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NC 1 - 41

73D Congress

H O U S E OF REPRESENTATIVES

2d Session

REPORT

{ º
No. 297

OF

THE

RECONSTRUCTION

FINANCE

CORPORATION

LETTER F R O M T H E C HA IR MA N A N D SECRETARY OF T H E R E C O N
STRUCTION

FINANCE

CORPORATION

TRANSMITTING

THE

C O R P O R A T I O N ' S R E P O R T C O V E R I N G ITS O P E R A T I O N S F O R T H E

F O U R T H Q U A R T E R OF 1933, A N D FOR T H E PERIOD F R O M T H E
O RG ANI ZA TIO N OF T H E COR PORATION O N F E B R U A R Y 2, 1932,
T O D E C E M B E R 31, 1933, I N C L U S I V E

APRIL 3, 1934.—Referred to the Committee on Banking and Currency and
ordered to be printed

REconstruction FINANCE CoRPoRATION,

Washington, April 3, 1934.
The SPEAKER of THE House of REPRESENTATIVEs.

SIR: Pursuant to the provisionsofsection 15 of the Reconstruction

Finance CorporationAct, the corporationhasthehonor tosubmitits
report covering its operations for the fourth quarter of 1933, and for
the period from the organization of the Corporation on February 2,
1932, to December 31, 1933, inclusive.

During the fourth quarter of 1933, the Corporation authorized,
under section 5 of the Reconstruction Finance Corporation Act, as
amended, 893 loans. These loans, together with increases during the

quarter in loans previously authorized, aggregated $533,212,893.12,
as follows: $255,310,750.26 to banks and trust companies (including

$231,870,689.81 to aid in the reorganization or liquidation of banks
that are closed orin process ofliquidation); $4,674,076.19 to build
ingand loan associations(including$1,135,000toaidinthereorganiza
tion or liquidation of building and loan associations that are closed
or in process of liquidation under section 5 of the Reconstruction
Finance Corporation Act as amended by the act approved June 14,

1933); $1,191,000 to insurance companies; $118,121,317.68 to mort
age loan companies; $4,000 to a credit union; $139,018,000 to
ederal land banks; $475,000 to joint-stock land banks; $320,032.54
to agricultural credit corporations; $7,367,300.74 (rediscounts) to

regional agricultural credit corporations; $75,000 to a livestock
credit corporation; $744,252 to a railroad trustee, under section 5 as

amended by section 10 oftheact approved June 10, 1933; $24,447.83
toprocessorsordistributorswho aresubject toprocessingtaxes, under

2

R E P O R T O F TEIE R E C O N S T R U C T I O N

FINANCE CORPORATION

section 5 as amended by section 19 (c), title I, of the Agricultural
Adjustment Act of 1933; and $5,887,715.88 to a State fund created

forthepurposeofinsuringtherepaymentofdepositsofpublicmoneys
under section 5 as amended by section 13 of the act approved June
10, 1933.

During the fourth quarter of 1933 the Corporation, under the
Emergency Relief and Construction Act of 1932, as amended, author

ized 37 loans aggregating $407,425,355.04, as follows: Under the
provisions of section 201 (a), title II, loans aggregating $3,304.04
(representing increases due to accounting adjustments in 3 loans
previously authorized); under the provisions | section 201 (d), title

II, loans aggregating $407,422,051 to aid in financing the carrying
and orderly marketing of agricultural commodities and livestock
produced in the United States.

During the fourth quarter of 1933 the Corporation, under section
304, title III, of the act approved March 9, 1933, as amended, made
2,298 authorizations, as follows: Loans secured by preferred stock of

banks and trust companiesin the amount of$2,142,100; subscriptions
for preferred stock of banks and trust companies in the amount of
$205,167,600; and purchases of capital notes or debentures of banks
and trust companies in the amount of $226,419,400.
During the fourth quarter of 1933, under the provisions of section

36,titleII,oftheEmergency Farm Mortgage Actof1933,asamended,
which authorizes the Corporation to make loans to or for the benefit
of drainage districts, levee districts, levee and drainage districts,
irrigation districts, and similar districts, the Corporation authorized
55 loans aggregating $16,870,286.24.
During #. fourth quarter of 1933, under the provisions of section
1 of the act
June 10, 1933, as amended, which authorizes

º

the Corporation to make loans on, or tosubscribe for, preferred stock
of insurance companies, the Corporation authorized 3 loans aggre
gating $4,375,000.

Summarizing the above, the Corporation, during thefourth quarter
of 1933, made 3,286 authorizations aggregating $1,395,612,634.40.
Cancelations or withdrawals during the fourth quarter of 1933 of
loans authorized from February 2, 1932, to December 31, 1933,
inclusive, aggregated $34,170,977.47.

During thefourth quarter of1933 the Corporation under the above
acts disbursed $604,657,221.25 and received repayments in the aggre
gate amount of $188,508,895.58. The increase in the amount out

standing on December 31, 1933, as compared with September 30,
1933, was $416,148,325.67.

During the entire period from the organization of the Corporation
on February 2, 1932, to December 31, 1933, inclusive, the Corporation
authorized, under section 5 of the Reconstruction Finance

º

tion Act, as amended, 14,942 separate loans to 7,963 institutions,
aggregating $3,160,555,966.85, as follows: $1,806,069,171.55 to 6,443

banks and trust companies (including$515,369,485.55 to aid in the
reorganization or liquidation of banks that are closed orin process of
liquidation); $121,511,512.29 to 1,004 building and loan associations
(including $1,135,000 to aid in the reorganization or liquidation of
building and loan associations that are closed orin process ofliquida
tion); $100,528,867.51 to 128 insurance companies; $328,575,048.05

REPORT

OF T H E

RECONSTRUCTION

FINANCE

CORPORATION

3

to214 mortgage loan companies; $621,001 to 6 credit unions; $174,
518,000 to 12 Federal land banks; $21,103,172.68 to 24, joint-stock
land banks; $9,250,000 to 8 Federal intermediate credit banks;
$5,579,485.29 to 19 agricultural credit corporations; $160,777,463.92
(rediscounts) to 12 regional agricultural credit corporations and their

branches; $14,264,402.85 to 20 livestock credit corporations; $411,
845,678 to 67 railroads (including $18,946,708 to 8 railroad receivers
and $744,252 to the trustee of a railroad); $24,447.83 to 5 processors
or distributors who are subject to processing taxes; and $5,887,715.88

to a State fund created for thepurpose of insuring the repayment of
deposits of public moneys.

nder the Emergency Relief and Construction Act of 1932, as

amended, the Corporation from July 21, 1932, when the act was
approved, to December 31, 1933, inclusive, made 720 authorizations
to296 institutions in the aggregate amount of $1,049,552,040.38, as

follows: Under the provisions of section 1, title I, $300,000,000 was
made available to 42 States and 2 Territories for purposes of relief
and work relief; under the provisions of section 201 (a), title II, as
$230,764,364.28 were
amended, loans or contracts

"...;

authorized to 182 institutions for self-liquidatingprojects (including
$10,450,000 to 6 institutions for financing the repair or reconstruction

of buildings damaged by earthquake, fire, tornado, or cyclone in
1933); under the provisions of section 201 (c), title II, loans aggre
gating$52,880,542.80 were authorized to 3 institutionsfor the purpose

of financing sales in foreign markets of agricultural surpluses; and
under the provisions of section 201 (d), title II, loans aggregating

$465,907,133.30 were authorized to 67 institutions to aid in financi
the carrying and orderly marketing of agricultural commodities an
livestock produced in the United States (including authorizations of
$400,000,000 to the Commodity Credit Corporation).

Under theactapproved March 9,1933, asamended, theCorporation
from March 9 to December 31, 1933, inclusive,made 2,440 authoriza

tionsto2,434 institutions and individuals, involving 2,345 banks and
trustcompanies,asfollows: Loans inthe amount of$17,218,600to 127
institutionsand individuals,secured by preferredstockof38 banks and

trust companies; subscriptions for preferred stock of 1,031 banks and
trust companies in the amount of $259,463,100; and purchases of
capital notes or debentures of 1,276 banks and trust companies in the
amount of $227,119,400.

Under the Agricultural Adjustment Act of 1933,the Corporation
from May 12 to December 31, 1933, inclusive, authorized a loan of
$3,500,000 to the Secretary of Agriculture to acquire cotton.
Under the actapproved June 10, 1933, as amended, the Corpora
tion from June 10 to December 31, 1933, inclusive, authorized 3

loansin the amount of$4,375,000secured by preferred stock ofinsur
ance companies.

Under the Emergency Farm Mortgage Act of1933, as amended, the
Corporation from May 12, 1933, when the act was approved, to
December 31, 1933, inclusive, authorized 55 loans in the amount of

$16,870,286.24 to or for the benefit of drainage, levee, and irrigation
districts.

-

Summarizing the foregoing the Corporation, during the entire
period from

" ß

2, 1932, to December 31, 1933, inclusive,

4

REPORT OF T H E

RECONSTRUCTION

FINANCE

CORPORATION

made 18,161 authorizations aggregating $4,738,654,393.47. Of the
total amount authorized, $323,478,629.04 was later withdrawn or
canceled.

At the closeofDecember 31, 1933, theCorporationunder the above
acts had disbursed $3,301,155,008.17, and repayments amounted to
$1,042,636,854.80,leaving$2,258,518,153.37 outstandingon the books
of the corporation.

In addition, the Corporation had outstanding on December 31,
1933, agreements to make loans, subscribe for preferred stock, and
purchase capital notes or debentures, totaling $513,257,885.43, upon
the performance of specified conditions.
During the fourth quarter of 1933 the Corporation paid $40,500,000
to the Governor of the Farm Credit Administration pursuant to the

provisionsofsection5 (a) oftheFarm CreditAct of 1933. This com
pleted thepayment oftheentire$200,000,000 allocatedby section2 of

the Reconstruction Finance Corporation Act,in accordance with the

provisions of that act, and section 201 (e) of the Emergency Relief
and Construction Act of 1932, theactapproved February4,1933, and
section 5 (a) of the Farm Credit Act of 1933.
Under section 84 of the Farm Credit Act of 1933, with the approval
of the Governor of the Farm Credit Administration, the Corporation
in November authorized the reduction of the capital of four regional

agricultural credit corporations,asfollows: The RegionalAgricultural
* . Corporation of Raleigh, N.C., from $1,200,000 to $925,000;
of Columbus, Ohio, from $650,000 to $500,000; of Jackson, Miss.,
from $1,100,000 to $925,000; and of St. Louis, Mo., from $1,200,000

to $800,000. During November the Corporation, with the approval

of the Governor of the Farm Credit Administration, authorized an
increase in the capital of one regional agricultural credit corporation,

as follows: The Regional Agricultural Credit Corporation of Minne
apolis, Minn., from $7,500,000 to $8,500,000.
In accordance with the provisions of section 2 of the Reconstruc
tion Finance Corporation Act, as amended by section 6 (f) of the
Federal Home Loan Bank Act, and pursuant to the request of the

Secretary of theTreasury, theCorporation, during thefourth quarter
of 1933, paid $18,375,700 to the Secretary of the Treasury for the

purposeof making payments upon stock of Federal home-loan banks
subscribed for by him. This made a total of $75,745,700 paid to the
Secretary ofthe Treasury for thispurpose to the close of December 31,
1933.

Under section 4 (b) of the Home Owners' Loan Act of 1933 the

Corporation during the fourth quarter paid $17,000,000 to the Secre

tary of theTreasury for thepurpose ofmakingpayments upon stock

d.º.º. . . " .

of the H o m e Owners' Loan
by him. This
made a total of $19,000,000 paid to the Secretary of the Treasury
for this purpose through December 31, 1933.
Under section 2 (a) and section 6 of the Federal Emergency Relief
Act of 1933, upon certification of the Federal Emergency Relief
Administrator, the Corporation during the fourth quarter made

payments to States aggregating $150,240,756.90, making a total of
$314,960,940.87 so paid through December 31, 1933.

RE POR T OF T H E RECONSTRUC TION FI NAN CE CORPORATION

5

Under section 30 (a) and section 32 of the Emergency Farm Mort
gage Act of 1933 the Corporation during the fourth quarter paid
$72,000,000 to the Land Bank Commissioner, ofwhich $2,000,000was
for the purpose of making loans to joint-stock land banks under
section 30 (a) and $70,000,000 was for the purpose of making direct
loans to farmers under section 32. As of December 31, 1933, a total
of$82,600,000 had been paid by the Corporation to the Land Bank
Commissioner under this act, of which $2,600,000 was for making
loans tojoint-stockland banks and $80,000,000 was formaking direct
loans to farmers.

During the fourth quarter of 1933, $45,000,000 of the series C 3%

percent notes, authorized by the boardofdirectorson April29,1933,
in the aggregate principal amount of $2,000,000,000 were sold to the
making a total of $1,765,000,000, of such
Secretary of the
issuesosold. The authorizationfortheremaining$235,000,000ofsuch

H .

notes which had not been sold was canceled.

On November 1, 1933, the Corporation authorized the issuance of
3%-percent demand notes in the aggregate principal amount of$500,
000,000, designated as series C–2, of which $460,000,000 was sold to
the Secretary of the Treasury. The authorization for the remaining
$40,000,000 ofsuch notes which had not been issued was canceled.
On December 20, 1933, the corporation authorized the issuance of
$2,800,000,000 series D notes, maturing November 1, 1934. The
series D notes are dividedinto four subseries. They were authorized
for the purpose of retiring the outstanding $1,765,000,000 of series C
and $460,000,000 of seriesC–2 notes, or a total of $2,225,000,000, and

for additional amounts to be borrowed by the Corporation. As of
December 31, 1933, series D notes had been issued as follows:

Series D-1 one eighth of 1 percent notes, in the amount of $475,
000,000, in exchange for an equal principal amount of series C notes.
Series D–2 2-percent notes, in the amount of $1,290,000,000, in
exchange for an equal principal amount of series C notes.
Series D–3 one eighth of 1 percent notes, in the amount of $230,
000,000, of which $195,000,000was in exchange for an equal principal

amount of series C–2 notes and $35,000,000 was for additional bor
rowing.

Series D–4 3-percent notes,in the amount of$355,000,000, ofwhich
$265,000,000 was in exchange for an equal principal amount ofseries
C–2 notes and $90,000,000 was for additional borrowing.
On December 14, 1933, the Corporation authorized theissuance of
notes in the aggregate principal amount of $250,000,000, designated
as series E, dated December 15, 1933, maturing December 15, 1935,

and bearinginterest at therate of2% percent perannum, to be sold to
banks from which the Corporation has purchased preferred stock,
capital notes, or debentures. At the close of December 31, 1933,

there were outstanding $101,299,666.67 of the series E notes,
. In October and December 1933 the Corporation authorized the
issuance of notes in the aggregate principal amount of $100,000,000,
designated as“Seriesof February 1,1934.” At thecloseofDecember
31, 1933, there were outstanding $78,726,187.37 of the “Series of

February 1, 1934” notes. The Corporation received gold for these
notes.

6

REPORT OF T H E

RECONSTRUCTION

FINANCE

CORPORATION

As of December 31, 1933, there were outstanding $2,530,025,854.04
of the Corporation's notes as follows:
Series
Series
Series
Series

D-1-------------------------------------------- $475,000, 000.00
D-2-------------------------------------------- 1,290,000, 000.00
D-3-------------------------------------------230,000, 000.00
P-4-------------------------------------------355,000, 000.00

Series Feb. 1, 1934------------------------------------Series P-----------------------------------------------

78, 726, 187. 37
101, 299, 666.67

Total------------------------------------------- 2, 530,025, 854.04

The following tables are attached hereto:
Table 1. Aggregate authorizations, disbursements, repayments, and amounts
outstanding, by classes, during the fourth quarter of 1933, and from February
2, 1932, to December 31, 1933, inclusive.
Table 2. Number of new borrowers to which authorizations were made, by
States, during the fourth quarter of 1933.
Table 3. Number of authorizations, by States, during the fourth quarter of 1933.
Table 4. Number of borrowers to which authorizations were made, by States,

February 2, 1932, to December 31, 1933, inclusive.

Table 5. Number of authorizations, by States, February 2, 1932, to December
31, 1933, inclusive.

Table 6. Amount of authorizations, disbursements, repayments, and amounts
outstanding from February 2, 1932, to December 31, 1933, inclusive, by
months and classes.
Table 7. N u m b e r of borrowers and amounts of loans authorized under section 5

of the Reconstruction Finance Corporation Act, as amended, February 2, 1932,
to December 31, 1933, inclusive, by size of cities or towns.

Table 8. Names and compensation of directors, officers, and employees of the
Reconstruction Finance Corporation receivingfrom the Corporation more than
$400 per month, as of December 31, 1933.

Table 9. Statement of cash receipts and expenditures during the fourth quarter.
(Corporation's accounts with Treasurer of United States.)
Table 10. Statement of cash receipts and expenditures, January 1 to December
31, 1933, inclusive. (Corporation's accounts with Treasurer of United States.)
Table 11. Statement of cash receipts and expenditures, February 2, 1932, to

December 31, 1933, inclusive. (Corporation's accounts with Treasurer of
United States.)
Table 12. Statement of condition of the Corporation as of the close of business
December 31, 1933,

Respectfully,
JEsse H. Jon Es, Chairman.
GEORGE R. Cooks EY, Secretary.

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22

REPORT OF T H E

RECONSTRUCTION

FINANCE CORPORATION

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstandingfrom Feb. 2, 1982, to Dec. 31, 1933, inclusive,by months and classes
G R A N D TOTAL

M ont h

A m
o unt
authorized 1

A
t
m o u n
disbursed

A.
Amount repaid

out

standing;
increase
for
the period

$91,601,057.00
142,333,075.06
228,771,667.33
199,450,025.39
388,254,246.63
170,934,728.59
189,068, 106.31
138,480,782.93
162,373,944.36
96, 598,980.32
128,510,058.65

$70,868,417. 52
121,477,890.49
155,543,323.23
158,983, 559. 12
298,276,816.59
171, 149,931.86
146,180,913.71
72,120,713.91
137,623,749.68
61,020, 558.96
131, 501,263.75

$18,845, 00
8,873,883.30
7,009,080. 50
16,440,727. 23
48,684,900. 92
34,615,181.07
35,232,968. 30
44,903, 158.06
47,565,316.28
27,180,977.04
29,423,415.68

$70,849,572. 52
112,604,007. 19
148, 534,242.73
142,542,831.89
249,591,915.67
136,534,750.79
110,947,945.41
27,217. 555.85
90,058,433.40
33,839, 581.92
102,077,848.07

Total.-------------------- 1,936,376,672.57

1,524,747,138.82

299,948,453.38

1,224,798,685. 44

142,844,447.43
283, 171,473.85
*217,732,207.45

117,995,293.92
199,499,330.83
179,533, 134.72

32,452,828.29
35,971,703. 16
55,813,566.83

85,542,465.
163,527,627.67
123,719,567. 89

*643,748, 128.73

497,027,759.47

124,238,098.28

372,789, 661.19

162, 529, 133. 14
142,081,250.47
* 154,047,964. 57

117,500,398.87
195,805,854.81
123,677, 183.75

a40,213,996.05
*46,800,269.06
194,656,103.57

*77,286,402.82
*149,005, 585.75
*20,021,080.18

Total, second quarter----| *458,658, 348.18

436,983,437.43

181,670,368.68

1255,313,068.75

115,339,396.98 || 1 113,000, 506.08
83, 128,537.43
273,535,265. 19
39,271, 516.79
*61,735,267.61

*2,338,890.90
*9,593,272.24
** 22,463,750.82

1304, 258,609.59

237,739,451.20

1248,271,038.88

** 10,531, 587.68

521,581,325.41
382,354,706. 32
491,676,602.67

48,646,412.75
186,473,215.08
369,537, 593.42

69,714,442.19
1,203,400. 54
67,591,052.85

*21,068,029.44
135,269,814.54
301,946, 540. 57

604,657,221.25

188,508,895.58

416, 148,325.67

3,301,155,008. 17 | 1,042,636,854.80

2,258,518, 153.37

July----------------------------

201,024,785.36

Total, third quarter------

Total, fourth quarter----- 1,395,612,634.40
Grand total.-------------- 4,738,654, 393.47

T O T A L , SEC. 5, R E C O N S T R U C T I O N

FINANCE

CORPORATION

AC T, A 8 A M E N D E D

$91,601,057.00
142,333,075.06
228,771,667.33
199,450,025.39
388,254,246.63
728.59
167,
125,136,437.31
65,352,280.71
59,371, 561.73
73,659,796.72
81,467,467.97

$70,868,417. 52
121,477,890.49
155,543,323. 23
158,983,559. 12
298,276,816.59
171, 149,931.86
142,233,029,71
61,909,014. 16
120,353,360.16
39,367, 417.87
87,440,361.93

$18,845.00
8,873,883.30
7,009,080.50
16,440,727.23
48,684,900. 92
34,615, 181.07
35,232,968.30
44,903,158.06
47,563,281.73
27,177,436.04
29,313,534.28

$70,849,572.52
112,604,007. 19
148,534,242.73
142,542,831.89
249,591,915.67
,534,750.79
107,000,061.41
7,005,856-10
72,790,078.43
12, 189,981.83
58,126,827.65

1,623,332,344.44

1,427,603, 122.64

299,832,996.43

1, 127,770, 126.21

January-----------------------84, 182,129.23
February209,735,830.65
March------------------------- * 155,329,303.10

75, 183,421.58
159,688, 523.62
122,840,052, 22

32,308,547.15
35,910,943.56
55,687,000.79

42,874,874.43
123,777, 580.06
67, 153,051.43

Total, first quarter-------

Total, second quarter----

1449, 247,262.98

357,711,997.42

123,906, 491.50

233,805, 505.92

100,727,623.93
111,284,726.83
120,001,798.76

62,758,894, 98
135,626,841.22
99, 193,850, 52

*40, 103,725.68
*46,258,711.69
*94,303,564.66

*22,655, 169.30
*89,368, 129.53
*4,890,285, 86

332,014, 149.52

297,579,586.72 | * 180,666,002.03

1These figures have been adjusted on account of rescissions.

*Revised. ”

*116,913,584.69
* Decrease.

REPORT OF T H E RECON STRUCTI ON FI NAN CE CORPORATION

23

TABLE 6–Amount of authorizations, disbursements, repayments, and qmount:
outstanding from Feb. 2, 1932, to Dec. 31, 1933, inclusive, by months and
classes—Continued
TOTAL, SEC. 5, R E C O N S T R U C T I O N

F º

C O R P O R A T I O N ACT, AS A M E N D E D

on t in

A mou nt out
Am ou nt
disbursed

Amount

Mon th

authorized 1

standing;
Amountrepaid incºF'the

period

-

1933

-

ºnly---------------------------August------------------------September---------------------

$133,113, 288. 14
i 51, 202,085.60

*38,433,943.05

Total, third quarter------ * 222,749,316.79

Total, fourth quarter----|

533,212,893. 12

Grand total.-------------- 3,160,555,966.85

$95,865,674.09 ||1$112,822,773.08 || 1-$16,927,098.99%
69,438,406. 13
a72,799, 582. 12
a3 3,361,175.99.
25,086,394.18
a61,117,395.81 || 1336,031,001.63.
190,420,474.40

246,739,751.01 || 1356,319,276.61.

37, 194,685.39
105,441, 763.45
168,594,158.96

69,533,716.68
50,016.760. 27
63,740,311.00

a32,339,031.29.
55,425,003. 18
104,853,847. 96.

311,230,607.80

183,290,787.95

127,939,819.85

2,584,545,788.98 || 1,034,436,028.92

1,550, 109,760.06

BANKS A N D T R U S T C O M P A N I E S (INCLUDING RECEIVERS, LIQUIDATING A G E N T S
A N D CONSERVATORS)

$44,625,300.00
108,751, 135.06
152, 103,931.93
113,117,970.34
560.
219,
97,265,633.42
87,776,078. 12
29,951,680.23
*21,802, 702.58
23,249,644.02
*51,006,363.83

$39, 546, 160.52
85,870,980.49
112, 153,001.36
108,192,844.29
151,624,949.99
104,166,283.74
77,635,909.68
27,401, 650.02
80, 746,257.61
*20,420,708.99
43, 102,313.33

$18,845.00
7,651,531.30
6,889, 778.45
12,585,480.24
45,346,776.63
28, 200,745. 53
31,301, 194.49
40,413, 591.02
40,317,817.54
466,223.72
21,057,389. 14

$39,527, 315.52
78,219,449. 19.
105,263,222.91
95,607,364.05
106,278,173.36
75,965, 538.21
46,334,715. 19.
3 13,011,941.00
40,428,440. 07
** 2,045, 514.73
22,044,924. 19.

*949,437,000.09 | *850,861,060.02

256,249,373.06

*594,611,686.96.

