investments
Federal
Reserve
D is tr ic t
T o ta l,
a l l member banks
$23.99
2,522
$21.26
20 . U9
UoU
S76
7U0
69s
2S.U1
7 ,5 9 9
Boston
New York
P h ila d elp h ia
Cleveland
December 31, 1929
E lig ib le
a s s e ts per
Number
$100 o f loans
of
and
banks
investments
931
IS . S3
76U
16.Us
21.50
15.22
20.90
795
1 7 .3 7
UUs
21.SS
20.90
3^3
2 5 .9 3
51 4
U2G
1 9 .1 2
2 1 . UO
323
Richmond
A tla n ta
Chi cago
S t. Louis
960
500
21.6s
23.92
1,1S 6
Minneapolis
Kansas C ity
D a lla s
San Francisco
597
31.23
6S3
cUU
6U5
5U5
31.5H
3 3 .9 9
293
3 ^ .5 9
31 .HU
21. U6
607
571
746
2U.S 0
3 5 .2 2
2 3 .5 3
BORROWINGS AT FEDERAL RESERVE BANK PER $100 OF LOAFS AND INVESTIIENTS
AND PER $100 OF ELIGIBLE ASSETS
Federal
Reserve
D i s t r ic t
T o ta l, a l l member banks
Boston
September 29, 1931
Borrowings at Borrowings
at F.R . bank
F . R. bank
per $100 of
per $100 of
e lig ib le
loans and
a s s e ts
investments
December 3^ 1929
.■■■_
Borrowings
Borrowings at
at F.R.bank
F.R . bank
per
$100 o f
per $100 of
e lig ib le
loans and
a s s e ts
investments
$o.9S
$U . 0 S
$ 1 .G0
$G.H9
0 .U9
2 .U0
2.00
1 .5 6
1 .3 9
2 .U6
9 .3 9
6 .H7
16.1S
2.26
1 3 .1 1
3 .0 5
1 H.H9
1 0 . 5H
New York
0 .5 3
P h ila d e lp h ia
Cleveland
1 .3 2
9 .9 3
s .3 1
2 .2 3
2 . 0U
10 .19
1 0 . 9H
0 .3 9
1 .1 9
l.S O
2.60
2.29
*+.97
1 .3 5
6.29
l.UU
1 .1 0
2 . US
Richmond
Atlanta.
Chicago
S t , Loui s
Minneapolis
Kansas C ity
D a lla s
San Francisco
1 .6 7
0 .U 6
1 . 3H
l.S l
1 .H3
n .9 9
3 .9 3
5 .1 1
1 .3 9
3 .5 9
7 .2 5
U.oU
6 .6s
1 .2 2
5 .2 0
-
9
-
When the December 3 1 * 1931 c a l l report fig u r e s become a v a ila b le ,
w ill,
they
of course, -show a su b sta n tia l increase in the r a tio o f borrowings to loans
and investments and to e l i g i b l e a s s e t s , as borrowings more than doubled during
the l a s t quexter of the yea r.
In ad d itio n to the foregoin g d ata,
a sse ts, " i . e . ,
a l l o f which are based on " e l i g i b l e
e l i g i b l e paper p lu s Government s e c u r it ie s ,
d e ta ile d tab u la tio n s
have been mad.e based on the r a tio o f e l i g i b l e paper to t o t a l loans o f member
banks.
Prom these tab u lation s i t was found that on September 29 l a s t ,
*42*4 member
banks held no e l i g i b l e paper whatever, and that l,*r85 had l e s s than $10 o f such
oaper per $100 o f to t a l lo a n s.
This d is t r ib u t io n ,
in comparison with a co rre s
ponding d is tr ib u tio n fo r 1929 , i s shown in the fo llo w in g summary ta b le ,
and more
d e ta ile d fig u r e s by c la s s e s o f banks,by s iz e groups, and by Federal reserve d is
tr ic ts ,
are contained in the appended ta b u la tio n s.
September 29, 1931
Pumb er
Percen
of
tage of
banks
banks
T o ta l, a l l member banks
Banks with no e l i g i b l e paper
Banks with fo llo w in g amounts o f
e l i g i b l e paper per A100 of
t o t a l lo a n s:
Under $10
$10 - $20
$20 - $30
$30 - $40
$Uo - $50
$50 and over
7 ,5 9 9
*42*4
1 0 0 .0
5 .6
December 31* 1929
Dumber
Percen
of
tage of
banks
banks
S ,522
32 U
1 0 0 .0
3 .S
i,U 8 5
19.6
1 ,5 5 3
1 8 .2
1 ,5 7 1
l ,3 < *
2 0 .7
1 ,7 0 2
2 0 .0
1 7 .1
1 ,3 7 1
1 6 .1
1 2 .6
1 0 .8
96*4
769
1 2 .7
1 ,0 7 1
1 0 .1
1 ,0 8 2
1*4.2
923
1 ,5 7 3
1 8 .5
Tatle 1 - DISTRIBUTION OP HUMBER OP MEMBER BAKES ACCORDING TO RATIO OP BORROWINGS PHOM FEDERAL RESERVE BAKES TO ELIGIBLE ASSETS
Total, all member banks
____ __ ________________________________
B~660a
..September 29. 19R1
Total,
Banks not
Number of banks with the following ratios of borrowings
all banks
borrowing
from F. R. banks to eligible assets
in the
from F. R.
Less than
1 0 -30 # 3 0 -505S 50-70fo 70-90# 90-99/;
group
ban2:
100 #
10 #
,RQQ
• 7i*
jjj
984
5,159
6 l6
273
167
336
28
36
DISTRIBUTION BY CLASS OF BAIL!
Central reserve city banks:
Few York City....
Chicago......
Other reserve city banks
Country banks .
DISTRIBUTION BY LOANS AND INVESTMENTS( SIZE OF BANK)
Under $1,000,000
$1 ,0 0 0 ,0 0 0 and over . ....
42
±CZ
31
1U
36 6
251
7,179
U.867
li R7 Q
j,UOL
3 ,0 6 0
2 ,0 9 9
3^3
876
7^0
290
582
1
3
4
1
—
2k
2kZ
U7
933
28
584
142
131
592
393
Ik
37
4b
15
*+7
l4i
117
96
71
47
104
71
5°
46
57
34
41
104
91
5U
40
65
71
24
2
1
10
4
2
324
162
3^
27
382
234
218
118
102
65
23
13
20
8
22
58
84
6
36
32
65
34
3
18
18
20
29
15
-
DISTRIBUTION BY FEDERAL RESERVE DISTRICTS
Boston......
New York..
Philadelphia
Cleveland..
Richmond.......
Atlanta...........
Chicago........
St, Loui s
Minneapolis...
Kansas City........
Dallas......................
San Francisco........
698
H-Ho
•7C~z
3b3
0
.Cr\
^OU
con
RQ7
jj 1
844
6 U5
die
5^5
|
‘-|t7
jT
d
]
i
£
<
HOC>
.
251
190
r\C
2b
715
323
38
23
17
1U
6 12
4ll
U1 3
23
11
13
-
1
-
2
7
6
16
4
5
31
24
9
17
3
15
26
H3
10
10
14
17
2
1
3
1
4o
20
2
1
2
4
-
2
2
4
5
1
3
1
3
Table 2 - NUMBER, LOANS AMD INVESTMENTS, ELIGIBLE ASSETS*, AND BORROWINGS OF MEMBER BANKS ON SEPTEMBER 29, 1931
B-660
Page 1
Total
(all
banks In
group)
ALL rLUMBER BAMES
Number of banks
Percentage of banks
Loans and investments
(Millions
Eligible assets*
Borrowings from F. R. banks
Other borrowings
7,599
100
of dollars)
do
do
do
Eligible assets per $100 of loans and investments
Borrowings at F.R.banks per $100 of loans & investments
Borrowings at F.R.banks per $100 of eligible assets*
jo.
3anks
Banks with following amounts of eligible assets per $100
with no
._of loans and investments
eligible
$2 0 -$ 3 0
$30-$5+0 $5+0-$50 $50 and
assets Under $10 $1 0 -$ 2 0
over
91
1.2
33,073
50
7,935+
1
323
1^2
£23.99
o.qg
5+.08
1 ,5 6 7
2 0 .6
2,115
2 7 .S
1 ,5 6 3
2 0 .6
1 ,0 0 3
1 3 .2
3,52:5
222
36
39
9.93S
1,539
8,895+
7,643
2.568
36
16
2,083
$6 . 3 0
$15.5*9
1 .0 3
1 6 .35+
1 H0
5+8
2,159
80
35+
643
8 .5
906
15
617
8 .1
939
5l*o
16
2
1 .5+1
$2^.28
0 .9 0
$33.60
$5+3.5+2
O. 7 U
9 .0 7
3.70
0 .1+7
1.5+1
1.71
2
$57.51
1.67
2.90
*Represents the total of (l) paper eligible for rediscount at Federal reserve banks, and (2) United States Government securities,
other than securities pledged against national bank note circulation.
Page 2
DISTRIBUTI°1T BY CLASS OF BAKU
Total
(all
banks in
group)
B-660
Banlcs
with no
eligible
assets
Banks with following amounts of eligible assets per $100
of loans and investments
$50 and
Under $10
$10-$20
$20-$30
$30-$Uo
$Uo-$50
over
Central Reserve City Banks in How York Citv
Humber of banks
Percentage of banks
Loans and investments
Eligible assets*
Borrowings from F. R. banks
Other borrowings
kz
(millions of dollars)
do
do
do
Eligible assets per $100 of loans and investments
Borrowings at F.R.banks per $100 of loans and investments
Borrowings at F.R.banks per $100 of eligible assets*
k
33*
5
1 1 .9
2,1*5
555
5
19
4,769
1,581
1
3
774
320
2
-
$22.68
0 .1 9
0 .8 6
$3 3 .1 5
0.03
0 .0 9
3
25-0
3
2 5 .0
3
25.0
5
1
(a)
(a)
208
36
—
-
l,2kk
182
62
1
-
$9.IS
0.73
7.9 4
$1 7 .4 3
—
$2 4 .7 5
—
—
—
8 ,2 5 3
2 ,^ 9 6
—
100
7
1
(a)
1 U5
23
—
$ 7 .3 5
0.75
1 0 .19
$1 5 .6 1
0.07
0.4U
2
1 6 .7
13
23
$30.25
0 .1 6
0 .5 2
Ik
10
2 3 .s
5
1 0 0 .0
11-9
9.5
(a)
-
$41.35
0.22
0 .5 4
k
9.5
20
11
k
$54 .54
20.22
37.07
Central Reserve City Banks in Chicago
Number of banks
Percentage of banks
Loans and investments
Eligible assets*
Borrowings from F. R. banks
Other borrowings
12
1 0 0 .0
(Millions of dollars)
do
do
do
Eligible assets per $100 of loans and investments
Borrowings at F.R. banks per $100 of loans & investments
Borrowings at F.R. bunks per $100 of eligible assets*
(a) Less than $500,000.
1,61*
U09
1
(a)
$2^.88
o.ok
0.17
—
—
308
_
-
$3 4 .3 1
0 .3 6
1.0 6
1
8 .3
-
1+
2
-
-
$41.74
—
-
-
Page 3
1—
DISTRIBUTION BY CLASS OF BAK i
0
1
0
<«-
rcao
-
Total
(all
banks in
group)
I
B-6 6 0
Banks
Banks with following amounts of eligible assets per $100
with no
of loans and investments
$ 50 and
eligible
$4o -$50
over
assets Under $10 $10-$20 $2 0 -$ 3 0
Other reserve city banks
366
'Number of banks
Percentage of banks
Loans and investments
Eligible assets*
Borrowings from F. R. banks
Other borrowings
1 0 0 .0
(Millions of dollars)
do
do
do
Eligible assets per $100 of loans and investments
Borrowings at F.R. banks per $100 of loans & investments
Borrowings at F.R. banks per $100 of eligible assets*
11,372
2,824
117
51
2
0.5
5
-
(a)
$24.83
1.03
*+.15
—
-
7,179
38
129
1 0 .4
3 5 .2
489
34
8
9
5,118
$6.86
823
64
29
88
24.0
2 ,7 3 2
688
33
4
54
14.8
i,54l
535
9
Q
>
.
28
7.7
27
7.4
851
635
361
333
2
-
$1 6 .0 8
§2 5 .1 9
1 .6 0
1 .2 5
1 .2 2
23.33
7.78
4.85
89
1.2
1,522
21.2
1,979
1,462
2 7 .6
2 0 .3
1 3 .0
44
1
2 .9 3 2
4,468
2,473
181
28
31
658
609
76
19
42
10
1,150
389
25
4
453
201
12
2
_
$24.60
$33.81
2.20
$44.26
2.57
5.80
1
-
$34.74
0.58
1.66
$4 5 .0 1
0.25
0.55
932
609
586
8.5
8 .2
$5 6 .8 7
0 .1 5
0 .2 7
Country banks
Number of banks
Percentage of banns
Xoans and investments
Eligible assets*
Borrowings from F. R. banks
Other borrowings
100.0
(Millions of dollars)
do
do
do
Eligible assets per $100 of loans and investments
Borrowings at F.R. banks per $100 of loans and investments
Borrowings at F.R. banks per $100 of eligible assets*
11,805
2,205
193
68
$18.68
1.63
8.73
(a) Less than $500,000.
