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730
CONGRESS
1st Session
}
SENATE
{
Docm~1ENT
No. 41
FUNCTIONS OF THE RECONSTRUCTION FINANCE
CORPORATION
c.,f
LETTER FROM THE SECRETARY OF THE RECONSTRUCTION
FINANCE CORPORATION, TRANSMITTING, IN RESPONSE TO
SENATE RESOLUTION 351 (72n CONGRESS) A REPORT OF ALL
FUNCTIONS OF THE RECONSTRUCTION FINANCE CORPORATION
AND THE ANNUAL COST THEREOF
APRIL
17 (calendar day, APRIL 24), 1933.-Ordered to lie on the table and to be
printed with an illustration
RECONSTRUCTION FINANCE CORPORATION,
l,Fashington, April 22, 1933.
To the PRESIDENT OF THE SENATE.
Sm: In response to Senate Resolution 351, dated January 10
(calendar day, February 8), 1933, reading as follows:
Resolved, That the heads of all departments, independent establishments, and
Government-owned and/or controlled corporations be, and are hereby, directed
to submit on or before April 15, 1933, to the President of the United States and
to the Senate of the United States a detailed report of all functions, including
accounting, disbursing, collecting, purchasing, and personnel, performed ,by said
departments, establishments, and corporations, together with the authority for
the performance of each function and the annual cost thereof.
The time during which such report may be made having been extended by the Senate on April 11, 1933, to a date not later than May
1, 1933, the Reconstruction Finance Corporation submits the accompanying report. In compliance with the resolution an identical report
has been sent to the President of the United States.
Respectfully,
GEORGE R. COOKSEY, Secretary.
171404-33--1
0
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FUNCTIONS OF RECONSTRUCTION ]:<'!NANCE CORPORATION
RECONSTRUCTION FINANCE CORPORATION,
Washington, April 22, 1933.
REPORT COMPILED BY RECONSTRUC'fION FINANCE CORPORATION
PURSUANT TO SENATE RESOLUTION 351, DATED ,JANUARY 10
(CAU~NDAR DAY, FEBRUARY 8), 1933
A. SOURCE OF AUTHORITY
I. LAWS PERT.-1.INING TO THE RECONSTRUCTIO:S FINANCE CORPORATION AND GOVERNING ITS OPERATION
The Reconstruction Finance Corporation was created by the
Reconstruction Finance Corporation Act, approved January 22,
1932 (Public, Ko. 2, 72d Cong.), and entitled "An act to provide
emergency financing facilities for financial institutions, to aid in
financing agriculture, commerce, and industry, and for other purposes." The following laws, suosequently enacted, amended the
Reconstruction Finance Corporation Act, extended the powers of
the Corporation or otherwise affected the Corporation and its personnel:
1. Titles I and II of the Emergency Relief and Construction Act
of 1932, approved ,Tuly 21, 1932. (Public, No. 302, 72d Cong.)
2. Section 6 (f) of the Federal Home Loan Bank Act, approved
July 22, 1932. (Public, No. 304, 72d Cong.)
3. "An act to provide for loans to farmers for crop production and
harvestmg during the year 1933, and for other purposes", approved
February 4, 1933. (Public, No. 327, 72d Cong.)
4. Section 304 of "An act to provide relief in the existing national
emergency in banking, and for other purposes", approved March 9,
1933. (Public, No. 1, 73d Cong.)
5. Section 2 of "An act to provide for direct loans by Federal
Reserve banks to State banks and trust companies in certain cases,
and for other purposes", approved :March 24, 1933. (Public, No. 4,
73d Cong.)
6. A joint resolution authorizing the Reconstruction Finance
Corporation to make loans for financing the repair or reconstruction
of buildings damaged by earthquake in 1933, approved March 23,
1933. (Public Resolution No. 2, 73d Cong.)
7. Section 5 of "An act for the relief of unemployment through
the performance of useful public work; and for other purposes",
approved 11arch 31, 1933. (Public, No. 5, 73d Cong.)
8. Economy provisions of the Legislative Appropriation Act, fiscal
year 1933, approved June 30, 1932. (Public, No. 212, 72d Cong.)
9. Economy provisions of the Treasury and Post Office Appropriation Act, fiscal year 1934, approved March 3, 1933. (Public, No. 428,
72d Cong.)
10. Economy provisions of title II of "An act to maintain the credit
of the United States Government", approved March 20, 1933.
(Public, No. 2, 73d Cong.)
II. EXECUTIVE ORDERS
The following Executive orders issued by the President of the United
States also are applicable to the Corporation:
Executive order, dated March 27, 1933, reorganizing agricultural
credit agencies of the United States.
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FUN CTIONS OF Rl<;CONSTR UCTIO N FINANCE CORPORATION
a
,i Executive order, dated March 28, 1933, announcing the index figures
for the cost of living for the 6 months' periods ending June 30, 1928,
and December 31, 1932.
B. FUNDS OF THE CORPORATION
I. CAPITAL STOCK
The capital stock of the Corporation wasfixed by the act approved
ary 22, 1932, at $500,000,000, all of which was subscribed by the
etary of the Treasury on behalf of the Government of the United
es on February 2, 1932. The entire capital stock has been paid
in by"'the~retary of the Treasury and is held by the United States.
J
II. ISSUE -~-;NO'i'ES..,~DEBENT URES, ):IONDS, OR OTHER SUCH OBLIGATIO NS
The Reconstruction Ffoance·oorporation Act, as amended by the
Emergency Relief and Construction Act of 1932, authorizes and empowers the Corporation, with the approval of the Secretary of the
Treasury, to issue, and to have outstanding at any one time in an
am_ount ag~regating ~ot more than six and three-fifths times its su~:scnbed capital stock, its notes, debentures, bonds, or other such obligations_; such obliga_tions to mature not more than 5 y_ears from their
respective dates of issue, to be redeemable at the opt10n of the Corporation before maturity in such manner as may be stipulated in such
obligations, and to bear such rate or rates of interest as may be determined by the Corporation. The Co:i:p.oration, with_the approval of
the Secret~ry.ol the Treasury, also may sell on a discount basinliort- term "obligations payal>!l'ntt7n1t"tllrity--Witlfoul; interest:~. The )aw
provides th11~ftnnrntes, deberitu~es,_·bon~s~·~_I:ia ·otne! .2b~~ati«?nS of
the -C01'pu:tation shall be fully and uncond1faonally guaranteed both
as to interest and principal by the United States and such gtlal'a:rity
shall b.e-·expl'.essed on the face thereof. The Secretary of the Treasury, in his discretion, is authorized to purchase any obligations of the
Corporation· '\V_hich may be issued pursuant to the provisions of the
law, and may, at any time, sell any of the obligations of the Corporation acqµired by him and is further authorized to market for the Corporation·j}S:iiotes, debentures, bonds, and other·such obligations, using
therefor· all the facilities of the Treasury Department authorized by
law for the marketing of obligation.s..of. th.e. :U:.nited States. - The act
also provides that any and all notes, deben t u r e ~ r other such ·,
obligations issued by the Corporation shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) at any time imposed by the United States, by
any Territory, dependency, or possession thereof, or by any State,
county, municipality, or local taxing authority.
Under the above mentioned authority, thif Corporation has issued
short-term notes, all of which have been purchased by the Secretary'\
of the Treasury. At the close of April 15, 1933, the amount of such
notes outstanding and held by the Secretary of the Treasury was )
_1
$1,275,000,000.
,
Under section 304 of an act of Congress approved March 9, 1933, '
as amended by an act approved March 24, 1933, the amount of notes, ,
bonds, debentures, and other such obligations which the Corporation :
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FTNCTIONS OF RECONSTitL"CTIOX FINANCE CORPORATION
may issue was increased by an amount sufficient to provide for sub~criptions to, or loans on, nonassessable preferred stock in any national
~anking association, or any State bank or trust company, and for
/purchases of legally issued capital notes or debentures of any State
ibank or trust company.
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C. REPORTS
Section 15 of the Reconstruction Finance Corporation Act provides
that the Corporation shall make and publish a report quarterly of its
operations to the Congress stating the aggregate loans made to each
of the classes of borrowers provided for and the number of borrowers
by States (including the District of Columbia, Alaska, Hawaii, and
Puerto Rico) in each class. The law further provides that the statement shall show the assets and liabilities of the Corporation and the
names and compensation of all persons employed by the Corporation
whose compensation exceeds $400 per month.
Under section 201 (b) of the Emergency Relief and Construction
Act of 1932, the Corporation is required to submit monthly to the
President and to the Senate and the House of Representatives (or the
Secretary of the Senate and the Clerk of the House of Representatives,
if those bodies are not in session) a report of its activities and expenditures, together with a statement showing the names of the borrowers
to whom loans and advances were made, and the amount and rate of
interest involved in each case.
D. LENDING POWERS AND FUNCTIONS
I. FINANCIAL INSTITUTIONS
The Corporation is authorized and empowered, under the provisions of section 5 of the Reconstruction Finance Corporation Act, as
amended, to make loans, upon the terms and conditions stated in the
law, to any bank, savings bank, trust company, building and loan
association, insurance company, mortgage loan company, credit union,
Federal land bank, joint-stock land bank, Federal intermediate credit
bank, agricultural credit corporation, livestock credit corporation,
organized under the laws of any State, the District of Columbia,
Alaska, Hawaii, Puerto Rico, or the United States, including loans
secured by the assets of any bank or savings bank that is closed, or
in process of liquidation, to aid in the reorganization or liquidation
of such bank, upon application of the receiver or liquidating agent of
such bank. It is provided that all loans made to the above enumerated institutions shall be fully and adequately secured, and that not
more than $200,000,000 shall be used for the relief of banks (including
savings banks) that are closed or in the process of liquidation.
-- Under section 304, of an act of Congress approved March 9, 1933,
as amended by an act approved March 24, 1933, the Reconstruction
Finance Corporation is authorized to comply with requests, made by
the Secretary of the Treasury with the approval of the President of
the United States, to subscribe for preferred stock which is exempt
from double liability, in any national banking association, or any
State hank or trust company, or to make loans secured by such stock
as collateral, when, in the opinion of the Secretary of the Treasury,
such association, State bank, or trust company is in need of funds for
capital purposes, either in connection with the organization or reor-
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FUNCTIONS OF RECONSTRUCTION Fl~ ANCE CORPORATION
5
ganization of such institutions. In any case in which under the laws
of the State in which it is located, a State bank or trust company is
not permitted to issue preferred stock exempt from double liability,
or if such laws permit such issue of preferred stock only by unanimous consent of stockholders, the Reconstruction Finance Corporation is authorized, by the aforesaid acts, to comply with requests,
made by the Secretary of -the Treasury with the approval of the
President of the United States, to purchase the legally issued capital
notes or debentures of such State bank or trust company.
