Full text of Annual Report of the Federal Reserve Bank of Chicago : Nineteenth Annual Report for the Year Ended December 31, 1933

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7
NINETEENTH
ANNUAL REPORT

FEDERAL RESERVE BANK
OF CHICAGO
FOR THE YEAR ENDED DECEMBER 31,

1933

FEDERAL RESERVE AGENT
SEVENTH FEDERAL RESERVE DISTRICT

FEDERAL RESERVE BANK
OF CHICAGO
Chicago, January 26, 1934.
Sir:
I have the honor to submit herewith, in accordance
with the usual custom, the nineteenth annual report
of the Federal Reserve Bank of Chicago, covering the
year 1933.
Respectfully,
EUGENE M. STEVENS,
Federal Reserve Agent.
HON. EUGENE R. BLACK,
Governor, Federal Reserve Board,
Washington, D. C.

FEDERAL RESERVE BANK OF CHICAGO
Directors and Officers for 1934
CLASS A—DIRECTORS
*JAMES B. MCDOUGAL,
EDWARD R. ESTBERG, Waukesha, Wiscon-

sin (1934)
President, Waukesha National Bank
*GEORGE J. SCHALLER, Storm Lake, Iowa

(1935)
TAMES R. LEAVELL, Lake Forest, Illinois

(1936)

President, Continental Illinois National Bank
and Trust Company of Chicago

CLASS

B—DIRECTORS

STANFORD T. CRAPO, Detroit, Michigan

WILLIAM C. BACHMAN, Assistant

ana (1935)

Secretary and Treasurer, Eli Lilly and
Company
MAX W. BABB, Milwaukee, Wisconsin

(1936)

Dep-

uty Governor
RALPH H. BUSS. Assistant Deputy Gov-

ernor
EUGENE A. DELANEY, Assistant

Deputy

Governor
OTTO J. NETTERSTROM, Assistant

(1934)

Vice-President and Treasurer, Huron Portland Cement Company
NICHOLAS H. NOYES, Indianapolis. Indi-

Deputy

Governor
ALFRED

SIHLER.

Assistant

Deputy

Governor
FRED BATEMAN, Manager, Securities De-

partment
JOSEPH C. CALLAHAN, Manager, Mem-

President, Allis-Chalmers Manufacturing
Company

CLASS C—DIRECTORS
FRANK C. BALL, Muncie, Indiana (1934)
President, Ball Brothers Company
JAMES SIMPSON, Chicago, Illinois (1935)
Chairman, Commonwealth Edison Company
EUGENE M. STEVENS, Evanston, Illinois

(1936)
Chairman
IMELVIN A. TRAYLOR, Chicago, Illinois,

Member Federal Advisory Council
OFFICERS
EUGENE M. STEVENS, Chairmdn of the

Board and Federal Reserve Agent
JAMES SIMPSON, Deputy Chairman
CLIFFORD S. YOUNG, Assistant Federal

Reserve Agent
GEORGE

Governor
*GEORGE J. SCHALLER, Acting Governor
CHARLES R. MCKAY, Deputy Governor
HOWARD P. PRESTON, Deputy Governor
JAMES H. DILLARD, Deputy Governor

PRUGH,

Assistant

Federal

Reserve Agent

ber Bank Accounts Department
ROBERT E. COULTER. Manager, Cash Cus-

tody Department
NEIL

B. DAWES, Manager,

Investment

Department
IRVING

FISCHER,

Manager,

Check

De-

partment
ROBERT J. HARGREAVES, Manager,

Per-

sonnel Department
FRANK A. LINDSTEN, Manager, Disburs-

ing Department
Louis G. MEYER, Manager, Service Department
ARTHUR L. OLSON, Manager, Discount

Department and Planning Department^
Louis G. PAVEY, Manager, Collection
Department
FRANKLIN L. PURRINGTON, Manager,

Reconstruction Finance Corporation,
Custody Division^
JESSE G. ROBERTS, Manager, Cash De-

HARRIS G. PETT, Manager, Division of

Research and Statistics

partment
WILLIAM

W. TURNER, Manager, Loan
Division
WILLIAM H. SNYDER, Controller
FRANCIS R. BURGESS, Auditor
CHARLES B. DUNN, Counsel
WALTER A. HOPKINS, Assistant Auditor
* On March 1, 1934, Governor McDougal resigned, and George J. Schaller was appointed
Governor, effective March 2, 193-1, resigning as a Class A director as of that date.
t On March 23, 1934, Solomon A. Smith was elected to succeed Mr. Traylor, who died February 14, 1934.
ft Effective March 12, 1934.

DETROIT BRANCH
Directors and Officers
GEORGE B. MORLEY,
Chairman of Board,
and Trust Company
DAVID MCMORRAN,

Saginaw, Michigan
Second National Bank
of Saginaw
Port Huron, Michi-

gan
President, Heinr. Franck Sons, Inc.
WILSON W. MILLS, Detroit, Michigan
Attorney
JAMES INGLIS, Detroit, Michigan
Chairman, American Blower Corporation
N. P. HULL, Lansing, Michigan
President, Michigan Milk Producers Association

JOHN BALLANTYNE, Detroit, Michigan
President, The Manufacturers National Bank
of Detroit
WILLIAM R. CATION, Managing Director
JOHN H. MARTIN, Assistant Federal Re-

serve Agent
HARLAN J. CHALFONT, Cashier
ARTHUR H. VOGT, Assistant Cashier
JOHN G. BASKIN, Assistant Cashier
WILLIAM A. EUBANK, Assistant Auditor
ISADORE LEVIN, Assistant Counsel