$6.l6
$14.72
-
0 .9 4
-
15.32
1 .6 9
1 1 .5 0
1 .6 9
6.86
6 .4 9
284
16 s
11
2
$5 9 .1 5
3 .7 4
6 .3 2
Page 4
B -660
DISTRIBUTION BY
LOAFS
AND INVESTMENTS
0
banks in
jSFPPE)_
Banks wit;h following amounts of eligible assets per $ 10 0
of loans and investments
$50 and
Under $10 $1 0 - $ 2 0
$3o-$4o $Ho -$ 5 0
over
-c/>
1
O
CM
bate:)
Banks
with no
eligible
assets
-0/>
(SIZE OE
Total
(all
Under $200.000
Number of banks
Percentage of banks
Loans and investments
Eligible assets*
Borrowings from E. R.banks
Other borrowings
854
100.0
(Millions of dollars)
do
do
do
Eligible assets per $100of loans and investments
Borrowings at F.R. banks per $100 of loans & investments
Borrowings at E.R. banks per $100 of eligible assets*
12.4
156
18.3
-
11
1
16
2
23
6
-
(a)
(a)
(a)
(a)
1
8
1
(a)
$6 . 3 7
1.52
23.S5
$1 5 . 0 0
1.77
11.77
I S . 52
2.0
281
l4.4
393
20.2
H3 H
2 2 .3
13
100
l4o
i4s
37
4
2
120
42
6
2
106
72
8.4
15
1 .8
34.90
—
5.29
15.17
-
$25.53
^.73
160
IS. 7
23
1H3
1 6 .7
19
6
202
23.7
26
17
1
2
(a)
(0 )
(a)
$35.05
5.S3
16.64
$44.20
$62.42
l4#o4
13.99
325
239
12.3
235
12.1
6 .2 0
S .73
$200,000 to $500,000
Number of banks
Percentage of banks
663
181
19
6
Loans and investments
(Millions of dollars)
Eligible assets*
do
Borrowings from F. R. banks
do
Other borrowings
do
Eligible assets per $100 of loans and investments
Borrowings at F, R. banks per $100 of looms & investment
Borrowings at F.R. banks per $100 of eligible assets*
Ho
1,947
100.0
-
(a)
$27.28
10. Uo
(a) Less than $500,
000
.
5
1
1
21
2
2
—
$5 .^ 3
-
0 .6 3
$l4.6S
1.67
—
11.68
1 1 .3 5
1
$24.86
3.02
12.12
1 6 .7
ill
3S
5
1
$3^.56
4.30
12.^5
77
74
31*
H5
3
3
(a)
(a)
$44.82
4.21
9.39
$60.78
4.52
7M
Page 5
DISTHIBUTI01T BY LOAFS AFD IITVESTMEFTS
(SIZE OF B A M )
Total
(all
banks in
group)
Banks
with no
eligible
e.ssets
b -66o
Banks with following amounts of eligible assets per
of loans and investments
$50 an
Under $10 $10 - $20 $20 - $ 3 0 j $30 -$40 $4o- $50
over
0500,000 to 0 1 ,000,000
Number of banks
Percentage of banks
Loans and investments
Eligible assets*
Borrowings from F.H. banks
Other borrowings
(Millions of dollars)
do
do
do
Eligible assets per $100 of loans and investments
Borrowings at F.H. banks per $100 of loans & investments
Borrowings at F.H. banks per $100 of eligible assets*
1.73S
100.0
28
1 .6
408
23.5
508
2 9 .2
365
2 1 .0
209
12 .0
124
7.2
96
5.5
I.2 U7
264
26
11
19
(a)
298
18
2
3
367
54
7
4
263
65
6
2
147
51
5
1
86
3S
3
(a)
67
39
2
1
$21.17
2.06
9.75
-
$5 .9 1
0.66
1 1 .1 6
$14.70
1.7S
12.09
$24.59
2.46
10.02
$3 4 .3 5
3 .6 s
1 0 .7 1
$44.02
3.39
7.6 9
$58.6o
3.6 5
6.23
2,322
100.0
8
0 .3
665
28.7
818
35.3
444
19.1
225
9.7
103
4 .4
59
2.5
4,938
S9 U
16
(a)
1,409
86
13
17
1,800
265
29
11
917
225
16
3
469
160
8
2
205
89
4
1
122
71
3
(a)
-
$6 .1 1
0 .9 1
14.93
$14.69
1 .6 2
11.01
$24.48
1.73
7.0 6
$34.05
1 .6 5
4 .8 3
$4 3 .4 1
2.18
5.01
$5 7 .7 0
2.42
4.20
$1 ,000,000 to $5 ,000,000
Number of banks
Percentage of banks
Loans and investments
Eligible assets*
Borrowings from F. H. banks
Other borrowings
(Millions of dollars)
do
do
do
Eligible assets per $100 of loans and investments
Borrowings at F.H. banks per $100 of loans & investments
Borrowings at F.H. banks per $100 of eligible assets*
8
$18.11
i.4s
8 .1 6
(a) Less than $500,000.
Page 6
B-660
DISTRIBUTION BY LOANS AND INVBSTMEUTS
(SIZE OF BARK)
Total
(all
banks in
.grcu-P)
$5.000.000 to $10.000r000
Number of banks
Percentage of banks
Loans and investments
(Millions of dollars)
Eligible assets*
do
Borrowings from F. R. banks
do
Other borrowings
do
Eligible assets per $100 of loans and investments
Borrowings at F.R. banks per $100 of loans & investments
Borrowings at F.R. banks per $100 of eligible assets*
Banks
Banks v/ith following amounts olf eligible assets per $100
with no
of loans and Investments
eligible
$50 and
$10-$20
$20-$30
$3 0 -$1(0
$>*o- $ 5 0
assets Under $10
Uv
372
100.0
89
23.9
155
4l.7
71
1 9 .1
1,081
159
19
5
502
125
1
2
$lU.66
$24.85
2,558
479
mm
595
13
**
7
5
bz
$18.72
-
1.S6
9.94
40
$6 . 7 0
34
9.1
11
3.0
12
3.2
2 30
69
82
79
30
46
5
8
2
1.23
18.37
1 .7 6
1 .6 0
H.99
6.42
$34.47
2.72
7.89
4s
17.1
b
107
38.8
70
2 5 .4
25
9.0
16
5 .8
10
3.6
596
287
131
199
110
$44.32
3.51
7.92
$5 6 .3 0
5 .6 1
9.96
£10,000,000 to $50.000.000
Number of banlcs
Percentage of banks
Loans and investments
(Millions of dollars)
Eligible assets*
do
Borrowings from F. R. banks
do
Other borrowings
do
Eligible assets per $100 of loans and investments
Borrowings at F.R. banks per $100 of loans & investments
Borrowings at F.R. ban]®per $100 of eligible assets*
276
100.0
5.456
1.159
73
23
—
••
853
54
8
6
-
$6 . 3 2
0.94
1^.92
2 ,0 7 2
309
38
10
$14.90
1.86
12.46
1 .4 4 9
35 4
16
4
$24.4i
1 .1 3
4 .6 3
202
8
4
$33.89
l.4i
4.i6
1
$45.55
0.44
0 .9 6
$5 5 . 1 7
-
Page
DISTRIBUTISM' BY LCAUS AID IF7ESTMEFTS
(SIZE CP BAIEI)
Total
3anks
(all
with no
banks in eligible
group)
assets
7
3-660
Banks with follow:'Lng amounts of eligible assets oer $100
of loans and investments
and
Under $10 $10-$20
$20-$30
$3o-$Uo $Uo-$50 $50over
•
$50 ,000,000 and over
Number of banks
Percentage of banks
Loans and investments
Eligible assets*
Borrowings from P. R. banks
Other borrowings
(Millions of dollars)
do
do
do
Eligible assets per $100 of loans and investments
Borrowings at F. R. banks per $100 of loans & investments
Borrowings at F. R. banks per $100 of eligible assets*
_
90
23
100 .0
-
k.k
31.1
2 5 .6
25
27.8
is, 091
M l 6
_
262
U,U62
5,592
6,06 7
19
5
7
730
bk
1,3^9
28
IS
22
-
79
53
$27.17
0.U4
1 .6 1
-
28
_
$7.n
-
$1 6 .3 7
2.03
0.99
$2 ^ .12
O.U9
2S .60
6 .0 3
2.05
7.8
3
3.3
2,031
it3^o
575
368
212
2
7
-
-
$33 .^7
$U2 .SS
0 .0 U
0 .1 2
$57.75
-
-
7
.,
Page
8
b -66 o
Total
Banks
Banks with following amounts of eligible assets per $100
(all
with no
of loans a:id investments
banks in eligible
T$50 and
$10-$20
$20-$30
$30-$4o j
_group)
assets Under $10
over
------- 1— JU0-J50
DISTRIBUTION BY FEDERAL RESERVE DISTRICTS
Eoston District
Number of banks
Percentage of banks
3S3
1 0 0 .0
Loans and investments
(Millions of dollars)
Eligible assets*
do
Borrowings from F. R. banks
do
Other borrowings
do
2,432
498
12
3
0 .8
4
—
—
474 .
33
2
$20.49
0.49
2.4o
—
Number of banks
Percentage of banks
876
1 0 0 .0
4
0.5
Loans and investments
(Millions of dollars)
Eligible assets*
do
Borrowings from F. R. banks
do
Other borrowings
do
11,515
3,o4i
147
68
3S.\
17.7
20
5.2
2.9
3
0.8
13
11
816
869
126
239
53
24
6
198
63
10
2
2
1
(a)
(a)
(a)
$6.95
0.50
7.22
Jig.1*?
0.71
4.56
J27.55
0.25
0.89
$32.00
0.31
0.98
$44.48
0.93
230
356
4o.6
174
19.9
648
42
4
2.065
27
3,072
709
15
5
6
20
4
$6.46
O.bS
Jig.1*?
1.31
$23.08
0.50
J33.1S
10.59
8.50
2.16
1
13
Eligible assets per $ 10 0 of loans and investments
Borrowings at F.R. banks per $100 of loans and investments
Borrowings at F.R. banks per $100 of eligible assets*
131
3M
17
1
(a)
J72.73
3.31
2.10
4.54
78
21
S.9
2.4
13
1.5
New York District
61
35
Eligible assets per $>100 of loans and investments
Borrowings at F.R. banks per $100 of loans and investments
Borrowings at F.R. banks per $100 of eligible assets*
$2 6 .4i
0.53
2 .0 0
(a) Less than $500,
2
—
—
—
-
-
2 6 .2
319
M i 1*
1.631
8
0.16
0.48
787
326
26
2
(a)
4
$4i.4o
0.26
0.62
15
(a)
$55.21*
15.90
28.79
Page S
DISTRIBUTE ET BY FEDERAL RESER’rE DISTRICTS
Total
(a ll
banks in
group)
B-bbO
Banks
Banks with following amounts of e lig ib le assets per $100
with no
of loans and investments
elig ib le
$50 and
$ 10-$20
$ 20-$30
$30-$4o
$4o-$50
assets Under $10
over
Philadelphia D is tric t
Eumber of banks
Percentage of banks
7^0
15
10 0 .0
Loans and investments
(M illions of d o llars)
E ligible assets*
do
Borrowings from P. R.banks
do
Other borrowings
do
2 ,7 ^0
E ligible assets per $100 of loans and investments
Borrowings at P.R. banks per 5100 of loans and investments
Borrowings at P.R. banks per $100 of e lig ib le assets*
$18.83
1.8 7
9.93
2 .0
6
516
51
-
21
(a)
—
-
30 ^
1*1 .1
719
^3
8
8
250
33.8
809
118
16
4
116
1 5 .7
34
^ .6
13
1 .7
682
158
25
2
405
l4 4
2
7
106
$ 5.98
1.12
18.7^
$ 1 ^ .6 3
1.9 2
1 3 .1 3
$23.17
3 .6 6
15.81
91
1 3 .0
$ 3 5 .6 3
0.39
1 .1 0
8
1 .1
44
(a)
(a)
14
8
1
(a )
$4l.SS
0 .3H
0.81
$52.53
5 . 2^
8.9 6
Cleveland D is tric t
Bumber of banks
Percentage of banks
698
10 0 .0
21
3 .0
304
^3 .6
217
3 1 .1
Loans and investments
(M illions of d o llars)
E ligible assets*
do
Borrowings from F. R. banks
do
Other borrowings
do
3,203
8
(a)
539
30
7
q
1,517
—
$ 5.61
-
1 .2 1
21.60
$ 13 .6 6
1.39
10.18
E ligible assets per $ 1 0 0 of loans and investments
Borrowings at P.R. banks per $ 1 0 0 of loans and investments
Borrowings at P.R. banks per $ 1 0 0 of e lig ib le assets*
669
42
25
$ 20.90
1 .3 2
6 .3 1
(a)
Less
than
$500,000
207
21
109
13
46
6.6
12
1 .7
175
235
105
(a)
(a)
285
156
(a)
$ ^ .6 3
$ 5^ .9 0
(a)
(a)
62
9
6
2
2
$24.52
$3 5 .3 6
3.2*+
1.96
8 .0 0
9 .1 7
0.09
0.21
7
1 .0
Page
Total
(a ll
banks in
group)
DISTRIBUTION BY FEDERAL RESERVE DISTRICTS
10
B-660
Banks
Banks with following amounts of e lig ib le assets per $100
with no
of loans and investments
elig ib le Under $10
and
$ 10-$20
$20-$30
$30-$Uo
$1+o-$50 $50over
assets
Richmond D istric t
Humber of banks
Percentage of banks
Loans and investments
E ligible assets*
Borrowings from F. R. banks
Other borrowings
448
1 0 0 .0
(M illions of dollars)
do
do
do
7
1 .5
85
19.0
139
3 1 .0
1+
216
378
57
1 ,137
2^9
-
25
(a)
10
E ligible assets per $100 of loans and investments
$ 2 1 .8 6
Borrowings at F. R. banks per $100 of loans and investments
2 .2 3
Borrowings at F. R. banks per $100 of eligible assets*
1 0 .19
-
17
7
6
$7.76
3 .1 5
6
2
$15.12
1.65
4 o .6 o
10.93
21
106
56
2 3 .7
1 2.5
33
7 .4
4 .9
211
264
89
4
38
17
14
1
(a)
(a)
$33.88
1.33
3 .91
$43.95
$54.72
2 .67
4 .88
54
6
1
$25.79
2.93
11 .3 4
2
5.o4
11.46
22
26
1
A tlanta D istric t
Number of banks
Percentage of banks
Loans aid investments
E ligible assets*
Borrowings from F. R. banks
Other borrowings
363
(M illions of d o llars)
do
do
do
2
0 .6
5.8
82
22.6
91
25.1
65
17.9
960
(a)
119
246
249
251
59
6
1
131
44
3
(a)
160
-
$23.57
$33.73
$43.58
2 .0 4
4 .68
27
-
7
E ligible assets per $100 of loans and investments
Borrowings at ?.R. banks per $100 of loans and investments
Borrowings at F.R. banks per $100 of elig ib le assets*
1 0 0 .0
(a)
Less
—
$25.93
2.8*1
10.3
b
than
$500,000.