II. RAILROADS
Section 5 of the Reconstruction Finance Corporation Act, as
amended, also authorizes the Corporation, upon the approva.l of the
Interstate Commerce Commission, to make loans to aid in the temporary financing of railroads and railways engaged in interstate commerce, to railroads and railways in process of construction, and to
receivers of such railroads and railways, when in the opinion of the
board of directors of the Corporation sue h railroads or railways are
unable to obtain funds upon re11sonable terms through banking
channels or from the general public and the Corporation will be
adequately secured.
III. RELIEF OF DESTITUTION
The Corporation is authorized by section 1 of the Emergency
Relief and Construction Act of 1932, as amended by an act of Congress
approved March 31, 1933, to make available out of the funds of the
Corporation the sum of $300,000,000, under specified terms and conditions, to the several States and Territories (Alaska, Hawaii, and
Puerto Rico) to be used in furnishing relief and work relief to needy
and distressed people and in relieving the ha.rdship resulting from:
unemployment. Such sum is available for payment to the Governors
of the several States and Territories upon application approved by
the Corporation. All amounts paid to the Governors of States or
Territories by the Corporation under this authority must be reimbursed to the Corporation with interest at the rate of 3 percent per
annum, either by making annual deductions, beginning with the fiscal
year 1935, from regular apportionments made from future Federal
authorizations in aid of the States and Territories for the construction
of highways and rural post roads, or through the operation of agreements with States or Territories or with municipalities or political
subdivisions of States or Territories for the repayment of the amounts
paid under this section. Applications for these funds, which are
available until the expiration of 2 years after July 21, 1932 (the date
of the enactment of the law), may be made by the Governor of any
State or Territory. The act requires that the Governor shall certify
the necessity for such funds and that the resources of the State or
Territory, including moneys then available and which can be made
available by the State or Territory, its political subdivisions, and
private contributions, are inadequate to meet its relief needs.
Any portion of the amount approved by the Corporation for payment to the Governor of a State or Territory may, at his request, with
the approval of the Corporation, be paid to any municipality or
political subdivision of such State or Territory if (1) the Goyernor
makes as to such municipality or political subdiYision a certificate
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FFNCTIOKS OF RECOKSTRFCTION FINANCE CORPORATION
like that mentioned above with respect to the State or Territory, and
(2) such municipalitv or political subdivision enters into an agreement with the Corporation for the repayment to the Corporation
of the amount so paid, with interest at the rate of 3 percent per annum,
at such times, and upon such other terms and conditions, as may be
agreed upon between the Corporation and such municipality or
political subdivision. The amounts paid to any municipality or
political subdivision under this authority may not be included in the
amounts to be deducted from the apportionments for the construction of highways and rural post roads referred to above.
IV SELF-LIQUIDATING PROJECTS
Under the provisions of sectio11- 201 (a) of the Emergency Relief
and Construction Act of 1932, the Corporation is authorized and
empowered, at any time prior to January 23, 1934:
(1) To make loans to, or contracts with, States, municipalities, and political
subdivisions of States, public agencies of States, of municipalities, and of political
subclidsions of States, public cprporations, boards and commissions, and public
municipal instrumentalities of one or more States, to aid in financing projects
autlwritized under Federal, State, or municipal law which are self-liquidating in
character, such loans or contracts to be made through the purchase of their
securities, or otherwise, and for such purpose the Reconstruction Finance Corporation is authorized to bid for such securities: Provided, That nothing herein
contained shall be construed to prohibit the Reconstruction Finance Corporation, in carrying out the provisions of this paragraph, from purchasing securities
having a maturity of more than 10 years;
(2) To make loans to corporations formed wholly for the purpose of providing
housing for families of low income, or for reconstruction of slum areas, which are
regulated by State or municipal law as to rents, charges, capital structure, rate
of return, and areas and methods of operation, to aid in financing projects undertaken b~• such corporations which are self-liquidating in character;
(3) To make loans to private corporations to aid in carrying out the construction, replacement, or improvement of bridges, tunnels, docks, viaducts, waterworks, canals, and markets, devoted to public use and which are self-liquidating
in character;
(4) To make loans to private, limited dividend corporations to aid in financing
projects for the protection and de,·elopment of forests and other renewable
natural resources, which are regulated by a State or political subdivision of a
State and are self-liquidating in character; and
(5) To make loans to aid in financing the construction of any publicly owned
bridge to be used for railroad, railway, and highway uses, the construction cost of
which will be returned in part by means of tolls, fees, rents, or other charges, and
the remainder-by means of taxes imposed pursuant to State law enacted before
the date of enactment of the Emergency Relief and Construction Act of 1932;
and the Reconstruction Finance Corporation is further authorized and empowered
to purchase bonds of any State, municipality, or other public body or agency,
issued for the purpose of financing the construction of any such bridge irrespective
of the dates of maturity of such bonds.
For the purpose of loans with respect to self-liquidating projects,
the Emergency Relief and Construction Act provides that a project
is to be deemed to be self-liquidating if such project will be made
self-supporting and financially solvent and if the construction cost
thereof will be returned within a reasonable period by means of tolls,
fees, rents, or other charges, or by such other means (other than by
taxation) as may be prescribed by the statutes which provide for the
project. All loans and contracts made by the Corporation in respect
of projects of the character referred to must be fully and adequately
secured and are subject to the conditions that no convict labor shall
be directly employed on any such project, that (except in executive,
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FUNCTIONS OF RECONSTRUCTION FINANCE CORPORATION
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administrative, and supervisory positions), so far as practicable, no
individual directly employed on any such project shall he permitted
to work more than 30 hours in any -one week, and that in the employment of labor in connection with any such project preference
shall he given, where they are qualified, to ex-service men with
dependents.
The provisions of this section of the law apply with respect to
projects in Puerto Rico and the Territories to the same extent as in
the case of projects in the several States.
V. CARRYING AND
ORDERLY
MARKETING OF AGRICULTURAL
LIVESTOCK
COMMODITIES
AND
Under section 201 (d) of the Emergency Relief and Construction
Act of 1932, the Corporation is authorized and empowered, at any
time prior to January 23, 1934, to make loans to bona fide institutions,
organized under the laws of any State or of the United States and
having resources adequate for their undertakings, for the purpose of
enabling them to finance the carrying and orderly marketing of
agricultural commodities and livestock produced,in the United States.
All such loans are required to be fully and adequately secured.
VI. EXPORTS
"Under section 5a of the Reconstruction Finance Corporation Act,
the Corporation is authorized and empowered, subject to specified
limitations, to accept drafts and bills of exchange drawn upon it,
having at the time of acceptance a maturity of not more than 12
months, which grow out of transactions involving the exportation of
agricultural or other products actually sold or transported for sale
subsequent to the enactment of the law, and in process of shipment
to buyers in foreign countries. All such drafts and bills of exchange
must be in terms payable in the United States, in currency of the
Cnited States, and, in addition to the draft or bill of exchange, must
at all times be fully secured by American securities deposited as collateral, or must he guaranteed by a bank or trust company of undoubted solvency, organized under the laws of the United States or
any State, Territory, or insular possession thereof.
Under section 201 (c) of the Emergency Relief and Construction
Act of 1932, the Corporation is authorized and empowered to make
loans for the purpose of financing sales of surpluses of agricultural
products in the markets of foreign countries in which such sales cannot
be financed in the normal course of commerce, in order that such
surpluses may not have a depressing effect upon current prices of
such products; hut it is stipulated that no such sales shall he financed
by the Corporation if, in its judgment, such sales will affect adversely
the world markets for such products, and that no such loan may be
made to finance the sale in the markets of foreign countries of cotton
o·wned by the Federal Farm Board or the Cotton Stabilization Corporation. All loans made under this section must be fully and adequately secured.
VII. REGIONAL AGRICULTURAL CREDIT CORPORATIONS
"Cnder the provisions of section 201 (e) of the EmC'rgency Relief
and Construction Act of 1932, the Corporation wns authorized to
create in any of the 12 Federal land-bank districts where it might
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FUNCTIONS OF RECONSTRUCTION FINANCE CORPORATION
deem the same to be desirable a regional agricultural credit corporation with a paid-up capital of not less than $3,000,000, to be subscribed and paid by the Reconstruction Finance Corporation. The
act provides that such corporations shall be managed by officers and
agents appointed by the Reconstruction Finance Corporation under
such rules and regulations as its board of directors may prescribe.
Such corporations are authorized and empowered to make loans or
advances to farmers and stockmen, the proceeds of which are to be
used for an agricultural purpose (including crop production), or for
the raising, breeding, fattening, or marketing of livestock; to charge
such rates of interest or discount thereon as in their judgment are
fair and equitable, subject to the approval of the Reconstruction
Finance Corporation; and to rediscount with the Reconstruction
Finance Corporation and the various Federal Reserve banks and
Federal intermediate credit banks any paper that they acquire which
is eligible for such purpose. The law further provides that all expenses incurred in connection with the operation of such corporations
shall be supervised and paid by the Reconstruction Finance Corporation under such rules ,rnd regulations as its board of directors may
prescribe. All loans made by the regional agricultural credit corporations must be fully and adequately secured.
Under this authority, the Reconstruction Finance Corporation has
created a regional agricultural credit corporation in each of the 12
Federal land-bank districts. Such corporations function through 12
principa.l offices, 21 branch offices, and 1 agency which has been
established at San Juan, P.R.
The Executive order issued by the President of the United States
on March 27, 1933, pursuant to the authority vested in him by sections
401 and 403 of title IV of part II of an act of Congress approved June
30, 1932, as amended by an act approved March 3, 1933, transferred
to the jurisdiction and control of the Farm Credit Administration the
functions of the Reconstruction Finance Corporation and its board
of directors relating to the appointment of officers and agents to
manage regional agricultural credit corporations formed under section
201 (e) of the Emergency Relief and Construction Act of 1932;
relating to the establishment of rules and regulations for such management; and relating to the approval of loans and advances made by
such corporations and of the terms and conditions thereof. Such
Executive order provides further that the records, property (including office equipment), and personnel used and employed in the execution of the functions transferred are likewise transferred to the
jurisdiction and control of the Farm Credit Administration; that all
power, authority, and duties conferred by law upon any officer,
executive agency, or head thereof, from which or from whom transfer
is made, in relation to the executive agency or function transferred,
are transferred to and vested in the Governor of the Farm Credit
Administration; and that the order shall take effect upon the sixtyfirst calendar day after its transmission to Congress, i. e., May 27,
1933, unless otherwise determined in accordance with the provisions
of section 407 of the act cited above, as amended.
