Annual Report of the Federal Reserve Board, 1932

NINETEENTH ANNUAL REPORT OF THE FEDERAL RESERVE BOARD COVERING OPERATIONS FOR THE YEAR 1932 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1933 For sale by the Superintendent of Documents, Washington, D.C. Price 20 cents Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

THE FEDERAL RESERVE BOARD DECEMBER 31, 1932 EX OFFICIO MEMBERS EUGENE MEYER, Governor. OGDEN L. MILLS, CHARLES S. HAMLIN. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. GEORGE R. JAMES. WAYLAND W. MAGEE Comptroller of the Currency, FLOYD R. HARRISON, WALTER WYATT, General Counsel. Assistant to the Governor, GEORGE B. VEST, Assistant Counsel. CHESTER MORRILL, Secretary. E. A. GOLDENWEISER, Director, Division of Research and E. M. MCCLELLAND, Statistics. Assistant Secretary. CARL E. PARRY, J. C. NOELL, Assistant Director, Division of Re~ Assistant Secretary and Fiscal Agent. search and Statistics. LEO H. PAULGER, E. L. SMEAD, Chief, Division of Examinations. Chief, Division of Bank Operations. J. R. VAN FOSSEN, FRANK J. DRINNEN, Assistant Chief, Division of Bank Federal Reserve Examiner. Operations. II Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONTENTS TEXT OF REPORT Page Business conditions in 1932 2 Member bank credit 5 Bank suspensions and currency withdrawals 8 Gold movements . 9 Federal Reserve credit policy 10 United States Government obligations as collateral for Federal Reserve notes 16 Advances to member banks on ineligible paper 19 Loans to individuals, partnerships, and corporations 20 Reconstruction Finance Corporation 20 Banking and industrial committees 22 Extension of circulation of national-bank notes 23 Credit agreements with foreign central banks 24 Recommendations concerning legislation 25 Earnings and expenses of the Federal Reserve banks 31 Building operations of Federal Reserve banks 34 Branches and agencies of Federal Reserve banks 34 Changes in membership 35 Bank examinations 36 Federal Reserve interdistrict collection system 36 Trust activities of national banks 37 Changes in the Board's regulations 37 Amendments to the Federal Reserve Act in 1932 38 Administration of section 8 of the Clayton Antitrust Act 39 Right of Federal Reserve bank to require collateral security in rediscounting paper 39 Meetings of Federal Advisory Council 40 Organization, staff, and expenditures 40 TABLES FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND FACTORS IN CHANGES: No. 1. Annual averages, 1918-32 43 No. 2. Monthly averages, 1917-32 44-46 No. 3. Weekly averages 47 No. 4. By weeks (Wednesday series) 48 No. 5. End of month series, 1928-32 49 RESERVE BANK CREDIT: No. 6. Reserve bank credit outstanding, annual averages, 1915-32. _ 50 No. 7. Reserve bank credit outstanding, by months, 1924-32 50-51 in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

IV CONTENTS RESERVE BANK CREDIT—Continued. No. 8. Deposits, reserves, note circulation, and reserve percentages Page of Federal Reserve banks, by months, 1928-32 52 No. 9. Bills discounted for member banks—Holdings of each Federal Reserve bank, by months 53 No. 10. Reserve balances of member banks in each district, by months 53 No. 11. Bills discounted for member banks in each State, by months. 54 No. 12. Principal assets and liabilities of Federal Reserve banks, by weeks 55 No. 13. Bills discounted by Federal Reserve banks—Holdings, by weeks, by districts 56-57 No. 14. Assets and liabilities of Federal Reserve banks, in detail, December 31, 1932 58-59 No. 15. Assets and liabilities of Federal Reserve banks, in detail, at the end of each month 60-61 No. 16. Condition of each Federal Reserve bank at the end of 1931 and 1932 62-65 No. 17. Number of member banks discounting paper at Federal Reserve banks, by months, 1914-32 66 No. 18. Number of member banks discounting paper at Federal Reserve banks, by districts, 1925-32 66 No. 19. Number of member banks discounting paper at Federal Reserve banks, by States, 1924-32 67 No. 20. Bills discounted by Federal Reserve banks—Holdings at end of each month, by classes 68 No. 21. Bills discounted—Holdings of each Federal Reserve bank, by classes 69 No. 22. Bills discounted—Holdings of each Federal Reserve bank, by maturities 69 No. 23. Bills bought by Federal Reserve banks—Holdings at the end of each month, by classes 70 No. 24. Acceptances payable in foreign currencies—Holdings of Federal Reserve banks, 1924-32 70 No. 25. Holdings of bills discounted and bills bought by Federal Reserve banks, by maturities 71 No. 26. Holdings of United States Government securities by Federal Reserve banks at the end of each year, 1928-32, by classes. 72 No. 27. Holdings by Federal Reserve banks of United States Government securities in system investment account, under resale agreement, etc. (average basis), 1931-32 73 No. 28. Holdings by Federal Reserve banks of United States Government securities in system investment account, under resale agreement, etc. (Wednesday basis) 74 : No. 29. Holdings by Federal Reserve banks of 1-day certificates of indebtedness issued by the United States Treasury, 1924-32. 75 VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS: No. 30. Volume of operations in principal departments, 1928-32 76 'No. 31. Volume of operations in principal departments of each Federal Reserve bank 77 i !No. 32. Volume of operations of branches of Federal Reserve banks.__ 78 GOLD SETTLEMENT FUND: No. 33. Summary of transactions through the fund, 1925-32 79 No. 34. Summary of transactions through the fund, by districts 79 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONTENTS V FEDERAL RESERVE AGENTS' GOLD FUND: Page No. 35. Summary of transactions through the fund, 1925-32 80 No. 36. Summary of transactions through the fund, by districts 80 MEMBERSHIP IN PAR COLLECTION SYSTEM: No. 37. Number of banks on par list and not on par list, 1925-32 81 I jNo. 38. Number of banks on par list and not on par list, by districts 82 No. 39. Number of banks on par list and not on par list, by States, Dec. 31, 1931 and 1932 83 FEDERAL RESERVE BANK PREMISES: No. 40. Cost of bank premises of Federal Reserve banks and branches to Dec. 31, 1932 84 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS: No. 41. Gross and net earnings and disposition made of net earnings, 1914-32 85 No. 42. Earnings, by sources, 1914-32 85 No. 43. Total earnings, current expenses, and net earnings, and disposition made of net earnings, 1914-32 86-87 No. 44. Earnings and expenses in detail 88-90 FEDERAL RESERVE NOTES: No. 45. Federal Reserve agents' accounts at the end of each month 91 GOLD STOCK, GOLD MOVEMENTS, AND MONEY IN CIRCULATION GOLD: No. 46. Monetary gold stock of the United States, 1914-32 95 No. 47. Analysis of changes in monetary gold stock, by months, 1925-32 96 No. 48. Gold held under earmark by Federal Reserve banks for foreign account, by months, 1916-32 97 No. 49. Gold imports and exports, by countries, 1929-32 97 No. 50. Gold imports and exports, by months, 1923-32 98 MONEY IN CIRCULATION: No. 51. United States money in circulation, by months, 1914-32 99 No. 52. Kinds of money in circulation, 1930-32 100 DISCOUNT RATES AND MONEY RATES DISCOUNT RATES AND MONEY RATES: No. 53. Federal Reserve bank discount rates—Changes from Jan. 1, 1925, to Dec. 31, 1932 103-104 No. 54. Federal Reserve bank buying rates on acceptances—Changes from Jan. 1, 1922, to Dec. 31, 1932 105-106 No. 55. Average rates earned by Federal Reserve banks on bills and securities, 1919-32 107 No. 56. Open-market rates in New York City, by months, 1928-32_ 108 No. 57. Open-market rates in New York City, by weeks 109 No. 58. Money rates in New York City—Prevailing rates charged customers, by months, 1928-32 110 No. 59. Rates charged customers in principal cities (weighted averages), 1920-32 111 FOREIGN RATES: No. 60. Discount rates of central banks in foreign countries—Changes from Jan. 1, 1930, to Dec. 31, 1932 112 No. 61. Open-market rates in foreign countries, by months, 1928-32 _ 113 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

VI CONTENTS MEMBER AND NONMEMBER BANK CREDIT ALL BANKS IN THE UNITED STATES: Page No. 62. Number of banks, 1914-32 117 No. 63. Total loans and investments of member and nonmember banks, 1914-32 118 No. 64. Total loans of member and nonmember banks, 1914-32 119 No. 65. Total investments of member and nonmember banks, 1914-32 120 No. 66. Deposits of member and nonmember banks (exclusive of interbank deposits), 1914-32 121 ALL MEMBER BANKS: No. 67. Assets and liabilities of National and State bank members-_ 122 No. 68. Assets and liabilities of reserve city and country banks 123 No. 69. Deposits subject to reserve, reserves required, reserves held, and borrowings at Federal Reserve banks, by months 124 No. 70. Net demand and time deposits, by months 125 No. 71. Holdings of eligible assets (United States Government securities and eligible paper) compared with borrowings at Federal Reserve banks, 1926-32 126 No. 72. Classification of demand and time deposits on call dates, 1928-32 127 No. 73. Principal assets and liabilities on call dates, 1914-32 128-129 No. 74. Classification of member bank loans and investments on call dates, 1929-32 130-131 No. 75. Reserve balances, by months, 1921-32 132 No. 76. Borrowings at Federal Reserve banks, by months, 1914-32 132 MEMBER BANKS IN NEW YORK CITY, CHICAGO, AND OTHER RESERVE CITIES: No. 77. Deposits subject to reserve, reserves required, reserves held, and borrowings at Federal Reserve banks, by weeks 133-135 REPORTING MEMBER BANKS IN LEADING CITIES: No. 78. Loans, investments, deposits, reserves, and borrowings at Federal Reserve banks, 1921-32 136-137 No. 79. Principal assets and liabilities, by weeks 138-139 No. 80. New York City banks—Principal assets and liabilities, by weeks 140-141 No. 81. Banks outside New York City—Principal assets and liabilities, by weeks 142-143 No. 82. Bankers7 balances, by weeks: Total, New York City, other leading cities 144 BROKERS' LOANS: No. 83. Loans to brokers and dealers, secured by stocks and bonds, made by reporting member banks in New York City, by weeks 145 No. 84. Brokers' borrowings, 1928-32, as reported by New York Stock Exchange 146 No. 85. Member bank loans to brokers in New York City, 1928-32.. 147 No. 86. Member bank loans to brokers outside New York City, 1928-32 147 BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING: No. 87. Bankers' acceptances and commercial paper outstanding 148 No. 88. Bankers' acceptances outstanding, by classes___ 148 No. 89. Bankers' acceptances held by accepting banks, 1925-32 149 No. 90. Purchased acceptances held by member banks on call dates, 1928-32 149 No. 91. Distribution of bankers'acceptances outstanding, by months. 149 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONTENTS Vn BANK DEBITS: Page No. 92. Debits to individual accounts by banks in 141 principal cities, by months, 1923-32 150 BANK SUSPENSIONS: No. 93. Banks suspended and reopened, by years, 1921-32 151 No. 94. Bank suspensions, by months, 1921-32 152-154 No. 95. Bank suspensions: Number, classified according to capital stock, 1921-32 155 No. 96. Bank suspensions: By size of town or city, 1921-32 155 No. 97. Banks suspended and reopened, by districts 156 No. 98. Banks suspended and reopened, by States 157 CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM: No. 99. Changes, by class of member, 1931 and 1932 158 EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS, 1923-31: No. 100. Earning assets, capital funds, and profits 159 No. 101. Ratios of earnings, expenses, etc., to average earning assets. _ 160 No. 102. Earnings, expenses, and dividends 161 BUSINESS CONDITIONS CAPITAL ISSUES AND SECURITY PRICES: No. 103. Capital issues, 1919-32 165 No. 104. Security prices, 1919-32 166 INDEX NUMBERS OP PRODUCTION, EMPLOYMENT, TRADE, AND PRICES: No. 105. Production, employment, and trade, 1919-32 167-171 No. 106. Production of manufactures, by groups, 1919-32 172 No. 107. Production of minerals, by industries, 1919-32 173 No. 108. Factory employment, by groups, 1919-32 174-177 No. 109. Factory pay rolls, by groups, 1919-32 178, 179 No. 110. Wholesale prices, by groups of commodities, 1913-32 180, 181 No. 111. Wholesale prices, by weeks 182 APPENDIX Recommendations (and directory) of the Federal Advisory Council 185-190 Amendments to Federal Reserve Act 191-192 Amendment to regulation G of the Federal Reserve Board 193-195 Requirements as to discounts for individuals, partnerships, and corporations 196-198 Amendments to National Bank Act 199 Opinion of court with respect to right of Federal Reserve bank to require collateral security in rediscounting paper 200-204 Federal Reserve Board's comments and recommendations on the Glass bill (S. 4115) 205-228 Constitutionality of legislation providing a unified commercial banking system for the United States 229-259 Report of the Committee on Bank Reserves of the Federal Reserve System 260-285 Directory of the Federal Reserve Board 286 Salaries of officers and employees of the Federal Reserve Board 286 Receipts and disbursements of the Federal Reserve Board 287, 288 Salaries of national-bank examiners 289, 290 Governors and directors of Federal Reserve banks 291-294 Salaries of officers and employees of Federal Reserve banks 294 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

VIII CONTENTS State bank and trust company members of Federal Reserve System: Page List of members, with location, loans, investments, etc 295-307 Summary classification according to capital stock 308-310 Fiduciary powers granted to national banks 311-332 Banks authorized to accept bills up to 100 percent of capital and surplus. 333-335 Description of Federal Reserve districts 336-341 Description of Federal Reserve branch territories 342, 343 Map of Federal Reserve districts 344 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LETTER OF TRANSMITTAL FEDERAL RESERVE BOARD, Washington, May 4, 19S3. To the SPEAKER OF THE HOUSE OF REPRESENTATIVES. SIR: Pursuant to the requirements of section 10 of the Federal Reserve Act, I have the honor to submit the nineteenth annual report, prepared by direction of the Federal Reserve Board, covering operations during the calendar year 1932. Yours respectfully, EUGENE MEYER, Governor. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL EEPOET OF THE FEDEBAL EESEEVE BOABD The year 1932, covered by this the Nineteenth Annual Report of the Federal Reserve Board, may be divided into two periods of nearly equal duration—the first extending from the beginning of the year to the middle of July and the second from that time to the end of the year. In the first half of the year the banking system of the country was subjected to pressure through losses of gold to foreign countries and through increased currency withdrawals in the United States. The Federal Reserve banks purchased a large volume of United States Government obligations, and thereby enabled the member banks not only to meet the demands for gold from abroad and for currency at home but also to reduce their indebtedness to the Reserve banks. During the second period, comprising a little less than half the year, there was a reversal of the gold and currency movements, and member banks obtained reserve funds from the gold inflow, from currency returned from hoarding, and to some extent from issues of new national-bank notes. Holdings of United States Government obligations by Reserve banks remained at a constant level, and the funds arising from other sources were for the most part added to the reserve balances of member banks. At the end of the year these balances exceeded by $575,000,000 the reserve requirements prescribed by law. Member bank credit, which had declined rapidly from the autumn of 1930 to the middle of 1932, continued to decrease during the latter part of the year but at a slower rate. The velocity of bank deposits continued to decline throughout the year. Conditions in the open market for short-term money were relatively easy throughout the year, and in the latter part money rates declined to exceptionally low levels. Rates charged on commercial loans to customers by banks in the financial centers also declined in the last 6 months, but were still relatively high in comparison with open-market rates. Volume of new capital investment was small throughout 1932. Bond prices declined until mid-summer, but were stronger in the latter part of the year. The operations of the Reconstruction Finance Corporation, which was organized in February, constituted an important factor in the credit situation during the year. In 1932, as in 1931, developments abroad and the continuance of serious maladjustments and dislocations in international financial and trade conditions were important unfavorable factors in business and credit developments in the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD BUSINESS CONDITIONS IN 1932 In 1932, for the third successive year, business activity, prices, and incomes declined substantially, but after the middle of the year there were increases in activity in several important industries, particularly textiles, and the general average of wholesale prices fluctuated around the level reached in June. Throughout the year expenditures for capital equipment, houses, automobiles, and other durable products were in small volume. Domestic distribution of commodities and foreign trade declined further. Flotations of new issues of domestic securities declined sharply, and there was a considerable reduction in VOLUME OF MANUFACTURING PRODUCTION AGGREGATES IN F. R. BOARD INDEX ADJUSTED FOR SEASONAL VARIATION 1919 1920 1921 1922 1923 1924- 1925 1926 1927 1928 1929 1930 1931 1932 Weighted aggregates in millions. "Steel, autos, lumber, etc.," includes also vessels built, locomotives, nonferrous metals, cement, polished plate glass, and coke. "Other manufactures" includes textiles, leather products, foods, tobacco products, paper and printing, petroleum refining, and automobile tires and tubes. the volume of issues for refunding purposes. Flotations of foreign securities were in extremely small volume. First 7 months.—During the first 7 months of 1932 business activity continued to decline rapidly, and there was a further reduction in commodity prices. The volume of industrial production, as measured by the Board's seasonally adjusted index, decreased by one fifth during this period, from 72 in January to 58 in July. At that time industrial activity, including manufacturing and mining, was at less than half the rate prevailing at the peak of activity in June 1929. The course of manufacturing output from 1919 through 1932 is shown by the upper curve on the accompanying chart, which also shows by separate curves the volume of output of durable manufactures, such as steel, automobiles, and lumber, and of nondurable manufactures, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD such as textiles and leather products, foods, and tobacco products. As indicated on the chart, the decrease in output of manufactures between the middle of 1929 and the middle of 1932 reflected chiefly the long-continued decline in output of durable goods which had been produced in large volume during the preceding period of industrial prosperity and whose replacement in many cases could be deferred. During the early months of 1932, however, about one half of the decline was in the production of nondurable products, particularly textiles and foods. Output of the heavy industries continued to decline, reflecting in part a further reduction in the volume of construction work undertaken in the latter part of 1931 and early in 1932. The accompanying chart shows for the period 1919-32 the course CONSTRUCTION CONTRACTS AWARDED MILLIONS OF DOLLARS ( Adjusted for Seasonal Variation ) MILLIONS OF DOLLARS 700 700 600 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931. 1932 Figures are 3-month moving averages, adjusted for usual seasonal variations; data for 1919-April 1924 partly estimated. of construction contracts awarded, as reported by the F. W. Dodge Corporation, with separate curves for residential building and other construction work. The continued decline in industrial activity was accompanied by a further decrease in freight traffic, which reached a new low level in midsummer. Dollar volume of department-store sales also declined further, reflecting both price declines and reduction in physical volume. Accompanying the reductions in output and distribution of commodities, volume of employment continued generally to decrease, with large declines in employment at factories, on railroads, and in the construction industry. Real-estate values declined in both urban and rural areas, and wholesale commodity prices decreased somewhat further. By June the general level of wholesale prices had declined to 64 percent of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

4 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD the 1926 average as compared with 69 in December 1931, and retail prices had shown a somewhat smaller decline. Last 5 months.—The latter part of the year was a period of renewed activity in some industries and of relative stability in others. There were increases in aggregate industrial output, in freight carried by the railroads, in factory employment, and in factory pay rolls. These increases occurred for the most part in August and September, and the higher levels reached at that time were generally maintained during the last quarter. The increase in industrial output, amounting to 14 percent between July and September, was largely in the production of textiles, leather products, and foods, but in the autumn, when these industries showed some decline in activity, there was a considerable expansion in coal output, and at the end of the year automobile production increased in connection with the introduction of new models. Volume of construction continued at about the low level of the first half of the year, with changes in dollar volume of contracts largely of a seasonal character. Crop production was somewhat smaller than usual, with reduced crops of winter wheat, cotton, tobacco, and fruits, and a large output of feed crops. Wholesale commodity prices, after reaching a low level in June, increased during July, August, and early September, but later declined by an amount somewhat larger than the previous advance. The increase in wholesale prices during the summer was largely in farm products, foods, hides, and textiles, and the subsequent decline, which was partly seasonal, was also in prices of these commodities, particularly grains and livestock. Prices of cotton and other textile raw materials, which had shown a substantial increase, declined considerably, but at the end of the year were still above the low levels of early summer. The renewal of activity in the second half of the year was of smaller proportions than the decline during the first half, and the year ended with activity and prices in general at a lower level than in December 1931. Output of nondurable manufactures at the end of the year, however, was at about the same rate as at the end of the two preceding years. Capital issues.—Flotations of new capital issues, including both stocks and bonds, were smaller in 1932 than in any other recent year. Investment in real estate and construction enterprises also was in small volume. The extent of the decline in flotations is shown in summary form in the following table; Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD CAPITAL ISSUES (EXCLUSIVE OF REFUNDING ISSUES) [Long-term—i.e., 1 year or more. In millions of dollars] Domestic Foreign State and Total i municipalCorporate 1922-28 average 5,079 1,292 3,606 992 1929 9,420 1,418 8,002 671 1930.. . . . .. ._ 6,004 1,434 4,483 905 1931 2,860 1,235 1,551 229 1932— 1,163 761 325 8 1 Includes issues of Federal land banks and Federal intermediate credit banks. New domestic issues amounted to $1,163,000,000 in 1932, compared with $2,860,000,000 in 1931, and an average of $5,079,000,000 in the years 1922-28. As in the 2 preceding years the volume of new corporate issues showed the largest decline, but State and municipal issues, which previously had shown relatively little change, declined considerably after the early months of the year and showed a decrease of about 40 percent for the year as a whole. Corporate issues were in small volume and were practically confined to flotations by public utility companies; foreign security issues were extremely small. Issues of securities by the United States Government in 1932 were large, the public debt showing an increase of $2,980,000,000 for the year, compared with an increase of $1,800,000,000 in 1931, a decrease of $275,000,000 in 1930, and an average annual decrease of $955,000,- 000 for the preceding 10 years. Funds supplied by the United States Government to the Reconstruction Finance Corporation during 1932, as capital of the Corporation and in the form of advances secured by the assets of the Corporation, amounted to approximately 40 percent of the total increase in the public debt. MEMBER BANK CREDIT Volume of member bank credit outstanding continued to decline during 1932, rapidly during the first half of the year and less rapidly thereafter, reflecting a further liquidation of loans, partly offset by an increase in investments. At banks in New York City the liquidation was arrested in the middle of 1932, while at other banks it continued throughout the year. Loans and investments of member banks in New York City decreased by $745,000,000 in the first half of 1932 and increased by $612,000,000 in the second half; at member banks outside New York City they decreased by $1,829,000,000 in the first half of the year and by $1,143,000,000 in the second half. The accompanying table shows, by classes of loans and by classes of investments, changes in member Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

6 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD bank credit during each half of the year, with separate figures for member banks in New York City and outside New York City. It brings out the fact that throughout the year member banks, both in New York City and elsewhere, increased their holdings of United States Government securities, while all classes of loans continued to decline except the open-market loans of New York City banks. At New York City banks, holdings of investments other than United States Government securities increased by about $100,000,000 during the first half of the year and by about $160,000,000 in the second half, while outside New York member bank holdings of these investments decreased by $307,000,000 during the first half of the year and by $221,000,000 during the second half. ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Dec. 31, 1932 Changes during 1932 Member banks in All other member Member New York City banks banks in All other New member Y C o it r y k banks Ja J n u u n a e ry- Ju ce ly m -D be e r - Ja J n u u n a e ry- J c u e ly m - b D e e r - Loans and investments 7,327 20,142 -745 +612 -1,829 -1,143 Loans 3,538 11,666 -1,082 -143 -1, 592 —1,240 Loans to banks 216 228 -114 -44 -103 -85 Loans to other customers 2,621 11, 283 -838 —235 — 1,465 —1,127 Open-market loans 701 154 -130 +136 -24 -28 Investments 3,789 8,476 +336 +756 -238 +96 United States Government securities.. 2,603 3,937 +240 +595 +68 +317 Other securities .... ._ 1,186 4,540 +97 +161 -307 -221 Between October 4, 1929, and December 31, 1932, total loans and investments of all member banks decreased by $8,444,000,000, or 24 percent, of which a part represented the direct effect of member bank suspensions. The entire decrease from 1929 was in loans, including both loans to customers and loans made in the open market, while member bank holdings of investments increased by $2,516,000,000 during the 3-year period to the highest level on record. Customers7 loans, which represent the larger part of the total volume of bank credit outstanding, showed over the 3-year period the largest reduction in absolute figures of any class of loans, amounting to $9,344,000,000, or 40 percent. This reduction was due to a large number of influences related to the depressed condition of business and agriculture. It reflected, on the one hand, a reduction in the demand for credit due to a reduced volume of business operations and the reluctance on the part of business to incur indebtedness in view of the uncertainty of business prospects and, on the other hand, the desire on the part of banks to maintain liquidity. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Eeduction in open-market loans was smaller in absolute amount than the reduction in customer loans, but larger in proportion, amounting to 62 percent. It represented a decrease in the demand for funds because of the low level of business activity, rather than a shortage in the supply. That open-market funds were available in large volume is indicated by the fact that the rates charged for them declined to the lowest levels on record, ranging at the end of December 1932 from three eighths of 1 percent on prime bankers' acceptances to IK percent on open-market commercial paper. The demand, however, was small. The demand for funds for stock-exchange purposes declined to small amounts in keeping with the low level of operations in the securities markets; the volume of open-market commercial paper outstanding also declined by a large percentage; and the decline in bankers' acceptances in the market was substantial, reflecting in part the reduction in the volume of foreign trade. Velocity of bank credit.—By far the larger part of all payments in the United States is made by check and is reflected in the debits made by banks to the accounts of their depositors. The amount of DEPOSITS RATE OF TURNOVER MILLIONS OF DOLLARS (TIMES PER ANNUM) REPORTING MEMBER BANKS IN LEADING CITIES 25000 20000 15 000 10000 20 5000 10 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 Based on estimated figures of debits to individual accounts for reporting member banks in leading cities. Figures of deposits are for net demand plus time deposits of these banks. these debits, as estimated for the country as a whole from figures currently reported by most of the principal cities, decreased from 1929 to 1932 by more than $700,000,000,000, or more than 60 percent. During the same period the volume of available means of payment, including both money in the hands of the public outside banks and funds held on deposit in banks, declined by about 23 percent. The decline in payments during the course of the depression, therefore, 182799—33 2 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD has been proportionally nearly three times as large as the decline in the available means of payment. The velocity of bank deposits, as computed for member banks in leading cities and expressed in terms of the annual rate of turnover, decreased from about 45 in the autumn of 1929 to about 16 in the last quarter of 1932. The decline in velocity of deposits during this period was almost continuous, reflecting a constant decrease in the volume of payments, while the deposits themselves did not begin to decrease appreciably until the middle of 1931 and showed relatively little change after the first quarter of 1932. The difference between the course of deposits and changes in velocity during recent years is shown on the chart, which compares by quarters from 1923 through 1932 the net demand and time deposits held at member banks in leading cities with an estimate of the velocity of these deposits. It brings out the fact that at these cities the rate of turnover continued to decline during the latter part of 1932 while deposits were relatively stable. BANK SUSPENSIONS AND CURRENCY WITHDRAWALS During the year 1,456 banks with deposits of $716,000,000 suspended operations, compared with 2,294 banks having deposits of $1,691,000,000 in 1931. Nearly one third of the deposits of banks closed during the year were in banks that suspended during the month of January. After the Reconstruction Finance Corporation began operations early in February 1932, and made funds available to banks throughout the country, the number of suspensions decreased rapidly, less than $15,000,000 in deposits being involved in failures during March as compared with $219,000,000 in January. In June, however, there were banking difficulties in Chicago and elsewhere, and banks with deposits of $133,000,000 suspended operations, chiefly in Illinois and Iowa, and there were a number of mergers and reorganizations arising out of banking difficulties. After midsummer failures were less numerous for 4 months, but in December there were many suspensions in some of the Midwestern and Far Western States. During the year many banks in a number of States closed temporarily under special "banking holidays" declared by civil authorities, and in November a State-wide banking moratorium was declared by the Governor of Nevada. Many other banks, without actual cessation of business, obtained agreements from their depositors for the waiver or deferment of their claims. Of the 1,456 banks that suspended during the year 1932, somewhat less than one fourth, with about one third of the deposits, were member banks. Of these, 276 were national banks with deposits of $214,- 000,000 and 55 were State bank members of the Federal Keserve Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 9 System with deposits of $55,000,000. The other 1,125 suspended banks were nonmember banks with deposits of $446,000,000. During the year 290 suspended banks with deposits of $276,000,000 resumed operations. Of these, 44 were national banks with deposits of $56,- 000,000 and 8 were State bank members with deposits of $15,000,000. During the 3 years 1930-32, there were 5,100 bank suspensions, and deposits of suspended banks totaled $3,260,000,000. This large number of suspensions reflected the rapid decline, during the course of the depression, in security values, in values of urban and farm real estate held as collateral for bank loans, and in the value of commodities, as well as the reduction in income of the banks' customers and the consequent difficulty of liquidating loans at maturity. Another factor in undermining the position of many banks was the withdrawal of funds by depositors, both for hoarding and for redeposit in other banks and in the Postal Savings System. In January of 1932 currency withdrawals were general in most parts of the country, but during the remainder of the year they were localized for the most part in districts in which many bank failures occurred. During periods when suspensions were less numerous, from February to May and again in the late summer and the early autumn, there was a return flow of currency to the Federal Reserve banks and the Treasury, and for the year as a whole there was little net change in the amount of currency outstanding. Increase in the demand for currency during recent years, amounting to about $1,300,000,000 from the middle of 1930 to the middle of 1932, reflected in part the hoarding of currency by the public but was also due to a number of other developments. Absence of banking facilities in many localities owing to the closing of all the banks resulted in an increased demand for cash for the transaction of business ; growth in the practice of imposing service charges on small or over-active accounts had a tendency to increase the use of cash; and, finally, the imposition of the tax on checks in July 1932, together with increased postage rates, was an influence toward reduced use of checks and greater use of cash in the payment of bills. All withdrawals of currency, however, though they differed in significance according to their cause, had the same general effect on the position of the member banks and that of the Federal Reserve banks. GOLD MOVEMENTS During the first half of 1932 there was a considerable outflow of gold from this country. This outflow followed upon heavy withdrawals in the autumn of 1931, after the suspension of the gold standard in England, and reflected in large part withdrawals of balances by foreign central banks. The outflow was particularly heavy in the 6-week period from the beginning of May to the middle of June. After that Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

