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º

Q U A R T E R L Y REPORT
OF

Reconstruction Finance

Corporation
TO

TH E CONGRESS

CO VE RI NG T H E CORPORATION'S OPERATIONS ºr
F O R T H E PERIODS APRIL 1 TO JUNE 30, 1933
INCLUSIVE, A N D F E B R U A R Y 2, 1932, T O
J U N E 30, 1933, INCLUSIVE

&

UNITED STATES
GOVERNMENT
*-

P R I N TI N G O F FI C E

W A S H I N G T O N : 1933

*
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wrºperatº ºr ‘’’

see .* *

QU A R T E R L Y R E P O R T OF T H E RE C ON S TR U CT IO N
FINANCE CORPORATION

Q U A R T E R E N D E D J U N E 30, 1933

REconstruction FINANCE Corporation,
Washington, July 29, 1933.

SIR: Pursuant to the provisions of section 15 of the Reconstruction
Finance Corporation Act, the Corporation has the honor to submit
its report covering its operations for the second quarter of 1933,
April 1 to June 30, 1933, inclusive, and for the period from the

organizationoftheCorporationon February 2, 1932, toJune 30, 1933,
inclusive.

During the second quarter of 1933, the Corporation authorized,
under section 5 of the Reconstruction Finance Corporation Act, as

amended, 1,143 loans. These loans, together with increases during
thequarterofloanspreviouslyauthorized, aggregated $332,965,585.35
as follows: $158,401,087.83 to banks and trust companies (including
$94,126,783.03 to aid in the reorganization or liquidation of banks
that are closed orin process ofliquidation); $5,360,079.11 to building
andloan associations;$4,984,704.78 toinsurance companies;$56,589,
551.93 to mortgage loan companies; $115,000 to credit unions;

$6,300,850 to joint-stock land banks; $384,924.92 to agricultural
credit corporations; $58,296,703.78 (rediscounts) to regional agri
cultural credit corporations;$476,100 to livestockcredit corporations;
and $42,056,583 to railroads.

During the second quarter of 1933, the Corporation, under the
Emergency Relief and Construction Act of 1932, as amended, made
funds available for purposes of relief and work relief, and authorized

loans or contracts, aggregating $94,297,408.66 as follows: Under the
provisions of section 1, title I,$60,233,460.78 was made available for
purposes of relief and work relief; under the provisions of section

201 (a), title II, as amended, loans or contracts totaling $33,609,
338.45 were authorized for self-liquidating projects (including
$10,450,000 for financing the repair or reconstruction of buildings

damaged by earthquake, fire, tornado, or cyclone in 1933); and
under the provisions of section 201 (d), title II, loans aggregating
$454,609.43,were authorized to aid in financing the carrying and
orderly marketing of agricultural commodities and livestockproduced
in the United States.

During the second quarter of 1933, the Corporation, under section

304, title III, of the Bank Conservation Act, as amended, authorized

loans in the amount of $10,935,000 secured by the preferred stock
ofbanks and trust companies; authorized subscriptions for preferred
1

2

REPORT OF T H E

RECONSTRUCTION

FI NA NCE CORPORATION

stock of banks and trust companies in the amount of $21,350,500;

and authorized the purchase of debentures of a bank in the amount
of $200,000.
Summarizing the above, the Corporation, during the second quarter
of 1933, made 1,401 authorizations aggregating $459,748,494.01.

Cancelations or withdrawals during the second quarter of 1933 of
loans authorized from February 2, 1932, to June 30, 1933, inclusive,
aggregated $78,834,054.68.
uring the second quarter of 1933, the Corporation disbursed
$436,983,437.43 and received repayments (exclusive of amounts
unallocated, pending advices, as of June 30, 1933) in the aggregate
amount of $159,306,853.73. The increase in the amount outstanding
on June 30, 1933, as compared with March 31, 1933, was
$277,676,583.70.

During the entire period from the organization of the Corpora
tion on February 2, 1932, to June 30, 1933, inclusive, the Corpora
tion authorized, under section 5 of the Reconstruction Finance

Corporation Act, as amended, 13,394 separate loans to 7,651 insti
tutions, aggregating $2,406,215,816.63, as follows: $1,395,056,710.37

to 6,251 banks and trust companies (including $160,998,570.08
to aid in the reorganization or liquidation of 667 banks that are

closed or in process of liquidation); $115,433,715.27 to 987 building
and loan associations; $97,812,767.51 to 123 insurance companies;

$190,149,888.50 to 133 mortgage loan companies; $607,001 to 4
credit unions; $30,500,000 to 9 Federal land banks; $17,593,672.68 to

24 joint-stock land banks; $9,250,000 to 8 Federal intermediate
credit banks; $4,788,932.36 to 17 agricultural credit corporations;
$123,394,300.09 (rediscounts) to 9 regional agricultural credit cor

porations; $13,789,402.85 to 19 livestock credit corporations; and
$407,839,426 to 67 railroads (including $18,946,708 to 8 railroad
receivers).

From July 21, 1932, the date of the enactment of the Emergency
Relief and Construction Act of 1932, to June 30, 1933, inclusive, the

Corporation made funds available for purposes of relief and work
relief, and authorized loans or contracts to 251 institutions in the

aggregate amount of$586,910,102.54 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 $230,899,770.24 were authorized to 182 institutions for
self-liquidating projects (including $10,450,000 to 6 institutions for
financing the repair or reconstructionof buildingsdamaged by earth
quake, fire, tornado, or cyclone in 1933); and under the provisions of
section 201 (d), title II, loans aggregating $56,010,332.30 were
authorized to 25 institutions to aid in financing the carrying and
orderlymarketing ofagricultural commodities and livestockproduced
in the United States.

Under the Bank Conservation Act, as amended, the Corporation
from March 9, 1933, to June 30, 1933, inclusive, authorized 10 loans
in the amount of $12,185,000, secured by the preferred stock of banks

and trust companies; authorized subscriptions for preferred stock of
39 banks and trust companies in the amount of $35,033,000; and
authorized the purchase of debentures of a bank in the amount of
$200,000.

REPORT O F

THE

RECONSTRUCTION

FINANCE

CORPORATION

3

Summarizing the foregoing, the Corporation, during the entire pe
riod from February 2, 1932, to June 30, 1933, inclusive, made 14,108
authorizations aggregating $3,040,543,919.17. Of the total amount
authorized, $246,511,696.63 was later withdrawn or canceled.

At the close of June 30, 1933, the Corporation had disbursed
$2,458,758,335.72 and repayments (exclusive of amounts unallocated,
nding advices, as of June 30, 1933) amounted to $583,512,003.43,

eaving$1,875,246,332.29outstandingon thebooksoftheCorporation.
In addition, the Corporation had outstanding on June 30, 1933,
agreements to make loans, and subscriptions for, and loans on, pre
ferred stock of banks, and purchases of debentures of banks, totaling
$274,494,034.97 upon the performance of specified conditions.

During the second quarter of 1933, the Corporation paid over to
the Secretary of Agriculture the sum of $45,000,000 in accordance
with the provisions of section 2 of the Reconstruction Finance Cor

poration Act, as amended, and the act approved February 4, 1933,
as amended. This made a total of $135,000,000 paid to the Secre
taryofAgriculture from February 2, 1932, to June 30, 1933, inclusive.

Ofthissum, the Secretary of Agriculture had returned $20,000,000 to
the close of June 30, 1933.
Pursuant to the provisions of section 201 (e) of the Emergency R e

liefand Construction Act of 1932, the Corporation during the second
quarter of 1933 paid in $500,000 as capital of a regional agricultural
credit corporation from the unexpended balance of the amounts allo
cated and made available to the Secretary of Agriculture under sec
tion 2 of the Reconstruction Finance Corporation Act, as amended.

From July 21, 1932, the date of the enactment of the Emergency R e
liefand Construction Act of 1932, to June 30, 1933, the Corporation
subscribed for and paid in $44,500,000 as capital of the regional
agricultural credit corporations.

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, the Corporation, during the second quar
ter of 1933, paid $12,350,000 to the Secretary of the Treasury for
the purpose of making payments upon stock of Federal home loan
banks subscribed for by him. This made a total of$42,970,000 paid
:the Secretary of the Treasury for this purpose to the close ofJune
0, 1933.

During April, 1933, $115,000,000 of series B 3% percent notes,
authorized by the board of directors on February 16, 1933, were sold
to the Secretary of the Treasury. As of the close of business on
April 30, 1933, $1,000,000,000 series A 3% percent notes authorized
by the board of directors on October 27, 1932, and $335,000,000 of
the$500,000,000 series B 3% percent notes, authorized by the board
of directors on February 16,1933, had been issued by the Corpora
tion and sold to the Secretary of the Treasury. The authorization
for the remaining $165,000,000 series B notes which had not been

...

The series A and series B notes in the aggre
gate amount of $1,335,000,000 matured on April 30, 1933. On April
29, 1933, the Corporation authorized the issuance of notes in the

issued was

aggregate principal amount of $2,000,000,000, designated as series

C, dated May 1, 1933, maturing November 1, 1933, and bearing
interest at the rate of 3% percent per annum. Of this amount,

4

REPORT

OF

T H E

RECONSTRUCTION

FINANCE

CORPORATION

$1,335,000,000 was accepted by the Secretaryof the Treasury in ex

change for the Corporation's outstanding notes in an equivalent

principal amount. During May and June, 1933, $250,000,000 of the
remaining$665,000,000seriesC notesweresold to theSecretaryofthe
Treasury,making a totalof$1,585,000,000ofnotesoutstandingatthe
close of June 30, 1933.

On May 27, 1933, theCorporation, pursuant to the Executiveorder
issued by the President of the United States on March 27, 1933, trans
ferred to the jurisdiction and control of the Farm Credit Adminis

tration the functions of the Reconstruction Finance Corporation and
its board of directors relating to the appointment of officers and
agents to manage regional agricultural credit corporations formed
under section 201 (e) of the Emergency Relief and Construction Act
of 1932;relating to the establishment ofrulesand regulationsforsuch
management; and relating to the approval of loans and advances

made by such corporations and of the terms and conditions thereof.

