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TWENTIETH ANNUAL REPORT
OP THE
FEDERAL RESERVE
BOARD
COVERING OPERATIONS
FOR THE YEAR 1933
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1934
For sale by the
Superintendent of Documents, Washington, D.C.
Price 50 cents
FEDERAL RESERVE BOARD
DECEMBER 31, 1933
EX OFFICIO MEMBERS
WILLIAM H. WOODIN,
Secretary of the Treasury, Chairman.
J. F. T. O'CONNOR,
Comptroller of the Currency.
H. WARNER MARTIN,
Assistant to the Governor.
CHESTER MORRILL, Secretary.
J. C. NOELL, Assistant Secretary.
L. P. BETHEA, Assistant Secretary.
S. R. CARPENTER, Assistant Secretary.
WALTER WYATT, General Counsel.
GEORGE B. VEST, Assistant Counsel.
LEO H. PAULGER,
Chief, Division of Examinations.
FRANK J. DRINNEN,
Federal Reserve Examiner.
n
EUGENE R. BLACK, Governor.
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
GEORGE R. JAMES.
J. J. THOMAS.
M. S. SZYMCZAK.
E . A. GOLDENWEISER,
Director, Division of Research and*.
Statistics.
CARL E. PARRY,
Assistant Director, Division
Research and Statistics.
of
E. L. SMEAD,
Chief, Division of Bank Operations..
J. R. VAN FOSSEN,
Assistant Chief, Division of Bank
Operations.
O. E. FOULK, Fiscal Agent.
JOSEPHINE E. LALLY,
Deputy Fiscal Agent.
CONTENTS
TEXT OF REPORT
Page
3
8
14
17
21
2&
30
30
35
3&
50
Developments leading to the banking crisis
The banking crisis
Conditions following the banking crisis
Open-market operations: 1930-33
Rehabilitation of the banking structure
Suspension of gold payments
Growth of world stock of gold
Business conditions
Credit agreements with foreign central banks
Amendments to the law relating to the Federal Reserve System
Recommendations concerning legislation
Earnings and expenses of Federal Reserve banks
Building operations of Federal Reserve banks
Branches and agencies of Federal Reserve banks
Bank examinations
Trust activities of national banks
Changes in membership
Federal Reserve inter district collection system
Additions to and changes in Federal Reserve Board's regulations
Administration of sections 8 and 8A of the Clayton Antitrust Act
Reductions in capital stock of member banks
Applications for voting permits by holding company affiliates
Meetings of Federal Advisory Council
Organization, staff, and expenditures
.
59
62
62
63
63
63
65
65
66
66
67
67
67
TABLES
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT AND RELATED ITEMS:
No. 1.
No. 2.
No. 3.
No. 4.
No. 5.
No. 6.
Annual averages, 1918-33
Monthly averages, 1917-33
Weekly averages, 1932-33
By weeks (Wednesday series), 1922-33
End of month series, 1929-33
Call dates, 1917-33
71
72-75
76-77
78-89
90
91
RESERVE BANK CREDIT:
No. 7. Annual averages, 1915-33
92
No. 8. By months, 1925-33
92-93
No. 9. Deposits, reserves, note circulation, and reserve percentages
of Federal Reserve banks, by months, 1932-33
94
No. 10. Deposits, total gold reserves and other cash, Federal Reserve
note circulation, and cash ratio, by months, 1932-33
94
in
IV
CONTENTS
RESERVE BANK CREDIT—Continued.
page
No. 11. Bills discounted for member banks—holdings of each Federal
Reserve bank, by months
95
No. 12. Reserve balances of member banks in each district, by
months
95
No. 13. Bills discounted for member banks in each State, by months.
96
No. 14. Principal assets and liabilities of Federal Reserve banks, by
weeks
97
No. 15. Federal Reserve banks—holdings of bills discounted, by
weeks, by districts
98-99
No. 16. Federal Reserve banks—assets and liabilities in detail, Dec.
31, 1933
100-101
No. 17. Assets and liabilities of Federal Reserve banks (in detail) at
the end of each month
102-103
No. 18. Condition of each Federal Reserve bank at end of 1932 and
1933
104-107
No. 19. Number of member banks discounting paper at Federal
Reserve banks, by months, 1914-33
108
No. 20. Number of member banks discounting paper at Federal
Reserve banks, by Federal Reserve districts, 1926-33
108
No. 21. Number of member banks discounting paper at Federal Reserve banks, by States, 1925-33
109
No. 22. Bills discounted by Federal Reserve banks—holdings at the
end of each month, by classes
11.0
No. 23. Bills discounted—holdings of each Federal Reserve bank on
Dec. 31, 1933, by classes
111
No. 24. Bills discounted—holdings of each Federal Reserve bank on
Dec. 27, 1933, by maturities
111
No. 25. Bills bought by Federal Reserve banks—holdings at the end
of each month, by classes
112
No. 26. Acceptances payable in foreign currencies—holdings of
Federal Reserve banks, 1924-33
112
No. 27. Holdings of bills discounted and bills bought by Federal
Reserve banks, by maturities, 1932-33
113
No. 28. Holdings of United States Government securities by Federal
Reserve banks at end of each year, 1929-33, by classes
114
No. 29. United States Government securities held by Federal Reserve
banks in System investment account, under resale agreement, etc. (average basis), 1932-33
115
No. 30. United States Government securities held by Federal Reserve banks in System investment account, under resale
agreement, etc. (Wednesday basis)
116
No. 31. Holdings by Federal Reserve banks of 1-day certificates of
indebtedness issued by the United States Treasury,
1925-33
117
VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS:
No. 32. Volume of operations in principal departments, 1929-33
No. 33. Volume of operations in principal departments of each
Federal Reserve bank, 1933
No. 34. Volume of operations of branches of Federal Reserve banks _ _
118
119
120
GOLD SETTLEMENT FUND:
No» 35. Summary of transactions through the fund, 1926-33
No. 36. Summary of transactions through the fund, by districts, 1933_
121
121
CONTENTS
V
FEDERAL RESERVE AGENTS' GOLD FUND:
Page
No. 37. Summary of transactions through the fund, 1926-33
No. 38. Summary of transactions through the fund, by districts, 1933-
122
122
MEMBERSHIP IN PAR COLLECTION SYSTEM:
No. 39. Number of banks on par list and not on par list, 1926-33.__
No. 40. Number of banks on par list and not on par list, by districts- _
No. 41. Number of banks on par list and not on par list, by States,
on Dec. 31, 1932 and 1933
123
124
125
FEDERAL RESERVE BANK PREMISES:
No. 42. Cost of bank premises of Federal Reserve banks and branches
to Dec. 31, 1933
126
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS:
No. 43. Gross and net earnings of Federal Reserve banks, and disposition made of net earnings, 1914-33
No. 44. Earnings of Federal Reserve banks, by sources, 1914-33
No. 45. Total earnings, current expenses, and net earnings of each
Reserve bank, and disposition made of net earnings,
1914-33
127
127
128-129
No. 46. Earnings and expenses of the Federal Reserve banks during
1933
130-131
No. 47. Reimbursable expenditures of the Federal Reserve banks
during 1933
132
FEDERAL RESERVE NOTES:
No. 48. Federal Reserve agents' accounts at the end of each month
133
FEDERAL RESERVE BANK NOTES:
No. 49. Federal Reserve agents' Accounts at the end of each month__
134
GOLD STOCK, GOLD MOVEMENTS, AND MONEY IN CIRCULATION
GOLD:
No. 50. Monetary gold stock of the United States, 1914-33
No. 51. Analysis of changes in monetary gold stock, by months,
1926-33
No. 52. Gold held under earmark by Federal Reserve banks for
foreign account, by months, 1916-33
No. 53. Gold movements to and from United States, by countries,
1930-33
No. 54. Gold movements to and from United States, by months,
1924-33
137
138
139
139
140
MONEY IN CIRCULATION:
No. 55. United States money in circulation, by months, 1914-33
No. 56. Kinds of money in circulation, 1931-33
141
142
DISCOUNT RATES AND MONEY RATES
DOMESTIC MONEY RATES:
No. 57. Federal Reserve bank discount rates
145-147
No. 58. Federal Reserve bank buying rates on acceptances—changes
from Jan. 1, 1929, to Dec. 31, 1933
148
No. 59. Average rates earned by Federal Reserve banks on bills and
securities, 1920-33
149
No. 60. Open-market rates in New York City, by months, 1929-33 .
150
No. 61. Open-market rates in New York City, by weeks
151
No. 62. Money rates in New York City—prevailing rates charged
customers, 1929-33
152
No. 63. Rates charged customers by banks in principal cities (weighted averages), 1921-33
153
VI
CONTENTS
MONEY RATES IN FOREIGN COUNTRIES:
No. 64. Discount rates of foreign central banks, 1931-33
No. 65. Open-market rates in foreign countries, by months, 1929-33-
page
154
155
MEMBER AND NONMEMBER BANK CREDIT
ALL BANKS IN THE UNITED STATES:
No. 66. Number of banks, 1914-33
No. 67. Total loans and investments of member and nonmember
banks, 1914-33
No. 68. Total loans of member and nonmember banks, 1914-33
No. 69. Total investments of member and nonmember banks,
1914-33
No. 70. Deposits of member and nonmember banks (exclusive of
interbank deposits) 1914-33
159
160
161
162
163
ALL MEMBER BANKS:
No. 71. Assets and liabilities of national and State bank members,
Dec. 31, 1932, and Dec. 30, 1933
164
No. 72. Assets and liabilities of reserve city and country banks,
Dec. 31, 1932, and Dec. 30, 1933
165
No. 73. Deposits subject to reserve, reserves required, reserves held,
and borrowings at Federal Reserve banks, by months,
1933
166
No. 74. Net demand and time deposits, by months
167
No. 75. Net demand and time deposits of member banks in larger
and smaller centers, 1929-33
168
No. 76. Holdings of eligible assets (United States Government securities and eligible paper) compared with borrowings at
Federal Reserve banks, 1926-33
169
No. 77. Classification of demand and time deposits on call dates,
1928-33
170
No. 78. Principal assets and liabilities on call dates, 1914-33
171-173
No. 79. Classification of member bank loans and investments on
call dates, 1930-33
174-175
No. 80. Reserve balances, by months, 1922-33
176
No. 81. Borrowings at Federal Reserve banks, by months, 1914-33__
176
No. 82. Member banks in New York City, Chicago, and other reserve cities—deposits subject to reserve, reserves required,
reserves held, and borrowings at Federal Reserve banks,
by weeks, 1933
177-179
No. 83. Deposits by size of account, by Federal Reserve districts,
May 13, 1933
180-181
No. 84. Summary of deposits by size of account, May 13, 1933
181
No. 85. Deposits by size of account, by States, May 13, 1933
182-183
REPORTING MEMBER BANKS IN LEADING CITIES:
No. 86. Loans, investments, deposits, reserves, and borrowings at
Federal Reserve banks (101 cities), 1922-33
184-185
No. 87. Principal assets and liabilities, by weeks (101 cities), 1933. 186-187
No. 88. Principal assets and liabilities, by weeks (90 cities), 193233
188-191
No. 89. New York City banks—Principal assets and liabilities, by
weeks, 1933.1
192-193
No. 90. Banks outside New York City-—Principal assets and liabilities, by weeks (89 cities), 1932-33
194-197
No. 91. Bankers' balances: Total, New York City, other leading
cities, by weeks (90 cities), 1932-33
198-199
CONTENTS
VII
BROKERS' LOANS:
Page
No. 92. Loans to brokers and dealers, secured by stocks and bonds,
made by reporting member banks in New York City, by
weeks
No. 93. Brokers' borrowings, 1929-33
No. 94. Member bank loans on securities to brokers (and dealers in
securities) in New York City, 1928-33
No. 95. Member bank loans on securities to brokers (and dealers in
securities) outside New York City, 1928-33
200
201
202
202
BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING:
No. 96. Bankers' acceptances and commercial paper outstanding,
1927-33
No. 97. Dollar bankers' acceptances outstanding, by classes
No. 98. Dollar bankers' acceptances held by group of accepting
banks, 1926-33
No. 99. Purchased acceptances held by member banks on call dates,
1930-33
No. 100. Distribution of dollar bankers' acceptances outstanding
203
203
204
204
204
BANK DEBITS:
No. 101. Debits to individual accounts, by banks in 141 principal
cities, by months, 1924-33
205
BANK SUSPENSIONS:
No. 102. Banks suspended and reopened, by years, 1921-32
206
No. 103. Number of bank suspensions, 1921-32, by Federal Reserve
districts and States
207-211
No. 104. Deposits of banks suspended, 1921-32, by Federal Reserve
districts and States
212-221
No. 105. Number, classified according to capital stock, 1921-32
222
No. 106. By size of town or city, 1921-32
222
No. 107. Banks suspended and nonlicensed banks placed in liquidation or receivership, Jan. 1 to Dec. 31, 1933, and nonlicensed banks on selected dates in 1933
223
CHANGES IN MEMBERSHIP IN THE FEDERAL. RESERVE SYSTEM:
No. 108. Changes, by class of bank, in 1933
224
EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS:
No. 109. Loans and investments, capital funds, and profits, 1923-32.
No. 110. Ratios of earnings, expenses, etc., to average loans and investments, 1923-32
No. 111. Earnings, expenses, and dividends, 1924-32
225
226
227
BUSINESS CONDITIONS
CAPITAL ISSUES AND SECURITY PRICES:
No. 112. Capital issues, 1919-33
No. 113. Security prices, 1919-33
No. 114. Bond yields, 1919-33
231
232-233
234-235
INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES:
No.
No.
No.
No.
No.
No.
115.
116.
117.
118.
119.
120.
Production, employment, and trade, 1919-33
236-241
Production of manufactures, by groups, 1919-33
242
Production of minerals, by industries, 1919-33
243
Factory employment, by groups, 1919-33
244-247
Factory pay rolls, by groups, 1919-33
248-249
Wholesale commodity prices in the United States, by months
and years, 1913-33
250-251
No. 121. Wholesale commodity prices in the United States by weeks 252-253
CONTENTS
APPENDIX
Page
Recommendations (and directory) of the Federal Advisory Council
257-259
Banking legislation in 1933:
Extension of Glass-Steagall Act
260
Joint resolution authorizing Comptroller of the Currency to exercise
additional powers
260
Emergency Banking Act and Bank Conservation Act
261-265
Amendment to Emergency Banking Act
266
Title III of the act of May 12, 1933 (known as the "Thomas amendment"
267-268
Section 28 of the act of May 12, 1933, amending section 13 of the
Federal Reserve Act
269
Amendment to Bank Conservation Act
269
Amendments to sections 5200 and 5202 of the Revised Statutes
269
Joint resolution relating to payments of gold
270
Redemption of notes of unidentified banks
270
Amendment to Emergency Banking Act
271
Banking Act of 1933
272-295
Regulations of the Federal Reserve Board:
Regulation L—Interlocking bank directorates and other relationships
under the Clayton Act
296
Regulation M-—Open-market operations
300
Regulation N—Relations with foreign banks and bankers
303
Regulation P—Holding company affiliates—Voting permits
304
Regulation Q—Payment of interest on deposits
312
Regulation R—Relationships with dealers in securities
316
Executive orders and proclamations with respect to banking and currency:
Proclamation relative to bank holiday
319
Continuation of bank holiday
320
Licensing of banks to reopen—Licensing of gold exports
320
Disposition of unlicensed member banks
321
Hoarding of gold coin, gold bullion, and gold certificates
321
Foreign exchange and the earmarking and export of gold coin or
bullion or currency
323
Hoarding, export, and earmarking of gold coin, bullion, or currency
and transactions in foreign exchange
324
Sale and export of gold recovered from natural deposits
326
Gold recovered from natural deposits
327
Coinage of silver
328
Control over State banking institutions
329
Directory of the Federal Reserve Board
331
Salaries of officers and employees of the Federal Reserve Board
331
Receipts and disbursements of the Federal Reserve Board
332-333
Salaries of national-bank examiners
334-335
Governors and directors of Federal Reserve banks
336-339
Salaries of officers and employees of Federal Reserve banks
340
State bank and trust company members of Federal Reserve System:
List of members, with location, loans, investments, etc
340-355
Summary classification according to capital stock
356-358
Fiduciary powers granted to national banks
359-380
Banks authorized to accept bills up to 100 percent of capital and surplus. 381-382
Description of Federal Reserve districts
383-388
Description of Federal Reserve branch territories
389-390
Map of Federal Reserve districts
391
LETTER OF TRANSMITTAL
FEDERAL RESERVE BOARD,
Washington, May 28, 1934.
To the SPEAKER OF THE HOUSE OF REPRESENTATIVES.
Pursuant to the requirements of section 10 of the Federal Reserve
Act, I have the honor to submit the Twentieth Annual Report,
prepared by direction of the Federal Reserve Board, covering operations during the calendar year 1933.
Yours respectfully,
EUGENE R. BLACK, Governor.
IX
ANNUAL EEPOET OF THE FEDEBAL KESEKVE BOABD
Early in 1933, the year covered by this the Twentieth Annual
Eeport of the Federal Reserve Board, banking difficulties, which had
been developing since the beginning of the depression, became greatly
intensified. Conditions became so critical in the first week of March
as to necessitate a Nation-wide suspension of banking activities by
Presidential proclamation, followed by a reopening of banks under a
general plan of rehabilitation of the banking machinery of the country.
Cooperation with other agencies of the Government in efforts to bring
about this rehabilitation of the banking system constituted an important part of the work of the Federal Reserve System during the year,
and the System's participation was an important factor in this work.
Another important part of the System's work in 1933 was the interpretation and administration of banking laws enacted in the course
of the year.
Early in 1933 with the recurrence of bank failures and deposit withdrawals the Federal Reserve System was called upon to meet large
demands for currency and gold, so that, at the time when all the banks
were closed early in March, member bank reserves had been drawn
down to a low level, and Reserve bank credit outstanding and money
in circulation were in the largest volume on record. The ability of the
Federal Reserve banks to meet enormous demands for currency during
the crisis demonstrated the effectiveness of the country's currency
system under the Federal Reserve Act. At no time was there difficulty in converting a balance with a Reserve bank into currency or
in increasing such a balance through the discount of eligible paper.
Under the terms of emergency legislation passed in 1932 sound assets
not ordinarily eligible for rediscount could also be converted into
balances with a Reserve bank and consequently, if the need existed,
into currency. The crisis of February and March 1933, therefore,
was not a currency crisis but a banking crisis, and was occasioned not
by a shortage of currency but by loss of confidence in the solvency
of banks and by a depreciation in bank assets consequent upon the
drop in prices of all classes of property caused by the depression.
After the middle of March, the reopening of banks and the return
of confidence resulted in a rapid return flow of currency to the
Reserve banks. The demand for Reserve bank credit consequently
diminished, discounts for member banks declined rapidly, and
1
2
ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
member banks built up considerable reserves in excess of legal requirements. In the middle of May the Federal Reserve banks resumed the policy of purchasing United States Government securities
for the purpose of encouraging business recovery by increasing the
excess reserves of member banks. These excess reserves reached a
level of $800,000,000 in October and remained near that level for the
remainder of the year.
During 1933 changes of a fundamental character occurred in the
monetary system of the United States, the most important of which
was suspension of gold payments. At the time of the banking crisis
gold payments by banks and the Treasury were suspended by the
Government, and the export of gold was placed under control of the
Secretary of the Treasury, In April an embargo was imposed on
gold exports. In May there was legislation authorizing the President
within certain limitations to change the gold content of the dollar.
Further legislation in June prohibited the inclusion of gold clauses
in obligations that might be incurred thereafter, including obligations
of the United States, except currency, and abrogating such clauses in
obligations already outstanding. The value of the dollar in foreign
exchange markets began to decline April 18, 1933, and by the end
of the year was more than 35 percent below its legal parity in
terms of gold currencies. Early in 1934, acting under the terms of
the Gold Reserve Act of 1934, the President redetermined the weight
of the gold dollar. It was fixed at \h%\ grains of gold nine tenths
fine, compared with the old weight of 25.8 grains. On January 31,
1934, the country returned to a gold basis at the new level.
Important banking legislation was enacted during 1933 both at the
time of the banking crisis and later in the year, and this legislation
is described in detail elsewhere in this report. The Banking Act of
1933, enacted in June, included provisions imposing upon the Federal
Reserve banks and the Federal Reserve Board many new responsibilities, including regulation of the volume of security loans by member
banks, and requiring the Board to exercise special supervision over
the foreign relations of the Federal Reserve banks. Conditions under
which member banks are authorized to have branches were made
more liberal. Member banks were forbidden to be dealers in securities, required to divorce security affiliates, forbidden to pay interest
on deposits payable on demand, and subjected in respect to interest
on time deposits to limitations to be prescribed by the Federal
Reserve Board. The act provided for a plan for insuring deposits
up to $2,500 for any depositor in any participating bank, to become
effective at the end of the year. All member banks were required
to participate in the plan and nonmember banks were authorized to
participate under certain conditions. The Federal Reserve banks
were required to invest an amount equal to one half of their surplus
of the Federal Deposit Insurance Corporation.
in stock
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
3
Industrial and business activity and the level of commodity prices
were at low ebb in the first quarter of 1933. Following the reopening
of banks in the middle of March the volume of production, employment, and trade showed a considerable advance, and there occurred a
rise in commodity prices. The improvement was particularly marked
in industries producing semifinished products, and the Board's index
of industrial production, which is based largely on the output of such
products, advanced by midsummer to a level equal to that prevailing
on the average in the 3 years 1923-25. Subsequently there occurred a recession in production. At the end of the year industrial
output and factory employment were at about 75 percent of the 192325 averages. In the last quarter of the year, as indicated by figures
adjusted for seasonal variation, department store sales were about
15 percent larger than in the first quarter, the output of industry
about 20 percent larger, and the number of employees at factories
about 25 percent greater. Commodity prices at the end of the year
were about 20 percent higher than at the beginning and at the highest
level since the autumn of 1931.
DEVELOPMENTS LEADING TO THE BANKING CRISIS
The banking crisis early in 1933 was a culmination of developments
that had been under way since the beginning of the depression in 1929
and in many areas for a considerably longer period. One of the outstanding characteristics of the depression had been the successive outbreaks of acute banking difficulties that began in 1930 and continued
to recur from time to time until March 1933. Between the end of
December 1929 and the end of February 1933 nearly 5,500 banks, or
more than one bank in every five, suspended operations, with deposit
liabilities aggregating about $3,500,000,000.
Bank failures, 1930-33.—The first series of these failures came in
the latter part of 1930 in Kentucky, Tennessee, Arkansas, and North
Carolina, followed by suspension of a large bank in New York and
another in Philadelphia. Conditions improved early in 1931, but there
was another and even more wide-spread series of failures from the middle of 1931 until February 1932. This series started with suspension of
a large number of banks in Chicago and the surrounding region and
spread to Ohio and other Midwestern States, to Pennsylvania and
New York, and toward the end of 1931 to New England.
Following the formation of the Reconstruction Finance Corporation in February 1932 the rate of suspensions was substantially
reduced. In June and July 1932, however, banking difficulties again
occurred in Chicago and surrounding territory. During the remainder
of 1932, until December, there were relatively few failures and most
of these were among small banks. In December 1932 suspensions
began to increase and in the first 6 weeks of 1933 they became more
4
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
numerous and more widespread and involved more banks of substantial size. The volume of deposits of suspended banks was particularly large in southern New Jersey, the District of Columbia, Tennessee, Illinois, Iowa, Missouri, Nevada, and California. Finally,
renewed banking difficulties in February 1933 led to the temporary
closing of all banks by official action, first in the State of Michigan,
then in other States, and finally by Presidential proclamation throughout the country.
Decrease in value of bank assets.—The successive waves of bank
failures between 1930 and 1933 reflected primarily the drastic decline
that occurred in the value of bank assets and the withdrawal of deposits in currency. Continued decrease in the value of bank assets,
although due chiefly to the business depression, reflected in addition
the fact that when banks had to liquidate assets, whether loans or
investments, to meet sudden demands from depositors, such liquidation contributed to declines in the prices of securities and commodities. This unfavorable influence became aggravated when banks
were suspended, because their deposits, which represented a part of
the liquid funds of the community used for current business purposes,
were tied up for varying periods, while their assets were being sold as
rapidly as possible. This contributed to further decreases in market
values and to further restrictions on business enterprise.
^ I n the 3 years, 1930,1931, and 1932, the reported volume of total loans
.and investments of member banks declined by nearly $8,500,000,000,
reflecting the elimination of many banks by suspensions, the repayment of loans and the sale of investments, and the writing down or
writing off of both loans and investments because of a decline in the realization value of these assets. Loans declined nearly $11,000,000,000
and there was also a decline after 1930 in member bank holdings of
corporate bonds, while holdings of Federal, State, and Government
bonds increased more than $3,000,000,000. During the same period
the decline in the net deposits of member banks approximated
$7,000,000,000, or about $1,500,000,000 less than that shown in loans
and investments, the difference reflecting largely a substantial
decrease in the capital, surplus, and undivided profits of the banks
that arose to a large extent from losses sustained in consequence of
declines in asset values.
Currency withdrawals.—Withdrawals of deposits in currency, which
in many instances was not redeposited in other banks, began to assume
considerable proportions in the autumn of 1930 and thereafter the
total amount of currency withheld from deposit was augmented with
each new wave of bank suspensions. The accompanying chart shows
the volume of paper currency of different denominations in circulation since October 1930.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
The increase in large denominations clearly indicates that most of
the currency withdrawn represented funds taken out for hoarding.
The continued steady demand for small denominations while business was declining probably reflects an increase in the use of currency
for business purposes in lieu of checks in localities where banking
DENOMINATIONS OF PAPER CURRENCY
( End of month figures )
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
2000
2000
1800
1800
1600
1600
1400
1400
1200
1200
1000
1000
800
800
€00
6Q0
400 ^
400
200
200
1931
1932
1933
Money in circulation, i.e., outside Treasury and Federal Reserve banks.
facilities had been substantially impaired and also in places where
confidence in banks had been shaken.
The shifting of deposits.—Many withdrawals of deposits were not
in the form of currency but in the form of transfers of accounts from
banks in which confidence was shaken to other banks. There is no
accurate measure of the extent to which this took place, but it is known
6
ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD
that, while^certain banks were losing deposits in substantial amounts,
other banks were either gaining deposits or losing only relatively small
amounts. Large depositors with wide connections transferred accounts
from bank to bank and from city to city. In the 6 months between
July 1932 and January 1933, for example, as shown in the accompanying table, while the deposits of New York and Chicago banks
MEMBER BANK
DEPOSITS
[Net demand and time deposits; monthly averages of daily figures. In millions of dollars]
July 1932
All member banks
January
1933
Percent
change
24,712
25, 641
+3.8-
Central Reserve city banks in:
New York City
Chicago
-..
5,951
1,113
7,050
1,230
Reserve city banks
8,717
8,792
+18.5
+10.5
+.9
Country banks in:
Places of over 15,000 population..
Places of under 15,000 population
5,189
3,742
5,018
3,550
-3.3
-5.1
showed large increases, those of reserve city banks remained practically unchanged, and those of country banks, particularly in the
smaller towns, showed substantial decreases. Deposits in nonmember
banks showed a percentage decline similar to that for country member
banks in the smaller places.
In order to obtain funds to meet withdrawals of deposits, whether
for currency hoarding or for transfer to other banks, bank$ subjected
to withdrawals were forced to call loans, to sell securities, or to borrow
on their assets. As a rule the better assets were liquidated or pledged
first, leaving the poorer assets as cover for the remaining deposits.
When banks were forced to liquidate assets to meet demands of depositors, values were further depreciated and the position of other banks
weakened. These developments contributed to the spread of suspensions and to the loss of confidence in banks.
Efforts to prevent bank failures.—Throughout the depression many
attempts were made to prevent the failure of individual banks and
to check the spread of bank failures. Private efforts averted a large
number of suspensions and these efforts were supplemented from the
early days of the depression by measures of collective action, including the provision by governmental authorities of new lending facilities.
In the autumn of 1931 the National Credit Corporation was formed
under the sponsorship of the banks themselves to make loans to
banks in difficulties.
In February 1932 the Reconstruction Finance Corporation was
established under act of Congress to lend to banks, to other financial
institutions, and to railroads. By the end of July 1932 the Corporation had
outstanding over $500,000,000 of loans to banks, and at the
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
7
end of December 1932 about $600,000,000. In addition, over
$270,000,000 had been loaned to railroads, largely to meet maturing
obligations, and about $150,000,000 to insurance companies, mortgage institutions of various kinds, and agricultural credit agencies.
The granting of these loans served for the time being to check the
volume of bank failures.
Borrowings of member banks from the Federal Reserve banks had
increased to a billion dollars by the end of 1931, and while member
banks in the aggregate held an ample amount of paper eligible for
rediscount at the Reserve banks, there were many individual members
that required assistance but did not possess eligible paper. To meet
this situation the Federal Reserve Act was amended in February
1932 to permit a member bank under exceptional circumstances to
borrow from a Federal Reserve bank upon paper other than that
ordinarily eligible for rediscount or as collateral for loans. About 50
member banks availed themselves of this permission in 1932 and 30S
in 1933. While the amounts involved in these loans were not large,
the maximum outstanding at any one time being $95,000,000, the
existence of these facilities served a useful purpose in many individual
situations.
An amendment to the National Bank Act, approved July 22, 1932,
made all United States Government bonds bearing coupon rates up
to 3% percent eligible, for a period of 3 years, as security for circulation of national bank notes. This provision permitted national
banks that owned such Government securities to obtain currency
without selling or borrowing on these securities.
Another amendment to the Federal Reserve Act in February 1932,
permitted the Board to authorize Federal Reserve agents for a limited
period to accept Government securities from Federal Reserve banks as
collateral for Federal Reserve notes. This did not expand the lending
facilities available to member banks, but it increased the power of the
Federal Reserve banks to purchase Government securities in the open
market in order to meet demands for the export of gold and increased
currency requirements, as well as to furnish member banks with additional reserve funds. Such funds, when not absorbed by gold exports
or currency withdrawals, could be used by member banks to reduce
their borrowings at the Reserve banks or to increase loans and
investments. On the strength of this authority the Federal Reserve
banks in the spring and early summer of 1932 increased their holdings
of United States Government securities by approximately $1,100,000,000. As a consequence, notwithstanding an outward flow of
gold of $500,000,000, member banks were able to reduce their borrowings at the Reserve banks by about $350,000,000 and to increase
their reserve balances by approximately $200,000,000.
49753—34
2
8
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
THE BANKING CRISIS
While the measures that have been reviewed served to check the
cumulative process of liquidation, they did not result in a restoration
of the value of assets held by banks or in restoration of confidence in
the solvency and safety of banks. There was some betterment in the
third quarter of 1932, when there was a definite improvement in
industrial and financial conditions. The volume of production
increased, trade was more active, unemployment was somewhat
reduced, currency returned from hoards, the outflow of gold changed to
an inflow, banks reduced their borrowings, and prices rose in commodity, stock, and bond markets. In the last quarter, however, the
improvement in business was not sustained. At the same time it
became evident that there was a wide-spread and growing popular
distrust of the ability of a great many banks to meet their liabilities.
In January 1933 the post-holiday return flow of currency was less
than usual, indicating that currency was being withheld from deposit,
and early in February substantial withdrawals of currency indicated
the development of another major hoarding movement. In addition
to currency hoarding, there were substantial transfers of deposit
accounts from banks in which depositors had lost confidence to other
institutions, involving in many cases the shift of funds from one
section of the country to another. Toward the end of February there
was also some loss of confidence in the prospective convertibility of
the currency, and withdrawals of gold, which had occurred sporadically
during the preceding 2 years, increased in volume. There were demands
for gold both for domestic hoarding and for export. As these movements developed, the pressure was felt not only by the weaker member and nonmember banks in scattered sections of the country, but
generally by member and nonmember banks in the financial centers
and elsewhere throughout the country and by the Federal Reserve
banks, which experienced a large demand both for Federal Reserve
notes and for gold, so that their liabilities increased and their reserves
simultaneously decreased.
Between the early part of February and March 4, money in circulation increased by $1,830,000,000, of which $1,430,000,000 was in
Federal Reserve notes and $320,000,000 in gold and gold certificates,
and at the same time $300,000,000 of gold was withdrawn through
earmarking. Nearly two thirds of these demands were concentrated
in the week ending March 4. In order to obtain currency and gold,
member banks, between early February and March 4, increased their
bills discounted at the Federal Reserve banks by over $1,160,000,000
and drew down their reserve balances by over $500,000,000. At the
same time the Reserve banks increased their holdings of purchased
bills by $390,000,000 and of United States Government securities by
nearly $100,000,000.
ANNUAL KEPOET OF THE FEDERAL RESERVE BOARD
9
As a consequence of the simultaneous increase of Federal Reserve
notes in circulation and decrease in gold holdings, the ratio of the
reserves of the Federal Reserve banks to their note and deposit
liabilities declined to 45.3 percent on March 3. In the critical circumstances then existing and in order to adjust the operating position
of the Reserve banks to the situation, the Federal Reserve Board
deemed it advisable on March 3, acting under authority of section
11 (c) of the Federal Reserve Act, to suspend reserve requirements for
a period of 30 days and to establish a tax on the amounts by which
reserves were deficient. Little use was made of this suspension by the
Reserve banks because of a marked turn for the better in the banking
situation. In view of the rapid flow of currency and gold to the
Reserve banks after the reopening of the banks, the suspension was
not renewed at the expiration of the 30-day period.
The development of the banking crisis was accompanied by a sharp
increase in money rates. In the New York money market, rates on
bankers' acceptances, which were sold in large quantities by banks
and dealers, rose from the low level of one fourth of 1 percent early
in February to as high as 3% percent in the week ending March 4.
The official rate for new call loans on stock-market collateral rose
from a nominal level of 1 to 4 percent, with outside bids of as high as
5 and 6 percent on March 3. Commercial paper rates also advanced.
In line with the general rise in money rates and in order to combat
both domestic and foreign withdrawals of funds from the banks, the
Federal Reserve Bank of New York on March 3 raised its rediscount
rate from 2% to 3% percent and effective March 4 the Federal Reserve
Bank of Chicago made a similar change in its rate. During the week
when banks were first reopened, money rates were even higher—commercial paper was at 4K and call loans at 5 percent and March 15
issues of 5-month and 9-month Treasury certificates carried rates
of 4 and 4% percent, respectively. Subsequently, money rates in
general promptly declined to more moderate levels.
Banking authorities in the different States had been obliged to
adopt emergency measures from the beginning of February. On
February 4 a 1-day holiday was declared in Louisiana to permit
large New Orleans banks to raise funds and make readjustments
necessary to enable them to continue to meet their obligations. On
February 14 a 4-day banking holiday was declared in Michigan to
enable banks in Detroit to make similar arrangements and to provide in the interim, as stated in the Governor's proclamation, "for
the equal safeguarding without preference of the rights of all depositors/' Satisfactory settlement of the difficulties was not reached,
however, and the holiday was extended.
While the Michigan holiday arrested withdrawals of deposits from
banks in that State, outside Michigan there was an increase in the
Digitized formovement of funds from weaker to stronger banks and in currency
FRASER
10
ANNUAL REPOET OF THE FEDERAL RESERVE BOARD
withdrawals. Funds were withdrawn from banks in other States to
send to Michigan or to meet payments that would otherwise have
been met from deposits in Michigan banks. Developments of this
nature were partly responsible for the rapid spread of the bankholiday movement among other States. On February 25, the Governor of Maryland declared a bank holiday, chiefly on account of
conditions in Baltimore, and at about the same time restrictions were
authorized on withdrawals of bank deposits in Indiana, Arkansas,,
and Ohio. In a number of States new law^s were passed to provide
for safeguarding bank depositors or for readjusting the liabilities of
banks without establishing receiverships. With a view to enabling
the banking situation in any particular State to be better handled
as a whole, a joint resolution was adopted on February 25 by the
Congress of the United States authorizing the Comptroller of the
Currency to exercise with respect to national banks such powers as
State officials might have with respect to State banks.
On March 1 Alabama, Kentucky, Tennessee, and Nevada declared
bank holidays, and similar action was taken by 6 other States on
March 2 and 7 others on March 3. On the morning of March 4, the
Governor of the State of New York issued a proclamation declaring
that day, which was a Saturday, and the following Monday to be
bank holidays. Similar action was taken in Illinois, Massachusetts,
New Jersey, Pennsylvania, and elsewhere.
The bank holiday, March 4-12.—Declaration of holidays in the
various States had by March 4 closed or placed under restrictions
practically all banks in the country. Federal Reserve banks also
observed State holidays and closed on March 4. All leading exchanges ceased operations and business in general was practically
at a standstill. On March 6 the President issued a proclamation1
declaring a Nation-wide bank holiday to continue through the 4
days ending Thursday, March 9. An important purpose of this
action was to attack the problem of bank failures comprehensively
by reviewing at one time the condition of all banks and reopening
only such banks as could meet all demands upon them. This procedure was intended both to assure more equitable treatment as
between the depositors who were making withdrawals and those
who were not, and to restore confidence in the banking situation
as a whole.
The President's proclamation was issued under the authority of a
section of the "Trading with the Enemy Act" of October 6, 1917, as
amended September 24, 1918, which gave the President power to
regulate or prohibit transactions in foreign exchange and in gold and
silver, and also to prohibit the hoarding of gold and silver coin and
bullion and of paper currency. The proclamation declared that
i Proclamations and Executive orders issued during the year dealing with currency and banking
matters are printed on pp. 319-330.
ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
H
there had been heavy and unwarranted withdrawals of gold and
currency and extensive speculative activity in foreign exchanges,
which had created a national emergency, and the bank holiday was
ordered to prevent a continuation of such hoarding and speculation
and to permit the application of appropriate measures for protecting
the interests of all bank depositors and other persons dependent on
the banks. During the holiday banks were not to pay out any coin,
bullion, or currency or to transact any other banking business whatsoever, except as might be permitted by the Secretary of the Treasury.
The Secretary of the Treasury was authorized to permit banks to
perform any or all banking functions, to require or permit the issuance of clearing-house certificates, and to authorize special trust
accounts for receipt of new deposits.
At the same time the President called a special session of Congress
to meet on March 9 to enact such legislation as might be needed for
the reopening of banks. In the interim attention was devoted not
only to devising measures for reopening the banks but also to effecting arrangements for meeting during the holiday certain essential
payments. The Secretary of the Treasury distributed through the
Federal Reserve banks a series of regulations permitting specified
types of transactions, and a number of statements interpreting these
regulations.
Some of the more important Treasury regulations were as follows:
Banks were permitted to perform in a limited manner specified banking functions, such as to make change, complete settlements not
involving payments of currency, allow access to safety-deposit boxes,
deliver documents held for safekeeping, and transact certain fiduciary
business. They were also given permission to perform functions essential to provide the community with food, medicine, and other necessities of life, for relief of distress, for payment of usual salaries and
wages, and for similar purposes. Banks were permitted to accept
special trust deposits withdrawable on demand. Such deposits were
to be held in cash or in United States Government obligations or deposited with Federal Reserve banks, which in turn were to hold such
deposits in special accounts. These regulations contained provisions
that in the exercise of these powers no bank should pay out any gold
or gold certificates, and that banks should not permit withdrawals of
currency for purposes of hoarding.
On March 7 Federal Reserve banks were authorized to supply currency, extend credit, and make transfers required by member banks
in exercising the powers granted to them, provided that the member
banks should inform the Federal Reserve banks of the amounts of
currency held and of the circumstances giving rise to need for more
currency and should deliver to the Reserve bank all gold and gold certificates held. The demand for gold for domestic hoarding had been
12
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
one of the striking aspects of the course of events that brought on the
banking crisis and it was deemed advisable to obtain a return of this
gold to the banks. Accordingly, on March 8 the Federal Reserve
Board requested the Federal Reserve banks to prepare lists of persons
who had recently withdrawn gold (including gold certificates) and had
not redeposited it in a bank by March 13, the date being subsequently
extended, and to give publicity to the request. On March 10 the
President issued an Executive order which prohibited the export of
gold except in accordance with regulations prescribed by or under
license issued by the Secretary of the Treasury.
The cessation of gold payments, the possible publication of the
names of gold hoarders, together with the general recognition by the
public of the desirability of restoring to the country's reserves gold
held privately, where under prevailing conditions it did not promote
the public interest, resulted in a rapid return flow of gold and gold
certificates to the Reserve banks and the Treasury.
Since an important part in the events leading up to the banking
crisis was played by the demand for currency, means of meeting
possible further demands when the banks reopened were considered
during the banking holiday. It was recognized as essential in resuming banking operations to have made provisions for an adequate
supply of currency to meet all possible demands of depositors.
Issuance of clearing-house certificates or of similar forms of local
emergency currency was among the matters to which consideration
was given by Government officials and by various local agencies.
In previous monetary crises, before the Federal Reserve System was
established, such certificates had proved useful. On March 7 the
Secretary of the Treasury issued a regulation authorizing clearing
houses and similar qualified associations to issue demand certificates
against sound assets of banking institutions, but this authorization
was not to become effective before March 10, since it was hoped that in
the meantime a comprehensive national plan might be evolved. In
many cities the printing of such certificates was begun and arrangements were made for pledging the required assets, but after the passage
of the Emergency Banking Act of March 9 it became evident that these
certificates would not be needed. Provisions of this act made possible
the issue of the necessary amount of emergency currency in the form
of Federal Reserve bank notes, which could be based on any sound
assets possessed by banks.
The Emergency Banking Act.—On March 9, 1933, Congress assembled in special session and received a message from the President
asking for legislation " giving to the executive branch of the Government control over banks for the protection of depositors; authority
ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
13
forthwith to open such banks as have already been ascertained to be
in sound condition and other such banks as rapidly as possible; and
authority to reorganize and reopen such banks as may be found to
require reorganization to put them on a sound basis."
On the same day the legislation requested was passed by Congress
and signed by the President. This act confirmed all of the emergency
measures adopted by the President and the Secretary of the Treasury
since March 4 and gave the President emergency powers to control
foreign exchange transactions, gold and currency movements, and
banking transactions.
The act also provided that when necessary for the conservation of
the assets of a national bank the Comptroller of the Currency might
place the bank in the hands of a conservator, whose powers differ in
important respects from those of a receiver. The principal duty of a
conservator, like that of a receiver, is to conserve the assets of the
bank for the benefit of depositors, but in performance of this duty he
is not under the same obligation as a receiver to liquidate the assets.
He may resort, furthermore, to certain new procedures for reorganization, some of which require approval of a smaller proportion of
the depositors and stockholders than older methods. The act also
authorized the issuance and sale of preferred stock by national banks
and the purchase of such stock by the Reconstruction Finance Corporation.
These measures provided means for readjusting the liabilities of
insolvent banks without receiverships and for checking or slowing
down the process of liquidation which had been contributing to the
continued decline in the value of bank assets in general and thus
undermining other banks. Banks were offered, moreover, a new
method of raising funds through the sale of preferred stock, capital
notes or debentures. This method enabled them to meet demands
for funds without creating claims superior to the claims of their
depositors, such as those which arose when they borrowed at the
Reconstruction Finance Corporation or elsewhere.
The Federal Reserve Act was amended by the act of March 9, 1933,
to permit the issuance by Federal Reserve banks of Federal Reserve
bank notes which could be secured by direct obligations of the United
States Government up to 100 percent of their value, or by any notes,
drafts, and bills acquired by the Federal Reserve banks up to 90
percent of their value. No reserves were required to be held against
these notes. Conditions under which Federal Reserve banks were
authorized in unusual circumstances to make loans to member banks,
on collateral otherwise considered ineligible, were liberalized. The
Reserve banks were also authorized by this act to make advances to
14
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
individuals, partnerships, and corporations on notes secured by
United States Government obligations.1
These measures made it possible for any member bank during the
emergency to meet all demands for currency so long as it had sound
assets, regardless of the technical eligibility of these assets under permanent law.
Program for reopening banks.—After the passage of the Emergency
Banking Act on March 9, the President issued a proclamation indefinitely extending the bank holiday and on March 10 by Executive
order he conferred upon the Secretary of the Treasury power to
license members of the Federal Keserve System found to be in satisfactory condition to conduct a usual banking business with exceptions
as to the paying out of gold and the furnishing of currency for hoarding. A like power was granted to the banking authorities of the various States with respect to banks outside of the Federal Reserve System. The Federal Keserve banks were designated in this Executive
order to act as agents of the Secretary of the Treasury for the receiving
of applications and the issuance of licenses in his behalf and upon his
instructions. On Saturday, March 11, the Reserve banks were
authorized by the Treasury to reopen on the following Monday for
the performance of all usual banking functions, except as to the paying
out of gold and the furnishing of currency for hoarding. On the same
date it was announced that on March 13 banks in the 12 Federal Reserve bank cities would be reopened, on March 14 banks in approximately 250 other cities having recognized clearing houses, and on
March 15 banks in other places. On Sunday evening, March 12,
the President made a statement by radio in which he gave an account
of what had been done during the crisis, outlined the program on
which banks were to be reopened, gave the assurance that banks
reopened would take care of all needs and indicated that the success
of the whole program was dependent upon the cooperation of the
public.
CONDITIONS FOLLOWING THE BANKING CRISIS
The measures adopted during the bank holiday and the statement
by the President to the people resulted in a restoration of confidence
so that as soon as the banks were reopened a large volume of currency
was redeposited in the banks. Money in circulation, which reached a
peak of over $7,500,000,000 early in March, declined by about
$1,250,000,000 during the remainder of that month and by about
$2,000,000,000 by the end of August.
1
The Emergency Relief and Construction Act of 1932, approved July 21, had contained authority for the
Reserve banks to make advances to individuals, (1) in unusual and exigent circumstances, (2) by authority
of a vote of not less than five members of the Federal Reserve Board, (3) on eligible paper endorsed and
otherwise secured to the satisfaction of the Federal Reserve bank, and (4) on submission of evidence that the
borrower was unable to secure adequate accommodation from other banking institutions.
ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD
15
The return flow of money was principally from hoards rather than
from active circulation, as is indicated by the fact that the larger part
of the paper currency returned to the Federal Reserve banks after
March was in the larger denominations, $50 and over, which are used
relatively little in day-to-day transactions. Amounts of currency of
various denominations in circulation on end-of-month dates between
October 1930 and December 1933 are shown in the chart on page 5.
From the end of February 1933 when money in circulation was about
$1,000,000,000 less than at the peak, to the end of July, currency of
denominations of $50 and over declined by about $500,000,000, or 26
percent, whereas currency of $20 denomination declined by $165,000,000, or 11 percent, and the circulation of the denominations of
$10 and under, which are the ones used largely for business purposes,
declined by $75,000,000, or 3 percent. In the next few months the
circulation of large denominations continued to decrease while that
of small denominations showed a seasonal increase.
There was also a rapid return flow of gold and gold certificates to
the Reserve banks and the Treasury, which continued at a diminishing
rate during the remainder of the year. Between March 4 and March
15, $370,000,000 in gold coin and gold certificates were returned, an
amount about $50,000,000 more than had gone out between the first
of the year and March 4. About $260,000,000 was returned in the
second half of March, about $175,000,000 more in the second quarter
of the year, and about $60,000,000 more in the last 2 quarters.
With this return flow of currency and gold, banks showed an increase in their deposits and were also able to reduce indebtedness incurred during the banking crisis. By the middle of April deposits at
the weekly reporting member banks had increased by about $1,000,000,000 and before the end of June the increase amounted to more
than $2,000,000,000.
Reserve bank credit, March to December.—In the first month after
the resumption of operations, member banks reduced their borrowings
at the Federal Reserve banks by about $1,000,000,000, and at the
same time increased their reserve balances by about $300,000,000.
In this period maturing acceptances held by the Reserve banks were
also paid off to the extent of over $150,000,000. Further reductions
in member-bank borrowings and increases in their reserves during
the remainder of the year reflected principally purchase of United
States Government securities by the Reserve banks. In conjunction with this policy of open-market purchases the Federal Reserve
banks also reduced their rates on discounts and on acceptances. At
New York the discount rate was reduced from Z}{ to 3 percent on
April 7, to 2% percent on May 26, to 2 percent on October 20, and to
1% percent on February 2, 1934. Reductions were also made in the
discount rates at other Reserve banks. Rates on acceptances were
16
ANNUAL KEPORT OF T H E FEDERAL. RESERVE BOARD
also substantially reduced and the rate on the shorter maturities was
one half percent in the last quarter of the year.
The chart shows the course of the total volume of Reserve bank
credit, and of holdings by the Reserve banks of discounts, acceptances,
and United States Government securities for the 4 years 1930-33.
RESERVE BANK CREDIT
MILLIONS OF DOLLARS
4000
( Wednesday figures )
MILLIONS OF DOLLARS
4000
3000
3000
2000
2000
1000
1000
1930
1931
1932
Holdings of Federal Reserve banks.
1933
Member bank reserve balances.—The building up of member bank
deposits was accompanied by a growth of member bank reserve
balances with the Federal Reserve banks, reflecting both the redeposit
with the Reserve banks of currency returning from circulation and
open-market purchases by the Reserve banks. Since the increase in
legal reserve requirements arising from the growth of deposits was
much smaller that the increase in reserve balances, excess reserves of
member banks rose in the autumn to $800,000,000, the highest level
then on record. This volume of excess reserves was maintained to
the end of the year.
Excess reserves of member banks during 1932 and 1933 are shown
on the chart, with separate figures for banks in New York City and
outside New York City. The chart shows that excess reserves began
to increase in 1932, when the Federal Reserve banks were purchasing
a large volume of United States Government securities in the open
Digitized formarket, and continued to grow, except for a short period during the
FRASER
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
17
banking crisis, until the autumn of 1933. During 1932 the larger part
of the excess was held by banks in New York City, where banks
throughout the country kept a considerable part of their surplus funds.
In 1933, however, largely as a consequence of the passage of the Banking Act of 1933 which, with some exceptions, prohibits the payment
EXCESS RESERVES OF MEMBER BANKS
MILLIONS O DOLLARS
F
( Wednesday figures )
,
MILLIONS OF DOLLARS
,
100
~. J . F.
M. A. M. J .
J.
A.
S.
0.
N.
D.
J.
F. M . A. M. J.
J. A.
S.
0.
N. D.
Reserve balances held with Federal Reserve banks in excess of legal requirements.
of interest on demand deposits, excess reserves became more widely
distributed, and in the last half of the year the larger part was held
by banks outside of New York City.
A special survey of the distribution of excess reserves during the
first half of November 1933 showed that more than half of all the
member banks held reserves that were at least 20 percent above legal
requirements, and only 6 percent of all member banks were deficient
in reserves. The proportion of member banks with a considerable
volume of excess reserves was larger among member banks with
deposit liabilities of $500,000 or less than among larger member banks.
This large and widely-distributed volume of excess reserves was an
important influence in maintaining easy conditions in the money
market and constituted in the existing circumstances a factor favorable to business recovery.
OPEN-MARKET OPERATIONS: 1930-33
Throughout the period of the depression the Federal Reserve
System lent its support to efforts to counteract deflationary forces
facilitate expansion of business activity. With this end in
and to
18
ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
view the System pursued a policy of reducing its discount and openmarket rates and of purchasing United States Government securities
in the open market, thereby placing a large volume of reserve funds
at the disposal of member banks.
During the speculative expansion in 1928 and 1929 the Federal
Reserve System had sold the greater part of its holdings of Government securities, thereby causing member banks to increase their discounts with the Reserve banks, and at the same time had advanced
its discount and acceptance rates in pursuance of a policy of restraining credit expansion by increasing both the volume and the cost of
indebtedness of member banks to the Reserve banks. This policy
of restraint terminated when the speculative boom came to an end in
the autumn of 1929, and a policy of assistance to the market was
adopted during the following period of crisis. Between the end of
September of 1929, when the stock market break began, and the end
of that year the Federal Reserve banks purchased $350,000,000 of
Government securities and $100,000,000 of acceptances in order
to help the member banks to meet demands that were being made
upon them and in order to ease the money market at a time of serious
financial disorganization.
ITEMS RELATED TO OPEN MARKET POLICY: 1930-33
[In millions of dollars]
Reserve bank holdings
of
Date
U.S.
GovBills
ernDisment bought counts
securities
Member bank reserve
balances
Mone- Money
tary in cirgold
culastock
tion
ReTotal quired 1 Excess 1
511
1,836
1,855
2,437
392
52
33
133
632
538
235
98
4,284
3,952
4,513
4,323
4,865
5,735
5,675
5,806
2,355
2,036
2,509
2,729
2,428
1,789
1,935
1,870
-73
247
574
859
Changes during:
1930, 1931, and to July 20, 1932.... +1,325
July 20, 1932, to end of year
+19
1933
_
+582
-340
-19
+100
-94
-303
-137
-332
+561
-190
+870
-60
+131
-319
+473
+220
-639
+146
-65
+320
+327
+285
+1,926
-259
-534
+39
+941
+374
-558
+932
End
July
End
End
of 1929
20, 1932
of 1932
of 1933
1930 to 1933
i Partly estimated.
The Reserve System's open-market policy in relation to the depression may be considered as beginning with the opening of the year 1930.
The table shows the principal items directly related to this policy for
significant dates during the period 1930-33. Figures for July 20,
1932, are shown because that date marked a reversal in the movement
of currency and gold.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
19
At the beginning of 1930 the Keserve banks held about $500,000,000
of United States Government securities and $390,000,000 of acceptances, and the member banks were in debt to the Reserve banks to
the extent of $630,000,000. During the period from the beginning
of 1930 to September 1931 the Federal Reserve banks bought a
substantial amount of United States Government securities, and
thereby enabled member banks to meet the domestic demand for
currency for hoarding and at the same time to reduce their borrowings. Additional funds were supplied to the banks during this
period through an inflow of gold from abroad, with the consequence
that at the middle of September 1931 member banks had $200,000,000
of excess reserves. In the latter part of 1931, following the suspension of gold payments by England, there was a large outflow of gold
and member bank borrowings at the Reserve banks increased. Early
in 1932, after the passage of the Glass-Steagall Act, which authorized
the pledging of United States Government obligations as collateral
against Federal Reserve notes, the Federal Reserve banks undertook
open-market operations on a large scale, increasing their holdings
by about $1,100,000,000 between the end of February and the
middle of July. These purchases enabled member banks to meet
large demands for gold from abroad and for currency for domestic
hoarding and at the same time to reduce their borrowings and to
build up their balances.
During the 30 months from the beginning of 1930 to July 1932, taken
as a whole, the increase in Federal Reserve bank holdings of Government securities was $1,325,000,000. These purchases enabled the
member banks to meet a drain of gold amounting to $330,000,000
and a demand for currency of $870,000,000 and at the same time to
reduce their indebtedness to the Reserve banks by $95,000,000, as
well as to provide funds for the repayment of maturing acceptances
in the amount of $340,000,000. Member-bank reserve balances
declined during the period by $320,000,000, but the decline was
smaller than the decrease in reserve requirements caused by a reduction in bank deposits, so that member bank reserves, which were
approximately equal to legal requirements at the close of 1929, were,
by mid-July of 1932, $247,000,000 in excess of such requirements.
Up to that time the open-market policy of the Federal Reserve
banks, although it had created a substantial volume of excess reserves,
was effective chiefly in counteracting the unfavorable influence on
banking conditions of gold withdrawals and currency hoarding. Both
of these movements ceased in the middle of July 1932 and during the
remainder of that year there was a considerable inflow of gold and some
return of currency from hoarding. Since the assets of the Reserve
banks consisted in large part of holdings of United States Government securities, which could be liquidated only at the initiative of the
20
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Reserve banks, and only in small part of discounts for member banks,
the inflow of gold in the second half of 1932 was only partly absorbed
by further liquidation of member-bank indebtedness and resulted,
in addition to liquidation of discounts for member banks, in a further
growth of excess reserves to $575,000,000 by the end of the year.
Member banks, therefore, entered the year 1933 with a low level of
indebtedness to the Reserve banks and a large volume of excess reserves.
It is not necessary for the purpose of reviewing the system's openmarket operations during 1933 to discuss the developments which
accompanied the banking crisis in February and March, during which
there was a temporary increase of large magnitude in the volume of
money in circulation and a corresponding growth in member-bank
borrowings at the Reserve banks. These developments are discussed elsewhere in this report. The currency withdrawn during
the panic soon returned to the Reserve banks after the banks of the
country were reopened and was used by member banks to reduce
their borrowings.
During the year 1933 taken as a whole, the Reserve banks purchased $580,000,000 of Government securities. These purchases
resulted in a further reduction of $140,000,000 in member-bank
indebtedness to the Reserve banks, which at the end of the year was
below $100,000,000 for the first time since the early days of the
system. This reduction in member-bank indebtedness occurred notwithstanding a loss of $190,000,000 of gold during the year and an
increase of $130,000,000 in money in circulation. By the autumn
member-bank reserve balances in excess of legal requirements increased to a level above $800,000,000, the largest since the establishment of the Federal Reserve System. Open-market operations in
1933 may be described as having been conducted primarily for the
direct purpose of building up excess reserves of the member bankswith a view to further easing conditions in the money market and
encouraging the banks to adopt more liberal lending and investing
policies and so to facilitate the recovery of business.
Summing up the open-market operations for the 4 years 1930-33,,
the Reserve banks purchased during those years about $2,000,000,000
of Government securities with the consequence of reducing indebtedness of member banks and Reserve bank holdings of acceptances by
about $800,000,000 and building up reserves of member banks by
$375,000,000, notwithstanding an increase of $940,000,000 in money
in circulation. Inasmuch as reserve requirements had been reduced
by $560,000,000 through the decline in bank deposits, the volume of
reserves at the close of the 4-year period was more than $800,000,000
in excess of legal requirements.
It is difficult to say what the course of the depression would have
been had the Federal Reserve System not pursued a policy of liberal
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
21
open-market purchases, which at first helped the banks to meet extraordinary demands upon them and later to build up excess reserves
to an unprecedented level. This policy, together with the concurrent
reduction in discount rates, was an important factor in the general
decline of money rates to extreme low levels. Commercial paper,
which at the opening of 1930 was at a 5 percent level, had declined by
the end of 1933 to 1% percent. Bankers' acceptances declined from
4 percent to five eighths of a percent. The call money rate declined
from 6 to 1 percent. The rate on Treasury certificates declined
from 3K to one fourth percent, and average rates charged by
banks in leading cities to their commercial customers declined from
about 6 to 4c}{ percent.
That the system's open-market policy also exerted an influence on
the volume of bank credit is indicated by the fact that in the middle
of 1932 the precipitous decline in bank credit was temporarily arrested
partly in consequence of the large volume of reserves that were available to member banks. During 1933, however, the volume of member bank loans and investments, after a very rapid decline during the
banking crisis of the first 2 months, rose only slowly as banks reopened
and resumed operations, and after midsummer showed relatively
little change. The banks' investments in Government securities increased considerably during the year; their other investments showed
little change, while their open-market loans increased somewhatLoans to commercial customers, however, as nearly as they can be
measured from available statistics, declined rapidly during the first
2 months of the year and regained only a part of that loss during the
remainder of the year.
A review of open-market operations by the Federal Reserve System during the 4 years indicates, therefore, that the placing of
reserve funds in the market through the purchase of United States
Government securities has been an effective means of preventing exceptional demands upon the member banks from tightening the credit
situation and that these funds have been a powerful means toward
the establishment and maintenance of ease in the short-term money
market. Although the abundant credit provided was not effectively
employed by business, it would appear that the maintenance continuously of a substantial volume of excess reserves through openmarket purchases helped to arrest a powerful deflationary movement
and created conditions propitious to business recovery.
REHABILITATION OF THE BANKING STRUCTURE
General rehabilitation of
adoption and promulgation
after the banking holiday.
into effect was the public
the banking structure began with the
of the plan for reopening the banks
A vital element in carrying this plan
confidence created by the President's
22
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
radio address on March 12 in which he gave the people the assurance
that the banks reopened would be able to meet every legitimate call
and that the Government was determined not to have " another
epidemic of bank failures."
In accord with the Government's announced policy the Secretary
of the Treasury licensed during the first 3 days after the banking
holiday 4,507 national banks and 571 State member banks, or about
75 percent of all member banks of the Federal Reserve System, leaving
unlicensed 1,400 national banks and 221 State member banks. By
April 12, State banking authorities had licensed approximately
7,400 nonmember banks, or about 71 percent of the total number
of such banks. The resources of the member banks licensed at
that time represented about 90 percent of the resources of all member
banks and their estimated deposits approximated $23,000,000,000.
By the end of the year the number of licensed member banks had
increased to 6,011, as a result of the reopening of unlicensed banks,
the organization of new member banks, and the admission of State
banks to membership in the Federal Reserve System, while the
number of nonmember banks operating without restrictions had
increased to approximately 8,200. The number of unlicensed member banks had been reduced by the end of the year to 512 and the
number of unlicensed nonmember banks to approximately l^OO.1
A number of the member banks that were licensed to reopen at the
conclusion of the banking holiday, and many of those that were
licensed later in the year, were strengthened in some way before they
were licensed, chiefly with new capital supplied by local interests or
with funds from the Reconstruction Finance Corporation. After being
reopened, furthermore, a considerable number of banks were strengthened through additions to their capital. Some additions were made in
the second and third quarters of the year, but most of them were made
in the last quarter when banks in large numbers were being fortified
with funds from the Reconstruction Finance Corporation for entrance
at the end of the quarter into the Federal deposit insurance fund.
An important form of procedure in the administration of unlicensed
national banks, of which there were 1,400 on March 15, was through
the appointment by the Comptroller of the Currency of conservators,
in accord with the Bank Conservation Act of March 9, 1933. The
Comptroller has reported the use of conservatorships in 1,088 cases.
The conservator of a national bank may, with the approval of the
Comptroller of the Currency, pay out an authorized percentage of
deposits previously accepted, and is permitted to accept new deposits,
to be held in cash or United States Government securities or on
deposit with a Federal Reserve bank, and to pay out such new
* Figures for nonmember banks as given throughout this report, except when otherwise specified, are
exclusive of mutual savings banks.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
23
deposits. This enables a national bank to render a limited banking
service to its community during whatever period may intervene
before it is reopened or placed in receivership. A conservator has
authority to reorganize a bank on the basis of agreements signed by
creditors representing 75 percent of total deposits and other liabilities
or by stockholders owning at least two thirds of the outstanding
capital stock or by a combination of the two, these agreements to be
binding upon the minority creditors and stockholders. When
reopening of the bank on a sound basis has become possible he may
turn the bank over to its board of directors.
The powers possessed by conservators enabled them in certain
communities to facilitate the prompt release of deposits in a number
of closed institutions, sometimes to the extent of as much as 50 percent of these deposits, through the instrumentality of a new bank
organized to take over in effect a part of the business of each of the
closed banks. In some instances the conservators of the participating
institutions sold the new bank good assets of the unlicensed institutions. In other cases, funds were provided the new bank through
borrowing on the assets of the old bank from the Reconstruction
Finance Corporation, the old institution subsequently going into receivership. This method was widely used throughout the country and
assisted, as for instance in Detroit, in the liquidation of some of the
largest of the closed banks.
Release of deposits.—On April 12, 1933, when the first comprehensive figures became available after the banking crisis, nearly
$4,000,000,000 of deposits were tied up in about 4,200 unlicensed or
restricted banks, member and nonmember, that had been open prior
to the banking holiday. By a process of reopening restricted banks
or placing them in liquidation the aggregate volume of deposits in restricted banks was reduced by the end of June to about $2,500,000,000,
and by the end of the year to about $1,225,000,000 in about 1,900
banks, including about 1,400 nonmember banks. Many of the nonmember banks classed as operating under restriction were permitted
to operate with varying proportions of their deposits subject to
withdrawal.
Receivers and liquidating agents of closed banks, in releasing funds
to depositors, have been able in many cases since February 1932 to
borrow from the Reconstruction Finance Corporation. In October
1933, in order to accelerate this process, the Deposit Liquidation
Board was established, which included officials of the Reconstruction
Finance Corporation and other Government departments. The
primary concern of this arrangement was with banks which had closed
after January 1, 1933. After the creation of the Board and up to the
end of 1933, the Reconstruction Finance Corporation had authorized for the purpose specified 776 loans aggregating more than
49753—34
3
24
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
$300,000,000. At the end of the year approximately $146,000,000
had been disbursed on these loans and additional disbursements were
being made at the rate of several million dollars daily. By borrowing
upon the assets of closed banks receivers and other liquidating agents
have been able to conserve values, to liquidate in an orderly manner,
and to make it possible for a large number of depositors to obtain
funds without prolonged delay.
Deposit insurance.—The plan for the insurance of deposits, included in the Banking Act of 1933, approved June 16, introduced
an important new element into the process of rehabilitating the
banking structure. The act provided for a temporary insurance
fund to become effective January 1, 1934, and for a permanent plan
of deposit insurance to become effective on July 1, 1934, both to
be administered by the Federal Deposit Insurance Corporation.
The temporary plan provided for the insurance of deposits up to
$2,500 for any depositor in any participating bank. Licensed members of the Federal Reserve System were required to participate in
the temporary insurance fund, and the Insurance Corporation was
not required to examine them. A nonmember bank operating on an
unrestricted basis was permitted to apply for participation and was
eligible if it was certified by the State authorities to have assets
sufficient to meet its deposits and other liabilities.
The Federal Deposit Insurance Corporation undertook to examine
during the closing months of the year such of the approximately
9,000 nonmember banks as applied for participation in the insurance
fund. During September the Corporation sent forms to all nonmember banks upon which to make application for participation.
A large body of examiners was mobilized, headquarters set up in State
capitals, and with the cooperation of the State banking authorities
the task of examining applicants was completed by the end of the
year. Examiners of the Federal Reserve System, of the Comptroller's
office, and of the State superintendents of banking all participated in
handling this large task of examination.
Figures of the Federal Deposit Insurance Corporation as of February 15, 1934, showed that 13,529 institutions were members of the
temporary Federal deposit insurance fund—5,229 national banks,
909 State-chartered banks belonging to the Federal Reserve System,
and 7,391 State-chartered banks not members of the System. The
total number of insured accounts was reported at 54,682,092, and the
volume of insured deposits $15,483,000,000.
The working capital available to the temporary fund included the
subscription of $150,000,000 by the United States Treasury, $139,300,000 subscribed by the Federal Reserve banks, and approximately
$37,000,000 derived by an assessment on participating banks. The
contribution of participating banks was equal to one fourth of 1
ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD
25
percent of their insured deposits, and the Corporation has the power
to levy in all for the needs of the temporary fund total assessments
of not more than 1 percent of the aggregate of insured deposits.
Recapitalization of banks.—To prepare banks for participation in
the insurance fund, as well as in the interest of general rehabilitation
of the banking structure, the Government determined in the course
of the summer to make liberal use of the authority possessed by the
Reconstruction Finance Corporation to make investment in the
capital of banks as permitted by section 304 of the Emergency
Banking Act.
During the first few months following the banking crisis, this power
was utilized chiefly in connection with bank reorganization for the
purpose of extending essential banking services to communities that
lacked such services, but during the summer the Federal Reserve
Board cooperated in making a survey to determine the amount of newcapital that might be required to strengthen active banks preparatory
to their applying for participation in the Insurance Corporation. The
Federal Reserve Board requested the Federal Reserve agents to
keep in touch with such member and nonmember banks in their respective districts as might require their assistance. Federal Reserve
officials cooperated with State banking authorities in organizing local
situations and in bringing about the prompt filing of proper applications by State banks with the Reconstruction Finance Corporation.
The program to improve the capital position of the banks was promoted by the formation for the purpose late in October of a special
division of the Reconstruction Finance Corporation with an advisory
administrative committee of eight members which was named by the
President and included the Governor of the Federal Reserve Board.
The results of this program were becoming apparent in the last 2
months of the year. Many of the strongest metropolitan banks
cooperated in the program, enlarging their capitalization by taking
Reconstruction Finance Corporation funds. By the end of the year
applications for additional capital had been received from about 5,000
banks, more than one third of all active banks. One third of the
applicants were member banks and two thirds were State banks not
members of the Federal Reserve System. By December 31, 1933, the
Reconstruction Finance Corporation had made commitments with
respect to capital investments in more than 4,500 banks in an amount
aggregating $842,000,000, of which $264,000,000 had been disbursed.
Additional capital to be furnished by the Corporation had been
officially authorized with reference to nearly 550 member banks,
in the aggregate amount of about $345,000,000, of which about
$240,000,000 had been disbursed. For about 1,800 nonmember
banks the amount then authorized was about $160,000,000 and the
amount disbursed about $22,000,000. In addition, member and non
26
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
member banks had commitments for new capital from the Corporation
aggregating about $340,000,000. After the end of the year the program continued to develop rapidly, new authorizations were made,
and within a few weeks an additional $150,000,000 was disbursed.
The policy followed by the Secretary of the Treasury in reopening
banks after the banking holiday, together with the steps to strengthen
member banks subsequently taken in cooperation with the Reconstruction Finance Corporation, was reflected in the fact that but 15
of the approximately 6,000 member banks reopened were obliged to
suspend operations during the remainder of the year.
SUSPENSION OF GOLD PAYMENTS
General loss of confidence in the solvency of banks that characterized the acute stages of the banking crisis, leading to the withdrawal
of large amounts of paper currency for hoarding, was accompanied
by considerable but less widespread loss of confidence in the paper
currency itself. This was reflected in demands upon the commercial
banks, and through them upon the Reserve banks, for substantial
amounts of gold to be placed in private hoards, sent out of the country, or otherwise utilized to protect the holder against possible financial loss. A consequence of these events, as noted elsewhere in this
report, was to reduce substantially the amount of gold held by the
Federal Reserve banks as a basis for currency and credit, and to
build up the amount held in private hands where under prevailing
circumstances it could serve no useful public purpose. Official
measures taken during the banking holiday to halt and later to reverse
such developments represented the first of a series of steps that led
before the end of April to a suspension of gold payments in the United
States.
Gold hoarding.—Heavy withdrawals of gold for hoarding were one
of the factors that led to the proclamation of March 6, declaring a
bank holiday. While the proclamation did not require the return of
gold already hoarded, it characterized the practice of hoarding gold
as unwarranted and provided that during the bank holiday neither
any Federal Reserve bank nor any other bank should pay out, export,
earmark, or permit the withdrawal of any gold or take any other action
that might facilitate the hoarding thereof. A regulation issued by the
Secretary of the Treasury on March 7, permitting the Federal Reserve banks to perform certain limited services for their member
banks, provided that the Reserve bank should first require the member
bank to deliver to it all gold and gold certificates held by the member
bank in its own right. On March 8 the Federal Reserve Board
requested the Federal Reserve banks to prepare a list showing the
names of persons who had recently withdrawn gold or gold certificates
from a Reserve bank or a member bank and who had not redeposited
ANNUAL KEPOBT OF THE FEDERAL RESERVE BOARD
27
the gold or gold certificates before March 13 (a date later extended).
On March 9, by section 3 of the Emergency Banking Act, the Secretary of the Treasury was authorized, whenever in his judgment such
action should be deemed necessary to protect the currency system, to
require all persons to deliver to the Treasurer of the United States all
gold coin, gold bullion, and gold certificates owned by them in
exchange for an equivalent amount of any other coin or currency
coined or issued under the authority of the United States. All these
measures were taken during the banking holiday, and their effect in
promptly bringing large amounts of gold and gold certificates out of
hoards has been described elsewhere in this report.
The next step was taken on April 5 in an Executive order which
prohibited the hoarding of gold coin, gold bullion, and gold certificates,
and required anyone holding such gold or gold certificates in excess of
$100 to deliver the excess to a Federal Reserve bank, either directly
or through a member bank, on or before May 1, 1933. A statement
to the press issued at the time by the Secretary of the Treasury stated
in effect that in the emergency the turning in of hoarded gold to the
Federal Reserve banks, which could use it as a basis for currency and
credit, was a duty owed by all citizens; that while many had voluntarily turned in their gold, others had not done so and that by this
order the Government would, as in fairness it ought, assure performance of this duty by the others. On December 28, the Secretary of
the Treasury issued an order revoking the $100 exemption in connection with the holding of gold coin by the public, and from that date
no gold coin—excepting coin having a recognized value to collectors
of rare coin—could be legally held.
Control of gold exports.—The proclamation of March 6, declaring
the banking holiday, prohibited the exportation of gold by banks as
well as the paying out of gold, except as authorized by the Secretary
of the Treasury. In this respect the proclamation applied to the
Federal Reserve banks as well as to member and nonmember banks.
An exception was made, however, by official authorization on March 7
for gold earmarked prior to March 6 for foreign governments, foreign
central banks, and the Bank for International Settlements, provided
each shipment was specifically authorized by a license issued by the
Secretary of the Treasury. Licenses for export of gold so held were
freely granted by the Secretary. On March 10, the day after the passage of the Emergency Banking Act, the export of any gold coin,
gold bullion, or gold certificates by anyone, except as authorized by
the Secretary of the Treasury, was prohibited.
The order issued on April 5, prohibiting hoarding of gold, provided
that the Secretary of the Treasury might license the Federal Reserve
banks and the member banks of the Federal Reserve System to
deliver gold for proper domestic purposes (not involving hoarding) or
28
ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD
for export upon a showing by the applicant of need for gold for such
purposes. On April 13, upon application of a member bank in New
York City, the Secretary of the Treasury issued a license authorizing a
shipment of about $600,000 in gold bars to Holland, and on April
15-17 licenses were granted for the export of $9,000,000 in gold bars
to France. These exports were authorized at a time when exchange
on important European countries was at gold export point and had
the effect for the time being of steadying the value of the dollar in
the foreign exchange market. On April 18 applications for licenses
to export were refused, notwithstanding further weakness in the dollar
in the exchange market, and on April 19 it was officially announced
that licenses for the export of gold would no longer be freely granted.
On April 20 an Executive order was issued definitely prohibiting the
export of gold, with specified exceptions including gold previously
earmarked for account of foreign governments, foreign central banks,
and the Bank for International Settlements. With these exceptions,
the authority of the Secretary of the Treasury to issue licenses for
the export of gold was limited to such transactions as he might deem
necessary to promote the public interest and in respect to these he
was authorized to issue licenses only with the approval of the President. During the 3 days April 18-20 the value of the dollar in
relation to gold standard currencies declined sharply to a level
considerably below parity.
Abrogation of gold clause.—On June 5 legislation was enacted which
abrogated in respect to all obligations past and future any provision
purporting to give the obligee a right to require payment in gold or
in an amount of money measured thereby, and included specific
reference to every obligation of and to the United States excepting
currency.
Gold purchases.—On August 29 an Executive order was issued in
effect permitting producers of gold newly mined from natural deposits in the United States to sell such gold on the world market,
by consigning it for the purpose to the Secretary of the Treasury,
the sales to be made through the Federal Reserve banks or other
agents designated by the Secretary. Transactions under this order
continued for about 2 months. On October 25 the President issued
an Executive order revoking the order of August 29 and authorizing
the Reconstruction Finance Corporation to acquire gold and to
dispose thereof. The Corporation accordingly offered to take at an
announced price, in exchange for its own 90-day debentures, all gold
newly mined in the United States. The initial price was above the
dollar price of gold in London and other centers, and it was raised
daily, almost without interruption, until the middle of November.
From the middle of November to the first of December there were five
changes, and only one change thereafter until the dollar was devalued
29
ANNUAL EEPORT OF THE FEDEEAL EESERVE BOAED
on January 31, 1934. The Reconstruction Finance Corporation also
engaged in purchases of gold abroad. In all these transactions the
Federal Reserve Bank of New York acted as agent.
The accompanying chart shows by days the course of dollar
exchange throughout 1933 in relation to gold currencies.
PER CENT OF PAR
FOREIGN EXCHANGE VALUE OF THE DOLLAR
( 1933, by days )
PER CENT OF PAR
110
110
100
100
90
90
80
80
V
AV
.A
70
60
70
60
y
50
50
40
40
30
30
20
20
10
10
JAN.
FEB. MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT. NOV.
DEC.
B a s e d o n n o o n r a t e s i n N e w Y o r k for F r e n c h francs.
Gold Reserve Act of 1934.—At the end of January 1934, Congress
passed the Gold Reserve Act of 1934, which provided that title to all
monetary gold in the United States should be vested in the United
States Government, and that, in case the President should, under
authority of the act of May 12, 1933, reduce the weight of the gold
dollar, this weight should not exceed 60 percent of the old weight.
On January 31, 1934, the President issued a proclamation fixing the
weight of the gold dollar at 15%i grains nine-tenths fine, or at 59.06
of the former weight of 25.8 grains. At the same time he gave notice
that he reserved the right to alter or modify this proclamation as the
interest of the United States may seem to require.
Effective February 1, 1934, the United States Treasury undertook
to purchase all gold offered at $35 an ounce, compared with the old
statutory price of $20.67 an ounce, and to sell gold for export to
30
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
foreign central banks whenever our exchange rates with gold-standard currencies reach the gold export point.
GROWTH OF WORLD STOCK OF GOLD
In 1933, as in the previous year, there was a large increase in the
amount of gold available for world monetary use. There was a further movement of gold from the hoards of the Indian people amounting to about $140,000,000, a release of gold from private holdings in
China, the Straits Settlements, and Russia approximating $80,000,000,
and a production of new gold for the world as a whole of $505,000,000,
which was somewhat larger than production in 1932. Consumption
of gold by industry was about matched by melting down scrap and
plate ware. The bulk of the gold coming from mines and from eastern
hoards during the year, amounting to approximately $720,000,000, was
absorbed in private or undisclosed holdings in Europe, almost entirely
during the first half of the year and during the final quarter.
Recorded reserves of central banks and governments increased
during 1933 by about $45,000,000. Monetary gold stock of the
United States declined by $190,000,000, but gold holdings of the
Federal Reserve banks and the Treasury declined by only $30,000,000,
the difference reflecting the turning in of gold by the public in compliance with Executive orders and Treasury regulations. Recorded
central gold reserves increased in England, $345,000,000; in Italy,
$65,000,000; in South Africa, $50,000,000^ in the Union of Soviet
Socialist Republics, $50,000,000; in Sweden, $45,000,000; and in Belgium, Mexico, Greece, and Portugal by an aggregate of $60,000,000.
Reserves in France declined $230,000,000; in Germany, $100,000,000;
in Switzerland, $90,000,000; in Netherlands, $45,000,000; in Australia
$40,000,000; and in Siam $30,000,000.
BUSINESS CONDITIONS
In the first quarter of 1933, accompanying the banking crisis, the
volume of industrial production and of factory employment declined
to about the low level of July 1932 and the volume of merchandise distributed in domestic and foreign trade showed a considerable decrease.
Prices of commodities in both wholesale and retail markets continued
to decline and there were further reductions in rents. In the security
markets prices declined but remained somewhat above the low levels
prevailing in the middle of 1932. The volume of new capital flotations
receded further, and mortgage money continued to be generally
unavailable. Expenditures for private construction remained at an
extremely low level, and the volume of new public projects undertaken
showed a considerable decline, reflecting in part further curtailment
by local governmental agencies which in many instances were not in a
position to issue new securities or to refund earlier issues.
ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
31
During the last three quarters of the year business was much more
active than during the first quarter, as shown in the accompanying
table and brought out in detail in the following paragraphs, and at the
end of the year all of the principal lines of activity, though still far
below their average level for the years 1923, 1924, and 1925, were
materially above the low points of the depression.
PRODUCTION, EMPLOYMENT, AND TRADE IN 1933
[Index numbers, 1923-1925=100. Adjusted for seasonal variation]
Quarter
First
Second.. _.
Third
Fourth
Industrial production
Construction
contracts
awarded
(value)
Factory
employment
63
79
92
75
19
16
24
48
58
61
73
73
Factory Freightpay rolls car loadings
39
42
55
54
53
57
62
60
Depart- Wholement- sale comstore
modity
1
sales
(value) prices
59
67
72
68
60
63
70
71
i Without seasonal adjustment.
Industrial production and commodity prices.—Industrial output
advanced rapidly from March to July, reflecting sharp increases in the
production of semifinished goods, both durable and nondurable, and
smaller increases in output of finished articles. Increases in the output of steel ingots, semifinished textile products, flour, tobacco
products, automobiles and tires were particularly large. This expansion in activity was stimulated by the reopening of banks, the low
level of stocks of certain commodities and the prospect of higher costs
and higher prices in many lines. The increase in manufacturing
activity in turn was an important factor in stimulating a rise in commodity prices, particularly prices of raw materials. In many
instances prices were affected directly or indirectly by the prospect of
limitations of production, processing taxes, industrial codes, and the
decline of the dollar in the foreign exchange market. An unusually
small winter wheat crop was an important element in a rapid advance
in wheat prices. In general, price increases in this period were most
marked in raw materials, which were most in immediate demand and
which, in many instances, were traded in international markets.
This marked recovery in raw materials prices was from extremely
low levels.
After July the total volume of industrial production declined
considerably for 4 months, reflecting chiefly sharp reductions in
activity in the manufacture of semifinished goods which in earlier
months had increased rapidly and in some instances had reached
levels higher than in 1929. In December industrial output as a whole
declined by an amount smaller than is usual at this season, reflecting
in part a nonseasonal increase in operations at steel mills that arose
32
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
from a change in trade practices. Consumption of raw materials in
the textile industries continued to decline.
In the late summer and in the autumn there was a recession in the
prices of many raw materials, while prices of finished goods, which had
shown smaller increases in earlier months, advanced somewhat
further. In this period and in the last 2 months of the year, the
general level of wholesale prices showed relatively little change.
Construction.—In the second quarter, while industrial production
increased rapidly, the value of construction work undertaken increased
by less than the usual seasonal amount. During this period there
was a temporary reduction in the volume of Federal projects, while
the total for private work showed an increase, accounted for largely
by projects in the beverage industry and by increased building of
single-family houses to be occupied by owners.
In the third and fourth quarters the volume of construction work
undertaken showed large increases, reflecting a rapid growth in the
amount of work undertaken by public agencies, as shown in the
following table:
CONSTRUCTION CONTRACTS AWARDED IN 1933
[F. W. Dodge data for 37 eastern States. In millions of dollars]
Quarter
First
Second
Third
Fourth
Total
196
236
309
515
Publicly
financed
91
70
141
383
Privately
financed
105
166
168
132
The value of residential projects increased from 8 percent of the
1923-25 average in the first quarter to 13 percent in the fourth
quarter, on a seasonally adjusted basis, while nonresidential work
advanced from 27 to 76 percent. The increase in residential work
reflected in part an increase in work of a public character, such as
the building of dormitories. House rents generally declined further
in the second half of the year, while prices of building materials
advanced. The decline in house rents, as reported by the Bureau of
Labor Statistics, was somewhat less rapid in the second half of the
year than in the first half.
Distribution.—Activity in the distribution of commodities in domestic and foreign trade also showed an increase after the first quarter.
The extent of the increase cannot be determined precisely for the
reason that a large part of the information available is in terms of
value only and not in physical units and the additional reason that
for some of the important channels of distribution no organized information is available. Total railroad freight traffic increased during
the spring and summer, reflecting larger shipments of all classes of
commodities, and after the middle of the year the volume of rail
ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
33
shipments was relatively stable at a level somewhat below the peak
reached in July. The value of department store sales was relatively
large in midsummer and showed somewhat less than the usual seasonal
increase in the autumn months when higher prices prevailed. Kegional reports on sales of automobiles and on sales of merchandise
by department stores, chain stores, and mail order houses indicate that
the largest growth was in the Southern States.
Value of exports of domestic commodities, which had declined to
atowlevel in the early part of 1933, showed increases during each of
the last three quarters of the year. In the second half of the year
the value of exports was about a third larger than in the second half
of 1932, reflecting in part increases in the prices of certain export
commodities, such as cotton and tobacco, and in part increases in
the physical volume of exports of other commodities, such as iron
and steel products and automobiles. Value of imports increased substantially in the second and third quarters of 1933 and declined
moderately in the last quarter. Imports in the second half of the
year as a whole were about 50 percent larger in value than in the
corresponding period of 1932, reflecting increases in both prices and
quantities of commodities imported.
Employment.—In the last three quarters of 1933 the number of
persons employed showed a considerable growth, reflecting chiefly
increased industrial and trade activity during the spring and summer
months, reductions in average working hours in the autumn, and, in
the latter part of the year, the employment by the Civil Works
Administration of an increasing number of people, reaching 3,500,000
by the end of December.
Factory employment increased during the spring and summer
months by about one third and in September the Board's seasonally
adjusted index was at 74 percent of the 1923-25 average. Subsequently there was a decline to 72 percent in December. The growth
in employment reflected increases at establishments producing durable goods, such as steel, automobiles, and lumber, as well as estabFACTORY EMPLOYMENT IN 1933
[Index numbers, 1923-25=100. Adjusted for seasonal variation]
Quarter
First
Second
Third
Fourth
Total
Durable
58
61
73
73
43
44
56
58
Nondurable
70
74
85
84
lishments producing less durable goods, such as foods, textiles, and
leather products. Employment in the production of durable manufactures, however, continued throughout the year at a level considerably below that for nondurable products, as indicated in the
accompanying table.
34
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
In the construction industry, in which the number of employees
had been reduced during the depression more than in most other
industries, employment continued at a relatively low level in 1933.
In the latter part of the year the volume of construction work undertaken by public agencies showed a rapid increase but this was only
partially reflected in expenditures and employment during this period.
At coal mines there were increases in employment during the second
half of the year which were partly of a seasonal character. In this
period working forces in bituminous fields were larger than in the corresponding period of 1932 by about 10 percent, while in anthracite fields
there was a decline of about 5 percent. On the railroads the number
of employees increased until September and then showed a decline.
The average number employed in the last quarter was about 1,010,000,
as compared with about 1,680,000 in the corresponding period in 1929.
On farms the volume of employment appears to have been about the
same as in other recent years, reflecting the relative stability, in the
aggregate, of agricultural production.
Income.—Aggregate income of wage earners increased considerably
in the second half of the year, reflecting increased pay rolls of industrial establishments and public agencies. There was also an increase
in the income of farmers, as compared with 1932, arising chiefly from
the higher level of prices of many agricultural commodities and in
part from the distribution among producers by the Agricultural
Adjustment Administration of benefit payments in connection with
the production control program. Financial reports of a representative
group of large corporations showed an increase in net profits during the
second and third quarters of 1933, and in the latter period profits were
larger than at any other time since the second quarter of 1931.
Security prices.—Stock prices at the beginning of the year, though
somewhat higher than in the early summer of 1932, were at a relatively
low level, and receded further during February and March 1933 during
the banking crisis. Thereafter, accompanying business recovery and
depreciation of dollar exchange, there was a rapid rise in stock prices,
and by July representative averages for industrial and railroad shares
had advanced by 100 percent. During the same period public
utility stocks on the average rose by about 50 percent. From July to
the end of the year the industrial average receded only slightly from
its highest level, while there were more marked declines in rail and
utility shares. Both industrial and railroad issues ended the year
much higher than they had been at the beginning.
At the beginning of 1933 bond prices showed a pronounced rise, but
during the crisis they declined sharply. From March to July there
were broad advances in the bonds of railroads and industrial corporations, particularly in some of the more speculative issues, followed
by a recession until nearly the end of November. For the year as a
ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD
35
whole corporate bonds, excepting those of public utilities, showed
substantial advances.
Municipal bonds declined along with all other classes during the
liquidation of February and March, but contrary to the general
tendency, continued to fall until the middle of May. Some recovery
followed, but these issues declined again during November and at
the end of 1933 were somewhat lower than a year earlier. Federal
Government issues, likewise, went to a relatively low level during
March and again during the last 2 months of the year. At the end
of the year Government bonds were selling at somewhat lower prices
than at the beginning.
Capital issues.—The volume of new securities publicly floated in
1933, exclusive of Federal Government issues, totaled about $1,059,*
000,000, of which $337,000,000 were for refunding purposes and
$722,000,000 were to raise new capital. The total of new capital
issues in 1933 was about 60 percent of that for 1932 and about 12
percent of the annual average for the years 1925-30. In 1933, as in
1932, about two thirds of the offerings were bonds of States and
municipalities.
Of the total flotations for the year new stock issues accounted for
$120,000,000, almost all being equities in industrial and miscellaneous
companies. This total was above that for 1932, although only a small
fraction of the volume of earlier years. Corporate bond financing
was at a low level throughout the year, and there were practically no
flotations of new foreign securities.
Long-term financing of the United States Government in 1933 far
exceeded in volume all other securities issued during the year.
Federal bonds outstanding increased by $1,346,000,000, and Treasury
notes outstanding by $1,826,000,000. There was a slight decrease in
the aggregate of bills and certificates outstanding, so that the net
increase in the Government's interest-bearing debt amounted to
about $3,000,000,000.
CREDIT AGREEMENTS WITH FOREIGN CENTRAL BANKS
Credits extended with the approval of the Federal Keserve Board by
the Federal Reserve Bank of New York, in association with other
Federal Reserve banks and other banks of issue, to the German
Reichsbank and the Austrian National Bank under agreements
described in the Annual Reports of the Federal Reserve Board for
1931 and 1932 were completely repaid in 1933. The credit to the
German Reischsbank in which Federal Reserve participation
amounted to about $21,500,000 at the beginning of the year was
liquidated on April 13. The credit to the Austrian National Bank in
which Federal Reserve participation amounted to about $975,000 at
the beginning of the year was liquidated in August and September,
36
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
the final payment having been received on September 2. Federal
Reserve participation in two credits extended to the National Bank
of Hungary, also described in the Annual Reports of the Federal
Reserve Board for 1931 and 1932, were reduced from $4,000,000 to
about $3,500,000 on October 18, at which time they were consolidated
for repayment over a period of 3 years.
The demand deposit of $10,000,000 which was placed with the Bank
for International Settlements by the Federal Reserve banks in 1931,
and which amounted to about $2,500,000 at the end of 1932, was
increased to about $3,200,000 in March 1933, but subsequently
reduced to about $2,900,000 by the end of the year.
AMENDMENTS TO THE LAW RELATING TO THE FEDERAL RESERVE
SYSTEM
During the year 1933 Congress passed several acts which contained
a number of provisions of importance amending the Federal Reserve
Act or by their terms affecting the Federal Reserve System. These
provisions are summarized below. The full text of the acts in question
is printed on pages 260-295.
ACT OF FEBRUARY 3, 1933
Exceptional advances to member banks.—The act of February 27,
1932, popularly known as the "Glass-Steagal] Act", amended the
Federal Reserve Act by adding thereto section 10 (b), which authorized the Federal Reserve banks, until March 3, 1933, in exceptional
and exigent circumstances and subject in each case to the affirmative
action of not less than five members of the Federal Reserve Board,
to make advances to individual member banks having a capital not
exceeding $5,000,000 which lacked sufficient eligible and acceptable
assets to enable them to obtain adequate credit accommodations from
the Federal Reserve banks by the customary methods. This section
was amended by the act of February 3, 1933, so as to extend the time
within which Federal Reserve banks might make such advances until
March 3, 1934. As stated below, however, the section was further
amended by the act of March 9, 1933.
Obligations of the United States as security for Federal Reserve
notes.—The act of February 27, 1932, also amended section 16 of
the Federal Reserve Act so as to authorize the Federal Reserve Board
until March 3, 1933, when it deemed it in the public interest, to permit the use of direct obligations of the United States as collateral
security for Federal Reserve notes. Prior to this amendment the
collateral security for Federal Reserve notes authorized by the law
was paper discounted or purchased by Federal Reserve banks and
gold or gold certificates. By the act of February 3, 1933, the
authority of the Federal Reserve Board to permit the use of direct
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
37
obligations of the United States as collateral security for Federal
Reserve notes was extended until March 3, 1934. In March 1934
this authority was extended for 1 more year, with authority in the
President to extend it for an additional period not exceeding 2 years.
ACT OF MARCH 9, 1933
The act of March 9, 1933, entitled "An act to provide relief in the
existing national emergency in banking, and for other purposes",
contained numerous important provisions relating to the authority of
the President over the export and hoarding of coin and currency and
over transactions in foreign exchange, the appointment of conservators
for national banks, the reorganization of such banks and the issuance
of preferred stock by them. In addition to these provisions, the
act contained several amendments to the Federal Reserve Act or
provisions which by their terms directly affect the Federal Reserve
System.
Recapture of gold.—Section 11 of the Federal Reserve Act was
amended by adding at the end thereof subsection (n) which authorizes
the Secretary of the Treasury when, in his discretion, such action is
necessary to protect the currency system of the United States, to
require all individuals, partnerships, associations, and corporations to
deliver to the Treasurer of the United States all gold coin, gold bullion,
and gold certificates owned by them. The Secretary of the Treasury
is required to pay therefor an equivalent amount of other forms of
coin or currency, together with all costs of transportation. Failure to
comply with this provision is made subject to a penalty of twice the
value of the gold or gold certificates in respect to which such failure
occurred.
Transaction of banking business in emergencies.—The act of
March 9, 1933, prohibits a member bank, during such emergency
period as the President of the United States may prescribe, from
transacting any banking business except in accordance with regulations, limitations, and restrictions prescribed by the Secretary of
the Treasury with the approval of the President, and penalties are
provided for violations of this prohibition.
Issuance of Federal Reserve bank notes.—Section 18 of the Federal Reserve Act was amended so as to authorize the issuance, under
certain prescribed conditions, of circulating notes to Federal Reserve
banks, usually known as Federal Reserve bank notes, upon the
security of direct obligations of the United States in amounts equal
to the face value of such obligations, or upon the security of any
notes, drafts, bills of exchange, or bankers' acceptances acquired
by Federal Reserve banks under the Federal Reserve Act in amounts
equal to not more than 90 percent of the estimated value of such
collateral security. Prior to the passage of the act of March 9,
38
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
1933, it had been possible under the law to issue Federal Reserve
bank notes only against the security of United States bonds which
were eligible as security for national bank notes; and it is provided
that no Federal Reserve bank notes may be issued after the President
shall declare that the emergency recognized by him in his proclamation of March 6, 1933, has terminated, unless they are secured by
bonds of the United States bearing the circulation privilege.
Advances to member banks in exceptional circumstances.—Section
10 (b) of the Federal Reserve Act, which authorizes advances by
Federal Reserve banks in exceptional and exigent circumstances to
individual member banks which are without sufficient eligible and
acceptable assets to enable them to obtain adequate credit accommodations from the Federal Reserve banks through other methods
provided by the law, was further amended by the act of March
9, 1933, by eliminating the requirement for action by the Federal
Reserve Board with respect to such advances and the limitation of
$5,000,000 upon the capital of member banks receiving such advances and also by providing that no such advances may be made
after March 3, 1934, or after the expiration of such additional period,
not exceeding 1 year, as the President may prescribe.
Advances to individuals, partnerships, or corporations on the security of obligations of the United States.—Section 13 of the Federal
Reserve Act was amended so as to add thereto a new paragraph
authorizing a Federal Reserve bank, under such regulations as the
Federal Reserve Board may prescribe, to make advances for periods
not exceeding 90 days to any individual, partnership, or corporation
on promissory notes secured by direct obligations of the United States.
ACT OF MARCH 24, 1933
The act of March 9, 1933, was amended by the act of March 24,
1933, by adding thereto a new section which authorizes Federal
Reserve banks under certain conditions to make loans to any State
bank or trust company not a member of the Federal Reserve System
upon security approved by such Federal Reserve bank and after a
thorough examination of the borrowing institution. During the time
that such borrowing bank or trust company is indebted to a Federal
Reserve bank it must comply in all respects with the provisions of
the Federal Reserve Act applicable to State member banks and the
regulations of the Federal Reserve Board issued thereunder, including
the maintenance of the reserve balance required under section 19 of
the Federal Reserve Act, but need not subscribe to stock in the Federal
Reserve bank. Notes representing such loans are eligible as security
for Federal Reserve bank notes issued to Federal Reserve banks
under the conditions prescribed in section 18 of the Federal Reserve
Act. Loans may be made under this section during the existing
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
39
emergency in banking or until the section is declared no longer operative by proclamation of the President, but in no event after March
24, 1934.
ACT OF MAY 12, 1933
Title III of the act of May 12, 1933, known as the Thomas amendment, contained a number of important provisions relating to the
authority of the President to fix the weight of the gold dollar and the
weight of the silver dollar, to direct the issuance of United States
notes for the repayment or purchase of obligations of the United
States, and to accept silver in payment of indebtedness from foreign
governments. In addition, the Thomas amendment contained certain provisions which by their terms directly affect the Federal
Reserve System.
Purchase of obligations of the United States by the Federal Reserve
banks.—This act authorizes the President in his discretion, whenever
he finds that any one of certain stated conditions exists, to direct the
Secretary of the Treasury to enter into agreements with the Federal
Reserve banks and the Federal Reserve Board under which such
banks will agree to conduct open market operations, pursuant to
existing law, in obligations of the United States or of corporations in
which the United States is the majority stockholder and to purchase
and hold for an agreed period of time Treasury bills or other obligations of the United States in an aggregate sum of $3,000,000,000 in
addition to those held on May 12, 1933. It was also provided that
no suspension of reserve requirements of the Federal Reserve banks
necessitated by reason of operations in accordance with such authority
shall require the imposition of a graduated tax upon deficiencies in
such reserves nor an automatic increase in rates of interest or discount
charged by any Federal Reserve bank, which are provided for in
section 11 (c) of the Federal Reserve Act.
Legal tender.—This act also contained a provision to the effect
that United States notes issued under the authority of that act as
well as all other coins and currencies heretofore or hereafter coined
or issued by or under the authority of the United States shall be legal
tender for all debts, public or private; and this provision was amended
by a provision of the Joint Resolution approved June 5, 1933, "to
assure uniform value to the coins and currencies of the United States "
so as to provide that all coins and currencies of the United States
(including Federal Reserve notes and circulating notes of Federal
Reserve banks and national banks) heretofore or hereafter coined or
issued shall be legal tender for all debts, public and private, public
charges, taxes, duties, and dues except that gold coins, when below
the standard weight and limit of tolerance provided by law for the
single piece, shall be legal tender only at valuation in proportion to
their actual weight.
49753—34
4
40
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Change in reserve requirements.—Section 19 of the Federal Reserve Act was amended so as to authorize the Federal Reserve Board,
upon the affirmative vote of not less than five of its members and with
the approval of the President, to declare that an emergency exists by
reason of credit expansion and during such emergency to increase
or decrease the reserve balances required to be maintained against
demand or time deposits by member banks.
Security for advances to member banks.—Section 13 of the Federal
Reserve Act was amended by section 28 of the act of May 12, 1933,
so as to authorize the use of farm loan bonds, issued by Federal land
banks for certain purposes under section 21 of the latter act, as
security for advances by Federal Reserve banks to member banks
for periods not exceeding 15 days. The provision of section 13 of
the Federal Reserve Act which was so amended, however, was again
amended and reenacted by the Banking Act of 1933 so as to omit
and thereby to repeal the provision containing this authority.
ACT OF JUNE 16, 1933, " BANKING ACT OF 1933"
The Banking Act of 1933 contained many important amendments
to the Federal Reserve Act and other provisions affecting the Federal
Reserve System.
Control of Federal Reserve bank credit by Federal Reserve Board.—
Section 4 of the Federal Reserve Act, which provided that the board
of directors of each Federal Reserve bank " shall administer the
affairs of said bank fairly and impartially and without discrimination in favor of or against any member bank or banks and shall,
subject to the provisions of law and the orders of the Federal Reserve
Board, extend to each member bank such discounts, advancements,
and accommodations as may be safely and reasonably made with
due regard for the claims and demands of other member banks"
was amended by changing "shall extend" to "may extend" and
adding the words "the maintenance of sound credit conditions, and
the accommodation of commerce, industry, and agriculture." The
amendment further provides that each Federal Reserve bank shall
keep itself informed of the general character and amount of the
loans and investments of its member banks with a view to ascertaining whether undue use is being made of bank credit for any purpose
inconsistent with sound credit conditions, and shall give consideration to such information in determining whether to make advances
to such member banks. Undue use of bank credit shall be reported
to the Federal Reserve Board by the chairman of the Federal Reserve bank, and the Board may suspend a member bank from the
use of the credit facilities of the System if, in its judgment, the bank
is making such undue use of bank credit.
ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
41
Voting by groups or chains in elections of Federal Reserve bank
directors.—Section 4 of the Federal Keserve Act was amended to provide that when two or more member banks are affiliated with the
same holding company affiliate only one of such banks, which may
be designated by such affiliate, may participate in the nomination or
election of Federal Keserve bank directors.
Distribution of earnings of Federal Reserve banks.—Section 7 of
the Federal Eeserve Act was amended to provide that all net earnings
of a Federal Reserve bank, after payment of expenses and dividend
claims, shall be paid into the surplus fund of the bank. Prior to the
passage of this law the provisions of the act were that the Federal
Keserve banks pay all their net earnings above dividend requirements
into surplus until such surplus shall have reached 100 percent of the
subscribed capital and that thereafter 10 percent of the earnings
should go to surplus and the remaining 90 percent should be paid
to the Government as a franchise tax. As a matter of practical
operation the repeal of the franchise tax provision makes little
difference in the disposition of the banks' earnings, in view of the
fact that the investment of $139,000,000 of their surplus in the stock
of the Federal Deposit Insurance Corporation reduced the surplus
to a point where it would have taken a considerable number of
years to bring that surplus up to 100 percent of the subscribed
capital. During that period the Federal Keserve banks would not
in any case have to pay franchise tax. The System began to pay
franchise tax in 1917 and has paid some franchise tax in every year
since with the exception of 1918 and 1931, the aggregate payments
for the entire period amounting to $149,138,000. About $120,000,000
of the franchise tax was paid in the two years 1920 and 1921, when
the volume of Federal Reserve earning assets was unusually large
and the discount rates were at a relatively high level. Since that
time the franchise tax payments have been in relatively small amount.
The provision that the net earnings of Federal Reserve banks above
dividend requirements be paid into surplus does not add to the profits
of the member banks from their stock in the Federal Reserve bank,
but merely increases the capital structure of the Reserve banks and,
therefore, increases their capacity to serve commerce, industry, and
agriculture. It also provides a fund out of which the Reserve banks
can pay their dividends in years when their earnings are not sufficient
for the purpose. The law provides that in case of liquidation the
surplus of the Reserve banks, after the payment of all debts, dividends, and the par value of the stock, shall become the property of the
United States.
Membership of Morris Plan banks.—Section 9 of the Federal Re-
serve Act was amended to make eligible for membership in the Federal
42
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Reserve System Morris Plan banks and other incorporated banking
institutions engaged in similar business.
Branches of State member banks.—Section 9 of the Federal Reserve Act was amended so as to provide that nothing therein contained shall prevent State member banks from establishing branches
either in the United States or elsewhere upon the same terms and
conditions as those applicable to the establishment of branches by
national banks.
Membership of mutual savings banks and other banking institutions without capital stock.—Section 9 of the Federal Reserve Act
was amended so as to make eligible for membership in the Federal
Reserve System mutual savings banks having no capital stock and
other banking institutions the capital of which consists of time
deposits which are segregated from other deposits and regarded as
capital stock for purposes of taxation and dividends. A mutual
savings bank may be admitted to membership when it has surplus
and undivided profits not less than the amount of capital required
for the organization of a national bank in the same place. It must
subscribe for Federal Reserve bank stock (or in certain circumstances
may make a deposit in lieu of such subscription) in an amount equal
to six tenths of 1 percent of its total deposit liabilities, such subscription to be adjusted semiannually on the same basis.
Reports of affiliates of State member banks.—Section 9 of the Federal Reserve Act was amended so as to provide that a State member
bank shall obtain from each of its affiliates, other than member banks,
and furnish to the Federal Reserve bank and the Federal Reserve
Board, not less than three reports of condition each year on dates
identical with the reports of the affiliated member bank and such
additional reports as the Reserve bank or the Board may deem
necessary. The provision requiring such reports to be made is mandatory ; but they are required to contain only such information as, in
the judgment of the Federal Reserve Board, shall be necessary to
disclose fully the relations between such affiliate and such bank and
to enable the Board to inform itself as to the effect of such relations
upon the affairs of such bank. The reports of affiliates are to be
published by the bank under the same conditions as govern its own
condition reports. A penalty is prescribed for failure to obtain and
furnish any such report.
Dealings in stocks and investment securities by State member
banks.—Section 9 of the Federal Reserve Act was amended so as to
provide that State member banks shall be subject to the same limitations and conditions as are national banks with respect to the purchase, sale, underwriting, and holding of investment securities and
stock.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
43
Divorce of stock of State member bank from stock of other corpo-
rations.—Section 9 of the Federal Reserve Act was amended so as to
provide that, after 1 year from the passage of the Banking Act of
1933, no certificate of stock of a State member bank shall represent
the stock of any other corporation, except a member bank or a corporation existing when the provision takes effect engaged solely in holding
the bank premises of such State member bank; nor shall the ownership or transfer of the stock certificate of such a bank be conditioned
upon the ownership or transfer of a certificate of stock of another
corporation except a member bank.
Right of an affiliate of a State member bank to vote stock held byit in such bank.—Section 9 of the Federal Reserve Act was amended
so as to provide that each State member bank affiliated with a holding
compan}^ affiliate is required to obtain from such affiliate, within a
period prescribed by the Board, an agreement that the affiliate will
be subject to the same conditions and limitations with respect to
voting stock in the bank as are applicable in the case of holding company affiliates of national banks; and the penalty for failure so to do
is forfeiture of the membership of the State bank in the Federal Reserve System. If the Board revokes the voting permit (required as
stated below) of any holding company affiliate, the membership of
any State member bank affiliated with it may be forfeited.
Examination of the affiliates of State member banks.—Section 9 of
the Federal Reserve Act was amended so as to require such examinations of affiliates of State member banks to be made in connection
with the examination of such banks as shall be necessary to disclose
fully the relations between such banks and their affiliates and the
effect of such relations. The expenses of such examinations may, in
the discretion of the Board, be assessed against the bank examined;
and, in the event of the refusal of the affiliate to give information or
to permit an examination, or in the event of the failure of the bank to
pay the cost thereof, the membership of the bank may be forfeited.
Terms of Federal Reserve Board members.—Section 10 of the
Federal Reserve Act was amended so that, upon the expiration of the
term of any appointive member of the Federal Reserve Board in office
on June 16, 1933, the term of his successor shall be fixed by the President at not more than 12 years in such manner as to provide for the
expiration of the term of not more than one appointive member in any
2-year period, and thereafter each appointive member shall hold office
for a term of 12 years from the expiration of the term of his predecessor.
Offices of the Federal Reserve Board.—The provision of sectio
10
of the Federal Reserve Act that the Secretary of the Treasury may
assign offices in the Treasury Department for the use of the Board
was repealed.
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Other provisions regarding the Federal Reserve Board.—Section 10
of the Federal Reserve Act was also amended so as to provide expressly
that the principal offices of the Federal Reserve Board shall be in the
District of Columbia. At meetings of the Board, the Secretary of
the Treasury shall preside as chairman; in his absence, the Governor
shall preside; in the absence of both, the Vice Governor; and in the
absence of all three, the Board shall elect a member to act as chairman
pro tempore. Provision was also included to make clear the right of
the Federal Reserve Board to leave its funds on deposit with the
Federal Reserve banks and the Board's powers with respect to the
funds derived from the assessments levied on the Federal Reserve
banks for the purpose of defraying its expenses. It was also provided
that the certification of a Board member that he is not an officer,
director, or stockholder of any bank is to be filed with the Secretary
of the Board instead of with the Secretary of the Treasury.
Loans by member banks on stock or bond collateral.—Section
11 (m) of the Federal Reserve Act was amended to provide that, upon
the affirmative vote of six members, the Federal Reserve Board may
fix the percentage of individual bank capital and surplus in each Federal Reserve district which may be represented by loans secured by
stock or bond collateral made by member banks in such district. No
such loan shall be made by a member bank to any person in an amount
in excess of 10 percent of its unimpaired capital and surplus. Such
percentages, which may be changed from time to time upon 10 days'
notice, are to be fixed with a view of preventing the undue use of bank
loans for the speculative carrying of securities. The Board may direct
any member bank to refrain from increasing such loans, for 1 year or
less, under penalty of suspension of rediscount privileges.
Federal Open-Market Committee.-—A new section, 12A, was added
to the Federal Reserve Act creating a Federal Open-Market Committee consisting of 12 members, one being appointed by each Federal Reserve bank. Their meetings, held at least four times a year,
may be attended by the members of the Federal Reserve Board. No
Federal Reserve bank may engage in open-market operations except
in accordance with regulations of the Federal Reserve Board, which
shall be transmitted to the committee and to the Federal Reserve
banks. Open-market operations shall be governed with a view to
accommodating commerce and business and with regard to their bearing on the general credit situation. If a Federal Reserve bank shall
decide not to participate in open-market operations recommended
and approved as provided in this section, it shall notify the committee and the Board.
Federal Deposit Insurance Corporation.—A new section was added
to the Federal Reserve Act, section 12B, creating a Federal Deposit
Insurance Corporation and providing for the insurance of deposits in
Digitized formember banks of the Federal Reserve System and also in nonmember
FRASER
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
45
banks under certain conditions and limitations. The law provides
that the Federal Reserve banks shall purchase stock in the Federal
Deposit Insurance Corporation in an amount equal to one half of the
Reserve banks' surplus as of January 1, 1933. Since the deposit
insurance is administered by the Federal Deposit Insurance Corporation no detailed statement of the statutory provisions on this subject
is set forth here.
Loans on member banks' collateral notes.—Section 13 of the Federal Reserve Act was amended so as to increase the maximum maturity
of advances to member banks on their promissory notes secured by
paper eligible for rediscount or for purchase by Federal Reserve banks
from 15 to 90 days. The maximum maturity of 15 days on advances
on member banks' notes secured by Government bonds or obligations
of Federal intermediate credit banks was not changed. If a member
bank, while indebted to a Federal Reserve bank on such a 15-day or
90-day collateral note and despite a warning of the Federal Reserve
bank or the Federal Reserve Board, increases its outstanding collateral
loans or loans to securities dealers for the purpose of purchasing or
carrying stocks or investment securities (except obligations of the
United States), its note shall be immediately due and payable and the
member bank shall be ineligible to borrow on such a 15-day or 90-day
note for a period determined by the Board.
Foreign transactions of Federal Reserve banks.—Section 14 of the
Federal Reserve Act was amended to provide that all relationships
and transactions by Federal Reserve banks with foreign bankers shall
be subject to special supervision and regulation by the Federal
Reserve Board; that negotiations with foreign bankers shall not be
conducted without the permission of the Board; that the Board may
be represented in any such negotiations; and that a full report of all
such negotiations shall be made to the Board in writing.
Member banks as mediums in making loans on collateral.—Section
19 of the Federal Reserve Act was amended so as to forbid a member
bank to act as the medium or agent of any nonbanking corporation,
partnership, or individual in making loans on the security of stocks,
bonds, and other investment securities to brokers or dealers in such
securities, and a fine is provided for violation.
Interest on deposits of member banks.—Section 19 of the Federal
Reserve Act was amended so as to provide that no member bank shall
pay interest on any demand deposit, except in accordance with then
existing contracts; but this provision does not apply to a deposit
which is payable only at an office of the bank located in a foreign
country and does not apply to a deposit made by a mutual savings
bank nor to a deposit of public funds made by any State, county,
municipality, or school district or other subdivision, with respect to
which payment of interest is required under State law. The Federal
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Reserve Board shall limit the rate of interest to be paid on
time deposits. No member bank shall pay any time deposit before
its maturity, or waive a requirement of notice before payment of a
savings deposit except when such requirement is waived as to all
savings deposits subject thereto.
Loans by member banks to executive officers.—Section 22 of the
Federal Reserve Act was amended so as to forbid a member bank to
loan to its executive officers and to forbid them to borrow from the
bank; but loans of this kind theretofore made may be renewed or
extended not more than 2 years from June 16, 1933. An executive
officer of a bank who borrows from any other bank is also required
to make a written report thereof to the chairman of the board of
directors of his bank. Violation of this provision is made a misdemeanor, subject to fine or imprisonment.
Loans to or investments in stock of affiliates.—A new section, 23A,
was added to the Federal Reserve Act which provides that no member
bank shall make any loan or extension of credit to, or purchase securities under repurchase agreements from, any of its affiliates, or invest
in the stock or obligations of such affiliates, or accept such stock or
obligations as security for advances, if the aggregate amount thereof,
in the case of any one affiliate, will exceed 10 percent of the capital
stock and surplus of the member bank, or if, in the case of all such
affiliates, the aggregate amount thereof will exceed 20 percent of the
capital stock and surplus of such member bank. Each loan or extension of credit to an affiliate shall be secured by collateral, in the form
of stocks, bonds, debentures, or other such obligations, having a market
value of at least 20 percent more than the amount of the loan or
extension of credit or at least 10 percent more than the amount
thereof if secured by State or municipal obligations. Loans or
extensions of credit secured by obligations of the United States,
Federal intermediate credit banks, Federal land banks, Federal home
loan banks, the Home Owners' Loan Corporation, or paper eligible
for rediscount by Federal Reserve banks are excepted from the
requirement as to marginal collateral. The provisions of this section
do not apply to certain limited classes of affiliates.
Limitation on investment in bank premises.—A new section, 24A,
was added to the Federal Reserve Act which provides that no national
bank, without the approval of the Comptroller of the Currency, and
no State member bank, without the approval of the Board, shall
invest in bank premises, or in stock or obligations of, or make loans
to or upon the security of the stock of, any corporation holding its
bank premises, in an aggregate sum exceeding the amount of the bank's
capital stock.
Jurisdiction of Federal courts over cases involving foreign banking
transactions.—A new section, 25 (b), was added to the Federal Re
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
47
serve Act which confers upon District Courts of the United States
jurisdiction over any case to which a corporation organized under
the laws of the United States is a party and which arises out of
transactions involving international or foreign banking, either
directly or through the agency, ownership, or control of branches or
of local institutions in foreign countries.
Jurisdiction of suits by or against Federal Reserve banks.—The
new section 25 (b) restores to the District Courts of the United
States jurisdiction of all suits to which a Federal Reserve bank shall
be a party and provides that Federal Reserve banks shall not be subject to attachment or garnishment proceedings before final judgment
in any case.
Dealings in investment securities.—The Banking Act of 1933 also
provides in effect that, after 1 year after the passage of the act, dealings in investment securities by a member bank shall be limited to
the purchase and sale of such securities, without recourse, solely upon
the order and for the account of customers, except that a member
bank may purchase for its own account investment securities under
limitations and restrictions prescribed by regulation of the Comptroller of the Currency; and the law provides certain other limitations
and restrictions upon such investments by member banks. No member bank may purchase stock of any corporation except as otherwise
permitted by law.
Capital requirements of State member banks.—Section 9 of the
Federal Reserve Act was amended so as to eliminate the provision of
law under which a State bank was permitted to become a member of
the Federal Reserve System with a capital equal to only 60 percent
of the amount required for the organization of a national bank in the
place in which it is situated. The capital of State member banks
now admitted to the System, therefore, must in all cases be equal to
that required of national banks located in places of like size. The
act contains a proviso, however, which would permit a State bank,
organized when this proviso became effective, with a capital of not
less than $25,000 and located in a place of not more than 3,000 inhabitants, to become a member of the System, and also a State bank,
which is located in such a place and increases its capital to $25,000
while entitled to the insurance benefits of the act, to become a member.
Regulation of holding companies.—Under the Banking Act of 1933
shares of a member bank controlled by a holding company affiliate
shall not be voted unless such affiliate shall have obtained a voting
permit from the Federal Reserve Board; and in acting upon an application for such permit, the Board shall consider the financial condition of the applicant, the general character of its management and
the probable effect of the granting of the permit upon the affairs of
such bank. No permit shall be granted except upon the following
conditions:
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ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD
(a) Each such holding company affiliate shall agree: to submit to
examinations, at its own expense, disclosing fully the relationship
between such affiliate and such bank; that such examinations may be
made of each bank owned or controlled by the affiliate; and that
publication of statements of condition of such banks may be
required.
(b) After 5 years after the passage of the act, every such holding
company affiliate shall possess unpledged readily marketable assets
other than bank stock in an amount not less than 12 percent of the
par value of all bank stocks controlled by such affiliate, which amount
shall be increased by not less than 2 percent annually up to 25 percent thereof and by reinvesting in such readily marketable assets net
earnings in excess of 6 percent annually until such 25 percent requirement is reached.
(c) However, after 5 years after the passage of the act, where the
shareholders of the affiliate are themselves liable under the doubleliability provisions on the bank stock held by the affiliate, the latter
shall be required only to establish, out of its net earnings in excess
of 6 percent, a reserve of readily marketable assets equal to 12 percent of the par value of bank stocks controlled by it, and readily
marketable assets required of such affiliate may be used for replacement of capital in, or losses incurred by, banks affiliated with it;
but any deficiency so incurred shall be made up within such period
as the Federal Reserve Board may prescribe.
(d) Officers, directors, agents, and employees of such a holding
company affiliate shall be subject to the same penalties for false
entries as officers and employees of member banks are subject to
under section 5209 of the Revised Statutes.
(e) Every such holding company affiliate shall show that it does
not have any interest in, and is not participating in the management
of, any securities company and that it will not acquire such an interest
or participation; that, if it has such an interest or participation it
will, within 5 years, divest itself thereof; and that it will declare
dividends only out of actual net earnings.
If any holding company affiliate violates any of the provisions of
this act, the Federal Reserve Board may revoke its voting permit
after notice, and thereafter no national bank whose stock is controlled
by such affiliate shall receive Government deposits or pay any dividend to such affiliate.
Where such a voting permit of an affiliate has been revoked, the
franchise of any national bank controlled by such an affiliate shall,
in the discretion of the Federal Reserve Board, be subject to forfeiture.
Relationships between member banks and securities dealers.—
Under the Banking Act of 1933, after 1 year from the date of enactment
of the act, no member bank shall be affiliated with a securities corpora
ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD
49
tion in the manner described in the act. A violation of this provision
-subjects the member bank to a penalty of $1,000 a day, in the discretion
of the Federal Reserve Board, and if the violation is continued for 6
months after warning from the Board, the bank's franchise may be forfeited, if a national bank, or its membership in the Federal Reserve
System may be forfeited, if a State bank.
Receipt of deposits by securities companies and other nonbanking
institutions.—It is made unlawful, after June 16, 1934, (1) for any
person, corporation, or other organization engaged in the issue, underwriting, or selling of securities to receive deposits subject to check
or to repayment upon presentation of a passbook or certificate; (2)
for any person, corporation, or organization, other than a financial
institution or private banker subject to examination and regulation
under State or Federal law, to receive deposits subject to check or to
repayment upon presentation of a passbook or certificate, unless such
person, corporation, or organization shall submit to periodic examination by the Comptroller of the Currency or Federal Reserve bank
and shall make periodic reports of condition in the same manner and
at the same time as is required of national banks. A violation of the
above provisions is punishable by fine or imprisonment or both, and
officers, directors, employees, or agents knowingly participating in
such a violation are subject to like penalties.
Removal of bank directors or officers from office.—In the Banking Act of 1933, there is provided a procedure for the removal of a
director or officer of a member bank who has continued to violate the
law or has continued unsafe or unsound practices in conducting the
business of the bank with which he is connected, after being warned
by the Comptroller of the Currency (as to a national bank) or the
Federal Reserve agent of his district (as to a State member bank) to
discontinue such violations or such practices. After a hearing by the
Federal Reserve Board establishing such facts, the Board may order
the removal of such director or officer and a copy of such order shall
be served upon him and upon the bank with which he is connected.
Such order and findings of fact may not be made public or disclosed
except to such director or officer and the directors of his bank, "otherwise than in connection with proceedings for a violation of this
section.7' Participation by such officer or director in the management of such bank after having been removed is punishable by fine or
imprisonment.
Board of directors of national and State member banks.—After
June 16, 1934, the board of directors of every national bank and State
member bank shall consist of not less than 5 and not more than
25 members and each director shall own stock having a par value
of not less than $2,500. If, however, the capital of the bank
does not exceed $50,000, a director is required to own stock having a
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
par value of only $1,500, and if the capital does not exceed $25,000 he
is required to own stock having a par value of only $1,000. The Comptroller of the Currency may appoint a receiver or conservator for a
national bank which continues to violate this provision after 30 days'
notice from the Comptroller, and the Federal Reserve Board may
forfeit the membership of a State member bank which continues to
violate the provision after 30 days' notice from the Board.
Relations of member banks with securities companies.—After January 1, 1934, no officer or director of a member bank shall be an officer,
director, or manager of an organization engaged primarily in the
securities business and correspondent relationships between member
banks and securities organizations are prohibited, except when authorized by a permit therefor issued by the Federal Reserve Board. The
Board may issue such a permit if not incompatible with the public
interest, and may revoke such permit if the public interest requires.
Amendment to the Clayton Antitrust Act.—The Clayton Antitrust
Act was amended by adding a new section, section 8A, to provide
that after January 1, 1934, no officer, director, or employee of any
bank organized or operating under the laws of the United States
may be an officer, director, or employee of a corporation (other than
a mutual savings bank) or member of a partnership which makes
loans on stocks or bonds except to its own subsidiaries.
Amendments relating to national banks.—In addition to the provisions of the Banking Act of 1933 which are above referred to, the
act contained a number of important amendments to the laws relating
to national banks, among which are provisions with respect to their
capital requirements, divorce of their stock from stock of other corporations, cumulative voting for directors, liability of their shareholders, branches which they may operate, consolidations with other
banks and transfer of trust business upon such consolidations, rate
of interest on loans, and reports and examinations of their affiliates.
RECOMMENDATIONS CONCERNING LEGISLATION
The Federal Reserve Board recommends to Congress the enactment
of a number of amendments to the statutes relating to the Federal
Reserve System. The amendments recommended, together with a
brief statement of the reasons for the desired changes, are presented
below.
Revision of reserve requirements of member banks.—The Federal
Reserve Board renews its recommendation that reserve requirements
of member banks of the Federal Reserve System be based not solely
on the volume of deposits but also on the rapidity of their turn-over,
in other words, on the extent to which the deposits are utilized.
The report of the committee on bank reserves, on which the Board's
recommendation is based, appeared in the Annual Report for 1932,
ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
51
pages 260-285. A recent statement on the subject by Governor
Black, speaking on behalf of the Board, appeared in the Federal
Reserve Bulletin for April 1934.
Payment of deposits and interest thereon by member banks and
by banks whose deposits are insured.—The inflexibility of the provisions of the last two paragraphs of section 19 of the Federal Reserve
Act, which relate to the payment of deposits and interest thereon, in
a number of instances has affected member banks and their depositors
in a manner not believed to be intended by the statute and has given
rise to numerous difficulties in administration. In view of the undesirable situations created thereby, it is believed that these paragraphs
should be amended in a manner which will eliminate these objectionable features and at the same time will further the purposes of the
present law.
The fact that the prohibition upon the payment of any time deposit
before maturity admits of no exception under the law has been the
cause of much inconvenience to the customers of member banks; and
it is the view of the Board that the absolute prohibition of the law
should be relaxed so as to permit the payment of such deposits before
maturity in exceptional circumstances and in order to avoid hardships.
Accordingly, it is recommended that the law be amended so as to
provide that no time deposit may be paid before its maturity except
upon such conditions and in accordance with such rules and regulations as may be prescribed by the Federal Reserve Board.
It is also recommended that the provisions of the last two paragraphs of section 19 of the Federal Reserve Act relating to the payment of deposits and interest thereon be amended so as to apply to
every bank whose deposits are insured under the provisions of section
12B of the Federal Reserve Act. It is the view of the Board that
banks which are not members of the Federal Reserve System, but the
deposits of which are insured under the provisions of said section 12B,
should be on the same basis as to the payment of deposits and of
interest thereon as member banks of the Federal Reserve System.
Under existing law banks which are members of the Federal Reserve
System are subject to certain limitations and restrictions with respect
to the payment of deposits and of interest thereon which are not
applicable to other banking institutions whose deposits are insured
under the provisions of said section 12B, and such institutions are
thereby afforded a competitive advantage over member banks. The
suggested amendment would place all banks whose deposits are insured under section 12B on a basis of equality in this respect.
The rates of interest customarily paid on deposits by foreign banking institutions are often in excess of the rates which may lawfully be
paid by member banks of the Federal Reserve System on the same
kinds of deposits, and, as a result thereof, branches of member banks
ANNUAL KEPOKT OF THE FEDEEAL RESEEVE BOARD
53
section 8A, which forbids any director, officer, or employee of any
bank, banking association, or trust company, " organized or operating
under the laws of the United States'', to be at the same time a director,
officer, or employee of a corporation (other than a mutual savings
bank) or a member of a partnership " organized for any purpose
whatsoever'' which shall make loans secured by stock or bond collateral to any individual, association, partnership, or corporation
other than its own subsidiaries.
While the purposes of this section are not entirely clear, it is believed
that they are generally to prevent a too close association or community
of interest between national banks and nonbanking lenders on securities and to supplement other provisions of the Banking Act of 1933
which were designed to discourage corporations engaged in commerce
or industry from making loans to brokers or dealers in stocks and
bonds, i.e., the so-called "brokers loans for account of others." It
seeks to accomplish these objects by preventing individuals associated
with organizations which make loans on the security of stock or bond
collateral from serving at the same time as directors, officers, or
employees of banks organized or operating under the laws of the
United States.
It is not believed that this section was actually intended to prevent the same person from serving as director, officer, or employee
of two or more banks; but the conclusion that it has that effect seems
inescapable, because banks clearly are included in the broad term
"corporation * * * organized for any purpose whatsoever" and
also because the specific exception of mutual savings banks indicates
that all other banks which make loans on stock or bond collateral
are included. It is believed, therefore, that an amendment which
would except all banks instead of mutual savings banks alone from
the provisions of the section is in harmony with its real purposes and
should be enacted.
Moreover, because of the very comprehensive language employed,
and especially the words " corporation * * * organized for any
purpose whatsoever", section 8A has been found to apply to certain
other types of situations which are not believed to be within the
purpose of the statute. Numerous member banks have suffered the loss
of some of their most valuable directors and are threatened with the
loss of others solely because such directors are officers or directors of
corporations which occasionally make loans on stock or bond collateral to their own officers and employees or because they are officers
or directors of corporations engaged primarily in an agricultural,
industrial, or commercial business which occasionally make such loans
to their own customers as an incident to their principal business.
It is felt that the statute should be made inapplicable to such situa ons and that amendments should be adopted making exceptions
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ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD
operated in places outside of the United States may lose substantial
amounts of deposits unless they are permitted to meet competition
by paying interest at a rate equal to that currently paid by competing
foreign banking institutions. In view of these circumstances, it is
the opinion of the Board that the last two paragraphs of section 19
should be amended so as to except deposits payable only at an office
of a member bank located outside of the States of the United States
and of the District of Columbia from the prohibition upon the payment of interest on deposits payable on demand and from the provisions relating to the payment of interest on time and savings deposits.
The laws of a number of States require the payment of interest on
uninvested funds held in trust by banks; and, since trust funds awaiting investment as a practical matter must usually be available on
demand and may not ordinarily be carried as time deposits, it is
believed that the prohibition upon the payment of interest on deposits
payable on demand should be made inapplicable to deposits of trust
funds with respect to which the payment of interest is required by
State law.
The present law provides that the prohibition upon the payment of
interest on deposits payable on demand shall not be construed to
prohibit the payment of interest by a member bank in accordance
with the terms of any certificate of deposit or other contract entered
into in good faith and in force on the date of enactment of the Banking
Act of 1933. It is believed that the law should be amended so that
this prohibition will not apply to any payment made in accordance
with the terms of a bona fide contract in force on the date on which
the bank becomes subject to such provisions. Such an amendment
would except from the prohibition upon the payment of interest on
deposits payable on demand any payment made by a bank entering
the system subsequent to the enactment of the Banking Act of 1933,
provided such payment is made in accordance with the terms of a
contract entered into in good faith and in force on the date the bank
becomes a membei of the System.
In order that the provisions of the paragraphs in question may be
sufficiently adaptable to meet the requirements of actual conditions
it is believed that it is desirable to vest in the Federal Reserve Board
specific authority to define for the purposes of such paragraphs certain
terms used therein, such as "time deposits", "savings deposits7',
and "deposits payable on demand." In addition it is believed that
the Board should be expressly authorized to prescribe such rules and
regulations as may be necessary to effectuate the purposes of the
paragraphs and to prevent evasions thereof.
Interlocking bank directorates under the Clayton Antitrust Act.—
Section 33 of the Banking Act of 1933 amended the Clayton Antitrust
Act by adding after section 8 thereof a new section, designated
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
covering these classes of cases and at the same time guarding carefully against any evasion of the true purposes of the law. It is believed that such amendments should include a provision making the
proposed exceptions inapplicable in the case of corporations or partnerships which make loans to brokers or dealers in stocks or bonds or
which make loans to finance the purchase or sale of, or trading in,
stocks or bonds other than loans to their own officers and employees
for the purpose of enabling them to buy stock or bonds in such
corporations.
Section 8A of the Clayton Act has been interpreted by the Federal
Reserve Board as not forbidding interlocking relationships between
State member banks and corporations or partnerships which may
make loans on the security of stock or bond collateral. This interpretation is based upon an opinion of the Attorney General with
regard to a similar question arising under section 8 of the Clayton
Antitrust Act. The Board feels that the purposes of section 8A
will be accomplished more effectively if its provisions are made
applicable to State banks which are members of the Federal Reserve
System as well as to national banks. It is recommended, therefore,
that the words "any bank, banking association, or trust company
organized or operating under the laws of the United States" now
appearing in the statute be stricken out and that there be substituted the words "any member bank of the Federal Reserve System."
Incidentally this change would make the section inapplicable to
Federal Reserve banks, Federal land banks, Federal intermediate
credit banks, Federal home loan banks, and similar institutions,
which are not believed to be within the intent of the section.
Discounts for individuals, partnerships or corporations by Federal
Eeserve banks.—Section 13 of the Federal Reserve Act was amended
by the act of July 21, 1932, so as to add thereto a new paragraph under
which the Federal Reserve Board, in unusual and exigent circumstances and by the affirmative vote of not less than five members,
may authorize any Federal Reserve bank during such periods as the
Board may determine to discount for any individual, partnership, or
corporation notes, drafts, and bills of exchange of the kinds and
maturities made eligible for discount for member banks, when endorsed and otherwise secured to the satisfaction of the Federal
Reserve bank and when such individual, partnership, or corporation
has been unable to secure adequate credit accommodations from other
banking institutions. Pursuant to the authority of this amendment
to the law, the Federal Reserve Board authorized such discounts by
any Federal Reserve bank for a 6 months' period beginning August 1,
1932, and has renewed such authorization from time to time so that
it has been in effect continuously and is still in effect. Under this
authority, Federal Reserve banks up to May 2, 1934, had discounted
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
55
for individuals, partnerships, and corporations notes, drafts, and bills
of exchange in the amount of $1,389,000, of which $343,000 was
outstanding on that date.
On account of the requirement that paper so discounted be both
endorsed and secured it has been necessary for the Federal Reserve
banks to decline to make such discounts in cases where it might
otherwise have been possible to do so. It frequently happens that an
individual, partnership, or corporation which may be desirous of discounting paper directly with a Federal Reserve bank can furnish
satisfactory endorsement of the paper to be discounted, or satisfactory
security, but is unable to furnish both the endorsement and security;
and in such cases the discount may not lawfully be made.
The Board believes that if the law should be changed so as to
require, in the alternative, satisfactory endorsement or satisfactory
security, the Federal Reserve banks would be able to extend credit
to individuals, partnerships, or corporations in instances where
they now have no such authority; and such a liberalization of this
method of affording credit to industry would seem to be desirable
under existing conditions. Inasmuch as it would still be necessary
after such an amendment to the law for the borrowers to furnish
either satisfactory endorsement or satisfactory security, it is believed
that the Federal Reserve banks would be adequately protected in
making such advances.
It is recommended, therefore, that the requirement for both
endorsement and security with respect to discounts for individuals,
partnerships, or corporations under the third paragraph of section
13 of the Federal Reserve Act be changed so that either endorsement
and/or security of a satisfactory character will be sufficient under the
law.
Advances by Federal Reserve banks to member banks in exceptional circumstances.—Section 10 (b) of the Federal Reserve Act
authorizes any Federal Reserve bank in exceptional and exigent circumstances to make advances to its member banks on their time or
demand notes secured to the satisfaction of such Federal Reserve bank
when such member banks are without sufficient eligible and acceptable
assets to enable them to obtain adequate credit accommodations
through other methods provided in the Federal Reserve Act. The
section was added to the Federal Reserve Act by the act of February
27, 1932, and under the authority of its provisions, as amended by
subsequent acts and as extended by a proclamation signed by the
President of the United States on February 16, 1934, advances may
be made thereunder up to and including March 3, 1935.
The existence of the authority conferred by section 10 (b) of the
Federal Reserve Act has made it possible for the Federal Reserve
banks to extend to a considerable number of member banks credit
49753—34
5
56
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
which was urgently needed to tide them over a difficult period and in
some instances to prevent suspension. Up to and including May 2,
1934, advances aggregating $303,574,000 had been made under the
authority of this section to member banks located in all Federal
Reserve districts. The highest amount outstanding at any one time
was $95,000,000, and on May 2, 1934, all except $9,530,000 had been
repaid.
In view of the fact that this section has enabled the Federal Reserve
banks to render valuable assistance to member banks in difficulties
without impairing the liquidity of the assets of the Federal Reserve
banks, it is believed that the authority of the section should be made
permanent. However, it is the view of the Board that loans should
not be made thereunder except during periods of a banking emergency
when member banks may be in unusual need of assistance and that
the section should be enacted in permanent form only if an appropriate safeguard is incorporated therein to enable the Board to prevent
an undue use of such credit facilities. The Board recommends,
therefore, that the section be enacted in permanent form with an
amendment providing that loans may not be made by Federal Reserve
banks under the provisions of the said section except pursuant to
authorit}7 granted by the Federal Reserve Board upon the affirmative vote of not less than five members and under rules and regulations prescribed by the Federal Reserve Board.
Receipt of deposits by other than financial institutions or private
bankers.—The Board also invites attention to the desirability of a
clarification of subdivision (2), paragraph (a) of section 21 of the
Banking Act of 1933, which is somewhat uncertain as to meaning.
This provision of the statute makes it unlawful after June 16, 1934,
for any person, firm, corporation, association, business trust, or other
similar similar organization, other than a financial institution or
private banker subject to examination and regulation under State
or Federal law, to engage in the business of receiving deposits, unless
the individual or organization shall submit to periodic examination
by the Comptroller of the Currency or by the Federal Reserve bank
of the district and shall make and publish periodic reports of its
condition.
It is not entirely clear whether a person or organization desiring to
submit to periodic examination has the right to select for such purpose either the Comptroller of the Currency or the Federal Reserve
bank of the district, or whether it is the intent of the law that the
Comptroller of the Currency or the Federal Reserve bank shall
determine which of such authorities shall be selected by a person or
organization desiring to submit to examination thereunder. It
should also be noted that neither the Comptroller of the Currency
nor the Federal Reserve bank is given the right to take action to
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
57
require the correction of irregularities which may be disclosed by
such an examination, or to exercise regulatory powers over a person
or organization so submitting to examination.
The Federal Reserve Board accordingly recommends that such
amendments to this provision of the law be enacted as may be necessary to clarify its meaning and provide an effective means of supervising or regulating any person or organization submitting to examination as therein provided.
Publication of reports of condition of State member banks.—The
Federal Reserve Board also brings to the attention of Congress the
need for an amendment to the statute to require the publication of
reports of condition made by State member banks of the Federal
Reserve System pursuant to the provisions of the Federal Reserve
Act. The existing law contains no such requirement Reports
of condition of national banks made to the Comptroller of the
Currency are required by the law to be published and the Federal
Reserve Board feels that State member banks of the Federal Reserve
System should be made subject to a like requirement with respect to
reports rendered on dates fixed by the Federal Reserve Board.
Moreover, the Federal Reserve Act, as amended by the Banking Act
of 1933, requires reports of affiliates of a State member bank to be
published by the bank " under the same conditions as govern its own
condition reports." This provision appears to have been based
upon the assumption that there was a requirement in the Federal
statute for the publication of condition reports of State member banks
but, as stated, there is no such requirement. In the circumstances,
the Federal Reserve Board feels that it is desirable that the law be
amended so as to require the publication of reports of condition of
State member banks which are made to the Federal Reserve banks on
dates fixed by the Federal Reserve Board.
Capital notes and debentures as part of capital funds of State
banks.—The Federal Reserve Board also recommends an amendment to section 9 of the Federal Reserve Act to make it clear that the
proceeds of capital notes and debentures issued by a State bank and
purchased by the Reconstruction Finance Corporation shall be
regarded as capital funds of such bank and as a part of its unimpaired
capital for the purpose of membership of such bank in the Federal
Reserve System. It is understood that among State banks which are
eligible for insurance of deposits under section 12B of the Federal
Reserve Act there are many whose capital would not be sufficient to
make them eligible for membership in the Federal Reserve System,
unless they were permitted for this purpose to count, as part of their
unimpaired capital, the proceeds of notes and debentures sold to the
Reconstruction Finance Corporation. Under the law, banks that
are not members of the Reserve System may not continue to partici
58
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
pate in the Federal Deposit Insurance Corporation after July 1, 1936.,
Many banks that may have been admitted to participation in the
Federal Deposit Insurance Corporation, therefore, may have to be
excluded from it on that date unless they qualify for membership in
the Federal Reserve System. The Federal Reserve Board has ruled
that, in view of the fact that purchases of capital notes and debentures by the Reconstruction Finance Corporation are for the sole and
express purpose of strengthening the capital structure of the banks
selling the notes or debentures, the proceeds of such notes and debentures may be counted as part of the banks' unimpaired capital.
Since the law is not explicit on this subject, however, the Board
recommends that it be clarified.
Treatment of capital notes, debentures, and subordinated deposits
in certification of banks for insurance.—Subsection (e) of section
12B of the Federal Reserve Act requires the Federal Reserve Board,
in the case of a State member bank, or the Comptroller of the Currency, in the case of a national bank, to certify upon the basis of a
thorough examination of a bank applying for class A stock in the Federal Deposit Insurance Corporation whether or not its assets are adequate to enable it to meet all of its liabilities to depositors and other
creditors as shown by the books of the bank. Many banks may not
be eligible to obtain class A stock in the Federal Deposit Insurance
Corporation if the holders of capital notes and debentures issued by
the banks are considered "creditors " within the meaning of this provision and it is believed desirable that the statute should make it
clear that holders of such capital notes and debentures are excluded
from the term " creditors" as there used. In some cases also banks
have entered into agreements with their depositors under which the
depositors agreed to waive the right to demand payment of a part of
their deposit claims until after other claims against the bank should
be satisfied in an endeavor to provide for the elimination of losses in
the bank. In certain of these cases the bank issued to such depositors
deferred certificates under which the bank agreed to pay the depositors
the amount of their deferred deposits before any distribution of assets
of the bank to its stockholders, and in the event of the dissolution of
the bank the holders of the deferred certificates are entitled to share
in the assets of the bank after claims of other depositors and other
creditors have been provided for. If the owners of such subordinated
deposits are considered as "other creditors7' within the meaning of
subsection (e) above mentioned, such banks may not be eligible to
obtain class A stock in the Federal Deposit Insurance Corporation.
Accordingly, it is believed to be important that the statute should
make it clear that the owners of such subordinated deposits are not
to be considered as "creditors" within the meaning of the provision
in question. The Federal Reserve Board, therefore, recommends that
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
59
the law be amended so as to exclude from the term "creditors" in the
provision mentioned the holders of capital notes and debentures
issued by the bank and the owners of subordinated deposits of the
kind described.
Rate of interest charged by branches of member banks located
outside of the United States. —The Federal Reserve Board also favors
the enactment of an amendment to section 5197 of the Revised
Statutes of the United States, relating to the rate of interest which
may be charged by national banks on loans or discounts, which would
permit a branch of such a bank located outside of the States of the
United States and the District of Columbia to charge a maximum
rate of interest on loans or discounts equal to the rate allowed by the
laws of the country, territory, or possession where such branch is
located. Such an amendment is believed to be desirable in order
that such branches of national banks may be enabled to compete on
a basis of equality with other institutions in the localities where they
are situated and would be in harmony with the amendment above
proposed to except from the provisions of section 19 of the Federal
Reserve Act relating to the payment of deposits and interest thereon
deposits which are payable only at an office of a member bank located
outside of the States of the United States and the District of Columbia.
Insurance of bank deposits payable outside of the United States.—
The Board also recommends an amendment to section 12B of the
Federal Reserve Act, relating to the insurance of bank deposits,
which would exclude, in any determination of the insured deposit
liabilities of any closed bank or of the total net deposit liabilities of
any bank which is a holder of class A stock of the Federal Deposit
Insurance Corporation or a member of the fund provided for in
subsection (y) of that section, deposits payable only at an office
located outside of the States of the United States and the District of
Columbia and which would render ineligible for insurance under the
provisions of section 12B deposits of any bank so situated, whether
or not a member of the Federal Reserve System. It is believed that
such an amendment would be in harmony with the present purposes
of section 12B to exclude deposits payable only at an office of a bank
located in a foreign country and that it is not desirable that banks
located in the United States should be required to contribute to the
satisfaction of losses incurred by banks located outside of the United
States.
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS
Gross earnings of the Federal Reserve banks in 1933 amounted to
$49,487,000, or $532,000 less than in 1932. After deducting current
expenses of $29,223,000—about $2,900,000 more than for the preceding year—reserves for depreciation on bank premises, and reserves for
60
ANNUAL REPORT OF T H E FEDERAL RESERVE BOARD
losses, self-insurance, etc., there remained net earnings of $7,957,000,
or $917,000 less than the amount of dividends paid during the year.
Earnings, expenses, dividend payments, etc., for all Federal Reserve
banks combined for 1933 and 1932 are shown in the following table:
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1933 AND 1932
[In thousands of dollars]
1933
Total earnings
Current expenses
._
_
_.
.
1932
49,487
29, 223
20, 264
Net deductions from current net earnings
Net earnings
__
Dividends paid
. . .
. . .
Transferred to surplus
Franchise tax paid U.S. Government
3,884
5,298
12,307
7,957
_
23, 728
1,762
14,069
1,414
22, 314
8,874
-917
Current net earnings.
Additions (profits on sales of U.S. Government securities, etc.)
Deductions (depreciation and other reserves, etc.)
50,019
26, 291
9,282
11,021
2,011
The earnings of only two Reserve banks, New York and Chicago,
were sufficient during 1933 to pay dividends in full without making
any charge against surplus.
Gross and net earnings during the year 1933 and the distribution of
net earnings of each Federal Reserve bank are shown in the following
table:
FINANCIAL RESULTS OF OPERATIONS OF THE FEDERAL RESERVE BANKS DURING
1933
Federal Reserve bank
Boston
New York
PhiladelphiaCleveland
Gross
earnings
Net
earnings
Dividends Transferred
paid
to surplus
$2, 774,081
17, 523,930
4,311,435
4, 705,091
$25,617
6,197, 727
-318,445
731,683
Richmond
Atlanta
Chicago
St. Louis
1,699,191
1,686,497
6,764, 554
1,629,136
-328,740
154,971
1,790,493
-90,766
281,644
858,127
246,643
-637,128
-126,673
932,366
-337,409
Minneapolis..