26,006, 824.40
20,684,801.71
40,733,012. 09

*17,118,466.00
57,427,609.99.
22, 167,643.84

56, 133,284.40
132,422,465.58
98, 543,748.61

143,125, 290.40
78, 112,411.70
62,900, 655.93

287,099,498.59 || 2 184, 138,358.03

87,424,638. 20

*96,713,719.83

63,489,853.51
55,456,202.42
38,949,096.07

23,914,051.40
87,947, 700.34
12,034,738.64

*28,431,486.93
*37,888,376.40
*75,139,444.48

*34, 517,435.53
*50,059,323.94
a363, 104,705.84

157,895, 152.00

123,896,490.38

* 141,459,307.81

2*17,562,817.43

100,595,536.74
-|, i.34,061, 223.34
*21,670,010.53

66,053,436.74
52,493, 748.50
15,610,326.79

*156,326,770.61
103,288,877. 42
40,814,654. 16
111,207,218.68
Total, fourth quarter-----

267,871, 161.50
1:1,817,724.76
*35,299,027.18
* 17,194,721.32
*27,516,435.28 | ** 11,906, 108.49

134, 157, 512.03 || |130,686,623.96
15,030,459.24
50.296,831. 40
71, 174,894.58

30, 764,403.70
25,417,273.70
46, 129,383.50

13,470. 888. 07
* 15,733,944.46
24,879,557.70.
25,045,511.08

255,310,750.26

136,502,185.22

102,311,060.90

34, 191,124.32

Grand total.-------------- 1,806,069,171.55

1,429,555,605.68

718, 131,003.93

711,424,601.75

L O A N ASSOCIATIONS (INCLUDING RECEIVERS)

$4,879,750.00

$2,430, 500.00
10, 170,186.68
19,624,016.39
9,823,631.19
16,577,471. 48

*Thesefigureshave been adjusted on account ofrescissions.

*Revised.
*Decrease.

$2,430, 500.00
10, 111,544.62
19,214, 137.52
9,287,790. 54
15,371,997.38

24

REPORT OF T H E REC ONST RUCTI ON F IN AN CE CORPORATION

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstanding from Feb. 2, 1932, to Dec. 31, 1933, inclusive, by months and
classes—Continued
BU ILDI NG A N D L O A N ASSOCIATIONS (INCLUDING RECEIVERS)—Continued
Amount out

M o nt h

Amount
authorized
1

Amount
disbursed

Amount repaid
-

i nstanding;
c º ; the
period

$12,543,600, 00
7,295, 705.00
3,750,500.00
3,391,532.00
4,985,274.32

$12,180,063. 17
9,435, 115.28
5,080,954.91
3,830.807.59
4,710,367.98

$1,561,404.87
1,253,188.31
1,376,330.52
1,618,781.05
1,596,899.64

$10,618, 658.30
8, 181,926.97
3,704, 624.39
2,212 026. 54
3,113,468.34

99, 696,044. 75

93,863, 114.67

9,616,440. 07

84, 246,674.60

4,294,724.89
2,849, 559.28
3,219, 307. 24

3,412,672.47
4,093,224.60
1,697,279.66

2,288, 507.52
2,080,445.27
2,606, 799.34

1,124,164.95
2,012,779.33

10,363, 591.41

9,203,176.73

6,975, 752. 13

2,227,424.60

1,691,000.00
1,841,231.87
1,804,847. 24

2,375,255.24
1,888,968.45
1,741,824.86

º,017,879.50

5,337.079.11

6 006. 048. 55

10.589,895.97

* 1,642,624. 26
* 1,246,224.
a 1,694,998. 18
*4,583.847.42

266,781. 25
892,449.04
281,490.54

724, 147.01
1,114,230.35

2,476, C46.91
3, 197,886.04

s 1,751,899. 90
a2,083, 655.69

321. 417.65

* 3, 133, 402.11

* 32.811. 984.46

1.440, 720.83

2, 159,795. Cl

*8.807, 335.06

2 * 6.647. 540. C5

2,096,059.51
443,016.68
2, 135,000.00

531,340. 92
272,414.58

33, 824,631.41
*3,251, 546.31
* 1,929, 113.92
39,005,291. 64

3,135, 193.43
3,436,823.04

* 909, 519.68

Total, fourth quarter-----

4.674,076. 19

1,81s. 419.79

4,355,972. 33
3,523,960.89
2,943,778.21
10,823, 711.43

Grand total.--------------

12:1,511, 512. 29

113,050, 554. 75

46,813, 134.66

66,237,420.09

1,014, 664. 29

INSURANCE COMPANIES

Total---------------------

Total, first quarter-------

Total, third quarter------

$7,080,000.00
9,722,000.00
7,543,000.00
39, 120,500.00
3,833,500.00
4,523,700.00
3,370, 500.00
1,209,000.00
2,151,000.00
4,495,731.66
83,048,931.66

$6,635,920.00
4, 141,250.00
8,514,225.00
26,719,243.83
4,069,749.49
4,661,210.41
4,691,720.37
1,625,444.01
1,665,828.78
5,313,027.03
68,037, 618.92

$74,400.00
17,991.37
378,115.24
,965. 64
409, 111.04
296,009.69
924,791.50
964, 884.50
695,473.62
1,727,995.92
5,588,738, 52

$6,561,520.00
4,123,258.63
8,136, 109.76
26,619,278.19
3,660,638.45
4,365,200.72
3,766,928.87
660,559.51
970,355. 16
3,585,031. 11
62,448,880.40

1,214,500.00
1,236,500.00
7,328, 131.07

976, 151.99
407,252.19
9,514,589.21

522,669.22
249, 134.17
315,230.93

453,482.77
158, 118.02
9, 199,358. 28

9,779, 131.07
1,624,000.00
,286,322.94
2,074,381.84
4,984,704,78

10,897,993.39
1,678,000.00
2,256, 149.25
947,098.39
4,881,247.64

1,087,034.32
1,453,255.23
960,955.02
4,627,689.07
7,041, 899. 32

9,810, 959.07
224,744.7
1,295,194.23
*3,680, 590.68
*2,160, 651.68

330, 100.00
,000.00
545,000.00

964,476.50
1,238,304.75
535,000.00

3,040,046.40
1,019,754.86
* 1,032,068.17

a2,075,569.90
218,549.89
* -497,068.17

1,525,100.00

2,737,781.25
382,000.00
355,888.94
389,503.38

* 5,091, 869.43
702,310. 55
2,858,270.26
4,382,344.46

**2,354,088.18
*320,310. 55
*2,502,381.32
*3,992,841.08

1,127,392.32

7.942, 925.27
26,752,466.86

*6,815, 532.95
60,929, 566.66

300,000.00

541,000.00
350,000.00
Total, fourth quarter----1,191,000.00
Grand total.-------------- T100,525,357.51

37,652,033, 52T

1These figures have been adjusted on account ofrescissions

*Revised.

* Decrease

25

REPORT OF T H E REC ONS TRUC TIO N FIN ANC E CORPORATION

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstanding from Feb. 2, 1932, to Dec. 31, 1933, inclusive, by months and
classes–Continued
M O R T G A G E LOAN COMPANIES

Mo nt h

A mount

authorized 1

Amountrepaid iAnStanding;
cºº ;kthe

A mount

disbursed

period
$6,517,000.00
7,360,000.00
2,968,000.00
56,825,000.00
7,119,000.00
1,092,000.00
960,000.00
*4,415,000.00
3,805,800.00
22,832, 602.61
*93,894, 402.61

October------------------------

$1,277,000.00 !-----------------7.857,925.08
$38,159.93
5,177,732.43
209,644.67
52,324,954. 74
353,976.95
7,782,289.38
1,550,425.82
3,184,891.92
1,426,741.85
2,951, 205.21
1,470, 665.63
3,222,581. 36
2,018, 482. 23
12,023,729.34
1,317,632.34
2,620,710.93
2,936,546.08
-88,423,020.39
11,322,275.50

3,262,000.00
31,658,133.96
4,808,300.00

14, 127,585.40
32,031,442.60
4,308, 125.25

39,728,433.96

240,467, 153.25

1,344,450, 00
5,417,458.00
49,405, 143.93

727,724.48
46, 197, 567.68

56, 167,051.93
8,319,811.03
5,776, 400.00
6,567,630.84
20,663,841.87
90,716,370.00
14,024, 238.62
13,380, 709.06

$1,277,000.00
7,819,765.15
4,968,0.87.76
51,970,977.79
6,231,863.56
1,758, 150.07
1,480, 539.58
1,204,099.13
*706,097.00
*315,835.15
277, 100,744.89

1,703,231.44
1,683, 530.66
767.237.17
4,153,999.27

*2,424,353.96
30,347,911.
3,540,888.08
*36,313, 153.98
*3,052,558.78

47,445,303.08

3,572,569, 70
770,726.77
946,493.45
5,289,789.92

1,432,403.59
7,057,961. 93
1,262,939.08
9,753,305.50

1,846,684.17
3,795,422.98
*2,307, 788.41
*7,949,895.56

3414, 280.58
3,262,538.95
*,* 1,044,848. 43
*1,803,409.94

4, 155,303.46
5,160,440.27
19,060, 168.51

4,832,363.75
1,620, 207, 40
1,450,828, 26

*677,060.29
3,540, 232.87
17,609,340.25

520, 010. 92

443,002. 29

45,251,074.23
42, 155,513. 16

Total, fourth quarter-----

118, 121,317.68

28,375,912.24

7,903,399. 41

20,472,512.83

Grand total.--------------

328,575,048.05

214,464,694.46

36,619,359.66

177,845,334.80

CREDIT UNIONS

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

25,897.00

275.00

5,350.00
* 1,235.00
* 650.00
a 1,150.00
65,506.00

1,235.00
650.00

1,150.00
1,240.00

January-----------------------February-March------------------

895.00

3895.00

8,838.00

431, 260.00

305.00

1,875.00
2,140.00

Total. fourth quarter-----

4.000.00

Grand total.-------------- T E I U O I U 0 7

-

4,000.00

sts,ssp.41

*These figures have been adjusted on account of rescissions.
H. Doc. 297. 7 3 – 2 — 4

9,250.00
31,875.00
* 2, 140.00

4.320 00

5, 235.00

1,095.00
1,150.00

3 1,095.00
* 1,150.00

545.00

114,950. 70

2,790.00

112.705. 70

1,214.80

* 1,214.80
3841.83

841.83
? 941. 40

-

$338,437.00

$3,393.00

18,797.31

a 2.998.03

* 6.740.68

18, 594. 53
11, 179.99

* 18,594.53
* 11, 179.99

17,668.65

* 13. 668.65

47. 443. 17

a 43.443.17

66,389.20

* Revised.

512,498.21
* Decrease.

26

REPORT OF T H E

RECONSTRUCTION

FINANCE CORPORATION

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts

outstanding from Feb. 2, 1932, to Dec. 31, 1933, inclusive,

by months

and

classes—Continued
FEDERAL LAND BANKS

Month

h
A m o u n t authorized 1

Amount d
disbursed

Amountrepaid i*ns c*º Ing;
;*the
period

$9,000,000.00

2,450,000.00".
2,850,000.00
1,500,000.00
2,700,000.00 –

November-December--

Total, fourth quarter-----

139,018,000.00

113,318,000.00 |------------------

113,318,000.00

Grand total.--------------

174,518,000.00

142, 118,000.00 ------------------

142,118,000.00

JOINT-STOCK L A N D B A N K S

-

-

-

-

-

-

$724,377.iiI.I.I.I.I.I.I.I.I.I.T 3724,377.II
5,000.00
134,339.47
286,592.54
128,382.45
16,617. 55
168,102.43
447,215.54
616,718.53

$21,031.06
2,989.50
5,843.00
1,578.42
11,416.90
11,385.04
7,781.50

* 16,031.06
131,349.97
286,073. 64
122,539.45
15,039.13
156,685.53
435,830.50
608,937.03

2,527,845.62

62,544.32

2,465,301.30

153,352.93
2,216,010.83
425,764.41
2,795, 128.17

6,942.54
3,091.95
7,149.82
17, 184.31

146,410.39
2,212,918,88
418,614.59
2,777,943.86

2,270,850.00
,000.00
3,130,000.00
6,300,850.00

1,539,453.87
824,170.65
2,621,624.52

32,041.07
39,710.48
44,078.94
115,830.49

1,507,412.80
784,460. 17
213,921.06
2,505,794.03

124,500.00

852,097.99
1,300,383.90
703, 170.07
2,855,651.96

46,454.79
62,065.08
*79,536.90
1188,056.77

805,643.20
1,238,318.82
#623,633. 17
*2,667, 595. 19

1,705,290.08
1,617,964.83
824,614.58

46,200.63
142,172.67
235,092.30

1,659,089.45
1,475,792. 16
589,522.28

4,995,822.68

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

2,910,000.00
3,034,500.00

-

518.90

Total, fourth quarter-----

475,000.00

4, 147,869.49

423,465.60

3,724,403.89

Grand total.--------------

21,103,172.68

14,948, 119.76

807,081.49

14,141,038.27

1 These figures have been adjusted on account of rescissions.

*Revised.

* Decrease,

REPORT OF T H E

RECONSTRUCTION

FINANCE

CORPORATION

27

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts

by months

outstanding from Feb. 2, 1932, to Dec. 31, 1933, inclusive,

and

classes—Continued
FEDERAL

INTERMEDIATE

CREDIT

BANKS

Am oun t out

Amount author- || A mou nt disized 1
bursed

M on t h

Amount repaid

i nStanding:
c . ; the
period

1933

March-------------------------

$9,250,000.00

$9,250,000.00

$9,250,000.00 ------------------

Total, first quarter-------

9,250,000.00

9,250,000.00

9,250,000.00 ------------------

Grand total.--------------

9,250,000.00

9,250,000.00

9,250,000.00 ------------------

A GR IC UL TU RA L CREDIT CORPORATIONS

$21,200.00
-

-

-

-

-

-

84,802.05
216,438.07
444,783.85
594,021.62
702, 129.04
1,194,785.15
,809. 15
225,882.05

18,650.00
246, 515.87
400,621.07
534, 151.82
539,074.94
1,206,884. 22
276,909.98
212,619.43

$600.00
2,186.90
2,647.41
7,613.68
74,450.98
356,814.61
352,082.06
285,914.76

$1,000.00
20,200.00
18,050.00
244,328.97
397,973.66
526, 538. 14
464,623.96
850,069.61
*75, 172.08
*73,295.33

3,619,850.98

3,456,627.33

1,082,310.40

2,374,316.93

101,252.10
240,000.00
442,904.36

155,952. 10
2,647.85
244,722.72

207,830. 11
167, 148.22
175,351.39

* 51,878.01
*164,500.37
69,371.33

784, 156.46

403,322.67

550,329.72

*147,007.05

20,825.00
163,077.91
201,022.01

131,280. 12
193,526.26
139, 539.54

226,251.38
201,001.35
142,751.44

*94,971. 26
37,475.09
*3,211.90

384,924.92

464,345.92

570,004. 17

3105,658.25

197,866.93
76,730.88
195,922.58

279,255.80
153,124. 13
175, 878.58

254, 111.58
155,384.25
* 113,609.94

25,144.22
* 2,260. 12
*62,268.64

470,520.39

608,258.51

*523, 105.77

*85,152.74

166,418.12
41,805.22
111,809.20

185, 181.62
8, 194.00
59,708.52

288,005.60
177,306.41
303,275.79

* 102,823.98
* 169, 112.41
*243,567.27

-

-

-

-

-

-

-

-

-

-

-

-

-

$1,000.00 -----------------200.

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total, fourth quarter-----

320,032.54

253,084. 14

768,587.80

*515, 503.66

G r a n d total.--------------

5,579,485.29

5,185,638.57

3,494,337.86

1,691,300.71

RE GIO NA L AG RI CU LT UR AL CREDIT CORPORATIONS
1932

December, total.---------------

$7,285,972.50

$5,372,062.60

$655.03

$5,371,407. 57

January----------------------FebruaryMarch-------------------------

15,360, 112.84

15,269,909.65
18,266,632.88
19,706,023.74

104,646.84
1,798,634.47
1,330,314.09

15, 165,262.81
16,467,998.41
18,375,709.65

Total, first quarter-------

57,811,623.81

53,242, 566.27

3,233, 595.40

50,008,970.87

18,119,962.42
22,855,433.69
17,321,307.67

19,214,707. 12
23,262,884.81
17,813,925.71

2,009,169.89
2,652,548.71
4,473,930.65

17,205,537.23
20,610,336. 10
13,339,995.06

58,296,703.78

60,291,517.64

1933

Total, second quarter----

1These figures have been adjusted on account ofrescissions.

9,135,649.25
* Revised.

51,155,868.39
* Decrease.

28

REPORT OF T H E

RECONSTRUCTION

FINANCE CORPORATION

TABLE 6–Amount of authorizations, disbursements, repayments, and amounts
outstanding from Feb. 2, 1982, to Dec. 31, 1933, inclusive, by months and
classes—Continued
R E G I O N A L A G R I C U L T U R A L C R E D I T C OR P O R A T I O N S - Co n t i n u e d

Amo unt author- || Am oun t dis-

Mo nth

ized 1

Amount repaid incstanding;
reas ºf the

bursed

period

$23,278,692.19
3,483,282.34
3,253,888. 56

$22,287,256.46
3,798,852.57
2,454,622.40

$12,898,417.70
*28, 148,010.72
126,330,278.71

$9,388,838.76
*+24,349,158.15
2323,875,656.31

30,015,863.09

28,540,731.43

167,376,707. 13

2s 38,835,975.70

1,896,465.03
2,109,918.31
3,360,917.40

2,762,700. 50
2,015,321.54
2,929, 313.74

22,014,809.00
15,897,239.21
7,610,410.44

* 19,252, 108.50
* 13,881,917.67
34,681,096.70

Total, fourth quarter-----

7,367,300. 74

7,707,335.78

45,522,458.65

a37,815, 122.87

Grand total.--------------

160,777,463.92

155, 154,213.72

125,269,065.46

29,885,148.26

LIVESTOCK CREDIT CORPORATIONS

$496,990.00
2,548, 195.00
1,260,825.00
2,288,576.00
1,415,216.29
2,753,454.57
1,202, 725.44
478,305.00

$470,990.00 -----------------1,659, 550.00
$4,508.69
1,214,017.01
20,249,41
2,549,078.00
136,771.65
1,315,563. 16
255,983. 27
1,944, 974.76
408,041. 41
1,534,779.79
504,242.20
521,319.62
605,885.43
452,663.65
552,119.55
147,467.62
1,574,457.21

506, 565, 55

194,750.00
Total.--------------------

$470,990.00
1,655,041.31
1,193,767.60
2,412,306. 35
1,059,579.89
1,536,933.35
1,030, 537.59
*84,565, 81
*99,455.90
31,426,989.59

13, 145,602.85

11,810,403. 61

4,062,258.82

7,748, 144.79

130,700.00
37,000.00

69,400.00
48,727. 17

1,453,586.08
919,864. 29
397,576. 56

31,384, 186.08
3871, 137. 12
3.397,576.56

1933

January------------------------

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

Total, first quarter-------

167,700.00

118, 127.17

2,771,026.93

32,652,899.76

April---------------------------

260, 100.00
100,000.00
116,000.00

111,000.00
100,000.00
116,000.00

359,976.98
343,254.35
366,727.39

3.248,976.98
3243,254.35
3250,727.39

Total, second quarter----

476,100.00

327,000.00

1,069,958.72

3742,958.72

315,517. 13
651,462. 14
*243,334.89

*315,517.13
*651,462. 14
** 243,334.89

* 1,210, 314. 16

** 1,210,314.16

284,155.23
292,442. 13
453,647. 07

29,047.04
*292,442.13
3453,647. 07

July---------------------------------------------August--400,000.00
September---------------------

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total, third quarter------

-

-

-

-

-

-

-

-

-

-

-

400,000.00 ------------------

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

313,202. 27

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

75,000.00 ------------------

Total, fourth quarter-----

75,000.00

313,202.27

1,030,244.43

*717,042. 16

G r a n d total.--------------

14,264,402.85

12,568,733.05

10,143,803.06

2,424,929.99

RA IL RO AD S (INCLUDING RECEIV ERS A N D TRUSTEES)

$46,975, 757.00
13,812,000.00
37,931,457.
60,923,538.00
54,239,972. 00
16,392,085.00
12,798,583.00

1,322,257.00 -----------------24,791,500.00
$1,147,952.00
18,816,333.00 -----------------15,898,637.00
2,815,727.74
54,824,813.50
2,203,000.00
27,545,736.00
2,990,000.00
41,963,445.50
224,884.31

1These figures have been adjusted on account of rescissions.

* Revised.

$31,322, 257.00
23,643, 548.00
18,816,333.00
13,082,909.26
52,621,813.50
24,555,736.00
41,738,561.19
* Decrease.

REPO RT OF T H E RECO NSTRUC TION FI NA NCE CORPORATION

29

TABLE 6–Amount of authorizations, disbursements, repayments, and amounts
outstanding from Feb. 8, 1982, to Dec. 31, 1933, inclusive, by months and
classes—Continued
R AI L RO A DS (INCLUDING RE CEI VER S A N D TRUSTEES)—Continued

A mm oo u n t authorauth
ized 1

Mo nth

burseddis-

A mount

Amo unt repaid

*

*§

Standing;
increase
the

1932

September--------------------November-December----------------------

$21,293, 541.00
25,926,269.00
38,226,000.00
8,915,891.00

$12,888,851.00
24,931,816.00
8,682,808.00
22,645,074.48

1,910,500.00
162,498.66
125,000. 00

$12,628,851.00
23,021,316.00
8,520,309.34
22,520,074.48

Total.--------------------

337,435,093.00

284,311,271.48

11,839,562.71

272,471,708.77

3,000,000.00
19,449,922.00
*5,297,828.00

7,583,551.64
24, 510,173.80
14,792,891.30

14,004.00
8,322,417.82
102,189.40

7,569,547.64
16,187,755.98
14,690,701.90

*27,747,750.00

46,886,616. 74

8,438,611.22

38,448,005.52

October---

Total, first quarter-------

11,906,583.00
23,200,000.00
6,950,000.00

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

744,252.00
Pecember---------------------------------------

000.00

12,275, 136.31 l-----------------17,925,716.98
265,795.18
18,329,660.00
5,125,081. 20

12,275,136.31
17,659,921.80
13,204,578.80

48,530,513.29

5,390,876.38

43,139,636.91

1,302,600.00
281,800.00
1,013,300.00

24,073, 118.10
469,727.04
360,000.00

*22,770,518.10
* 187,927.04

2,597,700.00

24,902,845. 14

*22,305,145.14

4,629,207.30
3,319,658.32
3,819,291.36

6,226,901.36
76,707.61
139,132.18

*1,597,694.06
3,242,950.71
3,680,159.18

-

Total, fourth quarter-----

744,252.00

11,768, 156.98

6,442,741.15

5,325,415.83

Grand total.--------------

411,845.678.00

394,094, 258.49

57,014,636.60

337,079,621.89

PROCESSORS O R DISTRIBUTORS W H O

A R E SUBJE CT T O PROCESSING T A X E S

$10,047.83
$7,333.69 |
14,400.00 ------------------|-----------------Total, fourth quarter-----

24,447.83

7,333.69 |------------------

Grand total.--------------

24,447.83

7,333.69 |------------------

STATE

FUNDS

CREATED

F OR T H E P UR PO S E O F INSURING
DEPOSITS OF PUBLIC M O N E Y S

REPAYMENT

OF

$5,887,715.88 ------------------------------------|-----------------$5,887,715.88
$74,750.14
374,750.14
-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total, fourth quarter-----

5,887,715.88

5,887,715.88

74,750, 14

5,812,965. 74

Grand total.--------------

5,887,715.88

5,887,715.88

74,750.14

5,812,965. 74

*These figures have been adjusted on account of rescissions.
*Revised.

* Decrease.

30

REPORT OF T H E

RECONSTRUCTION

FINANCE CORPORATION

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstanding from Feb. 2, 1932, to Dec. 31, 1933, inclusive, by months and
classes—Continued
T O T A L , E M E R G E N C Y R E L I E F A N D C O N S T R U C T I O N A C T O F 1932, A S A M E N D E D

M on th

A mmoo uu n t authoraut h

ized 1

A mI noouunn tt alsdi

bursed

A mou nt repaid

Astanding;
º forkthe
od

$3,000,000.00 l------------------|-----------------------------------63,931,669.00
$3,947,884.00
73, 128,502.22
10,211,699.75
103,002,382.63
17,268,354.97
22,939, 183.60
21,649,600.09
47,042,590.68
43,951, 020.42
Total.--------------------

Total, first quarter-------

313,044,328. 13

97, 144,016. 18

115,456.95

97,028,559.23

58,662,318, 20
73,435,643.20
47,470, 404.35

42,811,872.34
39,810,807. 21
43,943,082.50

144,281.14
60,759, 60
126,566.04

42,667, 591.20
39,750,047.61
43,816, 516.46

179,568, 365.75

126,565,762.05

331,606.78

126,234, 155.27

*25,858, 165.81

47, 159,003.89
55,029,013. 59
6,497,833.23

110,270.37
541,557.37
347,853.91

47,048,733.52
54,487,456.22
6,149,979.32

*94,158,698.66

108,685,850.71

999,681.65

107,686, 169.06

53,113,497.22
219, 295.58
2,022,500.00

11,258,722.89
6,012,631.30
7, 109,122.61

171,499.97
734,781. 32
*617,821.80

11,087,222.92
5,277,849.98
*6,491,300.81

55,355,292.80

24,380,476.80

a1,524, 103.09

*22,856,373.71

253,481, 180.24
153,500, 500.00
443,674.80

8,461,727.36
36,876,451.63
40,059,762. 69

147,991. 14
1,076,730.02
547,632.44

8,313,736.22
35,799,721.61
39,512, 130.25

-

June---------------------------

Total, second quarter----|

Total, fourth quarter-----

407,425,355.04

85,397,941.68

1,772,353. 60

83,625, 588.08

Grand total.-------------- 1,049,552.040.38

442, 174,047.42

4,743,202.07

437,430,845.35

S E L F - L I Q U I D A T I N G P R O J E C T S , SEC. 201 (a), T I T L E II ( I N C L U D I N G L O A N S F O R F I
N A N C I N G R E P A I R O R R E C O N S T R U C T ION O F BUILD I N G S D A M A G E D B Y E A R T H
Q U A K E , FIRE, T O R N A D O , O R C Y C L O N E I N 1933)

8,412, 910.24

,000.
15,377,000.00 |------------------

$360,000.00
15,377,000.00

145,775,534.24

15,737,000.00 ------------------

15,737,000.00

-

* *

*-

8,945, 100.00
24,810,372. 20
17,759, 425.35

2,600,000.00

2,600,000.00
327,000.00
2,020,000.00

327,000.00
2,020, 000.00

51,514,897. 55

4,947,000.00

4,947,000.00

5,002,217.00
2,784,525. 64
*25,683,885. 81
a 33.470,628.45

4,442,000.00
2,125,462.06
2,924,819.35
9,492,281.41

4,442,000.00
2,105,462.06
2,902,719. 35

September
Total, third quarter--

-

42, 100.00

9,450, 181. 41

15,675.00

243,725.00

7,838, 295, 51
3,828,748. 18
*6,735,152.08
i 18,402, 195.77

50,325.00
11,525.00
4,500.00

7,501,812. 13
3,981,418, 16
3,431,627. 18

7,853,970. 51
3,851,648. 18
6,740,302.08

900.00
* 5, 150.00

18, 445, 920.77

7,552, 137. 13
3,992,943. 16
3,436, 127. 18

Total, fourth quarter-----

3,304.04

14. 981. 207. 47

66, 350.00

14,914,857.47

G r a n d total.--------------

230,764,364. 28

63,603,409.65

152, 175,00

63,451,234.65

1These figures have been adjusted on account of rescissions.