10 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD time the direction of the gold movement was reversed and gold imports assumed considerable proportions, so that for the year as a whole there was an increase of $50,000,000 in the monetary gold stock of this country. The gold stock of the country reached a high point of $5,000,000,000 in the autumn of 1931 prior to the departure of England from the gold standard. During the following 8 months $1,100,000,000 of gold left this country, so that by midsummer of 1932 the stock of gold had declined to $3,900,000,000. An increase of $600,000,000 during the second half of the year carried the total to $4,500,000,000, about $500,- 000,000 below the peak of 1931 and at about the level of the average MONETARY GOLD STOCK OF THE UNITED STATES MILLIONS OF DOLLARS MILLIONS Of DOLLARS 6000 6000 5000 v r r ,/ 4000 4000 / 3000 f j 2000T 2000 1000 191 A- 1916 1916 1920 1922 1324 1926 1926 1930 1932 Monthly averages of daily figures; prior to August 1917, averages of end-of-month figures. for the years 1926-27. The chart shows the course of monetary gold stock in the United States from 1914, when the Federal Keserve System was established, to the end of 1932. FEDERAL RESERVE CREDIT POLICY During 1932 the Federal Reserve System continued to pursue the policy of monetary ease which it had followed since the beginning of the depression. This policy was expressed through the purchase of United States Government securities in the open market and through the reduction of rates charged for discounts and for acceptances. In September 1929 discount rates were 6 percent at the Federal Reserve Bank of New York and 5 percent at the other Reserve banks. By May 1931 these rates had been reduced to l}{ percent in New York, 2 percent in Boston, and 2K to 3% percent at the other Reserve banks. In the autumn of 1931, however, when there was a large out- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL RBPOKT OF THE FEDERAL RESERVE BOARD 11 flow of gold following the suspension of the gold standard in England and a large volume of currency withdrawals in this country, discount rates were advanced to 3K percent at most Reserve banks and to 4 percent at the Richmond and Dallas banks. During 1932 the rate at the New York and Chicago banks was reduced to 2% percent and at the other banks it was 3K percent. Bill rates were gradually reduced during the period and at the end of 1932 were at a 1 percent level, the lowest since the establishment of the System. System purchases of United States Government securities during 1932 were on a large scale and raised the total System portfolio of FEDERAL RESERVE BANKS HOLDINGS OF U.S. GOVERNMENT SECURITIES AND BILLS DISCOUNTED MILLIONS OF DOLLARS MILLIONS OF DOLLARS 20001 I 1—' 1 i 1 2000 1500 1500 1000 1000 500 50Q 1929 1930 1931 1932 Wednesday figures. these securities to a new high level. The chart shows holdings of United States Government securities by the Reserve banks and discounts for member banks from the autumn of 1929 to the end of 1932. It shows that United States Government security holdings of the Federal Reserve banks were at a low level in September 1929 and that they increased to $500,000,000 by the end of that year after the break in the stock market and the subsidence of speculative activity. In 1930 and 1931 the portfolio of such securities gradually increased to $750,000,000. After the passage of the Glass-Steagall Act on February 27, 1932, the Federal Reserve System pursued a policy of largescale open-market purchases of United States Government obligations, which carried their total to $1,850,000,000 on August 10, a level that was maintained throughout the rest of the year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

12 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD Acceptance holdings of the Reserve banks fluctuated in 1929 and 1930 in accordance with usual seasonal tendencies. By the middle of 1931, however, the Reserve banks7 bill portfolio had declined to a low level of $65,000,000. Between that time and the end of October 1931 large purchases of bills were made by the Reserve banks, particularly during the period of heavy gold exports after England's suspension of gold payments. At the end of October the bill portfolio had increased to $725,000,000. From that level it declined rapidly, reflecting chiefly the fact that abundance of short-time money in the open market resulted in a demand for acceptances by investors, and that open market rates on acceptances were lower than the 1 percent rate at the Reserve banks. During the last quarter of 1932 acceptance holdings of the Reserve banks were about $32,000,000, representing for the most part bills purchased under agreements with foreign central banks. Purchases by the Reserve banks in the open market from the autumn of 1929 to the middle of 1932 enabled member banks to reduce their indebtedness, notwithstanding the demand upon them for gold for export and for currency for domestic use. From $1,000,000,000 at the beginning of September 1929 member-bank discounts declined to $130,000,000 in April 1931, but increased to $850,000,000 by February 1932, after a period of heavy withdrawals. Renewed purchases of United States Government securities on a large scale beginning in February 1932 were reflected in a decline of discounts to $250,000,000 by the end of the year. Holdings of United States Government securities by the Reserve banks on September 25, 1929, on July 20, 1932, and at the end of 1932, together with related items, are shown in the following table: BANKING DEVELOPMENTS, 1929-32 [In millions of dollars] Changes Se 1 p 9 t 2 . 9 25, Ju 1 l 9 y 3 2 2 0, De 1 c 9 . 3 3 2 1, S 1 e 9 p 2 t 9 . 2 to 5, July 20 to July 20, Dec. 31, 1932 1932 Reserve bank holdings of United States Government securities _ _ 152 1,836 1,855 +1, 684 +19 Discounts for member banks 944 538 235 -406 -303 Gold stock 4,375 3,952 4,513 -423 +561 Money in circulation 4,744 5,735 5,676 +991 -60 Reserve balances 2,364 2,036 2, 509 -328 +473 Required L_ __ 2,293 1,789 1,933 -504 +144 Excess l 71 247 576 +176 +329 1 Partly estimated. The table shows that during the period of 34 months prior to July 20, 1932, the Reserve banks had bought $1,684,000,000 of United States Government securities. The funds released by these pur- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 13 chases were largely absorbed, however, by increases of almost a billion dollars in money in circulation and by over 400 millions of gold exports. Nevertheless, member banks, as the result of the System's security purchases and a decrease in their reserve requirements, reflecting a decline in their deposit liabilities, were able by mid-July of 1932 to reduce their discounts by over $400,000,000 and to accumulate about $250,000,000 of excess reserves. During this long period, therefore, open-market purchases by the Reserve banks enabled the member banks taken as a whole to meet both external and internal drains on their reserves and at the same time to reduce their indebtedness to the Federal Reserve banks. Indebtedness of member banks to other institutions increased by $96,000,000 during 1932 and at the end of the year was $312,000,000, representing chiefly borrowings from the Reconstruction Finance Corporation, as compared with $251,000,000 on October 4, 1929. After the middle of July Federal Reserve bank holdings of United States Government securities continued at a practically constant level, but the inflow of gold from abroad, the return flow of money from circulation, and issues of new national-bank notes resulted in a rapid growth of reserve balances at the member banks. Member bank reserve balances decreased rapidly in the last half of 1931 and the early part of 1932, reflecting chiefly demands on the member banks for gold for export and for additional currency for domestic use. Beginning in March of 1932, however, member bank reserve balances began to increase, and at the end of the year were at a high level—$575,000,000 in excess of the requirements prescribed by law. The chart on the following page shows for all member banks for the period 1929-32 the course of reserves held, required reserves, and excess reserves. The increase in reserve balances in 1932 was entirely at banks in financial centers and chiefly at banks in New York City. This does not indicate, however, that the easing effects of open-market purchases by the Reserve banks were confined to the leading cities. United States Government securities were purchased for the most part in New York, the principal market for these securities, and the funds arising from the purchases were in the first instance added to the reserve balances of New York banks. Later, however, these funds were distributed, largely through Treasury disbursements of all kinds, including advances by the Reconstruction Finance Corporation to banks and other institutions throughout the country. Funds acquired in this manner by banks in the interior, not being employed locally, subsequently found their way back to New York and other financial centers through the redeposit of funds by outside banks with their city correspondents. As a result of these movements, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

14 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD reserve balances of member banks in leading cities increased from December 30, 1931, to December 28, 1932, by $216,000,000, of which $162,000,000 was at banks in New York City and $54,000,000 at banks in other leading cities. During the same period amounts due by these banks to other banks, that is, bankers' balances, increased by $832,000,000, of which about two thirds was at New York City banks. Funds arising from open-market operations by the Reserve banks, therefore, which in the first instance were placed at the disposal of RESERVE POSITION OF MEMBER BANKS MILLIONS OF DOLLARS Monthly Averages of Daily Figures MILLIONS OF DOLLARS 2600 2600 100 too 1929 1930 1931 1932 Monthly averages of daily figures. member banks in financial centers, and chiefly in New York City, were distributed throughout the country through interdistrict movements of funds, chiefly reflecting operations by the Government. Although these funds were largely redeposited in New York and Chicago banks and appeared as excess reserves of these banks, they represented the operating reserves of many country correspondents, maintained subject to withdrawal whenever occasion should arise. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

15 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD The increase in excess reserves of member banks after February 1932 was accompanied by further easing of the money market. The chart shows the course of money rates in New York City from 1929 to 1932, and brings out the fact that, except for a rise in the autumn of 1931, money rates at New York declined from the autumn of 1929 to the end of 1932, and that this was true not only of openmarket rates but also of rates charged by the banks to their customers. Customers' rates also declined in other financial centers. Money rates usually tend to decline during a depression, because the low MONEY RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS (Weighted Average) *\ COMMERCIAL PAPER \ i (Open Market Rate) 1929 1930 1931 1932 Rates charged customers—weighted average, monthly basis; commercial paper—weekly averages of daily rates on 4-6 months' paper; acceptances—weekly averages of daily rates on 90-day bankers' acceptances. level of business activity results in diminished demands on the commercial banks for current financing and in an increase in their reserves through the return of currency from circulation. During the depression that began in 1929, however, member banks were under the necessity of meeting foreign demands for gold and domestic demands for currency, both developments which would have tended toward the tightening of conditions in the money market, had it not been for the fact that the Federal Reserve System through purchases of United States Government securities enabled member banks to Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

16 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD meet these demands and at the same time to reduce their indebtedness to the Reserve banks and to build up a considerable volume of reserves in excess of legal requirements. At the end of 1932 short-term money rates were at record low levels, but low rates did not extend to the long-term markets, where yields on long-term issues, except those of the United States Government, continued high and flotations of new capital issues were small. UNITED STATES GOVERNMENT OBLIGATIONS AS COLLATERAL FOR FEDERAL RESERVE NOTES The adoption by the Federal Reserve System in 1932 of the openmarket policy discussed elsewhere in this report was made possible by the Glass-Steagall Act of February 27, 1932, which authorized the Federal Reserve Board until March 3, 1933,* to permit the use of United States Government obligations as collateral security for Federal Reserve notes. The fact that this authority enabled the Federal Reserve System to pursue its open-market policy makes it appropriate to describe in some detail the provisions of the Federal Reserve Act which are modified by it and the effect that these modifications have on powers of the Federal Reserve System to engage in open-market operations. Provisions concerning reserves and collateral.—Under the terms of the Federal Reserve Act the Federal Reserve banks are required to hold a 40 percent reserve in gold against Federal Reserve notes in actual circulation; that is, against Federal Reserve notes paid out by the Federal Reserve banks. Nothing in the Glass-Steagall Act made any change in this requirement. The change related solely to the collateral which a Federal Reserve bank may pledge with the Federal Reserve agent, who is a representative of the Federal Reserve Board, as security for Federal Reserve notes. The Federal Reserve banks must at all times maintain with the Federal Reserve agents collateral to the full amount of the Federal Reserve notes outstanding. Prior to the passage of the Glass-Steagall Act this collateral could consist only of gold and eligible paper. This paper included commercial, agricultural, and industrial paper, and paper secured by United States Government obligations, rediscounted by member banks with the Reserve banks, member bank collateral notes secured by eligible paper or by obligations of the United States Government, and bankers' acceptances purchased by the Reserve banks. Under the terms of the Glass-Steagall Act United States Government obligations purchased by the Reserve banks in the open market also became eligible as collateral. In addition to the collateral against Federal Reserve notes, the Federal Reserve banks must hold a 5 percent redemption fund in i Later extended to Mar. 3, 1934. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPOBT OF THE FEDERAL RESERVE BOARD 17 gold with the Treasurer of the United States for such Federal Reserve notes outstanding as are not covered by gold with the Federal Reserve agents, and a 35 percent reserve in gold or lawful money against their deposits. Excess reserves and free gold.—It is on these provisions of the law that calculations of the Federal Reserve banks' excess reserves RESERVES OF FEDERAL RESERVE BANKS GLASS STEAGALL ACT MILLIONS OF DOLLARS MILLIONS OF DOLLARS 4000 4000 3500 3500 3000 3000 2500 2500 2000 ^ 2000 1500 1500 1000 1000 REQUIRED AS RESERVES 500 500 1929 1930 1931 1932 Figures are for last Wednesday in each month. and of their free gold were based. Excess reserves are the total reserves of the Reserve banks less the 40 percent gold reserve against Federal Reserve notes and the 35 percent gold or lawful money reserve against deposits. Collateral requirements do not enter into the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

18 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD calculations of excess reserves. The term free gold, on the other hand, meant gold held by the Reserve banks that was not required either as reserves or as collateral for Federal Reserve notes. The position of the Reserve banks in regard to excess reserves and free gold since January 1929 is shown in the chart, which indicates that when section 3 of the Glass-Steagall Act became effective the distinction between excess reserves and free gold lost its significance. On February 24,1932, the Federal Reserve banks had $1,392,000,000 of excess reserves, but as they did not have a sufficient amount of eligible paper available as collateral, $930,000,000 of these excess reserves in the form of gold had to be pledged as collateral against Federal Reserve notes, in addition to $46,000,000 required for the redemption fund, with the consequence that the gold not needed for these purposes amounted to $416,000,000. This amount could have been increased somewhat by reducing the volume of Federal Reserve notes held by the Federal Reserve banks in their own vaults, but, even after that volume was reduced to the minimum required as an operating matter, the free gold would have been $542,000,000. This situation arose out of the fact that during the preceding year there had been a large demand for currency by the public, in addition to a large export of gold, both of which have exerted a heavy pressure on member banks. In order to assist these banks in meeting the demands upon them without increasing unduly their indebtedness to the Reserve banks, the Federal Reserve System had purchased a considerable volume of United States Government securities, in addition to amounts purchased earlier during the depression, so that on February 24, 1932, the Reserve banks held $740,000,000 of United States Government securities. Since these securities were not eligible as collateral against Federal Reserve notes, the Reserve banks were obliged to use a large amount of gold for collateral purposes. Free gold of the Federal Reserve banks could have been increased by the sale of United States Government securities, which would have necessitated additional borrowing by member banks and thus would have brought into the Reserve banks additional paper eligible as collateral for Federal Reserve notes. In the then existing circumstances, however, it was undesirable to cause an increase in the indebtedness of member banks. The situation was further complicated by the fact that, notwithstanding the large withdrawals of foreign funds which had occurred in the autumn of 1931, foreign central banks still had a large volume of short-term balances in this country, which were subject to withdrawal on demand and which there was reason to believe would be withdrawn in large part in the course of a few months. Policy made possible by the act.—By the adoption of the Glass- Steagall Act on February 27 the Federal Reserve Board was granted Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 19 the power to permit the use of United States Government securities as collateral against Federal Reserve notes until March 3, 1933.2 Having received this authority, the Federal Reserve banks were in a position, through the purchase of United States Government securities, to enable the member banks to meet additional demands for currency and gold and at the same time to reduce their indebtedness at the Reserve banks. United States Government securities were first pledged on May 5, 1932. The largest amount used as collateral at any one time during 1932 was $682,000,000 on July 6, and the amount so used on December 31, 1932, was $428,000,000. ADVANCES TO MEMBER BANKS ON INELIGIBLE PAPER The Glass-Steagall Act also contained provisions in regard to loans to member banks. Sections 1 and 2 of this act added to the Federal Reserve Act two new sections, sections 10 (a) and 10 (b), under the provisions of which, in unusual circumstances, member banks that are without adequate amounts of eligible and acceptable assets to enable them to obtain sufficient credit accommodations from the Federal Reserve banks, through rediscounting or other methods provided by the Federal Reserve Act, may receive assistance under certain conditions on the basis of other security satisfactory to the Federal Reserve banks. Under section 10 (a), which is permanent legislation, a Federal Reserve bank may make advances upon such security to a group of its member banks for distribution to such bank or banks within the group as are in need of assistance, and under section 10 (b) the Federal Reserve banks were authorized, until March 3, 1933,3 to make advances upon such security to individual member banks having a capital stock of not more than $5,000,000.4 Advances under section 10 (a) may be made only with the consent of five members of the Federal Reserve Board, and the obligations representing such advances are not eligible as collateral security for Federal Reserve notes. No advances under section 10 (a) were made by the Federal Reserve banks in 1932. Advances under section 10 (b), according to the provisions of the act of February 27, 1932, could be made only with the consent of five members of the Federal Reserve Board,4 and obligations representing such advances are not eligible as collateral security for Federal Reserve notes. The authority granted by section 10 (b) made it possible for the Federal Reserve banks to extend to a considerable number of member banks in 1932 credit that was urgently needed to tide them over a difficult period and in some instances to 2 Later extended to Mar. 3, 1934. 1 Extended to Mar. 3,1934, by the act of Feb. 3,1933, and to "such additional period not exceeding 1 year as the President may prescribe" by the act of Mar. 9, 1933. * This provision was eliminated by the act of Mar. 9,1933. (See Federal Reserve Bulletin, Mar. 1933, p. 118.) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

20 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD prevent suspension. The first advance under section 10 (b) was made on March 30, 1932, and up to the end of 1932 loans aggregating $33,012,000 had been authorized under this section to 50 member banks, located in seven Federal Reserve districts—Boston, New York, Philadelphia, Cleveland, Atlanta, Dallas, and San Francisco. Of the amount authorized, $28,965,000 had been advanced and $14,993,000 had been repaid, leaving a balance outstanding of $13,972,000 at the end of the year. LOANS TO INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS The Emergency Relief and Construction Act of July 21, 1932, contained an amendment to section 13 of the Federal Reserve Act under which the Federal Reserve Board, in unusual and exigent circumstances and by the affirmative vote of not less than five members, may authorize any Federal Reserve bank, during such periods as the Board may prescribe, to discount for any individual, partnership, or corporation, which is unable to secure adequate credit accommodations from other banking institutions, notes, drafts, and bills of exchange of the kinds and maturities eligible for discount for member banks, when such paper is endorsed and otherwise secured to the satisfaction of the Reserve banks. Pursuant to the authority conferred by this amendment, the Federal Reserve Board authorized all Federal Reserve banks for a period of 6 months, commencing August 1, 1932, to discount eligible paper for individuals, partnerships, and corporations subject to the provisions of the law and certain conditions and limitations prescribed by the Board.5 The first loan of this character was made on August 4, 1932, and to the end of the year loans aggregating $859,000 had been made to 23 individuals, partnerships, or corporations by the Federal Reserve banks of New York, Philadelphia, Atlanta, Minneapolis, and Kansas City, of which $701,000 was outstanding at the end of the year. The Board's circular of instructions to the Reserve banks with respect to loans of this character is printed in the appendix. RECONSTRUCTION FINANCE CORPORATION An important factor in the banking situation in 1932 was the Reconstruction Finance Corporation, created by the act of January 22. It was established for the purpose of providing emergency facilities for financial institutions and aiding in financing agriculture, industry, and commerce. Its powers were subsequently broadened by the Emergency Relief and Construction Act of July 21, 1932. The Reconstruction Finance Corporation Act provided that the board of directors of the Corporation should consist of 4 appointive members and 3 ex officio members—the Secretary of the Treasury, or in his absence the Under Secretary; the Governor of the Federal Re- Digitized for FR• OAnS JEaRn. 23,1933, the Board extended this authorization to the close of business on July 31, 1933. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 21 serve Board, and the Farm Loan Commissioner. This provision was changed by the act of July 21, 1932, which increased the number of appointive members to six and under the terms of which the Governor of the Federal Reserve Board and the Farm Loan Commissioner were no longer required to serve on the board of the Corporation. In addition to its capital of $500,000,000 subscribed by the United States Treasury, the Corporation was originally authorized to obtain other funds up to $1,500,000,000 by the issue of its own obligations, thereby giving it potential resources of $2,000,000,000. The Emergency Relief and Construction Act increased the aggregate borrowing power of the Corporation from $1,500,000,000 to $3,300,000,000. The Treasury was authorized to purchase and sell any of these obligations which were to mature within 5 years and to be unconditionally guaranteed by the United States Government. All the funds of the Corporation were, in fact, obtained from the Treasury, none of its obligations being offered to the public. The Corporation was authorized by the original act to make loans to banks, insurance companies, certain classes of agricultural credit institutions, and other specified kinds of financial institutions; and, with the approval of the Interstate Commerce Commission, to make loans to railroads. Provision was made for loans up to $200,000,000 in the aggregate to receivers or liquidating agents of banks closed or in process of liquidation. In addition, certain funds were allocated to the Secretary of Agriculture, to be used by him for the purpose of making loans to farmers. The loans to be made by the Corporation were required to be adequately secured, and were to be made at rates of interest to be determined by the Corporation. They were to be made for periods not exceeding 3 years, renewable from time to time for periods not exceeding 5 years from the date of the original loan. The Emergency Relief and Construction Act, extending the Corporation's powers, gave the Corporation authority, under certain conditions, to make available to States and Territories for the relief of distress a total of not to exceed $300,000,000, these loans to bear interest at 3 percent. It also provided for loans to States and other political bodies or agencies, and to private corporations, for selfliquidating projects of a public or semipublic nature, such as bridges, tunnels, docks, and housing facilities in slum areas. In addition, the Corporation was authorized to make loans for the purpose of financing sales of surplus agricultural products in foreign markets and for the carrying and orderly marketing of agricultural commodities and livestock produced in the United States, and to create in each Federal land bank district a regional agricultural credit corporation with a paid-up capital of not less than $3,000,000 to be subscribed by the Reconstruction Finance Corporation. The Federal Home Loan Bank Act, which also became effective in July, provided for the allotment Digitized foor Ff RfAuSnEdRs of the Corporation up to $125,000,000 to the Secretary of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

22 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD the Treasury for subscription to the stock of the Federal home-loan banks. With its broad powers, and with large resources at its disposal, the Corporation has been an important factor in the general credit situation. During the 11 months of its operations in 1932, the Corporation authorized loans aggregating $1,938,000,000 and advanced $1,525,000,000, of which $300,000,000 was repaid before the end of the year, leaving loans outstanding on December 31, 1932, in the amount of $1,225,000,000. Advances to about 5,600 banking institutions, including 535 closed banks in the hands of receivers, were authorized by the Corporation. Of the $850,000,000 advanced to banks and trust companies, $250,000,000 had been repaid by the end of the year, leaving about $600,000,000 outstanding. The Federal Reserve banks were authorized and directed to act as depositaries, custodians, and fiscal agents for the Reconstruction Finance Corporation in the general performance of its powers conferred by the act. The Corporation was authorized, with the consent of the Federal Reserve banks, to make use of their personnel and facilities in carrying out the provisions of the act. A considerable amount of work was done by the Reserve banks for the Reconstruction Finance Corporation, as is indicated elsewhere in this report. BANKING AND INDUSTRIAL COMMITTEES At a meeting of the Federal Reserve Board on May 17, 1932, with the governors of the Federal Reserve banks, the System's openmarket policy was reviewed, particularly in the light of the adequacy and availability of credit for commercial, agricultural, and industrial purposes, and it was felt that steps should be taken to enlist the cooperation of bankers and business men in an effort to develop ways and means of making effective use of the funds which were being made available by the open-market operations of the System. Following this meeting, there was appointed in each Federal Reserve district by the governor of the Federal Reserve bank a committee of business men and bankers, which was designated the Banking and Industrial Committee of the district. Surveys were conducted by these committees in their respective districts, with the view of ascertaining to what extent legitimate credit requirements of commerce, industry, and agriculture were not being supplied on account of a lack of banking facilities or for other reasons, and of acquainting prospective borrowers with possible sources of credit. In cooperation with commercial banks, the Federal Reserve banks, the Reconstruction Finance Corporation, and other financial institutions, the committees were able in many instances to establish contacts between prospective borrowers and appropriate lending Digitized fora FgReAnSciEeRs . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 23 EXTENSION OF CIRCULATION OF NATEONAL-BANK NOTES Section 29 of the Federal Home Loan Bank Act of July 22, 1932, extended to all bonds of the United States bearing interest at a rate not in excess of 3% percent, for a period of 3 years, the circulation privilege previously possessed only by certain limited issues of 2percent bonds. It has been held by the Attorney General of the United States that the bonds given the circulation privilege by this act lose that privilege at the end of 3 years from the date of the passage of the act, and that notes issued upon the deposit of such bonds must then be retired in an appropriate manner.6 On June 30, 1932, there were outstanding $675,000,000 of 2-percent bonds having the circulation privilege, all of which had been callable at the option of the Treasury since April 1930. The additional bonds to which the act of July 22, 1932, extended this privilege amounted at the time of its passage to about $3,000,000,000. Formerly, the limiting factor on national-bank-note circulation was the available amount of Government securities having the circulation privilege, but under the act of July 22, 1932, in view of an additional $3,000,000,000 of bonds that qualify under the interest rate provision, the limiting factor is in the provision of the National Bank Act that a national bank shall not issue notes in excess of its paid-in capital. On June 30, 1932, the capital of national banks was $1,570,000,000 and their liability for note circulation, as shown by the records of the Comptroller of the Currency, was $670,000,000, leaving $900,000,000 as the maximum amount of additional notes that the national banks could issue under the authority conferred by the act of July 22, 1932. The additional issuing power was held chiefly by the national banks of four Federal Reserve districts—New York, Boston, Chicago, and San Francisco—which together could issue 69 percent of the potential increase in notes. The note-issue privilege extended by the act of July 22 was utilized by the national banks only to a limited extent during 1932, owing to to the fact that the member banks had a considerable and a growing volume of excess reserves, or idle funds. The issuance of notes by national banks has no effect upon the public's demand for currency, and consequently the payment of such notes into circulation tends to result in the retirement from circulation of other forms of currency. From June 30 to December 31, 1932, national-bank notes in circulation increased by $119,000,000; during this same period total money in circulation declined by $21,000,000, the increase in national-bank notes being more than offset by decreases in Federal Reserve notes and other kinds of currency. 6 Opinion of the Attorney General, Aug. 12, 1932. 182799—33 3 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

