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KIND OF MATERIAL OR NUMBER
421.11
NAME OR SUBJECT
Conadttee on Branch Group & Chain Banking
DATES (Inclusive)
Dec 1931 - 1.143/. 1932
PART NUMBER
a
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Federal Reserve Bank of St. Louis
o
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Federal Reserve Bank of St. Louis
May 25, 1932
Mr. Ira Clerk
Deputy Governor
Federal Reserve Bank
San Francisco, Calif.
Dear Mr. Clerk,
I have your letters of May 16. Mr. Greer is back,
and I want to express my appreciation of the help you
have been to him in his work in California. I have not
had an opportunity to go over his work in detail, but he
assures me that he had a delightful time as well as a
very profitable one, owing largely to your kindness.
I read with interest your letter about unified bank—
ing and your ,i.00sal in that respect. This is a subject
on which we will have to take counsel within the next few
months and reach some conclusion. The time certainly
appears to be ripe for the consideration of constructive
banking legislation. I think that the Glass bill is not
likely to become law in this session, but that the matter
will come up again as soon as Congress convenes in Decem—
ber. By that time the entire report of the Branch Banking
Committee aught to be ready and the material collected by
it available as a basis for discussion. We have all been
so busy that we have not had time to do much about it, hut
I think that it is essential that we all go over the various
reports and plan to have'a meting in the early
tumn at
auliii
which we shall finally aprove of the reports and
agree upon
a set of conclusions or a summary.
With be t regards, I am
Sincerely yours,
E. A. Goldenweiser
EAGDD
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Federal Reserve Bank of St. Louis
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FEDERAL RESERVE BANK
OF N E VV YO R K
May 25, 1932.
mr. J. H. Riddle, Secretary
Committee on Branch, Group and Chain Banking
Federal Reserve Board
Washington, D. C.
Dear Mr. Riddle:
Your letter of May 20).8 received, also
the copy of the report on changes in the number and size of
banks, which I shall be glad to read at the earliest opportunity.
Very truly yours,
L. R. Rounds
Deputy Governor
L.A.L
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Federal Reserve Bank of St. Louis
FEDIM:1AL RESERVE BANK.
OF CLEVELAND
May 24, 1932.
Mr. J. H. Riddle,
Secretary, Committee on Branch,
Group and Chain Banking,
Federal Reserve Board,
Washington, D. C.
Dear Mr. Riddle:
Receipt is acknowledged of your letter of
May 20, together with a copy of the report on changes
in the number and size of banks in the United States,
as prepared by your staff.
I do not know vihen I am going to have the
opportunity of going over this report and I am afraid
ny criticiam will not be of much assistance in drafting
the final copy.
Very truly yours,
F.C.LE
Merber, Committee on
Branch, Group and Chain
Banking.
g•immi••
' Foim No. 131
•
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Office Correspondence
To
Federal Reserve Board
From
Mr. Goldenweiser
FEDERAL RESERVE
BOARD
Subject:
12-(
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May 23, 1932
Committee on Branch, Group,
and Chain Banking
•PO
2-8495
This committee was organized on February 26, 1930, in accordance
with a resolution of the Federal Reserve Board, and directed "to
assemble and digest information on branch banking as practiced in the
United States, group and chain banking systems as developed in the
United States and elsewhere, the unit banking system of the country, and
the effect of ownership of bank stocks by investment trusts and holding
corporations."
At its first meeting the committee decided that under its terms of
reference it was obliged to make a comprehensive study of all the principal phases of the bankirrg problem in the United Ste-Vs and that this
study would require the full time of a trained executive secretary assisted by a staff of investigators and clerks.
The principal studies made by the committee and the status of these
studies at the present time is as follows:
1. Branch banking in the United States (approaching completion)
2. Branch banking in California (approaching completion)
3. Branch banking in Canada (completed and submitted to committee)
4. Branch banking in England (completed and submitted to committee)
5. Changes in number and size of banks in the United States (completed and submitted to committee)
6. Banking costs and ,rofits (completed and submitted to committee)
7. Statistical analysis of suspensions (completed and submitted to
committee)
8. Causes of suspensions as revealed in examination reports (approaching completion)
9. Agricultural conditions and bank suspensions (approaching completion)
1C. Dual banking system (approaching completion)
'I. Group and chain banking in the United States (approaching completion)
:
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Federal Reserve Bank of St. Louis
May 23, 1932
Federal Reserve Board, - #2
A brief statement of the scope of the committee's work and the nature
to the
of the various projects undertaken was made in the progress report
d.
Conference of Governors, November 30, 1931, a copy of which is attache
It is expected that the bulk of the work of the committee will be completed and a
art of its staff released during the summer of this year, but
the autumn
that the secretary and a few assistants will have to remain until
and possibly to the end of the year.
They will help in the preparation of
, in final
the committee's conclusions summarizing the results of ita studies
checking of the reports submitted b
the staff, and in carrying out such
committee
suggestions in editing the manuscrits submitted as members of the
or others consulted may make.
Total expenses of the committee from May, 1930 to April 15, 1932 were
about
$108,000, and in addition unpaid commitments at that time amounted to
$4,000.
Details of the expenditures are shown in Exhibit A.
The 2ersonnel
shown in
of the present staff of the committee and their compensations are
Exhibit B.
In addition to the
4,020 of salaries, the committee's monthly expenses
cal equipment,
include $140 for rent of offices and $52.50 for rent of mechani
making a total monthly outlay of $4,212.50.
be substantially reduced.
After June 30 this amount will
An estimate of all expenditures from April 15, 1932
costs that
to the end of the committee's work is about $35,000, exclusive of
may be incurred in printing the reports.
trytwvi.434.-.0
-----AT BOARD MEETING
JUN -61932
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
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Exhibit A
the Committee on
Expenses Incurred
Branch, Group and Chain Banking
42z, 1930--April 15, 1932
Salaries
1; 87,946.31
Reimbursements to Federal
reserve banks for expenses
incurred for committee
8,702.43
Travel and per diem
3,906.98
Statistical tabulations
by private agency
2,610.46
Rent
(Space)
(Machines)
(Furniture)
Printing
2,403.75
239.00
68.00
1,023.50
Purchase of furniture
595.15
Reproduction of charts
317.50
Paper and other office sanolies
131.70
Repairs
52.67
Miscellaneous
66.70
0.08,064.15
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Federal Reserve Bank of St. Louis
I.
May 20, 1932
Exhibit B
Personnel of the Committee on Branch,
Group and Chain Banking
Name
Salary per month
Mr. J. H. Riddle
Mr. C. B. Hammond
600
Mr. Guy E. Greer
500
Mr. Clark Warburton
300
Mr. William B. Hayward
200
Mr. William Blattner
150
Miss Edith Brooks
150
Mr. Harold B. Mistr
150
Miss Marie Evans
130
Miss Caroline Hammill
130
Mrs. Bernice Mann
130
Mrs. Betty Crossman
130
Mrs. Ruth Jones
125
Mrs. Dolas McKnight
125
Miss Elsie Anderson
100
Miss Carol Johnson
100
Total
'$,020
III 410
Weltington, D. C.
November 28, 1931.
PROGRESS REPORT OF THE COMMITTEE ON BRANCH, GROUP AND CHAIN BANKING
TO THE CONFERENCE OF GOVERNORS AND CHAIRMEN
NOVEMBER 30, 1931
Senator Glass requested the Governor of the Federal Reserve
Board on October 15th to submit to the Subcommittee of the Senate Committee on Banking and Currency any available material collected by the
Federal Reserve Committee on Branch, Group and Chain Banking.
In answer
to this request a preliminary statistical report on certain phases of
the investigation was prepared by the staff of the Committee and submitted to the Senator by the Governor on November 10th.
This prelimi-
nary report consists very largely of statistical tables and charts and
contains very little interpretative text.
The material covers: (1)
Bank Changes; (2) Bank Suspensions; (3) Banking Costs and Profits;
Branch Banking; and (5) Chain and Group Banking.
(4)
A limited number of
copies of this report has been mimeographed and twelve copies are available for the members of the conference.
Immediately after appointment by the Federal Reserve Board
on February 26, 1930, the Committee on Branch, Group and Chain Banking
began to outline the scope of its work and to prepare a program for
its investigation.
The task assigned by the Board was very broad in its
terms, but it soon became apparent to the Committee that in view of the
importance of the time element some very definite limitations to its
field of study should of necessity be made.
After surveying the field
in a preliminary way, it was decided to concentrate the Committee's
efforts on certain major projects which bear directly on the question
of the banking structure rather than to extend the investigation too
broadly.
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Federal Reserve Bank of St. Louis
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The phases of the subject to which it was decided to give most
attention are the following:
(1) Bank Suspensions in the United States
(2) Earnings and Expenses of National Banks
(3) The Dual Banking System in the United States
(4) Banking
Concentration in the United States
(5) Branch Banking in the United States
(5) Group and Chain Banking in the United States
(7) Branch Banking in Canada
(8) Branch Banking in England
These projects will be supplemented by a few brief chapters on
such subjects as: economic background for bank changes, competition from
non-banking institutions, certain phases of bank supervision, and perhaps
the banking systems of one or two other foreign countries if time permits.
Among the subjects which the Committee feels that it cannot adequately
cover under its present program are: banking supervision in the United
States, functional changes in our banking system, and the banking systems
of other leading foreign countries.
In view of the importance of bank
supervision in this country and its apparent shortcomings it is believed
that any adequate investigation of that subject would have to be made by
a special committee endowed with special powers.
After a survey of the material which was then available on the
various projects listed above, the Committee felt that merely assembling
and analyzing this material would make little contribution to existing
information and would not adequately meet the needs of the situation.
Because of the need for a more collorehensive body of data on which a con6structive banking program might be based it was decided to collect through
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Federal Reserve Bank of St. Louis
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various channels whatever additional factual :lat(irial would be necessary
to give a more comprehensive picture of the causes for banking difficulties and of the forces tending towards changes in the banking structure.
Various schedules, questionnaires, forms and tables were, therefore,
prepared designed to secure the desired information regarding; (1) Each
of the banks suspending since the beginning of 1921; (2) Famines and expenses And operating ratios of each national bank for each of five years
1926-1930; (3) The organization, management, operating policies, etc., of
the leading group and branch banking systems of the country; (4) The details
of consolidations and other bank changes during the ten-year period; (5)
The affiliations of banks;
(6)
the classification of all active banks in the
country by size of loans and investments, size of town and size of capital
stock; (7) Examination reports of suspended banks; (8) Farm loans and other
data showing the nature of agricultural commitments; (9) quality indices of
the investment holdings of banks, and certain other supplementary bits of
information.
Much of this information has been compiled by the Federal reserve
banks but parts of it have been furnished by the state banking departments
and other agencies at the request of the Federal reserve banks.
Much of the
material was not received until this past spring and summer, but, with
minor exceptions, it is now in the hands of the Committee, and the process
of analyzing it is well on the way towards completion.
Reports on these major projects have been submitted and are now
being revised, after which they will be worked over for final submission.
The following is a brief statement of the scope of the work undertaken under the various projects.
Suspensions.
The study on suspensions has been divided into four
sections and material has been collected on each of these phases of the
subject.
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Federal Reserve Bank of St. Louis
(1) A statistical analysis Which in addition to giving the :.umber
and location of suspensions makes comparisons on the ba is of
the size of banks, size of towns, and geographical divisions.
This study also shows the ultimate losses to depositors of
banks completely liquidated.
These detailed statistical data
cover only the period 1921-1931, while for prior years back
to 1892 more general statistical information has been compiled.
(2) Causes of suspensions as revealed in the study of examination
reports of a limited number of suspended banks.
This touches
upon such subjects as management, supervision, loan policies,
etc.
(3) Agricultural conditions and bank suspensions.
This is a
study of agricultural chances since 1900, including commodity
prices and land values and their effects upon banking institutions.
It also includes a study of bank commitments to
agriculture and the general credit conditions in agricultural
districts.
()4) Florida--a case stud;/- of the effects of real estate speculation on banking institutions.
Earnings and Expenses.
A detailed study of earnings and expenses
of all national banks over a five-year period, 1926-1930, classified accolding to size of bank, size of community and by geographical divisions.
This is supplemented by a presentation of the general movements and factors in bank earnings and expenses over several decades.
The Dual Banking System.
An examination of Federal and state bank-
ing laws, recommendations, practices, etc., with a view to determining
the extent of the competition Which has existed between the two systems
and the general effects of this competition.
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Federal Reserve Bank of St. Louis
It also includes certain
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comparisons and salient facts regarding bank supervision.
BankinP Concentration.
This is largely a statistical study of the
changes in the number, nature and size of banking institutions including
consolidations, affiliations, etc.
Branch Banking in the United States.
The study on 'branch banking
will be covered in two sections.
(1) A general statistical and historical study of branch
banking experience in the United States including a
discussion of the sources and causes of opposition
and the factors involved in the branch banking controversy.
(2) Branch banking in California.
This is a special
study on the growth and present position of branch
banking in California including motivating forces,
effects of the development, etc.
Group and Chain Banking in the United States. An outline of
the development and present position of group and chain banking,
including organization, management, policies, methods of operation,
etc. It also includes a discussion of the problems involved in group
banking and the effects of this development.
Much of the material for
this report comes from the questionnaires answered by the principal
groups in the country.
Branch Banking in Canada. This report has been written and after
a limited amount of editing will be ready for submission.
It includes
a discussion of the following phases of Canadian branch banking:
structure and supervision, safety, adequacy of service, cost of service,
test of the post-war deflation, and concentration.
In addition to
making use of the documentary and other published material available
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Federal Reserve Bank of St. Louis
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in this country, a member of the research staff ;:pent about four weeks
in Canada studying the various phases of branch banking.
Branch Bankinji, in Enpland. The section on branch banking in
England, which covers rouchly the same ground as the Conadian stud -,
has been prepared and with a limited amount of editing will be ready
for submission.
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Federal Reserve Bank of St. Louis
3
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Washing
Seotembe
, 1930
REPORT OF PROGRESS 2Y THE COMMITTEE ON BRANCH,
GROUP AND CHAIN BANKING TO ZiE GOVERNORS' CONFERENCE
SEPTEZER 24, 1930
he
Federal Reserve Board at its meeting on February 26, 1930, appointed Messrs.
Goldenweiser and Smead, of the Board's staff, and Messrs. Rounds, Fleming and
Clerk representing the Federal reserve banks "as a committee to assemble and
digest information on branch banking as practised in the United States, group
and chain banking systems as developed in the United States and elsewhere, the
unit banking system of the country, and the effect of ownership of bank stocks
by investment trusts and holding companies." At a later date the committee
was made a System rather than a Board committee.
This committee held its first meeting in Washington, D. C., on March 4-6
with Dr. Goldenweiser as chairman,for the purpose of discussing the functions
of the Committee, the scope of its work and the method of procedure. It was
the view of the members that the purpose of the Committee was primarily fact
finding, and that its objective should be to assemble such information as
would make possible a comparison and evaluation of the different types of
banking from the point of view of the public interest. It was agreed that the
program should include a thorough study of the development and present status
of branch, chain and group banking as well as the unit system; t.-le relative
merits of the various systems including the element of safety, availability of
credit and value of general services performed; the causes or motivating
forces back of the general tendency in the field of banking towards concentration of ownershi7o and control and the diversification of functions; and an
estimate of what is likely to be the normal development in the future and how
far this tendency or development might be advantageously directed. A review
of the history and present status of branch banking in certain foreign
countries, especiall7 Canada, was also suzgested as a supplement to the study
of conditions in this country.
The Committee was aware that this was a major undertaking which involved much time, labor and expense and to be successful would need the
whole-hearted cooperation of all the Federal reserve banks as well as the
state and national supervisory authorities, but in view of the economic
importance of the changes Which are going on in our entire banking structure
including the distress caused by the extraordinary number of failures during
the past ten years, the Committee felt that its investigation should be
comprehensive and thorough.
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Federal Reserve Bank of St. Louis
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Messrs. Goldenweiser, Smead and Rounds were constituted an Executive
Committee with authority. to act for the Committee as a whole in the absence
of the other members, and Mr. J, H. Riddle was appointed Secretary of the
Committee.
The Executive Committee met in Washington on May 23, 1930, in order
to determine more definitely the various linos of investigation and the
scope of each. The investigation as outlined includes various statistical
studies, case studies on special topics, and in some instances special field
investigations. The statistical studies include:
Suspensions
Earnings
Branch banking
Chain and group banking
Mergers and consolidations
Branch banking in some of the principal foreign countries
Tne case studies include:
Branch banking
Group banking
Branch and chain systems which have failed
After the various data in the statistical and case studies are
assembled and analyzed it may be necessary for the Committee to sup1ement
this material by sending a representative, or representatives, into particular
districts or communities to make direct surveys of the conditions which prevail. These surveys diould cover especially the branch banking systams in
California and the Canadian banking system.
The Committee is making use of the vast fund of statistical and other
material Which has already bean collected by the Board and other agencies.
It has. proved necessary, however, to sup7dement the available material by
collecting additional data and the Committee has prepared various schedules
for this purpose. Schedules have been forwarded to the Federal reserve banks
for collecting material on tne followinL subjects:
Branch and chain systems which have failed
Branch banks in operation for specific years prior to 1920
Effect on banking accounts of changes in industrial
organization
Branch banking systems in operation
Group banking systems in operation
Suspensions since January 1, 1921
Earnings.
This information is now being compiled by the Reserve banks and state
Commissioners and parts of it have already been received by the Committee. The
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Federal Reserve Bank of St. Louis
3
Federal reserve banks themselves are preparing the material on earnings and
on branch and chain systems which have failed. The schedules on suspensions
were sent to the various state banking departments and to the office of the
Comptroller of the Currency, while the questionnaires on branch and group
banking were sent to the institutions from Whom the data are desired.
The Committee is much gratified with the cooperation and assistance
it
has received and continuos to receive from the various FedII
eral rewhich
banks,
Comptroller
of
the
the state banking departzents, the
Currency
serve
and from the various institutions fro:.. whom information has been requested.
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Federal Reserve Bank of St. Louis
J. H. Riddle,
Secretary.
7
EXCERPT YROM THE MINUTES OF THE LEETING OF THE FEDERAL RESERVE
BOARD WITH THE CONFERENCES OF CHAIRREN AND GOVERNORS OF
FEDERAL RESERVE BANKS, HELD ON SEPTEZER 26, 1930.