* Revised.

REPORT OF T H E

RECONSTRUCTION

FINANCE

CORPORATION

31

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstanding from Feb. 2, 1932, to Dec. 31, 1933, inclusive, by months and
classes—Continued
F I N A N C I N G O F E X P O R T S O F A G R I C U L T U R A L S U R P L U S E S , SEC. 201. (C), T I T L E II
º

Ami noun
to u nt
t auth
aut uor ized i

M ont h

Aminoun
o u nt
t di
oilsbursed

Amount repaid i*nStanding;
c º ; the
-

period

$1,497,503.38 |-----------------1,903,990.01
341,170.88
3,742,664. 27

55,857.49

3,686,806.78

257,538.30
609,080.03
2,533,445.78

38,064.59
17,636. 57
135,975.72

219,473.71
591,443.46
2,397,470.06

3,400,064. 11

191,676.88

3,208,387.23

7,142,728.38

247, 534.37

6,895, 194.01

FINANCING O F AG RI CU LT UR AL COMM ODI TIES A N D
title

$1,497, 503.38
1,903,990.01
285,313.39

L I V E S T O C K , SEC. 201 (D),

in

$50,000,000.00 l------------------|------------------|-----------------1,500,000.001------------------|------------------|-----------------474,740.63
$451,580. 12
$2,034. 55
$449,545. 57
129,616.60
830,276.97
3, 541.00
826,735.97
2,671,563.44
158,117.00
109,881.40
48,235.60
54,775,920.67

1,439,974.09

115,456.95

1,324,517. 14

281,802.20
438,000.00
60,000.00

32,302.20
75,295.96
104,024.04

144,281. 14
60,759.60
126,566.04

*111,978.94
14,536.36
*22,542.00

779,802.20

211,622.20

331,606.78

*119,984. 58

225,329.43
55,000.00
174,280.00

1,349,879.30
465,354, 37
212,668.80

110,270.37
186,657.37
194,508.91

1,239,608.93
278,697.00
18, 159.89

454,609.43

2,027,902.47

491,436.65

1,536,465.82

262,250.00
190,000.00
2,022,500.00

608,800.95
110,290.93
27,649.65

155,824.97
385,441.32
1379,314.31

452,975.98
*275, 150,39
**351,664.66

2,474,750.00

746,741. 53

1920, 580.60

1 -173,839. 07

253,479,000.00
153,500, 500.00
442,551.00

652,051.93
32,274,428.44
34,090, 189.73

59,601.55
1,047,568.45
407, 156.72

592,450.38
31,226,859.99
3,683,033.01

Total, fourth quarter-----

407,422,500.00

67,016,670. 10

1,514,326.72

65,502,343.38

Grand total.--------------

•465,907, 133.30

*71,442,910.39

43,373,407.70

68,069,502.69

AMOUNTS M A D E

AVAILABLE

FOR

RELIEF A N D

W O RK

R E L I EF , SEC. 1, T I T L E I

$3,000,000.00 -----------------------------------------------------13,931,669.00
$3,947,884.00 -----------------$3,947,884.00
18,523,502.22
10,211,699.75 -----------------10,211,699.75
22,594,762.00
16,818,809.40 -----------------16,818,809.40
18,484,823.00
20,462,864. 12 ||-----------------20,462,864. 12
35,958, 117.00
28,525,784.82 ||-----------------28,525,784.82
112,492,873. 22

79,967,042.09 ------------------

79,967,042.09

*These figures have been adjusted on account ofrescissions.

:#
ºvised.
Decrease.
*Includes authorizations of$400,000,000to the Commodity Credit Corporation, of which $65,671,729.97
wasdisbursed and $1,095,770.92was repaid

32

REPORT OF T H E

TABLE 6.-Amount

RECONSTRUCTION

FINANCE

CORPORATION

%

outstanding from

authorizations, disbursements, repayments and amounts
eb. 8, 1932, to Dec. 31, 1933, inclusive, by months and

classes—Continued

#.AND

A M O U N T S M A D E AVAILABLE FO R

W O RK

R E L I E F , SEC. 1 T I T L E I –

ontinu

Amount out

Amoun t author

Month

A m o u n t di s
bursed

ized

A mou nt repaid

standing:
increase for the

period

$49,435,416.00 || $40,179,570.14
48, 187,271.00
29,650,979.00

-

-

-

127,273,666.00

121,407,139.85

48,973,962.78
11,259,498.00

41,367,124.59
52,438,197. 16
3,360,345.08

$334,900.00
131,245.00

41,367,124.59
52, 103,297. 16
3,229, 100.08

97, 165,666.83

466,145.00

96,699, 521.83

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

60,233,460.78

-

-

-

-

$40,179,570.14
39,408, 511.25
41,819,058.46

39,408,511.25
41,819,058.46 -

-

-

-

-

-

-

-

-

-

-

300,000,000.00

-

-

-

-

121,407, 139.85
-

-

-

-

1,298,448.05 -----------------146,702.18
326,440.00
177,500.00

-

-

-

-

-

-

-

-

-

-

-

-

-

1,298,448.05
1179,737.82
$177,500.00

1,445, 150.23

503,940.00

941,210.23

299,984,999.00

970,085.00

2.99,014.914.00

T O T A L , A C T A P P R O V E D M A R C H 9, 1933, A S A M E N D E D

$14,932,500.00

$12,750,000.00

$12,750,000.00

14,932, 500.00

12,750,000.00

12,750,000.00

7,600,000.00
16,697,500.00
8,188,000.00

7,582,500.00
5,150,000.00
17,985, 500.00

7,582,500.00
5, 150,000.00
17,980, 815.00

32,485,500.00

30,718,000.00

30,713,315.00

14,798,000.00
*3,471,000.00
*4,385,000.00

8,185,000.00
7,677, 500.00
3,776,000.00

8, 178,766.97
7,676,598.25
3,775,950.00

*22,654,000.00

19,638,500.00

19,631,315.22

30,965,000.00
90, 174,500.00
312, 589,600.00

2,990,000.00
44, 155,000.00
154,094, 716.67

2,957,265.63
44,045,089.75
154,091,607.26

433,729, 100.00

201,239, 716.67

145,754.03

201,093,962. 64

503,801, 100.00

264,346,216.67

157,623.81

264,188,592.86

R R e d ST OC K OF BA N KS A N D TR US T CO MPA NIE S
1933

March-------------------------

$1,250,000.00

$250,000.00 ------------------

$250,000.00

Total, firstquarter-------

1,250,000.00

250,000.00 ------------------

250,000.00

1,000,000.00
10,930,315.00
11,930,315.00

32,734.37
22,610.25
3,109.41

33,766.97
551,598.25
175,950.00
761,315,22
542,265.63
*22,610.25
826,490. 59

58,454.03
70,323.81

1,346,145.97
14,287,776. 19

-

October-----------------------------------------575,000.00
November
555,000.00 -----------------December---------------1,587, 100.00
829,600.00
Total, fourth quarter----Grand total.--------------

2,142, 100.00
17,218,600.00

1,404, 600.00

14,358, 100.00

*These figures have been adjusted on account ofrescissions.

* Revised.

* Decrease.

R E P O R T O F TEIE R E C O N S T R U C T I O N

FINANCE CORPORATION

33

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstanding from Feb. 8, 1988, to Dec. 31, 1983, inclusive, by months and
classes—Continued
SUBSCRIPTIONS F O R P R E F E R R E D S T O C K OF B A N K S A N D T R U S T C O M P A N I E S

Month

A m o u n t authorhorized 1

|| A m o uurnste di
dis-

Amountrepaid i*Standing;
n*
c º*the
period

1933

March-------------------------|

Total, third quarter------

-

$13,682,500.00

$12,500,000.00 ------------------

$12,500,000.00

13,682,500.00

12,500,000.00 ------------------

12,500,000.00

7,400,000.00
9,112,500.00
4,838,000.00

7,582,500.00
4,150,000.00
850,500.00

7,582,500.00
4,150,000.00
6,850,500.00

21,350,500.00

18,583,000.00

18,583,000.00

12,682,500.00
22,845,000.00
23,735,000.00

8,145,000.00
6,625,000.00
3,600,000.00

8,145,000.00
6,625,000.00
3,600,000.00

*19,262,500.00

18,370,000.00 ------------------

18,370,000.00

5,925,000.00
17,990,500.00
181,252, 100.00

2,415,000.00 -----------------4,115,000.00
$87,300.00
77,015, 116.67 ------------------

2,415,000.00
4,027,700.00
77,015, 116.67

Total, fourth quarter-----|

205,167,600.00

83, 545, 116.67

87,300.00

83,457,816.67

Grand total.--------------

259,463,100.00

132,998, 116.67

87,300.00

132,910,816.67

PURCHASES OF CAPITAL NOTES O R D E B E N T U RE S OF B AN K S A N D TR US T
COMPANIES

$200,000.00

71.625,000.00

40,040,000.00
76,250,000.00

129,750,400.00
226,419,400.00 ||

116,290,000.00 ------------------

116,290,000.00

227,119,400.00 ||

116,990,000.00 ------------------

116,990,000.00

T O T A L , A G R I C U L T U R A L A D J U S T M E N T A C T O F 1933 (T O S E C R E T A R Y O F
A G R I C U L T U R E T O A C Q U I R E C O T T O N , S EC. 5, T I T L E I)

3,300,000.00

Total, fourth quarter-----|------------------|------------------

3,300,000.00

Grand total.--------------

3,300,000.00 !-----------------

3,500,000.00

3,300,000.00

*These figures have been adjusted on account of rescissions.

*3,300,000.00
-

* Revised

* Decrease.

34

REPORT OF T H E

RECONSTRUCTION

FINANCE CORPORATION

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstanding from Feb. 2, 1932, to Dec. 31, 1933, inclusive, by months and
classes–Continued
TOTAL, E M E R G E N C Y F A R M M O R T G A G E A C T O F 1933 (DRAINAGE, LEVEE, A N D
I R R I G A T I O N D IS TR IC TS , SEC. 36, T I T L E II)
Amount out
A m o u n t auth or
ized 1

Month

A m o u n t d is

Am oun t repaid

bursed

standing;
increase for th e

period

October---November
December--

$2,308,239.21 -----------------------------------------------------2,132,773. 50 !----------------12,429,273.53
$2,413,955. 10
$2,413,955. 10
-

-

Total, fourth quarter-----

16,870,286. 24

2,413,955. 10 ||------------------

2,413,955. 10

Grand total.--------------

16,870,286. 24

2,413,955. 10 !------------------

2,413,955.10

T O T A L , A C T A P P R O V E D J U N E 10, 1933 ( L O A N S O N P R E F E R R E D S T O C K O F I N S U R A N C E
COMPANIES)

$4,375,000.00

$4,375,000.00".

$4,375,000.00

Total, fourth quarter-----

4,375,000.00

4,375,000.00 ------------------

4,375,000.00

G r a n d total.--------------

4,375,000.00

4,375,000.00 |------------------

4,375,000.00

1These figures have been adjusted on account of rescissions.

TABLE 7.-Number of borrowers and amounts of loans authorized under sec. 5 of the
Reconstruction Finance Corporation Act, as amended,1 Feb. 2, 1982, to Dec. 31,
1938, inclusive, by size of cities or towns
BANKS A N D TRUST COMPANIES
Borrowers
Population of cities or

º

Authorizations

w h i c h borrowers -

are locate
Number

Percent of

total

4,541

70.5

516
470
227
193
142
102
133
119

8.0
7.3
3.5

6,443

Amount

Percent
total of

12.6

2.2
1.6
2.1
1.8

$227,945, 101.88
80, 560,527. 11
127, 122,441.48
108,309, 116.76
213,799, 751.89
172,079,380.64
215,817,870. 74
350,749,338.72
309,685,642.33

100.0

1,806,069,171.55

100.0

3.0

4.5
7.0
6.0
11.8
9.5
12.0
19.4
17.2

R P O R A T I O N AC T, A S A M E N D E D 1
4,764

60.6

617
650
383
361
235
341
282
225

7.8
8.3
4.9
4.6
3.0
4.3
3.6
2.9

7,858

$247, 176,664.32
89,946,063. 28
153,986,130.55
135,803,312.13
254,925,811.83
208,251,873.86
313,492,494.36
498,832, 576.22
495,837,734.67

10.3
3.7
6.4
5.7
10.6
8.7
13.1
20.8
20.7

100.0 2,398,252,661.22

100.0

1Exclusive of railroads, regional agricultural credit corporations, Federal land banks, Federal interme
diate credit banks, processors or distributors who are subject to processing taxes, and State funds created
or the purpose of insuring repayment of deposits of public moneys.

REPORT OF T H E RECONSTRUCTION FINANCE CORPORATION

35

TABLE 8.—Names and compensation of directors, officers, and employees of the
Reconstruction, Finance Corporation receiving from the Corporation more than
$400 per month, as of Dec. 31, 1933
W A S H I N G T O N OFFICE

Title

Name

Basic salary per
Net mont
sal
in
ont h

per

Jones, Jesse H-------------------------Blaine, John J.
Couch, Harvey C
Merriam, C. B.----

$833

$708.33
708.33
708.33
708.33
708.33
972. 22
22
77
77
33
33
33
33
33
33
33
33
33
33
33
33
33
00
00
672. 93
658. 74
651.67

-

;

|

d
Assistant Chief, Agency Division----Assistant Chief Engineer--------------

- -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

- Assistant treasurer
-1 Chief auditor-------------------------mil-------------------------Levee and Irrigation

Cºnse.

-

v is io n .
- - - - - - - - - - - - - - - - - - - - - - -

Administrative Assistant, Bank Relations Section.

- - -

Assistant to the directors-------------- Assistant to the chairman-------------

- -

- - - -

- - -

- - - -

- - -

- -

Administrative Assistant, Agency

602.08
602.08
595.00
595.00
580.83

566.67
566.67

666.67
666. 67
666.67
666.67
666.67
666.67
666.67
625.00
625.00
625.00
625.00

566,67
566.67
566.67
566.67

566.67
566.67

566.67
531.25
531.25
531.25
531.25

Division.

Niemeyer, F. W------------------------ Special representative----------------Shannon, Ernest* I - - - - - do-------------------Gardner, Bu nk
C. J.----D

700.00
700.00
683.
666.67
666.67

602.08

-

- - - - - - - - -

-

i

637.50
637. 50
602.08
602.08

625.00
625.00
625.00
625.00
625.00
625.00
625.00
625.00
625.00
616.66
600.00
600.00

531.25
531.25
531.25

531.25
531.25
531.25
531.25
531.25
531.25
524. 16
510.00
510.00

95.83

36

R E P O R T O F TEIE R E C O N S T R U C T I O N

FINANCE

CORPORATION

TABLE 8.—Names and compensation of directors, officers, and employees of the
Reconstruction. Finance Corporation receiving from the Corporation more than
$400 per month, as of Dec. 31, 1933–Continued
W A S H I N G T O N O FF I CE –C o nt i nu ed

Name

Basic
salary per
Net msalary
per month
on th

Title

Allen, Ronald H------------------------ Assistant secretary---McCarthy, William G.
Assistant to Mr. TalleyParks, Thomas E--assistant, Agency Di-

Aºrative

$566.67

$481-67

566.67
566.67

481.57
481-67

566.67
558.33
541. 67
541. 67
541.67
541.67
441.67
541.67
541.67
541.67
541.67
541.67
541.67
541-67
541.67
541.67
541.67
533.33
525.00
516.67
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00

481.57
474-58
460-41
460-41

500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
491-67
491.67
475.00
466.67
458.33
458.33
458.33
458.33
458.33
458.33
458.33
458.33
458.33
450.00
450.00
450.00
416.67
416.67
416.67
416.67
416.67
416.67

425.00
525.00
425.00
425.00
425.00
425.00
425.00
425.00
425.00
425.00
425.00
425.00
425.00

vi s io n.

Rossman, Richard---------------------- Examiner----------------------------Unzicker, Willard E---Rowe, John A., Jr.--------

Hamilton, Claude E., Jr.---------------Augherton, George A.--------Coit, Gladding B----------------------Cloninger, C. W-----------------------Davis, Thomas H---------------------Fraser, J. A.---------------------------Greer, Frank H-----------------------Jones, Ralph 8------------------------Kiesling, Robert J---------------------Powell, Alexander H-------------------

W. 6...I.I.I.I.I.I.I.I.
Stoddard, Howard ji-I-I-III----------Stroud, W . E.----Toole, J. E.--------elly, Leo P---------Ward, Maxwell--Fort, James L---

Hobson, Alfred T----------------------Hays, R. B----------------------------

Hoeltzel, Lloyd C---------------------Kuehl, Frank W----------------------Smith, Elbert L-----------------------Everett, Ewing------------------------- C
Koplin, Alex--------------------------Wolford, Albert M---------------------

Dodds, Chauncey Y-------------------Irrigation Division.
Swift, W . E.---------------------------- Chief Engineer------------------Roper, James H.
Supervising Engineer----------------Young, R.
Chief, Recording Section-------------Farrell, Edward. A
Supervising accountant--------------Rickey, Frank---Field representative------------------O'Neal,
Henry, John L.
Armistead, Robert P
- - - - -

#assett, Albert E...I.I.I.I.I.I.
Berrett, R. W-------------------Boothe, Gardner L.,
Broyles, R. P------------Byrns, Miles J.----------Johnson, W . J.-----------LaFever, Dwight Y-------------------McCartney, Morton
Moore, Milton K----------------------O'Bleness, E. J.----------------Ronan, Frank T---------------Seabury, R. M----------------Sullivan, William W.
Wuerth, H.
L----------------Howell, David J.-----------------Miller, David-------------------Shields, Leighton----------------------Byrd, Percy---------------------------Satterfield, W . R.----------------------- C
Dickinson, R. G-----------------------Gelbach, Loring L---------------------Griffin, Charles N.---------------------Howard, Ernest B---------------Lawrence, Donald E
Stewart, Adelbert T-------------Wadden, Thom as A-------------Webb, George T---------Kannee, Henry M--------

Aroore, HiltonM.III.
Luther, Forrest-------

Fletcher.Lloyd-

Russell, Lewis C----Bennett, Andrew W-------------------Glueck, Nathan H--Henry, Heber-------------------------Sheridan, Bernard L.--------

-

- - - - - - - - - - -

460.41
460-41
450.41
460-41
460-41
450.41
640.41
450.41
460-41
450.41
450.41
450.41
450.41
453-33
448-24
439.17
425.00
425.00
425.00
425.00
425.00
425.00
425.00
425.00
425.00

425.00
425.00
425.00
425.00
425.00
425.00
425.00

425.00
425.00

417.92
417.92
403.74
396.67

389.58
389-58

389.58
389.58
389.58
389-58
389.58
389-58
380.58

382.50
382.50

382.50
354.17
354.17
354.17

354.17
354.17
354.17

REPORT OF T H E REC ONSTR UCTI ON FI NA N CE CORPORATION

37

TABLE 8–Names and compensation of directors, officers, and employees of the
Reconstruction Finance Corporation receiving from the Corporation more than
$400 per month, as of Dec. 31, 1933–Continued
W A S H I N G T O N O FF ICE –C on ti nue d

Name

Title

i .

Basic
salary Net
per month
per sal

Tracy, Frank
Harrington, John Lyle
Coleman, John F.

$416.67

$354.17

416.67
416.67
416.67
416.67
416.67
416.67
416.67
416.67
416.67
416.67
416.67
416.67
416.67
416.67
416.67
416.67
416.67
416.67
416.67
416.67
416.67
416.67
416.67
416.67

354.17
354.17
354.17
354.17
354.17
354.17
354.17
354.17
354.17
354.17
354.17
354.17
354.17
354.17
354.17
354.17
354.17
354.17
354.17
354.17
354.17
354.17
354.17
354.17

416.67
§
2)

354.17
(l
(

$625.00

$531.25

416.67

354.17

L O A N A G E N C I E S (8)

Atlanta, Ga.:
Bergstrom, A. M------------------- Manager-----------------------------Chadwell, W.A.-----------*--------- Assistant manager-------------------Birmingham, Ala.:
Cottingham, T. J.------------------- Manager-----------------------------Boston, Mass.:
Osgood, Edward H----------------- -----do--------------------------------Vose,
to
Assistant managerHagerty, John J.-o
Scott, W.
Charlotte, N.C.:
Campbell, John A., Jr.-------------- Manager-----------------------------Chicago, Ill.:
Gallagher, F. D.--------------------|-----do--------------------------------Zeiss, Carl HAttorney---------Ernst, D. W- Chief, closed banks.-Walker, Lee-Attorney---------Best, James M---------------------|-----do----------Beutel, Clarence A Special assistant--Black, Craig O.----Examiner------Gregson, William F----------------|-----do----------Hoel, M . O.------Attorney-------Mudgett, C. F--Examiner----------Townsend, Bruce--Field representativeAnderson, George SExaminer----------Murchison, Frank M---------------|-----do------------Walters, Harold S------------------| Attorney-----------Achor, L. B------------------------| Examiner----------Gill, Charles RKnight, H. B--Smith, James C.Standish, M . L.--- Office manager-------Touhy, Arthur--------------------- Examiner-----------------------------

600.00

510.00

833.33
625.00
500.00
416.67

708.33
531.25
425.00
354.17

450.00

382. 50

833.33
708.33
625.00
625.00
500.00
boo. 00
500.00
500.00
500.00
500.00
500.00
458.33
458.33
450.00
416.67
416.67
416.67
416.67
416.67
416.67

708.33
602.08
531.25
531.25
425.00
425.00
425, 00
425.00
425.00
425.00
425.00
389. 58
389. 58
382.50
354.17
354.17
354.17
354.17
354.17
354.17

1.A s member ofthe Engineers’ Advisory Board at rate of$32.50 per day, less 15 percent, when employed.
Compensation for October, basic $487.50, net $414.38; for November, basic $617.50, net $524.87; for D e c e m
ber, basic $357.50, net $303.88.
* A s member ofthe Engineers’ Advisory Board at rate of$32.50 per day, less15 percent, when
C o m
tion for October, basic $390.00, net $331.50; for November, basic, $390.00, net $331.50; for D e c e m
ber, basic $357.50, net $303.88.
* Except as herein indicated, attorneys handling legal matters ofthe various agencies of the corporation

*E.

do not receive salaries but are paid in the customary way according to the character and volume of the
work performed and therefore are not included.

38

REPORT OF T H E

RECONSTRUCTION

FINANCE CORPORATION

TABLE 8.—Names and compensation of directors, officers, and employees of the
Reconstruction Finance
orporation receiving from the Corporation more than
$400 per month, as of Dec. 31, 1938–Continued
L O A N A GENC IES-C onti nued

Name

Basic
salary Net
per month
per msalary
on th

Title
-

Cleveland, Ohio:
Callander, F. S
Davies, M . C__
Dallas, Tex.:
Andrews, Warren P---

$666.67

$566.67

416.67

354.17

700.00

595.00

833.33
500.00
416.67

708.33
425.00
354-17

500.00

425.00

500.00

425.00

833.33
666.67
500.00

708-33
565-67
425.00

500.00
500.00

425.00
425.00

416.67

354.17

500.00

425.00

Acting manager-------Special assistant----------------------

* 625.00
700.00

531.25
595.00

Manager-----------------------------Assistant manager--------------------

583.33
453. 33

495.
380. 58

Acting manager----------------------Assistant managerExaminer

683. 33
416.67
416.67

580. S3
354-17
354.17

833.33
833.33
791.67
666.67
500.00
458.33
458.33
416.67

777.77
708.33
672.90
566.67
425.00
389.58
389.58
354.17

Detroit,Mich.:

Fisher, CharlesT.,Jr.

Hewitt, Charles HBarber, Everett--Houston, Tex.:
Ford, R. F.---Jacksonville, Fla.:
Farwell, Fred H--Kansas City, Mo.:
Hodges, Frank-----Rice, Carl V------Tremble, George T----------------Little Rock, Ark.:
Jarrett, J. W----------------------- Manager-----------------------------Pettit, Clyde----------------------- Special counsel------------------------

LosAngeles,Calif:
Scroggs, Thomas
Louisville, ky.