VIII. EARTHQUAKE RELIEF
Under a joint resolution approved March 23, 1933, section 201 (a)
of the Emergency Relief and Constructio.n Act of 1932 is amended to
authorize the corporation to make loans, upon full and adequate
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FUNCTIONS OF RECONSTRUCTION FINANCE CORPORATION
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security, not later than December 31, 1933, to nonprofit corporations,
"'ith or without capital stock, organized for the purpose of financing
the repair or reconstruction of buildings damaged by earthquake in
the year 1933 and deemed by the Reconstruction Finance Corporation
economically useful, to an amount not exceeding $5,000,000.
E, SPECIAL POWERS AND FUNCTIONS
I, ALLOCATION OF FUNDS TO SECRETARY OF AGRICULTURE
Under section 2 of the Reconstruction Finance Corporation Act,
the Corporation was authorized to allocate and make available to the
Secretary of Agriculture out of the amount subscribed by the United
States of America for capital stock of the Corporation, the sum of
$50,000,000 and the expansion of same through notes, debentures,
bonds, or other obligations, issued pursuant to the provisions of
section 9 of the act (as in force prior to the enactment of the Emergency Relief and Construction Act of 1932), or so much thereof as
might be necessary, to be expended by the Secretary of Agriculture,
under certain conditions, for the purpose of making loans or advances
to farmers in the several States of the United States in cases where
he found that an emergency existed as a result of which farmers were
unable to obtain loans for crop production during the year 1932.
Section 201 (e) of the Emergency Relief and Construction Act of
1932 authorized the Reconstruction Finance Corporation to subscribe and pay for the capital of the regional agricultural credit
corporations out of the unexpended balance of the amounts allocated
and made available to the Secretary of Agriculture under section 2
•Of the Reconstruction Finance Corporation Act. Pursuant to this
authority the Reconstruction Finance Corporation has used $44,000,000 of such funds for that purpose.
Under an act of Congress approved February 4, 1933, the Secretary
of Agriculture was authorized and directed to request the Reconstruction Finance Corporation to advance to him the balance of the sum
authorized to be allocated to him under section 2 of the Reconstruction
Finance Corporation Act, and the Reconstruction Finance Corporation
was directed to make such advances regardless of the amounts of notes,
debentures, bonds, or other obligations of such corporation that may
be outstanding at the time of making such advances, and the Secretary of Agriculture was further authorized to request the Corporation
to return all sums theretofore returned and/or released to the Corporation bv the Secretary of Agriculture, except so much as may have
been used by the Corporation to establish regional agricultural credit
corporations under section 201 (e) of the Emergency Relief and Construction Act of 1932, which sums, together with the sums collected
or to be collected from loans made by the Secretary of Agriculture
during the year 1932 under section 2 of the Reconstruction Finance
Corporation Act, shall be available to the Secretary of Agriculture
to make loans to farmers during the year 1933 for crop production,
planting, fallowing, and cultivation, and in drought- and storm1;1tricken areas not to exceed $1,000,000 for feed for farm livestock:
Provided, howerer, That the total sums used for the purposes of the act
of February 4, 1933, shall not exceed $90,000,000.
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FUNCTIONS OF RECONSTRUCTION FINANCE CORPORATION
II. CAPITAL OF FEDERAL HOME LOAN BANKS SUBSCRIBED BY THE UNITED STATES
Section 6 (f) of the Federal home-loan bank act, amended the
Reconstruction Finance Corporation Act to provide that $125,000,000,
or as much thereof as may be necessary for the purpose, be allocated
and made available to the Secretary of the Treasury out of the capital
of the Corporation and/or the proceeds of notes, debentures, bonds,
and other obligations issued by the Corporation in order to enable
the Secretary of the Treasury to make payment u:pon the capital
stock of Federal home-loan banks subscribed for by him, on behalf of
the United States, in accordance with the terms of the Federal homeloan bank act. At the close of March 31, 1933, the Secretary of the
Treasury had subscribed, on behalf of the United States, for capital
stock in the Federal home-loan banks to the amount of $124,741,000,
of which amount the Reconstruction Finance Corporation had paid
over to the Secretary of the Treasury $30,620,000.
F. ORGANIZATION
I.
BOARD OF DIRECTORS
The Reconstruction Finance Corporation Act provides that the
Corporation, which was organized on February 2, 1932, shall have
succession for a period of 10 years from January 22, 1932, the date
the law was enacted, unless it is sooner dissolved by an act of Congress.
Under the act, as amended, the management of the Corporation is
vested in a board of directors consisting of the Secretary of the
Treasury (or, in his absence, the Under Secretary of the Treasury),
who is a member ex officio, and six other directors appointed by the
,President of the United States by and with the advice and consent
Qf the Senate.
The bylaws of the Corporation provide for an executive committee,
consisting of members of the board of directors. Between meetings of
the board, the executive committee may consider and take such action
as may be necessary upon any matter within the authority of the Corporation except matters upon which action by the board of directors
is specifically required by the Reconstruction Finance Corporation
Act or the bylaws of the Corporation, or which are reserved by the
board for its determination, or which are intrusted by the board to
particular officers of the Corporation. No loan or advance may be
made, nor extension thereof granted, nor collateral therefor released,
nor any suit instituted by the Corporation, without the authority or
approval of the board or the executive committee; provided, however,
that the board from time to time may confer general or special authority on one or more officers or employees of the Corporation to release
collateral held as security for loans or advances made by the Corporation and to authorize the institution of suits on behalf of the Corporation.
The bylaws provide for a chairman of the board of directors, and
the executive officers of the Corporation consist of a president, a
secretary, a treasurer, and a general counsel, all of whom are elected
by the board of directors. Subject to the control of the board of
directors and the executive committee, the president is the chief
executive officer of the Corporation.
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II. SECRETARY'S OFFICE
The bylaws of the Corporation provide that the secretary shall
attend and keep the minutes of all meetings of the board of directors
and of the executive committee; that he shall give all notices of meetings of the board of directors and of the executive committee; that he
shall sign all papers to which his signature shall be necessary or
appropriate and may attest the authenticity of and affix the seal of the
Corporation upon any instruments requiring such action; and that he
shall have such other powers and perform such other duties as are
commonly incidental to the office of secretary or as shall be assigned to
him from time to time by the board of directors or the executive
committee.
The secretary is charged with the preparation of minutes, recording
action taken by the board of directors and executive committee; and
it is his duty to notify the treasurer of the Corporation and other
interested parties with respect to action taken by the board and the
executive committee.
The secretary is charged also with the general supervision of personnel, the preparation of all general correspondence and pay rolls of
the Washington office, the purchase of furniture, equipment, and
supplies, the maintenance of the general files and of records with respect to personnel, furniture, equipment, and supplies, as well as the
supervision of building maintenance and duplicating, mail, messenger,
telephone, and telegraph services.
III. TREASURER'S OFFICE
Under the provisions of the Corporation's bylaws, the treasurer
is charged with the custody, disbursement, collection, and deposit of
all funds and the custody of all securities belonging or pledged to the
Corporation; has supervision over the exercise of all functions for and
on behalf of the Corporation by all fiscal agents, depositaries, and
custodians; has supervision over all other financial and security
transactions; maintains accounts of all financial transactions as well
as all transactions affecting securities belonging or pledged to the
Corporation; and is charged with other activities including the audit
and payment of all salaries and other expenses incurred by the Corporation, its loan agencies, its fiscal agents, and custodians and the
regional agricultural credit corporations.
The Federal Reserve banks and Federal Reserve branch banks,
located in the cities in which the Corporation maintains loan agencies,
act as depositaries, custodians, and fiscal agents for the Corporation.
In addition, the treasurer of the insular government acts as custodian
for the Corporation at San Juan, P.R.
The funds of the Reconstruction Finance Corporation and the
regional agricultural credit corporations created by it are kept on
deposit with the Treasurer of the United States.
IV. LJ-~GAL DIVISION
The Legal Division consists of the general counsel, general solicitor,
and a staff of counsel, assistant counsel, attorneys and clerks. It is
their duty to interpret the statutes from which the Corporation
derives its corporate existence and powers, and to advise the board
of directors concerning all legal matters. Questions of the eligibility
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FUNCTIONS OF RECONSTRUCTION" FINANCJ<j CORPORATION
of applications for loans under the Reconstruction Finance Corporation Act, the Emergency Relief and Construction Act of 1932, and
for the purchase of preferred stock or capital notes, or loans on preferred stock under the act of Congress approved March 9, 1933, as
amended by the act of Congress approved March 24, 1933, must be
determined, and the technique for such transactions is formulated in
conjunction with other divisions of the Corporation.
The members of the Legal Division also act for the Corporation, in
connection with applications for loans to assist in bank reorganiza"'.'
tions and loans to aid in the construction of self-liquidating projects.
Th e Legal Division drafts resolutions adopted by the board or
executive committee authorizing loans, and, in conjunction with
counsel for the loan agencies, acts for the Corporation in the closing
of individual transactions. This division also drafts contracts, as
well as loan applications and other forms. Technical advice and
assistance is rendered to the various divisions of the Corporation in
Washington in connection with the administration of collateral in
the possession of the Corporation. The Legal Division supervises
all litigation in which the Corporation is concerned .
V. AU DITING DIVISION
The bylaws of the Corporation provide for an Auditing Division
accountable and reporting directly to the executive committee of the
Corporation . This division performs the following functions:
1. Maintains a continuous audit of the records and activities of all
the divisions of the Washington office and renders periodical reports
thereon directly to the executive committee.
2. Makes periodical detailed examinations of each of the 32 loan
agencies of the Corporation and furnishes the reports thereon directly
to the executive committee.
3. Makes periodical detailed examinations of each of the 32 custodians, including the examination and inspection of all collateral
pledged by borrowing institutions and held by the various custodians,
and furnishes reports thereon directly to the executive committee.