Kansas City..
Dallas
San Francisco
1, 497, 669
1, 742,260
1, 251, 276
3,902,198
82,085
-268,275
-448,047
429,104
171,569
250,321
227,888
634,633
-89, 484
-518,596
-675,935
-205,529
7,957,407
8,874, 262
-916,855
Total...
49,487,318
$645, 681 -$620,064
3, 509, 873 2,687,854
950,437 - 1 , 268,882
789,058
-57,375
Earnings on total bills and securities were practically the same in
the aggregate as in 1932, an increase of nearly $360,000,000 in average
daily holdings of bills and securities being offset by a reduction from
2.33 percent to 1.98 percent in the average rate of earnings. Average
daily holdings of bills and securities, together with average rates and
ANNUAL
REPORT OF T H E
FEDERAL RESERVE BOARD
61
amounts of earnings thereon, are shown for recent years in the following table:
EARNINGS
ON B I L L S
AND S E C U R I T I E S
[Amounts in thousands of dollars]
Bills and securities
Total
Daily average holdings:
1930
1931
1932
1933 _ . .
Earnings:
1930 . . .
1931
1932
1933
Average rate of earnings (percent):
1930
1931
1932
1933.
Bills discounted
Bills
United
All other
bought in States Gov- bills and
open marernment
securities
ket
securities
1,056,895
1, 251,058
2,062,446
2,421, 566
271, 727
326, 217
520,637
283,229
213,201
245, 260
70,902
82,882
563,672
669,013
1,461, 258
2,052,160
8,295
10,568
9,649
3,295
34, 365
27,565
47, 992
47,995
10, 672
9,821
17,881
9,137
6,081
5,010
2,785
1,238
17, 273
12,428
26,924
37, 530
339
306
402
90
3.25
2.20
2.33
1.98
3.93
3.01
3.43
3.23
2.85
2.04
3.93
1.49
3.06
1.86
1.84
1.83
4.09
2.90
4.17
2.74
Current expenses of the Federal Reserve banks in 1933 were
$29,223,000, or $2,932,000 more than in 1932. Owing to the increased
demand for currency prior to the banking holiday and to the cost of
printing Federal Reserve bank notes which were issued after the
banking holiday, the cost of printing and redeeming Federal Reserve
currency increased about $900,000. Current expenses for 1933 also
include the tax on Federal Reserve bank notes amounting to $506,000.
Smaller increases were reported for salaries, for postage and expressage, for printing and stationery, for traveling expenses, for telephone
and telegraph service, for assessments for Federal Reserve Board's
expenses, for insurance, and for certain other items. These increases
were largely the result of increased work during and after the banking
holiday and to the increased responsibilities and duties of the Federal
Reserve Board and the Federal Reserve banks under the Banking
Act of 1933.
The average number of officers and employees, exclusive of those
assigned to the Reconstruction Finance Corporation unit, increased
from 9,283 in 1932 to 10,015 in 1933, largely in consequence of modifications in hours of employment and to a large increase in work of
some of the departments, notably the Federal Reserve agent's department, in connection with the licensing and reorganization of banks.
There wTas also a substantial increase in the volume of work in the
collection and fiscal agency (Treasury) departments. During the
year the Federal Reserve banks had an average of 1,114 officers
and employees engaged on work of the Reconstruction Finance
Corporation.
62
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
The volume of work handled in the principal operating departments
of the banks for which a measurement is available, during each of
the past 4 years, was as follows:
VOLUME OF OPERATIONS IN PRINCIPAL
1930
DEPARTMENTS
1931
1932
1933
NUMBER OF PIECES HANDLED 1
Bills discounted:
Applications
Notes discounted
Bills purchased in open market for own
account
Currency received and counted
Coin received and counted
Checks handled
Collection items handled:
United States Government coupons
paid
Allother
Z
United States Government securitiesissues, redemptions, and exchanges by
fiscal agency department
Transfers of funds
._.
2 96, 000
415, 000
2109,000
513, 000
178,000
779,000
81,000
346, 000
208,000
2,441, 989, 000
3,325, 555,000
904, 975, 000
221,000
2, 269, 292,000
2, 900,462, 000
864, 615, 000
76, 000
2,025, 552, 000
2, 654, 787, 000
734, 538, 000
79,000
2, 013, 459,000
2, 497,928,000
688, 933, 000
19, 362, 000
6, 388, 000
17, 322,000
6,927, 000
17, 710,000
7,468, 000
18, 099, 000
8,371,000
2 1,412,000
1,868, 000
2 2, 431, 000
1, 663, 000
21,956, 000
1,469,000
3, 502,000
1, 290,000
$14, 555, 590,000 $18, 648,306,000
$9,632,808,000
AMOUNTS HANDLED
Bills discounted
$14,067,117,000
Bills purchased in open market for own
account
3,873, 698,000
Currency received and counted.
14, 262,809,000
537, 534,000
C oin received and counted
Checks handled
324,883,021,000
Collection items handled:
United States Government coupons
499, 111, 000
paid—
._
Allother.
7, 528,014, 000
United States Government Securitiesissues, redemptions, and exchanges by
fiscal agency department
-. 2 7,084,080,000
198,880,880, 000
Transfers of funds
2,998, 415,000
762,
12, 668,638, 000 10,952,
585,945, 000
360,
248,172,956, 000 176,591,
479,960,000
7,321,814, 000
755, 000
898,001,000
597,000 11, 710,364,000
295,000
624, 617,000
791,000 157,833, 692,000
529,086,000
5, 427,817,000
578,082,000
5, 539, 659,000
217,348,971,000
19,444,110, 000
162, 095, 081,000 116, 040, 041, 000
24,622, 726,000
85, 059,151,000
1
Two or more checks, coupons, etc., handled as a single item, are counted as 1 "piece."
2 Revised.
BUILDING OPERATIONS OF FEDERAL RESERVE BANKS
Construction of an addition to the building occupied by the Federal
Reserve Bank of Philadelphia, which was begun in September 1932,
was continued throughout 1933. At the end of 1933 all Federal
Reserve banks were housed in buildings owned by them, as were all
Federal Reserve branches, except those at Cincinnati, Charlotte, Portland, Seattle, and Spokane.
BRANCHES AND AGENCIES OF FEDERAL RESERVE BANKS
The 25 branches and 2 agencies of the Federal Reserve banks which
were in operation at the end of 1932 continued to function throughout
the year 1933. The following table shows a comparison of the volume
of work handled in certain departments during the years 1930, 1931,
1932, and 1933.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
63
VOLUME 1 OF OPERATIONS OF FEDERAL RESERVE BRANCHES AND AGENCIES
1930
1931
1932
1933
Checks handled:
N"umhp,r
245,416,000
193, 799,000
265,300,000
205, 505,000
$62,834,956, 000 $48,079,197,000 $34,048,272,000 $33,618, 776, 000
Amount
Currency received and counted:
Number of pieces
581, 697,000
522, 933, 000
472,870, 000
470, 285,000
Amount _
, ._ . $3,106, 716,000 $2, 565,552,000 $2, 222, 943,000 $2, 543,130,000
Coin received and counted:
Number of pieces
572, 611, 000
593,425,000
574, 622, 000
526,189,000
Amount
__ __ $84,394,000
$72, 550,000
$126, 211,000
$71, 273,000
* Two or more checks, etc., handled as a single item, are counted as 1 "piece."
Current expenses during 1933 of the branches and agencies
amounted to $5,834,000, compared with $5,613,000 during 1932.
BANK
EXAMINATIONS
The Board's division of examinations conducted one examination
of each Federal Reserve bank during the year.
The head office of the only banking corporation now in operation
organized to engage in foreign and international banking business,
under the provisions of section 25 (a) of the Federal Reserve Act,
generally referred to as the Edge Act, was examined during the
year.
TRUST ACTIVITIES OF NATIONAL BANKS
The Board in 1933 approved 41 original and 2 supplementary applications by national banks for permission to exercise fiduciary powers
under the provisions of section 11 (k) of the Federal Reserve Act.
Two thousand sixty-four national banks, including banks operating
under conservatorships, were holding permits to act in fiduciary capacities on December 31, 1933.
Five national banks during the year 1933 surrendered their rights
to exercise trust powers under the provisions of section 11 (k) of the
Federal Reserve Act.
A list of national banks holding permits to exercise trust powers on
December 31, 1933, is printed on pages 359-380.
CHANGES IN*MEMBERSHIP
During the year 1933 the number of member banks decreased from
6,816 to 6,523, a net reduction of 293 as compared with a net reduction of 430 the year before. Membership on March 15, 1933, the end
of the banking holiday, included 4,507 licensed and 1,400 unlicensed
national banks, and 571 licensed and 221 unlicensed State banks,
representing a decrease between January 1 and March 15, 1933, of
104 in the number of national banks and 13 in the number of State
banks. Between March 15 and the end of the year there was a de
64
ANNUAL KEPORT. OF T H E FEDERAL RESERVE BOARD
cline of 176 in the number of member banks, as a result of a decrease
of 301 in the number of national banks, partly offset by an increase
of 125 in the number of State banks. At the end of 1933 membership included 5,154 licensed and 452 unlicensed national banks and
857 licensed and 60 unlicensed State banks.
The decline in the number of member banks was the result largely
of the suspension of 89 banks from January 1 to March 15, and the
liquidation of 511 unlicensed member banks from March 16 to the
end of the year. These decreases were partly offset by the organization of 249 new national banks, resulting mainly from the reorganization of unlicensed national banks after the banking holiday, and the
admission of 237 State banks to membership.
At the end of December 1933 loans and investments of licensed
member banks constituted approximately 83 percent of the total
loans and investments of all banks, exclusive of mutual savings
banks, as compared with 80 percent at the end of 1932 and 77 percent
at the end of 1931.
CHANGES IN THE NUMBER OP NATIONAL AND STATE BANK MEMBERS DURING
1933
National
Number of member banks on Jan. 1,1933—.
6,011
State
member
Total
Total decreases
237
i1
249
237
6
238
492
66
42
23
42
89
593
61
654
126
785
+112
—293
5,154
2 452
857
60
6,011
512
1,400
Net increase or decrease
Number of member banks on Dec. 31,1933:
Licensed
Unlicensed
i5
-405
- . - -
6,816
659
Total additions
Decreases in membership:
Withdrawals of State banks
.
Suspensions, Jan. 1 to Mar. 15
Mergers, absorptions, consolidations, liquidations, and receiverships
805
254
Additions to membership:
Organizations of national banks (including successions and conversions)
Admissions of State banks.
. .
Resumptions following suspension
221
1,621
249
MEMORANDUM—UNLICENSED MEMBER BANKS
Number on Mar. 15,1933
. .
.
Changes Mar. 16 to Dec. 31, 1933:
Add: Licenses revoked __ _
Deduct:
Unlicensed banks licensed.. 3
Liquidations and receiverships
Withdrawals of State banks
Number on Dec 31 1933
_. . .
_
17
_.
17
14
489
*466
87
45
36
576
2 452
60
512
36
1
Includes 1 bank placed in conservatorship after the banking holiday which had suspended prior to that
time.
* Includes 16 national banks whose Federal Reserve bank stock had been canceled and membership
terminated but which, at the end of the year, were still included in the Comptroller of the Currency's records of unlicensed national banks.
* Includes unlicensed banks absorbed or succeeded by other banks.
* Includes 2 banks placed in receivership subsequent to revocation of license.
65
ANNUAL REPORT OF T H E FEDERAL RESERVE BOARD
FEDERAL RESERVE INTERDISTRICT COLLECTION SYSTEM
At the end of 1933 there were 13,677 banks (licensed and unlicensed)
on the Federal Reserve par list, comprising all member banks (6,523)
and 7,154 nonmember banks that pay, without deduction of exchange
charges, such checks drawn upon them as are presented or forwarded
for payment by the Federal Reserve banks. During the year the
number of nonmember banks on the par list decreased by 960—
largely as a result of the reduction in the number of banks in operation—and the number not on the par list by 351. Of the 2,695 banks
not on the par list at the end of 1933, 1,465 were located in 11 Southern
States and 1,086 in 6 West North Central States and the adjoining
State of Wisconsin. As will be seen from the following table, all of
the banks in the Boston, New York, and Philadelphia districts, and all
but 3 in the Cleveland district, were on the Federal Reserve par list;
I N T E R D I S T R I C T C O L L E C T I O N SYSTEM
[Number of banks at end of December]
Member banks
Nonmember banks
On par list
Federal Reserve district
1933 2
1933*
United States
Boston
New York .
Philadelphia
Cleveland
Richmond
Atlanta
Chicago -_
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
1
2
Not on par list l
1932
1932
1933 2
1932
6,523
_
_
._
6,816
7,154
8,114
2,695
3,046
367
808
671
621
400
330
692
403
532
748
549
402
367
827
693
630
392
323
792
429
545
785
584
449
209
300
281
696
352
109
1,986
1,002
429
1,256
365
349
221
333
303
764
425
134
2,200
1,112
322
1,422
421
457
3
338
637
187
377
704
199
211
39
5
366
705
251
409
818
224
220
48
Figures cover all incorporated banks (other than mutual savings banks).
Includes unlicensed banks; licensing began Mar. 13, 1933.
ADDITIONS TO AND CHANGES IN THE FEDERAL RESERVE BOARD'S
REGULATIONS
Under the provisions of the Banking Act of 1933, the Federal
Reserve Board was authorized to issue regulations on a number of
subjects with respect to which it had not theretofore issued regulations or which had not been within the scope of its authority. Pursuant to these provisions of the Banking Act of 1933, the Federal
Reserve Board issued its Regulation M, relating to open-market
operations of Federal Reserve banks; its Regulation N, regarding
relations of Federal Reserve banks with foreign banks and bankers;
its Regulation P, with respect to holding company affiliates and
66
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
voting permits; its Regulation Q, relating to the payment of deposits
and interest thereon by member banks; and its Regulation R, regarding relationships of member banks with dealers in securities. Also,
pursuant to the provision of the Banking Act of 1933 which added a
new section, 8A, to the Clayton Antitrust Act, the Board revised its
Regulation L regarding interlocking bank directorates and other
relationships under the Clayton Act. The text of the regulations
mentioned is printed on pages 296-318.
ADMINISTRATION OF SECTIONS 8 AND 8A OF THE CLAYTON ANTITRUST
ACT
The Banking Act of 1933 added a new section, 8A, to the Clayton
Antitrust Act, under which, after January 1, 1934, no director,
officer, or employee of any bank, banking association or trust company organized or operating under the laws of the United States may
be at the same time a director, officer, or employee of a corporation
(other than a mutual savings bank) or a member of a partnership
organized for any purpose whatsoever which shall make loans secured
by stock or bond collateral other than to its own subsidiaries. The
prohibitory provisions of this section are in addition to those contained in section 8 of the Clayton Act. Under the latter section,
however, the Federal Reserve Board is authorized subject to certain
conditions to grant permits if, in its judgment, it is not incompatible
with the public interest, covering relationships of the kind prohibited
by the provisions of the Clayton Act between banks, banking associations or trust companies; and, during the year 1933, the Federal
Reserve Board acted upon the applications of 151 persons for permits
to serve at the same time as director, officer, or employee of more
than one bank, banking association, or trust company where such
service was, without such a permit, within the prohibitory provisions
of the law.
REDUCTIONS IN CAPITAL STOCK OF MEMBER BANKS
During the year 1933 the Board acted upon applications of 261
member banks for permission to reduce the amount of their capital
stock. Two hundred and fifty-six of these applications were from
national banks and 253 were approved. Five were from State
member banks and all these were approved. In practically all cases
these were reductions of common stock made in connection with the
issuance of preferred stock or capital notes or debentures, the funds
released through the reduction of common stock being used to cover
losses and undesirable assets.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
67
APPLICATIONS FOR VOTING PERMITS BY HOLDING COMPANY AFFILIATES
Under the provisions of the Banking Act of 1933 shares of a member
bank controlled by any holding company affiliate of such bank may
not be voted unless such holding company affiliate shall have first
obtained a voting permit from the Federal Reserve Board. The
Board is required to consider, in acting upon an application for such a
permit, the financial condition of the applicant, the general character
of its management, and the probable effect of the granting of the permit upon the affairs of the bank, and may grant or withhold a permit
as the public interest may require; but may not grant such a permit
except upon certain conditions specified in the law.
Prior to January 1, 1934, the Federal Reserve Board acted upon 49
applications for voting permits submitted in accordance with this
provision of law. All other applications filed prior to January 8,
1934, were acted upon before January 9, 1934, the date for regular
annual shareholders' meetings of national banks. On account of the
large number of banks and the great amount of detail involved in
these applications, and the fact that most of the applications were filed
during the latter part of 1933, the Board found it advisable to grant
permits to vote the stock of the member banks for certain limited
purposes or for certain limited periods only and reserved for further
consideration the issuance of general permits in such cases.
MEETINGS OF FEDERAL ADVISORY COUNCIL
Four meetings of the Federal Advisory Council were held in Washington during 1933 on the following dates: February 21, May 16,
September 19, and November 21.
ORGANIZATION, STAFF, AND EXPENDITURES
On March 4, 1933, William H. Woodin, of New York, succeeded
Ogden L. Mills, of New York, as Secretary of the Treasury and as
ex-officio chairman of the Federal Reserve Board. Mr. Mills had
been Secretary of the Treasury since February 12, 1932.
On May 11, 1933, J. F. T. O'Connor, of California, was appointed
Comptroller of the Currency and, as such, became an ex-officio member of the Federal Reserve Board.
The resignation tendered on March 24, 1933, by Eugene Meyer, of
New York, as member and Governor of the Federal Reserve Board was
accepted as of May 10, 1933. Mr. Meyer had been Governor of the
Board since September 16, 1930.
Effective May 19, 1933, Eugene R. Black, of Georgia, was appointed
a member of the Federal Reserve Board for the unexpired portion of
the term ending August 9, 1938, and was designated as Governor of
the Board, succeeding Mr. Meyer.
68
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
The term of Wayland W. Magee, who had been a member of the
Federal Reserve Board since May 18, 1931, expired on January 24,
1933.
On June 14,1933, J. J. Thomas, of Nebraska, and M. S. Szymczak,
of Illinois, assumed office as members of the Federal Reserve Board
under appointments for the unexpired portions of the 10-year terms
ending January 24, 1943, and April 18, 1943, respectively.
Floyd R. Harrison, assistant to the Governor of the Federal Reserve Board, tendered his resignation as of the close of business on
May 15, 1933, and it was accepted by the Board. On May 18, 1933,
the Board appointed E. M. McClelland, formerly assistant secretary,
as assistant to the Governor to succeed Mr. Harrison. Mr. McClelland died on July 27, 1933, and effective August 16, 1933, H. Warner
Martin was appointed assistant to the Governor, succeeding Mr.
McClelland.
On May 18, 1933, S. R. Carpenter was appointed Assistant Secretary of the Federal Reserve Board succeeding Mr. McClelland in
that office.
Effective August 22, 1933, L. P. Bethea was appointed Assistant
Secretary of the Federal Reserve Board.
Effective August 16, 1933, Oliver E. Foulk, formerly deputy fiscal
agent, was appointed fiscal agent of the Federal Reserve Board and
J. C. Noell, formerly assistant secretary and fiscal agent, continued
as assistant secretary. Effective August 16, 1933, Miss Josephine E.
Lally was appointed deputy fiscal agent of the Federal Reserve Board,
succeeding Mr. Foulk.
H. Lee Boatwright, Jr., was appointed assistant counsel to the
Federal Reserve Board, effective May 3, 1933. J. Delafield DuBois
was appointed assistant counsel to the Federal Reserve Board, effective September 21, 1933. Alfred K. Cherry was appointed assistant
counsel to the Federal Reserve Board, effective October 16, 1933.
The total cost of conducting the work of the Board during the year
1933 was approximately $882,890. Two assessments were levied
against the Federal Reserve banks aggregating $800,159.66, or slightly
less than one fifth of 1 percent of their average paid-in capital and
surplus for the year.
FEDERAL RESERVE BANK CREDIT
69
RESERVE BANK CREDIT AND RELATED ITEMS
No.
1.—RESERVE
BANK
CREDIT
AND
RELATED
ITEMS,
ANNUAL
AVERAGES,
1918-33
[Averages of daily figures. In millions of dollars]
i
Reserve bank credit outstanding
U.S.
Year
GovBills
dis- Bills ernment
count- b o u g h t
ed
securi-
ties
1918.
1919.
1920.
1921.
1922.
1923.
1924.
1925.
1926.
1927.
1928.
1929.
1930.
1931.
1932.
1933.
1,134
1,906
2,523
1,797
571
736
372
481
568
442
840
951
272
326
521
283
287
324
385
91
159
227
172
287
281
263
328
241
213
245
71
83
134
254
324
264
455
186
402
359
350
417
297
208
564
669
1,461
2.052
Treasury
MemMone- and Money ber
natary tional- in cir- bank
Other
gold bank cula- reserve
reserve
tion
balbank Total stock curcredit *
rency
ances
(2 3)
168
141
158
46
41
56
50
68
59
53
40
59
38
34
24
11
1,723
2,625
3,390
2,198
1,226
1,205
996
1,195
1,258
1,175
1,505
1,459
1,087
1,274
2,077
2,429
3,158
3,129
2,869
3,291
3,802
4,061
4,439
4,381
4,452
4,564
4,206
4,283
4,460
4,704
4,239
4,346
1,867
L, 716
L, 695
,758
L871
1,991
2,017
2,000
1,985
2,000
2,008
2,015
2,025
2,025
2,096
2,271
4,658
5,016
5,478
4,950
4,535
4,822
4,879
4,869
4,932
4,892
4,783
4,763
4,532
4,959
5,615
5,863
1,497
1,719
1,835
1, 671
1,781
1,873
2,023
2,167
2,209
2,290
2,355
2,358
2,379
2,323
2,114
2,343
Treasury
cash
and deposits
with
F.R.
banks
Other
Non- Fedmem- eral
Reber
depos- serve
acits s counts
(2 4)
391
464
293
263
268
255
260
244
242
226
225
229
239
251
275
343
108
115
67
28
30
27
27
31
28
31
29
30
28
97
56
147
r
1
2
95
155
280
'336
286
280
263
264
284
300
327
376
'393
373
351
350
Revised.
Includes G o v e r n m e n t overdrafts in 1918, 1919, a n d 1920.
I n earlier presentations of these d a t a the t w o items, " T r e a s u r y a n d n a t i o n a l - b a n k c u r r e n c y " a n d
" T r e a s u r y cash a n d deposits w i t h Federal Reserve b a n k s " , were combined u n d e r " T r e a s u r y c u r r e n c y
a d j u s t e d " , w h i c h was derived b y d e d u c t i n g t h e second of t h e items from t h e first.
3 Comprises o u t s t a n d i n g U n i t e d States notes, n a t i o n a l - b a n k notes, silver certificates (included in lieu of
t h e silver dollars or silver bullion pledged against t h e m ) , T r e a s u r y notes of 1890, s t a n d a r d silver dollars
(excepting those pledged against silver certificates), s u b s i d i a r y silver a n d m i n o r coin, a n d t h e Federal
Reserve b a n k notes for t h e r e t i r e m e n t of which lawful m o n e y has been deposited w i t h t h e Treasurer of
t h e U n i t e d States (comprising at present such of these notes still o u t s t a n d i n g as were issued u n d e r t h e
Federal Reserve Act prior to its a m e n d m e n t b y t h e act of M a r . 9, 1933)—including t h e currency of these
k i 4 d s t h a t is held in t h e T r e a s u r y a n d in t h e Federal Reserve b a n k s as well as t h a t in circulation.
n
G o v e r n m e n t funds on deposit w i t h t h e Federal Reserve b a n k s a n d cash (including gold bullion) held
in t h e T r e a s u r y excepting (a) gold a n d silver held against gold a n d silver certificates a n d (6) a m o u n t s held
for t h e Federal Reserve b a n k s .
s Designated heretofore as " N o n m e m b e r deposits, e t c . " I t e m includes all deposits in Federal Reserve
b a n k s except G o v e r n m e n t deposits a n d m e m b e r b a n k reserve balances.
6 Designated heretofore as " U n e x p e n d e d capital f u n d s . " T h i s item is derived from t h e condition s t a t e m e n t of t h e Federal Reserve b a n k s b y adding capital, surplus, a n d " a l l other l i a b i l i t i e s " a n d s u b t r a c t i n g
t h e s u m of b a n k premises a n d " a l l other assets."
71
49753—34
6
72
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 2,—RESERVE
BANK CREDIT AND RELATED ITEMS, MONTHLY
AVERAGES,
1917-33
[Averages of daily figures. In millions of dollars]
Money in
circulation
Member
bank
reserve
balances
Treasury
cash
and
deposits
with
F.R.
banks
(2<)
Reserve bank credit outstanding
Month
1917—August
September.
October
November.
December.,
1918—January
February, _
March
4pril
May
June. -. _
July
August
September.
October
November _
December. _
1919—January
February...
March
April . . .
Mav
Treasury
Mone- nationU.S. Other
tary
Gov- reBills
algold
dis- Bills ern- serve
bank
count- bought ment bank Total stock cursecuri- creded
rency
(2 3)
ties
it^
Nonmember
deposits
(5)
Other
Federal
Reserve
accounts
(6)
134
181
320
563
683
159
168
179
192
243
74
89
112
124
102
88
83
126
126
145
455
521
737
1,005
1,173
3,183
3,152
3,151
3,153
3,153
1,902
1,905
1,909
1,916
1,922
4,001
4,061
4,152
4,203
4,342
1,141
1,130
1,243
1,409
1,439
306
271
280
354
360
'36
'31
60
61
66
70
78
612
529
537
751
897
939
1,162
1, 333
1,604
1,683
1,760
1, 765
266
288
315
313
278
239
208
217
249
354
374
346
149
185
271
173
86
97
65
53
67
123
130
214
143
141
140
144
151
279
196
147
153
195
152
166
1,170
1,143
1,263
1,381
1,412
1,554
1,631
1,750
2,073
2,355
2,416
2,491
3,152
3,159
3,162
3,163
3,163
3,162
3,161
3,157
3,156
3,151
3,155
3,156
1,928
1,930
1,934
1,924
1,883
1,890
1,835
1,847
1,832
1,819
1,800
1,794
4,306
4,280
4,373
4,423
4,401
4,448
4, 520
4,666
4,911
5,134
5,183
5,243
1,467
1,468
1,466
1,504
1,482
1,512
1,448
1,459
1,507
1,539
1,520
1,586
364
341
351
361
362
418
443
408
422
417
422
376
36
63
85
95
126
138
124
126
121
130
131
117
76
80
84
85
87
89
92
95
101
105
115
119
1,731
1,765
1,863
1,920
1,976
1,840
1,864
1,798
1,776
2,068
2,140
2,115
278
274
261
207
187
247
358
372
351
343
455
549
200
186
195
213
228
236
249
270
341
296
307
327
150
116
161
111
107
144
128
119
168
140
136
212
2,359
2,341
2,480
2,451
2,498
2,467
2,599
2,559
2,636
2,847
3,038
3,203
3,160
3,162
3,161
3,166
3,176
3,169
3,087
3,114
3,143
3,120
3,070
3,021
1,778
1,753
1,732
1,715
1,704
1,701
1,700
1,704
1,707
1,707
1,709
1,680
5,050
4,932
4,942
4,970
4,941
4,891
4,896
4,913
4,989
5,106
5,208
5,342
1,635
1,612
1, 652
1,656
1,686
1,696
1,719
1,740
1,769
1,793
1,837
1,820
378
467
526
439
470
470
494
456
453
497
118
114
123
126
135
133
121
104
108
99
97
100
116
131
131
142
145
147
157
164
167
178
196
201
'31
'56
••56
June -.
July
August
September.
October
November.
. 479
441
December.
326
210
98
570
2,136
173 3,205 2, 961 1,699 5,231 1,883
443
1920—January
227
94
541
449
309
167 3,314 2,909 1,690 5,285 1,858
February._ 2,297
236
98
480
348
2,377
344
212 3,413 2,859 1,686 5, 398 1,878
March
246
106
413
279
2,431
332
188 3,364 2,821 1,689 5,372 1,870
April
262
302
411
2,536
136 3,385 2,835 1,683 5,414 1,853
103
271
May
347
88
273
400
257
2,456
179 3,382 2,854 1,683 5,448 1,853
June
362
319
54
288
2,513
236
July
150 3, 344 2,862 1,690 5,478 1,840
302
324
46
239
2, 596
304
129 3,353 2,855 1,696 5,509 1,807
August
316
310
38
268
2,667
339
179 3,495 2,847 1,698 5,600 1,817
September.
303
27
2,780
305
134 3,522 2,855 1,706 5,673 1,815
330
238
October
344
276
27
236
320
109 3,467 2, 873 1,711 5,662 1,782
November. 2,762
242
256
339
143 3,442 2,894 1,714 5,658 1,758
25
353
December. _ 2,718
'1 Revised.
Includes Government overdrafts in 1918, 1919, and 1920.
2
In earlier presentations of these data the two items, "Treasury and national-bank currency" and
"Treasury cash and deposits with Federal Reserve banks", were combined under "Treasury currency
adjusted", which was derived by deducting the second of the items from the first.
3
Comprises outstanding United States notes, national-bank notes, silver certificates (included in lieu
of the silver dollars or silver bullion pledged against them), Treasury notes of 1890, standard silver dollars
(excepting those pledged against silver certificates), subsidiary silver and minor coin, and the Federal
Reserve bank notes for the retirement of which lawful money has been deposited with the Treasurer of the
United States (comprising at present such of these notes still outstanding as were issued under the Federal
Reserve Act prior to its amendment by the act of Mar. 9, 1933)—including the currency of these kinds that
is 4
held in the Treasury and in the Federal Reserve banks as well as that in circulation.
Government funds on deposit with the Federal Reserve banks and cash (including gold bullion) held
in the Treasury excepting (a) gold and silver held against gold and silver certificates and (b) amounts held
for the Federal Reserve banks.
5 Designated heretofore as "Nonmember deposits, etc." Item includes all deposits in Federal Reserve
banks except Government deposits and member bank reserve balances.
6
Designated heretofore as "Unexpended capital funds." This item is derived from the condition statement of the Federal Reserve banks by adding capital, surplus, and "all other liabilities" and subtracting
the sum of bank premises and "all other assets."
73
RESERVE BANK CREDIT
No.
2.—RESERVE BANK CREDIT AND RELATED ITEMS, MONTHLY AVERAGES,
1917-33—Continued
[Averages of daily figures. In millions of dollars]
Reserve bank credit outstanding
Month
Treasury
Mone- and
U.S. Other
tary nationGov- reBills
gold
aldis- Bills ern- serve
count- bought ment bank Total stock bank
cursecuri- creded
rency *
it*
ties
TreasMem- ury Noncash memMon- ber
ey in bank and
ber
circu- reserve dedelation bal- posits posits
ances with
(*)
F.R.
banks*
Other
Federal
Reserve
accounts
(*)
2,523
2,400
2,297
2,129
1,959
1,811
1,719
1,548
1,442
1,371
1,228
1,180
200
169
137
110
84
54
26
38
40
56
79
105
298
287
296
277
303
302
261
249
254
207
208
226
89
62
68
48
40
44
43
28
31
35
29
37
3,110
2,918
2,798
2,564
2,386
2,211
2,049
1,863
1,767
1,669
1,544
1,548
2,931
2,975
3,040
3,117
3,197
3,254
3,305
3,392
3,479
3,547
3, 595
3,643
1,708
1,707
1,721
1,711
1,734
1,745
1,746
1,758
1,775
1,804
1,835
1,842
5,401
5,263
5,204
5,078
5,042
4,936
4,857
4,771
4,752
4,721
4,673
4,718
1,773
1,728
1,694
1,665
1,657
1,664
1, 639
1,621
1,629
1,652
1,663
1,673
246
272
310
285
250
238
233
251
266
271
260
266
24
26
31
34
32
31
27
26
27
26
28
27
306
311
320
331
337
342
344
345
348
351
350
350
962
1922—January
769
February._
638
March
'572
April
479
May
437
June
425
July
396
August
417
September.
486
October
November _ 623
660
December..
98
88
92
93
103
136
153
159
212
252
260
259
238
357
459
520
603
591
547
497
486
448
325
380
28
19
18
25
23
28
45
50
65
60
57
78
1,326
1,233
1,207
1,210
1,208
1,192
1,170
1,102
1,180
1,246
1,265
1,377
3,672
3,704
3,736
3,756
3,768
3,776
3,803
3,840
3,860
3,884
3,896
3,917
1,839
1,835
1,840
1,845
1,855
1,861
1,862
1,871
1,886
1,899
1,917
1,940
4,527
4,451
4,483
4,482
4,450
4,429
4,443
4,448
4,552
4,643
4,671
4,827
1,707
1,689
1,711
1,733
1,783
1,820
1,812
1,799
1,811
1,836
1,825
1,840
288
313
263
272
280
262
267
258
256
241
266
250
29
34
39
40
37
34
28
25
23
21
27
28
286
284
286
283
282
285
285
283
284
287
288
289
1923—January
February._
March
April
June
__
July
August
September .
October
November.
December. .
547
608
628
658
705
741
834
809
845
873
799
771
218
190
234
272
271
224
186
175
174
185
265
324
421
356
316
229
193
153
97
90
102
91
83
106
63
51
50
55
53
60
62
53
63
55
57
59
1,249
1,205
1,228
1,214
1,222
1,178
1,179
1,127
1,184
1,204
1,204
1,260
1,963
1,972
1,980
1,987
1,994
1,990
1,987
1,996
2,006
2,003
2,006
2,009
4,679
4,672
4,713
4,731
4,764
4,779
4,812
4,833
4,901
4,941
4,953
5,071
1,918
1,901
1,873
1,869
1,874
1,867
1,867
1,835
1,848
1,864
1,875
1,882
239
263
290
276
254
252
244
249
260
250
249
238
46
25
22
21
36
28
24
22
22
23
31
22
275
276
276
279
281
282
280
281
281
284
284
282
1924—January
February._
March
April
Mav
June
July ..
August
September.
October
November.
December. .
574
514
476
489
433
370
315
268
262
240
228
301
300
273
228
170
80
50
44
30
92
180
268
358
118
135
244
274
324
416
467
539
575
585
588
554
49
33
42
48
42
50
53
44
54
52
51
75
1,041
955
990
981
879
886
879
881
983
1,057
1,135
1,288
3,945
3,960
3,966
3,975
3,993
4,040
4,061
4,097
4,123
4,155
4,182
4,226
4,266
4,302
4,340
4, 383
4,433
4,471
4,503
4,516
4,515
4,506
4,517
4,507
2,010
2,012
2,015
2,016
2,018
2,019
2,017
2,019
2,018
2,019
2,022
2,025
4,847
4,832
4,870
4,886
4,866
4,830
4,810
4,800
4,853
4,891
4,970
5, 088
1,911
1,892
1,915
1,905
1,922
2,001
2,046
2,072
2,120
2,141
2,164
2,182
260
253
267
297
251
260
254
255
254
264
250
257
25
22
22
23
24
21
28
33
31
27
30
32
274
270
270
270
266
264
261
255
257
259
259
261
1925—January
February. _
March
April . . . . .
May
June
July
August
September.
October
November.
December1
See footnotes on
267
340
390
403
397
437
480
545
594
619
597
688
329
313
298
287
279
263
231
205
226
298
352
369
464
384
376
355
361
345
338
329
335
328
332
359
65
56
58
65
63
73
69
64
72
76
71
91
1,125
1,094
1,122
1,110
1,100
1,118
1,118
1,143
1,227
1,321
1,352
1,507
4,468
4,392
4,340
4,340
4,353
4,360
4,361
4,372
4,386
4,391
4,407
4,397
2,026
2,026
2,019
2,013
2,006
1,999
1,993
1,989
1,986
4,863
4,805
4,814
4,803
4,791
4,790
4,794
4,817
4,908
4,945
4,S60
5,119
2,194
2,159
2,137
2,123
2,132
2,141
2,160
2,151
2,161
2,203
2,221
2,219
261
247
237
244
244
255
228
247
236
246
246
240
43
42
30
27
28
25
27
25
26
30
41
32
258
258
263
266
264
266
262
264
267
271
272
274
1921—January
February__
March
April
May
June
July
August
September.
October
November.
December..
May
p. 72.
1,983
1,981
1,980
74
No.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
2.—RESERVE
BANK
CREDIT AND RELATED ITEMS,
MONTHLY
AVERAGES,
1917-33—Continued
[Averages of daily figures. In millions of dollars]
Reserve bank credit outstanding
Month
TreasTreasury
ury
Mem- cash Non- Other
FedMonber
Mone- and
U.S. Other
and mem- eral
tary nation- ey in bank
Govreber
Bills
Regold
circu- eserve dealern- serve
Bills
posits dedisserve
stock bank lation balwith posits account- bought ment bank Total
ed
securi- credcurances F.R.
(*) counts
it *
"ency
Danks*
ties
(*)
1926—January
February. _
March
April
Mav
June
July
- August
September.
October
November.
December.-
520
526
557
537
511
473
549
555
640
663
615
668
324
305
268
234
232
243
230
245
265
295
348
385
368
335
336
371
398
408
380
353
316
306
302
322
67
52
55
62
59
61
62
50
57
58
53
70
1,279
1,218
1,216
1,204
1,200
1,185
1,221
1,203
1,278
1,322
1,318
1,445
4,407
4,425
4,444
4,448
4,434
4,438
4,460
4,467
4,471
4,472
4,477
4,481
1,978
1,980
1,981
1,984
1,985
1,986
1,986
1,984
1,986
,989
,991
,992
4,891
4,854
4,864
4,882
4,871
4,881
4,916
4,912
4,969
5,001
5,005
5,131
2,236
2,208
2,198
2,183
2,199
2,206
2,212
2,201
2,211
2,219
2,214
2,218
234
261
274
262
241
215
233
229
236
243
236
243
30
26
27
26
26
23
25
27
30
27
36
32
273
274
278
283
282
284
281
285
289
293
295
294
1927—January
February. _
March
April
May
.
June
July
August
September.
October
November December.-
481
393
425
447
473
429
454
409
422
424
415
529
343
304
253
248
233
205
190
173
216
282
336
378
310
307
345
341
291
398
381
439
501
506
579
606
52
39
32
51
44
49
90
72
48
42
47
55
1,186
1,043
1,055
1,087
1,041
1,081
1,115
1,093
1,187
1,254
1,377
1,568
4,527
4, 576
4, 595
4,601
4,651
4,606
4,575
4,585
4,584
4,566
4,490
4,416
,990
,991
,994
.997
2^002
2,004
2,003
2,003
2,003
2,003
2,004
2,005
4,903
4, 843
4,856
4,879
4,860
4,831
4,851
4,849
4,917
4,934
4,936
5,048
2,243
230
2,212
235
2,240
228
2,248 ' 236
2.262
233
2, 301
227
2,289
223
2,283
223
2,300
227
2,326
227
2,373
214
2,399
209
33
26
23
23
39
34
33
30
30
34
44
27
294
295
298
299
299
298
297
296
300
302
304
306
1928—January
February __
March
April
May
_
June -_ .
July
August
September _
October
November.
December. _
465
471
513
661
836
1,019
1,090
1,061
1,064
975
897
1,013
373
360
343
358
349
244
185
178
226
368
471
483
512
406
415
351
257
232
213
210
240
237
238
263
38
27
24
35
30
36
43
36
51
41
47
65
1,388
1,264
1,295
1,405
1,472
1,531
1,531
1,485
1,581
1,621
1,653
1,824
4,377
4,373
4,335
4,287
4,207
4,119
4,113
4,118
4,125
4,133
4,151
4,142
2,005
2,005
2,006
2,007
2,008
2,007
2,005
2,006
2,007
2,011
2,012
2,012
4,785
4,709
4,710
4,730
4,722
4,736
4,746
4,743
4, 804
4,836
4,860
5,008
2,426
2,368
2,365
2,396
2,388
2, 355
2,324
2,274
2,314
2,332
2, 352
2,367
227
229
225
229
229
215
223
233
220
225
224
222
27
26
24
27
27
28
30
28
38
30
32
29
305
310
312
317
321
322
326
332
337
342
347
352
1929—January
859
889
February. _
969
March
1,004
April
956
May . . 978
June
1,096
July
August
1,043
969
September.
885
October
953
November _
803
December..
473
385
265
156
145
99
75
124
229
337
296
320
229
184
197
165
153
179
147
155
165
154
315
446
52
44
50
52
49
61
62
54
64
74
67
74
1,613
1,502
1,481
1, 377
1,303
1,317
1,380
1,376
1,427
1,450
1,631
1,643
4,115
4,143
4,166
4,226
4,292
4,311
4,335
4,351
4,368
4,381
4,374
4,324
2,012
2,010
2,011
2,015
2.018
2,018
2,016
2,007
2,006
2,015
2,024
2,023
4,748
4,686
4,709
4,679
4,684
4,687
4,764
4,777
4,811
4,810
4,845
4,943
2,387
2,357
2,337
2,308
2,296
2,314
2,334
2,322
2,335
2,386
2,521
2,395
223
226
220
230
231
240
227
226
240
229
235
226
31
29
31
35
32
30
31
27
28
28
33
27
351
357
361
366
370
376
376
382
387
392
395
399
1930—January
February._
March
April
_ _
May
June
_ _
July
August
September.
Octobar
November.
December. .
314
285
246
266
182
141
154
153
197
185
184
257
485
480
540
530
529
571
583
599
597
602
599
644
57
38
35
45
38
37
40
32
33
37
29
34
1,357
1,181
1,095
1,072
996
1,000
1,003
998
1,016
1,020
1,033
1,273
4,283
4,317
4,394
4,443
4,505
4,528
4,532
4,496
4,503
4,520
4, 553
4,583
2,022
2,022
2,022
2,023
2,024
2,024
2,024
2,025
2,026
2,027
2,028
2,027
4,652
4,554
4,532
4,518
4,497
4,489
4,483
4,476
4,493
4,501
4,528
4,823
2,349
2,305
2,330
2,350
2,356
2,392
2,417
2,392
2,397
2,407
2,433
2,415
238
241
225
242
244
249
235
238
242
240
235
234
29
27
27
28
29
27 !
35
28
26
27
30
27
394
393
397
400
398
395
389
385
388
392
388
384
501
378
274
231
247
251
226
214
183
196
221
338
* See footnotes on p. 72.
75
RESERVE BANK CREDIT
No.
2.—RESERVE
BANK CREDIT AND RELATED ITEMS, MONTHLY AVERAGES,
1917-33—Continued
[Averages of daily figures. In millions of dollars]
Reserve bank credit outstanding
Month
ties
it*
2,433
2,370
2,386
2,376
2,387
2,404
2,407
2,345
2,333
2,256
2,118
2,069
242
245
248
255
240
263
239
259
255
256
260
249
28
25
24
27
28
35
83
187
199
208
171
144
379
379
381
383
382
380
370
367
364
361
357
358
56
43
24
23
19
20
21
15
13
18
13
22
1,107
1,313
2,088
2,035
1,950
1,864
1,785
1,652
1,694
1,959
2,262
2,422
2,353
2,282
2,231
2,211
2,192
4,695
4,598
4,590
4,647
4,679
4,750
4,836
4,947
5,133
5,478
5,518
5,611
2,037
2,049
2,059
2,081
2,060
2,058
2,056
2,077
2,130
2,171
2,194
2,202
5,645
5,627
5,531
5,452
5,456
5,530
5,751
5,719
5,685
5,643
5,643
5,699
1,979
1,907
1,899
1,996
2,138
2,062
2,003
2,073
2,181
2,307
2,378
2,435
264
262
267
272
272
271
276
281
304
285
277
287
113
73
37
63
77
65
46
40
35
38
40
43
352
349
349
353
349
348
343
347
347
355
359
359
16
12
-15
18
15
12
10
8
12
11
8
19
2,110
2,224
3,237
2,515
2,286
2,208
2,211
2,239
2,358
2,492
2,574
2/669
4,547
4,491
4,261
4,301
4,313
4,317
4,319
4, 323
4,327
4,324
4,323
4,323
2,204
2,204
2,256
2,302
2,301
2,295
2,283
2,280
2, 280
2,277
2,275
2,293
5,631
5,892
6,998
6,137
5,876
5,742
5,675
5,616
5,632
5,656
5,681
5,811
2,516
2,291
1,914
2,086
2,125
2,211
2, 268
2,375
2,489
2,590
2,629
2,616
303
314
359
390
371
353
347
316
328
333
349
357
60
79
134
156
173
164
179
186
169
163
158
143
351
343
349
349
355
350
344
349
347
351
355
358
206
102
123
173
144
121
79
135
259
692
560
340
647
603
604
600
599
610
674
712
736
733
727
777
23
15
18
24
20
26
32
38
38
50
53
59
1932—January
February._
March
April
June
July .
August
September .
October
November.
December. .
828
848
714
605
486
495
523
451
387
328
313
282
221
151
105
52
41
50
60
37
34
34
34
34
759
743
809
1,014
1,413
1,697
1,818
1,850
1,848
1,851
1,851
1,854
1933—January
February._
March
April
May
June .
July
August
SeptemberOctober
November.
December. .
255
307
999
429
339
250
170
159
138
119
114
117
32
102
379
230
86
12
16
8
7
7
15
101
1,806
1,804
1,875
1,837
1,846
1,933
2,016
2,064
2,202
2,355
2,437
2,432
banks*
Other
Federal
Reserve
accounts
(*)
2,026
2,025
2,026
2,025
2,023
2,022
2,023
2,023
2,023
2,024
2,025
2,031
253
216
176
155
163
188
169
222
280
613
695
774
* See footnotes on p. 72.
rency
Treasury
Mem- cash NonMon- ber
ey in bank and member
circu- reserve dedelation bal- posits posits
with
ances F.R.
(*)
4,622
4,656
4,682
4,711
4,767
4,865
4,958
4,975
4,948
4,447
4,363
4,450
4,452
4,384
4,372
4,381
4,273
3,956
3,941
4,030
4,140
4,226
4,292
4,429
1931—January--.
February..
March
April
May
June .
July
August
September.
October
November.
December _.
jMay
j
Treasury
Mone- and
U.S. Other
tary nationGov- reBills
algold
dis- Bills ern- serve
count- bought ment bank Total stock bank
ed
securi- credcur1,129
936
921
952
926
945
954
76
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No,
3.—RESERVE
BANK
CREDIT
AND
RELATED
ITEMS, WEEKLY
AVERAGES,
1932-33
[Averages of daily figures. In millions of dollars]
Reserve bank credit outstanding
Week ending
(Saturday)—
1932
Jan. 2
Jan. 9._
Jan. 16..
Jan. 23
Jan.30
_
Treasury
Mone- a n d
U.S. Other
tary nationGovBills
gold
real
ernBills
disserve Total stock bank
count- bought ment bank
cursecuri- credit
ed
rency*
ties
Treasury
Memcash Nonber
Monand
memey in bank
deber
circu- reserve posits
delation balwith
ances F.R. posits*
banks*
Other
Federal
Reserve
accounts
(*)
803
815
826
831
859
315
288
222
187
162
791
771
752
752
749
59
60
56
54
51
1,967
1,934
1,855
1,823
1,822
4,459
4,464
4,464
4,454
4,429
2,035
2,035
2,036
2,037
2,039
5,666
5,680
5,646
5,632
5,617
2, 053
2,020
1;987
1,956
1,941
2G8
269
262
257
266
118
111
108
119
117
356
353
352
350
349
Feb.
Feb.
Feb.
Feb.
6
13
20
27
862
843
856
842
157
166
150
139
749
742
741
740
54
51
43
31
1,822
1,803
1,790
1,752
4,410
4,405
4,379
4,356
2,043
2, 046
2,049
2,054
5,645
5,642
5,627
5,605
1,925
1,917
1,906
1,895
265
269
256
259
91
78
82
55
348
348
348
348
Mar.
Mar.
Mar.
Mar.
5
12..
19
26
828
757
684
667
125
136
107
84
754
786
820
825
25
26
23
22
1,731
1,705
1,634
1,599
4,352
4,363
4,374
4,382
2,056
2,058
2,059
2,060
5,594
5,563
5,537
5,498
1,885,
1,901
1,909
1,890
273
280
234
269
41
34
37
33
346
348
350
351
Apr.
Apr.
Apr.
Apr.
Apr.
2
9
16..
23
30
651
647
637
579
543
68
58
52
49
47
854
882
957
1,077
1,186
22
22
24
24
18
1,595
1,609
1,670
1,729
1,794
4,390
4,392
4,381
4,376
4,370
2,060
2,060
2,061
2,061
2,061
5,469
5,475
5,450
5,442
5,428
1,909
1,916
1,975
2,022
2,095
271
270
273
275
276
45
50
63
73
73
351
350
351
354
352
May
May
May
May
7
14
21
28
514
480
474
477
45.
43
41
38
1,284
1,372
1,438
1,504
20
22
19
15
1,864
1,916
1,971
2,034
4,350
4,316
4,274
4,204
2,060
2,060
2,060
2,060
5,465
5, 457
5,459
5,439
2,115
2,125
2,152
2,164
264
285
269
273
79
74
74
72
351
350
350
349
June
June
June
June
4
11
18
25
496
506
496
491
37
36
56
56
1,563
1,638
1,700
1,746
21
19
23
20
2,117
2,199
2,276
2,313
4,107
3,989
3,922
3,916
2,059
2,059
2,058
2,057
5,477
5,473
5,485
5,556
2,107
2,093
2,092
2,032
262
272
257
287
349
348
347
350
July
July
July
July
July
2...
9
16
23
30
484
509
521
536
531
64
73
65
57
44
1,791
1,793
1,821
1,831
1,839
21
29
21
16
15
2,359
2,404
2,428
2,439
2,430
3,919
3,920
3,932
3,952
3,963
2,057
2,056
2,056
2,056
2,056
5,703
5,785
5,745
5,751
5,718
1,979
1,946
1,991
2,025
2,057
257
261
291
281
282
346
345
344
343
343
Aug.
Aug.
Aug.
Aug.
6
13
20
27
494
458
443
432
41
38
36
36
1,846
1,851
1,851
1,851
15
16
16
12
2,395
2,363
2,346
2,330
3,987
4,002
4,040
4,060
2,058
2,065
2,076
2,089
5,738
5,725
5,725
5,706
2,014
2,041
2,078
2,122
294
272
273
276
345
345
345
346
Sept.
Sept.
Sept.
Sept.
3.
10
17
24._
433
422
394
362
34
34
34
34
1,851
1,842
1,843
1,852
14
15
14
14
2,332
2,313
2,284
2,262
4,082
4,107
4,135
4,164
2,105
2,116
2,128
2,139
5,709
5,732
5,690
5,660
2,129
2,134
2,188
2,196
302
290
286
325
346
346
348
349
343
336
331
318
321
33
33
33
34
34
1,853
1,852
1,851
1,851
1,851
14
20
16
26
16
2,244
2,241
2,232
2,229
2,222
4,184
4,200
4,211
4,230
4,256
2,151
2,159
2,167
2,176
2,182
5, 635
5, 666
5,662
5,641
5,608
2,241
2,256
2,260
2,314
2,385
315
290
293
281
277
351
350
353
358
358
Oct.
Oct.
Oct.
Oct.
Oct.
1
8
15
22
29
_
_
Nov.
Nov.
Nov.
Nov.
5
12
19
26.
327
314
310
309
34
34
34
35
1,851
1,851
1,851
1,851
17
12
15
11
2,229
2,211
2,210
2,205
4,265
4,272
4,284
4,314
2,187
2,192
2,195
2,196
5,632
5,657
5,642
5,635
2,369
2,344
2,385
2,402
287
275
268
274
357
359
359
359
Dec.
Dec.
Dec.
Dec.
Dec.
3
10
17
24
31
311
302
280
271
263
35
34
34
33
33
1,851
1,851
1,859
1,854
1,852
12
15
22
31
24
2,208
2,202
2,195
2,189
2,171
4,336
4,352
4,411
4,487
4,503
2,198
2,201
2,202
2,203
2,204
5,654
5,682
5,683
5,734
5,704
2,399
2,388
2,457
2,444
2,471
284
284
265
297
302
357
357
360
362
360
* See footnot on p. 72.
;es
77
RESERVE BANK CREDIT
No. 3.—RESERVE BANK
CREDIT AND RELATED
ITEMS,
WEEKLY
AVERAGES,
1932-33—Continued
[Averages of daily figures. In millions of dollars]
Reserve bank credit outstaiiding
Week ending
(Saturday)—
U.S.
GovBills
dis- Bills erncount- bought ment
securied
ties
TreasMemury
Mone- and
Monber
tary nation- ey in bank
Other
circu reserve
realgold
bal
serve Total stock bank lation
ances
bank
curcredit
rency*
Treasury
Noncash
memand
ber
dedeposits
with posits*
F.R.
banks*
Other
Federal
Reserve
accounts
(*)
1933
Jan.7
Jan.14
Jan. 21
Jan. 28
245
249
251
267
33
32
32
31
1,853
1,829
1,793
1,770
22
17
15
11
2,153
2,127
2,091
2,080
4,526
4,548
4,558
4,554
2,204
2,204
2,204
2,204
5,669
5,616
5,616
5,620
2,513
2,563
2,526
2,487
302
300
296
307
47
48
64
74
352
352
351
350
Feb.
Feb.
Feb.
Feb.
4
11
18
25
269
256
283
335
31
31
45
181
1,763
1,775
1,809
1,833
9
15
18
8
2,074
2,078
2,155
2,357
4,549
4,530
4,505
4,450
2,204
2,203
2,203
2,205
5,664
5,717
5,850
6,032
2,426
2,369
2,256
2,235
318
311
331
312
69
68
82
90
350
346
344
343
Mar.
Mar.
Mar.
Mar.
4
11...
18
25
847
1,421
1,185
696
361
417
400
356
1,848
1,876
1,907
1,882
-53
-15
4
3,056
3,661
3,477
2,939
4,333
4,244
4,251
4,263
2,219
2,233
2,255
2,273
6,805
7,532
7,260
6,643
2,065
1,803
1,898
1,952
296
311
336
401
96
143
140
129
346
349
349
350
Apr.
Apr.
Apr.
Apr.
Apr.
1.—
8
15
22
29
539
443
434
420
411
316
288
244
208
180
1,846
1,838
1,837
1,837
1,837
2
13
21
26
15
2,703
2,582
2,536
2,492
2,444
4,272
4,283
4,301
4,312
4,310
2,285
2,295
2,302
2,307
2,306
6,376
6,271
6,172
6,085
6,015
1,973
2,002
2,083
2,136
2,130
421
402
391
378
378
141
138
144
157
181
349
347
349
355
356
May
May
May
May
6
13
20
27
404
343
331
314
148
115
81
46
1,837
1,837
1,843
1,851
17
16
17
12
2,407
2,311
2,272
2,224
4,311
4,312
4,313
4,314
2,304
2,303
2,299
2,298
5,972
5,910
5,863
5,815
2,080
2,090
2,126
2,177
431
393
366
327
184
178
175
164
355
355
354
353
June
June
June
June
3
10
17
24
305
284
255
228
20
11
10
9
1,880
1,907
1,925
1,950
8
13
16
11
2,213
2,216
2,207
2,198
4,315
4,316
4,317
4,318
2,298
2,296
2,295
2,295
5,814
5,784
5,742
5,711
2,165
2,199
2,215
2,193
333
316
348
403
161
178
164
155
353
351
350
349
July
July
July
July
July
1
8
15
22
29
196
179
169
166
164
25
29
14
9
9
1,979
2,008
2,016
2,013
2,025
10
13
13
9
5
2,210
2,229
2,212
2,197
2,204
4,318
4,318
4,319
4,319
4,320
2,293
2,285
2,284
2,283
2,281
5,701
5,746
5,689
5,651
5,619
2,273
2,244
2,254
2,267
2,297
337
329
355
346
359
163
169
172
188
185
347
344
345
347
345
Aug.
Aug.
Aug.
Aug.
5
12
19
26
164
159
165
155
8
8
8
7
2,034
2,044
2,054
2,082
6
8
10
9
2,212
2,219
2,237
2,253
4,320
4,320
4,321
4,325
2, 281
2,281
2,281
2,280
5,629
5,623
5,622
5,607
2,310
2,362
2,372
2,402
338
295
307
325
188
191
190
177
349
348
347
Sept.
Sept.
Sept.
Sept.
Sept.
2
9__
16
23...
30
153
147
134
132
132
7
7
7
7
7
2,113
2,150
2,194
2,223
2,260
9
11
16
12
9
2,282
2,316
2,351
2,374
2,408
4,328
4,329
4,326
4,327
4,326
2,280
2,280
2,280
2,280
2,279
5,612
5,652
5,625
5,623
5,622
2,405
2,410
2,507
2,516
2,556
340
336
314
329
330
187
181
165
165
157
346
346
346
348
348
125
120
119
116
7
7
7
6
2,295
2,333
2,368
2,397
8
9
19
10
2,436
2,468
2,512
2,530
4,324
4,324
4,323
4,323
2,278
2,277
2,277
2,277
5,663
5, 679
5,665
5,627
2,503
2,544
2,608
2,663
368
342
319
315
157
158
165
167
347
346
355
358
Oct.
Oct.
Oct.
Oct.
7
14_.
21
28
_..
0)
Nov.
Nov.
Nov.
Nov.
4
11
18.._
25
116
113
112
113
7
8
16
20
2,424
2,439
2,439
2,437
8
10
10
5
2,556
2,570
2,578
2,575
4,323
4,323
4,323
4,323
2,276
2,275
2,275
2,276
5,652
5,682
5,673
5,672
2,625
2,603
2,649
2,671
349
358
336
329
173
169
163
146
356
356
355
356
Dec.
Dec.
Dec.
Dec.
Dec.
2
9
16
23
30
120
122
118
117
110
27
67
117
114
120
2,437
2,431
2,432
2,432
2,434
7
8
17
30
25
2,591
2,628
2,683
2,693
2,689
4,323
4,323
4,323
4,323
4,323
2,277
2,279
2,293
2,298
2,303
5,731
5,773
5,784
5,855
5,840
2,597
2,550
2,635
2,614
2,669
363
397
369
347
317
146
154
155
135
128
354
356
356
363
361
i Less than $500,000.
* See footnotes on p. 72.
78
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.
4.—RESERVE
BANK
CREDIT AND RELATED ITEMS,
(WEDNESDAY SERIES)
BY
WEEKS,
1922-33
[In millions of dollars]
Reserve bank credit outstanding
Date
(Wednesday)
Jan.
Jan.
Jan.
Jan.
1922
4
11
18
25.-.
Feb.
Feb.
Feb.
Feb.
1...
8—
1521-
TreasTreasOther
Mem- ury
ury
Noncash mem- Fedber
Mone- and
Moneral
U.S.
and
naber
tary
ey in bank
ReGov- Other
deBills
rederegold tional circuBills
erndisserve posits pos- serve
serve Total stock bank lation
acwith
count- bought ment
balcurits* counts
securi- bank
ed
ances F. R.
rency*
credit
(*)
ties
banks*
1,113
987
914
850
127
87
95
83
231
219
227
250
43
22
19
24
1,513
1, 315
1, 255
1,208
3,664
3,670
3,676
3,675
1,841
1,840
1,838
1,836
4,685
4, 540
4,475
4,424
1,731
1,736
1, 674
1,652
287
237
301
327
29
26
33
31
285
287
286
838
823
786
721
90
94
78
83
305
342
385
355
31
9
12
16
1,265
1,269
1,260
1,175
3,684
3,696
3,703
3,715
L,833
L, 833
L, 835
1,836
4,431
4,414
4,431
4,457
1,689
1, 715
1,744
1,677
341
354
306
275
36
31
34
31
284
285
284
285
Mar.
Mar.
Mar.
Mar.
Mar.
1...
8...
15. _
22
29..
708
631
592
616
636
96
102
87
87
103
413
444
598
443
441
28
16
30
13
14
1,244
1,193
1,307
1,160
1,193
3,722
3,728
3,739
3,742
3,746
1,838
1,839
1,840
1,841
1,841
4,480
4,479
4,466
4,467
4, 463
1,725
1,720
1,845
1,668
1,709
283
241
238
282
284
33
36
51
40
40
284
284
285
285
285
Apr.
Apr.
Apr.
Apr.
5—
121926-
625
574
553
500
98
94
87
83
463
513
532
567
18
18
43
17
1,204
1,199
1,215
1,167
3,750
3,752
3,759
3,762
1,843
1,843
1,845
1,848
4,488
4,484
4,463
4,437
1, 730
1,726
1,761
1,749
256
262
259
269
39
38
54
39
284
284
283
282
May
May
May
May
May
3__
1017_
24 _
31-
509
475
469
487
471
107
106
97
105
118
609
618
595
596
603
23
21
38
18
2
1,250
1,218
1,198
1,206
1,195
3,763
3,768
3,768
3,770
3, 771
1,850
1,854
1,856
1, 858
1,861
4,466
4,449
4,439
4,416
4,455
1,775
1,806
1,811
1,823
1,782
296
264
256
281
276
45
38
36
34
34
282
281
281
281
June 7__June 14-.
June 2LJune 28-
420
414
422
469
136
124
121
154
618
630
556
557
22
32
22
25
1,196
1,199
1,121
1,205
3,772
3,775
3,782
3,784
1,860
1,861
1,863
1,862
4,426
4,395
4,404
4,398
1,824
1,821
1,812
1,865
263
303
231
271
33
34
32
30
282
281
286
286
July
July
July
July
5-121926-
499
430
443
380
155
158
149
156
551
557
542
541
42
57
49
33
1.247
1,201
1,183
1,110
3,785
3,793
3,808
3,815
1,861
1,862
1,862
1,863
4,503
4,431
4,406
4,393
1,819
1,875
1,864
1,815
258
237
271
271
29
29
29
26
283
284
283
283
Aug.
Aug.
Aug.
Aug.
Aug.
2__
9_.
16_
23 _
30_
400
382
382
390
404
150
147
150
166
172
497
492
489
485
498
60
42
53
46
46
1,108
1,063
1,073
1,087
1,120
3,830
3,836
3,840
3,846
3,850
1,866
1,869
1,872
1,875
1,878
4,418
4,428
4,434
4,448
4,459
1,838
1,784
1,790
1,785
1,807
234
248
253
269
276
30
24
24
22
23
283
284
283
283
283
405
387
424
420
188
205
220
238
508
497
439
451
63
71
71
40
1,165
1,159
1,155
1,150
3,855
3,860
3,862
3,870
1,882
1,885
1,889
1,890
4,539
4,530
4,540
4,561
1,796
1,811
1, 775
1,798
262
259
283
243
23
22
22
22
282
282
286
434
525
511
469
235
247
257
258
483
475
447
409
61
58
101
52
1,214
1,304
1,316
1,187
3,882
3,885
3,887
3,886
1,893
1,896
1,899
1,903
4,608
4,656
4,638
4,624
1,843
1, 891
1,921
1,800
232
233
234
247
20
19
22
18
286
286
287
287
286
287
287
Sept.
Sept.
Sept,
Sept.
Oct.
Oct.
Oct.
Oct.
6.-.
13-.
20.
27.
4—
111825-
Nov.
Nov.
Nov.
Nov.
Nov.
l._
8.15.
22.
29.
588
640
653
614
650
261
259
261
257
259
360
347
326
295
304
62
5
65
60
41
1,270
1,250
1,304
1,226
1,254
3,889
3,890
3,896
3,900
3,906
1,906
1,911
1,917
1,921
1,928
4,640
4,678
4,658
4,641
4,704
1,848
1,812
1,860
1,829
1,808
261
250
288
269
270
31
24
23
21
19
Dec.
Dec.
Dec.
Dec.
6—
132027-
705
660
616
630
267
263
252
246
312
307
431
458
54
65
120
88
1,338
1,295
1,418
1,423
3,906
3,915
3,921
3,924
1,932
1,936
1,942
1,946
4,743
4,774
4,887
4,874
1,844
1,818
1,840
1,861
280
246
230
237
20
20
35
31
* See footnotes on p. 72.
289
79
RESERVE BANK CREDIT
4 # —RESERVE
BANK CREDIT AND RELATED ITEMS,
(WEDNESDAY SERIES)—Continued
BY W E E K S ,
1922-33
[In millions of dollars]
i
Reserve bank credit outstanding
Date
(Wednesday)
U.S. Other
GovBills
reernBills
disserve
count- bought ment bank
securi- credit
ed
ties
Treasury
Mone- and
tary
nagold tional
Total stock bank
currency*
Member
Mon- bank
ey in
recirculation serve
balances
Treasury
Non- Other
cash mem- Fedand
eral
ber
deRedeposits posserve
with
acits*
F. R.
counts
banks*
(*)
1923
Jan. 3
Jan. 10
Jan.17
Jan. 24
Jan. 31
512
513
570
597
255
226
201
205
189
457
508
412
353
354
1,438
1,310
1,184
1,175
1,174
3,929
3,943
3,948
3,948
3,953
1,959
1,961
1,962
1, 965
1,968
4,808
4,692
4,629
4,604
4,614
1,943
1,960
1, 918
1, 925
1,913
227
234
231
250
259
275
276
274
275
275
Feb.
Feb.
Feb.
Feb.
7—
14-.
21...
28..
569
653
628
596
185
184
182
208
353
354
354
363
1,157
1, 250
1,220
1,213
3,958
3,958
3,963
3,963
1,969
1,972
1,975
1, 977
4, 628
4,660
4,696
4,703
1,906
1,965
1,898
1,888
252
256
266
264
274
275
275
275
Mar.
Mar.
Mar.
Mar.
7..
14.
2t.
28.
571
613
630
700
219
225
238
254
345
345
292
249
1,193
1, 240
1, 226
1,239
3,967
3,964
3,965
3,969
1,979
1,980
1,982
1,983
4,700
4,690
4,685
4,699
1,880
1,933
1,866
1,871
261
265
323
321
274
274
278
280
Apr.
Apr.
Apr.
Apr.
4...
11..
1825..
695
623
643
637
260
274
277
274
239
238
238
194
1,262
1,192
1,233
1,152
3,970
3, 974
3,976
3,979
1,984
1,986
1,987
1,988
4,721
4, 711
4,709
4,710
1,894
1,876
1,925
1,854
300
264
262
254
280
279
May
May
May
May
May
2
9
16
23
30
730
695
697
700
731
275
267
282
271
258
185
186
189
207
189
1,257
1,202
1,248
1,227
1,215
3,983
3,990
3,996
4,015
1,990
1,992
1,994
1,996
1,997
4,748
4,744
4,743
4,737
4,784
1,895
1,886
1,908
1,931
1,874
266
237
271
222
252
279
280
280
280
June
June
June
June
6
13
20
27
735
708
731
775
248
219
206
204
183
158
122
135
1,225
1,162
1,129
1,157
4,029
4,040
4,046
4, 048
1,998
1,994
1,987
1,980
4,774
4,748
4,743
4, 751
1,896
1, 914
1,874
1,868
272
224
236
258
280
281
282
283
July 3 . . .
July 11.
July 18..
July 25-
930
846
806
761
199
186
183
177
95
101
98
1,297
1,219
1,161
1,087
4,051
4,053
4,059
4,074
1,975
1,982
1,992
1,995
4,859
4,806
4,770
4,759
1,932
1,909
1,884
1,839
225
234
253
254
279
280
280
280
Aug.
Aug.
Aug.
Aug.
Aug.
1
8
15
22
29
806
823
801
781
816
183
177
173
177
173
94
90
90
85
94
1,139
1,143
1,133
1,095
1,123
4,077
4,088
4,099
4,105
4,109
1,995
1, 996
1,997
1,996
1, 997
4,775
4,827
4,826
4,813
4,826
1,880
1,860
1,851
1, 825
1,849
254
236
250
253
255
279
280
280
281
281
Sept.
Sept.
Sept.
Sept.
5
12
19
26
850
841
774
862
175
179
171
172
99
100
93
92
1,181
1,200
1,125
1,179
4,112
4,118
4,129
4,133
1,999
2,000
2,001
2,001
4,893
4,883
4,870
4,884
1,843
1,873
1,825
1,852
254
256
253
275
280
281
281
281
Oct.
Oct.
Oct.
Oct.
Oct.
3___
10..
17_.
24..
31..
882
869
855
836
8b4
173
182
191
180
205
95
92
94
58
102
58
39
1,218
1,201
1,242
1,162
1,220
4,140
4,150
4,159
4,163
4,167
2,002
2,003
2,003
2, 004
2,005
4,926
4,945
4,926
4,907
4,929
1,884
1,864
1,916
1,872
1,895
244
240
258
246
262
282
282
281
282
282
Nov.
Nov.
Nov.
Nov.
7__
14.
21.
28.
817
791
746
794
248
268
285
289
27
82
46
33
1,182
1,231
1,150
1,200
4,172
4,182
4,189
4,200
2,005
2,006
2,007
2, 007
4,947
4,934
4,909
4,974
1,865
1,913
1,891
1,881
239
265
238
245
282
283
283
283
Dec.
Dec.
Dec.
Dec.
5—
12...
19...
26—
746
762
750
857
298
329
322
336
58
62
69
46
1,193
1,249
1,222
1,343
4,213
4,226
4,233
4,235
2,008
2,008
2,010
2,010
4,983
5,018
5,095
5,154
1,884
1,924
1,850
1,874
241
236
214
253
283
283
283
* See footnotes on p. 72.
91
96
81
104 I
80
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS,
(WEDNESDAY SERIES)—Continued
1922-33
[In millions of dollars]
Reserve bank credit outstanding
Date
(Wednesday)
Treasury
Mone- and MonU.S. Other
tary
na- ey in
GovBills
gold
circuredis- Bills ern- serve Total stock tional lation
bank
count- bought ment bank
cursecuri- credit
ed
rency*
ties
1924
Jan. 2
Jan.9
Jan.16
Jan. 23
Jan. 30
607
534
541
522
347
319
293
276
272
127
100
117
121
121
Feb.
Feb.
Feb.
Feb.
6—
13..
2027-
487
546
496
532
283
278
253
263
Mar.
Mar.
Mar.
Mar.
5_.
12.
19.
26.
Apr.
Apr.
Apr.
Apr.
Apr.
2...
9—
162330-
431
482
530
530
470
473
447
May
May
May
May
7__
14.
21.
28.
1,310
1,080
997
986
946
Member
bank
reserve
balances
Treasury
cash
and
deposits
with
F. R.
banks*
Non- Other
mem- Federal
ber
Redeserve
posacits*
counts
(*)
4,243
4,256
4,270
4,274
4,281
2,009
2,010
2,009
2,010
2,010
5,027
4,878
4,788
4,763
4,759
1,964
1,941
1,936
1,935
1,928
266
229
252
278
256
274
274
274
272
271
125
127
142
156
911 4,292
969 4,297
942 4,309
983 4,315
2,010
2,012
2,012
2,013
4,779
4,820
4,828
4,842
1,894
1,915
1,891
1,927
249
252
253
252
270
270
269
260
243
194
202
182
212
297
257
998
974
973
4,323
4,335
4, 341
4,354
2,014
2,015
2,015
2,014
4,855
4,845
4,840
4,850
1,907
1,945
1,981
1,912
216
289
214
198
177
140
124
265
269
267
274
302
1,068
1,042
980
929
911
4,363
4,371
4,386
4,392
4,411
2,015
2,015
2,017
2,017
2,017
4,891
4,878
4,885
4,855
4,853
1,933
1,935
1,941
1,935
1,945
332
323
265
257
245
440
411
415
430
87
75
56
87
311
323
325
333
892 4,423
863 4,435
833 4,442
881 4,450
2,017
2,018
2,018
2,018
4,855
4,840
4,826
4,864
1,954
1,940
1,941
1,936
232
243
233
261
267
266
267
June 4...
June 11June 18 _
June 25-
401
376
351
350
56
44
57
45
398
423
426
430
900
889
907
875
4,458
4,468
4,476
4,481
2,019
2,019
2,020
2,019
4,857
4,803
4,791
4,781
1,988
2,032
2.104
2,035
247
253
221
271
263
262
265
266
July
July
July
July
July
2—
9—
16-23..
30 .
311
305
291
294
53
59
37
32
24
435
451
467
477
505
928
878
873
841
858
4,490
4,495
4,505
4,509
4,512
2,019
2,020
2,019
2,013
2,017
4,884
4,839
4,777
4, 740
4,744
2,016
2,037
2,085
2,075
2, 087
248
233
250
259
265
262
260
260
258
258
Aug.
Aug.
Aug.
Aug.
6...
13..
20..
27..
274
266
259
263
22
18
26
49
536
540
541
542
49
49
27
873
875
4,512
4, 514
4,516
4,522
2,019
2,019
2,019
2,019
4,763
4,771
4, 781
4,790
2,093
2.105
2,095
2,082
267
240
245
259
256
255
254
255
Sept.
Sept.
Sept.
Sept.
3...
10.
17.
24.
302
261
258
260
70
92
99
92
542
568
619
575
55
50
89
43
4,517
971 4,517
1,065 4,513
970 4,510
2,019
2,018
2,018
2,017
4,853
4,836
4, 825
4, 823
2,102
2,139
2,261
2,120
255
246
220
266
255
253
259
259
267
266
263
223
223
139
175
197
170
215
576
581
599
583
584
50
59
70
47
33
1,032
1,081
1,129
1,023
1,055
4,510
4,507
4,510
4,508
4,508
2,017
2,018
2,019
2,019
2,020
4,861
4,861
4,889
4,867
4,885
2,128
2,190
2,186
2,150
2,162
282
267
292
245
249
259
259
260
259
259
229
224
234
221
235
248
275
281
585
588
587
582
33
70
54
42
1,082
1,130
1,150
1,126
4, 511
4, 515
4,521
4,525
2,020
2,021
2,021
2,023
4,952
4,955
4,935
4,990
2,118
2,172
2,215
2,148
254
250
251
250
258
259
259
258
355
249
Dec. 3—
353
254
Dec. 10337
284
Dec. 17390
396
Dec. 24_.
387
314
Dec. 31* See footnotes on p. 72.
575
552
564
538
540
63
63
102
140
61
1,242
1,222
1, 287
1,464
1,302
4,522
4,514
4,502
4,496
4,499
2,024
2,024
2,025
2,024
2,025
4,999
5,024
5, 078
5,199
5,047
2,252
2,192
2,215
2,223
2,220
246
254
226
269
262
259
259
262
262
258
Oct.
Oct.
Oct.
Oct.
Oct.
1815.
22.
29.
Nov.
Nov.
Nov.
Nov.
5.12.
19.
26-
268
270
270
270
269
269
268
268
81
RESERVE BANK CREDIT
No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS,
(WEDNESDAY SERIES)—-Continued
1922-33
[In millions of dollars]
Reserve bank credit outstanding
U.S.
Date
(Wednesday) Bills Bills Governdiscount bought ment
securied
ties
1925
Jan. 14
Jan. 21
Jan. 28
264
262
203
274
Feb.
Feb.
Feb.
Feb.
4__.
11..
1825._
322
332
342
434
Mar.
Mar.
Mar.
Mar.
4..
11.
18.
25-
Apr.
Apr.
Apr.
Apr.
Apr.
1...
8—
1522_.
29-
401
410
339
378
400
391
395
412
400
May
May
May
May
6._
13.
20.
27.
341
324
423
394
Other
reserve
bank
credit
Treasury
Mone- and
tary
nagold tional
Total stock bank
currency*
108 1,209
60 1,133
62
994
59 1,035
TreasMem- ury Nonber
Mon- bank cash memand
ey in reber
decircu- serve posits delation bal- with posances F. R. its*
banks*
Other
Federal
Reserve
accounts
(*)
4,495
4,473
4,456
4,446
2,026
2,026
2,026
2,027
4,931
4,824
4,775
4,752
2,248
2,256
2,141
2,172
249
250
258
284
43
43
44
41
259
258
258
258
4,419
4,392
4,384
4,366
2,027
2,027
2,025
2,023
4,775
4,804
4,776
4,806
2,194
2,175
2,191
2,208
249
246
238
238
45
40
40
35
258
259
260
389
390
378
365
56
58
64
42
1,075
1,105
1,096
1,158
72
68
75
54
1,160 4, 349
1,167 4, 345
1,119 I 4,333
1, 083 4, 335
2,023
2,020
2,018
2,016
4,821
4,801
4,785
4,775
2,166
2,201
2,176
2,119
252
242
215
239
32
28
29
36
260
261
265
265
316
311
274
276
267
383
388
428
344
358
362
358
353
349
52
62
88
70
61
1,126
1,126
1,115
1,111
1,077
4,338
4,338
4,340
4,342
4,349
2,016
2,014
2,013
2,011
2,010
4,803
4,812
4,788
4,764
4,772
2,133
2,141
2,141
2,163
2,135
248
234
245
249
238
29
24
29
24
26
265
265
264
263
265
411
339
338
414
278
283
276
278
376
380
358
349
64
74
76
50
1,129
1,076
1,048
1,091
4,359
4,350
4,355
4,356
2,007
2,006
2,005
2,003
4,782
4,758
4,747
4,771
2,180
2,154
2,118
2,138
240
229
252
252
28
26
26
25
264
264
264
264
June 3 —
June 10..
June 17..
June 24..
412
417
442
455
285
275
246
242
354
360
306
325
91 1,142
66 1,118
126 1,120
1,083
4,357
4,359
4,361
4,362
2,004
1,999
1,999
1,997
4,798
4,772
4,758
4,748
2,147
2,156
2,213
2,140
257
259
215
263
36
25
26
24
264
265
267
267
July 1—
July 8—
July 15..
July 22July 29..
512
450
455
443
249
241
231
225
210
354
339
344
335
330
1,182
1,118
1,115
1,062
1,057
4,360
4,362
4,360
4,361
4,361
1,997
1,995
1,993
1,992
1,990
4,817
4,806
4,762
4,740
4,731
2,199
2,147
2,196
2,161
2,153
230
231
221
225
233
30
28
25
263
263
264
264
264
Aug. 5 —
Aug. 12..
Aug. 19..
Aug. 26..
544
538
559
580
212
212
195
202
333
329
323
332
1,159
1,143
1,148
1,167
4,368
4,370
4,377
4,379
1,990
1,989
1,988
1,988
4,772
4,787
4,798
4,816
2,212
2,180
2,184
2,183
243
246
242
245
26
25
25
24
Sept. 2...
Sept. 9__
Sept. 16..
Sept. 23.
Sept. 30.
210
214
212
238
326
327
409
323
343
116
67
51
1,182
1,249
1,225
1, 269
1,295
4,382
4,390
4,391
4,380
4,382
1,988
1,987
1,986
1,985
1,985
4,841
4,906
4,899
4,888
4,916
2,187
2,196
2,198
2,207
2,210
235
234
209
242
239
24
26
29
28
Oct. 7...
Oct. 14.
Oct. 21..
Oct. 28..
577
639
488
641
633
644
644
603
590
284
287
293
329
1,329
1,338
1,291
1,303
4,384
4,384
4,399
4, 397
1,983
1,983
1,983
1,982
4,935
4,936
4,901
4,893
2,238
2,230
2,206
2,227
2,26
243
263
259
28
26
31
31
270
270
271
271
Nov.
Nov.
Nov.
Nov.
565
566
625
342
353
355
359
324
325
330
334
333
332
77
71
71
59
48
66
75
59
1,356
1,318
1,329
1,375
4,408
4,410
4,412
4,393
1,982
1,981
1,981
1,980
4,940
4,937
4,913
4,971
2,246
2,232
2,261
2,220
250
234
240
252
39
34
36
34
271
272
272
272
339
352
398
360
377
70
63
123
137
74
1,411
1,464
1,493
1,631
1,564
4,399
4,398
4,402
4,394
4,398
1,981
1,979
1,979
1,980
1,977
4,985
5,037
5,093
5,251
5,099
2,236
2,246
2, 265
2, 219
2,309
264
252
211
232
221
33
32
30
27
33
273
273
275
275
275
4..
10.
18.
25.
325
312
317
304
301
277
307
644
358
Dec. 2...
679
370
Dec. 9 —
353
619
Dec. 16370
764
Dec. 23..
363
750
Dec. 30.
* See footnotes on p. 72.
25
27
263
264
264
265
264
264
267
269
27
82
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS,
(WEDNESDAY SERIES)—Continued
1922-33
[In millions of dollars]
Reserve bank credit outstanding
Date
(Wednesday)
1926
Jan.6 _
Jan. 13
Jan. 20
Jan. 27
Bills
dis- Bills
count- )ought
ed
593
U.S.
Government
securities
MoneOther
tary
regold
serve Total stock
bank
credit
Treasury
and
national
bank
currency*
Money in
circulation
Member
bank
reserve
balances
Treasury Non- Other
cash mem- Fedand
eral
ber
deRedeposits pos- serve
with
acF. R. its* counts
banks*
(*)
506
453
449
345
327
306
295
369
369
370
365
90
67
65
55
1,397
1,269
1,194
1,164
4,402
4,402
4,414
4,406
1,977
1,977
1,979
1,979
4,967
4,838
4,803
4,786
2,278
2,280
2,243
2,217
226
229
238
245
34
28
28
26
272
273
275
274
488
533
538
540
302
301
302
304
350
333
334
331
53
53
63
41
1,193
1,220
1,237
1,216
4,413
4,429
4,428
4,426
1,979
1,979
1,980
1,980
4,805
4,840
4,827
4,855
2,215
2,239
2,262
2,203
268
247
256
266
24
28
24
23
273
274
275
276
Feb.
Feb.
Feb.
Feb.
3
10
17
24
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
583
502
481
618
632
287
285
257
252
250
326
360
353
308
330
65
48
68
42
50
1,261
1,195
1,158
1,220
1,262
4,433
4,443
4,447
4,444
4,442
1,981
1,979
1,982
1,982
1,983
4,862
4,838
4,836
4,828
4,860
2,224
2,210
2,230
2,218
2,215
287
270
212
292
309
25
23
27
27
22
276
277
280
281
281
Apr.
Apr.
Apr.
Apr.
7.
14
21
28
579
577
450
514
230
274
229
199
342
377
389
389
53
60
67
53
1,204
1,288
1,135
1,155
4,452 1,983
4,452 1,984
4,443 1,984
4,438 1,984
4,853
4,863
4,843
4,840
2,192
2,283
2,171
2,203
288
277
241
229
26
21
25
23
281
281
282
283
May
May
May
May
5. _
12
19
26
547
476
490
474
213
228
226
239
395
396
399
395
60
58
62
45
1,215
1,158
1,177
1,153
4,442
4,431
4,433
4,432
1,984
1,984
1,985
1,985
4,850
4,827
4,817
4,828
2,231
2,194
2,237
2,195
251
245
235
241
27
25
24
24
282
283
282
283
June 2
June 9 _ _ __
June 16
June 23
June 30
525
448
393
479
515
244
250
233
247
249
404
418
482
383
385
66
57
99
48
45
1,239
1,173
1,207
1,157
1,194
4,434
4,434
4,434
4,445
1,447
1,988
1,986
1,986
1,986
1,986
4,904
4,860
4,852
4,837
4,885
2,225
2,224
2,261
2,225
2,229
228
203
205
218
212
20
23
24
21
20
283
283
285
286
282
July 7
July 14
Julv 21
July 28
613
515
495
521
238
234
217
211
375
391
383
369
70
71
56
41
1,296
1,211
1,151
1,142
4,450
4,465
4,466
4,468
1,986
1,986
1,986
1,986
4,962
4,883
4,849
4,847
2,240
2,242
2,208
2,205
223
230
241
238
26
23
21
23
281
283
282
283
548
549
535
571
228
231
254
255
370
366
360
321
40
43
48
38
1,186
1,189
1,197
1,185
4,469
4,465
4,470
4,470
1,986
1,986
1,984
1,986
4,875
4,886
4,891
4,887
2,217
2,226
2,215
2,204
241
218
238
236
24
27
24
29
283
283
283
286
626
614
566
662
717
253
266
262
270
276
319
312
488
305
302
37
54
78
66
37
1,235
1,246
1,394
1,303
1,332
4,468
4,473
4,469
4,472
4,475
1,984
1,985
1,987
1,987
1,988
4,914
4,975
4,941
4,930
4,953
2,224
2,207
2,369
2,231
2,249
229
206
204
277
273
34
30
44
34
30
285
286
290
290
291
Oct 6
Oct. 13
Oct. 20
Oct 27
624
704
587
632
273
291
293
308
306
308
307
300
69
9
63
41
1,272
1,312
1,250
1,281
4,471
4,471
4,473
4,474
1,988
1,989
1,990
1,990
4,970
5,002
4,954
4,955
2,212
2,217
2,213
2,217
233
235
228
253
24
27
25
26
291
292
292
293
Nov. 3
Nov 10
Nov. 17
Nov. 24
676
581
567
628
332
340
348
341
302
300
308
300
16
49
64
39
1,326
1,270
1,287
1,308
4,475
4,481
4,480
4,475
1,990
1,991
1,992
1,991
5,006
4,980
4,954
5,005
2,207
2,219
2,238
2,202
247
219
238
240
36
28
34
32
294
294
294
294
645
368
Dec 1
391
605
Dec. 8
384
562
Dec. 15
388
715
Dec. 22
379
Dec. 29.
._
711
* See footnotes on p. 72.
306
324
478
314
317
48
52
84
129
60
1,367
1,372
1,508
1,546
1,467
4,476
4,481
4,478
4,486
4,490
1,991
1,991
1,991
1,992
1,993
5,003
5,058
5,095
5,218
5,093
2,257
2,231
2,354
2,218
2,264
249
228
198
268
251
32
32
32
22
43
293
294
296
297
298
Aug. 4
Aug. 11
Aug 18
Aug. 25
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
_.
___
. . .
83
RESERVE BANK CREDIT
No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS,
(WEDNESDAY SERIES)—Continued
1922-33
[Tn millions of dollars]
Reserve bank credit outstanding
Date
(Wednesday)
Treasury
Mone- and MonU.S. Other
tary
na- ey in
GovBills
gold tional circuredisBills ern- serve
Total stock bank lation
count- bought ment bank
cursecuri- credit
rency*
ties
TreasMem- ury Non- Other
cash
ber
Fedbank and mem- eral
ber
dereRedeserve posits posserve
bal- with
acits*
ances F. R.
counts
[banks"
(*)
1927
Jan. 5
Jan.12
Jan. 1 9 . - .
Jan. 26
490
416
365
389
338
337
302
314
311
313
303
1,414
1,189
1,125
999
4,497
4,520
4,535
4,550
1,991
1,990
1,990
1,990
4,999
4,875
4,825
4,795
2,352
2,274
2,243
2,192
209
230
249
233
293
294
294
294
Feb.
Feb.
Feb.
Feb.
2...
9...
1623..
393
379
396
398
329
303
315
280
304
305
312
305
1,062
1,017
1,075
996
4,560
4,572
4,577
4, 585
1,989
1,990
1,991
1,992
4,809
4,810
4,804
4,850
2,242
2,221
2,289
2,166
242
230
229
242
294
294
295
295
Mar.
Mar.
Mar.
Mar.
Mar.
2__.
9..
16.
23.
30.
435
416
331
457
456
265
219
231
237
311
307
475
342
353
1,077
1,017
1,058
1, 054
1,073
4, 587
4,593
4,595
4,600
4,597
1,993
1,992
1,994
1,994
1,996
4,854
4,836
4,826
4,822
4,832
2,231
2,221
2, 295
2,300
2,274
253
223
203
205
239
295
297
298
298
Apr.
Apr.
Apr.
Apr.
6—
13..
2027..
402
426
414
444
239
257
247
242
342
355
333
318
1,033
1,082
1,043
1,041
4,600
4,600
4,604
4,605
1,996
1,997
1,997
1,998
4,860
4,865
4,836
4,821
2,232
2,265
2,250
2,270
218
232
239
233
298
298
299
299
May
May
May
May
4..
11.
18.
25.
508
442
458
429
244
233
225
236
316
254
269
322
1,125
971
999
1,019
4,612
4,685
4,684
4,627
1,998
2,001
2,002
2,004
4,840
4,828
4,819
4,810
2,326
2,271
2,295
2,268
220
219
238
238
299
300
299
300
June
June
June
June
June
l._.
8-.15..
22..
29..
497
399
361
439
477
229
222
183
183
216
362
438
547
369
376
1,126
1,097
1,148
1,044
1,121
4,607
4,612
4,620
4,602
4,589
2,004
2,005
2,004
2,005
2,003
4,866
4,812
4,794
4, 775
4,805
2, 308
2,331
2,421
2,307
2,342
231
240
210
236
235
299
298
300
300
300
July
July
July
July
6
13
20
27
507
426
199
193
185
169
374
378
386
385
1,166
1,102
1,065
1,028
4,579
4,569
4,572
4,578
2,004
2,003
2,003
2,003
4,897
4,809
4,786
4,776
2,297
2,315
2, 301
2,282
221
220
226
225
297
296
297
297
Aug.
Aug.
Aug.
Aug.
Aug.
3_.
10.
17.
24.
31.
415
413
390
414
401
178
176
171
179
185
407
420
442
445
473
1,125
1,089
1,084
1,093
1,102
4, 579
4,584
4,586
4,588
4, 588
2,004
2,003
2,003
2,003
2,003
4,811
4,815
4,824
4,825
4,854
2,350
2,315
2,295
2,306
2,299
220
221
227
227
216
296
297
449
375
415
430
197
227
219
242
499
500
484
494
1,194
1,168
1,157
1,201
4,597
4,586
4, 585
4,577
2,003
2,003
2,004
2,002
4,919 2,318
4,881 2,325
4,874 2,311
2,337
235
227
231
234
294
294
300
302
462
430
418
402
262
274
283
301
505
510
500
511
1, 272
1,268
1,257
1,238
4,573
4,573
4,574
4, 553
2,003
2,003
2, 003
2,004
4,910
4,934
4,897
4,876
2,360
2,324
2,384
2, 352
247
216
213
230
302
302
303
304
379
461
367
418
477
335
336
334
327
355
526
530
705
621
548
1,282
1,346
1,467
1,400
1,416
4,531
4,511
4,487
4,460
4,451
2,004
2,004
2,004
2,004
2,005
4,905
4,929
4,891
4,925
4,952
2,362
2,369
2,500
2, 393
2,379
212
228
200
202
204
303
303
303
305
304
444
495
578
380
381
366
386
588
603
1,458
1,528
1,630
1,639
4,438
4, 418
4,404
4, 385
2,004
2,006
2,005
2,006
4,970
5, 000
5,095
5, 043
2,397
2,419
2,394
2,432
199
203
220
223
305
305
306
306
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
5...
12..
19..
26..
Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
7..
14.
21.
28.
2
9
16
23
30
7.-.
14..
21..
28..
,_.....
* See footnotes on p. 72.
105
91
295
84
No,
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
4.—RESERVE
BANK CREDIT AND RELATED ITEMS, BY W E E K S ,
(WEDNESDAY SERIES)—Continued
1922-33
[In millions of dollars]
Reserve bank credit outstanding
Date
(Wednesday)
U.S.
GovBills
disBills
erncount- bought ment
ed
securities
Other
reserve
bank
credit
Total
TreasTreasMem- ury
Other
ury
ber
cash Non- FedMone- and
Monmembank
and
eral
tary
naey in
ber
redeRegold tional circudeserve posits
serve
stock bank lation
posbalwith
accurits*
ances F. R.
counts
rency*
banks*
(*)
1928
Jan 4
Jan.11
J a n 18
J a n . 25
521
439
412
385
387
393
369
347
627
545
499
441
ao
21
1,604
1,414
1,310
1,194
4,379
4,381
4,377
4,380
2,006
2,005
2,005
2,005
4,939
4,779
4,701
4,659
228
2,486
2,473 . 218
228
2,432
2,355
231
35
27
25
25
302
303
307
309
Feb. 1
Feb 8
Feb. 15
Feb. 22
Feb 29
423
459
481
461
493
377
369
355
353
344
434
401
408
402
408
29
26
22
20
19
1,263
1,255
1,266
1,236
1,264
4,374
4,375
4,376
4,376
4,361
2,003
2,005
2,005
2,006
2,007
4,671
4,676
4,688
4,698
4,691
2,405
2,395
2,391
2,357
2,375
232
230
230
227
233
23
24
26
24
23
309
310
311
312
311
Mar 7
Mar. 14
Mar. 21
Mar 28
482
472
477
524
338
343
333
346
403
401
385
386
30
29
18
17
1,253
1,245
1,213
1,273
4,362
4,335
4,320
4,308
2,006
2,006
2,006
2,006
4,687
4,670
4,666
4,667
2,361
2,362
2,322
2,357
236
221
214
227
24
22
23
22
312
311
315
314
Apr 4
Apr. 11
Apr. 18
Apr 25
601
619
620
709
344
362
351
366
383
378
341
305
37
27
44
20
1,365
1,386
1,356
1,400
4,304
4,302
4,270
4,266
2,006
2,006
2,007
2,007
4,725
4,697
4,691
4, 676
2,400
2,432
2,392
2,417
213
223
207
236
24
27
25
24
314
316
317
318
May
May
May
May
May
2
9
16
23
29
757
777
807
847
944
363
365
347
331
304
292
277
262
230
219
42
35
39
27
21
1,454
1,454
1,455
1,435
1,488
4,265
4,235
4,185
4,178
4,161
2,010
2,008
2,008
2,008
2,009
4,715
4,697
4,690
4,675
4,721
2,442
2,426
2,382
2,370
2,357
222
227
228
230
230
32
27
26
25
27
317
319
321
321
322
June
June
June
June
5 13
20
27
982
_ 1,043
991
1,032
266
240
224
223
210
223
223
212
46
40
33
27
1,504
1,546
1,471
1,494
4,147
4,104
4,105
4,103
2*008
2,006
2,007
2,007
4,703
4,695
4,693
4,698
2,384
2,392
2,332
2,345
225
219
201
209
23
27
31
26
323
323
326
327
. . . 1,191
1,089
1,012
1,025
210
188
181
169
220
218
209
208
59
47
46
28
1,680
1,542
1,448
1,430
4,110
4,115
4,114
4,115
2,0P7
2,007
2,008
2,004
4,808
4,729
4,689
4, 665
2,403
2,365
2,307
2,300
225
212
217
230
35
30
29
26
325
327
328
328
1,086
1,061
1,003
1, 037
1,039
166
162
190
184
184
212
208
206
207
209
41
22
48
32
30
1,505
1,453
1,447
1,460
1,462
4,113
4,114
4,119
4,120
4,124
2,006
2,007
2,006
2,006
2,007
4,690
4,705
4, 717
4,723
4,730
2,344
2,266
2,285
2,281
2,269
233
247
211
222
233
29
27
29
28
29
329
330
332
333
334
Sept. 5
Sept. 12
Sept 19
Sept. 26
1,080
1,069
1,094
1,011
187
211
237
263
206
221
225
229
43
55
70
39
1,516
1,556
1,626
1,542
4,123
4,124
4,125
4,129
2,006
2,007
2,008
2,009
4,801
4,761
4,757
4,770
2, 273
2,349
2,361
2,316
214
212
250
217
23
30
53
38
334
335
337
339
Oct. 3 .
Oct. 10
Oct 17
Oct. 24
Oct 31
1,026
993
936
912
932
310
332
379
401
440
231
227
231
231
227
64
34
60
25
25
1,631
1,586
1,606
1,569
1,624
4,125
4,129
4,136
4,140
4,142
2,010
2,010
2,010
2,011
2,011
4,807
4,832
4,813
4,791
4,806
2,350
2,313
2, 359
2,322
2,371
239
210
210
236
228
32
29
30
27
28
339
340
340
344
344
957
858
800
990
449
474
484
482
223
222
226
229
5
61
48
28
1, 634
1,615
1,558
1,729
4,145
4,156
4,159
4,128
2,011
2,011
2,013
2,013
4,848
4,820
4,795
4,903
2,330
2,365
2,346
2,361
236
225
214
231
30
26
25
26
346
347
348
348
1,012
1,028
947
1,168
478
494
453
489
227
236
291
232
45
46
81
52
1,762
1,804
1,772
1,941
4,134
4,139
4,150
4,149
2,012
2,011
2,011
2,013
4,913
4,935
5,025
5, 089
2,382
2,409
2,326
2,409
237
232
204
219
27
27
25
30
348
350
352
355
July 3 .
July 11
July 18
July 25
Aug.
Aug
Aug.
Aug
AUP-
1
8
15
22
29
Nov. 7
Nov 14
Nov. 21
Nov. 28
Dec
Dec
Dec.
Dec.
5
12
19
26
_
. . ._
* See foonotes on p. 72,
69
37
RESERVE BANK CREDIT
85
No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS,
(WEDNESDAY SERIES)—Continued
1922-33
[In millions of dollars]
Reserve bank credit outstanding
Date
(Wednesday)
1929
Jan. 2
Jan. 9
Jan.16 __
Jan.23
Jan.30
Treasury
Mone- and MonU . S . Other
tary
naey in
Bills
Govregold
circudisBills
ern- serve Total stock tional lation
bank
count- boughi ment bank
cured
securi- credit
rency*
ties
Treas-
Mem- ury Non- Other
ber
Fedcash
bank and mem- eral
ber
redeRedeserve posits pos- serve
balwith its*
acances F. R.
counts
banks*
(*)
1,151
877
822
782
821
484
477
481
454
436
244
239
238
202
202
31
45
63
34
26
1,910
1,638
1,604
1,472
1,485
4,127
4,120
4,108
4,117
4,128
2,013
2,012
2,011
2,011
2,011
4,933
4,762
4,697
4,643
4,630
2,494
2,405
2,415
2,359
2,391
235
220
228
220
223
39
33
32
26
28
348
350
351
352
353
852
904
865
952
.
411
391
356
334
200
177
173
166
37
15
37
32
1,500
1,487
1,431
1,484
4,127
4,150
4,151
4,154
2,010
2,011
2,011
2,008
4,640
4,672
4,669
4,670
2,386
2,372
2,319
2,367
228
220
221
227
28
28
27
25
355
355
356
357
Feb.
Feb.
Feb.
Feb.
6
13 _.
20
27
Mar.
Mar.
Mar.
Mar.
6
13
20
27
989
956
943
1,024
305
283
237
208
163
165
185
170
44
49
36
27
1,501
1,453
1,401
1, 429
4,158
4,160
4,170
4,174
2,010
2,012
2,011
2,012
4,691
4,665
4,654
4,667
2, 350
2,363
2,340
2,332
238
209
200
225
30
26
26
28
360
361
362
363
Apr.
Apr.
Apr.
Apr.
3
10
17
24.-.
1,030
964
994
975
175
157
141
141
169
166
161
150
51
28
53
32
1,425
1,315
1,349
1,298
4,188
4,221
4,235
4,245
2,013
2,014
2,016
2,016
4,674
4,642
4,646
4,631
2,335
2,302
2,302
2,290
222
208
253
241
30
33
32
29
365
365
366
368
Mav 1
986
962
915
904
988
170
157
146
138
118
151
149
156
153
145
59
46
52
28
36
1,366
1,314
1,269
1,223
1,287
4,265
4,290
4,298
4,299
4,301
2,016
2, 018
2,018
2,018
2,018
4,660
4,653
4,644
4,634
4,694
2, 336
2,330
2,320
2, 276
2,286
243
240
219
230
224
41
31
32
29
30
367
369
370
370
372
June 5
June 12 _
June 19
June 26
977
934
959
1,017
113
114
87
83
147
170
139
150
66
50
67
44
1,303
1,268
1,252
1,294
4, 303
4,305
4,315
4,327
2,018
2,018
2,019
2,019
4,667
4,636
4,635
4,636
2,321
2, 328
2,292
2,344
233
223
253
255
28
29
30
27
375
375
375
378
July 3
July 10
July 17
July 24
July 31
1,125
1,153
1,084
1,064
1,076
74
66
68
69
75
141
136
153
146
147
91
55
66
50
49
1,431
1,410
1, 371
1,329
1,347
4,331
4,328
4,340
4, 346
4,341
2,020
2,018
2,017
2,014
2, 013
4,766
4,817
4,749
4, 704
4, 717
2,380
2,303
2,352
2, 357
2,355
228
235
221
225
226
34
29
29
28
28
374
373
378
375
376
Aug.
Aug.
Aug.
Aug.
1,064
1,028
986
974
79
118
132
157
158
154
149
145
52
52
49
41
1,353
1, 352
1,309
1,317
4,347
4,350
4, 353
4,359
2, 008
2,007
2,006
2,005
4,741
4,745
4, 744
4,748
2, 323
2,330
2,292
2,306
235
224
223
219
30
28
27
25
379
382
381
384
1,046
973
934
944
182
222
241
264
149
159
178
152
55
60
60
51
1,432
1,414
1,413
1,411
4,363
4,364
4, 369
4, 375
2, 006
2,005
2,004
2,009
4,829
4,791
4, 764
4,744
2,320
2, 360
2,381
2,364
241
219
219
271
25
26
34
26
386
388
388
390
931
857
849
796
991
323
333
360
379
340
146
141
138
136
293
80
54
110
63
56
1,480
1, 385
1,457
1, 374
1,680
4,374
4, 378
4,379
4, 386
4,385
2,010
2,012
2, 015
2,016
2,020
4,789
4,788
4,789
4,752
4,789
2,399
2,339
2,408
2,378
2, 652
259
232
234
225
225
27
26
27
28
26
389
391
393
393
393
991
971
900
912
330
300
284
257
293
313
327
326
40
86
53
27
1,654
1,670
1,564
1,522
4,380
4, 375
4,374
4,366
2,023
2, 025
2,024
2,024
4,830
4,820
4, 777
4,856
2, 558
2, 608
2,518
2,376
241 !
220
246
258
34
27
25
26
394
395
396
396
872
257
Dec. 4.
_
322
769
Dec 11
737
309
Dec. 18
355
763
Dec 24
392
632
Dec. 31
* See footnotes on p. 72.
355
387
533
485
511
57
48
63
120
48
1,541
1, 526
1,642
1,723
1,583
4,369
4,354
4,321
4,294
4,284
2,023
2,022
2,022
2,023
2,022
4,867
4,869
4, 937
5,059
4, 865
2,401
2,397
2,408
2,320
2,355
242
215
210
234
245
26
25
28
24
397
396
401
402
394
May
May
May
May
8 . .___
15
22
29
7
14
21
28
Sept. 4
Sept. 11
Sept. 18Sept. 25
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
._
2
9
16
23
30
6._
13
20
27
._
30 1
86
No.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
4.—RESERVE
BANK CREDIT AND RELATED ITEMS,
(WEDNESDAY SERIES)—Continued
BY W E E K S ,
1922-33
tin millions of dollars]
Reserve bank credit outstanding
U.S.
GovBills
Bills
erndiscount- bought ment
securied
ties
Date
(Wednesday)
Other
reserve
bank
credit
TreasTreasMem- u r y
ury
Non- Other
ber
cash mem- FedMone- and
Mon- bank
and
eral
tary
ey in
naber
redeRegold tional circu- serve
deposits posserve
Total stock bank lation balwith
accurits*
ances F . R.
counts
rency*
banks*
(*)
1930
Jan. 3
Jan. 15
Jan 22
Jan. 29
568
442
433
407
319
323
298
258
485
479
477
477
48
57
61
29
1,420
1,301
1,269
1,171
4,277
4,283
4,284
4,289
2,022
2,022
2,021
2,022
4,690
4,596
4,553
4,508
2,367
2,358
2,360
2,308
238
229
239
247
31
30
29
26
393
393
393
393
Feb. 5
F8D. 12
Feb 19
Feb. 26 _
381
382
377
343
296
276
281
299
478
479
481
483
39
63
30
31
1,194
1,199
1,169
1,156
4,302
4,310
4,329
4,345
2,022
2,021
2,021
2,022
4,525
4,542
4, 521
4,505
2,339
2,308
2,315
2,346
236
219
263
254
25
70
27
25
393
393
393
393
Mar. 5
Mar 12
Mar 19
Mar 26
309
266
206
207
271
257
185
256
486
514
561
529
39
31
31
33
1,105
1,068
983
1,025
4,360
4,384
4,405
4,420
2, 022
2,022
2,022
2,022
4,528
4,495
4,481
4,467
2,315
2,354
2,291
2,340
223
206
216
232
27
26
26
28
394
393
396
400
Apr 2
Apr. 9
Apr. 16
Apr 23
Apr. 30
241
226
214
211
233
301
267
302
257
210
530
527
535
527
530
52
27
48
35
33
1,124
1,047
1, 099
1,030
1,006
4,424
4,435
4,438
4,445
4,491
2,022
2,022
2,024
2,024
2,024
4,518
4,495
4,505
4,461
4,476
2,375
2,345
2,380
2,363
2,385
248
241
249
251
234
29
25
26
24
27
400
398
401
400
399
237
210
210
247
175
171
187
176
528
528
528
530
39
43
28
23
979
952
953
976
4, 496
4,502
4,514
4,516
2,024
2,023
2,024
2,025
4,474
4,446
4,437
4,490
2,349
2,379
2,374
2,347
246
224
252
259
30
29
28
24
399
400
400
397
240
210
207
232
189
148
133
102
544
579
598 ,
577
31
37
23
25
1,004
974
961
936
4,523
4,526
4,529
4,533
2,024
2,024
2, 025
2,025
4,476
4,459
4, 450
4,426
2,412
2,409
2,408
2,386
242
238
233
258
25
24
27
27
396
394
396
396
260
236
207
191
197
157
149
169
151
131
596
591 ,
577
576
576
57
36
47
28
23
1,070
1,012
1,000
946
927
4,536
4,536
4,540
4,523
4,515
2,026
2,025
2,025
2,024
2,023
4,553
4,488
4,448
4,407
4,397
2,406
2,417
2,460
2,432
2,415
240
244
228
231
238
42
34
39
34
28
391
390
390
389
388
May
May
May
May
-
7 .14
21
28
- -
June 4
June 11
June 18
June 25
July 2
July 9
July 16
July 23
July 30
. - . --
Aug
Auc
Aug
Aug
6
13
20
27
206
191
196
193
134
154
159
163
576
606 i
602
602
24
31
29
26
940
982
986
984
4,495
4,489
4,493
4,504
2,026
2,026
2,026
2,026
4,437
4,437
4,443
4,448
2, 364
2,400
2,414
2,419
244
239
237
235
28
35
25
25
387
386
386
386
Sept
Sept
Sept
Sept
3
10
17
24
231
183
163
167
170
193
209
198
602
602
610
602 ;
38
30
26
24
1,041
1,008
1,008
991
4,500
4,503
4,507
4,506
2,026
2,026
2,026
2,026
4,511
4,464
4,458
4,435
2,393
2,428
2,456
2,416
250
232
210
256
27
27
26
25
385
386
391
391
601
600
602
602
601
30
28
47
21
16
1,010
1,012
1,044
992
985
4,511
4,514
4,519
4,523
4,533
2,027
2,027
2,027
2, 027
2,028
4,492
4,487
4,500
4,450
4,426
2,394
2,408
2, 440
2,437
2,468
245
243
230
239
236
25
25
28
25
25
392
390
391
391
390
193
186
211
173
185
210
192 . 177
166
202
Oct
Oct
Oct
Oct
Oet
1
8
15
22
29
Nov
Nov
Nov
Nov
5
12
19
26
213
192
205
234
186
207
178
176
602
601 !
596
596
9
35
24
22
1,010
1,035
1,003
1,028
4,534
4,549
4,556
4,568
2,028
2,028
2,028
2,027
4,491
4,477
4,482
4,565
2,410
2,490
2,449
2,410
248
230
245
240
32
25
28
24
390
390
383
382
Dec 3
Dec. 10
Dec 17
Dec. 24
Dec. 31
251
257
331
448
251
219
244
252
260
364
602
617
692
642
729
36
16
22
75
29
1,108
1,134
1,297
1, 425
1,3.3
4,572 2,028
4,576 2,023
4, 584 2,027
4,589 I 2,027
4,593 12, 027
4, 615
4,653
4,837
5, 014
4,890
2,424
2,448
2, 455
2,c67
2, ',71
256
223
205
252
2 0
26
26
26
24
28
387
384
385
3.4
1.75
* See footnotes on p. 72.
87
EBSEEVE BANK CREDIT
No.
4.—RESERVE
BANK CREDIT AND RELATED ITEMS,
(WEDNESDAY SERIES)—Continued
BY W E E K S ,
1922-33
[In millions of dollars]
Reserve bank credit outstanding
U.S.
GovBills
ernBills
discount- bought ment
securied
ties
Date
(Wednesday)
Other
reserve
bank
credit
Total
TreasTreasMem- ury
Non- Other
ury
ber
Mone- and
Mon- bank cash mem- Fedand
eral
tary
ey in
ber
naredeRegold tional circu- serve
deposits posserve
stock bank lation balwith
acits*
curances F. R.
counts
rency*
banks*
(*)
Jan.
Jan.
Jan.
Jan.
1931
7
14
21
28
292
243
230
215
265
196
152
120
659
644
625
610
32
28
13
11
1,248
1,111
1,020
956
4,602
4,625
4,631
4,637
2,026
2,026
2,025
2,025
4,782
4,649
4,593
4,544
2,444
2,464
2,441
2,425
242
245
238
243
31
26
25
25
377
378
380
380
Feb.
Feb.
Feb.
Feb.
4
11
18
25
223
222
200
190
104
88
94
106
610
610
600
599
12
9
11
9
949
929
905
904
4,649
4,651
4,661
4,663
2,025
2,024
2,026
2,027
4,576
4,594
4,560
4,569
2,379
2,365
2,380
2,378
263
242
247
243
24
24
25
23
380
379
379
381
Mar.
Mar.
Mar.
Mar.
4
11
18
25
191
173
162
165
101
151
122
83
600
605
618
599
16
13
5
11
908
942
907
858
4,672
4,677
4,685
4,689
2,025
2,026
2,027
2,027
4,575
4,554
4,562
4,547
2,365
2,436
2,436
2,357
264
254
211
262
22
22
26
24
380
379
384
384
Apr. 1
Apr. 8 . .
Apr. 15
Apr. 22
Apr. 29
164
143
132
135
155
167
172
131
152
170
598
599
599
599
598
14
15
33
25
13
943
929
895
911
936
4,698
4,703
4,710
4,713
4,721
2,025
2,025
2,025
2,025
2,024
4,620
4,612
4,623
4,612
4,621
2,392
2,389
2,356
2,380
2,408
248
250
237
247
246
25
24
31
26
24
382
382
384
384
383
May
May
May
May
6
13
20
27
150
145
149
153
194
153
131
125
598
598
599
598
25
22
15
10
967
918
894
886
4,743
4,766
4,772
4,795
2,023
2,023
2,022
2,022
4,663
4,627
4,639
4,634
2,418
2,421
2,411
2,425
240
250
230
235
29
26
26
27
383
383
382
382
June 3
June 10
June 17
June 24
173
185
185
198
134
127
107
106
598
599
599
619
33
18
16
37
938
929
907
960
4,793
4,803
4,893
4,915
2,022
2,022
2,022
2,023
4,673
4,723
4,756
4,733
2,389
2,399
2,401
2,457
274
224
258
289
37
28
28
40
380
381
379
379
July 1
July 8
July 15
July 22
July 29.
150
162
162
182
183
103
92
70
67
67
663
668
678
678
678
34
38
41
15
17
950
960
951
942
945
4,956
4,964
4,959
4,951
4,953
2,022
2,022
2,023
2,024
2,024
4,841
4,836
4,808
4,795
4,780
2,389
2,440
2,436
2,432
2,415
257
228
234
236
231
70
72
87
85
126
371
370
368
368
369
189
195
231
242
66
136
155
181
681
728
728
728
31
46
27
48
967
1,105
1,141
1,199
4,955
4,964
4,983
4,992
2,024
2,024
2,023
2,023
4,849
4,890
4,952
4,994
2,339
2,393
2,382
2,342
231
233
252
303
159
209
195
210
368
367
366
365
257
260
263
310
328
198
198
218
243
469
728
728
742
738
742
38
30
56
24
39
1,221
1,216
1,279
1,315
1,578
4,999
5,001
5,016
4,897
4,741
2,023
2,023
2,023
2,023
2,023
5,036
5,092
5,088
5,164
5,246
2,374
2,290
2,418
2,280
2,364
265
260
223
242
249
203
233
224
186
120
365
364
365
363
363
463
628
698
717
581
730
769
725
738
727
727
727
57
40
44
42
1,839
2,125
2,238
2,211
4,642
4,424
4,337
4,289
2,023
2,024
2,024
2,024
5,431
5,473
5,505
5,481
2,277
2,223
2,276
2,229
258
249
250
263
178
269
207
192
360
359
361
359
705
684
662
686
642
597
534
480
728
727
727
727
34
56
49
48
2,109
2,064
1,972
1,941
4,312
4,347
4,371
4,408
2,025
2,026
2,026
2,025
5,545
5,519
5,473
5,479
2,122
2,099
2,124
2,117
257
279
251
250
167
185
165
170
355
355
356
358
718
725
698
911
1,024
423
389
307
257
327
717
717
906
758
803
47
49
63
80
48
1,905
1,880
1,974
2,006
2,202
4,420
4,440
4,458
4,465
4,458
2,027
2,028
2,031
2,035
2,035
5,511
5,509
5,578
5,733
5,632
2,073
2,086
2,168
2,001
2,323
247
253
221
275
274
163
145
138
138
107
358
355
359
359
359
Aug.
Aug.
Aug.
Aug.
._
_.
5
12_ . . . .
19
26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
Oct.
Oct.
Oct.
Oct.
7
14
21
28 ._
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
25
2__. _
9
16
23
30
_
.
_
* See footnotes on p. 72.
49753—34-
88
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.
4.—RESERVE
BANK CREDIT AND RELATED ITEMS, BY W E E K S ,
(WEDNESDAY SERIES)—Continued
1922-33,
[In millions of dollars]
Reserve bank credit outstanding
Date
(Wednesday)
U.S.
GovBills
ernBills
discount- bought ment
securied
ties
Other
reserve
bank
credit
Treasury
Mone- and
tary
nagold tional
Total stock bank
currency*
TreasMem- ury
Non- Other
ber
cash mem- FedMon- bank
and
eral
ey in
ber
redeRecircudeserve posits posserve
lation
balwith
acits*
ances F . R.
counts
banks*
(*)
Jan.
Jan.
Jan.
Jan.
1932
6
13
20
27
818
818
819
838
275
214
188
162
766
752
751
752
61
50
48
46
1,921
1,834
1,807
1,798
4,458
4,457
4,451
4,426
2,035
2,036
2,037
2,039
5,661
5,619
5,613
5,589
2,036
1,994
1,972
1,945
260
258
251
264
103
103
108
116
353
353
350
349
Feb.
Feb.
Feb.
Feb.
3..
10_.
17..
24..
855
819
846
835
156
169
146
133
749
741
741
741
49
48
47
25
1,810
1,779
1,781
1,734
4,406
4,403
4,369
4,350
2,043
2,046
2,049
2,054
5,631
5,625
5,609
5,593
1,937
1,905
1,904
1,878
258
282
256
274
85
68
82
46
348
347
347
349
Mar.
Mar.
Mar.
Mar.
Mar.
2__
9__
16.
23.
30.
828
748
661
666
633
116
138
106
82
66
760
785
842
835
872
25
27
25
15
16
1,729
1,698
1,634
1,597
1,587
4,350
4,362
4,374
4,381
4,388
2,056
2,058
2,060
2,060
2,060
5,583
5,545
5,522
5,480
5,439
1,902
1,910
1,919
1,911
1,911
265
283
221
268
280
38
32
55
29
55
347
350
350
351
350
Apr.
Apr.
Apr.
Apr.
6
13._20
27...
635
629
565
532
58
52
49
46
885
985
1,078
1,191
21
20
9
17
1,599
1,686
1,700
1,785
4,396
4,380
4,377
4,368
2,060
2,061
2,061
2,061
5,458
5,423
5,425
5,398
1,942
2,011
1,979
2,114
255
281
307
278
50
61
74
71
350
350
354
353
May
May
May
May
4__
1118 _
25_
506
471
465
471
45
43
41
38
1,287
1,385
1,466
1,525
22
19
16
13
1,859
1,919
1,988
2,048
4,344
4,314
4,275
4,207
2,060
2,060
2,061
2,060
5,449
5,431
5,449
5,411
2,147
2,144
2,192
2,214
242
288
261
270
77
78
71
70
351
350
350
350
June1
June 8
June 15-.June22
June 29—
495
502
496
488
470
35
36
66
54
64
1,575
1,645
1,692
1,730
1,801
17
16
16
16
11
2,122
2,198
2,270
2,288
2,346
4,107
3,979
3,909
3,917
3,920
2,059
2,059
2,058
2,057
2,057
5,467
5,452
5,467
5,505
5,649
2,125
2,112
2,101
2,066
2,034
243
263
225
287
246
105
62
94
52
45
349
347
349
351
349
July 6_-_
July 13-_
July 20-_
July 2 7 -
500
516
538
525
77
62
52
40
1,801
1,821
1,836
1,841
30
18
12
16
2,408
2,417
2,438
2,422
3,922
3,932
3,952
3,961
2,057
2,056
2,056
2,056
5,775
5,714
5,735
5,690
1,963
2,015
2,036
2,072
264
289
286
286
42
43
46
48
343
344
343
343
Aug.
Aug.
Aug.
Aug.
Aug.
487
452
443
427
433
41
39
36
35
34
1,846
1,851
1,851
1,851
1,852
14
15
14
8
12
2,388
2,357
2,344
2,321
2, 331
3,987
4,005
4,046
4,064
4,088
2,058
2,064
2,076
2,087
2,105
5,728
5,707
5,706
5,684
5,692
2,012
2,062
2,080
2,142
2,146
301
265
288
268
304
47
46
46
31
36
344
346
346
347
345
714.
21.
28.
420
402
359
340
34
34
34
34
1,851
1,851
1,852
1,854
14
14
15
14
2,319
2,301
2,259
2,241
4,105
4,128
4,165
4,184
2,115
2,128
2,140
2,152
5,725
5,668
5,642
5,605
2,142
2,244
2,211
2,269
295
263
327
318
31
36
36
36
346
347
349
351
Oct.
Oct.
Oct.
Oct.
5-__
12_.
1926__
333
328
314
322
33
33
34
34
1,851
1,851
1,851
1,851
23
22
21
14
2,241
2, 234
2,219
2,221
4,201
4,208
4,227
4, 257
2,158
2,166
2,175
2,182
5,649
5,651
5,621
5,584
2,284
2,246
2,326
2,412
279
298
276
277
37
61
39
30
351
352
359
357
Nov.
Nov.
Nov.
Nov.
Nov.
2__
9-.
16.
23.
30.
326
311
307
308
309
34
34
35
35
35
1,851
1,851
1,851
1,851
1,851
15
3
16
8
8
2,226
2,199
2,208
2,201
2,202
4,266
4,270
4,283
4,319
4,340
2,186
2,193
2,195
2,196
2,199
5,616
5,651
5,629
5,635
5,648
2,384
2,342
2,400
2,400
2,411
279
274
266
271
275
38
34
33
53
50
359
360
359
357
357
Dec.
Dec.
Dec.
Dec.
7-_.
14..
21_.
28_.
299
284
270
267
34
34
33
33
1,851
1,851
1,851
1,851
14
20
25
17
2,197
2,189
2,180
2,168
4,352
4,368
4,487
4,505
2,201
2,202
2,203
2,203
5,669
5,664
5,730
5,687
2,395
2,425
2,446
2,482
287
277
293
306
40
37
39
39
357
356
362
363
3—
101724-.
31-
Sept.
Sept.
Sept.
Sept.
* See footnotes on p . 72.
89
RESERVE BANK CEEDIT
No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33
(WEDNESDAY SERIES)—Continued
[In millions of dollars]
Reserve bank credit outstanding
Date
(Wednesday)
1933
Jan.4
Jan. 11....
Jan. 18—
Jan. 25.__
Feb. 1—_
Feb. 8—..
Feb. 15...
Feb. 22....
Bills
Bills
discount- bought
ed
U.S.
Government
securities
Other
reserve
bank
credit
Treasury
Mone- and Montary
na- ey in
gold tional circuTotal stock bank lation
currency*
Member
bank
reserve
balances
Treasury Non- Other
cash mem- Fedand
eral
ber
deRedeposits pos- serve
with
acits*
F. R.
counts
banks'
(*)
251
248
249
265
33
32
32
31
1,851
1,812
1,778
1,763
2,163
2,106
2,068
2,067
4,524
4,549
4,566
4,556
2, 204
2,205
2,205
2,204
5, 070 2, 514
5,5S3 If, 574
5,602 I 2,545
5,611 ! 2,513
269
253
286
327
31
31
31
180
1, 764
1,784
1,809
1,834
2,070
2,085
2,136
2,351
4,548
4,535
4,511
4,460
2,204
2,203
2,203
2,203
5,652
5,705
5,854
5,988
2,438
2,419
2,236
2,271
305
294 !
21)4 |
292
319
285
330
325
1___
8___
15._
22..
29..
712
1,414
1,233
680
559
384
417
403
352
310
1,836
1,881
1,899
1,864
1,838
3,644
3,526
2,896
2,702
4,343
4,243
4,251
4, 264
4,272
2,218
2,230
2,256
2,273
2,287
6,719
7,538
7,269
6,608
6,353
2,038
1,776
1,964
1,918
1,987
303
317
317
432
428
91
138
132
126
144
345
348
350
350
348
Apr. 5
Apr. 12._.
Apr. 19—
Apr. 26—
441
428
414
385
247
208
177
1,837
1, 837
1,837
1,837
2, 579
2,528
2,490
w, 412
4, 283
4,293
4,313
4,310
2,297
2,303
2,308
2,306
6,261
6,147
6,068
5,994
1,976
2,096
2,159
2,136
441
390
366
371
135
143
163
172
347
348
355
355
May
May
May
May
May
3
10—
17—
24_._
31—
400
338
330
312
302
144
113
78
43
20
1, 837
1, 837
1,837
1,862
1, 890
2,396
2,297
2,254
2,219
2,218
4,312
4,313
4,313
4,314
4,315
2,305
2,303
2,299
2,299
2,298
5,954
5,892
5,852
5, 795
5,812
2,034
2,089
2,114
2,194
2,167
487
399
370
329
345
182
178
175
161
155
356
355
3:4
353
353
June 7
June 1 4 —
June 21...
June 2 8 —
277
254
222
191
11
10
9
1,912
1,932
1,955
1,975
2,214 i 4,316
2,212 4,318
2,194 4,317
2,182 4,318
2.296
2, 295
2,295
2,296
5,767
5,723
5,696
5,675
2, 204
2,281
2,205
2,286
307
316
405
317
197
153
152
169
July 5
July 12. _.
July 19___
July 26—
182
168
163
161
1,995
2,007
2,017
2, 028
2,206
2,201
2,197
2,201
4, 318
4,319
4,319
4,320
2,285
2,284
2,283
2,282
5,752
5,667
5,635
5,601
2,219
2,269
2,290
2,306
331
353
335
366
164
169
194
186
351
351
348
348
344
345
344
343
Aug. 2—.
Aug. 9 —
Aug. 16—
Aug. 23...
Aug. 30—
164
156
166
150
153
2,038
2,048
7 2,059
7 2,094
7 2,129
2,208
2,220
2,240
2,258
2,298
4,320
4,320
4,321
4,328
4,328
2,281
2,281
2,281
2,280
2,281
5,618
5,608
5,612
5,592
5,592
2,319
2,376
2,371
2,432
2,427
333
292
315
319
339
188
195
197
175
202
350
350
347
348
347
Sept. 6...
Sept. 13..
Sept. 20 _
_
Sept. 27._
145
133
130
133
7
7
7
7
2,166
2,203
2,238
2,274
2,330
2,357
2,388
2,421
4,329
4,327
4,327
4,324
2,280
2,281
2,280
2,279
5,648
5,602
5,605
5,595
2,439
2,542
2,543
2, 596
327
317
334
331
178
157
164
156
343
345
348
347
Oct. 4____
Oct. 1 1 —
Oct. 18...
Oct. 25__.
123
119
113
115
7
7
7
7
2,309
2,344
2,375
2,400
2,449
2,477
2,513
2,526
4,324
4,324
4,323
4,323
2,279
2,278
2,277
2,277
5,652
5,673
5,650
5,608
2,523
2,567
2,655
2,693
372
338
284
302
159
155
166
167
346
345
358
357
Nov. 1...
Nov. 8...
Nov. 15. _
Nov. 22..
Nov. 29..
117
112
111
112
119
7
7
15
20
24
2,420
2,430
2,432
2,431
2,432
2,550
2,542
2,564
2,562
2,581
4,323
4,323
4,323
4,323
4,323
2,276
2,275
2,275
2,276
2,277
5,640
5,673
5, 655
5,654
5,742
2,591
2,578
2,645
2,687
2,573
388
373
345
316
369
178
161
163
149
142
353
3^5
355
355
354
Dec. 6
Dec. 13...
Dec. 2 0 —
Dec. 27...
116
118
115
111
2,615
2,677
2,686
2,674
4,323
4,323
4,323
4, 323
2,277
2,295
2,299
2,304
5,758
5,763
5, 849
5,824
2,561
2,638
2,636
2,675
386
379
329
315
156
160
132
124
354
355
362
362
Mar.
Mar.
Mar.
Mar.
Mar.
61 2,431
116 2,432
113 2,432
111 2,432
ee footnotes o n p. 72.
17
10
10
4
-68
-9
-1
7
-7
-1
7
61
66
68
88
88
353
353
3-12
350
347
345
342
343
90
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 5.—RESERVE BANK CREDIT AND RELATED ITEMS ( E N D OF MONTH SERIES)
1929-33
[In millions of dollars]
Reserve bank credit outstanding
UaiQ
(End of month)
U.S. Other
Bills
Govreern- serve
disBills
count- bought ment bank
ed
securi- credit
ties
Treasury
Mone- and
tary
nagold tional
Total stock bank
currency*
Money in
circulation
Mem- Treasber
ury
Other
bank cash Non- Fedreand
mem- eral
ber
serve
deRebalposits deserve
ances with posacF. R. its* counts
banks*
(*)
1929—January
February._
March
April
May
June
July
August
September.
October
NovemberDecember..
805
973
1,095
934
1,068
1,037
1,076
1,046
958
1,000
1,030
632
440
330
200
179
117
82
75
176
293
355
256
392
202
169
172
163
143
216
147
150
162
321
326
511
37
38
69
51
32
65
49
68
45
67
65
48
1,484
1,510
1, 536
1, 327
1, 360
1,400
1^347
M40
1,458
1,743
1,677
1,583
4,127
4,153
4,188
4,260
4,301
4,324
4,341
4,360
4,372
4,386
4,367
4,284
2,011
2,008
2,013
2,016
2,018
2,019
2,013
2,004
2,010
2,020
2,024
2,022
4,657
4,698
4,748
4,676
4,738
4,746
4,717
4,840
4,819
4,838
4,929
4,865
2,362
2,362
2,357
2,282
2,288
2,356
2,355
2,337
2,326
2,666
2,458
2,355
223
228
229
243
248
240
226
218
278
221
258
245
29
25
41
35
33
28
28
24
28
31
26
30
352
359
363
r ggg
375
374
376
•-385
••390
394
398
••393
1930—January
February. _
March
April . . .
May
June
July
August
September.
October
NovemberDecember—
394
353
310
233
313
272
200
215
272
207
275
251
294
270
279
210
185
128
130
168
209
163
175
364
479
480
535
530
528
591
577
602
597
602
599
729
42
37
25
33
23
27
27
40
25
26
30
29
1,209
1,140
1,149
1,006
1,049
1,018
'934
1,025
1,103
998
1,079
1,373
4,291
4.352
4,423
4,491
4,517
4,535
4,517
4,501
4,511
4,535
4,571
4,593
2,021
2,022
2,022
2,024
2,024
2,025
2,023
2,025
2,027
2,028
2,028
2,027
4,560
4,576
4,549
4,476
4, 551
4,522
4,426
4,533
4,501
4,493
4,660
4,890
2,293
2,260
2,367
2,385
2,369
2,389
2,396
2,378
2,467
2,418
2,373
2,471
249
261
251
234
250
237
236
231
255
230
235
230
25
25
28
27
24
40
28
24
26
29
25
28
' 393
394
••399
r 400
395
391
389
••386
393
392
386
375
1931—January
February-_
March_
April
May
232
198
250
157
174
149
195
255
328
728
718
638
125
109
124
163
125
106
73
215
469
681
452
339
610
599
599
598
598
668
678
728
742
727
717
817
13
20
17
19
20
20
30
57
39
48
44
59
980
926
990
937
917
943
976
1,255
1,578
2,184
1,931
1,853
4,643
4,665
4,697
4, 726
4! 798
4,956
4 949
4,995
4,741
4,292
4,414
4,460
2,025
2,025
2,026
2,024
2! 022
2,022
2,024
2,023
2,023
2,024
2,027
2,035
4,610
4,620
4,608
4,652
4,702
4,822
4,837
5,052
5,246
5,540
5,536
5,647
2,398
2,343
2,428
2,371
2,389
2,381
2,367
2,373
2,364
2,167
2,051
1,961
236
250
273
253
235
271
237
294
249
257
258
276
24
23
22
27
31
77
140
189
120
181
170
110
381
••379
383
r 383
381
371
369
365
362
•356
357
354
July
August
September.
October
November..
December..
899
828
639
556
490
440
538
433
332
328
309
235
153
109
68
48
36
67
43
34
33
34
35
33
746
740
872
1,228
1,549
1,784
1,841
1,852
1,854
1,851
1,851
1,855
58
32
18
18
21
19
17
12
14
14
8
22
1,856
1,709
1,597
1,850
2,096
2,310
2,439
2,331
2,233
2,227
2,202
2,145
4,416
4,354
4,390
4,367
4,152
3,919
3,974
4,088
4,193
4,264
4,340
4,513
2,039
2,055
2,060
2,060
2,059
2,057
2 056
2,106
2,154
2,186
2,199
2,204
5,641
5,604
5,459
5,465
5,480
5,695
5,726
5,692
5,653
5,628
5,648
5,675
1,947
1,849
1,924
2,124
2,113
1,982
2,052
2,146
2,225
2,383
2,411
2,509
266
265
255
256
257
222
299
306
315
278
275
280
107
53
59
79
109
42
49
36
36
31
50
43
351
347
350
352
348
345
'•344
345
352
357
356
355
1933—January
February->
March
April
May _ .
June
July
August
September.
October
NovemberDecember. _
274
582
447
435
302
164
167
153
128
116
119
98
31
336
305
171
20
48
9
7
7
7
24
133
1,763
1,866
1,838
1,837
1,890
1,998
2,028
2,129
2,277
2,421
2,432
2,437
- 8
10
3
16
7
10
6
8
9
5
7
20
2,077
2,794
2,593
2,459
2,218
2 220
2,209
2.297
2,421
2,548
2,581
2,688
4,552
4,380
4,282
4,312
4,315
4 318
4,320
4,328
4,324
4,323
4,323
4,323
2,204
2,217
2,289
2,305
2,298
2 286
2,281
2,281
2,278
2,277
2,277
2,303
5,645
6,545
6,320
6,003
5,812
5 721
5,630
5,612
5,650
5,635
5,742
5,806
2,446
2,141
1,949
2,132
2,167
2 292
2,294
2,409
2,538
2,685
2,573
2,729
333
279
405
397
345
299
357
341
331
299
369
287
64
80
143
188
155
166
184
197
155
173
142
132
346
346
348
355
353
346
346
347
348
356
354
360
June
July .
„
August
September.
October
November..
December..
1932—January
February. _
March
April
May
June
r Revised.
* See footnotes on p. 72.
91
RESERVE BANK CREDIT
No. 6.—RESERVE BANK CREDIT AND RELATED ITEMS, CALL DATES, 1917-33
[In millions of dollars]
Reserve bank credit outstanding
Call date i
1917—Dec. 31 (Mon.)_
655
273
128
82
1,138 3.155
4,373
1,448
326
10
64
1918—June 29 (Sat.).. 900
Dec. 31 (Tues.)- 1,760
205
292
255
239
186
186
1,546 3,163
2,474 3,160
1,881
1,795
4,482
5,238
1,565
1,635
331
340
115
113
97
103
1919—June 30 (Mon.) 1,800
Dec. 31 (Wed.). 2,215
316
574
292
300
97
196
2,505 3,113
3,285 2,994
1,698
4,877
5,378
1,758
1,890
413
415
122
101
147
193
1920—June 30 (Wed.) 2,468
Dec. 29 (Wed.). 2,737
384
247
155
136
3,346 2,865
3,408 2,926
1,687
1,710
5,468
5,612
1,821
1,743
259
243
72
25
278
357
1921—Apr. 28 (Thurs.) 2,062
June 30 (Thurs.) 1,751
Dec. 31 (Sat.)._ 1,144
1922—Mar. 10 (Sat.)-613
June 30 (Fri.) _.
461
Dec. 29 (Fri.)—
609
1923—Apr. 3 (Tues.)._
723
June 30 (Sat.) __
837
Sept. 14 (Fri.)._
864
Dec. 31 (Mon.)_
723
1924—Mar. 31 (Mon.)
518
June 30 (Mon.).
334
Oct.l0(Fri.)~226
Dec. 31 (Wed.).
314
1925—Apr.6 (Mon.).. 402
June 30 (Tues.)
480
Sept. 28 (Mon.)
608
Dec. 31 (Thurs.)
635
1926—Apr. 12 (Mon.) . 525
June 30 (Wed.).
515
Dec. 31 (Fri.)_._
637
1927—Mar. 23 (Wed.). 457
June 30 (Thurs.)
443
446
Oct. 10 ( M O D . ) .
581
Dec. 31 (Sat.)..
1928—Feb. 28 (Tues.). 481
June 30 (Sat.)..
095
Oct. 3 (Wed.)..
Dec. 31 (Mon.).
1929—Mar. 27 (Wed.)
024
June 29 (Sat.)_.
037
Oct. 4 (Fri.)—_
898
Dec. 31 (Tues.)
632
1930—Mar. 27 (Thurs.)
205
June 30 (Mon.).
272
Sept. 24 (Wed.).
167
Dec. 31 (Wed.).
251
1931—Mar. 25 (Wed.).
165
June 30 (Tues.) .
149
Sept. 29 (Tues.)
325
Dec. 31 (Thurs.)
638
1932—June 30 (Thurs.)
440
Sept. 30 (Fri.).. 332
235
Dec. 31 (Sat.)..
1933—June 30 (Fri.)..
164
Oct. 25 (Wed.).
115
Dec. 30 (Sat.) __
98
339
288
268
260
234
466
555
426
245
102
111
134
263
431
589
540
360
353
332
375
363
385
315
342
370
503
617
401
235
231
228
170
216
134
511
529
591
602
729
599
668
750
817
1,784
1, 854
1,855
105
40
145
91
161
271
265
206
181
355
228
37
180
387
305
254
259
374
262
249
381
231
211
258
392
346
217
310
489
208
82
297
392
279
128
198
364
83
106
423
339
67
33
33
48 1,998
7 2,400
133 2.437
31
45
42
7
14
83
51
58
71
27
18
31
46
61
48
56
44
75
15
45
48
23
59
29
63
19
39
64
36
27
65
85
48
38
27
24
29
10
20
34
59
19
14
22
10
5
20
2, 466 3.156
2,096 3,275
1,565 3,660
1,713
1,750
1,842
5,050
4,911
4,690
1,657
1,604
1,753
1,177
1,191
1,389
3,732
3,785
3,932
1,838
1,862
1,957
4,488
4,463
4,824
1,719
1,820
1,919
1,284
1,203
1,227
1,239
3,970
4,050
4,119
4,244
1,984
1,976
1,999
2,009
4,738
4,823
4,906
5,044
1,891
1,852
1,870
1,898
1,027
833
1,041
1,302
4,364
4,488
4,503
4,499
2,015
2,019
2,018
2,025
4,899
4,849
4,895
5,047
1,885
1,944
2,114
2,220
1,115
,143
,243
,459
4,334
4, 360
4,381
4,399
2,015
1,997
1,985
1,977
4,836
4,811
4,921
5,104
2,095
2,172
2,145
2,212
,165
,194
,381
,055
,083
,236
,653
4,452
4,447
4,492
4,600
4,587
4,573
4,379
4,362
4,109
4,125
4,141
1,984
1,986
1,991
1,994
2,003
2,003
2.006
2,007
2,006
2, 010
2,012
4,900
4,885
5,095
4,822
4,851
4,954
5,003
2,125
2,229
2,194
2,300
2,249
2,302
2,487
4,695
4,797
4,807
4,973
4,174
4,324
4,374
4,284
2,012
2,019
2,010
2,022
4,667
4,746
4,839
4,865
1,051
1,018
991
1,373
4,424
4,535
4,506
4,593
2,022
2,025
2,026
2,027
4,490
4,522
4,435
4,890
858
943
1,532
1,853
4,689
4,956
4,757
4,461
2,027
2,022
2,023
2,035
4,547
4,822
5, 224
5,647
2,310
2,233
2,145
3,918
4,191
4,513
2,057
2,154
2,204
5, 695
5,652
5,675
2,220
2, 526
2,688
4,318
4,323
4, 323
2,286
2,277
2,303
5,721
5,608
5,8C6
34
28
27
37
30
28
21
29
21
23
22
23
25
39
34
27
28
29
23
20
65
23
34
31
26
22
29
32
27
28
28
28
30
25
40
25
28
24
76
134
110
42
36
43
166
167
132
318
297
278
274
273
275
279
283
281
274
270
262
259
258
265
263
269
273
281
282
293
298
296
302
300
311
327
,429
,400
.414
.,582
2, 355
2,325
2,350
2,389
2,332
2,356
2,301
2,355
2,345
2,389
2,416
2,471
2,357
2,381
2,329
1,961
1,982
2,225
2,509
2,292
2,693
2, "729
276
254
331
230
253
232
308
242
267
251
329
262
269
262
233
228
244
219
270
212
217
205
242
223
223
231
224
239
224
225
240
240
245
236
237
256
229
262
271
262
276
222
315
280
299
302
287
,247
,586
,631
363
374
389
394
400
391
391
375
384
371
364
354
344
351
354
346
357
360
i Dates for which calls were issued for reports of condition of national banks by the Comptroller of the
Currency and for State member banks of the Federal Reserve System by the Federal Reserve Board. For
period December 1917 to December 1920, inclusive, figures are for June and December calls only. Commencing with 1921, the figures are for all calls. Data for other calls in earlier years are not available.
*See footnotes on p. 72.
92
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
RESERVE BANK CREDIT
No. 7.—RESERVE BANK CREDIT, ANNUAL AVERAGES, 1915-33
[Averages of daily figures. In thousands of dollars]
Bills and securities held by Federal Reserve banks
Reserve
bank
Year
1915
1916
1917
1918
1919.
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
credit
outstanding
Total
i 60,149
i 163,350
523,120
1, 723,168
2, 625,406
3, 390, 422
2,198, 238
1, 226, 334
1, 204, 752
996, 467
. ...
1,195, 397
1, 257,859
1,175, 035
1, 505, 085
1,459, 264
1, 086,870
1, 273, 671
2, 076, 774
2,428,829
60,149
163,350
439, 977
1, 556,162
2, 484,021
3, 232,154
2,152, 284
1,185,165
1,147, 964
948, 525
1,138, 542
1, 206, 379
1,124. 538
1,467, 371
1,414,126
1, 056, 895
1, 251,058
2, 062, 446
2,421, 566
Due
from Reserve
U.S. Gov- Other Foreign foreign bank
Bills dis- Bills ernment securi- loans banks float
counted bought securities ties on gold
24,371
24,140
193, 783
1,134, 486
1, 905, 697
2, 523, 073
1, 797, 226
571, 220
735, 608
372,121
480, 609
568,166
442, 287
839, 942
950, 580
271, 727
326, 217
520, 637
283, 229
10,430
65, 508
150,094
287,147
323,939
385, 420
91,150
159,102
226,767
172,437
287, 482
281,104
263, 258
327, 806
241,399
213, 201
245, 260
70, 902
82, 882
7,931
47,161
89, 207
134,177
254, 384
323, 661
263,864
454, 777
185,504
402, 271
358, 760
349, 599
417, 480
297, 499
207,659
563, 672
669, 013
1, 461, 258
2,052,160
17,417
26, 541
6,893
352
1
44"
66
85
1, 210
2,473
3,396
1,513
2,124
13,420
8,295
10, 058
9,649
3, 295
486
9,218
4,114
1,068
510
536
2,765
793
692
699
701
644
671
674
8,643
603
732
804
5,321
4,687
3,689
2 83,143
2 166,470
2138,620
2 157, 475
45, 2(52
40, 470
56, 087
47, 298
56,184
50,806
41,854
37,111
44,406
29,171
17,292
9, 641
3, 574
1 Exclusive of Reserve bank float for whichfiguresare not available.
Includes Government overdrafts.
No. 8.—RESERVE BANK CREDIT, BY MONTHS, 1925-33
[Monthly averages of daily figures. In thousands of dollars]
2
Month
Total
Bills dis- Bills
counted bought
U.S.
Due
Govern- Other se- Foreign from Reserve
ment
curities loans on foreign bank
float
securigold
banks
ties
1925—January
February. _.
March
April
May
June
July
August
September,
October
November..
December..
1,125,416
1,094, 047
1,121,951
1,109,658
1, 099,973
1,118,344
1,118,239
1,142, 706
1, 226, 636
1, 320, 582
1, 351, 693
1, 506, 515
267, 003
340, 253
389,611
402, 766
397, 352
437,177
480,105
545,196
594, 080
618,770
597,158
687, 766
329, 258
313,419
298,177
287, 322
279, 054
263, 497
231,122
205, 401
225, 728
298, 211
351, 751
368,659
463, 722
383,790
375, 566
354,984
361,261
344, 969
337, 667
329,091
335, 425
327, 685
331,962
359, 242
2, 539
2,973
2,652
1,643
1,867
2,250
2,044
2,058
2, 414
2,703
3,378
3,191
i 8, 224
10, 500
10, 500
10, 500
10, 500
10, 500
10, 500
10, 469
7,954
7,378
5,260
8, 367
641
642
720
639
640
730
636
645
735
639
652
738
42, 470
44, 725
51, 802
49, 299
59,221
56,165
49, 846
60, 300
65,196
61, 582
78, 552
1926—January
February...
March
April
May
June
July
August
September.
October
November..
December..