C----------------- Assistant manager--------------------

Rash, Frank D--------------------Minneapolis, Minn.:
Chapman, Josºph
Barton, John W-------------------Nashville, Tenn.:
Gardenhire, J. M------------------Davis, Lee------------------------N e w Orleans, La.:
Buskie, George F------------------Robertson, Geo. W----------------Knight, M . J.----------------------N e w York, N.Y.:
Mahoney, Daniel J.----------------Cahill, William J.------------------Ahearn, Thos. J., Jr.---------------Smith, Frederick P----------------Sanford, Clarence R---------------Stevens, Harry I.------------------- - - - - - - - - - - - - - - - - -

T

Manager----------------------

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

, Young----------------------

Clarke, A. J., Jr.-------------------Oklahoma City, Okla.:
Eagen, J. C.-----------------------Omaha, Nebr.:
Daniel, Herbert S-----------------Philadelphia, Pa.:
Graham, Samuel, Jr.---------------Denworth, Hugh F----------------- Assistant manager-------------------Thompson, John M.-------Office attorney-----------------------Gretz, Arthur A-------------------- Examiner----------------------------Portland,
lade. E. F------------------------- Manager-----------------------------Shultz, Walter D------------------- Assistant to manager-----------------Richmond, Va.:
Combs, E. R.----------------------- Manager------------------------------

-

-

-

-

-

-

-

º;

450.00

382.50

500.00

425.00

833.33
708.33
500.00
441. 67

708.33
602-08
425.00
375.42

450.00
450.00

382.50
382.50

700.00

595.00

450.00

382.50

500.00

425.00

saltfºre & ty,Utah
Smith, Elias A---------------------|-----do--------------------------------San Antonio, Tex.:
Meerscheidt, Otto------------------|-----do--------------------------------San Francisco, Calif.:
alkins, A. A.---------------------McCullough, John S
Hossack, Harry F
St. Louis, Mo.:
Vardaman, James K., Jr.------------ Manager-----------------------------Kerr, R. D.------------------------- Assistant manager--------

-

-

-

-

-

-

-

-

-

-

-

600.00
416.67

(*)
833.33
500.00

510.00
354.17

(*)
708.33
425.00

*W h e n actually employed.

* Employed on per diem basisat$25per day less15percent. Compensation for October, basic rate $550,
less15percent,$467.50. Compensation forNovember, basicrate$525,less15percent,$446.25. Compensa.
tion for December, basic rate $500, less 15percent, $425.

REPORT OF TH E RECONSTRUCTION FINANCE CORPORATION

39

TABLE 9.—Statement of cash receipts and expenditures during the fourth quarter
Oct.1 to Dec. 31,1933, inclusive (Corporation's accounts withTreasurer ofUnited
States)
Cashbalanc
eatthecloseofbusinessSept.30,1933,asperthebooksofthetreasurerofthe
i on

$8,640,272.57

Add: Checks issued prior to Oct. 1,1933, canceled during October, 1933.
Deduct: Correctionsoferrorsreported to the treasurer ofthe Corporation
subsequent to Sept. 30, 1933
-

-

333. 41

Adjusted cash balance atthe closeofbusiness Sept. 30, 1933.---------

8,640,605.08

Receipts:
Sale of notes-------------------------------------------------Repayments of loans:
T o banks and trust companies (including re
ceivers)----------------------------------------- $97,278,351.94
To credit unions---------------------------------47,443. 17
T o building and loan associations----------------- 10,740,969.02
T o insurance companies--------------------------- 7,942,675.27
T o joint-stock land banks------------------------423,465.60
T o livestock credit corporations------------------1,030,244.43
T o mortgage loan companies---------------------- 7,903,399.41
T o regional agricultural credit corporations-------- 45,195,645.69
T o other agricultural credit corporations----------768, 587.80
T o railroads (including receivers)------------------ 6,442,741.15
For self-liquidating projects under Sec. 201—a (bonds
13,500.00
paid, par
For repair or reconstruction of property damaged
by earthquake, etc.-----------------------------52,850.00

;

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

For financingsaleofagriculturalsurplusesinforeign
markets-----------------------------------------

191,676.88

To institutions undersec.201-d:
Commodity credit corporationOther--------------------T o Secretary of Agricu
ment Act)-------------Secured by preferred stock banks and trust c o m
panies------------------------------------------T o State funds for insurance of deposits of public

1,095,770.92
418,555.80
3,300,000.00

moneys-----------------------------------------

74,750.14

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

58,454.03
182,979,081.25
87,300.00
13,744,132.42
36,529.98

Preferred stock retirements
Interest and discount collected.----------------Accrued interest on series E 2%-percent notes.----Dividends collected on preferred stock purchased.-Reimbursable expense collected.----------------------------Repayments on advances for care and preservation of collateral
Collections on collateral to rediscounts.--------------------Collections on collateral purchased.-----------------------Capital reductions regional agricultural credit corporations-Refunds of expenses paid---------------------------------Unallocated-pending advices-----------------------

-

-

-

-

430, 395. 61

112, 528.68
94,671.78
115,511.34

Miscellaneous (includingamounts credited inerror)------------------

6,667,047. 55
209,725.63
936,803, 434.94

T945,444,040,92
Expenditures:
Loan disbursements:
T o banks and trust companies (including receivers)-------------- $136,421,936. 39
T o credit unions---------------------------------4,000.00
T o building and loan associations--------------1,818,is 75
To insurance companies------------------------T o Federal land banks-------------------------T o joint-stock land banks----------------------4,147,869.49
313,202.27
T o livestock credit corporations----------------T o mortgage loan companies
28,455,912.24
To
onal agricultural credit corporations-------7,557,736. 16
T o other
credit corporations---------253,084. 14
11,
156.98
T o railroads----------------------------------------------To
or distributors for payment of processing taxes
,333.69
5,887,715.88
T o State funds for insurance of deposits ofpublic moneys-------For self-liquidating projects under sec. 201—a (bonds and notes
14, 136,283.43
purchased, par $14,319,200)-------------------------------------

ºfficultural

*

§ .

-

For repair or reconstruction of property damaged by earthquake,
etc.

For financing sale ofagricultural surpluses in foreign markets-----T o institutions under sec. 201-d:
credit corporation

gººdity
t
er

T o drainage, levee, and irri

§

Secured by preferredstock
and trust comp
Secured by preferred stock insurance companies-----

844,613.27
3,400,064. 11
65,671,729.97
1,344,940. 13
2,413,955.10
1,404,600.00

4,375,000.00

Reliefgrants (1933act)-----------------------------------------------)
Payments of subscriptions to capital regional agricultural credit corporations (in
cr ea ses

Purchases ofcapital notes and debentures, banks and trust companies--

º

of preferred stock banks and trust companies-----------------------------to Secretary of the Treasury (for purchase of stock of Federal home loan

116,290,000.00
83, 545, 116.67
18,375,700.00

40

REPORT OF T H E

RECONSTRUCTION

FINANCE

CORPORATION

TABLE 9.—Statement of cash receipts and expenditures during the fourth quarter
Oct.1 to Dec. 31, 1933, inclusive (Corparation's accounts with Treasurer of United
States)—Continued
Expenditures—Continued.
Payments to Secretary of the Treasury (for purchase of stock of H o m e Owners' Loan
rporation).----------------------------------------------------------------------- $17,000,000.00
Payments to
d Bank Commissioner---------------------- 72,000,000.00
Payments to Governor of Farm Credit Administration
40,500,000.00
Advances for expenses, regional agricultural credit corporations (under Farm Credit
Administration).------------------------------------------------------------------1,348, 500.00
Advances for expenses, Federal Emergency Relief Administration.-111,622.71
Advances for care and preservation of collateral-------------------------------------345,573.91
Refund ofinterestoverpayments-----------48,974. 57
Release of cash collateral to rediscounts---------------------------------------------95,997.00
Interest on cash collateral to rediscounts -----------------------------1,740. 60
Discount rebates and refund of unearned discount
166,671. 53
Release offunds heldin suspense----------------------------------------573,761.80
Interest on notes--------------------------------------------------------------------- 29,714, 520. 55
Accrued interest on capital notes purchased (banks and trust c o m
panies)------------------------------------------------------------$14,367. 13
Accrued interest on bonds purchased (self-liquidating projects)-----153,258.64
Additions to pettycash funds---------------------------------------3,700.00
Furniture and fixtures----------------------------------------------53,935. 70
Expense, general----------------------------------------------------774, 166.30
Expense, loan agency-----------------------------------------------906,662.85
Expense, custodian-------------------------------------------------453,949.45
Reimbursable
186,270.44
-

-

-

-

-

*†.-----------------------------------------------

Miscellaneous (including refunds and adjustments for amounts
credited in error)--------------------------------------------------—

210,573.11
938,787,765. 22

Cash balance at the close of business Dec. 31, 1933----------------------------------

6,656,275. 70

NOTE.-In addition tofunds on deposit with theTreasurer ofthe United States, custodian banks held in
suspense funds which amounted to $2,934,385.45 at the close of business Sept. 30, 1933, and $5,056,007.01 at

theclose ofbusiness Dec. 31, 1933.

TABLE 10.-Statement of cash receipts and expenditures ofthe corporation Jan. 1
§ Dec. 31, 1983, inclusive (corporation's accounts with Treasurer of United
tates)

Cash balance at the closeofbusiness Dec. 31, 1932,as per the books ofthe treasurer ofthe
Corporation--------------------------------------------------------------------------Receipts:
Sale of notes------------------------------------------------------- $1,641,299,666.67
Repayments ofloans:
T o banks and trust companies (including re
ceivers)------------------------------------- $454, 139,508.69
T o credit unions--------------57,551.20
To buildingand loanassociations- 36,263, 582.59
To insurance companies---------------- 20,045, 135.29
T o Federal intermediate credit banks.--9,242,975.63
T o joint-stockland banks---------744, 537.17
To livestock credit corporations-6,081,544.24
To mortgage loan companies------------------ 24, 186,144.90
-

-

-

To regional agricultural credit corporations---- 124,196,818.67

º

T o other
credit corporations-----T o railroads (including receivers)-------------

2,412,027.46
45,175,073.89

For self-liquidating projects under sec. 201—a
(bonds paid, par $60,500)--------------------

60,500.00

Forrepairorreconstructionofproperydamaged
by earthquake, etc.--------------------------

91,675.00

For financing sale of agricultural surpluses in
foreign markets----------------------------T o institutions under sec. 201—d:

247,534.37

Commodity credit corporation------------

1,095,770.92
2,162,179.83

Other-------------------------------------

To Secretary of Agriculture (Agricultural A d
justment Act)-------------------------------

3,300,000.00

Secured by preferred stock, banks and trust
companies----------------------------------

70,323.81

To Statefunds forinsurance ofdepositsofpub
lic moneys----------------------------------

74,750.14

—
Preferred stock retirments

-

-

-

-

-

Reliefdisbursements (1932act) repaid----------------------------Interest and discount collected.------------------------------------

Accrued intereston series E.2%-percent notes.-------------------Dividends collectedon preferred stock purchased.-Reimbursable expense collected.-----------------------------------

§ º . on advances for care and preservation of collateral.--Collections on collateral to rediscounts.--------------------------Collections on collateral purchased.--------------------------------

Funds ofregional agricultural credit corporations------------------

Return of

#.

cash----------------------------------------------

729, 647,633.80
87,300.00
970,085.00
48,111,702.16
36,529.98
448,451.16

310,897.82
286, 136.35
562,596.53
217,562.36
10,800,000.00
250.00

Return ofdeposits with bids forpurchase of bonds (self-liquidating
Projects)--------------------------------------------------------

130,820.00

$7,927,927. 23

REPORT

OF T H E

RECONSTRUCTION

FINANCE

CORPORATION

41

TABLE 10.-Statement of cash receipts and expenditures of the corporation Jan. 1
to Dec. 31, 1933, inclusive (corporation's accounts with Treasurer of United
States)—Continued
Receipts—Continued.
Capital reductions regional agricultural credit corporations-------R
ds of expenses paid--------------------------------Funds received from Secretary of AgricultureUnallocated,
advices------------------------------------Miscellaneous (including amounts credited in error and remittances
not collected)--------------------------------------------------—

P.;

$13,300,000.00
43, 564.64
5,000,000.00
18,683,257.31
1,158,735.03

Total.---------------------------------------------------------------------------

Expenditures:
Loan disbursements:
T o banks and trust companies (including receivers)----------T o credit unions---------------------------------------------T o building and loan associations----------------------------T o insurance companies--------------------------------------T o Federal land banks----------------------------------------

T o Federal intermediate credit banks.------------------------T o joint-stock land banks------------------------------------T o livestock credit corporations------------------------------T o mortgage loan companies---------------------------------To
onal agricultural credit corporations.
T o other agricultural credit corporations
receivers)----T o railroa
T o processors or distributors forpayme
g
T o State funds for insurance of deposits of public moneys----For self-liquidating projects under Sec. 201—a (bonds and notes
purchased, par $45,797,700)---------------------------------For repair or reconstruction of property damaged by earth
quake, etc.--------------------------------------------------For financing sale of agricultural surpluses in foreign markets-T o institutions undersec. 201-d:
Commodity credit corporation---------------------------Other-----------------------------------------------------

§

-

-

-

-

To drainage, leveeand irrigationdistricts--------------------Secured by preferred stock banks and trust companies-------Secured by preferred stock insurance companies--------------T o Secretary of Agriculture (Agricultural Adjustment Act) ---

578,707,448.61
138,789.41
19,187,440.08
19,644,414.60
123,618,000.00
9,242,342.72
12,420,274.14
758,329.44
126,040,390.39
145,143,392.99
1,729,011.24
109,782,987.01
7,333.69
5,887,715.88
45,086.539.62
2,760,985.88
7,142,728.38
65,671,729.97
4,331,206.33
2,413,955. 10
14,358, 100.00
4,375,000.00
3,300,000.00

Relief disbursements (1932 act)
Relief grants (1933 act)
Payments ofsubscriptions to capital of regional agricultural credit corporations----Payments ofsubscriptions to capital of regional agricultural credit corporations (in
creases)-----------------------------------------------------------------Purchases of capital notes and debentures banks and trust companies-Purchases of preferred stock banks and trust companies---------------Payments to Secretary of Agriculture----------------------------------------------to Secretary of the Treasury (for purchase of stock of Federal home loan
-

$2,471,095,188.81
2,479,023,116.04

-

-

-

F º

1,301,748. 115.48
220,017,956.91
314,960, 940.87
,300,000.00
10,500,000.00

-

000.00
.67
000.00

74,925,700.00

the Treasury ( o
orporation).----------------------

-

Payments to fland Bank Commission

-

Payments to Governor of Farm Credit A d m
Withdrawal by regional agricultural credit corporations of funds held for th
Advances for expenses regional agricultural credit corporations (under Farm Credit
Administration).-----------------------------------------------------------------Advances for expenses Federal Emergency Relief Administration
Advances for care and preservation of collateral-----------------Re und of interest overpayments----------------------------Release of cash collateral to rediscountsInterest on cash collateral to rediscounts----------Discount rebates and refund of unearned discount----------Release of funds held in suspense----------------------------Interest on suspended credits, mortgage loans
Interest on notes--------------------------------------------------------Accrued interest on capital notes purchased (banks and trust companies)
Accrued interest on bonds purchased (self-liquidating projects)----------Accrued interest on notes purchased (mortage
Company)-----Deposits with bids for purchase of bonds (self-liquidating projects) Additions to petty cash funds-----------------------------------Petty cash funds Federal Emergency
Furniture and fixtures--------------------------------------Expense, general--------------------------------------------Expense, loan agencyExpense, cus
-

-

-

-

-

-

-

-

-

Expense, region agriculturalcred

Reimbursable expense--------------------Miscellaneous (including refunds and adju
and remittances not collected)----------------------------------------------------

Cash balance at the close of business Dec. 31, 1933---------------------------------

19,000,000.00
82,600,000.00
,500,000.00
27,300,000.00
3,408,039.73
201,558.62
811,073. 40
241,420.06
289,212.86
4,051.63
364,494.98
1,333,325.67
26.09

46,474,726.07
14,367. 13
469,447.35
4,882.19
104,200.00
2,975.00
200.00

181,151.83
2,907,448.62
2,788,696.38
1,705,010.93
2,231,258. 16
877,263. 51
1,111, 180.20
2,472,366,840.34
6,656,275. 70

NotE.-In addition to funds on deposit with the Treasurer of the United States, custodian banks held in

suspense funds which amounted to$1,464,285.96at the close of business Dec. 31, 1932, and $5,056,007.01at
the close of business Dec. 31, 1933.

42

REPORT OF T H E

RECONSTRUCTION

FINANCE

CORPORATION

TABLE 11.-Statement of cash receipts and expenditures of the Corporation Feb. ?

1982, to Dec. 31, 1938, inclusive (Corporation's accounts with Treasurer of United
States)

Receipts:
Sale of capital stock------------------------Sale of notes--Repayments of loans:

$500,000,000.00
2,451,299,666.67

-

To banks and trust companies (including
receivers)----------------------------------- $718, 113,410.50
To credit unions-----------------------------66,389.20
T o building and loan associations------------- 46,813,134.66
T o insurance companies----------------------- 25,747,466.86
T o Federal intermediate credit banks--------9,242,975.63
T o joint-stockland banks--------------------807,081.49
T o livestock credit corporations--------------- 10,143,803.06
T o mortgage loan companies------------------ 35,518,359.66
T o regional agricultural credit corporations---- 124, 197,480.04
T o other agricultural credit corporations-----3,494,337.86
T o railroads (including receivers)------------- 57,014,636.60
For self-liquidating projects under sec. 201—a
(bonds paid, par $60,500)-------------------60,500.00
For repair or reconstruction of property d a m
aged by earthquake, etc.--------------------91,675.00

For financing sale of agricultural surpluses
in foreign markets--------------------------T o institutions under sec. 201-d:
Commodity Credit Corporation----------Other------------------------------------T o Secretary of Agriculture (Agricultural A d
justment Act)-------------------------------

247,534.37
1,095,770.92
2,277,636.78
3,300,000.00

Secured by preferred stock, banks and trust
companies.---------------------------------T o State funds for insurance of deposits of
public moneys-----------------------------—
Preferred stock retirements-Relief disbursements (1932 ac
Interest and discount collected.-------------Accrued interest on Series E.244 percent notes---

70,323.81
74,750.14
1,038,377,266.58
87,300.00
970,085.00
71,237,489. 29
36,529.98
448,451.16
389,521.65
286, 136.35
663,717. 96
217, 562.36
36,800,000.00

Dividends collectedon preferredstock purchased
Reimbursable expense collected.----------------Repayments on advancesforcareand preservationofcollatera
-

-

-

-

-

Collections on collateral to rediscounts
Collections on collateral purchased.--

Funds ofregionalagriculturalcredit
Return of petty cas

300.00

Return ofdepositswith bids for purchase of bonds (self-liquidating
projects)-------------------------------------------------------reductions, regional agricultural credit corporations--------

§ :

Refunds ofexpenses paid-----------------------------------------Funds received from Secretary of Agriculture--------------------Unallocated, pending advices-------------------------------------

130,820.00
13,300,000.00
43,564.64
20,000,000.00
8,980,660.67

Miscellaneous (including amounts credited in error and remit
tances not collected)--------------------------------------------1,342,155.02
—
$4,144,611, 227.83
Expenditures:
Loan disbursements:
T o banks and trust companies (including receivers)---------- 1,429,462,826.27
578,887. 41
T o credit unions-----------------------------------T o building and loan associations------------------113,050,554.75
T o insurance companies------------- - - - - - - - - - - - - 87,682,033.52
To Federal land banks---------------------------142, 118,000.00
T o Federal intermediate credit banks------------9,242,342.72
T o joint-stock land banks--------------------------14,948, 119.76
T o livestock credit corporations----------------------12,568,733.05
T o mortgage loan companies-------------------------214,463,410.78
T o regional agricultural credit corporations-----------150,277,860.41
T o other
credit corporations---------------5,185,638. 57
T o railroads (including receivers)----------------------------394,094, 258.49
T o processors or distributors for payment of processing taxes-7,333. 69
To Statefunds for insurance ofdeposits ofpublic moneys---5,887,715.88
For self-liquidating projects under sec. 201—a (bonds and notes
urchased, par $61,574,700)--------------------------------60,842,423.77
-

-

-

-

-

-

-

-

*:::.

-

-

-

For repair or reconstruction of property damaged by earth
quake, etc.--------------------------------------------------

For financingsaleofagriculturalsurplusesinforeignmarkets--

T o institutions under sec. 201—d:
Commodity credit corporation--------------------------9thor-----------------------------------------------

To drainage, levee,and irrigationdistricts--------------Secured by preferredstock banks and trustcompaniesSecured by preferred stockinsurance compani

To Secretaryofagriculture(Agricultural Adjustment Act).I.

2,760,985.88
7,142,728.38
65,671. 729.97

5,771, 180.42
2,413,955, 10
14,358, 100.00
4,375,000.00

3,300,000.00

2,746,203,818.82
299,984, 999.00
314,960, 940.87
Payments ofsubscriptions to capital ofregional agricultural credit corporations---47,300,000.00
Relief disbursements (1932 act)
Relief grants (1933 act)--------------------------------------------------------

- - -

---

REPORT OF T H E

RECONSTRUCTION

FINANCE

CORPORATION

43

TABLE 11.-Statement ofcash receipts and expenditures ofthe Corporation Feb. 2
1932, to Dec. 31, 1983, inclusive(Corporation's accounts with Treasurer of nited
States)—Continued.
Expenditures–Continued.

Payments of subscriptions to capital of regional agricultural credit corporations
(increases)----------------------------------------------------------------------Purchases of capital notes and debentures, banks and trust companies-Purchases of preferred stock, banks and trust companies-------------Payments to Secretary of Agriculture-----------------------Payments to Secretary of the Treasury (for purchase of Stock of Federal h o m
loan banks)---------------------------------------------------------------------Payments to Secretary ofthe Treasury (forpurchase ofstock of H o m e Owners' Loan
Corporation).--------------------------------------------------------------------Payments to Land Bank Commissioner-------------------Payments to Governor of Farm Credit Administration--------------------Withdrawal by regional agricultural credit corporations offunds held for them----Advances for expenses, regional agricultural credit corporations (under Farm Credit
Administration).-----------------------Advances for expenses, Federal Emergency Relief Administration.-----------------Advances for care and preservation of collateral.----------------------- $813,914. 53
Re und of interest overpayments-------------------------------------- 251, 176. 51
Release of cash collateral to rediscounts-------------------------------- 346,007.99
Interest on cash collateral to rediscounts-------Discount rebates and refund of unearned discount--------------------Release of funds held in suspense-------------------------------------Interest on suspended credits, mortgage loans
Interest on notes------------------------------------------------------54,
Accrued interest on capital notes purchased (banks and trust c o m
panies)-------------------------------------------------------------14,367. 13
Accrued interest on bonds and county notes received in connection with
relief disbursements (1932 act)--------------------------------------Accrued interest on bonds purchased (self-liquidating projects).
Accrued interest on notes purchased
loan company)-------Deposits with bids for purchase of bonds (self-liquidating projects)---- 130,820.00
Petty cash funds-----------------------------------------------------Petty cash funds Federal Emergency Relief Administration
-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

§ §

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

$10,500,000.00
116,990, 000.00
132,998, 116.67
135,000,000.00

-

75,745,700.00
19,000,000.00
82,600,000.00
40,500,000.00
36,800,000.00
3,408,039.73
201,558.62

-

-

-

Furniture a n d fixtures------------------------------------------------

Expense, general------Expense, loan agency
Expense, custodian---------------------------------------Expense,
onal agricultural credit corporations
Reimbursable expense------------------------------------------------- 1,074,698
Miscellaneous (including refunds and adjustments for amounts credited
in error and remittances not collected)------------------------------- 1,263,396.22
-

-

4,137,954,951.63
Cash balance at the close of business Dec. 31, 1933------------------

6,656,275. 70

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

. NotE.—In addition to funds on deposityith the Treasurer ofthe United States, custodian banks held
insuspensefunds which amounted to$5,056,007.01 at the closeofbusiness Dec. 31, 1933.

