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244.211 - Distribution & Activity of DepositJ
(Sep 12 - Oct 1935)
Statistics

% r
f"

Reproduced from the Unclassified / Declassified Holdings of the National Archives

Form F. R. 567

END
K IN D OF M A T E R I A L OR NUMBER

NAME OR S U B J E C T

DATES

(In c lu s iv e )

2 ^ .2 1 1

Distribution & Activity of Deposits
Statistics

Sep 12 - Oct 1935

J/
P A R T NUMBER




SHEET

Part 2

Reproduced from the Unclassified / Declassified Holdings of the National Archives




)
V

/■.

z

Reproduced from the Unclassified / Declassified Holdings of the National Archives

F o r m N o . 131

Office Correspondence
To,

Mr. Morrill.

From,

Lauchlin Currie.
-<?• <r

FEDERAL RESERVE
BOARD

Subject-

Date

October £3, 1955,

Letter to the Board on the
presen^ status ana scope ”
of 1PA project.
V

V/

This is substantially the same statement on the status and scope of
the WPA project that I made on October 14th to Chairman Eccles and
Governor Thomas




a

Reproduced from the Unclassified / Declassified Holdings of the National Archives

responuence
ThaBoard.

FEDERAL RESERVE
BOARD

Date___October 25, 1955,
Subject:

Present status and scope of

From_

W.P.A. project._____________
16— 862

i
(rdod

FOR CIRCij

Mr. Hamlin.
M ftjiilor,.,,
r,
Mr, James .
M Thom . ^
r.
e;
M Szym
r.
czp^

Mr.
Mr.
Mr. Morrill.
Mr. Bethea,
Mr. Carpers
Mr. Ho:... .
Mr.

after the application for funds was
1. Status.
submitted word wasj
ed that it had been decided to approve
sored by Federal agencies. We thereupon
no further project*
decided to explore the possibility of having the Works Progress
Administration itself conduct the study. On October 1st I received
instructions from Mr. Charles Beach of the Coordinating Committee
to have a letter sent to the WPA requesting that it conduct the
study with the Board undertaking to provide supervision. I drafted
such a letter and Governor Thomas signed it. Subsequently, at a
meeting of the Central Statistical Board, Mr. Goldenweiser was told •
that the WPA had selected our project as one it would be prepared
to undertake if certain administrative problems could be ironed out.
On October 10th Governor Thomas received a letter from Mr. Hopkins1
office stating that no funds were available for projects sponsored
by Federal agencies. I have reason to believe that this refers to
the form of our first application and not to the second. As far
as I know the project is still being given consideration.

Mr.

Mr.
Mr.
Ptease note -

and return t
Mrerr
f-an

X

2. Scone. On September 12th the Executive Committee of the
Board directed that, in the event funds were allocated, the Div­
ision should proceed with the closed bank aspect of the study, the
advisability of proceeding with the active bank aspect to be con­
sidered at a later meeting. We thereupon asked the Reserve Agents
to select tentatively regional supervisors from among the employees
of the reserve banks. We have now a complete list of men who have
been selected for this purpose. We also asked the agents in eight
of the reserve banks to ascertain the disposition of eleven state
banking commissioners to cooperate in the project, provided it was
initiated, to the extent of permitting access to records of certain
suspended banks formerly members. So far, five state banking com­
missioners have signified their willingness to cooperate and only
one has refused our request.
Mr. Fouts, Supervising Receiver in the Comptroller’s Office,
and I have agreed on a list of some 140 suspended national banks
to be entered, and on the number of workers to be assigned to each
bank. We have also drafted a letter to be sent by him to the re­
ceivers if the project is approved, and copies are prepared.
With regard to the active bank aspect of the study, I wrote to
Messrs. Hecht, Fleming, Colt, Emerson and Spencer, asking for their
personal opinion as to the general aim and scope of the project. I
received no replies from Mr. Fleming or Mr. Emerson. Mr. Hecht1s
Secretary wrote me that Mr. Hecht was out of town. Mr. Colt talked




A M
/C/ V

3

Reproduced from the Unclassified / Declassified Holdings of the National Archives

with me on the telephone. Mr. Spencer spent a morning with Mr.
Goldenweiser and me. Both Mr. Colt and Mr. Spencer felt that it
was inadvisable to propose the use of white-collar workers in
active banks. With regard to the questionnaire to all member banks,
they were dubious as to the degree of cooperation that would be
forthcoming* In these circumstances, Mr. Goldenweiser and I have
decided not to recommend to the Board that questionnaires of the type
originally contemplated be sent to all member banks.
We should still, however, like to explore the feasibility of
asking a small group of the very largest member banks to fill out
a schedule showing the deposits, on four dates a year for the past
six years, of their fifty or one hundred largest depositors, class-




Keproduced from the Unclassified / Declassified Holdings of the National Archives

WPA - 90

7057

W O R K S P R O G R E S S A D M IN IS T R A T IO N
W A L K E R -JO H N S O N B U IL D IN G

1734 N E W Y O R K A V E N U E N W .
W A S H IN G T O N , D. C.

H A R R Y L_. H O P K I N S

oZ

A D M IN IS T R A T O R

J
October 22, 1935

TO ALL STATE WORKS PROGRESS ADMINISTRATORS:

Your attention is directed to the opinion of the General
Counsel of the Works Progress Administration relative to super­
visory project employees receiving credit for time lost or sick
and annual leave.

In part, the opinion follows:

•'Neither administrative nor supervisory employees
of this character (as classified "by Executive Order No.
7046) are entitled to credit for time lost.

They are

entitled, however, to sick leave and annual leave like
other employees of the Federal government.

It is only

workers who are paid security wages in accordance with
Regulation No. 1 who

are entitled to credit for time

lost "because of weather conditions,

temporary interrup­

tions in the project, etc.”
This ruling pertains to supervisory project employees on a per
annum "basis and does not affect those paid on a per diem or hourly
basis.

The latter class will not receive credit for time lost nor

be eligible for sick leave or annual leave.




Harry L. Hopkins
Administrator

Reproduced from the Unclassified / Declassified Holdings of the National Archives

F o r m N o . 131

Office Correspondence
To______ Dr. Currie
From

FEDERAL RESERVE
BOARD

Patp October 16, 1955.
Subject:

J U !
t

Miss Egbert.

Q

I am attaching for your consideration a letter
received from Secretary Roper, dated October 14th, replying
to our letter of August 8th requesting the inclusion in
schedule forms of the Census of Manufactures and the Census
of Business of a question on the cash balances of re­
spondents on December 51, 1955.




Reproduced from the Unclassified / Declassified Holdings of the National Archives

October 15, 1955.
Governor Thomas
Lauchlln Currie

Present status and. scope of
W.P.A. project.

A

dll

A *

I/

5"
Attached is a brief stuteaentt, of the present statue and scope
of the WPA project, prepared in order to acquaint Chairman Eccles
with developments while he was away.

LCsem




Keproduced frdm the Unclassified / Declassified Holdings of the National Archives

A yy
D

e p a r t m e no tf

C

o m

m

^ / /

e r c e

OFFIC E O F TH E S E C R E T A R Y

W A S H IN G T O N
October 14, 1935.

Honorable Marriner S. Eccles,
Governor, Federal Reserve Board,
Washington, D. C.
M y dear Governor:
Under date of August 8 'you requested the inclusion in
schedule forms of the Census of Manufactures and the Census of
Business of a question on the cash balances of respondents on
December 31, 1935.
In my reply of August 16 I assured you that
this suggestion would be given very careful consideration.
The proposal was discussed on October 10 by the Canmittee on Techniques of Collection and Tabulation of the Central
Statistical Board, meeting at the request of the Coordinating
Committee of the Central Statistical Board and the Works Progress
Administration. These agencies have responsibility for reviewing
the schedules prepared and submitted by the Census Bureau.
It
was agreed to place your requested item upon the schedule, provided
this has the concurrence of business representatives. Preliminary
conversations have indicated that it may be difficult to procure
this concurrence, and unless their support for the question should
be whole-hearted, we should feel compelled to exclude it from the
schedule. No statutory authority, such as exists for the Census
of Manufactures, is provided for the Census of Business, and the
latter consequently depends upon the voluntary cooperation of the
business men from whom information is obtained.
The Bureau of the Census will attempt to overcame the
objections that have been expressed, and we shall be happy to meet
your wishes should it seem feasible after these further consulta­
tions.




Sincerely yours,

■
Secretary of Commerce.

Reproduced from the U n d a t e d , D e c k e d Ho,drops o, the Natrona, Archives

October 14, 1355,
Mr, Goldenwelser,

Present status and scope of

L&uchlin Currie

W.P.A. project.

M. v
JUi i& 'V-JS
I think it a good idea to acquaint the Chairman with the present status'
and scope of the WPA project, I mention you at several places and I
should like to have your approval before I send it over.

/ f
t

LC.em



Keproduced from the Unclassified / Declassified Holdings of the National Archives

Chairmen Eecles.

Present etat.ua ana scope oi

L&uchlln Currie*

W.P.A, project.

1# Status. Shortly after the application for funds was submitted
word was received that It had been decided to approve no further pro­
jects sponsored by Federal agencies* Ic thereupon decided to explore
the possibility of having the Works Progress Administration itself
conduct the study* On October 1st I received instructions froa Mr.
Chf rlf-s beach oi 'thl Cooroina
Co ritt" v to In CC i li-tb- r sen* to the
WPA requesting that It conduct the study with the Board undertaking to
provioe supervision* I drafted euch a letter and Governor Thoaas signed
it* At a subsequent meeting of the Central Statistical Board Mr.
Goldenweiser was told that the WPA had selected our project as one it
would be prepared to undertake if certain administrative problems could
be ironed out. On October 10th Governor Thoaas received a letter froa
Mr, Hopkins* office stating that no funds were available for projects
sponsored by Federal agencies* I have reason to believe that this refers
to the form of our first application and not to the second. I expect to
receive definite word regarding the allocation of funds in a few days*
g. bco )e. On September 12th the Execut ive Committee of the Board
directed.that, in the event funds were allocated, the Division should
proceed with the closed bank aspect of the study, the advisability of
proceeding with the active b* nk aspect to be considered at a later meet­
ing, We thereupon asked the Reserve Agents to select tentatively region­
al supervisors from among the employees of the reserve banks. We have
now a complete list of men who have been selected for this purpose* We
also asked the agents in eight of the reserve bank* to ascertain the
disposition of eleven state banking commissioners to cooperate in the
project, provided It was initiated, to the extent of permitting access
to records of certain suspended banks formerly members.
Mr* Fonts, Supervising Receiver in the Comptroller1s Office, and
I have agreed on a list of some 140 suspended national banks to be
entered, and on the number of workers to be assigned to each bank. We
have also drafted a letter to be sent by him to the receivers if the
project Is approved, and copies are being prepared.
With regard to the active bank aspect of the study, I wrote to
Messrs. Heeht, H o m i n g , Colt, Emerson and Spencer, asking for their
personal opinion as to the general aim and scope of the project* I
received no replies from Mr, Fleeing or Mr. Emerson, Mr* Hecht's
Secretary wrote me that Mr. Hecht was out of town, Mr, Colt talked
with me on the telephone, Mr. Spencer spent a morning with Mr,
Goldenweiser and me. Both Mr. Colt and Mr. Spencer felt that it was
inadvisable to propose the use of white-collar workers in active banks.
With regard to the questionnaire to all member banks, they were dubious
as to the degree of cooperation that would be forthcoming* In these




Keproduced from the Unclassified / Declassified Holdings of the National Archives

circumstances, Mr, Goldenwi^sar and I have decided not to recommend
to the Board that questionnaires of the type o iglnally contemplated
be sent to all member banks.
We should still, however, like to explore the feasibility of
asking a small group of the very largest member banks to fill out a
schedule showing the deposits, on four dates a year for the past six
years, of their fifty or one honored largest depositors, classified
not by name but ty bro&d classifications auch as finance, w aufseturing,
trade, and personal, so that identifies tlon of individual accounts would
be impossible, Such information would, we think, prove illuminating
and involve little trouble. We shall present the proposal to the Board
at a later date if it appears feasible.

LCtem



Reproduced from the Unclassified / Declassified Holdings of the National Archives

W O R K S PROG RESS A D M IN IS T R A T IO N

^ yy, czn

W A L K E R -J O H N S O N B U IL D IN G

1 73 4 N E W Y O R K A V E N U E N W .
W A S H IN G T O N , D . C .

H A R R Y L . H O P K IN S
A D M IN IS T R A T O R

October 9, 1955#

RECEIVED
HOT

11 1935

DIVISIONOFRESEARCH
ANDSTATISTICS

Mr# J. J. Thomas, Vice-Chairman,
The Board of Governors of the Federal Reserve System,
Yfashington, D. C.
Dear Mr. Thomas:
Inasmuch as there are no available funds re­
maining to prosecute additional projects sponsored by
Federal Departments, I am returning herewith the project application listed below:




N. E. C.

No.

11152
Very truly yours,

L. Hopkins
nistrator

Reproduced from the Unclassified / Declassified Holdings of the National Archives




Reproduced from the Unclassified / Declassified Holdings of the National Archives

O ctober 1 , 1 9 3 6 #

^ 4 ^ :V
t

f ? - „ .7; X// '
Xf
.
«
*
.....

Works P ro g re ss A d m in is tra tio n ,
W ashington, D* C.

'"

/

Gentlemens
The Board o f G overnors o f th e F e d e ra l R eserve System
r e q u e s ts th e Works P ro g re s s A d m in is tra tio n to ta k e u n d e r co n sid ­
e r a tio n th e conduct o f * stu d y on th e changes in th e d i s t r i b u t i o n
and a c t i v i t y o f d e p o s its i n th e y e a rs 1 9 £ 6 - 1 0 3 1 , th e Board to un­
d e rta k e th e s u p e rv is io n o f th e s t u d y u n d e r th e g e n e ra l d i r e c t i o n
o f th e Works P ro g re s s A d m in is tra tio n .
R egional s u p e r v is o r s , c o n tr ib u te d by th e F e d e ra l Re­
s e rv e bystem , have been t e n t a t i v e l y s e l e c t e d . P e rm issio n to tr i m s
c r ib s th e re c o rd s o f s e le c te d c lo se d n a t i o n a l bt nks h as been ob­
ta in e d from th e C o m p tro lle r o f th e C u rre n c y . A ctu al employment o f
w orkers c o u ld , t h e r e f o r e , be u n d e rta k en w ith in two weeks o f th e
a l l o c a t i o n o f fu n d s .
A lthough th e work coulu be ex ten d ed p r o f i t a b l y beyond
June 3 0 , 1 9 5 6 , p r e s e n t p la n s c a l l f o r i t s co m p letio n on t h a t d a te*
lo u r s t r u l y ,
i.Vy>:>

X.

J. J. Thomas,

V ice Chairman

F I L E

o -

C O P Y

7
?
\

EAG;LC-jcb




J

Reproduced trom the Unclassified / Declassified Holdings of the National Archives

Vv
RESERVE BO

T H E N A TIO N A L E M E R G E N C Y C O U N C IL

WASHINGTON
OFFICE OF THE
E X E C U T IV E D IR E C T O R
C O M M E R C IA L N A T IO N A L B A N K B U IL D IN G
14TH

and

g

September 19,
1935e

ST R E E T S N W .

<y, a / /

To:

Honorable J. J. Thomas, Vice Chairman,
The Board of Governors ^of the Federal Reserve System •

From:

James T. Mathews.

We are transmitting te yen herewith,
combined acknowledgment receipts and notifica­
tions of N.E.C, number 11152, which has been
assigned to the Allotment Applications filed
by your Department, with the Division of Appli­
cations and Information.

Z




The N.E.C. number will be identifying
number for each Allotment Application on record
in the Division. It is therefore suggested that
this number be made a matter of record on each
Allotment Application in your Department to
facilitate inquiries and information.

James T. Mathews,
Applications & Control Section.

Enc.

Per

Reproduced from the Unclassified / Declassified Holdings of the National Archives

».„TU,«AL EMERGENCY COUNCI L
D IV IS IO N OF APPLICATIONS AND INFORMATION

CONTROL

UNI T

- APPLICATIONS

ROOM 14 0 1

-

AND CONTROL

SECTION

MUNITIONS BUILDING

V&ahiag-ton, R.c.
September 13, 1935
Hon* J* J. Thomas, Vice Chairman,
The Board of Governors of the Federal Reserve System

T

We acknowledge'
receipt of allotment application, carrying your
number____ _____ ____

This has been assigned N.E.C. number.

11152

The N.E.C. number will be the identifying number for each allotment
application on record in the Division.

All inquiries relative to

this allotment application will, therefore be facilitated by the use
of this number.
Wm. Henry Smit-h, Chief
Application^
Control Section

1599,719
NEC -

AC -

101




by

Reproduced from the Unclassified / Declassified Holdings of the National Archives

;? Vi.

COPY-

*</

THE NATIONAL EMERGENCY COUNCIL
WASHINGTON
Office of the
Executive Director
Commercial National Bank Building
14th and G Streets NW




Tos

From:

i
September 19,
1955.

Honorable J. J. Thomas, Vice Chairman,
The Board of Governors of the Federal Reserve System.
James T. Mathews.