Under the Executive order, records, property (including office equip
ment), and personnel used and employed in the execution of the func

tions transferred, likewise were transferred to the jurisdiction and
control of the Farm Credit Administration. All power, authority,
and duties conferred by law upon any officer, executive agency, or
head thereof, from which or from whom transfer was to be made, in

relation to the executive agency or function transferred, were trans
ferred to and vested in the Governor of the Farm Credit Administra

tion by the Executive order. While the management and functions
of the regional agricultural credit corporations are transferred to the
Farm Credit Administration, the Reconstruction Finance Corporation
will continue topay all expensesincurred inconnection with the opera
tion of these corporations, as provided in section 201 (e) of the E m e r

gency Reliefand Construction Act of 1932.

The Federal Emergency Relief Act of 1933, approved May 12,

1933, affects the Reconstruction Finance Corporation as follows:

After the expiration of ten days after the date upon which the Federal Emer
ency Relief Administrator has qualified and has taken office, no application shall
e approved by the Reconstruction Finance Corporation under the provisions of
title I of the Emergency Relief and Construction Act of 1932, and the Federal
Emergency Relief Administrator shall have access to all files and records of the

Reconstruction Finance Corporation relatingto theadministration offunds under
title I of such Act. At the expiration of such ten-day period, the unexpended
and unobligated balance of the funds authorized under title I of such Act shall
be available for the purposes of this Act.

As of the close of business May 31, 1933, the Corporation, upon the

applications of the governors of States and Territories, had made
available the $300,000,000 authorized by section 1, title I, of the
Emergency Relief and Construction Act of 1932.
The act further provides:
The Reconstruction Finance Corporation is authorized and directed to make
available out of the funds of the Corporation not to exceed $500,000,000, in
addition to the funds authorized under title I of the Emergency Relief and C o n
struction Act of 1932, for expenditure under the provisions of this Act upon cer

tification by the Federal Emergency Relief Administrator. The Administrator
upon approving a grant toany State shallso certifytothe Reconstruction Finance
orporation which shall, except upon revocation of a certificate by the Adminis
trator, make payments without delay to the State in such amounts and at such
times as may be prescribed in the certificate.

RE POR T OF T H E

RECONSTRUCTION

FI NA N CE CORPORATION

5

Pursuant to the above provisions, the Corporation during the
second quarter made payments to States in the aggregate amount of
$37,910,142.

Section 30 (a) of the Emergency Farm Mortgage Act of 1933
affects the Reconstruction Finance Corporation as follows:
The Reconstruction Finance Corporation is authorized and directed to make
available to the Farm Loan Commissioner, out of the funds of the Corporation,
the sum of $100,000,000, to be used, for a period not exceeding two years from
thedate of enactment of this Act, for the purpose of making loans to the joint
stock land banks organized and doing business under the Federal Farm Loan

Act, as amended, at a rate of interest not to exceed 4 per centum per annum,
payable annually. Such loans shall be made upon application therefor by such

banks and upon compliance with the requirements of this section. The amount
which m a y be loaned hereunder to any such bank shall not exceed an amount

having the same proportion to the said $100,000,000, as the unpaid principal of
the mortgages held by such bank on the date of enactment of this Act bears to

the total amount of the unpaid principal of the mortgages held by all the joint
stock land banks on such date.

Under section 32, the Reconstruction Finance Corporation is
authorized and directed to allocate and make available to the farm

loan commissioner the sum of $200,000,000, or so much thereof as
may be necessary, to be used for the purpose of making loans sub

ject to certain conditions to any farmer, secured by a first or second
mortgage upon the whole or part of the farm property, real or per
sonal, including crops, of the farmer.
Pursuant to the above-mentioned section 30 (a) and section 32 of

the Emergency Farm Mortgage Act of 1933, the Corporation dur
ing the second quarter allocated to the land bank commissioner (for
merly the farm loan commissioner) the sum of $100,000,000 for the
purpose of making loans to the joint-stock land banks, and the sum
of$200,000,000 for the purpose of making loans to farmers. During
the second quarter, the Corporation paid $2,000,000 to the com
missioner for the purpose of making loans to farmers under section
32 and $200,000 for the purpose of making loans to joint-stock land
banks under section 30 (a), making a total of $2,200,000 paid to
him at the close of June 30, 1933.
Under the Home Owners' Loan Act of 1933, approved June 13,
1933, there is created the Home Owners' Loan Corporation with a
capitalstockofnot toexceed $200,000,000 tobe subscribedforby the
Secretary of the Treasury. To enable him to make payments on
suchstockwhen called,section4 (b) providesthat—
the Reconstruction Finance Corporation is authorized and directed to allocate
and make available to the Secretary of the Treasury the sum of $200,000,000,
or so much thereof as m ay be necessary, and for such purpose the amount of

notes, bonds, debentures, or other such obligations which the Reconstruction
Finance Corporation is authorized and empowered under section 9 of the Recon
struction Finance Corporation Act, as amended, to have outstanding at any
onetime, ishereby increased by such amounts asmay be necessary.

Under thissection, the corporation during the second quarter allo
cated$200,000,000totheSecretaryoftheTreasury,ofwhich$1,000,000
hadbeen paid tohim atthecloseofJune 30, 1933.
Under the act of Congress approved June 14, 1933, amending
section5 of the Reconstruction Finance Corporation Act, the limita
tion of $200,000,000 in the amount that could be used for the reliefof

banksthatareclosedorinprocessofliquidation waseliminated.

6

REPORT

OF

T H E

RECONSTRUCTION

FINANCE

CORPORATION

Section 301, title III, of the National Industrial Recovery Act,
approved June 16, 1933, provides that after the expiration of 10 days
after the date upon which the Federal Emergency Administrator of
PublicWorks has qualified and taken office—
(1) no application shall be approved by the Reconstruction Finance Corporation
under the provisions of subsection (a) of section 201 of the Emergency Relief and

Construction Act of 1932, as amended, and (2) the Administrator shall have
access to all applications, files, and records of the Reconstruction Finance Cor
poration relating to loans and contracts and the administration of funds under
such subsection: Provided, That the Reconstruction Finance Corporation may

issue funds to a borrower under such subsection (a) prior to January 23, 1939,
under the terms of any agreement or any commitment to bid upon or purchase
bonds entered into with such borrower pursuant to an application approved prior
to the date of termination, under this section, of the power of the Reconstruction

Finance Corporation to approve applications.

Under the provisions of the above section, the Corporation after

June 26, 1933, ceased to act on applications for loans or contracts
under section 201 (a), title II, as amended, of the Emergency Relief
and Construction Act of 1932.

The following tables are attached hereto:
Table 1. Aggregate loans to each class of borrower, amounts of
subscriptions for, and loans on, preferred stock of banks, and pur
chases of capital notes and debentures of banks, during the second
quarter of 1933, April 1 to June 30, 1933, inclusive, and during the

period from February 2, 1932, to June 30, 1933, inclusive.
Table 2. Number of new borrowers, by States and classes, number
ofsubscriptions for, and loanson,preferred stock of banks, and n u m
ber of purchases of capital notes and debentures of banks, by States,
during thesecond quarter of 1933, April 1 to June 30, 1933,inclusive.
Table 3. Number of authorizations, by States and classes, during

thesecond quarter of 1933, April 1 to June 30, 1933,inclusive.
Table 4. Number of borrowers, by States and classes, number of
subscriptions for, and loanson, preferred stockof banks, and number
of purchases of capital notes and debentures of banks, by States,
February 2, 1932, to June 30, 1933, inclusive.

Table 5. Number of authorizations, by States and classes, Feb
ruary 2, 1932, to June 30, 1933, inclusive.
Table 6. Amount of authorizations, disbursements, repayments,

and amounts outstanding from February 2, 1932, to June 30, 1933,
inclusive, by months and classes.
Table 7. Number of borrowers and amounts of loans authorized

under section 5 of the Reconstruction Finance Corporation Act, as

amended, February 2, 1932, to June 30, 1933, inclusive, by size of
cities or towns.

Table 8. Names and compensation of directors, officers, and e m
ployeesofthe Reconstruction Finance Corporation receivingfrom the
Corporation more than $400 per month as ofJune 30, 1933.
Table 9. Statement of cash receipts and expenditures during the
second quarter, April 1, 1933, to June 30, 1933, inclusive. (Corpo
ration’s accounts with Treasurer of United States.)

Table 10. Statement of cash receipts and expenditures, January 1,
1933, toJune30,1933,inclusive. (Corporation'saccountswithTreas
urer of United States.)

REPORT

OF

T H E

RECONSTRUCTION

FINANCE

7

CORPORATION

Table 11. Statement of condition of the Corporation asoftheclose
ofbusiness June 30, 1933.

Respectfully,
(Signed) JEssF. H. Jon Es,
Chairman.

(Signed) GEoRGE R. CooksEY,
Secretary.
The PRESIDENT of THE SENATE.
+

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+

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+

The SPEAKER of THE House of REPRESENTATIVEs.