NINETEENTH ANNUAL REPORT
OF THE
FEDERAL RESERVE BANK OF CHICAGO

HE year 1933 was the most notable in banking history
since the enactment of the Federal Reserve Act in 1913.
The difficulties in the banking structure that were prevalent in the preceding years continued in the early part of 1933
and resulted in the State banking holiday in Michigan, which
was instituted on February 14, 1933. This action was followed
by numerous other states and finally, on March 6, the President
declared a national banking holiday. On March 13, certain
banks in Federal Reserve bank cities were permitted to reopen
under the authority of the Secretary of the Treasury; on March
14, certain banks were likewise licensed to reopen in other
clearing-house cities; and the remaining banks that were permitted to reopen were licensed on March 15. Since that time,
much has been accomplished in the reorganization of the banking structure of the district and numerous banks which were
not at first permitted to open have been recapitalized or supplanted by new banks and thereupon licensed to open on an
unrestricted basis. In addition, numerous other banks which
had already been licensed, have materially improved their capital structures through governmental and local funds.
By reason of these activities, the volume of work performed
by the majority of departments of the Federal Reserve Bank of
Chicago increased heavily over the preceding year. This increase was most notable in the Federal Reserve Agent's department, under which licensing, reorganization, and recapitalization
of banks were conducted; in the Fiscal Agency Department,
reflecting increased service as custodian for the Reconstruction
Finance Corporation and the performance of fiscal agency functions for additional Federal agencies; in the Cash Department
by reason of the extraordinary volume of receipts and disbursements of currency; in the Check Department in connection with
the adjusting of delayed items after the banking holiday; and
elsewhere in the bank.
The initial duty, delegated to the Federal Reserve banks, of
reviewing and recommending member banks for licensing by
the Secretary of the Treasury to reopen immediately after the
national banking holiday in March, was followed by intensive
efforts on the part of this bank to assist those institutions
which could not immediately be licensed, through necessary capital corrections and otherwise, to place themselves in condition
for later licensing. To this end, the bank lent its fullest cooperation to the supervisory authorities involved, i.e., the Chief
National Bank Examiner of this district and the State banking

NINETEENTH ANNUAL

REPORT

departments; and representatives of the Federal Reserve Agent's
department were continually in conference with these agencies,
together with representatives of the Reconstruction Finance
Corporation and the banks concerned. Our representatives, at
the request of the various State Banking Commissioners, were
sent to State capitals not only to assist in cases of State member
banks, but also to advise in cases of non-member banks. At
the close of the year, there had been 585 member banks licensed
to reopen on an unrestricted basis; 143 of these were reorganized and granted licenses, and in addition 43 State banks were
admitted to the System, subsequent to the banking holiday.
Another significant development, immediately following the
banking holiday, was the large number of inquiries from State
banks regarding membership in the Federal Reserve System.
A total of 240 applications was received during the year, and
43 State banks were admitted, of which 18 were recapitalized
and/or reorganized prior to admission. In connection with applications for membership, the Bank Examination Department
conducted 90 examinations of non-member banks.
Somewhat later in the year, a careful review was instituted of
all the banks open without restrictions in the district, some 2,000
in number (including non-member banks), in relation to their
condition and the adequacy of banking facilities in the various
communities. Thereupon, substantial co-operation was given
the State Banking Commissioners in this district in their efforts
to reorganize and recapitalize non-member banks wherever such
steps were shown to be desirable.
In connection with this survey, one of the most important
phases of the work in this bank during the year was the necessary participation with supervising authorities and the Reconstruction Finance Corporation in formulating reorganization
and/or recapitalization plans for a large number of member
banks—reorganizations and capital adjustments designed to
strengthen the entire banking structure, and in many cases
leading to the sale of preferred stock or capital notes to the
Reconstruction Finance Corporation under the Emergency
Banking Act of 1933 as amended. In this work, also, the bank
enjoyed the fullest co-operation of the various supervising
authorities. In addition to the 143 banks recapitalized and/or
reorganized preliminary to licensing, at the end of the year
such plans had been completed for approximately 178 other institutions, some of which plans were at that time operative and
others to become so in the near future.
To the foregoing phase of the bank work which materially
increased in 1933, should be added the heavier responsibilities
and duties imposed under the Banking Act of 1933. These included among other things a great amount of detail involved in

FEDERAL RESERVE BANK OF CHICAGO
the investigation and granting of voting permits to holding
company affiliates, new Clayton Act permits for bank directors,
and permits for bank directors who were also dealers in securities. They also included extensive correspondence, inquiry, and
interpretations from the Federal Reserve Board in order to
supply inquiring banks with the information they sought relative to the new Act.
During the autumn months, following the formal organization
of the Federal Deposit Insurance Corporation, when the Corporation was in process of examining banks applying for membership in the Temporary Fund which came into operation
January 1, 1934, the Bank Examination Department of this
bank loaned to the Corporation a large portion of the Department's examining force. In this and in other ways, such as
supplying statistical information, printing, photostating, and
mimeographing service, etc., the Federal Reserve Bank has
co-operated in facilitating the work of the various Government
agencies, many of which have their headquarters in the
building.
Included in totals noted elsewhere in this report is
$360,827,186 of credit extended by this bank in 1933 to other
Federal Reserve banks. This aggregate consisted of $150,000,000
of discounted bills, and the purchase of $65,827,186 of acceptances and $145,000,000 of U. S. Government securities, a large
part of which purchases were allotted by the Special Investment Committee; $20,000,000 of the latter amount was subsequently renewed.
The bank has adhered to the Bankers' Code instituted under
the N. R. A. since it was put into effect in August, and the
increase of 283 in the number of employes at the head office and
Detroit Branch reflects not only the increased volume of work
in the bank, but in some measure necessary adjustments as a
result of the limitation of working hours.
BANKING DEVELOPMENTS

The amount of reserve bank credit in use in the Seventh Federal Reserve district declined during the year 1933 by more than
15 million dollars, mainly the result of decreased borrowings of
member banks, which on December 31 showed a net decline of
almost 11 millions from the close of the preceding year. Total
credit extended by the Chicago Reserve bank, however, increased from $283,877,000 on December 31, 1932, to $454,763,000
on December 31, 1933, reflecting mainly participation in the
System's open-market operations in U. S. Government securities. Banking reserves were diminished during the year by a
5

N I NETEENTH ANNUAL

REPORT

net outflow of more than 87 million dollars to other districts in
payment for commercial transactions. More than offsetting- this
movement, the United States Treasury paid into this district
140 million dollars more than it collected. Member bank reserve balances during the year showed an increase of 85^ millions; special and "other" deposits increased 16 million dollars.
The accompanying tabulation presents in detail the changes in
the uses and sources of Seventh district banking reserves during the year.
CHANGES BETWEEN DECEMBER 31, 1932 AND DECEMBER 31, 1933 IN FACTORS
AFFECTING USE OF FEDERAL RESERVE BANK FUNDS
SEVENTH DISTRICT
(Amounts in thousands of dollars)
Reserve bank credit extended
Commercial operations through inter-district settlements
Treasury operations
Total Supply

—15,252
—87,386
+139,790
+37,152

Demand for currency
Member bank reserve balances
Special and "other" deposits
Unexpended capital funds
Total Demand