24 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD While the issuance of national-bank notes has no effect on the total volume of money in circulation, it provides a method by which a national bank can obtain reserve funds without resorting to the Reserve banks. When a national bank issues bank notes, an equivalent amount of some form of currency is likely to be deposited with a Reserve bank and to be added to the reserve balance of a member bank. The power of national banks to issue additional notes, therefore, has an effect not only on the volume of Federal Reserve currency, but also, and more importantly, on the position of the Federal Reserve banks in relation to the member banks, and on the influence of the Federal Reserve System on the general credit situation. CREDIT AGREEMENTS WITH FOREIGN CENTRAL BANKS The agreement of the Federal Reserve Bank of New York and other Federal Reserve banks to purchase from the Bank of England prime commercial bills bearing its endorsement, which had been renewed for a period of 3 months from November 1, 1931, in the reduced amount of $75,000,000, expired on January 31, 1932,, no purchases having been made during the period of the renewal and no further renewal having been requested. The agreements by the Federal Reserve banks and other central banks with the banks of issue of Austria, Hungary, and Germany, described in the Annual Report of the Federal Reserve Board for 1931, were renewed at intervals during 1932 by the creditor banks. The last renewals in 1932 were as follows: On October 17, 1932, the agreement with the Austrian National Bank was renewed to January 16, 1933, in the total amount of $12,664,000, the Federal Reserve participation being $975,000; on October 18,1932, two agreements with the National Bank of Hungary, covering a total of $16,570,000, with Federal Reserve participation amounting to $4,000,000, were renewed to January 18, 1933; on December 5, 1932, following repayments during the year aggregating $14,000,000, the credit of $100,000,000 to the German Reichsbank was renewed to March 4, 1933, in the reduced amount of $86,000,000, the Federal Reserve participation being reduced from $25,000,000 to $21,500,000. Without exception, the Federal Reserve participation in these various undertakings was in the form of an agreement to purchase prime commercial bills endorsed or guaranteed by the respective debtor banks, and all such agreements provide for ultimate repayment in dollars or in gold. In addition to credit agreements with central banks, the Federal Reserve banks in 1931 made a demand deposit of $10,000,000 with the Bank for International Settlements to be employed from time to time in the purchase of bills guaranteed by that bank. At the end of 1932 the amount so invested in bills was $1,687,000 and the amount on deposit had been reduced to about $2,501,000. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OP THE FEDERAL RESERVE BOARD 25 RECOMMENDATIONS CONCERNING LEGISLATION Glass bill.—On March 17, 1932, Senator Carter Glass, of Virginia, on the basis of an investigation by a subcommittee of the Senate Committee on Banking and Currency, introduced a bill (S. 4115) proposing many changes in the country's banking laws. This bill was submitted to the Federal Keserve Board for comments and suggestions, and a report on the bill, which represented the unanimous recommendations of the Federal Reserve Board, was presented to the committee by the Governor at a hearing on March 29, together with oral testimony. The report was in the form of a memorandum in which the bill was discussed in detail, section by section, and was accompanied by a letter of transmittal summarizing the Board's comments and recommendations. The full text of the Board's recommendations is published in the appendix. In its letter of transmittal the Board said: "The Federal Reserve Board is in sympathy with the purpose of the bill to strengthen the supervision of the Federal Reserve System over general credit conditions and to invest the Federal Reserve authorities with certain disciplinary powers in relation to banks that pursue unsafe and unsound policies or abuse the privileges of membership. The Board's recommendations on this subject are incorporated in its proposed revision of sections 3 and 29 of the bill. "With respect to the section of the bill dealing with open-market operations, the Board calls attention to the fact that there is already in existence an open-market committee on which each of the Federal Reserve banks has representation. This has come about as the result of natural development. The Board believes that it would be inadvisable to disturb this development by crystallizing into law any particular procedure. The Board believes that nothing further is necessary or advisable at this time than an amendment clarifying its power of supervision over open-market operations of the Federal Reserve banks and their relationships with foreign banks, as set out in the Board's memorandum. "The Board is not in sympathy with the provisions of the bill discriminating against member-bank collateral notes. Experience shows that the particular instrument on which Federal Reserve credit is obtained is not an adequate test of the use to be made by the member bank of the proceeds of the credit and that an attempt to control speculation through restrictions on member-bank collateral notes would not be effective in accomplishing the purpose of this section of the bill. Indeed, it probably would interfere seriously with the convenient and economical operation of the System. In this connection the Federal Reserve Board desires to renew the recommendation made in its annual reports for several years, that the maturity for which advances may be made to member banks on their promissory notes secured by paper which is eligible for discount be increased from 15 to 90 days. Such an amendment would be especially helpful to country banks. "The Board is of the opinion that the adoption of a system of reserves based on velocity of accounts as well as on their volume, as recommended by the System's committee on reserves,7 would be an Digitized for7 FTRheA rSepEoRrt of this committee, as submitted in the autuinn of 1931, is printed in the appendix. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

26 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD important step in strengthening the influence that the Federal Reserve System could exert in the direction of sound credit conditions. The section of the bill dealing with reserves would accentuate rather than reduce the inequalities that have grown up in the distribution of reserves between different classes of member banks. The Board also believes it should not be overlooked that this section of the bill would exert a tightening influence on credit conditions at times when it would be contrary to the public interest. "The Board is in favor of establishing a liquidating corporation, but proposes to limit the scope of its operations to member banks and suggests a different method of financing it, together with certain changes in the provisions for its administration. "With respect to affiliates the Board believes that important reforms to be accomplished at the present time are the granting of power to the supervisory authorities to obtain reports and to make examinations of all affiliates of member banks and the prescribing of limitations on the loans that a member bank may make to its affiliates. The Board realizes that many evils have developed through the operation of affiliates connected with member banks, particularly affiliates dealing in securities. The Board's memorandum contains a draft of a provision for the separation of such affiliates after a lapse of 3 years. "It should be recognized that effective supervision of banking in this country has been seriously hampered by the competition between member and nonmember banks, and that the establishment of a unified system of banking under national supervision is essential to fundamental banking reform." During his testimony on the bill the Governor of the Federal Reserve Board called attention to the last paragraph of the foregoing statement and stressed the fact that "effective supervision of banking in this country has been seriously affected by competition between member and nonmember banks", and that "competition between the State and national banking systems has resulted in weakening both steadily." Opinion on constitutionality of legislation providing a unified banking system.—As a result of this testimony and the statement in the Board's letter, the Board was requested to suggest to the committee a constitutional method of creating a unified banking system in this country. An opinion on this question was accordingly prepared by the Board's general counsel and was transmitted to the Committee on Banking and Currency of the Senate in December 1932. In the opinion the question under consideration was analyzed as follows: "In view of the circumstances under which this request was made, the history of our banking system, and the provisions of Senate Resolutions No. 71, it appears that, by 'creating a unified banking system', is meant bringing all commercial banking business in the United States into a single banking system subject to effective regulation and supervision by the Federal Government. "Congress has already created the national banking system and the Federal Reserve System; and the problem is how to achieve uniformity Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 27 of corporate powers, regulation and supervision with respect to banks engaged in the commercial banking business and to provide for their safe and effective operation, by eliminating the existing competition between the Federal Government and the 48 States for the privilege of granting charters to banks transacting that type of business. " Since commercial banking necessarily involves the receipt of deposits subject to withdrawal by check, Congress can achieve that result if it can enact legislation which will have the effect of confining the business of receiving deposits subject to withdrawal by check to national banks, which have uniform powers under the National Bank Act, are subject to effective regulation and supervision by the Federal Government, and are required to be members of the Federal Reserve System. "The question presented, therefore, is whether, in order to provide for a more effective operation of the national banking system and the Federal Reserve System, Congress has the power under the Constitution to restrict the business of receiving deposits subject to withdrawal by check to national banks." After considering decisions of the Supreme Court of the United States and reviewing previous attempts of Congress to create a unified banking system, particularly through the enactment of the National Bank Act and the Federal Reserve Act, the conclusion was reached in the opinion that Congress has the power under the Constitution to bring all commercial banking business in the United States into a single banking system subject to effective regulation and supervision by the Federal Government. Authorities supporting this conclusion were cited and discussed in the light of the history of our banking system and the important national objects sought to be accomplished by Congress through the enactment of the National Bank Act, the Federal Reserve Act, and supplementary legislation. The principal reasons for the conclusion were summarized as follows: " 1. The power to create the national banking system and the Federal Reserve System as useful instrumentalities to aid the Federal Government in the performance of certain important governmental functions includes the power to take such action as Congress may deem necessary to preserve the existence and promote the efficiency of those systems. McCulloch v. Maryland, 4 Wheat. 316; Farmers and Mechanics National Bank v. Dearing, 91 U.S. 29; Westfall v. United States, 274 U.S. 256. "2. Having provided the country with a national currency through the national banking system and the Federal Reserve System, Congress may constitutionally preserve the full benefits of such currency for the people by appropriate legislation. Veazie Bank v. Fenno, 8 Wall. 533; Legal Tender cases, 12 Wall. 457. "3. The existence of a heterogeneous banking structure in which there have been more than 10,000 bank failures during the past 12 years constitutes a burden upon and an obstruction to interstate commerce; and Congress may enact appropriate legislation to correct this condition. United States v. Ferger, 250 U.S. 195; Stafford v. Wallace, 258 U.S. 495; Board of Trade v. Olsen, 262 U.S. 1. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

28 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD "Any one of these grounds standing alone would be a sufficient constitutional justification for the enactment of legislation restricting the conduct of the commercial banking business to national banks; and, when all three grounds are considered together, there can be no doubt that such legislation would be not only constitutional but also entirely appropriate and in accordance with a proper division of authority between the Federal Government and the States. " Having the power to confine the commercial banking business to national banks, Congress can exercise that power in any manner which it deems appropriate and adequate for its purposes. It is not necessary that the legislation assume the form of a revenue act or an act to regulate interstate commerce, though either of these means would be appropriate." The full text of the opinion was published in the Federal Reserve Bulletin for March 1933 and is published in the appendix to this report. Jurisdiction of suits by and against Federal Reserve banks.—The Federal Reserve Board recommends the enactment of an amendment which would restore to the United States district courts jurisdiction of suits by and against Federal Reserve banks. The Federal courts formerly had jurisdiction of such suits by reason of the fact that Federal Reserve banks are incorporated under an act of Congress; but section 12 of the act of February 13, 1925, provides that no district court of the United States shall have jurisdiction of any action or suit by or against any corporation upon the ground that it was incorporated by or under an act of Congress, except corporations in which the Government of the United States is the owner of more than one half of the capital stock. It is not believed that Congress had the Federal Reserve banks in mind when this amendment was enacted, but its terms deprive the United States district courts of jurisdiction of all suits by or against Federal Reserve banks, unless a question involving the interpretation of the Constitution of the United States or of some Federal statute is raised by the original pleadings of the plaintiff. The provisions of the Federal Reserve Act or the regulations of the Federal Reserve Board are frequently the grounds upon which Federal Reserve banks defend suits brought against them; but the fact that such questions are raised in the defendant's pleadings is not a ground of jurisdiction in the United States district courts. The Federal Reserve banks are thus forced to defend in the State courts suits which turn upon essentially Federal questions and which result in nationally important interpretations of the Federal Reserve Act. Unlike national banks, the Federal Reserve banks cannot remove suits brought against them by persons located in other States to the United States district courts on the ground of diversity of citizenship, because the Supreme Court of the United States has held that a Federal corporation is not a citizen of any State, and there is no provision in the Federal Reserve Act similar to that in the National Bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 29 Act providing that they shall be deemed citizens of the States in which they are located. The act of February 13, 1925, makes an exception in the case of corporations in which the Government of the United States is the owner of more than one half of the capital stock; and it would seem that the same exception should logically be extended to include Federal Reserve banks, since they act as fiscal agents and as subtreasuries of the United States and perform many other important functions for the Government. Moreover, in the event of the liquidation of the Federal Reserve banks, all of their surplus, which amounts to nearly twice their paid-in capital stock, would become the property of the United States. The Federal Reserve Board has recommended in several of its previous annual reports to Congress that the law be amended so as to restore to the Federal courts jurisdiction of suits by and against the Federal Reserve banks and, for the reasons stated, it is hoped that Congress may see fit to enact an amendment for this purpose at an early date. Exemption of Federal Reserve banks from attachment or garnishment proceedings.—The Federal Reserve Board desires to renew the recommendation, which it has made in previous annual reports to Congress, that the law be amended so as to exempt Federal Reserve banks from attachment or garnishment proceedings before final judgment in any case or proceeding. The purpose of attachment and garnishment proceedings is to insure to the complainant that he will be able to obtain satisfaction of any judgment which may be finally rendered in his favor; and the credit and financial standing of each Federal Reserve bank is such that no difficulty may be anticipated in obtaining full satisfaction of any judgment which may be rendered by the courts against it. Under the provisions of section 5242 of the Revised Statutes national banks are exempted from attachment and execution before final judgment in any case or proceeding, and the Board feels that the law should be amended so as to give Federal Reserve banks the same protection in this respect. It is conceivable that, if large amounts of the funds or credits of the Federal Reserve banks should be tied up through attachment or garnishment proceedings, the ability of the Reserve banks to perform their functions might be seriously hampered. Maturity of advances to member banks on their promissory notes.— In several of its previous annual reports the Board has recommended that the law be amended to increase from 15 to 90 days the maximum maturity of advances which may be made by Federal Reserve banks to member banks on their promissory notes secured by paper which is eligible for rediscount or purchase by Federal Reserve banks; and the Board desires to renew that recommendation. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

30 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Under the present law Federal Reserve banks may rediscount for member banks commercial or industrial paper with maturities up to 90 days and agricultural paper with maturities up to 9 months, and may make direct advances to member banks on their promissory notes secured by commercial; industrial, or agricultural paper for periods not exceeding 15 days. An amendment to the law increasing the maximum maturity of advances to member banks on their promissory notes secured by such paper would not, therefore, involve a broadening in the character or class of paper or securities which may be legally acquired by Federal Reserve banks and would not constitute in any respect a departure from the fundamental purposes of the Federal Reserve Act. There is no difference in principle between the rediscount by a Federal Reserve bank of paper arising out of an agricultural, commercial, or industrial transaction and an advance to a member bank on its promissory note secured by paper arising out of such a transaction. A member bank which has paper of this kind in its portfolio may use it to obtain credit from its Federal Reserve bank by either method. The underlying transaction which is the basis for the credit is the same in either case, and the only difference is one of form. From a practical standpoint, however, the use of promissory notes secured by collateral as a method of obtaining credit has many advantages over rediscounting, which is troublesome and inconvenient. To obtain any substantial amount of credit through rediscounting, a member bank must oSer to the Federal Reserve bank a number of separate notes and bills of varying amounts and of different maturities which do not necessarily correspond to the period for which accommodation is needed; and the amount of discount must be calculated separately for each of these notes or bills. When a member bank borrows on its own promissory note secured by collateral, however, it is only necessary to compute the interest on one note for the full amount of the loan. It was the practice of banks, prior to the enactment of the Federal Reserve Act, to borrow from their correspondent banks on their own promissory notes secured by collateral. This form of borrowing from Federal Reserve banks was not permitted to member banks by the original Federal Reserve Act; and many of the banks which were members of the System preferred to continue their practice of borrowing from their correspondent banks on their own promissory notes rather than to change their method of borrowing in order to avail themselves of the rediscount facilities of the Federal Reserve System. By an amendment to the Federal Reserve Act, adopted September 7, 1916, Congress authorized Federal Reserve banks to make direct loans to their member banks on their promissory notes secured by collateral of certain specified classes. This amendment proved of Digitized form FaRtAeSriEaRl benefit to member banks which are located in the same cities https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 31 with Federal Keserve banks or their branches or in nearby cities, and such banks have made extensive use of the privilege of direct borrowing on their promissory notes; but country banks generally have not availed themselves of this privilege to any great extent because of the inconvenience of renewing their notes every 15 days. The character of business conducted by the larger member banks in financial centers is such that frequently their borrowings are for only a few days at a time; whereas the character of business of country banks, particularly those in the agricultural sections, is such that they frequently need continuous accommodations for periods extending up to 90 days or more. It is obvious that a bank which needs credit for a period of 90 days will find it decidedly unsatisfactory to borrow on its 15-day note, which would have to be renewed five times during the 90-day period. Because of the inconvenience of rediscounting their customers7 paper or borrowing on their own 15-day notes, many country member banks continue to borrow from their city correspondents on their promissory notes for longer periods instead of borrowing from the Federal reserve banks; and it is believed that the amendment recommended would make the Federal Reserve System more useful and attractive to country banks. EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS Gross earnings of the Federal Keserve banks in 1932 amounted to $50,019,000, or $20,318,000 more than in 1931, and were the largest since 1929. After deducting current expenses of $26,291,000—somewhat less than for the preceding year—reserves for depreciation on bank premises, and reserves for losses, self-insurance, etc., there remained net earnings of $22,314,000, of which $9,282,000 was paid to member banks as dividends, $11,021,000 was transferred to surplus, and $2,011,000 was paid to the United States Government as a franchise tax. Earnings, expenses, dividend payments, etc., for all Federal Reserve banks combined for 1932 and 1931 are shown in the following table: EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1932 AND 1931 [In thousands of dollars] 1932 1931 Total earnings 50,019 29,701 Current expenses-. 26,291 27,040 Current net earnings,. 23,728 2,661 Additions (profits on sales of U.S. Government securities, etc.)- 3,884 3,187 Deductions (depreciation and other reserves, etc.) 5,298 2,876 Net additions to current net earnings. -1,414 311 Net earnings 22,314 2,972 Dividends paid -... 9,282 10,030 Transferred to surplus i 11,021 i -7,058 Franchise tax paid U.S. Government. 2,011 "I i The amount shown as withdrawn from surplus during 1931 is exclusive of $8,158,000 charged direct to surplus at the end of 1931 and set aside as depreciation reserve on United States bonds, and the amount shown as transferred to surplus in 1932 is exclusive of the same amount ($8,158,000) returned direct to surplus before the books were closed at the end of 1932. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

32 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Dividends of the Federal Reserve banks of St. Louis and Dallas were paid in part out of net earnings and in part out of surplus. All of the other Federal Reserve banks had sufficient net earnings to pay accrued dividends in full. The Federal Reserve Bank of Chicago paid a franchise tax to the United States Government of $1,091,513.45, the Federal Reserve Bank of Cleveland of $832,745.90, and the Federal Reserve Bank of Minneapolis of $87,158.54. A reserve of $8,158,000 for depreciation on United States bonds, which was charged direct to surplus on December 31, 1931, was returned to surplus before the books were closed at the end of 1932. After the books were closed on December 31, 1932, the surplus of the 12 Federal Reserve banks combined amounted to $278,599,000. All of the net earnings of a Federal Reserve bank, after the payment of dividends, are transferred to its surplus account until the surplus equals 100 percent of subscribed capital, and thereafter 90 percent of such net earnings is paid to the United States Government as a franchise tax and 10 percent is transferred to surplus. At the end of 1932 all Federal Reserve banks except Boston, New York, Philadelphia, and San Francisco had surplus accounts in excess of subscribed capital. The total subscribed capital of the Federal Reserve banks at the end of 1932 was $302,584,000, compared with $321,137,000 the year before, of which one half had been paid in. Gross and net earnings during the year 1932 and the distribution of net earnings of each Federal Reserve bank are shown in the following table: FINANCIAL RESULTS OF OPERATIONS OF THE FEDERAL RESERVE BANKS DURING 1932 Gross Net earn- Dividends Transferred Franchise Federal Reserve bank earnings ings paid to surplus] tax Boston $2,774, 303 $675, 511 $11,128 New York 15, 948,943 10,404, 550 3, 562,030 6,842, 520 Philadelphia- 5,001,098 3, 270,835 973,393 2, 297,442 Cleveland 5,128, 554 1,871, 256 858,427 180,083 $832, 746 Richmond 1,871,123 314,490 314,490 Atlanta 2, 003,196 292, 545 292,545 Chicago __ 5,613,671 2, 242,725 1,029,933 121, 279 1,091, 513 St. Louis 1, 625,432 243,485 268, 505 -25,020 Minneapolis... 1, 435, 093 272, 338 175,495 9,684 87,"l59 Kansas City.— 2, 021,468 245, 356 245, 356 Dallas 1, 307, 246 163,915 237,970 -74, 055 San Francisco. 5, 288, 690 2,306,110 648,589 1, 657, 521 Total.. 50,018,817 22,314,244 9, 282, 244 11,020, 582 2,011,418 i Exclusive of $8,158,268 returned to surplus before the books were closed at the end of 1932, which amount had been charged direct to surplus at the end of 1931 and set aside as a depreciation reserve on United States bonds. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 33 The increase in gross earnings of the Federal Reserve banks in 1932 was due to an increase of $811,000,000 in the daily average holdings of bills and securities, together with an increase in the average rate of earnings from 2.20 percent to 2.33 percent. Average daily holdings of bills and securities, together with average rates and amounts of earnings thereon, are shown for recent years in the following table: EARNINGS ON BILLS AND SECURITIES [Amounts in thousands of dollars] Bills and securities held by all Federal Reserve banks Year Bills dis- bou B g il h l t s in U S n ta i t t e e s d All other Total counted ope k n e t mar- m G e o n v t e r s n e - - s b e i c ll u s r i a t n ie d s curities Daily average holdings: 1929 1,413,058 950,580 241,399 207,659 13,420 1930 1,056,895 271,727 213,201 563, 672 8,295 1931 1,251,058 326,217 245, 260 669,013 10, 568 1932 _ 2,062,446 520,637 70,902 1,461, 258 9,649 Average rate of earnings (percent): 1929 4.86 5.03 5.00 3.93 4.94 1930 3.25 3.93 2.85 3.06 4.09 1931 2.20 3.01 2.04 1.86 2.90 1932 2.33 3.43 3.93 1.84 4.17 Earnings: 1929 68,683 47,791 12,064 8,165 663 1930 34,365 10, 672 6,081 17,273 339 1931 27, 565 9,821 5,010 12, 428 306 1932 . . _ 47,992 17,881 2,785 26,924 402 Current expenses of the Federal Reserve banks in 1932 were $26,291,000, or $749,000 less than in 1931. Reductions were reported in the cost of printing Federal Reserve notes, and in expenditures for salaries, insurance, telegraph, expressage, printing and stationery, and office and other supplies. The average number of officers and employees, exclusive of those assigned to the Reconstruction Finance Corporation units, decreased from 9,426 in 1931 to 9,283 in 1932, and there was some falling off in the volume of work handled in the principal operating departments of the banks except in the discount and collection departments, where the volume of work increased somewhat. During the last 6 months of the year the Federal Reserve banks had an average of 734 employees engaged on work for the Reconstruction Finance Corporation, which was established in February 1932, The volume of work handled in, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

34 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD the principal operating departments of the banks during each of the past 4 years was as follows: VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1929 1930 1931 1932 NUMBER OF PIECES HANDLED l Bills discounted: Applications 145,000 2 96,000 2 109,1300 178,000 Notes discounted _ _. 526,000 415,000 513,000 779,000 Bills purchased in open market for own account .__ 196,000 208,000 221,000 76, 000 Currency received and counted 2,427, 330, 000 2,441, 989,000 2,269, 292,000 2,025, 552,000 Coin received and counted.__ 3,239,709,000 3,325,555,000 2,900,462,000 2,654,787,000 Checks handled 924,449,000 904,975,000 864, 615,000 734, 538, 000 Collection items handled: United States Government coupons paid __. —. 20,935,000 19,362,000 17,322,000 17,710,000 Allother___ _ 6, 504,000 6,388,000 6,927,000 7,468,000 United States Government securitiesissues, redemptions, and exchanges by fiscal agency department 1,833,000 1,417,000 2, 435,000 1,961,000 Transfers of funds 2,139,000 1,868,000 1,663,000 1,469,000 AMOUNTS HANDLED Bills discounted _ _.- $60, 747,124,000 $14,067,117,000 $14, 555, 590,000 $18,648, 306,000 Bills purchased in open market for own account 3, 587,478,000 3,873, 698,000 2,998,415,000 762,755,000 Currency received and counted 14, 782,429,000 14, 262,809,000 12,668, 638, 000 10,952, 597,000 Coin received and counted 478, 219,000 537, 534,000 585,945, 000 360, 295,000 Checks handled _ _ 367,215,123,000 324, 883, 021,000 248,172,956,000 176, 591, 791,000 Collection items handled: United States Government coupons paid - 535, 612,000 499, 111, 000 479,960, 000 529,086,000 All other _. 7,185,384, 000 7, 528,014,000 7,321,814,000 5, 427,817,000 United States Government securitiesissues, redemptions, and exchanges by fiscal agency department _. 7,018,844, 000 7, 245,189,000 17, 543,480,000 19, 645,750,000 Transfers of funds — 170, 789, 669,000 198,880,880,000 162,095, 081,000 116,040,041,000 i 2 or more checks, coupons, etc., handled as a single item, are counted as 1 "piece." »Revised. BUILDING OPERATIONS OF FEDERAL RESERVE BANKS Construction of an addition to the building occupied by the Federal Reserve Bank of Philadelphia was begun in September and was under way at the end of the year. At the end of 1932 all Federal Reserve banks were housed in buildings owned by them, as were all Federal Reserve branches except those at Cincinnati, Charlotte, Portland, Seattle, and Spokane. BRANCHES AND AGENCIES OF FEDERAL RESERVE BANKS The 25 branches and 2 agencies of the Federal Reserve banks which were in operation at the end of 1931 continued to function throughout 1932. As was the case with the Federal Reserve System as a whole, the volume of work handled by the branches and agencies in their principal operating departments fell off somewhat in 1932. The following table shows a comparison of the volume of work handled in certain departments during the years 1929, 1930, 1931, and 1932: Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 35 VOLUME l OF OPERATIONS OF FEDERAL RESERVE BRANCHES AND AGENCIES 1929 1930 1931 1932 Checks handled: Number _ . 277,778,000 265, 300,000 245,416,000 205,505,000 Amount $72,034,805,000 $62,834,956,000 $48,079,197,000 $34,048,272,000 Currency received and counted: Number of pieces _ 594,449,000 581,697,000 522,933,000 470,285,000 Amount - $3, 259, 688,000 $3,106, 716,000 $2, 565,552,000 $2, 222,943,000 Coin received and counted: Number of pieces _ 466,152,000 572,611,000 593,425,000 574,622,000 Amount $75,846,000 $84, 394,000 $72,550,000 $71, 273, 000 1 2 or more checks, etc., handled as a single item, are counted as 1 "piece." Current expenses during 1932 of the branches and agencies amounted to $5,613,000, as compared with $5,703,000 during 1931. CHANGES IN MEMBERSHIP During the year 1932 the number of member banks decreased from 7,246 to 6,816, a net reduction of 430 as compared with a net reduction of 804 the year before. Membership at the end of 1932 included 6,011 national and 805 State banks, representing decreases of 357 and 73, respectively, for the year. The decline in the number of member banks was the result largely of the suspension of 331 banks, the absorption of 107 member banks by other member banks, and the absorption of 47 member banks by nonmember banks. These decreases were partly offset by the reopening of 52 member banks that had previously suspended, the organization of 10 new national banks, and the admission of 23 State banks to membership. In the course of the year there were 113 nonmember banks absorbed by member banks. At the end of December 1932 member bank loans and investments constituted approximately 80 percent of the total loans and investments of all banks, exclusive of mutual savings banks, as compared with 77 percent at the end of 1931 and 73 percent at the end of 1929. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

36 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Changes in membership during the years 1930, 1931, and 1932 are summarized in the following table: CHANGES IN THE NUMBER OF NATIONAL AND STATE BANK MEMBERS DURING 1932, 1931, AND 1930 1932 1931 1930 National State Total Active member banks at beginning of year 6,368 878 7,246 " 8,050 8,522 Additions to membership: 1 Organization of national banks _ 10 10 15 33 Conversions of nonmember banks to national banks 3 3 7 35 Admissions of State banks . ... 23 23 23 18 Resumptions following suspension 44 8 52 31 7 Conversions within the system 4 Total additions 1 61 31 88 76 93 Decreases in membership: Mergers between member banks: National and national, or State member and State member 81 6 87 168 158 National and State member 5 15 20 41 41 Voluntary liquidations 10 1 11 9 4 ASubsspoernpstiioonnss o_f memb_e_r banks- b_y nonmember banks. 27 3 6 7 5 1 5 0 33 4 1 7 5 1 1 0 7 6 1 1 0 8 9 7 Conversions of member banks to nonmember banks 9 9 19 25 Withdrawals of State banks __ 13 13 20 41 Conversions within the system 4 Total decreases _ __. 418 104 518 880 565 Net decrease ._ . - 357 73 430 804 472 Active member banks at end of year 6,011 805 6,816 7,246 8 8,050 1 Exclusive of 113 nonmember banks absorbed by member banks in 1932, 197 in 1931, and 165 in 1930, which increased the assets but not the number of member banks. 2 Exclusive of 2 banks that suspended at end of 1930 but which were included in the Comptroller's Dec. 31, 1930, abstract. BANK EXAMINATIONS The Board's division of examinations conducted one examination of each Federal Reserve bank during the year. Two banking corporations organized to engage in foreign and international banking business, under the provisions of section 25 (a) of the Federal Reserve Act, generally referred to as the Edge Act, were examined during the year. FEDERAL RESERVE INTER-DISTRICT COLLECTION SYSTEM At the end of 1932 there were 14,930 banks on the Federal Reserve par list, comprising all member banks (6,816) and 8,114 nonmember banks that pay, without deduction of exchange charges, such checks drawn upon them as are presented or forwarded for payment by the Federal Reserve banks. During the year the number of nonmember banks on the par list decreased by 1,067—largely as a result of the reduction in the number of banks in operation—and the number not on the par list by 161. Of the 3,046 banks not on the par list at the end of 1932, 1,593 were located in 11 Southern States and 1,275 in 6 West North Central States and the adjoining State of Wisconsin. As will be seen from the following table, all of the banks in the Boston, New York, and Philadelphia districts, and all but 5 in the district, were on the Federal Reserve par list: Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 37 INTERDISTRICT COLLECTION SYSTEM [Number of banks at end of December] Nonmember banks Member banks Federal Reserve district On par list Not on par list i 1932 1931 1932 1931 1932 1931 United States 6,816 7,246 8,114 9,181 3,046 3,207 Boston. _ 367 373 221 234 New York 827 841 333 340 Philadelphia - _ _ 693 715 303 358 Cleveland . 630 655 764 792 5 6 Richmond 392 403 425 445 366 381 Atlanta - -_ _ 323 349 134 150 705 792 Chicago 792 903 2,200 2,586 251 248 St. Louis 429 465 1,112 1,240 409 405 Minneapolis 545 579 322 386 818 881 Kansas City_._ 785 824 1,422 1,633 224 216 Dallas 584 617 421 468 220 223 San Francisco ._ 449 522 457 549 48 55 i Figures cover all incorporated banks (other than mutual savings banks). TRUST ACTIVITIES OF NATIONAL BANKS The Board in 1932 approved 33 original and 15 supplementary applications by national banks for permission to exercise fiduciary powers under the provisions of section ll(k) of the Federal Reserve Act. Two thousand one hundred ninety-two national banks were holding fiduciary, permits on December 31, 1932, representing 36 percent of the number of national banks in operation on that date. Seven national banks during the year 1932 surrendered their right to exercise trust powers under the provisions of section ll(k) of the Federal Reserve Act. A list of national banks holding permits to exercise trust powers on December 31, 1932, is printed in the appendix. CHANGES IN THE BOARD'S REGULATIONS The only change made by the Board during the year in its regulations applicable to member banks was in its regulation G governing the rediscount by Federal Reserve banks of notes secured by adjustedservice certificates issued under the provisions of the World War Adjusted Compensation Act. Section 502 of this act was amended in certain respects by an act of Congress approved July 21, 1932, and under the law as thus amended a loan secured by an adjusted-service certificate may be made at any time after the date of the certificate and the rate of interest on any such loan may not exceed 3K percent per annum, compounded annually. Prior to this amendment the law had provided that such a loan might be made only after the expiration of 2 years after the date of the certificate securing the loan and at a rate of interest not exceeding 4K percent per annum, com- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