TABLE 12.-Statement of condition of the Corporation as of the close of business
Dec. 31, 1933
Assets

Cash on deposit with Treasurer ofUnited States---------------------------------------Funds held in suspense by custodian banks--Petty cash funds--------------------------Gold------------------------------------------------------------------------------------

$6,656,275.70
5,056,007. 01
9,125.00
78,833,860.73

Allocated for expenses regional agricultural credit corporations (under Farm Credit
Administration).-----------------------------------------------------------------------

Allocatedfor Federal Emergency ReliefAdministration (1933reliefact)

Allº!
to Secretary of Treasury"-------------------------------------Id
0.* ----------------- -------------

5,260,000.00
000,000.00

§ §

-

-

Allocated to Land Bank Commissioner-------------------------------------------------

ISec.2ofthe Reconstruction Finance Corporation Act,asamended by the FederalHome Loan BankAct
providesthat “in ordertoenablethe Secretary of the Treasury to make payments upon stock of Federa
Home Loan Banks subscribed forby him in accordance with the Federal Home, Loan Bank Act, the
sum of$125,000,000orsomuch thereofas may be necessary forsuch purpose, ishereby allocated and made
availableto the SecretaryoftheTreasury out ofthe º
ofthe Corporationand/orthe
of notes,
debentures, bonds, and other obligations issued by the Corporation”. The amount of such stock sub
scribedfor by the Secretary ofthe # . is$124,741,000.
*Sec. 4-b ofthe Home Owners' Loan Act of 1933, provides that “the Board (Federal Home Loan Bank
Board) shall determine the minimum amount ofcapital stock of the Corporation (Home Owners' Loan
Corporation) and isauthorized toincreasesuch capitalstockfrom time totime insuchamounts as may be
t
º : nottoexceedintheaggregate$200,000,000. Suchstockshallbesubscribedforbyt
heSecre:
tary ofthe Treasury on behalfofthe United States, and payments forsuch subscriptionss
be subject
to call in whole or in part by the Board and shall be made atsuch timeor timesastheSecretaryofthe

Pººl;

Treasury deemsadvisable. * * * InordertoenabletheSecretaryoftheTreasurytomake suchpay:
mentswhen called,the Reconstruction Finance Corporationis authorized and directed toallocateand
make
a,andf
ilablet
otheSecrposet
etaryo
ftheTreasurythe
of$
0s
,,o
000rot
,orso
much,t
hg
ea
rt
ei
oo
fnsawhich
s maythe
be
necessa
av
ry
orsuchpur
heamounto
fnotes,bsum
onds,d
eb2
e0
n0t,u0r0e
hersucho
bli
tion Finance Corporation is authorized and empowered under sec.9 of the Reconstruction
Finance Corporation Act, as amended, to have outstanding at any time, is hereby increased by such

º :

asmay be necessary.” The amount ofsuch stocksu

s $200,000,000.

bed forby the SecretaryoftheTreasury

44

REPORT OF T H E REC ONSTR UCTI ON FI N AN CE CORPORATION

TABLE 12.-Statement of condition ofthe Corporation as of the close of business
Dec. 31, 1983—Continued
ASSETS-Continued

anº

to Secretary of Agriculture”----------------------------------- $200,000,000.00

Reallocated as capital regional agricultural credit
corporations--------------------------------------- 44,500,000
Reallocated to Governor of Farm Credit Adminis
tration-------------------------------------------Capital regional agricultural credit corporations
Allocated to Governor Farm Credit Administration------------------------------------Loans under sec. 5:
Proceeds disbursed (lessrepayments):
Banks and trustcompanies'---------------------------------------- 711,424,601.75
Credit unions----------------------------------512,498.21
Building and loan associations------------------ 66,237,420.09
Insurance companies---------------------------- 60,929,566.66
Federal land banks-------------------------------- 142,118,000.00
Joint-stock land banks---------------------------- 14, 141,038.27
Livestock credit corporations---------------------2,424,929.99
Mortgage loan companies-----177,845,334.80
Regional agricultural credit corporations
29,885, 148.26
Other agricultural credit corporations
1,691,300.71
Railroads (including receivers)---337,079,621.89
Processors or distributors for p a y m
of
ocessing
7,333.69
State funds forinsurance ofdeposits ofpublicmoneys
5,812,965. 74

000.00
000.00

40, 500,000.00

-

-

-

-

-

-

º
-

-

-

-

-

-

-

-

-

-

-

1,550, 109,760.06
Proceeds not yet disbursed:
Banks and trust companies'-----------------------------------Building and loan associations-------------------Insurance companies-----------------------------Federal land banks---------------------------------Joint-stock land banks-----------------------------Livestock credit corporations------------------------

167,333,774.43
039,539,56
7,145,607.68
24,700,000.00
3,803,753.18
309,297.73
Mortgage loan companies------------------------103,100,882.27
Regional agriculturalcredit corporations
2,633,783.04
Other agricultural credit corporations--77,225.90
Railroads (including receivers)-------------------------13,667,887.45
Processors or distributors for payment of processing taxes-------17,114.14
-

325,828,865.38

Loans and contractsfor self-liquidatingprojects, sec.201—a:
Proceeds disbursed (lessrepayments) (by purchase of bonds, certificates, and notes,
par $61,514,200)------------------------------------------------

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceedsnotyetdisbursed(contracts,bonds,certificates,and notes,par$145,474,750).
Loans forrepairorreconstruction ofproperty damaged by earthquake, etc.:

§:

Proceeds disbursed (lessrepayments)------------------------------Proceeds not yet disbursed.----------------------------------------------

-

-

60,781,923.77

145,058,452.94
2,669,310.88
7,689,014. 12

Loans under sec.201-c, forfinancingsale ofagricultural surpluses inforeign markets:

Proceeds disbursed (less repayments)----------------------------------------------Proceeds not yet disbursed.---------------------------------------------------------Loans to institutions under sec. 201—d:
Proceeds disbursed (less repayments)----------------------------------------------Proceeds not yet disbursed.---------------------------------Loans to drainage, levee, and irrigation districts
roceeds disbursed

68,069,502. 69
-

93
10
14
00

Proceeds not yet disbursed
Loans secured by preferred stock insuran
Loans secured b
Pr
Pr

6,895,194.01
45,737,814.42

9
not

Relief authorizati
s

Preferred stock banks and trust companies:
Purchased (less retirements)
Subscriptions authorized------------------------------------------------------------

132,910,816.67
123,924,983.83

Capital notesand debentures, banks and trustcompanies:
Purchased.------------------------------Subscriptions authorized

116,990,000.00
110, 194,400.00

Advances for careand preservation ofcollateral
Proceeds disbursed (less repayments)---Proceeds not yet disbursed.-----------------

-

-

Collateralpurchased (costless proceeds ofliquidation)

527,778. 18
57,964.58
1,888,437.64

*Sec. 2 of the Reconstruction Finance Corporation Act as amended made available to the Secretary of
Agriculture $200,000,000. Of this amount $135,000,000 was paid to him of which $20,000,000 was returned
to the Corporation. Of the $85,000,000 difference $44,500,000was reallocated and disbursed as capital of the

regional agricultural credit corporations (sec.201 (e),Emergency. Reliefand Construction Act of 1932).
The remainder, $40,500,000, was made available and has been paid to the Governor of the Farm Credit

Administration, pursuant tothe provisionsofsec.5(a)(1) ofthe Farm Credit Act of1933.
*Loans under sec.5ofthe Reconstruction Finance Corporation Act toaidinthe reorganizationor liqui
dation ofclosed banks have been authorized in the aggregate amount of$515,369,485.55ofwhich $25,183,692.27
has been canceled. After taking into consideration repayments of $89,296,340.58 items (4) of the balance
sheet include the balance of$248,473,705.24representing proceeds disbursed (less repayments) and $152,415,
747.46 representing proceeds not yet disbursed.

REPORT OF THE RECONSTRUCTION FINANCE CORPORATION

45.

TABLE 12.-Statement of condition of the Corporation as of the close of business
Dec. 31, 1983—Continued
ASSEts—Continued
Accrued interestreceivable--------------------------------------------------------------

Discount on notes, series Feb. 1,1934
Reimbursable expense-------------Furniture and fixtures------------------------------------------------------ $506,931.00
Less allowances for depreciation----------------------------------------- 98,782.21
408, 148.79

-

Total------------------------------------------------------------------------------ 4,836,306,860. 53.
LLABILITIES A N D CAPITAL

Payableon certificateofFederal Emergency ReliefAdministration (1933reliefact)------ $184,837, 332.76
48,995,300.00
Payableto Secretary oftheTreasury"---------------------------------------------

Do."-------------------------------------------------------------------------

-

--

ɺ. to Land Bank Commissioner---------------------------------------------------

181,000,000.00
217,400,000.00

Callable by Farm Credit Administration for expenses of regional agricultural credit
tions--------------------------------------------------------------------------

Liability for funds held as cash collateral-----------------------------------------------Proceeds not yet disbursed:
Loans under sec. 5------------------------------------------------------------------

Loans and contractsforself-liquidatingprojectssec.201-a--------------------------Loans forrepair or reconstruction of property damaged by earthquake, etc.--------Loans under sec. 201—c, forfinancing sale ofagricultural surpluses in foreign markets-Loans to institutions under sec. 201-d--------------Loans to drainage, levee, and irrigation districts------------- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Loans secured by preferredstockbanks and trust companiesRelief authorizations (1932 act)------------------------------------------------Advances for care and preservation of collateral------------------------------------Subscription authorizations:
Preferred stock banks and trust companies-------------------------------------Capital notes and debentures banks and trust companies-------Cash receipts not allocated pending advices-----------------------Miscellaneous liabilities (including suspense).--Liability for funds held pending adjustment
Unearned discount------------accrued.-------------------------------------------------------------------------

Deferred credits, income on collateral purchased.---------------------------------------Notes, series D, E, and series of Feb. 1, 1934-------------------------------------------Capital stock--------------------------------------------------------------------------Surplus Dec. 31, 1933--------------------------------------------------------------------

1,851,960.27
5,381,830.86
325,828,865.38
145,058,452.94
7,689,014. 12
45,737, 814.42
339,903,393.93
14,456,331.14
1,312,500.00
15,001.00
57,964.58
123,924,983.33
110,194,400.00
1,520,350.88
§,021,251.07
183.89.

345,743.93
637,170.97
47,628.81
4,819,727.98.
70,758. 11
2,530,025,854.04
500,000,000.00
39,173,046. 12

Total.----------------------------------------------------------------------------- 4,836,306,860. 53.
!See footnote 1 on p. 43.
*See footnote 2 on p. 43.
In addition to loans and other authorizations reflected on the statement of condition, the Corporation
of preferred stock, capital
has approved in principle loans in the amount of$185,671,035.43and

: i.º

§ .

ofbanks and trustcompanies intheamount of$327,586,850upon the performance of

conditions.

Thisstatement ofcondition doesnot take intoconsiderationexpendituresincurred but not paid by the
Corporation at the close ofbusiness Dec. 31, 1933, nor income ofregional agricultural credit corporations
whose capitalstock was subscribed by the Corporation.

O

!ºw 17 4:

73D Congress

}H O U S E

OF REPRESENTATIVES

2d Session

( DOCUMENT
No. 399

R E P O R T R E C O N S T R U C T I O N F I N A N C E CORP ORATIO N,
F E B R U A R Y 2, 1932, T O M A R C H 31, 1934, INCLUSIVE

LE TTE R F R O M T HE C H AI R M A N A N D ACTING SECRETARY OF T H E
RECONSTRUCTION
FINANCE
CORPORATION
TRANSMITTING

ITS R EP O RT COVE RING ITS OPERATIONS FOR T H E FIRST Q U A R
T E R OF 1934 A N D FOR T H E PERIOD F R O M T H E ORGANIZATION
O F T H E C O R P O R A T I O N O N F E B R U A R Y 2, 1932, T O M A R C H 31, 1934,
INCLUSIVE

JUNE 9, 1934.—Referred to the Committee on Banking and Currency and
ordered to be printed

REconSTRUCTION FINANCE CoRPoRATION,
Washington, June 7, 1984.
SIR: Pursuant to the provisions ofsection 15 of the Reconstruction
Finance Corporation Act, the Corporation has the honor to submit

its report coveringits operations for thefirst quarter of 1934, and for
the period from the organization of the Corporation on February 2,
1932, to March 31, 1934, inclusive.

During the first quarterof 1934, the Corporation authorized, under
section 5 ofthe Reconstruction Finance Corporation Act, as amended,
1,292 loans. These loans, together with increases during the quarter
in loanspreviously authorized, aggregated $233,034,394.35, as follows:
$150,620,756.31 to banks and trust companies (including $125,928,
476.87 to aid in the reorganization or liquidation of banks that are
closed or in process of liquidation); $161,606.85 to building and loan
associations; $1,642,000 to insurance companies; $34,167,745.56 to

mortgage loan companies; $31,500,000 to Federal land banks;
$83,894.35 to agricultural credit corporations; $14,154,603.38 (redis

counts) toregional agriculturalcredit corporations;$100,000 to alive
stock credit corporation; $600,000 to a railroad; and $3,787.90 to

processors or distributors who are subject to processing taxes, under
section 5 as amended by section 19 (c), title I, of the Agricultural
Adiustment Act of 1933.

uring the first quarter of 1934, the Corporation,under the Emer
gency Relief and Construction Act of 1932, as amended, authorized
19 loans aggregating$52,997,124.63, as follows: Under theprovisions
of section 201 (a), title II, a loan of $124.63 (represents increase due

toan accounting adjustmenton oneloanpreviouslyauthorized);under
the provisionsofsection201 (d),titleII,loans aggregating$52,997,000

2

REPORT

OF

T H E

RECONSTRUCTION

FINANCE

CORPORATION

to aid infinancing the carrying and orderly marketing of agricultural
commodities and livestock produced in the United States.
During thefirstquarterof1934, theCorporation, undersection304,
title III, ofthe act approved March 9, 1933, as amended, made 3,358
authorizations, asfollows: Loans secured by preferredstock of banks

and trust companies in the amount of$9,463,600; subscriptions for
preferred stock of banks and trust companies in the amount of
$274,417,600, and purchases of capital notes or debentures of banks

and trust companies in the amount of$152,785,400.
During thefirst quarterof 1934, under the provisionsofsection 36,
titleII, of the Emergency Farm Mortgage Act of 1933, as amended,
which authorizes theCorporation to make loans to or forthebenefit of

drainage districts, levee districts, levee and drainage districts, irriga
tion districts, and similar districts, the Corporation authorized 147
loans aggregating $21,763,254.88.
During thefirstquarterof1934, under theprovisionsofsection 1 of
the act approved

}.

10, 1933, as amended, which authorizes the

Corporation to make loans on, or to subscribe for, preferred stock of
insurance companies, the Corporation authorized one loan of
$7,500,000.

Summarizing the above, the Corporation, during the first quarter
of 1934, made 4,817 authorizations aggregating $751,961,373.86.
Cancelations or withdrawals during the first quarter of 1934, of loans
authorized from February 2, 1932, to March 31, 1934, inclusive,
aggregated $100,888,387.43.

uring the first quarter of 1934, the Corporation under the above
acts disbursed $656,712,738.83 and received repayments in the aggre
gate amount of $249,134,101.04. The increase in the amount out

standing on March 31, 1934, as compared with December 31, 1933,
was $407,578,637.79.

During the entire period from the organization of the Corporation
on February 2, 1932, to March 31, 1934, inclusive, the Corporation
authorized,undersection5oftheReconstruction FinanceCorporation
Act, as amended, 16,215 separate loans to 8,505 institutions, aggre
gating $3,387,270,150.87 as follows: $1,950,740,470.45 to 6,917 banks

and trust companies (including$641,297,962.42 to aidin thereorgani
zation orliquidation of banks that are closed or in process ofliquida
tion); $121,673,119.14 to 1,006 building and loan associations (in

cluding$1,135,000 to aidin thereorganization orliquidation ofbuild
ingand loan associations that are closed orin process ofliquidation);
$102,170,867.51 to 132 insurance companies; $362,479,993.61 to 273
mortgage loan companies; $621,001 to 6 credit unions; $206,018,000
to 12Federal landbanks;$21,103,172.68to24 joint-stockland banks;
$9,250,000 to 8 Federal intermediate credit banks; $5,663,379.64 to 20
agricultural credit corporations; $174,826,828.52 (rediscounts) to 12

regionalagricultural creditcorporationsand theirbranches; $14,364,

402.85to20livestockcreditcorporations;$412,445,678to68railroads
(including $18,946,708 to 8 railroad receivers and $744,252 to the
trustee of a railroad);$25,521.59 to 6 processors or distributors who

are subject to processing taxes; and $5,887,715.88 to a State fund

createdforthepurposeofinsuringtherepayment ofdepositsofpublic
moneys.

REPORT

OF

T H E

RECONSTRUCTION

FINANCE

CORPORATION

3

Under the Emergency Relief and Construction Act of 1932, as
amended, the Corporation from July 21, 1932, when the act was
approved, to March 31, 1934, inclusive, made 739 authorizations to

306 institutions in the aggregate amount of $1,102,548,542.23 as
follows: Under the provisions of section 1, title I, $300,000,000 was
made available to 42 States and 2 Territories for purposes of relief
and work relief; under the provisions of section 201 (a), title II, as
amended, loans or contracts aggregating $230,763,866.13 were a u

thorized to 182 institutions for self-liquidating projects (including

$10,450,000 to6 institutionsforfinancing the repairor reconstruction
ofbuildingsdamaged by earthquake,fire,tornado,orcyclonein 1933);
under the provisions of section 201 (c), title II, loans aggregating
$52,880,542.80 were authorized to 3 institutions for the purpose of
financing sales in foreign markets of agricultural surpluses; and under

the provisions ofsection 201 (d), title II,loans aggregating$518,904,
133.30 were authorized to 77 institutions to aid in financing the

carrying and orderly marketing of agricultural commodities and live
. produced in the United States (including authorizations of .
$448,000,000 to the Commodity Credit Corporation).

Under the act approved March 9, 1933, as amended, the Corpora
tion from March 9, 1933, to March 31, 1934, inclusive, made 5,728
authorizations to 5,675 institutions and individuals, involving 5,190
banks and trust companies, as follows: Loans in the amount of

$26,663,100 to 631 institutions and individuals, secured by preferred
stock of 142 banks and trust companies; subscriptions for preferred
stock of2,506 banks and trust companies in the amount of$530,268,
200; and purchases of capital notes or debentures of 2,538 banks and
trust companies in the amount of $376,975,300.

Under the Agricultural Adjustment Act of 1933, the Corporation
from May 12, 1933, to March 31, 1934, inclusive, authorized a loan
of $3,500,000 to the Secretary of Agriculture to acquire cotton.

Under the act approved June 10, 1933, as amended, the Corpora
tion from June 10, 1933, to March 31, 1934, inclusive, authorized 4

loans in the amount of $11,875,000 secured by preferred stock of
insurance companies.

Under the Emergency Farm Mortgage Act of 1933, as amended,
the Corporation from May 12, 1933, when the act was approved, to
March 31, 1934, inclusive, authorized 185 loans in the amount of

$32,712,442.92 to or for the benefit of drainage, levee, and irrigation
districts.

Summarizing the foregoing, the Corporation, during the entire
period from February 2, 1932, to March 31, 1934, inclusive, made
22,872 authorizations aggregating $5,471,812,736.02. Of the total
amount authorized, $424,367,016.47 was later withdrawn or canceled.

At the close of March 31,1934, the Corporation under the above
acts had disbursed $3,957,867,747, and repayments amounted to
$1,291,753,903.88, leaving $2,666,113,843.12 outstanding on the
books of the Corporation.

In addition, the Corporation had outstanding on March 31, 1934,
agreements tomake loans,subscribe forpreferred stock,and purchase
capital notes or debentures, totaling $313,156,139.95, upon the per
formance of specified conditions.

-

Under section84 of theFarm CreditAct of 1933, with the approval
of the Governor of the Farm Credit Administration, the Corporation

4

REPORT OF T H E

RECONSTRUCTION

F IN AN C E CORPORATION

in M a r c h authorized the reduction of the capital of five regional

agriculturalcredit corporations, asfollows: The Regional Agricultural
Credit Corporation of Albany, N.Y., from $1,150,000 to $1,050,000;
of Baltimore, Md., from $400,000 to $250,000; of Jackson, Miss. from
$925,000 to $500,000; of Raleigh, N.C., from $925,000 to $525,000;

and ofSt. Louis,Mo., from $300,000 to sá00,000. During March
the Corporation, with the approval of the Governor of the Farm
Credit Administration, authorized an increase in the capital of one

regional agricultural credit corporation, as follows: The Regional
Agricultural Credit Corporation of

Minneapolis,

Minn., from

$8,500,000 to $10,000,000.

In accordance with the provisions ofsection 2 ofthe Reconstruction
Finance Corporation Act, as amended by section 6 (f) of the Federal

Home Loan Bank Act, and pursuant to the request of the Secretary
of the Treasury, the Corporation, during the first quarter of 1934,
paid $3,900,000 to the Secretary of the Treasury for the purpose of

making payments upon stock of Federal home loanbankssubscribed
for by him. This made a total of $79,645,700 paid to the Secretary
of the Treasury for this purpose to the close of March 31, 1934.
Under section 4 (b) of the Home Owners' Loan Act of 1933, the
Corporation during the first quarter of 1934, paid $40,000,000 to the
Secretary of the Treasury for the purpose of making payments upon
stock of the Home Owners' Loan Corporation . .
for by him.

Thismade a total of$59,000,000 paid to theSecretaryoftheTreasury
for this purpose through March 31, 1934.
Under section 2 (a) and section 6 of the Federal Emergency Relief
Act of 1933, upon certification of the Federal Emergency Relief
Administrator, the Corporation during the first quarter of 1934,
made payments to States aggregating $171,725,612.13, making a
total of$486,686,553 so paid through March 31, 1934.
Section 3 of the Federal Farm Mortgage Corporation Act, approved

January 31, 1934, provides thatsuch Corporation shall have acapital
of$200,000,000, and provides further:
For the purpose ofsuch capital subscription,the funds and proceedsthereofmade
available to the Land Bank Commissioner under section 32 of the Emergency

Farm Mortgage Act of 1933 and the mortgages taken by the Commissioner and
the credit instruments secured thereby are hereby transferred to the Corporation
As of March 31, 1934, the Corporation had
the entire.

#.

$200,000,000 made available under section 32 of the Emergency Farm

Mortgage Act of 1933. Of thisamount, $55,000,000 was paid during
the first quarter of 1934, to the Federal Farm Mortgage

8 .

under the act above quoted, and the remaining $145,000,000 was paid
to the Land Bank Commissioner (formerly the Farm Loan C o m

missioner) for direct loans to farmers. Of the latter amount,
$65,000,000 was paid during the first quarter of 1934.
During the first quarter of 1934, the corporation authorized an
increase in the authorized amount of its notes of series D from

$2,800,000,000 to $3,500,000,000, the additional $700,000,000 of such
notes to be issued as notes of series D-3 and/or series D-4. The

corporation, also, authorized the issuance of $250,000,000 series F
2 percent notes maturing January 10, 1935; $250,000,000 series G
3 percentnotesmaturing June 10, 1936, tobesold toinstitutionsfrom
which the corporation has purchased preferred stock, capital notes,

REPORT OF T H E

RECONSTRUCTION

FINANCE

CORPORATION

5

or debentures; and an additional $50,000,000 of “series of February
1,1934”, notes.

During the first quarter of 1934, the corporation sold $345,000,000
series D-3 notes, and $245,000,000 series D-4 notes,

# .

$590,000,000, to the Secretary of the Treasury; $51,422,000 series
notes; $64,093,000 series F notes; and $10,000,000 series G notes to
institutionsfrom which the corporation haspurchased preferredstock,
capital notes, or debentures.

In January, $52,849,273.45 of “series of February 1, 1934”, notes
weresold, for which thecorporation receivedgold. During February
the corporation's holdings of gold were transferred to the Treasury.
All notes of “series of February 1,1934”, for which gold was received
that were presented for payment were paid.
As of March 31, 1934, there were outstanding $3,166,816,311.99 of
the corporation's notes (including $1,645.32 of“series of February 1,
1934”, notes which had not been presented for payment), as follows:
Series D-1-------------------------------------------- $475,000, 000. 00
Series D-2-------------------------------------------- 1,290,000, 000. 00
Series D-3-------------------------------------------575,000,000. 00
Series D-4-------------------------------------------600,000, 000.00"

“Series Feb. 1, 1934”---------------------------------Series E----------------------------------------------Series F----------------------------------------------Series G----------------------------------------------

1,645. 32
152, 721, 666.67
64,093, 000.00
10,000,000.00

Total------------------------------------------- 3, 166, 816, 311.99

The following tables are attached hereto:
Table 1. Aggregate authorizations, disbursements, repayments, and amounts
outstanding by classes, during the first quarter of 1934, and from February 2,
1932,to March 31, 1934, inclusive.
Table 2. Number of new borrowers to which authorizations were made, by States,
during the first quarter of 1934.
Table 3. Number of authorizations, by States, during the first quarter of 1934.
Table 4. Number of borrowers to which authorizations were made, by States,
February 2, 1932, to March 31, 1934, inclusive.

Table 5. Number of authorizations, by States, February 2, 1932, to March 31,
1934, inclusive.
Table 6. Amount of authorizations, disbursements, repayments, and amounts

outstanding from February 2, 1932, to March 31, 1934, inclusive, by months
and classes.

Table 7. Number of borrowers and amounts of loans authorized under section 5
ofthe Reconstruction Finance Corporation Act, as amended February 2, 1932,
to March 31, 1934, inclusive, by size of cities or towns.

Table 8. Names and compensation of directors, officers, and employees of the
Reconstruction Finance
receivingfrom the Corporation more than
$400 per month, as of March 31, 1934.
Table 9. Statement of cash receipts and expenditures during the first quarter of
1934 (Corporation's accounts with Treasurer of United States).
Table 10. Statement of condition of the Corporation as of the close of business
March 31, 1934.

º

Respectfully,
JEsse H. JonEs,
Chairman.

RoNALD H. ALLEN,
Acting Secretary.
The SPEAKER of THE Hous E of REPRESENTATIVES.

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TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstandingfrom Feb. 2, 1932, to Mar. 31, 1934, inclusive, by months and classes
G R A N D TOTAL

Amount out

Amo unt
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M ont h

Am oun
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Amountrepaid

standing;
ih
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period

1932

February----------------------March--

December----------------------

$91,601,057.00
142,333,075.06
228,771,667.33
199,450,025. 39
388,254, 246.63
170,934,728.59
189,068, 106.31
138,480,782.93
162,373,944.36
96,598,980.32
128,510,058.