* 4453–33-2

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18

REPORT OF T H E

RECONSTRUCTION

FI NANC E CORPORATION

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstandingfrom Feb. 2, 1932, to June 30, 1933, inclusive, by months and classes
GRAND TOTAL

Amount out

A mo u nt
|| Am oun
t disizedauthor1
bursed

Month

Amountrepaid

standing;
ih
ne
..."; t
period

1932

February-----------------------March-----April--------

May-------June--------

July--------August-----September
October --November---December------------------------

$91,601,057.00
142,333,075.06
228,771,667.33
199,478,025.39
388,254, 246.63
170,934,728.59
189,068, 106.31
138,480,782.93
162,387,944.36
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 |

Total---------------------- 1,936,418,672.57 | 1,524,747,138.82

$18,845.00
$70,849, 572.52
8,873,883.30
112,604,007. 19
7,010,505.00
148,532,818.23
16,441,871. 10
142,541,688.02
*48,686,069.42 2249,590,747.17
34,616, 172.80 a 136,533,759.06
35,239,729.05 | * 110,941,184.66
*44,905,818.87
* 27,214,895.04
* 47,566,620. 20
*90,057, 129.48
*27,181,298.04
*33,839,260.92
*29,423,821. 18 * 102,077,442.57

299,964,633.96 ||1,224,782,504.86

1933

January-------------------------February

* 142,844,447.43
*283, 171,473.85
*218,360,831.31

117,995,293.92 || 2:32,453,520.63
285, 541,773. 29
199,499, 330.83
35,973, 173.44 | * 163,526,157.39
179,533, 134.72 *55,813,821.67
2 123,719,313.05

*644,376,752.59

497,027,759.47

* 124,240,515. 74

1372,787,243.73

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

40,215,234.96
46,802,090.77
*72,289,528.00

77,285, 163.91
149,003,764.04
51,387, 655.75

162, 529, 133.14
141, 533,512.64
155,685,848.23
Total second quarter-------

459, 748,494.01

436,983,437.43 * 159,306,853.73

277,676, 583.70

Grand total.---------------- 3,040, 543,919.17

2,458,758, 335.72 *583,512,003.43

1,875,246,332.29

T O T A L SEC. 5, R E C O N S T R U C T I O N F I N AN C E C O R P O R A T I O N ACT, AS A M E N D E D

.736.7%
81,467,467.
1,623,374,344. 44

-

2449,875,886.84
100,727,623.93
110,736,989.00
121,500,972.42

Grand total.---------See footnotes on p. 27.

-

-

-

-

-

-

845 00
30
00
0
87
42
80
05
87
65
04
3 78

;

:i:
;i;#i*;.
16,

#.

*29,31

i

* 58,126,422.

1,427,603, 122.64 *299,849, 177.01 21,127, 753,945.63
75,183,421.58 a32,309,239.49
159,688, 523.62 235,912,413.84
122,840,052.22 | *55,687, 255.63

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

Total, second quarter------

$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

357,711,997.42

*42,874, 182.09
- 123,776, 109.78
*67,152,796.59

2123,908,908. 96 || 2233,803,088.46

62,758,894.98
40,104,964. 59
135,626,841.22
46,260,533.40
99,193,850.52 | * 71,954,270.91

22,653,930.39
89,366,307.82
27,239,579.61

332,965, 585.35

297,579, 586.72 |*158, 319,768.90

139,259,817.82

2,406,215,816.63

2,082,894,706.78 |* 582,077,854.87

1,500,816,851.91

REPORT OF THE RECONSTRUCTION FINANCE CORPORATION

19

T A BL E 6 . - A m o u n t o

authorizations, disbursements, repayments, and amounts
outstandingfrom Feb.2, 1932, toJune 30, 1938, inclusive, by months and classes—
Continued
B A N K S A N D T R U S T C O M P A N I E S (INCLUDING RECEIVERS)

A mmoouunn t a
ut h
authorized I

Month

A mn o
a ouunntt di
oilsbursed

Amountrepaid

*
:h:e:
standing;
in
.:::
':::
;:::t
period

$39,546, 160.52
$18,845.00
$39,527,315.52
85,870,980.49
7,651,531.30
78,219,449. 19
112, 153,001.36
6,889,778.45
105,263,222.91
108,192,844.29
12,585,480.24
95,607,364.05
151,624,949.99 || 245,346,776.63 | *106,278, 173.36
104, 166,283.74
28,200,820.53
75,965,463.21
77,635,909.68
31,301, 194.49
46,334,715, 19
27,401,650.02 || 2 40,413, 591.02 | 2 |13,011,941.00
80,746,257.61
40,317,817. 54
40,428,440. 07
20,441,708. 99 || 722,466,223.72
** 2,024, 514.73
43, 102,313.33
21,057,389. 14
*22,044,924. 19
949, 527,500.09
56,133,284.40
* 132,422,465.58
298,572,372.47
Total, first quarter---------

Total, second quarter------

850,882,060.02 ||2256,249,448.06 || 2594,632, 611.96
43, 165,290.40 | *26,006,849. 40
78, 112,411.70 || 220,684,801.71
62,900,655.93 || 240,733,195. 16

* 17,158,441.00
* 57,427,609.99
222,167,460.77

2287, 128,122.45

184, 178,358.03

87,424,846.27

*96,753,511.76

63,489,853.51
55,458,464. 59
39,452,769.73

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

28,431,929.63
37,890, 144.02
363, 432,972.83

44,517,878.23
50,057,556.32
*51,398,234.19

158,401,087.83

123,896,490.38 |s 129,755,046.48

*5,858, 556.10

Grand total.---------------- 1,395,056,710.37

1,158,956,908.43 ||3473,429,340.81

685,527,567.62

BUILDING A N D

L O A N ASSOCIATIONS

$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
3,764,500.00
3,391,532.00
4,985,274.32

$2,430,500.00 ----------------10, 170,186.68
$60,066. 56
19,624,016. 39
411,022.74
9,823,631. 19
537,009. 15
16,577,471. 48
21, 206,390.83
12,180,063. 17
* 1,568, 165.62
9,435, 115.
* 1,255,849. 12
5,080,954.91
* 1,377,634.44
3,830,807.59
a 1,619, 102.05
4,710,367.98
* 1,597,305. 14

$2,430, 500.00
10, 110, 120. 12
19,212,993.65
9,286,622.04
* 15,371,080.65
*10,611,897.55
*8,179,266. 16
*3,703,320.47
a2,211,705. 54
23, 113,062.84

99,710,044.75

93,863, 114.67

*9,632, 545.65

*84,230,569.02

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

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

22,289, 174.86
22,081,915. 55
*2,606,799.34

*1,123,497.61
*2,011,309.05
2 1909, 519.68

10,363,591.41

9,203,176.73

26,977,889.75

a2,225,286.98

1,691,000.00
1,841,231.87
1,827,847. 24

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

4,017,879.50
3,134,003. 93
33,010,645.83

* 1,642, 624.26
* 1,245,035.48
41,268,820. 97

6,006,048.55 | * 10,162,529.26

44,156, 480.71

5,360,079.11
Grand total.---------------See footnotes on p. 27.

115,433,715.27

109,072,339.95

26,772,964.66

82,209,375.29

20

REPORT

OF

T H E

RECONSTRUCTION

FINANCE

CORPORATION

TABLE 6.-Amount o

authorizations, disbursements, repayments, and amounts
outstandingfrom Feb. 2, 1932, to June 30, 1933, inclusive, by months and classes—
Continued
INSURANCE COMPANIES

A m o u n t authorh

iz

Month

A m o u n t dis
dis-

bursed

Amount repaid
-

*
standing;
:::º:::º:
in
j
tº
period

$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

$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

$74,400.00
17,991.37
378,115.24
99,965. 64
409, 111.04
296,009. 69
924,791.50
,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

83,048,931.66

68,037,618.92

5,588,738.52

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
1249, 134.17

315,230.93

453,482.77
*158, 118.02
29, 199,358. 28

9,779, 131.07

10,897,993. 39

21,087,034.32

19,810, 959.07

1,624,000.00
1,286,322.94
2,074,381.84

1,678,000.00
2,256,149.25
947,098.39

1,453,255.23
960,955.02
*804,994. 56

224,744. 77
1,295, 194.23
142, 103.83

2

Total, second quarter------

4,984,704. 78

4,881,247.64

*3,219, 204.81

1,662,042.83

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

97,812,767.51

83,816,859.95

39,894,977.65

73,921,882. 30

MORTGAGE

March--------------------------April---------ay----------

June---------July----------August---------September-----October
November-----D e ce m b er

Total
January
February.
March---------------------------

LOAN

COMPANIES

$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
4,392,500.00
3,805,800.00
2,792,602.61

$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.
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
2,002,729.34
1,317,632.34
2,620,710.93
*2,936,546.08

$1,277,000.
7,819,765.15
968,087.7
51,970,977.79
6,231,863.
1,758, 150.07
1,480, 539.58
1,204,099.13
685,097.00
“315,835.15

93,831,902.61

88,402,020.39

211,322,275.50

*77,079,744.89

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

4,087, 585.40
32,031,442.60
4,308, 125.25

1,703, 231.44
*1,683, 530.
1767,237.17

2,384,353.96
*30,347,911.94
23, 540,888.08

39,728,433.96

40,427, 153.25

24, 153,999.27

236,273, 153.98

1,344,450.00
5,417,458.00
49,827,643.93

520,010. 92
727,724.48
46, 197,567.68

3,572, 569, 70
772,216.77
*546,453. 60

43,052,558.78
*44,492.29
45,651, 114.08

-

Total, second quarter------

56, 589, 551.93

47,445,303.08

34,891,240.07

42, 554,063.01

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

190,149,888.50

176,274,476.72

320,367,514.84

155,906,961.88

See footnotes on p. 27.

REPORT OF TH E RECONSTRUCTION FINANCE CORPORATION

21

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstandingfrom Feb. 2, 1932, toJune 30, 1933, inclusive,by months and classes—
Continued
CREDIT UNIONS

t auth
Am oun
t authorized
1

Month

d
A m o u n t disbursed

*::::::o u t

|
Amount repaid

Standing;
in
. . . t
he
period

.00
.00
.00
.00
.00
.00
.00

19,555.00

9,555.00

* 650.00

*1,150.00
65, 506.00
4895.00

8,838.00

431,260.00

305.00

9,250.00
* 1,875.00
* 2,140.00

1,875.00
2,140.00
Total, first quarter---------

$338,437.00
25,897.00
5,350.00
4 1,235.00

4,320.00

5,235.00

1,095.00
1,150.00

41,095.00
*1,150.00
114,950.70

3 545.00

Total, Second quarter------

115,000.00

115,495.70

32,790.00

112,705. 70

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

607, 001.00

565, 148.70

3 15,948.00

549,200.70

FEDE RAL L AN D BANKS

1,000,000.00
500,000.00
1,500,000.00
Total, second quarter--G r a n d total.----

-

-

See footnotes on p. 27.