The Governor suggested that the first order of business for the
meeting be the reports of the System Committees on Branch, Group and Chain
Banking and Reserves.
Accordingly, Mr. Goldenweiser, Chairman of the Committee on Branch,
Group and Chain Banking read to the meeting a written report reviewing the
appointment of the Committee and progress to date in its investigations.
At the suggestion of Mr. Miller the report was amended by the
elimination of the phrase "In accordance with the recommendations of the
Federal Advisory Council and the fall conferences of Governors and Federal
Reserve Agents in 1929", 'preceding the statelient of the Committee's
appointment by the Federal Reserve Board.
Mr. Idiller stated that whereas
the subject of branch, group and chain banking has been under study by the
Board for several years, the above phrase intimates that the matter was not
given cognizance by the Board until brought to its attention by the
Federal Advisory Council and the conferences of Governors and Federal
Reserve Agents.
At the suggestion of Mr. Janes it was decided, however, in view of
the interest of the Federal Advisory Council in the subject, that a copy
of the Committee's report, as amended, be forwarded to each member of the
Council for his information.
Inquiry as to the length of time necessary to complete the Committee's
survey brought out that it will not be possible for the Committee to
submit its final report for at least six months.
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Federal Reserve Bank of St. Louis
The necessity for dis—
4
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patch was stressed, although it was the feeling that the thoroughness of
the investigation should not be sacrificed to its speedy completion.
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Federal Reserve Bank of St. Louis
EXCERPT FROM THE MINUTES OF THE MEETING OF THE
FEDERAL RESERVE BOARD HELD ON APRIL 30, 1930
The Governor then reported that advice has now been received from
all of the Federal Reserve banks approving the action taken at the meeting
of the Board on April 24th in voting to change the Board's Committee on
group, chain and branch banking from a Board to a bank committee, and suggested that the transfer be made as of May 1st and that Mr. 1. H. Riddle,
Secretary of the Committee, be removed from the Board's rolls as of the
close of business today, his salary to be paid beginning May 1st by the
New York bank in the same manner as that of Mr. Riefler, who is serving
as Secretary of the banks' committee on member bank reserves.
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Federal Reserve Bank of St. Louis
Upon motion, the recommendation of the Governor
was approved.
EXCERPT FROM THE :.:INUTES OF THE MEETTNG OF THE
FEDERAL RESERVE BOARD HELD ON APRIL 23, 1930
The Assistant Secretary then referred to the close relationship of
the work of the Board's Committee on group, chain, and branch banking to
that of the Federal Reserve banks' committee on reserves which has the same
personnel, and submitted to the Board a suggestion which has been made that
the committee on branch, group, and chain banking be transferred to the
Federal Reserve banks and given a status similar to that of the committee on
member bank reserves.
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Federal Reserve Bank of St. Louis
After discussion, upon motion, the Governor
was requested to communicate with all Federal Reserve banks, advising that, subject to their
approval, the Board has voted to change the
committee on group, chain and branch banking from a
Board to a bank committee.
EXCERPT FROM THE MINUTES OF THE LEETING OF THE
FEDERAL RESERVE BOARD HELD ON MARCH 13, 1930
Memorandum dated March 10th from the Committee on Branch, Chain
and Group Banking, advising that in accordance vith authority given by the
Board arrangements had been made for the employment of Mr. S. H. Riddle as
executive secretary of the Committee at a salary of 41,000 per month for a
period not lees than six months and not more than twelve.
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Federal Reserve Bank of St. Louis
Upon motion, Mr. Riddle's appointment was approved, Mr. Miller voting "no".
EXCERPT FROM THE MINUTES OF THE MEETING OF THE
FEDERAL RESERVE BOARD HELD ON MARCH 4, 1930.
The Governor then reported to the Board that Dr. Goldenweiser,
Chairman of the Board's Committee on group, chain and branch banking, had
stated to him that the Committee feels it should have the services of a
secretary to devote his entire time to the supervision of the work to be
conducted by the Committee, and that, if the Board approves, he would like
to negotiate with a party whom he has in mind for this position.
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Federal Reserve Bank of St. Louis
After some discussion during which the effectiveness of such an appointment in securing the
data on group, chain and branch banking that the
Board desires was discussed, upon motion by Mr.
Hamlin, it was voted to authorize Dr. Goldenweiser,
as Chairman of the Committee, to negotiate for the
employment of a secretary for the committee, it being
understood that the matter of appointment and salary
to be paid will be presented to the Board for its
approval.
Upon this motion, Dr. Miller voted "no".
E:XERPT FROL: TiE L1N1JTES OF THE :::EETING OF THE
FEDERAL RESERVE BOARD HELD ON FEBRUARY 26, 1930.
Governor Young stated that he met this morning with the committee
recently appointed to make a study of the subject of member bank reserves
and had suggested to the committee that the Board may find it desirable
to also appoint the members of the committee on reserves as a committee
to study the development of chain, group and branch banking in the United
States.
He stated that, inasmuch as the committee would have to give con-
siderable thought to this subject, in connection with its study on reserves,
the members would be willing to serve on both committees should the Board
desire to take such action.
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Federal Reserve Bank of St. Louis
After discussion, upon notion, L:essrs. Goldenweiser
and Smead of the Board's staff, and Lessrs. Rounds,
Fleming and Clerk, representing the Federal Reserve
banks, were appointed as a committee to assemble and
digest information on branch banking as practiced in
the United States, group and chain banking systems
as developed in the United States and elsewhere, the
unit banking system of the country, and the effect of
ownership of bank stocks by investment trusts and
holding corporations.
EXCERPT FROM THE laNUTES OF THE MEETING OF THE
FEDERAL RESERVE BOARD HELD ON DECEMBER 12, 1929.
The Board then discussed the action of the Federal Reserve Agent's
Conference in voting to concur in the recommendation of the Federal Advisory
Council that the Federal Reserve Board appoint a committee to study the merits
of the branch banking system as practiced in this and other countries, the
group or chain banking system as developed in this country and elsewhere, the
unit banking system of this and other countries and the effect of ownership
of bank stocks by investment trusts and holding corporations, in order that
the Board may be in possession of accurate and authoritative information on
the subject.
During the discussion, Mr. Tames moved that the Board approve
the ap-
pointment of a committee as suggested by the Federal Advisory Council and approved by the Federal Reserve Agents, to wit:"To study the merits of the branch banking system as practiced
and other countries, the group or chain banking system
this
in
in this country and elsewhere, the unit banking sysdeveloped
as
tem of this and other countries and the effect of ownership of
bank stocks by investment trusts and holding corporations, in
order that the Board may be in possession of accurate and authoritative information on the subject."
said committee to be composed of one man selected by the Governors of the Federal ReFerve banks, one by the Federal Reserve Agents, one by the Federal Advisory Council and one by the Federal Reserve Board, together with the Governor
of the Board as exofficio member, and to be empowered to employ, with the approval and at the expense of the Board, such expert services as may be necessary.
At one o'clock the Board recessed and reconvened at three o'clock, the
same members being present as attended the morning session.
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Federal Reserve Bank of St. Louis
-2The appointment of a committee, as recomrended by the Federal Advisory
Council and the Federal Reserve Agents was further discussed and Mr. Miller
submitted a substitute for the motion made by Mr. Tames at the morning meeting
which was finally amended to read as follows:
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Federal Reserve Bank of St. Louis
"That in order to expedite the assembling of data on branch,
group and chain banking that is being carried on in the Board's
Division of Bank Operations, a committee of five be appointed by
the Board, as recommended by the Federal Advisory Council and the
Conference of Federal Reserve Agents, to assemble and digest information on branch banking as practiced in the United States,
group and chain banking systems as developed in the United States
and elsewhere, the unit banking system of this and other countries
and the effect of ownership of bank stocks by investment trusts
and holding corporations, in order that the Board may be in possession of accurate and authoritative information on the subject."
At the conclusion of the discussion, Mr. Miller's
substitute motion was put by the Chair and carried,
Mr. Cunningham not voting.
=RFT FROM THE MINUTES OF TUE LEETING OF THE
FEDERAL RESERVE BOARD HELD ON OCTOBER 28, 1929.
Report of Executive Committee submitting draft of letter to the
Secretary of the Federal Advisory Council, suggesting the following
topics for discussion at the meeting of the Council to be held on Novem,ber 19th:
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Federal Reserve Bank of St. Louis
* * * * *
(2) Developments in branch, chain and group banking, with
particular reference to the effects of bank stock ownership by
investrIent trusts and holding corporations.
After discussion, upon motion, the
letter submitted by the Executive Committee
was approved.
•I
111
Form No. 131
411
Correspondence
Office
To
Federal Reserve Board
From
Mr. Goldenweiser
FEDERAL RESERVE
BOARD
•
Date
Subject:oagnittee
May 20. 1932
on Branch,_Group
/
and Chain Banking
nro
2-8495
This committee was organized on February 26, 1930, in accordance with a resolution of the Federal Reserve Board, and directed "to
assemble and digest information on branch banking as practiced in the
United States, group and chain banking systems as developed in the United
States and elsewhere, the unit banking system of the country, and the effect of ownership of bank stocks by investment trusts and ho5ing corporations."
At its first meeting the committee decided that under its terms
of reference it was obliged to make a comprehensive study of all the principal phases of the banking problem in the United States and that this
study would require the full time of a ttained executive secretary assisted by a staff of investigators and clerks.
The principal studies made by the committee and the status of
these studies at the present time is as follows:
Branch banking in the United States (approaching completion)
Branch banking in California (approaching completion)
Branch banking in Canada (completed and submitted to committee)
Branch banking in England (completed and submitted to committee)
Changes in number and size of banks in the United States (completed and submitted to committee)
6. Banking costs and profits (completed and submitted to committee)
7. Statistical analysis of suspensions (completed and submitted to
committee)
8. Causes of suspensions as revealed in examination reports (approaching completion)
9. Agricultural conditions and bank suspensions (approaching completion)
10. Dual banking system (approaching completion)
11. Group and chain banking in the United States (approaching completion)
1.
2.
3.
4.
5.
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Federal Reserve Bank of St. Louis
Federal Reserve Board, #2
May 20, 1932
A brief statement of the scope of the committee's work and
the nature of the various projects undertaken was made in the progress
report to the Conference of Governors, November 30, 1931, a copy of
which is attached.
It is expected that the bulk of the work of the committee will
be campleted and a part of its staff released during the summer of this
year, but that the secretary and a few assistants will have to remain
until the autumn and possibly to the end of the year.
They will help
in the preparation of the committee's own-report summarizing the results
of its studies, in final checking of the naports submitted by the staff,
and in carrying out such auggestions in editing the manuscripts submitted
as members of the carimittee or others consulted may make.
Total expenses of the committee from Kay, 1930 to April 15, 1932
were ,:o108,000, and in addition unpaid commitaents at that time amounted to
about ,4,000.
Details of the expenditures are shown in Exhibit A.
The
personnel of the present staff of the committee and their campensations
are shown in Exhibit B.
In addition to the 414,020 of salaries, the committee's monthly
expenses include ',j40 for rent of offices and :52.50 for rent of mechanical equipment, making a total monthly outlay of $4,212.16:
this amount will be substantially reduced.
After June 30
An estimate of all expenditures
fram April 15, 1932 to the end of the committee's workr-above existing
-1mmumitmental is about
000, exclusive of costs that may be incurred in
printing the reports.
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Federal Reserve Bank of St. Louis
A
••
Office Correspondence
Form No. 131
To
Federal Reserve Board
From
Mr. Goldenweiser
FEDERAL RESERVE
BOARD
e•
Date
Subject:
May 20, 1932
Committee on Branch, Group,
and Chain Banking
•PO
2-8495
This committee was organized on February 26, 1930, in accordance
with a resolution of the Federal Reserve Bard, and directed "to assemble
and digest information on branch banking a
practiced in the United
States, group and chain banking systems as
eveloped in the United States.
and elsewhere, the unit banking system of t e country, and the effect of
ownership of bank stocks by investment trusts and holding corporations."
At its first meeting the committee decidpd that under its terms of
reference it was obliged to make a comprehensive study of all the principal phases of the banking problem in the United States and that this
study would require the full time of a trained executive secretary assisted
by a staff of investigators and clerks.
The principal studies made by the committee and the status of these
studies at the present time is as follows:
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Federal Reserve Bank of St. Louis
1. Branch banking in
2. Branch banking in
3. Branch banking in
4. Branch Banking in
5.
the United States (approaching completion)
California (approaching completion)
Canada (completed and submitted to committee)
England (completed and submitted to committee)
141 the United States (completed and submitted
to committee)
6. Banking costs and profits (completed and submitted to committee)
7. Statistical Analysis of suspensions (comphted and submitted to
committee)
8. Causes of suspensions as revealed in examination reports
(approaching completion)
9. Agricultural conditions and bank suspensions (approaching completion)
10. Dual banking system (approaching completion)
11. Group and chain banking in the United States (aproaching cornpletion)
Federal Reserve Board, - #2
May 20, 1932
It is expected that the bulk of the work of the c mmittee will be
4.44,
faAJ4
completed and moot of its staff released i 5r 4
of this year, but
1
0
,
1.44.7...•••
that the secretary and
4.0.e
er two assistants will have to remain until
the autumn and possibly to the end of the year.
They will help in the
preparation of the committee's own report summarizing the results of its
:,p,„..4:' 4444.4W44,.. op k,..,.. )-4.0..4.1„..ott144 0-, it.tiz eab41.1
and in carrying out such suggestions in editing the manuscripts
studiesi•
i
4
submitted as members of the committee or others consulted may make.
Total expenses of the committee from May, 1930 to April 15, 1932
were $,108,000)Itails of the expenditures are shown in Exhibit A. The
pe
onnel of the present staff of the committee and their compensations
/
are shown in Exhibit B.
In addition to the $4,020 of salaries, the committee's monthly ex•
1$16
, penses include $=5. for rent of offices and $52.50 for rent of mechanical
44,24k.ir
equipment, making a total mont ly outlay of $4,131W.50. After June 30
this amount will be groodbiy reduced.
An estimate of all expenditpres fi:om
...0j40114;444.4c-A
A
April 15, 1932 to the end of the committee's work is about $30,000, exclusive of costs that may be incurred in printing the reports.
,
Ittt-AT-0.14--T-17.117
itt-tt
4f
10
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Federal Reserve Bank of St. Louis
0,1_
•
•
form No. 131
AOS.
Office Correspondence
To
The Board
From
Dr. Goldenweiser
FEDERAL RESERVE
BOARD
.00400,,A4
,0:-AVEVAY4Ld
9S110.4_, ok,-04gr Ea
00
,40rawAs
#4p-ae
4..werr
as"
4>
‘,
7
4g.r.....4001r
4
11--.
itszAkv
On April 21st Dr. Miller requeste.
1932
nrn
.t the Committee on
Branch, Group and Chain Banking submit to the Board a report regarding
the present status of its work, including a statement of expenses incurred and the rate at which expenses are continuing.
In accordance
with that request the following is respectfully submitted.
The expenditures of the Committee up to and including April
15, 1932, aggregated 6108,064.15, which consisted mostly of salaries.
An itemized statement of these expenditures is attached as Exhibit A.
At the present time the regular expenditures of the Committee
aggregate ip4,187.50 per month distributed as follows:
Salaries
Rent of office space
Rent of mechanical
equipment
Total
$4,020.00
115.00
52.50
44,187.50
A list of the personnel on the Committee's pay roll at the present time,
together with the salary received by each, is attached as Exhibit B.
In addition to the expenditures listed above the Committee has
paid since April 15th a lump sum of 61.722.34 to Mr. C. B. Upham, a parttime employee, for work done during the past year.
The Committee has
also made a commitment of about 62,000 to the Federal Reserve Bank of
Minneapolis for clerical assistance employed by Mr. Oliver S. Powell in
connection with a special analysis he is making for the Committee.
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Federal Reserve Bank of St. Louis
2 -M9fb
The Board
411
Dr. Goldenweiser
-2-
Maill3, 1932
In addition there will be small miscellaneous expenditures for
such items as stencils, mimeograph paper, chart reproduction, etc.
The salary payments have been gradually reduced during recent
weeks from a monthly aggregate of over :5,000 to the present sum of 44,000.
Further reductions in personnel will be made as the work approaches a conclusion, and it is expected that total salaries will be down to 42,500 per
month by July 1.
A rough estimate of the total additional cost of the Committee,
including the commitments already made, is „30,000, exclusive of the cost
of printing the reports which cannot now be estimated.
The staff has finished the following reports and submitted the to thg-MAImbers of the Committee:
'-Branch Banking in Canada
Branch Banking in England
7Statistical Analysis of Suspensions
(.Banking Costs and Profits
in the United States
±____,Sesokr-Oltengee
itil.A.4":
14
The following reports are approaching completion, and it is
anticipated they will be in the hands of the Committee by June 30, or
shortly thereafter:
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Federal Reserve Bank of St. Louis
of suspensions as
i,Causes
reports
revealed in examination
9. Agricultural c:)nditions and bank suspensions
I Obual banking system
thGroup and chain banking in the United States
/, Branch banking in the United States
2,Branch banking in California
The Board
-3-
liay 13, 1932
Dr. Goldenweiser
It is difficult to estimate the time that will be required
for the various members of the Committee to read and pass upon these
reports and to make any revisions which may be necessary before printing.
It is to be hoped, however, that the process will be nearing com-
pletion by the end of September.
A brief statement of the scope of the Committee's work and
/
the nature of the various projects undertaken was made in the progress
7
report to the Conference of Governors, November 30, 1931, a copy of which
is attached.
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
:lay 20, 1932
Ur. L. R. Rounds
Deputy Governor
Federal Reserve Bank
New York, New York
Dear lir. Rounds:
Under separate cover I am sending you today
for examination and criticism a copy of the report on
changes in the number and size of banks in the United
zitates, as prepared by the research staff.
Very truly yours,
J. H. Riddle
oecretarY. Committee on Branch,
Group and Chain Banktng.
•
•
I
FEDERAL RESERVE BANK OF SAN FRANCISCO
May 16, 1932
Dr. E. A. Goldenweiser,
Chairman, Committee on Branch, Group and Chain Banking,
Federal Reserve Board,
Washington, D. C.