We are transmitting to you herewith,
combined acknowledgment receipts and notifica­
tions of N.E.C. number 11152, which has been
assigned to the Allotment Applications filed
by your Department, with the Division of Appli­
cations and Information.
The N.E.C. number will be identifying
number for each Allotment Application on record
in the Division. It is therefore suggested that
this number be made a matter of record on each
Allotment Application in your Department to
facilitate inquiries and information.

James T. Mathews,
Applications & Control Section.

Per

Enc

(Signed)

Marie M. Lake

Keproduced from the Unclassified / Declassified Holdings of the National Archives

COPY

NATIONAL EMERGENCY COUNCIL
DIVISION OF APPLICATIONS AND INFORMATION
CONTROL UNIT - APPLICATIONS AND CONTROL SECTION
Room 1401 - Munitions Building
Washington, D. C.

To:

September 15, 1955

Hon. J. J. Thomas, Vice Chairman,
The Board of Governors of the Federal Reserve System
We acknowledge receipt of allotment application, carrying

your n u m b e r ______________
This has been assigned N.E.C. number

11152

The N.E.C. number will be the identifying number for each allotment
application on record in the Division.

All inquiries relative to

this allotment application will therefore be facilitated by the use
of this number.

Wm. Henry Smith, Chief
Applications and Control Section
by (signed) H. R. R.__________
$599,719
NEC - AC - 101




Reproduced from the Unclassified / Declassified Holdings of the National Archives

?
/^/?)
W O R K S PROG RESS A D M IN IS T R A T IO N

5841

W A L K E R -J O H N S O N B U IL D IN G

1734 N E W Y O R K A V E N U E N W .
W A S H IN G T O N , D . C .
H A R R Y L . H O P K IN S
a d m in is t r a t o r

iEC-11152
9 V V,<A//

September 13, 1935
IJ .
rj
Mr. Frank C. Walker, Director
Division of Applications and Information,
Commercial National Bank Building,
14th and G Streets,
Washington, D. C.

/

t

Dear Mr. Walker:
This is to certify that the Coordinating Committee
of the Central Statistical Board and the Works Progress Administration
has reviewed the accompanying application^, on NEC Form No,
dated

September 11, 1935m c No.

Board
_________
Federal or local agency)
project on
Cnange of Deposits

..

Qne

,

S p o n s o r e d by

Federal Beserve
(Name of
, a (statistical, survey and research
vQf
to be financed from

----------

the funds provided for by the Emewpsncy Relief Appropriations Act of

1955.
By official action on

September It, 1935

the

Coordinating Committee completed its examination of the suitability
of this project from a statistical, survey and research point of view.
It finds that this project DOES (JOTKOESSC) satisfactorily meet the
scientific and administrative requirements of acceptable statistical,
survey and research practice.

Very truly yours,

Coord. Com. Project
Register No.C0~94P.



Theodore J. Krep^/Chairman
Coordinating Committee of the
Central Statistical Board and
the Works Progress Administration

uLc
J-.

Reproduced from the Unclassified / Declassified Holdings of the National Archives

(To be prepared in quintuplicate.
Additional or detailed data to be
attached using c o r r e s p o n d i n g
numbers')

Date
Department
project N o.

FEDERAL PROJECTS
Return to
National Emergency Council,
Washington, D . C.

N?,T

Application for Allotment of Funds under
Emergency Relief Appropriation Act of 1935

N . E . C . N i .U u

11152

Official
project N o.
Amount
requested $
Amount
approved $

Department or Independent Office: Board o * Governors of the Federal Reserve System
f
Bureau:
Location of project:

Countrywide

State:

(See attached sheet)

County:

City ©r town:

General location, i other than above:
f

1 Description of project and character of work:
.
A sample study of changes in the distribution and activity of deposits for the
years 1928-1931* The work will consist largely of the transcription and tabula­
tion of personal and business accounts and of credits to personal accounts.

(a) Relative priority of this project in comparison with a l projects embraced within the program of
l
the Bureau: /_ ,
A
Only project*

2 Total estimated cost of project:
.
( ) Amount previously allotted or appropriated____________ _____________ $________
а
( ) Amount of allotment requested in this application____ $_.§9.9.*71.9______
б
( ) Additional amount required to complete....... ..... $____ ____ ____
c
(d)

T

o t a l _______________________________________________

___________________ ____

________

_______ $--599*719.

3 Give source of funds, i any, under 2 (a):
.
f

U. S.
 GOVERNMENT PRINTING


OFFICE

N . E . C . Form 1— Page 1 of 3

1—37
6 82

Reproduced from the Unclassified / Declassified Holdings of the National Archives

iHEC-11152
(i)

(2
)

(3
)

(4)

Amount

Percent of
Subtotal

Percent of Total
Allotment

Daily Average
Number to be
Employed

(Dlas
olr)
4. Estimated division of allotment:
(a) Labor:
( Unskilled_______________________
1)
(2) Skilled____________________ ____
(3) Technical and cle rica l______ _

Subtotal_____________

(4)

6,160

1.16

1.05

15

-524,725

98.84

87.49

957

88.52

950

100

550,885

(b) Superin tendence ___ ______________________
(c) Other expenses on project:
(1) Supplies, materials, equipment.....

X X X

49,505

71.91

8.25

(2) Contingent expense....R4a »i;______
(3) Land____ ______________________

19,555

28.09

5.25

Subtotal ,other expenses___

68,856

100

11.48

(should correspond with
amount shown in 2 (&))___ ______

599,719

(4)

(d)

T otal

X X X

100

950

N o t e . Do not include any estimate of general administrative expenditures for salaries of employees located in Washington
—
or at any regional office or for general office expenses at such offices. Application for funds for such expenses should be made
on N . E. C . Form 2.

5 Estimated expenditure per man-year of employment:
.

$

891.24

• [State number of hours

per month and wage rate basis (P. W . A., union scale, or other) used in 4 and 5.]

The monthly wage rates to be paid follow those established in the schedule of
monthly earnings which appeared in the W.P.A. Circular No. 1, issued June 15, 1955.

6 Estimated total man-hours:
.

1,555,200

7 Estimated period of preparation before work at site can be started 15
.

days.

8 Estimated daily average number of employees each month during execution of project:
.
751

2 1,010
.

3 1,010
.

7 1,010
.

8 1,010
.

4
.

1,010

9
.

1
.

558
10.
(J mo.)
9 Estimated elapsed time from beginning work to completion
.

5
.

1,010

1,010

12.

11.
3f

6
.

months.

10. (a) What part of labor on project would usually be handled by contract?
( ) What part of labor on project would usually be day labor?
6

%
%

11. If this project i in fulfillment of some specific statutory authorization, give date of such law and statute
s
reference.

\

U. S. GOVERNMENT PRINTING OFFICE




N . E . C . Form 1— Page 2 o f 3

16—«872

Reproduced from the Unclassified / Declassified Holdings of the National Archives

v1
i
■U

L 11152

12.

Is any part of this project in conflict with previous congressional action?

No previous conflicting

congressional action has been found.
13. Under what provision or classification of projects specified in Section 1, Emergency Relief Appropriation
Act of 1935, may allotment be made legally? The requested allotment appears to be one for
"assistance for e due at ional,p rofe s sional and clerical persons"within the meaning of clause (e),
14. Has validity of proposed allotment been approved by legal staff of Department or Independent Office? Counsel
advises that in his opinion requested allotment is one for "assistance for educational, professional
and clerical personsfas sifted and there, is no legaU.dbjeotion. to Boato ,of Governors requesting this
f
15. Jbrom what other federa l agency, it any, has an allotment lor this project been requested:
allotment.
None
16.

Status
(а)
(б)
(c)

o f plans:
Surveys?
W ork plans?
Sketch plans?
(d) Detail plans?
X
(e) Specifications?

17.

Status of land or sites:
(a) Acquired?
(b) Negotiations completed?
(c) Negotiations pending?
(d) Negotiations not begun?

18. Is project wholly or partially self-liquidating under present laws?

No

(Give details on separate sheet as to wherein and to what extent)

19. T o what extent will this allotment increase or decrease the annual expense of physical upkeep and operating
cost to the Federal Government?
m0

(a) Increase, $

B y what agency to be borne?

(6) Decrease, $
20.

21.

Extent of participation, if any, by other agencies:

Non©

Justification (a short, concise statement giving reason or necessity for the proposed allotment, includin
any comments or further statement about the nature of the work. An additional sheet may be inserted
if necessary): It is expected that this study will yield results of value to com­

mercial bankers in planning the allocation of their assets and to the Reserve Administration
in formulating its credit policies.
It is understood that all funds allotted upon the basis of this application will
be handled, disbursed and accounted for by the Works Progress Administration or by the
Treasury Department and none of such funds by the Board of Governors of the Federal Reserve
System or by any Federal Reserve bank.
Allotment of funds for this project requested by:

The Board of Governors of the
---- Fede-mU-Res«rv^--S-yntem,---------------------------(Department or Independent Office)

(Si

U. S. GOVERNMENT PRINTING OFFICE




N. E. C. Form 1—Page 3 of 3

1—37
6 82

Reproduced from the Unclassified / Declassified Holdings of the National Archives

F o r m N o . 131

Office Correspondence
To

wmmMmm_
_

From

FEDERAL RESERVE
BOARD

Bethea

L ate,

FEDERAL RESERVE BOARD FILE
I'V / , Z //

>
-5
82

/bdiL . ®

J b h*'*

'p
At the meeting today, the Executive Committee approved the

T

JU< 1 /

filing of an application with the Works Progress Administration for
the allotment of funds to enable the Board to sponsor a sample study
of the distribution and activity of deposits for the period from
January, 1928, to June, 1931, inclusive, with the understanding that
the initial work will be confined to closed national banks and that
the question of any enlargement of the study would be taken up by the
Board at a later meeting*
In taking this action, it was understood in accordance with
the recommendation of Mr* Goldenweiser set forth in a memorandum dated
September 4, 1935J[that the Division of Research and Statistics would ,
supervise the project and handle all correspondence in connection with
it; that the Director of the Division of Research and Statistics, or
one of his associates designated by him, would represent the Board in
all contacts with the Works Progress Administration arising out of the
application; that the Agents* Departments of the Federal reserve banks
would supply such regional supervision of the project as might be
necessary; and that the Division of Research and Statistics would state
in the formal submission of the project that the Board would undertake
to publish the findings of the study which, in its judgment, are
significant and valuable.

rkt

Z




3

xcH'uuuieu Hum me unclassified / Declassified Holdings of the National Archives

( To be prepared in quintuplicate.
Additional or detailed data to be
attached using c o r r e s p o n d i n g
num bers)

Department
project N o.

FEDERAL PROJECTS
Return to
National Emergency Council,
Washington, D . C.

(IUoCisrdr

Application for Allotment of Funds under
Emergency Relief Appropriation Act of 1935

N. E. C. No.
- Official
project N o.
Amount
requested $

<5V>
<y%

,

V/%

Amount
approved $

Department or Independent Office:

Board of Governors of the Federal Reserve System

Bureau:
Location of project:

Countrywide (See attached sheet)

State:

County:

City or town:

General location, i other than above:
f

1 Description of project and character of work:
.

A sample study of changes in the distribution and activity of deposits for the
years 1928-1931, The work will consist largely of the transcription and tabula'
tion of personal and business accounts and of credits to personal accounts.

(a) Relative priority of this project in comparison with a l projects embraced within the program of
l
the Bureau:
Only project

2 . Total estimated cost of project:
(а) Amount previously allotted or appropriated__________ _______ . .
.

599 719

( ) Amount of allotment requested in this application____ $____ ____
б

( ) Additional amount required to complete........ .... $--------c
(d)

T o t a l ____________________________________ _______ _ ____ _____________________
_

$

5 9 9 ,7 1 9

3. Give source of funds, if any, under 2 (a):

F I L E
U. S. GOVERNMENT PRINTING OFFICE




C O P Y

N . E . C. Form 1— Page 1 o f 3

16—3872

Reproduced from the Unclassified / Declassified Holdings of the National Archives

(2)

(D o lla r s )

4 Estimated division of allotment:
.
( ) Labor:
а
(1) Unskilled..................
(2) Skilled...... ............
(3) Technical and clerical_____ _
_
(4)

S u b t o t a l ___________________

(4)

(d)

Percent of Total
Allotment

6,160

1.16

1.05

15

524,725

98.84

87.49

957

88.52

950

100

550,885

( ) Superintendence____________________
б
( ) Other expenses on project:
c
(1) Supplies, materials, equipment....
(2) Contingent e x p e n s e . . . ____
(3) Land._ _______________ _
_
_

(4)
Daily Average
Number to be
Employed

(3)

Percent of
Subtotal

(1)
Amount

X X X

71.91
28.09

49,505
19,555

S u b t o t a l , other expenses....

100

68,856

T otal
(should correspond with
amount shown in 2 (&))___________

8.25
5.25

599.719

11.48

100

X X X

_____ 950.

not include any estimate of general administrative expenditures for salaries of employees located in Washington
or at any regional office or for general office expenses at such offices. Application for funds for such expenses should be made
on N. E: C. Form 2.
N

5.

o te

. Do
—

[State number of hours
Estimated expenditure per man-year o f employment: $
per month and wage rate basis (P. W . A., union scale, or other) used in 4 and 5.]

The monthly wage rates to be paid follow those established in the schedule of
monthly earnings which appeared in the W.P.A. Circular No. 1, issued June 15, 1955.
6.

Estimated total man-hours:

gO O

7 Estimated period of preparation before work at site can be started
.

15

days.

8 Estimated daily average number of employees each month during execution of project:
.
1
.

751

2 1,010
.

3
.

7 1,010
.

8 1,010
.

1,010

4
.

99
..

558
10.
10.
(i mo.)
9 Estimated elapsed time from beginning work to completion
.

1,010

5
.

1,010

11.

6 1,010
.
12.

months.

8g

10. (a) W hat part of labor on project would usually be handled b y contract?
(b) W hat part of labor on project would usually be day labor?

%
%

11. If this project i in fulfillment of some specific statutory authorization, give date of such law and statute
s
reference.

F I L E
u . S. GOVERNMENT PRINTING OFFICE




C O P

N . E . C. Form 1— Page 2 of 3

Y
10—*872

Reproduced from the Unclassified / Declassified Holdings of the National Archives

S '
12. Is any part of this project in conflict with previous congressional action?

Previous conflicting

congressional action has been found,
13. Under what provision or classification of projects specified in Section 1, Emergency Belief Appropriation
A ct of 1935, may allotment be made legally?
requested allotment appears to be one for

"assistance for educational,professional and clerical persons"within the meaning of clause(eX
14. Has validity of proposed allotment been approved b y legal staff of Department or Independent Office? Counsel
that in his opinion requested allotment is one — — "assistance —
for ---------r- T j - J- for educational,pro­
----------- W UZIS-.L • T)2?0-*
—
fessional and clerical persons "as, stated a n c L tie e ^,
h re
~~ 1 — ^
'-~4 —
-*
n J
-B°srd of Govern15. Ir o m what other hederai agency, if any, has an allotn
fcment

16. Status of plans:
(а) Surveys?
(б) W ork plans?
(c) Sketch plans?
(d) Detail plans?
(e) Specifications?

ors requesting
this allotment.

None

17. Status of land or s t s
ie:

(а)
()
б
()
c
(d)

Acquired?
Negotiations completed?
Negotiations pending?
Negotiations not begun?

18. Is project wholly or partially self-liquidating under present laws?

No

(Give details on separate sheet as to wherein and to what extent)

19. To what extent will this allotment increase or decrease the annual expense of physical upkeep and operating

cost to the Federal Government?
(a) Increase, $

No change
B y what agency to be borne?

( ) Decrease, $
6
20. Extent of participation, i any, by other agencies: None
f

21. Justification (a short, concise statement giving reason or necessity for the proposed allotment, including
any comments or further statement about the nature of the work. A n additional sheet may be inserted
i necessary): It is expected that this study will yield results of value to com­
f
mercial bankers in planning the allocation of their assets and to the Reserve Administra­
tion in formulating its credit policies.
It is understood that all funds allotted upon the basis of this application will
be handled,disbursed and accounted for by the Works Progress Administration or by the
Treasury Department and none of such funds by the Board of Governors of the Federal
Reserve System or by any Federal Reserve bank.x
. x,.
.
..
Allotment of funds for this project requested by:
The Board of Governors of the
Federal Reserve System
(Department or Independent Office)

(Signed) j. J Jhomas
(Signature of Head of Department or Independent Office)

U. S. GOVERNMENT PRINTING OFFICE




FI
■$rrr. e: r ° m Xi- Page 3 of 3
L

Vice Chairman

Keproauced from the Unclassified / Declassified Holdings of the National Archives

BRIEF DESCRIPTION OF A PROPOSED FEDERAL STATISTICAL PROJECT
SPONSORED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
ENTITLED "A STUDY OF CHANGES IN THE DISTRIBUTION
AND ACTIVITY OF DEPOSITS”

Although deposits subject to check constitute the bulk of the money
of the country, almost nothing is known of their distribution as between
different economic groups or of changes in their distribution.

One of the

main objects of the proposed study is to furnish information on this sub­
ject by making available for analysis monthly changes of a sample group of
personal and business deposit accounts for the period January 1928 to June
1931*

Such information should throw light on two sets of problems:

associated with the safe and profitable investment
itors

those

of funds of bank depos­

and those associated with the formulation of the country’s monetary

policies.

Information on the variability of different types of deposits

at different phases of business activity should aid in determining liquid­
ity requirements of individual banks.

