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TWENTY-FIRST ANNUAL REPORT
OF THE
FEDERAL RESERVE
BOARD
COVERING OPERATIONS
FOR THE YEAR 1934
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1935
For sale by the Superintendent of Documents, Washington, D. C. - - Price 25 cents (paper coyer)
FEDERAL RESERVE BOARD
DECEMBER 31, 1934
EX-OFFICIO MEMBERS
HENRY MORGENTHAU, Jr.,
Secretary of the Treasury, Chairman.
J. F. T. O'CONNOR,
Comptroller of the Currency.
LAWRENCE CLAYTON,
Assistant to the Governor.
CHESTER MORRILL, Secretary.
J. C. NOELL, Assistant Secretary.
LISTON 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.
E . A. GOLDENWEISER,
Director, Division of Research and
Statistics.
MARRINER S. ECCLES, Governor.
J. J. THOMAS, Vice Governor.
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
GEORGE R. JAMES.
M. S. SZYMCZAK.
LAUCHLIN CURRIE,
Assistant Director, Division of Research and Statistics.
WOODLIEF THOMAS,
Assistant Director, Division of Research and Statistics.
E. L. SMEAD,
Chief, Division of Bank Operations.
J. R. VAN FOSSEN,
Assistant Chief, Division of Bank
Operations.
CARL E. PARRY,
Chief, Division of Security Loans.
O. E. FOULK, Fiscal Agent.
JOSEPHINE E. LALLY,
Deputy Fiscal Agent.
CONTENTS
TEXT OF REPORT
Page
Introduction
Gold and silver in 1934
Altered reserve situation in 1934
Member bank credit
Progress of banking reconstruction
Business conditions
Industrial advances by Federal Reserve banks
Securities Exchange Act of 1934
1
5
12
17
24
28
33
35
Earnings and expenses of Federal Reserve banks
Building operations of Federal Reserve banks and Federal Reserve Board__
Branches and agencies of Federal Reserve banks
Federal Reserve interdistrict collection system
Changes in membership
Amendments to the law relating to the Federal Reserve System
Additions to and changes in Federal Reserve Board's regulations
Extension of the period for advances to member banks
Credit agreements with foreign central banks
Bank examinations
Trust powers of national banks
Reductions in capital stock of member banks
Administration of sections 8 and 8A of the Clayton Antitrust Act
Administration of section 32 of the Banking Act of 1933
Affiliates of member banks
Private banks
Meetings of Federal Open Market Committee
Meetings of the Federal Advisory Council
Organization, staff, and expenditures
39
42
43
44
45
45
52
53
53
54
56
56
57
57
58
60
62
62
62
in
TABLES
FEDERAL RESERVE BANK CREDIT
RESEIUE BANK CREDIT AND RELATED ITEMS:
No.
No.
No.
No.
No.
No.
1.
2.
3.
4.
5.
6.
Annual averages, 1918-34
Monthly averages, 1930-34
Weekly averages, 1933-34
By weeks (Wednesday series), 1928-34
End of month series, 1917-34
Call dates, 1920-34
Page
67
68
69-70
71-77
78-81
82
RESERVE BANK CREDIT:
No. 7. Annual averages, 1915-34
83
%
No. 8. By months, 1932T34
83
No. 9. Deposits, total gold reserves and other cash, Federal Reserve
note circulation, and cash ratio, by months, 1932—34
84
No. 10. Bills discounted for member banks—holdings of each Federal
Reserve bank, by months
85
No. 11. Industrial advances and commitments to make industrial
advances, by Federal Reserve districts
85
No. 12. Applications for industrial advances and commitments to
make industrial advances, cumulative, by weeks
86
No. 13. Reserve balances of member banks in each district, by
months
86
No. 14. Bills discounted for member banks in each State, by months.
87
No. 15. Federal Reserve banks—assets and liabilities (in detail),
Dec. 31, 1934
88-89
No. 16. Assets and liabilities of Federal Reserve banks (in detail) at
the end of each month
90-91
No. 17. Condition of each Federal Reserve bank at end of 1933 and
1934
92-95
No. 18. Number of member banks discounting paper at Federal
Reserve banks, by months, 1914-34
96
No. 19. Number of member banks discounting paper at Federal
Reserve banks, by Federal Reserve districts, 1926-34
96
No. 20. Number of member banks discounting paper at Federal Reserve banks, by States, 1926-34
97
No. 21. Bills discounted by Federal Reserve banks—holdings at the
end of each month, by classes
98
No. 22. Bills discounted—holdings of each Federal Reserve bank on
Dec. 31, 1934, by classes
99
No. 23. Bills discounted—holdings of each Federal Reserve bank on
Dec. 26, 1934, by maturities
99
No. 24. Bills bought by Federal Reserve banks—holdings at the end
of each month, by classes
100
No. 25. Acceptances payable in foreign currencies—holdings of Federal
Reserve banks, 1924-34
100
CONTENTS
RESERVE BANK CREDIT—Continued.
No. 26. Holdings of bills discounted and bills bought by Federal
Reserve banks, by maturities, 1933-34
No. 27. Holdings of United States Government securities by Federal
Reserve banks at end of each year, 1930-34, by classes
V
page
101
102
VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS:
No. 28. Volume of operations in principal departments, 1930-34
No. 29. Volume of operations in principal departments of each
Federal Reserve bank, 1934
No. 30. Volume of operations of branches of Federal Reserve banks.-
103
104
105
GOLD SETTLEMENT FUND:
No. 31. Summary of transactions through the fund, 1926-34
No. 32. Summary of transactions through the fund, by districts, 1934_
106
106
FEDERAL RESERVE AGENTS' GOLD FUND:
No. 33. Summary of transactions through the fund, 1926-34
No. 34. Summary of transactions through the fund, by districts, 1934_
107
107
MEMBERSHIP IN PAR COLLECTION SYSTEM:
No. 35. Number of banks on par list and not on par list, by districts
and by States, on Dec. 31, 1933 and 1934
108
FEDERAL RESERVE BANK PREMISES:
No. 36. Cost of bank premises of Federal Reserve banks and branches
to Dec. 31, 1934
109
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS:
No. 37. Earnings of Federal Reserve banks, by sources, 1914-34
110
No. 38. Total earnings, current expenses, and net earnings of each
Reserve bank, and disposition made of net earnings,
1914-34
111
No. 39. Earnings and expenses of the Federal Reserve banks during
1934
112-113
No. 40. Reimbursable expenditures of the Federal Reserve banks
during 1934
114
FEDERAL RESERVE NOTES:
No. 41. Federal Reserve agents' accounts at the end of each month. _
115
FEDERAL RESERVE BANK NOTES:
No. 42. Federal Reserve agents' accounts at the end of each month-_
116
GOLD STOCK, GOLD MOVEMENTS, AND MONEY IN CIRCULATION
GOLD:
No. 43. Monetary gold stock of the United States, 1914-34
No. 44. Analysis of changes in monetary gold stock, by months,
1921-34
No. 45. Gold held under earmark by Federal Reserve banks for
foreign account, by months, 1926-34
No. 46. Gold movements to and from United States, by countries,
1931-34
No. 47. Gold movements to and from United States, by months,
1921-34
119
120
120
121
122
MONEY IN CIRCULATION:
No. 48. United States money in circulation, by months, 1914-34
No. 49. Kinds of money in circulation, 1919-34
No. 50. Paper currency of each denomination in circulation, 1930-34.
123
124
125
VI
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISCOUNT RATES AND MONEY RATES
DOMESTIC MONEY RATES:
Page
No. 51. Federal Reserve bank discount rates
129-132
No. 52. Federal Reserve bank buying rates on acceptances—changes
from Jan. 1, 1931, to Dec. 31, 1934
133
No. 53. Average rates earned by Federal Reserve banks on biUs and
securities, 1930-34
133
No. 54. Open-market rates in New York City, by months, 1931-34_
134
No. 55. Open-market rates in New York City, by weeks
135
No. 56. Money rates in New York City—prevailing rates charged
customers, 1930-34
136
No. 57. Rates charged customers by banks in principal cities (weighted averages), 1922-34
137
MONEY RATES IN FOREIGN COUNTRIES:
No. 58. Discount rates of foreign central banks, 1933-34
No. 59. Open-market rates in foreign countries, by months, 1933-34.
138
138
MEMBER AND NONMEMBER BANK CREDIT
ALL BANKS IN THE UNITED STATES:
No. 60. Number of banks, and deposits other than interbank deposits, 1914-34
No. 61. Loans and investments of member and nonmember banks,
1914-34
140
141
ALL MEMBER BANKS:
No. 62. Condition of licensed banks on Dec. 31, 1934, by classes of
banks
142-143
No. 63. Classification of loans, investments, and deposits of licensed
member banks on Dec. 31, 1934, by classes of banks
144-145
No. 64. Principal assets and liabilities on call dates, 1920-34
146-147
No. 65. Classification of demand and time deposits on call dates,
1928-34
148-149
No. 66. Classification of member bank loans and investments on call
dates, 1928-34
150-151
No. 67. Deposits subject to reserve, reserves required, reserves held,
and borrowings at Federal Reserve banks, by months, 1934 152
No. 68. Net demand and time deposits, by months
153
No. 69. Net demand and time deposits of member banks in larger and
smaller centers, 1933-34
154
No. 70. Licensed 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, 1934
155-157
REPORTING MEMBER BANKS IN LEADING CITIES:
No. 71. Principal assets and liabilities, by weeks and months (91
cities)
158-159
No. 72. New York City banks—Principal assets and liabilities, by
weeks, and months
160-161
No. 73. Banks outside New York City—Principal assets and liabilities, by weeks and months
162-163
CONTENTS
BROKERS' LOANS:
VII
Page
No. 74. Loans to brokers and dealers, secured by stocks and bonds,
made by reporting member banks in New York City, by
weeks
No. 75. Brokers' borrowings, 1933-34
164
165
BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING:
No. 76. Dollar bankers' acceptances and commercial paper outstanding, 1928-34
No. 77. Dollar bankers' acceptances held by group of accepting
banks, 1927-34
165
166
BANK DEBITS:
No. 78. Debits to individual accounts, by banks in 141 principal
cities, by months, 1925-34
166
BANK SUSPENSIONS:
No. 79. Banks suspended and reopened, by years, 1921-32
No. 80. Number, classified according to capital stock and size of
community, 1921-32
No. 81. Banks suspended, by districts and by States, Jan. 1-Mar.
15, 1933
No. 82. Licensed banks suspended, by districts and by States, in
1933 and 1934
No. 83. Nonlicensed banks placed in liquidation or receivership, by
districts and by States, Mar. 16-Dec. 31, 1933
No. 84. Nonlicensed banks placed in liquidation or receivership, by
districts and by States, in 1934
No. 85. Number of banks licensed and not licensed, by districts and
by States, on Apr. 12, 1933
No. 86. Deposits of banks licensed and not licensed, by districts and
by States, on Apr. 12, 1933
No. 87. Number of banks licensed and not licensed, by districts and
by States, on Dec. 31, 1934
No. 88. Deposits of banks licensed and not licensed, by districts and
by States, on Dec. 31, 1934
No. 89. Number and deposits of licensed and unlicensed member
and nonmember banks
167
167
168
169
170
171
172
173
174
175
176
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM:
No. 90. Changes, by class of bank, in 1933 and 1934
177
EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS:
No. 91. Earnings, expenses, dividends, and operating ratios, 1925-33.178-179
BUSINESS CONDITIONS
CAPITAL ISSUES AND SECURITY PRICES:
No. 92. Capital issues, 1919-34
No. 93. Security prices, 1919-34
No. 94. Bond yields, 1919-34
183
184
185
INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES:
No.
No.
No.
No.
No.
No.
95. Production, employment, and trade, 1919-34
186-191
96. Production of manufactures, by groups, 1919-34
192
97. Production of minerals, by industries, 1919-34
192
98. Factory pay rolls, by groups, 1919-34
193
99. Factory employment, by groups, 1919-34
194-195
100. Wholesale commodity prices in the United States, by months
and years, 1913-34
196
No. 101. Wholesale commodity prices in the United States, by weeks._
197
VIII
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
APPENDIX
Page
Recommendations (and directory) of the Federal Advisory Council
Directory of the Federal Reserve Board
Salaries of officers and employees of the Federal Reserve Board
Receipts and disbursements of the Federal Reserve Board
Governors and directors of Federal Reserve banks
Salaries of officers and employees of Federal Reserve banks
State bank and trust company members of Federal Reserve System:
List of members, with location, loans, investments, etc
Summary classification according to capital stock
Fiduciary powers granted to national banks
Description of Federal Reserve districts
Description of Federal Reserve branch territories
Map of Federal Reserve districts
201-205
206
206-209
210-211
212-215
216
216-232
233-235
236-255
256-261
262-263
264
LETTER OF TRANSMITTAL
FEDERAL RESERVE BOARD,
Washington, June 24, 1935.
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 Twenty-first Annual Report,
prepared by direction of the Federal Reserve Board, covering operations during the calendar year 1934.
Yours respectfully,
M. S. ECCLES, Governor.
IX
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Outstanding developments in the monetary and banking field in
1934, the year covered by this the Twenty-first Annual Report of the
Federal Reserve Board, were revaluation of gold at a rate of $35 per
ounce; a large volume of gold imports; expansion of bank deposits,
reflecting chiefly Government spending; and further progress in the
work of rehabilitating the banking structure. As a result of large
gold imports during the year, reserve balances held by member banks
of the Federal Reserve System rose to a new high level. Notwithstanding an increase in reserves required as a result of the increase in
deposits, balances held by member banks in excess of requirements
rose to the highest level on record.
Federal Reserve bank holdings of United States Government securities remained unchanged during the year, while their holdings of discounts and acceptances declined to a small figure, reflecting the
abundance of reserves which enabled member banks to repay borrowings at the Reserve banks and created a market outside of the Reserve
banks for all available acceptances.
In line with general declines in money rates, most of the Federal
Reserve banks reduced their discount rates in the early part of 1934
and again in the last few weeks of that year or the early weeks of 1935.
On February 1, 1935, the rates were l)i percent at 1 Reserve bank, 2
percent at 7 banks, and 2){ percent at 4, whereas at the beginning of
1934 the established rates ranged from 2 percent to 3K percent, with
5 banks at the highest of these levels. In December the Federal
Reserve Board fixed at 2% percent the maximum rate of interest that
member banks may pay on time and savings deposits after January
31, 1935. This was a reduction from 3 percent, the rate in effect
since November 1933.
Developments in 1934 were all in the direction of easier credit
conditions. The expansion in excess reserves during the year, which
was caused chiefly by gold imports, was not accompanied by an
increase in bill or security holdings of the Federal Reserve banks that
could be sold for the purpose of absorbing the excess reserves, if that
should become desirable. With this limitation on the System's
power to reduce member bank reserves by the sale of assets in the
open market, the System's ability to restrict credit expansion, if it
should become excessive, rests chiefly on new powers conferred upon
1
Z
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
it by recent legislation. Among these are the power in an emergency
and with approval of the President to raise reserve requirements of
member banks, provided in the act of May 12, 1933; authority to
restrain speculative activities of member banks under different provisions of the Banking Act of 1933; and control of margin requirements on security loans by brokers and by banks, granted by the
Securities Exchange Act of 1934.
Duties and activities of the Board and of the Federal Reserve
banks have been considerably enlarged by legislation passed during
recent years, and a large part of the work of the System in 1934 arose
out of this new legislation. These additional duties were imposed by
the Banking Act of 1933, the Securities Exchange Act of 1934, and
an act permitting direct loans for industrial purposes by Federal
Reserve banks.
Federal Reserve banks were authorized by an act of Congress
approved June 19, 1934, to make advances within prescribed limitations for the purpose of providing working capital to established
industrial and commercial enterprises. Special efforts were made by
the Federal Reserve banks to discover needs for such loans and to
give prompt attention to applications. By the end of the year more
than $50,000,000 of applications for advances and for commitments
to make advances had been approved by the Federal Reserve banks,
$15,000,000 had been disbursed under these approved applications,
and $10,000,000 of commitments were outstanding.
The Banking Act of 1933 increased in various respects the scope
of the Federal Reserve Board's authority over the activities of
member banks. Under this act holding company affiliates of member banks are required to obtain from the Board permits to vote stock
in member banks; as a consequence of broadening the scope of the
provisions of the Clayton Act governing interlocking directorates the
Board was required to pass upon a largely increased number of applications; and it was also required to pass upon interlocking directorates
and correspondent relationships between member banks and dealers
in securities. Many questions arising in connection with the separation of security company affiliates from banks have been referred to
the Federal Reserve banks and to the Board. Examinations and
other preparations were made by the Board and Federal Reserve
agents, under provisions of the Banking Act of 1933, to certify State
member banks for participation in the permanent plan of the Federal
deposit insurance fund, but in view of the extension of the temporary deposit insurance fund for 1 year the Board was not called
upon for such certifications in 1934. A number of private banks,
subject to examination under the Banking Act of 1933, have elected
to be examined by Federal Reserve banks.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
6
The Securities and Exchange Act imposed new duties on the
Federal Reserve Board in connection with the fixing of margin
requirements and the regulation of loans made for the purpose of
purchasing and carrying securities. In September the Board issued
a regulation (regulation T) on this subject.
In addition to these new activities of the Board it has had to pass
upon numerous reorganizations of member banks and applications
for reduction of capital stock. Reorganizations of national banks
have often necessitated new applications to the Board for the performance of trust powers. Performance of fiscal agency and other
duties for the United States Treasury Department and various
governmental credit agencies also increased the work of the Federal
Reserve banks in 1934.
By the end of 1934 banks closed during the bank holiday in March
1933 had nearly all been licensed to resume operations, reorganized,
or placed in the hands of receivers for liquidation. The number of
active banks belonging to the Federal Reserve System increased in
1934 by 431, in consequence of the licensing of additional banks, the
organization of new national banks, and the entrance of nonmember
banks into the System. The reopening of banks was facilitated by
purchases of preferred stock and capital notes and debentures by the
Reconstruction Finance Corporation, and the Corporation also hastened the paying off of depositors of closed banks by making loans on
the remaining assets of these banks. The number of suspensions of
licensed banks in 1934 was smaller than for any year since 1920.
During the year most of the commercial banks in the country became
members of the Federal Deposit Insurance System.
Under the terms of the Gold Reserve Act of 1934, on January 30
title to all gold held by the Federal Reserve banks was transferred
to the United States Government at a valuation of $20.67 an ounce
in exchange for an equivalent amount of gold certificates. On
January 31 the President by proclamation reduced the weight of the
gold dollar from 25.8 grains to 15%i grains of gold nine-tenths fine,
thereby establishing the gold content of the dollar at 59.06 percent
of its former weight and raising the price of gold from $20.67 to $35 a
fine ounce. The resulting increase in the value of gold held by the
United States, amounting to about $2,800,000,000, accrued to the
Treasury. The Secretary of the Treasury announced that beginning
February 1 he would be prepared until further notice to purchase
gold and under certain conditions to sell gold for export at the new
price.
As a result of revaluation of the dollar, of the inclusion of gold purchased in previous weeks by the Government, and of large gold
imports after January, the monetary gold stock of the United States
increased in 1934 by $4,200,000,000. Imports of gold from abroad
4
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
reflected in part an excess of merchandise exports and in part a flow
of capital to this country.
Member bank reserve balances increased by about $1,400,000,000
during the year, of which $450,000,000 was absorbed in meeting
increased reserve requirements arising from the growTth in bank
deposits. Reserves in excess of legal requirements rose to nearly
$1,800,000,000, an increase of about $950,000,000 during the year.
Member banks employed a part of their available funds in increasing their investments, principally their holdings of United States
Government securities. Holdings of open-market commercial paper
and acceptances also increased somewhat, but repayment of customers' loans continued to exceed new loans made.
Deposits at member banks, exclusive of interbank and United
States Government deposits, increased by about $4,000,000,000 during
1934. The increase in deposits, other than bankers' deposits, was
relatively larger at banks in.small towns and in the agricultural
sections of the country than at banks in larger cities. Country banks,
however, having no direct access to the open market, held a larger
proportion of their new deposits as idle balances, while city banks
invested a somewhat larger proportion of the increase in their deposits in Government securities and open-market paper.
The abundance of funds seeking employment was reflected in
continued declines in interest rates, which at the beginning of 1934
were already at exceptionally low levels. Open-market rates on 90day bankers' acceptances declined to one-eighth of 1 percent, and
rates charged customers by banks in financial centers throughout the
country declined to new low levels for the post-war period. Yields
on long-term Treasury bonds declined to below 3 percent and yields
on high-grade corporate bonds were at approximately the lowest
levels of this century.
New issues of corporate securities continued to be in small volume
during 1934. Issues by States and local governments increased
considerably and were substantially larger than in 1933 and somewhat
larger than in 1932. Issues by the Federal Government and its
agencies were larger than in any year since the war, far exceeding in
amount all other new securities offered in the year. Prices of highgrade bonds advanced, while stock prices showed little change.
Volume of production and trade for the year 1934 as a whole
was larger than in 1933 and at the end of the year was at a higher
level than at the beginning. Output of industrial products and
employment in factories showed wide fluctuations during the
year, although the movements were narrower than in 1933.
Crop production, which had been relatively well maintained
throughout the depression, showed a marked reduction in 1934
as a consequence of prolonged drought and of acreage reductions,
but with higher prices, increased marketings of livestock, and Govern
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
5
ment rental and benefit payments farm income was larger than in 1933.
Construction work on public projects showed a considerable increase,
while private construction continued in small volume. Retail trade
increased in the course of the year and was considerably larger in
rural areas than in 1933. Wholesale prices of agricultural products
and foods advanced sharply in 1934, as in 1933, while prices of other
commodities showed little change from the level reached at the end
of 1933, which was higher than at the beginning of that year.
GOLD AND SILVER IN 1934
Important factors in the monetary situation in 1934 were legislative
enactments and administrative measures in reference to gold and silver. Among these were the enactment of the Gold Reserve Act, the
subsequent revaluation of the dollar, the passage of the Silver Purchase Act, and the acquisitions of silver under authority of this act.
The provisions of the Gold Reserve Act of 1934 are summarized
in a subsequent section of this report. The act was passed and
approved on January 30, 1934, and on that date title to gold held by
the Federal Reserve banks was transferred to the United States
Government.
The President's proclamation of January 31, 1934.—By virtue of
the powers granted in the act approved May 12, 1933, as amended
by the Gold Reserve Act of 1934, the President issued a proclamation
on January 31, reducing the weight of the gold dollar from 25.8
grains to 15%i grains of gold nine-tenths fine. In the proclamation
the President reserved the right, within the limits prescribed by the
law, to alter or modify the weight of the gold dollar as the interest of
the United States might require. On January 31 the mints were
authorized by the Treasury regulations issued under the Gold Reserve
Act of 1934 to purchase (a) gold recovered from natural deposits in
the United States or any place subject to the jurisdiction thereof,
which shall not have entered into monetary or industrial use, (6) unmelted scrap gold, and (c) gold imported into the United States after
January 30, 1934. Purchases were to be made at the rate of $35 per
fine troy ounce less a handling charge of }{ percent and the usual mint
charges. The Secretary of the Treasury stated that whenever our
exchange rates with gold standard currencies should reach the gold
export point he would, until further notice, also sell gold for export to
foreign central banks at the rate of $35 per fine troy ounce plus a
handling charge of % percent. Most of the purchases of imported
gold as well as sales of gold for export were to be made through the
Federal reserve Bank of New York as fiscal agent of the United States.
Increase in monetary gold stock of the United States.—Reduction
in the gold content of the dollar immediately increased the value of
the reported gold holdings of the Treasury by approximately $2,800,
6
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
000,000. At the same time the reported monetary gold stock of the
country was further increased by the addition of about $200,000,000
of gold purchased by the Government in connection with its goldbuying program of previous months. At the outset these increases
in the gold stock of the country were retained as an addition to the
cash holdings of the Treasury and had no effect upon Federal Reserve
bank or member bank reserves. During the remainder of the year,
however, the Treasury transferred some of this additional gold to the
Federal Reserve banks in the form of gold certificate credits, thus
increasing its deposits with Federal Reserve banks. As these deposits
were reduced by Treasury expenditures in the course of the year,
member banks obtained additional reserve funds.
In the months following revaluation there were large imports of
gold, as well as substantial purchases of newly produced and other
domestic gold. In the course of the year the gold stock was increased
by a total amount of $4,202,000,000, comprising the increment of
$2,812,000,000 resulting from revaluation, $1,217,000,000, of net imports and releases from earmark, including imports of gold purchased
by the Government prior to January 31, 1934, and $174,000,000
obtained from production, Government holdings in this country not
previously reported, return of coin by the public, purchases of scrap,
old gold, and the like.
There were substantial changes in the distribution of the monetary
gold stock during the year, as shown in the table below. The Treasury turned over $2,000,000,000 of the increment resulting from reduction in the gold content of the dollar to the exchange stabilization
fund and placed $812,000,000 in a special balance held separately as a
part of the general fund. Subsequently, $200,000,000 of gold from
the exchange stabilization fund was deposited by the Treasury with
the Federal Reserve Bank of New York for use by the fund and
about $8,000,000 from the $812,000,000 balance was transferred to
the Federal Reserve banks under section 13b of the Federal Reserve
Act, which authorized the Secretary of the Treasury to pay to the
Federal Reserve banks certain amounts against advances and commitments to provide working capital for industrial and commercial
concerns.
ANNUAL REPORTVOF^THE^FEDERAL RESERVE BOARD
CHANGES IN DISTRIBUTION OF MONETARY GOLD STOCK,
1934
[In millions of dollars; at value of $20.67 per fine ounce on Dec. 30, 1933, and $35 per fine ounce
on Dec. 31, 1934]
Total monetary gold stock.
Federal Reserve gold and gold-certificate reserves i
Gold certificates in circulation.
Gold coin in circulation 2
_
Reserves held by Treasury against United States notes and Treasury
notes of 1890
_
Exchange stabilization fund
Gold in general fund of Treasury 3
Held against specific liabilities *
_.
Balance of increment obtained from reduction in weight of dollar a_.
Other
Dec. 30,
1933
Dec. 31,
1934
4,036
8,238
+4, 202
3,569
213
24
5,143
130
+ 1 , 574
-83
-24
156
156
1,800
1,008
+1,800
+934
27
804
177
-18
+804
+148
"74"
45
29
Change
in 1934
1 Gold and gold certificates on hand and due from United States Treasury plus redemption fund against
Federal
Reserve notes.
2
Excluding $287,000,000 of gold coin reported as in circulation on Jan. 31, 1934; all gold stock and money
in circulation figures since 1913 have been adjusted to exclude this amount. The $24,000,000 represents
the amount that returned from circulation in January 1934; all gold coin returned after Jan. 31,1934, resulted
in3 an increase in the gold stock.
Does not include gold held against gold certificates outstanding or gold certificates held in certain Federal
Reserve accounts with the Treasury.
4
Amount held in addition to other lawful money against liabilities requiring reserves of lawful money.
*Excluding $2,000,000,000 transferred to exchange stablization fund and $8,000,0f
),000 transferred to Federal
Reserve banks under section 13b of the Federal Reserve Act.
Return of gold certificates and gold coin from circulation and
release of gold held in the general fund against specific liabilities
provided an additional amount of $125,000,000 of gold available for
use by the Treasury or for the Reserve banks' gold-certificate funds.
As a result of the gold thus released, of that made available from the
revaluation increment, imports, earmarked supplies, new production,
and new monetary holdings of the public, Federal Reserve bank goldcertificate reserves and Treasury gold not reported as held in special
balances showed a total increase of $1,722,000,000. The increase in
Reserve bank gold-certificate reserves amounted to $1,574,000,000.
Gold imports.—Following revaluation of the dollar and announcement of the Treasury's willingness to buy and sell gold, there was a
large flow of gold to the United States. Net imports in the year
amounted to $1,134,000,000 and net releases from earmark to $83,000,000. Of the net imports $500,000,000 came from England,
$260,000,000 from France, and the rest from Holland, Canada, India,
Mexico, and other countries.
These imports of gold were, in considerable measure, an outcome
of the definite fixation, at a lower value, of the dollar in terms of gold
and foreign currencies. Definitive revaluation in January 1934
followed 9 months during which the prevailing tendency of the
dollar on the exchanges was downward. The premium on foreign
currencies after April 1933 was an inducement to American sales of
merchandise in foreign markets and a corresponding discouragement
to American purchases abroad. The tendency to increase the export
129288—35
2
8
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
surplus in the country's merchandise trade with the world, however,
was not immediately apparent, for the initial decline of the dollar
in the spring of 1933 was accompanied by a wave of domestic buying
that involved the purchase of foreign products as well. A rapid
increase of imports at that time—chiefly in the form of raw materials—
reversed the country's balance of trade for the period May through
September as a whole. As the buying movement subsided, however,
and the stimulus to American sales abroad began to have some effect
in increased shipments of American manufactures and other products,
the export surplus reappeared. By November 1933 it was on a considerable scale, and in the 12 months ending October 1934 the surplus
of the country's merchandise trade with the world reached a figure of
$510,000,000 as compared with $180,000,000 in the preceding 12
months. The increased demand for dollars to pay for this growing
surplus of merchandise exports was more than offset in the closing
months of 1933 and in January 1934 by gold purchases abroad for
account of the Reconstruction Finance Corporation and the Treasury.
Although these purchases served to balance the international transactions of the country, they had no immediate effect on member
bank reserves since the funds employed were borrowed from the
market. It was not until the new gold legislation in 1934 became
effective that these purchases were taken up into monetary gold stock.
Under the Gold Reserve Act of 1934 and the President's proclamation of January 31 the international gold value of the dollar was
fixed by administrative action somewhat below the level to which it
had already fallen on the exchanges. The enlarged surplus of merchandise exports continued, and its effects were intensified to an
important degree by a movement of capital to the United States.
This movement was particularly great in the 2 months that followed
establishment of a new gold level for the dollar. The $650,000,000 of
gold acquired by the Treasury at that time reflected for the most part
a return of American funds from abroad and a movement of foreign
capital into dollar balances and securities. Subsequently gold continued to move into the United States, although on a much diminished
scale, until August when a moderate reversal of the movement
occurred.
The interruption to the inward flow of gold appears to have been
due in some measure to the more active silver policy adopted under the
powers conferred by the Silver Purchase Act. This act is discussed
in a subsequent section. Following nationalization of silver on August
9 there was a temporary tendency for capital to move abroad, and
American purchases of silver in London, Shanghai, and other centers,
as evidenced by shipments to this country, attained a volume of
about $20,000,000 a month. For a time these factors were sufficient
to carry gold out of the country; but the advent of the large surplus of
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
9
merchandise exports in the fall, when Europe was receiving little
from American tourists, and the development of political difficulties
in certain countries of the gold bloc, led to a further substantial
movement of gold to the United States in the closing months of the
year. Silver imports at this time were in diminished volume, China
having suspended the free operation of the silver standard in October.
World gold reserves.—The increase in monetary gold stock of the
United States during 1934 was not accompanied by a reduction in the
aggregate of central bank reserves abroad. On the contrary, the
reported gold reserves of foreign central banks and governments
increased by $130,000,000, valued at $35 an ounce.
Additions to central gold reserves of the United States and other
countries during 1934 came largely from the following sources, expressed in terms of the dollar at its new^ valuation: The total output
of the world's gold mines in 1934 had a dcllar value of $940,000,000;
gold dishoarded in the Orient during the year amounted to $250,000000; and about $100,000,000 of domestic scrap gold from ornaments
and other personal possessions and from industrial uses was sold to
the United States Treasury in 1934. The combined total of scrap
sold to the Treasury, gold released from oriental holdings, and world
mining output thus accounts for about $1,290,000,000 of the $1,580,000,000 increase in reported gold reserves of central banks and
governments of the world during 1934. The remainder, amounting
to nearly $300,000,000, affords a rough indication of the amount
of gold coming out of unreported holdings in western countries.
Included in unreported holdings are those of the British exchange
equalization fund.
Although reported gold reserves of foreign countries as a whole
increased somewhat during 1934, in a number of countries there
were substantial declines. Eeserves in Germany declined $124,000,000; in Italy $114,000,000; in the Netherlands $54,000,000; in Belgium
$53,000,000; in Switzerland $29,000,000; and in New Zealand $16,000,000. Reserves in Czechoslovakia increased $26,000,000; in Japan
$35,000,000; in the Union of Soviet Socialist Republics $40,000,000;
and in South Africa $43,000,000. By far the largest increase, however,
occurred in gold reserves of the Bank of France, which, notwithstanding considerable fluctuations, were $333,000,000 larger at the
end of the year than at the beginning. They were still, however,
somewhat below the peak attained in December 1932.
Since the outbreak of the World War the greatest increases in gold
reserves have been in the United States and France. The chart shows
the movements in central gold reserves of five leading financial
countries during a 20-year period. It is so arranged as to value
reserves since January 1934 at $35 an ounce and previously at $20.67.
without destroying the continuity of the series.
10
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
In the early years of the period gold holdings of the Federal Reserve
banks were increased not only by gold imports but by the transfer of
reserves from member bank vaults, and reserves of central banks in
England, France, and Germany were increased by the recall of gold
from monetary circulation to aid in prosecuting the war. Both the
United States and the Netherlands received large amounts of gold during the war in payment for purchases of materials by the belligerents.
In the early post-war period gold continued to flow to the United
States, which occupied a creditor position and was the most important free market for the metal until the general return to the gold
standard that began toward the end of 1924.
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
( End of year 1913-1924, end of month thereafter )
United States
France
7
7
i
England
1914
1916
1918
1920
1922
1924
1926
1928
1930
1932
"1934
After de facto stabilization of the franc at the end of 1926, the gold
movement for 5 years was predominantly toward France. The movement reflected the fact that France during the period of currency
depreciation had experienced a continuous outflow of capital which
had been balanced in her international payments by a large excess
of exports over imports. When after de facto stabilization capital
began to flow back to France, the Bank of France accumulated both
gold and foreign exchange. The rapid increase in gold reserves of
the Bank of France after England's departure from the gold standard
in September 1931 reflected mainly the bank's conversion into gold
of these previously acquired foreign exchange holdings in order to
avoid further losses through currency depreciation abroad. The
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
11
increase at the same time of gold reserves in the Netherlands, Belgium,
and Switzerland was in part of a similar character. Since the only important foreign exchange holdings on which central banks could freely
realize were in New York, most of the gold acquired was drawn from
the United States. The movements were concentrated in the fall
of 1931 and the spring of 1932. From that time until the end of 1934
foreign countries added little gold to their reported holdings, while
the United States gained large amounts of gold in the last half of 1932
and again in 1934.
Silver Purchase Act of 1934.—Monetary silver stock of the United
States increased considerably in 1934. Most of the increase took
place as a result of the Silver Purchase Act. The act, which became
law on June 19, declared it to be the policy of the United States that
the proportion of silver to gold in metallic monetary stocks in the
United States be increased with the ultimate objective of having
and maintaining one-quarter of the value of such stocks in silver.
To attain this objective the Secretary of the Treasury was directed
to purchase silver at home or abroad at such rates and at such times
and upon such terms and conditions as he might deem reasonable
and most advantageous to the public interest, provided, however,
that no purchase should be made at a price in excess of the monetary
value of the silver (approximately $1.29 per fine ounce) and that
no purchase of silver situated in the continental United States on
May 1, 1934, should be made at a price in excess of 50 cents per
fine ounce. The President was further given the power to order the
delivery to the mints of any or all silver by whomever owned or
possessed. Currency was to be exchanged for such silver to the
amount of its monetary value, less such deductions for seigniorage
and other charges as the President should approve, provided that
in no case should the amount of currency exchanged be less than
the value of silver at the time of the order as determined by the
market price over a reasonable period of time.
Acting under these powers the President on August 9 ordered that
with certain exceptions all silver situated in the United States on that
date should be delivered to the mints within 90 days in exchange for
currency at the rate of approximately 50 cents per fine ounce of silver.
Among the types of silver to which the order did not apply were
silver held for industrial, professional, and artistic use, and silverware;
as well as newly mined domestic silver not subsequently processed
to a fineness of over 0.8, which could be sold to the mints at 64% cents
under the President's proclamation of December 21, 1933. Through
January 4, 1935, silver with a net cost value of about $56,000,000 had
been turned in under the nationalization order. Other operations
under the Silver Purchase Act are not reported separately, but from
the time of the nationalization order to the end of the year there were
12
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
net imports of silver into the United States costing about $74,000,000.
In addition, during 1934 silver with a net cost value of about $14,000,000 was acquired by the Treasury from domestic mines. Against
the cost of the silver acquired from such sources and against silver
held in the Treasury on June 14 with a monetary value of about
$80,000,000, the Treasury issued silver certificates and a small amount
of coin. Certificates outstanding increased from less than $500,000,000 at the beginning of the year to $700,000,000 at the end. Silver
certificates and coin combined increased by $225,000,000.
ALTERED RESERVE SITUATION IN 1934
Largely as a result of the inflow of gold, member bank reserve
balances, which at the end of 1933 were nearly $400,000,000 larger
than in 1929, were further increased by about $1,400,000,000 in 1934.
At the end of the year reserve balances held by member banks totaled
$4,100,000,000, the largest amount ever held, and were $1,800,000,000
in excess of requirements.
Factors in growth.—The table shows the principal factors that
influenced the volume of member bank reserve balances and their
changes during the 4 years from the end of 1929 to the end of 1933
and also during the year 1934. The table is arranged to bring out
the fact that increases in Reserve bank credit, in gold stock, and in
Treasury and national bank currency outstanding have the effect
of increasing the supply of funds available for bank reserves, while
decreases in these items reduce this supply. Increases in money
in circulation, in Treasury cash and deposits with Federal Reserve
banks, in nonmember deposits at Federal Reserve banks, and in other
Federal Reserve accounts, on the other hand, reduce, and decreases
in these items increase, the supply of funds available for bank reserves.
The chart shows weekly movements of these various items during
the past 6 years.
FACTORS INFLUENCING MEMBER BANK RESERVES
[In millions of dollars]
Dec. 31, 1929, to
Dec. 30, 1933
Dec. 30, 1933, to
Dec. 31, 1934
Changes Changes Changes Changes
that
that
that
that
added to reduced added to reduced
reserves reserves reserves
Items, increases in which add to reserves:
Reserve bank credit...
Monetary gold stock
Treasury and national bank currency
Items, increases in which reduce reserves:
Money in circulation
Treasury cash and deposits with Federal Reserve banks-.
Nomnember deposits
Other Federal Reserve accounts
Total....
Net change in member bank reserve balances..
+1,105
+39
+281
-225
i +4, 202
+210
+18
1 +2,863
+57
+941
+42
+102
-33
1,458
+374
-119
1,085
4,531
+1, 367
i Including increment of $2,812,000,000 resulting from reduction in the weight of the gold dollar.
3,163
13
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
The expansion of reserves during the 4 years of depression—
1930-33—occurred in the face of a net withdrawal by the public of about
$900,000,000 of currency from the banks and repayment by the banks
of over $500,000,000 borrowed from the Federal Reserve banks in
the preceding period of activity. That member bank reserves had
RESERVE BANK CREDIT AND RELATED ITEMS
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
Weekly basis: Wednesday series
9000
9000
8000
"=•--'- 8000
7000
7000
6000
6000
5000
5000
4000
4000
3000
3000
2000
:ooo
1000
1000
1929
1930
1931
1932
1933
1934
Figures for money in circulation and gold stock do not include $287,000,000 of gold coin reported as in
circulation prior to January 31,1934.
nevertheless increased above the*; levels of 1929 was attributable to
the open-market operations offthe Federal Reserve banks. With a
view to establishing and maintaining easy money conditions, the
Federal Reserve banks had increased their holdings of United States
Government securities by the end of 1933 to $2,400,000,000.
14
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
During 1934 there were no further open-market purchases of
securities by the Federal Reserve banks; yet member bank reserves
were increased by a larger amount than in the preceding 4 years to a
level about 70 percent higher than in the years of active business
before the depression. In addition, funds were created in the Treasury by operations under gold and silver legislation during the year.
This growth of reserves in 1934 largely resulted from the increase in
gold stock described in the previous section and, in contrast with
increases in reserves in the preceding 4-year period, occurred without
any expansion in the holdings of securities by the Federal Reserve
banks. With the reserve funds obtained from gold imports member
banks were able to pay off practically all of their remaining borrowings
at the Federal Reserve banks, and banks and private lenders also
absorbed all of the bankers' acceptances on the market, with the
consequence that Reserve bank holdings of acceptances declined to a
small volume.
Member bank excess reserves.—As a result of the increase in
reserve balances during 1934 excess reserves of member banks rose
to new record levels. At the close of 1933 excess reserves amounted
to about $850,000,000. During 1934 member bank reserve balances
increased by approximately $1,400,000,000, but since reserve requirements increased $450,000,000 the actual rise in excess reserves
amounted to $950,000,000, bringing the total volume of excess
reserves at the end of the year to $1,800,000,000. Weekly fluctuations in the volume of excess reserves in recent years are shown on
the chart.
In August excess reserves at times amounted to over $1,900,000,000, but declined somewhat in the autumn. At the end of December
EXCESS RESERVES OF MEMBER
[In millions of dollars]
BANKS
Dec. 30,
1933
New York City banks. _.
Chicago banks
Other reserve city banks.
Country banks.
All member banks.
156
194
275
201
Dec. 31,
1934
Increase
655
215
544
499
22
269
165
1,781
955
reserve balances actually held by member banks were almost as
large as at the peak in August, reflecting additions to the supply of
reserve funds resulting from gold imports and silver purchases, which
were offset by a seasonal increase in money in circulation and by an
increase in Treasury holdings of cash and deposits with Federal
Reserve banks. The decline in excess reserves after August resulted
from an increase in required reserves, which reflected a considerable
expansion in member bank deposits.
15
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Excess reserves continued to be well distributed among the major
groups of banks in the country. About $650,000,000 were held by
New York City banks, $760,000,000 by banks in Chicago and other
reserve cities, and $370,000,000 by country banks. The largest
increase in the year—$500,000,000—occurred at New York City
banks, reflecting in large part the increased holdings by banks in
New York of balances for other banks. Holdings of excess reserves
MILLIONS OF DOLLARS
2000
EXCESS RESERVES OF MEMBER BANKS
( Wednesday figures)
MILLIONS OF DOLLARS
2000
1500
1500
1000
1000
500
500
1932
1933
1934
Figures for banks outside New York City partially estimated.
by class of banks, as reported on member bank condition statements
as of the end of 1933 and 1934, are shown in the accompanying table.
Substantial increases in excess reserves occurred at member banks
in all Federal Reserve districts. The largest relative increases were
in the Boston, New York, and Philadelphia districts. The smallest
increases occurred in the Atlanta, Chicago, and St. Louis districts.
As shown in a subsequent section of this report many of the interior
banks increased their balances due from other banks during the
year. Thus city banks in effect were holding some of the excess
reserves of the country banks.
16
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Money in circulation.—The amount of money in circulation showed
little net change for 1934 as a whole, and fluctuations during the year
were more in accordance with the usual seasonal pattern than at any
time since the latter part of 1930. There were, however, changes in
the composition of money in circulation by denominations and by
kinds of money. Currency continued to return from hoarding in
1934, though in smaller volume than during the latter part of 1933,
and this return flow was offset by a growing demand for currency for
active use, reflecting partly an increase in wage payments and retail
trade and partly a tendency to use cash rather than checks as a
consequence of the tax on checks and increased service charges on
checking accounts.
Although there was a considerable reduction in the amount of
hoarded currency in 1934, the amount of currency not in active use
continued at a high level. An indication of the continued return of
currency from hoarding is contained in the data for large denominations. Currency with denominations of $20 and over declined by
$120,000,000 during the year. The smaller denomination currency,
on the other hand, and also subsidiary silver and minor coin showed
a net increase for the year. The following table shows by denominations the amount of paper currency outside of Federal Reserve banks
and Treasury offices. Figures for December 31, 1934, are compared
with those for October 31, 1930, just prior to the large increase in
hoarded currency, as well as with those for December 30, 1933.
DENOMINATIONS OF PAPER CURRENCY OUTSIDE OF FEDERAL RESERVE
AND TREASURY X
BANKS
[In millions of dollars]
Change since—
Denomination
$1
$2
$5
$10
$20
_
$50 and over
,
Total
Dec. 31,
1934
Oct. 31,
1930
Dec. 30,
1933
423
32
771
1,288
1,326
1,254
+34
—11
+110
+259
+272
+610
— 16
-106
5,095
+1,274
+10
+21
+52
+59
1 I n c l u d e s also holdings of unassorted c u r r e n c y in F e d e r a l R e s e r v e b a n k s a n d T r e a s u r y a m o u n t i n g to
$104,000,000 on Oct. 31, 1930, t o $9,000,000 o n D e c . 30,1933, a n d to $11,000,000 o n D e c . 31,1934.
In the 4-year period the $1 bills showed an increase of 9 percent
and $5 bills showed an increase of 17 percent. The larger denominations, however, all showed increases which ranged from about 25
percent in the case of $10 and $20 notes to about 95 percent for
notes in denominations of over $50. A portion of the increase in
smaller denomination currency is probably attributable to a growth
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
17
in the demand for currency as a result of the lack of banking facilities
in some communities, as well as to other factors causing an increase
in the use of currency instead of checks. A portion also probably
reflects a continuance of hoarding, and it is likely that most of the
increase in currency in denominations of $20 and over reflects the
hoarding influence.
There was also some shift during 1934 in the kinds of currency in
circulation. Reductions of about $100,000,000 each occurred in
gold certificates, Federal Reserve bank notes, and national bank
notes. The decline in gold certificates represented a continuation
of their retirement from circulation under Treasury order, Federal
Reserve bank notes were retired by the Reserve banks with the passing of the emergency which occasioned their issue, and the decline
in national bank notes reflected the fact that national banks, having
a large volume of excess reserves, had no incentive for incurring the
expense, including the }i percent tax, of keeping their notes outstanding. The reduction in these classes of currency was partly offset
by an increase of nearly $200,000,000 in silver certificates and of
more than $100,000,000 of Federal Reserve notes in circulation.
MEMBER BANK CREDIT
On the basis of the increased reserves received in 1934, member
banks further increased their investments. The increase was principally in holdings of Government securities, and the funds thus
supplied, after being expended by the Government, were used either
to repay bank loans or were deposited at banks.
At the end of the year total deposits of all member banks were
larger than at any time since the autumn of 1931, while total loans and
investments were larger than at any time since the first half of 1932.
The increase in loans and investments was not so large as that in
deposits, owing principally to the fact that banks held a larger portion
of their funds in the form of excess reserves. Country and reserve
city banks also increased their balances with other banks, and the
growth in interbank deposits comprised a large part of the increase in
total deposits. Although city banks showed relatively larger increases
in investments, country banks in rural areas reported proportionately
larger increases in deposits, reflecting principally distribution of funds
throughout the country by Treasury expenditures, as well as the
increase in agricultural income in 1934.
Loans and investments.—Changes in loans and investments of
member banks during 1934 are shown in the following table and
changes from the beginning of 1922 are shown on the chart. The
most important of these changes were the increase of $2,650,000,000
in holdings of direct obligations of the United States Government and
that of $1,000,000,000 in securities guaranteed by the United States,
18
ANNUAL BEPORT OF THE FEDERAL RESERVE BOARD
including those guaranteed as to principal only as well as those
guaranteed as to interest and principal. The guaranteed obligations
were in part purchased and in part obtained in exchange for mortgage
loans. Holdings of other securities also showed some increase. The
decrease in loans reflected declines in loans to banks and to other
ALL MEMBER BANKS
BILLIONS OF DOLLARS
Call date figures
BILLIONS OF DOLLARS
40
35
1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934
Figures taken from the condition reports of all member banks and beginning June 30,1933, include licensed
banks only. Demand deposits adjusted are derived by subtracting checks and other cash items reported
as on hand or in process of collection from demand deposits, including in demand deposits certified and
officers' checks and cash letters of credit and travelers' checks outstanding but excluding interbank
deposits and United States Government deposits.
customers, while holdings of open-market commercial paper and
acceptances increased. Customers7 loans made primarily for business
purposes showed an increase of $230,000,000 in the third quarter of
the year and a corresponding decrease in the last quarter. These
changes were largely of a seasonal nature and occurred at city banks.
ANNUAL EEPOKT OF THE FEDEEAL EESEEVE BOAED
19
LOANS AND INVESTMENTS OF MEMBER BANKS
[In millions of dollars]
Dec. 30,
1933
. _ * _ _ _ > . _ >
.
Open-market loans. . - _ _
Loans to banks
Loans to other customers
_ .
.
Change in
1934
+2,930
25,220
28,150
_..
12,833
12,028
-805
__._
1,231
287
11,315
1,363
155
10, 509
+132
-132
7,254
i 100
5,032
9,906
989
2 5, 227
+2,652
+889
+195
Loans and investments—total
Loans—total
Dec. 31,
1934
U. S. Government direct obligationsSecurities fully guaranteed by U. S. Government-..
Other securities
-806
1
Actual holdings by banks not reported as of Dec. 30,1933, figure shown represents approximate amount
of Reconstruction Finance Corporation notes outstanding, excluding notes given in purchase of gold which
amounted
to about $80,000,000 on Dec. 30, 1933, and were retired Feb. 1, 1934.
2
Includes $111,000,000 of securities guaranteed as to interest but not as to principal by the U. S.
Government.
Growth in deposits.—During 1934 total deposits at member banks
showed an increase of about $6,700,000,000, to an aggregate of approximately $33,850,000,000. A substantial part of the increase during
the year represented a growth in interbank balances and United
States Government deposits, and in addition at the end of 1934 checks
on other banks and other items in process of collection held by banks
were, largely for temporary reasons, considerably larger in amount
than at the end of 1933. When adjustment is made for increases
in these items, the growth of customers' deposits during the year
amounted to about $4,000,000,000. The aggregate of deposits thus
adjusted was approximately $25,000,000,000, as compared with
about $21,000,000,000 on December 30, 1933, and was larger than
that for any report date since the autumn of 1931. In 1929 and
1930 the corresponding figure was close to $30,000,000,000. A small
part of the increase in deposits since 1933 reflects additions to
membership in the Federal Reserve System. Changes during 1934
in various types of deposits are shown in the following table.
D E P O S I T S AT M E M B E R
BANKS
fin millions of dollars]
Dec. 30,
1933
U. S. Government
_
_-_
Postal Savings
Interbank balances J (United States and foreign)
States, counties, and municipalities *
Other customers:
D eman d
Time
...
Certified and officers' checks, cash letters of credit, and travelers'
checks outstanding
Total deposits.
Adjusted deposits 2
1
2
__
Dec. 31,
1934
Change in
1934
967
778
3,396
1,620
1,635
452
4,905
2,094
+668
-326
+1, 509
+474
12,109
7,957
14,951
9,020
+2,842
+1,063
339
790
+451
27,167
20,893
33,848
24,952
+6, 681
+4,059
Includes both demand and time deposits.
All deposits, other than U. S. Government, Postal Savings, and interbank deposits, minus checks
and other cash items reported as on hand or in process of collection.
20
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
The largest element in the growth in deposits in 1934 was in demand
deposits of customers other than banks or governments. These
deposits showed an increase of $2,840,000,000, a part of which represented checks in process of collection, while time deposits of the same
group of customers increased in the year by about $1,060,000,000.
United States Government deposits with member banks showed an
increase of nearly $670,000,000 in the year, while Postal Savings
deposits were decreased by $325,000,000, reflecting the unwillingness
of some banks to hold such deposits, largely because of the rate of
interest required to be paid on them. Deposits of States, counties,
and municipalities increased by about $470,000,000. There was an
increase of $1,500,000,000 in balances due to banks, which at the end
of the year aggregated nearly $4,900,000,000, the largest amount
ever reported. This increase, nearly all of which occurred in balances
payable on demand, occurred notwithstanding the prohibition against
the payment of interest on demand deposits, and represented further
accumulation of idle funds by banks.
Factors in growth of deposits.—The most important factors in the
increase in deposits during the year were Treasury expenditures,
which were made from funds raised by the sale of securities to banks,
by the deposit with the Reserve banks of gold certificates based on
newly acquired gold, and by the issuance of silver certificates. The
Treasury during 1934 purchased about $1,400,000,000 of gold and
$200,000,000 of silver. The sale of this gold to the Treasury, which
paid for it by drafts on the Reserve banks, increased member bank
reserve balances. Except to the extent that gold purchases abroad
by importers of the gold were paid for by drawing down balances
held abroad by banks in this country, the increase in the gold stock
resulted in an increase in deposits at commercial banks. In connection with the silver purchases, silver certificates were issued in an
amount corresponding approximately to the purchase price of the
silver bought, and these certificates were either paid into circulation
directly by the Treasury or deposited with the Reserve banks. In
the former case deposit of an equivalent amount of currency at member banks and by them at the Reserve banks, and in the latter case
the expenditure of the Treasury balance with the Reserve banks, resulted in an increase of deposits and of reserves of member banks.
In addition to deposits created by Government purchases of .]the
precious metals, additional deposits resulted from sales of United
States Government obligations to banks and the subsequent disbursement of the funds by the Treasury. As previously shown, member
bank holdings of direct obligations of the Government increased by
$2,650,000,000 during the year. Purchases of Home Owners' Loan
Corporation bonds and Federal Farm Mortgage Corporation bonds by
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
21
banks gave new funds to former holders, who had mostly received the
bonds in exchange for outstanding mortgage loans.
Deposits by classes of banks and by districts.—Although the
growth in deposits at member banks during 1934 was spread throughout the country, there were differences in changes at various classes
of banks, largely as a result of the Treasury in effect borrowing from
banks in one locality and expending the money and thus creating
deposits in other sections of the country. Deposits created in this
manner, however, did not always return to the banks that purchased
the securities. The following table shows increases during 1934 in
deposits at member banks in New York City, in other reserve cities,
and elsewhere. New York City banks showed proportionately the
largest increases in total deposits, but in the adjusted customers'
deposits the increase was greatest at country banks. Country banks
in places with a population of under 15,000 in 21 agricultural States
showed an increase of 26 percent in deposits, as compared with an
increase of 17 percent at other country banks and of 21 percent at
reserve city banks (including central reserve city banks in Chicago).
GROWTH OF DEPOSITS AT MEMBER BANKS IN 1934, BY CLASSES OP BANKS
Increase (in millions of dollars)
Percent of increase
Total Adjusted Total
deposits depositsl deposits
All member banks .
New York City banks.
Other reserve city banks
Country banks
_
_ . . .
Adjusted
deposits i
6,681
4,059
25
19
2,228
2,797
1,655
705
1,817
1,537
31
24
20
14
21
21
1
All deposits other than United States Government, Postal Savings, and bankers' deposits, minus
checks and other cash items, reported as on hand or in process of collection.
Although country banks showed a larger increase in adjusted customers' deposits in 1934 than did city banks, the net decline since
1929 was much larger in the case of country banks, amounting to
about 27 percent as compared with a net decline of about 7 percent
for all central reserve and reserve city banks. This difference was
due in part to the larger volume of failures among country banks
since 1929, and some of the increase in deposits at country banks in
1934 was due to the reopening of a number of unlicensed banks which
were not included in the reports for 1933.
By geographical areas, the largest increases during 1934 in the
adjusted customers' deposits occurred in the Chicago, Atlanta, Cleveland, Minneapolis, and Kansas City districts, while the smallest were
in the New York, Boston, and Philadelphia districts. In nearly all
districts country banks showed larger increases in deposits than did
22
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
city banks. More detailed information by localities indicates that
deposits expanded most at rural banks in the Corn Belt and the
eastern cotton- and tobacco-growing States. In the States most
affected by drought, increases among rural banks were relatively
smaller, although in most cases substantial.
These regional differences in the growth of deposits reflect largely
the influence of Treasury operations, .together with increased agricultural income and increased activity in certain industries during the
year. The Treasury raised more funds in the larger cities than it
expended in those cities, wiiile in the predominantly rural regions
Treasury disbursements were considerably in excess of receipts. The
excess of Treasury disbursements over receipts was in the neighborhood of $300,000,000 each in the Minneapolis, Kansas City, and San
Francisco districts, and around $150,000,000 each in the St. Louis,
Atlanta, and Dallas districts. In each of these districts, except
Atlanta and San Francisco, this excess alone was more than sufficient
to account for the increase in adjusted^ deposits. Withdrawals by
the Treasury were concentrated largely in the New York district,
where receipts exceeded disbursements by about $1,300,000,000.
Deposits in this district, however, were increased by large gold
imports received during the year. Agricultural income, even when
Federal Government rental and benefit payments are excluded, was
somewhat larger in 1934 than in other recent years and especially so
in those agricultural regions not affected by drought. In the Chicago
and Cleveland districts increased activity in the automobile, agricultural implement, and meat-packing industries was also a factor
in increased deposits.
Use of funds by banks.—During 1934 member banks in addition to
increasing their investments, as previously shown, also increased
considerably their excess reserves with Federal Reserve banks and
their balances due from other banks. For individual banks both of
these items represent the accumulation of idle funds. For the
banking system as a whole only the volume of excess reserves represents the supply of idle banking funds, while changes in interbank
balances represent merely the shifting of excess reserves among the
member banks. During 1934 there was considerable shifting of this
nature, and an analysis of bank statements by classes of banks and
by regions indicates the manner in which funds were distributed
throughout the country during the year and also the extent to which
the different groups invested their available funds or held them in
idle balances.
The following table shows changes during 1934 in loans and investments and certain other balance sheet items by classes of banks.
The extent to which available funds were put to active use or permitted to remain in inactive balances varied among the different
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
23
groups of banks. It would appear that country banks showed a
relatively larger increase in deposits of local customers than did city
banks, but that country banks invested a smaller portion of their
additional funds and carried a larger portion in idle balances than did
city banks.
CONDITION OF ALL MEMBER BANKS—CHANGES DURING
1934
[In millions of dollars]
Changes during 1934
Loans
Investments
___
_____
_
Total loans and investments
Reserves with Federal Reserve banks:
Required
Excess
Cash in vault
Due from banks in United States
Total reserves, cash, and due from banks
Adjusted deposits 2
Balances due to other banks
United States deposits
Postal Savings deposits
______
_
____
All
member
banks
New
York
City
Other
reserve
cities i
-805
+3,736
-294
+1,060
-198
+911
+2,931
+766
-313
+1, 765
+1,452
+449
+954
+138
+1,118
+174
+499
+39
+10
+191
+290
+49
+581
+84
+165
+50
+527
+2, 660
+722
+1,111
+826
+4,059
+1, 509
+668
-326
+705
+613
+369
-51
+1,817
+790
+232
-184
+1, 537
+106
+67
-91
Country
banks
+713
1
1
Including both central reserve city and reserve city banks in Chicago.
All deposits, other than United States Government, Postal Savings, and interbank deposits, minus
checks and other cash items reported as on hand or in process of collection.
Country banks, which showed an increase of over $1,500,000,000
in deposits of locabcustomers and a decrease of $200,000,000 in loans,
increased their investments by about $900,000,000. Their balances
with other banks and cash holdings and reserves showed a total
increase of over $820,000,000, of which about $80,000,000 represented
an increase in required reserves. These banks had an increase in
available unused balances of about $740,000,000 in the course of 1934,
as compared with an increase of approximately $900,000,000 in
investments.
Reserve city banks, other than central reserve city banks in New
York, showed increases of over $1,800,000,000 in adjusted customers'
deposits and of nearly $800,000,000 in balances due to other banks
and a decrease of about $300,000,000 in loans. They increased their
investments b j over $1,750,000,000, while their balances due from
other banks, cash holdings, and excess reserves with Federal Reserve
banks showed a total increase of over $900,000,000. The ratio of funds
invested to those held in idle balances was considerably larger than
in the case of country banks. It should be noted, furthermore, that
these banks were holding a larger amount of balances for other banks,
which are subject to immediate call and therefore are ordinarily kept in
129288—35
3
24
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
readily available form. When allowance is made for this factor the
balance of idle funds available to these banks increased by little more
than $100,000,000 in the year.
Member banks in New York City showed increases of about
$700,000,000 in adjusted deposits, $600,000,000 in bankers' balances,
and $350,000,000 in Government deposits, while their loans declined
by nearly $300,000,000. They increased their investments by
$1,060,000,000 and their cash and excess reserves by $550,000,000.
The increase in balances due to banks exceeded the increase in idle
funds at New York City banks. The growth in bankers' balances
in New York would indicate that in the course of the year New
York City banks in effect received a large part of the excess reserves
of other banks.
Analyzing similar figures by districts it appears that banks in the
New York, Chicago, St. Louis, and San Francisco districts placed a
larger portion of their available funds in investments and a smaller
portion in idle balances than did banks in other districts, while banks
in the Boston, Philadelphia, Kansas City, and Dallas districts accumulated relatively larger idle balances. In the majority of districts
country banks showed more of a tendency to accumulate reserves
and balances with other banks, while city banks invested a relatively
larger portion of the increase in deposits of their customers.
It would appear that the incidence of Treasury borrowing and
expenditures during 1934, together with agricultural and industrial
developments, was instrumental in distributing funds throughout
the country. Country banks received an increase in deposits, but
did not increase their purchases of Government securities by the
same amount. Instead they built up balances with banks in the
larger cities. These country-bank deposits received through the
clearing system were added to the credit of the city banks at the
Reserve banks. Most of the increase in excess reserves during 1934,
therefore, although carried by city banks, was represented by balances
held by these banks for their country correspondents and was at the
disposal of and subject to call by country banks.
PROGRESS OF BANKING RECONSTRUCTION
During the year 1934 banking facilities available to the public
increased considerably. About 19,000 banking offices of unrestricted
institutions, including mutual savings and private banks, were in
operation at the end of the year, of which 3,000 were branches. This
represented an increase of 1,000 head offices and about 200 branches
during the year.
Active membership in the Federal Reserve System increased by 431
banks to 6,442 by the end of the year. The increase was accounted
for in part by licensing of restricted banks, in part by organization of
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
25
new banks, and in part by admission to membership of nonmember
State banks. Deposits in member banks as of December 31, 1934,
amounted to $33,850,000,000, which was about 86 percent of the
deposits in all commercial banks, exclusive of mutual savings banks,
and about 69 percent of the deposits in all banks, inclusive of mutual
savings banks.
Bank suspensions in 1934.—Bank suspensions in 1934 were fewer
than, in any year since 1920. The suspensions during the year comprised 57 licensed banks with deposits of $36,937,000/ one of which,
with deposits at time of suspension of $40,000, was a member of the
Federal Reserve System. There were eight other suspensions among
banks participating in Federal deposit insurance.
Unlicensed banks.—By the end of 1934 the number of unlicensed
banks had been reduced to relatively unimportant proportions. After
the bank holiday in March 1933 more than 4,500 banks with deposits
of about $4,200,000,000 were reported as not licensed to conduct an
unrestricted business. By the beginning of 1934 these had been
reduced to about 1,800 banks with deposits of approximately
$1,000,000,000, and by the end of the year only about 160 banks
with deposits of approximately $90,000,000 were reported as remaining unlicensed, after deducting 927r banks placed in liquidation or
receivership during the year. Most of the remaining unlicensed banks
were not members of the Federal Reserve System, as is shown by the
following table:
UNLICENSED
BANKS
Jan. 1, 1934
Number
National
_
_
State member
..
State nonmember.
_
Total
_
_
Deposits (000
omitted)
Dec. 31, 1934
Number
Deposits COQO
omitted)
452
60
1,257
$435,000
93,000
500,000
5
4
r 149
$6,500
1,300
80,000
1,769
1,028,000
* 158
88,300
'•Revised.
Disposition of unlicensed banks.—During the 22 months following
the banking crisis the number of unlicensed banks was reduced in a
variety of ways. Many, after receiving new capital, were reopened,
while others were merged with active institutions. In some cases
the best assets and a proportionate amount of deposits were drawn
into newly chartered institutions and the old banks were placed in
liquidation. Many were placed directly in liquidation.
An accounting for all of the 4,500 banks which were unlicensed in
March 1933 is not yet possible. The Comptroller of the Currency,
however, has made public figures with respect to the disposition of
T
Revised.
26
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
the 1,417 1 national banks which had not been licensed to operate on
an unrestricted basis after the banking holiday of March 1933. By
December 31, 1934, 1,088 unlicensed national banks had been reorganized under old or new charters or merged with other national
banks; 30 had given up their national charters; 294 had been disapproved for reorganization and placed in receivership; and 5 remained
unlicensed.
Loans to closed banks.—Since its organization in February 1932,
the Reconstruction Finance Corporation has been active in releasing
funds to depositors of closed banks by making loans to conservators
and receivers. Authorizations of loans of this character aggregated
$1,045,000,000 from February 2, 1932 to December 31, 1934, and of
this three-fourths had actually been disbursed. As repayments of
$318,000,000 had been received, a balance of $444,000,000 of such
loans was outstanding at the end of 1934.
New capital for banks.—Many unlicensed banks were able to reopen
during 1934 and many active banks were strengthened by the addition
of capital funds, a large part of which was furnished by the Reconstruction Finance Corporation. During the year the program for
strengthening the capital structure of the banking system initiated
in the summer of 1933 was pressed through the joint efforts of Federal
and State agencies. The program was furthered by the Comptroller
of the Currency in the case of national banks, by the Federal Deposit
Insurance Corporation in the case of nonmember banks whose
deposits were insured by the Corporation, and by the Federal Reserve
Board and the Federal Reserve banks in the case of State member
banks. When the program was initiated in 1933, the Federal Reserve
Board requested the Federal Reserve agents to keep in touch with
such banks in their respective districts as might require assistance,
and during the year 1934 Federal Reserve officials continued to
cooperate with the various supervisory authorities in developing and
consummating plans for strengthening the capital of member banks.
On December 31, 1934, the Reconstruction Finance Corporation
had an aggregate investment of $845,960,000 in the capital structure
of banks and had lent in addition $19,124,000 to local interests in
order to enable them to make purchases of preferred stock. The
investments included $585,858,000 in preferred stock and $260,102,000 in capital notes and debentures. In addition, the Corporation had authorized, contingent upon the performance of certain conditions, investments of $209,076,000 more in the capital structure of
banks. Altogether 6,900 banking institutions had had their capital
structures strengthened by the Reconstruction Finance Corporation.
1
Includes 6 national banks which were licensed on Mar. 15, 1933, but whose licenses were subsequently
revoked, and 1 which suspended before the banking holiday and was placed in conservatorship subsequent
thereto; also includes 10 nonnational banks in the District of Columbia subject to the supervision of the
Comptroller of the Currency.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
27
The largest part of the investments of the Corporation in the capital
structure of banks was made after the beginning of 1934, at which
time the total investments did not exceed $250,000,000.
Condition reports of member banks as of December 31, 1934,
indicated that the capital structure of member banks included
$553,574,000 of preferred stock and $118,515,000 of capital notes and
debentures, an aggregate of $672,089,000. Most of this was held by
the Reconstruction Finance Corporation.
Federal deposit insurance.—An important contribution to stability
in the banking structure during the year was the insurance of bank
deposits by the Federal Deposit Insurance Corporation. On January
1, 1934, the Corporation began the administration of a temporary
fund, which insured the deposits of all participating banks up to
$2,500 on the net approved claim of each depositor. All licensed
banks belonging to the Federal Reserve System were required to
become members of the insurance fund, and State banks which were
not members of the Federal Reserve System were permitted to participate after examination and after certification of State authorities
that they were in solvent condition.
Under the Banking Act of 1933, it was provided that the temporary
fund should be effective from January 1, 1934* through June 30, 1934,
after which the permanent plan, which would cover a larger percentage of deposits, would become effective. By the act of June 16, 1934,
the temporary plan was extended to operate from July 1, 1934,
through June 30, 1935, but provision was made to insure each depositor
during this period up to $5,000. Mutual savings banks which continued membership were given the option of covering their deposits
up to $2,500 or up to $5,000. A number of mutual savings banks
discontinued participation in the fund on July 1, 1934, in part because
of the establishment of a State fund for mutual savings banks in
New York.
When operations began on January 1, 1934, 12,617 banks were
members of the fund and this number increased to 14,205 banks by the
end of the year. Of these, 5,462 were national banks; 980 State banks
which were members of the Federal Reserve System; 68 mutual savings
banks; and 7,695 other banks. It was reported that on October 1,
1934, 44 percent of the total deposit liability of insured banks was
protected. This ratio varied considerably for the different classes of
banks, being as high as 72 percent for commercial banks not members
of the Federal Reserve System, due to the fact that these banks as a
group have a preponderance of small accounts. Among State bank
members of the Federal Reserve System, 33 percent of deposits was
covered by insurance.
Computations made as of October 1,1934, indicated that 98 percent of the 51,245,000 depositors in insured banks were fully pro
28
ANNUAL REPOET OF THE FEDERAL RESERVE BOARD
tected under the provisions of the law. The remaining depositors who
were only partially insured, however, had 823,000 accounts with total
deposits of about $25,000,000,000, about two-thirds of all deposits of
all banks participating in the insurance fund. An important proportion of these large accounts was in New York State and in many cases
probably represented deposits of correspondent banks and other
corporations. Because of the concentration of so many of the large
accounts in New York, the percentage of insured deposits was considerably smaller for that State than for the country as a whole.
Among New York State commercial banks 24 percent of the deposits
were insured, as compared with 44 percent for the country as a whole,
including New York.
BUSINESS CONDITIONS
The general course of business in the United States during the past
7 years is indicated by the accompanying table.
COURSE OF BUSINESS, 1928-34
[Index numbers. 1923-25 average=100]
Depart- WholeConstrucIndus- Factory Factory tion con- Freight- ment- sale
comtracts
trial pro- employ- pay
store
car
loadrolls awarded
modity
ment
duction
sales
ings
(value)
(value) prices i
1928
1929
1930
1931
1932
1933
1934
_
111
119
96
81
64
76
79
99
105
92
77
64
69
79
102
109
89
68
46
49
62
135
117
92
63
28
25
32
103
106
92
75
56
58
62
108
ill
102
92
69
67
75
97
95
86
73
65
66
75
11926 average=100.
In 1934 output of industrial products, including both* manufactures
and minerals, was at 79 percent of the 1923-25 average as compared
with 76 in the preceding year and with the low point of 64 in 1932.
At the same time crop production, which had been relatively well
maintained throughout the depression, showed a marked reduction
as a consequence of a prolonged drought and of acreage reductions in
connection with the program of the Agricultural Adjustment Administration. Owing to higher prices received by farmers, increased
marketings of livestock, and larger rental and benefit payments by
the Agricultural Adjustment Administration, however, total farm
income was larger in 1934 than in 1933. Construction work on public
projects showed a considerable increase. Profits of industrial corporations, which had recovered considerably in 1933, made further advances in 1934, and were higher than in any year since 1930. Publicutility profits, however, were smaller in 1934 than in the previous year,
and the deficit of railroads increased. Value of department-store sales
29
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
in 1934 was 75 percent of the 1923-25 average as compared with 67 in
1933, and other branches of retail trade also increased, particularly
in rural areas.
Production, employment, and trade.—The increase in industrial
output in 1934 reflected chiefly larger output of manufactures, but
there were fairly marked increases in the production of such minerals
as zinc, lead, and silver, and a moderate increase in the output of coal.
MANUFACTURES-DURABLE AND NONDURABLE
AGGREGATE PHYSICAL PRODUCTION IN COMPARABLE UNITS
( Adjusted for seasonal variation)
80
80
70
70
60
60
50
50
40
40
30
30
20
20
10
10
1928
1929
1930
1931
1932 1933
1934
"Durable" includes pig iron, steel, automobiles, lumber, vessels, locomotives, nonferrous metals, cement,
polished plate glass, and coke. "Nondurable" includes textiles, leather and products, foods, tobacco
products, paper and printing, petroleum refining, and automobile tires and tubes.
The chart shows fluctuations since 1928 in output of durable and
nondurable manufactures, as indicated by the components of the
Board's index.
Among the industries producing durable manufactures the most
marked increase during 1934 was in the automobile industry, where
output was 43 percent larger than that of 1933 and double that of
1932. Activity in the steel industry also showed a further increase,
30
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
while lumber production continued at an unusually low level, reflecting in considerable part continued inactivity in residential building.
In the group of industries producing nondurable manufactures,
output showed little change in the aggregate but continued at a
higher level relative to the 1923-25 average than output of durable
products. Activity at meat-packing establishments showed a marked
increase, while textile-mill activity was generally at a lower level than
in 1933. Output of tobacco products showed a considerable growth,
and there were increases also in the leather and tire industries.
Fluctuations in industrial output were considerable in 1934,
although not so large as in 1933. A growth in activity in the early
part of the year was followed by a decline during the summer, and
output during the autumn months was at about the same level as a
year earlier. The increase in industrial output to 86 percent of the
1923-25 average in May reflected chiefly increased output of automobiles and steel. During the second quarter stocks of steel were
accumulated in anticipation of price increases announced for thirdquarter deliveries, and in consequence steel production showed a
sharp decline in July. Textile output was also at a low level during
the summer months and was further reduced in September by a
strike. Subsequently output in the textile industry increased somewhat. Activity in the meat-packing industry, which had increased
sharply, accompanying large marketings of cattle on account of
drought conditions, declined in the autumn. In December, with a
sharp increase in automobile production, expansion in activity at
steel mills, and a growth in activity at woolen and silk mills, industrial
output increased, contrary to seasonal tendency, and the Board's
adjusted index advanced to 86 percent of the 1923-25 average as
compared with 75 percent in November and with a low point for the
year of 71 in September.
By the beginning of 1934 a substantial volume of contracts for
Public Works Administration projects had been awarded, and actual
expenditures on such projects showed a rapid rise during the spring
and summer months. Subsequently there was a decline, reflecting
the completion of many projects, particularly on highways. The
value of contracts awarded for privately financed projects was at
about the same low level in 1934 as in each of the 2 preceding years.
The record on contracts awarded in the past 3 years is shown below
by 6-month periods.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
31
C O N S T R U C T I O N CONTRACTS A W A R D E D
[F. W. Dodge data for 37 Eastern States. In millions of dollars]
Total
1932:
First half
Second half 1933:
First half .
Second half
1934:
First half
Second half—_
_
_
.
Publicly
financed
Privately
financed
667
684
335
432
332
252
432
824
161
524
271
300
854
689
572
404
282
285
Factory employment and pay rolls in 1934 were at higher levels
than in 1933, and at the end of the year factory employment, as well
as factory output, was in about the same volume as at the end of 1930.
In nonmanufacturing industries employment in December was at
about the same level as at the end of 1933.
In 1933 employment and pay rolls increased considerably more
than production in comparable manufacturing industries, reflecting
in large part the spreading of work and the increasing of wage rates
under the industrial codes. In 1934 production, employment, and
pay rolls all fluctuated closely together.
In 1934 distribution of commodities showed an increase and was
generally maintained with less marked fluctuations than were reported
for industrial output. Value of commodities distributed through
department stores was 12 percent larger than in 1933 for the country
as a whole, with the most marked increases reported in the Atlanta,
Dallas, Richmond, and Chicago districts, while the smallest increases
were in the Boston and New York districts. Distribution of commodities through chain stores also showed an increase, and there was
considerable growth in sales reported by general-merchandise stores
in rural areas. Total volume of freight-car loadings increased somewhat, reflecting a growth in the volume of rail shipments of all classes
of freight except grain products and merchandise in less-than-carload
lots.
Commodity prices.—During 1934 wholesale commodity prices
continued to advance, reflecting increases in prices of farm products
and foods, while other commodities as a group showed little change.
The record for the past 7 years, according to the index of the Bureau
of Labor Statistics, is shown on the accompanying chart.
The principal increase during 1934 in the price of farm products
came during the summer months. At that time drought conditions
prevailed over wide areas, reducing the yields of grain crops to exceptionally low levels. Prices of grains and dairy products advanced
sharply. The immediate effect of the drought on the livestock
situation, however, was to increase the volume of cattle and sheep
32
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
marketed, which tended to reduce prices of livestock and meats.
Government purchases of cattle and sheep during this period were a
factor in maintaining existing levels of prices. While marketings of
cattle and sheep showed a large increase during the summer months,
marketings of hogs declined, partly as a result of seasonal factors and
partly on account of small supplies available on the farms. At the
same time cotton prices advanced as it became evident that the crop
would be reduced to about 10,000,000 bales, largely as a consequence
of smaller acreage but also in part on account of the drought in Texas,
Oklahoma, and western Arkansas.
In September and October prices of most leading agricultural
products declined somewhat. Toward the end of the year livestock
WHOLESALE PRICES
Indexes of Bureau of Labor Statistics, 1926=100
PER CENT
( Monthly basis )
PER CENT
120
120
no
110
100
100
90
90
80
80
Other Commodities
^2^=-.
...» I
70
/
/^—»
70
60
60
Foods
50
50
Farm Products
40
40
30
30 U
1928
1929
1930
1931
1932
1933
1934
prices showed marked increases, and prices of cattle continued to
increase rapidly after the turn of the year, reflecting reduced supplies
as a secondary effect of the drought. In December prices of corn
and hogs were about double those of a year earlier, and prices of
wheat, cotton, and steers were from 25 to 50 percent higher; potato
prices, on the other hand, were lower by about one-half.
The small price changes during 1934 for the group of commodities
other than farm products and foods reflected declines in the prices of
textiles and hides and leather, offset by increases in the prices of bituminous coal, metals and metal products, chemicals, and miscellaneous
products, particularly rubber and tires. Building-material prices,
after advancing somewhat during the first half of the year, declined
by about the same amount in the second half.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
33
Retail prices of food, as measured by the index of the Bureau of
Labor Statistics, advanced from 105 percent of the 1913 average at
the beginning of the year to 117 percent early in September and
subsequently declined to 114 percent. The increase for the year was
general, with the most marked advance reported for meats. Prices
of articles sold mainly at department stores and mail-order houses
apparently showed little change. House rents, which had declined
for 9 years, advanced in some communities, reflecting increased occupancy accompanying moderate increases in incomes.
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
By an act of Congress approved on June 19,1934, the Federal Reserve
banks and the Reconstruction Finance Corporation were authorized,
within prescribed limitations, to make credit available for the purpose
of supplying working capital to established industrial and commercial
businesses. This act amended the Federal Reserve Act by the addition of section 13b, which embodies the provisions relating to the
Federal Reserve banks. Regulation S, relating to the provisions of
this section, was issued by the Board on June 26, 1934.
This legislation was advocated because many small enterprises had
suffered severe capital losses during the depression and had inadequate
working capital. Such enterprises find it difficult to obtain their
requirements of working capital through the capital market, while
commercial banks and other financial institutions, in many cases,
were hesitant about undertaking on their single responsibility the
risks involved in making relatively long-time loans for workingcapital purposes.
Recognizing the possible need of these industrial and commercial
businesses for additional working capital to enable them to continue
or resume normal operations and to maintain employment or provide
additional employment, Congress granted the Federal Reserve banks
broad powers to enable them to provide such working capital, either
through the medium of banks, trust companies, and other financing
institutions or, in exceptional circumstances, by advances directly to
such commercial and industrial businesses.
The conditions imposed by the law are such that loans must be
made to established industrial or commercial businesses, must be
made for the purpose of supplying working capital, and must have
maturities not exceeding 5 years. In addition, direct loans by the
Federal Reserve banks may be made in exceptional circumstances,
when credit is not obtainable on a reasonable basis from the usual
sources, and provided the loan can be made on a reasonable and sound
basis.
When credit is advanced through the medium of banks or other
financing institutions, the procedure is ordinarily for the financing
34
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
institution to make the loan and procure from the Federal Reserve
bank a commitment binding the Federal Reserve bank to take over
the loan at the option of the financing institution. Such commitments
are specifically authorized in the act. Before the Federal Reserve
bank can grant such a commitment it must satisfy itself that the loan
is properly made and is one that it is authorized by the act to acquire.
The Federal Reserve bank, therefore, must make the same credit
investigation of a loan by a financing institution for which it is to
grant a commitment as of a loan which it is to make direct. This is
especially necessary because, under the law, when such a loan is discounted for a financing institution by the Reserve bank the financing
institution need retain obligation for no more than 20 percent of any
loss thereon.
The law provided for the appointment of an industrial advisory committee in each district, consisting of members actively engaged in
industrial pursuits. Members of these advisory committees had been
selected by the thiid week in July, and the consideration of applications by the committees and by the Reserve banks began immediately.
On August 1 the Federal Reserve Bank of Minneapolis made the first
industrial advance. The Reserve banks received many inquiries and
informal applications for industrial advances immediately following
the passage of the act, and for the first few weeks the industrial advisory committees were not able to act on applications as rapidly as thej'
were received. By the first part of September, however, this situation
was changed, and by December the number of applications received
was much smaller and these were being acted upon without material
delay.
In the period of approximately 6 months which elapsed between the
approval of the act and the close of the year about 5,100 applications
for a total of $190,000,000 had been received. Of these 1,020 in the
amount of $52,000,000 had been approved and 661, amounting to
$41,000,000, were under consideration at the end of the year. Most
of the other loans applied for were either ineligible under the conditions imposed by the act or were without a satisfactory credit basis.
The applications approved included about $14,000,000 approved on
conditions which as of the end of this year had not been met by the
applicant; and disbursement on these, therefore, had not been made.
On January 2, 1935, the Federal Reserve banks held about $14,000,000
of industrial loans and were under commitment for about $10,000,000.
The accompanying table shows industrial-loan activity through January 2, 1935.
In the period elapsed since adoption of section 13b of the Federal
Reserve Act, the Federal Reserve Board and the Federal Reserve
ANNUAL REPORT OF TPIE FEDERAL RESERVE BOARD
35
banks have made constant and energetic efforts to make the provisions of the law as generally known as possible to banks and prospective borrowers. Cooperation of member banks has also been
obtained. These efforts have been made through visits to bankers and
through frequent circularization. At the same time the Board and
INDUSTRIAL ADVANCES AND COMMITMENTS TO JAN. 2,
1935
Number
Amount
Net applications received i —
5,108
$190,798,000
Federal Reserve bank action:
Approved
Rejected
1,020
3,404
2 52,257,000
95, 721,000
Advances outstanding
Commitments outstanding..
14, 315,000
10,213,000
1
Excluding applications withdrawn and changes in amounts applied for before action by industrial
advisory committee* but including withdrawals and changes made after such action but before action by
Federal Reserve banks.
2 Including $1,899,000 of applications withdrawn or expired after approval.
the Federal Reserve banks have given careful and repeated consideration to the procedure for handling applications. Every complaint
received from rejected applicants has been carefully investigated
and the reasons for rejection explained to the applicant. In order to
improve procedure and coordinate policies under this law there have
been frequent meetings of Board members, Reserve bank officials,
and members of the industrial advisory committees. The efforts
of the Federal Reserve banks and the Federal Reserve Board to make
known the provisions of section 13b and the examination of applications have entailed considerable work and expense to the Federal Reserve banks. The servicing of the loans is expensive; the security
for loans includes mortgages upon property, assignment of accounts
receivable, contracts, etc., and care must be taken that taxes and
premiums are paid, that contracts are fulfilled, and in general that no
impairment of the security occurs.
SECURITIES EXCHANGE ACT OF 1934
With a view to preventing the excessive use of credit for the
purchasing or carrying of securities, the Securities Exchange Act of
1934, which became law on June 6, requires the Federal Reserve
Board from time to time to prescribe rules and regulations with respect
to the amount of credit that may be extended and maintained on any
security registered on a national securities exchange. Certain securities are exempted by the act from these provisions. For the initial
extension of credit such rules and regulations must be based upon a
certain standard set forth in the act, but the Board is authorized to
36
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
prescribe such requirements lower than the standard as it " deems
necessary or appropriate for the accommodation of commerce and
industry, having due regard to the credit situation of the country",
and such higher requirements as it may "deem necessary or appropriate to prevent the excessive use of credit to finance transactions in
securities."
The act makes it unlawful for any member of a national securities
exchange, or any broker or dealer who transacts a business in securities
through the medium of any such member, to extend or maintain
credit to or for any customer (1) on any registered security (other
than an exempted security) in contravention of the Board's rules and
regulations, or (2) without collateral or on collateral other than registered securities and/or exempted securities, except in accordance with
such rules and regulations as the Board may prescribe to permit the
extension or maintenance of such credit in certain cases.
In accordance with the act the Board issued on September 27
a regulation (Regulation T) effective October 1 dealing with the
extension and maintenance of credit by brokers, dealers, and members
of national securities exchanges. The regulation placed no restrictions on the amount of or collateral for loans for industrial, commercial,
or agricultural purposes. In prescribing the margin requirements
specified in this regulation the Board adopted the basis stated in the
Securities Exchange Act of 1934 and provided that, with certain
exceptions, a member of a national securities exchange, or a broker
or dealer subject to the regulation, shall not make any initial extension of credit to any customer on any registered security (other than
an exempted security) for the purpose of purchasing or carrying any
security, in an amount which causes the total credit extended on such
registered security to exceed whichever is the higher of:
(1) 55 percent of the current market value of the security; or
(2) 100 percent of the lowest market value of the security
computed at the lowest market price therefor during a specified
period preceding the current month, but not more than 75 percent
of the current market value. The period specified is on3 of 36
calendar months except that until July 1, 1936, it is the period
between July 1, 1933, and the beginning of the current month.
At the level of security prices when Regulation T went into effect,
brokers could extend credit on most registered securities up to 75
percent of their current market value. In case of any substantial
increase in security prices, however, the average margin requirement
prescribed by the regulation increases automatically, since the loan
value of an increasing proportion of outstanding securities becomes
less than 75 percent of current market value.
The margin requirements stated in the law and now prescribed by
the Federal Reserve Board are designed to exert a restraining influence
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
37
on speculative trading. By imposing higher margin requirements on
securities that have had a rapid rise than on more stable securities,
the prescribed requirements make credit less freely available for
trading in speculative securities.
Regulation T does not prescribe a specific margin that must be
maintained after a loan has been granted, but imposes restrictions on
the operations which the customer may be permitted to carry on in
his account if his margin falls below the standard prescribed for
initial extension of credit. Thus the amount of credit maintained in
an account is not required by the regulation to be reduced as a consequence of a decline in the market value of the securities held, but
additional extensions of credit are not permitted unless sufficient
additional margin is supplied for the new extension itself.
The regulation provided means by which accounts in existence on
October 1, 1934, might be recorded separately by the creditor at any
time prior to November 15, 1934, and thereafter be maintained
separately until liquidated, but not later than July 1, 1937. In order
to prevent circumvention of the margin rules, however, transactions
in such accounts are subject to restriction.
Under section 8 of the Securities Exchange Act of 1934 brokers and
dealers subject to the act may not borrow on registered securities
(other than exempted securities) from lenders other than member
banks except under certain conditions. Nonmember banks must sign
an agreement in the form specified in Regulation T before brokers and
dealers who are subject to the regulation may borrow from them, and
by December 31, 1934, 121 nonmember banks had signed this agreement. Members of registered securities exchanges and other brokers
and dealers subject to the regulation are also permitted to borrow
from and lend to one another under specified conditions.
Rules are also included in Regulation T regarding cash transactions,
reports by brokers, and such administrative details as the borrowing and lending of securities, the debiting of interest, commissions,
etc., the handling of guaranteed accounts, the transfer of accounts,
temporary credit for clearance of securities, and adjustments for
innocent mistakes.
In preparation for the adoption of margin requirements the Board
made a survey of the condition of margin accounts held with brokers
in the summer of 1934. At the request of the Federal Reserve
Board the New York, Chicago, and San Francisco Stock Exchanges
obtained certain reports from their members as of July 31, 1934.
Reports were secured covering approximately 213,000 accounts and
over two-thirds of all customers' borrowings. They showed that a
large number of accounts contained substantial amounts of excess
margin, as judged either by the rules of the New York Stock Exchange or by the standard used in Regulation T. In 85 percent of
38
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
the accounts reported, customers were not borrowing more than
66% percent of the value of the securities in the account. The value
of the securities held in all the accounts was nearly twice as large
as the amount borrowed on the securities, that is to say, total borrowings were equal to approximately 50 percent of the total value of the
securities carried.
The reports showed the amount of each individual security held in
customers7 accounts with debit balances and in partners' and firms'
accounts. These data covered in all some 20,000 different issues with
total market value estimated at about $2,600,000,000. Detailed
analysis was made of figures representing about 80 percent of the total
estimated value of all securities held by brokers for their customers.
This analysis indicated that on the basis of market values as of
July 31, 1934, over two-thirds of the securities so held, exclusive of
unlisted securities, could have been carried under the provisions of
Regulation T with a maximum loan of 75 percent of market value,
about one-fourth permitted loans of percentages varying from 55 to
75 percent of market value and averaging 67.6 percent, and the
remainder, or about one-twelfth, had a maximum loan value of 55
percent of market value. The average maximum loan value on all
these securities was slightly under 72 percent. This compared with
a maximum percentage permitted by the New York Stock Exchange
of about 77 percent for large accounts and 66% percent for small
accounts, averaging about 75 percent for ail accounts.
When the new margin rules went into effect the securities markets
were relatively inactive, and remained so during the rest of the year.
There was accordingly no occasion, such as might be afforded by a
rapidly rising market, to test the effectiveness of the new rules in
accomplishing the purposes for which they were adopted. Between
September 1934, before Regulation T became effective, and the last
month of the year, security prices advanced somewhat. The increase
for common stocks, according to the index of the Standard Statistics
Co., amounted to about 3 percent. From the end of September to the
end of December there was little change in the total volume of
customers7 borrowings from brokers. The total borrowings of members of the New York Stock Exchange at the end of 1934, amounting
to $880,000,000, were $35,000,000 larger than at the end of 1933
but only about 10 percent of their maximum in the autumn of 1929.
The Securities Exchange Act of 1934 also empowers the Federal
Reserve Board, within certain limitations, to prescribe rules and
regulations, including margin requirements, for credit extended or
39
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
maintained by other persons than members of a national securities
exchange, or brokers or dealers who transact a business in securities
through the medium of such members, for the purpose of purchasing
or carrying any security registered on a national securities exchange.
These other persons include all banks in the United States except
such banks as are subject to Regulation T by reason of their holding
membership in a national securities exchange. This authority is
additional to that conferred by other statutes for credit supervision.
The Board is studying the subject and in due time will issue the
required regulation as to bank loans made to purchase or carry
securities registered on a national securities exchange.
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS
Gross earnings of the Federal Reserve banks in 1934 amounted to
$48,903,000, or $584,000 less than in 1933. After deducting current
expenses of $29,242,000, reserves for depreciation on bank premises,
and reserves for losses, self-insurance, etc., there remained net earnings of $15,231,000, or $7,274,000 more than the amount of net
earnings for 1933. Earnings, expenses, dividend payments, etc.,
for all Federal Reserve banks combined for 1934 and 1933 are shown
in the following table:
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1934 AND 1933
[In thousands of dollars]
1934
Total earnings
Current expenses
__
Current net earnings
_
1933
48,903
29, 242
49,487
29, 223
19, 661
20, 264
Additions (profits on sales of United States Government securities, etc.)
Deductions (depreciation and other reserves, etc.)
._
8,926
13, 356
1,762
14,069
Net deductions from current net earnings
Net earnings
_
Dividends paid
Transferred to surplus (sec. 7)
Withdrawn from surplus (sec. 13b)
4,430
15,231
12,307
7,957
8,781
6,510
60
8,874
-917
_
All Federal Reserve banks paid dividends to member banks at the
rate of 6 percent per annum on their paid-in capital. These dividends
amounted to $8,781,661.
129288—35
4
40
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Gross and net earnings during the year 1934 and the distribution
of net earnings of each Federal Reserve bank are shown in the following table:
FINANCIAL RESULTS OP OPERATIONS OF THE FEDERAL RESERVE BANKS
DURING 1934
Gross
earnings
Federal Reserve bank
Boston
_
New York..._
PhiladelphiaCleveland
Net
earnings
Withdrawn
Dividends Transferred
from surto surplus plus
paid
(sec.
(sec. 7)
13b)
$3,055,928
16,081,935
3,725,022
4,137,556
$932,792
8,307,134
1,042,879
1,042,697
$644,075
3,567,690
925,875
769,096
4, 747,138
117,900
281,757
$3,155
7,694
896
8,156
Richmond
Atlanta
Chicago
St. Louis
1,987,801
1,818,161
8,152,371
1,824,453
313,347
655,812
1,404,491
139,996
299,050
264,093
761,334
241,009
14, 595
394,351
669,479
-100,966
2,632
26,322
47
Minneapolis..
Kansas CityDallas
San Francisco.
1,415,097
1,960,098
1,521,971
3,222,420
176,285
243, 534
331,869
640,573
181,117
247,156
237,924
643,242
93,945
Total. _.
48,902,813
15,231,409
8,781,661
6,510,071
$291,872
4,832
3,622
2,669
60,323
Earnings on total bills and securities were slightly less in 1934 than
in 1933, an increase of about $74,000,000 in average daily holdings of
bills and securities being more than offset by a reduction from 1.98
percent to 1.91 percent in the average rate of earnings. Average
daily holdings of bills and securities, together with average rates and
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
Bills
Bills discounted
bought in
open
market
U. S. Government
securities
1,251,058
2,062,446
2,421,566
2,495,497
326,217
520,637
283, 229
35,788
245,260
70,902
82,882
24,742
669,013
1,461,258
2,052,160
2,431,673
10,568
9,649
3,295
» 3,294
27,565
47,992
47,995
47,655
9,821
17,881
9,137
1,231
5,010
2,785
1,238
141
12,428
26,924
37,530
46,131
306
402
90
U52
2.20
2.33
1.98
1.91
3.01
3.43
3.23
3.44
2.04
3.93
1.49
.57
1.86
1.84
1.83
1.90
2.90
4.17
2.74
14.61
Total
All other
bills and
securities
Daily average holdings:
1931
1932
1933
1934
Earnings:
1931
1932
1933
1934
Average rate of earnings (percent):
1931
1932
1933
1934 -
_
'Includes industrial advances.
41
ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD
Current expenses of the Federal Reserve banks in 1934 were
$29,241,000, or $18,000 more than in 1933.
Salary payments during 1934, including contributions to the retirement system of the Federal Reserve banks established on March 1,
1934, were $1,551,000 in excess of salary payments in 1933. Other
items of expenditure that show a substantial increase over 1933 are
the assessments for expenses of the Federal Reserve Board-, which
increased $572,000, and taxes on banking houses, which- increased
$110,000. Owing largely to the falling off in the demand for currency
in 1934 as compared with 1933, when there was an abnormal demand
for currency preceding the banking holiday, expenditures of the Federal Reserve banks for the printing and redemption of Federal Reserve
currency declined $1,359,000 and insurance on currency shipments by
$68,000. Other substantial reductions in expenses were $120,000 in
taxes on Federal Reserve bank notes, $219,000 in telephone and telegraph charges, $240,000 in postage and expressage, $71,000 in printing, and $148,000 in insurance other than on currency shipments.
The average number of officers and employees, exclusive of those
assigned to Reconstruction Finance Corporation work, was 10,376 in
1934 compared with 10,015 in 1933. During the year the Federal
Reserve banks had an average of 1,351 officers and employees engaged
on work of the Reconstruction Finance Corporation compared with
1,114 in 1933.
The volume of work handled in the principal operating departments
of the banks for which a measurement is available, during each of the
last 4 years, was as follows:
VOLUME OF OPERATIONS IN PRINCIPAL
1931
1932
DEPARTMENTS
1933
1934
NUMBER OF PIECES HANDLED 1
Bills discounted:
Applications
109,000
178,000
81,000
Notes discounted
513,000
779,000
346,000
Industrial advances:
Notes discountedCommitments to make industrial
advances
Bills purchased in open market for own
221,000
76,000
account
79,000
2,025,552,000
Currency received and counted
2,269,292,000
2,013,459,000
2,654,787,000
Coin received and counted
2,900,462,000
2,497,928,000
734,538,000
688,933,000
864,615,000
Checks handled .
.
Collection items handled:
17,710,000
U. S. Government coupons paid
17,322,000
18,099,000
7,468,000
All other
6,927,000
8,371,000
U. S. Government direct obligations—
issues, redemptions, and exchanges by
2,431,000
1,956,000
fiscal agency department.
_
3,502,000
1,663,000
1,469,000
Transfers of funds
_
1,290,000
1
2 or more checks, coupons, etc., handled as a single item, are counted as 1 " piece."
15,176
42,128
463
227
7,400
2,067,835,000
2,565,164,000
818,847,000
21, 555,000
7,436,000
5,281,000
1,125,000
42
ANNUAL REPOET OF THE FEDERAL RESERVE BOARD
VOLUME OF OPERATIONS IN PRINCIPAL
1931
DEPARTMENTS—Continued
1932
1933
1934
AMOUNTS HANDLED
Bills discounted
Industrial advances:
Notes discounted
Commitments to make industrial
advances
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 direct obligations—
issues, redemptions, and exchanges by
fiscal agency department
Transfers of funds
$14, 555, 590, 000 $18, 648, 306,000
$9, 632,808,000
$714,361, 000
14,884,000
11,443,000
2,998,415,000
898,001,000
762,755,000
75,903,000
12, 668, 638, 000 10,952,597,000 11,710, 364,000
9,932, 601,000
585, 945,000
624,617,000
360, 295,000
298,297,000
248,172,956, 000 176,591, 791,000 157,833,692,000 179,544,488,000
479,960,000
7,321,814,000
529,086,000
5, 427,817,000
578,082,000
5,539,659,000
699, 325,000
6, 742,974,000
17,348,971,000 19,444,110,000
162,095,081,000 116,040,041,000
24,622, 726,000
85,059,151,000
29,941,049,000
73,077,156,000
As indicated by the foregoing table, there has been a substantial
increase during the past 2 years, and particularly in 1934, in the
volume of United States Government obligations issued, redeemed,
and exchanged and of United States Government coupons paid by
the Federal Reserve banks. There has also been a corresponding
increase in other fiscal agency and custodianship services rendered
to the United States Government by the Federal Reserve banks,
including services performed for the Reconstruction Finance Corporation, the Farm Credit Administration, the Home Owners' Loan
Corporation, and other Government agencies.
The Banking Act of 1933 and the Securities Exchange Act of 1934
imposed additional duties and responsibilities upon the Federal Reserve Board and the Federal Reserve banks and added appreciably
to their cost of operation. The act of June 19, 1934, adding section
13b to the Federal Reserve Act under which the Federal Reserve
banks are authorized to make industrial advances for working capital purposes, with a maturity of not exceeding 5 years, has also
resulted in a substantial increase in the volume of work performed
by the Federal Reserve banks and in their expenses.
BUILDING OPERATIONS OF FEDERAL RESERVE BANKS AND THE FEDERAL
RESERVE BOARD
Construction of additions to the buildings occupied by the Federal
Reserve Banks of New York and Philadelphia was in progress at the
end of 1934. All Federal Reserve banks and their branches are now
housed in buildings owned by the banks except the branches at
Cincinnati, Charlotte, Portland, Seattle, and Spokane. The Federal
Reserve Board now occupies rented quarters in two buildings in the
city of Washington.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
43
The act of June 19, 1934, authorized the Federal Reserve Board to
acquire a building site in the District of Columbia and to construct
a building suitable and adequate in its judgment for its purposes.
A careful survey of possible locations for the new building was made,
which resulted in the selection of a site on the north side of Constitution Avenue, between Twentieth and Twenty-first Streets NW.
The site was approved by the National Capital Park and Planning
Commission and by the Secretary of the Interior who recommended
it to the President, and the President gave his approval on July 13,
1934. Title was transferred to the Board by the Secretary of the
Treasury on January 22, 1935, the purchase price being $754,583.
Following the approval of the site, the Board engaged Mr. Everett
V. Meeks, dean of the School of the Fine Arts in Yale University, to
prepare a program for a competition for the selection of an architect
for the building. The program, after having been approved by the
Fine Arts Commission, the National Capital Park and Planning
Commission, and the American Institute of Architects, was issued
on February 1, 1935. During the formulation of the program for the
competition, a thorough study of the Board's needs in the new building
was made by Mr. E. F. Abell, consulting engineer. The Board also
had the benefit of the advice and assistance of the National Park
Service of the Department of the Interior.
After consulting with the chairman of the Fine Arts Commission,
invitations to participate in the competition were sent to Arthur
Brown,. Jr., San Francisco, Calif.; Coolidge, Shepley, Bulfinch &
Abbott, Boston, Mass.; Paul Philippe Cret, Philadelphia, Pa.; Delano
& Aldrich, New York City; Holabird & Root, Chicago, 111.; John
Russell Pope, New York City; James Gamble Rogers, New York
City; Egerton Swartwout, New York City; and York & Sawyer, New
York City.
The jury selected by the Board to pass upon the designs submitted
by the competing architects is composed of Messrs. John W. Cross,
New York City; William Emerson, Boston, Mass.; and John Mead
Howells, New York City, architects; Mr. Frederic A. Delano, chairman of the National Capital Park and Planning Commission, and
Mr. Adolph C. Miller, member of the Federal Reserve Board and
chairman of the site and building committees appointed by the
Board.
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 1933 continued to function throughout
the year 1934. The following table shows a comparison of the volume
44
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
of work handled in certain departments during the years 1931, 1932,
1933, and 1934:
VOLUME * OF OPERATIONS OF FEDERAL RESERVE
1931
Checks handled:
Number
Amount
-.._
Currency received and counted:
Number of pieces
Amount
Coin received and counted:
Number of pieces
Amount
1
BRANCHES AND AGENCIES
1932
1933
1934
205,505,000
233,518,000
245,416,000
193,799,000
$48,079,197,000 $34,048,272,000 $33,618,776,000 $43,109,445,000
522,933,000
470,285,000
489,527,000
472,870,000
$2,565,552,000 $2,222,943,000 $2,543,130,000 $2,195,428,000
593,425,000
$72, 550,000
574,622,000
$71,273,000
526,189,000
$126,211,000
531,547,000
$68,136,000
2 or more checks, etc., handled as a single item, are counted as 1 "piece."
Current expenses during 1934 of the branches and agencies
amounted to $5,917,000, compared with $5,834,000 during 1933.
FEDERAL RESERVE INTERDISTRICT COLLECTION SYSTEM
At the end of 1934 there were 12,915 banks (licensed and unlicensed) on the Federal Reserve par list, comprising all member banks
(6,451) and 6,464 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
690, largely as a result of the reduction in the number of banks in
operation, and the number not on the par list decreased by 52. Of
the 2,643 banks not on the par list at the end of 1934, 1,438 were
located in the 11 Southern States and 1,083 in the 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 one in the Cleveland district were
on the Federal Reserve par list.
INTERDISTRICT COLLECTION SYSTEM
[Number of banks, including both licensed and unlicensed banks, at end of December 1933 and 1934]
Member banks
On par list
Federal Reserve district
Dec. 31,
1934
United States
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
_.
Minneapolis...
Kansas City...
Dallas
San Francisco..
Nonmember banks, other than mutual
savings banks
Dec. 31,
1933
Dec. 31, * Dec. 31,
1934
1933
Not on par list l
Dec. 31,
1934 .
Dec. 31,
1933
6,451
6,523
6,464
7,154
2,643
2,695
371
792
656
629
401
332
683
394
524
734
555
380
367
808
671
621
400
330
692
403
174
314
268
638
336
99
1,740
926
214
1,108
335
312
209
300
281
696
352
109
1,986
1,002
1
310
663
211
376
3
338
637
187
377
249
1,256
365
349
697
168
183
34
704
199
211
39
532
748
649
402
1
Figures for 1933 exclude while those for 1934 include private banks not under State supervision (55 on
Dec. 31,1934).
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
45
CHANGES IN MEMBERSHIP
During the year 1934 the number of licensed member banks
increased from 6,011 to 6,442, a net increase of 431. This increase
was due largely to the opening of 406 new national banks, resulting
mainly from the reorganization of unlicensed member banks, and the
admission of 125 State banks to membership in the Federal Reserve
System. The increases were partly offset by the merger, absorption,
consolidation, and liquidation of 169 licensed member banks. The
6,442 licensed member banks on December 31, 1934, included 5,462
national banks and 980 State member banks. Changes in the
number of licensed member banks during 1934 are summarized in
the following table:
CHANGES IN NUMBER OF LICENSED MEMBER BANKS DURING 1934
Number of licensed member banks at beginning of year
6, Oil
Increases:
Organizations of national banks (including successions and conversions)
Admissions of State banks to membership
Reopening (licensing) of suspended and unlicensed banks >
Total additions
406
125
75
606
Decreases:
Withdrawals of State banks from membership
Suspensions
Mergers, absorptions, consolidations, and liquidations
Total decreases
5
1
169
175
Net increase
Number of licensed member banks at end of year
431
6, 442
At the end of December 1934 loans an,d investments of member
banks constituted approximately 87 percent of the total loans and
investments of all banks, exclusive of mutual savings banks, compared with 83 percent at the end of 1933 and 79 percent at the end
of 1932.
AMENDMENTS TO THE LAW RELATING
SYSTEM
TO THE FEDERAL
RESERVE
During the year 1934 a number of acts were passed by Congress
containing provisions of importance amending the Federal Reserve
Act or by their terms affecting the Federal Reserve System. These
provisions are summarized below.
46
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
ACT OF JANUARY 30, 1934
Transfer of gold of Federal Reserve banks to the United States.—
The Gold Keserve Act of 1934, enacted January 30, 1934, vested in
the United States all right, title, and interest and every claim of the
Federal Reserve Board, the Federal Reserve banks, and the Federal
Reserve agents to all gold coin and bullion, and in payment therefor
established credits in the Treasury in equivalent amounts in dollars,
these credits being payable in gold certificates. Gold in the possession
of the Federal Reserve Board, the Federal Reserve banks, and Federal Reserve agents was required to be held in custody for the United
States and delivered upon order of the Secretary of the Treasury.
Amendments relating to Federal Reserve notes.—Section 16 of the
Federal Reserve Act was amended by the Gold Reserve Act of 1934
so as to make Federal Reserve notes redeemable only in lawful money;
to eliminate the authority for the use of gold (but not gold certificates)
as collateral for Federal Reserve notes; to require that reserves against
Federal Reserve notes be maintained in gold certificates instead of in
gold and that reserves against deposits of Federal Reserve banks be
maintained in gold certificates or lawful money instead of in gold
or lawful money; to require the redemption fund of each Federal
Reserve bank maintained on deposit at the Treasury of the United
States to be in gold certificates instead of in gold; to make deposits
of Federal Reserve banks and Federal Reserve agents with the
Treasurer of the United States repayable in gold certificates only and
not in gold coin; and to make other corresponding amendments in
other provisions of section 16.
Conditions as to acquisition or transportation of gold.—The Gold
Reserve Act also required the Secretary of the Treasury, with the
approval of the President, to prescribe conditions under which gold
may be acquired, held, and transported (a) for industrial, professional,
and artistic use, (b) by the Federal Reserve banks for the purpose of
settling international balances, and (c) for such other purposes as in
the Secretary's judgment are not inconsistent with the purposes of
the act.
Redemption of currency in gold.—The act prohibited the redemption in gold of any currency of the United States except as permitted
in regulations prescribed by the Secretary of the Treasury, with the
approval of the President; but the act also provided that gold certificates owned by the Federal Reserve banks shall be redeemed at such
times and in such amounts as in the judgment of the Secretary are
necessary to maintain the equal purchasing power of currency of the
United States; that.the reserve for United States notes and Treasury
notes of 1890 and the security for gold certificates shall be maintained
in gold bullion equal to the dollar amounts required by law; and
that the reserve for Federal Reserve notes shall be maintained in gold
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
47
certificates or in credits payable in gold certificates maintained with
the Treasurer of the United States under section 16 of the Federal
Reserve Act.
Reduction in weight of the gold dollar; stabilization fund.—The
Gold Reserve Act also amended the act of May 12, 1933, which
empowered the President under certain conditions to reduce the
weight of the gold dollar by an amount not exceeding 50 percent. The
Gold Reserve Act provided that in any event the weight of the gold
dollar should not be fixed at more than 60 percent of its previous
statutory weight. It was provided that the increase in the value of
the gold held by the United States which resulted from any reduction
in the weight of the gold dollar should be covered into the Treasury
as a miscellaneous receipt. The sum of $2,000,000,000 resulting
from such increase was appropriated to be deposited with the Treasurer of the United States in a stabilization fund, under the exclusive
control of the Secretary of the Treasury, with the approval of the
President, to be available for expenditure for the purpose of stabilizing the exchange value of the dollar and also for the purpose of
investing or reinvesting in direct obligations of the United States
any portions of the fund not currently required for stabilizing the
exchange value of the dollar. It was provided that the operation of
the stabilization fund should terminate 2 years after the date of
enactment of the act, but the President was given authority to
terminate the operation of the fund at an earlier date or, by proclamation, to extend the period for not more than 1 additional year.
Other provisions of Gold Reserve Act.—The Gold Reserve Act also
contains provisions for the forfeiture of gold withheld, acquired, or
transported in violation of law; provisions prohibiting coinage of
gold with certain exceptions; and certain other provisions of a miscellaneous character.
ACTS OF JANUARY 31, 1934, AND APRIL 27, 1934
Security for 15-day advances by Federal Reserve banks.—Section
13 of the Federal Reserve Act was amended by the Federal Farm
Mortgage Corporation Act approved January 31, 1934, so as to
authorize Federal Farm Mortgage Corporation bonds issued under
the Federal Farm Mortgage Corporation Act to be used as security
for advances by Federal Reserve banks to their member banks for
periods not exceeding 15 days and was amended by an act approved
April 27, 1934, so as to authorize bonds issued under the provisions
of section 4 (c) of the Home Owners' Loan Act of 1933, as amended,
to be used as security for such advances.
Obligations eligible for purchase by Federal Reserve banks.—
Section 14 of the Federal Reserve Act was amended by the act of
January 31, 1934, above mentioned, so as to authorize Federal Re
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
serve banks to buy and sell bonds of the Federal Farm Mortgage
Corporation having maturities from date of purchase of not exceeding
6 months and was amended by the act of April 27, 1934, so as to
authorize such banks to buy and sell bonds issued under the provisions
of section 4 (c) of the Home Owners' Loan ^.ct of 1933, as amended,
and having maturities from date of purchase of not exceeding 6
months.
Federal Reserve banks as fiscal agents for Home Owners' Loan
Corporation.—The act of April 27, 1934, also authorized the Federal
Reserve banks, with the approval of the Secretary of the Treasury,
to act as depositaries, custodians, and fiscal agents for the Home
Owners' Loan Corporation.
ACT OF MARCH 6, 1934
Direct obligations of the United States as security for Federal
Reserve notes.—By the act of March 6, 1934, the authority of the
Federal Reserve Board, when it deems it in the public interest, to
permit the use of direct obligations of the United States as collateral
security for Federal Reserve notes, which would otherwise have expired on March 3, 1934, was extended until March 3, 1935, or until
the expiration of such additional period not exceeding 2 years as the
President may prescribe.
ACT OF MAY 18, 1934
Robbery of member bank.—This act provided a penalty of fine or
imprisonment, or both, for taking, by force and violence or by putting
in fear, the property of a member bank or any bank organized under
the laws of the United States and provided more severe penalties for
assaults in connection with such an offense. It also provided that
whoever, in committing such an offense or in endeavoring to escape
from arrest for such an offense, kills any person or forces any person to
accompany him unwillingly, shall be punished by imprisonment for
not less than 10 years or by death if the jury so direct.
ACT OF JUNE 27, 1934
Applicability of restrictions on real-estate loans to loans under the
Housing Act.—The act of June 27, 1934, the National Housing Act,
amended section 24 of the Federal Reserve Act so as to provide that
a loan made by a national bank which is secured by real estate and
insured under the provisions of title II of the National Housing Act
shall not be subject to the restriction of that section as to the amount
of the loan in relation to the actual value of the real estate or to the
limitation of 5 years upon the term of a real-estate loan. It also
provided that loans made to finance the construction of residential
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
49
or farm buildings with maturities of not more than 6 months, whether
or not secured by lien on real estate, are not to be considered loans
secured by real estate within the meaning of section 24 of the Federal
Reserve Act but that no national bank may invest in or be liable on
any such loans in excess of 50 percent of its paid-in and unimpaired
capital.
Eligibility for rediscount of construction loans.—Notes representing
loans made to finance the construction of residential or farm buildings
were made eligible by the act of June 27, 1934, for rediscount at
Federal Reserve banks for member banks within the terms of the
applicable provisions of the Federal Reserve Act relating to rediscounts, if accompanied by a valid and binding agreement to advance
the full amount of the loan upon the completion of the building
entered into by a person acceptable to the discounting Federal Reserve
bank.
Moneys of Federal Savings and Loan Insurance Corporation.—
The act provided for the deposit with Federal Reserve banks in certain
instances of moneys of the Federal Savings and Loan Insurance
Corporation not required for current operations.
ACT OF JUNE 6, 1934
Securities Exchange Act of 1934.—This act, enacted June 6, 1934,
in addition to its other provisions for the regulation of national
securities exchanges, placed certain regulatory powers in the Federal
Reserve Board. Section 7 directed the Federal Reserve Board, for
the purpose of preventing the excessive use of credit for the purchase
or carrying of securities, to regulate the amount of credit that may be
extended or maintained by brokers, dealers, and members of national
securities exchanges, on any security (other than an " exempted security ") registered on a national securities exchange. Members, brokers,
and dealers are forbidden by the law to extend or maintain credit without collateral or on collateral other than registered or exempted securities except in accordance with the rules or regulations which the
Board may prescribe to permit such extension or maintenance of credit
in certain cases; and they may not borrow on registered, nonexempted
securities in the ordinary course of business except (1) from a member
bank, (2) from a nonmember bank which has filed with the Board a
specified agreement, or (3) in accordance with such rules or regulations as the Board may prescribe to permit loans between members,
brokers, and dealers, or to meet emergencies. The agreement specified for nonmember banks from which members, brokers, or dealers
may borrow, must be an undertaking to comply with all provisions of
the Securities Exchange Act of 1934, the Federal Reserve Act, and the
Banking Act of 1933, which are applicable to member banks and
relate to the use of credit to finance transactions in securities, and with
50
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
rules or regulations prescribed pursuant to such provisions. The act
also authorized the Board to regulate the extension or maintenance of
credit by persons other than members, brokers or dealers, when such
credit is for the purpose of purchasing or carrying registered securities.