1,27:
1, 218, 403
1, 216, 042
1, 203, 653
1,199, 838
1,185, 468
1, 221, 421
1, 202, 639
1, 277, 787
1, 321, 568
1,318,027
1, 445, 340
519,917
525,678
556,541
537, 003
511,490
472. 871
549,107
555, 241
639, 508
663, 296
614, 501
668, 453
323, 874
304,816
267,833
234, 409
232, 219
243, 233
229, 923
245,117
264, 813
295, 249
348, 365
384, 603
367, 789
334,816
335, 742
370, 754
398, 201
407,896
379, 618
353,192
315, 530
306,189
302, 434
321, 540
3,143
3,185
3,653
4,886
4,103
3,453
3,117
3,373
3,700
3,042
2, 525
2,579
6,852
7,131
8,201
642
709
696
645
707
676
681
702
659
677
650
650
56, 591
42, 068
43, 376
47, 269
45, 360
49, 932
55, 454
44, 924
53, 577
53,115
49, 552
67, 515
1927—January
February...
March
April
May
June
July
August
September..
October
November.
December..
1,185, 778
1, 043, 082
1, 055,163
1, 087,141
1, 041, 397
1, 081, 275
1,114, 788
1, 093, 486
1,187, 227
1, 254, 435
1,377,128
1, 567, 814
480, 622
392,996
424, 543
447, 286
472, 984
428, 563
453, 997
409, 439
422,192
424, 413
415, 216
528, 624
343, 448
304,071
252, 722
248,429
233, 224
205, 273
189, 774
173,122
215, 928
281, 903
335, 908
377, 712
310, 486
306, 606
344,922
341, 081
291, 495
397, 754
381,081
438,511
500,637
506,177
579, 238
605,841
3,550
2,250
2,064
2,061
1,801
1,533
1,300
758
587
698
646
942
657
658
658
659
660
8,627
45, 370
36,190
47, 015
36., 501
30, 254
47,, 625
41, 233
39,525
43, 266
35,466
40,744
40, 616
8, 687
7,758
7,407
3,521
54,029
7,141
628
45, 556
564
54,129
566
1
Foreign loans on gold o u t s t a n d i n g from D e c . 2, 1924, t o A u g . 2, 1926, M a r . 7 t o M a r . 18, 1929, A p r . 11 t o
for FRASER J u n e 22 to J u n e 27, 1931, a n d A u g29 to Oct. 8, 1931.
M a y 10, 1929,
Digitized
93
RESEKVE BANK CREDIT
No. 8.—RESERVE BANK CREDIT, BY MONTHS, 1925-33—Continued
[Monthly averages of daily figures. In thousands of dollars]
Month
1928—January
February...
March
April
May
June
July
August
SeptemberOctober
NovemberDecember..
1929—January
February. _.
March
April
May
June
July
August
SeptemberOctober
November..
December..
1930—January
February...
March
April
May
June
July
August
SeptemberOctober
November..
December..
1931—January
February...
March
April
May
June
July
August
September..
October
NovemberDecember..
1932—January
February...
March
April
May
June
July
August
SeptemberOctober
NovemberDecember. .
1933—January
February...
March
April
May
June
July
August
September _.
October
NovemberDecember..
2
Total
1,387,591
1,263,814
1,295, 246
1,405,135
1,471,559
1,531,103
1, 530,993
1,485,196
1, 581, 421
1,621,327
1,652,841
1,824,070
1, 613,093
1, 501, 565
1,480,931
1, 377, 282
1,303,411
1,316,801
1,379,796
1,376, 086
1,426,890
1,449, 620
1,631, 397
1, 643,073
1,356,721
1,181, 330
1, 094, 634
1,072,438
995,534
999, 628
1,003, 327
998, 473
1,015,903
1,019, 750
1.033, 401
1, 273,145
1,129, 438
936,391
920, 631
952, 286
925,914
944,969
954,174
1,106,906
1, 313,103
2, 087,771
2.034, 542
1, 950,133
1,864,121
1, 784, 734
1,651, 590
1, 693, 537
1,959,467
2, 262,095
2,421,929
2,352, 615
2, 282, 456
2,231,393
2, 211, 403
2,191, 700
2,109, 748
2, 224,284
3, 237,313
2, 514,858
2, 285, 784
2, 208,022
2,211,451
2, 238, 573
2, 358,406
2,492,440
2, 573,978
" 1,361
Bills discounted
Bills
bought
465, 275
470,680
513,233
660,927
835,502
1,018,735
1,089, 579
1,060,811
1, 064,302
975, 204
897,309
1,013,003
859, 223
889, 207
968, 565
1,004, 440
956, 274
978,009
1,095, 623
1,043, 467
969.000
884, 501
952, 640
803, 352
500, 780
377,644
273, 517
231,172
246,890
251, 237
226,041
213, 987
188, 700
196,388
220, 769
337, 557
252,886
215, 757
176, 431
154,658
162, 765
187,806
169,036
222, 270
280,153
613, 012
695,081
774,471
827,998
847, 619
714,142
605,054
486,470
494,992
522,888
450, 771
386, 918
327, 537
313,048
282,188
255, 274
306, 547
998, 768
428, 506
338,932
249,872
169, 624
158, 923
137, 647
119,495
114.001
116,868
372, 538
359,883
342, 790
358,026
348, 600
243,540
185, 018
177,951
226,033
367.595
470, 638
482, 704
472, 543
384, 662
265,430
155, 686
144,899
99, 489
74,815
124,441
229, 395
337,121
296, 212
319,997
313,839
285,152
245, 562
266,141
181,725
141,173
153.896
152,898
196, 630
185, 470
184, 212
256.596
205,841
102, 076
123, 293
172.897
143, 759
120, 740
134, 549
259, 257
691, 723
560, 341
340,157
220,824
150,817
105,358
52,174
41, 013
49,990
59, 771
37, 066
33,639
33,518
34,394
33, 760
32,108
101, 516
378, 576
230,443
85,901
12, 475
15,982
7,522
7,076
6,739
15,088
100,820
U.S.
Due
Govern- Other se- Foreign from
ment
curities loans on foreign
securigold
banks
ties
511,852
405, 551
414,681
351,105
256,686
231,907
212.978
209,610
240,429
236,914
238,335
262, 776
228, 528
184, 241
196, 746
165, 311
152, 870
179, 370
147,473
154, 513
164, 579
154,462
315, 289
446,066
484,818
4S0,121
539,513
529,899
528, 636
571,175
598. 649
7,282
597,030
6,400
601, 582
6,311
599,065
4,617
643, 880
647, 348
3,133
603, 373
603, 940
600, 280
43
598, 559
1,009
609, 537
5,444
673,593
8,733
712, 254
5,954
736,190 10,872
733,054 22,836
726, 612 31, 574
776, 954 30, 370
759, 252 33,581
742,816 27,185
809,087
6,727
1,014,032
4,831
1,412, 611
5,094
1, 697,121
5,521
1,818,465
5,892
1,850, 216
6,025
1,847, 777
5,283
1,851,306
5,384
1,850,772
5,411
1,853,509
5,414
1, 806,410 4,688
1,804,034
4,201
1,875, 208
5,544
1,837,423
5,566
1,846, 383
5,420
1,933,428
3, 643
2, 015, 642 2,115
2, 063, 839 1,852
2, 201, 627 1,812
1,644
2, 355,148
1,570
2,436,957
2, 432, 290 1,555
Excess of deferred availability items over uncollected items.
Back figures—See Annual Report for 1928 (table 1).
657
535
821
990
1,000
790
490
764
3,177
4,433
4.160
7,597
9,608
9,474
8,410
7, 073
7,446
11,427
10,558
13, 644
15, 594
20,387
21, 440
13,083
13, 213
12,817
10,383
9,101
8,413
5,587
7,341
2,928
5,854
3,979
2,133
982
1,783
1,230
566
566
568
570
571
573
572
574
574
645
729
727
730
729
723
723
726
729
728
724
740
764
740
722
722
721
722
712
710
708
705
703
701
1,720
705
804
708
703
703
1,480
3,253
18, 780
10,033
8,782
8,792
•8,768
8,638
7,845
6,339
4,821
3,646
2,739
2,708
2,660
2,732
2,797
2,860
3,231
3,512
3,612
3,676
3,677
3,800
3,906
3,892
3,788
3,951
3,773
3,442
Reserve
bank
float
36,703
26,599
23,153
33,517
29,200
35,558
42,356
35,486
46,906
36, 536
41,670
57, 263
42,461
33, 252
38,129
38,195
37, 217
47,777
50, 599
39, 297
47, 582
52, 385
45,076
59,853
43, 349
24, 875
24,937
35,323
29,160
29, 748
32, 455
23, 888
25, 560
28,190
22, 339
29,691
19,522
14, 482
16, 264
23, 711
19,124
17,829
20,663
12,117
14,815
17,134
12,142
19,413
13,828
7,697
8,431
11,107
9,458
10,825
12,174
5,829
6,179
10,916
4,981
13,969
8,037
4,474
2 24,395
9,244
5,471
4,804
4,182
2,545
6,456
5,463
2,589
14,386
94
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
N o . 9 . — D E P O S I T S , R E S E R V E S , N O T E C I R C U L A T I O N , AND R E S E R V E P E R C E N T AGES O F F E D E R A L R E S E R V E B A N K S , BY M O N T H S , J A N U A R Y 1 9 3 2 - A P R I L 1933
[Monthly averages of daily figures. In thousands of dollars]
Deposits
Month
Total
Member
bank
reserve
U.S.
Government
1932
January
February
March
April
May
June
July-.
August
September..
October
November. _
December.. .
2,130,148
2,014,397
1,975, 263
2,102, 019
2, 250,302
2,165,897
2,094,343
2,153,856
2, 266, 783
2,381,297
2, 449,892
2,508,584
1,979,097 37,695
1,907,477 33, 979
1,898,965 39, 214
1,996, 009 42, 756
2,137,649 36,146
2. 061,915 39, 047
2, 002, 587 45, 472
2, 073, 220 40, 321
2,181,129 51, 028
2,307,406 35,886
2, 378, 454 30,967
2,434,553 30,845
1933
January
February
March
April 2
2, 602, 216
2,406, 264
2,103, 545
2, 281, 210
2,515, 908
2,291, 043
1,914, 046
2,085, 635
26, 729
36, 577
55, 686
39, 927
Cash reserves
Reserve
percentage l
Other
Total
Excess
Federal
reserve
note circulation
8,639
8,600
7,845
6,339
4,822
3,647
2,739
2,708
2,660
2,732
2,797
2,860
104, 717
64,341
29, 239
56, 915
71,685
61, 288
43, 545
37, 607
31,966
35, 273
37, 674
40, 326
3,179,686
3,154,910
3,190,828
3, 230, 444
3,118, 253
2, 799, 225
2, 793,197
2, 908, 533
3, 034, 378
3,145,182
3, 217, 710
3, 282,905
1,373,240
1,384,334
1, 457, 292
1, 471, 621
1, 305,786
989,101
915,124
1, 015, 765
1,123,154
1, 218, 788
1, 277, 288
1,308, 863
2, 652, 235
2,663, 844
2, 605, 484
2, 557, 789
2, 562,152
2, 630,151
2,862,633
2,847, 296
2, 794, 624
2, 732, 350
2, 707, 400
2, 740,096
66.5
67.4
69.7
69.3
64.8
58.4
56.3
58.2
60.0
61.5
62.4
62.5
33, 227
51, 210
30, 443
17,183
26, 352
27, 434
103, 370
138, 465
3, 417,132
3, 359, 610
3,150,194
3, 550,165
1, 420,493
1, 349, 940
797, 013
1,337, 567
2, 714, 658
2, 918,694
4, 042, 351
3, 535,436
64.3
63.1
51. a
61.0
Foreign
bank
and
government
1 Ratio of cash reserves to deposit and Federal Reserve note liabilities combined.
2
Act of May 12, 1933, made all coins and currencies of the United States legal tender and eligible for use
as reserve against deposits. Since that date, therefore, cash reserves include coins and currency not previously eligible for such use. For comparative purposes figures are shown in table 10 on the current basis
retroactively to the beginning of 1932.
Back figures—See Annual Reports for 1932 (table 8) and 1928 (table 2).
No. 10.—DEPOSITS, TOTAL GOLD RESERVES AND OTHER CASH, NOTE CIRCULATION, AND CASH RATIO OF FEDERAL RESERVE BANKS, BY MONTHS, 1932-33
[Monthly averages of daily figures. In thousands of dollars]
Gold reserves a n d
other cash *
Deposits
Total
Member
bank
reserve
U.S.
Government
Foreign
bank
and
government
Other
Total
Excess
Federal
reserve
note circulation
2,130,148
2,014,397
1, 975, 263
2,102, 019
2, 250, 302
2,165,897
2, 094,343
2,153,856
2, 266, 783
2, 381, 297
2, 449, 892
2, 508, 584
1,979,097
1,907,477
1,898,965
1, 996, 009
2,137,649
2,061, 915
2, 002, 587
2, 073, 220
2,181,129
2, 307, 406
2, 378, 454
2, 434, 553
37, 695
33, 979
39, 214
42, 756
36,146
39, 047
45,472
40, 321
51, 028
35, 886
30, 967
30, 845
8,639
8,600
7,845
6,339
4,822
3,647
2,739
2,708
2,660
2,732
2,797
2,860
104, 717
64,341
29, 239
56,915
71, 685
61,288
43,545
37, 607
31,966
35, 273
37, 674
40, 326
3, 251,003
3, 227, 292
3, 263, 963
3, 303,481
3,188,944
2, 868, 022
2,863, 244
2, 979, 710
3,110, 670
3, 221,124
3, 291, 278
3, 354, 736
1,444,557
1,456, 716
1,530,427
1, 544, 658
1, 376,477
1,057,898
985,171
1, 086, 942
1,199, 446
1, 294, 730
1, 350,856
1, 380, 694
2, 652, 235
2, 663,844
2, 605, 484
2, 557, 789
2, 562,152
2, 630,151
2,862,633
2, 847, 296
2, 794, 624
2, 732, 350
2, 707, 400
2, 740, 096
68.0
69. 0
71.2
70.966. 3
59. 857.8
59. 661. 5
63.0
63,8
63.9-
2, 602, 216
2, 406, 264
2,103,545
2, 281, 210
2, 346,110
2, 456, 588
2, 519,824
2, 606, 214
2, 712, 962
2,811,949
2, 855, 046
2,829, 975
2, 515,908
2, 291, 043
1,914,046
2,085, 635
2,124, 813
2, 210, 970
2, 268,125
2, 374, 606
2,488,903
2,589,688
2, 629,144
2, 615, 798
26, 729
36, 577
55, 686
39, 927
48, 320
81,330
73, 028
45, 455
55, 513
59, 632
67, 655
70, 677
33,227
51, 210
30,443
17,183
21, 748
15, 346
16, 551
23, 316
22, 234
15,484
8,405
6,828
26,352
27,434
103, 370
138, 465
151, 229
148, 942
162,120
162, 837
146, 312
147,145
149,842
136, 672
3, 500,869
3,433, 523
3, 238, 821
3, 653, 329
3, 770,198
3, 813, 676
3, 810, 345
3,817,816
3, 813, 013
3,810, 216
3, 794, 330
3, 771, 973
1, 504, 230
1, 423, 853
885, 640
1, 440, 731
1, 627,030
1,702,812
1, 703, 693
1, 705, 937
1, 663,130
1, 627,989
1, 599, 466
1, 552,841
2, 714, 658
2, 918, 694
4, 042, 351
3, 535,436
3,305, 073
3,127, 646
3, 061, 785
2, 999, 260
3, 000,866
2,995,112
2, 988,995
3, 071,601
65.8
64.5
52. 7
62.8
66. 7
68.3
68.3"
68.1
66.7
65.6
64. &
63. &
Month
1932
January
February
March
April
May
June
July
August.
September. _.
October
November. _.
December
1933
January.
February
March
April...
May
June
July.
August..
September-..
October
November
December
Cash
ratio 3
* Other cash does not include Federal reserve notes or a bank's own Federal reserve bank notes.
other cash to deposit and Federal reserve note liabilities combined.
2
total gold reserves and
Ratio of
95
BESEBVE BANK CREDIT
Ho.
11.—BILLS
D I S C O U N T E D FOR M E M B E R B A N K S 1—HOLDINGS
F E D E R A L R E S E R V E B A N K , BY M O N T H S
OF
EACH
[Monthly averages of daily figures. In millions of dollars]
Federal Reserve Bank
Month
1933
January
February
March
April
May
June
July
August
_
September
October
November
December
Boston
New Phila- Cleve- Rich- AtdelYork phia land mond lanta
12.3
12.1
23.5
17.9
15.2
11.7
8.1
6.6
5.3
4.1
5.3
6.3
57.7
68.2
479.9
114.5
78.8
61.9
51.4
46.0
42.6
41.1
41.7
46.9
47.0
53.9
130.5
55.8
46.1
39.6
33.8
31.5
29.0
26.3
24.9
25.6
24.5
37.8
91.9
59.4
68.1
39.1
10.7
11.8
11.9
10.2
9.8
10.3
16.2
18.2
40.3
22.3
18.8
15.8
13.8
12.9
11.0
8.4
6.8
5.4
17.5
19.2
36.7
25.6
20.4
11.0
8.3
6.7
7.0
6.0
6.5
6.9
San
Chi- St. Min- Kannesas
cago Louis apolis City Dallas Francisco
16.1
26.2
62.4
18.4
16.1
15.1
11.9
10.0
7.3
5.9
6.2
5.9
7.9
5.7
10.9
4.4
3.3
2.9
2.4
2.7
3.1
1.8
1.5
1.5
10.2
10.4
13.1
9.8
7.9
6.1
4.6
4.1
3.6
3.2
3.0
2.3
11.7
14.7
25.2
20.6
13.5
10.9
7.3
4.6
4.2
3.7
3.4
2.0
4.4
4.1
6.2
6.6
6.2
4.6
3.8
4.3
4.1
2.1
1.1
29.8
36.1
78.1
73.2
44.8
31.3
13.5
17.8
8.5
6.6
3.8
2.9
1
Including small amounts of bills discounted for intermediate credit banks, etc.; see tables 13 and 22.
Back figures—Set Annual Reports for 1932 (table 9), 1931 (table 80), 1928 (table 72), and 1927 (table 55).
No.
12.—RESERVE
BALANCES OF MEMBER BANKS IN EACH DISTRICT, BY MONTHS
[Monthly averages of daily figures. In millions of dollars]
Federal Reserve District
Month
1933
January.
February
March
April
May
June
July
August
September...
October
November...
December
New
Boston York
147.2
155.8
126.9
123.7
126.6
153.3
160.2
153.6
158.6
171.5
184.3
166.4
1,230.3
979.5
808.2
985.1
1,001. 0
988.4
926.5
972.1
1,024. 7
1,023.9
994.7
957.7
Phila- Cleve- Rich- Atdelphia land mond lanta
127.0
127.5
106.6
111.9
114.1
118.9
125.7
123.3
126.0
128.3
122.2
125.8
141.5
135.6
123.8
128.9
132.4
137.6
147.3
148.1
143.2
145.2
151.9
171.4
52.8
62.5
55.5
58.2
63.2
67.9
73.5
71.0
69.4
71.9
78.0
84.2
Chicago
44.2 420.6
44.8 403.2
40.5 263.4
42.5 264.1
46.9 265.6
51.1 302.2
54.3 350.3
55.1 411.8
53.9 468.3
55.8 520.4
57.7 533.8
60.1 509.1
San
St. Min- Kansas
neLouis apolis City Dallas Francisco
59.1
59.3
63.3
63.7
64.5
66.0
73.0
73.1
73.9
75.5
84.4
93.3
38.3
42.1
40.3
39.0
40.0
43.4
50.7
51.5
50.4
50.8
53.4
55.8
67.0
78.7
80.5
75.6
74.4
81.8
99.5
103.2
105.3
105.7
110.1
114.5
Back figures.—See Annual Reports for 1932 (table 10), 1931 (table 100), and 1927 (table 89).
46.4
52.4
66.7
50.7
50.0
51.7
55.9
57.3
58.8
76.3
84.3
98.4
141.7
149.7
138.4
142.3
146.3
148.6
151.4
154.6
156.2
164.5
174.3
179.0
96
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 13.—BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE, BY MONTHS
[Holdings of Federal Reserve banks at end of month. In thousands of dollars]
1933
Jan.
Maine
New Hampshire
Vermont
MassachusettsRhode Island. _
Connecticut—
Feb.
Mar.
Apr.
May
3,208 2, 935 3,436 2,712 2,625
June
July
Aug. Sept.
Oct.
Nov.
Dec.
2,564 3,042 2,383
1,708
1,683
887
496
782
384
1,990 2,292
335
325
821 1,124
529
146
1,187
50
1,753
341
285
500
122
140
62
1,128 3,356 2,323
200
838 2,077 1,303
1,746 1,403
1,705 1,415
7,792 2,949
875
2,040
838
1,001
832
1,531 1,076 1,573 1,554
1,901 1,761 1,918
4,294 6,938 11, 063 9^489
300
152
535
570
2,793 3,344 3,324 2,406
New York
37, 585 164, 940 76, 252 86, 365
504 43,182 37, 822
New Jersey
25,804
902
Pennsylvania.- 43,""" 111, 823 64, 625 50,150
45,073 36,198 32, 048 31,197 30, 346 26, 797 29, 250 26, 772
29,920 19, 948 22, 713 19, 245 17,954 19,169 20,186 17, 755
42,081 31, 447 31, 664 30, 413 26,991 23, 583 24, 005 23, 420
Ohio
Indiana
Illinois
Michigan
Wisconsin
72,098
5,818
3,007
6,488
2,095
48,137 6,717
4,745 3, T""
1,934 1,463
7,945 7,918
1,489 1,302
3,378
2,064
4,068
1,111
2,963
2,128
2,942
2,163 1,358
1,218
769
5,482 2,917
686
498
2,431 1,768
1,596 1,130
2,143 1,213
21,955
3,864
4,791
. 5,264
2,927
62, 506
10, 574
5,049
17, 238
3,945
47,910
6,948
4,r~
6,129
2,537
3,268
2,642
5,005
1,279
3,384
3,055
3,191
4,672 5,821 6,416
2,f" 1,435 1,269
1,143
731
961
6,664 6,023 4,851
991
472
1,169
6,900 5,774 4, 091
678
335
317
414
365
280
4,969 6,297 3,728
562
273
481
1,174
612
362
373
1,609
1,020
779
512
305
346
1,553
872
1,006
379
429
244
1,359
982
625
716
155
464
229
1,384
1,376
631
744
309
554
229
1,291
843
377
153
666
180
810
704
387
1,405
450
1,567
257
1,399
245
1,344
428
1,123
452
1,576
338
1,117
1,411
4,316
3,450
1,962
1,076
2,310
457
1,401
4,433
3, 700
1,915
828
2,16:
496
1,397
4,349
3,878
1,404
1,726
1,911
904
711
Minnesota
Iowa
Missouri
North Dakota.
South Dakota..
Nebraska
Kansas
2,932
4,425
3,203
1,562
3,667
3,760
2,365
3,848
3, 753
4,801
1,520
3,451
3,460
2,295
Delaware
Maryland
District of Columbia
Virginia
West Virginia. _
North Carolina.
South Carolina.
Georgia
Florida
446
2,763
562
604
531
453
5,966 3,949 4,275 3,566
471
5,925
4,168
2,253
1,500
3,688
841
8,458
7,235
4,046
3,599
1,766
4,297
Kentucky
Tennessee
Alabama
Mississippi
802
6,113
3,864
1,074
4,424 1,846 1,531
5,639 5,824 6,199
5,209 8,900 9,235
940 1,247 1,065
755 1,079
1,587
5, 709 2,498 4,47i
6,958
83'
948
1,098
640
847
Arkansas
Louisiana
Oklahoma
Texas
850
5,485
1,582
3,690
490
760
723
6,346 5, 854 4,728
2,742 6,999 3,602
4,721 4,829 7/
402
150
679
475
556
545
1,106 1,134
2,480 1,327 1,460 1,181
3,008 4,420 3,901
4,727
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
.
Nevada
Washington
Oregon
California
1,923
8,042
4,211
6,441
2,284
4,411
748
1,675
7,149
4,427
2,702
1,728
3,363
663
1,520
5,854
3,732
2,640
1,278
2,992
614
100
3,733 2, 785 2,151
3, 098 2,735 2,244
524
858
1,106
37
6
52
157
2,160 1,859 1,422 1,772
511
957
538
531
1,458
1, 581
387
1, 320
351
942
789
1,340
2,091 2,197 3,624
302
592
449
792
650
1, 376
165
802
131
625
192
1,100
339
138
1,130
101
247
120
1839
233
409
325
313
1,264
748
483
917
116
56
141
80
522
400
131
490
346
427
336
434
507
1,033
780
933
3,037 2,929 2,365 1,766 1,383 1,047 1,027 1,109
292
248
264
209
299
336
384
621
58
57
40
71
63
354
54
72
552
486
530
570
631
754
512
574
2;
186
179
179
521
4,981 3,599 3,001 2,792 2,526 2,410 1,977
329
569
664
666
386
381
97
1,295 1,173
U, 134 47, 628 68,153 61,417 32,121 2,272 13,332 11, 526 2,137 3,601
166
23
258
510
188
45
226
50
342
299
1,558
122
3
135
28
41
40
50
41
216
264
865
162
530
847
2,782
1,131 1,006
581
535
878
859
3,038 3,217
626
539
76
77
785
690
83
117
4,406 2 4, 018
1 Figures given include borrowings of $310,000 by Federal intermediate credit banks.
2
Figures include borrowings of $35,000 by Federal intermediate credit banks.
Backfigures.—SeeAnnual Reports for 1932 (table 11) and 1931 (table 110).
97
RESERVE BANK CREDIT
No.
14.—PRINCIPAL
A S S E T S AND L I A B I L I T I E S
BY W E E K S
OF F E D E R A L
RESERVE
BANKS,
fin millions of dollars]
Bills and securities
Deposits
U.S. Government
securities
Bills bought
Date
1933
Jan.
Jan.
Jan.
Jan.
4
11
18
25
2,140
2, 098
2,063
2,064
251
248
249
265
33
32
32
31
33
32
32
31
1,851
1,812
1,778
1,763
1,851
1,812
1,778
1,763
3,436
3,509
3,522
3,547
2,587
2,644
2,608
2,587
2,514
2,574
2,545
2,513
73
70
63
74
2,738
2, 687
2,697
2,706
Feb.
1
Feb. 8
Feb. 15
Feb. 22
2,067
2,071
2,131
2, 346
269
253
286
327
31
31
31
180
31
31
31
175
1,764
1,784
1,809
1,834
1,764
1,784
1,809
1,834
3,535
3,522
3,461
3,378
2,540
2,500
2,376
2,399
2,438
2,4,19
2,236
2,271
102
81
140
128
2,730
2,773
2,891
3,000
Mar. 1
Mar. 8
Mar. 15
Mar. 22
Mar. 29
2,937
3,718
3,541
2,902
2,713
712
1,414
1,233
680
559
384
417
403
352
310
373
407
376
343
310
1,836
1,881
1,899
1,864
1,838
1,806
. 846
,
,854
,862
,836
30.0
35.5
44.6
1.8
1.9
3,134
2,857
3,225
3,497
3,573
2,157
1,951
2,124
2,155
2,203
2,038
1,800
1,964
1,918
1, 987
119
151
160
237
216
3, 580
4,215
4,293
3,916
3,748
Apr. 5
Apr. 12
Apr. 19
Apr. 26
2,570
2,518
2,465
2,405
441
428
414
286
247
208
177
286
247
208
177
1,837
1,837
1,837
1,837
,836
.,836
,836
.9
.8
.7
.7
3,598
3,639
3,688
3,725
2,196
2,274
2,348
2,345
1,976
2,096
2,159
2,136
220
178
189
209
3,644
3,547
3,477
3,424
May
May
May
May
May
3
10
17
24
31
2,387
2,294
2,250
2,222
2,216
400
338
330
312
302
144
113
78
43
20
144
113
78
43
20
1,837
1,837
1,837
1,862
1,890
1,836
1,836
1,837
1,862
1,890
3,748
3,758
3,771
3,808
3,807
2,360
2,310
2,320
2,393
2,394
2,034
2,089
2,114
2,194
2,167
326
221
208
199
3,395
?, 350
?,300
3,221
3, 203
June 7
June 14
Juue 21
June 28
2,205
2,200
2,188
2,177
277
254
222
191
11
10
9
11
10
1,912
1,932
1,955
1,975
1,912
1,932
1,955
1,975
3,812
3,826
3,820
3,834
2,433
2,481
2,487
2,510
2,204
2,281
2,205
2,286
229
200
282
224
3,164
3,118
3,090
3,061
July
5
July 12
July 19
July 26
2,202
2,190
2,192
2,200
182
168
163
161
1,995
2,007
2,017
2,028
1,995
2,007
2,017
2,028
3,805
3,824
3,818
3,818
2,451
2,522
2,542
2,574
2, 219
2,269
2,290
2, 306
253
252
268
3,115
3,067
3,038
3,004
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30
2,212
2,214
2,234
2,253
2,291
164
156
166
150
153
7
7
7
2,038
2,048
2,059
2,094
2,129
2,037
2,047
2,057
2,092
2,129
3,811
3,827
3,823
3,833
3,828
2,564
2,596
2,616
2,656
2,697
2,319
2,376
2,371
2,432
2,427
220
245
224
3,005
2,999
2,996
2, 985
2,974
Sept. 6
Sept. 13
Sept. 20
Sept. 27
2,320
2, 345
2,377
2,416
145
133
130
133
7
7
7
7
2,166
2,203
2,238
2,274
2,165
2,202
2,238
2,273
3,810
3,829
3,822
3,824
2,673
2,745
2,767
2,808
2,439
2,542
2,543
2,596
234
203
224
212
3,011
2,989
2,987
2,973
Oct.
Oct.
Oct.
Oct.
4
11
18
25
2,441
2,472
2,496
2,523
123
119
113
115
7
7
7
7
7
7
7
7
2,309
2,344
2,375
2,400
2,309
2,344
2,375
2,400
3,811
3,805
3,821
3,829
2,780
2,785
2,839
2,888
2,523
2,567
2,655
2,693
257
218
184
195
3,008
2,994
2,961
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29
2,544
2,551
2,560
2,565
2,576
117
112
111
112
119
7
7
15
20
24
7
7
15
20
24
2,420
2,430
2,432
2,431
2,432
2,418
2,430
2,430
2,430
2,430
1.5
1.0
1.5
3,814
3,792
3,803
3,803
3,778
2,884
2,829
2,873
2,868
2,796
2,591
2,578
2, 645
2, 687
2,573
293
251
228
181
223
2,967
2,983
2,973
2,970
3,030
Dec. 6
Dec. 13
Dec. 20
Dec. 27
2,610
2,668
2,662
2,655
116
118
115
111
61
116
113
111
61
113
111
109
1.0
1.5
1.5
1.7
3,779
3,788
3,762
3,778
2,815
2,892
2,812
2,829
2,561
2,638
2,636
2,675
254
254
176
154
3,043
3,038
3,092
3,081
1
5.2
10.7
10.0
27.0
9.0
14.9
5.2
I
2.431 ! 2,430
2.7 2.432 I 2,430
1.6 2,432 2,430
1.5 2,432 2,430
.7
1.0
1.0
1.6
Includes "other securities."
Backfigures.—Se&Annual
Reports for 1932 (table 12), 1931 (table 9), 1930 (table 8), 1929 (table 7), etc.
No. 15.—FEDERAL RESERVE BANKS—-HOLDINGS
OF BILLS DISCOUNTED, BY WEEKS, BY DISTRICTS
00
[In thousands of dollars]
Federal Reserve District
Date
Total
Boston
Jan. 4
Jan, 11
Jan.18
Jan.25
1933
Feb.1
Feb. 8
Feb. 15
Feb. 21
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago St. Louis Minneapolis
Kansas
City
Dallas
San Francisco
251,102
248,151
248, 668
264, 698
11,996
12, 499
12, 219
11,977
58, 674
58, 562
56, 348
58, 681
47,380
46, 616
46, 798
47, 615
22,041
22, 314
24, 706
26, 779
16,135
15, 724
15, 771
15, 778
16,281
16,928
17, 718
17, 518
16,015
15, 957
14, 915
15,892
7,648
8,334
9,023
7,512
9,540
10,314
10,364
10,562
11,195
11,327
11,438
11,572
4,831
4,504
4,192
4,062
29,366
25, 072
25,176
36, 750
252, 640
286, 373
327,138
11, 928
11,382
11,694
12, 423
57, 572
54, 042
58,187
63, 696
45,123
46,141
49, 236
55, 582
25, 454
26, 983
43, 030
46, 041
16,
15,
17,
18,
18,118
17. 756
18, 825
38, 099
43, 676
113, 517
62, 220
37, 742
23, 004
6,764
5,555
5, 520
5,575
10, 298
10, 253
10,174
10,409
4,119
3,926
4,024
4,166
40, 650
28, 440
34, 425
39, 060
79, 636
19, 692
17, 728
18, 703
18, 657
25, 083
40, 665
52, 061
32, 672
26, 077
6,991
15, 303
12,982
6, 621
5,820
10, 732
14, 835
14,181
11, 513
5,421
6,026
7,253
6,203
5,822
59,349
83, 559
87, 022
77,844
76,608
Mar.
Mar.
Mar.
Mar.
Mar.
1
8
15
22
29
712, 391
1, 413,936
1, 233, 237
680, 111
559, 002
15, 731
18, 677
34, 070
22, 037
20, 386
280, 617
772, 762
615,143
254, 262
180, 205
126, 996
142,928
156,354
123, 260
101, 664
119,151
114,087
60, 033
62, 323
41, 708
55, 630
47, 012
27, 703
24, 958
10, 707
12, 723
14, 438
15, 061
14,978
16, 451
30, 883
30, 852
20, 221
21,428
Apr.
Apr.
Apr.
Apr.
5
12
19
26
441, 065
428,456
414, 270
385,001
19, 021
17,862
17, 507
16, 739
115, 615
121, 583
110, 403
87, 967
62, 695
55, 580
53,168
50,347
53, 685
53, 908
53, 247
64,166
23, 599
21, 049
21,417
20,860
26, 342
25, 673
25, 271
24, 600
18, 822
18, 860
18, 057
17, 203
5,105
4,314
4,333
3, 872
10, 044
9,813
9,544
9,413
21. 820
21,895
21,186
16,488
5,674
5,488
6,931
8,018
May
May
May
May
May
3
10
17
24
31
400,102
338, 241
330, 225
312,165
301,974
15, 993
14, 818
14, 519
15,338
16,152
91, 326
78, 949
78, 052
69, 752
68, 330
47, 459
46,118
45, 548
45, 228
44, 054
79,106
73, 056
67, 044
61, 539
55, 025
20,175
18,932
18, 460
17,984
18,360
16, 782
15, 973
15,816
15, 592
15,177
3, 693
3,263
2,953
2,850
4,955
8,264
7,770
7,442
7,072
15,174
13, 702
13,119
12, 460
12, 546
7, 554
6,190
6,253
5,801
5,165
72, 209
37, 277
39,429
40, 241
36,891
June
June
June
June
7
14
21
28
276,665
253, 762
222, 056
190,981
12,990
11,301
10, 270
9,901
63,705
58,771
59,601
58,155
41, 633
40,186
37, 518
36, 785
53,815
47,309
24, 065
20, 706
17,323
15, 050
14, 769
14, 214
22,142
21,699
21, 262
17, 938
18, 247
12,198
9,547
8,765
7,624
15, 730
15, 664
15,289
13, 691
2,583
2,719
3,019
2,578
6,493
6,133
5,819
5,338
12,092
11,149
4,710
4,508
4,186
4,104
33,393
31, 425
28, 584
8,348
July
July
July
July
5
12
19
26
181,803
167,866
163,129
161,363
8,837
8,210
7,831
7,529
54, 756
53,823
48,563
49,179
34, 413
33, 580
33,321
33,326
11, 543
10,651
11, 044
9,949
13, 540
13, 730
13,940
13, 539
8,293
8,163
8,616
8,116
12,447
12,450
12, 055
10, 608
2, 595
2,284
2,108
2,062
4,914
4,767
4,499
4,438
3,258
3, 561
3,964
4,108
18,492
8,397
9,618
13, 609
n
78, 643
72, 431
73,206
65,328
249
996
494
452
10,171
9,537
8,715
8, 250
7,570
4,900
H
W
O
163, 542
156, 268
165,891
150,145
153, 220
7,061
6,797
5,983
6,336
7,014
47,871
45, 649
47,571
42,856
46, 066
32, 724
31, 546
31,148
30, 495
30, 643
10, 935
11,016
11,902
12, 497
11, 778
13, 757
13,593
12,440
12,445
12,627
8,687
5,651
6,218
6,446
6,422
10, 724
10,805
9,766
8,398
8,464
2,593
2,143
2,623
2,687
3,185
4,265
4,202
4,059
3,947
3,909
4,876
4,789
4,343
4,233
4,333
4,744
4,421
4,021
4,252
4,235
15,305
15, 656
25,817
15,553
14, 544
Sept. 6__,
Sept. 13..
Sept. 20.
Sept. 27..
144, 793
133, 233
130,161
133, 233
5,233
4,594
5,240
5,871
43,764
28,868
40,997
28,839
40, 241 , 28,246
28,995
41,935
12, 512
12,120
11,439
10, 772
11,725
11,351
10, 041
10,266
7,254
7,291
6,860
6,688
8,130
7,065
6,810
6,413
2,898
3,041
3,541
2,590
3,803
3,589
3,572
3,451
4,258
4,198
4,321
4,004
4,682
4,191
4,234
3,614
11, 666
5,957
5,616
8,634
Oct. 4...
Oct. 11..
Oct. 18..
Oct. 25..
122,984
119,307
112, 754
114, 593
4,222
4,246
3,711
3,874
40,848
39,787
39,688
41,716
26,457
26,875
25,564
25,941
10, 278
10,176
9,833
9,764
8,930
8,753
8,064
7,633
6,097
5,706
5,991
6,077
6,247
5,806
5,806
5,702
1,839
1,964
1,878
1,862
3,349
3,150
3,150
3,006
3,778
3,504
3,586
3,710
2,786
2,451
1,827
1,570
8,153
6,889
3,656
3,738
Nov.
Nov.
Nov
Nov.
Nov,
29.
116,507
112. 261
111,437
112,152
119, 041
3,979
4,907
4,816
5,717
6,503
39,571
40,194
41,192
41,991
45, 208
24, 762
24,141
24,816
25,495
25,922
10,143
10,452
9,919
9,197
9,596
7,277
6,774
6,819
6,740
6,485
6,191
6,211
5,779
6,239
7,679
5,819
5,434
5,847
6, 280
7,098
1,577
1,546
1,427
1,285
1,391
2,956
3,032
3,067
2,981
2,886
3,881
4,002
4,094
2,679
2,510
1,248
1,100
1,028
881
1,260
9,103
4,468
2,633
2,667
2,503
Dec.
Dec.
Dec.
Dec.
6—
1320..
27..
115 561
118,184
115,188
110, 552
5,382
6,595
7,540
6,858
43,109
45,010
46,650
49,101
24,969
25, 530
26, 272
25, 724
10,460
10,954
8,964
7,627
5,365
5,555
5,131
4,490
8,167
7,419
6,074
4,834
6,559
6,253
6, 200
4,178
1,339
1,394
1,450
1,510
2,773
2,270
2,077
2,034
2,222
2,107
1,893
1,559
1,000
983
909
768
4,216
4,114
2,028
1,869
Aug.
Aug.
Aug.
Aug.
Aug.
2__.
9__.
16..
23..
30..
Back figures.—See Annual Report for 1932 (table 13), 1931 (table 83), 1930 (table 78), 1929 (table 72), etc.
i
w
8
CO
£5
100
No.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
16.— FEDERAL
RESERVE
BANKS—ASSETS
DEC. 31, 1933 *
AND
LIABILITIES
IN
DETAIL,
[Amounts in the column to the right are those shown in the Board's weekly statement, their components
being shown in the column to the left. In thousands of dollars]
ASSETS
Gold with Federal Reserve agents
.
Gold redemption fund with U.S. Treasury
Gold held exclusively against Federal Reserve notes
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks:
Gold coin
Gold bullion and foreign goid coin
Gold certificates
2,625,053
44, 739
2, 669,792
618,205
144,699
34,367
101,913
Total gold and gold certificates held by banks
280,979
Total gold reserves
Other cash: 2
Legal-tender notes
Silver certificates
Standard silver dollars
National and Federal Reserve bank notes
Subsidiary silver, nickels, and cents
3,568,976
58,197
89,487
4,070
50,004
22,876
Total other cash
224,634
Total gold reserves and other cash
3,793,610
Redemption fund—Federal Reserve bank notes
13,082
Bills discounted:
Secured by U.S. Government obligations:
Discounted for member banks
Discounted for nonmember banks
Discounted for others
.
27,229
62
Total secured by U.S. Government obligations
Other bills discounted:
For member banks
For intermediate credit banks
For nonmember banks
For others
27,291
69,644
310
3
342
Total other bills discounted
Total bills discounted
Bills bought in open market:
Payable in dollars:
Bought outright
Bought under resale agreement.
Payable in foreign currencies
Total bills bought in open market
U.S. Government securities bought under resale agreement:
Liberty bonds
Treasury bonds
Treasury notes
Certificates of indebtedness
Treasury bills
Total U.S. Government securities bought under resale agreement
U. S. Government securities bought outright:
Liberty bonds
Bonds issued since 1921
Other U.S. Government bonds
Total bonds
Treasury notes
Certificates of indebtedness
Treasury bills
Total U.S. Government securities bought outright
Total U.S. Government securities
Other securities:
Municipal warrants
Total bills and securities
...
70,299
97,590
*
.
108,108
19,284
6,033
133,425
1,600
522.
98
25
--2,245
383,460
57,110
644
441,214
1,053,202
425,060
515,769
2,435. 245
2,437,490
1,493
2,660,998
Due from foreign banks
3,333
Federal Reserve notes of other Reserve b a n k s . . .
18,460
1
Before closing of books at end of year.
2
"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
Back figures.—See Annual Report for 1932 (table 14), 1931 (tables 10), 1930 (table 9), 1929 (table 8), etc.
RESERVE BANK CREDIT
No.
16.—FEDERAL
101
R E S E R V E B A N K S — A S S E T S AND L I A B I L I T I E S
D E C . 31, 1933—Continued
DETAIL,
ASSETS—continued
Uncollected items:
Transit items
Exchanges for clearing house
Other cash items.
403,643
21,988
19,973
Total uncollected items
Bank premises
All other assets:
Claims account closed or suspended banks
Premium on securities
Interest accrued
Deferred charges
Suspense account and miscellaneous assets
Total all other assets
Total assets
IN
_.
__
__
445,604
54,807
16,247
12,854
10,552
560
4,814
_
45,027
_
_
7,043,921
LIABILITIES
Federal Reserve notes outstanding (issued to Federal Reserve bank)
Held by banks and branches
3,349,805
260,136
Forwarded for redemption
10,126
Federal Reserve notes in actual circulation
3,079,543
Federal Reserve bank notes outstanding (issued to Federal Reserve bank)
233,725
Held by banks and branches and forwarded for redemption
24,728
Federal Reserve bank notes in actual circulation
Deposits:
Members—reserve account
Government
Foreign banks
Special deposits:
Member banks
Nonmember banks
Other deposits:
Nonmember clearing account
Officers' checks
Federal Reserve transfer and exchange drafts
Allother._._
Total other deposits
208,997
2,728,605
2,837
4,233
__
_
-..
Total deposits
_—
Total all other liabilities
Total liabilities
Contingent liability on bills purchased for foreign correspondents
39,004
11,039
278
21,065
-
71,386
_
2,863,713
Deferred availability items:
Government transit items
__
All other transit items
Total deferred availability items
Capital paid in.
Surplus
All other liabilities:
Earnings:
Gross earnings
Current expenses
Current net earnings
Add—profit and loss
Deduct:
Furniture and equipment.
Dividends accrued since closing of books
Net earnings available for depreciation allowances, reserves, and surplus
Reserves for self insurance
Reserves for losses account failed or suspended batiks
Miscellaneous reserves.
Accrued dividends unpaid
Unearned discount
Accrued taxes unpaid
Discount on securities
Suspense account and miscellaneous liabilities
46,691
9,961
16,830
414,053
430,883
144,693
278,599
49,487
29,222
20,265
1,684
286
8,875
12,788
-
6,895
5,164
59
823
238
520
296
10,710
24,705
7,043,921
3,810
No. 17.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL) AT THE END OF EACH MONTH
[In thousands of dollars]
1932
Dec. 31
1933
Jan. 31
Feb. 28
M a r . 31
Apr. 30
M a y 31
J u n e 30
J u l y 31
Aug. 31
Sept. 30
Oct. 31
N o v . 30
Dec. 31
ASSETS
Gold with Federal Reserve agents
Gold redemption fund with U.S. Treasury.
Gold held exclusively against Federal Reserve notes
__ „
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks..Total gold reserves
Other cash 1
Total gold reserves and other cash___
Redemption fund—Federal Reserve bank
notes
Bills discounted:
For member banks
For intermediate credit banks
For nonmember banks, etc
Total bills discounted
2,392,116 2,444,095 2,299,301 2, 659,024 2, 710,807 2, 857, 992 2,828,269 2, 798,333 2, 793,309 2, 731,200 2, 673, 225 2, 659,142 2, 669, 792
340,343
418,212
429,819
382,077
379, 251
273,198
230,002
361,375
349,972
355, 628
409,834
252,072
504,551
210, 366
506, 224
243, 265
553,784
240,971
608,948
250, 736
670,739
247, 081
673,403
240, 693
618, 205
280, 979
3,150, 671 3,255,991 2,951,750 3, 250,401 3, 416,407 3, 519,898 3, 543,186 3, 547, 822 3,588, 064 3, 590,884 3, 591,045 3, 573, 238 3, 568, 976
224, 634
267,556
242,508
280,387
318, 522
310, 694
245,171
231, 659
225, 876
204,583
286, 770
270,153
213, 962
3,418, 227 3, 536, 378 3,194, 258 3, 568,923 3, 727,101 3, 806, 668 3,813,339 3, 792, 993 3, 819, 723 3,804,846 3,816,921 3, 777,821 3, 793, 610
1,100
3,318
6,242
7,392
7,993
8,024
10,045
11,699
11,990
13,082
233,834
349
749
-
Bills bought:
Payable in dollars:
Bought outright
Under resale agreement
Payable in foreign currencies
Total bills bought
U.S. Government securities:
Bought outrightUnder resale agreement
Total U.S. Government securities __.
2,351,675 2,406,947 2,225,068 2,577,825 2, 648,692 2,813,639 2, 784,201 2, 759, 572 2,757,676 2, 695,427 2, 635,856 2, 618, 254 2,625,053
40,441
74,233
44, 739
37,148
81,199
44,068
62,115
44,353
38, 761
35,773
37,369
40,888
35,633
273,582
581,605
35
794
445,094
433,064
300,843
162, 707
166,305
152,157
127,350
115,002
118, 590
864
1,440
1,946
1,131
977
860
719
612
553
451
96,873
310
407
234,932
274,446
582,434
446,534
435,010
301,974
163,684
167,165
152,876
127,962
115,555
119,041
97, 590
3,634
2,303
277,974
2,021
24, 788
12,881
695
853
965
18,025
7,181
6,981
1,089
39,837
7,089
1,719
29,036
294,592
12,429
28,997
163,527
29,489
6,821
6,199
6,068
5,686
5,841
108,108
19,284
6,033
33,123
31,339
336,018
304,783
170, 708
19,862
48,015
8,540
6,894
6,921
6,651
23,866
133,425
1,851,031 1,763,292 1,836,377 1,836,416 1,836,488 1,889, 278 1,997, 652 2,027,221 2,128, 286 2,276, 768 2,419,498 2,430,137 2,435, 245
4,111
30,000
1,925
800
300
2,245
500
800
1,600
1,500
74
1,855,142 1,763,292 1,866,377 1,838,341 1,837, 288 1,889,578 1,997,652 2,027, 721 2,129, 086 2,276,842 2,421,098 2,431,637 2,437,490
Other Reserve bank credit:
Municipal warrants
Due from foreign banksReserve bank float2
5
Total Reserve bank credit outstand01
ing
w
1 Gold held abroad
2 Federal Reserve notes of other Reserve
I
banks
Uncollected items not included in float
1 Bank premises
00
All other assets
Total assets
4,818
2,976
13,885
3,421
3,505
834
4,552
3,515
1,598
5,492
3,618
3 6,230
5,726
3,656
6,738
4,823
3,815
3 2,035
2,677
3,729
3,830
1,847
4,029
14
1,854
3,710
2,855
1,837
3,769
3,311
1,559
3,732
3 447
1,580
3,523
1,602
1,493
3,333
14, 745
2,144,876 2,076,837 2,794,494 2, 592, 538 2,459,126 2,218,017 2,219,587 2,209,316 2,297, 275 2,420, 642 2,548,148 2, 581,249 2, 688,076
72,638
17,819
368,309
56,000
37,119
12,899
303,499
53,880
49,351
10,889
357,056
53,962
53,709
29,005
312,690
54,037
51,351
20,850
295,372
54,185
46,103
15,143
318,082
54,255
48,020
15,549
369,841
54,313
50, 645
20,104
303,930
54,370
52,801
16,389
358,995
54,455
52,179
18,139
371,687
54,554
54,891
17,880
389,998
54, 641
49,856
15,434
373, 730
54, 732
50,442
18,460
430,883
51,884
44,693
6,114,988 6,032,844 6,464,368 6,609, 644 6,606,055 6,466,427 6,530,666 6,441,507 6, 607,040 6,734,804 6, 889,143 6,865,398 7,040,688
LIABILITIES
Federal Reserve notes:
Held by other Federal Reserve banks. _
Outside Federal Reserve banks—
Total F.R. notes in circulation *
Federal Reserve bank notes in circulation«
Deposits:
Member bank—reserve account.
Government-.
Foreign bank
Special deposits:
Member bank
Nonmember bank
_.
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
__ _
All other liabilities
Total liabilities
Contingent liability on bills purchased for
foreign correspondents
16,389
18,139
17,880
15,434
20,850
15,143
15,549
20,104
18,460
12,899
10,889
29,005
17,819
2,720,789 2,712,522 3,406,430 3,666,718 3,407,061 3,187,959 3,077,862 2,992,381 2,971,988 2,983,623 2,947,715 3,014,895 3,061,083
2,738,608 2, 725,421 3,417,319 3, 695, 723 3,427,911 3,203,102 3,093,411 3,012,485 2,988,377 3,001, 762 2,965,595 3,030,329 3,079,543
154,876
188,022
131, 500
205,394
208,997
47,808
96,280
123,851
127,357
14,567
2,509,490 2,445, 662 2,140,924 1,949,107 2,132,389 2,166, 721 2,292,360 2,293,875 2,409,128 2,537,619 2,684,887 2,572,942 2,729,442
69,005
56,179
26,880
2,837
59,197
72,328
81, 519
8,262
35,481
66, 023
44,381
14,919
41,126
13,504
5,324
4,233
7,848
37,376
16,186
16,384
29,928
15, 523
19, 023
19,446
40,003
40,125
75,889
76,883
81,909
83,637
65,489
80,661
18,178
16,699
18,059
18,814
20,966
16,133
64,399
44, 724
56,193
59,640
45,180
63,707
23, 791
40,213
23, 687
2,560,885 2,553,837 2, 236,181 2,132,963 2,379, 762 2,393,773 2,494,260 2,544,255 2, 674,969 2,
68,221
73,151
55,006
46,691
14,086
15,451
14,331
9,961
52,398
74,900
67,352
71,386
748, 302 2,885,160 2, 796,474 2,864, 550
373,730
358,995
371,687
389,998
318,082
369,841
303,930
430,883
303,499
295,372
357,056
312,690
368,309
145,194
146,148
145,834
145,504
144,693
150,271
146,763
146,100
151,086
150,171
150,309
149,595
151,292
278, 599
277,680
278, 599
278, 599
278,599
278,599
278,599
278,599
278,599
278,599
278,599
278,599
278, 599
34,342
35, 678
28,452
33, 744
36, 265
26,320
23,941
28,781
20,402
26,432
24,904
25,507
17,295
6,114,988 6,032,844 6,464,368 6,609, 644 6, 606,055 6,466,427 6,530,666 6,441,507 6, 607,040 6, 734,804 6,889,143 6,865,398 7,040, 688
40,170
40,914
29,984
45,305
43,060
35, 731
35,854
37,120
40,176
41,462
31, 294
1 " Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
2
Uncollected items in excess of deferred availability items.
3 Deferred availability items in excess of uncollected items.
* Differs from figures given in table 48, by the amount of Federal Reserve notes held by (a) other Federal Reserve banks and (b) the U.S. Treasury.
5
Differs from figures given in table 49, by the amount of Federal Reserve bank notes held by (a) other Federal Reserve banks and (b) the U.S. Treasury.
Back figures.—See Annual Reports for 1932 (table 15), 1931 (table 11), 1930 (table 10), 1929 (table 9), 1928 and 1927 (table 7), etc.
2,893
3,810
No. 18.—CONDITION OF EACH FEDERAL RESERVE BANK AT END OF 1932
AND
1933
[In thousands of dollars]
Boston
Total
New York
1932
1933
1932
1933
1932
2,351,675
40,441
2,625,053
44, 739
181,027
2,123
192, 672
1,977
616,630
6,155
Gold held exclusively against Federal Reserve notes. 2, 392,116 2, 669, 792
340,343
618, 205
Gold settlement fund with Federal Reserve Board
418, 212
280,979
Gold and gold certificates held by banks
183,150
14,426
13,808
194, 649
19,240
22,092
Total gold reserves ..
Other cash !
Philadelphia
Cleveland
Richmond
1932
1933
1932
1933
1932
1933
573, 706
10, 707
152, D00
5,497
170, 500
4,188
192,970
5,833
217, 770
5,216
73,000
1,857
142,475
1,886
622, 785
103,793
289, 510
584, 413
164, 759
189, 230
157, 497
20, 283
7,391
174, 688
10,927
11,905
198,803
31,180
18,919
222, 986
62, 530
5,058
74,857
11,069
3,393
144, 361
25,957
1,088
1933
ASSETS
Gold with Federal Reserve agents
Gold redemption fund with U.S. Treasury
3,150,671
267, 556
Total bills discounted
Bills bought in open market
185,171
25,127
197, 520
31, 051
248, 902
17, 227
290,574
15, 643
89, 319
11,909
171,406
12,076
3, 418, 227
3, 793, 610
13,082
232,871
254, 025
1,250
1,089, 631
988, 506
2,871
210, 298
228, 571
1,300
266,129
306,217
1,356
101, 228
183,482
267
61,000
173, 932
27,291
70, 299
3,086
8,727
2,715
2,145
25, 332
28, 269
14, 512
26,179
11,149
36,451
5,286
20, 077
7,087
12, 989
2,008
4,868
2,256
13, 953
456
4,077
97, 590
133,425
11,813
2,248
4,860
28, 671
53,601
9,780
40, 691
22, 258
47, 600
3,054
25, 363
7,858
20,076
2,978
6,876
12,186
16,209
1,867
4,533
3,926
421,862
299, 703
1,133, 577
443, 336
1,053, 300
940,854
20, 334
16, 527
59,807
24, 390
70, 955
62, 326
187, 266
118,675
427,413
170,047
361, 239
305,469
31,171
23,404
84, 694
28,068
74,042
65, 010
36, 692
33,900
111, 090
32,161
96, 287
84, 577
9,648
8,116
29, 368
11,860
35,510
31,193
2, 437,490
1,493
96, 668
157, 671
733, 354
2,907
836,755
903
139, 269
1,000
167,120
510
181, 682
213,025
47,132
78, 563
2, 669,998
110, 729
191, 202
190,923
200,851
204, 736
232,087
65,208
87,022
237
439
44, 702
3,280
945
256
466
50, 472
3,224
395
799, 642
72,638
1,065
6,091
118,170
14, 393
18,389
900, 607
3,333
18,460
445,628
51,884
44, 693
1,228
3,726
126, 521
11,066
25,103
322
965
30, 359
2,989
1,339
367
1,066
36, 896
3,841
4,577
301
1,216
30,956
7,509
1,299
330
1,026
39, 660
6,785
1,910
119
1,195
28, 260
3,237
3,054
130
1,312
34,275
3,128
2,553
6,114,988
7,040,688
393,203
501,290
% 120, 019
2, 059, 628
437,195
477,469
512,146
589, 371
202, 301
312,169
_.
4,818
Total bills and securities Gold held abroad
Due from foreign banks
Federal Reserve notes of other Reserve banks.
Uncollected items
Bank premises
_
All other assets
____
938, 402
50,104
2,128, 015
72, 638
2,976
17,819
382,194
56,000
37,119
- -
Total U.S. Government securities
Other securities
Total assets
1, 016, 088
73, 543
-
.
U.S. Government securities:
Bonds
Treasury notes
Certificates and bills
235, 981
18,044
. 1,855,142
Bills discounted:
Secured by U S Government obligations
Other bills discounted
211, 384
21,487
234,932
33,123
Total gold reserves and other cash
Redemption fund—Federal Reserve bank notes
3, 568, 976
224, 634
_.
LIABILITIES
Federal Reserve notes in actual circulation
Federal Reserve bank notes in actual circulation
Deposits:
Member bank—Reserve account
Government..
_
Foreign bank. _
Special deposits:
Member bank
Nonmember bank
Other deposits
Total deposits
.
_ _- _ _
_
_
Deferred availability items
Capital paid in _
_
_
__
_
Surplus
All other liabilities
„_
Total liabilities
Ratio of total gold reserves and other cash * to deposit and
Federal Reserve note liabilities combined
236,128
20, 390
285, 386
290, 590
25, 091
101, 501
157, 541
4,523
121, 686
647
2,157
129, 225
83
437
146, 559
1,215
2,115
182,299
198
412
51,951
244
838
96, 255
338
163
3,802
1,314
34, 313
85
6,930
1,920
662
3,062
4,989
157
4,138
2,045
1,976
693
1,016
1, 271,867
114,499
58,619
85,058
2,410
1, 078,155
119,762
58, 280
87, 746
10, 591
124, 575
28, 853
16, 045
29, 242
355
139, 257
35,044
15,917
27,973
2,760
152,951
29, 758
14,101
28, 294
1,656
192,193
38, 335
12,404
28, 236
2,522
55,078
27,188
5,150
11,616
1,768
100,441
32,430
5,035
10,979
1,220
501, 290
2,120,019
2,059, 628
437,195
477,469
512,146
589, 371
202,301
312,169
73.3
63.0
58.6
57.2
58.0
60.9
60.7
63.4
64.6
71.1
3, 349, 805
270, 262
214,440
18,480
255, 565
21, 260
671, 069
83, 503
726,126
75,040
251,389
13, 264
249,181
13,053
296,433
11,047
304, 448
13,858
107, 292
5,791
170, 040
12, 499
2, 738,608
3, 079, 543
195,960
234,305
587, 566
651,086
238,125
236,128
285,386
290, 590
101, 501
157, 541
2, 351,675
219,888
427,800
2, 625,053
188, 440
600, 500
181, 027
11,790
21,900
192, 672
32,173
32,000
616, 630
50, 862
5,000
573, 706
47, 653
130,000
152,000
47,463
52,000
170,500
18, 930
60,000
192,970
20,029
85, 000
217, 770
16, 803
80, 000
73, 000
16, 873
18,000
142, 475
6,917
22, 0C0
651, 086 238,125
54, 008 _.
2, 738,608
3, 079, 543
208,997
195,960
234, 305
19,976
587, 566
2, 509,490
8,262
19,446
2, 729,442
2,837
4,233
119,420
668
1,592
165,945
102
304
1,256,951
1,951
5,331
1,036, 524
742
1,460
23, 687
46, 691
9 961
71,386
38
1,935
7,634
2, 560, 885
368,309
151, 292
278, 599
17,295
2, 864, 550
430, 883
144, 693
277, 680
34, 342
121, 718
43, 754
10,856
20,460
455
168,788
46, 345
10,564
19,840
1,472
6,114,988
7, 040, 688
393,203
64.5
63.8
2,987,015
248,407
502
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to Federal Reserve bank by Federal Reserve
agent. _ _
_ _
_
_
_
___
Held by Federal Reserve bank
...
In actual circulation
Collateral held by agent as security for notes issued to
bank:
Gold
.
_
_
_
_
Eligible paper
U.S. Government securities
FEDERAL RESERVE BANK NOTE STATEMENT
Federal Reserve bank notes:
Issued to Federal Reserve bank (outstanding)
Held by Federal Reserve bank
In actual circulation
_
_
Collateral pledged against outstanding notes:
Discounted and purchased bills. _
U.S. Government securities
233, 725
24, 728
22, 653
2,677
63, 605
9,597
25,872
5,482
26, 995
1,904
4,567
44
208, 997
19,976
54,008
20, 390
25, 091
4,523
2,021
256, 774
30, 000
64, 274
26, 500
1,656
30, 000
5,000
" Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
O
No. 18.—CONDITION OF EACH FEDEKAL RESERVE BANK AT E N D OF 1932 AND 1933—Continued
[In thousands of dollars]
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
1932
1933
1932
San Francisco
Dallas
1932
1933
1932
1933
Gold with Federal Reserve agents
Gold redemption fund with U.S. Treasury
Gold held exclusively against Federal Reserve
notes
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks
62,000
2,878
90,880
3,157
699,870
3,392
710,987
6,841
73, 255 124, 682
1,304
1,513
41,540
2,214
76, 254
1,612
61,480 102, 290
2,101
1,170
20,640
1,256
41,074 177,263
5,622
865
181, 763
5,816
64,878
8,185
9,104
94,037
22,087
2,093
703, 262
92, 717
27, 749
717,828
160,423
2,719
74,768 125,986
13, 963 37,020
2,566
247
43, 754
7,797
2,340
77,866
19, 518
550
63, 581 103, 460
13, 876 32, 255
9,601 10, 985
21,896
7,244
4,247
41,939 182, 885
32,877 15,810
3,741 29, 584
187, 579
30, 612
31, 271
Total gold reserves
Other cash i
Total gold reserves and other cash .
Redemption fund—Federal Reserve bank notes
Bills discounted:
Secured by U.S. Government obligations _
Other bills discounted
Total bills discounted
Bills bought in open market
82,167 118, 217
10,078 11,875
823, 728
47,090
880, 970
33, 316
91,297 163,253
13,737 11,084
53, 891
7,249
97, 934
8,322
87,058 146, 700
9,986
9,397
33, 387
12,088
78, 557 228, 279
6,797 18,035
249, 462
16, 925
92,245 130,092
1,014
870,818
914, 286 105,034 174, 337
1,879
494
61,140 106, 256
593
97, 044 156,097
524
45, 475
85, 354 246,314
708
266,387
826
1932
1933
1933
1932
1933
1932
1933
ASSETS
,
\
Uncollpcted ifavms
Bank premises
All other assets
Total assets
__
911
3,142
3,981
2,357
797
618
352
9,252
50
1,822
465
11,047
39
1,382
572
4,630
164
719
1,844
21, 215
123
1,316
4,184
4,279
14,969
3,964
4,053
14, 091
6,338
973
1,415
4,693
9,604
612
1,872
3,189
11, 512
855
1,421
4,566
5,202
826
883
9,248
23,059
2, 527
1,439
18,460
11,305
32,295
28,298
40,775
34,301
187,134
76,950
177,161
183,232
13,940
11,306
40,910
14,493
41,901
36,806
17,397
8,110
29, 343
16,315
26, 292
23,061
11,774
9,846
35, 632
14,109
36, 910
32,422
17, 314
6,150
22, 257
18, 528
25, 526
22,421
25, 270
21, 257
76,917
25,110
75,182
66, 039
47,404
500
71,898
262, 210
437, 343
66,156
93, 200
54,850
411
65, 668
80
57, 252
83,441
45, 721
66, 475 123,444
166, 331
66,292
_ _
3,813
11,156
10,281
8,111
29,012
Due from foreign banks
_
Federal Reserve notes of other banks
230
3,954
14,949
3,439
U.S. Government securities:
Bonds
Treasury notes
_ _ _
Certificates and bills
Total U.S. Government securities
Other securities
_•Total bills and securities
1,063
13,886
80,361
281,143
455, 487
73,467
99, 308
65, 477
70,809
69,619
89,428
51, 749
76, 606 149,030
186, 230
17
1,312
15, 917
3,285
1,082
14
1.157
18, 732
3,111
413
11
717
10,817
1,746
1,723
9
658
10, 641
1,657
1,474
97
1.147
23; 767
3,485
1,151
83
318
12, 513
1,741
1,226
97
494
15, 723
1,750
914
206
881
17, 751
4,244
1,626
233
1, 530
20,419
4,090
879
177, 671 233,383 1, 207, 317 1, 439, 779 200,114 297, 566 141, 631 192,097 190,234 275, 696 113,105 181, 646 420,052
480, 594
110
1,239
11,199
2,422
_ 4,164
117
1,640
14,012
2,372
3,775
419
2,674
43, 214
7,595
1,454
455
4.238
54, 510
7,375
1,549
86
772
18, 336
3,559
818
LIABILITIES
Federal Reserve notes in actual circulation..Federal Reserve bank notes in actual circulation
Deposits:
Member bank—Reserve account
Government
Foreign bank_
Special deposits:
Member bank
_
97,139 125,175
5,121
692,150
784, 759 103, 930 144, 307
28,737
8,067
80, 967
92,896
7,718
90,490 106,814
9,615
38, 783
42,888 226, 611
11,344
213,054
14,407
49, 760
159
775
65,442
112
146
409, 360
1 782
2,806
494, 813
76
541
37, 760
468
461
62, 013
91
96
68, 490 118, 731
67
268
121
607
46, 779
125
586
95, 937 138, 747
341
60
1,445
121
184,998
868
291
1,056
1,948
264
4,170
2,080
17,160
3
1,080
2,226
27
1,757
658
51, 750
10, 747
4,679
10, 544
2,812
72,082
13,332
4,450
10, 417
2,806
416, 028
40, 898
16,157
39,497
2,587
513, 673
55, 689
12, 790
40,429
3,702
69, 524 122, 929
16,631 23, 555
4,077
4,052
7,744
8,263
962
1,274
48,148
12, 500
3,910
8,719
1,045
97, 260
100
141
1,201
3,179
4 710
4,468
348
1,013
277
2,805
64, 355 109,858
16, 373 20,476
4,360
3,944
10,186
9,849
910
1,065
39,037
10, 738
2,885
7,019
985
66, 295
11,128
2,876
6,929
4,255
5,321
2,633
596
13, 576
97, 917 145,854
16, 414 16,370
3,719 10,478
8,043 19, 701
1,038
1,321
202, 962
18, 373
10, 637
19,495
1,666
177, 671 233, 383 1, 207, 317 1,439, 779 200,114 297, 566 141, 631 192, 097 190, 234 275, 696 113,105 181, 646 420,052
480, 594
NoTTmfimbpr bank
Other deposits
Total deposits
_
.
Deferred availability items
Capital paid in...
_
_
__ _
_
Surplus
All other liabilities
Total liabilities
Ratio of total gold reserves and other cash l to deposit
and Federal Reserve note liabilities combined
62,027
394
733
159
333
1,466
68.6
50.9
66.7
733 788
41, 638
832,192 111, 870 150 092
7,940
47,433
5,785
82,853
1,886
97, 784
4,888
98, 611 115, 359
8,545
8,121
43,908
5,125
48,883 260,038
5,995 33,427
255,863
42,809
97,139 125,175
692,150
784, 759 103,930 144, 307
80,967
92, 896
90,490 106,814
38, 783
42,888 226,611
213, 054
62,000
15, 781
39,000
699 870
14, 681
22, 000
710,987
15,176
110, 000
73,255 124 682
6,201
5,724
32, 500 22, 000
41, 540
7,525
34,900
76,254
4,234
19, 500
61,480 102, 290
5,409
10, 639
29,000 12, 000
20, 640
4,920
18, 500
41,074 177, 263
9,766 13,124
70, 000
181, 763
19,085
65,000
5,654
533
30,499
1,762
8,234
167
8,048
330
9,824
209
12, 798
1,454
14,976
569
5,121
28, 737
8,067
7,718
9,615
11, 344
14,407
231
7 000
36, 000
134
9,000
10, 000
10,000
14,000
15, 000
62.0
66.0
78.6
115, 324 144, 272
18,185 19,097
70.4
62.4
60.6
67.9
52.3
60.6
66.1
64.0
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to Federal Reserve bank by Federal Reserve
agent
Held by Federal Reserve bank
In actual circulation __
Collateral held by agent as security for notes issued to
bank:
Gold
Eligible paper
U.S. Government securities
90, 880
6,570
48,000
FEDERAL RESERVE BANK NOTE STATEMENT
Federal Reserve bank notes:
Issued to Federal Reserve bank (outstanding)
Held by Federal Reserve bank.__
In actual circulation
Collateral pledged against outstanding notes:
Discounted and purchased bills
U.S. Government securities
i "Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
Backfigures.—SeeAnnual Reports for 1932 (table 16), 1931 (table 12), etc.
108
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.
19.—NUMBER
l
OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL
RESERVE BANKS, BY MONTHS, 1914-33
1914
Month
1916
1915
1917
1918
1919
1920
1921
1922
1923
January
February
March
April
398
469
570
606
614
451
535
606
309
262
315
384
1,432
1,353
1,568
2,100
3,316
3,091
3,575
3,875
3,461
3,338
3,670
4,175
5, 293
5,107
5,320
5,568
5, 350
4, 847
4,701
4,738
3, 294
2, 976
3, 282
3, 507
Mav_ _-. _
June
July
August...
693
813
760
711
655
678
642
483
590
900
960
990
2,793
3,021
3,462
3,671
4,035
4,047
3,685
3,460
4,642
4,948
4,858
4,780
5,632
5, 745
5, 607
5, 453
4, 636
4.436
4,167
4,042
3, 942
3, 999
4,110
3,960
761
794
835
754
448
383
336
314
953
1,140
1, 574
1,701
3, 464
3, 610
3,667
3,288
3,722
3,839
3, 649
3, 656
4,758
4,952
5,275
5,551
5,427
5,572
5, 622
5,676
3,944
3,793
3,859
3,873
3,
3,
3,
3,
1,920
1,788
3,127
5,493
5, 993
6,941
7,415
6,956
6, 333
1924
1925
1926
1927
1928
1929
1930
1931
1932
January
February-_
March
April
3,663
3, 465
3, 516
3,744-
2,554
2,415
2,731
3,016
2,838
2,659
3,045
3,155
2,825
2,566
2,717
2,707
2,256
2,104
2, 405
2,522
2,691
2, 597
2,860
3,185
3,049
2,730
2,707
2,753
2,721
2, 375
2,369
2,185
3,640
3,488
3,400
3,391
2, 736
2, 739
3, 285
2, 070
May
June
July
August
3,795
3,706
3,432
3,052
3,209
3,289
3,207
2,979
3,282
3,458
3,190
3,016
2,858
2,834
2,669
2,511
2,742
2,957
2,927
2,797
3,391
3,414
3, 301
3,012
2,951
2,849
2,729
2,466
2,334
2,467
2, 344
2,304
3, 365
3,499
3,560
3,334
1,918
1, 738
1, 290
1, 305
September
October
.
November
December.- .
2,786
2,663
2,573
2,783
2,729
2,796
2,876
3,021
2,879
2,856
2,871
3,024
2,361
2,377
2,350
2,345
2,562
2,663
2,639
2,801
2,822
2,917
3,246
3,080
2,194
2,400
2,476
2,839
2,525
3,288
3,210
3,375
3,122
2,928
2,884
2,932
1, 205
1, 064
1, 033
1, 056
6,060
5,183
5,343
4,869
4,718
5,113
4,991
5,260
5,017
4, 270
September
October.November,
December..
132
339
Year.
Month
Year
600
752
732
698
1933
1
Figures for each month and year are exclusive of duplications, i.e., each bank is counted only once
no matter how often it borrowed during the month or year.
No.
2 0 . — N U M B E R O F M E M B E R B A N K S D I S C O U N T I N G P A P E R AT F E D E R A L
R E S E R V E B A N K S , BY F E D E R A L R E S E R V E D I S T R I C T S , 1926-33
1926
District
1927
1928
1929
1933
459
246
656
541
383
345
311
656
343
353
301
695
334
309
217
662
303
290
241
474
226
249
417
359
280
234
447
375
270
266
432
375
295
333
470
353
376
271
405
267
270
5,113
4,991
5, 260
5,017
4, 270
306
651
594
475
Richmond
Atlanta
Chicago
St. Louis_- _
430
333
814
330
383
300
746
309
386
315
685
292
384
352
708
338
Minneapolis, _
Kansas City
Dallas
San Francisco
270
453
453
347
275
377
318
316
224
381
296
288
5,343
4,869
4,718
280
oo c:
265
623
562
421
Total
1932
260
717
609
408
261
602
552
430
._-
1931
294
736
722
457
286
603
558
466
Boston
New York
Philadelphia
Cleveland _
1930
Back figures.—See Annual Reports for 1928 (table 97), 1922 (table 48), 1919 (table 39), 1916 (p. 93), and
1915 (p. 71).
109
EESERVE BANK CREDIT
No.
21.-—NUMBER
OF MEMBER BANKS DISCOUNTING PAPER
RESERVE BANKS, BY STATES, 1925-33
State
1925
1926
1927
1928
1929
1930
AT
1931
FEDERAL
1932
1933
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
37
39
28
146
14
41
33
39
30
135
12
46
31
36
28
126
6
44
29
37
22
133
11
43
32
40
43
142
11
51
31
42
32
128
8
50
33
42
32
134
10
54
28
25
34
124
8
51
23
38
28
111
8
47
Middle Atlantic:
New York.
New Jersey
Pennsylvania
438
235
509
429
247
613
418
261
596
437
264
610
455
264
673
459
282
671
526
406
667
511
294
648
466
271
560
285
149
311
161
73
276
141
321
174
68
251
135
286
182
71
241
131
267
166
78
262
143
311
183
85
252
130
287
139
89
247
122
308
193
83
213
124
289
167
105
215
107
185
123
78
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
99
265
110
52
52
108
74
91
230
108
53
59
112
95
85
190
124
66
52
109
87
80
153
116
61
36
97
105
78
131
121
59
40
102
108
67
162
123
47
49
101
120
83
147
117
39
63
101
117
113
152
103
48
60
107
120
103
112
86
36
47
91
101
South Atlantic:
Delaware
Maryland—
District of Columbia
Virginia
—
West Virginia
North C arolina
South Carolina
_
Georgia
Florida
-
15
54
9
146
82
78
69
131
17
14
54
10
143
83
75
74
121
41
16
53
9
124
74
72
59
104
35
16
50
9
132
77
78
48
108
36
13
55
8
139
81
61
49
115
49
14
46
8
125
78
61
35
96
35
17
51
9
126
96
53
27
94
31
17
48
9
121
40
22
62
23
77
16
54
9
105
74
36
20
81
32
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
67
63
88
26
60
65
88
31
52
56
79
32
51
53
92
33
72
62
103
33
68
67
91
33
71
73
86
25
74
54
56
21
65
51
56
18
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
77
35
146
309
74
28
167
417
59
29
100
290
55
30
102
267
50
30
113
323
61
27
127
346
53
24
117
345
44
24
121
324
29
21
108
242
60
56
11
72
21
8
36
1
48
38
9
67
14
8
33
45
38
10
60
10
6
33
25
28
8
51
12
3
35
45
23
13
64
18
6
33
1
40
27
14
68
11
4
31
2
41
29
17
66
16
7
32
4
53
43
25
78
21
10
32
7
40
29
22
66
17
8
19
4
82
60
138
78
57
134
73
56
111
67
48
87
80
60
80
75
51
81
76
52
98
94
68
125
74
39
99
5,183
5,343
4,869
4,718
5,113
4 991
5,260
5,017
4,270
_
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
--
Mountain:
Montana
Idaho
Wyoming.
Colorado
New Mexico
Arizona
Utah_
Nevada
Pacific:
Washington
Oregon
.California
Total
—
_
_
Back figures— See Annual Reports for 1930 (table 105), 1922 (table 49), 1919 (table 30), 1918 (table 23),
and 1917 (p. 104).
110
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 22.—BILLS DISCOUNTED BY FEDERAL RESERVE BANKS—HOLDINGS AT THE
END OF EACH MONTH, BY CLASSES
[In thousands of dollars]
Member bank collateral
notes
Rediscounted bills
s
End of
month
I.
it!
O.o
.2.S
T3 03
1933
January. __
February..
March
274,446 95, 641
582,434 119, 362
446, 534 113,179
101 1,559
292 2,002
102 1,400
262
232
197
881 71,034 89, 914
1,716 323, 777 115, 761
1,273 143, 783 119,002
14, 217
18, 530
66,157
745
1,386
April
May
June
435, 010 102,218
301, 974 78, 722
163, 684 53, 653
128 1,272
59 933
162
150
77
28
1,212 118, 239 115,131
855 64,813 82,085
570 33, 248 50, 493
94, 725
73, 261
24, 439
1,373
1,066
930
515
25
24
July..
August
September.
167,165
152,876
127,962
48,184
40, 278
34, 565
262
709
144
17
21
19
457
426
382
40, 207
36, 959
29, 944
50,149
53,090
42, 609
26, 962
20,652
19, 611
793
669
590
52
38
13
October
November.
December.
115, 555 28, 564
119,041 24, 386
97, 590 19, 723
147
201
147
14
11
4
359
326
26,508
36, 538
26,891
39, 883
36, 595
31, 246
19, 455
20, 513
18,824
534
446
404
12
47
1
Not elsewhere specified. Includes bills discounted for Federal intermediate credit banks as follows:
February, $35,000; December, $310,000.
2
Includes notes secured by adjusted-service certificates discounted for nonmember banks as follows:
January, $56,000; February, $49,000; March, $54,000; April, $58,000; May, $40,000; June, $23,000; July,
$15,000; August, $12,000; September, $9,000; October, $7,000; November, $5,000; December, $3,000.
3
Includes paper secured by United States Government obligations as follows: March, $715,000; April,
$690,000; May, $346,000; June, $233,000; July, $205,000; August, $219,000; September, $159,000; October,
$151,000; November, $95,000; December, $62,000.
Back figures—See Annual Reports for 1932 (table 20), 1931 (table 14), 1930 (table 13), 1929 (table 12), and
1928 (table 11).
111
BESEBVE BANK CREDIT
No. 23.—BILLS DISCOUNTED—HOLDINGS OF EACH FEDERAL RESERVE BANK ON
DEC. 31, 1933, BY CLASSES
[In thousands of dollars]
Member bank collateral
notes
Rediscounted bills
Dis-
ComSecurSecured Secured
p.
by
by
mered by
Secured
cial mand ad- Trade U.S.
U.S.
by
classes) and
justed
Gov- other
Governagri- sight servern- eligible
ment ment
colculiceobliga- obliga- lateral
tural
eertifpaper i
tions
icates
tions
Federal Reserve
bank
Boston
New York
Philadelphia
4 860
40, 691
25 363
714
2,395
6,201
Cleveland
Richmond
Atlanta
6,876
4,533
4 184
2,497
2,918
1,028
Chicago
St. Louis
Minneapolis
4 053
1,415
1 872
1,145
Kansas City
Dallas
San Francisco
1 421
883
1,439
745
641
272
10
2
97, 590
19, 723
13
Total
Secured
by bills
and
securities
not
eligible
for discount or
purchase,
counts
for
individuals,
partnerships,
and
corporations*
sec. (10b)
26
34
38
2,695
14,512
5,255
1,405
11,731
12,031
11,677
1,807
261
13
11
1,747
417
216
672
584
1,677
1,656
574
1,248
26
3
1
1,167
31
42
1
1
1
20
2
909
788
50
312
485
624
1,662
133
49
9
39
164
99
632
63
1,030
5
5
8
24
26, 891
31, 246
18,824
404
(3)
4
4
4
147
338
342
1 Not elsewhere specified.
2
Includes paper secured by United States Government obligations as follows: Richmond, $26,000;
Atlanta, $3,000; St. Louis, $9,000; San Francisco, $24,000.
3 Less than $500,000.
Back figures.—See Annual Reports for 1932 (table 21), 1931 (table 81), 1930 (table 76), 1929 (table 70), 1928
(table 73), etc.
No. 34.—BILLS DISCOUNTED—HOLDINGS OP EACH FEDERAL RESERVE BANK ON
D E C . 27, 1933, BY MATURITIES
[In thousands of dollars]
Maturity
Total
Federal Reserva bank
Kansas City
Dallas
San Francisco
_
.
- _.
_
Total
-_.
6,395
36,636
20,942
160
1,237
2,001
151
3,643
1,785
139
7,585
979
13
4 345
2,715
3,769
491
760
353
1,037
690
455
1,635
265
251
114
58
6
4,178
1,510
2,034
Cleveland
Richmond
Atlanta
31 to 60
days
6,858
49,101
25, 724
_
16 to 30
days
7,627
4,490
4,834
Boston
New York
Philadelphia
Chicago.St. Louis
Minneapolis
61 to 90 91 days to Over 6
days
6 months months
Within
15 days
2,817
1,402
970
443
101
143
529
276
331
7
273
280
1,559
768
1,869
780
382
1,634
125
55
44
179
70
75
118
87
78
339
142
30
18
32
8
110, 552
82,787
5,913
8,890
11, 748
1,049
165
17
5
2
50
8
•
Back figures—See Annual Reports for 1932 (table 22), 1931 (table 82), 1930 (table 77), 1929 (table 71).
92
112
No.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
2 5 . — B I L L S BOUGHT BY FEDERAL RESERVE BANKS—HOLDINGS AT THE E N D
OF EACH MONTH, BY CLASSES
[In thousands of dollars]
Bills payable in dollars
Bankers acceptances
Based on—
End of month Total
Total
Total
1933
January
February
March.
April...
Bills
payBased on
able in
goods
Goods
Trade foreign
stored in
stored in
accept- curUnited Dollar foreign
ances rencies
ImExStates
All
ex- countries other
ports ports
(ware- change
or
into from
house
shipped
between
United United credits) or
foreign
States States shipped
between
points
domestic
points
2,303
31,339
2,303
218
116
336,018 307,021 307,021 31,088 57,633
304,783 279,995 279, 699 33,114 55,958
170,708 163, 527 163, 231 20,417 34, 778
May
June
July
August
12,881 12,881
40,928 40,926
1, 719 1,719
695
695
1,370
104, 397
87, 051
37, 709
2,359 3,242
7, 536 5,893
149
377
60
1,319
10,989
364
232
853
September... 6,921
853
106
63
October
965
965
163
6,651
328
November
18, 025
2,374
23,866 18,025
i 920
,
December
133,425 127,392 127,392 22, 317 22, 269
526
174
3,825
38, 660
19,862
48,015
8,540
6,894
4,672
4,021
2,424
162
320
220
820
549
106,894
97, 436
50
2,337
2,119
1,897
5.793
9; 073
829
354
7,115
158
300
4,218
39,104
296
296
29,036
28,997
24,788
7,181
6,981
7,089
6,821
6,199
6,068
5,686
5,841
6,033
4,222
Back figures—See Annual Reports for 1932 (table 23), 1931 (table 15), 1930 (table 14), 1929 (table 13), 1928
(table 12), etc.
No.
26,—ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES—HOLDINGS
FEDERAL RESERVE BANKS, 1924-33
OF
[In thousands of dollars]
End of month
1924
May
June
July
AugustSeptember.
October
November.
December—
!
1 2, 469
2, —
1,267
1927
1,015
795
1,137
1,213
2,051
1,897
2,035
1,334
602
687
857
720
April
1926
1,274
1,072
961
1,149
January.._
February.
March
1925
1,203
1,643
1,036
1,043
1,388
12,489
13, 399
13,947
1,506
1,623
1, 720
2,189
8,495
2, 283
1,167
837
1,270
911
642
914
1928
1929
1930
1931
1932
1,035
1,038
1,040
1,054
36,119
23, 958
1,063
1,074
33, 444
33,478
30, 778
30, 736
29,036
28,997
24, 788
7,181
1,058
1,073
1,064 10, 551
34,371
1,065
1,071 145, 215
30,837
30, 762
30, 645
30,834
6,981
7,089
6,821
6,199
48,804
33, 501
33, 386
33,429
30, 849
30, 659
30, 652
29,489
6,068
5,686
5,841
6, 033
1,075
21, 583
31, 587
35,983
T h e first purchase of acceptances payable in foreign currencies was on Sept. 18, 1924.
1933
113
KESEEVE BANK CREDIT
No.
21.—HOLDINGS
OF BILLS DISCOUNTED AND BILLS BOUGHT BY FEDERAL
RESERVE BANKS, BY MATURITIES, 1932-33
[In thousands of dollars]
Maturity
Date
Bills discounted:
1932—Jan. 27-..
Feb. 2 4 Mar. 30..
Apr. 2 7 -
Total
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days
to 6
months
Over 6
months
837, 639
835,243
633, 255
531, 824
648,606
651, 541
486,632
45,472
46,619
37,151
35,894
73, 685
72, 387
56,830
50, 743
48,664
35, 350
34,414
37, 239
18, 536
15,258
13,864
16, 312
2,676
4,088
4,364
3,467
May 25 _.
June 29..
July 27...
Ail?. 3 1 . .
471,
469,
525,
432,
267
828
380
756
334, 792
326,127
370, 062
304,870
32,074
31,458
38,281
33,378
50,172
51, 548
53,992
49, 502
29,465
36, 725
42, 733
33,623
20,546
23,188
19,776
10,833
4,218
782
536
550
Sept. 28..
Oct. 26—
Nov. 30..
Dec. 2 8 -
339,
322,
308,
267,
647
322
973
382
236,003
232, 592
224, 502
187, 581
27,998
24, 777
22, 795
20, 288
41, 266
35, 984
30, 572
29, 013
27,174
20, 717
19, 503
6,557
7,142
9,415
9,364
649
1,110
1,601
1,633
264, 698
327,138
559,002
385,001
187, 706
239, 487
254, 905
19, 352
21, 807
34,447
24, 725
27, 967
31, 696
42, 898
48, 636
19, 225
23, 619
62, 795
49,133
9,052
8,642
7,639
6,855
1,396
1,887
2,317
747
May31_.
June 28..
July 26—
Aug. 30..
301,
190,
161,
153,
974
981
363
220
192, 071
136, 381
116,058
118,190
24,148
16, 677
11, 906
11,150
36, 416
18, 468
15, 323
7,464
4,853
2,437
1,219
47
41
53
Sept. 27Oct. 2 5 - .
Nov. 29-.
Dec. 27_-
133, 233
114,593
119, 041
110,552
99, 041
84,056
91, 804
82, 787
9,969
8,268
9,584
5,913
41, 687
14, 555
15, 598
12, 840
10, 979
15,061
8,507
8,890
12, 317
6,028
7,856
11, 748
855
1,081
1,096
1,049
72
99
194
165
Bills bought:
1932—Jan. 27.Feb. 24-_
Mar. 30.
Apr. 2 7 -
162, 261
133, 382
66, 362
45, 874
53,133
50,110
28, 602
8,567
24, 324
26, 554
10, 970
10, 769
50, 766
21,129
15, 810
33, 570
35, 564
10, 742
19, 280
25
238
270
May 25-.
June 29..
July 2 7 Aug. 31..
38, 373
63,519
39, 700
34,098
6,054
29, 041
7,663
10, 009
10,092
2,545
7,241
9,438
10, 095
2,945
12,122
3,836
11, 892
28, 975
12, 674
10, 815
240
13
Sept. 28.
Oct. 2 6 Nov. 30.
Dec. 28—
33, 604
33, 695
34,880
33, 307
2,267
5,857
11, 276
6,452
1,644
5,689
7,850
5,742
1,792
11,575
7,319
10, 385
27, 871
10, 574
8,435
10, 728
30
1933—Jan. 2 5 . .
Feb. 2 1 Mar. 29_
Apr. 2 6 -
31, 496
179, 576
310, 235
177, 450
4,746
64, 812
72, 471
71, 214
6, 864
30, 319
60,165
74, 240
9,302
35, 753
145, 905
26,022
10, 584
48,481
31, 481
5,923
May 31..
June 28..
July 2 6 Aug. 30.
19, 862
8,186
9,616
6,900
12, 479
1,370
2,295
1,756
5,239
1,552
1,100
2,552
842
2,697
411
1,495
1,302
2,567
5,809
1,097
Sept. 27Oct. 2 5 Nov. 29Dec. 2 7 -
6,681
6,523
23, 866
111,083
1,110
285
5, 623
16, 518
2,118
737
4,687
14, 816
565
899
4,775
46,136
4,602
8,700
33, 440
1933—Jan. 25...
Feb. 21..
Mar. 29-.
Apr. 26_.
211
213
51
81
173
Back figures.—See Annual Reports for 1931 (table 16), 1930 (table 15), 1929 (table 14), 1928 (table 13), 1927
(table 13), 1925 (tables 20 and 25), 1924 (tables 21 and 30), etc.
114
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 28.—HOLDINGS OF UNITED STATES GOVERNMENT SECURITIES BY FEDERAL
RESERVE BANKS AT END OF EACH YEAR, 1929-33, BY CLASSES
[In thousands of dollars]
1929
Bonds*
TOTAL HOLDINGS
2 percent consols of 1930
2 percent P a n a m a s of 1936-38
3 percent conversion bonds of 1946-47
3 H percent L i b e r t y loan
.
434 percent Liberty loan
_.
334 percent Treasury bonds of 1941
3^8 percent Treasury bonds of 1940-43
3 % percent Treasury bonds of 1941-43
3/4-4% percent Treasury bonds of 1943-45..
3 ^ percent Treasury bonds of 1943-47.
4M percent Treasury bonds of 1947-52
4 percent Treasury bonds of 1944-54
?>% percent Treasury bonds of 1946-56
33^ percent Treasury bonds of 1946-49
3 percent Treasury bonds of 1951-55
1930
1931
915
915
237
237
0)
2 1,796
2 1, 796
2 655
1
10,102
84, 525
3 72,253 3 103,060 3 213,240
1932
1933
(0
0)
2 644
25, 027
364,188
12
13, 776
5,987
187
3,202
7,852
27, 712
3,900
8,560
717
7,379
5,082
10, 272
1,837
76,817
163, 785
360,366
5,791
84
398
2,875
1,849
1,243
421,862
226, 473
315, 028
24,181
510,587 I 729,467
Total bonds.
14, 854
13, 245
516
900
Treasury notes
Certificates of indebtedness
Treasury bills
Total U.S. Government securities.
5,009
33, 038
271,199
152, 354
299, 703
718,964
414, 613
2 644
26, 625
358,434
4G7
13,772
5, 749
25, 634
5, 772
530
395
2,882
1, 876
556
443,336
215,604
161,916
56, 250
816,957 1,855,142
1,053,300
515, 769
425, 0S5
2,437, 490
BOUGHT OUTRIGHT
In System investment account:
ZlA percent Liberty loan..
434 percent Liberty loan.
. J-4M Treasury bonds of 1943-45..
Treasury notes
Certificates of indebtedness
Treasury bills
-
33,950
80, 025
131,790
25, 025
310,591
63,365
129,935
50, 250
159, 532
223,463
24,181
20, 000
252, 283
82, 718
282, 334
649,200
372,458
25, 025
285, 591
25, 000
1,004,862
470, 337
412, 335
277, 500
435,224
566,816 1,639,608
2,223,150
915
237
2 I, 796
1
2 32, 223
915
237
2 1, 796
9,252
3 60, 244
12
187
Total in special investment account.
In other accounts:
Bonds:
2 percent consols of 1930
2 percent Panamas of 1936-38
3 percent conversion bonds of 1946-47
33^2 percent Liberty loan
AM percent Liberty loan
334 percent Treasury bonds of 1941
33^ percent Treasury bonds of 1940-43
3 ^ percent Treasury bonds of 1941-43
3M-4M percent Treasury bonds of 1943-45..
?>% percent Treasury bonds of 1943-47
434 percent Treasury bonds of 1947-52
4 percent Treasury bonds of 1944-54
3% percent Treasury bonds of 1946-56
ZYs percent Treasury bonds of 1946-49
3 percent Treasury bonds of 1951-55
Total bonds
Treasury notes
Certificates of indebtedness
Treasury bills
--Total in other accounts
28,048
~416
(0
0)
2 655
4,500
3 68,965
5,009
14,854
11,152
13, 776
5,787
3,202
7,852
20, 712
3,900
8,560
717
5,223
5,082
10, 272
542
130, 522
11,538
17,816
47,936
5,791
84
398
2,875
1,849
550
85,333
14,171
69,764
42,155
211,423
113,119
48, 581
89,140
35, 787
136,023
31,981
6,000
209, 791
250,840
207,812
487, 291
686, 064
774,628 1,851, 031
6,080
Total bought outright.
0)2 644
2 644
2
53,577
850
14, 768
72,843
17
13, 772
5, 749
634
5, 772
530
395
2,832
1,876
534
105, 598
48, 340
45, 407
12,750
212, 095
2,435, 245
BOUGHT UNDER RESALE AGREEMENT
Bonds:
3K percent Liberty loan.
434 percent Liberty loan
334 percent Treasury bonds of 1941
3H percent Treasury bonds of 1940-43
3% percent Treasury bonds of 1941-43
Z% percent Treasury bonds of 1943-47
4 percent Treasury bonds of 1944-54
3% percent Treasury bonds of 1946-56
3 percent Treasury bonds of 1951-55
Total bonds
Treasury notes
Certificates of indebtedness
Treasury bills
--Total bought under resale agreement
1, 600
12,485
20
2,093
200
450
100
900
2,156
7,080
16, 216
22, 618
18, 360
2,425
1,295
18, 029
1,500
1,100
21, 700
693
913 I
3,198
23,296
2
7,000
43,403
42,329
4,111
50
1 $100.
Includes $500, 3 percent loan of 1961.
3 Includes 4 percent Liberty bonds as follows: 1928, $1,250; 1929, $1,200; 1930, $1,050; 1931, $1,950.
Back figures.—Bee Annual Reports for 1930 (table 16) and 1925 (table 27).
2,122
98
25
2,245
EESEEVE BANK
115
CREDIT
No. 29.—UNITED STATES GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE
BANKS IN SYSTEM INVESTMENT ACCOUNT, UNDER RESALE AGREEMENT, ETC.
(AVERAGE BASIS), 1932-33
[In millions of dollars]
Average amount held—
Average amount held—
Outside System investment account
Outside System investment account
Month or
period
In System
All
invest1-day other
ment Under Treas- U.S.
ac- resale ury
Govcount agree- certifi- ernment cates ment
securities
Month or
period
Total
1933
Jan
Feb
Mar. 1-9-.Mar. 10-12..
Mar 13-14—
Mar. 15
Mar. 16-31.-
1,598
1,598
1,629
1,629
1,629
1,629
1,629
208
206
227
247
247
246
235
1,806
1,804
1,861
1,888
1,922
1,899
1,873
Apr-May_
June.
1,629
1,637
1,724
207
209
209
1,837
1,846
1,933
1,818
1,850
1,848
July..
Aug..
Sept.
1,802
1,855
1,994
214
208
207
2,016
2,064
2,202
1,851
1,851
1,851
1,871
1,851
Oct
Nov
Dec. 1-15
Dec. 16-17—
Dec. 18-31-.
2,142
2,220
2,223
2,223
2,223
213
216
207
207
208
2,355
2,437
2,431
2,435
2,433
1932
Jan
Feb
Mar. 1-14...
Mar. 15-18 K
Mar. 19-31..
567
567
606
637
658
184
175
174
173
173
759
743
780
829
835
Apr...
May
June 1-28—.
June 29 *
June 30
842
1,243
1,512
1,560
1,560
171
170
178
200
202
1,014
1,413
1,690
1,801
1,784
July..
Aug..
Sept.
1,604
1,639
1,640
203
198
204
1,640
Oct
1,640
Nov
Dec. 1-14— 1,640
Dec. 15-18 > _ 1,640
Dec. 19-31.. 1,640
211
211
211
211
211
1
24
20
In System
All
invest1-day other
ment Under Treas- U.S. Total
ac- resale ury
Govcount
certifi- ernment cates ment
securities
Periods of Treasury financing during which 1-day certificates were held. (See table 31.)
2 Less than $500,000.
Back figures.—See Annual Reports for 1932 (table 27), 1931 (table 18), and 1930 (table 17).
116
ANNUAL KEPOET OF THE FEDERAL RESERVE BOARD
No. 30.—UNITED STATES GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE
I BANKS IN SYSTEM INVESTMENT ACCOUNT, UNDER RESALE AGREEMENT, ETC.
L. (WEDNESDAY BASIS)
[In millions of dollars]
Amount held—
Outside System investment account
Date
Jan
Jan
Jan
Jan
1933
4
11
18
25
Amount held—
Outside System investment account
In SysAll
tem
invest1-day other
ment Under Treas- U.S.
ac- resale ury
Govcount agree- certifi- ernment cates ment
securities
Date
Total 1
In SysAll
tem
invest1-day other
ment Under Treas- U.S. Total
ac- resale ury
Govcount agree- certifi- ernment cates ment
securities
1933
July 5
July 12
July 19
July 26
1,788
1,800
1,810
1,820
1,764
1,784
1,809
1,834
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30
1,830
1,840
1,850
1,885
1,921
207
246
245
233
207
1,836
1,881
1,899
1,864
1,838
Sept. 6
Sept. 13
Sept. 20...
Sept. 27
1,959
1,995
2,031
2,067
2,102
2,137
2,168
2,193
1,640
1,604
1,574
1,559
211
208
204
205
1,851
1,812
1,778
1,763
1, 559
1,579
1,604
1,629
205
205
205
205
207
207
207
207
1, 995
2,007
2, 017
2, 028
1
1
2
2
207
207
207
207
207
2, 038
2,048
2,059
2, 094
2,129
1
1
207
207
207
207
2,166
2, 203
2, 238.
2, 274
207
207
207
207
2,309
2, 344
2,357
2, 400
0)
Feb.
Feb.
Feb.
Feb
1
8
15
22
Mar.
Mar.
Mar.
Mar.
Mar.
1
8
15
22
29..-
1,629
1,629
1,629
1,629
1,629
5
15
2
2
Apr.
Apr.
Apr.
Apr.
5
12
19
26
1, 629
1, 629
1, 629
1,629
1
1
1
1
207
207
207
207
1,837
1,837
1,837
1,837
Oct.
Oct.
Oct.
Oct
May
May
May
May
May
3
10
17
24
31
1,629
1,629
1,629
1,654
1,682
1
1
207
207
207
207
207
1,837
1,837
1,837
1,862
1,890
Nov.
Nov.
Nov.
Nov.
Nov.
1. _._ 2,211
2,223
8
2,223
15
2,223
22
2, 223
29
2
2
1
2
207
207
207
207
207
2, 420
2, 430
2,432
2, 431
2, 432
207
207
207
207
1,912
1,932
1,955
1,975
Dec.
Dec.
Dec.
Dec.
6
13
20
27
1
2
2
2
207
207
207
207
2, 431
2, 432
2, 432
2,432
June 7_
June 14_
Juno 21
June 28_
1,704
1,725
1,747
1, 768
0)
0)
(0
0)
9
4
11
18
25
2,223
2,223
2,223
2,223
0)
0)
1
l
()
i Less than $500,000.
Back figures.—See Annual Reports for 1932 (table 28), 1931 (table 19), and 1930 (table 17a).
117
RESERVE BANK CREDIT
No.
31.—HOLDINGS BY FEDEEAL RESERVE BANKS OF 1-DAY CERTIFICATES OF
INDEBTEDNESS ISSUED BY THE UNITED STATES TREASURY, 1925-33
[In thousands of dollars]
Date
Mar.
Mar
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar
10
11
13
15
16
17
18
19
20 .
21
22
23
June
June
June
June
June
June
June
June
June
8-10
15
16
17
18
19
20
21
29
Sept.
Sept.
Sept.
Sept.
Sept.
15
16
17
18
22-23.
1926
1925
182,000
122, 500
100, 500
58, 500
34, 500
i 2,000
i 2, 000
108,000
42, 500
8,000
209,000
157,000
99,000
38, 000
4,000
246,000
141, 500
77, 000
23,000
1928
1927
251,500
177,500
176, 000
79, 000
i 48,000
i 48,000
16,000
9 000
3,000
185,000
44, 500
15, 500
i 6,500
i 6, 500
201,000
208,000
i 155,000
i 155, 000
75,000
13,000
1929
314,000
i 181,000
i 181,000
129,000
60, 500
19,000
9,000
192, 500 i 239, 500
i 82,000 i 239, 500
50, 500
1 82, 000
5,000
1930
2,000
1 000
5,000
1
218,000
i 218,000
105, 500
56, 500
29,000
35,000
1931
1932
1933
6,000
8,000
64,000
27,000
45,000
22,000
9,000
i 12,000
i 12,000
22, 000
19,500
32, 000
19,000
6,000
9,000
38, 500
114,000
19,000
4,000
24, 000
177, 500
94, 000
41,000
Oct 18
Nov. 15
Nov 16
Nov. 17_
Nov. 18 _ _ _
Nov. 19-20
Nov 21
Nov. 22
Nov. 23-24..
Nov. 25
Nov. 26-27..
Nov. 28
Nov. 30
Dec. 1
.
Dec. 2.
Dec. 3-4
Dec. 5
Dec. 6 . .
Dec 7
Dec. 8.
..
Dec. 9
Dec. 10-11
Dec. 12
Dec. 13.
Dec. 14
172,000
Dec. 15
91,000
Dec. 16
34,500
Dec. 17
Dec. 18
Dec. 19 _
Dec. 20
Dec. 21
Dec. 22 . . .
Dec. 23
192,000
72, 500
7,000
188,000
70,000
196, 500
91, 500
1
54,000
1
54,000
i 158,000
i 158,000
31, 000
47,000
i 4,000
6 000
89, 500
164, 500
214, 500
134, 500
1
156, 500
45, 500
62,000
1
80, 500
20,500
i 27, 000
38,000
2,000
4,000
15,000
1
27,000
38,000
47,000
50,000
54,000
58,000
i 57, 000
54,000
50,000
40,000
197, 500 i 316,000
106,500 i 316,000
1
132,000
57,000
183,000
i 57,000
77,500
10,000
63,000
*2-day certificates, account Sunday or holiday.
Back figures.—See Annual Report for 1929 (table 17).
162, 500
33, 000
312,500
99,500
69,000
19,000
9,000
»4,000
i 4,000
3,000
104, 500
54,000
45,000
3,000
135,000
68,000
109,000
55,000
3,000
39, 000
14,000
23, 000
219, 500
197, 500
184, 250
198,000
i 181,000
i 181,000
107,000
29,000
24,000
13,000
i 22, 000
122,000
i 3,000
1
3, 000-
118
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS
No, 32.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS, 1929-33
[Number in thousands; amounts in thousands of dollars]
1929
1930
1931
1932
1933
NUMBER OF PIECES HANDLED 1
Bills discounted:
Applications
Notes discounted
Bills purchased in open market for own
account
Currency received and counted
Coin received and counted
Checks handled
Collection items handled:
United States Government coupons
paid
Allother
_
"United States Government securitiesissues, redemptions, and exchanges by
fiscal agency department
Transfers of funds
415
'109
513
178
779
81
346
196
2,427,330
3,239,709
924,449
208
2,441,989
3,325,555
904,975
221
2, 269,292
2,900,462
864, 615
2,025, 552
2,654,787
734, 538
2,013,459
2,497,928
688,933
20,935
6,504
19,362
17,322
6,927
17,710
7,468
18,099
8,371
1,833
2,139
r 1,412
1,868
r 2,431
1,663
r 1,956
1,469
3,502
1,290
60,747,124
14,067,117
14, 555,590
18.648,306
9,632,808
2,998,415
3, 587,478
3,873,698
762,755
14, 782,429 14,262,809
10.952, 597
585,945
478,219
537,534
360,295
367, 215,123 324,883,021 248,172,956 176, 591,791
898,001
11,710,364
624,617
157,833,692
145
AMOUNTS HANDLED
Bills discounted
_
Bills purchased in open market for own
account
Currency received and counted
Coin received and counted
Checks handled
Collection items handled:
United States Government coupons
paid
Allother
United States Government securitiesissues, redemptions, and exchanges by
fiscal agency department
Transfers of funds
535,612
7,185,384
499, 111
7,528,014
479,960
7, 321, 814
529,086
5,427,817
578,082
5, 539,659
7,018,844 '7,084,080 17,348,971 19,444,110
170, 789,669 198,880,880 162, 095,081 116,040,041
24,622,726
85, 059,151
' Revised.
i Two or more checks, coupons, etc., handled as a single item are counted as 1 " piece."
Back figures.—See Annual Reports for 1931 (table 21), 1930 (table 19), 1925 (p. 26), 1924 (p. 14), and 1923
(p. 41).
No. 33.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF EACH FEDERAL RESERVE BANK, 1933
Federal Reserve bank
Total
Boston
New York
PhiladelCleveland
phia
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
San Fran-
NUMBER OF PIECES HANDLED: 1 1933
Bills discounted:
7,482
2,842
Applications
3,324
2,821
5,409
4,838
80,974
2,290
4,711
18,459
17, 258
Notes discounted
12,044
47,510
19,324
10, 092
345,675
3,196
23,138
17, 376
78, 444
26,108
27,847
55,416
25,180
Bills purchased in open market for own account
1,983
7,642
3,049
2,652
3,409
3,538
5,158
6,443
1,390
78, 622
39, 799
1,677
M
Currency
received
and
883,
counted
997,
2,013, 459, 000190, 864,000 596,588,000164, 556,000 119,873, 000 100, 213,000 103, 514,000 362,955,000 103,161,000 36, 997,000 60, 935,000 46, 883,000 126,920,000
Coin received and counted
411,000 130,
000
,013,000
;
2,497, 928, 000314,004,000 940;, 727,000 264, 069,000 118,372,000 154, 559,000 68,667,000 287,877,000104,609, 21,323,000 52, 297,000 41"
1
:
Checks handled
660,000 43, 268,000
688,933,000 71,378,000 143, 372, 000 58,014,000 68,006,000 46,191,000 27,069,000 92,358,000 37,405, 000 20, 779,000 50,433,000 30;660
Collection items handled:
U.S. Government coupons paid
642,000
534,000 1,042,000
319,000 1,108, 000
498,000 3, 331,000 1,156,000
18, 099,000 1,155,000 4,121,000 1,378,000 2,815,000
Allother
768, 000
375,000
210,000
829,000
442,000 1,128,000
381,000 209,000
468, 000
8, 371, 000
444,000 2, 641,000
476,000
U.S. Government securitiesissues, redemptions, and
exchanges
150,000
187,000
94,000
104,000
192,000
94,000 207,000
81,000
365, 000
3, 502,000
162,000 1,160,000
706, 000
120, 000
Transfers of funds
79,000
78,000
99, 000
89,000
82,000
307, 000
60, 000
189, 000
53,000
1, 290,000
38,000
96,000
AMOUNTS H A N D L E D : 1933 (in millions of dollars)
Bills discounted
Bills purchased in open market for own account
Currency
received
and
counted
Coin received and counted
Checks handled
Collection items handled:
U.S. Government coupons
paid
All other
U.S. Government securities—
issues, redemptions, and
exchanges
Transfers of funds
9,632. 8
265.9
4, 753. 4
1,070. 0
534.3
246.2
435.9
195.7
50.2
134.4
52.9
898.0
95.7
386.5
37.2
31.8
21.6
30.0
127.1
28.0
24.6
19.0
15.9
11, 710. 4
624.6
157,833. 7
1,075.1
40.4
10,205.8
3, 709.1
207.1
57, 739. 8
825.1
40.2
14, 936. 6
676.4
25.9
13, 734.8
494.
32.0
7,660. 0
465.2
17.4
5, 881. 4
2,495. 3
136.7
16,928. 3
460.2
19.5
7, 561. 2
197.6
9.9
3,293.4
307.1
18.8
6, 787. 9
192.9
10.7
4, 461. 6
578.1
5, 539. 7
38.9
528.7
286.4
1, 682. 7
35.0
289.7
56.7
405.9
14.1
231.8
8.0
162.6
67.0
996.5
18.4
291.5
8.7
219.1
16.5
235.1
5.6
196.4
22.8
299.7
24, 622. 7
85,059. 2
1,128. 7
3,339.1
16,116.0
37,289. 8
715.0
3,406.1
3, 304! 1
343.3
3,883. 2
240.9
1, 337. 9
3, 554. 7
13,194. 5
418.3
2, 920. 6
181.4
1,847. 7
390.7
3, 208. 2
253.8
2,910. 6
598.1
8, 417. 4
1 2 or more checks, coupons, etc., handled as a single item, are counted as 1 "piece."
Back figures.—See Annual Reports for 1932 (table 31), 1931 (table 84), 1930 (table 79), 1929 (table 73), 1928 (table 77), 1927 (table 60), and 1924-26 (pt. 2, table 6).
1,045.1
811.8
66.0
8, 642. 9
120
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 34.—VOLUME OF OPERATIONS OF BRANCHES OF FEDERAL RESERVE BANKS
Noncash collection items
handled
Currency Coin reBills
Federal Reserve
received ceived and Checks
disbranch and district
and
handled
counted counted
counted
number
Government
coupons
All
other
Fiscal
agency
issues,
redemp- Transfers
tions, of funds
and exchanges
of U.S.
securities
NUMBER OF PIECES HANDLED: i 1933
No. 2—Buffalo
No. 4—Cincinnati-.
Pittsburgh-_
No. 5—Baltimore
Charlotte....
No. 6—Birmingham.
Jacksonville.
Nashville
New Orleans. _
No. 7—Detroit
No. 8—Little Rock
Louisville
Memphis
No. 9—Helena
No. 10—Denver
Oklahoma City
Omaha
No. 11—El Paso
Houston
San Antonio...
No. 12—Los Angeles
Portland. __
Salt Lake City
Seattle
Spokane
TotaL
2,366 37,176, 000 36, 409, 000 10,104,000
28, 520, 000 40, 356, 000 14,870, 000
38,829, 000 32, 632, 000 26, 329, 000
000
i,
000
" 15," 846 48, 208,000 108, 543, 000 16, 794, 000
12,025,000 6, 578, 000 5, 697, 000
000
11, 221, 000 7, 436, 000 3,897, 000
15, 427, 000 8, 640, 000 4, 933, 000
10, 771, 000 4, 294, 000 5,167, 000
3,433 23, 025, 000 29, 801, 000 4, 537, 000
4,617 68,149,"" 107,
000 ',347,000 12, 562, 000
273 6, 560, 000 5, 924, 000 2, 937, 000
902 17, 080, 000 13, 429, 000 8, 355, 000
320 15, 607, 000 8, 371, 000 3, 021, 000
990 1, 334, 000 1,101, 000 1, 898, 000
2,860 9, 097, 000 8, 300, 000 7,153, 000
8, 483, 000 6, 472, 000 12, 646, 000
4,737 7, 859,000 9, 679,000 8, 747, 000
896 3, 280, 000 2, 382, 000 2, 230, 000
547 9, 481, 000 10, 359, 000 5, 341, 000
1,585 8, 219, 000 6, 235, 000 4, 647, 000
2,233 64, 077, 000 51, 518, 000 15, 208, 000
742 6,137, 000 6,831, 000 4, 791, 000
1,318 3, 803, 000 2,401, 000 4, 683, 000
1,502 10, 520,000 8, 977, 000 4,167, 000
2,219 1, 954,000 1, 416, 000 3, 085, 000
67, 434
854,952
486,141
342, 895
41, 555
22, 392
83, 089
36, 055
142,102
259, 304
30,151
247,858
56, r~"
40, 944
206, 037
47, 422
181,968
23, 917
63, 272
46,789
362, 207
145, 206
65, 661
128, 769
54, 382
95,482
38, 764
31, 731
173,321
43, 938
14, 370
49, 665
34, 056
41, 699
172, 585
85, 231
47, 034
59, 795
22, 686
68, 332
63, 715
72, 095
16, 946
56,879
28,829
138, 928
61, 801
243, 212
49,976
101, 463
485
37, 206
25, 642
12, 826
14, 418
7,375
622
1,785
48"
1,511
1,773
1,439
13, 458
3,505
2,174
4,431
1,562
47,386 466,842,000 525,431,000 193, 799,000 4,037,000 1,813,000 130, 699
15, 225
15, 644
17,184
17, 206
13, 265
5, 338
10, 213
4,109
8, 041
20, 472
8,762
10, 510
10, 737
7, 450
12, 570
7,893
22,913
5,711
23, 669
12, 614
44, 098
8,
12,
11,
9,
560
897
606
313
336, 000
AMOUNTS HANDLED: 1933 (in thousands of dollars)
457, 527
No. 2—Buffalo
No. 4—CincinnatiPittsburgh.
"207," 106
No. 5—Baltimore
Charlotte
No. 6—Birmingham.
Jacksonville.
Nashville.—
55, 654
New Orleans. _
104, 670
No. 7—Detroit..
No. 8—Little R o c k 7,1
63,695
Louisville
38,661
Memphis.----6,527
No. 9—Helena
35, 778
No. 10—Denver
Oklahoma Citj
26, 420
Omaha
4,276
No. 11—El Paso
5,034
Houston
4,952
San Antonio. .
38, 819
No. 12—Los Angeles. _
12, 663
Portland
20, 415
Salt Lake City
63,103
Seattle
17,185
Spokane
Total.
1,170,294
203, 398
125, 909
203, 280
240, 492
53, 049
41,405
66, 715
39, 475
97, 530
544, 691
29, 527
86,282
58, 888
13,103
56, 492
35, 448
43, 623
15, 352
39, 539
41, 224
314, 800
37, 674
30,164
71,490
16, 552
2, 506,102
1, 764, 755
2,153,104
6, 553, 825
2, 514, 583
1, 035, 288
794, 696
651, 018
825,196
1,162, 879
2, 995, 268
392,904
1, 508, 256
713,173
254,470
1,164,156
1, 422,151
1, 094, 416
224, 352
886, 213
576, 685
2, 384, 680
776, 090
615, 999
724,884
429, 735
2,379 35,946
630 1,183, 810
14, 435 59, 584 46, 658 330,156
15, 001 47, 038 52,156 896, 497
8,069 103, 682 79,142 822, 780
507 31, 980
615,109
276
10, 656
67, 439
1,437
19, 842
152, 612
399
36, 395
61, 208
2,406 43, 708 27, 698 336, 612
6,14- 105, 727 12,155 2,191, 959
415
386
31,903
130,737
606
3, 476 48,639
382, 557
491
843 48, 971
352, 222
524
9,301
84, 236
3,778 39, 336 5,447 471, 359
729
534
26, 525
130, 484
2,423 59, 871 4,785 635,190
310
10, 425
130, 220
1,073 59, 434
938, 540
703 28, 499
279, 020
7,824 53, 870 34,284 1, 702,173
1,660 26, 867 2,685 393, 008
38,844
87,
1,899 359, 544
1,821 23,389 4,""
759,342
22, 721
134, 364
555
830
125, 250 33, 618, 776
77,841 1, 023,153 275, 59: 13, 541,178
3,157
7,736
6,695
11,317
3,780
1,615
2,076
970
4,'
17, 064
626
5,312
2,921
621
6,530
1,340
3,304
1,030
2,384
2,603
30, 008
3,467
1,568
3,541
908
i 2 or more checks, coupons, etc., handled as a single item, are counted as 1 "piece."
NOTE.—Currency received and counted during 1933 by agencies of the Federal Reserve Bank of Atlanta:
Habana, Cuba, 2,499,000 pieces, amount $26,629,000; Savannah, Ga., 3,529,000 pieces, amount $10,399,000.
Coin received and counted by Habana, Cuba, 98,000 pieces, amount $790,000; Savannah, Ga., 660,000
pieces, amount $171,000.
Back figures—See annual Reports for 1932 (table 32), 1931 (table 85), 1930 (table 80), 1929 (table 74), 1928
(table 78), 1927 (table 61), 1926 (table 67), 1925 (table 69), 1924 (table 72), 1923 (table 72), 1922 (table 74),
1921 (p. 80), 1920 (p. 93), and 1919 (p. 39).
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
121
GOLD SETTLEMENT FUND
No. 35.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1926-33
[In millions of dollars]
Year and month
Daily settlements
between Federal
Reserve banks
Interreserve
bank
Federal transfers
Transit Reserve
clearings
note
clearings
Balance
at beginning of
period
1926
1927
1928
1929
1930
1931
1932
1933
Withdrawals
Balance
Deposits at end of
period
689.2
665.3
528.2
687.0
511.2
417.4
314.1
340.3
January
February
March
April
May
June
1,043.4
1,436. 7
1,172. 6
1, 052.1
1, 530. 2
1,905.0
1, 648. 4
2, 575. 0
3,029. 2
3, 797. 3
2,855. 6
3,160. 4
2, 063. 8
2, 729. 0
4,156. 6
4, 548. 6
3,005. 3
3, 660. 3
3, 014. 4
2, 984. 5
1,970. 0
2, 625. 7
4,182. 8
4,826. 5
665.3
528.2
687.0
511.2
417.4
314.1
340. 3
618. 2:
6, 705. 2
6, 541.4
6, 650. 7
5, 326. 5
6,173. 6
6, 702. 6
45.2
29.7
60.3
67.9
59.2
51.9
55.5
189.5
875.5
151.5
130.5
131.0
190.9
801.1
1, 825. 5
277.7
270.2
227.8
280.4
750. 5
1, 676. 3
397.6
330.1
322.5
429. 8
379.3
230.0
350.0
409.8
504.6
504.6
506.2
553.8
608.9
670.7
673.4
July
August
September
October
November
December
635.8
673.2
658.4
758.7
669.4
540.1
545.4
614.4
340.3
429.8
379.3
230.0
350.0
409.8
1933
115,455. 3
123, 031. 5
132, 525. 2
145,132. 4
151,458. 3
124,137. 3
89, 527. 6
75, 725. 4
6,943. 0
6, 211. 8
5,858. 7
6, 279. 8
5,926. 9
6,405. 3
46.5
58.4
52.4
52.2
47.3
43.4
96.5
211.0
142.9
127.0
180.1
284.0
286.1
143.9
74.6
112.8
95.9
242.3
287.7
191.5
129.8
174.6
98.5
187.1
506.2
553.8
608.9
670.7
673.4
618.2
Back figures.—See Annual Report for 1932 (table 33), 1931 (table 22), 1930 (table 20), etc.
No. 36.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1933
[In millions of dollars]
Daily settlements between Federal
Reserve banks
Federal Reserve
bank
Balance
Jan. 1
Transit
clearnings
Payments
Boston. .
New York
Philadelphia
Cleveland
Receipts
Federal Reserve note
clearings
Pay- Rements ceipts
14.4 5,554. 0 5, 736. 6 58.2
103.8 25,440. 6 25,877.4 152.9
20.3 5, 694. 8 5, 742. 7 60.6
31.2 5,456. 9 5, 524.1 68.1
Interreserve
bank transfers
Balance in
fund at
WithDedrawals posits close of
business
Dec. 31
PayRements ceipts
41.8 273.7
146.0 1,178. 7
54.7
132.5
49.6
181.8
102. 4 246.6 256.4
807.6 2, 090. 8 2,093. 0
52.0 221.1 250.3
147.6 201.7 218.5
19.2
164.8
10.9
62.5
Richmond
Atlanta
Chicago
St. Louis
11.1
8.2
92.7
14.0
5,148. 9
2, 509. 7
10, 763. 9
4, 089. 5
5, 268.1
2, 381. 5
10,452. 6
4, 019. 9
38.1
22.9
89.2
37.4
38.0
44.3
122.7
38.5
162.9
54.5
390.8
60.0
112.8
126.8
599.3
181.2
214.3
112.5
808.6
197.7
160.1
160.9
945. 5
168.0
26.0
22.1
160.4
37.0
Minneapolis
Kansas City.. . . .
Dallas
San Francisco
7.8
13.9
7.2
15.8
1, 528. 9
3,443. 6
2, 718. 4
3, 376. 3
1, 507. 0
3, 346.1
2, 694. 2
3,175. 2
25.3
29.1
11.8
21.0
17.4
22.8
12.4
26.1
32.0
21.5
29.0
57.6
74.0
137.9
73.0
160.5
69.8
91.3
95.8
198.5
69.4
97.1
100.9
306.4
19.5
32.3
32.9
30.6
340.3
75, 725. 4
75, 725.4
614.4
614.4 2, 575. 0 2, 575. 0 4, 548. 6 4, 826. 5
618.2
Total
Back figures.—See Annual Report for 1932 (table 34), 1931 (table 86), 1930 (table 81), etc.
122
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE AGENTS' GOLD FUND
No. 37.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1926-33
[In millions of dollars]
Balance
at begin- Withning of drawals
period
Year and month
1926
1927
1928
1929
1930
1931
1932
1933
960.2
963.4
1,028. 3
761.9
1, 262 9
1,109. 4
1, 250 7
1, 237. 6
.
.
..
.._
January
February
March_
April
May
June
._.
568.2
454.2
473.6
358.5
Deposits
Transfers Transfers
to
from
bank
bank
Balance
at end
of
period
1,799.4
2,458. 4
1,631. 4
1, 500.6
1,101. 7
1,678. 5
3,101. 6
4,030. 3
2,258. 5
2,914. 3
1,768.1
2, 210. 2
947.8
1,819. 5
3,084. 5
3,938. 5
963.4
1,028.3
761.9
1,262.9
1,109. 4
1, 250. 7
1, 237. 6
1,149. 7
3.0
1.0
112.3
63.3
70.5
149.9
.5
1.3
4.0
4.0
144.2
600.9
1, 524. 3
262.5
224.4
298.0
185.5
702.7
1,453. 5
265.0
256.0
218.0
1, 278. 8
1,380. 6
1, 312. 8
1,315. 3
1, 346.9
1, 266. 9
252.5
153.7
126.8
158.0
98.4
186.7
230.5
140.5
68.5
100.2
87.0
231.3
1, 245.9
1, 232. 7
1,174. 4
1,116. 6
1,105. 2
1,149. 7
1933
...
_.
.
1, 237. 6
1, 278. 8
1, 380 6
1,312.8
1 315 3
1, 346. 9
_
_ _
July
August-.. --September..
October
__
November
December-.
_. _ ___
_
_
1, 266. 9
1, 245. 9
1, 232. 7
1,174. 4
1,116.6
1,105. 2
1.0
Back figures.—See Annual Report for 1932 (table 35), 1931 (table 23), 1930 (table 21), etc.
No.
38.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS,
1933
[In millions of dollars]
Balance
Jan. 1
Federal Reserve bank
Deposits
134.0
134 0
73.7
--
Chicago
St Louis
Minneapolis
KTansas Citv
Dallas
San Francisco
Total
243.9
1, 758.9
213.1
228.0
1, 715. 0
208.3
118.1
90.1
68.9
196.5
139. 2
82.5
181.5
175.0
103.5
110. 5
90.4
69.0
877.0
145.0
43.0
705.0
191.9
61.5
265. 0
96.2
46.5
51.8
8.4
97.3
56.0
78.2
197.0
88.0
90.3
190.5
83.8
20.5
90.8
4, 030. 3
3, 938. 5
1,149. 7
121.5
54.6
48.0
--
-
Balance
Transfers Transfers at close of
to
from
business
bank
bank
Dec. 31
437.0
49.3
28.0
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Withdrawals
---- --
1, 237. 6
4.0
4.0
Back figures—3ez Annual Report for 1932 (table 36), 1931 (table 87), 1930 (table 82), etc.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
MEMBERSHIP IN PAR COLLECTION
No.
123
SYSTEM
39.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, 1926-33
1927
1926
End of month
1929
1928
Nonmember
Nonmember
Nonmember
Nonmember
banks
banks
banks
banks
MemMemMemMember
ber
ber
ber
banks On par Not on banks On par Not on banks On par Not on banks On par Not on
list par list
list par list
list
list
list par list
9,459
9,437
9,425
9,410
14,540
14,490 3,990
14,441 3,981
14,382
9,206
9,168
9,143
9,130
13,852
13,781 3,833
13,700 3,839
13,643 3,858
9,014
8,987
8,971
8,949
13,155
13,101
13,035
12,960
3,918
3,905
3,910
3,908
8,807
8,777
8,758
8,743
12,567 3,913
12, 506 3,909
12,466 3,901
12,411
May
June
July
August
9,400
9,384
9,377
9,377
14,325 3,971
14,257 3,965
14,207 3,901
14.164 3,907
9,110
9,106
9,105
9,099
13,589 3,867 8,935
13,556 3,863 8,929
13,528 3,857 8,920
13,486 3,858 8,912
12,925
12,888
12,864
12,838
3,916
3,926
3,934
3,936
8,731
8,707
8,677
8,656
12,346 3,829
12,318 3,812
12,275 3,779
12,242 3,779
September
October
November
December
14,130
9,336 14,073
9,301 13,991
9,260 13,911
January
February
March
April
_
3,924
3,935
3,925
3,913
9,088 13,430 3,877
9,081 13,358 3,890 8,893
9,067 13,306 3,913 8,882
13,247 3,910 8,837
End of month
8,629 12,221 3,777
12,175 3,769
12,104 3,761
8,522 12,045 3,754
1932
1931
1930
12,800 3,954
12,7581 3,936
12,713 3,913
12,643 3,911
1933 i
Nonmember
Nonmember
Nonmember
Nonmember
banks
banks
banks
banks
MemMemMemMember
ber
ber
ber 2
banks On par Not on banks On par Not on banks On par Not on banks On par Not on
list par list
list par list
list par list
list par list
January
February
March
April
8,486
8,447
8,407
8,382
11,943 3,728
11,864 3,712
11,776 3,689
11,703 3,645
8,006
7,968
7,924
7,!
10, 797
10, 718
10,648
10, 567
3,413
3,441
3,427
3,455
7,138
7,094
7,079
7,059|
May
June
July
August
8,359
8,315
8,284
8,271
11,635
11,559
11,485
11,412
3,640
3,629
3,624
3,632
7,842
7,782
7,746
7,679
10,471
10,327
10,238
10,103
3,452
3,437
3,446
3,429
7,031
3,113
6,977 8,560 3,116
6,947 8,448 3,108
6,925 8,365 3.122
September...
October
November. __
December
8,252
8,228
8,159
8,052
11,338
11,269
11,129
10,956
3,625
3,607
3,532
3,437
7,594
7,426
7,358
7,246
1
2
9,883
9,541 3,296
9,431 3,261
9,181 3,207
6,904
6,886
6,845
6,816
8,927 3,147
8,839 3,127
8,786 3,108
8,727 3,110
8,337
8,292
8,233
8,114
3,108
3,073
3,065
3,046
6,736
6,699
6,692
7,852
7,774
7,659
3,006
2,979
2,934
2,852
6,705
6, 701
6,722
6,684
7,643
7,589
7,532
7,461
2,810
2,795
2,780
2,763
6,637
6,561
6,555
6,523
7,436
7,367
7,262
7,154
2,750
2,739
2,712
2,695
Includes banks not licensed following banking holiday.
Including a number of nonlicensed national banks (16 at the end of 1933) whose Federal Reserve bank
stock had been canceled on applications of conservators but which were still included in statistics of national
banks in operation.
NOTE.—Nonmember banks not on par list comprise all incorporated banks, other than mutual savings
banks, that have not agreed to pay, without deductions for exchange, such checks drawn upon them as are
presented for payment by the Federal Reserve banks.
Back figures.—See Annual Report for 1928 (table 21).
124
ANNUAL KEPOET OF THE FEDERAL RESERVE BOARD
No. 40.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, BY DISTRICTS
nd of month (1933)
Nonmember
Nonmember
Nonmember
banks
banks
banks
MemMemMember
ber
ber
banks On par Not on banks On par Not on banks On par Not on
list par list
list par list
list par list
Boston district
January...
February. March
April
May..
June
July
August
September.
October...
November.
December-
367
367
366
367
367
367
368
369
366
367
369
367
New York district
222
223
224
222
221
220
221
219
219
218
214
209
823
821
821
824
828
828
824
821
815
809
809
808
333
332
325
310
307
306
307
306
308
307
308
300
Philadelphia district
692
687
688
687
686
685
687
681
680
678
675
671
300
297
297
292
292
292
291
292
290
283
281
281
Cleveland district
January...
February. .
March
April
May
June
JulyAugust
September.
October...
November.
December.
Richmond district
Atlanta district
631
632
632
633
634
632
638
635
630
629
637
621
391
390
387
393
393
390
392
387
386
386
390
400
317
316
316
317
322
321
325
324
323
322
328
330
760
761
747
740
735
733
728
720
726
714
708
696
Chicago district
January
February—.
March
April
Mayi
June.
July.
August
SeptemberOctober
November..
December..
775
766
771
768
771
777
778
772
759
709
698
692
2,155
2,133
2,128
2.099
2,117
2,102
2,082
2,051
2,036
2,012
1,997
1,986
775
769
770
771
771
773
772
769
758
750
749
748
1,396
1,371
1,350
1,325
1,323
1,310
1,307
1,300
1,296
1,282
1,275
1,256
247
243
219
212
185
184
186
186
187
188
189
187
218
216
220
212
215
211
208
207
203
206
201
199
411
402
404
405
404
407
409
408
409
408
401
403
1,082
,058
,040
,037
,034L,02T
,023
L, 018
, 015
, 010
L, 007
]
L,002
576
576
566
564
563
563
561
559
558
554
549
549
409
393
393
393
389
383
382
381
381
379
376
365
131
129
126
128
125
122
119
117
119
118
114
109
659
648
646
646
644
637
637
Minneapolis district
402
390
388
382
378
378
380
378
376
376
377
377
539
537
533
530
537
530
538
540
537
539
545
532
312
306
311
302
297
295
290
290
286
286
253
249
813
806
792
759
752
744
743
737
734
726
716
704
San Francisco district
Dallas district
NOTE.—See footnotes to table 39.
Back figures.—See Annual Reports for 1932 (table 38), 1931 (table 88), etc.
358
352
350
353
352
355
353
349
346
346
339
338
St. Louis district
Kansas City district
January
February—.
March
April..
May
June
July
August
SeptemberOctober
NovemberDecember. .
424
421
420
406
406
396
389
379
372
371
366
352
219
226
222
216
217
217
217
216
214
212
211
211
439
436
438
432
429
428
430
419
416
410
405
402
439
428
413
405
403
401
393
388
388
387
363
349
48
48
47
45
45
44
42
41
41
39
39
39
125
MEMBERSHIP IN PAR COLLECTION SYSTEM
No. 41.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, BY STATES,
ON D E C . 31, 1932 AND 1933
1932
1933
Nonmember banks
State
Member
banks
On par
list
Not on
par list
Nonmember banks
Member
banks
On par
list
Not on
par list
New England:
45
54
45
160
14
61
-
588
327
819
231
114
378
580
306
803
198
114
338
481
505
682
400
435
9
27
3
215
311
134
365
173
123
444
460
534
400
381
8
22
2
179
234
184
150
77
81
159
224
133
561
660
15
37
274
615
445
105
70
140
121
179
4
229
148
137
72
85
147
215
92
537
595
9
29
207
564
380
65
58
136
98
173
3
34
135
23
148
108
26
7
18
32
76
9
183
98
197
87
20
70
12
158
96
54
21
82
52
33
131
13
115
86
19
6
11
26
59
7
168
104
185
78
329
84
9
11
17
197
141
191
108
79
89
27
314
79
6
9
15
177
132
177
64
34
235
540
73
17
225
398
132
143
27
148
63
35
224
506
72
16
219
343
120
116
15
149
68
39
29
102
28
12
32
7
57
65
39
102
18
10
42
6
22
65
34
32
90
27
12
32
7
51
35
26
86
16
5
29
7
19
111
82
169
-
31
16
40
60
11
67
113
84
84
26
Middle Atlantic:
New York
New Jersey
Pennsylvania
49
54
43
160
12
60
20
73
12
149
96
48
25
80
52
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
36
16
41
66
9
72
311
161
368
200
140
Miaine
108
62
167
34
14
102
63
157
86
47
141
31
8
6,816
8,114
3,046
6,523
7,154
2,695
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin __
»
West North Central:
Minnesota
Iowa
.
Missouri
North Dakota
South Dakota
Nebraska
Kansas
_
_ _
.
Couth Atlantic:
Delaware
Maryland
__ _ _ _
District of Columbia
Virginia
- .
West Virginia
North Carolina
South Carolina _
. _
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama.
Mississippi
_ _
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
_
-
_
Mountain:
Montana
Idaho
_
_ _
--
Wyoming
Colorado
New Mexico. .
Arizona
Utah
Nevada
__
PacificWashington
Oregon _
California
Total
_
_
-.
4
3
2
3
4
3
2
2
NOTE.—See footnotes to table 39.
Back figures.—See Annual Reports for 1932 (table 39), 1930 (table 84), 1928 (table 82), 1926 (table 65), and
1924 (table 70).
126
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE BANK PREMISES
No. 42.—COST OF BANK PREMISES OP FEDERAL RESERVE BANKS AND BRANCHES
TO DEC. 31, 1933
NEW BUILDINGS CONSTRUCTED BY FEDERAL RESERVE
Cost of buildings
Cost of
land, including
Federal Reserve bank old build- Fixed
or branch
ings de- machinmolished, ery and All other Total
equipnet
ment
Boston
__
New York:
Main building
Annex building
Cleveland
Pittsburgh
Richmond:
Main building
Annex building
Baltimore
Atlanta
Birmingham.
Jacksonville
New Orleans
Chicago
_
Detroit.—
St. Louis
Little Rock—._
Memphis
$1,246,726
_
__
Total
cost of
land and
buildings
BANKS
Book
value
net
Date occupied
$662,157 $3, 542, 603 $4, 204, 760 $5,451,486 $3,224,177 March 1922.
4,850, 210 3,145,152 11, 603, 541 14, 748, 693 19, 598,903 10,, 507, 689 October 1924.
.9,
>
592, 679
215,418 1,451,570 1,
2, 259, 667 1,339,154
(0
1, 295,490 1, 559,120 6,464, 253 8,023,373 9, 318, 863 4, 714,598 August 1923.
781, 364
352, 411 1,049,450 1,401,861 2,183, 225 2,070, 765 December 1931.
271,924
80, 333
250, 487
283,000
124,137
45,842
201, 250
__
470,644 2, 046, 286 2, 516,930 2, 788,854 1, 710,310 October 1921.
482,482
104,217
254,819
586, 699
667,032
330,439 1, 244, 685 1, 575,124 1, 825, 611 1,417,956 September 1928.
175, 279 1, 355,487 1, 530, 766 1, 813, 766 1,081,192 October 1918.
46, 788
311,336
341,277 January 1927.
358,124
482,261
25,956
214,312
179,363 June 1924.
240,268
286,110
738,404
607,667 October 1923.
897,906 1,099,156
159, 502
2,963, 548 1, 276, 579 6, 227, 326 7, 503,905 10,467,453 5, 790,171 July 1922.
650,000
113,161 1,006,139 1,119,300 1, 769, 300 1,584,709 December 1927.
_
1, 355, 374 1,126,036 2,111,!
3, 237,845 4, 593, 219 2, 292,577 June 1925.
85,007
103,608
233,079
421, 694
263,536 March 1925.
336,687
232, 293
100,906
44,062
377,261
319, 639 June 1929.
276, 355
Minneapolis
600, 521
620,054 2, 316, 745 2, 936, 799 3, 537, 320 1, 606,725 February 1925.
Kansas City
Denver
Oklahoma City
Omaha
495,300
101, 512
65,021
176,427
777,940 3, 391,101 4,169, 041 4,664,341 2, 294,437
611,981
401, 270
510, 469
60, 593
449,876
552, 391
326,834
487,370
77, 480
409,890
647, 844
462,603
471,417
73,479
397,938
189,831
39,003
66, 313
75,002
352, 671 1,172,133 1, 524, 804 1, 714, 635 1,110,882 March 1921.
108,235 August 1920.
10, 824
111, 369
161,196
122,193
296, 802 February 1922..
415,019
61,905
286, 801
348, 706
234, 299 October 1928.
253,031
21, 238
156, 791
178,029
412,996
454, 592
114, 075
784,102 3,144, 407 3,928, 509 4,341, 505 2,191,202 December 1923.
988,109 1, 270,807 1, 725, 399 1,479, 444 April 1930.
282,698
341, 449
84, 814
540,338
419,201 February 1927,,
426, 263
Dallas
El Paso
Houston
San Antonio...
.__
._
San Francisco
Los Angeles
Salt Lake City
Total..
November 1921.
November 1925.
April 1923.
December 1925.
17,968, 870 13,118, 327 53,481, 664 66, 599, 991 84, 568,861 48, 631, 533
BUILDINGS PURCHASED BY FEDERAL RESERVE BANKS
[Amounts shown under " Cost of land " represent appraised value of land—remainder of actual cost included
in "Cost of buildings"]
New York (no. 10 Gold
Street)
Buffalo...
PhiladelphiaPittsburgh
Nashville
Louisville
Helena
Total
Grand total
$125,864 $125, 864 $170,864
465, 707 465,707 720, 707
$93,400
0)
558, 600 May 1928.
December 1917.
December 1922.
June 1919.
February 1921.
$45,000
255,000
1,900,830
297,000
48, 000
131,177
5,000
$344, 624 3,028,964 3,373, 588 5, 274, 418 3,841,412
560,460 699,454 996,454 400,000
138, 994
211,616 236, 717 284,717 162, 773
25,101
226, 259 261,319 392, 496 234,190
35,060
156, 290 172,399 177,399
50, 581
16,109
2, 682,007
559, 888 4, 775,160 5,335, 048 8,017,055 5, 340,956
20, 650,877 13, 678, 215 58, 256, 824 71,935,039 92, 585,916 53,972,489
i Occupied by tenants.
a Estimated cost to complete addition $1,417,000.
NOTE.—-No bank buildings or sites therefor have been acquired for the following branches and agencies:
Branches—Charlotte, Portland, Seattle, Spokane; agencies—Savannah, Habana. The Cincinnati branch
since Jan. 3,1928, has occupied quarters in the chamber of commerce building, erected on the site leased to
the Cincinnati
Chamber of Commerce by the Federal Reserve Bank of Cleveland.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
127
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANES
No, 43.—GROSS AND N E T EARNINGS OF FEDERAL RESERVE BANKS, AND DISPOSITION MADE OF N E T EARNINGS, 1914-33
[Figures for each Federal Reserve bank are given in table 45]
Disposition of net earnings
Earnings
Year
Total
Net*
Dividends
paid
Transferred to
surplus 2
Franchise Profit (+)
tax paid to or loss (-)
U.S. Govcarried
ernment 2
forward
1914-15
1916
1917
1918
1919
$2,173,252
5,217,998
16,128,339
67,584,417
102,380, 583
-$141,459
2,750,998
9,579,607
52,716,310
78,367,504
$217,463
1,742,774
6,801,726
5,540,684
5,011,832
$1,134,234
48,334,341
70, 651, 778
$1,134,234
1920
1921
1922
1923
1924
181, 296.711
122,865,866
50,498,699
50, 708, 566
38,340,449
149, 294,774
82,087, 225
16, 497, 736
12,711,286
3,718,180
5, 654,018
6,119, 673
6,307,035
6, 552, 717
6,682,496
82,916, 014
15,993,086
-659,904
2, 545, 513
-3,077,962
60, 724,742
59,974,466
10,850, 605
3, 613, 056
113, 646
41,800,706
47, 599,595
43,024, 484
64, 052,860
70,955, 496
36, 424, 044
29, 701, 279
50,018,817
49,487,318
9,449,066
16, 611, 745
13, 048, 249
32,122, 021
36, 402, 741
7,988,182
2, 972, 066
22,314, 244
7, 957,407
6,915,958
7,329,169
7, 754, 539
8,458,463
9, 583,913
10, 268, 598
10, 029, 760
9, 282, 244
8,874,262
2,473,808
8,464,426
5,044,119
21,078,899
22, 535, 597
-2,297,724
-7, 057, 694
11, 020, 582
-916,855
59,300
818,150
249, 591
2, 584, 659
4,283, 231
17, 308
1,070, 259, 479
556,447,882
129,127, 324
278,182, 258
-$358,922
+1,008,224
+509,413
-1,158,715
149,138,300
_
1925
1926
1927
1928
1929
1930
1931
1932
1933
--
.
Total
2,703,894
2,011,418
1
Total earnings less current expenses, depreciation charges, and net losses.
2 Amount paid as franchise tax for 1922 includes additional franchise tax payments for prior years withdrawn from surplus account on Dec. 31, 1922, as follows: For 1920, $270,389; for 1921, $3,129,673. Franchise
tax requirement was repealed by Banking Act of 1933.
No. 44.—EARNINGS OF FEDERAL RESERVE BANKS, BY SOURCES, 1914-33
Earnings
Total
_
-
$2,173,252
5, 217,998
16,128,339
67, 584,417
102, 380, 583
$1,218, 516
1,025, 675
6,971,479
48, 348,007
80, 768,144
181, 296, 711
122,865,866
50, 498, 699
50, 708, 566
38,340,449
149,059, 825
109, 598, 675
26, 523,123
32,956, 293
15, 942,845
41,800,706
47, 599, 595
43, 024,484
64, 052,860
70,955,496
36, 424, 044
29, 701, 279
50, 018, 817
49, 487, 318
1914-15
1916
1917
1918
1919
1920
1921
1922
1923
1924
On
discounted
bills
1, 070, 259,479
-.
--
„
, .
1925 .