Dear Dr. Goldenweiser:
It is gratifying to find that there is a growing recognition among
those identified with prospective banking legislation that a weakness exists
in our dual banking system. This weakness, however, arises not out of the
presence of the two systems but from the character of administrative competi—
tion which emanates therefrom. In this I refer to the competition which has
arisen from charter granting, in law making, and in supervision. There appears
no cure except entire separation of the two or the elimination of either one of
the systems.
From my point of view, it would not be feasible to bring all banks
of deposit into the National system; nor would the results desired be accom—
plished by having all State banks become members of the Federal Reserve System.
The question remaining, therefore, is whether it would be economically desir—
able and politically possible to restrict the two systems to separate fields
of banking, and, if so, how it could be accomplished with the least disturbance
to commerce.
My approach would be henceforth to prohibit
National banks from accepting new deposit accounts
other than those which are subject to check and pay—
able on demand; and
State banks from accepting new deposit accounts sub—
ject to check or payable without recuirement of thir—
ty days' or more written notice of intended withdraw—
al, unless such banks pay a franchise tax of 10% on
capital and surplus.
National banks should be prohibited from acquiring, by purchase or
consolidation, or to retain after conversion from the State system, deposit
accounts other than those subject to withdrawal by check and/or payable on
demand; and
State banks should be subjected to the franchise tax should they
acquire through purchase or consolidation, or retain after conversion from the
National system, deposit accounts payable by check and/or on demand.
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Federal Reserve Bank of St. Louis
••
•
•
•
Dr. h. A. Goldenweiser - - 2
The ultimate result of this procedure, while not disturbing existing
business in State and National Banks, would leave the State banks without competition from National banks for new savings buFiness and National banks without competition from State banks for new commercial business. In due course,
time dedosits would disappear from National banks. Demand deposits, likewise,
would disappear from State banks.
So that small communities would have commercial banking service, it
would be necessary to permit National banks to establish near-by branches.
To prevent united control of State and National banks, there should be
restriction upon trusteeing shares of National benks and State banks for the
benefit of the saEe stockholders. There also should be restriction upon interlocking directors and officers. The latter would be necessary so that the public
would realize the complete disassociation of interest between State and National
banks.
Recently, there seems to be a decided leaning toward departmental
banking. I think the merits of departmental banking have beenIi greatly exaggerated.
I am not disposed at this point to complicate the question of the
dual banking system by discussion of departmental banking, except to say that
i
policy.
need very close scrutiny before its adoption as a nation-wde
ou
it wld
So much stress has been placed upon the necessity for safeguarding
the interests of savings depositors that in departmental banking it has become
I
III
quite common practice for supervisory authorities to require the removal from
the savings department of asdets which, by reason of diminishing duality, no
longer comply with the eligibility requirements of the savings department.
Invariably, the procedure of divesting the savings department of such assets
is to sell them merely for their face value to the commercial department.
Such practice of transferring the burden from the savings to the commercial
depositors, common though it may be, cannot be justified.
Yours very truly,
667e
-e
)
(
771
Depuuy Governor.
cc. to Mr.
Mr.
Mr.
Mr.
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Federal Reserve Bank of St. Louis
Smead
Rounds
Fleming
Riddle
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Federal Reserve Bank of St. Louis
•
•
FEDERAL RESERVE BANK OF SAN FRANCISCO
:a
16, 19?
Dr. E. A. Goldenweiser,
Chairman, Committee on Branch, Group and Chain Banking,
Federal Reserve Board,
Washington, D. C.
Dear Dr. Goldenweiser:
Before this reaches you, Mr. Greer will have_
in
Washington.
arrived
His visit to California, I am sure, will
prove of great advantage to him and to L:r. Riddle in pre—
paring a report on Branch Banking in California.
I very much regret that it was not possible to
have given Mr. Greer more of my time, but, as you can fully
appreciate, all of us here have been engrossed in many new
and very trying problems. However, Fr. Greer was placed in
the way of meeting those who have been active on one side
or the other of the controversy in California, end it is
possible that these contacts have enabled him to get a per—
spective which will be of more value than would have been
the result had he spent more time with those of us here
who have been somewhat saturated with the development and
are strongly convinced one way or another as to the causes
and effects of it.
Yours very truly,
Dep
cc. to Mr.
Er.
:Jr.
Mr.
Smead
Rounds
Fleming
Riddle
y Governor.
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Federal Reserve Bank of St. Louis
v s:.ii
MAY 27. L932
.110swivonlEsEARcH
•'11 STATIS7ICS.
••
••
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Federal Reserve Bank of St. Louis
810 - 18th Street
Washington, D. C.
May 7, 1932
Dear Semater
The material on 1;..ank affiliates handed r.nt herewith
has, as you understand, been prepared umder i reasure, without time for careful presentation nor for correction of Inneftrecies.
Thc aubjeet is one *doh has received no formal
atOrs amd it is therefore impossible to refer to authorita-
Vivo disoussione. Moreover, it itJ not an stay subject, since
it involves not only the structure but the function of banking.
It 'Mould be comidered, therefore, in the light of that are
the actual funotions performed by banks in different countries
and in different periods, for activity in the long-time capital
market is not the only departure from deposit and discount banking. Manifestly each matters oannot be considered in brief spaoe.
Very truly yours,
C. B. Hammond.
Honorable Robert J. Bulkily
The United States Senate
Washington, D. C.
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Federal Reserve Bank of St. Louis
0•
•
FELWRAL RE SEIZATE BANK OF SAN FRANCISCO
May 2, 1932.
Mr. J. H. Riddle,
Secretary, Committee on Branch, Group and Chain Banking,
Federal Reserve Board,
Washington, D. C.
Dear Mr. Riddle:
Kith your letter of April 27th,1 I
received a copy of the report on banking costs and
profits prepared by the research staff, which I
shall review at the first opportunity.
Yours very truly,
Deputy Governor.
Y
-- .---
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Federal Reserve Bank of St. Louis
•
•
•
FEDEUAL IiESEUVE BA1VIC
OF CLEVELAND
April
29, 1932
Mr. J. H. Riddle,
Secretary, Committee on Branch,
Group and Chain Banking,
Federal Reserve Board,
Washington, D. C.
Dear Mr. Riddle:
Receipt is acknowledged of your letter of
Aeril 27\and, also, copies of the reports on bank
suspensions and bankinr costs and profits.
I am afraid that I will not be able to submit
anything in the way of constructive criticism of these
reports within the near future.
Very truly yours,
F:C :MK
. Fleming,
bar, Committee on Branch,
Group and Chain Banking.
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Federal Reserve Bank of St. Louis
April 27, 1932
mr. L. R. Rounds
Deputy Governor
Federal Reserve Bank
Wow ?ark, Few York
Dear Mr. Round::
Under separate cover I am sending you today
for examination and criticism a copy of the report on
banking costs and profits as prepared by the research
staff.
Very truly yours,
J. H. Riddle
Eecretary. Committee or. Branch,
Group and Chain Banking.
&AZ
f
•
Form No.,131
•
Office Correspondence
To
Mr. Riddle
FEDERAL RESERVE
BOARD
Date_ April 22_, 1932
Subject: Loans and investments of
Mr. Horbett
_private banks, 1914-19,31
••0
At last we have the desired figures of loans and investments of
private banks for 1914-1931, that were included 4 n our figures covering
non-national as well as nonmember banks. These fignres, which are given
below, do not represent loans a.nd investments of all private banks in
the United States, but only of those rrivate banks that were nncier s tate
supervision and had. been included in our compilations. The Comptroller
of the Currency, as you know, published figures annually covering private
banks both under state supervi sion and not und.er state supervi sion, the
latter being collected direct from private banks. I WV also sa,y in this
connection that onr fi..,11.res as ,r7iven below are aporoximate, not exact,
inasmuch as we did not have occasion to compile these flp-nres currently
S uring the past few years and, in compng them now, we had to go to the
best available source now available, which was the Comptroller's annual
reports. 'That re did, therefore, was to use the Comptroller's figures,
but only for those states in which the Private banks, according to our
best information, were operating under state supervision.
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Federal Reserve Bank of St. Louis
Date
1914 - June
1915 — June
1916 - June
1917 — June
Private •banks
,%.r 8E
30
7g
g5
1918 — June
90
1919 - June
1920 - June
1921 - June
98
105
91
1922 - June
87
1923 — June
a9- 92-
19214 —
June
1025 - Jnne
82
84
1926 - June
1927 - June
1928 — June
1929 — June
35
75 ri
64-'1
1930 - June
1931 - June
47
39
1931 - December
35
(i
54
ii
••
••
(COPY)
Date
To
Messrs. Goldenweiser and Smead
From
Mr. McClelland
April 21, 1932
Doctor Miller this morning, after reviewing Mr. Smeadts memorandum of March 31, 1932, which includA a statement that the budget of the
Federal Reserve Bank of New York for the expenses of the Federal Reserve
System Committees on Branch, Group and Chain Banking and Bank Reserves,
totaled ,036,000 in 1931, directed me to ask you to submit a full report
to the Board regarding the present status of the work of the Committees.
In this report should be included a statement of the expense incurred
by ench committee to date and the rate at which the expenses of each
are continuing, that is, number of peo[de on the payroll of each comrdttee,
Ation, rent, if any, which is being paid, etc.
and their rate of compens,
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Federal Reserve Bank of St. Louis
April 15, 1932
Mr. Wingfield
3ranch banking statutes - Wisconsin
Mr. Rorbett
,Attached
hereto is the printed 'Visconsin statute enacted on January 28,
1932 which permits the establishment of branch offices or "Receiving and.
Disbursing Stations" by Tisconsin state, ban'cs
Ne received this under
date of April 14 from Mr. R. G. Pett, 'iara,ger, 'Research and Statistics,
rederal Reserve 3an1 -, Chicago, Illinois.
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Federal Reserve Bank of St. Louis
Mr. Riddle
'7
/
LOANS AND INVESnLENTS OF ALL 'BANKS IN THE UNIT
1914 to 1931
STATES, BY CLASS OF B_
3,
(In millions of dollars)
Date
Mint,er banks
All
banks
Total I
-I
National!r
1914
1915
1916
1917
- June
- June
- June
- June
20,788
21,466
24,586
28,286
8,313
8,76)4
10,315
12)453
8,313
8,688
10,086
11,897
1913
1919
1920
1921
- June
- June
- June
- June
31,313
36,572
41,68)4
40,001
18,507
22,2142
1922
1923
19214
1925
-
June
June
June
June
1926
1927
1928
1929
- June
- June
- June
- June
53.750
57,265
58,474
1930 - June
1931 - June
1931 - December
76
229
12,475
12,702
14,271
556
15,833
14,594
6,530
13,306
15,712
24,121
17,547
15,395
8,012
8,226
39,956
143,737
145,180
148,830
24,182
26,507
27,167
29,918
15,705
16,805
17,058
18,293
8,477
9,702
10,109
11,225
18,013
19,312
51,962
31,184
32,756
35,061
35,711
19,159
20,237
22,062
21,1457
12,025
12,919
12,999
14,254
55,022
35,656
33,3
21,749
20,825
50,097
30,575
19,09)4
58,109
•I)
25.559
13,913
3.979
4,040
4,221
4,500
4,489
4,828
5,308
3, 9
8,66
10,05
11,33
8,817
5.699
9,502
10,81-0
10,181
6,010
6,548
6,993
7,534
9,764
10,682
11,020
11,778\'
20,994
22,204
22,763
3,030
8,538
9,?63
9,577
12,3)481
12,406i
12,941i
13,186!
13,907
13,098
22,453
21,099
9,768
10,526
12,685
10,573
11,1482
19,522
10,1495
1)4,330
16,125
15,880
15,77)4
17,230
20,373
9,027 '
M.Vitt
-1
"
-I-fretcmlfrs-
FPIDEAL RE'SRIrT BOARD
DIVISION OF BANK OPISITIONS
APRIL 12, 1932
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Federal Reserve Bank of St. Louis
State
Ncnmember banks
Mutual !Exclusive of
Total
-leavings !mutual,
"avi rig_
t1t.5iranit--rfterttrvrs.
/
7-
(2)
csi
r
I
t's
Z; •
",/ •
4
r
;. '
t•-•
••
rlef.
ensi,we fcyr
)'
•
!e co-
t for ,7 -Iti•.:01r..1 Upnkr...
-urinp; the
f,A 7 ed.
exitence in
dur1 -71
A
te member t;enl<r,
cent JiEte
PUP.
pr.s
3 per oe-lt
the 1Fct r'ecr!de
the tot1
-
zezo in
r-tO of failu7Pee rall:yed fro
I -olu:Ibia to 71.7 pPr cent
1.•
e
illrer
(•),-ri
•
r
:•:t,
been la,L)..- rox'
ec&ce
V
1Lr
It - yrn -,,o11tc6 out -1r.o
7).1-7
n
e, 4•‘••
'
t-Lf'
(ecat',e
enke of -,:,5,000 c.:itr- -1.i:ati',..)n or lere an(I E
ith
P
calitelizetion uneer
1)0,030, th[t t
;.11ingion
er cent
n, t):ore
erce-t, e of fail-
re e varied invcrrey with the cize of the ton, 40 onr cent be-
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Federal Reserve Bank of St. Louis
2-
•
5,,.-.1.D0 orlErr;
a oo-nilr:tion
c1...„-,oYe of co-,reinl
1Y21
filurc,r1
of
4
'f!
ler cent
tan SOO
le
in
o±'
77'.•7!:
1....z.„e ?no
.;
t
!"
ts.-..PT1 4.7 "fi
4
1:71
of
Out
C
cs
t
ti2.!;-r thz-A
Tf
1,17- tory.
It
nointed
1i7j;)Cit1or in or):, -(.7:1 rre- bbrk
,7-1:7!o
:(.77,(211 trir rt?rnective
'luctute to
frAllIrFs
ciL.pr of fl-ilures
',Peke n t the Ram. time, and
ctone ti.
-`,7;:.
If:
1
P caure pnCru1t
ir
f
1rL.ç
1.,...telce of t
at te.
by
of
fe'.;
I. 1.ch
oorstr7.t,
if?
ET.
yrte-:, t.,o)(. 7' to *
ve very little
relcti)n to coinPreinl
It
',;43
of brlk
k•4
4;1
c,r!erte0 t1.1:,t the crxer of 7.oe
tn tills country :'.ore
1,4
-lencimeni number
ulsair,e r1iv17:Aon of our
.1.•••.,
-
their rernectiv
;te cretin
,-,er cent of VA:,
,)f the c.!,112ntry tioleinf,; only half tile t-mrk.17
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Federal Reserve Bank of St. Louis
tt there a.re too mtycp
r
'
-3non-commercial brnki,v rctivitiee by mlwercial i)enke t'Lrouh the
use of inveent r
other non-comercirl br kin!, :_ffilintee which
have been attached to conmercirL1 rake in recent yeErs; the -.tea.dy
increase in the proportion of time Ls
ninst demend de-osits with
,parinl.-r, in thf, reserve ( -ructure; the LiAt unit costs of a
ner cent of them onersting
n•
t
,.„ 11 trP;
ineeu-te
(ler:
for the control )f credit
lr e:rective
rtchtnirm
-eerve ,711t1:)ritiee;
nrincinles to .,7u1de in
credit; arWtne fet tht our bing etructure is
the control
not linke6
licterizen most
_
mr
ith
in4ernetionel clesril- mechnniem like
thatnrovided by the mnk for Tnter,irtional 'ettlements.
,mk failures, but
Certain other fctors contributinG to 1),
Which lie 16ge1y ontsi(, the scope of banking, were said to
have been the r)bnor1 production in certain very important basic
industries, ts in tLc, cr,se of Whet, induced by the demrtnee durir
the Iforld
,ar; the distorted production and conrequent unplc-Isant
rer,djustments which hmve been the result of v7:rious unsound 'ricefixing schemee; the dietortion of forei6n trade ; -ad of the world's
gold euo;Ily .E1 a result of debt and reparation paymente and the
erectixl of tariff barriers; the fostering of an unusual amount of
oroduction as A result of the abnormal develonment of installment
curchasing; and the rhifting of business from small to lsrge busi.
nes, centers and unite.
It was held that Us way sal meld be fbummi, assuming
that we tre willing to filoa the problems frankly,
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Federal Reserve Bank of St. Louis
bringinL
L.L
-273,ns
it In the Terlerrl ,
n11 corci.77 bn.n'rrn. into nFtional
nine nrtional
nkIn
trActure
rve -y,
te; in converting
,717;r no tl ,t
h1tV. tre r.,A'fr:ctive crrying
ut of n;%ti)nal nne iltrnrAiomA m)ncy,
c-1 'liclies; in penaittin*„c Oranch
to
yh7,ve rren-
yr(,eit, and fieort,fer7bly confined
-eert1 recerve cAstriots for the present, -oith the .- 7:+of, ibi1ity
!ti')n-wt,"n 1-,n7nch balkin4 .in ti; in working out better pro,orc)1' n,
tions of tlie ;unts of the different '
,7inds of -,7T,er, pLrticulrly
rediscountble .7per, which sloud be :Ield by nemter bnnka; in
doiru4.; nothing to imnnir the licuidity of the 7ederfl reserve bpnks;
in
rininc; non-corc.Ltkl bing affilietes under the control
of tl- s
.1.1tottien if it le not found prefersble
to sever thse
flout the comaercica banks; in olncilv
thrift rtnd sevine
,:unts uner the spae restrictions
yeetmentft
lid to r-'nvins, tanks with u negregEAiln If
_*
FIS
pre
CP
to in,-
-cc4, or in the :Inintenance of deposits, or in s combinntion
of the two correctives; in
ivth
the
notroller of the -Airrency
authority to examine and exact reports from every Chain and
roun biking system thl.,t is interstate. in chcrecter or in which
a nationnl bank is one of the units; in takir4; other Fteps to improve our systeLl of Wink examinations; in removing the obettcles
to credit control which are inherent in the Federal Reserve System
by revising our reserve requirements and by participating in an
international clearing fund; and in developing the proper principles of credit control and in making a special effort to educate
the public regarding them.