ACT OF JUNE 16, 1934
Insurance of bank deposits.—Section 12B of the Federal Reserve
Act was amended by the act of June 16, 1934, so as to extend for a
period of 1 year after June 30, 1934, the temporary plan for insurance of bank deposits and so as to increase from $2,500 to $5,000 the
amount of the deposits of any depositor in one bank which are insured
under the temporary plan (except deposits of mutual savings banks in
certain circumstances). The act also contained certain other miscellaneous amendments to section 12B of the Federal Reserve Act
with regard to the insurance of bank deposits.
Capital requirements for membership in the Federal Reserve
System.—The Federal Reserve Act was amended by this act so as to
provide that for the purposes of membership of a State bank applying
for membership in the Federal Reserve System, the terms "capital"
and "capital stock" shall include the amount of outstanding capital
notes and debentures legally issued by the applying bank and purchased by the Reconstruction Finance Corporation.
Stock ownership by directors of member banks.—This act also
repealed the provisions of the Banking Act of 1933 relating to stock
ownership by directors, trustees, or members of similar governing
bodies of member banks of the Federal Reserve System. The law
on this subject with respect to member banks, therefore, is now the
same as existed prior to the enactment of the Banking Act of 1933.
ACT OF JUNE 19, 1934
Industrial advances by Federal Reserve banks.—The act of June
19, 1934, added to the Federal Reserve Act a new section, known as
section 13b, under which in exceptional circumstances and pursuant
to authority granted by the Federal Reserve Board, a Federal Reserve
bank may on a reasonable and sound basis make loans to or purchase
obligations of an established industrial or commercial business which
is unable to obtain requisite financial assistance from the usual
sources, for the purpose of providing such business with working
capital, and may make commitments with respect to such loans or
purchases, subject to a limitation of 5 years upon the maturity of
any such obligation or commitment. Federal Reserve banks were
also authorized by this act to acquire such working capital obligations
of such businesses from banks or financing institutions by discount
or purchase, to make loans on the security of such obligations, and to
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
51
make commitments with respect to such discounts, purchases, or
loans. Under the law each such financing institution must obligate
itself to the Federal Reserve bank for at least 20 percent of any loss
which may be sustained upon any such obligation or, in lieu thereof,
furnish at least 20 percent of the working capital advanced to such
established industrial or commercial business.
The law established in each Federal Reserve district an industrial
advisory committee consisting of not less than 3 nor more than 5
members actively engaged in some industrial pursuit and appointed
by the Federal Reserve bank subject to the approval of the Federal
Reserve Board; and each application for a loan, advance, purchase,
discount, or commitment under authority of section 13b must be
submitted to the appropriate committee which after consideration
of the application transmits it to the Federal Reserve bank with its
recommendation.
In order to enable the Federal Reserve banks to make the industrial
advances described, the Secretary of the Treasury was authorized by
the law to pay to each Federal Reserve bank a sum equal to not in
excess of the par value of its holdings of stock in the Federal Deposit
Insurance Corporation, upon agreement by the Federal Reserve bank
to hold such stock unencumbered and to pay to the United States all
proceeds thereof. In addition, each Federal Reserve bank is required
to agree that if the proceeds of such stock in any calendar year do
not aggregate 2 percent of the total payment made to it by the Secretary, it will pay to the United States such further amount, if any,
up to 2 percent of such total payment as shall be covered by the
net earnings of the bank for the year derived from the use of the
sum so paid by the Secretary.
The aggregate amount of discounts, purchases, loans, advances,
and commitments of the Federal Reserve banks outstanding under
the authority of section 13b of the Federal Reserve Act at any one
time shall not exceed the surplus of the banks as of July 1, 1934, plus
all amounts paid to the banks by the Secretary of the Treasury as
above described.
This act also amended the Reconstruction Finance Corporation
Act so as to authorize the corporation, in certain circumstances and
subject to certain limitations, to make loans to industrial or commercial businesses, either directly or in cooperation with banks or
other lending institutions or by the purchase of participations.
Liabilities of national banks.—The act of June 19, 1934, excepted
liabilities incurred under the provisions of section 13b of the Federal
Reserve Act from the limitation of section 5202 of the Revised
Statutes of the United States upon the aggregate liabilities of a
national bank, in addition to the other exceptions therein provided.
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ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Criminal provisions.—The act of June 19, 1934, also provided
criminal penalties for material false statements or overvaluation of
security in connection with the grant of credit accommodations by
Federal Reserve banks, for embezzlement or misapplication of funds
of a Federal Reserve bank or false entries or issuance of obligations
without authority by any person connected with a Federal Reserve
bank, and for giving or receiving of undisclosed fees, commissions,
bonuses, or things of value for procuring or endeavoring to procure
from a Federal Reserve bank any credit accommodation either
directly from such Federal Reserve bank or indirectly through any
financing institution. Provisions of certain sections of the Criminal
Code of the United States with reference to activities of members of
Congress and officers of the United States in connection with contracts with the Government of the United States were extended
insofar as applicable to apply to contracts or agreements with any
Federal Reserve bank.
Building for Federal Reserve Board.—The act of June 19, 1934, also
authorized the Federal Reserve Board to acquire a building, or a
site and to construct thereon a building, for the purpose of providing suitable and adequate quarters in the District of Columbia
for the performance of its functions.
ADDITIONS TO AND CHANGES IN THE FEDERAL RESERVE BOARD'S
REGULATIONS
In accordance with the provisions of the Securities Exchange Act
of 1934, the Federal Reserve Board issued its Regulation T with
regard to the extension and maintenance of credit by brokers, dealers,
and members of national securities exchanges. This regulation
became effective October 1, 1934, but in order that persons affected
by it might have additional time after that date within which to
familiarize themselves with its provisions, the Securities and Exchange
Commission exempted, until midnight of October 14, 1934, from the
operation of certain provisions of the statute and regulations issued
thereunder, all securities except those as to which the Commission
had refused to grant registration.
The act of June 19, 1934, authorizing Federal Reserve banks to
grant credit accommodations for the purpose of providing working
capital for established industrial or commercial businesses provided
that all such operations of the Federal Reserve banks should be
subject to such regulations as the Federal Reserve Board might
prescribe; and accordingly, the Federal Reserve Board issued its
Regulation S with reference to this subject on June 26, 1934, and it
became effective immediately.
The Board's Regulation Q with reference to the payment of deposits
and interest thereon by member banks of the Federal Reserve System
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
53
was amended in several particulars, but the amendments, while
approved in December 1934, were adopted to become effective
February 1, 1935. The principal amendment was a reduction in
the maximum rate of interest which may be paid by member banks
on time and savings deposits from 3 percent per annum compounded
semiannually to 2% percent per annum, compounded quarterly.
EXTENSION OF THE PERIOD DURING WHICH FEDERAL RESERVE
BANKS MAY MAKE ADVANCES TO MEMBER BANKS IN EXCEPTIONAL
CIRCUMSTANCES
Section 10 (b) of the Federal Reserve Act, as amended by the act
of March 9, 1933, 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 through other methods provided by law, but it is provided 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.
By proclamation under date of February 16, 1934, the President prescribed an additional period of 1 year after March 3, 1934, during
which advances might be made by any Federal Reserve bank under
the provisions of said section 10 (b).
CREDIT AGREEMENTS WITH FOREIGN CENTRAL BANKS
The aggregate participation of the Federal Reserve banks in the two
credits extended, with the approval of the Federal Reserve Board, to
the National Bank of Hungary in 1931 by the Federal Reserve Bank
of New York, in association with the other Federal Reserve banks and
other foreign central banks, was reduced during 1934 from $3,560,000
to $3,140,000. These two credits, which took the form of purchases
of prime commercial bills guaranteed by the National Bank of Hungary, had been consolidated in 1933 in an agreement that provided
for scheduled reductions over a period of 3 years. The demand
deposit of $10,000,000 placed by the Federal Reserve banks, upon the
approval of the Federal Reserve Board, with the Bank for International Settlements in 1931 for the purchase from time to time of bills
guaranteed by that bank, which had been reduced to $2,920,000 by
the beginning of 1934, was further reduced to $530,000 during the
year. The total of the demand deposit and of bills purchased under
the agreement, which had amounted to $4,220,000 at the beginning
of the year, was reduced to $2,530,000.
On November 2, at the time gold was being shipped from Belgium
to the United States, the Federal Reserve Board approved the extension of credits to the National Bank of Belgium by the Federal
54
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Reserve Bank of New York, in association with the other Federal
Reserve banks, for amounts up to $25,000,000 in the form of advances
secured by gold. Advances made under this agreement were entirely
liquidated by the end of November, when the shipment of gold from
Belgium to this country ceased. On November 28 the Federal
Reserve Board also approved the extension of similar credits to the
Bank for International Settlements by the Federal Reserve Bank of
New York, in association with the other Federal Reserve banks, for
amounts up to $50,000,000 in the form of advances secured by gold.
No utilization was made of this credit during the year.
BANK EXAMINATIONS
Under the provisions of the Federal Reserve Act State member
banks are subject to examinations made by direction of the Federal
Reserve Board or of the Federal Reserve banks by examiners selected
or approved by the Federal Reserve Board. The examinations of
State member banks made under the provisions of the Federal Reserve
Act are made by examiners for the various Federal Reserve banks,
whose appointments are approved by the Federal Reserve Board
and who work under the direction of the Federal Reserve agents.
The policy approved by the Federal Reserve Board provides that at
least one regular examination of each State member bank, including
its trust department, be made during each calendar year by examiners
for the Federal Reserve banks, either independently or jointly with
State banking authorities.
In order to avoid duplication of examinations and minimize any
inconvenience to the banks examined, most of the examinations of
State member banks made by examiners for the Federal Reserve
banks were joint examinations made in cooperation with the State
banking authorities.
. In connection with the consideration of applications of holding
company affiliates for voting permits, arrangements were completed,
wherever practicable, to have the various banks controlled by the
same holding company affiliate examined as nearly as practicable as
of the same date in order that a comprehensive picture of the entire
group might be obtained and information concerning various relationships within the group be developed. Such arrangements were
worked out in cooperation with the chief national bank examiners
in the various districts and the State banking authorities, the national
banks being examined by the national bank examiners and the State
banks by the State authorities and examiners for the Federal
Reserve banks.
During 1934 a conference was held in Washington of the Assistant
Federal Reserve agents in charge of examinations for the Federal
Reserve banks, the chief examiners and the trust examiners for the
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
55
Federal Reserve banks, and representatives of the Federal Reserve
Board. The conference was called at the request of the Federal
Reserve Board in order that those in charge of the examination work
for the Federal Reserve banks and the representatives of the Board
in Washington might consider together the questions involved in the
examination of the State member banks and that the examination
activities of the various Federal Reserve banks might be further coordinated and a more uniform procedure developed.
One of the important features of the examinations of the State
member banks during the year 1934 was the development of more
complete examinations of the trust departments. In accordance with
the procedure approved by the Federal Reserve Board in the latter
part of 1933, each of the Federal Reserve agents made arrangements
to add to his staff one or more examiners especially qualified for
the examination of trust departments. In the examinations of the
trust departments of the State member banks particular emphasis has
been laid upon policies and practices of the banks in the investment of
trust funds.
As originally enacted, section 12B of the Federal Reserve Act
provided that every member bank should take all necessary steps to
become a class A stockholder of the Federal Deposit Insurance Corporation on or before July 1, 1934, and that, upon receipt of an application from a State member bank for such stock, the Corporation
should request the Federal Reserve Board to certify upon the basis
of a thorough examination of such bank whether or not the assets of
the bank were adequate to enable it to meet all of its liabilities to
depositors and other creditors as shown by the books of the bank. A
program of examinations of the State member banks was therefore
developed by the Federal Reserve Board and the Federal Reserve
agents to serve as the basis for the required certifications to the Federal
Deposit Insurance Corporation. Following the postponement to
July 1, 1935, of the effective date of the inauguration of the permanent
plan for insurance of deposits, another program of examinations for
State member banks was inaugurated in order that the required
certifications might be based on current reports of examination.
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.
The Board's Division of Examinations also made an examination
of a corporation principally engaged in international or foreign banking whose stock a national bank sought permission to acquire and
hold under the provisions of section 25 of the Federal Reserve Act.
129288—35
5
56
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
TRUST POWERS OF NATIONAL BANKS
The Board in 1934 approved 70 original and 6 supplementary
applications by national banks for permission to exercise fiduciary
powers under the provisions of section 11 (k) of the Federal Reserve
Act. On December 31, 1934, 1,945 national banks were holding
permits to act in fiduciary capacities. During the year 1934, 12
national banks surrendered their rights to exercise trust powers under
the provisions of section 11 (k) of the Federal Reserve Act.
In addition to granting trust powers to member banks as stated
above, the Board also gave consideration to a considerable number of
applications for trust powers where the condition of the bank, the
character of the management, the need for fiduciary powers or other
related matters were such that the grant of unrestricted trust powers
did not appear to be warranted. The disposition of such applications
varied according to the facts and circumstances in each case. Certain
applications were denied; others were approved in restricted form to
permit the applicant bank to acquire certain accounts but not to
acquire other fiduciary business of the same character; while in
other cases action by the Board was deferred pending an examination
of the applicant bank, the strengthening of its capital structure, or
action in connection with changes or corrections in the asset condition
of the bank, its management, or other pertinent factors. In a number
of instances where applications had been originally denied or deferred
or where restricted powers only had been granted, the Board subsequently reconsidered the application, and, on the basis of a proper
showing as to matters affecting its former action, and such additional
information as may have been submitted, authorized the applicant
bank to exercise either restricted or unrestricted trust powers, as
circumstances warranted.
A list of national banks holding permits to exercise trust powers
on December 31, 1934, is printed on pages 236-255.
REDUCTIONS IN CAPITAL STOCK OF MEMBER BANKS
During the year 1934 the Board acted upon applications of 558
national banks for permission to reduce the amount of their capital
stock, and 557 of the applications were approved. The Board also
approved the applications of 16 State member banks which were
subject to a condition of membership requiring the Board's approval
of reductions in their capital stock. In practically all cases of both
national and State member banks, the reductions were 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 provide for the elimination of losses and other undesirable
assets.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
57
ADMINISTRATION OF SECTIONS 8 AND 8A OF THE CLAYTON ANTITRUST
ACT
The Clayton Antitrust Act under certain circumstances prohibits
directors, officers, or employees of banks, banking associations, or
trust companies organized or operating under the laws of the United
States from serving other banking institutions and also prohibits
such persons from serving nonbanking organizations which make
loans secured by stock or bond collateral. The Federal Reserve
Board is authorized subject to certain conditions and limitations to
grant permits covering the relationships between banking institutions which, without such permits, would be prohibited by the act.
During the year 1934 the Board acted upon approximately 2,270
applications for such permits; and at the close of the year 263 applications were pending before the Board.
A majority of the applications submitted were made necessary by
the provisions of section 8A of the act, which was added by the
Banking Act of 1933 and became effective January 1, 1934. Under
the provisions of such section many relationships which heretofore
were not subject to the provisions of the Clayton Act because of the
small size or relative location of the banks involved became subject
to the provisions of the act.
ADMINISTRATION OF SECTION 32 OF THE BANKING ACT OF 1933
Section 32 of the Banking Act of 1933, which became effective
January 1, 1934, makes it unlawful for an officer or director of a
member bank to be an officer, director, or manager of an organization
engaged primarily in the business of purchasing, selling, or negotiating
securities, and prohibits correspondent relationships between such
organizations and member banks, except when authorized by a permit
therefor issued by the Federal Keserve 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 such permit if the
public interest requires.
The Board believes that it was the intent of the Congress in enacting
the provision regarding officers and directors of member banks to
terminate relationships of certain kinds between member banks and
dealers in securities, apparently because the Congress believed that
such relationships might tend to influence the banks' credit and
investment policies and their advice to their correspondent banks and
other customers respecting investments in a manner which the
Congress deemed to be incompatible with the public interest. Accordingly, the Board believes that it may not properly issue permits authorizing relationships which are actually of a kind referred to in the
section, since to do so would nullify its provisions; and that its
58
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
authority to issue permits should be exercised only in exceptional cases,
such as those which come within the literal terms of the section but
which do not involve relationships of a kind which are actually within its intendment.
During the year 1934, 388 applications of individuals under the
provisions of section 32 were filed with the Board. Of this number,
117 were denied, 32 were granted for the period ending June 16, 1934,
7 were granted without limitation as to time, and in 133 cases the
Board concluded that the provisions of section 32 were not applicable.
In a number of instances consideration of the application was rendered
unnecessary by a change in circumstances occurring after the filing of
the application. The Board also considered the applicability of section 32 in a number of other cases in which no formal applications
were filed.
The Board interpreted the provisions dealing with correspondent
relationships as referring to relationships involving the underwriting
and distribution of securities. However, since member banks are
authorized under other provisions of the law to underwrite and deal in
United States Government obligations, municipal bonds, and certain
other specified types of securities, the Board decided that it might
properly issue permits authorizing correspondent relationships involving securities of those types, and later it issued a blanket permit
authorizing such relationships.
AFFILIATES OF MEMBER BANKS
Reports on affiliates of member banks.—The Banking Act of 1933
amended the Federal Reserve Act so as to provide that member
banks should obtain such reports from each of their affiliates as would
fully disclose the relations between such organizations and the member
banks. For the purpose of such reports the term " affiliates " includes
both "affiliates" and "holding company affiliates" as defined by the
act.
The term "affiliate", as defined in the act, includes any corporation, business trust, association or similar organization, of which a
member bank owns or controls a majority of the voting shares or more
than 50 percent of the number of shares voted at the preceding election
of directors or controls in any other manner the election of a majority
of its directors; of which control is held by shareholders of a member
bank who own or control a majority of the shares of such bank or more
than 50 percent of the number of shares voted at the preceding election of directors or by trustees for the benefit of the shareholders of a
member bank; or of which a majority of the directors are directors of
a member bank.
The term "holding company affiliate" includes any corporation,
business trust, association or similar organization which owns or
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
59
controls a majority of the shares of stock of a member bank or more
than 50 percent of the number of shares voted at the preceding election
of directors; which controls in any manner the election of a majority
of the directors of a member bank; or for the benefit of whose shareholders substantially all of the stock of a member bank is held by
trustees.
Each State member bank is required to furnish to the Federal
Reserve bank of its district and to the Federal Reserve Board not
less than three reports of its affiliates each year on dates identical with
its own condition report. It is required that reports of affiliates be
published by the bank under the same conditions as govern its own
condition reports, and a penalty is prescribed for failure to obtain
and furnish any such report. National banks are required to make
similar reports to the Comptroller of the Currency.
Number of affiliations.—In response to the call by the Federal
Reserve Board and the Comptroller of the Currency for reports as
of December 31, 1934, 1,142 national banks and 295 State member
banks reported affiliates. These affiliates numbered 2,314, of which
281 were nonmember banks, 227 were safe-deposit or bank-building
companies, 124 were foreign organizations, and the remaining were
classified as mainly in the fields of finance and investment and real
estate. Among the affiliates comprehended by the statutory definition are factories, stores, churches, colleges, newspapers, steamship
companies, cemeteries, hotels, and labor unions. A large number of
these are in the affiliate relationship accidentally, and not as the result
of any purpose of establishing such relationships. In many cases the
affiliation is due to the fact that the bank has had to realize on collateral pledged to secure loans, or holds certain property as trustee of
an estate, or has been helped out of difficulties of its own by the owners
of other businesses. About one-sixth of the affiliates grow out of the
liquidation of bad assets of member banks.
Form of control.—About one-fourth of the affiliates reported were
owned by stockholders of the member banks reporting them as
affiliates, while a little over one-third were owned directly by member
banks. The affiliates' reports that have been submitted by member
banks indicate that there were 170 holding-company affiliates of active
member banks. Twenty-two national banks and 14 State member
banks were reported as being holding-company affiliates of other
member banks. There were 60 holding-company affiliates which were
primarily bank holding companies.
Applications for voting permits by holding-company affiliates.—
Under the provisions of the Banking Act of 1933 shares of a member
bank which are controlled by a holding-company affiliate of the bank
may not be voted unless the holding-company affiliate shall have
first obtained a voting permit from the Federal Reserve Board,
60
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
which permit is in force at the time such shares are voted. In acting
upon an 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 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.
During the year 1934 the Federal Reserve Board acted upon the
applications for voting permits submitted in accordance with this
provision of the law and authorized the issuance of permits as follows:
For general purposes, 12; for miscellaneous purposes only, such as
issuance of preferred stock, reduction of common stock, etc., 89; for
the election of directors for the year 1934 and the transaction of
routine matters only, 37; for the election of directors for the year
1934, the transaction of routine matters, and for other miscellaneous
purposes, 67; for the election of directors for the year 1935 and the
transaction of routine matters only, 82; for the election of directors
for the year 1935, the transaction of routine matters, and for other
miscellaneous purposes, 29.
As stated previously, during the year 1934 the Board authorized
the issuance of 12 general voting permits. Consideration is being
given to the issuance of general voting permits in all remaining cases
where satisfactory information is available through examination
reports, or otherwise, with respect to financial condition, management,
and the effect of the relationship upon member banks in the various
groups.
PRIVATE BANKS
Section 21 of the Banking Act of 1933 made it unlawful, after June
16, 1934, for any person, firm, corporation, association, business
trust, or other similar organization engaged in the business of issuing, underwriting, selling, or distributing securities to engage at the
same time in the business of receiving deposits. In view of this
provision some of the well-known private bankers have elected to
continue in the securities business, and others have elected to continue in the banking business. Those that chose to continue as
banks were subject to the requirement that after June 16, 1934,
every " 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" engaged "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" must submit to periodic examination by
either the Comptroller of the Currency or a Federal Reserve bank,
61
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
and submit and publish condition reports under the same conditions
as national banks.
Under this requirement of law 140 private bankers had agreed to
such examination and had submitted condition reports to the Comptroller of the Currency as of December 31, 1934. Of the 140 private
bankers, 96 had agreed to submit to examination by Federal Reserve
banks and 92 such banks were examined during the year. A few
banks had agreed so late in the year to submit to examination that it
was not practicable to make the examinations before January 1,
1935. Two private banks had agreed to submit to examination by
Federal Reserve banks but had refused to agree to pay the costs of
the examinations, for which no provision had been specifically made
in the law.
The table below shows the number and deposits of private banks
at the end of June 1933 and December 1934. For June 1933 the figures represent private banks under State supervision and private
banks which, in response to the request of the Comptroller of the
Currency, submitted condition reports (on a voluntary basis) directly
to the Comptroller.
N U M B E R AND D E P O S I T S OF P R I V A T E B A N K S
[Deposits in thousands of dollars]
June 1933
Under State
supervision
State
Alabama..
Arkansas
Connecticut
Florida
Deposits
5
2,336
Not under State
supervision 1
Number
Deposits
Under State
supervision 2
Number
Deposits
.
Massachusetts
Michigan..
Missouri
New Jersey
.
New York
Ohio
Pennsylvania
South Carolina
Texas
_
Not under State
supervision 3
Num- Deposber
its
1
g
Georgia
Indiana
Iowa
Kansas
Total
Number
December 1934
4
21
1,901
13
3,070
33
4,814
2
432
20
1,557
1
2
16
10
4,857
5,732
954
18
14
26
1
272,418
2,649
57, 764
1,097
58
7,977
*3
*415
1
4
14
23
12
- ._
16
120
23,848
1,645
14
2,303
64
8,919
101
38
211
629
339,829
4
995
46
2,325
14
3,896
1
28
41
3,777
2
27,491
5
1,649
31
15,174
140
55,597
1 Banks from which reports were received by Comptroller of the Currency.
2 Figures for Missouri and New York are as of June 30, 1934.
»Agreed to examination by Comptroller of the Currency or Federal Reserve bank. Of the total, 96
banks agreed to examination by a Federal Reserve bank, 42 by the Comptroller of the Currency, and 2
by either a Federal Reserve bank or the Comptroller of the Currency.
* Figures are as of July 31, 1933.
62
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
It will be noted that between June 1933 and December 1934 the
number of reporting private banks increased from 184 to 241, principally in the States of Georgia, Michigan, Texas, and Pennsylvania,
the increase representing in the case of the first three States private
banks not under State supervision and in the case of Pennsylvania
private banks that have become subject to State supervision. During the same period total deposits of reporting private banks increased
from $33,000,000 to $395,000,000, the increase representing principally deposits of private banks in New York and Pennsylvania now
operating under State supervision but which had not submitted
reports as of June 1933.
MEETINGS OF FEDERAL OPEN MARKET COMMITTEE
In accordance with the provisions of the first paragraph of section
12A of the Federal Reserve Act, four meetings of the Federal Open
Market Committee were held in Washington during 1934. These
meetings were held on March 5, June 26, September 21, and December
17, 1934. The executive committee of the Federal Open Market
Committee met from time to time throughout the year as occasion
required.
MEETINGS OF FEDERAL ADVISORY COUNCIL
Four meetings of the Federal Advisory Council were held in Washington during 1934 on the following dates: February 20, May 14-15,
September 17-18, and November 19-20. Other material relating to
the Federal Advisory Council appears in the appendix.
ORGANIZATION, STAFF, AND EXPENDITURES
On January 1, 1934, Henry Morgenthau, Jr., of New York, succeeded William H. Woodin, of New York, as Secretary of the Treasury
and as ex-officio chairman of the Federal Reserve Board. Mr. Woodin
became Secretary of the Treasury on March 4, 1933.
The resignation tendered by Eugene R. Black, of Georgia, as member and Governor of the Federal Reserve Board was accepted as of
August 15, 1934, and on August 16, 1934, he resumed his duties as
governor of the Federal Reserve Bank of Atlanta, where he remained
until his death on December 19, 1934. Mr. Black became Governor
of the Board on May 19, 1933.
Effective November 15, 1934, Marriner S. Eccles, of Utah, 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. Black.
On August 21, 1934, J. J. Thomas, of Nebraska, who had been a
member of the Federal Reserve Board since June 14, 1933, was designated Vice Governor.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
63
On August 9, 1934, the term of Adolph C. Miller, of the District of
Columbia, as a member of the Federal Reserve Board expired, and on
August 21, 1934, Mr. Miller was reappointed a member of the Board
for a 12-year term beginning August 10, 1934.
Effective at the close of business on October 30, 1934, H. Warner
Martin resigned as assistant to the Governor of the Federal Reserve
Board. Mr. Martin had served in that position since August 16,1933.
Effective December 1, 1934, the Board appointed Lawrence Clayton
as assistant to the Governor to succeed Mr. Martin.
On November 24, 1934, the Board created a new division within its
organization known as the Division of Security Loans, with Carl E.
Parry, formerly assistant director of the Board's Division of Research
and Statistics, as chief of the new division. On the same date Lauchlin Currie and Woodlief Thomas were appointed by the Board as assistant directors of the Division of Research and Statistics.
Joseph T. Owens was appointed assistant counsel to the Federal
Reserve Board, effective April 9,1934. Gray Williams was appointed
assistant counsel to the Federal Reserve Board, effective April 11,
1934. Mr. Williams resigned effective at the close of business on
August 25, 1934. H. Lee Boatwright, Jr., who was appointed assistant counsel to the Federal Reserve Board, effective May 3, 1933,
resigned at the close of business on December 31, 1934. John C.
Baumann was appointed assistant counsel to the Federal Reserve
Board, effective December 31, 1934.
The total cost of conducting the work of the Board during the
year 1934 was approximately $1,266,931. Two assessments were
levied against the Federal Reserve banks aggregating $1,372,021.74,
or somewhat less than one-half of 1 percent of their average paid-in
capital and surplus for the year. Under an arrangement with the
Federal Reserve Bank of Cleveland the accounts of the Board were
audited four times during the course of the year 1934 by the auditor
of the Federal Reserve Bank of Cleveland and certified by him to
be correct.
FEDERAL RESERVE BANK CREDIT
65
RESERVE BANK CREDIT AND RELATED ITEMS
No.
1.—RESERVE
BANK
CREDIT
AND R E L A T E D
ITEMS,
ANNUAL
AVERAGES,
1918-34
[Averages of daily figures. In millions of dollars]
Reserve bank credit outstanding
Year
U. S.
Bills
GovBills
diserncount- bought ment
securied i
ties
Other
Reserve
bank Total
credit i
Treasury
Other
cash Non- Fedand de- mem- eral
posits ber
Rewith
deserve
F. R. posits 5 acances banks
*
counts'
Treasury
Mem-
Moneber
and Montary nation- ey in bank
gold
reserve
al
circustock 2 bank lation 2 bal-
currency 3
1918
1919
1920
1921
1,134
1,906
2,523
1,797
287
324
385
91
134
254
324
264
168
141
158
46
1,723
2,625
3,390
2,198
2,871
2,842
2,582
3,004
1,867
1,716
1,695
1,758
4,371
4,729
5,191
4,663
1,497
1,719
1,835
1,671
391
464
293
263
108
115
67
28
95
155
280
336
1922
1923
1924
1925
571
736
373
490
159
227
172
287
455
186
402
359
41
56
49
59
1,226
1,205
996
1,195
3,515
3,774
4,152
4,094
1,871
1,991
2,017
2,000
4,248
4,535
4,592
4,582
1,781
1,873
2,023
2,167
268
255
260
244
30
27
27
31
286
280
263
264
1926
1927
1928
1929
572
442
840
952
281
263
328
241
350
417
297
208
55
53
40
59
1,258
1,175
1,505
1,459
4,165
4,277
3,919
3,996
1,985
2,000
2,008
2,015
4,645
4,605
4,496
4,476
2,209
2,290
2,355
2,358
242
226
225
229
28
31
29
30
284
300
327
376
1930
1931
1932
1933
1934
272
327
521
283
36
213
245
71
83
25
564
669
1,461
2,052
2,432
38
33
24
11
10
1,087
1,274
2,077
2,429
2,502
4,173
4,417
3,952
4,059
7,512
2,025
2,025
2,096
2,271
2,381
4,245
4,672
5,328
5,576
5,403
2,379
2,323
2,114
2,343
3,676
239
251
275
343
2,879
28
97
56
147
185
393
373
351
350
253
i Foreign loans on gold, made during 1924,1925,1926, 1929,1931, and 1934, heretofore included in "Other
Reserve bank credit" or shown separately, are now included in ''Bills discounted." "Other Reserve
bank credit" includes Government overdrafts in 1918, 1919, and 1920.
a Revised to exclude $287,000,000 of gold coin previously reported as in circulation. Beginning Jan. 31,
1934, reporting practice of Treasury and Federal Reserve banks was changed to omit gold coin from figures
for gold stock and money in circulation for the following reasons: (1) Amount of gold coin previously reported as "in circulation" is known to have been overstated during recent years by whatever amount of
such coin has in course of time been lost, destroyed, or exported without records; (2) results of official efforts
during the war to concentrate gold and more recently, since Mar. 6,1933, to secure its return from private
hoards, have indicated that the overstatement has been large; (3) Treasury order of Dec. 28,1933, requiring
surrender of all gold coin (with minor exceptions) in effect prohibits anyone from using gold coin for circulation; (4) under Gold Reserve Act of 1934, effective Jan. 30, no gold coin may henceforth be put into circulation. In order to make figures prior to Jan. 31,1934, comparable with subsequent figures, the same amount
of $287,000,000 has been removed from all previous figures published in this Annual Report. For revised
monthly figures of monetary gold stock and money in circulation from 1914 to date see tables 43 and 48.
3 Comprises outstanding United States notes, national-bank notes, silver certificates (included in lieu of
the silver dollars or silver bullion pledged against them), Treasury notes of 1890, standard silver dollars
(excepting those pledged against silver certificates), subsidiary silver and minor coin, and the Federal
Reserve bank notes for the retirement of which lawful money has been deposited with the Treasurer of the
United States, including the currency of these kinds that is held in the Treasury and the Federal Reserve
banks as well as that in circulation.
* Government funds on deposit with the Federal Reserve banks and cash (including gold bullion) held
in the Treasury excepting (a) gold and silver held against gold and silver certificates and (6) amounts held
for the Federal Reserve banks.
fi Item includes all deposits in Federal Reserve banks except Government deposits and member-bank
reserve balances.
6 This item is derived from the condition statement of the Federal Reserve banks by adding capital,
surplus, reserve for contingencies, and "all other liabilities" and subtracting the sum of bank premises and
"all other assets."
NOTE.—By proclamation of the President dated at 3:10 p. m. Jan. 31, 1934, the weight of the gold dollar
was reduced from 25$io grains to 15% i grains, nine-tenths fine. The resulting increase of $2,806,000,000 (as
of Feb. 1,1934) in the value of the monetary gold stock was covered into the Treasury as a miscellaneous
receipt and is reflected in an increase in the item "Treasury cash and deposits with Federal Reserve banks."
67
68
No.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
2.—RESERVE
BANK
CREDIT AND RELATED
ITEMS,
MONTHLY
AVERAGES,
1930-34
[Averages of daily figures. In millions of dollars]
Reserve bank credit outstanding
Month
1930
January
February,.
March
April
May
June
JulyAugust
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.
1934
January.. _
February..
March
April
May
June
July
August
September.
October.. _.
November.
December.
U.S. Other
ReGovBills
erndisFerve
Bills
count- bought ment bank
securi- creded i
ties
it^
T ireasury
MonMone- and
tary nation- ey in
al
gold
circuTotal
stock s bank lation 2
currency 3
Member
bank
reserve
balances
Treas
Other
ury
NonFedcash memeral
and de- ber
Reposits
deserve
with posits 5
acF. R.
counts
banks4
501
378
274
231
247
251
226
214
189
196
221
338
314
285
246
266
182
141
154
153
197
185
184
257
485
480
540
530
529
571
583
599
597
602
599
644
1,357
1,181
1,095
1,072
996
1,000
1,003
998
1,016
1,020
1,033
1,273
3,996
4,030
4,107
4,156
4,218
4,241
4,245
4,209
4,216
4,233
4,266
4,296
2,022
2,022
2,022
2,023
2,024
2,024
2,024
2,025
2,026
2,027
2,028
2,027
4,365
4,267
4,245
4,231
4,210
4,202
4,196
4,189
4,206
4,214
4,241
4,536
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
253
216
176
155
163
190
169
223
282
614
695
774
206
102
123
173
144
121
79
135
259
692
560
340
647
603
604
600
599
610
674
712
736
733
727
777
1,129
936
921
952
926
945
954
1,107
1,313
2,088
2,035
1,950
4,335
4,369
4,395
4,424
4,480
4,578
4,671
4,688
4,661
4,160
4,076
4,163
2,026
2,025
2,026
2,025
2,023
2,022
2,023
2,023
2,023
2,024
2,025
2,031
4,408
4,311
4,303
4,360
4,392
4,463
4,549
4,660
4,846
5,191
5,231
5,324
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
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
1,864
1,785
1,652
1,694
1,959
2,262
2,422
2,353
2,282
2,231
2,211
2,192
4,165
4,097
4,085
4,094
3,986
3,669
3,654
3,743
3,853
3,939
4,005
4,142
2,037
2,049
2,059
2,061
2,060
2,058
2,056
2,077
2,130
2,171
2,194
2,202
5,358
5,340
5,244
5,165
5,169
5,243
5,464
5,432
5,398
5,356
5,356
5,412
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
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
2,110
2,224
3,237
2,515
2,286
2, 208
2,211
2,239
2,358
2,492
2,574
2,669
4,260
4,204
3,974
4,014
4,026
4,030
4,032
4,036
4,040
4,037
4,036
4,036
2,204
2,204
2,256
2,302
2,301
2,295
2,283
2,280
2,280
2,277
2,275
2,293
5,344
5,605
6,711
5,850
5,589
5,455
5,388
5,329
5,345
5,369
5,394
5,524
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
101
70
55
43
36
28
23
21
22
12
18
10
113
87
40
2,432
2,432
2,437
2,439
2,431
2,424
2,432
2,432
2,431
2,430
2,430
2,430
2,656
2,597
2, 535
2,507
2,479
2,464
2,469
2,463
2,469
2,457
2,466
2,472
4,036
7,138
7,602
7,736
7,759
7,821
7,893
7,971
7,971
7,989
8,047
8,191
2,302
2,303
2,333
2,377
2,378
2,363
2,364
2,378
2,411
2,415
2,455
2,494
5,382
5,339
5,368
5,366
5,355
5,341
5,350
5,355
5,427
5,473
5,494
5,577
2,764
2,822
3,361
3,594
3,695
3,790
3,928
4,045
3,947
3,964
4,100
4,037
397
3,448
3,298
3,222
3,083
3,054
2,999
2,976
3,054
3,011
2,970
3,120
146
136
144
170
249
226
219
208
197
177
165
181
10
(For footnotes see table 1, p. 67.)
Back figures.—See Annual Report for 1933 (table 2). For revised figures for monetary gold stock and
money in circulation see tables 43 and 48 of this Annual Report.
69
RESERVE BANK CREDIT
No.
3.—RESERVE BANK CREDIT AND RELATED ITEMS,
WEEKLY AVERAGES,
1933-34
[Averages of daily figures. In millions of dollars]
Reserve bank credit outstanding
Week ending
(Saturday)—-
Bills
discounted i
U.S.
GovBills ernbought ment
secure
ties
Treasury
Mone- and
Other
tary- national
Regold
serve Total stock 5 bank
curbank
rency
credit i
Treasury
Mon- Memcash Nonberey in bank
and memcirdeber
cula- reserve
debal- posits
tion 2 ances
with posits {
F.R. 4
banks
Other
Federal
Reserve
accounts 6
1933
3
,3
32
32
31
1,853
1,829
1,793
1,770
2,153
2,127
2,091
2,080
4,239
4,261
4,271
4,267
2,204
2,204
2, 204
2,204
5,382
5,329
5,329
5,333
2,513
2, 563
2,526
2,487
302
300
296
307
31
31
45
181
1,763
1,775
1,809
1,833
2,074
2,078
2,155
2,357
4,262
4,243
4,218
4,163
2,204
2,203
2,203
2,205
5,377
5,430
5,563
5,745
2,426
2,369
2,256
2,235
318
311
331
312
82
90
350
346
344
343
361
417
400
356
1,848
1,876
1,907
1,882
-53
-15
4
3,056
3,661
3,477
2,939
4,046
3,957
3,964
3,976
2,219
2, 233
2,255
2,273
6,518
7,245
6,973
6,3,56
2,065
1,803
1,898
1,952
296
311
336
401
96
143
140
129
346
349
349
350
ih
434
420
411
3*16 1,846
288 1,838
244 1,837
208 1,837
180 1,837
2
13
21
26
15
2,703 3,983
2,582 3,996
2,536 4,014
2,492 4,025
2,444 4,023
2,285
2,295
2,302
2,307
2,306
5,984
5,885
5,798
5,728
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
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
4,024
4,025
4,026
4,027
2,304
2,303
2,299
2,298
5,685
5,623
5,576
5,528
2,080
2,090
2,126
2,177
431
393
366
327
184
178
175
164
355
355
354
353
June 3~.
June 10June 17June 24..
305
284
255
228
20
11
10
1,880
1,907
1,925
1,950
2,213
2,216
2,207
2,198
4,028
4,029
4,030
4,031
2,298
2,296
2,295
2,295
5,527
5,497
5,455
5,424
2,165
2,199
2,215
2,193
333
316
348
161
178
164
155
353
351
350
349
July
July
July
July
July
1...
8...
15_.
22..
29-
196
179
169
166
164
1,979
2,008
2,016
2,013
2,025
2,210
2,229
2,212
2,197
2,204
4,031
4,031
4,032
4,032
4,033
2,293
2,285
2,283
2,281
5,415
5,459
5,402
5,364
5,332
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.
512
19
26
164
159
165
155
2,034
2,044
2,054
2,082
2,212
2,219
2,237
2,253
4,033
4,033
4,034
4,038
2,281
2,281
2,281
2,280
5,342
5,336
5,335
5,320
2,310
2,362
2,372
2,402
295
307
325
188
191
190
177
348
349
348
347
Sept.
Sept.
Sept.
Sept.
Sept.
2
9
16
23
30
153
147
134
132
132
2,113
2,150
2,194
2,223
2,260
2,282
2,316
2,351
2,374
2,408
4,041
4,042
4,039
4,040
4,039
2,280
2,280
2,280
2,280
2,279
5,325
5,365
5,338
5,336
5,335
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
Oct. 7 Oct. 14..
Oct. 21..
Oct. 28..
125
120
119
116
2,295
2,333
2,368
2,397
2,436
2,468
2,512
2,530
4,037
4,037
4,036
4,036
2,278
2,277
2,277
2,277
5,376
5,392
5,378
5,340
2,503
2,544
2,608
2,663
368
342
319
315
157
158
165
167
347
346
355
358
Nov.
Nov.
Nov.
Nov.
116
113
112
113
2,424
2,439
2,439
2,437
2,556
2,570
2,578
2,575
4,036
4,036
4,036
4,036
2,276
2,275
2,275
2,276
5,365
5,395
5,386
5,385
2,625
2,603
2,649
2,671
349
358
336
329
173
169
163
146
356
356
355
356
4,036
2,277
2,279
2,293
2,298
2,303
5,444
5,486
5,497
5,568
5,553
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
Jan.
Jan.
Jan.
Jan.
7.14..
21..
28..
245
249
251
267
Feb.
Feb.
Feb.
Feb.
4...
11..
18..
25..
256
283
335
Mar.
Mar.
Mar.
Mar.
4
11
18
25
Apr.
Apr.
Apr.
Apr.
Apr.
1...
8...
1522..
29-
May
May
May
May
6
13
20
27
4
11
18
25
847
1,421
1,185
696
539
,
16
20
27 2,437
120
Dec. 2...
122
67 2,431
Dec. 9—
118
117 2,432
Dec. 16117
114 2,432
Dec. 23..
110
Dec. 30120 2,434
7 Less than $500,000.
(For other footnotes see table 1, p. 67.)
a)
2,591
2,628
2,683
2,693
4,036
4,036
4,036
352
352
351
350
70
No.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
3.—RESERVE BANK CREDIT AND RELATED
ITEMS,
WEEKLY
AVERAGES,
1933-34—Continued
[Averages of dailyfigures.In millions of dollars]
Reserve bank credit outstanding
Treasury
Moneand
U.S. Other
tary- nationWeek ending Bills
Govgold2
(Saturday) — disReal
Bills ern- serve
Total stock bank
count- bought ment bank
cursecuri- credit i
ed i
rency 3
ties
Treasury
Other
Mon- Mem- cash Non- Fedey in berand mem- eral
cir- bank
ber
deRecula- reserve posits de- 5 serve
tion 2 balwith posits
acances F.R.
counts8
banks4
1934
Jan. 6
Jan.13
Jan. 20
Jan. 27
103
105
102
98
122
113
112
109
2,434
2,432
2,432
2,432
19
11
10
2
2,679
2,661
2,656
2,641
85
73
69
67
111
98
88
77
2
7
13
9
64
59
55
52
52
63
49
39
33
30
49
44
41
40
26
18
14
11
39
37
36
35
8
7
6
5
2,433
2,433
2,433
2,431
2,433
2,437
2,432
2,438
2,444
2,446
2,439
2,436
2,435
2,432
2,431
2,430
2,430
2,631
2,612
2,602
2,584
2,565
2,549
2,530
2,518
2,534
2,525
2,504
2,506
2,498
2,487
2,483
2,479
2,474
33
29
28
28
27
5
5
5
5
5
July7_
July 14
July 21
July 28
26
23
23
22
5
5
5
5
Aug.
Aug.
Aug.
Aug.
22
21
20
20
5
5
5
5
22
24
23
22
20
5
5
5
5
6
2,430
2,416
2,416
2,431
2,430
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,431
2,431
2,431
15
13
12
11
6
6
6
6
Nov. 3
Nov. 10
Nov. 17
Nov. 24
11
14
23
22
Dec.
Dec.
Dec.
Dec.
Dec.
15
11
10
10
10
Feb.
Feb.
Feb.
Feb.
3
10
17
24
Mar. 3.
Mar. 10
Mar. 17
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
-
-
May 5
May 12
May 19
May 26
June 2
June 9
June 16
June 23
June 30
_
—
-
4
11
18
25
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
Oct. 6_
Oct. 13
Oct. 20
Oct. 27
18.
15
22
29
-
__
4,036
4,036
4,035
4,036
5,316
7,038
7,088
7,202
7,417
7,546
7,600
7,642
7,677
7,706
7,731
7,746
7,755
7,756
7,752
7,753
7,764
2,303
2,302
2,302
2,301
5,500
5,414
5,369
5,316
2,701
2,719
2,797
2,850
320
402
396
385
145
157
144
139
351
307
288
287
2,301
2,301
2,301
2,301
2,302
2,312
2,331
2,343
2,358
2,369
2,378
2,380
2,380
2,380
2,381
2,380
2,376
5,308
5,333
5,335
5,345
5,370
5,386
5,364
5,351
5,358
5,387
5,370
5,364
5,346
5,372
5,369
5,357
5,335
2,727
2,752
2,842
2,822
3,047
3,277
3,419
3,419
3,433
3,473
3,557
3,634
3,698
3,591
3,655
3,713
3,756
1,781
3,435
3,384
3,496
3,444
3,315
3,237
3,285
3,319
3,299
3,239
3,219
3,158
3,152
3,099
3,059
3,054
142
140
138
132
290
291
292
292
131
134
141
147
159
292
295
300
301
300
145
147
169
193
296
300
246
238
272
259
249
237
237
234
234
232
2,370
2,364
2,361
2,361
2,365
2,364
2,365
2,364
2,364
2,361
2,360
2,375
2,390
2,403
2,413
2,414
2,412
2,408
5,350
5,360
5,337
5,328
5,330
5,398
5,367
5,342
5,310
5,330
5,349
5,357
5,361
5,368
5,423
5,427
5,430
5,429
3,745
3,780
3,825
3,754
3,825
3,064
3,011
3,008
3,124
3,064
226
227
230
223
226
232
235
239
238
236
3,776
3,892
3,971
4,019
3,979
4,020
4,072
4,073
4,081
3,951
3,964
3,920
3,943
3,076
3,007
2,967
2,967
229
221
219
214
231
231
228
228
3,010
2,979
2,956
2,962
2,965
3,047
3,034
3,080
3,061
210
208
207
210
230
229
229
227
5
9
13
11
7
2,470 7,777
2,459 7,790
2,459 7,819
2,470 7,836
2,468 7,848
2,480 7,866
2,472 7,881
2,467 7,896
2,461 7,913
2,463 7,935
2,464 7,961
2,467 7,979
2,461 7,982
2,464 7,979
2,470 7,967
2,473 7,968
2,469 7,972
2,463 7,976
205
204
205
193
186
227
225
225
229
228
2,431
2,429
2,430
2,430
7
6
13
9
2,458
2,453
2,461
2,456
7,980
7,985
7,989
7,994
2,406
2,403
2,412
2,426
5,476
5,489
5,484
5,455
3,909
3,976
3,963
3,985
3,047
2,961
3,000
3,030
183
187
178
167
229
229
238
239
6
6
6
6
2,430
2,430
2,430
2,429
10
9
19
13
3,015
2,952
2,955
2,971
167
172
165
160
237
238
239
239
2,430
2,430
2,430
2,430
2,430
10
13
19
40
33
8,002 2,434 5,470
8,009 2,444 5,506
8,029 2,453 5,493
8,039 2,464 5,474
8,112 2,469 5,511
8,152 2,476 5,556
8,178 2,487 5,554
8,204 2,501 5,604
8,225 2,508 5,609
4,004
4,044
4,108
4,159
6
6
6
6
6
2,457
2,459
2,478
2,469
2,460
2,460
2,465
2,486
2,478
4,126
4,093
4,093
3,943
3,995
3,005
3,028
3,061
3,214
3,180
160
172
183
185
184
239
239
240
244
244
5
5
4
-6
8
4
3
16
12
8
8
8
4
2
9
9
7
6
17
12
7
2
4
7
10
4
For footnotes see table 1, p. 67.
Backfigures.—SeeAnnual Report for 1933 (table 3), except that previously published figures for monetary gold stock and money in circulation have been revised to exclude $287,000,000 of gold coin previously reported as in circulation.
71
RESERVE BANK CREDIT
No.
4.—RESERVE
BANK
C R E D I T AND R E L A T E D I T E M S ,
(WEDNESDAY SERIES)
BY W E E K S ,
1928-34
[In millions of dollars]
Reserve bank credit outstanding
Treasury
Mone- and
u . o. Other
tary
naDate
Bills
Re
(Wednesday)
gold tional
Bills Gov2 bank
Qloernserve
stock
Total
count- bought ment bank
curedi
securi- credit i
rency 3
ties
TT <3
MemMoney ber
in cir- bank
cula- reserve
baltion 2
ances
TreasOther
ury
Non- Federcash
and de- mem- al Reposits ber
serve
with depos- acF. R.4 its s counts6
banks
1928
Jan. 4 . . .
Jan. 11..
Jan.18..
Jan. 25..
521
439
412
385
387
393
369
347
627
545
499
441
69
37
30
21
1,604
1,414
1,310
1,194
4,092
4, 094
4,090
4,093
2,006
2,005
2,005
2,005
4,652
4,492
4,414
4,372
2,486
2,473
2,432
2,355
228
218
228
231
35
27
25
25
302
303
307
309
Feb.
Feb.
Feb.
Feb.
Feb.
423
459
481
461
493
377
369
355
353
344
434
401
408
402
408
29
26
22
20
19
1,263
1,155
1,266
1,236
1,264
4,087
4,088
4,089
4,089
4,075
2,003
2,005
2,005
2,006
2,007
4,384
4,389
4,401
4,411
4,403
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
4,075
4,048
4,033
4,021
2,006
2,006
2,006
2,006
4,400
4,383
4,379
4,380
2,361
2,362
2,322
2,357
236
221
214
227
24
22
23
22
312
311
315
314
Apr. 4
Apr. 11
April 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
4,017
4,015
3,983
3,979
2,006
2,006
2,007
2,007
4,438
4,410
4,404
4,389
2,400
2,432
2,392
2,417
213
223
207
236
24
27
25
24
314
316
317
318
May 2 . .
May9_.
May 16.
May 23.
May 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
3,978
3,948
3,898
3,891
3,874
2,010
2,008
2,008
2,008
2,009
4,428
4,410
4,403
4,388
4,434
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 6 . .
June 13.
June20.
June 27.
982
1,043
1,032
266
240
224
223
210
223
223
212
46
40
33
27
1,504
1,546
1,471
1,494
3,860
3,817
3,818
3,816
2,008
2,006
2,007
2,007
4,416
4,408
4,406
4,411
2,384
2,392
2,332
2,345
225
219
201
209
23
27
31
26
323
323
326
327
July 3 . . .
July 11_.
July 18..
July 25..
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
3,823
3,828
3,827
3,828
2,007
2,007
2,008
2,004
4,521
4,442
4,402
4,378
2,403
2,365
2,307
2,300
225
212
217
230
35
30
29
26
325
327
328
328
Aug. 1.
Aug. 8Aug. 15.
Aug. 22.
Aug. 29
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
3,826
3,827
3,832
3,833
3,837
2,006
2,007
2,006
2,006
2,007
4,403
4,418
4,430
4,436
4,443
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
3,836
3,837
3,838
3,842
2,006
2,007
2,008
2,009
4,514
4,474
4,470
4,483
2,273
2,349
2,361
2,316
214
212
250
217
23
30
53
38
334
335
337
339
Oct.
Oct.
Oct.
Oct.
Oct.
3...
10-.
17..
24..
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
3,838
3,842
3,849
3,853
3,855
2,010
2,010
2,010
2,011
2,011
4,520
4,545
4,526
4,504
4,519
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
Nov.
Nov.
Nov.
Nov.
7
14
21
28
957
858
800
990
449
474
484
482
223
222
226
229
5
61
48
28
1,634
1,615
1,558
1,729
3,858
3,869
3,872
3,841
2,011
2,011
2,013
2,013
4,561
4,533
4, 508
4,616
2,330
2,365
2,346
2,361
236
225
214
231
30
26
25
26
346
347
348
348
1,012
Dec. 5
227
478
Dec. 12.
494
236
1,028
291
947
453
Dec. 19.
489
232
Dec. 26
1,168
(For footnotes see table 1, p. 67.)
45
46
81
52
1,762
1,804
1,772
1,941
3,847
3,852
3,863
3,862
2,012
2,011
2,011
2,013
4,626
4, 64.8
4,738
4,802
2,382
2,409
2,326
2,409
237
232
204
219
27
27
25
30
350
352
355
1...
8...
15..
22..
29..
129288—35
991
6
72
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.
4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1928-34
(WEDNESDAY SERIES)—Continued
[In millions of dollars]
Keserve bank credit outstanding
Date
(Wednesday)
U.S.
Bills
GovBills
erndiscount- bought ment
securied i
ties
Treasury
Memytoney ber
in cir- bank
tional cula- •eserve
bank tion a balances
currency 3
Mone- and
tary
na-
Other
Regold
gum
serve Total stock
bank
jredit i
2
Treasury
Other
cash Non- Federand de- memal Reber
posits depos- serve
with
acF. R. its s counts 6
banks 4
1929
1,151
877
822
782
821
484
477
481
454
436
244
239
238
202
202
31
45
63
34
26
1,910 3,840
1,638 3,833
1,604 3,821
1,472 3,830
1,485 3,841
2,013
2,012
2,011
2,011
2,011
4,646
4,475
4,410
4,356
4,343
2,494
2,405
2,415
2,359
2,391
235
220
228
220
223
348
350
351
352
353
411
391
356
334
200
177
173
166
37
15
37
32
1,500
1,487
1,431
1,484
3,840
3,863
3,864
3,867
2,010
2,011
2,011
2,008
4,353
4,385
4,382
4,383
2,386
2,372
2,319
2,367
228
220
221
227
355
355
356
357
283
237
208
163
165
185
170
44
42
36
27
1,501
1,453
1,401
1,429
3,871
3,873
3,883
3,887
2,010
2,012
2,011
2,012
4,404
4,378
4,367
4,380
2,350
2,363
2,340
2,332
238
209
200
225
360
361
362
363
1,000
964
175
157
141
141
169
166
161
150
51
28
47
24
1, 425
1,315
1,349
1,298
2,013
2,014
2,016
2,016
4,387
4,355
4,359
4,344
2,335
2,302
2,302
2,290
222
208
253
241
365
365
366
Mayl-May 8.May 15May 22.
May 29.
June 5. .
June 12.
Junel9.
June 26.
1,001
968
915
904
170
157
146
138
118
151
149
156
153
145
44
40
52
28
36
1,366
1,314
1, 269
1,223
1,287
3,901
3,934
3,948
3,958
3,978
4,003
4,011
4,012
4,014
2,016
2,018
2,018
2,018
2,018
4,373
4,366
4,357
4,347
4,407
2.336
2,330
2,320
2,276
2,286
243
240
219
230
224
367
369
370
370
372
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
4,016
4,018
4,028
4,040
2,018
2,018
2,019
2,019
4,380
4,349
4,348
4,349
2,321
2,328
2,292
2,344
233
223
253
255
375
375
375
378
July3_-
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
4,044
4,041
4,053
4, 059
4,054
2,020
2,018
2,017
2,014
2,013
4,479
4,530
4,462
4,417
4,430
2,380
2,303
2,352
2,357
2,355
228
235
221
225
226
374
373
878
375
376
1,064
1,028
986
974
79
118
132
157
158
154
149
145
52
52
42
41
1,353
1,352
1,309
1,317
4,060
4,063
4,066
4,072
2,008
2,007
2,006
2,005
4,454
4,458
4,457
4,461
2,323
2,330
2,292
2,306
235
224
223
219
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
4,076
4,077
4,082
4,088
2,006
2,005
2,004
2,009
4,542
4,504
4,477
4,457
2,320
2,360
2,381
2,364
241
219
219
271
386
388
388
390
931
857
849
796
991
333
360
379
340
146
141
138
136
80
54
110
63
56
1,480
1,385
1,457
1,374
1,680
4,087
4,091
4,092
4,099
4,098
2,010
2,012
2,015
2,016
2,020
4,502
4,501
4,502
4,465
4,502
2,399
2,339
2,408
2,378
2,652
259
232
234
225
225
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
4,093
4,088
4,087
4,079
2,023
2,025
2,024
2,024
4,543
4,533
4,490
4,569
2,558
2,608
2,518
2,376
241
220
246
258
394
395
396
57
872
257
355
Dec. 4
48
769
322
387
Dec. 11
63
737
309
533
Dec. 18
120
763
355
485
Dec. 24
48
632
392
511
Dec. 31
r Revised.
(For other footnotes see table 1, p. 67.)
1,541
1,526
1.642
1,723
1,583
4,082
4,067
4,034
4,007
3,997
2,023
2,022
2,022
2,023
2,022
4,580
4,582
4,650
4,772
4,578
2,401
2,397
2,408
2,320
2,355
242
215
210
234
245
Jan. 2 . .
Jan.9_Jan. 16.
Jan. 23.
Jan. 30Feb.
Feb.
Feb.
Feb.
6—
13..
2027-
852
904
865
952
Mar.
Mar.
Mar.
Mar.
6
13
20
27
989
Apr. S.Apr. 10Apr. 17Apr. 24-
July 10..
July 17.
July 24.
July 31.
Aug. 7.Aug. 14..
Aug. 21.
Aug. 28.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
4.—
11
18
25
2
9.
16
23
30
Nov.
Nov.
Nov.
Nov.
6
13
20
27
963
943
1,024
1,030
25
397
396
401
402
'393
73
KESERVB BANK CREDIT
No.
4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY W E E K S , 1928-34
(WEDNESDAY SERIES)—Continued
[In millions of dollars]
Reserve bank credit outstanding
TreasTreasury
ury
Mem- cash
Mone- and Money ber and deU.S. Other
Date
in
cirtary
nabank
Gov- Re(Wednesday) Bills
gold 2 tional cula- reserve posits
Bills erndiswith
Total stock bank tion •- balcount- bought ment serve
F. R.
bank1
cur- 3
ances banks4
securi- credit
ed i
rency
ties
Other
Non- Federmem- al
Reber
depos- serve
acits* counts*
1930
Jan.8
Jan. 1 5 —
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
3,990
3,996
3,997
4,002
2.022
2,022
2,021
2,022
4,403
4,309
4,266
4,221
2,367
2, 358
2,360
2,308
238
229
239
247
31
30
29
26
Feb.
Feb.
Feb.
Feb.
5
12
19
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
4,015
4,023
4,042
4,058
2,022
2,021
2,021
2,022
4,238
4,255
4,234
4,218
2,339
2,308
2,315
2,346
236
219
263
254
25
70
27
25
393
393
393
Mar.
Mar.
Mar.
Mar.
5
12
19
26
309
266
206
207
271
257
185
256
486
514
561
529
39
31
31
33
1,105
1,068
983
1,025
2,022
2,022
2,022
2,022
4,241
4,208
4,194
4,180
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
400
398
401
400
'400
175
171
187
176
528
528
528
530
39
43
28
23
979
952
953
976
2,375
2,345
2,380
2,363
2,385
2,349
2,379
2,374
2,347
29
25
26
24
27
237
210
210
247
2,022 4,231
2,022 4,208
2,024 4,218
2,024 4,174
2,024 4,189
2,024 4,187
2,023 4,159
2,024 4,150
2,025 4,203
248
241
249
251
234
May
May
May
May
4,073
4,097
4,118
4,133
4,137
4,148
4,151
4,158
4,204
4,209
4,215
4,227
4,229
246
224
252
259
30
29
28
24
400
400
397
June 4
June 11
June 18
June 25
240
210
207
232
189
148
133
102
544
579
598
577
31
37
23
25
394
396
396
July 2
July 9
July 16
July 23
July 30
260
236
207
191
197
157
149
169
151
131
596
591
577
576
576
57
36
47
28
23
206
191
196
193
134
154
159
163
576
606
602
602
24
31
29
26
Sept. 3
Sept. 10
Sept. 17
Sept. 24
231
183
163
167
170
193
209
198
602
602
610
602
38
30
26
24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
186
173
210
192
202
193
211
185
177
166
601
600
602
602
Nov. 5
Nov. 12
Nov. 19
Nov. 26
213
192
205
234
186
207
178
176
Aug.
Aug.
Aug.
Aug.
7
14
21__
28
6
13
20
27
-._
Dec. 3._.
219
251
Dec. 10..
257
244
Dec. 17.
331
252
Dec. 24..
448
260
Dec. 31..
251
364
' Revised.
(For other footnotes see table
393
393
393
4,189
4,172
4*163
4,139
2,412
2,409
2,408
2,386
242
238
233
258
25
24
27
27
4,266
4,201
4,161
4,120
4,110
4,150
4,150
4,156
4,161
2,406
2,417
2,460
2,432
2,415
240
244
228
231
238
42
34
39
34
28
391
390
390
2,364
2,400
2,414
2,419
244
239
237
235
28
35
25
25
387
386
386
4,224
4,177
4,171
4,148
2,393
2,428
2,456
2,416
250
232
210
256
27
27
26
25
386
391
391
30
28
47
21
16
4,236 2,024
4,239 2,024
4,242 2,025
4,246 2,025
1,070 4,249 2,026
1,012 4,249 2,025
1,000 4,253 2,025
946 4,236 2,024
927 4,228 2,023
940 4,208 2,026
982 4,202 2,026
986 4,206 2,026
984 4,217 2,026
1,041 4,213 2,026
1,008 4,216 2,026
1,008 4,220 2,026
991 4,219 2,026
1,010 4,224 2,027
1,012 4,227 2,027
1,044 4,232 2,02.7
992 4,236 2,027
985 4,246 2,028
4,205
4,200
4,213
4,163
4,139
2,394
2,408
2,440
2,437
2,4£8
245
243
230
239
236
25
25
28
25
25
392
390
391
391
390
602
601
596
596
9
35
24
22
1,010
1,035
1,003
1,028
2,028
2,028
2,028
2,027
4,204
4,190
4,195
4,278
2,410
2,490
2,449
2,410
248
230
245
240
32
25
28
24
390
390
383
382
602
617
692
642
729
36
16
22
75
29
1,108
1,134
1,297
1,425
1,373
4,247
4,262
4,269
4,279
4,285
4,289
4,297
4,302
4,306
2,028
2,028
2,027
2,027
2,027
4,328
4,369
4,550
4,727
4,603
2,424
2,448
2,455
2,367
2,471
256
223
205
252
230
26
26
26
24
28
387
384
385
384
375
1, p. 67.)
1,004
974
961
936
74
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.
4.—RESERVE
BANK
CREDIT
AND RELATED
ITEMS, BY W E E K S ,
1928-34
(WEDNESDAY SERIES)—Continued
[In millions of dollars]
Reserve bank credit outstanding
Date
(Wednesday)
U. S. Other
Bills
GovReBills
disern)ought ment serve Total
coun t- b<
bank
securities credit i
TreasTreasMemury
ury
Non- Other
cash
Mone- and Money ber
Federnain cir- bank and de- memtary
al Reber
gold tional cula- reserve posits depos- serve
balwith
acstock 2 bank tion 2
its s
ances F. R.
curcountsa
rency 3
banks 4
1931
Jan.7
Jan. 14
Jan. 21
Jan.28
292
243
230
215
265
196
152
120
659
644
625
610
1,248
1,111
1,020
956
4,315
4,338
4,344
4,350
2,026
2,026
2,025
2,025
4,495
4,362
4,306
4,257
2,444
2,464
2,441
2,425
242
245
238
243
377
378
380
380
Feb.
Feb.
Feb.
Feb.
4
11
18
25
223
222
200
190
104
88
94
106
610
610
600
599
949
929
905
904
4,362
4,364
4,374
4,376
2,025
2,024
2,026
2,027
4,289
4,307
4,273
4,282
2,379
2,365
2,380
2,378
263
242
247
243
379
379
381
Mar.
Mar.
Mar.
Mar.
4
11
18
25
191
173
162
165
101
151
122
83
600
605
618
599
942
907
858
4,385
4,390
4,288
4,267
4,275
4,260
2,365
2,436
2,436
2,357
264
254
211
22
22
26
24
380
379
384
384
Apr.
Apr.
Apr.
Apr.
Apr.
1
8
15
22
29
164
143
132
135
155
167
172
131
152
170
599
599
599
May
May
May
May
6
13
20
27
150
145
149
153
194
153
131
125
June
June
June
June
3
10
17
24
173
185
185
214
July
July
July
July
July
1
8
15
22
29
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
4,402
2,025
2,026
2,027
2,027
943
929
895
911
936
4,411
4,416
4,423
4,426
4,434
2,025
2,025
2,025
2,025
2,024
4,333
4,325
4,336
4,325
4,334
2,392
2,389
2,356
2,380
2,408
248
250
237
247
246
25
24
31
26
24
382
384
384
383
598
599
967
918
894
4, 456
4, 479
4,485
4,508
2,023
2,023
2,022
2,022
4,376
4,340
4,352
4,347
2,418
2,421
2,411
2,425
240
250
230
235
29
26
26
27
383
383
382
382
134
127
107
106
599
619
938
929
907
960
4,506
4,516
4,606
4,628
2,022
2,022
2,022
2,023
4,386
4,436
4,469
4,446
2,389
2,399
2,401
2,457
274
224
258
37
28
28
40
380
381
379
379
150
162
162
182
183
103
92
70
67
67
663
668
678
678
678
950
960
951
942
945
4,669
4,677
4,672
4,664
4,666
2,022
2,022
2,023
2,024
2,024
4,554
4,549
4,521
4,508
4*493
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
5
12
19
26
189
195
231
242
66
136
155
181
681
728
728
728
967
1,105
,141
,199
4,668
4,677
4,696
4,705
2,024
2,024
2,023
2,023
4,562
4,603
4,665
4,707
2,339
2,393
2,382
2,342
231
233
252
159
209
195
210
368
367
366
365
2
9
16
23
30
257
260
263
310
333
198
198
218
243
469
728
728
742
738
742
,221
,216
,279
,315
1,578
4,712
4,714
4,729
4,610
4,454
2,023
2,023
2,023
2,023
2,023
4,749
4,805
4,801
4,877
4,959
2,374
2,290
2,418
2,280
2,364
265
260
223
242
249
203
233
224
186
120
365
364
365
363
628
698
717
581
730
769
725
738
727
727
727
1,839
2,125
2,238
2,211
4,355
4,137
4,050
4,002
2,023
2,024
2,024
2,024
5,144
5,186
5,218
5,194
2,277
2,223
2,276
2,229
258
249
250
263
178
269
207
192
360
359
361
705
684
662
686
642
597
534
480
728
727
727
727
2,109
2,064
1,972
1,941
4,025
4,060
4,084
4,121
2,025
2,026
2,026
2,025
5,258
5,232
5,186
5,192
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
1,905
1,880
1,974
2,006
2,202
4,133
4,153
4,171
4,178
4,171
2,027
2,028
2,031
2,035
2,035
5,224
5,222
5,291
5,446
5,345
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
7
14
21
28
Nov.
Nov.
Nov.
Nov.
4
11
18
25
Dec.
Dec.
Dec.
Dec.
Dec.
2...
9—
16..
23..
30..
r
Revised.
(For other footnotes see table 1 ,p. 67.)
75
RESERVE BANK CREDIT
No.
4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1928-34
(WEDNESDAY SERIES)—Continued
[In millions of dollars]
I
Reserve bank credit outstanding
Date
(Wednesday)
Bills
disBills
count- bought
ed
U.S.
Government
securities
Treasury
Mone- and
Other
tarynaRegold tional
serve Total stock 2 bank
bank
curcredit*
rency 3
MemMoney ber
in cir- bank
cula- reserve
tion 2 balances
TreaS'
ury
Other
cash Non- Federand de- memal
Reber
posits
serve
with
acF. R. its s countse
banks
1932
Jan.
Jan.
Jan.
Jan.
6_
13
20
27
-.
818
818
819
838
766
752
751
752
749
741
741
741
1,921
1,834
1,807
1,798
4,171
4,170
4,164
4,139
2,035
2,036
2,037
2,039
5,374
5,332
5,326
5,302
2,036
1,994
1,972
1,945
260
258
251
264
103
103
108
116
353
353
350
349
1,810
1,779
1,781
1,734
4,119 2,043
4,116 2,046
4,082 2,049
4,063 2,054
5,344
5,338
5,322
5,306
1,937
1,905
1,904
1,878
258
282
256
274
68
82
46
348
347
347
349
Feb. 3
Feb.10
Feb.17
Feb. 24
855
819
846
835
275
214
188
162
156
169
146
133
Mar.
Mar.
Mar.
Mar.
Mar.
828
748
661
666
633
116
138
106
82
66
760
785
842
835
872
1,729
1,698
1,634
1,597
1,587
4,063
4,075
4,087
4,094
4,101
2,056
2,058
2,060
2,060
2,060
5,296
5,258
5,235
5,193
5,152
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. 6—
Apr. 13_.
Apr. 20_.
Apr. 27..
635
629
565
532
58
52
49
46
885
985
1,078
1,191
1,599
1,686
1,700
1,785
4,109
4,093
4,090
4,081
2,060
2,061
2,061
2,061
5,171
5,136
5,138
5,111
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
11
18
25
506
471
465
471
45
43
41
,287
,385
,466
,525
1,859
1,919
1,988
2,048
4,057
4,027
3,920
2,060
2,060
2,061
2,060
5,162
5,144
5,162
5,124
2,147
2,144
2,192
2,214
242
288
261
270
77
78
71
70
351
350
350
350
June
June
June
June
June
1
8
15
22
29
495
502
496
488
470
,575
,645
,692
,730
., 801
2,122
2,198
2,270
2,288
2,346
3,820
3,692
3,622
3,630
3,633
2,059
2,059
2,058
2,057
2,057
5,180
5,165
5,180
5,218
5,362
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 2 0 July 2 7 -
500
516
538
525
,801
,821
836
841
2,408
2,417
2,438
2,422
3,635
3,645
3,665
3,674
2,057
2,056
2,056
2,056
5,488
5,427
5,448
5,403
1,963
2,015
2,036
2,072
264
289
286
42
43
46
48
343
344
343
343
Aug.
Aug.
Aug.
Aug.
Aug.
3__
10.
17.
24_
31.
487
452
443
427
433
846
;851
1,851
1,851
1,852
2,388
2,357
2,344
2,321
2,331
3,700
3,718
3,759
3,777
3,801
2,058
2,064
2,076
2,087
2,106
5,441
5,420
5,419
5,397
5,405
2,012
2,062
2,080
2,142
2,146
301
265
288
268
r
306
47
46
46
31
36
344
346
346
347
345
Sept. 7
Sept. 14
Sept. 21
Sept. 28
420
402
359
340
1,851
1,851
1,852
1,854
2,319
2,301
2,259
2,241
3,818
3,841
3,878
3,897
2,115
2,128
2,140
2,152
5,438
5,381
5,355
5,318
2,142
2,244
2,211
2,269
295
263
327
318
31
36
36
36
346
347
349
351
Oct.
Oct.
Oct.
Oct.
333
328
314
322
1,851
1,851
1,851
1,851
2,241
2,234
2,219
2,221
3,914
3,921
3,940
3,970
2,158
2,166
2,175
2,182
5,362
5,364
5,334
5,297
2,284
2,246
2,326
2,412
279
298
276
277
37
61
39
30
351
352
359
357
326
311
307
308
309
1,851
1,851
1,851
1,851
1,851
2,226
2,199
2,208
2,201
2,202
3,979
3,983
3,996
4,032
4,053
2,186
2,193
2,195
2,196
2,199
5,329
5,364
5,342
5,348
5,361
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
2,197
2,189
2,180
2,168
4,065 2,201
4,081 2,202
4,200 2,203
4,218 2,203
5,382
5,377
5,443
5,400
2,395
2,425
2,446
2,482
287
277
293
306
40
37
39
39
357
356
362
363
Nov.
Nov.
Nov.
Nov.
Nov.
2
9
16_
23
30
5
12
19
26
2
9
16
23
30
_
299
1,851
Dec. 7—
284
1,851
Dec. 14..
270
1,851
Dec. 21..
267
1,851
Dec. 28' Revised.
(For other footnotes see table 1, p. 67.)
76
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.
4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1928-34
(WEDNESDAY SERIES)—Continued
[In millions of dollars]
Reserve bank credit outstanding
Treasury
Moneand
U.S. Other
tary
naDate
GovBills
(Wednesday) disgold 2 tional
xceBills erncount- bought ment serve Total stock bank
curbank
securi- credit»
ed i
rency3
ties
TreasMem- ury
Money ber
cash
in cir- bank and decula-2 reserve posits
bal- with
tion
ances F. R.
banks *
Other
Non- Federmem- al
Reber
serve
acits 5 countsg
1933
Jan.
Jan.
Jan.
Jan.
4.___
11...
18- —
25.._
251
248
249
265
33
32
32
31
1,851
1,812
,778
L, 763
29
13
9
7
2,163
2,106
2,068
2,067
269
253
286
327
31
31
31
180
L,764
L, 784
L.809
L,834
7
17
10
10
2,070
2,085
2,136
2,351
712
1,414
1,233
680
559
384
417
403
352
310
1,836
L, 881
1,899
L.864
L, 838
4
-68
-9
-1
-6
2,936
3,644
3, 526
2,896
2,702
2,579
2,528
2,490
2,412
2,396
2,297
2,254
2,219
2,218
2,214
2,212
2,194
2,182
Feb. 1-...
Feb. 8___.
Feb. 15—
Feb. 22...
Mar.
Mar.
Mar.
Mar.
Mar.
1...
8...
15
22
29
Apr.
Apr.
Apr.
Apr.
5...
12..
19..
26..
441
428
414
385
286
247
208
177
L,837
L,837
L,837
L, 837
15
16
30
12
May
May
May
May
May
3__
10_
17.
24 _
31_
400
338
330
312
302
144
113
78
43
20
L, 837
L,837
L,837
L, 862
L,890
15
9
9
3
7
June 7...
June 14..
June 21 _.
June 28..
277
254
222
191
11
10
9
8
L,912
1,932
L.955
1,975
15
15
8
7
July 5...
July 12..
July 19..
July 26..
182
168
163
161
23
13
10
10
1,995
2,007
2,017
2,028
6
13
7
2
Aug.
Aug.
Aug.
Aug.
Aug.
164
156
166
150
153
8
8
7
7
7
2,038
2,048
2,059
2,094
2,129
Sept. 6
Sept. 13
Sept. 20
Sept. 27
145
133
130
133
7
7
7
7
Oct.
Oct.
Oct.
Oct.
4...
11..
18..
25.
123
119
113
115
Nov.
Nov.
Nov.
Nov.
Nov.
1.
8.
15
22
29
2..
9,_
16.
23 _
30.
Dec. 6...
Dec. 13..
Dec. 20..
Dec. 27..
(For footnotes,
4,237
4,262
4,279
4,269
4,261
4,248
4,224
4,173
2,204
2,205
2,205
2,204
5,383
5,302
5,315
5,324
2,514
2,574
2,545
2,513
305
294
294
292
353
353
352
350
2,204
2,203
2,203
2,203
5,365
5,418
5,567
5,701
2,438
2,419
2,236
2,271
319
285
330
325
347
345
342
343
4,056
3,956
3,964
3,977
3,985
2,218
2,230
2,256
2,273
2,287
6,432
7,251
6,982
6,321
6,066
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
3,996
4,006
4,026
4,023
2,297
2,303
2,308
2,306
5,974
5,860
5,781
5,707
1,976
2,096
2,159
2,136
441
390
366
371
135
143
163
172
347
348
355
355
4,025
4,026
4,026
4,027
4,028
2,305
2,303
2,299
2,299
2,298
5,667
5,605
5, 565
5,508
5,525
2,034
2,089
2,114
2,194
2,167
487
399
370
329
345
182
178
175
161
155
356
355
354
353
353
4,029
4,031
5,480
5,436
5,409
5,388
2,204
2,281
2,205
2,286
307
316
405
317
197
153
152
169
351
351
348
348
4,031
2,296
2,295
2,295
2,296
4,031
4,032
4,032
4,033
2,285
2,284
2,283
2,282
5,465
5,380
5,348
5,314
2,219
2,269
2,290
2,306
331
353
335
366
164
169
194
186
344
345
344
343
-1
8
8
7
9
2,206
2,201
2,197
2,201
2,208
2,220
2,240
2,258
2,298
4,033
4,033
4,034
4,041
4,041
2,281
2,281
2,281
2,280
2,281
5,331
5,321
5,325
5,305
5,305
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
2,166
2,203
2,238
2,274
12
14
13
7
2,330
2,357
2,388
2,421
4,042
4,040
4,040
4,037
2,280
2,281
2,280
2,279
5,361
5,315
5,318
2,439
2,542
2,543
2,596
327
317
334
331
178
157
164
156
346
346
348
347
7
7
7
7
2,309
2,344
2,375
2,400
10
7
18
5
2,449
2,477
2,513
2,526
4,037
4,037
4,036
4,036
2,279
2,278
2,277
2,277
5,365
5,386
5,363
5,321
2,523
2,567
2,655
2,693
372
338
284
302
159
155
166
167
346
345
358
357
117
112
111
112
119
7
7
15
20
24
2,420
2,430
2,432
2,431
2,432
7
-7
6
-1
7
2,550
2,542
2,564
2,562
2,581
4,036
4,036
4,036
4,036
4,036
2,276
2,275
2,275
2,276
2,277
5,353
5,386
5,368
5,367
5,455
2,591
2,578
2,645
2,687
2,573
373
345
316
178
161
163
149
142
353
355
355
355
354
116
118
115
111
61
116
113
111
2,431
2,432
2,432
2,432
7
11
25
20
2,615
2,677
2,686
2,674
4,036
4,036
4,036
4,036
2,277
2,295
2,299
2,304
5,471
5,476
5,562
5,537
2,561
2,638
2,636
2,675
156
160
132
124
354
355
362
362
see table 1, p. 67.)
379
329
315
77
RESERVE BANK CREDIT
No.
4.—RESERVE
BANK
CREDIT
AND RELATED
ITEMS, BY W E E K S ,
1928-34
(WEDNESDAY SERIES)—Continued
Eeserve bank credit outstanding
Treasury
cash
and deposits
with
F. R.
banks4
Other
GovReernserve Total
ment bank
securities credit*
Treasury
Mone- and
tary
nagold tional
stock 2 bank
currency 3
2,432
2,432
2,432
2,432
2,434
2,688
2,655
2,646
2,631
2,630
4,036
4,036
4,035
4,035
4,033
2,303
2,302
2,302
2,301
2,302
5,504
5,397
5,356
5,294
5,289
2,710
2,777
2,788
2,851
2,652
311
353
407
398
597
145
172
143
137
141
357
295
288
287
287
2,432
2,432
2,432
2,432
2,606
2,593
2, 592
2,567
7,036
7,089
7,203
7,438
2,301
2,301
2,301
2,302
5,317
5,321
5,344
5,354
2,736
2,851
2,830
3,093
3,449
3,391
3,499
3,440
142
130
132
127
290
291
292
2,432
2,432
2,432
2,432
2,539
2,532
2,508
2,519
7,556
7,605
7,640
7,681
2,312
2,332
2,343
2,356
5,374
5,345
5,334
5,336
3,313
3,454
3,449
3,439
3,294
3,226
3,252
3,318
133
143
154
161
294
301
302
303
2,432
2,432
2,430
2,430
2,509
2,492
2,493
2,486
7,703
7,732
7,746
7,755
2,369
2,381
2,381
2,380
5,371
5,347
5,347
5,324
3,450
3,560
3,665
3,744
3,323
3,239
3,204
3,148
140
148
167
167
297
312
237
237
May 2
May9
M a y 16_
M a y 23
M a y 30
2,432
2,432
2,430
2,430
2,430
2,484
2,484
2,473
2,469
2,470
7,756
7,756
7,753
7,766
7,776
2,381
2,380
2,380
2, 375
2,371
5,359
5,352
5,344
5,316
5,338
3,570
3,678
3,694
3,767
3,763
3,177
3,098
3,082
3,05.2
3,051
280
257
252
242
233
235
235
233
233
232
June
June
June
June
6
13.
20
27
2,430
2,430
2,430
2,430
2,475
2,472
2,468
2,465
7,790
7,820
7,835
7,846
2,365
2,361
2,359
2,364
5,342
5,313
5,310
5,301
3,787
3,895
3,769
3,837
3,034
2,956
3,121
3,077
230
251
224
225
237
238
239
236
July
July
July
July
3
11
18
25
2,432
2,432
2,432
2,432
2,488
2,468
2,460
2,456
7,866
7,881
7,897
7,911
2,365
2,365
2,363
2,364
5,397
5,344
5,328
5,291
3,746
3,902
3,987
4,020
3,113
3,014
2,954
2,972
232
223
222
220
230
231
229
Aug.
Aug.
Aug.
Aug.
Aug.
1
8
15
22
29
2,432
2,432
2,431
2,432
2,432
2,463
2,458
2,468
2,457
2,463
7,932
7,957
7,979
7,983
7,981
2,361
2,357
2,375
2,390
2,403
5,315
5,334
5,343
5,347
5,345
3,915
4,059
4,064
4,072
4,127
3,074
2,941
2,976
2,972
2,944
219
209
211
211
204
232
229
228
228
226
Sept.
Sept.
Sept.
Sept.
5
12
19
26
2,432
2,431
2,431
2,430
2,467
2,469
2,466
2,463
7,963
7,968
7,972
7,976
2,412
2,414
2,412
2,409
5,419
5,409
5,412
5,403
3,907
3,948
3,970
3,087
3,058
3,124
3,061
203
213
195
186
225
224
230
229
2,431
2,430
2,430
2,430
2,430
2,455
2,448
2,457
2,452
2,455
7,980
7,985
7,990
7,993
8,002
2,407
2,403
2,410
2,429
2,434
5,468
5,479
5,469
5,436
5,453
3,895
3,979
3,996
3,985
4,006
3,068
2,967
2,968
3,049
3,031
182
183
183
165
164
229
229
239
239
237
Date
(Wednesday) Bills
dis-
U.S.
Bills
count- bought
MemMoney ber
in cir- bank
cula- reserve
baltion*
ances
Nonmember
deposits*
Other
Federal Reserve
accounts8
1934
106
104
101
97
83
Jan. 3
Jan.10..
Jan.17
Jan. 24
Jan. 31
Feb.
Feb.
Feb.
Feb.
7
14
21
28
73
68
66
64
Mar.
Mar.
Mar.
Mar.
7
14
21
28
59
55
51
53
Apr.
Apr.
Apr.
Apr.
4
11
1825
Oct.
Oct.
Oct.
Oct.
Oct.
121
113
104
97
26
10
_
_
3.
10
17
24
31
10
Nov.
Nov.
Nov.
Nov.
7
14
21
28
2,430
2,430
2,430
2,430
2,440
2,474
2,470
2,460
8,030
8,076
8,112
2,442
2,450
2,459
2,469
5,503
5,480
5,455
5,516
4,032
4,107
4,196
4,108
2,944
2,964
2,956
3,017
172
163
159
160
240
240
239
239
Dec.
Dec.
Dec.
Dec.
5
12
19.—
26
2,430
2,430
2,430
2,430
2,452
2,462
2,477
2,470
8,161
8,180
8,198
8,228
2,478
2,486
2,505
2,504
5,545
5,532
5,587
5,628
4,073
4,112
3,943
3,961
3,060
3,060
3,221
3,181
176
184
185
188
237
239
243
244
I
* Less than $500,000.
(For other footnotes see table 1, p . 67.)
Back figures.—See Annual Report for 1933 (table 4), except that previously published figures for monetary gold stock and money in circulation have been revised to exclude $287,000,000 of gold coin previously
reported as in circulation.
78
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.5.—RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES),
1917-34
[In millions of dollars]
1917
16
92
January (Wed.)
19
119
February (Wed.)
22
March (Sat.).
85
34
April (Mon.).
74
May (Thur.).
112
51
June (Sat.)—_
202 203
July (Tues.).
184
134
August (Fri.)
155
147
177
239
September (Sat.)
184
520
October (Wed.)
756 205
November (Fri.)
660 273
December (Mon.)—
1918
January (Thur.)
611 285
February (Thurs.)__
498 299
March (Sat.).
588 327
April (Thur.)
294
911
May (Sat.)—
256
89?
June (Sat.)—
888 217
July (Fri.) —
198
1,269
235
August (Mon.)
1,449
September (Mon.)__ 1,692 290
October (Sat.)
1,732 383
November (Mon.)-_ 1,775 380
December (Thur.).. 1,766 287
1919
1,601
281
January (Fri.)
1,880 276
February (Fri.)
1,899
236
March (Mon.)
1,940
180
April (Wed.)
2,005 186
May (Sat.)
1,800 316
June (Mon.)
1,856 373
July (Thur.)
1,825
367
August (Sat.)
September (Tues.)-. 1,974 300
2,129 394
October (Fri.)
2,205 502
November (Sat.)
December (Wed.). -. 2,215 574
1920
2,169 562
January (Sat.)
2,438 536
February (Sat.)
2,463 420
March (Wed.)
2,535 407
April (Fri.)
2,555 420
May (Mon.)
2,468 385
June (Wed.)
2,500 346
July (Sat.)
2,672 307
August (Tues.)
September (Thur.) — 2,726 301
2,808 299
October (Sat.)
November (Tues.)._ 2,722 241
2,687 260
December (Fri.)
1921
2,457 164
January (Mon.)
February (Mon.).._ 2,390 169
2,233 119
March (Thur.)
2,077 110
April (Sat.)
75
1,908
May (Tues.)
40
1,751
June (Thur.)
18
1,642
July (Sat.).
35
1,492
August (Wed.)
45
1,413
September (Fri.)
86
1,313
October (Mon.)
73
November (Wed.).. 1,182
1,144 145
December (Sat.)
(For footnotes see table 1, p. 67.)
her Federal
accounts
sury
bank
Date
(End of month)
overnme
urities
Reserve bank credit outstanding
50
48
105
119
114
66
68
78
99
114
89
122
214
249
280
307
350
596
632
512
602
993
1,213
1,171
2,635
2,709
2,818
2,850
2,846
2,933
2,903
2,878
2,864
2,866
2,867
2,868
1,900
1,903
1,903
1,902
1,903
1,899
1,901
1,905
1,907
1,913
1,920
1,923
3,702
3,833
3,886
3,907
3,969
3,779
3,686
3,693
3,764
3,820
3,935
4,086
698
702
742
712
735
1,045
1, 233
1,070
1,157
1,315
1,489
1,447
131
224
326
78
147
255
57
57
81
116
122
239
1,161
1,213
1,356
1,405
1,439
1,567
1,663
1,871
2,205
2,403
2,434
2,498
2,873
2,875
2,878
2,879
2,885
2,876
2,875
2,874
2,866
2,869
2,872
2,873
1,931
1,937
1,939
1,916
1,899
1,880
1,853
1,842
1,825
1,815
1,798
1,795
3,849
4,028
4,109
4,147
4,129
4,195
4,277
4,489
4,740
4,858
4,908
4,951
1,443
1,410
1,511
1,491
1,440
1,564
1,514
1,519
1,556
1,463
1,488
1,636
289
255
302
357
305
505
432
423
308
537
457
326
55
56
55
57
58
57
55
60
61
67
72
71
77
88
82
87
82
87
88
104
103
115
118
295
183
203
221
230
292
244
271
283
301
315
300
158
119
93
105
64
102
116
120
156
122
156
203
2,335
2,457
2,431
2,445
2,484
2,511
2,588
2,583
2,714
2,946
3,179
3,292
2,875
2,878
2,878
2,890
2,890
2,826
2,777
2,838
2,860
2,816
2,757
2,707
1,771
1,747
1,727
1,713
1,709
1,709
1,705
1,708
1,705
1,712
1,711
1,707
4,632
4,635
4,661
4,656
4,631
4,590
4,583
4,661
4,750
4,840
4,982
5,091
1,693
1,621
1,614
1,676
1,668
1,758
1,762
1,756
1,762
1,833
1,873
1,890
400
571
479
443
477
431
445
444
497
518
501
416
124
131
145
144
158
146
160
166
173
185
198
208
304
294
298
294
306
341
321
306
300
296
306
287
168
176
160
144
132
150
141
118
136
130
102
120
3,203
3,444
3,342
3,380
3,414
3,343
3,309
3,403
3,464
3,533
3,371
3,355
2,643
2,600
2,563
2,554
2,569
2,578
2,575
2,564
2,586
2,581
2,610
2,639
1,700
1,685
1,687
1,687
1,686
1,687
1,693
1,697
1,702
1,710
1,715
1,709
4,890
5,073
5,104
5,122
5,165
5,181
5,167
5,261
5,329
5,411
5,356
5,325
1,855
1,889
1,856
1,860
1,864
1,822
1,840
1,793
1,807
1,817
1,727
1,781
489
441
288
287
267
259
231
254
264
238
247
275
219
233
240
254
274
280
294
308
322
337
345
298
2,949
2,874
2,678
2,496
2,273
2,096
1,940
1,778
1,706
1,607
1,487
1,563
2,679
2,713
2,799
2,877
2,944
2,988
3,060
3,152
3,232
3,285
3,340
3,373
1,707
1,722
1,726
1,718
1,745
1,750
1,742
1,766
1,789
1,821
1,841
1,842
5,016
4,986
4,837
4,793
4,728
4,624
4,510
4,453
4,457
4,408
4,364
1,722
1,705
1,659
1,667
1,602
1,604
1,625
1,619
1,581
1,659
1,670
1,753
264
274
346
264
263
241
241
256
317
266
261
310
308
317
327
334
338
338
341
343
348
35C
34S
28E
287
283
277
267
266
259
244
230
228
193
205
234
4,403
79
RESERVE BANK CREDIT
No. 5.—RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES),
1917-34—Continued
[In millions of dollars]
Reserve bank credit outstanding
•S3
Date
(End of month)
1922
January (Tues.)
February (Tues.)...
March (Fri.)
April (Sat.)
May (Wed.)
June (Fri.)
July (Mon.)
August (Thur.)
September (Sat.)
October (Tues.)
November (Thur.).December (Sat.)
1923
January (Wed.)
February (Wed.).—
March (Sat.)
April (Tues.)
May (Thur.)
June (Sat.)
July (Tues.)
August (Fri.)
September (Sat.)
October (Thur.)
November (Fri.)
December (Mon.) —
1924
January (Thur.)
February (Fri.)
March (Mon.)
April (Wed.)
May (Sat.)
June (Mon.)
July (Thur.)
August (Sat.)
September (Tues.)._
October (Fri.)
November (Sat.)
December (Wed.)—
1925
January (Sat.)__.
February (Sat.)
March (Tues.)
April (Thur.)
May (Sat.)
June (Tues.)
July (Fri.)
August (Mon.)
September (Wed.)_October (Sat.)
November (Mon.)-December (Thur.)__
1926
January (Sat.)
February (Sat.)
March (Wed)
April (Fri.)
May (Mon.)
June (Wed.)
July (Sat.)
August (Tues.)
September (Thurs.)
October (Sat.)
November (Tues.)_
December (Fri.)___
8?
839
713
680
510
471
461
406
397
464
576
650
618
75
93
105
91
118
161
140
180
244
258
259
272
293
408
456
587
603
555
537
507
483
363
304
436
1,221
1,233
1,249
1,208
1,195
1,202
1,100
1,130
1,249
1,238
1,254
1,405
3,398
3,436
3,463
3,477
3,484
3,498
3,542
3,568
3,586
3,601
3,619
3,642
1,834
1,836
1,842
1,850
1,861
1,862
1,865
1,878
1,893
1,906
1,928
1,958
4,153
4,204
4,210
4,181
4,168
4,176
4,137
4,193
4,321
4,359
4,417
4,530
1,678
1,710
1,709
1,755
1,782
1,820
1,761
1,804
1,857
1,813
1,808
1,934
307
274
313
276
275
253
300
275
239
257
269
236
285
282
284
281
281
283
282
282
286
287
288
276
597
596
699
725
771
837
826
865
884
884
803
723
208
263
272
259
206
183
172
173
205
300
355
354
363
250
185
192
102
98
102
96
92
104
134
1,174
1,213
1,270
1,211
1,237
1,202
1,148
1,179
1,212
1,219
1,223
1,238
3,666
3,676
3,683
3,695
3,741
3,763
3,792
3,824
3,»49
3,880
3,920
3,957
1,968
1,977
1,980
1,990
1,998
1,975
1,995
1,998
2,003
2,005
2,007
2,009
4,327
4,416
4,460
4,472
4,510
4,536
4,500
4,589
4,658
4, 642
4,731
4,757
1,913
1,888
1,863
1,865
1,900
1,852
1,878
1,845
1,839
1,895
1,865
1,898
259
264
311
259
249
243
255
267
265
263
251
251
275
275
279
279
280
280
279
280
281
282
282
275
532
529
518
447
441
334
293
275
276
264
242
320
286
268
228
124
80
37
23
58
132
200
314
387
126
165
263
302
353
431
523
542
576
584
584
540
972
998
1,026
911
892
831
875
923
1,014
1,084
1,186
1,302
4,002
4,036
4,077
4,124
4,168
4,201
4,224
4,234
4,224
4,222
4,240
4,212
2,011
2,014
2,015
2,017
2,019
2,019
2,018
2,018
2,017
2,020
2,024
2,025
4,490
4,600
4,612
4,566
4,618
4,562
4,469
4,572
4,576
4,655
4,765
4,760
1,951
1,900
1,885
1,945
1,906
1,944
2,091
2,060
2,111
2,138
2,143
2,220
252
259
328
245
270
262
269
257
278
246
256
262
270
268
264
261
256
253
259
258
258
258
322
426
408
440
462
491
517
585
643
619
688
643
313
315
313
262
288
254
207
212
268
347
359
374
391
379
360
348
348
353
329
330
343
327
342
375
1,087 4,136
1,179 4,077
1,115 4,052
1,095 4,055
1,141 4,070
1,144 4,073
1,093 4,080
1,159 4,095
1,295 4,095
1,353 4,120
1,421 4,110
1,459 4,112
2,028
2,025
2,016
2,009
2,003
1,997
1,990
1,988
1,985
1,983
1,981
1,977
4,515
4,561
4,524
4,495
4,550
4,524
4,505
4,579
4,629
4,682
4,757
4,817
2,159
2,175
2,114
2,135
2,125
2,172
2,145
2,137
2,210
2,214
2,197
2,212
278
252
252
236
246
229
226
239
239
258
253
219
257
260
264
264
263
263
263
264
269
271
273
272
491
585
641
580
557
521
568
641
681
690
662
637
302
301
250
210
238
249
216
258
280
323
364
381
351
327
330
393
396
385
372
322
304
301
306
315
1,191 4,125
1,261 4,136
1,262 4,155
1,223 4,151
1,243 4,146
1,194 4,160
1,206 4,184
1,256 4,186
1,314 4,179
1,361 4,186
1,376 4,190
1,381 4,205
1,980 4,554
1,981 4,617
1,983 4,573
1,984 4,620
1,986 4,636
1,986 4,598
1,986 4,622
1,984 4,643
1,988 4,691
1,990 4,734
1,992 4,750
1,991 4,808
2,196
2,187
2,215
2,194
2,195
2,229
2,206
2,225
2,209
2,223
2,232
2,194
251
275
309
237
230
212
242
240
266
256
253
218
273
276
281
282
283
282
283
285
291
293
293
293
(For footnotes see table t, p. 67.)
80
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 5.—RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES),
1917-34—Continued
Reserve bank credit outstanding
©
••§
fctf
03 »
q
°.8
Money i
«•
•a
73 "
1
{*< §
304
316
348
327
343
370
392
473
506
522
548
617
20
26
35
42
17
58
86
43
37
21
36
64
1,070
1,107
1,073
1,084
1,047
1,082
1,093
1,102
1,231
1,296
1,416
1,655
4,277
4,299
4,310
4,323
4,321
4,300
4,293
4,301
4,284
4,254
4,164
4,092
1,990
1,992
1,996
1,999
2,005
2,003
2,003
2,003
2,006
2,004
2,005
2,006
4,559 2,218
4,598 2,229
4,575 2,237
4,604 2,257
4,606 2,197
4,564 2,249
4,559 2,277
4,567 2,299
4,661 2,293
4,659 2,324
4,665 2,379
4,716 2,487
244
254
250
225
239
242
229
216
236
228
205
226
23
23
21
22
33
34
28
30
29
41
33
26
294
294
29/
29$
291
296
296
29
30
30
30
30
423
493
599
834
1,021
1,095
1,031
1,108
1 071
932
1,088
1,056
379
344
350
357
292
217
162
192
284
440
486
489
437
408
395
296
220
235
215
219
243
227
237
228
15
19
21
g
15
38
25
35
44
25
26
35
1,254
1,264
1,365
1,496
1,548
1,585
1,433
1,553
1,641
1,624
1,837
1,809
4,086
4,075
4,018
3,979
3,873
3,822
3,826
3,836
3,838
3,855
3,841
3,854
2,004
2,007
2,006
2,007
2,008
2,006
2,004
2,006
2,008
2,011
2,012
2,012
4,390
4,403
4,462
4,461
4,457
4,510
4,414
4,516
4,559
4,519
4,703
4,686
2,391
2,375
2,366
2,442
2,371
2,325
2,267
2,294
2,334
2,371
2,373
2,389
230
233
225
231
254
224
225
224
218
228
241
225
24
23
23
30
25
29
29
28
37
28
25
27
30
31
31
31
32
805
973
1,095
949
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
36
32
65
49
68
45
67
65
48
1,484
1,510
1,536
1,327
1,360
1,400
1,347
1,440
1,458
1,743
1,677
1,583
3,840 2,011 4,370 2,362
3,866 2,008 4,411 2,362
3,901 2,013 4,461 2,357
3,973 2,016 4,389 2,282
4,014 2,018 4,451 2,288
4,037 2,019 4,459 2,356
4,054 2,013 4,430 2,355
4,073 2,004 4,553 2,337
4,085 2,010 4,532 2,326
4,099 2,020 4,551 2,666
4,080 2,024 4,642 2,458
3,997 2,022 4,578 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
394
479
January (Fri.)
294
353
270
480
February (Fri.)
310
279
535
March (Mon.)
233
210
530
April (Wed.)
313
528
185
May (Sat.)
272
591
128
June (Mon.) .
200
577
130
July (Thurs)
602
215
168
August (Sat.)
272
209
597
September (Tues.)._
602
207
163
October (Fri)
599
275
175
November (Sat.)
364
729
251
December (Wed.)._.
1931
232
125
610
January (Sat.)
198
109
599
February (Sat.)
124
599
250
March (Tues.)
157
163
598
April (Thurs.)
174
125
598
May (Sat)
149
106
668
June (Tues.)
195
73
678
July (Fri.)
273
215
728
August (Mon.)
742
333
469
September (Wed.)__
728
727
681
October (Sat)
452
718
717
November ( M o n . ) . .
339
817
December (Thurs.) _ 638
' Revised.
(For other footnotes see table 1, p 67.)
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
4,004
4,066
4,136
4,204
4,230
4,248
4,230
4,214
4,224
4,248
4,284
4,306
2,021
2,022
2,022
2,024
2,024
2,025
2,023
2,025
2,027
2,028
2,028
2,027
4,275
4,290
4,262
4,189
4,264
4,235
4,139
4,246
4,214
4,206
4,373
4,603
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
39
39
39
40
13
20
17
19
20
20
30
39
34
48
44
59
980
926
990
937
917
943
976
1,255
1,578
2,184
1,931
1,853
4,356
4,378
4,410
4,439
4,511
4,669
4,662
4,708
4,454
4,005
4,127
4,173
2,025
2,025
2,026
2,024
2,022
2,022
2,024
2,023
2,023
2,024
2,027
2,035
4,323
4,333
4,321
4,365
4,415
4,535
4,550
4,765
4,959
5,253
5,249
5,360
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
38
37
38
38
38
37
36
36
36
35
35
35
5
Nonmem
321
296
239
238
228
211
172
185
250
342
355
392
1927
January (Mon.)
February (Mon.)._.
March (Thurs.)
April (Sat.)
May (Tues.)
June (Thurs.)
July (Sat.)
August (Wed.)
September (Fri.)
October (Mon.)
November (Wed.)._
December (Sat.) —
O3
|
Treasury
pofcits
banks <
425
470
451
477
459
443
442
401
437
412
477
582
a
Member
b
Treasury
bank
•§ §
Monetar:
S3 q
Total
circ
nd
irrer
1 1
old;
C3 p>>
OT'©
am
s
Bills discou]
Date
(End of month)
1
a?
Other R «
bank c
"q
g
rve
nal
[In millions of dollars]
o
1928
January (Tues.)
February (Wed.).—
March (Sat.)
April (Mon )
May (Thurs.)
June (Sat.)
.__
July (Tues.)
August (Fri.)
Sept. (Sat)
October (Wed.)
November (Fri.)
December (Mon.).__
32
33
34
34
34
1929
January (Thurs.)...
February (Thurs.) __
March (Sat.)__
April (Tues.)
May (Fri.)
June (Sat.)—
July (Wed)
August (Sat.)
September (Mon.)._
October (Thurs.)
November (Sat.)
December (Tues.)—
35
35
36
36
37
37
38
39
39
39
39
1930
39
38
38
39
39
38
37
81
RESERVE BANK CREDIT
No. 5.—RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES),
1917-34—Continued
[In millions of dollars]
Reserve bank credit outstanding
Date
(End of month)
1932
January (Sat.)
February (Mon.)__.
March (Thurs.)
April (Sat.)
May (Tues.)
June (Thurs.)
July (Sat.)
August (Wed.)
September (Fri.).__.
October (Mon.)
November (Wed.)...
December (Sat.)
828
639
556
490
440
538
433
332
328
309
235
153
109
746
740
872
,228
,549
,784
,841
,852
,854
,851
1,851
1,855
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
4,129
4,067
4,103
4,080
3,865
3,632
3,687
3,801
3,906
3,977
4,053
2,039
2,055
2,060
2,060
2,059
2,057
2,056
2,106
2,154
2,186
2,199
2,204
5,354
5,317
5,172
5,178
5,193
5,408
5,439
5,405
5,366
5,341
5,361
5,388
1,947
1,849
1, 924
2,124
2,113
1,982
2,052
2,146
2,225
2,383
2,411
2,509
265
255
256
257
222
299
306
315
278
275
280
351
347
350
352
348
345
344
345
352
357
'357
355
2,077
2,794
2,593
2,459
2,218
2,220
2,209
2,297
2,421
2,548
2,581
2,688
4,266
4,093
3,995
4,025
4,028
4,031
4,033
4,041
4,037
4,036
4,036
4,036
2,204
2,217
2,289
2,305
2,298
2,286
2,281
2,281
2,278
2,277
2,277
2,303
5,358
6,258
6,033
5,716
5,525
5,434
5,343
5,325
5,363
5,348
5,455
5,519
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
346
346
348
355
353
346
346
347
348
356
354
360
2,630
2,567
2,545
2,485
2,463
2,472
2,462
2,464
2,464
2,455
2,453
2,463
4,033
7,438
7,694
7,757
7,779
7,856
7,931
7,978
7,978
8,002
8,132
8,238
2,302
2,302
2,361
2,378
2,368
2,366
2,361
2,408
2,405
2,434
2,468
2.511
5,289
5,354
5,394
5,368
5,357
5,373
5,317
5,396
5,456
5,453
5,549
5,536
2,652
3,093
3,457
3,599
3,746
3,840
4,029
4,052
3,934
4,006
4,081
4,096
597
3,440
3,292
3,148
3,052
3,015
2,971
2,968
3,051
3,031
3,022
3,150
1933
January (Tues.)
February (Tues.)__.
March (Fri.)
April (Sat.)
May (Wed.)
June (Fri.)
July (Mon.)
August (Thurs.)
September (Sat.)—.
October (Tues.)
November (Thurs.).
December (Sat.)
274
582
447
435
302
164
167
153
128
116
119
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
10
20
1934
January (Wed.)
February (Wed.)—
March (Sat.)
April (Mon.)
May (Thurs.)
June (Sat.)
July (Tues.)
August (Fri.)_
September (Sat.)—
October (Wed.)
November (Fri.)
December (Mon.)__.
2,434
2,432
2,447
2,431
2,430
2,432
2,432
2,432
2,431
2,4ao
10
2,430
2,430
20
••Revised.
(For other footnotes see table 1, p. 67.)
141
268
222
233
207
208
178
164
161
189
287
292
299
236
232
232
229
226
228
237
239
241
82
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 6.—RESERVE BANK CREDIT AND RELATED ITEMS, CALL DATES, 1920-34
[In millions of dollars]
Reserve bank credit outstanding
Call date *
3
o
o 3
O §
'<&
VI
1920—June 30 (Wed). 2,468
Dec. 29 (Wed).. 2,737
1921—Apr. 28 (Thur). 2,062
June 30 (Thur.) 1,751
Dec. 31 (Sat.)... 1,144
1922—Mar. 10 (Sat.).. 613
June30(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. 10 (Fri.)— 226
Dec. 31 (Wed.) . 320
1925—Apr. 6 (Mon.). _ 402
June30)Tues.)_ 491
Sept. 28 (Mon.) 608
Dec. 31 (Thur.) 643
1926—Apr. 12 (Mon.). 525
June 30 (Wed)._ 521
Dec. 31 (Fri.)— 637
1927—Mar. 23 (Wed.) 457
June 30 (Thur.) 443
Oct. 10 (Mon.). 446
Dec. 31 (Sat.)— 582
1928—Feb.28(Tues.). 481
June 30 (Sat.) _. 1,095
Oct. 3 ( W e d ) . . . 1,026
Dec. 31 (Mon.)_ 1,056
1929—Mar. 27 (Wed.) 1,024
June 29 (Sat.)-- 1,037
898
Oct.4(Fri.)
Dec.31(Tues.)- 632
1930—Mar. 27 (Thur.) 205
June 30 (Mon.)- 272
Sept. 24 (Wed.) 167
Dec.31(Wed.)_ 251
1931—Mar. 25 (Wed.)_ 165
June30(Tues.)- 149
Sept.29(Tues.")- 325
Dec.31(Thur.)_ 638
1932—June 30 (Thur.) _ 440
Sept. 30 (Fri.)._ 332
Dec. 31 (Sat.)— 235
1933—June 30 (Fri.).. _ 164
Oct. 25 (Wed.). 115
98
Dec. 30 (Sat.) —
1934—Mar. 5 (Mon.).
60
25
June 30 (Sat.)_.
12
Oct. 17 (Wed.)_
7
Dec. 31 (Mon.).
r
385
247
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
7
133
52
5
6
6
3
o
'341
288
268
'259
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
1,998
2,400
2,437
2,447
2,432
2,430
2,430
.§a
he
s§
CQ ^
S
I
I
Is
1
i
S
oa
\
o
I
§1
'150 '3,343 2,578 1,687
'110 ' 3. 382 '2,610 '1,713
31 2,466 2,869 1,713
45 2,096 2,988 1, 750
40 1,563 3,373 1,842
7 1,177 3,445 1,838
24 ' 1, 202 3,498 1,862
83 1,389 3,645 1,957
51 1,284 3,683 1,984
58 1,202 3,763 1,975
71 1,227 3,832 1,999
27 1,238 3,957 2,009
17 1,026 4,077 2,015
831 4,201 2,019
30
46 1,041 4,216 2,018
54 1,302 4,212 2,025
48 1,115 4,047 2,015
46 1,144
4,073 1,997
44 1,243 4,094 1,985
67 1,459 4,112 1,977
15 1,165 4,165 1,984
39 1,194 4,160 1,986
49 1,381 4,205 1,991
23 1,055 4,313 1,994
58 1,082 4,300 2,003
29 1,236 4,286 2,003
64 1,655 4,092 2,006
19 1,247 4,075 2,007
38 1,585 3,822 2,006
64 1,631
3,838 2,010
35 1,809 3,854 2,012
27 1,429 3,887 2,012
65 1,400 4,037 2,019
85 1,414 4,087 2,010
48 1,583 3,997 2,022
38 1,051 4,137 2,022
27 1,018 4,248 2,025
991 4,219 2,026
24
29 1,373 4,306 2,027
11
858 4,402 2,027
943 4, 669 2,022
20
34 1,532 4,470 2,023
59 1,853 4,173 2,035
19 2,310 3,632 2,057
14 2,233 3,906 2,154
22 2,145 4,226 2,204
10 2,220 4,031 2,286
5 2,526 4,036 2,277
20 2,688 4,036 2,303
6 2,565 7,505 2,302
10 2,472 7,856 2,366
9 2,457 7,990 2,410
20 2,463 8,238 2,511
1
l
a>
8
§
EH
5,182
'5,343
4,763
4,624
4,403
4,201
4,176
4,537
4,451
4,536
4,619
4,757
4,612
4,562
4,608
4,760
4,549
4,524
4,634
4,817
4,613
4,598
4,808
4, 535
4,564
4,667
4,716
4,408
4, 510
4,520
4,686
4,380
4,459
4, 552
4,578
4, 203
4, 235
4,148
4,603
4,260
4,535
4,937
5,360
5,408
5,366
5,388
5,434
5,321
5,519
5,403
5,373
5,469
5,536
In
O
.5
I
a
1,822
1,743
1,657
1,604
1,753
1,719
1,820
1,919
1,891
1, 852
1,870
1,898
1,885
1,944
2,114
2,220
2,095
2,172
2,145
2,212
2,125
2,229
2,194
2,300
2,249
2,302
2,487
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
3,186
3,840
3,996
4,096
&
259
'238
276
' 241
'310
230
253
232
308
243
267
251
328
262
269
262
233
229
244
219
270
212
218
205
242
223
'226
231
224
239
225
225
240
240
245
236
237
256
230
262
271
262
276
222
315
280
299
302
287
3,355
3,015
2,968
3,150
aa
o
'65
25
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
77
134
110
42
36
43
166
167
132
135
233
183
189
•Si
O
280
357
318
'338
'285
274
'283
275
279
'280
281
275
269
261
259
258
265
263
269
272
281
282
293
298
296
302
301
311
325
339
348
363
374
389
393
400
391
391
375
384
371
364
354
345
352
355
346
357
360
293
232
239
241
Revised.
* 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. Data
or the May 4 and Nov. 15 calls in 1920 not available.
(For other footnotes see table 1, p. 67.)
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
83
RESERVE BANK CREDIT
No. 7.—RESERVE BANK CREDIT, ANNUAL AVERAGES, 1915-34
[Averages of daily figures. In thousands of dollars]
! ! ! ! ! i I ! ! ! ! , ' ! ! ! . ' ! ! ! !
Year
1
2
3
Bills and securities held by Federal Reserve banks
Reserve
bank
credit
outstanding
2 60,149
2163,350
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
2,502, 399
Total
Bills discounted 1
Bills
bought
Due
U . S.
Indus- from Reserve
bank
Govern- Other
trial
foreign
sefloat
ment
adbanks
curities
securities
vances
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
2,495,497
24,371
24,140
193,783
1,134,486
1,905,697
2,523,073
1, 797,226
571, 220
735,608
372,607
489,827
572, 280
442, 287
839,942
951, 648
271,727
326,727
520, 637
283, 229
36,401
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
24, 742
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
2,431, 673
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
537
2,143
536
2,765
793
692
699
701
644
671
674
8,643
603
732
804
5, 321
4,687
3,689
2,568
3 83,143
3
166,470
s 138,620
3157,475
45,262
40,470
56,087
47, 298
56,184
50, 806
41, 854
37,111
44,406
29,171
17, 292
9, 641
3, 574
4,335
Includes foreign loans on gold heretofore published separately.
Exclusive of Reserve bank float for which figures are not available.
Includes Government overdrafts.
No. 8.—RESERVE BANK CREDIT, BY MONTHS, 1932-34
[Monthly averages of daily'figures. In thousands of dollars]
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.
1934—January....
February..
March
April
May
June
July
August
September.
October
November.
December-
Total
Bills
discounted
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, 973
2, 669,361
2, 655, 709
2,597,180
2, 535,346
2, 506, 828
2,478, 833
2,464,442
2,469,470
2,463,355
2,468, 783
2,456, 656
2,465, 970
2,472,064
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
100, 619
70, 063
55,350
43,141
35, 879
28,140
23, 221
20, 588
21, 876
12,165
17,960
9,958
U. S.
Bills
bought
Government
securities
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
113,348
86, 699
39, 632
16,441
6,153
5,194
5,261
5,191
5,431
5,954
5,807
5,661
759, 252
742, 816
809,087
1, 014, 032
1, 412, 611
1, 697,12]
1,818,465
1,850,216
1,847,777
1, 851, 306
1, 850, 772
1, 853,509
1,806,410
1,804,034
1, 875,208
1,837, 423
1,846,383
1, 933,428
2,015, 642
2,063, 839
2,201, 627
2,355,148
2,436,957
2, 432, 290
2,432, 469
2, 432,433
2, 437, 216
2,438,628
2,430, 737
2, 423, 839
2, 431,832
2,431,681
2,431,100
2,430,065
2,429,834
2,430, 214
iIncludes foreign loans on gold heretofore published separately.
J Excess of deferred availability items over uncollected items.
Back figures.—See Annual Report for 1933 (table 8).
Due Reserve
Other Indus- from
securi- trial
adforeign bank
float
ties
vances banks
33,581
27,185
6,727
4,831
5, 094
5,521
5,892
6,025
5,283
5,384
5,411
5,414
4,688
4,201
5,544
5,566
5,420
3,643
2,115
1,852
1,812
1,644
1,570
1,555
1,394
1,227
606
584
635
527
483
431
346
254
249
3,428
4,094
7, 985
11,783
8,638
8,600
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
3,378
3,401
3,208
3,131
3,132
3,129
3,133
3,129
2,624
1,012
804
801
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
4,501
3,357
i 666
4,903
2,297
3,613
5,540
2,086
5,978
3,112
3,580
13,647
84
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 9.—DEPOSITS, TOTAL GOLD RESERVES AND OTHER CASH, NOTE CIRCULATION, AND CASH RATIO OF FEDERAL RESERVE BANKS, BY MONTHS, 1932-34
[Monthly averages of daily figures. In thousands of dollars]
Gold reserves and
other cash i
Deposits
Month
Cash
ratio
Excess
Federal
reserve
note circulation
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
1,456,715
1,530,427
1,544, 659
1,376,477
1,057,898
985,171
1,086,942
1,199,446
1,294,730
1,350,856
1,380,693
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
70.9
66.3
59.8
57.8
59.6
61.5
63.0
63.8
63.9
26,352
27,434
103,370
138,465
151,229
148, 942
162,121
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
1,702,806
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
•3,127,660
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
86. 7
65.6
64.9
63.9
141,865
131,890
138,046
165,322
243, 267
221,488
213,541
199,577
185,487
168,910
151,767
163,066
3, 798,407
3, 867, 322
4,445, 932
4, 685,404
4, 864, 715
5,007,689
5,081, 265
5,196, 424
5, 204, 506
5,196, 738
5, 269,859
5,358, 665
1, 555, 643
1, 618,805
2,002, 525
2,132,161
2, 237, 778
2,332, 968
2,370. 287
2,444,482
2, 443, 543
2,443,880
2,488, 592
2, 542,156
2, 983,839
2, 962, 562
3,004,165
3,041, 933
3,061,360
3, 072,017
3,097,194
3,109, 622
3,155, 662
3,178,569
3,182,176
3, 230, 621
63.5
64.4
67.9
68.3
68.8
69.5
69.6
70.0
70.0
70.1
70.3
70.6
Total
Member
bank
reserve
IT. S.