Information on changes in the dis­

tribution of deposits should aid the Reserve Administration in interpret­
ing business developments.
Another object of the proposed study is to obtain information on the
turnover of personal checking accounts for the purpose of determining the
feasibility of deriving current indexes of consumers’ incomes and expendi­
tures by the use of banking statistics.




Reproduced from the Unclassified / Declassified Holdings of the National Archives

BE CAP ITULA? IOil OP COST OP LABOR BY STATES

Region I
Connecticut
Maine
Massachusetts
New Hampshire

Number
6
4
20

Cost
'

4,150
1,880
9> ^80

1

480

13

6,600

64<*

35^,353

Pennsylvania

65

32,932

Rhode Island

2

1,040

Vermont

1

400

Illinois

34

16,430

Indiana

21

10,320

Michigan

4l

20,920

4

2,080

l4

6,000

Wisconsin

4

1,920

Arizona

1

44o

22

11,280

Colorado

2

l,o4o

Idaho

2

800

New Jersey
Now York

Minnesota
Ohio

California

Montana




*

44o

wm me unudbbmeu / ueciassmea Moldings of the National Archives

Region I (continued)

Number

Coot

Nevada

2 .

800

New Mexico

1

44o

Oregon

2

960

Utah

2

i,o4o

Washington

4

2,080

Wyoming

—

—

911

4 9 0 ,6 7 5

Iowa

7

2 ,9 2 8

Kansas

3

1,392

Missouri

15

6 ,7 3 6

Nebraska

2

928

North Dakota

3

i, io 4

Sub-total

Region II

South Dakota

—

—

Delaware

1

464

District of Columbia

8

3,712

Maryland

4

1,792

West Virginia

5

2 ,0 9 6

Sub-total

4g

2 1 ,1 5 2




x^'vuuucu uum me unclassified / Declassified Holdings of the National Archives

Region III

Number

Cost

4oo

Arkansas

1

Kentucky

4

Louisiana

2

S3 2

Oklahoma

2

S3 2

Texas

11

4 ,5 2 0

4,4oS

4

1,5 2 0

24

9,512

Alabama

2

7S4

Florida

4

1,392

Georgia

3

1 ,1 7 6

Virginia
Sub-total

Region IV

Mississippi

—

—

North Carolina

7

2 , 32 s

South Carolina

6

1,904

Tennessee

5

1,960

27

9 ,54 4

Sub-total
Grand total

1 ,0 1 0

530,863

a/
— ' All labor is of technical and clerical class except in Now York,
where l4 -unskilled persons are to "be hired as messengers at a cost
of 6 l 6 0 .




Reproduced from the Unclassified / Declassified Holdings of the National Archives

A STUDY OF CHANGES IN THE DISTRIBUTION AND
ACTIVITY OF DEPOSITS

The following exhibits accompany this application
A— Brief Description
B— Detailed Description
C— CC Forms 10, 11, 12
D— Detailed Cost Estimates
E— Schedules To Be Used in Transcription
F— Instructions
G— ‘
Skeleton Outlines of Basic Tables
H— Tentative Organization of Final Report

September 12, 1935




p UUUCea Trom the U^lassified / Declassified Holdings of the National Archives

V

Exhibit A
A>2

A PROPOSED FEDERAL STATISTICAL PROJECT
SPONSORED BY THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM

A STUDY OF CHANGES IN THE D ISTRIBUTION AND
ACTIVITY OF DEPOSITS
BRIEF DESCRIPTION

September 12, 1935




unclassified/Declassified Holdings of the National Archives

- 1 -

The Board, in investigating the feasibility of various proposed
projects, set up certain conditions which it was felt should be fulfilled
by any study it sponsored*

These conditions were that:

yield results of immediate value to bankers;

(l) it should

(2) it should yield results

that would aid the Board of Governors to discharge its responsibility for
the formulation of credit policies;
of white-collar workers;

(3 ) it should permit the efficient use

(4) it should be a study which would otherwise

not have been initiated; and (5 ) it should enlist the interest and coopera­
tion of the bank officers whose consent would be necessary in order to
obtain information from bank records.

After investigation it was felt

that a study of the distribution and activity of deposits best satisfied
these conditions.
The project consists essentially of a sample study of the movement of
deposit balances in business, financial, and personal accounts and of the
activity of personal accounts over the period January 1928 to June 1931 from
four sources of information:

the records of national banks now in the

hands of receivers, the records of active member banks willing to provide
desk space and access to back ledgers to relief workers, replies to a
voluntary questionnaire to be sent to all member banks, and replies to
a voluntary questionnaire to be sent to a selected list of large corporations,
I,

The bearing of the study on problems of bank management
Few banking problems are more important or more difficult than that

of striking a proper balance between profitableness and liquidity in the
investment of funds.




The extremely low rates of interest on liquid paper

Reproduced from the Unclassified / Declassified Holdings of the National Archives

O 0

-

2

6

O

-

and the abundance of loanable funds make this a particularly urgent problem
at the present time.

One factor that makes the problem so difficult of

solution is the uncertainty of the future behavior of deposits.

If a

banker could be assured that in the event of a business recession his
deposits would decline by no more than ten percent, he would feel justified
in making a different distribution of his assets than if he had to expect
a possible shrinkage of fifty percent.
A banker knows, of course, that some of his accounts are comparatively
stable, while others are subject to wide variation.
however, has been limited to his own bank.

His experience,

No general study of the varia­

bility of various types of personal and business deposits, based on the
history of many accounts over a period of years, has ever been attempted.
Such a study may disclose that various types of business and personal
accounts conform to fairly definite patterns of behavior at different
phases of the business cycle.

If this should prove to be the case, the

proposed study would make a valuable contribution to the fund of informa­
tion which bankers have at their disposal in striking a proper balance
between profitableness and liquidity in the investment of their funds.
It is appreciated, of course, that the determination of the facts in a
field of this nature must always be subject' to a wide margin of error.
Any narrowing of this margin of error, however, would constitute a real
contribution to the improvement of banking practice in this country.
The growth of the service charge among banks in recent years has
directed the attention of bankers to the widely varying costs and profits




Reproduced from the Unclassified / Declassified Holdings of the National Archives

involved in holding different types of deposits.

An aspect of this

problem which has been somewhat neglected is the fact that the profitable­
ness of a deposit to a bank depends not only on its size and activity, but
also on its variability, which determines the kind of asset it permits
a bank to acquire.

Definite information on the variability of various

types of deposits might furnish a basis for differentiation between them
in determining service charges and minimum balances.
Complete coverage tabulations of the deposits of closed banks as of
two dates, one in 1929 and one in 1 9 3 1 * may reveal the sources of the
drains of funds to which banks are exposed during periods of financial
strain and throw additional light on the efficacy of deposit insurance
as a method of lessening the frequency of runs and failures,
II,

The bearing of the study on problems of credit policy
The Reserve Administration is concerned not only with improving bank­

ing practice, but also with the formulation of national credit policies and
exerting an influence on the total volume of deposits.

It is believed that

information on the distribution of deposits among individuals and businesses,
on the shifts in that distribution, and on credits and debits to personal
accounts would prove helpful in the determination of the deposit or monetary
requirements of the country.

More specifically, such information would

help to answer the following questions:
1,
Do changes in the rate at which money flows from pro­
ducers to consumers and from consumers to producers evidence
themselves initially in a change in the deposit holdings of
different groups?
If so, such changes would throw light upon
current and prospective business trends.




unclassified / Declassified Holdings of the National Archives

- 4 -

2,
Is the downward trend of business activity associated
in any way with a marked shift of deposits from personal to
industrial or financial accounts?
Is an upward movement asso­
ciated with a shift in the opposite direction? How far should
such shifts he taken into consideration by the Reserve Admini­
stration in influencing the total volume of credit?
3» What are the changes in the deposit holdings of various
groups and classes in response to increasing or decreasing se­
curity speculation? Did the deposits of financial concerns in­
crease relatively to industrial and personal deposit holdings
in 1928-1929? What, if any, marked shifts occurred during and
after the stock market crash? Answers to these questions would
aid in understanding the economic repercussions of security
speculation,
4, What factors determine the deposit or monetary require­
ments of individuals and different types of businesses? How far
are such requirements a function of income, of wealth, of the
volume of operations, of business expectations, etc.? Informa­
tion on the distribution of deposits and of changes in the dis­
tribution is a prerequisite for a study of such factors,

5 , To what extent and for what classes of consumers do
credits approximate incomes? What is the relation of the deposits
to incomes of various income groups in various phases of business
activity? What is the typical response of the deposits of in­
dividuals to increases or decreases in incomes?
III,

The use of white-collar workers
Since few of such workers are trained for skilled analysis, it is

felt that they could be used most effectively for simple transcribing
and tabulating operations.

The transcription and tabulation of personal

and business checking accounts and of credits to personal accounts fall
in this category,
IV.

Opportunity afforded by Works Relief Program
Valuable though the information in question would be to member banks

and to the Reserve Administration, the magnitude of the task would preclude




Reproduced from the Unclassified / Declassified Holdings of the National Archives

© ©

©; w
- 5-

its collection and tabulation.

In view of the importance of the study,

however, the System is prepared to make a substantial contribution to
its cost.

The contribution which the Board and banks would make to the

study would consist in furnishing the services of one employee at each
of the thirty-seven Federal Reserve banks and branches as supervisors
and three persons in the Boa r d 1s Division of Research and Statistics for
the duration of the study.

The cost of mimeographing, correspondence

and mailing would also be borno.

It is also anticipated that the Board

would publish the results of the study, provided that the investigation
yields results, which, in the opinion of the Board, meet the standards
established for its official statistical publications.
It appears therefore that the project under discussion fulfills
admirably all requirements.

It would aid in answering many questions of

immediate and practical concern.to commercial bankers and to the Reserve
Administration.

It would be a thoroughly cooperative study, since the

Government would furnish some workers, the banks would furnish others,
the Federal Reserve banks would furnish supervision, and the Board would
undertake the general supervision of the project and the analysis of the
results.
V.

Cooperation of bank officers and receivers
The plan of procedure has been discussed with officials of the New

York State Bankers Association, the Reserve City Bankers Association and
the American Bankers Association and has been revised at many points in
accordance with their suggestions.




It is hoped that it will be possible

xcH'uuuueu num me unciassmea / Declassified Holdings of the National Archives

'Q

l

-

6

)

< J

-

to obtain official endorsement of the project from these bodies.
It is planned to send letters to 500 banks whose full participation
would be especially valuable requesting that they indicate whether they
prefer to fill out a questionnaire or to permit relief workers access to
their back ledgers.

Banks preferring to fill out questionnaires will be

sent questionnaires similar to those sent all other member banks.

Tho

time necessary to fill out these questionnaires would vary from one clerk
week for the small banks to two clerk months for the very large banks.

It

is hoped that some banks will be willing to permit access to relief workers,
since in this way the number of accounts transcribed could be considerably
increased.

The Comptroller of the Currency has indicated his readiness

to cooperate in the project by permitting access to records in closed
national banks,
VI.

Description and scope of project
In view of the large number of banks and deposit accounts in this

country, it is not feasible to attempt a complete coverage study for tho
extended period in mind.

Recourse must be had to sampling.

In advance

of responses to the questionnaire and indication of the number of banks
willing to give access to relief workers, tho nature of tho sample to bo
obtained must remain doubtful.

It may be pointed out, however, that the

study constitutes an attempt to utilize every possible source of information.
Precautions would be taken to insure some representation of every important
type of deposit.

Prom the study made in tho 100 odd closed banks it is

expected that information on 120,000 personal accounts and l40,000




unclassified / Declassified Holdings of the National Archives

~ 1 -

business accounts would be obtained*

It is hoped that a sufficient number

of active banks will permit access to workers so as to permit the t r a n ­
scription of 200,000 accounts*

From the questionnaire to banks it is

hoped to obtain information on 200,000 personal accounts and 210,000
business accounts.

The questionnaire to corporations would request informa­

tion from 2,000 corporations.

For the personal accounts, credits and

debits would also be available and a certain number of business accounts
would be related to business borrowingsfrom banks.

To avoid movements in

deposit balances ascribable to different days of the week or date of the
month, accounts will be transcribed as of the Wednesday between the sixth
and the twelfth of each month.

The size and type of all demand and of

time deposits in excess of $10,000 would bo tabulated as of a date in
June 192S and a date in Juno 1931 in active banks permitting access to
files and for these dates and the date of suspension in closed banks.
Balances of larger corporations which are customarily distributed
among many banks givo rise to special difficulties when a sampling technique
is employed.

To include in the study that part only of a corporation^

deposits which happens to be in one of the banks from which responses
will be secured would offer a most insecure basis for drawing any con­
clusions as to the behavior of the total deposits of the corporation.
To exclude all large corporation deposits, however, would seriously impair
the representativeness of the sample, and detract from the value of the
study.

The best way out of this difficulty would be to obtain the deposit

holdings directly from a sample of the larger corporations*

It is planned,

therefore, to ask the cooperation of selected corporations in this matter.




Reproduced from the Unclassified / Declassified Holdings of the National Archives

O o
-Sl­

it is proposed that the study cover the period from January 1928 to
June 1931, inclusive.

By choosing this period the behavior of deposits

during an upswing, a critical turning point, and a depression may be studied.
The period after June 1931 was so abnormal that it is highly questionable
whether generalization based upon it would be useful for current and future
operating purposes.

Transcription of very recent records would interfere

too much with current bank operating routine.
VII,

Supervision
General supervision of the project would be undertaken by the Division

of Research and Statistics of the Board of Governors.

Designated officers

in the Federal Reserve banks would act as regional supervisors.

The

supervisors would arrange with the local United States Employment Service,
with closed national bank receivers and with the participating b a nks’
officers for the appointment of white-collar workers and would supervise
their work.

Tabulation of all data would be carried out in New York, where

the largest number of skilled white-collar workers are on the relief rolls,
VIII.

Confidential nature of source material
It is appreciated that the information required is of a highly confi­

dential character, and every possible precaution would bo taken to prevent
any disclosures.

The names of customers in closed and active banks where

relief workers are used would be detached from the schedules by the super­
visors and thereafter will be related to the schedules by code numbers only.
Names of customers would not be requested on the voluntary questionnaires
sent to member banks.



It is expected that the relief workers employed

Reproduced from the Unclassified / Declassified Holdings of the National Archives

will "be mainly former employees of financial institutions who already
appreciate the confidential nature of personal financial accounts.

Finally,

it is expected that the hank officers and receivers concerned, will suggest
names or qualifications and interview applicants sent to them hy the local
United States Employment Service, so that they will he in a position to
satisfy themselves as to the discretion and integrity of the persons
given employment,
IX,

Time required for completion of project
If work can he started hy October 15, 1935* it is expected that final

tables will he available for analysis hy June 30* 193 6 •

It is planned to

provide work for eight months for each person employed,
X.

The magnitude of the project
It is estimated that the project as now drawn up would involve the

expenditure of $599*719 and give employment to 1,010 persons.

Over 88 per­

cent of the cost of the project would he represented hy payments to relief
workers.




CC POEM 10

Exhibit C
LABOR AMD PAYROLL ANALYSIS ALL EMPLOYEES ON PROJECT REGARDLESS OF SOURCE OF PAY

Operations to he performed

Occupation
and class
of labor

a)
.... ....... ...
(2)
TRANSCRIPTION OF DEPOSIT
Transcribers
RECORDS
TOTAL
EDITING AMD CODING

Estimated
Average Total estimated
Estimated total
labor cost
dates
Estimated rate of
number of
From all For begin- For compay for From
employees
total
other , ning the pieting the
Work
number of eight
operation
Maximum Average man hours months Program sources3' operation
funds
(4)
(6)
_
...
. (91.
.____ (10 )
(5 )
(3)
. (7 ) . ___ (?)_
10-15-35
6- 15-36
4io
386
541,200
479 196 ,372
4io

TABULATING

2
l4

25
3

Supervisors
Sub supervisors
Classification
editors
Secretaries
-Computers
Clerks
Messengers
Stenographers

1 ,3 2 0

2
15

TOTAL

1
4o

24

454
30

10
4

2
2
4
655

3
427
28
10
4

512

TOTAL
SUPERVISION, GENERAL OFFICE
AMD CLERICAL^/
TOTAL

19 6 ,3.72

54l,200

1
42
2
2
4
6
_57

Supervisors
Editors
Secretaries
Clerks
Messengers
Stenographers

386

55,44 o
2,64o
2,64o
5,230
7,920
. 75.240 .