—63,263
+85,453
+16,163
—1,201
+37,152

As shown in the above tabulation, the demand for currency in
the district decreased more than 63 million dollars as between
the end of 1932 and the close of 1933, notwithstanding an unprecedented increase in the early months of the year as indicated on the chart on page 23, which shows changes by weeks
in currency demand.
Three changes in the rediscount rate of this bank were made
during the year 1933: on March 4 a rate of 3^ per cent was established, an increase of one per cent over the 2\ per cent rate
effective since June 25, 1932; on May 27 a rate of 3 per cent
went into effect; and on October 21, this was reduced to
2\ per cent. Money rates were at a low level throughout the
year, though in the periods immediately preceding and following the national banking holiday a higher level obtained.
INDUSTRIAL AND TRADE CONDITIONS

In the early months of 1933, business activity in the Seventh
district continued at extremely low levels, with the volume of
production and trade well below that of the corresponding period
of 1932 when conditions likewise were unfavorable. Beginning
in April, however, a noticeable acceleration in the manufacture
and sale of goods took place, which acceleration, in general,
gained momentum during the ensuing three months. Despite
some slowing-down from the peaks reached in these months,
activity was maintained at a sufficiently high rate through the

FEDERAL

RESERVE BANK OF CHICAGO

remainder of the year that in many lines the total 1933 volume
of business substantially exceeded that for the year 1932. In
some groups, especially those involving the merchandising of
commodities, higher prices partly accounted for the greater
dollar value of goods sold.
To be noted in manufacturing phases that followed the trends
just described, are the iron and steel and automobile industries.
From a low point of only 10 per cent of capacity at the beginning of the year, with minor fluctuations during the next three
months, steel ingot output had attained 30 per cent of capacity
by the middle of May and by the corresponding period in July
had reached 60 per cent. From then until the early part of
December, with an occasional slight reversal of trend, operations gradually receded to 24 per cent of capacity, but rose again
to 40 per cent at the year-end owing to specifications before the
expiration of old contracts. In the automobile industry, activity
in the first three months of the year likewise was light, but
heavy gains in later months over the corresponding period of
1932 effected an increase in total production of 43 per cent for
1933 over the earlier year. Other groups to show similar improvement included the furniture industry, 1933 shipments by
manufacturers in this district exceeding those of the preceding
year by 13 per cent. Shipments of steel castings were heavier
in tonnage by 37 per cent and in value by 27 per cent, while
those of malleable castings were heavier in each unit of measure
by approximately 60 per cent. The aggregate value of agricultural machinery sales of reporting manufacturers gained 10
per cent in 1933 over 1932, and that of stoves and furnaces
shipped increased 32 per cent. Shoe production, which in January 1933 was 25 per cent larger than in the corresponding
month a year previous, continued to show a favorable margin in
this comparison through the greater part of the year, so that
1933 output exceeded that of 1932 by about 25 per cent. The
building industry furnished an important exception to the general trend, although in the latter part of the year some improvement w^as noted; however, the total value of building contracts
awarded in the Seventh district fell 12 per cent below the 1932
amount and represented the smallest volume on this bank's records (from 1919). Demand for building materials accelerated
from the low level of the early months of 1933, with a corresponding upward trend in prices. The betterment was particularly evident in the distribution of lumber which in the latter half of the year was consistently above the 1932 level, with
wholesale operations for the entire year exceeding the preceding
year's volume by more than 35 per cent. Cement operations, on
the other hand, continued to recede, and 1933 marked the fifth

NINETEENTH ANNUAL REPORT

successive year in which production and shipments fell below
the preceding twelve months' total.
In food-producing industries, the production of packing-house
commodities exceeded that of 1932 by 8 per cent, with the
volume sold 4^ per cent heavier and the dollar value of sales
3|r per cent higher. The manufacture of creamery butter in the
district approximated that of the preceding year, while the sales
of this commodity were 2 per cent greater than in 1932. The
volume of Wisconsin cheese produced in the year gained 4 per
cent over a year previous, but distribution thereof declined one
per cent in the comparison.
Industrial employment began the year at a level 18 per cent
lower than in 1932, but closed it 23 per cent higher. Payrolls
followed a similar trend, rising from 30 per cent below a year
ago in January to 27 per cent higher in December. For the
twelve months of the year, however, average employment was
only 2 per cent greater than in 1932, while payrolls were 3 per
cent smaller. Manufacturing industries contributed largely to
the improvement during 1933, and at the close of the year employment in this classification was 26 per cent and payrolls 34
per cent larger than a year earlier. Respective gains in nonmanufacturing industries totaled 10 and 7 per cent. In all groups
represented in the larger classifications, whether manufacturing
or non-manufacturing, the year closed at a higher level than in
1932, with increases especially marked in metals, food, lumber,
and rubber products, and in coal mining.
The merchandising of commodities, though showing marked
betterment after the first three months of 1933, failed in some
lines to gain sufficiently to offset entirely earlier losses. Department store trade, for instance, which recorded increases over
1932 in each of the last seven months of 1933, in the aggregate
for the district was one per cent smaller for the entire year than
in 1932. Chicago trade, however, gained 4 per cent in the comparison - - the result largely of increased business during the
period of A Century of Progress Exposition. The retail shoe
trade showed a decline of 4 per cent in 1933 from a year previous ; but the retail furniture trade totaled 2 per cent larger;
and sales of reporting chains were one per cent above the aggregate value of those in 1932, major groups that recorded expansion including five-and-ten-cent stores and drugs, with the
grocery trade totaling slightly smaller. In the wholesale distribution of commodities, increases in 1933 over 1932 were noted
in hardware, dry goods, and electrical supplies, which totaled 5
p£r cent, 2 per cent, and 12 per cent heavier, respectively; but
in the wholesale grocery and drug trades declines of 5 and 10 per
cent were experienced. Both the wholesale and retail distribution of automobiles gained considerably in 1933 over a year

FEDERAL

RESERVE

BANK

CHICAGO

previous, the result of sharply improved demand subsequent to
April.
The production of nearly all Seventh district crops in 1933
was much smaller than in 1932, owing to some reduction in
acreage and because of very unfavorable weather conditions
during the growing season. In the declines shown were included the important grains, hay, and other field crops, potatoes,
truck crops, and most fruits. Increases over the preceding season occurred only in buckwheat, sugar beets, and apples, while
pears and various canning crops were about the same in volume
as in 1932. The spring pig crop in this district exceeded slightly
that of a year previous, and the autumn crop was nearly as large
as a year earlier. Despite Government purchases during August
and September, the number of hogs available on December 1
for winter and spring marketing was approximately the same as
a year previous. The supply of beef cattle in December declined
about 5 per cent from the end of 1932, but dairy herds were
approximately 3 per cent larger. Farm prices rose sharply in
the summer and closed the year considerably higher than at
the end of 1932. Cash farm income in this district for the crop
year 1933-34 is estimated at over 20 per cent greater than in the
preceding crop year, in contrast to the 20* per cent decline for
that year from 1931-32. Returns from the 1933 crop are expected
to exceed 1932 by 50 per cent, and cash income from live stock
and live-stock products is estimated as 12| per cent larger.
* Revised figure.