Government
Foreign
bank
Other
Total
1932
January
FebruaryMarch
April
May
June__
July
_
August
SeptemberOctober
NovemberDecember. _
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
35,8S6
30,967
30,845
78,510
44,297
15,935
40,823
47, 267
33,728
10,729
11,088
10,815
9,845
15, 686
• 18,081
' 34,846
' 28,644
r 21,149
' 22,431
' 29, 240
' 31,207
>• 35, 555
' 29, 227
'
23,811
r
28,160
' 24, 785
r
25,105
1933
January
FebruaryMarch
April
May
June
__.
July..
August
SeptemberOctober
NovemberDecember..
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, 550
23,316
22, 234
15, 484
8,405
6,828
1934
January
February—.
March
April
May
June
July
August
SeptemberOctober
November..
December..
2,997,796
3,038, 548
3,547,832
3,818,484
4,006,838
4,131,184
4, 206,001
4,308,838
4,281,994
4, 232, 659
4,309,704
4,355,029
2, 763, 943 87,558
2,821,846 80,432
3,361,382 42,159
3,593,505 54,567
3,694,792 62,675
3, 790,029 115,025
3,927, 995 58,648
4,044,979 55,615
3,946,573 138, 696
3,964,277 91, 278
4,100,270 44,722
4,037,355 136,868
4,430
4,380
6,245
5,090
6,104
4,642
5,817
8,667
11, 238
8,194
12,945
17, 740
*• Revised.
i "Other cash" includes certain classes of coin and currency not counted as a part of reserves prior to
May 12, 1933.
Back figures—See Annual Report for 1932 (table 8).
85
EESERVE BANK CREDIT
No.
10.—BILLS
DISCOUNTED FOR MEMBER BANKS—HOLDINGS OF EACH
FEDERAL RESERVE BANK, BY MONTHS
[Monthly averages of dailyfigures.In thousands of dollars]
Federal Reserve Bank
Month
1934
January
February
March
April
May
June
July
_.
August
September._ _
October
November...
December
Boston
3,722
2,020
1,875
1,524
1,038
931
382
315
1,016
1,083
1,465
1,420
Chicago
San
St. Min- Kansas Dallas FranLouis neapolis City
cisco
3,259
2,223
1,804
1,503
1,149
736
156
297
322
21
122
137
1,285
741
363
326
186
159
184
215
151
194
57
191
New PhilaRich- Atdel- CleveYork phia
land mond lanta
45, 574
32, 318
25,361
19, 435
16,417
13, 909
12, 729
11,983
13, 077
6,965
6,894
6,169
24, 485
19,839
17,126
13, 836
11,613
7,803
6,193
5,298
5,243
2,487
922
1,042
7,135
4,047
3,334
2,406
1,678
1,205
516
594
512
438
404
489
4,042
2,685
1,968
1,623
1,223
914
747
698
679
349
133
140
5,369
2,357
1,177
815
734
561
202
231
201
201
133
103
1,715
1,290
920
588
473
586
369
261
216
66
64
9
1,175
654
374
306
236
286
179
157
141
208
210
116
87
196
332
490
423
320
138
42
55
7
2,190
1,790
961
583
800
560
1,141
219
180
111
47
135
Backfigures—SeeAnnual Report for 1933 (table 11).
No.
1 1 . — I N D U S T R I A L A D V A N C E S AND C O M M I T M E N T S TO M A K E
A D V A N C E 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
INDUSTRIAL
[Monthly averages of daily figures. In thousands of dollars]
Commitments to make industrial
advances 2
Industrial advances i
Federal Reserve
district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City
Dallas
San Francisco
Total
August
31
33
2
45
55
13
52
15
3
249
OctoDeNoSeptember ber vember cember
3
112
131
76
151
280
102
123
307
100
42
1,427
657
321
203
121
539
443
369
336
613
193
284
15
1,568
557
845
239
1,218
626
682
377
862
238
582
191
1,692
734
2, 295
674
1,427
787
813
418
1,331
364
852
394
4,094
7,985
11,781
August
II
41
21
15
SepOctoNoDetember ber vember cember
155
13
5
96
37
81
748
250
21
110
82
107
1,098
1,314
85
229
121
417
882
1,323
2,559
139
887
297
565
4
1,012
10
137
526
77
186
203
183
92
128
330
603
2,175
4,659
7,481
175
710
1 First industrial advance made by the Federal Reserve Bank of Minneapolis on Aug. 1.
2 First commitment to make an industrial advance made by the Federal Reserve Bank of Richmond on
Aug. 9.
86
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 12.—APPLICATIONS FOR INDUSTRIAL ADVANCES AND COMMITMENTS TO MAKE
INDUSTRIAL ADVANCES, CUMULATIVE, BY WEEKS
[In thousands of dollars]
Final approvals
Total ap- Direct
ConApplica- provals, advances
ditional
final
Partici- Particitions
by
F.
R.
approvpations
pations by financreceived and conbanks by
als
ditional without
F. R. ing inbanks stitutions
participations
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov 7
Nov. 14 . . .
Nov 21
Nov. 28 Dec 5
Dec. 12
Dec 19
Dec. 26
1934
.
.
.
.
-_-
-_. .
.__
5,776
6,309
6,520
7,336
8,438
9,915
10, 544
11,459
12,361
12,591
13,865
15,059
17,425
17,086
21,448
23, 291
26,709
28,411
32, 438
35, 657
37,841
42, 202
42,773
44,124
47,645
49,634
114,833
122, 554
128,029
131,412
138, 095
146, 701
150,425
160,327
166,433
171,049
173,754
178, 338
187,696
4,308
6,154
6,527
8,265
8,977
9,780
10, 266
11,199
12,138
12,574
12,701
13,965
15,449
877
1,036
1,100
1,138
1,368
1,388
1,479
1,778
1,969
2,021
2,020
1,972
2,180
6,125
7,949
9,144
9,970
9,628
11,355
13, 368
13,405
15,734
15,587
15,538
16,649
14,580
No. 13.—RESERVE BALANCES OF MEMBER BANKS IN EACH DISTRICT, BY MONTHS
[Monthly averages of daily figures. In millions of dollars]
Federal Reserve District
Month
Boston
New
York
174.2
181.2
221.4
257.6
291.5
296.0
315.2
289.3
250.4
254.4
267.8
261.0
1,036. 7
1,016.5
1,369.5
1,451.9
1,483.3
1,550. 3
1, 565. 8
1,687.1
1,615.9
1,640. 7
1,683. 7
1,647.2
Phila- Cleve- Richdelphia land mond
Atlanta
Chicago
Min- KanSan
St.
sas Dallas FranLouis neapolis City
cisco
65.9
72.4
76.5
76.4
72.9
72.1
77.4
73.0
71.7
72.8
73.9
78.5
487.8
500.4
541.7
579.7
596.6
637.3
701.7
711.7
716.3
666.5
702.7
672.2
102.6
102.0
103.6
120.3
124.0
109.6
108.5
117.9
121.5
129.3
140.3
131.4
1934
January
February..
March
April
May
June
July
August
September.
October
November.
December-
138.2
150.3
196.2
193.8
195.8
206.4
217.8
197.6
190.2
197.7
198.2
203.8
196.0
217.8
234.6
227.5
229.4
237.8
253.5
261.7
255.9
259.9
271.7
280.7
93.0
96.0
98.9
149.0
159.3
135.8
123.6
125.8
130.6
130.5
128.1
123.0
Back figures—See Annual Report for 1933 (table 12).
59.1
58.4
68.3
68.1
65.6
68.2
73.9
85.4
92.9
93.8
98.2
102.2
127.6
125.3
135.7
134.2
134.1
133.9
144.8
152.5
152.2
148.6
158.2
157.6
97.4
108.2
119.7
114.7
113.6
112.9
113.2
113.3
118.4
121.1
124.9
124.0
185.4
193.4
195.5
220.3
228.8
229.7
232.5
229.7
230.5
249.0
252.6
255.7
87
RESERVE BANK CREDIT
No. 1 4 . — B I L L S D I S C O U N T E D FOR M E M B E R BANKS I N E A C H STATE, BY M O N T H S
[Holdings of Federal Reserve banks at end of month. In thousands of dollars]
1934
January
Maine
New Hampshire.. _
Vermont
Massachusetts... .
Rhode Island
Connecticut
New York
New Jersey.
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
240
181
52
1,991
350
843
February March April
207
177
94
1,226
100
811
159
1,287
48
854
420
614
107
314
30
236
May
June
544
106
320
69
215
20
165
21,360 17, 225 14,229 9,216
19, 251 16,977 12, 593 10, 760
19, 758 16,158 14,443 11, 203
8,812
8,811
7,418
July
112
289
106
230
104
53
81
100
100
Au- Sepgust tember
300
92
72
720
200
25
5
42
8
37
23
23
9
19
4
134
49
81
191
302
149
231
61
192
107
23
160
50
177
80
203
102
156
94
122
157
207
101
256
156
65
114
107
47
52
37
15
44
72
59
61
35
44
10
5
75
90
75
289
85
51
50
342
85
21
110
32
92
10
113
77
78
22
65
69
107
10
28
77
100
29
25
25
50
42
407
52
337
123
46
25
35
15
20
13
66
393
50
18
51
174
9
15
12
35
80
41
51
132
243
10
34
146
295
Minnesota
Iowa _ __
Missouri
North Dakota
South Dakota
Nebraska
Kansas.. _ _.
275
17
393
155
668
318
214
211
10
207
147
498
150
136
162
209
38
125
331
64
71
142
50
90
103
152
18
61
145
126
115
40
68
93
130
120
82
139
16
67
104
39
57
50
51
23
21
Delaware
Maryland
District of Columbia
VirginiaWest Virginia.
North Carolina
South Carolina. ._
Georgia
_ _.
Florida
502
840
408
649
368
673
221
471
186
442
110
195
994
1,137
363
95
1,274
283
576
445
404
1,006
63
437
308
339
160
658
61
339
232
320
50
243
60
255
111
210
25
169
56
Kentucky
Tennessee
Alabama- _
Mississippi
332
2,088
61
674
182
175
4
129
86
52
57
207
88
58
212
415
108
35
7
88
199
52
59
28
132
94
79
47
15
20
137
17
39
40
50
121
12
39
117
123
96
38
35
10
8
14
26
153
256
1,420
42
202
1,399
26
55
420
44
63
447
7
10
27
150
426
8
36
296
129288—35
150
43
50
424
40
70
1,103
21
Backfigures.—SeeAnnual Report for 1933 (table 13).
295
304
7
728
63
270
1,203
19
Montana
Idaho
Wyoming
Colorado
New Mexico .
Arizona
UtahNevada _
Washington
Oregon
California
610
217
38
180
243
10
1,175
76
1,443
1,334
103
46
223
230
238
51
920
227
15
1,512
78
196
1,930
251
_ _
38
36
530
8,889 8,000 9,412 3,504 3,872 4,559 1,519
6,860 7,254 5,436 5,333 3,965 3,254 2,833
692
692
588
4,311 3,499 3,806 3,401
2,493
115
254
2,414
144
Arkansas
Lousiana
Oklahoma
Texas
280
48
157
365
110
380
No- Devem- cember
ber
October
16
53
516
8
545
230
73
303
2
7
12
9
6
42
10
98
15
10
96
21
10
81
20
52
174
19
26
20
15
14
6
31
383
430
6
289
139
94
105
15
10
l_
154
88
No,
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
15.—FEDERAL
RESERVE
BANKS—ASSETS AND
DEC. 31, 1934 *
LIABILITIES IN
DETAIL,
ASSETS
[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]
Gold certificates with Federal Reserve agents
Gold certificates in gold settlement fund with Federal Reserve Board
Gold certificates held by banks
.
Gold certificates on hand and due from U. S. Treasury
Redemption fund—Federal Reserve notes
Total gold reserves
Other cash:
Legal-tender notes
Silver certificates
Standard silver dollars
_._
National bank notes
_
Federal Reserve bank notes
/
Subsidiary silver, nickels, and cents
_
_
_
3,316,200
1,718,252
89,895
_
-
5,124,347
19,060
5,143,407
79,450
110,674
3,140
46,189
4,482
13,642
_
_.
_
Total other cash
257,577
Total reserves
___
_
Redemption fund—Federal Reserve bank notes
Bills discounted:
Secured by U. S. Government obligations direct and/or fully guaranteed:
Discounted for member banks
_
_
_
For others
_
_
.
__ 5,400,984
1,677
_-.
3,470
24
Total secured by U. S. Government obligations direct and/or fully
guaranteed
.,__
_
...
Other bills discounted:
For member banks
_
Fornonmember banks
_
...
For others.
_.
_
3,518
3,494
50
Total other bills discounted
Total bills discounted
-.
.
Bills bought in open market:
Payable in dollars
_
Payable in foreign currencies.
Total bills bought in open market
Industrial advances
U. S. Government securities bought outright:
Liberty bonds
Bonds issued since 1921
Other U. S. Government bonds
Total bonds,..
Treasury notes
Treasury bills
_
_
7,062
._
112
5,501
5,613
14,301
_
,
_
_
_
234,271
160,750
644
__
_
_
_
395,665
._ 1,507,116
527,475
Total U. S. Government securities
-
2,430,256
Total bills and securities
Due from foreign banks
.
Federal Reserve notes of other Reserve banks
Uncollected items:
Transit items
._
Exchanges for clearing house.
Other cash items
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
2,457,232
_
-.-_
_
_
i Before closing of books at end of year.
Back figures.—See Annual Report for 1933 (table 16).
805
28,502
417,535
18,421
24,176
—~
460,132
53,377
9,176
17,848
11,557
499
4,608
Total all other assets
Total assets
3,568
43,688
—
-
~ 8,446,397
KESERVE BANK CREDIT
No,
15.—FEDERAL
RESERVE
BANKS—ASSETS
89
AND LIABILITIES
IN
DETAIL,
DEC. 31, 1934—Continued
LIABILITIES
[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]
Federal Reserve notes outstanding (issued to Federal Reserve bank)
Held by banks and branches
Forwarded for redemption
Federal Reserve notes in actual circulation
_
__
-
3,221,107
Federal Reserve bank notes outstanding (issued to Federal Reserve bank)
37,590
Held by banks and branches and forwarded for redemption
11,200
Federal Reserve bank notes in actual circulation
Deposits:
Member bank—reserve accountU. S. Treasurer—general account
Foreign bank._
Other deposits:
Nonmember clearing account
Officers' checks
__
_
Federal Reserve exchange drafts
Allother__
_._
3,520,365
282,328
16,930
_
26,390
_—
_
_.
-
66,149
16,866
301
85,950
Total other deposits
169,266
Total deposits
Deferred availability items:
Government transit items
All other transit items
Total deferred availability items
Capital paid in
Surplus (sec. 7)
Surplus (sec. 13b)
Reserve for contingencies:
Reserves for self insurance
___
Reserves for losses
__
Depreciation reserve on United States bonds
Total reserves for contingencies
All other liabilities:
Earnings:
Gross earnings..
Current expenses
-
4,404,503
21,564
433,688
.
-
...:
-
-
_
-..
7,464
10,279
4,382
___
_.
845
24
359
243
2,917
_.
_...
-
238
8,782
19,396
_
Contingent liability on bills purchased for foreign correspondents
22,125
19,662
8,754
Net earnings available for depreciation allowances, reserves, and surplus
Total all other liabilities
Total liabilities
455,252
146,725
138,383
8,128
48,903
29,241
_..
Current net earnings
Add—profit and loss
Deduct:
Furniture and equipment
Dividends accrued since closing of books
Accrued dividends unpaid
Unearned discount
Accrued taxes unpaid
Discount on securities
Suspense account and miscellaneous liabilities
4,095,097
120,746
19,394
r
4,388
8,446.397
675
CO
O
No. 16.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL) AT THE END OF EACH MONTH
[In thousands of dollars]
1934
1933
Dec. 31
J a n . 31
Feb. 28
M a r . 31
A p r . 30
M a y 31
J u n e 30
J u l y 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
ASSETS
Gold certificates on hand and due from
U. S. Treasury
Gold
Redemption fund—Federal Reserve
notes
Other cash
^ • Total reserves
Redemption fund—Federal Reserve
bank notes
Bills discounted:
For member banks
.
For intermediate credit banks
For nonmember banks, etc.-.
.Total bills discounted
Bills bought:
Payable in dollars:
Bought outright
Under resale agreement.-.
Payable in foreign currencies
Total bills bought
ndustrial advances
U. S. Government securities:
Bought outright
Under resale agreement
Total U. S. Government securitiesOther Reserve bank credit:
Federal intermediate credit bank debpntiires
"iVTiTnirinfll warrants
Due from foreign banks
Reserve bank floatl
Total Reserve bank credit outstanding
946,133 3,513,884 3,895,811 4,303,587 4,589,990 4,653,092 4, 782,053 4,906,012 4,977, 212 4,958, 653 4,966,481 5,087,164 5,124,347
2, 578,104
32, 748
25, 724
31,047
23,889
29, 774
21,798
22,032
24,056
20,137
19,060
44,739
35,138
43,356
200,647
222,034
214,011
219,329
215,949
224, 634
208,727
215,866
223, 655
223,407
234,848
210,153
257, 577
3,793, 610 3,792,088 4,139,676 4, 536, 982 4,843, 071 4,898, 732 5,021, 788 5,153, 723 5, 220,430 5,196,400 5,211,920 5, 317,454 5,400,984
13,082
12,977
12, 595
9,086
6,333
4,720
4,335
2,105
2,112
2,186
1,829
2,166
1,677
96, 873
310
407
82,127
205
400
82, 732
63, 998
53, 670
38, 641
30,880
24,188
21,960
22,935
15,285
10,919
11, 227
6,988
392
398
401
379
379
72
64
66
69
64, 390
54, 068
39,042
31, 259
24, 567
373
22, 333
23,007
15, 349
10,985
11, 296
74
7,062
108,108
19, 284
6,033
105,420
56,458
23, 273
3,492
103
194
148
141
121
587
183
112
5,977
5,887
5,275
5,075
5,075
5,081
5,079
111,397
62,345
28, 548
5,178|
5.269
5,229
5,220
870
5,691
5,812
2,178
5,495
6,082
6,149
5,499
5,682
10,062
5,501
133,425
5,070
8,562
97, 590
5,613
14,301
2, 435, 245 2, 432,370 2,430, 351 2,445, 636 2, 431, 273 2, 430, 236 2,430, 294 2, 430,159 2,430, 216 2,430,186 2,430,171 2, 430,122 2,430, 256
1,000
1, 600
1,600
1,600
1,600
1,600
2,245
1,600
2,437,490 2,433,970 2,431,951 2,447, 236 2,431, 273 2,430, 236 2,431, 894 2, 431, 759 2, 431,816 2,431,186 2,430,171 2, 430,122 2,430, 256
1,493
3,333
14, 745
1,293
3,392
2 2,423
653
3,485
3,882
563
3,131
11,536
200
548
3,131
2,574
535
3,125
2 7, 451
519
3,129
6,690
2, 688, 076 2, 630, 361 2, 566, 706 2, 545,082 2,485,330 2, 462,882 2,472,068
465
3,124
2 1,053
356
3,127
2 275
2,461,857 2,464,121
327
1,819
7,026
811
1,054
803
2 5, 220
805
4,880
2,463,697 2,455, 252 2,452,745 2,462,917
Federal Reserve notes of other Reserve
banks
Uncollected items not included in float..
Bank premises
All other assets
Total assets.
18,460
430,883
51,884
44, 693
15,780
366,476
52,339
118, 675
7,040, 688
13,293
406,909
52,382
117,441
16,569
387, 639
52,442
120, 630
18,414
364, 279
52, 567
183,071
7, 309,002 7, 668,430 7,953,065
17, 571
404,074
52, 602
187,883
19, 202
418,486
52, 637
186,124
16, 653
420, 325
52, 727
53,158
16,333
384, 045
52, 787
56,971
20, 364
430, 783
52,821
54,084
19,744
438,939
52, 974
48,094
21,124
434, 562
53,164
50, 590
28, 502
455,252
49,161
43,652
!, 028, 464 8,174, 640 8,160, 548 8,196, 799 8, 220, 335 8, 228, 752 8, 331,805 8, 442,145
LIABILITIES
Federal Reserve notes:
Held by other Federal Reserve
banks
Outside Federal Reserve banks
Total Federal
Reserve notes in
circulation 3
_.
Federal4 Reserve bank notes in circulation
16, 333
18,460
15, 780
21,124
19, 202
20, 364
13,293
16, 569
18,414
17, 571
19, 744
28, 502
16, 653
3, 061,083 2,910, 463 2,966,344 3,021,734] 3,041,6901 3,051,110 3,082,112 3,060, 364 3,117, 389 3,146, 702 3,141, 033 3,192,181 3,192, 605
3,079, 543 2,926, 243 2, 979,637 3, 038, 303
208,997
203, 057
195,376
116, 876
5, 060,104 3, 068, 681 3,101,314 3,077, 017 3,133, 722 3,167,066 3,160, 777 3, 213, 305 3, 221,107
74,582
60, 248
46, 682
33,812
31,930
30, 379
28, 664
27, 523
26, 390
Ul
Deposits:
Member bank-reserve account..
Government
Foreign bank...
Other deposits
Total deposits.
Deferred availability items.
Capital paid in
Surplus (sec.7)
Surplus (sec. 13b)
Reserve for contingencies...
All other liabilities
Total liabilitiesContingent liability on bills purchased
for foreign correspondents
Commitments to make industrial ad-
2, 729,442 2, 651,945 3, 093,119 3, 457, i
3, 598,528 3, 746,003 3, 840, 086 4, 028, 523 4,052, 312 3,934, 071 4, 005, 999 4, 081, 350 4, 095,946
51,288
2,837
241,860
39, 220
54,817
144, 699
92, 293
70,621
120, 746
115,302
64,183
58,570
45,261
11, 605
4,233
3,952
3,743
9,810
8,952
15, 577
19,394
5,941
4,893
7,159
3,433
6,228
196, 328
137, 278
128,038
145,918
169, 264
218,545
228, 527
200, 323
154,558
123,568
151,166
262,041
2,864, 550 3, 035,035 3, 265,381 3, 653, 396 3,982,099 4, 023,108 4,137,689
4,294,575 4, 311, 533 4, 256, 748 4, 261,802 4, 313, 466 4,405, 350
430,
. 144,693
277, 680
366,476
145, 359
138,383
406,909
145,310
138,383
387,639
146,221
138,383
364, 279
146,395
138, 383
404,074
146, 301
138, 383
418,486
147,120
138, 383
420, 325
146, 546
138,383
384, 045
146, 535
138,383
430, 783
146,781j
138,383
22, 524
11,818
22, 523
151, 620
22,527
155,479
22, 530
165, 082
22,529
164,694
22, 532
165,137
22, 534
162, 432
22, 540
27,350
22, 545
28,106
22, 444
27, 751
438,939
146, 777
138, 383
845
22, 291
30, 274
455, 252
146, 725
144,893
8,069
30,816
3,543
7,040, 688 6,988, 696 7, 309,002 7, 668,430 7,953,065 8,028,464 8,174, 640 8,160, 548 8,196, 799 8, 220, 335 8, 228, 752 8, 331,805 8,442,145
3,810
4,477
4,835
4,937
4,296
2,672
1,524
1,114
531
730
465
491
675
346
1,368
3,218
6,510
10,047
1 Uncollected items in excess of deferred availability items.
Deferred availability items in excess of uncollected items.
3 Differs from figures given in table 41, by the amount of Federal Reserve notes held by (a) other Federal Reserve banks and (b) the U. S. Treasury.
* Differs from figures given in table 42, 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 Report for 1933 (table 17).
2
434, 562
146,885
138,383
2,682
22, 291
32, 708
w
o
No.
17.—CONDITION OP EACH FEDERAL RESERVE BANK AT E N D OF 1933
AND
CO
1934
K)
[In thousands of dollars]
Total
1933
New York"
Boston
1934
1933
1934
1933
Cleveland
Philadelphia
1934
Richmond
1933
1934
1933
1934
1933
89, 567
195,791
5,216
15, 643
383,641
23,732 185,213
145, 788
1,923
1,886
12,076 13, 259
1934
ASSETS
Gold certificates on hand and due from U. S. Treasury.
Gold
Redemption fund—Federal Reserve notes
Other cash
. _
.
946,133
2, 578,104
44,739
224, 634
5,124,347
49,008
184,996
1,977
18,044
363, 292
1,499
56, 764
92,988
100, 344
4,188
31,051
271,119
662
31,028
266,839
660,856
10, 707
50,104
1,836,676
19,060
257, 577
Total reserves
Redemption fund—Federal Reserve bank notes
3,793, 610
13,082
5,400,984
1,677
254,025
1,250
394,982
250
988, 506
2,871
1, 894,939
1,427
228, 571
1,300
309,305
306,217
1,356
398,726
27, 291
70, 299
3,494
3,568
2,715
2,145
995
60
14, 512
26,179
1,538
2,690
5,286
20, 077
556
437
2,008
4,868
190
125
456
4,077
75
64
97,590
133,425
7,062
5,613
14,301
4,860
28, 671
1,055
404
1,775
40, 691
22, 258
4,228
1,982
813
25, 363
7,858
993
584
3,236
6,876
12,186
315
528
932
4,533
3,926
139
209
1,540
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills.
443,336
1,053,300
940,854
395,665
1, 507,116
527,475
24, 390
70,955
62,326
23, 206
98, 827
35,638
170, 047
361, 239
305,469
141,018
475, 234
161,566
28, 068
74, 042
65,010
25,138
104,810
37,172
32,161
96, 287
84,577
30, 558
134,108
48,359
11, 860
35, 510
31,193
14,859
65,195
23, 509
Total IT S Government securities
Other sepiiritip*?
2,437,490
1 493
2,430,256
157, 671
157,671
836, 755
903
777,818
167,120
510
167,120
213,025
213,025
78,563 103,563
2,669,998
3,333
18,460
445,628
51,884
44,693
2,457, 232
805
28, 502
460,132
49,161
43,652
191, 202
256
466
50,472
3,224
395
160,905
60
352
50,870
3,168
617
900, 607
1,228
3,726
126, 521
11, 066
25,103
784,841
299
6,950
126, 519
11,437
30,002
200,851
367
1,066
36, 896
3,841
4,577
171,933
87
1,373
38, 756
4,411
5,178
232,087
330
1,026
39, 660
6,785
1,910
214, 800
77
1,763
40,953
6,629
1,324
87,022 105, 451
31
130
1,312
4,050
34, 275 37, 748
3,027
3,128
1,392
2,553
7,040,688
8,442,145
501, 290
611, 204
2,059, 628
2,856,414
477, 469
531, 043
589,371
664, 272
312,169 352,094
3,079, 543
208,997
3, 221,107
26,390
234, 305
19,976
270,943
922
651, 086
54, 008
680,935
25, 468
236,128
20, 390
240,444
290,590
25, 091
306, 626
157, 541 167,825
4,523
Bills discounted:
Secured by U. S. Government obligations direct
and/or fully guaranteed
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial advances
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other assets
Total assets
- --
-
2,525
35, 661
1,770
13,315
183,482 200, 395
267
LIABILITIES
Federal Reserve notes in actual circulation _ _
Ffidpral T^PSPFVA bank note circulation—net
Deposits:
Member bank—reserve account
_
United States Treasurer—general account
Foreignbank
Other deposits—
_
Total deposits
Deferred availability items
. _
Capital paid in
Surplus (sec. 7)
_
_
Reserve for contingencies
All other liabilities
_
Total liabilities
Ratio of total reserves to deposit and Federal Reserve
note liabilities combined (percent)
Commitments to make industrial advances
2, 729,442
2,837
4,233
128,038
4,095,946
120,746
19,394
169,264
165,945
102
304
2,437
251,604
10,820
1,381
1,794
1,036,524
742
1,460
39,429
1,749,711
29,697
6,848
123,496
129, 225
83
437
9,512
211, 578
4,315
1,995
1,978
182, 299
198
412
9,284
274, 278
4,760
1,842
4,226
96, 255 124,826
8,585
338
729
163
3,685
995
2,864,550
430,883
144,693
277,680
4,405,350
455, 252
146,725
144,893
168, 788
46,345
10,564
19,840
265, 599
50,420
10,762
9,902
1,078,155
119, 762
58, 280
87, 746
1,909, 752
120, 723
59,606
49,964
139, 257
35, 044
15,917
27, 973
219,866
37, 578
15,131
13,470
192,193
38, 335
12,404
28, 236
285,106
41,088
13,062
14, 371
100,441 135,135
32,430 36, 588
4,975
5,035
5,186
10,979
22,524
11,818
30,816
3,543
1,053
419
1,648
96
4,737
5,854
7,510
1,683
2,500
260
2,996
509
2,300
222
3,000
113
7,040,688
8,442,145
501,290
611, 204
2,059,628
2,856,414
477, 469
531,043
589,371
664,272
63.8
70.8
10,047
63.0
73.6
1,697
73.1
3,892
60.9
67.2
399
63.4
67.4
979
3, 349,805
270, 262
3, 520,365
299,258
255, 565
21, 260
299, 034
28, 091
726,126
75,040
770, 506
89, 571
249,181
13, 053
262, 321
21,877
304,448
13,858
326, 535
19,909
170, 040 181, 254
12,499 13,429
3,079. 543
3,221,107
234,305
270,943
651,086
680, 935
236,128
240, 444
290,590
306, 626
157, 541 167,825
844, 220
1,780, 833
188,440
600,500
3,316,200
44, 555 299,617
148,117
32,173 "~~l,~055
32,000
192, 215
381,491
47,653
130,000
788, 706
86, 750
83, 750
18,930
60,000
223,000
830
40, 000
85,670
132,100
16,803
80,000
291,715
2~773
22,935 146,340
119,540
113
6,917
22,000 36,000
233,725
24,728
37, 590
11,200
22,653
2,677
1,511
589
63,605
9,597
25,871
403
25,872
5,482
10, 208
10, 208
26,995
1,904
4,567
44
208,997
26,390
19,976
922
54,008
25,468
20, 390
25,091
4,523
26,500
1,656
30,000
770
57.2
1,155
65
1,416
12
312,169 352,094
66.1
412
71.1
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to Federal Reserve bank by Federal Reserve
agent.. _ _
Held by Federal Reserve bank.
In circulation
Collateral held by agent as security for notes issued to
banks:
Gold certificates on hand and due from U. S.
Treasury
Gold
Eligible paper
U. S. Government securities
5,487
241,400
315
35,000
FEDERAL RESERVE BANK NOTE STATEMENT
Federal Reserve bank notes:
Issued to Federal Reserve bank (outstanding)
Held by Federal Reserve bank
_
In circulation—net
Collateral pledged against outstanding notes:
Discounted and purchased bills
TT, S. GovpmmftTitsp.cnritips
-
—
2,021
256,774
42,874
30,000
5,000
64,274
25,874
12,000
=
5,000
Back figures.—See Annual Report for 1933 (table 18);
CO
CO
No. 17.—CONDITION OP EACH FEDERAL RESERVE BANK AT E N B OF 1933 AND 1934—Continued
[In thousands of dollars]
Atlanta
1933
Chicago
1934
1933
St. Louis
1934
1933
1934
Minneapolis
Kansas City
1933
1933
1934
1934
San Francisco
Dallas
1933
1934
1933
1934
ASSETS
Gold certificates on hand and due from U. S. Treasury- 14,807 121,475
100,253
Gold
3,157
3,853
Redemption fund—Federal Reserve notes
11,875 13,849
Other cash
314,490 1, 025,816 16,234 193,736
145,715
559,639
6,841
1,304
1,311
6H
33,316
33, 384 11, 084 11, 927
18,452 139,798 18,180 187,308
77,870
127, 350
1,612
613
1,170
330
8,322 11, 341
9,397 11, 431
12,506 106,021 29,330 310,252
214, 316
65,186
5,816
3,632
865
328
16,925 16, 879
8,739
6,797
Total reserves
Redemption fund—Federal Reserve bank notes.
914, 286 1, 000, 511 174,337 206, 277 106, 256 151, 469 156, 097 199, 352
1,879
494
524
593
85, 354 115, 088 266, 387 330, 763
708
826
130,092 139,177
1,014
Bills discounted:
Secured by U. S. Government obligations direct
and/or fully guaranteed
Other bills discounted
230
3,954
6
51
911
3,142
4,184
4,279
57
303
847
4,053
14,091
U. S. Government securities:
Bonds
. _
Treasury notes
Certificates and bills.
11, 305
32, 295
28,298
13,585
59, 307
21, 385
Total U. S. Government securities
Other securities
71,898
80, 361
117
1,640
14, 012
2,372
3, 775
Total bills discounted
Bills bought in open market
Industrial advances
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
_ ___
All other assets
-_____
Total assets
.
39
1,382
24
102
164
719
12
123
1, 316
95
37
1,421
4,566
126
155
433
883
9,248
12
154
1,045
1,439
18, 460
132
390
588
15, 350
37,058
13,181
14,109
36,910
32,422
13, 335
57, 703
20,806
18, 528
25, 526
22,421
18,818
38, 701
13,956
65, 668
80
65,589
83,441
91,844
66, 475
71, 475 166, 331 166, 331
70,809
9
658
10, 641
1,657
1,474
67,422
6
1,128
11,990
1,580
771
89,428
97
1,147
23, 767
3,485
1,151
92, 558
23
1,400
25, 020
3,447
260
76, 606
97
494
15, 723
1, 750
914
72, 686 186, 230 167, 441
23
233
57
421
1, 530
2,657
15, 451 20, 419 20,987
1,684
4,090
3,869
856
879
456
797
618
3
50
1,822
2
707
921
1,415
4,693
3
116
419
1 872
3,189
76,950
177,161
183,232
62,144
273,102
93,097
14,493
41,901
36,806
13, 797
58, 359
21, 044
16, 315
26, 292
23,061
94,277
437, 343
428, 343
93, 200
93, 200
95, 484
28
1,731
15, 243
2,325
1,834
455, 487
455
4,238
54, 510
7,375
1,549
429,973
105
4,776
58,140
4,955
768
99, 308
14
1,157
18,732
3,111
413
93, 738
9
1,901
18,455
2,629
194
2
81
1 752
25,110 23, 857
75,182 104, 712
66,039 37,762
233, 383 255, 822 1,439, 779 1, 559, 228 297,566 323. 203 192,097 234, 366 275,696 322,060 181, 646 206, 209 480, 594 526, 230
LIABILITIES
Federal Reserve notes in actual circulation
_ _
Federal Reserve bank note circulation—net__
125,175 132,968
5,121
784, 759
28,737
788,933 144, 307 142,880
8,067
92, 896 106, 686 106, 814 117,654
9,615
7,718
42.888
11, 344
53,845 213, 054 211, 368
14,407
= =
Deposits:
Member bank—reserve account
United States Treasurer—general account
Foreign bank
Other deposits._
_
__
Total deposits
Deferred availability items. ~
Capital paid in
Surplus (sec. 7)
Surplus (sec. 13b)
Reserve for contingencies
All other liabilities
-
65,442
112
146
6,382
84,804
5,921
672
3,708
494,813
76
541
18, 243
633,316
32, 551
2,417
2,685
72, 082
13, 332
4,450
10,417
95,105
14,438
4,368
5,540
754
2,595
54
513, 673
55, 689
12, 790
40,429
670,969 109,858 151,150
58,879 20,476 18, 988
4,088
12, 723
3,944
4,655
21, 350
9,849
382
707
893
5,325
853
342
167
212
2,574
232
Total liabilities
2,969
733
97,260 129,419
100 11,728
141
633
12,357
9,370
97,422 118, 731 162,475
67
4,002
2,590
121
537
441
4,010
2,322
6,268
95,937 121,135 184,998 255, 378
2,578
868
3,199
60
537
291
1,362
121
1,143 16, 805 11, 279
1,799
66, 295 106,721 122,929 169, 336
11,128 12,136 23, 555 26, 244
4,077
3,134
2,876
4,068
7,744
3,420
6,929
3,613
751
293
1,211
612
1,026
806
350
3,229
307
46
97,917 125, 393 202, 962 271, 218
16, 414 17, 720 18, 373 20, 450
4,048 10, 637 10, 760
3,719
3,777 19, 495
9,645
8,043
585
1,363
1,615
2,053
1,130
63
51
191
151
62,013
91
96
4,095
233, 383 255,822 1, 439, 779 1, 559, 228 297, 566 323, 203 192, 097 234, 366 275, 696 322, 060 181, 646 206, 209 480, 594 526, 230
Ratio of total reserves to deposit and Federal Reserve
note liabilities combined (percent)
Oomrrpfrnpints to make industrial ad van ^^s
66.0
61.0
590
70.4
72.6
30
68.6
70.2
1 212
66.7
71.0
67.9
69.5
28
60.6
64.2
64.0
68.5
808
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to Federal Reserve bank by Federal Re144, 272 151,812
serve agent
Held by Federal Reserve bank
19, 097 18, 844
In circulation
_
125,175 132,968
Collateral held by agent as security for notes issued to
banks:
Gold certificates on hand and due from U. S.
Treasury
Gold
Eligible p a p e r
.__
_
U. S. Government securities
13,700
77,180
6,570
48, 000
91, 385
141
65, 000
832,192
47, 433
826, 824 150, 092 147, 362
4,482
37, 891
5,785
97, 784 111,439 115, 359 127, 477
8,545
9,823
4,753
4,888
48, 883
5,995
61, 484 255, 863 254, 317
7,639 42, 809 42,949
784, 759
788, 933 144, 307 142, 880
92, 896 106, 686 106,814 117, 654
42, 888
53,845 213, 054 211, 368
312, 507
398,480
15,176
110, 000
819, 513
17, 540 124, 550
84, 750
Hi
5,409
12,000
5,000
10, 454
30, 620
9.766
62, 675
2
10, 000
16, 065 141,936
108, 617
3
5,724
8,000
22,000
18,329 110,000
57,925
4,234
2,400
19, 500
12
23,
158,
19,
65,
500 216, 763
263
085
132
000 40, 000
FEDERAL RESERVE BANK NOTE STATEMENT
Federal Reserve bank notes:
Issued to Federal Reserve bank (outstanding)
Held by Federal Reserve bank
In circulation—net
Collateral pledged against outstanding notes:
Discounted and purchased bills
U. S. Government securities.- . .
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
CO
96
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No,
18.—NUMBER
Month
1
OF MEMBER BANKS DISCOUNTING PAPER
RESERVE BANKS, BY MONTHS, 1914-34
1914
1915
AT FEDERAL
1918
1919
1920
1921
1922
1923
309
262
315
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
3,663
3,465
3, 516
3,744
1916
1917
614
451
535
1924
January..
February.
March
April
570
606
May
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
3,795
3,706
3,432
3,052
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
3,600
3,752
3,732
2,786
2,663
2,573
2,783
1,920
1,788
3,127
5,493
5,993
6,941
7,415
6,956
6,333
6,060
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
January...
February—
March
April
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
929
663
558
506
May
June
July
August
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
450
413
287
283
September.
October...
November.
December.
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
274
237
202
232
Year
5,183
5,343
4,869
4,718
5,113
4,991
5,260
5,017
4,270
1,393
SeptemberOctober
November..
December. _
132
339
Year..
Month
i 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.
1 9 . — 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 , B Y F E D E R A L R E S E R V E D I S T R I C T S , 1926-34
District
1926
1927
1928
1929
1930
1931
1932
1933
1934
286
603
558
466
261
602
552
430
265
623
562
421
306
651
594
475
280
658
613
459
294
736
722
457
260
717
609
408
246
656
541
383
122
379
2S3
132
Richmond
Atlanta
.
Chicago
St Louis
430
333
814
330
383
300
746
309
386
315
685
292
384
352
708
338
345
311
656
343
353
301
695
334
309
217
662
303
290
241
474
226
83
74
39
66
Minneapolis
Kansas City
Dallas . . .
San Francisco
270
453
453
347
275
377
318
316
224
381
296
268
249
417
359
280
234
447
375
270
266
432
375
295
333
470
353
376
271
405
47
51
51
66
5,343
4,869
4,718
5,113
4,991
5,260
5,017
Total
Backfigures.—SeeAnnual Report for 1928 (table 97).
to to
Boston
New York
Philadelphia
Cleveland
4,270
1,393
97
RESERVE BANK CREDIT
No.
30.—NUMBER OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL
RESERVE BANKS, BY STATES, 1926-34
State
1926
1927
1928
1929
1930
1931
1932
1933
1934
New England:
Maine
New Hampshire.
Vermont
Massachusetts...
Rhode Island
Connecticut
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
38
28
111
8
47
4
29
12
53
4
26
Middle Atlantic:
New York
New Jersey.._
Pennsylvania.
429
247
613
418
261
437
264
610
455
264
673
459
282
671
526
406
667
511
294
648
466
271
560
272
153
265
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
276
141
321
174
251
135
182
71
241
131
267
166
78
262
143
311
183
85
252
130
287
139
247
122
308
193
213
124
289
167
105
215
107
185
123
78
71
11
24
17
15
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
91
230
108
53
59
112
95
85
190
124
66
52
109
87
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
13
4
17
5
14
11
16
South Atlantic:
Delaware
Maryland
District of Columbia. __
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
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
9
121
77
40
22
62
23
16
54
9
105
74
36
20
81
32
10
14
2
35
26
5
2
23
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
31
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
74
28
167
417
59
29
100
290
78
57
134
73
56
111
5,343
4,869
72
62
103
33
55
30
102
267
50
30
113
323
28
18
21
7
25
61
27
127
346
53
24
117
345
44
24
121
324
29
21
108
242
11
2
13
45
VIountain:
Montana
Idaho
Wyoming
Colorado
New Mexico .
Arizona
Utah...
Nevada
PacificWashington _
Oregon
California.-_
Total..
94
68
125
4,718
Backfigures.—SeeAnnual Report for 1930 (table 105).
5,113
4,991
5,260
5,017
14
7
36
4,270
98
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
N o , 2 1 . — B I L L S D I S C O U N T E D BY F E D E R A L R E S E R V E B A N K S — H O L D I N G S AT T H E
E N D O F E A C H M O N T H , BY C L A S S E S
[In thousands of dollars]
Rediscounted bills
End of month
January..
February.
March
1934
April.
May..
JuneJuly
August.__
September
-
October
NovemberDecember..
Total
all
Secured
by U. S.
Government
obligations
direct
and/or
fully
guaranteed
Member bank collateral notes
Other- Secured
wise
byU. S.
secured Governand un- ment obsecured ligations
Secured
by bills
and seSecured curities
by other not eligible
eligible
collateral for discount or
purchase
sec. 10 (b)
Discounts
for individuals,
partnerships,
and
corporations 3
82,732
64,390
54,068
296
259
46
i 14,395
9,437
8,186
26,028
18,050
15,143
25,521
22,214
18,010
16,099
14,038
12, 285
393
392
398
39,042
31,259
24,567
50
12
10
5,765
4,363
3,906
7,439
6,433
4,739
15,651
11,840
8,963
9,736
8,232
6,570
401
379
379
22,333
23, 007
15,349
2,396
2,000
1,690
5,081
5,908
5,257
8,280
8,680
5,970
6,197
6,347
2,368
373
72
64
10,985
11,296
7,062
1,037
747
657
5,375
6,789
3,470
2,393
1,960
1,214
2,114
1,731
1,647
66
69
74
i3 Includes $5,000 discounted for nonmember banks secured bs' adjusted-service certificates.
Includes paper secured by U. S. Government direct obligations as follows: January, $53,000; February,
$53,000; March, $49,000; April, $58,000; May, $31,000; June, $26,000; July, $25,000; August, $26,000; September,
$26,000; October, $29,000; November, $26,000; December, $24,000.
Back figures.—See Annual Report for 1933 (table 22).
99
KESERVE BANK CREDIT
No. 22.—BILLS
DISCOUNTED—HOLDINGS OF EACH FEDERAL RESERVE BANK ON
DEC. 31, 1934, BY CLASSES
[In thousands of dollars]
Rediscounted bills Member bank collateral notes
Total
(all
classes)
Federal Reserve Bank
Secured
by U. S.
Government obligations
direct
and/or
fully
guaranteed
Secured
by U. S.
by bills
GovernOther- ment
secuob- Secured and
rities
not
by other eligible
secured ligations,
eligible
direct
and un- and/or
for
discollateral count or
secured
fully
purchase
guaransec. 10 (b)
teed
Discounts
for individuals,
partnerships,
and corporations
1934
Boston
_.
New York
Philadelphia
Cleveland
Richmond _
Atlanta
Chicago
St Louis
Minneapolis
1,055
4,228
993
166
227
14
995
1,538
556
46
1,032
47
315
139
57
113
17
24
190
54
6
12
47
2
3
2
_
-
1,457
163
i 21
27
*3
-
Kansas CityDallas
San Francisco
Total
35
126
12
132
24
12
95
30
37
7,062
657
3,470
1,214
57
15
1,647
74
i Secured by U. S. Government direct obligations.
Back figures.—See Annual Report for 1933 (table 23).
No. 23.—BILLS DISCOUNTED—HOLDINGS OF EACH FEDERAL RESERVE BANK ON
DEC. 26, 1934, BY MATURITIES
[In thousands of dollars]
Maturity
Total
Federal Reserve Bank
Within
15 days
16 to 30
days
1,551
5,408
1,185
1,548
3,890
856
201
165
Cleveland
Richmond
Atlanta
380
169
94
374
148
76
21
3
Chicago
St Louis
Minneapolis
48
180
40
179
1
Kansas City
131
19
123
73
19
85
9,281
7,281
404
Boston
New York
Philadelphia
_
San Francisco
Total
_
Back figures.—See Annual Report for 1933 (table 24).
3
31 to 60
days
61 to 90 91 days to Over 6
days
6 months months
760
98
557
61
5
1
4
1
12
3
1
7
1
1
4
9
11
2
16
884
638
74
52
100
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No, 24.—BILLS 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
Imports
into
United
States
Based
Bills
on
paygoods
able in
Goods
stored
Trade foreign
stored in
foraccept- curUnited Dollar in
'eign
ances rencies
States
ExAll
counexports (ware- change tries or other
house
from
shipped
United credits) or
beStates shipped
tween
between
foreign
domestic
points
points
1934
January
February...
March
April
May
June
111,397
62,345
28, 548
105,420
56,458
23,273
105,420
56,458
23,273
8,562
5,178
5,269
3,492
102
194
3,492
102
194
5,229
5,220
5,812
148
141
121
148
141
121
6,082
5,682
5,613
587
183
112
587
183
112
_
July
August
SeptemberOctober
November.December_.
5,977
5,887
5,275
17,505 21,408
11,359 11,080
4,796 5,667
30,143
14,570
6,630
1,640
1,630
1,669
31,253
15,948
4,167
593
92
20
2,031
102
144
5,070
5,076
5,075
98
5,081
5,079
5,691
756
50
1
1
1
50
24
24
117
86
62
75
110
111
3,471
1,871
344
97
5,495
5,499
5,501
425
10
Back figures.—See Annual Report for 1933 (table 25).
No.
25.—ACCEPTANCES
PAYABLE IN FOREIGN CURRENCIES—HOLDINGS
FEDERAL RESERVE BANKS, 1924-34
OF
[In thousands of dollars]
E n d of m o n t h
1924
January...
February.
March
April
May
June
July
August.
September
October
November
December
12,469
2,560
2,880
1,267
1925
1926
1927
1,274
1,072
961
1,149
1,015
795
1,137
1,213
2,051
719
1,897 1,034
2,035 1,697
1,334 1,145
602
687
857
720
1,203
1,643
1,036
1,043
1,270
911
642
914
1, 506
1,623
1,720
2.189
1,388
12,489
13,399
13,947
1928
414
258
258
259
262
8,495
2,283 1,007
1,167 1,016
837 1,017
1929
1930
1931
1,019
1,029
1,036
1,036
1,035
1,038
1,040
1,054
36,119
23,958
1,063
1,074
1,040
1,043
2,061
12,346
1,058
1,064
1,065
1,071
1,073
10, 551
34,371
145, 215
48, 804
33,501
33, 586
33,429
16,955 1,075
17, 795 21, 583
1,990 31,587
1,627
1932
1934
33,444 29,036
33,478 28,997
30, 778 24,778
30,736 7,181
5,977
5,887
5,275
5,070
30,837
30,762
30,645
30,834
6,981
7,089
6,821
6,199
5,076
5,075
5,081
5,079
30, 849
30,659
30, 652
29,489
6,068
5,686
5,841
6,033
5,691
5,495
5,499
5,501
i The first purchase of acceptances payable in foreign currencies was on Sept. 18, 1924.
1933
101
EESEEVE BANK CREDIT
No.
26.—HOLDINGS OF BILLS DISCOUNTED AND BILLS BOUGHT BY FEDERAL
RESERVE BANKS, BY MATURITIES, 1933-34
[In thousands of dollars]
Maturity
Date
Total
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days
to 6
months
Over 6
months
Bills discounted:
1933—Jan. 25..
Feb. 21.
Mar. 29.
Apr. 26.
264,698
327,138
559,002
385,001
187,706
239,487
408,906
254,905
19,352
21,807
34,447
24,725
27,967
31, 696
42,898
19, 225
23,619
62, 795
49,133
9,052
8,642
7,639
6,855
1,396
1,887
2,317
747
May 31.
June 28.
July 26 _.
Aug. 30.
301,974
190,981
161,363
153, 220
192,071
136,381
116,058
118,190
24,148
16,677
11,906
11,150
41, 687
14,555
15, 598
12,840
36,416
18,468
15,323
9,768
7,464
4,853
2,437
1,219
188
47
41
53
Sept. 27.
Oct. 25..
Nov. 29.
Dec. 27.
133, 233
114, 593
119,041
110,552
99,041
84, 056
91,804
82, 787
8,268
9,584
5,913
10,979
15,061
8,507
12, 317
6,028
7,856
11, 748
855
1,081
1,096
1,049
72
99
194
165
1934—Jan. 31..
Feb. 28.
Mar. 28.
Apr. 25.
61,744
51,491
37,565
30,146
7,341
2,700
2,854
1,880
9,730
5,519
5,081
6,814
3,245
4,285
6,782
1,251
619
358
263
181
53
37
34
41
May 30.
June 27.
July 2 5 Aug. 29.
82,732
64,390
52, 579
40.313
33,700
27,015
21,298
21,007
2,474
1,392
639
1,584
1,893
1,268
5,102
811
2,497
5,276
905
884
274
309
143
55
22
4
10
Sept. 26.
Oct. 3 1 Nov. 28.
Dec. 26.
20.314
10,985
11,872
9,281
26, 540
18.766
14,499
17, 667
13.767
8,577
9,884
7,281
770
728
866
404
495
1,178
398
5,251
347
27
153
25
74
Bills bought:
1933—Jan. 2 5 Feb. 21..
Mar. 29.
Apr. 26..
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
1,302
2,567
Sept. 27.
Oct. 2 5 Nov. 29.
Dec. 27..
6,681
6,523
23,866
111,083
2,118
737
4,687
14,816
1934—Jan. 31..
Feb. 28..
Mar. 28..
Apr. 25..
111,397
62,345
29,359
10,163
1,110
285
5,623
16,518
33,092
26,462
13,712
4,111
842
2,697
411
1,495
565
899
4,775
46,136
31,661
9,399
6,634
2,048
29,153
19,623
7,381
17,431
6,861
1,632
3,706
May 30.
June 27..
July 2 5 Aug. 29..
5,178
5,215
5,271
5,247
2,571
1,411
654
3,594
198
2,762
473
456
1,638
844
1,511
741
771
198
2,633
456
Sept. 26_.
Oct. 31._
Nov. 28.
Dec. 26..
5,812
6,082
5,683
5,611
149
1,101
2,745
1,165
3,703
684
250
1,799
1,027
1,611
3,811
889
2,724
Back figures—See Annual Report for 1932 (table 25).
211
213
51
1,097
2,888
4,602
8,700
33,440
81
173
60
102
No.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
27.—HOLDINGS OF UNITED STATES GOVERNMENT SECURITIES BY FEDERAL
RESERVE BANKS AT END OF EACH YEAR, 1930-34, BY CLASSES
[In thousands of dollars]
TOTAL HOLDINGS
Bonds:
2 percent consols of 1930
_
2 percent Panamas of 1936-38
3 percent conversion bonds of 1946-47
3H percent Liberty loan
4M percent Liberty loan
_
3H percent Treasury bonds of 1941
3% percent Treasury bonds of 1940-43
3% percent Treasury bonds of 1941-43
3^-434 percent Treasury bonds of 1943-45..
3% percent Treasury bonds of 1943-47.
4J4 percent Treasury bonds of 1947-52..
4 percent Treasury bonds of 1944-54
3% percent Treasury bonds of 1946-56..
3H percent Treasury bonds of 1946-49..
3 percent Treasury bonds
bon of 1951-55
3M percent
e t Treasury bonds
b
of 1944-46..
onds of 1946-48
3 percent Treasury bon
Total bonds
Treasury notes
Certificates of indebtedness.
Treasury bills
Total U. S. Government securities...
1930
915
237
2 1,796
10,102
3 103,060
1931
1932
0)
C1)
2 655
84, 525
3 213,240
2 644
25, 027
364,188
5,009
14, 854
13, 245
13,776
5,987
3,202
7,852
27,712
3,900
8,560
717
7,379
5,082
10, 272
1,837
163,785
226,473
315,028
24,181
360, 366
33,038
271,199
152,354
729,467
1933
<?„«
1934
5,791
84
398
2,875
1,849
1,243
26,625
358,434
467
13,772
5,749
25, 634
5,772
530
395
2,882
1,876
556
25, 027
209, 244
20,011
9, 772
2,667
25, 696
5,772
532
4,380
6,037
1,869
534
43,475
40, 000
421,862
299,703
718,964
414,613
443, 336
,053,300
515,769
425,085
395, 665
1, 507,116
816, 957 1,855,142 2, 437,490
2, 430, 256
527,475
BOUGHT OUTRIGHT
In System investment account:
3H percent Liberty l o a n . . .
ty£ percent Liberty loan
3^J_4^ Treasury bonds of 1943-45
334 percent Treasury bonds of 1944-46..
3J4 percent Treasury bonds of 1941
3 percent Treasury bonds of 1946-48....
Treasury notes
Certificates of indebtedness
Treasury bills
Total in special investment account..
In other accounts:
Bonds:
2 percent consols of 1930
2 percent Panamas of 1936-38
3 Xpercent conversion bonds of 1946-47
3 A percent Liberty loan
434 percent Liberty loan
3 ) | percent Treasury bonds of 1941
334 percent Treasury bonds of 1944-46
3% percent Treasury bonds of 1940-43
3% percent Treasury bonds of 1941-43
3J4-4K percent Treasury bonds of 1943-45.
3% 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
3% percent Treasury bonds of 1946-49..
3 percent Treasury bonds of 1951-5,
-55..
3 percent Treasury bonds of 1946-48..
Total bonds
Treasury notes
Certificates of indebtedness
Treasury bills
_.
Total in other accounts
Total bought outright.
28, 048
80,025
131, 790
25,025
310,591
25,025
285, 591
25, 000
39, 000
20, 000
159, 532
223,463
24,181
435,224
915
237
2 1, 796
9,252
3 60, 244
20, 000
282, 334 1, 004, 862
252, 283
649, 200
470, 337
372,458
412, 335
82, 718
566,816 1, 639, 608 2, 223,150
0)
0)
2 644
2
C21) 644
2 655
4,500
3 68,965
53,577
72,843
17
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
5,791
84
398
2,875
1,849
550
13,772
5,749
634
5,772
530
395
2,832
1,876
534
113,119
48, 581
89,140
130, 522
11, 538
17,816
47,936
250, 840
207,812
85, 333
14,171
69, 764
42,155
211, 423
686,064
774, 628
22, 618
18, 360
2,425
18, 029
1,500
1,100
21, 700
913
3,198
2,122
98
25
43,403
42, 329
4,111
2,245
1 Less than $500.
2 Includes $500, 3 percent loan of 1961.
3 Includes 4 percent Liberty bonds as follows: 1930, $1,050; 1931, $1,950.
Back figures—See Annual Report for 1930 (table 16).
40, 000
1, 399, 562
504, 694
2, 223,150
2 644
2
39,375
11
4,475
9,772
2,667
696
5, 772
535
4,380
6,037
1,869
534
0)
105,
48,
45,
12,
598
340
407
750
76, 769
107,556
212, 095
207,106
1,851, 031 2, 435, 245
2, 430, 256
BOUGHT UNDER RESALE AGREEMENT
Bonds
Treasury notes
Certificates of indebtedness
Treasury bills
_
Total bought under resale agreement..
25,025
169,869
25,000
22, 781
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
103
VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS
No. 28.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS, 1930-34
[Number in thousands; amounts in thousands of dollars]
1930
1931
1932
1933
1934
NUMBER OF PIECES HANDLED 1
Bills discounted:
Applications
_
Notes discounted
Industrial advances:
Notes discounted
Commitments
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
id
paid
All or
other
United States Government direct obligations—issues, redemptions, and exchanges by fiscal agency department
Transfers of funds
___
96
415
109
513
178
779
81
346
15
42
.5
.2
2,441,989
3, 325, 555
904, 975
221
2, 269, 292
2,900,462
864, 615
76
2, 025, 552
2, 654, 787
734, 538
79
2,013, 459
2, 497, 928
688,933
2,067,835
2, 565,164
818, 847
19,362
6,388
17, 322
6,927
17, 710
7,468
18,099
8,371
21, 555
7,436
1,412
1,868
2,431
1,663
1,956
1,469
3,502
1,290
5,281
1,125
AMOUNTS HANDLED
714, 361
9, 632,808
Bills discounted
18, 648, 306
14, 067,117 14, 555, 590
Industrial advances:
Notes discounted.._
14,884
Commitments
11,443
Bills purchased in open market for own
75,903
762, 755
2,998,415
898, 001
3,873, 698
account
9,932,601
Currency received and counted
14, 262,809 12, 668, 638 10,952, 597 11, 710, 364
298, 297
624, 617
Coin received and counted
537, 534
585,945
360, 295
324,883,021 248,172,956 176, 591, 791 157,833, 692 179,544,488
Checks handled
Collection items handled:
United States Government coupons
699, 325
529, 086
578,082
paid.'.
479,960
499,111
6, 742, 974
7, 321,814
5, 539, 659
Allother
7, 528,014
5,427,817
United States Government direct obligations—issues, redemptions, and exchanges by fiscal agency department
29,941,049
7, 084, 080 17, 348, 971 19, 444,110 24, 622, 726
73,077,156
Transfers of funds
198, 880,880 162,095,081 116,040,041 85, 059,151
1
Two or more checks, coupons, etc., handled as a single item are counted as 1 " p i e c e . "
Back figures.—See Annual Report for 1933 (table 32.)
129288—35
8
No. 29.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF EACH FEDERAL RESERVE BANK, 1934
Total
Boston
New
York
Cleveland
Philadelphia
Richmond
I
Atlanta j Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
NUMBER OF PIECES HANDLED 1
Bills discounted:
834
156
204
262
406
6,046
477
443
15,176
206
Applications
4,365
1,554
443
1,448
440
895
42,128
17,655
12,629
523
500
1,727
1,923
Notes discounted...
2,391
Industrial advances:
64
463
58
76
45
33
Notes discounted
__
33
44
22
11
227
Commitments.
15
Bills purchased in open
364
4,016
7,400
market for own account._.
439
23
209
252
201
163
235
509
505
484
C u r r e n c y received and
,701,000 42,573,000 63,244,000 51,392,000 132,:, 043,000
counted
2,067,835,000 192,667,
', 000 596,026,000 177,718,000
121,321,000 105,956,000 104,486,000 368,:, 708,
, 453, 264,018,000 116!
Coin received and counted-. 2, 565,164,000 341,112,000 991,453,000
"1.930,000 166,931,000 55,068,
55,068,000 286, 505,000 106,248,000 14,602,000 50,057,000 42,054,1,000 130,186.000
Checks handled
', 703,000 65, 381,000 81,249,000 55,643,000 35,850, 000 117,
818,847,000 83, 635,000 157,
7,104,000 45, 695, 000 27,974,000 61, 776,000 37, 320,000 49,517, 000
Collection items handled:
U. S. Gov't coupons paid21,555,000 1,323.000 5,033,000 1,482,000 3,234,000
746,000 1, 394,000 485,000 1,240, 000
640,000 4,007,000 1,188,000
783,000
All other
7,436,000
214,000
213,000
403,000 2,364,000
335,000
836,000
415,000
783,000
371,000
373,000
439,000
690,000
U. S. Gov't direct obligations—issues,
redemp192,000 1, 352,000
5, 281,000
557,000
tions and exchanges
281,000 1, 275,000
292,000
181, 0001
305, 000
161,0001 358,000
214,000
113,000
33,000
271,000
Transfer of funds
1,125,000
69,000
53,000
68,000
74,000
85, 000
83,000
68,000
173, 000
42,000
106.000
A M O U N T S H A N D L E D (in millions of dollars)
Bills discounted
Industrial advances:
Notes discounted
C ommitmentsBills purchased in open
market for own account. _.
C u r r e n c y received a n d
counted
Coin received and counted-.
Checks handled
Collection items handled:
U. S. Gov't coupons paid.
Allother
U. S. Gov't direct obligat i o n s—issues, redemptions, and exchanges
Transfer of funds
714.4
49.6
415.1
108.6
29.2
18.3
23.5
14.
11.4
1.9
1.8
1.0
4.0
3.3
1.0
1.0
1.5
.4
.9
.8
75.9
12.5
17.4
6.2
2.6
2.8
9,932.6
298.3
179, 544. 5
985.7
31.6
11,443. 2
3,043. 6
107.6
56,048.6
588.0
13.5
16,112. 8
451.4
14.3
1,638. 4
699.3
6, 743.0
47.4
584.8
351.1
1,843. 8
825.1
30.3
17,185.0
38.9
240.4
64.7
440.2
29,941.1
73,077. 2
1, 227. 4
2,462. 2
19,421. 7
28,642. 4
868.1
2,455.4
966. 5
2,989.3
.7
5.8
15.5
2.5
5.3
2.9
29.5
.5
1.3
1.9
.4
.6
1.0
.6
7.6
2.1
1.6
2.4
7.7
363.0
7.3
7,549. 3
1,878. 2
26. 7
22, 744.1
422.2
13.2
9,100. 2
196.4
3.4
4,369. 7
270.6
9.8
9, 240. 6
181.8
5.4
5, 784. 5
17.5
294.5
10.3
196.8
81.0
1, 531. 4
19.4
377.4
12.3
283.8
21.0
332.4
8.4
249. 5
726.6
35.2
10,328.1
27.3
368.0
588.4
4,005.2
315. 5
3, 920. 5
12, 519. 2
666.2
2, 686. 5
306.6
1, 640. 4
592.2
3, 528. 0
414.3
2, 663. 7
653.7
8,093. 3
i Two or more checks, coupons, etc., handled as a single item are counted as one "piece."
Back figures.—See Annual Report for 1933 (table 33).
14.4
2 Less than $50,000
.8
7.2
VOLUME OF OPERATIONS
No.
105
30.—VOLUME OF OPERATIONS OF BRANCHES OF FEDERAL RESERVE BANKS
Bills Currency Coin reFederal Reserve branch disreceived ceived and Checks
handled
and district number countand
counted
ed
counted
Noncash collec- Fiscal
agencytion items
issues,
handled
redemp- Transfer
tions, of funds
and exGovernchanges
All
of U.S.
ment
securicoupons other
ties
N U M B E R OF PIECES HANDLED;! 1934
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
2—Buffalo
4—Cincinnati
Pittsburgh
5—Baltimore
Charlotte
6—Birmingham.._
Jacksonville
Nashville
New Orleans...
7—Detroit
8—Little Rock
Louisville
Memphis
9—Helena
10—Denver
Oklahoma City
Omaha
11—El Paso
Houston
San Antonio
12—Los Angeles
Portland
Salt Lake City.
Seattle
Spokane
Total.
512
"679
474
168
28
79
72
25
79
39, 569,000 31,233,000 11,046,000
27,804,000 44, 863,000 17,148,000
41,452,000 33,766,000 31,074,000
49,--.-905,000 113,676,000 19,865,000
12,767,000 7,238,000 7,143,000
9,274,000 6, 283,000 5,079,000
18,096,000 7,574,000 5,817,000
12,886,000 6,555,000 5,513,000
20,967,000 19,481,000 6, 769,000
69,475,000 120,
i, 170,000 16,683,000
4,332,000 3,956,000
7,470,000 '
17,139,000 12,424,000 9, 582,000
18,162,000 8, 299,000 3,987,000
959,000 3,166,000
1,557,000
8,662,000 11,197,000 8,736,000
8,796,000 6,549,000 15, 213,000
9,211,000 8,501,000 11,054,000
3,547,000 1,556,000 2,790,000
10,624,000 11,365,000 6, 574,000
8,707,000 5, 276,000 5,898,000
64,588,000 50,823,000 15,731,000
7,008,000 5, 349,000 5,471,000
3,946,000 3,044,000 5,941,000
11, 563,000 8,790,000 5,153,000
2,434,000 1,687,000 4,129,000
78,233
893,811
521, 677
417,263
49, 655
36,939
94,892
48,097
185,489
402,762
31,881
284,964
57,859
52, 797
239, 214
82, 717
267, 240
30,379
98,497
78,248
439,627
146,078
94, 619
150, 560
56,494
86,134
34,134
28, 565
159,691
42, 722
19,060
50,874
32, 259
42, 710
157,658
70,389
47,550
55,051
20,860
73,196
55,T"83,560
14,270
61,714
31,896
107,023
55,026
246,732
46, 679
83,569
4,'
70,209
44,690
35,045
53,987
12,022
1,405
11,707
2,633
12,871
13,179
14,557
15,364
12, 222
6,396
7,577
3,766
7,221
21, 578
8,207
9,393
21, 521
12, 840
3,625
6,921
3,209
10,110
8,121
10,131
6,896
19,822
4,874
20,315
11,094
43,890
6,331
11,198
8,426
7,117
2,784 485,609,000 530,990,000 233, 518,000 4,840,000 1,707,000 298,485
301,000
161
5
22
27
231
45
52
44
81
7,416
1,245
5,241
AMOUNTS H A N D L E D : 1934 (in thousands of dollars)
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
64,712
2—Buffalo
4—Cincinnati
Pittsburgh
'117531
5—B altimore
Charlotte
_
6—Birmingham...
Jacksonville
Nashville
New Orleans.__ 5,384
5,359
7—Detroit
655
8—Little Rock
4,209
Louisville
1,277
Memphis
205
9—Helena
953
10—Denver
Oklahoma City
3,368
Omaha
11—El Paso
—
516
Houston
San Antonio
135
12—Los Angles
Portland
1,023
742
Salt Lake CitySeattle
846
Spokane
Total...
185,516
102,852
211,736
46,148
31,664
67, 273
38,275
71,672
418,353
28,981
68,115
50, 508
11, 354
52, 417
32,860
46,372
13,439
37,444
32,648
268,428
40,545
26,907
67, 553
16,901
109,971 2,176,121
3,325
5,705
3,817
8,098
1,154
786
1,378
658
2,223
7,988
491
1,373
2,058
353
2,377
944
2,118
327
1,235
706
15,296
1, 230
1,789
1,939
733
2,070,662
2, 528, 288
7.611,692
3,020, 513
1,465,935
1,133,457
913,756
1,114,465
1,218, 529
4,995,275
537,612
1,926,933
888,364
400,004
1, 548,693
1,809, 556
1,661, 255
312,538
1.169,693
793,527
2,633,234
933,497
775,809
992,838
653, 322
68,101 43,109,445
2,748 37,173
14, 776 69,289
17,774 68,035
10,712 140,114
513
41, 707
445
14,847
1,435
22,103
497
50,780
3,326
50,166
7,660 138, 779
474
33,367
3,503
68, 575
871
54,509
549
14,705
3,966
55,524
23,846
931
96,464
3,197
10,219
366
78,529
1,423
38,734
1,026
54,273
9,196
42,479
1,792
47,875
1,290
2,050 29, 628
22,079
665
2,144
56,101
86,905
230,180
78,982
4,747
1,092
7,158
537
4,974
33,953
4,673
2,000
3,649
1,662
830, 597
354,758
657,306
878,119
854,757
129,349
181,981
76, 613
311, 630
2,154,164
144,163
415,181
392,800
102,578
437,445
150,416
708, 262
81,362
886,822
285,700
1,562,138
429,574
336,493
537,831
160,719
91,185 1,303,799 528,001 13,060,758
1 Two or more checks, coupons, etc., handled as a single item, are counted as 1 "piece."
NOTE.—Currency received and counted during 1934 by agencies of the Federal Reserve Bank of Atlanta:
Habana, Cuba, 838,000 pieces, amount $12,069,000; Savannah, Ga., 3,080,000 pieces, amount $7,238,000.
Coin received and counted by Habana, Cuba, none; Savannah, Ga., 557,000 pieces, amount $35,000.
Back figures—See Annual Report for 1933 (table 34).
106
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
GOLD SETTLEMENT FUND
No. 31.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1926-34
[In millions of dollars]
Balance
at beginning of
period
Year and month
Daily settlements
between Federal
Reserve banks
Transit
clearings
1926
1927
1928
1929
1930
1931
1932
1933
1934
1934
_
___
July
August
September
October
November
December
witn-
drawals
Balance
Deposits at end of
period
689.2
665.3
528.2
687.0
511. 2
417.4
314.1
340.3
618.2
115,455. 3
123,031.5
132,525. 2
145,132. 4
151,458. 3
124,137. 3
89, 527. 6
75,725.4
80,816. 0
635.8
673.2
658.4
758.7
669.4
540.1
545.4
614.4
602.9
1, 043.4
1,436. 7
1,172. 6
1, 052.1
1, 530. 2
1,905. 0
1, 648. 4
2, 575. 0
2, 084. 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
2, 016. 4
3,005.3
3,660.3
3, 014. 4
2, 984. 5
1, 970. 0
2, 625. 7
4,182.8
4.826. 5
3,116. 5
665.3
528.2
687.0
511.2
417.4
314.1
340.3
618. 2
1, 718.3
618.2
897.1
1,031. 0
1,344.1
1,506. 3
1,550. 0
6, 508. 2
6,036. 4
7, 662. 7
7, 348. 3
6,838. 0
7, 217. 6
50.5
37.2
39.4
39.8
49.1
48.2
286.4
167.5
72.1
248.0
125.5
169.5
101.5
356.8
305.3
361.2
77.2
152.8
380.4
490.6
618.4
523.4
120.9
246.7
897.1
1,031.0
1, 344.1
1, 506. 3
1, 550. 0
1, 643. 9
1,643. 9
1, 712. 5
1, 747. 3
1, 689. 4
1, 646.4
1, 750.9
6, 600. 9
5,969. 6
6, 432. 8
6, 785. 6
6, 215.1
7,200.8
54.3
61.8
55.0
62.7
52.3
52.6
236.3
116.7
109.0
245.0
184.0
124.0
132. 3
91.3
100.4
123.5
63.5
150.6
200.8
126.1
42.5
80.5
168.0
118.0
1, 712. 5
1, 747. 3
1, 689. 4
1, 646. 4
1, 750. 9
1, 718. 3
_.
January
February
March
April
May
June
Interreserve
bank
Federal
Reserve transfers
note
clearings
Backfigures.—SeeAnnual Report for 1933 (table 35).
N o . 3 2 . — S U M M A R Y O F TRANSACTIONS T H R O U G H T H E F U N D , BY D I S T R I C T S , 1934
[In millions of dollars]
Daily settlements between Federal
Reserve banks
BalFederal Reserve ance
bank
Jan. 1
Transit clearings
Payments
Receipts
Federal Reserve note
clearings
Interreserve
bank transfers
PayPayRements ceipts ments
Receipts
WithDedrawals posits
Balance
in fund
at close
of business
Dec. 31
Boston
New York
Philadelphia
Cleveland
19.2
164.8
10.9
62.5
56.5
5,455. 0 5,703.3
25, 524. 2 26,471. 0 132.2
6,108. 7 6,088. 0 63.5
6,106.4
6,268. 2 66.2
44.1
189.9
141.3 1,117. 0
59.3
83.7
45.4
118.4
57.7
260.5
133.5
50.0
243.4
179.9
374.1 1, 083.4
231.5
243.8
125.4
82.3
59.5
973.5
48.1
91.9
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
26.0
22.1
160.4
37.0
5, 727. 7 5, 694. 0
3,034.1
2,851.1
11, 304. 4 11, 348. 5
4,666.2
4,493. 9
45.1
24.1
85.1
36.4
38.0
48.4
101.8
40.7
76.0
69.5
283.0
37.0
115.3
179.8
271.5
161.3
166.6
59.0
329.3
161.9
181.0
114.3
325.7
220.5
38.9
29.0
206.2
51.8
27.9
28.8
16.1
21.0
17.4
24.4
12.8
29.5
2.5
32.5
37.0
37.5
228.0
276.4
121.0
229.0
113.6
58.3
52.3
100.9
175.2
175.6
83.6
251.1
29.8
62.8
43.3
83.5
Total
19.5
32.3
32.9
30.6
1,812. 6
4, 491. 2
3, 052. 9
3, 532. 6
618.2
80,816.0
1, 546. 4
4,165.0
2,951. 4
3, 235. 2
80,816.0
602.9
Back figures.—See Annual Report for 1933 (table 36).
602.9 2,084.0 2,084.0 2,016. 4 3,116. 5 1, 718. 3
ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD
107
FEDERAL RESERVE AGENTS' GOLD FUND
No. 33.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1926-34
[In millions of dollars]
Balance
at beginning of
period
Year and month
Withdrawals
568.2
454.2
473.6
358.5
960.2
963.4
1926..
1927..
1928..
1929..
1930..
1931_.
1932..
1933..
1934..
1,028. 3
761.9
1,262.9
1,109.4
1, 250.7
1, 237.6
1,149.7
January...
February.
March
April
May
June
1934
1.0
Deposits
112.3
63.3
70.5
149.9
.5
1.3
4.0
4.0
1.0
1.149.7
1,670.6
1,919.6
2,060.9
2, 275.0
2, 294. 5
2,329.4
2,384.9
2,421.4
2,462. 9
2,513.9
2,535. 9
July
August
September.
October
November.
December..
.5
.5
Balance
Transfers Transfers
from
at end of
to bank
bank
period
1,799.4
2,458.4
1,631.4
1.500.6
1.101.7
1, 678.5
3f 101.6
4, 030. 3
1, 003. 3
2,258.5
2,914.3
1,768.1
2, 210. 2
947.8
1, 819. 5
3,084.5
3,938. 5
2,458. 3
963.4
1.028.3
761.9
1, 262. 9
1.109.4
1,250.7
1.237.6
1.149.7
2,605.7
202.5
104.5
99 2
115'. 0
48.5
105.6
723.4
353.5
240.5
329.1
68.0
140.5
1,670.6
1.919.6
2,060.9
2,275.0
2,294.5
2,329.4
64.0
34.5
41.0
69.0
40.5
79.0
119.5
71.0
82.0
120.0
62.5
148.3
2,384.9
2,421.4
2,462.9
2,513.9
2,535.9
2.605.7
Back figures.—See Annual Report for 1933 (table 37).
No. 34.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS,
1934
[In millions of dollars]
Balance
Jan. 1
Federal Reserve bank
Boston
New York
Philadelphia
_
Cleveland . . .
Richmond
Atlanta
_
_
_
Chicago
St. Louis
Minneapolis
Kansas City .
Dallas
San Francisco
'
_. .
_.
- -
Total
.
Balance
Transfers at
close of
Deposits Transfers
from
to bank
business
bank
Dec. 31
118.1
90.1
68.9
0.5
74.0
120.0
139.5
255.0
626.4
231.0
299.6
596.5
160.4
110.5
90.4
69 0
.5
37.0
126.2
54.0
128.5
182.2
62.7
265.0
96.2
46 5
193.5
126.0
55.1
433.9
162.4
118.6
202.5
146.3
77.7
505.4
132.6
110.0
83.8
20.5
90.8
24.0
13.0
41.0
49.0
55.2
153.5
108.8
62.7
203.3
1, 003. 3
2,458. 3
2, 605. 7
1,149. 7
Bdck figures.—Bee Annual Report for 1933 (table 38).
Withdrawals
1.0
108
ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD
MEMBERSHIP IN PAR COLLECTION SYSTEM
N o . 3 5 . — N U M B E R O F B A N K S J ON P A R L I S T AND N O T ON P A R L I S T , B Y F E D E R A L
R E S E R V E D I S T R I C T S AND S T A T E S , ON D E C . 3 1 , 1933 AND 1934
[Nonmember banks not on par list comprise all 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, except that figures published prior to 1934 exclude private banks not under
State supervision]
Dec. 31, 1933
Dec. 31, 1934
Nonmember banks
Nonmember banks
Federal Reserve district or State
Member On par
Member
Not
on
Not on
On par
banks
banks
list
par list
par list
list
DISTEICT
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta _
Chicago
St. Louis _
Minneapolis.
Kansas City
Dallas
San Francisco
Total
_
_
.
_
_ _
371
792
656
629
401
332
683
394
524
734
555
380
6,451
174
314
268
638
336
99
1,740
926
214
1,108
335
312
6,464
31
16
40
60
11
67
46
53
43
166
14
60
27
12
33
46
9
65
580
306
803
198
114
338
578
289
784
207
122
329
311
134
365
173
123
444
460
534
400
381
8
22
2
179
229
148
137
72
85
147
215
92
537
595
9
29
207
564
380
65
58
136
98
173
3
20
70
12
158
96
54
21
82
52
33
131
13
115
86
19
6
11
26
108
79
89
27
367
808
671
621
400
330
692
403
532
748
549
402
6,523
209
300
281
696
352
109
1,986
1 002
249
1,256
365
349
7,154
49
54
43
160
12
60
3
338
637
187
377
704
199
211
39
2,695
I
310
663
211
376
697
168
183
34
2,643
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
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
_
Florida . . . .
East South Central:
Kentucky
Tennessee
.
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
- Mountain:
!Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
_._
Total...
_
___ _
_
_ _ . . . ._
-
-_
- .-
_
-
Includes licensed and unlicensed banks.
387
119
411
508
355
348
8
22
3
163
228
148
142
69
87
147
206
76
430
523
8
26
148
536
381
96
58
135
99
150
1
59
7
168
104
185
78
20
70
11
157
98
54
23
83
54
23
121
10
117
82
17
5
14
18
50
6
147
107
226
80
314
79
6
9
15
177
132
177
109
77
90
28
312
74
6
7
13
180
125
179
63
35
224
506
72
16
219
343
120
116
15
149
59
34
218
510
73
14
184
316
114
102
12
128
65
34
32
90
27
12
51
35
26
86
16
5
29
19
66
35
34
86
27
12
33
6
39
28
23
74
16
4
26
8
18
94
59
146
6,451
79
44
124
6,464
28
6
32
7
-
326
131
358
164
102
63
157
6,523
4
3
2
2
7
86
47
141
7,154
31
8
2,695
3
2
1
2,643
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
109
FEDERAL RESERVE BANK PREMISES
No. 36.—COST OF BANK PREMISES OF FEDERAL RESERVE BANKS AND BRANCHES
TO D E C . 31, 1934
Cost of buildings
Cost of
land
includFixed
Federal Reserve bank ing old
maor branch
buildings chinery
All
demolTotal
and
other
ished,
equipnet
ment
$1,246,726
Boston
New York
Buffalo
--.
Cleveland
Pittsburgh
Richmond
Baltimore
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans..Chicago
Detroit
St. Louis
Little Rock
Louisville
Memphis
_
Book
value,
net
Date occupied
$662,157 $3, 542, 603 $4, 204, 760 $5,451,486 $3,168, 345March 1922.
October 1924.
5, 214, 459 3,145,152 11, 796,899 14,
,156,510 1,885,770
10,
:, 942,051 220,156,510
i 255,000
465,707 465, 707 720, 707 551,700 M a y 1928.
1,900,830
Philadelphia
Total
cost of
land and
buildings
4,193,286 16,094,116 4,411,110 December 1917.
533, 206
1, 295, 490 1, 561,400 6,464, 253 8,025,653 9,321,143
781,364 352, 411 1,049, 450 1, 401,861 2,183,225
271,924 482, 652 2,040, 207 2, 522,859 2,794, 783
250,487 330,439 1, 247,049 1, 577, 488 1,827,975
283,000
124,137
45,842
1 48,000
201, 250
4,614, 243 August 1923.
2,014,535 December 1931.
1,665,004 October 1921.
1,382, 335 September 1928.
175, 279 1, 355,487 1, 530, 7 1,813, 766 1,061,174 October 1918.
46,788 311,336 358,124 482, 261 331,882 January 1927.
176,090 June 1924.
214,312 240, 268 286,110
25,956
211,616 236,717 284,717 159,871 December 1922.
25,101
159, 502 738,404 897,906 1,099,156 596,140 October 1923.
2,963, 548 1, 282,301 6, 233,952 7, 516, 253 10,479,801 4,099, 314 July 1922.
114,566 1,006,869 1,121,435 1, 771, 435 855,249 December 1927.
650,000
1, 355, 374 1,141, 279 2,111,1
3, 253,088 4,608,462 1,899,907 June 1925.
244,410 March 1925.
103, 608 233,079 336,687 421, 694
85,007
35,060 226, 259 261,319 392,496
212, 709 June 1919.
i 131,177
233,645
44,062
271,471 June 1929.
277,707 378,613
100,906
Minneapolis
Helena
Kansas City
Denver
Oklahoma City.
Omaha___
-
600, 521
i 5,000
625, 571 2,316, 746 2,942, 317 3, 542,838 1,532,112 February 1925.
47,881 February 1921.
156,290 172,399
177,399
16,109
495,300
101,512
65,021
176,427
836,816 3,391,101 4, 227,917 4, 723, 217 2, 292, 330
387, 636
611,981
60, 593 449,876 510,469
318,677
552, 391
77,480 409,890 487,370
448, 566
647,844
73,479 397,938 471,417
Dallas
El Paso
Houston—
San Antonio
189,831
39,003
66, 313
75,002
352, 671 1,172,133 1, 524,804 1, 714, 635 1,062,598 March 1921.
122,193
105,431 August 1920.
161,196
10,824 111,369
286,161 February 1922.
413,115
60,001
286,801 346,802
229,775 October 1928.
253,782
21, 238 157,542 178, 780
San Francisco. Los Angeles
Salt Lake City.
412,996
453,458
114,075
784,102 3,144,407 3,928, 509 4, 341, 505 2,134,664 December 1923.
282, 698 988,109 1, 270,807 1,724, 265 1, 330, 278 April 1930.
84,814 341,449 426, 263
403,891 February 1927.
540,338
Total
November 1921.
November 1925.
April 1923.
December 1925.
19,998,980 13, 507, 315 56, 466,667 69,973,982 89,972,962 49,161,259
OTHER REAL ESTATE ORIGINALLY ACQUIRED FOR BANKING HOUSE
New York:
Annex building
No. 10 Gold Street.
Richmond (Annex
building)
Pittsburgh
Total...
$592,679
i 45,000
PURPOSES
$215, 418 $1,451, 570 $1, 666,988 $2, 259, 667 $1,317, 220
125,864
125,864
170,864
92,300
80,333
i 297,000
104,217
138,994
482,482
560,460
1,015,012
458,629
2,620,376
667,032
996,454
247, 581
391,577
3,079,005 4,094,017
2,048,678
586,699
699,454
1 Purchased buildings—"Cost of land" represents appraised value, remainder of purchase price included
in "Cost of buildings."
2 Estimated cost to complete addition, $799,000.
3 Estimated cost to complete addition, $624,000.
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.
110
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS
No. 37.—EARNINGS OF FEDERAL RESERVE BANKS, BY SOURCES, 1914-34
Earnings
Total
1914-15
1916
1917
1918
1919
_
1920
1921
1922
1923
1924
1925
1926 .
1927
1928
1929
- .
.
1930
1931
1932
1933
1934 .
Total.
On
discounted
bills
On
purchased
bills
On
U. S. Government
securities
Deficient
reserve
penalties
From
miscellaneous sources
$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
$244,664
1,560,918
4,951,729
11, 939,808
13,994, 544
$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
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
22, 020,158
5, 234,141
5,628,956
9,371,288
5, 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
41,800,706
47,599,595
43,024,484
64, 052,860
70, 955, 496
17, 679,549
22,551, 561
17, 010,778
38,334,140
47, 790,662
9,103,915
10, 003, 081
9,206,677
13,020,535
12, 063,349
12,783, 001
12,589,119
14,206,174
10,827,702
8,163,486
310,406
382,946
273,839
277,401
449, 653
1,923,835
2,072,888
2,327,016
1,593,082
2,488,346
36, 424,044
29, 701,279
50,018,817
49,487, 318
48,902,813
10, 672,215
9,820,546
17,881,058
9,137,038
1, 231, 367
6,081,187
5, 009,541
2, 785,213
1,238,068
141,225
17, 273,331
12,428,297
26,923,568
37,529,872
46,130,941
225,748
296,960
541,432
191,051
15,249
2,171,563
2,145,935
1,887,546
1,391,289
1,384, 031
1,119,162,292
664,521,496
149,308,806
264,325,867
8,843,731
32,162,392
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS
No.
111
38.—TOTAL EARNINGS, CURRENT EXPENSES, AND N E T EARNINGS OF
SERVE BANKS AND DISPOSITION MADE OF N E T EARNINGS, 1914-34
Earnings and expenses
Total
earnings
Aggregates, years
1914-34:
Boston
New York
Philadelphia Cleveland
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis.._
Kansas City...
Dallas
San Francisco.
Current
expenses
Net
earnings *
All Federal Reserve banks:
1914-15
1916.
1917
1918
1919
Dividends
paid
Transferred to
surplus
(Sec. 7)
Transferred
to
surplus
(Sec.
13b)
Franchise
tax paid
to U. S.
Government 2
$74, 706,106 $33,738,130 $37, 434,445 $10,193,923 $20,132,282 -$3,155
330, 226, 262 112,519,436 204,480,460 43,988,481 92,493, 411 - 7 , 6 9 4
-896
86, 586, 757 35, 063, 402 47, 025,095 13,376, 305 28,090,785
98, 791,191 42, 647, 605 47,416,110 14,063,710 28, 518,109 - 8 , 1 5 6
$7, 111, 395
68,006, 262
5, 558,901
4,842,447
10,994, 050
-298
10,811, 741 - 2 , 6 3 2
41, 098,878 - 2 6 , 322
9, 747,851
-47
6, 200,189
8,950, 561
25,313,526
2,755,629
-4,832
- 3 , 622
5,202,900
6,939,100
560, 049
7, 697,341
52,227, 279
53,440, 784
159,152,867
47,922,073
24,846,847
21,838,849
63, 706,371
24,471,134
23,361,566
24,812, 460
83, 502,887
17,808, 904
6,167, 625
5, 052, 790
17,116,805
5, 305,471
36,292,931
53,186,478
39,266,942
87,362,622
17, 218,195
29,259,105
21,772, 597
42, 579,745
16,254, 496
19,521,684
13, 288,483
36, 772, 701
3, 626,976
4,842, 248
4, 591, 749
9, 582, 902
-141,459
2,750,998
9,579,607
52,716,310
78, 367,504
2,173,252
5, 217, 998
16,128,339
67,584, 417
102,380, 583
2,320,586
2,273,999
5,159,727
10,959, 533
19,339, 633
1920
1921
1922
1923
1924
181,296, 711
122,865,866
50, 498, 699
50, 708,566
38,340,449
28,258,030 149,294,774
34,463,845 82,087,225
29,559,049 16,497,736
29,764,173 12,711,286
3,718,180
28,431,126
1925
1926
1927
1928
1929
_
41,800,706
47, 599,595
43, 024,484
64,052,860
70,955,496
27,528,163
27,350,182
27,518,443
26,904,810
29,691,113
9,449,066
16, 611,745
13, 048,249
32,122, 021
36,402, 741
_..
36,424,044
29, 701, 279
50,018,817
49,487,318
48,902,813
28,342, 726
27,040, 664
26, 291,381
29, 222,837
29,241,396
7,988,182
2,972, 066
22,314,244
7,957,407
15, 231,409
Total
Disposition of net earnings
7,429,452
7,743,958
8,136, 685
19,495,127
- 2 , 669
1,119,162, 292 469, 661, 416 571, 679, 291 137,908, 985 284, 692,329 - 6 0 , 3 2 3 149,138,300
Total
1930
1931
1932
1933
1934
RE-
217, 463
1,742, 774
6,801,726
5,540,684
5,011, 832
1,134, 234
48,334,341
70,651, 778
2, 703,894
5, 654, 018 82,916, 014
6,119, 673 15, 993, 086
-659,904
6,307, 035
2,545,513
6,552,717
6,682,496 -3,077,962
60,724, 742
59,974,466
10,850, 605
3, 613,056
113,646
2,473,808
8,464,426
5,044,119
21, 078,899
22,535, 597
59,300
818,150
249, 591
2, 584, 659
4,283, 231
6,915,958
7,329,169
7,754,539
8,458,463
9,583,913
10,268, 598 -2,297,724
10,029,760 - 7 , 057, 694
9,282,244 11,020, 582
8,874,262
-916,855
8, 781, 661
6, 510, 071 -60,323
I,134, 234
17, 308
2, 011,418
1,119,162,292 469, 661,416 571, 679, 291 137,908, 985 284, 692,329 -60,323 149,138,300
1 Total earnings less current expenses, depreciation charges, and net losses.
2 The Banking Act of 1933 eliminated the provision in the Federal Reserve Act requiring the payment
of a franchise tax.
No. 39.—EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING 1934
EARNINGS
Total
Discounted bills
Purchased bills
. . - Industrial advances
United States Government securities.
Commitments to make industrial advances
Deficient reserve penalties
Miscellaneous
Total earnings
$1,231,367
141,225
121, 274
46,130, 941
16, 635
15, 249
1,246,122
48,902, 813
Boston New York Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis Minneapolis
Kansas
City
Dallas
San Francisco
$429,833 $455,972
$73,547
$27, 964
$56,403
$47,188
$48,227
$12, 520
$15,628
$28, 778
$27, 695
$7, 612
18,935
14,105
26, 537
10,049
4,716
5,129
17,069
4,762
3,224
4,805
15,991
15, 903
8,504
5,701
16,189
17,323
16, 513
10,971
9,422
5,846
15, 928
3,408
3,064
8,405
2, 934,435 15, 475, 254 3,151, 641 3,953,101 1,825, 339 1,631,014 7,843, 286 1,741,855 1,346, 610 1, 691,986 1,449, 799 3, 086, 621
1,828
793
48,182
3,565
3,016
142,828
1,173
88,864
1,421
3,486
86,195
3,838
685
80, 307
713
1,311
121,835
2
717
233,648
3,031
699
55, 740
1,213
32, 494
730
589
229, 802
918
39,334
1,507
649
86,893
3, 055, 928 16,081,935 3, 725,022 4,137, 556 1,987,801 1, 818,161 8,152,371 1,824,453 1,415,097 1,960,098 1,521,971 3, 222,420
CURRENT EXPENSES
Salaries:
Officers
Clerical employees
Other employees
_
—
Contributions—Retirement system..
Governor's conferences
Federal Reserve agents' conferencesFederal Advisory Council
Directors'meetings
Industrial Advisoryl Committee
Traveling expenses
Assessments for Federal Reserve
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
house
Rent—
Office and other supplies
Printing and stationery
Telephone.—
Telegraph
Postage
$2,721, 799
11,501,916
3, 396, 898
1,343,116
5,667
3,325
13, 507
149, 80S
10, 931
282, 571
$139,338
771,574
161,517
85,568
344
181
1,150
6,641
1,296
14, 214
1, 372, 022
106, 392
99, 609
13, 674
486, 560
11,888
141, 761
8,177
130,157
12,818
51,046
93
306, 240
325, 823
1, 352, 279
373,135
42,989
19,470
136,175
22, 331
64, 519
65, 595
402, 096
74,104
34,141
24, 765
71, 563
30, 905
30,075
22, 241
132,394
43, 740
145,233
163, 227
348,537
400,098
245,385
300,983
2, 228,778
8,309
342
21,090
41, 530
18,791
4,965
261,791
28,749
27,109
1,139
36, 256
29,344
33,438
6,271
207, 222
11,827
82,917
36, 618
38, 801
20,909
20,976
206,781
$571,058 $158,357 $241, 221
3,106, 227 1,033,943 1,100,401
470,052
875,187
172, 564
126,901
340,448
104, 659
421
126
121
109
197
61
694
655
750
11,023
21, 645
7,716
1,412
1,029
82
36,660
51, 683
31, 776
72, 315
72,920
77, 265
17,338
360,119
$183,330
627, 069
182, 529
80,802
137
80
350
6,823
634
21,629
$208, 576 $354, 298
410,001 1, 440, 274
95,143
463,886
52, 615
170, 660
253
263
153
370
911
924
17,924
9,212
825
976
32,104
15,617
$167, 302
556,140
158, 890
72, 769
415
629
1,350
13, 406
1,085
12,348
47,133
12, 267
164, 711
4,117
19,086
18,947
66, 542
16,840
18,993
18,194
57, 801
19,194
2,035
15, 937
21, 658
21, 680
8,254
25,803
161, 243
4,422
4,489
16,970
26,966
6,102
43,816
130, 574
34, 837
43, 960
18,872
25, 000
264, 568
$115,
427,
119,
50,
322
566
534
260
720
416
1,308
7,994
1,371
23, 412
$177, 740
617, 844
231, 779
89,878
563
255
1,350
22, 545
1,323
9,397
$164, 680
423, 231
114,825
56, 809
887
371
1,465
7,551
350
6,629
$240, 574
987,646
350,992
111, 747
1,417
503
2,600
17, 328
548
27,102
44, 001
818
31, 535
12, 503
38, 833
10, 846
38, 525
9,092
98,151
10, 099
34, 256
27,317
135, 822
44, 543
5,901
25, 241
53,333
23, 517
10, 111
23, 312
83,698
20,322
10, 572
35, 448
85, 300
32, 689
12, 739
19, 212
33, 435
18,138
22, 858
26, 081
94,120
26,812
19,428
9,015
3,000
13,865
29, 254
14,066
29, 261
105, 380
11, 759
14,186
20, 215
22, 601
7,812
13, 736
115, 608
25,989
22, 306
7,670
41, 536
151, 983
4,152
1,380
12,174
15, 705
9,988
26, 047
109, 765
4,242
54,023
36, 550
35, 031
22, 218
46, 234
153,744
Expressage
M iscellaneous expenses
- .
Total, exclusive of cost of currency_
Federal Reserve currency:
Original cost
Cost of redemption
Taxes on Federal Reserve banknote circulation
_
_.
Total current expenses
446,665
671,340
50, 807
35,631
28, 215, 675
1,959, 327
497, 576
142, 200
45, 797
11,862
385, 945
29, 241, 396
16, 726
2, 033, 712
45, 658
69,499
111, 568
141,471
32,872
55,849
30,927
38, 698
31,521
29,074
54, 029
82, 698
13, 862
40,920
7,327
38, 725
20, 323
34, 473
22, 751
32, 075
25, 020
72, 227
6,954,801 2, 277, 277 2, 867,833 1, 602,172 1, 269, 534 3, 427,125 1, 395, 768 1,167,167 1, 684,828 1,141,976 2, 467, 867
154,175
37,305
55, 286
13,108
27,167
10,001
20, 027
7,801
24, 590
6,430
72, 310
23,949
37, 777
8,962
24,137
4,842
20, 327
5,686
2,095
3,210
13, 888
9,044
19, 542
13, 830
11,099
13, 027
9,184
3,969
5,540
28, 454
41, 568
189,709
33,297
7,335,990 2, 378, 968 2, 946,569 1, 633, 969 1, 306, 094 3, 551, 838 1, 455, 534 1, 205, 330 1, 721,940 1,161, 111 2, 510, 341
PROFIT AND LOSS ACCOUNT
$48,902,813 $3,055,928 $16,081,935 $3, 725,022 $4,137,556 $1,987,801 $1,818,161 $8,152,371 $1,824, 453 $1, 415,097 $1,960,098 $1,521,971 $3, 222,420
29,241,396 2,033,712 7,335,990 2,378, 968 2, 946,569 1, 633,969 1,306,094 3, 551,838 1,455,534 1,205,330 1, 721,940 1,161,111 2, 510,341
Earnings
._
Current expenses
Current net earnings
Additions to current net earnings:
Profit on U. S. Government securities sold
Withdrawn from reserves for
losses
All other
19, 661,417
1,022, 216
7,992,543
521,658
8, 745,945 1, 346,054 1,190,987
353,832
512,067 4,600,533
368,919
209,767
238,158
360,860
712, 079
2,481,437
327, 207
293, 043 1,498, 266
308, 050
192,914
297,302
253,275
552, 730
558,768
707,893
128, 579
25, 559
128, 579
804,877
45,963
239,948
66,040
61,758
25, 259
113, 724
32, 550
91,670
28,880
28,829
44, 697
.__
8,925,999
567,621
2,721,385
624, 808
769,651
352,466
447,181 1,611,990
340,600
284,584
326,182
282,104
597, 427
Deductions from current net earnings:
B ank premises—depreciati on
Furniture and equipment—
Reserve for losses
Reserve for self-insurance
All o t h e r -
4, 215,939
238,123
7,186,865
1, 628, 657
86,423
55,832
5,115
595,609
250,000
26, 355
650,926
158,866
17,475
700,000
109, 219
15, 427
259,188
84,997
15,701
207,025
41,600
9,117
824
10,343
96,811
7,795
28,750
183,802
3,648
73,278
4,491
80,440
150,000
2,886
219,880
12,098
433,323
702
47,115 2, 434, 800
14,183
16,506
1.352,519
237, 750 1,000,000
4,207
4,388
498,714
27,128
42,857
489
186,427
75,849
2,836,228
57,105
4,587
13, 356,007
657,045
3,160,196
927,983
917,941
392,951
303, 436 4,808, 032
569, 523
318,066
320,806
311,095
668,933
438, 811
303,175
148,290
Total additions ._
Total deductions
_
Net deductions from current net earnings
Net earnings.
Dividends paid
Withdrawn from surplus (sec. 13-b)__
Transferred to surplus (sec. 7)..
3,632
4,430,008
89,424
40,485 -143,745 3,196,042
228,923
33,482
- 5 , 376
28,991
71, 506
15, 231,409
932, 792
8,307,134 1,042,879 1,042,697
313,347
655,812 1,404,491
139,996
176, 285
243, 534
331,869
640, 573
8, 781, 661
60,323
6, 510,071
644,075
3,155
291,872
3,567, 690
7,694
4, 747,138
299,050
298
14, 595
264,093
2,632
394, 351
241,009
761,334
47
26, 322
669,479 - 1 0 0 , 9 6 6
181,117
4,832
247,156
3,622
237,924
643, 242
2,669
925,875
896
117, 900
769,096
8,156
281, 757
93,945
i Other than those connected with governors' and agents' conferences and meetings of directors, the Federal Advisory Council, and the Industrial Advisory Committees.
Back figures.—See Annual Report for 1933 (table 46).
N o . 4 0 , — R E I M B U R S A B L E E X P E N D I T U R E S OF F E D E R A L R E S E R V E B A N K S D U R I N G
1934
[Expenditures asfiscalagents and custodians for the Treasury Department and XJ. S. Government agencies. Not included in "current expenses" as shown in the preceding table]
Treasury Department-.
_-.
Reconstruction Finance CorporationOther U. S. Government agencies
Total..
Total
Boston
New
York
$778,715
2,364, 593
510, 589
$47,304
44,351
15,836
3,653,897
107, 491
Cleveland
Richmond
$102,694
175,241
88. 624
$32,666
115, 275
2,749
$85,516
209,597
11,862
366,459
150, 690
306, 975
St. Louis Minneapolis
Atlanta
Chicago
$38,494
205,508
32, 497
$19,680
256, 619
18, 626
$180,142
641,217
14,197
$43,384
182,092
67, 649
276, 499
294, 925
835, 556
293,125
Kansas
City
Dallas
$50,166
99,398
72,197
$94,636
173,266
104,770
221,761
372, 672
San Francisco
jj>
^
$31,642
129,951
30,647
$52,491
132,078
50,935
S
£n
192, 240
235,504
t*
t-ri
ORT O
Backfigures.—SeeAnnual Report for 1933 (table 47).
Philadelphia
GO
feJ
FEDERAL RESERVE NOTES
No.
4 1 . — F E D E R A L RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE E N D OF EACH MONTH
[In thousands of dollars]
1934
1933
Dec. 31
Jan.31
Feb. 28
M a r . 31
Apr. 30
M a y 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
Federal Reserve notes received from the
Comptroller,Federal Reserve notes held b y Federal
Reserve agents
3,603,476 3,702, 261 3,622,167 3, 524, 627 3,475,122 3,425,724 3,391,768 3,343,828 3, 255, 636 3,209,117 3,163,652 3,132,147 3,106, 553
Federal Reserve notes issued to Federal
Reserve banks:
Held b y issuing Federal Reserve
bank
.
Held by other Federal Reserve banks.
Held by U. S. Treasury
!
In circulation
254, 700
226,149
270,262
245,007
256, 672
270,120
249, 672
263,382
253,673
262,983
282,908
299, 258
290,485
13,293
21,124
15,780
16,569
18,414
17, 571
19, 202
20,364
19,744
28, 502
18,460
16,333
16,653
16,154
16,370
13, 585
17,524
16,506
16,498
13,709
14, 588
15,340
16,989
17,200
15,943
I,043,883 2,893,957 2,949,358 3,005,364 3,025,192 3,037, 525 3,068,403 3, 044,421 3,102,801 3,131,362 3,123,509 3,176,027 3,175, 616
6,953,281 6,883,204 6, 846,811 6, 789, 079 6,791,898 6,764,525 6,742, 754 6, 711,330 6,652,740 6, 639,166 6, 607,337 6, 599,125 6, 626,918
3,349,805 3,180,943 3,224,644 3, 264,452 3,316,776 3, 338, 801 3,350,986 3, 367,502 3,397,104 3,430,049 3,443,685
Total notes issued.
Collateral held as security for Federal
Reserve notes issued to Federal Reserve banks:
Gold certificates:
In vault.In gold fund—Federal Reserve
Board
3,520,365
1
2
845,689
1,475,308
799,905
712, 242
712, 242
712, 242
712, 242
712,242
710, 502
710,502
710,502
710,502
1,149,745 1,670,629 1,919,629 2,060,929 2,275,029 2,294,529 2,329,414 2,384,914 2,421,414 2,462,914 2,513,914 2,535,914 2,605,698
Total gold certificates—
Eligible p a p e r . . .
U. S. Government securities..
2,625,053 2,516,317 2, 765,318 2, 860,834 2,987, 271 3,006,7711 3,041,656 3,097,156 3,133,656 3,173,416 3,224,416 3,246,416 3,316,200
9,666
54,621
9,238
5,487
158,736
9,299
188,440
95,149
23,025
16,244
11,803
12,685
13,407
256,700
241,400
570,100
385,300
298, 800
277,800
600,500
412,800
350,400
359,300
298,400
294,000
322,000
Total collateral held
Collateral required as security for Federal Reserve notes
_
Collateral pledged in excess of Federal
Reserve notes issued
3,349,805 3,180,9431 3,224, 644! 3,264,452 3,316,776 3,338,801 3,350,986 3,367,502 3,397,104 3,430,049 3,443, 685 3,466,978 3,520,365
3,413,993 3, 245,153 3,273, 267 3,300, 755 3,360, 696 3,382,315 3,377,063 3,407,359 3,440,341 3,481,515 3,511,454 3,512,782 3,563,087
64,188
64,210
36, 303
43,920
43,514
26,077
39,857
43,237
51,466
67,769
45,804
42,722
1 This figure corresponds with that given under the same caption in table 49. It differs from that given in table 16 by the amount of Federal Reserve notes held by (a) other
Federal Reserve banks and (b) the U. S. Treasury.
2 Includes $32,176,000 gold bullion and $598,912,000 United States gold coin.
Back figures.—Sen Annual Report for 1933 (table 48).
GO
FEDERAL RESERVE BANK NOTES
No, 42.—FEDERAL RESERVE BANK NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE END OF EACH MONTH
[In thousands of dollars]
1933
1934
Dec. 31
Jan. 31
Feb. 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
421,381
415,041
423,520
365,761
332,778
323,583
313,298
300,517
299,524
298,598
297,741
297,078
296,589
187,656
189,541
203,776
232,866
243, 926
249,895
252, 240
254,799
256,399
256,899
257,949
258, 249
258,999
24, 728
1,200
1,919
205,878
22, 443
1,338
1,930
199, 789
24,368
1,540
1,877
191,959
16,019
1,402
2,360
113,114
14,270
2,091
2,159
70,332
13,440
2,655
2,242
55, 351
14,376
2,314
2,332
42,036
11,906
3,211
3,644
26,957
11,195
3,007
2,968
25,955
11,320
2,945
2,096
25,338
11,128
3,385
1,373
23,906
11,306
2,834
1,924
22,756
11,200
4,483
2,318
19, 589
233,725
225, 500
219, 744
132,895
88, 852
73,688
61,058
45, 718
43,125
41,699
39, 792
38,829
37, 590
2 021
256,774
1 495
253,774
1 144
249, 774
971
161,774
9
110,774
81,474
66,474
51,974
48,474
47,474
45, 274
44, 574
42,874
Total collateral held
- 258,795
Collateral required as security for Federal Reserve
233,725
bank notes
._ «
_
255, 269
250,918
162, 745
110, 783
81,474
66,474
51,974
48,474
47,474
45,274
44,574
42,874
225, 500
219, 744
132,895
88,852
73,688
61,058
45,718
43,125
41,699
39, 792
38,829
37,590
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
bank:
Held by issuing Federal Reserve bank
Held by other Federal Reserve banks
Held by U S Treasury _> .
In circulation *___
_
Total notes issued..
Collateral held as security for Federal Reserve bank
notes issued to Federal Reserve banks:
Discounted and purchased bills
U. S. Government securities.
-
* This figure differs from that given in table 16 by the amount of Federal Reserve bank notes held by (a) other Federal Reserve banks and (b) the XJ. S. Treasury and from table
49 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 1933 (table 49).
3
tel
s
1
o
GOLD STOCK, GOLD MOVEMENTS, AND
MONEY IN CIRCULATION
117
GOLD
No. 43.—MONETARY GOLD STOCK
X
OF THE UNITED STATES, 1914-34
[In millions of dollars; $1=25.8 grains of gold 9/10 fine, i. e., an ounce of fine gold=$20.67 through Jan.
31,1934; subsequently $l=15%i grains of gold Ho fine, i. e. an ounce of fine gold=$35]
End of
month
January. _.
February..
March
April
May.
Tune
July.
August
September.
October
NovemberDecember.
E n d of month figures
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
,632
,644
,655
,642
.,604
,572
1,566
1,557
1,521
1,520
1,526
1,535
1,551
1,582
1,606
1,642
1,699
1,720
1,789
1,837
1,911
1,973
2,025
2,038
2,038
2,036
2,031
2,049
2,158
2,219
2,262
2,343
2,427
2,449
2,556
2,635
2,709
2,818
2,850
2,846
2,933
2,903
2,878
2,864
2,866
2,867
2,873
2,875
2,878
2,879
2,885
2,876
2,875
2,874
2,866
2,869
2,872
2,873
2,875
2,878
2,878
2,890
2,890
2,826
2,777
2,838
2,860
2,816
2,757
2,707
2,643
2,600
2,563
2,554
2,569
2,578
2,575
2,564
2,586
2,581
2,610
2,639
2,679
2,713
2,799
2,877
2,944
3,398
3,436
3,463
3,477
3,484
3,060
3,152
3,232
3,285
3,340
3,373
3,542
3,568
3,586
3,601
3,619
3,642
3,666
3,676
3,683
3,695
3,741
3,763
3,792
3,824
3,849
3,880
3,920
3,957
End of month
January. __
February..
March
April
May
June
July
August
September.
October...
November.
December.
1925
1926
1927
1928
1929
1930
1931
1932
1933
4,136
4,077
4,052
4,055
4,070
4,073
4,080
4,095
4,095
4,120
4,110
4,112
4,125
4,136
4,155
4,151
4,146
4,160
4,184
4,186
4,179
4,186
4,190
4,205
4,277
4,299
4,310
4,323
4,321
4,300
4,293
4,301
4,284
4,254
4,164
4,092
4,086
4,075
4,018
3,979
3,873
3,822
3,826
3,836
3,838
3,855
3,841
3,854
3,840
3,866
3,901
3,973
4,014
4,037
4,054
4,073
4,085
4,099
4,080
3,997
4,004
4,066
4,136
4,204
4,230
4,248
4,230
4,214
4,224
4,248
4,284
4,306
4,356
4,378
4,410
4,439
4,511
4,669
4,662
4,708
4,454
4,005
4,127
4,173
4,129
4,067
4,103
4,080
3,865
3,632
3,687
3,801
3,906
3,977
4,053
4,226
4,266
4,093
3,995
4,025
4,028
4,031
4,033
4,041
4,037
4,036
4,036
4,036
Averages of end of month figures
Month
January
February...
March
April
May
June
July
August
September. _
October
November. _
December. _
1914
1915
1916
1,631
1,634
1,638
1,649
1,648
1,623
1,588
1,569
1,561
1,539
1,520
1,523
1,530
1,543
1,567
1,594
1,624
1,670
1,709
1,755
1,813
1,874
1,942
1,999
2,032
2,595
2,038
2,672
2,037
2,763
2,033
2,834
2,040
2,848
2,103 2,890
2,188
2,918
2,241 2 2,896
2,303 2 2,865
2,385 2 2,864
2,438 2 2,866
2,502 2 2,866
1917
1924
4,002
4,036
4,077
4,124
4,168
4,201
4,224
4,234
4,224
4,222
4,240
4,212
1934
4,033
7,438
7,694
7,757
7,779
7,856
7,931
7,978
7,978
8,002
8,132
8,238
Averages of daily figures
1918
1919
1920
1921
1922
1923
1924
2,865
2,872
2,875
2,876
2,876
2,875
2,874
2,870
2,869
2,864
2,868
2, 869
2,873
2,875
2,874
2,879
2,674
2,622
2,572
2,534
2,548
2,567
2,575
2,568
2,560
2,568
2,586
2,607
2,644
2,688
2,753
2,830
2,910
2,967
3,018
3,105
3,192
3,260
3,308
3,356
3,385
3,417
3,449
3,469
3,481
3,489
3,516
3,553
3,573
3,597
3,609
3,630
3,658
3,673
3,679
3,688
3,706
3,753
3,774
3,810
3,836
3,868
3,895
3,939
3,979
4,015
4,053
4,096
4,146
4,184
4,216
4,229
4,228
4,219
4,230
4,220
2,882
2,800
2,827
2,856
2,833
2,783
2,734
Averages of daily figures
Month
January . . .
February..
March
April
May
June
July
August
September.
October...
November.
December.
1925
1926
1927
1928
1929
1930
1931
1932
1933
4,181
4,105
4,053
4,053
4,066
4,073
4,075
4,085
4,099
4,104
4,120
4,110
4,120
4,138
4,157
4,161
4,147
4,151
4,173
4,180
4,184
4,185
4,190
4,194
4,240
4,289
4,308
4,314
4,364
4,319
4,288
4,298
4,297
4,279
4,203
4,129
4,090
4,086
4,048
4,000
3,920
3,832
3,826
3,831
3,838
3,846
3,864
3,855
3,828
3,856
3,879
3,939
4,005
4,024
4,048
4,064
4,081
4,094
4,087
4,037
3,995
4,030
4,107
4,156
4,218
4,241
4,245
4,209
4,216
4,233
4,266
4,296
4,335
4,369
4,395
4,424
4,480
4,578
4,671
4,688
4,661
4,160
4,076
4,163
4,165
4,097
4,085
4,094
3,986
3,669
3,654
3,743
3,853
3,939
4,005
4,142
4,260
4,204
3,974
4,014
4,026
4,030
4,032
4,040
4,037
4,036
4,036
1934
4,036
7,138
7,602
7,736
7,759
7,821
7,893
7,971
7,971
7,989
8,047
8,191
i Gold coin and bullion (including foreign coin) held b y United States Treasury and Federal Reserve
banks (including gold held under earmark abroad). 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; 1919, January-March, $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; AugustSeptember, $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.
a Averages of daily figures.
NOTE.—With respect to revaluation of gold stock as of Jan. 31, 1934, and the exclusion of $287,000,000,
see footnotes to table 1. For figures as of other dates see tables 1, 3, 4, and 6.
119
129288—35
9
120
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No.
&<k.—ANALYSIS OF CHANGES
IN MONETARY GOLD
STOCK,
1921-34
[In millions of dollars]
Year and
month
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934 *
Gold
InNet restock
Net
lease Other
at end crease
in
facgold from
of year gold
tors 2
earimport
and
mark 1
month' stock
3,373 734.6
3,642 268.5
3,957 315.1
4,212 255.6
4,112 100.1
4,205
92.6
4,092 •112.8
3,854 237.