38 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD pounded annually. On August 10, 1932, the Board amended its regulation G so as to conform to the law as amended by the act of July 21, 1932. The text of the revised regulation will be found in the appendix. AMENDMENTS TO THE FEDERAL RESERVE ACT IN 1932 Amendments that were made to the Federal Reserve Act by the Glass-Steagall Act of February 27, 1932, the Emergency Relief and Construction Act of July 21, 1932, have been discussed elsewhere in this report. In addition to these, there were a number of other amendments to the Federal Reserve Act during the year. Exceptions to limitation on indebtedness of a national bank.— Section 5202 of the Revised Statutes of the United States, which is included with certain amendments in section 13 of the Federal Reserve Act, was amended by the Reconstruction Finance Corporation Act, approved January 22, 1932. This section of the Revised Statutes provides that no national bank shall be indebted or liable in an amount exceeding its capital stock, but there are certain exceptions to this limitation, one of which, prior to the act of January 22, 1932, was liabilities incurred under the provisions of the War Finance Corporation Act. The amendment referred to struck this exception from the law and, in lieu thereof, made an exception in favor of liabilities incurred under the provisions of the Reconstruction Finance Corporation Act. Security for 15-day advances to member banks.—Under the provisions of section 13 of the Federal Reserve Act the Federal Reserve banks have had authority since 1916 to make advances to their member banks for periods not exceeding 15 days on the security of paper eligible for discount or purchase by Federal Reserve banks or obligations of the United States. This section was amended by an act of Congress approved May 19, 1932, so as the enlarge the classes of security which may be used as collateral for such advances to include debentures or other such obligations of Federal intermediate credit banks which are eligible for purchase by Federal Reserve banks. Discount for Federal intermediate credit banks.—Since 1923 the Federal Reserve banks have been authorized by section 13 (a) of the Federal Reserve Act to rediscount for Federal intermediate credit banks agricultural paper which the latter have acquired by discount or purchase. This section was amended by the act of May 19, 1932, so as to confer upon Federal Reserve banks the additional authority to discount notes payable to and bearing the indorsement of any Federal intermediate credit bank, covering loans or advances made by such bank direct to any national or State bank, trust company, agricultural credit corporation, incorporated livestock loan company, savings institution, cooperative bank or cooperative credit or mar- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 39 keting association of agricultural producers, or to any other Federal intermediate credit bank, when such notes have maturities at the time of discount of not more than 9 months and are secured by paper eligible for rediscount by Federal Reserve banks. Cost of examination of trust departments of national banks.—- Under authority conferred by an act of Congress approved July 2, 1932, which in effect amended section 21 of the Federal Eeserve Act, the Comptroller of the Currency may assess the costs of examining the trust departments of national banks against each bank examined in proportion to the amount of its trust business. The text of the several amendments to the law above referred to and of the conditions prescribed by the Federal Reserve Board with respect to the discount of paper for individuals, partnerships, and corporations pursuant to the provisions of the act of July 21, 1932, will be found in the appendix. ADMINISTRATION OF SECTION 8 OF THE CLAYTON ANTITRUST ACT During the year 1932 the Board acted upon the applications of 249 persons for permission to serve at the same time as director, officer, or employee of more than one bank or trust company under the provisions of section 8 of the Clayton Antitrust Act. In one case, also, the Board acted upon a request that the officers and employees of one bank be permitted to serve at the same time as officers or employees of another bank where their services with these banks were substantially within the provisions of an exception to the prohibitions of this law. Sixty-five apparent violations of section 8 of the Clayton Act were reported to the Board by the Comptroller of the Currency and, where violations were found to exist, appropriate steps were taken to bring about conformity with the law. RIGHT OF FEDERAL RESERVE BANK TO REQUIRE COLLATERAL SECURITY IN REDISCOUNTING PAPER Certain questions of importance to Federal reserve banks and their member banks were decided by the United States Circuit Court of Appeals for the Fourth Circuit on June 13, 1932, in the case of Lucas v. Federal Reserve Bank of Richmond. This suit was brought in January 1931 against the Federal Reserve bank by certain creditors of the First National Bank of New Bern, N.C., which had been placed in the hands of a receiver, on behalf of themselves and others similarly situated, in order to enforce certain alleged rights of the national bank which the receiver had refused to undertake to enforce. The Federal Reserve bank filed a motion to dismiss the bill upon the ground that it was without equity and upon certain other grounds, and the district court granted the motion of the Reserve bank and entered an order dismissing the bill. The complainants appealed to Digitized for FRAS1E82R79 9—33 4 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

40 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD the circuit court of appeals, but that court affirmed the decision of the lower court. The most important point decided in the case was that a Federal Reserve bank may lawfully take paper which is ineligible for discount as additional security for the indebtedness of a member bank arising out of the discount of eligible paper. The court also held that the allegation of the complainants that the Federal Reserve bank had obtained an unlawful preference in requiring the deposit of collateral security for the indebtedness of its member bank could not be sustained. A copy of the opinion of the United States Circuit Court of Appeals in this case is published in the appendix. MEETINGS OF FEDERAL ADVISORY COUNCIL Five meetings of the Federal advisory council were held in Washington during 1932 on the following dates: February 16, March 28-29, May 24, September 20, and November 17-18. ORGANIZATION, STAFF, AND EXPENDITURES On February 12, 1932, Ogden L. Mills succeeded Andrew W. Mellon as Secretary of the Treasury and as ex-officio chairman of the Federal Reserve Board. John W. Pole, who became Comptroller of the Currency and exofficio member of the Federal Reserve Board on November 20, 1928, resigned effective at the close of business September 20, 1932. Leo H. Paulger was appointed Chief of the Division of Examinations, effective January 16, 1932. J. C. Noell, assistant secretary, was appointed also as fiscal agent, effective February 26, 1932, to succeed W. M. Imlay, who died on February 23, 1932. G. Howland Chase was appointed assistant counsel, effective May 2, 1932. The total cost of conducting the work of the Board during the year 1932 was approximately $787,706. Two assessments were levied against the Federal Reserve banks, aggregating $728,809.80, or less than one fifth of 1 percent of their average paid-in capital and surplus for the year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK CREDIT 41 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT AND FACTORS IN CHANGES No, 1,—RESERVE BANK CREDIT AND FACTORS IN CHANGES, ANNUAL AVERAGES, 1918-32 [Averages of daily figures.In millions of dollars] Factors of Reserve bank credit outstanding decrease * Factors of increase» United Mem- Year co B d u i i n s ll t - e s d bo B u il g ls ht G S s m i o e t t c a v i e e u t e n e s r r t s n - -r c O e b r s e a t e h d n r e i v k t r ^ e Total M s t g t a o o o r c l n y d k e-u T j r r u e y a r s n e d t c a c e - u s y d r - -M i c n t u i o o c l n a n i e r - y - re a b b s n b a e a c e n r l e r v k - s e i d t m N s e b , p e o e m e o n r t s - c - - . c p U f a e u n p n n e i d d t x a e s - l d 1918__ 1,134 287 134 168 1,723 3,158 1,477 4,658 1,497 108 95 1919. 1,906 324 254 141 2,625 3,129 1,251 5,016 1,719 115 155 1920-. 2,523 385 324 158 3,390 2,869 1,401 5,478 1,835 67 280 1921_ 1,797 91 264 46 2,198 3,291 1,501 4,950 1,671 28 341 1922 571 159 455 41 1,226 3,802 1,604 4,535 1,781 30 286 1923__ 736 227 186 56 1,205 4,061 1,736 4,822 1,873 27 280 1924__ 372 172 402 50 996 4,439 1,757 4,879 2,023 27 263 1925-. 481 287 359 68 1,195 4,381 1,755 4,869 2,167 31 264 1926 568 281 350 59 1,258 4,452 1,743 4,932 2,209 28 284 1927 442 263 417 53 1,175 4,564 1,774 4,892 2,290 31 300 1928. 840 328 297 40 1,505 4,206 1,783 4,783 2,355 29 327 1929-. 951 241 208 59 1,459 4,283 1,785 4,763 2,358 30 376 1930 272 213 564 38 1,087 4,460 1,781 4,532 2,379 28 389 1931 326 245 669 34 1,274 4,704 1,774 4,959 2,323 97 373 1932 521 71 1,461 24 2,077 4,239 1,820 5,615 2,114 56 351 * For explanation see Federal Reserve Bulletin for July, 1929, pp. 432-438. * Includes Government overdrafts in 1918,1919, and 1920; see Table 6. 43 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

44 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 2,—RESERVE BANK CREDIT AND FACTORS IN CHANGES, MONTHLY AVERAGES, 1917-32 [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding Factors of Factors of increaseJ Month co B d u i i n l s l t - s edb B ou il g ls ht U s S m G e e n t t c i a r o e i e u n t t n v s e e r - t - i s d - c O s b r e a r e t r e h n d v - e k i e t r 2 Total M s e g t t o o a o l c r n d y k - T j r u e c u r a s n u e r d t a r c y e - - s y d - M i c n t o u i o c l n a n i e r - y - I a s b M b e n b a r a r c e e e n v l e - r m k - e s - p m N o e b d e o t s e e c m i n r - t . s - - , U p f c u e t a e n n a n p d e d l d i x - s - - 1917—August 134 159 455 3,183 1,593 4,001 1,141 29 60 September 181 168 83 521 3,152 1,634 4,061 1,130 55 61 October 320 179 112 126 737 3,151 1,627 4,152 1,243 54 66 November 563 192 124 126 1,005 3,153 1,558 4,203 1,409 34 70 December 683 243 102 1,173 3,153 1,559 4,342 1,439 26 78 1918—January 612 266 149 143 1,170 3,152 1,563 4,306 1,467 36 76 February 529 288 185 141 1,143 3,159 1,589 4,280 1,468 63 80 March 537 315 271 140 1,263 3,162 1,583 4,373 1,466 85 84 April 751 313 173 144 1,381 3,163 1,563 4,423 1,504 95 85 May 897 278 86 151 1,412 3,163 1,521 4,401 1,482 126 87 June 939 239 97 279 1,554 3,162 1,471 4,448 1,512 138 89 July 1,162 208 65 196 1,631 3,161 1,392 4,520 1,448 124 92 August 1,333 217 53 147 1,750 3,157 1,439 4,666 1.459 126 95 September 1,604 249 67 153 2,073 3,156 1,411 4,911 1,507 121 101 October 1,683 354 123 195 2,355 3,151 1,402 5,134 1,539 130 105 November 1,760 374 130 152 2,416 3,155 1,378 5,183 1,520 131 115 December 1,765 346 214 166 2,491 3,156 1,418 5,243 1,586 117 119 1919—January 1,731 278 200 150 2,359 3,160 1,400 5,050 1,635 118 116 February 1,765 274 186 116 2,341 3,162 1,286 4,932 1,612 114 131 March 1,863 261 195 161 2,480 3,161 1,207 4,942 1,652 123 131 April 1,920 207 213 111 2,451 3,166 1,277 4,970 1,656 126 142 May 1,976 187 228 107 2,498 3,176 1,233 4,941 1,686 135 145 June 1,840 247 236 144 2,467 3,169 1,231 4,891 1,696 133 147 July 1,864 358 249 128 2,599 3,087 1,207 4,896 1,719 121 157 August „ 1,798 372 270 119 2,559 3,114 1,248 4,913 1,740 104 164 September 1,776 351 341 168 3,143 1,254 4,989 1,769 108 167 October 2,068 343 296 140 2,847 3,120 1,209 5,106 1,793 99 178 November 2,140 455 307 136 3,038 3,070 1,230 5,208 1,837 97 196 December 2,115 549 327 212 3,203 3,021 1,239 5,342 1,820 100 201 1920—January 2,136 570 326 173 3,205 2,961 1,256 5,231 1,883 210 February 2,297 541 309 167 3,314 2,909 1,241 5,285 1,858 94 227 March 2,377 480 344 212 3,413 2,859 1,338 5,398 1,878 98 236 April 2,431 413 332 188 2,821 1,409 5,372 1,870 106 246 May 2,536 411 302 136 3,385 2,835 1,412 5,414 1,853 103 262 June 2,456 400 347 179 3,382 2,854 1,426 5,448 1,853 88 273 July 2,513 362 319 150 3,344 2,862 1,454 5,478 1,840 54 288 August 2,596 324 304 129 3,353 2,855 1,456 5,509 1,807 46 302 September 2,667 310 339 179 3,495 2,847 1,429 5,600 1,817 38 316 October 2,780 303 305 134 3,522 2,855 1,468 5,673 1,815 27 330 November 2,762 276 320 109 3,467 2,873 1,475 5,662 1,782 27 344 December 2,718 242 143 3,442 2,894 1,458 5,658 1,758 25 353 1921—January.. 2,523 200 3,110 2,931 1,463 5,401 1,773 24 306 February 2,400 169 287 2,918 2,975 1,435 5,263 1,728 26 311 March.. 2,297 137 296 2,798 3,040 1,411 5,204 1,694 31 320 April... 2,129 110 277 2,564 3,117 1,427 5,078 1,665 34 331 May 1,959 84 303 2,386 3,197 1,485 5,042 1,657 32 337 June 1,811 54 302 2,211 3,254 1,508 4,936 1,664 31 342 July.__. 1,719 26 261 2,049 3,305 1,513 4,857 1,639 27 344 August. 1,548 38 249 1,863 3,392 1,508 4,771 1,621 26 345 September 1,442 40 254 1,767 3,479 1,510 4,752 1,629 27 348 October 1,371 56 207 1,669 3,547 1,534 4,721 1,652 26 351 November 1,228 79 208 1,544 3,595 1,575 4,673 1,663 28 350 December 1,180 105 226 1,548 3,643 1,577 4,718 1,673 27 350 1922—January 962 98 238 1,326 3,672 1,551 4,527 1,707 February 769 88 357 1,233 3,704 1,521 4,451 1,689 284 March.. 638 92 459 1,207 3,736 1,576 4,483 1,711 April... 572 93 520 1,210 3,756 1,572 4,482 1,733 May.... 479 103 603 1,208 3,768 1,576 4,450 1,783 282 June 437 136 591 1,192 3,776 1,600 4,429 1,820 285 July.... 425 153 547 1,170 1,595 4,443 1,812 285 August. 396 159 497 1,102 3,840 1,613 4,448 1,799 283 September 417 212 486 1,180 3,860 1,630 4,552 1,811 284 October 486 252 448 1,246 3,884 1,657 4,643 1,836 287 November 623 260 325 1,265 3,896 1,650 4,671 1,825 288 December 660 259 380 1,377 3,917 1,690 4,827 1,840 289 1 For explanation see Federal Reserve Bulletin for July, 1929, pp. 432-438 2 Includes Government overdrafts in 1918, 1919, and 1920; see Table 6. Digitized for BFaRckA fiSguErRes .—-Not available (on monthly average basis) except for series shown in tables 7 and 8. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 45 No. 2.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, MONTHLY AVERAGES, 1917-32—Continued [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding F d a e c c t r o e r a s s o e f Factors of increase Month co B d u i i n l s l t - s edb B ou il g ls ht U s S m G e e n t t c i a r o e i e u n t t n v s e e r - - t i s d - c O s b r e r a t e r e h n d v - e k i e r t Total M e s g t t o o a o l c r n d y k - j T r u e c u r a s u n e r d t a y r c e - - s y d - M i c n t o u i o c l n a n i e r - y - M a s b b n e b r a e a r c e e n v m l - e r - k e s - p m N o e b d e s o t e e c m i n r - t . s - - , U f p c u e t a e n n a n p d e d l d i x s - - - 1923—January. 547 218 421 63 1,249 3,945 1,724 4,679 1,918 46 275 February 608 190 356 51 1,205 3,960 1,709 4,672 1,901 25 276 March 628 234 316 50 1,228 3,966 1,690 4,713 1,873 22 276 April 658 272 229 55 1,214 3,975 1,711 4,731 1,869 21 279 May 705 271 193 53 1,222 3,993 1,740 4,764 1,874 36 281 June . 741 224 153 60 1,178 4,040 1,738 4,779 1,867 28 282 July 834 186 97 62 1,179 4,061 1,743 4,812 1,867 24 280 August 809 175 90 53 1,127 4,097 1,747 4,833 1,835 22 281 September 845 174 102 63 1,184 4,123 1,745 4,901 1,848 22 281 October 873 185 91 55 1,204 4,155 1,753 4,941 1,864 23 284 November 799 265 83 57 1,204 4,182 1,757 4,953 1,875 31 284 December 771 324 106 59 1,260 4,226 1,771 5,071 1,882 22 282 1924—Januarv 574 300 118 49 1,041 4,266 1,750 4,847 1,911 25 274 February 514 273 135 33 955 4,302 1,759 4,832 1,892 22 270 March 476 228 244 42 990 4,340 1,747 4,870 1,915 22 270 April 489 170 274 48 981 4,383 1,720 4,886 1,905 23 270 May 433 80 324 42 879 4,433 1,766 4,866 1,922 24 266 June 370 50 416 50 886 4,471 1,759 4,830 2,001 21 264 July 315 44 467 53 879 4,503 1,763 4,810 2,046 28 261 August 268 30 539 44 881 4,516 1,763 4,800 2,072 33 255 September 262 92 575 54 983 4,515 1,763 4,853 2,120 31 257 October 240 180 585 52 1,057 4,506 1,755 4,891 2,141 27 259 November 228 268 588 51 1,135 4,517 1,771 4,970 2,164 30 259 December 301 358 554 75 1,288 4,507 1,768 5,088 2,182 32 261 1925—January 267 329 464 65 1,125 4,468 1,765 4,863 2,194 43 258 February 340 314 384 56 1,094 4,392 1,778 4,805 2,159 42 258 March 390 298 376 58 1,122 4,340 1,782 4,814 2,137 30 263 April 403 287 355 65 1,110 4,340 1,769 4,803 2,123 27 266 May 397 279 361 63 1,100 4,353 1,762 4,791 2,132 28 264 June 437 263 345 73 1,118 4,360 1,744 4,790 2,141 25 266 July 480 231 338 69 1,118 4,361 1,764 4,794 2,160 27 262 August 545 205 329 64 1,143 4,372 1,742 4,817 2,151 25 264 September 594 226 335 72 1,227 4,386 1,749 4,908 2,161 26 267 October. 619 298 328 76 1,321 4,391 1,737 4,945 2,203 30 271 November 597 352 332 71 1,352 4,407 1,735 4,960 2,221 41 272 December 688 369 359 91 1,507 4,397 1,740 5,119 2,219 32 274 1926—January 520 324 368 67 1,279 4,407 1,744 4,891 2,236 30 273 February 526 305 335 52 1,218 4,425 1,719 4,854 2,208 26 274 March 557 268 336 55 1,216 4,444 1,707 4,864 2,198 27 278 April 537 234 371 62 1,204 4,448 1,722 4,882 2,183 26 283 May 511 232 398 59 1,200 4,434 1,744 4,871 2,199 26 282 June 473 243 408 61 1,185 4,438 1,771 4,881 2,206 23 284 July 549 230 380 62 1,221 4,460 1,753 4,916 2,212 25 281 August _ 555 245 353 50 1,203 4,467 1,755 4,912 2,201 27 285 September 640 265 316 57 1,278 4,471 1,750 4,969 30 289 October 663 295 306 58 1,322 4,472 1,746 5,001 2*219 27 293 November 615 348 302 53 1,318 4,477 1,755 5,005 2,214 36 295 December 668 385 322 70 1,445 4,481 1,749 5,131 2,218 32 294 1927—January 481 343 310 52 1,186 4,527 1,760 4,903 2,243 33 294 February 393 304 307 39 1,043 4,576 1,757 4,843 2,212 26 295 March 425 253 345 32 1,055 4,595 1,767 4,856 2,240 23 298 April.. 447 248 341 51 1,087 4,601 1,761 4,879 2,248 23 299 May 473 233 291 44 1,041 4,651 1,768 4,860 2,262 39 299 June 429 205 398 49 1,081 4,606 1,777 4,831 2,301 34 298 July 454 190 381 90 1,115 4,575 1,780 4,851 2,289 33 297 August 409 173 439 72 1,093 4,585 1,780 4,849 2,283 30 296 September 422 216 501 48 1,187 4,584 1,776 4,917 2,300 30 300 October 424 282 506 42 1,254 4,566 1,776 4,934 2,326 34 302 November 415 336 579 47 1,377 4,490 1,790 4,936 2,373 44 304 December 529 378 606 55 1,568 4,416 1,796 5,048 2,399 27 306 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

46 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 2.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, MONTHLY AVERAGES, 1917-32—Continued [Averages of daily figures. In millions of dollars! Factors of Reserve bank credit outstanding decrease Factors of increase United Mem- Month co B d u i i n s ll t - s edb B ou il g ls ht s S m G e e t t c i a r e o e u n t n v s e r - t i - s - c O b r r a e t e h n d - e k it r Total M e s g t t o o a o c l r n d y k - j T r u e c u r a s n u e r d t r c a y e - - s y d - M i c n t u i o o l c n a n i e r - - y a s b b e n b r a a r e c e n v l - e r - k e s p m N o e b d e t s o e e c m i n - r . ts - - , U f p c u e n t a e n a n e p d d l x d i s - - - 1928—January 465 373 512 1,388 4,377 1,778 4,785 2,426 305 February 471 360 406 1,264 4,373 1,776 4,709 2,368 310 March 513 343 415 1,295 4,335 1,781 4,710 2,365 312 April 661 358 351 1,405 4,287 1,778 4,730 2,396 317 May 836 349 257 1,472 4,207 1,779 4,722 2,388 321 June 1,019 244 232 1,531 4,119 1,791 4,736 2,355 322 July 1,090 185 213 1, 531 4,113 1,782 4,746 2,324 326 August 1,061 178 210 1,485 4,118 1,774 4,743 2,274 28 332 September ... 1,064 226 240 1,581 4,125 1,787 4,804 2,314 38 337 October 975 368 237 1,621 4,133 1,786 4,836 2,332 30 342 November 897 471 238 1,653 4,151 1,787 4,860 2,352 32 347 December 1,013 483 1,824 4,142 1,790 5,008 2,367 29 352 1929—January 859 473 229 1,613 4,115 1,789 4,748 2,387 31 351 February 385 184 1,502 4,143 1,784 4,686 2,357 29 357 March 265 197 1,481 4,166 1,791 4,709 2,337 31 361 April 1,004 156 165 1,377 4,226 1, 785 4,679 2,308 35 366 May _ 956 145 153 1,303 4,292 1,787 4,684 2,296 32 370 June 978 99 179 1,317 4,311 1,779 4,687 2,314 30 376 July.._ 1,096 75 147 1,380 4,335 1,790 4,764 2,334 31 376 August 1,043 124 155 1,376 4,351 1,781 4,777 2,322 27 382 September 969 229 165 1,427 4,368 1,766 4,811 2,335 28 387 October 885 337 154 1,450 4,381 1,785 4,810 2,386 28 392 November 953 296 315 1,631 4,374 1,789 4,845 2, 521 33 395 December 803 320 446 1,643 4, 324 1,797 4,943 2,395 27 1930—January 501 314 485 1,357 4,283 1,784 4, 652 2,349 29 394 February 378 285 480 1,181 4,317 1,781 4,554 2,305 27 393 March 274 246 540 1,095 4,394 1,797 4,532 2,330 27 397 April. 231 266 530 1,072 4,443 1,781 4,518 2,350 28 400 May 247 182 529 996 4,505 1,779 4,497 2,356 29 398 June 251 141 571 1,000 4,528 1,775 4,489 2,392 27 395 July 226 154 583 1,003 4,532 1,789 4,483 2,417 35 389 August 214 153 599 998 4,496 1,787 4,476 2,392 28 385 September 189 197 597 1,016 4,503 1,785 4,493 2,397 26 388 October 196 185 602 1,020 4,520 1,787 4,501 2,407 27 392 November 221 184 599 1,033 4,553 1, 793 4,528 2,433 30 388 December 338 257 644 1,273 4,583 1,793 4,823 2,415 27 384 1931—January 253 206 647 1,129 4,622 1,784 4,695 2,433 28 379 February 216 102 603 936 4,656 1,780 4,598 2,370 25 379 March 176 123 604 921 4,682 1,778 4,590 2,386 24 381 April 155 173 600 952 4,711 1,770 4,647 2,376 27 383 May 163 144 599 926 4,767 1,783 4,679 2,387 28 382 June 188 121 610 945 4,865 1,759 4,750 2,404 35 380 July 169 79 674 954 4,958 1,784 4,836 2,407 83 370 August 222 135 712 1,107 4,975 1,764 4,947 2,345 187 367 September 280 259 736 1,313 4,948 1,768 5,133 2,333 199 364 October 613 692 733 2,088 4,447 1,768 5,478 2,256 208 361 November 695 560 727 2,035 4, 363 1,766 5,518 2,118 171 357 December 774 340 777 1,950 4,450 1,782 5,611 2,069 144 358 1932—January 221 759 1,864 4,452 1, 773 5, 645 1,979 113 352 February 151 743 1,785 4,384 1,787 5,627 1,907 73 349 March 714 105 809 1,652 4,372 1,792 5,531 1,899 37 349 April 605 52 1,014 1,694 4,381 1,789 5,452 1,996 63 353 May 486 41 1,413 1,959 4,273 1,788 5,456 2,138 77 349 June 495 50 1,697 2,262 3,956 1,787 5,530 2,062 65 348 July 523 60 1,818 2,422 3,941 1,780 5,751 2,003 46 343 August 451 37 1,850 2,353 4,030 1,796 5,719 2,073 40 347 September 387 34 1,848 2,282 4,140 1, 826 5,685 2,181 35 347 October 328 34 1,851 2,231 4,226 1,888 5,643 2,307 38 355 November 313 34 1,851 2,211 4,292 1,917 5, 643 2,378 40 359 December 282 34 1,854 2,192 4,429 1,915 5, 699 2,435 43 359 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 47 No. 3.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, WEEKLY AVERAGES [Averages of daily figures. In millions of dollars] Factors of de- Reserve bank credit outstanding crease i Factors of increase i i W n? d e e a ( k S y a e )- t n u d r - - 'o B u d i i n l s l t - s ed bo B u il g ls ht G U s S m e o n t c v a e i u e t t n e r e r t i n d s - - r c O e b r s a t e e h n d r e k v i r t e Total M s g t t a o o o r l n c y d k e- u T j r r u e y r a s n e d t c a c e - u y s d r - - i M n la c o ti i n r o c e n u y - r M e b b s b a e e a e n l m r r - k v - e b p m N e o e r e s t o c m i d n t . s e - - , - p c U f e a u n p n n d i e d t e x a s d - l ties ances 1932 Jan. 2 803 315 791 1,967 4,459 1,767 5,666 2,053 118 356 Jan. 9 815 288 771 1,934 4,464 1,766 5,680 2,020 111 353 Jan. 16.... 826 222 752 1,855 4,464 1,774 5,646 1,987 108 352 Jan. 23... 831 187 752 1,823 4,454 1,780 5,632 1,956 119 350 Jan. 30.._. 859 162 749 1,822 4,429 1,773 5,617 1,941 117 349 Feb. 6.... 862 157 749 1,822 4,410 1,777 5,645 1,925 91 348 Feb. 13... 843 166 742 1,803 4,405 1,777 5,642 1,917 78 348 Feb. 20__. 856 150 741 1,790 4,379 1,794 5,627 1,906 82 348 Feb. 27... 842 139 740 1,752 4,356 1, 795. 5,605 1,895 55 348 Mar. 5.... 125 754 1,731 4,352 1,783 5,594 1,885 41 Mar. 12... 757 136 786 1,705 4,363 1,778 5,563 1,901 34 348 Mar. 19... 684 107 820 1,634 4,374 1,825 5,537 1,909 37 350 Mar. 26- 667 84 825 1,599 4,382 1,791 5,498 1,890 33 351 Apr. 2... 651 854 1,595 4,390 1,789 5,469 1,909 45 351 Apr. 9___ 647 882 1,609 4,392 1,790 5,475 1,916 50 350 Apr. 16.. 637 957 1,670 4,381 1,788 5,450 1,975 63 351 Apr. 23.. 579 1,077 1,729 4,376 1,786 5,442 2,022 73 354 Apr. 30.. 543 1,186 1,794 4,370 1,784 5,428 2,095 73 352 May 7.__ 514 1,284 1,864 4,350 1,796 5,465 2,115 79 351 May 14.. 480 1,372 1,916 4,316 1,774 5,457 2,125 74 350 May 21.. 474 1,438 1,971 4,274 1,790 5,459 2,152 74 350 May 28- 477 1,504 2,034 4,204 1,786 5,439 2,164 72 349 June 4___ 496 37 1,563 2,117 4,107 1,797 5,477 2,107 88 349 June 11.. 506 36 1,638 2,199 3,989 1,786 5,473 2,093 60 348 June 18__ 496 56 1,700 2,276 3,922 1,800 5,485 2,092 74 347 June 25-. 491 56 1,746 2,313 3,916 1,769 5,556 2,032 60 350 July 2... 484 64 1,791 2,359 3,919 1,800 5,703 1,979 50 346 July 9... 509 73 1,793 2,404 3, 920 1,795 5,785 1,946 43 345 July 16._. 521 65 1,821 2,428 3,932 1, 765 5,745 1,991 45 344 July 23... 536 57 1,831 2,439 3,952 1,775 5,751 2,025 47 343 July 30... 531 44 1,839 2,430 3,963 1,774 5,718 2,057 49 343 Aug. 6__. 494 41 1,846 2,395 3,987 1,764 5,738 2,014 49 345 Aug. 13... 458 38 1,851 2,363 4,002 1,793 5,725 2,041 47 345 Aug. 20—. 443 36 1,851 2,346 4,040 1,803 5,725 2,078 41 345 Aug. 27. _ 432 36 1,851 2,330 4,060 1,814 5,706 2,122 30 346 Sept. 3— 433 34 1,851 2,332 4,082 1,803 5,709 2,129 33 346 Sept. 10.. 422 34 1,842 2,313 4,107 1,825 5,732 2,134 33 346 Sept. 17- 394 34 1,843 2,284 4,135 1,842 5,690 2,188 35 348 Sept. 24- 362 34 1,852 2,262 4,164 1,814 5,660 2,196 35 349 Oct. 1_._ 343 33 1,853 2,244 4,184 1,836 5,635 2,241 37 351 Oct. 8__. 336 33 1,852 2,241 4,200 1,869 5,666 2,256 38 350 Oct. 15__ 331 33 1,851 2,232 4,211 1,874 5,662 2,260 42 353 Oct. 22__ 318 34 1,851 2,229 4,230 1,895 5,641 2,314 41 358 Oct. 29__ 321 34 1,851 2,222 4,256 1,905 5,608 2,385 33 358 Nov. 5.__. 327 34 1, 851 2,229 4,265 1,900 5,632 2,369 36 357 Nov. 12... 314 34 1,851 2,211 4,272 1,917 5,657 2,344 40 359 Nov. 19.. 310 34 1,851 2,210 4,284 1,926 5,642 2,385 34 359 Nov. 26.. 309 35 1,851 2,205 4,314 1,922 5,635 2,402 45 359 Dec. 3___. 311 35 1,851 2,208 4,336 1,915 5,654 2,399 49 357 Dec. 10__. 302 34 1,851 2,202 4,352 1,916 5,682 2,388 43 357 Dec. 17... 280 34 1,859 2,195 4,411 1,937 5,683 2,457 43 360 Dec. 24. _. 271 33 1,854 2,189 4,487 1,906 5,734 2,444 42 362 Dec. 31... 263 33 1,852 2,171 4,503 1,902 5,704 2,471 41 360 i For explanation see Federal Reserve Bulletin for July, 1929, pp. 432-438 Back figures.—See Annual Reports for 1931 (table 3), 1930 (table 3), and 1929 (table 3). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