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Federal Reserve Bank of St. Louis
It was thought that there was cone/.
bIf -te.A.t in
- ve
T--.1Lc1 to reTif:
T. edlco;Int
i.setd
cte
7);
lyin
cr.nrer
tc
clu'T(2
De
rf.' .yvrd A.ritil
frow unwise nrioe—fixl.nv-
to
(neriru .i.
orvt more ens.
chemen; thrt
ct..)
tit
r;
the c:n.e71-
the
refrrn
f17:
lihtened tariff
of
of
1:
v7r1d fir Cs
loTe
to
ENdlle
r well
1)7,;e
611:meteri7.c. te ,,v7ns1on ?(,riod of the
oto;
other
1
ct
o' trg.!i
the ouo]ic
hdd
1APtitutil:- o
nen
e1'- tive ty, t
trt
v. riotx
the lAlrinene nycic
le(:C
UP
estiter,
ye co7-cr1lted to tc
into crires.
.!:!;13P1tOTP
t ovcx
rcrt t.)'?l of .AnretL
durin
dollars of deooeits in filt-(1
1.7 ti7lion
yerirs l721-192
that
lores, nne thnt fmiled
not less than 114,000 shnreholdere suffered
roltitely
dation f
brmks during thie 7)eriod enfroed lioui
loane.
two billion dollnrs of loans -- chiefly small
During the
respects has grown muCh
last two years the situtian In all three
worse.
fects regt,rding
It .7,.as urged, as a result, that the
bank f;dlures are
P
sufficient answer in ttemmelves to thome Who
ion and that
insimt thmt the laws do not need revis
the nrese,
correct Viese cieiece emmi
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Federal Reserve Bank of St. Louis
,11,1
oulst:Lvet„
1 -Or .1-, r1rAst to
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Federal Reserve Bank of St. Louis
This table was omitted in lunt revision of
Bank Suspensions in the Ti. S., 1892-1931
Table 45 - Per Cent of Claims Realized by Depositors of Completely
Liquidated State Banks in States with Guaranty Deposit Funds
•
State(1)
Number
Date
of State
.1.1
-0
. ed banks
or incomofera- pletely
tiveCO
liqui-
Pay- Per cent Other
Claims
ments
of
payments
(excluTotal Per cent
from
paymmts
(exclusiveof
payments of total
sive of
offsots) gliarantY from
payments
(000
fund
guarantyoffsets)
MO
claims
omitted)
to
0;.7.6.thKu
(000
fundto
(000
dated(2)
omitted) claims omitted)
Kansas
3-14-29
Kississippi
(3)
Ilebraska
3-18-30
North Eakota4- -29
Oklahoma
3-31-23
South Dakota7- 1-27
Texas
2-11-27
Washington 6-11-29
Total
•
•
•
O."
•
122
2
15
35
46
'23
23
32
$18,365 $2,043
309
211
2,946
1,812
2,769
118
2,979
4
3,023
714
1,747
2,266
17 727
845
11.1
•68.3
61.5
4.3
0.1
23.6
77.5
4.8
298
$50,334 $7,494
14.9
$10,491 $12,534
309
98
2,946
1,134
653
771
1,286
1,290
1,142
1,356
163
1,910
12,070 12 915
27,037
34,531
Per cent
of total
payments
made from
guaranty
fund
68.2
100.0
100.0
27.8
43.3
61.3
34.3
72.8
16.2
68.3
61.5
15.3
0.3
36.5
91.5
5.4
68.5
21.7
(1)In all eight States
guarant7 funds were in operation in 1921.
(2)
At the time the suspension schedules were -.prepared for the Committee during the
latter half of 1930 and the first half of 1931. Figures do not include banks
not reported as completely liquidated, even though depositors had been paid in
full. Such cases amounted to 67 in Texas (unsecured and non-interest bearing
deposits only), 10 in Mississiyoi, 2 in North Dakota, and one each in Kansas,
Nebraska and Oklahoma.
(3)Not repealed, but inoperative in 1930.
Total payments to depositors from deposit cuar.:zty funds in all
completely liquidated State banks during the period from 1921 to 1930 aggregated $7,494,000.
This was 21.7 per cent of the payments in the eight
States in which these funds were operative, and 8.2 per cent of the payments by all completely liquidated State Lanks for which the amount of
payments is available.
If this sum is deducted, the average percentage
of claims realized by depositors in completely liquidated State banks is
reduced from 58.3 to 53.5 per cent.
This compares with 49.7 per cent in
completely liquidated national banks.
Losses EL
Size of Banks. - The distribution of reopened, takenover and completely liquidated banks according to
SiZ3,
as -oresented in
Table 46, shown that depositors in banks udth over $1,000,000 of loans and
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Federal Reserve Bank of St. Louis
/./
Prior Liens on Assets per $100 of Deposits .
Further light is
thrown on the assets of a bank by "of inspection of the prior liens against
its real estate loans and real estate owned.
Prior liens on assets are
practically a contingent liability of a bank, since it is sometimes necessary for a bank to pay these prior liens in order to protect Junior mortgages or equities in real estate.
Prior liens, therefore, constitute a
potential claim against the assets which otherwise might be used to pay
off deposits.
This is tise reason for comparing the total of prior liens
with tAlk total 9( deposits.
Chart 3 shows the median histories of prior liens on assets of
the banks which later closed as compared with the group of active banks.
The figures are given in Table #. At the beginning of 1920 the goadbanks anci—taa-peer-beertka were in the same position in regard to prior liens
on assets.
At that time neither group of banks possessed many junior mort-
gages or much real estate subject to mortgage, and the typical banks had
none.
However, the difference in quality of loans betwo."a-eeeeeesfe4-4enks
andrAtauks-whi-cits
to-f-eil-i soon began to appear.
Prior liens on tne assets
of both classes of banks increased in volume, snowing tnat these banks were
finding a number of their loans in need of security, and that the primary
security in the form of first mortgages was held by other parties.
Later,
many banks foreclosed on loans and seized the real estate security subject
to prior lien.
The significant feature is that the banks failing in the
earlier years riad a larger volume of prior liens and that the unsuccessful
banks were unable to reduce the volume of contingent liability due to
prior liens, whereas the waecaseful banks reduced their prior lien liability
to an insignificant amount in 1930.
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Federal Reserve Bank of St. Louis
•
•
Table ji- Prior Liens on Assets per $100 Deposits
1/
(,- iUccesgful banks
120 weeperitted 105 4,4110MOOF
33 active
Date
banks
banks
banks
1921-19)
1931 41
1920-1st half
1920-2nd half
1921-1st half
1921-2nd half
1922-1st half
1922-2nd half
1923-1st half
1923-2nd half
1924-1st half
1924-2nd half
1925-1st half
1925-2nd half
1926-1st half
1926-2nd half
1927-1st half
1927-2nd half
1928-1st half
1928-2nd half
1929-1st half
1929-2nd half
1930-1st half
1930-2nd half
1931-1st half
_
t 1
2
5
5
7
8
10
10
8
9
8
8
9
8
7
9
8
7
9
,
_
_
t 1
1
1
2
2
2
2
3
3
4
4
t 1
3
6
4
4
3
4
4
3
3
3
4
4
4
2
2
2
1
1
1
In the banks which failed in 1921-1930, the amount of prior liens
on assets increased to 10 per cent of deposits in median cases.
In extreme
cases of individual banks, the prior liens increased to 93, 98, 1C3, and
135 per cent of deposits.
It is true that a portion of the increase in
these percentages was due to a general decline in deposits.
Nevertheless,
the large volume of prior liens constituted a heavy contingent liability.
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Federal Reserve Bank of St. Louis
In the ymmuseesefirt- banks which closed in 1931, the experience
was that the typical bank had no prior liens on assets in 1920, 1921, or
1922, but that the volume of prior liens increased steadily thereafter,
reaching 4 per cent of deposits in the last half of 1930.
This highest
median percentage was not a serious contingent liability and it, therefore, appears that prior liens were not as important a factor in the failure of banks in 1931 as in the failure of banks in the earlier years.
Never-
theless, the rising total of prior liens in the 1931 failed banl,s was in
decided contrast with the trend in the typical active bank.
Since this
ratio is based on data gathered from examination reports, there is no
comparative record for all operating member banks outside of central reserve
cities.
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Federal Reserve Bank of St. Louis
CHART 2
PRIOR LIENS ON ASSETS PER 100 OF DEPOSITS
DOLLARS
DOLLARS
10
-r•
i
•
•
•9
•
•
I
/
i
•
I
8
7
6
5
i
4
•3
I
I
I
i
I
S
•
.... -•___
I
t
•
•
•
•
•
•
•
•
•
2
1
120 BanKs
•
•
• Suspending in1921-1930J.
•
is
••ss
• •\I
,
•
•
• s•
• s
••
i•
•
•s.,-.
.
.
.
•
v
.
•
•
.
. ••
•
• •
\II
•
•,
10
9
8
7
6
5
33 Active BeinKs
4
3
2
105 BanKs
Suspending in 1931
0
0
1920
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Federal Reserve Bank of St. Louis
1921
1922 1923 1924 1925
1926 1927
1928 1929
1930 1931
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Federal Reserve Bank of St. Louis
Answers returned by various group banking institutions to question #6 of sec. V of group banking questionnaire.
6.
What in your opinion is the major cause of failure of so wary banks in
rurn1 oommunities?
SUGOOSStiny in
Will independent unit banks be able to operate
.aost of these communities in tho future?
If not. do you
think group banks can safely furnish deposit and credit facilities to
such communities or can they be more satisfactorily taken oars of by
branch banking systems?
aoston. -"Impossibility of obtaining loans
4Piret jationelsank
that are self-li uidating. Independent unit banks are at a die.
advantage. Group banks onn safely take oare of all needs but
branoh banks would be meek better."
Hartford Connecticut Ounoacy. -"Poor. management - only by oorrecting
their met ode. The group banks, I believe, can supply the best
facilities.4
ahawmut .Association. - "Management.*
Trust COWDOAY.
.4orcester
management. b--Think not.
warrants any bank.*
"am-One class of loans and quality of
c--Either one. If gime of comwunity
-
Merin, kiancorporatioev - °The principal cause, in our opinion, of failure of
so many banks in smaller rural communities is that their deposits are
mot of sufficient sise to enable tkma to operate profitably, their
risks are too concentrated and their management is poor. We see no
reason to believe that these fundamental conditions will change with
respect to the operation of independent unit banks In the future.
As a matter of fact, many small communities are becoming less attractive as locations for independent banks beeanse of the changed
character of their business life and becalm* good roads attract
business and deposits to larger centers. ften local savings are
„gravitating to larger cities, attracted in many cases by high rates
offered by so-called mutual institutions. In addition, the public
will, we believe, become increasingly skeptical of the small outlying independent bank, because it recognises the bank's limited
opportunity for success. A branch banking system is unquestionably
the best adapted to serve such communities.°
Mai ilational Corporation. - °In our opinion, the dajor cause of failure
has been prtmarily, incompetent management coupled with small capital
and more banks than were justified by the size of the community,
creating disastrous and destructive competitive practices. Independent
unit bents, if capably maaaged, and with the advice and assist:ace
of a strong city connection, should be able to operate successfully
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Federal Reserve Bank of St. Louis
-2 -
in most of these communitins in On haunt. However, is also believe
that group banks such as ours, can safely furnish deposit and credit
facilities to such communities as well as, if not bittter than, branch
banking systems where credit control is at long range."
Pirst Security qnrporation 2/. Ogden. - "In the main, bank failures in small
rural communities can be attributed to management and lack of proper
financial strength to take care of mistakes of such management. Sometimes these mistakes have been aggravated by economic conditions, and
In some instances local conditions. It is our opinion that unit banks
will not be able to operate with any greater degree of 'moos, in the
future than they have in the past; in fact it will be more difficult
for them to survive conditions of keen competition in the future than
it has been with the competition they have been experiencing in the
past.
"Group banks with centralised management
resources can safely furnish deposit and
of the small communities; however, it is
car serve smaller communities than can a
still return a satisfactory profit."
and control and adequate
credit facilities to most
our opinion that branch banks
bank belonging to a group and
First posttlo Dexter Horton National. Ama. • "(a) Mismanagement, lack of
diversification and overbanted conditions resulting from liberal attitude of supervising agencies in granting charters in the past, together with the eagerness on the part of many small rural bankers to
show large earnings often involving inferior investments, for the
purpose of high yield or profit.
(b) Believe that was; unit
not sufficiently important
supply deposit and nominal
believe they would be more
banking."
banks are operating in rural communities
to support a unit bank. Group banks might
credit facilities to such communities but
satisfactorily oared for through branch
sai National
Corporation. - "Injudicious credits. Depends upon their ebiliW
to make sound loans and operate at a profit. Group banks can furnish
bettor facilities, through availability of sound, dependable advice.
Branch banks might operate equally as well as group banks."
gutted ltstits ilational Corporation. - "Inefficient management, declining
deposits, more convenient transportation facilities to stronger banking
institutions."
Pacific Binogrporation. yepublio National Comnany. - 'Inefficient management primarily, resulting
in failure to recognise and alter methods with altering conditions;
and., socondarily, Insufficient capital and inability to obtain sufficient assistance under unusual conditions. Only with efficient managemint can they be expected to do so in most of the larger communities
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Federal Reserve Bank of St. Louis
Ii
and cannot do so in many of the smaller commanities now served by
independent beaks. fe think the ultimate solution lies in branch
banking but under the present State laws this is impossible and. in
the meantime, group banking offers the opportunity of supplying mesh
batter banking facilities than exist under the present unit system.*
"Uost of the bank failures of this
Southwest RSA Pare Cornorotion.
state. have been *eased by incompetent management, deflation period
following the close of ths war; in some instarwes poor crop conditions
and low prices aggravating the situation, but we are of the firm opinion
that the first mentioned is the principal reason - incompetency. Included in tha definition of "incompetenny" we would say, first. ignorance of fundamental principles of banking; second, desire on the part
of the officers of the bank to make money for their own account; nnt
necessarily illegally tnvolviag the bank. but in cArrying on their own
operations and neglecting the affairs of the bank; merely making it
a place for their trading operations. Independent unit basks officered
by honest, capable men•ave
h
succeeded in commanities where crop failures
other disasters have prevailed and ehere meet tanks have failed.
*Itch leads back to the conclusion that the success of banking business, either independent, pomp ordlbervise, depends on the capability
of the management. 4e believe our supervising authority selects bettor manag1 Iement - in fact we know we de, than the average Begird of
Directors select to operate their bank. We bate one rather inflexible
rule, that our beak officers are not pvnritted to mime as a side
line in mercantile, agriculture, live stock, oil, or any other line
of business."
Keystone Corporation. - "We think maey of the failures of bash* in small
rural communities are the direct result of low earnings. resulting in
inability to absorb even a reasonable amount of credit losses. The
small earnings result primarily from the following:
(a) Too many banks.
(b) Allowing customers to maintain unprofitable banking
connection.
Difficulty
in employing excess funds in safe line* of
(c)
investment.
(d) Insufficient business to Allow for employing adequate
talent for bank operation."
Tina National Investment Corporation. - "Improper diversification and
poor management."
Northwest Dancqrporatinn. - "The answer to this is fully covered in the attachirebonllet. Coming from an independent source I believe you mead
rather rely on this information than on what we might furnish."
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Federal Reserve Bank of St. Louis
- 4-
yirst ANA ‘stock Cc ort1on. - *Group beaks can furnish proper credit
facilities to the stall rural communities, except where the communiti
is too small to support a bank of its own, and too inaccessible to
communities large enough to support a bank. In such cases, a branch
would provide the banking facilities to which they are entitled."
1.2;& Sham Conaratigg. - "Apparently the principal direct cause of tank
failures in this community has been poor bank:management. Iam inclined to think that satisfactory service can be performed in our
community either by imdependent unit banks, by group banks or by
branch banking system.
Rational Reaublic Bancorporation - 0141 are not operating in rural communities."
iletqher Owings at Trust Company. - "A concentration of control over business enterprise and the consequent withdrawal from the country to the
city of profitable business is in our opinion a major cameo of failure
of so mazy banks in small rural communities. We do not say that this
canes is more important than the trouble which has arisen from agricultural depression, but in our opinion the former cause is a more
important reason why independent unit banks will not be able to operate
successfully in many of these oases in the future. As believe that
a group or branch banking aystom does have a better chance to furnish
deposit sad credit facilities in these communities because by so doing
it can feed Dewiness into its central institution which will reap a
profit comossourato with the services rendered."
911Ordisa Delpott ;Woo Wm. Incorporo)pd. - "The major cause of failure
of so many banks in small rural communities we believe is attributable
primarily to poor mmmegement with crop failures and other causes secondary. Communities of lees than 10,000 in population can be better served
by branch banking. It is in our opinion problematical Whether independent banks in communities of less than 10,000 population can survive
over a period of years. 44) believe a branch bank in a rural community
can safely furnish deposit and credit facilities at a reasonable profit
over a period of time more at ieuctory than an independent unit."
territory is concerned,
Wisconsin Bo1ke4pres CoKnorgtonL. - "As far as our own
morliquid
the cause is too liberal extension of long-tern credit as
mortgages, and the
types of security, the deterioration of certain farm
seeendary reserves.
ill-advised purchasing of securities for primary and
to operate
continue
will
independent
beaks
In our opinion, well managed
Which
'communities
mazy
course,
of
in the rural community. There are,
served by
should have adequate banking service, but which cannot be
unit or group leeks.
Branches would prove a great help in such cases."
Atlantic Trust allem - 'In our judgment, the major CanAS of bank failures
is inefficient mmmagMment. Small independent banks cannot have sufficient
inoome to employ the quality of management well run banks most have.
and credit
Propprly orilAni""4.00qP,banks can ;shay familia deposit
faculties to tife =drier communities, but those can be more satisfaco .rily
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
taken care of by a branch banking system."
- 5-
The pirstSationa1,90104AY ItAirminabsik. - "fa believe that incompetence that is inexperience, lack of edncation and training has caused most of
all rural communities. I think I might best exthe failures in the
plain this with a remark that was made at the opening of a small bank
several years ago *here the president mentioned that the cashier of
another bank controlled by him, some twenty miles away you'd serve
as the cashier of the new bank, certainly for a While. Fe said,
can't afford to _ow $150 a month to some one to make loans here."
ea.
The independent unit bank where smell, finds it difficult to effect
a continuity of good management. One officer usually fixes the
policies and executes them. A good president or cashier might be succeeded by another officer in the event of death or removal, and the
bank may be seriously involved before the directors realise it. Where
only the one officer is in control, he naturally dislikes to admit his
failures and mistakes.
'b.
The small independent unit is finding it more and more difficult
to keep denosits at home.