—
-
—
7
2
3
39
12
3
$5.64
1.9*+
34.33
$15.78
4.89
30.99
2 .2 2
9 .4 4
1.96
5.81
47
12 .9
70
3
(a)
55
15.1
52
30
1
(a)
$58.16
2.83
4 .8 7
Page
Total
(a ll
banks in
group)
""'ISTRIBUTIBY FEDERAL RESERF5 DISTRICTS
11
1 Banks
with no
elig ib le
asset s
B-660
Banks with following amounts of elig ib le assets per $100
of loans and investments
$50 and
Under $10 $ 10-$20
$ 20-$30
$3 o-$Uo
$ 14O-$50
over
Chicago D istric t
Number of banks
Percentage of banks
960
1 0 0 .0
Loans and investments
(M illions
E ligible assets*
Borrowings from F. H. banks
Other borrowings
of dollars)
do
do
do
/
360
21
i,* 33
-
$ 2 1 .6 8
0 .3 3
1 .8 0
—
-
—
3
238
8
6
3
$5.37
$ 16.62
0 .8 7
lU.82
1,9 7 7
kBl
3
8U
8.6
131!
1 4 .0
94
327
112
2
h i
1
6k
6 .7
%
25
(a)
(a)
1
(a)
(a)
$2 ^ .3 0
$3 *.22
o.*9
1.^3
$*3.98
0.63
l .*2
^9
9 .s
6.0
*.*
191
21
0.56
o.ik
3.3 9
0 .6 0
$ 56.95
0.6 6
1 .1 5
-A
of dollars)
do
do
do
500
1 0 0 .0
11
2 .2
117
23.*
1 U3
28.6
128
1 ,1 0 9
265
13
5
198
13
366
-
271
70
3
57
19
1
1
$25.87
1 . 0U
$ 3 3 .S7
2 .U7
7.29
6
E ligible assets per $100 of loans and investments
Borrowings at F.R. banks per $100 of loans and investments
Borrowings a t F.R. banks per $100 of elig ib le assets*
•
2
-
226
2 3 .5
300
»
Number of banks
Percentage of banks
^
31.2
11
St. Louis D istric t
-
1*7
15.3
*+.233
919
17
E ligible assets per $100 of loans and investments
Borrowings a t F.R. banks per $100 of loans and investments
Borrowings at F.R. banks per $100 of elig ib le assets*
Loans and investments
(M illions
E ligible assets*
Borrowings from F.R. banks
Other borrowings
5
0 .5
(a)
$ 2 3 .9 2
1 .1 9
* .9 7
(a) Less than $500,000.
—
—
25.6
5S
2
1
6
3
$ 6 .7 1
1.03
15.3S
$ 1 5 .7 7
1 . 6s
1 0 .6 7
1
b
.01
30
92
(a)
(a)
$
ks 16
.
0.06
0.1 2
22
13
1
(a)
$60.33
3.0U
5 .o*
Page
Total
(a ll
banks in
-group)
DISTRIBUTEE''IT BY FEDERAL RESERVE DISTRICTS
Minneapolis D istric t
Itfumber of banks
Percentage of banks
597
1 0 0 .0
Loans and investments
E ligible assets*
Borrowings from F.R. banks
Other borrowings
(M illions of dollars)
do
do
do
S21
2bl
4
1
E ligible assets per $100 of loans and investments
Borrowings at F.R. banks per $100 of loans and investments
Borrowings at F.R. banks per $100 of elig ib le assets*
$31.83
0 .4 6
1 .4 4
12
B-660
Banles
Banks with follow!:ig amounts oi" elig ib le assets per $100
with no
oif loans and iinvestments
elig ib le Under $10
$10-$20
$ 20-$30
$3o-$Uo { $1to-$ 50 j $50 and
assets
over
7
1 .2
76
12.7
21.1
7
(a)
70
5
(a)
(a)
-
$6.52
—
-
—
0.26
b . o b
13S
23.1
112
1 8.8
13^
21
1
(a)
156
299
104
$ 15.6 0
0.3S
2.U1
$25.93
0.53
$34.82
0 .3 4
2.0 5
105
1 2.4
126
79
59
9 .9
47
20
1
(a)
109
0 .9 3
$43.14
1.32
4.23
$65.29
0.35
0.53
iso
21.3
172
20. b
173
is6
2 0 .5
22.0
211
30
1
(a)
1S3
151
66
(a)
254
s4
3
(a )
2^3
135
3
(a)
$14.28
O.69
4.8 2
$24.83
1.3S
5.56
$32.91
1 .1 5
3 .4 9
$43.50
b o
1
(a)
1
(a )
1 3 .2
71
(a)
(a)
Kansas City D is tric t
UJumbor of banks
Percentage of banks
844
1 0 0 .0
Xoans rad investments
(M illions
E ligible assets*
Borrowings from F. R. banks
Other borrowings
Eligible
assets
per
$100
of
loans
and
of dollars)
d0
do
do
investments
Borrowings
at F.R.
banks
per
91 0 0
of
loans
Borrowings
at F.R.
banks
per
$100
of
eligible assets*
i,o6U
362
14
1
and
investments
$33.99
1 *711
1 .3 4
3 .9 3
b
2
b
0 .5
2.9
2
20
1
—
—
-
—
(a ) Less than $500,000
(a)
—
$6 .3 7
0.29
U.U8
b e
3
b
(a)
2.61
6 .0 1
$55.86
1.37
2 .U5
Page
~:ISTRIBUTI"2! BY FEDERAX RESERVE DISTRICTS
•
Total
(a ll
banks in
..&r.o^p)
-660
B
13
3 aides
Banks with following a-mounts of e lig ib le assets per $100
with no
of loans and j.nvestments
elig ib le Under $10
$50 and
$ 10-$20
$20-$30
$30-$^
$4 o-$50
assets
\.
over
Dallas D istric t
Number of banks
Percentage of banks
Loans and investments
(M illions
E ligible assets*
Borrowings from F. R. banks
Other borrowings
of dollars)
do
do
do
E ligible assets per $100 of loans and investments
Borrowings at E.R. banks per $100 of loans and investments
Borrowings at P.R. banks per $100 of elig ib le assets*
645
1 0 0 .0
1
0 .2
30
4 .6
776
244
12
4
(a)
47
3
(a)
(a)
126
$ 7 .1 9
0 .0 7
1.00
$15.18
$3 1 . 44
1 .6 1
5 .1 1
-
—
—
-
67
10.4
19
1
(a)
1.0 9
7 .1 5
123
1 9 .1
178
45
3
1
$25.28
1 .6 4
6 .U9
l66
25 .7
263
92
4
1
$35.0 9
1.51
101
• 15.7
157
24.3
81
37
47
-
1
(a)
$4 5 .1 1
1 .6 7
4 .3 0
3.71
80
3
1
$ 59.49
3 .5 1
5.9 1
San Francisco D is tric t
Number of banks
Percentage of banks
Loans and investments
E ligible assets*
Borrowings from F.R. banks
Other borrowings
(M illions of dollars)
do
do
do
E ligible assets per $100 of loans and investments
Borrowings at F.R. banks per $100 of loans and investments
Borrowings at F.R. banks per $100 of elig ib le assets*
51*5
1 0 0 .0
11
2 .0
9S
1 8 .0
3 ,0 7 7
661
8
(a)
117
7
$21.46
1.4 3
6.6g
(a) Less than $ 500,000.