2,100
752
680

2,100
31,584

520

i,o4o

44o
520

1 ,76 0
3.12 0
4 o !96U

19,800

1 ,6 3 4
752

3 3 ,ooo
3,9 6 0

752
680

599,280

520

39,600
13,20 0

520
44o
520

2,64 o

5,280
716,760

1 ,3 6 0

3 ,2 6 7

t
t
t
t
t
t
1

11 - 1 -3 5

6- 30-36

t
t

t
t

18,800
2,040
236,080
15,600
4,4oo
2,080

n
i
t
t
t
n
t
t
n

t
t
t
t
t
t
t
t
t
t

1
1

2 9 3 ,5 4 7 1

Project
ESTIMATED NUMBER OF EMPLOYEES
1st WEEK OF OPERATIONS242
LAST WEEK OF OPERATIONSJ68
PEAK WEEK OF OPERATIONS
1.010

1 ,0 1 0

a/ See attached sheet for Sponsor’s contributions.



to

6- 22-36

11,280

PUBLICATION^/

total

6- 15-36

10-15-35
to
10 - 22-35
1
!
I
t
1
1

953

1 ,333,20 0

530,^3

Reproduced from the Unclassified / Declassified Holdings of the National Archives

0

0

CC FORM 11

LABOR AND PAYROLL ANALYSIS OF RELIEF AND NON-RELIEF EMPLOYEES
TO BE PAID FROM WORE PROGRAM FUNDS ONLY

Operation
to "be
performed

Occupation
and class
of labor

(2)

... ( 1 1 ..... .....
TRANSCRIPTION
TOTAL

Transcribers

EDITING AND CODING

Supervisors
Editors
Secretaries
Clerks
Messengers
Stenographers

TOTAL
TABULATING

Total
estimated
labc>r
cost
Persona
drawn
From
from Other
relief Other
relief
rolls
rolls
(6)
(3)
(4)
(5)
Estimated
maximum
number of
employees

4io
4i0

Supervisors
Subsupervisors
Classification
editors
Secretaries
Computers
Clerks
Messengers
Stenographers

TOTAL

2,100

1 ,3 2 0

3 8 !864 2.10 0

55,440
2,64o
2,64o
5,280
7,920
73.920 1,320

1
42
2

31.584

2

l,o4o

4

1 .7 6 0

sel

1 ,3 6 0

3,120

1

Persons
drawn
from re- Other
lief
rolls
(8)
(7 )
54-1.200
S4l.200

196,372
196,372

6

Estimated
man hours
• required

2

3 .2 6 7

2,64o

15

11,280

19,800

25
3

33,0 0 0
3 .9 6 0

454

13,800
2,040
236,030

30

15,600

10
4
s4i

4,4oo
2,080
...2__ .290,280 7,2 6 7

599.280

39,600
13,20 0
8.280
714.120 2.640

SUPERVISION, GENERAL None
OFFICE AND
CLERICAL

PUBLICATION
GRAND TOTAL




None
i-tOQX..-,

329.816 9 .36 7 1 .729 .2U 0 3,960

Reproduced from the Unclassified / Declassified Holdings of the National Archives

'V

CC FORM 12

ALL NON-LABOR COSTS, BY SOURCE OF FUNDS

Description
of items

Total
cost

Amount to be
supplied from
Work Program
funds
(4)

(a)

(3)

22>50 sq.ft.
New York at
66 2/3 cents

$19,333

$19,333

RENT OF EQUIPMENT

3 8 ,8 8 4
See attached
sheet for items

3 8 ,8 8 4

TELEPHONE

Two in New York

100

100

MATERIALS AND SUPPLIES

See attached
sheet for items

4,819

4 ,8 1 9

PRINTING,MIMEOGRAPHING, ETC.

See attached
sheet for items

5,700

5,700

PUBLICATION

See attached
sheet for items

(1)

..........

RENT OF SPACE

OTHER (Specify)

TOTAL

accompanies Form N.E.C.-1,*


http://fraser.stlouisfed.org/
M '
I
Federal Reserve Bank of St. Louis

-

6 8 ,8 3 6

6 8 ,8 3 6

Amount to be
supplied from
other than
Work Program
funds a/
(•5).........

Keproduced from the Unclassified / Declassified Holdings of the National Archives

e c

c

Division of Bank Operations File

Exhibit D

h i - <

SUMMARY ESTIMATE OF COSTS

Relief labor
Transcription, see page _2
Editing, see page
4
Tabulating and computing,
see page ___ 4_

$525,516
$196,372
38,864

290,280

Eon-relief labor, see page

12

5 ,3 6 7

Eon-labor costs, see page

13

68,836

Total

$399,719

DETAILED ESTIMATE
Relief Labor

The estimates of labor used in this project at various stages are
interrelated by the fact that the amount of work accomplished at the
earlier stages defines the task for succeeding groups.

These estimates,

except for filing, represent the experience of an average clerk with allow­
ance for time wastage on a weekly basis.

The estimates are divided into

three parts; the transcribing, the schedule editing, and the computing,
sorting and filing of the schedules.

The salaries have been computed on

an eight-month basis, but the work accomplished by transcribing clerks
has been estimated on the basis of 30 weeks and that of others on a 32week 40 hours per week basis, the difference being accounted for by a
training period.




Reproduced from the Unclassified / Declassified Holdings of the National Archives

n ■
n

l§^

- 2 -

I.

Transcription of deposit data
1.

Failed “
banks

A total of 260 clerks will "be employed for transcribing deposit
balances and credits in the 110 failed banks that will be entered.
It is estimated that these clerks will be able to transcribe about
lUo,000 deposit schedules and 120,000 deposit activity schedules or a
total of 320,000.

These estimates are based on the assumption that the

average relief clerk can fill out and check the average deposit schedule
in 30 mintues or SO schedules per clerk per week, while SO minutes will
be required for filling out and checking the average deposit activity
schedule or at the rate of 3 0 per week.

The period to be covered on the

deposit ledgers is throe and ono^half years in both cases.
2.

Active banks which permit access to deposit ledgers by relief
workers

It is expected that some 75 active banks will allow white collar
workers to have access to their deposit ledgers.

Assuming that two clerks

work in each of these banks and that their time is divided at a ratio of 1
to 2 between transcribing deposit schedules and deposit activity schedules
the following number of returns may be expected.
1 ,5 0 0

clerk-weeks x 2 0 - 1 2 0 , 0 0 0 deposit schedules

3,000 clerk-weeks x 3 0 =

9 0 , 0 0 0 deposit activity schedules

3. Active banks which transcribe schedules themsolves
As explained elsewhere, all member banks not included under (2) above
will be forwarded schedules and requested to fill in the required data.




On

Reproduced from the Unclassified / Declassified Holdings of the National Archives

the "basis of a one-third response from these hanks and raising the numbers
of returns by one-third because of the higher efficiency that can be
expected from regular bank clerks over relief workers, it is estimated that
this part of the project will yield approximately 210,000 deposit schedules
and 200,000 deposit activity schedules.
No labor cost will be incurred to Work Relief funds for this part of
the survey.
4,

Corporation questionnaire

It is proposed to mail deposit schedules to approximately 5*000 of
the largest corporations of the country in an effort to obtain monthly
deposit totals for the period January 1928 to January 1931*

It is expected

that about 2,000 deposit schedules will be received from this source.

Recapitulation of number of Schedules Expected
Deposit
Schedules

Deposit Activi
Schedules

Relief workers in closed banks
Relief workers in active banks
Sub-total Relief Workers

140,000
120.000
260,000

180,000
90»000
270,000

Regular clerks in active banks
Corporation questionnaire

210,000
2 .000
> 7 2 ,0 0 0

200,000

Total all Schedules

570,000
9^2,000

As noted earlier the above number of schedules defines the work that
will be required at the editing and tabulating centers




Keproaucea from the Unclassified / Declassified Holdings of the National Archives

- 4 -

II.

Schedule editing
Identifying and entering code symbol for type of business can proceed

at about 5 per hour, or 200 per week.

This will be done only for the 260,000

deposit schedules which are filled in by relief workers#
2 6 0 ,0 0 0

* 200 = 1 ,3 0 0
, 3 2 weeks.

editor-weeks, or 42 editors for

Two relief secretaries should be provided for the non-relief super­
visor and Board representative.
Four messengers for 3? weeks.
Two file clerks to handle necessary filing of name tabs, etc.
Six stenographers to make lists of accounts to be sent back for deposit
balances and credits transcription at the banks where relief workers are
employed,

HI*

Tabulating and calculating center
1.

Calculation on deposit forms
a.

Add all columns.

b.

Divide sum of first column by 12 and enter result in
line "size of account.”

The combination of these processes can be done with the division
checked by multiplication in about 1 2 minutes, or 2 0 0 per clerk-week:
472,000

* 2 0 0 = 2 , 3 6 0 clerk-weeks

2 . Calculations on deposit activity forms
Add credits and previous month-end balances and subtract current
month-end balances for the 42 months covered.

When this process is com­

pleted add the four ’total credits” and tho four ’total debits” lines to
’
’




Reproduced from the Unclassified / Declassified Holdings of the National Archives

- 5 -

the total column at the right.

Check annual figures "by adding the individual

credits across page and adding their amount to the "balance as of the end
of the month previous to the initial month and from this total subtracting
the month-end balance of the final month.
debits.

This should equal the total

This process on a 3 l/2-year schedule of deposit activity takes

about 42 minutes per schedule, or 6 0 schedules a week:
470,000
3#

# 6 0 = 7,833 clerk-weeks.

Consolidation of deposit schedules

An average clerk can fold to the peg board 2 5 deposit schedules in
20 minutes, and the consolidation and chocking by cross and vertical
totals will take an additional 105 minutes. ^

These estimates are based

on the use of a listing machine; the use of a comptometer would reduce
them somewhat.

In a 4o-hour week (2,400 minutes) this will allow 19.2

consolidations of 2 5 schedules each, or 480 schedules.
The following consolidations are required:
By banks and type of business and size of balance:
4 7 2 ,0 0 0

♦ 480 = 984 clerk-weeks
18,880 4 480 = 39 clerk-weeks
755 * 480 =
2 clerk-weeks
Total

4.

1025 clerk-weeks

Consolidation of deposit activity schedules

An average clerk can fold to peg board 60 deposit activity schedules
in l 6 0 minutes (8 folds and turns) and can consolidate and check the totals

^

This allowance has a 50 percent margin for the location of error.
If errors were loss frequent it would consume less time.




rceproaucea from the Unclassified / Declassified Holdings of the National Archives

in S4o minutes; — ^ or 2.4 consolidations of 6 0 schedules each, or l44
schedules per clerk-week.
470,000

* l44 = 3*264 clerk-weeks

7,833 + l44 =

54 clerk-weeks
3 ,3 1 s

5* Complete coverage tabulation
There will he a tabulation of deposit balances for the two dates on
which all accounts are transcribed.

This will be done by banks, type of

business, and by size of balance.
It is contemplated that this work will be performed in the early weeks
before the deposit schedules and deposit activity schedules have begun to
come in in large volume and henco no additional workers are provided at
the tabulating center for this job.

Total Consolidating and Computing Time
Calculations on deposit form

2 ,3 6 0

Calculations on deposit activity form

7*833 clerk-weeks

Consolidations of deposit form

1,025 clerk-weeks

clerk-weeks

Consolidations of deposit activity form 3,318 clork-weeks
Total

l4,536 clerk-weeks

or 454 clerks for 3 2 weeks•

1/

This allowance has a 50 percent margin for location of error.
are less froquent it would consume less time.




If errors

i \ cHiuuuu ; u

Irum me unclassified / Declassified Holdings of the National Archives

6 , Sorting and Filing
Deposit schedules
The deposit schedules from closed and active "banks where transcribing
is done "by relief workers will he unwrapped and sent to computers for the
necessary calculations.

Then the schedules will he filed hy identification

number until the arrival of code numbers from the editing centers.
As the code symbols are received and entered on the schedules they
will bo sorted and filed by banks, type of business, and size of balance,
In the case of deposit schedules filled out by active banks only a file
by business and size of balance will be kept*

This sorting and filing job

can be done at the rate of 2 5 per hour or 1,000 per clerk-week.

472.000 ♦ 1,000 = Uj2 clerk-weeks

Deposit activity schedules
As the deposit activity schedules are received they will be filed by
schedule number.

After the necessary calculations are performed the

schedules will be turned over to credits classification editors, who will
determine the regularity of credits.

This will require about four minutes

per schedule, or at the rate of 6 0 0 schedules per week.
470.000 * 600 - 7 2 3 clerk-weeks or 2 5 credits
classification editors 3 2 weeks.
Next the deposit activity schedules will be sorted and filed by banks
(only for those from failed and participating active banks), by size of
balance, and by regular and irregular credits classes.

These operations

can be done at the rate of 2 5 per hour, or 1,000 per clerk-week.




Reproduced from the Unclassified / Declassified Holdings of the National Archives

- S -

4 7 0 ,0 0 0

4 1,000 = 4 7 0

clerk-weeks.

This makes a total of 942 clerk-weeks for the simple sorting and
filing of schedules, or 3 0 file clerks for 3 2 weeks,
7*

G-eneral
3 secretaries for 3 2 weeks
4 stenographers for 3 2 weeks
10 messengers for 3 2 weeks




Keproduced from the Unclassified / Declassified Holdings of the National Archives




- 9 -

Recapitulation of Relief Labor for 32 Weeks
I•

Transcribing

4lO clerks
II*

Schedule editing
42 schedule editors
2 secretaries

4 messengers
2 file clerks
6 stenographers
III.

Tabulating and computing center
454 computers
3 0 file clerks
3

secretaries

4 stenographers
10 messengers
15

sub supervisors

2 5 classification editors

TOTAL 1,007 relief workers

Reproduced from the Unclassified / Declassified Holdings of the National Archives

$

■£)

i l l '1
- 10

Cost of Relief Labor for 32 Weeks

Transcribing (see following page)

$196,372

Editing
42 schedule editors

Professional at $752

$31,584

2 secretaries

Skilled at $680

1,360

4 messengers

Unskilled at $440

1,760

2 file clerks

Intermediate at $520

1,040

6 stenographers

Intermediate at $520

3,120
$38,864

Tabulating and computing center
454 computers
30 file clerks

.
Intermediate at $520 $236,080
Intermediate at $520

'15,600

3 secretaries

Skilled at $680

2,040

4 stenographers

Intermediate at $520

2,080

10 messengers

Unskilled at $440

4,400

15 sub-supervisors

Professional at $752

11,280

25 classification
editors

Professional at $752

18,800
$290,280

Total cost of relief labor for 32 weeks




$525,516

Reproduced from the Unclassified / Declassified Holdings of the National Archives

C.

c.
~ n

~

Cost of Relief Labor to be Employed for Transcribing Bank Records
(for eight months)

Class of
State

Size of
town 1/

Railed Banks
I

Number

Intermediate grade
Rate for
8 months

Total
wages

$73,840
14,880
8,360
6,000

15

464

6,960

6
6

400
352

2,400
2,112

S
l

4

416

1,664

5

344

1,720

a
b
c
d

IV

520
480
440
400

c

III

142
31
19
15

a
b
c
d

II

a
b
c
d

3
5
7
2

392
344
304
256

1,176
1,720
2,128
512

Sub-total

260

Active Banks 2/

150

Total

410

1/ a.
t.
c.
d.
e.

123,472
486

72.900
196,372

Counties in which the 1930 population of
the largest municipality was
over 100,000
«
50,000 to 100,000
'
»
25,000 to 50,000
»
5,000 to 25,000
M
under 5,000

2/ This estimate was made by multiplying 150 by 486, which would
be the average wage paid if all the banks to be approached
permitted the entry of relief workers.




Reproduced from the Unclassified / Declassified Holdings of the National Archives

Cost of Non-Relief Labor

1 Supervisor in editing section (9 months)
Salary at $2,800 per annum
2 Supervisors in the tabulating section (8 months)
1 at $2,800 per annum
$1,867
1 at 2,100 per annum
1,400




Total

$2,100

3.267
$5,367

Reproduced from the Unclassified / Declassified Holdings of the National Archives

- 13 -

All Non-Labor Costs
1.

Kent of Space
Schedule editing requires 2,500 square feet.
Tabulating and computing requires 26,500 square feet.
At $1 per square foot per year, or 66 2/3 cents per 8 months
the total rent cost will amount to:
29,000

x 66 2/3 cents

=» $19,333

This is presumed to include heat, light, and janitor service.
2.

Rent of equipment
Rate for 8 months

Total

107 Burroughs listing at $10

CO

o

$8,560

349 Sundstrand at $7

56

19,544

200 peg boards (buy)

5

1,000

5 single desks

18

90

20 double desks

20

400

15 typewriter desks

18

270

18

2,520

24

360

16

2,640

140 tables (space for 560)
15 typewriters
155 file cabinets (4 drawers,
legal)
550 chairs (Do-more)
45 6-drawer card files (for 5 x 8
tabs)
Cabinets, copy holders, desk
baskets, drafting equipments, etc,

5. 50

5

3,025

225

250
$38,884

In many cases the purchase of second-hand equipment and the
subsequent resale would be advantageous and cheaper.



Reproduced from the Unclassified / Declassified Holdings of the National Archives

3.

Printing of schedules
Deposit schedule

800M at $2

$1,600

Deposit activity
schedule

800M at $5

4,000

Borrowings form

25M at $2

50

Total account tally

250 pieces at 20 cent s
To tal

4,

50
$5,700

Materials and Supplies
Stationary, work pads, messenger envelopes,
wrapping paper, blotters, carbon paper, car­
bon tissue, etc.

$600

Stenographer notebooks, erasers, pencils
pencil sharpeners, pencil trays, paper
weights, rulers, paste, type cleaner, type­
writer ribbons, paper clips, adding machine
tape, etc.
$1,200
Rent of Polk directories
,
f

1
1

1
1

$2,550

r Dun and Bradstreet (3 times a year
l
service)
" StandardStatistics

($16 initial,
$21 per month)

M Moody’s




Two telephone rents9 months
.

184
60

Total
5.