DETAILS OF OPERATION OF THE FEDERAL RESERVE BANK
OF CHICAGO IN

1933

Financial Results—Net earnings of this bank in 1933, after
depreciation, reserves, etc., were $1,790,493, as against $2,242,725
in 1932 and $609,895 in 1931. Dividends were paid in the amount
of $858,127, and $932,366 was transferred to surplus, increasing
the latter to $40,429,399 at the end of the year, as compared with
$39,497,033 at the opening of 1933.
Loan and Discount Operations—The volume of loans and discounts to member banks was on the whole very moderate
throughout the year 1933. At the opening of the year, total
advances to member banks aggregated $15,530,000, which was a
comparatively low level. Owing to the general decline in bank
deposits, however, which commenced shortly after the first of
the year, member banks gradually increased their borrowings
from the Federal Reserve Bank.

N I NETEENTH ANNUAL

REPORT

Total loans and discounts were at the high point of the year
on March 8, at which time they aggregated $263,517,000, of which
$150,000,000 represented paper rediscounted by this bank for
other Federal Reserve banks and $113,517,000, loans to member
banks.
Reflecting the restored confidence after the banking holiday had
terminated, deposits of member banks stabilized and gradually
increased, thereby permitting the banks to reduce their borrowings from the high point on March 8 to $19,725,000 on March 31.
Since that time the trend has been consistently downward, the
low level of $4,022,000 having been reached on December 29,
this being also the smallest amount of member bank borrowings in the Seventh Federal Reserve district since 1917. The
small volume of borrowing by member banks at the Reserve
bank was due in large measure to the fact that the Federal
Reserve System supplied a substantial volume of credit through
the medium of open-market purchases of Government securities.
Direct advances of credit made by various Government agencies
were likewise a contributing factor in reducing the volume of
loans and discounts which the Federal Reserve Bank was called
upon to extend.
The banks in the larger centers of the district were out of our
debt for the greater portion of the year. When the high point
of member bank borrowings was reached on March 8, the Chicago banks were in our debt to the extent of $65,282,000, Detroit
banks to the extent of $17,450,000, and Milwaukee banks to the
extent of $3,509,000. In the State of Iowa, where in past years
a large volume of credit usually has been required to finance the
seasonal agricultural credit demands, borrowings throughout the
year 1933 were in small volume, the high point of $5,630,000 having been reached on March 15, following which the trend was
steadily downward until the low was reached on November 6
when loans to Iowa banks stood at $77,000.
In addition to the $150,000,000 of paper rediscounted for other
Federal Reserve banks on one application covered by six notes,
credit accommodations in the form of loans and discounts were
extended to 474 member banks during the year, represented by
4,830 applications and 27,729 notes, having a face value of
$285,585,000. Included in these loans were advances to 21 member banks, aggregating $17,591,000, against assets that were not
eligible for rediscount. These advances were made under the
terms of Section 10 (b) of the Federal Reserve Act, which permits member banks to borrow from Federal Reserve banks on
ineligible assets after having first exhausted their eligible paper.
In addition to the loans to member banks, two advances on two
notes were made under the provision of the Act which enables
10

FEDERAL

RESERVE BANK OF CHICAGO

the Federal Reserve banks to make loans direct to individuals,
partnerships, or corporations on promissory notes secured by
direct obligations of the United States. These advances aggregated $278,000. Credit was extended also to two non-member
banks on 4 applications, through the rediscount of 114 notes
amounting to $49,000 secured by adjusted service certificates,
and to one other non-member bank on one application through
the discount of its bills payable in the amount of $10,000—the
latter was subsequently renewed—under authority granted in an
amendment to the Emergency Banking Act of March 9, 1933.
Forty-eight member banks suspended operations while in our
debt. Such indebtedness, aggregating $1,256,705, together with
3 other claims amounting to $220,977, was placed in Failed Banks
Account. This amount compares with $7,310,325 placed in
Failed Banks Account during the year 1932, representing liabilities of 79 member banks. Claims against suspended and
other banks as of December 31, 1933, aggregated $728,683, representing liabilities of 44 banks. During the year, collections
from claims against closed banks totaled $1,809,564, which included payment in full of the accounts of 39 banks.
The amount of securities and paper, pledged and unpledged,
held in the Collateral Division at this bank showed a substantial
increase over the year 1932, the high point of $262,156,630 being
reached on May 26, wdiile the low of $83,858,128 appeared on
February 7.
Open-Market Operations—The aggregate value of Government securities handled by the Investment Department during
1933, including allotments from other Federal Reserve banks
in the System's Special Investment Account, increased considerably over 1932. The value of transactions for the account of
other than Federal Reserve banks, mostly for member banks and
their customers, showed some decrease, caused by a lowered
volume of securities sold, as securities purchased exceeded 1932.
The total number of transactions, however, was about 15 per
cent in excess of the preceding year.
This bank's holdings of Government securities, including its
participation in the System's Account, reached a new high figure of $437,343,000 on November 8, at which point it remained
at the end of the year. The low point of the year was $251,503,000
on January 25.
Considerable activity took place in transactions in bankers'
acceptances in the early part of the year, holdings of acceptances
reaching their high point on March 4 with an aggregate of
$98,433,000. For a period of several months subsequently, the
bank's holdings were reduced to a negligible amount, inasmuch
as no purchases were made, owing to the fact that open-market
11

N I N E T E E N T H ANNUAL

REPORT

rates on bankers' acceptances were considerably under the
bank's minimum buying rate. Within this period, the dealers'
offering rate on 90-day bills in the open market was reduced
to as low as one-quarter of one per cent. Toward the end of the
year, subsequent to a reduction in this bank's buying rate to
one-half per cent and some firming in open-market rates, a moderate amount of bills was accumulated, totaling $14,091,000 at
the end of the year, all of which were allotted from other Federal Reserve banks. Total purchases of acceptances for this
bank's account amounted to $137,062,000 in 1933, as compared
with $84,447,000 in 1932.
COMPARATIVE TABLE OF G O V E R N M E N T S E C U R I T Y T R A N S A C T I O N S
1933, 1932, A N D 1931
(Inclusive of transactions with member banks and with other Federal Reserve banks)
(AMOUNTS IN T H O U S A N D S O F DOLLARS)
1933

Certificatesoflndebtedness.Treasury
Notes, and U. S. Bonds:
*Market Purchases
*Market Sales .
/^Bought with Agreement
#Sold under Agreement
Totals

Number
of Transactions

Amount

12,141
20,741
3
2
32,887

925,178
714,323
505
505
1,640,511

1932
Number
of Transactions

17,112
11,434
13
11
28,570

Amount

753,803
515,614
25,844
25,844
1,321,105

1931
Number
of Transactions

11,189
9,596
5
6
20,796

Amount

463,074
450,785
705
7,705
922,269

"These figures include special Certificates of Indebtedness to cover overdrafts amounting to
$14,000,000 in 1933, $24,000,000 in 1932, and $160,000,000 in 1931.
#Inclusive of Agreements purchased through other Federal Reserve banks.