3,997 142.5
4,306 309.6
4,173 133. 4
4,226
52.9
4,036 •190.4
8, 238 4, 202. 5
1932
January
February-.
March
April
May
June
July
_..
August
September.
October
November.
December.
4,129
4,067
4,103
4, <
3,865
3,632
3,687
3,801
3,906
3,977
4, 053
4,226
-44.2
-62.3
36.0
-23.1
-214.1
-233. 9
58.0
111.7
104.8
70.8
75.6
173.5
667.4
238. 3
294.1
258.1
-134.4
97.8
6.1
-391. 9
175.1
280.1
145.3
-446. 2
—173. 5
1,133.9
18.7
-3.7
33.9
.7
20.3
-42.2
39.8
32.2
2.1
21.1
-26.3
41.3
-160. 2
34.5
119. 5
22.8
-55.4
31.9
-2.4
42.1
-320. 8
457.5
41.6
41.1
-58.0
82. 6 2, 986.1
25.4
-73.0
-90.6
26.4
-24.7
58.3
-30.2
4.0
-195. 5 - 2 2 . 1
-206. 0 - 2 8 . 8
-3.4
56.2
6.1 100.5
27.9
72.3
20.6
45.8
48.6
21.7
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
Month
InGold
Net restock crease Net
lease Other
in
gold
fac- 2
at end
from
of r gold import ear- ] tors
month stock
mark
1933
January.--.
February..
March
April
May
June
July
August
September.
October
November.
December.
40.0 128.5 - 9 1 . 5
3.0
4,266
4,093 -173.4 3 17.8 -178. 3 - 1 2 . 9
25.0
3,995 - 9 7 . 2 3-22.1 - 1 0 0 . 1
5.7
29.5 - 1 0 . 0
4,025
33.7
22.1
3.6 - 2 1 . 1
4,028
2.6
1.9
2.2
4,031
-3.2
3.5
2.7 - 8 3 . 9
4,033
84.5
2.1
7.5 - 8 0 . 4
4,041
79.5
8.4
3.6
4,037 - 3 . 8 —56. 7
49.3
4, 036
26.9
4.8
- . 7 -32.4
4, 036
—.8
.6
.1
4, 036
—.5
-9.1
11.8 - 3 . 1
1934
January ___.
February 4.
March
April
May
June
July
August
September.
October..November.
December.
12 2 - 1 1 . 6
4,033 - 2 . 1
-2.8
7,438 3,405.0 452. 6
68^7 2,883. 8
19.6
7, 694 256.1 237. 3 A - . 8
62.2
7, 757
8.6
54. 7 * - 1 . 1
7,779
22.4
33.6
. 5 -11.6
7,856
77.1
63. 7
1.0
12.5
21.4
7,931
74.4
52. 3
.6
47.4
7.978
11.2
37. 2 - 1 . 1
16.6
7,978
.4 -18.7
2.4
8,002
23. 5
12.4
10.8
.3
9.1
8,132 129.9 120. 9
-.1
14.1
8, 238 106.2
.1
92.1
'1 Revised to exclude $287,000,000; see table 1, note 2.
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
43, note 1, and table 45.
2
Derived from preceding columns, reflecting net result of such factors as domestic production, movements into and out of nonmonetary use, imports and exports that do not affect gold stock during month or
year,
and increment resulting from reduction in weight of gold dollar.
3
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.
4
Increase in gold stock during February 1934 represents principally reduction in weight of gold dollar
on Jan. 31; see note to table 1. Figures based on rate of $20.67 a fine ounce through January 1934 and $35 a
fine ounce thereafter.
Back figures.—For data by months in earlier years see Annual Report for 1933 (table 51).
No.
45.—GOLD HELD UNDER EARMARK BY FEDERAL RESERVE
FOREIGN ACCOUNT, BY MONTHS, 1926-34
BANKS FOR
[In thousands of dollars] i
E n d of month
January—.
February..
March
April
May
June
July
August
September
October. __
November.
December.
1926
19,012
30. 012
53,000
53,000
53,000
53, 580
49, 580
30, 380
32, 780
32, 776
40, 274
39, 266
1927
1928
1929
1930
19,779
16,599
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
18,101
19,101
114,101
114, 601
114,417
116, 918
125.918
150, 919
190.919
199, 419
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
1932
1933
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
98, 326
71,459
70, 859
59, 079
1934
46, 873
10,708
11, 545
12, 678
12,189
11,204
10,615
11,671
9, 252
8,992
9,C77
9,017
i At $20.67 a fine ounce through January 1934 and at $35 a fine ounce thereafter. See footnotes to table 1.
NOTE.—For statistics of gold earmarked abroad for account of Federal Reserve banks see table 43, note 1.
Back figures—See Annual Report for 1933 (table 52).
121
GOLD
No.
46.—GOLD
MOVEMENTS TO
AND
FROM
UNITED
STATES,
BY
COUNTRIES,
1931-34
[In thousands of dollars] i
From—
Belgium
France
Germany
Great Britain
Italy
Netherlands
am..
Sweden
Switzerland
Canada
Central A m e r i c a Mexico
West Indies
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
Australia
British India
China
D u t c h East Indies
Hong Kong
Japan
New Zealand
Philippine Islands
Allother
Total.
1931
1932
1933
24 1,031
19, 394 16, 649 30,079
37,073
381 1,071
7,015 68, 718 55, 204
1
2
18, 690 19, 347
40
22
15
5,573
55
287
81, 252 64, 757 20,141
1,392
850
1,090
25, 319 20, 407 4,859
3,783
525
141, 263 13,000
14
15
105
19
16 1,312
260 1,624 2,337
97
15,116 3,242
1,053
1,007
1,015
7,522 3,242 1,537
6,080 4,384
1,770
1,073
506
2,643 7,510 3,176
8,064 26, 596 25, 629
19, 683 23, 280 5, 931
4,870 2,901
801
14, 641 15, 763 6,890
199, 328 49, 720 6,702
187
185 1,681
3,740 7,052 6,023
3,055
155
1934
12,968
290, 531
4
510,161
899
102, 924
7
12, 656
86, 785
2,978
30, 388
2,221
12
124
12
5,226
16, 952
1,555
1,396
840
1, 029
76,820
171
7
16, 281
4
1931
1932
1933
Belgium
15,607 83, 602
Czechoslovakia. _.
40-..I—
6,504
363, 908 458, 298 246,113
France
Germany
1,047 13, 738 3,603
Great Britain
219 15,132 48, 826
107 24, 044
Italy
5,320
Netherlands
50, 327 115, 277 11, 445
Norway..
Poland and Dan620
63
zig.
Portugal—
-_.
2,088 2,386
602
5,002
Sweden
35
Switzerland
19, 823 118, 560 11, 631
247
Canada
116
184
6
Central America100
3
Mexico
3,052
320
579
15
Argentina
1,660
24
Ecuador
1,082
Peru
126
52
Venezuela
150
Turkey
3,004
63
All other
355
1934
4,059
29, 991
147
8,530
12
7,414
254
173
288
1,891
12,038
1,681
612,119 363, 315 193,197 1,186, 671
Total.
466, 794 809, 528 366, 652
52, 759
* With some exceptions figures represent customs valuations at rate of $20.67 a fine ounce through January
1934 and $35 a fine ounce thereafter. See note to table 1.
Back figures.—See Annual Report for 1930 (table 29). For figures by months see Federal Reserve Bulletin.
122
ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD
No. 47.—GOLD MOVEMENTS TO AND FROM UNITED STATES, 1921-34
[In thousands of dollars] i
Year and month
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
__
—
„_
_
Net imports or
exports
()
Imports
Exports
691,248
275,170
322,716
319, 721
128, 273
213, 504
207, 535
168, 897
291, 649
396,054
612,119
363,315
193,197
1,186,671
23,891
36,875
28, 643
61, 648
262,640
115, 708
201,455
560, 759
116, 583
115,967
466, 794
809, 528
366, 652
52,759
667, 357
238, 295
294,073
258,073
-134,367
97, 796
6,080
- 3 9 1 , 862
175, 066
280,087
145, 325
-446,214
-173,455
1,133,912
January
February
March
April
May
June
July
August
September..
October
November..
December. _.
34,912
37, 644
19, 238
19, 271
16,715
20,070
20,037
24,170
27,957
20, 674
21, 756
100,872
107,863
128, 211
43,909
49, 509
212,229
226,117
23, 474
18, 067
60
61
16
13
-72,951
- 9 0 , 567
- 2 4 , 671
- 3 0 , 239
-195,514
- 2 0 6 , 047
- 3 , 437
6,103
27, 897
20, 613
21, 740
100, 859
January
February
March
April
May.
June
July
August
September-.
October
November..
December. _.
Net imports or
exports
()
Imports
Exports
128,479
2 39,297
2 6, 048
6,769
1,785
1,136
1,496
1,085
1,545
1,696
2,174
1,687
14
21,521
28,123
16,741
22, 925
4,380
85,375
81,473
58, 281
34,046
2,957
10,815
128, 465
2 17,776
-22,075
-9,972
-21,140
- 3 , 243
- 8 3 , 879
-80,388
- 5 6 , 736
—32, 350
-783
-9,128
1,947
452, 622
237,380
54, 785
35,362
70, 291
52, 460
51, 781
3,585
13, 010
121,199
92, 249
4,715
51
44
37
1,780
6,586
114
14, 556
22, 255
2,173
310
140
-2,768
452, 571
237,336
54, 748
33, 582
63, 705
52, 346
37, 225
-18,670
10,837
120, 889
92,109
1933
1934
1932
January
February...
March
April.
May
_
June
July
August
September.
October
November.
December. .
Month
1 With some exceptions figures represent customs valuations at rate of $20.67 a fine ounce through January
1934
and $35 a fine ounce thereafter. See note to table 1.
2
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 1933 (table 54).
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
123
MONEY IN CIRCULATION
N o . 4 8 . — U N I T E D STATES M O N E Y IN CIRCULATION,1 BY M O N T H S ,
1914-34
[In millions of dollars. Forfiguresby weeks, see tables 3 and 4]
End of month figures
End of
month
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
January
February.__
March. _
April
May.__
JuneJuly
August _ .
September-.
October
November..
December..
3,215
3,216
3,221
3,243
3,246
3,172
3,107
3,254
3,445
3,457
3,123
3,032
2,966
2,955
2,977
2,997
3,030
3,033
3,036
3,115
3,168
3,232
3,257
3,302
3,305
3,316
3,326
3,334
3,298
3,362
3,371
3,450
3,535
3,589
3,590
3,679
3,702
3,833
3,886
3,907
3,969
2 3,779
3,686
3,693
3,764
3,820
3,965
4,086
3,849
4,028
4,109
4,147
4,129
4,195
4,277
4,489
4,740
4,858
4,908
4,951
4,632
4,635
4,661
4,656
4,631
4,590
4,583
4,661
4,750
4,840
4,982
5,091
4,890
5,073
5,104
5,122
5,165
5,181
5,167
5,261
5,329
5,411
5,356
5,325
5,016
4,986
4,837
4,793
4,728
4,624
4,510
4,453
4,457
4,408
4,364
4,403
4,154
4,204
4,210
4,181
4,168
4,176
4,137
4,193
4,321
4,359
4,417
4,530
4,327
4,416
4,460
4,472
4,510
4,536
4,500
4,589
4,658
4,642
4,731
4,757
End of month
January
February
March
April
_ .
May
June
July
August _ .
September
October
November
December
1925
1926
1927
1928
1929
1930
1931
1932
1933
4,515
4,561
4,524
4,495
4,550
4,524
4,505
4,579
4,629
4,682
4,757
4,817
4,554
4,617
4,573
4,620
4,636
4,598
4,622
4,643
4,691
4,734
4,750
4,808
4,559
4,598
4,575
4,604
4,606
4,564
4,559
4,567
4,661
4,659
4,665
4,716
4,390
4,403
4,462
4,461
4,457
4,510
4,414
4,516
4,559
4,519
4,703
4,686
4,370
4,411
4,461
4,389
4,451
4,459
4,430
4,553
4,532
4,551
4,642
4,578
4,275
4,292
4,262
4,189
4,264
4,235
4,139
4,246
4,214
4,206
4,373
4,603
4,323
4,333
4,321
4,365
4,415
4,535
4,550
4,765
4,959
5,253
5,249
5,360
5,354
5,317
5,172
5,178
5,193
5,408
5,439
5,405
5,366
5,341
5,361
5,388
5,358
6,258
6,033
5,718
5, 525
5,434
5,343
5,325
5,363
5,348
5, 455
5,519
Averages of end of month figures
1924
4,490
4,600
4,812
4,566
4,618
4,562
4, 469
4, 572
4, 57(5
4,655
4, 765
4,760
1934
5,289
5, 354
5,394
5,368
5,357
5,373
5,317
5,396
5,456
5,453
5,549
5,536
Averages of daily figures
Month
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
January
February...
March _
April
May.. _ .
June
July
August _ __
September-_
October
November..
December. _
3,210
3,215
3,219
3,232
3,244
3,209
3,139
3,180
3,350
3,451
3,290
3,078
2,999
2,960
2,966
2,987
• 3,013
3,031
3,034
3,076
3,142
3,200
3,245
3,280
3,304
3,311
3,321
3,330
3,316
3,330
3,366
3,410
3,492
3,562
3,590
3,635
3,691
3,768
3,860
3,897
3,938
2 3,874
3,733
3
3,714
3 3,774
3 3,865
3 3, 916
3 4, 055
4,019
3,993
4,086
4,136
4,114
4,161
4,233
4,379
4,624
4,847
4,896
4,956
4,763
4,645
4,655
4,683
4, 654
4,604
4,609
4, 626
4,702
4,819
4,921
5,055
4,944
4,998
5,111
5,085
5,127
5,161
5,191
5,222
5,313
5,386
5,375
5,371
5,114
4,976
4,917
4,791
4, 755
4,649
4,570
4,484
4,465
4,434
4,386
4,431
4, 240
4,164
4,196
4,195
4,163
4,142
4,156
4,161
4, 265
4,356
4,384
4,540
4,392
4,385
4,426
4,444
4,477
4,492
4,525
4,546
4,614
4, 654
4,666
4,784
1924
4,560
4,545
4. 583
4,599
4,579
4,543
4, 523
4,513
4,566
4,604
4,683
4,801
Averages of daily figures
Month
January
February
March
April
May .
June.
July
August _
September...
October
November.-.
December
1925
1926
1927
1928
1929
1930
1931
1932
1933
4,576
4,518
4,528
4,516
4,504
4,503
4,507
4,530
4,621
4,658
4,673
:4,832
4,604
4,567
4,577
4,595
4,584
4,594
4,629
4,625
4,682
4,714
4,718
4,844
4,617
4,556
4,569
4,592
4,573
4,544
4,564
4,562
4,630
4,647
4,649
4,761
4,498
4,422
4,423
4,443
4,435
4,449
4,459
4,456
4,517
4,549
4,573
4,721
4,461
4,399
4,422
4,392
4,397
4,400
4,477
4,490
4,524
4,523
4,558
4,656
4,365
4,267
4,245
4,231
4,210
4,202
4,196
4,189
4,208
4,214
4,241
4,536
4,408
4,311
4,303
4, 360
4,392
4,463
4,549
4,660
4,846
5,191
5,231
5,324
5,358
5,340
5,244
5,165
5,169
5,243
5,464
5,432
5,398
5,356
5,356
5,412
5,344
5,605
6,711
5,850
5,589
5,455
5,388
5,329
5,345
5,369
5,394
5,524
1934
5,382
5,339
5,368
5,366
5,355
5,341
5,350
5,355
5,427
5,473
5,494
5,577
?
Money outside Treasury and Federal Reserve banks (prior to November 1914, money outside Treas"
ury). Figures after Jan. 31,1934, do not include gold coin and priorfiguresfor purposes of comparison with
currentfigureshave been reduced by $287,000,000, the estimated amount of gold coin in circulation on Jan.
31,2 1934. See also footnotes to table 1, p. 67. Forfiguresas of other dates see tables 1, 3, 4, and 6.
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.
r
* Averages of daily
figures.
Revised
124
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
N o . 4 9 . — K I N D S OF M O N E Y I N C I R C U L A T I O N
[Money outside Treasury and Federal Reserve banks. In millions of dollars]
End of month or
year
Total
1
StandGold ard
Goldr certifcoin icates silver
dollars
Silver
certificates
Treasury
notes
of
1890
FedSubFeder- eral Nasidi- Mi- United al
ReRe- tional
ary nor States serve serve
sil- coin notes notes bank bank
notes
ver
notes
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
5,091
5,325
4,403
4,530
4,757
4,760
4,817
4,808
4,716
4,686
4,578
4,603
286
219
177
303
584
970
1,113
1,092
1,074
991
880
1,118
141
70
236
288
374
390
390
397
400
410
417
404
244
255
237
246
261
266
275
281
286
291
294
281
95
91
93
98
100
105
108
112
116
119
119
274
261
275
285
306
297
295
297
293
294
265
296
2,916
3,256
2,372
2,373
2,224
1,842
1,816
1,824
1,763
1,808
1,862
1641
198
209
97
37
14
8
6
5
4
4
3
3
1931—January
February...
March
April
May
June
July
August
September _
October
NovemberDecember..
4,323
4,333
4,321
4,365
4,415
4, 535
4,550
4,765
4,959
5,253
5,249
5,360
1,056
1,061
1,047
1,035
1,020
997
976
989
1,037
972
928
877
372
373
372
375
380
377
375
380
382
388
387
389
270
270
271
272
273
273
271
271
273
271
272
271
116
116
116
117
117
117
117
117
117
117
117
117
295
289
295
300
299
301
301
299
300
294
1,470
1,461
1,471
1,518
1,566
1,708
1,749
1,947
2,080
2,412
2,463
2,603
3
3
3
3
3
3
3
3
3
3
3
3
1932—January
February...
March
April
May
June
July
August
September.
October
NovemberDecember..
5,354
5,317
5,172
5,178
5,193
5,408
5,439
5,405
5,366
5,341
5,361
5,388
850
820
779
758
735
716
260
260
259
257
257
256
254
255
257
257
258
258
115
114
114
114
114
114
113
113
113
113
113
113
282
280
274
282
290
289
289
285
644
624
635
601
367
363
355
356
355
353
351
350
359
361
361
371
291
294
2,648
2,634
2,546
2,551
2,558
2,780
2,838
2,793
2,731
2,689
2,675
2,716
3
3
3
3
3
3
3
3
3
3
3
3
1933—January
February...
March
April
May
June
July
August
September.
October
November.
December..
5,358
6,258
6,033
5,716
5,525
5,434
5,343
5,325
5,348
5,455
5,519
591
649
393
323
280
265
252
242
232
225
219
213
350
362
376
360
359
361
365
372
385
387
394
407
250
252
258
255
256
257
258
261
265
267
269
272
111
111
112
112
112
113
113
114
115
116
117
117
287
301
266
261
265
269
275
277
280
277
285
286
2,707
3,405
3,621
3,362
3,167
3,061
2,974
2,953
2,966
2,930
2,998
3,044
3
3
17
50
99
126
129
133
156
189
206
1934—January
February. _.
March
April
May
June
July_.
August
September.
October
November.
December..
5,289
5,354
5,394
5,368
5,357
5,373
5,317
5,396
5,456
5,453
5,549
5,536
178
167
161
157
153
150
146
143
139
136
133
130
391
399
403
400
402
401
399
438
483
510
558
592
267
270
272
274
277
280
280
282
284
288
291
294
116
117
118
118
120
119
121
122
122
123
124
125
283
2,894
2,949
3,005
3,025
3,038
3,068
3,044
3,103
3,131
3,124
3,176
3,176
202
194
178
162
151
142
133
125
119
112
107
101
282
279
280
277
274
274
273
273
265
r
Figures for period prior to 1934 revised; see footnote 1.
* Omission of figures for gold coin reflects change in reporting practice of Treasury and Federal Reserve
banks (effective Jan. 31,1934, when figure would have been $287,000,000). Figures prior to Jan. 31, 1934,
have been reduced by $287,000,000 for purposes of comparison with current figures. 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.
See also footnotes to table 1, p . 67.
Back figures.—See Annual Report for 1930 (table 32).
125
MONEY IN CIKCTJLATION
N o . 5 0 . — P A P E R C U R R E N C Y OF E A C H D E N O M I N A T I O N I N C I R C U L A T I O N
[Outside Treasury and Federal Reserve banks. In millions of dollars]
End of
month
Total
$2
circulation
1930
3,716
October
November. _. 3,880
4,095
December
397
404
1931
January
February
March
April
May
June
July
August
September. __
October
November. __
December. _ _
3,839
3,849
3,839
3,885
3,932
4,041
4, 058
4,275
4,452
4,739
4,737
4,823
1932
January
February
March
April..
May
June
July
August
September. __
October
November,-.
December. __
$50 2
$10
$100
$500 2 $1,0002 $5,0002 $10,0002
Unassorted
in Federal
Reserve
banks
and
Treasury 3
661
676
1,029
1,059
1,083
1,054
1,091
1,130
644
704
852
104
90
114
370
371
369
373
377
374
373
378
382
385
385
388
644
637
630
630
639
644
640
659
664
685
682
1,012
1,013
1,015
1,021
1,030
1,037
1,041
1,077
1,089
1,136
1,134
1,145
1,078
1,078
1,070
1,085
1,090
1,115
1,118
1,178
1,226
1,299
1,301
1,329
789
784
785
847
861
932
949
1,047
1,154
1,278
1,281
1.336
76
72
112
105
100
103
103
103
84
85
4,836
4,797
4,657
4, 660
4,650
4,848
4,882
4,850
4,815
4,790
4,797
4,812
366
361
353
352
353
350
348
348
356
358
358
368
650
643
624
629
625
623
625
623
627
629
628
635
1,116
1,113
1,077
1,076
1,069
1,081
1,101
1,097
1,102
1,103
1,098
1,109
1,329
1,326
1,289
1,280
1,275
1,313
1,335
1,326
1,311
1,301
1, 315
1,307
1,410
1,387
1,343
1,349
1,362
1,513
1,506
1,491
1,458
1,435
1,434
1,435
1933
January
February
March. _ _
April
May
June
July
August
September...
October
November. _.
December
4,783
5,581
5,554
5,275
5,092
5,002
4,911
4,890
4,930
4,911
5,017
5,077
350
361
375
358
356
355
360
366
380
382
388
402
615
675
729
688
660
654
656
664
1,077
1,190
1,254
1,205
1,150
1,143
1,138
1,153
1,181
1,178
1,205
1,229
1,311
1,478
1,488
1,406
1,349
1,335
1,312
1,300
1,302
1,303
1,336
1,342
1,464
1,924
1,778
1,664
404
391
377
367
362
357
362
364
686
662
636
620
612
607
613
618
153
145
136
131
127
124
125
125
288
273
254
246
239
232
239
237
12
9
8
7
7
7
7
8
1934
January
February
March
April
May
June
July
August
September.,.
October
November.._
December
4,876
4, 938
4,974
4,946
4,930
4,944
4,886
4,961
5,019
5,012
5,102
5,084
393
397
394
396
396
393
403
411
410
422
423
1,288
1,304
1,302
1,292
1,288
1,293
1,277
1,294
1, 311
1,314
1,332
1,326
350
347
346
342
341
342
336
335
336
335
337
337
593
587
584
581
579
579
569
568
571
571
571
577
119
117
117
117
116
117
113
112
113
112
111
112
228
225
230
230
228
225
223
222
223
221
214
216
7
7
7
8
7
6
5
5
5
5
5
5
702
719
1,173
722 1,212
730 1,230
722 1,225
719 1,225
724 1,231
719 1,219
741 1, 250
755 1,266
752 1, 265
776 1,300
771 1,288
71
65
62
65
71
70
70
77
79
103
79
8
7
6
6
8
5
5
19
12
10
10
12
13
8
11
1
Total of amounts sorted by denominations less unassorted amounts in Treasury and Federal Reserve
banks.
2
Separate figures for different denominations not available prior to May 1833.
3
Includes $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed
DISCOUNT RATES AND MONEY RATES
127
DOMESTIC MONEY RATES
No, 51.—FEDERAL RESERVE BANK DISCOUNT RATES
[Percent]
Federal Reserve Bank
Date effective
Kan- Dal- San
Rich- At- Chi- St. MinBos- New- Philadel- Clevenesas
Fran
ton 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
13a of the Federal Reserve Act
In effect Jan. 1, 1933
1933—Mar. 3
Mar 4
Apr. 7.
May 26
May 27
June 1
June 2
June8_ .
June 10
Oct. 20
Oct. 21
Nov. 2
Nov 3
Nov. 16
3K
&A
zy2
3M
VA
3H
3^
3^
33^
3H
3
2K
_ _
VA
2H
3
3
3
3
3
3
_.
2
iy2
2K
2H
<zy2
1934—Feb 2
Feb 3
Feb 8
Feb. 9
Feb. 10
Feb 16
Mar. 16
Dec. 15
Dec 21
VA
2
2)4
2
3
3
3
3
2
3
2H
In effect Dec. 31, 1934...
2
VA
VA
2
3
2H
VA
VA
3
94
3
2
B. Rates on advances to member banks under sec. 10 (b) of the Federal Reserve
Act (expired Mar. 3, 1935)
1933—Jan. 1 i
July 6
July 7
July 12
July 14
July 15
Aug 5
Oct 2
Oct. 16
Oct 19
Oct. 20
Oct 21
Dec 9
5
5
&A
5
5
5
5
5
5
5
5
4M
5
4H
&A
4
4
4
4
4
±lA
4
4H
4
1934 Mar 12
July 10
July 16
In effect Dec. 31, 1934...
5
43^
4
#A
4
4
4
4
VA
4H
4
4y2
5
4
4
4
i A general rate of 5 percent was adopted effective Jan. 1,1933, prior to which time the rate of 5H percent
was specified for each advance made under sec. 10 (b).
129
130
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 51.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued
[Percent]
Federal Reserve Bank
Date effective
Kan- Dal- San
Bos- New PhilaRich- At- Chi- St. Mindel- Clevenesas
Franton York phia
land mond lanta cago Louis apolis
City las cisco
C. Kates 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 (expired Mar.
24,1934)
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
5
__
5
5
__ _
_
5
5
5
5
_
5
5
5
5
5
4H
__ _.
_
4
_
4
4K
4K
4^
4K
4
4
4
4
4M
4
1934—Mar 12
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
1932—Aug 10
Ang 11
Aug 12
Aug 13
Aug 20
Sept 2
Sept. 8
6
6
6
6
6
6
6
6
6
6
5
1934 Mar 20
July 10
July 16
July 24
In effect Dec. 31, 1934...
6
6
5
5
6
6
6
5
5
6
6
5
6
6
DOMESTIC MONEY RATES
No. 51.—FEDERAL RESERVE BANK DISCOUNT
131
RATES—Continued
[Percent]
Federal Reserve Bank
Date effective
Kan- Dal- San
Rich- At- Chi- St. MinBos- New Philadel- Clevenesas
Franton York phia
land mond lanta cago Louis apolis
City las cisco
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,
1933
1933—Mar. 13 .
Mar. 14
Mar. 15
Mar. 16
Mar. 23
Apr. 15
Oct. 2
Oct. 16
Oct. 19
Oct. 20
Oct. 21
4^
4M
4H
4^
4K
4H
4M
4M
4
_.
4
4
4
4
4
1934—Feb. 8
Feb. 19
Feb. 23
Mar. 12
Mar. 17
4
4
4
4
In effect Dec. 31,1934...
4
4M
&A
4
4
4
F. Rates on direct advances to established industrial or commercial businesses
for working capital purposes under the first paragraph of sec. 13b of the Federal
Reserve Act.
1934—July 10
July 12
July 13
July 14
July 20
4-6
5-6
6
5-6
6
6
6
4-6
5-6
6
6-6
4-6
In effect Dec. 31, 1934...
4-6
4-6
4-6
6
6
6
5-6
5y2
6
6
5-6
5-6
G. Rates on portion of discounts for financing institutions under the second
paragraph of sec. 13b of the Federal Reserve Act, on which the financing
institution is not obligated for any loss.
1934—July 10
July 12
July 13
July 14
July 17
July 20
3K-5
In effect Dec. 31,1934. _. 3^-5
4-5
(2)
(3)
5-6
5-6
4H 4H-5
4
5-6
5
4-6
4-5
(2)
(3)
4-6
4-5
5
5-6
4 ^ 4^-5
4
2
Same as rate charged borrower byfinancinginstitution but not less than 4 percent.
31 percent below rate charged borrower byfinancinginstitution but not less than 4 percent.
5-6
4-5
132
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 51.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued
[Percent]
Federal Reserve Bank
Date effective
Kan- Dal- San
Rich- At- Chi- St. MinBos- New Philanesas
del- CleveFranton York phia
land mond lanta cago Louis apolis
City las cisco
H. Rates on portion of discounts for financing institutions under the second
paragraph of sec. 13b of the Federal Reserve Act, on which the financing
institution is obligated for any loss.
1934—July 10
July 12
July 13
July 14
July 17
July 20
3
3
3H
4
5-6
5-6
4K 4H-5
4
4
5
4-6
3-4
In effect Dec. 31, 1934...
3
3
4
5
4-6
5-6
4K 4K-5
4
4
3-4
I. Rates on commitments under the second paragraph of sec. 13b of the Federal
Reserve Act.
1934—July 10
July 13
July 14
July 20
July 28
Aug 24
Aug. 30
Sept 4
Sept. 6
Sept 15
Nov 21
Dec 3
1-2
In effect Dec. 31, 1934...
1-2
4
y>-i
1-2
1
4
1-2
H~2
4 1
1-2
K-2
1
1
1-2
y2
1-2
Vz 1-2
1
4
K-2
4
K-2
41
1-2
Flat charge.
Back figures.—See Annual Report for 1933 (table 57); 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.
133
DOMESTIC MONEY EATES
No.
5 2 . — F E D E R A L R E S E R V E B A N K B U Y I N G R A T E S ON A C C E P T A N C E S
C H A N G E S FROM J A N . 1, 1931, TO D E C . 3 1 , 1934
l
—
[Buying rates at the Federal Reserve Bank of New York. Percent]
1 to 15
days
Date effective
In effect Jan. 1, 1931
1%
1931—Jan. i6
Jan. 26
Apr. 9
Apr 21
Apr. 27
May 5
May 6
May 8
May 13.
May 19
Sept. 25
Oct. 9
Oct. 13
Oct. 16 _
Nov. 20
31 to 45
days
46 to 60
days
1%
IK
13/4
11/2
11/2
1H
in
13/8
114
13/8
1/8
ltf
61 to 90
days
91 to 120 121 to 180
days
days
13/4
13/4
2
1%
1H
_-
1
Is &
11/8
1
1
IK
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
16 to 30
days
37
2i/|
3/8
3
23/4
2%
2%
2%
2/2
13/t
3/8
3
2%
\~
21/2
m
%
11/8
li/i
1
ill
\"
_ .
2"
3i/4
3
2/2
2
1
H
_.
_
- .
In effect Dec 31,1934
Yi
\y
2
3
2%
21/2
2
1
Yi
3
2%
3H
3
1
Yi
11/2
11/2
15/8
3H
334
35/8
2
31/4
3/2
11/2
3H
!/2
2
1H
2H
3
Stt
21/2
3
2%
21/2
21/2
314
31/2
3
2/2
2
1
Y2
m
m
2
13/4
2214
2i/8
3/8
\"
_ _
m
2
3/2
3
2/2
2
1
3
21/
2
1
Yi
25/g
VA
1
u
1
1
Y2
H
2
2Yz
33/4
4
31/2
3
21/2
1
Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills.
Rate for 76 to 90 days 2J-4 percent.
Backfigures.—SeeAnnual Report for 1933 (table 58).
2
N o . 5 3 . — A V E R A G E R A T E S E A R N E D BY F E D E R A L R E S E R V E B A N K S ON B I L L S AND
S E C U R I T I E S , 1930-34
[Percent]
Month
1930
1931
1932
1933
1934
Total bills and
securities:
January
February
March
April
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
1.86
1.87
1.96
1.96
3.40
3.23
3.00
2.86
2.00
1.89
1.99
2.01
2.47
2.23
2.13
2.11
2.27
2.18
2.03
1.95
1.96
1.93
1.92
1.91
2.72
2.69
1.96
1.97
2.10
1.96
1.87
1.85
1.90
1.91
May
.June
July
August
September. ._
October
Back figures—See Annual Report for 1933 (table 59).
Month
1930
Total bills and
securities—Con.
November
2.64
December
2.61
Year
3.25
1931
1932
1933
2.33
2.67
2.20
1.90
1.77
1.81
1.91
1.88
1.84
2.33
1.98
1.91
1934
Bills discounted- 3.93 3.01 3.43 3.23 3.44
Bills bought
2.85 2.04 3.93 1.49
.57
U. S G o v e r n ment securities. 3.06 1.86 1.84 1.83 1.90
134
ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD
No. 54.—OPEN-MARKET RATES IN N E W YORK CITY, BY MONTHS, 1931-34
[Percent per annum]
Prevailing rate o n -
Month
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.
1934—January __.
February..
March
April
May.
June
July
August
September.
October...
November.
December.
Average rate on l—
Call loans i
Prime
Prime
commer- bankers'
Time
cial
acceptloans,
paper, ances,
90
90
days * New- Renew4-6
days
al
months
l%2
2 -2H
1H-2H
H2
2 -2
3M4
3M-4
33^3
2 -3
V2-1H
H-3He
U. S.
TreasPrime 1 U . S .
ury
bankers Treasnotes
ury
acceptand
cerances, bills, 3-6
90 days monthsfi tificates,
3-6
months
1.50
1.50
1.56
1.57
1.45
1.50
1.50
1.50
1.50
2.10
2.50
2.73
1.57
1.50
1.55
1.52
1.45
1.50
1.50
1.50
1.50
2.10
2.50
2.70
1.58
1.39
1.50
1.43
1.01
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
1.00
1.00
3.27
1.29
1.00
1.00
1.00
.98
.75
.75
.75
.94
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
Average
yield
on2—
0.95
1.21
1.46
1.33
1.08
.63
.49
.60
1.22
2.47
2.22
3.25
1.24
1.06
1.38
1.49
.88
.55
.41
.42
.45
1.70
1.77
2.41
2.85
2.78
2.51
1.39
.92
.86
.75
.75
.75
.59
.50
.39
2.68
2.66
2.08
.77
.43
.41
.42
.44
.23
.18
.18
2.48
2.42
2.25'
1.11
.31
.34
.22
.14
.03
)
1.00
1.00
1.00
.98
.75
.75
.75
.94
.47
2.49
.81
.50
.38
.48
.45
.25
.25
.39
.62
.21
.49
2.29
.57
.42
.27
.37
.21
.10
.16
.42
.70
.07
.01
1.34
.45
.29
.07
.19
.01
.04
.09
.22
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.50
.50
.31
.20
.19
.19
.19
.19
.19
.17
.13
.13
.67
.63
.08
.08
.06
.07
.08
.20
.27
.21
.22
.15
.25
.08
.01
1.00
3.32
1.37
2.47
2.99
3.00
)
.04
1
Monthly averages of daily quotations.
2
For yield on Treasury bonds see table 94.
3 Stock exchange 90-day time loans.
* Stock exchange call loans; new and renewal rates.
* Revised to show average rate of discount on issues offered instead of issues sold by U. S. Treasury within
month. Figures from January 1931 to May 1934 are for 3-month bills; those from June to December 1934
are for 6-month bills.
e Negative yield.
Backfigures.—SeeAnnual Report for 1930 (table 36).
135
DOMESTIC MONEY HATES
No. 55.—OPEN-MARKET RATES IN NEW YORK CITY, BY WEEKS
[Percent per annum]
Prevailing rate on—
Week ending (Saturday)
Jan.
Jan.
Jan.
Jan.
6
13
20
27
Feb.
Feb.
Feb.
Feb.
3
10
17
24
Mar. 3
Mar. 10
Mar. 17
Mar. 24.
Mar. 31.
Apr.
Apr.
Apr.
Apr.
7
14
21
28
May
May
May
May
5
12
19
26
Prime
Prime
commer- bankers'
Time
cial
accept- loans, 290
paper,
ances,
90
days
4-6
days
months
Average yield
on—
Average rate on i—
Prime U. S. Treasury
bills *
bankers1
acceptances, 90
Renewal days months months
Call loans s
New
1934
_._.
_.
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
0.50
.50
.50
.50
0.62
.67
.67
.72
1K-1H
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.50
.50
.50
.50
.66
.57
1U-1H
IK
VA
l- \i
l-
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.50
.40
.25
.25
.25
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1H1H
1-134
l
l
1
1
l
1
1
_
June 2
June 9
June 16
June 23
June 30
U-H
H
H
H
H
H-U
H-U
H-U
M\i
1
1
V&-V4:
0.94
.62
.43
.08
.19
.19
.24
.19
.19
.19
.07
.08
.08
.07
.18
.19
.18
.16
1.00
1.00
1.00
1.00
.19
.19
.19
.19
.07
.06
.06
.15
.14
.13
1.00
1.00
1.00
1.00
1.00
1.00
LOO
1.00
1.00
1.00
.19
.19
.19
.19
.19
.07
.07
.07
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.19
.19
.19
.19
.07
.07
.07
.09
July
July
July
July
7
14
21
28
Aug.
Aug.
Aug.
Aug.
4
11
18
25
H-l
H-l
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.19
.19
.19
.19
.12
.25
.23
.22
Sept.
Sept.
Sept.
Sept.
Sept.
l.__
8
15
22
29
H-l
H-l
94-1
94-1
H-l
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.19
.19
.19
.19
.19
.18
.23
.28
.29
.28
H-l
94-1
H-l
94-1
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.19
.19
.19
.15
.24
.21
.20
.19
Nov. 3
Nov.. 10
Nov. 17
Nov. 24
U-l
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.13
.13
.13
.13
.21
.22
.21
.23
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
U-l
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.13
.13
.13
.13
.13
.22
.20
.16
.12
.10
Oct.
Oct.
Oct.
Oct.
6
13
20
27
U-l
._.
94-1
i Weekly averages of daily quotations.
Stock exchange 90-day time loans.
Stock exchange call loans; new and renewal rates.
Average rate of discount on issue offered by U. S. Treasury within week; in weeks for which no figures
are shown, there were no issues.
Back figures.—See Annual Report for 1933 (table 61).
129288—35
10
8
8
4
136
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 56.—MONEY RATES IN N E W
YORK CITY—PREVAILING RATES CHARGED
CUSTOMERS, 1930-34
[Rates prevailing during 7-day period ending with 15th of month. Percent per annum]
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
January
February
March
April
May
_
June
July
August
September
October
November
December
Demand
Time
Loans
secured
by warehouse
receipts
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
Loans secured by
stocks and bonds
Prime
commercial
loans
5^-6
4
4
4 -AV
4
3^-4
33^-4
3^-4
4
4 -5
4 -4
4 -5
1931
_
4^-5
4K-5
3^-4
3M-4
3 -4
334-4
3^-4
3 -4
3 -4
3 -4}
4 -5
4 -5
1932
4
4
4
4
4
4
4
4
3
3
43J-5
4^-5
4 -5
4 -5
4 -5
4 -4>
43^-5
43^-5
4^-5
-5
-5
-5
-5
-4H
-4M
-4K
-434
-4^
-AXA
4^-53^
-4
-4
43^-5
3
3
-4
-4
4 -5
4 -434
1933
4 2 -5
3 -4
3 -3i.
3 -VA
33^-4^
3M-4^
1934
See note to table 57.
Back figures.—See Annual Report for 1929 (table 37).
5
434
43^
4
4
4
-43
-4
-5
3
3
-4
-4
3 -4
3 -4
43^-5
3^-5
33^-4
3 -4^
3 -4^
3M-4H
3 -43^
3 -4^
3 -4
334-4
23^-4
2^-4
2 -33^
lK-3f '
134-3!
13^-3
1H-3
13^-3
VAty*
33^-4
3^-43^
334-4
3H-5
334-4
4 -43-6
4 -5
434-5
VA-VA
3
3
2 -33^
-5
3
3
-43/4
-4%
3 -5
33^-5
33^-5
23-3-4
2 -4
33^-5
2 -4
1K-4
1K-3
134-3
13^3
137
DOMESTIC MONEY RATES
No. 57.—RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES, 1922-34
[Weighted averages of prevailing rates]
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
New York City:
January
February
March
April
May
June
July
August
September
October
November
December
5.50
5.48
5.43
5.46
5.06
4.93
5.16
4.66
4.70
4.74
4.82
4.86
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
5.07
5.06
4.98
4.89
4.64
4.21
4.09
4.20
4.41
4.13
4.29
4.16
4.43
4.53
4.48
4.38
4.36
4.46
4.36
4.57
4.62
4.61
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
4.12
4.11
4.88
4.33
4.24
4.10
3.93
3.97
3.79
3.76
3.52
3.48
3.58
3.43
3.31
3.39
3.42
3.30
3.30
3.33
3.26
3.28
3.22
3.18
Eight other northern and eastern
cities:
January
February
March
April
May
June
July
August
September
October
November
December
6.08
5.89
5.77
5.46
5.43
5.43
5.31
5.27
5.12
5.20
5.38
5.44
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
4.87
4.87
4.80
4.87
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
5.66
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
4.88
4.89
4.84
5.39
5.09
4.99
4.97
4. 82
4.68
4.65
4.51
4.54
4.59
4.65
4.49
4.52
4.52
4.39
4.30
4.15
4.12
4.11
4.13
4.08
3.98
Twenty-seven
southern
and
western cities:
January
February
March.
April
May
June
July
August
September
October
November
December
6.56
6.46
6.35
6.22
6.23
6.13
6.04
6.02
5.94
5.
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.
6.02
5.91
5.89
5.89
5.79
5.69
5.63
5.57
5.55
5.47
5.53
5.53
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
5.65
5.62
5.65
5.61
5.55
5.54
5.56
5.60
5.66
5.67
5.
5.72
5.71
5.65
5.57
5.59
5.54
5.52
5.53
5.61
5.56
5.56
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.
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.
5.63
5.58
5.55
5.54
5.50
5.43
5.50
5.43
5.40
5.36
5.
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.
5.
5.63
5.56
5.55
5.60
5.60
5.56
5.
5.
5.
5.62
5.54
5.53
5.55
5.50
5.42
5.43
5.40
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
5.05
4.93
4.92
1934
NOTE.—Figures relate to rates charged by reporting banks to their own customers (see table 56) as
distinguished from open-market rates, which are given in tables 54 and 55. All averages are based on
rates reported for 3 types of customer 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
2 group averages the average rate for each city included is weighted according to the importance of that
city in the group, as measured by the loans of all banks.
Back figures.—See Annual Report for 1931 (table 42).
138
ANNUAL REPOET OF THE FEDERAL RESERVE BOARD
MONEY RATES IN FOREIGN COUNTRIES
No.
58.—DISCOUNT RATES
OF FOREIGN CENTRAL BANKS,
1933-34
Central bank of—
Date effective
England France
2
In effect Jan. 1,1933
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 . 1934—Feb 9
June 1
Nov. 26
Germany
Italy
Japan
5
4.38
4
Nether- Sweden Switzerland
lands
2
IV*
4
&A
3.65
4
3H
3
VA
2M
3
3
2y>
-
In effect Dec. 31, 1934
3
2H
4
4
2
4
3.65
2K
VA
2
Back figures.SQQ Annual Report for 1933 (table 64).
No. 59.—OPEN-MARKET RATES IN FOREIGN COUNTRIES,
England
(London)
France
(Paris)
Germany
Italy
(Berlin) (Milan)
Japan
(Tokyo)
1933-34
Nether- Switzerlands
land
(Amster- (Zurich)
dam)
Month
Bankers' Private Private Private
acceptdiscount discount Discounted
bills
ances, 3 discount
rate
rate
rate
months
1933
January
- Februarv
March.
April
May
- -June
July
August
September
October
November
December
-January
February
Idarch
April
May
June
July
August
SeDtember
October
November
December
1934
--
0.87
.83
.62
--
.59
.50
.50
.48
.41
.44
.79
1.05
1.06
-
--
1.01
.95
.95
.96
.91
.91
.87
.79
.73
.77
.45
.57
Private Private
discount discount
rate
rate
1.25
3.85
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
5.11-5.48
5.11-5.48
5.11-5. 48
2.11
2.18
3.54
1.11
.77
.50
.45
.52
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
2.12
2.59
2.75
2.70
2.60
2.09
1.78
1.75
1.50
1.45
1.44
1.50
3.87
3.87
3.87
3.87
3.87
3.76
3.75
3.75
3.81
3.81
3.63
3.50
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.19
4.00
5.29
5.29
5.29
5.29
5.26
5.20
5.11
5.11
5.11
5.11
5.11
5.11
.50
.78
1.24
2.07
1.33
.78
.74
.75
.61
.59
.63
.60
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.60
1.12
.89
* 04
87
7fi
L. 50
39
L. 45
13
0.37
.37
.64
.66
NOTE.—For explanation of table, see Federal Reserve Bulletin for November 1926, pp. 794-796; April
1927, p . 289; July 1929, p. 503; November 1929, p. 736; and May 1930, p. 318.
Back figures.—See Annual Report for 1933 (table 65).
MEMBER AND NONMEMBER
BANK CREDIT
139
ALL BANKS IN THE UNITED STATES
-ALL BANKS 1 IN THE UNITED STATES—NUMBER OF BANKS,
DEPOSITS OTHER THAN INTERBANK DEPOSITS, 1914-34
6,678
8,395
10,301
15,671
19,170
21,915
20,637
22,397
23,871
3 6,374
6,609
8,159
9,742
11,214
12,951
14,316
12,991
13,821
14,490
1923—Dec. 31._
1924—Dec. 3 1 . .
1925—Dec. 3 1 . .
1926—Dec. 31__
1927—Dec. 3 1 1928—Dec. 3 1 1929—Dec. 3 1 1930—Dec. 3 1 1931—Dec. 3 1 . .
1932—Dec. 3 1 -
29,505
28,806
28,257
27,367
26,416
25,576
24,630
22,769
19,966
18,390
9,774
9,587
9,489
9,260
9,034
8,837
8,5.22
8,052
7,246
6,816
8,179
8,043
8,048
7,906
7,759
7,629
7,403
7,033
6,368
6,011
1,595
1,544
1,441
1,354
1,275
1,208
1,119
1,019
878
805
19,101
18, 596
18,147
17,489
16,764
16,126
15,499
14,114
12,123
10,980
42,163
45, 835
49,224
50,155
52,909
56, 766
55, 289
53, 039
45,821
41, 643
24,996
27,836
30,029
30,474
32,063
34, 826
33, 865
32, 560
27, 432
24,803
15,231
16,694
18,066
18,022
19,662
21, 407
20, 290
20,138
17, 271
16,101
1933—June 30 *. '•14,519
Dec. 3O._ ' 15, 011
5,606
6,011
4,897
5,154
709
857
1934—June 3 0 - 15,835
D e c . 3 1 . . 16,042
6,375
6,442
5,417
5,462
958
980
630
623
621
618
618
613
609
603
597
594
576 r 8,337 ' 37,998 23,338 14, 772
'579 '8,421 ' 38,505 5 23,771 15,386
578
579
68
235
559
4,457
6,219
7,600
7,646
8,575
9,380
savings
National
18,566
19,131
22,759
26,352
28,765
33,603
37,721
35,742
37,615
40,688
Nonmember banks
Other
Total
17
34
53
513
1,042
1,374
1,595
1,648
1,620
Member banks
Mutual
Total, all banks
3 7,514
7,597
7,571
7,599
7,699
7,779
8,024
8,150
8,244
8,236
Other
7,614
7,605
7,652
8,212
8,821
9,398
9,745
9,892
9,856
savings
26,274
26,605
27,041
27,495
28,334
28,600
29,829
30,560
30,158
29,833
Mutual
State
1914—June 30. .
1915—June 2 3 1916—June 3O._
1917—June 20..
1918—June 29..
1919—June 3 0 1920—June 3 0 1921—June 3 0 1922—June 30_.
1923—June 3 0 -
Total
3 644 3 18,116
639 18,352
632 18,804
632 19,211
636 19,486
633 19,146
631 19,800
634 20,181
630 19,636
628 19,349
Nonmember
banks
Member banks
National
Total, all banks
Date 2
AND
Deposits, other than interbank deposits
(in millions of dollars)
Number of banks
State
No. 60.-
3 3,916 3 8,276
3,951 8,502
4,188 10,176
4,422 11,63o
4,422 8,673
4,751 9,682
5,187 10,618
5,575 9,529
5,780 9,439
6,295 10,522
9,764 6,455
11,141 6,898
11,964 7,298
12,453 7,763
12,401 8,344
13, 419 8,849
13, 575 8,916
12, 422 9,507
10,161 10,105
8,701 10,022
10,712
11,101
11,897
11,918
12,502
13,091
12,508
10,972
8,284
6,818
8,566 9,713 '4,946
8,385 '9,708 '5,026
8,882 41,870 26,615 17,097 9,518 9,780 6 5,475
9,021 44,771 28,943 18,519 10,424 9,828 6,000
1 Comprises all national banks in the continental United States and all State commercial banks, trust
companies, mutual and stock savings banks, and such private and industrial banks as are included in
abstracts issued by State banking departments. Also includes beginning with June 1934, private banks
which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, have agreed to examination by
the Comptroller of the Currency or a Federal Reserve bank; for comparative figures of private banks in eluded in this compilation, see p. 127 of the Federal Reserve Bulletin for February 1935.
2 Date of reports of member banks; figures for nonmember banks are as of nearest available date.
3 Figures for this date, which preceded establishment of the Federal Reserve System, relate to national
banks and banks other than national, respectively, rather than to member and nonmember banks.
* Beginning June 30, 1933, all figures (other than for mutual savings banks) relate to licensed banks only ,
with some exceptions as to nonmember banks.
s Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal,
which aggregated $103,000,000 on that date.
6
In connection with the increase over preceding date, see footnote 1.
r
Revised.
NOTE.—Figures for all banks for June 1914 to June 1922, inclusive, are based on data contained in annual
reports of the Comptroller of the Currency.
Back figures.—See Annual Report for 1933 (tables 66 and 70) for intermediate dates.
140
No. 61.—ALL BANKS
1
IN THE UNITED STATES—LOANS AND INVESTMENTS OF MEMBER AND NONMEMBER BANKS, 1914-34
(In millions of dollars)
Loans and investments
Date
Member banks
Totalall
banks
1914—June 30
19.15—June 23
1916—June 30
1917—June 20
1918—June 29
1919—June 30
1920—June 30
1921—June 30
1922—June 30
1923—June 30
1923—Dec. 31
1924—Dec. 31
1925—Dec. 31.
1926—Dec. 31
1927—Dec. 31
1928—Dec. 31
1929—Dec. 31
1930—Dec. 31
1931—Dec. 31
1932—Dec. 31
20,788
21,466
24,586
28,286
31,813
36,570
41, 684
40,001
39,956
43, 737
44, 003
47,182
50, 603
52,024
55, 450
58, 286
58, 417
56, 209
49, 704
44,946
1933—June 30 f
Dec. 30
40,076
'40,319
r 42,502
43,458
1934—June 30
Dec. 31
Total
8,764
10,315
12,453
18, 507
22,240
25,559
24,121
24,182
26,507
26, 487
28,746
30,884
31, 642
34,247
35,684
35, 934
34, 860
30, 575
27,469
24,786
25,220
27,175
28,150
(For footnotes see table 60, p. 140.)
National
3 8, 313
8,688
10,086
11,897
13,913
15,712
17,547
15,895
15,705
16, 805
16, 807
17,840
19,153
19,267
21, 535
22,407
21, 584
21,426
19, 094
17,399
15,460
15,941
17, 011
17, 910
Nonmember
banks
State Mutual
savings Other
76
230
556
4,594
6,528
8,012
8,226
8,477
9,703
9,680
10,906
11,731
12,374
12, 712
13,277
14,350
13,434
11,482
10,071
9,326
9,278
10,163
10, 240
s 3,979
4.040
4,221
4,500
4,489
4,828
5,308
5,699
6,010
6,582
6,743
7,226
7,691
8,204
8,860
9,390
9,463
9,987
10,488
10,182
10,044
'9,985
9,904
9,782
Investments
Loans
Member banks
Totalall
banks
s 8,496 15,257
8,662 15,663
10,05O 17,972
11,333 20,525
8,817 22,404
9,502 24, \23
10, 817 30,839
10,181 28,988
9,764 27,750
10,650 30,398
10,773 30,797
11,211 32,458
12,029 35, 658
12,178 36, 777
12, 344 38,426
13,192 40,782
13,020 41,918
11, 362 38,135
8,641 31,305
7,294 26,063
5,246 22,203
'5,114 '21,977
6r5, 423 r21,278
5,526 20,474
Total
6,720
7,964
9,370
13,234
15,413
19,533
18,119
17,165
18,750
18,842
19,933
21,996
22,652
23,886
25,155
26,150
23, 870
19, 261
15,204
12,858
12,833
12, 523
12,028
National
3 6,443
6,663
7,767
8,935
10,077
10,903
13,499
11, 976
11,191
11, 778
11, 808
12, 214
13,419
13, 482
14, 641
15,285
15,136
14,347
11,905
9,828
8,102
8,086
7,681
7,475
Nonmember
banks
State Mutual
savings Other
57
197
434
3,156
4,510
6,035
6,143
5,975
6,973
7,034
7,719
8,577
9,170
9,245
9,870
11,014
9,524
7,356
5,376
4,756
4,747
4,842
4,553
all
banks
Total
5,532
5,813
6,614
7,764
9,408
11,847
10,845
11,012
12,206
13,341
13, 206
14, 724
14,945
15,246
17,024
17,484
16,499
18,074
18,399
18,883
2,044
2,351
3,084
5,274
6,827
6,026
6,002
7,017
7,757
7,645
8,813
8,888
8,990
10,361
10,529
9,784
10,989
11,314
12, 265
3,404 17, 872
' 3, 238 '18,342
3,108 21,224
2,955 22,984
11,928
12,386
14, 652
16,122
3 2,124 3 6,689
2,170
6,763
2,221
7,786
2,368
8,785
2,315
6,856
2,336
6,974
2,591
8,714
2,810
8,060
3,003
7,584
3,382
8,265
8,398
3,557
8,554
3,971
9,269
4,393
9,304
4,821
9,266
5,273
9,933
5,694
9,823
5,945
8,196
6,068
5,827
6,218
4,780
6,079
5,941
'5,906
5,648
5,491
Member banks
TotalNational
31,870
2,025
2,319
2,962
3,836
4,809
4,048
3,919
4,514
5,027
4,999
5,626
5,734
5,785
6,894
7,122
6,448
7,079
7,189
7,571
7,358
7,855
9,331
10, 435
Nonmember
banks
State Mutual
savings Other
2,646
3,187
3,154
3,204
3,466
3,407
3,336
3,910
4,126
4,695
31,855
1,870
1,999
2,132
2,174
2,492
2,716
2,889
3,007
3,200
3,186
3,256
3,298
3,383
3,587
3,696
3,518
3,920
4,270
4,103
s 1,807
1,899
2,263
2,547
1,961
2,528
2,104
2,122
2,1$2
2,384
2,375
2,655
2,759
2,873
3,077
3,259
3,197
3,165
2,814
2,514
4,570
4,531
5,321
5,687
4,103
'4,079
4,256
4,291
1,841
1,877
6 r 2, 315
2,571
19
32
123
1,438
2,018
1,977
2,083
2,503
2,730
r
w
3
"3*
1!
O
GO
ALL
MEMBER BANKS
to
No. 62.—ALL LICENSED MEMBER BANKS—CONDITION ON DEC. 31, 1934, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
All
member
banks
All
national
member
banks
All Stare
member
banks
Central reserve city
m e m b e r banks
New York
Chicago
Reserve
citymember
banks
Country
member
banks
ASSETS
Loans (including overdrafts)
U. S. Government direct obligations
_.
Securities fully guaranteed by U. S. Government—
Other securities
Total loans and investments
„
_
Customers' liability on account of acceptances
Banking house, furniture, and
fixtures
_
Other real estate owned
Reserve with Federal Reserve banks
Cash in vault
---.
Due from member banks.
__
Due from nonmember banks
Balances with domestic banks, not subject to immediate withdrawal..
Balances with banks in foreign countries (excluding own branches)
Due from own foreign branches
Items with Federal Reserve banks in process of collection
Exchanges for clearing house and other checks on local banks
Outside checks and other cash items
Redemption fund and due from IT. S. Treasurer
_
Acceptances of other banks and bills sold with endorsement
Securities borrowed
Other assets
Total assets..
4, 552, 726
3,654,870
292,480
3,487,405
1, 739,870
17,910,332 10,239,946
135, 687
106, 264
652,000
349,087
161,891
151, 665
2, 525,448
1,556,117
453, 749
154,853
2,280,185
669, 920
18, 791
92, 560
20,579
85,993
98, 522
34,352
58,184
385,201
205, 786
534, 563
698, 504
57, 517
21, 736
33, 956
750
1,011
1,529
367
168, 281
144,927
106,817
532,432 4,312, 211
742, 509 3,808,860
77, 550
278, 786
228,820
1,627, 761
1,581,311 10,027,618
10,920
41,073
25, 595
331, 223
3,757
130, 729
414,919
1, 268,130
40,264
206,683
198,422 1, 445, 714
7,236
42, 576
1,000
54,842
8,816
49,043
8,642
36,015
262,574
49,198
222, 464
4,463
52, 355
150
12, 246
339
302
43,789
95,362
40, 077,191
25, 580, 932 14,496, 259 11,373,401
2, 425,855 14, 251, 915
16, 774,164
9,907,928
1,635, 516
48,204
4, 546,038
10,393, 761
6, 996, 314
884,935
34,006
2,883, 555
5, 599,355
658, 603
791, 698
1, 255,030
382,105
45, 831
1, 797, 455
444,894
7,475, 377
6,250,822
3,158, 700
3,246,203
277,977
1, 078,124
7,761,004
187,169
249, 688
26, 690
1,576,317
86,305
100,612
2,410
41
121, 727
83,894
157,167
907,026
4,571
728
1,235
4,024, 760
2,108,120
354,895
2,292, 570
8,780,345
2,789
394,581
152,380
822,199
275,350
1,205,357
33, 507
57,256
4,929
135, 231
54,379
17,864
20,832
187
1,594
67,240
12,026, 020
LIABILITIES
Demand deposits
Time deposits
United States deposits
Due to Federal Reserve banks (deferred credits)
Due to other banks in United States
_.
12,028,103
9,905,692
989,208
5, 227,275
28,150,278
241,951
1,001,087
313,556
4,081,565
608,602
2, 950,105
85,729
113,139
184,515
92, 536
590,987
1,233,067
79,253
33,956
1,761
1,896
313,208
6,380,403
2,911,614
750, 581
14,198
1, 662,483
5, 523,859
4, 002,919
620,182
7,004
1, 963, 773
4, 395,920
4,864, 301
177,805
41,200
339, 916
w
o
>
Due to banks in foreign countries (excluding own branches)
Certified and officers' checks outstanding
_.
Cash letters of credit and travelers' checks outstanding.
Total deposits
__
Secured by pledge of loans and/or investments
Not secured by pledge of loans and/or investments
|
|
_
_._
National-banknotes outstanding
Agreements to repurchase securities sold
Bills payable with Federal Reserve banks
.__
Rediscounts with Federal Reserve banks
Bills payable—all other
_
...
Rediscounts—all other
Acceptances of other banks and bills sold with endorsement
Acceptances executed for customers
_
Acceptances executed by other banks for reporting banks
-.
Securities borrowed
_._
Interest, taxes, and other expenses accrued and unpaid
Dividends declared but not yet payable and amounts set aside for undeclared dividend
and for accrued interest on capital notes and debentures
Other liabilities
_.
Capital notes and debentures
Capital stock (see par value below)
_
SurplusUndivided profits—net
Reserves for contingencies
Retirement fund for preferred stock and capital notes and debentures.
Total liabilities (including capital account).
Par value of capital stock:
First preferred
Second preferred
Common
Total
Number of banks
__
146,504
782,618
7,433
73,804
365,503
5,272
72, 700
417,115
2,161
125, 787
535,839
3,948
2,337
22,838
601
16, 727
159,379
2,713
1,653
64,562
171
33,848,405
| 3,694,711
30,153,694
21,637,150
2, 443,433
19,193,717
12,211,255
1, 251, 278
10,959, 977
9,513,685
1, 010, 505
8, 502,180
3,153,636
144,155
2,009,481
13,396,556
1,611,410
10,685,146
9,885,528
928, 641
8,956,887
650,955
6,321
6,291
598
5,830
68
1,761
253, 791
8,978
1,896
63,378
650,955
2,341
3,777
383
3,565
9,436
1,042
3,000
224,738
3,541
185
1,235
199, 010
5,677
11, 045
310
339
41, 353
2,544
302
24,882
413,781
1,738
6,106
598
5,830
68
187
2,383
445
1,594
15, 548
40, 312
134,114
120,465
2, 543,621
1, 661,656
391,513
334,718
2,522
22, 642
51,187
750
138, 913
4,717
1,529
38,911
3,980
2,514
215
2,265
68
1,011
114,878
4,259
367
24,467
15, 246
7,702
1, 782, 746
836,056
261,456
141, 534
2,320
17, 670
82,927
120,465
760,875
825, 600
130,057
193,184
202
19,848
44, 571
25, 700
640,280
670, 751
101,872
126,038
10
1,436
22, 639
250
147, 250
37, 595
11, 285
29, 707
13,010
30, 638
51, 675
813,035
497, 329
137,826
113,158
804
6,018
36, 266
42,840
943,056
455, 981
140, 530
65,815
1,708
40,077,191
25,580,932
14,496, 259
11, 373,401
2,425,855
14,251,915
12,026,020
530, 628
22,946
1, 994,130
464, 714
17,178
1, 302, 599
65,914
5,768
691,531
100,300
76,150
~539,~980~
71,100
154,321
7,500
651, 312
199,857
15,446
731,738
2, 547,704
1, 784,491
763,213
640,280
147, 250
813,133
947,041
6,442
5,462
980
38
18
tr1
S
td
6,058
Back figures.—See Annual Report for 1933 (tables 71 and 72).
CO
No. 63.—ALL LICENSED MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, AND DEPOSITS ON D E C . 31, 1934, BY CLASSES OF
BANKS
[Amounts in thousands of dollars]
All
member
banks
Loans—Total
Acceptances of other banks payable in United States
Bills, acceptances, etc., payable in foreign countries
Commercial paper bought in open market
Loans to banks:
On securities
Allother
Loans on securities exclusive of loans to banks—Total
To brokers and dealers in New York
To brokers and dealers elsewhere
To others
Real estate loans:
On farm land
On other real estate.-_
Reporting banks' own acceptances
All other loans (including overdrafts)
Loans eligible for rediscount with Federal Reserve banks
Loans secured by U. S. Government obligations
U. S. Government direct obligations—Total
y
Bonds
Treasury notes
Treasury bills
Obligations guaranteed by U. S. G o v e r n m e n t as to interest a n d principal—Total
Reconstruction Finance Corporation.
Federal Farm Mortgage Corporation
Home Owners' Loan Corporation..
All
national
member
banks
All State
member
banks
Central reserve city
member banks
New York
Chicago
Reserve
city
member
banks
Country
member
banks
3
d
>
F
7,475,377
4,552,726
3,158,700
532,432
4,313,211
4,024,760
g
256,041
31,404
232,441
88, 517
16,188
163,915
167, 524
15,216
68,526
209, 819
15, 624
6,046
29, 024
4,537
26,957
12, 524
9,007
107, 564
4,674
2,236
91,874
s
54, 762
100, 735
35,401
70, 993
19,361
29, 742
28,128
35, 214
9,707
857
14,820
39, 783
2,107
24,881
4,139,633
2,361,331
1, 778,302
1,536,452
225,002
1,317,857
1,060,322
843, 368
186, 705
3,109, 560
319, 441
108, 816
1,933,074
523, 927
77,889
1,176,486
662,154
54,005
820, 293
26, 240
28,659
170,103
104, 544
89,789
1,123, 524
50,430
14,252
995, 640
261,795
2,011, 565
231, 824
4, 707,903
218,267
1, 078, 451
106, 577
3, 335, 737
43, 528
933,114
125,247
1, 372,166
451
138,636
164,159
1,024,171
777
17,152
16,017
202,402
102,116
988, 324
49,233
1. 670, 983
158, 451
867,453
2, 415
1,810, 347
2,144, 381
168, 085
1,439,598
111, 786
704,783
56, 299
642,633
99,005
93,490
11,659
680, 458
31, 789
727, 800
25, 632
9,905,692
6,250,822
3,654,870
3,246,203
7423 509
3,808,860
2,108,120
4, 657, 385
4, 218, 348
1,029,959
3, 342, 541
2,459, 320
448, 961
1, 314, 844
1,759, 028
580, 998
824,354
1,664, 347
757, 502
278,912
299, 231
164, 366
2,021,774
1, 691, 705
95, 381
1,532, 345
563, 065
12, 710
989,208
696,728
292,480
277,977
77,550
278,786
354,895
241,389
242,100
505, 719
185, 953
183, 569
327, 206
55, 436
58, 531
178, 513
146, 515
43, 683
87, 779
75, 760
235
1,555
8,783
7f,995
19^008
10, 331
122,187
222, 377
12, 028,103
o
fed
02
Other Securities—Total
Obligations of:
States, counties, municipalities, etc
Public utilities
Railroads
Home Owners' Loan Corporation guaranteed by U. S. Government as to interest
only
Federal land banks
Intermediate credit banks
Joint-stock land banks
Territorial and insular possessions
Real estate corporations
Other domestic corporations
Stock of:
Federal Reserve banks
Real estate corporations
Banks and banking corporations..
Other domestic corporations
Foreign securities:
Central governments
Provincial, State, and municipal governments
Other foreign securities
Demand deposits—Total
Individual deposits subject to check
Certificates of deposit
State, county, and municipal deposits
Banks in United States
Banks in foreign countries
Allother
Net demand deposits subject to reserve
Time deposits—Total
States, counties, and municipalities
Banks in United States
Banks in foreign countries
Other time deposits:
Evidenced by savings pass books
Certificates of deposit
Christmas savings, etc
Open accounts
Postal savings
1,739,870 I 1,078,124
228,820
1,627,761
2,292,570
620, 448
206, 235
218, 783
445, 862
82, 943
155, 201
129,393
23, 061
14, 913
642, 526
168, 020
194,414
729, 854
440, 779
428,455
71,963
110,422
75, 047
15,836
14, 264
36, 557
372, 303
39,185
25, 593
42, 242
3,053
2,837
38,182
162,782
26,162
6,952
45,146
152
20
12, 356
72,462
58
313
978
103
72
3,752
28,934
43, 780
46, 035
58,059
9,383
6,011
34, 204
170, 466
41,148
82, 715
13,106
9,251
10,998
24, 427
263,223
146, 553
55, 508
67, 068
248,194
89,862
34, 643
26,032
77, 524
56, 691
20, 865
41, 036
170, 670
47, 280
1,665
23,375
87, 580
5,975
4,329
597
45, 668
28, 977
29,114
89,843
47,630
20, 537
13,982
64, 085
127,769
42, 582
73,914
70, 806
32, 252
49, 939
56,963
10, 330
23, 975
49, 710
1,981
19, 277
5,570
581
3,505
30,438
10,317
20, 506
42, 051
29, 703
30, 626
16,774,164
10,393,761
6,380,403
5,599,355
1,255,030
5,523,859
4,395,920
14, 367,403
128, 739
1, 799,435
23,226
334
455,027
8, 731, 733
82, 426
1,393, 747
18,907
332
166,616
5, 635, 670
46, 313
405, 688
4,319
2
288, 411
5,038,462
32,045
228,683
728
334
299,103
1,049, 450
7,790
181, 556
11
4, 774,449
39,497
585,064
20,053
3, 505,042
49,407
804,132
2,434
16,223
104, 796
34,905
18,850,646
11, 533, 563
7,317, 083
6, 932,976
1,448,044 j 6,042,647
4,426,979
9,907,928
6,996,314
2,911,614
65S,603
382,105
4,002,919
4,864,301
294,452
133, 552
7,494
245,358
101,009
6,666
49,094
32, 543
4,439
703
6, 824
74
161
205,557
116, 718
665
84,382
15, 970
5
7, 599,028
881,978
19, 347
520,089
451,988
5,379, 874
654, 300
10, 597
248,456
350,054
2, 219,154
227, 678
8,750
271, 633
101,934
291,889
94, 396
503
204,069
55, 780
330, 005
16,971
2,301
32,073
520
3,038,167
210, 294
5,885
239, 453
186,180
3,938,967
560,317
10, 658
44,494
209,508
5,227,275
3,487,405
1, 947, 635
714, 803
792,983
1, 327,187
508, 568
574, 200
111, 148
136,015
117, 289
18, 889
17,101
74, 739
535,085
Forfiguresfor other call dates see tables 65 and 66 and the Member Bank Call Report for individual call dates
IP
No.
64-,—ALL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON CALL DATES, 1920-34
[In millions of dollars]
Deposits i
Loans and investments i
Call date
ReInvestments
serve
Due
with Cash from
Fedbanks
U.S.
in
eral vault
in
GovReUnited
ern- Other
2
serve
States
Total ment securi- banks
direct
ties
obligations
Total
Demand
Time
U.S.
Government
L,874
1,824
1,774
1,577
24,871
25,401
25,106
24,220
14,833
15,067
14,779
14,020
5,747
5,911
6,144
6,188
190
260
220
316
3,524
3,461
3,202
3,062
577
702
761
633
16,426
16,422
15,924
15,345
22,173
22,333
22,068
21, 533
2,755
2,701
3,080
3,036
3,833
3,853
4,086
4,120
9,291
9,399
9,567
9,606
564
530
478
L,325
1,354
L,450
22,830
23, 350
23,247
13,074
13,292
13,176
6,343
6,367
6,451
273
390
306
2,665
2,688
2,835
475
614
480
14,389
14,321
14,449
20,732
20,688
20,900
2,313
2,022
1,364
4,156
4,133
4,093
9,698
9,745
9,779
1,723
1,835
1,939
469
465
562
1,614
1,647
1,806
23, 660
25, 547
27, 288
12,950
14, 252
14,816
6,662
7,175
7,645
330
156
462
3,142
3,124
3,453
577
840
912
14, 498
15, 539
16, 203
21,160
22, 714
23, 848
758
592
727
4,185
4,214
4,364
9,816
9,892
9,859
3,873
3,922
3,915
4,042
1,909
1,871
1,869
1,900
518
429
523
561
1,774
L, 596
1,640
[,824
27,200
27,088
26,942
28,507
14, 526
14,693
14, 566
15,164
8,143
8,378
8,466
8,651
404
297
145
237
3,474
3,184
3,165
3,476
653
536
600
980
16, 086
16,066
15,919
16, 376
24, 229
24,444
24, 385
25,027
815
944
983
808
4,356
4,367
4,436
4,378
9,850
9,856
9,843
9,774
3,534
3,575
3,866
3,874
4,084
4,387
4,733
4,939
1,893
1,965
2,121
2,228
494
504
528
597
L, 644
L, 940
i, 430
2,339
28,270
29, 566
30, 795
32,384
14, 719
15,309
15, 730
16, 684
8,890
9,204
9,597
9,805
292
179
302
242
3,447
3,820
4,453
4,504
923
1,054
713
1,148
16,112
16, 838
17,804
18, 468
25, 002
26,042
27,401
28, 273
614
443
325
408
4,468
4,486
4,594
4,532
9,681
9,650
9,635
9,587
8,869
8,863
8,890
8,888
3,894
3,780
3,761
3,728
4,975
5,082
5,129
5,160
2,092
2,191
2,147
2,238
523
524
525
575
',091 31, 249
2,017 32, 457
I, 031 32, 075
5,155 34, 250
15, 850
16, 812
16, 617
17,825
10,127
10, 381
10, 467
10, 653
412
177
278
304
4,041
3,978
3,828
4,169
819
1,110
884
1,299
17,
18,
18,
19,
708
277
259
260
27,835
28, 658
28, 726
29,913
486
559
712
733
4,669
4,690
4,688
4> 678
9,531
9,538
9,539
9,489
9,034
9,123
8,990
3,805
3,745
3,389
5,229
5,378
5,601
2,136
2,236
2,210
540
534
523
1,934
1,980
,066
16,823
17, 380
17, 639
10,955
11,173
11, 440
379
228
234
3,802
3,935
4, 003
935
1,046
1,213
18, 392
18, 804
18, 922
29, 347
29, 977
30,362
620
612
760
4,826
4,832
4,944
9,412
9,375
9,260
Total
Loans
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
1,866
1,839
1,827
1,763
621
622
611
678
1921—Apr. 28 (Thurs.)--. 24,390
24,121
June 30 (Thurs.)
23,482
Dec. 31 (Sat.)
18,487
18,119
17,394
5,903
6,002
6,088
2,496
2,561
2,581
3,407
3,441
3,507
1,654
1,625
1,758
1922—Mar. 10 (Fri.)
June 30 (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
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
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
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
1926—Apr. 12 (Mon.)_„_ 30,819
June 30 (Wed.).— 31,184
Dec. 31 (Fri.)
31, 642
21,785
22, 060
22, 652
1920—May 4 (Tues.)
June30(Wed.)-__
Nov. 15 (Mon.)___
Dec. 29 ( W e d . ) . . . .
1
Due
Bills
to
demand
, N e t , pay- Capi- Numbanks
deposits ueinana able
tal
ber of
(explus
and
Other subject
cept
time
redis- funds 4 banks
deto reF . R.
deposits counts
banks) posits serve
in
United
States 3
32,893
33, 762
34, 528
1927—Mar. 23 ( W e d . ) . —
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
2,321
2,280
2,320
2,514
538
538
539
523
1,896
1,968
2, 077
2,210
33,750
35,393
35, 476
36, 657
16,831
17,735
17, 374
18,170
11,818
12, 210
12, 459
12, 765
407
218
435
267
3,388
3,508
3,567
3,808
1,307
1,722
1,640
1,647
18, 542
19,250
19,170
20,105
30,360
31,460
31,629
32,870
546
541
528
663
5,086
5,147
5,295
5,341
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
24,303
24,325
25,155
10,590
10, 758
10,604
10,529
4,216
4,225
4,386
4,312
6,374
6,534
6,218
6,217
2,367
2,342
2,348
2,409
526
449
519
564
1,941
1,897
2,026
2,124
35,367
36, 050
36,146
39,067
17, 305
17, 607
17, 501
18, 904
12, 923
13, 439
13,410
13, 453
86
257
159
262
3,496
3,263
3,462
3,649
1,557
1,485
1,613
2,799
19,236
19,191
18,995
19,944
32,158
581
32, 629 1,209
32,405 1,154
33,397 1,162
5,404
5,625
5,842
5,899
8,983
8,929
8,896
8,837
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
9,749
26,165
26,150 9,784
4,454
4,155
4,022
3,863
5,994
5,898
5,727
5,921
2,339
2,359
2,322
2,374
517
433
497
558
1,741
1,8S5
2,005
2,168
36, 774
35,866
36,644
37,981
17, 708
17, 815
17,937
18,862
13, 329
13,325
13,318
13, 233
411
348
315
143
3,070
3,092
3,153
3,517
2,256
1,287
1,921
2,225
18, 833
18,977
18,952
19, 797
32,162 1,153
32,302 1,198
32, 269 1,150
33, 030
879
6,174
6,345
6,675
6,709
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
2,353
2,408
2,415
2,475
497
484
470
593
1,902
2,360
2,463
2,456
35, 784
38,069
36, 245
37, 029
17,079
18, 062
16,838
17, 502
13,519
13,812
13,945
13,546
325
281
257
267
3,204
3,832
3,817
3,873
1,657
2,083
1,387
1,841
18, 489
19,170
18, 657
18, 969
32, 007
32, 982
32, 602
32, 516
347
435
316
355
6,760
6,726
6,827
6,593
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
5,343
5,564
5,319
6,886 2,364
6,763 2,396
6,635 2,339
5,996 1,975
461
519
554
523
2,791
2,517
1,935
1,662
35,902
36,123
33, 396
30, 711
16,339
16, 622
15, 526
14,955
13,663
13,515
12, 776
11,316
502
395
526
412
4,236
4,004
3,222
2,832
1,161
1,586
1,345
1,196
18, 481
18,357
17,445
16, 067
32,144
31, 872
30, 222
27, 383
281
217
466
839
6, 598
6,430
6,359
5,999
7,928
7,782
7,599
7,246
g
£
E
^
g
11,889
12,106
12,199
11,314
^
M
1932—June 30 (Thurs.)... 28,001
Sept. 30 (Fri.)
28, 045
Dec. 31 (Sat.)
27, 469
16, 587 11, 414
15, 924 12,120
15, 204 12, 265
5,628 5,786
6,366 5,755
6,540 5,726
1,998
2,235
2,511
478
407
423
1,731
2,049
2,416
27,836
28, 417
28; 690
13, 204 10, 636
13, 081 10, 602
13, 393 10, 550
387
738
475
2,870
3,269
3,608
739
727
665
14, 482 25,118
14, 626 25, 228
15,193 25, 743
815
697
547
5,661
5,571
5,409
6,980
6,904
6,816
19335—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
6,801
7,254
5,041
5,093
5,132
2,235
2, 651
2,678
405
447
471
2,008
1,848
1,969
26, 563
26, 584
27,167
12,928
12, 994
13,4 tr
8,981
9,114
9,125
808
918
967
3,047
2,976
3,125
802
582
507
14,156 23,137
14, 389 23, 503
14, 821 23,946
191
188
143
4,837
4,908
4,962
6,011
g
1934—Mar. 5 (Mon.)
June 30 (Sat.)
Oct. 17 (Wed.)
Dec. 31 (Mon.)
26, 548
27,175
27, 559
28,150
12, 706
12, 523
12, 293
12, 028
8,667
9,136
9,186
9,906
5,175
5,515
6,081
6, 216
3,148
3,819
3,976
4,082
486
473
550
609
2,303
2,668
2,823
3,036
29, 280
31,012
32, 285
33,848
13, 692
14, 963
16,149
16, 774
9,416
9,811
9,821
9,908
1, 790
1,658
1,143
1,636
3,660
4,054
4,447
4,546
721
526
725
985
15, 582
17, 067
18, 408
18,851
91
35
24
13
5,006
5,105
5,120
5,054
6,206
6,375
6,433
6,442
£
^
13,842
14, 652
15, 267
16,122
24,999
26, 878
28, 230
28, 759
5,608
5,818
1 For further classification of loans and investments and of deposits, see tables 65 and 66.
2 Excludes items with Federal Reserve banks in process of collection, exchanges for clearing house and other checks on local banks, and balances not subject to immediate
withdrawal.
3 Prior to Mar. 23, 1927, includes "Due to banks in foreign countries."
* Aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, reserves for stock dividends on common stock, and
retirement fund for preferred stock and/or capital notes and debentures. Also includes reserves for dividends prior to July 1932, and reserves for interest, taxes, and other expenses
accrued
and unpaid prior to Sept. 28, 1925.
6
Beginning June 1933, figures relate to licensed banks only.
Back figures—See Annual Report for 1933 (table 78).
h-
r
No.
65.—ALL MEMBER BANKS—CLASSIFICATION OF DEMAND AND TIME DEPOSITS ON SELECTED CALL DATES, 1928-34
[In millions of dollars]
Time deposits
Demand deposits
Call date
Total
Total—All
member banks:
1928—Dec. 3 1 . . .
1929—Dec. 3 1 . . .
1930—Dec. 31. _.
1931—Dec. 3 1 . 1932—June 3 0 . . .
Sept. 30—
Dec 31
1933—June 30 2__
Oct 25
Dec. 30 .
1934—Mar 5
June 30
Oct. 1 7 —
Dec 31
New York City: <
ig2g—Dec 31
IQOQ
Dec
31
2930—Dec 31
IQQI
Dec
31
2932—June 30
Sept 30
Dec 31
2933—June 30 2
Oct 25
Dec 30
1934—Alar 5
June 30
Oct 17
Dec. 3 1 . . .
Banks
IndiStates,
vidual
Certif- coundeties,
posits icates
All
and
of
In
subother
In
municdeforeign
ject
United
posit ipalicounto
States tries
ties
check
18,904
18,862
17,502
14, 955
13, 204
13, 081
13 393
12,928
12 994
13,442
13 692
14 963
16,149
16 774
16,997
16,936
15, 560
13,151
11,491
11, 697
11,853
11,419
11,507
11,677
11,871
12, 826
13, 961
14, 367
235
202
192
166
138
115
148
120
127
133
134
122
130
129
l,30C
1,335
1,362
1,303
1,314
1,034
1,119
1,087
1,106
1,320
1,425
1,598
1,680
1,799
5 621
5 975
5* 592
4 984
4*4051
4 417
4 633
4,776
4 585
4 635
4 533
5 061
5 308
5,599
5,241
5 574
5,195
4 590
4 119
4 201
4,335
4,474
4 328
4,276
4,249
4,610
4,859
5,038
22
24
22
31
27
19
44
38
43
36
43
32
36
32
133
128
110
180
117
67
93
96
71
141
109
167
201
229
0)
0)
0)
0)
0)
2
9
15
14
15
16
19
23
(i)
(i)
(i)
0)
0)
0)
0)
(01
C)
I
1
(1)
0)
M
(0
0)
0)
(1)
(1)
(1)
3
1
1
1
1
1
1
Banks
Total
States,
counEvities,
denced
In
and
by
In
munic- United foreign savcounipaliings
States
tries
ties
passbooks
372
389
386
335
261
235
272
291
239
298
247
401
357
455
13,453
13, 233
13, 546
11,316
10,636
10,602
10,550
8,981
9,114
9,125
9,416
9,811
9,821
9,908
418
595
509
388
337
342
342
300
270
301
305
333
294
294
226
249
264
182
141
130
161
164
142
182
130
252
212
299
1,268
1 336
1,296
830
801
890
937
808
802
748
724
738
701
659
10
33
13
11
10
20
7
4
10
14
13
12
8
4
124
95
107
63
70
70
87
89
87
83
92
122
135
134
57
40
37
2
3
4
6
22
1
1
1
1
1
Due to
United FedOther time deposits
States ReGov- serve
All
ern- banks
Cerother,
ment
tifi(deOpen includ- Postal
decates
acing
sav- posits ferred
of
credChristcounts
ings
deits)
mas
posit
savings
7
9,810
9,592
9,591
8,134
7,491
7,258
7,259
6,127
6,261
6,429
6,747
7,168
7,352
7, 599
1,895
1,741
1,885
1,472
1,350
1,381
1,352
1,038
989
900
880
931
934
882
133
182
21
5
4
1
1
5
6
7
7
3
7
588
617
452
320
309
308
315
280
282
278
284
293
290
292
77
77
96
86
97
137
146
133
121
97
83
106
112
94
154
238
26
7
5
1
1
6
7
8
1, )71
934
1, 027
771
772
851
799
3 92
545
3 110
611
3 45
583
561
3 70
3 74
590
550
80
520
19
134
122
189
463
610
695
708
788
781
778
755
585
472
452
262
143
267
412
387
738
475
806
918
967
1,790
1,658
1,143
1,636
518
417
477
325
310
341
382
250
272
244
231
246
216
204
19
18
38
64
68
76
80
110
106
107
105
69
65
56
52
20
37
167
118
306
173
332
379
422
843
802
559
792
7
4
1
2
3
5
1
57
54
49
48
38
32
37
34
37
39
39
42
60
48
Due
to
other
banks
in
United
States
Certified,
Due officers',
to
banks a n d
travin
for- elers'
eign checks
coun- and
tries cash
letters
of
credit
3,649
3,517
3,873
2,832
2, 87C
3,269
3,608
3,047
2,976
3,125
3,660
4,054
4,447
4,546
535 2,207
544 1,627
545 1,245
398
749
172
528
213
482
243
385
145
623
117
428
129
339
172
509
154
330
136
530
147
790
1,213
1 198
1,349
988
1,103
1 346
1,562
1,252
1 213
1,200
1,402
1 591
1,689
1,797
470 1,765
464 1 180
865
463
333
480
146
359
187
350
216
177
127
461
299
100
112
167
153
368
154
135
116
360
126
540
Chicago:4
1928—Dec. 3 1 . . .
1929—Dec. 3 1 . . .
1930—Dec. 3 1 . . .
1931—Dec. 3 1 . . .
1932—JuD3 30.._
Sept. 30
Dec. 31. _ _
1933—June 30 *„
Oct. 25-__
Dec. 3 0 . . .
1934—Mar. 5_.._
June 30. __
Oct. 1 7 - . .
Dec. 3 1 . . .
Reserve city banks:
1928—Dec. 31
1929—Dec. 3 1 . . .
1930—Dec. 31.
1931—Dec. 3 1 . . .
1932—June 30. _
Sept. 30...
Dec. 31.
1933—June 30 K.
Oct. 2 5 - .
Dec. 3 0 . . .
1934—Mar. 5 . . . .
June 30.
Oct. 17....
Dec. 3 1 . . .
Country banks:
1928—Dec. 31
1929-Dec. 3 1 . . .
1930—Dec. 31. .
1931—Dec. 3 1 . - .
1932—June 30...
Sept. 30...
Dec. 3 1 . . .
1933—June 30 *__
Oct. 25..__
Dec. 3 0 . . .
1934—Mar. 5 . . . .
June 30..
Oct. 17....
Dec. 3 1 . . .
1,127
1,083
1,096
897
734
767
875
957
1,005
1,034
998
1,118
1,252
1,255
1,056
1,033
1,021
852
662
727
810
850
907
893
852
923
1,063
1,049
6,035
5,970
5,594
4,779
4,279
4,271
4,281
4,062
4,189
4,357
4,449
4,900
5,327
5,524
5,480
5,423
5,054
4,276
3,785
3,869
3,833
3,607
3,709
3,788
3,846
4,229
4, 652
4,774
5,219
4,906
4,290
3,432
2,926
2,900
2,875
2,488
2,562
2,720
2,924
3,065
3,388
3.505
6,121
5,833
5,220
4,296
3,786
3,626
3,605
3,133
3,214
3,417
3,712
3,884
4,261
4,395
8
3
3
2
1
1
1
2
6
6
6
6
10
8
47
41
48
41
30
23
29
28
36
45
34
37
38
39
53
42
69
41
70
38
62
87
86
122
133
174
166
182
0)
0)
0)
C1)
0)
0)
430
423
422
390
393
316
349
349
370
435
480
526
526
585
0)
0)
0)
0)
0)
0)
157
133
119
91
79
71
74
51
42
47
51
47
46
49
684
742
762
692
734
613
615
555
579
621
702
731
787
804
0)
0)
0)
0)
0)
0)
0)
(0
8
8
0)
0)
0)
0)
0)
0)
4
12
11
11
13
16
20
1
2
1
3
33
3
2
0)
0)
0)
0)
0)
0)
9
4
3
1
1
2
2
18
7
12
7
16
14
16
558
419
510
389
350
325
319
365
353
359
368
3631
3581
382
31
58
73|
HI
78
83
71
71
71
62
70
73
62
78
78
96
94
105
4,832
4,888
5,202
4,456
4,223
4,230
4,217
3,597
3,614
3,653
3, 762
3 9641
3,948
4 003 i
260
371
295
280
224
208
230
208
171
203
205
234
1981
6,794
6,590
6,538
5.641
5,262
5,157
5,076!
4,211
4,345!
4, 3651
4,562
4,745
4,814!
4. 864 !
116
133
128
106;
94
110|
1041
86
87
83
60
52
48
80
47
41
39
37
28
26
32
38
38
35
206 j
21
19
18
276
156
184
185
133
136
148
265
274
287
296
301
318
330
74
54
73
411
491
40j
42
34
41
36
33
21
18
17
154
122
134
123
101
102
105
52
31
27
32
36
19
32
37
30
42
44
47
47
62
59
74
72
80
105
117
117
3,707
3,724
3,907
3.283
3,048
2.971
2,962
2. 450
2, 470
2,527
2,648
2,845
2,915
3,038
466
411
546
429
377
392
385
265
233
211
210
239
229
210
302
299
321
234
258
283
241
207
263
267
258
261
265
239
10
6
11
7
7
7
5,240
5. 095
5,04'
4,346
4.001
3,842
3,835
3,132
3,236
3,337
3,518
3,729
3,830
3.939
1,278
1,199
1,170
916
826
812
77!
605
593
556
554
565
575
560
98
95
95
88
103
126
72
36
45
45
41
47
49
44
101
7
2
3
3
3
3
2
2
2
5
17
42
30
11
6
5
5
4
1
1
1
6
8
25
16
21
32
18
46
50
41
70
47
31
46
19
25
6
14
21
26
6
60
41
59
202
268
329
338
388
377
366
345
259
196
186
153
76
152
169
188
304
211
312
375
393
696
635
427
620
59
79
35
51
47
46
11
54
61
88
179
231
260
279
284
293
300
301
256
210
210
50
39
53
61
60
96
72
116
114
111
181
174
125
178
328
310
365
274
235
285
279
259
266
270
335
391
434
445
39
32
24
16
12
10
12
15
13
15
16
15
20
23
13
10
9
10
9
6
8
7
7
7
7
8
10
7
1,681
1,604
1,773
1, 275
1,276
1,394
1,503
1,311
1,268
1,404
1,6411
1,772
1, 979
1,964
277
290
243
170
103
77
133
101
78
103
83
109
102
162
44
44
40
39
30
26
29
27
31
32
32
34
50
41
427
405
387
295
257
244
263
225
228
251
281
300
345
340
127
125
112
83
52
43
61
45
37
54
42
51
48
65
1 Included in due to banks in United States and due to banks in foreign countries, respectively.
2 Beginning with June 1933 the figures relate to licensed banks only.
Includes deposits the payment of which has been deferred beyond the time originally comtemplated, either by agreement with depositors or otherwise: June 30,1933, $33,000,000:
Oct.4 25, 1933, $36,000,000; Dec. 30, 1933, $27,000,000; Mar. 5, 1934, $34,000,000; June 30, 1934," $14,000,000.
Central reserve city banks only.
Back figures.—See Annual Report for 1933 (tables 77 and 7^ •
3
CO
No. 66.—CLASSIFICATION OF MEMBER BANK LOANS AND INVESTMENTS ON SELECTED CALL DATES, 1928-34
Or
O
[In millions of dollars]
Loans to banks
Call date
Total—All member banks:
1928—Dec. 3 1 .
1929—Dec. 31 _
1930— Dec. 3 1 .
1931—Dec. 311932—June 30Sept. 30_
Dec. 3 1 .
1933—June 30 6
Oct.25._
Dec. 30_
1934—Mar. 5__
June 30.
Oct. 17._
Dec. 3 1 .
New York City:?
1928—Dec. 31 _
1929—Dec. 3 1 .
1930—Dec. 3 1 .
1931—Dec. 3 1 .
1932—June 30.
Sept. 30.
Dec. 3 1 .
1933—June 30 •
Oct. 2 5 Dec. 30.
1934—Mar. 5. _
June 30.
Oct. 17._
Dec. 3 1 .
Loans to customers (exclusive of banks)
Total
Seloans
cured
and
All
invest- Total by
stocks other Total
ments
and
bonds
35, 684
35, 934
34,860
30, 575
28, 001
28,045
27, 469
24, 786
24,953
25, 220
26, 548
27,175
27, 559
28,150
538
714
631
790
573
457
444
330
297
287
225
153
149
155
7,951
8,774
8,582
7,460
6,715
7,112
7,327
7,133
6,971
6,995
7,351
7,666
7,543
7,761
322
283
374
260
203
216
162
143
146
112
68
66
()
315
455
345
270
242
179
156
158
107
53
52
55
(
316
334
228
187
202
150
142
129
118
100
98
101
8
()
132
204
155
120
115
85
72
84
52
20
24
28
151
170
105
83
101
77
70
63
60
47
43
35
Secured by
stocks and
bonds
To
brokers
outside
New
York
City i
Open-market loans
Secured by
real estate
Purchased paper
Keport- Othering wise seAcAcbanks' cured Total ceptceptand
own
To
ances ances, Comunseacother Farm Other
pay- etc., merreal cept- cured
land estate
cuscial
able in pay- paper
ances
tomers
United2 able
States abroad
21,460
23,194
21,007
17, 570
15,267
14,498
13,905
11, 337
11, 523
11,315
11,093
10,804
10, 782
10, 509
975
803
675
391
283
258
241
165
178
166
164
208
167
187
6,373
7,685
7,266
5,899
5,009
4,828
4,608
3,752
3,631
3,606
3,480
3,309
3,158
3,110
3,940
4,964
4,338
3,694
2,856
2,638
2,620
2,297
2,434
2,395
2,321
2,202
2,294
2,202
50
55
104
87
65
63
61
38
47
45
47
55
50
54
1,658
2,145
2,033
1,641
1,279
1,237
1,186
1,044
882
826
820
Investments
388
387
359
363
368
356
308
311
318
298
288
266
262
2,711
2,803
2,847
2,678
2,531
2,517
2,505
2,064
2,052
2,041
2,084
2,068
2,030
2,012
132
169
147
153
159
154
159
157
149
147
155
155
150
139
()
0)
116
189
158
225
192
257
213
250
210
229
232
()
0)
77
138
90
148
120
179
130
171
144
159
164
10,991
11,515
9,831
8,126
5,892
5,970
4,857
5,092
4,972
4,817
4,721
4,932
4,708
2,100
2,595
2,054
1,735
1,216
1,094
1,066
937
1,075
1,084
1,009
965
1,108
1,024
U. S.
Loans
to brokers in
New
York i
Total
Government
direct
obligations
ObligaTotal
tions
loans
fully
on
guar- Other stocks
anteed securi- and
ties bonds
by
U.S.
Government
3,158
2,243
2,233
901
747
970
855
1,191
1,238
1,231
1,387
1,566
1,361
1,363
109
212
315
146
313
407
375
291
303
223
350
264
276
256
103
80
55
41
34
34
30
25
24
37
26
20
30
31
390
291
366
140
122
115
93
87
164
132
157
200
253
232
2,556
1,660
1,498
575
278
414
357
788
748
840
855
1,082
802
843
10, 529
9,784
10,989
11,314
11,414
12.121
12, 266
11,928
11,894
12,386
13,842
14,652
15, 267
16.122
4,311
3,863
4,125
5,319
5,628
6,366
6,540
6,887
6,801
7,254
8,667
9,137
9,186
9,906
6,217
5,921
6,864
5,996
5,786
5,755
5,726
5,041
5,093
5,132
5,175
5,516
709 5,372
5,227
1,791
1,396
1,525
695
564
764
701
964
891
912
986
1,131
61
128
188
107
262
341
330
224
233
170
276
225
232
210
6-1
46
22
17
21
18
15
10
8
17
8
10
12
16
29
21
34
29
23
14
19
10
27
19
14
13
1,639
1,202
1,281
542
258
391
337
720
624
706
687
883
631
662
1,933
2,091
2,435
2,697
3,033
3,508
3,789
3,709
3,501
3,542
3,932
4,265
4,300
4,602
1,094
1,112
1,239
1,768
2,008
2,429
2,603
2,551
2,320
2,362
2,768
3,053
2,954
3,246
979
1,197
928
1,025
1,079
1,186
1,158
1,181
1,179
1,164
1,212
237 1,109
278 1,078
5
5
10,172
10,505
9,754
7,320
5,916
5,770
5,447
4,884
4,713
4,769
4,606
4,651
4,178
4,194
•3,491
6
3, 562
3,550
2,474
1,757
1,811
1,699
1,887
1,728
1,824
1,724
1,840
1,531
1,565
Chicago:7
1928—Dec. 31.
1929—Dec. 31.
1930—Dec. 31.
1931—Dec. 31.
1932—June 30.
Sept. 30_
Dec. 31.
1933—June 30 6
Oct.25._
Dec. !
1934—Mar. 5. _
June 30.
Oct. 17..
Dec. 31.
Other r e s e r v e
cities:
1928—Dec. 31.
1929—Dec. 31.
1930—Dec. 31.
1931—Dec. 31.
1932—June 30.
Sept. 30.
Dec. 31.
1933—June 30«
Oct.25__
Dec. 30.
1934—Mar. 5._
June 30.
Oct. 17..
Dec. 31.
Country banks:
1928—Dec. 31.
,
1929—Dec. 31.
1930—Dec. 31.
1931—Dec. 31.
L L 1932—June 30.
Sept. 30Dec. 31.
1933—June 30«
Oct.25._
Dec. 30.
1934—Mar. 5._
June 30.
Oct. 17__
Dec. 31.
i
1,910
1,757
1,861
1,517
1,277
1,192
1,045
1,287
1,196
1,259
1,440
1,445
1,542
1,581
40
88
55
87
77
53
42
30
26
22
16
13
11
11
(3)
(3)
42
74
68
45
34
24
21
17
15
12
10
10
(3)
(3)
13
13
10
9
8
6
6
5
1
1
1
1
1,388
1,330
1,194
926
777
659
550
589
608
524
514
491
474
435
309
240
201
124
93
85
67
48
51
33
36
41
23
29
598
533
472
407
361
292
231
251
245
208
203
188
178
170
3
2
2
1
1
1
1
3
2
1
1
1
1
1
39
19
18
22
25
25
18
26
30
28
27
20
19
17
12,156
12,029
11,897
10,598
9,768
9,788
9,489
8,492
8,756
8,898
9,376
9,609
9,826
10,028
173
258
231
260
177
152
136
99
94
SO
(53
40
44
55
(3)
(3)
125
154
108
93
83
63
56
50
34
17
16
15
8
106
106
69
59
53
36
38
31
29
23
29
40
7,879
8,418
7,712
6,481
5,743
5,537
5,327
4,257
4,304
4,273
4,154
4,096
4,088
4,024
509
426
312
152
105
92
96
63
66
73
65
97
80
90
2,318
2,775
2,671
2,123
1,844
1,835
1,774
1,340
1,297
1,316
1,262
1,200
1,142
1,124
118
110
120
120
124
125
121
123
121
120
116
116
104
102
1,387
1,428
1,491
1,395
1,257
1, 255
1,258
1,008
992
1,001
1,014
1,008
996
988
13,667
13,375
12, 519
10,999
10,240
9, 954
9,607
7,873
8,031
8,068
8,381
8,456
8,649
8,780
37
45
62
69
(33)
()
15
24
15
12
10
(33)
()
46
45
44
37
40
31
28
31
28
29
25
25
8,253
8,482
7,762
6,469
5,891
5,663
5,405
4,194
4,175
4,123
4,103
4,016
3,926
3,849
107
83
59
28
20
17
15
15
14
15
16
14
15
14
1,799
2,231
2,090
1,728
1,525
1,464
1,417
1,117
1,104
1,092
1,077
1,039
1,012
996
290
276
264
237
238
241
234
182
189
196
181
170
161
158
1,153
1,186
1,191
1,109
1,090
1,084
1,070
873
881
865
887
886
865
867
49
50
38
35
38
35
33
28
27
7
7
7
8
4
3
2
440
535
501
361
282
227
210
237
254
222
221
219
236
202
91
30
95
24
22
35
37
58
67
58
57
52
75
87
1
9
18
2
5
16
22
27
25
15
18
13
20
29
1
5
14
10
5
6
5
3,546
3,679
3,119
2,668
2,380
2,194
2,027
1,678
1,779
1,714
1,650
1,634
1,720
1,671
651
408
436
111
96
117
77
125
207
200
249
259
253
234
16
43
104
33
33
41
22
36
43
36
46
21
19
13
33
24
15
12
7
9
8
6
4,904
4,705
4,158
3,362
3,015
2,854
2,667
2,005
1,984
1,952
1,937
L ,903
1,868
1,810
625
408
177
71
64
55
39
43
73
62
95
124
150
149
30
33
5
4
13
8
1
4
2
3
10
5
5
5
«4
(4)
()
11
15
29
23
24
27
32
27
21
18
16
0)
(4)
(*23
)
33
36
52
46
49
48
48
41
47
49
(4)
0)
(4)
3
4
2
3
3
3
5
3
5
2
1 Includes loans to dealers in securities.
2
Exclusive of acceptances acquired and held by the accepting member banks, shown
in a 3preceding column.
Not available.
Back figures.See Annual Report for 1933 (table 79).
14
5
18
9
11
12
9
12
19
16
17
18
25
27
75
11
45
3
1
1
1
13
16
18
15
19
24
26
391
309
518
480
400
445
414
610
495
655
852
889
982
1,049
174
116
240
288
234
256
228
384
284
386
564
585
687
743
« 1,002
«828
761
608
522
422
333
336
333
276
269
288
260
304
234
218
235
229
9
8
6
8
9
136
102
194
53
50
53
36
38
72
61
72
97
126
108
465
239
123
14
6
14
11
45
84
94
123
135
99
105
3,454
2,944
3,517
3,746
3,753
3,981
3,948
4,011
4,151
4,344
4,911
5,214
5,441
5,715
1,662
1,368
1,486
1,844
1,953
2,209
2,234
2,483
2,605
2,823
3,390
3,516
3,553
3,809
1,791 «3,379
1,576 s 3, 569
2,031 3,230
1,902 2,443
1,800
2,063
1, 772 2,034
1,714
1,965
1,528
1,511
1,546
1,503
1,522
1,533
1,521
1,484
1,698
1,448
180 1,708
1,335
279 1,628
1,333
8
5
3
2
2
2
2
1
2
3
2
2
3
2
211
163
120
48
36
36
28
27
46
34
54
72
95
92
376
208
49
16
13
9
8
10
23
22
30
45
48
50
4,751
4,439
4,519
4,392
4,226
4,186
4,114
3,598
3,748
3,845
4,148
4,283
4,545
4,756
1,382
1,267
1,159
1,418
1,432
1,471
1,474
1,469
1,592
1,683
1,946
1,982
1,992
2,108
3,370 «2,300
3,172 » 2, 545
3,359 2,213
2,974
1,796
2,794
1,574
2,715
1,503
2,640
1,450
2,129
1,149
2,156 1,148
2,162
1,13 6
2,202
1,129
2,301
1,102
1,078
215 I 2,337
1,062
355 1 2,293
7
7
7
1
7
8
5
7
217
193
277
191
168
189
186
226
211
« Included in following column, prior to June 1931.
* Security loans to banks estimated as H of total loans to banks.
• Beginning with June 1933, figures relate to licensed banks only.
7 Central reserve city banks only.
152
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
N o . 6 7 . — A L L M E M B E R B A N K 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 M O N T H S , 1934
[Averages of daily figures. In millions of dollars]
Deposits subject to reserve
Class of bank and month
Net de-l
mand
Time 2
Total
All member banks:
January
February
March
April
May
June
July
August
September
October
_.
November
December
15,021
15,341
15,851
16,457
16, 720
16, 988
17,276
17,490
17,806
18, 208
18, 524
18, 769
9,227
9,333
9,437
9,552
9,643
9,711
9,796
9,819
9,809
9,826
9,840
9,769
24, 248
24,674
25,288
26,009
26,363
New York City: s
January
February
March
April
May
June
July
August
September. _ _
October
November
December
5, 599
5,624
5,943
6,256
6,283
6,433
6,500
6, 534
6, 591
6,704
6,780
Chicago:3
January
February.._
March
April
May
June
July
August
September.,
October
November..
December. _
Reserves
required
Reserves held
Total
Excess
Borrowings at
Federal
Reserve
banks
27,073
27, 310
27,615
28,034
28, 364
28,538
1,875
1,908
1,970
2,041
2,071
2,105
2,139
2,161
2,192
2,234
2,266
2,290
2,740
2,799
3,345
3,582
3,695
3,790
3,928
4,045
3,947
3,964
4,100
4,037
866
891
1,375
1,541
1,624
1,685
1,789
1,884
1,754
1,731
1,835
1,748
84.6
54.2
41.2
30.6
25.9
22.1
18.1
16.3
18.0
10.7
10.2
9.7
749
746
728
736
719
735
736
719
709
705
685
647
6,348
6,370
6,671
6,992
7,001
7,168
7,236
7,252
7,300
7,409
7,465
7,512
750
754
794
835
838
858
867
871
878
893
902
912
897
872
1,227
1,290
1,323
1,391
1,393
1,509
1,440
1,461
1,506
1,468
147
118
432
455
485
532
526
638
562
568
604
556
.1
.1
.1
1,121
1,170
1,172
1,193
1,281
1,319
1,370
1,407
1,441
1,467
1,485
1,495
350
349
358
346
356
349
357
357
363
361
370
366
1,471
1, 519
1,530
1,539
1,637
1,668
1,727
1,764
1,804
1,828
1,855
1,861
156
163
163
165
177
182
189
194
198
202
204
205
328
335
342
372
395
419
496
501
502
457
484
445
171
173
179
207
217
237
308
308
304
255
280
239
Reserve city banks:
January
February
March
April
May
June
July
August
September
October
November
December
4,773
4,878
5,000
5,191
5,260
5,326
5,437
5,534
5,662
5,802
5,932
6,032
3,693
3,727
3,774
3,839
3,890
3, 936
3,962
3,982
3,969
3,957
3,957
3,935
8,466
8,605
8,774
9,029
9,150
9,262
9,399
9, 516
9,632
9,759
9,889
9,968
588
600
613
634
643
651
663
673
685
699
712
721
893
936
1,080
1,164
1,204
1,213
1,229
1,217
1,190
1,210
1,262
1,282
305
336
467
530
561
563
566
544
505
511
550
561
10.5
4.3
3.4
1.1
.9
.7
.5
.1
.2
.2
1.2
1.0
Country banks:
January
February
March
April
May
June
July
August
September. _
October
November. _.
December. __
3,528
3,668
3,736
3,817
3,896
3,909
3,969
4,016
4,111
4,235
4,326
4,376
4,435
4,512
4,578
4,632
4,679
4,691
4,741
4,761
4,767
4,802
4,829
4,821
7,963
8,180
8,314
8,449
8,575
8,601
8,710
8,777
8,878
9,038
9,154
9,197
380
392
399
406
413
414
420
424
431
441
448
451
622
656
696
756
773
767
810
817
814
837
849
843
242
263
297
350
360
353
390
393
383
396
401
392
74.1
.01
.01
.02
.5
1.4
.7
.04
49.8
37.5
29.3
25.0
21.4
17.6
15.8
16.3
9.8
9.0
8.7
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).
2 Subject to reserve requirements of 3 percent.
Central reserve city banks only.
Less than $50,000.
Backfigures.—SQQAnnual Report for 1933 (table 73).
153
ALL MEMBEE BANKS
N o . 6 8 . — A L L M E M B E R B A N K S — N E T D E M A N D AND T I M E D E P O S I T S , BY M O N T H S ,
1934
[Averages of daily figures. In millions of dollars]
Month
(1934)
Net
demand
plus
time
deposits
Net
de-
Net
Time mand
demand
plus
de- posits time
deposits
posits
de-
Boston district
Net
deTime mand
demand
plus
posits time
deposits
deposits
Net
de-
New York district
Net
de-
Net
Time mand
mand deplus
posits time
deposits
deposits
de-
Philadelphia district
Net
Time
demand dede- posits
posits
Cleveland district
January
February—
March
April
1,761
1,768
1,796
1,850
1,055
1,049
1,067
1,112
707
719
730
738
8,546
8,607
8,912
9,270
6,435
6,499
6,814
7,146
2,111
2,108
2,098
2,124
1, 832
1, 869
1, 911
1, 946
887
912
943
958
945
956
968
988
1,958
2,019
2,061
2,118
939
976
1,000
1,041
1,019
1, 042
1,061
1, 077
May
June
July
August
1,877
1,879
1,919
1,920
1,139
1,144
1,182
1,180
738
735
736
739
9,301
9,469
9,552
9,590
7,185
7,329
7,399
7,446
2,116
2,139
2,153
2,145
1, 966
1, 978
2,003
2,000
970
992
1, 002
991
997
985
1,001
1,009
2,170
2,196
2,238
2,261
1,075
1,095
1,120
1,139
1,095
1,101
1,118
1,123
September.
October
November.
December.
1,931
1,965
1,961
1,923
1,195
1,231
1,237
1,212
736
734
723
711
9,660
9,799
9,858
9,912
7,518
7,654
7,739
7,840
2,142
2,145
2,119
2,072
2, 011
2 038
2t 050
2^053
If
004
1, 024
1, 033
1, 054
1,008
1,014
1,016
999
2,263
2,275
2, 308
2,348
1,142
1,156
1,190
1,244
1,121
1,120
1,118
1,103
Richmond district
January
February—
March
April
Atlanta district
945
953
972
988
504
509
519
532
441
444
454
456
716
740
754
771
396
417
429
444
May
June
July
August
1,028
1,025
1,039
1,058
565
557
571
589
463
468
468
768
760
766
768
440
436
438
440
September.
October
November.
December. _
1, 072
1,092
1,118
1,116
606
628
650
649
466
465
467
467
776
800
827
847
449
470
492
513
Minneapolis district
Chicago district
St. Louis district
2, 773
2 ; 874
2,960
3,062
1,846
1,934
1, 991
2,082
927
939
969
980
801
827
839
874
489
504
516
539
312
322
323
335
328
324
3,201
3,253
3,332
3,401
2,199
2,245
2,306
2,368
1,002
1,008
1,026
1,033
868
862
871
877
536
531
538
544
332
332
333
333
328
330
335
334
3,479
3, 527
3,580
3,632
2,436
2,477
2, 509
2,550
1,043
1,050
1,071
1,082
888
912
946
953
553
577
608
619
334
335
339
334
322
325
Kansas City district
Dallas district
San Francisco district
January
February—_
March
April
655
661
671
678
319
318
329
340
335
343
342
338
941
969
989
998
638
663
679
684
303
306
310
314
698
728
728
716
506
533
535
523
196
193
193
2, 622
2, 661
2, 694
2,738
1,007
1,025
1,028
1, 054
1, 615
1, 636
1,666
1,684
May
June
July
August
679
699
708
727
341
364
370
391
338
335
337
335
1,020
1,018
1,035
1,060
703
704
724
740
317
315
311
320
709
712
719
724
516
519
521
527
193
193
198
197
2,774
2,848
2,892
2,924
1,051
1,072
1,105
1,136
1,723
1, 776
1,787
1,789
September _
October
November _
December. _
743
754
771
776
410
416
432
436
333
338
339
340
1,065
1,089
1,113
1,113
753
776
793
803
311
314
319
311
752
778
793
/93
557
584
596
598
194
195
197
2,975
3,004
3,040
3,073
1,184
1,216
1,244
1,251
1,791
1,788
1, 796
1,821
Back figures.—See Annual Report for 1933 (table 74).
154
No.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
6 9 . — N E T D E M A N D AND T I M E D E P O S I T S O F M E M B E R B A N K S I N L A R G E R AND
SMALLER C E N T E R S , 1933-34
[Averages of daily figures. In millions of dollars]
Month
Member banks
in places with
population of
15,000 and over
Member banks
in places with
population under
15,000
Month
Net
Net
Time demand
Time
demand deposits
deposits
deposits deposits
1933 1
January
February
March 2
April3
13,767
13,330
8,324
8,160
1,349
1,315
2,201
2,172
11,961
6,931
1,117
May
June
July
August
12,665
13,053
12, 875
12,686
6,982
7,005
7,292
7,333
1,150
1,188
1,225
1,234
September...
October
November
December. _.
12,775
12,943
13,014
13, 201
7,314
7,309
7,319
7,256
1,252
1,300
1,333
1,366
Member banks
in places with
population of
15,000 and over
Net
Net
Time
Time demand
demand deposits
deposits deposits
deposits
1,702
1934 1
January
February
March
April
13, 613
13,856
14, 340
14,931
7,356
7,423
7,510
7,609
1,408
1,485
1,511
1,526
1,871
1,910
1,927
1,943
1,12
1,727
1,768
1,786
May
June
July_.._
August
15,168
15,426
15, 679
15, 859
7,678
7,736
7,799
7,810
1,552
1,561
1,597
1,631
1,965
1,975
1,998
2,009
1,799
1,817
1,820
1,822
September. __
October
November.-.
December
16,123
16, 476
16,755
16,993
7,790
7,796
7,790
7,718
1, 682
1,732
1, 769
1.776
2,019
2,030
2,050
2,052
1 On basis of 1930 census of population.
« March data not available.
3 Beginning with April 1933 the figures relate to licensed banks only.
Backfigures.—SeeAnnual Report for 1933 (table 75).
Member banks
in places with
population under
15,000
155
ALL MEMBER BANKS
No. 70.—LICENSED 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,
1934
[Averages of daily figures. In millions of dollars]
Deposits subject to Reserve
Week ending (Friday)
New York City: 3
1934—Jan. 5 . . .
Jan. 12...
Jan. 19...
Jan. 26—
Net
demand
T i m es
Reserves held
Reserves
required
Total
Total
Excess
Borrowings at
Federal
Reserve
banks
5,574
5,523
5,593
5,652
747
746
744
754
6,321
6,269
6,337
6,406
747
740
749
757
891
878
905
942
144
138
156
184
0.1
.1
.04
2—
9__.
16..
23..
5,647
5,572
5,612
5,644
754
756
754
736
6,401
6,328
6,366
6,379
757
747
752
756
850
806
844
863
93
59
92
107
.1
.2
.1
.1
Mar. 2...
Mar. 9...
Mar. 16.
Mar. 23_.
Mar. 30..
5,719
5,788
5,971
5,989
6,045
731
726
719
727
736
6,450
6,514
6,690
6,716
6,782
765
774
798
800
1,066
1,192
1,210
1,241
1,268
301
417
412
440
460
.2
.1
.2
.2
Apr.
Apr.
Apr.
Apr.
6...
13 _.
20..
27..
6,166
6,219
6,282
6,300
742
739
735
731
6,909
6,958
7,017
7,031
824
831
839
841
1,305
1,219
1,261
1,363
481
389
422
522
May
May
May
May
4__.
11..
1825-
6,320
6,227
6,255
6,287
729
715
717
720
7,050
6,942
6,972
7,007
844
831
835
1,284
1,261
1,317
1,372
441
430
482
533
June1—.
June 8 —
June 15..
June 22..
June 29..
6,364
6,399
6,510
6,404
6,416
719
722
726
743
750
7,083
7,122
7,237
7,147
7,166
849
854
868
855
857
1,399
1,372
1,396
1,360
1,428
550
519
528
505
572
July 6...