48 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 4.—RESERVE BANK CREDIT AND FACTORS IN CHANGES, BY WEEKS (WEDNESDAY SERIES) [In millions of dollars] Reserve bank credit outstanding F de a c c r t e o a r s s e o l f Factors of increase 1 Unexpended capital funds, nonmember (Wed D n a e t s e day) Bills U S n ta i t t e e s d Other Mone- T u re ry as- Mon- M b e e m r - deposits, etc. cou di n s- tedb B ou il g ls ht G s m e o c v e u e n r r t i n - -r c e b r s a e e n d r k v it e Total s g t t a o o r l c y d k re c a n u d c r - - y l c e a i y t r i c o i u n n - re b b s a e a n r l k - ve m N e on m - - p U e n n e d x - ties justed ances Total ber de- ed posits, capital etc. funds 1932 Jan.6__. 818 275 766 1,921 4,458 1,775 5,661 2,036 456 103 353 Jan.13__ 818 214 752 1,834 4,457 1,778 5,619 1,994 456 103 353 Jan. 20 _ _ 819 188 751 1,807 4,450 1,785 5,613 1,972 458 350 Jan. 27__ 838 162 752 1,798 4,426 1,776 5,589 1,945 465 116 349 Feb. 3... 855 156 749 1,810 4,406 1,786 5,631 1,937 433 85 348 Feb. 10. _ 819 169 741 1,779 4,403 1,764 5,626 1,905 415 347 Feb. 17.. 846 146 741 1,781 4,369 1,792 5,609 1,904 429 347 Feb. 24._ 835 133 741 1,734 4,350 1,780 5,592 1,878 395 349 Mar. 2__ 828 116 760 1,729 4,350 1,791 5,583 1,902 385 347 Mar. 9__ 748 138 785 1,698 4,362 1,775 5,544 1,910 382 32 350 Mar. 16. 661 106 842 1,634 4,374 1,838 5,522 1,919 405 55 350 Mar. 23_ 666 82 835 1,597 4,381 1,792 5,480 1,911 380 29 351 Mar. 30_ 633 872 1,587 4,388 1,780 5,439 1,911 405 55 350 Apr. 6-__ 635 885 1, 599 4,396 1,806 5,458 1,942 400 50 350 Apr. 13.. 629 985 1,686 4,380 1,780 5,423 2,011 411 61 350 Apr. 20__ 565 1,078 1,700 4,377 1,754 5,425 1,979 428 74 354 Apr. 27.. 532 1,191 1,785 4,368 1,783 2,114 424 71 353 May 4___ 506 1,287 1,859 4,345 1,818 5,448 2,147 428 77 351 May 11_. 471 1,385 1,919 4,314 1,771 5,431 2,144 428 78 350 May 18. _ 465 1,466 1,988 4,274 1,799 5,449 2,192 421 71 350 May 25_. 471 1,525 2,048 4,207 1,790 5,410 2,214 420 70 350 June 1 495 1,575 2,122 4,106 1,817 5,467 2,125 454 105 349 June 8___ 502 1,645 2,198 3,979 1,796 5,452 2,112 409 62 347 June 15 __ ,692 2,270 3,909 1,832 5,467 2,101 443 94 349 June 22 __ ,730 2,288 3,917 1,770 5,505 2,066 403 52 351 June 29 _ _ 470 ,801 2,346 3,920 1,811 5,649 2,034 394 45 349 July 6... 500 ,801 3,922 1,793 5,775 1,963 385 42 343 July 13.. 516 ,821 2,417 3,932 1, 767 5,714 2,015 387 43 344 July 20. _ 538 ,836 2,438 3,952 1,770 5,735 2,036 389 46 343 July 27-. 525 ,841 2,422 3,960 1,771 5,690 2,072 391 343 Aug. 3— 487 1,846 2,388 3,987 1,757 5,728 2,012 391 344 Aug. 10.. 452 1,851 2,357 4,005 1,799 5,707 2,062 392 346 Aug. 17.. 443 1,851 2,344 4,046 1,788 5,706 2,080 392 346 Aug. 24_ _ 427 1,851 2,321 4,064 1,819 5,684 2,142 378 347 Aug. 31.. 433 1,852 2,331 4,088 1,800 5,692 2,146 381 345 Sept. 7__ 420 1,851 2,319 4,105 1,819 5,725 2,142 377 346 Sept. 14 _ 402 1,851 2,301 4,128 1,866 5,668 2,244 383 347 Sept. 21 _ 359 1,852 2,259 4,165 1,813 5,642 2,211 385 349 Sept. 28_ 340 1,854 2,241 4,185 1,835 5,605 2,269 387 351 Oct. 5-._ 333 1,851 2,241 4,201 1,879 5,649 2,284 351 Oct. 12__ 328 1,851 2,234 4,208 1,868 5,651 2,246 413 352 Oct. 19__ 314 1,851 2,219 4,227 1,898 5,621 2,326 398 359 Oct. 26__ 322 1,851 2,221 4,257 1,905 5,584 2,412 387 357 Nov. 2__ 326 1,851 2,226 4,266 1,907 5,616 2,384 397 359 Nov. 9__ 311 1,851 2,199 4,270 1,918 5,651 2,342 394 360 Nov. 16_. 307 ,851 2,208 4,284 1,929 5,629 2,400 392 359 Nov. 23_ 308 ,851 2,201 4,320 1,925 5,635 2,400 410 357 Nov. 30_. 309 ,851 2,202 4,338 1,925 5,648 2,411 407 357 Dec. 7___ 299 ,851 2,197 4,352 1,914 5,669 2,395 397 357 Dec. U.- 284 ,851 2,189 4,369 1,924 5,664 2,425 393 356 Dec. 21. _ 270 ,851 2,180 4,488 1,910 5,730 2,446 401 362 Dec. 28.. 267 ,851 2,168 4,505 1,898 5,687 2,482 402 363 * For explanation see Federal Reserve Bulletin for July, 1929, pp. 432-438. Digitized for BFaRckA SfigEuRre s.—See Annual Report for 1931 (table 4). https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 49 No. 5.—RESERVE BANK CREDIT AND FACTORS IN CHANGES (END OF MONTH SERIES), 1928-32 [In millions of dollars] .Reserve bank credit outstanding Fac c t r o e r a s s e o f i de- Factors of increase l Unexpended capital funds, nonmember Date co B d u i i n s ll t - s ed b B ou il g l h s G U S s m o i e n t t v c a i e i e e u t t n e e s r r t n s d - - c O s b r e r a t e e r h n d v - e k i e r t Total M e s g t ta o o o r c l y n d k - - j T r u e c u a r s u n e r d t y a r c e - - s y d - M e c t c y u io i o l r i a n n - n - - M a b s b e n b r a e a e r c e n v l m - e r - k e s - Tot d a e l pos b p m i N e o t e s r o s , i n m t d e - - s e t , c - . e U p d i e n t n c a e a d l x p - - etc. funds 1928 January 423 379 437 1,255 4,373 1,772 4,677 2,391 332 24 February... 493 344 408 1,264 4,362 1,774 4,690 2,375 335 23 March 599 350 395 1,365 4,305 1,782 4,749 2,366 337 23 April 834 357 296 1, 496 4,266 1,776 4,748 2,442 348 30 May 1,021 292 220 1,549 4,160 1,754 4,744 2,371 348 25 June _. 1,095 217 235 1,586 4,109 1,780 4,797 2,325 353 29 July 1,031 162 215 1,433 4,113 1,780 4,701 2,267 358 29 August 1,108 192 219 1,553 4,123 1,783 4,803 2,294 362 28 September.. 1,071 284 243 1,641 4,125 1,790 4,848 2,334 376 37 October 932 440 227 1,623 4,142 1,783 4,806 2,371 371 28 November,. 1,088 486 237 1,837 4,128 1,771 4,990 2,373 373 25 December.. 1,056 228 1,808 4,141 1,788 4,973 2,389 375 27 1929 January 805 440 202 1,484 4,127 1,789 4, 657 2,362 381 29 February... 973 330 169 1,510 4,153 1,781 4,698 2,362 384 25 March 1,095 200 172 1,536 4,188 1,785 4,748 2,357 404 41 April 934 179 163 1,327 4,260 1,777 4,676 2,282 406 35 May 1,068 117 143 1,360 4,301 1,773 4,738 2,288 408 33 June 1,037 82 216 1,400 4,324 1,780 4,746 2,356 402 28 Jury 1,076 75 147 1,347 4,341 1,788 4,717 2,355 404 28 August 1,046 176 150 1,440 4,360 1,788 4,840 2,337 411 24 September.. 958 293 162 1,458 4,372 1,734 4,819 2,326 419 28 October 1,000 355 321 1,743 4,386 1,800 4,838 2,666 425 31 November.. 1,030 256 326 1,677 4,367 1,767 4,929 2,458 424 2f] December. . 632 511 1,583 4,284 1,778 4,865 2,355 425 30 1930 January 394 294 479 1,209 4,291 1,774 4,560 2,293 421 25 February. _. 353 270 480 1,140 4,353 1,763 4,577 2,260 419 25 March 310 279 535 1,149 4,423 1,773 4,549 2,367 429 28 April 233 210 530 1,006 4,491 1,791 4,476 2,385 427 27 May 313 185 528 1,049 4,517 1,773 4,551 2,369 419 24 June 272 128 591 1,018 4,535 1,789 4,522 2,389 431 40 July 200 130 577 934 4,517 1,788 4,426 2,396 417 28 August 215 168 602 1,025 4,501 1,796 4,533 2,378 411 24 September.. 272 209 597 1,103 4,511 1,773 4,501 2,467 419 26 October 207 163 602 998 4,535 1,799 4,493 2,418 421 29 November. _ 275 175 599 1,079 4,571 1,794 4,660 2,373 411 25 December. . 251 364 729 1,373 4,593 1,798 4,890 2,471 403 28 1931 January 232 125 610 4,643 1,790 4,610 2,398 405 24 198 109 599 926 4,665 1,778 4,620 2,343 406 23 February--- 250 124 599 990 4,697 1, 754 4,608 2,428 405 22 March. 157 163 598 937 4,726 1,773 4,652 2,371 413 27 April 174 125 598 917 4,798 1,788 4,702 2,389 412 31 May 149 106 668 943 4,956 1,752 4,822 2,381 448 77 June ... . 195 73 678 976 4,949 1,788 4,837 2,367 509 140 July 255 215 728 1,255 4,995 1,729 5,052 2,373 554 189 August 328 469 742 1,578 4,741 1,773 5,246 2,364 482 120 September.. 728 681 727 2,184 4,292 1,767 5,540 2,167 536 181 October 718 452 717 1,931 4,414 1,769 5,536 2,051 527 170 November. _ 638 339 817 1,853 4,460 1,759 5,647 1,961 464 110 December.. 1932 January 153 746 1,856 4,416 1,774 5,641 1,947 458 107 February... 109 740 1,709 4,354 1,790 5,604 1,849 400 53 March 639 68 872 1,597 4,390 1,805 5,459 1,924 409 59 April 556 48 1,228 1,850 4,367 1,803 5,465 2,124 431 79 May 490 36 1,549 2,096 4,152 1,802 5,480 2,113 457 109 June 440 67 1,784 2,310 3,919 1,835 5,695 1,982 387 42 July. 538 43 1,841 2,439 3,974 1,759 5,726 2,052 394 49 August 433 34 1,852 2,331 4,088 1,800 5,692 2,146 381 36 September.. 332 33 1,854 2,233 4,193 1,840 5,653 2,225 388 36 October 328 34 1,851 2,227 4,264 1,908 5,628 2,383 388 31 November. . 309 35 1,851 2,202 4,340 1,923 5,648 2,411 406 50 December.. 235 33 1,855 22 2,145 4,513 1,924 5,675 2,509 398 43 1 For explanation see Federal Reserve Bulletin for July, 1929, pp. 432-438. Digitized for FRBlAacSk EFRig ures.—See Annual Report for 1931 (table 5). https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

50 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD RESERVE BANK CREDIT No. 6.—RESERVE BANK CREDIT OUTSTANDING, ANNUAL AVERAGES, 1915-32 [Averages of daily figures. In thousands of dollars] Bills and securities held by Federal reserve banks Eeserve bank Due Year ou c t r i s n e t d a g n it d- Total B co il u ls n d te i d s- bo B u il g ls ht se U S c n t u a i r t t i e e ti s d es s O e t c i t e h u s e ri r - F o l n o o r a g e n o ig l s d n f b o f a r r o e n i m k g s n R b f e l a s o e n a r k v t e 1915 i 60,149 60,149 24,371 10,430 7,931 17,417 1916 _. i 163,350 163,350 24,140 65, 508 47,161 26,541 1917 523,120 439,977 193, 783 150,094 89,207 6,893 2 83,143 1918 1,723,168 1, 556,162 1,134,486 287,147 134,177 352 536 2 166,470 1919 2,625,406 2,484,021 1,905,697 323,939 254,384 1 2,765 2 138,620 1920 3,390,422 3, 232,154 2, 523, 073 385, 420 323,661 793 2 157,475 1921 2,198, 238 2,152, 284 1, 797, 226 91,150 263,864 44 692 45,262 1922 . . 1, 226, 334 1,185,165 571, 220 159,102 454,777 66 699 40,470 1923 ___ __ 1,204, 752 1,147,964 735,608 226, 767 185,504 85 701 56, 087 1924 996,467 948,525 372,121 172,437 402, 271 1,210 486 644 47,298 1925 1,195,397 1,138,542 480,609 287,482 358,760 2,473 9,218 671 56,184 1926 1, 257,859 1, 206,379 568,166 281,104 349,599 3,396 4,114 674 50, 806 1927 . . ___1,175,035 1,124,538 442, 287 263,258 417,480 1,513 8,643 41,854 1928_._ 1, 505,085 1,467,371 839,942 327,806 297,499 2,124 603 37,111 1929 1,459, 264 1,414,126 950,580 241,399 207,659 13, 420 1,068 732 44,406 1930 -. 1,086,870 1,056,895 271,727 213, 201 563, 672 8, 295 804 29,171 1931 1, 273, 671 1, 251,058 326, 217 245,260 669, 013 10, 058 510 5,321 17, 292 1932 .. . 2,076, 774 2,062,446 520,637 70,902 1,461,258 9,649 4,687 9, 641 1 Exclusive of reserve bank float for which figures are not available. 2 Includes Government overdrafts. No. 7.—RESERVE BANK CREDIT OUTSTANDING, BY MONTHS, 1924-32 [Monthly averages of daily figures. In thousands of dollars] Month Total B c i o l u ls n t d e i d s- bo Bi u l g l h s t G s U m e o t c i . v S e e u e . n s r r i t n - -O c t u h r e it r i e s s e-l F o o a g r n o e s l i d g o n n f b o f D a r r o e n u i m g k e n s Re b f s a l e o n r a k v t e 1924—January 1,040,781 573,865 299,914 117,576 27 701 48, 698 February... 955, 227 513,920 272, 678 134,611 19 701 33, 298 March 989,838 475,712 228,101 244,121 73 701 41,130 April 981, 361 488, 558 170, 525 273, 601 52 701 47,924 May 879, 242 432, 613 79, 995 323, 557 342 701 42, 034 June 886, 324 370,159 50, 376 416, 251 1,276 701 47,561 July 878, 500 315, 343 43, 878 466, 530 1,250 701 50, 798 August 268, 475 29,532 539, 409 1,540 701 41, 238 September.. 982, 574 261, 655 91, 617 575, 360 2, 963 596 50, 383 October 1, 057,166 240, 200 179,735 585,118 1,933 476 49,704 November.. 1.134,950 228, 236 268, 346 587, 666 2,987 477 47,238 December.. 1, 288,061 301, 351 357, 504 554,048 2,056 15,734 573 66,795 1925—January 1,125,416 267,003 329, 258 463,722 2,539 8,224 641 54,029 February... 1,094,047 340,253 313, 419 383,790 2,973 10, 500 642 42, 470 March 1.121,951 389, 611 298,177 375,566 2,652 10, 500 720 44,725 April 1,109, 656 402, 766 287, 322 354,984 1,643 10,500 639 51, 802 May 1,099,973 397, 352 279,054 361, 261 1,867 10, 500 640 49, 299 June. 1,118, 344 437,177 263,497 344,969 2,250 10,500 730 59, 221 July 1,118, 239 480,105 231,122 337,667 2,044 10,500 636 56,165 August 1,142, 706 545,196 205, 401 329,091 2,058 10, 469 645 49,846 September. 1, 226,636 594,080 225, 728 335,425 2,414 7,954 735 60, 300 October 1,320,582 618,770 298, 211 327, 685 2,703 7,378 639 65,196 November.. 1, 351, 693 597,158 351,751 331,962 3,378 5, 280 652 61, 532 December., 1,506,515 687,766 368, 659 359, 242 3,191 8, 367 738 78, 552 1926—January.... 1, 278,808 519,917 323,874 367,789 3,143 6, 852 642 56, 591 February. _. 1, 218, 403 525,678 304, 816 334,816 3,185 7,131 709 42,068 March 1, 216, 042 556,541 267,833 335,742 3, 653 8,201 696 43, 376 April 1, 203,653 537, 003 234, 409 370,754 4,886 8,687 645 47, 269 May 1,199,838 511, 490 232, 219 398, 201 4,103 7,758 707 45,360 June 1,185, 468 472,871 243, 233 407,896 3,453 7,407 676 49,932 July 1, 221,421 549,107 229,923 379, 618 3,117 3,521 681 55, 454 August 1, 202, 639 555, 241 245,117 353,192 3,373 90 702 44, 924 September- 1, 277,787 639, 508 264, 813 315, 530 3,700 659 53, 577 October 1, 321, 568 663, 296 295, 249 306,189 3,042 677 53,115 November.. 1,318,027 614,501 348, 365 302, 434 2,525 650 49, 552 December.. 1,445,340 668,453 384,603 321,540 2,579 650 67,515 1 Foreign loans on gold outstanding from Dec. 2,1924, to Aug. 2,1926, Mar. 7 to Mar. 18,1929, Apr. 11 to Digitized forM FaRyA 1S0,1E9R29 , June 22 to June 27, 1931, and Aug. 29 to Oct. 8. 1931. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

51 RESERVE BANK CREDIT No. 7.—RESERVE BANK CREDIT OUTSTANDING, BY MONTHS, 1924-32— Continued IMonthly averages of daily figures. In thousands of dollars] U.S. Month Total B c i o l u l n s t d e i d s- bo Bi u l g l h s t G s m o e ti c v e e u e s n r r t i n - - O cu th ri e t r i e s s e- l F o o a g r n o e s l i d g o n n f b o f D a r r o e n u i m k g e s n R b e fl s a o e n a r k t ve 1927—January... 1,185,778 480,622 343,448 310,486 3,550 657 47,015 February- 1,043,082 392.996 304,071 306, 606 2,250 658 36,501 March 1,055,163 424, 543 252,722 344,922 2,064 658 30,254 April 1,087,141 447,286 248,429 341,081 2,061 659 47,625 May 1,041,397 472,984 233,224 291,495 1,801 660 41,233 June 1,081,275 428, 563 205,273 397,754 1,533 8,627 39,525 July , 114, 788 453.997 189,774 381,081 1,300 45,370 43,266 August ., 093,486 409,439 173,122 438, 511 758 36,190 35,466 September. ., 187,227 422,192 215,926 500, 637 587 7,141 40, 744 October. _. ,254,435 424,413 281,903 506,177 698 628 40, 616 November- , 377,128 415,216 335,908 579,238 646 564 45,556 December ., 567,814 528, 624 377,712 605,841 942 566 54,129 1928—January __. , 387,591 465, 275 372,538 511,852 657 566 36, 703 February- ., 263,814 470,680 359,883 405,551 535 26, 599 March 1,295,246 513, 233 342,790 414, 681 821 23,153 April 1,405,135 660,927 358,026 351,105 990 570 33, 517 May 1,471, 559 835, 502 348,600 1,000 571 29, 200 June 1, 531,103 1,018,735 243,540 231,907 790 573 35, 558 July 1, 530,993 1,089, 579 185,018 212,978 490 572 42,356 August 1,485,196 1,060,811 177,951 209,610 764 574 35,486 September. 1, 581,421 1,064,302 240,429 3,177 574 46,906 October 1, 621,327 975,204 367.595 236,914 4,433 645 36, 536 November. 1,652,841 897,309 470,638 238,335 4,160 729 41,670 December. 1,824,070 1,013,003 482,704 262,776 7,597 727 57, 263 1929—January... 1,613,093 859,223 472,543 228,528 730 42,461 February _. 1,501,565 889, 207 384,662 184,241 9,474 729 33,252 March 1,480,931 968,565 265,430 196,746 8,410 2,928 723 38,129 April 1,377,282 1,004,440 155,686 165,311 7,073 5,854 723 38,195 May 1,303,411 956,274 144,899 152,870 7,446 3,979 726 37,217 June 1,316,801 978,009 99,489 179,370 11,427 729 47,777 July.. 1,379,796 1,095, 623 74,815 147,473 10, 558 728 50,599 August 1,376,086 1,043,467 124,441 154,513 13, 644 724 39,297 September. 1,426,890 969,000 229,395 164,579 15, 594 740 47,582 October. _. 1,449, 620 884, 501 337,121 154,462 20, 387 764 52, 385 November. 1, 631,397 952,640 296,212 315,289 21,440 740 45,076 December. 1, 643,073 803,352 319,997 446,066 13,083 722 59,853 1930—January... 1,356,721 500, 780 313,839 484,818 13, 213 722 43, 349 February. . 1,181,330 377, 644 285,152 480,121 12,817 721 24, 875 March 1,094,634 273, 517 245,562 539,513 10,383 722 24,937 April 1,072,438 231,172 266,141 529,989 9,101 712 35,323 May 995, 534 246, 890 181, 725 528,636 8,413 710 29,160 June 999, 628 251,237 141,173 571,175 5,587 708 29, 748 July 1,003,327 226, 041 153.896 7,341 705 32,455 August 998,473 213,987 152,898 8,348 703 23,888 September. 1,015,903 188, 700 196,630 597,030 7,282 701 25, 560 October... 1,019, 750 185,470 601, 582 6,400 1,720 28,190 November. 1,033,401 220, 769 184,212 599,065 6,311 705 22,339 December. 1,273,145 337, 557 256.596 643,880 4,617 804 29, 691 1931—January... 1,129,438 252,886 205,841 647, 348 3,133 708 19, 522 February.. 936, 391 215,757 102,076 603, 373 703 14,482 March 920, 631 176,431 123,293 603, 940 703 16,264 April 952,286 154, 658 172.897 600, 280 43 697 23, 711 May 925, 914 162, 765 143, 759 598, 559 1,009 698 19,124 June 944, 969 187, 806 120,740 609, 537 5,444 2,133 1,480 17,829 July 954,174 169, 036 78,896 673,593 8,733 3,253 20,663 August 1,106, 906 222,270 134, 549 712, 254 5,954 18, 780 12,117 September. 1,313,103 280,153 259, 257 736,190 10,872 1,783 10,033 14,815 October... 2,087, 771 613, 012 691, 723 733, 054 22, 836 1,230 8,782 17,134 November. 2,034,542 695,081 560,341 726,612 31,574 8,792 12,142 December . 1,950,133 774,471 340,157 776,954 30,370 8,768 19,413 1932—January. __ 1,864,121 827, 998 220,824 759, 252 33, 581 8,638 13,828 February. . 1, 784, 734 847, 619 150, 817 742, 816 27,185 8,600 7,697 March 1, 651, 590 714,142 105, 358 809,087 6,727 7,845 8,431 , April 1,693, 537 605,054 52,174 1,014,032 4,831 6, 339 11,107 May 1,959,467 486,470 41,013 1,412,611 5,094 4,821 9,458 June 2, 262,095 494,992 49,990 1,697,121 5,521 3,646 10,825 July 2, 421, 929 522,888 59,771 1,818,465 5,892 2,739 12,174 August 2, 352, 615 450, 771 37,066 1,850,216 6,025 2,708 5,829 • September. 2, 282, 456 386,918 33, 6391,847,777 5,283 2,660 6,179 October. _. 2, 231,393 327,537 33,518 1,851,306 5,384 2,732 10,916 November. 2,211,403 313, 048 34,394 1,850,772 5,411 2,797 4,981 December. 2,191, 700 282,188 33, 7601,853,509 5,414 2,860 13,969 Back figures.—See Annual Report for 1928 (table 1). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