Member Bank Reserves: Reserve Ratio—Member bank reserve balances were in excess of legal requirements throughout
the year, the excess ranging from a low of 39.24 per cent for
the month of May to a high point of 138.70 per cent in November. In the preceding year, the minimum excess recorded was in
February—3.58 per cent—and the maximum in December—82.25.
The large volume of reserves in excess of legal requirements is
in large measure a reflection of open-market operations of the
Reserve System. The ratio of this bank's total gold reserves
and other cash to deposit and Federal Reserve note liabilities
combined was at its highest on May 24, when 81.0 per cent was
shown; the low point of 46.6 per cent occurred on March 8, following a period of unprecedented currency demand in the district
and a consequent large increase in the volume of Federal Reserve
note liabilities.
12

FEDERAL RESERVE BANK OF CHICAGO
Membership, Fiduciary Powers, and Bank Relations—The following figures reflect changes during 1933 and the two preceding
years in status of banks, affecting membership:
1933
Total losses to membership through consolidations, conversions,
liquidations, successions, suspensions, and voluntary withdrawals . .
172
Total additions to membership through admissions, conversions,
primary organizations, reopenings, and successions
106

1932

1931

158

183

Net losses during t h e year
Total withdrawals pending at close of t h e year due to consolidations, suspensions, etc

135

170

The following banks were authorized and approved in 1933 to
exercise fiduciary powers:
Illinois:

Indiana:

Iowa:

Michigan:

Chicago, First National Bank of Chicago
Chicago, The Live Stock National Bank of Chicago
Evanston, First National Bank & Trust Company
of Evanston
*Libertyville, The First Lake County National
Bank at Libertyville
Moline, Moline National Bank
Springfield, First National Bank
Sycamore, The National Bank & Trust Company
of Sycamore
Fort Wayne, Fort Wayne National Bank
Indianapolis, American National Bank at Indianapolis
Marion, First National Bank in Marion
*Marion, Marion National Bank of Marion
Iowa City, First Capital National Bank of Iowa
City
Knoxville, Community National Bank & Trust
Company of Knoxville
Detroit, National Bank of Detroit
Detroit, The Manufacturers National Bank of
Detroit
Jackson, The National Bank of Jackson

* Limited powers—for specific trusts only.
All others full powers.

The institution listed below was given confirmation of full
trust powers previously granted, due to consolidation :
Illinois:
Chicago, The Terminal National Bank of Chicago
13

N I N E T E E N T H ANNUAL

REPORT

Representatives of the Bank Relations Department made 372
visits to member banks during the year 1933, and 15 to nonmember banks—a total of 387 calls.
The Bank Examination Department during the year conducted
166 examinations of which 90 were in connection with nonmember banks applying for membership, 73 were examinations
of member banks, and 3 were special in nature.
MEMBER B A N K S — S E V E N T H F E D E R A L R E S E R V E D I S T R I C T
December 31, 1933

December 31, 1932

December 31, 1931

too

National State Total National State Total National State Total

Indiana
Iowa
Michigan
Wisconsin
Total

65
77
576

48
6
24
82
9

252
97
163
147
86

218
110
166
70
90

22
9
21
95
10

240
119
187
165
100

263
128
197
71
101

34
9
24
108
11

297
137
221
179
112

169

745

654

157

811

760

186

946

Collateral and Safekeeping Operations—The amount of securities and paper held by this bank as collateral for bills discounted
and for loans was at the low level of the year on February 7
($83,858,128), but subsequently rose to $262,156,630 on May 26.
From that point it was gradually reduced to $128,434,785 on
December 31.
At the close of 1933, the safekeeping facilities offered by the
Federal Reserve Bank of Chicago and its Detroit branch were
being used by 668 banks—a slight increase over the preceding
year. Pieces to the number of 124,419 valued at $490,617,549
were received for safekeeping during 1933, as compared with
93.061 pieces in 1932, having an aggregate value of $371,277,444.
Withdrawals from safekeeping consisted of 141,817 pieces
amounting to $426,778,524, in contrast to 142,670 pieces valued
at $346,636,559 withdrawn in the preceding year.
Holdings at the close of business on December 31 were about
$64,000,000 greater than at the close of 1932, largely due to
securities being placed in our safekeeping to secure funds deposited in Chicago banks by the Reconstruction Finance Corporation for use of the Sanitary District of Chicago.
Fiscal Agency—The activities of the Fiscal Agency Department continued to increase in the year 1933, the dollar value of
securities handled being 45^ per cent over the total for a year
previous. Comparative data on the various phases of the department's work are given below:
PIECES AND DOLLAR V A L U E O F SECURITIES H A N D L E D
Per cent
change from 1932
+4SV2
4-83^

1933
$3,560,498,972
707,836 pieces

FEDERAL RESERVE BANK

OF CHICAGO

SUBSCRIPTIONS FOR N E W I S S U E S (INCLUDING T R E A S U R Y BILLS)
Per cent
1933
change from 1932
Subscriptions received
$3,405,556,500
—12J/2
Number of subscriptions
22,053
+386
Subscriptions allotted
$1,340,456,350
+102
Number of shipments
18,364
+311
Number of pieces shipped
183,288
+ 92
Dollar value of shipments
$1,294,467,300
+ 94

Erratum: In the above table, "Subscriptions Received" should
read "$4,405,556,500" and "Per cent change from 1932" should
read " + 13%."