-

-

-

3,000,000.00
30,500,000.00

21,800,000.00

22

REPORT

OF

T H E

RECONSTRUCTION

FINANCE

CORPORATION

TABLE 6.-Amount o

authorizations, disbursements, repayments, and amounts
outstandingfrom Feb. 2, 1932, toJune 30, 1933, inclusive, by months and classes—
Continued
JOINT-STOCK L A N D

disbursed

A m o u n t author-

M ont h

BANKS

Amount

ized i

Amount repaid
-

*.:::
g;
::the
i
::n:
.:::
.:
s

period

-

-

-

-

$775,000.00 ------------------|---------------------------------$724,877. 11
$724,877.11
190,000.00
5,000.
$21,031.06
*16,031.06
305,000.00
134,339.47
2,989.50
131,349.97
150,000.00
286,592.54
518.90
286,073.64
55,000.00
128,382.45
5,843.00
122.539.45
576,000.00
16,617. 55
1,578,42
15,039.13
595,000.00
168, 102.43
11,416.90
156,685. 53
2,126,000.00
447,215.54
11,385.04
435,830.50
1,525,000.00
616,718, 53
7,781.50
608,937. 03

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,297,000.00

2,527,845.62

62,544,32

2,465,301.30

676,000.00
1,083,822.68
3,236,000.00

153,352.93
2,216,010.83
425,764.41

6,942.54
3,091.95
27, 149.82

146,410.39
2,212,918. 88
*418,614.59

4,995,822.68

2,795, 128. 17

*17, 184. 31

22,777,943.86

2,270,850.00

1,539,453.87
824, 170.65
258,000.00

32,041.07
39,710.48
$38,210.31

1,507,412.80
784,460. 17
219,789.69

*

wrv ºv-

3, 130,000.00
Total, second quarter------

6,300,850.00

2,621,624.52

a 109,961.86

2,511,662.66

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

17, 593,672.68

7,944,598.31

3189,690.49

7,754,907.82

FEDER AL INTERMEDIATE CREDIT BANKS

1933

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

$9,250,000.00

$9,250,000.00

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

A GR I C UL T U RA L CREDIT CORPOR ATIONS

$21,200.00
-

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

-

-

-

-

84,802.05
216,438. 07
444,783.85
594,021.62
702, 129.04
1,194,785.15
135,809. 15
225,882.05

$1,000.00 ----------------20,200.00 ----------------18,650.00
$600.00
246,515.87
2,186.90
400,621.07
2,647. 41
534, 151.82
7,613.68
539,074.94
74,450.98
1,206,884.22
356,814.61
276,909.98
352,082.06
212,619.43
285,914.76

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
244,722.7

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

2*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
* 126,484.79

*94,971. 26
*7,475.09
13,054.75

-

-

-

-

-

-

-

-

-

-

-

-

-

$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

Total, second quarter------

384,924.92

464,345.92

*553,737. 52

*89,391.60

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

4,788,932.36

4,324,295.92

*2,186,377.64

2, 137,918.28

See footnotes on p. 27.

REPORT OF THE RECONSTRUCTION FINANCE CORPORATION

23

TABLE 6.-Amount of authorizations, disbursements, repayments, and amounts
outstandingfrom Feb. 2, 1932, toJune 30, 1933, inclusive, by months and classes—
Continued
R E GI O N AL A GR I CU LT UR A L CREDIT C ORPORATIONS

A Inount
izedauthor1 th

M o n th

A mm o u n tt di
oils-

bursed

A mou nt repaid

*
standing;
..for.the
in
*
crease
period

$7,285,972.50

$5,372,062.60

$655.03

$5,371,407. 57

15,360, 112.84
20,758,427.15
21,693,083.82

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

104,646.84
*1,798,634.47
a1,330,385.86

15,165,262.81
* 16,467,998.41
218,375,637.88

57,811,623.81

53,242, 566. 27

23, 233,667.17

a50,008,899. 10

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

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

2,009,966.
2,652,302.30
33,659,336.96

17,204,741.02
20,610,582. 51
14, 154,588.75

60,291, 517.64

38,321,605.36

51,969,912.28

118,906, 146.51 | * 11,555,927. 56

107,350,218.95

Total, second quarter------

58,296,703.78

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

123,394,300.09

LIVESTOCK CREDIT CORPORATI ONS

$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

$470,990.00 ||------$4,508.69
1,659, 550.00
20,249.41
1,214,017.01
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
- - - - - - - - - -

$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.
* 1,426,989.59

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
1919,864. 29
2397, 576.56

* 1,384, 186.08
** 871,137. 12
* -397,576. 56

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

167,700.00

118,127.17

22,771,026.93

*+2,652,899.76

260, 100.00
100,000.00
116,000.00

111,000.00
100,000.00
116,000.00

359,976.98
343,254.35
*334,545.83

4248, 976.98
*243,254.35
*218,545.83

Total, second quarter------

476,100.00

327,000.00

31,037,777. 16

4710,777. 16

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

13,789,402.85

12,255,530.78

37,871,062.91

4,384,467.87

Seefootnotes on p. 27.

24

REPORT OF THE RECONSTRUCTION FINANCE CORPORATION

TABLE 6.-Amount o

authorizations, disbursements, repayments, and amounts

outstandingfrom Feb. 2, 1932, toJune 30,1933, inclusive, by months and classes—
Continued
R AI L R OA D S (INCLUDING RECEIVERS)
h
A m o u n t authorized 1

M on th

*:::::o u t

disAmount

Amountrepaid

bursed

standing; in

. . . the
period

$46,975,757.00
13,812,000.00
37,931,457.00
60,923,538.00
54,239,972.00
16,392,085.00
12,798, 583.00
21,293,541.00
25,926,269.00
38,226,000.00
8,915,891.00

$31,322,257.00 ----------------,791,500.00
1,147,952.00
18,816,333.00 ----------------15,898,637.00
2,815,727.74
,824,813.50
2,203,000.00
27,545,736.00
2,990,000.00
41,963,445.50
224,884.31
12,
851.
260,000.00
24,931,816.00
1,910,500.00
,682,808.00
162,498.66
22,645,074.48
125,000.00

$31,322,257.00
,643, 548.00
18,816,333.00
13,082,909.26
52,621,813.50
4,555,736.00
41,738. 561.19
12,628,851.00
23,021,316.00
8,520,309.34
22,520,074.48

337,435,093.00

284,311,271.48

11,839,562.71

272,471,708.77

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

3,000,000.00
19,449,922.00
5,897,828.00

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

14,004.00
* 102,189.40

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

Total, first quarter---------

28,347,750.00

46,886,616.74

*8,438,611. 22

238,448,005. 52

Total.---------------------1933

322,417.82

12,275,136.31 |----------------17,925,716.98
265,795.18
18,329,660.00
3.81. 20

12,275,136.31
17,659,921.80
18,329,578. 80

Total, second quarter------

42,056,583.00

48,530, 513.29

*265,876.38

48,264,636.91

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

407,839,426.00

379,728,401.51

320, 544,050.31

359, 184,351. 20

TOTAL, E M E R G E N C Y

RELIEF A N D

CONSTRUCTION

ACT

O F 1932, A S A M E N D E D

$3,000,000.00 -----------------63,931,669.00
$3,947, 884.00
73, 128,502.22
10,211,699.75
103,002,382.63
17,270,389, 52
22,939, 183.60
21,653,141.09
47,042, 590.68
44,060,901.82

$2,034. 55
3,541.00
109,881. 40

17,268,354.97
21,649,600.09
43,951,020.

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

2 179,568,365.75

126,565,762.05

*331,606.78

126,234,155.27

54,201,509. 21
14,099,023.64
25,996,875.81

47, 159,003. 89
55,029,013. 59
6,497,833.23

110,270.37
541, 557.37
*335,257.09

47,048,733. 52
54,487,456.22
6,162,576. 14

Total, second quarter------

94,297,408.66

108,685,850.71

*987,084.83

107,698,765.88

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

586,910, 102.54

332,395,628.94

* 1,434, 148. 56

330,961,480.38

See footnotes on p.27.

REPORT of THE REConstEUCTION FINANCE CORPORATION
TABLE 6 . - A m o u n t

o

25

authorizations, disbursements, repayments, and amounts

outstandingfrom Feb. 2, 1932, toJune 30, 1933, inclusive, by months and classes—
Continued
SELF-LIQUIDATING PROJECTS, SEC. 201 (a), T IT LE II (IN CLU DING _LO ANS F O R
FINANCING REPAI R O R 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 t h

h
A m o u n t author-

ized 1

*
standing;
Amountrepaid *
. ..
' ;.in
i.e

A m o u n t di
dis-

bursed

period

-

1932

September----------------------October--------------

$53,105,000.00 ------------------|-----------------|----------------79,932,880.00 ------------------|4,324,744.00
$360,000.00 –
$360,000.00
8,412,910.24
15,377,000.00
15,377,000.00
-

145,775,534.24

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

15,737,000.00

28,945, 100.00
224,810,372.20
* 17,759,425.35

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

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

251, 514,897. 55

4,947,000.00 -----------------

4,947,000.00

5,002,217.00
2,784,525.64
25,822,595. 81

4,442,000.00 ----------------2,125,462.06
$20,000.00
2,924,819.35
* 17, 100.00

4,442,000.00
2,105,462.06
2,907,719.35

Total, second quarter------

33,609,338.45

9,492,281.41

337,100.00

9,455, 181.41

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

230,899,770.24

30, 176,281.41

337,100.00

30, 139,181. 41

F i N A N C I N G O F A G R I C U L T U R A L C O M M O D I T I E S A N D L I V E S T O C K , SEC, 201 (d),
T I T L E II

Total, second quarter-Grand total

Seefootnoteson p.27.