4 . Performs the work necessary to the maintenance of certain controls over the daily operations of the 12 regional agricultural credit
corporations and the 21 branches thereof; reviews and checks the
detailed monthly reports received from each of the 12 regional agricultural credit corporations, and prepares each month the consolidated statements and reports reflecting the combined operations of
these corporations.
VI.
STATISTICAL DIVISION
The Statistical Division prepares the monthly and quarterly reports
of the Corporation to Congress, and also makes up regularly for internal
use the following: Monthly reports on the operations of the Reconstruction Finance Corporation; monthly reports on the operations of
the regional agricultural credit corporations; weekly reports on the
number and amount of loan applications received; sem imonthly economic reports; and daily reports on closed banks. In addition,
various special reports are prepared from time to time.
This division also furnishes general statistical and economic information of all types to other units of the Corporation, and makes an
appraisal of the market value of stocks and bonds submitted as
collateral in connection with applications for loans.
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FUNCTIONS OF RECONSTRUCTION FINANCE CORPORATION
vn.
13
OFFICE OF ASSISTANT TO THE DIRECTORS SUPERVISING LOAN OPERATIONS
WITH RESPECT TO FINANCIAL INSTITUTIONS
The assistant to the directors who supervises the loan operations
of the Corporation with respect to financial institutions, exercises
supervision over the activities of the Examining Division, the Agency
Division and the Agricultural Credit Division. In addition to these
executive functions, he serves as special adviser to the board, particularly in involved and difficult cases.
VIII. EXAMINING DIVISION
The Examining Division considers and makes recommendations to
the board on loan applications of:
1. Banks and trust companies.
2. Building and loan associations.
3. Mortgage-loan companies.
4. Insurance companies.
5. Joint-stock land banks.
6. Credit unions.
7. Livestock credit corporations.
8. Receivers of closed national and State banks.
This division also considers and makes recommendations to the
hoard on applications for purchases of, or loans on, preferred stock
issued by national and State banks and trust companies, and for
purchases of capital notes and debentures issued by State banks and
trust companies. It further considers and makes recommendations
to the board regarding the renewal of loans and the renewal, withdrawal and substitution of collateral security.
IX. AGENCY DIVISION
The Agency Division supervises the activities of the loan agencies
and makes periodic surveys with the view of determining that the
procedure and policies of the Corporation are carried out. This
division also actively supervises, through the loan agencies, the
liquidation of collateral to loans owing to the Corporation by closed
institutions.
The Corporation maintains 32 loan agencies located in cities
· throughout the United States, as follows:
Atlanta, Ga.; Birmingham, Ala.; Boston, Mass.; Charlotte, N .C.;
Chicago, Ill.; Cleveland, Ohio; Dallas, Tex., Denver, Colo.; Detroit,
Mich.; El Paso, Tex.; Helena, Mont.; Houston, Tex.; Jacksonville,
Fla.; Kansas City, Mo.; Little Rock, Ark.; Los Angeles, Calif.;
Louisville, Ky.; Minneapolis, Minn.; Nashville, Tenn.; New Orleans,
La.; New York, N.Y.; Oklahoma City, Okla.; Omaha, Nebr.; Philadelphia, Pa.; Portland, Oreg.; Richmond, Va.; St. Louis, Mo.; Salt
Lake City, Utah; San Antonio, Tex.; San Francisco, Calif.; Seattle,
Wash.; Spokane, Wash.
It also has a special representative at San Juan, P.R.
The principal function of the Corporation's loan agencies is to
receive and consider applications for loans from financial institutions
under section 5 of the Reconstruction Finance Corporation Act; for
loans from institutions eligible under section 201 (d) of the Emergency
Relief and Construction Act of 1932; for purchases of, or loans on,
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FUNCTIONS OF RECONSTRUCTION FINANCE CORPORATION
panies, and purchases of capital notes and debentures issued by
States banks and trust companies.
The board has appointed advisory committees, composed of leading
bankers and business men residing in the territories served by each
loan agency, who serve without compensation, to assist the manager
of the loan agency in the consideration of applications. Applications
with the recommendations of the loan agency manager and advisory
committee are transmitted to the examining division in Washington
for review and submission to the board for final action.
After loans have been made by the Corporation, the loan agencies
review the collateral security periodically; consider applications for
renewal of loans and renewal, withdrawal or substitution of collateral;
and supervise the liquidation of all loans to borrowing institutions,
particularly those which have closed since the loans were made.
X. AGRICULTURAL CREDIT DIVISION
The Agricultural Credit Division has general supervision over all
operations and management of the regional agricultural credit
corporations and is the direct contact between those institutions and
the board of directors of the Reconstruction Finance Corporation.
The liaison officers between the regional agricultural credit corporations and the chief of the division are termed "district supervisors",
each of whom is assigned a definite territory consisting of two or more
Federal land bank districts and whose duties are to supervise the
general functions, administrative procedure and certain features of
the loan policies of the regional agricultural credit corporations.
The livestock loan section of this division supervises the activities of
the regional agricultural credit corporations in the making of livestock loans, while the agricultural loan section acts in a similar
capacity with regard to crop production loans, commodity loans, and
so-called "barnyard" loans.
The functions of this division will be transferred to the jurisdiction
and control of the Farm Credit Administration pursuant to the
President's Executive order of March 27, 1933, which is discussed
under D-VII.
A more detailed discussion of the regional agricultural credit corporations will be found under D-VII. The location of the principal
and branch offices of these corporations is as follows:
Albany, N .Y.: Branch, Bangor, Maine.
Baltimore, Md.: Agency, San Juan, P.R
Raleigh, N.C.: Branch, Macon, Ga.
Columbus, Ohio: Branch, Louisville, Ky.
Jackson, Miss.: Branch, Montgomery, Ala.
St. Louis, Mo.: Branch, Chicago, Ill.; branch, Kansas City, Mo.;
branch, Pine Bluff, Ark.
Minneapolis, Minn.
Sioux City, Iowa: Branch, Omaha, Nebr.; branch, Cheyenne, Wyo.
Wichita, Kans.: Branch, Oklahoma City, Okla.; branch, Denver,
Colo.; branch, Santa Fe, N .Mex.
Fort Worth, Tex.: Branch, Houston, Tex.; branch, San Angelo, Tex.
Salt Lake City, Utah: Branch, San Francisco, Calif.; branch, Los
Angeles, Calif.; branch, Phoenix, Ariz.; branch, Reno, Nev.
Spokane, Wash: Branch, Helena, Mont.; branch, Portland, Oreg.;
branch, Boise, Idaho.
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FUNCTIONS OF RECONSTRUCTIO~ FINANCE CORPORATION
15
XI. RAILROAD DIVISION
The Railroad Division examines and reports to the board upon
applications, under section 5 of the Reconstruction Finance Corporation Act, made by railroads or the receivers thereof. Such applications are filed concurrently with the Interstate Commerce Commission and the Corporation. The applicant must obtain the approval
of the Commission before a loan can be made by the Corporation,
but pending such approval applications are independently examined
by the Railroad Division in order that reports may be made promptlv
to the board upon receipt of the Commission's approval, if given. ·
In addition to these duties, the Railroad Division keeps currentlv
in touch, by means of monthly reports, with the earnings and financial condition of railroads to which loans have been made, and compiles certain current statistical information.
XII. ENGINEERS' ADVISORY BOARD
The engineers' advisory board is composed of five consulting engineers in different branches of the profession from different sections
of the country, selected by the board of directors of the Reconstruction Finance Corporation to aid in reviewing applications for loans
to finance self-liquidating construction -projects under section 201 (a)
of the Emergency Relief and Construction Act of 1932.
All applications to the Corporation for loans under section 201 (a)
of this act are referred to the engineers' advisory board for investigation as to engineering details and economic soundness. The engineering features of each application are investigated by engineers
assigned to various specific types of projects while the financial setup
in each case is analyzed by an advisory financial section. Following
a detailed study of a project, the engineers' advisory board submits
its report to the board of directors together with recommendations
as to the action to be taken on the application.
XIII. EMERGENCY RELIEF DIVISION
The Emergency Relief Division of the Reconstruction Finance
Corporation has charge of the administration of the $300,000,000
Federal relief fund made available by Congress under title I of the
Emergency Relief and Construction Act of 1932. All applications
for such funds are filed by the governors of States and Territories
with this division. All analyses of the needs presented by the various
States and Territories are made by this division. Conferences relative to applications and administration of such funds are held by this
division with governors and their representatives. Recommendations
are presented by this division to the board and the board takes final
.action. All amounts paid to the governors to meet relief needs under
title I are accounted for by the governors to the Emergency Relief
Division.
XIV, ORGANIZATION CHART
There is attached, as a part of this report, a chart showing the
corporate organization of the Reconstruction Finance Corporation,
.as of February 2, 1933, exactly 1 year after the Corporation commenced its operations. The chart graphically shows all offices and
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FUNCTIONS OF RECONSTRUCTION FINANCE CORPORATION
divisions of the Corporation in Washington which have just been
discussed, together with the smaller sections and units into which
those offices and divisions are divided. The chart also indicates
briefly the functions or duties of each unit and shows the name and
title of the officer or employee in charge thereof.
G. STATISTICS
The following tables are attached as a part of this report:
Table 1.-Statement of the number of employees of the Washington
oflice of the Corporation and salaries thereof on an annual basis, as of
February 28, 1933. This statement shows the number of employees in
the various offices, divisions, and units of the Corporation's organization, appearing on the organization chart referred to in F-XIV. The
statement also shows the annual salaries at the basic rate of pay,
without reflecting furlough deductions which were made to and
including March 31, 1933, pursuant to the provisions of the Economy
Act, approved June 30, 1932. Effective April 1, 1933, these salaries
were subjected to the greater reductions prescribed by the new
economy law and the President's Executive order of March 28, 1933.
Table 2.-Statement of number of employees of the Corporation's
loan agencies and salaries thereof on an annual basis, as of February
28, 1933. This statement shows also the annual salaries at the basic
rate of pay, without reflecting furlough deductions which were made
to and mcluding March 31, 1933, pursuant to the provisions of the
Economy Act, approved June 30, 1932. Effective April 1, 1933, these
salaries were subjected to the greater reductions prescribed by the
new economy law and the President's Executive order of March 28,
1933.
