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162 FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE T O T H E FEDERAL RESERVE BOARD X-7410 A p r i l 13, 1933. SUBJECT: Borrowings of Unlicensed Member Banks From Federal Reserve Banks and Claims of Federal Reserve Banks Against Closed Banks. Dear S i r : There i s a t t a c h e d h e r e t o , f o r your c o n f i d e n t i a l i n f o r m a t i o n , a copy of a memorandum, t o g e t h e r with a copy of t h e statement r e f e r r e d to t h e r e i n , prepared under date of A p r i l 8, 1933, by Mr. Smead, Chief of t h e D i v i s i o n of Bank Operations of the Federal Reserve Board, with r e gard to t h e amount of borrowings from Federal r e s e r v e "banks, a s of March 31, 1933, by member banks not l i c e n s e d "by t h e S e c r e t a r y of the Treasury t o reopen, and the amount of claims of Federal r e s e r v e hanks, on March 28, 1933, a g a i n s t closed hanks. Very t r u l y y o u r s , Chester M o r r i l l , Secretary. Inclosures. TO ALL GOVERNORS & CHAIRMEN OF ALL F. R. BANKS. * . 1 6 3 X-7410-a FEDERAL KB SERVE BOARD OFFICE CORRESPONDENCE To F e d e r a l Reserve Board From Mr. Smead Date A p r i l 8, 1933 Subj ect Attached i s a statement showing the amount of borrowings from the Federal r e s e r v e "banks, as of March 31, of member "banks not l i c e n s e d to reopen by the S e c r e t a r y of the Treasury "but which a s of t h a t d a t e had not been p l a c e d i n process of l i q u i d a t i o n . I t w i l l be rioted from t h i s statement t h a t 892 of such banks were indebted t o t h e F e d e r a l r e s e r v e banks i n an aggregate amount of $124,752,000 of which $48,264,000 was on rediscounted e l i g i b l e p a p e r , $67,828,000 on advances under Section 13 of the Act and $8,659,000 on advances under Section 10-b. As of March 28, the l a s t d a t e f o r which f i g u r e s a r e a v a i l a b l e , the Federal r e s e r v e banks a l s o r e p o r t e d $27,738,000 of claims a g a i n s t closed banks. The amount of sueh claims r e p o r t e d by each Federal r e s e r v e bank was a s f o l l o w s : Boston New York Phi l a d e l p h i a Cleveland Richmond Atlanta $462,000 3,917,000 4,243,000 269,000 6,710,000 4,987,000 Chicago S t . Louis Minneapolis Kansas City Dallas San Francisco $887,000 894,000 1,777,000 1,060,000 855,000 1,677,000 x-yUio-b BORROWINGS FROM FEDERAL RESERVE BANK OF MEMBER BAMS NOT LICENSED TO OPEN BY THE SECRETARY OF THE TREASURY, BUT WHICH HAVE NOT BEEN PLACED IN LIQUIDATION, (Figures as of March 31, 1933) Indebtedness to Federal Reserve Bank Advances Rediscounted under eligible paper Section 13 Federal Reserve Bank Number of banks Total Boston New York Philadelphia 38 119 87 $7,701,893.06 21,898,781.13 24,231,022.16 $3,759,3^3,58 519,367.91 5,334,052.45 $3,160,549.48 17,565,507.40 18,651,812.33 Cleveland Richmond Atlanta 103 83 4l 20,542,273.93 15,228,930.91 7,923,424.36 8,595,441.50 9,923,367.13 4,972,472.89 11,946,832.43 5,305,563.78 1,892,772.96 Chicago S t . Louis Minneapolis 201 37 50 11,046,650.80 1,669,720.62 2,977,699.62 10,135,758-64 10,759-82 1,541,582.01 1,658,960.80 1,436,117.61 69 27 37 7,191,986.49 588,129.76 3,751,078.73 2,554,183.12 442,600.01 475,221.59 3,854,683.37 145,529.75 2,209,710.42 1,066,146>72 892 124,751,591.57 48,264,150.65 67,828,040.33 8,659,400.59 Kansas City Dallas San Francisco Total DIVISION OF BANK OPERATIONS, APRIL 8, 1933. •»• Advances under Section 10-b $782,000.00 3,813,905.82 245,157.38 1 >i m — 1,058,178.51 910,892.16 • — 783,120*00 ——
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