1926
1927
1928
1929
1930
1931
1932
1933
Total
On
purchased
bills
$244, 664
1,560,918
4, 951, 729
11,939,808
13, 994, 544
On
U.S. Government
securities
Deficient
reserve
penalties
From
miscellaneous sources
$171,831
1,106,860
2, 367,989
3,828, 782
5,761,300
$1,157
194, 526
698,991
727,844
$538,241
1, 523,388
1, 642,616
2,768,829
1,128,751
020,158
234,141
628, 956
371, 288
709,809
7,140, 615
6, 253, 854
16, 682,463
7,444,089
14,712, 593
1, 573, 335
1,177, 562
602,951
521,061
381,619
1,502,778
601, 634
1,061, 206
415,835
1,593, 583
17, 679, 549
22, 551, 561
17,010, 778
38, 334,140
47,790, 662
10, 672, 215
9,820, 546
17,881, 058
9,137, 038
9,103,915
10,003,081
9, 206, 677
13,020, 535
12, 063, 349
6,081,187
5,009, 541
2, 785, 213
1, 238, 068
12,783,001
12, 589,119
14,206,174
10,827, 702
8,163,486
17, 273, 331
12, 428, 297
26,923,568
37, 529,872
310,406
382,946
273,839
277,401
449, 653
225,748
296,960
541,432
191,051
1,923,835
2,072,888
2, 327,016
1, 593,082
2,488, 346
2,171, 563
2,145,935
1,887,546
1,391, 289
663, 290,129
149,167, 581
218,194,926
8,828,482
30,778,361
22,
5,
5,
9,
5,
128
ANNUAL. EEPOET OF T H E FEDERAL RESERVE BOARD
No. 45.—TOTAL EARNINGS, CURRENT EXPENSES, AND N E T EARNINGS OF EACH
RESERVE BANK, AND DISPOSITION MADE OF N E T EARNINGS, 1914-33
Earnings and expenses
Total earnings
All Federal
banks:
1914-26
1927
1928
1929
1930
1931
1932
1933
Net earnings i
Dividends
paid
Franchise
Transferred tax paid to
to surplus U.S. Government
Reserve
$726, 595,181 $245,408,046 $433,642,972 $64,875, 545 $228, 775, 334 $139,992,093
43,024,484 27, 518,443 13,048, 249
7,754, 539
5,044,119
249, 591
64,052,860 26,904,810 32,122,021
8,458,463 21, 078,899
2, 584,659
70,955,496 29,691,113 36,402,741
9, 583,913 22, 535, 597 4,283, 231
36,424,044 28,342,726
7,988,182 10,268, 598 - 2 , 297,724
17,308
29, 701,279 27,040,664
2,972,066 10,029,760 -7,057,694
9, 282,244 11,020,582
50,018,817 26,291,381 22,314,244
2,011,418
7,957,407
8,874,262
49, 487,318 29,222,837
-916,855
(2)
1,070, 259,479 440,420,020
Total
Boston:
1914-26
1927
1928
1929
1930
1931
1932
1933_
Current
expenses
Disposition of net earnings
556,447,882
129,127,324
278,182, 258 149,138,300
Total
New York:
1914-26 »
1927
1928
1929
1930
1931
1932
1933
17,644,686
1,976,935
1,870,003
2,232,109
2,077,792
1,948,480
1,880,183
2,074,230
29,755, 582
837,612
2, 316,522
2, 766,134
253, 777
—140, 230
686, 639
25,617
5,038,180
550,446
590,830
634,112
705,949
709,139
675, 511
645,681
17,606,007
287,166
1, 725,692
2,132,022
-452,172
-849,369
11,128
-620,064
7, 111, 395
71, 650,178
_
49,331, 559
2, 975,357
4, 465,342
5,160,831
2, 368,086
1,800,619
2, 774, 303
2, 774,081
31, 704,418
36,501,653
9,549,848
19,840,410
7, 111, 395
(2)
214, 277,972 58,311,797 146,448,326
10, 647, 759 6, 472,171
3, 720, 601
18,483,042
6,444, 265 11,018, 433
19,314, 279
7,052,465 12, 263, 224
10,393,189
6,826, 564
4, 588. 384
1,532,081
7, 555, 213 6,647,104
15, 948, 943 6,376, 729 10, 404, 550
6,197, 727
17, 523,930
7,052,351
314,144,327
Total.
Philadelphia:
1914-26
1927
1928
1929
1930
1931
1932
1933_.._
16,828,116 61,613,948 68,006,262
2,327, 355
1,393, 246
2, 743,725
8, 274, 708
3, 544,314
8, 718,910
4,013,779
574,605
3,891, 599 -2,359, 518
3,562, 030
6, 842, 520
3, 509,873
2, 687,854
(2)
40,420,791
105,183, 446 196,173,326
87, 746, 273
68, 006,262
5,955, 555 21, 267,329
781,540
394,929
843,755
2,438,886
938, 312
2,863, 676
1,002, 602
100,169
1,004,836
-120,664
973,393
2, 297,442
950,437 -1,268,882
5, 558,901
53,004, 723
3,363, 626
5,394, 546
6,076,048
2,996,243
2, 714, 016
5,001,098
4, 311, 435
18,138, 631
2,106, 682
1,986, 242
2,197,891
2,041,627
1,985, 586
1,994,030
2, 233,745
32, 781, 785
1,176,469
3, 282, 641
3,801,988
1,102, 771
884,172
3, 270,835
-318, 445
82,861, 735
32,684,434
45,982, 216
12, 450,430
27,972,885
5,558,901
Cleveland:
1914-26
1927
1928
1929
1930
1931
1932
1933
60, 761,736
4,197,836
6,250, 553
6,986, 580
3,585, 202
3,038,083
5,128,554
4, 705,091
20,935, 226 34,913,805
2, 610, 474 1,108,190
2, 596,814
3,180, 715
2, 785,979
3, 705,442
2,649,497
783, 777
2, 623,842
78, 545
2, 583,904
1,871, 256
2,915, 300
731, 683
7,158,249
832, 583
856,843
910,007
952,934
936,513
858,427
789,058
23, 745,855
275,607
2, 323,872
2,795, 435
-169,157
-857,968
180,083
-57, 375
4,009,701
Total
94, 653,635
39, 701,036
46,373,413
13,294, 614
28,236,352
4,842,447
Richmond:
1914-26
1927
1928
1929 .
1930
1931
1932
1933
35,395,128
2,086, 303
2,857, 648
3,299, 609
1,641,390
1,389,086
1,871,123
1,699,191
12,832,404
1,379,402
1,402,392
1, 587,244
1,569,034
1,491, 663
1,406,121
1, 544,618
20,289,016
497, 711
1,118,960
1,342, 225
-28, 797
-156,646
314,490
-328, 740
3,440, 351
372, 230
370, 683
368,601
353,472
340,360
314,490
308, 388
12,198,187
125, 481
74,828
97,362
-382, 269
-497,006
4,650,478
50,239,478
23, 212,878
23,048, 219
5, 868,575
10,979,455
Total
-
Total
1
Total earnings less current expenses, depreciation charges, and net losses.
* Franchise tax requirement repealed by Banking Act of 1933.
Back figures.—See Annual Report for 1932 (table 43).
-637,128
(2)
832,746
(2)
673,449
876,262
(2)
6,200,189
129
EARNINGS AND EXPENSES OF FEDERAL, RESERVE BANKS
No. 45.—TOTAL EARNINGS, CURRENT EXPENSES, AND N E T EARNINGS OF EACH
RESERVE BANK, AND DISPOSITION MADE OF N E T EARNINGS, 1914-33—Cont.
Earnings and expenses
Total
earnings
Atlanta:
1914-26.
$34, 758, 327
1927
2, 067, 839
3, 578,156
1928
1929
4,116, 049
1,963,724
1930
1931
1,448,835
1932
2,003,196
1, 686, 497
1933
Total
51, 622, 623
Chicago:
1914-26
104, 651, 296
1927
6,167,352
8,936, 418
1928
1929
9,889,451
4,834,153
1930
4,143, 601
1931
5, 613, 671
1932
6, 764,554
1933
__
.
Total
151,000, 496
St. Louis:
31,530,796
1914-26..
2, 228, 079
1927
2,901,925
1928
3, 247, 936
1929
1, 745, 685
1930
1931
1,188, 631
1932
1, 625,432
1, 629,136
1933.
Total
46,097, 620
Minneapolis:
1914-26--.
24, 747, 020
1927
1,390, 031
1928
1, 710, 304
1929
1,926,031
1, 235, 082
1930 . _
1931
936, 604
1,435, 093
1932
1,497,669
1933
Total
34,877, 834
Kansas City:
1914-26
36,360,419
1927
2,304,938
1928
2, 597,968
2,976,576
1929 -.
1, 667,667
1930
1,555, 084
1931
1932
2,021,468
1, 742, 260
1933
51, 226, 380
Total
Dallas:
26, 029, 731
1914-26
1, 741,922
1927
2,119, 666
1928
.
_
2,496, 030
1929
1, 585,113
1930
1, 213,987
1931
1,307, 246
1932
1, 251, 276
1933
Total
._.. 37,744,971
San Francisco:
55,746, 474
1914-26
_
3, 853,442
1927
4, 757, 292
1928
1929
5,466 076
2,408, 510
1930
2, 717,520
1931
1932
5, 288, 690
3, 902,198
1933
Total
For footnotes see p. 128.
84,140, 202
Current
expenses
Net
earnings i
$11,321,524 $19,593,418
1, 264,156
669,904
1,693,985
1, 253,134
1,428, 518
1, 513,239
323, 307
1,372, 882
1,268, 776
1, 217, 777
292, 545
1,321, 267
154,971
20, 532,755 24,156, 648
33,862, 207 64, 285, 216
1, 927, 645
3,887, 058
4,763,429
3,696,679
5,424, 665
4,092,369
1, 054, 328
3,805,117
609,895
3,524,401
3, 432, 693 2, 242, 725
1,790, 493
3, 854,009
60,154, 533 82,098, 396
Disposition of net earnings
Dividends
paid
$2, 638,182
305,817
312, 259
321, 696
323,307
313, 247
292,545
281, 644
4,788,697
Franchise
Transferred tax paid to
to surplus U.S. Government
$9, 631,766
364,087
558,425
303, 032
$7,323,470
823,301
803, 790
-313,247
126, 673
10,417, 390
(2)
8, 950, 561
23, 619,175
8, 785, 246 31,880,795
897, 655
1,029,990
3, 663, 668
1, 099,761
602, 838
3, 651,464
1,170,363
-157,090
1,211,418
-560, 738
1,170, 633
121, 279
1,091,513
1,029, 933
932, 366
858,127
16, 355,471 40,429, 399 25, 313,526
13, 287,943 15,129, 614
775, 681
1,368,664
785,159
1,336, 794
885,884
1,438,418
1,114
1,398,936
-61,263
1, 350, 924
243, 485
1, 360, 610
-90, 766
1, 473, 311
23, 015, 600 17, 668,908
2, 985, 253
317, 727
321, 855
319, 231
315, 839
289,409
268,505
246, 643
5,064,462
9,939, 013
457,954
423,011
56, 665
-314, 725
-350, 672
-25, 020
-337, 409
9, 848, 817
2, 205, 348
13,778,851
296, 077
614, 704
794,762
193,589
45,805
272,338
82,085
16, 078, 211
2,187,936
180,726
181, 203
184,030
184, 445
180, 455
175,495
171,569
3,445,859
7, 527, 030
11,535
43,350
61,073
914
-134,650
9,684
-89, 484
7, 429, 452
4, 063, 885
103,816
390,151
549, 659
8,230
15, 582,416 17, 599, 459
414,726
1, 677, 215
659,760
1, 661,980
1,013, 586
1,830,833
-200,976
1,784,609
1, 664, 282 -185,486
245, 356
1, 612, 714
-268, 275
1, 723,116
27, 537,165 19, 278,150
2,823,841
252, 753
253, 254
256, 549
259,397
253,621
245, 356
250, 321
4, 595, 092
9,029, 481
16,198
40, 651
75, 704
-460,373
-439,107
5, 746,137
145, 775
365, 855
681,333
-518,596
7, 743, 958
(2)
6, 939,100
11,751,974 10,804,112
1,267,338
568,209
1, 245, 479
713,455
1, 384,876
770, 391
1,341,153
272, 597
1, 257, 884
111,982
1,141,984
163, 915
1, 220, 798 -448,047
20, 611,486 12,956,614
2, 589,112
256,310
258,544
266,613
262, 510
254, 878
237, 970
227,888
4,353,825
8,215,000
311,899
163, 301
244, 417
1,009
-142,896
-74, 055
-675,935
8, 042, 740
22, 734,173 28,263,788
2, 459, 602 1,055,424
2, 410, 554 1, 974, 258
2, 553, 681 2, 205, 922
2, 498, 648
-355, 689
2,358,780
253,211
2, 357,968
2,306,110
2, 695, 998
429,104
4,445, 524 16,120, 923
547,062
508,362
625, 751
1, 348, 507
670, 085
1, 535, 837
682,946 - 1 , 038, 635
685,070
-431,859
648,589
1, 657, 521
634, 633
-205, 529
40,069,404
8,939, 660
9,005, 065
1,048, 746
1,000, 474
1,022,009
976,867
918,942
926, 668
1,114,094
16, 012, 865
36,132,128
19,495,127
40, 293
509, 988
(2)
2, 755, 629
87,159
5, 202, 900
291,610
259,361
9,078
(2)
560, 049
7, 697, 341
(2)
7, 697,341
No. 46.—EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING
EARNINGS
Total
Discounted bills
Purchased bills
U.S. Government securities
Deficient reserve penalties-.
Miscellaneous
Total earnings
Boston New York
$302, 777
227, 020
2,135, 075
2,500
106, 709
49,487,318 2,774,081
$9,137, (
1, 238, 068
37, 529, 872
191, 051
1, 391, 289
Philadelphia
Cleveland
Richmond
Atlanta
Chicago St. Louis
1933
Minneapolis
GO
O
Kansas
City
Dallas
San Francisco
$1,
$133, 497 $221, 740
$' 572, 465 $1, 550, 233 . 105, 782 $517, 965 $521, 500
,
" " "~
"
59,542
44, 693
37, 596
' ' 288,117
71, 395
44, 602 234,060
51, 639
14, 255, 732 2, 658, 248 3, 417, 256 1, 060, 611 1, 024, 999 5, 667, 501 1, 372, 392 1,179, 975
25, 791
19, 545
19, 476
13, 971
21, 613
20, 554
8,017
17, 621
91,113
388,140
55, 005
73, 783 223, 633
50, 341
$296, 744 $143, 462 $1, 152, 067
:
25,636
20,498 133, 270
1,199, 837 1,062, 719 2,495,527
5,161
9,192
35, 293
214, 882
86, 041
15, 405
17,623,930 4,311,435 4,705,091 1,699,191 1,686,497 6,764,554 1,629,136 1,497,669 1,742,260 1,251,276 3,902,198
CURRENT EXPENSES
Salaries:
Officers
Clerical employees
Other employees
Governors' conferences
Federal Reserve agents' conferences
Federal Advisory Council
Directors' meetings
Traveling expenses x
Assessments for F.R. Board's expenses.
Legal fees
Insurance on currency and security shipments
Other insurance
Taxes on banking house
Light, heat, power, and water
Repairs and alterations, banking houseRent
Office and other supplies
Printing and stationery
Telephone
Telegraph
Postage
Expressage
Miscellaneous expenses
Total, exclusive of cost of currency
Federal Reserve currency:
Original cost
Cost of redemption
Taxes on F.R. bank-note circulation.
Total current expenses
$2, 634, 532
11, 433, 766
3, 344, 097
5,168
2,366
13,913
180, 043
296, 260
800,160
120, 259
$135, 098
792, 883
156, 431
230
308
1,100
6,942
12,343
58, 366
2,400
45,
32,
126,
22,
$575,340
3,109, 770
877, 762
56
124
702
22, 417
29, 665
268, 743
11, 220
$133, 294 $240, 747 $172,143 $194, 010 $323, 355 $172, 004 $105, 369 $174, 473 $161,963 $246, 736
996,193 1, 053,976 599,415 393, 356 1, 437, 279 567, 215 367, 666 611, 977 468, 376 1,035,660
159, 527 448, 013 166, 904
92, 215 489,475 151, 905 119,742 216, 775 119, 680 345, 668
130
472
351
367
806
461
387
515
1,294
43
94
252
342
194
94
307
203
405
700
300
866
1,281
1,300
1,299
300
1,050
1,715
3,307
7,378
9,635
23, 268
13, 098
15, 228
12, 024
9,533
29, 269
8,784
22, 460
30,124
20, 771
21, 938
37, 070
15, 670
22, 323
31, 307
18,882
13, 392
42, 775
84, 512
31, 643
28,655 101, 295
26,892
78, 217
18, 473
23, 221
23, 602
56, 541
9,216
1,612
8,844
28, 781
14,107 -1,371
14, 456
10,191
10, 488
10,315
20, 770
31, 218
28, 483
9,709
36, 237
51,191
12, 986
11,200
14, 428
34, 768
23, 738
38, 368
28, 775
46, 012
36, 015
39, 673
46, 660
32, 340
27, 972
41,275
69, 226
56, 548
53, 639
56, 661 133, 033
96,109
87, 226
68, 319
32,867
97, 357
16, 362
37, 037
18, 245
22, 552
22,458
48, 568
18, 794
30, 818
18, 663
30,022
1,362
15, 551
4,345
5,791
8,763
15,152
1,940
7,541
1,32f
14,696
15, 603
85, 628
4,350
3,000
1,102
1,079
1,430
52, 607
21, [40, 239
15,161
14, 582
33, 097
47, 488
20,692
17, 017
10, 359
38, 323
25, 307
24, 069
24, 775
37,154
51, 371
71, 53,
23, 779
16,597
18, 993
60,139
12, 889
9,910
24, 944
29, 709
15, 917
37, 656
9,897
11,306
9,785
33,247
31, 065
26, 864
46, 495
34, 519
34, 241
25, 492
17, 063
51, 473
32, 065
56,965
209, 935 214, 284 165, 864 147, 748 323, 666 111, 757 109, 670 171, 482 114, 385 195,615
36, 875
30, 301
31, 533
64,448
54, 567
16, 507 11, 773
24, 942
20, 762
25,821
52, 852
30, 308
30, 711
89,104
69, 270
36, 699
37,957
38, 438
70, 545
33, 988
2, 049,450 2, 673, 200 1, 467, 288 1, 210, 091 3, 329, 804 1, 344, 733 1, 023, 696 1, 612,466 1,144,862 2, 516,541
65, 712
92, 593 397, 865 110, 826
135, 640 181, 474
77,'
94; 284
47, 653 152,293
8,026
7,280
12, 996
30,185
14, 247
9,591
4,245
5,461
2,590
8,563
3,592
11,303
47. 630
34, 408
96.155
8.161
10,905
8,193
25, 693
18,601
2, 233, 745 2, 915, 300 1, 544, 618 1, 321, 267 3,854, 009 1,473,311 1,114, 094 1,723,116 1, 220, 798 2, 695,998
374, 378
473, 721
1, 242, 383
348, 860
123, 437
165,279
349, 303
470, 719
298, 853
466, 442
2, 425, 528
490, 216
658, 324
760
418
535
607
77,
80, 475
364,863
62, 734
39, 086
'480
16, 208
36, 090
21, 246
11, 059
257,871
51, 831
34. 556
74, 240
80, 910
82, 347
99,141
403, 251
120, 856
133, 896
26, 718, 007
1, 830,650
6, 515, 226
1, 841, 631
156, 952
506, 247
167, 739
13,138
62, 703
317,592
40, 630
178. 903
29, 222,837 2, 074, 230
7,052,351
i Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council.
PROFIT AND LOSS ACCOUNT
Total
Earnings
Current expenses .. _
Current net earnings
20, 264, 481
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis Minneapolis
Kansas
City
Dallas
San Francisco
699,851 10, 471, 579
2, 077, 690
1, 789,791
154, 573
365, 230
2, 910, 545
155, 825
3,83, 575
19,144
30,478
1, 206, 200
426,822
230, 400
74,192
42, 917
98, 261
40, 216
30, 735
17,300
31, 536
21,154
140, 466
232, 779
39, 059
17,836
2€,308
19,953
33,848
12, 739
21,934
12, 073
72,132
28,447
1,761,751
90,644
657, 222
117,109
138, 477
48,035
52, 690
373, 245
56,895
46,261
, 46,587
34, 007
100, 579
2,922, 209
286,881
9, 882, 616
569, 347
407, 772
55,832
4,887
702,323
27,647
2, 483, 524
149, 560
35,161
800,000
109, 308
13, 630
391, 805
49,855
13, 235
185, 643
175, 332
27,901
86, 832
90, 371
19,547
234, 590
174,370
67,995
613, 726
13,421
3,243
85, 491
3,264
205, 682
2,949
36, 620
46,655
7,750
450,050
1,836
1, 751, 495
41,319
3,011,181
66 398
60, 681
8,077
21, 584
764, 878
4, 931,074
2, 513, 244
1,196, 585
303, 486
347, 751
334,006
512, 532
877,675
674, 234
4, 273,852
2,396,135
301, 490
287,419
7, 957, 407
Total deductions
60,953
29, 691
12, 307, 074
_ .
1, 056, 246
705, 505
14, 068, 825
Total additions
Deductions from current net
earnings:
Bank premises—depreciation
_-..__
Furniture and equipment..
Reserve for probable losses.
Reserve for self-insurance
\11 other
25, 617
6,197, 727
-318, 445
8, 874, 262
-916,855
645, 681
-620,064
3, 509,873
950, 437
2, 687,854 -1,268,882
2,073
16,605
14, 216
233, 940
24,545
717, 260
500,000
17, 552
531, 348
262,949
1,493, 297
1, 058,108
483, 313
210, 259
1,120, 052
246, 591
478, 525
777,096
731, 683
- 3 2 8 , 740
154, 971
1, 790,493
- 9 0 , 766
82,085 - 2 6 8 , 275 -448,047
429,104
789,058
- 5 7 , 375
308, 388
-637,128
281, 644
-126,673
858,127
932, 366
246, 643
- 3 3 7 , 409
250, 321
227,888
171, 569
-89,484 - 5 1 8 , 596 - 6 7 5 , 935
634, 633
-205,529
211,864
current
Net earnings
Dividends paid. .
Transferred to surplus
New York
$49, 487, 318 $2, 774, 081 $17, 523,930 $4,311,435 $4, 705,091 $1, 699,191 $1,686,497 $6, 764, 554 $1, 629,136 $1,497,669 $1, 742, 260 $1,251,276 $3,902,198
2,074, 230 7,052, 351 2, 233, 745 2,915,300 1, 544,618 1,321,267 3,854, 00£ 1, 473, 311 1,114,094 1, 723,116 1,220,798 2, 695,998
29, 222,837
Additions to current net earnings:
Profit on U.S. Government
securities sold
...
All other
Net deductions from
net earnings
Boston
._ _ .
SURPLUS ACCOUNT
Surplus, J a n . 1, 1933
$278, 599,113 $20, 460, 473 $85, 058, 421 $29, 241,
5, 058,
7, 018,
767 $28, 293, 727 $11 616, 583 $10, 544, 063 $39, 497, 033 $10,186, 225 $7, 018,935 $8, 262, 553 $8, 718, 67 19, 700, 657
,
0,
!9,
-916,855
-620,064 2, 687,854 - 1 ,
18 - Transferred from net earnings__
- 5 7 , 375 -637,128 -126,673
932, 366 - 3 3 7 , 409 - 8 9 , 484 - 5 - - -, -596 -675,935 - 2 0 5 , 529
Surplus, J a n . 1, 1934
277, 682, 258 19, 840, A
87, 746, 275 27,972,885 28, 236, 352 10, 979, 455 10, 417, 390 40, 429, 399
9, 848,816 6, 929,451 j 7, 743, 957 8, 042, 741 19, 495,128
OO
No. 47.—REIMBURSABLE EXPENDITURES
OF THE FEDERAL
RESERVE
BANKS
DURING
1933
CO
[Expenditures asfiscalagents, depositaries, and custodians for the Treasury Department and U.S. Government agencies]
Treasury Department
Reconstruction Finance Corporation
Other U.S. Government agencies
Total
.
Philadelphia
Cleveland
Richmond
$61, 309
178, 357
11,513
$23,733
83,816
$38,769
191,546
251,179
107, 549
230,315
Boston
New
York
$406,907
1,827,805
22, 310
$27, 523
35,179
52
2, 257, 022
62, 754
Total
Atlanta
Chicago
St. Louis
Minneapolis
Kansas
City
$26,413
182,151
$14,435
145,404
5,603
$72,492
514,362
$27,494
133,166
$28, 752
71, 515
4,346
$38,300
69,077
$19,474
54,014
106
$28,213
169,218
690
208, 564
165,442
586,854
160, 660
104,613
107,377
73, 594
198,121
Dallas
San Francisco
H
W
tsl
3
g
m
w
o
•
FEDERAL RESERVE NOTES
No. 48.—FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE END OF EACH MONTH
[In thousands of dollars]
1932
Dec. 31
Federal Reserve notes received from the
Comptroller
Federal Reserve notes held by Federal
Reserve agents
Federal Reserve notes issued to Federal
Reserve banks:
Held by issuing Federal Reserve b a n k .
Held by other Federal Reserve banks. _
Held b y U.S. Treasury
In circulation 1
Total notes issued
Collateral held as security for Federal Reserve notes issued to Federal Reserve
banks:
Gold and gold certificates in vault:
Gold bullion
United States gold coin
Gold certificates
Total in vault
In gold fund, Federal Reserve Board
Total gold and gold certificates
Eligible paper
U.S. Government securities
Total collateral held
Collateral required as security for Federal
Reserve notes
Collateral pledged in excess of Federal
Reserve notes issued
1933
Jan.31
F e b . 28
M a r . 31
Apr. 30
M a y 31
June 30
J u l y 31
Aug. 31
Sept. 30
Oct. 31
N o v . 30
Dec. 31
5,059,333 5,088,160 5,768,032 7, 551, 776 7,470,417 7, 367,688 7,292,490 7,217,811 7,140,621 7,068,578 7,010,751 6,979, 686 6,953, 281
2,072,318 2,150,890 2,089,200 3,516, 010 3, 791, 655 3,930,816 3,955, 623 3, 952, 501 3,890,496 3,826,145 3, 784,860 3, 714,795 3, 603,476
234,562
240, 671
260,296
270, 262
261,513
250,851
243,456
252,825
261,748
211,849
340,043
233,770
248,407
15,434
18, •
18,460
10,889
15, 549
20,104
16, 389
17,880
12,899
29,005
20,850
15,143
17,819
1,483
17,663
17,569
17, 200
45,005
17,069
18,595
19,468
r 5, 076
45, 279
21,210
5,620
2, 715,713 2, 706,902 3, 404,947 3, 621,439 3, 362,056 3,166,749 3,060, 793 2,973, 786 2,952,520 2,965,960 2, 930,146 2,998,026 3,043,883
2,987,015 2,937, 270 3,678,832 4,035, 766 3, 678, 762 3, 436,872 3,336,867 3, 265, 310 3,250,125 3,242, 433 3, 225,891 3, 264,891 3, 349,805
309, 545
277,180
527,390
1,114,115
1, 237,560
2, 351, 675
219,888
427,800
2,999,363
130,598
213,972
231,430
364, 500
482,405
549,630
844,433
1,128,102
1, 278, 845 1, 380,635
2,406,947 2, 225,068
855,908
256,497
611,600
313, 300
2,976,744 3,692,576
405,600
771,306
1, 264,990
1, 312,835
2, 577,825
598,813
884, 700
4,061,338
37,886
37,886
457, 095
571, 315
838, 376
857,503
1, 333, 357 1,466, 704
1, 315, 335 1, 346,935
2, 648,692 2,813, 639
434, 778
190,397
639, 500
480, 900
3,722,970 3,484,936
32,176
32,176
630, 340
587,805
851,121
897, 285
1, 517, 266 1,513, 637
1, 266,935 1, 245,935
2, 784, 201 2, 759, 572
134,459
102, 542
442, 700
469, 200
3, 361,360 3,331,314
32,176
637, 217
855,548
1,524,941
1, 232, 735
2, 757,676
97,898
449, 700
3,305, 274
32,176
631,062
857,754
1, 520, 992
1,174, 435
2, bio, 427
79, 588
538, 200
3,313,215
32,176
32,176
637, 582
634,137
843, 321
852,938
1, 519, 251 1,513, 079
1,116, 605 1,105,175
2, 635,856 2, 618,254
96,276
73,429
566,600
597,600
3,275,885 3,312,130
32,176
598,912
844,220
O
1,475,308
1,149, 745
2, 625,053
188,440
600, 500
3,413, 993
2,987,015 2,937,270 3, 678,832 4,035, 766 3, 678, 762 3, 436,872 3, 336,867 3,265, 310 3,250,125 3, 242,433 3,225,891 3, 264,891 3,349,805
12,348
39,474
13, 744
25, 572
44,208
48, 064
24,493
66,004
55,149
70,782
49,994
47,239
64,188
'Revised.
i This figure corresponds with that given under the same caption in table 56. It differs from that given in table 17 by the amount of Federal Reserve notes held by (a) other
Federal Reserve banks and (b) the U.S. Treasury.
Back figures.—See Annual Report for 1932 (table 45), 1931 (table 28), 1930 (table 26), 1929 (table 25), 1928 (table 25), etc.
m
00
CO
FEDERAL RESERVE BANK NOTES
00
No. 49.—FEDERAL RESERVE BANK NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE END OF EACH MONTH
[In thousands of dollars]
1933
Mar. 31 l
Apr. 30
M a y 31
June 30
J u l y 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
-.
122,800
101,751
217,820
150, 446
266, 540
143, 406
319, 340
180, 596
321,988
174,576
326, 505
173, 876
368,456
188,316
407, 061
189, 616
417,064
191, 520
421,381
187, 656
_ _
6, 482
4
14, 563
19, 566
5
45
47, 758
26,854
84
138
96, 058
14, 893
76
513
123, 262
20, 055
79
623
126, 655
21,129
80
493
130, 927
25, 264
290
982
153, 604
29,423
463
1,557
186, 002
20,150
568
1,525
203, 301
24, 728
1,200
1,919
205,878
Dec. 31
>
F
Federal Reserve bank notes received from the Comptroller
Federal Reserve bank notes held by Federal Reserve agents...
Federal Reserve bank notes issued to Federal Reserve banks:
Held by issuing Federal Reserve bank
Held by other Federal Reserve banks
Held by United States Treasury
In circulation 2
W
O
w
21, 049
67, 374
123,134
138, 744
147,412
152, 629
180,140
217,445
225, 544
233, 725
w
Collateral held as security for Federal Reserve bank notes issued to Federal Reserve banks:
Discounted and purchased bills
U S. Government securities . _.
__
5,258
25, 249
40,800
67,854
26, 039
136, 274
1,981
160, 974
2,302
171,274
2,349
176, 274
2,093
207, 674
2,129
241, 374
1,948
247, 274
2,021
256, 774
Total collateral held
.
Collateral required as security for Federal Reserve bank notes
1
30, 507
21,049
108,654
67, 374
162, 313
123,134
162,955
138, 744
173,576
147, 412
178, 623
152, 629
209, 767
180,140
243, 503
217, 445
249, 222
225, 544
258, 795
233, 725
Total notes issued
1 No Federal Reserve bank notes were issued to the Federal Reserve banks after 1923 to March 1933, and the liability of the Federal Reserve banks on all notes then outstanding
was 2extinguished by depositing lawful money with the United States Treasurer in 1924.
This figure differs from that given in table 17 by the amount of Federal Reserve bank notes held by (a) other Federal Reserve banks and (b) the U.S. Treasury and from table
56 by the amount of Federal Reserve bank notes in circulation on which the liability of the Federal Reserve banks had been extinguished by depositing lawful money with the U.S.
Treasury.
Back figures.—Bee Annual Report for 1924 (table 33).
w
GOLD STOCK, GOLD MOVEMENTS, AND
MONEY IN CIRCULATION
135
49753—34
-10
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
137
GOLD
No. 50.—MONETARY GOLD STOCK * OF THE UNITED STATES, 1914-33
[In millions of dollars; $1=25.8 grains of gold 9/10 fine, i.e., an ounce of fine gold=$20.67. Forfiguresby
weeks see tables 3 and 4]
End of month figures
End of month
1914
January...
February..
March
April
May
June
July
August
September.
October...
December.
End of month
January...
February..
March....
April
May
June
July
August
September
October...
November.
December.
1915
1916
1917
1918
1919
1920
1921
1922
,923
,919
,931
,942
,929
"II
,859
,853
:,844
-,808
1,807
1,813
1,822
1,838
1,869
1,893
1,929
1,986
2,007
2,076
2,124
2,198
2,260
2,312
2,325
2,325
2,323
2,318
2,336
2,445
2,506
2,549
2,630
2,714
2,736
2,843
2,922
2,996
3,105
3,137
3,133
3,220
3,190
3,165
3,151
3,153
3,154
3,155
3,160 3,162
3,162 3,165
3,165 3,165
3,166 3,177
3,172 3,177
3,163 3,113
3,162 3,064
3,161 3,125
3,153 3,147
3,156 3,103
3,159
3,044
3,160 '2,994
2,930
2,887
2,850
2,841
2,856
2,865
2,862
2,851
2,873
2,868
2,897
2,926
2,966
3,000
3,086
3,164
3,231
3,275
3,347
3,439
3,519
3,572
3,627
3,660
3,685
3,723
3,750
3,764
3,771
3,785
3,829
3,855
3,873
3,888
3,906
3,929
1924
1925
4,289 4,423
4,323 4,364
4,364 4,339
4,41.1 4,342
4,455 4,357
4,488 4,360
4,511 4,367
4,521 4,382
4,511 4,382
4,509
4,407
4,527 4,397
4,499 £4.399
1926
1927
1928
1929
1930
1931
1932
4,412
4,423
4,442
4,438
4,433
4,447
4,471
4,473
4,466
4,473
4,477
4,492
4,564
4,586
4,597
4,610
4,608
4,587
4,580
4,588
4,571
4,541
4,451
4,379
4,373
4,362
4,305
4,266
4,160
4,109
4,113
4,123
4,125
4,142
4,128
4,141
4,127
4,153
4,188
4,260
4,301
4,324
4,341
4,360
4,372
4,386
4,367
4,284
4,291
4,353
4,423
4,491
4,517
4,535
4,517
4,501
4,511
4,535
4,571
4,593
4,643
4,665
4,697
4,726
4,798
4,956
4,949
4,995
4,741
4,292
4,414
4,460
4,416
4,354
4,390
4.367
4,152
3,919
3,974
4,088
4,193
4,264
4,340
4,513
January.. _
February..
March
April
May
June
July
August
September
October. __
November.
December.
1914
1,918
1,921
1,925
1,936
1,935
1,910
1,875
1,856
1,848
1,826
1,807
1,810
1915
1,817
1,830
1,854
1,881
1,911
1,957
1,996
2,042
2,100
2,161
2,229
2,286
3,953
3,963
3,970
3,982
4,028
4,050
4,079
4,111
4,136
4,167
4,207
4,244
1933
4,553
4,380
4,282
4,312
4,315
4,318
4,320
4,328
4,324
4,323
4,323
4,323
Averages of daily figures
Averages of end of month figures
Month
1923
1916
1917
1918
1919
1920
1921
2,319
2,325
2,324
2,320
2,327
2,390
2,475
2,528
2,590
2,672
2,725
2,789
2,882
2,959
3,050
3,121
3,135
3,177
3,205
2
3,183
»3,152
" 3,151
»3,153
»3,153
3,152
3,159
3,162
3,163
3,163
3,162
3,161
3,157
3,156
3,151
3,155
3,156
3,160
3,162
3,161
3,166
3,176
3,169
3,087
3,114
3,143
3,120
3,070
3,021
2,961
2,909
2,859
2,821
2,835
2,854
2,862
2,855
2,847
2,855
2,873
2,894
2,931
2,975
3,040
3,117
3,197
3,254
3,305
3,392
3,479
3,547
3,595
3,643
1923
3,672
3,704
3,736
3,756
3,768
3,776
3.803
3,840
3,860
3,884
3,896
3,917
3,945
3,960
3,966
3,975
3,993
4,040
4,061
4,097
4,123
4,155
4,182
4,226
Averages of daily figures
Month
JanuaryFebruary .
March
April
May
June..
July
August
September
October...
November.
December.
1924
1925
1926
1927
1928
1929
1930
1931
1932
4,266
4,302
4,340
4,383
4,433
4,471
4,503
4,516
4,515
4,506
4,517
4,507
4,468
4,392
4,340
4,340
4,353
4,360
4,362
4,372
4,386
4,391
4,407
4,397
4,407
4,425
4,444
4,448
4,434
4,438
4,460
4,467
4,471
4,472
4,477
4,481
4,527
4,576
4,595
4,601
4,651
4,606
4,575
4,585
4,584
4,566
4.490
4,416
4,377
4,373
4,335
4,287
4,207
4,119
4,113
4,118
4,125
4,133
4,151
4,142
4,115
4,143
4,166
4,226
4,292
4,311
4,335
4,351
4,368
4,381
4,374
4,324
4,282
4,317
4,394
4,443
4,505
4,528
4,532
4,496
4,503
4,520
4,553
4,583
4,622
4,656
4,682
4,711
4,767
4,865
4,958
4,975
4,948
4,447
4,363
4,450
4,452
4,384
4,372
4,381
4,273
3,956
3,941
4,030
4,140
4,226
4,292
4,429
1933
4,547
4,491
4,261
4,301
4,313
4,317
4,319
4,323
4,327
4,324
4,323
4, 323
1 Gold coin and bullion (including foreign coin) held b y United States Treasury and Federal Reserve
banks (including gold held under earmark abroad) and United States gold coin in circulation. Amounts
held abroad under earmark (end of month figures) as follows: 1917, June-December, $52,500,000; 1918,
January-May, $52,500,000; June, $16,271,000; July, $11,630,000; August-December, $5,829,000; 3919, JanuaryMarch, $5,829,000; August, $107,119,000; September, $159,618,000; October, $149,166,000; November, $135,694,000; December, $131,320,000; 1920, January, $114,322,000; February, $112,822,000; March-April, $112,780,000; May-July, $111,530,000; August-September, $111,458,000; October, $16,536,000; November-December, $3,300,000; 1921. January-February. $3,300,000; 1927, May, $59,548,000; June, $23,300,000; 1932, December,
$72,638,000.
r
of daily
2 Averages
figures.
Revised.
138
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 51.—ANALYSIS OF CHANGES IN MONETARY GOLD STOCK, BY MONTHS, 1926-33
[In millions of dollars; $l=25^o grains of gold *Ko fine; i.e., an ounce of fine gold=$20.67]
Analysis of changes
Month
1926
January
February..
March
April
May
._
June.
July_.
August
September.
October...
November.
December-
Gold
stock
at end
of
month
4,412
4,423
4,442
4,438
4,433
4,447
4,471
4,473
4,46
4,473
4,47
4,492
Total
1927
January.._
February-._
March
April
May
June
July
August
September..
October
November..
December..
Total-
72.3
21.3
11.1
12.9
1 A
-20.9
-7.5
8.5
-17.5
-30.2
-89.7
-71.7
4,373 - 6 . 0
4,362 -11.2
4,305 -57.6
4,266 -38.7
4,160 -105. 7
4,109 -51.0
3.4
4,113
10.3
4,123
2.1
4,125
17.3
4,142
4,128 -14.0
13.2
4,141
97.8 -26.3
21.1
44.5
19.9
10.8
11.9
31.7
12.8
8.9
6.4
-11.5
-8.6
-53.2
-67.4
19.5 8.3
3.2 - 1 . 8
1.8
-1.5
2.0
-1.0
2.3
-35.5
3.0
-36.7
6.7
-23.1
4.7
-2.5
2.9
-9.0
3.5
-25.0
3.5
-40.0
4.2
-8.5
6.1
-160. 2 41.3
-13.8
5.5
2.3
-11.1
2.9 - 2 . 9
-94.9
35.8 1.5
-91.2
45.7 6.7
2.6
-81.7 -26.5
30.1 - 1 . 2
-79.9
60.9 6.4
-63.9
5.9
3.6
2.8
!5 - 1 . 2
1.2 2.8
13.3
4.3
6.7 -25.0
5.6
23.3 -15.8
-237.8 -391. 9 119. 5 34.5
Totsl.
1929
January
February...
March.__ __
April
May
June
July
August
SeptemberOctober
November..
December..
16.
12.
-6.C
2.0
21. - 1 1 . C 1.0
11.
39. - 2 3 . C 2.2
18.
-4.
-3.
1.4
-6.
-4.
1.6
15.
14.
—.6 - 1 . 0
14.
23.
5.0
4.0
2.0 -17.8
.6
19.2
-7.4 - 7 .
2.1
-2.4
7.
7.7
9.0 - 7 . 5
3.2
1.7
9.8
15.4
1.0 4.6
-112.8
Total.
1928
January
February. _.
March
April
May—.
June...
July
August
September..
October
November..
December..
Net re
InNet lease
crease gold from Other
facin
earstock impor mark 1 tors
92.6
4,564
4,586
4,597
4,610
4,608
4,587
4,580
4,588
4,571
4,541
4,451
4,379
Analysis of changes
4,127
4,153
4,188
4,260
4,301
4,324
4,341
4,360
4,372
4,386
4,367
4,284
1930
January
February..
March
April
May
June
July
August
September.
October...
November.
December..
Total
1931
January
February. _.
March
April
May...
June
July
August
SeptemberOctober....
November..
December..
Total.
1932
January
February...
March
April
May
June
July
August
September..
October
November..
December..
Total.
3.4
.9
2.1
.8
.9
.7
3.6
1.5
1.1
1.4
3.0
3.5
1933
January
February. __
March
_
April
May
June
July
August
September _
October
NTovember—
December..
175.1 —55.4 22.8
Total.
47.2 -65.0
-14.4
25.5
26.4
24.8
34.4
7.5
23.1 48.6
72.4
23.6 16.1
40.6
30.2 - 7 . 5
23.4
34.7 -22.0
16.3
18.4 - 1 . 0
18.9
17.6 - 6 . 6
12.1
17.5 - 4 . 5
14.4
-19.2 -23.2
1.0
-82.9 -64.4 -22.0
142.5
Month
Gold
stock
at end
of
month
Net re
InNet lease
crease gold from Other
facin
earstock impor mark tors
4.
4,291
6.8
0.
60.
4,353
61.9
55. ~~~15.~
4,423
70.2
65.
4,491
68.5
23.
4,517
25.9
2.
13..
4.535
17.6
2.
4,517 -18.4 -19.
-3.
4,501 -15.5 -19.
2. ""To
4,511
10.2
26.4 - 6 .
4,535
23.3
35.2 - 2 .
4,571
36.8
32.7 -15.2
4,593
22.1
309.6
280.
-2.4
2.3
1.9
-.3
2.3
.5
1.7
4.3
4.2
3.7
3.1
3.8
4.5
31.9
49.4
34.4
4,643
11.9 3.1
22.0
16.1
4,665
2.5 3.3
32.0
25.6
4,697
3.0
3.3
28.7
49.5 - 7 . 5 -13.3
4,726
72.4
49.6
4,798
4.0 18.8
63.8 92.3
4,956 158.0
1.9
-6.6
19.5 -29.7
4,949
3.6
45.7
57.5 -16.0
4,995
4.2
20.6 -279.1
4,741 -254.3
4.2
4,292 -448.4 -337. 7 -107.6 - 3 . 1
122.0
89.4 28.3 4.2
4,414
45.8
56.9 -22.9 11.9
4,460
-133.4
145.3 -320.8
42.1
25.4
4,416 -44.2 -73.0
26.4
4,354 -62.3 -90.6
58.3
36.0 -24.7
4,390
4.0
4,367 -23.1 -30.2
4,152 -214.1 -195. 5 -22.1
3,919 -233.9 -206.0 -28.8
56.2
58.0 - 3 . 4
3,977
6.1 100.5
4,088 111.7
27.9 72.3
4,193 104.8
70.8
20.6 45.8
4,264
75.6
21.7 48.6
4,340
4,513 173.5 100.9 71.0
3.4
1.9
2.4
3.2
3.6
.9
5.2
5.1
4.6
4.5
5.3
1.6
52.9 -446.2
457.5
41.6
40.0 128.5 -91.5
3.0
4,553
4,380 -173.4 217.8 -178.3 -12.9
4,282 -97.2 2 -22.1 -100.1 25.0
29.5 -10.0
33.7 5.7
4.312
3.6 -21.1
22.1 2.6
4,315
2.2 - 3 . 2
3.5
1.9
4,318
2.7 -83.9
84.5 2.1
4,320
7.5 -80.4
79.5 8.4
4,328
49.3 3.6
4,324 - 3 . 8 -56.7
-32.4
26.9 4.8
4,323
-.8
.6
.1
4,323 _______
-9.1
11.8 - 3 . 1
4,323
-190.4 -173.5 -58.0
41.1
1
Gold released from earmark at Federal Reserve banks less gold placed under earmark (with allowance
made when necessary for change in gold earmarked abroad for account of Federal Reserve banks. See
table 52 and table 50, note 1.)
2 Differs from Department of Commerce figures since $8,900,000 declared for export on Feb. 28 was not
actually taken from the Federal Reserve Bank of New York until Mar. 1.
Back figures.—See Annual Report for 1931 (table 30).
139
GOLD
No.
52.—GOLD
H E L D UNDER EARMARK BY FEDERAL RESERVE BANKS FOR
FOREIGN ACCOUNT, BY MONTHS, 1916-33
[In thousands of dollars; $l=25*Ho grains of gold Mo fine; i.e., an ounce of fine gold=$20.67]
End of month
January
February...
March
April.
May
June
July—
August
September..
October
November..
December..
End of month
January...
February..
March
April
May..
June
July
August
September.
October...
November.
December.
1917
1918
1919
6,097
6,097
6,097
6,097
6,097
6,097
6,097
6,778
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,942
6,842
1925
1926
46,023
52,389
61, 714
46,864
30, 889
25,814
28, 915
17, 340
15,839
12, 969
10, 969
12, 969
19,012
30, 012
53, 000
53, 000
53,000
53, 580
49, 580
30, 380
32, 780
32, 776
40, 274
39, 266
1916
i 2,391
4,571
4,571
5,071
5,402
5,502
5,955
5,981
5,981
6,097
1920
1922
1923
1924
5,329
1,000
1,000
1,500
1,700
3,700
1921
1,500
1,500
1,000
3,000
3,000
3,000
3,000
2,407
4,859
5,417
4,417
2, 417
5,000
12, 984
26, 213
43, 213
43, 713
45, 213
1933
18, 010
20,000
20,000
20,000
20, 000
23,000
18,000
18, 000
8,000
3,000
4,000
5,000
6,000
5,000
6,000
9,000
10,000
11, 500
14,500
16, 500
17, 500
20,000
20,500
22,000
1927
1928
1929
1930
1931
1932
19, 779
16, 599
18,101
19,101
114,101
114, 601
114,417
116, 918
125, 918
150, 919
190, 919
199, 419
193, 919
191, 051
155, 251
109, 511
136, 050
105, 997
45, 050
39,134
40, 334
39,134
64,136
79,897
144, 898
144,898
137, 391
88,821
72, 694
80, 207
102,194
103,194
109, 795
114, 296
113, 292
135, 295
134, 794
134, 794
119, 795
119, 295
117, 295
115, 295
118,295
118, 295
114, 303
120, 410
122, 536
137, 695
125, 795
123, 295
120, 295
127, 795
123, 795
31, 531
61, 231
77, 231
356, 321
463, 931
435,821
458, 534
433,149
406, 781
348, 469
344, 501
366, 650
395, 447
339, 210
238, 709
166, 421
120, 646
'72,080
73, 694
92, 552
270,837
370, 929
337, 228
315,114
311, 569
227,099
147,632
71, 459
70,859
59,079
' Revised.
i First transaction Mar. 21, 1916.
NOTE.—For statistics of gold earmarked abroad for account of Federal Reserve banks see table 50, note 1.
No.
53.—GOLD MOVEMENTS TO AND FROM UNITED STATES, BY COUNTRIES,
1930-33
[In thousands of dollars; $l = 25$io grains of gold Ho fine; i.e., an ounce of fine gold=$20.67]
IMPORTS
From—
1930
1931
24
Belgium
6
France
133 19, 394
Germany
27 37, 073
14 7,015
Great Britain
9
Italy
17
Netherlands
93
40
Spain
502 5,571
Sweden
55
Switzerland
43,618 81, 252
Canada
1, " - 1,090
Central America
20, 805 25, 319
Mexico
2,184
West Indies
20, 272 141, 263
Argentina
15
2,730
Bolivia
16
87,776
Brazil
260
438
Chile
9,09' 15,116
Colombia
1,551 1,015
Ecuador
6,896 7,522
Peru
8,354 6,080
Uruguay
4,747 1,073
Venezuela
54 2,643
Australia
8, 064
British India
10, 326 19, 683
China
Dutch East Indies... 1, 752 4,870
12, 286 14,641
Hong Kong
"1,328
156, 609 199;
Japan
185
New Zealand
220
Philippine Islands.._ 3,715 3,740
893
127
Allother.
Total
EXPORTS
1932
1930
1,031
16,649 30, 079
382 1,071
68,718 55, 204
1
18,690 19, 347
15
22
28:
64, 757
1,392
20,407
3,784
13,000
19
1,312
1,624
3,242
1, 053
3,242
4,384
1,770
7,510
26, 596
23, 2S0
2,901
15,763
49, 720
1,681
7,052
3,055
20,141
850
4,859
525
14
105
~2,~337
97
1,007
1,537
"~506
3,176
25,629
5,931
801
6,890
6,702
187
6,023
155
396, 054 612 119 363, 315 193,197
Belgium
1931
1932
1933
895
15,607 83,602
6,504
40
73,808 363,908 458,298 246,113
201 1,047 13,738 3,603
289
219 15,132 48,826
3, 000 5,320
107 24,044
1 50,327 115,277 11,445
6,100
C zechoslo vakia
France
Germany
.,
Great Britain
___
Italy
Netherlands
Norway
620
Poland and Danzig..
602
2,
2,386
Portugal
5,002
35
Sweden
19,823 118,
1,560 11,631
Switzerland—
._
116
247
184
Canada
36, 746
100
6
3
Central America
415 3,052
579
320
Mexico
15
50
9
Argentina
24
Ecuador
1,660
1,082
Peru..
126
52
965
Venezuela
150
Dutch East Indies...
50
Hong Kong
401
83
Japan
42
Turkey
3,004
All other
63
229
864
Total.
115, 967 466, 794 809, 528 366, 652
Reports
Digitized for Back figures.—See Annual Bulletin. for 1929 (table 28), 1925 (table 102), and 1921, p. 13. For figures by
FRASER
months see Federa ]Reserve
140
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 54.—GOLD MOVEMENTS TO AND FROM UNITED STATES, BY MONTHS, 1924-33 l
[In thousands of dollars]
Year and month
1924
January
February
March
April
May
June
July
August
September...
October
November. _
December—
Total..
1925
January
February
March
April
May
June
July
August
September. .
October
November..
December
Total..
1926
January
February
March
April
May—
June...
July.—
August
September...
October
November. _.
December....
Total..
1927
January
February
March
April
May
June
July
August
September...
October
November...
December
Total..
1928
January
February
March
April
May
June
July.
August
September. .
October
November. _
December...
Total
Imports
Exports
45,136
35, 111
34,322
45,418
41, 074
25,181
18,834
18,150
6,656
19, 702
19,862
10,274
319, 721
281
505
817
1,391
593
268
327
2,398
4,580
4,125
6,689
39,675
61,648
Net imports or
exports
()
44,855
34,606
33, 505
44, 027
40,481
24,913
18, 507
15, 752
2,076
15, 577
13,173
-29,401
258, 073
Year and month
1929
January
February
March
April.
May
June
July__
August
September. _.
October
November. _.
December
Total..
Imports
Exports
48,577
26,913
26,470
24,687
24, 098
30,762
35,525
19,271
18,781
21,321
7,123
8,121
1,378
1,425
1,635
1,594
467
550
807
881
1,205
3,805
Net imports or
exports
291,649
72,547
116, 583
47,199
25,488
24,835
23,09i3
23, 630
30, 212
34,718
18,390
17, 576
17, 516
-23,166
-64,426
175,066
12,908
60,198
55, 768
65,835
23, 552
13,938
21,889
19,714
13, 680
35,635
40,159
32, 778
396,054
8,948
207
290
110
82
26
41, 529
39,332
11,133
9,266
5,008
36
115,967
3,960
59,991
55, 478
65, 725
23,470
13,912
-19, 640
-19, 617
2, 547
26,369
35,151
32, 742
280,087
34,426
16,156
25,671
49,543
50,258
63,887
20, 512
57, 539
49, 269
60,919
94,430
89, 509
612,119
54
14
26
27
628
40
1,009
39
28,708
398, 604
4,994
32,651
466,794
34, 372
16,142
25,645
49, 516
49,630
63, 847
19, 503
57, 500
20, 561
-337, 685
89,436
56,858
145, 325
107,863
128, 211
43,909
49, 509
212,229
226,117
23,474
18,067
60
61
16
13
809,528
—
128,479
14
2 39,297
21, 521
2 6, 048 28,123
6,769
16, 741
1,785
22,925
1,136
4,380
1,496
85, 375
1,085
81,473
1,545
58, 281
1,696
34,046
2,174
2,957
1,687
10, 815
193,197 366, 652
-72,951
-90,567
-24, 671
-30, 239
-195, 514
-206, 047
-3,437
6,103
27,897
20, 613
21, 740
100,859
-446, 214
1930
11, 393
4,426
10, 204
4,862
4,128
50, 741
10,456
7,216
128,273
73, 526
January
50,600 -46,997 February
25,105 -17,768 March
21,604 -12,734 April
13,390
-1,997 May
6,713
-2,287 June
4,417
5,787 July
2,136
2,726 August
6,784
-2,656 September-..
28,039
22, 702 October
24,360 -13,904 November. _.
5,968
1,248 December.—.
Total..
262, 640 -134,367
19,351
25,416
43,413
13,116
2,935
18,890
19,820
11,979
15,987
8,857
16,738
17,004
213, 504
3,087
3,851
4,225
17,884
9,343
3,346
5,069
29, 743
23, 081
1,156
7,727
7,196
115,708
16, 264
21, 565
39,188
- 4 , 768
-6,408
15, 544
14,751
-17, 764
-7,094
7,701
9,011
59, 355
22,309
16, 382
14, 503
34,212
14, 611
10,738
7,877
12,979
2,056
2,082
10,431
207, 535
14,890
2,414
5,625
2,592
2,510
1,840
1,803
1,524
24,444
10, 698
55, 266
77,849
44,465
19,895
10, 757
11,911
31, 702
12, 771
8,935
6,353
-11,465
-8,642
-53,184
-67,418
201, 455
6,080
52, 086
25,806
97,536
99,932
74,190
1,698
3,810
992
22, 916
1,636
- 1 3 , 766
-11,120
-94,853
-91,150
-81,721
-79,931
-63,859
747
463
13,339
6,676
23,314
Total1933
January
February
March
April
May
June..
July
August
September. _
October
November. .
December...
560, 759
-391, 862
Total-
5,038
3,603
7,337
8,870
-
38, 320
14, 686
2,683
5,319
1,968
20, 001
10,331
2,445
4, 273
14, 331
29, 591
24, 950
168,897
1
2
97, 796
1931
January
February
March
April
May
June
July
August
September...
October
November. _.
December. _ _
TotaL.
1932
January
February
March
April
May
June
July
August
September..
October
November..
December.. _
34,913
37, 644
19, 238
19, 271
16, 715
20,070
20,037
24,170
27,957
20,674
21,756
100,872
363,315
128, 465
217, 776
2 -22, 075
- 9 , 972
-21,140
- 3 , 243
-83, 879
-80, 388
-56, 736
-32, 350
-783
-9,128
-173,455
With some exceptionsfiguresrepresent customs valuations at rate of $20.67 afineounce.
Differs from Department of Commerce figure since $8,900,000 declared for export on Feb. 28 was not
actually taken from the Federal Reserve bank of New York until Mar. 1.
Backfigures.—SeeAnnual Report for 1927 (table 20).
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
141
MONEY IN CIRCULATION
No. 55.—UNITED STATES MONEY IN CIRCULATION,1 BY MONTHS, 1914-33
[In millions of dollars. Forfiguresby weeks, see tables 3 and 4]
End of month figures
End of month
January
February. _
March
April
May
June.
July
August
September.
October
November.
December..
End of month
January. __
February..
March
April
May
June
July
August
September.
October
November.
December.
1918
1919
1920
1921
1922
3,323
3,402
3,455
3,519
3,544
3,589
3,592
3,603 4,120
3,613
4,173
3,621 4,194
3,585 4,256
3,649 2 4,066
3,658 3,973
3,737
3,822 4,051
3,876 4,107
3,877 4,252
3,966 4,373
4,136
4,315
4,396
4,434
4,416
4,482
4,564
4,776
5,027
5,145
5,195
5,238
4,919
4,922
4,948
4,943
4,918
4,877
4,870
4,948
5,037
5,127
5,269
5,378
5,177
5,360
5,391
5,409
5,452
5,468
5,454
5,548
5,616
5,643
5,612
5,303
5,273
5,124
5,080
5,015
4,911
4,797
4,740
4,744
4,695
4,651
4,690
4,441
4,491
4,497
4,468
4,455
4,463
4,424
4,480
4,608
4,646
4,704
4,817
1924
1925
1926
1927
1928
1929
1930
1931
1932
4,777
4,887
4,899
4,853
4,905
4,849
4,756
4,859
4,863
4,942
5,052
5,047
4,802
4,848
4,811
4,782
4,837
4,811
4,792
4,866
4,916
4,969
5,044
5,104
4,841
4,904
4,860
4,907
4,923
4,885
4,909
4,930
4,978
5,021
5,037
5,095
4,846
4,885
4,862
4,891
4,893
4,851
4,846
4,854
4,948
4,946
4,952
5,003
4,677
4,690
4,749
4,748
4,744
4,797
4,701
4,803
4,846
4,806
4,990
4,973
4,657
4,698
4,748
4,676
4,738
4,746
4,717
4,840
4,819
4,838
4,929
4,865
4,610
4,620
4,608
4,652
4,702
4,822
4,837
5,052
5,246
5,540
5,536
5,647
5,641
5,604
5,459
5,465
5,480
5,695
5,726
5,692
5,653
5,628
5,648
5,675
1914
1915
1916
3,502
3,503
3,508
3,530
3,533
3,459
3,394
3,541
3,732
3,744
3,410
3,319
3,253
3,242
3,264
3,284
3,317
1917
Averages of end of month figures
Month
January
February. _
March
April
May
June
July
August
September.
October
November.
December..
'4,562
* 4, 579
4,549
4,476
4,551
4,522
4,426
4,533
4,501
4,493
4,660
4,890
1923
4,614
4,703
4,747
4,759
4,797
4,823
4,787
4,876
4,945
4,929
5,018
5,044
1933
5,645
6,545
6,320
6,003
5,812
5,721
5,630
5,612
5,650
5,635
5,742
5,806
Averages of daily figures
1914
1915
1916
1917
1918
1919
1920
1921
1922
3,497
3,502
3,506
3,519
3,531
3,496
3,426
3,467
3,637
3,738
3,577
3,365
3,286
3,247
3,253
3,274
3,300
3,318
3,321
3,363
3,429
3,487
3,532
3,567
3,591
3,598
3,608
3,617
3,603
3.617
3,653
3,697
3,779
3,849
3,877
3,922
3,978
4,055
4,147
4,184
4,225
2 4,161
4,020
»4,001
«4,061
s 4,152
3 4,203
3 4,342
4,306
4,280
4,373
4,423
4,401
4,448
4,520
4,666
4,911
5,134
5,183
5,243
5,050
4,932
4,942
4,970
4,941
4,891
4,896
4,913
4,989
5,106
5,208
5,342
5,231
5,285
5,398
5,372
5,414
5,448
5,478
5,509
5,600
5,673
5,662
5,658
5,401
5,263
5,204
5,078
5,042
4,936
4,857
4,771
4,752
4,721
4,673
4,718
4,527
4,451
4,483
4,482
4,450
4,429
4,443
4,448
4,552
4,643
4,671
4,827
1923
4,679
4,672
4,713
4,731
4,764
4,779
4,812
4,833
4,901
4,941
4,953
5,071
Averages of daily figures
Month
January...
February.
March
April
May
June
July
August
September
October. _.
November.
December.
1924
1925
1926
1927
1928
1929
1930
1931
1932
4,847
4,832
4,870
4,886
4,866
4,830
4,810
4,800
4,853
4,891
4,970
5,088
4,863
4,805
4,815
4,803
4,791
4,790
4,794
4,817
4,908
4,945
4,960
5,119
4,891
4,854
4,864
4,882
4,871
4,881
4,916
4,912
4,969
5,001
5,005
5,131
4,904
4,843
4,856
4,879
4,860
4,831
4,851
4.849
4,917
4,934
4,936
5,048
4,785
4,709
4,710
4,730
4,722
4,736
4,746
4,743
4,804
4,836
4,860
5,008
4,748
4,686
4,709
4,679
4,684
4,687
4,764
4,777
4,811
4,810
4,845
4,943
4,652
4,554
4,432
4,518
4,497
4,489
4,483
4,476
4,493
4,501
4,528
4,823
4,695
4,598
4,590
4,647
4,679
4,750
4,836
4,947
5,133
5,478
5,518
5,611
5,645
5,627
5,531
5,452
5,456
5,530
5,751
5,719
5,685
5,643
5,643
5,699
r
Re vised.
1
1933
5,631
5,892
6,998
6,137
5,876
5,742
5,675
5,616
5,632
5,656
5,681
5,811
Money outside Treasury and Federal Reserve banks (prior to November 1914, money outside Treasury).
»Figures prior to June 21, 1917 (when legislation became effective changing reserve requirements of
member banks), while comparable with one another, are not strictly comparable with those for succeeding dates; the transfer to the Federal Reserve banks of that part of legal reserves of member banks formerly
held in own vaults reduced the volume of money outside Treasury and Federal Reserve banks (see note
1). The increasing membership of State banks in the Federal Reserve System after June 1917, had a similar
effect upon the figures.
^Averages
of daily figures.
No. 56.—KINDS OF MONET IN CIRCULATION, 1931-33
[Money outside Treasury and Federal Reserve banks. In thousands of dollars]
End of month
1931—January
February...
March
April
May
June__
July
August
September..
October
November..
December..
1932—January
February.. .
March
April
May
June
July
August
SeptemberOctober
NovemberDecember. .
1933—-January
February...
March
April
May
June
July
August
September.
October
November..
December. .
Total
4,609,687
4,620, 414
4,607,914
4,652,414
4,702,275
4,821,933
4,837,085
5,052,027
5, 246,064
5, 540,016
5, 536,143
5, 646,773
5, 641, 205
5, 603, 543
5,459,085
5,464,627
5,479, 627
5, 695, 090
5, 726, 262
5,692,054
5,653,350
5,627, 581
5,647, 570
5,674,941
5, 644, 619
6, 545, 068
6, 319, 515
6,003, 473
5,812, 320
5, 720, 764
5, 629,853
5, 612,122
5, 649,914
5, 634, 603
5, 742, 493
5,805,604
Gold
coin
Gold cer- Standard
silver
tificates
dollars
Silver
certifi-
357,565
355,912
353,647
352,055
352, 525
363,020
362,782
362,983
376, 312
387,051
382,841
408, 626
406,897
1,055,740
1,060,922
1,047,327
1,034,633
1,020,452
996, 510
975,947
989,272
1,036,668
971,928
927,930
876, 769
850,248
820,128
779,362
757, 511
734,944
715,683
694,046
669,307
644,253
623,977
635,076
600,671
591,320
649,239
i 393,499
323,286
280,017
265,487
252,161
242,481
232,112
224,626
219,391
212,883
371,830
373,179
372,030
374,779
380,103
377,149
375,447
380, 374
382,157
387, 559
386,701
389,088
366, 771
362,917
355,495
355, 707
354,821
352, 605
350,792
349,986
358,631
360, 575
360,660
371,095
350, 217
362,436
376,185
360, 448
358,814
360,699
365, 341
371,898
385, 302
387, 340
393, 784
406, 919
403, 586
411,047
435, 328
452, 732
454,060
449,451
444,942
444, 786
454,451
468,479
478,745
571,066
366,501
334, 792
323,881
320,939
319, 664
318,518
312, 431
311,954
311,036
310,684
35,050
34,864
34,679
34,338
34,299
34,326
33,953
33,756
33, 681
33, 266
33, 227
32, 794
31,596
31,196
30,773
30, 393
30,139
30,065
29, 749
29, 727
29,421
29,310
29,387
29,177
28, 275
28, 390
28,347
27,944
27,948
27,995
28,229
28,321
28, 422
28,534
28,916
29,338
Treasury Subsidiary
notes of
silver
1890
1,245
1,244
1,243
1,242
1,240
1,240
1,239
1,237
1,236
1,233
1,232
1,230
1,229
1,228
1,226
1,224
1,223
1,222
1,221
1,220
1,219
1,219
1,217
1,217
1,215
1,215
1,214
1,208
1,185
1,186
1,199
1,198
1,197
1,197
1,196
1,195
269,814
269,650
270, 596
271, 504
272,867
273,147
270,856
270,876
272, 706
271,459
271, 719
270, 591
260, 436
260,078
258,805
256, 717
256,895
256, 220
254,030
255,004
256,660
257,457
258,366
257,754
250,471
252,109
258, 284
255,118
256, 264
256,865
258, 082
261,168
264, 667
267, 385
269,080
271,646
bo
Minor
coin
United
116,188
115,988
116,383
116, 707
117,071
117, 393
117,059
116, 751
117,052
116, 831
117,043
117,167
114, 581
114,241
114,067
113,663
113,634
113,619
112, 729
112,903
112,851
113,069
113,416
113,260
111,466
111, 478
112, 220
111, 700
112,182
112,532
112,883
113,897
114, 783
115,651
116, 552
117, 314
288,972
295,260
289,452
294, 747
299,619
299,427
301, 275
300, 692
299,175
299,606
294,447
287,811
281,691
279,823
274,199
281,934
290,017
289, 076
States
notes
284,997
286,066
289,171
291,196
294,421
286,967
300, 558
265,827
261, 498
265,101
268,809
275,143
277,343
279,938
276, 628
285,401
285,663
Federal
Reserve
notes
1, 470,231
1,460,945
1,471,090
1, 518,175
1, 566,480
1,708,429
1, 748, 709
1,947, 231
2,079,575
2,411, 565
2,463, 282
2,603,454
2,647,852
2,633,633
2,545,943
2,550,691
2,557,911
2,780,229
2,838,163
2,793,117
2,731,360
2,688,779
2,674,735
2,715,713
2, 706, 902
3,404,947
3, 621, 439
3, 362,056
3,166, 749
3,060, 793
2,973,786
2,952, 520
2, 965,960
2, 930,146
2,998,026
3,043,883
Federal NationalReserve
bank
bank
notes
notes
3,020
2,989
2,972
2,955
2,945
2,929
2,915
2,904
2,891
2,861
2,852
2,838
2,820
2,809
2,792
2,773
2,762
2,746
2,727
2,701
2,691
2,678
2,668
2,658
2,644
2,636
17,191
50,386
98,639
125,845
129,238
133,449
156,129
188,526
205,827
208,191
640,031
649,459
648,495
651,278
654,673
648,363
646,902
645,950
644,611
656,656
654,868
656,404
677,084
691,152
692,838
702,966
701,954
700,894
699,847
743,640
785,256
816,561
826,396
820,497
836, 397
860,994
878,808
915, 037
921, 540
919, 614
914,127
911, 329
908,973
902,616
913,284
917,888
i The private holding of gold coin and gold certificates became illegal with minor exceptions as to numismatic collections as a result of a series of Executive and Treasury orders
including those of Apr. 5, Aug. 28, and Dec. 28, 1933.
Back figures.—See Annual Reports for 1932 (table 52), 1930 (table 32), and 1927 (table 22).
DISCOUNT RATES AND MONEY RATES
143
145
ANNUAL KEPOET OP THE FEDERAL RESERVE BOARD
DOMESTIC MONEY RATES
No. 57.—FEDERAL RESERVE BANK DISCOUNT
RATES
[Percent]
Federal Reserve Bank
Date effective
San
Bos- New Phila- Cleve- Rich- At- Chi- St. Min- Kan- Dal- Fran
ne- sas
delton York phia land mond lanta cago Louis apolis City las cisco
A. Rates on rediscounts for and advances to member banks under sees. 13
and 13 (a) of the Federal Reserve Act. Changes from Jan. 1, 1930, to
Dec. 31, 1933
In effect Jan. 1,1930
1930—Jan. 16
Feb. 7
Feb. 8
Feb. 11.—
Feb. 13Feb. 1 5 Mar. 14
Mar. 15
Mar. 20
Mar. 21
Apr. 8
Apr. 11
Apr. 12
Apr. 15_
May 2
May 8
June 7
June 20
June 21
July 3
July 12
July 18
Aug. 7
Aug. 8
Aug. 15
Sept. 9 . .
Sept. 12..
Dec. 24
Dec. 29
5
4K
_.
4
5
iy2
4H
_._.
__
5
5
4K
5
5
4
4V4
4K
4
4
3V
4
4
_
1931—Jan. 2
_
Jan. 8
Jan. 9
.._
Jan. 10
May 7
May 8
May 9
Mayl5_
May21__.
May 22.
Oct. 9
Oct. 10....
Oct. 16.
Oct. 17™
Oct. 20.
Oct. 21
Oct. 22.
Oct. 23.
Oct. 24.
Nov. 14
4
4
4
4
4
4
3
3H
V/2
3H
3
ly2
giZ
VA
0 1 /
zy2
2
3
2K
3
._
3
3
2
.
3
\y2
_
3
3
2H
2H
3
2H
3
._
2M
2i/
2i^
_
31/
3
31/
4
4
0 1 /
0 1 /
-__
1932—Jan. 25
Jan. 28
Feb. 26.
June 24_
June 25__
%y2
01/
3
2V,
3H
146
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 57.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued
[Percent]
Federal Reserve Bank
Bos- New *del- *31eve- Rich- At- Chi- St. Min- Kan- Dal- San
neFranton 'Fork phia land mond lanta cago Louis apolis sas
City las cisco
Date effective
A. Rates on rediscounts for and advances to member banks under sees. 13
and 13 (a) of the Federal Reserve Act. Changes from Jan. 1, 1930, to
Dec. 31, 1933—Continued
1933—Mar. 3
Mar. 4
Apr. 7__
May 26
May 27
33/
-
31/
3
3
June 1
June 2
June 8__
June 10__
3
3
3
CO
3
Oct. 2O.-_
2
Oct. 21
Nov. 2
Nov. 3
Nov. 16
In effect Dec. 31,1933
2\4
2V2
2i/
2iz
2H
2
2*
m
2X
3
3H
VA
VA
2H
B. Rates on advances to member banks under Sec. 10 (b) of the Federal
Reserve Act
1933—Jan. 1 i
July 6
July 7 .
July 1 2 . . July 14
July 15
Aug 5
Oct 2
Oct 16
Oct 19
Oct. 20...
Oct. 21
Dec 9
5
-
In effect Dec. 31, 1933
5
5
5
5
5
4^
5
5
5
5
5
4^
5
4H
4M
4H
41/
4
4
4
4
4
4
4
4
4
4
4H
5
4H
4
4H
4M
5
5
«x
4
C. Rates on advances to nonmember banks and trust companies under sec.
404 of the act of Mar. 9, 1933, as amended by the act of Mar. 24, 1933
1933—Mar 27
Mar 29
Mar 31
Apr 1
Apr 3
Apr 6
Apr 10
Apr 12
Apr 15
May 3
May 4
July 6
July 7
July 12..
July 14
July 15
Aug 5
Oct 2
Oct 16
Oct 19
Oct. 20
Oct 21
Dec 9
In effect Dec. 31, 1933
5
5
5
5
5
5
5
5
5
5
5
5
±Y
43^
4M
43^
414
4H
4M
4
4
4
4
4
4
43^2
1
4
4
4
4
5
4
5
5
5
4
1 A general rate of 5 percent was adopted effective Jan. 1,1933, prior to which time the rate of bxA percent
was specified for each advance made under sec. 10 (b).
DOMESTIC MONEY BATES
No. 57.—FEDERAL RESERVE BANK DISCOUNT
147
RATES—Continued
[Percent]
Federal Reserve Bank
Date effective
Bos- New Phila- Cleve- Rich- At- Chi- St. Min- Kan- Dal- San
delne- sas
ton York phia land mond lanta cago Louis apolis City las Fran.
Cisco
D. Rates on discounts for and advances to individuals, partnerships, and
corporations under the third paragraph of sec. 13 of the Federal Reserve
Act, as amended by sec. 210 of the act of July 21, 1932
6
1039—Auff 10
Aug 11
Aug. 12
Aug 13
Aug. 20
Sept 2
Sept 8
-
6
6
6
6
.-
6
6
6
6
6
6
-
In effect Dec. 31, 1933 ,
6
6
6
6
6
6
6
6
6
6
6
6
6
E. Rates on advances to individuals, partnerships and corporations, secured
by direct obligations of the United States, under the last paragraph of sec.
13 of the Federal Reserve Act, as amended by sec. 403 of the act of Mar. 9,
W66
1933—Mar 13
Mar 14
Mar. 15 Mar 16
Mar 23
Apr. 15 . . , .
Oct 2
Oct 16
Oct. 19
Oct 20
Oct. 21 _
4M
4H
4H
. --
In effect Dec. 31,1933
4M
4H
4
4
4
4
4K
4H
4
4
434
4H
4
4
4
4
4K
4
4K
4M
4M
4
Back figures.—See Annual Report for 1931 (table 36); for years previous to 1922, when different rates
were generally in effect for different classes of bills, see Annual Reports, Federal Reserve Bulletin, and
pamphlet issued by the Board in 1922, Discount Rates of the Federal Reserve Banks, 1914-21.
148
No.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
58.—FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES 1 —
CHANGES FROM JAN. 1, 1929, TO D E C . 31, 1933
[Buying rates at the Federal Reserve Bank of New York. Percent]
Date effective
1 to 15
days
16 to 30
days
31 to 45
46 to 60
days
61 to 90 91 to 120 121 to 18a
days
days
In effect Jan. 1, 1929.
1929—Jan. 4....
Jan. 21...
Feb. 15..
Mar. 21..
Mar. 25..
July 12..
Aug. 9...
Oct. 25..
Nov. l._.
Nov. 15..
Nov. 21..
1930-Jan. 31
Feb. 11
Feb. 24
Mar. 5
Mar. 6
Mar. 11....
Mar. 14
Mar. 17.....
Mar. 19
Mar. 20.....
May 1
May 2
May 8
May 19
June 3
June 5
June 16
June 20
June 30
July 21
Dec. 24
1931—Jan. 16...
Jan. 26...
Apr. 9 . . .
Apr. 2 1 . .
Apr. 27..
May 5 . . .
May6...
May8—
May 13..
May 19..
Sept. 25..
Oct.9__.
Oct. 13._
Oct. 16. _
Nov. 20-
5
5
In effect Dec. 31, 1933..
f
&A
5
4%
58
4%
2X
t
%
2M
2V2
0i
*K
4
3i
3X4
334
.....
2M
2
1%
l%
m
2%
"2
IK
1M
"ill
m
'm
m
IX
...
m
m
m
3
i
I2H
*V
m
3
2
X
1\
2
3
2Y*
2
1
H
134
m
m
3
3
2^
2^
21/
"IH
1932—Jan. 12...
Feb. 26..
Mar. 25..
June 24_.
1933—Feb. 16..
Feb. 27..
Mar. 1...
Mar. 2...
Mar. 3...
Mar. 13_.
Mar. 17-.
Mar. 20..
Mar. 22..
June 29..
Oct. 20__
5
2\i
3]
3
3'
2V*
2
1
3tt
3
2%
2A
IX
V2
i\
2
"VA
l
2
3M
3K
3
2lA
2
1
- lA
2
A
3M
2%
2H
X
V2
1
Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills.
2 Rate for 76 to 90 days 2 percent.
3 Rate for 76 to 90 days 234 percent.
Back figures.—See Annual Report for 1928 (table 35).
3H
3
IK
149
DOMESTIC MONEY BATES
No. 59.—AVERAGE RATES EARNED BY FEDERAL RESERVE BANKS ON BILLS AND
SECURITIES, 1920-33
[Percent]
Month
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
Total bills and
securities:
January....
February. _
March
April
4.46
4.88
5.12
5.23
5.88
5.92
5.90
5.85
4.62
4.47
4.34
4.25
4.03
4.13
4.26
4.32
4.39
4.36
4.30
4.34
3.27
3.32
3.41
3.49
3.73
3.80
3.80
3.81
3.80
3.76
3.75
3.75
3.36
3.52
3.63
3.74
4.73
4.76
4.80
4.88
4.22
4.05
3.78
3.54
2.51
2.48
2.26
2.08
2.96
3.02
3.02
2.89
1.80
1.84
2.15
2.08
5.36
5.51
5.72
5.81
5.79
5.67
5.60
5.42
4.08
3.98
3.90
3.85
4.35
4.36
4.42
4.42
4.26
4.03
3.80
3.67
3.50
3.50
3.52
3.55
3.72
3.66
3.65
3.67
3.78
3.72
3.73
3.58
3.96
4.24
4.39
4.63
4.89
4.89
4.94
5.02
3.40
3.23
3.00
2.86
2.00
1.89
1.99
2.01
2.47
2.23
2.13
2.11
2.18
2.03
1.95
5.81
5.94
5.98
5.98
5.35
5.25
4.99
4.74
3.84
3.88
4.00
4.06
4.41
4.44
4.40
4.38
3.45
3.30
3.21
3.17
3.56
3.59
3.61
3.68
3.77
3.83
3.84
3.83
3.45
3.39
3.33
3.34
4.67
4.69
4.68
4.70
5.10
5.06
4.84
4.48
2.72
2.69
2.64
2.61
1.96
1.97
2.33
2.67
2.10
1.96
1.90
1.77
1.87
1.85
1.81
1.91
Year
5.50
5.61
4.11
4.33
3.83
3.51
3.76
3.60
4.24
4.S6
3.25
2.20
2.33
1.98
Bills discounted:
January
February __
March
April
4.71
5.20
5.47
5.58
6.30
6.37
6.36
6.32
4.99
4.90
4.83
4.75
4.26
4.24
4.45
4.49
4.50
4.50
4.50
4.50
3.55
3.42
3.60
3.66
3.91
3.99
4.00
3.98
4.00
4.00
4.00
4.00
3.50
3.77
3.95
4.01
4.99
4.92
4.92
4.98
4.80
4.59
4.32
4.11
3.11
2.98
2.92
2.92
3.52
3.54
3.45
3.43
3.34
3.25
3.27
3 04
5.66
5.89
6.13
6.19
6.29
6.20
6.09
5.91
4.68
4.61
4.50
4.47
4.50
4.50
4.50
4.50
4.45
4.35
4.11
3.99
3.69
3.69
3.68
3.68
3.87
3.88
3.85
3.91
4.00
4.00
4.00
3.83
4.20
4.45
4.60
4.87
4.95
4.98
5.00
5.16
3.81
3.75
3.65
3.46
2.77
2.64
2.59
2.49
3.44
3.45
3.36
3.36
3.10
3.01
2.83
2.53
6.22
6.35
6.41
6.42
5.85
5.69
5.39
5.11
4.42
4.36
4.29
4.29
4.50
4.50
4.50
4.50
3.85
3.75
3.69
3.59
3.66
3.66
3.71
3.84
3.99
4.00
4.00
4.00
3.62
3.52
3.51
3.51
4.90
4.92
4.92
4.93
5.27
5.20
5.04
4.86
3.42
3.38
3.28
3.23
2.52
2.73
3.36
3.48
3.35
3.36
3.36
3.36
3.01
3.85
3.24
2.88
5.88
6.07
4.63
4.46
4.25
3.67
3.95
3.83
4.56
5.03
3.93
3.01
3.43
3.23
4.79
5.06
5.47
5.70
6.14
5.99
6.01
5.97
4.44
4.25
4.06
3.83
4.01
4.09
4.10
4.08
4.20
4.18
4.17
4.17
2.70
2.88
3.06
3.13
3.46
3.55
3.61
3.63
3.73
3.70
3.68
3.67
3.21
3.28
3.38
3.52
4.62
4.80
4.98
5.30
4.19
4.03
3.72
3.25
1.93
1.85
1.64
1.52
3.60
3.88
3.97
4.75
4.35
1.76
1.26
1.46
5.77
5.98
6.07
6.07
5.98
5.97
5.96
5.36
3.50
3.29
3.18
3.11
4.11
4.14
4.18
4.19
4.05
3.66
2.80
2.49
3.16
3.17
3.19
3.24
3.52
3.37
3.33
3.32
3.65
3.66
3.67
3.51
3.72
3.84
4.01
4.34
5.50
5.48
5.44
5.13
2.96
2.59
2.10
1.93
1.34
1.20
3.70
3.91
4.87
3.65
3.04
4.14
1.81
2.90
2.42
4.39
6.06
6.07
6.03
6.05
5.33
5.04
4.91
4.50
3.11
3.24
3.59
3.84
4.19
4.19
4.18
4.20
2.22
2.20
2.23
2.46
3.32
3.37
3.40
3.43
3.50
3.67
3.75
3.76
3.31
3.19
3.19
3.20
4.50
4.56
4.56
4.56
5.11
5.21
5.22
4.60
1.92
1.94
1.91
1.87
2.77
1.70
1.91
2.39
4.46
4.31
4.35
4.18
3.29
2.42
.36
.50
Year
5.66
5.70
3.54
4.14
3.31
3.17
3.55
3.49
3.97
5.00
2.85
2.04
3.93
1.49
U. S. Government securities:
January
February. _
March
April
2.18
2.17
2.10
2.10
2.13
2.11
2.24
2.15
3.16
3.58
3.72
3.77
3.74
3.96
3.99
4.11
4.26
4.17
4.04
4.14
3.51
3.59
3.50
3.58
3.69
3.71
3.60
3.65
3.55
3.53
3.49
3.48
3.35
3.44
3.44
3.46
4.01
3.91
3.99
3.91
3.62
3.64
3.52
3.43
2.47
2.41
2.19
2.02
2.14
2.22
2.49
2.47
1.53
1.60
1.73
1.94
2.22
2.24
2.15
2.22
2.49
2.40
2.31
2.33
3.70
3 67
3.63
3.60
4.17
4.02
4.17
4.15
4.05
3.79
3.68
3.57
3.57
3.53
3.54
3.54
3.61
3.56
3.55
3.52
3.54
3.46
3.43
3.37
3.53
3.68
3.67
3.69
3.93
4.06
4.05
4.00
3.34
3.15
2.97
2.88
1.94
1.79
1.64
1.50
2.05
1 82
1.73
1.76
2.13
2 06
1.96
1.89
2.27
2.20
2.17
2.43
2.49
2.38
2.68
2.92
3.65
3.71
3.78
3.79
4.07
4.21
4.18
4.03
3.46
3.44
3.46
3.39
3.55
3.62
3.62
3.63
3.53
3.62
3.61
3.55
3.37
3.38
3.27
3.28
3.83
3.94
4.05
4.05
4.09
3.99
3.93
3.69
2.75
2.69
2.63
2.57
1.45
1.54
1.63
1.95
1.79
1.66
1.60
1.48
1.79
1.74
1.75
1.81
2.21
2.37
3.67
4.01
3.67
3.56
3.60
3.41
3.64
3.93
3.06
1.86
1.84
1.83
May
June . _
July
....
August
September.
October....
November.
December..
May
June
July
August
September .
October
November.
December..
Year
Bills bought:
January
February. _
March .
April
Mav
June
July
August
September .
October
November.
December..
May
June.. .
July
August
September.
October
November.
December..
Year
Backfigures.—SeeAnnual Report for 1929 (table 34).
2 ?,7
150
ANNUAL REPORT OF T H E FEDERAL RESERVE BOARD
No, 60.—OPEN-MARKET RATES IN NEW YORK CITY, BY MONTHS, 1929-33
[Percent per annum]
Prevailing rate o n -
Month
1929—January—
FebruaryMarch
April
May
June
July
August
September.
October. __
November.
December.
1930—January _._
February..
March
April
May
June
July
August
September.
October . . .
November.
December.
1931—January...
February..
March
April
May
June
July
August
September,
October...
November.
December.
1932—JanuaryFebruary-.
March
April
May
June
July
August
September.
October...
November.
December.
1933— J a n u a r y February. .
March
April
May
June
July
August
September.
October...
November.
December.
1
Prime
commercial
paper,
4-6
months
Average rate on i—
Average yield
on 2—
U.S.
Prime
bankers' Treasury
accept- bills,
ances,
3
90 days months«
Time
loans,
90 days 3
6.94
7.47
9.80
9.46
8.79
7.83
9.41
8.15
8.62
6.10
5.40
4.88
4.31
4.28
3.56
3.79
3.05
2.60
2.18
2.22
2.17
2.00
2.00
2.27
7.05
7.06
9.10
8.89
8.91
7.70
9.23
8.23
8.50
6.43
5.44
4.83
4.64
4.32
3.69
4.00
3.12
2.62
2.20
2.21
2.19
2.00
2.00
2.23
2.61
2.50
2.50
2.50
2.50
2.50
2.08
2.00
2.00
1.35
1.00
1.00
2.65
2.50
2.50
2.50
2.50
2.50
2.08
2.00
2.00
1.35
1.00
1.00
4.84
5.15
5.34
5.45
5.48
5.49
5.16
5.13
5.13
5.01
4.23
3.90
k
VA-VA
Monthly averages of daily quotations.
2 For yield on Treasury bonds see table 114.
3 Stock exchange 90-day time loans.
4
Stock exchange call loans; new and renewal rates.
^Average rate of discount on issues sold by U.S. Treasury within month.
^Negative yield.
Back figures.—See Annual Reports for 1932 (table 56), 1928 (table 39), and 1927 (table 28).
4.66
4.39
4.60
4.80
5.09
4.80
4.55
4.70
4.58
4.37
3.47
3.03
151
DOMESTIC MONEY BATES
No. 61.—OPEN-MABKET RATES IN NEW YORK CITY, BY
WEEKS
[Percent per annum]
Prevailing rate o n Prime
bankers'
Time
accept- loans, 3
90
ances, 90 days
days
Week ending (Saturday)—
Average rate on *
—
Average yield on *
U.S.
U.S.
Prime
bankers' Treasury Treasury
notes and
acceptbills,
certifi3
Renewal ances, 90 months« cates, 3-6
days
months
Call loans«
New
1933
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29...
May 6
May 13
May20._
May 27
June 3__
June 10..
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 4
Nov. 11
Nov. 18
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30
1.00
1.00
.00
.00
1X1H
1H-IX
iH'A
lX-i.
1X-1H
iHr'
K
%
l*i3
00
2Jfr*
.00
.00
.00
.00
2.06
(5)
4.31
3.00
3.00
1.91
1.25
1.00
].00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.85
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.82
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.80
(s)
4.75
3.10
3.00
2.10
1.38
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.85
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.80
1.00
1.00
1.00
0.38
.38
.38
.25
.25
.28
.41
.62
1.98
49753—34
11
.18
.23
.55
.99
(•)
3.43
2.00
2.00
1.50
.68
.55
.53
.50
.50
.50
.50
.44
.38
.38
.38
.38
.41
.50
.50
.50
.50
.50
.50
.43
.30
.25
.25
.25
.25
.25
.25
.25
.25
.25
.31
.38
.48
.53
.63
.63
.63
.59
1 Weekly averages of daily quotations.
2 For yield on Treasury bonds see Federal Reserve Bulletin for June 1934, pp 322-323.
* Stock exchange 90-day time loans.
* Stock exchange call loans; new and renewal rates.
* Average rate of discount on issue sold by U.S. Treasury within week.
«Negative yield.
» Bank holiday, markets closed.
* Change of issue on which yield is computed.
Back figures.—See Annual Reports for 1932 (table 57), 1931 (table 40), etc.
0.20
.24
.18
1.83
1.72
1.35
.77
.49
.51
.49
.48
.45
.42
.32
.27
0.12
.16
()
.03
.52
()
U.40
1.38
1.27
.79
.20
.41
.41
.39
.34
.21
.23
.15
.08
8.08
.05
.06
.09
.25
.25
.13
7
.08
0
00
00
.74
.73
8.01
.10
.06
.04
.01
.07
.18
.15
.16
.25
.28
.21
.40
8.25
.25
.25
152
No.
ANNUAL BEPOET OF T H E FEDERAL RESERVE BOARD
62.—MONET RATES IN N E W YORK CITY—PREVAILING
C U S T O M E R S , 1929-33
RATES CHARGED
[Rates prevailing during 7-day period ending with 15th of month. Percent per annum]
Month
January
February...
March
April
May
June
July
August
SeptemberOctober
NovemberDecember..
January.. .
February. .
March..;...
April
May
...
June
July
August
September..
October
NovemberDecember. .
January
February ..
Interbank
loans
VA
53^
5Ji2~5^
5^
59^-6
534-6
5^-6
6
6
6 -6^
534-6
5^
1930
h\i-f>Y>
5 3 -oJ4
4 4-5
4^-494
7
4 -4^
4 -43^
4 -4J4
4
3^4—4
3^-4
3^-4
1931
3/2-4
31/4-4
3J4-4
3 -4
3H-4
3^-4
3 -4
3 -4
3 -41/2
4 -5
4 -5
1932
January
February.. .
March
April
May
June
!_.
July
August
September..
October
November..
December..
4
4
4
4
4
4
4
4
3
3
3
3
-5
-5
-5
-5
-4H
-43/2
-434
-4M
-43^
-434
-4
-4
3 -4
3 -4
434-5
334-434
334-4
3 -4
3 -33^
3 -334
23,-^-33^
23^-31^
2 -3M
134-334
Loans secured by
stocks and bonds
Demand
1929
March
April
May
June..
July
August
September..
October
November.
December..
January
February...
March
April
May
June
July
August
September ..
October
NovemberDecember..
Prune
commercial
loans
Loans
secured
by warehouse
receipts
Time
5^-6
5^-6
5^-6
53^-6
5^-6
6
6
6
6
6
6
6
6 -6^
6
5M-6
5H-6
5 -5H
494-5#
4^i-5
594-6
5^-6
5 -6
4^-5H
5^-6
4
4
4
4
4
4
4
4^-5
4 -5
4 -5
4 -5
4 -5
4 -5
4 -5
4^-5
5J^-6
53^2-6
5^-6
5^-6
5^1-6
6
6
6 -6M
5K-6
"-5
-4^
-4^
-4H
-4^
-4^
-4\i
3H-5
4 -4H
3H~5
4 -4^
4 -4^2
4 -414
4 -5
4
-41/2
m-5
4^-5
4^-5
4^-5
4^-5
4^-5
4 -5
4 -4}.i
4 -43^
4^-5
4 -43^
4 -5
4^-5
4^-5
4^-5
4H-5H
43^-5
5^-6
6
6
6
6
6
6
6
6
6
6
5^1-6
6
6
6
6
6
6
6
6
534-6
5 -6
5 -5H
5H-6
5 \\ -6
5 -5 \i
4 H-.6
4H-5
4 -5
43-4-5
4^-5
4 -5
4 -5
4 -5
4 -5
4H-5
4 -5
4 -4^
4 -5
4^-5
43^-5
41/2-5
4H 5
43^-5
4 -5
4 -5
4 -5
4 -4i/2
394-5
394-5
3%-4H
31/^-4
3%-4^
3H-4
31/^-5
4^-5
4^-5
4>i-5
4 -4V^
4 -5
4M-5
4H-5H
43^-53^
4H-5H
43^-53^2
4^-5i
4H-5
43^
43^-5
43^-5
4 -4K
4 -5
4 -5
4 -5
4H-5
43^-5
4H-5
4 -5
4^-5
4 -5
4 -5
4 -5
4 -5
4^-5
2
4 -4H
4 -4H
4 -5
4 -5
4 -4%
4^-5
4 -5
4^-5
4 -5
4 -5
33^-43^
33^-5
3^-5
3^-4^
4 -5
4 -5
41^-51^
4 -5
4^-5
4 -5
4 -5
4 -5
4 -5
4 -5
4 -43^
4 -5
4^-5
4^-5
4^-5^
4 2-5
4^-5
4 -5
4 -5
4 -5
4 -5
4 -5
4 / -5
4/ 2~5/^
4x2—5
4^-5
4H-5
4 -5
4 -5
4 -5
4 -5
4 -43J
4)1
3 -43^
3i^;_4i^
3 -43^
3 -43^
3 -4
3 -4
4^;_5
31^-5
33^1-4
3 '-41/
3 -43^
33^-4 M!
3 -43^
3 -4^
3 -4
2j^>-4
Back figures.—See Annual Reports for 1928 (table 41) and 1927 (table 30).
NOTE.—For corresponding figures relating to cities other than New York, see Federal Reserve Bulletin;
also Annual Reports for 1927. pt. II, table 30,1926, pt. II, table 16, and 1925, pt. II, table 12.
153
DOMESTIC MONEY BATES
No. 63.—RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES, 1921-33
[Weighted averages of prevailing rates]
1921
1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933
New York City:
6.71 5.50
January
6.78 5.48
February
6.70 5.43
March
6.64 5.46
April....
6.68 5.06
May
6.43 4.93
June
July
-. 6.21 5.16
6.25 4.66
August
September
_. 6.11 4.70
5.93 4.74
October
5.96 4.82
November
5.68 4.86
December-_
4.82
4.91
4.98
5.32
5.27
5.21
5.29
5.18
5.33
5.37
5.39
5.21
5.21 4.16
5.07 4.43
5.06 4.53
4.98 4.48
4,89 4.38
4.64 4.36
4.21 4.46
4.09 4.36
4.20 4.57
4.41 4.62
4.13 4.61
4.29 4.70
4.64
4.68
4.62
4.62
4.66
4.58
4.38
4.62
4.81
4.85
4.79
4.79
4.66
4.56
4.56
4.63
4.63
4.60
4.56
4.41
4.44
4.49
4.35
4.50
4.56
4.44
4.59
4.72
4.97
5.09
5.38
5.56
5.63
5.63
5.56
5.63
5.74
5.73
5.81
5.85
5.88
5.93
5.88
6.05
6.06
6.08
5.86
5.74
5.64
5.35
5.22
4.91
4.74
4.59
4.48
4.41
4.29
4.26
4.17
4.16
4.24
4.31
4.20
4.17
4.11
4.13
4.05
3.97
3.93
4.27
4.67
4.64
4.71
4.71
4.72
4.69
4.55
4.61
4.42
4.45
4.30
4.35
4.12
4.22
Eight other northern and eastern
cities:
January
February...
March
April
May
June
July
August
September
October
November
December
5.34
5.38
5.52
5.49
5.54
5.45
5.47
5.64
5.59
5.57
5.51
5.48
5.53
5.38
5.37
5.31
5.26
5.12
5.09
4.80
4.
4.80
4.79
4.89
4.92
4.95
4.95
4.90
4.98
5.04
5.16
5.20
5.17
5.14
5.11
5.15
5.17
5.07
4.87
4.92
4.91
5.08
5. 15
5.07
5.09
4.99
4.98
4.88
4.90
4.95
4.93
4.90
4.87
4.77
4.79
4.82
4.76
4.73
4.76
4.81
4.91
5.04
5.36
5.57
5.59
5.80
5.80
5. 82
5.91
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6.12
5.94
5.88
5.66
5.47
5.22
5.13
5.06
4.81
4.79
4.74
4.75
4.66
4.68
4.61
4.63
4.62
4.57
4.55
4.49
4.48
4.47
4.48
4.62
4.87
4.91
5.07
5.13
5.14
5.10
5.14
5.13
5.05
5.12
5.03
4.96
4.88
5.57
5. 55
5. 61
5.61
5.58
5.59
5.59
5.60
5.55
5.53
5. 55
5.61
5. 56 ) 5. 72
5.65 j 5.71
5.02
5.65
5.65 5.57
5.61 5.59
5.55 5.54
5.54 5.52
5.56 5.53
5.60 5.61
5.66 5.56
5.67 5.56
5.68 5. 60
5.53
5.53
5.54
5.54
5.56
5.67
5.77
5.80
5.82
5.87
5.90
5.91
5.94
5.96
6.04
6.07
6.10
6.16
6.17
6.22
6.27
6.29
6.29
6.20
6.12
6.05
5.98
5.86
5.75
5.69
5.63
5.58
5. 55
5.54
5.50
5.43
5.50
5.43
5.40
5.36
5.26
5.34
5.30
5.28
5.32
5.38
5.53
5.56
5.61
5.61
5.64
5.63
5.64
5.62
5.63
5.68
5.63
5.56
5.55
5.60
Twenty-seven southern and western
cities:
January
February
March
April
May
June
July
August
September
October
November
December
6.99
6.95
6.94
6.99
6.94
6.97
6.93
6.59
6.62
6.65
6.32
6.19
5.89
5.77
5.46
5.43
5.43
5.31
5.27
5.12
5.20
5.33
5.44
;
4.s:
4.80
4.87
4.12
4.11
4.88
4.33
4.24
4.10
3.93
3.97
3.79
3.76
3.52
3.48
4.81?
4.84
5.39
5.09
4.99
4.97
4.82
4.68
4.65
4.51
4.54
4.59
I
7.10
7.11
7.13
7.12
7.06
7.05
7.04
7.03
6.96
6.85
6.74
6.67
r
6.56
6.46
6.35
6.22
6.23
6.13
6.04
6.02
5.94
5.89
5.94
5.90
5.90
5.91
5.83
5.94
5.92
5.91
5.96
5.98
5.94
5.95
5.99
5.99
6.02
5.91
5. 8U
5.89
5.79
5.69
5.63
5.57
5.55
5.47
5.53
5.53
5.60
5.56
5.66
5.68
5.66
5.62
5.54
5.53
5.55
5. £0
5.42
5.43
Revised.
NOTE.—Figures relate to rates charged by reporting banks to their own customers (see table 62) as
distinguished from open-market rates, which are given in tables 60 and 61. All averages are based on
rates reported for 3 types of customers loans—commercial loans, and demand and time loans on securities.
The method of computing the averages takes into account (a) the relative importance of each of these 3
types of loans and (b) the relative importance of each reporting bank, as measured by total loans. In the
two group averages the average rate for each city included is weighted according to the importance of tfcat
city in the group, as measured by the loans of all banks.
Backfigures.—SeeAnnual Report for 1931 (table 42).
154
ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
MONEY RATES IN FOREIGN COUNTRIES
No.
64.—DISCOUNT RATES OP FOREIGN CENTRAL BANKS, 1931-33
Central bank of—
Date effective
England France
In effect Jan. 1,1931
1931—Jan. 3
Jan. 22
Jan. 24
Feb. 6
May 14
May 16
June 13
July 16
July 23
July 30
July 31
Aug. I .
Aug. 12_.
Sept. 2
Sept. 21
Sept. 25
Sept. 28
Sept. 29
Oct. 6
Oct. 8
Oct. 10
Oct. 19
-.
Nov 4
Dec. 10 --.
1932—Feb. 18
Feb 19
Mar 3
Mar 9 . . _
MarlO
Mar. 12
Mar. 17
Mar. 21
Apr. 9
Apr. 19—
Apr. 21
Apr. 28
May 2
May 12
May 17
June 3-_
June 8
June 30
Aug. 18
Sept 1
Sept. 22.
Italy
5
3
Japan
5.11
Nether, Sweden Switzerlands
land
3
3K
2
2
2i/
3
2M
2
7
10
3H
6
4
15
10
8
7
5.84
3
5
6
8
7
. -.
6
6.57
7
5
-.
5H
5
.
—
. . .
4
6
5.84
3K
5H
3
5
6
2H
5
2H
. -
f*
5.11
2
4.38
VA
4
4
VA
-- -3.65
3H
-
-- --r--
In effect Dec. 31, 1933
4
3
3.65
Back figures.—See Annual Reports for 1930 (table 40) and 1928 (table 42).
.........
4
3H
3
VA
3
2
VA
! ooj
1933—Jan. 9
May 12
June 1
June 29
July 3
July 15
July 29
Aug. 15
;Sept. 4
Sept 19
Dec 1
Dec. 11
Germany
- - 2 H
2H
2
MONEY RATES IN FOREIGN COUNTRIES
155
No. 65.—OPEN-MARKET RATES IN FOREIGN COUNTRIES, BY MONTHS, 1929-33
England
(London)
France
(Paris)
Germany Italy
(Berlin) (Milan)
Japan
(Tokyo)
Nether- Switzerlands
(Amsterlano
dam)
(Zurich)
Month
Bankers' Private Private Private
Private Private
accept- discount discount discount Discounted discount discount
D111S
ances, 3
rate
rate
rate
rate
rate
months
1929
January
February
March
April
May
June
July
August
September
October
November
December
1930
January
February
March
April
May
June
July.
August
September
October
November
December
January
February
March
April
May
June
July
August.
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
1931
__.
_
1932
4.32
5.05
5.33
5.21
5.21
5.32
5.38
5.47
5.59
6.13
5.35
4.76
3.50
3.39
3.37
3.44
3.49
3.50
3.50
3.50
3.50
3.50
3.50
3.50
5.80
5.80
6.31
6.63
7.49
7.50
7.39
7.18
7.18
7.28
6.89
6.08
5.83
6.00
6.31
6.75
6.83
6.75
6.75
6.85
7.01
7.18
7.00
7.00
5.84-6.21
5. 66-5.84
5.66-5.84
5.48-5.66
5. 48-5.66
5. 48-5.66
5.48-5. 66
5.48
5.48
5.48
5.48
5.48
4.20
4.39
4.64
5.36
5.37
5.30
5.20
5.06
5.36
5.15
4.26
3.52
3.28
3.31
3.39
3.45
3.34
3.20
3.19
3.33
3.38
3.38
3.32
3.15
4.07
3.82
2.78
2.48
2.16
2.31
2.37
2.21
2.07
2.09
2.18
2.30
3.38
2.91
2.70
2.57
2.36
2.11
2.08
2.10
1.99
2.00
2.00
2.08
6.33
5.53
5.12
4.46
3.89
3.58
3.40
3.24
3.30
4.66
4.79
4.82
7.00
6.95
6.57
6.43
5.81
5.50
5.50
5.50
5.48
5.25
5.43
5.50
5.48
5.48
5.48
5.48
5.48
5.48
5.48
5.48
5.48
5.48-5. 66
5.48-5.66
J5.48-5.66
2.99
2.80
2.50
2.52
2.29
1.89
1.85
1.83
1.96
1.59
1.31
1.39
2.97
2.71
2.60
2.61
2.44
2.06
1.92
1.75
1.50
1.29
1.16
1.18
2.25
2.56
2.60
2.58
2.24
2.09
2.58
4.28
4.74
5.68
5.75
5.85
1.89
1.77
1.57
1.47
1.28
1.06
1.20
1.50
1.50
1.80
1.90
1.75
4.75
4.88
4.76
4.65
4.65
6.05
i 7.00
18.92
7.99
8.00
8.00
7.33
5.50
5.50
5.50
5.48
5.25
5.25
5.25
5.25
5.47
7.50
7.50
7.50
5.48-5.66
5.48
5.29-5.48
5.29-5. 48
5.29-5.48
5.29-5.48
4.93-5.48
4.93-5.48
4.93-5. 48
4.93-5. 66
5.48-6. 57
5.84-6. 57
1.38
1.12
1.09
1.50
1.39
1.05
1.53
1.30
1.30
2.76
1.59
1.57
1.17
1.00
5.52
4.63
2.59
2.19
1.44
1.05
1.75
1.75
1.80
1.66
1.50
1.22
7.50
6.92
6.53
6.00
5.52
5.50
5.50
5.50
5.50
5.00
5.00
5.00
5.84-6. 57
5. 84-6. 57
6. 20-6. 57
6. 20-6. 57
6. 20-6. 57
6. 02-6. 57
6. 02-6. 39
5. 84-6. 21
5. 66-6. 21
5. 66-6. 02
5. 66-5. 84
5. 66-5.84
2.24
1.87
1.22
1.02
.91
6.94
6.67
6.10
5.12
4.87
4.75
4.58
4.50
4.25
3.87
3.87
3.87
1.68
1.52
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.12
1.89
2.04
1.87
1.76
1.50
1.39
1.45
1.13
1.25
1.85
2.26
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
4.42
4.25
4.20
4.00
4.00
4.00
4.00
4.00
3.55
3.50
3.50
3.00
5. 48-5.84
5. 48-5. 84
5. 48-5. 84
5. 48-5. 84
5.11-5. 84
5.11-5. 48
5.11-5. 48
5.11-5. 48
5.11-5. 48
.37
.37
.64
.66
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
.92
.74
.67
.82
.89
1.02
1933
1
.87
.83
.62
.59
.50
.50
.48
.41
.44
.79
1.05
1.06
.99
1.02
1.00
1.01
1.00
5.11. 5. 48
5.11-5. 48
5.11-5.48
.60
.39
.49
.37
.37
.37
.37
.37
2.11
2.18
3.54
1.11
.77
.50
.45
.52
.99
1.06
1.12
1.12
1.55
1.98
1.80
1.90
1.77
1.7fi
Based on data for part of month, no quotations being available for remainder of month.
NOTE.—For explanation of table, see Federal Reserve Bulletin for November 1926, pp. 794-796; April
1927, p. 289; October 1929, p. 680; November 1929, p. 736; and May 1930, p. 318.
Digitized forBack figures.—See Annual Reports for 1931 (table 44) and 1926 (table 116).
FRASER
MEMBER AND NONMEMBER
BANK CREDIT
157
ANNUAL, EEPOET OF THE FEDERAL RESERVE BOARD
159
ALL BANKS IN THE UNITED STATES
No.
66.—ALL
BANKS IN THE UNITED STATES—NUMBEB OP BANKS, 1914-33
All
banks2
1914—June 30
1915—June 23
1916—June 30
1917—June 20
26,274
26,605
27,041
27,495
1918—June 29
1919—June 30 _
1920—June 30
Nov. 15
Dec. 29
28,334
28,600
29,829
(4)
1921—Apr. 28
June 30. _
Dec. 31.
_
30,560
1922—Mar. 10
June 30. _
Dec. 29
1923—Apr. 3 __
June 30
Sept. 14
Dec. 31.-_
1924—Mar. 31
June 30
Oct 10 ._Dec. 31
1925—Apr. 6_._
June 30
Sept. 28. __
Dec. 31
(4)
30,158
_
1926—Apr. 12
June 30
Dec. 3 1 . . .
1927—Mar. 23
June 30
Oct. 10
Dec. 31
1928—Feb. 28
June 30
Oct. 3
Dec. 31.
1929—Mar. 27
June 29
Oct. 4 .
Dec. 31
1930—Mar. 27
June 30
Sept. 24.
Dec. 31
1931—Mar. 25
June 30 _
Sept. 29
Dec. 31.
1932—June 30
Sept. 30.
Dec. 31
1933—June 30 e ___.
D e c . 30
1
2
Nonmember banks
Member banks
Date 1
_
._
(4)
29,833
29,790
29,505
29, 210
28,996
28,915
28,806
28,636
28,479
28,457
28,257
27,989
27,854
27,367
26,975
26,765
26,641
26,416
26,146
25,941
25,828
25, 576
25,341
25,110
24, 951
24, 630
24, 223
23,852
23,590
22, 769
22,372
21,903
21,294
19,966
19, 046
18,794
18,390
14, 530
15,212
Total
National
State
Mutual
savings
7,614
7,605
7,652
3 7,514
7,597
7,571
7,599
17
34
53
8,212
8,821
9,398
9,567
9,606
7,699
7,779
8,024
8, 118
8,125
513
1,042
1,374
1,449
1,481
9,698
9,745
9,779
8,148
8,150
8,165
1,550
1,595
1,614
634
9,816
9,892
9,859
8,192
8,244
8,220
1,624
1,648
1,639
630
9,859
9,856
9,843
9,774
9,681
9,650
9,635
9,587
9,531
9,538
9,539
9,489
9,412
9,375
9,260
9,144
9,099
9,087
9,034
8,983
8,929
8,896
8,837
8,755
8,707
8,616
8,522
8,406
8,315
8,246
8,052
7,928
7,782
7,599
7,246
6,980
6,904
6,816
5,606
6,011
8,224
8,236
8,234
8,179
8,110
8,080
8,069
8,043
8,010
8,066
8,079
8,048
7,994
7,972
7,906
7,822
7,790
7,798
7,759
7,728
7,685
7,670
7,629
7,569
7,530
7,468
7,403
7,311
7,247
7,192
7,033
6,930
6,800
6, 653
6,368
6,145
6,080
6,011
4,897
5,154
1,626
1.620
,609
L, 595
3 644
639
632
632
3 18,116
18,352
18,804
19,211
636
633
631
19,486
19,146
19,800
(4)
(4)
(4)
(4)
(4)
628
5 628
630
5 630
625
5 625
623
1,521
,472
,460
L, 441
,418
1,403
,354
1,322
L, 309
5 623
623
»623
621
5 621
621
618
5 618
618
5 618
618
5 618
616
5 616
613
5 613
611
5 611
609
5 609
606
5 606
603
5 603
600
5 600
597
594
5594
594
1,186
1,177
1,148
1,119
1,095
1,068
1,054
1,019
998
982
946
878
835
824
805
709
857
(4)
20.181
(4)
(4)
,571
,570
,566
,544
1,275
L, 255
L,244
1,226
L208
Other
576
581
19,636
(4)
(4)
19,349
19,319
19,101
18,899
18,721
18,655
18,596
18,482
18,318
18,295
18,147
17,956
17,858
17,489
17, 213
17,048
16,936
16,764
16,545
16,396
16,316
16,126
15,973
15,792
15,724
15,499
15,208
14,931
14,738
14,114
13,841
13,521
13,095
12,123
11,472
11, 296
10,980
8,348
8,620
Date of reports of member banks;figuresfor nonmember banks are as of nearest available date.
Includes National banks, State commercial banks and trust companies, mutual and stock savings
banks, and all private and industrial banks included in abstracts issued by State banking departments.
3 Figures for this date, which preceded establishment of the Federal Reserve System, relate to national
banks and banks other than national, rather than to member and nonmember banks.
4 Figures not available.
5
Figures of preceding call carried forward.
6
Beginning June 30, 1933, all figures (other than for mutual savings banks) relate to licensed banks
only, with some exceptions as to nonmember banks.
NOTE.—Figures for June 1914 to June 1922, inclusive, taken from annual reports of the Comptroller of the
Currency.
160
No.
ANNUAL REPORT. OF THE FEDERAL RESERVE BOARD
67.—ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS
OF MEMBER AND NONMEMBER BANKS, 1914-33
[In millions of dollars]
Member banks
Date*
Total
1914—June 3 0 . . .
1915—June 2 3 . . .
1916—June 3 0 . . .
1917—June 20...
1918—June 2 9 . . .
1919—June 30-..
1920—June 30...
Nov. 1 5 . .
Dec. 2 9 . . .
1921—Apr. 28—
June 30-..
Dec. 31—
1922—Mar. 10..
June 3 0 . . .
Dec. 29—
1923—Apr. 3..._
June 30__.
Sept.. 14..
Dec. 31_..
1924—Mar. 3 1 . .
June 30...
Oct. 10._.
Dec. 31—
1925—Apr. 6 . . . .
June 30...
Sept., 28-_
Dec. 31—
1926—Apr. 1 2 . . .
June 30-..
Dec. 3 1 - - .
1927—Mar. 23 . .
June 30...
Oct. 10. . .
Dec. 31—
1928—Feb. 28__.
June 30...
Oct. 3
Dec. 31—
1929—Mar. 27..
June 29. _
Oct. 4 . . . .
Dec. 31—
1930—Mar.. 27_.
June 3 0 . .
Sept. 24..
Dec. 31—
1931—Mar,, 25. June 30..
Sept. 29._
Dec. 3 1 . . .
1932—June 30...
Sept. 30..
Dec. 3 1 . . .
1933—June 30 L.
Dec. 30—
1
2
Nonmember banks
All
banks 2
20, 788
21, 466
24, 586
28, 286
31,813
36, 570
41, 684
4
42,149
M l , 551
4
40, 250
40, 001
4
39, 007
4
38,918
39,956
4
41,919
4
42, 971
43, 737
43, 742
44, 003
44, 453
45,180
46, 448
47,182
47,911
48, 830
49, 826
50, 603
50,830
51,562
52, 024
52, 462
53, 750
54, 443
55, 450
55, 327
57, 265
57, 219
58, 266
58, 019
58, 474
58, 835
58,417
57, 386
58,109
57, 590
56,209
55,924
55, 022
53, 365
49, 704
46, 071
45,852
44,946
40, 089
40,477
8,764
10,315
12,453
18, 507
22, 240
25, 559
25, 769
25,531
24, 391
24,121
23, 482
23, 278
24,182
25, 580
26,141
26, 507
26, 319
26,487
26, 663
27,167
28,311
28, 746
29,046
29, 518
30,176
30, 884
30, 819
31,184
31,642
31, 949
32, 756
33,186
34, 247
33,688
35, 061
34, 929
35, 684
35, 393
35,711
35,914
35, 934
35, 056
35, 656
35, 472
34, 860
34, 729
33,923
33,073
30, 575
28,001
28, 045
27, 469
24, 786
25, 220
National
3 8, 313
8,688
10, 086
11,897
13, 913
15, 712
17, 547
17, 634
17, 420
16,178
15,895
15,445
15, 301
15,705
16,511
16,609
16, 805
16,837
16, 807
16,865
17,057
17, 598
17,840
18,089
18, 293
18, 778
19,153
18, 965
19,159
19,267
19,878
20, 237
20,830
21, 535
21, 272
22, 063
22, 014
22, 407
21, 922
21,457
21, 390
21, 584
21,180
21, 749
21, 753
21,426
21, 356
20,825
20,122
19,094
17, 448
17,334
17, 399
15, 460
15, 941
State
76
230
556
4,594
6,528
8,012
8,135
8,111
8,213
8,226
8,037
7,977
8,477
9,069
9,533
9,703
9,482
9, 680
9,798
10,109
10, 713
10, 906
10, 957
11, 226
11,397
11, 731
11, 855
12, 025
12, 374
12, 071
12, 520
12, 356
12, 712
12,416
12, 999
12,915
13, 277
13,471
14, 254
14, 524
14, 350
13, 876
13. 906
13, 719
13,434
13,372
13,098
12, 951
11,482
10, 552
10,711
10,071
9,326
9,278
Mutual
savings
Other
3 3,979
4,040
4,221
4,500
4,489
4,828
5,308
(5)
3 8,496
8,662
10,050
11, 333
8,817
9,502
10,817
(5)
()
5,699
(6)
()
6,010
(5)
()
6,582
6 6, 582
6,743
6 6, 743
7,014
6 7,014
7,226
6 7, 226
7,556
6 7, 556
7,691
6 7, 691
8,014
8,204
6 8, 204
8,605
6 8, 605
8,860
()
10,181
(5)
()
9,764
(5)
()
10, 650
10,841
10, 773
11,047
10, 999
11,123
11,211
11, 639
11,756
12, 094
12, 029
12, 320
12, 364
12,178
12, 309
12, 389
12, 652
12, 344
12, 779
12, 962
13, 049
13,192
13, 236
13, 207
13, 366
13, 020
12,, 868
12, 706
12, 371
11, 362
11, 208
10,, 593
9, 786
8,, 641
7,, 755
7,491
7,, 294
5., 258
5,269
9,242
6 9, 242
9,390
6 9, 390
9,556
6 9, 556
9,463
6 9,463
9,747
6 9,747
9,987
6 9, 987
10, 506
6 10, 506
10,488
10,316
6 10,316
10,182
10,044
Date of reports of member banks;figuresfor nonmember banks are as of nearest available date.
Includes national banks, State commercial banks and trust companies, mutual and stock savings
banks, and all private and industrial banks included in abstracts issued by State banking departments.
3 Figures for this date, which preceded establishment of the Federal Reserve System, relate to national
banks and banks other than national, rather than to member and nonmember banks.
4
6 Estimated.
6 Separatefiguresnot available.
Figures of preceding call carried forward.
7
Beginning with June 30, 1933, all figures (other than for mutual savings banks) relate to licensed
banks only, with some exceptions as to nonmember banks.
161
ALL BANKS IN THE UNITED STATES
<J8.—ALL BANKS IN THE UNITED STATES—TOTAL LOANS OF MEMBER AND
NONMEMBER BANKS, 1914-33
[In millions of dollars]
Member banks
All
banks 2
Date*
1914—June 30
1915__june 23
1916—June 30
1917_june 20
1918_June 29
1919—June 30
1920—June 30
Nov. 15
Dec. 29 .1921—Apr. 28 .
June 30
Dec. 31 —
1922—Mar. 10
June 30
Dec. 29
1923—Apr. 3
June 30 . .
Sept. 14
Dec. 31
1924—Mar. 31 .
June30
Oct. 10
Dec. 31
1925—Apr. 6
June 30
Sept. 28
Dec. 31
1926—Apr. 12 .
June 30
Dec. 31 .
1927—Mar. 23
June 30
Oct. 10
Dec. 31__
1928—Feb. 28
June 30
Oct. 3
Dec. 31
1929—Mar. 27
June 29
Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25 .
June 30
Sept. 29 .
.
Dec. 31
1932—June 30
Sept. 30
Dec. 31
1933—June 30 i
Dec. 30
.
For footnotes see table 67.
. .
._
15, 257
15,653
17,972
20, 525
22, 404
24, 723
30,839
4 31,322
30, 655
4 29,387
28,988
4
27, 869
4 27, 580
27, 750
4 28,880
29, 719
30,398
30, 560
30, 797
31, 219
31, 541
32,100
32,458
33, 019
33,882
34,850
35,658
35, 719
36,176
36, 777
36, 532
37,378
37,830
38, 426
37,910
39,483
39, 690
40, 782
40, 577
41,531
42, 221
41,918
40, 706
40,638
39,735
38,135
36,813
35,384
33, 750
31,305
27,834
26,985
26,063
22, 215
22,077
Total
6,720
7,964
9,370
13, 234
15, 413
19, 533
19,852
19, 555
18, 487
18,119
17,394
17, 080
17,165
17,930
18,419
18, 750
18, 719
18, 842
19,045
19, 204
19,713
19,933
20,176
20, 655
21, 285
21,996
21, 785
22, 060
22, 652
22, 327
22,938
23, 227
23,886
23, 099
24,303
24, 325
25,155
24, 945
25, 658
26,165
26,150
25,119
25, 214
24, 738
23,870
22,840
21,816
20,874
19, 261
16, 587
15,924
15,204
12,858
12,833
National
' 6,443
6,663
7,767
8,935
10,077
10,903
13,499
13, 666
13, 446
12, 323
11,976
11,463
11,247
11,191
11, 549
11,610
11, 778
11,881
11,808
11, 902
11,955
12,159
12, 214
12, 366
12, 592
13, 057
13, 419
13,189
13, 322
13,482
13, 560
13,849
14,218
14,641
14,197
14, 921
14,904
15, 285
14, 856
14,805
14,955
15,136
14, 635
14, 874
14, 642
14,347
13,707
13,162
12, 466
11,905
10, 265
9,904
9,828
8,102
8,086
Nonmember banks
State
57
197
434
3,156
4,510
6,035
6,186
6,110
6,164
6,143
5,931
5,833
5,975
6.381
6,809
6,973
6,838
7,034
7,143
7,249
7,554
7,719
7,810
8,063
8,228
8,577
8,596
8,738
9,170
8,767
9,089
9,008
9,245
8,902
9,382
9,421
9,870
10,088
10, 853
11,210
11,014
10,483
10, 340
10, 096
9,524
9,133
8,654
8,409
7,356
6, 322
6,020
5,376
4,756
4,747
Mutual
savings
3 2,124
2,170
2,221
2,368
2,315
2,336
2,591
2,810
(5)
3,003
(s)
(5)
3,382
6 3, 382
3,557
6 3, 557
3,806
e 3,806
3,971
6 3,971
4,212
6 4, 212
4,393
6 4,393
4,633
4,821
6 4,821
5,078
6 5,078
5,273
• 5, 273
5,518
6 5, 518
5,894
6 5, 694
5,892
e 5, 892
5,945
e 5,945
6,009
6 6,009
6,068
6 6,068
6,169
6 6,169
6,218
6,130
e 6,130
6,079
5,941
5,909
Other
3 6,689
6,763
7,786
8,785
6,856
6,974
8,714
(5)
(5)
(5)
8,060
(5)
7.584
(5)
(5)
8,265
8,459
8,398
8,617
8,531
8,581
8,554
8,872
9,015
9,353
9,269
9,541
9,481
9,304
9,384
9,362
9,525
9,266
9,538
9,662
9,847
9,933
9,938
9,981
10,164
9,823
9,642
9,415
8,988
8,196
7,906
7,399
6,707
5,827
5,117
4,93i
4,780
3,415
3,335
162
No.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
69.—ALL BANKS IN THE UNITED STATES—TOTAL INVESTMENTS OF MEMBER
AND NONMEMBER BANKS, 1914-33
[In millions of dollars]
Member banks
Date i
All
banks s
1914—June 30..
1915—June 23.
1916—June 30.
1917—June 20.
1918—June 29.
1919—June 30.
5,532
5,813
6,614
7,764
9,408
11,847
1920—June 30.
Nov. 15.
Dec. 29..
1921—Apr. 28_.
June 30.
Dec. 3 1 -
10,845
* 10,827
<10,896
* 10,863
11,012
< 11,148
1922—Mar. 10.
June 30.
Dec. 291923—Apr. 3—
June 30.
Sept. 14.
Dec. 31.
1924—Mar. 31.
June 30_
Oct. 10..
Dec. 31.
1925—Apr. 6...
June 30.
Sept. 28.
Dec. 31..
1926—Apr. 12..
June 30.
Dec. 3 1 1927—Mar. 23.
June 30.
Oct. 1 O.Dec. 3 1 1928—Feb. 28..
June 30.
Oct. 3 —
Dec. 3 1 1929—Mar. 27.
June 29.
Oct. 4 . . .
Dec. 31..
1930—Mar. 27.
June 30.
Sept. 24.
Dec. 3 1 1931—Mar. 25.
June 30.
Sept. 29.
Dec. 31..
1932—June 30.
Sept. 30.
Dec. 31.
« 11,338
12,206
< 13,039
* 13, 252
13,341
13,182
13,206
13,234
13,639
14, 348
14, 724
1933—June 307
Dec. 30.
For footnotes see table 67.
14,893
14,948
14,975
14,945
15,111
15,386
15,246
15,930
16, 373
16,613
17,024
17,416
17,782
17, 530
17,484
17,442
16,943
16,615
16,499
16, 680
17,471
17,855
18,074
19,111
19,637
19,615
18, 399
18, 237
18,867
18, 883
17,874
18,400
Total
2,044
2,351
3,084
5,274
6,827
National
3 1,870
2,025
2,319
2,962
3,836
4,809
Nonmember banks
State
Mutual
savings
19
32
123
1,438
2,018
31,855
1,870
1,999
2,132
2,174
2,492
1,977
1,949
2,001
2,048
2,083
2,106
2,716
(5)
(5)
(5)
2,889
(5)
(5)
3,007
(5)
3 1,807
1,899
2, 263
2, 547
1,961
2, 528
2,104
5
()
09
0)
2,122
(5)
(3)
2,182
(5)
(5)
3,200
6 3, 200
3,186
(5)
2, 384
2, 381
2, 375
2,430
2,466
2, 542
2, 655
2, 767
2, 741
2, 741
2, 759
2, 779
2, 384
2, 873
2,925
3,028
3,127
3,077
3,240
3,301
3,203
3,259
3,298
3,227
3,202
3,197
6,026
5,917
5,976
5,903
6,002
6,088
6,198
7,017
7,649
7,722
7,757
7,600
7,645
4,048
3,968
3,974
4,998
5,027
4,957
4,999
2,143
2,503
2,688
2,724
2,730
2,644
2,646
7,618
7,963
8,599
8,813
4,963
5,103
5,439
5,626
2,655
2,860
3,159
3,187
6 3,186
3,208
6 3, 208
3,256
8,869
8,863
8,890
8,888
9,034
9,123
8,990
9,622
9,818
9,959
10,361
10,590
10,758
10,604
10,529
10,448
10,052
9,749
9,784
5,723
5,700
5,721
5,734
3,147
3,163
3,169
3,154
6 3, 256
3,344
6 3, 344
3,298
5,775
5,837
5,785
6,318
6,388
6,612
6,894
3,259
3,286
3,204
3,303
3,430
3,347
3,466
3,514
3,617
3,493
3,407
3,383
3,401
3,314
3,336
3,392
3,567
3,623
3,910
4,239
4,444
4,543
4,126
4,231
4,691
4,695
6 3,298
3,381
3,383
9,937
10,442
10,734
10, 989
11, 889
12,106
12,199
11,314
11,414
12,121
12, 265
11,928
12, 386
3,855
3,919
3,982
4,055
4,514
4,962
7,075
7,141
7,111
7,122
7,065
6,651
6,435
6,448
6,545
6,875
7,111
7,079
7,650
7,662
7,656
7,189
7,183
7,430
7,571
7,358
7,855
Other
4,570
4,531
e 3, 383
3,527
6 3, 527
3,587
6 3,587
3,723
« 3, 723
3,696
6 3,696
3,664
6 3, 664
3,518
6 3, 518
3,739
6 3,739
3,920
6 3,920
4,337
6 4, 337
4,270
4,186
* 4,186
4,103
4,103
4,080
3,225
3,290
3,382
3,165
3,302
3,194
3,079
2,814
2,637
2,560
2,514
1,843
1,935
163
ALL BANKS IN THE UNITED STATES
No.
70.—ALL BANKS
IN THE UNITED
STATES—DEPOSITS
OF MEMBER
AND
NONMEMBER BANKS (EXCLUSIVE OF INTERBANK DEPOSITS), 1914-33
[In millions of dollars]
Member banks
Total
1914—June 30
1915—June 23
1916—June 30._
1917—June 20
1918—June 29
1919—June 30
1920— June 30
Nov. 15
Dec. 29
1921—Apr. 28
June 30
Dec. 31
1922—Mar. 10
June 30
Dec. 29
1923—Apr. 3 . . .
June 30
Sept. 14
Dec. 31
1924—Mar. 31
June 30
Oct. 10
Dec. 31
1925—Apr. 6
June 30
Sept. 28
Dec. 31
1926—Apr. 12..
June 30.
Dec. 3 1 1927—Mar. 23
June 30
Oct. 10
Dec. 31
1928—Feb. 28
June 30.
Oct. 3 . . .
Dec. 31—
1929—Mar. 27.
June 29.
Oct. 4__
Dec. 31—
1930— Mar. 27.
June 30. _
Sept. 24.
Dec. 31—
1931—Mar. 25.
June 30. _
Sept. 29.
Dec. 31. _
1932—June 30. _
Sept. 30.
Dec. 31—
1933—June 30 e
Dec. 30..
Nonmember banks
AH
banksa
Date'
-
.
—
_._
18,566
19,131
22,759
26,352
28,765
33,603
~~
37,721
(')
(*)
—
(<)
35,742
(*)
(«)
37,615
(«)
(<)
40,688
40,685
42,163
41,979
43,405
44,184
45,835
I 45,859
| 47,612
! 47,994
49,224
48,736
49,733
50,155
49,802
51,662
I 52,152
I 52,909
52,221
53,398
53, 720
56, 766
54,545
53,852
55,180
55,289
53,185
54,954
52,784
53,039
51,427
51, 782
49,152
45,821
41,963
41,942
41,643
38, 011
38,646
6,678
8,395
10,301
15, 671
19,170
21,915
21,876
21,136
20,143
20,637
20, 387
20,495
22,397
23,796
23,692
23,871
23,739
24,996
24,790
25,711
26,305
27,836
27,168
28,440
28,197
30,029
29,044
29, 781
30,474
29,8fi9
31,269
31,273
32,063
31,191
32,133
32,138
34,826
33,215
32,284
33,004
33,865
32,082
33,690
31,839
32, 560
31,153
31, 566
29,469
27,432
24,755
24,903
24,803
23, 338
23, 771
National
3 6,374
6,609
8,159
9,742
11,214
12,951
14,316
14,312
13,730
12,745
12,991
12,807
12,848
13,821
14,663
14,348
14,490
14,594
15,231
15,032
15,529
15,807
16,694
16,363
17,027
17,063
18,066
17,371
17, 746
18,022
18,130
18,922
19,279
19,662
19,337
19,908
20.100
21,407
20,409
19,411
19,647
20,290
19,373
20,556
19,666
20,138
19,371
19,418
18,126
17,271
15,629
15, 635
16.101
14, 772
15, 386
State
68
235
559
4,457
6,219
7,600
7,564
7,40.6
7,398
7,646
7,581
7,647
8,575
9,132
9,344
9,380
9,144
9,764
9,758
10,183
10,498
11,141
10,804
11,413
11,134
11,964
11,673
12,036
12,453
11,739
12,347
11,995
12,401
11,853
12, 224
12,038
13,419
12,807
12,873
13, 357
13, 575
12, 709
13,134
12,173
12,422
11,782
12,147
11,343
10,161
9,126
9,268
8,701
8,566
8,385
Mutual
savings
3 3,916
3,951
4,188
4,422
4,422
4,751
5,187
(<)
()
*
(<)
5,575
(<)
()
5,780
0)
()
6,295
5 6,295
6,455
8 6,455
6,712
5 6,712
6,898
« 6,898
7,167
5 7,167
7,298
5 7,298
7,562
7,763
5 7,763
8,095
« 8,095
8,344
s 8,344
8,653
« 8,653
8,849
8 8,849
8 8,983
8,916
8 8,916
9,197
5 9,197
9,507
8 9, 507
10,017
5 10,017
10,105
10,020
5 10,020
10,022
9,713
9,711
Other
3 8,276
8,502
10,17611,6308,673
9,682
10,618.
()
9,529
0)
(<)
9,439
(*)
()
*
10, 522
10,651
10,712
10,734
10,982
11,167
11,101
11,793
12,005
12, 630
11,897
12,394
12, 390
11,918
12,170
12,298
12,784
12, 502
12,686
12,612
12,929
13,091
12,481
12,584
13,193
12, 508
12,187
12,067
11,748
10,972
10,767
10,199
9,666
8,284
7,188
7,020
6,818
4,961
5,165
For footnotes see table 66.
NOTE.—Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate
withdrawal which aggregated $103,000,000 on that date.
164
ANNUAL REPORT OP THE FEDERAL RESERVE BOARD
ALL MEMBER BANKS
No. 71.—ALL MEMBER BANKS—ASSETS AND LIABILITIES OF NATIONAL AND
STATE BANK MEMBERS, DEC. 31, 1932, AND D E C . 30, 1933
[In thousands of dollars]
Total
National banks
Dec. 31, Dec. 30,
Dec. 31,
1932
Dec. 30,
19331
State bank members
Dec. 31,
1932
Dec. 30,
1933 i
5,375,908
2,784,327
1,910,403
10,070, 638
4, 747,148
2, 791, 977
1, 739, 022
9,278,147
229, 937
643,580
158,415
340, 820
747, 364
213,845
391, 569
99,186
116,489
885,534
229, 327
337, 626
116, 551
130,186
930,329
485,022
279,014
325, 878
449,848
2, 415, 656 1,969,141 1,849, 678 1,536, 873
170,834
565,978
159,144
432, 268
1932
19331
ASSETS
Loans (including overdrafts)
U.S. Government securities
Other securities
Total loans and investments
Customers' liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned
Cash in vault
Reserve with Federal Reserve banks
Items with Federal Reserve banks in process of collection
Due from banks in United States
Due from banks in foreign countries (including own branches)
Exchanges for clearing house and other
checks on local banks
Outside checks and other cash items
Redemption fund and due from U.S.
Treasurer
Acceptances of other banks and bills of
exchange or drafts sold with endorsement
Securities borrowed
Other assets
Total assets
15, 204, 050 12,833,
1,142 8,086,335
. 1,483
6,539,706 7, 254, 234 3,755,379 4,462,257
5, 725, 714 5,131,926 3,815,311 3,392,904
643
1,219,643 17, 398, 832 15, 941,496
27,469, 470 25i
412,248
1,150, 245
268, 945
422,838
2, 511, 374 2,
459, 264
198,403
981, 206
758, 676
274, 966
169,759
471,006
306,349
677, 693 1, 625,840 1,
302,499
139,335
208,098
54, 546
94,401
594,695
77, 406
588, 23'
59, 079
315,554
60,847
295, 944
43,165
279,141
16, 559
292, 293
15, 914
39, 242
40, 307
39, 242
40,307
193, 881
I
5,422
46, 349
14,005
32, 344
14, 869
9,447
10, 827
5,716
12,928
8,027
4,901
5, 111
172, 267
291,
112, 323
226,281
113,958
118, 820
36, 259, 926 33,876,326 23,268,936 21, 703,865 .2,990,990 12,172,461
LIABILITIES
Demand deposits
Time deposits
United States deposits
Due to Federal Reserve banks
Due to other banks in United States
Due to banks in foreign countries (including own branches)
Certified and officers' checks outstanding.
Cash letters of credit and travelers' checks
outstanding
Total deposits
:3,393, 23, 13,442,260 8, 264,158 8,338, 250 5,129, 077 5,104,010
.0, 549, 579 9,125, 241 7, 359, 689 6,375,155 3,189,890 2, 750,086
552,437
474,741
967,167
414,730
224,139
250, 602
30, 254
36, 663
38, 930
8, 676
8,991
27, 672
3, 607, 649 3,124, 968 2, 210, 690 2, 003, 617 1, 396, 959 1,121, 351
295,989
369, 891
142,833
331,157
15, 250
8,166
28, 742, 997 27,180, 722
National-bank notes outstanding
776, 749
775, 270
Agreements to repurchase U.S. Govern45,57
ment or other securities sold
Bills payable and rediscounts:
234, 524
74,756
With Federal Reserve banks
312, 261
68, 584
All other
Acceptances of other banks and bills of exchange or drafts sold with endorsement-.
14, 869
46, 349
429, 738
480, £
Acceptances executed for customers
Acceptances executed by other banks for
7,335
10, 725
account of reporting banks
12, 928
10, 827
Securities borrowed
Interest, taxes, and other expenses accrued
73, 276
69,120
and unpaid
200, 501
184, 973
Other liabilities
103, 610
Capital notes and debentures
Capital stock (see memorandum below) _ . 2, 409, 859 2, 312, 019
2,148, 260 1, 749, 935
Surplus
438,521
355, 386
Undivided profits, net
412, 529
441, 41 r
Reserves for contingencies
Total liabilities, including capital
36, 259, 926 33, 876, 326
account
MEMORANDUM
Par value of capital stock:
First preferred
Second preferred
Common
Total
Number of banks
199, 428
220,150
78, 703
185,135
96, 561
149, 741
64,130
146, 022
5,436
2,730
8, 585
6,665
8,539,054 17, 568,987 10,203, 943 9, 611, 735
776, 749
775, 270
22, 053
5,905
23, 526
5, 764
185,015
163, 513
45, 726
36, 261
49, 509
148,748
29, 030
32, 323
5,422
207, 285
14,005
235, 699
9,447
222, 453
32, 344
245, 270
2,747
8,027
6,816
5,716
4,588
4,901
3, 909
5,111
46,147
74, 826
45, 069
67, 870
27,129
125, 675
1, 631, 059 1, 584, 625
878, 838
1,171,215
235,929
269,197
166, 627
197,149
778,800
977, 045
169, 324
245, 902
24, 051
117,103
103, 610
727,394
871,097
119,457
244,263
23, 268,936 21, 703,865 .2, 990,990 .2,172,461
159, 025
140, 295
5,750
4,400
2,409,859 2,148, 692 1, 631,059 1,441,134
2,409, 859 2, 313, 467 1, 631,059 1, 585, 829
6,011
6,816
6,011
5,154
778, 800
778,800
18, 730
1, 350
707,558
727,638
805
i Licensed banks (operating on an unrestricted basis).
Backfigures,—SeeAnnual Report for 1931 (table 47), etc., and Member Bank Call Report Nos. 34-59;
see also Annual
Report for 1926 (tables 77-78) for principal items.
165
ALL MEMBER BANKS
No.
72.—ALL MEMBER BANKS—ASSETS AND LIABILITIES OF RESERVE
AND COUNTRY BANKS, DEC. 31, 1932 AND D E C . 30,
1933
CITY
[In thousands of dollars]
Central reserve
city banks
Dec. 31,
1932
Dec. 30,
1933 1
Other reserve city
banks
Dec. 31,
1932
Country banks
Dec. 30, Dec. 31,
1932
19331
Dec. 30,
1933 1
ASSETS
Loans (including overdrafts)
4,169, 417 4, 057, 354 5, 541, 560 4, 553, 293 5, 493, 073 4, 222,836
2,831, 066 2, 748, 645 2, 234, 362 2,822, 906 1, 474, 278 1, 682, 683
U.S. Government securities
1, 372,126 1, 448, 393 1, 713, 569 1, 521, 503 2, 640, 019 2,162, 030
Other securities
8,373,609 8,254,392 9,489,49 8, 897,702 9,607,370 8,067,549
Total loans and investments
Customers' liability on account of accept398, 022
47,184
360, 810
57,837
ances
4,254
3,405
264,149
412,190
277, 050
337, 537
461,005
Banking house, furniture, and fixtures
379, 520
40, 736
108,038
142, 231
18, 676
104, 603
Other real estate owned
129, 627
92, 246
231, 992
126, 473
64, 373
153, 334
225, 426
Cash in vault
646,104
572, 960
856, 794
Reserve with Federal Reserve banks
1,416, 793 1, 247,939
448, 477
Items with Federal Reserve banks in
151,61
process of collection
203, 545
226,157
97, 228
149, 07
107, 248
292,145 1, 239, 605
Due from banks in United States
934,877
409,108
766, 943
742,119
Due from banks in foreign countries (in252, 489
cluding own branches)
39,636
151,600
48, 003
2,645
2,007
Exchanges for clearing house and other
381,190
158,471
checks on local banks
386, 954
157, 756
49, 270
49, 291
54, 768
Outside checks and other cash items
5,427
36,006
17, 211
15, 218
7,855
Redemption fund and due from U.S.
3,810
13, 592
1/22C
Treasurer
14, 523
24, 430
21,974
Acceptances of other banks and bills of ex30,119
9,678
4,290
change or drafts sold with endorsement—.
15,496
901
734
3,200
5,382
Securities borrowed
3,507
7,546
4,120
82,139
91, 546
52, 053
Other assets
82, 68:
126,160
82, 788
11, 700, 667 11, 502, 048 12. 645, 703 11, 970, 292 11, 913, 556 10. 403, 986
Total assets
LIABILITIES
Demand deposits
Time deposits
United States deposits
Due to Federal Reserve banks
Due to other banks in United States
Due to banks in foreign countries (including own branches)
Certified and officers' checks outstanding .
Cash letters of credit and travelers' checks
outstanding
Total deposits..
National-bank notes outstanding
Agreements to repurchase U.S. Government or other securities sold
Bills payable and rediscounts:
With Federal Reserve banks
Allother
Acceptances of other banks and bills of exchange or drafts sold with endorsement.-.
Acceptances executed for customers
Acceptances executed by other banks for
account of reporting banks
Securities borrowed
Interest, taxes, and other expenses accrued
and unpaid
Other liabilities
Capital notes and debentures
Capital stock (see memorandum below)...
Surplus
Undivided profits—net
Reserves for contingencies
Total liabilities, including capital
account. .^
5,507,956 5, 668,195 4, 280, 757 4, 356,978 3, 604, 522 3,417, 087
1, 255, 858 1,106, 821 4, 217, 439 3, 652,951 5,076, 282 4,365,469
463, 292
191,438
210,912
72, 391
393,009
110, 866
8,004
31,516
28, 652
7,414
1, 841,180
1, 503, 241 1, 404,083
250, 948
263, 228
273, 212
179,130
127, 537
176, 889
21,470
129, 656
14, 547
100, 576
1,307
61,105
749
53, 692
5,366
11,373
3,651
2,699
101
226
9,260,154 9,018,037 10, 375,130 9,932,257 9,107,713 8,230,428
64, 368
268,08"
21,315
487, 347
275, 607
435, 295
13, 388
1,380
12, 291
5,043
19, 900
5,246
7,825
7,931
193,537
224, 810
66,931
55,653
5,000
40, 987
74, 279
4,290
376, 004
30,119
419, 776
9,678
51, 324
15, 496
58,071
901
2,410
734
3,122
3,703
6, 378
3,200
1,654
5,382
3,964
3,507
1,978
7,546
383
4,120
24,656
78,126
29, 555
90, 388
i, 300
757,069
693, 424
93, 912
213,142
28,077
58, 749
23,515
42, 05J
25, 500
761, 481
536, 269
125, 550
146, 221
20, 543
16,050
52, 530
1,810
13,17:
753,
831, 628
134, 090
186, 242
783, 044
660,821
135, 397
140,803
872,
655,
169,
85,
916
811
034
484
793,
469
520, 242
135, 924
82, 049
1, 700, 667 11, 502, 048 12, 645, 703 11,970, 292 11,913,556 0, 403, 9
MEMORANDUM
Par value of capital stock:
First preferred
Second preferred
Common
Total
Number of banks
50,000
753,899
753,899
48
707, 069
757,
069
64
783,044
783, 044
322
71,154
4,200
686, 261
761, 615
872, 916
872,916
37,871
1,550
755,362
794, 783
299
6,446
5,648
i Licensed banks (operating on an unrestricted basis).
Back figures.See Annual Report for 1931 (table 48), etc,, and Member Bank Call Report Nos. 34-59
(in which data
are given by cities).
166
ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD
No. 73.—ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES
REQUIRED, RESERVES HELD, AND BORROWINGS AT FEDERAL RESERVE BANKS,
BY MONTHS, 1933
[Averages of daily figures. In millions of dollars]
Deposits subject to reserve
Class of bank and month
All member banks:
January
February
March 3
April 4
May..
June
July
August
September
October
November
December
Time 2
Total
Total
Excess
Borrowings at
Federal
Reserve
banks
,-
15,116
14, 645
10, 525
10, 333
25,641
24,978
1,932
1,874
2,516
2,291
583.8
417.3
254.4
305.6
13,078
13,815
14, 241
14,100
13, 920
14, 027
14. 243
14, 347
14, 567
8,633
8,694
8,732
9,060
9,119
9,113
9,126
9,139
9,078
21, 710
22, 509
22,974
23,160
23, 039
23,140
23,486
23, 646
1,661
1,750
1,797
1,785
1,765
1,777
1,798
1,805
1,822
2,040
2,069
2,160
2,221
2,331
2,451
2.557
2,599
2,588
379.1
319.1
363.1
435.7
565. 5
674.5
758.4
794.1
765.7
323.4
252.8
184.4
113. 2
115.6
102.5
91.0
89.6
94.9
6,109
5,842
941
7,050
6,722
822
786
1,109
286.2
74.5
5,331
5,766
5,923
5,597
5, 468
5,516
5,535
5,475
5,452
751
746
826
814
802
805
814
763
6,120
6,517
6,669
6,424
6,282
6,318
6.341
867
878
861
796
837
896
893
866
828
150.2
106.0
68.9
43.2
101.8
155.2
149.0
129.8
96.0
21.8
1.0
.3
6.215
717
772
792
752
735
741
744
736
732
919
902
311
302
1,230
1,204
129
126
306
295
177.6
.1
794
874
939
1,021
1,016
1,017
1,050
1,065
1,065
352
357
361
365
360
357
354
351
356
1,146
1,232
1,299
1.386
1,376
1,374
1,404
1,416
1,422
114
124
133
144
143
143
147
149
149
172
177
211
245
295
340
386
387
361
58.1
53.1
77.9
101.6
151.9
197.1
238.8
237.9
211.5
4,551
4,466
4,241
4,177
8,792
8,643
582
572
659
76.6
122.4
56.7
97.0
3,962
4.116
4,224
4,322
4,283
4, 316
4,409
4,478
4,626
3.412
3,494
3,509
3,613
3.659
3,655
3,640
3,637
3,611
7,374
7,610
7,732
7,935
7,942
7,971
8,049
8.115
8,237
516
528
539
538
541
550
557
571
570
595
648
691
699
716
749
794
832
71.3
78.9
120.1
151.3
160.5
174.4
199.1
236.7
261.2
131.9
102.1
57.7
18.0
23.3
14.4
13.1
12.8
15.3
3,537
3,435
New York City: 5
January
February
March 3
April 4
May
June
July
August
September
October
November
December
Chicago: 5
January
February
March 3
April 4
May
June
July
August
September
October
November
December
Reserve city banks:
January
February
March 3
April 4
May
June
July
August
September
October
November
December
Country banks:
January
February
March 3
April 4
May
June
July
August
September
October
November
December
Net demand i
Reserves held
Reserves
required
5,031
4,974
8.568
8,409
399
390
442
441
43.4
51.8
197.6
200.0
2,990
3,058
3.156
3,160
3,153
3,178
3,249
3,330
3,424
4,081
4.092
4,117
4,255
4.286
4,299
4,326
4,336
4,348
7,071
7,150
7,273
7,416
7,439
7,477
7,575
7,666
7.772
332
337
344
350
349
351
357
363
370
431
418
441
489
501
499
529
553
567
99.5
81.2
96.2
139.6
151.3
147.8
171.5
189.6
197.1
169.7
149.7
126.5
95.1
90.7
85.2
76.6
76.7
78.7
1.5
2.8
1.4
1.0
1
Subject to reserve requirements of 13 percent for central reserve city banks, 10 percent for reserve city
banks, and 7 percent for banks outside central reserve and reserve cities (so-called country banks).