—
-
7
(a)
1
$5.91
0 .2 7
4 .6 4
3 3 .6
183
122
2 2 .4
1 3 .0
71
39
7.2
3 .8
1.836
305
3^
3
149
5
3
600
354
123
3
(a)
139
64
(a)
(a)
12
1
(a)
$1 6 .64
1.87
11.25
$ 2 4 .76
0 .8 4
3 .4 o
$3 4 .70
0.99
$46.27
0.22
o.4g
2 .8 5
21
23
$53.97
2 .6 5
4 .9 1
Table 3 - NUMBER, LOANS, AND ELIDIBLE PAPER OF MEMBER B A M S ON SEPTEMBER 29, 1931
B-660b
Page 1
0
Ol
■ m
Banks with following amounts of elig ib le paper per $100
of to ta l loans
$50 and over
j $Uo-$50
Under $10 J $ 10~$20 j $ 20-$30
-69-
Total
( a l l banks
in group)
Banks
with no
elig ib le
paper
ALL MEMBER BANKS
Number of banks
Percentage of banks
Total loans
E ligible paper
(M illions of d o llars)
do
E ligible paper per $100 of to ta l loans
12.7
769
1 0 .1
1,082
lU.2
S99
453
19s
529
325
$ 34 .0 3
$ 4 3 .7 1
$6l.U2
3
7.2
3
7 .1
u
11
U
8
U
96U
19 .6
1,571
20.7
1 .3 0 4
1 7 .1
7,955
^33
7.77S
1,027
3 ,0 0 3
-
70s
306
-
$5.44
$ 1 3 .2 1
$ 2 3 .5 8
-
lU
-
11
26.2
7
3 3 .3
1 6 .7
-
671
35
3 ,5 1 0
U27
1,00U
706
$ 1 3 .5 2
-
$5.25
$ 1 2 .IS
$ 2 2 .Uo
3
u
7,599
U2U
100.0
5 .6
20,87U
2,997
256
$ 14 .36
1.485
DISTRIBUTION BY CLASS OF BAM
Central reserve city banks in New York
Number of banks
Percentage of barks
Total loans
E ligible paper
(Million? of d o llars)
do
E ligible paper per $100 of to ta l loans
Central reserve city banks in Chicago
Number of banks
Percentage of banks
Total loans
E ligible paper
(Millions of d o llars)
do
E ligible paper per $100 of to ta l loans
Up
100.0
5.220
12
100.0
2 5 .0
25.0
3 3 .3
1,12 9
U
375
3
101
-
73S
53
$8 .9 7
—
$ 7 .1 5
UU
$ ll.6 l
225
-
—
-
—
9 .5
17
11
$ 3 7 .1 3
$ 4 7 .8 7
1
8 .3
8.U
1
-
2
1
10
u
_
$ 3 2 .Uo
$U2.7U
$62.57
—
Page 2
$10 - $20
0
Under $10
<&■
366
Banks with following amounts of elig ib le paper per $100
of to ta l loans
1
O
OJ
Banks
with no
e lig ib le
paper
-6B-
Total
( a l l banks
in
group)
B-660b
$30 - $4o
$4o - $50
$50 and
over
DISTRIBUTION BY CLASS OF BAM
Reserve City Banks
Number of banks
Percentage of banks
100.0
12
3 .3
2 9 .2
Total loans
E ligible paper
7,325
9S0
37
3 .S 62
(M illions of d o llars)
do
E ligible paper per $100 of to ta l loans
Country banks
Number of banks
Percentage of banks
Total loans
E ligible paper
(M illions of d o llars)
do
E ligible paper per $100 of to ta l loans
109
29 . s
2 1 .0
77
33
9 .0
13
3 .6
202
1 ,7 2 5
253
1,075
257
322
121
184
50
109
-
$ 5.26
$14.68
$23.93
$33.47
$4 1 .6 2
$59.40
7.1 7 9
100.0
1+09
1 36
1,444
20.1
1,220
17.0
927
752
1 0 .5
1,063
12.9
7,199
215
2,168
303
925
565
226
194
314
i4 o
328
205
$ 5 .3 1
$ 1 3 .9 9
$24.44
$34.29
$ 4 4 .4 5
$ 62.50
120
123
14.4
154
i4 .o
1 8 .0
308
3 6 .1
31
$ 1 3 .3 7
5 .7
1,2 10
$ 16.81
107
,
k
1 9.0
2 68
,
l*+3
-
k
108
15
4 .1
14.8
DISTRIBUTION BY LOANS AND INVESTMENTS
(SIZE OF BANK)
Under $200,000
Number of banks
Percentage of banks
Total loans
E ligible paper
(M illions of d o llars)
do
E ligible paper per $100 of to ta l loans
100.0
36
4 .2
>+5
5 .3
68
8 .0
86
36
3
5
(a)
7
1
12
12
4
16
3
7
21
$ 7 .^ 2
$ 1 5 .0 4
$ 2 5 .0 7
$35.20
$>*U.6 2
$ 65.56
854
$ te .3 i
(a) Less than $500,
Page 3
Total
[a ll banks
in
group)
Banks
with no
elig ib le
paper
B-660b
Banks with following amounts of e lig ib le paper per $100
of to tal loans
Under $10
$10 - $20
$20 - $30
$30 - $Uo
$50
§ b o
-
DISTRIBUTION BY LOAFS AND INVESTMENTS
( SIZB OF BANK)
$ 200,000 to $500.000
Number of banks
Percentage of banks
Total loans
E ligible paper
(M illions of d o llars)
do
E ligible paper per $100 of to ta l loans
$500,000 to $ 1 , 000,000
Number of banks
"Percentage of banks
'T o tal loans
E ligible paper
(M illions of d o llars)
do
E ligible paper per $100 of to ta l loans
$ 1 , 000,000 to $ 5 , 000,000
Number of banks
Percentage of banks
Total loans
E ligible paper
(M illions of d o llars)
do
Eligible paper per $100 of total loans
1,9^7
100.0
i*26
IU5
*33.92
1.73S
125
6 . 1*
I 67
8 .6
23
36
121
3
262
b o
13.5
277
over
U52
2 3 .2
17.5
16.6
lb .2
7S
19
73
60
27
98
$Ui*.i*7
$63,93
2
59
9
$5.92
$ 15.0 6
$ 25,12
285
,
32l*
$50 and
25
f o b . - j b
62
10 0 .0
7 .0
l 6 .U
368
2 1 .2
337
19.3
2U9
1^.3
10 .6
1 1 .2
7^3
191
1*2
121
157
1 U9
7
-
*2 5 .7 5
-
2 ,32 2
10 0 .0
5 .s
2,897
517
$ 1 7 . sU
$ 5 . 6U
13
b
139
-
680
29.. 3
898
U6
$ 5 .0 7
183
195
b
36
113
39
80
36
81
50
$ 1 5 .0 1
$ 2 l+.30
$3^.70
$M,7G
$ 6 1.8 3
637
39 s
1 7 .1
216
lb ]
Hi*
9 .3
6 .2
b . 9
262
157
123
2
27.^
85 U
12 U
$lU.l*6
b G b
90
113
$2U.28
$ 31*.
b z
69
$ b b . o b
76
$ 6 1.5 2
Page
B-66ob
4
Banks with, following amounts of e lig ib le paper per $100
. ..
oi■ to ta l loans
$^0 - $50
$30 - $Uo
$20 - $30
$10 - $20
Under $10
Banks
with no
elig ib le
paper
Total
.11 banks
group)
■C
T? IT-/-----
$50 and
over
DISTRIBUTION BY LOANS A’
.O INVESTMENTS
(SIZE OF BAInTEC)
1i
$5.000,000 to $10,000,000
Number of "banks
Percentage of "banks
Total loans
Eligible paper
(Millions of dollars)
do
372
100.0
4
l.l
153
4 i.i
112
30.1
54
1 4 .5
30
8.1
8
2.1
11
3 .0
1 ,580
15
654
35
482
123
42
3^
69
224
54
15
48
29
$5.^2
$14.27
$23.83
$3^.00
$45.20
$60.42
115
41.7
95
3 4 .4
39
l4 .i
20
3
1,571
88
1,146
l64
$13.26
$5.62
90
-
4o
44.5
H ,6 l3
1,395
-
4,672
254
$12.02
-
z k h
$15> 3
E ligible paper per $100 of loans
$10,000.000 to $ 5 0 .000,000
Number of banks
Percentage of banks
1C0.0
Total loans
Eligible paper
3 ,5 3 0
468
27$
(Millions of dollars)
do
E ligible paper per $100 of loans
$50.000,000 and over
Number of banks
Percentage of banks
Total loans
Eligible paper
100.0
(Millions of dollars)
do
Eligible paper per
$100
of
total
11
loans
>
35
1
j
$ 5 .^
7 .2
1 .1
***
536
130
214
72
30
13
**
$14.32
$24.35
$33.76
$44.76
29
3 2 .2
16
17.8
2
2 .2
l.l
2 .2
5,073
637
1,5^1
353
101
32
77
31
149
88
$12,56
$22.90
$32.07
$40.09
$58.93
1
2
P age
Total
a
l
( l banks
in group)
Banks
with no
e lig ib le
paper
5
B-
660 b
Banks with fo llo w in g amounts of e l i g i b l e paper per $100
of t o t a l loans
Under $10
$ 1 0 -$ 2 0
$20-$30
$30-$Uo
$Uo-$50
12
9
3 .1
2 .4
$50 and ove]
DISTRIBUTION BY FEDERAL RESERVE PISTRICTS
Total loans
E lig ib le paper
3S3
1 0 0.0
(M illio n s o f d o lla r s )
do
e l i g i b l e paper per $100 o f
t o t a l loans
17
64
16.7
26
6.8
109
25
70
23
10
25
895
13U
4
4
2
$5.63
$iU.93
$23.10
$ 32.33
$ 4 4 .2 4
$ 5 7 .6 5
136
84
26.8
46
60
1 5 .5
9.6
5 .3
6 .8
>+,159
515
1,132
256
99
31
4l
95
34
14
25
$5.63
$ 1 2 .3 9
$22.60
$ 3 ^ .6 3
$44.93
$62.59
188
90
12.2
64
2 5 .^
8 .6
28
3 .6
37
5 .0
757
31
333
384
16
20
91
54
18
7
13
$ 4 .0 8
$ 1 4 .1 2
$ 3 3 .3 9
$ 4 4 .3 2
$ 6 4 .8 2
4 .4
127
3 3 .2
17
U39
l .5 > 0
213
$13.73
128
33.^
0
1—a
Boston d i s t r i c t
Number o f banks
Percentage o f banks
-
New York d i s t r i c t
Number of banks
Percentage o f banks
G76
1 0 0 .0
3^
3 .9
281
3 2 .1
T otal loans
E lig ib le paper
7,1 6 5
940
22
l,6 s i
E lig i b le paper
(M illio n s o f d o lla r s )
do
per $100 o f
to t a l loans
1 3 .1 2
-
P h ila d elp h ia d i s t r i c t
Number o f banks
Percentage o f banks
740
93
1 0 0 .0
12.6
T otal loans
E lig i b le paper
1,619
207
55
paper
p e r $100
of
to ta l
lo a n s
$12.79
32.
<cu
fr
E lig ib le
(M illio n s o f d o lla r s )
do
24o
235
B -6 6 0 b
Page 6
1
T otal
( a l l barks
in group)
Barils
with no
e lig ib le
paper
Banks with fo llo w in g amounts o f e l i g i b l e paper per $100
o f t o t a l loans
Under *10
$10-$ 2 0
$4 o -$50
$20-$30
$30-$4o
37
5 .3
23
3 .3
10
$50 and over
DISTRIBUTION BY FEDERAL RESERVE DISTRICTS
Cleveland district
Number of banks
Percentage of banks
Total loans
Eligible paper
(Millions of dollars)
do
Eligible paoer ner $100 of total loans
69S
103
1 0 0 .0
l4.S
2 ,0 1 2
62
17^
-
$ 3 .6 4
-
443
30 U
^ 3 .6
12
142
77
2 0 .3
1 1 .0
300
45
130
30
35
19
7
$ 5 .3 7
$ 1 4 .9 3
$26.61
$ 3 3 .3 5
* 4 3 .3 4
$ 5 5 .3 5
90
20.1
66
1 4 .7
39
3 .7
4l
9 .2
55
19
31
21
l4
13
$ 3 4 .3 6
$ 4 4 .5 0
$ 6 0 .7 4
4l
n .3
69
1 9 .0
1 ,4 3 3
5
1 .7
\6.
u
Richmond district
Number of banks
Percentage of banks
Total loans
Eligible paper
(Millions of dollars)
do
Eligible paper per $100 of total loans
20
71
121
1 0 0 .0
4.5
1 5 .3
2 7 .0
772
141
13
119
159
7
373
49
$ 6 .2 4
$ 1 3 .1 0
$ 2 4 .3 7
$1 3.2 9
-
4o
•V.
Atlanta, d i s t r i c t
Number of banks
Percentage of banks
Total loans
Eligible paper
(Millions of dollars)
do
Eligible paper per $100 of total loans
363
10
27
1 0 0 .0
2 .3
7 .4
6s
1 3 .7
26.2
53
1 4 .6
635
132
15
ill
3
153
24
234
63
33
13
17
7
13
$ 6 .9 9
$ 1 5 .4 2
$ 2 4 .0 4
$3 4 .5 4
$ 4 4 .5 9
$ 6 4 .3 3
$2 0 .75
95
11
P age
Total
(all banks
in ,
s tout))
distribution by
Banks
with no
eligible
paper
161+
17.1
221
2 3 .O
177
1 C.1+
129
13.1+
116
1 2 .1
129
13.5
-
1 ,631+
99
£27
103
196
1+6
^3
2S
5S
25
1+5
2S
$11.1+7
-
$6.05
$1 2 .1+9
$2 3 .2 3
$33.95
$1+3.67
$61.55
500
100.0
3*+
6 .0
103
20.6
13 U
26 .s
100
2 0 .0
60
12 .0
31+
6 .s
35
7.0
(Millions of dollars)
do
623
139
ll+
221
lH
196
27
so
20
63
22
12
5
97
50
$100oftotalloans
$2 0 .31+
-
597
100.0
1+56
16 I+
Total loans
Eligible paper
2.S69
329
26
(Millions of dollars)
do
Eligible paper per $100 of•total loans
St. Louis district
Number of banks
Percentage of banks
Total loans
Eligible paper
per
Minneapolis district
Number of banks
Percentage of banks
Total loans
Eligible paper
Under $10
O3 O-OU0
$U0-$50
$50 and over
^ dsral r eserve distbtcts
21+
2 .5
V
Banks with following amounts of eligible paper per $100
______________ of total loans
$20-$30
960
100.0
Eligible paper
B -6 6 0 b
$10-020
Chicago district
Number of banks
Percentage of banks
Eligible paper
7
(Millions of dollars)
do
per
$100oftotalloans
$36 .0 3
$6.36
$1 3 .91+
$25.21+
$35.60
$i+U.26
$51.13
21
3.5
39
6.5
so
13.!+
12 l+
20 .S
95
15.9
101
16.9
137
2 3 .O
7
26
2
1+0
6
ll+R
37
95
32
1+2
19
101
69
$6.79
$1 5 .71+
-
$25.6 0
$33.13
$1+5 .0 2
$6 7.9 5
Page
t
Total
(all banks
in group)
Banks
with no
eligible
paper
B~ 66ob
3
of total loans
Under $10
$10-$20
$20-$30
_
$30-$Uo
$Uo-$50
$50 and over
DISTRIBUTION BY FEDERAL RESERVE DISTRICTS
Kansas City
Number of banks
Percentage of banks
Total loans
Eligible paper
(Millions of dollars)
d.°
Eligible paper per $100 of total loans
Dallas district
Number of banks
Percentage of banks
Total loans
Eligible paper
(Millions of dollars)
Eligible paper per $100 of- total loans
GUU
100.0
16
1.9
19
2.3
55
6.5
127
1 5 .0
1 U9
17.7
16 U
1 9 .4
314
37.2
6 lU
193
5
70
11
163
-
93
7
Uo
10 U
3o
72
32
102
65
-
$7 .9 3
$1 6 .1 3
$2 3 .S2
$3 5 .9 5
$UU.Ui
$6 3.4 4
.$31.3*
123
19.9
122
13.9
209
3 2 .4
6H5
100.0
13
2 .0
IS
66
2.3
10.2
39
1 3 .6
332
156
5
50
k
35
20
lU6
U9
62
27
55
-
130
21
-
$7 .9 1
$1 6 .3 7
$23.9 4
$3 3 .3 2
$4U.6o
$62.31
$29.33
133
2U.U
135
2U.3
73
1 3 .4
^3
7.9
30
5.5
71
3k
2k
39
19
11
$3 3 .3 9
$Ul.o6
$5 9 .0 1
San Francisco district
Number of banks
Percentage of banks
545
100.0
39
7.1
92
16.9
Total loans
Eligible paper
1,973
210
lU
303
-
1 ,3 4 1
6l
U5
131
30
$10.62
-
$4 .5 3
$14.75
$ 2 3 .1 6
(Millions of dollars)
<1°
Eligible paper per $100 b#* total loans
J>k
Form N o. 131
7
O ffice Correspopdence
To_
Governor M
e
y
e
r
FEDERAL RESERVE
BOARD
__
rw
February 13, 1932
Subject:
Smead
•ro
In accordance with your telephone request, we have prepared
the attached statement showing the number of member banks having a
capital in excess of $500,000, located in each city in the United
States.