225

*

$4,819
100

Reproduced from the Unclassified / Declassified Holdings of the National Archives




Recapitulation of Non-Labor Costs
Rent of space

$19,333

Rent of equipment

38,884

Printing

5,700

Materials and supplies

4,819

Telephone

100
Total

$68,836

Reproduced from the Unclassified / Declassified Holdings of the National Archives

Q i s i o f i U operations fil»
cj V

I

Exhibit E
SCHEDULES TO BE USED IN TRANSCRIPTION
/X ~
A

-Deposit form

to be sent to corporations

B

-Deposit form

to be sent to banks receiving the questionnaire

C

- Deposit form
closed banks

to be used by relief workers in active and

D

• Deposit activity form to be sent to banks receiving the
*
questionnaire and to be used by relief workers

E

m

F

- Borrowers' deposit form to be used by relief workers in closed
banks

G
-

Complete listing form to be used by relief workers in active
and closed banks

Liability ledger form to be used by relief workers in closed
banks




.v

s

Keproduced from the Unclassified / Declassified Holdings of the National Archives

SCHEDULE A
SPECIMEN DEPOSIT FORM
Type of business

i Deposit balances (in thousands of dollars)
No. of
1930
No. of
Wo. of
11928
1929
accts
accts
accts

No. of
accts

1931

January
February
March
April

May
June
July

• ••

August
September
October
November
)
December
December ^1
(Leave
blank)

X

X

XXX

X

XXX

.(Leave
blank)

X

X

XXX

X

XXX

Deposit balance, Dec*.31» 193^_

Post deposit balances for each month of each year.

Indicate day of

month for v/hich balance is posted..____________ Please post for same day
each month



Reproduced from the Unclassified / Declassified Holdings of the National Archives

SCHEDULE B
SPECIMEN DEPOSIT POEM
Type of business
Deposit balances (in dollars)
1928
January

11

1930

1929
'

1931

9

g

7

February

g

6

12

11

March

7

6

12

11

April

ll

10

9

g

May

9

s

7

6

June

6

12

11

10

July

ll

10

9

s

7

6

September

12

11

10

October

10

9

November

7

6

12

December

12

ll

10

August

Total *

■ XXX

31

31

h4

XXX

XXX

A verage *
December -

-

XXX

31

Deposit balance, Dec, 31 1 193^

Post deposit balances for each month of each year as of date in left-hand
column, or of the last previous date for which a balance appears on the ledger
card.

r
*

Leave blank,




Reproduced from the Unclassified / Declassified Holdings of the National Archives

WL/

SCHEDULE C

SPECIMEN DEPOSIT POEM AND NAME TAB

Name of depositor______
Name of bank
Code

. ________________ _____________ ______
_

_____________ ______________Town,,_________State__

______________________________________Identification number

Detach here <t , t.......
Identification number
Type of business ________________________ _ Code_________________

Deposit balances (in dollars)

1928
January

H

1930

1929

9

8

1931
7

February

8

6

12

11

March

7

6

12

11

10

9

8

7

6

April

n

May

9

8

June

6

12

______ _ 1 1

10

jM

z

11

10

9
-

August

s

7

6

September 12

11

10

10

9

8

7

6

12

1?

ll

10

October
November
December
*
Total
*
Average

XXX

XXX

XXX

XXX

SB-

December

31

31

31

Size of account ___ _____________ Deposit balance, Dec. Jl, I93U ___________ __
(Leave blank)
Post deposit balances for each month of each year as of date in left-hand
column, or of the last previous date for which a balance appears on the ledger
card,
*Leave blank.




Schedule filled in by
Checked by _________________________ _____

SCHEDULE D
FOE PERSONAL ACCOUNTS ONLY
Occupation

_______________

Name of "bank
SPECIMEN DEPOSIT ACTIVITY FORM

Code ____

______________

Place ______
—

January

1928

February

March

April

June

May

July

August

r — 11,
—
,1
1

September

October

November

December

Total 1/

Averag
XXX

First credit
-

Second credit

XXX

Third credit

«xxx

—

1

Fourth credit

XXX

Fifth credit

C i XXX

____________ _________u

______

XXX

___________

Subtotal 1/
> discounted—
es

jjp

XXX

-

a. Total credits 1 / _ . _
.
.
b. Deposit balance at
end of previous months/

XXX
XXX

c. (a) ulus tb) i
f
d. Deposit balance at
end of current month 2/

XXX

Debits, ( ) minus (d)l/
c
r
Deposit balances for
i
indicated date of each
g
u |
11J
7
9
month 2/
......
1/ These lines or columns are to be left blank by the transcribing banks.
2/ Those lines are to be filled in by the transcribing banks.

1
g

|

Do not fill in spaces in this part.




Regular

Irregular

Size of credit clans ________
Size of deposit balance class
Number of credit • items_____ ;

11

S

12

10

7

12

31

Reproduced from the Unclassified / Declassified Holdings of the National Archives

-HQJ___ 1

J___ I

I

■ 1 ■ .1
1__l ^ |
_

I

' d I ti !
h
x

I

1

e

SCHEDULE E

FOR RELIEF WORKERS IN CLOSED BANKS FOR TRANSCRIPTION OF LIABILITY LEDGER
Name of "bank
Number ________

Name of borrower

Number
A s
Date

Date due




Debit

m a k e r
Credit

Balance

Reproduced from the Unclassified / Declassified Holdings of the National Archives

i

i

i

i

i

i

~i

n:

i

~

i

i

. . i

€> '€) -

. . i

.

j

i

i

i)

0

SCHEDULE E
TO BE SENT TO TRANSCRIBERS FROM SCHEDULE EDITING CENTER
BORROWERS’ DEPOSIT FORM

Name of "bank ____
__ _
Name of borrower
Amount of loan: _________




Number

*

i

Reproduced from the Unclassified / Declassified Holdings of the National Archives




Reproduced from the Unclassified / Declassified Holdings of the National Archives

-

U i s i o t i V t w ' k operations File

ol L c cP-7 I
} !',
Exhibit E
_____
■
SCHEDULES TO BE USED IN TRANSCRIPTION

s jr f,

t

A

-Deposit form

to be

sent to corporations

B

-Deposit form

to be

sent to banks receiving the questionnaire

C

-Deposit form
closed banks

to be used by relief workers in active and

D

• Deposit activity form to be sent to banks receiving the
*
questionnaire and to be used by relief workers

E

* Liability ledger form to be used by relief workers in closed
banks

F

- Borrowers' deposit form to be used by relief workers in closed
banks

G
-

tw

Complete listing form to be used by relief workers in active
and closed banks




Reproduced from the Unclassified / Declassified Holdings of the National Archives

SCHEDULE A
SPECIMEN DEPOSIT FORM
Type of business

■ Deposit balances (in thousands of dollars)
1930
jNo.of
No. of
•No. of
192s
1929
accts
accts
accts

No. of
accts

1931

January
February
March
April
May
June
July

- -•

August
September
October
November
December

December ^1
(Leave
blank)

X

.(Leave
blank)

X

X

XXX

X

XXX
------------------

X

X

XXX

XXX

Deposit balance, D e c * » 193^____________________

Post deposit balances for each month of each year*
month for which balance is posted.
each month.




.

Indicate day of

Please post for same day

_

-

Reproduced from the Unclassified / Declassified Holdings of the National Archives

SCHEDULE B
SPECIMEN DEPOSIT POEM
Type of business
Deposit balances (in dollars)

1928
January

11

1930

1929
'

1931

9

g

7

February

g

6

12

11

March

7

6

12

11

April

11

10

9

g

May

9

s

7

6

June

6

12

11

10

July

ll

10

9

s

7

6

September

12

11

10

October

10

9

November

7

6

12

December

12

11

10

August

-

Total *

XXX

XXX

A verage *

XXX

XXX

December -

31

Deposit balance, Dec, J l ,

31

31

193^

Post deposit balances for each month of each year as of date in left-hand
column, or of the last previous date for which a balance appears on the ledger
card.

*

Leave blank,




Reproduced from the Unclassified / Declassified Holdings of the National Archives

—

...........

.— .

—

—

SCHEDULE C
SPECIMEN DEPOSIT POEM AND NAME TAB

Name of depositor .................................
Name of bank___________________
Code

....

.....

.

T o w n _________ State__

__________________________ ___________Identification number

Detach here
Identification number
Type of business _________________________ __ Code__________________

Deposit balances (in dollars)
192s

January

1929

1930

1931

11

9

s

7

February

fi

6

12

11

March

7

6

12

11

10

9

g

April

n

May

9

g

7

6

June

6

12

11

10

l _______ 11

10

9

7

6

M

August

g

September

12

11

10

October

10

9

g

7

6

12

1?

11

10

November
December
*
Total
*

XXX

Average
December

fa *
31

31

XXX

XXX

XXX

31

Size of account _______ __________ Deposit balance, Dec.
(Leave blank)

» 193^" _______________

Post deposit balances for each month of each year as of date in left-hand
column, or of the last previous date for which a balance appears on the ledger
card.
♦Leave blank,




Schedule filled in b y ____________ ________
Checked by _______________________________ _

SCHEDULE D
f or personal accounts

only

Name of "bank

Occupation
SPECIMEN DEPOSIT ACTIVITY FORM

Place

(JOCuD

January

192S

February

March

April

May

June

July

August

September

October

November

December

Total 1/

Averag

First credit

XXX

Second credit

XXX

Third credit

XXX

Fourth credit

XXX

Fifth credit

XXX
XXX

Subtotal 1/
Notes discounted—

XXX

20

a. Total credits l !
b. Deposit balance at
end of previous months/

XXX
----XXX

c. (a) plus (b) 1/
d. Deposit balance at
end of current month 2/

XXX

Debits, (c) minus Cd)l/
Deposit balances for
indicated date of each
S
11
11
month 2/ -■- .g'. ■"r=
.
■ rra .- -— u.fc=—
'.
s'trT T
‘g.-s. * ’ " ■ rx—„ ,?r.TTT
1
■ if " ■
"■■Ji:,. I , .x : a:,tx ,
.
grrr.v j ^ag .a. nr ■
■
&.
.v
,.g.l s..g iit . =a - .;c
a
1/ These lines or columns are to be loft blank by the transcribing banks.
2] Those lines are to be filled in by the transcribing banks.
t

12

11

10

12

t

31

Do not fill in spaces in this part.
Regular




f ~ Irregular
l

Size of credit clans ________
Size of deposit balance class
Number of credit • items
~

■

i

ieft
aec

Reproduced from the Unclassified / Declassified Holdings of the National Archives
L,

C L a :wi

I

T

i

SCHEDULE E

FOR RELIEF WORKERS IN CLOSED BANKS FOR TRANSCRIPTION OF LIABILITY LEDGER
Name of "bank________ ____________________
__
Number _ . ____

Name of borrower

Number
A s
Date

Date due




Debit

m a k e r
Credit

Balance

Reproduced from the Unclassified / Declassified Holdings of the National Archives

3 = S Q

'

- t r , ----------L

- - - I

I _____ U__ I

• - I

I

. . I

. , I

t,

I

SCHEDULE 3
TO BE SENT TO TRANSCRIBERS FROM SCHEDULE EDITING- CENTER
BORROWERS’ DEPOSIT FORM

Name of bank
Name of borrower
Amount of loan: _________




Number

Reproduced from the Unclassified / Declassified Holdings of the National Archives
„ n

-------------- r -

»

1

j ___________ I -------------- l i

1

i

lj t

k jn

M T

SCHEDULE G
COMPLETE LISTING OP ACCOUNTS
Name of Lank

Name of
account

Place

.

.
Type code

.
.

. • 6_ 30_ 28

Business and
Personal demand.accounts

1

.1

.1

2

.2

!a
»
.3...........
«
.4

3

..... .

4

•
.3
•
.4
.

1

.1

,l
«
,2

2
3... ...

Time deposits of $10,000 or over

.

•

.3

.3

.2
4




.4

.4

Transcribed by
Checked by ___

Balances

6- 3 0 -3 1

Date of
suspension

Reproduced from the Unclassified / Declassified Holdings of the National Archives




d iv is io n O Bank Operations
f
//

Exhibit F
/{ . ^
<

INSTRUCTIONS

To Supervisors
To Banks Receiving the Questionnaire
To Corporations
To Transcribers in Active Banks
To Transcribers in Closed Banks
To Schedule Editors
To Credit Classification Editors
To Computers

z

'

FtU

u.e unudssmea / Ueclassified Holdings of the National Archives

7

INSTRUCTIONS TO FIELD SUPERVISORS

Preliminary preparation
1.

Supervisors will receive complete sets of schedules with instruc-

tions attached to each*

'

These are to he studied hy the supervisors and

it is presumed that before starting work on the project they will be
familiar with the methods of filling out all forms used and the methods
of transmitting these forms to their proper destination.
2.

The supervisors will be furnished with a list of the towns and

banks where they will initiate the project and supervise workers.

The

approximate number of workers to be employed in each of the banks will be
indicated on this list.
Selection of -personnel
1.

All employment on the project must be from among persons on

relief rolls.
2.

Upon arriving at a project center the supervisor^ first job is

to confer with the officers or receivers of the banks to be entered.

He

should obtain from these officials all possible information about the
character and quality of workers available.

Also, he should determine

definitely the number of workers to be placed in each banking office.
3.

After the bank officers have been interviewed the supervisor shall

approach the local relief administrator, present his credentials, and make
a request for persons from the relief rolls who have the qualifications
indicated by the bank officials.

So far as possible specific persons

mentioned by the bank officials should bo requested.
*•
+

The supervisor shall interview the persons supplied from the relief

rolls by the local relief administrator and eliminate all of those who are




Moldings of the National Archives

-

2

-

obviously incapable or without adequate experience,

For those who pass

this test, interviews should be arranged with bank officials or receivers.
The persons selected shall be acceptable to the receivers or officials of
the bank to which they are assigned.

In case more than one bank in a

community is to receive relief workers, an attempt should be made to
equalize the relative desirability of the workers between or among the
several banks.
5.

In case acceptable workers are not available from the relief

rolls in any project center, the supervisor shall report this fact to
the project director in Washington immediately.
6.

In case supervisors or bank officials find certain workers to

be incapable or otherwise undesirable such workers shall be dismissed from
the project and the local relief authorities shall be notified to drop
them from the payroll of the project.

The same procedure adopted for hiring

the original workers shall be used in obtaining replacements.

This applies,

also, to the replacement of all workers who for any reason stop work dur­
ing the course of the project.
Hours and payrolls
1.

All relief workers accepted by the banks and the supervisor should

be put formally on the payroll before they are given training or instruction
in the work.
2,

The supervisor shall arrange the hours to be worked.

No relief

employee shall work more than eight hours in one day, or forty hours in
one week




IC UMUd^ llieu' ueciassiried Holdings of the National Archives

- 3 -

3*

The workers shall he furnished with daily report cards, which

will contain blanks for hours worked, number of schedules filled out,
reasons in case of absence from work, etc.

One card is to be mailed each

day to the local relief office, and one to the supervisor in charge.

These

cards will contain a certification statement which appears over the worker*s
signature.
4.

The supervisor shall make arrangements with the local relief

officials for preparing payrolls and vouchers.

The local official: w t .
$b

receives the workers' time cards will be designated as the "certifying officer
and shall be charged with making out and certifying to payrolls and vouchers
which will be sent currently to the appropriate Treasury Accounts Office,
where they will be checked and charged against the appropriation for this
project.

The Treasury Accounts Office will then forward them to the Treasury

Disbursing Officer, who will send checks to the relief workers employed
on the project.
(Supervisors will be provided with detailed instructions for prepara­
tion of payrolls and vouchers and the disbursements of funds.)
Arrangements for snace and materials
1.

The supervisor shall arrange for the desk or counter space used by

the workers, shall familiarize them with the places in the banks where the
basic records are filed, and shall introduce the workers to the employees
of the bank who keep control of these records.

The workers should be

warned that records are to be removed from the files only in small amounts
and that all records are to be returned to the files at the end of each
working day.




Removal cards shall be furnished the workers,

™

,,um

unuiassiTiea / Declassified Holdings of the National Archives

2.

The supervisor shall provide pencils, erasers, and other supplies

that are to he used hy the relief transcribers in hanking offices.

The

workers are to he instructed that they are in no circumstances to use or
borrow supplies from the hanks.
3*

Post cards will he provided workers in order that they may write

the supervisor for additional supplies which may he needed.
Training of workers
1.

The supervisor shall instruct'them in the methods of completing

and transmitting the forms,

It is particularly desirable that each worker

know how to complete all forms, so that transcription, checking and trans­
mission may he carried out expeditiously and efficiently.
2.

As soon as feasible the workers shall he started on the tran*

scribing of hank records on Form G, according to the instructions accompany­
ing that form.
Periodic visits to the hanks
1.

During the course of the project the supervisor shall plan to spend

on an average of one day every two weeks at each hank under his supervision.
2.

The workers are not to he informed of the date when the super­

visor expects to return.
3.

The supervisor shall make random checks of the schedules completed

hy the workers.
Handling of schedules
1.

The transcribers shall initially ho supplied with a set of Schedule

G forms hy the supervisor and envelopes for the direct return of completed
forms to the schedule editors.
will transmit directly.




These are the only forms which transcribers

nepiuuucea rrom me unclassified / Declassified Holdings of the National Archives

- 52.

Schedules C and D will he sent to the supervisor hy the schedule

editors with the name tabs filled in.

These forms shall he transmitted hy

the supervisor to the workers in the hank specified in the name tabs,
3,

On his periodic visits the supervisor shall, after making a check

of a few accounts, collect the completed forms for Schedules C and D,
detach and retain the name tabs, and transmit the bodies of the forms to
the tabulating center,

4,

The supervisor shall ascertain whether the liability ledger is in

a form which enables the use of Schedule E,
of Schedule E to transcribers.