Table 3.-Consolidated statement of per diem and salaried employees of principal and branch offices of the regional agricultural
credit corporations, as of February 28, 1933. The aggregate annual
salaries appearing in this statement represent compensation of only
the salaried employees, inasmuch as it is not feasible to show the
compensation of per diem employees on an annual basis. Moreover, the salary figures stated represent the basic pay, without
reflecting furlough deductions which were made to and including
March 31, 1933, pursuant to the provisions of the Economy Act,
approved June 30, 1932. Effective April 1, 1933, these salaries were
subjected to the greater reductions prescribed by the new economy
law and the President's Executive order of March 28, 1933.
Table 4.-Statement showing expenses paid, and furniture and
fixtures purchased, by the Corporation as reflected by its books, in
connection with the operation of the Washington office of the Corporation and its loan agencies, during the period from February 2,
1932, to January 31, 1933, inclusive. This period was selected
because it covers approximately the first year of the Corporation's
operations.
Table o.-Statement showing expenses paid, and furniture and
fixtures purchased, by the Corporation as reflected by its books, in
connection with the operation of the Corporation's custodians during
the period from February 2, 1932 to January 31, 1933, inclusive.
This period was selected because it covers approximately the first
year of the Corporation's operations.
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FUNCTIONS OF RECONSTRUCTION FINANCE CORPORATION
17
Table 6.-Statement showing expenses paid, and furniture and
\fixtures purchased, by the principal and branch offices of the regional
agricultural credit corporations, during the periods from the dates of
the organization of the respective corporations to and including
February 28, 1933. As these corporations have been in existence
for a part of a year only, it was not possible to provide statements
showing operating costs on an annual basis.
Table 7.-Statement of condition of the Reconstruction Finance
Corporation as of the close of business January 31, 1933. This statement is included in the report to show the financial condition of the
Corporation after approximately 1 year's operations.
Respectfully submitted.
GEORGE
R.
COOKSEY,
Secretary.
171404-33-2
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FUNCTIONS OF RECONSTRUCTION FINANCE CORPORATION
TABLE
1.- ll'ashing/on office, statement of number of employees and salaries on an
annual basis as of Feb. 28, 1933
Num•
ber of
em•
ployees
Board of directors:
Directors __________________ _
6
Directors' offices .•..........
22
- -28Total.. .................. .
$60,000
72,670
132,670
Secretary's office:
General. .................. .
14
Correspondence section .... .
9
Pay roll and personnel rec•
ords section ......•.....•..
6
:\Iinutes and resolutions
section __________________ _
37
Stenographic pool. ........ .
29
Chief clerk ................ .
69
General files ............... .
83
- -247Total.. .................. .
50,630
18,420
11,060
62,840
43, 740
95,360
105,720
387,770
Treasurer's office:
General ................... .
Pay roll section ............ .
Voucher section ........... .
Authorization, cancelation
3
22
46,220
6,720
44,840
29
53,330
JO
section __________________ _
Num• Annual
ber of salaries
em•
(basic
ployees rate) 1
Annual
salaries
(basic
rate) 1
Accounting and control sec·
tion _____________________ _
150
253,880
Docket checking section ... .
32
65,040
Interest section ............ .
4/l, 560
32
20
34,680
Renewal section ........... .
--- ---Total.. .................. .
551,270
298
Legal Division ................ .
Railroad Division ............. .
Auditing Division ............. .
Office of assistant to directors
(having supervision of Ex·
amining Agency and Agri•
cultural Credit Divisions) ... .
Agency Division .............. .
Agricultural Credit Division .. .
Examining Division:
General. .................. .
Recording section ......... .
Substitution section ....... .
Total. ................... .
Statistical Division ............ .
Division of Information ....... .
Emergency Relief Division .... .
Engineers Advisory Board:
Members of board ........•.
Staff .....................•..
Total. ................... .
108
II
63
$345, 210
39,880
162,200
6
40,650
15
57,620
22
100,440
l====l====
83
19
11
334,920
37,960
Zl, 760
l13
400,640
23
54,900
I
3,600
33
104,220
l===cl=====
'5
60
40,000
'182,660
65
222,660
Grand total. ............. '1,033
1 2,603,620
2
I
-Gross salaries, before giving effect to furlough deductions, in accordance with the old Economy Act.
Effective Apr. I, 1933, these salaries will be subject to the larger reductions prescribed by the new economy·
law.
'Includes Chief of Engineers, U.S. Army, who serves without compensation from the Reconstruction
Finance Corporation.
' Exclusive of 2 part•time per diem employees who were paid a total of $3,723.98 from Oct. 11, 1932, to
Feb. 28, 1933.
1
TABLlo
2.-Loan agencies, statement of number of employees and salaries on an
annual basis as of Feb. 28, 1933
Kumher of
em·
ployees
.'.tlanta ............... . ........ .
Birmingham ................... .
Boston ________________________ _
Charlotte ...................... .
Chicago ...........•............
Cleveland ..................... .
Dallas ......................... .
DenT'er _______________________ - _
Detroit. ............. _......... .
El Paso ........................ .
Houston _______________________ _
Jacksonville ................... .
Kansas City.................. .
Little Rock ................... ..
Los Angeles ...... . ............ .
Louisville ..................... .
Minneapolis ................... .
20
11
40
27
187
103
18
8
43
2
9
11
38
22
17
14
82
Annual
Num• Annual
ber of salaries
em•
(basic
ployees rate) 1
salaries
(basic
rate) 1
$48,900
25,320
299,220
56, JOO
494,450
204, 360
43,020
15,.540
95,340
3,420
25,860
21,060
71,420
45,160
39,600
27, 780
165,080
Nash ville ...................... .
New Orleans .................. .
New York ..................... .
Oklahoma City ................ .
Omaha ....................•....
Philadelphia ................... .
Portland ...................... .
Richmond ..................... .
St. Louis ...................... .
Salt Lake City ................ .
San Antonio ................... .
San Francisco ................. .
Seattle ......................... .
Spokane.····-··-··· ........... .
31
31
108
7
20
55
21
38
74
13
38
$56,040
62,060
283,612
15,420
37,480
135,420
46,800
87, 980·
155, 730
28,740
20,880·
97,140
22,020
71,440
Total.....................
1, 148
1 2,602,392
9
42
9
1 Gross salaries, before giving effect to furlough deductions, in accordance with the old Economy Act.
Effective Apr. 1, 1933, these salaries will be subject to the larger reductions prescribed by the new
economy law.
'Does not include $426. 72 paid to 15 part-time employees hired and paid on a per diem basis.
NoTE.-ln addition to the above, the Corporation has a loan agency at Helena, Mont., the expense or
which is paid by the Federal Reserve Branch Bank, Helena, and reimbursed by the Reconstruction
Finance Corporation. The aggregate annual salaries, as of Feb. 28, 1933, of the 8 employees -of that
agency, reimbursable by the Reconstruction Finance Corporation, was $7,950.
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FUNCTIONS OF RECONSTRUCTION FINANCE CORPORATION
TABLE
3.-Consolidated statement of employees and aggregate annual salaries, by
principal offices and branches as of Feb. 28, 1933
Office
District No. 1:
Albany_----·-·--Bangor·-·---------
.
~
Total..·--·-----
Num- Number of ber of Aggregate
per
salaannual
diem
ried
salaries 1
emem•
ployees ployees
35
24
29
7
$51,760
14,500
59
36
66,260
---
District No. 2:
Baltimore ___ . ___ ..
34,980
10
16
9,565
San Juan (agency)_ -------4
----TotaL __ . ___ ._._
10
20
44,545
District No. 3:
Raleigh __ --·----··
Macon·-·---·-·-·-
41
38
37
17
60,430
31,080
---
TotaL .. ··------
79
54
91,510
District No. 4:
Columbus .. _______
Louisville ... __ .. __
50
44
28
21
41,050
27,244
TotaL. .. _____ ._.
94
49
68,294
10
28
79
30
138,040
49, 760
38
109
187,800
District No. 5:
Jackson. ______ . ___
Montgomery_. __ ._
TotaL .• _·-----District No. 6:
St. Louis __ ........
ChicagO---·---·-·•
Kausas CitY-·---·
Pine Bluff_._._._._
TotaL_. ·-······
District No. 7: Minneapolis_. __ .........
---
25
18
13
75
49,540
34,280
25,200
73,840
194
131
182,860
274
227
340, 790
---
Office
District No. 8:
Sioux City ________
Omaha·-----·---·Cheyenne--·--·-·TotaL __ ·--·-·-·
District No. 9:
Wichita-··--··-···
Denver ... ··-··-·Oklahoma City ___
Santa Fe .. -..• -- ..
118
158
35
133
159
50
$186,210
221,560
77,060
311
342
484,830
92
69
26
C--
11
116,580
105,420
43,200
24,480
92
198
289,680
38
24
30
28
44
21
50, 160
63,180
39,100
Total. .. --·-·-·-
92
93
152,440
District No. 11:
Salt Lake City-.. Phoenix. ___ .. _._ .•
San Francisco .. __ .
Los Angeles._. __ ._
Reno __ .... -._-·•--
34
50
24
25
28
45
15
66
19
13
79,600
29,040
105,940
32,220
31,400
161
158
278,200
66
37
84
47
127,320
63,440
130,540
76,400
177
234
397, 700
Grand total..- .. '1,581
1,651
Total._. __ .. _...
District No. 10:
Fort Worth_._._._
Houston.-.----·-San Angelo __ ._. ___
TotaL -· ·-·-·-·-
31
83
15
65
---
Num- Number of ber of Aggregate
per
salaaunual
diem
ried
salaries t
emem•
ployees ployees
43
31
18
----------
-----
District No. 12:
Spokane ... -·--·-Boise ......... - ....
Helena .....•. - ... Portland ..........
Total. .... ·-·-··
9
18
116
34
--------1
1
2, 584, 909
'
• Gross salaries (of salaried employees only) before giving effect to furlough deductions, in accordauce
with the old Economy Act. Effective Apr. 1, 1933, these salaries will be subject to the larger reductions
prescribed by the new economy law.
1
:1 Classified according to ' per diem" rates:
Number
$5 rate_ .. __ ·------·-·-- .. ·-·-·· ........ _··-·-·-····-··-·-·-·-·-···-· ... ··--···- ... ··-·· .... ·-·-··.. 372
$5.50 rate ___ .. ··-··--···--·-·-·-·-·•··-··--····-· •..... ··-·-·-·-·· ........ ·-· ... ·-···-· ..... ·-·• .. __ 165
$6 rate ••. ·- .. ·-··-·-· .... ··-·.··-.··-···-·· --· .. ··-··-• .......... ···- ... ··-·-·· ... ··-·-·-··-• .... -. 629
$6.50 rate_. _______ --•------· ......... ··-.··-·-·· ........ -- • · · -·-·• .. -... ·--·--·· ...... ·---- - -·-·-··.