Also it is more difficult for the small independent bank to keep
their funds working. Seeking yield, so often they develop a mass
a slow real estate loans. Pregnantly their policy is a baOk log of
loans of this type, using their borrowing facilities to take oars of
seasonal demands and fluctuations in deposits. I think a branch bank
proverb reaulated by national or state banking departments cantata
care of the mall community more satisfactorily than group banks or
independent banks."
go.
ponthern HoldingCompanY. • °Our opinion is that the major
Citiseni
cauletteso many banks failing in rural communities is mismanagement
or the lack of competent officers in the banks, and through investment tn non-liquid loans. The success of independent unit banks in
the future in most of these communities is doubtful as the earning,
of those banks are not sufficient to give them competent management.
le believe that group banks can furnish deposit and credit facilities
safely to such communities, but we consider a branch banking system
as the most satisfactory one from every angle."
4amilton falional Associates, Incorporated. - "A multitude of reasons; too
many beaks, peer saaagsmint, inadequate capital, wrong loan policy,
we would state as the major onuses. we believe these small banks will
continue to fail. we do not know whether independent unit banks will
be able to operate successfully in most of these communities in the
future or not, but are inclined to doubt it. Si are of the opinion that
the banking needs of such communities can be more satisfactorily taken
care of by branch banking than otherwise."
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Federal Reserve Bank of St. Louis
-6
?oplas-PittsOurgb Trust ,9011041141 - '40 feel that s number of such oommunities flavor justified the establishment of banks, and the banks could
never afford to pay for competont managament; branches located within
reasonable distance from main office would probably in more efficient."
BancOhlo Corporation. - "There could be a combination of both group and brut&
banking, by parmittingccurtr-wide branch banking, the member of the
group in tha county ..at having said branches. This would be practical
in our opinion for both the group bankers and the unit bank."
marpus attionk Corporation. - 'In our opinion, the major cense of tho failure
of small local banks is lack of efficient and capable management, and
a socendiary ammo* is lack of earning capacity due to small capitalisation and small deposits. Independont untilbanks in our opinion will
find operating conditions increasingly difficult and less profitable
in the smaller communities as time gees on. We believe that branch or
group banks, properly managed and located, would be able to better
conditions, safely take care of deposits, and furnish adequate credit
facilities to the smaller communities."
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
••
•
•
/
FEDERAL RESERVE BANK OF SAN FRANCISCO
April 12, 1932
Mr. J. H. Riddle,
Secretary, Committee on Branch, Group
and Chain Banking,
Federal Reserve Board,
Washington, D. C.
Dear Mr. Riddle:
Receipt is acknowledged of your
letter of April 7th, together with copy of
the report on bank suspensions as prepared by
the research staff, sent me for examination
and criticism.
Yours very truly,
Deputy Governor.
April 11, 1932
Mr. Riddle
Ir. Upham
I am sending to Miss Hamill the to last chapters of the
group banking study for typing.
Chapter XII, on failures, was pre-
pared prior to my receipt of the chapter on that subject, aa revised,
by Lambe, but I suggest it be typed anyway.
There is a good bit of
material in LEcke's that is not in mine, talon from the Committee's
statistics on failures. 'Perham) the tm) can later be combined.
There is still roam for a good bi:t of work on the manuscript,
and I shall be glad to cooperate with Mr. Blattner and you in the revision.
There has been each a change in group banking and in the opinions
of its operators within the last year or two that I think consileration
should be given to omitting a good lany things from the questionnaires
which are scarcely apropos any more.
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Federal Reserve Bank of St. Louis
I shall talk to George abut that.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 8, 1932
Mr. Richard H. Garlock
449
View Avenue
Orange, N. J.
Dear 11r. Garlock:
I am sending you herewith a copy of our statistical analysis of suspensions and hope you will let us
have the benefit of nny suggestions or criticisms which
may occur to you.
You understand, of course, that this
material is not being published yet and that this copy i:i.
for your own personal and confidential use only.
Very truly yours,
J. H. Riddle
Secretary, Ocunittee on Branch,
Group and Chain Banking.
Enc.
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Federal Reserve Bank of St. Louis
••
••
FEDERAE RESERVE BAN-s_
OF CLEVELAND
April 8, 1932
Mr. J. H. Riddle
Secretary, Committee on Branch,
Group and Chain Banking
Federal Reserve Board
Washington, D. C.
Dear Mr. Riddle:
I have your letter of April 7
and wish to acknowledge receipt of the report mentioned therein on bank suspensions.
Very truly yours,
Deputy Govenor
1111.1F:IK
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Federal Reserve Bank of St. Louis
April 7, 1932
Mr. L. R. Rounds
Deputy Governor
Fedel-al Reserve Bank
New York, nor York
Dear kr. Rounds:
Under separate cover I am sending you today
for examination and criticism a copy of the report on
bank suspensions as prepared by the research staff.
Very truly yours,
J. H. Riddle
Secretary, Committee on Beanch,
Group and Chain Banking.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
narch 19, 1932
Mr. Richard I. Garlock
44S Ut. View Avenue
Irankm, rew Jersey
Dear 1,:r. Garlock:
I have taken up with r.r. Horbett and Ir. 6:aead
,sion
the question as to the availability of weekly LIzsre-,,
figure's.
Ther renort that weekly figures hrve never been
made available and that the only figures given cut by the
, ppear ir the Bulletin.
Board are the monthly ones which )
hope to have the suspension report Ameographed
within a week or ten days.
kind yrsonal regards,
am
sincerely yours,
J. H. Piddle
Secretary, Co=ittee on Branch,
Group and Chain Banking.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O.
••
FEDERAL RESERVE BANK OF SAN FRANCISCO
March 17, 1932
Mr. J. H. Riddle,
Secretary, Committee on Branch, Group and Chain Banking,
Federal Reserve Board,
Washington, D. C.
Dear Mr. Riddle:
The report on Branch Banking in England,
referred to in your letter of March 11th, has been re—
ceived and will be reviewed as soon as possible.
Yours very truly,
q_,
/
_
/6w1-
Deputy Governor.
cc. to Dr.
Mr.
Mr.
Mr.
Goldenweiser
Smead
Rounds
Fleming
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Federal Reserve Bank of St. Louis
RECONSTRUCTION FINANCE CORPORATION
FEDERAL RESERVE BANK BUILDING
CLEVELAND
March 14, 1932
Mr. J. H. Riddle
°ecretary, Committee on Branch
Group and Chain Banking
Federal Reserve Board
Washington, D. C.
Dear Mr. Riddle:
I have your letter of.
March 11\and wish to thank you for the copy
of "Branch Banking in Eng1and.---7
Very tru4 y urs,
/lItaa8g•elm,
IJF:HG
12, 1932
Dr. Goldenweiser
Mr. Riddle
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Mr. ?ole asked me on the telephone if we had any information of this kind in our earnings study and I think we
ought to get it for him.
I hope the letters can go out today.
Letter sent to all Federal Reserve Agents
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Federal Reserve Bank of St. Louis
L
- arch 12, 19:32
Mr. R. L. .-ustin
Federal eserve Agent
Federal Tie serve Bank
Philadelphia, Pennsylvania
Dear Mr. Austin:
For the purpose of assembling certain requested information in connection with proposals for guaranteeing bank
deposits, we hnve prepared the attached tables calling for three
items to be taken from the "knalysis of Bank Earnings" schedules
which you prepared for the Committee last year. You still hold
these schedules in yoir files and the items desired are J., K.
and r. on page two. You will note that the tables call for aggregate dollar amounts for all national banks in each size group.
This entails arranging the analysis blanks for each year by size
of loans and investments, if they are not already so arranged,
and then tabulating the figures for each year for each size
group. In the case of each item a separate table snould be
prepared for each State or fraction of state in your district.
In view of the purpose for which these data are
needed it will be appreciated if you can expedite the compilatione.
7ery truly yours,
E. A. Goldenweiser
Chairman, Committee on Branch,
Group and Chain Banking.
F,ne.
F. R. District No.
Federal Reserve Committee on
Branch, Group and Chain Banking
State
Loans and Investments(1) of National Banks
by Size Groups
(aggregate amounts in dollars)
Size groups
loans and investments
1926
1928
1927
_
Under $150,000
$150,0004249,999
250,000-499,999
500,000-749,999
750,000-999,999
1,000,000-1,999,999
2,000,000-4,999,999
5,000,000-9,999,999
10,000,000-49,999,999
50,000,000 and over
Total all groups
(1)
Item
K. r-
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Federal Reserve Bank of St. Louis
2, on the "Analysis of Bank Earnings" schedule.
1929
IMO
.1w
F. R. District No.
Federal Reserve Committee on
Branch, Group and Chain Banking
State
Net Addition to Profits(1) of National Banks
by Size Groups
a
.
__Size zroups
loans aril investments
1926
re ate amounts in dollars)
1927
1928
Under $150,000
$150,000-$249,999
250,000-499,999
500,000-749,999
750,00C-999,999
1,000,000-1,999,999
2,000,000-4,999,999
5,000,000-9,999,999
10,000,000-49,999,999
50,000,000 and over
Total all grours
(
Item J. p. 2, on the "Analysis of Bank Earnings" schedule.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1929
1930
F. R. District No.
Pederal Reserve Committee on
Branch, Group and Chain Banking
State
Gross Deposits(1) of National Banks
by Size Groups
a
Size groups
loans and investments
1926
re ate amounts in dollars)
1927
1928
Under 0.50,000
0.50,0004249,999
250,000-499,999
500,000-749,999
750,000-999,999
1,000,000-1,999,999
2,000,000-4,999,999
5,000,000-9,999,999
10,000,000-49,999,999
50,000,000 and over
Total all groups
(1)
Item N. p. 2, on the "Analysis of Bank Earnings" schedule.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1929
19:',
—,rch 11, 1932
Mr. Horbett
Mr. Riddle
I am returning to you the following examination reports
which you were good enough to borrow from the Comptroller's office
for our use a few days ago:
Name of bank
Monongahela Nat'l Bt.
Irving Park Nat'l Bk.
First National Bank
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Federal Reserve Bank of St. Louis
Location
Pittsburgh, Penna.
Chichgo, Illinois
Merrill, Iowa
Date of
examination report
3-16-1931
11-24-1930
8- 8-1929
6-25-1930
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March 11, 1932
Rounds
Deputy Governor
Federal Reserve Bank
New York, 179W York
Dear Nr. Rounds:
Under separate cover I am sending you today
for examination and criticism a copy of the report on
branch banking in England as prepared by the research
staff.
Very truly yours,
J. H. Riddle
5ecretary, Committee on Branch,
Group and Chain Banking.
Form No. 181
Office Corresponteke
yr. Kimball
To
From
FEDERAL RESERVE
BOARD
Date
41
March TO, 1_932
Subject:_
Mr„. itceleLlansi
•I•
2-8496
This refers to the Federal Reserve bystem Committee which was ap—
pointed to make a study of branch, grou and chain bankinv W. not to
"4volve a progra1lS-TWIT81515i2RUffecDoctor E. A. Goldenweiser, Director of the BoIrd's Division of Re—
search and Statistics, is Chairnan of the Committee and the members
are: Mr. E. L. Snead, Chief of the Board's Division of Bank Operations;
Mr. L. R. Rounds, De)uty Governor of the Federal Reserve Bank of No York;
Mr. M. J. Fleming, Deputy Governor of the Federal Reserve Bank of Cleveland;
and Mr. Ira Clerk, Deputy Governor of the Federal Reserve Bank of an
Fr ncisco.
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Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
:arch 7, 1932
2.1r. R. C. Effinger
%rice ?resident
Irving Trust Company
1 Wall :Aet
Few York City
Dear ir. Effinger:
1 ::ish to express to ycr the th:_nks of the Cowmittee for letting Lir. Garlock come down to .:hington for
n few clays to assist us in the final stages or the report
on which ha had been working woile with the Coanittee. His
services •- Aere very useful to us, and 7/e appreciate your
courtesy and cooperation in relasing him from his daties
there.
\tory truly yours,
j. H. Riddle
Secretary, Committee on Branch,
Group and Chain Banking.
.,.rch 7, 1932
Mr. Horbett
Mr. Riddle
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Would it be possible to secure from the Comptroller's
office for the use of the Comittee on Branch, Group and Chain
Banking the following examination redorts:
Name of bank
Location
Monongahela Nat'l Bk.
Irving ?ark
3k.
First National Bank
Pittsburgh, Penna.
Chicvo, Illinois
Iowa
Exaalination
desired reI
3-16-1931
11-24-1930
8-25-1930
8-8-1929
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
:arch 7, 1932
nr. M. J. Fleming
Deputy Governor
Federn1 eserve Bank
Cleveland, Ohio
Dear 11r. ?leming:
Referring to your letter of Larch 4th, we made a very
limited number of copies of the manuscript on branch banking in
Canada because it is, of course, not in final form and. Is for
the use of the members of the Committee only. As soon as we
get the criticisms and co.mments of the various Committee members, we shall revise it and put it in final form.
However, I find I can spare you one additional cOPY
in case you wish to have the assistance of someone else in
reading and criticizing the report. I au sending you this
additional copy under separate cover.
Very truly yours,
J. H. Riddle
Secretary, Committee on Branch,
Group and Chain Banking.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
•
•
0
FEDERAIL. RESERVE BANII
OF CLEVELAND
March 4, 1932
Mr. J. H. Riddle,
Secretary, Committee on Branch,
Group and Chain Banking,
Federal Reserve Board,
Washington, D. C.
Dear Mr. Riddle:
Receipt is acknowledged of your letter
of February 26; also a mimeographed copy of the
report on branch banking in Canada which you
forwarded.
My time is pretty well taken up these
days with the affairs of the Reconstruction Finance
Corporation, but I will try to find an opportunity
to look this over before long. We could use several
additional copies whenever they are available.
Very /truly)yours,
F.C.MK
J. Fleming,
Member, Committee on
Branch, Group and Chain
Banking.
,/
march 3, 1932
Ur. Blattner
On page 87 of tho manuscript on English Branch Banking the
only roason given for the lowering of the margin of profit 16 the
higher costs per unit of business.
Lo figures are giien
in interest rates or gross incowe.
I have suggested to ikliss Cohen
that she loo.c into the matter a little further.
ptragraph as it stands
1.6
to changes
I uoubt whether the
aueounte, although we are mimeographing it
as i3 in order not to delay the report longer.
:i,ade before the final print, however.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Wo
',Jo:se olvint:;e should be
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
February 26, n32
Mr. L. R. Rounds
Deputy Governor
Federal Reserve Bank
New York, rew York
Dear Lir. Tounds:
I am sending you under separate cover a mimeographed copy of the report on branch banking in Canada as
hope you will find
prepared by the Committee's staff.
time to go over this report with care and give us the benefit of any criticisms or suggestions which you may have.
You may make your comments on the marlAns of the pages or
dictate them in a memorandum, as you prefer. We hope to
send you some additional reports shortly.
Very truly yours,
O. h. Riddle
secretary, Committee on Branch,
Group and Chain Bankihg
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
••
•
•
FEDERAL RESERVE BANK OF SAN FRANCISCO
February 19, 1952
Dr. E. A. Goldenweiser,
Chairman, Committee on Branch, Group and Chain Banking,
Federal Reserve Board,
Washington, D. C.
Dear Dr. Goldenweiser:
Your suggestion that Mr. Greer come to
San Francisco after the completion of his first draft
of material on Branch Banking in California, meets
with my approval.
Even though we are heavily burdened with
many new and difficult problems, you may be sure that
we shall be very glad to give Mr. Greer every assist—
ance possible in carrying his work to completion.
With kindest regards,
Yours very truly,
cc.
to Mr.
Mr.
Mr.
Mr.
Smead
Rounds
Fleming
Riddle
February 16, 1932
Dr. Goldenweiser
Mr. Riddle
Here is Lauck's incomplete manuscript on the dual banking system, together with
R
4ew brief preliminary comments of my own.
Mr. Lauck
kas appointed on February 13, 1931, and has been drawing full salary for
twelve months.
His report is still incomplete and the part turned in is
not in finished form, although there is much good material in the first
four chapters which can doubtless be worked into a creditable report.
am under the impression thrt these chaters 7!ere written last spring and
summer.
In fact if my recollection of his oral reports last summer and
fall ere correct, he has not mrde much
rogress on the report since that
time.
To do justice to the report would require se7eral weeks _lore
of hard consistent work, not incidental attention.
I fent- he will take
six more months to finish the report unless you know haw to build a fire
under him.
I have urged, plead and caz,oled for several months with lit-
tle avail. ?erhaps we could make some different arrangeaent with him
whereby he would receive further pay only when and if he turns
full report in satisfactory form.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A'freLedge
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
February 16, 1932
!.:1*. Ira Clerk
Deputy qovernor
Federal Reserve Bank
6an Francisco, Celifornia
Dear 'dlr. Ilerk!
Mr. Cre)r has been going over the material which you
sent us on branch banking in California for the purpose of working it into the form of a report to be submitted by the Committee.
In doing so he finds need here and there for certain supplementary
material to round out particular nhases of the subject,
t the
same time he feels that in working at this distance he lacks the
proper background and slant on the s,tuetion there, which could
doubtless be corrected by occasional conversations with those
who have been on the ground and are familiar with the conditions
in that tate.
On the whole it seems jest that Mr. Greer, after preparing a first drift of the report, should go to San Francisco
where he can round it out under your general supervision, and
with any help or data which he may be able to obtain from others
in the bank. If this meets with your approval, Mr. Greer will
probably mate arrangelients to arrive in an Francisco around
the middle of March. In view of nresent conditions, the extent to Whic'n he should go outside the bank for information,
if at all, would be left entirely to your discretion,
11 you please let us have your reactions to the suggestion and advise us whether it would be agreeable to have
Greer come to San Francisco at that time?
Very truly yours,
E. A. Goldenweiser
Chairman, Committee on Branch,
Group and Chain Banking.
r
Form No.
131
•
Office Correspondence
To
i.enbers
Fro
- --'.
FEDERAL RESERVE
BOARD
of the -tuff
••
Date
1D,
Subject:
Riddle
(7e.
o
;P47
o
.;hile we are attempting to rush through the work on
bank suspensions, I should prefer that no member of the staff
engaged in that work should take time off except for sicknE s
or other urgent reasons.
In spite o
my nrevious renuests one or two members
. ing previous
of the staff continue to take ti,ae off without ma .
arrangements, even though they may be engoged in rush work.