$70,868,417. 52
121,477,890.49
155,543,323.23
158,983, 559. 12
298,276,816.59
171, 149,931.86
146, 180,913.71
72, 120,713.91
137,623,749.68
61,020, 558.96
131, 501,263.75

$18,845.00
8,873, 883.30
7,009,080.50
16,440,727. 23
48,684,900. 92
34,615, 181.07
35,232,968.30
44,903, 158.06
47,565,316.28
27, 180,977.04
29,423,415.68

$70,849, 572. 52
112,604,007. IQ
148, 534,242.73
142,542,831. 89
249,591,915.67
136,534,750.79
110,947, 945.41
27,217, 555.85
90,058,433.40
33,839, 581.92
102,077,848. 07

Total.--------------------

1,936,376,672.57

1,524, 747,138.82

299,948,453. 38

1,224,798,685. 44

142,844,447.43
283, 171,473.85
217, 732,207.45
1162,528,594.61
*141,981,250. 47
* 154,047,880.32
201,024,785.36
157,792,381.18
*44,384,443.05
*519,638,597.97
1377,816,224.85
-480,512,403.05

117,995, 293,92
199,499,330.83
179, 533,134.72
117,500,398.87
195,805,854.81
123,677, 183.75
115,339,396.98
83, 128,537.43
39,271.516.79
48, 646,412.75
186,473,215.08
360, 537,593.42

32,452,828.29
•35,971,603. 16
55,813,566.83
40,213,996.05
•46,800,209.06
*94,656,029.32
113,000, 506.08
*73,535, 212.46
*61,734,251.55
*69,713,276.45
*51,203,256.33
*67,576,613.88

85,542,465.63
*163,527,727.67
123,719, 567.89
77,286,402.82
*149.005, 645.75
*29,021, 154.43
2,338,890.90
*9,593,324.97
*22,462,734.76
*21,066,863.70
*135,269,958. 75
*301,960,979.54

2,783,474,689.59

1,776,407, 869.35

742,671,349.46

1,033,736,519.89

410,906,772.72
134,747,798.01
206, 306,803. 13

343,781,651. 19
188,228,573.21
174,702,514.43

86,332,036.91
82,759, 170.91
80,042,893. 22

257,449,614.28
55,469,402.30
94,659, 621.21

April--

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total, first quarter-------

751,961,373.86

656, 712,738.83

Grand total.-------------- 5,471,812,736.02

3,957,867, 747.CO

249, 134, 101.04

1,201,753,903,ss

407,578,637.79
x

2,666, 113,843. 12

T o T A L S E C T I O N 5, R E C O N S T R U C T I O N F I N A N C E C O R P O R A T I O N A C T, A S A M E N D E D

$91,601,057.00
142,333,075.06
228,771,667.33
199,450,025. 39
388,254,246.63
167,934,728.59
125, 136,437.31
65,352,280.71
59,371,561.73
73,659,796.72
81,467,467.97

$70,868,417. 52
121.477,890.49
155,543,323.23
158,983, 559. 12
298,276,816.59
171,149,931.86
142,233,029.71
61,909,014. 16
120,353,360. 16
39,367,417.87
87,440,361.93

$18,845.00
8,873,883.30
7,009,080. 50
16,440,727.23
48,684,900.92
34,615, 181.07
35,232,968.30
44,903, 158.06
47,563,281.73
27, 177,436.04
29,313,534.28

$70,849,572.52
112,604,007. 19
148,534,242.73
142, 542,831.89
249,591, 915.67
136,534,750.79
107,000, 061.41
17,005,856. 10
72,790,078.43
12, 189,981.
58,126,827.65

1,623,332,344.44

1,427,603, 122.64

299,832,996.43

1,127,770, 126.21

84,182, 129. 23
200,735,830.65
155,329,303.10
100,727,623.93
111,284,726.83

75,183,421.58
159,688, 523.62
122,840,052.22
62,758,894.98
135,626,841.22
99, 193,850.52
95,895,674.09
69,438,406.13
25,086,394.18
37,194,685.39
105,441,763.45
168,594, 158.96

120,001,798.76

133,113,288. 14
*50,602,085.60
*37,976,943.05
*234,808,928.52
*134,413,724.85
* 158,727,029.42

1,530,903,412.08 || 1,156,942,666.34
See footnotes at end of table.

32,308,547.15
42,874,874.43
*35,910,843.56
$123,777,680.06
55,687,000. 79
67, 153,051.43
40, 103,725.68
22,655, 169.30
*46,258,651.69
*89,368, 189.53
*94,303,490. 41
*4,890,360.11
112,822,773.08
* 16,927,098.99
172,799, 529.39
** 3,361, 123.26
*61,116,379.75 | **36,029,985.57
69,532,550.94 | **32,337,865. 55
*50,016,616.06
*55,425, 147.39
*63,732,962.65
* 104,861,196.31
734,593,071.15

422,349,595. 19

REPORT of THE RECONSTRUCTION FINANCE corporation

23

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstandingfrom Feb. 2, 1932, to Mar. 31, 1934, inclusive, by months and classes—
Continued.
TOTAL

S E C T I O N S 5, R E C O N S T R U C T I O N F I N A N C E C O R P O R A T I O N A C T , A S
A M E ND ED–Co ntinu ed

Amount

M on th

A m o u n t authorized 1

A m o u n t disbursed

Amount repaid

out

standing; i n

. . . the
period

1934

$94,855,377.32
51,887,640.65
86,291,376.38
Total, first quarter-------

$119,658,387.83
51,266,401.56
17,583,575.76

233,034,394.35

188,508,365.15

Grand total.-------------- 3,387,270,150.87

2,773,054, 154.13

$85,084,821.71
74,619,747. 51
69,244,051.97

$34,573,566. 12
323,353,345.95
* 51,660,476.21

228,948,621.19

* 40,440,256.04

1,263,374,688.77 | 1,509,679,465.36

P A N I E S (I NC L U D I N G R E C E I V E R S , L I Q U I D A T I N G A G E N T S ,
A N D C ONSERVATORS)

January-----------------------February.

$44,625,300.00
108,751, 135.06
152, 103,931.93
113, 117,970.34
219,786,560.56
97,265,633.42
87,776,078. 12
29,951,680.23
21,802,702.58
23, 249,644.02
51,006, 363.83

$39,546, 160.52
85,870,980.49
112, 153,001.36
108,192,844.29
151,624,949.99
104,166,283.74
77,635,909.68
27,401,650.02
80,746,257.61
20,420,708.99
43, 102,313.33

$18,845.00
7,651,531.30
12,585,480.24
45,346,776.63
28,200,745.53
31,301,194.49
40,413, 591.02
40,317,817. 54
22,466,223.72
21,057,389. 14

$39,527,315.52
78,219,449.19
105,263,222.91
95,607,364.05
106,278,173.36
75,965, 538.21
46,334,715. 19
* 13,011,941.00
40,428,440. 07
*2,045,514.73
22,044,924. 19

949,437.000.09

850,861,060.02

256,249,373.06

594,611,686.96

56, 133,284.40
132,422,465. 58
98, 543,748.61
63,489,853.51
55,456,202.42
38,949,096. 07
100,595,536.74
*33,461,223.34
*21,213,010.53
*103,270,900.08
*38,940,760.33
*108,206, 632.44

43,125,290.40
78, 112,411.70
62,900,655.93
23,914,051.40
87,947,700.34
12,034,738.64
66,053,436.74
52,493, 748.50
15,610,326.79
15,030,459.24
50,296,831.40
71, 174,894.58

26,006, 824.40
*20,684,701.71
40,733,012. 09
28,431,486.93
*37,888,316.40
*75,139,370.23

850,682.714.05

578,694,545.66

461,876, 100.42

116,818,445.24

53,065,863.46
41,599,854.78
55,955, 038. 07

52, 170,810.41
38,811,076.75
12,679,248.46

62,973, 149.00
48,991,243.85
45,759,459.76

* 10,802,338.59
* 10,180, 167.10
*33,080,211.30

6,889,778.45

17, 118,466.00
*57,427,709.99
22,167,643.84
* 4,517,435.53
*50,059,383.94
a363, 104,631.59
67,871, 161.59
s 1,817,724.76
135,298, 974.45
* 17, 194,774.05
*27,515,419. 22 | **11,905,092.43
230,763,299.21
1* 15,732,839.97
125,417, 186.99
*24,879, 644.41
246, 126,347.29
*25,048,547. 29

Total, first quarter-------

150,620,756.31

103,661, 135.62

157,723,852.61

*54,062,716.99

G r a n d total.--------------

1,950,740,470.45

1,533,216,741.30

875,849,326.09

657,367,415.21

B U I L D I N G A N D L O A N ASSOCIATIONS (INCLUDING RECEIVERS)

1932

See footnotes at end of table.

$4,879,750.00
19, 106,083.40
13,011,890.00
15,417,200.00
15,314,510.03
12,543,600.00
7,295,705.00
3,750, 500.00
3,391,532.00
4,985,274.32

$2,430, 500.00 -----------------10, 170, 186.68
$58,642.06
19,624,016.39
409,878.87
9,823,631. 19
535,840.65
16,577,471.48
1,205, 474. 10
12, 180,063. 17
1,561,404.87
9,435, 115.28
1,253, 188.31
5,080,954.91
1,376,330. 52
3,830,807.59
1,618,781.05
4,710,367.98
1,596,899.64

$2,430, 500.00
10, 111,544.62
19,214, 137.52
9,287,790. 54
15,371,997.38
10,618,658.30
8, 181,926.97
3,704, 624,39
2,212,026. 54
3, 113,468.34

99,696,044.75

93,863, 114.67

84,246,674.60

9,616,440.07

24

REPORT OF THE RECONSTRUCTION FINANCE CORPORATION

TABLE 6–Amount of authorizations, disbursements, repayments, and amounts
outstandingfrom Feb. 2, 1932,to Mar. 31, 1934, inclusive, by months and classes—
Continued
B U I L D I N G A N D L O A N A S S O C I A T I O N S ( I N C L U D I N G RE CE I VE RS )— Co n ti nu ed
Amount out

Am oun t authorized

M on th

Am oun t disbursed

Amountrepaid

standing; i n

. . . the
period

September------------October---November
December-------Total.--------------------

$4.294,724.89
2,849,559.28
3,219,307. 24
1,691,000.00
1,841,231.87
1,804, 847.24
266,781.25
892,449.04
281,490. 54
2,096,059.51
443,016.68
2,135,000.00

$3,412,672.47
4,093,224.60
1,697,279.66
2,375,255.24
1,888,968.45
1,741,824.86
724, 147.01
1,114,230.35
321,417.65
272,414.58
1,014, 664.

$2,288,507. 52
2,080,445.27
2,606, 799.34
4,017,879. 50
3, 135.193.43
3,436,823.04
2,476,046.91
3,197,886.04
3,133,402.11
4,355,972.33
*3,523,903. 39
2,943,778.21

$1,124, 164.95
2,012,779.33
#909, 519.68
* 1,642,624.26
* 1,246,224.98
* 1,694,998. 18
*1,751,899.90
*2,083,655.69
*2,811,984.46
*3,824,631.41
**3,251,488.81
*1,929, 113.92

21,815,467.54

19, 187,440.08

37, 196,637.09

* 18,009, 197.01

17,606.85
80,000.00
64,000.00

924,203.45
43, 161.85
71,317.92

4,342,210.18
3,310,550. 16
3,769, 793. 16

a3,418,006.73
*3,267,388.31
*3,698,475.24

531, 340. 92

1934

January-----------------------February.March------------------------Total, first quarter-------

161,606.85

1,038,683. 22

11,422. 553.50

* 10,383,870.28

Grand total.--------------

121,673, 119. 14

114,089,237.97

58,235,630.66

55,853,607.31

$74,400.00

i n S U R A N C E

March--------April-----------

$7,080,000.00
9,722,000.00
7,543,000.00
39, 120,500.00
3,833,500.00
4,523,700.00
3,370, 500.00

C O M P A N I E S

November--December----------------------

2,151,000.00
4,495, 731.66

$6,635,920.00
4, 141,250.00
8,514, 225.00
26,719,243.83
4,069,749, 49
4,661,210.41
4,691,720.37
1,625,444.01
1,665,828.78
5,313,027.03

Total.--------------------

83,048,931.66

68,037,618,92

5,588,738.52

62, 448,88.40

1,214,500.00
1,236,500.00
7,328, 131.07
1,624,000.00
1,286,322.94
2,074,381.84
330, 100.00
650,000.00
545,000.00
300,000.00

976, 151.99

407,252. 19
9,514,589.21
1,678,000.00
2,256,149.25
947,098.39
964,476.50
1,238,304.75
535,000.00

453,482.77
158, 118.02
9, 199,358. 28
224,744. 77
1,295,194.23
*3,680. 590.68
•2,075,569.90
218,549.89
: 497,068. 17
* 320,310. 55
*2,
381.32
**3,992,847.75

By----------June.-----------

September.-October------

1, 200,000.00
-

964,884. 50
695,473.62
1,727,995. 92

$6,561, 520.00
4,123,258.63
8, 136, 109.76
26,619, 278.19
3,660,638.45
4,365,200. 72
3,766,928.87
660, 559.51
970, 355. 16
3,585,031. 11

17,991.37
378, 115.24

99,965. 64
40.3,111.04
296,009. 69
924, 791.50

1933

January-----------------------February
March---

-

April--ay---

June--July---August----September-

-

-

-

-

-

-

October.--N o v em b e r ecember----------------------

350,000.00

355,888.94
389,503.38

522, 669.22
249, 134.17
315,230. 93
1,453,255.23
960,955.02
4,627,689. 07
3,040,046.40
1,019,754.86
1,032,068. 17
702,310.55
2,858,270.26
*4,382,351. 13

17,479,935.85

19,644, 414.60

21, 163,735.01

1,519,320.41

240,000.00
730,000.00

237,425.80
668, 104. 13

672,000.00

719. 100.00

4,897, 331.31
2,873,459.00
3,083,034.89

*4,659, 905.51
*2,205, 354.87
*2,363,934.89

541,000.00

-

Total---------------------

Total, first quarter------Grand total

382,000.00

1,642,000.00

1,624,629.93

10,853,825.20

*9.229, 195.27

102, 170,867. 51

89,306,663.45

37,606,298.73

51,700,364.72

See footnotes at end of table.

REPORT of THE RECONSTRUCTION FINANCE corpoBATION
TABLE

25

6.-Amount of authorizations, disbursements, repayments, and amounts

outstandingfrom Feb. 2, 1932, to Mar. 31, 1934, inclusive, by months and classes—
Continued
M O R T G A G E LOAN COMPANIES

A m o u n t authorh
ized I

M ont h

A m o u n t di
dis-

Amount repaid

u rse

º
standing;
in
j
º: t
he
period

$6,517,000.00
7,360,000.00
2,968,000.00
56,825,000.00
7,119,000.00
1,092,000.00
960,000.00
4,415,000.00
3,805,800.00
2,832,602.61

$1,277,000.00 -----------------7,857,925.08
$38,159.93
209,644.67
5,177,732.43
52,324,954. 74
353,976.95
7,782,289.38
1,550,425.82
3,184,891.92
1,426,741.85
2,951,205.21
1,470,665.63
3,222, 581.36
2,018,482.23
2,023,729.34
1,317,632. 34
2,620,710.93
2,936,546.08

$1,277,000.00
7,819,765.15
4,968,087.76
51,970,977.79
6,231,863.56
1,758, 150.07
1,480, 539.58
1,204,099.13

93,894, 402.61

88,423,020.39

11,322,275.50

77,100.744.89

3,262,000.00
31,658, 133.96
4,808,300.00
1,344,450.00
5,417,458.00
49,405, 143.93
8,319,811.03
5,776,400.00
6,567,630.84
90,716,370.00
* 13,767,638.62
* 13,374, 509.06

4, 127,585.40
32,031,442.60
4,308, 125.25
520,010.92
727,724.48
46,197,567.68
1,432,403.59
7,057,961.93
1,262,939.98
4,155,303.46
5,160,440.27
19,060, 168.51

1,703,231.44
1,683,530.
767,237.17
3,572,569. 70
770,726.77
946,493.45
1,846,684. 17
3,795,422.98
2,307,788.41
24,832,302.50
1,620,207. 40
* 1,446,509.45

2,424,353.96
30,347,911.94
3,540,888.08
33,052, 558.78
343,002.29
45,251,074.23
* 414,280.
3,262, 538.95
*1,044,848.43
a3.676,999.04
3,540,232.87
2 17,613,659.06

234,417.845. 44

126,041,674.07

25,292,704. 10

100,748,969.97

4,204,231.72
3, 169,528.92
26,793,984.92

5,791, 110.00
1,016,365.20
759,553.54

4,697, 433.04
12,642,902. 24
6,502,574.21

1,093,676.96
* 11,626, 537.04
* 5,743,020.67

706,097.00

*315,835.15

Total, first quarter-------

34,167,745. 56

7,567,028.74

23,842,909.49

* 16,275,880.75

Grand total.--------------

362,479,993.61

222,031,723.20 |

60,457,889.09

161,573,834. 11

CREDIT UNIONS

|
$350,000.00
55,000.00

$338,437.00 -----------------$3,393.00
275. 00

1,235.00

47.4±0.00

440,098.00

9,555.00

650, 00

3650.00

1,150.00
1,240.00

* 1,150.00
65,506.00

895. 00

* 895. 00

8,838.00

431,260.00

305.00

9,250.00
31,875.00
*2,140.00
* 1,095.00
* 1,150.00
114,950.70
* 1,214.80

1,875.00
2,140.00
1,095.00
1,150.00
545.00

1,214.80
1.
941. 40

-

March----

-

-

-

-

-

-

138,789.41
-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total, first quarter-------|------------------'-----------------Grand total.-------------See footnotes at end of table.

621,001.00

578,887. 41

3 841.83

57,551.20

8,797.31
* 18,594. 53
*11,179.99
* 13,668.65
81,238.21

12,707.44
1,182.22
4,344, 39

*12,707.44
* 1,182.22
*4,344.39

18,234.05

* 18,234.05

84,623.25

494,264. 16

18,594. 53
11,179.99
17,668.65

148,555.00

$338,437.00
25,897.00
5,350.00
a 1,235.00

26

REPORT

OF

T H E

RECONSTRUCTION

FINANCE

CORPORATION

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstandingfrom Feb. 2, 1932, to Mar. 31, 1934, inclusive,by months and classes—
Continued
FEDERAL LA ND

A m o u n t authorh
||
ized 1

M ont h

BANKS

A m obursed
u n t di
dis-

Amount repaid
-

*
:::
standing;
ihe
n
.::.
.:º:
t
period

1932

July----------------------------

$26,000,000.00
$9,000,000.00
3,000,000.00 -----------------2,450,000.00 2,850,000.00 1,500,000.00
2,700,000.00

Auzust-------

-

-

-

-

18,500,000.00
300,000.00

T i oooooooo I
500,000.00
1,500,000.00
2,000,000.00
2,000,000.00
3,000,000.00
7,500,000.00 –
36,500,000.00 69,318,000.00
Total--------------------

145,518,000.00

-

36,500,000.00
69,318,000.00

123,618,000.00 ------------------

123,618,000.00

|

1934

January------------------------

31,500,000.00

51,500,000.00 |------------------

51,500,000.00

G r a n d total.--------------

206,018,000.00

193,618,000.00 ------------------

193,618,000.00

JOINT-STOCK L A N D B A N K S

oºd.Go ||
5,000.
134,339. 47
286,592.54
128,382.45
168, 102.43
447,215.54
616,718.53
2.527,845.62

62,544.32

153,352.93
2,216,010.83
425,764.41
1,539,453.87
824, 170.65
,000.00
852,097.99
1,300,383.90
703, 170.07
1,705,290.08
1,617,964.83
824,614.58

6,942.54

44,078.94
46,454.79
62,065.08
79,536.90
46,200.63
142,172.67
235,092.30

146,410.39
2,212,918.88
418,614.59
1,507,412.80
784,460. 17
213,921.06
805,643.20
1,238,318.82
623,633.17
1,659,089.45
1,475,792. 16
589,522.28

12,420,274.14

744,537.17

11,675,736.97

229,765.28
18,663.02

752, 526.68
478,487.62
1,427,252.83

a459,824.60
* 1,427,252.83

248,428.30

2,658,267. 13

a2,409,838.83

15, 196,548.06

3,465,348.62

11,731, 199.44

November----December----------------------

Total, first quarter
G r a n d total.--------------

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

21, 103, 172.68

See footnotes at end of table.

-

-

-

518.90

5,843.00
1,578.42
11,416.90
11,385.04
7,781.50

16,617. 55

January-----------------------February-March-------------------------

2,989.50

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,091.95
7, 149.82
32,041.07
39,710.48

* 522,761.40

REPORT of THE RECONSTRUCTION FINANCE CORPORATION

27

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts

outstandingfrom Feb. 2, 1932, to Mar. 31, 1984, inclusive, by monthsandclasses
Continued.
F ED E R A L IN T ER M ED I AT E CREDIT B AN KS

A m o u n t authorth

M on th

ized 1

Amount d
dis-

bursed

Amount repaid
-

º
Standing;
in
j
º: t
he
period

1933

March-------------------------

$9,250,000.00

$9,250,000.00

$9,250,000.00 ------------------

A GR IC U LT UR A L CREDIT CORPORATIONS

276,909.98
212,619.43

352,082.06
285,914. 76

$1,000.00
20,200.00
18,050.00
244,328.97
397,973.66
526,538. 14
464,623.96
850,069. 61
* 75,172.08
*73,295.33

3,619,850.98

3,456,627.33

1,082,310.40

2,374,316.93

101,252.10
240,000.00
442,904.36
20,825.00
163,077.91
201,022.01
197,866.93
76,730.88
195,922, 58
166,418. 12
1,805, 22
111,809.20

155,952.10
2,647.85
244,722.72
131,280. 12
193,526.26
139,539.54
279,255.80
153, 124. 13
175,878.58
185, 181.62
8, 194.00
59, 708. 52

207,830. 11
167, 148.22
175,351.39
226,251.38
201,001.35

*51,878.01
* 164,500.37
69,371.33
*94,971.26

254, 111.58
155,384.25
113,609.94
288,005.60
177,306.41
303,275.79

*102,823.98
* 169, 112.41
3243,567.27

1,959,634.31

1,729,011. 24

2,412,027.46

*683,016. 22

242,761.43
260,313. 12
72,461.46

*217,269.73
3.260,313. 12
*72,461.46

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

83,894.35

-

-

142, 751.44

37. 475. 09
* 3, 211.90

25, 144,22
32,260. 12
62,268.64

Total, first quarter-------

83,894.35

25,491.70

575,536.01

* 550,044.31

G r a n d total.--------------

5,663,379. 64

5,211,130.27

4,069,873.87

1,141,256.40

REGI ONAL A GR IC U LT UR A L CREDIT CORPORATIONS
1932

$7,285,972.50

$5,372,062.60

$655.03

$5,371,407.57

January-----------------------February---------------------March------------------------April--------------------------May--------------------------June--------------------------July--------------------------August------------------------September--------------------October-----------------------November--------------------December----------------------

December----------------------

15,360, 112.84
20,758,427.15
21,693,083.82
18, 119,962.42
22,855,433.69
17,321,307.67
23,278,692.19
3,483,282. 34
3,253,888, 56
* 1,896,464.93
2,109,918.31
23, 255,678.72

15,269,909.65
18,266,632.88
19,706,023.74
19,214,707. 12
23,262,884.81
17,813,925.71
22,287,256.46
3,798,852.57
2,454,622.40
2,762,700. 59
2,015,321.54
2,929,313.74

104,646.84
1,798.634.47
1,330,314.09
2,009, 169.89
2,652,548.71
4,473,930. 65
12,898,417. 70
28, 148,010.72
26,330,278. 71
22,014,809.00
15,897,239.21
7,610,410.44

15, 165,262.81
16,467,998.41
18,375,709.65
17,205,537. 23
20,610,336. 10
13,339,995.06
9,388,838.76
*24,349,158.15
*23,875,656,31
* 19,252, 108.50
* 13,881,917.67
34,681,096.70

Total.--------------------

153,386,252.64

149,782, 151.12

125,268,410.43

24,513,740.69

5,739,993.04
5,708,256.95
2,706,353.39

5,075,284. 50
6,213,407.61
3,151, 195.84

6,577,453.24
5,442,709.45
7,437,357.94

a 1,502,168. 74
770,698. 16
*4,286, 162. 10

1933

1934

January-----------------------FebruaryMarch------------------------Total first quarter--------

14,154,603.38

14,439,887.95

19,457,520.63

* 5,017,632.68

G r a n d total.--------------

174,826,828. 52

169,594, 101.67

144,726,586.09

24,867, 515.58

See footnotes at end of table.

28

REPORT

OF

T H E

RECONSTRUCTION

FINANCE

CORPORATION

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstandingfrom Feb. 2, 1932, to Mar. 31, 1934, inclusive, by months and classes—
Continued
LIVESTOCK CREDIT CORPORA TIONS
h
A m o u n t author- ||
i
1.