49
$7 rate .. _.---···-•-·---·-·-·- .. _... ·- .... ·-···- ....... ··-·-··--·· ... ··-·-·---·-··_ ...... ··- ... ··-·.
39
$8 rate_ ... ·--·-·-·· .. ··-·-· .. ·- . ...... ··-·· .... _. _. .......... ·-·· ..... ·-· .......... ··-•···-·-·-·-·. 327
TotaL __ . ··-· ·- ·-. ··-·· ·-· ....•........ --· ..•. . ---··-·. ·- ·-· .... ··-·---·-·· ... ·--· .... ··-·-·. 1,581
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TABLE
~
4.-Expense, Washington office and agencies, Feb. 2, 1932, to Jan. 31, 1933, inclusive
Salaries
Washington, D.C _____________________ __________ $1,519,978. 55
Travel
~
and
Prl,O"'
stationery
Office
supplies
$106, 276. 73
$51,012.36
342. 20
109. 30
1, 116. 65
323. 25
4,479.35
3, 149. 53
184. 37
313. 35
1, 714. 17
64. 56
39.06
30. 06
76. 33
373. 86
302. 24
141. 93
440. 07
70. 70
617. 63
292. 54
712. 81
3,371.83
66. 74
379. 40
1,876. 70
214. 95
669. 07
131. 37
250.81
127.41
118. 30
261. 03
1,002.76
674. 23
353. 98
913, 13
507. 10
4,786.01
3,818.97
478. 72
283. 82
1,045. 79
98. 30
205. 49
143.18
210. 15
680. 90
384. 04
352. 95
411. 34
118.10
1,419, 95
1, 112. 18
1,124.99
1,976.50
234. 63
573. 11
1,050.65
671. 61
838. 37
280. 07
280. 10
477. 37
345. 05
734.89
1,007, 94
23,354.33
27,593.61
Telegraph Professional Miscellaand
services
neons
telephone
Total
Furniture
and
fixtures
$35,494.96
$1,875,199.83
$158, 654. 93
0
cgN.
~
~
C')
0
~,.........
~
41,832. 78
18,488.52
72,601.17
39,758.29
330,793.86
161,976.23
28,605.85
11,221.94
51,550.85
7, 166. IO
7,691.96
14,289. 21
15,092.10
38,316.04
27,392. 79
35,096.20
27, 121. 18
9,922.87
76,670.82
27,439. 76
46,465.19
219,283.42
12, 351. 53
19,891.51
83,672.29
28,031. 76
57,733.56
20,017.08
18,363.18
51,084.88
16,998.67
42,619. 79
84,500.62
378. 13
263. 94
2,351.58
989. 64
7,376.17
.5, 519.69
804. 07
80. 79
1,508.52
101. 63
65. 63
86.49
163. 88
1,002.22
310. 27
1, 114, 63
141. 64
433. 30
1,180.63
1,055.52
957. 58
7,421.44
154. 32
349. 83
1,415.13
617. 59
861. 77
269. 19
148. 28
355. 40
195. 38
3,049.29
2,964.80
54,293.39
27,529.65
104,446.80
56,700.67
389,741.67
221,307.38
37,389.46
18,796.06
78,835.42
10,201.62
10,935.43
24, 739. 75
23,354.51
64,338.63
37,373.36
44,974.48
39,564.70
12,264.34
102,148.16
35,588.23
72,947.59
264,082.78
17,892.23
31,046.87
92,521.79
39,722.56
75,355.57
30,367.43
31,147.11
67,847.02
22,776.22
62,691.31
111,343.90
2,193.38
I, 370. 43
3,285.09
1,692.61
8,357.14
9,030.48
I, 798. 53
683. 94
4,593.17
302. 53
22:l. 56
~ -:: 832. 19
816. 05
2,865.56
429, 94
1,474.92
926. 21
56. 40
6,314. 77
3,121.08
4,681.82
14,339.89
468. 91
3,448.45
4,093.01
1,809.36
4,874.59
1,130.92
859. 90
2,804.68
590. 35
2,130.47
204. 02
1, 744, 042. 00
43,688.37
2, 314, 266. 09
91,804.35
c::1
z
....0t-:3
z
0
$57,302.60
$98,073.68
$7,060.95
AGENCIES
Atlanta_-------- ___ -------------_ -- ------ ------Birmingham.-- ___________________________ --- ___
Boston-------------------------------------·-·-Charlotte-------------------------------------Chicago ... ------------ - -----------------------Cleveland .. _________ - -- --------------···-···---Dallas ___________________________________________
Denver·---------------------------------------DetroiL-------- -------------------------- -----El Paso------------------------------ _________
Helena __________________________________________
Houston-------- ----------------------- -------Jacksonville .. ___________________________ _____
Kansas City __ .. _. _.. _____ ................ ---- ..
Little Rock----- ---------------- -- -------------Los Angeles ___ .. _-- - _____ _.... ---- __-- .. __---- ..
Louisville .. _____ . __ .. _....... __ ................
Memphis ___ .. _.. _.. __________________ ..........
Minneapolis ______________ ______________________
Nashville ____________________________________
New Orleans ........ ------------ -------------New York _________ . --------- --- -- -----------Oklahoma City_ .. ------ __ __ .... ______ ........ _
Omaha ____________ ---- ............ -- -- -- ---- -Philadelphia ____________________________________
Portland __________________________ ______________
Richmond ____ .. __ .. ____________________________
Salt Lake City............................ ______
San Antonio ______ .. ____________________________
San Francisco ___________________________________
Seattle _______ -- -- - --- -- -.. - -.. - -- -- -- -- -- --- -- -Spokane ______ .. ____ .......... __ .... __ .. _.......
St. Louis __ ._. __________ -----------------------Total. ____ .. ____________________________ - -
l,eJ
1, 183.11
$1,650.00
1,948.47
1, JOO. 00
772. 59
2,000.00
2,492.28
2,988.04
5,680.61
15,322. 11
1, 272. 68
18,928.12
1,597.97
536. 21
1, 135. 78
765. 46
5,657. 24
3,155.21
234. 65
265. 83
387. 96 -----------28. 25
262. 50
1,100.00
1,674.94
4,348.95
5,015.03
2,650.66
1,299.44
779. 05
1,155.00
269. fi5
2, 738. 10
590. 21
861. 21
5,913.83 -----------851.43
2,900.00
5,677. 53
2, 138. 75
1,168.81
7,376.11
1,332.75
837. 00
724. 71
2,125.00
346. 73 -----------1,175.65
704. 84
1,574. 77
4,000.00
321. 94
1,431.84
580. 96
264. 17
3,367.98
1,036.91
1,135.04
345. 00
4,026.11
1,112.50
2,512.12
8,892. 70
59,321.89
96,400.59
2, 357. 94
5,875.00
507. 53
4,757.91
3,065.39
21,626.29
I, 572. 95
8,069.12
9,972.14
11,331.42
3,704.53
22,937.63
1, 163. 12
4,019.15
789. 92
4,205.00
1,921. 12
12,282.52
243. 35
2,027.20
1,981. 75
563. 58
744. 96
9,155.10
261. 09
4,776.02
1,400.90
13,200. 74
431. 76
4,602.16
2,249.00
4,085. 72
931. 47
7,511.25
267. 95 -----------2,219. 74
14,125.56
1,586.80
350. 00
4,358.29
11,512.45
6,649.58
16,835.09
490. 43
2,424.83
1,774.52
5,228. 79
1,814.28
2,346.01
3,456.16
4,850.00
I, 653. 03
8,035.00
2,099.84
5,816. 10
669. 07
10,590.54
2,612.90
8, 784.17
1,269.51
2,369.27
3,336.95
7,550. 75
1,112.34
9,350.62
67,252.14
252,613.16
U).
0
l,eJ
~
0
0
z
U).
t-:3
~
c::1
0
t-:3
0
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s
21
TABLE
5.-Expense, custodians, Feb. 2, 1932 to Jan. 31, 1933, inclusive
Salaries
0
cgN.
(I)
a.
O'
-<
C')
0
~.......
~
Atlanta. ________________________________________
Birmingham ____________________________________
Boston __________________________________________
Charlotte ____ -----------------------•----- __ __ __
Chica~o ___________________ . _________________ -- __
Cleveland _______________________________________
Dallas ___________________________________________
Denver _____________________________ ____________
Detroit ______ ________________ ___ _______ _______ . __
El Paso ___________ _____ ------------------------Helena __________________________________________
Houston_. ______________________________________
Jacksonville _____________________________________
Kansas City ____________________________________
Little Rock _______________ ---------------------Los Angeles _______________ _________ _____________
Louisville ________________ ______________________ .
Memphis ______________________________________ .
Minneapolis _______________________ ____________
Nashville _______________ __________ ____________ __
New Orleans ___________ --------------- -- - -- -- -- _
New York _____________________________ . _______ .
Oklahoma City ____________________ _____________
Omaha ____ . _______________ . _____________________
Philadelphia __________________________________ _
Portland _________ - _____ - -- - --- -- -- -- -- -- -- ---- -.
Richmond _______________________ --- -- _____ - --. -
$10,576.33
6,820.68
15,254. ~3
23, 5:lO. 88
li(J, 712. 76
24,714.64
12,534.90
2,537.31
51,073.88
2,472.00
5,035.34
4,331.18
2,137.50
10, 19<J. 04
8,239.55
27,480.65
IO, (!84. 41
2,288. :1:i
18, 8:lO. 04
I
Travel
-----------$192. 77
I
Rent
----------------------5. 55 -----------341. 21
$2,456.00
------------ ----------------------- -----------I. 25 -----------62. 50 ----------------------- ----------------------- ------------
I Printing
a!'d stat10nery
$362. 57
129. 84
472. 01
41.5. 39
2,429.03
2,524.83
316. 41
-----------1,201.83
51.88
------------ ------------ ----------------------- ------------ -----------145. 68 -----------7. 49
49.48
------------ -----------543. 'n
37. 90
-----------841.11
6. 93 -----------75. 09
502. 34
68.11
<J4. 93 -----------7. 94
191. 73
-----------203. 6!)