This is very unfair to the work
ni to those engged in directing
it, and I hone tAs will not be repeated if it can be avoided.
This, of course, does not have reference to absences caused by
sudden illness or other urgent reasons.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2-8495
v-nuary 29, 1932
Dr. Goldenweiser
Mr. Riddle
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Here is an inspired editorial on the Glass 3ill in which
you will be interested if you have not alreaAy read it.
It is to
be hoped that those interested in banking reform, especially :nembers of the Senate, will read this.
January 21, 1932
Horbett
Mr. Riddle
am returning herewith the examination reports for each of
the following Florida banks which you aere Food enough to borrow from
the Comptroller's office for the use of the 'ommittee on Branch, Group
and Chain Banking:
Total
Active Banks
Atlantic National Bank, Jacksonville
(4ring and fall examination reports for years 1920-10(,
spring report for 1929, spring and fall n30, spring 131) 22
First National Rank, Liiazni
(Spring and fall examination reports for years 1920-1923,
spring report for 1924, spring and fall reports for 19251929, fall report for 1930, and spring report for 1931)
21
American National Bank, Pensacola
(Fall report for 1920, spring and fall reports for 19211928, fall report for 1929-1930, spring report for 1931)
20
First National Bank, Orlando
(3pring atd fall reports for years 1920-1928, spring report for years 1929-193$)
21
National City Bank, Tampa
(Spring and fall reports for years 1920-1926, spring report for 1929)
19
Suanended Banks
Folk Coanty National Bank3 Bartow
(JDring and fall reports for years 1923-1928)
18
First National Bank, Laksland
(Spring and fall reports for ye:Lrr, 192A-1923, spring report for 1924, spring and fall reports for 1925-1928,
spring report for 1929)
19
?irst National Bank, Lake 'iorth
(Spring and fall reports for years 1921-1926, spring report for 1927)
13
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
r. Horbett
-2-
1-21-32
uspendod Banks (Cont.)
Palm Beach National Bank, Palm Beach
(6pring and full reports for year 1925, spring report
for 1926)
Total
First National Bank, ,:tuincy
(Throe reports :or year 1920, two for 1921, three for 1922,
two for 1923, three for 1924, and one for 1925)
American National Bank, Sarasota
(Fall report for year 1925, spring and fall reports for
years 1926-1927, spring report for year 1928)
3
14
6
First National Bank, St. Petersburg
(Spring and fall raports for years 1920-1929)
iirst National Bank, t, Augustine
(Spring and fall reports for years 1920-1922, 1924-1928,
spring report :or year lg29)
National Sank of West ?a1,11 aeach, 'hest Palm Beach
(Fall report for year 1926, spring Ind fall report for
year 1927)
17
3
First Hatiu1 ink, .inter Garden
(Fall report for year 1920, spring and fall reports for
years 1:21-1928, spring report for year 1929)
18
Brotherhood of Locomotive Faigineers Rational Bank, Cleveland, Ohio
(2nrin7 an4 fall examination reports for yeRrs 1921-1929
18
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
TOTAL
252
January 18, 1932
Mr. Riddle
Mr. Upham
I am giving to Miss Hamill copy on seven chapters, as follows:
1. Introductory.
2. Definitions and Distinction.
3. Causes for the Group Bank Development.
4. Management and Operation.
5. Effects of Group Banking.
6. History of Chain Banking.
7. Origin of Group Banking and its Development on the
Pacific Coast.
There are to follow:
8.
9.
10.
11.
12.
Group Banking in the
Group Banking in New
Group Banking in the
Failures among chain
Legislation.
Northwest
York, New
South and
and group
and Middle West.
Jersey and Mew England.
southwest.
banks.
In addition, there should perhaps be a chapter on The
Extent of
Group Banking, perhaps between 2 and :5 or perhaps betaeen 10 and 11.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Form No. 131
40
Office Correspondegke
To
p . Goldenweir
FEDERAL RESERVE
BOARD
Subject:
Date Okary
14, 1932
1-1
Fromr. Riddle
f.irr
•,o
I have appointed Miss 6tewart to help Miss Elder with the
chart work of the Committee. In revising our studies to include the
1931 figures we find that most of the charts have to be remade, and of
course there are some new ones. Miss Elder is pretty well rushed with
regular Board work and we found it necessary to give her an assistant
to help with our charts. You will recall that we let the previous
chart girl go last rovember.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2-84U6
January 14, 1932
Mr. Horbett
Mr. Riddle
I am returning to you the following examination reports
which you were good enough to borrow from the Comptroller's office
for our use a few days ago:
Name of bank
1. Peoples National Bank
2. First National Bank
3.
4.
5,
6.
7.
8.
9.
10.
11.
. 12.
13.
,14.
15.
, 16.
, 17.
, 18.
,19.
20.
21.
22.
. 23.
24.
25.
26.
27.
28.
29.
30.
31.
32,
33.
34.
First Nat'l Bk. & Tr. Co.
National Bk. of Fayette Co.
Ashland National Bank
First National Bank
Bank of Pittsburgh, :. A.
Monongahela National Bank
Exchange National Bank
Old National City Bank
First National Bank
First Rational Bank
First Rational Bank
National Bank of I;orton
Kingwood National Bank
First National Bank
First National Bank
First National Bank
First National Bank
Second National Bank
First National Bank
First National Bank
First National Bank
Exchange National Bank
First National Bank
First National Bank
First National Bank
First National Bank
First National Bank
Clinton National Bank
First National Bank
First National Bank
First National Bank
First National Bank
35. First National Bank
36. City National Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Location
Examination reports
All 1920-1925 incl.
All 1920, 21, 22 and
2-28-23
All 1920-26 incl.
Monessen, Pa.
All 1920-27 incl.
Uniontown, NI.
Ashl%na, X.
All 1920 and 4-28-21
All 1920
Youngstown, 0.
Pittsburgh, Pa.
All 1920
All 1920
Pittsburgh, Pa.
All 1920
Pittsburgh, pa.
All 1920
Lima, 0.
All 1920
Richwood, 0.
Kinston, N. C.
All 1920
Clinton, S. C.
All 1920
All 1920
Norton, Va.
Kingwood, 7;. Va.
All 1920
All 1920
New s:Andsor, Md.
Chase City, Va.
All 1920
All 1920
Anawalt, W. Va.
Va.
Cowen,
All 1920
Morgantown, 7;. Va. All 1920
Richwood, W. Va.
All 1920
4-16-20
La Pine, Ala.
Panama City, Fla. 8-28-20
Fitzgerald, Ga.
8-10-20
Brookhaven, Miss. 6-4-20, all 1921
McComb, Miss.
All 1920-21
All 1920
Elba, Ala.
Fudora, Ark.
All 1926-1928
3-L5-26
Brookfield, Mo.
All 1920
Clinton, Mo.
5-25-20
Chillicothe, Mo.
All 1920
Waverly, Ill.
Blyeheville, Ark. 8-17-20
Siloam Springs,
Arkansas
All 1920
Carterville, Ill. 4-1-20, all 1928-1930
Paducah, Ky.
3-15-20
Latrobe, Pa.
allithfield, Pa.
Mr, Horbett
-2-
1-14-32
Mr. Riddle
, 37. Limon National Bank
38. First National Bank
39. First National Bank
40. First National Bank
41. First National Bank
42. First National Bank
, 43. First National Bank
-44. ?irst National Bank
L 45. Plainview National Bank
J._ 46. Coleman National Bank
, 47. First National Bank
, 48. First National Bank
/ 49. First National Bank
, 50. First National Bank
51. First National Bank
52. First National Bank
53, Prineville National Bank
54. First National Bank
55. United States National Bank
56. First National Bank
, 57. Manufacturers Nat'l Bk.
, 58. Linden Nat'l Bk. & Tr. Co.
59. First National Bank
60. First National Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Limon, Colo.
All 1920
Colony, KLIns.
All 1920
Holton, Kans.
All 1920
All 1920
Beggs, Okla.
Buena Vista, Colo. All 1920 and 1921
All 1920
Yuma, Colo.
4-27-20
Alliance, Nebr.
All 1920
Auburn, Nebr.
6-28-20
Plainview, Texas
5-17-20
Coleman, Texas
5-12-25
Bishop, Texas
3-26-20
Turkey, Texas
6-21-20
El Pnso, Texas
9-18-25
Clint, Texas
Baldwin Park, Cal. All 1920
5-26-20
Bancroft, Idaho
9-1-25, 8-16-26, 2-15-26
Prineville, Ore.
1-12-20
Colville, Wash.
Los Angeles, Cal. 1-19-20
ChavAain, N. Y.
All 1920
Mechanicville, N.Y.All 1920
5-14-20, 6-28-21, 6-23-22
Linden, V. J.
North Rose, N. Y. All 1920
All 1920
Ripley, N. Y.
Horbett
kr. Rid.11e
I c,
i'curning with thanks the following examination re-
ports which you borrowed for the use of the Coamittee on Branch,
Group and Chain Bnnking on December
5th from the Comptroller's
office:
Name and location of bank
First examination
year
renort
1. citizens Dational 3ank, Jenkintown, ?a.
2. First National Bank, Orblsonia, Pa.
3. First Nat'l 3k. & Tr. Co.. 14erz:lantville,
New Jersey
Pa.
crte,
4. First Notional Ban,
Westmont,
N. J.
Bank,
5. :estmont National
, ?a.
Phi1:2(1012hia
Bank,
6. Over1)ro:2: National
Anoka,
711an.
7. Anna T.:ti-mal Bark,
8. First National Bank, Lu7erne, Minn.
Farmers National Bank, Luierne, Minn.
2irE.t & Farmers Nat'l Bk., Lu7erne,
9. First Notional Bank, Tracy,
10. 3ottineau National Bank, Bottineau, N. D.
11. First National Bank, Var Hook, N. D.
12. Farmers National lank, Bridgeitnter, 5. D.
13. First National Bank, Sisseton, S. D.
14. Tirst National Bank, 3tewart711le, Mirn.
15. First NationP1 Bank, Fairchild, nso.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1924-1927
1920-1927
1920-1927
1920-1927
1924-1927
1925-1927
1920-1925
1923-1924
1920-1924
1925
1920-1925
1920-1925
1920-1925
P.'20-1925
1920-1925
1920-1925
1920-1925
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
/,31/11
?=1 1.41.v24-•-:41
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
January 6, 1932
Mr. Ira Clerk
Deputy Governor
Federal Reserve Bank
San Francisco, Calif.
Dear Mr. Clerk:
Enclosed is a copy of a letter *hioh we have sent to
Mr. Newton asking for certain statistical data on branch banking
in California. While this material on the performance ot- branch
bank systems will not be conclusive, it may have some value, along
with the material you have prepared, in helping us to analyse the
situation. Some of the data asked for are of the type which the
Division of Analysis and Research of your bank has already prebring up to
pared for earlier years and will not be diff13ult
date. Likewise the information requested in part 2 will not be
difficult to secure.
Mr. Wheeler of your bank has been in Washington during
the past week and we have talked this over with him. He doubts
the wisdom of sending out the -uestionnaire suggested in part
3, but thinks there may be some alternative source of Information which will give us what .ne want. va have left the questionnaire in the letter, however, to illustrate the type of
opinion we should like to have, if it is feasible.
Very truly yours,
E. A. Goldenweiser
Chaiman, Committee on Branch,
Group and Chain Banking.
Enc.
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Federal Reserve Bank of St. Louis
•
Form No. 131
Office Correspondence
To
From
Dr. Goldenweiser
410
FEDERAL FtESERVE
BOARD
•
Date anuary 6, Luz
Subject•
Riddle
•10
Of?
Mr. Powell has agreed to analyze and write up the data which
we have collected fnom the examination reports of 100 banks suspending
in 1931.
3ince he handled the same material for the 120 suspensions
in previous years, he is undoubtedly the man best fitted to do this.
It is not convenient, however, for hiAl to come to Washington
for this, and he would like to have us send the material to him in
Minneapolis in order that he may work on it there whenever time permits.
It will be necessary, of course, for him to employ a certain
amount of clerical help at the Committee's expense, but the cost would
presumably be no greater than if we employed the help to do the clerical work in Washington.
If you approve, I shall send the material to Powell and
authorize him to employ what clerical assistance is necessary.
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Federal Reserve Bank of St. Louis
2-8495
January 5, 1932
Mr. Frederic H. Curtiss
Federal Reserve Agent
Federal Reserve Bank
Belton, Massachusetts
Dear Mr. Curtiss:
In the early part of this year the Committee initiated a study
into the causes of bank failures wnich consisted in compiling the case
histories of 120 banks for several years prior to suspension. These 120
banks were selected from suspensions during 1921-1930 and the material
is now being analyzed.
In view of the large number of suspensions during 1931, however, as well as the differences in location and factors involved, it
Is felt that no study of suspensions would be ads !uate unless it covered
that year. Therefore, 100 banks suspending in 1931 have been selected
in a manner which should make them representatire of this year's fatalities. Those selected from your district are given on the attached list,
and we should appreciate it if you would give us the recent histories of
these banks in accordance with the instructions. The information desired consists of four parts.
First, the comments of the national or State bank examiners,
as the case .ay be, from the beginning of 1920 till suspension. The
form in which these comments should be drawn up is explained in the enclosed mimeographed instructions to which is attached 13xhibit 1, an
illustration. As an aid to interpretation these comments are interspersed with certain figures showing in a general way the condition
of the bank at the time of each examination. certain other data are
also called for, such as population figures and earnings. These are
covered in the mimeographed instructions.
Second, the comments of Federal reserve examiners regarding
these banks during the same period, together with any correspondence,
memoranda or other material in the files of the Federal reserve bank
vhieh will aid in understanding the condition and operation of these
banks prior to failure. Fo special Liu has been drawn up for compiling this material, but in so far hs feasible it should be listed
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Federal Reserve Bank of St. Louis
Kr. Frederic H. Curtiss, #2
January 5, 1932
chronologically as in the case of the comments of the national and State
bank examiners.
Third, a photostat copy of each bank's bond and other security
holdings on three different dates; (1) at or just prior to suspension;
(2) approximately one year prior to suspension; and (3) approximately
two years prior to suspension.
Fourth, detailed statistical data taken from the examiners'
reports and recorded on "Form 7" from 1920 to the date of suspension.
A copy of this form and comments regarding its preparation are enclosed,
and a supply of thrr forms is being forwarded to yoa unuer separate cover.
In case the hiL.tory of any bank in the list is not available
for any reason a substitution should be made of some other typical suspended bank in your district.
In view of the urgent necessity of completing this report at
an early date Re hope you will have this material compiled and forwarded
to us as soon as possible. Perhaps you can let us have it by the 20th
of this month.
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Federal Reserve Bank of St. Louis
Very truly yours,
E. A. Goldenweiser
Chairman, Committee on Branch,
Group and Chain Banking.
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Federal Reserve Bank of St. Louis
Suspended Banks Selected for Case Studies
Boston District
1. Federal National Bank
'1 Bk.
2. 3oston Continental Nat
3. State National Dank
4. Connecticut River Nat'l Bk.
5-. *Doan lirast-eolapaaff
, A
eitteu-si
•
-104
Boston, Mass.
3oston, Mass.
Lynn, Mass.
Charlestown, L. H.
alab-214"36-9 44444-.
//?t A
.1 ellb•
This is a State bank and if its history is not sufficiently oomnlete for our purposes, please substitute a
national bank. de suggest the Laddlesex National Bank,
Lowell, L.assachusetts.
0
Federal Reserve Committee on
Branch, Gra= and Chain Banking
410
November 20, 1931
CASE HISTORIES OF SUSPENDED BANKS
Instructions to Federal reserve banks for analyzing typical cases
of member banks which suspended operations in 1931
PURPOSE:
The purpose of the analysis, is to show in concise form the history of factors developing in the bank which ultimately led to its Taspension. This history
is to be taken principally from comments contained in the reports of Examiners
over a period of years. The history shuuld commence at the beginning of 1920
and be followed through to the time of suspension.
It is intended that a person readinE the report should be able to obtain
an understanding of the problems which confronted the bank and to form therefrom
an intelligent opinion of how its affairs had been conducted for a few years
immediately preceding its suspension.
METHOD:
For each of the suspended banks on the attached list prepare an analysis in
accordance with the attached example, Exhibit 1. In the interest of uniformity
these examples shuuld be closely followed. Irder
that this small sample may
n o
be as nearly typical as possible of the suspended banks in your district the
names have been picked at random without any regard to location or cause of
failure.
Do not write the names of the banks on the analysis forms, but number them
according to the numbers on the attached list.
In furnishing the population of the city or town in which the bank was
situated, give the census figures for 1910, 1920 and 1930.
So that those studying these reports may have some idea of the economic life
of the community served by the bank which suspended, a brief reference to the
principal crops grown or industries followed shuuld be given.
ECAMINERS
COMMIS:
Attention should be devoted to brief comments by the Examiners indicating
their impressions of the general affairs of the bank. Examiners in each instance should be designated by letters of the alphabet, merely to inform the
reader Whether or not the reports had been prepared by the same man. Whenever
reference is made to a certain Examiner, obviously the same letter should be
used throughout.
The statistical information regarding the condition of the bank, given
at the beginning of a report and immediately following the comments of the
Examiner, are to be taken from the examination reports.
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Federal Reserve Bank of St. Louis
-2EARNINGS:
This information shoUld be compiled for five complete calendar years
It is to be derived, from the
immediately preceding the banks suspension.
Earnings Reports submitted by banks to the Comptroller of the Currency, copies
of which are in the possession of the Federal Reserve Agent.
The item 'et Income" comprises the difference between the total
debits and credits to Profit and Loss Account exclusive of debits for "Losses
Charged Off" and credits representing "Recoveries" on assets previouSly charged
off.
The item "Recoveries" represents the collection of items previously
charged off the bank's books as losses.
The item 'losses Charged Off" represents the write-off of worthless
assets and depreciation on securities, banking house, furniture and fixtures,etc.
ASSESS=TS BEFORE SUSPENSION:
The history should include voluntary assessments as well as those paid
under statutory levy in order to remove an impairment of capital.
BAD ASSETS PURCHASED BY STOCKHOLDERS:
Inasmuch as this information is not given in Reports of Earnings, but
invariably is touched upon in the reorts of Examiners, it will be necessary to
search the latter records to ascertain to what extent, if at all, stockholders
have purchased assets directly from the bank or throUgh a Holding Company, or
have otherwise ride voluntary contributions to avoid an assessment or the reduction of Capital, Surplus or Undivided Profits Accounts.