52 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 8.—DEPOSITS, RESERVES, NOTE CIRCULATION, AND RESERVE PERCENT- AGES OF FEDERAL RESERVE BANKS, BY MONTHS, 1928-32 [Monthly averages of daily figures. In thousands of dollars] Deposits Cash reserves Re- Month Total M re b e s a m e n r b v k e e r m U G er . e o n n v S - t - . F g o o b a r v a n e e n i d r g k n n - Other Total n c F r u o e e l s t d a e e e t r i c r v o i a e r n l - c s p a e e e g r n r v e t - - e ment 1928 January 2,472,425 2,426,360 19,438 5,233 21,394 2,944,811 1,413,756 1,664,263 71.2 February 2,419,482 2,368,092 25,606 5,373 20,411 2,971,768 1,486,132 1,597,043 74.0 March 2,411,714 2,365,030 23,018 5,368 18, 298 2,940,725 1,459,979 1,591,615 73.5 April 2,450,188 2,396,460 26,796 6,080 20,852 2,885,356 1,387,648 1,600,356 71.2 May 2,438,812 2,387,642 23,821 6,373 20,976 2,806,772 1,314,076 1,597,780 69.5 June 2,394,875 2,354,547 12, 797 8,437 19,094 2, 727,906 1,242,658 1,617,605 68.0 July 2,372,629 2,323,506 19,468 9,495 20,160 2,730,221 1,242,910 1,642,226 68.0 August 2,330,159 2,273,919 27,860 9,225 19,155 2,747,578 1,272,088 1,649,836 69.0 September 2,370,075 2,314,257 17,648 7,318 30,852 2,751,167 1,241,146 1,701,237 67.6 October 2,380,594 2,332,177 18,694 6,522 23,201 2, 753,956 1,230,562 1,725,464 67.1 November 2,401,637 2,352,294 17,542 6,419 25,382 2,767,562 1,228,727 1,745,656 66.7 December 2,415,052 18,807 6,483 22,954 2,714,744 1,128,688 1,851,969 63.6 1929 January 2,436,250 2,386,746 18,165 6,530 24,809 2,777,763 1,236,228 1,722,118 66.8 February 2,406,651 2,357,297 20,853 5,995 22,506 2, 826,670 1,318,945 1, 663,492 69.4 March 2,384, 675 2,336,507 16,820 9,239 22,109 2,848,586 1,346,046 1, 669, 759 70.3 April 2,367, 519 2,307,945 24,817 12,312 22,445 2,936,935 1,439,941 1,670,904 72.7 May 2, 350,927 2,296,409 22,498 7,997 24,023 2,987,484 1,499, 258 1,663, 504 74.4 June 2,374,439 2,314, 338 30,383 6,723 22,995 3,011,015 1,513,157 1, 667,011 74.5 July....... 2, 384,979 2, 333,545 20, 389 7,187 23,858 3,078,382 1,528,162 1, 788,692 73.8 August 2,368,430 2,322,411 18,969 5,584 21, 466 3,117,555 1,556,187 1, 831,044 74.2 September 2,395,383 2, 334,541 33,313 6,801 20,728 3,135,894 1,549, 600 1, 869,776 73.5 October 2,437,987 2,385, 644 24,233 6,345 21,765 3,157,885 1, 555, 552 1,872, 594 73.3 November 2, 576, 514 2, 521,324 22, 648 5,660 26, 882 3,166,713 1,489,966 1,937,418 70.2 December 2,437,914 2,395,022 15,859 5,775 21,258 3,040,010 1,408,179 1,946,402 69.3 1930 January 2.402,494 2, 349, 236 23, 769 6,132 23, 357 3,124, 536 1,564,91G 1, 796,883 74.4 February 2,361, 760 2,305,237 29,091 6,265 21,167 3,161,315 1, 663,575 1, 677,809 78.3 March 2,373, 079 2,330, 058 15,651 6,761 20, 609 3, 202, 080 1, 725,122 1,615,952 80.3 April 2, 408, 039 2,350,129 29,967 5,983 21,960 3, 209,467 1,744, 689 1, 554,910 81.0 May 2,418,430 2,356, 320 33, 590 5,625 22,895 3, 226, 367 1, 785, 713 1,485, 509 82.6 June 2,457,689 2, 391, 649 6,046 21,446 3, 212, 839 1, 776,127 1,441,303 82.4 July 2,476, 724 2, 417, 484 24, 473 6,096 28, 671 3,169,856 1, 746, 896 1, 390, 267 82.0 August 2,447,713 2,392, 225 27,815 6,015 21, 658 3,101,926 1, 706, 403 1, 347, 058 81.7 September 2,451,862 2, 397,156 28, 338 5,656 20, 712 3,106,714 1, 702,133 1, 366, 074 81.4 October 2,464, 406 2, 406, 590 30, 638 5,576 21,602 3,135, 397 1, 720, 542:1, 380, 781 81.5 November 2,488, 235 2, 432, 662 25,149 5,524 24, 900 3,158,122 1, 729, 503 1, 394,342 81.3 December 2,467, 472 2,415,005 25,811 6,147 20, 509 1, 590, 033 1, 587, 050 76.2 1931 January 2,489,841 2, 433, 310 28, 945 5,858 21, 728 3, 202,213 1, 704, 512 1, 565,642 79.0 February 2,426,456 2,370,352 31,150 5,561 19,393 3, 249, 218 1, 811, 352 1,471,516 83.4 March 2,442, 522 2,385,716 32,606 5,636 18, 564 3,276,754 1,837, 838 1,460,082 84.0 April 2,440,110 2,375, 904 37,124 5,890 21,192 3, 312, 763 1,847, 913 1, 527, 028 83^5 May 2,439, 591 2, 387,076 24, 534 6,029 21, 952 3,372,483 1,895, 684 1, 557,356 84.4 June 2, 482, 719 2,403, 719 43, 797 12,445 22, 758 3,490,351 1,958,891 1,656,271 84.3 July 2,513,090 2,406,922 22, 756 56,151 27,261 3,584, 709 2,008,439 1, 741, 720 84.3 August 2,571,028 2,345,379 38, 315 161,030 26, 304 3,619,914 1,969, 750 1,875, 760 81.4 September 2, 562, 842 2,332, 724 31,352 173,111 25,655 3,555,105 1,847,995 2,025, 287 77.5 October 2,496,158 2,255,556 32,459 166,853 41,290 3,019, 718 1,213,689 2,330,936 62.6 November 2, 322,874 2,118,112 33,296 139, 069 32,397 3,015,658 1, 221,292 2,453,400 63.1 December 2, 241, 316 2, 069,463 27,479 114, 816 29,558 3,131,513 1,321, 517 2, 563, 837 65.2 1932 . January 2,130,148 1,979,097 37, 695 8,639 04, 717 3,179, 686 1, 373,240 2, 652, 235 66.5 February 2,014, 397 1,907,477 33, 979 8,600 64, 341 3,154, 910 1,384, 334 2, 663,844 67.4 March 1,975, 263 1,898,965 39, 214 7,845 29, 239 3,190,828 1,457, 292 2, 605,484 69.7 April 2,102, 019 1,996,009 42, 756 6,339 56,915 3, 230,444 1,471, 621 2, 557, 789 69.3 May 2, 250, 302 2,137, 649 36,146 4,822 71,685 3,118, 253 1,305, 786 2, 562,152 64.8 June 2,165, 897 2,061,915 39, 047 3,647 61, 288 2, 799, 225 989,101 2,630,151 58.4 July... 2, 094, 343 2,002, 587 45,472 2,739 43, 545 2, 793,197 915,124 2,862, 633 56.3 August 2,153, 856 2, 073, 220 40, 321 2,708 37, 607 2,908,533 1, 015, 765 2,847, 296 58.2 September 2, 266, 783 2,181,129 51, 028 2,660 31,966 3,034, 378 1,123,154 2, 794, 624 60.0 October 2, 381, 297 2, 307,406 35, 886 2,732 35, 273 3,145,182 1, 218, 788 2, 732, 350 61.5 November 2,449, 892 2, 378,454 30,967 2,797 37, 674 3, 217, 710 1, 277, 288 2, 707,400 62.4 December 2, 508, 584 2,434, 553 30,845 2,860 40, 326 3,282, 905 1,308,863 2, 740, 096 62.5 Digitized for FBRacAk SfigEuRre s.—See Annual Report for 1928 (table 2) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 53 No. 9.—BILLS DISCOUNTED FOR MEMBER BANKS 1—HOLDINGS OF EACH FEDERAL RESERVE BANK, BY MONTHS [Monthly averages of daily figures. In millions of dollars] Federal Reserve Bank B to o n s- Y N o e r w k P p d h h e i i l l a a - - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - January 47.0 188.4 119.2 123.8 43.1 49.7 84.6 24.5 11.5 33.2 15.3 87.6 February 39.9 179.0 121.9 121.7 36.4 48.9 79.9 22.0 14.3 38.6 14.6 130. 5 March 35.5 140.3 96.8 108.8 34.4 37.9 58.3 19.1 10.5 35.3 13.2 124.1 April. 34.0 119.6 73.7 86.6 29.2 37.0 46.2 16.7 9.7 32.0 12.6 107.6 May __ 30.2 101.6 62.7 56.8 24.4 31.9 33.7 13.9 12.1 27.2 11.7 80.3 June 29.8 103.7 66.2 51.8 25.3 33.7 33.5 13.3 10.6 24.1 13,7 89.4 July 25.4 103.5 72.3 51.7 28.5 39.9 41.2 13.5 12.7 23.1 16.0 95.2 August 19.2 93.2 65.1 35.5 27.7 33.5 33.2 12.4 13.7 21.1 16.8 79.5 September 16.2 81.0 56.7 30.2 24.1 26.5 28.6 10.7 12.5 18.8 13.4 68.3 October 13.2 64.6 49.4 30.1 20.5 19.8 20.4 8.9 11.6 16.7 10.1 62.3 November 13.0 61.7 48.6 28.4 18.6 21.0 18.0 8.3 12.2 15.4 8.0 59.9 December 14.0 63.2 50.6 29.0 17.0 21.5 17.8 7.6 11.5 12.8 5.8 31.3 1 Including small amounts of bills discounted for intermediate credit banks, etc.; see tables 14 and 7B. Back figures—See Annual Reports for 1931 (Table 80), 1928 (table 72), and 1927 (table 55). No. 10.—RESERVE BALANCES OF MEMBER BANKS IN EACH DISTRICT, BY MONTHS [Monthly averages of daily figures, in millions of dollars] Federal Reserve District Month Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M p n o e i l a n i - s - K C s a a it n s y - Dallas F c S i r s a a c n n o - 1932 January 126.2 856.8 121.9 145.4 52.2 48.8 269.0 60.0 42.9 71.0 48.9 136.1 February 119.6 811.5 118.4 141.0 51.8 47.6 257.7 57.5 41.4 68.1 49.2 143.6 March 117.6 814.4 117.2 141. 0 51.6 48.1 254.1 58.1 41.5 67.6 47.7 140.2 April 116.6 910.6 116.0 141.7 50.7 47.1 262.6 57.7 41.4 66.4 46.3 138.9 May 126.4 1,004.0 116.5 141.1 50.1 46.0 304.4 56.8 40.5 67.3 45.3 139.4 June 134. 0 915.0 116.3 140.0 58.3 44.1 306.1 56.1 41.6 69.6 44.4 136.7 July 139.2 896.7 116.3 142.3 51.1 42.6 277.4 54.9 40.8 66.2 44.9 130.1 August 131.1 958.5 116.9 141. 3 50.1 42.4 294.4 53.3 38.9 66.9 43.0 136.4 September 126.9 1, 050.4 117.7 143.2 49.8 42.1 310.5 54.4 38.4 66.0 43.3 138. 2 October 127.4 1,123. 4 118.5 143.0 50.5 42.4 362.9 53. 8 37.8 65.3 43.4 139.1 November 127.6 1,170.1 120.6 141.0 51.4 42.3 378.4 58.3 38. 4 65.4 44.5 140.5 December 119.8 1, 205. 0 126.5 139. 5 51.2 42.8 399.1 56.5 39.0 65.8 45.8 143 4 Back figures.—See Annual Reports for 1931 (table 100) and 1927 (table 89). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

54 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 11.—BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE, BY MONTHS [Holdings of Federal Reserve banks at end of month. In thousands ot dollars] 1932 i State Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Maine. 3,637 3, 343 3,329 3, 397 3,795 3,861 3,905 3,548 3,202 3,228 3,202 2,956 New Hampshire '__. 2,651 2,791 4,059 3,625 3,775 3,770 2,810 1,940 1,784 1,184 1,080 1,223 Vermont 2,219 2,233 2,658 2,864 3,100 3,284 2,700 2,566 2,421 2,173 2,165 2,288 Massachusetts. 26,446 23, 74820,190 27,003 13, 03011, 524 6,012 4,817 3,791 5,383 3, 892 Rhode Island. . 2,590 1,535 1,319 1,559 1.380 454 '345 130 125 110 41 20 Connecticut 8,492 6,591 6,674 6; 084 5,907 7,817 5,097 4,039 3,603 2, 858 1,992 New York 163,972 99, 26286, 88467, 59464,617 66, 31665,334 58,185 44,419 40, 68639,713 35, 572 New Jersey 70,026 63, 86565,675 57,065 54, 37645, 59949, 74842, 27033.147 32,355 32, 22926, 876 Pennsylvania.-131,233 123, 50372,926 64,883 59, 39962,024 73,281 61, 60051,954 46,979 48, 57543, 724 Ohio 98, 396 102, 742 70,093 50, 59032,684 27, 27231, 65919,915 14,712 18, 01618, 25712, 747 Indiana 8,742 11, 752 8,546 5,902 4, 610 4,843 6,522 5,752 4, 208 3,014 2, 076 2,374 Illinois 19,588 17,802 13,422 10,495 9,064 16,271 15,438 10,994 9,320 5, 255 5,160 4,936 Michigan 59,319 45, 58424,428 23, 31415,087 9,622 10, 372 8,060 7,649 7,112 7,735 5,831 Wisconsin 5,146 6,434 3,331 3,990 4,501 3,620 7,606 5,976 3,696 4,117 3,873 2,833 Minnesota 6,467 7,870 2,143 2,789 5,997 2,358 3,787 3,449 2, • 3,925 4,316 2,790 Iowa 8,677 7,670 5,185 3,763 3,960 3,656 7,231 6,227 3,190 2,895 3, 357 2,466 Missouri 17,918 16,219 12,977 10,697 14,333 4,784 9, 594 5,532 3, 880 3,297 3,104 2,931 North Dakota.. 914 1,094 1,049 1,092 1,208 1,262 1,733 1, 857 1,404 1,440 1, 624 1,411 South Dakota__ 2,200 2,747 3,187 3,124 3,075 3,235 4,012 4,148 3,793 3, 830 3,825 3,072 Nebraska... 9,328 9,435 8,231 7,934 5,663 5,153 5, 749 5, 823 5,392 5,816 5, 077 4,209 Kansas 7, 9,363 6,611 7,235 6,272 4,026 4,238 3,"' 2,443 2, 760 3,057 2,401 Delaware 897 846 624 1,207, 1,311 987 919 453 351 320 596 325 Maryland 6,654 8,156 7,8 2,459 2, 738 2,682 4,412 5,762 3, 986 3,894 2,589 District of Columbia 3,216 2,159 2,076 2,707 2,325 2,666 3,454 1,081 1, 609 999 709 Virginia 14,017 12, 39211,337 10,641 9,787 9,690 10,046 8,492 7,920 7, 308 6,858 6,660 West Virginia. _ 5,218 4, 717 5, 295 5,547 6,090 6,282 6,623 5,401 5,853 4,499 3,472 3,763 North Carolina. 8,757 7,429 4,252 3,647 3,638 3,264 3,401 3,236 2,896 2, 685 2,026 2,150 South Carolina- 6,741 5,176 4,301 1,921 2,171 2,169 3, 612 2,698 1,977 1, 604 1,603 887 Georgia 8,471 9, 657 6,762 7,244 6,711 5,916 10,165 7,377 5,309 5, 269 5,382 4,567 Florida 1,376 879 581 584 942 849 851 1,031 1, 179 863 Kentucky... 5,443 3,584 4,811 3,232 3,562 2,729 3,433 3,400 3,201 2, 935 2,808 1,710 Tennessee. „. 11,066 9,202 7,331 6,562 7,494 3,433 8,318 7,672 3,424 6,423 6,457 3, 252 Alabama 11,416 10, 704 6,585 8,579 6,499 4,901 9,85" 7,051 3,246 3,657 3,971 2,860 Mississippi... 1,766 1,632 1,220 1,398 1,708 1,280 1,821 1,669 1,524 1,324 1,125 Arkansas 4,168 1,808 1,976 1,162 1,041 458 1,084 1,208 445 734 648 189 Louisiana 17,066 14,303 8,761 13,937 8,910 7,726 12,248 9,501 3,443 4,026 4,897 2, 766 Oklahoma.-.. 7,095 8,032 7,359 6,162 4, 633 3,656 2,998 3,105 2,653 1,634 1,160 1,136 Texas 12, 07611, 715 8?591 12,155 10, 756 9,978 17,179 14,032 9,494 7, 500 6,115 4, ^" Montana 1,119 1,963 2,119 2,19! 1,609 2,68' 2, 1,965 1,919 1, 550 Idaho 744 1,394 1,658 1,56: 875 1,566 1,568 968 1,430 1,206 401 Wyoming 1,177 1,810 2,104 2,089 1,857 2,344 2,446 2,711 2,071 1,064 882 Colorado 2, 365 2,342 2,449 3,069 3,409 4,628 4,488 4,166 3,827 3,098 2,654 New Mexico. 975 1,318 1,486 982 1,186 1,600 1,601 1,547 1,641 1,218 602 Arizona 707 277 372 219 897 1,530 990 642 25' 209 139 Utah 3,630 3,001 3,862 4,334 1,590 3,800 3,292 1,586 1, 562 1,170 689 Nevada 189 315 590 659 668 743 816 814 843 809 19 Washington. 15, 202 3,107 5,096 5,234 5,656 8,858 6,732 6,127 5,565 5,719 4,649 Oregon 5,026 4,387 3,310 2,252 2,513 2,944 2,808 2,482 2,486 1,775 1,469 California.... 86,873 119, 229 105, 61577, 71,513 62,203 85, 78760,146 42, 78155, 75741,058 15,733 i Figures given include borrowings by Federal intermediate credit banks as follows: Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Minnesota 1,998 1,956 186 205 53 Nebraska 1,016 1,810 1,754 1,764 54 80 80 192 116 174 Kansas 1,667 1,667 889 301 260 100 LSoouutishi aCnaarolina 2 1 , , 5 50 97 5 2 1 , ,3 3 9 0 5 5 2 1 , , 1 3 9 5 6 4 1,354 Texas 106 Washington 1,458 213 337 205 38 244 California 560 l~440~"426" 218 "268" 268 "175" Backf igures.—See Annual Report for 1931 (table 110). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

EESERVE BANK CREDIT 55 No. 12.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERV E BANKS, BY WEEKS [In millions of dollars] Bills'and securities Deposits U.S. Government Bills bought securities Date 1932 Jan. 6 1,888 818 275 237 38.2 766 750 16.0 3,159 2,169 2,036 133 2,651 Jan. 13— 1, 813 818 214 205 9.2 752 750 1.5 3,188 2,130 1,994 136 2,636 Jan. 20— 1,795 819 188 181 6.6 751 749 1.5 3,196 2,106 1,972 134 2,642 Jan. 27— 1,788 838 162 153 752 750 1.5 3,186 2,099 1,945 154 2,627 Feb. 3-.. 1, 796 855 156 141 14.6 749 747 1.5 3,168 2,054 1,937 117 2,664 Feb. 10— 1,764 819 169 152 17.3 741 740 1.4 3,163 2,021 1,905 116 2,662 Feb. 17.— 1,764 846 146 138 7.6 741 740 1.3 3,146 2,013 1,904 109 2,657 Feb. 24— 1,724 835 133 126 6.5 741 740 3,140 1,973 1,878 2,643 I Mar. 2—. 1,710 116 108 8.1 760 760 3,145 1,977 1,902 75 2,638 Mar. 9—. 1,680 748 138 118 19.7 785 785 3,167 1,989 1,910 80 2,617 Mar. 16— 1,616 661 106 97 8.6 842 842 3,206 1,978 1,919 58 2,601 Mar. 23-.. 1,589 666 82 80 1.6 835 835 3,218 1,983 1,911 73 2,573 Mar. 30— 1,578 633 62 4.1 872 860 11.6 3,235 2,019 1,911 107 2,546 Apr. 6 1,583 635 57 1.1 885 3,245 2,020 1,942 78 2,562 Apr. 13... 1, 670 629 52 985 3,233 2,124 2,011 113 2,537 Apr. 20... 1,696 565 48 .5 1,078 1,078 3,237 2,131 1,979 153 2,545 Apr. 21... 1,774 532 46 1,191 1,191 3,233 2,234 2,114 120 2, 527 May 4_ 1,842 506 45 1,287 1,287 3,203 2,237 2,147 90 2,562 May 11-.. 1, 904 471 43 1,385 1,385 3,164 2,273 2,144 129 2,551 May 18— 1,977 465 41 1,466 1,466 3,122 2,290 2,192 97 2,558 May 25... 2,040 471 38 1, 525 1, 525 3,064 2,321 2,214 106 2,533 June1 2,110 495 35 1, 575 1, 575 .3 2,953 2,243 2,125 118 2,564 June 8 2,188 502 36 1,645 1,645 2,830 2,210 2,112 2,557 June 15 2,260 496 66 1,692 1,691 2,766 2,198 2,101 2,576 June 22 _ „ 2, 277 54 1,730 1,730 2,766 2,173 2,066 107 2,616 June 29_-_ 2,340 52 11.7 1,801 1, 785 15.8 2,782 2,107 2,034 74 2,756 July 6 2,384 500 62 15.4 1,801 1,791 10.0 2,768 2,045 1,963 82 2,868 July 13..- 2,404 516 50 12.4 1,821 1,811 10.0 2,788 2,117 2,015 102 2,836 Jr\y,20-_. 2,431 538 44 8.4 1,836 1,823 12.5 2,809 2,135 2,036 100 2,862 Tii, ''"1... 2,412 525 38 1.5 1,841 1,828 12.5 2,826 2,165 2,072 2,834 Aug. 3.... 2,380 487 37 3.7 1, 846 1,833 2,845 2,115 2,012 103 2,858 Aug. 10— 2,348 452 37 2.2 1,851 1,838 12.5 2,881 2,135 2,062 72 2,844 Aug. 17— 2,336 443 36 1,851 1,838 12.5 2,930 2,174 2,080 94 2,839 Aug. 24—-. 2,319 427 35 1,851 1,838 2,959 2,203 2,142 61 2,825 Aug. 31— 2,324 433 34 1,852 1,839 12.9 2,241 2,146 95 2,814 Sept. 7—.2,311 420 34 1,851 1,838 12.5 2,991 2,220 2,142 79 2,832 S S e e p p t t . . 1 2 4 1 — — 2 2 , , 2 2 4 9 9 2 4 3 0 5 2 9 3 3 4 4 1 1, , 8 8 5 5 2 1 1 1 , , 8 8 5 5 1 2 3 3 , , 0 0 3 6 5 7 2 2, , 3 2 1 9 5 9 2 2, ,2 2 4 11 4 1 5 0 5 5 2 2 , 7 7 5 8 Q 9 Sept. 28—2,232 340 34 1,854 1,851 2.7 3,085 2,353 2,269 85 2! 721 Oct. 5 2,224 333 33 1,851 1,850 3,109 2,345 2,284 2,745 Oct. 12_- 2,217 328 33 1,851 1,851 3,124 2,357 2,246 111 2,738 Oct. 19___ 2, 204 314 34 1, 851 1,851 3,152 2,392 2,326 66 2,717 Oct. 26-.. 2,212 322 34 1,851 1,851 3,191 2,470 2,412 58 2,689 Nov 2—_ 2,216 326 34 1, 851 1,851 3,200 2,454 2,384 70 2,701 Nov 9—_ 2,201 311 34 1,851 1,851 3,196 2,404 2,342 62 2,715 Nov 2,198 307 35 1,851 1,851 3,219 2,459 2,400 59 2,700 Nov 23_._ 2,198 308 35 1,851 1,851 3,242 2,479 2,400 79 2,694 Nov 30— 2,200 309 35 1,851 1,851 3,242 2,484 2,411 74 2,692 Dec. 7 2,188 299 34 1,851 1,851 3,263 2,467 2,395 2,724 Dec. 14.— 2,174 284 34 1,851 1,851 3,279 2,485 2,425 2,714 Dec. 21 — 2,160 270 33 1, 851 1,851 3,281 2,521 2,446 2,756 Dec. 28 — 2,157 267 33 1,851 1,851 3,322 2,563 2,482 2,735 1 Includes " other securities." Back figures—See Annual Reports for 1931 (table 9), 1930 (table £ 1, 1929 (table 7), etc. Digitized for FRAS1E82R7 99—33 5 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

No. 13.—FEDERAL RESERVE BANKS—HOLDINGS OF BILLS DISCOUNTED, BY WEEKS, BY DISTRICTS [In thousands of dollars] Federal Reserve District Date Total New Philadel- Cleve- Rich- Minne- Kansas San Fran- 3 Boston York phia land mond Atlanta Chicago St. Louis apolis City Dallas cisco d > tr1 Jan. 6... 817, 966 50,866 198, 231 113,661 115, 582 43, 084 47, 324 88.179 22, 828 11, 659 33, 573 14, 297 78, 682 Jan.13.. 818,341 49,674 191,210 108, 654 130, 535 46, 549 53, 497 78, 305 23, 694 11, 841 33,519 15.931 74, 932 J J a a n n . . 2 2 7 0 . . . . 8 83 1 7 8 , , 9 6 8 3 6 9 4 4 3 3 , , 8 0 9 6 8 9 1 1 6 7 7 5 , , 5 2 5 0 6 3 1 1 1 2 4 7 , , 2 2 8 6 5 4 1 1 2 2 6 3 , , 0 0 2 5 3 6 4 3 2 9 , , 5 6 9 6 4 1 5 5 2 1 , , 3 3 0 4 3 1 8 8 2 3 , , 9 7 5 0 0 4 2 2 6 4 , , 4 5 8 6 3 9 1 1 1 1 , , 6 67 7 5 8 3 33 3 , , 9 5 1 0 5 4 1 1 5 6 , , 2 7 6 1 7 9 1 10 0 8 1 , , 6 25 5 8 0 § Feb. 3— 855,168 41, 313 190,415 117,925 116,791 37, 730 48, 876 87, 492 23, 754 14, 571 37, 650 14,616 124, 035 3 Feb. 10- 819, 435 39, 275 170,550 115,657 118, 780 35, 201 48, 899 78, 535 21,424 14, 089 36, 904 14, 399 125, 722 F F e e b b . . 1 2 7 4 - .. . 8 8 3 4 5 5 , , 2 7 4 8 3 1 3 3 9 9 , , 0 59 64 9 1 1 6 7 8 7 , , 8 9 2 8 0 0 1 1 2 2 2 2 , , 3 80 9 8 2 1 1 2 2 1 1 , , 2 0 1 8 7 7 3 3 4 6 , , 6 2 3 5 1 8 4 47 9 , , 9 5 0 6 5 0 7 71 5 , , 5 9 4 0 9 5 2 2 1 2 , , 6 6 0 1 3 0 1 1 4 3 , , 6 7 3 5 6 0 3 39 8, , 3 3 7 6 0 1 1 14 5 , , 1 0 4 3 8 3 1 1 3 3 7 4 , , 8 9 0 3 6 2 Mar. 2.. 828, 402 37, 289 161,632 125, 736 121,755 38, 294 47, 803 72.180 20, 045 13,192 39,939 15, 348 135,189 Mar. 9.. 747,979 34,071 137,476 102, 029 117,580 36, 054 42, 646 65. 511 18, 364 10, 630 38, 207 15, 097 130, 314 Mar. 16. 660, 792 32, 012 129, 675 87,217 103,275 ! 31,166 32, 463 54, 684 19,348 9, 015 33, 524 12, 955 115,458 Mar. 23. 665, 583 35, 938 132, 856 89,814 103, 708 32, 585 32. 274 48, 864 18, 824 9,032 31,638 10,609 119,441 Mar. 30. 633, 255 37, 223 138,178 77, 257 84, 794 32, 076 31,981 45,156 18,465 9,287 32, 217 10, 243 116, 378 Apr. 6— 635, 274 33, 594 131,248 74,457 93, 993 30, 924 34, 486 49,187 18,160 9,248 33,434 11,118 115,425 Apr. 13.. 628, 602 32, 788 122,177 74, 650 98, 429 27, 646 36, 312 48, 568 17, 002 9,586 33,125 12, 015 116,304 Apr. 20- 564, 523 31,922 107,809 69, 859 78, 815 27,121 40,129 42, 195 15,213 9, 954 30,138 14,131 97, 237 Apr. 27- 531, 824 32, 504 101, 839 67, 806 70, 119 25, 353 34, 257 38,991 14, 421 10,196 30, 647 14, 256 88, 435 May 4__ 505, 801 31, 632 104. 232 61, 774 63,199 23, 742 29, 960 38, 363 14,138 10, 454 29,737 11,152 87, 418 May 11. 471,373 28, 698 100,077 61, 085 58, 442 22, 621 30, 971 32,977 12,912 10, 556 28, 293 11, 244 73,497 May 18 _ 464, 943 28, 999 98,194 59, 848 53, 701 23, 674 30, 341 27, 642 13,233 12, 324 25, 651 11,381 79,955 May 25_ 471,267 30, 239 99, 738 62, 450 51, 808 24, 366 32,155 27, 510 14, 009 13,900 24, 816 11,811 78,465 June l-_ 494, 601 30, 204 105,101 64,230 50, 212 25,149 34, 045 30, 330 16, 421 11,056 25, 585 12, 625 89, 643 June 8__ 501. 911 29. 534 100.464 64.160 55, 674 25, 284 37, 549 33,973 13, 506 10,453 25, 947 15,099 90, 268 J J J u u u n n n e e e 1 2 2 5 9 2 - . _ 4 4 4 9 8 6 6 8 9 ' , , , 8 2 2 2 0 3 8 6 9 2 2 27 8 9 , , , 5 6 7 5 2 9 5 8 1 1 1 10 0 0 8 1 3 , , , 4 6 7 0 4 7 9 5 6 8 6 6 7 7 5 , , , 1 4 5 6 4 4 2 9 2 4 4 5 5 9 3 , , , 6 3 4 7 4 2 0 5 7 2 2 2 5 4 5 , , , 1 8 5 2 9 3 7 1 7 3 3 2 2 7 3 , , , 8 3 0 0 3 7 4 2 9 3 3 2 4 4 9 , , , 1 8 0 0 6 8 9 8 4 ' i 1 1 1 3 2 1 , , , 9 8 0 6 3 5 2 9 6 1 1 1 0 0 0 , , , 5 3 6 0 3 7 5 7 6 2 2 2 5 1 0 , , , 3 9 2 0 6 4 3 9 2 1 1 1 5 2 1 , , , 6 5 1 3 1 7 3 0 5 8 9 8 2 9 0 , , , 9 2 5 8 6 9 3 0 3 W O l July 6... 499, 826 28, 615 102,882 68, 442 | 53, 749 26, 444 35, 936 34, 774 13, 203 13, 040 22, 008 13, 238 87, 495 July 13- 515, 570 28, 817 103, 053 70, 385 I 52, 586 26, 284 39, 771 37, 126 12, 662 12, 384 22, 946 15, 743 95, 813 July20_. 537, 565 21, 996 102, 539 72, 359 52, 692 28, 616 43, 599 51, 346 13, 897 12, 606 24, 391 16, 809 96, 715 July 27.. 525, 380 22,805 103, 652 74, 088 | 45, 012 28, 369 42, 279 40,912 13, 492 13, 251 24, 266 18, 399 98, 855 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Aue. 3__ 487,183 20, 888 98, 635 69, 816 38, 392 27, 970 35, 783 35, 811 13, 678 13, 944 23, 635 18, 511 90,120 Aug. 10.. 451,938 20, 400 94,490 64,321 37,323 26, 855 30,485 33, 208 12, 449 13, 646 21, 224 17, 010 80, 527 Aug. 17_. 442, 860 18, 030 90, 974 63,005 35, 705 26, 989 33, 624 32, 693 12,482 13, 677 20, 367 16,153 79,161 Aug. 24_. 426, 704 18,199 90,922 61, 487 32, 641 26, 591 32, 357 30, 934 11, 246 13, 590 20, 323 15,823 72, 591 Aug. 31_. 432, 756 17,454 90,476 62,938 33, 547 26,174 33, 331 31, 276 11,619 13, 529 20, 432 15, 748 76, 232 Sept. 7.. 420, 428 16,189 90, 533 59,390 33,801 24,431 31, 262 30, 432 11,071 13,171 19, 527 14,885 75, 736 Sept. 14 _ 401, 933 15, 704 81, 446 56, 760 31,178 24,122 33, 445 29,192 10, 896 12, 335 18, 814 14,422 73,619 Sept. 21. 359,023 16,157 76, 737 54, 335 28, 014 22,215 22, 581 27, 258 10, 292 12,400 17, 978 12, 063 58,993 Sept. 28. 339,647 15,458 70,836 53, 043 28, 257 22, 943 24,825 9,646 11, 043 17, 502 11,614 57, 582 Oct. 5... 333, 427 14,115 68, 306 49,393 30, 628 21, 572 17, 805 22,480 9,112 10. 703 17,180 10, 670 61,463 Oct. 12__ 327, 667 12, 910 63,479 48, 717 31, 723 19, 490 19,105 21, 686 8,846 10, 960 16, 733 10, 623 63,395 O O c c t t . . 2 1 6 9 . . _ . 3 3 1 2 3 2 , , 3 53 2 9 2 1 12 2 , , 6 9 2 8 1 3 6 62 0 , , 2 6 9 3 9 3 4 4 8 8 , , 8 3 3 6 5 4 3 2 0 6 , , 8 30 3 3 0 1 19 9 , ,1 3 5 0 1 4 2 1 0 9 , , 3 8 4 9 9 5 1 1 8 8 , , 1 0 2 7 1 0 8 8 , , 3 9 2 4 9 3 1 1 2 2 , , 0 2 3 7 9 5 1 1 6 6 , , 2 5 7 0 9 0 9 9, , 7 3 7 6 1 7 5 6 7 7 , , 3 2 1 8 8 2 Nov. 2.. 326,044 12, 369 64,514 47,875 30,146 19, 692 20, 936 18, 247 9,152 11, 969 16, 293 8, 584 66, 267 Nov. 9__ 310, 953 12,076 58,478 47, 490 27, 057 19, 015 20, 610 17,030 8,792 12,195 16, 551 8,246 62, 783 Nov. 16. 307,172 12, 591 59,903 47, 515 27, 393 18, 588 20, 707 17, 403 8,849 12, 046 15,442 8,138 58, 597 Nov. 23. 307, 520 13, 521 63,464 49, 592 27. 231 17, 956 20, 808 17,559 7,918 12, 344 13, 847 7,616 55, 664 Nov. 30. 308,973 14,139 61,577 50, 355 30, 365 18,181 22, 583 18, 549 7, 532 12, 728 13, 901 7,202 51, 861 Dec. 7... 298,618 13, 848 65, 360 50. 279 30, 954 17, 398 22, 658 18, 609 7, 595 12,017 13, 360 6,061 40,479 5 Dec. 14.. 284,473 14,187 62, 947 50,415 30, 530 16, 463 23, 208 18,124 7, 593 11,737 13,281 5, 719 30, 269 Dec. 21.. 270, 315 14. 733 63, 577 49, 855 27, 985 16, 324 19,929 16,925 8, 095 11,442 12, 453 5,423 23, 574 Dec. 28.. 267, 382 13,383 60, 209 49,755 26,176 16, 528 24, 580 17, 063 7,016 . 10, 430 11, 860 5,265 25,117 w Back figures—See Annual Report for 1931 (table 83), 1930 (table 78), 1929 (table 72), etc. o tei Ox Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