Mo nt h

di
bursed

A m o u n t dis-

# .
Am ount repaid

out

standing;
in
crease
for the
period

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

October-----------------------November--------------------December---------------------Total--------------------

$496,990.00
2,548, 195.00
1,260,825.00
2,288,576.00
1,415, 216, 29
2,753, 454, 57
1,202, 725. 44
478,305.00
506,565. 55
194,750.00
13, 145,602.85

$470,990.00 !-----------------1,659,550.00
$4,508.69
1,214,017.01
20,249.41
2,549,078.00
136,771.65
1,315,563. 16
255,983.27
1,944,974.76
408,041.41
1,534, 779.79
504, 242.20
521,319.62
605,885.43
452,663.65
552, 119.55
147,467.62
1,574,457.21
11,810,403. 61
4,062,258.82

$470,990.00
1,655,041.31
1,193,767.60
2,412,306.35
1,059, 579.89
1,536,933.35
1,030, 537.59
* 84,565.81

*99,455.90
* 1,425,989.59
7,748,144.79

1933

January----------------------February----------------------March------------------------April.
May--

130,700.00
37,000.00

69,400.00
48,727. 17

June--

July-August.September
OctoberNovemb
December--Total
"anuary------------------------|----------------------------------FebruaryMarch
-

Total, firstquarter------

100,000.00

Grand total.------------...-

14,364,402.85

12,668,733.05

1,453, 586.08
919,864. 29
397, 576. 56
,976.98
343,254.35
366,727.39
315, 517.13
651, 462.14
243,334.89
284, 155.23
292,442. 13
543,647. 07

* 1,384, 186.08
*871, 137. 12

6,081, 544.24

* 5,323,214.80

213,496.61
140,787.36
246,340.01

*213,496.61
* 140, 787.36
*146,340.01

* 397. 576. 56

*248,976.98
*243,254.
*250, 727.39
* 315,517. 13

*651,462. 14
* 243,334.89
29,047.04
*292,442. 13
*453,647. 07

600,623.98

* 500,623.98

10,744, 427.04

1,924, 306.01

RA IL RO AD S (INCLUDING RE CEI VER S A N D TRUSTFES)
1932

February---------------------March---...-April-----May-----.
June-----July-------August----September---October------November---December---------------------.

$46,975, 757.00
13,812,000.00
37,931,457.00
50,923, 538.00
54,239,972.00
16,392,085.00

-

$31,322, 257.00 -----------------24,791,500.00
$1,147,952.00
18,816,333.00 -------- --------.
15,898,637.00
2,815,727. 74
54,824,813. 50
203,000.00
27,545,736.00
2,990, 000.00
41,963,445.50
224,884, 31
12,888,851.00
260,000.00
24,931,816.00
1,910,500.00
8,682,808.00
162,498.66
22,645,074.48
125,000.00

$31,322,257.00
23,643, 548.00
18,816,333.00
13,082,909.26
52,621,813.50
24,555,736.00
41,738, 561. 19
12,628,851.00
23,021,315.00
8,520,309.34
22, 520,074.48

284,311,271.48

272,471, 708.77

11, 839, 562. 71

7,583,551.64
14,004.00
24,510, 173.80
8,322,417.82
14,792,891.30
102, 189.40
12,275,136.31 -----------------17,925,716.98
265,795. 18
18,329,650.00
5,125,081.
1,302,600.00
24,073, 118, 10
281,800.00
469,727.04
1,013,300.00
360,000.00
4,629, 207.30
6,226,901.36
3,319, 658.32
76,707. 61
3,819, 291.36
139,132.18

December. ----------Total.--------------------

7,569,547.64
16,187,755.98
14,690,701.90
12,275, 136.31
17,659,921.80
13,204,578.80
*22,770, 518.10
* 187,927.04
653,300.00
* 1,597,694.06
3,242,950.71
3,680, 159, 18

109,782,987.01

45, 175,073. 89

64,607,913. 12

3,697,480.00
4,495, 623.00
103. 160.00

51, 101.83
43,595.61
100,000.00

3,646,378. 17
4,452,027.39

600,000.00

8,296,263.00

194,697.44

8, 101,555.56

412,445,678.00

402,390,521.49

57,209,334.04

345, 181, 187.45

1934

January------------------------|-----------------500,000.00
100,000.0

Grand total.------------. -

See footnotes at end of table.

3, 160.00

REPORT OF THE RECONSTRUCTION FINANCE CORPORATION

29

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstandingfrom Feb. 2, 1982, to Mar. 31, 1984, inclusive, by months and classes—
Continued
PR OC ES SO RS O R DISTRIBUTORS W H O A R E SUBJ ECT T O PROCESSING T A X E S

A m o u n t author- ||
ized I

M on th

A m o u n t disbursed

Amount repaid

A mou nt out
standing;
in
..."; t
he
period

1933

November--------------------December----------------------

a$7,333. 69
$7,333.69 |-----------------$7,333.69
14.400.00 ------------------|------------------------------------

Total.--------------------

21,733.69

7.333.69 |------------------

7,333. 69

6,816. 69 |-----------------$1,000.00

6,816. 69
* 1,000.00

-

Total, first quarterGrand total.--------------

-

-

3,787.90

6,816. 69

1,000.00

5,816. 69

25,521.59

14,150.38

1,000.00

13, 150.38

S T AT E F U N D S C R E A T E D F O R T H E PU R PO SE OF INSURING R E P A Y M E N T OF
DEPOSITS OF PUBLIC M O N E Y S

$5,887,715.88
*74,750.14

Total, first quarter-------------------------|-----------------Grand total.-------------T OT AL , E M E R G E N C Y

5,887,715. 88

5,ssº,715.88

74,750. 14

5,812,965. 74

324,650.95
433, 516.88
841,433.32

*324,650.95
*433,516.88
*841,433.32

1,599, 601.15

* 1,599, 601.15

1,674,351.29

4,213,364. 59

R E L I E F A N D C O N S T R U C T I O N A C T O F 1932, A S A M E N D E D

$3,000,000.00 l------------------------------------|-----------------63,931,669.00
$3,947,884.00 $3,947,884.00
73, 128,502.22
10,211,699.75
10,211,699.75
103,002,382.63
17,270,389.52
17,268,354.97
22,939, 183.60
21,653,141.09
21,649,600.09
47,042, 590.68
44,060,901.82
109,881. 40
43,951,020.42
313,044, 328. 13

Total, first quarter-------

97, 144,016.18

115,456.95

97,028,559.23

42,811,872.34
39,810,807. 21
43,943,082.50
47,159,003. 89
55,029,013. 59
6,497,833.23
11,258,722.89
6,012,631.30
7,109,122.61
8,461,727.36
36,876,451.63
40,059, 762.69

144, 281. 14
60,759.60
126,566.04
110,270.37
541,557. 37
347,853.91
171,499.97
734,781.32
617,821.80
147,991. 14
1,076,730.02
*540,541.82

42,667, 591.20
39,750,047.61
43,816,516.46
47,048,733. 52
54,487,456.22
6,149,979. 32
11,087,222.92
5,277,849. 98
6,491,300.81
8,313,736.22
35,799,721.61
*39,519, 220.87

345,030,031. 24

4,620,654. 50

340,409,376.74

77,648,863. 36
32,244, 421.65
28,968, 655.33

1,056,050. 20
8,029,974. 22
10,727, 101.21

76,592,813. 16
24,214,447.43
18,241,554. 12

52,997, 124.63

138,861,940. 34

19,813, 125.63

119,048,814.71

Grand total.--------------| 1,102,548,542.23

581,035, 987.76

24,549,237.08

556,486,750.68

See footnotes at end of table.

30

REPORT of THE RECONSTRUCTION FINANCE CORPORATION

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstandingfrom Feb. 2, 1932, to Mar. 31, 1934, inclusive, by months and classes—
Continued.
S E L F - L I Q U I D A T I N G P R O J E C T S - S E C . 201 (a), T I T L E II ( I N C L U D I N G L O A N S F O R
F I N A N ING REPAIR OR R E C O N S T R U C T I O N OF BUILDINGS D A M A G E D B Y E A R T H

QUAKE, FIRE, T O R N A D O , O R C Y C L O N E IN 1933)

M on th

A Inount authorhorized I

A mI o
no
uunnt disursed

Amountrepaid

*
Standing;
i*
. .'.;.t
hne
period

1932

September---------------------

$53,105,000.00 ------------------------------------------------------

145,775,534.24

15,737,000.00 ------------------

8,945, 100.00
24,810,372.20
17,759,425.35
*5,001,678.47
2,784,525. 64
*25,683,801.56

2,020,000.00
4,
.00
2,
462. 06
2,924,819. 35
7,853,970. 51
3,851,648.18
6,740,302.08
7,552, 137. 13
3,992,943. 16
3,436,127. 18

15,675.00
22,900.00
5,150.00
50,325.00
11,525.00
4,500.00

2,600,000.00
327,000.00
2,020,000.00
4,442,000.00
2,105,462.06
2,902, 719.35
7,838,295.51
3,828,748. 18
6,735,152.08
7,501,812. 13
3,981, 418. 16
3,431,627.18

47,866,409.65

152, 175.00

47,714, 234.65

8,408,771.54
2,065, 486.53
10,001, 716.92

363,537.00
2,344,825.00
1,023,400.00

8,045,234.54
*279,338.47
8,978,316.92

4 124.63

20,475,974.99

3,731,762.00

16,744,212.99

230,763,866. 13

84,079,384.64

3,883,937.00

80, 195,447.64

Total, first quarter------Grand total

FINANCING OF E XP ORTS

OF

2,600,000.00

15,737,000.00

-

AGRICULTURAL
title

-

100.00

S U R P L U S E S - S E C . 201 (c),

il

1933

July---------------------------August-------September----

$52,851,247. 22
29,295.58
-

October-------

-

November----

-

December----------------------------------------

Total, firstquarter-------|-----------------Grand total.--------------

52,880, 542.80

See footnotes at end of table.

$1,497, 503.38 |-----------------1,903,990.01
341, 170.88
$55,857.49
257,538.30
38,064. 59
609,080.03
17,636.57
2,533,445.78
135,975. 72

$1,497, 503.38
1,903,990.01
285,313.39
219,473.71
591,443.46
2,397,470.06

7,142,728.38

247,534.37

6,895, 194.01

2,233,987. 48
1,065, 488. 51
1,076,848.69

85,324.07
56,803.84
56,494.88

2,148,663.41
1,008,684.67
1,020,353.81

4,376,324.68

198,622.79

4, 177. 701. 89

11,519,053.06

446, 157.16

11,072, 895. 90

REPORT OF THE RECONSTRUCTION FINANCE CORPORATION

31

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstandingfrom Feb. 2, 1938, to Mar. 31, 1934, inclusive, by months and classes—
Continued
FINANCING OF A G R I C U L T U R A L

cºgnities A N D

L I V E S T O C K – S E C . 201 (d),

Amount

Mo nth

A mo un t authorized 1

A mo un t disbursed

Amount repaid

out

standing; i n

j

º

period

$50,000,000.00
1,500,000.00
474,740.63
129,616.60
2,671,563.44

$451, 580.12
830,276.97
158, 117.00

$2,034. 55
3,541.00
109,881.40

$449, 545,57
826,735.97
48,235.60

54,775,920.67

1,439,974.09

115,456.95

1,324,517. 14

,802.20
,000.00
,000.00
,329.43
,000.00
,280.00
,250.00
,000.00
,500.00
,000.00
,500.00
,551.00

32,302.20
75,295.96
104,024.04
1,349,879.30
465,354.37
212,668.80
608,800.95
110,290.93
27,649.65
652,051.93
32,274,428.44
34,090, 189.73

144,281. 14
60,759.60
126,566.04
110,270.37
186,657.37
194,508.91
155,824.97
385,441.32
379,314.31
59,601. 55
1,047,568.45
1400,066. 10

*111,978.94
14,536.36
*22,542.00
1,239,608.93
278,697.00
18,159.89
452,975.98
*275, 150.39
*351,664.66
592,450.38
31,226,859.99
*33,690,123.63

411,131,212.63

70,002,936.30

3,250,860. 13

66,752,076.17

49,015,000.00
3,095,000.00
887,000.00

67,006, 104.34
29, 113,446.61
17,890,089.72

607,189.13
5,616,395.38
9,647,206.33

66,398,915.21
23,497,051.23
8,242,883.39

52,997,000.00

114,009,640.67

15,870,790.84

98, 138,849.83

Grand total.-------------- *518,904, 133.30 | *185,452, 551.06

*19,237, 107.92

166,215,443. 14

Total, first quarter-------

A M O U N T S M A D E A V A I L A B L E F O R R E L I E F A N D W O R K R E L I E F — S E C . 1, T I T L E I

112,492,873. 22
49,435,416.00
48,187,271.00
29,650,979.00
48,973,962.78
1

-

-

-

$3,947,884.00
10,211,699.75 -----------------16,818,809.40
20,462,864. 12 |-----------------28,525,784.82 |------------------

$3,947,884.00
10,211,699.75
16,818,8.09.40
20,462,864. 12
28, 525,784.82

79,967,042.09 ||------------------

79,967,042.09

-

-

-

-

52,438, 197. 16
$334,900.00
3,360,345.08
131,245.00
1,298,448.05 ||-----------------146,702.18
326,440.00
177,500.00

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

187,507, 126.78

Bee footnotes at end of table.

220,017,956.91

970,085.00

40,179,570.14
39,408, 511.25
41,819,058.46
41,367,124.59
52, 103,297. 16
3,229, 100.08
1,298,448.05
* 179,737.82
* 177,500.00
219,047,871.91

11,950.00

* 11,950.00

982,035.00

299,002,964.00

32

REPORT of THE RECONSTRUCTION FINANCE CORPORATION

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstandingfrom Feb. 2, 1932, to Mar. 81, 1934, inclusive, by months and classes—
Continued
T O T A L A C T A P P R O V E D M A R . 9, 1933, A S A M E N D E D

M o nt h

AnºtAuthor. *:::::dis-

Amount out
stan for the

A mou nt repaid

$14,932, 500.00
7,600,000.00
* 16,597, 500.00
8,188,000.00
14,798.000.00
3,471,000.00
4,385,000.00
30,965,000.00
*89,902,000.00
2306,401,000.00

$12,750,000.00
7,582,500.00
5,150,000.00
17,985,500.00
8,185,000.00
7,677,500.00
3,776,000.00
2,990,000.00
44, 155,000.00
154,094,716.67

82,734.37
109,910.25
3, 109.41

$12,750,000.00
7,582,500.00
5,150,000.00
17,980,815.00
8,178,766.97
7,676,598.25
3,775,950.00
2,957,265.63
44,045,089.75
154,091,607.26

497,240,000.00

264,346,216.67

157,623.81

264,188,592.86

256,151,850.00
75,631,750.00
104,883,000.00

146,474,400.00
54,717,750.00
128,039,340.00

191,165.00
109,449.18
71,740.04

146,283,235.00
54,608,300.82
127,967, 599.96

* ~ ~~ ~.

6,233.03
901.75
50.00

Total, first quarter-------

436,666,600.00

329, 231,490.00

372,354.22

328,859, 135.78

Grand total.--------------

933,906,600.00

593,577,706.67

529,978.03

593,047,728.64

LOANS O N PREFE R R E D ST OCK OF BA NKS A N D TRUST COMPANIES

$250,000.00
-

-

-

-

-

-

-

-

1,000,000.00

10,930,315.00
33,766.97
551,598.25
175,950.00
542,265.63
*22,610.25
826,490. 59

January-----------------------FebruaryMarch-------------------------

17, 199,500.00

14,358, 100.00

70,323.81

14,287,776. 19

1,801, 350.00
4,996,750.00
2,665,500.00

310,000.00

322,500.00
1,474,000.00

166,165.00
9,449.18
51,740.04

143,835.00
313,050.82
1,422, 259.96

Total, first quarter-------

9,463,600.00

2, 106,500.00

227,354. 22

1,879, 145.78

Grand total.--------------

26,663, 100.00

16,464,600.00

297,678.03

16, 166,921.97

SUBSCRIPTIONS F O R P R E F E R R E D S T O C K OF B A N K S A N D T R U S T C O M P A N I E S

$13,682, 500.00
7,400,000.00
29,012,500.00
4,838,000.00
12,682,500.00
2,845,000.00
3,735,000.00
5,925,000.00
217,753,000.00
* 177,977, 100.00

$12,500,000.00
7,582,500.00
4,150,000.00
6,850,500.00
8, 145,000.00
6,625,000.00
3,600,000.00
2,415,000.00
4,115,000.00
77,015, 116.67

$12,500,000.00
7,582,500.00
4, 150,000.00
6,850, 500.00
8,145,000.00
6,625,000.00
3,600,000.00
2,415,000.00
4,027,700.00
77,015, 116.67

255,850,600.00

132,998, 116.67

132,910,816.67

143,654,600.00
51,895, 500.00
78,867,500.00
274,417,600.00

94,669,500.00
25,000.00
29,933,000.00
50,000.00
97,479,690.00 -----------------222,082, 190.00
75,000.00

94,644, 500.00
29,883,000.00
97,479,690.00
222,007, 190.00

530,268,200.00

355,080, 306.67

354,918,006.67

See footnotes at end of table.

162,300.00

REPORT of THE RECONSTRUCTION FINANCE CORPORATION

33

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
from Feb. 8,1988,to Mar. 31, 1934, inclusive,by months and classes—

8ontinued
.

PU R CH AS ES OF CAPITAL NOT ES O R D E B EN T U R ES OF B AN KS A N D TR UST
COMPANIES

A mo un t author- I Amount dis-

Mo nth

ized 1

bursed

Am oun t out
standing; in
.
the

§

Amount repaid

perl

224, 189,900.00

116,990, 000.00 ------------------

116,990,000.00

110,695,900.00
18,739,500.00
23,350,000.00

51,494,900.00 -----------------24,462,250.00
$50,000.00
29,085,650.00
20,000.00

51,494,900.00
24,412,250.00
29,065,650.00

Total, first quarter-------

152,785,400.00

105,042,800.00

70,000.00

104,972,800.00

Grand total.--------------

376,975,300.00

222,032,800.00

70,000.00

221,962,800.00

T O T A L , A G R I C U L T U R A L A D J U S T M E N T A C T O F 1933
(To Secretary of Agriculture to acquire cotton, sec. 5, title I)

3,300,000.00
T O T A L , E M E R G E N C Y F A R M M O R T G A G E A C T O F 1933
(Drainage, levee, and irrigation districts, Sec. 36, title II)

-

*; 489. 21

* 10,565,698.83
10,949, 188.04

$2,413,355.10[...I.I.I.I.I.I.I.
T

$2,413,955. 10
2,413,955. 10

2,413,955. 10 l------------------

10,884,545.40 -------------4,133,282.73 ||----------------6,745,426.75
110,943.34 ------------------

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

110,943.34

Total, first quarter-------

21,763,254.88

110,943.34 |------------------

110,943.34

Grand total.--------------

32,712,442.92

2,524,898. 44 ||------------------

2,524,898.44

T O T A L , A C T A P P R O V E D J U N E 10, 1933
(Loans on preferred stock of insurance companies)
1933

December----------------------

$4,375,000.00

$4,375,000.00

$4,375,000.00

1934

March------------------------Total.--------------------

7,500,000.00 l------------------|------------------|-----------------11,875,000.00

4,375,000.00 ------------------

4,375,000.00

1.These figures have been adjusted on account of rescissions.
*Revised.
* Decrease.
resentsincreases due to accounting adjustments in loans previously authorized.
*Includes authorizations of$448,000,000tothe Commodity Credit Corporation, of which $178,279,877.89
was disbursed and $16,467,009.73 was repaid.

H.Doc. No. 899, 7 8 - 2 – 8

34

R E P O R T OF T H E

RECONSTRUCTION

FIN ANCE CORPORATION

TABLE 7.-Number of borrowers and amounts of loans authorized under sec. 5

of the Reconstruction Finance Corporation Act, as amended (1), Feb. 2, 1982,
to Mar. 31, 1984, inclusive, by size of cities or towns.
BANKS A N D TRUST COMPANIES
Authorizations

B

Population of cities*

†.*

which borrowers

N um b er

orrowers,
Pe.
of

Percent of
Amount

total

Under 5,000------------------------------5,000 to 9,999---------------------------10,000to 24,999---------------------------25,000 to 49,999-----------------------------50,000 to 99,999-----------------------------100,000 to 199,999--------------------------------200,000to 499,999-------------------------500,000 to 999,999-----------------------1,000,000 and over--------------------------------

4,870

70.4
8.0
7.3
3.5
3.0
2.2
1.5
2.0
2.1

$260,979,346.47
94,715,741.49
144,604,945, 40
122,053,423.85
237,016,711.96
184,245,880.64
220,478,464.42
360,262,761.96
326,383, 194.26

13.4

553
504
241
208
155
103
141
142

Total--------------------------------------

6,917

100.0

1,950,740,470.45

100.0

RECONSTRUCTION

4.8
7.4
6.3
12.2
9.4
11.3
18.5
16.7

F I N A N C E C O R P O R A T I O N AC T, A S A M E N D E D 1
5,114

60.9

656
693
401
376
257
347
302
252

7.8
8.2
4.8
4.5
3.1
4.1
3.6
3.0

$283,768,265.76
104,278,277.66
173,975,528.82
153,365,894.22
282,001, 171.90
225,475,601.86
321,020,342.68
519,302,087.38
515,629, 236.60

11.0
4-0
6.8
5.9
10. 9
8.8
12.5
20.1
20-0

8,398

100.0

2,578,816,406.88

100.0

1 Exclusive of railroads, regional agricultural credit corporations, Federal land banks, Federal inter
mediate credit banks, processors or distributors who are subject to processing taxes, and State funds

created for the purpose of insuring repayment of deposits of public moneys.

TABLE 8.—Names and compensation of directors, officers, and employees of the
Reconstruction Finance Corporation receivingfrom the Corporation more than $400
per month, as of Mar. 31, 1934
W A S H I N G T O N OFFICE
Basic sal
Name

Jones, Jesse H.-Blaine, John J.---Couch, Harvey CHenderson, Charles

Title

Ch a ir m an
Director

Merriam, & 5 .

Taber, Frederic H
Talley, Lynn PReed, Stanley---Cooksey, George R.
Mulligan, H. A.
Fitts, William C
Alley, James B-

#:

ary per

Net sal

month

per mon

$833.33

$750.00

833.33
833.33
833.33
833.33
833.33

750.00
750.00
750.00
750.00
750.00

1,041.67

1,024.31
1,024.31

041. 67

833.33

819.44

833. 33

819.44

833.33

750.00
750.00
750.00
750.00
750.00
750.00
750.00
750.00
750.00
750.00
750.00
720.00
720.00
712.50
675.00
675.00

833.33
833.33
833.33

Do nal d J

Pierson, Warren L
Johnson, Ben--Schwulst, E. B.
Barriger, J. W., III
Brownell, R. A.--McKee, John K.-Sheehan, William F.-Persons, Henry Z----Taylor, R. J.-------------------Whitaker, Harry E
Husbands, Sam-------Lindquist, R. J.-Payer, Harry F----------Mandeville, Charles H. W-----|

Chief, agency division---------hief, examining divisio
Assistant chief, examining division
Examiner------------------------Assistant chief, agency division
Assistant chief engineer
Assistant chief, examining di
Chief auditor------------Special counsel---Examiner---------------

Dougherty, J. L.

º

833.33
833.33

833.33
833.33
833.33
833.33
833.33
800.00
800.00
791.67

750.00
750.00
750.00
708.33

675,00
63.50

REPORT OF THE RECONSTRUCTION FINANCE CORPORATION

35

TABLE 8–Names, and compensation of directors, officers, and employees of the
Reconstruction Finance Corporation receivingfrom the Corporation more than $400
per month, as of Mar. 31, 1934—Continued
W A S H I N G T O N OF FIC E–C on tin ued

Name

Net sala

Title

per m o n

600.00

i
i
;

Corcoran, Thomas G-----------

Cross,Guernsey T------------Snodgrass, Russell L
Shaver, Clem-----------Baxter, Norman W------Costello, W . C.---------

;

Chadduck, Harry W----Shannon, Ernest--------Boggs, Verner------------

Special assistant-----------------------------Financial adviser
Counsel--------------------------------------Assistant secretary---------------------Chief, statistical and economic division
Assistant chief, examining division-----Examiner-------------------------------------

Assistant treasurer-Examiner-------

ii
J------------------

Jones,Ralph's.................
Kiesling, Robert J.--------------

Reed

Chief examiner, drainage, levee, and irrigation
division.

-

Chiefengineer, drainage, levee, and irrigation

450.00

Griffin, Charles N.---

LaFever, Dwight Y
Macartney, Morton-Moore, Hilton M----Moore, Milton K---------------

O'Bleness, E. J.-------Rochelle, William J.-------------

Seabury, R. M----

§

i

:
450.

36

REPORT

OF

T H E

RECONSTRUCTION

FINANCE

CORPORATION

TABLE 8.—Names and compensation of directors, officers, and employees of the

Reconstruction Finance Corporation receivingfrom the Corporation morethan $400
per month, as of Mar. 31, 1984—Continued
W A S H I N G T O N O FFI CE –Co nti nu ed
Basic Sal
Name

Title

Seeley, Harold J---------------Watson, William P
Webb, George T---------------Farrell, Edward A.--------------

. #
-

Net Sal
per mont

$500.00

$450.00

500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
491.67
491.67
483.33
475.00
466.67

450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450.00
450. G0
450.00
450.00
442.50
442.50
435.00
427.50

i|
Appraiser------------------------------------chief auditor------------------------

Asºn

Supervising accountant----------------------Special assistant------------------------------Assistant secretary---------------------------Assistant to the secretary---------------------

*

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

ii

House, Perry B
Jenkins, Hugh Powell
Lewis, Charles B.-----Ly ord, Frederic E
ack, Bryan-------Robertson, Hilton W-Stafford, Bayard C------------

#;:

Strong, Albert L.-Sullivan, Frank J.---Bennett, Andrew W
Fletcher, Lloyd----Rosenwald, Harold.-Glueck, Nathan H-Wilson, Robert G--Frank T. -Administrative assistan
A

Pºlº

-

-

-

-

-

-

-

-

-

-

-

-

-

-

REPORT OF THE RECONSTRUCTION FINANCE CORPORATION

37

TABLE 8.—Names and compensation of directors, officers, and employees of the
Reconstruction Finance Corporation receivingfrom the Corporation more than $400
per month, as of Mar. 31, 1934—Continued
W A S H I N G T O N OFF IC E–C ont in ued
Basic Sal
Name

Title

Harrington, John Lyle.-------- Special engineer adviser----------------------Mehnert, ,i. A
Appraiser
Roper, Wilbur------------------|-----do-----------------------------------------

L O A N

Atlanta, Ga.:
Cocke, Frle
ham,

Manager---------------------------------------| Assistant manager-Cotting- || Manager--------------------------------------

ham,

Ala.:

Net Sal
per Inont

§

§

1.