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Federal Reserve Bank of St. Louis
•
•
EXHIBIT I
Bank Organized:
Bank Suspended:
Population of Town:
1890
1928
Principal Crops or Industa Served
9599 (1310
14027 (1920
10349 (1930
census)
census)
census)
Bank:
Lumber, fishing, shipping.
Important Excerpts from Reports of Examination: (Amounts in thousands of dollars)
Date
Can
11-16-20 Examiner A:
400
Surplus &
Profits Loans Deposits Borrowins
98
1963
2591
50
Classified Assets
Slow Doubtful Loss
82
4
9-12-21 Examiner A: "Present management is considered good. Large aggregate of
undesirable assets were mostly inherited from former management. There is no
question but what present capital is too large. At time of consolidation it was
left at this figure in anticipation of material increase of business but owing to
depression of business generally bank sho7s a loss in deposits instead of expected
increase."
1542 2015
9-12-21 Examiner A: 400
63
4
195
00
93
2-28-22 Examiner B: 'Tank's present condition is probably due to some extent to
general sluap in prices and business generally, but is mainly due to unwise policy
of previous management. Present management is in no way to blame for present
condition."
1614
1367
507
52
00
2-28-22 Examiner B: 200
0
53
10-17-22 Examiner O: 'President is not a factor in management but other officers
are capable. They with the more aggressive mei:lers of the board will probably be
able to solve the problems of bank's present rather undesirable situation. Management has been too eager for business with result that many loans are frozen and
heavy losses are likely to be sustained. Bank is somewhat extended and has experienced some difficulty in financing seasonal operations of its cusotmers. Directors
advised that they believed worst of difficulties was over and their future position
should be easier."
00
1456 1914
10-17-22 Examiner C: 200
57
73
15
33
4-10-23 Examiner D: 'his has always been a one man bank. Years ago President
was dominating figure, succeeded by Cashier__ who recently resigned, and now being succeeded by Vice-President. President is hardly a factor in bank's management. Past and present management are anxious for business many loans made as a
matter of policy."
4-10-23 Examiner D: 200
1421 207:5
00
97
20
0
57
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Federal Reserve Bank of St. Louis
EXHIBIT I (Contld)
Date
Can.
Surnlus
Profits
Classified Assets
Loans Do)osits Borrowins Slow Doubtful Loss
10-22-23 Examiner D: "Former President deceased. President
is following
closely in footsteps of predecessors and conducting largely a one man bank so far
as he can handle matters. He appears very easy in extending credit or making too
many loans as a matter of policy and also very reluctant and timid in enforcing
collection on criticised lines apparently being afraid he might lose a customer
directly or indirectly. This report shows some improvement but as a rule improvement has been made in reduction or elimination of slow or undesirable assets that
were least subject to criticism, while loans most severely criticised have changed
but little. Directors were advised that unless material .improvement was shown at
next examination, prIrticularly as applied to loans to directors and concerns in
which directors were interested as well as large amount of statutory bad debts,
overdue paper, slow, doubtful, and otherwise undesirable paper, special* (*frequent) examinations would be recommended."
12
10-22-23 Examiner D: 200
1971
159
00
59
1537
59
4-20-24 Examiner E: "President, who dominates policy to large extent, is a good
'business getter', but rather weak in making collections, and is endeavoring to
handle too much of bank's affairs alone. He should have a conservative bank man
to assist in management and this matter was thoroughly discussed with him. Some
general improvement has been made, although there still remains much to be done
before bank is clean. Slow assets show considerable rdduction and a deal has been
made for sale of Other IZcal Estate."
4-2S-24 Examiner E: 200
54
143g
1727
271
6
00
52
11-2'-,
- -24 Examiner E: "Directors and office.:s state that large amount of slow and
doubtful assets were inherited at time of consolidation with another bank several
years ago. However, it appears that a number of large lines and slow assets have
accumulated since then as a result of 'business getting' 9olicy and too free extension of credit. President is capable but too liberal and too lenient in making
collections. Besides, he has recently spent too much time on personal natters and
enterprises. This was also severely criticised by examiner and he now promises to
devote all his time to bank's affairs with a view to getting bank in good condition
again. Principal matter subject to criticism is large amount of Overdue Paper which
including statutory bad debts aggregates about 28% of bank's total loans. This
matter was severely criticised by examiner during directors' meeting. Examiner informed directors and President in particular that unless decided improvement in
matter of attention to slow and doubtful assets and overdue paper was shown at an
early date by correspondence consideration might be given by office of Chief Examiner to matter of placing bank on Special List* (*meaning for frequent examination)."
11-25-24 Examiner E: 200
69
1435
2011
103
00
5g
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Federal Reserve Bank of St. Louis
101HIBIT I (Contld)
Date
Ca.
•
Classified Assets
Surplus &
Profits Loans Deposits Borrowings Slow Dobtful Loss
6-22-25 E:zaminer E: "A material improvement in note touch is noted in regard to
amount of overdue paoer. Classification of loans, however, shows no improvement.
Slow loans show a decrease of $40,000 but doubtful items show an increase of
$52,000. Losses charged off at this time amounted to $17,690 as compared with
$9,452 at last examination. Large amount of increase in paper classed doubtful
is almost entirely due to change in classification during examination. iTo new loans
of slow and doubtful character are being made and most of loans criticised at this
time have been in tank a =bor of years and are workout problems. Some losses may
develop in items classed doubtful but it is believed bank's earning capacity will
enable it to charge off losses as they develop. To dividends are to be paid until
bad debts and doubtful items ar9 eliminated."
18
150
00
6-22-25 Examiner E:
306
56
1.F5
1283
200
12-28-25 Examiner D: "Directors as a whole compare favorably with average country
bank. They are successful men in their individual lines of business and would do
well if they had an aggressive leader. Management is very weak, lacking force, if
not incompetent, as indicated from numerous criticisms listed. President is well
meaning but easy going, entirely too free in granting of credit and while a large
number of frozen and questionable assets are an inheritance from former management
it is evident that President does not have ability or inclination to collect or
clean up these old matters. President is believed to have had little banking experience outside of this bank. Cashier is as easy poling as President with even
less initiative. It is, however, perhaps true that President would not permit assumption of any authority by any other employee as he appears anxious to manage
entire bank even including opening of all mail personally. When gugc.:estions were
made or criticisms directed at several heads of different departments they commented
to examiner in effect that President was equally to blame as he would not permit
any leeway when they were disposed to bring about correction of some of criticised
matters. Writer examined bank in 1923 and a comparison with his previous report
discloses numerous assets criticised at time unchanged and apparently no attempt
made since then to liquidate various statutory bad debts and other questionable
and frozen assets. Examiner recommends that bank be placed on list for frequent
examinations until conditioi . is satisfactory and that next examination be made 90
days from date."
316
2621
00
96
52
51
1855
12-28-25 Examiner D: 200
4-10-26 Examiner D: "Writer examined bank in 1923 at which time President was
then Vice-President and at which time he succeeded to Presidency. Bank has for
many years been a one-man bank, and condition :Amorally unsatisfactory greater
part of time. At examination in 1923 examiner urged management and directors to
take prompt and aggressive steps to collect or secure large amount of statutory
bad debts and other overdue paper, slow and questionable assets, and directors were
advised that unless such assets were given immediate attention bank was certain to
sustain large losses. Examination of 12-28-25 when compared with 1923 shows
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Federal Reserve Bank of St. Louis
410LIBIT
Dat
Cap.
Surplus
Profits
I (Contld)
•
Classified Assets
Loans Deoosits Borrowings Slow Doubtful Loss
majority of larger and more undesirable assets still in bank with many large loans
unchanged except that they were two years more past duo and it was evident that
management have made little, if any, attempt to secure status of such paper subsequent to 1923 or previous. This state of affairs was rather forcefully brought to
attention of directors during 12-28-25 examination and a gubstantial amount of
So
uncollectible assets of 1923 and previous were listed as estimated losses.
many promises and so much assurance was given examiner at previous examination
that immediate steps would be taken to improve condition that the few changes and
lack of improvement arc most disappointing and discouraging. Special examinations
at short intervals will probably prove useless and a waste of time as but little
improvement can be expected in three to four months' time. Frequent examinations
will undoubtedly create unfavorable comnent and gossip to detriment of bank.
Examiner has lost what little confidencehe had in 1923 in President and Casnier
and it is not believed these two will work the bank out of its most unsatisfactory
condition. Without frequent examinations and the present management in charge it
is believed bank will be permitted to drift and it ap-oonrs to be a choice of two
evils, each reacting unfavorably for bank and its shareholders. Directors were
advised that examiner had no authority to demand or request resignation of any
emoloyec but that it was duty of examiner to make recommendations to directors for
good of bank and it was suggested that if present management did not show a desire
or inclination to work with directors that directors should employ someone who
would take charge of bank's loans and who would be responsible only to board and
not subject to interference by President or Cashier and it was further suggested
that directors compel officers to comply with resolutions passed that no new loans
in excess of $300 be made without first being authorized by finance committee and
that directors compel officers to furnish at Board nectins information they desire concerning status of loans and other assets and that if present officers arc
not competent in opinion of directors and bank's welfare be improved by a change
of management that they give serious consideration to snme."
4-10-26 Examiner D: 200
43
1941
2628
268
118
19
00
8-13-26 Examiner F: "General condition shows vorc little change. Condition is
most unsatisfactory and unless some chances are made I do not expect to see any
material change for some time to come. President as well as directors are of
opinion that they should not be asked to put up money to eliminate any losses and
doubtful paper, contending that bank can earn its way out in time. Examiner does
not agree and informed them that they would be given until next examination to
provide for losses estimated. Examiner informed directors that they would be
given until next examination to make some provision to provide for losses and
other items totaling $144,819.39. Your examiner hardly expects to get enough.
money to eliminate all this paper but thought that by 'placing this Program before
them they would exert themselves to collect this paper. Estimated losses were not
charged off for above reason. Examiner thought that if situation was to be brought
to a head it should be done at one time. M,r idea was to place them on notice that
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Federal Reserve Bank of St. Louis
•
EXHIBIT I (Contld)
Date
Cap.
•
Surplus &
Classified Assets
Profits Loans Deposits Borrowings Slow Dunbtful Loss
something would have to be done by time of next examination and perhaps some concertod action could be obtained for the better. It is respectfully recomm9,nded
that bank be not placed on special list at this timo. I do not think special
examinations would be of any value now."
00
47
200
1915
26
g-13-26 Examiner F:
59
1-28-27 Examiner F: "General condition shows some slight improvement and officers
and directors promised to continue efforts towards collecting criticised oaper.
At this season business is very poor and collections slow. Real estate is extremely difficult to sell and a large amount of bankls loans depend on sale of city
property, farmland, and timber. With this condition it is entremely diffiault for
management to collect any paper predicated on above assets. President is inteiested in entirely too many civic affairs and other things and cannot devote all his
time to bank. During examination I took particular notice and he spent majority of
time out of bank. This was forcefully called to his attention and his excuse is
that no one else will do it. Your examiner had a frank talk with President and
endeavored to show him that he was doing wrong. On other hand he spends his
personal money for benefit of bank in way of transportation, etc., and there is no
question that he is doing his best to place bank in a more safisfactory condition.
He is one of most pleasing men I had had the pleasure to come in contact with but
is inclined to let people impose on him and some of his financing is sUbject to
criticism. He tries to help people and concerns who do not even do business with
the bank.and anyone can take up his timo whenever they desire. At present bank
has good earning capacity, approximately from 25,000 to $40,000 per =ram after
expenses and with a reduction in interest paid savings depositors it would mean
some $18,000 a year aiditional profits. In past few years all earnitves have been
used to charge off:losses. In oast six years bank has charged off over $172,000
in losses and recoveries have amounted to over $26,000. This is believed to have
been in addition to assets eliminated by a reduction in capital of 8200,000. Frcictically
these assets were inherited by present management and that holds good
with assets criticised in this report. This report shows estimated losses ageregating $132,000 and on February 14th I wired your office status situation.
After several conferences were held directors reached conclusion that an assessment waald not be proper procedure. It was finally agreelthat they would personally :-. lurchase these items and it was definitely understood that they were to be
purchased for cash and under no circumstances were any notes to be taken by bank.
This they aueed to do, but wanted 30 Jays in which to caf;:plete their arrangements
and accordingly your office was notified. Your wire of February 15th was received
in which yau stated that impairment notice would be withheld for 30 days and I
accordingly notified management that they would be given until March 15th in which
to complete their plans.
19
132
41
2701
179
00
1-28-27 Examiner F:
1803
200
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Federal Reserve Bank of St. Louis
4
•
•
E:CIIDIT I (Contld)
Date
Classified Assets
Surplus &
Cap. Profits Loans Deposits BorrowinF,s Slow Doubtful Loss
L - 2-27 Examiner F: "Conon remains most unsatisfactory ahd 1:,anaement appears
tS be making very little .progress in collecting criticised assets. President continues to dominate and apparently directors cannot control him. Bank is overloaned and President continues to make loans that will prove very slow and also
continues to try and finance everyone in the community. Regardless of advice he
IL
receives from examiners
and experienced bankers he does not change his policies.
I am afraid that if he does not change his ways he will find bank in a serious
condition one of these days. I had a talk with his principal correspondent banker
on August 16th and he told me he had talked to President a short time ago and if
he did not change they would be inclined to refUse his bank further loans. The
Federal Reserve Bank is very reluctant to discount his eligible paper and are constantly watching him. I am not all satisfied with condition or Policies and feel
that something must be done to correct situation. In view of this situation it
is respectfully recommended that bank be placed on special list and be
examined in about 90 days."
8- 2-27 Exagdner F: 200
52
40
1
1950
514
00
2512
•
:
1-20-28 Examiner F: "As examination was made on basis of
bank, it has b een
difficult to write report, and examiner has attempted to classify assets as they
are classified under the receivership. It is to be noted that 1.slow assets' has
been eliminated. Examination was commenced on afternoon of 1-20-28 and was completed 2-11-28. Precarious condon was thoroughly discr.ssed with directors
II
latter part of February at which Chief Examiner was present and ways and means to
•
eliminate estimated losses and frozen assets was topic of conversation.
It was
concensus of opinion that efforts should be made to organize a new bank to assume
deposit liabilities and take over a like anount of assets. With this thought in
minS examiner left bank but kept in touch with directors as to progress made in
II
this direction. President tendered his resignation the latter part of January and
this was published in a local newspaper in gach a manner that it left a great deal
of inference with regalt that a run was started which r eached such proportions
that examiner was requested to return and advise with directors. After a thorough
analysis it was deemed advisable to close the bank as run had reached such proportions that it was useless to keep open.
00
810
333
2473
152
1745
1-20-2E Examiner F: 200
52
Earnings:
(In thousands of dollars)
Net Income (Gross Earnings
less Expenses)
Recoveries
Losses Charged Off
Assessments before Suspension
Bad Assets Purchased by Stockholders
Dividends
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Federal Reserve Bank of St. Louis
1923
1924
1925
1926,
1927.
Total
34
29
17
36
30
146
0
25
0
0
8
1
19
0
0
0
10
35
6
44
1
33
156
0
0
0
0
0
0
0
68
0
18
0
68
8
Federal Reserve Committee on
Branch, Group and Chain Banking
November
23, 1931
Comments Regarding the Preparation of Form F
Form F should be prepared for each of the suspended banks on the
attached list from the beginning of 1920 till the time of suspension. For
the years 1920 to 192S the first examination report each year should be
selected and a separate copy of Form F prepared for each report. For 1929
and 1930 two examination reports each year, the first and the last, should
be analyzed. For 1931 the form should be prepared for each examination
made, including those made at the time of suspension or after suspension. A
blank form of the examination report is attached with marked references to
the items to be taken off on Form F. These are references to the current
edition of the examination form, of course, and certain adjustments will have
to be made in taking off the data for earlier years.
1. In connection with slow loans, doubtful paper, etc., the earlier
examination reports had a column "Other undesirable paper" for which no provision is made on the analysis form. This should be classed as "sloe with
a footnote indicating the amount.
2. Some of the items, as for example, "Contracts for deed" (item 23) require considerable scrutiny to see whether anything along this line is shown
anywhere in the examination report.
3. Items 20-22, pertaining to real estate loans, require much care in
compiling because the figures are not available in the desired form in the
reports, and certain combinations are necessary.
4. In the earlier years care must be exercised to see that rediscounts
are included in loans and discounts. Furthermore, in obtaining total borrowings,care must be taken to see that rediscounts are added to bills payable,
for rediscounts are shown on the resource side as a deduction from gross
loans.
5.
After transcribing the figures from a given examination report, it
should be compared with the Previous report to see that it is on a comparable
basis.
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Federal Reserve Bank of St. Louis
/
.
'ederal Reserve Committee on
.23ranch, Gruup and Chain Bankinje
•
Form F
ANALYSIS OF aLITIONAL BANK EXLMIYATION R.RTORT
Item
Date cf 1?nport
Place
Name of bank
Triere found ,(Tor,ge)
(L. Liabilities on Page 1
(R. Resources on Page 1)
Amount
(In thousands
and tenths)
1
1
1
1
-
L.1
L.2
L.3
L.4
1.
2.
1
1
1
1
-
L.8
L.13
L.14
L.8-14
5.
1
1
1
1
-
L.17-20
L.16
R.1
R.1 & 5-11
9b
10.
11.
...
12. Banking huuse, furniture & fixtures
cash
items,
and
due
from
banks
Reserve,
cash,
13.
14. Excess (if any) of expenses over earnings ...
1 - R.12
1 - R.14-20
1-Part of R.24
12.
13.
14.
15. Loans to officers & directors (direct)
16. Loans endorsed or guaranteed by off. & di
17. Loans to interests of off. c'.:: dir. (direct)
0
2
,
2
2
15.
16.
17.
lg. Par valun of stock owned by directors
2
lg.
19. Past quo loans A & B
4
19.
5
5
20,
21.
22.
5
23.
1.
2.
3.
4.
Capital
Surplus .
Undivided profits
Reserve for depreciation and losses
5. Bankers' deposits .,
6. Time deposits
7. u. s. deposits
g. Total deposits
9a
9b
10.
11.
.