58 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 14.—FEDERAL RESERVE BANKS—ASSETS AND LIABILITIES IN DETAIL, DEC. 31, 1932 * [Amounts in the column to the right are those shown in the Board's weekly statement, their components being shown in the column to the left. In thousands of dollars] ASSETS Gold with Federal Reserve agents _ 2,351,675 Gold redemption fund with United States Treasury.. 40,441 Gold held exclusively against Federal Reserve notes 2,392,116 Gold settlement fund with Federal Reserve Board 340,343 Gold and gold certificates held by banks: Gold coin 333,580 Gold bullion and foreign gold coin 84,249 Gold certificates __. 200,383 Total gold and gold certificates held by banks 418,212 Total gold reserves 3,150,671 Reserves other than gold: Legal-tender notes 49,746 Silver certificates 121,188 Standard silver dollars 9,595 Total reserves other than gold 180,529 Total reserves 3,331,200 Nonreserve cash: National and Federal Reserve banknotes „ 42,864 Subsidiary silver, nickels, and cents . 44,163 Total nonreserve cash. _ _ 87,027 Bills discounted: Secured by United States Government obligations: Discounted for member banks 60,952 Discounted for nonmember banks 48 Total secured by United States Government obligations 61,000 Other bills discounted: For member banks 172,882 For intermediate credit banks 349 For others 701 Total other bills discounted.. . 173,932 Total bills discounted.. 234,932 Bills bought in open market: Payable in dollars: Bought outright 3,634 Bought under resale agreement 0 Payable in foreign currencies 29,489 Total bills bought in open market 33,123 United States Government securities bought under resale agreement: Liberty bonds 20 Treasury bonds . 893 Treasury notes .. 3,198 Certificates of indebtedness. - 0 Treasury bills . 0 Total United States Government securities bought under resale agreement 4, 111 United States Government securities bought outright: Liberty bonds 389,195 Bonds issued since 1921 _.. 31,110 Other United States Government bonds._ 644 Total bonds 420,949 Treasury notes 296,505 Certificates of indebtedness _ . 718,964 Treasury bills._ __ 414,613 Total United States Government securities bought outright 1,851,031 Total United States Government securities.. . 1,855,142 Other securities: Federal intermediate credit bank debentures 0 Federal land bank bonds 0 Municipal warrants 4,818 Total other securities 4,818 Total bills and securities 2,128,015 i Before closing of books at end of year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 59 No. 14.—FEDERAL RESERVE BANKS—ASSETS AND LIABILITIES IN DETAIL, DEC. 31, 1932—Continued ASSETS—continued Gold held abroad.. 72,638 Due from foreign banks 2,976 Federal Reserve notes of other Reserve banks . 17,819 Uncollected items: Transit items - - 348,145 Exchanges for clearing house 11,135 Other cash items 22,883 Total uncollected items 382,163 Bank premises _ 57,900 All other resources: Claims account closed or suspended banks _.. 16,996 Premium on securities 9,434 Interest accrued ___ 8,141 Deferred charges 757 Suspense account and miscellaneous assets 1,899 Total all other assets - - 37,227 Total assets. 6,116,965 LIABILITIES Federal Reserve notes outstanding (issued to Federal Reserve bank) 2,987,015 Held by banks and branches 240,311 Forwarded for redemption 8,096 Federal Reserve notes in actual circulation 2,738, 608 Deposits: Members—reserve account ^ . 2,508,573 Government __ - 6,251 Foreign bank. 19,446 Other deposits: Nonmembers' clearing account 12,628 Officers' checks 4,448 Federal Reserve transfer and exchange drafts 149 All other - _ 6,461 Total other deposits 23,686 Total deposits __. _._ „ 2,557,956 Deferred availability items: Government transit items , 10,153 All other transit items 358,156 Total deferred availability items 368,309 Capital paid in 151,292 Surplus 267,579 All other liabilities: Earnings: Gross earnings 50,019 Current expenses 26,292 Current net earnings . .„_ .._„.. 23,727 Add—Profit and loss 3,675 Deduct: Furniture and equipment .. 248 Dividends accrued since closing of books _ _.. 9,281 Net earnings available for depreciation allowances, reserves, surplus, and franchise tax 17,873 Reserve for self-insurance „ 5,125 Reserves for losses account failed or suspended banks. 3,953 Miscellaneous reserves __ 344 Accrued dividends unpaid 889 Unearned discount 633 Accrued taxes, other than franchise tax, unpaid 806 Discount on securities 242 Suspense account and miscellaneous liabilities , _ 3,356 Total all other liabilities__ 15,348 Total liabilities ._ 6,116,965 Contingent liability on bills purchased for foreign correspondents 40,170 Back figures.—See Annual Report for 1931 (table 10), 1930 (table 9), 1929 (table 8), 1928 (table 6), etc. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

No. 15.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL) AT THE END OF EACH MONTH [In thousands of dollars] 1931 1932 Dec.31 Jan. 31 Feb. 29 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept.30 Oct. 31 Nov. 30 Dec. 31 ASSETS Gold with Federal Reserve agents 2,130,122 2,058 079 2,068907 2, 211,147 2 274556 2,100 537 1, 956, 267 1,969,152 2,081, 761 2,188, 686 2,192,084 2, 242, 398 2, 351, 675 Gold redemption fund with United States Treasury 55,616 56093 55743 44,565 35897 41 129 59, 784 62, 944 57, 668 48, 228 43,102 40, 048 40,441 Gold held exclusively against Federal Reserve notes _ __ - 2,185 738 2,114 172 2,124 650 2, 255, 712 2 310,453 2,141 666 2,016 051 2 032, 096 2,139 429 2,236 914 2, 235,186 2, 282,446 2, 392,116 Gold settlement fund with Federal Reserve Board 314090 339753 263663 276, 289 308.440 326 185 223421 242, 370 273486 245086 346,123 339,926 340, 343 Gold and gold certificates held by banks-__ 489, 064 m 596 549, 796 487, 702 385 438 322, 435 338, 337 360, 945 360, 046 411 179 421, 634 426, 952 418, 212 Total gold reserves 2,988 892 2, 975, 521 2, 938,109 3, 019,703 3 004331 2, 790, 280 2,577 809 2,635,411 2,772 961 2,893 179 3,002, 943 3, 049, 324 3,150, 671 Reserves other than gold 168770 193,463 201, 645 215,401 208493 197, 001 198808 200, 732 206702 197552 192, 353 192,635 180,529 Total reserves 3,157 682 3,168,984 3,139 754 3, 235,164 3 212, 824 2,987 287 2, 776,617 2,836,143 2, 979,663 3, 090,731 3,195, 296 3,241,959 3,331,200 Nonreserve cash 7261? 68,070 71548 77,805 66, 752 65957 67,493 70, 072 75,119 77,078 74,147 77, 071 87, 027 Bills discounted: For member banks 626791 887, 843 817,489 632, 366 550,889 489,494 439,307 537,450 432,324 330,882 327, 367 307, 883 233, 834 For intermediate credit banks 11044 10,801 10,573 5,916 4,643 408 528 605 80 285 330 466 349 For nonmember banks (secured by adjusted-service certificates) - _ - 458 451 415 268 233 172 155 163 186 118 88 84 48 For others 166 503 605 540 701 Total bills discounted 638,293 899 095 828,477 638, 550 555 765 490,074 439,990 538, 218 432,756 331,788 328, 390 308,973 234, 932 Bills bought: Payable in dollars: Bought outright 215266 144,611 68,819 31,843 16,760 4,690 21,677 7,445 3,264 2,456 3,160 4,228 3,634 Under resale agreement . 89992 8,322 6,852 4,936 307 14,155 4,840 Payable in foreign currency 334?9 33,478 30,778 30,736 30,837 30,762 30,645 30,834 30,849 30,659 30,652 29,489 Total bills bought 338 687 152,933 109,149 67, 557 47,803 35,527 66,594 42,930 34,098 33,305 33,819 34, 880 33,123 United States Government securities: Bought outright 774,631 744,925 740,032 860,070 1,227,814 1, 548, 869 1, 761,669 1,828, 828 1, 838,815 1, 851,011 1,850,895 1,850,766 1,851,031 Under resale agreement 42,329 1,500 11,562 300 22,052 12,500 12,900 2,658 4,111 Total United States Government securities 816,960 746,425 740,032 871,632 1,227,814 1,549,169 1, 783,721 1,841,328 1,851,715 1, 853,669 1, 850, 895 1, 850, 766 1, 855,142 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Other .Reserve bank credit: Federal intermediate credit bank debentures 26,185 32, 200 10,000 200i_ Federal land bank bonds 500 500 Municipal warrants 4,463 3, 93: 4,603 7,646 4, 905 5,285 5,214 5,957 5,915 4, 824 5,425| 5,411 4,818 Due from foreign banks 8,662 8,608 8,607 6,645 5,692 4,643 3, 655 2,887 2,668 2, 685 2,873 2,861 2,976 Reserve bank float 1 19,652 11,925! 8,019 4,611 8,208 10,946 10, 720 7,621 3,476 6,36: 5,610 2 641 13, 885 Total Reserve bank credit outstanding 1,853,402 1,855,623 1,708,887 1, 596, 841 1, 850,185 2,095, 644 2,309, 894 2,438, 9412,330, 6282, 232, 6182, 227,0122,202,250 2,144, 876 Federal Reserve notes of other Reserve banks 20, 055 16,137 15,916 15, 792 14,1 11,585 13,325 14,939 15, 082 12, 540 15,799 12,256 17, 819 Uncollected items not included in float 478,229 318,494 340,627 349,448 322, 590 306, 583 343,845 297, 613 308, 796 332, 818 295,428 354,109 368, 309 Gold held abroad 72,638 Bank premises 57,668 57,~82l| 57,821 57, 853 57, 857 58,084 58,086 58,119 58,121 58,120 58,137 58,169 56, 000 All other assets 32,697 37,759 39,577 36,199 38,134 40, 517 45,462 48,439; 47,613 44, 023 38, 840 39, 880 37,119 Total assets 5, 672, 325 5, 522, 888 5, 374,130 5, 369,102 5, 560, 350 5, 565, 657 5,614,722 5,764,266 5,815,022 5, 847, 9345,904, 6595, 985, 6946,114, 988 LIABILITIES Federal Reserve notes: Held by other Federal Reserve banks.. 20,055 16, 15,916 15,792 14,008 11,585 13, 325| 14, 939 15,082 12, 540! 15, 799 12,256 17, 819 Outside Federal Reserve banks 2,604,416 2,649,099 2,635,253 2, 547, 694 2,552,063 2,560,631 2,781,638! 2,843,970 2, 798,9382,737,144 2,693,616 2,680,030 2, 720, 789 Total notes in circulation 3_. 2,624,471 2,665,2: 2, 651,169 2,563,486 2,566,071 2,572,216 2,794,963 2,858,909 2,814,020 2,749,684 2,709,415 2, 692, 2862, 738, 608 Deposits: Member bank—Reserve account l,961,410l 1,947,334! 1,848,887 1,923, 5331 2,123, 827 2,051, 5052,146,183 2, 224, 6892, 382, 8802,410, 5942, 509, 490 Government 53, 637 39,4151 35,825 29, 548 21,928 17,271; 3, 756 57,367 59,429 51, 347 31, 826 23, 535 8,262 Foreign bank 79,099 73, 672; 16, 583 30,630 46, 805 74, 405! 9, 002 8,922 14,187 8,261 10, 356 25,94r 19,446 Other deposits 30,728 33,043j 38,023 28, 39' 32, 413 34,431 33, 378 39, 723 21, 485 28,182 21,071 24,150 23, 687 Total deposits 2,124,874! 2,093, 1,937,318 2, 012,1062,224,973 2,239,594 2, 028, 2632,157,517 2,241,284 2, 312,4792,446,133 2,484,228 2, 560, 885 Deferred availability items 478, 229 318,4941 334400,627 349,448 322, 590 306, 583 343, 845 297, 613! 308, 796 332, 818 295,428 354,109 368, 309 Capital paid in 160, 568 159,050 157,492 155,623 155, 237 154, 801 154,812 153, 738 153,099 152,996 152,096 151,591 151,292 Surplus 259,421 259,421 259,421 259,421 259, 4211 259,421 259, 421 259,421 259,421 259, 421 259,421 259,421 278, 599 All other liabilities 24, 762 27, 213 28,103 29,018 32, 058! 33, 042 33,418 37,068 38,402 40, 536 42,166 44, 081 17, 295 Total liabilities 5,672,325 5,522,888 5, 374,1305,369,102 5, 560, 3505,565,657j 5,614,722 5, 764, 2865,815,022 5, 847,9345,904,659 5,985, 694 Contingent liability on bills purchased for 6,114,988 foreign correspondents 250, 621 j 314,035 311, 870 335, 432 291, 837 182, 77ll 97, 729 59,498 49,043 43, 363 38, 649 32, 329 40,170 1 Uncollected items in excess of deferred availability items. 2 Deferred availability items in excess of uncollected items. s Differs from figures given in table 52, by the amount of Federal Reserve notes held by (a) other Federal Reserve banks and (b) the United States Treasury. Back figures.—See Annual Reports for 1931 (table 11), 1930 (table 10), 1929 (table 9), 1928 and 1927 (table 7), etc. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

No. 16.—CONDITION OF EACH FEDERAL RESERVE BANK AT THE END OF 1931 AND 1932 to [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 ASSETS • Gold with Federal Reserve agents 2,130,122 2,351, 675 147, 627 181,027 450, 337 616, 630 180,000 152,000 252,470 192,970 78,870 73,000 Gold redemption fund with United States Treasury 55, 616 40, 441 4,744 2,123 11, 543 6,155 7,190 5,497 7,480 5,833 2,018 1,857 3 Gold held exclusively against Federal Reserve notes. 2,185, 738 2, 392,116 152, 371 183,150 461, S80 622,785 187,190 157,497 259,950 198,803 80,888 74,857 Gold settlement fund with Federal Reserve Board 314,090 340, 343 40, 282 14,426 81,380 103, 793 14,282 20, 283 42, 229 31,180 7,813 11,069 Gold and gold certificates held by banks _ _ 489,064 418,212 20, 791 13,808 300, 478 289, 510 26,232 7,391 22,810 18,919 5,659 3,393 Total gold reserves 2,988,892 3,150, 671 213,444 211,384 843, 738 1,016, 088 227, 704 185,171 324, 989 248,902 94, 360 89, 319 Reserves other than gold - 168, 770 180, 529 17, 355 16, 561 37,739 52, 385 15, 237 20, 206 13,087 11,169 7,095 8,163 Total reserves - - 3,157, 662 3,331,200 230, 799 227, 945 881, 477 1, 068, 473 242, 941 205, 377 338,076 260,071 101,455 97,482 Nonreserve cash. 72, 612 87, 027 7,808 4,926 19,235 21,158 3,656 4,921 4,859 6,058 3,743 3,746 Bills discounted: Secured by United States Government obligations— 321,126 61,000 23,493 3,086 112,477 25, 332 48, 295 11,149 48,496 7,087 6,824 2,256 Other bills discounted _____ _ _ 317,167 173,932 19, 712 8,727 37,474 28, 269 68,117 36, 451 44,113 12,989 26,553 13,953 Total bills discounted .. 638,293 234,932 43, 205 11,813 149,951 53, 601 116,412 47, 600 92, 609 20,076 33,377 16, 209 Bills bought in open market 338, 687 33,123 33,431 2,248 163, 393 9,780 4,065 3,054 5,561 2, 978 10,099 1,867 United States Government securities: Bonds - - 360, 368 421,862 27,940 20, 334 114,688 187, 266 33, 749 31,171 31,349 36,692 7,810 9 648 Treasury notes _ 33,040 299,703 1,958 16, 527 18, 306 118, 675 1,761 23,404 2,320 33,900 562 8,116 Certificates and bills 423, 552 1,133, 577 31,104 59,807 176, 362 427, 413 33,142 84, 694 39, 582 111, 090 10, 709 29,368 Total United States Government securities 816,960 1,855,142 61,002 96, 668 309,356 733,354 68, 652 139, 269 73,251 181, 682 19,081 47,132 Other securities 31,148 4,818 2,130 14,315 2,907 5,610 1,000 700 Total bills and securities 1,825,088 2,128,015 139, 768 110, 729 637, 015 799, 642 194, 739 190,923 171, 421 204, 736 63, 257 65, 208 o Gnld hpld abroad 72,638 72 638 > T~)nft from foreign banks 8, 662 2,976 685 237 3,173 1,065 904 322 875 301 346 119 Federal Reserve notes of other banks _ ._ 20,055 17,819 234 439 6,084 6, 091 624 965 1,489 1,216 1,885 1,195 Uncollected items -- 497,881 382,194 5R. 575 44,702 164.867 118,170 43, 558 30, 359 41,319 30,956 37,228 28 260 Bank premises 57, 668 56,000 3,336 3,280 14,816 14, 393 2,626 2,989 7,807 7,509 3,605 3 237 All other assets.._ 32, 697 37,119 2,048 945 11, 242 18,389 1,397 1,339 3,158 1,299 2,832 3,054 Total assets . 5,672,325 6,114,988 443, 253 393, 203 1,737,909 2,120,019 490, 445 437,195 569,004 512,146 214, 351 202,301 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LIABILITIES Federal Reserve notes in actual circulation 2, 624,471 2, 738, 608 194,460 195,960 574,186 587, 566 269, 372 238,125 320,335 285,386 109,347 101,501 Deposits: Member bank—reserve account , 1,961,410 2,509,490 149,287 119,420 795,015 1, 256,951 123,939 121,686 147,646 146, 559 47,256 51,951 Government _ 53,637 8,262 2,538 668 25, 740 1,951 3,551 647 3,526 1,215 1,642 244 Foreign bank._ 79,099 19,446 5,764 1,592 27, 527 5,331 7,609 2,157 7,763 2,115 3,074 838 Other deposits- _ 30, 728 23, 687 240 38 13, 786 7,634 391 85 6,167 3,062 2,045 Total deposits _ _ _ 2,124,874 2,560,885 157,829 121,718 862,068 1,271,867 135,490 124, 575 165,102 152,951 52, 570 55,078 Deferred availability items _ 478, 229 368, 309 57,993 43, 754 158,126 114,499 41,826 28,853 39,425 29, 758 34, 532 27,188 Capital paid in 160, 568 151, 292 11, 749 10,856 61,639 58, 619 16, 600 16,045 14, 630 14,101 5,478 5,150 Surplus _ 259,421 278, 599 20,039 20,460 75,077 85,058 26,486 29, 242 27,640 28,294 11,483 11,616 All other liabilities _ ._ _ 24, 762 17,295 1,183 455 6,813 2,410 671 355 1,872 1,656 941 1,768 Total liabilities- 5, 672, 325 6,114,988 443,253 393,203 1,737,909 2,120,019 490,445 437,195 569,004 512,146 214,351 202,301 66.5 62.9 65.5 71.8 61.4 57.5 60.0 56.6 69.6 59.3 62.7 62.3 Reserve ratio (percent) CD FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve 2,926, 038 2,987,015 220,491 214,440 636,132 671,069 295,067 251,389 346,950 296,433 117,879 107,292 agent 301,567 248,407 26,031 18,480 61,946 83, 503 25, 695 13, 264 26,615 11,047 8,532 5,791 Held by Federal Reserve bank _ In actual circulation . 2, 624,471 2, 738, € 194,460 195,960 574,186 587,566 269, 372 238,125 320,335 285,386 109,347 101,501 Collateral held by agent as security for notes issued to banks: Gold 2,130,122 2,351, 675 147, 627 181,027 450,337 616, 630 180,000 152,000 252,470 192,970 78,870 73,000 Eligible paper 915,125 219,888 74,101 11,790 279,682 50,862 116,949 47,463 94,770 20,029 41,014 16,873 United States Government securities 427, 800 21,900 5,000 52,000 85,000 18,000 DO Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

No. 16.—CONDITION OF EACH FEDERAL RESERVE BANK AT THE END OF 1931IAND 1932—Continued [In thousands of dollars] Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 1931 1932 ASSETS Gold with Federal Reserve agents 91,800 62,000 483,620 699,870 64,885 73, 255 58, 470 41, 540 66, 680 61,480 40, 700 20, 640 214,663 177,263 Gold redemption fund with United States Treasury 2,725 2,878 9,627 3,392 2,382 1,513 704 2,214 3,126 2,101 809 1,256 3,268 5,622 Gold held exclusively against Federal Reserve notes..94, 525 64,878 493,247 703,262 67,267 74,768 59,174 43,754 69, 806 63,581 41,509 21,896 217,931 182,885 Gold settlement fund with Federal Reserve Board 7,416 8,185 50,484 92, 717 9,600 13, 963 9,367 7,797 15, 738 13,876 8,881 7,244 26, 618 15,810 Gold and gold certificates held by banks 7,620 9,104 52,862 27, 749 12,086 2,566 5,735 2,340 12, 227 9,601 3,639 4,247 18,925 29,584 Total gold reserves. 109, 561 82,167 596,593 823, 728 88,953 91,297 74, 276 53,891 97, 771 87, 058 54, 029 33,387 263,474 228,279 Reserves other than gold _ 6,061 5,060 29,277 27,811 12, 863 9,816 5,632 5,103 7,665 6,762 7,946 8,354 8,813 9,139 Total reserves 115,622 87,227 625,870 851, 539 101,816 101,113 79,908 68,994 105,436 93,820 61,975 41, 741 272,287 237,418 Nonreserve cash 4,368 5,018 10,859 19, 279 3,773 3,921 1,731 2,146 2,653 3,224 3,532 3,734 6,395 8,896 • Bills discounted: Secured by United States Government obligations 4,049 1,063 50, 272 3,813 10,190 3,981 1,074 352 4,568 465 543 572 10,845 1,844 Other bills discounted. „ 30,853 13,886 24,224 11,156 6,696 2,357 6,497 9,252 23,158 11,047 9,873 4,630 19,897 21,215 Total bills discounted 34,902 14,949 74,496 14,969 16, 886 6,338 7,571 9,604 27, 726 11,512 10, 416 5,202 30, 742 23,059 Bills bought in open market 13,235 3,439 42,052 3,964 12,823 973 7,329 612 11, 666 855 3,019 826 32,014 2,527 United States Government securities: Bonds - - 6,521 10, 281 53,354 40, 775 11,393 13,940 15,832 17,397 7,685 11,774 17,995 17,314 32,052 25,270 Treasury notes. ... 380 8,111 2,901 34, 301 783 11,306 589 8,110 548 9,846 536 6,150 2,396 21, 257 Certificates and bills 7,037 29,012 49,276 187,134 14, 923 40,910 11, 247 29,343 10,475 35,632 11,333 22, 257 28,362 76,917 Total United States Government securities. 13,938 47,404 105,531 262, 210 27,099 66,156 27, 668 54,850 18, 708 57,252 29,864 45, 721 62,810 123, 444 Other securities 850 500 3,490 880 903 411 400 1,870 Total bills and securities 62,925 66,292 225,569 281,143 57,688 73,467 43,471 65,477 58, 500 69,619 43, 299 51, 749 127,436 149,030 Gold held abroad Due from foreign banks _ «. 312 110 1,232 419 21 17 14 11 251 86 260 83 589 206 Federal reserve notes of other banks.- 1,230 1,239 3,105 2,674 1,270 1,312 810 717 1,482 772 397 318 1,445 881 Uncollected items 11,839 11,199 53,531 43, 214 18,088 15, 917 8,444 10,817 21, 391 18, 336 13, 404 12, 513 25,637 17, 751 Bank premises - - - 2,489 2,422 7,827 7,595 3,461 3,285 1,834 1,746 3,649 3,559 1, 785 1,741 4,433 4,244 All other assets. 3,111 4,164 1,297 1,454 1,995 1,082 1,373 1,723 1,054 818 2,302 1,226 888 1,626 Total assets 201,896 177,671 929,290 1, 207, 317 188,112 200,114 137,585 141,631 194,416 190, 234 126,954 113,105 439,110 420,052 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LIABILITIES Federal Reserve notes in actual circulation 120,626 97,139 519,471 692,150 86,941 103,930 69,130 80,967 82, 711 90,490 46,813 38, 783 231,079 226,611 Deposits: Member bank—reserve account 46,368 49,760 283,976 409,360 59,456 62,027 45,827 37, 760 75,229 68,490 48,811 46, 779 138, 600 138,747 Government _ _ 2,047 159 3,291 1,782 3,128 394 1,961 468 1,510 268 1,509 125 3,194 341 Foreign bank 2,767 775 10,376 2,806 2,690 733 1,768 461 2,229 607 2,306 586 5,226 1,445 Other deposits 172 1,056 691 2,080 566 1,201 356 348 60 159 246 658 7,455 5,321 Total deposits — _ 51,354 51, 750 298,334 416,028 65,840 64,355 49,912 39,037 79,028 69,524 52,872 48,148 154,475 145,854 Deferred availability items 12,001 10, 747 51,885 40,898 19,305 16,373 7,791 10, 738 19,674 16, 631 13, 223 12, 500 22,448 16,370 Capital paid in 5,158 4,679 18,011 16,] 57 4,693 4,360 2,951 2,885 4,185 4,052 4,135 3,910 11,339 10,478 Surplus _ _. . . _ 10,449 10, 544 38,411 39,497 10,025 10,186 6,356 7,019 8,124 8,263 7,624 8,719 17, 707 19, 701 All other liabilities 2,308 2,812 3,178 2,587 1,308 910 1,445 985 694 1,274 2,287 1,045 2,062 1,038 Total liabilities 201,896 177,671 929,290 1,207, 317 188,112 200,114 137,585 141,631 194,416 190, 234 126,954 113,105 439,110 420,052 Reserve ratio (percent). _ _ - . . .. 67.2 58.6 76.5 76.8 66.6 60.1 67.1 49.2 65.2 58.6 62.2 48.0 70.6 63.7 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent. 138,563 115,324 587,100 733,788 91,301 111,870 71,288 82,853 93,900 98,611 52, 654 43,908 274,713 260,038 Held by Federal Reserve bank 17,937 18,185 67, 629 41, 638 4,360 7,940 2,158 1,886 11,189 8,121 5,841 5,125 43,634 33,427 In actual circulation 120,626 97,139 519,471 692,150 86,941 103,930 69,130 80,967 82,711 90, 490 46,813 38, 783 231,079 226,611 Collateral held by agent as security for notes issued to banks: Gold 91,800 62,000 483, 620 699,870 64,885 73,255 58, 470 41,540 66, 680 61, 480 40, 700 20,640 214,663 177,263 Eligible paper 46,823 15,781 111, 564 14,681 27,287 6,201 13,341 7,525 37, 267 10, 639 12, 234 4,920 60,093 13,124 United States Government securities 39,000 22,000 32,500 34,900 29,000 18,500 70,000 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