$50,000,000.00
,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

281,802.20
438,000.00
60,000.00

32,302.20
75,295.96
104,024.04

144, 281. 14
60,759.60
2126,566.04

*111,978.94
14,536.36
** 22,542.00

779,802. 20

211,622. 20

*331,606.78

2*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
3186,912.09

1,239,608.93
278,697.00
25,756.71

2,027,902.47

3483,839.83

1,544,062. 64

3,679,498.76 ||

3930,903.56

2,748,595.20

454,609.43
56,010,332.30

-

-

-

26

REPORT

OF

T H E

TABLE 6.-Amount o

RECONSTRUCTION

FINANCE

CORPORATION

authorizations, disbursements, repayments, and amounts

outstandingfrom Feb. 2, 1982, to June 30, 1933, inclusive, by months and classes—
Continued
AMOUNTS

MAD E

AVAILABLE

FOR

RELIEF A N D

h
AAn n o u n t author-

M on th

ized 1

W ORK

A m oouunt
n t di
disbursed

R E L I E F , SEC. I, T I T L E

Am oun t repaid
-

1

*
. . .in*
standing;
crease for th e
period

$3,347,884.00
10,211,699.75 16,818,809.40
20,462,864. 12
28,525,784.82

Total, first quarter---------

-

-

112,492,873.22

79,967.042.09

49,435,416.00
348, 187,271.00
*29,650,979.00

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

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

1127,273,666.00

121,407, 139.85 |-----------------

121,407. 139.85

48,973,962.78
11,259,498.00

41,367,124.59 |----------------52,438,197. 16
$334,900.00
3,360,345.08
* 131,245.00

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total, second quarter------

60,233,460.78

97, 165,666.83

3466,145.00

96,699, 521.83

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

300,000,000.00

298,539,848.77

•466,145.00

298,073,703. 77

T O T A L , B A N K C O N S E R V A T I O N AC T, A S A M E N D E D
1933

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

$14,932,500.00

$12,750,000.00 -----------------

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

$12,750,000.00
7,582,500.00
5,150,000.00
17,985, 500.00

Total, second quarter------

32,485,500.00

30,718,000.00 -----------------

30,718,000.00

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

47,418,000.00

43,468,000.00 -----------------

43,468,000.00

LOANS O N P R E F E R R E D STO CK OF B AN KS

1933

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

$1,250,000.00

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

$250,000.00

May-----------------------------

7,585,000.00
3,350,000.00

1,000,000.00 ----------------10,935,000.00 -----------------

1,000,000.00
10,935,000.00

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

Total, second quarter------

10,935,000.00

11,935,000.00 -----------------

11,935,000.00

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

12, 185,000.00

12,185,000.00 -----------------

12,185,000.00

SUBSCRIPTIONS F O R P R E F E R R E D S T O C K O F B A N K S

1933

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

$13,682,500.00

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

$12,500,000.00

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

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

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

7,582,500.00
4,150,000.00
500.00

By----------------------------June-----------------------------

Total, second quarter------

21,350,500.00

18,583,000.00 -----------------

18,583,000.00

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

35,033,000.00

31,083,000.00 -----------------

31,083,000.00

See footnotes on p. 27.

REPORT of THE REConstruction FINANCE CORPORATION

27

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

gº
. " from Feb. 2, 1932, toJune 30, 1933, inclusive, by months and classes—
ntinued
PURCHA SES OF CAPITAL NO TE S A N D D E B E N T U R E S OF B AN KS

Amount *

-

Amoºthor Anºflis.

Month

Am ou nt repaid

...; #.
period

1933

April------$200,000.00 l------------------|-----------------|----------------June----------------------------------------------$200,000.00 ----------------$200,000.00
-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total, second quarter------

200,000.00

200,000.00 -----------------

200,000.00

#ºsure have been adjusted on account of rescissions.
v ise d.

* Exclusive of repayments unallocated, pending advices, as of June 30, 1933.
* Decrease.

TABLE 7.-Number of borrowers and amounts of loans authorized under sec. 5 of
the Reconstruction Finance Corporation Act, as amended, February 2, 1982, to
June 30, 1933, inclusive, by sizeof cities ortowns
Total, sporation
ec.5, Reconstruction
Finance
Act, as amended
1 Cor

Banks and trust companies

Population of

cities or t o w n s

in which bor-

Borrowers

Authorizations

Borrowers

Authorizations

r o w e r s are

located
N u m - |Percent
ber

1of total

70.8

100,000to 199,999-200,000to 499,999.
500,000to999,999.1,000,000and over

135
92
127
114

8.0
7.2
3.5
3.0
2.2
1.5
2.0
1.8

Total.------

6,251

100.0

-

Amount

Pe rc ent N u m - |Percent

of totall

ber

1of total

$202,711,041. 40
7,553,326. 59
100,727,624. 22
87,785, 120.79
160,780, 568.53
121,431,500. 22
170,690,066.53
257, 561,784.46
225,815,677.63

14.5

4,628

61.2

4.9
7.2
6.3
11.5
8.7
12.2
18.5
16.2

588
618
368
342
222
3.11
269
212

7.8
8.2
4.9
4.5
2.9
4.1
3.6
2.8

1,395,056, 710.37

100.0

7,558

Amount

Percent

oftotal;

$220,688, 138.57
73,821,270.48
124,549,745.77
108,364,567.91
191,225,098.79
147,208,577.21
258,736,601. 53
395,441, 521.96
315, 196,568.32

12.0
4.0
6.8
5.9
10.4
8.0
14.1
21.6

100.0 | 1,835,232,090. 54

100.0

17.2

*Exclusive ofrailroads,regionalagriculturalcreditcorporations, Federal land banks, and Federal inter
te credit banks.

28

REPORT OF THE RECONSTRUCTION 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 June 30, 1933
W A S H I N G T O N OFFICE
Basic
Net
salary per salary per

Title

Name

mont

Jones, Jesse H------------------------------ Chairman----------------------------- $833.33
Couch, Harvey C-------------------------- Director-833.33
McCarthy, Wilson------------------------d
833.33
Blaine, John J.-----------------------------833.33
Merriam, C. B----------------------------833.33
Taber, Frederic H-------------------------833.33
Talley, L ynn P----------------------------1,041.67
Reed, Stanley------------------------------ G e
1,041,67
Cooksey, George R------------------------- S
833.33
Mulligan, H. A.----------------------------833. 33
Plimpton, Francis T. P.
833.33
Fitts, William C--------------------------833.33
Guthrie, Charles S------------------------833.33
Johnson, Ben------------------------------833. 33
Schwulst, E. B----------------------------o
833.33
Barriger, J. W . 3d-------------------------- Chief examiner, railroad division.-833.33
McKee, John K---------------------------- Chief, examining division--------833.33
Hanrahan, Frank R.------------------------ Assistant chief, examining division.-833.33
Persons, Henry Z--------------------------- E x a m i n e r
833.33
Hovey, Ford E----833.33
Coleman, John F
833.33
Gregory, John Herbert
833. 33
Harrington, John Lyle---------------------833. 33
Whitaker, Harry E--800, 00
Gravem, Axel B---------------------------800.00
Sheehan, William F-----------------------750.00
Brownell, R. A.----------------------------750, 00
Alley, James B.----------------------------- C
708.33
Croxton, Fred C---------------------------700.00
Ne wm an , Harold W., Jr.-------------------- Counsel------------------700.00
Taylor, R. J.-------------------------------- Assistant chief, agency division700.00
Butcher, Frank M.------------------------- Examiner----------------700.00
Esgate, A. T-------------------------------|-----do--700.00
Mandeville, Charles H. W-----------------|-----do------------------------700.00
Williams, T hom as A----------------------- Chief, building and loan section------700.00
Corcoran, Thoma s G----------------------- Assistant to the Secretary of the Treas666.67
ury (or Under Secretary), director
ex officio.
Dougherty, J.L.---------------------------- Counsel------------------------------666. 6.7
íay,CassiusM.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.T.do--666. 67 ||
Cross, Guernsey T-------------------------|-----do--------------666. 67
Lamphere, F. E.---------------------------- Engineering executive666.67
Hurja, E. Edward-------------------------- Special assistant----625. 00
P. B------------------------------- Assistant treasurer-625.00

Gallagher,
Ribenack, W . C
Herson, James F
Niemeyer, F. W.
Slacks, J. W.
Bethea, Liston P
Klossner, H
Schram, Emil

625.00
625.00
625.00
625.00
625.00
625.00
625.00
625.00
625.00
600.00
600.00
600.00

Keenan, Frank J.
Taylor, Tyre------------------------------West, G.
Elliott, David C
McCarthy, William G---------------------Benton, Philip M-------------------------Sulliyah,Harry L-------------------------eed, W . O.-------------------------------Chadduck, Harry W.
Powell, Alexander H
Buckley, E. F-----------------------------Husbands, Sam---------------------------Kilbourn, J. F-----------------------------McGrath, M . J.----------------------------Parrish, Joel R----------------------------Rossman, Richard-------------------------Fort, James L.-----------------------------McCall, Charlie C-------------------------Snodgrass, Russell L

600.00
583.33
583.33
583.33
566.67
566.67
541.67
541.67
541, 67
541.67
541. 67
541. 67
641.67
541.67
541.67
529. 17
516.67
516.67
516.67

-

-

Assistant secretary-------Acting special adviserAssistant treasurer----

----|
----|

Examiner----------------------------d

-

d

mont

$708.33
70s. 33
708.33
708.33
708.33
708.33
972. 22
972. 22
777.77
708.33
708.33
708.33
708.33
708.33
708.33
708.33
708.33
708.33
708.33
708.33
70s. 33
708.33
708.33
680.00
680.00
637. 50
637. 50
602.08
595.00
595.00
595.00
595.00
595.00
595.00
595.00
566.67

566.67
566.67
566.67
566.67
531.25
531.25
531.25
531.25
531.25
531.25
531.25
531.25
531.25
531.25
531.25
510.00
510.00
510.00
510.00
495.83
495.83
495.83
481.67
481. 67
460. 41
460. 41
460. 41
460. 41
460. 41
460. 41
460. 41
460. 41
460. 41
449.79
439.17
439.17

439.17

REPORT of THE RECONSTRUCTION FINANCE CORPORATION

29

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 ofJune 30, 1933–Continued
W A S H I N G T O N OFFICE
Basic

Name

mont

Costello, W . C.----------------------------- Assistant to the chairman------------Grimes, Oliver J.
Hays, R. B.-----Smith, Elbert LAssistant to Mr. Couch-------Berle,A.A., Jr.--Special assistant to the directorsAssistant to the directors------

-

- - - - - - -

-

-

-

-

-

-

-

-

-

-

-

-

-

Net

salary per salary

Title

-

-

-

-

-

-

Field representativeEngineering assistant-Examiner--------d

mont

$500.