Summaries are also attached showing the number of such banks,
and the number of cities in which they are located, in each Federal
reserve district and in each state.
2— 8495
M J M B 2 R OF N A T I O N A L A N D ST A T E M E M B E R B A N K S I N E A C H F E D E R A L
R E S E R V E D I S T R I C T W I T H A P A I D - I N C A P I T A L IN E X C E S S OF
$500,000, A N D N U M B E R OF C ITIES I N W H I C H S U C H B A N K S A R E LOCATED
Number
D is tr ic t
of bank8
Number
of c itie s
Boston
42
17
New York
95
32
P h ilad elp h ia
46
18
Cleveland
42
16
Richmond
33
12
A tla n ta
31
16
Chicago
68
30
S t . Louis
20
6
Minneapolis
9
4
Kansas City
18
8
Da l i a s
28
12
San Francisco
36
16
46g
187
To ta l
NUMBER 05 NATIONAL AND STATE MEMBER BANKS IN EACH STATE,
WITH A PAID-IN CAPITAL IN EXCESS OF $500,000, AND
NUMBER OF CITIES IN WHICH SUCH BANKS ARE LOCATED
No. of
banks
No. o f
c itie s
New England
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Mountain
Montana
Idaho
Wyoming
Colorado
Arizona
Utah
Nevada
P a c ific
Washington
Oregon
C a lif ornia
East North Central
Ohio
Indiana
Illin o is
Michigan
Wisconsin
South A tla n tic
Maryland
D i s t r ic t of
Columbia
V ir g in ia
West V irg in ia
North Carolina
South Carolina
Georgia
F lo rid a
T otals
3
8
3
12
5
l
6
7
13
3
3
l
8
East
South Central
Kentucky
Tennessee
Alabama
M is s is s ip p i
West South Central
Arkansas
Louisiana
No. o f
c itie s
West South Central (Cont»d)
Oklahoma
4
Texas
24
New Mexico
-
Middle A tla n tic
New York
New Jersey
Pennsylvania
Delaware
West North Central
Minnesota
Iowa
M issouri
North Dakota
South Dakota
Nebraska
Kansas
No. of
banks
6
8
5
^T
ft
i
10
T
W i
187
MEMBER BANES WITH CAFITA1
OF OVER $500.000
Name of c i t y
D i s t r i c t No. 1
Connecticut
Hartford
New Haven
Waterbury
Maine
Portland
Massachusetts
Boston
Brockton
Cambridge
F a ll River
Lawrence
Lowell
New Bedford
Newton
P itts fie ld
Springfield
Worcester
State banks
Nat i onal b ank s
T otal
1
3
3
l
7
4
3
2
9
2
2
7
1
1
10
1
2
1
15
13
1
1
1
1
1
1
1
1
2
2
25
3
2
5
1
_1
27
42
1
1
2
l
l
2
1
2
6
1
1
1
1
1
l
New Hampshire
Rhode Island
Providence
Vermont
Burlington
D i s t r i c t to ta l
15
D i s t r i c t Np. 2
Connecticut
Bridgeport
Stamford
New Jersey
Bloomfield
East Orange
E lizabeth
Hackensack
Hoboken
Jersey C ity
Montclair
Morristown
Newark
Orange
Passaic
Paterson
P la in fie ld
New York
Albany
Bimghampton
B uffalo
Brooklyn
Elmira
1
1
1
1
1
2
1
1
6
1
l
l
1
18
1
1
3
1
1
2
3
1
3
11
2
See New York C ity
1
1
1
1
1
2
4
1
1
9
1
2
4
1
29
3
1
3
2
2
Name o f C ity
S tate banks
D i s t r i c t No. 2 (C o n t’ d)
New York (C on t’ d)
Jamestown
Lockport
New York C ity
Niagara F a lls
Olean
Ogdensburg
Rochester
Schenectady
Syracuse
Troy
U tica
Yonkers
1
23
1
1
37
55
D i s t r i c t No. 3
Delaware
Wilmington
New Jersey
A tla n tic C ity
Camden
Trenton
1
3
2
1
1
27
40
1
1
2
1
1
#
1
l
l
15
21
D i s t r ic t t o t a l
1
1
37
l
1
l
2
1
5
2
2
1
95
1
1
1
3
2
2
1
5
2
1
1
1
5
1
2
1
1
1
2
l4
4
2
1
2
2
1
1
2
6
l
l
T otal
4
4
Pennsylvania
Allentown
Bradford
Chester
Faston
Hazleton
Johnstown
Norristown
Philadelphia
Reading
Scranton
Waynesboro
W ilkesbarre
W illiam sport
York
1
l4
1
1
1
1
2
D is tr ic t to ta l
D i s t r i c t No. 4
Kentucky
Lexington
Ohio
Akron
Cincinnati
Cleveland
Columbus
Dayton
National banks
8
3
1
l
2
1
22
25
- 8 -
•
••
1
4
4
1
i
2
2
3
1
i
6
6
3
l
Name of city
State banks
D is tric t No. 4 ^Cont‘d)
Ohio (Cont'd)
East Liverpool
Springfield.
Toledo
Youngstown
1
1
1
_2_
12
11
Pennsylvania
But! j _-
McKeesport
New Castle
Pittsburgh
6
Warren
Washington
l
7
18
D istric t to ta l
D is tric t No. 5
D istric t of Columbia
Maryland
Baltimore
3
North Carolina
Charlotte
Winston-Salem
South Carolin a
Charleston
VI r rin ia
Lynchburg
Norfolk
Petersburg
Richmond
Roanoke
D is tric t No. 6
Alabama
Birmingham
Mobile
Montgomery
3
l
*
D istric t to tal
1
10
1
~
Florida
Jacksonville
Mi ami
.
Total
1
1
1
JL
23
1
1
1
6
1
l
ll
35
1
1
1
12
1
2
18
7
7
3
6
l
2
1
3
l
2
3
1
2
2
10
2
3
1
5
2
13
1
1
2
23
2
1
_3__
33
l
2
1
“IT
2
2
1
5
3
l
3
l
2
1
3
3
West Virginia
Charleston
Huntington
National banks
4
Name of city
State banks
D is tric t No. 6 (Cont'd)
Florida (Cont'd)
Pensacola
Tampa
Georgia
Atlanta
Augusta
Columbus
Savannah
Total
1
1
—
2
7
2
7
1
1
1
1
2
3
4
Loui siana
Lake Charles
New Orleans
National banks
4
IT
1
l
2
T
s
1
1
2
l
• f
Mississippi
Tennessee
Chattanooga
Knoxville
Nashville
__
District total
9
2
1
5
22
2
1
—
_5
31
•%
*<
-
of city
District No. 7
Illinois
Chicago
Oak Park
Joliet
Peoria
Rockford
Springfield
Indiana
Fort Wayne
Indianapolis
South Bend
Terre Haute
5
-
State hanks National banks
8
1
7
Total
13
15
l
2
3
1
l
23
2
2
3
l
l
7
2
4
2
1
9
1
1
1
l
' 2
1
2
3
2
?
2
4
2
4
1
1
2
2
1
1
1
2
23
1
10
1
1
2
3
1
Iowa
Cedar Rapids
Des Moines
Mi chigan
Battle Creek
Detroit
Flint
Grand Rapids
Highland Park
Jackson
Kalamazoo
Lansing
Muskegon
Pontiac
Port Huron
Saginaw
Wi sconsin
Kenosha
Madison
Milwaukee
0 shko sh
Racine
Wausau
District total
District No. 8
Arkansas
Little Rock
Illinois
East St. Louis
National City
Kentucky
Loui sville
2
2
3
1
l
l
l
11
l
l
2
26
'
-
1
1
1
1
1
1
1
1
12
1
1
7
1
1
1
8
42
.
1
?
4
1
1
1
10
68
1
1
1
1
2
1
1
1
2
3
3
2
5
*
6
Name of c ity
State banks
D is tric t No. 8 (Cont'd)
Missouri
St. Louis
Tennessee
Memphis
4
D istric t to ta l
D istric t to ta l
D is tric t No. 10
Colorado
Denver
Kansas
Kansas City
Mi ssouri
Kansas City
Nebraska
Lincoln
Omaha
South Omaha
l
New Mexico
Oklahoma
Oklahoma City
Tulsa
D istric t to ta l
—
1
8
4
3
3
8
1
8
1
__
1
Total
20
4
Montana
Butte
North Dakota
South Dakota
Wisconsin
1+
_1
11
D is tric t No. 9
Michigan
Minnesota
Duluth
Minneapolis
St. Paul
Wyoming
National banks
1
8
9
4
4
1
1
3
4
l
l
3
1
5
3
2
2
T~
2
2
1
5
TT
IT
*h
.'o j^ NNO.
o , 131
O f f i c e
To^
C o r r e s p o n d e n c e
Governor Meyer
FEDERAL RESERVE
BOARD
Date
February 16, 1932
Subject:
Attached hereto i s a copy o f a le t t e r and statement sent to Senator
G lass th i3 morning, in accordance with Governor H a r r is o n 's request, show
in g the number o f member banks in each Federal reserve d i s t r i c t on
December 31, 1931* wi th a p a id - in c a p it a l in excess of $2,000,000 and the
number with a p a id -in c a p it a l i n excess of $1 , 500 , 0 0 0 .
F e b ru a ry l 6 ,
1 9 3 2
Honorable Carter Glass,
United States Senate,
Washington, D. C.
Bear Senator Glass:
In accordance with Governor Harrison’s request
I am handing you herewith a statement showing the
number of member banks in each Federal reserve district
on December 31* 1931* with a paid-in capital In excess
of $2,000,000 and the number with a paid-in capital in
excess of $1 ,300 ,000 *
Very truly yours,
3.
L. Snead, Chief,
Division of Bank Operations*
XUMBXE o r MHMBSR BAKT3 IS m C H FKD2RAI RESORTS DISTRICT 01 DSCKM3KR 31. 1931.
TITF PAID-Ilf CAPITAL (a) 0Vi£ $2,000,000,
Federal
Reserve
D1strict
Humber of member banks
with capital in ex
cess of &2.000.000
(b) 01RR $1,500,000
Humber of member banks
with capital in excess
of S I . 500.OOP_______________
136
17^
Boston
11
15
Hew York
3**
k2
Philadelphia
12
16
Cleveland
16
20
Richmond
9
12
Atlanta
9
12
Chicago
10
17
St. Louis
6
7
Minneapolis
k
k
Kansas City
6
6
Dallas
k
6
15
17
total, all district®
San Francisco
■
•
F o r m N o . 131
O f f i c e
C o r r e s p o n d e n c e
To_
Governor Meyer
From
Mr. Sinead
FEDER
ERVE
BOARD
Date yetroaiy X7 ,
1932
Subject:
2 — 8495
In accordance with your verbal request, I am attaching hereto a
statement showing the amount of United States bonds purchased for Special
Investment Account from dealers in securities, where such purchases were
accompanied by the sale, on the same day to the same dealer, of an equal
amount of short-term securities. The statement covers the period from
August 1, 1931 to February 10, 1932*
There is also attached another statement, showing sales of United
States bonds from Special Investment Account to dealers in securities
during the same period, where such sales were accompanied by purchases, on
the same day from the same dealer, of an equal amount of short-term securi
ties.
The only transactions of the above character made by the Federal Re
serve Bank of New York for its own account were a purchase of $250,000 of
First Liberties from the Discount Corporation on December
accompanied
by the sale to the same corporation of an equal amount of Treasury bills;
and the purchase of $2,000,000 of Treasury certificates from Salomon
Brothers and Hutzler on September 17, which were offset by the sale to them
of an equal amount of First Liberties.