Fourth 4 | % L. L. Registered Bonds amounting to $846,350—
on which registration had not yet been released on December 31,
1933, and for which payment had not yet been made—constitute
the difference between allotments and payments received.
EXCHANGES (OTHER T H A N FOR N E W ISSUES)
Pieces received
Amount received
Pieces delivered
Amount delivered
Number of pieces
Amount
Number of pieces
Amount

1933
296,165
$1,123,298,850
314,578
$1,178,905,550
SECURITIES REDEEMED
228,383
$1,142,732,822
COUPONS REDEEMED
3,331,001
$ 66,969,344

Per cent
change from 1932
+ 25J/2
— V/2
— 25
— 11
+320
+ 78
+ 2
+ 4]/2

In addition to continuing the Fiscal Agency functions for the
Reconstruction Finance Corporation, which were started in February 1932, this bank has been asked by the Treasury Department to perform Fiscal Agency functions for the following:
Federal Emergency Administration of Public Works
Farm Credit Administration
Banks for Cooperatives
Home Owners Loan Corporation
Bureau of Public Roads (Department of Agriculture)
During the year the Fiscal Agency Department, including the
Detroit Branch, for account of the Reconstruction Finance Corporation, made 836 advances for a total of $374,459,699, of which
$131,244,825 was repaid.
Gold Settlement Fund—In 1933, transactions between the
Seventh and other Federal Reserve districts recorded a loss to
this bank of $69,194,000, as compared with a gain of $128,133,000
15

FEDERAL

RESERVE

BANK

CHICAGO

SUBSCRIPTIONS FOR N E W ISSUES (INCLUDING T R E A S U R Y BILLS)
Per cent
1933
change from 1932
Subscriptions received
$3,405,556,500
—\2l/2
Number of subscriptions
22,053
+386
Subscriptions allotted
$1,340,456,350
+102
Number of shipments
18,364
+311
Number of pieces shipped
183,288
+ 92
Dollar value of shipments
$1,294,467,300
+ 94

The difference between dollar value of shipments and subscriptions allotted represents transfers on allotments to and from
other Federal Reserve banks.

By
By
By
By

PAYMENT FOR SECURITIES A L L O T T E D W A S MADE AS F O L L O W S
Per cent
1933
change from 1932
surrender of other Government securities
$ 472,578,350
+ 36
credit in W a r Loan Deposit Account
183,742,015
— 19^2
cash
682,669,116
+676
discount on Treasury bills
620,519
+336
$1,339,610,000

4-101^5

Fourth 4]% L. L. Registered Bonds amounting- to $846.350—
on which registration had not yet been released on December 31,
1933. and for which payment had not yet been made—constitute
the difference between allotments and payments received.
EXCHANGES (OTHER T H A N FOR N E W ISSUES)
Pieces received
Amount received
Pieces delivered
Amount delivered
Number of pieces
Amount
Number of pieces
Amount

1933
296,165
$1,123,298,850
314,578
$1,178,905,550
SECURITIES R E D E E M E D
228,383
$1,142,732,822
COUPONS R E D E E M E D
3,331,001
$ 66,969,344

Per cent
change from 1932
+ 25#
— V/x
— 25
— 11
+ 320
+78
+
+

2
4^

N INETEENTH ANNUAL

REPORT

in 1932. Receipts from other Federal Reserve banks totaled
$11,174,667,000 and payments aggregated $11,243,861,000 during
the year. These figures show a considerable decrease from the
$13,577,648,000 received and $13,449,515,000 paid out for similar
transactions in 1932. Our balance in the Gold Settlement Fund
amounted to $160,423,258 on December 31, 1933, as compared
with $92,716,936 at the close of the preceding year.
Clearings and Collections—The total volume of checks handled during the year 1933 by the head office and the Detroit
Branch combined was only slightly less than the 1932 volume.
The total number of checks decreased 7.2 per cent; those payable in Chicago and Detroit increased 7.1 per cent; those payable outside of these cities decreased 14.8 per cent; and Government checks increased 28.7 per cent.
The total number of items handled during the year by both
offices was 92,357,605 (including duplications), amounting to
$16,928,240,000, of which number 85 per cent were drawn on
banks in the Seventh district, 7.6 per cent on banks in other
districts, and 7.4 per cent on the United States Treasurer.
During the first six months of 1933 the monthly volume continued to show a downward trend from the same period of 1932.
However, at the head office each of the last six months of 1933
showed a material increase over the same month of the preceding year; the number of checks was 18^ per cent larger and
their value totaled 14 per cent more in this period than for the
last half of 1932.
On December 31, 1933, there wrere 620 banks using the Federal Reserve clearing facilities as compared with 495 on December 31, 1932.
The Federal Reserve Bank of Chicago and its Detroit branch
handled 829,210 non-cash collection letters in 1933, as compared
with 756,578 in the preceding year; in aggregate value the 1933
volume was $996,521,162, an increase of $193,012,401 over 1932.
Of the foregoing 1933 totals, Detroit handled 172,585 items
valued at $105,727,404, as against 131,762 items and $78,214,222
a year earlier.
The volume of funds transferred by Chicago and Detroit for
member banks again declined, being only $13,194,452,934 in 1933
as compared with $20,378,014,526 in 1932. Of the 1933 total,
$9,492,682,549 went over leased wires and $1,223,327,215 over
commercial wires. All other transfers comprised the remaining
$2,478,443,170.
Cash Department—The amount of paper currency handled in
the Cash Department during 1933 was greater than in the preceding year, due principally to the unusual activity prior to the
banking holiday. Payments of paper currency aggregated
16

FEDERAL RESERVE BANK OF CHICAGO
$2,387,942,000 as compared with $2,288,518,000 in 1932. Currency received amounted to $2,366,761,000 as compared with
$2,184,388,000 in the preceding year. The Federal Reserve note
circulation of this bank increased $89,940,000, from $694,819,000
on January 2 to $784,759,000 on December 31. Between January
14 and March 13 the circulation increased $445,365,000, reaching
an all-time high on March 13 of $1,127,995,000. In addition,
Federal Reserve Bank notes were issued after the banking holiday, and on December 31 amounted to $28,737,000. During the
two months preceding the banking holiday, $39,433,000 in gold
coin was paid out; this compares with $20,851,000 for the year
1932. Gold certificates paid out in 1933 amounted to $21,932,000
as compared with $99,102,000 in 1932. In response to the Executive Order of the President demanding the return of gold,
$67,081,000 of gold coin was received as compared with $4,026,000
received in 1932. An increased demand for silver and minor coin
was reflected in the amount paid out; in 1933 payments amounted
to $22,418,000 as compared with $17,303,000 the previous year.
The number of paper currency shipments to country banks was
39,379 as against 34,684 in 1932. The number of coin shipments
to country banks was 9,238 as compared with 8,542 in the preceding year.
Internal Organization—At a special election March 21, 1933,
James R. Leavell, President of the Continental Illinois National
Bank & Trust Company of Chicago, was elected a Class A Director to fill the unexpired term of George M. Reynolds, who
resigned effective January 25, 1933.
At the regular annual election, James R. Leavell was reelected Class A Director for the term expiring 1936, and M. W.
Babb, Class B director for the term expiring 1936. Eugene M.
Stevens has been re-appointed Class C Director for the term
expiring 1936. Eugene M. Stevens has been re-designated as
Chairman of the Board and Federal Reserve Agent for 1934, and
James Simpson has been re-designated as Deputy Chairman of
the Board for the year 1934. The Directors for 1934 are shown
on page 2.
The Executive Committee for 1934 will consist of the following: Chairman, G. J. Schaller, Acting Governor; Eugene M.
Stevens, Chairman of the Board and Federal Reserve Agent;
Messrs. E. R. Estberg, James R. Leavell, James Simpson, M. W.
Babb.
The Committee on Admission for the year 1934 will consist of
the following: Eugene M. Stevens, Chairman of the Board and
Federal Reserve Agent; G. J. Schaller, Acting Governor; and
E. R. Estberg, Director.
17