6, OU2. 15
122. 01
12, :J34. 07
202. 01 -----------205. 85
5:J, 194. 21
2<J2.0<J ----------713.56
4, 4:12. fib
76. 58
- ----- - -----5,r,rn1. :io ----------- -----------55. 51
4:J, 7:16 ..,5 ·--------- - -----------1,399.34
7,451.04 ----------- ------- --493. 89
43,248.80
149. 79
3,600.00
1,218.64
4, 79.5. 72 ------------ -----------183. 77
l~tisit:::::::::::::::::::::::::~:::::::::
157. 53
2,867.65 ------------ -----------San Francisco ___________________________________
33,485.32
2.49 -----------686. 73
Seattle _____________ -- __ --- -- --- -- -- --- - -------- 7,373.50
2. 75 -----------+
350.41
Spokane __________ _______ ______ - -- --- ------- -- - 544_ 26
9,792.60
1. 45 ------ - ----St. Louis ______________________________ ---------.
21,230.78
143. 80 ----------254. 42
San Juan ______________________________ ---------476. 12
1,903.30 ------------ -----------· - · - - - - - ---- - - Total. __________ ·- _________ --- ____ . ·-----C.01, 944. 67
7,101.61
15,570.05
:1, 827. 28
~:~
I
I
Office sup- Telegraph
plies
and telephone
$335. 61
269. 36
587. 28
843. 79
5,377.99
3,414.33
437. 28
94.59
2,137.16
110. 46
128. 02
136. 26
103. 04
248_ 77
111.64
592. 88
311.63
31. 29
1,372.89
777. 35
594. 35
1,702.64
131. 63
166. 42
I, 199. 36
648. 66
896. 72
165.23
89.83
834. 69
157. 65
171. 36
551. 32
23.16
$111. 36
4_59
238. 30
160. 55
474_01
79. 23
631. 35
. 97
375. 11
182. 42
170. 96
219.97
9.69
33.84
244. 31
1,101.56
289. 74
119. 08
125. 02
58. 56
142. 65
126.28
I. 75
5.45
231. 23
829. 66
176. 98
992. 48
337. 34
686. 85
1,120.27
I, 261.02
782.81
7. 19
24,844.64
.11, 332. 68
I
Professional
services
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------·-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------1,700
l, 700
I
Miscella-1
neons
Total
I
Furniture
and fix.
tures
$1, 352- 29
622.22
1,610.82
2,189.96
11,819.42
1,955.22
1,125.10
150. 07
3,296.86
161. 61
37. 59
213. 54
217. 98
641.04
807. 12
1,174.06
1,055.25
368. 98
I, 652_ 77
1,303.85
I, 668. 63
6,052.17
534. 11
474. 75
5,578.62
458. 90
5,697.14
121.19
567. 34
I, 119. 03
205.04
561.08
786. 33
4.82
$12,738.16
$1,065.50
1,420.32
8,039.56
1,178.76
18,168.79
4,493.42
29,946.78
14,579.61
130,813.21
32,688.25
14,882.64
1,649.13
15,046.29
2,845.44 -----------8,172.83
58,084.84
110.25
2,978.37
5,371.91
44. 69
4,900.95
303. 78
2,621.38
394. 46
11,172.17
1,205.65
9,983.79
29. 10
31,197.19 -----------12,386.57 -----------2,910.55 -----------22,172.45
5,227.89
8,557.61
2,597. 77
15,148.46
3,513.47
62,170.95
6,952.58
5,176.72
68.66
6,211.49
:!36. 55
52,205.10
6,628.84
9,882.15
:!5. 19
b4, 988. 07
7,853.16
6,258.39 -----------4,019.69
49.00
36,815. JI -----------9,209.62
166. 27
12,331. 77
581. 51
13. 72
23,749.461
4, 114. 59
40.18
55,584.00
724,905.83
83,595.53
>tj
q
z
0
,-J
1-1
0
z
'/Tl
0
>tj
!:d
t:<J
0
0
z
'/Tl
,-J
~
q
0
,-J
1-1
0
~
"lj
1-1
~
:,.
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0
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0
0
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1,-4
TABLE
6.-Regional agricultural credit corporations statement of furniture and fixtures and operating expenses, by principal offices and branches
for the period from organization to Feb. 28, 1933
Offices
I Dat_e ol_organ- J Furniture
and fix1zation
tures
I
Total oper-1
ating exSa1arie.,;;
penses
Profes'!ionall Traveling
services
expenses
I
Rent
I
Telephone
and telegraph
Postage
Other expenses
I:..:)
I:..:)
l,j
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0
District No. 1:
Albany ________ _____________ --------------- -- Nov. 26, 1932
Bangor _________ ________ .... ______ ______ ______ _____
do ________
TotaL. ______ ______ -------- __ --------------
---------------
District
No. 2:______________
Baltimore
_... ___________ . __ ____ Dec. 22, 1932
San Juan _______ ____ ______________ _____ ___ ____ _____
do _____ ___
TotaL _____ __. _____________________________
---------------
District
No.___________
3:
Raleigh
______________ __ __ _____ ____
1, 1932
Dec.do ________
Macon ____ __________ _________ ... ___________ .. _____
0
cg
N.
<1)
a.
0-
-<
CJ
$9,536.89
3,155. 24
$462. 00
250. 00
$2, 892.94
255. 77
$358, 03
95. 20
$31.19
94.92
2,320.40
17,975.64
12,692.13
712. 00
3, 148. 71
453. 23
126. II
962. 50
1,438. 27
126. 25
962. 50
1, 5R4. 52
961. 50
27. 50
10,800.14
I, 079. 92
6,998. 48
941. 67
989. 00
11,880.06
7,940.15
10,213.35
9,937. 27
------- -- ----- -
2,965. 10
30,801.75
20,150.62
District
No. 4:____ ________________ ____ ______ __ ____
Columbus
7, 1932
Oct.do ________
Louisville ______ __________________________ ____ _____
3,528.86
396. 45
28,969.22
7,884.63
17,872.77
5,595.83
3,925.31
36,853.85
23,468.60
TotaL __ . _. _____ . ___ - ________ - -- - --- -•. -- --
---------------
District
No.___
5: . _____ ._. __ ___ .
Jackson
_______ . __ . _________ Nov. 1, 1932
Montgomery ___. ___ __________ __ __ ____ __ ______ ____
_do _______ _
Total ______________________________________
~
District No. 6:
St.
Louis_____
-- .-------------------- -------Chicago
._.- -____
__._. __________ ... __________
Kansas
City
__
.-----------------------------Pine Bluff __________________________ _________
TotaL __ . __ ________________________________
------------
------- ---------------------------
$624. 56
218. 91
479. 32
77. 29 ----------------------- ------------ -----------479. 32
77.29 -------- ----
844. 28
12. 00
843. 47
856. 28
112. 50
2,694. 15
4,893. 98
435. 00
128. 50
431.17
227. 63
$18. 00
3. 29
1,248.38
458. 53
112. 50
7,588.13
563. 50
658. 80
21.29
1,706.91
I, 250. 00
5,443.24
1,026.34
1,709.21
623. 75
485. 97
170. 58
12.00
2,196.03
468. 13
6,469.58
2,332.96
656. 55
12. 00
2,604.16
------------
-- ---------1,250.00
------------
36,436.04
14,739.91
26,417.14
10,051.50
900. 00
546.42
6,079.89
2,109. 05
583, 65
529.26
429. 71
114. 23
11. 46
2. 26
2,014.19
1,387.19
------------ ---
5,022.41
51,175.95
36,468.64
1,446.42
8,188.94
1,112.91
543. 94
13. 72
3,401;38
Oct.do13,
1932
_____
________
_____ do ________
_____ do ______ __
2,341.41
1,968. 70
1,143.55
2,054.39
---------------
0
1-rj
~
t'1
C:
0
z
'""1
::::,
-::1
0
>'l
....,...,
z
~
~
:,,
2,531.89
2,490.52
District No. 7: Minneapolis ____________________ __ Oct. 10, 1932
z
[/1
!'./!
15, 152. 55
15, 649.20
0
~,.......
$13,905.61
4,070.04
2,071.64
893. 46
Total ________ __ ____________________________
t-3
0
....
$1,453.03
867. 37
z
0
M
0
0
25,436.43
22,016.23
16,249.52
21,076.19
17,687.26
15,368.26
11,481.93
16,655.49
7,508.05
84, 778.37
61,192. 94
15,773.30
181,807. 02
127,774.59
:ii
783. 71
905.00
660.00
165. 00
3,567. 94
1,537.09
2,374.43
2,524.25
1,010.00
750. 00
384. 00
412. 20
479. 99
1,048.04
319. 59
189. 34
2,513. 71
10,003.71
2,556.20
2,036.96
27.68
6,447. 17
38,573.61
I, 771. 86
1,062.94
128. 01
12,496.11
------------
16. 97
10. 71
------------
------------
1,890.56
2,397.13
1,029.57
1,129.91
"Cf
0
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District No. !!:
14,086. 95
2,021.39
112, 750. 18
42,418. 70
325.00
9,969.74
84,040. 74
29, 350. 29
986. 43
1, 180.00
3,028.76
15,369. 54
8,052. 37
2,224.35
803. 93
1,233.38
I, 652. 58
540. 16
27,437.97
239, 013. 06
177,021.04
2,491.43
33, 391.1)5
·-=-": -
Ii, 057. 04
3, 426.12
19,861. g~
15,983. 3H
4,930. ll
99. 10
I,
24
I, 295. 02
mu. 43
g~\~t:: ::::::::::::::::::::::::::::::::j_~.~~-~~.~·.~~~.t-----t-----t----+-----f------1
83, 844. 181 63, 630.01
11,329.631
TotaL •.. .• . . .. •. • .... ....•••••. . .... ••..
=
District No. 9:
if#{~~·~;t~::::::::::::::::::::::::::::1.~~~1f'.~~~:.
Total •. •.. •• •• •• • .••• •••.. •·· · •· ·• ••• · •· ·I· ···
13, 850. 81
~oif~ ... _........................ ····1O~t·d/1~ .1~~~.
fa':iu~~~efo·.·::::::::::::::::::·····.............do ... .. .. I
Dlstfig;t
Total.
District No. 11:
Salt L ak e Cit y . . . . ... . .... . . . ... . . .. . . ..... Oct . 10, 1932
P hoenix ..... . . . . . . .. . . .. ..... ... . ... . . ..... . . ... do ...... .