* Purchases of united states bonds, for special investment account, from dealers
IN SECURITIES, WHICH WERE ACCOMPANIED BY SALES ON THE SAME DAY OF AN EQUAL
AMOUNT OF SHORT-TERM SECURITIES TO THE SAME DEALER AUGUST 1, 1931 TO FEBRUARY 10, 1932
Bought from
Date
C la s s
F ir s t Nat .-Old Colony Corp.
C. F. C h ild s & Co.
C. F. C h ild s & Co.
D isco u n t Corp.
8- 4 - 3 1
8-3-31
8- 6 -3 1
S-b - 3 1
F ir s t L ib e r t ie s
D isco unt Corp.
F ir s t Nat.-O ld Colony Corp.
F i r s t Nat .-Old C61ony Corp.
F ir s t N at.-O ld Colony Corp.
8- 6 - 3 1
8- 1 1 - 3 1
Fourth L ib e r t ie s
F ir s t L ib e r t ie s
8-12-31
8- 1 7 - 3 1
Salomon Bros & H u tzle r
New York & Hanseatic Corp.
C. F. C h ild s & Co.
D isco u n t Corp.
8-17-31
8-18-31
8-18-31
8- 1 8 - 3 1
D isco unt
D iscount
D isco u n t
D isco unt
8-18-31
8-18-31
8-18-31
8-19-31
Corp.
Corp.
Corp.
Corp.
C. F. C h ild s & Co.
C. F. C h ild s & Co.
F i r s t N at.-O ld Colony Corp.
Salomon Bros. & H u tzle r
8-19-31
8-19-31
8-20-31
Salomon Bros & H u tz le r
C. F. C h ild s & Co.
D isco u n t Corp.
Salomon Bros & H u tz le r
8-20-31
8-20-31
8-20-31
8-21-31
Salomon Bros &
C. F. C h ild s &
F ir s t Nat.-O ld
Salomon Bros. &
8-21-31
8-21-31
8-21-31
8-25-31
H u tz le r
Co.
Colony Corp.
H utzler
8- 1 9 - 3 1
11
11
ii
ti
11
11
$2,000,000
1,000,000
1,000,000
500,000
Rate
3 -1 /2 *
3-1/2
3-1/2
3-1/2
M aturity
6- 1 5 - 4 7
6-15-47
6- 1 5 - 3 2 - 4 7
6-15-47
ti
1,250,000
4-1/4
3-1/2
4 -1 /4
4-1/4
11
11
11
11
11
11
1,500,000
200,000
1,500,000
500,000
4-1/4
3 -1 /2
4-1/4
3-1/2
6-15-47
6-15-47
6- 1 5 - 4 7
6- 1 5 - 4 7
i«
11
1,300,000
2,500,000
2,500,000
1 , 000,000
4-1/4
4-1/4
4-1 /4
4-1/4
6- 1 5 - 4 7
10 - 1 5 -3 8
10 - 1 5 - 3 8
1,000,000
1 , 000,000
1,000,000
1 , 000,000
3 -1 /2
4- 1 / 4
3-1/2
3-1/2
6-15-47
b - i 5 -4 7
6- 1 5 - 4 7
6- 1 5 - 4 7
4,000,000
2,000,000
5 , 000,000
6 , 500,000
4- 1 / 4
4-1/4
4-1/4
4-1/4
6-15-47
6- 1 5 - 4 7
10-15-38
6-15-47
1,000,000
5 , 000,000
1,000,000
1,000,000
3- 1 / 2
4- 1 / 4
6-15-47
6-15-47
6- 15 -4 7
10 - 1 5 - 3 8
11
11
11
ti
ii
Fourth L ib e r t ie s
11
11
it
11
F ir s t L ib e r t ie s
11
ii
11
n
11
ti
n
11
11
11
Fourth L ib e r t ie s
F ir s t L ib e r t ie s
11
11
ii
11
11
it
Fourth L ib e r t ie s
C. F. C h ild s & Co.
C. F. C h ild s & Co.
D isco u n t Corp.
Salomon Bros & H u tz le r
9- 9-31
9-23-31
9-24-31
9-25-31
F ir s t L ib e r t ie s
11
n
Salomon Bros & H u tz le r
D isco u n t Corp.
D isco unt Corp.
Salomon Bros & H u tzle r
Total
9-28-31
9-28-31
9-28-31
12 - 7 -3 1
F ir s t L ib e r t ie s
j Amount
l(n ar valu e )
11
11
Fourth L ib e r t ie s
11
11
H
11
II
11
1 , 500,000
1 , 000,000
1 , 250 ,0 0 0
5 , 000,000
1,000,000
1 0 , 000,000
3 . 500,000
1,000,000
1 , 000,000
5 , 000,000
1,000,000
7 7 . 50 0 .0 0 0
5- 1/2
4-1/4
3 -1 /2
3- 1 / 2
3- 1 / 2
10-15-33-38
6-15-47
6-15-47
6- 1 5 - 4 7
10-15-38
6- 1 5 - 4 7
6- 1 5 - 4 7
6- 1 5 - 4 7
4-1/4
10-15-38
3 -1 /2
4-1/4
3-1/2
4-1/4
6- 1 5 - 4 7
6-15-47
6- 1 5 - 4 7
6- 1 5 - 4 7
t
SALES, TO DEALERS IN SECURITIES, OF UNITED STATES BONDS FROM SPECIAL
INVESTMENT ACCOUNT, WHICH WERE ACCOMPANIED BY PURCHASES ON THE SAME
DAY OF AN EQUAL AMOUNT OF SHORT-TERM SECURITIES FROM THE SAMS DEALERAUGUST 1, 1931 TO FEBRUARY 10, 1932
Sold to
Date
Class
Salomon Bros. & Hutzler
9- **-3i
First Liberties
Salomon Bros. & Hutzler
9-15-31
ti
N. Y. & Hanseatic Corp.
9-15-31
tt
Salomon Bros. & Hutzler
Total
10- 7 -3 1
j Amount
!(par value)
Rate
Maturi ty
$5 ,0 0 0 ,0 0 0
4-1/1#
6-15-47
n
1 6 ,5 0 0 ,0 0 0
4-1/4
6-15-47
it
5 ,0 0 0 , 0 0 0
4-1/4
6-15-47
2 ,0 0 0 ,0 0 0
4-1/4
10-15-38
Fourth Liberties
2 8 ,5 0 0 , 0 0 0
l 'o r m N o . 131
Date
February 25. 1932
iuld* SHj0ad
2 — 8406
Attached hereto are copies of the following statentente given to Mr. Mills
this afternoon for the use of the president:
1. Number of member banks on December 31» 1931* in each Federal reserve
district with a paid-in capital (a) in excess of $2,000*000, and (b) in excess
of $5,000,000.
2. Name, location, aod paid-in capital of each member bank that on
December 31* 1931* had a paid-in capital (a) in excess of $2,000,000, and (b)
in excess of $5*000,000.
HUUB^H Of M3KBKB BANKS IK BACH FXDSiAL BBS-RYE DI3TRICT OK BSCaiBER 3 1 , 1931*
KITH PAID-IH CAPITAL (a) 0Y2R $ 2 ,0 0 0 ,0 0 0 , (b) OYTiTi $ 5 ,0 0 0 ,0 0 0
Federal
Reserve
District
Number of member banks
with capital in ex*
cess of 12.000.000
Number of member banks
with capital in excess
of £‘5.000.000
136
m 63
Boston
11
3
Kev Toxic
3H
total, all district*
•
23
12
3
16
9
Richmond
9
1
Atlanta
9
2
Chicago
V>
7
St. Louie
7
3
Minneapolis
u
2
Kansas City
5
1
Balias
k
1
15
8
Philadelphia
Cleveland
San Franc is oo
.
M3KBSS BASKS OS DSC3).Sffi 31, 1931, *IIH PAID-I* CAPITAL IS SXCSSS OF $2,000,000
S k ^ IS l IS B J M i jres’snre p i s t r i c t
First National Bank
National Sha^mut Bank:
Atlantic National Bank
Old Colony Trust Corapany
Merchants National Bank
State Street Trust Company
Day Trust Company
Worcester Bank A Trust Co.
Hhode Island Hospital Tr. Co.
Industrial Trust Comoany
Hartford National Bank A Trust 0° •
Boston, Mass.
Worcester, Mass.
Providence, R. I.
«
Hartford, Conn.
$ ^ . 500,000
2 0 ,0 0 0 .0 0 0
9.875*000
5 .0 0 0 ,0 0 0
• 3 .000,000
3 .000 .
2.500.000
3.800.000
5 .000 .000
u , 0 0 0 ,0 0 0
U ,0 0 0 ,0 0 0
000
NNf.YORK F3DSRAL R3SHjm DISTRICT
Chase HAtlonal Bank
National City Bank
Guaranty Trust Company
Irving Trust Company
Manufacturers Trust Company
Bankers Trust Company
Bank of Manhattan Trust Co.
Chemical Bank dr Trust Co.
Central-Hanover Bank A Trust Co.
Chatham Phoenix Natl. Sank A Trust Co.
Corn Exchange Bank A Trust Company
New York Trust Company
Marine Midland Trust Company
First National Bank
Public National Bank A Trust Co.
Commercial National Bank A Trust Co.
Bank of New York A Trust Comoany
Continental Bank A Trust Company
Hibernia Trust Comoany
Liberty National Bank A Trust Co.
Brooklyn Trust Company
Marine Trust Company
M A T Trust Company
Liberty Bank
Fidelity Union Trust Company
Federal Trus t Company
National Newark A Nssex Banking Co.
W. J. National Bank A Trust Co.
Merchants A Newark Trust Co.
Coronercial Trus t Company
N. J. Title Guarantee A Trust Co.
First Trust A Deoosit Co.
Syracuse Trust Co.
Power City Trust Company
New York, N. I.
n
i»
«
H
«
«
«
«
N
ft
ft
ft
ft
ft
ft
ft
ft
Brooklyn, N. Y.
Buffilo, 5. Y.
a
Newark, N. J.
•
m
r
ii
Jersey City, N. j.
m
lU g , 0 0 0 ,0 0 0
12 U, 000,000
90.000.
000
50 .000 .
000
2 7 .500.000
2 5 .000 .
000
2 2 .250.000
2 1 .0 0 0 .
000
2 1 .0 0 0 ,0 0 0
1 6 .200.000
1 5 .000 .
000
1 2 .500.000
1 0 .0 0 0 .
000
1 0 ,0 0 0 , 0 0 0
8 ,250,000
7 .000 .
000
6 .000 .000
U, 000,000
3 .000 .
000
2 .250.000
8 .2 0 0 .0 0 0
1 0 ,0 0 0 ,0 0 0
6 .000 .000
5 .500,000
6 ,666,675
u, 0 56 .250
3 .000 .
000
2,800,000
2 .500.000
3 .^00,000
2 .035.000
Syracuse, N. Y.
5
Niagara Falls, N. Y.
2 ,500,000
u , 0 0 0 .0 0 0
«
,Uoo,ooo
.
- 2 -
Name of bank
Location
P aid -in
caoi ta l
PHILADELPHIA FEDERAL RESERVE DISTRICT
Philadelphia B etioral Bank
Pennsylvania Co. for Insurance on
Lives and Granting Annuities
F id elity-P hilad elphia Trust Co.
Corn Exdiange National dank & Trust Co •
Girard Trust Company
Tradesmens National Bank & Trust Co.
Provident Trust Company
F irst National Bank
Cantral-Penn sylvan! a National Bank
In tegrity Trust Company
F irst National Bank
film ing ton Trust Company
Philadelphia, Pa.
H
N
N
II
«
M
«
a
Scranton, Pa.
Wilmington, D e l.
tlL.OOO.OOO
8 ,1*00,000
6 ,700,000
U,550,000
U,000,000
3 ,300,000
3 ,200,000
3 .111.0 0 0
3,oUo,ooo
2,987.920
5 .000,000
U,000.000
CLEVELAND FEDERAL RESERVE DISTRICT
Union Trust Company
Cleveland Trust Comoany
Guardian Trust Company
Central United National Bank
Midland Bank
F irst Central Trust Company
F irst National Bank
F ifth Third Union Trust Co.
Central Trust Comoany
Ohio National Bank
Mellon National Bank
F irst National Bank
Farmers Deposit National Bank
Peoples-Pittsburgh Trust Company
Colonial Trust Comoany
Toledo Trust Company
Cleveland, Ohio
a
a
a
a
Akron, Ohio
C incinnati, Ohio
a
a
Columbus, Ohio
Pittsburgh, Pa.
a
a
a
a
Toledo, Ohio
2 2 ,850,000
1 3 ,800,000
7 ,000,000
5 ,000.000
u,000,000
7 .2 27.00 0
6 ,000,000
5 .000,000
4,000,000
U,000,000
7 .500,000
6 ,000,000
6 ,000,000
5 ,823,000
2 ,600,000
5 ,000,000
RICHMOND FEDERAL RSStRTl DISTRICT
American Bank and Trust Company
F irst and Merchants National Bank
State-Planters Bank it Trust Co.