N I N E T E E N T H ANNUAL

REPORT

There were six appointments to the official staff during 1933:
H. P. Preston, Deputy Governor, March 21, 1933; W. H. Snyder,
Controller, May 8, 1933; R. H. Buss, Assistant Deputy Governor,
May 15, 1933; A. T. Sihler, Assistant Deputy Governor, June
20, 1933; N. B. Dawes, Manager, Investment Department, May
26, 1933; G. J. Schaller, Acting Governor, December 15, 1933, the
last named to take office January 1, 1934.
There were two resignations from the official staff during
1933 : Don A. Jones, Assistant Deputy Governor, January 19,
1933; Alba W. Dazey, Manager, Investment Department, May
26, 1933.
The following is a comparison of the total number of employes,
exclusive of officials, at the Chicago office :
December 31, 1932
1,178
December 31, 1933
1,396
Increase
218
G. B. Morley and David McMorran were re-appointed Directors of the Detroit Branch, and William R. Cation was re-appointed as Managing Director. The Directors for 1934 are
shown on page 2.
There were three appointments to the official staff at the Detroit Branch during 1933: John H. Martin, Assistant Federal
Reserve Agent, February 13, 1933 ; A. H. Vogt, Assistant Cashier,
August 1, 1933; W. A. Eubank, Assistant Auditor, October 1,
1933.
There were two resignations from the official staff at the
Detroit Branch during 1933: George T. Jarvis, April 1, 1933;
Floyd L. Bowen, September 30, 1933.
The following is a comparison of the total number of employes,
exclusive of officials, at the Detroit Branch:
December 31, 1932
248
December 31, 1933
313
Increase

FEDERAL

RESERVE

BANK

CHICAGO

Comparative Statement of Condition
(In Thousands of Dollars)
Dec. 31
1933

Dec. 31
1932

Dec. 31
1931

with Federal reserve agent
redemption fund with United States Treasury. .
held exclusively against Federal reserve notes. .
settlement fund with Federal Reserve Board. ..
and gold certificates held by bank

710,987
6,841

699,870
3,392

483,620
9,627

717,828
160,423
2,719

703,262
92,717
27,749

493,247
50,484
52,862

Total gold reserves
Other cash*
Total gold reserves and other cash
Redemption fund Federal reserve bank notes.
Bills discounted:
Secured by United States Government obligations.
Other bills discounted

880,970
33,316

823,728
47,090

596,593
40,136

914,286
1,879

870,818

636,729

911
3,142

3,813
11,156

50,272
24,224

4,053
14,091

14,969
3,964

74,496
42,052

76,950
177,161
183,232

40,775
34,301
187,134

53,354
2,901
49,276

437,343

262,210

105,531
3,490

455,487

281,143

225,569

455
4,238
54,510
7,375
1,549

419
2,674
43,214
7,595
1,454

1,232
3,105
53,531
7,827
1,297

1,439,779

1,207,317

929,290

784,759
28,737

692,150

519,471

494,813
76
541
17,160
3
1,080

409,360
1,782
2,806

283,976
3,291
10,376

2,080

691

513,673

416,028

298,334

55,689
12,790
40,429
3,702

40,898
16,157
39,497
2,587

51,885
18,011
38,411
3,178

1,439,779

1,207,317

929,290

ASSETS
Gold
Gold
Gold
Gold
Gold

Total bills discounted. . .
Bills bought in open market.
United States Government securities:
Bonds
Treasury notes
Certificates and bills
Total United States Government securities.
Other securities
Total bills and securities.
Due from foreign banks
Federal reserve notes of other banks.
Uncollected items
Bank premises
All other assets
Total assets.
LIABILITIES
Federal reserve notes in actual circulation
Federal reserve bank notes in actual circulation
Deposits:
Member bank—reserve account. . ..
Government
Foreign bank
Special deposits member bank
Special deposits non-member bank.
Other deposits
Total deposits.
Deferred availability items.
Capital paid in
Surplus
All other liabilities
Total liabilities.
Ratio of total gold reserves and other cash to deposit and
Federal ieserve note liabilities combined
per cent
Contingent liability on bills purchased for foreign correspondents

70.4

78.6

77.9

495

5,215

33,551

*Other cash does not include Federal reserve notes or a bank's own Federal reserve bank notes.

NI NETEENTH ANNUAL

REPORT

Earnings and Expenses
EARNINGS

1!):!:!

Discounted bills
Purchased bills
United States Government securities.
Deficient reserve penalties
Miscellaneous.

UI32

618,806 $ 1,336,846
234,060
367,299
5,667,501
3,455,199
20,554
53,856
223,633
400,471

Total earnings.

1031
939,567
764,703
1,937,290
32,290
469.751

6,764,554 $ 5,613,671 $ 4,143,601

CURRENT EXPENSES

Salaries:
Officers
Clerical employes
Other employes
Governors' conferences
Federal reserve agents' conferences
Federal advisory council
Directors' meetings
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
Expressage
Miscellaneous expenses...
Total, exclusive of cost of currency
Federal reserve currency:
Original cost
Cost of redemption
Tax on Federal Reserve bank note circulation.
Total current expenses .