3
Subject to reserve requirements of 3 percent.
» March data not available.
4
Beginning with April the figures relate to licensed banks only.
8
Central reserve city banks only.
• Less than $50,000.
Digitized for Back figures.—See Annual Reports for 1932 (table 69) and 1931 (table 49).
FRASER
167
ALL MEMBER BANKS
No. 74.—ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY MONTHS
[Averages of daily figures. In millions of dollars]
Net
Net
Net
deNet
deNet
deNet
Net
Time mand
Time mand
de- Time
Time mand
dededemand
plus mand deplus mand deplus mand deplus mand deposits time
posits time
posits time
de- posits
dededeMonth (1933) time
posits
dedededeposits
posits
posits
posits
posits
posits
posits
Net
de-
Boston district
January
February._.
March *
1,835
1,817
April 2
1, 027
1, 016
New York district
801
9,466
9,115
7,046 2,420
6,763 2,352
Philadelphia district
1,987
1,964
968
955
1,019
1,009
Cleveland district
2,327
2,296
1,087 1,240
1,063 1,233
1,650
943
708
8,241
6,160 2,081
1,715
848
867
1,768
870
897
__.
July 2
August
1,662
1,687
[,735
1,738
959
980
997
988
703
708
738
750
8,642
8,835
8,588
8,448
6,606
6,789
6,410
6,280
2,036
2,046
2,178
2,168
1,724
1,729
1,746
1,726
858
862
837
802
866
867
908
924
1,779
1,820
1,856
1,860
891
924
900
873
887
896
955
987
September 2_.
October 2 2
November 2_.
December .
1,747
1, 757
1, 752
1,751
995
1, Oil
1, 006
1, 012
752
746
746
740
8,484
8, 512
8,462
8,387
6,332
6,351
6,295
6,288
2,152
2,161
2,166
2,099
1,729
1, 750
1, 758
1,790
800
815
826
861
930
934
932
929
1,863
1,876
1, 873
1,886
868
887
877
896
996
989
996
990
May 2
2
June 2
Richmond district
Chicago district
Atlanta district
January
February.__
March i
April 2
866
851
406
389
460
461
712
687
356
339
697
354
343
572
297
May 2
June 2
July 2 2
August
766
772
804
819
393
395
413
419
373
377
391
400
609
628
645
652
314
325
329
331
295
303
317
321
September 2.
October 2
November22_
December _
834
856
872
898
433
447
462
480
401
409
410
418
654
663
673
691
335
343
356
377
318
320
317
314
356
347
January
February
March i
April 2
638
630
May 2
June 2
July 2 2
August
September 2___
October 2
November 22___
December ___
633
640
650
645
1,649
2,063
Minneapolis district Kansas City district
3, OH*
2,917
323
318
333
784
494
290
581
337
333
330
328
795
820
867
873
508
531
575
576
289
293
297
581
582
588
580
326
327
325
321
867
374
886
901
566
569
584
604
301
305
302
297
588
323
654
681
574
242
592
614
632
634
254
280
302
305
307
313
325
323
370
355
804
680
386
295
684
390
850
885
890
897
909
Dallas district
545
536
371
371
443
427
1,641
1,686
1,722
1,757
868
854
267
259
814
782
1,391
1,474
1,603
1,617
2,529
2,576
2,619
2,666
1,361
1,318
1,259
2,225
2,324
2,488
2,503
ir~
St. Louis district
611
608
fiQ4.
OQQ
727
732
424
427
294
296
303
305
726
731
752
771
420
425
445
468
306
306
307
303
San Francisco district
904 1,602
1,575
395
194 2,506
192 2,458
2,385
394
396
397
389
187
186
191
191
2,451
2,468
2,485
2,474
855 1,596
1,582
913 1,572
913 1,561
401
436
466
494
188
187
188
187
2,485
2,511
2,535
2,578
929 1,556
1,551
1,553
1,007 1,571
417
415
830 1, 555
1 March data not available.
2
Licensed banks (operating on an unrestricted basis).
Backfigures.-—BeeAnnual Reports for 1932 (table 70), 1931 (table 99), 1930 (table 95), 1929 (table 89), 1928
(table 93), and 1927 (table 87).
49753—34_
-12
168
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 7 5 . — N E T DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN LARGER AND
SMALLER CENTERS, 1929-33
[Averages of daily figures. In millions of dollars]
Member banks
in places with
population of
15,000 and over
Member banks
in places with
population under
15,000
Member banks
Member banks
in places with
in places with
population of
population under
15,000 and over
15,000
Month
Month
Net
Net
Time
Time
demand deposits demand deposits
deposits
deposits
Net
Net
demand Time demand Time
deposits deposits deposits deposits
16,221
16,046
15,919
__| 15,754
10, 088
10,029
9,974
9,911
2,880
2,842
2,802
2,768
3,377
3,380
3,373
3,362
19312
January
February
March
April
16,507
16, 350
16,409
16,459
10, 561
10, 678
10, 749
10,812
2,064
2,039
2,022
2,032
2, 916
2,901
2, 889
2, 875
15,703
15,814
16,009
15,936
9,951
9,907
9,852
9,899
2,727
2,704
2,724
2,726
3,351
3,336
3,336
3,334
May
June
July
August
16,422
16,091
16,162
15,873
10,896
10, 712
10,568
10,455
1,998
1,964
1,960
1,910
2, 853
2,836
2, 836
2, 804
September
October
November
December
16,005
16,306
17, 227
16,419
9,979
9,987
9,903
9,819
2,773
2,818
2,752
2,693
3,332
3,329
3,292
3,250
September
October
November
December
15,648
15, 048
14, 608
14, 292
10, 218
9,609
9,258
8,936
1,878
1,811
1,751
1,693
2, 757
2,670
2, 602
2,517
19301
January
February
March
April
16,069
15,637
15,801
10,004
10, 010
10,140
10, 247
2,651
2,625
2,589
2,564
3,257
3,259
3,261
3,259
1932 2
January
February
March
April
13,818
13,198
13, 016
13,046
8.510
8,473
8,419
1,628
1,591
1,559
1,543
2,458
2,416
2, 383
2, 379
16, 097
16, 297
16, 325
16, 273
10,325
10,441
10, 587
10, 581
2,547
2,515
2,495
2,473
3,259
3,251
3, 256
3,254
May
June
July—.
August .
13,157
12,927
12, 723
12, 723
8,433
8,329
8,247
8,312
1,522
1,486
1,434
1,418
2, 354
2, 333
2, 308
2, 291
16,
16,
16,
16,
229
265
533
316
10, 681
10, 756
10,829
10,488
2,478
2,461
2,426
2,345
3,255
3,244
3, 227
3,165
September
October
November
December
12,985
13, 258
13,455
13, 578
8,294
8,349
8,366
8,311
1,423
1,422
1,410
1,387
2, 271
2, 263
2, 246
2, 216
16, 276
16,120
16,176
16, 224
10, 327
10,446
10,515
10, 577
2,296
2,269
2, 255
2,268
3,149
3,134
3,122
3,111
19332
January
February
March 3
April *
13, 767
13, 330
8,324
8,160
1,349
1,315
2, 201
2,172
11,961
6,931
1,117
1,702
16,189
15, 865
15,939
15,653
10, 660
10,476
10, 335
10, 217
2, 230
2,190
2,183
2,130
3,089
3,071
3,069
3,041
May 4
June 4
July4
August 4
12, 665
13, 053
12,875
12,686
6,982
7,005
7,292
7,333
1,150
1,188
1,225
1,234
1, 712
1, 727
1, 768
1, 786
9,980
9,385
9,038
8,722
2,097
2,020
1,954
1,891
2,994
2,893
2,822
2,731
September 4 _ .
October 4
November 4 _December 4 -._
12, 775
12,943
13, 014
13,201
7,314
7,309
7,319
7,256
1,252
1,300
1,333
1,366
1,799
1,817
1, 820
1, 822
19291
January
February
March
ApriL
May
June.
July
August
May
June
July
August
September
October
November
December
19311
January
February
March
April
May
June....
July....
August.
-
I
I
j
\
i
|
I
!
i
September....! 15,428
October
j 14,838
November
>• 14,404
December
\ 14,095
I
1
On basis of 1920 census of population.
2
On basis of 1930 census of population.
3 March data not available.
4
Licensed banks only.
Back figures.—For similar figures of a single date in each month see Annual Reports for 1928 (table <
a n d 1927 (table 36).
No. 76.—ALL MEMBER BANKS—HOLDINGS OF ELIGIBLE ASSETS (UNITED STATES GOVERNMENT SECURITIES AND ELIGIBLE I^APER)
COMPARED WITH BORROWINGS AT FEDERAL RESERVE BANKS, 1926-33
[In millions of dollars.
Back figures not available]
Holdings of U.S. Government securities
l
and eligible paper (including paper under rediscount)
By all member banks
By "country" banks
By Reserve city banks
Date
U.S. Government
securities
Eligible
paper
Total
U.S. Government
securities
Eligible
paper
Total
U.S. Government
securities
Eligible
paper
Total
Member
bank
borrowings at
Federal
Reserve
banks
1926—June 30..
2,210
2,825
5,035
884
2,100
2,984
3,094
4,925
8,019
1927—June 3 0 -
2,299
2,775
5,074
847
1,992
2,839
3,146
4,767
7,913
441
1928—June 30..
Oct. 3___
Dec. 31..
2,714
2,823
2,730
2,680
2,551
2,349
5,394
5, 374
5,07ft
862
914
932
1,967
1,817
1,811
2,829
2,731
2,744
3,576
3,738
3,662
4,647
4,368
4,160
8,223
8,106
7,822
1,096
1,020
1,041
1929—Mar. 27..
June 29—
Oct. 4___.
Dec. 31_-
2,832
2,577
2,469
2,403
2,582
2,688
2,865
2,713
5,414
5,265
5,334
5,116
974
929
912
814
1,761
1,773
1,733
1,684
2,735
2,702
2,645
2,498
3,807
3,506
3,381
3,217
4,343
4,461
4,598
4,397
8,150
7,968
7,979
7,614
981
1,029
899
1930—Mar. 27.
June 30Sept. 24.
Dec. 31..
2,619
2,640
2, 682
2,777
2,542
2,285
2,271
2,100
5,161
4, 925
4,953
4,877
818
772
764
708
1,662
1,620
1,541
1,438
2,480
2,392
2,305
2,146
3,438
3,412
3,446
3,485
4,204
3,905
3,812
3,538
7,642
7,317
7,258
7,023
206
274
173
248
1931—Mar. 25..
June 3 0 Sept. 29.
Dec. 31..
3,584
3,871
3,942
3,706
2,045
1,870
1,787
1, 505
5,629
5, 741
5,729
5,211
776
1,373 i
1,328
1,209
1,068
2,149
2,164
2,203
2,056
4,360
4,707
4,936
4,694
3,418
3,198
2,996
2,573
7,778
7,905
7,932
7,267
165
147
323
623
1932—June 3 0 Sept. 30.
Dec. 31..
3,985
4,623
4,776
1,457
1,508
1, 403
5,443
6,131
6,179
994
1,003
971
916
844
1,964
1,919
1,830
4,979
5,626
5,763
2,428
2,424
2,246
7,408
8,050
8,009
441
331
235
1933 2—June 30
Oct. 25..Dec. 30..
5,106
4,893
5,232
1,310
1,552
1,413
6,416
6,445
6,645
1,054
1,165
1,247
667
685
685
1,722
1,850
1,932
6,160
6,058
6,479
1,977
2,237
2,098
8,137
8,295
8,577
84
75
1 Exclusive of Government securities pledged against national bank note circulation.
2
Beginning with 1933 the figures relate to licensed banks only.
516
W
CO
CO
No. 77.—ALL MEMBER BANKS—CLASSIFICATION OF DEMAND AND TIME DEPOSITS ON CALL DATES, 1928-33
[In millions of dollars]
Demand deposits l
Call date
Total
Banks
Individual Certif- States,
coundeties,
posits icates
In
of
In
suband
de- munici- United foreign
ject
posit
counto
palities States
tries
check
All
other
Total
States,
Evicoundenced
ties,
In
In
by
and
munici- United foreign savcounings
palities States
tries
pass
book
Certificates
of
deposit
9,703
9,810
1,882
1,895
All
other
Open includ- Postal
savacing
counts Christ- ings
mas
savings
(2)
(2)
(2)
(2)
301
372
13,410
13,453
405
418
207
201
188
202
1,385
1,512
1,224
1,335
(2)
(2)
2
(2)
13, 329
13, 325
13,318
13, 233
429
477
491
595
80
111
95
78
112
154
9,728
9,834
9,604
9,592
1,832
1,745
1,743
1,741
183
198
197
192
1,446
1,568
1,276
1,362
(2)
( 2 )'
(2)
(2)
(2)
(2)
(2)
255
365
258
386
13, 519
13,812
13,945
13, 546
536
571
572
509
103
112
101
107
176
224
234
238
9,626
9,678
9,632
9,591
179
180
172
166
1,479
,556
1,350
1,303
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
294
365
302
335
13, 663
13,515
12, 776
11,316
530
508
440
388
135
114
86
63
201
155
112
26
11,491
11, 697
11,853
138
115
148
1,314
L, 034
L, 119
(2)
(2)
261
235
272
10, 636
10, 602
10, 550
337
342
342
70
70
87
11,419
11,507
11,677
120
127
133
1,087
291
240
298
8,981
9,114
9, 125
300
270
301
89
87
83
15,727
16,997
1929—Mar. 27.
June 29Oct. 4___
Dec. 31_.
17, 708
17,815
17, 937
18,862
15,840
15, 743
16,167
16, 936
1930—Mar. 27_
June 30..
Sept. 24.
Dec. 31__
17, 079
18, 062
16, 838
17, 502
15,195
15, 930
15,107
15, 560
1931—Mar. 25.
June 30Sept. 29 _
Dec. 31..
16, 339
16, 622
15, 526
14, 955
14, 387
14,521
13, 703
13,151
1932—June 30Sept. 30.
Dec. 3 1 -
13, 204
13, 081
13, 393
L933 3—June 30
Oct. 2 5 . .
Dec. 30..
12, 928
12,994
13, 442
230
235
1.106
1,320
f)
(2)
(2)
(2)
( )
(2)
(2)
1
1
9
14
14
1
1 34
124
1, 169
1,071
C
117
n
134
§
1, 136
116
115
120
H
tf
£
934
122
1,811
1,862
1, 960
1, 885
1, 140
1, 233
1, 303
1, 027
128
134
144
189
ft
O
ft
W
9, 446
9,316
8,768
8,134
1,928
1,906
1,787
1,472
1,180
1,237
1, 223
t"1
771
242
279
360
463
7
5
1
7,491
7,258
7,259
1, 350
1,381
1, 352
772
851
799
610
695
708
W
<
H
1
6
6,127
6,261
6,429
1,038
113
989
900
'
997
545
611
583
4
^92
i
110
45
788
781
Not including due to banks, certified and officers' checks outstanding, or letters of credit and travelers' checks sold for cash and outstanding.
Included in "Due to banks" (table 78).
Beginning with 1933 the figures relate to licensed banks only.
* Includes deposits the payment of which has been deferred beyond the time originally contemplated, either by agreement with depositors or otherwise: $33,000,000 on June 30,
$36,000,000 on Oct. 25, $27,000,000 on Dec. 30.
Back figures.—-Not available.
^
hj
£r
H
1,110
(2)
276
359
358
389
17, 501
18,904
>
Other time deposits
Banks
1,243
1,300
1928—Oct. 3___
Dec. 3 1 -
1
2
3
Time deposits
M
M
w
S
g
No. 78.—ALL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON CALL DATES, 1914-33
(In millions of dollars!
Loans and investments
Investments
Call date
Total
Loans
Total
U.S.
Govern- Other
ment securisecurities
ties
Due
from
banks *
CapiUnited
Net
tal, surReserve Bills
payStates
Net
plus,
with
Total Demand Time Govern- Due to demand demand Federal able
5
plus
and deposits deposits 3
de- 4 ment banks
and
deposits
time
undiposits
reserve redisdedeposits banks counts
vided 2
posits
profits
Number of
banks
1914—Dec. 31 (Thurs.)
8,498
6,419
2.079
760
1,319
1,163
2,093
8,305
5,125
1,233
71
1,876
6,235
7,468
266
133
7,582
1915—Mar. 4 (Thurs.)
May 1 (Sat.)
June 23 (Wed.)
Sept. 2 (Thurs.)
Nov. 10 (Wed.)
Dec. 31 (Fri.)
8,570
8,707
8,764
9,048
9,693
9,861
6,563
6,705
6,720
6,965
7,483
7,622
2,007
2,002
2,044
2,083
2,210
2,239
747
750
749
747
745
742
1,260
1,252
1,295
1,336
1,465
1,497
1,353
1 322
1,282
1,443
1,637
1,563
2,098
2,097
2,124
2,129
2,146
2,126
8,666
8,967
8,894
9,437
10,389
10,636
5,092
5,367
5,278
5,491
6,152
6,334
1,264
1,320
1,352
1,416
1,463
1,506
58
46
48
44
40
35
2,252
2,234
2,216
2,486
2,734
2,761
6.622
6,735
6,811
7,145
7,879
7,971
7,886
8,055
8,163
8,561
9,342
9,477
295
295
317
324
376
414
96
91
98
106
104
99
7,607
7,614
7,615
7,630
7,640
7,631
1916—May 1 (Mon.)
June 30 (Fri.)
Sept. 12 (Tues.)
Nov. 17 (Fri.)
Dec. 27 (Wed.)
10,252
10,315
10, 732
11, 259
11, 275
7,898
7,964
8,263
8,712
8,714
2,354
2,351
2,469
2,547
2,561
710
703
703
697
690
1,644
1,648
1,766
1,850
1,871
1,767
1,564
1,748
2,067
1,874
2,148
2,143
2,184
2,213
2,231
11,404
11,133
11,737
12,893
12,661
6,661
6,581
6,892
7,522
7,340
1,686
1,775
1,853
1,040
1,083
34
39
34
34
35
3,022
2,738
2,958
3,397
3,303
8,336
8,226
8,804
9,567
9,502
10,022
10,001
10, 657
11,507
11,485
438
490
554
674
733
64
69
95
80
95
7,605
7,606
7,618
7,614
7,614
1917—Mar. 5 (Mon.)
May 1 (Tues.)
June 20 (Wed.)
Dec. 31 (Mon.)
11, 701
11,985
12,453
16,896
9,096
9,208
9,370
12,316
2,605
2,777
3,083
4,580
687
748
1,065
1,759
1,918
2,029
2,018
2,820
2,056
1,897
1,695
2,129
2,218
2,258
2,307
2,807
13, 396
13,651
13, 397
18,628
7,503
7,915
7,856
11,180
2,125
2,263
2,304
3,156
34
35
141
649
3,734
3,438
3,096
3,643
10,044
9,869
9,690
12,487
12,169
12,132
11,993
15,643
778
802
862
1,497
75
3 95
327
783
7,614
7,629
7, 653
7,907
1918—May 10 (Fri.)
June 29 (Sat.)
Nov. 1 (Fri.)
Dec. 31 (Tues.)
18, 673
18, 507
20,981
20, 593
12, 667
13, 233
14, 550
14, 224
6,006
5,274
6,431
6,368
3,203
2,465
3,591
3,472
2,803
2,809
2,840
2,896
1,870
1,906
2,036
2,194
3,005
3,002
3,222
3,220
19,210
18,954
20,864
21,457
11,051
10, 754
12,059
13,347
3,347
3,395
3,651
3,834
1,459
1,521
1,708
472
3,353
3,284
3,446
3,804
12,451
12, 217
13, 322
14,563
15, 797
15, 612
16,973
18,397
1,536
1,565
1,520
1,655
1,043
1,022
1,912
1,876
8,132
8,213
8,596
8,692
1919—Mar. 4 (Tues.)
21, 484
June 30 (Mon.)
22,242
Nov. 17 (Mon.)
24,187
Dec. 31 (Wed.)
24, 778
For footnotes see p. 173.
13,877
15,414
17,423
18,149
7,607
6,827
6,765
6.630
4,652
3,803
3,494
3,324
2,955
3,024
3,271
3,306
2,137
2,125
2, 575
2,519
3,280
3,350
3,587
3,542
21,511
22,833
25,183
26,139
12,727
13,925
15, 652
16,080
4,092
4,344
5,050
5,305
884
902
386
648
3,808
3,662
4,095
4,106
14,160
14,725
16,261
16, 581
18,252
19,069
21,310
21,886
1,633
1,724
1,825
1,904
1,962
1,927
2,257
2,347
8,725
8,822
8,995
9,066
_.
W
DO
No. 78.-—ALL MEMBER BANKS- -PRINCIPAL ASSETS AND LIABILITIES ON CALL DATES,
1914-33—Continued
^1
to
[In millions of dollars]
Loans and investments
Total
Loans
CapiUnited
Net
Reserve Bills
tal, surStates
PayNet
with
plus,
Due
Total Demand3 Time Govern- Due to demand demand Federal able
de- i ment banks 5
plus
and
from
and
deposits
time
Reserve redisU.S.
banks* undi- deposits deposits posits
devided
deposits banks counts
Govern- Other
posits
profits 2
Total ment securisecuri- ties
ties
1920—May 4 (Tues.)
June 30 (Wed.)
Nov. 15 (Mon.)
Dec. 29 (Wed.)
25,418
25,559
25,769
25, 531
19,198
19,533
19,852
19, 555
6,220
6,026
5,917
5,976
2,958
2,811
2,655
2,619
3,262
3,215
3,262
3,357
1,874
1,824
1,774
1,577
3,833
3,853
4,086
4,120
24, 871
25,401
25,106
24, 220
15,388
15, 744
15,512
14, 632
5,747
5,911
6 144
6,188
190
260
220
316
3,546
3,486
3,230
3,084
16,426
16,422
15,924
15,345
22,173
22,333
22,068
21, 533
1,866
1,839
1,827
1,763
2,755
2,701
3,080
3,036
0.291
9,399
9,567
9,606
1921—Apr. 28 (Thurs.)
June 30 (Thurs.)
Dec. 31 (Sat.)
24,390
24,121
23,482
18,487
18,119
17,394
5,903
6,002
6,088
2,496
2,561
2,581
3,407
3,441
3,507
1,325
1,354
1,450
4,156
4,133
4,093
22, 830
23,350
23, 247
13, 527
13,881
13,630
6,343
6,367
6.451
273
390
306
2,687
2,713
2,860
14,389
14,321
14,449
20,732
20,688
20,900
1,654
1,625
1,758
2,313
2,022
1,364
9,698
9,745
9,779
1922—Mar. 10 ( F r i . ) . _
June30(Fri.)
Dec.29(Fri.)
23,278
24,182
25, 579
17,080
17,165
17,930
6,198
7,017
7,649
2,701
3,205
3,754
3,497
3,812
3,896
1,614
1,647
1,806
4,185
4,214
4,364
23, 660
25, 547
27,288
13, 503
15,065
15,689
6,662
7,175
7,645
330
156
462
3,165
3,150
3,492
14,493
15, 539
16,203
21,160
22,714
23,848
1,723
1,835
1,939
758
592
727
9,816
9,892
9,859
1923—Apr. 3 (Tues.)
June 30 (Sat.)
Sept. 14(Fri.)
Dec. 31 (Mon.)
26,141
26, 507
26, 319
26, 487
18,419
18, 750
18,719
18,842
7,722
7,757
7,600
7,645
3,849
3,835
3,685
3,603
3,873
3,922
3,915
4,042
1,774
1, 596
1,640
1,824
4,356
4,367
4,436
4,378
27, 200
27, 088
26,942
28,507
15.145
15,196
15,128
16,107
8,143
8,378
8,466
8,651
404
297
145
237
3,508
3,217
3,203
3,512
16,086
16,066
15,919
16,376
24,229
24,444
24,385
25,027
1,909
1,871
1,869
1,900
815
944
983
808
9,850
9,856
9,843
9,774
1924—Mar. 31 (Mon.)
June 30 (Mon.)
Oct. 10(Fri.)._
Dec. 31 (Wed.)
26,663
27,167
28,311
28,746
19,045
19,204
19,713
19,933
7,618
7,963
8,599
8,813
3,534
3,575
3,866
3,874
4,084
4,387
4,733
4,939
1,644
1,940
2,430
2,339
4,468
4,486
4,594
4,532
28,270
29, 566
30,795
32,384
15, 609
16,329
16,406
17,788
8,890
9,204
9,597
9,805
292
179
302
242
3,480
3,854
4,490
4,548
16,112
16,838
17,804
18,468
25,002
26,042
27,401
28,273
1,893
1,965
2,121
2,228
614
443
325
408
9,681
9,650
9,635
9,587
1925—Apr. 6 (Mon.)
June 30 (Tues.)
Sept. 28 (Mon.)
Dec. 31 (Thurs.)
29,046
29, 518
30,176
30,884
20,176
20,655
21,285
21,996
8,819
8,863
8,890
8,888
3,894
3,780
3,761
3.728
4.975
5,082
5,129
5,160
2,091
2,017
2,031
2,155
4, 669
4, 690
4,688
4,678
31, 249
32. 457
32, 075
34, 250
16, 629
17,882
17,452
19, 072
10,127
10,381
10,467
10, 653
412
177
278
304
4,081
4,018
3,878
4,221
17,708
18, 277
18,259
19, 260
27,835
28,658
28,726
29,913
2,092
2,191
2,147
2,238
486
559
712
733
9,531
9,538
9,539
9,489
1926—Apr. 12 (Mon.)
June 30 (Wed.)
Dec. 31 (Fri.)
30,819
31,184
31,642
21, 785
22, 060
22, 652
9,034
9,123
8,990
3,805
3, 745
3,389
5,229
5,378
5,601
1,934
1,980
2,066
4,826
4,832
4,944
32, 893
33, 762
34, 528
17,710
18,381
18.800
10, 955
11,173
11,440
379
228
234
3,849
3,980
4,054
18, 392
18,804
18,922
29,347
29,977
30, 362
2,136
2,236
2,210
620
612
760
9,412
9,375
9,260
Investments
Call date
Number of
banks
1927—Mar. 23 (Wed.)
June 30 (Thurs.)
Oct. 10(Mon.)
Dec. 31 (Sat.)
31,949
32, 756
33,186
34, 247
22, 327 9,622
22,938 9,818
23,227 9,959
23, 886 10, 361
3,835
3,796
3,856
3,978
5,787
6,022
6,103
6,383
1,S96
1,968
2,077
2,210
5,086
5,147
5,295
5,341
33, 756
35, 398
35,482
36, 669
17, 644
18, 842
18,378
19, 032
11,818
12, 210
12,459
12, 765
407
218
435
267
3,887
4,129
4,209
4,606
18,542
19,250
19,170
20,105
30,360
31,460
31,629
32,870
2,321
2,280
2,320
2,514
546
541
528
663
9,144
9,099
9,087
9,034
1928—Feb. 28 (Tues.)
June 30 (Sat.)
Oct. 3 (Wed.)
Dec. 31 (Mon.)
33, 688
35,061
34,929
35,684
23,099 10, 590
24,303 10, 758
24,325 10,604
25,155 10,529
4,216
4,225
4,386
4,312
6,374
6,534
6,218
6,217
1,941
1,897
2,026
2,124
5,404
5,625
5,842
5,899
35, 375
36, 060
36,175
39,075
18,182
18, 437
18, 570
21,111
12,923
13,439
13,410
13,453
86
257
159
262
4,184
3,927
4,037
4,249
19,236
19,191
18,995
19,944
32,158
32,629
32,405
33,397
2,367
2,342
2,348
2,409
581
1,209
1,154
1,162
8,983
8,929
1929—Mar. 27 (Wed.)
June 29 (Sat.)
Oct. 4 (Fri.)
Dec. 31 (Tues.).
35,393
35,711
35,914
35,934
24,945 10, 448
25, 658 10,052
26,165 9,749
26,150 9,784
4,454
4,155
4,022
3,863
5,994
5,898
5,727
5,921
1,741
1,885
2,005
2,168
6,174
6,345
6,675
6,709
36, 799
35,893
36, 694
38, 014
19,476
18, 611
19, 371
20, 489
13,329
13, 325
13, 318
13, 233
411
348
315
143
3,584
3,608
3,690
4,148
18, 833
18,977
18, 952
19,797
32,162
32,302
32, 269
33,030
2,339
2,359
2,322
2,374
1,153
1,198
1,150
879
8,837
8,755
8,707
8,616
8,522
1930—Mar. 27 (Thurs.)
June 30 (Mon.)
Sept. 24 (Wed.)
Dec. 31 (Wed.)
35,056
35, 656
35, 472
34,860
25,119 9,937
25, 214 10,442
24.738 10, 734
23,870 10, 989
4,085
4,061
4, 095
4,125
5,852
6,380
6,639
6,864
1,902
2, 360
2,463
2,456
6,760
6,726
6,827
6,593
35, 836
38,139
36,364
37,117
18,238
19, 597
17,637
IS, 746
13,519
13,812
13.945
13, 546
325
281
257
267
3,754
4,450
4, 525
4,557
18, 489
19,170
18,657
18,969
32,007
32,982
32, 602
32, 516
2,353
2,408
2, 415
2,475
347
435
316
355
8,406
8, 315
8,246
8,052
1931—Mar 25 (Wed.)
June 30 (Tues.)
Sept. 29 (Tues.)
Dec. 31 (Thurs.)
34, 729
33, 923
33, 073
30, 575
22,840
21, 816
20, 874
19, 261
5, 002 | 6,886
5.343 ' 6,763
5,564 6, 635
5,319 5,996
2,791
2,517
1,935
1,662
6, 598
6,430
6,359
5,999
36, 000
36, 268
33, 480
30, 746
16, 988
17, 655
16,167
15, 704
13, 663
13, 515
12, 776
11,316
502
395
526
412
4,846
4,702
4,011
3,314
18, 481
18, 357
17, 445
16, 067
32.144
31, 872
30, 222
27, 383
2,364
2,396
2,339
1,975
281
217
466
839
7,928
7,782
7,599
7,246
K
1932—June 30 (Thurs.)
Sept. 30 (Fri.)
Dec. 31 (Sat.)
28,001
28, 045
27, 469
16, 587 11,414
15,924 12,120
15, 204 12, 265
5,628
6,366
6,540
1,731
2,049
2,416
5,661
5,571
5,409
27, 864
28, 466
28, 743
13, 732 10, 636
13, 563 10, 602
13, 778 10, 550
387
738
475
3,109
3,564
3,940
14, 482
14, 626
15,193
25,118
25, 228
25, 743
1,998
2,235
2,511
815
697
547
6,980
6,904
6,816
w
te)
19336—June 30 (Fri.)__
Oct. 25 (Wed.).__.
Dec. 30 (Sat.)
24, 786
24, 953
25, 220
12, 858 11, 928
13,058 11, 894
12, 833 12, 386
6, 887 5, 041 2,008
6, 801 5, 093 1,848
7, 254 5,132 1,969
4,837
4,908
4,962
26, 587
26, 602
27,181
13, 551
13, 421
13, 782
8,981
9,114
9,125
806
918
967
3,250
3,149
3,307
14,156
14,389
14, 821
23,137
23, 503
23, 946
2,235
2,651
2,678
191
188
143
5,606
5,818
6,011
w
11, 889
12,106
12,199
11,314
5, 786
5, 755
5,726
C fiQfi
O, otfO
— w
1
Excludes items with Federal Reserve banks in process of collection, due from foreign banks or own foreign branches, and balances not subject to immediate withdrawal.
2
Includes reserves for contingencies (for "dividends, contingencies, etc." prior to December 1932) and prior to Sept. 28, 1925, reserves for interest, taxes, and other expenses
accrued and unpaid.
3 Includes certified and cashiers' or treasurers' checks, and, beginning Nov. 1, 1918, letters of credit and travelers' checks sold for cash.
• Includes postal-savings deposits, except that such deposits of State bank members prior to June 20. 1917, are included with demand deposits.
8
Includes amounts due to Federal Reserve banks, foreign banks, and other banks and bankers; also amounts due to own foreign branches beginning Mar. 23, 1927; excludes balances not subject to immediate withdrawal.
6
Licensed banks only (operating on an unrestricted basis).
^1
No, 79.—CLASSIFICATION OF MEMBER
Loans to banks
Total
loans
and
investments
Call date
Total:
1930—Mar. 27—.
June 30
Sept. 24_.._
Dec. 31
1931—Mar. 25
June 30
Sept. 29
Dec. 31
1932—June 30
Sept. 30.—
Dec. 31____
1933 4—June 30...
Oct. 25
Dec. 30
New York City: 5
IQQAJ Mar 27
June 30
Sept. 24
Dec 31
1931—Mar. 25
June 30
Sept. 29
Dec. 3i
1939—June 30
Sept. 30
Dec. 3i
1933 4—June 3 0 L "
Oct. 25
Dec. 30..
XijtJVJ
-L>Jk-CX>L *
\9
J-l/t-J^J
^ 1
\^i.A-±\J
_
_
— —
KJ\J _ _
U LAXJIV
— —
Kt\J
— — — —
Total
35,056
35, 656
35, 472
34, 860
34, 729
33, 923
33, 073
30, 575
28, 001
28, 045
27, 469
24, 786
24, 953
25, 220
527
535
466
631
446
457
599
790
573
457
444
330
297
287
260
230
175
315
219
229
311
455
345
270
242
179
156
158
267
305
291
316
228
228
288
334
228
187
202
150
142
129
8, 238
8^ 798
8,557
8 582
8, 473
8, 287
8^ 253
7, 460
6^ 715
7,112
7 327
7^ 133
6,971
6,995
199
196
169
283
154
150
250
374
260
203
216
162
143
146
92
78
53
132
70
66
125
204
155
120
115
85
79
84
107
118
116
151
84
84
125
170
105
83
101
77
70
63 i
Total
To
brokers
outside
New
York
City 1
Secured b y
real estate
706
819
774
675
575
515
521
391
283
258
241
165
178
166
7,024
7,242
7,090
7,266
6,848
6,602
6,321
5,899
5,009
4,828
4,608
3,752
3,631
3,606
4,338
4,309
4,278
4,338
4,007
3,839
3,850
3,694
2,856
2,638
2 620
2,297
2.434
2,395
60
68
86
104
121
127
116
87
65
63
61
38
47
45
1,876
1,954
1,945
2,033
1,839
1,770
1,699
1,641
1,279
1,237
1,186
1,044
985
989
394
386
387
387
386
388
376
359
363
368
356
308
311
318
1
1
2,775
2,769
2,776
2,847
2,834
2,830
2,773
2,678
2,531
2,517
2,505
2,064
2,052
2,041
150
157
157
147
149
160
152
153
159
154
159
157
149
147
D A T E S , 1930-33
Investments
Purchased paper
Reporting
banks'
To
own
Other
other Farm
acceptreal
land
cusances
tomers
estate
21,495
21, 566
21, 010
21, 007
19, 940
19, 257
18, 713
17,570
15, 267
14, 498
13, 905
11,337
11, 523
11,315
ON CALL
Open-market loans
Loans to customers (exclusive of banks)
Secured b y
stocks and
bonds
Secured
All
by
stocks other
and
bonds
BANK LOANS AND INVESTMENTS
[In millions of dollars]
(3)
(3)
(3)
(3)
(3)
178
130
116
189
158
225
192
257
213
(3)
(3)
(3)
(3)
(3)
155
104
77
138
90
148
120
179
130
Otherwise secured
Total
and
unsecured
Loans
to broAccept- Acceptkers in Total
ances ances, Com- New
mer- Y o r k i
payetc.,
cial
able in
payable
United
paper
States2 abroad
Total
loans
U.S.
on
Gov- Other
stocks
ern- securiand
ment
ties bonds
securities
10, 595
10,349
9,982
9,831
9,298
8,744
8,592
8,126
6,892
6,369
5,970
4,857
5,092
4,972
3,097
3,113
3,262
2,233
2,454
2,103
1,563
901
747
970
855
1,191
1,238
1,231
175
170
205
315
361
389
268
146
313
407
375
291
303
223
79
71
62
55
101
113
70
41
34
34
30
25
24
37
499
507
523
366
361
384
296
140
122
115
93
87
164
132
2,344
2,365
2,472
1,498
1,630
1,217
928
575
278
414
357
788
748
840
9,937
10, 442
10, 734
10, 989
11,889
12,106
12,199
11,314
11,414
12,121
12, 266
11,928
11,894
12, 386
4,085
4,061
4,095
4,125
5,002
5,343
5,564
5,319
5,628
6,366
6,540
6,887
6,801
7,254
5,852
6,380
6,639
6,864
6,886
6,763
6,635
5,996
5,786
5,755
5,726
5,041
5,093
5,132
10, 334
10, 656
10, 511
9, 754
9,272
8,563
8,081
7,320
5,916
5,770
5,447
4,884
4,713
4,769
2,252
2,129
2,090
2,054
1,896
1,627
1,777
1,735
1,216
1,094
1,066
937
1.075
1,084
1,655
2,091
1,912
1,525
1,651
1,497
1,121
695
564
764
701
964
891
912
89
144
148
188
199
296
201
107
262
341
330
224
233
170
40
29
28
22
51
44
33
17
21
18
15
10
8
17
49
35
22
34
35
94
48
29
23
14
19
10
27
19
1,477
1,883
1,714
1,281
1,367
1,063
839
542
258
391
337
720
624
706
2,046
2,203
2,198
2,435
2,662
2,801
3,032
2,697
3,033
3,508
3,789
3,709
3.501
3| 542
1,150
1,147
1,091
1,239
1,466
1,656
1,830
1,768
2,008
2,429
2,603
2,551
2.320
2^362
897
1,056
1,107
1,197
1,196
1,145
1,202
928
1,025
1, 079
1,186
1,158
1.181
i; 179
3, 504
3,983
3,798
3,550
3,397
3,026
2,780
2,474
1,757
1,811
1,699
1,887
1.728
1^824
Chicago:«
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
Sept. 29___.
Dec. 31. .
1932—June 30
Sept. 30 . .
Dec. 31
1933 4—June 30 „
Oct. 25
Dec. 30
Other reserve cities:
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar 25
June 30
Sept. 29
Dec. 31
1932->rune 30
.
Sept. 3 0 —
Dec. 31
1933 4—June 30—
Oct. 25
Dec. 30
Country banks:
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
Sept. 29_.__
Dec. 31
1932—June 30 ._
Sept. 3 0 —
Dec. 31.__.
1933 4—June 30.__
Oct. 25
Dec. 3 0 . . 1
2
3
g
7
12
7
13
10
9
8
6
6
5
1,160
1,257
1,187
1,194
1,050
1,004
987
926
111
659
550
589
608
524
194
229
239
201
159
133
157
124
93
85
67
48
51
33
474
487
448
472
452
435
421
407
361
292
231
251
245
208
2
2
2
2
2
2
2
1
1
1
1
3
2
1
18
18
16
18
16
17
24
22
25
25
18
26
30
28
104
99
77
125
101
89
111
154
108
93
83
33
56
50
101
128
117
106
93
88
108
106
69
59
53
36
38
31
7,790
7,771
7,539
7,712
7,359
7,096
6,858
6,481
5,743
5,537
5,327
4,257
4,304
4,273
360
431
360
312
231
208
205
152
105
92
96
63
66
73
2,576
2,663
2,586
2,671
2,524
2,413
2,308
2,123
1,844
1,835
1,774
1,340
1,297
1,316
113
110
111
120
122
126
120
120
124
125
121
123
121
120
1,411
1,394
1,398
1,491
1,480
1,476
1,440
1,395
1,257
1,255
1,258
1,008
992
1,001
14
11
11
15
14
16
17
24
15
12
10
7
7
7
51
52
51
46
44
44
47
45
44
37
40
31
28
31
8,206
8,228
8,007
7, 762
7,524
7,318
7,018
6,469
5,891
5,663
5,405
4,194
4,175
4,123
93
90
88
59
64
47
43
28
20
17
15
15
14
15
2,097
2,137
2,112
2,090
2,033
1,984
1,892
,728
,525
,464
,417
,117
,104
,092
279
274
275
264
261
260
254
237
238
241
234
182
189
196
1,196
1,201
1, 205
1,191
1,188
1,177
1,157
1,109
1,090
1,084
1,070
873
881
865
1, 717
1, 849
1^934
1,861
1,853
1,754
1,644
1,517
1,277
1,192
1,045
1,287
1,196
1,259
58
50
41
55
41
70
65
87
77
53
42
30
26
22
50
43
35
42
35
58
58
74
68
45
34
24
21
17
11, 858
11,852
12, 038
11,897
12,113
11,814
11,372
10, 598
9,768
9,788
9,489
8,492
8,756
8,898
205
228
193
231
194
177
219
260
177
152
136
99
94
80
13, 243
13,157
12, 944
12, 519
12, 290
12.068
11,805
10, 999
10, 240
9, 954
9,607
7,873
8,031
8,068
65
62
62
62
58
60
64
69
59
49
50
38
35
38
13
2
3
11
15
29
23
24
27
32
472
521
482
501
422
415
381
361
282
227
210
237
254
222
188
176
296
95
171
117
77
24
22
35
37
58
67
58
3
2
7
18
14
3
2
2
5
16
22
27
25
15
11
19
13
14
25
42
23
10
5
6
5
7
7
8
33
56
42
18
21
21
24
9
11
12
9
12
19
16
140
99
233
45
111
51
27
3
1
1
1
13
16
18
310
366
409
518
592
563
514
480
400
445
414
610
495
655
146
160
157
240
329
346
308
288
234
256
228
384
284
386
164
205
252
277
263
217
206
191
166
189
186
226
211
269
859
859
955
761
756
677
664
608
522
422
333
336
333
276
19
22
23
33
36
52
46
49
48
3,330
3,172
3,085
3,119
3,002
2,854
2,762
2,668
2,380
2,194
2,027
1,678
1,779
1,714
758
534
768
436
475
354
249
111
96
117
77
125
207
200
55
17
47
104
144
87
65
33
33
41
22
36
43
36
24
19
17
15
23
26
12
12
7
9
8
6
7
9
209
245
295
194
191
168
143
53
50
53
36
38
72
61
469
253
409
123
116
73
29
14
6
14
11
45
84
94
3,105
3,319
3,537
3,517
4,085
4,186
4,047
3,746
3,753
3,981
3,948
4,011
4,151
4,344
1,516
1,525
1,628
1,486
1,984
2,062
1,993
1,844
1,953
2,209
2,234
2,483
2,605
2,823
1,590
1,794
1,909
2,031
2,101
2,125
2,054
1,902
1,800
1,772
1,714
1,528
1,546
1,522
3,509
3,447
3,431
3,230
2,973
2,782
2,653
2,443
2,063
2,034
1,965
1,511
1,503
1,533
2
1
4
3
4
2
3
3
3
4,541
4,527
4,326
4,158
3,978
3,847
3,677
3,362
3,015
2,854
2,667
2,005
1,984
1,952
497
312
286
177
158
135
116
71
64
55
39
43
73
62
27
8
4
5
5
2
1
4
13
8
1
4
2
3
4
4
4
3
2
2
2
2
2
2
2
1
2
3
207
171
164
120
114
101
81
48
36
36
28
27
46
34
258
129
115
49
36
30
32
16
13
9
8
10
23
22
4,475
4,554
4,589
4,519
4,550
4,555
4,606
4,392
4,226
4,186
4,114
3,598
3,748
3.845
],273
1,229
1,219
1,159
1,224
1,279
1,433
1,418
1,432
1,471
1,474
1,469
1,592
1,683
3,202
3,326
3,370
3,359
3,326
3,276
3,172
2, 974
2,794
2,715
2,640
2,129
2,156
2,162
2,462
2,367
2,326
2,213
2,147
2,078
1,985
1,796
1,574
1,503
1,450
1,149
1,148
1,136
Includes loans to dealers in securities.
Exclusive of acceptances acquired and held by the accepting member banks, shown in a preceding column.
Included in following column, prior to June 1931.
Back figures.—See Annual Report for 1931 (table 53).
* Beginning with 1933, figures relate to licensed banks only.
« Central reserve city banks only.
176
ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
No. 80.—ALL MEMBER BANKS—RESERVE BALANCES, BY MONTHS, 1922-33
[Monthly averages of daily figures. In millions of dollars]
Month
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931 ! 1932
1933
January
February
March
April
May
June
July
August
September
October
November.
December—
1,707
1,689
1,711
1,733
1,783
1,820
1,812
1,799
1,811
1,836
1,825
1,840
1,918
1,901
1,873
1,869
1,874
1,867
1,867
1,835
1,848
1,864
1,875
1,882
1,911
1,892
1,915
1,905
1,922
2,001
2,046
2,072
2,120
2,141
2,164
2,182
2,194
2,159
2,137
2,123
2,132
2,141
2,160
2,151
2,161
2,203
2,221
2,219
2,236
2,208
2,198
2,183
2,199
2,206
2,212
2,201
2,211
2,219
2,214
2,218
2,243
2,212
2,240
2,248
2,262
2,301
2,289
2,283
2,300
2,326
2,373
2,399
2,426
2,368
2.365
2,396
2,388
2,355
2,324
2.274
2.314
2.332
2, 352
2,367
2, 387
2.357
2,337
2,308
2,296
2,314
2,334
2,322
2.335
2,38fi
2. 521
2,395
2,349
2,305
2,330
2,350
2,356
2,392
2,417
2,392
2,397
2,407
2,433
2,415
2,4331 1,979
2,370: 1,907
2,386| 1,899
2,376! 1,996
2,387j 2,138
2,404 2,062
2,407: 2,003
2,345| 2,073
2,333 2,181
2,256 2,307
2,1181 2,378
2,069 2,435
2, 516
2, 291
1,914
2, 086
2,125
2, 211
2, 268
2, 375
2, 489
2, 590
2, 629
2, 616
Back figures.—See Annual Report for 1929 (table 47).
No. 81.—ALL MEMBER BANKS—BORROWINGS AT FEDERAL RESERVE BANKS,
BY MONTHS, 1914-33
[Monthly averages of daily figures. In millions of dollars]
Month
January
February
March
April . .
May
June.
July
August
.- -September
October
November ..
December . _
Month
January
_ _
_
February
March—
April
May
June July
August
September
October
November..
1914
6
10
1924
574
514
476
489
433
370
315
268
262
240
228
301
1915
12
17
20
22
23
25
27
28
30
28
29
32
1925
267
340
390
403
397
437
480
545
594
619
597
688
1916
29
22
22
22
20
21
25
28
27
22
20
33
1926
520
526
557
537
511
473
549
555
640
663
615
668
1917
21
18
19
25
43
155
151
134
181
320
563
683
1927
481
393
425
447
473
429
454
409
422
424
415
529
1918
1919
1920
1921
612
529
537
751
897
939
1,162
1,333
1,604
1,683
1,760
1,765
1,731
1,765
1,863
1,920
1,976
1,840
1,864
1,798
1,776
2,068
2,140
2,115
2,136
2,297
2,377
2,431
2,536
2,456
2,513
2,596
2,667
2,780
2,762
2,718
2,523
2,400
2,297
2,129
1,959
1,811
1,719
1,548
1,442
1,371
1,228
1,180
1928
1929
1930
1931
465
471
513
661
836
1,019
1,090
1,061
1,064
975
897
1,013
859
889
969
1,004
956
978
1,096
1,043
969
885
953
803
501
378
274
231
247
251
226
214
189
196
221
338
253
216
176
155
163
189
168
222
280
613
695
774
1922
962
769
638
572
479
437
425
396
417
486
623
660
1932
828
848
714
605
486
495
523
451
387
328
313
282
1923
547
608
628
658
705
741
834
809
845
873
799
771
1933
255
307
999
429
339
250
170
159
138
119
114
117
NOTE.—Figures include a small amount of borrowing by intermediate credit banks, etc. (See table 22.)
171
ALL MEMBEE BANKS
No. 82.—MEMBER BANKS IN N E W YORK CITY, CHICAGO, AND OTHER RESERVE
CITIES—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED, RESERVES
HELD, AND BORROWINGS AT FEDERAL RESERVE BANKS, BY WEEKS, 1933
[Averages of dailyfigures.In millions of dollars]
Reserves held
Deposits subject to reserve
Week ending (Friday)
New York City. 3
1933—Jan. 6 . . . .
Jan. 13
Jan 20
Jan. 27
Net
demand 1
Time 2
Total
Reserves
required
Total
Excess
Borrowings at
Federal
Reserve
banks
6,031
6,099
6,157
6,123
939
941
952
949
6,970
7,041
7,110
7,072
812
821
829
824
1,121
1,171
1,141
1,057
308.7
350.1
311.8
232.9
6,125
6,009
5,900
5,685
908
903
895
860
7,033
6,912
6,795
6,546
823
808
794
765
997
931
855
801
173.7
123.2
60.8
36.6
7.2
5,106
5,191
5,362
5, 535
790
782
789
791
5,896
5,973
6,151
6,326
688
698
721
743
794
853
908
900
106.2
154.5
187.5
156.9
17.2
27.4
24.4
17.6
5,629
5,683
5,805
5,852
787
765
749
730
6,415
6,448
6,554
6, 582
755
762
777
783
844
839
877
923
89.0
77.5
99.5
140.7
n.3
(4)
0)
o
.1
Feb.
Feb.
Feb.
Feb.
3
10
17
24
Mar
Mar.
Mar
Mar
Mar
35
10 5
17 5
24 5
315
Apr.
Apr.
Apr
Apr.
76
14
21
28
May
May
May
May
5
12
19.
26
June
June
June
June
June
2
9 .
16
23
30
5,939
6,000
6,097
5 880
5,690
731
730
729
750
781
6,670
6,730
6,827
6,630
6,470
794
802
815
787
763
920
882
899
830
820
125.7
79.9
84.5
43.5
57.0
.5
.6
.1
July
July
July
July
7
14
21
28
5,642
5,614
5,605
5,575
821
818
833
834
6,463
6,432
6,438
6,410
758
754
754
750
788
784
784
815
30.1
29.8
30.1
65.5
.2
'lug
Aug.
Aug.
Aug.
4
11
18 . - 25
5,493
5,483
5,463
5,439
£24
819
824
804
6,318
6,302
6,287
6, 243
739
737
735
731
811
793
818
875
72.5
55.8
83.5
143.7
.2
2.1
1.5
Sept.
Sept.
Sept.
Sept.
Sept
1
8
15
22
29
5,484
5,435
5,543
5,559
5,517
800
796
799
804
807
6, 284
6,231
6,342
6,363
6,324
737
730
745
747
741
882
860
916
899
911
145.1
129.7
171.4
152.5
169.6
3.3
4.5
1.0
1.9
3.3
5,512
5,467
5,565
5,582
814
806
801
801
6,326
6,273
6,366
6,383
741
735
748
750
881
851
890
931
139.6
116.3
142.7
181.7
2.7
2.3
1.4
.2
5,554
5,443
5,445
5,476
805
818
819
817
6,359
6,261
6,264
6,293
746
732
732
736
905
856
886
872
158.6
123.7
153.6
135.4
Oct.
Oct.
Oct.
Oct.
___ _•__ . .
_ - . _ .
6
13..
20
27
Nov. 3
Nov. 10
Nov. 17
_..
Nov. 24
i
.1
#
0)
6,321
741
840
99.0 j
5,516
805
Dec. 1
-2
3.5
777
43.2
6,246
733
5,461
785
Dec. 8
104.3 i
6,205
834
.2
730
5,434
771
Dec. 15
.
118.4 !
6,184
.2
847
5,429
755
728
Dec. 22
742
6,181
729
836
106.3 !
!
5,440
.1
Dec. 29
1
Subject to reserve requirements of 13 percent for central reserve city banks and 10 percent for reserve
city banks.
2
Subject to reserve requirements of 3 percent.
3
Central reserve city banks only.
4
Less than $50,000.
3
March data not available.
6
Beginning Apr. 7, figures are for licensed banks only (operating on unrestricted basis).
Back figures.—See Annual Report for 1932 (table 77) and 1931 (table 56).
178
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 82.—MEMBER BANKS IN N E W YORK CITY, CHICAGO, AND OTHER RESERVE
CITIES—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED, RESERVES
HELD, AND BORROWINGS AT FEDERAL RESERVE BANKS, BY WEEKS, 1933—
Continued
[Averages of dailyfigures.In millions of dollars]
Reserves held
Deposits subject to reserve
Week ending (Friday)
Chicago:3
1933—Jan. 6 ~
Jan. 13
Jan 20
Jan 27
Feb. 3
Feb 10
Feb 17
Feb. 24
Net
demand
Time
Total
Reserves
required
Total
Excess
918
917
921
919
318
313
309
307
1,237
1,229
1,230
1,226
129
129
129
129
291
300
302
316
311
310
309
294
1,231
1 215
1,215
1,188
129
127
127
125
320
301
289
296
0.2
.2
161.7
171.6
173.3
187.5
920
905
907
893
Borrowings at
Federal
Reserve
banks
191.4
174 1
161.4
170.7
Mar.
Mar.
Mar
Mar.
Mar.
3 »5
10
17 «
24 *
31 «
Apr
Apr
Apr
Apr
76
14
21
28
755
784
801
826
354
354
346
352
1,109
1,138
1,147
1,177
109
113
114
118
158
174
172
181
49.8
61.8
57.8
63.4
May
May
May
May
5
12
19
26
845
876
876
879
357
358
356
357
1,203
1 234
1 232
1,237
121
125
125
125
177
182
184
172
56.6
57 3
59.6
46.7
June 2
June 9
June 16
June 23
June 30
891
906
935
953
973
361
363
364
356
359
1,252
1,269
1,299
1 309
1,332
127
129
133
135
137
175
201
213
211
225
48.5
72.2
80.5
76.0
88.1
July 7
July 14
July 21
July 28
980
1,014
1,028
1,045
372
366
363
360
1 352
1,380
1,391
1,406
139
143
145
147
223
231
244
269
84 1
88.7
99.7
122.5
Aug. 4
Aug 11
Aug 18
Aug 25
1,044
1,026
1 030
1,000
359
361
361
360
1,403
1,386
1 391
1,360
146
144
145
141
280
296
296
290
133.4
152.3
151.2
149.5
Sept
Sept
Sept
Sept
Sept
994
985
1,012
1,027
1,044
360
361
358
355
354
1,355
1,346
1,370
1,382
1,398
140
139
142
144
146
307
313
330
351
367
167.2
173.8
187.9
206.7
221.2
1 030
1 040
1 052
1,067
355
354
354
353
1,385
1,395
1 405
1,420
145
146
147
149
356
378
386
402
211.7
232.6
238 2
252.8
3
10
17
24
1,064
1,058
1 070
1 070
354
354
348
348
1,419
1,412
1 418
1,419
149
148
150
150
405
385
372
395
255.7
236.6
222.1
245. 9
Dec 1
Dec 8
Dec 15
Dec 22
Dec. 29
1.052
1,042
1 056
1 062
1,095
353
355
356
357
358
1,415
1,397
1,411
1,419
1,453
149
146
148
149
153
392
370
359
353
362
242. 9
223.6
211.6
204.4
208. 7
Oct
Oct
Oct
Oct
Nov
Nov
Nov
Nov
1
8
15
22
29
6
13
20
27
3
Central reserve city banks only.
* Less than $50,000.
March data not available.
Beginning Apr. 7, figures are for licansed banks only (oparating on unrestricted basis).
6
6
0)
.1
179
ALL MEMBER BANKS
N o . 8 2 . — M E M B E R B A N K S I N N E W Y O R K C I T Y , C H I C A G O , AND O T H E R R E S E R V E
C I T I E S — D E P O S I T S S U B J E C T TO R E S E R V E , R E S E R V E S R E Q U I R E D , R E S E R V E S
H E L D , AND B O R R O W I N G S AT F E D E R A L R E S E R V E B A N K S , BY W E E K S , 1933—
Continued
[Averages of daily figures. In millions of dollars]
Deposits subject to reserve
Week ending (Friday)
^Reserve city banks:
1933—Jan. 6
Jan. 13
Jan. 20
Jan. 27
Net
demand
Reserves held
Reserves
required
Time
Total
Total
Ex<
Borrowings at
Federal
Reserve
banks
4,586
4,531
4,556
4,533
4,238
4,259
4,244
4,234
8,823
8,789
8,800
8,767
581
583
580
643
646
648
681
57.3
64.7
64.8
100.9
46.6
48.0
51.9
66.9
4,524
4,488
4,488
4,428
4,222
4,222
4,208
4,161
8,745
8,710
8,695
8,589
579
575
575
568
705
695
691
107.4
129.5
120.5
123.7
74.0
65.0
79.6
108.3
Feb.
Feb.
Feb.
Feb.
3..
10.
17.
24.
Mar.
Mar.
Mar.
Mar.
Mar.
3 5-.
10«.
17 «.
24».
315.
Apr.
Apr.
Apr.
Apr.
7 614..
21..
28..
3,920
3,917
3,955
4,047
3,393
3,395
3,402
3,444
7,313
7,312
7,357
7,492
494
494
498
508
557
563
573
576
63.3
69.2
75.1
67.5
138.6
130.8
127.1
126.2
May
May
May
May
5...
12..
1926..
4,081
4,092
4,138
4,128
3,479
3,490
3,492
3,503
7,560
7,583
7,629
7,632
512
514
519
518
588
582
583
601
75.6
68.1
64.3
82.9
141.8
105.3
95.3
91.3
June 2...
June 9-..
June 16..
June 23..
June 30..
4,132
4,165
4,247
4,244
4,270
3,510
3,506
3,496
3,487
3,548
7,642
7,672
7,743
7,732
7,818
519
522
530
529
533
602
622
625
651
708
83.4
100.5
95.0
121.5
174.5
85.5
79.4
63.1
49.4
31.7
July 7 . .
July 14.
July 21.
July 28.
4,297
4,295
4,351
4,344
3,601
3,607
3,612
3,626
7,898
7,902
7,964
7,970
538
538
544
543
679
172.8
160.4
145.7
136.1
20.0
14.0
16.1
20.0
Aug.
Aug.
Aug.
Aug.
4,313
4,285
4,302
4,263
3,606
3,645
3,657
3,676
7,919
7,930
7,958
7,939
540
538
540
537
676
705
707
695
136.8
167.5
167.4
158.3
22.2
21.4
30.7
23.5
4,267
4,269
4,317
4,338
4,340
3,676
3,659
3,650
3,655
3,654
7,943
7,928
7,967
7,993
7,993
537
537
541
543
544
695
689
717
721
741
158.1
152.6
176.2
177.5
197.5
18.8
18.4
13.1
11.7
14.2
4,352
4,375
4,439
4,443
3,651
3,635
3,636
3,633
8,002
8,010
8,075
8,076
545
547
553
553
725
747
760
754
180.5
200.8
207.3
201.1
12.5
12.3
15.3
12.7
Nov. 3 ~ .
Nov. 10..
Nov. 17Nov. 24-.
4,443
4,407
4,480
4,510
3,645
3,640
3,642
3,638
8,047
8,122
8,148
554
550
557
560
744
775
812
824
190.6
225.0
255.1
263.6
13.6
12.8
11.4
11.9
Dec.
Dec.
Dec.
Dec.
Dec.
4,530
4,557
4,609
4,646
4,679
3,622
3,591
3,595
3,612
3,634
8,152
8,149
8,205
8,259
8,313
562
563
569
573
577
817
814
832
827
850
255.5
250.2
262.9
254.2
273.3
14.6
16.0
16.9
15.7
12.8
4—
11..
1825..
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
1—
8—
152229..
6—
13.
20.
27.
l._
S.15.
22.
29.
* March data not available.
6
Beginning Apr. 7, figures are for licensed banks only (operating on unrestricted basis).
No.
83.—LICENSED
MEMBER
NuinFederal Reserve district
All member banks:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
_
Minneapolis
Kansas City
Dallas
San Francisco
Total
National bank members:
Boston
N e w York
Philadelphia
Cleveland
BANKS
-DEPOSITS BY SIZE OF ACCOUNT, BY FEDERAL
[Amounts of deposits in thousands of dollars]
Total—All deposit
accounts
of licensed
memNumber of A m o u n t of
ber
deposits
accounts
banks
RESERVE
DISTRICTS, MAY
13,
1933
00
Deposit accounts of—
$2,501 to $5,000
$2,500 or less
Number
of accounts
Amount
of deposits
$5,001 to $10,000
Number
of accounts
Amount
of deposits
Number
of accounts
Amount
of deposits
$10,001 to $50,000
Number
of accounts
Over $50,000
Amount
of deposits
Number
of accounts
Amount
of deposits
311
693
587
480
2,013,075
5,971, 402
2,893,373
3, 095,121
1, 749, 767
8,938, 531
1,806, 063
1, 792, 732
444, 104
1,919, 435
5, 661,843 1, 323, 505
2, 794, 670
534, 950
3, 002, 724
540, 073
49, 386
156,034
56, 766
51, 534
169,186
493, 560
191,163
178,769
24, 060
75,117
24, 967
23, 327
159, 450
518,161
169, 876
159,055
318, 577
16,394
58, 791 1, 226,138
266, 731
14, 005
276, 463
14, 306
3,800
19,617
2, 965
3,230
658,450
5, 377,167
643, 343
638,372
305
272
470
327
1, 687,
1, 629,
3, 413,
1, 514,
903
673
151
343
823,101
661.339
2,530, 128
742, 185
1,641,888
1 595 J 75
3,' 303' 967
1, 475, 032
263,915
194, 354
582, 757
244, 806
24, 891
18, 475
55, 479
22, 176
85,911
60, 214
192, 099
70, 992
11,823
8,572
27, 575
9,121
80, 731
58,868
188, 385
61,173
7, 755
6,168
20, 834
6,600
149, 323
122,806
417, 972
129, 883
1,546
1,283
5, 296
1,414
243, 221
225,097
1,148,915
235, 331
462
695
535
363
1,199,182
1, 745, 598
1,374,017
4, 019, 267
648,908
915, 584
629, 751
2,304,218
1,163,121
1,702,727
1,339,406
3, 882, 396
220, 669
263, 125
199,849
768, 220
20, 073
21,070
17, 301
76, 648
70,
76,
60,
262,
9,170
10, 778
9,082
36,311
61,803
74, 614
63, 015
245, 660
5,748
9,024
6,991
20,499
112,570
183,092
135, 559
381, 289
1,070
1,999
1,237
3,413
183, 640
317,848
170,460
646,810
5, 500 30, 550, 105 23, 542, 307 29, 482, 384
5, 580, 327
226
905
868
239
569, 833 1,912,132
269, 903 1,840, 791
187,115 3, 720, 403
46, 870 10, 488, 654
286
553
530
421
1, 464, 332 1,334,108
3, 345, 640 3, 701,195
2, 251, 654 1, 243, 134
1,883, 343 1, 085,832
1,398,636
3,198,188
2,178, 576
1,827, 875
329, 816
686, 209
411,175
334, 311
35, 365
83, 594
43,557
30, 656
121, 950
242, 301
144, 417
106,419
16, 261
33, 977
18,153
13,873
110, 095
231, 647
122, 659
93, 932
11,100
22, 640
9,492
8, 831
225, 870
456, 886
179,831
171,806
2,970
7,241
1,876
2,108
546,377
2, 084,152
385,052
379, 364
Richmond
Atlanta
Chicago
St. Louis
271
236
379
277
1,314,980
1,503,195
2,498,951
1,038,058
.627, 532
599 3 r>2
2, Oio! 402
516,877
1, 279, 210
1,471,658
2, 418, 024
1,010,215
207,
175,
421,
163,
932
8S8
192
530
19, 539
16, 907
40, 379
15, 338
67, 338
54, 741
140, 273
47, 995
9, 279
7,797
20, 287
6, 539
63,151
53, 608
138,850
43, 392
5,814
5,642
15,955
4,940
111,270
112,166
321, 823
98, 465
1,138
1,191
4,306
1,026
177,841
202, 949
988, 264
163, 495
Minneapolis
Kansas City
Dallas
San Francisco
427
668
486
302
1,127,463
1, 565, 914
1, 270, 043
3, 213,154
617, 725
810, 910
596, 649
1, 785, 636
1,093,255
1, 526, 647
1, 237, 333
3,109,137
209, 032
245,417
187,052
612, 157
19, 016
19, 627
16, 340
58,696
66, 571
71. 693
57, 501
203,101
8,684
9, 824
8, 590
27,311
58, 613
67,852
59, 630
185,189
5,473
8,088
6,600
15, 453
107,413
162,712
127, 907
290,182
1,035
1,728
1,180
2,557
176, 096
263,236
164, 559
475, 007
4,836 22, 476, 727 14, 909, 352 21, 748, 754
3, 983, 711
120,028 2, 366,331
28,356
6,006, 392
Total
399,014 1, 324, 300
180, 575 1, 228, 618
State b a n k m e m b e r s
Boston
N e w York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y
Dallas
San Francisco. _.
25
140
57
59
34
36
91
50
35
27
49
61
71,719
179, 684
103, 974
806,113
562, 929
706, 900
195, 569
61, 987
519, 726
225, 308
31,183
104, 674
33,102
538, 582
664
Total
548,743
2, 625, 762
641, 719
1, 211, 778
372, 923
126, 478
914, 200
476, 285
8, 079, 378
8, 632, 955
415, 659
i t 237, 336
520,799
2, 463, 655
616, 094
1,174,849
362, 678
123, 517
885, 943
464,817
69,866
176, 080
102, 073
773, 259
7, 733, 630
114, 288
637, 296
123, 775
205, 762
55, 983
18, 466
161, 565
81, 276
11, 637
17, 708
12, 797
156, 033
14, 021
72, 440
13, 209
20, 878
5,352
1,568
15,100
47, 236
251, 259
48, 746
72, 350
18, 573
5,473
51, 826
22, 997
7,799
41,140
6,814
9,454
2,544
775
7,288
2,582
1,057
1,443
981
17,952
3,855
5,212
3,367
59,138
486
954
492
9,000
17, 580
5,260
49, 535
17, 781
3,190
6,762
3,385
60, 471
1, 596, 616
170, 819
587, 832
89,328
612,173
49,355
286, 514
47, 217
65,123
5,294
36,151
4,513
5,475
1,941
526
4,879
1,660
275
936
391
5,046
830
12,376
1,089
1,122
408
92
990
388
35
271
57
856
112, 073
3, 293, 015
258, 291
259, 008
65, 380
22,148
160, 651
71, 836
7,544
54, 612
5,901
171, 803
67,087 1,354,072
18,514
4, 482, 262
No. 84.—LICENSED MEMBER BANKS—SUMMARY OF DEPOSITS BY SIZE OF ACCOUNT, MAY 13,
Size group
5,500 licensed member banks—Total
Deposit accounts of:
$2,500 or less
$2,501 to $5,000
__ $5,001 to $10,000
$10,001 to $50,000
Over $50,000
Back figures.— Not available.
Amount of de- Percent of
total deposits
posits
Average
size of accounts
30, 556,105
_
$23, 542, 307, 000
100.0
96.5
23.7
8.1
.1
5, 580, 327, 000
1, 912,132, 000
1,840, 791, 000
3, 720, 403, 000
10, 488, 654, 000
7.8
15.8
44.6
3,356
6,820
19, 883
223, 782
100.0
14, 909, 352, 000
100.0
663
21, 748, 754
399, 014
180, 575
120, 028
28, 358
96.8
1.8
.8
.5
.1
3, 983, 711, 000
1, 324, 300, 000
1, 228, 618, 000
2, 366, 331, 000
6, 006, 392, 000
26.7
8.9
8.2
15.9
40.3
183
3,319
6,804
19,715
211,821
8, 079, 378
.
100.0
29, 482, 384
569, 833
269,903
187,115
46, 870
22, 476, 727
...
4,836 licensed national banks—Total
Deposit account of:
$2,500 or less
.
$2,501 to $5,000
$5,001 to $10,000
$10,001 to $50,000 _ _
Over $50,000
664 licensed State bank members—Total
Deposit accounts of:
$2,500 of less
$2,501 to $5,000__._
$5,001 to $10,000
$10,001 to $50,000
.
Over $50,000
Percent of
Number of total number of acaccounts
counts
1933
100.0
8, 632, 955,000
100.0
1,069
7, 733, 630
170, 819
89, 328
67, 087
18,514
95.7
2.1
1.1
.8
.23
1, 596, 616,
587, 832,
612,173,
1, 354, 072,
4, 482, 262,
18.5
6.8
7.1
15.7
51.9
206
3,441
6,853
20,18.
242,101
1.9
.9
.6
000
000
000
000
000
$770
189
00
No. 85.—LICENSED MEMBER BANKS—DEPOSITS BY SIZE OF ACCOUNT, BY STATES, MAY 13,
1933
00
[Amounts of deposits in thousands of dollars]
Deposit accounts of—
State
Number of
icensed
member
banks
Total—All deposit
accounts
$2,500 or less
$2,501 to $5,000
$5,001 to $10,000
Over $50,000
Number Amount Number Amount Number Amount Number Amount Number Amount
Number
Amount
of deof acof deof acof deof acof deof acof deof accounts of deposits of accounts posits
posits
counts
posits
counts
posits
counts
counts
posits
^
q
F
g
O
New England:
Maine
New Hampshire
Vermont
Massachusetts. _
Rhode Island
Connecticut
25
49
31
145
13
59
112,077
114,957
71, 291
1,101,006
371, 568
302, 582
64,960
48, 369
28,340
1,186, 427
233, 797
222, 707
106,860
111,941
69,041
1, 045, 743
352, 853
290, 995
26,982
20, 548
14,860
256, 297
70, 687
68, 507
3,225
1,768
1,461
28, 547
9,294
6,512
10,870
6,105
5,042
99, 061
30,358
22, 654
1,326
747
557
13, 518
5,605
2,891
8,644
4,937
3,695
92,145
34,429
19, 282
Middle Atlantic:
New York
New Jersey
Pennsylvania.--
500
260
666
4, 494,982
1, 799, 060
3, 499, 088
8,137,060
927. 487
2, 463, 879
4, 250,910
1, 725, 906
3, 374, 778
997,140
374,860
653, 694
111, 732
48,929
70, 255
388, 084
121,441
238,009
61,299
15,875
31,112
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
245
107
272
88
92
1,829, 876
431, 334
1,905, 581
640, 971
604, 649
845, 649
181, 267
1,733,826
383, 453
279,807
1,781,411
421,920
1, 837,490
620,170
589,348
314,118
64, 596
331,821
121, 766
101, 586
27,315
5,070
32,894
11,968
8,674
94, 788
17, 594
113,791
41.700
29, 735
West North Central
Minnesota
Iowa
Missouri
North Dakota. _
South Dakota--Nebraska
Kansas
204
101
118
67
74
132
206
753, 746
277, 384
862, 941
94,775
99,122
284, 581
390, 398
444, 707
129, 649
607,137
37, 898
40,193
142, 388
139,307
730,819
270,725
834, 736
92, 384
96,930
277,157
383,103
137,691
42, 777
152, 623
16, 986
15,197
47,859
55, 305
12, 592
3,439
15,183
1,357
1,194
3,693
3,807
44,002
11, 748
50,991
4,725
4,156
12, 494
12, 795
$10,001 t o $50,000
598
429
220
10, 289
3,423
1,783
10,892
7,710
3,773
212, 654
55,121
35,157
68
72
12
2,909
393
401
424, 552
107, 767
211,558
52, 280 1,099,054
7,390
142,121
18, 439
355, 287
18, 761
960
4,504
5, 228, 230
181,298
1,005,331
12, 356
2,314
17,332
5,272
3,692
84.629
15, 429
119,058
35, 888
24,936
7,459
1,688
13,875
3,057
2,471
143,975
32, 890
281,908
57, 052
49,158
1,335
342
3,990
504
464
208,139
50.758
887, 248
{>
F
127,047
74,392
g
«
5,681
1,708
6,313
637
563
1,876
1,829
38, 608
11, 523
42,890
4,194
3,822
12, 741
12, 677
3,857
1,279
5,338
349
370
1,572
1,412
76,976
25, 710
108, 780
6,605
7,410
31,002
29, 579
797
233
1,371
48
65
283
247
147,430
37,891
251,853
5,388
9,608
38,292
28,951
2
g
7,572
9,069
970
526,270
43,202
h3
77.!07
|
O
^
j
M
g
§
W
O
>
g
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
19
44
10
132
72
37
19
71
46
65, 665
215, 400
231,945
648,884
371,t538
204,669
65,123
540, 842
234, 391
55, 468
208, 344
162,485
247, 554
108, 955
97,113
19,921
197, 451
135, 309
62, 767
203, 985
223, 265
633,979
364, 922
200, 032
63, 801
530, 435
228,313
12,181
49, 676
44, 837
95,991
46, 303
27, 664
8,169
54,925
32,881
1,476
5,864
4,598
8,620
3,939
2,183
643
5,937
2,957
5, 111
20, 475
15,982
29, 499
13, 545
7,492
2,208
16, 324
10,429
780
3,105
2,243
3,715
1,634
1,158
352
2,340
1,558
5,291
21,122
15, 404
25, 475
11, 057
7,835
2,439
15,858
10,937
510
2,059
1.507
2,214
894
1,074
198
1,680
1.298
9,868
39, 395
29,080
42,446
17,018
21,434
3,752
34,483
24,541
132
387
332
356
149
222
129
450
265
23,017
77, 676
57,182
54,143
21, 032
32, 688
3,353
75, 861
56, 521
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
91
69
73
21
435, 319
433, 471
364, 054
89,456
153, 303
159, 507
116, 235
33, 331
426,312
• 424,361
357. 344
87,198
59, 015
53, 499
40,153
13, 307
5,024
4.735
3,614
1,254
17, 292
16,765
12, 307
4,393
2,313
2,409
1,763
596
15. 377
16, 331
12,068
4,106
1,432
1,677
1,172
368
27, 448
33, 291
22,320
6,691
238
289
161
40
34,171
39, 621
29, 387
4,834
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
51
22
217
497
122, 501
206.157
466, 474
1, 295, 764
50, 783
124,121
214, 407
579,919
119, 502
200,137
457, 099
1, 263, 594
18,213
30, 887
56. 823
185, 608
1,620
2,895
4,400
16, 204
5,639
10, 647
15, 434
56, 629
773
1,608
2,348
8.408
5.311
11,179
16, 050
58, 308
526
1,237
2,139
6,426
10, 241
26, 262
43, 303
124, 524
80
280
488
1,132
11, 379
45,146
82, 797
154, 850
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
58
31
30
77
24
10
30
6
101,491
58,869
61,811
284,100
44, 372
44, 759
113, 762
12,964
65, 428
25, 702
27,106
177,916
16, 439
23,836
56, 719
7,650
97, 555
57, 521
60, 237
275, 222
43, 523
43,700
110, 376
12.329
21. 489
10,105
9,279
56, 604
6, 240
9,104
18, 462
3,186
2,071
710
849
4,811
444
580
1,768
375
7,599
2,498
2,950
16,957
1,591
2,045
6,286
1,332
1,098
344
379
2,233
217
251
934
186
7,332
2,468
2,716
15, 626
1,493
1,798
6,216
1,238
662
245
291
1,474
156
190
577
65
12, 776
4,607
6,041
27.473
3,035
3,568
11,261
1,120
105
49
55
360
32
38
107
9
16. 232
6,024
6,120
61, 256
4,080
7,321
14, 494
774
Pacific:
Washington
Oregon
California
83
61
145
316, 655
302, 489
3,181, 211
168, 379
150,175
1, 880, 444
307, 589
294,830
3, 067, 236
54, 714
54, 548
620, 564
4.836
4,510
64. 007
16, 718
15, 635
218, 207
2,251
1,893
30, 511
15, 613
12, 769
205, 970
1,642
1,022
16, 802
32, 491
19, 405
309, 715
337
234
2,655
48, 843
47. 818
525, 988
Total
5,500 30,556,105
23, 542, 307 29, 482, 384 5, 580, 327 569,833 1, 912,132
269. 903 1, 840, 791
187,115 3, 720, 403
tr1
46, 870 10, 488, 654
Back figures.—Not available.
CO
184
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
REPORTING MEMBER BANKS IN LEADING CITIES
N o . 86.—REPORTING M E M B E R BANKS (101 C I T I E S ) 1 — L O A N S , INVESTMENTS,
DEPOSITS, R E S E R V E S , AND BORROWINGS AT FEDERAL RESERVE BANKS,
1922-33
[Monthly averages o weekly figures. In millions o dollars]
f
f
1922
1923
1924
1925
1926
14,694
14,688
14,617
14,688
14,968
15, 242
15,254!
15,373!
15,446!
15,732
15,816
16,006
16, 233
16,226
16,368
16,443
16,487
16,428
16,404
16, 201
16,305
16,381
16, 287
16,318
16,321
16, 319
16,443
16,565
16.618
16,816
17,131
17,446
17,757
18,217
18,35"
18,465
18,502
18,439
18,523
18,554
18, 527
18,641
18,722
18, 775
18, 978
19, 239
19,331
19,413
19,358
19,323
19,420
19,392
19,502
19, 596
19,561
19,594
19,775
19, 784
19,673
19, 742
11,204!
11,025;
1.1,034:
11.002
11,045;
11,0241
10,959|
10,942
11,066
11,342
11,400'
11,4451
11,560
11,597
11,796
11,919
12,002
11,905
11,912
11,792
11, 930
12, 029
11,975
11,985
IV
12,004
12,138
12.212
12,172
12, 249
12,400
12,594
12, 725
12, 955
12, 969
13,087
13,179
13,232i
13,320
13, 297
13,294
13,375
13,474
13,557
13,797
14,057
14,181
14, 248
14,200
14,140
14,172
14,140
14,160
14,235
14,241
14,313
14,498
14,5551
14,487
14, 578
3,711
3,666
3,641
3,657.
3,825
3,909!
3,895'
3,862!
3.908!
4,060;
4,103!
4,123
4,194
4,119
4,116
4,173i
4,220
4,157
4,150;
3,994!
4,028!
4,052!
4,0561
4,142|
4,252
4,173
4, 181
4,218
4,221
4,310
4,479
4,582
4,675
4,726
4.740
4,91
5,008
5, 056
5,122
5,098
5,167
5,289
5,370
5,377
5,447
5,558
5,696
5,843
All other loans:
January—
February..
March
April - - .
May
June
JulyAugust
September.
October
November.
December..
7,493
7,3591
7,393
7,345
7,219
7,115
7,064
7,080
7,158!
7.282
7,297
7,322
7,3661
7,477
7,680
7,746
7,7811
7,748!
7,7611
7, 798!
7,903'
7,977;
7,920!
7,843;
7,736
7,831
7,956
7,994
7,951
7,939
7,921
8,012
8,049
8,229
8,229
8,170
Investments:
January
February. _
March
April.
May
June
July..
August
September.
October
November.
December..
3,490
3,663
3,583
3,686
3,923
4,218
4,295
4,431
4,379
4,390
4,416
4,561
4,673'
4,629!
4,572
4,523:
4,485'
4,522
4,492(
4,409!
4,375
4,352
4,312
4,333
4,333
4,315|
4,306|
4,352
4,445
4, 567|
4,731j
4,851
5,032
5, 2621
5, 389
5,378
Month
Loans and investments:
January
February..
March
April
May
June
July
August
September.
October
November.
December..
Total loans:
January
February..
March
April
May
June
July-August
September.
October....
November.
DecemberLoans on securities:
January
February..
March
April
May
June
-.
July
August
September.
October
November.
December..
1929
1930
1931
1932
19,686 21,493
19,558! 21,315
19,989! 21,502
20,068; 21,944
20, 273! 22,148
20,506; 22. 063
20.404' 22,006
20, 357 21,809
20,653 21,871
20,918 21, 938
21,112 21,983
21,328 22. 189
22,320;
22,263
22,472!
22,388!
22,113
22, 231
22,479
22, 465
22,646
23,124
23,663
23,012
22, 368
22,083
22, 352
22, 657
22, 662
23. 024
23.101
23,128
23, 220
23, 409
23, 455
23,117
22, 660
22, 659
22,839
22, 942
22,713
22,439
22, 393
22,093
22, 078
21, 425
21, 023
20, 749
20,178 18, 665
19, 775 18, 532
19,434
(2)
19,096
19,112!
18,877
18,419
18, 587
18, 739
19,0261
18,9871
18, 840
14,538
14,347
14,536
14,564
14, 666
14,849
14,781!
14,825
15,066
15, 258
15,308
15,396
15,441
15,223
15,370
15.805
15,960
15,871
15,892|
15,825!
15, 898j
16,003
16,096
16, 253
16,300
16,260
16,491
16,464
16,277i
16,4801
16,950|
16, 969
17,197i
17,7061
18,041I
17,444.
16, 821
16, 542
16, 746
16,901
16, 825
17, 048
16,906
16, 838
16, 859
16, 834
16, 673
16, 332
15, 894
15, 557
15,452
15,197
14, 891
14 623
14,623
14,595'
14,380'
14,283!
13, 650
13,445
13, 204
12,975 10,126
12, 711j 10, 036
12,3751 (2)
11.9701
11, 702L
ll,420 ! _
11,071!
10,897|_
10, 753'_
10, 605:
10,400 _
10,340!
5,874
5,767
5,652
5, 576
5,592!
5,693|
5,743
5,771
5,847
5,741
5,633
5,771
5,9151
5, 780!
5,867j
5,930
6,017!
6,220
6,191!
6,20l|
6,298!
6,4031
6,492!
6.811
6,606
6,586
6,924
7,075
6,9fi2
6,955
6,816
6,840
6,874
7,082
7,198
7,506|
7, 522
7.5801
7,392:
7,218|
7,332!
7,716
7,578!
7.6541
8.098!
8, 249l
7,968
7,794
7,671
7,964
8,270
8,312
8,560
8, 391
8, 349
8,383
8,237
7,897
7,776
7,495
7,315
7,3021
7,157|
6,998
6,770
6,631
6,480
6,413
5,971
5,859
5,763
5,644 4,223
5,497 4,217
5,388
!2)
5,150
4,975
4,811!
4,6161
4,578!
4,524
4,437
4, 280
4,319]
8,170
8,176
8,198
8,199
8,127
8,085
8,103
8,180
8,349
8,500
8,485
8,405
8,326
8,373
8,621
8,564
8,568
8,541
8,498
8, 542
8.652
8,814
8, 854
8,807
8,623
8,566'
8,670!
8,634;
8,649
8,628'
8,590|
8,624|
8,7681
8,8551
8,816i
8, 720|
8,631
8,617
8,784
8,880
8,884
8,909
8, 937
9,009
9,059]
9,130
9,014
9,055
8,794
8,737!
8,911
9,073
9,059
9,149
9,2341
9,390!
9,543'
9,608
9,792;
9,476
9,027
8,871
8.781
8,631
8,513
8,487
8,515
8,488
8,476
8,597
8,776
8,557
8, 399j
8,242
8,150
8,040!
7,893
7,853
7,964
7,900
7,870
7,679
7,586
7,441
7,331
7,214
6,987
6,820
6,727
6,609;
6,455
6,319;
6,229!
6,168;
6,120
6,021
5,323
5,206
5,204
5, 258
5, 233
5,
5,248
5,217
5,181
5,181
5,151
5,165
5,158
5.182
5,248
5,252
5,342
5.3K2
5,320
5,281
5,277
5,228
5,186
5,165
5,148
5,212
5,453
5,504
5,608
5,658
5,623
5,531
5,587
5,660
5,804
5,932
6,052
6,091
6,133
6,140
6,188
6,193
6,114
5,984
5,973
5,934
5,888^
5,936!
6,021
6,0041
5,981I
5,924
5,836
5,751!
5, 5291
5,496!
5,449i
5,418
5,623
5,567
5, 548
5,541
5,607
5,756
5,837
5,977
6,194
6,291
6,361
6,575
6,782
6,784
6,766
7,102
7,387
7,745
7,822
7,816
7,798
7, 713
7,795
7,775
7,578
7,545
7,203 8, 539
7,0641 8,496
7,059| (2)
7,126!
7,410
7,457
7,348
7,690
7,986
8,421!
8,587
8,500
1927
1 For list of cities, see table 87.
2
Discontinued; see note below table 87.
Back figures.—See Annual Report for 1930 (table 51).
1928
1933
5,P03
5,819
()
185
REPORTING MEMBER BANKS IN LEADING CITIES
No. 86.—REPORTING MEMBER BANKS (101 CITIES)—LOANS, INVESTMENTS,
DEPOSITS, RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS,
1922-33—Continued
[ M o n t h l y averages of weekly figures. I n millions of dollars]
Month
Net demand
plus time deposits:
January
February. _
March
April
May
June
July
August
September.
October
November.
December..
Net demand
deposits:
January
February. .
March
April
May
June
July.
August
September.
October
November.
December..
Time deposits:
January
February._
March
April
May
June
July.August
September.
October
November.
DecemberReserve balances:
January
February. _
March
April
May
June
July
August
September .
October
November.
DecemberBorrowings at
Federal reserve banks:
January
February. _
March
April
May
June
July
August
September.
October
November _
December. .
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931 1932
13,409
13,339
13,529
13, 766
14,170
14,487
14,627
14,602
14,680
14,852
14, 796
14,866
15,312
15,294
15,212
15,204
15,230
15,196
15,204
14, 973
15,026
15,155
15, 228
15,210
15,434
15,450
15,509
15, 577
15,759
16,164
16,603
16,967
17,262
17,689
17,945
18,039
18,094
17,977
17,872
17,828
17,913
18,007
18,119
18,049
18,122
18,386
18,558
18, 530
18, 597
18,468
18,414
18,392
18,544
18, 715
18,677
18,641
18,7-"
18,7:
18,61
18,81
18,921
18,771
19,023
19,054
19,292
19,577
19,483
19,504
19,609
19,757
20,112
20,291
20,542
20,286
20, 268
20, 576
20,652
20,373
20,107
19, 733
19,880
20,059
20, 217
20,241
20,487
20,270
20,127
19,869
19,768
19, 740
19, 918
19,848
19,990
20,472
21,131
20, 501
20, 096
19,835
20,067
20,460
20, 511
20,842
21, 078
21,050
21,093
21,284
21, 452
21,060
20, 836
20,839
20,944
21, 059
21,099
20, 683
20, 727
20, 360
20, 029
19,058
18, 530
18,037
17,409 17, 593
16,796 17, 204
16,641
(2)
16,668 .
16,820 .
16.612
16,34l|
16,472j
16.768!
17,0221
17,2631
17,336|.
10, 367
10,280
10, 391
10, 587
10,919
11,138
11,113
11,007
11,076
11,228
11,121
11,146
11,561
11, 522
11, 284
11, 214
11,222
11,176
11,198
10,968
10,991
11,107
11,170
11,127
11,299 13,203
11,273 13,020
11,282 12,866
11,299 12, 742
11,424 12, 742
11, 773 12,805
12,114 12,922
12,396 12,831
12, 630 12, 892
12,937 13,085
13,080 13,185
13,184 13,173
13,195
13,019
12,917
12,830
12,953
13,074
12, 964
12,900
13,024
13,015
12, 938
13,032
13,067
12, 883
13,034
13,033
13,179
13, 414
13, 306
13,276
13,340
13,412
13, 703
13,872
13,982
13, 673
13,579
13,814
13,760
13,450
13, 246
12,002
13,049
13,216j
13, 369
13,399
13,593
13, 391
13,288
13,076
12,992
13,001
13,245
13,120
13,180
13, 633
14, 363
13, 774
13,224 13, 763
12, 974 13, 626
13,093 13, 678
13, 391 13, 731
13, 393 13, 692
13, 631 13,425
13, 720 13,576
13,651! 13, 290
13, 622J 13,137
13, 735 12, 574
13,934 12, 279
13, 839 12, 024
11,588 11,902
11,081 11,609
10,950 (2)
11,012
11,130
11,013
10,793
10,842
11,143
11,342
11,5711
II,"-
3,042
3,059
3,138
3,179
3,251
3,349
3,514
3,595
3,604
3,624
3,675
3, 720
3, 751
3,772
3,928
3,990
4,1
4,020
4,006
4,005
4,035
4,048
4,058
4,083
4,135
4,177
4,227
4,278
4,335
4,391
4,489
4,571
4,632
4,752
4,865
4,855
4,891
4,957
5,006
5,086
5,171
5,202
5,197
5,218
5,230
5,301
5,373
5,357
5, 402
5, 449
5,49'
5,562
5,591
5,641
5,713
5, 741
5,722
5,712
5,752
5,768
1,289
1,299
1,318
1,324
1,381
1,405
1,414
1,370
1,357
I', 379
1,383
1,447
1,434
1,404
1,397
1,408
1,400
1,402
1,366
1,360
1,381
1,382
1,382
1,433
1,407
1,435
1,439
1,449
1,539
1,558
1,595
1,645
1,644
1,638
1,691
1,663
1,656
1,627
1,'"'"
1,612
1,622
1,627
1,640
1,639
1,652
1,667
1,685
1,672
1,652
1,649
1,639
1,647
1,664
1,649
1,640
1,674
1,627
1,631
1,680
514
374
264
215
161
130
151
115
145!
240
376!
392
343
402
417
420
455
466
552
516
545
585
505
502
347
285
245
258
185
131
89
61
108
218
234
229
191
238
264
351
403
437
411
491
318
351
372
329
290
252
315
335
428
440
422
447
L. 412
75
145
5,854 6, 560| 6,894 6, 872
5,888 6, 613i 6,879 6,861
6,839 6, 974J
6,021 6,762 6,793 7, 069
6,113 6,892 6,776 7,118
6,163 6,923 6,739 7,2111
6,177 6,861 6,673 7, 358!
6,228 6,831 6,728 7,399
6,269 6,831 6,810 7,471
6,345 6,843 6,839 7,549
6,409 6,848 6,768 7,518
6,419 6,842 6,72- 7,221
7,073
7, 213
7,266
7,328
7,407
7,258
7,151
7,070
6,892
6,484
6,251
6,013
5,821
5,715
5,691
5,656
5,6901
5,599
5, 548!
5,630!
5,625!
5, 680
5.692
5,648
1,718
1,704
1,846
1,792
1,811
1,799
1,836
1,827
1, 843
1,795
1,791
1,717
1,603
1,637
1933
1,510
1,437
1.447
1,548
1,705
1,626
1,568
1,643
1, 778'
1,868
1,949
2,002
1,7
1,758
1,726
1,783
1,771
1,740
1,723
1,672
1,699
1,707
1,714
1,748
299
233
268
270
302!
268
272
256
267
283
276
314
338
362
488
644
796
854
806
822
736
681
799
1,777
1,734
1,715
1,672
1,666
1,672
1,703
1,665
1,703
1,775[
1,869
1,743!
663!
659J
740!
725!
661;
670|
801!
717|
706J
634
655
490
1^740
1,745
1,781
1,813
1,791
1,813
1,824
1, 829
1,834
247!
174
81
71
59
53
53
43
44
56
71
141
82
57
35
26
28
56
44
75
127
398
404
499
5, 691
5,2595
()
469;
63
484!
95
277!
185:——.
11
91
212!
164<
128
103
99
75
186
ANNUAL EEPOKT OF THE FEDERAL RESERVE BOARD
No. 87.—REPORTING MEMBER BANKS (101 CITIES)
1
—PRINCIPAL
[In millions of dollars]
Loans
Date or month
1933
All cities:
Jan. 4
Jan. 11
Jan.18
Jan. 25
Average. -
Total
Joans and
investments
Total
On securities
Investments
All other
Total
U.S.
Govern- Other sement
curities
securities
18,713
18, 673
18, 655
18, 619
18, 655
10,214
10,136
10,115
10, 040
10,126
4,271
4,237
4, 213
4,173
4,223
5,943
5,899
5,902
5,867
5,903
8,499
8, 537
8, 540
8,579
8,539
5,205
5,262
5, 291
5, 283
5,260
3,
3,
3,
3,
3,
Feb. 1
Feb. 8
Feb. 1 5 . - Feb. 2 1 . —
Average.
18, 725
18, 573
18, 571
18, 257
18, 532
10,166
10,028
10, 083
9, 865
10, 036
4,259
4,204
4,206
4,199
4,217
5, 907
5,824
5,877
5, 666
5,819
8,559
8,545
8,488
8,392
8,496
5,253
5,248
5,206
5,115
5, 205
3,306
3, 297
3, 282
3, 277
3, 291
Mar. 1-
17, 823
9,627
4,234
5,393
8,196
4,908
3,288
7,037
7,055
7,086
7,132
7,077
3, 433
3,402
3,408
3,398
3,410
1,584
1,580
1, 559
1,562
1,571
1,849
1,822
1,849
1,836
1,839
3,604
3,653
3,678
3,734
3,667
2,502
2, 560
2,609
2,631
2, 575
1.102
1,093
1,069
1.103
1,092
Feb.1
Feb.8
Feb. 15
Feb. 21
Average _
7,222
7,073
7,078
6,809
7,046
3,521
3,405
3,472
3, 274
3, 418
1,643
1,606
1,614
1,621
1,621
1,878
1,799
1, 858
1, 653
1,797
3,701
3,668
3,606
3, 535
3, 628
2, 600
2, 572
2,522
2,452
2,537
1,101
1, 096
1, 084
1, 083
1,091
Mar. 1
6, 512
3,079
1,640
1,439
3,433
2,338
1, 095
11,876
11,618
11,569
11,487
11, 588
6,781
6, 734
6, 707
6,642
6,716
2,687
2, 657
2, 654
2,611
2, 652
4,094
4,077
4, 053
4,031
4, 064
4,895
4,884
4, 862
4,845
4,872
2,703
2,702
2,682
2,652
2,685
2.192
2,182
2,180
2.193
2,187
Feb. 1
Feb.8
Feb. 1 5 —
Feb. 24
Average,
11, 503
11,500
11,493
11,448
11, 486
6,645
6, 623
6,611
6,591
6,618
2,616
2,598
2,591
2,578
2,596
4,029
4,025
4,020
4,013
4,022
4,858
4,877
4,882
4,857
4,868
2,653
2,676
2,684
2.663
2,668
2, 205
2, 201
2,198
2.194
2, 200
Mar. 1
11,311
6,548
2,594
3,954
4,763
2,570
2,193
New York City:
Jan. 4
Jan.11
Jan.18
Jan. 25
Average...
Outside New York City:
Jan. 4
Jan.11
Jan.18
Jan. 25
Average
294
275
249
296
279
1
Following is a list of the 101 cities, including the 11 cities (preceded by an asterisk) which were
dropped w hen the 90 cities series shown in table 88 was inaugurated:
District no. 1 (6 cities).—Boston, Mass.; Hartford, Conn.; New Haven, Conn.; Providence, R.I.; Springfield, Mass.; Worcester, Mass.
District no. 2 (8 cities).—New York City, N.Y.; Buffalo, N.Y.; Albany, N.Y.; Bridgeport, Conn.;
Jersey City, N.J.; Newark, N.J.; Rochester, N.Y.; Syracuse, N.Y.
District no. 3 (4 cities).—Philadelphia, Pa.; Camden, N.J.; Scranton, Pa.; Wilmington, Del.
District no. 4 (10 cities).—* Cleveland, Ohio; Cincinnati, Ohio; Pittsburgh, Pa.; Canton, Ohio; Columbus, Ohio; Dayton, Ohio; Erie, Pa.; Lexington, Ky.; Toledo, Ohio; * Akron, Ohio.
District no. 5 (12 cities).—Richmond, Va.; * Baltimore, Md.; Charleston, S.C.; Charleston, W.Va.;
Charlotte, N.C.; * Columbia, S.C.; Huntington, W.Va.; Lynchburg, Va.; Norfolk, Va.; Roanoke, Va.;
Washington, D.C.; Wilmington, N.C.
District no. 6 (8 cities).—Atlanta, Ga.; Birmingham, Ala.; Jacksonville, Fla.; Nashville, Tenn.; * New
Orleans, La.; Chattanooga, Tenn.; Mobile, Ala.; Savannah, Ga.
REPORTING MEMBER BANKS IN LEADING CITIES
ASSETS AND LIABILITIES, BY WEEKS,
187
1933
[In millions of dollars]
Net demand plus time deposits
Reserve
with
Federal
Reserve
banks
Cash in
2,050
2,137
2,093
2,081
2,090
221
216
208
211
214
17, 529
17,641
17, 609
17,592
17, 593
11,823
11,940
11,907
11,936
11,902
1,994
1,977
1,794
1,814
1,895
193
213
249
283
234
17, 547
17, 325
17,160
16, 785
17, 204
1,599
389
15,893
vault
Total
U.S.
Government
deposits
Borrowings at
Federal
Reserve
banks
5,706
5,701
5,702
5, 656
5, 691
332
286
266
243
282
61
58
59
76
63
11, 899
11,699
11, 552
11, 286
11, 609
5,648
5,626
5,608
5,499
5,595
300
245
190
148
221
81
70
100
130
95
10, 605
5,288
90
488
Net demand
Time
Date or month
1933
1,052
1,147
1,099
1,028
1,082
42
40
37
36
39
6,627
6,774
6,759
6,742
6,725
5,733
5,880
5,845
5,871
5,832
894
894
914
871
893
34
38
42
48
41
6,721
6,566
6,392
6,183
6,465
5,862
5,717
5,545
5,380
5,626
859
849
847
803
839
114
92
71
54
83
683
92
5,759
4,983
776
34
Average.
Feb. 1.
Feb. 8.
Feb. 15.
Feb. 21.
Average.
Mar. 1.
New York City:
Jan. 4.
Jan. 11.
Jan. 18.
Jan. 25.
Average.
133
112
102
93
110
967
924
775
782
862
All cities:
Jan. 4.
Jan. 11.
Jan. 18.
Jan. 25.
Feb. 1.
Feb. 8.
Feb. 15.
Feb. 21.
Average.
183
Mar. 1.
Outside New York City:
Jan. 4.
Jan. 11.
Jan. 18.
Jan. 25.
Average.
998
990
994
1,053
1,008
179
176
171
175
175
10,902
10,867
10, 850
10, 850
10,868
6,090
6,060
6,062
6,065
6,070
4,812
4,807
4,788
4, 785
4,798
199
174
164
150
172
61
58
59
76
63
1,027
1,053
1,019
1,032
1, 033
159
175
207
235
193
10,826
10, 759
10, 768
10, 602
10, 739
6,037
5,982
6,007
5,906
5,983
4,789
4,777
4,761
4,696
4,756
186
153
119
94
138
81
70
100
130
95
Feb. 1.
Feb. 8.
Feb. 15.
Feb. 21.
Average.
916
297
10,134
5,622
4,512
56
305
Mar. 1.
District no. 7 (12 cities).—Chicago, 111.; * Detroit, Mich.; Cedar Rapids, Iowa; Des Moines, Iowa; * Flint,
Mich.; * Fort Wayne, Ind.; Grand Rapids, Mich.; Indianapolis, Ind.; * Joliet, 111.; Milwaukee, Wis.
Peoria, 111.; Sioux City, Iowa.
District no. 8 (5 cities).—St. Louis, Mo.; * Little Rock, Ark.; Louisville, Ky.; Memphis, Tenn.; Evansville, Ind.
District no. 9 (8 cities).—Minneapolis, Minn.; Helena, Mont.; Duluth, Minn.; Fargo, N.Dak.; Great
Falls, Mont.; La Crosse, Wis.; St. Paul, Minn.; Sioux Falls, S.Dak.
District no. 10 (12 cities).—Kansas City, Mo.; Denver, Colo.; Oklahoma City, Okla.; Omaha, Nebr.;
Kansas City, Kans.; Lincoln, Nebr.; Muskogee, Okla.; Pueblo, Colo.; St. Joseph, Mo.; Topeka, Kans.;
Tulsa, Okla.; Wichita, Kans.
District no. 11 (9 cities).—Austin, Tex.; Dallas, Tex.; El Paso, Tex.; Houston, Tex.; Fort Worth, Tex.;
Galveston, Tex.; San Antonio, Tex.; Shreveport, La.; Waco, Tex.
District no. 12 (8 cities).—San Francisco, Calif.; Los Angeles, Calif.; Portland, Oreg.; Salt Lake City,
Utah; Seattle, Wash.; Spokane, Wash.; * Oakland, Calif.; Tacoma, Wash.
188
ANNUAL REPORT OF T H E FEDERAL RESERVE BOARD
No. 88.—REPORTING MEMBER BANKS (90 CITIES)
J
—
[In millions of dollars]
Loans
Date or month
J a n . 6_
Jan.13
J a n . 20
J a n . 27
Feb. 3
F e b . 10
F e b . 17
F e b . 24
Mar. 2
Mar. 9
M a r . 16
M a r . 23
M a r . 30
Apr. 6
Apr. 13
Apr. 20
A p r . 27
May 4
1932
._ . .
.
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19__
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Monthly averages:
January
February
March
April
May
June
July
August
_.
September
October
November
December
1
Total
loans and
investments
Total
Total
U.S.
Govern- Other sement
curities
securities
3,782
3,718
3,599
3,563
3,645
3,570
3, 558
3,527
3,465
3,428
3,724
3,666
3,649
3,614
3,589
3,607
3,620
3,893
3,877
3,832
3,822
3,774
3,819
4,056
4,030
3,993
3,942
3,857
3,843
3,872
4,209
4,203
4,222
4,216
4,261
4,262
4,283
4,689
4,679
4,713
4,778
4,897
5,002
4,986
4,995
5,006
4,961
4.973
4,942
4,926
4,947
4,916
2,912
2,915
2,896
2, 955
2, 885
2, 876
2, 863
2, 854
2,857
2,831
2,848
2,860
2,884
2,894
2, 893
2,938
2,931
2, 938
2, 944
2,949
2,988
3,020
2,907
2,900
2,889
2,904
2,876
2,875
2, 868
2, 876
2, 885
2, 856
2, 843
2, 856
2, 886
8,905
8,943
8,982
8,932
8,903
8,943
8,871
4,080
4,060
4,042
4,010
3,971
3,980
4,007
3,974
3,984
3,948
3,935
3,917
3,822
3,786
3,771
3,722
3,735
3,764
3,784
3,797
3,805
3,789
6,694
6,633
6,495
6,518
6,530
6,446
6,421
6,381
6,322
6,259
6,572
6,526
6,533
6,508
6,482
6,545
6,551
6,831
6,821
6,781
6,810
6,794
6,726
6,956
6,919
6,897
6,818
6,732
6,711
6,748
7,094
7,059
7,065
7,072
7,147
7,157
7,192
7,589
7,604
7,640
7,747
7,879
7,992
7,974
7,993
7,997
7, 959
7,988
7,887
7,919
7,911
7,910
11,331
11, 086
10, 784
10, 402
10,157
9,894
9,571
9,417
9.292
9,160
8,965
8,912
5,037
4,901
4,804
4,571
4,403
4,245
4,065
4,033
3,986
3,906
3,756
3,794
6,294
6,185
5,980
5,831
5,754
5,649
5,506
5,384
5,306
5,254
5,209
5,118
6,585
6,445
6,442
6,521
6,811
6,858
6. 752
7,087
7,386
7,814
7,982
7,907
3,665
3,575
3,586
3,607
3,856
3,934
3,878
4,222
4,478
4,847
4,984
4,933
2,920
2,870
2,856
2,914
2,955
2,924
2,874
2,865
2.908
2,967
2,998
2,974
11,440
11,378
11,291
11,216
11,194
11,092
11,065
10,994
17,118
10, 287
10,172
10,117
10,052
17,916
17.531
17, 226
16, 923
16, 968
16, 752
16, 323
18, 504
16, 678
16, 974
16, 947
16,819
All other
6,354
6,331
6,269
6,224
6,224
6,183
6,187
6,148
6,124
5,998
5,971
5,917
5,887
5,843
5,829
5,849
5,801
5,798
5,764
5,743
5,713
5,757
5,638
5,726
5,563
5,563
5,529
5,572
5,463
5,461
5,426
5,412
5,385
5,345
5,354
5,364
5,296
5, 296
5,268
5,238
5,254
5, 272
5,252
5,217
5,218
5,183
5,208
5,218
5,148
5,106
5,138
5,082
18,134
18,011
17,786
17, 734
17, 724
17, 538
17, 486
17, 375
17, 297
17,093
17,374
17, 202
17,164
16,994
16,881
16,947
16,870
16, 993
16,898
16,862
16,886
16,590
16, 947
16, 694
16, 645
16, 424
16,380
16, 240
16, 249
16, 600
16, 531
16, 492
16, 427
16, 472
16, 501
16,495
16, 859
16, 856
16, 826
16, 936
17,068
17,066
16,977
16,982
16,902
16,902
16,970
16,819
16,822
16. 854
16, 781
On se-
Investments
10, 975
10,834
10,802
10, 676
10,631
10,
10,
10,
10,
486
399
402
319
10,092
9,864
9,991
9,775
9,748
9,606
9,648
9,529
9,501
9,506
9,472
9,427
9,355
9,325
9,344
9,303
9,270
9,252
9,186
9,189
9,189
9,074
9,003
5,086
5,047
5,022
4,992
4,970
4,909
4,878
4,846
4,851
4,836
4,831
4,759
4,744
4,643
4, 570
4,553
4,518
4,489
4,408
4,374
4,339
4,335
4,226
4,265
4,212
4,185
4,077
4,076
4,066
4,040
2, 89J5
2,909
2, 900
2, 925
2, 927
2, 969
2,982
2,990
2, 988
2, 998
2,991
2, 998
3, 015
2,945
2,993
2,964
2,994
For list of the 90 cities see note below table 87.
Back figures—-Not available (for 90 cities series); for 101 cities series, see Annual Reports for 1932
(table 79), 1931 (table 58), and 1930 (table 52).
REPORTING MEMBER BANKS I N LEADING CITIES
PRINCIPAL
ASSETS
AND L I A B I L I T I E S , BY W E E K S ,
1932-33
[In millions of dollars]
Reserve
with
Federal
Reserve
banks
Net demand plus time deposits
C a s h in
vault
Total
Net demand
Time
U.S.
Government
deposits
Borrowings at
Federal
Reserve
banks
Date or month
1932
1,421
1,398
1,388
1,371
1,349
1,331
1,321
1,307
1,319
1,335
1,339
1,339
1,349
1,365
1,437
1,406
1, 547
1,559
1,574
1,610
1,649
1,552
1,522
1,523
1,501
1,472
1,394
1, 453
1,474
1,520
1,450
1,510
1,528
1,593
1,610
1,599
1,709
1,659
1,722
1,721
1,699
1,768
1,874
1,827
1,805
1,854
1,862
1,888
1,855
1,895
1,913
1,946
220
214
208
204
191
203
187
194
176
180
174
183
184
173
177
170
178
173
179
179
180
175
180
180
184
211
202
200
198
188
177
185
177
179
181
179
190
174
180
173
180
178
179
167
190
176
186
183
188
202
215
206
15,668
15, 516
15,364
15,309
15, 014
14,922
14,878
14, 797
14,808
14,798
14,787
14, 639
14,738
14,663
14,738
14,852
14,967
14,946
15, 012
14,990
15, 018
14,954
14,813
14,895
14,681
14,655
14,540
14, 620
14,506
14,570
14,586
14,654
14,680
14,728
14,846
14,863
15,068
14,957
15,099
15,095
15, 219
15,324
15, 445
15,429
15,464
15, 529
15,504
15,674
15,477
15,635
15,642
15, 673
10,924
10,783
10, 658
10,645
10,365
10, 299
10, 273
10,202
10, 208
10,184
10, 201
10,062
10,153
10,099
10,192
10, 283
10,370
10,329
10,385
10,382
10,411
10, 360
10, 253
10,358
10,173
10,174
10, 059
10,148
10,022
10, 039
10, 040
10, 079
10,102
10,148
10, 272
10, 301
10, 513
10,385
10, 515
10,500
10,604
10,676
10, 769
10, 763
10,798
10,871
10,856
11, 041
10,860
11, 012
11, 034
11, 051
4,744
4,733
4,706
4,664
4,649
4,623
4,605
4,595
4,600
4,614
4,586
4,577
4, 585
4,564
4,546
4,569
4,597
4,617
4,627
4,608
4,607
4,594
4,560
4,537
4,508
4,481
4,481
4,472
4,484
4,531
4,546
4,575
4,578
4,580
4,574
4,562
4,555
4,572
4,584
4,595
4,615
4,648
4,676
4,666
4,666
4,658
4,648
4,633
4,617
4,623
4,608
4,622
271
242
229
215
427
370
331
283
219
148
507
445
414
345
296
191
159
443
339
295
248
223
102
413
355
308
180
113
80
59
329
277
230
201
165
134
133
551
551
537
496
542
505
483
437
423
398
383
333
314
385
359
346
313
310
314
337
321
346
337
331
270
218
228
214
212
209
165
155
143
123
128
127
147
150
148
143
126
138
151
168
161
142
121
123
109
117
116
110
85
75
79
79
70
80
77
70
68
69
68
58
50
39
35
1,395
1,327
1,336
1,439
1,598
1,514
1,460
1,538
1,672
1, 765
1,847
1,902
211
194
179
175
177
186
197
180
181
177
180
203
15,464
14,903
14,754
14,805
14,994
14,800
14, 559
14, 699
14,997
15, 271
15, 520
15, 607
10, 752
10, 285
10,162
10, 236
10, 377
10, 264
10, 067
10,128
10,429
10, 637
10,866
10,989
4,712
4,618
4,592
4,569
4,617
4,536
4,492
4,571
4,568
4,634
4,654
4,618
239
353
347
248
331
280
108
240
342
520
425
348
321
335
252
185
130
143
155
122
96
77
70
45
Jan. 6.
Jan. 13.
Jan. 20.
Jan. 27.
Feb. 3.
Feb. 10.
Feb. 17.
Feb. 24.
Mar. 2.
Mar. 9.
Mar. 16.
Mar. 23.
Mar. 30.
Apr. 6.
Apr. 13.
Apr. 20.
Apr. 27.
May 4.
May 11.
May 18.
May 25.
June 1.
June 8.
June 15.
June 22.
June 29.
July 6.
July 13.
July 20.
July 27.
Aug. 3.
Aug. 10.
Aug. 17.
Aug. 24.
Aug. 31.
Sept. 7.
Sept. 14.
Sept. 21.
Sept. 28.
Oct. 5.
Oct. 12.
Oct. 19.
Oct. 26.
Nov. 2.
Nov. 9.
Nov. 16.
Nov. 23.
Nov. 30.
Dec. 7.
Dec. 14.
Dec. 21.
Dec. 28.
Monthly averages:
January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.
189
190
ANNUAL REPOBT OF THE FEDERAL EESEEVE BOARD
No. 88.—REPORTING MEMBER BANKS ( 90 CITIES)—PRINCIPAL
[In millions of dollars]
Investments
Loans
Total
loans and
U.S.
Date or month
investGovern- Other seOn sements
Total
ment
curities
curities All other Total
securities
1933
16,708
16,677
16, 660
16, 631
8,802
8,734
8,714
8,648
3,751
3,723
3,699
3,662
5,051
5,011
5, 015
4,986
7,906
7,943
7,946
7,983
4,916
4,968
4,998
4,991
2,990
2,975
2,948
2,992
16, 756
16, 622
16, 617
16,315
8,782
8,646
8,701
8,500
3,751
3,696
3,694
3,693
3,003
2,994
2,982
2,979
8,281
8,310
8,388
8,390
8,332
3,727
3,759
3,762
3,725
3, 644
7,974
7,976
7,916
7,815
7,619
7,418
7,629
7, 631
7, 669
4,971
4, 982
4,934
4,836
15,900
15, 728
16, 017
16, 021
16, 001
5,031
4,950
5,007
4,807
4,554
4,551
4,626
4,665
4,688
4,631
4,427
4,580
4,578
4,583
2,988
2,991
3,049
3,053
3,086
15,927
15,887
15,876
16,048
8,257
8,245
8,210
8,341
3,617
3, 584
3,583
3,638
4,640
4,661
4,627
4,703
7,670
7,642
7,666
7,707
4,585
4,584
4,635
4,678
3,085
3,058
3,031
3,029
16, 288
16, 318
16, 346
16, 329
16, 426
8,404
8,404
8,421
8,352
8,485
3,698
3,715
3,724
3,648
3,713
4,706
4,689
4,697
4,704
4,772
7,884
7,914
7,925
7,977
7,941
4,909
4,908
4,934
4,963
4,948
2,975
3,006
2,991
3,014
2,993
16,485
16, 521
16,805
16, 665
8,511
8,569
8,500
8,452
3,742
3,798
3,769
3,748
4,769
4,761
4,731
4,704
7,974
7,962
8,305
8,213
5,013
4,990
5,307
5,254
2,961
2,972
2,998
2,959
16, 686
16, 724
16, 766
16, 662
8,530
8,642
8,654
8,561
3,811
3,874
3,864
3,789
4,719
4,768
4,790
4,772
8,156
8,082
8,112
8,101
5,203
5,126
5,140
5,117
2,953
2,956
2,972
2,984
Aug. 2
Aug. 9
Aug. 16.
Aug. 23
Aug. 30
16, 557
16, 524
16,708
16, 605
16, 607
8,546
8,538
8,583
8,505
8,533
3,772
3,768
3,795
3,737
3,766
4,774
4,770
4,788
4,768
4,767
8,011
7,986
8,125
8,100
8,074
5,048
5,037
5,186
5,155
5,131
2, 963
2, 949
2, 939
2,945
2,943
Sept. 6 .
Sept. 13
Sept. 20
Sept. 27
16, 562
16,580
16, 592
16, 529
8,538
8,596
8,560
8,540
3,748
3,773
3,703
3,687
4,790
4,823
4,857
4,853
8,024
7,984
8,032
7,989
5,083
5,044
5,086
5,056
2,941
2, 940
2,946
2,933
16, 548
16, 536
16, 592
16, 467
8,565
8, 570
8, 643
8,543
3,651
3,637
3,673
3,584
4,914
4,933
4,970
4,959
7,983
7,966
7,949
7,924
5,022
4,994
4,987
4,956
2,961
2, 272
2, 962
2,968
16, 749
16, 719
16, 681
16, 619
16, 672
8, 593
8, 593
8, 557
8, 508
8, 568
3,604
3,590
3,557
3,549
3,569
4,989
5,003
5,000
4,959
4,999
8,156
8,126
8,124
8,111
8,104
5,164
5,147
5,138
5,111
5,114
2,992
2,979
2,986
3,000
2,990
16, 600
16,519
16, 694
16, 666
8,497
8,471
8,459
8,402
3,556
3,596
3,600
3,628
4,941
4,875
4,859
4,774
8,103
8,048
8,235
8,264
5,136
5,148
5,288
5,267
2,967
2,900
2,947
2,997
16, 669
16, 577
15,933
15, 934
16, 341
16, 619
16, 710
16 600
16, 566
16, 536
16,688
16, 620
8,725
8, 657
8,340
8,263
8,413
8,505
8,597
8,541
8,559
8,580
8,564
8,457
3,709
3,708
3,723
3,605
3,700
3,764
3,835
3,768
3,728
3,636
3,574
3,595
5,016
4,949
4,617
4,658
4,713
4,741
4,762
4,773
4,831
4,944
4,990
4,862
7,944
7,920 1
7,593
7,671
7,928
8,114
8,113
8,059
8,007
7,956
8,124
8,163
4,968
4,931
4,560
4,620
4,932
5,141
5,147
5, 111
5,067
4,990
5,135
5,210
2,976
2,989
3, 033
3, 051
2,996
2,973
2,966
2,948
2,940
2, 966
2,989
2,953
Jan. 4
Jan.11
Jan. 18
Jan. 25
Feb.
Feb.
Feb.
Feb.
. .
1
8
15
22
Mar. 1
Mar. 8
Mar. 15—
Mar. 22
Mar. 29—
Apr. 5 _
Apr. 12
Apr. 19
Apr. 26
.
..
__ __
-. -.
May 3
May 10
May 17
May 24
May 31
_
June 7
June 14
June 21
June 28July5 - .
July 12
July 19
July 26
Oct. 4
Oct. 11..
Oct 18
Oct. 25 .
.
_.._
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov 29
Dec.
Dec.
Dec.
Dec.
6
13
20
27
-.
-
Monthly averages:
January
February
March
April
May
June
July
August
SeptemberOctober
NovemberDecember
REPORTING MEMBER BANKS IN LEADING CITIES
ASSETS
AND LIABILITIES, BY WEEKS, 1932-33—Continued
[In millions of dollars"
Net demand plus time deposits
Reserve
with
Federal
Reserve
banks
Cash in
vault
1,944
2,035
1,991
1,978
198
188
184
186
15, 766
15,887
15,870
15, 850
11,113
11,232
11,213
11, 236
1,891
1,864
1,684
1,722
168
183
220
243
15,844
15, 654
15,495
15,159
1,518
1,302
1,438
1,331
1,453
351
559
481
297
266
1,436
1,559
1,604
1,596
Government
deposits
Borrowings at
Federal
Reserve
banks
4,653
4,655
4,657
4,614
298
258
238
218
39
33
34
46
Jan.
Jan.
Jan.
Jan.
4.
11.
18.
25.
11,233
11, 055
10,913
10, 667
4,611
4,599
4,582
4,492
265
219
167
129
50
36
52
65
Feb.
Feb.
Feb.
Feb.
1.
8.
15.
22.
14, 311
13, 520
13, 793
13,924
14,075
9,996
9,275
9,475
9,601
9,745
4,315
4,245
4,318
4,323
4,330
78
42
288
291
290
414
1,066
849
379
283
Mar.
Mar.
Mar.
Mar.
Mar.
1.
8.
15.
22.
29.
231
229
215
219
14,159
14, 298
14,445
14, 745
9,819
9,964
10,102
10, 393
4,340
4,334
4,343
4,352
291
290
191
141
177
168
158
124
Apr.
Apr.
Apr.
Apr.
5.
12.
19.
26.
1,464
1,536
1,557
1,635
1,624
207
211
199
198
205
14, 678
14,827
14,952
15,003
15, 200
10,348
10, 509
10, 681
10, 725
10,918
4,330
4,318
4,271
4,278
4,282
258
231
218
219
218
129
80
85
78
76
May
May
May
May
May
3.
10.
17.
24.
31.
1,636
1,709
1, 627
1,697
194
198
189
196
15, 258
15,470
15,159
15,147
10, 983
11, 207
10,823
10, 741
4,275
4,263
4,336
4,406
181
158
633
633
60
53
50
26
June 14.
June 21.
June 28.
1,601
1,637
1,649
1,674
203
201
188
188
15,134
15, 230
15, 214
15,136
10, 642
10, 709
10,667
10, 598
4,492
4,521
4,547
4,538
606
581
581
560
31
21
22
28
July
July
July
July
5.
12.
19.
26.
1,664
1,708
1,710
1,778
1,784
178
189
183
187
199
15,008
15,032
14, 897
14, 894
14,935
10,475
10,495
10, 363
10, 378
10,427
4,533
4,537
4,534
4,516
4,508
560
560
897
875
865
31
28
38
29
31
Aug.
Aug.
Aug.
Aug.
Aug.
2.
9.
16.
23.
30.
1,790
1,876
1,883
1,936
191
195
189
205
14,875
15,042
15,021
15, 006
10,
10,
10,
10,
380
558
519
505
4,495
4,484
4,502
4,501
865
865
865
863
27
22
20
22
Sept. 6.
Sept. 13.
Sept. 20.
Sept. 27.
1,844
1,894
1,955
2,002
200
217
208
207
14,934
15,003
15,176
15,157
10,448
10, 525
10, 700
10,685
4,486
4,478
4,476
4,472
863
863
780
725
20
23
20
22
Oct.
Oct.
Oct.
Oct.
1,911
1,878
1,925
1,965
1,864
200
226
215
225
231
15,123
15,026
15,101
15,121
15,161
10, 653
10, 531
10,629
10, 676
10, 751
4,470
4,495
4,472
4,445
4,410
1,012
999
960
915
817
24
21
21
22
25
Nov.
Nov.
Nov.
Nov.
Nov.
1.
8.
15.
22.
29.
1,824
1,907
1,897
1,914
236
249
266
258
15,020
15,131
15,034
15, 205
10,
10,
10,
10,
653
775
680
866
4,367
4,356
4,354
4,339
786
736
887
825
24
25
23
24
Dec.
Dec.
Dec.
Dec.
6.
13.
20.
27.
1,987
1,790
1,408
1,549
1,563
1,667
1,640
1,729
1,871
1,924
1,909
1,885
189
204
391
223
204
194
195
187
195
208
219
252
15, 843
15, 538
13, 925
14,412
14, 932
15, 259
15,178
14,954
14, 986
15, 067
15,106
15,098
11,198
10,967
9,619
10, 070
10, 636
10,939
10, 654
10,428
10,491
10, 589
10, 648
10, 744
4,645
4,571
4,306
4, 342
4,296
4,320
4,524
4,526
4,495
4,478
4,458
4,354
253
195
198
228
229
401
582
751
865
808
941
809
38
51
598
157
90
47
25
31
23
21
22
24
TT Q
U .0.
Total
Net demand
Time
Date or month
1933
June 7.
4.
11.
18.
25.
Monthly averages:
January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.
191
192
ANNUAL REPORT OP THE FEDERAL RESERVE BOARD
^ o . 89.—REPORTING MEMBER BANKS IN N E W YORK
[In millions of dollars]
Loans
Total
loans and
investments
Date or month
Total
Investment 5
On securities
All other
Total
U.S.
Govern- Other sement
curities
securities
1933
Jan. 4
Jan. 11 _
Jan. 18
Jan. 25
7,037
7,055
7,086
7,132
3,433
3,402
3,408
3,398
1,584
1,580
1,559
1,562
1,849
1,822
1,849
1,836
3,604
3,653
3,678
3,734
2,502
2,560
2,609
2,631
1,102
1,093
1, 069
1,103
7,222
7,073
7,078
6,809
3,521
3,405
3,472
3,274
1,643
1,606
1,614
1,621
1,878
1, 799
1,858
1,653
3,701
3,668
3,606
3,535
2,600
2,572
2,522
2,452
1,101
1, 096
1,084
1, 083
Mar. 1
Mar. 8
Mar. 15
Mar. 22
Mar. 29
6,512
6,412
6,523
6,484
6,457
3,079
3,121
3,157
3,151
3,118
1,640
1,668
1,674
1,626
1,555
1,439
1,453
1,483
1,525
1,563
3,433
3,291
3,366
3,333
3,339
2,338
2,186
2,253
2,210
2,185
1, 095
1,105
1,113
1,123
1,154
Apr.
Apr.
Apr.
Apr.
5
12.
19
26
6,439
6,455
6,439
6,627
3, 063
3,092
3,073
3,225
1,548
1,535
1,538
1,611
1,515
1,557
1,535
1, 614
3,376
3,363
3,366
3,402
2,215
2,208
2,236
2,269
1,161
1,155
1,130
1,133
May
May
May
May
May
3
10
17
24
31
6,753
6,790
6,847
6,786
6,933
3,291
3,305
3,352
3,287
3,427
1,676
1,711
1,735
1,663
1,733
1,615
1,594
1, 617
1,624
1,694
3,462
3,485
3,495
3,499
3,506
2,353
2,357
2,378
2,384
2,429
1,109
1,128
1,117
1,115
1, 077
6,970
6,993
7,039
6,913
3,459
3,517
3,455
3,400
1,777
1,840
1,813
1,791
1,682
1,677
1,642
1,609
3,511
3,476
3,584
3,513
2,443
2,398
2,484
2,438
1, 068
1, 078
1,100
1,075
6,937
6,932
6,858
6,731
6,732
6,722
6,743
6,685
6,726
6,711
6,744
6,742
6,698
6,728
6,733
6,782
6,670
6,822
6,778
6,754
6,719
6,804
6,733
6,650
6,730
6,756
3,454
3,503
3,458
3,369
3,374
3,365
3,403
3,346
3,385
3,405
3,444
3,374
3,344
3,365
3,389
3,461
3,377
3,425
3,428
3,393
3,346
3,441
3,367
3,344
3,361
3,386
1,847
1,894
1,862
1,790
1,778
1,775
1,800
1,757
1,794
1,795
1,820
1,743
1,731
1,607
1,609
1,596
1,579
1,596
1,590
1,603
1,589
1,591
1,610
1,624
1,631
1,613
1,666
1,706
1,749
1,741
2,409
2,354
2,332
2,293
2,300
2,307
2,299
2,287
2,293
2,257
2,252
2,314
2,297
2,271
2,236
2,226
2,194
2,274
2,231
2,231
2,230
2,225
2,249
2,251
2,269
2,253
1,074
1, 075
1, 068
1, 069
7,077
7,046
6,477
6,490
6,821
6,979
6,865
6,722
6,724
6,728
6,775
6,717
3,410
3,418
3,125
3,113
3,332
3,458
3,446
3, 375
3,392
3,398
3,406
3,364
2,575
2,537
2,234
2,232
2,380
2,441
2,347
2,297
2,280
2,232
2,238
2,256
1,092
1,091
1,118
1,145
1,109
1,080
1,072
1,050
1, 052
1,098
1,131
1,097
Feb.
Feb.
Feb.
Feb.
_
1...
8
15
22
_
June 7..
June 14
June 21
June 28
_
July 5
July 12
July 19
July 26
Aug. 2_
Aug. 9
Aug. 16.
Aug. 23
Aug. 30
Sept. 6 __ _ _
Sept. 13
Sept. 20
Sept. 27
Oct. 4_
Oct. 11
Oct. 18
Oct. 25
Nov. 1.
Nov. 8
Nov. 15
Nov. 22..
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Monthly averages:
January
February
March
April
May.
June
July
August
September
October
November
December
_ .
_
._
.__
_.
_.
1,630
1,663
1,666
1,722
1,737
1,681
1,695
1,664
3,483
3,429
3,400
3,362
3,358
3,357
3,340
3,339
3,341
3,306
3,300
3,368
3, 354
3,363
3,344
3,321
3,293
3,397
3,350
3,361
3,373
3,363
3,366
3,306
3,369
3,370
1,571
1,621
1,633
1,558
1,704
1,805
1,848
1,781
1,772
1,683
1,643
1,670
1,839
1,797
1,492
1,555
1,628
1,653
1,598
1,594
1,620
1,715
1,763
% 1, 694
3,667
3,628
3,352
3,377
3,489
3,521
3,419
3,347
3,332
3,330
3,369
3,353
1,699
1,683
1,712
1,636
1,666
1,657
1,624
1,618
1,651
1,759
1,771
1,769
1,728
1,790
Back figures.—Bee Annual Reports for 1932 (table 80), 1931 (table 59), and 1930 (table 53).
1, 058
1, 050
1, 041
1,052
1,048
1,049
1,048
1, 054
1, 057
1, 092
1,108
1,095
1, 099
1,123
1,119
1,130
1,143
1,138
1,117
1,055
1,100
1,117
REPORTING MEMBER BANKS IN LEADING CITIES
C I T Y — P R I N C I P A L A S S E T S AND L I A B I L I T I E S , BY WEEKS,
1933
fin millions of dollars
Net demand plus time deposits
Reserve
TT C!
Borrowings at
Federal
Reserve
bank
with
Federal
Reserve
bank
Cash in
vault
1,052
1,147
1,099
1,028
42
40
37
36
6,627
6,774
6,759
6,742
5,733
5,880
5, 845
5,871
894
894
914
871
112
102
93
Jan.
Jan.
Jan.
Jan.
4.
11.
18.
25.
967
924
775
782
34
38
42
48
6,721
6,566
6,392
6,183
5,862
5,717
5,545
5,380
859
849
847
803
114
92
71
54
Feb.
Feb.
Feb.
Feb.
1.
8.
15.
22.
683
618
669
609
739
92
131
85
56
50
5, 759
5,230
5,258
5,379
5,564
4,983
4,481
4,518
4,640
4,827
776
749
740
739
737
34
11
170
170
170
Mar.
Mar.
Mar.
Mar.
Mar.
1.
8.
15.
22.
29.
734
830
882
874
46
46
40
41
5, 654
5,772
5,885
6,120
4,906
5,032
5,136
5,372
748
740
749
748
170
170
117
87
Apr.
Apr.
Apr.
Apr.
5.
12.
19.
26.
734
797
823
913
868
38
38
36
37
44
6,049
6,148
6, 250
6,286
6,437
5,318
5,425
5,558
5,601
5,749
731
723
692
685
688
124
112
105
105
105
May
May
May
May
May
3.
10.
17.
24.
31.
856
907
794
788
38
40
37
39
6,445
6,556
6,274
6,177
5,758
5,869
5,522
5,428
687
687
752
749
87
76
290
290
June
June
June
June
7.
14.
21.
28.
703
742
740
42
40
37
782
749
38
36
785
782
795
783
278
265
265
254
761
783
862
37
36
36
5,374
5,420
5,318
5,263
5,221
5,244
5,128
5,199
5,257
5,200
5,296
5,278
5,244
5,195
5,208
5,331
5,311
5,283
5,169
5,180
5,214
5,274
5,185
5,210
5,141
5,257
776
772
776
755
755
757
761
761
763
766
762
757
757
761
775
774
772
751
254
254
403
393
388
388
388
388
388
388
388
351
326
453
446
428
406
364
732
721
707
693
349
327
414
386
5,832
5,626
4,690
5,112
5, 530
5,644
5,344
5,210
5, 255
5, 261
5,224
5, 198
893
839
748
746
704
719
786
767
760
761
767
713
110
83
111
136
110
186
265
338
388
363
419
369
July 5.
July 12.
July 19.
July 26.
Aug. 2.
Aug. 9.
Aug. 16.
Aug. 23.
Aug. 30.
Sept. 6.
Sept. 13.
Sept. 20.
Sept. 27.
Oct. 4.
Oct. 11.
Oct. 18.
Oct. 25.
Nov. 1.
Nov. 8.
Nov. 15.
Nov. 22.
Nov. 29.
Dec. 6.
Dec. 13.
Dec. 20.
Dec. 27.
Monthly Averages:
January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.
Total
Net demand
Time
Government
deposits
Date or month
1933
824
878
45
38
919
859
37
36
768
731
49
40
797
789
53
46
6,159
6,202
6,113
6,046
5,997
6,016
5,904
5, 954
6,012
5,957
6,057
6, 039
6,007
5, 961
5,970
6,088
6,068
6,044
5,944
5,954
5,986
6,025
5,917
5,931
5,848
5,950
1,082
862
664
830
827
836
742
803
878
859
817
779
39
41
83
43
39
39
39
37
38
40
41
46
6,725
6,465
5,438
5, 858
6, 231
6, 363
6,130
5, 977
6, 015
6, 022
5,991
5,911
860
847
903
879
881
814
796
829
835
798
41
38
38
37
39
39
44
39
39
43
133
183
632
483
147
84
18
27
23
1
306
17
193
194
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 90.—REPORTING MEMBER BANKS OUTSIDE N E W YORK CITY
Date or month
Jan.6.__
Jan. 13. _
Jan. 20. .
Jan. 27. _
Total
ans and
investments
Loans
Total
(89
Investments
U.S. Gov- Other seernment
securities curities
On securities
All other
4,105
4,082
4,058
4,053
4,127
4,110
4,073
4,064
2,060
2,042
2,021
2,016
2,067
2,068
2,052
2,048
4,043
4,015
4,010
3,990
3,964
3,921
3,889
3,878
3,856
4,095
4,100
4,107
4,087
4,051
4,012
4,103
4,088
4,066
2,052
2,050
2,062
2,050
2,020
1,991
2,081
2,065
2,039
2,043
2, 050
2, 045
2, 037
2,018
2,000
1,964
1,968
2,073
2,051
2,073
2,041
1,997
2,030
2,178
2,149
2,072
2, 027
2,006
2, 021
2, 016
1,921
1, 921
1, 921
1,921
2, 059
2, 044
2,025
2,018
1,994
1,972
1,921
1,905
1,915
1,933
1,924
1,900
Total
1932
11,095
11,023
10,948
10,915
6, 968
6,913
6,875
6,851
Feb. 3 . . .
Feb. 10..
Feb. 17..
Feb. 24-.
10,930
10,900
10,883
10, 831
Mar. 2...
Mar. 9 - .
Mar. 16..
Mar. 23-.
Mar. 30..
10,757
10, 672
10, 757
10, 716
10, 623
6,835
6,800
6,776
6,744
6,706
6,660
6,654
6,628
6,557
2,863
2,831
2,817
2,798
2,792
2,785
2,766
2,754
2,742
2,739
2,765
2,750
2,701
Apr. 6...
Apr. 13-.
Apr. 20..
Apr. 27_.
10, 539
10,461
10, 379
10, 345
6,494
6,455
6,394
6,361
2,664
2,637
2,603
2,593
3,830
3,818
3,791
3,768
4,045
4,006
3,985
3,984
May
May
May
May
10,391
10,320
10, 294
10, 279
6,324
6,282
6,238
6,227
June l-_.
June 8__.
June 15_.
June 22..
June 29..
10, 251
10,160
10, 302
10, 232
10,111
6,217
6,161
6,167
6,130
6,095
2,581
2,563
2,534
2,529
2,520
2,489
2,506
2,492
2,489
3,743
3,719
3,704
3,698
3,697
3,672
3,661
3,638
3,606
4,067
4,038
4,056
4,052
4,034
3,999
4,135
4,102
4,016
July6._.
July 13. _
July 20. _
July 27. _
10, 004
9,989
9,955
9,932
6,042
6,042
6,030
6,009
Aug. 3-_.
Aug. 10-.
Aug. 17..
Aug. 24..
Aug. 31..
10, 044
10, 016
9,991
9,954
9,929
6,005
5,979
5,945
5,901
5,874
9,926
9,896
10, 063
10, 055
10,047
10, 030
10,079
10, 084
9,979
9,938
9,876
9,845
9,801
9,759
9,770
9,799
9,761
5,866
5,810
5,802
5,773
5,761
5,739
5,714
5,690
5,599
5,569
5,524
5,500
5,484
5,459
5,471
5,457
5,421
3,612
3,616
3,612
3,599
3,594
3,591
3,565
3,542
3,535
3,532
3,489
3,490
3,472
3,482
3,458
3,450
3,437
3,389
3,368
3,357
3,332
3,318
3,300
3,293
3,272
3,244
3,962
3,947
3,925
3,923
4,039
4,037
4,046
4,053
4,055
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Monthly averages:
January
February
March
April
May
June
July
_.
August
September
October
November
December
2,430
2,426
2,418
2,410
2,411
2,388
2,380
2,359
2,339
2,334
2,321
2,312
2,301
2,279
2,281
2,264
2,253
2,210
2,201
2,167
2,168
2,166
2,159
2,178
2,185
2,177
4,060
4,086
4,261
4,282
4,286
4,291
4,365
4,394
4,380
4,369
4,352
4,345
4,317
4,300
4,299
4,342
4,340
2,041
2,026
2,004
2,002
2,122
2,138
2,149
2,149
2,145
2,153
2,175
2,345
2,358
2,363
2,356
2,428
2,454
2,452
2,440
2,430
2,423
2,395
2,396
2,403
2,445
2,435
10, 995
10,886
10, 705
10, 431
10, 321
10,211
9,970
9,987
9,986
10, 060
9,88.8
9,772
6,902
6,788
6,641
6,426
6,268
6,154
6,031
5,941
5,813
5,727
5,536
5,452
2,828
2,774
2,739
2,624
2,552
2,500
2,421
2,376
2,317
2,270
2,183
2,175
4,074
4,014
3,902
3,802
3,716
3,654
3,610
3,565
3,496
3,457
3,353
3,277
4,093
4,098
4,064
4,005
4,053
4,057
3,939
4,046
4,173
4,333
4,352
4,320
2,034
2,054
2,039
1,987
2,059
2,085
2,018
2,141
2, 258
2, 400
2,428
2,420
4...
11..
18..
25..
2, 031
2, 021
2,022
2,023
2, 027
1,994
1, 987
1,983
2, 011
2,037
1, 969
1,957
1,953
1,944
1,917
1,899
1, 897
1, 904
1, 910
1, 907
1,911
1,916
1,924
1,923
1,935
1,937
1, 940
1, 928
1,929
1, 922
1,922
1,922
1, 904
1,896
1, 897
1,905
Back figures—-Not available (for 89 cities series); for 100 cities series, see Annual Reports for 1932 (table 81),
Digitized for1931 (table 60), and 1930 (table 54).
FRASER
REPORTING MEMBER BANKS IN LEADING CITIES
CITIES)
L
—PRINCIPAL ASSETS AND LIABILITIES, BY WEEKS, 1932-33
Net demand plus time deposits
Reserve
with
Federal
Reserve
banks
Cash in
vault
716
713
706
689
168
163
160
157
9,745
9,661
9,582
9,503
5,776
5,717
5,655
5,595
695
685
688
684
148
153
146
150
9,447
9,421
9,400
9,362
680
692
691
680
660
136
139
136
143
141
665
683
699
715
Borrow-
U.S.
Government
deposits
Federal
Reserve
banks
3,969
3,944
3,927
3,908
132
118
111
104
286
268
295
299
Jan.
Jan.
Jan.
Jan.
6.
13.
20.
27.
5,556
5, 555
5,538
5,509
3, 891
3,866
3,862
3,853
178
151
130
108
302
306
326
317
Feb.
Feb.
Feb.
Feb.
3.
10.
17.
24.
9,337
9,341
9, 297
9,220
9,166
5,481
5,483
5,462
5,396
5,339
3,856
3,858
3,835
3,824
3,827
79
53
254
231
221
316
270
218
228
214
Mar.
Mar.
Mar.
Mar.
Mar.
2.
9.
16.
23.
30.
133
137
131
138
9,113
9,117
9,135
9,148
5,309
5, 326
5,337
5,330
3,804
3, 791
3, 798
3,818
193
167
109
92
212
209
165
155
Apr.
Apr.
Apr.
Apr.
6.
13.
20.
27.
739
753
760
750
134
139
136
138
9,102
9,142
9,132
9,119
5,258
5,291
5, 2S0
5,278
3,844
3,851
3,842
3,841
258
200
175
147
143
123
128
127
May
May
May
May
4.
11.
18.
25.
771
781
781
739
776
135
139
140
144
166
9,122
9,087
9,124
9,028
8,965
5, 295
5,286
5,345
5, 275
5,240
3,827
3.801
3,779
3,753
3,725
133
62
247
212
185
147
150
148
143
126
June
June
June
June
June
1.
8.
15.
22.
29.
706
725
724
742
160
160
160
148
8,893
8,940
8,875
8,872
5,174
5,232
5,165
5,141
3,719
3, 703
3,710
3,731
109
70
51
39
138
151
168
161
Julv
Julv
Julv
July
6.
13.
20.
27.
730
728
739
731
744
140
146
140
141
143
8,864
8,831
8,896
8,873
8,894
5,120
5,126
5,145
5,123
5,148
3,744
3,755
3,751
3,750
3,746
167
141
118
103
85
142
121
123
109
117
Aug. 3.
Aug. 10.
Aug. 17.
Aus>\ 24.
Aug. 31.
763
752
735
761
775
786
809
819
821
836
828
823
841
860
840
847
843
140
147
138
142
135
141
142
142
133
149
140
144
141
149
158
163
162
8,901
8,957
8,915
8,974
8,975
8,987
9,031
9,056
9,062
9,078
9,061
9,005
9,013
8,976
9,045
9,083
9,062
5,159
5,218
5,167
5,219
5,223
5,239
5,270
5,293
5,297
5,322
5,313
5,261
5,273
5,254
5,320
5,360
5,323
3,742
3,739
3,748
3,755
3,752
3,748
3,761
3,763
3,765
3,756
3,748
3,744
3,740
3,722
3, 725
3,723
3,739
70
69
278
278
270
250
277
258
247
223
218
205
197
173
161
209
196
116
110
85
75
79
79
70
80
77
70
68
69
68
58
50
39
35
707
688
680
691
750
770
724
734
753
797
830
847
162
150
139
135
136
145
157
142
142
140
141
158
9,622
9,408
9,273
9,129
9,126
9,065
8,895
8,882
8,937
9,012
9,043
9,042
5,685
5,540
5,433
5,326
5,279
5,288
5,178
5,132
5,191
5,256
5,293
5,314
3,937
3,868
3,840
3,803
3,847
3,777
3,717
3,750
3,746
3.755
3, 750
3,728
116
142
168
140
195
168
67
122
173
264
218
185
287
312
249
185
130
143
155
122
96
77
70
45
Sept. 7.
Sept. 14.
Sept. 21.
Sept. 28.
Oct. 5.
Oct. 12.
Oct. 19.
Oct. 26.
Nov. 2.
Nov. 9.
Nov. 16.
Nov. 23.
Nov. 30.
Dec. 7.
Dec. 14.
Dec. 21.
Dec. 28.
Monthly averages:
January.
February.
March.
April.
May.
Total
Net demand
Time
Date or month
1932
1
i For list of the 89 cities see note below table 87.
June.
July.
August.
September.
October.
November.
December.
195
196
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 90.—REPORTING MEMBER BANKS OUTSIDE N E W YORK CITY (89 C I T I E S ) —
Date or month
1933
Total
loans and
investments
Investment 3
Loans
On securities All other
Total
Total
U.S. Gov- Other seernment
securities curities
9,671
9,622
9,574
9,499
5,369
5,332
5,306
5,250
2,167
2,143
2,140
2,100
3,202
3,189
3,166
3,150
4,302
4,290
4,268
4,249
2,414
2,408
2,389
2,360
1,888
1,882
1,879
1,889
Feb.1
Feb.8
Feb. 15
Feb. 22
9,534
9,549
9,539
9,506
5, 261
5,241
5,229
5,226
2,108
2,090
2,080
2,072
3,153
3,151
3,149
3,154
4,273
4,308
4,310
4,280
2,371
2,410
2,412
2,384
1,902
1,898
1,898
1,896
Ma.r
Mar.