Baltimore Trust Company
F irst National Bank
Maryland Trust Company
Riggs National Bank
Norfolk N a tl. Bank o f Commerce & Trusts
Wachovia Bank and Trust Company
Richmond, Va.
a
a
Baltimore, Md.
a
a
3 .500,000
3 .000,000
2 ,500,000
6 ,250,000
u,000,000
2 .500,000
Washington, D . C.
3.000,000
Norfolk, Va.
Vlnston-Salem, N. C.
2,500,O X
2,500,000
Y
- 3 -
Name of bank
Location
ATLANTA FSDEHAL T
First National Bank
F irst National Bank
F irst National Bank
A tla n tic National Bank
A fr ic a n National Bank
Canal Bank and Trust Company
Thitney National Bank
Hibernia Bank 4 Truat Co.
C ltisens 4 Southern National Bank
P aid -in
c a p ita l
s DISTRICT
a
A tlan ta, Ge.
Birmingham, A la .
Chattanooga, Tenn.
J ack so n ville, F la .
N ash ville, Penn.
New Orleans, La.
m
$ 5 .^ 0 0 ,0 0 0
5 .0 0 0 ,0 0 0
2 .500.000
3 ,0 0 0 ,0 0 0
3 .0 0 0 .
000
6.075.000
2 .8 0 0 .0 0 0
■
Savannan, Ga.
2 ,500,000
5 .0 0 0 .
000
w m m
Continental I llin o is Bank 4 T r. Co.
F irst National 3ank
Central Heoublic Bank & Trust Co.
Harris Trust 4 Savings Bank
Northern Trust Company
F irst ffayne National Bank
Guardian National Bank of Commerce
F irst Wieconsin National Bank
.
Marine National Exchange Bank
Fletcher American National Bank
Chicago, 111.
*
*
*
"
D e tro it, Mich.
*
Milwaukee, Wis.
•
Indianapolis, Ind.
7 5 .0 0 0 ,0 0 0
2 5 .0 0 0 .
000
lU,OX,000
6 .0 0 0 .
3 .0 0 0 .
2 5 .0 0 0 .000
1 0 ,0 0 0 ,0 0 0
1 0 .0 0 0 ,0 0 0
2 ,2 0 0 .0 0 0
3 ,600.000
000
000
ST .LOUIS FEDERAL HSSHRYN DISTRICT
F irst National Bank
.
yercentile-Cosnnerce Bank 4 T r. Co.
M ississippi T alley Trust Co.
Boatmens' National Bank
Lafayette-South Side Bank 4 Trust Co.
Union Planters National Bank 4 T r. Co.
Bank of Commerce 4 Trust Co •
S t . Louis, Mo.
*
n
"
Memphis, Tenn.
"
1 2 ,1 0 0 ,0 0 0
1 0 ,0 0 0 ,0 0 0
6 ,0 0 0 ,0 0 0
2 ,500,000
2 ,150,0 00
3,500.000
3 .000,000
MINNEAPOLIS FED’ BAL BT,SvRTS PI STSI CT
F irst National Bank
Northwestern National Bank
F irst National Bank
F ir st and American National Bank
Minneapolis, Minn.
"
S t . Paul, Minn.
Duluth, Minn.
6 ,0 0 0 ,0 0 0
5 .0 0 0 .
6 .0 0 0 .000
3 .000,000
000
-
u
-
Lo cation
Name of bank
P aid-in
c a p ita l.
KANSAS CITY m v R A L H^SJFVUXSTRI CT
Commerce Trust Co.
F id elity Rational Bank A Trust Co.
F irst Rational Bank A Trust Co.
Exchange Rational Bank
F irst National Bank A Trust Co.
KansasC ity , Mo.
"
Oklahoma C ity, O kla.
Tulsa, Okla.
“
DALLAS FSPireAL
F irst Rational 3ank
■Republic Rational Balk A Trust Co.
F irst Rational Bank
F t . forth Rational Bank
$ 6 ,0 0 0 ,0 0 0
U ,000,000
5 ,0 0 0 ,0 0 0
3»000,000
2 ,5 0 0 ,0 0 0
DISTRICT
D a lla s, Texas
"
Houston, Texas
F t . Worth, Texas
8 ,0 0 0 ,0 0 0
b , 0 0 0 ,0 0 0
3 ,0 0 0 ,0 0 0
2 ,500,000
SAR FRANCISCO FWDTRAL B 3 S ? m DISTRICT
Bank of America R. T . A S . A.
American. Trust Company
Anglo and London Paris Rational Bank
fe lls-F a r g o Bank A Union Trust Co.
Bank of C a lifo rn ia , R. A.
Crocker F ir s t Rational Bank
Security F irst Rational Bank
Onion Bank A Trust Co.
C ltisen s Rational Trust A Savings Bank
termers and Merchants Rational Bank
F irst National Bank
Rational Bank of Commerce
P acific Rational Bank
United States Rational Bank
F irst Rational Bank
San Francisco, C al.
«
a
a
a
Los Angeles, C a l.
«
a
S e a ttle , Rash,
a
a
a
Portland, Ore.
a
50 ,000 ,0)0
1 0 ,0 0 0 , 0 0 0
1 0 ,0 0 0 , 0 0 0
9 ,0 0 0 ,0 0 0
5.500.000
6 ,0 0 0 ,0 0 0
3 0 ,000,000
5 .000 .
5 .000 .
3 .0 0 0 .
8 ,0 0 0 ,0 0 0
2 .500.000
2 .500.000
U ,0 0 0 ,0 0 0
2 ,500,000
000
000
000
m m m
BASKS OS DSCKMBEK 3 1 , 1 9 3 1 , WITH PA at* IK CAPITAL IN KXCE3S OF $5,000,000
Heme o f bank
Location
Paid-in
c a p ita l
BOSTON FEDERAL RESERVE DISTRICT
F irst National Bank
National Shavnmt Bank
A tla n tic National Bank
Boston, Mass,
s
N
$44,500,000
2 0 .0 0 0 ,0 0 0
9.875.000
NEW YORK FEDERAL RKSSRVS DISTRICT
Chase National Bank
New York, N.Y.
National City B*nk
Guaranty Trust Company
Irvin# Trust Company
Manufacturers Trust Company
Bankers Trust Company
Bank o f Manhattan Trust Company
Chemical Bank A Trust Company
Central-Hanover Bamc & Trust Company
Chatham Phoenix National Bank A Tr. Co.
Corn Exchange Bank A Trust Co.
Hew York Trust Company
Marine Midland Trust Company
F ir st National Bazik
Public National Bank & Trust Company
Commercial National Bank A Trust Co.
Bank of New York A Trust Company
Brooklyn, N.Y.
Brooklyn Trust Company
B uffalo, N.Y
Marine Trust Company
N
M A T Trust Company
N
Liberty Bank
Newark,
N.J.
F id e lity Union Trust Company
Syracuse,
N.Y.
F lr t t Trust A Deposit Company
148.000.
134.000.
9 0 ,0 0 0 , 0 0 0
50 .000.
2 7 .500.000
2 5 .0 0 0 .
2 2 .2 5 0 . 0 0 0
2 1 ,0 0 0 , 0 0 0
2 1 ,0 0 0 , 0 0 0
16 ,200,000
1 5 .000.000
1 2 ,500.000
1 0 .0 0 0 .
1 0 ,0 0 0 , 0 0 0
8 ,2 5 0 , 0 0 0
7 .0 0 0 ,0 0 0
6.000. 000
8 ,2 0 0 ,0 0 0
1 0 ,0 0 0 , 0 0 0
6 .0 0 0 .000
5 .500.000
6,666 ,6 75
5.400.000
PHIT.ADNLFKIA FEDERAL RKSNrVE DISTRICT
Philadelphia National Bank
Pennsylv&nl* Company for Insurance
on Lives and Granting Annuities
F id elity-P h ilad elp h ia Trust Company
Philadelphia, Pa.
N
S
14,000,000
8 .4 0 0 .00 0
6 .7 00.000
CLUBLAND FEDERAL RKSSSVE DISTRICT
Union Trust Company
Clevelazid Trust Company
Guardian Trust Company
.
Mellon National Bank
Farmers Deposit National Bank
F ir s t National Bank
Peoples-Pittsburgh Trust Co.
Cleveland, Ohio
"
•
P itts b u r g , Pa.
"
2 2 ,8 5 0 , 0 0 0
1 3 .8 0 0 ,0 0 0
7,or>,OT>
7 .500.000
6.000.000
6 .0 0 0 .000
5 .8 2 3 .00 0
000
000
000
000
000
Fane of bank
Location
| Paid-In
1 ca rlta l
CL’iYTLiiirD FEDSiAL HS.SS.Yg DISTRICT (Cont*d)
F irst Central Trust Company
F irst National Bank
Akron, Ohio
Cincinnati, Ohio
$ 7 ,227,000
6 ,0 0 0 ,00 0
RICHMOND FEDZEAL RSSlfrVg DISTRICT
Baltimore Trust Company
Baltimore, Md.
6 ,250,000
ATLANTA FSDERAL RgSBBV~£ DISTRICT
F ir st National Bank
Canal Bank A Trust Company
Atlanta, Ga.
New Orleans, La.
5 , **00.000
6 .0 7 5 ,0 0 0
CHICAGO FEDERAL RgSSRTS DISTRICT
Continental 111. Bank & Trust Company Chicago, 111.
F ir st National Bank
*
Central Republic Bank A Trust Co.
*
Harri8 Trust A Sarinfs Bank
•
F ir st Wayne National Bank
D etroit, Mich.
Guardian National Bank of Commerce
*
F irst Wisconsin National Bank
Milwaukee, Wie.
7 5 .0 0 0 ,0 ^ 0
25 .000.
000
1 4 .0 0 0 .
000
6 ,0 0 0 ,0 0 0
2 5 .0 0 0 .0 0 0
1 0 .0 0 0 , 0 0 0
1 0 ,0 0 0 , 0 0 0
ST. LOUIS FEDERAL RESISTS DISTRICT
F ir st National Bank
St. Louis, Mo.
Mercantile Cossnerce Bank arri Trust Co,
"
M ississip p i Talley Trust Company
"
1 2 ,1 0 0 , 0 0 0
1 0 ,0 0 0 , 0 0 0
6 ,0 0 0 , 0 0 0
MINNEAPOLIS FEDERAL S5SSRTS DISTRICT
F irst National Bank
F ir st National Bank
Minneapolis, Minn.
St. Paul, Minn.
6 ,0 0 0 , 0 0 0
6 ,0 0 ^ ,0 0 0
IAN3AS CITT FEDERAL RSSNRTN DISTRICT
Commerce Trust Company
Fansas C ity, Mo.
6 ,0 0 0 ,0 0 0
DALLAS FSD3RA1 RgSlT.YB DISTRICT
First National Bank
Dallas, Texas
8,000,000
Name of bank
Location
i
Paid-in
J___
SAN FKAKCI5C0 FSDSBAL H552RTE DISTRICT
Bank: of America Nat. Tr. & Sav. Assn.
San Francisco, Calif.
American Trust Company
"
Anglo &. London Farls National Bank
*
Wells Fargo Bank & Union {Trust Company
*
Back of California, K.A.
*
Crocker First National Bank
•
Security First National Bank
Los Angeles, Calif.
First National Bank
Seattle, Wash.
5 0 , 0 0 0 ,0 0 0
10,000,000
10,000,000
9 .000.
000
8 , 5 0 0 ,0 0 0
6 . 0 0 0 . 000
3 0 , 0 0 0 ,0 0 0
8.000.
000
F o rm N o. 131
FEDERAL RESERVE
BOARD
Date_ March 7« 1932
Subjects Appreciation since Decenber 31»
1 9 3 1 in value of bonds held by
reserve banks__
2— 8495
The reserve for depreciation on United States bonds set aside from surplus
account by the Federal reserve bankB at the end of 1931 was based upon closing
quotations on that date. The amount of the reserve set aside was $8,158,268,
of which $3,973*697 was to cover depreciation on bonds held in the System
Special Investment Account and $U,18U,571 to cover depreciation on bonds held
by the individual reserve banks. On the basis of closing quotations on March
5, the United States bonds held by the Federal reserve banks on December 31
had increased in market value by about $2 ,285 *000 , of which $1 ,117*000 was on
bonds held in Special Investment Account and $1,168,000 on bonds held by the
individual reserve banks.
The December 31* 1931 and March 5* 193^ closing
quotations on bonds held by the Federal reserve banks were as follows:
3 per cent Panamas
3 per cent Conversion bonds
U-l/U
3 per
3 -1 /8
3 -3 /8
3-3/8
3-3/8
3 -3 A
U per
per cent First Liberty
per cent First Liberty
per cent Fourth Liberty
cent Treasury bonds
per cent Treasury bonds
per cent Treasury bonds 19^0-U3
per cent Treasury bonds 19^1-^3
per cent Treasury bonds 19^3“^7
per cent Treasury bonds
cent Treasury bonds
Dec. 31*
March 5 ,
. m i .. .