$425.00

500.
500.
500.
1 500.
500.
500.
500.
500.
500.
500
55

425. 00
425.00
425.00
425.00
425.00
425.00
425.00
425.00
425.00
425.00

;

500.
500.
500.
500.
500,
500.
500.
500.
500.
500.
500.
500.
500.
500.00
500.00
493.33
483.33
466.67
466. 67
450.00
450.00
450.00
450 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
419.33
410.83
396.67
396.67
382. 50
382. 50
382.50

; ;

$625.00

$531.25

416.67
600.00

354.17
510.00

n, Mass.:
Osgood, Edward H---------------------|-----do--------------------------------Vose, Fullerton C--Assistant managerScott, William N.
Examiner-----------------------------

833, 33
541.67
416.67

708, 33
460. 41
354.17

Charlotte,N.C.:
Campbell, John A., Jr.----------------- Manager-----------------------------Henry, John L------------------------- Examiner-----------------------------

450.00
416.67

382. 50
354.17

*Part time
*Per diem

º diem basis; compensation forApril, basic rate, $422.50, less15 percent,
-13; compensation for May, a s ic rate, $812.50, less 15 percent, $690.63; compensation for June, basic
37
rate,$747.50,less15percent,$635.37.
... *
"Except ashereinindicated, attorneys handling legal matters ofthe various agenciesofthe Corporation
t

Employed intermittently on

donotreceivesaiariesbut arepaidin thecustomary way accordingtothecharacter and volume ofthe

work performed and thereforeare not included.

30

REPORT OF THE RECONSTRUCTION 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 ofJune 30, 1983–Continued
L O A N AGENCIES

Name

Title

Basic
Net
salary persalary per
Inont

Inont

Chicago, Ill.
00re,
A--------------------------- Manager-----------------------------Hadlock, G. B.-Assistant manager
Attorney--------

$833.33

$708.33

750.00
708.33
625.00
625.00
500.00
500.00
500.00
500.00
500.00
416.67
416.67
416.67

637. 50
602.08

433. 33
416.67
700.00

368.33
354.17
595.00

541. 67
541.67
500.00
500.00

460.41
460. 41
425.00
425.00

833.33
666.67
625.00
500.00
625.00
500.00

708.33
566.67
531.25
425.00
531.25
425.00

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

683.33
416.67

580-83
354.17

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

833.33
833, 33
666.67
625.00
416.67
500.

777.77
777.77
566.67
531.
354.17
425.00

833.33
500.00
441.67
450.00
700.00
450.00
500.00

708.33
425.00
375.42
382.50
595.00
382. 50
425.00

d

Field representative
Knight, H. B--------------------------- Examiner-------Smith, James C.-Tuohy, Arthur------------------------Cleveland, Ohio:
Callander, F
-

-

-

-

-

-

-

Dallas, Tex.: Andrews, Warren P
Detroit, Mich.:
Hicks, John C-------------------------Fisher, Charles T., Jr.
Houston, Tex.: Ford, R. F
Jacksonville, Fla.: Far
Kansas City, Mo.:
Bone, Roy L--------------------------Rice, Car
Los
Calif.: LeRoy, A. R.----------

º

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Louisville, Ky.: Rash, Frank D-----------is, Minn.: Chapman, Joseph----

§ º

Nashville, Tenn.: Joyner, John F---------N e w Orleans, La.:
Buskie, & F.------------------------Robertson, George W------------------N e w York, N.Y.:
Hathaway, Stewart S------Watson, E. H-------------------------Smith, Frederick P--------------------Ahearn, Thos. J., Jr.------------------ --!
Clarke, A. J., Jr.-----------------------Omaha, Nebr.: Mudgett, C. F------------Philadelphia, Pa.:
Graham, Samuel, Jr.-------------------Parker, Melville M--------------------Gretz, Arthur A-----------------------Portland, Oreg.: Shultz, Walter DRichmond, Va.: Doughton, J. K-----------Salt Lake City, Utah: Smith, Elias A
San Antonio, Tex.: Meerscheidt, Otto
San Francisco, Calif.:
ins, A. A.-------------------------Hossack, Harry F---------------------St. Louis, Mo.:
Longmire, John-----------------------Coerver, Joe F-------------------------- - - - - - - - - - - - -

Exam inºr ---

Office managerManager------------------------------

600.00

(*)
833.33
500, 00

531.25
531.25
425.00
425.00
425.00
425.00
425.00
354.17
354.17
354.17

510.00

(*)
708.33
425.00

* Per diem.

* Employed intermittently on per diem basis; compensation forApril, basicrate, $400,less 15 percent,
$339.99;compensationforMay, basicrate,$487.50,less15 percent,$414.37;compensation forJune, basicrate,
$500, less 15 percent, $425.00.

REPORT OF THE RECONSTRUCTION FINANCE CORPORATION

31

*::::::::::

TABLE 9.—Statement of cash receipts and
during the second quarter,
Apr. 1, 1938, to June 30, 1933, inclusive—Corporation's accounts with Treasurer
ofUnited States
Cash balance at the close of business Mar. 31, 1933, as per
books of the treasurer of the Corporation----------------Deduct: Correction of errors reported to the
treasurer of the Corporation subsequent
to Mar. 31, 1933----------------------$55, 312.46

$3, 947, 517. 48

Add: Checks issued in M a r c h 1933 canceled

inApril 1933 and M a y 1933.-------------

4, 547.66
50, 764.80

-

Adjusted cash balance at the close of business Mar. 31,
1933-------------------------------------------

3, 896, 752.68

Receipts:

Sale of series B 3% percent notes------- $115,000, 000.00
Sale ofseries C 3% percent notes------- 250,000, 000.00
Loan"repayments:
Banks and trust companies (includ
ing receivers)----------------Credit unions-------------------

Building and loan associations----Insurance companies------------Joint-stock land banks-----------

Livestock credit corporations----Mortgage loan companies--------

128,626, 534, 58
2,790. 00
9, 580, 589. 50
2, 213,666. 66
109,961. 86
1,037,777. 16
3,780, 300. 81

Regional agricultural credit corpo
rations-----------------------

8,252,075. 37

Other agricultural credit corpora
tions------------------------Railroads----------------------

Self-liquidating projects under sec.
201 (a) (bonds and notes paid—
par $35,000)-----------------For repair or reconstruction of
property damaged by earth
quake, etc.-------------------Institutions under sec. 201 (d)----Relief disbursements (1932 act) repaid-Interest

and discount

collected.-----

Reimbursable expense collected.-------Repayments on advances for care and
preservation of collateral----------Collections on collateral to rediscounts--

Collectionson collateralpurchased.----Return of deposits with bids for pu r

553,720.46
265, 876. 38
35,000.00
2, 100.00
483, 839.83
131,245.00
9, 142, 891. 51
62, 164.77
57, 617.35
156, 754, 35
149, 301. 14

chase of bonds (self-liquidating pro
jects)----------------------------

Refunds of expenses paid-------------

90, 520.00
14, 705. 28

Funds received from Secretary of Agri
c u l t ur e - - - - - - -- - - - - - - - -- - - - - - - - -- -

5,000,000. 00

Return ofpetty cash-----------------

250. 0 0

Unallocated—pending advices--------Miscellaneous (including amounts cred

27, 613,085. 74

ited in error and remittances not col

lected)--------------------------—

47, 103.46
562, 409,871. 21
566,306, 623. 89

32

REPORT OF THE RECONSTRUCTION FINANCE CORPORATION

TABLE 9.—Statement of cash receipts and expenditures during the second quarter,
Apr. 1, 1933, to June 30, 1933, inclusive—Corporation's accounts with Treasurer
of United States—Continued
Expenditures:
Loan disbursements:

Banks and trust companies (in
cluding receivers)-------------- $123, 889, 815. 77
Credit unions------------------115,495. 70
Building and loan associations---6,006, 048. 55
Insurance companies------------4, 881, 247, 64
Federal land banks-------------3,000, 000.00
Joint-stock land banks----------2, 621, 624.52
Livestock credit corporations----327,000. 00
Mortgage loan companies-------47, 444, 019. 40
Regional agricultural credit corpo
rations----------------------58, 353, 521. 32
Other agricultural credit corpora
tions------------------------464, 345. 92

Railroads (includingreceivers)---For self-liquidating projects under
sec.201 (a) (bonds and notes pur
chased—par $9,040,750) -------Institutions under sec.201 (d)----Secured by preferred stock, banks
and trust companies----------For repair or reconstruction of
property damaged by earth
quake, etc.-------------------Relief disbursements (1932 act)-------Reliefgrants (1933 act)---------------

48, 530, 513. 29
8, 803, 182. 26
2,027, 722.47
11, 935, 000.00
678, 895.00
96, 830, 766.83
37, 910, 142.00

Purchase of preferred stock, banks and
trust companies------------------Purchase of capital notes and deben
tures, banks and trust companies----Withdrawal by regional agricultural
credit corporation of funds held for
t h e m - - - - - - - - - - - - -- - - - - - - - - - - - - - -

Refund of interest overpayments.-----Refund of unearned discount--------Release of cash collateral to rediscountsInterest on cash collateral to redis
co un ts- --- --- -- --- --- --- -- --- --- -