July 13..
July 20..
July 27..
6,461
6,443
6,529
6,530
741
749
732
729
7,202
7,192
7,260
7,259
862
860
871
871
1,339
1,342
1,394
1,435
476
482
523
564
Aug.
Aug.
Aug.
Aug.
Aug.
6,543
6,473
6,531
6,534
6,602
728
726
722
713
709
7,271
7,199
7,253
7,247
7,311
872
863
871
871
879
1,476
1,479
1, 521
1,520
1,548
604
616
651
650
.1
.2
.4
.5
.9
Sept. 7..
Sept. 14.
Sept. 21 _
Sept. 28.
6,632
6,577
6,562
6,582
707
711
708
709
7,339
7,289
7,270
7,291
876
874
877
1,445
1,399
1,437
1,467
561
523
562
590
1.5
1.9
1.4
1.0
Oct.
Oct.
Oct.
Oct.
6,627
6,627
6,718
6,759
712
711
706
701
7,339
7,338
7,423
7,460
900
1,474
1,484
1,449
1,439
591
602
554
539
1.4
1.4
.7
6,806
6,756
6,725
6,784
6,840
697
693
686
682
675
7,503
7,449
7,411
7,466
7,515
906
899
895
902
909
1,467
1,430
1,478
1,563
1,565
561
531
583
661
655
.1
.1
Feb.
Feb.
Feb.
Feb.
Nov.
Nov.
Nov.
Nov.
Nov.
3...
10..
17_.
24..
31..
5..
12.
19.
26.
2...
9...
16..
23..
30..
.02
.03
.03
.03
559
910
1,469
7,506
6,850
656
Dec. 7._
538
919
1,457
7,567
6,922
645
Dec. 14.
508
1,421
7,514
913
6,872
641
Dec. 21.
576
1,482
7,467
6,822
645
906
Dec. 28.
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.
Back figures.—See Annual Report for 1933 (table 82).
156
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 70.—LICENSED 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,
1934—Continued
[Averages of daily figures . I n millions of dollars]
Deposits subject to Reserve
Week ending (Friday)
Net
demand
Chicago:3
1934—Jan. 5
Jan. 12
Jan.19
Jan.26
Time
Total
Total
Excess
1,093
1,112
1,131
1,137
353
349
349
350
1,446
1,461
1,480
1,487
153
155
158
158
340
321
326
333
188
166
168
175
1,133
1,154
1,184
1,180
346
340
340
352
1,479
1,493
1, 524
1,532
158
160
164
164
323
343
357
352
165
182
193
188
1,170
1,171
1,190
1,175
1,164
372
373
365
352
339
1,542
1, 544
1,555
1,528
1,503
163
163
166
163
161
320
329
368
353
341
157
165
202
190
179
1,072
1,175
1,233
1,250
338
340
342
356
1,410
1,514
1,575
1,606
150
163
171
173
315
370
393
393
165
207
222
219
1,256
1,267
1,278
1,288
361
361
361
353
1,616
1,628
1, 639
1,641
174
t76
177
178
383
383
397
401
209
208
220
223
June 1
June 8
June 15
June 22
June 29 _
1,309
1,319
1, 339
1,310
1,311
345
343
344
348
359
1,654
1,662
1,683
1, 658
1,670
181
182
184
181
181
406
404
425
415
432
226
222
241
234
251
July 6
July 13
July 20
July 27
1,314
1,352
1,374
1,404
362
361
362
349
1,675
1, 713
1,736
1,753
182
187
190
193
447
485
510
520
265
298
320
327
Aug. 3_.
Aug. 10
Aug. 17
Aug. 24.. .
Aug. 31
1,412
1,388
1,406
1,409
1,425
350
352
353
361
365
1,762
1,740
1, 760
1,770
1, 790
194
191
193
194
196
508
485
500
502
524
314
294
307
308
328
Sept. 7_
Sept. 14
Sept. 21
Sept. 28
1,421
1,433
1,443
1,460
368
369
364
355
1,789
1,802
1,807
1,816
196
197
199
200
514
514
489
495
318
317
290
295
Oct 5
Oct. 12
Oct. 19
Oct. 26
1,457
1,457
1,472
1,476
354
354
356
370
1,810
1,811
1,828
1,846
200
200
202
203
457
438
453
472
257
238
251
269
Nov. 2
Nov. 9
Nov. 16 .
Nov. 23
Nov. 30 -
1,476
1, 471
1,479
1,493
1,501
373
375
375
368
360
1,849
1,846
1,854
1,861
1, 861
203
202
203
205
206
481
480
486
485
483
278
278
283
280
277
1,501
1,512
1, 505
1,482
359
360
365
375
1, 860
1,872
1, 870
1, 856
206
207
207
204
472
474
433
412
266
267
227
208
Feb. 2
Feb. 9
Feb. 16
Feb. 23
_._
Mar. 2
Mar. 9
Mar. 16
Mar. 23..
Mar. 30
_.
Apr. 6
Apr. 13 .
Apr. 20
Apr. 27.
May
May
May
May
4
11
18
25
Dec. 7
Dec 14
Dec. 21
Dec. 28
3
Reserves held
Reserves
required
. . .
. _
_
--
Central Reserve city banks only.
Borrowings at
Federal
Reserve
banks
0.4
1 0
. l
.01
157
ALL MEMBER BANKS
No. 70.—LICENSED MEMBER BANKS IN N E W YORK CITY, CHICAGO, AND OTHER
RESERVE CITIES—DEPOSITS SUBJECT TO RESERVE, RESERVES
REQUIRED,
RESERVES H E L D , AND BORROWINGS AT FEDERAL RESERVE BANKS, BY W E E K S ,
1934—Continued
[Averages of daily figures .
In millions of dollars]
Reserves held
Deposits subject to Reserve
Week ending (Friday)
Reserve city banks:
1934—Jan. 5Jan.12
Jan.19
Jan. 26
Net
demand
Reserves
required
Time
Total
Total
Excess
Borrowings at
Federal
Reserve
banks
4,709
4,726
4,784
4,817
3, 651
3,668
3,684
3,702
8,360
8,394
8,468
8,519
580
583
589
593
859
877
902
922
279
294
313
329
10.8
11.8
11.1
9.6
Feb. 2
Feb.9
Feb. 16
Feb. 23
4,815
4, 831
4,908
4,910
3,714
3,715
3, 726
3,730
8,529
8,545
8,634
8,640
593
594
603
603
909
919
940
951
316
324
338
348
6.3
4.2
4.5
4.3
Mar
Mar.
Mar
Mar
Mar.
2
9 __
16
23
30
4,919
4, 917
5,007
5,028
5,062
3,743
3,752
3,754
3,784
3,791
8,662
8,669
8,761
8,813
8,853
604
604
613
616
620
953
1,017
1,114
1,107
1,105
349
413
501
491
485
4.1
4.2
3.6
2.7
2.3
Apr.
Apr
Apr
Apr.
6
13
20
27
5,067
5,151
5, 223
5,244
3,796
3 802
3,828
3,853
8, 864
8, 953
9,051
9,097
621
629
637
640
1,093
1,180
1,195
1,184
473
551
558
544
1.7
1.2
1.1
.9
May
May
May
May
4_. _
11
18
25 _
5, 264
5,227
5,280
5,271
3,906
3,879
3,892
3,900
9,170
9,106
9,173
9,170
644
639
645
644
1,163
1,204
1,212
1, 217
519
565
567
573
1.0
.9
.8
.8
5,279
5, 275
5,370
5,335
5,329
3,899
3,921
3,929
3,946
3,954
9,178
9,196
9,299
9,281
9,284
645
645
655
652
652
1,200
1,207
1,242
1,209
1,203
555
562
587
557
552
.9
1.0
.7
.9
.5
5,377
5,411
5,454
5,476
3,958
3,955
3,964
3,975
9,336
9,366
9,418
9,450
656
660
664
667
1,198
1,238
1,229
1, 250
541
579
565
584
2.1
.04
.004
.007
June 1
_
June
June
June
June
8
15_
22
29
___
July
July
July
July
6
13
20
27
Aug.
Aup
Aug
Aug.
Aug.
3-. _-_
10
17
24
31
5,466
5, 490
5, 544
5, 540
5,553
3,973
3,962
3,977
3,986
3,989
9,440
9,452
9,521
9,526
9,542
666
668
674
674
675
1,205
1,200
1,232
1,227
1,216
539
532
558
553
541
.06
.03
.2
.009
.02
Sept.
Sept.
Sept.
Sept.
7
14
21 _
28
5,595
5, 689
5,693
3,978
3,972
3,970
3,966
9, 573
9, 647
9,659
9,659
679
687
688
688
1,188
1,208
1,196
1,176
509
521
508
487
.5
.5
.03
.04
5
12
19 .
26
5,704
5,745
5,839
5,856
3, 961
3,953
3,952
3,960
9, 666
9,698
9,791
9,816
689
693
702
704
1,164
1, 213
1,210
1,226
474
520
507
522
.05
.01
.3
5,849
5,876
5,951
5,950
5,973
3,965
3,962
3,959
3,957
3,947
9,814
9,838
9,910
9,908
9,920
704
706
714
714
716
1,220
1,256
1,272
1,263
1,253
517
549
559
549
537
.6
1.1
1.1
.9
1.6
6,038
6,062
6,030
5, 995
3,915
3,913
3,928
3,942
9,953
9,975
9,959
9,937
721
724
721
718
1,281
1,304
1,272
1,265
560
581
552
547
1.7
1.1
1.2
.6
Oct
Oct.
Oct.
Oct.
Nov.
Nov
Nov.
Nov
Nov.
2
9
16.
23
30
Dec.
Dec.
Dec.
Dec.
7
14
21
28
-.
5, 675 •
.__ _.
158
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
REPORTING MEMBER BANKS
No. 71.—REPORTING MEMBER BANKS (91 CITIES) 1 —PRINCIPAL
[In millions of dollars]
Loans on securities
Date or month
1934
Jan. 3
Jan.10
Jan.17
Jan. 24
Jan. 31.—
Average
Feb. 7
Feb. 14
Feb. 21
Feb. 28
Average
Mar. 7
Mar. 14
Mar. 21
Mar. 28
_._.
Average
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Average
May 2
May 9
May 16
May 23
May 30
Average
June 6
June 13
June 20
June 27
Average
July 4
July 11
July 18
July 25
Average
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Average
Sept. 5
Sept. 12
Sept. 19
Sep .26
Average
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Average
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Average
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Average
Total
loans
and investments
16, 595
16,388
16, 447
16, 396
17,121
16,589
17, 082
17,092
17, 494
17,400
17,267
17, 425
17, 513
17, 526
17,472
17,484
17, 508
17, 611
17, 513
17, 471
17,526
17,462
17, 329
17, 288
17, 257
17, 306
17,328
17, 397
17, 370
17, 663
17, 737
17,542
17, 761
17, 751
17, 757
17, 728
17,749
17, 762
17, 677
17, 732
17, 725
17, 708
17,721
17,755
17, 778
17, 756
17,789
17,770
17,811
17, 824
17, 854
17, 850
17, 837
17,835
17, 837
17, 759
17, 688
17, 764
17,762
17, 879
17,912
18, 339
18, 276
18,102
To brokers and
dealers
Total
3,620
3,497
3,486
3,498
3,609
3,542
3,587
3,531
3,520
3,567
3,495
3,593
3,553
3,514
3,539
3,569
3,612
3,580
3,516
3,570
3,577
3,554
3,505
3,468
3,476
3,516
3,557
3,556
3,571
3,529
3,553
3,556
3,553
3,522
3,493
3,531
3,358
3,304
3,294
3,271
3,247
3,295
3,210
3,162
3,095
3, 080
3,137
3,047
3,055
3,082
3,074
3,051
3,062
3,010
3,008
2,998
3,017
3,099
3,115
3,072
3,096
In New- Outside
New
York
York
753
653
663
684
795
710
803
760
856
759
794
751
841
812
801
801
868
924
915
873
895
896
873
867
828
838
860
911
933
955
935
933
982
980
962
938
966
812
758
750
741
722
757
757
741
695
686
720
669
672
706
708
693
653
654
660
658
724
728
753
718
731
149
143
139
140
146
143
147
145
151
151
149
151
164
176
159
163
161
174
168
173
169
174
171
168
162
160
167
174
171
183
180
177
185
179
175
170
177
163
162
165
164
170
165
176
153
149
148
157
148
151
149
151
153
150
148
151
151
155
151
158
162
162
165
162
Acceptances
Loans
and com- on real
mercial estate
To
paper
others
bought
2,718
2,701
2,684
2,674
2,668
2,689
2,637
2,626
2,623
2,610
2,624
2, 593
2,588
2,565
2, 554
2,575
2,540
2,514
2,497
2,470
2,506
2,507
2,510
2,470
2,478
2,478
2,489
2,472
2,452
2,433
2,414
2,443
2,389
2,394
2,385
2, 385
2,388
2,383
2,384
2,379
2,366
2,355
2,373
2,277
2,268
2,251
2,246
2,260
2,230
2,232
2,227
2,215
2,205
2,222
2,198
2,204
2,193
2,202
2,199
2, 216
2,209
2,200
2,189
2,203
i For list of the cities see Annual Report for 1933 (table 87).
Other
loans
4,765
4, 712
4,732
4, 713
4, 740
4,732
4, 713
4,755
4, 718
4, 665
4,713
4, 673
4,688
4,643
4,647
4,683
4,668
4, 698
4, 623
4,604
4, US
443
446
457
457
451
464
464
465
465
456
463
463
461
466
452
461
445
444
444
435
442
4, 559
4,568
4, 563
4, 537
4, 550
4, 555
4, 540
4, 533
4,484
4, 485
4,511
4,482
4, 453
4,439
4, 445
4,455
4, 515
4,523
4,531
4, 543
4,555
4,533
988
987
985
986
986
984
985
985
984
986
9S5
984
982
981
979
982
981
979
979
977
979
3,248
3,260
3,262
3,270
3,260
3,299
3,310
3,315
3,311
3,314
3,309
3,284
3,265
3,246
3,257
3,262
3,250
3,217
3,207
3,169
3,211
U. S.
Government
direct
obligations
5, 205
5,210
5, 223
5, 245
5,786
5,334
5, 847
5, 867
6,199
6,249
6,040
6,278
6,229
6,272
6,227
6,251
6,175
6,234
6,226
6,282
6,229
6,255
6,249
6, 254
6,262
6,262
6,256
6, 276
6,243
6,582
6,665
6,442
6,672
6, 676
6,687
6,671
6,676
6,678
6,636
6,660
6,651
6,627
6,650
6,520
6,573
6,631
6,631
6,589
6,636
6,658
6,650
6,654
6,639
6,647
6,683
6,713
6,674
6,715
6,696
6,748
6,809
7,176
7,191
6,981
159
EBPORTING MEMBER BANKS
IN LEADING CITIES
A S S E T S AND L I A B I L I T I E S , BY W E E K S AND M O N T H S
[In millions of dollars]
Obligations
Reserve
fully
Cash
guaran- Other with
in
teed by securi- Federal
ties Reserve vault
U. S.
bank
Government
Net de- Time
mand
dedeposits posits
u. s.
Government
deposits
BorDue Due to rowings
at
from
banks banks Federal
Reserve
banks
Date or month
1934
3,005
2,969
3,006
2,940
2,986
3,981
2,935
2,939
2,947
2, 966
3,947
2,979
3,003
3,058
3,084
3,031
3,096
3,067
3,084
3,069
3,079
3,071
2,958
2,966
2,990
3,018
3,001
3,024
3,038
3,026
3, 058
3,036
3,051
3,069
3,109
3,119
3,087
3,211
3,214
3,247
3,260
3,279
3,243
3,346
3,350
3,326
3,365
3,347
434
2,947
433
2,919
446
2,911
463
2,899
529
2,862
461
2,908
550
2,863
544
2,786
549
2,774
555
2,789
550
3,803
562
2,795
564
2,800
566
2,852
566
2,866
565
2,838
1,923
1,983
1,974
2,047
1,871
1,960
1,905
2,010
1,996
2,271
2,045
2,467
2,569
2,576
2,572
2,546
2,531
2,588
2,698
2,779
2,649
2,588
2,693
2,732
2,818
2,811
2,739
2,808
2,881
2,824
2,901
2,853
2,783
2,915
2,981
3,039
3,930
2,953
3,048
3,046
3,064
3,132
3,049
2,924
2,939
2,891
2,989
3,936
2,891
2,977
2,976
2,996
3,017
3,973
2,990
3,073
3,198
3,108
3,093
3,043
3,060
2,953
2,955
3,002
246
248
229
232
217
334
227
235
230
224
239
231
236
228
242
334
239
246
240
242
342
231
244
235
240
246
239
243
248
236
247
244
234
246
235
235
337
221
236
231
234
243
333
236
254
253
263
253
256
273
261
267
265
264
286
285
271
281
281
275
297
305
322
300
10,952
10,951
11,094
11,138
11,118
11,051
11,125
11,332
11,246
11, 398
11,275
11,514
11, 748
11, 723
11, 794
11,695
11,921
12,136
12, 200
12, 272
12,132
12, 221
12, 208
12, 279
12, 327
12, 426
13,393
12,499
12, 661
12, 375
12, 504'
13,510
12, 551
12, 641
12, 697
12, 755
12,661
12, 745
12, 721
12, 827
12,818
12, 926
12,807
12,948
13,041
12,943
13,112
13,011
13, 083
13, 204
13, 386
13,402
13,476
13,310
13,447
13, 504
13, 563
13, 633
13,537
13, 662
13, 789
13, 576
13, 551
13,645
4,351
4,343
4,352
4,372
4,367
4,357
4,372
4,344
4,372
4,370
4,365
4,377
4, 393
4,420
4,419
4,402
4,408
4,424
4,443
4,477
4,438
4,454
4,470
4,477
4,464
4,455
4,464
4,439
4,450
4,492
4,501
4,470
4,495
4,512
4,510
4,501
4,505
4,488
4,491
4,505
4,513
4,510
4,501
4,500
4,496
4,478
4,478
4,488
4,471
4,468
4,463
4,478
4,474
4,471
4,462
4,448
4,421
4,395
4,431
4,342
4,341
4, 360
4,366
4,352
712
571
463
370
975
618
988
991
1,418
1,467
1,216
1,504
1,503
1,502
1,413
1,480
1,358
1,305
1,237
1,177
1,269
1,055
1,029
999
988
955
1,005
955
906
1,354
1,357
1,143
1,354
1,353
1,353
1,296
1,339
1,296
1,296
1, 255
1, 236
1,203
1,257
1,089
1,091
1,091
1,092
1,091
1,094
1,095
933
853
851
965
853
816
781
749
800
772
771
1,343
1,344
1,057
Back figures.—See Annual Report for 1933 (table 88).
1,256
1,210
1,274
1,308
1,304
1,370
1,353
1,413
1,369
1, 412
1,387
1,441
1,548
1,555
1,519
1,515
1,578
1,588
1,585
1,570
1,580
1,536
1, 564
1,595
1,564
1,526
1,557
1,580
1,621
1,574
1,569
1,586
1,636
1,666
1,685
1,644
1,658
1,562
1,538
1,583
1,550
1,560
1,559
1,497
1,514
1,514
1,505
1,507
1,515
1,541
1,586
1,558
1,583
1,557
1,580
1,631
1,622
1, 585
1,605
1,647
1,702
1,713
1,680
1,686
2,828
2,804
2,908
3,001
2,968
3,903
3,128
3,204
3,147
3,187
3,167
3,331
3,465
3,491
3,447
3,434
3,578
3,616
3,645
3,595
3,609
3,593
3,675
3,682
3,654
3,600
3,641
3,733
3,770
3,623
3,628
3,689
3,784
3,870
3,883
3,845
3,845
3,770
3,766
3,821
3,741
3,732
3,766
3,780
3,784
3,779
3,743
3,771
3,830
3,864
3,957
3,905
3,912
3,893
3,960
4,024
3,993
3,921
3,975
4,048
4,117
4,045
3,986
4,049
25
21
21
20
13
30
12
10
11
12
11
10
10
9
9
10
8
7
6
7
7
6
6
5
6
8
6
5
5
6
5
5
10
5
5
5
6
5
5
5
5
5
5
6
6
7
6
6
1
2
1
2
1
2
1
2
3
3
2
1
1
1
Jan. 3.
Jan. 10.
Jan. 17.
Jan. 24.
Jan. 31.
Average.
Feb. 7.
Feb. 14.
Feb. 21.
Feb. 28.
Average.
Mar. 7.
Mar. 14.
Mar. 21.
Mar. 28.
Average.
Apr. 4.
Apr. 11.
Apr. 18.
Apr. 25.
Average.
May 2.
May 9.
May 16.
May 23.
May 30.
Average.
June 6.
June 13.
June 20.
June 27.
Average.
July 4.
July 11.
July 18.
July 25.
Average.
Aug. 1.
Aug. 8.
Aug. 15.
Aug. 22.
Aug. 29.
Average.
Sept. 5.
Sept. 12.
Sept. 19.
Sept. 26.
Average.
Oct. 3.
Oct. 10.
Oct. 17.
Oct. 24.
Oct. 31.
Average.
Nov. 7.
Nov. 14.
Nov. 21.
Nov. 28.
Average.
Dec. 5.
Dec. 12.
Dec. 19.
Dec. 26.
Average.
160
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 72.—REPORTING MEMBER BANKS IN N E W YORK CITY—
[In millions of dollars]
Loans on securities
Date or month
1934
Jan.3
Jan. 10
Jan. 17
Jan. 24
Jan. 31
Average
Feb. 7
Feb. 14
Feb. 21
Feb. 28
Average
Mar. 7
Mar. 14
Mar. 21
Mar. 28
Average
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Average
May 2
May 9
May 16
May 23
May 30
Average
June 6
June 13
June 20
June 27
Average
July 4
July 11
July 18
July 25___
Average
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29_
Average
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Average
Oct. 3
Oct. 10--.
Oct. 17
Oct. 24
Oct. 31
Average
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Average
Dec. 5
Dec. 12
Dec. 19
Dec. 2 6 Average
Total
loans
and investments
6,707
6,536
6,579
6,569
6,986
6,675
6,964
6, 922
7,096
7,006
6,997
7,069
7,213
7,199
7,193
7,168
7,296
7,405
7,238
7,138
7,269
_
-
7,142
7,055
7,022
7,001
7,034
7,050
7,141
7,144
7,211
7,265
7,190
7,303
7,288
7,273
7,227
7,273
7,191
7,108
7,132
7,105
7,C~"
7,127
7,186
7,150
7,065
7,07^
7,120
To brokers and
dealers
Total
~n New Outside
New
York
York
1,744
1,624
1,620
1,646
1,748
1,676
1,729
1,677
1,769
1,669
1,711
1,649
1,733
1,687
1,663
1,683
1,720
1,756
1, 723
1,674
1,718
1,729
1,718
1,663
1,644
1,646
1,680
1,727
1,728
1,741
1,711
1,727
1,749
1,752
1,718
1,690
1,727
1,571
1,520
1,520
1,503
1, 485
1,520
1,505
1,479
1,419
1,416
1,455
7,077
7,092
7,118
7,114
7,123
7,105
7,123
7,024
6,990
7,064
7,050
1,401
1, 402
1,434
1, 435
1,417
1,418
1, 381
1, 378
1,377
1, 390
1,381
7,186
7,213
7.388
7,335
7,281
1,463
1,456
1,441
1,459
665
561
564
587
688
613
696
651
744
651
685
641
727
698
688
688
751
794
779
740
766
756
731
725
689
698
720
771
787
815
793
792
841
833
804
783
815
667
613
615
602
581
615
621
605
558
555
585
541
544
576
587
564
563
526
517
521
525
522
587
581
605
573
586
44
44
44
43
43
43
45
45
46
47
46
48
48
48
47
48
47
48
48
46
47
46
46
46
46
45
46
54
53
55
54
54
55
55
57
55
56
53
53
53
55
60
55
54
47
47
48
49
49
49
50
49
50
49
50
51
51
51
51
52
52
53
Back figures.—See Annual Report for 1933 (table 89).
To
others
Acceptances
and
Loans
'ommer- on real
cial
estate
paper
bought
1,035
1,019
1,012
1,016
1,017
1,020
988
981
979
971
980
960
958
941
928
947
922
914
896
888
905
927
941
892
909
903
914
902
888
871
864
881
853
864
857
852
856
851
854
852
846
844
850
830
827
814
813
821
811
809
808
799
803
806
805
810
805
814
808
824
823
81'
815
820
241
241
248
241
243
241
243
243
242
242
242
246
238
235
228
237
223
226
228
222
225
Other
loans
U. S.
Government
direct
obligations
1,670
1,644
1, 659
1, 666
1,718
1,672
2,187
2,170
2,185
2,201
2,421
2,233
1,691
1,734
1,707
1,662
1,699
2,485
2,448
2,553
2,585
2,517
1,661
1,673
1, 637
1, 629
1,650
1,655
1,675
1, 601
1, 594
1,631
1,561
1,566
1, 569
1,548
1,558
1,560
1, 550
1,552
1,521
1,525
1,537
2,668
2,704
2, 717
2,720
2,702
2,717
2,804
2,742
2,716
2,745
1,527
1,499
1,483
1,494
1,501
1,529
1,521
1, 514
1,516
1,531
1,522
2,928
2,934
2,938
2,918
2,930
2,903
2,878
2,886
2,883
2,866
2,883
137
138
137
137
137
136
135
134
134
134
135
133
133
133
133
133
134
133
133
132
133
2,699
2,727
2,738
2,752
2,760
2,735
2,791
2,802
2,873
2, 926
2,848
1, 234
1,235
1, 223
1,228
1,230
1,247
1,265
1, 268
1,276
1,278
1,267
2,827
2,816
2,826
2,813
2,820
1,269
1,263
1,257
1,263
1,263
1,262
1, 243
1,239
1, 210
1,238
2,830
2,825
2,813
2,841
2,827
2,891
2,941
3,060
3,086
2,995
2,794
2,812
2,800
2,798
2,804
2,801
161
REPORTING MEMBER BANKS
PRINCIPAL ASSETS AND LIABILITIES, BY WEEKS AND MONTHS
[In millions of dollars]
Obligations
Refully
U.S.
Other serves
Net
Due
guaran- securiwith Cash in demand
Time Govern- from
Due to
teed by ties Federal vault deposits deposits ment banks
banks
U.S.
Reserve
deposits
Governbank
ment
1,059
1,063
1,067
1,090
1,070
1,091
1,103
1,158
1,181
1,133
1,204
1,170
1,172
1,154
1,175
821
879
846
902
749
839
748
810
850
1,091
875
1,181
1,170
1,218
1,242
1,203
1, 206
1,142
1,236
1,351
1,234
1,153
1,044
1,052
1,057
1,070
1,075
1,194
1,257
1,264
1,335
1,356
1,281
1,073
1,062
1,076
1,103
1,078
1,304
1,354
1,327
1,376
1,340
1,234
1,295
1,331
1,366
1,306
1,106
1,098
1,115
1,056
1,099
1,091
1,099
1,103
1,134
1,125
1,115
1,188
1,189
1.212
1,203
1,216
1,202
1,242
1,241
1,212
1,242
1,235
221
220
229
235
254
232
265
264
264
272
266
273
272
270
267
271
1,037
1,015
1, 010
994
994
1,010
999
923
911
937
943
940
942
983
977
960
1,367
1,415
1,419
1,451
1,493
1,429
1,332
1,331
1,348
1,448
1,365
1,399
1,423
1,381
1,388
1,425
1,403
1,339
1,402
1,529
1,463
1,433
1,355
1,372
1,359
1,415
1,375
5,319
5,260
5,335
5,384
5,342
5,328
5,331
5,361
5,368
5,491
5,388
5,580
5,709
5,737
5,791
5,704
5,919
5,989
5,971
6,042
5,980
5,975
5,985
5,969
6,028
6,097
6,011
6,150
6, 225
6,049
6,161
6,146
6,115
6,144
6,178
6, 209
6,161
6,215
6,162
6,205
6,217
6,280
6,216
6,284
6,241
6,168
6,291
6,246
6,273
6,322
6,384
6,421
6,488
6,378
6,406
6,362
6,471
6,497
6,434
6,490
6,550
6.441
6,457
6,485
700
697
696
708
707
702
710
704
686
682
895
679
675
690
699
686
699
696
690
689
694
668
670
675
674
676
673
679
682
696
692
688
691
697
682
678
687
677
675
669
664
659
669
661
659
659
660
660
664
662
653
653
647
656
629
625
634
603
599
596
602
600
335
272
224
184
487
300
501
501
717
761
620
797
797
797
762
788
739
713
679
649
695
588
575
561
551
539
563
539
511
733
733
629
733
733
733
704
726
704
704
684
675
659
685
598
597
599
599
598
600
600
516
473
473
532
473
454
437
420
446
425
425
735
735
580
1,178
1,174
1,221
1,276
1,260
1,222
1,312
1,322
1,320
1,334
1,322
1,414
1,495
1,512
1,478
1,475
1,555
1,581
1,578
1, 554
1,567
1,522
1,593
1,594
1,600
1,577
1,577
1,642
1,663
1,582
1,581
1,617
1,603
1,656
1,654
1,645
1,640
1,612
1,590
1,601
1,554
1,556
1,583
1,571
1,577
1,575
1,556
1,570
64
62
59
62
64
63
61
58
62
70
74
75
73
73
1,600
1,630
1,651
1,632
1,652
1,633
1, 635
1,642
1,678
1,650
1,651
1,713
1,762
1,727
1,679
1,720
Borrowings
at
Federal
Reserve
banks
Date or month
1934
Jan. 3.
Jan. 10.
Jan. 17.
Jan. 24.
Jan. 31.
Average.
Feb. 7.
Feb. 10.
Feb. 21.
Feb. 28.
Average.
Mar. 7.
Mar. 14.
Mar. 21.
Mar. 28.
Average.
Apr. 4.
Apr. 11.
Apr. 18.
Apr. 25.
Average.
May 2.
May 9.
May 16.
May 23.
May 30.
Average.
June 6.
June 13.
June 20.
June 27.
Avergae.
July 4.
July 11.
July 18.
July 25.
Average.
Aug. 1.
Aug. 8.
Aug. 15.
Aug. 22.
Aug. 29.
Average.
Sept. 5.
Sept. 12.
Sept. 19.
Sept. 26.
Average.
Oct. 3.
Oct. 10.
Oct. 17.
Oct. 24. "
Oct. 31.
Average.
Nov. 7.
Nov. 14.
Nov. 21.
Nov. 28.
Average.
Dec. 5.
Dec. 12.
Dec. 19.
Dec. 26.
Average.
162
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 73.—REPORTING MEMBER BANKS OUTSIDE N E W YORK C I T Y —
[In millions of dollars]
Loans on securities
Date or month
1934
Jan.3
Jan.10
Jan.17
Jan. 24
Jan.31
Average.
Feb. 7
-Feb. 14
Feb. 21
Feb. 28
Average
Mar. 7
Mar. 14
Mar. 21
Mar. 28
Average-..
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Average
May 2
May9
May 16
May 23
May 30
Average
June 6
June 13_ _
June 20
June 27
Average
July 4
July 11
---.
July 18
July 25
Average
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug.29._
Average
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Average
Oct. 3
Oct. 10
Oct. 17-,
Oct. 24
Oct. 31
Average
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Average
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Average
Total
loans
and
investments
9, 852
9,868
9,827
10,135
9,914
10,118
10,170
10, 398
10, 394
10,270
10, 356
10, 300
10, 327
10, 279
10,316
10, 212
10, 206
10, 275
10, 333
10,257
10, 320
10, 274
10, 266
10, 256
10, 272
10,278
10, 256
10, 226
10, 452
10,472
10,352
10, 458
10, 463
10,484
10, 501
10,476
10, 571
10, 569
10, 600
10, 620
10, 610
10,594
10, 569
10, 628
10,691
10, 712
10,650
10, 734
10, 732
10, 736
10,736
10, 714
10,730
10, 714
10, 735
10, 698
10, 700
10,712
10, 693
10,699
10, 951
10,941
10,821
Acceptances
and
commercial
To
paper
Outside others bought
New
York
To brokers and
dealers
Total
1,876
1,873
1,866
1,852
1,861
1,866
1,858
1,854
1,861
1,851
1,858
1,846
1,860
1,866
1,851
1,856
1,849
1,856
1,857
1,842
1,852
1,848
1,836
1, 842
1,824
1,830
1,836
1,830
1,828
1,830
1,818
1,826
1,807
1,801
1,804
1,803
1,804
1,787
1,784
1,774
1, 768
1,762
1,775
1,705
1,683
1,676
1,664
1,682
1,646
1,653
1,648
1,639
1,634
1,644
1,629
1,630
1,621
1,627
1,627
1,635
1,643
1,640
1,631
1,637
In
New
York
92
99
97
107
97
107
109
112
108
109
110
114
114
113
113
117
130
136
133
129
140
142
142
139
140
140
140
146
140
142
141
141
147
158
155
151
145
145
135
139
141
142
136
136
137
131
135
128
128
130
121
129
127
138
136
133
135
136
137
147
148
145
145
105
99
95
97
103
100
102
100
105
104
103
103
116
128
112
115
114
126
120
127
122
128
125
122
116
115
121
120
118
128
126
123
130
124
118
115
121
110
109
112
109
110
110
122
106
102
100
108
99
102
99
102
103
101
98
100
100
104
100
106
110
109
112
109
Backfigures.—SeeAnnual Report for 1933 (table 90).
1, 683
1, 682
1, 672
1, 658
1, 651
1,669
1,649
1,645
1,644
1, 039
1,644
1, 633
1, 630
1,624
1, 626
1,628
1,618
1,600
1,601
1, 582
1,601
1,580
1,569
1,578
1, 569
1, 575
1,575
1, 570
1, 564
1, 562
1, 550
1,562
1,536
1, 530
1,528
1,533
1,532
Other
loans
3,018
3,040
3,038
3,044
3,365
3,101
3,022
3,021
3,011
3,003
3,014
3,362
3,419
3,646
3,664
3,523
3,012
3, 015
3, 006
3,018
3,013
3,610
3, 525
3,555
3,507
3,549
3,013
3,023
3,022
3,010
3,017
3,458
3,430
3,484
3,566
3,484
2,998
3,002
2,994
3,556
3,522
3,516
3,510
3,502
3,521
3,485
3, 441
3,709
3,739
3,594
3, 744
3,742
3, 749
3,753
3,746
3,747
3,758
3, 774
3, 768
3,761
3,767
2,955
2,954
2,956
2,951
2,954
202
205
209
216
208
223
221
222
223
214
221
217
223
231
224
224
222
218
216
213
217
U.S.
Government
direct
obligations
3,095
3,068
3,073
3,047
3,022
3,060
2,992
3,995
2,990
2,981
2,963
2,960
2,974
1,532
1,530
1,527
1,520
1,511
1,523
1,447
1, 441
1,437
1,433
1,439
1,419
1,423
1,419
1,416
1,402
1,416
1,393
1,394
1,388
1, 388
1,391
1,392
1,386
1, 383
1,374
1,383
Loans
on
real
estate
2,986
3,002
3,017
3,027
3, 024
3,011
851
849
848
849
849
848
850
851
850
852
850
851
849
848
846
849
847
846
846
845
846
2,014
2,025
2,039
2,042
2,030
3,693
3,757
3,805
3,818
3,769
2,052
2,045
2,047
2,035
2,036
2,042
3,842
3,846
3,850
2,015
2,002
1,989
1,994
1.999
1,988
1,974
1,968
1,959
1,973
3,r
3,835
3,846
3,853
3] 861
3,874
3,869
3, 857
3,868
4,116
4, 105
3,986
REPORTING MEMBER
163
BANKS
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 , B Y W E E K S AND M O N T H S
[In millions of dollars]
Obligations
fully
xveguaran Other serves
teed by securi- with
U.S.
ties Federa
Reserv
Govbanks
ernment
1,899
1,871
1,891
1,884
1,887
1,887
1,876
1,876
1,880
1,876
1,877
1,888
1,900
1,900
1,903
1,898
1,892
1,897
1,912
1,915
1,904
1,918
1,914
1,914
1,933
1,948
1,926
1,951
1,976
1,950
1,955
1,958
1, 952
1,966
1,975
1,994
1,972
2, 051
2,025
2,035
2, 057
2, 063
2,041
2,104
2,109
2,114
2,123
2,112
213
1,910
213
1,904
1,901
217
228
1,905
275
1,868
1,898
229
1,864
285
1,863
280
1,863
285
1,852
283
1,800
284
1,855
289
1,858
9Q9
1,869
296
1,889
299
1,888
294
1,102
1,104
1,128
1,145
1,122
1,121
1,157
1,200
1,146
1,180
1,170
1,286
1,399
1, 358
1,330
1,313
1,325
1,446
1,462
1,428
1,415
1,394
1,436
1,468
1,483
1,455
1,448
1,504
1,527
1,497
1,525
1,513
1,549
1,620
1,650
1,673
1,624
1,586
1,633
1,627
1,613
1,639
1,620
1, 592
1,608
1,543
1,541
1,571
1,492
1,554
1,595
1,608
1,592
1,569
1,651
1,671
1,669
1,645
1,659
1,688
1,688
1,594
1,540
1,627
Cash
in
vault
204
207
192
194
180
195
189
194
188
185
189
193
195
191
202
195
201
207
203
204
204
194
205
198
202
206
201
204
208
199
206
205
196
207
198
197
199
183
198
191
197
205
195
198
214
216
223
213
217
228
223
227
221
223
234
237
226
229
232
228
248
251
263
248
Time
deposits
U. b.
Government
deposits
Due
from
banks
Borrowing
Due
at
to
Federa
Rebanks
serve
banks
5,633
3,651
3,646
5,691
3,656
5,759
3,664
5, 754
3,660
5,776
3,655
5,723
5,794
3,662
3,640
5,971
3,686
5,878
3,688
5,907
3,670
5,887
5,934
3,698
3,718
6,039
3,730
5,986
3,720
6,003
3,716
5,991
6,002
3,709
3,728
6,147
3,753
6,229
3,788
6, 230
3,744
6,152
3,786
6,246
6,223
3,800
6,310
3,802
6, 299
3,790
6,329
3,779
6,281
3,791
6,349
3,760
6,436
3,768
6,326
3,796
6,343
3,809
6,364
3,782
3,804
6,436
6,497
3,815
6,519
3,828
6,546
3,823
6,500
3,818
6,530
3,811
6,559
3,816
6,622
3,836
6,601
3,849
6,648
3,851
6,591
3,832
6,664
3,839
3,837
6,800
3,819
6,775
3,818
6,821
3,828
6,765
6,810
3,807
6,882
3,806
7,002
3,810
6,981
3,825
6,988
3,827
6,932
3,815
7,041
3,819
7,142
3,810
7,092
3,792
7,136
3,770
7,103
3,797
7,172
3,739
7,239
3,742
3,764
7,135
7,094
3,764
7,160
3,752
377
299
239
186
488
318
487
490
701
706
596
707
706
705
651
692
619
592
558
528
574
467
454
438
437
416
442
416
395
621
624
514
621
620
620
592
613
592
592
571
561
544
572
491
494
492
493
493
494
495
417
380
378
433
380
362
344
329
354
347
346
608
609
477
1,173
1,139
1,200
1,234
1,228
1,194
1,278
1,338
1,293
1,329
1,310
1,359
1,462
1,470
1,437
1,431
1,488
1,506
1,501
1,497
1,498
1,453
1,486
1,517
1,488
1,456
1,480
1,493
1,536
1,487
1,487
1,501
1,540
1,578
1,599
1,562
1,570
1,497
1,478
1,518
1,486
1,498
1,496
1,438
1,454
1,455
1,448
1,449
1,451
1,481
1,522
1,496
1,524
1,495
1,516
1,568
1,561
1,527
1,543
1,577
1,628
1,638
1,607
1,613
1,650
1,630
1,687
1,725
1,708
1,680
1,816
1,882
1,827
1,853
1,845
1,917
1,970
1,979
1,969
1,959
2,023
2,035
2,067
2, 041
2,042
2,071
2,082
2,088
2,054
2,023
2,064
2,091
2,107
2,041
2,047
2,072
2,181
2,214
2,229
2, 200
2,205
2,158
2,176
2,220
2,187
2,176
2,183
2,209
2,207
2,204
2,187
2,201
2,230
2,234
2,306
2,273
2,260
2,260
2,325
2,382
2,315
2,271
2,324
2,335
2, 355
2,318
2,307
2,329
Net
demand
deposits
TT
Q
25
21
21
20
13
20
12
10
11
12
11
10
10
9
9
10
s
7
6
7
7
6
6
5
6
8
6
5
5
6
5
5
10
5
5
5
6
5
5
5
5
5
5
6
6
7
6
6
1
2
1
2
1
2
1
2
3
2
2
1
1
1
Date or month
1934
Jan. 3.
Jan. 10.
Jan. 17.
Jan. 24.
Jan. 31.
Average.
Feb. 7.
Feb. 14.
Feb. 21.
Feb. 28.
Average.
Mar. 7.
Mar. 14.
Mar. 21.
Mar. 28.
Average.
Apr. 4.
Apr. 11.
Apr. 18.
Apr. 25.
Average.
May 2.
May 9.
Mav 16.
May 23.
May 30.
Average.
June 6.
June 13.
June 20.
June 27.
Average.
July 4.
July 11.
July 18.
July 25.
Average.
Aug. 1.
Aug. 8.
Aug. 15.
Aug. 22.
Aug. 29.
Average.
Sept. 5.
Sept. 12.
Sept. 19.
Sept. 26.
Average.
Oct. 3.
Oct. 10.
Oct. 17.
Oct. 24.
Oct. 31.
Average.
Nov. 7.
Nov. 14.
Nov. 21.
Nov. 28.
Average.
Dec. 5.
Dec. 12.
Dec. 19.
Dec. 26.
Average.
164
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
BROKERS' LOANS
No. 74.—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]
1934
Jan.3
Jan.10
Jan. 17.—
Jan.24
Jan. 3 1 —
Feb. 7
Feb. 14___.
Feb. 21—_
Feb. 28—
Mar. 7
Mar. 14-.Mar. 21.—
Mar. 28—
Apr. 4
Apr. 1 1 —
Apr. 18—
Apr. 25—.
May 2
May 9
May 1 6 - May 2 3 - May 30- —
June 6
June 13—
June 20—.
June 27—
July 4
July 1 1 —
July 18.-_.
July 25—
Aug. 1---.
Aug. 8
Aug. 15__.
Aug. 22_ _.
Aug. 29__.
Sept. 5—.
Sept. 12-.
Sept. 19_.
Sept. 2 6 Oct. 3 —
Oct. 10—
Oct. 17—
Oct. 24—
Oct. 31 —
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
_
Dec. 26
Averages:
January—February_
March
April
_
May
June
July
August___
September
October. _
November
December.
Demand loans
Demand and time loans
For
For
For
For
outoutown
For Total
For Total
ofof'otal own
acactown 1 'thers
town l ithers
ount banks
count banks
837
746
758
779
888
896
853
950
858
844
923
894
886
955
1,002
993
948
974
947
942
905
915
997
1,011
1, 040
1,017
1,069
1,059
1,031
1,008
709
605
608
630
731
741
696
790
698
689
775
746
735
798
842
827
786
802
777
771
735
743
825
840
870
847
896
888
885
827
821
810
793
824
796
745
740
725
725
759
771
749
714
707
711
718
782
778
805
772
720
666
668
657
641
675
652
604
603
590
593
626
636
614
576
568
572
576
639
633
658
626
802
889
886
975
936
1,016
1,042
827
776
746
713
784
657
731
736
813
765
845
871
670
633
612
573
639
119
132
144
142
146
146
149
152
150
150
147
147
149
151
155
162
154
163
162
163
163
164
164
164
166
166
167
167
169
169
164
160
152
152
151
148
143
140
136
134
131
132
134
260
264
258
270
281
279
277
275
274
0
0
0
0
0
0
0
0
0
148
145
145
146
260
265
258
271
281
280
277
276
275
277
269
269
266
275
267
266
263
536
589
569
524
148
152
159
151
265
256
261
265
262
253
258
262
706
677
671
618
629
537
510
502
451
461
160
159
160
160
161
268
270
271
287
286
265
267
269
284
282
678
680
705
681
734
725
698
680
553
506
504
496
481
509
512
538
514
161
161
163
163
319
331
335
336
563
556
530
512
335
334
333
328
332
321
317
314
312
513
491
450
450
444
451
489
503
481
367
350
312
315
165
165
167
167
160
156
148
148
148
145
140
137
134
316
328
332
333
333
332
331
326
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
448
442
446
452
313
306
309
313
131
128
130
131
131
135
135
135
138
521
519
546
516
381
376
402
372
535
612
616
713
660
686
709
508
476
474
447
525
390
455
468
555
492
518
540
355
336
343
310
118
131
143
141
145
616
576
674
583
567
654
625
620
449
341
350
360
450
462
419
515
424
414
508
480
472
690
746
732
683
577
481
500
508
607
i
137
138
138
141
142
144
1.45
144
1
137
149
148
156
163
165
168
156
142
133
139
144
8
9
2
6
8
6
3
1
1
1
1
1
1
1
1
1
1
2
2
Time loans
For
For
out- For
own
ofothactown ers
count banks
392
349
355
347
333
312
322
358
371
349
145
148
151
149
281
274
270
268
268
328
317
313
310
308
308
302
292
288
278
271
268
265
265
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
266
265
265
266
263
262
263
263
0
0
0
0
139
142
142
141
261
259
259
256
258
257
256
254
0
0
0
0
136
148
146
152
160
162
166
152
139
130
136
141
267
277
270
262
276
330
333
319
300
272
266
259
276
268
259
273
327
331
315
297
269
263
256
0
0
0
0
0
0
0
0
0
0
0
0
311
305
295
290
i Member and nonmember banks outside New York City (domestic banks only); includes unknown
amount for customers of these banks.
Back figures—See Annual Report for 1933 (table 92).
165
BKOKERS' LOANS
No. 75.—BROKERS' BORROWINGS, 1933-34
[Net borrowingson collateral in New York City as reported by members of the New York Stock Exchange]
[In millions of dollars]
From
From
private
New
banks,
York
banks brokers,
foreign
and
trust banking
compa- agencies, etc.
nies
Date
Total
1933
Jan. 31
Feb. 28
Mar. 31
Apr. 29
May 31. . . .
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
._
Dec. 30.
1934
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31
Nov. 30
Dec. 31
__
On time
On demand
On demand and on time
From
From
private
New
banks,
York
banks brokers,
foreign
and
trust banking
compa- agencies, etc.
nies
Total
From
From
New
private
York
banks, banks,
foreign
trust banking
comagenpanies, cies,
etc.
etc.
Total
359
360
311
322
529
780
916
917
897
776
789
845
270
298
247
268
461
694
822
841
806
706
712
776
90
62
64
54
68
86
94
76
91
70
77
69
255
223
208
207
398
583
679
634
624
515
544
598
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
903
938
981
1,088
1,016
1,082
923
874
832
827
831
880
839
862
873
973
912
980
849
803
769
761
765
813
64
76
108
116
104
102
74
71
62
66
66
67
627
657
714
812
722
740
588
545
532
546
558
616
563
582
606
697
619
639
518
481
472
484
495
553
64
75
108
115
103
101
70
64
60
63
63
63
276
281
267
276
294
342
335
329
300
281
273
264
276
280
267
275
293
341
331
322
297
277
270
260
•
1
1
1
4
1
1
5
5
1
1
I
1
1
1
4
7
3
3
3
4
Back figures.—See Annual Report for 1933 (table 93).
BANKERS' ACCEPTANCES AND COMMERCIAL PAPER
OUTSTANDING
No.
76.—DOLLAR BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTAND-
ING, 1928-34
[In millions of dollars]
Dollar b a n kers' acceptances o u t s t a n d i n g
End of
month
l
Comme rcial paper o u t s t a n d i n g
2
1928
1929
1930
1931
1932
1933
1934
January
February
March
April
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
771
750
685
613
577
567
570
571
407
411
387
351
404
457
529
553
3?7
315
311
307
108
103
106
108
85
84
72
64
108
117
133
139
May
June
July
August
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
569
534
516
520
541
503
483
458
304
274
265
267
541
527
528
526
305
292
289
271
111
103
100
108
60
73
97
107
14?
151
168
188
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
539
562
561
543
430
427
421
383
265
285
316
334
513
485
448
358
248
210
174
118
110
113
110
81
123
130
133
109
192
188
178
166
_ _ _
September
October
November
December
1
2
1928 1929 1930 1931 1932 1933 1934
Dollar acceptances; figures collected and compiled by American Acceptance Council.
Paper maturing within 7 months; includes some finance company paper sold in the open market. Fig.
ures reported by dealers to the Federal Reserve Bank of New York.
Back figures—See Annual Report for 1930 (table 60).
166
No.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
77.—DOLLAR BANKERS' ACCEPTANCES HELD BY GROUP OF ACCEPTING
BANKS, 1927-34
[In thousands of dollars]
End of month
January. _.
February,.
March
April
May
June
July
August
September.
October....
November.
December,
1928
1927
54,987
166,485
104,484
86,976
94, 561
88,947
86,412
132,890
103, 592
118,167
116,913
104,999
1929
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
1933
1932
1930
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
1934
626, 274
325, 007
281,036
404, 252
504,992
487,255
552,148
499,444
517, 207
592,165
599, 077
442,457
566, 868
580, 966
576,193
535, 554
507, 304
479,787
472, 245
482, 556
503,132
515,982
516,829
496, 730
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).
BANK DEBITS
No.
78.—DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN 141
PRINCIPAL
CITIES, BY MONTHS, 1925-34
[In millions of dollars]
Month
1925
1926
1927
1928
1929
1930
1931
1932
46, 253
38, 031
47,011
46, 440
43,930
45, 299
39,451
34,027
36, 700
38,802
29, 069
36, 345
33, 569
27, 251
29, 889
29, 923
25, 411
27,103
25, 239
25, 215
25,931
25, 298
20, 750
26, 787
1933
1934
24, 466
22,437
27, 221
25, 015
29, 685
31,231
28,757
30, 142
27,752
25, 706
24,009
26, 750
24,752
30,915
T O T A L , 141 C I T I E S
January
February. _.
March
April
May
June
July
August
SeptemberOctober
November.
December..
Total
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
570, 064 607,956 673, 861 806,405 935,027 661,957 481,357 322, 366
0)
22, 628
25, 486
29,711
31, 232
25, 451
24, 555
26, 307
24,131
26, 301
282, 706 331,937
140 CITIES (EXCLUDING NEW YORK CITY)
January
February...
March
April
May
June
July
August
September.
October
November.
B«cembor_.
Total
1
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
256, 691 268,900 282, 303 306,193
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
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
331,938 277,317 217, 523 154,401 2134,257
13,198
11, 784
14, 077
14, 278
14,105
14, 754
13,910
13, 421
12,888
14,465
13,409
15, 700
165, S
Not available, complete data not having been reported on account of bank holidays.
a Total for 11 months.
NOTE.—Figures represent debits or charges on the books of reporting member and nonmember banks to
deposit accounts of individuals, firms, and corporations, and of the United States, State, county, and
municipal governments, including debits to savings accounts, payments from trust accounts, and certificates of deposit 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.
Hackfigures.—SeeAnnual 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.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
167
BANK SUSPENSIONS
No. 79.—BANKS SUSPENDED AND REOPENED, BY YEARS, 1921-32
1
[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]
[Amounts in thousands of dollars]
Banks reopened
Banks suspended
Class of bank and year
Capital
Number
Deposits
Number
All banks:
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
__
__
_.
. _
. .
_
Total
Member banks:
505
367
646
775
618
976
669
499
659
1,352
2,294
1,456
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
10,816
653, 245
4,885,126
1, 614
71
62
122
160
146
158
122
73
81
188
516
331
5,223
4,356
6,933
10, 330
9,940
8,194
7,889
5,125
7,075
50, 510
83, 761
44, 705
38,140
27,310
46,803
78,535
65, 457
67,464
63,489
46, 730
58,073
372,845
733,128
269, 303
10
27
14
19
10
14
10
5
5
6
31
52
2,030
244, 041
1,867, 277
203
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
134,048
G5f 733
102,798
131, 616
102,098
192,914
135,840
95,850
172, 570
480, 518
957, 541
446, 323
87
91
55
92
71
148
119
48
64
153
245
238
8,786
409, 204
3, 017,849
1,411
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930...
1931
1932
Total
Nonmernber banks:
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
. .
Total
Deposits
24,437
45,452
17,348
31, 523
22,931
59,962
43,144
22, 555
28, 586
63,013
157,159
276,194
792, 304
2,669
11, 230
4,803
7,116
3,756
7,516
6,959
5,974
1,910
3,053
52, 470
71,606
179,122
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
1
Corresponding data by classes of banks, by years and by States, appear in the Annual Report for 1933
(tables 102-104) and by classes of banks and months in the Annual Report for 1932 (table 94).
No. 80.- -BANK
SUSPENSIONS, 1921-32: NUMBER, CLASSIFIED
CAPITAL STOCK AND SIZE OF COMMUNITY 1
Banks having capital stock of—
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
Total
Number
of suspensions
3,652
2,486
999
1,960
968
565
63
123
10,816
ACCORDING T O
Banks in places with population of—
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.
Total.-.
Number
of suspensions
3,777
2,092
2,095
932
533
479
908
10,816
1
Corresponding data b y years and classes of banks appear in the Annual Report for 1933 (tables
105-106).
129288—35 12
168
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 81.—BANKS SUSPENDED, BY DISTRICTS AND BY STATES, JAN. 1 TO MAR. 15,
1933
[Banks closed on account offinancialdifficulties by order of supervisory authorities or by directors of the
bank. Figures of suspensions include banks subsequently reopened]
]dumber
Federal Reserve district
and State 1
Deposits 2 (in thousands of dollars)
of banks
NonState
National member
member
banks
banks
banks
Total
National
State
member
Nonmember
14
4
12
22
24
111
93
39
83
8
39
4
3
1
4
5
12
10
6
13
2
6
1
4
9
1
11
18
19
96
69
32
70
6
29
9 698
14,736
3,580
20, 389
14,348
42, 734
36, 728
11,401
16, 512
2.997
42, 218
3 531
13, 286
835
11,898
10,995
6,056
7,226
3, 367
2, 691
1,137
12,161
1,837
5 507
1,450
2 745
8,491
3,353
32, 586
14,458
7,925
13,821
1,860
28, 220
449
66
23
360
215,341
73,183
21, 742
120, 416
12
5
3
3
4
1
1
8
1
2
7,506
15, 478
2,752
2,619
14,198
835
660
4,227
1,280
1,917
8
23
47
19
18
2
9
4
3
1
1
1
8
20
37
14
15
1,172
8,957
27,421
7,582
7,267
265
6,486
1,183
5,022
3,000
408
684
16
25
40
1
4
27
27
4,942
4,335
25, 465
213
642
6,140
5,315
772
362
2,366
2
4,260
10,117
185
1,146
3,822
1,895
305
793
10,117
2
2
10
3
2
4
15
5
6
539
13, 493
604
1,990
9
4
4
4
1,134
2,323
345
1,745
7
5
1
6
1
2,614
865
52
1,367
156
5
2
16
3,370
980
36, 847
Total
DISTRICT
Boston _ _
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City _.
Dallas
San Francisco
_.
_
. ._
Total
3
14
1
660
4,092
15, 044
109
STATE
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:
Maryland
District of Columbia. _.
Virginia
West Virginia
North Carolina
South Carolina
Georgia
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wvomins!
Colorado
Arizona
Pacific:
Washington
Oregon
California
1
2
19
28
56
1
5
34
30
3
3
3
3
1
2
2
11
4
2
1
1
4
19
5
8
9
4
4
6
8
6
1
9
1
7
6
19
13
1
7
3
1
1
4
1
1
2
1
1
3
3
3
2
1
14, 418
193
1,829
283
185
1,146
3,422
1,307
305
16,692
626
539
2,801
604
1,061
1,134
2,323
345
608
1,137
109
357
2,505
508
52
788
156
1,385
95
1,985
408
25,163
579
477
11, 684
4,170
3,973
8,681
213
449
4,311
5,032
3,467
400
588
303
1,172
5,692
20, 527
5,715
2, 245
State listed only in cases where suspensions occurred.
Deposits of member banks suspended are as of dates of suspension, and deposits of nonmember banks
are based on the latest data available at the time of the report of closing of the banks.
169
BANK SUSPENSIONS
No. 82.—LICENSED BANKS SUSPENDED, BY DISTRICTS AND BY STATES, IN
AND 1934 i
Year 1934
Mar. 16 to Dec. 31, 1933
Federal Reserve idistrict
and State
Deposit.5 4 (in thousands of
dollars)
Number of banks
Member
banks 3
Nonmember
banks
879
20,293
25,511
Total
Member 3
Nonmember
6
8
1
6
7
20,293
26,390
5,532
16,782
14,142
20,439
8,100
2,387
11,074
17,899
2,672
8,379
799
4,445
2,820
1,667
3,672
16,782
14,142
12,060
7,301
2,387
6,629
15,079
1,005
20,849
124,861
Total
1933
4
Num- Deposits
(thouber of5 in
sands of
banks
dollars)
DISTRICT
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta _.
Chicago
St. Louis_-_ .
Minneapolis
Kansas City __
Dallas
San Francisco
Total
1
8
29
17
26
20
11
22
25
7
3
2
5
7
29
17
24
19
11
19
23
2
179
15
164
145,710
6
3
20, 293
6,946
2
1
1,860
8
3
4
3
2
17
11
4
5
28, 348
935
1,784
636
236
2,606
1,663
371
358
57
36, 937
STATE
New England:
MaineConnecticut
_-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:
Maryland
Virginia
.
West Virginia
North Carolina
South Carolina
Georgia
East South Central:
Kentucky
Tennessee
Alabama _ - Mississippi
West South Central:
Arkansas _
Louisiana
Oklahoma.
Texas
Mountain:
Montana
Colorado
New Mexico
Utah
Pacific:
Washington
_
Oregon
6
3
20, 293
6,946
2
3
1
1
3
10,310
9,134
879
9,431
9,134
2
8
2
7,059
22,114
1,172
5
22
8
3
4
1
1
4
21
8
2
4
3,738
13, 369
1,383
8,386
1,463
1,860
468
1,878
12,901
1,383
475
1,463
3
14
2
1
5
722
2,037
349
48
714
1
1
7
1
3
5
6
1
1
7
1
3
5
6
314
292
3,289
373
345
403
1,675
314
292
3,289
373
345
403
1,675
1
7
19
1
2
1
7
19
1
2
631
4,047
12,352
57
176
631
4,047
12,352
57
176
2
3
2
1
1,313
620
200
153
1,313
620
200
153
2
23
5
10
989
22,307
2,167
8,936
3
1
4
2
304
897
6,176
1,005
428
3,821
1,319
348
1 319
348
1
2
3
2
1
3
23
6
12
1
1
2
3
2
5
2
1
1
3
2
3
2
7,911
799
196
2,820
190
22,307
1,971
6,116
304
469
2,355
1 005
.
1
73
7
1 311
3
1
275
72
2
467
1
2
9
169
36
1
68
1
11
1
40
1
Licensing of banks to resume operations on an unrestricted basis after the banking holiday began on
Mar.
13-15, 1933. "Licensed banks suspended" includes licensed banks placed on a restricted basis.
2
States listed only in cases where suspensions occurred.
3 Represents National banks except as follows: 1 State member bank in Ohio with deposits of $1,860,000,
3 in
Washington with deposits of $1,319,000 and 2 in Oregon with deposits of $348,000.
4
Deposits of licensed member banks suspended are as of dates of suspension and deposits of nonmember
banks
are based on the latest data available at the time of the report of closing of the banks.
6
AH were nonmember banks except 1 National bank in Montana with deposits of $40,000.
170
No.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
83.—NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP,
BY DISTRICTS AND BY STATES, MAR. 16 TO D E C . 31, 19331
Federal Reserve district
and State
Number of banks
State NonNaTotal tional mem- member
Deposits 2 (in thousands of dollars)
State
NonNational member
member
Total
banks
banks
banks
DISTRICT
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City
Dallas
San Francisco
Total-
38, 896
53, 203
67, 439
16,615
54,460
49, 586
17,892
617,749
13,669
11,123
29, 058
3,781
32,101
32, 562
4,222
455
346,503
48,162
111,451
40,915
35, 111
976
112
326
3,360
19,970
6,876
10, 786
35, 967
63, 432
19, 201
73,078
12, 302
10,617
19,160
2,181
3,435
612 1,867,836
966, 676
624,155
277,005
14
4
9
11
1
49, 208
4,071
7,831
43, 438
1,187
33, 749
4,071
5,492
9,891
38
20
60
65, 611
15, 298
71, 936
54, 513
15, 298
45, 705
4,222
6,876
455'
~25~776
65
61
120
48
70
385,484
50, 432
78,663
567,020
21,103
20,636
43, 622
34, 222
522, 251
9,682
346, 503
18,345
6,810
44,323
3,972
11,421
39
49
32
115
78
59
336
87
121
117
40
48
38
22
61
38
18
139
20
29
33
21
16
1,121
464
6
10
9
51
36
38
189
60
89
83
15
26
3 45
105, 735
78, 537
27,856
436,930
161,180
148, 544
731,742
61, 082
22, 716
48, 330
STATE
New England:
Maine—New Hampshire
_
Vermont
Massachusetts
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
District of ColumbiaVirginia
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
Pacific:
Washington
_
Oregon
California
2, 611
6,989
3,162
3,394
12,133
26, 690
4,938
937
1,102
1,703
1
19
9
14
14
13
11
7
7
175
61, 677
24, 674
22,935
11,305
31, 430
10, 671
2,798
1,471
10, 045
15, 418
6,208
8,051
5,232
4,632
196
127
16
14
14
4,786
12,417
4,206
9,939
3,431
11, 522
3,106
3,295
61
88
35
17
17
49
21
26,554
57,442
6,284
20,113
19
119, 364
5,565
5,270
395
3,990
3,545
2,089
1,489
241
3,611
571
778
860
1,231
967
3,285
571
311
3,596
8,064
24, 551
2,884
4,964
22,975
15,459
31, 375
1,187
118
40, 797
118
167576'
30, 642
15, 021
118
2,381
579
2,339
2,172
5,354
14,421
14,176
1,346
1,674
5,775
1,459
175
20,990
9,256
1,706
3,136
23,817
6,039
2,602
765
1, 355
895
1,100
6,644
18, 535
110,872
326
1,312
8,097
1,575
1,399
858
522
241
326
467
271
1,831
1,258
712
1,269
318
12 Includes nonlicensed banks absorbed or succeeded by other banks.
Deposits of nonlicensed national banks placed in liquidation or receivership are as of dates of conservatorship; deposits of nonlicensed State member banks placed in liquidation or receivership are as of nearest
call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest
data available at the time of the report of closing of the banks.
3 Includes 7 banks with deposits of $63,134,000 which did not receive licenses following the banking
holiday and withdrew from the Federal Reserve System before being placed in liquidation.
171
BANK SUSPENSIONS
No. 84. -NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP, BY
DISTRICTS AND BY STATES, IN 1934
Number of banks
Federal Reserve 2district
and State
Total
National
14
37
77
136
48
40
259
114
27
127
17
31
12
36
56
63
22
17
74
31
24
34
9
20
927
398
4
1
3
5
1
4
1
3
4
22
22
126
22
21
84
74
43
34
76
42
22
14
34
19
20
9
103
81
2
2
69
10
9
16
5
2
2
11
9
9
4
6
9
19
3
4
4
1
5
9
4
1
4
3
Deposits
l
3
(in thousands of dollars)
State
Nonmember member
banks
banks
State
member
Nonmember
1
1
1
1
17
68
26
21
176
82
3
93
8
10
13,663
52,048
145,451
160,434
29,696
34,267
98,256
36,845
13,615
26,061
3,001
11,584
10,038
51,694
96,222
83,096
19,075
12,835
60,828
20,300
13,347
14,661
1,558
6,564
* 23
506
624,921
390,218
3,369
1,302
2,923
3,578
2,491
3,369
1,302
2,923
2,444
33,954
23, 273
227,024
33,954
22,919
143,926
70,971
19,980
23,119
39,630
15,708
27,502
10,199
23,119
30,665
12,042
3,806
23,865
17,168
590
804
11,094
4 207
3,806
7,539
2,724
590
804
4,280
3 907
5,652
8,490
3,383
6,107
5 014
2,100
1,301
3 515
2,860
2,984
3,248
6,107
3 403
1,523
1,301
2 860
2,792
5,506
135
4,258
1 874
498
965
437
5,148
1 241
Total
National
banks
DISTRICT
Boston
New York.
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
.
_
4
5
2
9
1
2,491
359
1,134
354
38,494
73,190
10,621
8,664
28,619
16,363
268
11,400
1,443
4,661
39,492
* 195,211
10,735
4,148
12,768
8,809
182
STATE
New England:
Maine
New Hampshire
Vermont
Massachusetts. _
Rhode Island
M iddle Atlantic:
New York
_
New Jersey
Pennsyl vania..
East North Central:
Ohio
Indiana .
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa..
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Maryland
District of ColumbiaVirginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Idaho...
Colorado... ._
Pacific:
Washington
Oregon
California
7
1
1
10
5
14
2
9
4
2
18
13
22
12
4
5
6
8
1
10
9
8
13
5
1
37
4
2
48
27
5
52
22
2
85
76
58
1
5
3
1
15
2
4
1
1
11
5,223
2 311
6,153
1,241
1
1
13
7
16
4
3,334
20,666
4,330
2 378
619
6,448
3 162
1 412
1
7
3
130
3,283
130
3,083
4
5
10
5
2
3
1,982
2,224
7,248
1,353
1,468
3,613
1
1 134
2,491
12,483
354
70, 615
2,400
5,064
41,069
4,717
2,067
6,898
3,666
1,678
14,648
14 444
6,814
300
1 611
577
655
507
182
12, 261
2,533
1,957
1 168
966
200
359
629
397
3,635
12 Includes nonlicensed banks absorbed or succeeded by other banks.
States listed only in cases where closings occurred.
3 Deposits of nonlicensed national banks placed in liquidation or receivership are as of dates of conservatorship; deposits of nonlicensed State member banks placed in liquidation or receivership are as of the
nearest call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the
latest data available at the time of the report of closing of the banks.
"Includes 14 banks with deposits of $12,432,000 which did not receive licenses following the banking
holiday and withdrew from the Federal Reserve System before being placed in liquidation.
172
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 85.—NUMBER OF BANKS LICENSED AND NOT LICENSED, BY DISTRICTS AND
BY STATES, ON APR. 12,
1933
Not licensed
Licensed
Federal Reserve district
and State
Total
Non
State
National member
banks banks member
banks
Total
State
NonNationa' member
banks banks member
banks x
DISTRICT
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
466
992
829
1,051
867
982
1,498
1,393
1,080
1,898
1,049
714
23
134
57
58
29
33
87
48
32
25
48
62
636
160
319
243
577
579
712
1,036
1,072
622
1,207
517
350
7, 394
110
161
136
331
272
131
1,491
430
497
415
70
150
4,194
12,819
283
539
529
416
259
237
375
273
426
666
484
302
4,789
50
62
28
204
21
132
24
48
28
127
10
56
61
8
74
30
6
51
20
1
3
705
359
955
395
207
599
222
101
291
108
74
217
99
56
145
7
10
66
581
422
646
246
290
206
104
227
48
83
339
314
382
158
198
204
217
354
290
451
60
42
102
51
36
133
172
245
183
414
470
323
620
168
205
375
761
198
81
82
67
64
129
270
227
503
101
131
243
557
282
458
183
55
21
193
42
28
71
11
10
6
19
18
251
381
167
45
15
174
24
45
93
20
326
.167
182
106
266
139
15
32
8
119
59
32
15
48
44
26
57
12
197
98
146
87
197
93
3
97
13
34
40
62
30
13
1
35
3
19
24
11
5
9
5
2
60
10
13
14
50
25
3
22
407
322
199
180
84
66
66
21
318
253
126
159
23
10
11
3
21
9
22
33
180
140
398
931
45
20
214
448
130
118
183
437
7
8
15
24
62
31
70
27
127
77
68
136
42
19
69
10
47
22
25
72
23
8
14
168
108
271
63
57
135
55
139
93
146
95
41
242
66
70
78
29
54
1,108
148
51
14
36
173
170
85
1,180
347
424
337
38
83
2,938
STATE
New England:
Maine
New Hampshire
Vermont
Massachuset ts
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
District of Columbia_
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama _
Mississippi
West South Central:
Arkansas
Louisiana
OklahomaTexas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
46
38
60
17
9
39
4
84
46
127
10
1
34
3
1
2
5
5
35
2
42
16
14
i Exclusive of mutual savings banks, private banks not under supervision of State banking departments, and any trust companies and otherfinancialinstitutions which do not receive deposits.
173
BANK SUSPENSIONS
No. 86.—DEPOSITS OF BANKS LICENSED AND NOT LICENSED, BY DISTRICTS
AND BY STATES, ON APR. 12, 1933 l
[In thousands of dollars]
Federal Reserve
district and State
Total
Licensed
State
member
banks
National
banks
Nonmember
banks 2
Total
Not licensed
State
member
banks
National
banks
Nonmember
banks a
DISTRICT
99, 007
2,323,827 1,459, 313 444, 026 420,488 252,776
Boston
221,185
New York
.._ 11,172,632 4,301, 756 5, 734, 393 1,136,483 288,819
128,154
221,
543
2, 339,016 1, 383,895 640, 255 314,866
Philadelphia
162,891
2,509,990 1,169,139 853, 778 487,073 666,966
Cleveland
126,031
612, 648 172, 756 404,992 373,228
Richmond
- 1,190,396
26, 279
187,019
616, 298
68,837 235,581
920,716
Atlanta
—
825,093
3,073,519 1,980, 032 534, 751 558,736 1,435,225
Chicago
48, 067
166,974
549, 557 293, 381 292,391
1,135,329
St. Louis
36, 072
655, 048
33,745 151,866 149, 792
840,659
Minneapolis
69, 712
885, 354 113,380 250,274 124,501
1,249,008
Kansas City
5,358
11,619
676, 674
40,954 145,396
863,024
Dallas—
70, 692
99,068
San Francisco
- 3,314,156 2, 204,835 561,378 547,943
30, 932, 272 16,494, 549 9, 491, 634 4, 946, 089 3, 977, 530 1,818, 541
Total
118,194
31,199
63,897
145,359
170,926
32,123
489,218
70,337
112,997
54, 789
236
6,025
5,833
22,543
841, 382 1,317,607
35, 575
36,435
29,492
358, 716
76, 271
128, 617
120,914
48, 570
723
STATE
New England:
Maine
NewHampshire.
Vermont
MassachusettsRhode IslandConnecticut
Middle Atlantic:
New York
New Jersey
PennsylvaniaEast North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
WestNorth Central:
Minnesota
Iowa
--Missouri
North Dakota. _
South Dakota. _
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
Dist. ColumbiaVirginia
West Virginia..
North CarolinaSouth CarolinaGeorgia
_.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.. _
191, 237
24, 202
184, 790
91,183
7,094
85, 797
63,923
2,491
5,537
45,444 2,713
5,396
23,810
24, 357 32,862
3,843, 656 5, 300, 503
568, 811 468, 778
1,837, 407 894, 967
779, 477
345, 071
397,850
187, 879
126, 331
337,217
163, 903 1,932
63,113 49, 228
213, 345 16, 738
22,044
13, 990
107,134
492, 750 504, 519
1, 218, 095
170, 513
27, 078
370, 095
1,933, 441 1, 468, 212 312, 881
108,336 149,662
357,823
290, 209
38,723
452,127
220,826
172,504
152, 348
99, 825
123,195
507,038
133,832
191, 324
899, 253
158,772
55,964 356, 745
78,172 9,216
78,731 12, 741
650, 395 104, 035
26, 731
281
94, 329
46,444
99,852
144,823
131,760
85,930
95, 759
134,343
10,805
18,226
36, 799
103, 945
87, 926
159, 397
111,498
10, 739
4,057
29, 706
11,501
10, 792
723
33, 715 2,710
49, 558 21,144
6,208
1,860
6,605
7,632
76,411
122,972
40, 796
4,531
2,197
23,101
3,869
44,841
83,882
93,003
93,658
69,619
64, 252
27,778
38,325
36,179
599
195,001
41,040
32,950
28, 588
45,902
32, 755
5,772
9,424
213
34, 527 55, 922
26, 280
12, 206 17,584
384
17,960
11,709 2,381
24,426
2,715 2,320
579
4,597
17, 377
4,073
200
4,203
4,799
386
104, 552
14, 760
3,160
10,244
31,812
8,329
737
4,248
19,157
125, 718
236
8,470
20,409
6,922
3,876
199
2,021
1,037
136, 224
72, 332
25,207
1,486, 630
281, 352
430,316
9,923,636
1,382,660
3,130, 224
61, 567
50,977
25, 207
1,109,944
36, 701
210, 014
1,616
1,000
73, 041
20, 355
185,449
220, 449
35, 512
3,249
546, 347
230, 768
836, 516
52, 250
61,192
182,487
259,097
459,915
112,358
379,871
41, 445
38, 639
145,259
151, 775
502
22, 651
322, 302
104, 911
281, 009
203,148
359, 542
190, 297
158,767
48,056
245, 797
171, 323
14,976
150,133
110,145
227, 286
90, 008
31,616
15, 602
178,777
133, 682
45, 094
46, 994
291, 738
244, 237
153, 412
95, 780
138, 332
157, 098
115,778
36, 403
31, 473
27, 574
18, 652
121,933
59, 565
18,982
59,377
21,454
5,170
9,931
11, 241
73, 552
192, 582
273,976
770, 934
45, 770
79, 347
238, 542
629, 257
5,835
18, 751
187
35, 465
21,947
94, 484
35, 247
106, 212
153, 334
15,159
8,393
1,062
7,207
8,237
4,281
91, 500
41, 616
39, 728
211,536
24,901
44,133
100, 208
11,538
56, 064
13, 744
26,920
179,819
20, 531
18, 553
42, 542
8,984
20, 316
11,170
1,351
16, 228
611
6,824
30, 523
15,120
16, 702
11,457
15,489
3,759
18, 756
27,143
2,554
3,745
5,972
1,724
4,736
13, 578
3,242
301
407
1,048
10, 030
1,243
301
407
718
1,572
482, 791
27,089
18, 295
449,913
31, 356
12, 399
47, 585
22,704
6,765
35,061
231, 202
175, 615
140, 582
160,449
2, 747, 581 1,814,877
4,327
429
3,377
30, 670
62, 899
4,676
28,695
1,462
43, 026
1,698
61,987
6,704
2,491
2,288
4,077
897
5,728
6,442
3,548
1,999
330
1,798
2,468
1,368
6,854
3,166
11,156
1 Deposits are as of Dec. 31,1932, or the nearest available call date prior thereto.
2 Exclusive of mutual savings banks, private banks not under supervision of State banking departments,
and any trust companies or otherfinancialinstitutions which do not accept deposits.
174
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 87.—NUMBER OF BANKS LICENSED AND NOT LICENSED, BY DISTRICTS AND
BY STATES, ON DEC. 31,
1934
Licensed
Federal Reserve district
and State
Total
Not licensed
NonState
National member
banks banks member
banks i
Total
NonState
National member
banks banks member
banksi
DISTRICT
Boston
New York
Philadelphia. __
Cleveland.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City _
Dallas
San Francisco
Total
3
9
2
10
13
3
47
32
11
15
2
11
3
8
2
8
12
3
46
29
11
15
2
10
149
544
1,092
931
L, 260
,040
L,098
J, 562
1,660
L, 422
L,997
n/»7
707
15,370
322
627
595
528
339
277
519
320
455
686
495
299
5,462
49
164
61
99
61
55
163
71
69
48
60
80
980
173
301
275
633
640
766
1,880
1,269
898
1,263
502
328
8,928
71
65
76
211
23
127
40
52
43
132
12
54
6
1
34
2
6
25
12
33
45
9
67
784
398
1,118
461
236
711
117
52
73
206
110
334
9
2
703
541
884
485
614
253
125
292
85
106
71
6
64
79
13
379
410
528
321
495
10
7
2
25
9
685
661
699
206
212
437
743
211
123
90
69
64
138
192
17
25
51
23
9
14
457
513
558
137
125
290
537
47
187
22
327
180
215
137
325
152
16
63
9
133
79
44
19
58
50
4
7
2
24
18
10
4
25
4
27
117
11
170
83
161
114
242
98
436
331
222
213
99
73
72
25
10
4
18
3
327
254
132
185
1
1
1
1
237
149
412
940
51
30
217
456
7
4
1
54
179
115
194
430
4
1
3
1
120
63
60
159
42
17
58
10
46
25
26
81
24
8
13
6
20
10
8
5
3
4
19
54
28
26
73
15
5
26
4
3
3
3
3
197
104
265
67
53
130
27
6
16
103
45
119
1
4
1
158
1
1
1
1
1
1
2
1
5
4
STATE
New England:
Maine
New Hampshire
Vermont Massachusetts
Rhode Island
__
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana _
Illinois
Wisconsin
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
2
2
1
1
8
2
1
1
1
8
7
2
25
9
9
24
5
1
9
23
5
8
1
8
1
1
1
1
6
2
4
3
3
1
4
5
2
4
1
3
1
3
1
1
4
1
4
1
* Exclusive of mutual savings banks and any trust companies and otherfinancialinstitutions which do
not receive deposits; inclusive of private banks under State supervision and private banks not under
supervision of State banking departments but which, under the provisions of sec. 21 (a) of Banking Act
1933, have agreed to examination by the Comptroller of the Currency or the Federal Reserve banks.
Digitized forofFRASER
175
BANK SUSPENSIONS
N o . 8 8 . — D E P O S I T S O F B A N K S L I C E N S E D AND N O T L I C E N S E D , BY D I S T R I C T S AND
BY S T A T E S , ON D E C . 3 1 , 1934 1
[In thousands of dollars]
Licensed
Federal Reserve district
and State
Total
National
banks
State
member
banks
Nonmember
banks2
Total
Not licensed
State NonNamemtional member
ber
banks banks
banks
DISTRICT
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
STATE
521,099
415,967
2,611,053 1, 673,987
13,453,584 4,947,068 7,162, 206 1, 344, 310
2, 869,277 1,665, 091
717,128
487, 058
3,184,507 1, 581, 541 1,066, 397 536, 569
1,795,214
941, 856
360, 266 493,092
1, 351,056
967, 260
108, 844 274,952
5,160,889 3, 279,192
890, 570 991,127
1, 526,702
770, 745
365,132 390,825
1,133,162
843,484
53, 031 236,647
1,701,632 1, 214, 603
181,733
305, 296
1,168,839
959, 371
50, 250 159, 218
3,953,902 2, 792,952
734,599
426.351
39, 909,817 21, 637,150 12,211,255 6,061,412
15,835
18,461
4,171
10,794
4,002
717
20,143
8,440
1,337
2,589
107
1, 736
88, 332
3,063
763
1,218
292
171
2,121
285
392
6,510
1, 795
15,835
15,398
4,171
8,813
3,710
717
19,972
6,034
1,337
2,589
107
1,344
80, 027
New England:
102,313
14, 240
Maine
27, 778
41,215 14, 240
171, 306
56,441
New Hampshire
1,175
13, 712
71,328
43, 739
Vermont
51,273
95,012
Massachusetts
1,595
1,595
301,456
135,852
1, 636, 840 1,199, 532
80,118
Rhode Island
70,920
131, 233
282, 271
Connecticut
235,498
170, 621
59,457
465, 576
Middle Atlantic:
New York
12,150,056 4,413,975 6, 723, 764 1,012,317
652, 363
New Jersey
15,398
465, 722 339,772 18,461
3,063
1, 457,857
Pennsylvania
4,171
4,171
3,864,973 2, 221,394 1, 060,455 583,124
East North Central:
1,218
8,813
767,160
Ohio
601,458
258,980 10, 794
1, 627, 598
763
Indiana
7,435
300, 654
7,435
33,146
233,837
567, 637
Illinois
2,292
544,318
256,879
2,941,922 2,140, 725
2~292"
7,769
Michigan
__ 941,120
512, 882
217,966
210, 272 7,769
Wisconsin
3,780
366, 671
61, 379 226, 525 3,780
654, 575
West North Central:
603,114
Minnesota
6,603
136, 257
745,974
2,292
Iowa
197,183
459, 298
57, 558 204, 557 2.292
4,424
Missouri
537, 569
146, 334 4,573
1,115,371
431,468
North Dakota
578
50,436
17, 580
578
68.016
South Dakota
47,097
22, 018
79, 111
715
223, 662
Nebraska
4,385
62,030
715
290,077
Kansas
207,388
131,008
70
14,165
352,561
70
South Atlantic:
14,984
60, 599
38,967
114, 550
Delaware
._
279,065
82, 644 130, 520
903
492, 229
Maryland
903
150,605
58,502
47,747
District of Columbia 256,854
281,520
71,500
444, 633
91, 613
Virginia
121,690
55,852
230,709
1,940
2,232
53,167
West Virginia
77,300
111, 484 118,936
307,720
153
153
North Carolina
45,745
115,898
7,349
714
62,804
714
South Carolina
228,235
332, 792
43,888
60,669
Georgia
180,907
230,977
7,741
717
42,329
Florida
East South Central:
179,428
50,453
129,074
358,955
Kentucky
277,333
9,856
82,302
369,491
208
Tennessee
208
157,805
27, 058
34,117
218,980
Alabama
52, 833
917
91,610
145,360
Mississippi
323
"323"
West South Central:
74,296
13, 298
123, 745
36,151
362
226
Arkansas
230,658
26,392
Louisiana
___ 320, 450
63,400
50
50
276,005
373
Oklahoma..
39,834
316,212
1,431
1,431
892,264
Texas
36,954
126,495
57
1, 055,713
57
Mountain:
28,477
66,017
Montana
16,994
111, 488
308
308
25,171
28, 613
Idaho
14,559
68,343
2,999
35,313
Wyoming
_
11,446
49,758
19,976
221, 663
20,273
Colorado
261, 912
373
373
739
30, 548
New Mexico
6,272
37, 559
21,626
20,192
12,130
53,948
Arizona
57, 067
40,881
Utah._._
_
21,902
119,850
392
16,255
19,871
Nevada
544
3,616
544
Pacific:
243,307
59,262
Washington
338,972
36,403
103
103
3,164
181,977
Oregon
211,092
25, 951
529
529
592,052
California
317, 048
3,163, 277 2, 254,177
168
168
1
Deposits of member banks are as of Dec. 31,1934; deposits of nonmenber banks are as of Dec. 31,1934,
or2nearest available call date prior thereto.
Exclusive of mutual savings banks and any trust companies and otherfinancialinstitutions which do
not receive deposits; inclusive of private banks under State supervision and private banks not under
supervision of State banking departments but which, under the provisions of sec. 21 (a) of Banking Act
Digitized forofFRASER
1933, have agreed to examination by the Comptroller of the Currency or the Federal Reserve banks.
176
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 89.—NUMBER AND DEPOSITS OF LICENSED AND N O T LICENSED MEMBER AND
NONMEMBER BANKS
Deposits (in thousands of dollars)2
Number of banks
Total
All member banks:
Mar. 15, 1933
Apr. 12, 1933
June 30, 1933
Dec. 30, 1933.
Mar. 5, 1934
June 30,1934
Oct. 17, 1934
Dec. 31, 1934
National banks:
Mar. 15, 1933
Apr. 12, 1933
June 30, 1933
Dec. 30, 1933
Mar. 5, 1934.
June 30, 1934
Oct. 17, 1934
Dec. 31, 1934
State bank members:
Mar. 15, 1933
Apr. 12, 1933
June 30, 1933
Dec. 30, 1933
Mar. 5, 1934
June 30, 1934
_._
Oct. 17, 1934
Dec. 31, 1934
Nonmember banks
other than mutual savings banks: 3
Apr. 12, 1933
.
June 30, 1933
Dec. 30, 1933
Mar. 7, 1934
June 27, 1934 *
Oct. 17, 1934*
Dec. 31, 1934 *_„
LiNot licensed censed i
Total
Licensed
Not
licensed
6,681
6,701
6,523
6,514
6,488
6,469
6,451
5,078
5,425
5,606
6,011
6,206
6,375
6,433
6,442
1,621
1,256
1,095
512
308
113
36
28,421,038
28, 646,106
27,829,942
27,694,828
29,615,026
31,124,361
32,315,728
33,856,710
25, 554, 287 2,866, 751
25,986,183 2, 659,923
26, 563,927 1, 266,015
527,854
27,166,974
290,201
29,324,825
31,012,367
111,994
32,285,443
30,285
33,848,405
8,305
5,907
5,897
5,882
5,r
5,558
5,512
5,491
5.467
4,507
4,789
4,897
5,154
5,288
5,417
5,461
5,462
1,400
1,108
985
452
270
95
30
5
18,137,719
18,313,090
17, 769,636
17,990,217
19,048,533
19,993,896
20,810,507
21,643,660
16,195,145 1,942,574
16,494,549 1,818,541
16,741,289 1,028,347
17,555,239
434,978
18,801,352
247,181
19,895,897
97,999
20,784, 569
25,938
21,637,150
6,510
792
784
819
917
956
976
978
571
636
709
857
918
958
972
10,332
10,171
9,590
9,337
9,269
9,167
9,077
7,394
8,188
8,333
8,395
8,760
8,901
8,928
221 10, 283,319
148 10,333,016
110 10,060, 306
9,704,611
10,566,493
11,130,465
11,505,221
12, 213,050
1,983
1,257
942
509
266
149
6, 263,696
6,135, 648
5,559,996
5,363,592
5, 547,799
5, 484,147
6,141,439
9,359,142
9,491,634
9,822,638
9,611,735
10, 523,473
11,116,470
11, 500,874
12,211,255
924,177
841,382
237, 668
92,876
43,020
13,995
4,347
1,795
4,946,089 1,317, 607
5,071,664 1,063,984
5,062,908 497,088
4,940, 583 423,009
5,313, 565 234,234
5,356,384 127,763
80,027
6,061,412
1
Includes a number of national banks whose Federal Reserve bank stock had been canceled and membership in the Federal Reserve System terminated but which, on the dates given, were still included in
the2 Comptroller of the Currency's records of unlicensed banks.
Deposits of national banks and State bank members are as of the nearest call dates; deposits of nqn
member banks for Apr. 12 and June 30, 1933, are as of Dec. 30, 1932, or the nearest available call date prior
thereto; deposits of nonmember banks for Dec. 30, 1933, Mar. 7, June 27, and Oct. 17, 1934, are as of Dec.
30, 1933, or the nearest available call date prior thereto; and deposits of nonmember banks for Dec. 31,
1934,
are as of that date, or as of the nearest available call date prior thereto.
3
Exclusive of any trust companies and other financial institutions which do not receive deposits but are
included in State bank abstracts. Also exclusive of mutual savings banks, for which total figures only
appear in table 60, a segregation as to licensed and not licensed mutual savings banks not being available.
In some States, subsequent to the banking holiday in March 1933, restrictions were placed on deposit
withdrawals at all mutual savings banks in the State, but withdrawls in excess of the limitations were
generally permitted if the use to be made of the funds warranted the larger withdrawals. In addition to
these general limitations on deposit withdraw las, other restrictions were imposed, either by the bank's
management or by supervisory authorities, in the case of a number of mutual savings banks taken individually. Nonmember bank figures are not available for some of the dates for which data are shown for
member banks.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
177
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE
SYSTEM
No.
90.—CHANGES IN
MEMBERSHIP, BY CLASS
OF BANK, IN
1933
AND
1934
Year 1934
Year 1933
Total
National
State
Total
National
i 6,816
i 6,011
1805
6,011
5,154
249
237
5
249
406
125
8
406
237
1
State
LICENSED MEMBER BANKS
Number at beginning of year
„
__
Increases:
Organizations of national banks (including
successions and conversions)
Admissions of State banks to membership
Reopening of suspended banks _
Reopening (licensing) of banks not given licenses on Mar. 13-15, 1933
4
5
857
125
3
575
489
86
67
45
22
1,066
742
324
606
456
150
6
104
75
6
29
5
1
1
140
1,621
124
1,400
16
221
169
147
1,871
1,599
272
175
148
27
-805
6,011
-857
5,154
+52
857
+431
6, 442
+308
5,462
+123
980
2 1, 621
14
2 1,400
3
7
2 221
37
512
452
60
45
402
<24
6 20
12
Total additions
Decreases:
Withdrawals of State banks from membership.
Suspensions
Mergers, absorptions, consolidations, and liquidations
_ . .
Banks not given licenses on Mar. 13-15, 1933
Total decreases
Net increase or decrease
Number of licensed member banks at end of y e a r . .
5
22
UNLICENSED MEMBER BANKS
Number at beginning of year
Increases: Licenses revoked
Decreases:
Licenses granted (to existing banks)
Liquidations and receiverships 5
Withdrawals of State banks from membership
576
511
36
489
M66
*87
45
36
69
422
12
Number of unlicensed member banks at end of
year
512
' 452
60
9
6
7 5
4
1
Member banks in actual operation (licensing of banks, to resume operations on an unrestricted basis
after the banking holiday, began Mar. 13, 1933).
2 Mar. 16, 1933.
3
In addition to licenses revoked (of 6 national banks and 6 State bank members) includes 1 unlicensed
national bank and 1 unlicensed State bank member, respectively, which had suspended before the banking
holiday but which were placed in conservatorship and/or permitted to operate on a restricted basis after
the banking holiday.
* Includes banks whose licenses were revoked (after the banking holiday) and which later were relicensed
and reopened, as follows: 1 in 1933, 2 in 1934.
5
Includes unlicensed banks absorbed or succeeded by other banks.
6
Includes the following number of banks reported as "suspensions" in the first part of the table, representing banks whose licenses were revoked after the banking holiday and which later were placed in liquidation or receivership: 2 national banks in 1933 and 4 in 1934, and 2 State member banks in 1934. Also
includes 1 unlicensed national bank in 1933 which had suspended before the banking holiday and which,
following the banking holiday, was first placed in conservatorship and subsequently placed in liquidation
or receivership.
I Includes national banks whose Federal Reserve bank stock had freen canceled and membership terminated b u t which, at the end of the year, were still included in the Comptroller of the Currency's records
of unlicensed national banks, as follows1 16 at the end of 1933, 3 at the end of 1934.
Back figures.—See Annual Report for 1932 (table 99).
EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS
00
No. 91,—MEMBER BANKS—EARNINGS, EXPENSES, DIVIDENDS, AND OPERATING RATIOS 1925-33
[In thousands of dollars]
Gross earnings
Expenses
Losses and depreciation
Interest paid
Year ended Dec. 31
Total
Interest
earned
All
other
Total
Salaries
bor- and
On de- On
rowed wages
posits money
All member banks:
1, 918,094 1, 615, 595 302, 499 1, 367, 318 643,158
2, 027, 752 1, 710, 492
1,441,745 672,927
2,120, 277 1, 749,008 371,
L, 515, 704 713,038
2, 283, 998 1, 905, 728 378,270
378,
1,613,811 749,662
2, 474,099 2,068,901 405,198 11,683,720 759, 260
2, 228, 774 1,857,514
L, 604,335 748, 992
1, 911, 502 1,581,905 329^ 597 L,
it 335,379 580,910
L, 143, 384 434,324
- 1,553, 618 1,325, 478 228,140 I,
1, 236,864 1,038, 393 198,471 859,300 287,991
National member
banks:
1,159, 595 1,015,352 144,243 822,255 382,483
1925
1, 210, 911 1,060,589 150,322 856,765 395,352
19261,289, 297 1,107, 242 182,055 918,816 431, 763
1927
1,401,471 1,211,259 190, 212 987, 739 459,819
1928
1, 443, 303 1, 247,125 196,178 987,140 450, 258
1929
461,311
1,363, 928 1,165,550 198,378
1930—
1931--- 1,194,140 1,009,829 184, 311 848, 254 377,281
127,704
294,813
998,128
870,424
748,587
1932--.
799, 599 686, 576 113,023 563, 718 200,869
1933 4
1925-.1926
1927
1928
1929
1930—
1931
1932—
1933*
State member
banks:
19251926
1927
19281929
19301931
1932.
1933 4
758,499
816,841
882, 527
1,030,796
717, 362
555,490
437, 265
600,243
649, 903
641,766
694, 469
821,776
691, 964
572,076
455, 054
351, 817
158, 256
166, 938
189, 214
188,058
209,020
172,882
145,286
100,436
85, 448
545,063 260,675
584,980 277, 575
281,275
626,072 289,843
696, 580 309,002
616,306 287, 681
487,125 203,629
394, 797 139, 511
295, 582 87,122
Cash
dividends
declared
Net
earnings
Total
On
loans
RecovOn
All
eries
invest- other
on
ments
550,776
586,007
604,573
670,187
790,379
624, 439
576,123
410, 234
377, 564
193,099
207, 530
208,693
217,194
295,473
365, 314
620,456
778,230
858,279
128, 774
124,885
123, 745
119,290
A39, 588
194,725
295, 241
403, 272
425, 442
35,127
35,909
37, 284
45, 293
95,465
109,028
264,170
304, 961
344,053
29,198 61,806
46, 736 53,006
47,664 51,129
52,611 50,875
60, 420 61,608
61, 561 47, 377
61,045 56, 594
69; 997 113,109
88,784 124,885
131, 293 419, 483
154, 524 431, 483
157,564 447,009
166, 319 503,868
233,865 556, 514
317,937 306, 502
563,862 12, 261
665,121 3 254,887
733,394 "355,830
272,686
284,809
312,680
327,422
408, 628
371, 968
335, 792
245,074
150,804
337,340
354,146
370,481
413, 732
456,163
375,899
345,886
249,541
119,191 235,881
136, 269
145,831
148, 225
158, 254
200, 633
248, 618
437,016
487, 545
601,190
92,127
88,017
91, 214
88,077
93, 680
135,085
212, 575
261,364
304, 568
23, 692
26,261
25,665
34,455
63, 304
71,202
184, 290
184, 646
244, 507
20,450
31,553
31,346
35, 722
43, 649
42,331
40,151
41, 535
52,115
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 3 54,896
414,439 3164,898
521,426 "285,545
171,324
176,421
197, 555
204, 612
247, 317
215,992
193, 696
135,092
71,403
56,830 36,647
61,699 36,868
60, 468 32, 531
58, 940 31, 213
94,840 45, 908
116, 696 59, 640
183, 440 82, 666
290, 685 141, 908
257, 089 120, 874
11,619
10,838
32,161
37,826
79,880
120,315
99, 546
175,290
186,506
189, 726
213,108
265,130
148, 334
67,157
3
89,989
3 70, 285
101,362
108, 388
115,125
122,810
161,311
155,976
142,096
109,982
79, 401
Taxes
All
other
25,954
31,350
24, 514
48,443
64,265
22,001
19,136
38,814
15,178
372, 741
396, 796
420,128
440,000
463,847
451, 776
412,531
356, 557
306,021
102,411
105,885
109, 778
113,759
112,476
113, 418
86,367
67,077
58,028
223,054
234, 787
248, 246
261,947
283,872
268,148
236,435
246, 612
192,082
17,172
20,089
15,429
29,184
37,350
12,807
11,613
24,684
9,373
223, 756
235,969
253, 634
269,429
271,103
277,798
257, 074
224, 480
193, 974
66,645
68, 270
69, 219
69,872
64, 333
68,373
53,110
44, 552
40, 311
132,199
137,085
148, 771
159,435
164,096
167,740
149,176
160,058
8,782
11, 261
9,085
19, 259
26,915
9,194
7,523
14,130
5,805
148,985
160,827
166,494
170, 571
192,744
173, 978
155,457
132,077
112, 047
35,766
37, 615
40, 559
43,887
48,143
45, 045
33, 257
22, 525
17, 717
90,855 213,436
97, 702 231,861
99,475 234,092
102, 512
119,776
100,408
87, 259
86, 554
72,891
256,455
334, 216
248, 540
230, 237
160, 693
141, 683
11,435
43,122
36, 662
35, 027
35,282
35,854
30,887
36, 234
73,106
79, 764
8,748 18,684
15,183 16,344
16,318 16,102
15, 593
16, 771 25,754
19,230 16,490
20,894 20, 360
28, 462 40,003
36, 669 45,121
Net
38,146
45,355
44,366
43, 347
69,086
100, 206
163,080
250, 6S2
211, 968
Net
profits
Loans and investments 1
Year ended Dec. 31
Total
Loans
Capital
funds i 2
Investments i
Thousands of dollars
All member banks:
1925
1928
1927
1928
1929
1930
1931
1932
1933 4
._
._.
_
_..
_
1930...
1931
1932
1933 4
_
Loans
Net
and
profits
invest- per
$100
ments
of
per $1 of capital
capital funds
funds
$6.47
6.46
6.34
6.18
5.62
5.26
5.23
5.04
5.10
$9.14
8.95
20, 809,107
22,123, 397
23, 006, 039
24,153, 677
25, 614, 655
25, 018, 222
21, 732, 289
16, 743, 940
12, 916, 730
8,864, 784
9, 008, 752
9, 749, 932
10, 568, 202
10,112, 473
10, 377,190
11, 699, 502
11, 778, 580
12, 069, 549
4, 589, 294
4,820,129
5,162,702
5, 622, 312
6, 360, 306
6, 722, 782
6, 395, 866
5, 660,145
4, 902, 319
$6. 46
6.51
6.47
6.58
6.92
6.30
5.72
5.45
4.95
$5.44
5.49
5.34
5.49
5.79
5.24
4.73
4.64
4.16
$4. 61
4.63
4.63
4.65
4.71
4.53
3.99
4. 01
3.44
$2.17
2.16
2.18
2.16
2.13
2.12
1.74
1.52
1.15
$0.65
.67
.64
.63
.83
1.03
1.86
2.73
3.43
$0.44
$1. 41
.50
1.39
.48
1.36
.48
1.45
.65
1.56
.90
.87
1.69
.04
2.33 3 - . 8 9
2.93 s - 1 . 4 2
18, 430, 579
19,135, 960
20, 349, 562
21,858, 250
21, 751, 748
21, 538, 524
20, 564,446
17, 818, 632
15, 707,817
12, 729, 675
13, 353,101
13,949, 969
14, 789, 566
15,007, 570
14, 726, 937
13,117, 216
10, 475, 546
8,143, 911
5, 700.904
5, 782,859
6, 399, 593
7, 068, 684
6, 744,178
6, 811, 587
7, 447, 230
7, 343, 086
7, 563, 906
2.970, 453
3, 077,183
3, 254, 507
3, 543, 609
3, 750, 521
3, 913, 450
3, 746, 961
3, 317,163
2,887,898
6.29
6.33
6.34
6.41
6.64
6.33
5.81
5.60
5.09
5.51
5.54
5.44
5.54
5.73
5.41
4.91
4.89
4.37
4.46
4.48
4.52
4.52
4.54
4.59
4.12
4.20
3.59
2.08
2.07
2.12
2.10
2.07
2.14
1.83
1.65
1.28
.74
.76
.73
.72
.92
1.15
2.13
2.74
3.83
1.32
.51
1.28
.57
1.26
.56
1.33
.56
1.34
.76
.73
1.01
1.95 3 - . 2 7
2.33 3 - . 9 3
3.32 3 - 1 . 8 2
6.20
8.22
6.22
7.96
6.25
7.91
6.17 |
8.21
5.80
7.77
5.50
4.04
5.49 3 -1.47
5.37 3 - 4 . 97
5.44 ' * - 9 . 89
11, 243. 312
11,996,189
12,406,409
12, 863, 629
13, 975, 380
13, 856, 888
12, 867, 345
10, 703,888
9, 278, 462
8,079, 432
8, 770, 296
9, 056,070
9, 364, 111
10, 607,085
10, 291, 285
8, 615, 073
6, 268, 394
4, 772,819
3,163,880
3, 225,893
3, 350, 339
3, 499, 518
3, 368, 295
3, 565, 603
4, 252, 272
4, 435, 494
4, 505, 643
1, 618, 841
1, 742, 946
1,908,195
2,078, 703
2, 609, 785
2, 809, 332
2, 648, 905
2, 342, 982
2, 014, 421
6.75
6.81
6.70
6.86
7.38
6.24
5.58
5. 19 I
4.71
5.34
5.41
5.17
5.40
5.88
4.99
4.45
4.26
3.79
4.85
4.88
4.81
4.87
4.98
4.45
3.79
3.69
3.19
2.32
2.31
2.27
2.25
2.21
2.08
1.58
1.30
.94
.51
.51
.49
.46
.68
.84
1.43
2.72
2.77
.34
.38
.36
.34
.50
.72
1.27
2.35
2.28
6.95
6.88
6.50
6.19
5.35
4.93
4.86
4.57
4.61
State member banks:
1925
1926
1927
1928
1929
1930
1931
1932
1933*
Other ratios
29, 673,891
31,132,149
32, 755, 971
34, 721, 879
35, 727,128
35, 395, 412
33, 431, 791
28, 522, 520
24, 986, 279
National member banks:
1925
1926
1927
192S
1929
Amounts of earnings, expenses, etc., per $100 of loans and
investments
Losses and deGross earnings
Expenses
preciation
Net
Interest
profits
Interest |
Net
Total earned Total paid on Gross
deposits
1.56
1.55
1.53
1.66
1.90
1.07
.52
3 -.84
3 -.76
8.75
4.56
.19
3 - 4 . 50
3 - 7 . 26
10.83
10.70
9.94
10.25
10.16
5. 28
2.54
3 - 3 . 84
3 - 3 . 49
1 For 1933, these figures are averages of amounts from reports of condition for 3 call dates (June 30, Oct. 25, and Dec. 30, 1933); for prior years they are averages of amounts for
all call dates during the year and the last call date in the previous year.
2 Aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, reserves for stock dividends on common stock, and
retirement fund for preferred stock and/or capital notes and debentures. Also includes reserves for dividends prior to July 1932, and reserves for interest, taxes, and other expenses
accrued and unpaid prior to Sept. 28, 1925.
3 Net loss.
* Figures for 1934 not yet available.
NOTE.—For explanation of ratios shown above, see Federal Reserve Bulletin for December 1928, pp. 826-828.
Back figures.—Available only from 1923—see Annual Report for 1932 (tables 100-102).
O
W
w
3
w
ui
BUSINESS CONDITIONS
181
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 183
BUSINESS CONDITIONS
No. 92.—CAPITAL ISSUES
[Exclusive of refunding issues. In millions of dollars]
Domestic issues i
Total
domestic
and
foreign
Year and quarter
State
and
Total * municipal
Foreign
issues 2
Corporate bonds and notes
Stocks
Total
Longterm
Shortterm
YEAR
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933 .
1934
.
.
.
.
.
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
' 1,194
'720
1,402
_
_
T
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
1,165
'708
1,402
678
672
1,199
1,071
1,043
1,380
1,352
1,344
1,475
1,379
1,418
1,434
1,235
'762
'483
819
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
144
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
112
312
522
161
104
143
276
221
249
221
210
205
520
289
34
17
32
1,436
1,002
265
570
659
829
1,153
1,087
1,474
2,961
5,924
1,503
311
20
120
35
392
497
623
764
421
969
1,076
1,125
1,337
1,251
671
905
229
'29
12
0
'421
'245
'234
'265
101
179
226
'202
224
369
4 440
4 370
282
'194
'118
'168
63
146
'98
'177
176
263
146
233
125
26
93
62
20
20
0
0
21
49
32
42
'112
23
83
54
20
4
0
0
9
49
13
42
13
'4
10
8
1
16
0
0
12
1
19
0
9
0
3
8
6
13
76
25
12
17
4
2
0
0
r 17
'13
0
7
'6
0
0
0
0
0
QUARTER
1932—First
Second
Third
Fourth
1933—First
Second
„
Third
._
Fourth
1934—First
Second
Third
Fourth
'421
'245
'251
'278
101
'186
232
'202
224
369
440
370
«• Revised.
i Source: Commercial a n d Financial Chronicle.
8
Compiled b y D e p a r t m e n t of Commerce.
3 Includes issues of Federal land banks a n d Federal intermediate credit banks not shown separately.
* Includes bonds of Federal F a r m Mortgage Corporation a n d of Home Owners' Loan Corporation
sold b y public offering.
Back figures—See Annual Report for 1933 (table 112).
129288—35
13
184
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
No. 93.—SECURITY PRICES
[Average of daily or weekly figures]
Common stocks (1926=100)
Bonds i
Year and month
CorpoU. S. rate
and
Gov- municernipal
ment (high
Total
grade)
Number of issues. _ 3 7-16
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1933
January
February
March
April
May
June
July
August
September
October
November
December
1934
January
February
March
April
May
June
July
August
September
October
November
December
Corporate
Indus- Railtrial road Utility
20
* 60
8
8
(5)
Preferred
stocks2
20
Total
Indus- Rail- Public
trial road utility
20
20
421
351
33
37
97 3
99.2
100.0
97.7
99.4
97.2
80.5
80.6
87.8
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
120.7
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
72.5
72.6
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
81.3
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
41.5
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
8
(5)
()
102.7
104.8
103.9
100.9
104.2
103.1
99.2
102.2
103.4
81.8
92.4
91.8
93.5
95.3
97.0
98.9
98.7
95.7
98.3
96.1
81.1
•84.0
96.7
100.7
100.8
98.0
99.3
90.9
69.5
73.4
84.5
81.9
()
101.7
107.0
106.7
103.3
106.0
93.9
64.8
70.5
83.8
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
•77.5
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
100.3
301.9
102.8
103.7
104.4
104.7
105.2
104.1
102.3
103.4
103.5
104.1
88.3
92.9
95.1
97.0
97.6
99.0
99.3
97.8
96.7
98.4
98.8
100.0
78.5
84.0
84.8
87.0
86.1
86.3
86.1
83.9
83.0
84.1
84.3
85.8
75.6
79.8
80.5
82.8
82.5
82.5
83.2
82.6
82.2
82.5
83.4
85.4
79.0
85.8
86.4
88.7
86.9
87.1
85.8
81.3
79.3
81.6
81.0
83.3
80.9
86.5
87.7
89.7
89.1
89.4
89.4
87.9
87.6
88.1
88.6
111.2
116.5
117.5
120.2
121.0
122.1
123.5
122.6
121.0
120.9
124.1
127.8
75.6
80.5
77.1
79.6
71.8
73.5
71.4
67.8
67.0
67.3
69.4
69.2
84.0
88.4
84.9
88.3
79.6
81.4
79.7
76.7
75.7
76.4
80.1
80.3
45.5
50.0
47.6
49.3
43.3
44.1
41.2
35.6
35.1
35.6
35.3
35.8
73.2
80.6
76.1
76.3
69.8
71.9
69.2
64.6
63.7
62.9
60.7
58.2
:...
()
93.6
95.9
95.8
93.2
92.6
81.8
63.2
69.2
' Revised.
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 1934 included 3 Liberties and 13 Treasuries.
* Forty-five corporate and 15 municipal.
»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.
Back figures.—See Annual Report for 1933 (table 113), and for high-grade bonds, preferred stocks, and
common stocks, see Annual Report for 1930 (table 123).
185
BUSINESS CONDITIONS
No. 94.—BOND YIELDS
[Average of daily or weekly figures]
Year and month
U.S.
Government 1
Municipal *
(high
grade)
Corporate, by ratings 3
Aa
Aaa
Baa
Number of issues
2-10
15
30
30
30
30
1919
1920.
1921.
1922
1923._
1924
1925
1926
1927_
1928
1929
1930
1931
1932
1933
1934
4.62
5.32
5.09
4.30
4.36
4.06
3.86
3.68
3.34
3.33
3.60
3.28
3.31
3.66
3.31
3.10
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
3.95
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
4.00
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
4.44
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
5.08
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
6.32
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
4.89
4.89
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
3.50
3.32
3.21
3.12
3.01
2.94
2.85
2.99
3.20
3.08
3.05
2.97
4.67
4.48
4.24
4.11
3.93
3.73
3.75
3.81
3.84
3.69
3.57
3.52
4.35
4.20
4.13
4.07
4.01
3.93
3.89
3.93
3.96
3.90
3.86
3.81
5.00
4.70
4.55
4.43
4.37
4.30
4.28
4.34
4.42
4.36
4.27
4.27
5.72
5.24
5.12
4.97
4.96
4.96
4.93
5.09
5.17
5.00
4.93
4.86
7.01
6.27
6.26
6.01
6.05
6.06
6.13
6.49
6.57
6.40
6.37
6.23
.__.
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
_..
1932
-
-.
1933
_
_.
_
1934
_.
1
Computed by Division of Research and Statistics of U. S. Treasury Department, For description of
average
see Federal Reserve Bulletin for June 1934, p. 322.
2
Standard
Statistics Co.
3
Moody's Investors' Service.
Back figures.—See Annual Report for 1933 (table 114).
No. 95.—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE
1
00
[1923-25 average=100]
Construction contracts awarded (va lue) 2
Industrial production
Year and month
Manufactures
Total
Unad- Adjusted justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
- -
1919
January
February
M!arch
April
M!ay
June
July
August
Spntpmber
October
November
December
1920
Fpbrnarv
Miarch
April
May
June
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
81
82
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
74
80
78
80
82
80
78
79
63
61
65
79
70
66
71
75
82
88
83
94
95
63
74
76
81
78
85
87
63
81
86
83
88
70
92
93
94
87
92
92
95
95
93
88
90
91
94
96
96
90
93
92
96
96
95
89
91
91
82
78
80
73
86
95
80
84
87
90
89
88
91
78
84
89
91
88
86
89
21
All other
9
15
25
39
11
18
24
32
42
58
63
61
59
55
51
83
99
108
101
99
90
94
90
37
43
91
86
78
71
65
60
31
31
40
45
41
31
38
36
37
36
33
30
30
32
39
44
69
82
88
82
81
74
74
55
70
78
78
78
78
88
77
66
86
84
87
82
85
88
65
72
80
86
82
72
52
61
63
59
60
54
49
107
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
27
40
53
Freight-car loadings
Factory
pay
rolls 3
Merchandise,
1. c. 1.
Total
Depar tment
store s ales
(val ue)
Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- AdUnad- Ad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed
44
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
82
79
76
78
78
83
87
89
87
86
85
Residential
63
77
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
78
76
77
80
84
87
89
89
89
87
-.
Total
Unad- Ad- Unad- Ad- Unad- Adjusted justed justed justed justed justed
84
83
Minerals
Factory employment 3
30
45
44
51
54
105
117
76
81
103
96
101
104
102
102
109
89
68
46
49
62
•
71
87
94
96
99
105
105
105
104
105
97
87
72
67
75
56
58
62
65
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
95
75
90
90
89
90
92
95
100
105
102
107
72
71
73
80
83
90
91
102
99
86
84
83
78
80
81
80
85
88
91
87
83
73
76
59
60
76
89
101
115
114
82
90
137
66
71
72
72
69
76
80
80
83
81
86
86
117
115
116
114
112
111
117
116
124
121
122
124
84
81
87
76
88
95
94
91
95
84
88
92
82
74
90
91
101
96
90
89
93
93
96
96
102
102
103
66
80
90
92
94
97
117
103
104
107
110
112
111
113
108
103
102
103
103
104
107
108
109
109
112
90
128
114
93
106
113
119
114
105
134
127
110
99
91
85
115
114
116
115
112
111
37
52
64
84
91
79
87
100
97
103
106
103
103
106
92
97
108
82
91
104
97
99
101
99
99
105
92
77
64
69
79
60
59
65
77
July
88
89
87
89
94
88
66
57
26
27
98
82
109
109
119
96
91
72
72
73
August
97
89
89
88
89
98
91
58
54
24
26
86
78
109
107
122
99
94
82
83
73
September
95
88
86
87
86
94
85
56
54
25
25
80
77
108
105
120
103
91
86
82
88
October..
92
86
83
83
82
100
91
49
52
24
24
69
74
104
102
116
103
90
85
81
102
November
96
78
76
74
73
97
94
40
49
21
22
56
70
97
96
107
94
91
82
80
112
December
90
68
72
65
68
87
94
34
46
19
21
46
66
90
90
98
82
90
78
80
144
1921
66
64
64
19
24
82
January—.
81
43
83
72
31
40
58
81
79
67
72
79
83
92
77
February
92
65
66
64
64
72
77
37
43
27
32
45
53
83
83
81
72
79
83
76
78
March
64
64
63
63
67
72
48
46
36
34
57
56
83
83
82
71
75
85
84
88
April
64
64
64
63
65
72
60
50
45
36
73
61
82
82
79
72
77
87
87
85
May
87
67
66
66
64
73
73
66
53
48
38
81
64
82
82
77
78
79
88
86
91
June
87
66
65
65
65
73
71
64
55
44
42
80
65
81
81
75
80
80
89
88
86
July
_
87
64
65
63
64
70
68
62
57
44
46
77
65
80
80
72
83
81
90
90
64
August
84
67
67
66
67
71
69
64
61
48
51
77
70
81
81
74
80
77
85
86
63
September
82
69
68
68
68
72
67
65
64
54
55
74
71
83
82
73
89
80
94
90
75
October
73
71
73
71
78
71
62
65
56
57
67
72
84
83
73
95
83
95
92
95
November
72
71
72
71
71
68
57
66
57
59
58
72
84
83
72
81
77
92
90
97
December
66
70
66
70
64
69
52
66
54
59
50
72
83
83
73
72
77
88
90
135
84
1922
72
50
50
72
83
84
74
84
92
73
83
72
77
61
70
80
January
73
67
73
50
73
83
February
,.