1932
95
95
97-28/32
99-18/32
99-18/32
86 -2 /3 2
87-2U/32
92 -1 6 /3 2
92-1 0 /3 2
92 -2 6 /32
96 -1 2 /3 2
99- U/3 2
95
95
98-10/32
100 - 2 /3 2
100 - 5 /3 2
89-23/32
5/32
91-
9^-28/32
9U
97 -1 2 /3 2
100 - 6 /3 2
C O P Y
April 26, 1932
\
To:
V
Governor Meyer
From: Mr* Smead
Subject: United States securities as
collateral for Federal reserve notes
At the rate the Federal reserve banks are now purchasing United States
securities, it will be necessary in about two weeks to pledge such securi
ties with the Federal reserve agents as collateral for Federal reserve notes
if the Federal reserve banks are to maintain in their own vaults a working
balance of Federal reserve notes and have a sufficient amount of free gold
to avoid deficiencies in deposit reserves*
In case the Board should decide to keep at a minimum the amount of United
States securities pledged against Federal reserve notes, instead of allowing
the Federal reserve banks to pledge all of their securities, or such portion
thereof as they may choose, it is suggested that the banks be permitted to
so pledge United States securities when the Free gold of the System plus Fed
eral reserve notes held by the issuing banks declines to a reasonable operating
minimum, say $300,000,000.
In determining the amount of such securities
that each bank may be permitted to pledge, it is suggested that it be allowed
an operating margin in keeping with the amount of its deposit and note lia
bilities and the number of its branches.
The tentative margin suggested for
each bank is shown at the end of this memorandum.
This margin will represent
the amount of cash reserves and collateral that each bank will have in excess
of its minimum requirements, i*e., in excess of its Federal reserve notes in
circulation and its required deposit reserves, and will be available to cover
the Federal reserve notes that the bank may have in its vault and at its
branches, the required gold redemption fund with the United States Treasury
and some margin over its requirements for deposit reserves and collateral
with the Federal reserve agent
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
$20,000,000
55.000.
000
20.000.
000
25.000.
000
20.000.
000
25,000,000
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
$35,000,000
20,000,000
15,000,000
20,000,000
15,000,000
50,000.000
$300,000,000
»
Governor Meyer
3 0 , 1932
U nited S ta te s s e c u r itie s a s
Mr. Smead
c o lla te r a l fo r Federal reserve n otes
Slnoe preparing tb s memorandum on tb s p led g in g o f U sited S ta te s s e c u r itie s
n ith the F ederal reserve a g e n ts, g iv e n you on A p ril 2 6 , *e have worked ou t *
formula fo r determ ining the op eratin g margin which a ig h t be te n ta tiv e ly fin e d
f o r each Federal reserv e bank*
The Margin has besa determined by allow in g fo r the follow in gs
(1 )
An
ezoese in the d ep o sit reserve amounting to $ per cen t o f t o t a l d e p o s its ;
(2) fe d e r a l reserve n o tes on hand equal to 3
p lu s
$2,000,000
a d d itio n a l fo r each branch and
cent o f n otes in c ir c u la tio n ,
$7,900,000
fo r the Havana Agen<?;
(3 ) A redemption fund in the U nited S ta te s Treasury equal to 5 p er cent o f the
n o te s in c ir c u la tio n not oovered by g o ld (estim ated a t Ho p e r cen t o f t o t a l
c ir c u la tio n ),a n d (H) ezoese c o lla te r a l w ith the fe d e r a l reserve agen ts amount
in g to 1 p er cent o f fe d e r a l reserve n o tes in c ir c u la tio n .
i.'roir. the attach ed statem en t, which shows the c a lc u la tio n o f the working
balance fo r ends bank, you w ill note th a t we have in creased the $ 300 , 000,000
s ta te d in my menorandw o f A p r il
26
to
$325,000,000
and have changed somewhat
the d is tr ib u tio n among the fe d e r a l reserve banks.
The margin shown fo r lew York has been in creased s u b s ta n tia lly owing to
the very con sid erab le in crea se which has taken p la c e reo m itly in th e d e p o sits
e f th a t bank.
Z t i s q u ite p o ssib le th a t the le v York bask 1a d e p o sits w i l l
fu rth e r in crea se but i t
seems th a t an allow ance o f $ 52 , 000,000 above the re
quired d ep o sit re se rv e s would be s u ffic ie n t in a ty e a s e .
*
STATXMIS? 8B0VZX0 XBPHQD 0? DXTIBMIXIIG WORXISG 1ALABC8 ?0B EACH FEDERAL RE5ERT2 BAXK AFTPR FBOTIDIJG FOB COLLATERAL
(ISCLUDI5G B23EBF2S) AGAISS? FED SEAL H » » T 1 NOTES IX CIBCUUTIOX AJfi) THX 35 PEE CERT tB^JERlD BSfERFI AGAINST DEPOSITS
(In millions of dollnrt)
DIVISION 0? BANK OWSKATIOWS
APRIL 30. 1032
\
2£r. Harrison
t
July 27, 1932.
B-S31a.
TO:
Federal Reserve Board
FROM:
Mr. Smead
SUBJECT:
Loans and investments of
member banks on June 30, 1932.
CONFIDENTIAL
Attached hereto is a classification of loans and investments of all member
banks on June 30, 1932, based on preliminary data furnished by the Federal reserve
agents pending the completion of the Board*s consolidated call report.
CHANGES BUR IMG- THE FIRST HALF OF 1932.
Total loans and investments of all
member banks declined $2,6^5,000,000 during the first half of 1932.
Loans to cus
tomers (other than banks) declined $2 ,3^ 1 ,000 ,000 , of which $895 ,000,000 repre
sents a reduction in security loans to non-broker customers and $1 ,200 ,000,000 in
"other" loans (largely commercial).
Loans to banks decreased $11^,000,000 at
banks in Few York City and $218,000,000 at all member banks. Open-market loans
show a net reduction of $1 5 5 ,000 ,000 , largely as a result of a decrease of
$298,000,000 in security loans to Few York brokers and an increase of $167,000,000
in holdings of acceptances of other domestic banks.
Investments in United States
Government securities increased $30 8 ,000 ,000 , while holdings of other securities
decreased $239 ,000 ,000 .
CHAFGES SIFCE JUFE 1931. As compared with June 193^» total loans and in
vestments of all member banks show a net reduction of approximately $6 ,000 ,000 ,000 .
Loans to customers (other than banks) declined $U,028,000,000 during the year, of
which about $1 ,600 ,000,000 was in securitj’- loans to non-broker customers,
$229,000,000 in loans to brokers outside Few York City, $321,000,000 in real estate
loans, and $1,880,000,000 in "other" loans (largely commercial).
Total open-mar
ket loans declined $1,357*090*000 during the year ending in June 1932, as a result
of decreases of $940,OX),000 in loans to Few York brokers, $262,000,000 in commer
cial paper, $79*090,000 in acceptances payable abroad, and $7 6 ,000,000 in accep
tances of other domestic banks.
Holdings of United States Government securities on
June 30 last were $28^,000,000 higher than a year earlier, while investments in
otner bonds, stocks and securities show a reduction for the year of over
$1,000,000,000.
Tne following table shows the amount and percentage of reduction in total
loans and investments, during the first half of 1932 and during the year ending
June 3 0 * 1932, by classes of banks:
Decrease during first
half of 1932
iPercenAmount
| tage
Total, all member banks
Central reserve city banks:
Few York City
Chicago
Reserve city barks
Country banks
Decrease during year
ending June 30, 1932
w
I p ercenAmount
^
tage
$2 ,6^5 ,000,000
3.7
$5 ,99 3 ,000,000
17.7
7 ^6 ,000,000
258 ,000,000
881,000,000
7 5 7 ,000,000
1 0 .0
1 7 .0
s.3
6.9
1 ,5 7 3 .000,000
^9 5 ,000,000
2 ,0 9 7 ,000,000
1 ,826 ,000,000
19.0
28.2
17.3
15.1
Member barks that suspended during the first half of file year, less member
barks reopened, had loans and investments of about $200 ,000 ,000 , while member banks
tnat suspended during the year ending in June 1932» less member banks reopened,
had loans and investments of about $900,000,000.
The decline in loans and invest
ments due to bank suspensions is partly offset by changes affecting membership, in
cluding the absorption of nonmember banks, etc., which added around $1 5 0 ,000,000
oO the loans and investments of member banks during the year ending on June 30, 1932,
also by the gradual depositing with member banks of funds released through the
liquidation of the assets of suspended banks.
CONFIDENTIAL
ALL MEMBER BANES —
PRELIMINARY CLASSIFICATION OF LOANS ATTD INVESTMENTS ON JUNE 30, I9 32 , COMPARED NITH PRECEDING CALL DATES
Loans to banks
Total
On
loans
and
secur
invest ities
ments
Date
All
other
Lo ans to customers, exclusive of banks
On securities
On real estate Other
Total
To
To
Other loans
brokers other
real
Farm
to
outside custo land
es
cus
New York mers
tate tomers
TOTAL-AIjL ITT.fBER banks
35,6 56
1930* June 30
1931, June 30
33,923
Dec. 31
30,575
1932, June 30
27,930
230
229
455
3^5
305
228
33^
226
2 1,5 6 5
19,257
17,570
15,229
819
515
391
286
7,242
6,602
5.S99
5 ,00 U
388
359
345
NET7 YORE CITY**
1930, June 30
1931* June 30
Dec. 31
1932, June 30
8,793
8,287
7,460
6 ,7 1 4
78
66
20 k
155
118
170
105
'
4 ,309
3,839
3,694
2 ,35 6
68
127
°7
65
1 ,9 5 4
1,770
l,6Ui
1.279
-
CHICAGO**
1930> June
1931* June
Dec.
1932, June
1.849
1,754
1,517
1,259
43
58
12
68
13
10
1,257
l.OOU
926
776
229
133
12 l+
93
1*87
435
1*07
353
RESERVE CITY BANKS
1930, June 30
1 1,8 5 2
11,814
1931. June 30
Dec. 31
10,598
1932, June 30
9,717
99
89
15 I*
108
128
88
106
69
7 ,7 7 1
7,096
6,1*81
5 ,7 0 7
U31
203
152
109
52
8,228
7,31S
b,Uo9
5,890
90
30
30
31
30
7k
COUNTRY BANKS
1930, June 30
11
13,157
12,068
16
1931* June 30
10,999
Dec. 31
2k
1932, June 30
10,2^2
lk
FEDERAL RESERVE BC ARD
DIVISION OF BANK OPERATIONS
JULY 26, 1932
sk
7
kk
U5
k2
1*7
28
20
3o6
--------------Investments
Open market loans
Total
Accept
ances
payable
in U.S.
Securi ty
Accept Com
loans to
ances mercial
New
payable paper
York
abroad
brokers
Total
U. S.
Government
securities
Other
securi
ties
2 ,769
2 ,8 30
2 ,67 s
2,552
10,34 9
8,922
S,2l*2
7,042
3,113
2 ,1 0 3
901
7 U6
170
339
li*6
313
71
113
1*1
3^
507
3s 4
11*0
122
2 ,36 5
1 ,2 1 7
575
277
1 0 ,1*1*2
12 ,10 6
1 1 .3 1 4
11,384
i*,o6 i
5 ,3 4 3
5,319
5 ,6 2 7
6 ,3 8 0
6 ,76 3
5,996
5,757
157
160
153
159
2,129
1,7S2
1,813
1.352
2,091
1 ,4 9 7
695
565
ll*l*
296
107
262
29
1*1*
17
21
35
94
29
23
1,383
1,0 6 3
5U 2
25 s
2,203
2,801
2,6 97
3,033
1 ,1 4 7
1,6 56
1,76 8
2,009
1 ,0 5 6
l,li*5
92 s
1 ,0 2 3
2
2
1
1
18
17
22
25
521
1*17
372
305
176
117
2l*
21
2
3
2
5
19
1*2
10
5
56
21
9
11
99
51
3
1
366
563
1*80
383
160
31*6
288
23 I*
205
217
191
11*9
2,663
2 ,4 13
2,123
1„838
110
126
120
10U
1 ,391*
1 ,1*76
1,395
L, 282
3.172
2 ,3 7 3
2,691
2,375
17
19
26
12
2U5
168
53
50
253
73
li*
3 ,3 1 9
4,186
3 ,71*6
3 .7 3 6
1,525
2,062
l,8l*l*
1,952
1 ,791*
2 .1 2 5
1,902
1,785
2,137
1,98U
1,728
1,535
2 7k
. 260
237
238
1,201
1 ,1 7 7
1,109
1,086
3,349
3 ,3 6 7
312
135
71
129
30
16
3,011
63
171
101
1*8
37
i*,55i*
4 ,5 5 5
1+,392
4,232
1,229
1,279
1,1*18
1>32
**Central reserve city "banks only.
4 ,5 2 7
534
354
111
97
S7
33
33
8
2
1*
13
7
1*
2
2
1
7
11
3 ,3 2 6
3 .2 7 6
2 ,9 7 4
2, S00
@FedFRASER