Mar.
Mar.
Mar.
1
8
15
22
29
9,388
9,316
9,494
9, 537
9,544
5,202
5,189
5, 231
5,239
5, 214
2,087
2,091
2,088
2,099
2,089
3,115
3,098
3,143
3,140
3,125
4,186
4,127
4,263
4, 298
4,330
2,293
2,241
2,327
2, 368
2,398
1,893
1,886
1,936
1,930
1,932
Apr.
Apr.
Apr.
Apr.
5
12
19
26
9,488
9,432
9,437
9,421
5,194
5,153
5,137
5,116
2,069
2,049
2, 045
2,027
3,125
3,104
3,092
3,089
4,294
4,279
4,300
4,305
2,370
2, 376
2,399
2,409
1,924
1,903
1,901
1,896
May
May
May
May
May
3
10
17
24
31
9,535
9,528
9, 499
9, 543
9,493
5,113
5,099
5,069
5,065
5,058
2,022
2,004
1,989
1,985
1,980
3,091
3,095
3,080
3,080
3,078
4,422
4,429
4, 430
4,478
4,435
2,556
2,551
2, 556
2, 579
2,519
1,866
1,878
1,874
1,899
1,916
June
June
June
June
7
14
21
28
9,515
9,528
9,706
9,752
5, 052
5,042
5,045
5,052
1,965
1,958
1,956
1,957
3,087
3,084
3,089
3,095
4,463
4,486
4,721
4,700
2,570
2,592
2,823
2,816
1,893
1,894
1,898
1,884
July
July
July
July
5
12
19
26
9,749
9,792
9,908
9,931
5,076
5,139
5,196
5,192
1,964
1,980
2,002
1,999
3,112
3,159
3,194
3,193
4,673
4,653
4,712
4,739
2,794
2,772
2,808
2,824
1,879
1,881
1,904
1,915
Aug.
Aug.
Aug.
Aug.
Aug.
2
9
16
23
30
9,825
9,802
9,965
9,920
9,881
5,172
5,173
5,180
5,159
5,148
1,994
1,993
1,995
1,980
1,972
3,178
3,180
3,185
3,179
3,176
4, 653
4,629
4,785
4,761
4,733
2,748
2,730
2,887
2,868
2,838
1,905
1,899
1,898
1,893
1,895
Sept.
Sept.
Sept.
Sept.
6
13
20
27
9,851
9,836
9,850
9,831
5,133
5,152
5,186
5,196
1,953
1, 953
1,960
1,956
3,180
3,199
3,226
3,240
4,718
4,684
4,664
4,635
2,826
2,792
2,772
2,759
1,892
1,892
1,892
1,876
9,820
9,803
9,810
9,797
5,200
5,181
5,182
5,166
1,952
1,954
1,961
1,948
3,248
3,227
3,221
3,218
4,620
4,622
4,628
4,631
2, 751
2,758
2, 761
2,762
1,869
1,864
1,867
1,869
Jan.
Jan.
Jan.
Jan.
4
11
18
25
Oct.
Oct.
Oct.
Oct.
_
4
11
18
25
.
Nov.
Nov.
Nov.
Nov.
Nov.
18
15..__
22
29
9,927
9,941
9,927
9,900
9,868
5,168
5,165
5,164
5,162
5,127
1,938
1, 933
1,933
1,931
1,918
3,230
3, 232
3,231
3,231
3,209
4,759
4,776
4,763
4,738
4,741
2,890
2,916
2,907
2,881
2,889
1,869
1,860
1,856
1,857
1,852
Dec.
Dec.
Dec.
Dec.
6
13
20
27
9,867
9,869
9,964
9,910
5,130
5,127
5,098
5,016
1,926
1,933
1,934
1,906
3,204
3,194
3,164
3,110
4,737
4,742
4,866
4,894
2,887
2,897
3,019
3,014
1,85C
1,845
1,847
1,88C
9,592
9,531
9,456
9,444
9,520
9, 640
9, 845
9,878
9,842
9,808
9,913
9,903
5,315
5,239
5,215
5,150
5,081
5,047
5,151
5,166
5,167
5,182
5,158
5,093
2,138
2,087
2,090
2,047
1,996
1,959
1,987
1,987
1,956
1,953
1,931
1,925
3,177
3,152
3,125
3,103
3,085
3,088
3,164
3,179
3,211
3,229
3,227
3,168
4,277
4,292
4,241
4,294
4, 439
4,593
4,694
4,712
4,675
4,626
4,755
4,810
2,393
2,394
2, 326
2,388
2, 552
2,700
2, 800
2,814
2,787
2,758
2,897
2,954
1,884
1,89£
1, 91£
l,90£
1,887
1,895
1,894
1,895
1, 888
1,86?
1,85?
1,856
Monthly averages:
January
February
March
April
May
June
July
August
September
October
November
December
KEPOBTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL ASSETS AND LIABILITIES, BY WEEKS, 1932-33—Continued
Net demand plus time deposits
Reserve
with
Federal
Reserve
banks
Cash in
vault
892
888
892
950
156
148
147
150
9,139
9,113
9,111
9,108
5,380
5,352
5,268
5,365
924
940
909
940
134
145
178
195
9,123
9,088
9,103
8,976
835
684
769
722
714
259
428
396
241
216
702
729
722
722
U.S.
Government
deposits
Borrowings at
Federal
3,759
3,761
3,743
3,743
165
146
136
125
39
33
34
46
Jan.
Jan.
Jan.
Jan.
4.
11.
18.
25.
5,371
5,338
5,368
5, 287
3,752
3,750
3,735
3,689
151
127
96
75
50
36
52
65
Feb.
Feb.
Feb.
Feb.
1.
8.
15.
22.
8,552
8,290
8,535
8,545
8, 511
5, 013
4,794
4,957
4,961
4,918
3,539
3,496
3,578
3,584
3,593
44
31
118
121
120
231
434
366
232
199
Mar.
Mar.
Mar.
Mar.
Mar.
1.
8.
15.
22.
29.
185
183
175
178
8,505
8,526
8,560
8,625
4,913
4,932
4,966
5,021
3,592
3,594
3,594
3,604
121
120
74
54
159
141
135
124
Apr.
Apr.
Apr.
Apr.
5.
12.
19.
26.
730
739
734
722
756
169
173
163
161
161
8,629
8,679
8,702
8,717
8,763
5,030
5,084
5,123
5,124
5,169
3,599
3,595
3,579
3,593
3,594
134
119
113
114
113
129
80
85
78
76
May
May
May
May
May
3.
10.
17.
24.
31.
780
802
833
909
156
158
152
157
8,813
8,914
8,885
8,970
5,225
5,338
5,301
5,313
3,588
3,576
3,584
3,657
94
82
343
343
60
53
50
26
June 7.
June 14.
June 21.
June 28.
898
895
909
892
161
161
151
150
8,975
9,028
9,101
9,090
5,268
5,289
5,349
5,335
3,707
3,739
3,752
3,755
328
316
316
306
31
21
22
28
July
July
July
July
5.
12.
19.
26.
915
947
927
916
924
142
152
147
151
158
9,011
9,016
8,993
8,940
8,923
5,254
5,251
5,235
5,179
5,170
3,757
3,765
3,758
3,761
3,753
306
306
494
482
477
31
28
38
29
30
Aug.
Aug.
Aug.
Aug.
Aug.
2.
9.
16.
23.
30.
943
973
1,004
1,055
153
157
152
166
8,918
8,985
8,982
8,999
5,180
5,262
5,241
5,261
3,738
3,723
3,741
3,738
477
477
477
475
27
22
20
22
Sept. 6.
Sept. 13.
Sept. 20.
Sept. 27.
1,030
1,070
1,077
1,083
161
172
170
170
8,973
9,034
9,088
9,089
5,253
5,319
5,369
5,374
3,720
3,715
3,719
3,715
475
475
429
399
20
23
20
22
Oct.
Oct.
Oct.
Oct.
1,052
1,082
1,096
1,130
.1,096
164
182
176
186
182
9,079
9,082
9,147
9,135
9,136
5,370
5,362
5,449
5,462
5,477
3,709
3,720
3,698
3,673
3,659
559
553
532
509
453
24
21
21
22
25
Nov.
Nov.
Nov.
Nov.
Nov.
1.
8.
15.
22.
29.
1,093
1,109
1,100
1,125
196
206
213
212
9,103
9,200
9,186
9,255
5,468
5,565
5,539
5,609
3,635
3,635
3,647
3,646
437
409
473
439
24
25
23
24
Dec.
Dec.
Dec.
Dec.
6.
13.
20.
27.
905
928
744
719
736
831
898
926
993
1,065
1,092
1,106
150
163
308
180
165
155
156
150
157
168
178
206
9,118
9,073
8,487
8,554
8,698
8,896
9,048
8,977
8,971
9,045
9,115
9,187
5,366
5,341
4,929
4,958
5,106
5,295
5,310
5,218
5,236
5,328
5,424
5,546
3,752
3,732
3,558
3,596
3,592
3,601
3,738
3, 759
3,735
3,717
3,691
3,641
143
112
87
92
119
215
317
413
477
445
522
440
38
51
292
140
90
47
25
31
23
21
22
24
Total
Net demand
Time
Date or month
Reserve
banks
1933
4.
11.
18.
25.
Monthly averages:
January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.
197
198
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
91.—REPORTING MEMBER BANKS (90 CITIES) l—BANKERS'
BALANCES:
TOTAL, NEW YORK CITY, OTHER LEADING CITIES, BY WEEKS, 1932-33
No.
[In millions of dollars]
Due to banks
Total
Jan.
Jan.
Jan.
Jan.
6
13
20
27
Feb.
Feb.
Feb.
Feb.
3
10
17
24
Mar.
Mar.
Mar.
Mar.
Mar.
2..
9
16
23
30
Apr.
Apr.
Apr.
Apr.
6
13
20
27
May
May
May
May
4
11
18.
25
June
June
June
June
June
1
8
15
22
29
July
July
July
July
6
13
20
27
Aug.
Aug.
Aug.
Aug.
Aug.
3
10
17
24
31
Sept.
Sept.
Sept.
Sept.
1932
7
14
21
28
Oct.
Oct.
Oct.
Oct.
2
9
16
23
30
Dec.
Dec.
Dae.
Dec.
New York O t h e r leading cities
City
Total
New York Other leadCity
ing cities
7
14
21
28
1,433
1,377
1,346
1,296
885
828
795
768
68
61
58
58
817
767
737
710
836
819
815
804
1,344
1,314
1,307
1,287
827
809
798
787
105
99
103
100
722
710
695
687
876
836
909
885
902
1,330
1,332
1,358
1,320
1,324
819
784
883
826
864
96
77
85
73
70
723
707
798
753
794
995
1,014
1, 040
1,099
1,392
1,389
1,399
1,405
919
981
993
1,063
64
68
62
69
855
913
931
994
1,153
1,133
1,098
1,108
1,493
1,475
1,479
1,451
1,144
1,133
1,136
1,114
72
67
68
62
1,072
1, 066
1,068
1, 052
1,100
1,082
1,093
1,054
1,021
1,460
1,469
1,479
1,430
1,375
1,104
1,113
1,149
1,124
1,068
75
66
76
71
79
1, 029
1, 047
1,073
1, 053
1,051
1,081
1,066
1,030
1,408
1,379
1, 366
1,333
1,079
1,096
1,074
1,062
77
76
74
74
1,002
1, 020
1, 000
2,512
2,547
2,572
2,551
2,597
2,704
2,827
2,782
2,806
3,007
3,004
3,028
2,984
.....
942
867
862
844
2,646
2,608
2,577
2,559
2,560
2,551
2,572
2,484
2,396
2,459
2,460
2,432
2,393
5
12
19
26
Nov.
Nov.
Nov.
Nov.
Nov.
2,375
2,244
2,208
2,140
2,180
2,133
2,122
2,091
2,206
2,168
2,267
2,205
2,226
2,387
2,403
2,439
2,504
Due from banks
1,114
1,149
1,157
1,156
1,207
1,398
1,398
1,415
1,395
1,390
1,121
1,148
1,186
1,174
1,194
90
88
81
67
74
1,031
1, 060
1,105
1,107
1,120
1,233
1,300
1,256
1,270
1,471
1,527
1,526
1,536
1,249
1,354
1, 315
1,321
71
69
70
73
1,178
1, 285
1, 245
1,248
1,354
1,371
1,389
1,360
1,653
1,633
1,639
1,624
1,418
1,447
1,481
1,448
83
83
81
81
1, 335
1, 364
1, 400
1, 367
3,059
3,107
3,150
3,088
3,116
1,403
1,419
1,444
1,439
1,480
1,656
1,688
1,706
1,649
1,636
1,486
1,510
1,570
1,530
1,545
87
82
85
78
90
1, 399
1, 428
1,485
1,452
1, 455
3,127
3,152
3,129
3,125
1,444
1,467
1,450
1,457
1,683
1,685
1,679
1,668
1,541
1,604
1,586
1,598
86
85
87
81
1, 455
1, 519
1,499
1, 517
989
988
REPOBTING MEMBER BANKS IN LEADING CITIES
No. 91.—REPORTING
TOTAL, N E W YORK
199
MEMBER BANKS (90 CITIES)—BANKERS'
BALANCES:
CITY, OTHER LEADING CITIES, BY WEEKS, 1932-33—
Continued
[In millions of dollars]
Due from banks
Due to banks
Total
Jan. 4___.
Jan. 11__.
Jan. 18...
Jan. 25...
Feb. 1—.
Feb. 8—.
Feb. 15Feb. 22..
Mar. 1...
Mar. 8-..
Mar. 15..
Mar. 22..
Mar. 29_.
Apr. 5.—.
Apr. 12Apr. 19Apr. 26May 3 - . .
May 10-.
May 17-.
May 24-.
May 31-.
June 7
June 14-.
June 21._
June 28July5-__.
July 12- _.
July 19...
July 26--.
Aug. 2-..
Aug. 9 . . .
Aug. 16..
Aug. 23-.
Aug. 30-.
Sept. 6...
Sept. 13..
Sept. 20Sept. 27..
Oct. 4___.
Oct. 1 1 Oct. 1 8 Oct. 25__
Nov. 1...
Nov. 8,..
Nov. 15-.
Nov. 22Nov. 29Dec. 6—
Dec. 13Dec. 20_.
Dec. 27-
New York Other leading cities
City
Total
New York Other leadCity
ing cities
1933
3,273
3,372
3,372
3,345
1,542
1,616
1,609
1,616
3,378
3,271
3,061
2,635
2,070
1,713
1, 788
2,105
2,144
2,349
2,423
2,487
2,564
2,623
2,700
2,762
2,754
2,812
1, 655
1,537
1,418
1,176
898
690
756
859
930
1,050
1,101
1,138
1,212
2,969
3,079
2, 819
2,754
2,846
2,771
2, 690
2,564
2,560
2,588
2,480
2,448
2,459
2,521
2,589
2,597
2,531
2,640
2,601
2,740
2,675
2,715
2,676
2,737
2,674
2,646
2, 660
2,669
2,656
2,699
1,731
1,756
1,763
1,729
1,723
1,734
1,643
1,459
1,172
1,023
1,032
1,246
1,214
1,625
1,703
1,720
1,728
1,716
1,635
1,476
1,213
1,299
1,322
1,349
1,352
809
589
745
910
903
1, 025
1,099
1,149
1,214
1,186
1,251
1,300
1,300
1,356
1,437
1,449
1,462
1,454
1,456
1,217
1,255
1,328
1,317
1,333
1, 398
1,474
1,278
1,248
1,571
1,605
1,541
1,506
1,451
1,531
1, 361
1,291
1,265
1,226
1,162
1,099
1,116
1,142
1,079
1,091
1,125
1,130
1,181
1,179
1,122
1,581
1,545
1,528
1,465
1,444
1,446
1,401
1,357
1,334
1,325
1,276
1,196
1,114
1,155
1,135
1, 219
1,191
1,226
1,179
1,179
1,144
1,148
1,485
1,466
1,521
1,484
1,489
1,497
1,558
1,530
1,498
1,118
1,136
1,128
1,123
1,139
1,160
1,227
1,197
1,171
1,197
1,200
1,239
1,212
1,236
1,154
1,209
1,164
1,135
1,117
1,111
1,092
1,125
1,543
1,558
1,564
1,574
1,123
1,190
1,179
1,197
1,391
1,408
1,418
1,409
1,527
1,618
1,641
1,650
1,638
1,560
1,403
1,141
747
536
690
856
848
963
1,042
1,091
1,155
,127
,174
,247
,242
,256
,366
,454
,282
,215
, 240
,203
,125
,048
,046
,068
1,061
1, 059
l;075
1,094
1,160
1,130
1,102
1.122
1,128
1,164
1,131
1,152
1,077
1,130
1,090
1,063
1,052
1,112
1,101
1,122
101 CITIES SERIES *
1933
Jan.
Jan.
Jan.
Jan.
4__.
11-.
18_.
25-.
3,470
3,562
3,558
3, 524
1,542
1,616
1,609
1,616
1,928
1,946
1,949
1,908
1,754
1,819
1,830
1,833
Feb.
Feb.
Feb.
Feb.
18—
15..
22..
3,558
3,440
3,218
2,778
2,199
1,655
1,537
1,418
1,176
1,903
1,903
1, 800
1,602
1, 832
1,734
1,563
1, 287
Mar. 1_.
1
898
1,301
1,656
1,734
1, 751
1,755
1,754
1,659
1,490
1,215
804
For list of the cities see note below table 87.
Back figures.—Not available for 90 cities series; for 101 cities series, see Annual Report for 1932 (table
82), etc.
49753—34- -14
200
ANNUAL EEPOKT OP THE FEDERAL RESERVE BOARD
BROKERS' LOANS
No. 92.—LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS,
MADE BY REPORTING MEMBER BANKS IN N E W YORK CITY, BY WEEKS
[In millions of dollars]
Demand and time loans
1933
Total
For
For
own outFor Total
ofactown others
3ount banks 1
Demand loans
For
For
own outFor
acTotal
actown others
count banks ]
Time loans
For
For
out- For
own
ofactown )thers
count banks 1
223
12
236
379
156
Jan. 4
158
10
11
194
367
173
205
176
Jan. 11
11
179
367
353
174
191
Jan. 18
176
11
183
378
362
179
197
Jan. 25
181
454
262
11
276
438
176
Feb. 1
178
422
227
11
242
405
178
180
Feb. 8
427
227
10
242
410
183
Feb. 15
185
429
231
10
249
410
Feb. 22
179
180
225
418
243
9
398
7
Mar. 1
175
173
219
413
236
11
395
10
Mar. 8
177
176
214
388
235
15
366
14
Mar. 15
153
152
222
398
252
26
367
25
Mar. 22
146
145
201
371
234
31
336
29
Mar. 29
137
135
241
376
22
215
132
25
Apr. 5
347
135
375
211
235
20
137
23
Apr. 12
248
140
386
221
142
242
20
17
Apr. 19
363
144
461
297
142
18
316
Apr. 26
439
145
15
512
14
353
371
491
141
May 3
17
138
14
402
564
422
541
17
142
139
May 10
14
451
472
618
594
17
146
143
May 17
14
392
413
539
563
17
150
147
May 24
14
460
481
611
17
154
151
635
May 31
15
518
539
699
17
June 7
675
157
160
563
782
19
588
22
June 14
754
191
194
537
775
47
591
June 21
49
719
181
184
494
764
55
558
56
699
205
June 28
206
570
64
643
784
63
214
858
215
July5_.
615
723
101
846
100
231
July 12
955
232
721
588
128
833
127
245
967
246
July 19
644
513
127
761
126
248
250
July 26
494
124
125
742
627
249
248
Aug. 2
488
130
131
625
742
255
254
Aug. 9
122
511
123
639
255
253
764
Aug. 16
118
119
454
580
273
853
Aug. 23
726
272
113
114
592
471
881
Aug. 30.
759
289
288
476
95
580
96
866
286
285
Sept. 6
761
506
604
92
91
284
890
Sept. 13
790
286
543
103
435
101
281
825
Sept. 20
715
282
531
102
274
423
101
806
Sept. 27
_.
697
275
274
404
516
106
107
Oct. 4 . . .
790
273
677
273
392
113
508
114
781
272
Oct. 11
664
270
422
116
545
117
815
269
Oct. 18
691
104
353
463
268
105
731
267
Oct. 25..
620
378
100
485
101
641
264
749
263
Nov. 1
364
106
477
106
262
739
626
261
Nov. 8
348
109
460
109
247
707
247
595
Nov. 15
344
108
457
109
241
698
241
584
Nov. 22
366
104
478
104
242
720
242
608
Nov. 29
111
359
111
477
723
246
246
605
Dec. 6
123
362
124
493
267
267
629
Dec. 13
760
126
363
127
258
494
259
621
Dec. 20
753
124
254
417
125
546
255
671
Dec. 27
801
Averages:
11
195
207
365
171
173
January..
380
10
237
252
416
179
February.
433
181
18
216
240
373
17
156
158
March
398
21
236
258
374
18
138
141
399
April
17
412
432
555
14
143
146
578
May
36
528
569
712
34
183
186
755
June
105
571
683
806
104
235
236
919
July
122
484
613
747
121
263
264
877
August
98
460
565
741
97
281
282
847
September.
111
393
508
663
110
270
271
779
October...
106
360
471
610
105
251
251
722
November.
121
375
502
632
121
256
257
759
December.
i Member and nonmember banks outside New York City (domestic banks only); includes unknown
amount for customers of these banks.
Back figures—See Annual Reports for 1932 (table 83), 1931 (table 62), 1930 (table 56), 1929 ( table 54).
and 1927 (table 46).
1928 (table 57),
201
BROKERS' LOANS
No. 93.—BROKERS' BORROWINGS, 1929-33
[Net borrowings on collateral in New York City as reported by members of the New York Stock Exchange]
[In millions of dollars]
On demand and on time
Date
Total
1929
Jan.31. .
Feb. 28
Mar. 30
Apr. 30 . . .
May 31
June 29_
Julv31
Aug. 31
Sept. 30
Oct. 31
Nov. 3 0 . . . .
Dec. 31
1930
Jan. 31
Feb 28
Mar. 31__.
Apr 30
May 31
June 30
July 31
Aug. 30
Sept. 30
Oct. 31 .
Nov. 29
Dec. 31
From
New
York
banks
and
trust
companies
From
private
banks,
brokers,
foreign
banking
agencies, etc.
On demand
Total
On time
From
New
York
banks
and
trust
companies
From
pr vate
banks,
brokers,
foreign
banking
agencies, etc.
Total
From
From
New
York private
banks,
banks, foreign
trust
com- banking
agenpanies, cies, etc.
etc.
6,735
6,679
6,804
6,775
6,665
7,071
7,474
7,882
8,549
6,109
4,017
3,990
5,664
5,619
5,713
5,580
5,482
5,797
6,154
6,492
7,077
5,313
3,432
3,370
1,071
1,060
1,091
1,194
1,183
1,275
1,320
1,390
1,472
796
585
620
5,983
5,948
6,210
6,204
6,100
6,444
6,870
7,162
7,832
5,238
3,297
3,376
5,043
5,034
5,231
5,154
5,061
5,333
5,705
5,962
6, 543
4.639
2,873
2,883
939
914
979
L, 050
L, 039
L, 111
L, 165
L, 200
.289
599
424
494
752
730
594
571
565
627
604
720
717
871
719
613
621
584
482
427
422
464
449
530
534
674
559
487
132
146
112
144
144
163
155
190
183
197
lfil
126
3,985
4,168
4,656
5,063
4,748
3,728
3,689
3, 599
3,481
2,556
2,162
1,894
3,368
3.529
4,026
4,409
4,139
3,201
3,227
3,109
3,057
2.299
1,929
1,694
616
639
631
654
609
527
462
489
425
257
234
199
3,528
3,711
4,052
4.363
3,967
2,980
3,021
2,913
2,830
1,987
1,691
1,519
3,007
3,162
3,519
3,819
3,464
2,521
2,607
2,481
2,451
1,770
1,481
1,340
521
548
533
543
503
459
414
431
380
217
210
179
457
457
604
700
781
747
668
686
651
669
471
374
361
367
506
590
675
680
620
628
606
530
447
354
65
90
98
111
106
67
48
58
45
40
24
20
1,720
1,840
1,909
1,651
1,435
1,391
1,344
1,354
1,044
796
730
587
1,557
1,646
1,692
1,466
1,293
1,221
1,171
1,160
932
688
582
455
163
194
217
185
141
170
173
194
112
108
148
132
1,366
1,505
1,630
1,389
1,173
1,102
1,041
1,069
802
616
600
502
1,223
1,334
1,425
1,221
1,045
946
879
885
698
512
458
374
143
171
204
168
128
156
162
184
104
103
142
128
354
335
279
262
261
289
303
285
242
181
130
85
334
312
267
245
248
276
292
275
234
176
124
81
20
23
12
17
13
13
11
10
8
5
6
4
Sept. 30 . .
Oct. 31
Nov. 30
Dec. 31
512
525
533
379
300
244
242
332
380
325
338
347
374
385
391
300
243
194
195
248
292
263
278
279
138
140
142
79
57
49
47
84
88
61
61
68
453
482
497
341
247
189
190
264
270
202
214
227
319
345
358
267
194
147
147
184
187
143
154
160
133
137
138
74
53
43
43
79
83
58
60
66
59
43
37
38
53
54
52
68
110
123
124
120
55
40
33
33
49
48
48
64
105
120
123
119
5
3
3
5
4
7
4
5
5
3
1
2
1933
Jan. 31
Feb. 28
Mar. 31
Apr. 29
M a y 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
_
Dec. 3 0 . . .
359
360
311
322
529
780
916
917
897 ;
776
789 i
845
270
298
247
268
461
694
822
841
806
706
712
90
62
64
54
68
86
94
76
91
70
255
223
208
207
398
583
679
634
624
515
544
598 i
166
162
145
157
332
498
590
563
535
445
468
529
89
61
63
50
67
85
89
71
90
70
76
69
104
137
103
115
130
197
237
283
272
261
245
247
103
136
102
111
129
196
232
278
271
261
244
247
1
1
1
4
1
1
5
5
1
1931
Jan. 31
Feb. 28 . .
Mar. 31
Apr. 30 . .
M a y 29__
June 30July 31 . Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1932
Jan. 30
F e b . 29 .
Mar. 31
Apr. 30
M a y 31
J u n e 30
J u l y 30. . .
Aug. 31
_-
. .
776
77
69
•
1
Back figures.—See Annual Report for 1927 (table 47) for figures for 1918-22; figures for 1923-25 not available;
see Annual Report for 1930 (table 57) for figures for 1C26-28.
202
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 94.—MEMBER BANK LOANS ON SECURITIES TO BROKERS (AND DEALERS
IN SECURITIES) IN N E W YORK CITY, 1928-33
[In millions of dollars]
Call date
TotalAll
member
Member
banks in
New
York
Cityi
Member banks outside New York City
In Chicago l
In other
Reserve
cities
1,019
917
119
75
522
465
376
777
405
302
354
239
3.'4
316
376
218
Total
Outside
Reserve
cities
1928—Oct. 3
Dec. 31
1929—Mar. 2 7 . . .
Juno 29.
Oct. 4
Dec. 31.....
1,899
2.556
880
1,639
1,879
2,025
1,885
1,660
1,102
1,359
1, 096
1,202
789
459
18
48
59
11
1930—Mar. 2 7 . . .
June 30
Sept. 24...
Dec. 3 1 - . .
2,344
2,365
2,472
1,498
1,477
1,883
1,714
1,281
482
757
217
140
99
233
45
469
253
409
123
259
130
115
49
1931—Mar. 2 5 . . .
June 30
Sept. 29...
Dec. 3 1 . . . .
1932—June 3 0 . . .
Sept. 30.._
Dec. 3 1 . . . .
1,630
1,217
928
575
1,367
1,063
839
542
263
154
88
32
111
51
27
116
73
29
14
36
30
32
16
278
414
357
258
391
337
20
24
20
6
14
11
13
1933 2—June 30..
Oct. 25
Dec. 30
788
748
840
720
624
706
124
134
45
84
94
10
23
22
1
Central Reserve city banks only.
2 Beginning with 1933,figuresrelate to licansad banks only.
Backfigures.—Notavailable.
N o . 9 5 . — M E M B E R B A N K L O A N S ON S E C U R I T I E S TO B R O K E R S (AND D E A L E R S I N
SECURITIES) OUTSIDE N E W YORK CITY, 1928-33
[In millions of dollars]
Call date
TotalAll member
banks
Member
banks in
New
York
City i
Member banks outside New York City
Total
In Chicago i
In other
Reserve
cities
Outside
Reserve
cities
1928—Oct. 3 - . .
Dec. 31..
850
975
804
925
252
309
435
509
117
107
1929—Mar. 27.
June 29..
Oct. 4 . . .
Dec. 31..
1,014
921
939
803
962
858
893
748
311
242
257
240
538
511
510
425
114
105
125
83
1930—Mar. 27.
June 30..
Sept. 24..
Dec. 3 1 -
706
819
774
675
104
646
750
687
571
194
229
239
201
360
431
360
312
93
90
88
59
1931—Mar. 25..
June 3 0 Sept. 29..
Dec. 3 1 -
575
515
521
391
121
127
116
87
454
388
405
304
159
133
157
124
231
208
205
152
64
47
43
28
1932—June 30..
Sept. 30.
Dec. 3 1 -
283
258
241
65
63
61
218
195
179
93
85
67
105
92
96
20
17
15
1933 2—June 30.
Oct. 25—
Dec. 30...
165
178
166
126
131
121
48
51
33
63
66
73
15
14
15
1
Central Reserve city banks only.
2
Beginning
with 1933, figures relate to licensed banks only.
Back figures.—Not available.
203
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
BANKERS' ACCEPTANCES AND COMMERCIAL PAPER
OUTSTANDING
No.
96.—BANKERS'
ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING,
1927-33
[In millions of dollars]
Commercial paper outstanding
Bankers' acceptances outstanding *
End of
month
1927
1928 j 1929 1930
1931
1932
J
1933 1927 1928 1929 1930 1931 1932 1933
i
January
February
March
April
September
October-.
November
December
1,058
1,056
1,085
1,071
1,279
1,228
1,205
1,111
1,693
1,624
1,539
1,414
1,520
1,520
1,467
1,422
961
919
911
879
707
704
671
697
551
577
606
599
577
567
570
571
407
411
387
351
404
457
529
553
327
315
311
307
108
103
106
108
85
84
7?
64
1,041
1,026
978
952
1,107
1,113
1,127
1,201
1,382
1,305
1,350
1,339
1,413
1,368
1,228
1,090
787
747
705
681
669
687
738
694
582
579
569
591
541
503
483
458
304
274
265
267
541
527
528
526
305
292
289
271
111
103
100
108
60
73
97
107
864
975
1,029
1,081
May. .
June
July . .
August—
774
785
809
811
775
751
741
782
.« _.
1,004
1,123
1,200
1,284
1,272
1,541
1,658
1,732
1,367
1,508
1,571
1,556
996
1,040
1,002
974
683
699
720
710
715
737
758
764
600
611
603
555
430
427
421
383
265
285
316
334
513
485
448
358
248
210
174
118
110
113
110
81
123
130
133
109
i Figures collected and compiled by American Acceptance Council.
Paper maturing within 7 months. Figures reported by dealers to the Federal Reserve Bank of
New York.
Back figures.—Bankers' acceptances outstanding, see Annual Report for 1931 (table 66). Commercial
paper outstanding, see Annual Report for 1930 (table 60).
1
No. 97.—DOLLAR BANKERS' ACCEPTANCES OUTSTANDING, BY CLASSES J
[In thousands of dollars]
Based on—
End of month
January
February
March
April
May
June
July..
August
September
October...
November
December
January
February
March
April
May..
June
July.
August
September
October
November
December
Total
Imports
into
United
States
Based
on goods
stored in
foreign
Goods
Goods
Dollar countries
Exports instored
United shipped exchange
or
from
States between
shipped
United
(ware- domestic
between
States
points
house
foreign
points
credits)
1932
254,382
961,066
919,392
911, 291
879,039
787, 415
747,248
704,647
681, 466
683,189
698, 620
719, 551
709,730
150,021
142,141
128,786
117,950
103,124
96, 950
85,449
75,951
73,106
81,472
80,878
78,578
207,415
195,034
205,385
198, 859
183, 684
173,194
161, 523
151,713
156,191
157,364
160,864
163, 764
254,116
247, 623
230,887
199,315
179, 232
163,363
175,160
197, 657
206,478
220, 652
215, 387
17, 280
17,354
19, 542
19,895
17,943
13, 615
14,418
16,880
14,392
15, 713
15,964
14, 397
33,529
26,467
22, 740
17, 250
14, 624
13, 243
15,164
11, 287
7,953
6,383
8,779
9,927
298,439
284, 279
287, 215
294,199
268, 726
271,015
264, 729
250, 473
233,890
231,211
232,415
227, 677
707,404
703, 826
671,117
696, 813
668,811
686, 674
738, 259
694,012
715.149
736, 791
758, 212
764, H I
70, 993
71,023
73,138
77, 339
76, 542
80, 080
86, 368
94,863
103, 206
99, 364
97, 549
94, 269
166, 023
173, 847
175, 276
176,499
173, 629
168,012
168,121
160,106
170, 757
184, 985
199, 654
207, 227
209,161
205, 552
173, 992
188,822
173,468
203,109
239, 514
215,002
222, 759 '
238, 406
263, 666
263, 007
13, 269
13, 407
9,913
10, 274
11, 218
13, 897
15, 579
14, 279
14,594
14,139
13, 878
13,833
11,276
8,604
8,358
9,872
236, 683
231, 393
230, 441
234,007
224, 860
212, 573
219,006
205, 712
1933
9,094
9,004
9,672
4,049
4,363
4,698
3,775
3,968
199,469
195, 200
179, 690
181,807
i Figures collected and compiled by American Acceptance Council.
Back figures.—See Annual Reports for 1932 (table 88), 1930 (table 61), 1929 (table 57), 1928 (table 60), and
1927 (table 49).
204
ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
No. 98.—DOLLAR BANKERS' ACCEPTANCES HELD BY GROUP OF ACCEPTING
BANKS, 1926-33
[In thousands of dollars]
1932
1929
1930
1933
1927
1928
1931
1926
End of month
January. ...
February..
March
April
May_
June
July
August
September.
October. __
November.
December.
118, 956
127, 580
132,104
137,144
107,389
66,817
57, 630
63,644
47, 634
56, 214
64,444
77,007
54,987
166,485
104,484
86,976
94, 561
88,947
86, 412
132,890
103, 592
118,167
116, 913
104,999
79,968
90,090
99, 058
56, 397
58,183
71, 289
52, 642
50,331
53,187
43, 711
50, 345
75, 842
79, 246
89,050
117, 430
95,129
87, 396
84, 284
90,033
82, 378
70, 767
129, 413
244, 463
191,061
220, 467
182,930
166, 663
157, 527
165,611
205,110
278,642
267,337
316, 678
384,173
493,002
371, 452
571, 404
549, 548
472, 246
410, 249
464,163
553, 519
668, 034
606, 469
409,895
230,407
296,161
262,092
332, 211
342, 807
377, 200
455, 454
510, 423
517,547
562, 955
573, 737
573, 360
605, 069
654, 523
603, 858
626, 274
325,007
261, 036
404, 252
504, 992
487, 255
552,148
499,444
517,207
592,165
599, 077
442, 457
NOTE.—Banks included are those which report to the American Acceptance Council; figures include
both own acceptances held and purchased acceptances held.
Backfigures.—SeeAnnual Report for 1932 (table 89).
No. 99.—PURCHASED ACCEPTANCES HELD BY MEMBER BANKS ON CALL DATES,
1930-33
[In thousands of dollars]
Member
Member banks outside New York City
Total—all banks in
member
banks
Call date
1930-Mar. 27_
June 30..
Sept. 24.
Dec. 3 1 . .
1931—Mar. 25.
J u n e 30..
Sept. 29.
Dec. 3 1 . .
1932—June 30..
Sept. 30.
Dec. 3 1 . .
253, 728
241,106
267, 366
369, 747
462,089
501,291
338,463
187,013
347,361
440, 732
405,554
315, 354
326, 542
259,885
1933—June 30 2
Oct. 25 2.
Dec. 30 2.
New
York
City i
Total
129,379
172,883
175, 792
210, 497
249, 281
339,525
233, 514
124,100
283, 564
358, 769
345, 562
234, 210
240, 287
186,565
124,349
68, 223
91,574
159, 250
212,808
161, 766
104,949
62,913
63,797
81, 963
59,992
81,144
86, 255
73,320
I n Chicago *
In other
reserve
cities
13,998
20, 728
20, 250
31, 558
39,030
44,833
25,105
12,229
9,784
21,833
27, 290
33, 245
31,972
23, 097
79,538
35, 464
64,144
119, 714
166, 777
113,089
76, 934
44,337
39, 797
50,166
29,865
42, 411
50, 375
44, 505
Outside
reserve
cities
30,813
12, 031
7,180
7, 978
7,001
3,844
2, 910
6,347
14, 216
9,964
2,837
5, 488
3,90S
5, 718
1 Central reserve city banks only.
Licensed banks (operating on an unrestricted basis).
NOTE.—Purchased acceptances only—i.e., exclusive of own acceptances held, amounting to $212,637,000
on Dec. 30,1933, which are shown separately in table 79.
Backfigures.—SeeAnnual Report for 1932 (table 90).
2
No.
100.—DISTRIBUTION
OF DOLLAR BANKERS'
[In thousands of dollars]
ACCEPTANCES
Held by Federal Reserve banks
End of month (1933)
Total outstanding
Total
January...
February..
March
April
May
June
July
August
September
October...
November.
December.
707, 404
703, 826
671,117
696,813
668, 811
686, 674
738, 259
694, 012
715,149
736, 791
758, 212
764, 111
43, 217
337, 005
325, 004
206, 291
48,612
76, 779
38, 839
40. 871
42, 315
32, 259
20, 918
131, 202
Held by group of
accepting banks
For forFor own eign coraccountl respond- Own bills
ents 3
2,303
307,021
279, 699
163, 231
12, 881
40, 925
1,719
695
853
965
18,025
127, 392
40,914
29,984
45, 305
43,060
35, 731
35,854
37,120
40,176
41, 462
31, 294
2,893
3,810
OUTSTANDING
256,454
201, 344
153,098
205, 747
229, 479
200, 693
248, 362
252, 233
235, 661
270, 779
272, 683
223, 275
Bills
bought
369, 821
123, 663
107,938
198, 505
275, 513
286, 562
303, 786
247, 213
281, 546
321, 386
326, 394
219,182
Held by
others
37,913
41, 814
85, 077
86,270
115, 207
122, 640
147, 271
153, 697
155, 627
112,367
138, 217
190, 452
1
Reserve bank holdings of "bills bought," exclusive of (1) trade acceptances and (2) bills payable in foreign currencies.
2
Contingent liability of Federal Reserve banks on bills bought for foreign correspondents.
Back figures.—See Annual Reports for 1932 (table 91), 1931 (table 70), 1930 (table 64), 1929 (table 58), and
1928 (table 61).
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
205
BANK DEBITS
No. 101.—DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN 141 PRINCIPAL
CITIES, BY MONTHS, 1924-33
[In millions of dollars]
Month
1924
1925
1926
1927
1928
1929
1930
1931
1932
33, 569
27, 251
29, 889
29, P23
25, 411
27.103
25, 239
25, 215
25, 931
25, 298
20, 750
26, 787
1933
T O T A L , 141 C I T I E S
January
February._
March
April
May.
June
July
August
September.
October
November.
December..
Total
41,498
37, 398
40, 739
39, 519
40, 044
40, 230
40,131
38, 692
38,972
43, 418
41,893
49,157
49, 982
41, 517
47,623
44, 558
46, 596
48, 631
47, 037
43,134
45, 264
52,955
48, 367
54, 399
54,145
44, 915
56,464
51,837
48, 020
50, 662
50, 959
47,011
46, 954
52, 535
47, 384
57, 070
54, 714
48, 220
58, 518
55, 583
54,143
56. 820
53, 682
53, 702
56, 750
59, 201
57, 085
65, 441
62, 885
54,493
70, 633
67, 003
71, 616
72, 485
58, 981
58, 504
63,176
72, 894
71, 349
82, 386
82,814
70, 777
83, 524
74,750
76,535
69,666
77,631
77,344
77,617
95,527
82, 090
66, 752
60, 423
52, 625
65, 723
62, 946
61,811
62, 312
52. 744
45, 993
48, 636
54,460
42,176
52,107
46, 253
38, 031
47, 011
46,440
43, 930
45, 299
39,451
34, 027
36, 700
38,802
29, 069
36, 345
491,691
570, 064
607, 956
673,861
806,405
935,027
661,957
481, 357
24,466
22, 437
0)
22, 628
25,486
29, 711
31, 232
25, 451
24, 555
26, 307
24,131
26,301
322, 366 2 282,706
140 CITIES (EXCLUDING NEW YORK CITY)
January
February. _
March
April
May
June.
July
August
September.
October
November.
December..
Total
19,384
17, 512
19,193
18, 865
18, 639
18, 304
18, 662
17, 776
18, 238
20, 912
18,846
21,830
22, 301
18, 593
21, 240
20, 613
20,417
21, 702
21, 580
19,869
20, 895
24, 039
21, 357
24, 085
23, 607
20,102
23,458
22, 537
21,449
22, 466
23, 300
20, 778
21,336
23, 780
21, 593
24, 493
23,456
20, 781
24, 026
23, 576
22, 873
23, 812
22, 932
22, 048
23, 381
25, 111
23,803
26, 503
25, 001
21, 753
25, 847
25, 225
26, 346
27, 029
23, 897
23,401
24,450
27, 705
25, 880
29, 659
28,095
24,489
28,099
26,770
26,492
26,404
28,416
28,310
27,274
32,202
28,486
26, 902
25, 691
21, 508
24, 983
24,315
24, 388
24,621
23,145
20,941
21, 253
23, 679
19, 686
23,107
21, 697
17, 084
19, 421
19, 620
18,858
19,406
18,444
16, 526
16, 627
18,125
14, 605
17,112
228,161
256, 691
268,900
282, 303
306,193
331,938
277,317
217, 523
15,893
12,870
13,729
14, 366
12,498
12, 901
12, 511
11, 756
11,767
12,354
10,935
12,820
12,053
10,401
0)
10,616
11, 509
12,969
13,878
12,376
12,215
13, 027
11,927
13, 287
154,401 2 134,257
1 Not available, complete data not having been reported on account of bank holidays.
2 Total for 11 months.
Back figures.—See Annual Report for 1925 (table 100); series begins with 1919. Corresponding figures
for each Federal Reserve district and for each reporting center are available in mimeographed form beginning with 1919 and may be had upon request.
NOTE.—Figures represent debits on the books of reporting banks to accounts of individuals, firms, and
corporations, and of the United States Government, including war-loan deposit accounts, also debits
to savings accounts, payments from trust accounts, and certificates of deposits paid. Figures do not
include debits to the accounts of other banks or in settlement of clearing-house balances, payment of
cashiers' checks, charges to expense and miscellaneous accounts, corrections, and similar charges. Monthly
figures are derived from weekly reports, the figures for weeks which do not fall entirely within a single
calendar month being prorated.
206
ANNUAL EEPOKT OF THE FEDERAL RESERVE BOARD
BANK SUSPENSIONS
No. 102.—BANKS SUSPENDED AND REOPENED, BY YEARS, 1921-32 *
[Amounts in thousands of dollars]
Banks suspended
Class of bank and year
411 b a n k s :
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930_
1931
1932
Number
Total
National b a n k s :
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931.
1932
.
_ .
. .
.-
Total
State bank members:
. -__
.
..
__.
Total
Nonrnember banks:
_.
-._
.__
_
_.
23, 732
14, 560
21, 367
28,432
24, 754
33, 482
25, 371
19,909
33, 432
111,791
207, 965
108, 450
172,188
93, 043
149, 601
210,151
167, 555
260, 378
199, 329
142, 580
230, 643
853,363
1, 690, 669
715, 626
97
118
69
111
81
162
129
53
69
159
276
290
24,437
45.452
17 348
31, 523
22,931
59, 962
43 144
22, 555
28, 586
63,013
157, ] 59
276,194
653,245
4,885,126
1,614
792, 304
5,223
4, 356
6,933
10, 330
9,940
8,194
7,889
5,125
7,075
50, 510
83, 761
44,705
244,041
38,140
27,310
46,803
78,535
65,457
67,464
63,489
46, 730
58,073
372,845
733,128
269,303
1,867, 277
10
27
14
19
10
14
10
5
5
6
31
52
203
2, 669
11,230
4,803
7,116
3, 756
7, 516
6,959
5,974
1,910
3,053
52, 470
71, 666
179,122
52
49
90
122
118
123
91
57
64
161
409
276
1,612
2,989
3,535
4,823
7,660
7,990
5,695
5,415
4,150
5, 095
19, 675
49, 347
34, 560
150,934
20, 777
20,197
34, 244
64,890
55, 574
43,998
45, 547
36, 483
41, 614
170, 446
439,171
214,150
9
25
11
17
8
10
8
2
3
4
25
44
1,187,091
166
19
13
32
38
28
35
31
16
17
27
107
55
418
- _
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
Total
Deposits
71
62
122
160
146
158
122
73
81
188
516
331
2,030
.
._.
Total
Member banks:
1
Number
505
367
646
775
618
976
669
499
659
1,352
2.294
1,456
._
.
1921
1922
1923
1924
1925
1920
1927_
1928
1929
1930
1931
1932
Banks reopened
Deposits
10,816
.._
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
Capital
2,234
821
2,110
2,670
1,950
2,499
2,474
975
1,980
30, 835
34,414
10,145
1
2
3
2
2
4
2
3
2
2
6
8
93,107
17,363
7,113
12, 559
13, 645
9,883
23, 466
17,942
10, 247
16, 459
202, 399
293,957
55,153
680,186
37
434
305
524
615
472
818
547
426
578
1,164
1,778
1,125
18, 509
10, 204
14, 434
18,102
14, 814
25, 288
17,482
14, 784
26, 357
61, 281
124, 204
63, 745
8,786
409,204
134,048
65, 733
102, 798
131,616
102,098
192,914
135,840
95,850
172,570
480, 518
957, 541
446, 323
3,017,849
87
91
55
92
71
148
119
48
64
153
245
238
1, 411
2, 201
7,874
3, 670
6, 567
3, 441
4,108
4,759
427
1,404
1, 517
24, 717
56, 267
116,952
468
3, 356
1,133
549
315
3,408
2,200
5, 547
506
1,536
27,753
15, 399
62,170
21,768
34, 222
12, 545
24,407
19,175
52, 446
36,185
16, 581
26, 676
59,960
104, 689
204, 528
613,182
Banks closed on account of financial difficulties by order of supervisory authorities or by the directors of
the bank. Figures of suspensions include banks subsequently reopened. Deposits are as of date of suspension or nearest
call date.
207
BANK SUSPENSIONS
No.
103.—NUMBER OF BANK SUSPENSIONS 1921-32, BY FEDERAL
RESERVE
DISTRICTS AND STATES 1
ALL B A N K S
Number of bank suspensions
Federal Reserve dis- Total,
1921-32
trict and State
1927 1928 1929
1921
1922
1923
1924
1925
1
6
2
6
32
80
44
32
81
85
80
56
2
3
1
1
32
31
25
27
70
92
50
33
2
6
2
5
42
49
106
50
296
139
49
29
3
13
63
46
110
53
168
85
51
24
4
12
63
173
180
76
284
118
50
16
29
46
72
124
80
142
100
41
32
3
3
1
17
43
70
87
58
94
90
23
10
505
367
3
4
3
6
47
22
52
30
273
133
46
27
646
775
618
976
669
499
1
1
1926
1930
1931
1932
DISTRICT
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis..
Minneapolis
Kansas City
Dallas
San Francisco
Total
70
135
157
384
856
1,042
2,223
1,229
2,056
1,604
574
486
10, 816
1
2
2
12
11
10
41
153
142
264
362
156
138
42
21
33
80
101
182
206
139
631
260
271
222
93
76
659 1,352 2,294
6
3
14
59
129
93
46
85
197
11
16
11
14
27
58
70
89
507
155
136
205
38
146
1,456
STATE
New England:
Maine
New Hampshire .
Vermont
Massachusetts
Rhode Island
C onnecticut
Middle Atlantic:
New York .
New Jersey
Pennsylvania
East North Central:
Ohio.
Indiana
Illinois
Michigan
Wisconsin...
West North Central:
Minnesota .
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas-._
South Atlantic:
Delaware
.
Maryland
Dist. of Columbia
Virginia.
West Virginia
North Carolina. .
South Carolina...
Georgia..
Florida
East South Central:
Kentucky..
Tennessee
Alabama
_
_
Mississippi _
West South Central:
Arkansas
Louisiana .
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
_
_
Colorado
New Mexico._ __
Arizona
Utah
Nevada
Pacific:
Washington
Oregon.
California
_.
5
4
2
29
3
29
99
52
237
1
1
1
1
5
1
2
2
1
3
2
2
1
2
3
19
7
10
6
5
1
5
8
3
19
55
38
137
10
8
42
1
2
2
1
4
1
1
5
4
6
4
2
8
6
7
1
8
4
4
2
5
7
4
3
12
3
4
12
8
10
1
9
7
5
11
8
7
19
23
11
16
25
29
6
15
11
24
18
10
24
30
9
11
25
87
125
21
24
115
96
238
113
49
26
68
209
87
67
46
35
22
99
44
17
34
55
83
43
75
113
21
16
50
86
44
32
63
21
19
93
134
58
59
115
25
46
65
70
46
37
27
25
36
46
51
32
38
7
52
26
31
34
23
37
13
152
22
87
103
59
55
46
43
101
208
122
66
73
109
38
62
147
80
14
23
51
69
1
1
1
1
3
20
223
365
704
287
218
3
6
9
8
604
971
600
566
547
572
370
18
24
16
37
3
29
11
15
12
11
13
11
24
20
3
36
4
111
107
306
304
448
262
4
2
5
1
14
9
65
7
5
1
8
16
20
6
138
154
128
178
3
3
2
5
2
1
291
76
342
439
5
11
27
63
234
106
67
138
63
45
45
21
108
86
89
2
18
26
12
4
4
2
11
25
30
3
3
4
16
41
34
1
4
2
12
45
109
43
4
5
14
24
26
31
7
5
8
22
27
35
10
14
18
17
34
65
20
10
93
27
31
39
37
57
63
34
35
17
1
4
4
9
6
31
18
25
11
11
4
3
2
2
5
6
10
3
6
7
5
4
7
13
4
7
8
17
2
6
7
4
1
5
1
12
14
8
30
29
34
59
27
31
36
56
38
28
18
12
3
6
39
34
6
5
53
19
7
2
50
25
7
4
20
39
16
10
21
37
17
4
28
35
14
3
5
22
12
134
10
22
34
57
7
24
86
13
14
32
35
23
22
7
12
7
7
7
31
8
4
8
5
5
3
1
77
10
9
18
14
8
2
45
7
33
9
23
3
2
16
8
3
15
10
3
1
8
4
3
14
2
1
2
1
3
1
5
1
11
1
11
10
3
21
1
5
9
2
8
24
2
24
1
7
14
16
12
6
3
5
6
6
5
5
2
12
3
2
6
3
3
2
5
5
22
14
18
28
26
33
1
3
1
2
4
1
1
2
4
12
6
3
10
2 .....
1
2
3
7
1
4
5
5
3
3
2
7
1 Banks closed on account offinancialdifficulties by order of supervisory authorities or by the directors
of the bank. Figures of suspensions include banks subsequently reopened. Figures for 1921-31 have
been revised.
208
No.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
103.—NUMBER OF BANK SUSPENSIONS 1921-32, BY FEDERAL
DISTRICTS AND STATES—Continued
RESERVE
NATIONAL BANKS
Number of bank suspensions
Federal Reserve district and State
Total
1921-32
1921
1922
1
3
1923
1924
1
1
1
1
1925
1926
1927 1928 1929
1930
1931
1932
DISTRICT
Boston
New York
Philadelphia
Cleveland.. _
Richmond
Atlanta
Chicago.
S t Louis
Minneapolis
Kansas City
Dallas . .
San Francisco..
Total
._
12
51
38
99
124
105
293
115
320
184
145
126
1
1
1
4
1
11
8
12
12
1,612
52
1
2
3
13
9
9
6
3
3
2
2
1
40
16
14
8
3
4
5
1
46
33
17
10
44
16
10
9
1
2
4
4
36
7
40
12
11
6
49
90
122
118
123
4
3
10
9.
17
9
4
2
25
5
20
11
7
8
1
2
9
4
13
2
10
9
4
2
1
2
7
16
13
4
10
6
2
3
1
2
1
8
21
17
28
34
15
15
16
3
6
34
23
47
46
25
70
35
46
21
33
23
2
10
10
22
12
21
78
22
25
28
10
36
91
57
64
161
409
276
STATE
1
1
1
5
1
1
1
1
6
24
16
42
g
5
20
2
1
4
1
3
4
20
2
19
8
37
14
2
]2
46
5
1
3
8
6
1
1
8
5
2 .....
3
4
1
1
13
6
8
3
4
3
13
21
12
13
13
8
4
24
8
3
6
3
9
3
1
1
1
1
1
1
1
1
1
2
1
3
1
6
1
2
2
4
2
3
2
1
14
31
2
1]
12
3
1
12
21
1
4
2
3
1
3
1
1
1
1
3
2
2
2
4
2
2
1
3
1
4
1
1
14
5
2
1
8
4
15
16
1
7
12
1
2
3
4
9
14
8
3
1
2
1
1
1
1
1
2
1
1
2
1
1
3
1
2
2
1
2
1
2
1
1
3
5
3
1
1
1
1
4
3
11
2
5
10
4
3
4
6
18
14
5
4
3
2
2
5
3
8
2
2
1
1
4
5
7
1
3
3
7
3
4
4
8
8
10
3
6
1
13
1
6
14
8
2
30
1
1
9
10
1
1
1
3
10
1
1
8
4
7
7
9
1
1
1
1
1
2
1
3
2
17
3
9
6
9
6
8
7
8
6
2
4
1
2
17
5
2
......
13
4
9
3
12
9
4
2
1
1 .....
2
1
1
2
3
4
3
6
7
2
4
1
1
7
1
1
1
6
1
rH CO
New England:
Maine
1
New Hampshire.
1
Vermont
7
Massachusetts
1
Rhode Island
2
Connecticut
Middle Atlantic:
New York
36
24
New Jersey
81
Pennsylvania
East North Central:
Ohio
35
35
Indiana.
119
Illinois
23
Michigan
Wisconsin
20
West North Central:
80
Minnesota
150
Iowa
33
Missouri
North Dakota
86
South Dakota
73
Nebraska .
.
43
27
Kansas
South Atlantic:
2
Delaware
6
Maryland
Dist. of Columbia
15
Virginia
West Virginia
29
North Carolina...
42
34
South Carolina...
31
Georgia
25
Florida
East South Central:
Kentucky
18
12
Tennessee
29
Alabama
16
Mississippi
West South Central:
Arkansas
29
3
Louisiana
Oklahoma
82
102
Texas
Mountain:
67
Montana
36
Idaho
11
Wyoming
31
Colorado
21
New Mexico
5
Arizona
4
Utah
2
Nevada
Pacific:
23
Washington. _ _
_
Oregon
20
40
California
1
2
1
2
1
2
1
2
2
5
3
2
1
2
1
2
2
3
1
2
4
1
1
2
1
6
4
8
5
8
1
BANK SUSPENSIONS
No.
103.—NUMBER OF BANK SUSPENSIONS 1921-32, BY FEDERAL
DISTRICTS AND STATES—Continued
STATE BANK MEMBERS
RESERVE
Number of bank suspensions
Federal Reserve district and State
Total
1921-32
1921
1922
1923
1924
1925
1926
1927 1928 1929
1930
1931
1932
DISTRICT
Boston
New York
Philadelphia
Cleveland
Richmond
.
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
.
1
1
4
418
19
2
1
1
5
4
10
1
1
1
1
2
9
10
2
3
13
17
27
107
55
1
1
1
2
1
1
2
1
5
7
1
10
7
16
7
5
32
9
1
1
2
13
7
23
16
57
121
36
40
9
38
56
8
4
6
1
1
1
1
3
15
2
5
23
11
11
1
3
1
3
1
2
3
4
4
8
2
1
1
1
7
2
1
3
8
5
3
8
16
4
1
1
3
2
1
1
28
35
31
16
1
9
10
2
9
2
4
1
1
5
8
1
5
2
5
2
6
1
14
2
3
4
13
32
38
1
1
1
7
5
1
6
22
6
STATE
New England:
Maine
-New Hampshire.
Vermont
Massachusetts...
Rhode Island
Connecticut . . .
Middle Atlantic:
New York... . . .
New Jersey
.
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan - —
Wisconsin.-West North Central:
Minnesota. .
Iowa
Missouri- North Dakota
South Dakota .
Nebraska
Kansas - _ _
_
South Atlantic:
Delaware
Maryland
Dist. of Columbia..
Virginia _ . ..,.
West Virginia
North Carolina. .
South Carolina.__
Georgia
.
Florida
. .
East South Central:
Kentucky
Tennessee - . ..
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
. .
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California..
2
9
6
7
21
8
22
39
1
1
2
1
1
1
4
1
1
1
1
2
9
1
6
1
2
7
57
10
1
3
2
2
10
4
15
3
2
31
1 _____
1
1
15
2
5
1
7
2
2
2
1
1
2
1
1
2
1
1
1
1
4
1
10
37
6
3
1
2
2
1
7
1
4
1
1
1
4
1
1
1
1
7
1
1 _____
1
2
2
1
1
4
1
3
1
2
4
2
1
1
3
1
1
1
4
2
1
1
26
20
2
2
4
4
4
11
2
1
1
1
4
1
2
1
1
4
1
3
1
1
1
3
1
3
1
4
2
1
3
1
1
1
9
3
2
2
1
1
6
2
2
1
2
3
1
5
4
2
6
1
11
14
1
1
1
2
1
10
1
3
1
2
1
1
2
1
3
210
No.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
103.—NUMBER OF BANK SUSPENSIONS, 1921-32, BY FEDERAL
DISTRICTS AND STATES—Continued
RESERVE
NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS
Number of bank suspensions
Federal Reserve dis- Total,
1921-32
trict and State
1921
1922
1923
1
5
38
35
74
46
235
103
23
18
1
10
50
29
63
52
119
69
26
12
8
59
157
91
65
241
105
32
8
15
38
58
76
72
121
87
29
17
13
32
62
58
56
83
79
16
'7
578
433
766
514
406
1924
1925
1927 1928 1929
1926
1932
1930
1931
6
4
6
29
129
120
192
317
140
123
22
16
24
33
65
106
151
109
485
215
224
201
41
43
6
3
17
32
58
62
382
125
107
175
21
97
547 1,104 1,697
1,085
DISTRICT
Boston
New York
.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
..
42
46
97
235
706
844
1,561
1,070
1,681
1,407
309
304
1
3
2
3
29
74
26
29
67
76
43
37
28
28
16
23
53
83
28
22
3
2
44
18
35
28
218
115
21
15
8,302
390
281
501
1
2
2
3
2
12
50
92
63
42
73
191
7
12
STATE
1
29
22
128
3
2
1
1
13
1
4
8
5
2
1
4
1
9
20
18
80
2
2
21
8
19
26
1
10
19
73
102
4
23
71
81
196
62
41
21
47
152
61
63
28
21
55
96
51
51
42
40
87
160
109
53
60
101
34
52
111
71
11
16
46
60
1
1
2
516
637
555
480
462
526
340
18
16
15
35
1
24
11
1
3
1
1
1
1
5
4
3
4
11
5
4
15
7
19
13
10
9
20
25
3
14
78
74
54
48
101
22
45
53
32
44
33
25
22
34
43
32
31
33
4
49
20
5
4
1
2
11
7
1
5
6
2
10
15
7
11
11
9
23
20
41
23
20
85
37
15
33
45
59
40
66
95
13
13
35
47
42
25
50
20
19
5
1
1
1
22
4
93
74
263
260
345
230
4
1
14
9
61
6
5
1
7
15
17
6
118
140
89
158
3
3
1
4
2
1
10
245
70
258
224
5
11
24
29
2
5
31
17
5
5
35
135
50
53
107
36
40
31
19
13
11
7
11
5
6
6
18
3
4
7
2
5
49
3
7
18
10
6
1
15
3
2
11
22
21
3
2
3
12
35
20
3
2
12
42
98
42
4
4
12
18
17
28
7
4
5
16
22
32
8
13
16
13
13
52
18
5
83
22
25
34
30
35
49
27
27
14
3
4
7
4
26
15
15
9
5
5
7
6
7
3
4
7
12
2
5
8
16
1
6
7
4
1
5
1
12
11
7
26
26
26
23
26
27
48
27
25
9
11
41
13
7
4
10
19
11
9
13
23
13
4
9,0
24
14
3
3
15
20
6
42
7
22
37
11
12
23
18
24
3
22
6
8
3
1
3
2
3
8
8
3
1
3
10
8
4
3
14
2
16
26
9
4
3
3
1
2
CO OS
2
10
3
1
22
29
13
149
11
1
1
1
4
1
1
1
2
1
4
1
1
1
5
6
3
3
11
5
3
1
6
3
2
4
1
1
""""§"
2
4
7
2
5
1
3
16
16
5
2
4
6
2
4
16
2
18
1
6
12
14
1
2
5
14
7
9
18
14
19
9
1
4
1
2
2
CO
1
3
9
4
COOO
146
285
563
134
196
Colorado
-New Mexico
Arizona
Utah
Nevada
Pacific:
74
Washington
52
Oregon
48
California
1
2
1
COrH
"Wvominsf
1
1
4
2
1
17
2
18
CO
New England:
Maine
New Hampshire.
Vermont
Massachusetts
Rhode Island
C onnecticut
Middle Atlantic:
New York
New Jersey
.
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
Dist. of ColumbiaVirginia
West Virginia
North Carolina. _
South CarolinaGeorgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho -.
211
BANK SUSPENSIONS
No.
103.—NUMBER
OF BANK SUSPENSIONS, 1921-32, BY FEDERAL RESERVE
DISTRICTS AND STATES—Continued
PRIVATE BANKS
N u m b e r of b a n k suspensions
Federal Reserve dis- Total,
1921-32
trict and State 1
1923
1924
4
1922
1921
1925
1926
1
5
2
3
2
2
3
22
4
37
1927 1928 1929
1930
1931
3
3
3
3
2
2
3
6
13
2
40
1
43
1
1932
DISTRICT
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
...
St Louis
M! inneapolis
Kansas City
Dallas
1
Total
2
2
3
13
1
1
20
11
8
1
17
1
6
1
5
476
__
9
25
15
27
9
36
247
g
14
4
82
44
23
23
37
2
1
1
2
6
1
2
1
9
1
2
3
3
1
8
1
14
12
2
8
15
1
10
4
1
4
1
2
2
39
52
33
19
2
3
25
2
3
1
3
10
4
31
58
80
37
3
2
3
4
3
9
STATE
New England:
Connecticut
Middle Atlantic:
New York
Pennsylvania
East North Central:
Ohio
Indiana
Michigan
West North Central:
Iowa
Missouri
South Dakota
Kansas
South Atlantic:
Maryland .
Virginia
Georgia
Florida
West South Central:
Arkansas
Texas
Mountain:
Montana. .
1
1
9
2
25
21
4
5
2
8
1
3
1
1
2
127
2
5
2
4
3
7
7
2
35
1
2
21
37
91
Wyoming
2
82
6
1
2
2
1
2
1
11
11
2
1
3
3
2
4
2
3
1
1
22
2
1
2
2
4
5
2
9
15
10
5
14
3
9
10
17
14
12
6
3
17
24
9
1
2
2
1
1
2
20
7
2
2
8
1
1
3
4
8
1
1
14
5
10
4
1
4
2
1
2
2
3
1
10
4
1
4
1
1
MUTUAL SAVINGS BANKS
DISTRICT
Boston
Richmond
Chicago.Minneapolis
-_
Total
5
1
1
1
1
8
1
1
3
1
1
2
2
1
1
1
1
2
1
3
STATE
New England:
Maine
Massachusetts. _
New Hampshire.
East North Central:
WisconsinWest North Central:
Minnesota
South Atlantic:
Maryland
1
1
2
1
1
i State and district listed only in cases where suspensions occurred.
1
1
1
1
No. 10-1.—DEPOSITS OF BANKS SUSPENDED, 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES 1
bO
ALL BANKS
Deposits (in thousands of dollars)
Federal Reserve district and State
Boston
New York
Philadelphia.-.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis-..
Kansas City..Dallas
San Francisco..
TotalNew England:
Maine
New HampshireVermont
Massachusetts...
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana.Illinois
,--_
Michigan
Wisconsin
Total
1921-32
1921
249, 716 13,317
407, 201
16, 084
258, 398
2,662
532, 486
1,562
362,995
6,729
383,877
14, 403
, 083, 307 16, 691
385, 073
7,122
431,425
17, 360
345,166
20, 872
176,166
22,163
269,316
33, 223
4,885,126
172,188
1922
1923
1921
1925
1,861
828
415
778
9,748
5,602
6,183
9,435
14, 490
23, 234
8,164
12,305
1,884
2
4,862
4, 729
7,399
4,257
15, 363
8,372
53, 420
33,158
10, 566
5, 589
1, 684
1,774
972
1,056
6,406
5,570
39,971 I
11, 308
79, 564
34, 937
19, 797
7,112
2, 665
9,439
12,920
6,739
38, 353
10, 886
38, 527
26, 050
11, 929
8, 586
93, 043 149,601
210,151
5,357
13, 783
1, 655
148,271
13, 317
2, 485
82,937 "~2~164"
1,861
322,191
96,845
424, 392
13,920
273
555
1,193
5, 236
972
323, 221
174,137
419,188
160, 073
69, 759
513
800
5,594
4,570
5, 062
1,218
246
237
4,355
1,675
3,585
743
1,519
553
653
3,877
624
1,770
3,178
1926
1,461
1927
783
438
1928
1930
1931
1932
37,612
18, 430 187, 243
3, 420 55,488
8,477 40, 555
20, 603 84, 381
58, 070 86, 403
36,324 108,999
9,194 169,121
14, 828 23,139
38,486 28,752
1,644 16, 349
21,167 15, 321
117,038 72,563
155, 272 25, 773
155, 729 30, 682
400,171 36,870
116, 700 53, 546
51,370 23,576
425,041 262,739
67, 376 45,987
57,448 27,899
46,917 30,587
53, 030
9,553
44, 577 95,851
167, 555 260, 378 199, 329 142, 580 230, 643 853, 363
3
d
>
F
W
o
715, 626
970
5,161
16, 866
55, 025
63, 668
17, 615
61, 481
24,112
8,880
6, 600
459
16, 737
14, 622
36, 429
46, 260
15, 966
26, 072
21,617
6,419
13, 986
1,513
1,357
533
6,951
13, 075
36, 433
23,715
12, 691
17,197
16,444
7,672
4,999
1929
783
95, 408
29,678
17, 590
18,374
42,885
12,630
5,800
8,128
183, 680
2,993
62,159
92,801
73,128
270, 787
15,316
14,369
50,937
3,479
7,991
16,872
2,263
4,929
30, 031
35, 932
61, 283
6, 486
8,894
1,273
240
1,684
1,774
438
10, 754
163
1, 421
2,439
335
2, 276 j
2,254
1,002
11,400
1,655
9,575
1,381
293
1,132
1, 805
3,884
1,066
5,405
3, 858
2,354
9,202
6,368
12, 437
11,174
1, 749 ,
2,794 |
1,357
43
5,143
5,994
4,885
1,516
3
w
260,439
8,293
63,890 37, 216
175,978 126,878
102,841 36, 358
24, 701 18,769
w
W
o
West North Central:
Minnesota.
_____ _ __
Iowa _ __
Missouri..
_ _
__
North Dakota
South Dakota
Nebraska _.
_
Kansas ____.
__ _ __
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia _
North Carolina
South Carolina
Georgia. _ .
_ _
Florida
East South Central:
Kentucky
Tennessee.. ___
Alabama
West South Central:
Arkansas__
Louisiana
Oklahoma
.._ _.
Texas . _
Mountain:
Montana
Idaho
-_ _.. .Wyoming
Colorado
_
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington,
_ _
Oregon
California
_ ___ __
_
i
.
1*6,314
375,859
111,395
71,873
132 246
126, 809
69, 597
4, 742
6,466
2, 536
5, 362
697
7. 745
2,989
2,970
1,637
5,158
2,242
2 545
5,656
4,618
_
15, 686
32,910
6,379
3,915
15, 510
5,752
2,815
23,190
53, 287
13, 551
8,365
27, 698
6,869
6,130
13, 632
22, 317
5,658
5,400
4,702
8,289
5,407
7,823
8,989
2,867
3,884
1.622
29, 570
1,849
3,034
30, 911
17,949
5,057
10,953
10, 375
10, 086
25, 313
86, 222
22,899
8,170
12,971
28,137
6,369
243
947
4,656
25, 775
12, 029
75, 710
13,903
1,066
5,183
6,884
9,386
3,319
3,194
721
3,007
1,172
247
1,867
3,120
2,814
327
338
1,599
3,198
8, 576
5,201
395
901
184
2,512
13, 269
18, 046
33,199
213
2,154
5,478
7,061
1, 623
30, 419
1,897
1,738
1,852
7,394
15, 424
19, 093
1,396
6,575
6,934
4,798
2,455
48, 824
5,816
10, 276
56, 178
7,455
5,637
40, 748
16, 792
37, 832
29,791
9,947
8, 515
9,935
792
5,520
3,497
879
922
14,129
28, 976
3,947
3,977
1 252
1,292
617
127
171
918
2,041
927
574
505
1,787
398
1,233
1,747
5, 304
385
1,644
1,547
3,106
3,219
2,244
1,968
3,419
61
1,570
631
2,001
4,264
1,734
62, 455
28, 547
9,216
20, 870
18,132
5,583
6,759
27,496
10, 493
4,806
5,797
1,944
771
1,397
7,953
20, 625
1,127
1, 253
11, 694
5,869
1,781
535
11, 058
4,107
912
137
8,624
10, 474
2,891
512
7,155
8,838
3, 714
2,098
2,789
7,550
3,592
628
7,045
5,984
3,428
569
1,145
7,616
2,110
41, 471
5,365
4,435
11, 781
11, 744
4,712
3,404
49, 403
925
5,432
8,240
8,526
52, 666
33, 696
18,621
29, 268
19 265
25,142
24 018
21 439
6,559
7.377
598
964
1,154
4,312
877
6. 733
1,018
342
1,386
949
1,862
1 672
82
19, 618
2,607
1,513
4,689
4,309
2,276
561
11,723
1,986
13,196
1,806
9,114
1,366
395
2,449
2,588
266
9,062
2,750
3,099
164
519
618
213
2,168
138
1,962
164
318
60
78
357
15
303
176
1,281
420
1,176
94
2,236
46
1,136
2,290
1,031
3,234
752
2,968
8,326
172
1,364
11, 620
878
2,844
83
5,862
9,816
17, 531
73,131
36, 287
61, 091
16, 949
2,457
1,629
961
4,739
2,027
824
495
427
10, 429
9,460
13, 367
23, 764
8,032
20,170
1 568
38,523
3 497
31,831
62, 601
129,968
102,046
76, 670
194 254
665
766
917
535
1,836
3,311
8,995
3,326
624
539
2,874
4,945
3,292
1,004
100 467
58,903
31 967
62 399
_
20, 659
34,965
9,974
9,498
36, 487
4, 876
4,680
9,475
13, 535
3,905
5,504
1,940
9,626
4,465
533
194
7, 76'1
8,910
6,616
13, 410
11, 938
3,030
10, 803
437
1,472
814
1 667
342
220
74,466
22, 638
77, 994
142, 323
886
2,341
470
554
1,678
442
615
74
221
1,364
4,397
4,225
3,465
3,899
764
4,452
1,550
857
3,245
1,230
620
146
3,508
805
3,125
9,852
2,074
4,452
1,082
164
9,554
ui
d
CD
9
ui
M
O
i Banks closed on account of financial difficulties by order of supervisory authorities or by the directors of the bank. Figures of suspensions include banks subsequently reopened.
Figures for 1921-31 have been revised. Deposits are as of date of suspension or nearest call date.
to
CO
No. 104.—DEPOSITS OF BANKS SUSPENDED, 192^-32, BY FEDERAL RESERVE DISTRICTS AND STATES—Continued
to
NATIONAL BANKS
Deposits (in thousands of dollars)
Federal Reserve district and State
Total
1921-32
Boston.-
New York
Philadelphia
Cleveland-_
Richmond
Atlanta. __
Chicago
St. Louis .
Minneapolis
Kansas City . .
Dallas
San Francisco
Total
DISTRICT
_ _
_ _ _ _ _
_
___
_ _ _ _ _ _
_
_ _
_
__
_ _
1922
1923
293
47,967
68, 072
27, 803
173,311
97, 723
91,350
219, 056
103, 579
102, 605
85,024
78, 507
92,094
467
228
121
682
182
2,051
4,449
6,458
5,496
1,187,091
_
__
1921
20, 777
643
828
1924
1925
1,684
801
300
1926
1928
1929
1,273
277
1,653
3,654
4,558
2,043
3,188
4,081
2,108
80
176
745
12, 210
6,973
5,297
2,281
1,319
1,156
4,228
599
19, 416
17,922
14, 647
2,818
16, 673
12, 808
4,214
2,839
586
1,653
1,406
1,321
15,293
1,554
13,590
2,861
2,973
2,761
20,197
34,244
64, 890
55, 574
43,998
3,996
1927
3,601
3,992
2,806
8,641
1930
1931
39,824
44,086
18, 279
118, 587
38, 787
20, 649
77,166
21 043
10,981
8,987
23, 571
17, 211
10, 522
2,990
1,823
10, 729
949
6,947
4,919
1,451
5,217
533
1,103
2,762
12, 509
5.379
697
5,865
2,668
1,045
2,649
1,229
947
4,852
12, 640
6,157
1 044
1,564
1,818
786
10, 577
862
1,134
518
9, 695
20, 757
29,859
20, 236
58,954
2,973
7,997
12,081
5,380
45, 547
36, 483
41,614
170,446
439,171
1932
4,031
20 580
6,358
22, 655
14, 526
8,386
70, 092
16 159
6,681
9,064
3,941
31,677
o
H
W
214,150
STATE
New England:
Maine
New Hampshire .
Vermont
Massachusetts
Rhode Island
Connecticut
Middle AtlanticNew York
_
New Jersey
Pennsylvania. _ __
East North Central:
Ohio _
_ _
Indiana
Illinois _
Michigan
Wisconsin
.._
402
862
41,049
1,273
4,381
__ _
_ __ _
_
_
36, 652
38, 639
143, 236
__
__
43,017
28, 321
111,478
21,154
11,977
402
862
293
39,422
1,334
1 273
1,684
643
273
555
2,697
801
467
300
3,601
586
8,131
599
129
1,653
529
780
1,129
396
252
2,107
1,803
483
708
175
4,081
51
1,016
77
1,229
1,103
598
1,312
790
947
328
2, 436
291
458
676
4,792
22,461
26, 728
101,922
12,016
10, 680
22, 208
5,421
1,816
12, 409
1,558
160
26, 027
10, 814
46, 534
15,963
6,066
1,678
11,366
46,796
2,634
2,932
w
o
>
West North Central:
Minnesota
__
_
Iowa
Missouri _
_ __
^
North Dakota.
•5
South Dakota
&
Nebraska
1
Kansas
______
1 South Atlantic:
rt*.
Delaware
1
Maryland
District of Columbia
1
Virginia
S
West Virginia.- _ _ _ _ _ _
North Carolina
South Carolina.
__
Georgia
Florida ._ _
East South Central:
Kentucky.. _
_ _ _
_
____
Tennessee
Alabama-_
_
_ _
Mississippi
West South Central:
Arkansas.
Louisiana. ___
______
_ _
.
Oklahoma .
_ _ __
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado. _ _ _ _
__
_
New Mexico
Arizona.
_
_
__
UtahNevada
Pacific:
Washington
Oregon..
_
California
35,164
80, 359
12, 690
19,180
25 022
19, 754
13, 912
631
354
384
2,042
1,325
4,621
11,051
21,616
44, 288
16, 700
19, 037
32, 305
51,931
17, 673
9,609
18,171
11,439
2,609
31,816
60,832
277
1, 203
99
150
445
560
3,036
1 774
701
613
685
4, 556
3 887
2,308
7 598
3,177
1,459
255
1,472
4 474
597
6,046
14, 278
274
3,078
4,108
1,020
4,524
8,218
251
1,691
533
2,660
281
8,845
8,512
275
2,474
2,825
197
3,300
551
354
2,691
700
1,230
874
1,191
689
506
493
13, 957
1,045
1,172
978
966
4,923
533
3,016
766
228
494
1,867
1,363
121
34
355
556
_ _. _
745
154
446
1.023
2,528
2,211
395
2, 220
5,921
3,475
1,096
6,930
2,028
17,428
19, 264
9,154
13,192
10,020
2,012
1,974
5,556
1,313
3,384
2, 649
187
159
378
635
653
6,197
1,741
272
714
878
21, 020
10, 637
33,289
403
438
1,271
1,601
1,307
812
349
489
1, 823
273
1,153
1,336
11, 904
605
581
1,566
2,234
607
11,337
5,703
11,366
3,176
1,105
12, 738
38, 379
13,195
2,821
3,982
8,621
2,127
1,994
13,188
6,362
1,888
2,121
9,780
3,026
200
251
75
215
5,157
2,212
1,335
2,408
106
2,054
1,381
564
1,045
24
1,328
207
786
176
137
3,301
7,916
4,166
1,385
8,882
1,286
6,548
512
985
161
476
41
280
2,641
207
845
911
46
182
284
441
1,614
7,713
13, 659
13, 091
1,308
1,513
3,424
696
128
594
964
1,486
1,272
7,607
1,194
89
4,524
6,061
5,486
1,499
2,886
5,651
1,605
364
790
416
170
82
243
1,027
408
3,304
792
839
339
411
9,967
3,239
986
1,494
4,186
1,616
3,155
455
85
680
233
22,318
425
1,255
716
7,408
1,099
752
1,090
354
5,556
301
239
1,154
952
193
422
221
2,451
2,043
1,846
2,512
8,838
924
754
4,456
C
O
4, 219
3,941
402
94
279
2,302
18, 314
4,324
4,573
1,419
9,870
3
Ul
M
o
w
3,955
3,731
10, 673
to
Ox
fcO
No. 104.—DEPOSITS OF BANKS SUSPENDED, 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES—Continued
STATE BANK MEMBERS
Deposits (in thousands of dollar s)
Federal Reserve district and State
Total
1921-32
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
3,299
54, 903
10, 266
94, 562
5,689
1,817
97, 670
3,757
496
10, 258
797
DISTRICT
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta..
.
Chicago
St. Louis... .
Minneapolis
Kansas City
Dallas.. _
San Francisco
Total
13, 557
216 979
10, 266
98 068
10,468
32, 218
174,074
47, 524
16,438
5,084
24,909
30, 601
.
_.
23
3,136
680,186
__
1,051
950
468
352
731
2,129
11, 682
17, 363
161, 279
1,428
2,696
4,645
4,928
847
114
241
1,829
1,214
1,034
432
5,710
2,758
1,201
532
534
1,156
4,773
32, 994
305
1,649
367
1, 247
16, 341
1, 686
648
2,006
1,243
295
147
166
206
275
25
801
12, 745
8,753
481
433
5,210
9,883
23, 466
17, 942
10, 247
16, 459
202, 399
293,957
3,299
10 258
161, 000
279
44, 351
12,812
12, 565
797
512
532
321
9,643
90,003
10, 823
16, 984
39,951
18,955
7,363
7,113
12, 559
13, 645
1,230
s
55,153
299
889
3,704
762
5,577
623
1,604
187
110
1,328
5,760
37
632
2,219
505
298
2,187
1,363
5,883
1,002
680
1,146
708
11,399
2,670
512
2,655
29,197
5,610
W
STATE
New England:
Maine
New Hampshire
-- - Vermont
IVtassachusetts
Rhode Island
- -Connecticut
Middle Atlantic:
New York
New Jersev
Pennsylvania
East North Central:
Ohio
Indiana
- Illinois
Michigan
-Wisconsin
--.,.
.---.
13,557
205, 351
13,888
13,077
92,997
15,106
47,565
49, 598
~-.
797
3,136
455
743
1,428
216
1,744
155
419
219
1,034
239
903
797
fed
W
O
>
West North Central:
Minnesota
Iowa
Missouri
North Dakota .__
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware _
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina Georgia
Florida _
_
East South Central:
Kentucky
Tennessee
Alabama
Mississippi _
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
_
_
New Mexico
Arizona...
Utah
Nevada
Pacific:
Washington
Oregon
_
California
--
-.
__ _
3,111
69,350
5,641
3,560
1,212
241
190
989
662
576
3,285
242
5,605
37
662
950
468
2,406
648
16,122
2,258
1,201
970
187
2,968
199
2,519
330
163
496
30,051
1,157
5,561
455
305
481
731
241
_
--
-
_ _ _.
_
_. . _
-
16 556
135
5,824
1,955
--
17, 585
763
248
22, 891
1,515
3,673
708
405
298
299
694
110
1,250
94
23
78
___ .
2,696
85
1,360
432
379
5,331
521
10,743
22
3,178
135
494
1,363
534
745
359
501
1,461
2,219
187
84
352
880
1,230
434
5,031
585
2,595
749
61
1,588
52
1,461
839
2,347
113
356
1,285
W
11, 640
940
131
520
101
2,039
1,243
1,829
147
114
505
2,348
126
531
25
12, 745
433
762
173
718
648
474
863
83
391
6,916
210
2,521
1,653
166
1,271
2,110
_
1,116
14, 209
646
9,767
3,680
623
_.
1 515
3,673
708
4,572
7,816
17,793
90
2,994
74
13, 965
9,752
210
10, 508
220
71
333
445
175
206
623
00
3
GO
s
233
561
275
187
192
295
476
to
to
No. 104.—DEPOSITS OF BANKS SUSPENDED, 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES—Continued
GO
NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS
Deposits (in thousands of dollars)
Federal Reserve district and State
Total
1921-32
1921
1924
1925
1926
1922
1923
672
1, 056
4,788
3, 428
28, 475
9,889
51, 946
16, 258
3, 269
4,107
112
5,838
8. 788
2, 547
20, 563
10. 849
21, 222
13, 242
4, 545
5,380
2,964
15, 460
52, 227
25, 836
14, 375
46, 693
19, 245
3,173
3, 544
123, 888
94, 547
183, 517
1928
1929
1930
1931
1932
4,409
8, 936
29, 385
27,943
14, 106
19,011
16, 435
2,940
7,555
4,814
9,687
18,199
15,132
11,994
10, 985
13, 643
6,072
2,184
12, 980
2,191
7,530
15, 043
33, 705
25, 561
8,150
12, 063
36, 668
652
10,315
16 008
23, 831
54, 970
29, 948
63,090
55, 388
74, 880
77, 077
19, 861
20, 755
4,041
9,140
73 415
55, 639
123, 754
182, 744
72, 224
28, 904
240, 372
42, 439
45, 971
37, 930
13, 942
18, 613
48,996
4,396
24,324
13,494
39,020
12, 535
158,477
24,098
20,135
21,042
3,598
58,964
131,503
92, 710
164, 858
448, 989
935, 947
429,079
1927
DISTRICT
Boston
New York
Philadelphia
Cleveland _
_
Richmond
Atlanta _ .
_
Chicago
St. Louis. _
Minneapolis
Kansas City
Dallas
San Francisco
Total
_ ._
_.
13 317
14, 782
2, 662
762
6, 501
13, 003
9, 946
6,131
14, 597
15, 692
11,721
16,045
5, 752
5, 549
2,450
7,698
9,606
18, 676
3,621
8, 612
4,862
596
5, 291
3, 879
11,803
6, 264
35, 327
25,183
4,067
2,162
2, 893,186
_
155, 571
111,628
213,547
254,155
254, 580
258, 749
641, 438
233,070
307, 417
254, 769
61,641
146, 621
125,159
61, 964
101, 025
1,591
783
1 461
O
K
STATE
New England:
Maine
. __
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut _
Middle Atlantic:
New York
New Jersey
_
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
__
_
.__
_.
__
______
_
_
_ _ __
3,496
1,981
793
79, 520
1,212
73,341
459
2,254
600
783
1, 381
793
4,708
52, 687
8,808
13,115
17, 874
40,188
7,180
5,800
6, 899
21, 223
2,038
57, 303
25, 345
33, 588
149, 798
3,300
2,892
28, 217
2,532
7,046
14, 436
617
4,132
23, 762
32, 631
39, 231
1,715
8,734
143, 203
41, 838
112, 460
44, 830
18,198
6,406
23, 778
61,127
25,044
15,837
13,317
1,132
80
2,164
69, 666
44, 318
257,063
12, 618
184,489
125, 038
260,145
73,586
56, 548
180
315
5,594
5, 236
2,709
826
1,218
246
237
672
4,600
515
1,071
43
222
1,018
3,585
553
653
3,278
2,007
474
4,625
641
2, 455
10, 287
8, 947
899
2,619
3,006
5,278
3, 334
1,442
163
894
2,310
235
1,880
2,102
726
W
o
>
>
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia..
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington. __
__
Oregon
California
__.
107,879
198,472
92, 872
52,693
101, 852
105, 843
55,311
4,742
4,435
2,068
5,008
313
4,972
2,989
2,970
1,040
5,158
1,797
1,985
4,955
4,618
243
33, 708
3,497
19, 235
37, 312
84,972
80,774
48,465
143,948
689
535
1,836
3,311
8,449
3,118
624
539
1,007
3,582
3,239
1,004
31, 980
41,095
16, 534
42, 273
437
1,472
168
1,485
342
220
45, 241
19, 266
45, 930
47, 491
771
1,397
5,733
10, 810
22, 620
10, 752
8,822
16, 076
7,135
23,130
19, 050
15,883
38,146
15, 898
27, 592
6,827
5, 804
10, 374
9,502
2,417
10,118
15, 527
24, 434
9,540
7,190
26, 016
1,699
3,221
6,841
15, 876
6,087
2,443
10, 849
5,155
2,815
16, 496
20, 391
11,019
5,287
23, 040
5,849
5,849
9,108
8,744
5,208
3,709
4,169
5,629
4,891
7,001
7,863
3, 354
2,813
893
8,396
3,458
6,425
3,852
2,513
2, 693
1,622
28, 881
1,343
2,541
11, 795
16, 741
3,885
9,670
9,409
5,163
20, 293
43,226
16, 256
6,671
10, 085
22, 486
4, 764
I
9, 567
49,989
9,124
823
3,708
5, 995
6,082
243
4, 656
22, 759
213
1,870
2, 837
4,016
962
27, 236
1, 897
1, 465
699
5,626
3,126
13,157
1,189
5,730
4, 660
2, 564
1,001
26, 744
5,304
4,573
44, 812
3, 745
3, 787
27, 651
7,564
20, 500
16, 700
8,138
5,541
6,511
4,681
3,497
540
511
4,162
25, 737
2,122
2,483
665
1,705
3,194
389
3,007
247
1,867
2,466
1,467
327
1,158
2,175
5,938
1,682
307
184
2,512
12,457
16. 700
32, 710
1,091
547
617
81
171
918
1,887
387
574
505
1,787
120
1,233
1, 747
4,723
134
1,075
1,547
3,084
41
2,244
1,968
3, 419
61
1,570
631
2,001
3,433
1,606
9,867
15, 352
6, 343
15, 427
9,511
3,343
4,409
14, 308
3,960
3,190
1, 357
1,489
651
1,212
8,219
2,273
418
535
3,941
1,473
392
36
5,323
1,948
2,891
512
1,937
3,517
1,863
1,967
1,454
2,408
2,665
628
4,991
2,575
3,428
569
581
6,016
1, 746
4, 245
558
23, 469
3,477
2,314
1,774
6, 233
4,712
3,171
11, 568
714
4,221
4,021
2, 571
4,534
3,113
598
777
905
3,934
803
2,854
304
342
751
296
1,862
8,390
281
1,241
4,689
2,846
1,398
2,804
601
3,691
520
1, 295
1,366
116
518
1,141
268
1,455
1,556
3,099
164
413
529
213
1,378
2,066
46
711
273
1, 031
2,135
3, 245
512
2,566
7,758
172
315
4, 039
878
1,754
83
5,508
8,953
11, 975
6,038
1,799
358
961
4,739
720
1,000
470
554
726
57
193
75
164
5,098
5,465
1,125
3,287
17, 288
2,648
9,497
392
74
15
129
142
318
60
78
124
764
620
146
3,508
4,225
946
2,053
805
613
739
2,074
3, 698
82
824
194
188
1,069
1,946
296
420
760
ui
c!
Ul
o
Ul
fcO
No. 104.—DEPOSITS OF BANKS SUSPENDED, 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES—Continued
PRIVATE BANKS
Deposits 2 (in thousands of dollars)
Federal Reserve district and State
l
Total
1921-32
1921
1922
1924
1923
1925
1926
1927
1928
1929
1930
240
1,357
5,450
4,475
999
15
446
326
1,936
1931
1932
DISTRICT
Boston
New York _ _ _ „
Philadelphia
Cleveland _
Richmond
Atlanta
.
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total
STATE
New England:
Connecticut
Middle AtlanticNew York
Pennsylvania
East North Central:
Ohio
Indiana
Michigan
West North Central:
Iowa
Missouri
South Dakota
Kansas..
South Atlantic:
Maryland-.-...
Virginia
Georgia
...
Florida
West South Central:
Arkansas
Texas
Mountain:
Montana
Wyoming-. _ ._
2 5, 215
2 10, 522
2
6, 782
6,952
2,553
333
1,560
2 48, 302
900
4,805
289
2 11,109
228
5,113
341
360
30
320
84
1,197
1,855
281
522
97
3, 564
58
2,625
134
277
96, 466
___
_ __
_
438
973
415
778
8,889
1, 908
1,773
7,728
9
384
544
30
58
3,389
576
2,660
64
659
2,718
5,672
15, 735
333
434
4, 570
84
2 27, 678
192
1,812
133
450
320
2
2
- _
_
_ .
_
__
_.__
. .
205
_
995
3,359
192
467
4, 973
120
923
22
199
7,551
9,397
4,337
2,946
4,475
500
438
1 357
5 450
999
64
644
6,502
118
617
452
316
1,164
3, 213
1,206
415
2, 097
209
2,072
1,317
328
867
4, 829
6,884
1,846
202
7,712
704
372
100
224
63
3, 639
378
131
142
2.917
2,496
2, 387
2,772
1,581
15, 262
21, 157
7,806
347
133
550
4-18
(2)
230
2 1, 352
208
20
208
30
201
2 11,109
___
52
202
9, 396
137
1,491
2 553
1 193
9,110
96
209
1,521
240
10 522
11 016
500
644
3,430
4,278
347
133
408
550
2 5 215
2
380
378
230
6,198
973
52
2 30
2
_
2
659
1,855
281
2,851
22
360
97
522
30
58
230
576
15
277
1, 521
1,491
64
199
408
2,158
326
202
137
2,772
1, 581
333
22
M U T U A L SAVINGS BANKS
DISTRICT
27,406
194
437
160
1,861
28,197
Boston
Richmond
Chicago.
Minneapolis
Total
1,861
1,861
14,145
11,400
1,861
194
194
9,278
16, 267
437
16, 267
437
160
9,438
STATE
New England:
Maine
Massachusetts
New Hampshire
East North Central:
Wisconsin
West North Central:
Minnesota
South Atlantic:
Maryland
_ _
1
2
__
4,867
11,400
437
437
160
160
__
194
9,278
194
State and district listed only in cases where suspensions occurred.
Deposit figures not available and, therefore, not included in table 104 for the following number of private banks which are included in table 103: Connecticut (Boston district)
1 each in 1922 and 1924; New York, 3 in 1923 and 1 in 1928; Pennsylvania (Philadelphia district) 1 in 1926, 3 in 1930, and 1 in 1931; Michigan (Chicago district) 2 in 1921, 3 in 1922, 1
in 1923, 4 in 1924, 2 in 1925, 1 in 1929, 2 in 1930, and 2 in 1931; Michigan (Minneapolis district) 1 each in 1923 and 1924; Iowa, 1 in 1921, 2 in 1922, 5 in 1923, 2 each in 1924 and 1925, 1 in
1926, 2 each in 1927 and 1928, and 1 each in 1930 and 1931; Maryland, 2 in 1921, 1 in 1925, and 2 each in 1930 and 1931; Virginia, 1 in 1929; Georgia, 1 each in 1921, 1922, 1925, 1926, and
1927, and 9 in 1929; Texas, 14 in 1921, 8 in 1922, 4 in 1923,1 in 1924, 2 in 1925, and 1 each in 1929 and 1931.
d
3
zn
s
CO
to
222
REPORT OF T H E FEDERAL RESERVE BOARD
No. 105.—BANK SUSPENSIONS: NUMBER, CLASSIFIED
STOCK
ACCORDING
TO CAPITAL
Banks having capital
stock of—
1921
1922
1923
1924
1925
1926
1927
1928
1929
All banks:
Less than $25,000
$25,000
$25,100 to $49,000
$50,000 to $99,000
$100,000 to $199,000...
$200,000 to $999,000...
$1,000,000 and over...
Not available
194
107
36
83
47
16
3
19
127
90
41
56
25
15
295
151
47
92
32
16
321
190
59
124
59
16
236
140
43
131
46
18
395
233
102
167
48
15
246
167
65
121
48
15
195
107
39
96
45
11
13
13
6
4
16
7
6
231
151
65
120
58
20
16
8
505
367
646
775
618
976
669
499
659
1,352
2,294
1,456
24
2
15
8
3
16
5
14
8
6
41
9
25
10
5
43
11
41
19
8
41
5
45
16
11
45
20
45
12
1
31
6
40
12
2
15
3
25
9
5
15
6
26
13
3
1
56
15
39
30
19
2
102
34
121
89
56
7
64
25
75
58
51
3
52
49
90
122
118
123
91
57
64
161
409
276
3
3
7
4
1
1
4
5
1
1
2
10
2
14
3
3
10
4
10
12
2
1
11
1
8
5
2
1
6
7
13
6
2
13
3
4
7
4
3
2
6
5
4
2
5
5
1
8
2
5
5
3
4
9
11
26
19
27
15
11
6
13
12
11
2
19
13
32
38
28
35
31
16
17
27
107
55
194
80
31
61
35
12
2
19
127
70
31
41
16
7
295
100
36
53
19
8
321
137
44
73
28
6
235
88
37
78
25
5
394
182
75
109
30
12
246
123
56
77
29
9
195
89
34
65
31
6
13
6
4
16
7
6
474
229
125
175
97
48
5
11
546
401
175
310
176
144
10
16
392
270
109
206
74
64
13
231
132
57
89
40
17
4
8
434
305
524
615
472
818
547
426
578
1,164
1,778
1,125
Total
.
.
National banks:
$25,000
$25,100 to $49,000
$50,000 to $99,000
$100,000 to $199,000...
$200,000 to $999,000...
$1,000,000 and over
Total
State bank members:
Less than $25,000
$25,000
$25,100 to $49,000
$50,000 to $99,000
$100,000 to $199,000...
$200,000 to $999,000...
$1 000 000 and over
Total
1930
474
293
142
219
132
70
2 11
11
1931
546
512
220
457
284
227
3 32
16
1932
392
345
140
294
144
126
4 11
4
Nonmember banks:
Less t h a n $25,000
$25,000
$25,100 t o $49,000
$50,000 t o $99,000
$100,000 t o $199,000. _ .
$200,000 t o $999,000...
$1 000 000 a n d over
Not available...
Total
Q
4
1 Includes 1 bank with capital of $1,225,000 and 5 banks each with capital of $1,000,000.
2 Includes 6 banks with capital of $1,218,000, $1,750,000, $2,500,000, $4,000,000, $4,877,000, and $25,250,000,
respectively, and 5 banks each with capital of $1,000,000.
3 Includes 6 banks with capital of $1,300,000, $1,400,000, $1,525,000, $1,750,000, $1,910,000, and $2,000,000,
respectively; 4 banks each with capital of $1,500,000; 2 banks each with capital of $2,500,000; and 3 banks each
with capital of $3,000,000; and 17 banks each with capital of $1,000,000.
* Includes 2 banks with capital of $2,000,000 and $2,800,000, respectively; 2 banks each with capital of
$1,600,000; 3 banks each with capital of $1,500,000; and 4 banks each with capital of $1,000,000.
No. 106.—BANK SUSPENSIONS, BY SIZE OF TOWN OR CITY, 1921-32
Total
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
82
36
25
30
44
136
59
77
31
17
11
36
313
118
114
33
23
14
31
316
161
136
66
31
28
37
218
125
129
69
30
24
23
372
218
208
70
32
24
52
259
148
126
61
17
34
24
106
31
24
17
25
235
139
137
49
35
24
40
431
272
273
124
66
55
131
665
401
426
213
140
134
315
444
255
281
149
93
84
150
505
367
646
775
618
976
669
499
659
1,352
2,294
1,456
OS OS
Less than 500
500 to 1,000
1 000 to 2,500
2,500 to 5,000
5,000 to 10,000
10,000 to 25,000
25,000 and over
1921
CO OO
CO CO
Number of suspensions
Places with population
of—
1932
223
BANK SUSPENSIONS
No. 107.—BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP JAN. 1 TO DEC. 31, 1933, AND NONLICENSED BANKS
ON SELECTED DATES IN 1933
[Preliminary figures, subject to change]
Deposits i (in t h o u s a n d s o f dollars)
N u m b e r of banks
Period or date
National
Total
State
member
Nonmember
Total
State
member
National
Nonmember
Banks suspended, Jan. 1 to Mar. 15
January
February
March 1 to 4
March 5 to 15
Total
242
154
24
42
44
20
2
462
66
134, 202
64, 703
3,288
15, 542
55,938
15, 864
1
183
127
24
39
1,381
109
63,870
41, 600
3,288
14, 052
23
373
217, 735
73,183
21, 742
122, 810
15
7
14, 394
7,239
Licensed banks suspended,2 Mar. 16 to Dec. 31
March 16 to 31
April
May
June
July
August
September
October
November
December
Total
39
36
18
15
13
18
15
22
18
27
1
39
30
17
14
10
18
13
21
18
26
25,144
20, 749
34,047
24,998
11, 032
14, 301
7,736
5,923
4,696
3,912
6
206
152, 538
2
1
1
3
1
1
1
9
221
4
4,457
799
7,911
3,300
1,600
879
144
1,860
67
25,144
14, 692
33 248
17, 087
7 732
14, 301
4,997
5,779
4,696
3,845
17, 490
3,527
131, 521
Nonlicensed banks placed in liquidation or receivership, M a r . 16 to Dec. 31
March 16 to 31
April
_
May
June
_ _
July
August
September..
October
November
December
Total.
95
119
82
77
84
114
126
156
102
145
1,100
464
4
5
8
7
4
5
4
4
2
2
9
7
14
13
26
51
66
112
68
98
4
82
107
60
57
54
58
56
40
32
45
22, 687
63, 798
677,228
427,970
89,471
166,147
132, 094
124,014
77,122
114,169
2,650
8,093
507, 715
24, 286
59,182
72, 283
66, 024
91, 535
67, 204
67, 704
45
591
1, 894, 700
966, 676
2,704
4,568
132, 331
385, 674
347
54,975
26,889
17, 429
984
21, 089
4
17, 333
51,137
37,182
18,010
29,942
38, 889
39,181
15,050
8,934
25, 376
646, 990
281, 034
Nonlicensed banks 5 (other than mutual savings)
March 15
April 12
June 30
October 25
December 30
1
4,215
3,078
2,301
1,905
1,400
1,108
985
683
452
221
148
110
76
60
2,959
1,983
1,542
1,393
3,981,232
2, 329,999
1, 564,133
1, 202,420
2,163, 595
1,818, 541
1, 028, 347
610,463
434, 978
924,177
841,382
237, 668
136,405
92, 876
1,321,309
1, 063,984
817, 265
674, 566
1
Deposits of national banks suspended or placed in liquidation or receivership are as of the date of suspension or conservatorship, while those of nonlicensed national banks shown in the fourth section of the
table are as of the nearest call date; deposits of State bank members are as of the nearest call date; and
deposits of nonmember banks are as of Dec. 31, 1932, or as of the nearest available call date prior thereto.
2 Includes banks placed in liquidation or receivership and banks placed on a restricted basis; excludes
banks reported as having been absorbed or succeeded by, or consolidated or combined with, other banks.
3
Includes nonlicensed banks absorbed or succeeded by other banks.
4
Includes 1 bank in April with deposits of $4,222,000,1 in June with deposits of $23,453,000, 2 in July with
deposits of $173,000, 1 in August with deposits of $49,000,000, 1 in September with deposits of $3,989,000,
and 1 in November with deposits of $811,000, which did not receive licenses following the banking holiday
and withdrew from the Federal Reserve System before being placed in liquidation.
5
Banks operating on a restricted basis or not in operation but which have not been placed in liquidation
or receivership.
NOTE.—Banks reorganized under old charters after recapitalization or waiver of a portion of deposits are
not included in the above table.
224
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE
SYSTEM
No.
108.—CHANGES IN MEMBERSHIP, BY CLASS OF BANK, IN
National
Number of member banks on Jan. 1,1933__
6,011
Total additions
Decreases in membership:
Withdrawals of State banks
____
Suspensions, Jan. 1 to Mar. 15
_
Mergers, absorptions, consolidations, liquidations, and receiverships
__
_ _
Total
805
6,816
15
237
il
249
237
6
238
492
66
42
23
42
89
654
249
MEMORANDUM—UNLICENSED MEMBER BANKS
785
+112
-293
5,154
857
60
6,011
512
221
______
61
126
-405
__
593
659
__ _ _
Net increase or decrease
_
_
Number of member banks on Dec. 31, 1933:
Licensed
_
_
Unlicensed
1,621
2 452
Number on Mar. 15, 1933
Changes Mar. 16 to Dec. 31, 1933:
Add: Licenses revoked
_
Deduct:
Unlicensed banks licensed
Liquidations and receiverships 3
Withdrawals of State banks
Number on Dec. 31, 1933_
State
member
254
Additions to membership:
Organizations of national banks (including successions and
conversions)
Admissions of State banks
Resumptions following suspension
Total decreases
1933
1,400
__ _
17
__
17
489
<466
2 452
14
87
45
36
576
60
512
36
* Includes 1 bank placed in eonservatorship after the banking holiday which had suspended prior to
that time.
2
Includes 16 national banks whose Federal Reserve bank stock had been canceled and membership
terminated but which, at the end of the year, were still included in the Comptroller of the Currency's
records of unlicensed national banks.
3 Includes unlicensed banks absorbed or succeeded by other banks.
4
Includes 2 banks placed in receivership subsequent to revocation of license.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
225
EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER
BANKS
No. 109.—MEMBER BANKS—LOANS AND INVESTMENTS, CAPITAL FUNDS, AND
PROFITS, 1923-32
Amounts * (in thousands of dollars)
Loans and investments
Year ended Dec. 31
Total
All member banks:
1923
1924
1925...
1926
1927
1928
1929
1930
1931
1932 *
National member banks:
1923
1924_._
1925
1926.
1927
.
1928
1929
1930
1931
1932 ^
State member banks:
1923
1924.
1925
1926.__
1927
1928
1929
1930
1931
1932 4
Loans
Investments
Ratios *
N 3t
Loans
profit
and inCapital vestments per $100
a
funds
per $1 of of loans
Net
profits
per $100
of
and in- capital
capital
funds vestments funds
11, 725,163
12,007,447
12, 729, 675
13, 353,101
20, 349, 562 13,949,969
21, 858, 250 14, 789, 566
21, 751, 748 15, 007, 570
21, 538, 524 14, 726,937
20, 564,446 13,117,216
17,818, 632 10,475, 546
4, 988, 576
5, 225,984
5, 700,904
5, 782, 859
6, 399, 593
7, 068, 684
6, 744,178
6,811,587
7,447, 230
7, 343,08G
2,890, 930
2, 916, 791
2, 970,453
3, 077.183
3, 254, 507
3, 543, 609
3, 750, 521
3,913,450
3, 746.961
3, 317,163
$5.98
6.12
6.47
6.46
6.34
6.18
5.62
5.26
5.23
5.04
5.78
5.90
6.20
6.22
6.25
6.17
5.80
5.50
5.49
5.37
9, 493, 249 6,806, 798
10, 241, 296 7,339, 853
11, 243, 312 8,079,432
11, 996,189 8, 770, 296
12,406, 409 9,056,070
12, 863, 629 9, 364, 111
13,975, 380 10, 607, 085
13,856,888 10, 291, 285
12, 867, 345 8, 615, 073
10, 703,888 6, 268, 394
2, 686,451
2,901,443
3,163, 880
3, 225, 893
3, 350, 339
3,499, 518
3, 368, 295
3, 565, 603
4, 252, 272
4, 435, 494
1,489,144
1, 574, 872
1, 618, 841
1, 742, 946
1, 908,195
2, 078, 703
2, 609, 785
2, 809, 332
2, 648, 905
2, 342, 982
6.37
6.50
6.95
6.88
6.50
6.19
5.35
4.93
4.86
4.57
26, 206,988
27,474, 727
29, 673,891
31,132,149
32, 755,971
34, 721, 879
35, 727,128
35, 395,412
33,431, 791
28, 522, 520
18, 531,961 7, 675,027
19,347,300 8,127,427
20,809,107 8, 864, 784
22,123, 397 9, 008, 752
23,006, 039 9, 749,932
24,153,677 10. 568, 202
25, 614, 655 10,112,473
25,018, 222 10,377.190
21, 732, 289 11, 699, 502
16,743,940 11, 778, 580
16, 713, 739
17,233,431
18, 430, 579
19.135,960
4, 380,074
4,491, 663
4, 589, 294
4, 820,129
5,162, 702
5, 622, 312
6,380, 306
6, 722, 782
6, 395, 866
5, 660,145
$1.29
1.32
1.41
1.39
1.36
1.45
1.56
.87
.04
« - . 89
$7.69
8.04
9.14
8.95
8.66
8.96
8.75
4.56
.19
6 - 4 . 50
L. 16
L.24
L. 3 2
L. 28
L. 26
L. 3 3
L. 34
.73
«-.27
6 -.93
6.72
7.33
8.22
7.96
7.91
8.21
7.77
4.04
5
-1.47
« - 4 . 97
1.50
1.44
1.56
1.55
1.53
1.66
1.90
1.07
.52
9.57
9.37
10.83
10.70
9.94
10.25
10.16
5.28
2.54
5
_- . 8 4
s-3.84
1 Figures are averages of amounts for call dates during year and the last call date in the previous year.
2 For explanation of these ratios, see Federal Reserve Bulletin for December 1928, pp. 826-828.
3
Capital, surplus, undivided profits, and reserves for dividends, contingencies, etc., including, in 1923 and
1924 only, reserves for taxes, interest, etc., accrued.
4
Figures for 1933 not yet available.
8
Net loss.
226
No.
ANNUAL KEPOKT OF THE FEDERAL RESERVE BOARD
110.—MEMBER BANKS—RATIOS OF EARNINGS, EXPENSES, ETC., TO AVERAGE
LOANS AND INVESTMENTS, 1923-32
[Amounts per $100 of loans and investments]
Gross earnings
Year ended Dec. 31
Total
All member banks:
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932L
_
$6. 56
6. 50
6.46
6.51
6.47
6.58
6.92
6.30
5 72
5.45
National member banks'
1923
1924
1925
1926
19271928
1929
1930
1931
1932 1
_ .
_ .
State member banks:
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932 i
6.37
6.35
6.29
6.33
6.34
6.41
6.64
6.33
5.81
5.60
6.90
6.76
6.75
6 81
6. 70
6.86
7.38
6.24
5 ">8
5 19
Interest
earned
$5. 70
5.51
5.44
5.49
5.34
5.49
5.79
5.24
4.73
4.64
5.76
5.57
5.51
5.54
5.44
5.54
5.73
5.41
4.91
4.89
5.59
5.41
5.34
5.41
5.17
5.40
5.88
4.99
4 45
4.26
Expenses
Total
Losses
Interest
paid on
deposits
Gross
Net
Net
profits
$4.70
4.66
4.61
4.63
4.63
4.65
4.71
4.53
3.99
4.01
$2.09
2.16
2.17
2.16
2.18
2.16
2.13
2.12
1.74
1.52
$0.79
.72
.65
.67
.64
.63
.83
1.03
1.86
2.73
$0.57
.53
.44
.50
.48
.48
.65
.90
1.69
2.33
$1. 29
1.32
1 41
1.39
1 36
1.45
1.56
.87
.04
2 -.89
4. 53
4.50
4.46
4.48
4.52
4.52
4.54
4.59
4.12
4.20
1.97
2.07
2.08
2.07
2.12
2.10
2.07
2.14
1.83
1.65
.93
.81
.74
.76
.73
.72
.92
1.15
2.13
2.74
.67
.60
.51
.57
.56
.56
.76
1.01
1.95
2.33
1 16
1.24
1. 32
1 ?8
1.26
1.33
1.34
.73
2
—. 27
2 - . 93
5.00
4.93
4.85
4. 88
4.81
4.87
4.98
4. 4f,
3 79
3.69
2.30
2.33
2.32
2.31
2.27
.55
.56
.51
.51
.49
.46
.68
.84
1 43
2.72
.40
.40
.34
.38
.36
.34
.50
.72
1 27
2.35
1. 50
1.44
1.56
1. 55
1. 53
1. 66
1. 90
1.07
52
•-.84
2! 21
2.08
1 58
1.30
1 Figures for 1933 not yet available.
2
Net loss.
NOTE.—For explanation of these ratios, sea Federal Reserve Bulletin for December 1928, pp. 826-828.
227
EAKNINGS AND EXPENSES OP MEMBER BANKS
No.
111.—MEMBER BANKS—EARNINGS, EXPENSES, AND DIVIDENDS, 1924-32
fin thousands of dollars]
Gross earnings
Expenses
Interest paid
Year ended Dec. 31
Interest
earned
Total
All
All member banks:
National
banks:
Taxes
1,280,524
1,367,318
1,441,745
1,515, 704
1,613,811
1,683,720
1,604,335
1,335, 379
1,143, 384
594,432
643,158
672,927
713,038
749, 662
759,:""
748,992
580,910
434, 324
24,746
25,954
31,350
24,514
48,443
64,265
22,001
19,136
38,814
355,018
372,741
396,786
420,128
440,000
463,847
451,776
412, 531
356, 557
97,341
102,411
105,885
109, 778
113, 759
112,476
113,418
86, 367
67, 077
223,054
234, 787
248,246
261,947
283,872
268,148
236,435
246, 612
1,093,832
960, 601 133,231
1,159,595 1,015,352 144,243
1,210,911 1, 060, 589 150,322
1, 289, 297 1,107, 242 182, 055
1,401,471 1,211,259 190, 212
1,443,303 1,247,125 196.178
1, 363,923' 1,165, 550 198,378
1,194.140 i 1,009,829 184.311
998,128' 870, 424 127, 704
776,070
822, 255
856,765
918,816
987,739
987,140
988, 029
848,254
748, 587
356,311
382,483
395,352
431, 763
459,819
450, 258
461,311
377,281
294, 813
17,001 213,994
17, 172; 223, 756
20,089
15,429 253,634
29,184 [ 269,429
37,350 271,103
12,807 277,798
11,613 257,074|
24, 684| 224, 480
64,676
66,645
68,270
69,219
69,872
64,333
68,373
53,110
44, 552
124,088
132,199
137,085
148, 771
159,435
164,096
167, 740
149,176
160,058
7,7451
8, 782;
11,261
9,085
19,259:
26,915
9,194
7,523
32, 665 84,899
90,855
35 ^
37^ 615 97, 702
40, 559 99,475
43,887 102, 512
48,143 119,776
45, 045 100, 408
33, 257 87, 259
22, 525 86, 554
member
1924
1925-..._
1926
1927... .
1928
1929
1930___
1931
1932 !
State member banks:
553,899
600, 243
649,903
641, 766
692, 639
758,499:
816,841|
830, 980
882,527
1,030, 796
864,846
717,362
555, 490:
1924
1925-..
1926
1927
1928
1929
1930..
1931
1932 1
All
other
1,514,500 271,971
1, 615, 595 302,499
1, 710,492 317,:
1,749,008 371, 269
1,905,728 378, 270
2,068,901 405,198
1,857, 514 371, 260
1, 581,905 329, 597
1, 325,478 228,140
1,786,471
1,918,094
2,027, 752
2,120,277
_. 2,283,998
2,474,099
. . 2, 228,774
1,911,602
1, 553, 618
1924
1925
1926
1927
1928
1929
1930__
1931
1932 1
Salaries
On bor- and
On de- rowed wages
posits money
Total
other
694,469
821, 7761
691,964J
572, 076;
455, 054!
504,454 238,121
545,063 260, 6751
584,980 277, 575
596,888 281,275
626,072! 289,843
696, 580 309,002
616, 306! I
287.681
487,1251 203, 629
394, 797! 139. 511
138,740
158, 256
166, 938
189, 214
188, 058
209,020
172, 882
145,286
100, 436
141,024
148,985
160, 827
166, 494
170,571
192,744
173,978
155, 457
14,130 132, 077
Losses
Year ended Dec. 31
Net
earnings
All member banks:
1924
1925.—
1926___
1927
1928
1929
1930
1931...
1932 1
National
banks:
1924
! Total
On
investments
On
loans
AH
other
Dividends
declared
Recoveries
Net
losses
Net
profits
144,604
131,293
154, 524
157,564
166,319
233,865
317,937
563,862
665,121
361,343 258,044
419,483 272,686
431,483 284,809
447,00()i 312,680
503,868 327,422
556, 514 408, 628
306, 502 371, 968
12, 261 335, 792
2
254,887 245, 074
r
505,947
550, 776
586,007
604,573
670,187
790,379
624, 439
576,123
410, 234
197,343 133,079
193,099 128,774
207,530 124,885
208,693 123,745
217,194 119, 290
295,473 139,588
365,314 194, 725
620, 456 295, 241
778, 230 403, 272
33,196
35,127
35,909
37,284
45, 293
95,465i
109,028
264, 170
304, 961
31,068
29,198
46, 736
47,664
52,611
60,420
61, 561
61, 045
69, 997
52,739
61,806
53,006
51,129
50,875
61,608
47, 377
56, 594
113,109
317, 762
337,340
354,146
370,481
413,732
456,163
375,899
345,886
249, 541
140, 250
136,269
145,831
148, 225
158,254
200, 633
248,618
437,016 I
487,545
97, 582
92,127
88,017
91,214
88,077
93,680
135,085
212, 575
261, 364
23,960
23, 692
26, 261
25, 665
34,455
63,304
71,202
184,290
184, 646
18,708
20,450
31, 553
31,346
35, 722
43,649
42,331
40,151
41, 535
36, 270
43,122
36, 662
35,027
35, 282
35,854
30,887
36,234
73,106
188,185 57,093
35,497
213,436 56,8301 36,647
231,861 61,699
36,868
234,092 60,4681 32, 531
256,455 58,940J
31,213
334,216 94,840
45,908
248, 540 116,696! 59,640
230, 237 183.440' 82,666
160, 693 290, 685; 141, 908
9,236
11,435
9,648
11,619
10,838
32,161
37, 826
79, 880
120, 315
12,360;
8,748!
15,183!
16,318|
16,889
16, 771
19,230
20,894
28, 462!
16,469 40,624
18,684 38,146
16,344 45,355
16,102 44,366
15, 593 43,347
25,754 69,086
16,490 100, 206|
20.360 163, 080
40,003 250, 682
member
1925
1926
1927
1928
1929
1930
1931
1932 1
State m e m b e r b a n k s :
1924.
19251926
1927.
_
1928
1929
1930
1931
1932 1
103,980 213,782
93,147 244,193
109,169 244,977
113,198 257,283
122,972 290,760
164,779 291,384
217, 731 158,168
400, 782 2 2 54,896
414, 439 164, 898
1
2
Figures for 1933 not yet available.
Net loss.
Back figures.—Avaliable only from 1923—see Annual Report for 1932 table (102).
147,561
175,290
186, 506
189, 726
213,108
265,130
148,334
67,157
2
89,989
162,636
171, 324
176,421
197, 555
204,612
247,317
215,992
193,696
135, 092
95,408
101,362
108,388
115,125
122,810
161,311
155,976
142,096
109,982
BUSINESS CONDITIONS
229
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
231
BUSINESS CONDITIONS
No. 112.-—CAPITAL ISSUES
[Exclusive of refunding issues. In millions of dollars]
Domestic issues *
3,234
3,235
3,021
3,627
4, 016
4,588
5,125
5,189
6,219
6,789
9,420
6,004
2,860
1,157
710
678
672
1,199
1,071
1,043
1,380
1,352
1,344
1,475
1,379
1,418
1, 434
1,235
755
484
810
1,561
1,435
1,644
1,976
2,200
2,452
2, 667
3,183
2,385
2,078
2,980
1,240
305
40
498
1,039
1,274
1, 540
1,833
1,924
2, 231
2,418
2,962
2,175
1,873
2,460
951
271
24
312
522
161
104
143
276
221
249
221
210
205
520
289
34
17
1, 436
1,002
265
570
659
829
1,153
1,087
1,474
2,961
5,924
1,503
311
••20
120
392
497
623
764
421
969
1, 076
1,125
1,337
1, 251
671
905
r
229
g
12
1,159
1,539
940
753
1 385
1,109
643
1,300
875
1,252
860
640
1,240
1,052
562
1,162
285
357
253
176
240
333
177
293
393
636
292
323
656
448
313
559
1,276
1,601
1,135
1,545
1,585
1,583
1,351
1,682
1,821
1,758
1,254
1,482
2, 0G2
2,079
1, 357
2,057
1,754
2,343
1, IBS
2,806
2,782
2, 543
3,073
1, 694
2,117
2, 682
1, 116
994
1,120
1,488
899
1,081
1,357
1,371
1,059
1, 338
1,627
1,423
987
1,152
1,729
1, 7o0
1,122
1,638
1,451
1, 799
999
2,540
2,518
2, 349
2, 993
1,561
1, 848
2, 252
1, 016
S88
293
489
343
255
318
414
323
297
355
381
295
313
366
496
290
323
354
396
212
417
246
416
265
491
92
155
213
110
212
164
65
218
178
322
111
219
244
290
232
387
446
263
165
214
460
323
264
427
407
705
380
1,409
284
287
80
113
145
57
81
138
156
113
236
464
1,089
928
565
278
419
240
237
261
574
624
420
582
737
623
496
597
788
744
515
620
871
893
503
856
686
606
404
690
662
625
413
379
1,115
985
563
316
532
398
242
68
125
26
93
62
343
597
287
313
615
374
303
541
491
542
375
516
654
587
459
532
692
672
483
571
834
824
508
796
632
568
337
638
625
548
382
318
1,028
782
454
195
477
297
120
57
111
23
83
54
50
39
5
10
41
74
10
18
83
82
45
66
r 1, 197
r 1, 021
591
'280
419
240
244
262
YEAR
1919.
1920
1921
1922
1923
1924.
1925
1926._.
1927
1928
1929
1930
1931 _ „
1932 . .
1933
Total 3
3,626
3,732
3,644
4,391
4,437
5,557
6,201
6,314
7,556
8,040
10, 091
6,909
' 3, 089
1,165
722
Year and quarter
Total
domestic
and
foreign
101
185
232
204
101
179
226
204
20
20
0
0
20
4
0
0
State
and
municipal
Corporate bonds and notes
Total
Long
term
Short
term
Stocks
Foreign
issues 2
QUARTER
1922—First
Second
Third ._
Fourth
1923 First
Second..
Third
Fourth
1924—First
Second
Third
Fourth _
1925—First
Second
Third....
Fourth
1926—First
Second
Third
Fourth..
1927—First.
Second
Third
Fourth..
1928—First
Second .
Third
Fourth..
1929— First
Second .
Third.
Fourth..
1930—First
Second.
Third
Fourth
1931—First
Second. _
Third
Fourth
1932-First
Second
Third
Fourth
1933—First . . .
Second
Third
Fourth
._
311
437
266
420
446
393
282
114
282
188
122
163
63
146
96
179
83
36
37
65
96
72
32
49
37
69
55
60
54
38
67
52
37
77
31
61
87
203
109
121
55
101
122
11
13
3
10
8
1
16
0
0
1,610
1,308
2,315
691
399
820
172
111
82
137
26
66
228
212
292
344
194
335
267
330
333
349
235
419
303
544
139
266
264
194
80
133
269
430
100
106
r
'9
0
'3
S
6
13
76
25
r
r Revised.
1
J
Source: Commercial and Financial Chronicle.
Compiled by Department of Commerce.
Includes issues of Federal land banks and Federal intermediate credit banks not shown separately.
Back figures.—See (for quarterly data) Annual Report for 1931 (table 128).
49753—34
16
1
108
r
93
26
r
2
0
0
7
1
0
7
0
232
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 113.—SECURITY PRICES
[Average of daily or weekly figures]
Common stocks (1926=100)
Bondsi
Year and month
Number of issues
1920
1921
1922
1923
1924
1925
1926
1927
1928.
1929
1930
1931
1932
1933
CorpoCorporate
PreU.S. rate
ferred
and
Gov- municstocks2
Indus- Rail- Public
Total trial road utility
ern- ipal
ment (high Total Indus- Rail- Utility
trial road
grade)
3 7-13
()
(5)
102. 7
104.8
103.9
100.9
104.2
103.1
99.2
102.2
20
*69
88.3
80.8
81.8
92.4
91.8
93.5
95.3
97.0
98.9
98. 7
95.7
98.3
96.1
81.1
83.9
()
97.6
100.7
100.8
98.0
99.3
90.9
69.5
73.4
20
20
20
421
()
97.3
99.2
70.7
64.2
55.2
67.7
69.0
72.8
89.7
100. 0
118. 3
149.9
190. 3
149.8
94.2
48.4
63.4
351
37
()
93.6
95.9
95. 8
93.2
92.6
81.8
63.2
69. 2
()
101.7
107.0
106.7
103.3
106.0
93.9
64.8
70.5
100.0
97.7
99.4
97.2
80.5
80.6
110.9
103.2
103.0
114.0
114.4
115.2
118.6
121.0
127.1
130.9
127.4
126.4
119.1
96.1
104.8
92.6
93.2
92.6
93.6
94.0
93.8
93.5
93.4
93.6
93.5
94.5
95.1
99.1
99.9
99.7
101.3
102.4
102.8
102.2
101. 9
102.3
102.0
103.4
103.7
96.1
96.9
96.8
97.3
97.7
97.9
97.5
97.3
97.2
97.1
97.8
98.1
120.0
120.6
120.1
120.6
121.4
121.3
121.2
121.9
120.5
120.2
121.1
123.6
101.8
101.8
95.8
92.9
93.2
97.2
100. 0
102.9
104.3
101.5
103.1
105.4
102.2
102.4
96.3
92.6
92.6
96.9
99.9
103.1
104. 2
101. 5
102.9
105.4
97.1
94.7
93.6
94.7
98.4
100. 2
103.1
105.9
102.7
104.2
106.4
103. 2
103. 8
94.9
93.3
94.3
97.7
100. 2
102. 0
103.1
100.9
103.1
104. 0
95.7
95.9
96.2
95.9
95.7
95.2
95.0
95.7
96.1
96.4
96.5
96.9
104.9
104.8
105.5
106.7
107.1
106.0
106.1
107.3
108.0
108.7
109.1
109.4
98.5
98.2
98.4
98.9
99.1
98.9
98.8
99.5
99.8
100.0
100.0
100.4
124. 0
125.0
125.6
126.4
127.6
127.2
126.7
127.6
128.5
128.5
128.8
129.7
105. 6
107.9
109.1
111.1
114.2
115.4
117.2
122.0
127.7
126.7
129.6
133.1
105.6
107.5
108.6
110.0
113.1
114.4
116.7
112.3
128.9
127.5
131.3
135.5
107.1
111.6
112.2
115.7
118.1
119.2
120.7
123.1
125.2
124.3
124.9
126.8
104.4
105.3
107. 3
110. 5
114.2
115. 6
114.9
118. 5
124.1
124. 5
125. 6
127. 2
66.1
51.6
64.7
66.6
69.6
88.4
100.0
118.4
154.3
189.4
140.6
86.9
46.3
66.2
70.1
63.9
61.8
72.7
71.9
76.7
89.5
100.0
119.1
128. 5
147.3
124.9
72.1
26.2
38.0
60.3
54.5
57.8
70.9
73.8
78.9
94.9
100. 0
116.0
148.9
234. 6
214. 6
147.9
78.8
78.0
1926
January
February
March
April
May
June
July
August
September—
October
November
December
1927
January
February
March
April
May
June
July
August
September
October
November
December
102.3
102.7
102.7
102. 7
102. 8
102.9
102.8
102.5
102.5
102.5
103.0
103.6
96.2
96.6
96.6
96.9
97.3
97.3
97.0
97.2
97.0
97.0
97.6
97.8
103.9
104.1
104.6
104.6
104.8
104.6
104.5
104. 8
105.0
105.0
105.4
105.9
97.9
98.1
98.4
99.0
99.1
98.4
98.4
98.8
99.3
99.6
99.7
100.0
96.0
96.6
96.3
97.4
98.1
98. 2
97.7
97.5
97.7
97.5
98.6
99.0
99.7
99.6
100.1
100.5
100.6
100.0
100.0
100.9
101.3
101.7
101.9
102.2
1928
97.2 109.1 100.4 131.3 134.4
125.3
137.4
129. 5
January
105.7 100.3 102.2
97.2 108.7 100.7 131.1 132.3
134.8 121.6
130.9
105.6 100.3 102.2
February
96.6 108.8 100.9 132.8 137.9
141.1 125.9
134.4
105.6 100.5 102.1
March
96.8 108.3 101.2 135.3 145. 9 149. 5 130.7
142. 5
105.3 100.3 102.1
April
96.5 107.5 100.5 134.2 152.1
154.9 133.2
155. 3
May
- 104.8 99.7 101.6
99.5 131.5 145.3
95.5 106.0
148.2 126.7
148.1
104.2
98.5 100.3
June
99.2 129.6 144.2
95.2 105.1
147.8 124.6
99.8
145. 3
103.0
97.9
July
98.9 128.8 148.3
94.9 104.5
152.6 129.6
99.5
155.8
97.2
102.5
August
99.3 129.3 156.6
95.1 105.3
162.2 129.6
99.9
155.8
102.4
97.5
September
99.7 123.8 159.1
94.8 105.5
166.2 128.2
154. 5
102.4
97.5 100.0
October
95.1 106.2 100.0 129.3 171.1
178.9 134.9
168. 6
103.1
97.8 100.4
November
99.6 128.9 171.4
94.7 104.9
178.4 134.9
99.7
173. 4
102.4
97.2
December
1 Price indexes derived from average yields.
2
Average of prices adjusted to a $7 annual dividend basis.
3
Average price of principal outstanding issues, beginning in 1926 with 5 Liberties and 2 Treasuries; new
Treasury issues were included as they appeared on market; 2d Liberties were dropped in July 1927 and 3d
Liberties in July 1928; average in December 1933 included 3 Liberties and 10 Treasuries.
4
Forty-five corporate and 15 municipal,
s Averages not computed.
Sources.—For United States Government bonds, Federal Reserve Board and Federal Reserve Bank of
New York; for other bonds and for stocks, Standard Statistics Co.
Backfigures.—Forhigh-grade bonds, preferred stocks, and common stocks, see Annual Report for
1930 (table 123).
233
BUSINESS CONDITIONS
No. 113.—SECURITY PRICES—Continued
[Average of daily or weekly figures]
Common stocks (1926=100)
Bonds
Year and month
Corporate
U.S.
and
Gov- municernipal
ment (high Total
Preferred
stocks
Corporate
Total
Indus- Kail- Utility
trial
road
Indus- Railtrial
road
Public
utility
1929
January
February
March
April..
May
June
July
August
September
October
November...
December
101.9
100.9
99.7
100.6
100.4
99.9
100.4
99.9
100.0
100.6
103.1
103.2
97.0
96.3
95.8
95.8
95.7
95.3
95.2
95.0
94.8
95.1
95.6
96.6
99.7
99.2
98.5
98.7
98.3
97.5
97.5
97.1
96.6
97.5
97.4
98.4
94.8
94.5
94.2
94.3
93.7
92.7
92.7
92.8
92.1
92.5
91.5
92.3
104.9
104.0
103.3
103.9
103.4
102.6
102.4
101. 8
101.2
102.8
103.8
105.2
99.5
99.0
97.9
97.9
97.7
97.0
97.2
96.8
96.7
97.2
97.0
98.5
129.2
128.8
128.7
128.6
128.5
127.7
127.0
126.3
126.8
126.4
123.9
126.4
185.2
186.5
189.1
186.6
187.8
190.7
207.3
218.1
225.2
201.7
151.1
153.8
192.5
192.3
196.0
193.4
192.5
191.0
202.7
210.3
216.1
194.4
144.8
146.9
141.8
141.6
140.4
138.3
138.7
144.8
160.0
165.4
168.1
157.0
135.1
136.3
192.7
202.4
203.7
201.4
212.3
233.0
272.8
304.3
321.0
276.6
194.4
200.9
1930
January
February
March
April
May
June
July
August
September...
October
November—December
102.6
102.8
104.0
103.4
103.9
104.5
104.6
104.5
104.6
105.0
105.2
105.0
96.5
96.4
97.7
97.8
98.0
98.2
98.7
99.6
100.0
99.9
99.1
97.8
98.7
98.8
99.7
99.7
100.0
99.9
100. 2
100.8
101.6
99.8
98.1
94.8
92.6
93.0
93.7
94.2
94.0
93.3
93.2
93.9
94.6
92.3
90.3
86.5
105.1
104.9
106.4
106.0
106.6
106.7
107. 3
108.0
109.3
107.3
104.5
100.2
98.3
98.1
99.0
99.0
99.4
99.6
100.2
100.5
101.0
99.7
99.5
97.9
126.5
126.9
127.8
128.2
127.6
126.8
125.9
126.5
127.9
126.8
124.7
121.7
156.3
165.5
172.4
181.0
170.5
152.8
149.3
147. 6
148.8
127.6
116.7
109.4
148.8
155.9
163.0
170.8
160.1
143.1
139.8
138.7
139.3
117.8
108.5
101.9
136.5
142.5
143.2
141.7
136.0
124.5
124.2
121.2
122.6
110.9
102.1
93.5
208.7
230. 6'
242.1
263.7
250.0
223.5
215.4
212.7
216.4
187.0
167.4
157.9
1931
January
February
March
April
May
June
July
August
September....
October
November
December
105.2
104.4
104.4
104.3
105.3
105.3
104.9
104.6
103.5
99.4
99.6
96.5
99.6
99.4
100.0
99.6
99.7
99.4
99.4
98.5
95.6
89.9
89.7
82.2
97.8
97.8
97.2
95.3
94.9
94.2
95.4
92.9
88.4
81.8
82.4
73.1
89.2
89.5
88.3
85.5
84.1
83.1
84.8
83.4
78.8
72.7
75.2
66.8
104.4
104.2
102.5
99.6
99.8
99.0
100.0
94.7
89.8
82.4
81.1
68.7
99.7
99.8
100.8
100.6
100.6
100.4
101.3
100.8
96.7
90.7
90.9
84.0
123.6
124.8
126.4
125. 3
122.6
119.7
121.1
120.7
116.1
112.0
112.7
104.0
112.3
119.8
121.6
109.2
98.0
95.1
98.2
95.5
81.7
69.7
71.7
57.7
103.4
110.3
111.8
100.3
89.4
86.5
89.8
88.5
75.8
64.8
67.5
54.3
100.4
104.7
97.2
87.3
76.8
74.0
75.3
66.2
56.1
48.4
46.0
33.0
163.4
177.9
188.9
169.8
156.4
153.0
157.5
154.0
131.9
111.9
114.7
95.6
1932
January
February
March
April
May
June...
July
August
September....
October
November....
December
93.0
94.8
97.0
99.2
98.7
98.7
100.3
100.3
101.7
101.8
101.7
102.3
82.0
81.4
83.7
80.2
76.0
72.8
75.1
84.3
87.0
85.2
83.1
82.2
75.1
74.9
75.9
67.9
62.2
60.6
62.1
72.4
74.6
70.8
69.2
67.7
67.9
67.8
69.1
61.4
56.8
54.9
56.5
66.4
67.9
63.9
63.0
62.4
73.9
74.2
74.9
63.9
54.9
53.1
54.8
68.2
71.1
66.1
63.0
59.6
83.5
82.7
84.1
78.6
75.1
73.8
75.1
82.7
84.9
82.7
81.7
81.1
102.2
101.7
103.2
94.2
90.3
83.6
85.3
98.6
101.8
99.8
97.4
95.4
58.0
56.5
56.8
43.9
39.8
34.0
35.9
53.3
58.2
49.9
47.5
47.4
54.4
52.9
53.8
41.7
38.1
33.5
35.8
51.5
55.8
47.7
45.4
44.8
36.6
34.2
32.1
22.2
17.4
14.1
15.6
29.2
34.5
27.5
25.5
25.7
94.4
92.8
93.4
73.3
67.8
55.0
55.4
84.2
91.4
80.6
77.6
79.6
1933
January
February
March
April
May.
June
July...
August
September....
October
November
December
103.3
102.4
101.0
101.3
102.4
103.2
103.3
102.9
103.0
102.9
100.5
100.0
84.1
82.5
76.7
75.4
82.0
86.8
89.6
89.9
87.9
86.5
82.6
83.6
70.7
68.5
66.0
64.8
72.4
77.7
81.5
80.8
77.6
75.3
72.1
73.6
64.9
62.1
60.7
61.0
68.2
72.8
75.6
75.9
74.5
72.7
70.5
71.5
63.4
62.9
60.6
58.9
69.4
76.1
82.2
81.2
76.8
73.5
68.5
72.2
83.9
80.7
76.8
74.7
79.5
84.2
86.8
85.3
81.4
79.7
77.3
77.1
97.8
95.7
93.1
95.7
103.3
109.7
112.5
112.9
112.0
109.8
107.5
107.7
49.1
44.9
43.2
47.5
62.9
74.9
80.4
75.1
74.8
69.5
69.1
70.4
46.2
42.5
41.6
48.8
65.3
77.3
83.5
78.8
80.7
75.5
76.7
78.8
27.6
26.7
25.6
26.3
37.5
44.0
52.6
49.4
47.2
40.3
38.4
40.3
81.8
73.1
67.0
63.5
79.2
96.9
97.5
87.1
80.1
75.0
70.0
67.3
234
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 114.—BOND YIELDS
[Average of daily or weekly figures]
Year and month
U.S.
Treasuryl
Number of issues..
January
February.-.
March
April
May
June
July
August
September ..
October
November _
DecemberJanuary
February..
March
April
May
June
July
August
September.
October
November.
DecemberJanuary
February._
March
April
May
June
July
August
September.
October __._
November.
December—
ipal 2
(nigh
grade)
Aaa
Aa
A
3
Baa
15
30
30
30
4
()
(4)
(4)
(4)
(4)
('-)
(4)
3.68
3.34
3.33
3.60
3.28
3.31
3.66
3.31
4.46
4.98
5.09
4.23
4.25
4.20
4.09
4.08
3.98
4.05
4.27
4.07
4.02
4.65
4.71
5.48
6.12
5.98
5.12
5.12
5.00
4.88
4.73
4.57
4.55
4.73
4.55
4.58
5.01
4.49
5.85
6.59
6.55
5.59
5.62
5.44
5.20
4.97
4.77
4.71
4.93
4.77
5.05
5.97
5.23
6.48
7.41
7.27
6.03
6.17
5.93
5.55
5.24
5.04
5.00
5.27
5.13
6.01
7.20
6.09
7.23
8.20
8.35
7.08
7.24
6.83
6.27
5.87
5.48
5.51
5.90
5.90
7.61
9.30
7.76
3.77
3.71
3.71
3.70
3.67
3.67
3.68
3.70
3.70
3.68
3.62
3.56
4.10
4.09
4.09
4.07
4.06
4.06
4.06
4.04
4.08
4.09
4.09
4.07
4.82
4.77
4.79
4.74
4.71
4.72
4.11
4.72
4.72
4.71
4.68
4.68
5.07
5.04
5.05
4.99
4.94
4.92
4.95
4.95
4.97
4.95
4.93
4.89
5.38
5.33
5.34
5.27
5.18
5.18
5.21
5.23
5.23
5. 23
5.17
5.16
6.09
6.02
6.05
5.98
5.86
5.80
5.79
5.81
5.79
5.81
5.77
5.68
3.51
3.48
3.37
3.35
3.31
3.34
3.36
3.32
3.30
3.29
3.23
3.17
4.04
4.04
4.00
3.96
3.94
4.00
4.02
4.00
3.96
3.93
3.93
3.90
4.66
4.67
4.62
4.58
4.57
4.58
4.60
4.56
4.54
4.51
4.49
4. 46
4.87
4.87
4.83
4.80
4.79
4.80
4.80
4.73
4.73
4.69
4.65
4.62
5.11
5.13
5.12
5.06
5.05
5.07
5. 05
5. 01
5. 01
4.97
4.94
4.92
5.61
5.59
5.54
5.47
5.50
5.55
5.54
5. 48
5.42
5.38
5.35
5.32
3.18
3.19
3.17
3.20
3.24
3.29
3.42
3.49
3.46
3.48
3.39
3.46
3.89
3.89
3.89
3.93
4.02
4.09
4.13
4. 1G
4. 17
4.17
4.15
4.15
4. 46
4.46
4.46
4.46
4. 49
4.56
4.61
4.64
4.61
4.61
4.58
4.61
4.62
4.61
4.59
4.60
4.64
4.75
4.79
4.82
4.79
4.78
4.75
4.77
4.92
4.93
4.83
4.92
4.95
5.06
5.09
5. 10
5. 07
5.04
4.99
5.08
5.42
5.42
5.39
5.37
5.42
5.55
5.58
5.61
5.59
5.58
5.55
5.60
3.52
3.62
3.74
3.63
3.64
3.69
3.64
3.70
3.68
3.60
3.36
3.37
4.16
4.25
4.32
4.29
4.23
4.26
4.28
4.31
4.32
4.29
4.25
4.22
4.62
4.66
4.70
4.69
4.70
4.77
4.77
4.79
4.80
4.77
4.76
4.67
4.79
4.88
4.92
4.90
4.91
4.98
4.97
4.99
5.01
5.01
4.94
4.84
5.10
5.13
5.24
5.23
5.24
5.19
5.32
5.39
5. 43
5.38
5.33
5.21
5.63
5.66
5.79
5.80
5.80
5.94
5.95
6.04
6.12
6.11
6.03
5.95
2-8
1919..
1920_.
1921.
1922..
1923..
1924..
1925 _.
19261927..
1928 _.
1929.
19301931.
1932_
1933January
February-March
April
May
June
July
August
September.
October
November.
December.-
jorporate, Dy ratings
Munic-
30
1926
1927
1928
1929
1
Computed by section of Financial and Economic Research of U.' . Treasury Department. For description of average see Federal Reserve Bulletin for June 1934, p. 322.
2 Standard Statistics Co.
3 Moody's Investors' Service.
4
Averages not computed.
235
BUSINESS CONDITIONS
No. 114.—BOND YIELDS—Continued
[Average of daily or weekly figures]
Year and month
U.S.
Treasury
Corporate, by ratings
Municipal
(high
grade)
Aa
Baa
1930
January
February __
March
April
May
June
July
August
September.
October
November.
December..
3.43
3.41
3.29
3.36
3.30
3.24
3.23
3.25
3.23
3.20
3.17
3.20
4.22
4.24
4.12
4.11
4.11
4.10
4.05
3.97
3.97
3.94
4.00
4.05
4.66
4.69
4.62
4.60
4.60
4.57
4.51
4.47
4.42
4.42
4.47
4.52
4.86
4.88
4.80
4.78
4.77
4.76
4.74
4.68
4.65
4.67
4.75
4.85
5.23
5.25
5.15
5.12
5.07
5.08
5.06
5.00
4.94
5.06
5.21
5.43
5.92
5.89
5.73
5.70
5.72
5.78
5.77
5.73
5.65
5. 94
6.25
6.71
January
February. _
March
April
May
June
July
August
September.
October
November.
December..
3.17
3.27
3.26
3.24
3.13
3.10
3.11
3.13
3.24
3.62
3.59
3.92
3.92
3.95
3.89
3.80
3.75
3.76
3.88
3.88
4.00
4.35
4.42
4.64
4.42
4.43
4.39
4.41
4.37
4.36
4.36
4.40
4.55
4.98
4.95
5.33
4.70
4.70
4.67
4.76
4.76
4.81
4.80
4.85
5.08
5.57
5.61
6.29
5.26
5.29
5.30
5.52
5.65
5.75
5.64
5.88
6.31
6.88
6.89
7.70
6.41
6.38
6.44
6.52
7.14
7.36
7.08
7.47
8.07
9.04
8.91
10.49
January
February..
March
April
May
June
July
August
September.
October
November.
December..
4.32
4.11
3.91
3.66
3.71
3.73
3.55
3.42
3.38
3.39
3.39
3.31
4.92
5.03
4.79
4.73
4.77
4.81
4.78
4.50
4.39
4.37
4.38
4.37
5.20
5.23
4.98
5.17
5.36
5.41
5.26
4.91
4.70
4.64
4.63
4.59
6.07
6.13
5.85
6.10
6.38
6.60
6.51
5.83
5.54
5.51
5.57
5.60
7.06
7.06
6.80
7.48
8.40
8.50
8.19
6.84
6.45
6.44
6.53
6.61
9.14
8.87
8.83
10.46
11.63
11.52
10.79
8.22
7.61
7.87
8.24
8.42
3.19
3.29
3.44
3.43
3.31
3.22
3.20
3.21
3.20
3.22
3.46
3.53
4.23
4.28
4.88
5.05
5.27
4.71
4.60
4.54
4.59
4.60
4.44
4.48
4.68
4.78
4.63
4.46
4.36
4.30
4.35
4.34
4.54
4.50
5.30
5.35
5.61
5.81
5.40
5.09
4.83
4.77
4.96
4.97
5.35
5.27
6.16
6.30
6.64
6.85
6.29
5.88
5.58
5.51
5.70
5.76
6.22
6.21
8.01
8.36
8.91
9.12
7.74
7.07
6.62
6.77
7.27
7.49
7.98
7.75
1933
January
February..