76
76
75
74
81
85
59
68
55
61
63
75
85
85
72
79
86
88
93
69
84
March
81
80
80
78
88
92
77
75
66
62
86
84
86
86
75
84
88
95
94
77
87
April
78
77
83
81
48
53
95
78
80
65
107
89
86
86
74
77
81
101
99
90
87
May
82
81
87
86
53
54
100
80
83
68
113
90
88
88
77
77
78
95
93
89
June
86
85
90
90
63
59
99
85
78
75
117
94
90
90
81
88
85
100
99
85
July
84
85
88
90
61
57
96
88
70
74
117
99
88
89
79
87
83
97
97
64
August
83
83
86
87
67
62
89
86
63
69
110
100
91
91
83
88
84
93
94
66
September
91
89
88
89
89
88
81
80
80
64
67
93
90
95
93
87
98
88
95
90
85
October
96
93
95
94
98
90
72
76
68
69
76
81
97
96
90
100
89
92
90
102
92
November
99
97
99
97
98
94
67
76
71
74
63
78
99
98
93
100
95
94
91
108
93
December
95
100
95
100
94
100
63
79
72
76
56
81
101
101
96
88
96
88
91
152
1923
79
91
99
94
101
68
61
90
99
January
99
99
99
80
101
103
95
86
64
86
97
83
93
February
101
100
103
100
94
99
76
85
77
82
75
88
103
103
98
88
97
87
92
77
95
March
105
103
106
103
97
103
89
85
87
80
91
89
105
104
103
94
101
93
92
93
100
April
107
106
109
105
99
111
102
84
97
78
106
89
105
105
104
96
104
96
94
97
98
May
108
106
108
106
107
108
102
84
89
77
112
89
105
105
107
102
102
99
97
100
101
June
105
106
104
105
112
108
94
84
80
78
106
88
106
106
108
104
102
99
98
99
98
July
101
104
98
103
115
111
83
78
72
77
91
79
105
106
103
105
102
98
98
73
101
August
100
103
98
101
116
110
76
76
68
75
83
76
105
105
104
106
101
97
97
75
100
September
101
100
100
101
106
97
80
81
77
81
82
80
106
104
104
111
99
102
97
94
1 Indexes compiled by the Federal Reserve Board, except for indexes of factory employment and pay rolls unadjusted for seasonal variation, which are compiled by the U. S.
Bureau of Labor Statistics. 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 1929, February 1931, September 1931, March 1932, and September 1933); indexes of factory employment and pay rolls (revised series) May and June 1934;
index of construction contracts awarded, July 1931; index of freight-car loadings, August 1927 (certain revisions February 1931); index of department store sales, February 1928 (certain revisions November 1930 and April 1935).
2 Based on 3-month moving average of F . W. Dodge data centered at second month,
s Revised series, 1919-34.
w
00
No. 95.—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE—Continued
00
00
[1923-25 average=100]
Industrial production
Year and month
Total
Manufactures
Construction contracts awarded (value)
Minerals
Total
Residential
All other
Factory employment
Factory
pay
rolls
Freight-car loadings
Merchandise,
1. c.l.
Total
Department
store sales
(value)
Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- 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 justed justed justed justed justed justed justed justed
1923
October
November
December
1924
January
February
March
April
May
June...
July.__
August
September
October—.
November
December
1925
January
February
March
April
May
June
July
August
September
October
November
December
1926
January
February
March
102
99
92
100
98
92
113
108
93
104
106
99
81
82
77
99
105
105
98
89
82
78
86
93
97
100
100
103
105
99
93
93
93
93
92
97
97
100
102
100
95
89
85
84
89
94
95
97
101
76
87
102
113
111
99
92
88
93
95
93
84
105
107
107
104
103
100
99
101
102
107
108
103
105
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
105
108
110
106
105
106
108
111
112
109
107
106
90
92
104
103
96
90
84
81
87
95
101
100
95
93
95
97
102
93
96
95
96
103
104
100
95
83
76
92
101
110
119
107
90
82
78
85
93
97
90
101
107
102
67
76
96
108
113
106
101
95
99
96
91
80
94
94
91
88
87
96
103
103
101
91
105
103
101
103
103
102
100
102
102
100
97
94
91
92
94
95
95
102
102
101
100
97
94
92
92
93
94
95
97
107
105
103
104
104
102
98
92
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
112
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
100
102
102
102
102
100
101
102
102
95
101
102
100
101
99
97
99
99
105
105
105
91
95
106
113
121
130
139
139
127
113
114
128
135
127
121
113
126
132
141
149
132
101
102
102
102
102
102
101
105
107
99
99
110
104
97
102
102
94
99
111
117
164
101
100
91
95
94
90
95
93
94
99
111
112
104
99
102
100
96
94
91
93
95
99
100
99
101
91
96
101
101
101
97
104
104
103
97
101
100
101
86
84
88
103
98
97
71
72
96
105
117
166
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
74
76
97
122
122
176
103
103
102
102
102
100
101
101
111
104
104
94
96
99
104
103
105
102
107
106
105
106
90
87
97
106
105
101
100
100
99
97
d
1
101
97
100
101
96
100
tei
tei
tel
w
5
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.
1929
January
February. _
March
April
May
June
July
August
September
October. _.
November.
December.
_
_
108
107
106
103
109
113
115
110
101
107
106
108
108
110
111
111
110
107
110
108
106
102
108
112
113
108
99
106
106
108
108
110
111
111
109
105
96
103
109
110
115
119
124
123
113
108
104
107
108
109
110
113
118
119
142
135
131
136
137
137
127
125
114
126
120
122
126
132
130
130
132
131
140
135
120
116
115
122
123
120
109
121
120
119
119
119
120
122
118
117
143
136
140
151
155
149
130
130
119
130
120
125
133
142
139
137
142
142
101
100
100
99
101
103
103
101
100
101
101
101
101
101
101
102
101
101
104
103
103
99
103
104
108
104
104
98
106
109
110
112
121
122
113
98
105
105
107
107
107
108
108
109
108
106
107
106
104
105
110
109
108
101
105
105
106
105
105
106
104
106
105
102
109
100
77
82
104
120
124
181
105
109
105
106
108
106
109
106
107
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
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
100
97
96
100
100
100
100
99
100
99
99
98
98
97
97
98
104
106
105
104
102
99
102
101
102
99
100
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
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
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
95
97
98
97
97
98
98
100
102
103
102
101
97
97
97
97
97
98
98
99
100
101
102
102
96
101
103
101
101
102
99
103
105
108
105
106
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
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
101
103
104
105
105
106
106
108
109
108
104
100
103
104
104
105
105
106
107
107
106
106
104
101
102
109
112
113
113
111
107
112
113
112
104
101
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
No. 95.—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE—Continued
[1923-25 average=100]
Construction contracts awarded (value)
Industrial production
Year and month
Manufactures
Total
Minerals
Residential
Total
All other
Factory employment
Factory
pay
rolls
Freight-car loadings
Merchandise,
1. c.l.
Total
Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- AdUnad- AdUnad- Ad- Unad- Ad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed
Department
store sales
(value)
Unad- Ad- Unad- Adjusted justed justed justed
d
O
1930
January
February._
March
April
May
June
_July
August
September.
October
NovemberDecember. _
103
109
106
107
105
99
90
90
92
90
84
76
106
107
103
104
102
84
102
110
109
110
106
98
89
88
90
87
82
74
105
107
104
104
101
97
92
108
104
91
94
102
103
100
101
101
105
96
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
73
54
62
61
54
52
51
46
37
104
126
141
156
178
166
155
115
108
128
148
144
140
148
140
135
106
105
97
97
97
96
95
93
90
89
90
88
85
82
89
91
90
93
97
95
95
96
99
97
86
74
100
99
93
104
100
96
85
84
82
81
80
76
67
50
80
80
81
81
80
78
77
77
77
74
72
71
74
74
75
77
79
77
78
76
78
78
70
61
82
77
97
94
98
101
101
101
98
94
95
99
97
94
101
101
100
98
98
98
95
95
95
93
92
92
89
93
110
105
98
71
77
103
112
113
165
107
108
107
107
105
103
100
102
99
102
1931
January
FebruaryMarch
April
May
June
July
August
SeptemberOctober
NovemberDecember—
82
87
89
90
89
83
80
78
77
75
72
91
91
90
83
79
77
76
72
70
66
87
84
82
83
84
82
83
90
84
79 i
58
68
77
82
78
74
59
52
43
30
37
42
50
52
47
41
36
32
32
29
26
20
75
107
104
101
94
87
81
71
57
39
90
87
89
91
92
89
87
87
85
77
83
81
81
92
101
97
92
66
94
97
143
99
97
107
97
96
92
89
85
87
84
82
O
W
1932
January
February
March
April
May
June
July
August
September.
October
November
D ecember
1933
January
February
March
April
May
June.
July
August
September
October.-.
November
December.
1934
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
69
70
68
66
63
61
59
60
63
64
63
62
70
70
68
66
64
62
60
60
62
63
63
62
54
55
53
50
47
43
40
41
43
45
43
42
58
59
58
57
53
52
51
53
61
65
58
52
64
62
61
59
54
52
51
51
54
57
57
58
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
73
72
66
46
49
71
75
73
106
64
64
60
67
79
91
96
90
85
78
72
69
65
63
59
66
78
91
100
91
84
76
72
75
63
62
58
68
80
92
97
89
84
76
70
67
63
61
56
65
77
93
102
91
83
76
70
73
72
77
74
65
77
83
90
95
94
89
85
81
75
80
81
73
79
85
91
91
87
81
82
86
18
16
14
16
19
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
60
61
59
60
63
67
72
76
80
80
76
74
61
62
59
60
63
67
73
76
78
78
76
75
40
40
37
39
43
47
51
57
59
59
56
55
51
51
48
51
55
61
66
65
68
66
60
56
56
54
50
53
55
62
65
61
60
58
59
63
65
64
63
65
67
69
70
69
70
70
67
64
69
66
62
63
65
69
70
69
68
66
66
68
49
49
50
68
67
64
48
59
73
77
75
121
77
83
87
88
89
84
73
73
73
75
74
78
78
81
84
86
86
84
76
73
71
74
75
86
75
82
86
89
89
84
71
71
70
73
73
76
76
80
82
85
86
83
74
72
69
72
74
85
86
89
91
81
86
87
84
83
87
87
84
85
88
92
100
90
88
87
85
80
82
81
81
90
40
38
33
36
32
31
30
28
30
29
28
25
49
44
33
32
26
26
27
27
29
31
31
31
10
10
12
14
13
13
12
10
11
12
11
10
12
12
11
12
11
12
12
10
11
12
11
12
64
60
50
54
47
46
44
43
45
43
41
36
80
70
51
48
38
38
39
40
44
46
48
47
73
78
81
82
83
81
79
80
76
78
77
78
75
78
81
82
83
82
80
79
74
77
77
79
54
61
65
67
67
65
61
62
58
61
60
63
58
61
63
60
63
64
63
63
67
64
60
56
64
64
66
62
63
64
61
59
59
57
59
64
65
65
67
67
67
65
64
65
67
66
65
62
70
67
66
65
65
65
65
65
64
63
64
66
57
59
73
73
77
70
51
60
79
82
83
135
78
78
72
78
72
69
65
65
63
60
57
67
67
77
70
70
65
71
77
77
77
74
72
79
76
74
73
77
CO
192
ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD
No. 96.—INDEX OF PEODUCTION OF MANUFACTUBES, BY GROUPS
[Monthly series adjusted for seasonal variation. 1923-25 average=100]
Year and month
1919
1920...
1921
1922
1923
1924___
1925 _
1926
1927 .
1928
1929 .
1930
1931 .
1932
1933 .
1934
January
February
March
April
__
_
. . .
_
. . .
All
industries
Iron
and
steel
LeathFood Auto- er
Tex- prodand
mo- prodtiles ucts biles
ucts
84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
82
99
46
82
105
89
106
113
104
119
130
94
60
31
53
60
92
84
87
99
105
91
104
104
113
107
115
91
94
83
97
85
94
84
83
94
99
103
98
97
96
98
97
93
90
87
92
99
50
58
41
66
102
91
107
108
86
110
135
85
60
35
48
69
104
97
90
102
108
95
97
99
103
102
104
92
90
85
97
100
76
80
82
85
86
83
74
72
69
72
74
85
56
64
67
77
85
86
48
39
38
41
49
65
87
91
94
90
88
77
78
80
63
89
87
97
96
91
84
93
98
96
102
106
120
107
102
102
56
71
80
85
78
81
78
61
51
41
40
88
98
108
107
117
118
101
99
97
88
85
92
104
Nonferrous
metals
67
78
39
69
94
99
107
112
109
115
125
97
69
Petroleum
refining
Rub- Tober
tires bacco
and prodtubes ucts
54
64
64
74
86
99
115
127
136
152
168
161
155
140
145
151
55
77
86
98
116
116
120
144
135
100
96
78
88
92
82
87
85
89
96
99
105
112
118
124
134
131
123
111
116
128
142
144
143
152
153
154
156
157
152
153
155
154
97
100
106
97
81
84
83
79
79
82
107
133
138
132
119
128
128
132
128
126
125
120
125
143
1934
__
May
June. -.
July
August
September
_
October
November
December
NOTB.—Paper and printing group and lumber omitted,figuresbeing revised; nonferrous metals group
not computed from 1932 to 1934, inclusive, copperfiguresnot available.
Backfiguresof monthly series.—For index of manufactures (all industries) 1919-33, see table 95. Tables
showing indexes, both adjusted and unadjusted, by groups and industries, 1923-34, may be obtained from
the Division of Research and Statistics.
No. 97.—INDEX OF PRODUCTION OF MINERALS, BY INDUSTRIES
[Monthly series adjusted for seasona variation. 1923-25 average=100]
IronAll in- Bitu- Anthra- Petroore Copper Zinc
Year and month
leum, shipLead
dustries minous cite
crude ments
coal
109
110
112
65
115
109
76
104
99
93
91
86
74
62
61
71
52
61
64
75
99
97
104
105
122
122
137
122
116
107
123
123
88
92
100
90
88
87
85
80
82
81
81
90
68
75
84
71
70
66
64
61
64
65
65
72
82
89
109
73
76
69
63
50
62
53
64
72
120
118
122
125
127
130
128
124
122
122
105
96
99
1934
January.
February _
March
April
May _
.
June
July. _
_ _
August
September __.
_
October
November _December
SB
108
107
106
115
99
84
71
82
86
89
109
79
78
108
93
99
110
99
96
102
89
73
59
64
69
77
89
70
74
1919
1920
1921 _
1922
1923
1924
L925
1926 _ .
1927
1928 __
1929
1930 .
1931
1932 _
1933
1934 _
91
113
36
82
114
82
104
113
98
104
126
90
45
7
42
43
40
54
52
47
44
35
14
81
85
30
62
93
100
107
110
105
115
127
87
66
87
39
68
96
97
107
116
111
112
114
91 ,
54
38
58
66
66
67
68
65
65
58
57
60
61
76
77
74
Silver
66
77
88
102
110
116
112
106
113
97
68
45
49
57
84
87
103
101
96
95
93
88
94
79
49
37
33
42
64
64
57
56
66
56
53
44
55
56
55
60
37
36
47
45
44
45
40
39
36
39
35
53
NOTE.—Copperfiguresnot available from 1932 to 1934, inclusive.
Backfiguresof monthly series.—For index of minerals (all industries), 1919-33, see table 95. Tables showing indexes, both adjusted and unadjusted, by industries, 1923-34, may be obtained from the Division of
Research and Statistics.
No. 98.—INDEX OF FACTORY PAY ROLLS, BY GROUPS
[Without seasonal adjustment. 1923-25 average=100. See note on p. 195]
Year and month
1919
1920
1921
1922
1923
1924..
_
1925
1926
1927
1928
1929
1930
1931
_.
1932
1933
1934
1933—January...
February. _
March
April
May
June
July
August
September
October. _.
November.
December.
1934—January...
February—
March
April
May
June
July
August
September
October...
November.
December.
All
manufacturing industries
97.4
117.1
76.2
81.3
103.3
96.1
100.6
103.8
101.8
102.4
109.1
88.7
67.5
46.1
48.5
61.9
39.5
40.2
37.1
38.8
42.7
47.2
50.8
56.8
59.1
59.4
55.5
54.5
54.0
60.6
64.8
67.3
67.1
64.9
60.5
62.2
58.0
61.0
59.5
63.2
Iron
Transportation
Nonand
equipment
Rail- ferrous Lumsteel
Maroad metals ber and
prodand chinery
and
repair
ucts
prodprodAutoGroup mobiles
ucts
ucts
Stone,
clay,
and
glass
products
Tex- Leather
tiles
Food
and
and
prodprod- products
ucts
ucts
89.3
109.9
69.7
82.2
100.0
98.4
101.6
102.5
96.7
94.2
97.4
72.6
46.6
25.1
26.4
32.7
18.8
18.8
16.4
17.8
20.7
24.8
27.6
32.4
37.3
38.1
33.6
31.0
27.4
30.5
31.9
33.3
34.6
33.9
31.6
33.5
33.9
35.2
33.6
33.3
72.1
92.8
66.5
72.6
98.3
100.5
101.2
104.2
100.5
96.2
93.7
76.9
53.9
29.1
27.6
35.5
20.7
21.4
21.2
21.6
24.5
28.6
29.9
33.9
33.5
33.6
31.8
31.0
29.9
33.3
34.7
38.8
39.5
38.8
36.1
34.9
34.7
35.5
35.6
34.4
107.7
89.3
91.4
105.8
93.8
100.4
100.2
106.8
101.7
105.2
85.6
75.1
53.5
61.2
71.2
48.3
52.6
45.2
49.0
52.0
59.3
64.4
74.1
78.7
77.4
69.7
64.0
64.8
77.9
82.6
79.8
74.1
66.4
62.5
68.1
57.5
74.7
71.1
75.3
97.1
123.8
57.0
70.6
103.2
96.7
100.1
105.0
98.6
100.4
107.8
85.7
55.0
29.1
36.2
49.0
22.8
24.8
22.7
24.6
29.8
36.2
41.4
50.0
47.5
47.6
43.3
43.7
41.1
45.7
51.3
56.8
61.3
62.6
47.6
45.5
41.1
42.8
44.2
47.7
103.7
135.2
69.5
71.8
104.0
95.3
100.7
111.2
106.0
111.3
134.2
102.2
63.9
36.1
37.9
57.2
28.2
28.7
26.2
26.8
30.6
35.6
39.1
43.5
46.6
50.2
50.2
49.1
47.6
51.8
55.8
60.5
62.2
61.6
58.5
58.1
55.6
57.0
57.2
60.2
107.7
90.8
101.5
99.5
89.8
101.6
105.4
70.2
52.3
40.7
39.5
68.6
35.8
32.1
27.8
31.9
38.7
40.6
43.5
49.7
48.2
43.3
38.6
43.7
52.7
71.9
84.4
92.4
88.3
78.5
66.0
70.4
52.3
49.7
48.4
67.7
74.8
90.3
48.7
65.7
100.6
90.6
108.8
104.8
93.3
113.9
111.6
65.7
53.4
42.3
42.8
76.1
38.5
34.2
28.7
34.3
42.9
45.9
48.8
55.7
53.1
46.1
39.6
46.0
58.3
82.3
98.1
107.4
100.4
85.8
70.7
76.5
54.3
52.0
51.3
76.4
109.6
95.6
94.8
96.1
92.0
87.2
90.4
76.1
61.7
42.7
41.7
48.1
39.2
39.2
38.1
36.2
38.9
38.1
40.0
45.9
45.3
48.9
46.1
44.7
42.1
45.6
48.5
53.0
53.8
53.8
51.1
48.5
45.6
46.8
44.4
44.4
103.7
95.9
100.4
100.5
116.4
63.1
39.1
41.5
56.0
31.5
32.0
29.1
30.5
35.3
40.0
43.1
48.3
51.6
53.8
52.4
50.2
47.1
52.2
56.8
58.9
60.6
57.9
53.6
53.2
54.0
57.5
58.8
61.5
99.9
106.5
86.5
96.1
106.9
95.3
97.8
98.9
100.3
95.8
99.0
82.3
72.1
58.1
62.9
73.9
49.3
56.5
53.1
51.8
57.3
64.8
72.4
78.2
77.5
72.3
60.1
61.1
67.5
81.7
84.4
82.1
78.9
72.8
77.2
78.7
69.2
64.3
61.0
69.1
97.6
109.6
94.1
92.8
100.4
99.4
100.2
101.8
104.0
107.6
113.9
108.9
93.0
74.2
76.2
92.4
64.6
63.0
60.8
67.5
70.4
73.5
76.8
82.1
94.8
91.1
85.3
84.4
80.7
81.1
82.2
83.1
87.2
91.9
95.6
105.1
109.3
103.4
96.1
92.9
Tobacco
products
Paper
and
printing
107.3
124.6
104.5
99.1
104.1
99.4
96.5
92.1
91.0
86.1
81.8
72.7
60.1
47.3
42.5
47.1
35.7
37.1
33.4
33.4
42.1
43.7
43.6
44.5
48.2
51.2
50.1
46.5
39.8
45.5
45.8
46.2
46.3
47.5
47.3
49.3
50.3
49.0
48.8
49.9
73.1
99.1
82.5
85.9
96.2
99.5
104.3
110.8
111.0
112.3
119.5
114.6
97.3
74.8
69.3
79.6
66.7
65.6
63.1
62.2
64.9
66.4
67.9
71.0
74.7
76.0
75.6
77.2
74.3
76.0
77.7
79.7
80.6
78.9
77.3
78.4
80.3
82.7
82.7
Chemicals and petroleum products
Group Petroleum
Group except
petro- refining
leum
102.2
96.3
101.5
108.8
107.9
108.1
121.0
112.2
91.8
70.4
74.3
89.4
66.4
66.4
65.3
65.1
68.0
71.3
74.1
77.9
81.5
85.5
84.6
84.9
84.5
87.2
89.1
92.3
88.3
88.1
88.7
90.0
89.9
91.6
90.9
91.7
102.1
96.8
101.0
107.6
106.7
108.1
118.5
106.6
87.5
65.8
71.6
87.9
62.3
62.5
61.0
61.0
64.2
68.2
71.9
76.6
80.2
84.3
83.1
83.5
83.0
86.1
88.3
92.4
87.0
86.6
86.6
87.8
87.9
89.6
89.1
102.3
94.6
103.1
112.7
111.9
108.3
129.2
130.4
105.8
85.4
83.1
94.3
79.6
79.1
79.5
78.6
80.2
81.5
81.4
82.2
86.0
89.4
89.8
89.4
89.5
90.8
92.0
92.0
92.7
93.1
95.7
97.2
96.3
97.9
96.8
97.8
Rubber
products
101.0
92.9
106.1
107.0
110.0
117.5
115.1
84.7
62.5
44.9
50.2
63.7
36.9
37.2
32.6
35.0
43.7
53.3
60.4
61.9
61.4
62.9
58.3
59.0
58.7
65.2
70.5
73.4
70.3
66.5
61.9
58.8
56.1
58.3
58.1
66.0
No. 99.—INDEX OF FACTORY EMPLOYMENT, BY GROUPS
[1923-25 average=100]
All
Year and month
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
manufacturing industries
107 2
108 2
82 3
90 6
104 1
96.5
99 4
101 2
98 9
98 9
104 8
91.5
77 4
64.1
69.0
78.8
Iron
and
steel
and
products
99 9
107 8
66 6
84 1
103.9
97.0
99.1
102 5
97.2
96 6
102.6
89.2
69.7
53.3
58.6
69.0
Transportation
equipment
NonStone,
Rail- ferrous Lum- clay,
road metals ber and and
Maglass
prodrepair
and
chinery
prodAuto- shops prod- ucts
Group mobiles
ucts
ucts
116 9
128 9
77 5
81.7
105.8
95.1
99.1
107.8
102.3
105.1
125.9
104.6
78.3
56.3
58.9
77.7
107.6
93.1
99.3
99.1
87.9
96 2
103.5
80.2
66.3
56.0
54.2
82.9
85.1
88.1
52.9
71.9
100.6
93.6
105.8
104.8
91.9
108.1
111.3
80.3
71.0
60.8
59.8
93.2
108.6
96.4
95.0
95.5
89.0
83.8
82.6
73.4
64.1
53.4
52.0
55.5
105.4
96.7
97.9
96.5
111.4
74.0
58.1
62.0
74.3
94.1
89.4
76.6
97.4
101.5
98.1
100.4
100.4
94.1
92.4
95.4
76.1
58.3
41.1
44.2
48.7
86.4
89.8
72.2
85.5
100.4
98.9
100.7
103.8
99.9
95.7
93.8
80.2
63.7
44.6
45.0
52.8
Tex-
Chemicals and petroleum
products
Leather
and
prodand
prod- products
ucts
ucts
Tobacco
products
Paper
and
printing
109.8
106.7
93.7
97.5
102.1
98.4
99.5
99.5
101.7
105.8
112.8
109.4
97.4
86.4
94.4
106.5
113.4
111.3
108.3
105.8
105.7
98.8
95.5
90.9
93.4
90.7
83.9
78.3
72.1
64.0
59.7
62.6
96.0
103.4
88.0
92.2
99.2
99.7
101.1
104.1
104.1
105.0
111.3
108.0
96.3
85.0
86.2
94.8
102.9
96.7
100.4
106.7
104.1
102.9
115.6
109.5
95.1
84.0
94.7
108.6
102.9
96.9
100.2
105 6
102.7
102 4
113.4
105.8
92.5
81.1
93.5
108.0
103.0
96.1
100.9
110.8
109.9
104.7
124.4
124.9
106.2
96.1
99.8
111.1
102 6
91.8
105.6
105 1
105.7
111 1
111.0
85.9
73.9
65.4
73.9
82.9
79.1
78.2
77.0
83.0
85.1
89.7
94.5
105.4
120.9
115.9
104.8
99.2
55.7
58.6
53.3
52.0
59.2
61.2
60.3
62.2
61.7
64.6
66.0
62.1
81.6
81.5
80.0
79.8
80.6
82.3
84.1
88.7
92.7
94.5
94.2
94.5
84.0
85.4
84.9
86.4
85.7
87.9
92.3
99.1
106.0
109.1
108.4
107.6
82.0
83.4
82.6
84.4
83.3
85.6
91.1
99.1
106.4
109.2
108.1
106.7
92.9
93.9
94.0
94.2
95.3
96.9
96.9
98.9
104.9
108.8
110.0
111.2
61.8
62.2
59.8
59.6
62.4
69.3
77.4
86.6
88.8
88.7
86.7
83.9
98 8
99.0
92 6
97.3
105.2
94.9
99.9
99.9
104.0
101.3
104.8
92.9
87.2
76.7
87.9
91.2
108.1
98.5
86 6
97.3
106.6
96.3
97.1
96.6
97.7
95.6
98.5
91.2
84.3
79.0
83.3
87.8
Rubber
Group Petro- prodexcept
ucts
Group petro- leum
leum refining
Without seasonal adjustment
1933- -January ___
February._
March
April
May
June
July
August
September.
October...
November.
December.
60.2
61.1
58.8
59.9
62.6
66.9
71.5
76.4
80.0
79.6
76.2
74.4
46.8
49.0
46.8
48.1
51.0
55.7
61.8
68.4
71.4
69.8
67.9
66.6
48.1
48.7
47.1
47.7
50.1
54.2
58.1
64.5
69.8
73.0
73.3
71.8
51.4
50.3
45.2
45.3
48.8
51.7
58.3
61.6
64.3
59.1
53.5
61.1
57.0
56.1
49.5
50.1
53.9
58.2
65.9
68.7
71.6
64.2
56.6
66.1
51.7
50.8
50.6
48.1
49.7
48.4
51.7
54.2
55.1
55.0
54.8
53.5
52.2
53.2
50.8
51.9
54.1
58.4
61.7
69.2
74.3
75.6
72.6
69.8
36.4
36.0
34.3
35.0
37.9
42.7
46.6
50.4
54.3
55.2
52.3
49.8
35.2
36.5
36.9
38.4
41.3
45.9
49.3
52.8
52.9
51.6
50.3
49.0
77.9
80.9
76.0
78.3
82.3
89.7
95.4
97.8
98.2
97.7
92.9
88.0
76.7
80.9
80.1
78.3
79.9
83.4
89.5
92.9
90.7
88.9
79.1
78.7
1934—January._FebruaryMarch
April
May
June—
July
August
September
October...
November.
December.
73.3
77.7
80.8
82.4
82.5
81.1
78.7
79.5
75.8
78.4
76.8
78.0
63.5
66.6
70.0
72.6
75.2
76.4
70.3
68.6
66.0
66.0
66.2
66.6
70.0
72.9
76.8
80.3
81.3
80.8
79.0
78.9
78.0
77.9
77.9
78.5
71.2
84.6
93.4
99.4
99.7
95.6
88.4
83.7
74.2
64.2
62.2
78.5
80.3
97.4
108.4
114.9
114.4
106.8
98.4
92.5
80.9
68.7
67.1
88.9
52.8
53.4
55.5
57.8
59.6
59.8
58.3
55.2
55.7
53.9
51.6
52.0
67.3
70.9
75.1
76.9
77.8
75.9
73.1
73.4
73.2
75.1
76.0
76.9
45.6
47.1
48.5
49.4
51.0
50.0
48.8
49.0
49.3
49.5
48.6
47.8
47.3
49.8
52.1
55.3
57.7
57.1
54.2
53.1
52.9
51.9
52.2
50.1
88.2
96.8
100.0
99.1
96.1
90.9
85.9
88.2
73.1
92.3
90.9
92.8
82.9
90.3
92.7
92.3
91.4
87.7
89.4
91.1
85.7
83.4
81.6
84.8
94.1
93.9
96.2
97.2
99.6
105.1
110.1
122.1
127.1
119.5
109.0
103.8
54.5
62.1
64.4
64.7
61.3
62.4
61.1
65.1
64.7
65.3
64.0
61.9
92.4
93.1
93.7
95.1
95.9
94.7
93.4
93.8
95.3
96.4
96.8
97.5
107.9
110.6
112.8
113.3
106.1
104.5
105.3
106.9
108.6
109.4
108.6
108.8
107.3
110.6
113.4
114.7
105.3
102.9
103.8
105.3
107.6
108.5
107.9
108.3
110.3
110.6
110.2
107.8
109.5
111.4
111.7
113.4
112.9
112.9
111.9
110.8
82.0
84.6
87.1
90.0
89.1
85.6
83.9
80.7
78.4
77.4
76.6
79.0
Adjusted for seasonal variation
1933—January...
February..
March.:...
April
May
June
July
August
September.
October...
November.
December.
61.4
61.7
58.9
59.9
62.9
67.4
72.5
76.4
78.0
77.8
75.9
75.0
47.8
48.9
46.2
47.4
50.4
55.6
62.8
68.7
70.9
69.4
68.1
67.6
49.0
49.3
47.8
48.3
50.5
54.4
58.6
64.2
67.9
70.8
72.3
72.4
52.1
49.1
43.4
42.9
44.7
49.0
56.7
61.7
65.5
63.9
60.5
65.6
57.6
54.4
47.4
47.4
49.0
55.1
64.0
68.6
72.7
69.8
65.3
71.8
52.4
51.5
50.9
47.8
49.4
48.0
51.4
54.0
54.8
54.7
55.0
53.6
52.9
52.6
49.8
51.3
54.4
59.1
63.2
70.4
74.8
74.8
71.7
69.2
37.7
36.9
35.1
35.5
38.2
42.6
46.7
49.8
52.9
53.1
50.9
49.9
38.8
38.7
37.6
38.0
40.2
44.1
48.8
51.4
51.0
49.7
50.0
50.0
77.9
79.4
73.9
77.1
82.3
91.0
100.2
101.2
98.1
96.1
92.1
87.3
77.4
79.2
78.2
79.0
82.2
86.9
88.9
89.7
87.3
86.7
80.9
82.4
87.0
87.2
85.0
89.0
91.1
91.7
92.0
97.4
103.2
104.6
102.3
101.7
59.8
59.0
53.6
52.8
59.5
61.4
61.0
62.4
60.0
61.9
63.1
61.9
81.1
81.4
79.8
80.2
81.3
83.1
85.1
89.9
93.0
94.2
93.0
93.0
84.0
84.8
83.9
83.2
87.1
91.9
96.5
103.0
105.5
106.9
106.6
106.6
81.4
82.3
81.2
80.5
85.1
90.9
96.9
104.4
106.2
106.4
105.5
105.2
94.7
95.1
94.9
94.2
95.4
96.0
94.8
97.1
103.0
109.0
111.1
112.6
62.8
62.5
60.5
59.5
61.3
67.4
76.2
87.9
89.4
89.4
87.0
84.3
1934—January. _.
February..
March
April
May
June
July
August
September.
October...
November.
December.
75.1
78.4
81.0
82.3
82.6
81.5
79.5
79.3
73.9
76.8
76.7
78.9
64.9
66.4
69.1
71.5
74.3
76.3
71.4
68.8
65.4
65.6
66.4
67.7
71.8
74.0
78.4
81.5
82.0
81.2
79.4
78.4
76.0
75.8
77.2
79.2
72.1
82.5
89.6
94.0
91.2
90.6
85.8
83.7
75.5
69.3
70.4
84.4
81.1
94.6
103.7
108.8
104.1
101.1
95.5
92.3
82.1
74.7
77.4
96.6
53.6
54.2
55.8
57.4
59.2
59.4
58.0
55.0
55.4
53.7
51.7
52.1
68.1
70.1
73.7
76.0
78.2
76.8
75.0
74.9
73.6
74.1
74.9
76.1
47.2
48.4
49.8
50.0
51.3
49.8
48.8
48.4
48.0
47.7
47.3
47.8
52.0
52.7
53.1
54.7
56.2
54.9
53.9
52.0
51.1
50.0
51.9
51.2
88.1
95.1
97.3
97.8
96.0
92.2
90.2
91.3
72.9
90.7
90.2
92.1
83.6
88.4
90.5
93.0
94.0
91.4
88.9
87.9
82.4
81.4
83.4
88.9
104.0
104.3
107.8
104.0
106.4
107.3
106.7
110.8
110.5
109.3
107.3
107.9
58.4
62.6
64.9
65.7
61.6
62.7
61.8
65.4
62.9
62.5
61.1
61.6
91.7
92.9
93.4
95.5
96.5
95.5
94.4
95.0
95.6
96.0
95.4
95.8
107.7
109.6
110.9
109.4
107.9
108.9
109.6
110.9
108.2
107.5
107.2
108.1
106.6
109.0
110.7
109.8
107.4
108.4
109.7
110.8
107.6
106.2
105.8
107.1
112.4
112.1
111.3
107.8
109.7
110.4
109.3
111.3
110.9
113.1
113.0
112.1
83.4
85.1
88.3
89.8
87.5
83.2
82.8
82.0
79.0
78.1
77.0
79.5
NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures
for totals see BULLETIN for May 1934, pp. 270-271; back figures for groups and for industries available at the Bureau of Labor Statistics. For description and back figures for the
seasonally adjusted index of factory employment compiled by the Federal Reserve Board, see BULLETIN for June 1934, pp. 324-343.
CO
196
No.
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
100.—INDEX NUMBERS OF WHOLESALE COMMODITY PRICES IN THE UNITED
STATES, BY MONTHS AND YEARS, 1913-34 1
[Index numbers of the U. S. Bureau of Labor Statistics. 1926=100]
Other commodities
Year and
month
1913
..
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926 (base)..
1927
1928..
1929
1930
1931
1932
1933
1934
All
commodities
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
74.9
Farm
prod- Foods
ucts
Total
Hides Tex- Fuel
Houseand Metals
and
and Build- icals
furMistile light- metal
eather proding
nish - cellaing
and
prod- ucts mate- prod- mate- drugs ing neous
ucts
rials
ucts
goods
rials
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
65.3
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
70.5
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
78.4
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
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
72.9
61.3 90.8
56.7
80.2
56.6
52.7
51.8
86.3 53.5
74.3 116.5
67.6
105.4 150. 6 88.2
109.2 136. 5 98.6
104.3 130.9 115.6
163.7 149.4 150.1
97.4
96.8
117.5
97.3
107.3 102.9
97.3
109.3 108.7
92.0 106.3 102.3
96.5 103.2 101.7
100.0 100.0 100.0
88.3 96.3
94.7
84.3
97.0
94.1
83.0 100.5 95.4
78.5
92.1
89.9
67.5
79.2
84.5
70.3
71.4
80.2
66.3
79.8
77.0
73.3
86.2
86.9
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
75.9
84.9
75.1
75.8
81.5
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
80.2
81.4
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
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
69.7
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
59.6
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
80.3
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
1933
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
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
1934
January
February._
March
April
May
June
July
August
SeptemberOctober
November.
December.
72.2
73.6
73.7
73.3
73.7
74.6
74.8
76.4
77.6
76.5
76.5
76.9
58.7
61.3
61.3
59.6
59.
63.3
64.5
69.8
73.4
70.6
70.
72.0
64.3
66.7
67.3
66.2
67.1
69.8
70.6
73.9
76.1
74.8
75.1
75.3
78.3
78.7
78.5
78.6
78.
78.2
78.4
78.3
78.3
78.0
78.0
78.0
89.5
89.6
88.7
88.9
87.9
87.1
86.3
83.8
84.1
83.8
84.2
85.1
76.5
76.9
76.5
75.3
73.6
72.7
71.5
70.8
71.1
70.3
69.7
70.0
73.1
72.4
71.4
71.7
72.5
72.8
73.9
74.6
74.6
74.6
74.4
73.7
85.5
87.0
87.1
87.9
89.1
87.7
86.8
86.7
86.6
86.3
86.2
85.9
86.3
86.6
86.4
86.7
87.3
87.8
87.0
85.8
85.6
85.2
85.0
85.1
74.4
75.5
75.7
75.5
75.4
75.6
75.4
75.7
76.5
77.1
76.9
78.1
81.0
81.4
81.6
82.0
82.0
81.6
81.8
81.8
81.7
81.3
81.2
67.5
68.5
69.3
69.5
69.8
70.2
69.9
70.2
70.2
69.7
70.6
71.0
1
Index based on 550 price series from 1913 to 1925 and on 784 price series from 1926 to date.
Back figures.—See Annual Report for 1933 (table 120) for monthly indexes from 1926 to 1931 inclusive;
figures for earlier years available at the Bureau of Labor Statistics.
197
BUSINESS CONDITIONS
No.
1 0 1 . — I N D E X N U M B E R S OF W H O L E S A L E COMMODITY P R I C E S I N T H E U N I T E D
S T A T E S , B Y W E E K S , 1934
[Index numbers of the U. S. Bureau of Labor Statistics. 1926= 100]
Other commodities
All
Week end- coming (Satur- modiday)—
ties
Farm
Hides Tex- Fuel
and Metals Build- Chem- Houseprod- Foods
furand
Mistile light- and
ing
icals nishucts
Total leather prod- ing metal mate- and
cellaprod- ucts mate- prod- rials drugs ing neous
ucts
ucts
goods
rials
1934
Jan. 6
Jan. 13...
Jan. 20—
Jan. 27—
71.0
71.7
72.3
72.4
57.4
58.6
59.0
59.5
62.7
64.2
64.6
65.0
77.6
77.9
78.6
78.5
90.0
90.2
90.3
90.4
76.0
76.1
76.4
76.4
74.3
74.4
74.2
74.0
83.3
83.7
85.1
84.7
85.5
85.6
86.5
86.2
73.3
73.5
75.0
75.1
81.7
81.7
81.7
81.7
65.9
66.2
67.5
68.1
Feb.
Feb.
Feb.
Feb.
3...
10..
17..
24..
72.8
73.3
73.7
73.4
60.5
61.4
62.1
61.2
65.7
66.8
67.4
67.0
78.7
78.7
78.7
78.7
90.5
90.5
90.4
90.1
76.5
76.4
76.6
76.7
73.9
73.9
73.8
73.6
85.1
85.0
85.0
85.0
86.4
86.3
86.7
75.0
75.1
75.4
75.4
81.8
81.9
81.9
82.1
68.4
68.5
68.6
68.5
Mar. 3—
Mar. 10_.
Mar. 17..
Mar. 24,..
Mar. 31-.
73.6
73.8
73.7
73.5
73.4
62.0
62.0
62.0
61.4
61.4
67.5
68.1
67.7
67.3
66.5
78.6
78.7
78.6
78.6
78.6
76.6
76.3
76.0
76.0
75.8
73.5
73.0
72.6
72.4
72.4
85.1
86.4
86.5
86.4
86.4
86.5
86.2
86.2
86.2
86.3
75.4
75.7
75.8
75.8
75.8
82.3
82.5
82.4
82.5
82.5
68.6
68.8
69.2
69.2
69.3
Apr.7...
Apr. 14_.
Apr. 21..
Apr. 28..
73.3
73.3
73.3
73.5
60.4
60.5
59.7
59.1
66.1
65.8
66.6
66.6
78.7
78.9
78.8
79.2
75.7
75.5
75.2
75.0
72.6
72.9
73.1
73.5
86.5
86.9
87.0
88.3
86.7
86.5
86.3
87.1
75.5
75.4
75. 5
75.3
82.5
82.8
83.1
83.0
69.7
69.6
69.3
69.2
May
May
May
May
5...
12..
19..
26. _
73.4
73.8
73.5
73.7
59.1
60.5
59.6
60.1
66.6
67.3
67.2
67.4
79.0
79.1
79.0
79.0
88.5
88.0
74.1
73.5
73.5
73.1
72.7
73.0
73.2
73.4
88.7
88.8
88.7
88.7
87.4
87.4
87.0
87.2
75.3
75.3
75.4
75.3
83.1
83.0
83.0
83.9
70.1
69.7
69.7
June2_-_
June9__.
June 16..
June 23..
June30_-
73.9
73.8
74.6
75.0
74. 8
60.6
60.7
63.7
65.8
64.8
67.7
67.6
70.2
71.3
70.9
79.0
78.9
78.9
78.7
78.5
87.7
87.2
87.6
88.1
88.2
72.7
72.7
72.5
72.5
71.8
73.7
73.8
73.7
73.4
73.3
88.7
87.8
88.0
87.1
87.0
87.6
87.8
87.7
87.6
87.8
75.3
75.4
75.4
75.5
75.8
83.6
83.4
83.4
83.2
83.2
69.6
70.0
70.3
70.5
70.1
July7...
July 14. _
July 21...
July 28. .
74.7
74.5
75.1
74.7
64.1
64.5
66.1
64.5
71.0
70.8
71.2
70.8
78.6
78.3
78.6
78.5
87.9
87.6
87.0
86.1
71.5
71.4
71.6
71.4
74.2
73.8
74.7
74.7
86.9
86.4
86.4
86.3
87.5
86.9
87.4
86.7
75.7
75.5
75.6
75.6
83.1
83.1
83.0
83.0
70.0
70.1
Aug.
Aug.
Aug.
Aug.
75.1
75.4
76.1
76.9
66.6
67.3
68.9
71.8
71.8
72.2
74.1
75.5
78.4
78.4
78.4
78.4
85.1
84.6
84.2
84.6
71.1
70.8
71.1
71.1
74.7
75.3
75.2
75.2
86.2
85.9
85.9
85.9
87.1
86.5
86.4
86.4
75.5
75.5
75.9
76.0
83.0
82.8
82.9
82.9
69.9
70.1
70.3
70.1
Sept. K._
Sept. 8 —
Sept. 15Sept. 22..
Sept. 29..
77.5
77.8
77.5
77.5
77.2
73.5
74.3
73.7
73.6
72.8
76.6
77.2
76.2
76.7
76.0
78.4
78.5
78.5
78.4
78.4
84.5
84.6
84.8
84.9
84.9
71.3
70.6
70.6
70.8
70.7
75.1
75.4
75.5
75.5
75.5
85.9
85.9
85.9
85.7
85.7
86.3
86.3
85.9
85.4
85.3
76.3
76.3
76.5
76.8
77.0
82.9
82.9
83.0
83.1
83.1
70.3
70.6
70.7
70.4
70.3
Oct.
Oct.
Oct.
Oct.
76.6
76.4
76.2
76.2
71.0
71.0
70.9
70.8
75.2
74.8
74.9
75.4
78.2
78.1
77.9
78.0
84.3
84.4
84.6
84.5
70.2
70.1
70.0
75.5
75.4
74.8
75.0
85.7
85.6
85.6
85.5
85.4
85.2
85.0
85.2
77.3
77.1
77.2
77.2
82.8
82.8
82.8
82.8
70.1
69.7
69.7
Nov. 3 . . .
Nov. 10. _
Nov. 17._
Nov. 24..
76.0
76.6
76.7
76.3
71.1
71.5
70.6
75.4
75.9
75.5
75.0
77.8
78.1
78.3
78.1
84.4
84.9
84.9
84.9
69.5
69.4
69.3
69.3
74.9
75.6
76.1
75.6
85.5
85.4
85.3
85.3
84.9
85.1
85.0
84.9
76.9
76.8
77.0
77.1
82.8
82.7
82.7
82.7
69.6
70.5
70.6
70.6
Dec.
Dec.
Dec.
Dec.
Dec.
76.5
76.7
76.7
76.7
77.1
71.1
71.7
71.1
71.2
72.6
75.0
74.9
75.4
75.4
76.3
78.2
78.3
78.2
78.2
78.1
84.9
85.0
85.7
86.4
86.6
69.3
69.3
69.4
60.7
69.7
75.7
76.0
75.2
75.0
74.7
85.3
85.4
85.4
85.5
85.5
84.9
85.1
85.0
84.7
84.9
77.4
77.8
78.0
78.1
78.3
82.7
82.4
82.4
82.5
82.5
70.8
71.0
71.2
71.1
71.1
4...
11..
18..
25_.
6—.
13...
20-.
27...
1--.
8-_.
15..
22..
29_ .
(9.0
88.8
89.4
9.5
Back figures.—See Annual Report for 1933 (table 121).
APPENDIX
199
129288—35
14
DIRECTORY OF THE FEDERAL ADVISORY COUNCIL
(Dec. 31, 1934)
OFFICERS
President, WALTER W. SMITH
Vice President, HOWARD A. LOEB
Secretary, WALTER LICHTENSTEIN
EXECUTIVE COMMITTEE
WALTER W. SMITH
HOWARD A. LOEB
THOMAS M. STEELE
WALTER E. FREW
H. C. MCELDOWNEY
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, chairman and president, Baltimore National
Bank, Baltimore, Md.
District No. 6.—H. LANE YOUNG, vice president and executive manager, The
Citizens and Southern National Bank, Atlanta, Ga.
District No. 7.—SOLOMON A. SMITH, president, The Northern Trust Co., 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 &
Trust Co., 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.—M. A. ARNOLD, president, First National Bank of Seattle,
Wash.
RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THE
FEDERAL RESERVE BOARD
MAY 15, 1934
In answer to definite inquiries on the part of the Federal Reserve
Board the Federal Advisory Council made the following four recommendations:
1.—Report on business conditions.
The Federal Advisory Council in response to the request of the
Federal Reserve Board makes the following statement regarding the
conditions in the country as a whole. The members of the Council
have been surprised by the great similarity of view held by the representatives on the Council of the 12 Federal Reserve districts. It
might have been supposed that conditions would vary considerably
in different parts of the country, but this does not seem to be the
case except in those areas where Government money has been expended in large amounts.
201
RECOMMENDATION N O .
202
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
In general it may be said that business conditions and sentiment
have improved very much as compared with the earlier part of last
year and the year immediately preceding. There seems, however,
to have been some recession in recent weeks. As far as the members
of the Council can tell, this recent setback is due largely to a lack of
confidence in the activity of the Congress and some of the governmental bureaus recently established. There is considerable uncertainty as to what the ultimate effect may be of some of the recent
legislative enactments and of pending legislative proposals. The
members of the Council are unanimous in believing that there can
be no permanent improvement until such time as the business community of the country becomes convinced that experimentation in
currency and in attempts to regulate business will cease.
The large and uneconomic advance in labor costs is proving definitely untimely and in many cases positively destructive. As a result of these wage advances, selling prices for commodities to absorb
such costs have been necessarily advanced to an extent which limits
distribution and consumptive demand. As time passes it is found to
be particularly true that the influences of increasing costs daily manifest themselves in yet higher prices and increasing restriction of distribution, which has discouraged many lines of industry.
In respect to specific industries it is to be noted that in recent weeks
the textile and metal manufacturing trades have suffered. It is
true that steel operations are at a higher rate than during the last 2
or 3 years, but doubt is expressed as to the next quarter. On the
whole it may be said that the increase in consumption has not kept
pace with the increase in production.
In some of the regions of the country largely dependent on agriculture the prevailing drought will undoubtedly create difficulties.
In the Northwest the dust storms coupled with the unusual dryness
has prevented the seed from germinating. Livestock will have to be
moved unless abundant rains come in the near future. In these
regions to which reference is made there is fear that manufacturers
will face large cancelations.
RECOMMENDATION NO. 2—Bank credit.
The Federal Advisory Council believes that in those sections of
the country where the money of the Government has been widely
distributed there has been some increase of loans on the part of the
banks. In the larger centers of the country, however, loans have
tended to decrease.
RECOMMENDATION NO. 3.—Federal Reserve funds.
The members of the Federal Advisory Council believe that the
effect of dealings in Federal Reserve funds are not of sufficient importance to lessen the ability of the Federal Reserve System to
control credit policies.
RECOMMENDATION N O . 4.—Section 7 (d) of Stock exchange bill
(S. 3420).
The members of the Federal Advisory Council are of the opinion
that the Federal Reserve Board before issuing regulations under this
bill, provided it is enacted into law, should make a careful study as
regards the needs of the situation. It should be pointed out that the
power conferred on the Board is to be permissive and not mandatory.
RECOMMENDATIONS OF FEDERAL ADVISORY COUNCIL
203
Consequently, there is no need for the Board to issue any regulations
until there is evidence that there is necessity for them. In general
the members of the Council feel that if the Board conscientiously can
refrain from adding unnecessarily to the innumerable regulations,
orders, and laws of all kinds under which banks are at present compelled to operate it will be doing a distinct service.
If and when the Federal Reserve Board deems it necessary and
advisable to issue regulations under this provision of the proposed
law then it is to be hoped that the Board will bear in mind the need
for maintaining adequate markets not merely for securities listed
on the more important exchanges of the country but also for securities which have merely a restricted local market and those which
are sold over the counter and not listed. Stringent regulations
may result in destroying the market for the securities of small worthy
industries and thereby possibly destroy these industries themselves
by making it impossible for them to obtain needed capital.
In addition the Federal Advisory Council made the following recommendation in reference to Regulation Q.
RECOMMENDATION NO. 5.—Regulation Q.
The Federal Advisory Council believes that in view of the wide
divergence in rates of interest now being paid on thrift and other
time deposits in different sections of the country, and in view of the
increasing difficulty of obtaining from suitable investments a yield
sufficient to warrant the payment of the maximum rate now fixed
under the provisions of Regulation Q of the Federal Reserve Board,
it is recommended that the Board give consideration to the advisability of lowering the present maximum rate.
In the opinion of the Council the present maximum rate might
well be lowered one-half of 1 percent.
RECOMMENDATION NO. 6.
The Federal Advisory Council believes that it is timely and important to call attention to certain fundamental characteristics of the
Federal Reserve System and to certain present-day tendencies not
in harmony therewith.
When Congress enacted into law the Glass-Owen bill establishing
the Federal Reserve System, it very wisely provided for 12 largely
autonomous Reserve banks located in 12 different parts of the country each under its own board of directors and each responsive, in
some measure, to the individual needs of its district.
The general oversight of these 12 banks was placed with the Federal
Board, a coordinating body located in Washington. The members
of this Board were appointed by the President with the advice and
the consent of the Senate and it was provided that no one of them
could be actively engaged in banking. There was thus constituted
an independent Federal banking system functioning free of undue
influence by the banks on the one hand and free from control by the
Government or by political groups on the other.
Recent events have caused the Council to feel that it should sound
a note of warning that the System ought itself to be careful not to
permit the operation of influences tending to destroy its basic characteristics. The Council believes that it sees a tendency of late
204
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
towards highly restrictive laws, rules, and regulations with respect
to minute details of bank operation which, if not checked, will inevitably destroy the independence of the Reserve banks. The result
of such tendencies, through substituting uniform regulations from
Washington in place of the independent judgment of the several
boards of directors of the Reserve banks, will destroy the morale of
those boards and will prevent that adjustment of local practices to
local needs which Congress clearly contemplated.
The Council believes that if the Federal Reserve System is to continue in existence and to perform its best services to the people it
must avoid both bureaucratic tendencies from within and undue
governmental or bank control from without.
SEPTEMBER 18, 1934.
RECOMMENDATION N O . 1.
The Federal Reserve Board has asked for suggestions from the
Federal Advisory Council as to any matters which it would like to
have considered by the committee which has been appointed by the
Board to study banking laws and to make recommendations.
The Council feels that a careful distinction should be made between
fundamental changes in the Federal Reserve System itself and those
remedial changes which are necessary or desirable as a result of inconsistencies and lack of clarity inevitably resulting from the haste
with which important emergency legislation was enacted in recent
sessions of Congress.
In view of the careful study, the prolonged debate and the thorough
consideration which were given to the subject before the Federal
Reserve Act was adopted in 1914, the Federal Advisory Council is
convinced of the importance of having the act carefully reviewed
prior to further fundamental alterations.
The Federal Advisory Council, therefore, welcomes the step the
Federal Reserve Board has taken in appointing a committee for the
purpose of studying the Federal Reserve System and considering
proposed legislative changes. The Council will appoint a committee
of its members which will confer with the committee appointed by
the Board if the Federal Reserve Board so desires. The committee
of the Council will hold itself in readiness to consult with the committee of the Board whenever it may suit the convenience of the
latter.
RECOMMENDATION N O . 2.
The Federal Advisory Council is disturbed by the present provision
in the Banking Act of 1933 which provides that the Federal Deposit
Insurance Corporation shall continue to insure banks now in existence
which have no capital structure and likewise banks to be chartered
hereafter.
The present act provides that the Corporation must accept applications from and insure banks the assets of which banks are sufficient
to pay their liabilities.
It is the judgment of the Council that banks hereafter to be admitted should have in addition to assets sufficient to pay their liabilities an adequate capital structure and in addition thereto it is the
belief of the Council that the applicants should make a reasonable
Digitized forshowing
FRASER of public necessity to the Corporation.
RECOMMENDATIONS OF FEDERAL ADVISORY COUNCIL
205
RECOMMENDATION NO. 3.
The members of the Federal Advisory Council have reviewed the
activity of the member banks in their respective districts as to the
cooperation of these banks in respect to the direct loans to industry
which Federal Reserve banks are authorized to make. The Council
finds that the member banks have cooperated and the Council believes that the banks will continue to assist the Federal Reserve
banks in placing the loans in question.
NOVEMBERpO, 1934.
TOPIC NO. 1.—Loans secured by registered securities made by
banks to others than to members of registered exchanges.
Recommendation.—When regulations are issued covering loans
secured by registered securities made by banks to others than to
members of registered exchanges, we strongly urge that they be made
as simple as possible and that the principle of a definite percentage
of margin based on current market values be established.
DIRECTORY OF THE FEDERAL RESERVE BOARD
(Dec. 31, 1934)
HENRY MORGENTHAU, Jr., Secretary of the Treasury, member ex officio.
J. F. T. O'CONNOR, Comptroller of the Currency, member ex officio.
MARRINER S. ECCLES, of Utah, Governor. Term expires August 9, 1938.
J. J. THOMAS, of Nebraska, Vice Governor. Term expires January 24, 1943.
CHARLES S. HAMLIN, of Massachusetts. Term expires August 9, 1936.
ADOLPH C. MILLER, of the District of Columbia. Term expires August 9, 1946.
GEORGE R. JAMES, of Tennessee. Term expires April 27, 1941.
M. S. SZYMCZAK, of Illinois. Term expires April 18, 1943.
LAWRENCE CLAYTON, Assistant
to the
Governor.
LAUCHLIN CURRIE, Assistant Director^
Division of Research and Statistics.
CHESTER MORRILL, Secretary.
WOODLIEF THOMAS, Assistant
J. C. NOELL, Assistant Secretary.
LISTON P. BETHEA, Assistant Secretary.
S. It. CARPENTER, Assistant Secretary.
Division of Research and Statistics.
E. L. SMEAD, Chief, Division of Bank
Operations.
WALTER WYATT, General Counsel.
J. R. VAN FOSSEN, Assistant
LEO H. PAULGER, Chief, Division of
CARL E. PARRY, Chief, Division of
FRANK J. DRINNEN, Federal Reserve
O. E. FOULK, Fiscal Agent.
Examiner.
E. A. GOLDENWEISER, Director, Division
of Research and Statistics.
JOSEPHINE E. LALLY, Deputy Fiscal
Agent.
GEORGE B. VEST, Assistant Counsel.
Examinations.
Division of Bank Operations.
Director,
Chief,
Security Loans.
SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE BOARD
(Dec. 31, 1934)
OFFICES OF MEMBERS OF THE BOARD
Lawrence Clayton, assistant to the Governor
J. M. Daiger, special assistant to the Board (temporary)
1 at $4,500
1 at $4,200
5 at $3,000
1 at $2,300
1 at $1,800
1 at $1,620
1 at $1,600
1 at $1,560
Total
$10, 000. 00
9, 000. 00
4, 500. 00
4,200. 00
15, 000. 00
2, 300. 00
1, 800. 00
1, 620. 00
1,600.00
1, 560. 00
51, 580. 00
OFFICE OF SECRETARY
Chester Morrill, secretary
J. C. Noell, assistant secretary
Liston P. Bethea, assistant secretary
S. R. Carpenter, assistant secretary
1 at $3,000
2 at $2,800
5 at $2,400
1 at $2,200
1 at $2,100
2 at $2,000
1 at $1,900
206
15, 000. 00
7, 500. 00
7, 100. 00
4, 800. 00
3,000.00
5, 600. 00
12, 000. 00
2, 200. 00
2, 100. 00
4,000.00
1, 900. 00
FEDERAL RESERVE BOARD SALARIES
207
OFFICE OF SECRETARY—continued
1 at
1 at
1 at
2 at
3 at
3 at
2 at
1 at
$1,740
$1,700
$1,620
$1,600
$1,560
$1,500
$840
$780
$1, 740. 00
1,700.00
1,620.00
3,200. 00
4, 680. 00
4,500.00
1, 680. 00
780. 00
Total
J
85, 100. 00
OFFICE OF GENERAL COUNSEL
Walter Wyatt, general counsel
George B. Vest, assistant counsel
B. M. Wingfield, assistant counsel
H. Lee Boatwright, Jr., assistant counsel
G. Howland Chase, assistant counsel
Alfred K. Cherry, assistant counsel
J. Delafield DuBois, assistant counsel
John C. Baumann, assistant counsel
Joseph T. Owens, assistant counsel
1 at $3,600
1 at $3,000
2 at $2,800
3 at $2,400
1 at $2,000
8 at $1,800
1 at $1,620
2 at $1,560
1 at $1,440
15, 000. 00
10, 000. 00
9, 000. 00
5, 500. 00
5, 500. 00
5, 500. 00
5, 500. 00
5, 000. 00
5, 000. 00
3, 600. 00
3,000. 00
5, 600. 00
7, 200. 00
2,000.00
14, 400. 00
1, 620. 00
3, 120. 00
1, 440. 00
Total
107, 980. 00
DIVISION OF RESEARCH AND STATISTICS
E. A. Goldenweiser, director of division
L. B. Currie, assistant director
Woodlief Thomas, assistant director
Winfield Riefler, research assistant
George W. Blattner, research assistant
Walter R. Gardner, research assistant
1 at $4,200
1 at $4,000
1 at $3,600
1 at $3,500
1 at $3,400
1 at $3,160
4 at $2,800
1 at $2,600
2 at $2,500
1 at $2,300
3 at $2,200
:
3 at $2,100
2 at $2,000
1 at $1,900
6 at $1,800
4 at $1,680
1 at $1,620
1 at $1,600
2 at $1,560
4 at $1,440
1 at $1,380
Total
_
_ _
_
_ _ _ _ _
15, 000. 00
8, 500. 00
8, 500. 00
7, 000. 00
6, 000. 00
6, 000. 00
4, 200. 00
4,000. 00
3, 600. 00
3, 500. 00
3, 400. 00
3, 160. 00
11,200.00
2, 600. 00
5, 000. 00
2, 300. 00
6, 600. 00
6, 300. 00
4,000.00
1, 900. 00
10, 800. 00
6, 720. 00
1, 620. 00
1, 600. 00
3, 120. 00
5,760.00
1, 380. 00
143, 760. 00
208
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DIVISION OF BANK OPERATIONS
Edward L. Smead, chief of division
John R. Van Fossen, assistant chief
J. E. Horbett, principal assistant
1 at $4,800
2 at $4,500
1 at $3,800
1 at $3,200
1 at $3,100
2 at $2,900
1 at $2,800
1 at $2,700
1 at $2,600
2 at $2,500
1 at $2,400
1 at $2,200
1 at $2,100
2 at $2,000
1 at $1,900
7 at $1,800
1 at $1,700
1 at $1,620
3 at $1,600
4 at $1,560
2 at $1,500
2 at $1,440
1 at $1,320
8 part-time employees
Total
,
^
120, 862. 50
DIVISION OF EXAMINATIONS
Leo H. Paulger, chief of division
Frank J. Drinnen, Federal Reserve examiner
R. F. Leonard, Federal Reserve examiner
L. A. A. Siems, Federal Reserve examiner
C. E. Cagle, Federal Reserve examiner
M. R. Wilkes, Federal Reserve examiner
Geo. S. Sloan, Federal Reserve examiner
C. S. Barker, assistant Federal Reserve examiner
R. B. Chamberlin, Federal Reserve examiner
H. O. Koppang, Federal Reserve examiner
Roger M. Calloway, Federal Reserve examiner
Dwight L. Crays, Federal Reserve examiner
J. B. Crosby, Federal Reserve examiner
Edwin R. Millard, Federal Reserve examiner
Fred A. Nelson, Federal Reserve examiner
William B. Pollard, Federal Reserve examiner
3 at $4,800
4 at $4,500
1 at $4,400
3 at $4,200
2 at $4,000
3 at $3,900
6 at $3,600
3 at $3,300
4 at $3,000
2 afc $2,700
2 at $2,500
4 at $2,400
2 at $2,300
2 at $2,200
1 at $2,100
2 at $2,000
1 at $1,900
._
$15, 000. 00
8, 000. 00
6, 000. 00
4,800.00
9,000.00
3,800. 00
3,200. 00
3, 100. 00
5,800.00
2,800.00
2,700.00
2,600.00
5,000. 00
2,400. 00
2,200. 00
2, 100. 00
4,000. 00
1,900. 00
12, 600. 00
1, 700. 00
1,620. 00
4,800. 00
6,240. 00
3,000.00
2,880.00
1, 320. 00
2, 302. 50
j
15, 000. 00
9, 000. 00
8, 000. 00
7, 500. 00
7, 000. 00
6, 400. 00
6, 000. 00
5, 200. 00
5, 200. 00
5, 200. 00
5, 000. 00
5, 000. 00
5, 000. 00
5, 000. 00
5, 000. 00
5, 000. 00
14,400.00
18,000.00
4, 400. 00
12, 600. 00
8, 000. 00
11, 700. 00
21, 600. 00
9, 900. 00
12, 000. 00
5, 400. 00
5, 000. 00
9, 600. 00
4, 600. 00
4, 400. 00
2, 100. 00
4, 000. 00
1, 900. 00
FEDERAL RESERVE BOARD SALARIES
209
DIVISION OF EXAMINATIONS—continued
3 at
1 at
2 at
4 at
2 at
3 at
7 at
4 at
1 at
1 at
$1,800
$1,700
$1,680
$1,620
$1,600
$1,560
$1,500
$1,440
$1,400
$1,260
_ _
Total
$5, 400. 00
1, 700. 00
3, 360. 00
6, 480. 00
3, 200. 00
4, 680. 00
10, 500. 00
5,760.00
1, 400. 00
1, 260. 00
297, 840. 00
DIVISION OF SECURITY LOANS
Carl E. Parry, chief of division
2 at $1,800
1 at $840
9,000. 00
3, 600. 00
840. 00
Total
13, 440. 00
OFFICE OF FISCAL AGENT
Oliver E. Foulk, fiscal agent
4, 200. 00
Josephine E. Lally, deputy fiscal agent
2, 400. 00
Total
6, 600. 00
FEDERAL RESERVE ISSUE AND REDEMPTION DIVISION
L. G. Copeland, chief of division
W. J. Tucker, assistant chief
1 at $2,500
1 at $2,000
1 at $1,920
2 at $1,860
2 at $1,750
2 at $1,680
2 at $1,620
19 at $1,500
4, 500. 00
2, 920. 00
2,500.00
2,000. 00
1,920. 00
3,720. 00
3, 500. 00
3,360. 00
3,240.00
28, 500. 00
Total
56, 160. 00
MESSENGERS
1 at
3 at
1 at
8 at
1 at
3 at
3 at
$1,800
$1,600
$1,380
$1,320
$1,200
$1,100
$840
Total
Grand total
1,800. 00
4, 800. 00
1,380. 00
10, 560. 00
1,200. 00
3,300. 00
2, 520. 00
25, 560. 00
908, 882. 50
RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE
BOARD FOR THE YEAR 1934
Balance Jan. 1, 1934:
Available for general expenses of the Board
Available for expenses chargeable to Federal Reserve banks
Total
$11,119. 90
29, 519. 50
_
$40,639.40
RECEIPTS
Available for general expenses of the Board:
Assessments on Federal Reserve banks for estimated general
expenses of the Board
$1,372,021.74
Subscriptions to Federal Reserve Bulletin
4,540.84
Miscellaneous receipts, refunds and reinbursements
929.89
Reimbursement on account of bank examinations
110.18
Total receipts available for general expenses of the Board
Available for expenses chargeable to Federal Reserve banks:
Assessments on Federal Reserve banks for:
Cost of preparing Federal Reserve notes and Federal
Reserve bank notes
Expenses of leased wire system
Expenses of private telephone lines
Miscellaneous expenses..
$1,377,602.65
$337,304.48
220,190.73
30,528.32
275.82
Total receipts available for expenses chargeable to Federal Reserve
banks
Total receipts.,
588,299.35
_.. 1,965,902.00
Total available for disbursement
2,006,541.40
DISBURSEMENTS
For general expenses of the Board:
Expenses of 1933 paid in 1934
Expenses for 1934 (per detailed statement)
$1,266,931.37
Less accounts unpaid Dec. 31, 1934 (estimated).
23,780.21
$19,056.46
Expenses of 1934 paid during year
1,243,151.16
Refunds on account of subscriptions to Federal Reserve
Bulletin
13.02
Total disbursements for general expenses of the Board
For expenses chargeable to Federal Reserve banks:
Cost of preparing Federal Reserve notes and Federal Reserve
bank notes
Expenses of leased-wire system
Expenses of private telephone lines
Miscellaneous expenses
$1,262,220.64
$374,824.43
222,588.19
32,790. 72
3,291.93
Total disbursements for expenses chargeable to Federal Reserve banks..
Transferred to building account
633,495.27
10,000.00
Total disbursements
1,905,715.91
Balance in special fund account
Building account:
Transferred from special fund account
Disbursements
_
100,825.49
$10,000.00
607.25
Balance
9,392.75
Balance Dec. 31, 1934:
Available for general expenses of the Board
Available for building expenditures
$116,501.91
9,392.75
125,894. 66
Less expenditures chargeable to the Federal Reserve banks for which reimbursement had not been received on Dec. 31, 1934
Total balance...
210
-
15, 676. 42
110,218.24
DETAILED STATEMENT OF EXPENSES OP THE FEDERAL RESERVE BOARD,
• Total
PERSONAL SERVICES
Board members and their staffs
Office of the secretary..
Office of general counsel
Office offiscalagent
Division of examinations
Division of bank operations
Division of research and statistics
Division of issue and redemption
Division of security loans
Messengers
Charwomen
General
Total
NONPERSONAL SERVICES
Transportation and subsistence:
Board members and their staffs.. Office of the secretary
Office of general counsel.
Division of examinations
Division of research and statistics.
Division of bank operations
All other divisions, including carfare
...
Communication service:
Telephone
Telegraph
Postage
Printing, binding, etc
Repairs
Heat, light, and power
Miscellaneous, unclassified
Equipment r e n t a l . .
Equipment, furniture and office
Supplies, stationery, and office
Books and periodicals
Rent
_
Retirement contributions
Total
Grand total..
1
January
$114,952.18 $9,899. 98 $9,900. 00
6, 451. 29 6, 604. 99
81,840.78
8,099.11 7, 979. 98
100, 202.84
550. 00
6, 600. 00
550.00
293, 998.17 21, 201.51 21, 649. 83
9, 728.15 9, 911. 84
120, 780. 55
142, 232.13 11, 261. 58 11,487. 64
56,422. 79 4,854.98 4,854. 99
1,007. 67
25,000.00
2,059.97 2,060.00
1,810.00
260.00
230.00
1,000.00 6,000.00
8, 433. 33
953, 280. 44
72.80
3,356. 99
347.06
74, 213.14
1, 559.41
839. 26
583.56
23, 425.17
7,133.76
1,096.16
44, 619. 49
457. 26
418.95
12,099. 21
40.85
14, 542.89
10, 321. 32
4, 381.10
55, 912. 46
1 58, 302.89
313, 650.93
1, 266,931.37
March
April
May
$9, 900. 02
6, 605.05
7, 716. 72
550.00
23,135.82
10,096. 68
11, 566. 78
4,855.03
$9,899.96
6, 749. 34
8,294.89
550.00
23, 530. 53
10,149. 47
11, 681. 45
4, 632. 61
$9,899.96
6,771. 56
8, 678. 22
550.00
23, 575.04
10,129. 22
11, 592.57
4,624.94
2,060.03
270.00
1,000.00
2,059.94
250.00
433. 33
2,059.94
260.00
June
July
$9, 899.96 $9,899.96
6,771. 56 6,902.06
8, 733. 22
550.00
550.00
24,843.99 27,380.48
10, 244.47 10, 260.14
12,103.64 12, 584.07
4,624.94 4, 624.94
2,059.94
260.00
2,059.94
250.00
August
September
$9,033.29
6,954.23 6,971. 56
8, 663. 78 8, 316. 56
550.00
550.00
27,107.38 26, 273.35
10,139. 85 10,076.82
12, 520.40 12,085.84
4,679.94 4, 679.94
2,059.94
30.00
2,129.94
October
November
December
$8,738.30 $10,581.94
7,034.06 7,053. 52
8,316.56 8,397. 35
550.00
550.00
24,891.03 24, 764.24
10,055.07 9,958.52
11, 691.87 11,896.55
4,679. 94 4,665.60
1,007. 67
2,129. 94 2,129.94 2,130. 48
$8,599.96
6,971. 56
8,316. 56
550.00
25, 644.97
10,030.32
11, 759. 74
4,644.94
75, 366. 57 81, 229. 27 77, 756.13 78, 231. 52 78,141. 45 80,048. 39 83, 244.81 81, 738.81 79, 782. 86 78, 647. 99 78,086. 77 81,005. 87
167.53
5,992. 54 4, 291.80 12,838. 27
34.02
29.79
27.78
59.28
277.15
129.91
5, 288.13
2.50
5,316.14
24.08
117.28
130. 31
328.18
6,321. 53
56.31
120.76
848.97
873.15
258. 25
97.79
273.66
304. 25
8,911.87
236. 67
178.15
300.56
5,135. 26
628. 56
155.00
46.50
5, 286.49
8.25
64.75
i, 113. 20
89.61
5,217.83
227. 58
3,500.08
224. 54
116. 26
31.28
37.50
37.28
32.54
37.50
2,182. 27 1, 980. 79 1,959. 23 2,086.85 2,080.79
173.90
114.88
130.11
121.04
132.10
39.00
81.00
143. 54
118. 63
119.50
3, 217. 74 3, 692.15 2, 692. 27 3, 452.27 2,947. 37
15.08
15.23
48.03
50.79
35.93
7.50
10.00
5.00
10.00
10.00
229. 22
949. 24
934.88 1,596.28
627.14
2.47
2.47
2.4'
2.47
2.4"
601.18 1, 525.75 2,022.86
1,311.65 2, 744. 68
801. 32 1, 315. 60
981.16 1,027.94 1,282.82
619. 94
70.79 1,202.95
47.83
15.81
6, 665.13 6, 665.13 6,907.69
6,291.11 6, 665. l;
5,955. 53 5,878. 20 5,852. 26 5, 744.86 5, 592.06
18, 670. 38 12,108. 22 43,054. 70 20, 576.62 22,945.70 26,534.47
89.19 28, 004. 09 28,182. 39 26, 699. 59 29,131. 76 26,853. 82
94,036.95 93,337.49 120,810.83 98,808.14 101,087.15 106, 582.86 114,134.00 109,742.90 107,965. 25 105, 347. 58 107, 218. 53 107, 859. 69
1,965. 67 1,871.18
97.95
146.4"
71.88
99.11
682. 95
3,918.80
24.43
75.91
69.79
69.79
192. 84
634.02
4.50
4.50
874. 78
919. 00
560.00
331. 21
16.5'
1, 332. 61
2, 841.80 3,217. 47
Of this amount $3,904.49 was refunded in January 1935.
February
1934
1, 716. 32
5, 770. 92
91.61
9, 637.17
48.33
66.67
371.15
4.50
1,153. 3
1, 328. 57
711. 62
3, 331. 80
5, 656.80
1, 777.68
95.57
60.10
2, 347.01
24.93
62.23
132. 41
3.75
990. 41
267. 71
144. 43
3,331.80
5,803.21
1,933.84
113. 36
76.00
4, 994. 82
30.71
62.23
214. 90
3.75
571. 30
226. 22
115.02
3,331.80
5,891. 53
1, 925. 45
109.85
43.35
4, 291. 65
74.59
23.66
582.82
3.75
1, 549. 22
1, 730. 58
77.05
3,331.80
5,963. 92
1,945.10
127. 61
152. 44
2, 745. 29
13.30
22.08
5, 634.31
3.75
278. 66
468.19
26.48
3,331.80
5, 964. 52
212
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
GOVERNORS AND DIRECTORS OF FEDERAL RESERVE
BANKS
(Dec. 31, 1934)
DISTRICT NO. 1—BOSTON
DISTRICT NO. 4—CLEVELAND
F. H. CURTISS, chairman and Federal Reserve E. S. BURKE, JR., acting chairman. W. H. FLETCHER,
agent. ALLEN HOLLIS, deputy chairman. R. A.
acting Federal Reserve agent. E. R. FANCHER,
YOUNG, governor
governor
Directors
Class A:
F. S. Chamberlain, New Britain,
Conn
A. L. Ripley, Boston, Mass
Arthur Sewall, Bath, Maine_._
Class B:
E. S. French, Boston, Mass
P. R. Allen, East Walpole, Mass
E. J. Frost, Boston, Mass
Class C:
C. H. Merriman, Providence, R. I
F. H. Curtiss, Boston, Mass
Allen Hollis, Concord, N. H
Term
expires
Dec. 31
1934
1935
1936
1934
1935
1936
1934
1935
1936
DISTRICT NO. 2—NEW YORK
J. H. CASE, chairman and Federal Reserve agent.
O. D. Young, deputy chairman. G. L. Harrison,
governor
Class A:
G. W. Davison, New York, N. Y
E. K. Mills, Morristown, N. J
C. R. Berry, Waverly, N. Y
T. J. Watson, New York, N. Y
W. C. Teagle, New York, N. Y
R. T. Stevens, New York, N. Y
J. H. Case, New York, N. Y
0. D. Young, New York, N. Y
C. M. Woolley, New York, N. Y
(Tl
1934
1935
1936
1934
1935
1936
1934
1935
1936
BUFFALO BRANCH
R. M. O'HABA, managing directoi
M. O'Hara, Buffalo, N. Y.
G. Kleindinst, Buffalo, N. Y
N.
Ball, Rochester, N. Y
F. B. Cooley,
Buffalo, N. Y
L. G. Harriman, Buffalo, N. Y
E. G. Miner, Rochester, N. Y
G. F. Rand, Buffalo, N. Y
R.
G.
R.
Class A:
J. B. Henning, Tunkhannock, Pa
Joseph Wayne, Jr., Philadelphia, Pa_.
G. W. Reily, Harrisburg, Pa
Class B:
C. F. C. Stout, Philadelphia, Pa
A. W. Sewall, Philadelphia, Pa
J. C. De La Cour, Camden, N. J
Class C:
H. L. Cannon, Bridgeville, Del
R. L. Austin, Philadelphia, Pa
A. B. Johnson, Philadelphia, Pa
1934
1935
1936
1934
1935
1936
1934
1935
CINCINNATI BRANCH
C. F. MCCOMBS, managing director
C. F. McCombs, Cincinnati, Ohio.
S. B. Sutphin, Cincinnati, Ohio-..
W. H. Courtney, Lexington, Ky_John Omwake, Cincinnati, Ohio—.
T. J. Davis, Cincinnati, Ohio
G. M. Verity, Middletown, Ohio..
B. H. Kroger, Cincinnati, Ohio
1934
1934
1934
1935
1935
1936
1936
PITTSBURGH BRANCH
T. C. GRIGGS, managing director
T. C. Griggs, Pittsburgh, Pa
James
Rae, Pittsburgh,
A. E. Braun,
Pittsburgh,Pa
Pa
A. L. Humphrey, Pittsburgh, Pa
Richard Coulter, Greensburg, Pa
J. S. Jones, Wheeling W. Va._L. W. Smith, Pittsburgh, Pa
1934
1934
1934
1935
1935
1936
1936
DISTRICT NO. 5—RICHMOND
W. W. HOXTON, chairman and Federal Reserve
agent. F. A. DELANO, deputy chairman. G. J.
1934
1934
1934
1935
1935
1936
1936
DISTRICT NO. 3-PHILADELPHIA
R. L. AUSTIN, chairman and Federal Reserve agent.
A. B. JOHNSON, deputy chairman. G. W.
NORRIS, governor
Class A:
Chess Lamberton, Franklin, Pa
R. A. Wardrop, Pittsburgh, Pa
B. R. Conner, Ada, Ohio
Class B:
R. P. Wright, Erie, Pa
G. D. Crabbs, Cincinnati, Ohio
J. E. Galvin, Lima, Ohio
Class C:
Vacancy
E. S. Burke, Jr., Cleveland, Ohio
W. W. Knight, Toledo, Ohio
SEAT, governor
Class A:
J. C. Braswell, Rocky Mount, N. O._ 1934
1935
L. E. Johnson, Alderson, W. Va
1936
C. E. Rieman, Baltimore, Md
Class B:
1934
J. H. Hanna, Washington, D. C
1935
Edwin Malloy, Cheraw, S. C
4936
C. C. Reed, Richmond, Va
Class C:
Robert Lassiter, Mooresville, N. C... 1934
1935
W. W. Hoxton, Richmond, Va
F. A. Delano, Washington, D . C
1936
BALTIMORE BRANCH
HUGH LEACH, managing director
Hugh Leach, Baltimore, Md
W. H. Matthai, Baltimore, Md—
L. B. Phillips, Cambridge, Md—
E. P. Cohill, Hancock, Md
L. S. Zimmerman, Baltimore, Md
Norman James, Baltimore, Md.._
M. M. Prentis, Baltimore, Md...
1934
1934
1934
1935
1935
1936
1936
213
GOVERNORS AND DIRECTORS
DISTRICT NO. 5—RICHMOND—Continued
DISTRICT NO. 6—ATLANTA—Continued
CHARLOTTE BRANCH
N E W ORLEANS B R A N C H
W. T. CLEMENTS, managing director
MARCUS WALKER, managing director
w T . Clements, Charlotte, N c .
w H . Wood, Charlotte, N . 0 c
A. Ofl/nnnn. Connord. N . C.
Cobb, Rock Hill, S. C
c. L.
E . Henry, Greenville, S. c
R. bert
Gage, Chester, S. C
1934
1934
1934
1935
1935
1936
1936
J. L. Morehead, Leaksville, N.
T?n
Marcus Walker, New Orleans, La
P. H . Saunders, New Orleans, L a .
R. S. Hecht, New Orleans, La
L. C. Simon, New Orleans, La
F. W. Foote, Hattiesburg, Miss
A. P . Bush, Mobile, Ala
J. D. O'Keefe, New Orleans, La
-.
1934
1934
1934
1935
1935
1936
1936
DISTRICT NO. 7—CHICAGO
DISTRICT NO. 6—ATLANTA
OSCAR NEWTON, chairman and Federal Reserve
agent. W. H. KETTIG, deputy chairman.
, governor
Class A:
E. C. Melvin, Selma, Ala
G. G. Ware, Leesburg, Fla
R. G. Clay, Atlanta, Ga._
Class B:
Vacancy
L. C. Simon, New Orleans, La
J. A. McCrary, Decatur, Ga
Class C:
W. H. Kettig, Birmingham, Ala
Oscar Newton, Atlanta, Ga.__
J. P. Allen, Atlanta, Ga
_.
BIRMINGHAM BRANCH
J. H. FRYE, managing director
J. H. Frye, Birmingham, Ala
W. H. Kettig, Birmingham, Ala.
J. G. Farley, Birmingham, Ala..
Oscar Wells, Birmingham, Ala...
F. M. Moody, Tuscaloosa, Ala._
E. F. Allison, Bellamy, Ala
W. E. Henley, Birmingham, Ala
JACKSONVILLE BRANCH
G. S. VARDEMAN, Jr., acting manager
Vacancy
B. W. Haynes, Jacksonville, Fla.
G. G. Ware, Leesburg, Fla
Fulton Saussy, Jacksonville, Fla.
E. W. Lane, Jacksonville, Fla...
S. O. Chase, Sanford, Fla
G. J. Avent, Jacksonville, Fla...
NASHVILLE BRANCH
J. B. FORT, Jr., managing director
J. B. Fort, Jr., Nashville, Tenn.
Vacancy..
F. J. Harle, Cleveland, Tenn...
P. M. Davis, Nashville, Tenn..
C. W. Bailey, Clarksville, Tenn
W. P. Ridley, Columbia, Tenn.
C. A. Craig, Nashville, Tenn...
E. M. STEVENS, chairman and Federal Reserve
agent. JAMES SIMPSON, deputy chairman. G. J.
SCHALLER, governor
Class A:
E. R. Estberg, Waukesha, Wis
F. D. Williams, Iowa City, Iowa
J. R. Leaveil, Chicago, 111
Class B:
S. T. Crapo, Detroit, Mich..
N. H. Noyes, Indianapolis, Ind
M. W. Babb, Milwaukee, Wis
Class C:
F. C. Ball, Muncie, Ind...
James Simpson, Chicago, 111
E. M. Stevens, Chicago, 111
1934
1935
1936
1934
1935
1936
1934
1935
1936
DETROIT BRANCH
R. H. Buss, managing director
R. H. Buss, Detroit, Mich
James Inglis, Detroit, Mich
W. W. Mills, Detroit, Mich
N. P. Hull, Lansing, Mich
John Ballantyne, Detroit, Mich
David McMorran, Port Huron, Mich
G. B. Morley, Saginaw, Mich
1934
1934
1934
1935
1935
1936
DISTRICT NO. 8—ST. LOUIS
J. S. WOOD, chairman and Federal Reserve agent.
PAUL DILLARD, deputy chairman. W. McC.
MARTIN, governor
Class A:
F. G. Hitt, Zeigler, 111
J. G. Lonsdale, St. Louis, Mo
._
M. B. Nahm, Bowling Green, Ky
W. B. Plunkett, Little Rock, Ark
M. P . Sturdivant, Glendora, Miss
J. W. Harris, St. Louis, Mo
Class C:
Paul Dillard, Memphis, Tenn.
J. R. Stanley, Evansville, Ind
J. S. Wood, St. Louis, Mo
1934
1935
1936
1934
1935
1936
1934
1935
1936
LITTLE ROCK BRANCH
A. F . BAILEY, managing director
A. F . Bailey, Little Rock, Ark
Moorhead Wright, Little Rock, Ark
Jo Nichol, Pine Bluff, Ark
G. H . Campbell, Little Rock, Ark..
Stuart Wilson, Texarkana, Ark
F. K. Darragh, Little Rock, Ark
W. A. Hicks, Little Rock, Ark
1934
1934
1934
1935
1935
1936
1936
214
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DISTRICT NO. 8—ST. LOUIS—Continued
LOUISVILLE BRANCH
J. T. MOORE, managing director
DISTRICT NO. 10—KANSAS CITY—Continued
D E N V E R BRANCH
J. E. OLSON, managing director
J. T. Moore, Louisville, Ky
W. W. Crawford, Louisville, Ky.
A. H. Eckles, Hopkinsville, Ky_.
Vacancy
W. R. Cobb, Louisville, Ky
W. P. Paxton, Paducah, Ky
W. V. Bulleit, New Albany, Ind.
M E M P H I S BRANCH
W. H. GLASGOW, managing director
W. H. Glasgow, Memphis, Tenn_
S. E. Ragland, Memphis, Tenn___
J. W. Alderson, Forrest City, Ark
Wm. Orgill, Memphis, Tenn
Willis Pope, Columbus, Miss
E. L. Anderson, Clarksdale, Miss.
W. R. King, Memphis, Tenn
DISTRICT NO. 9—MINNEAPOLIS
J. N . PEYTON, chairman and Federal Reserve
agent. H. P. CLARK, deputy chairman. W. B.
GEERY, governor
J. E. Olson, Denver, Colo-.
Murdo MacKenzie, Denver, Colo..
H. W. Farr, Greeley, Colo
R. H. Davis, Denver, Colo
Henry Swan, Denver, Colo
M. W. Gano, Denver, Colo...
Harold Kountze, Denver, Colo
._
1934
1934
1934
1935
1935
1936
1936
OKLAHOMA CITY BRANCH
C. E. DANIEL, managing director
C. E. Daniel, Oklahoma City, Okla
Lee Clinton, Tulsa, Okla
Ned Holman, Oklahoma City, Okla
Austin Miller, Oklahoma City, Okla
H. H. Ogden, Muskogee, Okla
J. B. Doolin, Alva, Okla—
F. T. Chandler, Chickasha, Okla
1934
1934
1934
1935
1935
1936
1936
OMAHA BRANCH
L. H. EARHART, managing director
Class A:
M. O. Grangaard, Minneapolis, Minn.
H. R. Kibbee, Mitchell, S. Dak
H. C. Hansen, Churchs Ferry,N. Dak.
Class B:
W. O. Washburn, St. Paul, M i n n . . . .
J. E. O'Connell, Helena, Mont
A. P. Funk, La Crosse, Wis—
__
Class C:
G. W. McCormick, Menominee, Mich.
J. N. Peyton, Minneapolis, Minn
H. P. Clark, St. Paul, Minn
H E L E N A BRANCH
R. E. TOWLE, managing director
R. E. Towle, Helena, Mont
W. P. Sullivan, Fort Benton, Mont
A. R. McDermott, Billings, Mont__
Henry Sieben, Helena, Mont
T. A. Marlow, Helena, Mont
DISTRICT NO. 10—KANSAS CITY
chairman and Federal Reserve agent.
E. P. BROWN, deputy chairman. G. H. HAMILTON, governor
Class A:
F. W. Sponable, Paola, Kans
E. E. Mullaney, Collyer, Kans
_
C. C. Parks, Denver, Colo
Class B:
J. M. Bernardin, Kansas City, M o . . .
L. E. Phillips, Bartlesville, Okla
W. D. Hosford, Omaha, Nebr
Class C:
J. B. Doolin, Alva, Okla
_
Vacancy.
E. P. Brown, Davey, Nebr
_
L. H. Earhart, Omaha, Nebr
Wm. Diesing, Omaha, Nebr
A. H. Marble, Cheyenne, W y o . ~
R. E. Campbell, Lincoln, Nebr...
T. L. Davis, Omaha, Nebr
D. M. Hildebrand, Seward, Nebr
W. D. Clark, Omaha, Nebr
1934
1934
1934
1935
1935
1936
1936
DISTRICT NO. 11—DALLAS
C. C. WALSH, chairman and Federal Reserve
agent. S. B. PERKINS, deputy chairman. B. A.
MCKINNEY, governor
Class A:
W. H. Patrick, Clarendon, Tex
Alf Morris, Winnsboro, Tex
R. E. Harding, Fort Worth, Tex
Class B:
A. S. Cleveland, Houston, Tex
J. D. Middleton, Greenville, Tex
J. R. Milam, Waco, Tex
Class C:
C. C. Walsh, Dallas, Tex
E. R. Brown, Dallas, Tex_
S. B. Perkins, Dallas, Tex._
1934
1935
1936
...
1934
1935
1936
1934
1935
1936
E L PASO BRANCH
J. L. HERMANN, managing director
J. L. Hermann, El Paso, Tex._.
C. M. Newman, El Paso, Tex..
C. N. Bassett, El Paso, Tex
A. P. Coles, El Paso, Tex
A. F. Jones, Portales, N. Mex__
S. P. Applewhite, Douglas, Ariz
S. D. Young, El Paso, Tex
1934
1934
1934
1935
1935
1936
1936
GOVERNORS AND DIRECTORS
DISTRICT NO. 11—DALLAS—Continued
DISTRICT NO. 12—SAN FRANCISCO—Contd.
HOUSTON B R A N C H
PORTLAND BRANCH
W. D . GENTRY, managing director
R. B. WEST, managing director
W. D . Gentry, Houston, Tex
R. M. Farrar, Houston, Tex
J. A. Wilkins, Houston, Tex. J. C. Wilson, Beaumont, Tex
S. R. Lawder, Houston, Tex
A. A. Home, Galveston, Tex
Sam Taub, Houston, Tex
_.
1934
1934
1934
1935
1935
1936
1936
215
R. B. West, Portland, Oreg
E. C. Pease, The Dalles, Oreg...
R. S. Smith, Eugene, Oreg
H. M. Haller, Portland, Oreg....
J. C. Ainsworth, Portland, Oreg.
1934
1934
1934
1935
1935
SALT LAKE CITY BRANCH
SAN
ANTONIO BRANCH
M. CRUMP, managing director
W. L. PARTNER, managing director
W. L. Partner, Salt Lake City, Utah
M. W. Smith, Idaho Falls, Idaho
E. O. Howard, Salt Lake City, Utah
Lafayette Hanchett, Salt Lake City, Utah.
H. E. Hemingway, Ogden, Utah
M Crump, San Antonio, Tex
F. M. Lewis, Sr., San Antonio, Tex
W. P . Napier, San Antonio, Tex—_
Richard King, Corpus Christi, Tex.
F. C. Groos, San Antonio, Tex
J. M. Bennett, San Antonio, Tex
G. C. Hollis, Eagle Pass, Tex
1934
1934
1934
1935
1935
SEATTLE BRANCH
C. R. SHAW, managing director
DISTRICT NO. 12—SAN FRANCISCO
chairman and Federal Reserve agent.
W. N. MOORE, deputy chairman.
governor
J. U. CALKINS,
Class A:
C. K. Mclntosh, San Francisco, Calif..
T. H. Ramsay, San Francisco, Calif..
Keith Powell, Salem, Oreg
Class B:
E. H. Cox, Madera, Calif
A. B. C. Dohrmann, San Francisco,
Calif
Malcolm McNaghten, Los Angeles,
Calif
Class C:
A. P. Welch, San Francisco, Calif
Vacancy
W. N. Moore, San Francisco, Calif...
LOS ANGELES BRANCH
W. N . AMBROSE, managing director
W. N. Ambrose, Los Angeles, Calif
J. B. Alexander, Los Angeles, Calif
A. J. Cruickshank, Santa Ana, Calif
C. B. Voorhis, Pasadena, Calif
F. J. Belcher, Jr., San Diego, Calif-
129288—35
15
_
C. R. Shaw, Seattle, Wash
H. A. Rhodes, Tacoma, W a s h . . .
M. F. Backus, Seattle, Wash
C. H. Clarke, Seattle, Wash
G. H. Greenwood, Seattle, Wash
1934
1934
1934
1935
1935
SPOKANE BRANCH
D. L. DAVIS, managing director
D. L. Davis, Spokane, W a s h . . .
Peter McGregor, Hooper, Wash
R. M. Hardy, Yakima, Wash..
S. A. Easton, Kellogg, Idaho
D. W. Twohy, Spokane, Wash.
1934
1934
1934
1935
1935
216
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
NUMBER AND SALARIES OF OFFICERS AND EMPLOYEES
OF FEDERAL RESERVE BANKS
[Dec. 31. 1934]
Annual salary
of—
Federal Reserve banks
(including
branches)
Chairman
and
Federal
Reserve
agent
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
.
Chicago..
St. Louis
Minneapolis.-_
Kansas City
Dallas
San Francisco.
$20,000
50,000
20,000
Total.—
225,000
20, 000
20, 000
35, 000
20,000
20, 000
20, 000
Other officers
Employees,
except those
whose salaries
are reimbursed
to bank
Employees
whose salaries
are reimbursed
to bank
Total
Gov- Num- Annual Num- Annual Num- Annual Num- Annual
ernor
ber salaries ber salaries ber salaries ber
salaries
$30, 000
50, 000
30,000
30, 000
25, 000
35, 000
25,000
25, 000
25, 000
30, 000
30, 000
335,000
11
41
11
21
17
29
33
19
13
20
17
30
$105, 250
613
495, 300 2,336
104, 700
789'
183, 600
976
140, 600
558
176,040
382
287, 550 1,133
135, 200
560
82,100
385
149, 800
535
123,100
337
208, 700
843
$935, 590
4,071, 042
1, 233, 304
1,608, 205
803,952
516, 564
1, 781, 382
776,142
579, 403
814,160
547, 020
1, 387, 723
49
239
77
176
163
195
444
136
96
192
112
118
262 2,191,940 9,447 15, 054, 487 1,997
$70, 310
357,842
110, 220
274,056
205,490
222, 572
626, 757
155, 580
143,175
278, 299
154, 310
175, 457
673 $1,161,150
2,616 5,024,184
877 1, 498, 224
2,095, 861
1,173
738 1,195, 042
935,176
606
1, 610 2, 765, 689
715 1,111,922
849, 678
494
747 1, 267, 259
874, 430
466
991 1,801,880
2, 774, 068 11, 706 20, 580.495
STATE BANK AND TRUST COMPANY MEMBERS
Following is a list of the 980 licensed State bank and trust company
members of the Federal Reserve System on December 31, 1934, with
their loans, investments, deposits, capital, and surplus.
[In thousands of dollars]
Loans
Invest-
Total
deposits Capital i Surplus
DISTRICT NO. 1
CONNECTICUT
Hartford: Phoenix State Bank & Trust Co
New Haven: Union & New Haven Trust Co
Southington: Southington Bank & Trust Co
Torrington: Brooks Bank & Trust Co
Waterbury:
Colonial Trust Co
Waterbury Trust Co
15, 692
7,282
618
769
4,435
1,754
9,215
2,294
433
473
33, 638
12, 986
1,202
1,541
1,600
1,459
150
100
1,200
550
75
100
4,180
500
7,339
2,752
1,000
300
2,000
150
2,438
7,424
2,220
768
1,065
918
2,072
6,181
758
1,021
1,291
1,444
5,450
12, 606
3,246
1,692
2,528
2,256
611
2,600
200
300
100
250
306
320
300
30
150
MAINE
Augusta: Depositors Trust Co
Bangor: Merrill Trust Co
Bar Harbor: Bar Harbor Banking & Trust Co
Ellsworth: Union Trust Co
Guilford: Guilford Trust Co
Sanford: Sanford Trust Co
MASSACHUSETTS
Arlington: Menotomy Trust Co..
2,344
629
2,988
Boston:
14, 432
31,872
New England Trust Co
571
9,346
1,485
Old Colony Trust Co
1,702
554
3,031
Pilgrim Trust Co
31, 099
24,060
67, 542
State Street Trust Co
2, 545
1,947
7,217
Union Trust Co
6,579
4,896
11, 708
United States Trust Co
1
Includes capital notes and debentures and par value of preferred and common stock.
300
100
1,000
5,000
200
3,000
750
1,700
2,000
5,000
100
3,500
300
350
217
STATE BANK MEMBERSHIP
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
DISTRICT NO. 1—Continued
MASSACHUSETTS—continued
Bridgewater: Bridgewater Trust Co
Brookline: Boulevard Trust Co
Cambridge:
County Bank & Trust Co
Harvard Trust Co
Canton: Canton Trust Co
Everett: Everett Bank & Trust Co
Fall River:
B. M. C. Durfee Trust Co
Fall River Trust Co
Gloucester: Gloucester Safe Deposit & Trust Co.
Greenfield: Franklin County Trust Co
Holyoke: Hadley Falls Trust Co
Hyannis: Hyannis Trust Co
Lynn: Security Trust Co
Milton: Blue Hill Bank & Trust Co
Needham: Needham Trust Co
Newton: Newton Trust Co
Norwood: Norwood Trust Co
Quincy: Quincy Trust Co
Salem: Naumkeag Trust Co
Somerville: Somerville Trust Co
Springfield:
Springfield Safe Deposit & Trust Co
Union Trust Co. of Springfield
Stoughton: Stoughton Trust Co
Taunton: Bristol County Trust Co
Wellesley: Wellesley Trust Co
Winchester: Winchester Trust Co
Worcester: Worcester County Trust Co
167
1,763
355
2,582
602
4,533
100
350
100
157
2,256
8,362
427
2,424
836
6,609
513
925
4,589
15,824
1,004
3,711
300
1,000
100
200
300
1,050
20
200
3,016
1,608
2,690
3,917
5,897
2,200
5,153
452
1,451
7,488
1,886
2,658
2,421
4,292
3,574
1,186
595
943
1,873
778
2,543
1,429
707
10, 949
3,228
1,143
3,195
722
7,680
2,853
3,436
4,517
8,938
2,804
8,770
2,023
2,017
17,013
4,792
4,023
5,645
5,748
1,200
300
400
400
1,400
250
200
100
200
1,080
500
450
650
450
200
65
25
200
100
125
300
100
75
600
100
50
50
150
6,185
8,173
980
1,397
872
871
10, 557
3,732
3,301
739
2,418
512
1,084
13, 799
12, 597
12,164
1,721
4,116
1,645
2,011
30,837
1,000
1,000
125
300
200
100
3,000
1,000
1,250
50
150
100
100
1,000
649
524
1,175
150
51,043
10,390
46,475
9,756
109,780
21,453
4,000
1,000
NEW HAMPSHIRE
Conway: Carroll County Trust Co
RHODE ISLAND
Providence:
Industrial Trust Co.
Union Trust Co
7,500
800
DISTRICT NO. 2
NEW JERSEY
(See also district no. 3)
Bayonne: Bayonne Trust Co
Bloomfield:
Bloomfield Bank & Trust Co
Community Trust Co
Bogota: Bank of Bogota
Boonton: Boonton Trust Co
Carteret: Carteret Bank & Trust Co
Cranford: Cranford Trust Co
Dover: Dover Trust Co
Dunellen: Peoples Trust Co
East Orange: Savings Investment & Trust Co
Elizabeth:
Central Home Trust Co
Elizabethport Banking Co
Fort Lee: Fort Lee Trust Co
Franklin: Sussex County Trust Co
Glen Ridge: Glen Ridge Trust Co
Hackensack: Peoples Trust Co. of Bergen County.
Jersey City:
Commercial Trust Co. of New Jersey
New Jersey Title Guarantee & Trust Co
Linden: Linden Trust Co
Montclair:
Bank of Montclair
Montclair Trust Co
Morristown: Morristown Trust Co
Newark:
Clinton Trust Co
Columbus Trust Co
Federal Trust Co
2,959
3,917
8,632
400
100
6,164
650
516
931
373
1,192
1,679
260
11,128
5,275
166
429
371
457
860
2,033
168
8,361
13, 219
817
1,082
1,380
846
2,046
3,869
464
19,441
1,500
100
100
100
100
300
200
100
2,375
300
30
25
100
25
100
250
30
547
2,071
3,443
509
681
1,022
6,249
1,155
1,120
403
1,480
1, 349
4,623
3,368
4,934
1,117
2,334
2,463
11,151
500
500
100
150
300
750
31
100
50
100
60
500
21, 957
22,910
1,666
26,178
6,806
754
60, 271
23,453
2,795
3,400
2,035
200
4,000
1,000
50
2,686
5,040
2,734
1,673
4,128
4,647
4,891
10, 851
8,088
600
1,040
600
51
208
200
1,926
536
15, 914
437
608
8,472
1,970
1,414
30,064
1,477
400
1,623
58
500
218
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 2—Continued
NEW JERSEY—continued
Newark—Continued.
Fidelity Union Trust Co
Franklin-Washington Trust Co_._
Merchants & Newark Trust Co
United States Trust Co
West Side Trust Co
Nutley: Bank of Nutley
Passaic: Peoples Bank & Trust Co
Paterson: Hamilton Trust Co
Perth Amboy:
Perth Amboy Trust Co
Raritan Trust Co
Plainfield:
Mid-City Trust Co
Plainfield Trust Co
State Trust Co
Rahway: Rahway Trust Co
Ridgefield Park: Ridgefield Park Trust Co
Rochelle Park: Rochelle Park Bank
Rutherford: Rutherford Trust Co
South Orange: South Orange Trust Co
Summit: Summit Trust Co
Westfield:
Peoples Bank & Trust C o . . . .
Westfield Trust Co
.
Westwood: Westwood Trust Co
40,978
2,222
9,732
1,487
3,197
1,132
1,353
2,810
72,658
976
6,450
1,217
4,132
1,273
2,669
2,269
127,800
4,766
16,981
2,617
7,682
2,839
3,663
4,021
11,000
1,700
2,500
600
1,075
200
1,000
1,325
3,150
624
1,226
116
2,493
387
671
250
476
7,810
1,794
441
1,451
49
1,962
767
3,106
358
6,017
644
512
789
220
1,384
485
2,884
875
16,116
3,252
1,085
2,616
251
3,260
1,248
6,464
100
1,400
263
100
100
50
250
225
600
~~55
30
100
30
300
113
200
2,644
2,406
369
1,231
1,134
362
4,553
3,802
712
200
300
200
300
200
20
1,481
13, 721
514
2,131
181
868
310
3,948
157
825
14, 304
467
1,995
296
708
114
2,260
55
2,262
30, 827
1,177
4,202
407
1,790
411
6,357
201
250
3,500
100
200
100
330
50
800
30
75
250
25
400
5
20
100
250
29, 866
47,802
86, 256
942
280
358
434
862
108
386
627
1,399
293
4,742
18, 999
39,133
54, 826
1,385
104
721
168
1, 512
275
324
2,493
721
187
5,287
47,185
89, 915
150, 981
2,166
422
1,018
701
2,330
388
773
2,977
2,095
474
10,027
8,500
10,000
14,000
300
50
100
150
225
50
50
250
200
50
800
1,000
3,000
5,000
100
15
100
25
25
15
25
125
75
10
1,300
1,799
360
171
472
1,077
716
1,234
2,205
1,788
972
360
1,229
3,696
8,009
2,446
430
3,748
365
1,359
69
934
1,467
324
2,447
988
53
383
664
812
932
1,614
673
624
267
865
2,028
2,967
2,299
911
2,722
293
2,696
141
987
815
306
4,647
1,410
192
1,070
1,673
1,580
2,478
3,774
2,171
1,773
789
2,213
6,543
10, 997
5,066
1,398
6,350
593
4,260
222
2,086
2,377
486
300
150
63
75
160
200
225
610
350
150
75
100
400
1,800
400
100
750
150
350
25
300
300
150
100
100
10
25
50
25
70
25
200
10
25
250
250
200
100
50
250
25
250
10
58
100
75
2,500
2,666
500
200
40
50
100
NEW YORK
Adams: Citizens & Farmers Trust Co
Albany: First Trust Co
Amityville: The Bank of Amityville
Amsterdam: Montgomery County Trust Co
Avoca: Bank of Avoca
Batavia: Genesee Trust Co
Belmont: State Bank of Belmont
Bingham: Marine Midland Trust Co
Blasdell: Bank of Blasdell
Brooklyn. (See New York.)
Buffalo:
Liberty Bank of Buffalo
_._
Manufacturers & Traders Trust Co
Marine Trust Co
Canandaigua: Ontario County Trust Co
Canisteo: First State Bank
Cattaraugus: Bank of Cattaraugus
Center Moriches: Center Moriches Bank
Chatham: State Bank of Chatham
Cohocton: Cohocton State Bank
Delmar: Bank of Bethlehem
Dunkirk: Dunkirk Trust Co
East Aurora: Bank of East Aurora
Ellenburg Depot: The State Bank of Ellenburg
Elmira: Chemung Canal Trust Co
Endicott:
Endicott Trust Co
Union Trust Co
Evans Mills: Peoples Bank of Evans Mills
Farmingdale: Bank of Farmingdale
Floral Park: Floral Park Bank
Fredonia: Citizens Trust Co
Garden City: Garden City Bank & Trust Co
Geneva: Geneva Trust Co
Gloversville: Trust Co. of Fulton County
Hamburg: Peoples Bank of Hamburg
Hammondsport: Bank of Hammondsport
Hicksville: Bank of Hicksville
Ithaca: Ithaca Trust Co
Jamestown: Bank of Jamestown
Johnson City: Workers Trust Co
Katonah: Northern Westchester Bank
Kingston: Kingston Trust Co
Lackawanna: American Bank
Little Falls: Herkimer County Trust Co
Locke: The Citizens Bank of Locke
Lowville: Lewis County Trust Co
Malone: Peoples Trust Co
Massena: Massena Banking & Trust Co
219
STATE BANK MEMBERSHIP
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 2—Continued
NEW YORK—continued
Mayville: State Bank of Mayville
Millbrook: Bank of Millbrook
Mineola: Nassau County Trust Co
Mount Kisco: Trust Co. of Northern Westchester-.
Mount Vernon:
Fleetwood Bank
Mount Vernon Trust Co
New York:
Amalgamated Bank
Bankers Trust Co
Bank of the Manhattan Co
Bank of New York & Trust Co
Bank of Yorktown
Brooklyn Trust Co
Central Hanover Bank & Trust Co
Chemical Bank & Trust Co
City Bank-Farmers Trust Co
Clinton Trust Co
Colonial Trust Co
Continental Bank & Trust Co
Corn Exchange Bank Trust Co
Federation Bank & Trust Co
Fifth Avenue Bank
Fulton Trust Co
Guaranty Trust Co
Harbor State Bank
Irving Trust Co
J. Henry Schroder Trust Co
Lawyers County Trust Co
Manufacturers Trust Co
Marine Midland Trust Co
Merchants Bank
New York Trust Co
Pennsylvania Exchange Bank
Trade Bank of New York
:
"United States Trust Co
Niagara Falls: Power City Trust Co
Ogdensburg: Ogdensburg Trust Co
Olean: Olean Trust Co
Oneida: Madison County Trust & Deposit Co
Ontario: State Bank of Ontario
Orchard Park: Bank of Orchard Park
Oriskany Falls: First Trust & Deposit Co
Ossining: Ossining Trust Co
Pear River: State Bank of Pearl River
Perry: Citizens Bank
Pleasantville: Mount Pleasant Bank & Trust Co—
Port Chester: Mutual Trust Co. of Westchester
County
Rochester:
Central Trust Co
Lincoln-Alliance Bank & Trust Co
Rome: Rome Trust Co
Sag Harbor: The Peconic Bank
Salamanca: Salamanca Trust Co
Saratoga Springs: Adirondack Trust Co
Say ville: The Oystermen's Bank & Trust Co
Scarsdale: Caleb Heathcote Trust Co
Schenectady: Schenectady Trust Co
Sea Cliff: State Bank of Sea Cliff
Smithtown Branch: Bank of Smithtown
Southampton: The Southampton Bank
Spring Valley: Ramapo Trust Co
Stony Brook: Bank of Suffolk County
Syracuse:
First Trust & Deposit Co
Syracuse Trust Co
Tarrytown: Washington Irving Trust Co
Utica: First Citizens Bank & Trust Co
Watertown: Northern New York Trust Co
Watkins Glen: Watkins State Bank
Westbury: Bank of Westbury Trust Co
Westhampton Beach: Seaside Bank
West New Brighton: West New Brighton Bank.__
White Plains:
Citizens Bank of White Plains
County Trust Co
977
316
492
1,455
336
658
721
2,314
296
1,852
4,434
789
120
100
500
100
15
100
150
10
469
3,000
1,489
2,553
2,208
5,379
250
3,000
20
500
650
25,000
20,000
6,000
1,000
8,200
21,000
20,000
10,000
750
1,000
4,000
15,000
825
500
2,000
90,000
200
50,000
1,000
2,000
57,935
5,000
400
12, 500
530
456
2,000
2,300
600
200
400
70
180
160
500
100
125
475
50,000
20,000
8,000
500
4,000
60,000
40,000
10,000
250
500
3,000
15,000
675
2,000
2,000
170,000
25
55,000
400
1,000
6,600
5,000
100
20,000
50
176
24,000
2,000
100
7
50
30
5
10
75
10
15
25
2,321
198, 627
173,605
46,053
2,580
46, 798
162,454
197,085
12,914
1,854
3,657
21, 780
59, 511
5,082
17, 283
4,240
528,639
85
156,385
20
11,126
175,374
47, 783
765
114, 402
694
2,200
38,848
12,852
3,494
527
1,072
801
569
357
1,385
146
392
1,524
5,603
839
477, 778 855,014
172, 275 514,156
84, 991 200, 470
6,024
1,958
99,026
46,689
738, 625
402,801
475,457
184,309
45, 656
27,960
3,528
2,016
6,416
2,379
50,308
18, 314
235,809
138,166
7,276
1,835
42, 626
14,806
17, 217
13, 072
557, 778 1,189, 283
686
616
482, 555
224,162
9,372
9,907
33,499
17, 754
484,042
278,134
84, 741
28,065
1,899
836
153, 335 334,158
1,681
769
4,255
1,442
63,260
25,081
20,331
7,702
5,787
1,730
925
458
2,099
1,002
1,174
260
835
340
818
584
2,100
796
446
300
789
304
2,341
696
1,476
995
2,786
525
10
9,501
29,136
2,444
91
1,409
2,144
951
416
4,983
321
611
1,048
448
246
4,746
20, 597
1,937
91
1,419
5,118
1,064
1,588
8,195
122
610
295
260
237
15,311
57, 786
4,544
178
3,167
7,686
2,061
1,881
13,872
414
1,230
1,304
551
465
2,100
5,500
300
25
200
250
325
200
750
100
200
200
250
100
400
300
25
400
250
60
100
1,000
12
10
25
20
36, 624
14, 751
550
26,422
3,995
276
633
358
903
11, 478
13,156
816
11, 507
4,356
146
1,187
412
826
47,717
26, 361
1,794
35,390
8,556
473
2,054
739
1,966
9,620
4,300
100
5,000
900
50
200
100
100
500
1,250
100
500
200
50
30
36
100
2,659
5,027
3,242
3,421
7,398
8,917
800
500
100
1,000
220
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 3
DELAWARE
Wilmington:
Equitable Trust Co
Industrial Trust Co
Security Trust Co
Wilmington Trust Co
6,357
1,571
4,521
22, 918
5,789
1,364
2, 410
14, 484
10, 769
1,635
7,828
40,367
1,500
1,000
673
4,000
2,100
700
450
9,500
14, 743
429
2,023
611
381
4,829
242
1,359
264
277
20,856
611
3,882
1,253
677
1,200
145
450
100
175
600
20
150
80
21
1,267
1,884
4,575
1,304
170
1,185
5,410
123
705
545
2,472
974
288
824
1,665
62
221
2,410
1,526
7,348
2,345
463
1,702
7,049
183
535
375
250
1,050
200
125
250
250
50
60
150
3
525
300
26
350
1,100
8
60
4,725
2,525
1,061
5,455
2,877
9,305
400
400
800
800
2,941
1,759
1,286
1,373
185
310
2,776
425
1,885
1,952
1,836
746
701
608
485
280
244
4,169
2,495
794
2,610
578
427
4,130
328
1,646
619
218
1,695
607
266
378
318
352
228
4,290
2,119
4,016
815
697
7,401
589
4,403
976
558
3,330
1,002
511
894
635
497
452
600
250
350
250
125
125
375
125
600
200
125
375
300
125
150
150
180
51
1,500
350
175
100
35
73
1,000
125
240
200
67
525
175
65
125
94
4
10
2,215
5,001
180
195
3,747
2,726
69
107
5,175
7,098
200
294
1,000
1,250
35
125
730
1,000
50
30
38, 832
9
17, 710
18,814
9,197
52, 299
1,676
74, 528
7,969
7,782
102, 258
1,843
107,203
34, 856
17, 486
6,700
200
4,000
7,996
2,375
15, 000
25
9,000
1,000
1,375
94, 357
12, 339
432
367
46
1,064
1,785
714
184
73, 511
31, 365
349
897
119
876
824
517
265
207, 374
42, 573
907
1,212
180
1,923
1,726
1,103
490
8,400
3,200
127
150
25
150
350
150
50
12, 000
12,260
36
150
15
250
325
80
1,942
1,212
2,704
1,206
2,375
1,426
3,534
3,826
3,512
500
475
500
700
225
1,664
4,096
1,923
1,642
3,469
5,215
500
750
600
1,000
NEW JERSEY
(See also district no. 2)
Camden: Cam den Safe Deposit & Trust Co
Hightstown: Hightstown Trust Co
Princeton: Princeton Bank & Trust Co
Riverside: Riverside Trust Co
Swedesboro: Swedesboro Trust Co
PENNSYLVANIA
(See also district no. 4)
Bloomsburg: Bloomsburg Bank-Columbia Trust
Co
Carlisle: Carlisle Trust Co
Chester: Chester-Cambridge Bank & Trust Co
Clearfield: Clearfleld Trust Co
Danville: Montour County Trust Co
D u Bois: Union Banking & Trust Co
Easton: Easton Trust Co
East Petersburg: East Petersburg State Bank.
E g y p t : Farmers Bank of Egypt
Harrisburg:
Central Trust Co
Dauphin Deposit Trust Co
Hazleton:
Markle Banking & Trust Co
Peoples Savings & Trust Co
Traders Bank & Trust Co
Honesdale: Wayne County Savings Bank
Houtzdale: Houtzdale Trust Co
Huntingdon: Grange Trust Co
Jenkintown: Jenkintown Bank & Trust Co
Kulpmont: Dime Deposit Bank & Trust Co
Lancaster: Farmers Bank & Trust Co
Lemoyne: Lemoyne Trust Co
Lewistown: Lewistown Trust Co
Lock Haven: Lock Haven Trust Co
Mahanoy City: Merchants Banking Trust Co
Middletown: Citizens Bank & Trust Co
M o u n t Carmel: Liberty State Bank & Trust Co__.