2

(?

(*

A GEN CIE S 4

Chadwell, W. A.---B

month

ary per

$625.00

$562.50

416.67
600.00

375.00
540.

-

833.33

750, 00

#%|

#:

458.33
470.00
500.00

412. 50
423.00
450.00

; §
-

708.33
625.00

; %
-

500.00
500.00
500.§
§

Field representative
Anderson, George S-Examiner-------Murchison, Frank M-------|-----d
Walters, Harold S----------| Attorney--------David, Ross----Gill, Charles R-------------| Examiner-------Knight, H. B---------------|----Smith, James C------------|----Standish, M . L.
Touhy, Arthur------------- Examiner------------------------------------Cleveland, Ohio:
Callander, F. S.------------- Manager-------------------------------------Davies, M . C.---Assistant manager-Killpack, James M Chief, closed banksWadsworth, J. L.
Assistant manager-P
Tex.; Andrews, Warren | Manager--------------------------------------

-

-

-

-

750.00
450.00
637. 50
562.50
562.50
450.00
450.00
450.00

{:}}

500.00
500.00
458.33
458.33
450.00
416.67
416.67
416.67
416.67
416.67
416.67

.00
450.00
450.00
412.50
412.50
405.00
375.00
375.00
375.00
375.00
375.00
375.00

750.00
541.67
500.00
500.00
700.00

675.00
487. 50
450.00
450.00
630.00

833. 33
500.00
416.67
416.67
500.00

750.00
450.00
375.00
375.00
450.00

500.00

450.00

Detroit,Mich.:
Fisher, Charles T., Jr.------

Hewitt, Charles HBarber, Everett. -Regan, William A----

Houston,Tex.: Ford, R. F----Jacksonville, Fla.: Farwell,
Fred H---

-

-

-

-

-

do-----------------------------------------

*Asmember oftheengineers'advisoryboard attherateof$32.50perday, less15percent when employed
n for January, basicrate $455, net $386.75.

*Employed on per-diem basisat$15per day less deduction. Compensation forJanuary, basicrate$450
less15percent,
.50. Compensation for February, basic rate $405 less 10percent,$364.50. Compensation
forMarch,basicrates153less10percent,$137.70. The 10-percentreductioneffectiveFeb.1,1934,ispursuant
totitle IIofthe Independent OfficesAppropriation Act, 1935.
*Employed on per-diem basis at$15per day less15percent. Compensation forJanuary, basic rate$435
lºss15percent, º
Compensation for February, basic rate $450less 10 percent,$405. Compensation for
March, basicrate$451ess10
nt,$40.50. The 10-percentreduction effective Feb. 1,1934, ispursuant to
titleIIofthe Independent OfficesAppropriation Act, 1935.
*Except ashereinindicated, attorneys handling legalmatters of the various agenciesofthe Corporation
do notreceivesalariesbut are paid in the customary way according to the character and volume ofthe
work

and therefore are not included.

38

REPORT of THE REConstruction FINANCE CORPORATION

TABLE 8.-Names and compensation of directors, officers, and employees of the
Reconstruction Finance Corporation receivingfrom the Corporation more than $400
per month, as of Mar. 31, 1934—Continued
L O A N AG ENCI ES. –Co nti nue d

Basic sa l

Name

Kansas City, Mo.:
Hodges, FrankTremble, George
Rice, Carl V---Little Rock, Ark.:
Jarrett, J. W .
Pettit, Clyde.
Los Angeles, Calif.:

Title

Manager---------------Assistant manag

-

-

450.00
600.00

Manager---------------Special counsel--------------------------------

Daniel, Her- -----do----------------------------------------

Philadelphia, Pa.:
Kilbourn, Jonathan F------|-----do---------------------------------------Denworth, Hugh F--------- Assistant manager---------------------------Toppin, E. B.--------------- Temporary assistant to chairman, special advisory, and appraisal committee.
Thompson, John M.-------- Office attorney-------------------------------Gretz, Arthur A------------ Examiner--------------------------Portland, Oreg.: Slade, E. F----| Manager-------------------------------------Richmond, Va.:
Combs, E. R.---------------|-----do---------------------------------------Staples, E. W . ------Assistant manager
aters, W . Murray-------- Chief examiner-----------------------Lake City, Utah: Smith,
anager--------------------------------------

Net mo
salnt
per

$750.00

ounsel---------

Scroggs,Thomas C.--Manager-------------------------------------Sears, Jerome F--- Assistant manager---Roper, James H------------ Supervising engineer-------------------------Louisville, Ky.:
Humphrey, Lovell M------ Assistant manager---------------------------Minneapolis, Minn.:
Qhapman,Joseph---------- Acting manager------------------------------Barton, John W------------ Special assistant-----------------------------Nashville, Tenn.:
Gardenhire, J. M----------- Manager-------------------------------------Davis, Lee----------------- Assistant manager---------------------------N e w Orleans, La.:
Buskie, George F----------- Acting manager------------------------------Robertson, George W Assistant manager
Kaplan, Monroe-------! Examiner------------------------Knight, M . J.---------------|-----do----------------------------------------N e w York, N.Y.:
Mahoney, Daniel J.--------- Manager-------------------------------------Ahearn, Thomas J., Jr.-Cahill, William J.-----------| Special counsel. --------------Smith, Frederick P---------| Counsel----------Weinstein, Walter HSanford, Clarence R-------Stevens, Harry I.----Tyree, Young-------Clarke, A. J., Jr.-----------Linn, Henry A.------------Merritt, Matthew J.-------City, Okla.: Eagen,

ofººms
o º : Nebr.:

º

450.00
450.00

500.00

562.50
375.00
450.00

-

-

416.67

375.00

# 625.00
700.00

562.50
630.00

583.33
458.33

525.00
412.50

683.33
416.67
416.67
416.67

615.00
375.00
375.00
375.00

875.00
833.33
833.33
791.67
750.00
500.00
458.33
458.33
416.67
416.67
416.67
450.00

860.42
819.44
750.00
712.50
675.00
4 50.00
412.50
412.50
375.00
375.00

500.00

450.00

833.33
708.33
541.67

750.00
637.50
487. 50

500.00
441.67
450.00

450.00
397.50
405.00

sº

700.00
416.67
416.67
450.00

San Antonio, Tex.: Meerscheidt, -----do----------------------------------------

500.00

375.00
405.00

630.00

375.00
375.00

450.00

tto.

San Francisco, Calif.:
Calkins, A.A.--------------|-----do---------------------------------------McCullough, John S-Assistant manager.-H os s a ck
Examiner-------------------------------------

600.00
416.67

(*)

540.00
375.00

(*)

St. fouis, Mo.;
Vardaman, James K., Jr.---| Manager-------------------------------------Kerr, R. D.----------------- Assistant manager----------------------------

º :

833.33
500.00

750.00
450.00

* W h e n actually
* Employed on per iem basis at $25 per day less deduction. Compensation for January, basic rate $575
less 15 percent, $488.75. Compensation for February, basic rate $500 less 10 percent, $450. Compensation
for March, basic rate $550 less 10 rcent,$495. The 10-percentreduction effective Feb. 1,1934,ispursuant

to title IIof the Independent OfficesAppropriation Act, 1935.

REPORT of T HE RECONSTRUCTION FINANCE CORPORATION

39

"...

TABLE 9.—Statement of cash
and expenditures during the first quarter,
Jan. 1, 1934 to Mar. 31, 1934, inc usive. (Corporation's accounts with Treasurer
of United States)

cºorporation--------------------------------------------------------------------------. atthe closeofbusiness Dec. 31, 1933,as per the books ofthe treasurer ofthe

$6,656,275. 70

AddchecksissuedpriortoJan. 1,1934,canceledduring themonth ofJanuary 1934---------

980. 74

ºusted cash balance at the close of business Dec. 31, 1933-----------------------

6,657,256.44

pts:

Sale of notes------------------------------------------------------------------------Repayments of loans:
To banks and trust companies (including receivers)------------- $154,493,874.01
T o credit unions
18,234.05
To building and loan associations------------------------------11,292, 197.96
To insurance companies----------------------------------------10,734, 414.03
To joint-stock land banks---------------------------------2,566,974. 17
600,623.98
To livestock credit corporations---------------------------T o mortgage loan companies-----------23,754,624.72
To regional agricultural credit corporations
T o other agricultural credit corporations
549,286.01
To railroads------------------------194,697.44
to
or distributors for pa
1,000.00
To Statefunds forinsurance of depositsofpublic moneys-------1,599,601.15
For self-liquidating projects under sec. 201 (a) (bonds and cer
tificate paid, par $3,623,900).----------------------------------3,623,900.00
For repair or reconstruction ofproperty damaged
by earthquake, etc.---------------------------$107,862.00
-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

715, 515,000.00

-

-

-

-

g; .

For financing sale of agricultural surpluses in

-

foreign markets------------------------------To institutions under sec 201 (d) Commodity

198,622.79

Credit Corporation----------------------------

15,371,238.81
499,252.03

Other------------------------------------------Secured by preferred stock banks and trust c o m
panies-----------------------------------------

227,354.22

Relief disbursements (1932 act), repaid-------Preferred stock and debenture retirements
Sale of gold-----------------------------Interest and discount collected.-Accrued interest on notes sold.----------------Dividends collected on preferred stock purchased.---------------Reimbursable expense collected.--------------------------------on advances for care and preservation ofcollateral.-Collections on collateral (cash collateral)-----------------------Collections on collateral purchased.-----------------------------reductions regional agricultural credit corporations-----Refunds of expenses paid---------------------------------------Unallocated, pending advices----------------------------------Miscellaneous (including amounts credited in error)--

#:Rºº.
§ :

-

-

-

-

-

1,315,750.64
151,420.24
826,855.
286, 103.
27,
1,575,
9

;i

19,294,
654, 35

:

1,129, 156.713.64

1,135,813,970.08

Total.----

Expenditures:
Loan disbursements:
To banks and trust companies (including re
ceivers)--------------------------------------- $103,648,776.53
T o building and loan associations-1,038,683. 22
To insurance companies----------1,624,629.93
To Federal land banks-----51,500,000.00
T o joint-stock land banks
229,765.28
To livestock credit corporations---100,000.00
To
loan companies-----------7,567,028.74
To regional agricultural credit corporations-14,147,378.57
To other agriculturalcredit corporations--To railroads-------------------------------------

:::::::::

-

To processors or distributors for payment ofpro
6,816.69

Cessing taxes----------------------------------

For self-liquidating projects under sec. 201(a)
(bonds and notes purchased, par $15,384,000)--For repair or reconstruction of property damaged

15,068, 135.87

by earthquake, etc.---------------------------5,407,839. 12
For financing sale of agricultural surpluses in
foreign markets------------------------------4,376,324.68
T o institutions under sec. 201 (d) Commodity
Credit Corporation--------------------------- 112,608, 147.92
Other----------------------------------1,401,492.75
110,943.34
-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

$2,106,500.00

-

—

329,264,217.34

Reliefgrants (1933act)---------------------------------------------- 171,725,612.13
Payments of subscriptions to capital of regional agricultural credit
(increases)------------------------------------------rcorporations
º of capital
notes and debentures, ba
a n d trust c o m

1,500,000.00

panies------------------------------------------------------------- 105,042,800.00
Purchases ofpreferreds
,banks and trustcompan
222,082, 190.00
Redemption ofnotes “series Feb. 1, 1934”-------------- 131,573,815.50
402, 512.00
Expenseshipment ofgoldfrom foreigncountriestoUnit

Payments to Secretary ofthe Treasury (forpurchase ofstock ofFed

eralhome-loan banks)---------------------------------------------

3,900,000.00

40

REPORT of THE RECONSTRUCTION FINANCE CORPORATION

TABLE 9.—Statement of cash receipts and expenditures during the first quarter,

Jan.1,1934to Mar,31,1934, inclusive. (Corporation's accounts with Treasurer
of United States)—Continued

Expenditures—Continued.
Payments to Secretary of the Treasury (for purchase of stock of
H o m e Owners' Loan Corporation)
Payments to Land Bank Commissioner----Payments to Federal Farm Mortgage Corporation
Advances for expenses regional agricultural credit corporations
(under Farm Credit Administration).----------------------------Advances for expenses Federal Emergency Relief Administration--Advances for care and preservation of collateral.-------------------Re und of interest and dividend overpayments
Release of cash collateral-------------------Interest on cash collateral to rediscounts------

Discount rebates and refund of unearned discountRelease of funds held in suspense-------------------------------Accrued interest on bonds purchased (self-liquidating projects)Furniture and fixtures---------------------------------------Expense:
General.--Loan agency
Custodian-------------------------------------------------Reimbursable expense
Miscellaneous (including refunds and
credited in error)-----------------------------------------------—
-

-

000.00
000.00
000.00

1,214,500.00
147,793.87
1,155,029.66
97,782.00
205,332.76
5,122.88
18, 109.32
607,097.94
151,641.18
71,396.
921, 153.25
1, 170,609.40
589,213.84
308,696.71
660,515.01
$
1,132,815, 140.99

Cash balanceatcloseofbusiness,Mar. 31, 1934------------------------------------

2,998,829.09

NotE.-In addition to funds on deposit with the Treasurer of the United States, custodian banks held

in suspensefunds which amounted to $5,056,007.01 at the close ofbusiness Dec. 31, 1933, and $6,613,988.37
at the close of business Mar. 31, 1934.

TABLE 10.-Statement of condition of the Corporation as of the close of business
Mar. 31, 1934
Assets

Cash on deposit with Treasurer of United States---------------------------------------Funds held in suspense by custodian banks---Petty cash funds-----------------------------------------------------------------------Allocated for expenses regional agricultural credit corporations (under Farm Credit
Administration).----------------------------------------------------------------------Allocated for Federal Emergency Relief Administration (1933 ReliefAct)--to Secretary of Treasury"---------------------------------------

Alloºd

#:

; i.

#s

%º

,000. (

,000t

0.

Allocated to Land Bank Commissioner "-------------------------------Less reallocated to Federal Farm Mortgage Corporation------------Allocated to Federal Farm Mortgage Corporation--------------------------------------Allocated to Secretary of Agriculture *-----------------------------------

§§ § §

Reallocated as

capital Regional Agricultural Credit
Corporation---------------------------------- - - - - - - - - - $44,500,000
Reallocated to Governor of Farm Credit Administration. 40,500,000
85,000,000.00

Capital regional agricultural credit corporations------------------------Allocated for revolving fund (capital regional agricultural credit corpora
tions)-----------------------------------------------------------------

44,425,000.00
75,000.00

Allocated to Governor Farm Credit Administration--------------------------Loans under Sec. 5:
Proceeds disbursed (less repayments):
Banks and trust companies *------------------------------------ 657,387,344.04
Credit unions-------------------494, 264. 16
Building and loan associations *-55,853,607.31
Insurance companies------51,700,364.72
Federal land banks193,618,000.00
Joint-stock land banks----11,731, 199.44
Livestock credit corporations.
1,924,306.01
Mortgage loan companies -------------------------------------- 161,573,834.11
Regional agricultural credit corporations------------------------ 24,858,786.75
Other agricultural credit corporations--------------------------1,141,256. 40
Railroads (including receivers)
345, 181, 187.45
Processors or distributorsfor payment of
taxes--------,150.38
State funds forinsurance ofdepositsofpublic moneys------------4,213,364. 59
1,509,690,665.36
Proceeds not yet disbursed:
Banks and trust companies *------------------------------------ 187,815,216.58
Building and loan associations *--------------------------------1,889,917.80
Insurance companies-------------------------------------------,292.49
Joint-stock land banks-----------------------------------------Livestock credit corporations-----------------------------------Mortgage loan companies º----Regional agricultural credit corporati
,956,
25
Railroads (including receivers).-------,227,
04
Processorsor distributors forpayment of
3,
31
323,664,434.14
See footnotes at end of table.
- - - - - - - - - -

-

-

-

-

-

.

-

REPORT OF THE RECONSTRUCTION FINANCE CORPORATION

41

TABLE 10.-Statement ofcondition of the Corporation as of the close of business
Mar. 81, 1934—Continued
A S S E ts — c o n t i nu e d

Loansand contractsforself-liquidatingprojectssec.201(a):
Proceeds disbursed (less repayments) (by purchase ofbonds, certificates, and notes;
par $73,274,300--------------------------------------------------------------------

$72,226, 159.64

Proceeds not yetdisbursed (contracts,bonds, certificates,and notes;par$126,577,000).
Loans forrepairor reconstructionofproperty damaged by earthquake, etc.:

126,570,074.92

Proceeds disbursed (less repayments)
Proceeds not yet disbursed

7,969,288.00
2,281, 175.00

Loansunder sec.201 (c),forfinancingsaleofagriculturalsurpluses inforeign markets:
Proceeds disbursed (less repayments)----------------------------------------------Proceeds not yet disbursed.---------------------------------------------------------Loans to institutions under sec. 201 (d):
Proceeds disbursed (less repayments)---Proceeds not yet disbursed

Loans to drainage, levee, and irrigation districts:
Proceeds disbursed
Proceeds not yet disbursed.----

11,072,895.90
11,361,489.74
166,215,443. 14
274, 584,498.45
2,524,898.
30, 123,055.27

Loanssecured by preferred stock insurance companies:
Proceeds disbursed.-----------------------------------------------------------------Proceeds not yet disbursed.----------------------------------------------------------

4,375,000.00
7,500,000.00

Loanssecured by preferred stock banks and trust companies:
Proceeds disbursed (less repayments)----------------------------------------------Proceeds not yet disbursed.---------------------------------------------------------Reliefauthorizations (1932 act):
Proceeds disbursed (less repayments)----------------------------------------------Proceeds not yet disbursed.----------------------------------------------------------

16, 166,921.97
8,285,500.00
299,002,964.00
15,001.00

Preferred stock banks and trust companies:
Purchased (less retirements)-------Subscriptions authorized------------------------------------------------------------

354,918,006, 67
155,909,690.00

Capital notes and debentures banks and trust companies:
Purchased (less retirements)-------------------------------------------------------Subscriptions authorized

221,962,800.00
149,362,500.00

Advances for careand preservation ofcollateral:
s disbursed (less repayments)-------------------------Proceeds not yet disbursed.----------

854,869. 15
34,636.34
1,861,203.65
48,388,726.53
862, 159,52

Collateral purchased (costlessproceeds
Accrued interest receivable--

Reimbursable expense------------------------------------------------

-

Furniture and fixtures------------------------------------------------

30

Lessallowances for depreciation--------------------------------------------479,499.09
Total.-----

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

L iA BIL IT IE S A N D

c a p it a l .

Payable on certificateof Federal Emergency ReliefAdministration (1933 ReliefAct)----

rº, to Secretary of the Treasury"--------------------------------------------

- -

0.”------ ----------- ------------ ----

12,973,825.

1:095
-

#%

Payable to Land Bank Commissioner *
Payablefor capitalregionalagriculturalcreditcorporations

C

5, 148,657,282.38

le by F a r m Credit Administration for expenses of regional agricultural credit
Corporations---------------------------------------------------------------------------

Liabilityforfunds held as cashcollateral-----------------------------------------------not yet disbursed:
Loans under sec. 5-----------------------------------------------------------------Loans and contracts for self-liquidating projects, sec. 201 (a)--------------

5i

1,408,2
6,997, 273.15

-

Loansforrepairorreconstruction ofproperty damaged by earthquake, etc.---------Loans under sec.201 (c),forfinancingsaleofagriculturalsurplusesinforeignmarketsLoans to institutions undersec. 201 (d)---------------------------------------------Loans to drainage, levee, and irrigation districts------------------------------------Loans secured by preferred stock:
ur anc e companies------------------------------------------------------------

Banks and trust companies-------------------------------------Reliefauthorizations (1932 act)-------Advances for care and preservation of collateralSubscription authorizations:
Preferred stock banks and trust companies------------------------Capital notes and debentures banks and trust companies-----------

-

-

-

149,362,500.00,

-

!nterestpaidin advance-------------------------------------------------------Interestand dividend refunds and rebatespayable--------------------------------------

See footnotes at end of table.

7,500,000.00
8,285, 500.00
15,001.00
34,636.34
155,909,690.00

ashreceiptsnot allocatedpending advices-------------------------------Miscellaneousliabilities(includingsuspense).------------------------------Liabilityforfunds held pending adjustment.------------------------------Unearned discount--------------------------

323,664, 434. 14
126,570,074.92
2,281, 175.00
11,361,489.74
274,584,498.45
30,123,055.27

6,538,995. 52
2,700.85
247,357.81
440,675.65
127,073.60

42

REPORT of THE RECONSTRUCTION FINANCE CORPORATION

TABLE 10.-Statement of condition of the Corporation as of the close of business
Mar. 31, 1984—Continued
LIABILITIES AND CAPITAL-continued
Interest accrued------------------------------------------------------------------------- $16,634,077. 61
De erred credits, income on collateral purchased.----------------------------------------80,795.31
De erted credits to expense-------------------------------------------------------------13,017.30
Notes: Series D, E, F, G and series of Feb. 1, 1934-------------------------------------- 3,166,816, 311.99
Capital stock
----------------- 500,000,000.00
Surplus Dec. 31, 1933-$39,102,163.64
Reserve for self-insurance------------------------------------------------100,000.00
39,202, 163.64
Surplus adjustment--------------------------------------------------------------------3,563.54
Interest earned, less interest and expenses (Jan. 1, 1934, through Mar. 31, 1934)---------9,751,032.79
-

Total------------------------------------------------------------------------------ 5, 148,657,282.38
1 Sec. 2 of the Reconstruction Finance Corporation Act, as amended by the Federal H o m e Loan Bank
Act, provides that “in orderto enable the Secretary ofthe Treasuryto make payments upon stock of Federal
home-loan banks subscribed for by him in accordance with the Federal H o m e Loan Bank Act, the s u m of
$125,000,000 or so much thereof as m a y be necessary for such
is hereby allocated and made avail

º :

able to the Secretary of the Treasury out ofthe capital of the Corporation and/or the proceeds of notes,
debentures, bonds, and otherobligations issued by the Corporation.” The amount of such stock sub

scribedforby thesecre

of the Treasury is$124,741,000.

*Sec. 4(b)ofthe Home Owners' Loan Act of1933, provides that “the Board (Federal Home Loan Bank
Board) shall determine the mi nim um amount of capital stock of the Corporation (Home Owners' Loan

Corporation) and isauthorized toincreasesuch capital stockfrom time totime in such amounts as may be
necessary, but not to exceed in the

º

$200,000,000.

Such stock shall be subscribed for

§ the S e c r e

taryoftheTreasury on behalfoftheUnited States, and payments for such subscriptions shall be subject
to call in whole or in part *}the Board and shall be made at such time or times as the Secretary ofthe
Treasury deems advisable. Inorder toenablethe Secretary oftheTreasury tomake such payments when
called, the Reconstruction Finance Corporation isauthorized and directed to allocate and make available

to the Secretary ofthe Treasury the sum of$200,000,000, orso much thereofas may be necessary, and for
such purpose theamount ofnotes,bonds, debentures,orothersuch obligations which the Reconstruction
Finance Corporation is authorized and empowered under section 9 of the Reconstruction Finance C o r

porationAct, asamended, tohaveoutstandingatany time,ishereby increased by suchamounts asmay be
.” T h e amount ofsuch stock subscribed for by the Secretary of the Treasury is$200,000,000.
*Sec. 30 (a) of the Emergency Farm Mortgage Act of 1933 made $100,000,000 available to the Farm Loan
(now Land Bank) Commissioner forloans to joint-stockland banks. Sec. 32 of the same act made $200,000,
000available tothe Farm Loan (now Land Bank) Commissioner for direct loans to farmers. Of the am ount
made available under sec. 32, $145,000,000 was paid to the Land Bank Commissioner and the balance
,000,000was reallocated and paid to the Federal Farm Mortgage Corporation under sec. 3 of the Federal
F arm Mortgage Corporation Act.
*Sec. 2 of the Reconstruction Finance Corporation Act as amended made available to the Secretary of
Agriculture $200,000,000. Of this amount, $135,000,000 was paid to him, of which $20,000,000 was returned
n

to the Corporation. Of the$85,000,000difference,$44,500,000wasreallocatedand disbursed as capital of

the Regional Agricultural Credit Corporations (sec. 201 (e), Emergency Relief and Construction Act of
1932). T h e remainder, $40,500,000, was made available and has been paid to the Governor of the F ar m
Credit Administration, pursuant to the provisions of sec. 5 (a) (1) of the Farm Credit Act of 1933.
* Loans under sec. (5) of the Reconstruction Finance Corporation Act to aid in the reorganization or
liquidation of closed institutions have been authorized in the aggregate amount of$698,239,701.11, of which
$44,937,731.38 has been canceled. After taking into consideration repayments of $128,935,270.56 items (5)
of the balance sheet include the balance of$341,623,317.12representing proceeds disbursed (less repayments)
and $182,743,382.05 representing proceeds not yet disbursed, exclusive of $20,088,420.17 loans approved in

principleupon theperformance ofspecified conditions.

In addition to loans and other authorizations reflected on the

statement of condition, the Corporation has approved in principle
loans in the amount of $194,209,889.95 and purchases of preferred
stock, capital notes, and debentures of banks and trust companies in
the amount of $118,946,250 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 March 31, 1934, nor income of regional agricultural credit

corporations whose capital stock was subscribed by the Corporation.