San Francisco.. .. . ... ........•..... ... ..• ....... do . .... . . .
Los Angeles ... . . •. . ..... ....... .. ... . . ...... .... do ..... ..
Reno ...... . . . . ... . . . . ... ....... . . . .... ...... .... do . ..... .
'rotaL . ... . .. . . . . . . . ... .. . . ...... . . .. ... . . . .
7,156.21
4,922.96
1,618. 65
152. 99
---
70,411.99
41,473. 22
60,953. 62
39, 249. 54
23,048. 74 . 14,699. 67
1,758. 971 1, 508. 59
---- ------ 525. 00
156,173.32 . 90,931.02
·· ·1 , 127.00· 1
602. 00
40, 874.48
902.
-
141. 59
----- -- 4.----42
146. 01
16,479. 77
120. 28
33.64
ri, 852. 58
2,799. 80
1,966. 40
147. 55
. ·····I
1, 195. 79
1,067. 24
249. 12
3. 73
I
2,515. 88
159. 92
293. 49
123. 65
193. 31
24. 00
6. 74
4.00
3, 19s. 69
5,616. 70
8,476. 54
2,487.53
----- ----- -·· ··········1
I
10, 766.33
0
cgN.
;g_
~
CJ
0
~........
~
Total..
<lrnnd total. . . . . . .. .
Oct. 7, 1932
..... do •... . . .
.. ... do .. . . . . .
.. ... do .. . ... .
~
lj
~
Y,
Ul
0
2,212.54
2,098.46
1, 798.05
20,166.31
24, 958. 71
18, 473.55
17,807.23
I, 335. 00
3, 410.65
784. 02
19,094.53 - - - - --- ----4, 173. 29
947. 74
13,415.21 1- 1,
2,517.98
-490.00
- -1 ---- - - - -----
6, 109. 05
69, 598.57
50, 316. 97
4, 450.70
2, 480.55
3,951.21
346. 79
1,157.25
52,433. 63
11,622. 54
31, 163.22
15,948. 73
15,981. 61
33,509.94
860. 71
8, 550. 52 -- -- -- -- --- 21 ,940.97
73 1.00
10,798.65 -- ---- -----II, 961. 29 - - ---- ---- --
2,825.00
2,505.92
612. 76
853. 05
JO, 107. 92
l, 731. 76
610. 45
34. 74
3, 971. 73
11, 94 1. 12
I, 199. 91
4, 328.48
3, 207. 11
2, 489.98
I, 516. 33
588. 65
1,968.62
767. 98
375. 08
I, 287. 85
133. 19
482. 20
291. 94
365. 45
80.07
47. 32
129. 81
23.85
. 77
3,237.61
1,102.95
I, 582.14
859. 20
789. 04
23, JG6. 60
5, 216.66
2,560.63
281.82
7,570.94
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1,591. 71
District N o. 12:
Spokane. •. . . . . . •. . . ... . .. .. ..... .. .. . .. ...
Boise . .. . ..... .• ••• . . •. • . . ....... .• •• . . .. ..
H elena .. ..... . . . ... .. . . . . .... .... . .. . . . . . ..
Portland ..... . ... . . ..... . . .. ...... . .. ......
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6, 716.48
2,218. 09
6,192. 65
4, 419. 73
- -19,546.95
117,834.85
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63, 708.65
39,912.47
01 , 015. 85
42, 706.34
41, 901.59
27, 869.00
65,975. 23
25, 366. 74
237, 34:l. 31
161, 112. 56
I, 244, 550.64
861,830.63
600. 00
596. 25
600. 00
570. 00
2, 366.
251
17,398.52
z;,,.
13, 481. 49
8, 258.30
16, 319.03
10, 764. 12
2, 400. 00
703. 40
1,632.45
I, 825. 69
I, 210. 00
704. 02
990. 74
547. 73
118. 22
13. 33
9. 09
13. 22
3,997. 35
l, 768. 17
5, 489. 31
3,618.84
48, 822. ~4
6,561.54
:;, 452. 49
153.86
14,873.67
l:<J
23 1,900.69
32, 635. 67
17, 728. 16
979. 05
82, 077.92
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24
FUNCTIONS OF RECONSTRUCTION FIN ANGE CORPORATION
TABLE
7.-Statement of condition of the corporation as of the close of business Jan.
31, 1933
ASSETS
Cash on deposit with Treasurer of United States __________ _
Funds held in suspense by custodian banks _______________ _
Petty cash funds ______________________________________ _
Deposit with bid to purchase bonds __ ----------------~--Advances
for expenses regional agricultural credit corpora-_
tions ______________________________________________
Allocated to Secretary of the Treasury 1 __________________ _
Allocated to Secretary of Agriculture _____ $139, 500, 000. 00
Less: Reallocated as capital of regional agricultural credit corporations__
44, 000, 000. 00
$4, 844, 334. 88
2, 841, 223. 71
6,900.00
80,600.00
785,000.00
2,520,000.00
95,500,000.00
44,000,000.00
Capital regional agricultural credit corporations ________ - __ _
Loans under sec. 5:
Proceeds disbursed (less repayments):
Banks and trust companies z____ _ $615,303,852.22
Credit unions _________________ _
440,510.00
Building and loan associations __ _
85, 518, 573. 52
Insurance companies __________ _
62,940,926.85
Federal land banks ____________ _
18,800,000.00
Joint-stock land banks _________ _
2,607,032.49
Livestock credit corporations ___ _
6, 637, 315. 53
Mortgage loan companies ______ _
79,770,260.28
Regional agricultural credit corporations ___________________ _
20,577,175.82
Other agricultural credit corporations_____________________
2,371,453.32
Railroads (including receivers)___ 280, 013, 752. 41
Total_ ______________________________________ 1,174,980,852.44
Proceeds uot vet disbursed:
Banks a11d trust companies z ____ _ $40,728,057.52
Building and loan associations __ _
3, 212, 928. 08
Insurance companies __________ _
11, 614, 422. 88
Federal land banks ____________ _
4,700,000.00
Joint-stock land banks _________ _
3, 971, 846. 77
Livestock credit corporations ___ _
148,384.98
Mortgage loan companies ______ _
1, 843, 354. 60
Regional agricultural credit corporations ___________________ _
2,004,113.09
Other agricultural credit corporations ____________________ _
65,647.85
Railroads (including receivers) __ _
48,275,529.88
Total ______________________________________ _
116, 564, 285. 65
Loans and contracts for self-liquidating projects, sec. 201a:
Proceeds disbursed (by purchase of bonds, certificates,
and notes-par, $18,417,000) _____________________ _
Proceeds not yet disbursed (bonds, certificates, and
notes-par, $137,917,500) 3 _______________________ _
18, 337, 000. 00
137, 057, 349. 87
• Sec. 2 of the Reconstruction Finance Corporation Act, as amended by the Federal Home Loan Bank
Act, provides that "in order to enable the Secretary ol the Treasury to make payments upon stock of
Federal home-loan banks subscribed for by him in accordance with the Federal Home Loan Bank Act, the
sum of $125,000,000, or so much thereof as may be necessary for such purpose, is hereby allocated and made
available to the Secretary ol the Treasury out of the capital of the Corporation and/or the proceeds of notes,
debentures, bonds, and other obligations issued by the Corporation." The amount of such stock sub•
scribed for by the Secretary of the Treasury is $124,741,000.
' Loans to aid in the reorganization or liquidation of closed banks have been authorized in t.he aggregate
amount of $58,75l,58i.05, of which $4,973,559.56 has been canceled. After taking into consideration repayments of $25,090,562.84, items (2) of the balance sheet include the balance of $18,827,474.05, representing
proceeds disbursed (less repayments) and $9,859,990.60, representing proceeds not yet disbursed.
3 Includes authorizations of 2 Joans aggregating $738,500 temporarily suspended pending further con•
sideration.
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FUNCTIONS OF RECONSTRUCTION FINANCE CORPORATION
TABLE
25
7.-Statement of condition of the corporation as of the close of bi,siness Jan.
31, 1933-Continued
ASSETS-continued
Loans to institutions under sec. 201d:
Proceeds disbursed (less repayments) ________________ _
Proceeds not yet disbursed _________________________ _
Relief authorizations:
Proceeds disbursed ________________________________ _
Proceeds not yet disbursed _________________________ _
Accrued interest receivable _____________________________ _
Reimbursable expense _________________________________ _
Furniture and fixtures_ _ _ _ _ _ __ __ _ _ ___ __ _
$340, 872. 26
Less allowance for depreciation______
6, 817. 45
$1,214,470.33
53,275,234.64
120, 146, 612. 23
42,396,376.99
15,027,997.95
120, 717. 47
334,054.81
TotaL __________________________________________ 1,830,033,010.97
LIABILITIES AND CAPITAL
Payable to Secretary of Agriculture _____________________ _
Liability for funds held for regional agricultural credit corporations ___________________________________________ _
Liability for funds held as cash collateraL ________________ _
Proceeds not yet disbursed:
Loans under sec. 5 ________________________________ _
Loans and contracts for self-liquidating projects, sec.
20la ___________________________________________ _
Loans to institutions under sec. 20ld ________________ _
Relief authorizations ______________________________ _
(;ash receipts not allocated pending advices ______________ _
Suspense _____________________________________________ _
Cnearned discount ____________________________________ _
Interest refunds and rebates payable ____________________ _
Interest accrued ____________________________________ - - Series A 3½ percent notes ______________________________ _
Capital stock _____________________________________ . ___ _
Surplus Dec. 31, 1932 __________________________________ _
Interest earned less interest and expenses (Jan. 1, 1933, through
Jan. 31, 1933) ______________________________________ _
$35,500,000.00
13,500,000.00
2,967,432.96
llG, 564. 285. 65
137,057,349.87
53,275,234.64
42,396,376.99
5,945,173.82
10,644. 60
754,666. 29
3,874.83
6, 978, 169. 89
895,000,000.00
,500, 000, 000. 00
17. 804,757.73
2,275,043.70
Total liabilities and capital_ _______________________ 1,830,033,010.97
In addition to loans shown on statement of condition, the corporation in January 1933, approved in principle 1 loan in the amount
of $2,200,000 and also had outstanding an agreement to make 1
loan in the amount of $89,896.29 upon the performance of specified
conditions.
This statement of condition does not take into consideration expenditures incurred but not paid by the corporation at the close of
business January 31, 1933, nor income of regional agricultural credit
,corporations.
0
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