Myerstown: Myerstown Trust Co
Nanticoke: Peoples Savings & Trust Co
New Oxford: Farmers & Merchants Bank
Norristown:
Montgomery Trust Co
Norristown-Penn Trust Co
Orrstown: Orrstown Bank
Paoli: Paoli Bank & Trust Co
Philadelphia:
Fidelity-Philadelphia Trust Co
Gimbel Bros. Bank & Trust Co
Girard Trust Co
Integrity Trust Co
Ninth Bank & Trust Co
Pennsylvania Co. for Insurances on Lives &
Granting Annuities
Provident Trust Co
Prospect Park: Interboro Bank & Trust Co
Quakertown: Quakertown Trust Co
Schnecksville: Schnecksville State Bank
Schuylkill Haven: Schuylkill Haven Trust Co
Steelton: Steelton Bank & Trust Co
T a m a q u a : Peoples Trust Co
Temple: Temple State Bank
Wilkes-Barre: Wilkes-Barre Deposit & Savings
Bank
Williamsport: West Branch Bank & Trust Co
Wyomissing: Peoples Trust Co
York:
Guardian Trust Co
York Trust Co
479
221
STATE BANK MEMBERSHIP
[In thousands of dollars]
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 4
KENTUCKY
(See also district no. 8;
Lexington: Security Trust Co
Paris: Bourbon-Agricultural Bank & Trust Co.
Richmond: State Bank & Trust Co
Akron:
Firestone Park Trust & Savings Bank
First-Central Trust Co
Apple Creek: Apple Creek Banking Co
Archbold: Peoples State Bank Co
Ashland: Ashland Bank & Savings Co
Bellevue: Union Bank & Savings Co
Bellville: Farmers Bank
Brecksville: Brecksville Bank Co
Canal Winchester: Peoples Bank Co
Castalia: Castalia Banking Co
Celina: The Commercial Bank Co
Christiansburg: Farmers & Merchants Bank Co.__
Cincinnati:
Central Trust Co
Fifth-Third Union Trust Co
Peoples Bank & Savings Co
Provident Savings Bank & Trust Co
The Southern Ohio Savings Bank & Trust Co_
Western Bank & Trust Co
Cleveland: Cleveland Trust Co
Columbiana: Union Banking Co
Columbus: Fifth Avenue Savings Bank Co
Conneaut:
Citizens Banking & Savings Co
Conneaut Mutual Loan & Trust Co
Cortland: The Cortland Savings & Banking Co
Coshocton: Peoples Bank & Trust Co
Danville: Commercial & Savings Bank Co
Delphos:
Commercial Bank
Peoples Bank of Delphos
Delta: Peoples Savings Bank Co
East Liverpool: Potters Bank & Trust Co___
_
Fayette: Fayette State Savings Bank Co
Galion: The Commercial Savings Bank Co
Geneva: Geneva Savings & Trust Co
Gibsonburg: Home Banking Co
Hillsboro: Hillsboro Bank & Savings Co
Hubbard: Hubbard Banking Co
Leesburg: Citizens Bank & Savings Co
Lyons: Farmers State Bank
Madison: Citizens Bank of Madison
Mansfield: The Farmers Savings & Trust Co
Marengo: Marengo Banking Co
Martins Ferry: Peoples Savings Bank Co
Marysville: Marysville-Commercial Bank
Mason: The First-Mason Bank
Massillon: Ohio-Merchants Trust Co
Middletown: American Trust & Savings Bank
Minster: Minster State Bank
Mount Blanchard: Citizens Bank of Mount Blanchard
Mount Vernon: Knox County Savings Bank
Newark:
Licking County Bank
Newark Trust Co
New Lexington: Perry County Bank
New Philadelphia: Ohio Savings & Trust Co
Oak Harbor: Oak Harbor State Bank Co
Orrville: Orville Savings Bank
Pomeroy: Farmers Bank & Savings Co
Rittman: Rittman Savings Bank
Russellville: Bank of Russellville
St. Marys: Home Banking Co
Sandusky: Western Security Bank
Shelby: The Citizens Bank
Shiloh: Shiloh Savings Bank Co
Toledo:
Commerce Guardian Bank
Ohio Citizens Trust Co
Toledo Trust Co
1,749
958
2,740
408
69
4,264
1,221
1,182
500
200
150
150
200
55
3,843
3,167
120
174
558
905
170
56
167
7,037
6,087
57
101
587
665
94
114
211
43
472
50
12, 403
11, 951
215
298
1,382
1,636
266
148
404
110
1,221
126
950
1,242
25
50
150
300
25
25
25
40
100
25
383
12
6
125
50
25
8
38
9
60
25
23,595
29,432
1, 559
16,308
3,074
6,441
143, 267
269
574
24,179
35, 424
819
10,856
2,281
4,142
75,422
229
1,107
55,486
78, 341
2,467
34, 692
5,006
11,082
263, 630
636
1,767
6,500
10,000
700
1,800
650
2,250
28,800
50
200
1,250
2,000
100
2,700
250
250
2,700
50
63
153
274
284
547
224
456
667
99
445
68
587
875
383
1,383
303
150
200
53
150
25
20
25
18
75
20
476
252
207
1,145
159
291
670
282
63
426
57
118
15
383
70
1,334
235
165
1,092
1,037
262
275
341
217
1,487
80
330
658
164
155
87
124
75
122
718
40
694
788
192
576
927
113
837
701
522
3,174
265
684
1,494
528
428
662
258
234
135
1,309
115
2,082
1,178
404
2,063
2,109
674
125
50
50
580
50
105
125
50
50
50
25
25
50
150
25
200
100
35
250
400
25
50
13
10
300
10
25
100
4
40
40
5
6
10
30
6
150
25
12
50
20
55
454
91
639
162
1,219
25
150
13
75
1,208
2,773
225
841
183
314
129
344
206
519
189
498
177
693
542
359
507
246
426
382
140
144
353
312
528
36
2,161
3,776
637
1,468
532
796
621
592
373
1,078
646
1,182
202
200
400
75
250
100
80
50
75
25
150
100
125
45
75
200
20
10
10
15
16
16
25
10
20
20
5
1,995
1,344
21,027
4,690
2,777
16,105
11, 524
5,581
57,944
1,500
600
8,000
250
200
1,000
222
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 4—Continued
OHIO—continued
Utica: The Utica Savings Bank Co
Van Wert: Peoples Savings Bank.
Wakeman: Wakeman Bank Co
Wellington: First Wellington Bank
Wooster: Commercial Banking & Trust Co.
Yellow Springs: Miami Deposit Bank Co
__.
192
554
191
678
343
182
314
81
314
304
172
442
1,192
284
1,071
904
415
35
100
40
150
150
50
12
75
14
38
6
50
1,707
128
747
1,067
784
583
460
341
2,816
839
1,029
1,809
125
100
150
125
176
50
200
76
1,012
4,941
3,156
972
659
1,612
2,207
4,138
1,605
821
495
1,231
3,774
10, 524
4,852
2,314
817
3,153
300
600
500
250
300
300
300
280
1,000
50
350
350
PENNSYLVANIA
(See also district no. 3)
Aliquippa: Woodlawn Trust Co
Ambridge: Economy Bank of Ambridge
Beaver: Beaver Trust Co
Dormont: Dormont Savings & Trust Co
East Pittsburgh: East Pittsburgh Savings & Trust
Co.
Erie: Security-Peoples Trust Co
McKeesport: Peoples City Bank
Meadville: Crawford County Trust Co
New Brighton: Beaver County Trust Co
New Castle: Lawrence Savings & Trust Co
Paint Borough (Scalp Level post office): Merchants
& Miners Bank
Pittsburgh:
Allegheny Trust Co
Allegheny Valley Bank of Pittsburgh
City Deposit Bank & Trust Co
Colonial Trust Co
Commonwealth Trust Co
Homewood Bank of Pittsburgh
Peoples-Pittsburgh Trust Co
Potter Title & Trust Co
Union Trust Co
Windber: Windber Trust Co
106
153
248
30
1,942
1,737
7,213
9,979
5,690
214
27,632
2,958
64, 669
910
4,981
385
5,778
13,534
8,716
959
41,531
2,431
184, 688
1,784
7,069
2,583
14, 691
27, 708
14,443
1,288
76,966
4,658
246, 758
2,865
700
200
1,000
2,600
1,500
100
6,000
1,250
1,500
250
550
200
300
1,065
1,700
50
10,000
151
70,000
400
WEST VIRGINIA
(See also district no. 5)
Sistersville: First-Tyler Bank & Trust Co_.
Wheeling:
Citizens Mutual Trust Co
Security Trust Co
Wheeling Dollar Savings & Trust Co..
DISTRICT NO. 5
1,236
166
1,962
200
100
2,891
1,904
8,855
1,278
1,815
5,479
4,514
3,829
16, 762
600
300
1,795
300
300
1,200
11, 672
7,183
20, 728
6,768
38,895
19, 606
3,400
1,000
3,400
1,800
1,932
3,039
9,672
11,165
172
176
1,037
1,006
10,172
12, 781
11,499
127
478
194
3,715
15, 223
30,049
30,806
355
1,042
1,454
500
1,000
3,000
3,000
25
150
175
250
500
500
1,500
13
30
15
10, 331
408
770
129
262
55
394
15,479
499
211
24
125
246
583
37,827
1,208
951
306
516
331
1,551
1,200
100
200
25
50
25
100
800
50
40
9
35
10
944
4,618
18,757
709
723
18,117
2,227
6,665
59,902
200
300
4,000
30
350
1,250
DISTRICT OF COLUMBIA
Washington:
American Security & Trust Co.
Washington Loan & Trust Co..
MARYLAND
Baltimore:
Baltimore Commercial Bank
Fidelity Trust Co
Maryland Trust Co
Union Trust Co. of Maryland
Forest Hill: Forest Hill State Bank
Hagerstown: Hagerstown Trust Co
Salisbury: Farmers & Merchants Bank..
NORTH CAROLINA
Charlotte: American Trust Co
Concord: Citizens Bank & Trust Co
Edenton: Bank of Edenton
_.
Elizabethtown: Bank of Elizabethtown
Marshall: Citizens Bank
_
Tryon: Tryon Bank & Trust Co
Washington: Bank of Washington
__.
Wilmington:
Peoples Savings Bank & Trust Co
Wilmington Savings & Trust Co...
Winston-Salem: Wachovia Bank & Trust Co..
223
STATE BANK MEMBERSHIP
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
DISTRICT NO. 5—Continued
SOUTH CAROLINA
Bishopville: Peoples Bank
Charleston: Carolina Savings Bank
Chester: Commercial Bank
Hartsville: Bank of Hartsville...
278
1,060
628
550
41
2,627
414
355
403
4,463
1,213
1,270
25
200
100
75
50
100
100
38
209
203
433
483
445
260
184
369
247
167
167
76
95
474
99
550
329
138
602
424
585
845
1,049
408
826
861
369
50
50
75
100
50
50
50
65
50
10
25
25
30
80
50
11
80
25
451
2,343
194
213
1,011
35
804
3,689
255
50
300
25
10
300
20
1,140
407
1,052
75
2,289
488
515
25
25
4,792
921
17, 712
242
242
245
2,731
690
894
342
1,787
382
15,135
114
54
210
S89
160
380
192
7,847
1,568
40, 389
379
334
637
3,918
914
1,454
565
600
200
3,250
35
50
50
500
200
150
100
300
40
500
32
44
18
500
50
40
21
459
08
564
47
1,024
153
100
25
100
20
1,849
7,194
369
1,556
97
192
33
523
215
282
387
1,167
5,470
122
276
101
34
120
83
144
58
114
4,046
17,879
597
1,666
252
264
172
576
436
339
602
750
1,000
75
500
25
50
25
200
50
75
80
100
1,200
20
130
5
9
15
35
85
10
16
382
138
780
60
26
246
8,112
186
117
138
360
411
182
9,620
285
34
60
171
557
482
20,017
562
190
347
825
1,257
40
2,500
50
50
35
90
60
20
13
25
8
7
42
287
94
77
120
52
89
120
553
156
73
92
264
110
6
60
10
12
124
364
20
31
197
638
163
105
308
45
136
275
1,041
138
156
375
55
50
25
25
25
25
25
120
25
25
25
55
35
2
40
15
3
10
12
5
3
15
VIRGINIA
Abingdon: Farmers Exchange Bank, Inc
Amelia: Union Bank & Trust Co^
Blackstone: Citizens Bank & Trust Co
Chase City: Peoples Bank & Trust Co
Farmville: Planters Bank & Trust Co
Glade Spring: Bank of Glade Springs
Halifax: The Bank of Halifax
Kenbridge: Bank of Lunenburg, Inc
Lacrosse: Bank of Lacrosse
Lawrenceville: Farmers & Merchants Bank of
Lawrenceville
Lynchburg: Lynchburg Trust & Savings Bank
Montross: Peoples Bank
Petersburg: Petersburg Savings & American Trust
Co
_..
Powhatan: Bank of Powhatan
Richmond:
Bank of Commerce & Trusts
Mechanics & Merchants Bank
State-Planters Bank & Trust Co
Rural Retreat: Peoples Bank
Smjthfield: Merchants & Farmers Bank, Inc
South Hill: Citiz'ens Bank, Inc
Suffolk: The Farmers Bank of Nansemond
Tazewell: Farmers Bank of Clinch Valley
Williamsburg: Peninsula Bank & Trust Co
Winchester: Union Bank of Winchester.
___.
WEST VIRGINIA
(See also district no. 4)
Berwind: Berwind Bank
Buffalo: Buffalo Bank
Charleston:
Kanawha Banking & Trust Co
Kanawha Valley Bank
Lewisburg: Greenbrier Valley Bank
Martinsburg: Peoples Trust Co
Parsons: Tucker County Bank
Petersburg: Potomac Valley Bank
Rainelle: The Bank of Rainelle
Romney: Bank of Romney
St. Albans: Bank of St. Albans
St. Marys: Pleasants County Bank
Spencer: Traders Trust & Banking Co
Summers ville: Farmers & Merchants Bank of Summersville
DISTRICT NO. 6
ALABAMA
Aliceville: Aliceyille Bank & Trust Co
Birmingham: Birmingham Trust & Savings Co
Clanton: Peoples Savings Bank
Clayton: Bank of Commerce
Columbiana: Columbiana Savings Bank
__.
Cullman: Parker Bank & Trust Co
Dothan: Dothan Bank & Trust Co
Eutaw: Merchants & Farmers Bank of Greene
County
Faunsdale: Watkins Banking Co
Georgiana: Citizens Bank
Guin: Marion County Banking Co
Marion Junction: Marion Junction State Bank
Oneonta: The Citizens Bank
Pine Apple: Bank of Pine Apple
Selma: Peoples Bank & Trust Co
Thomaston: The Planters Bank & Trust Co
Winfield: Winfield State Bank
York: Bank of York
224
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 6—Continued
Marianna: Citizens State Bank
St. Petersburg: Union Trust Co
West Palm Beach:
Central Farmers Trust Co
Florida Bank & Trust Co
162
506
130
1,143
423
3,401
30
200
30
578
77
1,941
309
3,449
468
250
100
200
50
22
8,087
5, 505
329
236
642
411
125
5
3,570
1,859
82
165
692
243
91
107
16, 335
7,715
411
403
1,312
1,067
240
25
2,000
1,250
150
50
230
150
25
1,500
200
8
25
100
150
7
4,246
1,332
283
443
132
360
125
511
300
372
149
98
1,166
383
69
58
54
154
44
129
229
8
2
23
5,306
1,973
327
544
231
512
169
602
605
302
143
101
850
200
100
125
75
50
25
50
100
100
25
25
650
200
25
20
689
2, 066
305
272
785
298
200
37
19
225
1,212
2,814
242
187
1,029
350
700
60
25
100
50
100
10
15
150
6,596
289
9,987
168
19, 217
508
1,000
50
500
36
25
39
310
165
409
25
25
89
2,886
676
129
189
2,319
103
121
335
8,278
970
274
25
625
200
25
104
555
908
83
149
872
2,778
250
285
1,635
6,155
450
25
100
200
50
100
300
10
533
849
174
48, 279
1,819
1,371
584
2,707
2,117
2,049
345
81, 202
2,693
7,122
982
2,582
3,704
3,911
922
157, 396
6,392
13, 238
2,178
11,099
450
450
200
6,000
800
500
200
600
50
75
25
7,000
20
500
25
200
GEORGIA
Adairsville: Bank of Adairsville
Atlanta: Trust Co. of Georgia
Augusta: Georgia Railroad Bank & Trust Co
Bainbridge: Citizens Bank & Trust Co
Blackshear: The Blackshear Bank
Brunswick: Brunswick Bank & Trust Co
Canton: Bank of Canton
Cochran: State Bank of Cochran
Columbus:
Columbus Bank & Trust Co
Merchants & Mechanics Bank
Commerce: Northeastern Banking Co
Dawson: Bank of Dawson
Eastman: Bank of Eastman
Lawrence ville: Brand Banking Co
Lincolnton: Farmers State Bank
Millen: Bank of Millen
Monroe: Farmers Bank
Pelham: Farmers Bank
Reynolds: Citizens State Bank
Sasser: Bank of Sasser
Savannah:
Citizens Bank & Trust Co
Savannah Bank & Trust Co
Soperton: Bank of Soperton
Swainsboro: Central Bank
Tifton: Bank of Tifton.. .
50
15
50
30
23
3
33
LOUISIANA
(See also district no. 11)
New Orleans: American Bank & Trust Co
Slidell: Bank of Slidell
MISSISSIPPI
(See also district no. 8)
Crystal Springs: Truckers Exchange BankForest: The Bank of Forest
16
TENNESSEE
(See also district no. 8)
Carthage: Citizens Bank & Trust Co
Chattanooga: American Trust & Banking Co
Greeneville: Greene County Union Bank
Hartsville: Bank of Hartsville
DISTRICT NO. 7
(See also district no. 8)
Argenta: Gerber State Bank___
Belvidere: Farmers State Bank
Bloomington: Peoples Bank of Bloomington
Byron: Rock River Community Bank
Chicago:
Amalgamated Trust <fe Savings Bank _.
Drexel State Bank
Hamilton State Bank
Harris Trust & Savings Bank
Lake Shore Trust & Savings Bank
Lake View Trust & Savings Bank.
Main State Bank
Mercantile Trust & Savings Bank
5
750
20
225
STATE BANK MEMBERSHIP
[In thousands of dollars]
Investments
Total
deposits
Surplus
DISTRICT NO. 7—Continued
ILLINOIS—continued
Chicago—Continued.
Merchandise Bank & Trust Co
Metropolitan State Bank
Northern Trust Co
Personal Loan and Savings Bank
Sears-Community State Bank
Skala State Bank
State Bank of Clearing
The Upper Avenue Bank
Uptown State Bank
Cowden: State Bank of Cowden
Elburn: Kane County Bank & Trust Co
Eureka: Farmers State Bank
Evanston:
Evanston Trust & Savings Bank
State Bank & Trust Co
Fulton: Fulton State Bank
Galesburg: Farmers & Mechanics Bank
Geneva: State Bank of Geneva
Kewanee: Peoples State Savings Bank
London Mills: State Bank of London Mills
Lostant: The Farmers State Bank of Lostant
Matteson: First State Bank
Mattoon: Central Illinois Trust & Savings Bank
Metamora: Metamora State Bank
Milford: Citizens State Bank
Momence: Parish Bank & Trust Co
Niantic: State Bank of Niantic
Oak Park: Oak Park Trust & Savings Bank_.___
Springfield: Springfield Marine Bank
Stockland: Sumner State Bank
Tolono:
Bank of Tolono
Citizens Bank of Tolono
Tuscola: Tuscola State Bank
Walnut: Citizens State Bank
Washington: Danforth Banking Co
Wenona: First State Bank
Wheaton: Wheaton Trust & Savings Bank
Wilmette: Wilmette State Bank_._'
163
29,041
5,739
1,162
97
449
687
933
116
189
110
3,698
884
167, 725
478
2,317
1,250
390
2,074
2,031
40
164
356
6,875
1,404
253,062
3,136
5,162
1,441
1,436
3,191
4,204
180
440
670
500
200
3,000
2,000
200
200
120
200
300
25
50
50
200
50
6,000
500
20
27
15
100
100
10
20
10
591
2,109
129
817
705
376
99
128
49
252
113
252
75
164
2,442
2,927
128
709
6,356
350
783
201
1,301
56
121
26
253
93
58
148
211
1,610
3,770
16
1,502
10,543
465
2,183
1,001
2,115
201
412
114
538
385
505
241
416
4,622
8,583
230
325
1,250
50
200
100
100
40
35
25
100
50
50
50
50
1,000
500
50
15
40
50
50
15
15
15
20
11
10
10
15
100
200
10
62
70
157
84
104
147
95
307
35
36
228
106
602
541
745
1,248
155
150
614
294
744
763
974
2,161
25
25
70
25
50
75
100
175
5
7
70
5
15
10
25
50
6,051
157
71
1,138
444
664
18, 262
36
35
298
323
1,619
27, 808
393
140
2,412
774
250
2,500
40
25
225
100
58
500
5
5
75
10
64
681
114
290
10, 498
5,830
232
116
56
1,190
342
574
370
673
63
1,733
1,148
268
1,442
20
59
432
329
1,873
280
1,431
16, 991
12, 353
741
478
1,121
2,453
941
769
543
3,135
259
3,732
2,505
761
4,264
115
229
839
553
344
521
25
50
25
120
600
1,000
100
40
100
205
50
50
40
400
30
125
100
50
300
25
25
60
50
25
25
16
50
8
20
400
125
20
17
20
20
30
15
9
80
15
150
50
30
100
6
13
30
13
6
INDIANA
(See also district no. 8)
Connersville: Fayette Bank & Trust Co
Indianapolis: Fletcher Trust Co
Jamestown: Citizens State Bank
Mohawk: Mohawk State Bank
Muncie: Merchants Trust & Savings Co
Tipton: Farmers Loan & Trust Co
IOWA
Afton: Commercial State Bank
Algona: Iowa State Bank
Blencoe: Blencoe State Bank
Cherokee: Cherokee State Bank
Davenport: Davenport Bank & Trust Co
Des Moines: Bankers Trust Co
Fairfield: Iowa State Bank & Trust Co
Fontanelle: State Savings Bank
Fort Dodge: The State Bank
Fort Madison: Fort Madison Savings Bank
Glenwood: Glenwood State Bank
Holstein: Holstein State Bank
Ida Grove: Ida County State Bank
Monticello: Monticello State Bank
Moorhead: Moorhead State Bank
Muscatine: Muscatine Bank & Trust Co
Newton: Jasper County Savings Bank
Osage: Home Trust & Savings Bank
Ottumwa: Union Bank & Trust Co
Riceville: Riceville State Bank
Royal: Home State Bank
Shenandoah: Security Trust & Savings Bank
Storm Lake: Security Trust & Savings Bank
Templeton: Templeton Savings Bank
Williams: Williams Savings Bank
164
490
79
714
4,283
2,799
171
192
303
863
366
126
56
2,493
108
843
847
342
1,951
82
154
188
189
189
148
226
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 7—Continued
MICHIGAN
(See also district no. 9)
Adrian:
Adrian State Savings Bank
Commercial Savings Bank.
Lenawee County Savings Bank
Albion: Commercial & Savings Bank
Alpena: Alpena Savings Bank
Ann Arbor:
Farmers & Mechanics Bank
State Savings Bank
Armada: Armada State Bank
Bay City: Peoples Commercial & Savings Bank..
Big Rapids: Big Rapids Savings Bank
Blanchard: Blanchard State Bank
Blissfield: Blissfield State Bank
Bronson: First State Savings Bank
Brown City: Brown City Savings Bank
Cass City:
Cass City State Bank
The Pinney State Bank
Cassopolis: Cass County State Bank
Charlotte: Eaton County Savings Bank
Chelsea: Chelsea State Bank
Croswell: State Bank of Croswell
Davison: Davison State Bank
__.
Detroit:
Detroit Savings Bank
United Savings Bank
Dundee: Monroe County Bank___
Farmington: Farmington State Bank
Fennville: Old State Bank
Flint:
Citizens Commercial & Savings Bank
Genesee County Savings Bank
Frankenmuth: Frankenmuth State Bank
Fremont:
Fremont State Bank
Old State Bank of Fremont
Grand Haven:
Grand Haven State Bank
Peoples Savings Bank
Grand Rapids: Old Kent Bank
Greenville:
Commercial State Savings Bank
First State Bank of Greenville
Hillsdale: Hillsdale State Savings Bank
Holland: Holland City State Bank
Howell: First State & Savings Bank
Jonesville: Grosvenor Savings Bank
Lakeview: Bank of Lakeview
Lapeer: Lapeer Savings Bank
Lowell: State Savings Bank
Manchester:
Peoples Bank
Union Savings Bank
Manistee: Manistee County Savings Bank
Marcellus: G. W. Jones Exchange Bank
Marshall: Commercial Savings Bank
Mason:
Farmers Bank
First State and Savings Bank
Midland; Chemical State Savings Bank..
Milan: Peoples State Bank of Milan
Mount Pleasant:
Exchange Savings Bank
Isabella County State Bank
New Baltimore: Citizens State Savings Bank
New Haven: New Haven Savings Bank
Onsted: Onsted State Bank
Pigeon: Pigeon. State Bank.__
_
Romeo: Romeo Savings Bank
__
Royal Oak: The Guardian'Bank of Royal Oak..
Saginaw: Saginaw State Bank
St. Charles: St. Charles State Bank
St. Clair: Commercial & Savings Bank
Saugatuck: Fruit Growers State Bank
Sebewaing: Farmers & Merchants State Bank.__
South Haven: Citizens State Bank...
245
443
359
200
541
292
488
447
217
1,069
1,589
1,039
519
1,924
101
110
110
100
200
2,122
2,503
101
2,135
90
35
342
110
78
528
2,263
168
5,750
117
35
132
54
84
3,257
4,783
286
8,510
223
99
824
236
260
250
400
25
500
50
25
100
50
25
118
128
179
85
460
130
59
70
161
64
380
517
390
72
191
311
344
567
1,008
650
170
40
50
40
54
110
72
50
18, 369
6,163
124
35
101
47, 075
7,471
47
283
139
85, 438
15, 323
210
353
502
5,500
1,500
40
50
50
750
300
4,449
1, 639
5,363
2,001
391
12,076
4,462
1,160
500
700
117
550
248
290
175
161
50
62
10
621
14, 412
782
338
13,124
1,698
950
30, 307
150
50
3, 500
50
400
556
43
534
420
62
78
83
126
157
263
61
894
384
136
140
46
54
234
922
277
2,177
968
245
277
159
188
513
100
50
165
191
62
33
30
61
50
64
222
949
295
372
345
1,841
165
619
206
534
3,222
607
1,152
25
25
300
40
100
50
50
40
25
239
182
676
101
193
177
860
94
503
439
2,701
257
50
25
100
50
5
15
25
219
641
79
22
150
97
116
158
581
72
460
144
250
537
702
98
85
51
72
67
1,199
177
276
1,110
133
259
786
691
1,661
203
175
212
203
386
1,709
900
387
2,047
351
583
1,460
50
120
25
25
25
25
55
100
400
25
225
60
50
100
40
250
200
250
~~35
18
10
5
5
12
35
35
12
50
50
13
50
227
STATE BANK MEMBERSHIP
[In thousands of dollars]
Investments
Total
deposits
Capital
142
276
385
55
107
117
816
284
307
451
1,571
400
30
25
200
50
106
79
158
60
328
201
40
50
20
560
179
2,087
591
343
1,906
1,229
570
5,228
125
50
500
25
18
100
534
2,560
12,382
1,494
310
2 327
270
838
321
1,323
17, 919
1,119
21
3,162
53
583
813
4,548
36, 546
3,042
479
5,903
959
1,539
200
200
3,000
400
50
500
100
200
40
100
351
1,629
170
2,385
162
116
126
4,069
685
1,519
372
9,198
60
200
50
675
1
40
10
50
408
245
199
301
30
88
816
353
357
100
100
50
10
10
10
191
410
657
370
598
176
490
405
300
107
596
236
124
45
218
355
392
1,444
717
372
661
180
507
401
93
1,129
306
14
34
185
738
917
2,539
1,369
1,292
1,254
878
1,137
807
308
3,291
630
134
84
464
50
50
700
150
130
100
175
150
130
25
200
125
25
25
25
25
35
5
100
15
5
2
25
607
59
353
278
12
1,007
931
205
1,536
100
25
100
75
20
75
8,520
9,608
4,928
10,907
3,604
4,023
3,920
3,026
4,035
18,050
9,380
9,648
1,000
2,000
1,250
2,000
1,250
107
196
342
25
4
Loans
Surplus
DISTRICT NO. 7—Continued
MICHICXAN—continued
Sparta: Sparta State Bank _ _
Spring Lake: Spring Lake State Bank
Traverse City: Traverse City State Bank_
Wayne: Wayne State Bank
Williamston:
Crossman & Williams State Bank
Williamston State Bank.
.
5
10
WISCONSIN
(See also district no. 9)
Burlington: Bank of Burlington
Edgerton: Tobacco Exchange Bank
__ _
Manitowoc: Manitowoc Savings Bank
- __
Milwaukee:
American State Bank
Badger State Bank
Marshall & Ilsley Bank
West Side Bank
Platteville: State Bank of PlattevilleSheyboygan: Citizens State Bank
South Milwaukee: Home State Bank
Sturgeon Bay: Bank of Sturgeon Bay
DISTRICT NO. 8
400
250
25
ARKANSAS
Bates ville: Citizens Bank & Trust Co ..
Blytheville: Farmers Bank & Trust Co
_
Fordyce: Fordyce Bank & Trust Co__.
Little Rock: W. B. Worthen Co., Bankers
Bank of Russellville .
_ _ .
Peoples Exchange Bank
Waldron: Bank of Waldron
ILLINOIS
(See also district no. 7)
Breese: State Bank of Breese
Chester: First State Bank
East St. Louis: Union Trust Co
Edwardsville: Bank of Edwardsville
.__ _ Effingham: Effingham State Bank . __ _
Eldorado: C. P. Burnett & Sons
Greenville: State Bank of Hoiles & Sons
Harrisburg: First & Savings Bank _.
Hillsboro: Montgomery County Loan & Trust Co_
Hoyleton: Hoyleton State & Savings Bank
Jacksonville: Elliott State Bank
Litchfield: Litchfield Bank & Trust Co
O'Fallon: First State Bank
Richview: Richview State Bank
Steeleville: State of Steeleville
150
10
27
20
75
KENTUCKY
(See also district no. 4)
Danville: Boyle Bank & Trust Co
Hartford: Citizens Bank _
Hopkins ville: Planters Bank & Trust Co
Louisville:
Kentucky Title Trust Co
Liberty Bank & Trust Co
Lincoln Bank & Trust Co
Louisville Trust Co
- -- -
200
500
MISSISSIPPI
(See also district no. 6)
Indianola: Peoples Bank
228
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Total
deposits
Capital
67
397
352
248
454
282
141
135
268
217
165
1,456
270
280
118
192
154
741
1,094
529
997
543
396
693
418
1,464
349
2,916
551
371
254
571
25
50
120
75
100
50
25
100
100
100
25
200
50
30
45
100
799
952
1,748
947
416
818
1,742
870
1,578
1,830
23, 542
28, 504
691
1,169
1,986
613
1,509
433
3,714
2, 693
271
49
113
326
550
1,089
3,874
2,631
497
634
1,057
1,829
1,690
2,105
4,327
62,124
37, 248
603
1, 650
3,998
1,039
1,117
1,430
6,087
4,079
255
91
67
325
932
2,073
4,932
4,617
1,961
1,407
2,142
4,364
2,746
3,552
8,290
125, 735
78, 219
1,416
2,984
6,155
2,683
2,864
1,833
10, 037
8,036
801
150
264
657
1,906
415
700
600
500
300
450
900
350
1,000
600
10,000
6,500
350
500
1,050
200
425
425
800
1,000
110
25
40
90
100
596
131
292
747
435
756
62
377
445
537
1,434
227
737
1,383
1,081
180
50
50
200
170
375
300
631
1,082
1,178
1,394
200
270
31
162
333
115
66
132
186
152
61
136
184
214
439
58
239
38
105
337
270
66
287
388
975
208
389
203
314
610
394
267
10
40
5
10
5
10
8
5
5
151
69
60
220
227
293
7
5
206
179
120
180
90
205
124
240
81
136
459
428
512
382
Loans
Investments
Surplus
DISTRICT NO. 8—Continued
(See also district no. 10)
Camdenton: Camden County Bank
Clinton: Union State Bank of Clinton
Farmington: United Bank of Farmington
Glasgow: Glasgow Savings Bank
Hannibal: Farmers & Merchants Bank & Trust Co_
Lancaster: Schuyler County State Bank
Lebanon: State Savings Bank
Luxemburg: Lemay Ferry Bank
Maplewood: Peoples State Bank
Marshall: Wood & Huston Bank
Memphis: Bank of Memphis
Moberly: Mechanics Bank & Trust Co
Monroe City: Monroe City Bank
Normandy: Normandy State Bank
Pine Lawn: Pine Lawn Bank
Sedalia: Sedalia Bank & Trust Co
St. Louis:
Baden Bank
Bremen Bank & Trust Co
Cass Bank & Trust Co
Chippewa Trust Co
Easton-Taylor Trust Co
Jefferson Bank & Trust Co
_
Jefferson-Gravois Bank
Lindell Trust Co
Manchester Bank
. Manufacturers Bank & Trust Co. of St. Louis._
Mercantile-Commerce Bank & Trust Co
Mississippi Valley Trust Co
Mound City Trust Co
North St. Louis Trust Co
Northwestern Trust Co
The Plaza Bank of St. Louis
Southern Commercial & Sayings Bank
Southwest Bank of St. Louis
Tower Grove Bank & Trust Co
United Bank & Trust Co
St. Louis County: Gravois Bank of St. Louis County.
Vandalia: Vandalia State Bank
Versailles: Bank of Versailles
Washington: Franklin County Bank
Webster Groves: Webster Groves Trust Co
80
107
577
189
436
69
128
479
119
761
81
214
160
71
79
245
5
10
25
75
100
20
20
200
5
22
35
7
3
15
100
100
40
100
""400
2,000
1,200
""166
25
50
40
"166
200
10
5
15
"166
DISTRICT NO. 9
MICHIGAN
(See also district no. 7)
Escanaba: State Savings Bank
Ewen: State Bank of Ewen
Gladstone: Gladstone State Savings Bank.
Iron Mountain: Commercial Bank
Menominee: Commercial Bank
Sault Ste. Marie:
Central Savings Bank
Sault Savings Bank
50
MINNESOTA
Aurora: State Bank of Aurora
Belle Plaine: State Bank of Belle Plaine
Caledonia: Sprague State Bank
Cannon Falls: Security State Bank
Chatfield: First State Bank
Clinton: Clinton State Bank
Gibbon: State Bank of Gibbon
Houston: Security State Bank of Houston
Plainview: Peoples State Bank
Rushmore: First State Bank of Rushmore
Sacred Heart: Farmers & Merchants State Bank of
Sacred Heart
St. Charles: Citizens State Bank
Springfield:
Farmers & Merchants State Bank
State Bank of Springfield
__
Wadena: Wadena County State Bank
Westbrook: Citizens State Bank
Wykoff: First State Bank of Wykoff
10
10
10
5
229
STATE BANK MEMBERSHIP
[In thousands of dollars]
Investments
Total
deposits
Capital
1,009
410
535
1,164
128
1,146
2,717
707
2,274
600
125
175
25
15
25
209
1,234
125
81
62
206
15-7
99
21
193
134
5,355
134
771
25
11
98
779
2,044
99
34
80
161
248
88
110
614
507
8, 807
382
1.690
136
79
413
1,401
6,192
444
160
315
705
489
302
144
175
100
800
25
100
25
33
35
100
500
35
25
25
40
50
25
25
10
10
200
5
50
3
5
20
25
50
5
17
2
40
11
15
7
153
61
67
422
56
130
39
70
229
99
77
254
24
98
467
33
154
30
157
75
146
123
102
108
19
67
535
83
143
47
82
44
46
714
115
109
53
966
129
176
24
59
153
32
178
86
350
75
135
1,302
309
304
139
326
480
235
946
576
213
262
1,614
190
461
172
484
252
206
677
25
40
25
75
25
25
25
25
50
40
100
75
30
25
200
50
25
25
25
25
25
25
25
15
4
7
25
5
15
5
5
10
8
12
10
6
5
25
10
15
5
15
5
10
5
10
240
84
265
257
65
30
Loans
Surplus
DISTRICT NO. 9—Continued
MONTANA
Anaconda: Daly Bank & Trust Co
Big Timber: Citizens Bank & Trust Co
Billings: Security Trust & Savings Bank.
Bozeman:
Gallatin Trust & Savings Bank
Security Bank & Trust Co
Butte: Metals Bank & Trust Co
Columbus: Yellowstone Bank
Deer Lodge: Deer Lodge Bank & Trust Co
Denton: Farmers State Bank
Fromberg: Clarks Fork Valley Bank
Glasgow: Farmers-Stockgrowers Bank
Great Falls: Montana Bank & Trust Co
Helena: Union Bank & Trust Co
Laurel: The Yellowstone Bank
Richey: First State Bank
Ronan: Ronan State Bank
Terry: State Bank of Terry
Townsend: State Bank of Townsend
Victor: Farmers State Bank
Worden: Farmers State Bank
212
2,089
100
478
49
44
SOUTH DAKOTA
Alcester: State Bank of Alcester
Alpena: Bank of Alpena
Arlington: Citizens State Bank
Belle Fourche: Butte County Bank
Belvidere: Belvidere State Bank
Buffalo: First State Bank
Burke: Burke State Bank
Faith: Farmers State Bank
_
Flandreau: Farmers State Bank
Freeman: Merchants State Bank
Huron: Farmers & Merchants Bank
Madison: Security Bank & Trust Co
Mclntosh: Security State Bank
Miller: Hand County State Bank
Mitchell: Commercial Trust & Savings Bank_.
Mobridge: Citizens Bank & Trust Co
Newell: Reclamation State Bank
Presho: Farmers & Merchants State Bank
Sturgis: Bear Butte Valley Bank
Toronto: The Bank of Toronto
Wessington Springs: Jerauld County Bank
Winner: Farmers State Bank
Woonsocket: Sanborn County Bank
WISCONSIN
(See also district no. 7)
Boyceville: Bank of Boyceville
Glenwood City: First State Bank
DISTRICT NO. 10
COLORADO
Delta: Colorado Bank & Trust Co
Denver:
Central Savings Bank & Trust Co
International Trust Co
La Junta: Colorado Savings & Trust Co
Sterling: Commercial Savings Bank of Sterling
301
207
823
50
42
2,938
284
270
1,542
5,833
177
260
2,973
14, 552
709
918
350
500
75
100
50
500
20
20
294
250
303
1,936
75
26
49
30
146
487
35
123
1,763
332
930
799
1,475
2,944
395
140
431
95
481
1,453
285
418
3,331
987
50
100
150
100
50
25
25
25
25
100
40
25
200
110
50
20
54
100
25
5
4
3
15
26
10
50
18
10
KANSAS
Abilene: Citizens Bank
Hiawatha: Morrill & Janes Bank
Hutchinson: Hutchinson State Bank
Kansas City: The Riverview State Bank
Liberal: Citizens State Bank
Luray: Peoples State Bank of Luray
Ness City: The First State Bank
Onaga: Onaga State Bank
Osage City: Citizens State Bank
Pratt: Peoples Bank
Sedan: Sedan State Bank
Sylvan Grove: Sylvan State Bank
Topeka: Fidelity Savings State Bank
Winfield: The State Bank
276
258
452
736
100
78
115
39
168
343
144
136
459
284
230
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 10—Continued
MISSOURI
(See also district no. 8)
Albany: Gentry County Bank
Carthage: Bank of Carthage
Craig: Bank of Craig..
Kansas City:
Commerce Trust Co..
___•
Merchants Bank of Kansas City
King City: First State Bank of King City
Lamar:
Barton
County
Bank..
Rich Hill:
Security
BankState
of Rich
Hill _
St. Joseph: Empire Trust Co
South St. Joseph: First St. Joseph Stock Yards Bank
160
615
121
244
513
30
618
1,667
228
50
150
25
25
50
15
27, 682
1,167
103
169
84
555
339
51, 303
708
44
59
106
745
1,379
127, 835
2,600
185
364
195
1,967
3,944
6,000
200
30
25
25
200
250
2,000
100
6
3
5
50
25
160
76
246
450
84
38
118
46
113
100
16
240
817
76
253
276
48
132
495
187
565
1,473
195
379
452
185
455
30
30
35
100
25
40
30
25
40
6
10
7
34
4
5
10
5
10
131
41
233
30
6
63
98
372
50
17
324
72
69
168
175
93
116
25
142
75
403
312
88
418
472
50
25
40
38
43
40
7
5
13
463
158
237
97
104
72
534
346
426
40
40
25
60
26
4
1,747
122
1,902
150
5,759
364
250
50
270
5
15
NEBRASKA
Alma: Harlan County Bank _
Bancroft* Citizens Bank
Blair: Washington County Bank
Grand Island: The Commercial Bank. _
Pawnee City: Citizens State Bank
Scribner: Farmers State Bank
Stromsburg: Stromsburg Bank
Valley: Bank of Valley
Wahoo: Wahoo State Bank
NEW MEXICO
(See also district no. 11)
Aztec: Citizens Bank.. .
__
OKLAHOMA
Okarche* First Bank of Okarche
WYOMING
Evanston: Stockgrowers Bank
Lusk- Lusk State Bank
Mountain View: Uinta County State Bank
Newcastle* First State Bank
Sundance: Sundance State Bank
Wheatland:
State Bank of Wheatland
Stock Growers Bank. _ _ __
Worland: Farmers State Bank of Worland
DISTRICT NO. 11
ARIZONA
(See also district no. 12)
Tucson: Southern Arizona Bank & Trust Co_
Willcox: The Bank of Willcox
LOUISIANA
(See also district no. 6)
Minden: Minden Bank & Trust Co._
Shreveport: Continental-American Bank & Trust
Co
_
98
69
391
60
2,257
1,916
6,275
950
136
48
70
21
426
80
50
25
25
5
375
61
80
391
488
33
685
72
55
27
246
36
1,617
257
302
501
1,074
84
200
63
65
50
100
25
6
10
3
NEW MEXICO
(See also district no. 10)
Deming: Mimbres Valley Bank
Logan: McFarland Bros. Bank. .
TEXAS
Beaumont: Security State Bank & Trust Co
Beeville: State Bank & Trust Co
Bremond: First State Bank . .
_ _
Brownfield: Brownfield State Bank
Bryan: First State Bank & Trust Co
Carrollton: Farmers & Merchants State Bank
_
100
3
231
STATE BANK MEMBERSHIP
[In thousands of dollars]
Loans
DISTRICT NO. 11—Continued
TEXAS—continued
Celina: First State Bank
Clarendon: Farmers State Bank
Claude: First State Bank
Clifton: Farmers State Bank
Dalhart: Citizens State Bank
Dallas: Dallas Bank & Trust Co
Del Rio: Del Rio Bank & Trust Co
Dodsonville: First State Bank
East Bernard: Union State Bank
Eden: Eden State Bank
Ferris: Farmers & Merchants State Bank
Forney: Forney State Bank
Franklin: First State Bank
Gatesville: Guaranty Bank & Trust Co
Goose Creek: Citizens State Bank & Trust Co
Greenville: Citizens State Bank
Hamilton: Hamilton Bank & Trust Co
Huntsville: Huntsville Bank & Trust Co...
_.
Iola: Iola State Bank
Killeen: First State Bank
.
Kirkland: First State Bank
.
Kosse: First State Bank
.
Ladonia: Farmers & Merchants State Bank
Leakey: First State Bank
Llano: Moore State Bank
Loraine: First State Bank
.
Madisonville: Farmers State Bank
.
Matador: First State Bank
Mathis: First State Bank
.
McAllen: City State Bank & Trust Co
Mount Pleasant: Guaranty Bond State Bank
Nacogdoches: Commercial State Bank
Pearsall: Security State Bank
Rails: Security State Bank & Trust Co
_-.
Richardson: Citizens State Bank
Robert Lee: First State Bank
Roscoe: Roscoe State Bank
Rusk: Farmers & Merchants State Bank & Trust
Co-
Shamrock: Farmers & Merchants State Bank of
Shamrock
Shiro: Farmers State Bank
Silsbee: Silsbee State Bank
Sinton: Commercial State Bank
Spearman: First State Bank
Thorndale: Thorndale State Bank
Wellington: Wellington State Bank
Wharton:
Security Bank & Trust Co
Wharton Bank & Trust Co
Wylie: Farmers & Merchants State Bank of Wylie.
DISTRICT NO. 12
Investments
Total
deposits
Capital
228
39
75
203
83
214
186
486
108
251
60
99
52
42
76
31
178
27
',289
91
4
19
2
65
2
26
177
560
438
35
319
23
68
13
6
61
19
62
52
64
9
27
376
47
357
82
25
10
15
55
174
210
154
421
430
16, 925
390
88
266
144
309
140
104
462
1,008
1,133
182
590
78
221
62
86
181
44
364
156
216
356
134
862
330
1,076
224
306
81
125
359
25
75
50
50
50
1,000
150
25
60
75
50
40
45
50
90
100
50
50
25
35
25
35
25
25
50
60
25
38
45
60
65
100
25
50
35
30
30
62
147
49
126
165
3,547
283
82
200
125
199
72
55
134
314
372
79
214
32
91
42
20
59
39
Surplus
3
4
5
"25
500
"IS
5
"25
5
10
18
25
20
5
25
25
14
15
5
50
90
107
509
75
197
36
148
310
43
63
253
95
19
226
63
76
79
34
338
95
516
614
269
264
294
50
25
40
50
25
30
50
12
10
25
25
7
17
10
94
344
58
276
299
39
710
995
120
75
100
25
15
100
4
56
4,339
60
5,475
153
13,915
25
1,050
11
210
450
450
128
130
5,381
188
404
315
88
1,962
871
1,053
429
220
10,135
50
75
75
25
1,000
60
35
12
13
250
34,188
14,046
593
20, 617
23, 438
11,210
494
9,610
74, 298
30,226
1,103
36,125
6,500
2,500
150
4,146
1,625
1,250
80
1,354
1,133
6,260
3,298
1,529
3,624
2,270
3,311
12, 257
6,667
300
1,000
675
150
400
135
96,718
59, 509
2,116
347
85, 274
115,106
1,076
79
217,405
194, 348
3,148
457
15,000
9,000
100
100
4,000
5,000
120
50
ARIZONA
(See also district no. 11)
Buckeye: Buckeye Valley Bank
Phoenix: Valley Bank & Trust Co
CALIFORNIA
Carmel: Bank of Carmel
Downey: Los Nietos Valley Bank
Fairfield: Solano County Bank
Le Grand: Le Grand Bank
Long Beach: Farmers & Merchants Bank
Los Angeles:
California Bank
Union Bank & Trust Co
Newman: Bank of Newman
Oakland: Central Bank of Oakland...
Pasadena:
Citizens Commercial Trust & Savings Bank...
First Trust & Savings Bank of Pasadena
Salinas: Monterey County Trust & Savings Bank.
San Francisco:
American Trust Co
Wells Fargo Bank & Union Trust Co
San Rafael: Bank of San Rafael
Santa Paula: Citizens State Bank
129288—35
16
232
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
[In thousands of dollars]
Loans
Investments
Total
deposits
Capital
Surplus
DISTRICT NO. 12—Continued
Aberdeen: Bank of Aberdeen
Arco: Butte County Bank
Boise: First Security Bank of Idaho
Hazleton: Hazleton State Bank
Kellogg: First State Bank of Kellogg
Malad City: J. N. Ireland & Co., Bankers
Orofino: Bank of Orofino
Richfield: First State Bank
Soda Springs: Largilliere Co., Bankers
Twin Falls: Twin Falls Bank & Trust Co
65
61
5,586
64
31
116
20
47
120
593
87
9,827
85
283
205
214
50
172
415
260
206
20,325
162
434
537
322
142
495
2,288
25
35
1,235
25
50
40
25
25
25
100
5
265
7
5
12
5
8
13
127
209
238
37
119
70
255
214
361
45
276
201
655
753
828
114
510
305
50
50
100
25
40
85
15
20
25
3
7
363
272
309
141
406
311
601
.,846
622
406
647
399
151
36
26
243
57
474
1,660
307
342
72
1,138
492
384
222
808
340
1,435
4,649
1,266
842
856
150
100
75
50
50
50
160
550
100
125
25
"50
65
21
1,304
10,718
1,217
1,948
22, 914
250
300
2,250
200
150
242
413
346
314
543
820
50
100
75
15
10
65
147
311
184
510
90
50
5
31
50
OREGON
Albany: Bank of Albany
Dallas: Dallas City Bank
Grants Pass: Grants Pass & Josephine Bank
Haines: Bank of Haines
Myrtle Point: Security Bank of Myrtle Point
Oakland: E. G. Young & Co., Bank.
UTAH
Brigham: State Security Bank
Cedar City: Bank of Southern Utah
Ephraim: Bank of Ephraim
Gunnison: Gunnison Valley Bank
Helper: Helper State Bank
Kaysville: Barnes Banking Co
Logan: Cache Valley Banking Co
Ogden: Commercial Security Bank
Price: Carbon Emery Bank
Provo: Farmers & Merchants Bank.
Salina: First State Bank of Salina
Salt Lake City:
Tracy Loan & Trust Co
Utah Savings & Trust Co
Walker Bank & Trust Co
Spanish Fork:
Bank of Spanish Fork
Commercial Bank
Springville: Springville Banking Co
Vernal:
Bank of Vernal
Uintah State Bank
,
553
660
40
35
""50
25
100
WASHINGTON
Almira: Almira State Bank
Cashmere: Cashmere Valley Bank
Chehalis: Coffman-Dobson Bank & Trust Co
Coulee City: Security State Bank
Ellensburg: Farmers Bank
Hoquiam: Bank of Hoquiam
Kalama: Kalama State Bank
Kelso: Cowlitz Valley Bank
Lacrosse: First State Bank
Pullman: Pullman State Bank
Puyallup:
Citizens State Bank
Puyallup State Bank
Ritzville: Ritzville State Bank
Rockford: Farmers & Merchants Bank
Rosalia: Bank of Rosalia
Seattle:
Peoples Bank & Trust Co
Seattle Trust Co
Selah: Selah State Bank
South Bend: Pacific State Bank
Spokane:
Spokane & Eastern Trust Co
Washington Trust Co
Tekoa: Tekoa State Bank
Toppenish: Traders Bank
Uniontown: Farmers State Bank,
Wenatchee: Columbia Valley Bank
Wilbur: State Bank of Wilbur
Yakima: Yakima Valley Bank & Trust Co
._
91
142
831
26
509
416
50
92
246
36
301
769
28
536
457
196
331
45
103
153
518
1,885
104
1,237
1,135
288
503
256
657
50
50
285
25
150
170
50
70
110
75
176
152
54
277
261
219
10
186
545
502
412
142
330
100
50
45
25
45
4,784
1,142
149
101
5,116
2,066
106
340
14, 326
3,053
305
478
1,075
550
30
75
300
200
5,612
2,232
182
92
75
777
258
390
11,934
948
243
60
38
381
68
249
23,821
4,941
481
273
100
1,448
421
948
1, 750
200
45
40
25
200
50
250
250
200
16
10
7
49
10
233
STATE BANK MEMBERSHIP
LICENSED STATE BANK MEMBERS—SUMMARY CLASSIFICATION ACCORDING TO
CAPITAL STOCK,1 DEC. 31, 1934
Number of banks with a capital stock of—
States
ooT
8-S
New England:
Maine
New H a m p shire
Massachusetts..
Rhode Island...
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania...
17
117
52
73
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
12
West North Central:
Minnesota
Iowa
Missouri
South D a k o t a Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia. _.
North Carolina.
South CarolinaGeorgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico.
Arizona
_
Utah
1
1
1
1
Pacific:
Washington. _
Oregon
California
3
1
1
5
1
Total _
980
91
172
83
i Includes capital notes and debentures and par value of preferred and common stock.
101
234
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
LICENSED
STATE BANK MEMBERS—SUMMARY CLASSIFICATION
CAPITAL STOCK,1 D E C . 31, 1934—Continued
ACCORDING TO
[In thousands of dollars]
Aggregate capital stock of banks with a capital stock of—
3
New England:
Maine
New Hampshire .
Massachusetts...
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
4,061
150
27,305
5,000
4,609
447,089
45,129
64,754
100
50
30
25
65
East North Central:
Ohio
Indiana
Illinois
Michigan......
Wisconsin
69,480
3,140
23,000
18,988
5,420
25
250
300
West North Central:
Minnesota
Iowa
Missouri
South Dakota....
Nebraska
Kansas
593
3,620
35,580
1,010
355
1,025
175
150
175
350
50
125
South Atlantic:
Delaware
Maryland
District of Colum-.
bia
Virginia
West Virginia
North Carolina...
South Carolina
Georgia
Florida
750
611
2,600
150
125
4,500
1,900
5,000
100
150
"166'
15, 380
5,000
4,059
1,300
1,000
200
1,495
470
2,332
4,138
6,850
11, 290 30,000
4,821 23,650
5,250 20, 725
393,255
11,000
29,096
500
100
600
700
100
1,155
1,524
125
2,400
475
3,325
2,645
1,000
166
258
110
145
110
205
40
300
50
100
550
283
600
900
100
145
426
65
100
250
200
100
100
300
600
100
100
245
300
260
25
6,590
5,910
6,200
50
75
50
25
150
400
6,840
580
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
7.325
875
3,250
75
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
1,235
2,060
50
3,866
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico _
Arizona
Utah
3,018
1,585
301
1,075
105
1,375
4,600
Pacific:
Washington..
Oregon
California
5,590
350
40,696
Total
450
100
50
140
150
30
200
25
50
200
75
300
403
150
125
50
143
75
201
30
205
40
3,525
200
100
200
100
400
100
,833
150
205
100
50
50
650
60
150
425
150
673
500
6,500
7,000
4,400
700
700
700
200
780
450
1,615
1,850
3,250
2,795
5,200
1,550
3,250
200
200
500
625
200
150
250
100
50
220
85
150
675
950
200
6,250
1,000
1,000
1,235
350
100
050 4,246
300
435
250
550
500
"556"
1,050
2,250
430
935
550
2,825
"I56"
"366"
~675~
8,646
30, 500
157
556,151
600 12,901
, 254 51,965
1 Includes capital notes and debentures and par value of preferred and common stock.
22, 500
1,900
475
240
6,000
5,500
~2~506"
120
763
50
50
50
50
50
50
250
1,000
3,050
53, 300
200
325
35
6,792
2,500
7,250
5,000
3,000
3," 600
1,700
1,000
905
3,765
200
7,173
7,850
4,400
3,480
L89,
235
STATE BANK MEMBERSHIP
LICENSED
STATE BANK MEMBERS—SUMMARY CLASSIFICATION ACCORDING TO
CAPITAL STOCK, 1 D E C . 31, 1934—Continued
[In thousands of dollars]
Total deposits of banks with a capital stock of —
88
8
New England:
Maine
New Hampshire
Massachusetts.
Rhode Island. _
Connecticut
27, 777
1,175
301,456
131,233
59,458
Middle Atlantic:
6,723,761
New York
465, 723
New Jersey
Pennsylvania- _ 1,060,451
5,450
2,527
7,194
~5,~640
1,175
1,721 58,781 17,654
"I," 202 2,752
400
201 2,941 3,225 14,678 10,055 87,921 141, 072
251
11,536 3,622 45,154 44,006
673 ""987
180
2,127 16,752 73,249 49,440
12, 606
216,175
131, 233
53,963
1,485
295, 302 6,
», 167, 966
233, 354 127,800
495,141 421,454
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
601,456
33,146
544, 319
217,970
61, 378
3,278 1,442 5,211
140
393
2,168
613 6,201 1,377
3,455 2,423 7,623 2,908
257 1,049
265
4,769 13,130 17,937 28,631
69,249 455,401
774
4,031
27,808
7,517 9,710 39,248 48, 726 271,363 157,396
9,287 14,499 21,659 25,048
45,630 85,438
959 1,229 9,942 11,131
36, 546
West North Central:
Minnesota
Iowa
Missouri
South Dakota._
Nebraska
Kansas
6,600
57, 560
431,468
9,997
4,386
14,164
2,133 2,837
655
975
1,818 1,280 4,897
839
1,836 1,074 2,453 1,186
4,367
6,049
670
523
380 2,533
1,565
285 1,325
5,163 9,852 16,991
3,562 28, 591 37,185
1,614
1,473
5,196
2,462
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia..
North Carolina.
South Carolina.
Georgia
Florida
58,501
71,499
55,853
111,484
7,349
43,889
7,741
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
50,452
9,857
27, 060
916
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
13,300
729
685 1,169
508
391
26,391
373
373
36,950 1,635 2,386 4,965 4,754 4,278
Mountain:
Montana
Idaho
Wyoming
Colorado—New Mexico..Arizona
Utah
28,478
25,171
2,999
19,975
738
20,191
40, 882
Pacific:
Washington
Oregon
California
Total
60, 599
82,644
59, 262
3,165
592, 053
743
577
637
403
947
379 5,453 1,446
700 2,318
1,517
1,270
473
205
,538
916
7,828
3,715
1,410 1,454
1,024
2,759
1,213
2,263 ~2~022
468
6,171 14,054
6,367 10, 226
9,843
4, '"
4,497 8,120
6,850
2,467
829
153
856
434
403
823
426
232
364
2,194
3,598
2,288
709
346 1,801
114
305
510 1,408
871 1,482
220
1,182
Toil
915 2,720
1,641
743
1,858
3,331
2,496
355
1,221
970
4,264
8,278
52,771
76,078
58, 501
40,389
34, 641
97, 729
24, 050
41,113
20,017
1,519
390
12, 353
17,743 331,789
9,198
6,275
1,617
3,595
19, 217
16, 925
17, 716
20, 325
918
2,973 14, 552
2,301
3,415
5,759
3,165 "~4~649
13,915
22,914
545
828
3,605
2,628
9,222
3,053
38,147
1,103
3,311
6,667
88, 743 486,051
12, 211, 250 35,611 25, 11158,919 35,627 110,520 103, 608 479, 204 543,929 2, 583,9418, 234, 780
* Includes capital notes and debentures and par value of preferred and common stock.
236
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FIDUCIARY POWERS GRANTED TO NATIONAL BANKS
Under section 11 (k) of the Federal Reserve Act as amended, the
Federal Reserve Board has authorized the national banks listed
below to exercise one or more fiduciary powers as follows:
(1) Trustee.
(2) Executor.
(3) Administrator.
(4) Registrar of stocks and bonds.
(5) Guardian of estates.
(6) Assignee.
(7) Receiver.
(8) Committee of estates of lunatics.
(9) Any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition
with national banks are permitted to act under the laws of
the State in which the national bank is located.
The numerals opposite the name of each bank, which refer to the
list given above, indicate the power or powers it is authorized to
exercise.
Powers
granted
Powers
granted
DISTRICT NO. 1—Continued
DISTRICT NO. 1
CONNECTICUT—continued
CONNECTICUT
(See also district no. 2)
Ansonia: Ansonia National Bank
Canaan: Canaan National Bank
Danielson: Windham County National Bank.
Derby: Birmingham National Bank.
Hartford:
Capitol National Bank & Trust
Co.
First National Bank
Hartford National Bank & Trust
Co.
Meriden: Home National Bank
Middletown:
Central National Bank..
Middletown National Bank
Mystic: Mystic River National
Bank.
Naugatuck: Naugatuck National
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Willimantic: Windham National 1 to 9.
Bank
Winsted: Hurlbut National Bank.._ 1 to 9.
MAINE
Augusta: First National Granite
Bangor: Merchants National Bank__
Bar Harbor: First National Bank___
Bath:
1 to 9.
Bath National Bank
1 to 9.
First National Bank
Belfast: First National Bank.. _ __
Ito9.
Biddeford: First National Bank of
Biddeford.
1 to 9.
Camden: Camden National Bank.-1 to 9.
Damariscotta: First National Bank
Ito9.
of Damariscotta.
Ellsworth: Liberty National Bank__
1 to 9.
Farmington:
First National Bank___
New Britain: New Britain National 1 to 9.
Peoples National B ank. _
Bank.
Houlton: First National Bank..
New Haven:
Lewiston:
First National Bank & Trust Co. Ito8.
First National Bank
1 to 9.
New Haven Bank, N. B. A
Manufacturers National Bank
Second National Bank
. ._ 1 to 9.
Norway: Norway National Bank
1 to 9.
Tradesmens National Bank
Pittsfield: First National Bank
New London:
Portland:
1 to 9.
National Bank of Commerce
Canal National Bank
1 to 9.
National Whaling Bank
First National Bank at PortNew London City National 1, 2, 3, 5, 7,
land.
Bank.
8, and 9.
National Bank of Commerce
New Milford: First National Bank-. 1 to 9.
Portland National Bank
Norwich: Uncas-Merchants National 1 to 8.
Rockland: First National Bank
Bank.
1 to 9.
Rumford: Rumford National Bank_.
Putnam: Citizens National Bank
Saco: York National Bank _ .
Torrington: Torrington National 1 to 9.
Skowhegan: First
National National
Bank
Bank & Trust Co.
Thomaston:
Thomaston
Wallingford: First National Bank
1 to 9.
Bank.
Waterbury:
Waldoboro: Medomak National
Citizens and Manufacturers Na- 1 to 9.
Bank.
tional Bank.
1 to 9.
Waterville: First National Bank
Waterbury National Bank
1 to 9.
1 to 9.
1 to 4.
1 to 8.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1, 2, 3, 5, and
0.
1 to 9.
1 to 9.
1 to 3, and 5.
1 to 5, and 9.
1 to 9.
1 to 5, and 9.
1, 2, and 3.
Ito9.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
11 to
to 9.
3, 5, 8,
and 9
1 to 3, 5 to 7,
and 9.
Ito9.
237
FIDUCIARY POWERS
DISTRICT NO. 1—Continued
MASSACHUSETTS
Abington: Abington National Bank_ 1.
Adams:
First National Bank
Ito8.
Graylock National Bank
1 to 7 and 9.
Amherst: First National Bank....
Ito9.
Andover: Andover National Bank... Ito9.
Athol: First National Bank
1 to 9.
Attleboro: First National Bank
Ito9.
Beverly: Beverly National Bank
Ito9.
Boston:
First National Bank
1 to 9.
Merchants National Bank
Ito9.
National Rockland Bank
Ito9.
National Shawmut Bank
Ito9.
Second National Bank
Ito9.
Webster & Atlas National Bank.. Ito9.
Brockton:
Brockton National Bank
Ito9.
Home National Bank
1 to 9.
Concord: Concord National Bank... Ito9.
Edgartown: Edgartown National 1 to 3.
Bank.
Everett: Everett National Bank
Ito9.
Fall River: Fall River National Bank. Ito9.
Falmouth: Falmouth National Bank. 1 to 9.
Fitchburg: Safety Fund National Ito9.
Bank.
Foxboro: Foxboro National Bank
Ito9.
Framingham: Framingham National Ito9.
Bank.
Gardner: First National Bank
Ito9.
Gloucester:
Cape Ann National Bank
Ito9.
Gloucester National Bank
Ito9.
Great B a r r i n g t o n : National Ito9.
Mahaiwe Bank.
Greenfield: First National Bank & Ito9.
Trust Co.
laverhill:
Haverhill National Bank
Ito9.
Merrimack National Bank
1 to 4.
lolyoke: Holyoke National Bank... Ito9.
jludson: Hudson National Bank
1 to 9.
Ito9.
Ipswich: First National Bank
Lawrence: Bay State M e r c h a n t s 1 to 9.
National Bank.
Leominster: Merchants National 1 to 7 and 9.
Bank.
Lowell:
Appleton National Bank
Ito9.
Union Old Lowell National Bank. 1 to 9.
Lynn:
Central National Bank
Ito8.
Manufacturers National Bank
Ito9.
National City Bank
1 to 5 and 7.
Maiden:
First National Bank
1 to 9.
Second National Bank
Ito9.
Marblehead: National Grand Bank.. Ito9.
Marlboro:
First National Bank
Ito4.
Peoples National Bank
Ito9.
Medford: First National Bank
1,2,3, and 5.
Methuen: Methuen National Bank.. Ito8.
Milford:
Home National Bank
Ito4.
Milford National Bank & Trust 1 to 9.
Co.
Nantucket: Pacific National Bank.._ Ito9.
Needham: Needham National Bank. Ito9.
New Bedford:
First National Bank
Ito9.
Merchants National Bank
Ito9.
Safe Deposit National Bank
Ito9.
Newburyport:
First and Ocean National Bank_ _ Ito9.
Merchants National Bank
Ito8.
DISTRICT NO. 1—Continued
MASSACHUSETTS—continued
Newton: Newton National Bank
North Adams: N o r t h Adams
National Bank.
North Attleboro: Manufacturers
National Bank.
Northampton:
First National Bank
Northampton National Bank &
Trust Co.
Orange: Orange National Bank
Palmer: Palmer National Bank
Peabody: Warren National Bank
Pittsfield:
Agricultural National Bank
Pittsfield-Third National Bank
& Trust Co.
Plymouth: P l y m o u t h National
Bank.
Provincetown: First National Bank.
Rockport: Rockport National Bank.
Salem: Merchants National Bank
Shelburne Falls: Shelburne Falls
National Bank.
Somerville: Somerville National
Bank.
Southbridge: Southbridge National
Bank.
Springfield:
Springfield National Bank.
Third National Bank & 'Trust
Co. Martha's V i n e y a r d 1
Tisbury:
National Bank.
Townsend: T o w n s e n d National
Bank.
Turners Falls: Crocker National
Bank.
Uxbridge: Blackstone National Bank
Waltham: Waltham National Bank.
Wareham: National Bank of Wareham.
Watertown: Union Market National
Bank.
Webster: First National Bank
Wellesley: Wellesley National Bank.
Westfield:
First National Bank
Hampden National Bank &
Trust Co.
Winchendon: First National Bank...
Winchester: Winchester National
Bank.
Woburn: Woburn Naitonal Bank...
Worcester: Mechanics National
Bank.
Yarmouth Port: First National Bank
of Yarmouth.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 7 and 9.
Ito5.
Ito9.
Ito4.
Ito9.
1 to 7 and 9.
Ito9.
Ito9.
1 to 9.
Ito9.
to 8.
Ito3.
1 to 7 and 9.
Ito4.
1 to 7 and 9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito8.
1 to 7 and 9.
1 to 9.
Ito9.
1 to 3, 6, 7,
and 9.
Ito9.
Ito9.
NEW HAMPSHIRE
Berlin: Berlin City National Bank.. 1, 2, 4, 6,
and 7.
Charlestown: Connecticut R i v e r 1 and 4.
National Bank.
Claremont:
1, 2, 4, 6, 7,
Claremont National Bank
and 9.
Peoples National Bank
1.
Concord:
First National Bank
Ito9.
Mechanic's National Bank
1, 2, and 4.
National State Capital Bank
1, 2, and 4.
Dover:
Merchants National Bank
1 to 3.
Strafford National Bank
Ito4.
238
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted
Powers
granted
DISTRICT NO. 1—Continued
DISTRICT NO. 1—Continued
NEW HAMPSHIRE—continued
Exeter: Rockingham National Bank_
Franklin: Franklin National Bank..
Hanover: Dartmouth National Bank.
Keene:
Ashuelot-Citizens National Bank.
Keene National Bank. _
Laconia:
Laconia National Bank
Peoples National Bank
Lancaster: Lancaster National Bank.
Lebanon: National Bank of Lebanon.
Manchester:
Amoskeag National Bank
Manchester National Bank
Merchants National Bank
Milford: Souhegan National Bank...
Nashua:
Indian Head National Bank
Second National Bank
Newport: Citizens National Bank
Peterboro: First National BankPlymouth: Pemigewasset National
Bank.
Portsmouth:
First National Bank
New Hampshire National Bank.
Tilton: Citizens National Bank._ __
Wilton: Wilton National Bank
Wolfeboro: Wolfeboro National Bank,
VERMONT—continued
1, 2, and 4.
1,2, 5, and 9.
1,2,4, and 9.
1 and 4.
1 to 4.
1, 2, and 4.
1 and 4.
1, 2, 4, and 9.
1, 2, 4, 6, 7,
and 9.
1, 2, and 4.
1.
1, 4, and 9.
1 and 4.
1 to 4, 6, 7,
and 9.
1, 2, and 4.
1, 2, 4, 6, 7,
and 9.
1, 4, and 9.
1 and 4.
1, 2, 4, 6, 7,
and 9.
1 and 9.
1 and 2.
1, 2, 4, 6, 7,
and 9.
1 and 4."
"RHODE ISLAND
Newport:
Aquidneck National Bank
Newport National Bank
Providence:
Blackstone Canal National Bank.
National Bank of Commerce &
Trust Co.
Providence National Bank
_
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
VERMONT
Barre: Peoples National Bank
Bennington:
County National Bank. _ _ _
First National Bank
Brandon: First National Bank.
Brattleboro: Vermont Peoples National Bank.
Burlington: Howard National Bank
& Trust Co.
Chester: National Bank of Chester._
Danville: Caledonia National Bank.
Derby Line: National Bank of
Derby Line.
Enosburg Falls: Enosburg Falls
National Bank.
Manchester Center: Factory Point
National Bank.
Middlebury: National Bank of Middlebury.
Montpelier:
First National Bank
Montpelier National Bank. ___
The Montpelier National Bank__
Newport: National Bank of Newport
Northfield: Northfield National
Bank.
Rutland:
Central National Bank
Clement National Bank
Rutland County National Bank.
St. Albans: Welden National Bank
in St. Albans.
1 to 9.
1
1
1
1
to
to
to
to
9.
9.
4.
9.
1 to 8.
1, 2, 3, and 5
1 to 9.
1 to 3,5, and
9.
1, 2, 3, 5, 6,
and 7.
1 to 9.
Ito9.
1
1
1
1
1
to 4.
to 9.
to 9.
to 7 and 9.
to 9.
1 to 7 and 9.
I t o 3 , 5 to 7.
1 to 9.
Ito9.
St. Johnsbury:
First National Bank...
Merchants National Bank
Springfield: First National Bank
Windsor: Windsor County National
Bank.
1 to 6 and 9
Ito8.
Ito5.
1 to 3, 5 to 9
DISTRICT NO. 2
CONNECTICUT
(See also district no. 1)
Bridgeport: First National Bank &
Trust Co.
D anbury:
City National Bank & Trust Co.
Danbury National Bank
_
Greenwich: First National Bank in._
New Canaan: First National Bank
& Trust Co.
Norwalk: National Bank of Norwalk.
Ridgefield: First National Bank &
Trust Co.
South Norwalk: City National Bank.
Stamford: First Stamford National
Bank & Trust Co.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
NEW JERSEY
(See also district no. 3)
1 to 9.
1 to 9.
Allentown: Farmers National Bank. 1 to 9.
AsburyPark: Asbury Park National 1 to 9.
Bank & Trust Co.
Atlantic Highlands: Atlantic High- 1 to 8.
lands National Bank.
Bayonne: Mechanics' N a t i o n a l 1 to 9.
Allendale: First National Bank
Allenhurst: Allenhurst N a t i o n a l
Bank & Trust Co.
Belleville: Peoples National Bank &
Trust Co.
Bergenfield: Bergenfield N a t i o n a l
Bank & Trust Co.
Bernardsville: Bernardsville National Bank.
Boonton: Boonton National Bank...
Boundbrook: First National B a n k . .
Butler: First National Bank..
Caldwell:
Caldwell National Bank
Citizens National Bank & Trust
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 8.
Co.
Carteret: First National Bank . _ .
Clifton:
Clifton National Bank.
First National Bank
Closter: Closter National Bank &
Trust Co.
Cranbury: First National Bank
Cranford: First National Bank
Dover: National Union Bank.
Dunellen: First National Bank
Elizabeth: National State Bank
Englewood: Citizens National Bank
& Trust Co.
Flemington: Flemington National
Bank & Trust Co.
Freehold:
Central National Bank
First National Bank
Frenchtown: Union National Bank_.
Glen Rock: Glen Rock National
Bank.
Hackensack: City National Bank &
Trust Co.
Hackettstown:
Hackettstown National Bank—
Peoples National Bank
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to
1 to
1 to
1 to
1 to
1 to
9.
9.
9.
9.
7 and 9
9.
1 to 9.
Ito9.
1 to 9.
1 and 4.
Ito9.
Ito9.
Ito9.
Ito9.
239
FIDUCIARY POWERS
Powers
granted
DISTRICT NO. 2—Continued
DISTRICT NO. 2—Continued
NEW JERSEY—continued
Hamburg: Hardyston National Bank.
Highland Park: First National Bank.
Hillside: Hillside National Bank
Hoboken: First National Bank_. ___
Irvington:
Irvington National Bank
Peoples National Bank & Trust
Co.
Jersey City:
First National Bank
Franklin National Bank
Hudson County National Bank..
Kearny: First National Bank &
Trust Co.
Lambert ville:
Amwell National Bank
Lambertville National Bank
Little Falls: Little Falls National
Bank.
Madison: First National Bank... __
Manasquan: Manasquan National
Bank.
Millburn: First National Bank
Milltown: First National Bank
First National Bank & Trust Co.
Montclair National Bank
Morristown:
First National Bank
National Iron Bank
Newark:
Lincoln National Bank...
Mount Prospect National Bank..
National Newark & Essex Banking Co.
National State Bank
Union National Bank
New Brunswick:
National Bank of New Jersey
Peoples National Bank
Newton: Sussex & Merchants National Bank.
Nutley:
First National Bank
Franklin National Bank
Orange:
Orange-First National Bank
Second National Bank
Passaic: Passaic National Bank &
Trust Co.
Paterson:
First National Bank
Labor National Bank..
National Bank of America
Paterson National Bank
Second National Bank
Perth Amboy:
First National Bank
Perth Amboy National Bank
Phillipsburg:
Phillipsburg National Bank &
Trust Co.
Second National Bank
Plainfield*
First National Bank
Plainfield National Bank
Pompton Lakes: First National
Bank & Trust Co.
Prospect Park: Prospect Park National Bank.
Rahway: Rahway National Bank__.
Ramsey: First National Bank &
Trust Co.
Red Bank: Second National Bank &
Ridgewood: Citizens First National
"Ranlr <
JLT
r n c f \-iQ.
pn
JDdllK
5£ 1TTUSl
Roselle: First Rutherford
National Bank
Rutherford:
National
Bank.
Powers
granted
NEW JERSEY—continued
1 to 8.
1 to 9.
Ito9.
1 to 4.
Ito9.
1 to 9.
Sayreville: First National Bank
Somerville: Second National Bank...
South Amboy: First National BankSouth River: First National Bank ._
Summit: First National B-ank &
Trust Co.
Sussex: Farmers National Bank
Tenafly: Northern Valley National
Bank.
Ito9.
Union City: First National Bank-..
1 to 7 and 9. Washington: First National Bank
1 to 9.
Weehawken: Hamilton National
Ito9.
Bank.
Westfield: National Bank of Westfield.
Ito9.
West Orange: First National Bank__
Ito9.
Westwood: First National Bank
Ito9.
NEW YORK
Ito9.
Albany:
Ito9.
National Commercial Bank &
Trust Co.
Ito9.
New York State National Bank..
Ito9.
Amityville: First National Bank &
Trust Co.
Ito9.
Amsterdam:
1 to 9.
Amsterdam City National Bank
Farmers National Bank
1 to 9.
First National Bank
Ito9.
Auburn: The National Bank of
Auburn.
1 to 9.
Babylon: Babylon National Bank
1 to 9.
& Trust Co.
Ito9.
Baldwin: Baldwin National Bank &
Trust Co.
1 to 9.
Baldwinsville: First National Bank
Ito9.
& Trust Co.
Ballston Spa: Ballston Spa National
Ito9.
Bank.
Ito9.
Batavia: First National Bank
1 to 9.
Bath: Bath National Bank
Bay Shore: First National Bank &
Trust Co.
1 to 9.
Beacon:
Ito9.
Fishkill National Bank
Matteawan National Bank of
Ito9.
Beacon.
1 to 9.
Binghamton:
Ito9.
City National Bank
First National Bank
Bridgehampton: Bridgehampton
1 to 9.
National Bank.
Ito9.
Bronxville: Gramatan National
Ito9.
Bank & Trust Co.
1 to 9.
Camden: First National Bank &
Ito9.
Trust Co.
Canajoharie: Canajoharie National
1 to 9.
Bank
1 to 9.
Canandaigua: Canandaigua National
Bank & Trust Co.
1 to 8.
Canton:
First National Bank... .__
Ito9.
St. Lawrence County National
Bank.
1 to 9.
Carmel: Putnam County National
Ito9.
Bank.
Ito8.
Catskill: Catskill National Bank &
Trust Co.
Ito9.
Cazenovia: Cazenovia National
Bank.
Ito9.
Cedarhurst: Peninsula National
Ito9.
Bank.
Central Square: First National Bank.
Ito9.
Central Valley: Central Valley Na1 to 9.
Clayton: First National Exchange
Bank.
Ito9.
Clyde: Briggs National Bank &
Ito9.
Trust Co.
Cohoes: National Bank of Cohoes . . .
1 to 8.
Ito4.
1 to 9.
1 to 9.
Ito9.
Ito5.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito8.
Ito9.
Ito9.
1 to 3,5 to S.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 3, 5 to 8.
1 to 9.
Ito8.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito8.
240
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted
Powers
granted
DISTRICT NO. 2—Continued
DISTRICT NO. 2—Continued
NEW YORK—continued
NEW YORK—continued
Cooperstown:
First National Bank
Second National Bank
Corning: First National Bank &
Trust Co.
Cortland:
National Bank of Cortland
Second National Bank & Trust
Co.
Cuba:
Cuba National Bank
First National Bank
Delhi: Delaware National Bank
Dolgeville: First National Bank
Dover Plains: Dover Plains National Bank.
Dunkirk:
Lake Shore National Bank
Merchants National Bank
East Rockaway: East Rockaway
National Bank & Trust Co.
Edwards: Edwards National Bank_.
Ellenville: First National Bank &
Trust Co.
Elmira: First National Bank & Trust
Co.
Fairport: Fairport National Bank &
Trust Co.
Farmingdale: First National Bank__
Far Rockaway: National Bank of
Far Rockaway.
Floral Park: First National Bank
& Trust Co.
Fonda: National Mohawk River
Bank.
Fort Plain: Fort Plain National
Bank.
Frankfort: Citizens First National
Bank.
Fredonia: National Bank of Fredonia.
Freeport:
Citizens National Bank
First National Bank & Trust Co.
Fulton: Citizens National Bank &
Trust Co.
Geneseo: Genesee Valley National
Bank & Trust Co.
Glens Falls:
First National Bank
Glens Falls National Bank &
Trust Co.
Gloversville:
City National Bank & Trust Co.
Fulton County National Bank &
Trust Co.
Goshen: National Bank of Orange
County.
Granville: Washington County National Bank.
Groton: First National Bank
Hampton Bays: Hampton Bays
National Bank.
Hancock: First National Bank
Haverstraw: National Bank &
Trust Co.
Hoosick Falls: Peoples First National Bank.
Hudson:
Farmers National Bank
First National Bank & Trust Co_
Hudson Falls:
Peoples National Bank
Sandy Hill National Bank
Huntington: First National Bank &
Trust Co.
Ilion:
Ilion National Bank & Trust Co.
Manufacturers National B a n k . . .
Irvington: Irvington National Bank
& Trust Co.
Islip: First National Bank
Ithaca: First National Bank
Jamestown: National Chautauqua
County Bank.
Kingston:
First National Bank of Rondout.
National Ulster County Bank.__
Roundout National Bank
State of New York National
Bank.
Liberty: Sullivan County National
Bank.
Little Falls: Little Falls National
Bank.
Lockport: Niagara County National
Bank & Trust Co.
Lowville: Black River National
Bank.
Lynbrook:
Lynbrook National Bank &
Trust Co.
Peoples National Bank & Trust
Co.
Malone: Farmers National Bank
Manhasset: First National Bank &
Trust Co.
Massena: First National Bank &
Trust Co.
Mattituck:
Mattituck
National
Bank & Trust Co.
Merrick: First National Bank
Middletown:
First Merchants National Bank
& Trust Co.
National Bank of Middletown..Mineola: First National Bank
Monticello: National Union Bank of
Monticello.
Morristown:
Frontier
National
Bank.
Mount Kisco: Mount Kisco National Bank & Trust Co.
Mount Vernon: First National Bank.
Newburgh:
Highland Quassaick National
Bank & Trust Co.
National Bank of Newburgh
New Rochelle: First National B a n k .
New York:
Chase National Bank
Commercial National Bank &
Trust Co.
Dunbar National Bank
First National Bank
Fort Greene National Bank
Grace National Bank
Kingsboro National Bank of
Brooklyn in New York.
Lafayette National Bank of
Brooklyn in New York.
National City Bank
National Safety Bank & Trust Co.
Peoples National Bank of Brooklyn in New York.
Public National Bank & Trust
Co.
Sterling National Bank & Trust
Co.
Northport: First National Bank &
Trust Co.
Norwich:
Chenango County National Bank
& Trust Co.
National Bank & Trust Co
Nyack: Nyack National Bank &
Trust Co.
1 to 9.
1 to 8.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
4.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 5.
2 and 3.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1
1
1
1
to
to
to
to
9.
9.
9.
9.
1 to 9.
1 to 9.
1 to 9.
1 %o 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
4.
Ito9.
1 to 8.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
Ito9.
Ito9.
241
FIDUCIARY POWERS
Powers
granted
Powers
granted
DISTRICT NO. 2—Continued
DISTRICT NO. 2—Continued
NEW YORK—continued
Olean:
Exchange National Bank
First National Bank
Oneida: Oneida Valley National
Bank.
Oneonta:
Citizens National Bank & Trust
Co.
Wilber National Bank
Ossining: First National Bank &
Trust Co.
Oswego: First & Second National
Bank & Trust Co.
Ovid: First National Bank
Owego:
First National Bank
Owego National Bank
Patchogue: Peoples National Bank__
Pearl River: First National Bank &
Trust Co.
Peekskill:
Peekskill National Bank & Trust
Co.
Westchester County National
Bank.
Perry: First National Bank
Plattsburg:
Merchants National Bank in
Plattsburg.
Plattsburg National Bank &
Trust Co.
Pleasantville: First National Bank_.
Port Chester: First National Bank
& Trust Co.
Port Henry: Citizens National Bank.
Port Jervis:
First National Bank
National Bank & Trust Co. of
Port Jervis.
Port Richmond: Staten Island National Bank & Trust Co.
Port Washington: Port Washington
National Bank & Trust Co.
Potsdam: Citizens National Bank...
Poughkeepsie:
Fallkill National Bank & Trust
Co.
Farmers & Manufacturers National Bank.
First National Bank
Merchants National Bank &
Trust Co.
Red Hook: First National Bank
Richfield Springs: First National
Bank.
Riverhead: Suffolk County National
Bank.
Rochester: First National Bank &
Trust Co.
Rockville Center: Nassau County
National Bank.
Rome: Farmers National Bank &
Trust Co.
Roscoe: First National Bank &
Trust Co.
Roslyn: Roslyn National Bank &
Trust Co.
Rye: Rye National Bank
St. Johnsville: First National Bank_
Saranac Lake: Adirondack National
Bank & Trust Co.
Saratoga Springs: Saratoga National
Bank.
Saugerties: First National Bank &
Trust Co.
Scarsdale: Scarsdale National Bank
& Trust Co.
Schenectady:
Mohawk National Bank
Union National Bank
NEW YORK—continued
Sidney: First National Bank in
Sidney.
Ito9.
Silver Creek: Silver Creek National
Ito9.
Bank.
1 to 9.
Skaneateles: National Bank & Trust
Co.
Southampton: First National Bank_.
1 to 9.
Spring Valley: First National Bank_.
Springville: Citizens National Bank..
1 to 9.
Stamford: National Bank of StamIto9.
ford.
Suffern: Suffern National Bank &
Ito9.
Trust Co.
4.
Syracuse:
Lincoln National Bank & Trust
1 to 9.
Co.
Ito9.
Merchants National Bank &
1 to 9.
Trust Co.
1 to 9.
Tarry town: Tarry town National
Bank.
Ticonderoga: Ticonderoga National
1 to 9.
Bank.
Troy:
Ito9.
Manufacturers National Bank...
National City Bank
Ito9.
Union National Bank
Tuckahoe: First National Bank &
Ito9.
Trust Co.
Utica: Oneida National Bank &
1 to 5, 7 to 9. Trust Co.
Valley Stream: Valley Stream Na1 to 9.
tional Bank & Trust Co.
Ito9.
Walden: First National Bank &
Trust Co.
Ito9.
Walton: First National Bank &
Trust Co.
1 to 9.
Warrensburg: Emerson National
1 to 9.
Bank.
Warsaw: Wyoming County Na1 to 9.
tional Bank.
Warwick: First National Bank
1 to 9.
Watertown:
Jefferson County National Bank.
Ito9.
Watertown National Bank
Watervliet:
National Bank of Water1 to 9.
vliet.
Waverly:
Citizens
National Bank...
Ito9.
Wellsville: Citizens National Bank_.
Westbury:
Wheatley
Hills National
1 to 9.
Bank.
Ito9.
Westfield: National Bank of Westfield.
1, 2, and 3. Whitehall:
Merchants National
1 to 9.
Bank.
White
Plains:
Peoples National
1 to 9.
Bank & Trust Co.
Yonkers:
Ito9.
Central National Bank
Yonkers National Bank & Trust
1 to 9.
Co.
Ito9.
DISTRICT NO. 3
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito8.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 3, 5 to 9
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito8.
1 to 9.
1 to 9.
1 to 9.
1 to 9
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
DELAWARE
Delmar: First National Bank
Dover: First National Bank
Harrington: First National Bank
Laurel: Peoples National Bank
Milford: First National Bank &
Trust Co.
Seaford: First National Bank
Smyrna:
Fruit Growers National Bank &
Trust Co.
National Bank of Smyrna
Wilmington:
Central National Bank
Union National Bank
Ito8.
1 to 9.
1 to 9.
Ito8.
1 to 9.
Ito8.
1 to 9.
1 to 9.
1 to 9.
Ito9.
242
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted
DISTRICT NO. 3—Continued
NEW JERSEY
(See also district no. 2)
Abescon: First National Bank
1 to 9.
Audubon: Audubon National Bank_ Ito9.
Barnegat: First National Bank
1 to 9.
Beach Haven: Beach Haven Na- Ito9.
tional Bank & Trust Co.
Beverly: First National Bank & Ito9.
Trust Co.
Blackwood: First National Bank & Ito9.
Trust Co.
1 to 9.
Bordentown: First National Bank___
Bridge ton:
Ito9.
Bridgeton National Bank
1 to 9.
Cumberland National Bank
Ito9.
Farmers and Merchants National Bank.
Ito9.
Burlington: Mechanics National
Bank.
Camden:
Ito9.
American National Bank
1 to 9.
First Camden National Bank &
Trust Co.
Ito9.
Third National Bank & Trust Co. 4.
Cape May: Merchants National
Bank.
Ito9.
Collingswood: Citizens National
Bank.
1 to 9.
Elmer: First National Bank
Ito9.
Glassboro: First National Bank
1 to 9.
Haddonfield: Haddonfield National
Bank.
1 to 9.
Hightstown: First National Bank— 1 to 9.
Hope well: Hope well National Bank__ Ito9.
Lakewood: Peoples National Bank in
Lakewood.
1 to 9.
Medford: Burlington County National Bank.
1 to 9.
Merchantville: Merchantville National Bank & Trust Co.
1 to 9.
Millville: Millville National Bank_._ Ito9.
Mount Holly: Union National Bank
& Trust Co.
1 to 9.
Paulsboro: First National Bank &
Trust Co.
1 to 9.
Pemberton: Peoples National Bank
& Trust Co.
Ito9.
Penns Grove: Penns Grove National
Bank & Trust Co.
1 to 9.
Pitman: Pitman National Bank &
Trust Co.
1 to 8.
Point Pleasant Beach: Ocean County
National Bank.
Ito9.
Princeton: First National Bank
Ito9.
Roebling: First National Bank &
Trust Co.
Salem:
Ito9.
City National Bank & Trust Co_ 1 to 9.
Salem National Bank & Trust
Co.
Ito9.
Swedesboro: Swedesboro National
Bank.
Ito9.
Toms River: First National Bank.__
Ito9.
Trenton:
1 to 9.
Broad Street National Bank
First-Mechanics National Bank _ Ito9.
1 to 9.
Prospect National Bank
Ventnor City: Ventnor City Na1 to 9.
tional Bank.
Vineland: Vineland National Bank
Ito9.
& Trust Co.
Wildwood: Marine National Bank___ 1 to 9.
Woodbury: First National Bank &
Trust Co.
Ito9.
Woodstown:
Ito9.
First National Bank
Woodstown National Bank &
Trust Co.
Powers
granted
DISTRICT NO. 3—Continued
PENNSYLVANIA
(See also district no. 4)
Allentown:
Allentown National Bank
Ito9.
1 to 9.
Merchants National Bank
Ito9.
Second National Bank
Ito9.
Altoona: First National Bank
Annville: Annville National Bank___ Ito9.
Ashland: The Ashland National Ito9.
Bank.
Ashley: First National Bank
Ito9.
Atglen: Atglen National Bank
1 to 3.
Avoca: First National Bank
Ito9.
Bangor: Merchants National Bank.. 1 to 9.
Bellefonte: First National Bank
Ito9.
Belleville: Kishacoquillas Valley Ito3.
National Bank.
Berwick:
Berwick National Bank
Ito9.
First National Bank
1 to 9.
Bethlehem:
Betblehem National Bank
1 to 9.
First National Bank & Trust Co_ Ito9.
Blossburg: Citizens National Bank 1 to 9.
& Trust Co.
Boyertown:
Farmers National Bank & Trust Ito9.
Co.
National Bank & Trust Co
Ito9.
Bradford: Commercial National Ito9.
Bank.
Bridgeport: Bridgeport National 1 to 9.
Bank.
Bristol: Farmers National Bank of 1 to 9.
Bucks County.
Catasauqua:
1 to 9.
Lehigh National Bank
Ito9.
National Bank of Catasauqua
Chambersburg:
National Bank of Chambersburg 1 to 9.
1 to 9.
Valley National B ank
Chester: Delaware County National 1 to 9.
Bank.
Clearfleld: County National Bank 1 to 9.
at Clearfleld.
Coatesville:
National Bank of Chester Valley. Ito9.
National Bank of Coatesville
1 to 9.
Columbia:
Central National Bank
1 to 9.
First Columbia National Bank.. Ito9.
Conshohocken: First National Bank. 1 to 9.
Dallastown: First National Bank & 1 to 9.
Trust Co.
Danville:
Ito9.
Danville National Bank
1 to 9.
First National Bank
Doylestown: Doylestown National 1 to 9.
Bank & Trust Co.
Du Bois:
Deposit National Bank
1 to 9.
Ito9.
Du Bois National Bank
East Stroudsburg: Monroe County Ito9.
National Bank.
Easton:
Easton National Bank
Ito9.
First National Bank & Trust Co. 1 to 9.
Ebensburg: First National Bank
1 to 9.
Ed wards ville Peoples National Bank Ito9.
Elizabethtown: First National Bank 1 to 9.
& Trust Co.
Emaus: Emaus National Bank
Ito9.
Ephrata:
Ephrata National Bank
Ito9.
Farmers National Bank
Ito9.
Gap: Gap National Bank & Trust Co. Ito9.
Gettysburg:
First National Bank
Ito9.
Gettysburg National Bank__.
Ito9.
243
FIDUCIARY POWERS
Powers
granted
Powers
granted
DISTRICT NO. 3—Continued
DISTRICT NO. 3—Continued
PENNSYLVANIA—continued
Greencastle: First National Bank
Harleysville: Harleysville National
Bank.
Harrisburg: Harrisburg National
Bank.
Hatsboro: Hatsboro National Bank..
Hatfleld: Hatfield National Bank
Hazleton:
First National Bank
Hazelton National Bank
Honesdale: Honesdale National
Bank.
Honey brook: First National Bank__
Hummelstown: Hummelstown National Bank.
Huntingdon:
First National Bank
Union National Bank & Trust Co.
Johnstown: Moxham National BankKane: First National Bank
Kennett Square: National Bank &
Trust Co. of Kennett Square.
Kingston: Kingston National Bank..
Kutztown: Kutztown National
Bank.
Lancaster:
Conestoga National Bank
Fulton National Bank
Lancaster County National Bank.
Langhorne: Peoples National Bank..
& Trust Co.
Lansdale: First National Bank
Lansdowne: National Bank of Lansdowne.
Lebanon:
First National Bank
Lebanon National Bank
Peoples National Bank
Lehighton:
Citizens National Bank & Trust
Co.
First National Bank
Lewisburg:
Lewisburg National Bank
Union National Bank
Lewistown:
Citizens National Bank
Mifflin County National Bank..
Russell National Bank
Lititz: Farmers National Bank
Littlestown: Littlestown National
Bank.
Lock Haven: First National Bank...
Luzerne: Luzerne National Bank
Mahanoy City:
First National Bank
Union National Bank
Malvern: National Bank of Malvern.
Manheim:
Keystone National Bank
Manheim National Bank
Mauch Chunk: Mauch Chunk National Bank.
Mechanicsburg: Second National
Bank.
Media: First National Bank
Millheim: Farmers National Bank
& Trust Co.
Milton: First Milton National Bank.
Mon tours ville: First National Bank.
Montrose: First and Farmers National Bank & Trust Co.
Mount Carmel:
First National Bank
Union National Bank
Mount Joy:
First National Bank & Trust
Co.
Union National Mount Joy BankMount ville: Mountville National
Bank.
PENNSYLVANIA—continued
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 8.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1
1
1
1
1
to 9.
to 9.
to 9.
to 9.
to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
lto 9.
Ito9.
1 to 9.
1 to 9.
lto 9.
1 to 9.
lto 9.
1 to 4.
Myerstown: Myerstown National
Bank.
Nanticoke:
First National Bank
Miners National Bank
Nanticoke National Bank
Nazareth: Nazareth National Bank
& Trust Co.
New Holland: Farmers National
Bank & Trust Co.
Newtown: First National Bank &
Trust Co.
New ville: First National Bank
Norristown:
Montgomery National Bank
Peoples National Bank
Northampton: Cement National
Bank of Siegfried.
Northumberland: Northumberland
National bank.
Oley: First National Bank
Orwigsburg: First National Bank
& Trust Co.
Oxford: National Bank of Oxford
Palmerton: First National Bank
Pen Argyl: First National Bank
Philadelphia:
Central Penn National Bank
City National Bank
Corn Exchange National Bank
& Trust Co.
Erie National Bank
First National Bank
Kensington National Bank
Market Street National Bank
National Bank of Germantown
& Trust Co.
North Broad National Bank
Northeast National Bank
Philadelphia National Bank
Second National Bank
Tioga National Bank & Trust Co.
Tradesmens National Bank &
Trust Co.
Philipsburg: First National Bank
Phoenixville: Farmers and Mechanics National Bank.
Pine Grove: Pine Grove National
Bank & Trust Co.
Pittston:
First National Bank
Liberty National Bank
Plymouth: First National Bank
Port Allegany: First National Bank,
Pottstown:
Citizens National Bank & Trust
Co.
National Bank of Pottstown
National Iron Bank
Potts ville:
Miners National Bank
Pennsylvania National Bank &
Trust Co.
Red Lion:
Farmers & Merchants National
Bank.
First National Bank & Trust Co.
Ridgway: Ridgway National Bank..
Sayre: First National Bank
Schuylkill Haven: First National
Bank & Trust Co.
Schwenksville: National Bank &
Trust Co.
Scranton:
First National Bank
Third National Bank & Trust Co.
Selinsgrove: First National Bank
Shamokin:
Market Street National Bank....
National Dime Bank of Shamokin.
1 to 9.
lto 9.
lto 9.
lto 9.
1 to 9.
1 to 7 and 9.
lto 9.
lto 9.
1 to 9.
1 to 8.
lto 9.
lto 9.
lto 9.
1 to 9.
1 toy.
lto 9.
lto 9.
1 to 9.
lto 9.
lto 9.
1 to 9.
1 to 3, 5 to 9
lto 9.
lto 8.
lto 9.
lto 9.
lto 9.
lto 9.
lto 9.
lto 9.
lto 9.
lto 9.
1 to 9.
lto 9.
1 to 9.
lto 9.
lto 9.
lto 9.
lto 9.
lto 9.
lto 9.
1 to 9.
lto 9.
lto 9.
lto 9.
lto 9.
lto 9.
lto 9.
lto 9.
lto 9.
lto 9.
lto 9.
lto 9.
244
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted
Powers
granted
DISTRICT NO. 3—Continued
DISTRICT NO. 4—Continued
PENNSYLVANIA—continued
K ENTUCKY—continued
Shenandoah:
Merchants National Bank __ . . .
Miners National Bank
Shickshinny: First National Bank ..
Shippensburg:
First National Bank
Peoples National Bank
Smethport: Grange National Bank
of McKean County.
Souderton: Union National Bank &
Trust Co.
Spring City: National Bank & Trust
Georgetown:
Ito9.
First National Bank
Ito9.
Ito9.
Georgetown National Bank
1 to 5, 7 to 9.
1 to 3,5 to 8. Harlan: Harlan National Bank.._ __ 1 to 5, 7 to 9.
Lexington: First National Bank & Ito9.
Ito9.
Trust Co.
1 to 9.
Ludlow: First National Bank
Ito9.
Ito9.
Middlesboro: National Bank of 1 to 5, 7 to 9.
Middlesboro.
Ito9.
Mount Sterling:
Montgomery National Bank
Ito8.
1 to 9.
Mount Sterling National Bank.. Ito9.
Traders National Bank__
1 to 5, 7 to 9
Newport:
1 to 9.
American National Bank
_._ 1 to 5, 7 to 9
Ito9.
Newport National Bank
1 to 5, 7 to 9
1 to 9.
Paintsville: Second National Bank.. Ito8.
Paris: National Bank & Trust Co._. 1 to 9.
1 to 9.
Pikeville: First National Bank
Ito8.
1 to 9.
Richmond: Madison Southern Na- Ito9.
t tional Bank & Trust Co.
Saylersville: Saylersville National 2 to 8.
1 to 9.
Bank.
Ito9.
Somerset:
Ito4.
Farmers National Bank
1 to 5, 7 to 9
1 to 4.
First National Bank
Ito9.
Ito9.
Williamsburg: First National Bank. Ito4.
Winchester: Clark County National 1 to 5, 7 to 9
Ito9.
Bank
OHIO
1 to 9.
Co.
State College:
First National Bank
Peoples National Bank
Stroudsburg: First Stroudsburg National Bank.
Sunbury: First National Bank. __ __
Swarthmore: Swarthmore National
Bank & Trust Co.
Tamaqua:
First National Bank
Tamaqua National B ank.
Tioga: Grange National Bank.
Topton: National Bank of Topton .
Towanda: Citizens National Bank..
Tyrone: First Blair County National
Bank.
Watsontown: Farmers N a t i o n a l
Bank.
Waynesboro:
Citizens National Bank & Trust 1 to 9.
Co.
First National Bank & Trust Co.
Weatherly: First National Bank
Wernersville: Wernersville National
Bank & Trust Co.
West Chester:
First National Bank.
National Bank of Chester County
West Grove: National Bank & Trust
Co
Wilkes-Barre:
Miners National Bank.
.
Second National Bank
Wyoming National Bank
Williamsport:
First National Bank
Williamsport National Bank
Wrightsville: First National Bank.
York:
Central National Bank & Trust
Co.
Drovers and Mechancis National
Bank.
First National Bank
Industrial National Bank of
West York.
Western National Bank
York County National Bank
York National Bank & Trust Co.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
DISTRICT NO. 4
KENTUCKY
Co.
National Bank of Ashtabula
Athens:
Athens
Bank
Bank ofNational
Athens, N.
B. A__
Canton: First National Bank..
Cincinnati:
Atlas National Bank
First National Bank
Lincoln National Bank
Second National Bank
Circle ville: First National Bank
Central United National Bank__
National City Bank.. _
Columbus:
City National Bank & Trust Co.
Huntington National Bank
Ohio National Bank
Coshocton: Commercial National
Bank.
Dayton:
Merchants National Bank &
Trust Co.
Third National Bank & Trust
Co.
1 to 5,7 to 9.
1 to 5, 7 to 9.
1 to 5 and 8.
1 to 9.
Ito9.
1 to 5,7 to 9.
1 to 7 and 9
1
7 and
and 99
1 to
to 7
1 to 7 and 9
1 to 9.
1 to 7 and 9
Ito9.
1 to 7 and 9
1 to 7 and 9
1 to 7 and 9
1 to 7 and 9
1 to 7 and 9
1 to 7 and 9
1 to 7 and 9
1 to 7 and 9
Ito9.
1 to 7 and 9
Winters National Bank & Trust Ito9.
Co.
East Liverpool: First National Bank.
Findlay: First National Bank &
Trust Co.
Greenville: Second National Bank..
Hamilton:
First National Bank & Trust
UO.
(See also district no. 8)
Ashland:
Second National Bank
Third National Bank
Brooksville: First National Bank __
Covington: First National Bank &
Trust Co.
Cynthiana:
Farmers National Bank
National Bank of Cynthiana
Alliance: Alliance First National
1 to 9.
Ashtabula:
Farmers National Bank & Trust 1 to 9.
SecondMerchants
National Bank
Hillsboro:
National BankLancaster: Fairfield National Bank.
Lebanon: Lebanon-Citizens National
Bank.
Lima: National Bank of Lima
Mansfield:
Citizens National Bank & Trust
Co.
Mansfield
Savings Trust National Bank.
1
1
1
1
to 7 and 9
to 7 and 9
to 7 and 9
to 7 and 9
1 to 9.
1 to 7 and 9
1 to 7 and 9
1 to 7 and 9
1 to 7 and 9
1 to 4 and 9
1 to 7 and 9
245
FIDUCIARY POWERS
Powers
granted
Powers
granted
DISTRICT NO. 4—Continued
DISTRICT NO. 4—Continued
OHIO—continued
PENNSYLVANIA—continued
Marietta: Citizens National Bank
Marion: National City Bank &
Trust Co.
Massillon: First National Bank in
Massillon.
Mount Vernon: The Knox National
Bank.
Newark: Park National Bank.
New Philadelphia: Citizens National
Bank.
Piqua:
Citizens National Bank & Trust
Co.
Piqua National Bank & Trust
Co.
Portsmouth: Security Central National Bank.
Ravenna: Second National Bank
Sandusky: Third National Exchange
Bank.
Springfield: First National Bank &
Trust Co.
Steubenville:
National Exchange Bank & Trust
Monessen: Peoples National Bank
& Trust Co.
Monongahela City: First National
Bank.
New Bethlehem: First National
Bank.
New Brighton: Union National
Bank.
New Castle:
Citizens National Bank
First National Bank of Lawrence
County.
New Kensington:
First National Bank
Logan National Bank & Trust
Co.
Peoples National Bank
Tiffin:
Commercial National Bank
Tiffin National Bank
Toledo: National Bank of Toledo
Troy: First Troy National Bank &
Trust Co.
Warren: Second National Bank _ .
Wilmington: Clinton County National Bank & Trust Co.
Wooster: Wayne County National
Bank.
Youngstown:
Mahoning National Bank_
Union National Bank
Zanesville:
Citizens National Bank in Zanesville.
First National Bank
1 to 7 and 9.
1 to 7 and 9.
4.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 9.
1 to 7 and 9.
1 to 7 and 9.
1, 4, and 9.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
Ito9.
1 to 7 and 9.
Ito9.
Ito9.
1 to 7 and 9.
1 to 7 and 9.
1, 4 and 9.
PENNSYLVANIA
(See also district no. 3)
Arnold: National Deposit Bank of
Arnold.
Braddock: Braddock National Bank.
Butler: Butler County National
Bank & Trust Co.
Charleroi: National Bank of Charleroi <sc irust uo.
Connellsville:
National Bank &
Trust Co. of Connellsville.
Erie:
First National Bank
Marine National Bank
National Bank & Trust Co ___.
Franklin: Lamberton National Bank
Greensburg: First National Bank in
Greensbnrsr
Greenville:
First National Bank
Greenville National Bank
Grove City:
First National Bank
Grove City National Bank
Knox: Clarion County National
Bank of Edenburg.
Leechburg: First National Bank
McKeesport: First National Bank...
Meadville:
First National Bank
Merchants National Bank &
Trust Co.
Meyersdale: Citizens National Bank.
Co.
Oakmont: First National Bank
Oil City:
First National Bank
Oil City National Bank
Pittsburgh:
Farmers' Deposit National Bank.
First National Bank
Forbes National Bank
Mellon National Bank
Union National Bank
__
Punxsutawney: Punxsutawney National Bank.
Reynoldsville: First National Bank..
Sharon:
First National Bank in Sharon.__
McDowell National Bank
Merchants and Manufacturers
National Bank.
Titusville: Second National Bank
Uniontown: Second National Bank...
Warren: Warren National Bank
Washington: Citizens N a t i o n a l
Bank.
Waynes burg:
First National Bank & Trust Co.
Union National Bank
Ito8.
1 to 3, 5 to 8.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 8.
1 to 7.
1.
1 to 9.
Ito9.
4 and 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito8.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to
7, and 9.
1 to 5, 7 to 9.
1 to 9.
WEST VIRGINIA
(See also district no. 5)
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 "to 9.
Elm Grove: First National Bank
Sistersville: Union National Bank...
Wheeling:
National Bank of West Virginia-.
National Exchange Bank
1 to 9.
1 to 9.
1 to 9.
1 to 9.
DISTRICT NO. 5
DISTRICT OF COLUMBIA
Washington:
Franklin National Bank
Hamilton National Bank
Liberty National Bank. _ .
Lincoln National
National
Bank of Bank
Washington...
National Metropolitan Bank
Riggs National Bank. _
Second National Bank
1 to 8.
Ito8.
Ito8.
1 to
to 8.
8.
1
1 to 8.
1 to 8.
Ito8.
MARYLAND
Ito9.
1 to 9.
1 to 9.
Baltimore:
Baltimore National Bank
First National Bank
Western National Bank
Cumberland:
1 to 9.
First National Bank
1 to 9.
Second National Bank
1 to 5, 7 to 9. Denton: Denton National Bank
Easton: Easton National Bank
1 to 9.
Frederick: Farmers & Mechanics
National Bank.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
246
ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD
Powers
granted
Powers
granted
DISTRICT NO. 5—Continued
DISTRICT NO. 5—Continued
VIRGINIA—continued
MARYLAND—continued
Hagerstown:
Nicodemus National Bank
Second National Bank
Pocomoke City: Citizens National
-DanK.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Rising Sun: National Bank of Rising
Sun.
Rockville:
Montgomery County Na- Ito3.
Covington:
Citizens National Bank
Covington National Bank
Culpeper: Second National Bank
T^
Trill a '
u QanT»vine.
American National Bank & Trust
First National Bank
l i i T*T*1T*\/**i*r*l O
Salisbury: Salisbury National BankSnow Hill: First National Bank
Towson: Towson National Bank
Westminster:
Farmers & Mechanics National
Bank.
First National Bank
Williamsport: Washington County
National Bank.
NORTH CAROLINA
Asheboro: First National Bank
Asheville: First National Bank &
Trust Co. in Asheville.
Charlotte:
Charlotte National Bank
Commercial National Bank
Union National Bank
Concord: Concord National Bank.
Elizabeth City: First & Citizens
National Bank.
Gastonia: First National Bank
Graham: National Bank of Alamance.
Greensboro: Security National Bank.
Lenoir: Union National Bank
Lumberton: National Bank of Lumberton.
Mooresville: First National Bank
Morganton: First National Bank
Mount Airy: First National Bank...
Reidsville: First National Bank
Rocky Mount: Planters National
Bank & Trust Co.
Salisbury: First National Bank
Thomasville: First National Bank__
Wadesboro: First National Bank
SOUTH CAROLINA
Anderson: Carolina National Bank..
Camden: First National Bank
Charleston: South Carolina National
"Rant
.Dan
it
Chester: Peoples
National
Bank NaGaffney:
Merchants
& Planters
tional Bank.
Greenville:
First National Bank
Peoples National Bank
Holly Hill: First National Bank
Rock Hill: Peoples National Bank..
Sumter: National Bank of South
Carolina.
VrRCTNT
A
V JLxiVjlXN 1 A
Ito9.
1 to 9.
1 to 9.
Ito9.
.
iiimporia.
Citizens National Bank
First National Bank
Fairfax: National Bank of Fairfax. _.
Farmville:
First National Bank.
Ito9.
Peoples National Bank
Fredericksburg: Planters National
1 to 9.
Bank in Fredericksburg.
Ito9.
Hampton: Merchants National
Bank
Harrisonburg:
First National Bank
National Bank of Harrisonburg-Ito9.
Rockingham National Bank
1 to 9.
Leesburg:
Loudoun National Bank
Peoples National Bank
Ito9.
Lexington:
1 to 9.
First National Bank
1 to 9.
Peoples National Bank
1 to 9.
Rockbridge National Bank
1 to 9.
Lovingston: First National Bank of
Nelson County.
Ito9.
Lynchburg:
Ito9.
First National Bank
Lynchburg National Bank &
1 to 9.
Trust Co.
1 to 9.
Marion: Marion National Bank
Ito9.
Marshall: Marshall National Bank
& Trust Co.
1 to 9.
Martinsville: First National Bank.__
1 to 9.
Narrows: First National Bank
Ito9.
Newport News: First National BankIto9.
Norfolk:
1 to 9.
National Bank of Commerce
Seaboard Citizens National Bank
Ito9.
Norton: First National Bank
1 to 9.
Orange:
Ito9.
Citizens National Bank
National Bank of Orange
Petersburg: Citizens National Bank_
Phoebus: Old Point National Bank1 to 9.
Portsmouth: American National
1 to 9.
Bank.
1 to 9.
Pulaski'
Peoples National B ank
Ito9.
Pulaski National Bank
Ito9.
Radford: First and Merchants National Bank.
Richmond:
1 to 9.
Central National Bank
Ito9.
First & Merchants National
1 to 3, 5 to 9.
Bank.
1 to 9.
Roanoke:
Ito9.
Colonial American National
Bank
First National Exchange Bank..
Rockymount: Peoples National
Ito9.
Salem: Farmers National Bank
Ito9.
Stanley: Farmers & Merchants Na1 to 9.
tional Bank.
Ito9.
1.
Staunton:
Augusta National Bank
..__
Ito9.
National Va ley Bank
1 to 9.
Staunton National Bank & Trust
1 to 9.
Abingdon: First National Bank.
Alexandria:
Alexandria National Bank... _
Citizens National Bank
First National Bank
Appalachia: First National Bank
Bedford: Peoples National Bank
Blackstone: First National Bank
Bristol: Dominion National Bank...
Co.
Charlottesville:
Strasburg:
National Bank & Trust Co. at Ito9.
First National Bank
Charlottesville.
Massanutten National Bank
1 to 9.
Peoples National Bank
Clifton Forge: First National Bank- 1 to 6 and 9. Suffolk: National Bank of Suffolk...
Ito9.
Ito4.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
247
FIDUCIARY POWERS
Powers
granted
DISTRICT NO. 5— Continued
DISTRICT NO. 6—Continued
ALABAMA—continued
VIRGINIA—continued
Warrenton: Fauquier National
Bank.
Waynesboro: First National Bank_.
Winchester:
Farmers & Merchants National
Bank & Trust Co.
Shenandoah Valley National
Bank.
Wytheville: First National Farmers
Bank.
Powers
granted
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
WEST VIRGINIA
Talladega:
Isbell National Bank
Talladega National Bank
Troy: First Farmers & Merchants
National Bank.
Tuscaloosa:
City National Bank
First National Bank
Wetumpka: First National Bank
Bradenton: First National Bank
Daytona Beach: First Atlantic NaBeckley: Beckley National Bank
1 to 9.
tional Bank.
Bluefleld:
De Funiak Springs: First National
1 to 9.
First National Bank
Bank.
Flat Top National Bank
Ito9.
Jacksonville:
Charleston:
Ito9.
Atlantic National Bank
Charleston National Bank-__
Barnett National Bank..
National Bank of Commerce
1 to 9.
Florida National Bank
Clarksburg:
1 to 9.
Empire National Bank
Lake City: First National Bank
Merchants National Bank
Miami:
1 to 9.
First National Bank
Union National Bank
1 to 9.
Florida National Bank & Trust
Grafton: First National Bank
1 to 9.
Co. at Miami.
Huntington: First Huntington Na- Ito9.
Miami Beach: Miami Beach First
tional Bank.
National Bank.
Madison: Boone National Bank
1 to 4.
Martinsburg: Old National Bank—. 1 to 9.
Ocala: Munroe & Chambliss National Bank.
Montgomery: Montgomery National 1 to 9.
Orlando: First National Bank at
Bank.
Moorefield: South Branch Valley 1 to 3, 5 to 9. Orlando.
Palm Beach: First National Bank
National Bank.
in Palm Beach.
Parkersburg: Parkersburg National Ito9.
Bank.
Pensacola: Citizens & Peoples NaSt. Marys: First National Bank
1 to 9.
tional Bank.
Welch: McDowell County National 1 to 9.
St. Augustine: St. Augustine NaBank in Welch.
tional Bank.
Sanford: Sanford Atlantic National
Williamson:
1 to 9.
Bank.
First National Bank
Sarasota: Palmer National Bank &
National Bank of Commerce
1 to 9.
Trust Co.
DISTRICT NO. 6
Tampa:
Exchange National Bank
ALABAMA
First National Bank
Winter Haven: Exchange National
Albertville: Albertville National Ito9.
Bank.
17
1 to 4.
Ito9.
Ito8.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 3, 5 to 7
and 9.
Ito9.
1 to 8.
Ito9.
GEORGIA
1 to 7 and 9.
1 to 5, 7, and
9.