Borrowed money
Borrowed bonds
Total loans (including rediscounts)
Total loans and investments (incl. rediscounts)
20. First mortage (Loans without prior liens,
except where called "contract")
21. Junior mortgages (All loans with prior liens)
22. Prior liens (to junior mortgages)
23. Contracts for deed (more often in recap. of
investments on PaEe 7)
Liquid Investments
bonds other than those securing circulation 1 - R.6 Oc
Other investments not in default (market value)
7
25. Foreign
7
26. Railruad
..
7
27. Public utility
7
28. Industrial
7
29. Municipal bonds
warrants
certificates,
tax
Miscellaneous
bonds,
30.
and other liquid investments, excladin foreclosures claims -judgments and defaulted bonds 7
Other Real Estate
31. Book value
32. Prior liens
33. Estimated. value
6
3.
b.
7.
S.
7
9a
24.
25.
26.
27.
28.
29.
30•
:31.
52.
In
34. Slow loans .
35. Slow bonds, securities, etc.
36. Slow "Other" real estate ..
11
11
11
34.
35.
3C.
37.
3g.
39.
Doubtful assets and losses - Loans .
Doubtful assets and losses - Bonds 6: secur.
Doubtful assets and losses - All other
11
11
11
37.
3g.
39.
40.
Value of assets not shown on bookl
11
40.
41. Large state, county ez municipal deposits
alibject to check ..
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Federal Reserve Bank of St. Louis
Yellow Page A
loW
Form No. 131
Office Correspotdeike
Jr.To
From
aoldenweiser
FEDERAL RESERVE
BOARD
Date_ TrInuary
, 1932
Subject:
:Ir. Riddle
r
we sent out this letter in December we omitted the Boston
Bank because there had been so few failures in that district.
In Decem-
ber, however, there were 26 failures, and I think it would be well to
have this information compiled for 5 of them.
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Federal Reserve Bank of St. Louis
2-44U5
January 4. 1932
Mr. Horbett
lr. Riddle
Would it be possible to secure from the Comptroller's office
for the use of the Committee on Branch, Group and Chain Banking the
following examination reports:
. bank
Name pl
1. Peoples National Bank
2. First hational Bank
3. ?irst National Bk. & r2r. Co.
4. National Bt. of Fayette Co.
5. Ashland National, Bk.
6. First National Bank
L7. 3ank of Pittsburgh, N. A.
8. .onongahela Naticral Bk.
9. xnh%n,e National Bank
10. Old National City Bank
11. First National Bank
12. First rational Bank
.13. First National Lank
<14. Rational Bank of Lorton
15. Kingwood Eational Bank
16. First .TJtional Bark
17. First Nstionnl Beiak
18. First National Bank
k
19. First National
20. Becond National Bank
21. ?irst Fatten/11 aank
22. First rational Bank
23. Firet National Bank
24. Exchange Fational Bank
25. First National Bank
26. First National Bank
27. First National Bark
- 28. First National Bark
29. First Fatima
. 3ark
'
30. Clinton National '...=ank
6 31. First Natilnal Bark
32. First National Bank
33. First Nationol Bark
34. Hutchings First Nat. Bana
35. First National Bank
36. City National Bank
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Federal Reserve Bank of St. Louis
Location
2aamination reports
desired
Latrobe, Penna.
All 1920-1925 incl.
amithfield, 2enna.
1920, 21, 22 and
2-28-23
All 1920-26 incl.
Monosson, Penna.
Uniontown, Penna. All 1920-27 incl.
All 1920 and 4-28-21
Ashland, xy.
All 1920
Youngstown, O.
Pittsburgh, Tenna. all 1920
Pittsburgh, ?arum. All 1920
Pittsburgh, aenrin. All 1920
All 1920
Lima, O.
All 1920
Richwood, 0.
All 1920
Kinston,
All 1920
Clinton, a. C.
All 1920
Norton, la.
All 1920
Kingwood,
Va.
All 1920
New kindsor, Md.
All 1920
Chase City, Va.
All 1920
Anawalt, W. Vs.
All 1920
Cowen,
Va.
Ve All 1920
korgentown,
All 1920
Richwood,
la.
All 1920
La Pine, Lla.
Panamo City, Fdla. All i920
Fitzgerald, Ga.
All 1920
Brookhaven, Liss. All 192a-21
L1cComb,
All 1920-21
Elba, ala.
All 1920
Euaora, Ark.
All 1926-1928
Drook'qeld,
Clinton, Yio.
All 1920
Chillicothe, a:o.
5-25-20
Waverly, Ill.
All 1920
31ytheville,
All 1920
Siloam aprings,
Arkansa&
All 1920
Carterville,
All 1920 and 1926-1930
P7.ducah, Ky.
All 1920
Horbett •
Mr. Riddle
Name of bank
37. Limon National Bank
38. First National Bank
39. First National Bank
40. First National Bank
•41. First National Bank
42. First National Bank
43. First National Bank
44. First National Bank
45. 7,1inview NatIonal 3anc.
46. Coleman Natioral Bank
:47. First National Bank
48. First National Bank
49. First National Bank
50. First National Bank
51. First National Bank
i52. First National Bank
,53. Prineville National Bank
-54. First National Bank
v55. United L;tates National Bank
56. First National Batk
,57. :1anufacturers Fat. 3k.
58. Linden Nat. 3k. & Tr. Co.
• 59. 2irst
N .Aional Bank
60. First National 3ank
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Federal Reserve Bank of St. Louis
4-32
Location
Examination reports
desired
Limon, Colo.
All S.
Colony, Kans.
All 1920
Holton, Kans.
All 1920
Beggs, Okla.
All 1920
Buena lista, Colo. All 1920 and 1921
Yuma, Colo.
All 1920
Alliance, Nebr.
All 1920
Auburn, Nebr.
All 1920
6-28-20
Plainview, Texas
5-17-20
COleman, Texas
5-12-25
Bishop, Texas
3-26-20
Turkey, Texas
6-21-20
El Paso, Texas
9-18-25
Clint, TeX88
Baldwin Park, Cal. All 1920
5-26-20
Bancroft, Idaho
All 1924.
Prineville, Ore.
1-12-20
COlville, ';;ash.
1-19-20
Los Angeles,
All 1920
Ch&iplain, N. Y.
N.Y.A11 1920
5-14-20, 5-28-21, 6-23-22
Linden, N. J.
1920
North lAose,
All 1920
r. Y.
•
Form No. 131
Office Correspondence
TO
From
Dr. Goldenweiser
FEDERAL RESERVE
BOARD
Date_ January
4, 1932
Subject:
r. Udd1e
ere
2-8495
'oa talked this letter over with Wheeler and he appears to be
wiling to cooperate with us in getting some of this material, especially that covered in parts (1) and (2) of the letter.
He doubts the wis-
dom of sending out the questionnaire at this time, and we have modified
the last paragraph of the letter in accordance with his suggestion; that
ls, we have left the proposed ,uestionnaire in the letter with the understanding that the bank will be perfectly frank in telling us what they
think of the project.
It will give them an idea of what we should like
to have and they might suggest some other means of obtaining it.
Wheeler
thinks the University of California has made a study along this line which
might answer our purpose and which might
be made available to us. At
least he his agreed to look into the question.
He will be in 7ashington again today or tomorrow and thinks
that under the circumstances it would be better for him to take the
letter rather than that we should send it by mail, in order that he
may explain the situation personally to Mr. Newton.
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Federal Reserve Bank of St. Louis
Division of Bank Operzit,,lin File
FEDERAL RESERVE BANK OF SAN FRANCISCO
Deete btx
1'361
Dr. L. A. Goldenseiser,
Chairman, Commit** on Branoh, Group and Chain Banking,
Federal Reserve Board,
Raabingtan, D. C.
Dear Dr. Goldenweisers
Resent], at your request there were prepare hemand forwarded to
you by our Federal Reserve Agent, eMbibite relative to benksi4ah had suspended.
It was not possible to SOMplete the reports in ill eases because
the last report of examination made at the tins e bàák suspended vè not lodged
lete this tnformatiln
with the Federal Reserve Bank. Mr. Riddle mai:wish to
of the Currency.
ller
wish
file
Comp
on
the
of
examination
fres the reports
bility of detection of the
Great pains were taken to a ,d the
name of the bank reviewed. Te/poAation, yOweill observe, in eadh instance was
given in mad hundreds se Ø not to atford an Opporiunilly to ascertain the name of
report, £le, we ooillted 'he susst date of suspension
the talk three* the
of the last rowrt of examinatlan,available.
OOMMIR
the
them misetag
ibit 8k: it would not be difficult to determine
ease of
the name of * bank in viterof the size/of the city in which It vas situated. In
somaestles tit that ease, I *.#t s*y/that the local Cleating Rouse vas Tea* to
assume
deposit liabilities if`lbe bank then salt mar threatened by the Receiver
that the beak in 41.1eation had been careless in the
of o oorPOration Shish
sensing the trustor (in liquidation) lame amounting to
a trust,
handling
rest of that suit which actually preeipitated the benk's
$3,000000. It was the
813 mot insolvent, and, as I agy, its suspenelon mold have
e
suspension.
been averted by e action of the Clearing Rouse 'latch wets negotiating, at the tine,
to
ume the bank's liabilities.
The outstanding feature in this suspension might well be eemeidesed
hy our committee beams it raises a question as to the hazard to eh/4h ths depositors of a beak are slbjeated thea the depositary acts as a truatee and assumes
managerial liabilities that, through human niotakes, may caws the depositors a conaiierable loss. You can readily eee that if the resolver in the ease bereinabove mentioned were successful in prosecuting his claim for $3,000,000, it would be a. heavy
burden to share with depositors having claims on the balk aggregating S12,00(40j0.
I am inclined to believe that if a balk is to engage In the exercise
it should be a000mplidhad by virtue of ownership in a separate
powers
of trust
limited-liability corporation. The property of trustore is separated and protested
agaihrt claims of other creditors of the bank, so in Miles other creditors Should
be protected against claims arisilv, through trust transaetions. Probably this only
?roves that banks of deposit should not engage in e trust business.
co. to Committee members
https://fraser.stlouisfed.org
,
retarY
Federal Reserve Bank of St. Louis
Yours very truly,
/
,
AnnE,
t.1-overnor.
December 23, 1931
Mr. Wyatt
Mr. Riddle
I understand that in 1919 the folliwing states did not have
the double liability provision in their banking laws:
Alabama
Arizona
Connecticut
Delaware
Louisiana
Missouri
New Jersey
Rhode Island
Tennessee
Virginia
It has occurred to me that perhaps your office may have had
occasion to look this up more recently and would be able to tell me
whether these states or any others are still withopt the double liability provision.
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Federal Reserve Bank of St. Louis
73 SOUTH FIFTH STREET
MINNEAPOS
LI
December 21,
1931
Mr. J. H. Riddle, Secretary
Committee on Branch, Group and
Chain Banking
Federal Reserve Board
Washington, D.C.
Dear Mr. Riddle:
This letter will introduce
Mr. Robert Weidenhammer, a member of the faculty of
the School of Business Adninistration at the University
of Minnesota. Mr. Weidenhammer has been conducting a
series of banking studies in connection with the work
of the Employment Stabilization Research Institute
located at the University of Minnesota. Several of his
objectives are very similar to those of your committee's
work, with the exception that they deal with the state
of Minnesota instead of the United States, and I have
suggested that he call on you to discuss research
methods. Any courtesy which you extend to him will be
greatly appreciated.
Very truly y
O. . Powell,
Statistician.
OSP/AS
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Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
December 16, 1931
Mr. R. H. Garluck
Irving Trust Company
1 Wall Street
New York City
Dear Mr. Garlook:
the
If you happen to be coming to Washington for
can
you
meetings between ChristIsas and New YOUI'b e I hope
to help
order
in
here
days
extra
two
arrange to spend about
are doing
us out on some of the suspension material. 'A
in dlfficerta
found
have
and
some checking and revising
up.
clear
to
help
oulties -Ihich you could probably
Whether you owe at Christmas time or not, I
a week around
should like to have you came down for about
to help aback
order
in
the nliddle or latter part of ,ianuary
Do you think
form.
and put the Suspension chapter in final
that could be arranged?
Iery truly yours,
J. H. Riddle
Secretary, (;o.amittee on Branch,
Group and Chain Banking.
December 15, 1.931
Mr. liorbett
Mr. Riddle
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.1.o you
iink you Jlight be Lble to boirow imp the
Coinpt.„,er's office for the use of the C.:aaaiiteu on Branch,
Group and
in Banking tae tirstexanination report each
year Zran 192'3-1.927 inclusive for each of the following
natonal brnks:
1.
2.
0.
4.
b.
3.
Citizens National Bank
First Natioval Sank
First National Bank
Firnt NfAional Dank& Trast Co.
Westmont National Bank
Overbrook National Bank
Jenkintown, Pa.
Orbisonia, pa.
Portage, Pa.
Mer%thantville, N. J.
Westmont, N. J.
Philwielphia, 2a.
December 15, 1931
Mr, Horbett
Mr. Riddle
Do you think you might be able to borrow from the
Comptroller's office for tae use of the Committee on Branch,
each
Group and Chain Banking the first examination report
year from 1920-19L5 inclusive for each of the following
national banks:
https://fraser.stlouisfed.org
L
Federal Reserve Bank of St. Louis
1. Anoka National Bank
2. First & Farmers National Bank in
3. First National Ban',.(
4,41. Bottinsau National Bank,
5. First National Bank
6. Farmers National Bunk
. 7. First National Bank
6. First National Bank
, 9. First National Bank
Anoka, Minn.
Luverns,
Tracy, Minn.
Bottimeau, r. D.
Van Hook, A. D.
Bridgewater, 5. D.
Sisseton, S. D.
tewa'ti lie, inn.
FairchilcI, Wisc.
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Federal Reserve Bank of St. Louis
December
5,
1931
Honorable Carter Glass
Senate Office Building
Washington, D. C.
Dear Senator Glass:
I learn from your secretary that neither the letter
sent to you on November tenth by Governor Weyer, a copy
of which is enclosed, nor the material he transmitted has
reached you.
The material in question WRA two copies of
a compilation of statistical data prepared by the :Federal
Reserve Committee on Branch, Group, and Chain Banking, and
I take pleasure in sending you two other copies.
I suppose that the origtnal package was lost in the
mail, and I regret the consequent delay in having the material reach the Committee.
Very respectfully,
B. A. Goldenweiser, Chairean,
Committee on Branch, Group, and Chain Banking.
Fnclosures
FA;
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Federal Reserve Bank of St. Louis
December
4, 1931
Mr. Ire Clerk
Deputy dovernor
Pederal Reserve Bank
San trancisco. Calif.
Dear tr. Clerk:
I have your letters of November twenty-third, one
dealing with branch banking in California and the other
with the question of eligible paper. I am very glad to
have ticeee letters and ma grateful to you for your COTmotto on te California situation.
The question you raise about asking the reserve governors whether there are any banks that have failed while
in possession of unquestionably sound assets is an interesting one. and I would be In favor of making such an in.
quiry from the governors.
With best wishes for the coming holiday season, I remain,
Sincerely yours,
E. A. Goldenweiser,
Director of Research and Statistics.
ICAO
December 1, 1931
Mr. Greer
Mr. Riddle
I suggest you have the Library ferret out all that they
may have in the wgy of books and articles on branch banking in
California.
This may not help you much, but it will give you a
chance to get familiar with the literature and there is always a
possibility of getting a new idea or a new slant on the subject.
I also sujgest that you go through the House and Senate
Hearings again for any material dealing with branch banking, ebpeoially with the California situation.
I am sending down to you Mr. Upham's first draft on
group banking which devotes about tielve pages to the development
of the Bank of Italy and Transamerica Corporation.
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Federal Reserve Bank of St. Louis
Honorable Carter Glass,
United States Senate,
Washington, D. C.
Dear Senator Glass:
By direction of the Federal Reserve Board,
I am sending you herewith a copy of
letter whidh I
have just written to Senator Norbeck, Chairman of the
Senate Committee on Banking and Currency, together
with copies of the two documents inferred to therein.
similar letter, I may add,'has been transmitted to
the Chairman of the HOUBO Committee on Banking and
Currency.
As you will note from ny letter to Senator
Norbeck, other data collected by the Committee on
Branch, Group and Chain Banking are in the prooess of
preparation, and will be transmitted to the Corraittee
when available in final form.
Copies of this material
aIiiso will be forwarded to you at the same time.
Very truly yours,
Lscretary.
CM-w
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
_ Inclosurna.
Honorable Peter Norbeck, Chairman,
Committee on Banking and Currency,
United States Senate,
Washington, D. C.
Dear Mr. Chairman:
.,13 you may recall, there has been in procress for
some time a study of branch, group and chain banking by a Federal reserve system committee.
This committee is composed of
three representatives of the Federal reserve banks and two members of the staff of the 7ederal Reserve Board.
Two sections
of the committee's report--one relating to "Banking Costa and
Profits" and the other to "Changes in Number and Size of Banks
In the United States"--have last become available to the Board
In final form.
As the Board feels that these volumes should be
submitted to your committee for its information without awaiting their consideration by Vie Board, it has directed me to
transmit them herewith.
It may be added that other data col-
lected by the committee are in process of preparation and, likewise, the volumes containing such data will be transmitted to
you when they are made available in final form.
Very truly yours,
CC: Carter Glass
CM-w
Inclosuxes,
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Federal Reserve Bank of St. Louis
Secretary.
Honorable Henry B. Steagall, Chairman,
Committee on Banking and Currency,
House of Representatives,
Washington, D. C.
Dear Mr. Chairman:
'Xs you may recall, there has been in progress for
some time a study of branch, group and chain banking by a Federal reserve system committee. This committee is composed of
three representatives of the Federal reserve banks and two members of the staff of the Federal Reserve Board. Two sections
of the committee's report--one relating to "Banking Costs and
Profits" and the other to "Changes in Number and Size of Banks
in the United States"--have just become available to the Board
in final form.
As the Board feels that these volumes should be
submitted to your committee for its information without awaiting
their consideration by the Board, it has direeted me to transmit
them herewith.
It may be added that other data collected by the
committee are in -rocess of preparation ahd
likewise, the vol-
umes containing such data will be tranamitte4 to you when they
are made available in final form.
Very truly yours,
Secretary.
CM-w
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Federal Reserve Bank of St. Louis
@FedFRASER