If so, he shall provide copies

On his periodic visits he shall make a

check of the transcription of a few liability accounts and if satisfied
as to the accuracy of these forms, he shall detach and retain the name tabs
and transmit the bodies of the forms to the editing center,
5.

Schedule F will be sent to the supervisor by the schedule editors

filled out with the exception of the dates opposite the last three linos
and the balances in the deposit balance column.

On his periodic visits,

the supervisor shall chock a few of those forms for accuracy of transcrip­
tion and if satisfactory, shall detach and retain the name tabs and transmit
the bodies of the forms to the tabulating center,
(The number of copies of Schedules E and F to be transcribed will be
determined at a later date.)
Address of supervisor
The supervisor shall leave his address with"all workers under his
direction and with the bank officials or receivers.




rr° m me Unc,assified / Declassified Holdings of the National Archives

uMk

|ygi

mm

- 6 -

Supervisors* report forms
Supervisor Reports of initiating
project at_______________________

Name of supervisor_________________________________________________
Time of arriving at project town___________________________________
Bankers visited

No. of workers placed in
these banks.

Describe any difficulties encountered in negotiating with banks.

Describe any difficulties encountered in securing competent relief
workers

____

General comments

Time when arrangements were completed and supervisor was able to depart




Reproduced from the Unclassified / Declassified Holdings of the National Archives

(For banks receiving the questionnaire)

INSTRUCTIONS ACCOMPANYING SCHEDULES B AND D
(Subject to revision)

The two kinds of schedules received by your bank are identical \ ith
7
those received by all other member banks.

Schedule B is intended for the

collection of information on the deposit balances of business accounts.
Schedule D is intended for the collection of information on tho deposit
balances and activity of personal accounts.

An addressed envelope is

enclosed for the return of completed schedules.
Schedule B —

This form is to be used for business accounts only.

Give information for the accounts of enterprises engaged in
if there are any such accounts carried by your bank.

,

If there are not

enough accounts of such enterprises carried by your bank to fill all the
copies of Schedule B, give the accounts of other business enterprises,
preferably those engaged in manufacturing.
Describe the type of business on the line indicated by one of tho
following terms: ..........

If tho nature of the business is not properly

described by one of these terms, use any brief description which seems
appropriate.
Post deposit balances in dollars, disregarding cents.

Post for each

month of each year as of dates indicated on the form or as of the last
previous date for which a balance has been posted on tile ledger card.




Post

" u,° unuass,r,ed z declassified Holdings of the National Archives

-

2

-

a balance for every month indicated, even if the balance remains unchanged
for a number of months. Do not use ditto marks.
Select for transcription only accounts which were carried in your
bank continuously from January, 1928, through June, 1931.
Deposit balances for December 31, 1928, 1929, 1930, and 1934 are also
requested.

Accounts continous between 1928 and 1931 which were closed

before the end of 1934 may, however, be selected for transcription.

On

schedules covering such accounts write ,closed, in the space for tho balance
,
,
as of December 31, 1934.
If an enterprise carries more than one account in your bank, return
schedules for all or none of its accounts.

This does not apply to tho

personal accounts of executives or owners of business enterprises.

Sched­

ules covering the accounts of the same enterprise should be clipped together.
Do not write names on the forms.
Schedule D —

This form is to be used for personal accounts,

A

personal account is any account in which the transactions of a business
enterprise, of an institution or a governmental unit do not customarily
appear.

Only credits and balances are to be transcribed.

The schedule

is arranged, however, to permit monthly totals of debits to be derived
from the figures given, after the schedules are returned.
Do not select for transcription accounts with balances of fifty
dollars or less in January, 1928,

Select any other personal accounts

which were carried continously in your bank from January, 1928, through
June, 1931,
Do not write names of depositors on the forms.
of depositors by one of the following terms! ........ .




Describe occupation
If the occupation

IXCfJ,UUUUtiU l,um tne unclassified / Declassified Holdings of the National Archives

B

'■i
'x

-

3

-

of the depositor is not properly described by one of these terms, use any
brief description which seems appropriate*
Transcribe items in dollars, disregarding cents.
Transcribe each credit item for each month.

Credits which represent

the proceeds of loans or notes discounted are to be entered on the line
especially designated for that purpose.
The last deposit balance shown for the previous month is to be entered
on lino (b),

For example: the balance as of the end of Jyne, 1928, is to be

posted on line (b) under the column headed “July 1928. n

The deposit bal­

ance on the last day of the month for which credit items have just been
posted is to be entered on line (d). Enter the same balance on lino (b) of
the column for the following month.

These two entries are to be made in

one operation,
P$st deposit balances for dates indicated on the last line.
Do not fill in the other lines, which are intended for the calculat­
i o n of averages and for classification purposes after you have returned the
schedules,




Keproauced from the Unclassified / Declassified Holdings of the National Archives

A
(Corporations)
INSTRUCTIONS FOR FILLING OUT SCHEDULE A
(Subject to revision)
1,

Only checking accounts are to be posted.

a.

The day of the month as of which the balance is posted is to be

decided by the corporation on the basis of its own convenience.

It is

requested, however, that the balances be posted for the same day of the
month, or the last day of the month.

The day for which balances are

posted should be indicated on the form.
3,

If consolidated monthly statements embracing all subsidiaries

for the period January 1928-June 1931 are available, the consolidated
figure only of demand deposits should be given.

If consolidated figures

are not available, the monthly demand deposits of each of the subsidiaries
should be posted on a separate form.

If sufficient forms are not at hand,

additional forms will be sent on receipt of the enclosed card.

4,

If, during the period for which information is requested, a con­

solidation or merger occurred, or if another company was acquired, the
demand deposits posted from January 1928 to the date of merger or consol­
idation should be a consolidated figure.

If available records do not

permit of this, information should be given on the enclosed blank sheet
as to the date of merger, consolidation, or the date when another company
was acquired, together with the amount of demand deposits so acquired,
5,

The number of separate accounts comprising the total deposit

balance should be given for each month.

While information on the number

of accounts would be appreciated, it is requested only if it is readily
available.




nepiuuuieu irom me unclassified / Declassified Holdings of the National Archives

s.

INSTRUCTIONS TO TRANSCRIBERS IN ACTIVE BANKS
(Subject to revision)

General Instructions
Introduction of workers
The supervisors will introduce the workers to regular employees of
the banka with whom contact will be necessary and arrange for desk or
counter space.
Hours and work report cards
The supervisor will arrange for the hours of work.

Daily work report

cards will be furnished all workers with blank spaces for the date, number
of hours worked, number of schedules filled out, and reasons for absence.
Two such cards are to be filled out daily and mailed, one to the local
relief administrator and the other to the supervisor.
Materials and supplies
The supervisor will supply all paper, pencils, schedules and other
materials used.

Bank materials are not to be borrowed or used.

Handling: of bank records
The supervisor will acquaint the worker with the place where all
records are to be found.

All records used are to be taken from the files

in the morning and returned to their proper place at night before leaving
the bank.

A removal card which will be supplied the workers shall be left

in the file while records are in use.
The schedules will be inspected and transmitted by the supervisor
on his regular visits




Keproduced from the Unclassified / Declassified Holdings of the National Archives

-

2

-

Transcription and checking
(a) All schedules are to he filled in in pencil.
(
t>) All forms and schedules should he filled in hy one person and
checked hy another.

In those hanks where only one transcribing clerk is

at work he should take off accounts for approximately two-thirds of a
working day and check the accounts taken off the last third of the working
day.

Where more than one clerk is employed in a hank the records should

he transcribed the first part of the day and checked hy a clerk other than
the take-off clerk the latter part of the day.

It is highly desirable

that this checking he conscientiously performed, because accuracy of the
figures is of prime importance.
(c) Each clerk shall initial each schedule sheet in the allotted
space as he fills in or checks schedules.
(d) In transcribing the dollar figures omit the cents.

Specific Instructions
List of all demand deposits— Schedule G,
The transcriber is to begin immediately on Schedule G provided for
the transcription of a complete list of demand deposits as of June JO, 1928
and June 30, 1931.
1.

Accounts should he transcribed in alphabetical order.

2,

The name of the depositor is to he entered in the column headed

1 Names,”
1

It is important that the full heading of the account he tran­

scribed.

Where an account carries a name and other notation such as

specila account, personal account, dividend account, etc., such notation
is to he transcribed also.




Reproduced from the Unclassified / Declassified Holdings of the National Archives

-3 -

3#

If the deposit as of June 30* 1 9 2 8 , is $50 or less, insert check

mark in Column 2«

4,

On the same line, under the section headed "Balance1 the balances
*

are to be entered as of the three dates indicated,
5*

As each sheet of the form is completed, Section III, containing

the dollar balances, is to be detached.

Sections I and II are to be for­

warded immediately to the schedule editors in the addressed envelopes
provided for this purpose, and Section III held for the supervisor.
Complete listing of time accounts in excess of $10,000,— Schedule 0,1.,
1,

This form is to be filled in only after Schedule G for demand
-

accounts has been completed,
2.

This form contains columns for the name of the account and for the

balance as of June 30, 1928 and June 30> 1931*
to examine the ledger cards of savings accounts.

The transcribing clerk is
Those which have balances

in excess of $1 0 , 0 0 0 as of either of the dates are to be posted on the form,
the name of the account under the column headed "Names,"

In addition, if

an account had a balance in excess of $10,000 as of June 3 0 , 1928, the
balance of that account for June J>0, 1931 is to be posted also, even though
it is below $10,Q00.

If an account has a balance exceeding $10,000 for

June 3 0 , 1931 but not a balance exceeding $10,000 as of June 30, 1928,
only the June 30, 1931 balance is to be posted,
3*

Section I of the form containing the name of the depositor is to

be detached on completing the examination of all savings accounts.
section is to be sent to the schedule editors.
to be retained for the supervisor.




This

Section II of the form is

Reproduced from the Unclassified / Declassified Holdings of the National Archives

ill

■.

d H
i

- u Deposit activity forms-~»Schedule D
These forms will be received from the schedule editors with the names
of the depositors already filled in.

The transcribers are to take out

the designated accounts and on each schedules
(a) post all credit items by months
(b) post balances as of the end of previous months
(c) post balances as of the end of current months
(d) post balances as of specified days for each month of the period
(a) Credit items
Included in the credit items will be credits which arose out of the
discounting of the depositors1 notes*
HD symbol stamped on date line.

Such items may be identified by the

These credit items are to be posted on

the indicated line in the appropriate month columns.

This line is designated

on the form as "Proceeds from the discounting of notes."

All other credit

items are to be posted under the month column corresponding to the month
and year in which the amount was credited.
(b) Deposit balance at end of previous month-*-line (b)
The last balance struck to the account for the preceding month shall
be posted on line (b) under the column corresponding to the month for which
credit items have just been posted.

That is, the balance as of the end of

June 30, 192S, shall be posted on line (b) under the column headed "July
1928."

( c ) Deposit balance at end of current montiw-line (d)
The last balance struck to the account for each month shall be posted
on line (d) under the column corresponding to the month and year to which




cpiuuuueu irom tne unclassified / Declassified Holdings of the National Archives

jjm

- 5the month-end. balance applies.

Thus the balance for June 30? 1922, is to

be posted on line (d) under the column headed "June 1928;"

It is to be

noted that each balance to be posted, except the first and last, appears
twice on the schedule— once on line (d) of the current month and again on
line (b) of the following month.

The two identical postings should be made

at the same time,
(d) Deposit balances for indicated date of each month
The last line of the schedule is labeled "Deposit balances for indicated
date of each month."

Under the columns for the different months different

days of the month are specified.

The balances as of these days are to be

posted in the space provided in the form.
Deposit schedule forms— Schedule C
Post deposit balances for each month of each year as of date in lefthand column, or the last previous date for which a balance appears on the
ledger card.
and 1930#

Also post the balance as of December 31st for 1928, 1929*

Lines marked "Total" and "Average" are to be left blank.




Reproduced from the Unclassified / Declassified Holdings of the National Archives

—

^

....

INSTRUCT

: r TRANSCRIBERS IN CLOSED BA>

/ S

2

('Subject to revision)

freaeral...IftstnacUons.
Introduction of workers
The supervisors will introduce the workers to regular employees of
the receiver1s staff with whom contact will be necessary and arrange for
desk or counter space.
Hours and work report cards
The supervisor will arrange for the hours of work.

Daily work report

cards will be furnished all workers with blank spaces for the date, number
of hours worked, number of schedules filled out, and reasons for absence.
Two such cards are to be filled out daily and mailed, one to the local
relief administrator and the other to the supervisor.
Materials and supplies
The supervisor will supply all paper, pencils, schedules and other
materials used.

Bank materials are not to be borrowed or used.

Handling of bank records
The supervisor will acquaint the worker with the place where all
records are to be found.

All records used are to be taken from the files

in the morning and returned to their proper place at night before leaving
the bank.

A removal card which will be supplied the workers shall be left

in the file while records are in use.
The schedules will be inspected and transmitted by the supervisor
on his regular visits.
Transcription and checking
(a)

All schedules are to be filled in in pencil.

(b)

All forms and schedules should be filled in by one person and

checked by another, In those banks where only one transcribing clerk is
at work he should take off accounts for approximately two-thirds of a
working day and check the accounts taken off the last third of the working



Reproduced from the Unclassified / Declassified Holdings of the National Archives

-

day,

2-

Where more than one clerk is employed in a bank the records should

be transcribed the first part of the day and checked by a clerk other than
the take-off clerk the latter part of the day.

It is highly desirable

that this checking be conscientiously performed, because accuracy of the
figures is of prime importance,
c.

Each clerk shall initial each schedule sheet in the allotted

space as he fills in or checks schedules,
d.

In transcribing the dollar figures omit the cents.
Specific Instructions
hist of all demand deposits

-

Schedule 0.

The transcriber is to begin immediately on Schedule 0 provided for
the transcription of a complete list of demand deposits as of June JO,
1928, June 30, 1931» and date of suspension.
1.

Accounts should be transcribed in alphabetical order,

2.

The name of the depositor is to be entered in the column headed

"Names",
cribed,

It is important that the full heading of the account be trans­
Where an account carries a name and other notation such as

special account» personal account, dividend account, etc., such notation
is to be transcribed also,
3.

If the deposit as of June 30, 1928, is $ 5 0 or less, insert check

mark in Column 2,
U,

On the same line, under the section headed "Balance1 the balances
*

are to be entered as of the three dates indicated,
5,

As each sheet of the form is completed, Section III, containing

the dollar balances, is to be detached.




Sections I and II are to be forwarded

the Unclassified / Declassified Holdings of the National Archives

1

Jf

immediately to the schedule editors in the addressed envelopes provided
for this purpose, and Section III held for the supervisor.
Complete listing of
1.

time

accounts in excess of $10.000.-Schedule G,l,

This form is to be illied in only after Schedule G for demand

accounts has been completed.
2. This

form contains columns for the name of the account, for the

balance as of June 30, 1928, June 3 0 , 1931* and date of closing.

The

transcribing clerk is to examine the ledger cards of savings accounts.
Those which have balances in excess of $10,000 as of any of the three
dates are to be posted on the form, the name of the account under the
column headed •'Names” .

In addition, if an account had a balance in excess

of $10,000 as of June 30* 1928, the balances of that account for the
other two dates are to be posted in the appropriate date even though
they are below $10,000,

If an account has a balance exceeding $10,000

for June 3 0 , 193d* and/or the date of suspension, but not a balance exceed­
ing $10,000 as of June 30, 1928, only the balance which is in excess of
$10,000 is to be posted.
3* Section I of the form containing the name of the depositor is to
be detached on completing the examination of all savings accounts.
section is to be sent to the schedule editors.

This

Section II of the form is

to be retained for the supervisor.
Deposit activity forms - Schedule D
These forms will be received from the schedule editors with the names
of the depositors already filled in,

The transcribers are to take out

the designated accounts and on each schedule:
(a) post all credit items by months



Reproduced from the Unclassified / Declassified Holdings of the National Archives

(b)

post balances as of the end of previous months

(c)

post balances as of the end of current months

(d) post balances as of specified days for each month of the period

(a)

Credit items
Included in the credit items will be credits which arose out of the

discounting of the depositors* notes.
ND symbol stamped on date line*

Such items may be identified by the

These credit items are to be posted on

the indicated line in the appropriate month columns.

This line is designated

on the form as "Proceeds from the discounting of notes*'«

All other credit

items are to be posted under the month column corresponding to the month
and year in which the amount was credited,
(b)

Deposit balance at end of previous month - line (b)
The last balance struck to the account for the preceding month shall

be posted on line (b) under the column corresponding to the month for which
credit items have just been posted.

That is, the balance as of the end of

June 3 0 , 1 9 2 8 , shall be posted on line (b) under the column headed "July

1928 ".
(c) Deposit balance at end of current month * line (d)
The last balance struck to the account for each month shall be posted
on line (d) under the column corresponding to the month and year to which
the month-end balance applies.

Thus the balance for June 30, 1928, is to

be posted on line (d) under the column headed "June 1928",

It is to be

noted that each balance to be posted, except the first and last, appears
twice on the schedule - once on line (d) of the current month and again on
line (b) of the following month, The two identical postings should be made
at the same time.