1 to 8.
1 to 9.
1 to 4.
1,2,3, and 5.
Albany: City National Bank
Athens: National Bank of Athens
Atlanta:
First National Bank
^
First National Bank
Fulton National Bank
Birmingham: First National Bank.
Augusta: National Exchange Bank__
Cullman: Leeth National Bank
Barnesville: First National Bank
Decatur: Morgan County National
Brunswick: National Bank of
Bank.
1 to 8.
Brunswick.
Dothan: First National Bank
Cartersville: First National Bank...
1 to 9.
Fayette: First National Bank
Columbus:
1 to 8.
Florence: First National Bank
First National Bank
Fort Payne: First National Bank__. 1.
Fourth National Bank
Ito9.
Greenville: First National Bank
Dalton:
First National Bank
Mobile:
La Grange: La Grange National
American National Bank & 1 to 9.
Bank.
Trust Co.
1 to 9.
Louisville: First National Bank
First National Bank
Ito9.
Macon: First National Bank &
Merchants National Bank
Trust Co.
Montgomery:
Moultrie: Moultrie National Bank..
Ito9.
Alabama National Bank
1 to 9.
Quitman: Peoples-First National
First National Bank
1 to 3, 5 to 9. Bank.
Oneonta: First National Bank
Rome:
Opelika:
Ito9.
First National Bank
Farmers National Bank
Ito7.
National City Bank...
First National Bank
Ito9.
Savannah:
Opp: First National Bank
Ito3.
Citizens & Southern National
Piedmont: First National Bank
Ito8.
Bank.
Selma: City National Bank
Liberty National Bank & Trust
Sylacauga: Merchants & Planters 1 to 9.
Co.
National Bank.
129288—35
Ito8.
Ito8.
Ito9.
FLORIDA
(See also district no. 4)
Bank.
Anniston:
Anniston National Bank
Commercial National Bank
1 to 3, 5 to 7
and 9.
Ito9.
1 to 7 and 0.
Ito9.
Ito4.
Ito9.
1 to 9.
1 to 9.
1 to 8.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 5.
1 to 8.
Ito9.
1 to 9.
1 to 9.
Ito8.
Ito9.
Ito9.
Ito9.
Ito9.
248
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
Powers
granted
granted
DISTRICT NO. 7—Continued
DISTRICT NO. 6—Continued
ILLINOIS—continued
LOUISIANA
Batavia:
(See also district no. 11)
Baton Rouge:
City National Bank
Louisiana National Bank..
Gretna: First National Bank of
Jefferson Parish at Gretna.
La Fayette: First National Bank
Lake Charles: First National Bank__
New Orleans:
Hibernia National Bank in New
Orleans.
National Bank of Commerce
Whitney National Bank
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
MISSISSIPPI
(See also district no. 8)
Biloxi: First National Bank
Canton: First National Bank
Hattiesburg: First National Bank__.
Jackson:
Capital National Bank in Jackson.
Jackson State National Bank
Laurel:
Commercial National Bank &
Trust Co.
First National Bank
McComb City: First National Bank.
Meridian: Citizens National Bank...
Vicksburg:
First National Bank & Trust Co.
Merchants National Bank &
Trust Co.
Yazoo City: Delta National Bank...
1 to 5.
1 to 4.
1 to 9.
Ito9.
1 to 7 and 9.
Ito9.
1 to 9.
1 to 3 and 5.
1 to 9.
] to 9.
Ito9.
Ito9.
TENNESSEE
(See also district no. 8)
Chattanooga:
Commercial National Bank
Hamilton National Bank
Clarksville: First National Bank
Copperhill: First National Bank of
Polk County.
Decherd: First National Bank of
Franklin County.
Gallatin: First & Peoples National
Bank.
Greeneville: First National Bank
Kingsport: First National Bank ___
Knoxville:
Hamilton National Bank
Park National Bank
Lewisburg: First National Bank
Nashville:
American National Bank
Broadway National Bank
Third National Bank
Shelbyville: Peoples National Bank_
South Pittsburg: First National
Bank.
Springfield: First National Bank
1 to 9.
1 to 9.
1.
1 to 3, 5 to 8.
1, 3 to 9.
1 to 9.
Ito9.
1 to 7 and 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 3, 5 to 9.
1 to 9.
2, 3, 5 to 7,
and 9.
Tullahoma: Traders National Bank. 1 to 9.
Winchester: Farmers National Bank. 1 to 3, 5 to 9.
DISTRICT NO. 7
ILLINOIS
(See also district no. 8)
Aurora:
Merchants National Bank
Old Second National Bank
1 to 9.
1 to 9.
Batavia National Bank
First National Bank
__
Belvidere: Second National Bank
Blue Island: First National Bank
Charleston: Charleston National
Bank.
Chicago:
American National Bank &
Trust
Co. Bank & Trust Co
City
National
Continental Illinois National
Bank & Trust Co.
Continental National Bank &
Trust Co.
First National Bank
First National Bank of Englewood.
Lawndale National Bank
Liberty National Bank
Live Stock National Bank
Mutual National Bank
National Builders Bank
Terminal National Bank
Chillicothe: First National Bank
Cicero: First National Bank
Danville:
First National Bank
Palmer American National Bank..
Second National Bank
Decatur:
Citizens National Bank
National Bank of Decatur..
Des Plaines: First National Bank
Dixon: Dixon National Bank
Dundee: First National Bank
_.
Elgin: First National Bank
El Paso: Woodford County National Bank.
Evanston: First National Bank &
Trust Co.
Galesburp: First Gale?burg National
Bank & Trust Co.
Havana: Havana National Bank
Kankakee: City National Bank
Knoxville: Farmers National Bank_.
Lake Forest: First National Bank...
La Salle: La Salle National Bank
& i rust oo.
Macomb: Union National Bank
Mattoon: National Bankof Mattoon.
Moline: Moline National Bank _ .
Monticello: National Bank of Monticello.
Ottawa: First National Bank
Paris:
Citizens National Bank
Edgar Countv National Bank..
Pekin: American National Bank
Peoria:
Central National Bank & Trust
Co.
Commercial Merchants National
Bank & Trust Co.
First National Bank
Princeton: Citizens National Bank..
Rock ford:
Illinois National Bank & Trust
Co.
Swedish-American
National
Bank.
Third National Bank
St.Bank.
Charles: St. Charles National
Springfield:
First National Bank
Illinois National Bank
Streator: Union National Bank
Sycamore: National Bank & Trust
Co.
Waukegan: First National Bank
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1, 2, 3, 5,
and 8.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1, 2, 3, 5,
and 8.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9,
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 4
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 8.
Ito9.
1 to 9.
Ito9.
1 tc>9.
1
1
1
1
to 9.
to 9.
to 9.
to 9.
1 to 9.
249
FIDUCIARY POWERS
Powers
granted
Powers
granted
DISTRICT NO. 7—Continued
DISTRICT NO. 7—Continued
INDIANA—continued
INDIANA
(See also district no. 8)
Albion: Albion National Bank
Attica: Central National Bank &
Trust Co.
Auburn: City National Bank
Aurora: First National Bank
Batesville: First National Bank
Bloomington:
Bloomington National Bank
First National Bank
BlufTton: Old First National Bank..
Brazil: Riddell National Bank
urooKvuie.
Franklin County National Bank.
National Brookville Bank
Cloverdale: First National Bank
Columbus: First National Bank
Crawfordsville:
Citizens National Bank
First National Bank
Dana: First National Bank
Danville: First National Bank
Dver: First National Bank
.
East Chicago:
First National Bank in East
Chicago.
Union National Bank of Indiana
Harbor at East Chicago.
Elkhart: First National Bank
Elwood: First National Bank
Fort Wayne:
Fort Wa\ne National Bank.l..
Lincoln National Bank & Trust
2, 3, 5, and 8.
1 to 9.
Franklin: Johnson County National
Bank.
Goshen: lirst National Bank
1, 2, 3, 5,
and 8.
1 to 3, 5 and
Co.
1 to 9.
1 to 9.
1 to 9.
] to 9.
1 to 7 and 9.
1 to 9.
1 to 9.
1 to
1 to
1 to
1 to
4.
9.
9.
9.
Rockville: Rockville National Bank__
Rushville:
Rush County National Bank
Rushville National Bank
Shelhyville:
Farmers National Bank
Shelby National Bank
1 to 4.
1 to 9.
1 to 3.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
Co.
1 to 9.
1 to 9.
1 to-9.
1 to 9.
1 to 9.
1 to 3, 5 to 7,
and 9.
1 to 8.
1 to 9.
1 to 3.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 9.
1 to 9.
Ito9.
Ito9.
1 to 3, 5 to 8.
Ito9.
1 to 9.
1 to 5, 7, and
9.
1 to 9.
1 to 4.
1 to 4.
Ito9.
1 to 9.
IOWA
Akron: First National Bank. .
Arlington: American National Bank.
Aurelia: First National Bank
Boone: Citizens National Bank_._ __".
Cedar Rapids: Merchants National
Bank.
Charles City:
Citizens National Bank
._
Commercial National Bank. _
Charter Oak: First National Bank...
Clinton: City National Bank
Columbus Junction: Louisa County
National Bank.
Council Bluffs: City National Bank..
Creston: First National Bank
Des Moines:
Central National Bank & Trust
7.
Indianapolis:
American National Bank
Indiana National Bank..
Merchants National Bank
Knightstown: Citizens National
Bank.
La Fayette: First-Merchants National Bank.
La Porte: First National Bank &
Trust Co.
Liberty: Union County National
Bank.
Logansport: National Bank of Logansport.
Lowell: Lowell National Bank
Marion:
First National Bank in Marion.._
Marion National Bank
Michigan City:
First National Bank
Merchants National Bank
Mishawaka: First National Bank
Monterey: First National Bank
New Carlisle: First National Bank..
Noblesville: American National
Bank.
Plainfleld: First National Bank &
Trust Co.
Remington: Farmers National Bank.
Richmond:
First National Bank
Second National Bank..
Rochester: First National Bank
South Bend: Merchants National 1 to 9.
Bank.
Terre Haute:
Merchants National Bank
_ 1, 2, 3, 5, and
8.
Terre Haute First National 1 to 9.
Bank.
Thorntown: Home National Bank... 1 to 8.
Tipton: Citizens National Bank
1 to 9.
Wabash: First National Bank in Wa- 1 to 9.
bash.
1
1 to 9.
1 to 3.
1 to 9.
1 to 3 and 8.
1 to 4.
1 to 9.
1 to 9.
1, 2, 3, and 5
1 to 9.
1, 2,3, and 5.
1 to 8.
1 to 9.
1 to 9.
Iowa-Des Moines National Bank 1 to 9.
& Trust Co.
Dubuque: First National Bank
\ to 9.
Dysart: Dvsart National Bank__
1 to 9.
Eldon: First National Bank
1 to 9.
Fair field: First National Bank in 1 to 9.
Fairfield.
Fonda: First National Bank
1 to 4.
Fort Dodge: Fort Dodge National Ito8.
Bank.
Gladbrook: First National Bank
1 to 9.
Grinnell: Poweshiek County Na- I to 9.
tional Bank.
Harlan: Harlan National Bank_.
1 to 8.
Iowa City: First Capital National 1 to 9.
Bank.
Keokuk: Keokuk National Bank
1 to 9.
Knoxville: Community National 1 to 9.
Bank & Trust Co.
Mason City: First National Bank
1 to 9.
Newell: First National Bank
_. 1 to 9.
Newton: Newton National Bank
1 to 9.
Oelwein: First National Bank
_ Ito7.
Orange City: Orange City National 1 to 9.
Bank.
Paullina: First National Bank
1 to 7 and 9.
Perry: First National Bank.. . . . . 1 to 9.
Peterson: First National Bank..
1 to 4.
Primghar: First National Bank..
1 to 9.
Red Oak: First National Bank
1 to 9.
Remsen: First National Bank. __ _. 1 to 8.
Rippey: First National Bank.. _ __ 1,2, 3, 5 to 8.
Sibley: First National Bank
Ito3.
Sioux City:
First National Bank in Sioux I t o 9 .
City.
Live Stock National Bank__
Ito9.
Security National Bank
1 to 9.
Toy National Bank
1 to 9.
Spencer: Clay County National 1 to 9.
Bank.
Storm Lake: Citizens First National 1 to 9.
Bank.
Thornton: First National Bank
1 to 9.
Waverly: First National Bank
1 to 4.
Webster City: Farmers National I t o 9 .
Bank.
250
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted
Powers
granted
DISTRICT NO. 7—Continued
DISTRICT NO. 8—Continued
(See also district no. 9)
Ann Arbor: First National Bank &
Trust Co.
Battle Creek: City National Bank &
Trust Co.
Charlotte: First National Bank
Coldwater: Southern Michigan National Bank.
Detroit:
Manufacturers National Bank. _
National Bank of Detroit
Flint: National Bank of Flint
Ito9.
1 to 9.
1, 2, 3, 5, and
8.
1 to 9.
1 to 9.
Fordyce: Firs tNational Bank
Forrest City: National Bank of Eastern Arkansas.
Fort Smith:
City National Bank
First National Bank
Merchants National Bank
Hot Springs: Arkansas National
Bank.
Little Rock:
Commercial National Bank
Peoples National Bank
Union National Bank
Newport: First National Bank
Pine Bluff: Simmons National Bank
Texarkana: State National Bank
2,3, 5, and 8.
1 to 9.
Ito9.
(See also district no. 7)
ARKANSAS—continued
Jackson: National Bank of Jackson__
Kalamazoo: First National Bank &
Trust Co.
Lapeer: First National Bank
Monroe: First National Bank
Muskegon: Hackley Union National
Bank.
Petoskey: First National Bank
Port Huron: First National Trust &
Savings Bank.
Quincy: First National Bank
St. Johns: St. Johns National Bank.,
^aginaw: Second National Bank &
Trust Co.
Union City: Union City National
Bank.
WISCONSIN
1 to 9.
Ito8.
2, 3, 5, and 8.
1 to 9.
1 to 4.
1 to 9.
2, 3, 5, and 8.
2, 3, 5, and 8.
1 to 8.
2, 3, 5, and 8.
1
1
1
1
to
to
to
to
9.
9.
9.
9.
1 to
1 to
1 to
1 to
1 to
1 to
9.
9.
9.
8.
9.
9.
ILLINOIS
Alton: First National Bank & Trust
Co. in Alton.
Belleville:
Belleville National Bank
First National Bank
St. Clair National Bank
Benld: First National Bank of Benld.
Bridgeport: First National Bank
Bunker Hill: First National Bank___
Carlinville:
Carlinville National
Bank.
Carmi: National Bank of Carmi
Centralia: Old National Bank
East St. Louis: Southern Illinois National Bank.
Edw^ardsville: Edwardsville National Bank & Trust Co.
Effingham: First National Bank
Highland: First National Bank
Jonesboro: First National B ank
Lebanon: First National Bank
Mascoutah: First National Bank in
Mascoutah.
Metropolis: City National Bank
Millstadt: First National Bank
Murphysboro: First National Bank.
Nashville:
Farmers & Merchants National
Bank.
First National Bank
National Stock Yards: National
Stock Yards National Bank of National City.
O'Fallon: First National Bank
Pittsfleld: First National Bank
Sparta: First National Bank
Vandalia: First National Bank
(See also district no. 9)
Beaver Dam:
American National Bank
_. 1 to 9.
Old National Bank
1 to 9.
1 to 9.
Beloit: Second National Bank
1 to 9.
Berlin: First National Bank
Fond du Lac:
First Fond du Lac National Bank. 1 to 8.
National Exchange Bank
1, 2, 3, 5, and
8.
Green Bay: Kellogg Citizens Na- 1 to 9.
tional Bank.
Hartford: First National Bank
1 to 7 and 9.
Tanesville: First National Bank
1 to 9.
Lake Geneva: First National Bonk.. 1 to 9.
Manitowoc: First National Bank in 1 to 9.
Manitowoc.
1 to 9.
Marinette: First National Bank
1 ond 4.
Menasha: First National Bank
Milwaukee. Marine National Ex- 1 to 9.
change Bank
Monroe: First National Bank
1 to 9.
Neenah:
1 to 9.
First National Bank
National Manufacturers Bank... 1 to 3.
1 to 9.
Plattoville: First National Bank
Racine: First National Bank & 1 to 9.
INDIANA
Trust Co.
1 to 9.
Ripon: First National Bank
(See
also
district no. 7)
1
to
9.
Sheboygan: Security National Bank.
1 to 9.
Sparta: Farmers National Bank
Bedford:
Bedford
National Bank
Stevens Point:
1 to 9.
Citizens National Bank..
Bicknell: First National Bank
1
toS.
First National Bank
Boonville: First National Bank
Waukesha: Waukesha National Bank. 1 to 8.
Brownstown: First National B a n k . .
Waupun: National Bank of Waupun. 1 to 9.
1 to 9.
.Cannelton: First Cannelton NaWest Bend: First National Bank
tional Bank.
Wisconsin Rapids: First National 1 to 9.
Evansville:
Bank.
National City Bank
Old National Bank
DISTRICT NO. 8
Fort Branch: Farmers & Merchants
National Bank.
Madison: First National Bank
Mitchell: First National Bank
1 to 9.
El Dorado: First National Bank
Petersburg: First National Bank
Fayetteville: First National B a n k . . . 1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 7.
and 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 7.
1 to 8.
I to 3, 5 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 7,
and 9.
1 to 3, 5 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 5.
2, 3, and 5.
Powers
granted
DISTRICT NO. 8—Continued
DISTRICT NO. 8—Continued
MISSOURI—continued
INDIANA—continued
Princeton: Farmers National Bank._ 1 to 3, 5 to 7, Unionville: Marshall National Bank
Warrensburg: Peoples National
and 9.
Seymour: Seymour National Bank. I t o 9 .
Bank.
TENNESSEE
Tell City:
(See also district no. 6)
Citizens National Bank
1 to 7 and 9.
Tell City National Bank
Ito9.
Dyersburg: First-Citizens National
Vevay: First National Bank
1 to 9.
Bank.
Vincennes: American National Bank. 1 to 9.
Jackson:
Wadesville: Farmers National Bank. 1 to 9.
First National Bank
Washington:
National Bank of Commerce
Peoples National Bank & Trust Ito9.
Memphis:
Co.
First National Bank
Washington National Bank
Ito9.
National Bank of Commerce in
Alemphis.
KENTUCKY
Union-Planters National Bank &
(See also district no. 4)
Trust Co.
Bowling Green—American National 1 and 4.
Union City: Old National Bank
Bank.
DISTRICT NO. 9
Carrollton: First National Bank
1 to 9.
Clay: Farmers National Bank
Ito9.
MICHIGAN
Columbia: First National Bank & 1 to 3,5 to 8.
(See also district no. 7)
Trust Co.
Danville:
Hancock: National Metals Bank
Citizens National Bank
Ito9.
Houghton: Houghton National Bank.
Farmers National Bank
1 to 8.
Ironwood: Gogebic National Bank-.
Elizabethtown: First-Hardin Na- Ito9.
Lake Linden: First National Brink..
tional Bank.
Marquette:
Frankfort: State National Bank
1 to 9.
First National Bank & Trust Co.
Lawrenceburg:
Union National Bank
Anderson National Bank
1 to 3, 5 to 9. Menominee:
Lawrenceburg National Bank__. I t o 8 :
First National Bank
Lebanon:
Lumbermen's National Bank
Citizens National Bank
1 to 9.
Munising: First National Bank of
Farmers National Bank
Ito9.
Alger County.
Marion National Bank
1 to 6 and 8. Negaunee: First National Bank
Louisville:
MINNESOTA
Citizens Union National Bank... I t o 9 .
Albert Lea:
First National Bank
1 to 9.
First National Bank
Madisonville:
Farmers National 1 to 9.
Freeborn
County
National
Bank.
Bank.
1 to 9.
Mayfield: First National Bank
Bemidji:
First
National
Bank
Morganfield: Morganfield National Ito9.
Blooming Prairie: First National
Bank.
Bank.
Paducah: Peoples National Bank.... Ito9.
Chatfield: First National Bank
Princeton:
Duluth:
Farmers National Bank
1 to 9.
City National Bank
First National Bank
1 to 3, 5 to 9.
First & American National BankMISSISSIPPI
Minnesota National Bank
Northern National Bank
(See also district no. 6)
Eveleth: First National Bank
Columbus: First Columbus National 1 to 9.
Fairmont:
Bank.
First National Bank
Greenville: First National Bank
Ito4.
Martin County National Bank..
West Point: First National Bank
1 to 9.
Faribault: Security National Bank
& Trust Co.
MISSOURI
Fergus Falls:
(See also district no. 10)
Fergus Falls National Bank &
Trust Co.
Carrollton: First National Bank
Ito8.
First National Bank
Columbia:
Hastings:
First National Bank
Ito9.
Boone County National Bank...
Little Falls: First National Bank....
Ito8.
Exchange National Bank
Ito9.
Hannibal: Hannibal National Bank. _
Minneapolis:
Jefferson City: Exchange National Ito9.
First National Bank & Trust Co.
Bank.
Marquette National Bank
Kirksville: Citizens National Bank.. 1 to 8.
Midland National Bank & Trust
Luxemburg: Lafayette National 1 to 9.
Co.
Bank & Trust Co.
Northwestern National Bank &
1 to 9.
Monett: First National Bank
Trust Co.
Ito9.
Pierce City: First National Bank
Northfield: Northfield N a t i o n a l
Ito9.
St. Charles: First National Bank
Bank & Trust Co.
St. Louis:
Owatonna: First National Bank
Ito9.
Boatmen's National Bank
Proctor: First National Bank
First National Bank
1 to 4.
Red Wing:
Mercantile Commerce National Ito9.
First National Bank
Bank in St. Louis.
Goodhue County National BankSecurity National Bank, Savings Ito9.
Red Wing National Bank &
& Trust Co.
Trust Co.
South Side National Bank in St. Ito9.
St. Paul:
Louis.
1 to 3, 5 to 7«
American National Bank
Sedalia: Third National Bank
Empire National Bank & Trust
Springfield: Union National Bank.__ 1 to 9.
1 to 9.
Co.
Trenton National Bank
Digitized forTrenton:
FRASER
251
FIDUCIARY POWERS
Powers
granted
1 to 3, 5 to 7.
1 and 4.
1 to 9.
1.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
2, 3, 5, and 8.
2, 3,5, and 8.
1 to 9.
1 to 9.
1 to 9.
2, 3, 5, and 8.
2, 3, 5, and 8.
2, 3,5, and 8.
Ito8.
1 to 9.
1 to 9.
1,2, 3, and5.
1 to 5.
1 to
1 to
1 to
1 to
1 to
9.
9.
9.
9.
3, 5 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
Ito9.
Ito9.
1, 2, 3, 5, 6,
8, and 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
252
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
Powers
granted
DISTRICT NO. 9—Continued
Powers
granted
DISTRICT NO. 9—Continued
MINNESOTA—continued
SOUTH DAKOTA—continued
St. Paul—Continued.
First National Bank
Midway National Bank
_Twin Cities National Bank
St. Peter: First National Bank
Spring Valley: First National Bank. _
Stillwater: First National Bank
Truman: Truman National B a n k . . .
Virginia: American Exchange National Bank.
Waseca: Farmers National Bank
Windom: First National Bank
Winona:
First National Bank
Winona National & Savings
Bank.
Sioux Falls:
Citizens National Bank & Trust
Co.
First National Bank & Trust Co~
Security National Bank & Trust
Co.
Watertown:
First Citizens National
Bank.
Yankton: First Dakota National
Bank & Trust Co.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
l t o 9.
1 to 3, 5 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
MONTANA
Billings:
Midland National Bank
Montana National Bank _.
Bozeman: Commercial N a t i o n al
Bank:
Dillon: First National Bank
Great Falls:
First National Bank
Great Falls National Bank
Helena: First National Bank &
Trust Co.
Kalispell: First National Bank
Lewistown: National Bank of Lewistown.
Livingston: National Park Bank in
Livingston.
Miles City: First National Bank
Missoula:
First National Bank
Western Montana
National
Bank.
1 to 9.
1 to 9.
1 to 4.
1 to 7 and 9.
l t o 9.
1 to 4.
1 to 7 and 9.
Co.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 8.
1 to 9.
First National Bank
1 and 9.
Dickinson: First National Bank
1 to 9.
Ellendale: First National Bank
- 1 to 4.
Fargo:
First National Bank & Trust Co. 1 to 9.
Merchants National Bank & 1 to 9.
Trust Co.
Grafton: Grafton National Bank
Grand Forks: First National Bank
in Grand Forks.
Jamestown:
James River National Bank &
Trust Co.
National Bank
Valley City: First National Bank
1 to 9.
1 to 9.
1 to 9.
l t o 9.
1 to 9.
SOUTH DAKOTA
Aberdeen:
Aberdeen
National
Trust Co.
Bank &
First National Bank & Trust Co
Arlington: First National Bank
Brookings: Security National Bank..
Chamberlain: First National Bank
& Trust Co.
Clear Lake: Deuel County National
Bank.
Deadwood: First National Bank
Huron: National Bank of Huron___ _.
Lake Norden: First National Bank
& Trust Co.
Lead: First National Bank
Miller: First National Bank
Rapid City: First National B a n k . . .
1 to 8.
1 to 9.
l t o 9.
1 to 9.
IITTOPAHTOTV
WISCONSIN
(See also district no. 7)
Barron: First National Bank
Chippewa Falls:
First National Bank
Lumbermens National Bank
Eau Claire:
American National Bank &
Trust Co.
Union National Bank _
Menomonie: First National Bank
Superior:
First National Bank _
National Bank of Commerce
1 to 3.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 7.
1 to 9.
DISTRICT NO. 10
COLORADO
1 to 4.
1 to 9.
NORTH DAKOTA
Bismarck:
Dakota National Bank & Trust
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
Boulder: National State Bank
Brush: First National Bank,
Canon City:
First National Bank
Fremont County National BankCenter: First National Bank
Colorado Springs:
Colorado Springs National Bank_
Exchange National Bank_ _ ___
First National Bank
Denver:
American National Bank. __ _
Colorado National Bank
.
Denver National Bank. ___ __
First National Bank
United States National Bank
Durango: Burns National Bank
Eagle: First National Bank of Eagle
County.
Englewood: First National Bank
Florence: First National Bank _ _
Fort Collins: Poudre Valley National
Bank.
Fort Morgan: First National Bank__
Glen wood Springs; First National
Bank.
Grand Junction: First National Bank
in Grand Junction.
Greeley:
First National Bank
Greeley National Bank
Gunnison: First National Bank
Hugo: First National Bank _ _
Las Animas: First National Bank
Longmont:
First National Bank... _
Longmont National Bank
Montrose: Montrose National Bank
Ordway: First National Bank
Walsenburg: First National Bank
Windsor: First National Bank
l t o 9.
l t o 3, 5toS
1 to 9.
1 to 4.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 7.
1 to 9.
1 to 9.
1 to 9.
l t o 9.
1 to 7.
1 to 4.
1 to 4.
1 to 9.
1 to 7 and 9
l t o 4.
1 to 3, 5 to 7
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3.
l t o 9.
1 to 9.
1 to 9.
1 to 9.
1.
1 to 9.
l t o 4.
1 to 9.
KANSAS
1 to 9.
1 to 9.
l t o 3, 5 to 8.
1 to 9.
1 to 9.
1 to 7 and 9.
Anthony:
Citizens National Bank
__
First National Bank.- _ _
Arkansas City:
Home National
Bank.
Atchison: City National Bank
Chanute: First National Bank
1 to 8.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
253
FIDUCIARY POWEKS
Powers
granted
DISTRICT NO. 10—Continued
DISTRICT NO. 10—Continued
KANSAS—continued
CofTey ville:
Condon National Bank
First National Bank
Dodge City: First National Bank
Emporia:
Citizens National Bank
Commercial National Bank &
Trust Co.
Fort Scott: Citizens National Bank__
Horton: First National Bank
Hutchinson:
American National Bank
Exchange National Bank
First National Bank
Jewel City: First National Bank
Kansas City: Security National Bank.
Larned: First National Bank in
Larned.
Lawrence:
First National Bank
Lawrence National Bank
Leavenworth: First National Bank__
Manhattan:
First National Bank
Union National Bank
Ottawa: Peoples National Bank
Paola:
Miami County National
Bank.
Pratt: First National Bank
Salina:
Farmers National Bank
National Bank of America
Topeka: National Bank of Topeka
Troy: First National Bank
Wellington: First National Bank
Wichita:
First National Bank
Fourth National Bank
Southwest National Bank
Union National Bank
Winfield:
First National Bank
Winfield National Bank
NEBRASKA—continued
1 to 3, 5 to 9.
1 to 3 and 5.
1 to 9.
1 to 9.
Ito9.
1 to 7 and 9.
1 to 4.
Ito9.
1 to 8.
1 to 4.
1 to 3.
1 to 9.
1 to 3 and 5.
1 to 8.
1 to 8.
1.
1
1
1
1
to
to
to
to
9.
9.
4.
9.
1 to 9.
1
1
1
1
1
to 5 and 8.
to 9.
to 9.
to 3.
to 9.
1
1
1
1
to
to
to
to
9.
9.
9.
9.
1 to 9.
1 to 9.
MISSOURI
(See also district no. 8.)
Cameron: First National Bank
Carthage: Central National Bank
Independence: First National Bank...
Joplin: Joplin National Bank &
Trust Co.
Kansas City:
City National Bank & Trust Co.
Columbia National Bank
Drovers National Bank
First National Bank
Interstate National Bank
Stockyards National Bank
Traders Gate City National Bank.
Union National Bank in Kansas
City.
Neosho: First National Bank
Plattsburg: First National Bank
St. Joseph:
American National Bank
Burns National Bank
Tootie-Lacey National Bank
1 to 3.
1 to 3.
Ito9.
1 to 9.
1 to 9.
1 to 4 and 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 4.
1 to 8.
NEBRASKA
Belden: First National Bank
Butte: First National Bank
David City: First National Bank....
Emerson: First National Bank
Genoa: Genoa National Bank
Grand Island: First National Bank__
Holdredge: First National Bank
Powers
granted
1 to 3, 5 to 9.
1 to 3.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
Lincoln:
Continental National Bank
First National Bank
Lyons: First National Bank
Nebraska City: Nebraska City National Bank.
Omaha:
First National Bank
Omaha National Bank
United States National Bank
Ord: First National Bank in Ord__..
Pender: First National Bank
Randolph: First National Bank
South Omaha: Stock Yards National
Bank.
Utica: First National Bank
Wahoo: First National Bank
Wayne: First National Bank
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1, 2, and 5.
1 and 3 to 7.
1 to 9.
4.
2 and 3.
1 to 3, 5 to 9.
1 to 9.
NEW MEXICO
(See also district no. 11)
Albuquerque:
Albuquerque National Trust &
Savings Bank.
First National Bank in Albuquerque.
Farmington: First National Bank...
Raton: First National Bank in Raton
Santa Fe: First National Bank
1 to 9.
1 to 9.
2 and 3.
1 to 7.
1 to 9.
OKLAHOMA
Ada: First National Bank
Anadarko: First National Bank
Bar ties ville:
First National Bank
Union National Bank
Bristow: American National Bank__
Broken Arrow: First National Bank
Cleveland: First National Bank
Dewey: First National Bank
Enid:
Central National Bank
First National Bank
Guthrie: First National Bank
Holdenville: First National Bank__.
Hominy:
First National Bank
_
National Bank of Commerce
Hooker: First National Bank
Lawton: City National Bank
McAlester: First National Bank
Miami: First National Bank
Muskogee:
Commercial National Bank
First National Bank & Trust Co.
Norman:
First National Bank..
Security National Bank
Okemah:
First National Bank
Okemah National Bank
Oklahoma City:
City National Bank & Trust Co.
Fidelity National Bank
First National Bank & Trust Co.
Liberty National Bank
Tradesmens National Bank
Okmulgee: Central National Bank...
Shawnee: Federal National Bank....
Stillwater:
First National Bank
Stillwater National Bank
Tulsa:
First National Bank & Trust Co.
National Bank of Commerce
1 to 9.
1 to 9.
1 to 9.
4.
1 to 9.
1 to 4, 6 to 9.
1 to 9.
Ito9.
1
1
1
1
to
to
to
to
9.
9.
8.
9.
1 to 3, 5 to 9.
1 to 9.
1 to 3 and 5.
1 to 3, 5 to 7,
and 9.
1 to 3, 5 to 7.
Ito9.
Ito8.
1 to 9.
Ito9.
1 to 9.
Ito8.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 7 and 9.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 3, 5 to 9.
254
ANNUAL REPORT OP THE FEDERAL RESERVE BOARD
Powers
granted
Powers
granted
DISTRICT NO. 11—Continued
DISTRICT NO. 10—Continued
TEXAS—continued
WYOMING
Buffalo: First National Bank
Casper:
Casper National Bank
Wyoming National Bank
American National Bank. _
Stock Growers National Bank.__
Cody:
First National Bank
Shoshone National Bank
Evanston: First National Bank
Kemmerer: First National Bank
Laramie: First National Bank
Powell: First National Bank..
Rawlins:
First National Bank
Rawlins National Bank
Rock Springs: Rock Springs National Bank.
Sheridan: First National Bank
Thermopolis: First National Bank__
DISTRICT NO. 11
1 to 4.
1 to 5.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 and 4.
1 to 3.
1 to 5.
1 to 3.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
ARIZONA
(See also district no. 12)
Nogales: First National Bank
1 to 8.
Tucson: Consolidated National Bank. 1 to 4.
LOUISIANA
(See also district no. 6)
Homer: Homer National Bank
1 to 8.
Shreveport:
Commercial National Bank in__. Ito9.
1 to 9.
First National Bank
NEW MEXICO
(See also district no. 10)
Ito3.
Roswell: First National Bank
Silver City: American National Bank. 2 and 3.
OKLAHOMA
Durant: Durant National Bank in
Durant.
TEXAS
Abilene:
Farmers & Merchants National
Bank.
Albany: First National Bank
Amarillo: First National Bank
Austin:
American National Bank
Austin National Bank
Bay City: First National Bank
Beaumont:
American National Bank
First National Bank
Bonham: First National Bank
Brady: Brady National Bank
Brenham: First National Bank
Brownsville: State National Bank...
Cameron: Citizens National Bank...
Childress: First National Bank
Colorado: City National Bank
Corpus Christi: Corpus Christi National Bank.
Corsicana: First National Bank
Dallas:
First National Bank in
.
National Bank of Commerce
Republic National Bank & Trust
Co.
1 to 3, 5 to 8.
Ito9.
4.
1 to 9.
1 to 9.
Ito9.
1 and 4.
1 to 9.
1 to 9.
1 to 3, 5 to 7.
1 to 3 and 5.
1 to 7 and 9.
1 to 9.
1 to 9.
Ito9.
1 to 4.
Ito7.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Del Rio: Del Rio National Bank....
Denison:
Citizens National Bank
State National Bank
El Paso National Bank
State National Bank
Floresville: First City National Bank.
Fort Worth:
Continental National Bank..
First National Bank
Fort Worth National Bank
Galveston:
City National Bank
First National Bank
Hutchings-Sealy National Bank.
United States National Bank
Granger: First National Bank
Greenville: Greenville National Exchange Bank.
Houston:
City National Bank
First National Bank in Houston.
National Bank of Commerce
San Jacinto National Bank
Second National Bank
South Texas Commercial NaState National Bank
Union National Bank..
Italy: First National Bank. . . . . . .
Kingsville: First National Bank
La Grange: First National Bank
Longview: First National Bank
McKinney: Collin County National
Marfa: Marfa National Bank..
Marshall:
First National Bank.._L
Marshall National Bank
Midland: Midland National Bank..
Orange:
First National Bank in Orange
Orange National Bank
Palestine: Royall National Bank
Paris: First National Bank
Port Arthur:
First National Bank
Merchants National Bank
San Angelo:
Central National Bank._ _ . __
First National Bank
San Angelo National Bank
San Antonio:
Alamo National Bank
Frost National Bank
Groos National Bank
National Bank of Commerce
Seguin: First National Bank
Sherman: Merchants & Planters National Bank.
Stanton: First National Bank..
Stephenville: Farmers-First National
Bank.
Teague: Teague National Bank
Terrell: American National Bank
Texarkana: Texarkana National
Bank.
Troup: First National Bank
Tyler:
Citizens National Bank
_
Peoples National Bank..
Victoria: Victoria National Bank
Waco:
Citizens National Bank
First National Bank
Wichita Falls: First National Bank..
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 and 2.
1 to 4.
1 to 9.
1 to 9.
1 to 7 and 9.
Ito9.
1 to 7 and 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1.
1 to 3, 5,
1 to 9.
1 to 9.
1 to 3 and 5.
1 to 5.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
to 5.
to 9.
]Lto4.
to 9.
L to 9.
L to 9.
to 9.
to 9.
to 9.
to 9.
to 9.
to 3.
L to 9.
1 to 9.
1 to 8.
Ito9.
1.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
]Lto8.
JL to 9.
255
FIDUCIARY POWERS
Powers
granted
Powers
granted
DISTRICT NO. 12—Continued
DISTRICT NO. 12
ALASKA
Fairbanks: First National Bank
OREGON—continued
1 to 9.
ARIZONA
Phoenix: First National Bank _
1 to 9.
Winslow: First National Bank.._ _. 1.
CALIFORNIA
Bakersfield: First National Bank
Beverly Hills: Beverly Hills National Bank & Trust Co.
Fullerton: First National Trust &
Savings Bank.
Long Beach: California First National Bank
Los Angeles:
Citizens National Trust & Savings Bank.
Farmers & Merchants National
Bank.
Seaboard National Bank
Security-First National Bank
Mountain View: First National
Bank.
Orange: First National Bank
Pasadena: Security National Bank..
Pomona: First National Bank
Redwood City: First National Bank
of San Mateo County.
Riverside: Citizens National Trust
& Savings Bank.
Sacramento: Capital National Bank._
Salinas: Salinas National Bank _ _
San Bernardino: American National
Bank.
San Diego:
First National Trust & Savings
Bank.
San Francisco:
Anglo California National Bank__
Bank of America National Trust
& Savings Association.
Bank of California, N. A
Crocker First National Bank
Pacific National Bank
Santa Ana: First National Bank. .
Santa Barbara:
County National Bank & Trust
Co.
First National Trust & Savings
Bank.
Stockton: First National Bank
Ventura: Union National Bank _. _
Whittier: Whittier National Trust
& Savings Bank.
Woodland: Bank of Woodland, N. A.
IDAHO
Boise: First National Bank of Idalio_
Hagerman: First National Bank
Hailey: Hailey National Bank
Idaho Falls: American National
Bank.
Lewiston: Lewiston National Bank._
Moscow: First National Bank
NEVADA
Reno: First National Bank in Reno..
OREGON
Ashland: First National Bank
Athena: First National Bank
Baker: First National Bank
Corvallis: First National Bank
Eugene:
First National Bank
United States National Bank
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
4.
1 to 9.
1 to 9.
1 to 3, 5 to 7.
1 to 3, 5. 7,
and 9.
1 to 9.
Grants Pass: First National Bank of
Southern Oregon.
Harrisburg: First National Bank..
Hood River: First National Bank...
Junction City: First National Bank..
1 to 3, 5 to 7
and 9.
Ito3.
1 to 9.
1 to 3, 5 to 7
and 9.
Klamath Falls:
American National Bank
1 to 8.
First National Bank
Ito9.
Marshfield:
Coos Bay National Bank. _ _ . . Ito9.
First National Bank of Coos Bay. 1 to 9.
Medford: First National Bank
Ito9.
Newberg: United States National
Bank of Newberg.
Portland:
First National Bank
United States National Bank
Ito9.
1 to 9.
1 to 9.
UTAH
Logan: First National Bank
Ogden: First Security Bank of Utah,
National Association.
Price: First National Bank...
Salt Lake City:
Continental National Bank &
Trust Co.
First National Bank
Ito9.
1 to 9.
2, 3, 5 to 8.
1 to 7 and 9
1 to 4.
1 to 9.
4.
1 to().
WASHINGTON
Bellinghain:
American National Bank
Bellingham National Bank
1 to 9.
First National Bank
Northwestern National Bank
Burlington: First National Bank
1 to 9.
Colfax: Farmers National Bank
1 to 9.
Dayton: Columbia National Bank__
Ellensburg: Washington National
1 to 9.
Bank.
1 to 9.
Everett:
1 to 9.
Security National Bank
1 to 9.
First National Bank
Longview: First National Bank
1 to 9.
Mount Vernon: First National Bank.
1 to 9.
Okanogan: First National Bank
Port Angeles: First National Bank..
1 to 9.
Pullman: First National Bank
1 to 5.
Seattle:
1 to 9.
First National Bank
National Bank of Commerce
1 to 3, 7 to 9.
Pacific National Bank
University National Bank
Spokane:
First National Bank in Spokane1 to 5.
1.
Old National Bank & Union
Trust Co.
1 to 3.
Tacoma:
1 to 9.
National Bank of Tacoma.
Puget Sound National Bank
1 to 9.
Toppenish: First National Bank
Ito4.
Waitsburg: First National Bank
Walla Walla:
Baker-Boyer National Bank
1 to 7, and 9.
First National Bank
Wenatchee: First National Bank
Yakima: Yakima First National
1 to 9.
Bank.
1 to 9.
1 to 9.
HAWAIIAN ISLANDS
1 to 9.
1 to 9.
1 to 9.
Honolulu: Bishop National Bank of
Hawaii at Honolulu.
1 to 3 and 9
1 to 9.
1 to 5 and 9
Ito9.
1 to 7 and 9
Ito5.
1 to 3.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 7.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 8.
NOTE.—The above list does not include the names of national banks which have received permission
to administer trusts transferred to them in connection with the acquisition of assets of other banking
institutions, but which have not been granted the right to accept new trust business.
256
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
DESCRIPTION OF FEDERAL RESERVE DISTRICTS
Land urea Population
(square
J u l y 1,1934
miles)
(estimated)
Federal reserve district
No 1—Boston
2sr0. 2—New York
. .
No. 3—Philadelphia
No. 4—Cleveland
No 5—Richmond
No. 6—Atlanta
No. 7—Chicago
No. 8—St. Louis
No. 9—Minneapolis
No. 10—Kansas City No. 11—Dallas
No. 12—San Francisco..Total
FEDERAL RESERVE
Connecticut (exclud ing Fairfield County)
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
DISTRICT N O . 2—NEW YORK
Adams
Bedford
Berks
Blair
Bradford
Bucks
Cambria
Cameron
Carbon
Center
Chester
Clearneld
Clinton
Columbia
Cumberland
Dauphin
Delaware
Elk
Franklin
Fulton
Huntingdon
Juniata
Lackawanna
Lancaster
2, 973, 776
126,425,000
61, 345
7, 931, 000
4.189
29, 895
8 039
9,031
1,067
9.124
1, 256, 000
804 000
4 335 000
470 000
705, 000
361, 000
51,890
631
3, 605
Morris
Passaic
Somerset
Sussex
Union
Warren
DISTRICT N O . 3—PHILA DELPHI A . .
Delaware
New Jersey
Counties of:
Atlantic
Cape May
Burlington
Cumberland
Camden
Pennsylvania (easte rn part)
7, 931, 000
16, 749, 000
7, 732, 000
11 589, 000
11 244 000
11, 518, 000
18, 967, 000
9 791 000
5, 427, 000
8,071,000
7, 264, 000
10,142, 000
DISTRICTS
DISTRICT N O . 1—BOSTO N
Connecticut (Fairfie Id County).
New Jersey
Counties of:
Bergen
Hunterdon
Essex
Middlesex
Hudson
Monmouth
New York
61, 345
51,890
36. 842
73, 424
152 316
248,226
190,513
194, 810
4J 4, 004
480,438
386,116
683, 852
Gloucester
Mercer
Ocean
Salem
Lebanon
Lehi^h
Luzerne
Lycoming
McKeau
Mifflin
Monroe
Montgomery
Montour
Northampton
Northumberland
Perry
Philadelphia
Pike
Potter
Schuylkill
Snyder
Sullivan
Susquehanna
Tioga
Union
Wayne
W yoming
York
16, 749, 000
399, 000
3 291 000
47. r,54
13, 059, 000
36, 842
7, 732,000
1, 965
3, 909
242 000
910, 000
30,968
6, 550, 000
DESCRIPTION OP FEDERAL RESERVE DISTRICTS
257
FEDERAL RESERVE DISTRICTS—Continued
Land area Population
(square July 1, 1934
miles)
(estimated)
Federal reserve district
DISTRICT N O . 4—CLEVELAND
__.
Kentucky (eastern 7
Counties of—
Bath
Fleming
Bell
Floyd
Boone
Garrard
Bourbon
Grant
Boyd
Greenup
Bracken
Harlan
Breathitt
Harrison
Campbell
Jackson
Carter
Jessamine
Clark
Johnson
Clay
Kenton
Elliott
Knott
Estill
Knox
Fayette
Laurel
Ohio
Pennsylvania (western part)
Counties of—
Allegheny
Crawford
Armstrong
Erie
Beaver
Fayette
Butler
Forest
Clarion
Greene
West Virginia (northern part)
Counties of—
Brooke
Marshall
Hancock
Ohio
Lawrence
Lee
Leslie
Letcher
Lewis
Lincoln
McCreary
Madison
Magoffin
Martin
Mason
Menifee
Montgomery
Morgan
Nicholas
Owsley
Pendleton
Perry
Pike
Powell
Pulaski
Robertson
Rockcastle
Rowan
Scott
W'hitley
Wolfe
Wood ford
Indiana
Jefferson
Lawrence
Mercer
Somerset
Venango
Warren
Washington
Westmoreland
District of Columbia
Maryland
North Carolina
South Carolina
Virginia
West Virginia (southern part)
Counties of—
Barbour
Hardy
Harrison
Berkeley
Jackson
Boone
Jefferson
Braxton
Kanawha
Cabell
Lewis
Calhoun
Lincoln
Clay
Logan
Doddridge
McDowell
Fayette
Marion
Gilmer
Mason
Grant
Mercer
Greenbrier
Mineral
Hampshire
Mingo
Monongalia
Monroe
Morgan
Nicholas
Pendleton
Pleasants
Pocahontas
Preston
Putnam
Raleigh
Randolph
Ritchie
Alabama
Florida
Georgia
Louisiana (southern r>art."i
Parishes of—
Acadia
Rapides
Evangeline
Allen
Iberia
St. Bernard
Ascension
St. Charles
Iberville
St. Helena
Jefferson
Assumption
Jefferson Davis St. James
Avoyelles
St. John the BapLafayette
Beauregard
tist
La Fourohe
Calcasieu
St. Landrv
Livingston
Cameron
St. Martin
E a s t B a t o n Orleans
Rouge
St. Mary
Plaquemines
East Feliciana Pointe Coupee St. Tammanj
40, 740
13,864
6,836, 000
3,276, 000
1,206
207,000
Lawrence
Leak©
Lincoln
Madison
Marion
Nnshoba
Newton
Pearl River
PerryPike
Rankin
152,316
11,244,000
62
9,941
48,740
30,495
40,262
22,816
497,000
1,671,000
3, 301,000
1,750,000
2,446,000
1,579,000
248,226
11,518,000
51,279
54,861
58,725
26,891
2, 710, 000
1, 575,000
2,911,000
1, 467,000
25,519
985,000
Tangipahoa
Terrebonne
Vermilion
Vernon
Washington
West Baton
Rouge
West Feliciana
"_
Hinds
Issaquena
Jackson
Jasper
Jefferson
Jefferson Davis
Jones
Kemper
Lamar
Lauderdale
1,270,000
Roane
Summers
Taylor
Tucker
Upsbur
Wayne
Webster
Wirt
Wood
Wyoming
DISTRICT N O . 6—ATLANTA
A mite
Claiborne
Clarke
Copiah
Covington
Forrest
Franklin
George
Greene
Hancock
11,589,000
17,614
Tyler
Wetzel
DISTRICT N O . 6—RICHMOND
Mississippi (southern part)
Counties of—Harrison
Adams
73,424
Scott
Shnrkcy
Simpson
Smith
Stone
Walthall
Warren
Wayne
Wilkinson
Yazoo
258
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE
DISTRICTS—Continued
Land area Population
(square July 1,1934
miles)
(estimated)
Federal reserve district
DISTRICT NO. 6.—ATLANTA—-Continued
Counties of—
Anderson
Giles
Bedford
Grainger
Bledsoe
Greene
Blount
Grundy
Bradley
Hamblen
Campbell
Hamilton
Cannon
Hancock
Carter
Hawkins
Cheat ham
Hickman
Claiborne
Houston
Clay
Humphreys
Cocke
Jackson
Coffee
Jefferson
Cumberland
Johnson
Davidson
Knox
De Kalb
Lawrence
Dickson
Lewis
Fentress
Lincoln
Franklin
Loudon
McMinn
Macon
Marion
Marshall
Maury
Meigs
Monroe
Montgomery
Moore
Morgan
Overton
Perry
Pickett
Polk
Putnam
Rhea
Roane
Robertson
Rutherford
DISTRICT N O . 7.—CHK:AGO
Illinois (northern p art)
Counties of—
Boone
Ford
Bureau
Fulton
Carroll
Grundy
Cass
Hancock
Champaign
Henderson
Christian
Henry
Clark
Iroquois
Coles
Jo Daviess
Cook
Kane
Cumberland
Kankakee
De Kalb
Kendall
De Witt
Knox
Douglas
Lake
Du Page
La Salle
Edgar
Lee
Indiana (northern part) __ .
Counties of—
Adams
Fountain
Allen
Franklin
Bartholomew
Fulton
Benton
Grant
Blackford
Hamilton
Boone
Hancock
Brown
Hendricks
Carroll
Henry
Cass
Howard
Clay
Huntington
Clinton
Jasper
Dearborn
Jay
Decatur
Jennings
De Kalb
Johnson
Delaware
Kosciusko
Lagrango
Elkhart
Lake
Fayette
Iowa.
_ _.
Michigan (southern part)
Counties of—
Alcona
Eaton
Allegan
Emmet
Alpena
Genesee
Antrim
Gladwin
Arenac
Grand Traverse
Barry
Gratiot
Bay
Hillsdale
Benzie
Huron
Berrien
Ingham
Branch
Ionia
Calhoun
Iosco
Cass
Isabella
Charlevoix
Jackson
Cheboygan
Kalamazoo
Kalkaska
Claire
Clinton
Kent
Crawford
Lake
Livingston
Logan
McDonough
McHenry
McLean
Macon
Marshall
Mason
Menard
Mercer
Moultrie
Ogle
Peoria
Rock Island
Sangamon
Schuyler
Shelby
Stark
Stephenson
Tazewell
Vermilion
Warren
Whiteside
Will
Winnebago
Woodford
La Porte
Ripley
Rush
St. Joseph
Shelby
Starke
Steuben
Tippecanoe
Tipton
Union
Vermillion
Vigo
Wabash
Warren
Wayne
Wells
White
Whitley
Piatt
Putnam
Madison
Marion
Marshall
Miami
Monroe
Montgomery
Morgan
Newton
Noble
Ohio
Owen
Parke
Porter
Pulaski
Putnam
Randolph
Lapeef
Leelanau
Lenawee
Livingston
Macomb
Manistee
Mason
Mecosta
Midland
Missaukee
Monroe
Montcalm
Montmorency
Muskegon
Newaygo
Oakland
Oceana
30,951
1,870,000
190,513
18, 967, 000
35,448
6, 595, 000
26,707
2, 683,000
55,586
40,789
2,485,00(1
4,758,00C
Scott
Sequatchie
Sevier
Smith
Stewart
Sullivan
Sumner
Trousdale
Unicoi
Union
Van Buren
Warren
Washington
Wayne
White
Williamson
Wilson
Ogemaw
Osceola
Oscoda
Otsego
Ottawa
Presque Isle
Roscommon
Saginaw
St. Clair
St. Joseph
Sanilac
Shiawassee
Tuscola
Van Buren
Washtenaw
Wayne
Weiford
259
DESCRIPTION OF FEDERAL RESERVE DISTRICTS
FEDERAL RESERVE
DISTRICTS—Continued
Land area Population
(square
July 1,1934
miles)
(estimated)
Federal Reserve district
DISTRICT N O . 7.—CHICAGO—Continued
Wisconsin (southern part).
Counties of—
Adams
Green Lake
Brown
Iowa
Calumet
Jackson
Clark
Jefferson
Columbia
Juneau
Crawford
Kenosha
Dane
Kewaunee
Dodge
Lafayette
Door
Langlade
Fond du Lac
Manitowoc
Grant
Marathon
Green
Marinette
Marquette
Milwaukee
Monroe
Oconto
Outagamie
Ozaukee
Portage
Racine
Richland
Rock
Sauk
Shawano
DISTRICT N O . 8—ST. L ouis
Arkansas
Counties of—
Franklin
Adams
Gallatin
Alexander
Greene
Bond
Hamilton
Brown
Hardin
Calhoun
Jackson
Clay
Jasper
Clinton
Jefferson
Crawford
Jersey
Edwards
Johnson
Emngham
Lawrence
Fayette
Counties of—
Clark
Greene
Crawford
Harrison
Daviess
Jackson
Dubois
Jefferson
Floyd
Knox
Gibson
Lawrence
Counties of—
Crittenden
Adair
Cumberland
Allen
Daviess
Anderson
Ednionson
Ballard
Franklin
Barren
Fulton
Boyle
Gallatin
Breckenridge
Graves
Bullitt
Grayson
Butler
Green
Caldwell
Hancock
Galloway
Hardin
Carlisle
Hart
Carroll
Henderson
Casey
Henry
Christian
Hickman
Clinton
Mississippi (northern part)
Counties of—
Alcorn
De Soto
Attala
Grenada
Benton
Holmes
Bolivar
Humphreys
Calhoun
Itawamba
Carroll
Lafayette
Chickasaw
Lee
Choctaw
Leflore
Clay
Lowndes
Coahoma
Marshall
Macoupin
Madison
Marion
Massac
Monroe
Montgomery
Morgan
Perry
Pike
Pope
Pulaski
31,983
2,446,000
194,810
9,791,000
52,525
20,595
1,876,000
1,281,000
Sheboygan
Vernon
Walworth
Washington
Waukesha
Waupaca
Waushara
Winnebago
Wood
Randolph
Richland
St. Clair
Saline
Scott
Union
Wabash
Washington
Wayne
White
Williamson
9,338
Martin
Orange
Perry
Pike
Posey
Scott
Spencer
Sullivan
Switzerland
Vanderburg
Warrick
Washington
Hopkins
Jefferson
Larue
Livingston
Logan
Lyon
McCracken
McLean
Marion
Marshall
Meade
Mercer
Metcalfe
Monroe
Muhlenberg
Nelson
Ohio
Oldham
Owen
Russell
Shelby
Simpson
Spencer
Taylor
Todd
Trigg
Trimble
Union
Warren
Washington
Wayne
Webster
Monroe
Montgomery
Noxubee
Oktibbeha
Panola.
Pontotoc
Prentiss
Quitman
Sunflower
Tallahatchie
Tate
Tippah
Tishomingo
Tunica
Union
Washington
Webster
Winston
Yalobusha
621,000
22, 567
1,387,000
20, 843
1,072,000
260
ANNUAL REPORT OF THE FEDERAL RESERVE BOARD
FEDERAL RESERVE DISTRICTS—Continued
Land area Population
(square J u l y 1,1934
miles)
(estimated)
Federal Reserve district
DISTRICT N O . 8—ST. LOUIS—Continued
Missouri (eastern part). .
Counties of—
Adair
Douglas
Audrain
Dunklin
Barry
Franklin
Benton
Gasconade
Bollinger
Greene
Boone
Grundy
Butler
Harrison
Caldwell
Henry
Callaway
Hickory
Camden
Howard
Cape Girardeau Howell
Carroll
Iron
Carter
Jefferson
Cedar
Johnson
Chariton
Knox.
Christian
Laclede
Clark
Lafayette
Cole
Lawrence
Cooper
Lewis
Crawford
Lincoln
Dade
Linn
Dallas
Livingston
Daviess
Macon
Dent
Madison
Tennessee (western •nartA
Counties ofBenton
Fayette
Carroll
Gibson
Chester
Hardeman
Crockett
Hardin
Decatur
Haywood
Dyer
Henderson
Maries
Marion
Mercer
Miller
Mississippi
Moniteau
Monroe
Montgomery
Morgan
New Madrid
Oregon
Osage
Ozark
Pemiscot
Perry
Pettis
Phelps
Pike
Polk
Pulaski
Putnam
Rails
Randolph
Reynolds
Ripley
St. Charles
St. Clair
St. Francois
St. Louis
St. Louis City
Ste. Genevieve
Saline
Schuyler
Scotland
Scott
Shannon
Shelby
Stoddard
Stone
Sullivan
Taney
Texas
Warren
Washington
Wayne
Webster
Wright
Henry
Lake
Lauderdale
McNairy
Madison
Obion
Shelby
Tipton
Weakley
Ray
DISTRICT N O . 9—MINN EAPOLIS
Michigan (northern narU
Counties of—
Alger
Dickinson
Gogebic
Baraga
Houghton
Chippewa
Iron
Delta
Minnesota
Montana
North Dakota
South Dakota
Wisconsin (northern part)
Counties of—
Ashland
Dunn
Barron
Eau Claire
Bayfield
Florence
Buffalo
Forest
Burnett
Iron
Chippewa
La Crosse
Douglas
Lincoln
Keweenaw
Luce
Mackinac
Marquette
Menominee
Ontonagon
Schoolcraft
Oneida
Pepin
Pierce
Polk
Price
Rusk
St. Croix
Sawyer
Taylor
Trempealeau
Vilas
Washburn
DISTRICT N O . 10—KANSAS CITY
Colorado....
Kansas.Missouri (western part)
Counties of—
Andrew
Cass
Atchison
Clay
Barton
Clinton
Bates
De Kalb
Buchanan
Gentry
Nebraska
Holt
Jackson
Jasper
McDonald
Newton
2,748,000
10, 736
806,000
414, 004
5,427,000
16, 691
335,000
80,858
146,131
70,183
76,868
23, 273
2, 602, 000
l 537, 606
688,000
705,000
559,000
480,438
8,071, 000
103, 658
81, 774
10, 521
1,056, 000
1 905 000
930, 000
76,808
48,359
1,395, 000
239, 00C
Nodaway
Platte
Vernon
Worth
Counties of—
Bernalillo
Mora
San Miguel
Valencia
Santa Fe
Colfax
Rio Arriba
Taos
Harding
Sandoval
Union
McKinley
San Juan
Population Apr. 1,1930; decreased 1920 to 1930; no estimate made.
58,206
DESCRIPTION OF FEDERAL RESERVE DISTRICTS
FEDERAL RESERVE
261
DISTRICTS—Continued
Land area Population
(square July 1,1934
miles)
(estimated)
Federal reserve district
DISTRICT N O . 10—KANSAS CITY—Continued
Oklahoma (northwestern part)
Counties oi—
Adair
Ellis
Alfalfa
Garfleld
Beaver
Garvin
Beckham
Grady
Blaine
Grant
Caddo
Greer
Canadian
Harmon
Harper
Carter
Haskell
Cherokee
Hughes
Cimarron
Jackson
Cleveland
Jefferson
Comanche
Kay
Cotton
Kingfisher
Craig
Kiowa
Creek
Latimer
Custer
Le Flore
Delaware
Lincoln
Dewey
Wyoming
61, 770
Logan
Love
McClain
Mclntosh
Major
Mayes
Murray
Muskogee
Noble
Nowata
Okfuskee
Oklahoma
Okmulgee
Osage
Ottawa
Pawnee
Payne
Pittsburg
Roger Mills
Rogers
Seminole
Sequoyah
Stephens
Texas
Tillman
Tulsa
Wagoner
Washington
Washita
Woods
Woodward
DISTRICT N O . 11—DALLAS
Arizona (southeastern part)
Counties of—
Cochise
Greenlee
Louisiana (northern part) _»»
Parishes of—
Bienville
De Soto
Bossier
East Carroll
Caddo
Franklin
Caldwell
Grant
Catahoula
Jackson
Claiborne
La Salle
Concordia
Lincoln
New Mexico (southern part)
Counties of—
Eddy
Catron
Chaves
Grant
Curry
Guadalupe
De Baca
Hidalgo
Dona Ana
Lea
Oklahoma (southeastern part)
Counties of—
Atoka
Choctaw
Bryan
Coal
Texas
Pima
Santa Cruz
Madison
Morehouse
Natchitoches
Ouachita
Red River
Richland
Sabine
Tensas
Union
Webster
West Carroll
Winn
Lincoln
Luna
Otero
Quay
Roosevelt
Sierra
Socorro
Torrence
Johnston
McCurtain
Marshall
Pushmataha
DISTRICT N O . 12—SAN FRANCISCO
Arizona (northwestern part)
Counties of—
Maricopa
Apache
Coconino
Mohave
Gila
California
Idaho
Nevada.Oregon
Utah
. ._
Washington
Navajo
Pinal
2,314,000
Pontotoc
Pottawatomie
97, 548
232, 000
386,116
7,264,000
23,412
133,000
18,518
699,000
74,144
198,000
7,644
161,000
262,398
6,073,000
683,852
10,143,000
90,398
324,000
155, 652
83, 354
109,821
95, 607
82,184
66,836
6,158,000
448,00C
94,000
990,000
520,000
1,608,000
Yavapai
Yuma
FEDERAL RESERVE BRANCH TERRITORIES
[December 31,1934]
BUFFALO BRANCH (District No. 2).—The 10 most westerly counties of New York State, as follows:
Monroe
Orleans
Allegany
Wyoming
Chautauqua
Genesee
Erie
Cattaraugus
Livingston
Niagara
CINCINNATI BRANCH (District No. 4).—That part of Kentucky in Federal reserve district No. 4, and the
following 25 counties in southern Ohio:
Adams
Clermont
Greene
Meigs
Ross
Athens
Clinton
Hamilton
Miami
Scioto
Brown
Darke
Highland
Montgomery
Vinton
Butler
Fayette
Jackson
Pike
Warren
Clark
Gallia
Lawrence
Preble
Washington
PITTSBURGH BRANCH (District No. 4).—Those portions of the States of Pennsylvania and West Virginia
included in Federal reserve district No. 4.
BALTIMORE BRANCH (District No. 5).—The State of Maryland and the following 30 counties of West
Virginia:
Barbour
Grant
Lewis
Pendleton
Taylor
Berkeley
Hampshire
Marion
Pleasants
Tucker
Braxton
Hardy
Mineral
Preston
Upshur
Calhoun
Harrison
Monongalia
Randolph
Webster
Doddridge
Jackson
Morgan
Ritchie
Wirt
Gilmer
Jefferson
Nicholas
Roane
Wood
CHARLOTTE BRANCH (District No. 5).—The following counties in the States of North Carolina and South
Carolina:
NORTH CAROLINA
Alexander
Alleghany
Ashe
Avery
Buncombe
Burke
Cabarrus
Caldwell
Catawba
Cherokee
Clay
Cleveland
Gaston
Graham
Haywood
Henderson
Iredell
Jackson
Lincoln
Macon
Madison
McDowell
Mecklenburg
Mitchell
Polk
Rowan
Rutherford
Stanly
Swain
Transylvania
Union
Watauga
Wilkes
Yancey
SOUTH CAROLINA
Newberry
Lancaster
Edgefield
Abbeville
Saluda
Aiken
Oconee
Spartanburg
Lauren s
Fairfleld
Anderson
Pickens
Union
Lexington
Greenville
Cherokee
Richland
York
McCormick
Greenwood
Chester
BIRMINGHAM BRANCH (District No. 6).—The State of Alabama except the following counties: Mobile,
Baldwin, Russell, Pike, Barbour, Coffee, Dale, Henry, Covington, Geneva, and Houston, and towns and
cities in Lee and Chambers counties located on or south of the Atlanta & West Point Railroad and the
Western Railway of Alabama.
JACKSONVILLE BRANCH (District No. 6).—The entire State of Florida.
NASHVILLE BRANCH (District No. 6).—That part of the State of Tennessee included in Federal reserve
district No. 6 with the exception of the city of Chattanooga.
NEW ORLEANS BRANCH (District No. 6).—Those parts of the States of Louisiana and Mississippi located
in Federal reserve district No. 6, and the counties of Mobile and Baldwin in Alabama.
DETROIT BRANCH (District No. 7).—-The following 19 counties in the State of Michigan:
Bay
Xngham
Livingston
Saginaw
Tuscola
Genesee
Jackson
Macomb
Sanilac
Washtenaw
Hillsdale
Lapeer
Monroe
St. Clair
Wayne
Huron
Lenawee
Oakland
Shiawassee
LITTLE ROCK BRANCH (District NO. 8).—Territory is not determined by State or county lines. Branch
territory consists of all cities in Arkansas except those assigned to the head office and to the Memphis
branch. (For names of cities see Federal Reserve Interdistrict Collection System list.)
LOUISVILLE BRANCH (District No. 8).—Territory is not determined by State or county lines. Branch
territory consists of all cities in Kentucky and Indiana, included in Federal reserve district No. 8, except
those assigned to the head office. (For names of cities see Federal Reserve Interdistrict Collection System list.)
MEMPHIS BRANCH (District No. 8).—Territory is not determined by State or county lines. Branch
territory consists of all cities in Mississippi included in Federal reserve district No. 8; all cities in Tennessee included in district No. 8, except those assigned to St. Louis, and cities in Arkansas not assigned
to St. Louis or Little Rock. (For names of cities see Federal Reserve Interdistrict Collection System
list.)
262
FEDERAL RESERVE BRANCH TERRITORIES
263
HELENA BRANCH (District No. 9).—The entire State of Montana.
DENVER BRANCH (District No. 10).—The entire State of Colorado and that part of the State of New
Mexico included in Federal Reserve District No. 10.
OKLAHOMA CITY BRANCH (District No. 10).—That part of the State of Oklahoma located in Federal
Reserve District No. 10.
OMAHA BRANCH (District No. 10).—The entire States of Nebraska and Wyoming.
EL PASO BRANCH (District No. 11).—That part of the States of Arizona and New Mexico located in Federal
Reserve District No. 11, and the following 14 counties in the State of Texas:
Andrews
Ector
Jeff Davis
Midland
Ward
Crane
El Paso
Loving
Pecos
Winkler
Culberson
Hudspeth
Martin
Reeves
HOUSTON BRANCH (District No. 11).—The following 41 counties in the southeast part of the State of Texas:
Montgomery
Shelby
Anderson
Colorado
Jackson
Angelina
Fayette
Nacogdoches
Trinity
Jasper
Newton
Tyler
Austin
Fort Bend
Jefferson
Bastrop
Galveston
Orange
Victoria
Lavaca
Polk
Walker
Brazoria
Grimes
Lee
Brazos
Hardin
Sabine
Waller
Liberty
San Augustine
Washington
Burleson
Harris
Madison
Chambers
Houston
San Jacinto
Wharton
Matagorda
Cherokee
in
the
State
of
Texas:
ANTONIO BRABrcH (District No.
Hidalgo
Llano
Starr
Aransas
Comal
Jim Hogg
Live Oak
Terrell
Atascosa
De Witt
Jim
Wells
Mason
Travis
Bandera
Dimmit
Karnes
Bee
Maverick
Uvalde
Duval
Kendall
McMullen
Val Verde
Bexar
Edwards
Kenedy
Medina
Webb
Blanco
Frio
Kerr
Nueces
Willacy
Brewster
Gillespie
Kimble
Presidio
Wilson
Brooks
Goliad
Kinney
Real
Zapata
Caldwell
Gonzales
Kleburg
Refugio
Zavalla
Calhoun
Guadalupe
La Salle
San Patricio
Cameron
Hays
Los ANGELES BRANCH (District No. 12).—That part of the State of Arizona located in Federal Reserve
District No. 12, and the following counties in California:
Imperial
Los Angeles
Riverside
San Diego
Ventura
Inyo
Orange
San Bernardino
Santa Barbara
PORTLAND BRANCH (District No. 12).—The entire State of Oregon, except the towns of Klamath Falls,
Lakeview, and Merrill, which are affiliated with the head office, and the following five counties in the
State of Washington:
Clarke
Cowlitz
Klickitat
Skamania
Wahkiakum
and the town of Ilwaco, Wash.
SALT LAKE CITY BRANCH (District No. 12).—The entire State of Utah and the following counties in Idaho
and Nevada:
IDAHO
Ada
Adams
Bannock
Bear Lake
Bingham
Blaine
Boise
Bonneville
Butte
Camas
Canyon
Caribou
Cassia
Clark
Custer
Elmore
Franklin
Fremont
Gem
Gooding
Jefferson
Jerome
Lemhi
Lincoln
Madison
Minidoka
Oneida
Owyhee
Payette
Power
Teton
Twin Falls
Valley
Washington
NEVADA
Clark
Elko
Lincoln
White Pine
SEATTLE BRANCH (District No. 12).—The following 16 counties in the State of Washington, except the town
of Ilwaco, Wash.
Clallam
King
Lewis
Pierce
Snohomish
Grays Harbor
Kitsap
Mason
San Juan
Thurston
Island
Kittitas
Pacific1
Skagit
Whatcom
Jefferson
SPOKANE BRANCH (District No. 12).—The following counties in the States of Washington and Idaho:
WASHINGTON
Adams
Asotin
Benton
Chelan
Columbia
Douglas
Ferry
Franklin
Benewah
Bonner
Boundary
Clearwater
Garfield
Grant
Lincoln
Okanogan
Pend Oreille
Spokane
Stevens
Walla Walla
Whitman
Yakima
Latah
Lewis
Nez Perce
Shoshone
IDAHO
Idaho
Kootenai
i Except the town of Ilwaco (see Portland branch).
129288—35
18
to
FEDERAL RESERVE DISTRICTS
_
1
,
OS
MINN. ,
MINNEAPOLISC
8
O
•
i BOUNDARIES OF FEDERAL RESERVE DISTRICTS
— — B O U N D A R I E S OF FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O
FEDERAL RESERVE. BANK AGENCY
INDEX
Pa e
Acceptances:
s
Held by Federal Reserve banks
100
Held by group of accepting banks
166
Held by member banks on call dates
150-151
Maturity of bills held by Federal Reserve banks
99, 101
Number of pieces handled by Federal Reserve banks
41, 103, 104, 105
Open-market discount rates
4, 134, 135
Outstanding
165
Payable in foreign currencies
88, 90, 100
Purchased by member banks
150, 158, 160, 162
Rates, discount and open-market:
Average rates earned on bills bought by Federal Reserve banks. 40, 133
Buying rates of Federal Reserve banks
4, 133
Change in Federal Reserve bank rates
1, 129-132
Open-market rates in New York City
4, 134, 135
Trade, held by Federal Reserve banks
100
Acts amending Federal Reserve Act. (See Federal Reserve Act.)
Additions and withdrawals, banks in Federal Reserve System
45, 177
Adjusted-service certificates, discount of paper secured by
98
Administrator, list of national banks authorized to act as
236
Advances to industries by Federal Reserve banks. (See Industries,
loans to.)
Advances to member banks under section 10 (b) of Federal Reserve Act__ 98, 99
Extension of time limit
53
Rates on
129
Advisory Council, Federal:
Meetings of
62
Expenses of
:
112
Members of
201
Recommendations of, to Federal Reserve Board
201-205
Affiliates of member banks
2, 58-60
Voting permits, applications for
2, 60
Agencies of Federal Reserve banks. (See Branches and agencies.)
Amendments to Federal Reserve Act. (See Federal Reserve Act.)
Area of Federal Reserve districts
256-261
Assessment for expenses of Federal Reserve Board
63, 112, 210
Assets and liabilities:
Federal Reserve banks:
At the end of each month
90
At the end of 1933 and 1934
92-95
Weekly statement and balance-sheet items
88
Member banks:
Country banks
142
National and State banks
142
On call dates
146
Reporting banks:
In 91 cities
158
In New York City
160
Outside New York City
162
National banks
142
Reserve city member banks
142
State bank members
142
Assignee, list of national banks authorized to act as
236
Automobiles:
Factory employment index
194
Factory pay-roll index
193
Production index
192
265
266
INDEX
Balance sheets. (See Condition of banks.)
Page
Bank consolidations
,
45, 177
Bank examinations
54
Bank debits
166
Bank failures. (See Bank suspensions.)
Bank mergers
45, 177
Bank premises, Federal Reserve
42, 89, 91, 92, 109, 112, 113
Book value
109
Cost of
.___
109
Date occupied
109
Depreciation charges
113
Repairs, cost of
112
Bank suspensions
3, 25, 26, 167-176
By Federal Reserve districts and States
168-174
By years
167
Deposits of banks suspended167, 169, 170, 171, 173, 175, 176
Loans to banks by Reconstruction Finance Corporation
26
Number:
By Federal Reserve districts and States
172, 174
Classified according to capital stock
167
Bankers' acceptances. (See Acceptances.)
Bankers' balances of member banks
142, 146, 148, 159, 161, 163
Banking Act of 1933, administration of
2, 57
Banking conditions in 1934, discussion of
1
Banking corporations engaged in foreign banking business, examination of _
55
Baumann, John C , appointed assistant counsel of Federal Reserve Board
63
Biils bought by Federal Reserve banks
67-83, 88-95, 99, 100
Earnings on
40, 110, 112
Rates of
40, 133
Holdings:
By classes
100
By maturities
101
Open-market purchases
88, 92
On call dates
82
Outright
88, 90
Payable in foreign currencies
88, 90, 100
Under resale agreement
90
Volume of:
Federal Reserve banks
41, 103, 104
Federal Reserve branch banks
44, 105
Bills discounted by Federal Reserve banks
67-83, 85, 87, 88-95, 101
Earnings on
40, 110, 112, 133
Rates of
40, 133
Holdings:
By classes
98
By maturities
99, 101
By months
85
By States
87
On call dates
82
Secured by United States Government obligations
88, 92, 94, 98, 99
Under resale agreement
90
Volume of
41, 103, 104
Bills payable and rediscounts, member banks on call dates
148
Black, Eugene R., Governor of Board, resignation of
62
Boatwright, H. Lee, assistant counsel, resignation of
63
Bonds:
Capital issues
183
Index of prices
184
Of Federal Farm Mortgage Corporation as security for advances to
member banks, amendment to Federal Reserve Act
47
Paper secured by:
Discount rates
136
Held by member banks
150
United States. (See United States Government securities.)
Yield on
4, 185
Book value, Federal Reserve bank premises
109
INDEX
267
Borrowings of member banks at Federal Reserve banks:
Page
All banks
152, 155
Banks in New York City, Chicago, and other reserve cities
155-157
Reporting member banks:
In 91 cities
159
In New York City
161
Outside New York City
163
Branches and agencies of Federal Reserve banks:
Bank premises:
Cost of
109
Date occupied
109
Book value
109
Clearing operations
44, 105
Counties comprising territory
262, 263
Directors of
212-215
Expenses of
44
Managers of
212-215
Number of
43
Territory
262,263
Volume of operations
44, 105
Brokers, loans to:
As reported by New York Stock Exchange
165
By member banks:
In 91 cities
158
In New York City
160, 164
By weeks
164
On call dates
150
Outside New York City
162
Building:
Contracts awarded
28, 31, 186
Eligibility of construction loan for rediscount, provisions of act
49
For Federal Reserve Board
43, 52
Account
210
Materials, wholesale prices
196, 197
Buildings, Federal Reserve banks
42, 109
Book value.
109
Cost of bank premises
109
Date occupied
109
Depreciation charges
113
Repairs, cost of
112
Business conditions in 1934
4, 28-33
Report of Federal Advisory Council on
201
Call loans:
In New York City
164, 165
Money rates in New York City
134, 135
Capital:
Banks suspended
167
Federal Reserve banks
89, 91, 93, 95
Member banks
142, 146
Requirement for membership in System, amendment to act regarding
50
State bank members of System..
216
Capital issues
4, 183
Capital stock:
Reduction in, number of applications approved by Board
56
State member banks, classification according to
233—235
Car loadings, index of
28, 186
Cash in vault, member banks
141, 159, 161, 163
In 91 cities
159
In New York City
161
Outside New York City
163
Cash reserves of Federal Reserve banks
84, 88, 90, 92, 94
Cement, clay, and glass:
Factory employment index
194
Factory pay-roll index
193
268
INDEX
Central banks, foreign:
Page
Discount rates
138
Gold reserves
9
Chart showing
10
Open-market rates
138
Central reserve city banks:
Condition of
142
Demand and time deposits
148
Deposits, reserves, and borrowings at Federal Reserve banks
152, 155
Loans and investments
144, 150
Certificates of indebtedness, Treasury:
Held by Federal Reserve banks
92, 94, 102
Yield on
134
Chairmen of board of directors of Federal Reserve banks. (See Federal
Reserve agents.)
Changes in discount rates of Federal Reserve banks
1, 129
Changes in membership in Federal Reserve System
45/177
Charts:
All member banks—loans, investments, deposits, and holdings of
securities
18
Excess reserves of member banks
15
Gold reserves of central banks and governments
10
Manufactures, durable and nondurable
29
Reserve bank credit and related items
13
Wholesale prices
32
Check clearing and collection:
Gold settlement fund transactions
106
Operations, volume of:
Federal Reserve banks
41, 103, 104
Federal Reserve branch banks
44, 105
Par list, number of banks on
44, 108
Chemicals:
Factory employment index
194
Factory pay-roll index
193
Prices, wholesale, index of
196, 197
Chicago, member banks in:
Condition of
142
Deposits of
148, 152
Deposits, reserves, and borrowings at Federal Reserve banks
152, 156
Loans and investments
144, 150
Circulation, money. (See Currency; Federal Reserve notes; Money.)
Classification according to capital stock, State bank members
233-235
Classification of demand and time deposits of member banks
148
Classification of loans and investments of member banks
144, 150
Clayton Antitrust Act, administration of
2, 57
Clayton, Lawrence, appointed assistant to Governor
63
Coal, index of production
192
Coin:
Circulation
124
Held by Federal Reserve banks
88, 90, 92
Received and counted:
At Federal Reserve banks
41, 103, 104
At Federal Reserve branch banks
44, 105
Collateral held by Federal Reserve banks as security:
For Federal Reserve notes
93, 94, 115
For Federal Reserve bank notes
93, 94, 116
Collateral notes of member banks held by Federal Reserve banks
98, 99
Collection of checks. (See Check clearing and collection.)
Commercial paper:
Money rates in New York City
134, 135, 136
Outstanding
165
Purchased by member banks
150, 158, 160, 162
Commodity prices, wholesale
31, 196, 197
Chart showing
32
Condition of banks:
All banks in the United States
140, 141
Deposits, exclusive of interbank deposits; number of banks
140
Loans and investments
141
INDEX
269
Condition of banks—Continued.
Federal Reserve banks:
Assets and liabilities:
Page
At the end of each month
90
At the end of 1933 and 1934
92-95
Weekly statement and balance-sheet items
88
Bills bought. (See Bills bought.)
Bills discounted. (See Bills discounted.)
Deposits, reserves, note circulation, and cash ratio
84
United States securities, holdings of. (See United States securities.)
Member banks:
All banks:
Assets and liabilities:
On Dec. 31, 1934, by classes of banks
142
On call dates, 1920-34
146
Changes during 1934
23
Classification of demand and time deposits
148
Classification of loans and investments on call dates
150
Classification of loans, investments,, and deposits, by classes
of banks
144
Deposits subject to reserve, reserves required, reserves held,
and borrowings at Federal Reserve banks
152, 155-157
Net demand and time deposits:
By months
153
In larger and smaller centers
154
Reporting banks:
In 91 cities
158
In New York City
160
Outside New York City
162
Consolidations, bank
45, 177
Construction contracts awarded
28, 31, 186
Construction loan, eligibility of, for rediscount; provisions of act
49
Copper, index of production
192
Cost of Federal Reserve bank premises
109
Counties in Federal Reserve districts
256-261
Counties in Federal Reserve branch territories
262-263
Country member banks:
Condition of
142
Demand and time deposits
148
Deposits, reserves, and borrowings at Federal Reserve banks
152
Loans and investments
144, 151
Credit:
Federal Reserve bank. (See Federal Reserve bank credit.)
Member bank
17, 139
Credit agreements, Federal Reserve banks with foreign central banks
53
Currency:
Amounts received and counted:
At Federal Reserve banks
41, 103, 104
At Federal Reserve branch banks
44, 105
Circulation
7, 12, 16, 67-82, 84, 123, 124, 125
By kinds
124
By months
123
Chart showing
13
Paper
16, 125
Revised to exclude gold coin
67
Federal Reserve, cost of___
112, 210
Currie, Lauchlin, appointed assistant director of Division of Research
and Statistics
63
Debentures of intermediate credit banks held by Federal Reserve banks.
91
Debits to individual account
166
Deferred availability items of Federal Reserve banks
89, 91, 93
Deficient reserve penalties imposed by Federal Reserve banks
110, 112
Demand deposits. (See Deposits.)
Department-store sales
28, 186
129288—35
18
270
INDEX
Deposits:
Page
All banks in the United States, exclusive of interbank deposits
140
Banks suspended
167-171, 175, 176
Federal Reserve bank
84, 89, 91, 93
Foreign bank
84, 89, 91, 93, 95, 148
Government:
Held by Federal Reserve banks
67-82, 84, 89, 91, 93
Held by member banks
143, 144, 146, 148, 159, 161, 163
In 91 cities
159
In New York City
161
On call dates
146
Outside New York City
163
Insurance of
27
Examination of banks
2, 55
Provisions of act extending time limit on
50
Recommendations of Federal Advisory Council relative to
205
Member bank:
All banks
4, 17-22, 142, 144, 146, 148, 152, 153, 154, 155
Chart showing
18
Classification of time and demand, on call dates
148
Net demand and time
153, 154, 155
By months
153
In larger and smaller centers
154
Subject to reserve, reserves required, reserves held, and
borrowings at Federal Reserve banks
152, 155-157
Reporting banks:
In 91 cities
159
In New York City
161
Outside New York City
163
Payment of interest on:
Amendment to regulation Q
52
Rate of interest fixed by Board
1
Recommendations of Federal Advisory Council relative to
203
Moneys of Federal Savings and Loan Insurance Corporation with
Federal Reserve banks, provisions of law relating to
49
Nonmember bank
67-82, 140
Postal savings
148
Rate of interest fixed by Board on time and savings
1
State bank members of Federal Reserve System
216
Deputy chairmen of board of directors of Federal Reserve banks, list of _ 212—215
Directors of Federal Reserve banks:
List of
212-215
Meetings, expenses of
112
Directors of member banks, stock ownership by, provisions of act regarding
50
Discount and open-market operations of Federal Reserve banks:
Acceptances. (See Acceptances.)
Bills bought
67-83, 88-95, 99, 100
Earnings on
40, 110, 112
Rates .of
40, 133
Holdings:
By classes
100
By maturities
101
Open-market purchases
88, 92
On call dates
82
Outright
88,90
Payable in foreign currencies
88, 90, 100
Under resale agreement
90
Volume of:
Federal Reserve banks
41, 103, 104
Federal Reserve branch banks
44, 105
Bills discounted
67-83, 85, 87, 88-95, 101
Earnings on
40, 110-112
Rates of
40, 133
Holdings:
By classes
98
By maturities
99, 101
By months
85
By States
87
INDEX
271
Discount and open-market operations of Federal Reserve banks—Con.
Bills discounted—Continued.
Page
On call dates
82
Secured by United States Government obligations
88, 92, 94, 98, 99
Under resale agreement
90
Volume of
41, 103, 104
Collateral notes of member banks discounted and held
98, 99
Discounts for individuals, partnerships, and corporations
98,99
Dollar exchange bills discounted or purchased
88, 90
Industrial advances and commitments to make industrial advances. 85, 86
Maturity of bills purchased or held
99, 101
Loans to industries. (See Industries, loans to.)
Number of banks discounting paper:
By districts
96
By months
96
By States
97
Number of pieces handled
41, 103, 104
Rates charged and rates of earnings on bills discounted
40, 133
United States Government securities:
Earnings and rates of earnings
40, 110, 112, 133
Paper secured by, purchased and held
88, 92, 94, 98, 99
Purchased and held
67-83, 88-95, 102
By classes
102
Volume of operations
41, 103, 104
Discount and open-market rates:
Average rates earned by Federal Reserve banks on:
Bills discounted
40, 133
United States secuirties
40, 133
Buying rates on acceptances
4, 133
Central banks in foreign countries:
Changes in
138
Open-market rates
138
Changes in Federal Reserve bank rates
1, 129-132
Open-market rates in New York-City
4, 134, 135
By months
134
By weeks
135
Rates charged customers:
In New York City
136
In principal cities
137
Discounts for individuals, partnerships, and corporations
98, 99
Rates
130, 131
Districts, Federal Reserve. (See Federal Reserve districts.)
Dividends:
Federal Reserve banks
40, 111, 113
Member banks
178
National banks
178
State bank members
179
Dollar bankers' acceptances held by group of accepting banks
166
Dollar exchange bills held by Federal Reserve banks
88, 90
Due from foreign banks to Federal Reserve banks
83, 88, 90, 92, 94
Due to and from banks (bankers' balances)
142, 146, 148, 159, 161, 163
Earmarked gold for foreign account
119, 120
Earnings and expenses:
Federal Reserve banks
39-41, 89, 110-114, 133
Each bank during year 1934
112
Earnings, by sources
110
Rates of earnings
40, 133
Member banks
178
National banks
178
State member banks
178
Eccles, Marriner S., appointed Governor of Federal Reserve Board
62
Eligible paper held by Federal Reserve agent as security:
For Federal Reserve bank notes
116
For Federal Reserve notes
115
Employees:
Federal Reserve banks, number and salaries
41, 112, 216
Federal Reserve Board, number and salaries
206
mployment, factory
28, 186, 194
272
INDEX
England:
Page
Discount rates of Bank of
138
Gold reserves, chart showing
10
Open-market money rates
138
Examinations, bank:
Corporation engaged in foreign banking
55
Federal Reserve banks
55
Private banks
60
State member banks
54
Under Federal deposit insurance
2, 55
Excess reserves:
Federal Reserve banks
4, 12, 14, 84
Member banks
1, 4, 12, 14, 15, 22, 152, 155-157
Chart showing
15
Executor, list of national banks authorized to act as
236
Expenses:
Branches and agencies of Federal Reserve banks
44
Federal Reserve banks
39, 40, 110, 112
Fiscal agency departments of Federal Reserve banks
114
Federal Reserve Board
63, 210, 211
Member banks
178-179
National banks
178-179
State bank members
178-179
Exports and imports:
Acceptances based on, held by Federal Reserve banks
100
Gold
5, 7, 121, 122
By countries
121
By months
122
Expressage, cost of, at Federal Reserve banks
112
Factory employment and pay rolls
28, 31, 186, 193, 194
Failures, bank. (See Bank suspensions.)
Farm products, prices of, index of
196
Federal Advisory Council:
Meetings of
62
Expenses of
112
Members of
201
Recommendations of, to Federal Reserve Board
201-205
Federal deposit insurance
27
Examination of banks under
2, 55
Provisions of act extending time limit on
50
Recommendations of Federal Advisory Council relative to
205
Federal intermediate credit banks, bills discounted for
90
Federal Open Market Committee, meeting of
62
Federal Reserve Act, provisions of acts amending
45-52
Act of June 30, 1934—Gold Reserve Act:
Conditions as to acquisition or transportation of gold
46
Redemption of currency in gold
46
Reduction in weight of gold dollar; stabilization fund
47
Relating to Federal Reserve notes
46
Transfer of gold from Federal Reserve banks to United States
46
Acts of January 31 and April 27, 1934:
Federal Reserve banks as fiscal agents of Home Owners' Loan
Corporation
48
Obligations eligible for purchase by Federal Reserve banks
47
Security for 15-day advances to member banks by Federal
Reserve banks
47
Act of March 6, 1934—Direct obligations of United States as security
for Federal Reserve notes, extension of time limit
48
Act of May 18, 1934—Robbery of member bank
48
Act of June 6, 1934—Securities Exchange Act
49
Act of June 16, 1934:
Capital requirements for membership in Federal Reserve System.
50
Insurance of bank deposits, extension of time limit
50
Stock ownership by directors of member banks
50
IKDEX
273
Federal Reserve Act, provisions of acts amending—Continued.
Act of June 19, 1934:
Criminal provisions
52
Building for Federal Reserve Board
52
Industrial advances by Federal Reserve banks
50
Liability of national banks
51
Act of June 27, 1934:
Applicability of restrictions on real-estate loans to loans under
Housing Act
48
Deposit of moneys of Federal Savings and Loan Insurance Corporation with Federal Reserve banks
49
Eligibility for rediscount of construction loans
49
Federal Reserve agents:
Conferences of, expenses of
112
Federal Reserve note accounts
115
Federal Reserve bank note accounts
116
Gold fund, summary of transactions
107
List of
112-115
Salaries of
216
Federal Reserve bank credit:
Annual averages
67, 83
By weeks (Wednesday series)
71-77
Chart showing
13
Discussion of
12-15
End of month series
78-81
Monthly averages
68, 83
On call dates
82
Outstanding
83
Weekly averages
69—70
Federal Reserve bank float
83, 90
Federal Reserve bank notes:
Circulation
124
Federal Reserve agents' accounts
116
Held by Federal Reserve banks
88, 90, 92, 94
Federal Reserve banks:
Agreements with foreign banks to purchase commercial bills
53
As fiscal agents for Home Owners' Loan Corporation, provisions of
law
48
Bank premises
42, 89, 91, 92, 109, 112, 113
Cost of
109
Bills bought by. (See Bills bought.)
Bills discounted by. (See Bills discounted.)
Branches and agencies of:
Bank premises
109
Clearing operations
44, 105
Counties comprising territory
262
Directors of
212-215
Expenses of
44
Managers of
212-215
Number of
43
Territory
262
Volume of operations
44, 105
Building operations
42, 109
Capital
89, 91, 93, 95
Chairman of boards of directors, list of
212-215
Clearing operations
41, 103, 104
Condition of. (See Condition of banks.)
Deposits. (See Deposits.)
Directors, list of
212-215
Discount rates. (See Discount and open-market rates.)
Discounts. (See Discount and open-market operations.)
Dividends paid
40, 111, 113
Earnings and expenses
39-41, 110-114, 133
Each bank during year 1934
112
Earnings, by sources
110
Rates of earnings
40, 133
Employees, number and salaries
41, 112, 216
Examinatons, number of
55
274
INDEX
Federal Reserve banks—Continued.
Fiscal agency operations
114
Franchise tax paid to Government
111
Gold settlement fund
106
Governors:
Conferences, expenses of
112
List of
212-215
Salaries of
216
Number of banks discounting paper at
96,97
Officers and directors, list of
212-215
Officers, salaries of
216
Profit and loss account
113
Redemption fund
88, 90, 92
Reserves. (See Reserves.)
Resources and liabilities. {See Assets and liabilities.)
Salaries, officers and employees
41, 112, 216
Tax, franchise, paid to Government
111
Volume of operations
41, 103, 104, 105
All banks
41, 103
Branches
43, 105
Each bank
104
Federal Reserve Board:
Assessment for expenses of
63, 112, 210
Baumann, John C , appointed assistant counsel
63
Black, Eugene R., Governor, resignation of
62
Boatwright, H. Lee, assistant counsel, resignation of
63
Building for
43, 52
Clayton Act, administration of
2, 57
Clayton, Lawrence L., appointed assistant to Governor
63
Conferences with advisory council
62
Currie, Lauchlin, appointed assistant director of Division of Research
and Statistics
63
Directory
206
Division of Security Loans created
63
Eccles, Marriner S., appointed Governor
62
Employees, number and salaries
206-209
Expenses of
63, 112,210
Martin, H. Warner, assistant to Governor, resignation of
63
Members of
'.
206
Miller, Adolph C , reappointed member
63
Morgenthau, Henry, Jr., appointed ex-officio chairman
62
Owens, Joseph T., appointed assistant counsel
63
Parry, Carl E., appointed chief of Division of Security Loans
63
Receipts and disbursements
210, 211
Regulations of
52
Salaries of officers and employees
206-209
Terms of members
206
Thomas, J. J., designated vice governor
62
Thomas, Woodlief, appointed assistant director of Division of Research
and Statistics
63
Williams, Gray:
Appointed assistant counsel
63
Resignation of
63
Woodin, William H., ex-officio chairman, retirement of
62
Federal Reserve branch banks:
Bank premises
109
Clearing operations
44, 105
Counties comprising territory
262, 263
Directors of
212-215
Expenses of
44
Managers of
212-215
Number of
43
Territory
262, 263
Volume of operations
44, 105
Federal Reserve districts:
Area, square miles
256-261
Counties comprising branch territory
262—263
INDEX
275
p
Federal Reserve districts—Continued.
age
Counties in divided States
256-261
Map showing outline
264
Population
256-261
Federal Reserve interdistrict collection system. (See Check clearing and
collection.)
Federal Reserve notes:
Amendment to section 16 of Federal Reserve Act relative to
46
Circulation
84, 89, 91, 93, 95, 124
Cost of
112,210
Eligible paper held as collateral against
115
Federal Reserve agents' accounts
115
Gold certificates held as collateral against
93, 95, 115
Held by Federal Reserve banks
88, 90, 92, 94
Obligations of United States as security for, extension of time limit
48
Fiduciary powers of national banks:
List of national banks authorized to exercise.
236-255
Number of permits issued
56
Fiscal agency operations of Federal Reserve banks
114
Float, Reserve bank
83,90
Food products:
Factory employment index
194
Factory pay-roll index
193
Production index
192
Food prices, wholesale, index of
196
Foreign bank deposits held by Federal Reserve banks
84, 89, 91, 93, 95
Foreign banking, corporations engaged in, examination of
55
Foreign banks:
Deposits of, held by Federal Reserve banks
84, 89, 91, 93, 95
Due to Federal Reserve banks from
83, 88, 90, 92, 94
Foreign capital issues
183
Foreign central banks:
Agreement with Reserve banks to purchase commercial bills
53
Money rates:
Changes in
138
Open-market rates
138
Foreign currency, acceptances payable in, holdings of Reserve banks
88, 90
Foreign deposits, member banks
148
Foreign trade
8
France:
Discount rates of Bank of
138
Gold reserves, chart showing
10
Open-market money rates
138
Franchise tax paid by Federal Reserve banks to Government
111
Freight-car loadings, index of
28, 186
Fuel, index of wholesale prices
196
Germany:
Discount rates of Reichsbank
138
Gold reserves, chart showing
10
Open-market money rates
138
Gold:
Certificates:
Held as collateral against Federal Reserve notes
93, 95, 115
Held by Federal Reserve banks
88, 90, 92, 94
Circulation
7, 124
Revision of
figures
67
Earmarked for foreign account
119, 120
Federal Reserve agents' fund
107
Imports and exports
5, 7, 121, 122
By countries
121
By months
122
Output of mines
9
Proclamation of President fixing weight of dollar
3, 5, 47
Purchases
5
Reserve Act of 1934, provisions of, affecting Federal Reserve Act
3, 5, 46
.Reserves of Federal Reserve banks
5-7, 9, 88, 90, 92, 94
Chart showing
10
276
INDEX
Gold—Continued.
Page
Reserves of foreign central banks
9
Chart showing
10
Settlement fund
106
Stock, monetary, in United States
3, 5-7, 67-82, 119, 120
Analysis of changes in
120
Chart showing
13
Years 1914-34
119
Weight of dollar
3, 5, 47
World stock of
9
Government bonds. (See United States Government securities.)
Government deposits:
Held by Federal Reserve banks
67-82, 84, 89, 91, 93
Held by member banks
143, 144, 146, 148, 159, 161, 163
In 91 cities
159
In New York City
161
On call dates
146
Outside New York City
163
Government securities. (See United States Government securities.)
Governor of Federal Reserve Board:
Black, Eugene R., resignation of
62
Eccles, Marriner S., appointed
62
Woodin, William H., retirement of
62
Governors of Federal Reserve banks:
Conferences of, expenses of
112
Black, Eugene R.:
Reappointment of
62
Death of
62
List of
212-215
Salaries of
216
Great Britain. (See England.)
Guardian of estates, national banks authorized to act as
236
Imports and exports:
Bankers' acceptances based on, held by Federal Reserve banks
100
Gold
5,7, 121, 122
By countries
121
By months
122
Index numbers:
Factory employment
194
Factory pay rolls
193
Manufactures
192
Minerals
192
Production, employment and trade
186
Security prices
194
Individuals, partnerships, and corporations:
Discounts for
98, 99
Rates of discount
130, 131
Industries, loans to, by Federal Reserve banks__2, 33-35, 83, 85, 86, 88, 90, 92, 94
By Federal Reserve districts
85
Discount rates
*
131
Earnings on
112
Outstanding, by weeks
86
Provisions of act relating to
50
Provisions of Regulation S relating to
52
Volume of
103, 104
Insurance:
Federal deposit
27
Examination of banks under
2, 55
Provisions of act extending time limit
50
Recommendations of Advisory Council relative to
205
Federal Reserve banks
112
Interbank loans, discount rates
136
Interest earned by member banks
178, 179
Interest on deposits, payment of:
Recommendations of Advisory Council relative to
203
Rate of interest fixed by Board
1
Regulation Q, amendment to
52
Investments and loans. (See Loans and investments.)
IJNTDEX
277
Iron and steel:
Factory employment index
194
Factory pay-roll index
193
Production index
186
Iron-ore shipments
192
Italy:
Discount rates of Bank of
138
Open-market money rates
138
Japan:
Discount rates of Bank of
138
Open-market money rates
138
Land area of Federal Reserve districts
256-261
Lead production, index of
192
Leased-wire system, cost of
210
Leather:
Factory employment index
194
Factory pay-roll index
193
Production index
186
Products, wholesale prices
196
Legal fees, Federal Reserve banks
112
Liberty Loan bonds held by Federal Reserve banks
88, 102
Loans:
Secured by stocks and bonds:
Made by member banks on call dates
150
Money rates in New York City
136
To banks by Reconstruction Finance Corporation
26
To brokers:
As reported by New York Stock exchange
165
By member banks:
In 91 cities
158
In New York City
160, 164
By weeks
164
On call dates
150
Outside New York City
162
To individuals, partnerships, and corporations
98, 99
Discount rates on
130, 131
To industries, by Reserve banks
2, 33-35, 83, 85, 86, 88, 90, 92, 94
By Federal Reserve districts
85
Discount rates
131
Earnings on
112
Outstanding, by weeks
86
Provisions of act relating to
50
Provisions of Regulation S relating to
52
Volume of
103, 104
To member banks in exceptional and exigent circumstances
98, 99
Extension of time limit
53
Discount rates
129
Loans and investments:
All banks in the United States
141
Member banks:
All banks
:
17, 142, 144, 146, 150
By classes of banks
144
Chart showing
18
On call dates
150
Reporting banks:
In 91 cities
_ 158
In New York City
160
Outside New York City
162
State bank members of Federal Reserve System
216-232
Losses, reserve for, at Federal Reserve banks
113
Lumber:
Factory employment index
194
Factory pay-roll index
193
Production index
192
Machinery:
Factory employment index
194
Factory pay-roll index
193
Managers of branches of Federal Reserve banks, list of
212-215
278
INDEX
Manufactures:
Page
Chart showing
29
Index of production
186, 192
Map outlining Federal Reserve districts
264
Martin, H. W arner > assistant to Governor, resignation of
63
Maturities, bills discounted and bought by Reserve banks
99, 101
Member and nonmember bank credit
139
Member banks:
Acceptances held
166, 150
Advances to, under section 10 (b) of act
98, 99
Extension of time limit
53
Rates on
129
Affiliates of
2, 58-60
Voting permits, applications for
2, 60
Assets and liabilities:
All banks
146
Reporting banks
158-162
Bank suspensions
3, 25, 26, 167-176
Bankers' balances
142, 146, 148, 159, 161, 163
Borrowings at Federal Reserve banks:
All banks
152, 155
Banks in New York City, Chicago, and other reserve cities___ 155-157
Reporting banks:
In 91 cities
159
In New York City
161
Outside New York City
163
Brokers' loans:
In 91 cities
158
In New York City
160, 164
By weeks
164
On call dates
150
Outside New York City
162
Capital
142, 146
Changes in membership
45, 177
Consolidations
45, 177
Deposits:
All banks
.
4, 17-22, 142, 144, 146, 148, 152, 153, 154, 155
Chart showing
18
Classification of time and demand on call dates
148
Government
148, 159, 161, 163
Net demand and time
153, 154, 155
Subject to reserve, reserves required, reserves held, and borrowings at Federal Reserve banks
152, 155-157
Reporting banks
159, 161, 163
Dividends declared
178
Dividends paid to, by Federal Reserve banks
40, 111
Earnings, expenses, and dividends
178
Excess reserves.
1,4, 12, 14, 15,23, 152, 155-157
Chart showing
15
Failures
3, 25, 26, 167-176
List of, with loans, investments, deposits, capital, and surplus
216-231
Loans and investments:
All banks
17, 142, 144, 148, 150
By classes of banks
144
Chart showing
18
On call dates
150
Reporting banks
158, 160, 162
Loans to brokers
150, 158, 160, 162, 164
Reporting banks in New York City, by weeks
164
Mergers.-45, 177
National banks:
Additions to and withdrawals from System
45, 177
Condition of
142
Deposits
140
Earnings, expenses, and dividends,
178
Loans and investments
141
Number
45, 140, 177
INDEX
279
Member banks—Continued.
p
National banks—Continued.
age
Suspensions
25, 167-173
Trust powers:
List of banks authorized to exercise
235-255
Number of permits issued
56
Number of
45, 140, 177
Number of, discounting paper at Federal Reserve banks
„
96, 97
Number of, on par list
44, 108
Reserve balances. __ 1, 4, 12, 13, 14, 22, 67-81, 86, 89, 91, 93, 95, 146, 158, 161
All banks
86, 142, 146, 152
By Federal Reserve districts
86
Chart showing
13
Factors influencing volume of
12
On call dates
146Reporting banks
159, 161, 16a
Reserves required, reserves held, deposits subject to reserve, and borrowings at Federal Reserve banks
152, 155-157
Robbery of, law providing penalty for
48
State banks:
Changes in membership
45, 177
Classification according to capital stock
233-234
Condition of
142
Earnings, expenses, and dividends
178
List of, with loans, investments, deposits, capital, and surplus. 216-231
Number of
.
45, 140, 177,216
Suspensions
3, 25, 26, 167-176
Stock ownership by directors, provisions of law relating to
50
Withdrawals from System
45, 177
Membership in Federal Reserve System:
Changes in
45, 177
State banks and trust companies, list of
216-231
Membership in par collection system
44, 108
Mergers, bank
45, 177
Metals, wholesale price index of
196, 197
Miller, Adolph C., reappointed member of Board
63
Mineral production, index of
192
Monetary gold stock of United States
3, 5-7, 67-82, 119, 120
Analysis of changes in
120
Chart showing
13
Years 1914-34
119
Money in circulation
7, 12, 16, 67-82, 84, 123, 124, 125
By kinds
124
By months
123
Chart showing
13
Paper
16, 125
Revised to exclude gold coin
67
Money rates:
In foreign countries
138
In New York City
In principal cities
lH f
Morgenthau, Henry, jr., appointed Secretary of the Treasury
62
Municipal warrants held by Federal Reserve banks
91
Mutual savings banks:
Deposits
140
Loans and investments
141
Number of
140
National bank notes:
Circulation
124
Held by Federal Reserve banks
88
National banks:
Additions to and withdrawals from System
45, IT *
Condition of
142
Deposits
140
Earnings, expenses, and dividends
178
Loans and investments
141
Number
45, 140, 177
Suspensions
25, 167-176
129288-35
19
280
INDEX
National banks—Continued.
Trust powers:
Page
List of banks authorized to exercise
235—255
Number of permits issued
56
Netherlands:
Discount rates of Bank of
138
Gold reserves, chart showing
10
Open-market money rates
138
New York City, member banks in:
Condition of
142
Deposits
148, 152
Deposits, reserves, and borrowings at Federal Reserve banks
152, 155
Loans and investments
144, 150
New York Stock Exchange:
Act regulating, provisions of
3, 35
Borrowings of brokers as reported by
165
Regulations prescribed by Board
35-39, 52
Nonferrous metals:
Factory employment index
194
Factory pay-roll index
193
Production index
192
Nonmember banks:
Bank suspensions
25, 167-176
Bills discounted for
88, 90, 98
Deposits
67-82, 140
Loans and investments
141
Number of
140
Number on par list
44, 108
Number of banks in the United States
140
Number of member banks
140, 177
Number of member banks discounting paper at Federal Reserve banks _ _ 96, 97
Officers and directors of Federal Reserve banks, list of
212-215
Officers and employees:
Federal Reserve banks, number and salaries
41, 216
Federal Reserve Board, number and salaries
206-209
Open Market Committee, Federal, meeting of
62
Open-market operations. (See Discount and open-market operations.)
Open-market rates. (See Discount and open-market rates.)
Owens, Joseph T., appointed assistant counsel of Board
63
Par collections. (See Check clearing and collection.)
Par list, number of banks on
44, 108
Parry, Carl E., appointed chief of Division of Security Loans
63
Pay rolls, factory, index of
44, 108
Penalties for deficient reserves
110, 112
Permits under Clayton Act
57
Permits under section 32 of Banking Act of 1933
57
Permits, voting, by holding company affiliates
59
Petroleum refining:
Factory employment index
194
Factory pay-roll index
193
Production index
192
Postal savings deposits
146
Population of Federal Reserve districts
256-261
Postage, Federal Reserve banks, cost of
112
Premises, Federal Reserve banks
42, 89, 91, 92, 109, 112, 113
Book value
109
Cost of
109
Date occupied
109
Depreciation charges
113
Repairs, cost of
112
Prices:
Retail
33
Security
184
Wholesale commodity
28, 31, 196, 197
Chart showing
32
Printing and stationery, Federal Reserve banks, cost of
112
Private banks, examination of
60
INDEX
281
Page
Proclamation of President fixing weight of gold dollar
3,5
Production, index of
28, 29, 186
Profit and loss account of Federal Reserve banks
113
Public-utility stocks, prices of
184
Railroad car loadings, index of
186
Railroad stocks, prices of
184
Rates, discount. (See Discount rates.)
Real estate, loans on:
Applicability of restrictions under Housing Act
48
Made by member banks
150, 158, 160, 162
Receipts and disbursements by the Federal Reserve Board
210, 211
Receiver, list of national banks authorized to act as
236
Recommendations of Federal Advisory Council
201-205
Reconstruction Finance Corporation, loans to banks by
26
Registrar of stocks and bonds, list of national banks authorized to act as
236
Regulations of the Federal Reserve Board:
Regulation Q—Payment of interest on deposits:
Amendment to
52*
Recommendations of Federal Advisory Council relative to
203
Regulation S—Loans to industries
52
Regulation T—Stock exchange
35-39, 52
Recommendations of Federal Advisory Council relative to
202, 205
Rent paid by Federal Reserve banks
112:
Reporting member banks. (See Member banks.)
Reserve balances of member banks
1,
4, 12, 13, 14, 22, 67-81, 86, 89, 91, 93, 95, 146, 158, 161
All banks
86, 142, 146, 152
By Federal Reserve districts
86
Chart showing
13
Factors influencing volume of
12
On call dates
146
Reporting banks
_
_ _ __
159,161,163
In 91 cities
159
In New York City
161
Outside New York City
163
Reserve bank
float
83, 90'
Reserve city member banks:
Condition of
142'
Demand and time deposits
149*
Deposits, reserves required, reserves held, and borrowings at Federal
Reserve banks
152, 157
Loans and investments
144, 151
Reserves:
Deficiencies in, penalties for
110, 11.2
Federal Reserve banks
84, 88, 90, 92, 94
Cash
88,90,92,94
Excess
4, 12, 14, 84
Gold
5-7, 9, 88, 90, 92, 94
Member banks:
Allbanks__ _
1,4,12,13,14,22,67-81,86,142,146,152
Excess
1, 4, 12, 14, 15, 22, 152, 155-157
Chart showing
15
Deposits subject to reserve, reserves required, reserves held and
borrowings at reserve banks
152, 155-157
On call dates
146
Reporting banks
159, 161, 163
Resources and liabilities:
Federal Reserve banks:
At the end of each month
90
At the end of 1933 and 1934
92, 95
Weekly statement and balance-sheet items
, 88
Member banks:
Country banks
142
National and State banks
142
On call dates
146
282
INDEX
Resources and liabilities—Continued.
Member banks—Continued.
Reporting banks:
In 91 cities
158
In New York City
160
Outside New York City
162
National banks
142
Reserve city national banks
142
State member banks
142
Robbery of member bank, law providing penalty for
48
Rubber products:
Factory employment index
194
Factory pay-roll index
193
Production index
192
Salaries:
Federal Reserve banks
.
112, 216
Federal Reserve Board
206-209
Savings deposits, rate of interest fixed by Board
1
Secretary of the Treasury:
Morgenthau, Henry, Jr., appointed
62
Woodin, William H., retirement of
62
Securities Exchange Act of 1934:
Provisions of
3, 49
Rules and regulations prescribed by Board under
35-39
Regulation T, provisions of
52
Security prices
184
Silver:
Circulation
124
Held by Federal Reserve banks
88
Monetary stock
11
Price of
11
Purchase of, under Silver Purchase Act
11
Silver Purchase Act of 1934, provisions of
8, 11
State banks:
Affiliates of member banks. (See Affiliates.)
Capital
216
Changes in membership
45, 177
Classification according to capital stock
233-235
Condition of
142
Deposits
140
Earnings, expenses, and dividends
178
List of, with loans, investments, deposits, capital, and surplus
216-232
Loans and investments
141, 142, 144
Number of
45, 140, 177, 216
Number of applications for reduction in capital stock approved by
Board
56
Suspensions
25, 167—176
Unlicensed banks, number and deposits
25, 170, 171
State, county, and municipal deposits in member banks
146
Stocks and bonds:
Issues of
183
Loans secured by, made by member banks:
In New York City
164
On call dates
150
Money rates on loans secured by
136
Prices of
184
Stock exchange:
Act regulating, provisions of
3, 35
Borrowings of brokers as reported by
165
Recommendations of Federal Advisory Council relative to
202, 205
Regulations prescribed by Board
35-39, 52
Stock ownership by director of member banks, provisions of act regarding.
50
Surplus:
Federal Reserve banks
89,91,93,95,111,113
Member banks
142, 148
State bank members of Federal Reserve System
216
Suspensions, bank. (See Bank suspensions.)
Sweden, Bank of, discount rates
138
INDEX
283
Switzerland:
Discount rates of Bank of
138
Open-market money rates
138
Tax, franchise, paid by Federal Reserve banks to Government
111
Tax on premises, Federal Reserve banks
112
Telegraph, leased-wire system, cost of
210
Telephone and telegraph expenses:
Federal Reserve banks
112
Federal Reserve Board
210
Textiles:
Factory employment index
194
Factory pay-roll index
193
Prices, wholesale
196, 197
Production index
192
Thomas, J. J., designated Vice Governor of Federal Reserve Board
62
Thomas, Woodlief, appointed assistant director of Division of Research and
Statistics
63
Time and demand deposits. (See Deposits.)
Tobacco manufactures:
Factory employment index
194
Factory pay-roll index
193
Production index
192
Trade acceptances held by Federal Reserve banks
100
Trade, wholesale
29, 186
Traveling expenses, Federal Reserve banks
112
Treasury bills held by Federal Reserve banks
88, 102
Treasury bonds:
Held by Federal Reserve banks
102
Yield on
134, 185
Treasury certificates of indebtedness:
Held by Federal Reserve banks
92, 94, 102
Yield on
134
Treasury notes:
Circulation
124
Held by Federal Reserve banks
88, 92, 94, 102
Yield on__,
134
Trust companies. (See State banks.)
Trust powers of national banks:
List of banks authorized to exercise
236-255
Number of permits issued
56
United States Government deposits:
Held by Federal Reserve banks
84, 89, 91, 93, 95
Held by member banks
143, 148, 159, 161, 163
In 91 cities
159
In New York City
161
On call dates
148
Outside New York City
163
United States Government securities:
As collateral against Federal Reserve bank notes.
116
As collateral against Federal Reserve notes
115
Provisions of act extending time limit
48
Average yield on
134, 135, 185
Bills discounted secured by, held by Federal Reserve banks. 88, 92, 94, 98, 99
Bonds:
Held by Federal Reserve banks
88, 92, 94, 102
Prices of
185
Yield on
4, 185
Certificates of indebtedness:
Held by Federal Reserve banks
92, 94, 102
Yield on
134
Earnings and rates of earnings on purchases by Reserve banks
40,
110, 112, 133
Held by Federal Reserve banks
67-83, 88-95, 102
By classes
102
Bought outright
38, 90, 102
Bought under resale agreement
90, 102
Chart showing
18
284
INDEX
United States Government securities—Continued.
Page
Held by member banks
4, 17, 142, 144, 148, 150, 158, 160, 162
Issues of
4
Issues, redemptions, and Exchanges handled by fiscal agency departments of banks
,:_
"___ 41, 103, 104
Liberty bonds held by Federal Reserve banks
88, 102
Paper secured by, held by Federal Reserve banks
88, 92, 94, 98
Rates of earnings on purchases by Federal Reserve banks
40, 133
Treasury bills held by Federal Reserve banks
99, 92, 94, 102
Treasury bonds:
Held by Federal Reserve banks
92, 94, 102
Yield on
185
Treasury notes:
Held by Federal Reserve banks
88, 92
Yield on_L_ «______!___
134
Volume handled by Federal Reserve banks
41, 103, 104, 105
United States notes in circulation
124
Volume of operations of Federal Reserve banks:
All banks
41, 103, 104
Branches
44, 105
Each bank
104
Warehouse receipts, loans secured by, money rates on
i 136
Warrants, municipal, held by Federal Reserve banks
90
Wholesale commodity prices, index of___-.,.
186
Williams, Gray:
'
Appointed assistant counsel.
uo
Resignation of
63
Wholesale commodity prices
287 31, 196, 197
Chart showing
32
Wholesale trade, index of
186
Withdrawals from Federal Reserve System
45, 177
Woodin, William H., Secretary of the Treasury, retirement of
62
Yields on bonds
"_
185
o
@FedFRASER