323,355
1,437,279
489,475
351
252
1,281
13,098
37,070
101,295
14,107
51,191
39,673
96,109
48,568
15,152
1,079
47,488
71,535
29,709
34,519
323,666
64,448
89,104

322,012
1,449,098
410,210
240
138
1,400
12,532
21,429
97,988
16,598
43,341
44,509
292,193
37,127
28,194

325,015
1,533,928
414,510
250

37,769
46,882
20,844
33,973
249,096
49,309
77,855

40,289
61,727
22,872
38,656
217,127
52,743
95,858

1,035
12,229
17,990
97,092
11,769
61,130
44,642
290,102
31,227
7,680

$ 3,329,804 S 3,292,737 $ 3,377,871
397,865
122,299
135,718
30,185
17,657
10,812
96,155
$ 3,854,009 $ 3,432,693 % 3,524,401

P R O F I T A N D LOSS ACCOUNT
Earnings
Current expenses.
Current net earnings.

1933

1032

% 6,764,554 $ 5,613,671 $ 4,143,601
3,854,009
3,432,693
3,524,401
$ 2,910,545 $ 2,180,978

Additions to current net earnings:
Profit on United States Government securities sold.
All othe»
Total additions.
Deductions from current net earnings:
Bank premises—depreciation
Furniture and equipment
Reserve for probable losses
Reserve for self-insurance
All other
Total deductions.
Net deductions from current net earnings

140,466
232,779

873,140
1,124

211,754
52,213

373,245

874,264 $

263,967

233,940
24,545
717,260
500,000
17,552

233,682
14,588
21,593
500,000
42,654

233,682
8,883

$ 1,493,297

812,517

273,272

$ 1,120,052

Net additions to current net earnings
Net earnings

619,200

61,747

30,707

9,305

$ 1,790,493 $ 2,242,725

609,895

858,127 $ 1,029,933
121,279
932,366

1,170,633

Dividends paid
Transferred to surplus
560,738
Withdrawn from surplus
1,091,513
Franchise tax paid United States Government.
tOther than those connected with governors' and agents' conferences and meetings of directors
and of the advisory council.

FEDERAL

RESERVE

BANK

CHICAGO

Earnings and Expenses—Continued
SURPLUS ACCOUNT

1933

1932

1931

Surplus, beginning of year
$ 39,497,033 $38,411,011 $ 39,936,492
Additions to surplus:
Transferred from net earnings
932,366
121,279
Withdrawn from reserve for depreciation on United States
bonds
964,743
Charges to surplus:
560,738
Excess of expenses and dividend payments over earnings
Reserve for depreciation on United States bonds
964,743
Surplus, end of year

$ 40.429,399 $ 39,497,033 $38,411,011

Comparative Volume of Operations in Principal Departments
19SS, 1982, and 1931

Number of Pieces Handled

1933

Bills discounted:
Applications
Notes discounted
Bills purchased in open market and from other
F. R. banks for own account
Currency received and counted
Coin received and counted
Checks handled
Collection items handled:
United States Government coupons paid
All other
United States securities—issues, redemptions, and
exchanges by Fiscal Agency department
Transfers of funds
Envelopes received and dispatched

4,839*
27,853*
8,090
362,955,000
287,877,000
92,358,000

1932

1931

15,294
92,948

9.826
61,060

2,260
359,168,000
290,267,000
99,242,000

16,522
398,698,000
328,241,000
121,752,000

3,331,000!
829,000

3,252.000!
757,000

3,003,000!
780,000

708,000!
189,000
4,743,000

386,000!
224.000
4,511,000

437,000!
276,000
4,889,000

Amounts Handled
Bills discounted
$
435,932,000* $
Bills purchased in open market and from other F. R.
banks for own account
137,062,000
Currency received and counted
2,495,284,000
Coin received and counted
136,750,000
Checks handled
16,928,240,000
Collection items handled:
United States Government coupons paid
66,969,000!
All other .
996,521,000
United States securities—issues, redemptions, and
exchanges by Fiscal Agency Department
3,560,499,000!
Transfers of funds
13,194,453,000

1,054,336,000 $ 1,009,299,000
84,447,000
2,184,821,000
27,859,000
17,601,483,000
64,095,000!
803,509,000

347,353.000
2,245,632,000
30,547.000
23,367,737,000
56,620,000!
1,168,078,000

2,448,504,000! 2.174,263,000!
20,378,015,000 27,928,297.000

•Includes 1 application and 6 notes covering $150,000,000 rediscounted for other Federal Reserve
banks.
!Includes Federal Land Bank and Federal Intermediate Credit Bank obligations handled.

MOVEMENT OF RESOURCES
FEDERAL RESERVE BANK OF CHICAGO 19Z4 TO 1 9 3 3 INCLUSIVE
MILLIONS DF DOLLARS
10001

1925

192B

1927

192B

1929

1930

1931

1932

1933

1932

1933

DATA AS OF THE LAST REPORTING DATE IN EACH MONTH

MOVEMENT OF LIABILITIES
FEDERAL RESERVE BANK OF CHICAGO 1924 TO 1 9 3 3 INCLUSIVE
MILLIONS OF DOLLARS

1000 ~

100

1924

1925

19EB

1927

1928

DATA AS OF THE LAST REPORTING DATE IN EACH MONTH

1929

1930

1951

MILLIONS OF DOLLARS

+ 1100

CURRENCY
DEMAND
CHICAGO DISTRICT

+ 1000

CHANGES BY WEEKS

+900
+B00
+700
+600
+500
+400
/

+ 300
/

+ 200
+ 100
D
- 1 0 0 JjFJM|AlM|Jp|A|S|D|Np

|F|M|A|M|J|J|A|S|D|N|D

192B

J|F|M|A|Mp|J|A|S|O|N|D J|F|M|A|M|J|J|A|S|O|N|D J|FlM|AIM|JIJ|A|S|DjN|D J|F|M|A|M|J|J|A|S|D|N|D

1929

1930

1931

1932

1933

G R A I N AND LIVE STOCK PRICES
1931 TO 1933 INCLUSIVE

CENTS
110
100
90
80
10
60
50
40
30
20
10
0

PRICE PER BUSHEL

CENTS

...

DDLLARS
11
10
9
8
#••
1
6
5
4
3
2
1
0

*•*_*«

A.
' *^.

#/*

\\
**•

'—'

CORN

...
'•r

•?

.... «

»*

n
DOLLARS
11
10
g
a
i
G
5
4
3
2
1
0

PRICE PER 1DD POUNDS

- ,

*•»

CATT _E

-N

•^

•*-«

**
HU

1931

—

1932

•»»

11U
100
90
80
10
50
50
40
30
20
10

1933

Full text of Annual Report of the Federal Reserve Bank of Chicago : Nineteenth Annual Report for the Year Ended December 31, 1933

FRASER