Discount rebates--------------------

Release of funds held in suspense------Interest on suspended credits—mort
gage loans------------------------

18, 583,000.00
200,000.00
8,000,000.00
12, 861. 42
506. 72

28, 541. 35
450. 02
61. 62

354, 145. 32
26. 09

Interest on series A and series B 3% per
cent n o t e s - - - - - - - - - - - - - - - - - - - - - -

Advances for expenses—Federal E m e r
gency ReliefAdministration--------Advances for expenses—regional agri
cultural credit corporations (to Farm
Credit Administrator)-------------Advances for care and preservation of
co lla ter al- --- ---- --- --- --- --- ---- -

Payments to Secretary of Agriculture--Payments to Secretary of the Treasury
(for purchase of stock of Federal
home loan banks) -----------------Payment to Secretary of the Treasury
(for purchase of stock of Ho me O w n
ers Loan Corporation).------------Payments to land bank commissioner-Payment of subscription to capital of
regional agricultural credit corpora
tion-----------------------------

16, 760, 205. 52
10,067. 49
978, 540. 37
164, 358. 20
45,000, 000.00
12, 350,000.00
1,000,000.00
2, 200,000.00
500,000.0)

*

REPORT OF TH E RECONSTRUCTION FINANCE CORPORATION

33

TABLE 9.—Statement of cash receipts and expenditures during the second quarter,
Apr. 1,1988,to June 30, 1983, inclusive—Corporation's accounts with Treasurer
of United States—Continued
Expenditures—Continued.
Accrued interest on bonds purchased
(self-liquidating projects)----------Additions to petty cash funds--------Furniture a n d fixtures----------------

Expense—general------------------Expense—loan agency--------------Expense-custodian-----------------

$104,065. 28
570. 00

43, 913. 72
731, 704. 63
654, 996. 41
412, 207. 89

Expense—regional agricultural credit
corporations----------------------

Reimbursableexpense---------------Miscellaneous (including refunds and
adjustments for amounts credited in
errorand remittances not collected)-—

861, 054. 76
200, 115.87
52, 876. 14
$563, 023, 609. 49

Cash balance at the close of business June 30, 1933----

3, 283,014. 40

Note.—In addition to funds on deposit with the Treasurer ofthe United States, custodian banks held
insuspensefunds which amounted to$1,794,142.12atthe closeofbusiness Mar. 31,1933,and $658,483.87at
thecloseofbusinessJune30,1933.

TABLE 10.-Statement of cash receipts and expenditures Jan. 1, 1983, to June 30,
1933, inclusive—Corporation's accounts with Treasurer of United States
Cash balance at the close of business Dec. 31, 1932, as per

hº º

of the treasurer of the corporation------------

1pts:

Sale of series A 3% percent notes---- $190,000, 000. 00
Sale of series B 3% percent notes---- 335,000,000.00
Sale of series C 3% percent notes---- 250,000,000.00
Loan repayments:
Banks and trust companies (in
cluding receivers)----------- 216,023, 751. 35
Credit unions----------------7, 110.00
Building and loan associations-16, 444, 392. 31
Insurance companies---------3,300, 700.98
Federal
intermediate
credit
banks---------------------Joint-stock land banks---------

Livestock credit corporations--Mortgage loan companies-----Regional agricultural credit cor
porations-------------------

Other agricultural credit corpo
rations--------------------Railroads--------------------

9, 242, 975. 63
127, 146.17
3,808, 804.09
7,934, 300.08
11, 391, 396.79
1, 104,050. 18
8,704, 487. 60

For self-liquidating projects u n

§

(bonds and
notes paid—par $35,000)----For repair or reconstruction of
der sec. 201

35,000.00

property damaged by earth
quake, etc.------------------

Institutions under sec. 201 (d)-Relief disbursements (1932 act) re
paid--------------------------Interest and discount collected.------

Reimbursable expense collected.----Repayments on advances for care and
preservation of collateral--------Collections on collateral to redis
counts-------------------------

Collections on collateral purchased.-Funds of regional agricultural credit
corporations--------------------

2, 100.00
815, 446. 61
466, 145.00
20, 431, 183.51
96, 681. 53
58,067.35
274,070.35
149, 301. 14
1,500,000.00.

$7,927, 927. 23

34

REPORT

OF

T H E

RECONSTRUCTION

FINANCE

CORPORATION

TABLE 10.-Statement ofcash receipts and expenditures Jan. 1, 1933,to June 30,
1933, inclusive—Corporation's accounts with Treasurer of United States—Con.
Receipts—Continued.
Return of petty cash-------------Return of deposits with bids for pu r
chase of bonds (self-liquidating
projects)----------------------Refunds of expenses paid----------Funds received from Secretary of
Agriculture--------------------Unallocated—Pending advices-----Miscellaneous (including amounts

$250. 00

130, 820. 0 0
27, 733. 80
5,000,000. 0 0
29, 169,256. 53

credited in error and remittances

not collected)-------------------

158, 327. 07
$1, 111, 403, 498. 07
1, 119, 331, 425.30

Expenditures:
Loan disbursements:

Banks and trust companies (in
cluding receivers)----------Credit unions-----------------

Building and loan associations-Insurance companies---------Federal land banks-----------Federal
intermediate
credit

Livestock credit corporations--Mortgage loan companies-----Regional agricultural credit cor
porations-------------------

Other agricultural credit corpo
Railroads (including receivers)-For self-liquidating projects u n
der sec. 201 (a) (bonds and

308,049,076. 9 0
125,050.
15, 209, 225. 2 8
15, 779, 241. 0 3
3,300,000. 00
9, 242, 342. 72
5, 416, 752. 6 9
445, 127.
87, 871, 172. 65
109, 700, 975. 87
867, 668. 59
95,417, 130. 0 3

notes purchased—par $14,
027,750)------------------Institutions under sec. 201 (d)-Secured by preferred stock
banks and trust companies--For repair or reconstruction of

13, 750, 182. 26
2, 239, 524. 67
12, 185,000. 0 0

property damaged by earth
quake, etc.------------------

678, 895. 0 0

Relief disbursements (1932 act)----- 218, 572, 806. 6 8
Relief grants (1933 act)-----------Payments of subscriptions to capital
of regional agricultural credit cor
porations----------------------Purchase of preferred stock, banks

and trustcompanies:------------

Purchase of capital notes and deben
tures, banks and trust companies-Withdrawal by regional agricultural
credit corporations of funds held
for them-----------------------

Refund of interest overpayments.---Refund of unearned discounts-----Release of cash collateral to redis

37, 910, 142. 0 0
2,500,000.

00

31,083,000.

00

200,000. 0 0
15,000,000. 0 0
21,957.
1, 556. 0 6
65, 470. 27

Interest on cash collateral to redis
coun ts-- ---- --- ---- ---- ---- ----

Discount rebates------------------

Release of funds held in suspense---Interest on suspended credits—mort
gage loans----------------------

646. 58
276.

436, 523. 2 5
26. 0 9

REPORT

OF

T H E

RECONSTRUCTION

FINANCE

CORPORATION

35

TABLE 10.-Statement ofcash receipts and expenditures Jan. 1, 1933, to June 30,
1933, inclusive—Corporation's accounts with Treasurer of United States—Con.
Receipts—Continued.
Interest on series A and series B 3 %
percent notes------------------- $16,760, 205. 52
Advances
for
expenses—Federal
Emergency Relief Administration10,067. 49
Advances for expenses—regional a g
ricultural credit corporations (to
Farm Credit Administrator)-----979, 065. 37
Advances for care and preservation
of collateral-------------------232, 312.49

Payments to Secretary of Agricul
tu re--- ---- ----- ---- ----- ---- --

60,000,000.00

Payments to Secretary of the Treas
ury (for purchase of stock of home
loan banks)-------------------Payments to Secretary of the Treas
ury (for purchase of stock of H om e
Owners' Loan Corporation).------Payments to land bank commissionerAccrued interest on bonds purchased
(self-liquidating projects)--------Deposits with bids for purchase of
bonds (self-liquidating projects)--Additions to petty cash funds------Furniture and fixtures-------------

Expenses—general---------------Expense—loan agency------------Expense—custodian--------------Expense—regional agricultural credit
corporations-------------------Reimbursable expense------------Miscellaneous (including refunds and

42, 150,000.00
1,000,000.00
2, 200,000.00
151, 306.04
-

95, 520.00
1, 520.00
88, 257. 35
1,473, 282. 75
1,316, 125. 12
755,090. 97
2, 235, 523.93
344,082.00

adjustments for amounts credited
in error and remittances not col
lected)-------------------------

186, 281.90
—

Cash balance at the close of business June 30, 1933.--

$1,116,048, 410. 90
3, 283,014. 40

. Note.—In addition to funds on deposit with the Treasurer ofthe United States,custodian banks held
insuspense funds which amounted to $1,464,285.96 at the close of business Dec. 31, 1932, and $658,483.87 at
theclose of business June 30, 1933.

36

REPORT OF THE RECONSTRUCTION FINANCE CORPORATION

TABLE 11.-Statement of condition of the corporation as of the close of business
June 30, 1933
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 cor

$3,283,014. 4 0
658, 483. 87
5,070. 00

porations—Farm Credit Administration----------------

5,260,000. 00

Advanced for Federal Emergency Relief Administration ex
Pe ns es- -- --- -- -- --- -- --- -- --- -- -- --- -- --- -- --- -- -- -

Allocated to Secretary of the Treasury -----------------Allocated to Secretary of the Treasury 2-----------------Allocated to land bank commissioner--------------------

10,067. 4 9
124,741,000. 0 0
200,000,000. 0 0
300,000, 000. 0 0

Allocated to Secretary of Agriculture3--- $200,000,000.00
Less reallocated as capital of regional
agricultural credit corporations----

44, 500,000.00

Capital regional agricultural credit corporations-----------

155, 500,000.
44, 500,000.