March
April
May
June
July
August
September.
October
November.
December..
to
No. 115.—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE
CO
[Index numbers of the Federal Reserve Board.* 1923-25=100]
Construction contracts awarded (value)2
Industrial production
Year and month
Total
Manufactures
U n a d - Adjusted justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
.
Minerals
Total
Residential
U n a d - Ad- Unad- Ad- Unad- Adjusted justed justed justed justed justed
77
89
70
74
105
96
99
108
107
106
115
99
84
71
81
84
87
67
86
101
94
105
108
106
112
119
95
80
63
76
Factory
pay
rolls 3
Freight-car loadings
Merchandise,
1. c. 1.
Total
Department
store sales
(value)
Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
63
63
56
79
84
94
122
129
129
135
117
92
63
28
All other
Factory employment 3
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
98
118
77
81
103
96
101
104
102
102
108
87
66
45
48
107
108
82
90
104
96
100
101
99
97
101
88
74
62
6fi
84
91
79
87
100
97
103
106
103
103
106
92
75
56
58
97
91
91
90
91
93
96
101
105
102
107
114
75
72
71
73
80
83
90
91
102
99
86
82
71
87
94
96
99
105
105
105
104
105
97
87
72
67
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
o
H
W
O
1919
January
February
March
April
May
June
July
_. _
_
August _
September
October
_
November
December...
81
78
76
77
80
84
87
89
89
89
87
81
82
79
76
78
78
83
87
89
87
86
85
86
82
80
78
80
80
84
87
90
89
88
91
83
82
80
78
79
78
84
89
91
88
86
89
88
74
63
61
65
75
82
88
83
94
95
63
70
79
70
66
71
74
76
81
78
85
87
63
77
21
27
40
53
69
82
88
82
81
74
74
66
30
32
39
44
55
70
78
78
78
78
88
90
9
15
25
39
52
61
63
59
60
54
49
37
11
18
24
32
42
53
63
61
59
55
51
43
30
37
52
64
83
99
108
101
99
90
94
90
45
44
51
54
66
80
90
92
94
97
117
128
105
102
102
102
103
104
107
109
111
110
112
113
108
103
102
102
103
104
107
108
109
108
111
114
84
83
78
80
81
80
85
88
91
87
83
90
60
59
65
77
73
76
59
60
76
89
101
137
66
71
72
72
69
76
80
80
83
81
86
86
S
%
W
o
1920
January
February
March
April
May
_
June
July
August
September...
October
November...
December
92
93
94
87
92
92
88
89
88
86
78
68
95
95
93
88
90
91
89
89
86
83
76
72
94
96
96
90
93
92
87
88
87
83
74
65
96
96
95
89
91
91
89
89
86
82
73
68
82
78
80
73
86
95
94
98
94
100
97
87
86
84
87
82
85
88
88
91
85
1921
January
February
March
April
May
June
July
....
August
September
October
November
December
66
65
64
64
67
66
64
67
69
73
72
66
67
66
64
64
66
65
65
67
68
71
71
70
64
64
63
64
66
64
64
63
63
64
65
63
66
68
65
64
77
72
67
65
73
73
70
71
72
78
71
64
81
77
72
72
73
71
73
72
66
67
68
71
71
70
91
94
94
68
69
67
71
68
69
65
72
80
86
82
72
68
58
56
49
40
34
91
86
78
71
65
60
57
54
54
31
37
48
60
66
64
62
64
65
62
57
52
43
43
46
52
49
46
50
53
55
57
61
64
65
66
66
31
31
40
45
41
31
26
24
25
24
21
19
38
36
37
19
27
36
45
48
44
44
48
54
56
57
54
24
32
34
36
38
42
36
33
30
27
26
25
24
22
21
46
51
55
57
59
59
82
85
82
78
77
74
70
66
114
113
115
114
112
111
108
109
107
104
98
90
117
115
115
114
112
111
109
108
105
102
97
90
117
116
124
122
123
125
120
123
121
117
108
100
84
81
87
76
88
95
96
99
103
103
94
82
94
91
95
84
88
92
91
94
91
90
91
90
72
82
86
85
82
78
40
45
57
73
58
81
53
56
61
83
83
83
84
81
64
65
65
70
71
72
72
72
82
81
83
82
82
81
80
81
83
84
84
83
80
81
82
83
84
83
84
82
82
80
78
76
72
74
74
73
72
74
72
72
71
72
78
80
83
80
89
95
81
72
79
79
75
77
79
80
81
77
80
83
77
77
72
78
85
87
88
89
90
85
94
95
92
88
93
106
113
119
114
105
98
86
80
69
56
46
134
127
80
77
77
74
67
58
50
110
99
91
82
74
93
72
83
82
81
80
80
90
91
101
96
73
73
88
102
112
146
79
83
84
85
86
88
90
86
90
92
90
90
83
76
88
87
91
86
64
63
75
95
97
135
92
92
97
95
92
96
92
89
89
87
87
87
84
82
86
83
84
1922
January
72
84
84
70
74
80
92
73
72
72
83
83
67
50
73
73
50
61
50
73
77
February
83
73
79
86
88
93
69
85
84
55
61
63
75
68
81
85
59
74
76
76
75
March
86
84
75
84
88
95
94
77
85
66
62
86
84
75
88
92
77
78
81
80
80
April
85
87
74
77
81
101
99
90
86
80
65
107
89
78
48
53
95
81
78
77
83
82
May..
88
88
53
90
80
77
77
78
95
93
89
83
68
113
54
100
86
81
87
87
June
86
86
80
85
100
63
88
90
94
85
90
90
99
85
78
75
117
59
99
90
85
88
97
July
87
64
83
88
88
85
86
87
99
61
117
78
97
70
74
57
96
90
84
84
93
August
83
94
86
62
83
88
90
100
90
110
82
66
63
69
67
89
87
86
88
92
September...
98
90
94
93
81
90
80
87
88
95
85
64
67
88
80
89
89
89
88
91
89
October
95
76
96
81
90
93
100
89
92
90
102
68
69
76
98
72
94
95
96
93
November.._
93
98
63
99
100
95
94
91
108
92
76
71
74
78
98
94
67
97
99
97
99
December
96
100
100
88
96
88
91
152
93
79
72
76
56
81
94
100
63
100
95
100
95
1 Descriptions of these indexes have been published in the Federal Reserve Bulletin as follows: Index of industrial production, February and March 1927 (certain revisions March
1932 and September 1933); indexes of factory employment and pay rolls, November 1929, November 1930; index of construction contracts awarded, July 1931; index of freight-car
loadings, xlugust 1927 (certain revisions, February 1931); index of department-store sales, February 1928 (certain revisions, November 1930).
2
Based on 3-month moving averages of F. W. Dodge data centered at the second month.
3 For revised indexes of factory employment and pay rolls, without seasonal adjustment, as compiled by the Bureau of Labor Statistics, see Federal Reserve Bulletin for May
1934. For revised index of factory employment, with seasonal adjustment, as compiled by the Federal Reserve Board, see Federal Reserve Bulletin for June 1934.
d
Ul
11
—
tz\
tei
Ul
Ul
a
o
o
o
Ul
CO
No. 115.-—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE—Continued
to
CO
00
[Index numbers of the Federal Reserve Board. 1923-25=100]
Industrial production
Year and month
Manufactures
Total
Construction contracts awarded (value)
Minerals
Residential
Total
All other
Factory employment
Factory
pay
Freight-car loadings
Merchandise,
l.c.l.
Total
Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed j listed justed justed justed justed justed
1923
January
February
March
April
May
June.
July
August
September
October
November
December
1924
January
February
March
April
May
June
July
August
September
October
November
December
99
101
105
107
108
105
101
100
101
102
99
92
99
100
103
106
106
106
104
103
100
99
98
97
99
103
106
109
108
104
98
98
100
100
98
92
99
100
103
105
106
105
103
101
101
98
97
97
99
104
103
96
90
84
81
87
95
100
102
100
95
89
85
84
89
94
95
97
101
105
105
98
89
82
78
86
93
97
99
101
100
95
88
84
83
89
93
95
97
102
97
97
94
97
99
107
112
115
116
106
113
108
101
99
103
111
108
108
111
110
97
104
106
64
76
89
102
102
94
83
76
80
81
82
77
100
100
93
83
93
96
95
96
103
104
100
95
103
105
76
87
102
113
111
99
92
92
97
95
93
84
61
75
91
106
112
106
91
83
82
80
76
68
77
87
97
89
80
72
68
77
83
89
101
110
119
107
90
82
78
85
93
97
90
101
107
102
98
96
91
87
85
88
93
95
95
67
76
96
108
113
106
101
95
99
96
91
80
101
102
105
105
105
106
105
106
106
105
103
101
91
89
94
94
94
91
88
87
96
103
103
101
102
103
104
105
105
106
106
105
104
104
103
102
100
101
101
100
96
93
91
92
94
95
95
96
101
101
101
99
96
94
103
104
107
108
103
104
105
107
105
103
98
104
104
101
97
92
85
89
92
95
94
90
88
94
96
102
104
105
106
111
110
104
91
95
94
90
95
93
94
99
111
112
104
93
99
97
101
104
102
102
102
101
102
100
96
94
91
93
95
99
100
99
101
Unadjusted
Ad- Unad- Adjusted justed justed
79
77
93
97
100
99
73
75
94
111
117
164
86
87
99
98
97
102
102
102
94
91
96
101
101
101
97
104
104
103
97
Department
store sales
(value)
99
100
100
99
99
96
97
98
99
101
100
101
91
93
95
100
98
101
98
101
100
101
100
99
86
84
103
99
101
99
98
97
100
96
96
101
96
100
99
97
71
105
117
166
H
W
fed
fed
O
fed
m
fed
W
o
1925
January
February
March
April
May
June
July
August.
September- October
November..
December—.
1926
January
February
March
April
May
June
July
_.
August
September..
October
November. _
December—
1927
January
February...
March
April
May
June
July
August
September..
October
November..
December...
1928
January
February--.
March
April
-.
May
June
July
August
September..
October
November..
December...
117
126
135
145
141
138
137
134
76
90
109
124
136
137
147
142
134
118
113
113
99
106
108
110
118
120
128
130
127
125
126
138
96
98
100
99
98
98
98
100
102
102
102
102
98
98
99
99
99
99
99
99
100
101
102
102
95
101
103
100
101
99
97
99
99
105
105
106
94
95
95
96
103
102
104
110
115
113
109
97
103
102
101
103
102
100
102
106
102
102
105
107
95
101
105
105
106
104
103
105
111
109
109
101
102
104
104
104
104
104
104
105
105
106
106
106
84
85
94
105
103
98
75
76
97
122
122
176
99
103
103
102
102
102
101
101
101
111
104
104
113
114
128
140
135
120
116
115
122
123
120
109
135
127
121
121
120
119
119
119
120
122
118
117
113
126
132
143
136
140
151
.155
149
130
130
119
141
149
132
130
120
125
133
142
139
137
142
142
101
102
103
102
101
101
99
101
103
103
101
100
102
102
102
101
101
11
0
11
0
101
102
102
101
101
101
.106
107
105
104
104
99
104
105
108
105
104
94
96
99
98
106
109
110
112
121
122
113
98
104
103
105
105
105
107
107
107
108
108
109
108
98
102
107
106
107
106
104
105
110
109
108
101
106
105
106
105
105
106
105
105
106
104
106
105
90
87
97
102
109
100
77
82
104
120
124
184
106
105
101
105
109
105
106
108
106
109
106
108
132
131
128
128
128
128
128
126
128
128
129
131
97
105
123
133
132
117
115
108
119
120
120
111
117
117
116
115
115
114
114
113
118
119
121
125
115
121
138
153
157
158
160
149
145
131
124
111
144
142
138
139
139
140
140
136
136
135
136
136
98
100
100
100
99
99
98
99
101
99
97
95
100
100
100
99
99
100
99
99
98
98
97
97
99
105
106
105
104
102
99
102
102
103
98
99
96
99
102
99
105
105
104
109
116
114
101
88
106
107
109
106
103
104
102
104
103
101
98
98
98
102
106
106
106
105
104
105
110
109
106
98
105
104
105
104
104
105
105
105
105
104
104
104
91
89
95
109
105
101
76
85
103
117
126
182
107
108
106
106
105
106
105
111
104
107
108
106
137
138
137
137
137
139
132
131
134
136
132
127
116
128
143
152
149
140
127
116
118
115
112
93
139
142
136
130
130
133
126
119
118
115
114
106
108
115
134
157
168
166
155
154
154
150
130
117
135
135
137
142
143
144
137
141
147
152
146
145
94
96
97
96
96
96
96
98
100
100
99
98
96
96
96
96
96
97
97
97
98
98
99
100
96
101
103
100
101
101
98
103
104
107
104
104
92
94
97
96
105
101
105
109
119
119
109
94
102
102
103
101
103
100
102
103
105
106
107
106
98
101
105
105
108
103
104
104
109
109
107
99
105
104
104
103
104
103
105
104
105
104
105
105
91
88
97
105
107
102
80
81
113
118
125
192
108
106
107
106
107
107
110
107
112
108
108
111
105
107
107
104
103
100
99
101
102
107
108
103
106
104
103
102
102
102
103
103
101
104
107
109
106
109
109
106
103
100
97
99
103
108
110
106
105
105
104
103
102
102
103
102
103
106
109
112
101
95
90
89
105
104
107
112
97
98
98
89
105
100
96
100
104
101
104
107
89
90
95
93
78
90
111
127
133
131
140
140
139
128
125
119
97
103
107
111
118
123
131
137
133
131
131
136
80
90
114
131
130
124
131
137
144
140
139
125
96
99
106
105
108
110
108
107
106
103
109
113
115
110
101
106
105
106
107
106
108
108
110
111
111
110
107
108
111
112
110
108
106
102
108
112
113
108
99
109
107
106
106
106
108
108
110
111
111
109
105
90
92
98
96
103
109
110
115
119
124
123
113
91
95
106
108
104
107
108
109
110
113
118
119
113
121
130
142
135
11
3
136
137
137
127
125
114
139
139
127
126
120
122
126
132
130
130
132
131
106
111
113
110
112
107
102
105
106
105
101
96
107
108
110
108
109
107
106
106
104
102
101
102
105
110
114
112
112
106
102
104
105
104
100
95
106
107
108
108
110
108
107
106
104
102
101
102
112
113
111
96
108
108
103
111
111
112
105
97
115
117
120
106
109
106
101
106
104
103
102
102
107
114
132
144
145
140
140
131
133
126
122
111
105
111
112
110
110
108
105
110
116
118
115
109
107
109
108
108
108
108
109
110
113
115
117
118
106
113
114
113
111
108
105
110
116
117
115
110
107
110
109
109
108
109
110
111
114
116
118
120
100
99
98
95
104
104
104
111
115
123
118
106
103
102
105
105
106
102
102
105
107
111
114
111
111
121
138
155
159
154
142
137
138
134
122
107
H2
No. 115.—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE—Continued
1
[Index numbers of the Federal Reserve Board. 1923-25= 100]
Construction contracts awarded (value)
Industrial production
Year and month
Manufactures
Total
Unad- Adjusted justed
1929
January
February
March
April
May
June
July
August _ »
September
October
November
December
1930
January
February
March
April,..
May
June__
July
August.
September
October
November
December
Unadjusted
Minerals
Total
Residential
Ad- U n a d - Ad- Unad- Adjusted justed justed justed justed
All other
Unad- A d - Unadjusted justed justed
Ad-
justed
Factory employment
Unad- Adjusted justed
Freight-car loadings
Factory
pay
rolls
Total
Unadjusted
Unad- A d justed justed
Merchandise,
l.c.l.
Departmentstore sales
(value)
Unad- A d - Unad- Adjusted justed justed justed
g
o
117
121
124
124
126
125
120
122
123
121
108
96
119
118
118
121
122
125
124
121
121
118
110
103
117
122
126
128
128
127
120
122
123
119
107
93
120
118
120
122
123
127
125
122
121
118
110
101
114
116
101
103
116
116
118
121
127
127
114
110
116
119
109
114
117
114
116
115
118
116
110
116
98
102
121
139
143
144
136
129
112
104
94
84
120
118
121
123
121
126
124
122
110
107
103
102
81
84
106
117
113
102
94
84
73
67
66
53
97
94
101
100
97
95
93
86
73
67
67
61
111
116
133
158
168
178
170
166
144
135
116
109
139
137
137
142
141
152
149
152
140
139
132
136
97
100
101
102
102
102
102
104
105
103
99
95
100
100
101
102
102
103
103
103
102
101
99
97
101
108
111
111
111
110
106
111
112
111
103
99
95
99
98
102
109
110
111
115
121
118
102
89
108
107
105
108
107
108
107
107
106
104
102
102
97
101
106
107
107
105
105
106
110
109
106
96
104
104
105
104
104
105
106
106
106
104
104
103
90
91
107
103
109
108
79
84
117
122
125
191
110
111
112
110
109
113
109
111
114
112
108
108
103
109
106
107
105
99
90
90
92
90
84
76
106
107
103
104
102
98
93
90
90
88
86
84
102
110
109
110
106
98
89
88
90
87
82
74
105
107
104
104
101
97
92
88
89
86
85
82
108
104
91
94
102
103
100
101
101
105
96
89
110
108
98
104
104
102
100
96
94
95
92
93
78
89
102
113
125
116
107
85
82
75
68
59
95
104
102
101
105
99
95
81
81
78
76
46
44
54
62
61
54
48
48
52
51
46
37
56
49
52
53
52
49
47
49
52
52
48
43
104
126
141
156
178
166
155
115
108
94
86
77
128
148
144
140
148
140
135
106
105
99
99
98
93
93
93
93
91
89
86
85
86
84
81
79
96
94
93
92
91
90
87
84
83
82
81
80
94
98
98
97
94
91
83
82
83
81
75
74
89
91
90
93
97
95
95
96
99
97
86
74
100
99
96
97
96
93
92
89
87
86
84
84
94
98
101
101
101
98
94
95
99
97
94
86
101
101
100
98
98
98
95
95
95
93
92
92
88
89
93
110
105
98
71
77
103
112
113
165
107
108
107
107
105
103
100
102
99
102
98
94
73
i
w
o
1931
January
February
March
April
May
June
July
August
September..
October
November...
December...
82
87
89
90
89
83
80
78
77
75
72
68
83
86
87
88
87
83
82
78
76
73
73
74
81
88
91
91
90
83
79
77
76
72
70
66
83
86
87
87
87
82
82
78
75
71
71
72
87
84
82
83
84
86
86
82
83
90
84
79
89
87
89
91
87
87
86
79
78
83
81
84
58
68
77
82
78
74
68
63
59
52
43
30
71
79
77
73
65
63.
61
59
59
55
49
38
37
42
50
52
47
41
36
32
32
29
26
20
44
47
47
44
40
37
35
33
32
30
27
23
75
89
98
107
104
101
94
87
81
71
57
39
93
104
100
96
85
84
82
81
80
76
67
50
76
77
78
78
77
75
74
74
75
71
69
68
78
78
78
78
78
76
75
74
73
70
69
69
68
73
75
74
72
68
64
64
62
59
56
56
74
74
75
77
79
77
78
76
78
78
70
61
1932
January
February._ _
March
April
May
June
_.
July
August
September..
October
November..
December.-.
71
71
68
64
61
59
56
59
67
68
65
60
72
69
67
63
60
59
58
60
66
67
65
66
70
70
66
63
60
58
55
58
66
67
63
58
71
68
64
61
59
58
57
59
65
66
63
64
74
75
78
72
65
62
63
66
74
80
78
73
77
78
85
80
67
64
65
65
71
74
75
77
25
23
26
31
31
32
31
32
30
28
24
22
31
27
26
27
26
27
27
30
30
29
27
28
16
15
16
16
14
12
12
11
12
12
10
8
19
17
15
14
12
11
11
12
12
12
10
9
33
30
35
43
45
47
46
48
45
41
35
33
41
35
36
38
37
39
40
45
44
43
41
43
66
67
66
64
61
59
57
59
62
62
61
60
68
68
66
64
62
60
58
59
60
61
61
61
52
54
52
49
46
43
40
40
42
44
42
41
64
64
60
67
79
91
96
90
85
78
72
69
65
63
59
66
78
92
100
91
84
76
72
75
63
63
58
68
80
93
97
89
84
76
70
67
63
61
56
65
77
93
101
91
83
76
71
73
71
76
74
65
76
82
89
94
93
88
84
80
73
79
81
72
78
84
90
91
87
81
81
85
18
1
6
14
1
6
1
9
21
24
25
30
35
42
45
22
19
14
14
16
18
21
24
30
37
48
57
7
7
8
11
13
14
13
12
12
12
12
11
8
8
8
10
11
13
13
12
12
12
13
13
27
23
18
19
24
27
32
36
45
53
66
73
33
27
18
17
20
23
28
33
45
57
76
93
58
59
57
58
60
04
69
73
77
76
73
71
59
59
57
58
61
65
70
73
74
74
72
72
39
40
37
39
42
46
50
56
58
57
54
53
1933
January
February
March
April
May
June
July
Aucrust
September.,
October
November. _
December...
82
80
80
80
79
77
76
72
69
69
83
87
89
91
92
89
87
86
88
87
85
77
90
89
89
88
89
89
88
86
85
83
83
83
81
81
92
101
97
92
66
68
88
94
97
143
58
59
58
57
53
52
51
53
61
65
58
52
75
75
75
75
74
71
68
68
72
72
70
64
81
78
75
73
71
71
69
68
69
69
68
69
64
64
69
74
72
66
46
49
71
75
73
106
51
51
48
51
56
60
66
65
68
66
61
55
65
64
63
65
68
67
70
69
70
70
68
63
69
66
62
63
66
67
70
09
6S
66
67
67
49
49
50
68
67
64
49
59
73
77
75
121
99
97
107
97
96
92
89
85
87
84
82
78
78
72
79
72
69
65
65
63
60
60
57
67
67
68
70
77
70
70
65
69
W
cj
in
o
o
3
3
242
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 116.—INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS
[Monthly series adjusted for seasonal variation. 1923-25=100]
All
Year and month
1919
1920
1921
1922 .
1923
1924
1925
1926
1927
1928
1929
1930
1931 .
1932
1933
1930
January
February
March
April
May
June
July
August
September-__
October
November-..
December
1931
January
February
March
April
May
June
July
August
September
October
November- __
December
1932
January
February
March
April
May
June
July
August
September.._
October
November
December
1933
January
February
March
April
May
June
July
August
September
October
November__December
Iron
industries
and
Leath- Non- Petro- RubTober
er and fer- leum tires bacco
prod- rous refin- and
prodbiles
ucts metals ing
tubes ucts
Auto-
steel
Lumbr
e
84
87
67
82
99
84
86
86
101
94
105
108
106
112
119
95
80
63
82
105
89
106
113
50
58
41
66
76
46
72
87
87
104
119
130
94
97
60
31
53
105
107
104
104
101
97
92
88
89
86
85
82
107
118
109
107
104
102
91
90
83
76
71
83
86
74
78
71
74
77
71
87
87
87
82
82
78
82
78
76
70
44
42
35
32
29
26
25
23
66
63
64
63
61
56
66
78
93
101
91
84
76
71
73
28
31
31
28
30
31
22
35
49
72
100
80
66
61
47
61
97
102
98
102
97
99
103
102
104
92
90
85
97
101
83
67
78
39
69
94
99
107
112
109
115
125
97
69
54
64
64
74
86
99
115
127
136
152
168
161
155
140
145
86
98
116
116
120
144
135
100
96
88
82
87
85
89
96
99
105
112
118
124
134
131
123
111
116
160
166
165
171
112
105
104
110
108
106
93
99
85
90
90
93
134
133
129
134
132
140
136
129
125
128
119
132
94
124
133
131
132
135
132
121
118
118
111
113
113
98
101
105
102
103
105
101
97
100
171
91
62
62
93
89
90
89
96
96
95
97
166
164
162
163
95
86
85
148
148
75
97
63
59
54
50
43
45
49
74
85
79
85
80
63
68
67
77
79
87
92
48
48
47
42
38
36
33
27
28
42
57
59
65
91
107
108
86
110
135
85
60
35
49
48
44
67
61
58
50
45
45
51
71
68
64
61
59
58
102
49
95
63
75
71
71
72
101
98
101
98
92
91
91
64
41
25
32
104
97
90
102
108
95
78
65
60
52
40
26
36
66
100
105
97
96
99
91
78
75
80
26
22
26
27
28
26
25
23
23
24
21
23
45
35
28
35
45
90
47
79
74
26
20
22
24
30
38
46
46
36
33
30
32
48
33
86
92
27
84
44
51
66
93
110
114
116
102
92
93
92
33
23
24
16
31
60
70
61
56
46
32
48
83
87
87
82
81
91
93
89
85
94
77
79
76
73
73
68
65
65
65
64
59
62
157
141
146
150
159
161
159
160
161
159
158
155
149
140
141
138
146
148
148
140
136
133
137
138
132
55
77
78
92
97
96
115
108
114
94
80
76
84
88
92
85
73
70
72
107
89
68
64
68
73
67
132
132
135
140
59
54
41
65
147
94
115
154
155
153
157
152
145
137
143
111
103
90
97
108
124
114
109
109
110
118
114
108
111
104
104
112
113
115
99
116
143
135
117
123
115
108
95
123
NOTE,—Paper and printing group omitted, as figures are being revised.
Back figures of monthly series.—For index of manufactures, 1919-29 (all industries), see table 115.
Tables showing indexes, both adjusted and unadjusted, by groups and by industries, 1923-33, may be
obtained from the Division of Research and Statistics.
243
BUSINESS CONDITIONS
No. 117.—INDEX OF PRODUCTION OF MINERALS, BY INDUSTRIES
[Monthly series adjusted for seasonal variation. 1923-25=100]
Year and month
77
89
70
74
105
96
99
10S
107
106
115
99
84
71
81
89
109
79
78
108
93
99
110
99
96
102
89
73
59
63
109
110
112
65
115
109
76
104
99
93
91
86
74
62
61
52
61
64
75
99
97
104
105
122
122
137
122
116
107
122
110
108
98
104
104
102
100
96
94
95
92
93
101
93
82
98
93
90
87
83
86
88
87
^6
94
91
80
71
85
89
99
89
78
85
82
89
133
134
126
128
128
125
121
117
114
115
114
110
89
87
89
91
87
87
86
79
78
83
81
84
78
74
77
78
76
75
75
71
71
71
68
65
83
81
84
83
75
76
70
62
65
74
66
69
110
109
112
120
122
122
123
107
103
116
123
121
77
78
85
80
67
64
65
65
71
74
75
77
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
January
Fphniarv
IVIarch
April
Mav
•
All in- Bitu- Anthra- Petroleum,
dus- minous cite
crude
coal
tries
59
63
71
56
50
46
47
51
58
68
67
67
55
58
82
82
50
43
56
49
62
62
66
76
112
109
109
112
109
106
105
104
105
104
106
96
73
79
81
72
78
84
90
91
87
81
81
85
57
63
51
55
57
64
76
75
65
61
65
66
53
64
77
44
43
65
67
61
74
55
73
68
107
110
122
108
134
134
132
134
125
120
116
119
1930
June
July.. .
August
September. _
October
November
December
1931
January
February
March
April
Mav
June
.
July
August. __
September
OctoberNovember
December
_ ...
1932
February
March
May
June
July
August
October
November
1933
January
February
March
-ipril
May
June
July
August
Sfiptfvmbp.r
October
November
December
Ironore Copper
ship- (mined)
ments
91
113
36
82
114
104
113
98
104
126
90
45
81
85
30
62
93
100
107
110
105
115
127
87
66
2
3
8
8
8
13
7
14
15
40
57
68
63
23
Silver
66
77
88
102
110
116
112
106
113
97
68
45
49
84
87
10c
101
96
95
9c
88
94
79
49
37
33
101
95
88
90
90
86
83
84
89
83
83
76
104
98
96
94
94
99
91
94
93
90
70
68
92
108
103
108
100
95
100
102
98
91
80
89
87
98
86
88
82
77
76
72
76
71
67
68
72
76
70
69
68
67
59
59
60
60
64
66
65
65
65
61
54
54
49
49
49
47
45
45
80
79
76
69
75
58
62
66
65
66
58
62
64
60
60
54
53
47
47
45
42
41
38
43
45
46
45
43
39
38
34
31
31
33
35
39
59
54
55
45
49
49
31
33
41
38
45
39
39
31
30
40
36
45
40
41
38
36
37
30
39
43
44
45
45
55
71
77
77
77
72
67
45
40
45
45
37
41
36
36
57
64
71
67
36
30
44
36
30
24
34
28
39
33
33
29
t
28
46
56
59
52
41
12
Lead
87
39
68
96
97
107
116
111
112
114
91
54
38
59
42
106
108
97
96
80
74
58
Zinc
Back figures of monthly series—For index of minerals (all industries), 1919-29, see table 115. Tables
showing indexes, both adjusted and unadjusted, by industries, 1923-33, may be obtained from the
Division of Research and Statistics.
No, 118.—INDEX OF FACTORY EMPLOYMENT, BY GROUPS
[Index numbers of the Federal Reserve Board. 1 1923-25=100]
Year and month
1919.
19201921 _
1922_
1923.
192419251926.
1927 _
1928 _
1929.
1930.
1931.
1932.
1933.
All
manufacturing industries
106.7
107.9
82.4
90. 1
104.2
96.2
99.6
101. 4
98.8
97.2
101. 1
87.8
74.4
62.0
66.2
Iron
and
steel
99.7
107.0
65.4
83.9
104.4
97.2
98.4
101.3
06.8
95.4
98. 9
87.1
71.7
56.0
61.8
MachinTextiles
ery
117.2
128. 9
77.0
82.2
107.7
93.6
9S. 7
107. 9
100.0
98.7
116. 1
97.4
72 5
52.0
52.0
97,8
98.3
93.0
97.3
105.3
95. 2
99.6
97.9
100.8
95. 1
90. 9
84.7
77.9
67.9
78.7
Food
products
109.0
103. 8
94.8
95.5
102. 0
100. 0
98.0
9«. 5
99. 1
9». fi
99. 7
94.7
K8. 5
82.0
85.6
Paper
and
printing
96.8
104. 4
89.1
92.7
99.3
99.8
101.0
103. 6
103. 1
101.7
104. 2
101.2
93.0
83.4
84.7
Lumber and
products
93.2
88.1
74.5
95.5
100.9
98. 1
101.0
100.5
92. 3
88. 1
88. 2
69. 1
52. 2
38.7
41.4
Transportation
equipment
AutoGroup mobiles
96.3
104. 2
71. 7
78.3
106.9
94.9
98.3
98. 3
88. 4
90.6
94. 6
76. 1
60.4
48.9
47.3
85.2
88.2
52. 9
72.0
100.6
93.5
105.8
104. 8
91. 6
108.8
114. 3
81.8
66. 1
53.9
53.0
Leather Cement Nonand
clay, ferrous
prodand
metals
ucts
glass
107.5
98. 5
87.8
97.6
106. 2
96. 3
97.5
96. 8
97.3
93.5
93. 7
85.9
80.1
75. 5
79.5
Chemicals
PetroGroup leum
refining
Rubber Tobacco
prodproducts
ucts
107.1
95. 1
97.9
99.5
97. 4
96.6
101. 1
78.1
64. 6
50.3
55.3
108. 3
97. 1
70.8
81.0
101.5
95.9
102. 6
108. 8
107.9
105. 3
112.3
104. 5
89.0
76.9
86.9
102.9
96. 5
100. 6
110.2
110.2
102. 4
116.4
111.9
8S.8
77.4
80.4
102.5
91.8
105. 7
104.6
104.0
108. 6
108. 3
82. 7
102.4
106. 1
107. 9
107.7
105.3
102. 9
100.5
99. 8
98.6
98.4
93.6
89.9
107. 6
110.9
115.5
119.0
110.3
107.9
108.9
111.2
114.5
116. 1
113.8
111.8
104.0
106. 7
109. 2
111.9
114. 4
116.4
120.0
121. 9
124.0
124.6
123.7
120.9
112.2
112.3
113.3
114.3
115.3
115.0
114.2
111. 5
108. 3
102.7
91.2
89.2
84.7
89. 1
73.6
88.1
100. 8
99.0
100.2
101.9
97. 5
92.3
89.6
75.6
61. 7
45.4
47.3
114.6
121. 3
74.5
84.3
84.5
86.8
90.5
93.1
93. S
91.6
93.8
93.6
91.9
88.9
82.3
9a I
71. 9
64.8
71.0
112.9
111.7
110.5
107.2
105.8
98. 8
95.4
90.8
93.6
93.8
91.6
87.4
79.3
69.7
64.9
Without seasonal adjustment
1929—January
February...
March
April
May
June
July..
August
September..
October
NovemberDecember. .
97.4
99.8
101.4
102.1
101.9
102.0
102. 1
104. 0
105.
4
103. 3
98.9
95.2
97.1
98.3
99.3
99.7
100.7
100.8
99.8
101. 0
101.0
99.4
97.0
92.2
106. 7
110.4
113.8
116.7
119. 1
120.8
121. 5
119.4
119. 5
118.7
115.0
112. 1
95.9
98.0
101.1
99.3
97.3
96.3
91.5
94.2
98.4
99.8
97.1
94.3
98.6
98.8
97.6
96.2
97.3
99.2
99.8
99.7
102.4
104. 2
101.6
100. 4
102. 5
103.4
103.1
102. 5
102.8
103.2
103. 6
104. 1
106.0
106.1
106.7
106.9
85.5
85.8
86.6
88.2
89. 2
90. 0
90.5
92.2
91.8
90.1
86.7
81.6
94.0
99.0
100. 5
101.7
101.5
97.6
96.4
95.5
94.8
90.2
82.9
81.3
118.3
129.5
131. 1
131.4
130.0
120. 6
117.8
115. 0
113. 1
101.3
83.7
79.6
91.9
94.1
92.7
90.6
90.3
89.4
94.6
98.1
99.5
99.3
94.4
90.0
84.1
92.0
92.0
91.3
90. 3
91.4
90.5
93.0
93.7
95.0
96. 1
89.2
1930—January
February. _
March
April
May
June
_.
July
August
September
October
November
December
1931—January
February. _
March
April
_____
May
June
July _
August . _
September
October __ _ . _
November
December
.
1932—January
February
March
April
May
June
July
August
September
October
November
December.
1933—January _ _
February
March. _
April
May __
June
JulyAugust _
September
_
October
November
December..
For footnote see p. 247
93.2
93.3
93.1
92.6
90.9
88.8
85.5
85.1
86.4
84.3
81.0
78.8
76.4
77.3
78.1
77.9
77. 1
75.0
73. 8
74.2
74.7
71.4
68.7
67.9
66.3
67.3
66.3
64.0
61.3
59.1
57.2
58.6
61.5
62 0
60.9
59.6
58.1
59.2
56.7
57.8
60.0
64.1
68 9
73.4
76.6
75.8
72 6
71.0
91.7
93.5
92.8
93.0
92. 7
90.0
86.1
83.6
82 3
81.6
79. H
78.0
109 9
109.3
108 5
106. 9
103 6
100. 1
95 2
90.9
89 8
87.4
84.7
83 3
92.8
92.9
92.9
90.3
86.8
83.6
76.6
77.9
82.2
82.4
80.1
78.1
97 4
96.7
95.0
94.0
94 5
95.6
95 0
92.9
95 2
94.7
93.6
92. 3
105.1
104.0
103 7
102.6
102 4
101.5
100 5
99.7
98 6
98.8
98.4
98.4
76 8
75.0
75 0
74.2
73 4
71.7
68 2
66.5
64 5
64. 3
61.6
58 4
83 2
83. 9
83 2
84.0
84 0
80.2
74 8
72.1
70 3
67.0
64.9
65.3
76.1
76.5
77.7
77.4
75 7
72.6
71. 1
69.9
68.0
66.3
65 0
64.4
81.0
81.1
80.4
78.9
76 8
73. 9
70.4
67.7
67.0
65. 2
63 8
63.8
76.0
79.4
82.7
81.8
80.6
76.7
75.2
77.8
79.8
77.4
74 3
72.9
96. 3
95.1
95.0
94.6
94 6
92.7
92.0
91.7
90.8
91.4
91 0
90.8
62.8
63.0
61 8
59.8
57 2
54.8
51 4
50.4
51.7
53 3
53.6
52.1
61.2
61.4
60 0
57.0
54 4
51.3
48 4
46.4
45 9
45 8
46.0
46.0
44.0
44.4
42 8
43.1
44 5
48.0
51 8
57 1
60.9
62 7
62 4
61.9
71.6
74.4
73 5
67.9
62 0
57.2
53 9
62.3
71 9
75 7
73.1
71.1
69.6
72.3
67.7
69.7
73 0
79.9
85 7
87.8
88.0
87.6
83 7
79.6
90. 1
89.4
88. 1
87.3
88 3
88.4
87.8
87.9
89.7
89.2
88 0
87.9
84.2
82.9
81 4
80.6
81 0
80.9
79 3
80.7
83 8
85 0
82.9
81.5
78.6
78.4
76 9
78.2
80 2
81.9
83 1
89.3
96.0
97.4
95 1
92.0
54.4
54.6
54.4
54. 6
54 9
54.3
52.2
52.1
51.1
50. 1
48 4
45.2
42.4
42.0
40 3
39.6
38 6
37.8
36.3
36.4
37 7
39 0
38.1
36.6
33.8
33.4
31.8
32.8
35.3
39.9
44 0
47.6
51.1
51.7
48 9
46.3
49.6
51.8
49 1
50.6
53 2
58.1
65 3
72.7
75.3
73.8
71 7
70.4
89.0
87.3
86.4
85.3
83.8
82.0
80.5
79.3
80.9
82 3
82.2
81.6
80.2
80.1
78.7
78.4
79.4
80.9
82 5
86.9
91.0
92.8
92 4
92.8
65.2
65.2
65.7
66.2
66 1
63.5
60.2
58.7
57.7
51.5
50 6
54.4
85. 7
89.7
91.0
93.9
95.3
88.8
81.0
76.3
73. 2
69. 6
67.9
69.0
68.3
69.8
73.4
75.1
77.3
72.6
67.2
65. 4
63.9
50.5
49.9
60.2
91.4
92.4
91. 5
89.8
86.8
84.5
86. 6
87.4
86. 1
83. 1
76.9
74.5
77. 5
80.3
83.2
82.4
80.8
79.7
84.6
86.7
84.2
79.2
69.6
73.2
74.7
75.3
78.4
81.2
81.7
80.4
75. 8
74.8
74.5
73.2
70.4
66.4
59.4
60.7
63. 1
65.7
67.3
67.0
63.7
62.6
61.7
59.0
50. 3
53.3
85.9
84.6
84.3
82.9
81.2
80.2
77. 7
75.1
72.5
71.6
70.9
70.2
68.4
68.1
68.8
68.1
67.4
65.4
63.4
62. 3
61.7
60. 8
60. 8
60.3
110.6
110.2
112.5
111.7
104. 6
101.8
101.0
101. 5
102. 7
101.4
98. 6
97.8
96.2
95. 6
93. 3
96.7
91.4
86.7
86.2
84.4
86.0
85.7
83. 5
82.0
53.9
55.4
54.7
53.0
52.4
50.8
49 2
45.1
43.1
41 3
43.3
44.8
46.1
45.1
42.5
41.4
43.7
44.6
49 2
51.7
53.4
50.9
47 9
51.3
63.4
65.7
63.7
58.9
59.7
59.6
57.9
50.8
44.3
37 3
40.5
45.2
50.4
49.6
43.9
44.4
47.8
51.6
58 4
60.9
63.4
56.8
50 1
58.6
75.7
80.0
81.2
78.8
72.7
70.5
71.6
76.1
78.0
79.0
72.7
70.0
73.3
77.3
76.6
75.0
76.4
79.6
85.4
88.7
86.6
84.9
75.4
75.2
47.7
48.4
48.9
48.8
47.0
45.0
43.4
42.1
43.4
44 9
44.6
41.4
36.7
37.8
38.1
40.5
43.7
48.4
51.8
55.8
55.8
54.2
53.2
51.9
56.8
57.2
56.1
53.9
51.4
48.6
45.4
45.8
46.6
47.1
48.4
46.8
44.4
45.3
42.3
44.4
47.9
53.5
59.5
65.4
67.7
67.0
64.4
61.6
81.7
81.1
81.1
82.4
78.3
74.2
72.3
72.2
74.0
75.1
75.5
75.4
76.2
77.3
78.2
82.4
78.9
79.4
84.0
89.9
96.2
99.4
100.3
100.6
120.8
120.9
118. 5
116. 1
114. 1
114.0
113.6
112.2
108. 5
104. 1
99.8
99.6
97.8
96.2
86.3
94.0
94.4
91. 1
89.0
86.4
84.4
83.0
81.4
81.3
81.2
80.2
78.7
78.6
78.2
78.1
77.4
75.8
76.6
74.6
74.3
75.4
75.0
75.7
75.8
75.9
76.8
78.1
78.1
79.7
84.4
87.8
88.6
89.6
89.7
87.9
87.2
88.6
88.3
88.0
82.7
81.0
77.4
75.3
72.6
73.2
73.0
72.0
69. 0
71.1
74.3
75. 6
74. 1
71.5
71.7
70.2
70. 7
69.8
84.2
88.9
89.6
88.0
89.4
89.2
88. 2
84.0
87.7
88.0
87.1
84.9
75.4
83.4
82. 9
80.2
SO. 7
79.9
79.4
79.1
79.5
79.9
79.3
71.7
69.1
68.6
67.4
66.6
66.0
67.0
65.0
63.6
60.2
60.5
61.2
61.8
59.1
59.4
57.0
57.1
60.2
68.1
77.0
83.3
84.4
83.4
81.8
81.3
69.0
71.9
70.4
68.4
67.3
69.0
68.4
68.3
69.9
71.9
72.7
68.8
60.4
63.4
57.6
56.3
64.2
66.4
65.6
67.6
67.1
70.2
71.9
67.5
to
No. 118.—INDEX OF FACTORY EMPLOYMENT, BY GEOUPS—Continued
[Index numbers of the Federal Eeserve Board. 1 1923-25=100]
AH
manufacturing industries
Year and month
Iron
and
steel
Machin
Textiles
ery
Food
products
Paper
and
printing
Lumber and
products
Transportation
equipment
Group
Automobiles
Leather Cement, Nonand
flay,
ferrous
prodand
metals
ucts
glass
Chemicals
Group
Petroleum
refining
Rubber Tobacco
prodproducts
ucts
W
Adjusted for seasonal variation
o
1929—January
February
March
April
May
June
_
July
August...
September
October
November
December
--.
_._
99.8
100.3
100.9
101.7
102.4
102.7
102.8
102.7
102.4
101.3
99.3
96.9
99.0
97.6
97.8
98.5
99.5
100.8
101. 3
101.4
100.2
99.1
97.4
93.6
107.8
109.8
112.0
115.2
118.3
120.1
121. 5
119.6
120.1
119.5
116. 4
113.3
95.2
95.4
97.4
97.5
98.1
98.6
96.6
97.8
98.7
97.9
96.2
93.4
99.9
99.8
99.5
99.6
100.0
99.4
100.1
99.9
99.9
99.8
99.1
95.6
93.9
92.9
92.4
91.4
89.7
86.6
84.4
83.4
82.2
81.1
80.1
93.6
92.8
91.6
91.9
91.6
90.0
87.3
83.9
81.7
81.3
80.2
79.1
111.0
108.6
106.9
105. 6
102.8
99. 5
95.2
90.8
90.2
88.0
85.7
84. 2
92.2
90.3
89.4
88.6
87.4
85.7
81.0
81.0
82.4
80.7
79.4
77.4
98.7
97.6
96.9
97.5
97.1
95.8
95.2
93.0
92.9
90.9
91.4
90.8
1930—January
February
March
April
May
June
July
August
September
October
November
December
101.7
103.2
102.8
103. 0
103.6
104.2
104.8
105.4
106.3
105. 6
105.2
105.0
88. 4
88. 4
88.5
89.3
89.7
89.8
90.1
90.5
89.1
87.2
85.0
82. 1
96.9
98.6
98. 0
98.0
97.0
96. 2
96.4
94.5
93.7
90.4
87.3
86.0
124. 6
127.6
125. 3
123.6
119.8
118.0
118.2
112.2
109.8
101.3
93.8
91.0
91.4
91.7
91.5
92.4
94.1
94. 1
94.9
95.4
95.6
96.0
95.1
92.6
91.9
90.9
SO. 0
89.9
90.2
89.9
89.6
89.7
89.9
89.7
88.4
85.0
103.6
104.0
104.2
105.1
104.0
102.9
101.9
101.2
100.1
99.9
94.8
91.1
108.0
109.5
110.4
112.0
112. 2
111.8
113.4
114.4
114.0
115.8
113. 4
111.9
106.0
108. 1
110. 3
111.9
114.6
115. 3
117. 4
119.7
121.8
124. 9
124.9
122.4
113.2
111.4
112.6
113.3
114.6
114.7
113.8
110.3
105.6
102.9
94 4
90.8
90.8
92.9
92.6
93.3
91.9
92.0
92.6
93.6
90.9
89.9
90.9
87.4
104.3
79.6
85.6
83.6
81.4
81.0
80.4
78.9
74.9
71.7
69.7
67.2
6S.6
90.7
88.4
87.0
87.9
87.4
86.5
81.4
74.8
71.1
69.6
76.4
78.9
90.9
90.2
90.4
91.5
90.4
88.9
86.8
85.1
82.7
80.2
77.4
76.6
81.2
80.7
81.1
80.7
79.3
77.1
74.3
71.4
71.7
71.4
70.0
68.6
82.9
81.6
81.0
80.2
80.3
78.7
76.1
73.6
72.6
71.8
71.2
111. 1
109. 0
107.5
105. 6
106.5
105.7
105.4
104. 4
102. 3
101.1
98.3
97.9
123.1
122.4
119.7
116.1
114.3
113.0
111.1
110.1
106.6
104.3
100. 8
100.8
90.4
87.3
86.8
88.0
88.0
88.0
82.4
80.0
75.3
75.4
75.2
74.7
90.8
90.1
90.2
90.1
90.9
89.7
90.4
84.1
85.1
83.5
82.0
83.5
103. 8
103. 4
103.1
103.2
102.4
101. 7
101.1
99.0
98.4
97.0
96.7
77.4
76.8
75.2
73.9
71.6
67.8
65.1
62.4
62.1
60.4
58.8
C9.4
o
w
o
1931—January...
February..
March
April
May
June
July
August
September.
October
November.
December .
78.3
77.8
77.9
78.0
77.8
76.0
75.1
74.1
72.8
70.3
69.3
69.4
77.5
75.9
76.6
76.5
74.8
72.6
72.1
70.3
67.4
66.2
65.3
65.4
81.9
80.6
79.3
78.0
76.3
73.4
70.3
67.7
67.3
65.6
64.6
64.5
75.5
77.2
79.7
80.2
81.2
78.6
79.6
80.9
80.0
76.0
73.6
72.2
91.2
90.3
89.9
90.6
90.8
88.7
88.1
88.1
87.5
85.5
85.9
86.3
95.6
94,9
94.7
95.0
95.3
93.6
93.0
93.0
91.1
91.0
89.7
89.2
56.3
56.3
55.7
55.4
55.4
54.4
52.0
51.1
49.4
48.4
47.4
45.4
67.1
64.9
64.3
63.8
63.2
62.4
60.2
58.3
57.2
51.7
53.4
58.0
72.3
68,8
70.2
70.3
70.9
70.7
67.6
64.2
62.0
50.5
56.1
68.8
77.1
78.4
82.2
84.0
84.2
83.9
84.8
84.3
80.9
76.4
70.1
75.3
64.4
65.0
65.2
65.2
65.4
64.4
62.7
60.1
59.4
57.6
55.9
55.0
69.2
66.8
66.6
66.5
66.6
65.4
64.2
63.1
62.5
61.7
61.4
61.1
96.6
94.5
89.8
91.7
93.0
89.6
89.4
86.6
85.7
85.4
83.1
81.9
99.7
97.4
87.2
94.0
94.5
90.2
87.1
84.8
82.9
83.2
82.2
82.3
73.7
71.4
68.4
70.5
74.0
75.7
73.8
70.5
69.8
70.3
73.3
71.3
81.3
84.6
83.4
82.1
82.1
80.4
81.4
79.1
77.2
75.8
74.8
70.4
1932—January...
February..
March
April
May
June
July.
August
September.
October. __
November.
December.
68.1
67.7
66.4
64.3
62.1
60.0
58.3
58.8
60.3
61.1
61.2
60.6
64.0
62.4
60.9
59.0
56.5
54.8
52.1
50.6
51.3
53.2
53.8
52.8
61.8
61.2
59.2
56.4
54.1
51.0
48.3
46.4
46.0
46.1
46.6
46.4
71.1
72.4
71.0
66.7
62.4
58.5
56.9
64.8
72.2
74.3
72.3
70.4
85.3
83.7
83.1
83.6
83.2
81.1
79.4
81.0
81.8
81.3
80.7
80.0
88.3
87.2
86.2
85.7
84.3
82.8
81.4
80.4
81.1
82.0
81.1
80.2
43.9
43.3
41.2
40.2
39.0
37.9
36.1
35.7
36.6
37.6
37.3
36.8
55.6
55.1
53.4
51.1
50.2
50.0
49.3
44.8
42.8
41.4
45.6
47.4
67.1
64.7
60.9
55.1
54.7
58.0
58.1
49.8
43.0
37.3
45.6
51.6
75.4
78.1
80.2
80.2
75.8
74.3
71.9
74.0
74.9
76.1
73.2
72.0
51.6
51.4
50.1
48.4
45.8
43.4
43.1
40.5
41.9
43.8
44.3
42.6
57.4
56.0
54.3
52.7
50.8
48.7
46.0
46.4
47.2
47.8
48.9
47.4
81.9
80.2
78.6
78.5
79.7
76.4
74.7
74.0
73.7
74.9
75.2
75.2
82.8
81.2
79.5
78.6
78.4
77.4
75.7
74.4
75.2
74.7
75.0
76.3
69.7
68.1
67.0
66.1
65.8
67.0
64.6
62.7
58.6
60.7
63.7
63.2
74.3
72.8
70.8
70.1
68.4
69.4
70.2
68.3
67.9
68.3
68.6
67.7
1933—January...
February._
March
April
May
June
July
August
September.
October
November.
December.
59.4
59.4
56.6
57.7
60.6
64.8
70.1
73.3
74.3
73.9
72.4
71.8
50.6
51.4
48.3
50.0
52.5
58.1
66.3
73.2
74.7
73.6
72.0
71.4
44.5
44.2
42.2
42.6
44.2
47.7
51.7
57.1
61.1
63.1
63.3
62.6
69.2
70.4
65.4
68.5
73.4
81.6
90.3
91.2
88.4
86.2
82.7
78.8
79.6
79.2
78.4
81.2
82.6
82.3
83.6
89.7
93.9
93.4
92.8
90.3
79.6
79.9
78.5
78.8
79.9
81.6
83.4
88.1
91.2
92.3
91.2
91.2
35.0
34.4
32.5
33.3
35.7
40.0
43.8
46.6
49.4
49.9
47.9
46.7
47.4
45.0
41.7
40.1
41.9
43.9
49.3
51.4
52.8
51.0
50.7
54.7
53.3
48.9
41.9
41.5
43.8
50.3
58.8
59.7
61.5
56.8
56.4
66.9
72.9
75.6
75.7
76.4
79.7
83.9
85.7
86.4
83.3
82.0
75.8
77.2
39.4
39.9
38.9
40.2
42.6
46.8
51. &
53.9
53.9
52.9
52.8
53.3
44.8
44.4
41.0
43.4
47.4
53.6
60.3
66.1
68.6
67.9
65.2
62.3
76.4
76.4
75.6
77.6
80.3
82.3
87.5
92.4
95.9
99.1
99.8
100.4
76.4
76.7
76.6
75.9
76.9
77.4
76.4
78.3
83.0
87.9
89.4
90.7
59.7
59.1
56.6
56.7
59.7
67.8
76.4
81.9
82.2
83.7
85.3
83.4
64.9
64.1
57.8
57.5
65.4
66.8
67.3
67.7
65.2
66.8
67.8
66.4
j
s
s
i For revised total indexes offactory employment, without seasonal adjustment, as compiledby the Bureau of Labor Statistics, see Federal Reserve Bulletin for May 1934; detailed
tables, by groups and by industries, may be obtained from the Bureau of Labor Statistics or the Federal Reserve Board. For revised index of factory employment, with seasonal
adjustment, as compiled by the Federal Reserve Board, by groups and by industries, see Federal Reserve Bulletin for June 1934.
Backfiguresof monthly series.—See Federal Reserve Bulletin for November 1929 and November 1930 for data back to January 1919.
to
No. 119.—INDEX OF FACTORY PAY ROLLS, BY GROUPS
[Index numbers of the Federal Reserve Board; without seasonal adjustment. 1
Year and month
All
manufacturing industries
Iron
and
steel
Machin Textiles
ery
Food
products
Paper
and
printing
Lumber and
products
Transportation
equipment
°™P mobii;
00
1923-25=100]
Leather Cement, Nonclay,
and
ferrous
and
prodmetals
ucts
Chemicals
Group
Petroleum
refining
Rubber Tobacco
prodproducts
ucts
1929 .
1930 .
1931 .
1932
1933
98.1
118.1
76.8
81.1
103.4
95.7
100.9
104.3
102.0
101.8
107.7
87.4
66.0
45.3
47.5
98.0
123.8
55.8
69.9
103.8
96.7
99.4
104.2
98.5
99.9
106.0
84.4
55.4
28.4
36.9
104.1
135.6
69.6
72.8
107.0
92.6
100.4
111.9
103.5
104.7
125.6
96.7
60.4
33.8
33.8
90.0
107.8
89.2
91.0
105.8
94.4
99.8
98.4
104.1
96.4
99.6
81.9
69.4
48.4
55.5
98.0
109.2
93.3
90.2
100.1
100.5
99.4
101.2
102.4
102.5
104.4
99.6
88.0
71.4
74.2
100.3
83.3
86.1
96.1
99.7
104.2
110.4
110.1
109.8
114.5
110.0
95.9
74.9
69.3
89.2
109.2
68.0
82.1
100.0
98.4
101.6
102.0
95.1
90.5
90.6
65.8
41.5
22.1
23.3
88.8
111.5
72.7
76.4
107.1
93 2
99.'7
99.1
91.3
97.2
103.4
76.4
54.6
38.1
36.9
74.9
90.4
48.7
66.2
100.8
90.2
109.1
105.2
93.5
117.6
122.0
76.7
54.5
40.0
40.3
99.0
105.9
87.0
96.0
106.8
95.5
97.8
98.1
98.6
92.4
93.1
75.4
64.9
51.4
55.7
72.6
93.6
67.4
73.2
98.9
100.7
100.3
101.5
96.2
90.4
87.0
68.7
48.7
27.8
28.0
130.4
66.7
82.3
105.3
94.8
99.9
103.0
100.3
107.1
115.2
79.6
57.3
35.0
39.6
100.1
113.7
66.9
73.7
99.8
96.3
103.9
111.0
109.7
106.0
113.4
103.9
84.5
64.4
68.3
102.1
95.2
102.7
111.4
112.2
105.7
120.2
116.4
89.1
69.4
67.4
101.5
92.7
105.8
106.2
108.5
114.8
111.0
80.6
61.4
46.0
51.2
107.2
124.6
104.6
99.2
104.2
99.4
96.3
92.1
91.1
88.4
87.7
79.4
65.4
51.3
45.9
1929--January
February.-.
March
April
May
June
July
August
September..
October
November..
December. _
100.8
108.1
110.8
111.4
111.4
109.7
105.7
110.6
111.9
110.9
102.5
99.1
101.3
107.2
108.5
110.5
111.6
109.9
103.5
109.3
108.9
107.9
100.0
93.5
112.3
120.7
126.5
129.5
131.9
131.6
128.2
127.5
127.9
129.0
121.6
119.9
97.0
103.6
108.8
103.2
99.3
97.8
90.4
97.4
103.0
104.8
96.2
93.8
102.2
102.5
101.2
100.4
103.1
105.6
105.6
105.0
108.1
108.8
105.5
105.5
111.4
113.0
114.9
113.3
114.3
113.6
111.4
112.8
116.3
117.8
117.2
118.2
83.4
86.5
88.4
90.9
92.8
92.2
93.5
94.7
96.6
96.8
89.2
82.7
93.6
111.4
113.9
117.0
116.0
107.9
97.1
106.8
103.3
99.8
89.4
85.6
114.5
147.4
148.2
152.0
147.1
130.9
110.2
128.0
120.3
108.0
84.3
72.9
90.2
94.5
91.4
87.9
88.1
89.8
97.8
105.0
104.3
100.0
83.9
84.1
79.0
81.0
84.8
89.3
91.8
92.5
86.1
91.2
91.3
90.6
86.4
80.2
117.4
124.1
127.6
127.0
123.1
117.0
112.6
113.2
112.1
112.5
99.6
96.1
106.3
111.3
113.6
117.8
113.1
111.2
111.2
113.0
116.0
118.2
115.6
114.0
105.3
110.2
112.1
117.1
118.9
120.0
123.3
125.1
129.3
129.4
126.3
124.8
111.7
123.3
123.6
124.4
125.7
120.6
115.1
110.9
104.9
100.9
85.9
85.0
76.3
82.3
84.4
86.1
86.1
88.5
87.9
90.6
93.4
94.2
94.3
88.8
1930—January
February...
March
April
May
June
July
August
SeptemberOctober
November..
December..
94.4
97.7
98.2
97.1
94,4
90.7
82.6
81.7
83.0
80.8
75.1
73.7
90.5
98.1
97.1
97.7
95.5
90.8
78.6
77.5
75.4
75.8
68.9
66.7
113.8
115.2
115.1
113.4
108.3
102.7
90.9
85.8
84.2
81.4
75.1
75.0
92.2
94.1
96.6
89.3
82.7
77.8
69.2
73.2
81.2
80.3
73.4
72.2
102.5
101.6
99.7
99.7
100.7
102.3
100.2
97.6
100.8
98.4
96.5
94.9
114.9
114.9
115.0
113.5
113.3
111.9
107.3
106.9
106.3
105.4
105.0
105.7
72.8
72.6
74.6
73.8
73.2
70.9
63.0
61.6
60.9
60.4
54.7
50.4
80.9
89.8
90.6
92.0
91.1
83.8
71.7
66.3
66.0
62.8
60.8
60.8
74.0
92.7
97.3
100.8
101.7
89.2
72.4
58.1
62.4
58.4
57.4
55.5
85.4
86.2
85.2
81.6
75.6
73.8
78.6
80.0
76.2
69.7
55.0
58.1
67.3
70.2
73.4
77.1
76.9
76.1
66.4
66.4
66.4
66.4
60.9
56.3 |
91.5
91.7
91.0
88.3
84.4
85.0
76.0
72.0
70.7
69.4
67.3
67.9
109.3
110.0
111.6
110.9
106.6
105.3
100.8
100.7
101.3
99.9
96.1
94.7
121.1
125.0
123.1
122.1
120.4
121.7
118.1
117.2
113.8
109.3
103.2
101.4
88.9
92.1
90.0
94.5
95.4
88.3
80.8
77.6
71.8
65.9
58.7
62.6
77.0
80.0
81.0
77.1
82.1
84.4
81.9
77.2
80.0
78.0
76.8
77.7
1919.
1920.
1921.
1922.
1923...
1924.
1925..
1926.
1927..
1928.
1931—January
February.
March
April
May
June
July
August
September
October
November
December
1932—January
February.
March
April _
May
June _. _
July
August
September
October
November
December
.
.
1933—January . .
February .. .
March __ . ..
April
Mny
June
Julv.
August
September
October, __
November
December. _ .
68.4
73.2
74.9
73.6
72.2
67.6
64.4
64.3
61.8
59.4
56.2
55.8
62.4
67.5
70 0
69.1
64.9
57.6
52.4
50.6
45.2
43.9
41.2
41.0
69.9
71.9
72.0
69.7
67.8
62.4
57.4
54.9
51.2
50.2
48.3
48.9
68.4
76.9
81.9
76.8
71.7
66.7
65.9
70.2
71.0
66.0
59.3
58.1
93.3
91.6
89 2
88.2
89.7
89.7
88.2
86.7
87.4
85.9
83.2
82.7
101.3
100.7
101.9
100.6
100.0
96.6
93.6
93.1
90.4
91.4
90.6
91.0
44.0
45.6
46.2
44.9
45.7
44.6
41.7
41.3
40.3
38.2
34.4
31.2
51.8
62.2
64.1
65.3
66.1
58.8
52.7
50.9
45.6
45.3
45.2
47.1
40.0
61.1
67.7
70.8
75.6
62.1
53.2
50.4
41.5
41.4
42.3
48.0
60.6
68.8
73 4
70.6
68.7
66.7
72.6
75.5
67.7
56.4
47.0
50.3
46.6
51.4
54.0
55.7
56.7
54.4
49.4
48.1
46.1
43.9
40.9
37.4
64.1
64.4
66.3
65.4
63.4
59.1
54.5
52.9
50.2
49.9
48.8
48.6
90.4
92.9
89.8
92.0
88.4
84.1
82.9
80.4
80.8
80.8
76.4
75.0
99.3
100.8
90.8
96.7
96.1
91.1
89.6
85.6
83.0
80.8
77.9
77.8
63.8
63.8
63.2
66.8
71.0
72.4
64.0
62.2
54.6
53.7
50.1
52.0
64.3
65.3
68.3
65.7
68.3
68.6
67.5
66.3
62.7
64.6
64.5
58.9
52.4
53.5
52 3
48.7
46.2
42.6
39.6
40.1
42.1
43.5
41.8
40.9
36.3
37.2
35 4
32.1
30.4
26.0
22.2
22.1
23.4
26.2
25.6
24.2
44.5
45.0
42.6
39.1
35.9
32.3
28.8
27.1
27.0
27.7
27.4
28.0
55.5
59.8
59.3
49.4
41.5
35.8
32.5
42.3
53.1
55.6
49.4
46.4
78.6
76.3
74 4
72.8
72 9
71.4
68.3
67.9
70.8
70.9
67.0
66.1
85.5
83.5
82.4
79.7
77.0
72.9
69.1
67.4
70.0
71.7
70.2
69.8
26.6
25.9
24.5
23.2
22.2
20.9
19.0
19.3
20.9
22.4
20.9
18.8
44.3
45.6
45.2
43.9
45.9
40.7
37.3
31.6
27.3
29.1
31.9
33.8
47.7
52.0
51.3
47.1
53.5
47.1
43.4
32.7
22.2
23.3
27.6
32.0
53.3
61.4
62 3
55.7
45 7
45.0
46.2
51.7
54.5
55.0
43.8
42.0
31.1
32.9
32.2
31.7
30.2
27.3
24.4
23.9
24.6
26.4
25.7
23.3
44.9
45.0
42.1
38.3
34.5
32.0
29.4
28.9
30.3
32.2
31.9
30.1
71.4
71.0
70.1
68.5
66.9
63.2
60.0
60.0
59.8
60.7
60.9
59.8
75.9
75.1
72.9
71.2
72.5
72.1
68.9
68.2
66.3
63.3
63.1
62.8
53.0
54.2
51.3
48.3
48.7
55.1
45.9
41.5
36.4
38.9
38.6
39.8
53.0
53.4
52.2
49.3
48.4
52.2
51.4
49.4
51.0
52.6
52.4
50.4
39.2
40.0
36.9
38.6
42 0
46.2
49.9
55 7
57.6
57.4
53.6
53.1
22.7
24.7
22.4
24.4
29.5
36.2
42.4
52.7
49 0
49.3
44.4
44.8
26.0
26.3
24.0
24.4
27.4
32.0
35.7
38.9
41.2
43.4
43.3
43.0
44.2
48.2
41.3
45.2
46.8
53.6
58.9
67.0
70. 7
69.2
63.0
58.1
64.1
62.7
59.8
62.6
64.8
66.3
68.2
71.7
78 2
78.8
77.2
78.1
67.0
65. 8
63.3
62.4
64.9
66.6
67.8
70.8
74.6
76.0
75.6
77.2
16.3
16.3
14.3
15.6
18.0
21.7
24.6
28.9
33 1
33. 5
30.0
27.5
34.0
32.1
29.2
30.6
35.3
36.0
38.3
43.9
43.0
41.7
38.0
40.2
36.3
32.2
27.0
32.3
40.4
43.2
46.1
52.5
50.1
43.3
37.3
43.3
43.7
50.0
47.1
45.9
50.8
57.4
64.2
69.3
68 7
64.0
53.3
54.4
20.2
20.9
20.6
22.0
25.1
29.1
30.2
34.6
34. 1
34.1
32.8
32.0
27.5
27.4
25.1
27.4
34.5
41.4
46.5
50.4
51.4
50.2
47.2
46.2
60.7
60.8
60.4
60.8
61.9
64.6
G7.9
72.2
74.3
78.7
78.2
78. S
64.6
64.3
64.5
63.8
65.1
66.3
66. 1
66.7
69.8
72.5
72. 0
72.5
35.4
35.8
31.1
34.2
46.2
57.3
65.2
64.4
62.9
62.8
57.8
60.7
38.3
40.2
36.0
35.9
45.5
47.3
47.3
48.2
52.3
55.5
54.4
50.4
i For revised total indexes of factory pay rolls, without seasonal adjustment, as compiled by the Bureau of Labor Statistics, see Federal Reserve Bulletin for May 1934; detailed
tables, by groups and by industries, may be obtained from the Bureau of Labor Statistics or the Federal Reserve Board.
Back figures of monthly series.—See Federal Reserve Bulletin for November 1929 for data back to January 1919.
d
I—I
a
o
i i
o
250
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 120.—INDEX NUMBERS OF WHOLESALE COMMODITY PRICES IN THE UNITED
S T A T E S , BY M O N T H S AND Y E A R S , 1 9 1 3 - 3 3 1
Undex numbers of the U.S. Bureau of Labor Statistics. 1926=-100]
Other commodities
Year and
month
All
commodities
Farm
prod- Foods
ucts
Hides Tex- Fuel Metals Build- Chem- Houseand
Misfurand
and
tile
ing
Total leather prod- light- metal mate- icals nish- cellaand
ing
prod- ucts mate- prod- rials drugs ing neous
goods
ucts
rials ucts
1913
1914
1915
1916
-.
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926 ( b a s e ) . - 1927
1928
1929
1930
1931
1932
1933
69.8
68.1
69.5
85.5
117.5
131.3
138.6
154.4
97.6
96.7
100.6
98 1
103.5
100.0
95.4
96 7
95.3
86.4
73.0
64.8
65 9
71.5
71.2
71.5
84.4
129.0
148.0
157.6
150.7
88.4
93.8
98.6
100.0
109.8
100.0
99.4
105.9
104.9
88.3
64.8
48.2
51.4
64.2
64.7
65.4
75.7
104.5
119.1
129.5
137.4
90.6
87.6
92.7
91 0
100.2
100.0
96.7
101.0
99.9
90 5
74.6
61.0
60 5
70.0
66.4
68.0
88.3
114.2
124.6
128.8
161.3
104.9
102.4
104.3
99.7
102.6
100.0
94.0
92.9
91.6
85.2
75.0
70.2
71.2
68.1
70.9
75.5
93.4
123.8
125.7
174.1
171.3
109.2
104.6
104.2
101.5
105.3
100.0
107.7
121.4
109.1
100.0
86.1
72.9
80.9
57.3
54.6
54.1
70.4
98.7
137.2
135.3
164.8
94.5
100.2
111.3
106.7
108.3
100.0
95.6
95.5
90.4
80.3
66.3
54.9
64.8
61.3
56.6
51.8
74.3
105.4
109.2
104.3
163.7
96.8
107.3
97.3
92.0
96.5
100.0
88.3
84.3
83.0
78.5
67.5
70.3
66.3
90.8
80.2
86.3
116.5
150.6
136.5
130.9
149.4
117.5
102.9
109.3
106.3
103.2
100.0
96.3
97.0
100.5
92.1
84.5
80.2
79.8
56.7
52.7
53.5
67.6
88.2
98.6
115.6
150.1
97.4
97.3
108.7
102.3
101.7
100.0
94.7
94.1
95.4
89.9
79.2
71.4
77.0
80.2
81.4
112.0
160.7
165.0
182.3
157.0
164.7
115.0
100.3
101.1
98.9
101.8
100.0
96.8
95.6
94.2
89.1
79.3
73.5
72.6
56.3
56.8
56.0
61.4
74.2
93.3
105.9
141.8
113.0
103.5
108.9
104.9
103.1
100.0
97.5
95.1
94.3
92.7
84.9
75.1
75.8
93.1
89.9
86.9
100.6
122.1
134.4
139.1
167.5
109.2
92.8
99.7
93.6
109.0
100.0
91.0
85.4
82.6
77.7
69.8
64.4
62.5
January
February
March
April
May
June
July
August
September
October
November
December
103.2
102.0
100 6
100.3
100.5
100.4
99 5
99.1
99.7
99 4
98.4
97.9
107.4
105.1
101.7
102.8
102.4
100.9
98.6
97.2
99.3
97.9
94.7
94.9
102.6
100.6
99.3
100.5
100.1
100.5
98.7
97.5
99.8
100 7
100.4
100.6
102.5
101.7
100.8
100.0
100.1
100.1
99.4
99.6
99.6
99.4
99.1
98.0
103.3
101.5
100.2
98.7
99.0
98.8
99.0
99.6
98.8
100.9
100.3
100.3
105.8
105.0
102.7
101.3
100.2
99.5
98.9
98.9
98.8
97.7
96.4
95.4
98.8
99.2
98.3
98.0
100.7
100.9
99.6
100.5
101.3
101.1
102.2
99.4
99.9
99.7
99.5
99.2
98.7
99.3
100.3
100.7
100.9
100.8
100.7
100.4
101.3
100.9
100.5
99.8
99.2
99.1
99.4
100.0
100.0
100.0
100.5
99.9
101.5
100.7
100.6
99.8
100.0
100.6
100.3
99.9
100.3
99.3
98.9
99.0
101.1
101.0
100.9
100.7
100.3
100.2
100.1
100.0
99.7
99.6
99.6
98.7
110.0
106.3
105.0
103.5
102.5
101.6
97.9
96.9
96.0
95.7
93.1
92.2
1927
January
February
March
April
May
June
July
August
September
October
November
December
96.5
95.8
94.7
94.1
94.2
94.1
94.3
95.2
96.3
96.6
96.3
96.4
96.5
95.4
94.2
94.3
96.3
96.5
97.6
102.3
105.9
105.0
104.3
104.4
97.1
96.1
94.7
94.9
95.3
94.8
94.3
94.5
96.6
100.0
101.4
100.7
96.5
95.8
94.5
93.5
93.4
93.5
93.4
93.6
93.9
93.5
93.0
93.3
100.9
100.1
100.4
101.7
103.6
107.1
111.4
111.5
112.5
112.7
113.9
116.5
94.4
94.4
94.3
94.5
94.4
94.7
94.6
96.0
98.0
97.7
96.9
96.6
98.2
96.6
91.4
86.8
85.9
86.2
86.2
86.0
86.3
86.0
85.0
84.7
97.0
96.1
96.1
95.9
96.4
96.2
95.8
96.1
95.8
95.5
95.3
96.3
98.3
97.2
96.5
96.5
96.1
95.3
94.7
94.3
93.5
93.1
91.9
91.6
98.0
98.0
97.1
97.8
95.6
96.1
95.6
95.6
96.6
97.1
97.3
97.2
97.5
97.5
97.5
97.5
97.5
97.7
97.4
97.5
97.5
97.3
97.6
97.6
91.7
91.8
91.8
91.9
91.8
91.3
90.7
91.0
90.7
89.9
89.5
90.1
92.8
92.9
92.6
92.7
92.9
92.6
92.6
92.9
93.0
92.9
92.9
93.0
120.7
123.8
123.7
126.3
125.8
123.3
123.8
120.6
120.4
117.2
115.3
115.4
96.1
96.0
95.5
95.6
95.8
95.6
95.8
95.5
94.9
95.0
95.0
95.1
82.8
83.0
82.7
82.8
83.5
83.9
84.5
85.8
86.4
86.1
85.8
85.3
95.6
95.7
95.9
96.0
96.1
96.4
96.3
97.5
97.6
98.0
98.6
99.6
92.2
92.2
92.0
92.8
93.5
94.4
94.7
94.9
94.9
95.2
95.8
95.8
96.2
96.1
95.8
95.9
95.5
95.0
94.8
95.0
95.2
95.7
95.7
95.8
96.5
96.4
95.9
95.5
95,5
94.8
94.7
94.8
94.8
94.1
94.1
94.1
90.1
89.2
88.9
87.7
87.4
85.0
83.6
82.6
82.9
82.8
82.7
82.5
1926
1928
96.4 106.1 100.9
January
February
95.8 104.5 98.8
95.5 103.5 98.2
March
99.7
96.6 107.6
April
97.5 109.8 101.2
Mav
96.7 106.7 100.3
June
97.4 108.5 102.2
July
97.6 106.9 103.8
August
98.6 108.8 106.5
September
October
96.7 103.4 102.1
November
95.8 101.6 100.0
December
95.8 103.6 98.1
i Figures for 1926 and later years based
on 784 price series.
251
BUSINESS CONDITIONS
No.
120.—INDEX NUMBERS OP WHOLESALE COMMODITY PRICES IN THE UNITED
STATES, BY MONTHS AND YEARS, 1913-33—Continued
[Index numbers of the U.S. Bureau of Labor Statistics. 1926= 100]
Other commodities
I
Year and
month
All
commodities
Farm
prod- Foods
ucts
1929
January....
February..
March
April
May
June
July
August
September.
October
November.
December.
95.9
95.4
96.1
95.5
94.7
95.2
96.5
96.3
96.1
•95.1
93.5
93.3
105.9
105.4
107.2
104.9
102.2
103.3
107.6
107.5
106.6
104.0
101.1
101.9
98.9
98.1
98.3
98.0
98.0
99.1
102.9
103.5
103.3
101.4
98.9
98.7
92.3
91.9
92.1
91.8
91.5
91.9
91.7
91.4
91.6
91.6
90.8
90.5
113.4
108.9
108.2
107.8
106.7
107.9
109.1
109.5
110.6
110.3
108.3
107.3
92.5
92.3
92.4
91.6
90.7
90.1
89.6
89.8
89.8
89.5
88.6
87.8
84.2
82.9
82.1
81.9
82.5
84.5
83.3
82.2
82.7
83.1
83.2
83.1
100.1
100.6
102.3
102.3
101.2
101.2
101.0
100.5
100.3
99.8
98.7
98.5
95.5
95.9
96.7
96.3
95.5
95.2
95.1
95.2
95.8
95.9
94.4
94.4
95.6
95.7
95.3
94.7
94.1
93.4
93.3
93.6
93.7
94.0
93.8
93.5
93.8
93.8
94.0
94.0
94.6
94.3
94.3
94.3
94.7
94.6
94.7
82.7
82.7
82.4
81.9
82.0
82.4
82.8
82.8
83.1
83.2
82.4
82.2
92.5
91.4
90.2
90.0
101.0
98.0
94.7
95.8
93.0
88.9
83.1
84.9
85.3
82.5
79.3
75.2
97.3
95.8
94.3
94.9
92.2
90.8
86.8
87.6
89.5
88.8
86.2
82.4
89.5
89.0
88.2
87.8
87.3
85.7
84.5
83.6
83.2
82.1
81.1
80.3
105.1
103.9
103.2
102.7
102.6
102.4
100.8
99.0
99.2
96.6
94.2
91.4
87.2
86.4
84.8
84.0
83.4
81.6
79.7
78.0
76.2
74.7
74.2
73.7
81.7
80.9
79.4
79.5
80.3
78.9
78.0
77.9
79.0
77.6
75.3
74.0
97.2
96.9
96.6
95.3
93.5
91.9
90.8
89.6
89.0
87.9
87.8
87.9
94.3
94.0
93.9
93.5
92.4
89.9
88.5
87.7
87.1
86.3
85.5
84.8
93.0
92.3
91.4
91.2
90.2
89.4
88.3
87.9
87.2
86.7
86.0
85.6
93.6
93.5
93.5
93.5
93.4
93.1
92.9
92.3
92.1
91.5
81.3
81.2
80.9
81.0
80.4
78.4
76.6
76.1
75.2
74.7
74.1
73.5
71.3
70.9
70.0
68.2
67.4
66.6
66.5
65.5
64.5
63.0
62.2
60.8
73.3
72.5
68.3
65.4
65.3
62.9
62.9
66.5
67.4
67.8
69.4
68.3
86.9
86.5
86.4
85.7
85.0
84.4
84.3
83.9
83.9
82.8
82.6
82.2
82.5
82.5
81.5
80.0
79.3
78.1
77.6
77.0
76.1
76.2
75.7
84.5
83.3
82.9
81.3
80.5
79.4
78.9
76.9
76.3
75.6
76.1
76.1
88.1
88.0
87.9
86.8
86.4
85.7
84.9
82.7
81.0
80.9
78.5
59.5
58.0
56.1
54.3
52.7
51.5
52.7
55.6
55.0
53.9
53.0
67.9
68.3
67.9
70.2
70.7
71.6
72.3
72.1
70.8
71.1
71.4
69.3
81.8
80.9
80.8
80.3
80.1
79.9
79.2
80.1
80.1
80.3
79.6
79.4
74.8
73.4
73.2
72.5
71.5
70.8
69.7
69.6
70.5
70.7
70.7
70.8
75.7
75.5
75.3
74.4
73.6
73.1
73.0
73.3
72.9
72.7
72,4
72.3
77.7
77.5
77.1
76.3
74.8
74.7
74.0
73.6
73.7
73.7
73.7
73.6
65.6
64.7
64.7
64.7
64.4
64.2
64.3
64.6
64.7
64.1
63.7
63.4
51.9
51.2
51.3
51.8
55.9
61.5
68.0
74.6
76.9
77.1
76.8
76.4
66.0
63.6
62.9
61.5
60.4
61.5
65.3
65.5
70.4
73.6
73.5
73.4
78.2
77.4
77.2
76.9
77.7
79.3
80.6
81.2
82.1
83.0
82.7
83.5
70.1
69.8
70.3
70.2
71.4
74.7
79.5
81.3
82.7
83.9
84.9
85.6
71.6
71.3
71.2
71.4
73.2
73.7
73.2
73.1
72.7
72.7
73.4
73.7
72.9
72.3
72.2
71.5
71.7
73.4
74.8
77.6
79.3
81.2
81.0
81.0
61.2
59.2
58.9
57.8
58.9
60.8
64.0
65.4
65.1
65.3
65.5
65.7
1930
January.. _.
February..
Maroh
April
May
June
July
August
September.
October
November.
December.
84.4
84.3
84.4
83.0
81.3
79.6
Hides Tex- Fuel Metals Build- Chem- Houseand
Misand
and
icals furing
tile
Total leather prod- light- metal mate- and nish- cellaing
prod- ucts mate- prod- rials drugs icg neous
goods
ucts
rials ucts
1931
January...
February..
March
April
May
June
July
August
September.
October
November.
December.
78.2
76.8
76.0
74.8
73.2
72.1
72.0
72.1
71.2
70.3
70.2
73.1
70.1
70.6
70.1
67.1
65.4
64.9
63.5
60.5
58.8
58.7
55.7
80.7
78.0
77.6
76.3
73.8
73.3
74.0
74.6
73.7
73.3
71.0
69.1
79.0
78.3
77.2
75.9
75.1
74.1
73.9
74.2
73.9
72.9
73.5
72.3
88.7
86.9
87.6
87.5
87.6
88.0
89.4
88.7
85.0
82.5
81.6
79.8
1932
January., _.
February..
March
April
,
May
,
June
July
August
September.
October
November.
December-
67.3
66.3
66.0
65.5
64.4
63.9
64.5
65.2
65.3
64.4
63.9
62.6
52.8
50.6
50.2
49.2
46.6
45.7
47.9
49.1
49.1
46.9
46.7
44.1
64.7
62.5
62.3
61.0
59.3
58.8
60.9
61.8
61.8
60.5
60.6
58.3
71.7
71.3
70.9
70.9
70.4
70.1
69.7
70.1
70.4
70.2
69.8
69.0
79.3
78.3
77.3
75.0
72.5
70.8
68.6
69.7
72.2
72.8
71.4
January
February
March
April
May
June
July
August
September.._
October
November...
December
61.0
59.8
60.2
60.4
62.7
65.0
68.9
69.5
70.8
71.2
71.1
70.8
42.6
40.9
42.8
44.5
50.2
53.2
60.1
57.6
57.0
55.7
56.6
55.5
55.8
53.7
54.6
56.1
59.4
61.2
65.5
64.8
64.9
64.2
64.3
62.5
67.3
66.0
65.8
65.3
66.5
68.9
72.2
74.1
76.1
77.2
77.2
77.5
68.9
68.0
68.1
69.4
76.9
82.4
86.3
91.7
92.3
89.0
88.2
89.2
Back figures.—Available at the Bureau of Labor Statistics.
72.2
71.5
72.0
71.5
70.5
69.7
69.7
68.3
68.2
66.6
68.7
252
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
JVo. 131.—INDEX NUMBERS OF WHOLESALE COMMODITY PRICES IN THE UNITED
STATES, BY WEEKS, 1932 AND 1933
[Index numbers of the U.S. Bureau of Labor Statistics. 1926=100]
Other commodities
All
Hides TexWeek ending com- Farm Foods
and
(Saturday)— modi- prodtile
ucts
Total leather prodties
prod- ucts
ucts
Fuel
and
lighting
materials
Metals Build- Chem- Houseand
fur- Mis
icals nish- cellametal ing
prod- mate- and
ing neous
ucts rials drugs goods
1932
Jan. 2...
Jan. 9__
Jan.16.
Jan. 23.
Jan. 30.
68.3
68.1
67.9
67.6
66.7
54.6
55.6
55.5
54.6
51.1
52.1
50.7
50.9
51.2
Mar. 5 . .
Mar. 12.
Mar. 19,
Mar. 26.
66.7
66.2
i 66.3
c* 3
66.2
66.5
66.5
66.2
Apr. 2_._
Apr. 9—
Apr. 16Apr. 2 3 Apr. 3 0 -
65.9
65.7
66.0
65.8
65.5
49.5
49.7
50.1
49.7
48.8
May
May
May
May
65.1
64.9
64.5
64.3
47.9
47.8
47.1
46.3
June 4_._
June 11June 18June 25-
64.0
63.8
63.7
64.0
45.6
45.8
45.4
46.4
July 2...
July 9-.
July 16..
July 23..
July 30.
64.4
64.8
65.0
64.5
64.7
46.9
48.1
48.7
47.8
48.4
Aug. 6
Aug. 13
g
Aug. 20
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
r
*4. 8
__| 65.2
65. 4
65.2
47.9
49.4
49.9
49.5
65.5
65.7
65.4
65.5
50.4
50.4
49.2
49.3
Oct. 1—
Oct. 8-._
Oct. 15-.
Oct. 22..
Oct. 29..
65.4
64.9
64.4
64.4
64.1
49.5
48.8
47.4
47.0
46.2
Nov.
Nov.
Nov.
Nov.
5_.
12.
19.
26.
63.9
64.0
64.2
64.0
45.9
46.6
48.3
47.3
Dec. 3 —
Dec. 10—
Dec. 1 7 Dec. 24—
Dec. 31..
63.6
63.1
63.0
62.5
62.2
46.8
44.7
44.7
44.3
43.7
Feb.
Feb.
FSv.
Feb.
6
13
20
27
7..
14.
21,
28,
50.9
51.0
51.6
50.5
72.1
71.7
71.8
71.8
71.7
63.0 71.5
62.4 71.3
62.9 71.2
62.9 71.2
62.7 71.0
62.9 71.2
62.4 71.2
62.4 71.1
61.7 71.1
61.4 70.9
61.3 71.3
61.0 71.1
61.0 71.0
60.2 70.8
59.9 70.7
59.1 70.5
59.3 70.3
58.6 70.1
58.6 70.1
58.5 70.0
59.5 70.0
60.1 70.1
60.7 70.3
61.2 70.0
61.0 69.7
61. > 69.7
69.9
61, 1
6.5
70.0
Gi.
70.2
61.6
70.2
61.6 70.4
62.3 70.5
62.1 70.4
62.1 70.6
62.0 70.5
61.5 70.3
60.7 70.2
60.8 70.3
60.1 70.4
59.3 70.3
60.2 70.1
61.3 70.0
61.6 69.9
60.7 69.8
58.7 69.6
58.8 69.5
58.4 69.0
57.9 68.8
68.7
67.7
66.7
65.7
63.1
79.5
79.7
79.6
79.7
79.2
79.1
78.5
78.1
77.9
77.9
77.9
77.7
76.3
75.8
75.6
75.6
74.4
73.9
73.3
73.3
72.2
72.1
72.0
71.5
71.2
70.1
70.0
69.2
68.5
68.5
69.3
69.9
70.2
70.6
70.8
70.6
71.4
72.4
73.2
73.3
73.0
72.5
72.8
72.2
71.6
71.3
71.4
71.4
71.1
70.8
69.3
69.1
69.1
60.5
60.4
59.6
60.1
60.1
60.0
59.9
59.9
59.7
59.1
59.0
58.8
58.7
58.4
57.7
57.2
56.8
56.5
56.5
56.1
55.8
55.4
54.8
54.3
53.6
53.5
52.4
51.9
51.5
51.3
51.4
51.5
52.1
52.7
53.0
54.2
55.1
55.2
55.4
55.3
55.3
54.9
54.7
54.5
54.2
54.0
53.6
53.4
53.0
52.8
53.0
52.8
52.5
76.4
76.2
75.8
75.8
75.8
68.1 81.3 7o. °i 75.8
68.0 81.0 73.3 75.7
67.8 80.9 73.2 75.5
67.8
73.6 75.7
6'.. 9 "0.6 I 73.4 75.2
68.7 80.8 73.4 75.3
C'J.l 80.7 73.4 75.1
69.1
73.3 74.9
73.1 74.4
69! > 80.2 72.9 74.3
71.7 80.1 72.4 74.5
71.7 80.2 72.2 74.5
72.0 80.2 72.4 74.4
71.7 80.2 71. 7 ! 74.0
71.6 80.1 71 7 I 73. 7
71.4 79.9 71. 8 73. 6
71.4 79.8 71. 3 73.4
71.3 79.9 71.0 73.2
71.3 79.9 71.0 73.1
71.6 79.9 70.9 73.0 j
79.8 70.7 72.9 !
71.8
72.6 79.8 70.3 7 2.7
73.3 80.1 70.7 73.0
72.8 80.3 69.7 73.0
72.8 79.0 69.5 73.0
72.8 79.1 69.5 73.2
73.4
73.0 79.2
72.9 79.4
73.4
72.8 80.1
73.5
72.7 80.0
73.0
67.8
67.7
67.8
68.0
68.2
82.3
81.9
81.7
81.7
81.6
76.0
75.2
74.7
74.9
74.7
72.2
71.9
71.8
71.7
80.2
80.4
79.6
80.1
69.9
70.2
70.4
70.7
71.7
71.3
71.3
71.9
72.8
80.0
80.1
80.1
80.3
79.9
70.6
70.5
70.5
70.5
70.6
72.8
72.2
72.0
72.1
79.9
79.8
79.6
79.5
70.7
70.6
70.7
70.7
71.9
71.6
71.5
69.5
69.0
79.5
79.4
79.3
79.3
79.3
70.5
70.6
70.6
70.9
70.8
73.2
73.0
73.0
72.9
73.0
72.9
72.7
72.7
72.4
72.4
72.2
72.7
72.7
72.5
72.3
72.3
72.3
72.2
78.5
78.5
78.7
78.7
78.7
66.0
65.5
65.0
78.7
78.7
78.7
78.6
64.9
64.5
64.7
64.6
78.6
78.6
78.6
64.6
64.8
64.7
64.6
78.3
78.2
78.2
78.2
76.3
64.7
64.6
64.8
64. S
76.2
75.9
75.9
75.9
64.7
64.6
64.4
64.1
75.8
75.6
75.7
75.7
64.0
64.0
64.0
64.2
75.7
75.6
75.6
75.6
75.0
74.9
74.9
74.9
74.9
74.8
74.6
74.6
74.6
74.6
74.1
72.5
72.5
72.5
72.5
72.5
72.5
72.5
72.5
73.5
73.5
73.5
73.5
64.5
64.2
64.3
64.3
64.5
64.5
64. 7
64.7
64.4
64.7
64.5
65.1
64.9
64.5
64.1
63.9
63.8
63.6
63.6
63.5
63.5
63.3
63.2
63.2
63.1
253
BUSINESS CONDITIONS
No. 121.—INDEX NUMBEBS OF WHOLESALE COMMODITY PRICES IN THE UNITED
STATES, BY WEEKS, 1932 AND 1933—Continued
[Index numbers of the U.S. Bureau of Labor Statistics, 1926=100]
Other commodities
All
Week ending com- Farm Foods
Hides Tex- Fuel
and
(Saturday)— modi- prodand
ucts
tile
ties
leather prod- lightTotal
ing
prod- ucts mateucts
rials
Metals
and
metal
products
Building
materials
Chem- House- Misfuricals nish- cellaand
ing
drugs goods neous
1933
Jan. 7
Jan. 14.__.
Jan. 21._._
Jan. 2 8 —
61.9
62.0
61.2
60.4
43.8
45.2
43.0
41.3
58.1
58.2
56.0
54.1
68.2
68.1
67.6
67.0
68.9
69.2
69.0
68.6
52.7
52.3
51.9
51.8
68.1
67.8
67.6
65.2
79.1
79.0
78.2
78.2
70.7
70.6
70.3
70.2
72.0
72.1
71.9
71.9
73.3
73.3
72.8
72.8
61.4
61.5
60.8
60.8
Feb.
Feb.
Feb.
Feb.
4
11—
18—_
25—
60.0
60.2
60.1
59.7
40.2
41.2
41.9
40.8
53.6
54.4
54.3
53.7
66.8
66.6
66.3
66.2
68.3
68.1
67.9
67.6
51.4
51.0
51.0
50.7
64.7
64.7
64.4
64.3
70.0
71.8
71.4
71.4
71.3
72.8
72.7
72.7
72.7
60.8
60.6
59.7
59.6
Mar. 4.__Mar. 11. _.
Mar. 18...
Mar. 25...
59.6
60.2
60.4
60.5
40.6
42.7
43.4
43.6
53.4
55.0
54.8
55.4
66.2
66.0
66.1
66.1
67.6
67.5
68.1
50.6
50.7
51.1
51.1
64.4
63.9
63.7
63.6
78.1
77.9
77.6
77.4
77.4
77.2
77.5
77.4
70.1
70.0
70.1
70.2
71.3
71.4
71.5
71.7
72.7
72.3
72.3
72.3
59.6
59.2
59.3
59.3
Apr. 1
Apr. 8
Apr. 15—
Apr. 22
Apr. 29....
60.1
60.1
60.3
60.4
61.5
43.4
44.0
44.5
44.6
46.4
54.7
55.3
55.7
56.2
58.1
65.7
65.5
65.6
65.5
66.2
68.7
68.5
68.3
69.1
71.8
51.0
50.9
50.9
51.4
52.4
63.2
62.9
62.6
62.4
62.5
77.0
76.7
76.9
76.8
77.6
70.4
69.9
70.4
70.2
70.5
71.6
71.3
71.2
71.3
72.0
72.3
72.3
72.2
72.2
72.3
57.7
57.6
57.9
57.7
58.6
May 6
May 13...
May 20...
May 27.. .
61.9
62.3
63.0
63.3
47.8
49.0
50.9
52.4
58.2
59.1
59.9
60.3
66.4
66.5
66.8
67.0
73.3
75.8
77.9
78.9
53.7
54.0
55.3
56.2
62.1
61.3
61.2
61.0
77.5
77.9
77.9
78.1
70.8
70.8
71.1
71.5
72.4
72.6
72.9
73.2
71.7
71.8
71.9
71.9
58.8
59.0
58.9
58.8
June 3
June 10
June 17
June 24
63.8
64.0
64.5
65.1
53.2
52.5
52.8
53.2
61.0
61.0
61.0
61.4
67.3
67.8
68.5
69.4
79.9
80.9
82.8
83.5
57.5
58.7
60.2
61.5
61.1
60.8
61.4
63.6
78.2
78.7
78.9
78.9
71.8
72.9
73.4
74.2
73.2
73.8
73.8
73.6
71.9
72.4
72.8
72.8
59.2
59.5
60.6
61.1
July 1
July 8
July 15
July 22....
July 29....
66.3
67.2
68.9
69.7
69.2
56.9
58.5
61.1
62.7
59.6
62.6
62.9
65.9
66.5
66.1
70.1
71.1
72.2
72.9
73.2
83.3
83.7
85.4
87.8
88.3
62.2
64.1
66.5
68.3
68.4
64.3
65.7
66.7
66.8
67.0
79.2
79.9
80.6
80.7
80.8
75.9
77.0
78.8
79.1
80.1
73.5
73.0
72.9
73.2
73.4
73.2
73.6
74.0
74.3
74.6
62.1
62.9
63.5
64.6
65.1
Aug. 5
Aug. 12...
Aug. 19...
Aug. 26...
69.2
69.4
69.3
58.7
58.5
57.5
58.2
65.1
64.9
64.4
65.0
73.6
74.1
74.2
74.4
90.4
91.4
90.9
92.8
70.8
72.9
74.1
74.2
66.6
66.8
66.5
66.7
80.8
80.8
80.8
81.2
80.9
80.7
80.8
80.7
73.4
73.1
72.9
72.5
75.4
76.0
76.4
76.9
65.0
65.2
65.5
65.2
Sept. 2
Sept. 9
Sept. 16. _
_
Sept. 23...
Sept. 30...
69.7
69.7
70.5
71.5
71.1
57.1
56.6
55.9
59.3
58.0
65.3
65.0
65.1
65.9
64.9
74.6
74.8
76.1
76.5
76.6
92.9
92.8
92.0
92.0
91.9
74.2
73.9
75.5
76.4
76.3
67.2
67.6
72.5
72.8
72.6
81.4
81.7
81.7
81.8
82.0
81.0
81.4
82.0
82.3
83.2
72.2
72.3
72.1
72.1
72.1
77.0
78.6
78.7
78.8
79.4
65.2
64.9
64.8
65. 1
65.1
Oct. 7
Oct. 14....
Oct. 2 1 . . . .
Oct. 28—.
Nov. 4 . . . .
Nov. 11...
Nov. 18...
Nov. 25...
71.3
71.1
70.4
70.9
57.5
56.7
54.2
55.6
65.0
64.8
63.7
64.2
77.1
77.0
77.0
77.1
91.8
76.3
76.2
76.2
76.3
73.4
73.8
74.0
74.5
82.4
82.3
82.0
82.4
83.7
83.9
83.6
72.7
72.7
72.6
72.7
81.1
81.2
81.3
81.3
65.0
65.0
64.9
65.2
70.9
71.2
71.7
71.0
55.5
55.6
58.7
56.8
64.2
65.0
65.4
63.9
77.2
77.5
77.5
77.5
87.6
87.5
88.5
76.1
76.0
75.8
75.8
74.6
74.7
74.5
73.9
82.5
83.4
83.5
83.5
83.8
84.4
84.7
85.1
72.6
73.2
73.5
73.8
81.3
82.2
82.1
82.0
65.3
65.4
65.4
65.4
Dec. 2
Dec. 9
Dec. 16....
Dec. 23....
Dec 3 0 —
70.7
70.9
70.8
70.4
70.8
55.9
56.0
55.9
54.8
56.0
63.2
63.3
63.0
61.6
62.5
77.4
77.6
77.5
77.6
77.6
89.1
89.0
75.4
75.9
76.0
76.0
76.0
73.8
74.5
74.2
74.4
74.5
83.4
83.3
83.1
83.2
83.3
85.2
85.3
85.3
85.3
85.4
73.7
73.6
73.4
73.4
73.3
82.0
81.8
81.7
81.9
81.9
65.3
65.6
65.6
65.5
65.6
87.7
89.2
89.6
APPENDIX
255
DIRECTORY OF THE FEDERAL ADVISORY COUNCIL
[Dec. 31, 1933]
OFFICERS
President, WALTER W. SMITH
Vice President, MELVIN A. TRAYLOR
Secretary, WALTER LICHTENSTEIN
EXECUTIVE COMMITTEE
WALTER W. SMITH
MELVIN A. TRAYLOR
WALTER E. FREW
HOWARD A. LOEB
JOHN K. OTTLEY
W. T. KEMPER
MEMBERS
District No. 1.—THOMAS M. STEELE, president, First National Bank & Trust
Co. of New Haven, Conn.
District No. 2.—WALTER E. FREW, chairman, Corn Exchange Bank Trust
Co., New York, N.Y.
District No. 3.—HOWARD A. LOEB, chairman, Tradesmens National Bank &
Trust Co., Philadelphia, Pa.
District No. 4.—H. C. MCELDOWNEY, president, Union Trust Co of Pittsburgh, Pa.
District No. 5.—HOWARD BRUCE, president, Baltimore National Bank,
Baltimore, Md.
District No. 6.—JOHN K. OTTLEY, president, The First National Bank of
Atlanta, Ga.
District No. 7.—MELVIN A. TRAYLOR, president, The First National Bank of
Chicago, 111.
District No. 8.—WALTER W. SMITH, president, First National Bank in St.
Louis, Mo.
District No. 9.—THEODORE WOLD, president, Northwestern National Bank,
Minneapolis, Minn.
District No. 10.—W. T. KEMPER, chairman, Commerce Trust Co., Kansas
City, Mo.
District No. 11.-—JOSEPH H. FROST, president, Frost National Bank, San
Antonio, Tex.
District No. 12.—HENRY M. ROBINSON, chairman, Security-First National
Bank of Los Angeles, Calif.
RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THE
FEDERAL RESERVE BOARD
FEBRUARY 21, 1933
TOPIC.—Publication of loans made by the Reconstruction Finance
Corporation.
Recommendation.—The Federal Advisory Council is of the opinion
that the list of loans made by the Reconstruction Finance Corporation
may well be filed with the President of the United States and the
chairman of the appropriate committee in each of the Houses of
Congress. As the object of these loans was and is to restore public
confidence in the financial and industrial structure of the country,
the Council believes that much of the good accomplished has been
undone by the publication of the names of the institutions to which
loans have been made. The council believes that all such publicity
is harmful and should cease.
257
258
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
SEPTEMBER 19, 1933
RESOLUTION WITH RESPECT TO CAPITAL FUNDS AND THE INVESTMENT
MARKETS
Since the Securities Act of 1933 came into operation, the normal
issue of corporate securities by responsible corporations has almost
ceased. It has become evident that large corporations, with responsible boards of directors, will not undertake capital issues because of
the liabilities which the act imposes upon them and the individual
members of their board of directors in regard thereto. It has also
become evident that responsible investment bankers will not act as
underwriters of corporate issues, because of the liabilities imposed
upon them under the terms of the Securities Act of 1933. That this
is so, is clearly established from the fact that no nationally known
industrial or public utility company has undertaken any new financing
under the Securities Act of 1933.
This situation presents a grave problem in connection with the
national industrial recovery program and with the orderly restoration
of credit operations of financial institutions. Unless this situation is
changed, companies with maturing obligations will not have the usual
facilities provided for the refunding thereof, and many sound companies may be faced with receivership because of inability to obtain
capital funds for refunding purposes. Similarly, industrial progress
requiring new capital will be prevented through inability to obtain
capital funds, even though sought by sound and seasoned enterprises.
There is nothing which will help so much in increasing employment
and aiding in the consumption of capital goods as the possibility of
carrying on adequate capital financing. The banks of the country
could not undertake to lend their depositors' funds to corporations to
enable them to discharge their maturing capital obligations or to
make capital additions, because the volume of loans required for
refunding and new capital requirements would be beyond the capacity
of the banks to meet.
Under the Banking Act of 1933, banks are in effect prohibited from
underwriting the capital requirements of the industries of the country,
either directly or through affiliates. This provision has restricted in
a great measure the investment banking facilities of the country.
It is essential that the industries of the country (including public
utilities) be enabled to finance their ordinary capital requirements
either for refunding or for new capital in the investment markets, and
it is apparent that amendments to the law must be made so that it
will not stifle the legitimate flow of capital into industry.
Accordingly, it is hereby
Resolved, That in aid of the national recovery program, the Securities
Act of 1933 and the Banking Act of 1933 should be amended in such
respects as may be necessary to enable industries of the country to
obtain capital funds in the investment markets, retaining in such
laws such provisions as may be necessary properly to safeguard the
interests of the investing public.
RECOMMENDATIONS OF FEDERAL ADVISORY COUNCIL
259
NOVEMBER 20, 1933
1.—Monetary situation.
Recommendation.—On September 18, 1933, the Governor of the Federal Reserve Board requested the opinion of the Federal Advisory
Council with respect to certain features of the monetary situation
having specific reference to inflation.
In view of this request the Federal Advisory Council offers the following observations:
The council sympathizes with the fundamental purposes of the
Administration in its expressed determination to bring about an
increase in employment, to increase purchasing power, to raise price
levels, and generally to return our citizenship to a condition of economic and social well-being consistent with the great wealth and
resources of the country; it feels, however, that the attainment of
these ends is certain to be seriously retarded by the widespread and
increasing concern for the value and stability of the Nation's currency.
Without an enduring faith in the steady purchasing power of the dollar, the laborer is without security of his hire, capital is exposed to
loss, and the entire economic structure is undermined by doubt and
fear.
The Council, therefore, believes that an early return to a gold
standard basis for our currency is of the greatest importance and an
imperative necessity to the success of the Administration's recovery
program.
It strongly urges the Federal Reserve Board to exert its utmost
influence to bring about early stabilization of the currency, together
with a commitment for the reasonable and definite limitation of the
Federal debt, to the end that confidence in the dollar may be restored,
that flight of American capital be halted, that decline in the price of
Government securities be arrested, and the welfare of all our people
preserved.
TOPIC NO.
BANKING LEGISLATION IN 1933
EXTENSION OF GLASS-STEAGALL ACT
[PUBLIC—No. 326—72D CONGRESS]
[S. 5484]
AN ACT
To extend the time during which certain provisions of the Act of February 27, 1932, relating to improving
the facilities of the Federal reserve system to meet the needs of member banks in exceptional circumstances, shall be effective.
Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That section 10 (b) of the Federal Reserve Act, as
amended (U. S. C, Supp. VI, title 12, sec. 347b), and the second paragraph of
section 16 of the Federal Reserve Act, as amended by section 3 of the Act entitled
"An Act to improve the facilities of the Federal reserve system for the service of
commerce, industry, and agriculture, to provide means for meeting the needs of
member banks in exceptional circumstances, and for other purposes," approved
February 27, 1932 (U. S. C, Supp. VI, title 12, sec. 412), are amended by striking
out the date "March 3, 1933" wherever it appears and inserting in lieu thereof
" March 3, 1934."
Approved, February 3, 1933.
JOINT RESOLUTION AUTHORIZING COMPTROLLER OF THE
CURRENCY TO EXERCISE ADDITIONAL POWERS
[PUBLIC RESOLUTION—-No. 58—72D CONGRESS]
[S. J. Res. 256]
JOINT RESOLUTION
Authorizing the Comptroller of the Currency to exercise with respect to national banking associations
powers which State officials, may have with respect to State banks, savings banks, and/or trust com
panies under State laws.
Resolved by the Senate and House of Representatives of the United States of America
in Congress assembled, That, with the approval of the Secretary of the Treasury,
the Comptroller of the Currency shall have and may exercise to such extent as
he deems advisable with respect to any national banking association any powers
which the State officials having supervision of State banks, savings banks and/or
trust companies in the State in which such national banking associations are
located may have with respect to such State institutions under State laws now
in force or hereafter enacted: Provided, That nothing herein shall be construed
to permit the establishment of branches of either national or State member banks
or allow consolidation of either national or State member banks not allowed by
existing laws.
Expenses incurred by the Comptroller of the Currency in the exercise of such
powers may be assessed by him against the banks concerned and, when so assessed,
shall be paid by such banks.
Nothing herein shall be construed to impair any power otherwise possessed by
the Comptroller of the Currency, the Secretary of the Treasury or the Federal
Reserve Board.
The powers herein conferred shall terminate six months from its approval by
the President; but the President of the United States may extend its force by
proclamation for an additional six months.
Approved, February 25, 1933.
260
BANKING LEGISLATION IN 193 3
261
EMERGENCY BANKING ACT AND BANK CONSERVATION ACT
[PUBLIC—No. 1—73D CONGRESS]
[H.R. 1491]
AN ACT
To provide relief in the existing national emergency in banking, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That the Congress hereby declares that a serious
emergency exists and that it is imperatively necessary speedily to put into effect
remedies of uniform national application.
TITLE I
SECTION 1. The actions, regulations, rules, licenses, orders and proclamations
heretofore or hereafter taken, promulgated, made, or issued by the President of
the United States or the Secretary of the Treasury since March 4, 1933, pursuant
to the authority conferred by subdivision (b) of section 5 of the Act of October 6,
1917, as amended, are hereby approved and confirmed.
SEC. 2. Subdivision (b) of section 5 of the Act of October 6, 1917 (40 Stat. L.
411), as amended, is hereby amended to read as follows:
" (b) During time of war or during any other period of national emergency
declared by the President, the President may, through any agency that he may
designate, or otherwise, investigate, regulate, or prohibit, under such rules and
regulations as he may prescribe, by means of licenses or otherwise, any transactions in foreign exchange, transfers of credit between or payments by banking
institutions as defined by the President, and export, hoarding, melting, or earmarking of gold or silver coin or bullion or currency, by any person within the
United States or any place subject to the jurisdiction thereof; and the President
may require any person engaged in any transaction referred to in this subdivision
to furnish under oath, complete information relative thereto, including the production of any books of account, contracts, letters or other papers, in connection
therewith in the custody or control of such person, either before or after such
transaction is completed. Whoever willfully violates any of the provisions of this
subdivision or of any license, order, rule or regulation issued thereunder, shall,
upon conviction, be fined not more than $10,000, or, if a natural person, may be
imprisoned for not more than ten years, or both; and any officer, director, or
agent of any corporation who knowingly participates in such violation may be
punished by a like fine, imprisonment, or both. As used in this subdivision the
term 'person' means an individual, partnership, association, or corporation."
SEC. 3. Section 11 of the Federal Reserve Act is amended by adding at the
end thereof the following new subsection:
"(n) Whenever in the judgment of the Secretary of the Treasury such action
is necessary to protect the currency system of the United States, the Secretary
of the Treasury, in his discretion, may require any or all individuals, partnerships,
associations and corporations to pay and deliver to the Treasurer of the United
States any or all gold coin, gold bullion, and gold certificates owned by such
individuals, partnerships, associations and corporations. Upon receipt of such
gold coin, gold bullion or gold certificates, the Secretary of the Treasury shall
pay therefor an equivalent amount of any other form of coin or currency coined
or issued under the laws of the United States. The Secretary of the Treasury
shall pay all costs of the transportation of such gold bullion, gold certificates,
coin, or currency, including the cost of insurance, protection, and such other
incidental costs as may be reasonably necessary. Any individual, partnership,
association, or corporation failing to comply with any requirement of the Secretary
of the Treasury made under this subsection shall be subject to a penalty equal to
twice the value of the gold or gold certificates in respect of which such failure
occurred, and such penalty may be collected by the Secretary of the Treasury by
suit or otherwise."
SEC. 4. In order to provide for the safer and more effective operation of the
National Banking System and the Federal Reserve System, to preserve for the
people the full benefits of the currency provided for by the Congress through the
National Banking System and the Federal Reserve System, and to relieve interstate commerce of the burdens and obstructions resulting from the receipt on an
unsound or unsafe basis of deposits subject to withdrawal by check, during such
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
emergency period as the President of the United States by proclamation may
prescribe, no member bank of the Federal Reserve System shall transact any
banking business except to such extent and subject to such regulations, limitations and restrictions as may be prescribed by the Secretary of the Treasury, with
the approval of the President. Any individual, partnership, corporation, or
association, or any director, officer or employee thereof, violating any of the
provisions of this section shall be deemed guilty of a misdemeanor and, upon
conviction thereof, shall be fined not more than $10,000 or, if a natural person,
may, in addition to such fine, be imprisoned for a term not exceeding ten years.
Each day that any such violation continues shall be deemed a separate offense.
TITLE II
SEC. 201. This title may be cited as the "Bank Conservation Act."
SEC. 202. As used in this title, the term "bank" means (1) any national
banking association, and (2) any bank or trust company located in the District
of Columbia and operating under the supervision of the Comptroller of the
Currency; and the term "State" means any State, Territory, or possession of
the United States, and the Canal Zone.
SEC. 203. Whenever he shall deem it necessary in order to conserve the assets
of any bank for the benefit of the depositors and other creditors thereof, the
Comptroller of the Currency may appoint a conservator for such bank and
require of him such bond and security as the Comptroller of the Currency deems
proper. The conservator, under the direction of the Comptroller, shall take
possession of the books, records, and assets of every description of such bank,
and take such action as may be necessary to conserve the assets of such bank
pending further disposition of its business as provided by law. Such conservator
shall have all the rights, powers, and privileges now possessed by or hereafter
given receivers of insolvent national banks and shall be subject to the obligations
and penalties, not inconsistent with the provisions of this title, to which receivers
are now or may hereafter become subject. During the time that such conservator remains in possession of such bank, the rights of all parties with respect
thereto shall, subject to the other provisions of this title, be the same as if a
receiver had been appointed therefor. All expenses of any such conservatorship
shall be paid out of the assets of such bank and shall be a lien thereon which shall
be prior to any other lien provided by this Act or otherwise. The conservator
shall receive as salary an amount no greater than that paid to employees of the
Federal Government for similar services.
SEC. 204. The Comptroller of the Currency shall cause to be made such
examinations of the affairs of such bank as shall be necessary to inform him as to
the financial condition of such bank, and the examiner shall make a report thereon
to the Comptroller of the Currency at the earliest practicable date.
SEC. 205. If the Comptroller of the Currency becomes satisfied that it may
safely be done and that it would be in the public interest, he may, in his discretion, terminate the conservatorship and permit such bank to resume the
transaction of its business subject to such terms, conditions, restrictions and
limitations as he may prescribe.
SEC. 206. While such bank is in the hands of the conservator appointed by
the Comptroller of the Currency, the Comptroller may require the conservator
to set aside and make available for withdrawal by depositors and payment to
other creditors, on a ratable basis, such amounts as in the opinion of the Comptroller may safely be used for this purpose; and the Comptroller may, in his
discretion, permit the conservator to receive deposits, but deposits received
while the bank is in the hands of the conservator shall not be subject to any
limitation as to payment or withdrawal, and such deposits shall be segregated
and shall not be used to liquidate any indebtedness of such bank existing at the
time that a conservator was appointed for it, or any subsequent indebtedness
incurred for the purpose of liquidating any indebtedness of such bank existing
at the time such conservator was appointed. Such deposits received while the
bank is in the hands of the conservator shall be kept on hand in cash, invested
in the direct obligations of the United States, or deposited with a Federal reserve
bank. The Federal reserve banks are hereby authorized to open and maintain
separate deposit accounts for such purpose, or for the purpose of receiving
deposits from State officials in charge of State banks under similar circumstances.
SEC. 207. In any reorganization of any national banking association under a
plan of a kind which, under existing law, requires the consent, as the case may
be, (a) of depositors and other creditors or (b) of stockholders or (c) of both
depositors and other creditors and stockholders, such reorganization shall be-
BANKING LEGISLATION IN 193 3
263
come effective only (1) when the Comptroller of the Currency shall be satisfied
that the plan of reorganization is fair and equitable as to all depositors, other
creditors and stockholders and is in the public interest and shall have approved
the plan subject to such conditions, restrictions and limitations as he may prescribe and (2) when, after reasonable notice of such reorganization, as the case
may require, (A) depositors and other creditors of such bank representing at
least 75 per cent in amount of its total deposits and other liabilities as shown by
the books of the national banking association or (B) stockholders owning at
least two-thirds of its outstanding capital stock as shown by the books of the
national banking association or (C) both depositors and other creditors representing at least 75 per cent in amount of the total deposits and other liabilities
and stockholders owning at least two-thirds of its outstanding capital stock as
shown by the books of the national banking association, shall have consented
in writing to the plan of reorganization: Provided, however, That claims of depositors or other creditors which will be satisfied in full under the provisions of
the plan of reorganization shall not be included among the total deposits and
other liabilities of the national banking association in determining the 75 per
cent thereof as above provided. When such reorganization becomes effective,
all books, records, and assets of the national banking association shall be disposed of in accordance with the provisions of the plan and the affairs of the
national banking association shall be conducted by its board of directors in the
manner provided by the plan and under the conditions, restrictions and limitations which may have been prescribed by the Comptroller of the Currency.
In any reorganization which shall have been approved and shall have become
effective as provided herein, all depositors and other creditors and stockholders
of such national banking association, whether or not they shall have consented
to such plan of reorganization, shall be fully and in all respects subject to and
bound by its provisions, and claims of all depositors and other creditors shall
be treated as if they had consented to such plan of reorganization.
SEC. 208. After fifteen days after the affairs of a bank shall have been turned
back to its board of directors by the conservator, either with or without a reorganization as provided in section 207 hereof, the provisions of section 206 of this
title with respect to the segregation of deposits received while it is in the hands of
the conservator and with respect to the use of such deposits to liquidate the
indebtedness of such bank shall no longer be effective: Provided, That before the
conservator shall turn back the affairs of the bank to its board of directors he shall
cause to be published in a newspaper published in the city, town or county in
which such bank is located, and if no newspaper is published in such city, town or
county, in a newspaper to be selected by the Comptroller of the Currency published in the State in which the bank is located, a notice in form approved by the
Comptroller, stating the date on which the affairs of the bank will be returned to
its board of directors and that the said provisions of section 206 will not be effective after fifteen days after such date; and on the date of the publication of such
notice the conservator shall immediately send to every person who is a depositor
in such bank under section 206 a copy of such notice by registered mail addressed
to the last known address of such person as shown by the records of the bank, and
the conservator shall send similar notice in like manner to every person making
deposit in such bank under section 206 after the date of such newspaper publication and before the time when the affairs of the bank are returned to its directors.
SEC. 209. Conservators appointed pursuant to the provisions of this title shall
be subject to the provisions of and to the penalties prescribed by section 5209 of
the Revised Statutes (U. S. C , Title 12, sec. 592); and sections 112, 113, 114,
115, 116 and 117 of the Criminal Code of the United States (U. S. C. ,Title 18,
sees. 202, 203, 204, 205, 206 and 207), in so far as applicable, are extended to apply
to contracts, agreements, proceedings, dealings, claims and controversies by or
with any such conservator or the Comptroller of the Currency under the provisions
of this title.
Sec. 210. Nothing in this title shall be construed to impair in any manner any
powers of the President, the Secretary of the Treasury, the Comptroller of the
Currency, or the Federal Reserve Board.
SEC. 211. The Comptroller of the Currency is hereby authorized and empowered, with the approval of the Secretary of the Treasury, to prescribe such
rules and regulations as he may deem necessary in order to carry out the provisions
of this title. Whoever violates any rule or regulation made pursuant to this
section shall be deemed guilty of a misdemeanor and, upon conviction thereof,
shall be fined not more than $5,000, or imprisoned not more than one year, or both.
49753—34
18
264
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
TITLE III
SEC. 301. Notwithstanding any other provision of law, any national banking
association may, with the approval of the Comptroller of the Currency and by
vote of shareholders owning a majority of the stock of such association, upon not
less than five days' notice, given by registered mail purusant to action taken by its
board of directors, issue preferred stock in such amount and with such par value
as shall be approved by said Comptroller, and make such amendments to its
articles of association as may be necessary for this purpose; but, in the case of
any newly organized national banking association which has not yet issued common stock, the requirement of notice to and vote of shareholders shall not apply.
No issue of preferred stock shall be valid until the par value of all stock so issued
shall be paid in.
SEC. 302. (a) The holders of such preferred stock shall be entitled to cumulative dividends at a rate not exceeding 6 per centum per annum, but shall not be
held individually responsible as such holders for any debts, contracts, or engagements of such association and shall not be liable for assessments to restore impairments in the capital of such association as now provided by law with reference to
holders of common stock. Notwithstanding any other provision of law, the holders
of such preferred stock shall have such voting rights, and such stock shall be
subject to retirement in such manner and on such terms and conditions, as may
be provided in the articles of association with the approval of the Comptroller
of the Currency.
(b) No dividends shall be declared or paid on common stock until the cumulative dividends on the preferred stock shall have been paid in full; and, if the association is placed in voluntary liquidation or a conservator or a receiver is appointed
therefor, no payments shall be made to the holders of the common stock until the
holders of the preferred stock shall have been paid in full the par value of such
stock plus all accumulated dividends.
SEC. 303. The term "common stock" as used in this title means stock of national banking associations other than preferred stock issued under the provisions
of this title. The term "capital" as used in provisions of law relating to the capital of national banking associations shall mean the amount of unimpaired common
stock plus the amount of preferred stock outstanding and unimpaired; and the
term "capital stock", as used in section 12 of the Act of March 14, 1900, shall
mean only the amount of common stock outstanding.
SEC. 304. If in the opinion of the Secretary of the Treasury any national banking association or any State bank or trust company is in need of funds for capital
purposes either in connection with the organization or reorganization of such
association, State bank or trust company or otherwise, he may, with the approval
of the President, request the Reconstruction Finance Corporation to subscribe
for preferred stock in such association, State bank or trust company, or to make
loans secured by such stock as collateral, and the Reconstruction Finance Corporation may comply with such request. The Reconstruction Finance Corporation may, with the approval of the Secretary of the Treasury, and under such rules
and regulations as he may prescribe, sell in the open market or otherwise the whole
or any part of the preferred stock of any national banking association, State bank
or trust company acquired by the Corporation pursuant to this section. The
amount of notes, bonds, debentures, and other such obligations which the Reconstruction Finance Corporation is authorized and empowered to issue and to have
outstanding at any one time under existing law is hereby increased by an amount
sufficient to carry out the provisions of this section.
TITLE IV
SEC. 401. The sixth paragraph of Section 18 of the Federal Reserve Act is
amended to read as follows:
"Upon the deposit with the Treasurer of the United States, (a) of any direct
obligations of the United States or (b) of any notes, drafts, bills of exchange, or
bankers' acceptances acquired under the provisions of this Act, any Federal
reserve bank making such deposit in the manner prescribed by the Secretary of
the Treasury shall be entitled to receive from the Comptroller of the Currency
circulating notes in blank, duly registered and countersigned. When such circulating notes are issued against the security of obligations of the United States,
the amount of such circulating notes shall be equal to the face value of the direct
obligations of the United States so deposited as security; and, when issued against
the security of notes, drafts, bills of exchange and bankers' acceptances acquired
under the provisions of this Act, the amount thereof shall be equal to not more
BANKING LEGISLATION IN 193 3
265
than 90 per cent of the estimated value of such notes, drafts, bills of exchange and
bankers' acceptances so deposited as security. Such notes shall be the obligations
of the Federal reserve bank procuring the same, shall be in form prescribed by the
Secretary of the Treasury, shall be receivable at par in all parts of the United
States for the same purposes as are national bank notes, and shall be redeemable
in lawful money of the United States on presentation at the United States
Treasury or at the bank of issue. The Secretary of the Treasury is authorized
and empowered to prescribe regulations governing the issuance, redemption,
replacement, retirement and destruction of such circulating notes and the release
and substitution of security therefor. Such circulating notes shall be subject to
the same tax as is provided by law for the circulating notes of national banks
secured by 2 per cent bonds of the United States. No such circulating notes shall
be issued under this paragraph after the President has declared by proclamation
that the emergency recognized by the President by proclamation of March 6,
1933, has terminated, unless such circulating notes are secured by deposits of
bonds of the United States bearing the circulation privilege. When required to
do so by the Secretary of the Treasury, each Federal reserve agent shall act as
agent of the Treasurer of the United States or of the Comptroller of the Currency,
or both, for the performance of any of the functions which the Treasurer or the
Comptroller may be called upon to perform in carrying out the provisions of this
paragraph. Appropriations available for distinctive paper and printing United
States currency or national bank currency are hereby made available for the production of the circulating notes of Federal reserve banks herein provided; but the
United States shall be reimbursed by the Federal reserve bank to which such notes
are issued for all expenses necessarily incurred in connection with the procuring
of such notes and all other expenses incidental to their issue, redemption, replacement, retirement and destruction."
SEC. 402. Section 10 (b) of the Federal Reserve Act, as amended, is further
amended to read as follows:
"SEC. 10 (b). In exceptional and exigent circumstances, and when any member
bank has no further eligible and acceptable assets available to enable it to obtain
adequate credit accommodations through rediscounting at the Federal reserve
bank or any other method provided by this Act other than that provided by section 10 (a), any Federal reserve bank, under rules and regulations prescribed by
the Federal Reserve Board, may make advances to such member bank on its
time or demand notes secured to the satisfaction of such Federal reserve bank.
Each such note shall bear interest at a rate not less than 1 per centum per annum
higher than the highest discount rate in effect at such Federal reserve bank on
the date of such note. No advance shall be made under this section after March
3, 1934, or after the expiration of such additional period not exceeding one year
as the President may prescribe."
SEC. 403. Section 13 of the Federal Reserve Act, as amended, is amended by
adding at the end thereof the following new paragraph:
" Subject to such limitations, restrictions and regulations as the Federal Reserve
Board may prescribe, any Federal reserve bank may make advances to any
individual, partnership or corporation on the promissory notes of such individual,
partnership or corporation secured by direct obligations of the United States.
Such advances shall be made for periods not exceeding 90 days and shall bear
interest at rates fixed from time to time by the Federal reserve bank, subject to
the review and determination of the Federal Reserve Board."
TITLE V
SEC. 501. There is hereby appropriated, out of any money in the Treasury not
otherwise appropriated, the sum of $2,000,000, which shall be available for
expenditure, under the direction of the President and in his discretion, for any
purpose in connection with the carrying out of this Act.
SEC. 502. The right to alter, amend, or repeal this Act is hereby expressly
reserved. If any provision of this Act, or the application thereof to any person
or circumstances, is held invalid, the remainder of the Act, and the application of
such provision to other persons or circumstances, shall not be affected thereby.
Approved March 9th, 1933 8.30 p. m.
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ANNUAL EEPORT OF THE FEDEEAL RESERVE BOARD
AMENDMENT TO EMERGENCY BANKING ACT
[PUBLIC—No. 4—73D CONGRESS]
[H. R. 3757]
AN ACT
To provide for direct loans by Federal reserve banks to State banks and trust companies in certain cases^
and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That Title IV of the Act entitled " An Act to provide relief in the existing national emergency in banking, and for other purposes,"
approved March 9, 1933, is amended by adding at the end thereof the following
new section:
" S E C . 404. During the existing emergency in banking, or until this section
shall be declared no longer operative by proclamation of the President, but in no
event beyond the period of one year from the date this section takes effect, any
State bank or trust company not a member of the Federal reserve system may
apply to the Federal reserve bank in the district in which it is located and said
Federal reserve bank, in its discretion and after inspection and approval of the
collateral and a thorough examination of the applying bank or trust company,
may make direct loans to such State bank or trust company under the terms provided in section 10 (b) of the Federal Reserve Act, as amended by section 402 of
this Act: Provided, That loans may be made to any applying nonmember State
bank or trust company upon eligible security. All applications for such loans
shall be accompanied by the written approval of the State banking department
or commission of the State from which the State bank or trust company has received its charter and a statement from the said State banking department or
commission that in its judgment said State bank or trust company is in a sound
condition. The notes representing such loans shall be eligible as security for
circulating notes issued under the provisions of the sixth paragraph of section 18
of the Federal Reserve Act, as amended by section 401 of this Act, to the same
extent as notes, drafts, bills of exchange, or bankers' acceptances acquired under
the provisions of the Federal Reserve Act. During the time that such bank or
trust company is indebted in any way to a Federal Reserve bank it shall be required to comply in all respects to the provisions of the Federal Reserve Act
applicable to member State banks and the regulations of the Federal Reserve
Board issued thereunder: Provided, That in lieu of subscribing to stock in the
Federal reserve bank it shall maintain the reserve balance required by section 19
of the Federal Reserve Act during the existence of such indebtedness. As used
in this section and in section 304, the term 'State bank or trust company' shall
include a bank or trust company organized under the laws of any State, Territory,
or possession of the United States, or the Canal Zone."
SEC. 2. (a) Section 304 of such Act of March 9, 1933, is amended by adding
after the first sentence thereof the following new sentences: " Nothing in this section shall be construed to authorize the Reconstruction Finance Corporation to
subscribe for preferred stock in any State bank or trust company if under the laws
of the State in which said State bank or trust company is located the holders of
such preferred stock are not exempt from double liability. In any case in which
under the laws of the State in which it is located a State bank or trust company
is not permitted to issue preferred stock exempt from double liability, or if such
laws permit such issue of preferred stock only by unanimous consent of stockholders, the Reconstruction Finance Corporation is authorized, for the purposes
of this section, to purchase the legally issued capital notes or debentures of such
State bank or trust company."
(b) The second sentence of said section 304 is amended to read as follows:
" T h e Reconstruction Finance Corporation may, with the approval of the Secretary of the Treasury, and under such rules and regulations as he may prescribe,
sell in the open market the whole or any part of the preferred stock, capital notes,
or debentures of any national banking association, State bank or trust company
acquired by the corporation pursuant to this section."
Such section 304 is further amended by adding at the end thereof the following
new sentence: (c) " As used in this section, the term 'State bank or trust company'
shall include other banking corporations engaged in the business of industrial
banking and under the supervision of State banking departments or of the Comptroller of the Currency."
Approved March 24th, 1933
BANKING LEGISLATION IN 193 3
267
TITLE III OF THE ACT OF MAY 12, 1933 (KNOWN AS THE THOMAS
AMENDMENT)
TITLE III—FINANCING—AND EXERCISING POWER CONFERRED BY SECTION 8 OP
ARTICLE I OF THE CONSTITUTION: TO COIN MONEY AND TO REGULATE THE
VALUE THEREOF
SEC. 43. Whenever the President finds, upon investigation, that (1) the foreign
-commerce of the United States is adversely affected by reason of the depreciation
in the value of the currency of any other government or governments in relation
to the present standard value of gold, or (2) action under this section is necessary
in order to regulate and maintain the parity of currency issues of the United
States, or (3) an economic emergency requires an expansion of credit, or (4) an
expansion of credit is necessary to secure by international agreement a stabilization at proper levels of the currencies of various governments, the President is
authorized, in his discretion—
(a) To direct the Secretary of the Treasury to enter into agreements with the
several Federal Reserve banks and with the Federal Reserve Board whereby the
Federal Reserve Board will, and it is hereby authorized to, notwithstanding any
provisions of law or rules and regulations to the contrary, permit such reserve
banks to agree that they will, (1) conduct, pursuant to existing law, throughout
specified periods, open market operations in obligations of the United States
Government or corporations in which the United States is the majority stockholder, and (2) purchase directly and hold in portfolio for an agreed period or
periods of time Treasury bills or other obligations of the United States Government in an aggregate sum of $3,000,000,000 in addition to those they may then
hold, unless prior to the termination of such period or periods the Secretary shall
consent to their sale. No suspension of reserve requirements of the Federal
Reserve banks, under the terms of section ll(c) of the Federal Reserve Act,
necessitated by reason of operations under this section, shall require the imposition of the graduated tax upon any deficiency in reserves as provided in said
section ll(c). Nor shall it require any automatic increase in the rates of interest
or discount charged by any Federal Reserve bank, as otherwise specified in that
section. The Federal Reserve Board, with the approval of the Secretary of the
Treasury, may require the Federal Reserve banks to take such action as may be
necessary, in the judgment of the Board and of the Secretary of the Treasury, to
prevent undue credit expansion.
(b) If the Secretary, when directed by the President, is unable to secure the
assent of the several Federal Reserve banks and the Federal Reserve Board to the
agreements authorized in this section, or if operations under the above provisions
prove to be inadequate to meet the purposes of this section, or if for any other
reason additional measures are required in the judgment of the President to meet
such purposes, then the President is authorized—
(1) To direct the Secretary of the Treasury to cause to be issued in such
amount or amounts as he may from time to time order, United States notes, as
provided in the Act entitled " An Act to authorize the issue of United States notes
and for the redemption of funding thereof and for funding the floating debt of the
United States", approved February 25, 1862, and Acts supplementary thereto
and amendatory thereof, in the same size and of similar color to the Federal
Reserve notes heretofore issued and in denominations of $1, $5, $10, $20, $50,
$100, $500, $1,000, and $10,000; but notes issued under this subsection shall be
issued only for the purpose of meeting maturing Federal obligations to repay
sums borrowed by the United States and for purchasing United States bonds and
other interest-bearing obligations of the United States: Provided, That when any
such notes are used for such purpose the bond or other obligation so acquired or
taken up shall be retired and canceled. Such notes shall be issued at such times
and in such amounts as the President may approve but the aggregate amount of
such notes outstanding at any time shall not exceed $3,000,000,000. There is
hereby appropriated, out of any money in the Treasury not otherwise appropriated, an amount sufficient to enable the Secretary of the Treasury to retire and
cancel 4 per centum annually of such outstanding notes, and the Secretary of the
Treasury is hereby directed to retire and cancel annually 4 per centum of such
outstanding notes. Such notes and all other coins and currencies heretofore or
hereafter coined or issued by or under the authority of the United States shall be
legal tender for all debts public and private.
(2) By proclamation to fix the weight of the gold dollar in grains nine tenths
fine and also to fix the weight of the silver dollar in grains nine tenths fine at a
definite fixed ratio in relation to the gold dollar at such amounts as he finds
Digitized fornecessary from his investigation to stabilize domestic prices or to protect the
FRASER
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
foreign commerce against the adverse effect of depreciated foreign currencies,
and to provide for the unlimited coinage of such gold and silver at the ratio so
fixed, or in case the Government of the United States enters into an agreement
with any government or governments under the terms of which the ratio between
the value of gold and other currency issued by the United States and by any such
government or governments is established, the President may fix the weight of
the gold dollar in accordance with the ratio so agreed upon, and such gold dollar,
the weight of which is so fixed, shall be the standard unit of value, and all forms
of money issued or coined by the United States shall be maintained at a parity
with this standard and it shall be the duty of the Secretary of the Treasury to
maintain such parity, but in no event shall the weight of the gold dollar be fixed
so as to reduce its present weight by more than 50 per centum.
SEC. 44. The Secretary of the Treasury, with the approval of the President, is
hereby authoiized to make and promulgate rules and regulations covering any
action taken or to be taken by the President under subsection (a) or (b) of
section 43.
SEC. 45. (a) The President is authorized, for a period of six months from the
date of the passage of this Act, to accept silver in payment of the whole or any
part of the principal or interest now due, or to become due within six months after
such date, from any foreign government or governments on account of any
indebtedness to the United States, such silver to be accepted at not to exceed the
price of 50 cents an ounce in United States currency. The aggregate value of the
silver accepted under this section shall not exceed $200,000,000.
' (b) The silver bullion accepted and received under the provisions of this section shall be subject to the requirements of existing law and the regulations of the
mint service governing the methods of determining the amount of pure silver contained, and the amount of the charges or deductions, if any, to be made; but such
silver bullion shall not be counted as part of the silver bullion authorized or required to be purchased and coined under the provisions of existing law.
(c) The silver accepted and received under the provisions of this section shall
be deposited in the Treasury of the United States, to be held, used, and disposed
of as in this section provided.
(d) The Secretary of the Treasury shall cause silver certificates to be issued in
such denominations as he deems advisable to the total number of dollars for
which such silver was accepted in payment of debts. Such silver certificates
shall be used by the Treasurer of the United States in payment of any obligations
of the United States.
(e) The silver so accepted and received under this section shall be coined into
standard silver dollars and subsidiary coins sufficient, in the opinion of the
Secretary of the Treasury, to meet any demands for redemption of such silver
certificates issued under the provisions of this section, and such coins shall be
retained in the Treasury for the payment of such certificates on demand. The
silver so accepted and received under this section, except so much thereof as is
coined under the provisions of this section, shall be held in the Treasury for the
sole purpose of aiding in maintaining the parity of such certificates as provided in
existing law. Any such certificates or reissued certificates, when presented at the
Treasury, shall be redeemed in standard silver dollars, or in subsidiary silver coin,
at the option of the holder of the certificates: Provided, That, in the redemption
of such silver certificates issued under this section, not to exceed one third of the
coin required for such redemption may in the judgment of the Secretary of the
Treasury be made in subsidiary coins, the balance to be made in standard silver
dollars.
(f) When any silver certificates issued under the provisions of this section are
redeemed or received into the Treasury from any source whatsoever, and belong
to the United States, they shall not be retired, canceled, or destroyed, but shall
be reissued and paid out again and kept in circulation; but nothing herein shall
prevent the cancelation and destruction of mutilated certificates and the issue
of other certificates of like denomination in their stead, as provided by law.
(g) The Secretary of the Treasury is authorized to make rules and regulations
for carrying out the provisions of this section.
SEC. 46. Section 19 of the Federal Reserve Act, as amended, is amended by
inserting immediately after paragraph (c) thereof the following new paragraph:
" Notwithstanding the foregoing provisions of this section, the Federal Reserve
Board, upon the affirmative vote of not less than five of its members and with
the approval of the President, may declare that an emergency exists by reason of
credit expansion, and may by regulation during such emergency increase or
decrease from time to time, in its discretion, the reserve balances required to be
maintained against either demand or time deposits."
BANKING LEGISLATION IN 193 3
269
SECTION 28 OF THE ACT OF MAY 12, 1933, AMENDING SECTION 13
OF THE FEDERAL RESERVE ACT
SEC. 28. The eighth paragraph of section 13 of the Federal Reserve Act,
as amended, is amended by inserting before the period at the end thereof a comma
and the following: "or by the deposit or pledge of bonds issued pursuant to the
paragraph added to section 32 of the Federal Farm Loan Act, as amended by
section 21 of the Emergency Farm Mortgage Act of 1933."
AMENDMENT TO BANK CONSERVATION ACT
[PUBLIC—No. 19—73D CONGRESS]
[S. 4110]
AN ACT
To amend section 207 of the Bank Conservation Act with respect to bank reorganizations.
Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That section 207 of the Bank Conservation Act is
amended by striking out "national banking association" wherever it appears
therein and inserting in lieu thereof the word "bank."
Approved May 20th 1933.
AMENDMENTS TO SECTIONS 5200 AND 5202 OF THE
REVISED STATUTES
[PUBLIC—No. 20—73D
CONGRESS]
[S. 1415]
AN ACT
To amend sections 5200 and 5202 of the Revised Statutes, as amended, to remove the limitations on national
banks in certain cases.
Be it enacted by the Senate and House of Representatives of the United States
of America^ in Congress assembled, That section 5200 of the Revised Statutes, as
amended, is amended by adding at the end thereof the following new paragraph:
"(9) Obligations representing loans to any national banking association or to
any banking institution organized under the laws of any State, or to any receiver,
conservator, or superintendent of banks, or to any other agent, in charge of the
business and property of any such association or banking institution, when such
loans are approved by the Comptroller of the Currency, shall not be subject
under this section to any limitation based upon such capital and surplus."
SEC. 2. Section 5202 of the Revised Statutes, as amended, is amended by
adding at the end thereof the following new paragraph:
"Ninth. Liabilities incurred on account of loans made with the expiress approval
of the Comptroller of the Currency under paragraph (9) of section 5200 of the
Revised Statutes, as amended."
Approved May 20th 1933.
270
ANNUAL KEPORT OF THE FEDEEAL RESERVE BOARD
JOINT RESOLUTION RELATING TO PAYMENTS IN GOLD
[PUBLIC RESOLUTION—No. 10—73D CONGRESS]
[H.J.Res. 192]
JOINT RESOLUTION
To assure uniform value to the coins and currencies of the United States.
Whereas the holding of or dealing in gold affect the public interest, and are therefore subject to proper regulation and restriction; and
Whereas the existing emergency has disclosed that provisions of obligations which
purport to give the obligee a right to require payment in gold or a particular
kind of coin or currency of the United States, or in an amount in money of
the United States measured thereby, obstruct the power of the Congress to
regulate the value of the money of the United States, and are inconsistent with
the declared policy of the Congress to maintain at all times the equal power
of every dollar, coined or issued by the United States, in the markets and in
the payment of debts. Now, therefore, be it
Resolved by the Senate and House of Representatives of the United States of America
in Congress assembled. That (a) every provision contained in or made with respect
to any obligation which purports to give the obligee a right to require payment
in gold or a particular kind of coin or currency, or in an amount in money of the
United States measured thereby, is declared to be against public policy; and no
such provision shall be contained in or made with respect to any obligation hereafter incurred. Every obligation, heretofore or hereafter incurred, whether or
not any such provision is contained therein or made with respect thereto, shall
be discharged upon payment, dollar for dollar, in any coin or currency which at
the time of payment is legal tender for public and private debts. Any such provision contained in any law authorizing obligations to be issued by or under
authority of the United States, is hereby repealed, but the repeal of any such
provision shall not invalidate any other provision or authority contained in such
law.
(b) As used in this resolution, the term "obligation" means an obligation
(including every obligation of and to the United States, excepting currency)
payable in money of the United States; and the term "coin or currency" means
coin or currency of the United States, including Federal Reserve notes and circulating notes of Federal Reserve banks and national banking associations.
SEC. 2. The last sentence of paragraph (1) of subsection (b) of section 43 of
the Act entitled "An Act to relieve the existing national economic emergency
by increasing agricultural purchasing power, to raise revenue for extraordinary
expenses incurred by reason of such emergency, to provide emergency relief with
respect to agricultural indebtedness, to provide for the orderly liquidation of
joint-stock land banks, and for other purposes", approved May 12, 1933, is
amended to read as follows:
"All coins and currencies of the United States (including Federal Reserve
notes and circulating notes of Federal Reserve banks and national banking
associations) heretofore or hereafter coined or issued, shall be legal tender for all
debts, public and private, public charges, taxes, duties, and dues, except that gold
coins, when below the standard weight and limit of tolerance provided by law
for the single piece, shall be legal tender only at valuation in proportion to their
actual weight."
Approved, June 5, 1933, 4.40 p.m.
REDEMPTION OF NOTES OF UNIDENTIFIED BANKS
[PUBLIC—No. 41—73D CONGRESS]
[S. 1634]
AN ACT
To provide for the redemption of national-bank notes, Federal Reserve bank notes, and Federal Reserve
notes which cannot be identified as to the bank of issue.
Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That whenever any national-bank notes, Federal
Digitized forReserve bank notes, or Federal Reserve notes are presented to the Treasurer of
FRASER
BANKING LEGISLATION IN 19 3 3
271
the United States for redemption and such notes cannot be identified as to the
bank of issue or the bank through which issued, the Treasurer of the United
States may redeem such notes under such rules and regulations as the Secretary
of the Treasury may prescribe, and the notes so redeemed shall be forwarded
to the Comptroller of the Currency for cancelation and destruction.
SEC. 2. National-bank notes and Federal Reserve bank notes redeemed by the
Treasurer of the United States under this Act shall be charged against the balance
of deposits for the retirement of national-bank notes and Federal Reserve bank
notes under the provisions of section 6 of the Act entitled "An Act directing the
purchase of silver bullion and the issue of Treasury notes thereon, and for other
purposes", approved July 14, 1890 (U.S.C., title 12, sec. 122), and section 18
of the Federal Reserve Act (U.S.C., title 12, sec. 445); and charges for Federal
Reserve notes redeemed by the Treasurer of the United States under this Act
shall be apportioned among the twelve Federal Reserve banks in proportion to
the amount of Federal Reserve notes of each Federal Reserve bank in circulation
on the 31st day of December of the year preceding the date of redemption, and
the amount so apportioned to each bank shall be charged by the Treasurer of
the United States against deposit in the gold-redemption fund made by such bank
or its Federal Reserve agent.
Approved, June 13, 1933.
AMENDMENT TO EMERGENCY BANKING ACT
[PUBLIC—No. 56—73D CONGRESS]
[S. 1425]
AN ACT
To amend the Act entitled "An Act to provide relief in the existing national emergency in banking, and
for other purposes", approved March 9,1933.
Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That the Act entitled "An Act to provide relief
in the existing national emergency in banking, and for other purposes", approved
March 9, 1933, is amended by—
(a) striking out the whole of section 301 of title I I I thereof and inserting in
lieu thereof the following:
"SEC. 301. Notwithstanding any other provision of law, any national banking
association may, with the approval of the Comptroller of the Currency and by
vote of shareholders owning a majority of the stock of such association, upon
not less than five days' notice, given by registered mail pursuant to action taken
by its board of directors, issue preferred stock of one or more classes, in such
amount and with such par value as shall be approved by said Comptroller, and
make such amendments to its articles of association as may be necessary for this
purpose; but, in the case of any newly organized national banking association
which has not yet issued common stock, the requirement of notice to and vote
of shareholders shall not apply. No issue of preferred stock shall be valid until
the par value of all stock so issued shall be paid in."
(b) striking out the whole of subsection (a) of section 302 of the said title I I I
and inserting in lieu thereof the following:
"Notwithstanding any other provision of law, whether relating to restriction
upon the payment of dividends upon capital stock or otherwise, the holders of
such preferred stock shall be entitled to receive such cumulative dividends at a
rate not exceeding 6 per centum per annum and shall have such voting and
conversion rights and such control of management, and such stock shall be subject
to retirement in such manner and upon such conditions, as may be provided in
the articles of association with the approval of the Comptroller of the Currency.
The holders of such preferred stock shall not be held individually responsible as
such holders for any debts, contracts, or engagements of such association, and
shall not be liable for assessments to restore impairments in the capital of such
association as now provided by law with reference to holders of common stock/'
Approved, June 15, 1933.
272
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
BANKING ACT OF 1933
[PUBLIC—No. 66—73D CONGKESS]
[H.R. 5661]
AN ACT
To provide for the safer and more effective use of the assets of banks, to regulate interbank control, to
prevent the undue diversion of funds into speculative operations, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That the short title of this Act shall be the
"Banking Act of 1933."
SEC. 2. As used in this Act and in any provision of law amended by this Act—
(a) The terms "banks", "national bank", "national banking association",
"member bank", "board", "district", and "reserve bank" shall have the
meanings assigned to them in section 1 of the Federal Reserve Act, as amended.