Reproduced from the Unclassified / Declassified Holdings of the National Archives

ViP

-5~
(d)

Deposit balances for indicated date of each month
The last line of the schedule is labeled "Deposit balances for

indicated date of each month*1.

Under the columns for the different months

different days of the month are specified.

The balances as of these days

are to be posted in the space provided in the form.
Deposit schedule forms

- Schedule C

Post deposit balances for each month of each year as of date in lefthand column, or the last previous date for which a balance appears on the
ledger card.
and 1930#

Also post the balance as of December 31st for 1928, 1 9 2 9 ,

Lines marked '•Total1 and •Average'* are to be left blank.
1
’
Liability ledger form - Schedule E

I..

Enter-the name of the bank, of the-place, and of the borrower

on the name tab,
2.

Under the column headed "Date*, list the day, month, and year of

all the borrower’s transactions, as m a ker, which have taken place between
January 2, 1928, and June JO, 1931» inclusive,
3#

Under the column headed "Date due" enter the date a note is due.

This entry is to be On a line with the date the note was made,
b,

Under the column headed "Debit" enter the amount of the note or

loan on the same line with the date of making the loan and the date when
the note is due,
5.

Under the column headed "Credit" enter all repayments of notes

or loans and post the date of such repayments in the date column.
6.

Under the column "Balance" enter each new balance of the .borrower

and post the date of such balance in the date column*




from the Unclassified I Declassified Holdings ot me isauona, ™

s
7.

£) £)

& O

Only entries affecting the balance between January 2, 1928, and

June 30, 1931« inclusive, are to be posted,
8,

A separate form is to be used for each borrower*s account.

9#

The completed form should be held for the supervisor* s inspection.

The supervisor will transmit the body of the schedule to the schedule
editing center.

The name tab is to be retained by the transcribing clerk

and must later be matched with the borrower*s deposit schedule when the
latter is received from the schedule editing center.
Borrower* s deposit form

- Schedule 3
?

These forms will be sent to the transcriber from the schedule editors.
On the forms will appear identification numbers.
one deposit form for one identification number.

There may be more than
When the account to be

studied has been identified by a comparison of the identification numbers on
the borrower’s deposit schedule and on the name tab of the liability ledger
schedule,

(which was retained by the transcribing clerk), the balances of

that account are to be posted as of the dates indicated on the form.

The

dates as of which the deposit balances aic to be posted will appear in the
column headed ’Dates” in the first blank lines.
’
On the form will be several lines as follows:
(date) and (date).

’Minimum between
’

The dates will have been filled in at the schedule

editing center before the form is sent to the transcriber.

The transcriber

is to determine the amount and day of the minimum balance carried in the
account between the two dates appearing on the ’minimum” line.
’

The date

on which the minimum balance occurs is to be entered on a line with the
’Minimum” line under column headed ’Dates” .
’
’

The amount of the minimum

balance.is to be entered on the same line and in the column ”Deposit
Balance,”
The completed forms are to be held for the supervisor’s inspection.



nepiuuuueu irom ine unclassified / Declassified Holdings of the National Archives

X

Lx

INSTRUCTIONS TO SCHEDULE EDITORS
Detailed instructions for each phase of the schedule editors1 work
have not been prepared in final form at this time.

The general nature

of the work of the editors was included in the detailed description of the
project (see pp, 18-20).
The code sheets to be furnished each editor are now in the process
of preparation.

These sheets will contain code symbols to permit sorting

and consolidation of schedules according to the following classifications:
(a)

Name of bank

(b)

City and state

(c)

Kind of account (business or personal)

(d)

Type of business

(e)

Occupation of depositor

The code sheets for each of the above classifications will be accom­
panied by detailed instructions explaining how the editors are to use
Dun and Bradstreet1s Credit Manual, city directories and telephone books
to determine the proper code symbol to designate each account and schedule
which is reviewed by the schedule editors.
In addition, separate instructions will be prepared indicating in
detail the coding process for each type of schedule handled by the editors.




Reproduced from the Unclassified / Declassified Holdings of the National Archives

W 9

r

INSTRUCTIONS TO CREDIT CLASSIFICATION EDITORS
(Subject to revision)

The object of the classification into 1regular" and "irregular" is
1
to obtain in the regular group a number of accounts for which the credits,
i.e., the amounts deposited, represent incomes regularly received, the
salary checks and pay envelopes of manual and clerical workers, executives
and owners of businesses, the fees of lawyers, doctors, architects and
other professional people and the interest and dividends received by
investors.

The accounts which fall into the irregular group are affected

by speculative transactions, purchases and sales of real estate and other
property, business transactions in cases where the depositor may not keep
separate bank accounts for his business and personal transactions, trans­
actions which represent the borrowing of money from the depositor by other
persons and its repayment or the lending of money to the depositor by other
persons and its repayment, transactions which represent the cashing of
chocks for other persons by the depositor, etc.
Inspect the individual credit items and, in addition, make use of
the following information which will appear on the form:

total and average

credits exclusive of notes discounted, total and average debits, average
deposit balance, and number of credit items per year.
Exorcise judgment as to the classification of accounts, keeping in
mind the purpose of the classification.

In general .however, proceed

according to the following rules:
1. Accounts which have the same number of credit items
in each month of the year or in ten months of the year are
regular accounts.




Reproduced from the Unclassified / Declassified Holdings of the National Archives

- 2 -

2. Accounts which have exactly 12, 24, 5 1 , 5 2 , or
items per year are regular accounts#

53

3# Accounts for which the dollar amount of each credit
is the same or approximately the same are regular accounts,
4.
Accounts which would he regular under one of the
rules above except for not more than two large credit items
arc regular accounts#
5# If the total credits per month for eight months of
the year are within 1 5 percent of average monthly credits for
the year, the account is a regular account#
6 # Classify as regular accounts those whose general
appearance suggest such a classification hut which display
minor deviations from these rules, provided that the total
annual credits excluding notes discounted of such accounts are
$5 1 000 or less#

Indicate the classification of accounts hy a checkmark in one of the
spaces labelled ”regular” and ”irregular.”




Reproduced from the Unclassified / Declassified Holdings of the National Archives

/

z

z

INSTRUCTIONS TO COMPUTERS
1,

As all computing and tabulating will be done by hand directly

from the schedule forms, no special instructions to computers have
been prepared.

It is assumed that workers employed will be familiar

with the operation of listing and adding machines,
2,

Instruction sheets will be furnished for each type of schedule,

explaining in detail the operations to be performed at the tabulating
center




Reproduced from the Unclassified / Declassified Holdings of the National Archives




on th-dank Operations F
f.^'V

/

Exhibit 0
j ,

l

€

f V 2

LIST OF BASIC TABLES
SKELETON OUTLINES OF BASIC TABLES

^epiuuucea irom tne unclassified / Declassified Holdings of the National Archives

BASIC TABLES

These tables have been drawn up to satisfy the following require­
ment s :
1.

To contain only data derived from this investigation.

2.

To contain only raw data, unadjusted except for consolidation.

3.

To exhibit all raw data used as a basis for percentage changes,

ratios, and other derived figures in the text.
4.

To exhibit data in as complete detail as can reasonably be ex­

pected to be useful.
5.

To avoid duplication as between basic tables.

A list of these tables and their proposed forms appear on the follow­
ing pages




'K UUUVCU " Um me unclassified Declassified Holdings of the National Archives

LIST OF BASIC TABLES

Table

1,

Balances of General Types of Depositors, by Months
A.
B.

Selected closed banks data
Active banks data

Table

2.

Personal Accounts in Selected Closed Banks: Balances, Debits, and
Credits, Regular and Irregular Credit Groups, by Sizc-of-Credit
Classes

Table

3«

Personal Accounts in Active Banks; Balances, Debits, and Credits,
Regular and Irregular Credit Groups, by Size-of-Credit Classes

Table

4,

Personal Accounts in Selected Closed Banks: Balances, Debits, and
Credits, Regular and Irregular Credit Groups, by Size-of-Deposit
Classes

Table

5*

Personal Accounts in Active Banks: Balances, Debits, and Credits,
Regular and Irregular Credit Groups, by Size-of-Depo sit Classes

Table

6.

Personal Accounts, Regular and Irregular Group: Balances, Debits,
and Credits by Size-of-Deposit Classes and Occupation

Table

7 ,

Distribution of Personal Accounts by Annual Number of Credit Items
and by Total Annual Credits, Regular Credit Group

Table

8.

Business Accounts: Balances of Industrial Groups by Size-of-Balance
Classes, Selected Closed Bank Data
A.
B,
C.
D,

Table

9.

Business Accounts: Balances of Industrial Groups by Size-of-BalanceClasses, Active Bank Data
A,
B,
C.
D.

Table 10*

Manufacturing
Trade and service
Finance
Total

Manufacturing
Trade and service
Finance
Total

Business Accounts: Balances of Industrial Groups by Size-of-Balance
Classes, Corporation Questionnaire Data




A.
B.
C.
D.

Manufacturing
Trade and service
Finance
Total

~ ,,v,aoomcu' uuLidssmea Moldings of the National Archives

....... ■

■

------------------------

2.

Table 11,

Business Accounts: Balances of Industrial Groups, by Size-ofAssets Classes, Corporation Questionnaire Data
A.
B.
C.
D.

. Manufacturing
Trade and service
Finance
Total

Table 12.

Loans and Balances of Borrowers by Regions and by Period of Loan:
Selected Closed Banks Data

Table 13.

Size Distribution of Accounts as of June JO. 1928; June JO, 1931;
and Date of Suspension:
Selected Closed Banks

Table l4.

Balance of Identical Accounts as of June JO, 1928, June JO, 1931*
and Date of Suspension, Grouped by Size of Balance on June JO,
1928:
Selected Closed Banks

Table 1 5 .

Size Distribution of Accounts as of June JO, 1928, and June JO,
1931: Selected Active Banks

Table 1 6 .

Balances of Identical Accounts as of June JO, 1928, and June JO,
1931 1 Grouped by Size of Balance on June JO, 1928:
Selected Active
Banks




^ ,uuuvcu Mum

unclassified / Declassified Holdings of the National Archives

TABLE 1
BALANCES OF GENERAL TYPES OF DEPOSITORS

Date

Personal
A.

Manu­
facturing

Trade
and
services

Selected closed hanks data

Number of accounts
1 9 2 S January
February
March
April
Etc.

1931 June




Finance

B.

Active hank data

Farmers

Total

'r,uuuueu " um me unclassified ' Declassified Holdings of the National Archives

TABLE 2
PERSONAL ACCOUNTS IN SELECTED CLOSED BANKS:
BALANCES, DEBITS,AND CREDITS, REGULAR AND
IRREGULAR CREDIT GROUPS, BY
SIZE-OF-CREDIT CLASSES
(Accounts have Been classified according to total credits in 1928.)

Irregular credits

Regular credits

Date

Balances

Debits

Credits

Balances

Debits

Credits less than $1,000 per year
Number of accounts
1928 January
February
March
April
Etc.

1931 June
Credits less than 5,000 but more than $10,000 per year
Number of accounts
1928 January
February
March
April
Etc.

1931 June
Credits over $50,000 per year
Number of accounts
1928 January
February
March
April
Etc.

1931 June




Credits

Keproauced from the Unclassified / Declassified Holdings of the National Archives

’ TABLE 3
PERSONAL ACCOUNTS IN ACTIVE BANKS:
BALANCES, DEBITS, AND CREDITS, REGULAR AND
IRREGULAR CREDIT GROUPS, BY
SIZE-OF-CREDIT CLASSES
(Accounts have "been classified according to total credits in 1 9 2 8 .)
Irregular credits

Regular credits

Date
Balances

Debits

Credits

Balances

Debits

Credits less than $1,000 per year
Number of accounts
1928 January
February
March
April
Etc.

1931 June
Credits less than $5,000 but more than $10,000 per year
Number of accounts
1928 January
February
March
April
• Etc.

1931 Jiuie
Credits over $50,000 per year
Number of accounts
1928 January
February
March
April
Etc.

1931 June




Credits

Reproduced from the Unclassified / Declassified Holdings of the National Archives

TABLE 4
PERSONAL ACCOUNTS IN SELECTED CLOSED BANKS:
BALANCES, DEBITS, AND CREDITS, REGULAR AND
IRREGULAR CREDIT GROUPS, BY
SIZE-OF-DEPOSIT CLASSES
(Accounts have "been classified according to average monthly balance
192S.)

Date

Irregular credits

Regular credits
Balances

Debits

Credits

Balances

Deposits less than $100
Number ef accounts
1 9 2 S .January
February
March
April
Etc.

1931 June

Deposit balances over $50,000
Number of accounts
1 5 2 8 January
February
March
April
Etc.

1931 June




) Debits

Credits

Reproduced from the Unclassified / Declassified Holdings of the National Archives

V
TABLE 5
PERSONAL ACCOUNTS IN ACTIVE BANKS!
BALANCES, DEBITS, AND CREDITS, REGULAR AND
IRREGULAR CREDIT GROUPS, BY
SIZE~OF-DEPOSIT CLASSES
(Accounts have been classified according to average monthly balances, 1928.)

Regular credits

Date
Balances

Debits

Credits

Irregular credits
Balances

Deposits 1c>ss than $ 1 0 0
Number of accounts
1 9 2 8 January
February
March
April
Etc.

1931 June

Number of accounts
1 9 2 8 January
February
March
April
Etc.

Deposits less than $250 but more than $100
—

1931 June
Deposits over $5 0 , 0 0 0
Number of accounts
1 9 2 8 January
February
Mar c
l.
April
Etc.

1931 June




Debits

Credits

Reproduced from the Unclassified / Declassified Holdings of the National Archives

TABLE 6
PERSONAL ACCOUNTS IN ACTIVE BANKS;
BALANCES, DEBITS, AND CREDITS, REGULAR AND IRREGULAR CREDIT GROUPS,
BY OCCUPATIONS
(Accounts have been classified according to average monthly balances, 1 9 2 8 )

Date

Regular credits
| Balances Debits
| Credits

____________________ __________ Professional groups
Number of accounts
1928 January
February
March
April
Etc,

1931 June

Business executives
Number of accounts
1 9 2 8 January
February
March
April
Etc,

1931 June
Cl erica] workers
Number of accounts
1928 January
February
March
April
Etc,

1931 June




Irregular credits
Balances
Debits
Credits

Reproduced from the Unclassified / Declassified Holdings of the National Archives

L

TABLE 7
DISTRIBUTION OF PERSONAL ACCOUNTS BY ANNUAL
NUMBER OF CREDIT ITEMS AND BY TOTAL ANNUAL
CREDITS, REGULAR CREDIT GROUP

Less than
10
Less than
$1,000 to
2.500 to
5,000 to
7.500 to
10.000 to
12,500 to
15.000 to
20.000 to
30.000 to
1(0,000 to
Over

$1,000
2,499
4.999
7.%9
9.999

12,499
14.999
19.999
29.999
39.999
50,000
50,000




10-14

15 -2 1

22-26

27-48

49-55

Over

55 .
.

BUSINESS ACCOUNTS:

BALANCES OF INDUSTRIAL GROUPS BY SIZE-OF-BALANCS CLASSES
SELECTED CLOSED BANK DATA

(Accounts have been classified according to average monthly “
balance, 1928.)

—
Date

Less
than
____ 1 5 0 1 ____

$1,001
to
2,300

$501

to
1.000

$2 , 5 0 1
to

$5 , 0 0 1
to

Balances
$1 0 , 0 0 1
to

$5 0 , 0 0 0
to

3 .0 0 0

1 0 .0 0 0

3 0 ,0 0 0

1 0 0 ,0 0 0

A.

$1 0 0 , 0 0 1
to
300,000

$5 0 0 , 0 0 1
to
1 ,0 0 0 . 0 0 0

$1 ,0 0 0 , 0 0 1
to
1 0 ,0 0 0 , 0 0 0

Over
$1 0 ,0 0 0 , 0 0 0

Manuf actin'ing

Number of accounts
1928 January
February
March
Etc.

O
O

1931 June

3.

Trade and service

Number of accounts
1928 January
Etc.

'

1931 June
I

‘

1
C.

Finance

Number of accounts
1928 January
Etc.

O 1I
/

1931 June
D.
Number of accounts
192S January
Etc.
1931 June




Total

Reproduced from the Unclassified / Declassified Holdings of the National Archives

TABLE 8

V

TABLE 9
BUSINESS ACCOUNTS:

BALANCES OF INDUSTRIAL GROUPS BY SIZE-OF-BALANCE CLASSES
ACTIVE BANK DATA

(Accounts have been classified according to average monthly Balance, 1928.)
$501

Less
than
____ $50.1____

$1 , 0 0 1
to
2,300

to
1 .0 0 0

$2 , 5 0 1
to

$5 , 0 0 1
to

3 , 0 0 0 ___

1i
.

1 0 ,0 0 0

Balances
$1 0 , 0 0 1
to
30,000

$5 0 , 0 0 1
to
1 0 0 .0 0 0

$5 0 0 , 0 0 1
to
1 ,0 0 0 , 0 0 0

$1 0 0 , 0 0 1
to
5 0 0 ,0 0 0

$1 ,0 0 0 , 0 0 1
to
1 0 ,0 0 0 , 0 0 0

Over
$1 0 ,0 0 0 , 0 0 0

Manuf ac tur ing

Number of accounts
1 9 2 S January
February
Etc.