00
00

Loans under sec. 5:

Proceeds disbursed (lessrepayments):
Banks and trust companies 4---- $685, 527, 567.62
Credit unions----------------549,-200. 70
Building and loan associations-82,299, 375. 29
Insurance companies---------73, 921, 882. 30
Federal land banks-----------21, 800,000.00
Joint-stock land banks--------7, 754, 907. 82
Livestock credit corporations--4, 384,467. 87
Mortgage loan companies------ 155,906, 961. 88
Regional agricultural credit cor
porations------------------- 107, 350, 218. 95
Other agricultural credit corpo
r a ti on s -- - -- -- - -- -- - -- - -- -- 2, 137,918, 28
Railroads (including receivers)-- 359, 184, 351. 20
1, 500, 816, 851. 91
Proceeds not yet disbursed:
Banks and trust companies 4---Building and loan associations-Insurance companies---------Federal land banks-----------Joint-stock land banks---------

Livestock credit corporations--Mortgage loan companies-----Regional agricultural credit cor
porations------------------Other agricultural credit corpo
rations---------------------

Railroads (including receivers)--

70, 183,926. 11
1,402, 110.63
8,676, 859. 07
3, 200,000.00
9,064, 981. 18
147, 500.00
10,842, 221.49
4, 415, 485. 42
427, 835. 34
25,063, 193. 49
133,424, 112. 73

Loans and contracts for self-liquidating projects sec. 201 (a):
Proceeds disbursed (less repayments) (by purchase of
bonds, certificates, and notes—par $29,769,750)----Proceeds not yet disbursed (contracts, bonds, certifi
cates, and notes—par $185,944,700)--------------Loans for repair or reconstruction of property damaged by
earthquake, etc.:
Proceeds disbursed (less repayments)---------------Proceeds not yet disbursed.------------------------Loans to institutions under sec. 201 (d):
Proceeds disbursed (less repayments)---------------Proceeds not yet disbursed.------------------------Relief authorizations (1932 act):
Proceeds disbursed (less repayments)---------------Proceeds not yet disbursed.------------------------See notes on p. 38.

29, 462, 386. 4 1
184, 947, 896. 26
676, 795.
9,771, 105.
2,748, 595. 20
1, 720, 621.
298,073,703. 77
1,460, 151. 23

REPORT O F

T H E

RECONSTRUCTION

FINANCE

CORPORATION

37

TABLE 11.-Summary of condition of the corporation as of the close of business
June 30, 1933—Continued
-

AssETs—continued

Relief grants (1933 act) *:
Proceeds disbursed.--------------------------------

Proceeds not yet disbursed.-------------------------

$37,910, 142. 0 0
13, 621, 589. 00

Loans secured by preferred stock, banks and trust com
panies–Proceeds disbursed.---------------------------

12, 185,000. 00

Preferred stock, banks and trust companies:
Purchased.----------------------------------------

Subscriptions authorized.---------------------------

31,083,000. 00
3,950, 000. 0 0

Capital notes and debentures, banks and trust companies—
Purchased------------------------------------------Advances for care and preservation of collateral:

200,000. 00

Proceeds disbursed (less repayments)----------------

174,245. 14
96, 666. 59
1, 956, 698. 86
29, 441, 722. 4 6
369, 668. 87

Proceeds not yet disbursed.-------------------------

Collateral purchased (cost lessproceeds of liquidation).-Accrued interest receivable-----------------------------

Reimbursable expense--------------------------------*urniture and fixtures--------------------- $409, 499.45

Less allowance for depreciation---------

44, 793. 76
364,705. 69

Total.-----------------------------------------LiABILITIES

A ND

3, 128, 413, 293. 48

CAPITAL

Payable to Secretary of the Treasury ------------------Payableto Secretary of the Treasury 2------------------Payable to land bank commissioner---------------------

81,771, 000. 0 0
199,000, 000. 00
297, 800, 000. 00

Payable to Secretary of Agriculture (Farm Credit Admin

*1

istration)*------------------------------------------

40, 500,000. 00

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

4,278, 334. 63

Liability for funds held for regional agricultural credit cor
porations------------------------------------------

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

s and contracts for self-liquidating projects
sec. 201 (a)------------------------------------Loans for repair or reconstruction of property damaged
by earthquake, etc.-----------------------------Loans to institutions under sec. 201 (d)-------------Relief authorizations (1932 act)---------------------

Relief grants (1933 act)*--------------------------Advances for care and preservation of collateral-------

3,000,000. 00
975, 802. 89
133,424, 112. 73.
184, 947, 896. 26
9,771, 105.
1,720, 621.
1,460, 151.
13, 621, 589.
96, 666.

Subscription authorizationspreferred stock,banks and trust
companies------------------------------------------

Cash receipts not allocated pending advices-------------Miscellaneous liabilities (including suspense).--------------

3,950, 000.
25, 244, 941.

Liabilityfor funds held pending adjustment-------------Unearned discount------------------------------------

Interest refunds and rebates payable-------------------Interest accrued.--------------------------------------

Series C 3% percent notes------------------------------ 1, 585,000, 000.
500,000, 000.
Capital stock----------------------------------------17, 804, 757.
Surplus Dec. 31, 1932--------------------------------Interest earned less interest and expenses (Jan. 1, 1933,
through June 30, 1933).------------------------------

10, 489, 141.
3, 128,413, 293.

Seefootnotes on p. 38.

38

REPORT

OF

T H E

RECONSTRUCTION

FINANCE

CORPORATION

1 Sec. 2 of the Reconstruction Finance Corporation Act, as amended by the Federal H o m e Loan Bank

Act, provides that “in order to enable the Secretary of the Treasury to make payments upon stock of
Federal hom e loan banks subscribed for by him in accordance with the Federal H o m e Loan Bank Act,
the s um of $125,000,000 or so mu ch thereof as m a y be necessary for such purpose, is hereby allocated and

made availableto the Secretary ofthe Treasury out ofthe capital ofthe Corporation and/or the proceeds
of notes, debentures, bonds, and other obligations issued by the Corporation.” T he amount of such stock
subscribed for by the Secretary of the Treasury is$124,741,000.
* Sec. 4 (b) ofthe H o m e Owners' Loan Act of 1933, provides that “the Board (Federal H o m e Loan Bank
Board) shall determine the m in imu m amount of capital stock of the Corporation (Hom e Owners’ Loan
Corporation) and is authorized to increase such capital stock from time to time in such amounts as m a y
be necessary, but not to exceed in the aggregate $200,000,000. Such stock shall be subscribed for by the

Secretary ofthe Treasury on behalf of the United States, and payments for such subscriptions shall be

Fº

subject to call in whole or in
by the Board and shall be ma de at such time or times as the Secre
of the Treasury deems advisable. * * * In order to enable the Secretary ofthe Treasury to ma ke suc
payments when called, the Reconstruction Finance Corporation is authorized and directed to allocate
and make available to the Secretary of the Treasury the su m of$200,000,000, or so m uc h thereof as m a y be
necessary, and forsuch purpose the amount ofnotes, bonds, debentures, or other such obligations which the
Reconstruction Finance Corporation is authorized and empowered under Sec. 9 of the Reconstruction
Finance Corporation Act, as amended, to have outstanding at any one time, is hereby increased by such
m a y be necessary.” The amount ofsuch stocksubscri
for by the Secretary ofthe Treasury
200,000,000.

ºas

*Allocated inaccordancewiththeprovisionsofsec.2 ofthe Reconstruction Finance Corporation Act,
approved Jan.22,1932,asamended. On Feb. 4,1933,the Presidentapproved an actauthorizing the Secre
tary of Agriculture to request the Corporation to advance to him the balance of the s um authorized to be
allocated under sec. 2 of the act of Jan. 22, 1932 (excepting the amount used to establish agricultural credit
corporations under sec. 201 (e) of the act of July 21, 1932), and directing the Corporation to make such
advances regardlessof the amount of its obligations outstanding at the time of making such advances, the
sums thus advanced, together with the sums collected or to be collected from loans made by the Secretary

of Agricultureduring the year 1932under sec. 2oftheactofJan.22,1932,tobe availableto theSecretaryof
Agriculture to make loans for crop production during the year 1933 not to exceed $90,000,000 in amount.
Under an Executive order issued by the President under date of Mar. 27, 1933, there were transferred to

thejurisdictionand control ofthe Farm Credit Administration thefunctions of the Secretary of Agricul
ture under all provisions of law relating to the making of advances or loans to farmers, fruit growers, p r o
ducers, and owners of livestock and crops, and to individuals for the purpose of assisting in forming or
increasing the capital stock of agricultural credit corporations, livestock loan companies, or like organiza

tions,except Public Resolution No. 74,70th Congº, approved Dec.21, 1928,providing forthe Puerto Rican
Hurricane Relief Commission, and the Crop Production Loan Office and the Seed Loan Office of the D e

partment ofAgricultureand thefunctionsthereof.
* Loans under sec. 5 of the Reconstruction Finance Corporation Act to aid in the reorganization or liqui
dation ofclosed banks have been authorized in the aggregate amount of$160,998,570.08, ofwhich $7,945,387.76
has been canceled. After taking into consideration repayments of $48,966,008.83, items (4) of the balance
sheet include the balance of $71,060,779.94 representing proceeds disbursed (less repayments) a n d
$33,026,393.55representing proceeds not yet disbursed.
* Under t h e º
of the Federal Emergency Relief Act of 1933 the Corporation is authorized a n d
directed to make available $500,000,000 for expenditure by the Federal Emergency Relief Administrator,

payment tobe made by the Corporation upon certificate ofthe Federal Emergency ReliefAdministrator.
In addition to loans and other authorizations reflected on the statement of condition, the corporation
has approved in principle loans in the amount of$260,399,034.97 and purchases ofpreferred stock and de b e n
tures ofbanks and trustcompanies inthe amount of$14,095,000,upon the performance ofspecified conditions.
This statement of condition does not take into consideration expenditures incurred but not paid by the

Corporation at the close ofbusiness June 30, 1933, nor income ofregional agricultural credit corporations,
whose capital stock was subscribed by the corporation.

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