(b) Except where otherwise specifically provided, the term "affiliate" shall
include any corporation, business trust, association, or other similar organization—•
(1) Of which a member bank, directly or indirectly, owns or controls either a
majority of the voting shares or more than 50 per centum of the number of shares
voted for the election of its directors, trustees, or other persons exercising similar
functions at the preceding election, or controls in any manner the election of a
majority of its directors, trustees, or other persons exercising similar functions; or
(2) Of which control is held, directly or indirectly, through stock ownership or
in any other manner, by the shareholders of a member bank who own or control
either a majority of the shares of such bank or more than 50 per centum of the
number of shares voted for the election of directors of such bank at the preceding
election, or by trustees for the benefit of the shareholders of any such bank; or
(3) Of which a majority of its directors, trustees, or other persons exercising
similar functions are directors of any one member bank.
(c) The term "holding company affiliate" shall include any corporation,
business trust, association, or other similar organization—
(1) Which owns or controls, directly or indirectly, either a majority of the
shares of capital stock of a member bank or more than 50 per centum of the
number of shares voted for the election of directors of any one bank at the preceding election, or controls in any manner the election of a majority of the directors
of any one bank; or
(2) For the benefit of whose shareholders or members all or substantially all
the capital stock of a member bank is held by trustees.
SEC. 3. (a) The fourth paragraph after paragraph "Eighth" of section 4 of
the Federal Reserve Act, as amended (U.S.C., title 12, sec. 301), is amended to
read as follows:
"Said board of directors shall administer the affairs of said bank fairly and
impartially and without discrimination in favor of or against any member bank
or banks and may, subject to the provisions of law and the orders of the Federal
Reserve Board, extend to each member bank such discounts, advancements, and
accommodations as may be safely and reasonably made with due regard for the
claims and demands of other member banks, the maintenance of sound credit
conditions, and the accommodation of commerce, industry, and agriculture.
The Federal Reserve Board may prescribe regulations further defining within the
limitations of this Act the conditions under which discounts, advancements, and
the accommodations may be extended to member banks. Each Federal reserve
bank shall keep itself informed of the general character and amount of the loans
and investments of its member banks with a view to ascertaining whether undue
use is being made of bank credit for the speculative carrying of or trading in
securities, real estate, or commodities, or for any other purpose inconsistent with
the maintenance of sound credit conditions; and, in determining whether to grant
or refuse advances, rediscounts or other credit accommodations, the Federal
reserve bank shall give consideration to such information. The chairman of the
Federal reserve bank shall report to the Federal Reserve Board any such undue
use of bank credit by any member bank, together with his recommendation.
Whenever, in the judgment of the Federal Reserve Board, any member bank
is making such undue use of bank credit, the Board may, in its discretion, after
reasonable notice and an opportunity for a hearing, suspend such bank from the
use of the credit facilities of the Federal Reserve System and may terminate such
suspension or may renew it from time to time."
BANKING LEGISLATION IN 19 3 3
273
(b) The paragraph of section 4 of the Federal Reserve Act, as amended (U.S.C.,
title 12, sec. 304), which commences with the words "The Federal Reserve Board
shall classify " is amended by inserting before the period at the end thereof a colon
and the following: "Provided, That whenever any two or more member banks
within the same Federal reserve district are affiliated with the same holding
company affiliate, participation by such member banks in any such nomination
or election shall be confined to one of such banks, which may be designated for
the purpose by such holding company affiliate."
SEC. 4. The first paragraph of section 7 of the Federal Reserve Act, as amended
(U.S.C., title 12, sec. 289), is amended, effective July 1, 1932, to read as follows:
"After all necessary expenses of a Federal reserve bank shall have been paid
or provided for, the stockholders shall be entitled to receive an annual dividend
of 6 per centum on the paid-in capital stock, which dividend shall be cumulative.
After the aforesaid dividend claims have been fully met, the net earnings shall
be paid into the surplus fund of the Federal reserve bank."
SEC. 5. (a) The first paragraph of section 9 of the Federal Reserve Act, as
amended (U.S.C., title 12, sec. 321; Supp. VI, title 12, sec. 321), is amended by
inserting immediately after the words "United States" a comma and the following: "including Morris Plan banks and other incorporated banking institutions
engaged in similar business."
(b) The second paragraph of section 9 of the Federal Reserve Act, as amended,
is amended by adding at the end thereof the following: "Provided, however, That
nothing herein contained shall prevent any State member bank from establishing
and operating branches in the United States or any dependency or insular possession thereof or in any foreign country, on the same terms and conditions and subject to the same limitations and restrictions as are applicable to the establishment
of branches by national banks."
(c) Section 9 of the Federal Reserve Act, as amended (U.S.C., title 12, sees.
321-331; Supp. VI, title 12, sees. 321-332), is further amended by adding at the
end thereof the following new paragraphs:
"Any mutual savings bank having no capital stock (including any other
banking institution the capital of which consists of weekly or other time deposits
which are segregated from all other deposits and are regarded as capital stock for
the purposes of taxation and the declaration of dividends), but having surplus
and undivided profits not less than the amount of capital required for the organization of a national bank in the same place, may apply for and be admitted to
membership in the Federal Reserve System in the same manner and subject to
the same provisions of law as State banks and trust companies, except that any
such savings bank shall subscribe for capital stock of the Federal reserve bank in
an amount equal to six-tenths of 1 per centum of its total deposit liabilities as
shown by the most recent report of examination of such savings bank preceding
its admission to membership. Thereafter such subscription shall be adjusted
semiannually on the same percentage basis in accordance with rules and regulations prescribed by the Federal Reserve Board. If any such mutual savings bank
applying for membership is not permitted by the laws under which it was organized to purchase stock in a Federal reserve bank, it shall, upon admission to the
system, deposit with the Federal reserve bank an amount equal to the amount
which it would have been required to pay in on account of a subscription to
capital stock. Thereafter such deposit shall be adjusted semiannually in the
same manner as subscriptions for stock. Such deposits shall be subject to the
same conditions with respect to repayment as amounts paid upon subscriptions
to capital stock by other member banks and the Federal reserve bank shall pay
interest thereon at the same rate as dividends are actually paid on outstanding
shares of stock of such Federal reserve bank. If the laws under which any such
savings bank was organized be amended so as to authorize mutual savings banks
to subscribe for Federal reserve bank stock, such savings bank shall thereupon
subscribe for the appropriate amount of stock in the Federal reserve bank, and
the deposit hereinbefore provided for in lieu of payment upon capital stock shall
be applied upon such subscription. If the laws under which any such savings bank
was organized be not amended at the next session of the legislature following the
admission of such savings bank to membership so as to authorize mutual savings
banks to purchase Federal reserve bank stock, or if such laws be so amended and
such bank fail within six months thereafter to purchase such stock, all of its rights
and privileges as a member bank shall be forfeited and its membership in the Federal Reserve System shall be terminated in the manner prescribed elsewhere in
this section with respect to State member banks and trust companies. Each such
mutual savings bank shall comply with all the provisions of law applicable to
State member banks and trust companies, with the regulations of the Federal
274
ANNUAL KEPOBT OF THE FEDERAL RESERVE BOARD
Reserve Board and with the conditions of membership prescribed for such savings
bank at the time of admission to membership, except as otherwise hereinbefore
provided with respect to capital stock.
"Each bank admitted to membership under this section shall obtain from each
of its affiliates other than member banks and furnish to the Federal reserve bank
of its district and to the Federal Reserve Board not less than three reports during
each year. Such reports shall be in such form as the Federal Reserve Board mayprescribe, shall be verified by the oath or affirmation of the president or such
other officer as may be designated by the board of directors of such affiliate to
verify such reports, and shall disclose the information hereinafter provided for
as of dates identical with those fixed by the Federal Reserve Board for reports
of the condition of the affiliated member bank. Each such report of an affiliate
shall be transmitted as herein provided at the same time as the corresponding
report of the affiliated member bank, except that the Federal Reserve Board may,
in its discretion, extend such time for good cause shown. Each such report shall
contain such information as in the judgment of the Federal Reserve Board shall
be necessary to disclose fully the relations between such affiliate and such bank
and to enable the Board to inform itself as to the effect of such relations upon the
affairs of such bank. The reports of such affiliates shall be published by the
bank under the same conditions as govern its own condition reports.
"Any such affiliated member bank may be required to obtain from any such
affiliate such additional reports as in the opinion of its Federal reserve bank or
the Federal Reserve Board may be necessary in order to obtain a full and complete
knowledge of the condition of the affiliated member bank. Such additional
reports shall be transmitted to the Federal reserve bank and the Federal Reserve
Board and shall be in such form as the Federal Reserve Board may prescribe.
"Any such affiliated member bank which fails to obtain from any of its affiliates
and furnish any report provided for by the two preceding paragraphs of this
section shall be subject to a penalty of $100 for each day during which such failure
continues, which, by direction of the Federal Reserve Board, may be collected,
by suit or otherwise, by the Federal reserve bank of the district in which such
member bank is located. For the purposes of this paragraph and the two preceding paragraphs of this section, the term 'affiliate' shall include holding company affiliates as well as other affiliates.
"State member banks shall be subject to the same limitations and conditions
with respect to the purchasing, selling, underwriting, and holding of investment
securities and stock as are applicable in the case of national banks under paragraph 'Seventh' of section 5136 of the Revised Statutes, as amended.
"After one year from the date of the enactment of the Banking Act of 1933, no
certificate representing the stock of any State member bank shall represent the
stock of any other corporation, except a member bank or a corporation existing
on the date this paragraph takes effect engaged solely in holding the bank premises
of such State member bank, nor shall the ownership, sale, or transfer of any
certificate representing the stock of any such bank be conditioned in anjr manner
whatsoever upon the ownership, sale, or transfer of a certificate representing the
stock of any other corporation, except a member bank.
"Each State member bank affiliated with a holding company affiliate shall
obtain from such holding company affiliate, within such time as the Federal
Reserve Board shall prescribe, an agreement that such holding company affiliate
shall be subject to the same conditions and limitations as are applicable under
section 5144 of the Revised Statutes, as amended, in the case of holding company
affiliates of national banks. A copy of each such agreement shall be filed with
the Federal Reserve Board. Upon the failure of a State member bank affiliated
with a holding company affiliate to obtain such an agreement within the time so
prescribed, the Federal Reserve Board shall require such bank to surrender its
stock in the Federal reserve bank and to forfeit all rights and privileges of membership in the Federal Reserve System as provided in this section. Whenever
the Federal Reserve Board shall have revoked the voting permit of any such
holding company affiliate, the Federal Reserve Board may, in its discretion,
require any or all State member banks affiliated with such holding company
affiliate to surrender their stock in the Federal reserve bank and to forfeit all
rights and privileges of membership in the Federal Reserve System as provided
in this section.
"In connection with examinations of State member banks, examiners selected
or approved by the Federal Reserve Board shall make such examinations of the
affairs of all affiliates of such banks as shall be necessary to disclose fully the
relations between such banks and their affiliates and the effect of such relations
upon the affairs of such banks. The expense of examination of affiliates of any
BANKING LEGISLATION IN 193 3
275
State member bank may, in the discretion of the Federal Reserve Board, be
assessed against such bank and, when so assessed, shall be paid by such bank.
In the event of the refusal to give any information requested in the course of the
examination of any such affiliate, or in the event of the refusal to permit such
examination, or in the event of the refusal to pay any expense so assessed, the
Federal Reserve Board may, in its discretion, require any or all State member
banks affiliated with such affiliate to surrender their stock in the Federal reserve
bank and to forfeit all rights and privileges of membership in the Federal Reserve
System, as provided in this section."
SEC. 6. (a) The second paragraph of section 10 of the Federal Reserve Act, as
amended (U.S.C., title 12, sec. 242), is amended to read as follows:
"The Secretary of the Treasury and the Comptroller of the Currency shall
be ineligible during the time they are in office and for two years thereafter to
hold any office, position, or employment in any member bank. The appointive
members of the Federal Reserve Board shall be ineligible during the time they
are in office and for two years thereafter to hold any office, position, or employment in any member bank, except that this restriction shall not apply to a member
who has served the full term for which he was appointed. Upon the expiration
of the term of any appointive member of the Federal Reserve Board in office
when this paragraph as amended takes effect, the President shall fix the term of
the successor to such member at not to exceed twelve years, as designated by the
President at the time of nomination, but in such manner as to provide for the
expiration of the term of not more than one appointive member in any two-year
period, and thereafter each appointive member shall hold office for a term of
twelve years from the expiration of the term of his predecessor. Of the six persons
thus appointed, one shall be designated by the President as governor and one as
vice governor of the Federal Reserve Board. The governor of the Federal Reserve Board, subject to its supervision, shall be its active executive officer. Each
member of the Federal Reserve Board shall within fifteen days after notice of
appointment make and subscribe to the oath of office."
(b) The fourth paragraph of section 10 of the Federal Reserve Act, as amended
(U.S.C., title 12, sec. 244), is amended to read as follows:
"The principal offices of the Board shall be in the District of Columbia. At
meetings of the Board the Secretary of the Treasury shall preside as chairman,
and, in his absence, the governor shall preside. In the absence of both the Secretary of the Treasury and the governor the vice governor shall preside. In the
absence of the Secretary of the Treasury, the governor, and the vice governor
the Board shall elect a member to act as chairman pro tempore. The Board
shall determine and prescribe the manner in which its obligations shall be incurred
and its disbursements and expenses allowed and paid, and may leave on deposit
in the Federal Reserve banks the proceeds of assessments levied upon them to
defray its estimated expenses and the salaries of its members and employees,
whose employment, compensation, leave, and expenses shall be governed solely
by the provisions of this Act, specific amendments thereof, and rules and regulations of the Board not inconsistent therewith; and funds derived from such
assessments shall not be construed to be Government funds or appropriated
moneys. No member of the Federal Reserve Board shall be an officer or director
of any bank, banking institution, trust company, or Federal Reserve bank or
hold stock in any bank, banking institution, or trust company; and before entering
upon his duties as a member of the Federal Reserve Board he shall certify under
oath that he has complied with this requirement, and such certification shall be
filed with the secretary of the Board. Whenever a vacancy shall occur, other
than by expiration of term, among the six members of the Federal Reserve Board
appointed by the President as above provided, a successor shall be appointed by
the President, by and with the advice and consent of the Senate, to fill such
vacancy, and when appointed he shall hold office for the unexpired term of his
predecessor."
SEC. 7. Paragraph (m) of section 11 of the Federal Reserve Act, as amended
(U.S.C., title 12, sec. 248), is amended to read as follows:
" (m) Upon the affirmative vote of not less than six of its members the Federal
Reserve Board shall have power to fix from time to time for each Federal reserve
district the percentage of individual bank capital and surplus which may be
represented by loans secured by stock or bond collateral made by member banks
within such district, but no such loan shall be made by any such bank to any
person in an amount in excess of 10 per centum of the unimpaired capital and
surplus of such bank. Any percentage so fixed by the Federal Reserve Board
shall be subject to change from time to time upon ten days' notice, and it shall
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
be the duty of the Board to establish such percentages with a view to preventing
the undue use of bank loans for the speculative carrying of securities. The
Federal Reserve Board shall have power to direct any member bank to refrain
from further increase of its loans secured by stock or bond collateral for any period
up to one year under penalty of suspension of all rediscount privileges at Federal
reserve banks."
SEC. 8. The Federal Reserve Act, as amended, is amended by inserting between
sections 12 and 13 (U.S.C., title 12, sees. 261, 262, and 342), thereof the following
new sections:
"SEC. 12A. (a) There is hereby created a Federal Open Market Committee
(hereinafter referred to as the lcommittee'), which shall consist of as many
members as there are Federal reserve districts. Each Federal reserve bank by
its board of directors shall annually select one member of said committee. The
meetings of said committee shall be held at Washington, District of Columbia,
at least four times each year, upon the call of the governor of the Federal Reserve
Board or at the request of any three members of the committee, and, in the discretion of the Board, may be attended by the members of the Board.
" (b) No Federal reserve bank shall engage in open-market operations under
section 14 of this Act except in accordance with regulations adopted by the Federal
Reserve Board. The Board shall consider, adopt, and transmit to the committee
and to the several Federal reserve banks regulations relating to the open-market
transactions of such banks and the relations of the Federal Reserve System with
foreign central or other foreign banks.
'' (c) The time, character, and volume of all purchases and sales of paper
described in section 14 of this Act as eligible for open-market operations shall be
governed with a view to accommodating commerce and business and with regard
to their bearing upon the general credit situation of the country.
" (d) If any Federal reserve bank shall decide not to participate in open-market
operations recommended and approved as provided in paragraph (b) hereof, it
shall file with the chairman of the committee within thirty days a notice of its
decision, and transmit a copy thereof to the Federal Reserve Board.
"SEC. 12B. (a) There is hereby created a Federal Deposit Insurance Corporation (hereinafter referred to as the 'Corporation'), whose duty it shall be to
purchase, hold, and liquidate, as hereinafter provided, the assets of national
banks which have been closed by action of the. Comptroller of the Currency, or
by vote of their directors, and the assets of State member banks which have been
closed by action of the appropriate State authorities, or by vote of their directors;
and to insure, as hereinafter provided, the deposits of all banks which are entitled
to the benefits of insurance under this section.
" (b) The management of the Corporation shall be vested in a board of directors
consisting of three members, one of whom shall be the Comptroller of the Currency, and two of whom shall be citizens of the United States to be appointed
by the President, by and with the advice and consent of the Senate. One of the
appointive members shall be the chairman of the board of directors of the Corporation and not more than two of the members of such board of directors shall
be members of the same political party. Each such appointive member shall
hold office for a term of six years and shall receive compensation at the rate of
$10,000 per annum, payable monthly out of the funds of the Corporation, but
the Comptroller of the Currency shall not receive additional compensation for
his services as such member.
"(c) There is hereby authorized to be appropriated, out of any money in the
Treasury not otherwise appropriated, the sum of $150,000,000, which shall be
available for payment by the Secretary of the Treasury for capital stock of the
Corporation in an equal amount, which shall be subscribed for by him on behalf
of the United States. Payments upon such subscription shall be subject to call
in whole or in part by the board of directors of the Corporation. Such stock shall
be in addition to the amount of capital stock required to be subscribed for by
Federal reserve banks and member and nonmember banks as hereinafter provided,
and the United States shall be entitled to the payment of dividends on such stock
to the same extent as member and nonmember banks are entitled to such payment on the class A stock of the Corporation held by them. Receipts for payments by the United States for or on account of such stock shall be issued by the
Corporation to the Secretary of the Treasury and shall be evidence of the stock
ownership of the United States.
"(d) The capital stock of the Corporation shall be divided into shares of $100
each. Certificates of stock of the Corporation shall be of two classes—class A
and class B. Class A stock shall be held by member and nonmember banks as
hereinafter
provided and they shall be entitled to payment of dividends out of
BANKING LEGISLATION IN 193 3
277
net earnings at the rate of 6 per centum per annum on the capital stock paid in by
them, which dividends shall be cumulative, or to the extent of 30 per centum of
such net earnings in any one year, whichever amount shall be the greater, but
such stock shall have no vote at meetings of stockholders. Class B stock shall
be held by Federal reserve banks only and shall not be entitled to the payment
of dividends. Every Federal reserve bank shall subscribe to shares of class B
stock in the Corporation to an amount equal to one half of the surplus of such
bank on January 1, 1933, and its subscriptions shall be accompanied by a certified
check payable to the Corporation in an amount equal to one half of such subscription. The remainder of such subscription shall be subject to call from time
to time by the board of directors upon ninety days' notice.
"(e) Every bank which is or which becomes a member of the Federal Reserve
System on or before July 1, 1934, shall take all steps necessary to enable it to
become a class A stockholder of the Corporation on or before July 1, 1934; and
thereafter no State bank or trust company or mutual savings bank shall be
admitted to membership in the Federal Reserve System until it becomes a class
A stockholder of the Corporation, no national bank in the continental United
States shall be granted a certificate by the Comptroller of the Currency authoriizing it to commence the business of banking until it becomes a member of the
Federal Reserve System and a class A stockholder of the Corporation, and no
national bank in the continental United States for which a receiver or conservator
has been appointed shall be permitted to resume the transaction of its banking
business until it becomes a class A stockholder of the Corporation. Every member bank shall apply to the Corporation for class A stock of the Corporation in
an amount equal to one half of 1 per centum of its total deposit liabilities as computed in accordance with regulations prescribed by the Federal Reserve Board;
except that in the case of a member bank organized after the date this section
takes effect, the amount of such class A stock applied for by such member bank
during the first twelve months after its organization shall equal 5 per centum of its
paid-up capital and surplus, and beginning after the expiration of such twelve
months' period the amount of such class A stock of such member bank shall be
adjusted annually in the same manner as in the case of other member banks.
Upon receipt of such application the Corporation shall request the Federal Reserve Board, in the case of a State member bank, or the Comptroller of the Currency, in the case of a national bank, to certify upon the basis of a thorough examination of such bank whether or not the assets of the applying bank are adequate
to enable it to meet all of its liabiHties to depositors and other creditors as shown
by the books of the bank; and the Federal Reserve Board or the Comptroller of
the Currency shall make such certification as soon as practicable. If such certification be in the affirmative, the Corporation shall grant such application and the
applying bank shall pay one half of its subscription in full and shall thereupon
become a class A stockholder of the Corporation: Provided, That no member
bank shall be required to make such payment or become a class A stockholder
of the Corporation before July 1, 1934. The remainder of such subscription
shall be subject to call from time to time by the board of directors of the Corporation. If such certification be in the negative, the Corporation shall deny such
application. If any national bank shall not have become a class A stockholder of
the Corporation on or before July 1, 1934, the Comptroller of the Currency shall
appoint a receiver or conservator therefor in accordance with the provisions of
existing law. Except as provided in subsection (g) of this section, if any State
member bank shall not have become a class A stockholder of the Corporation on
or before July 1, 1934, the Federal Reserve Board shall terminate its membership
in the Federal Reserve System in accordance with the provisions of section 9 of
this Act.
"(f) Any State bank or trust company or mutual savings bank which applies
for membership in the Federal Reserve System or for conversion into a national
banking association on or after July 1, 1936, may, with the consent of the Corporation, obtain the benefits of this section, pending action on such application, by
subscribing and paying for the same amount of stock of the Corporation as it
would be required to subscribe and pay for upon becoming a member bank.
Thereupon the provisions of this section applicable to member banks shall be
applicable to such State bank or trust company or mutual savings bank to the
same extent as if it were already a member bank: Provided, That if the application
of such State bank or trust company or mutual savings bank for membership in
the Federal Reserve System or for conversion into a national banking association be approved and it shall not complete its membership in the Federal Reserve
System or its conversion into a national banking association within a reasonable
time, or if such application shall be disapproved, then the amount paid by such
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ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD
State bank or trust company or mutual savings bank on account of its subscription to the capital stock of the Corporation shall be repaid to it and it shall no
longer be subject to the provisions or entitled to the privileges of this section.
" (g) If any State bank or trust company, or mutual savings bank (referred to
in this subsection as lState bank') which is or which becomes a member of the
Federal Reserve System is not permitted by the laws under which it was organized
to purchase stock in the Corporation, it shall apply to the Corporation for admission to the benefits of this section and, if such application be granted after appropriate certification in accordance with this section, it shall deposit with the
Corporation an amount equal to the amount which it would have been required
to pay in on account of a subscription to capital stock of the Corporation. Thereafter such deposit shall be adjusted in the same manner as subscriptions for stock
by class A stockholders. Such deposit shall be subject to the same conditions
with respect to repayment as amounts paid on subscriptions to class A stock by
other member banks and the Corporation shall pay interest thereon at the same
rate as dividends are actually paid on outstanding shares of class A stock. As long
as such deposit is maintained with the Corporation, such State bank shall, for the
purposes of this section, be deemed to be a class A stockholder of the Corporation.
If the laws under which such State bank was organized be amended so as to
authorize State banks to subscribe for class A stock of the Corporation, such
State bank shall within six months thereafter subscribe for an appropriate amount
of such class A stock and the deposit hereinafter provided for in lieu of payment
upon class A stock shall be applied upon such subscription. If the Jaw under
which such State bank was organized be not amended at the next session of the
State legislature following the admission of such State bank to the benefits of this
section so as to authorize State banks to purchase such class A stock, or, if the law
be so amended and such State bank shall fail within six months thereafter to
purchase such class A stock, the deposit previously made with the Corporation
shall be returned to such State bank and it shall no longer be entitled to the benefits of this section, unless it shall have been closed in the meantime on account of
inability to meet the demands of its depositors.
" (h) The amount of the outstanding class A stock of the Corporation held by
member banks shall be annually adjusted as hereinafter provided as of the last
preceding call date as member banks increase their time and demand deposits or
as additional banks become members or subscribe to the stock of the Corporation,
and such stock may be decreased in amount as member banks reduce their time
and demand deposits or cease to be members. Shares of the capital stock of the
Corporation owned by member banks shall not be transferred or hypothecated.
When a member bank increases its time and demand deposits it shall, at the beginning of each calendar year, subscribe for an additional amount of capital stock of
the Corporation equal to one half of 1 per centum of such increase in deposits.
One half of the amount of such additional stock shall be paid for at the time of the
subscription therefor, and the balance shall be subject to call by the board of
directors of the Corporation. A bank organized on or before the date this section
takes effect and admitted to membership in the Federal Reserve System at any
time after the organization of the Corporation shall be required to subscribe for
an amount of class A capital stock equal to one half of 1 per centum of the time
and demand deposits of the applicant bank as of the date of such admission,
paying therefor its par value plus one half of 1 per centum a month from the
period of the last dividend on the class A stock of the Corporation. When a
member bank reduces its time and demand deposits it shall surrender, not later
than the 1st day of January thereafter, a proportionate amount of its holdings
in the capital stock of the Corporation, and when a member bank voluntarily
liquidates it shall surrender all its holdings of the capital stock of the Corporation
and be released from its stock subscription not previously called. The shares so
surrendered shall be canceled and the member bank shall receive in payment
therefor, under regulations to be prescribed by the Corporation, a sum equal to
its cash-paid subscriptions on the shares surrendered and its proportionate share
of dividends not to exceed one half of 1 per centum a month, from the period of
the last dividend on such stock, less any liability of such member bank to the
Corporation.
" (i) If any member or nonmember bank shall be declared insolvent, or shall
cease to be a member bank (or in the case of a nonmember bank, shall cease to be
entitled to the benefits of insurance under this section), the stock held by it in
the Corporation shall be canceled, without impairment of the liability of such bank,
and all cash-paid subscriptions on such stock, with its proportionate share of
dividends not to exceed one half of 1 per centum per month from the period of
last dividend on such stock shall be first applied to all debts of the insolvent bank
BANKING LEGISLATION IN 19 3 3
279
or the receiver thereof to the Corporation, and the balance, if any, shall be paid
to the receiver of the insolvent bank.
"(j) Upon the date of enactment of the Banking Act of 1933, the Corporation
shall become a body corporate and as such shall have power—
" First. To adopt and use a corporate seal.
u
Second. To have succession until dissolved by an Act of Congress.
"Third. To make contracts.
" Fourth. To sue and be sued, complain and defend, in any court of law or
equity, State or Federal.
"Fifth. To appoint by its board of directors such officers and employees as are
not otherwise provided for in this section, to define their duties, fix their compensation, require bonds of them and fix the penalty thereof, and to dismiss at pleasure such officers or employees. Nothing in this or any other Act shall be construed
to prevent the appointment and compensation as an officer or employee of the
Corporation of any officer or employee of the United States in any board, commission, independent establishment, or executive department thereof.
"Sixth. To prescribe by its board of directors, bylaws not inconsistent with
law, regulating the manner in which its general business may be conducted, and
the privileges granted to it by law may be exercised and enjoyed.
"Seventh. To exercise by its board of directors, or duly authorized officers or
agents, all powers specifically granted by the provisions of this section and such
incidental powers as shall be necessary to carry out the powers so granted.
"(k) The board of directors shall administer the affairs of the Corporation
fairly and impartially and without discrimination. The board of directors of the
Corporation shall determine and prescribe the manner in which its obligations
shall be incurred and its expenses allowed and paid. The Corporation shall be
entitled to the free use of the United States mails in the same manner as the
executive departments of the Government. The Corporation with the consent
of any Federal reserve bank or of any board, commission, independent establishment, or executive department of the Government, including any field service
thereof, may avail itself of the use of information, services, and facilities thereof
in carrying out the provisions of this section.
"(1) Effective on and after July 1, 1934 (thus affording ample time for examination and preparation), unless the President shall by proclamation fix an earlier
date, the Corporation shall insure as hereinafter provided the deposits of all
member banks, and on and after such date and until Julyl, 1936, of all nonmember
banks, which are class A stockholders of the Corporation. Notwithstanding any
other provision of law, whenever any national bank which is a class A stockholder
of the Corporation shall have been closed by action of its board of directors or
by the Comptroller of the Currency, as the case may be, on account of inability to
meet the demands of its depositors, the Comptroller of the Currency shall appoint
the Corporation receiver for such bank. As soon as possible thereafter the Corporation shall organize a new national bank to assume the insured deposit liabilities of such closed bank, to receive new deposits and otherwise to perform temporarily the functions provided for it in this paragraph. For the purposes of
this subsection, the term 'insured deposit liability' shall mean with respect to the
owner of any claim arising out of a deposit liability of such closed bank the following percentages of the net amount due to such owner by such closed bank on
account of deposit liabilities: 100 per centum of such net amount not exceeding
$10,000; and 75 per centum of the amount, if any, by which such net amount
exceeds $10,000 but does not exceed $50,000; and 50 per centum of the amount,
if any, by which such net amount exceeds $50,000: Provided, That, in determining
the amount due to such owner for the purpose of fixing such percentage, there
shall be added together all net amounts due to such owner in the same capacity
or the same right, on account of deposits, regardless of whether such deposits
be maintained in his name or in the names of others for his benefit. For the
purposes of this subsection, the term 'insured deposit liabilities' shall mean the
aggregate amount of all such insured deposit liabilities of such closed bank. The
Corporation shall determine as expeditiously as possible the net amounts due to
depositors of the closed bank and shall make available to the new bank an amount
equal to the insured deposit liabilities of such closed bank, whereupon such new
bank shall assume the insured deposit liability of such closed bank to each of its
depositors, and the Corporation shall be subrogated to all rights against the closed
bank of the owners of such deposits and shall be entitled to receive the same dividends from the proceeds of the assets of such closed bank as would have been
payable to each such depositor until such dividends shall equal the insured de49753—M
19
280
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
posit liability to such depositor assumed by the new bank, whereupon all further
dividends shall be payable to such depositor. Of the amount thus made available
by the Corporation to the new bank, such portion shall be paid to it in cash as
may be necessary to enable it to meet immediate cash demands and the remainder
shall be credited to it on the books of the Corporation subject to withdrawal on
demand and shall bear interest at the rate of 3 per centum per annum until
withdrawn. The new bank may, with the approval of the Corporation, accept
new deposits, which, together with all amounts made available to the new bank
by the Corporation, shall be kept on hand in cash, invested in direct obligations
of the United States, or deposited with the Corporation or with a Federal reserve
bank. Such new bank shall maintain on deposit with the Federal reserve bank
of its district the reserves required by law of member banks but shall not be
required to subscribe for stock of the Federal reserve bank until its own capital
stock has been subscribed and paid for in the manner hereinafter provided. The
articles of association and organization certificate of such new bank may be executed by such representatives of the Corporation as it may designate; the new
bank shall not be required to have any directors at the time of its organization,
but shall be managed by an executive officer to be designated by the Corporation;
and no capital stock need be paid in by the Corporation; but in other respects
such bank shall be organized in accordance with the existing provisions of law
relating to the organization of national banks; and, until the requisite amount of
capital stock for such bank has been subscribed and paid for in the manner hereinafter provided, such bank shall transact no business except that authorized by
this subsection and such business as may be incidental to its organization. When
in the judgment of the Corporation it is desirable to do so, the Corporation shall
offer capital stock of the new bank for sale on such terms and conditions as the
Corporation shall deem advisable, in an amount sufficient in the opinion of the
Corporation to make possible the conduct of the business of the new bank on a
sound basis, but in no event less than that required by section 5138 of the Revised Statutes, as amended (U.S.C., title 12, sec. 51), for the organization of a
national bank in the place where such new bank is located, giving the stockholders
of the closed bank the first opportunity to purchase such stock. Upon proof
that an adequate amount of capital stock of the new bank has been subscribed
and paid for in cash by subscribers satisfactory to the Comptroller of the Currency,
he shall issue to such bank a certificate of authority to commence business and
thereafter it shall be managed by directors elected by its own shareholders and
may exercise all of the powers granted by law to national banking associations.
If an adequate amount of capital for such new bank is not subscribed and paid in,
the Corporation may offer to transfer its business to any other banking institution
in the same place which will take over its assets, assume its liabilities, and pay
to the Corporation for such business such amount as the Corporation may deem
adequate. Unless the capital stock of the new bank is sold or its assets acquired
and its liabilities assumed by another banking institution, in the manner herein
prescribed, within two years from the date of its organization, the Corporation
shall place the new bank in voluntary liquidation and wind up its affairs. The
Corporation shall open on its books a deposit insurance account, and as soon as
possible after taking possession of any closed national bank, the Corporation shall
make an estimate of the amount which will be available from all sources for
application in satisfaction of the portion of the claims of depositors to which it
has been subrogated and shall debit to such deposit insurance account the excess,
if any, of the amount made available by the Corporation to the new bank for
depositors over and above the amount of such estimate. It shall be the duty of
the Corporation to realize upon the assets of such closed bank, having due regard
to the conditions of credit in the district in which such closed bank is located; to
enforce the individual liability of the stockholders and directors thereof; and to
wind up the affairs of such closed bank in conformity with the provisions of law
relating to the liquidation of closed national banks, except as herein otherwise
provided, retaining for its own account such portion of the amount realized from
such liquidation as it shall be entitled to receive on account of its subrogation to
the claims of depositors and paying to depositors and other creditors the amount
available for distribution to them, after deducting therefrom their share of the
costs of the liquidation of the closed bank. If the total amount realized by the
Corporation on account of its subrogation to the claims of depositors be less than
the amount of the estimate hereinabove provided for, the deposit insurance account shall be charged with the deficiency and, if the total amount so realized
shall exceed the amount of such estimate, such account shall be credited with such
excess. With respect to such closed national banks, the Corporation shall have
all the rights, powers, and privileges now possessed by or hereafter given receivers
BANKING LEGISLATION IN 193 3
281
of insolvent national banks and shall be subject to the obligations and penalties
not inconsistent with the provisions of this paragraph to which such receivers
are now or may hereafter become subject.
"Whenever any State member bank which is a class A stockholder of the
Corporation shall have been closed by action of its board of directors or by the
appropriate State authority, as the case may be, on account of inability to meet
the demands of its depositors, the Corporation shall accept appointment as receiver thereof, if such appointment be tendered by the appropriate State
authority and be authorized or permitted by State law. Thereupon the Corporation shall organize a new national bank, in accordance with the provisions of this
subsection, to assume the insured deposit liabilities of such closed State member
bank, to receive new deposits and otherwise to perform temporarily the functions
provided for in this subsection. Upon satisfactory recognition of the right of
the Corporation to receive dividends on the same basis as in the case of a closed
national bank under this subsection, such recognition being accorded by State
law, by allowance of claims by the appropriate State authority, by assignment of
claims by depositors, or by any other effective method, the Corporation shall make
available to such new national bank, in the manner prescribed by this subsection,
an amount equal to the insured deposit liabilities of such closed State member
bank; and the Corporation and such new national bank shall perform all of the
functions and duties and shall have all the rights and privileges with respect to
such State member bank and the depositors thereof which are prescribed by this
subsection with respect to closed national banks holding class A stock in the
Corporation: Provided, That the rights of depositors and other creditors of such
State member bank shall be determined in accordance with the applicable provisions of State law: And provided further, That, with respect to such State member
bank, the Corporation shall possess the powers and privileges provided by State
law with respect to a receiver of such State member bank, except in so far as the
same are in conflict with the provisions of this subsection.
"Whenever any State member bank which is a class A stockholder of the
Corporation shall have been closed by action of its board of directors or by the
appropriate State authority, as the case may be, on account of inability to meet
the demands of its depositors, and the applicable State law does not permit the
appointment of the Corporation as receiver of such bank, the Corporation shall
organize a new national bank, in accordance with the provisions of this subsection,
to assume the insured deposit liabilities of such closed State member bank, to
receive new deposits, and otherwise to perform temporarily the functions provided
for in this subsection. Upon satisfactory recognition of the right of the Corporation to receive dividends on the same basis as in the case of a closed national bank
under this subsection, such recognition being accorded by State law, by allowance
of claims by the appropriate State authority, by assignment of claims by depositors, or by any other effective method, the Corporation shall make available
to such new bank, in accordance with the provisions of this subsection, the amount
of insured deposit liabilities as to which such recognition has been accorded; and
such new bank shall assume such insured deposit liabilities and shall in other
respects comply with the provisions of this subsection respecting new banks
organized to assume insured deposit liabilities of closed national banks. In so far
as possible in view of the applicable provisions of State law, the Corporation shall
proceed with respect to the receiver of such closed bank and with respect to the
new bank organized to assume its insured deposit liabilities in the manner prescribed by this subsection with respect to closed national banks and new banks
organized to assume their insured deposit liabilities; except that the Corporation
shall have none of the powers, duties, or responsibilities of a receiver with respect
to the winding up of the affairs of such closed State member bank. The Corporation, in its discretion, however, may purchase and liquidate any or all of the assets
of such bank.
\
"Whenever the net debit balance of the deposit insurance account of the
Corporation shall equal or exceed one fourth of 1 per centum of the total deposit
liabilities of all class A stockholders as of the date of the last preceding call report,
the Corporation shall levy upon such stockholders an assessment equal to one
fourth of 1 per centum of their total deposit liabilities and shall credit the amount
collected from such assessment to such deposit insurance account. No bank
which is a holder of class A stock shall pay any dividends until all assessments
levied upon it by the Corporation shall have been paid in full; and any director
or officer of any such bank who participates in the declaration or payment of
any such dividend may, upon conviction, be fined not more than $1,000, or
imprisoned for not more than one year, or both.
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
"The term 'receiver' as used in this section shall mean a receiver, liquidating
agent, or conservator of a national bank, and a receiver, liquidating agent, conservator, commission, person, or other agency charged by State law with the
responsibility and the duty of winding up the affairs of an insolvent State member
bank.
"For the purposes of this section only, the term 'national bank' shall include
all national banking associations and all banks, banking associations, trust
companies, savings banks, and other banking institutions located in the District
of Columbia which are members of the Federal Reserve System; and the term
'State member bank' shall include all State banks, banking associations, trust
companies, savings banks, and other banking institutions organized under the
laws of any State, which are members of the Federal Reserve System.
"In any determination of the insured deposit liabilities of any closed bank or
of the total deposit liabilities of any bank which is a holder of class A stock of the
Corporation, or a member of the Fund provided for in subsection (y), for the
purposes of this section, there shall be excluded the amounts of all deposits of
such bank which are payable only at an office thereof located in a foreign country.
"The Corporation may make such rules, regulations, and contracts as it may
deem necessary in order to carry out the provisions of this section.
" Money of the Corporation not otherwise employed shall be invested in securities of the Government of the United States, except that for temporary periods,
in the discretion of the board of directors, funds of the Corporation may be deposited in any Federal reserve bank or with the Treasurer of the United States.
When designated for that purpose by the Secretary of the Treasury, the Corporation shall be a depositary of public moneys, except receipts from customs, under
such regulations as may be prescribed by the said Secretary, and may also be
employed as a financial agent of the Government. It shall perform all such reasonable duties as depositary of public moneys and financial agent of the Government as may be required of it.
" (m) Nothing herein contained shall be construed to prevent the Corporation
from making loans to national banks closed by action of the Comptroller of the
Currency, or by vote of their directors, or to State member banks closed by action
of the appropriate State authorities, or by vote of their directors, or from entering
into negotiations to secure the reopening of such banks.
" (n) Receivers or liquidators of member banks which are now or may hereafter
become insolvent or suspended shall be entitled to offer the assets of such banks
for sale to the Corporation or as security for loans from the Corporation, upon
receiving permission from the appropriate State authority in accordance with
express provisions of State law in the case of State member banks, or from the
Comptroller of the Currency in the case of national banks. The proceeds of
every such sale or loan shall be utilized for the same purposes and in the same
manner as other funds realized from the liquidation of the assets of such banks.
The Comptroller of the Currency may, in his discretion, pay dividends on proved
claims at any time after the expiration of the period of advertisement made
pursuant to section 5235 of the Revised Statutes (U.S.C., title 12, sec. 193), and
no liability shall attach to the Comptroller of the Currency or to the receiver of
any national bank by reason of any such payment for failure to pay dividends to a
claimant whose claim is not proved at the time of any such payment.
" (o) The Corporation is authorized and empowered to issue and to have
outstanding at any one time in an amount aggregating not more than three times
the amount of its capital, its notes, debentures, bonds, or other such obligations,
to be redeemable at the option of the Corporation before maturity in such manner
as may be stipulated in such obligations, and to bear such rate or rates of interest,
and to mature at such time or times as may be determined by the Corporation:
Provided, That the Corporation may sell on a discount basis short-term obligations payable at maturity without interest. The notes, debentures, bonds, and
other such obligations of the Corporation may be secured by assets of the Corporation in such manner as shall be prescribed by its board of directors. Such
obligations may be offered for sale at such price or prices as the Corporation may
determine.
" (p) All notes, debentures, bonds, or other such obligations issued by the
Corporation shall be exempt, both as to principal and interest, from all taxation
(except estate and inheritance taxes) now or hereafter imposed by the United
States, by any Territory, dependency, or possession thereof, or by any State,
county, municipality, or local taxing authority. The Corporation, including its
franchise, its capital, reserves, and surplus, and its income, shall be exempt from
all taxation now or hereafter imposed by the United States, by any Territory,
dependency, or possession thereof, or by any State, county, municipality, or local
BANKING LEGISLATION IN 193 3
28e3
taxing authority, except that any real property of the Corporation shall be subject
to State, Territorial, county, municipal or local taxation to the same extent according to its value as other real property is taxed.
" (q) In order that the Corporation may be supplied with such forms of notes,
debentures, bonds, or other such obligations as it may need for issuance under
this Act, the Secretary of the Treasury is authorized to prepare such forms as
shall be suitable and approved by the Corporation, to be held in the Treasury
subject to delivery, upon order of the Corporation. The engraved plates, diesy
bed pieces, and other material executed in connection therewith shall remain in the
custody of the Secretary of the Treasury. The Corporation shall reimburse the
Secretary of the Treasury for any expenses incurred in the preparation, custody,
and delivery of such notes, debentures, bonds, or other such obligations.
"(r) The Corporation shall annually make a report of its operations to the
Congress as soon as practicable after the 1st day of January in each year.
" (s) Whoever, for the purpose of obtaining any loan from the Corporation,
or any extension or renewal thereof, or the acceptance, release, or substitution of
security therefor, or for the purpose of inducing the Corporation to purchase any
assets, or for the purpose of influencing in any way the action of the Corporation
under this section, makes any statement, knowing it to be false, or willfully overvalues any security, shall be punished by a fine of not more than $5,000, or by
imprisonment for not more than two years, or both.
" (t) Whoever (1) falsely makes, forges, or counterfeits any obligation or coupon,
in imitation of or purporting to be an obligation or coupon issued by the Corporation, or (2) passes, utters, or publishes, or attempts to pass, utter, or publish,
any false, forged, or counterfeited obligation or coupon purporting to have been
issued by the Corporation, knowing the same to be false, forged, or counterfeited, or (3) falsely alters any obligation or coupon issued or purporting to have
been issued by the Corporation, or (4) passes, utters, or publishes, or attempts to
pass, utter, or publish, as true, any falsely altered or spurious obligation or
coupon, issued or purporting to have been issued by the Corporation, knowing the
same to be falsely altered or spurious, shall be punished by a fine of not more
than $10,000, or by imprisonment for not more than five years, or both.
"(u) Whoever, being connected in any capacity with the Corporation, (1)
embezzles, abstracts, purloins, or willfully misapplies any moneys, funds, securities, or other things of value, whether belonging to it or pledged, or otherwise
intrusted to it, or (2) with intent to defraud the Corporation or any other body,
politic or corporate, or any individual, or to deceive any officer, auditor, or
examiner of the Corporation, makes any false entry in any book, report, or statement of or to the Corporation, or without being duly authorized draws any order
or issues, puts forth, or assigns any note, debenture, bond, or other such obligation, or draft, bill of exchange, mortgage, judgment, or decree thereof, shall be
punished by a fine of not more than $10,000, or by imprisonment for not more
than five years, or both.
" (v) No individual, association, partnership, or corporation shall use the words
'Federal Deposit Insurance Corporation', or a combination or any three of these
four words, as the name or a part thereof under which he or it shall do business.
No individual, association, partnership, or corporation shall advertise or otherwise
represent falsely by any device whatsoever that his or its deposit liabilities are
insured or in anywise guaranteed by the Federal Deposit Insurance Corporation,
or by the Government of the United States, or by any instrumentality thereof;
and no class A stockholder of the Federal Deposit Insurance Corporation shall
advertise or otherwise represent falsely by any device whatsoever the extent to
which or the manner in which its deposit liabilities are insured by the Federal
Deposit Insurance Corporation. Every individual, partnership, association, or
corporation violating this subsection shall be punished by a fine of not exceeding
$1,000, or by imprisonment not exceeding one year, or both.
" (w) The provisions of sections 112, 113, 114, 115, 116, and 117 of the Criminal
Code of the United States (U.S.C., title 18, ch. 5, sees. 202 to 207, inclusive),
in so far as applicable, are extended to apply to contracts or agreements with the
Corporation under this section, which for ^the purposes hereof shall be held to
include loans, advances, extensions, and renewals thereof, and acceptances,
releases, and substitutions of security therefor, purchases or sales of assets, and
all contracts and agreements pertaining to the same.
" (x) The Secret Service Division of the Treasury Department is authorized to
detect, arrest, and deliver into the custody of the United States marshal having
jurisdiction any person committing any of the offenses punishable under this
section.
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
" (y) The Corporation shall open on its books a Temporary Federal Deposit
Insurance Fund (hereinafter referred to as the 'Fund'), which shall become
operative on January 1, 1934, unless the President shall by proclamation fix an
earlier date, and it shall be the duty of the Corporation to insure deposits as
hereinafter provided until July 1, 1934.
"Each member bank licensed before January 1, 1934, by the Secretary of the
Treasury pursuant to the authority vested in him by the Executive order of the
President issued March 10, 1933, shall, on or before January 1, 1934, become a
member of the Fund; each member bank so licensed after such date, and each
State bank trust company or mutual savings bank (referred to in this subsection
as 'State bank', which term shall also include all banking institutions located in
the District of Columbia) which becomes a member of the Federal Reserve
System on or after such date, shall, upon being so licensed or so admitted to
membership, become a member of the Fund; and any State bank which is not a
member of the Federal Reserve System, with the approval of the authority
having supervision of such State bank and certification to the Corporation bysuch authority that such State bank is in solvent condition, shall, after examination by, and with the approval of, the Corporation, be entitled to become a
member of the Fund and to the privileges of this subsection upon agreeing to
comply with the requirements thereof and upon paying to the Corporation an
amount equal to the amount that would be required of it under this subsection
if it were a member bank. The Corporation is authorized to prescribe rules and
regulations for the further examination of such State bank, and to fix the compensation of examiners employed to make examinations of State banks.
"Each member of the Fund shall file with the Corporation on or before the
date of its admission a certified statement under oath showing, as of the fifteenth
day of the month preceding the month in which it was so admitted, the number
of its depositors and the total amount of its deposits which are eligible for insurance under this subsection, and shall pay to the Corporation an amount equal
to one-half of 1 per centum of the total amount of the deposits so certified.
One-half of such payment shall be paid in full at the time of the admission of such
member to the Fund, and the remainder of such payment shall be subject to call
from time to time by the board of directors of the Corporation. Within a reasonable time fixed by the Corporation each such member shall file a similar statement showing, as of June 15, 1934, the number of its depositors arid the total
amount of its deposits which are eligible for such insurance and shall pay to the
Corporation in the same manner an amount equal to one-half of 1 per centum of
the increase, if any, in the total amount of such deposits since the date covered by
the statement filed upon its admission to membership in the fund.
"If at any time prior to July 1, 1934, the Corporation requires additional funds
with which to meet its obligations under this subsection, each member of the
Fund shall be subject to one additional assessment only in an amount not exceeding the total amount theretofore paid to the Corporation by such member.
"If any member of the Fund shall be closed on or before June 30, 1934, on
account of inability;- to meet its deposit liabilities, the Corporation shall proceed
in accordance with the provisions of subsection (1) of this section to pa}^ the
insured deposit liabilities of such member; except that the Corporation shall pay
not more than $2,500 on account of the net approved claim of the owner of any
deposit. The provisions of such subsection (1) relating to State member banks
shall be extended for the purposes of this subsection to members of the Fund
which are not members of the Federal Reserve System; and the provisions of this
subsection shall apply only to deposits of members of the Fund which have been
made available since March 10, 1933, for withdrawal in the usual course of the
banking business.
"Before July 1, 1934, the Corporation shall make an estimate of the balance,
if any, which will remain in the Fund after providing for all liabilities of the
Fund, including expenses of operation thereof under this subsection and allowing
for anticipated recoveries. The Corporation shall refund such estimated balance,
on such basis as the Corporation shall find to be equitable, to the members of the
Fund other than those which have been closed prior to July 1, 1934.
"Each State bank which is a member of the Fund, in order to obtain the
benefits of this section after July 1, 1934, shall, on or before such date, subscribe
nnd pay for the same amount of class A stock of the Corporation as it would be
required to subscribe and pay for upon becoming a member bank, or if such State
bank is not permitted by the laws under which it was organized to purchase such
stock, it shall deposit with the Corporation an amount equal to the amount it
would have been required to pay in on account of a subscription to such stock;
and thereafter such State bank shall be entitled to such benefits until July 1, 1936.
BANKING LEGISLATION IN 19 3 3
285
" I t is not the purpose of this section to discriminate, in any manner, against
State nonmember, and in favor of, national or member banks; but the purpose is
to provide all banks with the same opportunity to obtain and enjoy the benefits
of this section. No bank shall be discriminated against because its capital stock
is less than the amount required for eligibility for admission into the Federal
Reserve System.'7
SEC. 9. The eighth paragraph of section 13 of the Federal Reserve Act, as
amended (U.S.C., title 12, sec. 347; Supp. VI, title 12, sec. 347), is amended to
read as follows:
"Any Federal reserve bank may make advances for periods not exceeding
fifteen days to its member banks on their promissory notes secured by the deposit
or pledge of bonds, notes, certificates of indebtedness, or Treasury bills of the
United States, or by the deposit or pledge of debentures or other such obligations
of Federal intermediate credit banks which are eligible for purchase by Federal
reserve banks under section 13 (a) of this Act; and any Federal reserve bank may
make advances for periods not exceeding ninety days to its member banks on
their promissory notes secured by such notes, drafts, bills of exchange, or bankers'
acceptances as are eligible for rediscount or for purchase by Federal reserve banks
under the provisions of this Act. All such advances shall be made at rates to
be established by such Federal reserve banks, such rates to be subject to the
review and determination of the Federal Reserve Board. If any member bank to
which any such advance has been made shall, during the life or continuance of
such advance, and despite an official warning of the reserve bank of the district
or of the Federal Reserve Board to the contrary, increase its outstanding loans
secured by collateral in the form of stocks, bonds, debentures, or other such
obligations, or loans made to members of any organized stock exchange, investment house, or dealer in securities, upon any obligation, note, or bill, secured or
unsecured, for the purpose of purchasing and/or carrying stocks, bonds, or other
investment securities (except obligations of the United States) such advance
shall be deemed immediately due and payable, and such member bank shall be
ineligible as a borrower at the reserve bank of the district under the provisions
of this paragraph for such period as the Federal Reserve Board shall determine:
Provided, That no temporary carrying or clearance loans made solely for the
purpose of facilitating the purchase or delivery of securities offered for public
subscription shall be included in the loans referred to in this paragraph."
SEC. 10. Section 14 of the Federal Reserve Act, as amended (U.S.C., title 12,
sees. 353-358), is amended by adding at the end thereof the following new
paragraph:
"(g) The Federal Reserve Board shall exercise special supervision over all
relationships and transactions of any kind entered into by any Federal reserve
bank with any foreign bank or banker, or with any group of foreign banks or
bankers, and all such relationships and transactions shall be subject to such
regulations, conditions, and limitations as the Board may prescribe. No officer
or other representative of any Federal reserve bank shall conduct negotiations
of any kind with the officers or representatives of any foreign bank or banker
without first obtaining the permission of the Federal Reserve Board. The
Federal Reserve Board shall have the right, in its discretion, to be represented in
any conference or negotiations by such representative or representatives as the
Board may designate. A full report of all conferences or negotiations, and all
understandings or agreements arrived at or transactions agreed upon, and all
other material facts appertaining to such conferences or negotiations, shall be
filed with the Federal Reserve Board in writing by a duly authorized officer of
each Federal reserve bank which shall have participated in such conferences or
negotiations."
SEC. 11. (a) Section 19 of the Federal Reserve Act, as amended (U.S.C.,
title 12, sees. 142, 374, 461-466; Supp. VI, title 12, sec. 462a), is amended by
inserting after the sixth paragraph thereof the following new paragraph:
"No member bank shall act as the medium or agent of any nonbanking corporation, partnership, association, business trust, or individual in making loans
on the security of stocks, bonds, and other investment securities to brokers or
dealers in stocks, bonds, and other investment securities. Every violation of this
provision by any member bank shall be punishable by a fine of not more than $100
per day during the continuance of such violation; and such fine may be collected, by suit or otherwise, by the Federal reserve bank of the district in which
such member bank is located."
(b) Such section 19 of the Federal Reserve Act, as amended, is further amended
by adding at the end thereof the following new paragraphs:
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ANNUAL BEPOKT OF THE FEDERAL RESERVE BOARD
"No member bank shall, directly or indirectly by any device whatsoever, pay
any interest on any deposit which is payable on demand: Provided, That nothing
herein contained shall be construed as prohibiting the payment of interest in
accordance with the terms of any certificate of deposit or other contract heretofore
entered into in good faith which is in force on the date of the enactment of this
paragraph; but no such certificate of deposit or other contract shall be renewed
or extended unless it shall be modified to conform to this paragraph, and every
member bank shall take such action as may be necessary to conform to this
paragraph as soon as possible consistently with its contractual obligations:
Provided, however, That this paragraph shall not apply to any deposit of such bank
which is payable only at an office thereof located in a foreign country, and shall
not apply to any deposit made by a mutual savings bank, nor to any deposit of
public funds made by or on behalf of any State, county, school district, or other
subdivision or municipality, with respect to which payment of interest is required
under State law.
"The Federal Reserve Board shall from time to time limit by regulation the
rate of interest which may be paid by member banks on time deposits, and may
prescribe different rates for such payment on time and savings deposits having
different maturities or subject to different conditions respecting withdrawal or
repayment or subject to different conditions by reason of different locations. No
member bank shall pay any time deposit before its maturity, or waive any requirement of notice before payment of any savings deposit except as to all savings
deposits having the same requirement."
(c) Section 8 of the Act entitled l ' An Act to establish postal savings depositories
for depositing savings at interest with the security of the Government for repayment thereof, and for other purposes", approved June 25, 1910, as amended
(U.S.C., title 39, sec. 758), is amended by striking out the first sentence thereof and
inserting in lieu thereof the following: "Any depositor may withdraw the whole
or any part of the funds deposited to his or her credit with the accrued interest
only on notice given sixty days in advance and under such regulations as the
Postmaster General may prescribe; but withdrawal of any part of such funds may
be made upon demand, but no interest shall be paid on any funds so withdrawn
except interest accrued to the date of enactment of the Banking Act of 1933:
Provided, That Postal Savings depositories may deposit funds in member banks
on time under regulations to be prescribed by the Postmaster General."
(d) The second sentence of section 9 of the Act entitled "An Act to establish postal savings depositories for depositing savings at interest with the security
of the Government for repayment thereof, and for other purposes", approved
June 25, 1910, as amended (U.S.C., title 39, sec. 759), is amended by striking
out the period at the end thereof and inserting in lieu thereof a colon and the
following: "Provided, That no such security shall be required in case of such part
of the deposits as are insured under section 12B of the Federal Reserve Act, as
amended."
SEC. 12. Section 22 of the Federal Reserve Act, as amended (U.S.C., title 12,
sees. 375, 376, 503, 593-595; Supp. VI, title 12, sec. 593), is further amended by
adding at the end thereof the following new paragraph:
"(g) No executive officer of any member bank shall borrow from or otherwise become indebted to any member bank of which he is an executive officer,
and no member bank shall make any loan or extend credit in any other manner
to any of its own executive officers: Provided, That loans heretofore made to any
such officer may be renewed or extended not more than two years from the date
this paragraph takes effect, if in accord with sound banking practice. If any
executive officer of any member bank borrow from or if he be or become indebted
to any bank other than a member bank of which he is an executive officer, he
shall make a written report to the chairman of the board of directors of the member
bank of which he is an executive officer, stating the date and amount of such
loan or indebtedness, the security therefor, and the purpose for which the proceeds have been or are to be used. Any executive officer of any member bank
violating the provisions of this paragraph shall be deemed guilty of a misdemeanor and shall be imprisoned not exceeding one year, or fined not more than
$5,000, or both; and any member bank violating the provisions of this paragraph
shall be fined not more than $10,000, and may be fined a further sum equal to the
amount so loaned or credit so extended."
SEC. 13. The Federal Reserve Act, as amended, is amended by inserting
between sections 23 and 24 thereof (U.S.C., title 12, sees. 64 and 371; Supp. VI,
title 12, sec. 371) the following new section:
"SEC. 23A. NO member bank shall (1) make any loan or any extension of
Digitized forcredit to, or purchase securities under repurchase agreement from, any of its
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BANKING LEGISLATION IN 193 3
287
affiliates, or (2) invest any of its funds in the capital stock, bonds, debentures, or
other such obligations of any such affiliate, or (3) accept the capital stock, bonds,
debentures, or other such obligations of any such affiliate as collateral security
for advances made to any person, partnership, association, or corporation, if,
in the case of any such affiliate, the aggregate amount of such loans, extensions
of credit, repurchase agreements, investments, and advances against such collateral security will exceed 10 per centum of the capital stock and surplus of such
member bank, or if, in the case of all such affiliates, the aggregate amount of
such loans, extensions of credits, repurchase agreements, investments, and advances against such collateral security will exceed 20 per centum of the capital
stock and surplus of such member bank.
" Within the foregoing limitations, each loan or extension of credit of any
kind or character to an affiliate shall be secured by collateral in the form of
stocks, bonds, debentures, or other such obligations having a market value at
the time of making the loan or extension of credit of at least 20 per centum
more than the amount of the loan or extension of credit, or of at least 10 per
centum more than the amount of the loan or extension of credit if it is secured
by obligations of any State, or of any political subdivision or agency thereof:
Provided, That the provisions of this paragraph shall not apply to loans or extensions of credit secured by obligations of the United States Government, the
Federal intermediate credit banks, the Federal land banks, the Federal Home
Loan Banks, or the Home Owners' Loan Corporation, or by such notes, drafts,
bills of exchange, or bankers' acceptances as are eligible for rediscount or for
purchase by Federal reserve banks. A loan or extension of credit to a director
officer, clerk, or other employee or any representative of any such affiliate shall
be deemed a loan to the affiliate to the extent that the proceeds of such loan are
used for the benefit of, or transferred to, the affiliate.
"For the purposes of this section the term 'affiliate' shall include holding
company affiliates as well as other affiliates, and the provisions of this section
shall not apply to any affiliate (1) engaged solely in holding the bank premises of
the member bank with which it is affiliated, (2) engaged solely in conducting a
safe-deposit business or the business of an agricultural credit corporation or
livestock loan company, (3) in the capital stock of which a national banking association is authorized to invest pursuant to section 25 of the Federal Reserve Act,
as amended, (4) organized under section 25 (a) of the Federal Reserve Act, as
amended, or (5) engaged solely in holding obligations of the United States
Government, the Federal intermediate credit banks, the Federal land banks, the
Federal Home Loan Banks, or the Home Owners' Loan Corporation; but as to
any such affiliate, member banks shall continue to be subject to other provisions
of law applicable to loans by such banks and investments by such banks in
stocks, bonds, debentures, or other such obligations."
SEC. 14. The Federal Reserve Act, as amended, is amended by inserting between section 24 and section 25 thereof (U.S.C., title 12, sees. 371 and 601-605;
Supp. VI, title 12, sec. 371) the following new section:
"SEC. 24A. Hereafter no national bank, without the approval of the Comptroller of the Currency, and no State member bank, without the approval of the
Federal Reserve Board, shall (1) invest in bank premises, or in the stock, bonds,
debentures, or other such obligations of any corporation holding the premises of
such bank or (2) make loans to or upon the security of the stock of any such corporation, if the aggregate of all such investments and loans will exceed the amount
of the capital stock of such bank."
SEC. 15. The Federal Reserve Act, as amended, is further amended by inserting after section 25 (a) thereof (U.S.C., title 12, sec. 611-631) the following new
section:
"SEC. 25. (b) Notwithstanding any other provision of law all suits of a civ 1
nature at common law or in equity to which any corporation organized under the
laws of the United States shall be a party, arising out of transactions involving
international or foreign banking, or banking in a dependency or insular possession
of the United States, or out of other international or foreign financial operations,
either directly or through the agency, ownership, or control of branches or local
institutions in dependencies or insular possessions of the United States or in
foreign countries, shall be deemed to arise under the laws of the United States,
and the district courts of the LJnited States shall have original jurisdiction of all
such suits; and any defendant in any such suit may, at any time before the trial
thereof, remove such suits from a State court into the district court of the United
States for the proper district by following the procedure for the removal of causes
otherwise provided by law. Such removal shall not cause undue delay in the
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
trial of such case and a case so removed shall have a place on the calendar of the
United States court to which it is removed relative to that which it held on the
State court from which it was removed.
" Notwithstanding any other provision of law, all suits of a civil nature at
common law or in equity to which any Federal Reserve bank shall be a party
shall be deemed to arise under the laws of the United States, and the district
courts of the United States shall have original jurisdiction of all such suits; and
any Federal Reserve bank which is a defendant in any such suit may, at any time
before the trial thereof, remove such suit from a State court into the district
court of the United States for the proper district by following the procedure for
the removal of causes otherwise provided by law. No attachment or execution
shall be issued against any Federal Reserve bank or its property before final
judgment in any suit, action, or proceeding in any State, county, municipal, or
United States court."
SEC. 16. Paragraph "Seventh" of section 5136 of the Revised Statutes, as
amended (U.S.C., title 12, sec. 24; Supp. VI, title 12, sec. 24), is amended to read
as follows:
"Seventh. To exercise by its board of directors or duly authorized officers or
agents, subject to law, all such incidental powers as shall be necessary to carry on
the business of banking; by discounting and negotiating promissory notes, drafts,
bills of exchange, and other evidences of debt; by receiving deposits; by buying
and selling exchange, coin, and bullion; by loaning money on personal security;
and by obtaining, issuing, and circulating notes according to the provisions of
this title. The business of dealing in investment securities by the association
shall be limited to purchasing and selling such securities without recourse, solely
upon the order, and for the account of, customers, and in no case for its own account, and the association shall not underwrite any issue of securities: Provided,
That the association may purchase for its own account investment securities
under such limitations and restrictions as the Comptroller of the Currency may
by regulation prescribe, but in no event (1) shall the total amount of any issue of
investment securities of any one obligor or maker purchased after this section as
amended takes effect and held by the association for its own account exceed at
any time 10 per centum of the total amount of such issue outstanding, but this
limitation shall not apply to any such issue the total amount of which does not
exceed $100,000 and does not exceed 50 per centum of the capital of the association, nor (2) shall the total amount of the investment securities of any one obligor
or maker purchased after this section as amended takes effect and held by the
association for its own account exceed at any time 15 per centum of the amount
of the capital stock of the association actually paid in and unimpaired and 25
per centum of its unimpaired surplus fund. As used in this section the term
'investment securities' shall mean marketable obligations evidencing indebtedness of any person, copartnership, association, or corporation in the form of
bonds, notes and/or debentures commonly known as investment securities under
such further definition of the term ' investment securities' as may by regulation be
prescribed by the Comptroller of the Currency. Except as hereinafter provided or
otherwise permitted by law, nothing herein contained shall authorize the purchase
by the association of any shares of stock of any corporation. The limitations
and restrictions herein contained as to dealing in, underwriting and purchasing
for its own account, investment securities shall not apply to obligations of the
United States, or general obligations of any State or of any political subdivision
thereof, or obligations issued under authority of the Federal Farm Loan Act, as
amended, or issued by the Federal Home Loan Banks or the Home Owners'
Loan Corporation: Provided, That in carrying on the business commonly known
as the safe-deposit business the association shall not invest in the capital stock of
a corporation organized under the law of any State to conduct a safe-deposit
business in an amount in excess of 15 per centum of the capital stock of the association actually paid in and unimpaired and 15 per centum of its unimpaired
surplus."
The restrictions of this section as to dealing in investment securities shall take
effect one year after the date of the approval of this Act.
SEC. 17. (a) Section 5138 of the Revised Statutes, as amended (U.S.C., title 12,
sec. 51; Supp. VI, title 12, sec. 51), is amended to read as follows:
"SEC. 5138. After this section as amended takes effect, no national banking
association shall be organized with a less capital than $100,000, except that such
associations with a capital of not less than $50,000 may be organized in any place
the population of which does not exceed six thousand inhabitants. No such
association shall be organized in a city the population of which exceeds fifty
thousand persons with a capital of less than $200,000, except that in the outlying
BANKING LEGISLATION IN 193 3
289
districts of such a city where the State laws permit the organization of State banks
with a capital of $100,000 or less, national banking associations now organized or
hereafter organized may, with the approval of the Comptroller of the Currency,
have a capital of not less than $100,000."
(b) The tenth paragraph of section 9 of the Federal Reserve Act, as amended
(U.S.C., title 12, sec. 329), is amended to read as follows:
"No applying bank shall be admitted to membership in a Federal reserve bank
unless it possesses a paid-up unimpaired capital sufficient to entitle it to become
a national banking association in the place where it is situated under the provisions of the National Bank Act, as amended: Provided, That this paragraph shall
not apply to State banks and trust companies organized prior to the date this
paragraph as amended takes effect and situated in a place the population of which
does not exceed three thousand inhabitants and having a capital of not less than
$25,000, nor to any State bank or trust company which is so situated and which,
while it is entitled to the benefits of insurance under section 12B of this Act,
increases its capital to not less than $25,000."
SEC. 18. Section 5139 of the Revised Statutes, as amended (U.S.C., title 12,
sec. 52; Supp. VI, title 12, sec. 52), is amended by adding at the end thereof the
following new paragraph:
" After one year from the date of the enactment of the Banking Act of 1933,
no certificate representing the stock of any such association shall represent the
stock of any other corporation, except a member bank or a corporation existing
on the date this paragraph takes effect engaged solety in holding the bank
premises of such association, nor shall the ownership, sale, or transfer of any
certificate representing the stock of any such association be conditioned in any
manner whatsoever upon the ownership, sale, or transfer of a certificate representing the stock of any other corporation, except a member bank."
SEC. 19. Section 5144 of the Revised Statutes, as amended (U.S.C., title 12,
sec. 61), is amended to read as follows:
"SEC. 5144. In all elections of directors, each shareholder shall have the right
to vote the number of shares owned by him for as many persons as there are
directors to be elected, or to cumulate such shares and give one candidate as
many votes as the number of directors multiplied by the number of his shares
shall equal, or to distribute them on the same principle among as many candidates as he shall think fit; and in deciding all other questions at meetings of
shareholders, each shareholder shall be entitled to one vote on each share of
stock held by him; except (1) that shares of its own stock held by a national
bank as sole trustee shall not be voted, and shares of its own stock held by a
national bank and one or more persons as trustees may be voted by such other
person or persons, as trustees, in the same manner as if he or they were the sole
trustee, and (2) shares controlled by any holding company affiliate of a national
bank shall not be voted unless such holding company affiliate shall have first
obtained a voting permit as hereinafter provided, which permit is in force at the
time such shares are voted. Shareholders may vote by proxies duly authorized
in writing; but no officer, clerk, teller, or bookkeeper of such bank shall act as
proxy; and no shareholder whose liability is past due and unpaid shall be allowed
to vote.
"For the purposes of this section shares shall be deemed to be controlled by a
holding company affiliate if they are owned or controlled directly or indirectly
by such holding company affiliate, or held by any trustee for the benefit of the
shareholders or members thereof.
"Any such holding company affiliate may make application to the Federal
Reserve Board for a voting permit entitling it to cast one vote at all elections of
directors and in deciding all questions at meetings of shareholders of such bank
on each share of stock controlled by it or authorizing the trustee or trustees
holding the stock for its benefit or for the benefit of its shareholders so to vote
the same. The Federal Reserve Board may, in its discretion, grant or withhold such permit as the public interest may require. In acting upon such application, the Board shall consider the financial condition of the applicant, the
general character of its management, and the probable effect of the granting of
such permit upon the affairs of such bank, but no such permit shall be granted
except upon the following; conditions:
"(a) Every such holding company affiliate shall, in making; the application
for such permit, agree (1) to receive, on dates identical with those fixed for the
examination of banks with which it is affiliated, examiners duly authorized to
examine such banks, who shall make such examinations of such holding company
affiliate as shall be necessary to disclose fully the relations between such banks
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
and such holding company affiliate and the effect of such relations upon the
affairs of such banks, such examinations to be at the expense of the holding
company affiliate so examined; (2) that the reports of such examiners shall
contain siish information as shall ba necessary to disclose fully the relations
between such affiliate and such banks and the effect of such relations upon the
affairs of such banks; (3) that such examiners may examine each bank owned or
controlled by the holding company affiliate, both individually and in conjunction
with other banks owned or controlled by such holding company affiliate; and
(4) that publication of individual or consolidated statements of condition of such
banks may be required;
" (b) After five years after the enactment of the Banking Act of 1933, every
such holding company affiliate (1) shall possess, and shall continue to possess
during the life of such permit, free and clear of any lien, pledge, or hypothecation
of any nature, readily marketable assets other than bank stock in an amount not
less than 12 per centum of the aggregate par value of all bank stocks controlled
by such holding company affiliate, which amount shall be increased by not less
than 2 per centum per annum of such aggregate par value until such assets shall
amount to 25 per centum of the aggregate par value of such bank stocks; and
(2) shall reinvest in readily marketable assets other than bank stock all net
earnings over and above 6 per centum per annum on the book value of its own
shares outstanding until such assets shall amount to such 25 per centum of the
aggregate par value of all bank stocks controlled by it;
~- *'(c) Notwithstanding the foregoing provisions of this section, after five years
after the enactment of the Banking Act of 1933, (1) any such holding; company
affiliate the shareholders or members of which shall be individually and severally
liable in proportion to the .number of shares of such holding company affiliate
held by them respectively, in addition to amounts invested therein, for all statutory liability imposed on such holding company affiliate by reason of its control
of shares of stock of banks, shall be required only to establish and maintain out
of net earnings over and above 6 per centum per annum on the book value of its
own shares outstanding a reserve of readily marketable assets in an amount of
not less than 12 per centum of the aggregate par value of bank stocks controlled
by it, and (2) the assets required by this section to be possessed by such holding
company affiliate may be used by it for replacement of capital in banks affiliated
with it and for losses incurred in such banks, but any deficiency in such assets
resulting from such use shall be made up within such period as the Federal
Reserve Board may by regulation prescribe;
"(d) Every officer, director, agent, and employee of every such holding
company affiliate shall be subject to the same penalties for false entries in any
book, report, or statement of such holding company affiliate as are applicable to
officers, directors, agents, and employees of member banks under section 5209 of
the Revised Statutes, as amended (U.S.C., title 12, sec. 592); and
"(e) Every such holding company affiliate shall, in its application for such
voting permit, (1) show that it does not own, control, or have any interest in, and
is not participating in the management or direction of, any corporation, business
trust, association, or other similar organization formed for the purpose of, or
engaged principally in, the issue, flotation, underwriting, public sale, or distribution, at wholesale or retail or through syndicate participation, of stocks, bonds,
debentures, notes, or other securities of any sort (hereinafter referred to as 'securities company'); (2) agree that during the period that the permit remains in force
it will not acquire any ownership, control, or interest in any such securities company or participate in the management or direction thereof; (3) agree that if, at
the time of filing the application for such permit, it owns, controls, or has an
interest in, or is participating in the management or direction of, any such securities company, it will, within five years after the filing of such application, divest
itself of its ownership, control, and interest in such securities company and will
cease participating in the management or direction thereof, and will not thereafter, during the period that the permit remains in force, acquire any further
ownership, control, or interest in any such securities company or participate in
the management or direction thereof; and (4) agree that thenceforth it will
declare dividends only out of actual net earnings.
"If at any time it shall appear to the Federal Reserve Board that any holding
company affiliate has violated any of the provisions of the Banking Act of 1933
or of any agreement made pursuant to this section, the Federal Reserve Board
may, in its discretion, revoke any such voting permit after giving sixty days'
notice by registered mail of its intention to the holding company affiliate and
affording it an opportunity to be heard. Whenever the Federal Reserve Board
shall have
revoked any such voting permit, no national bank whose stock is
BANKING LEGISLATION IN 193 3
291
controlled by the holding company affiliate whose permit is so revoked shall receive
deposits of public moneys of the United States, nor shall any such national bank
pay any further dividend to such holding company affiliate upon any shares of
such bank controlled by such holding company affiliate.
" Whenever the Federal Reserve Board shall have revoked any voting permit
as hereinbefore provided, the rights, privileges, and franchises of any or all
national banks the stock of which is controlled by such holding company affiliate
shall, in the discretion of the Federal Reserve Board, be subject to forfeiture in
accordance with section 2 of the Federal Reserve Act, as amended."
SEC. 20. After one year from the date of the enactment of this Act, no member
bank shall be affiliated in any manner described in section 2 (b) hereof with any
corporation, association, business trust, or other similar organization engaged
principally in the issue, flotation, underwriting, public sale, or distribution at
wholesale or retail or through syndicate participation of stocks, bonds, debentures,
notes, or other securities.
For every violation of this section the member bank involved shall be subject
to a penalty not exceeding $1,000 per day for each day during which such violation
continues. Such penalty may be assessed by the Federal Reserve Board, in its;
discretion, and, when so assessed, may be collected by the Federal reserve bank
by suit or otherwise.
If any such violation shall continue for six calendar months after the member
bank shall have been warned by the Federal Reserve Board to discontinue the
same, (a) in the case of a national bank, all the rights, privileges, and franchises
granted to it under the National Bank Act may be forfeited in the manner prescribed in section 2 of the Federal Reserve Act, as amended (U.S.C., title 12, sees.
141, 222-225, 281-286, and 502), or, (b) in the case of a State member bank, all
of its rights and privileges of membership in the Federal Reserve System may be
forfeited in the manner prescribed in section 9 of the Federal Reserve Act, as
amended (U.S.C., title 12, sees. 321-332).
SEC. 21. (a) After the expiration of one year after the date of enactment of this
Act it shall be unlawful—
(1) For any person, firm, corporation, association, business trust, or other
similar organization, engaged in the business of issuing, underwriting, selling, or
distributing, at wholesale or retail, or through syndicate participation, stocks,,
bonds, debentures, notes, or other securities, to engage at the same time to any
extent whatever in the business of receiving deposits subject to check or to repayment upon presentation of a passbook, certificate of deposit, or other evidence of
debt, or upon request of the depositor; or
(2) For any person, firm, corporation, association, business trust, or other
similar organization, other than a financial institution or private banker subject
to examination and regulation under State or Federal law, to engage to any extent
whatever in the business of receiving deposits subject to check or to repayment
upon presentation of a passbook, certificate of deposit, or other evidence of debt,,
or upon request of the depositor, unless such person, firm, corporation, association^
business trust, or other similar organization shall submit to periodic examination
by the Comptroller of the Currency or by the Federal reserve bank of the district
and shall make and publish periodic reports of its condition, exhibiting in detail
its resources and liabilities, such examination and reports to be made and published at the same times and in the same manner and with like effect and penalties
as are now provided by law in respect of national banking associations transacting
business in the same locality.
(b) Whoever shall willfully violate any of the provisions of this section shall
upon conviction be fined not more than $5,000 or imprisoned not more than five
years, or both, and any officer, director, employee, or agent of any person, firm,,
corporation, association, business trust, or other similar organization who knowingly participates in any such violation shall be punished by a like fine or imprisonment or both.
SEC. 22. The additional liability imposed upon shareholders in national
banking associations by the provisions of section 5151 of the Revised Statutes,
as amended, and section 23 of the Federal Reserve Act, as amended (U.S.C., title
1.2, sees. 63 and 64), shall not apply with respect to shares in any such association,
issued after the date of enactment of this Act.
SEC. 23. Paragraph (c) of section 5155 of the Revised Statutes, as amended
(U.S.C., title 12, sec. 36), is amended to read as follows:
"(c) A national banking association may, with the approval of the Comptroller
of the Currency, establish and operate new branches: (1) Within the limits of the
city, town or village in which said association is situated, if such establishment
and operation are at the time expressly authorized to State banks by the law of:
292
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
the State in question; and (2) at any point within the State in which said association is situated, if such establishment and operation are at the time authorized
to State banks by the statute law of the State in question by language specifically
granting such authority affirmatively and not merely by implication or recognition, and subject to the restrictions as to location imposed by the law of the
State on State banks. No such association shall establish a branch outside of the
city, town, or village in which it is situated unless it has a paid-in and unimpaired
Capital stock of not less than $500,000: Provided, That in States with a population
of less than one million, and which have no cities located therein with a population
exceeding one hundred thousand, the capital shall be not less than $250,000:
Provided, That in States with a population of less than one-half million, and
which have no cities located therein with a population exceeding fifty thousand,
the capital shall not be less than $100,000."
Paragraph (d) of section 5155 of the Revised Statutes, as amended (U.S.C,
title 12, sec. 36), is amended to read as follows:
"(d) The aggregate capital of every national banking association and its
branches shall at no time be less than the aggregate minimum capital required by
law for the establishment of an equal number of national banking associations
situated in the various places where such association and its branches are
situated."
SEC. 24. (a) Sections 1 and 3 of the Act entitled "An Act to provide for the
consolidation of national banking associations", approved November 7, 1918, as
amended (U.S.C, title 12, sees. 33, 34, and 34a), are amended by striking out the
words "county, city, town, or village" wherever they occur in each such section,
and inserting in lieu thereof the words "State, county, city, town, or village."
(b) Section 3 of such Act of November 7, 1918, as amended, is further amended
by striking out the second sentence thereof and inserting in lieu thereof the following: "The capital stock of such consolidated association shall not be less than
that required under existing law for the organization of a national banking association in the place in which such consolidated association is located. Upon such
a consolidation, or upon a consolidation of two or more national banking associations under section 1 of this Act, the corporate existence of each of the constituent
banks and national banking associations participating in such consolidation shall
be merged into and continued in the consolidated national banking association
and the consolidated association shall be deemed to be the same corporation as
each of the constituent institutions. All the rights, franchises, and interests of
each of such constituent banks and national banking associations in and to every
species of property, real, personal, and mixed, and choses in action thereto belonging, shall be deemed to be transferred to and vested in such consolidated national
banking association without any deed or other transfer; and such consolidated
national banking association, by virtue of such consolidation and without any
order or other action on the part of any court or otherwise, shall hold and enjoy
the same and all rights of property, franchises, and interests, including appointments, designations, and nominations and all other rights and interests as trustee,
executor, administrator, registrar of stocks and bonds, guardian of estates,
assignee, receiver, committee of estates of lunatics and in every other fiduciary
capacity, in the same manner and to the same extent as such rights, franchises,
and interests were held or enjoyed by any such constituent institution at the time
of such consolidation: Provided, however, That where any such constituent institution at the time of such consolidation was acting under appointment of any
court as trustee, executor, administrator, registrar of stocks and bonds, guardian
of estates, assignee, receiver, committee of estates of lunatics or in any other
fiduciary capacity, the consolidated national banking association shall be subject
to removal by a court of competent jurisdiction in the same manner and to the
same extent as was such constituent corporation prior to the consolidation, and
nothing herein contained shall be construed to impair in any manner the right of
any court to remove such a consolidated national banking association and to
appoint in lieu thereof a substitute trustee, executor, or other fiduciary, except
that such right shall not be exercised in such a manner as to discriminate against
national banking associations, nor shall any such consolidated association be
removed solely because of the fact that it is a national banking association."
SEC. 25. The first two sentences of section 5197 of the Revised Statutes (U.S.C,
title 12, sec. 85) are amended to read as follows:
"Any association may take, receive, reserve, and charge on any loan or discount
made, or upon any notes, bills of exchange, or other evidences of debt, interest at
the rate allowed by the laws of the State, Territory, or District where the bank is
located, or at a rate of 1 per centum in excess of the discount rate on ninety-day
commercial
paper in effect at the Federal reserve bank in the Federal reserve dis
BANKING LEGISLATION IN 19 3 3
293
trict where the bank is located, whichever may be the greater, and no more, except
that where by the laws of any State a different rate is limited for banks organized
under State laws, the rate so limited shall be allowed for associations organized
or existing in any such State under this title. When no rate is fixed by the laws
of the State, or Territory, or District, the bank may take, receive, reserve, or charge
a rate not exceeding 7 per centum, or 1 per centum in excess of the discount rate
on ninety-day commercial paper in effect at the Federal reserve bank in the Federal reserve district where the bank is located, whichever may be the greater, and
such interest may be taken in advance, reckoning the days for which the note, bill,
or other evidence of debt has to run."
SEC. 26. (a) The second sentence of the first paragraph of section 5200 of the
Revised Statutes, as amended (U.S.C., title 12, sec. 84; Supp. VI, title 12, sec.
84), is amended by inserting before the period at the end thereof the following:
"&,nd shall include in the case of obligations of a corporation all obligations of all
subsidiaries thereof in which such corporation owns or controls a majority interest."
(b) The amendment made by this section shall not apply to such obligations
of subsidiaries held by such association on the date this section takes effect.
SEC. 27. Section 5211 of the Revised Statutes, as amended (U.S.C., title 12,
sec. 161; Supp. VI, title 12, sec. 161), is amended by adding at the end thereof
the following new paragraph:
"Each national banking association shall obtain from each of its affiliates other
than member banks and furnish to the Comptroller of the Currency not less than
three reports during each year, in such form as the Comptroller may prescribe,
verified by the oath or affirmation of the president or such other officer as may
be designated by the board of directors of such affiliate to verify such reports,
disclosing the information hereinafter provided for as of dates identical with those
for which the Comptroller shall during such year require the reports of the
condition of the association. For the purpose of this section the term 'affiliate'
shall include holding company affiliates as well as other affiliates. Each such
report of an affiliate shall be transmitted to the Comptroller at the same time as
the corresponding report of the association, except that the Comptroller may,
in his discretion, extend such time for good cause shown. Each such report*
shall contain such information as in the judgment of the Comptroller of the
Currency shall be necessary to disclose fully the relations between such affiliate
and such bank and to enable the Comptroller to inform himself as to the effect
of such relations upon the affairs of such bank. The reports of such affiliates
shall be published by the association under the same conditions as govern its
own condition reports. The Comptroller shall also have power to call for additional reports with respect to any such affiliate whenever in his judgment the
same are necessary in order to obtain a full and complete knowledge of the
conditions of the association with which it is affiliated. Such additional reports
shall be transmitted to the Comptroller of the Currency in such form as he may
prescribe. Any such affiliated bank which fails to obtain and furnish any report
required under this section shall be subject to a penalty of $100 for each day
during which such failure continues."
SEC. 28. (a) The first paragraph of section 5240 of the Revised Statutes, as
amended (U.S.C., title 12, sec. 481), is amended by inserting before the period
at the end thereof a colon and the following proviso: "Provided, That in making
the examination of any national bank the examiners shall include such an examination of the affairs of all its affiliates other than member banks as shall be
necessary to disclose fully the relations between such bank and such affiliates
and the effect of such relations upon the affairs of such bank; and in the event of
the refusal to give any information required in the course of the examination
of any such affiliate, or in the event of the refusal to permit such examination,
all the rights, privileges, and franchises of the bank shall be subject to forfeiture
in accordance with section 2 of the Federal Reserve Act, as amended (U.S.C.,
title 12, sees. 141, 222-225, 281-286, and 502). The Comptroller of the Currency shall have power, and he is hereby authorized, to publish the report of
his examination of any national banking association or affiliate which shall not
within one hundred and twenty days after notification of the recommendations
or suggestions of the Comptroller, based on said examination, have complied
with the same to his satisfaction. Ninety days' notice prior to such publicity
shall be given to the bank or affiliate."
(b) Section 5240 of the Revised Statutes, as amended (U.S.C., title 12, sec.
481), is further amended by adding after the first paragraph thereof the following
new paragraph:
294
ANNUAL KEPOET OF THE FEDERAL RESERVE BOARD
"The examiner making the examination of any affiliate of a national bank
shall have power to make a thorough examination of all the affairs of the affiliate,
and in doing so he shall have power to administer oaths and to examine any of
the officers, directors, employees, and agents thereof under oath and to make a
report of his findings to the Comptroller of the Currency. The expense of
examinations of such affiliates may be assessed by the Comptroller of the Currency upon the affiliates examined in proportion to assets or resources held by
the affiliates upon the dates of examination of the various affiliates. If any sucli
affiliate shall refuse to pay such expenses or shall fail to do so within sixty days
after the date of such assessment, then such expenses may be assessed against
the affiliated national bank and, when so assessed, shall be paid by such national
bank: Provided, however, That, if the affiliation is with two or more national
banks, such expenses may be assessed against, and collected from, any or all of
such national banks in such proportions as the Comptroller of the Currency may
prescribe. The examiners and assistant examiners making the examinations of
national banking associations and affiliates thereof herein provided for and the
chief examiners, reviewing examiners and other persons whose services may be
required in connection with such examinations or the reports thereof, shall be
employed by the Comptroller of the Currency with the approval of the Secretary
of the Treasury; the employment and compensation of examiners, chief examiners, reviewing examiners, assistant examiners, and of the other employees of
the office of the Comptroller of the Currency whose compensation is paid from
assessments on banks or affiliates thereof shall be without regard to the provisions of other laws applicable to officers or employees of the United States.
The funds derived from such assessments may be deposited by the Comptroller
of the Currency in accordance with the provisions of section 5234 of the Revised
Statutes (U.S.C., title 12, sec. 192) and shall not be construed to be Government funds or appropriated monies; and the Comptroller of the Currency is;
authorized and empowered to prescribe regulations governing the computation
and assessment of the expenses of examinations herein provided for and the
collection of such assessments from the banks and/or affiliates examined. If
any affiliate of a national bank shall refuse to permit an examiner to make an;
examination of the affiliate or shall refuse to give any information required in
the course of any such examination, the national bank with which it is affiliated
shall be subject to a penalty of not more than $100 for each day that any such
refusal shall continue. Such penalty may be assessed by the Comptroller of the^
Currency and collected in the same manner as expenses of examinations."
SEC. 29. In any case in which, in the opinion of the Comptroller of the Currency, it would be to the advantage of the depositors and unsecured creditors of
any national banking association whose business has been closed, for such association to resume business upon the retention by the association, for a reasonable
period to be prescribed by the Comptroller, of all or any part of its deposits, the
Comptroller is authorized, in his discretion, to permit the association to resume
business if depositors and unsecured creditors of the association representing at,
least 75 per centum of its total deposit and unsecured credit liabilities consent in
writing to such retention of deposits. Nothing in this section shall be construed
to affect in any manner any powers of the Comptroller under the provisions of law
in force on the date of enactment of this Act with respect to the reorganization of
national banking associations.
SEC. 30. Whenever, in the opinion of the Comptroller of the Currency, any
director or officer of a national bank, or of a bank or trust company doing business
in the District of Columbia, or whenever, in the opinion of a Federal reserve
agent, any director or officer of a State member bank in his district shall have continued to violate any law relating to such bank or trust company or shall have
continued unsafe or unsound practices in conducting the business of such bank
or trust company, after having been warned by the Comptroller of the Currency
or the Federal reserve agent, as the case may be, to discontinue such violations of
law or such unsafe or unsound practices, the Comptroller of the Currency or the
Federal reserve agent, as the case may be, may certify the facts to the Federal
Reserve Board. In any such case the Federal Reserve Board may cause notice
to be served upon such director or officer to appear before such Board to show
cause why he should not be removed from office. A copy of such order shall be
sent to each director of the bank affected, by registered mail. If after granting
the accused director or officer a reasonable opportunity to be heard, the Federal
Reserve Boardfindsthat he has continued to violate any law; relating to such bank
or trust company or has continued unsafe or unsound practices in conducting the
business of such bank or trust company after having been warned by the Comptroller of the Currency or the Federal reserve agent to discontinue such violation^
BANKING LEGISLATION IN 193 3
295
of law or such unsafe or unsound practices, the Federal Reserve Board, in its
discretion, may order that such director or officer be removed from office. A copy
of such order shall be served upon such director or officer. A copy of such order
shall also be served upon the bank of which he is a director or officer, whereupon
such director or officer shall cease to be a director or officer of such bank: Provided,
That such order and the findings of fact upon which it is based shall not be mad.e
public or disclosed to anyone except the director or officer involved and the directors of the bank involved, otherwise than in connection with proceedings for a
violation of this section. Any such director or officer removed from office as
herein provided who thereafter participates in any manner in the management of
such bank shall be fined not more than $5,000, or imprisoned for not more than
five years, or both, in the discretion of the court.
SEC. 31. After one year from the date of enactment of this Act, notwithstanding
any other provision of law, the board of directors, board of trustees, or other
similar governing body of every national banking association and of every State
bank or trust company which is a member of the Federal Reserve System shall
consist of not less than five nor more than twenty-five members; and every director, trustee, or other member of such governing body shall be the bona fide
owner in his own right of shares of stock of such banking association, State bank
or trust company having a par value in the aggregate of not less than $2,500,
unless the capital of the bank shall not exceed $50,0C0, in which case he must own
in his own right shares having a par value in the aggregate of not less than $1,500,
or unless the capital of the bank shall not exceed $25,000, in which case he must
own in his own right shares having a par value in the aggregate of not less than
$1,000. If any national banking association violates the provisions of this section
and continues such violation after thirty days' notice from the Comptroller of the
Currency, the said Comptroller may appoint a receiver or conservator therefor,
in accordance with the provisions of existing law. If any State bank or trust
company which is a member of the Federal Reserve System violates the provisions
of this section and continues such violation after thirty days' notice from the
Federal Reserve Board, it shall be subject to the forfeiture of its membership in
the Federal Reserve System in accordance with the provisions of section 9 of the
Federal Reserve Act, as amended.
SEC. 32. From and after January 1, 1934, no officer or director of any member
bank shall be an officer, director, or manager of any corporation, partnership, or
unincorporated association engaged primarily in the business of purchasing, selling
or negotiating securities, and no member bank shall perform the functions of a
correspondent bank on behalf of any such individual, partnership, corporation,
or unincorporated association and no such individual, partnership, corporation, or
unincorporated association shall perform the functions of a correspondent for any
member bank or hold on deposit any funds on behalf of any member bank, unless
in any such case there is a permit therefor issued by the Federal Reserve Board;
and the Board is authorized to issue such permit if in its judgment it is not incompatible with the public interest, and to revoke any such permit whenever it
finds after reasonable notice and opportunity to be heard, that the public interest
requires such revocation.
SEC. 33. The Act entitled " An Act to supplement existing laws against unlawful
restraints and monopolies, and for other purposes", approved October 15, 1914,
as amended (U.S.C., title 15, sec. 19), is hereby amended by adding after section
8 thereof the following new section:
"SEC. 8A. That from and after the 1st day of January 1934, no director, officer,
or employee of any bank, banking association, or trust company, organized or
operating under the laws of the United States shall be at the same time a director,
officer, or employee of a corporation (other than a mutual savings bank) or a
member of a partnership organized for any purpose whatsoever which shall
make loans secured by stock or bond collateral to any individual, association,
partnership, or corporation other than its own subsidiaries."
SEC. 34. The right to alter, amend, or repeal this Act is hereby expressly reserved. If any provision of this Act, or the application thereof to any person or
circumstances, is held invalid, the remainder of the Act, and the application of
such provision to other persons or circumstances, shall not be affected thereby.
Approved, June 16, 1933, 11.45 a.m.
49753—34
20
REGULATIONS OF THE FEDERAL RESERVE BOARD
There is printed below the text of the Federal Eeserve Board's
Regulation L in the form in which it was approved October 25, 1933,
and became effective November 1, 1933; Regulation M in the form
in which it was approved July 28, 1933, and became effective August
10, 1933; Regulation N in the form in which it was approved July
28, 1933, and became effective August 10, 1933; Regulation P in the
form in which it was approved and became effective on August 4,
1933; Regulation Q in the form in which it was approved and became
effective on August 29, 1933 (except as otherwise therein provided);
and Regulation R in the form in which it was approved October 26,
1933, and became effective November 1, 1933.
REGULATION L, SERIES OF 1933
[Superseding Regulation L, Series of 1930]
INTERLOCKING BANK DIRECTORATES AND OTHER RELATIONSHIPS
UNDER THE CLAYTON ACT
SECTION I. STATUTORY
PROVISIONS
SECTIONS 8 AND 8A OF THE CLAYTON ANTITRUST ACT APPROVED OCTOBER 15, 1914, AS AMENDED BY THE ACTS
OF MAY 15, 1916, MAY 26, 1920, MARCH 9, 1928, MARCH 2, 1929, AND JUNE 16, 1933 l
SEC. 8. That from and after two years from the date of the approval of this Act no person shall at the
same time be a director or other officer or employee of more than one bank, banking association, or trust
company organized or operating under the laws of the United States, either of which has deposits, capital,
surplus, and undivided profits aggregating more than $5,000,000; and no private banker or person who is
a director in any bank or trust company organized and operating under the laws of a State, having deposits,
capital, surplus, and undivided profits aggregating more than $5,000,000, shall be eligible to be a director
in any bank or banking association organized or operating under the laws of the United States. The
eligibility of a director, officer, or employee under the foregoing provisions shall be determined by the average amount of deposits, capital, surplus, and undivided profits as shown in the official statements of such
bank, banking association, or trust company filed as provided by law during the fiscal year next preceding
the date set for the annual election of directors, and when a director, officer, or employee has been elected
or selected in accordance with the provisions of this Act it shall be lawful for him to continue as such for
one year thereafter under said election or employment.
No bank, banking association, or trust company organized or operating under the laws of the United
States, in any city or incorporated town or village of more than two hundred thousand inhabitants, as
shown by the last preceding decennial census of the United States, shall have as a director or other officer
or employee any private banker or any director or other officer or employee of any other bank, banking
association, or trust company located in the same place: Provided, That nothing in this section shall apply
to mutual savings banks not having a capital stock represented by shares, to joint-stock land banks organized under the provisions of the Federal Farm Loan Act, or to other banking institutions which do no
commercial banking business: Provided further, That a director or other officer or employee of such bank,
banking association, or trust company may be a director or other officer or employee of not more than one
other bank or trust company organized under the laws of the United States or any State where the entire
capital stock of one is owned by stockholders in the other: And provided further, That nothing contained
in this section shall forbid a director of class A of a Federal reserve bank, as defined in the Federal Reserve
Act, from being an officer or director, or both an officer and director, in one member bank: And provided
further, That nothing in this Act shall prohibit any private banker from being an officer, director, or employee of not more than two banks, banking associations, or trust companies, or prohibit any officer, director, or employee of any bank, banking association, or trust company, or any class A director of a Federal
reserve bank, from being an officer, director, or employee of not more than two other banks, banking associations, or trust companies, whether organized under the laws of the United States or any State, if in
any such case there is in force a permit therefor issued by the Federal Reserve Board; and the Federal
Reserve Board is authorized to issue such permit if in its judgment it is not incompatible with the public
interest, and to revoke any such permit whenever it finds, after reasonable notice and opportunity to be
heard, that the public interest requires its revocation.
The consent of the Federal Reserve Board may be procured before the person applying therefor has been
elected as a class A director of a Federal reserve bank or as a director of any member bank.
*
*
*
*
*
*
*
When any person elected or chosen as a director or officer or selected as an employee of any bank or other
corporation subject to the provisions of this Act is eligible at the time of his election or selection to act for
such bank or other corporation in such capacity his eligibility to act in such capacity shall not be affected
and he shall not become or be deemed amenable to any of the provisions hereof by reason of any change
in the affairs of such bank or other corporation from whatsoever cause, whether specifically excepted by
any of the provisions hereof or not, until the expiration of one year from the date of his election or employment.
1
Amended by sec. 25 of the Federal Reserve Act as amended Sept. 7, 1916, and by act approved Dec.
24, 1919, amending the Federal Reserve Act, as to corporations engaged in foreign banking and financial
operations. See sees. 25 and 25 (a) of Federal Reserve Act.
296
REGULATIONS OF THE FEDERAL RESERVE BOARD
297
SEC. 8A. That from and after the 1st day of January 1934, no director, officer, or employee of any bank,
banking association, or trust company, organized or operating under the laws of the United States shall
be at the same time a director, officer, or employee of a corporation (other than a mutual savings bank)
or a member of a partnership organized for any purpose whatsoever which shall make loans secured by
stock or bond collateral to any individual, association, partnership, or corporation other than its own
subsidiaries.
SECTION II. DEFINITIONS
Within the meaning of this regulation—
The term " b a n k " shall include any bank, banking association, or trust company organized or operating under the laws of the United States or of any State
thereof.
The term "national bank" shall be construed to apply not only to national
banking associations but also to banks, banking associations, and trust companies
organized or operating under the laws of the United States, including all banks
and trust companies doing business in the District of Columbia, regardless of
the sources of their charters.
The term "resources" shall be construed to mean an amount equal to the sum
of the deposits, capital, surplus, and undivided profits and, in the case of a bank,
banking association, or trust company, shall be determined by the average
amount of deposits, capital, surplus, and undivided profits as shown in the
official statements of such bank, banking association, or trust company filed as
provided by law during the fiscal year next preceding the date set for the annual
election of directors.
The term "State bank" shall include any bank, banking association, or trust
company incorporated under State law, except banks doing business in the District
of Columbia, referred to above.
The term "private banker" shall apply to any unincorporated individual engaging in one or more phases of the banking business, as that term is generally understood, and to any member of an unincorporated firm engaging in such business.
The term "Edge corporation" shall mean any corporation organized under the
provisions of section 25 (a) of the Federal Reserve Act, as amended.
The term "city of over 200,000 inhabitants" includes any city, incorporated
town, or village of more than 200,000 inhabitants, as shown by the last preceding
decennial census of the United States. Any bank located anywhere within the
corporate limits of such city is located in a city of over 200,000 inhabitants within
the meaning of the Clayton Act, even though it is located in a suburb or an outlying district at some distance from the principal part of the city.
SECTION III. PEOHIBITIONS OF CLAYTON ACT
(a) Under section 8 of the Clayton Antitrust Act, except as noted below under
section IV (a)—
(1) No person who is a director or other officer 2 or employee of a national
bank having resources aggregating more than $5,000,000 can legally serve at
the same time as director, officer, or employee of any other national bank,
regardless of its location.
(2) No person who is a director in a State bank or trust company having
resources aggregating more than $5,000,000 or who is a private banker having
resources aggregating more than $5,000,000 can legally serve at the same
time as director of any national bank, regardless of its location.
(3) No person can legally be a director, officer,2 or employee of a national
bank located in a city of more than 200,000 inhabitants who is at the same
time a private banker in the same city or a director, officer, or employee of
any other bank (State or national) located in the same city, regardless of the
size of such bank.
(b) Under section 8A of the Clayton Antitrust Act, except as noted below under
section IV (6)—
From and after January 1, 1934, no person can legally be a director, officer,
or employee of a national bank who is at the same time a director, officer, or
employee of a corporation (other than a mutual savings bank) or a member
of a partnership organized for any purpose whatsoever which shall make
loans secured by stock or bond collateral to any individual, association, partnership, or corporation other than its own subsidiaries.
(c) The prohibitions of section 8 and section 8A are cumulative, i.e., the prohibitions contained in section 8A of the Clayton Antitrust Act are in addition to
those contained in section 8 thereof.
2
The Federal Reserve Board has ruled that a conservator of a national bank is not a director, officer, or
employee of such bank within the meaning of the Clayton Antitrust Act.
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SECTION IV. EXCEPTIONS
There are certain exceptions to section 8 and certain exceptions to section 8A,
but they are not identical. Therefore, all the exceptions applicable to each section are stated separately below in order to avoid confusion.
(a) The provisions of section 8 of the Clayton Act—•
(1) Do not apply to mutual savings banks not having a capital stock represented by shares.
(2) Do not apply to joint-stock land banks organized under the provisions
of the Federal Farm Loan Act.
(3) Do not apply to banking institutions which do no commercial banking
business.
(4) Do not prohibit a person from being at the same time a director, officer,
or employee of a national bank and not more than one other national bank,
State bank, or trust company, where the entire capital stock of one is owned
by stockholders in the other.
(5) Do not prohibit a person from being at the same time a class A director
of a Federal Reserve bank and also an officer or director, or both an officer
and a director, in one member bank.
(6) Do not prohibit a person who is serving as director, officer, or employee
of a national bank, even though it has resources aggregating over $5,000,000,
from serving at the same time as director, officer, or employee of any number
of State banks and trust companies, provided such State institutions are not
located in the same city of over 200,000 inhabitants as the national bank and
do not have resources aggregating in the case of any one bank more than
$5,000,000.
(7) Do not prohibit a person from serving at the same time as director,
officer, or employee of any number of national banks, provided no two of
them are located in the same city of over 200,000 inhabitants and no one
of them has resources aggregating over $5,000,000.
(8) Do not prohibit a person who is not a director, officer, or employee of
any national bank from serving at the same time as officer, director, or
employee of any number of State banks or trust companies, regardless of
their locations and resources.
(9) Do not prohibit a person who is an officer or employee but not a
director of a State bank from serving as director, officer, or employee of a
national bank, even though either or both of such banks have resources
aggregating over $5,000,000, provided both banks are not located in the
same city of over 200,000 inhabitants.
(10) Do not prohibit a person who is an officer or employee but not a
director of a national bank from serving at the same time as director, officer,
or employee of a State bank, even though either or both of such banks have
resources aggregating over $5,000,000, provided both banks are not located
in the same city of over 200,000 inhabitants.
(11) Do not prohibit a director, officer, agent, or employee of a member
bank which has invested in the stock of any corporation principally engaged
in international or foreign banking or financial operations or banking in a
dependency or insular possession of the United States, under the provisions
of section 25 of the Federal Reserve Act, from being at the same time a
director, officer, agent, or employee of any such foreign bank or financial
corporation, if the Federal Reserve Board has granted its approval.3
(12) Do not prohibit any officer, director, agent, or employee of any member bank from being at the same time a director, officer, agent, or employee
of any Edge corporation in whose capital stock the member bank shall have
invested under the provisions of section 25 or section 25 (a) of the 3Federal
Reserve Act, if the Federal Reserve Board has granted its approval.
(13) Do not prohibit an officer, director, agent, or employee of an Edge
corporation from being at the same time a director, officer, agent, or employee of any other corporation in whose capital stock such Edge corporation
shall have invested under the provisions of section 25 (a) of the 3
Federal
Reserve Act, if the Federal Reserve Board has granted its approval.
3 If a director, officer, agent, or employee is affected only by sec. 8 of the Clayton Act, informal application for the approval of the Federal Reserve Board under sec. 25 or 25 (a) of the Federal Reserve Act may
be made in the form of a letter pddr ^sed to the Board either by the director, officer, agent, or employee involved or in his behalf by one of tue banks which he is serving, such application to be delivered to the Federal
Keserve agent at the Federal . 3serve bank of the district in which the bank now served by the applicant is
located. However, if a director, officer or employee is affected by sec. 8 A of the Clayton Act, it is necessary
for him to apply for and obtain a l^rmal permit in accordance with the provisions of sec. V of this regulation
since the above exceptions do not apply to sec. 8A of the Clayton Act.
REGULATIONS OF THE FEDEEAL RESERVE BOARD
299
(14) Do not prohibit a private banker or an officer, director, or employee
of any bank or a class A director of a Federal Reserve bank from being at
the same time an officer, director, or employee of not more than two other
banks within the prohibitions of the Clayton Act, if there is in force a permit
therefor issued by the Federal Reserve Board.
The above exceptions are cumulative, but apply only to the prohibitions of
section 8. The exceptions to section 8A are stated below.
(b) The provisions of section 8A of the Clayton Act—
(1) Do not prohibit a person who is a director, officer, or employee of a
national bank from being at the same time a director, officer, or employee
of a mutual savings bank.
(2) Do not prohibit a person who is a director, officer, or employee of a
national bank from being at the same time a director, officer, or employee of
a corporation or a member of a partnership which shall make loans secured
by stock or bond collateral only to its own subsidiaries.
(3) Do not prohibit a person wiio is a director, officer, or employee of a
national bank from being at the same time a director, officer, or employee of
a corporation or a member of a partnership which does not actually make
loans secured b}^ stock or bond collateral, even though such corporation or
partnership is permitted by law to make such loans.
(4) Do not prohibit a person who is not a director, officer, or employee of
any national bank from serving at the same time as an officer, director, or
employee of any number of State banks or trust companies, whether members
of the Federal Reserve System or not.
(5) Do not prohibit a private banker or an officer, director, or employee
of any bank or a class A director of a Federal Reserve bank from being at
the same time an officer, director, or employee of not more than two other
banks within the prohibitions of the Clayton Act, if there is in force a permit
therefor issued by the Federal Reserve Board.
The above exceptions are cumulative, but apply only to the prohibitions of
section 8A. The exceptions to section 8 are stated separately in section IV (a)
of this regulation.
SECTION V. PERMISSION OF THE FEDERAL RESERVE BOARD
(a) In general.—Section 8 of the Clayton Antitrust Act, as amended by the
acts of May 15, 1916, May 26, 1920, and March 9, 1928, authorizes the Federal
Reserve Board to permit any private banker or any officer, director, or employee
of any bank, banking association, or trust company, or any class A director of a
Federal Reserve bank to serve as director, officer, or employee of not more than
two other banks, banking associations, or trust companies coming within the
prohibitions of the Clayton Act, if in the judgment of the Federal Reserve Board
it is not incompatible with the public interest, and permits may be issued covering
relationships between banks which are prohibited by section 8A as well as those
prohibited by section 8.
The Federal Reserve Board is authorized only to issue permits covering private
bankers and directors, officers, and employees of banks, banking associations, and
trust companies, and therefore cannot issue a permit to a director, officer, or
employee of a national bank or a class A director of a Federal Reserve bank to be a
director, officer, or employee of a corporation other than a bank, banking association, or trust company, or to be a member of a partnership other than a firm of
private bankers.4
(6) When obtained.—Inasmuch as this exception to the prohibitions of the
Clayton Act applies only when "there is in force a permit therefor issued by the
Federal Reserve Board", it is a violation of the law to serve two or more banks in
the prohibited classes before such a permit has been obtained. A permit should
be obtained, therefore, before becoming an officer, director, or employee of more
than one bank in the prohibited classes. It may be procured before the person
applying therefor has been elected a director or appointed an officer or employee
of any bank in the prohibited classes.
(c) Applications for permission.—A person wishing to obtain a permit from
the Federal Reserve Board to serve banks coming within the prohibitions of the
Clayton Act should—
(1) Make formal application on F.R.B. Form 94, or, if a private banker,
on F.R.B. Form 94d.
(2) Obtain from each of the banks involved a statement on F.R.B. Form
94a, showing the character of its business, together with a copy of its last
4
See, however, exceptions nos. 11, 12, and 13 on p. 298.
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ANNUAL REPOET OF THE FEDERAL RESERVE BOARD
published statement of condition, and, if a private banker, make a statement
on F.R.B. Form 94e showing the character of his or his firm's business.
(3) Forward all these papers, in duplicate, to the Federal Reserve agent
of his district, who will attach his recommendation on F.R.B. Form 94b and
forward them to the Federal Reserve Board.
Each of the forms referred to in this subsection is made a part of this regulation.
(d) Compatibility with the public interest.—In determining whether the issuance of such a permit would be compatible with the public interest, the Federal
Reserve Board will consider—
(1) Whether the banks involved are natural competitors;
(2) Whether their having the same directors, officers, or employees would
tend to lessen competition or to restrict credit;
(3) The condition and the character of the management of the banks with
which the applicant is connected and the extent of his responsibility therefor;
(4) Whether the applicant discharges the duties and responsibilities of
his office by attending directors' meetings or otherwise;
(5) Whether the applicant, his family, or his interests have abused the
credit facilities of the bank or banks he is already serving;
(6) Whether the applicant's influence upon the banks involved in his
application is likely to be helpful or harmful to such banks;
(7) The nature and extent of the loans made by each of such banks secured
by stock or bond collateral and the policy of each bank with respect to making such loans; and
(8) Any other factors having a bearing upon the effect which the issuance
of the permit may have upon the public interest.
(e) Burden is upon applicant and banks involved.—In view of the fact that
sections 8 and 8A of the Clayton Antitrust Act forbid interlocking relationships
between banks of certain classes except in cases where the Federal Reserve Board
finds the specific interlocking relationships not incompatible with the public
interest and grants permits therefor, the burden must rest upon each applicant
for such a permit, and upon the banks involved, to show to the satisfaction of the
Board that it would not be incompatible with the public interest to permit him to
serve the banks involved.
(/) Approval or disapproval.—As soon as an application is acted upon by the
Board, the applicant will be advised of the action taken.
If the Board approves the application, a formal permit to serve the banks
involved will be issued to the applicant.
(g) Hearing.—If it appears to the Board that it would be incompatible with the
public interest to grant such a permit, the Board will so notify the applicant and
will afford him every opportunity to present any additional facts or arguments
bearing on the subject before making final decision in the case.
(h) Effect of permits.—A permit once granted continues in force until revoked,
and need not be renewed.
(i) Revocation.—All permits, however, are subject to revocation whenever the
Federal Reserve Board, after giving reasonable notice to the persons to whom they
were issued and affording them an opportunity to be heard, finds that the public
interest requires their revocation.
REGULATION M, SERIES OF 1933
OPEN MARKET OPERATIONS
SECTION I
Pursuant to the authority conferred upon it by section 12A of the Federal
Reserve Act, as amended, and by other provisions of the Federal Reserve Act,
the Federal Reserve Board prescribes the following regulations governing the
procedure to be followed ordinarily in the conduct of open market operations of the
Federal Reserve banks.
The specific mention in this regulation of any power or authority of the Federal
Reserve Board or of the Federal Reserve banks, or the failure to mention specifically any such power or authority, shall not be construed as an interpretation of
the law as to the existence, extent, or absence of such power or authority; and the
Federal Reserve Board expressly reserves the right to alter, amend, or repeal this
regulation in whole or in part at any time.
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301
SECTION II. DEFINITIONS
(a) Government securities.—The term "Government securities" shall include
bonds, notes, certificates of indebtedness, and Treasury bills of the United States.
(b) Obligations.—The term "obligations" shall include all bankers' acceptances,
bills of exchange, cable transfers, bonds, notes, warrants, debentures, and other
obligations, including Government securities, which Federal Reserve banks are
authorized by law to purchase in the open market.
(c) System account.—The term "system account" applies to Government
securities held for two or more participating Federal Reserve banks under the
control of the executive committee.
(d) Executive committee.—The term "Executive committee" shall mean the
executive committee of the Federal Open Market Committee.
SECTION III. GENERAL PRINCIPLES
The time, character, and volume of all purchases and sales in the open market
by Federal Reserve banks shall be governed with a view to accommodating
commerce and business and with regard to their bearing upon the general credit
situation of the country.
SECTION IV. FEDERAL OPEN MARKET COMMITTEE
(a) Organization.—The Federal Open Market Committee created by section
12A of the Federal Reserve Act, as amended by the Banking Act of 1933, consists
of one member from each Federal Reserve district selected annually by the board
of directors of the Federal Reserve bank of such Federal Reserve district. The
committee shall select its own chairman, vice chairman, and secretary.
(b) Meetings.—The committee shall meet in Washington, D.C., at least four
times each year and oftener if deemed necessary. Meetings shall be held upon
the call of the Governor of the Federal Reserve Board or at the request of any
three members of the committee and, in the discretion of the Board, may be
attended by the members of the Board. The committee shall keep minutes of
all its meetings and furnish copies thereof to the Federal Reserve Board and to
each Federal Reserve bank.
(c) Functions.—It shall be the duty of the committee to consider the needs of
commerce and business, the general credit situation of the country, and such other
matters as may be called to its attention by the Federal Reserve Board or by any
member of the committee and to formulate and submit to the Federal Reserve
Board for its action recommendations in writing concerning the open-market
policy of the Federal Reserve System.
(d) Open market policy.—Any open market policy recommended by the
Federal Open Market Committee shall be considered by the Federal Reserve
Board and shall be effective only when and to the extent approved by the Board.
Any such policy shall be subject to reconsideration at any time after it has become
effective and before it has been fully executed; and a meeting of the Federal Open
Market Committee shall be called for that purpose whenever requested by the
Federal Reserve Board or by any three members of the committee. The Board
reserves the right to modify or revoke its approval after the committee shall have
had a reasonable opportunity to reconsider any such policy and submit further
recommendations to the Federal Reserve Board. The Federal Reserve Board
will notify each Federal Reserve bank and the chairman of the Federal Open
Market Committee of all decisions respecting any such policy.
(e) Participation by Federal Reserve banks.—If any Federal Reserve bank
shall decide not to participate in open market operations recommended by the
Federal Open Market Committee and approved by the Federal Reserve Board,
it shall file written notice of its decision with the chairman of the committee
within 30 days after notification by the Federal Reserve Board of its action
respecting such recommendation and shall transmit a copy of such notice to the
Federal Reserve Board. Any Federal Reserve bank which shall fail within the
time prescribed to file such notice of its decision not to participate in such open
market operations shall be deemed to have agreed to participate in the same and
will be expected to cooperate fully in carrying out the policy so decided upon.
(/) Undertaking to sell securities purchased.—Whenever the Federal Reserve
Board has approved an open market policy involving the purchase of Government
securities for System account, all banks participating therein shall be deemed to
have agreed to the sale of any part or all of the Government securities so purchased
or of an equivalent amount of other Government securities held for System
account, whenever such sale shall be recommended by the Federal Open Market
and approved by the Federal Reserve Board.
Committee
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
SECTION V. EXECUTIVE COMMITTEE
(a) Organization.—The Federal Open Market Committee, at its first meeting
in each calendar year, shall select from its own membership an executive committee consisting of five members and shall appoint the chairman thereof. The
executive committee shall keep minutes of all its meetings and furnish copies
thereof to the Federal Reserve Board and to each Federal Reserve bank.
(b) Functions.—It shall be the duty of the executive committee:
(1) To execute purchases and sales of Government securities and other
obligations in the open market in accordance with open market policies
approved by the Federal Reserve Board;
(2) To allocate among all participating Federal Reserve banks the aggregate amount of Government securities and other obligations held for their
account and to adjust such allocation from time to time to meet the changing
needs of the respective Federal Reserve banks. Such allocations shall be
made with the view primarily of (a) enabling each Federal Reserve bank to
maintain a suitable reserve position, and (b) equalizing as far as practicable
the net earning position of the Federal Reserve banks.
(3) To keep the Federal Reserve Board and each Federal Reserve bank
informed of all transactions executed by the committee and of all allocations
and reallocations of Government securities and other obligations held for
participating banks; and
(4) To perform such other functions and duties in connection with open
market policies approved from time to time by the Federal Reserve Board
as may be assigned to it from time to time by the Federal Open Market
Committee with the approval of the Federal Reserve Board.
SECTION VI. PURCHASES AND SALES OF GOVERNMENT SECURITIES
No Federal Reserve bank shall purchase or sell Government securities except
in accordance with an open market policy approved by the Federal Reserve
Board and in effect at the time, except that:
(1) In an emergency, any Federal Reserve bank may purchase Government securities when necessary to afford relief in a situation involving specific
banking institutions in its district; and
(2) After obtaining the consent of the Federal Reserve Board, any Federal
Reserve bank may purchase or sell Government securities for other specific
purposes, for its own account.
All purchases and sales of Government securities by any Federal Reserve bank
for its own account shall be reported promptly to the Federal Reserve Board
and to the chairman of the executive committee; and the executive committee
may make such compensatory purchases or sales for the System account and
such reallocations of the obligations in the System account as may be appropriate
in the light of purchases and sales made for their own account by individual
Federal Reserve banks.
The Board reserves the right, in its discretion, to require the sale of any Government securities purchased by an individual Federal Reserve bank under the
authority of this section.
Any Federal Reserve bank may purchase United States temporary certificates
of indebtedness for the accommodation of the Treasury of the United States in
amounts requested by the Treasury and may sell participations therein; but
such certificates shall not be held for more than 7 days without the approval of
the Federal Reserve Board.
SECTION VII. OTHER OPEN MARKET OPERATIONS
Each Federal Reserve bank may engage in open market operations other than
the purchase or sale of Government securities, subject to the following conditions:
(1) All such transactions shall be reported daily to the Federal Reserve
Board.
(2) Purchases of acceptances and bills of exchange shall be in accordance
with the provisions of Regulation B and the rates of interest or discount
shall be in accordance with schedules approved by the Federal Reserve
Board: Provided, however, That no obligations payable in foreign currency
shall be purchased without the consent of the Federal Reserve Board.
(3) All purchases by Federal Reserve banks of bills, notes, revenues bonds
and warrants of States, counties, districts, political subdivisions or municipalities shall be in accordance with the provisions of Regulation E.
(4) No Federal Reserve bank shall engage in the purchase or sale of cable
transfers for its own account without first obtaining the approval of the
REGULATIONS OF THE FEDERAL EESERVE BOARD
303
Federal Reserve Board, except that the Federal Reserve Bank of Atlanta may
purchase and sell cable transfers through its Habana agency in accordance
with the resolutions or regulations of the Federal Reserve Board governing
the operations of such agency.
(5) Except with the approval of the Federal Reserve Board, no Federal
Reserve bank shall engage in any open market transactions which are not of
the customary character, which do not occur in the ordinary course of business, which are engaged in for the purpose of affecting general credit conditions or which may have a material effect upon general credit conditions:
Provided, however, That any Federal Reserve bank may purchase obligations
for the purpose of affording relief in a situation involving specific banking
institutions in its district.
REGULATION N, SERIES OF 1933
RELATIONS WITH FOREIGN BANKS AND BANKERS
SECTION I
§T Pursuant to the authority conferred upon it by section 12A and subsection (g)
of section 14 of the Federal Reserve Act, as amended, and by other provisions of
law, the Federal Reserve Board prescribes the following regulations governing
relationships and transactions between Federal Reserve banks and foreign banks
or bankers or groups of foreign banks or bankers.
SECTION II. INFORMATION TO BE FURNISHED TO THE BOARD
In order that the Federal Reserve Board may perform its statutory duty of
exercising special supervision over all relationships and transactions of any kind
entered into by any Federal Reserve bank with any foreign bank or banker or
with any group of foreign banks or bankers, each Federal Reserve bank shall
promptly submit to the Federal Reserve Board in writing full information concerning all existing relationships and transactions of any kind heretofore entered
into by such Federal Reserve bank with any foreign bank or banker or with any
group of foreign banks or bankers and copies of all written agreements between
it and any foreign bank or banker or any group of foreign banks or bankers
which are now in force, unless copies have heretofore been furnished to the Board,
in which case the Federal Reserve bank shall inform the Board as to the dates upon
which such copies were furnished. Each Federal Reserve bank shall also keep the
Federal Reserve Board promptly and fully advised of all transactions with any
foreign bank or banker or with any group of foreign banks or bankers, except
transactions of a routine character.
SECTION III. CONFERENCES AND NEGOTIATIONS WITH FOREIGN BANKS AND BANKERS
Without first obtaining the permission of the Federal Reserve Board, no officer
or other representative of any Federal Reserve bank shall conduct negotiations
of any kind with the officers or representatives of any foreign bank or banker or
any group of foreign banks or bankers, except communications in the ordinary
course of business in connection with transactions pursuant to agreements previously approved by the Federal Reserve Board. Any request for the Board's
permission to conduct any such negotiations shall be submitted in writing and
shall include a full statement of the occasion and objects of the proposed
negotiations.
The Federal Reserve Board reserves the right, in its discretion, to be represented by such representative or representatives as it may designate in any
negotiations between any officer or other representative of any Federal Reserve
bank and any officers or representatives of any foreign bank or banker or any
group of foreign banks or bankers; and the Board shall be given reasonable
notice in advance of the time and place of any such negotiations.
A full report of all such conferences or negotiations and all understandings or
agreements arrived at or transactions agreed upon and all other material facts
appertaining to such conferences or negotiations shall be filed with the Federal
Reserve Board in writing by a duly authorized officer of each Federal Reserve
bank which shall have participated in such conferences or negotiations, including
copies of all correspondence appertaining thereto.
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
SECTION IV. AGREEMENTS WITH FOREIGN BANKS OR BANKERS
No Federal Reserve bank shall hereafter enter into any agreement, contract,
or understanding with any foreign bank or banker or with any group of foreign
banks or bankers without first obtaining the permission of the Federal Reserve
Board. When any Federal Reserve bank has entered into such an agreement,
contract, or understanding with the consent of the Federal Reserve Board, any
other Federal Reserve bank desiring to do so may participate in transactions
pursuant to such agreement with the approval of the Federal Reserve Board.
SECTION V. AMENDMENTS
The Federal Reserve Board reserves the right, in its discretion, to alter, amend,
or repeal these regulations and to prescribe such additional regulations, conditions, and limitations as it may deem desirable respecting relationships and
transactions of any kind entered into by any Federal Reserve bank with any
foreign bank or banker or with any group of foreign banks or bankers.
REGULATION P, SERIES OF 1933
HOLDING COMPANY AFFILIATES—VOTING PERMITS
SECTION I. STATUTORY PROVISIONS
Section 2 of the Banking Act of 1933 provides, in part, as follows:
(c) The term "holding company affiliate" shall include any corporation, business trust, association, or
other similar organization—
(1) Which owns or controls, directly or indirectly, either a majority of the shares of capital stock of a
member bank or more than 50 per centum of the number of shares voted for the election of directors of any
one bank at the preceding election, or controls in any manner the election of a majority of the directors
of any one bank; or
(2) For the benefit of whose shareholders or members all or substantially all the capital stock of a member
bank is held by trustees.
Section 9 of the Federal Reserve Act, as amended by section 5 (c) of the
Banking Act of 1933, reads, in part, as follows:
Each State member bank affiliated with a holding company affiliate shall obtain from such holding
company affiliate, within such time as the Federal Reserve Board shall prescribe, an aggrement that such
holding company affiliate shall be subject to the same conditions and limitations as are applicable under
section 5144 of the Revised Statutes, as amended, in the case of holding company affiliates of national
banks. A copy of each such agreement shall be filed with the Federal Reserve Board. Upon the failure
of a State member bank affiliated with a holding company affiliate to obtain such an agreement within
the time so prescribed, the Federal Reserve Board shall require such bank to surrender its stock in the
Federal reserve bank and to forfeit all rights and privileges of membership in the Federal Reserve System
as provided in this section. Wherever the Federal Reserve Board shall have revoked the voting permit
of any such holding company affiliate, the Federal Reserve Board may, in its discretion, require any or
all State member banks affiliated with such holding company affiliate to surrender their stock in the
Federal reserve bank and to forfeit all rights and privileges of membership in the Federal Reserve System
as provided in this section.
Section 5144 of the Revised Statutes of the United States, as amended by
section 19 of the Banking Act of 1933, reads as follows:
SEC. 5144. In all elections of directors, each shareholder shall have the right to vote the number of shares
owned by him for as many persons as there are directors to be elected, or to cumulate such shares and give
one candidate as many votes as the number of directors multiplied by the number of his shares shall equal,
or to distribute them on the same principle among as many candidates as he shall think fit; and in deciding
all other questions at meetings of shareholders, each shareholder shall be entitled to one vote on each share
of stock held by him; except (1) that shares of its own stock held by a national bank as sole trustee shall
not be voted, and shares of its own stock held by a national bank and one or more persons as trustees may
be voted by such other person or persons, as trustees, in the same manner as if he or they were the sole
trustee, and (2) shares controlled by any holding company affiliate of a national bank shall not be voted
unless such holding company affiliate shall have first obtained a voting permit as hereinafter provided,
which permit is in force at the time such shares are voted. Shareholders may vote by proxies duly
authorized in writing; but no officer, clerk, teller, or bookkeeper of such bank shall act as proxy; and no
shareholder whose liability is past due and unpaid shall be allowed to vote.
For the purposes of this section shares shall be deemed to be controlled by a holding company affiliate
if they are owned or controlled directly or indirectly by such holding company affiliate, or held by any
trustee for the benefit of the shareholders or members thereof.
Any such holding company affiliate may make application to the Federal Reserve Board for a voting
permit entitling it to cast one vote at all elections of directors and in deciding all questions at meetings
of shareholders of such bank on each share of stock controlled by it or authorizing the trustee or trustees
holding the stock for its benefit or for the benefit of its shareholders so to vote the same. The Federal
Reserve Board may, in its discretion, grant or withhold such permit as the public interest may require.
In acting upon such application, the Board shall consider the financial condition of the applicant, the
general character of its management, and the probable effect of the granting of such permit upon the
affairs of such bank, but no such permit shall be granted except upon the following conditions:
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305
(a) Every such holding company affiliate shall, in making the application for such permit, agree (1) to
receive, on dates identical with those fixed for the examination of banks with which it is affiliated, examiners
duly authorized to examine such banks, who shall make such examinations of such holding company affiliate
as shall be necessary to disclose fully the relations between such banks and such holding company affiliate
and the effect of such relations upon the affairs of such banks, such examinations to be at the expense of the
holding company affiliate so examined; (2) that the reports of such examiners shall contain such information
as shall be necessary to disclose fully the relations between such affiliate and such banks and the effect of
such relations upon the affairs of such banks; (3) that such examiners may examine each bank owned or
controlled by the holding company affiliate, both individually and in conjunction with other banks owned
or controlled by such holding company affiliate; and (4) that publication of individual or consolidated statements of condition of such banks may be required;
(b) After five years after the enactment of the Banking Act of 1933, every such holding company affiliate
(1) shall possess, and shall continue to possess during the life of such permit, free and clear of any lien, pledge,
or hypothecation of any nature, readily marketable assets other than bank stock in an amount not less than
12 per centum of the aggregate par value of all bank stocks controlled by such holding company affiliate,
which amount shall be increased by not less than 2 per centum per annum of such aggregate par value until
such assets shall amount to 25 per centum of the aggregate par value of such bank stocks; and (2) shall
reinvest in readily marketable assets other than bank stock all net earnings over and above 6 per centum per
annum on the book value of its own shares outstanding until such assets shall amount to such 25 per centum
of the aggregate par value of all bank stocks controlled by it;
(c) Notwithstanding the foregoing provisions of this section, after five years after the enactment of the
Banking Act of 1933, (1) any such holding company affiliate the shareholders or members of which shall be
indivi lually and severally liable in proportion to the number of shares of such holding company affiliate
held by them respectively, in addition to amounts invested therein, for all statutory liability imposed on
such holding company affiliate by reason of its control of shares of stock of banks, shall be required only to
establish and maintain out of net earnings over and above 6 per centum per annum on the book value of its
own shares outstanding a reserve of readily marketable assets in an amount of not less than 12 per centum of
the aggregate par value of bank stocks controlled by it, and (2) the assets required by this section to be
possessed by such holding company affiliate may be used by it for replacement of capital in banks affiliated
with it and for losses incurred in such banks, but any deficiency in such assets resulting from such use
shall be made up within such period as the Federal Reserve Board may by regulation prescribe;
(d) Every officer, director, agent, and employee of every such holding company affiliate shall be subject
to the same penalties for false entries in any book, report, or statement of such holding company affiliate as
are applicable to officers, directors, agents, and employees of member banks under section 5209 of the Revised
Statutes, as amended (U.S.C., title 12, sec. 592); and
(e) Every such holding company affiliate shall, in its application for such voting permit, (1) show that it
does not own, control, or have any interest in, and is not participating in the management or direction of,
any corporation, business trust, association, or other similar organization formed for the purpose of, or engaged principally in, the issue, notation, underwriting, public sale, or distribution, at wholesale or retail or
through syndicate participation, of stocks, bonds, debentures, notes, or other securities of any sort (hereinafter referred to as "securities company"); (2) agree that during the period that the permit remains in force
it will not acquire any ownership, control, or interest in any such securities company or participate in the
management or direction thereof; (3) agree that if, at the time of filing the application for such permit, it
owns, controls, or has an interest in, or is participating in the management or direction of, any such securities
company, it will, within five years after the filing of such application, divest itself of its ownership, control,
and interest in such securities company and will cease participating in the management or direction thereof,
and will not thereafter, during the period that the permit remains in force, acquire any further ownership,
control, or interest in any such securities company or participate in the management or direction thereof;
and (4) agree that thenceforth it will declare dividends only out of actual net earnings.
If at any time it shall appear to the Federal Reserve Board that any holding company affiliate has violated
any of the provisions of the Banking Act of 1933 or of any agreement made pursuant to this section, the Federal Reserve Board may, in its discretion, revoke any such voting permit after giving sixty days' notice by
registered mail of its intention to the holding company affiliate and affording it an opportunity to be heard.
Whenever the Federal Reserve Board shall have revoked any such voting permit, no national bank whose
stock is controlled by the holding company affiliate whose permit is so revoked shall receive deposits of public moneys of the United States, nor shall any such national bank pay any further dividend to such holding
company affiliate upon any shares of such bank controlled by such holding company affiliate.
Whenever the Federal Reserve Board shall have revoked any voting permit as hereinbefore provided, the
rights, privileges, and franchises of any or all national banks the stock of which is controlled by such holding
company affiliate shall, in the discretion of the Federal Reserve Board, be subject to forfeiture in accordance
with section 2 of the Federal Reserve Act, as amended.
SECTION II. DEFINITIONS
(a) Holding company affiliate.—The term "holding company affiliate" includes
any corporation, business trust, association, or other similar organization—
(1) which owns or controls, directly or indirectly, a majority of the shares
of capital stock of a member bank; or
(2) which owns or controls, directly or indirectly, more than 50 per centum
of the number of shares voted for the election of directors of any member
bank at the preceding election; or
(3) which controls in any manner the election of a majority of the directors
of any member bank; or
(4) for the benefit of whose shareholders or members all or substantially
all the capital stock of a member bank is held by trustees.
(b) Member bank.—The term "member bank", unless otherwise qualified,
means any national bank, or any State bank, savings bank, trust company,
Morris Plan bank, mutual savings bank or other banking institution which is a
member of the Federal Reserve System.
(c) Nonmember bank.^-The term "nonmember bank" includes any banking
institution which is not a member of the Federal Reserve System.
(d) Shares controlled.—Shares shall be deemed to be controlled by a holding
company affiliate if they are owned or controlled directly or indirectly by such
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holding company affiliate, or if they are held by any trustee for the benefit of the
shareholders or members of such holding company affiliate.
(e) Subsidiary.—The term "subsidiary" includes any national bank, or any
State bank, savings bank, trust company, Morris Plan bank, mutual savings
bank, private bank, mortgage loan company, title company, safe deposit company, insurance company, or any other organization of any kind whatsoever
engaged in any kind of business whatsoever—
(1) Of which any corporation, business trust, association, or other similar
organization owns or controls, directly or indirectly, a majority of the shares
of capital stock; or
(2) Of which any corporation, business trust, association, or other similar
organization owns or controls, directly or indirectly, more than 50 per centum
of the number of shares voted for the election of the directors, trustees, or
other persons exercising similar functions at the preceding election; or
(3) Of which any corporation, business trust, association, or other similar
organization controls in any manner the election of a majority of the directors, trustees, or other persons exercising similar functions; or
(4) Of which all or substantially all the capital stock is held by trustees for
the benefit of the shareholders or members of any corporation, business trust,
association, or other similar organization.
(/) Subsidiary member bank.—The term "subsidiary member bank" includes
any member bank which is affiliated with a holding company affiliate in any manner set forth in subdivision (e) of this section.
(g) Subsidiary nonmember bank.—The term "subsidiary nonmember bank"
includes any banking institution, other than a member bank, which is affiliated
with any corporation, business trust, association, or other similar organization in
any manner set forth in subdivision (e) of this section.
(h) Affiliate.—The term "affiliate" includes any corporation, business trust,
association, or other similar organization—
(1) Of which a member bank, directly or indirectly, owns or controls a
majority of the voting shares; or
(2) Of which a member bank, directly or indirectly, owns or controls more
than 50 per centum of the number of shares voted for the election of any such
organization's directors, trustees, or other persons exercising similar functions at the preceding election; or
(3) Of which a member bank controls in any manner the election of a
majority of any such organization's directors, trustees, or other persons
exercising similar functions; or
(4) Of which control is held, directly or indirectly, through stock ownership or in any other manner, by the shareholders of a member bank who
own or control a majority of the shares of such bank; or
(5) Of which control is held, directly or indirectly, through stock ownership or in any other manner, by the shareholders of a member bank who own
or control more than 50 per centum of the number of shares voted for the
election of directors of such bank at the preceding election; or
(6) Of which control is held, directly or indirectly, through stock ownership
or in any other manner, by trustees for the benefit of the shareholders of any
member bank; or
(7) Of which a majority of its directors, trustees, or other persons exercising similar functions are directors of any one member bank.
(i) When deemed affiliated.—A corporation, business trust, association, partnership or other organization of any kind whatsoever, shall be "deemed to be
affiliated " with another such organization if it is affiliated with such other organization in any manner set forth in subdivision (e) or subdivision (h) of this section.
0) Securities company.—The term "securities company" means any corporation, business trust, association, or other similar organization formed for the
purpose of, or engaged principally in, the issue, flotation, underwriting, public
sale, or distribution, at wholesale or retail or through syndicate participation, of
stocks, bonds, debentures, notes, or other securities of any sort.
(fc) Board.—The term "Board" means the Federal Reserve Board.
SECTION III. REQUIREMENTS IN RESPECT TO STATE MEMBER BANK'S OBTAINING
AND FILING WITH BOARD AGREEMENT BY HOLDING COMPANY AFFILIATE, AND
EFFECT OF FAILURE TO OBTAIN SUCH AGREEMENT
On or before October 1, 1933, each State member bank which is a subsidiary
of a holding company affiliate shall obtain from such holding company affiliate
an agreement, on F.R.B. Form P-5, which is hereby made a part of this regu
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307
lation, that such holding company affiliate will be subject to the same conditions
and limitations as are applicable under section 5144 of the Revised Statutes, as
amended, in the case of holding company affiliates of national banks. Every State
member bank which hereafter becomes a subsidiary of any holding company
affiliate shall obtain from such holding company affiliate a like agreement within
90 days after such member bank shall have become a subsidiary thereof.
Upon the failure of a State member bank which is now or becomes hereafter a
subsidiary of a holding company affiliate to obtain the requisite agreement within
the time prescribed, the Board will require such bank to surrender its stock in the
Federal Reserve bank and to forfeit all rights and privileges of membership in the
Federal Reserve System.
Any State banking institution applying for membership in the Federal Reserve
System which is a subsidiary of any corporation, business trust, association, or
other similar organization, will be required to obtain an agreement from each such
organization with which it is so affiliated on F.R.B. Form P-6, which is hereby
made a part of this regulation, and the application of such organization for a voting
permit must be approved by the Board before such banking institution will be
admitted to membership.
The original and one copy of each such agreement must be filed promptly with
the Federal Reserve Agent of the district in which the applicant's principal office
is located, and the original of such agreement shall be sent by such Federal
Reserve Agent to the Board.
SECTION IV. NECESSITY FOR OBTAINING VOTING PERMITS
No holding company affiliate of a national bank, and no holding company
affiliate of a State member bank which has executed an agreement such as that
required by section III of this regulation, may lawfully vote any share of stock in
any such bank with which it is so affiliated unless such holding company affiliate
shall have first obtained a voting permit which is in force at the time such shares
are voted, and before voting any such stock, each such holding company affiliate
must obtain a voting permit pursuant to the provisions of section 5144, Revised
Statutes, as amended, and of this regulation.
No State banking institution applying for membership in the Federal Reserve
System which is a subsidiary of any corporation, business trust, association, or
other similar organization, will be admitted to membership in the Federal Reserve
System until the application for a voting permit of each organization of which
such banking institution is a subsidiary has been approved by the Board.
SECTION V. APPLICATION FOR VOTING PERMIT
Any holding company affiliate of a member bank, and any organization affiliated in any manner described in subdivision (a) of section II of this regulation
with a nonmember bank applying for membership in the Federal Reserve System,
may make application for a voting permit entitling it to cast one vote on each
share of stock controlled by it at all elections of directors and in deciding all
questions at meetings of shareholders of each of its subsidiary member banks.
In the event that the stock is held by a trustee, or trustees, for the benefit of a
holding company affiliate or of its shareholders or members, the permit may
authorize such trustee or trustees so to vote the same, except that no such permit to vote shares of stock of a national banking association held by it as sole
trustee will be granted.
Each application must be submitted on F.R.B. Form P-l, which is made a
part of this regulation. It is necessary for an applicant hereunder to file only
one application, notwithstanding that such applicant may own or control more
than one subsidiary member bank. However, a separate agreement on F.R.B.
Form P-3 to permit examinations and furnish reports of condition must be filed
by each organization (other than a member bank) with which the applicant or
any of its subsidiaries is affiliated (including a similar and separate agreement
by each of applicant's subsidiary nonmember banks, notwithstanding that any or
all of such subsidiary nonmember banks may also be applying for membership in
the System).
In preparing the application, all forms (except signatures of persons executing
same) should befilledout by typewriter. The original and two executed counterparts of the application must be sent to the Federal Reserve Agent of the district
in which the applicant's principal office is located, and if any subsidiary member
bank or subsidiary nonmember bank applying for membership is situated in any
district other than that in which the applicant's principal office is located, a copy
of the application must be filed with the Federal Reserve Agent of each such
other district.
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The Federal Reserve Agent of the district in which the applicant's principal
office is located will forward the original and one executed counterpart of such
application to the Board with his recommendation and that of the executive
committee of the Federal Reserve bank of such district. The Federal Reserve
Agent of any other district in which a subsidiary member bank or a subsidiary
nonmember bank applying for membership is located will forward to the Board
his recommendation and that of the executive committee of the Federal Reserve
bank in his district.
SECTION VI. INFORMATION AND DOCUMENTS TO BE FILED WITH APPLICATION
The statute vests in the Board discretionary authority to grant or withhold
any voting permit applied for as the public interest may require. In acting upon
each application for a voting permit, the Board is required to consider the financial
condition of the applicant, the general character of its management, and the
probable effect of the granting of such permit upon the affairs of each subsidiary
member bank. In order that the Board may give adequate consideration to these
subjects, each applicant for a voting permit must furnish with its application the
following information and documents:
(1) Names and addresses of all subsidiary member banks.
(2) Certified copy of charter or articles of association and by-laws of
applicant, with all amendments to date.
(3) Statement of financial condition of applicant, as of date of application, including detailed list of investments.
(4) Copy of report of last audit of applicant by an independent auditor or
auditors, if any.
(5) Detailed statement in regard to management and personnel of applicant, including list of directors and principal officers and stockholders, and
their principal business interests.
(6) List of all of applicant's subsidiaries and all other corporations, business trusts, associations, or other similar organizations with which applicant
or any of its subsidiaries is affiliated, with description of their functions, and
detailed statement of relations of applicant with each such organization.
(7) Statement of financial condition of each subsidiary member bank, as
of a date not in excess of 60 days prior to date of application.
(8) Copy of report of last examination, if any, by State authorities of each
of applicant's subsidiaries and of each other corporation, business trust, association, or other similar organization with which applicant or any of its subsidiaries is affiliated (other than a member bank).
(9) Copy of report of last examination, if any, by applicant of each of its
subsidiaries and of each other corporation, business trust, association, or
other similar organization with which applicant or any of its subsidiaries is
affiliated.
(10) Detailed statement of any plan of reorganization involving any subsidiary or any other corporation, business trust, association, or other similar
organization with which applicant or any of its subsidiaries is affiliated,
effected since last examination of any such organization, and of any such
reorganization proposed or pending.
(11) Agreements by subsidiary nonmember banks and affiliated organizations (other than member banks) to submit to examination and furnish
reports of condition (F.R.B. Form P-3).
(12) Statement as to whether any certificate representing stock of applicant represents stock of any other corporation, and whether ownership, sale,
or transfer of any certificate representing the stock of applicant is conditioned
in any manner whatsoever upon the ownership, sale, or transfer of a certificate representing the stock of any other corporation. If so, information as
to manner in which the ownership, sale, or transfer of a certificate representing stock in applicant affects the ownership, sale, or transfer of a certificate
representing stock in such other corporation.
(13) Statement as to whether applicant owns, controls, or has any interest
in, and whether it is participating in the management or direction of, any
securities company.
SECTION VII. REQUIREMENTS REGARDING EXHIBITS D, G, AND H
(a) Statement of financial condition of applicant.—There must be attached to
each application for a voting permit, as exhibit D, a statement of the financial
condition of the applicant as of the date of the application. This statement must
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be taken from the books of the applicant, must show each control account separately, and must give detailed information in respect to the following:
(1) Loans, extensions of credit, and advances in any form (including repurchase agreements and securities loaned) by each subsidiary bank to
applicant, the amounts, forms, and maturity dates thereof, the interest rates
thereon, and the collateral pledged therefor.
(2) Investments of applicant in capital stock of each subsidiary bank and
each other organization with which applicant or any of its subsidiaries is
affiliated, the number of shares of stock of each such affiliated organization
authorized and outstanding, the par and book value thereof, and the number
of shares pledged, if any.
(3) Other investments—
(?) Bonds—Names of obligors, par value, book value, interest rate,
maturity, and bonds pledged, if any.
(ii) Stocks—Number of shares, par value, book value, class of stock,
and stocks pledged, if any.
(4) Capital stock of applicant, classes of such stock, number of shares
authorized and outstanding in each class, the par value thereof, and any
options or stock purchase warrants outstanding.
(5) Accounts due to and from each subsidiary and each affiliate of applicant or of any of its subsidiaries.
(6) Detailed list of any and all contingent liabilities of applicant.
(b) Statement of relationship of applicant to subsidiaries and affiliated organizations.—There must also be attached to each application for a voting permit, as,
exhibit G, a list of all of the applicant's subsidiaries and all other organizations
with which the applicant or any of its subsidiaries is affiliated, with a description
of their functions, and a detailed statement of the relationship of the applicant to
its subsidiaries and to any and all other organizations with which the applicant
or any of its subsidiaries is affiliated. Among other things, this statement must,
set forth:
(1) The total number of shares of capital stock of each subsidiary and each
other affiliated organization authorized and outstanding;
(2) The number of shares owned