0
i

1931 June
.

_

_

_

B.__ Trade and service__ __________________________ ______ ___________ _______ _________________

Number of accounts
1 9 2 S January
February
Etc.
1931 June
__________

___ _____

________________________________Finance

Number of accounts
1 9 2 S January
February
Etc.

0
0

1931 June
D.
Number of accounts
1928 January
February
Etc.
1931 June



......

Total

TABLE 10
BUSINESS ACCOUNTS:

BALANCES OF INDUSTRIAL CROUPS BY SIZE-OP-BALANCE CLASSES
CORPORATION QUESTIONNAIRE DATA

(Accounts have been classified according to average monthly balances, 1 9 2 8 .)
Less
than

Date

$5 0 , 0 0 1

$5 0 , 0 0 1
to

$1 0 0 , 0 0 1
to

1 0 0 ,0 0 0

5 0 0 ,0 0 0

$5 0 0 , 0 0 1
to
| 1 ,0 0 0 , 0 0 0
A.

Number of accounts
1 9 2 8 January
February
Etc.

I $1 ,0 0 0 , 0 0 1
to
1 1 0 ,0 0 0 , 0 0 0

Balances
$ 1 0 ,0 0 0 , 0 0 1 $ 2 5 ,0 0 0 , 0 0 1
to
to
5 0 ,0 0 0 , 0 0 0
2 5 ,0 0 0 , 0 0 0

$ 5 0 ,0 0 0 , 0 0 1
to
1 0 0 ,0 0 0 , 0 0 0

Over

Total

$1 0 0 ,0 0 0 , 0 0 1

Manufacturing
»

1931 June
JL*

Trade and service

Number of accounts
1928 January
February
Etc.
1931 June
C.

Finance

Number of accounts
1925 January
Etc.
1931 June
D.
Number of accounts
1928 January
Etc.
1931 June




;

Total

^

.

Reproduced from the Unclassified / Declassified Holdings of the National Archives

TABLE 11
BUSINESS ACCOUNTS:

BALANCES OF INDUSTRIAL GROUPS, BY SIZE-OF-ASSETS CLASSES
CORPORATION QUESTIONNAIRE DATA

Balances of Corporations whose total assets are
Over
1 0 ,0 0 0 ,0 0 0 - 2 5 .0 0 0 .
0 5 0 ,0 0 0 ,0 0 1 “
012 5 ,0 0 0 ,0 0 0

Date

j

A,

Number of corporations
1928 January
Feb m a r y
March
Etc,

5 0 .0 0 0 .

10
000 0 ,0 0 0 ,0 0 0

Msmufacturing

t
/

/

/
//
y

1931 June

B.

Trade and Service

D.

Total

Number of corporations
1928 January
February
March
Etc.

1931 June

Number of corporations
1928 January
Februaiy
March
Etc,

1931 June




1 0 0 ,0 0 0 , o a -

TABLE 1$
LOANS AND BALANCES OF BORROWERS BY REGIONS AND BY PERIOD OF LOAN:

SELECTED CLOSED BANKS DATA

Other Northern ana
6
_
Eas3tern Cities
Ito York City.
____
Number of
| Number of
Balances Loans | Loans
Loans
Balances
Loans
M
q------------------------1st Day after loan made
l^th day n
n
Day of Minimum Balance

Southern and Western Cities
| Number of
Loans
Balances
Loans

- IQrtday Loans______

—

_ . ________________

bO-day Loans
-

1st Day after loan made
3 0 th day a,
T
1
1
0
Day of minimum balance
90-day Loans

1
I
}

1st day after loan made
U^th day "
»
n
Day of minimum balance
180-day Loans
1st day after loan made
9 0 th day "
1
1
n
Day of minimum b a l a n c e __________________ [
, 2 7 0 -day 1.-cans
1 st day after loan made
i
1 3 5 th apy «

r
t
"
Day of minimum balance

j

1
1

1
WbO-day Tjeans

____ 1
_

1 st day after loan made

180th day «
"
H
Day of minimum balance




•

__________

!
!
t
__i
______ !
__________

TABLE 13
I
SIZE DISTRIBUTION OF ACCOUNTS AS OF JUNE 30, 1928, JUNE 30, 1931, AND DATE OF SUSPENSION
SELECTED CLOSED BANKS
Size of
"balance

June 30, 1928
Business
Personal
Balance
Number
Balance Number

June “
>o, 1 9 3 1 .........
Business
Personal
Number Balance
Number Balance
Demand accounts

Under
1 0 .0 0 1 —
2 5 .0 0 1 —
Over

10,001
2 5 ,0 0 0
5 0 ,0 0 0

50,000

Total




Date of suspension
Business
Personal
Number
Balance Number Balance

TABLE l4
BALANCES OF IDENTICAL ACCOUNTS AS OF JUNE 30, 1928, JUNE 30, 1931, AND DATE OF SUSPENSION
GROUPED BY SIZE OF BALANCE ON JUNE 30, 1928
SELECTED CLOSED BANKS

Size of
"balance on
June 50,1928

June 30,1928 to suspension
Number of accounts
Business
Personal

June 30, 192S
Balances
Business
Personal
Identical demand accounts

Inactive accounts
Less than 51
100
200
300

51—
101—
201—

301—
4oo
500
401—
1 .0 0 0
501—
1,001—
2 ,5 0 0
5 .0 0 0
2,501—
5 ,0 0 1 — 1 0 . 0 0 0
1 0 . 0 1 — 5 0 .0 0 0
0
5 0 . 0 1- 1 0 0 .0 0 0
0

Over

1 0 0 .0 0 0

Total

Identical time accounts
1 0 ,0 0 1 — 2 5 , 0 0 0
2 5 ,0 0 1 — 5 0 , 0 0 0

Over

50,000
Total




June 30, 1931
Balances
Business
Personal

Date of suspension
Balances
Business
Personal

table

15

SIZE DISTRIBUTION OF ACCOUNTS AS OF JUNE 3 0 , 1923 AND JUNE 3 0 , 1 9 3 1
SELECTED ACTIVE BANKS
June 1JO, 1923
Personal
Balance
Number

•

Business
Number
Balance
DcmancL accounts

Inactive accounts
Less than $1
100
51—
200
10120100
30C
Uoc
0
500

1,000

501
1 .0 0 1

2 ,5 0 0
5 ,0 0 0
2 ,5 0 1
10,000
5 .0 0 1
5 0 ,0 0 0
1 0 ,0 0 1
5 0 ,0 0 1 — 1 0 0 , 0 0 0

Over

100,000
Total

Time accounts
Under
10,0012 5 ,0 0 1 Cver

10,001
$5 , 0 0 0
5 0 .0 0 0
5 0 .0 0 0

Total




_________________I _ JuneJ O , 1931
_
Personal
Business
Number
Balance
Number
Balance

X

TABLE 16
BALANCES OF IDENTICAL ACCOUNTS AS OF JUNE 3 0 , 1 9 2 8 AND JUNE 3 0 , 1 9 3 1 , GROUPED BY SIZE OF BALANCE ON JUNE 3 0 , 1 9 2 8
SELECTED ACTIVE BANKS
________________
Size of balance
on June 30, 1928

(Identical accounts are those carried at the selected "banks on Loth dates.)______________________
June 30, 1928
June 30» 1928
June 30, 1931
to June 30, 1931
Number of accounts
Balances
Balances
Business
Business
Personal
Business
Personal
Personal
Identical demand accounts

Inactive accounts
Less than 5 1
51—
100
101—
200
201—
300
301—
400
401—
500
5 0 1 — "1 , 0 0 0
1 .0 0 1 —
2 ,5 0 0
2 ,5 0 1 —
5 ,0 0 0
5 .0 0 1 — 1 0 , 0 0 0
1 0 .0 0 1 — 5 0 , 0 0 0
5 0 .0 0 1 —
1 0 0 ,0 0 0
Over
100,000

s

Total

Identical time accounts
;

1
1 0 ,0 0 1 — 2 5 , 0 0 0
2 5 ,0 0 1 — 5 0 , 0 0 0

Over

50,000
V
Total




Reproduced from the Unclassified / Declassified Holdings of the National Archives

)

3 v v . JL
Exhibit H

TENTATIVE ORGANIZATION OF FINAL REPORT

Chapter 1.

Introduction and Summary.

Chapter 2.

9

Method of Procedure and Nature of Sample.

Tables

1.
2.
3.
4.
5.

Chapter 3*

Percentage of balances to total adjusted demand deposits.
Percentage of balances to statistics of income data.
Percentage of number of accounts to statistics of income data.
Percentage of balances to total balances in each size class
of Deposit Insurance data.
Percentage of business balances to total balances 1935 Censuses
of Business and Manufactures.

Movements by Business, Finance, and Personal Groups.

Charts

1.

Movements of adjusted demand deposits and deposit balances by
type of holder.

Tables

6.

Relative changes in balances of business, finance, and personal
accounts between selected dates.

Chapter 4,
Charts

Movements of Business Accounts, by Typos and Size,
2.
3.
4.
5.
6.

Tables

7.

8.

9#
10.




Deposit balances for selected industrial groups.
Deposit balances as a percentage of working capital for selected
industries.
Deposit balances by size of business.
Deposit balances by size of business: corporation questionnaire
data •
Finance deposits, brokers* loans, stock prices, and volume of
trading.
Receipts, not earnings, inventories, current liabilities, and
bank balances for industrial groups: relative changes between
selected dates.
Receipts, net earnings, inventories, current liabilities, and
bank balances for business accounts by size: relative changes
between selected dates.
Bank balances from corporation questionnaire: relative changes
between selected dates.
Finance deposits, stock prices, volume of trading, and brokers*
loans: relative changes between selected dates.

^produce d from the Unclassified / Declassified Holdings of the National Archives

2.

Chapter 5*

Movements of Personal Accounts, by (Regular-Irregular) Croups and
Size. Relation of Balances to Credits. Relation of Credits to
Incomes.

Chart s ;

7.
8.
9.
10.
11.
12.
13.

Tables

11.
12.

13.

14.

15•

l6.

Chapter 6.

Personal deposits by size-of-credit classes.
Regular credit accounts: credits and balances.
Regular credit accounts:
credits; and debits for l4o report­
ing centers,
Regular credit accounts: balances by size-of-balance classes;
and payrolls.
Irregular credit accounts:
credits and balances by size-ofbalance classes.
Regular and irregular credit accounts:
credits by same sizeof-balance classes.
Regular and irregular credit accounts:
credits by occupation.
Personal deposits by size-of-credit classes:
relative changes
between selected dates.
Balances and credits of personal accounts having regularly re-curring credits: relative movements by size-of-credit classes.
Average balances as a percentage of total credits per year.
Balances and credits of personal accounts having regularly
recurrent credits: relative movements by size-of-balance
classes. Average balances as a percentage of total credits per
year.
Balances and credits of personal accounts having irregular
credits: relative movements b y size-of-deposit classes.
Average balances as a percentage of total credits per year.
Average balances of personal accounts having regularly recurring
credits by size-of-credit classes: as a percentage of total
payrolls.
Regular and irregular credit accounts: balances and credits by
occupation.

Movements of Accounts in Closed Banks.

Charts: l4.
15*
16.

Personal accounts and business accounts of closed banks.
Personal accounts and business accounts of selected individual
closed banks (identity concealed).
Personal accounts and business accounts by selected size-ofbalance classes: closed bank data.

Tables: 17*. Percentage changes in balances of personal accounts and of
business accounts in closed banks:
1928 to 1 9 3 ; 1928 to date
of closing; 1931 to date of closing. Comparison of 1928-1931
period with active bank data.
18. Percentage changes of demand deposits and time deposits in ex­
cess of $10,000 in closed banks, 1928-1931 compared with call
report data.
19. Percentage changes in balances of personal and business accounts
in closed banks 1928-1931? 1928 to date of closing; 1 9 3 1 to date
of closing; by size-of-balance classes. Comparison of 1 9 2 8 - 1 9 3 1
period with active banks data.



reproduced from the Unclassified / Declassified Holdings of the National Archives

3.
Chapter 7*
Tables:

Loans and Balances.
20.
21.

Chapter 8.

Borrowers* balances as a percentage of loans at date of
minimum balance by regions and by length-of-maturity classes
Borrowers * balances as a percentage of loans at selected
dates before and during the life of loans.

Bearing of Results on Problems Relating to the Demand for Money.




Reproduced from the Unclassified / Declassified Holdings of the National Archives

A. ' V w

p.

September 12, 1935

4
Mr. E. A. Goldenweiser
Harwlchport
Massachusetts
Dear Mr. Goldenweiser
The Board today agreed to enter the application with the
proviso that negotiations should be carried at once on the
closed bank aspect of the study while the open bank aspect
should be brought up for consideration at a later meeting. This
was Mr. O*eonnor*s motion.
In accordance with Governor Bccle6* wishes, expressed in a
telephone conversation with Mr. Clayton on Tuesday, I have writ­
ten Mo Messrs. Hecht, Fleming, Colt, Bnerson, and Wakefield asking
their personal opinion concerning the nature and scope of the
project. I also sounded them out on the possibility of their
various associations giving it official endorsement. If we could
secure such endorsements, I think we would have no difficulty in
pushing throu^i the active bank aspect of the study.
On Mr. Morrill *s suggestion, I made certain minor changes in
your letter of recommendation of the project to the Board. I
trust that they will meet with your approval.
I think that you were probably right in advising against the
publication of the pump priming article as, despite my precautions,
I think my stand on the matter would be evident to readers. I have
suggested to Krost that he work up the appendix along the lines
you indicated.
It has been a pretty hard grind this last ten days, and I
think I shall leave town for a long week-end, returning next
Tuesday or Wednesday.




Cordially

Lanehiin Currie

Reproduced from the Unclassified / Declassified Holdings of the National Archives

September 12, 1935

Mr. F. G. Await
Deputy Comptroller of the Currency
Treasury Department
Washington, D. C.
Dear Mr. Awaiti
The Board of Governors today approved the application
for funds for the white collar project we discussed, with
the proviso that negotiations should be started immediately
in connection with the closed bank aspect of the study, while
the active bank aspect will be brought up for consideration
at a later date. I am enclosing a batch of material relating
to the project. You may be interested in glancing over
Exhibit A, a brief description, part of the detailed descrip­
tion relating to closed banks and the tentative instructions
to supervisors and to transcribers in closed banks.
I am leaving for a long week-end tonight but shall get
in touch with you probably next Wednesday.




Tery sincerely yours

Lauchlln Currie
Assistant Director of
Research and Statistics

Reproduced from the Unclassified / Declassified Holdings of the National Archives

3

September 12, 1935

V

9- / /

Lt-

; /
Governor Marriner S. Eccles,
c/o Eccles Investment Company,
Ogden, Utah
Dear Governor Eccles;
The Board took favorable action on the project today, and
a formal application was entered. I am assured that there will be
no publicity on it until an allotment of funds is actually made
and that we may withdraw the application at any time.
In accordance with your suggestion to Mr. Clayton, I have
written Messrs. Hecht, Fleming, Colt, Emerson, and Wakefield (Pres­
ident of Reserve City Bankers1 Association), asking their personal
opinion on the revised project. I am enclosing a copy of my letter
to Mr. Hecht. The others were in a similar vein. I am hopeful that
replies will be favorable as I adopted suggestions offered by Hecht
and Colt.
I have talked with Mr. Thurston about the publicity, and he
has agreed to go over any further letters sent out. We think that,
if approved, the project can be handled in such a way as to play up
the liquidity-earnings and autopsy-of-falled-banke angles. The fact
that no names would be asked on the questionnaire should scotch the
"share-the-wealth1 interpretation. We expect that very few banks
1
would admit white collar workerss and that the great bulk of such
workers would be used in closed banks and in tabulating the data.
I am also enclosing a copy of a favorable letter from a Hartford
banker which may interest you and which I have acknowledged.
Sincerely yours,

Lanehi in B. Currie
Assistant Director cf
Research and Statistics
Enclosures - two
LBC RE




Reproduced from the Unclassified / Declassified Holdings of the National Archives

P.S. The actual lw-ioi. was that the application he submitted and
that negotiations should he carried forward on the closed hank
aspect of the study^ while the open hank aspect shall he brought
up for action at a later meeting.




i

Reproduced from the Unclassified / Declassified Holdings of the National Archives

/e2. -

BRIEF DESCRIPTION OF A PROPOSED FEDERAL STATISTICAL PROJECT
SPONSORED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
ENTITLED "A STUDY OF CHANGES IN THE DISTRIBUTION
AND ACTIVITY OF DEPOSITS”

Although deposits subject to check constitute the bulk of the money
of the country, almost nothing is known of their distribution as between
different economic groups or of changes in their distribution.

One of the

main objects of the proposed study is to furnish information on this sub­
ject by making available for analysis montlily changes of a sample group of
personal and business deposit accounts for the period January I9 2 S to June
1931*

Such information should throw light on two sets of problems:

associated with the safe and profitable investment
itors

those

of funds of bank depos­

and those associated with the formulation of the country1s monetary

policies.

Information on the variability of different types of deposits

at different phases of business activity should aid in determining liquid­
ity requirements of individual banks.

Information on changes in the dis­

tribution of deposits should aid the Reserve Administration in interpret­
ing business developments.
Another object of the proposed study is to obtain information on the
turnover of personal checking accounts for the purpose of determining the
feasibility of deriving current indexes of consumers1 incomes and expendi­
tures by the use of banking statistics.