66 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 17.—NUMBER OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL RESERVE- BA^KS, BY MONTHS, 1914-32 Month 1915 1916 1917 1918 1919 1920 1921 1922 January _.. 398 614 309 1,432 3,316 3,461 5,293 5,350 February- 469 451 262 1,353 3,091 3,338 5,107 4,847 March 570 535 315 1,568 3,575 3, 670 5,320 4,701 April 606 606 384 2,100 3,875 4,175 5,568 4,738 May 693 655 590 2, 793 4,035 4,642 5,632 4,636 June 813 678 900 3,021 4,047 4,948 5, 745 4,436 July.... 760 642 960 3,462 3,685 4,858 5,607 4,167 August. 711 483 990 3, 671 3,460 4,780 5, 453 4,042 September... 761 448 953 3,464 3,722 4, 758 5,427 3,944 October 794 383 1,140 3,610 3,839 4,952 5,572 3,793 November... 132 835 336 1,574 3,667 3,649 5, 275 5,622 3,859 December... 339 754 314 1,701 3,288 3,656 5,551 5,676 3,873 Year... 1,920 1,788 3,127 5,493 5,993 6,941 7,415 6, 956 Month 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 January. _. 3,294 3,663 2,554 2,838 2,825 2,256 2,691 3,049 2, 721 3,640 February. 2,976 3,465 2,415 2,659 2,566 2,104 2,597 2,730 2, 375 3,488 March 3,282 3,516 2,731 3,045 2,717 2,405 2,860 2,707 2,369 3,400 April 3,507 3,744 3, 016 3,155 2,707 2,522 3,185 2,753 2,185 3,391 May.... 3,942 3,795 3,209 3,282 2, 858 2,742 3,391 2,951 2, 334 3,365 June 3,999 3,706 3, 289 3,458 2, 834 2,957 3, 414 2,849 2,467 3,499 July 4,110 3,432 3,207 3,190 2,669 2,927 3,301 2,729 2, 344 3, 560 August- 3,960 3,052 2,979 3,016 2,511 2,797 3,012 2,466 2, 304 3,334 September. 3,600 2,786 2, 729 2,879 2,361 2, 562 2,822 2,194 2,525 3,122 October 3,752 2,663 2,796 2,856 2,377 2,663 2,917 2,400 3, 288 2,928 November. 3,732 2, 573 2,876 2,871 2,350 2,639 3,246 2,476 3, 210 2,884 December... 3,698 2,783 3,021 3,024 2,345 2,801 3,080 2,839 3,375 2,932 Year.. 6,333 6,060 5,183 5, 343 / 4, 4,718 5,113 4,991 5,260 5,017 No, 18.—NUMBER OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL RESERVE BANKS, BY FEDERAL RESERVE DISTRICTS, 1925-32 District 1925 1926 1927 1928 1929 1930 1931 1932 Boston 297 286 261 265 306 280 294 260 New York 600 603 602 623 651 658 736 717 Philadelphia.. 450 558 552 562 594 613 722 609 Cleveland 483 466 430 421 475 459 457 408 Richmond 428 430 383 386 384 345 353 309 Atlanta 320 333 300 315 352 311 301 217 Chicago 825 814 746 685 708 656 695 662 St. Louis 339 330 309 292 338 343 334 303 Minneapolis- 290 270 275 224 249 234 266 333 Kansas City.. 410 453 377 381 417 447 432 470 Dallas.. 361 453 318 296 359 375 375 353 San Francisco 380 347 316 268 280 270 295 376 Total..-. 5,183 5,343 4,869 4,718 5,113 4,991 5,260 5,017 Back figures.—See Annual Reports for 1928 (table 97), 1922 (table 48), 1919 (table 39), 1916 (p. { i), and 1915 (p. 71). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 67 No. 19.-—NUMBER OP MEMBER BANKS DISCOUNTING PAPER AT FEDERAL RESERVE BANKS, BY STATES, 1924-32 State 1924 1925 1926 1927 1928 1929 1930 1931 1932 New England: Maine _ - 42 37 33 31 29 32 31 33 28 New Hampshire 42 39 39 36 37 40 42 42 25 Vermont 36 28 30 28 22 43 32 32 34 Massachusetts 148 146 135 126 133 142 128 134 124 Rhode Island 13 14 12 6 11 11 8 10 8 Connecticut __ 45 41 46 44 43 51 50 54 51 Middle Atlantic: New York _ 436 438 429 418 437 455 459 526 51J New Jersey 221 235 247 261 264 264 282 406 294 Pennsylvania 592 509 613 596 610 673 671 667 648 East North Central: Ohio 281 285 276 251 241 262 252 247 213 Indiana 169 149 141 135 131 143 130 ]22 124 Illinois 342 311 321 286 267 311 287 308 289 Michigan. 177 161 174 182 166 183 139 193 167 Wisconsin 95 73 68 71 78 85 89 83 105 West North Central: Minnesota 139 99 91 85 80 78 67 83 113 Iowa _ __ 303 265 230 190 153 131 162 147 152 Missouri 123 110 108 124 116 121 123 117 103 North Dakota _ 106 52 53 66 61 59 47 39 48 South Dakota 95 52 59 52 36 40 49 63 60 Nebraska . 133 108 112 109 97 102 101 101 107 Kansas 118 74 95 87 105 108 120 117 12Q South Atlantic: Delaware 15 15 14 16 16 13 14 17 17 Maryland __ 58 54 54 53 50 55 46 51 48 District of Columbia 11 9 10 9 9 8 8 9 9 Virginia 155 146 143 124 132 139 125 126 121 West Virginia 92 82 83 74 77 81 78 96 77 North Carolina 80 78 75 72 78 61 61 53 40 South Carolina. _ 78 69 74 59 48 49 35 27 22 Georgia 156 131 121 104 108 115 96 94 02 Florida 42 17 41 35 36 49 35 31 23 East South Central: Kentucky 75 67 60 52 51 72 68 71 74 Tennessee 80 63 65 56 53 62 67 73 54 Alabama 90 88 88 79 92 103 91 86 56 Mississippi 32 26 31 32 33 33 33 25 21 West South Central: Arkansas . 88 77 74 59 55 50 61 53 44 Louisiana 41 35 28 29 30 30 27 24 24 Oklahoma 237 146 167 100 102 113 127 117 121 Texas 415 309 417 290 267 323 346 345 324 Mountain: Montana _ 102 60 48 45 25 45 40 41 53 Idaho 66 56 38 38 28 23 27 29 43 Wyoming 27 11 9 10 8 13 14 17 25 Colorado __ 76 72 67 60 51 64 68 66 78 New Mexico . _ 27 21 14 10 12 18 11 16 21 Arizona 19 8 8 6 3 6 4 7 10 Utah 34 36 33 33 35 33 31 32 32 1 1 1 2 4 7 Pacific: Washington 87 82 78 73 67 80 75 76 94 Oregon _ _ 61 60 57 56 48 60 51 52 68 California 159 138 134 111 87 80 81 98 125 Total 6,060 5,183 5,343 4,869 4,718 5,113 4,991 5, 260 5,017 Back figures.—See Annual Reports for 1930 (table 105), 1922 (table 49), 1919 (table 30), 1918 (table 23), and 1917 (p. 104). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

68 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 20.—BILLS DISCOUNTED BY FEDERAL RESERVE BANKS- -HOLDINGS AT THE END OF EACH MONTH, BY CLASSES [In thousands of dollars] 15-day member Rediscountedbills bank collateral Demand notes and time Disadvances counts member for indi- Total Se- banks viduals, End of month cla ( s a s l e l s) a c m p n u C d a e l p o t r u a c e m g r r ia - a r i l l i- m d s a D r i a g a n e f n d h - t t d s a B a c e n a c r n c e s' e p k s t - - a T a c n r c a c e d e p e s t- o b c m b G y e u l r U e o r i n g e n v . - t S a d - - . G b S o y m e t o b i c v o l e U u i e n g n r . r s a t e S n - d . - s O e w c t u h is r e e e r d - 1 R F s u 0 e e e n c d s ( d t b e e i e ) r o r v r a n o e l f p r c s a a o h a r t r i n i t p o n p d o n s e , - s r tions Act 1932 January 899,095 237,883 125 879 2,922 4,959 470, 349 181,978 February 828, 477 224, 389 151 675 2,769 5,156 458,163 137,174 March 638, 550 189, 781 87 733 2,853 2,610 312, 881 129, 559 46 April 555, 765 180,471 47 546 3,142 2,362 242, 361 122, 936 3,900 May 490,074 162, 344 51 618 3,044 2,136 206, 031 111, 290 4,560 June 439, 990 162,490 26 597 3,035 2,112 154, 639 97, 872 19, 219 July . . - 538, 218 181, 994 91 1,110 2,776 2,603 202, 022 126,112 21, 510 August. 432, 756 153,371 110 886 2,372 2,181 155, 364 102, 523 15, 784 165 September .. 331, 788 126, 674 273 538 2,357 1,295 102, 305 82, 707 15,135 504 October 328, 390 112, 087 128 118 1,807 1,139 113, 770 84, 321 14,415 605 November- 308, 973 107, 685 138 77 2,008 1,064 102,189 81,150 14,123 539 December 234,932 89, 635 128 116 1,422 1,000 60, 000 67, 956 13,974 701 1 Not elsewhere specified. NOTE.—Figures include bills discounted for Federal intermediate credit banks as follows: January, $10,801,000; February, $10,573,000; March, $5,916,000; April, $4,643,000; May, $408,000; June, $528,000; July, $605,000; August, $80,000; September, $285,000; October, $330,000; November, $466,000; December, $349,000- Figures also include notes secured by adjusted-service certificates discounted for nonmember banks as follows: January, $451,000; February, $415,000; March, $268,000; April, $233,000; May, $172,000; June, $155,- 000; July, $163,000; August, $186,000; September, $118,000; October, $88,000; November, $184,000; December, $48,000. Back figures.—See Annual Reports for 1931 (table 14), 1930 (table 13), 1929 (table 12), and 1928 (table ID. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

69 RESERVE BANK CREDIT No. 21.—BILLS DISCOUNTED—HOLDINGS OF EACH FEDERAL RESERVE BANK ON DEC. 31, 1932, BY CLASSES [In thousands of dollars] 15-day member Feder b al a n R k eserve c T la ( o s a s t l a e l s l ) c m u C a e a l g o r t n u c r m d i i r - a - a l l m d s a D R r i a a g n e e n f h d - t d d t s isc a B a o c e n a c u r c n e s n ' e p k t s t e - - d a T c b r c i a l e l d p s e t- S b o m e G y b e c l l r e o u i n l g n v r . - S a e t - - d S b o b m y e G b a e c l r n e o u i n U g k n v r - a n e . t - S c - d o . o t s e l O l e s a w c t t u h e is r r e e e a r d l - o b a s a D t R f e o d e n u e c r e v F d A n m . m s a b e 1 d e t c n d 0 a e a i e r t c m e m n ( v n r b e r k e d e - a s ) s l v p f r o c c s a i a D d o h o r a r t i r t u n i u i i s o n p p n d a n - e o n s d l t , r s - s s i - , paper * tions tions Boston 11,813 3,921 14 13 3,073 4,770 New York 53,601 4,502 219 28 25, 304 20, 253 465 Philadelphia 47, 600 17, 644 49 11,100 18,418 143 3 Cleveland 20, 076 10, 251 586 407 2,147 Richmond 16, 209 11,447 98 80 ,176 2,408 Atlanta 14,949 9,478 136 927 2,677 1,425 Chicago 14,969 10, 808 134 3, 679 301 St. Louis 6,338 81 28 3,953 2,169 Minneapolis 9,604 6,695 283 2,436 Kansas City 11,512 8,195 429 2,800 46 Dallas 5,202 3, 552 ) 572 1,065 San Francisco 23, 059 3,061 20 1,824 8,512 9,554 Total 234, 932 89, 635 1,422 1, 000 60, 000 67, 956 13, 974 i Not elsewhere specified. 2 Less than 500,000. Back figures.—See Annual Reports for 1931 (table 81), 1930 (table 76), 1929 (table 70), 1928 (table 73), etc. ;\0# BILLS DISCOUNTED—HOLDINGS OF EACH FEDERAL RESERVE BANK ON DEC. 28, 1932, BY MATURITIES [In thousands of dollars] Maturity Federal Reserve bank Total Within 16 to 30 31 to 60 61 to 90 91 days to Over 6 15 days days days days 6 months months Boston 13,383 10, 561 815 1,337 513 157 New York .- - 60, 209 54, 770 1,375 3,031 884 139 10 49, 755 37,447 4,496 4,777 2,918 117 Cleveland 26,176 14, 225 3,852 4,222 3,380 455 42 Richmond 16, 528 7,764 2,423 3,701 2,208 402 30 Atlanta - - - - 24, 580 16, 044 2,603 3,015 2,671 215 32 Chicago - - 17, 063 7,171 1,902 3,366 2,762 1, 663- 199 St Louis 7,016 6,841 34 43 18 15 65 M inneapolis 10,430 4,166 600 1,047 1,392 2,582 643 Kansas City - - 11,860 4,518 881 1,652 1,639 2,689 481 Dallas ' -- 5,265 2,470 621 867 518 694 95 San Francisco 25,117 21, 604 686 1,955 600 236 36 Total 267, 382 187, 581 20, 288 29, 013 19, 503 9, 364 1,633 Back figures—Bee Annual Reports for 1931 (table 82), 1930 (table 77), 1929 (table 71). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

70 ANNUAL REPOBT OF THE FEDERAL RESERVE BOARD No. 23.—BILLS BOUGHT BY FEDERAL RESERVE BANKS—HOLDINGS AT THE END OF EACH MONTH, BY CLASSES [In thousands of dollars] Bills payable in dollars Bankers acceptances Based on— Bills Based on pay- Goods goods able in End of month Total stored in stored in Trade foreign Total United foreign accept- cur- Total U p i I n n o m i t r t o t e - s dU p f n E r o o i x r t m - t e s d c o S ( h r r w e o t s a d a u h t i r s e t i e s p e s - ) - c D h o e a x l n l - a g r e c o p f o t o e r w u r d s n e e h i t e g b r i n i p e n e - - s o A th ll er ances rencies States States ped be- points tween domestic points 1932 January 152,933 119,489 119, 489 16,417 18, 919 32,470 2,239 47, 428 2,016 33,444 February 109,149 75, 671 75, 671 9,197 11,920 27,177 782 24, 650 1,945 33,478 March 67, 557 36, 779 36,131 4,334 5, 766 12,478 527 12,310 716 648 30, 778 April 47,803 17, 067 16, 259 1,478 2,334 6,426 440 5,240 341 808 30,736 May 35, 527 4,690 3,883 216 429 2,594 500 123 21 807 30,837 June 66, 594 35,832 35, 618 4,074 6,048 19,122 681 5,401 292 214 30, 762 July 42,930 12, 285 11, 770 1,307 1,173 4,742 529 4,014 5 515 30, 645 August 34, 098 3, 264 3,264 405 121 666 504 1,568 30, 834 September 33, 305 2,456 2,456 136 152 1,083 501 584 30,849 October 33, 819 3,160 3,160 88 163 1,822 500 587 30, 659 November. __34,880 4,228 4,228 48 439 2,700 150 841 50 30, 652 December 33,123 3,634 3,634 183 478 2,227 696 so 29,489 Back figures.—See Annual Reports for 1931 (table 15), 1930 (table 14), 1929 (table 13), 1928 (table 12), etc. No. 24.—ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES—HOLDINGS OF FEDERAL RESERVE BANKS [In thousands of dollars] End of month 1924 1925 1926 1927 1928 1929 1930 1931 1932 January 1,274 1,015 2,051 719 1,019 1, 035 36,119 33,444 February. 1,072 795 1,897 1,034 1,029 1, 038 23, 958 33,478 March 961 1,137 2,035 1,697 1,036 1, 040 1,063 30, 778 April _ - - 1,149 1,213 1,334 1,145 1,036 1, 054 1,074 30, 736 May 602 1,203 1,388 414 1,040 1,058 1,073 30,837 June. __ 687 1,643 12,489 258 1,043 1, 064 10, 551 30, 762 July 857 1,036 13, 399 258 2,061 1, 065 34, 371 30, 645 August 720 1,043 13,947 259 12,346 1, 071 145, 215 30, 834 September 1 2,469 1,270 1,506 8,495 262 16, 955 1, 075 48, 804 30, 849 October 2,560 911 1,623 2, 283 1,007 17, 795 21, 583 33, 501 30,659 November _. 2,880 642 1,720 1,167 1,016 1,990 31, 587 33, 386 30, 652 December 1,267 914 2,189 837 1,017 1,627 35, 983 33,429 29,489 i The first purchase of acceptances payable in foreign currencies was on Sept. 18,1924. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 71 No. 25.—HOLDINGS OF BILLS DISCOUNTED AND BILLS BOUGHT BY FEDERAL RESERVE BANKS, BY MATURITIES, 1931-32 [In thousands of dollars] Maturity Date Total 91 days W 15 i d th a i y n s 16 d a t y o s 30 31 d a t y o s 60 61 to 90 mo to n t 6 hs m O o v n e t r h 6 s Bills discounted: 1931—Jan. 28.. 215,137 131,600 18,931 30,584 21,021 10,924 2,077 Feb. 25.. 189,847 117,738 16,946 27,188 16,388 8,430 3,157 Mar. 25. 165, 425 102,694 14,152 22,426 14,236 7,817 4,100 Apr. 29.. 155,151 98,316 12,065 19,123 13,143 10,277 2,227 May27_. 152, 852 86, 762 13,313 23, 513 12,864 15, 395 1,005 June 24.. 197, 678 126,332 14, 470 22,208 15,907 18,318 443 July 29.. 183,036 110,015 13,160 23, 942 22, 559 12,874 486 Aug. 26.. 241, 718 155,446 17, 768 37,689 23,327 6,975 513 Sept. 30. 327,925 245,975 19, 562 35, 058 21,808 4,966 556 Oct. 28.. 716, 680 496,925 52, 234 102, 795 51,075 12,390 1,261 Nov. 25. 686,401 496,318 63, 758 71, 242 33,918 19,366 1,799 Dec. 30.. 1,023,883 851, 308 39,895 61,106 51,407 18,156 2,011 1932—Jan. 27._ 837, 639 648,606 45,472 73,685 48,664 18,536 2,676 Feb. 24.. 835, 243 651, 541 46,619 72,387 45,350 15,258 4,088 Mar. 30.. 633, 255 486,632 37,151 56,830 34,414 13,864 4,364 Apr. 27- 531,824 388,169 35, 894 50, 743 37,239 16,312 3,467 May 25_. 471, 267 334,792 32, 074 50,172 29,465 20,546 4,218 June 29.. 469,828 326,127 31,458 51,548 36,725 23,188 782 July 27- 525,380 370, 062 38,281 53, 992 42,733 19,776 536 Aug. 31 _. 432, 756 304,870 33,378 49, 502 33,623 10,833 550 Sept. 28.. 339,647 236,003 27,998 41,266 27,174 6,557 649 Oct. 26__ 322, 322 232, 592 24, 777 20,717 7,142 1,110 Nov. 30., 308, 973 224, 502 22, 795 30,572 20,088 9,415 1,601 Dec. 28- 267,382 187, 581 20,288 29, 013 19, 503 9,364 1,633 Bills bought: 1931—Jan. 28... 120, 241 45, 372 17, 745 32,927 23,341 856 Feb. 25.., 106, 317 39,496 36,653 23, 608 5,844 716 Mar. 25. 83, 272 54,399 17,835 9,666 1,245 127 Apr. 29.. 169, 765 101,395 27,321 22,301 18,440 May 27.. 124, 501 46, 582 30,805 42,768 3,848 498 June 24.. 106,390 57, 073 27, 832 17,280 4,088 117 July 29... 66, 536 21, 782 7,821 4,303 32,532 98 Aug. 26.. 180, 518 29,120 25,181 2,128 124,051 38 Sept. 30.. 468, 527 119, 241 60,113 116,763 167,987 4,423 Oct. 28... 724, 680 113,109 114, 504 275, 279 214, 263 7,525 Nov. 25.. 479, 798 158, 236 139, 364 169, 359 11, 688 1,151 Dec. 30... 326,975 192,124 50,940 19,056 759 1932—Jan. 27.-. 162, 261 53,133 24, 324 50, 766 33, 570 468 Feb. 24... 133, 382 50,110 26, 554 21,129 35,564 25 Mar. 30.. 66, 362 28,602 10,970 15,810 10,742 238 Apr. 27.. 45,874 8,567 10, 769 19,280 270 May25_. 38,373 6,054 10,092 10,095 11,892 240 June 29._ 63,519 29, 041 2,545 2,945 28,975 13 July 27... 39, 700 7,663 7,241 12,122 12,674 Aug. 31-. 34,098 10,009 9,438 3,836 10,815 Sept. 28.. 33,604 2,267 1,644 1,792 27,871 30 Oct. 26__. 33,695 5,857 5,689 11, 575 10,574 Nov. 30.. 34,880 11, 276 7,850 7,319 8,435 Dec. 28... 33,307 6,452 5,742 10,385 10,728 Back figures—See Annual Eeports for 1931 (table 16), 1930 (table 15), 1929 (table 14), 1928 (table 13), 1927 (table 13), 1925 (tables 20 and 25), 1924 (tables 21 and 30), etc. 182799—33 6 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

72 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 26.—HOLDINGS OF UNITED STATES GOVERNMENT SECURITIES BY FEDERAL RESERVE BANKS AT END OF EACH YEAR, 1928-32, BY CLASSES [In thousands of dollars] 1928 1929 1930 1931 1932 TOTAL HOLDINGS Bonds: 2 percent consols of 1930 915 915 915 2 percent Panamas of 1936-38 237 237 237 0) C1) 3 percent conversion bonds of 1946-47.. 2 1, 796 2 1, 796 2 1, 796 2 655 2 644 3MJ percent Liberty loan 51 1 10,102 84,525 25, 027 4)4 percent Liberty loan 3 40, 524 3 72, 253 103,060 3 213, 240 364,188 3% percent Treasury bonds of 1940-43_. 842 12 5,009 14,854 13, 776 3% percent Treasury bonds of 1941-43- 13, 245 5,987 3% percent Treasury bonds of 1943-47- 2,784 187 3,202 8,560 5,791 4}i percent Treasury bonds of 1947-52.. 156 7,852 717 84 4 percent Treasury bonds of 1944-54 6,119 516 27,712 7,379 398 3% percent Treasury bonds of 1946-56- 460 900 3,900 5,082 2,875 V/% percent Treasury bonds of 1946-49-. 10, 272 1,849 3 percent Treasury bonds of 1951-55.,— 1,837 1,243 Total bonds. 53,884 76, 817 163, 785 360,366 I 421,862 Treasury notes 105, 963 215, 604 226, 473 33, 038 299,703 Certificates of indebtedness. 68,217 161, 916 315, 028 271,199 718,964 Treasury bills 56, 250 24,181 152,354 414, 613 Total U.S. Government securities. 228, 064 510, 587 729, 467 816, 957 1,855,142 BOUGHT OUTRIGHT In System investment account: 33^} percent Liberty loan 80,025 25, 025 4}4 percent Liberty loan 33, 950 131, 790 310, 591 Treasury notes 35,301 63, 365 159,532 i 20,000 282, 334 Certificates of indebtedness- 40, 291 129,935 223,463 252, 283 649, 200 Treasury bills 50, 250 24,181 82, 718 372,458 Total in special investment account _ 75, 592 277, 500 435,224 566,816 1, 639, 608 In other accounts: Bonds: 2 percent consols'of 1930 915 915 915 2 percent Panamas of 1936-38 237 237 237 (0 0) 3 z 4 4 3 3 3 y % M % M H p % e p p p p p r p e c e e e e e r e r r r r c c c r c c n c e e e e e t e n n n n n c n t t t t t o t T L T L T n T r v r i r i b e e r b e e e a a e a r e a s s s r s r i s u t u t u o y y u r r r n y y r y l l y o o b b b b a a o b o o o n n n o n n n d n d d d s d s s s s o o o o f o f f f f 1 1 1 1 9 1 9 9 9 4 4 9 4 4 0 4 6 1 7 - 3 - - - 4 4 4 5 - 3 4 3 7 2 _ 7 . . . . . . . .. 3 2 3 2 9 1 , , 6 , 1 7 3 7 5 6 5 1 4 9 6 3 1 3 6 3 2 3 2 1 , , 1 2 7 8 1 2 9 7 2 1 3 6 3 2 6 3 7 9 5 0 1 , , , , , , 2 8 0 2 2 7 0 5 5 0 4 9 2 2 2 9 4 6 3 1 1 6 8 4 1 4 8 2 , , , , , 5 5 1 8 7 9 6 6 0 5 5 1 6 5 0 0 2 4 7 5 5 5 1 5 5 3 3 2 , , , , 7 7 7 5 6 9 8 7 8 7 4 1 7 4 6 7 2 4 4 percent Treasury bonds of 1944-54 6, 019 ~416 20, 712 5,223 398 3M percent Treasury bonds of 1946-56.. 10 3,900 5,082 2,875 3H percent Treasury bonds of 1946-49- 10, 272 1,849 3 percent Treasury bonds of 1951-55 542 550 Total bonds 51, 594 35, 787 113,119 130, 522 85, 333 Treasury notes 60, 482 136,023 48, 581 11, 538 14,171 Certificates of indebtedness- 9,465 31, 981 89,140 17, 816 69, 764 Treasury bills 6,000 47, 936 42,155 Total in other accounts. 121, 541 209, 791 250,840 207,812 211,423 Total bought outright. - 197,133 487, 291 686,064 774, 628 1,851, 031 BOUGHT UNDER RESALE AGREEMENT Bonds: 3H percent Liberty loan- 850 4M percent Liberty loan 811 6,080 14, 768 12,485 20 3% percent Treasury bonds of 1940-43— 779 3^8 percent Treasury bonds of 1941-43— 2,093 "200 '6% percent Treasury bonds of 1943-47. _. 150 4 percent Treasury bonds of 1944-54 100 100 7,000 2,156 3% percent Treasury bonds of 1946-56— 450 900 3 percent Treasury bonds of 1951-55 1,295 Total bonds 2,290 7,080 22, 618 18, 029 913 Treasury notes 10,180 16,216 18,360 1,500 3,198 Certificates of indebtedness 18,461 2,425 1,100 Treasury bills 21, 700 Total bought under resale agreement. 30, 931 23,296 43,403 42,329 4,111 1 $100. 2 $500, 3 percent loan of 1961. 3 Includes 4 percent Liberty bonds as follows: 1928, $1,250; 1929, $1,200; 1930, $1,050; 1931, $1,950. Digitized for FBaRckA SfigEuRre s—See Annual Reports for 1930 (table 26) and 1925 (table 27). https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

73 RESERVE BANK CREDIT No. 27.—UNITED STATES GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS IN SYSTEM INVESTMENT ACCOUNT, UNDER RESALE AGREEMENT, ETC. (AVERAGE BASIS), 1931-32 [In millions of dollars] Average amount held— Average3 amount held— Outside system in- Outside system investment account vestment account M p o e n ri th o d or i I m n n te a v e m c s e n y - s - s t t - - U re n sa d l e e r T 1- r d e a a y s- o G U A th o . l S e v l . r - Total M p o e n ri t o h d or i I m n n t a v e e s c m e y n - s s t t - - U re n sa d l e e r T 1- r d e a a y s- o G U A th o . l S v e l . r - Total count a m gr e e n e t - c c e a r t t e if s i- s m e e c r e u n n r - t i- count a m g e re n e t - c c e a r t t e if s i- s m e e c r e u n n r - i t ties ties 1931 1932 Jan 40S 7 232 647 Jan 567 8 184 75? Feb 402 201 603 Feb - __ . 567 1 175 743 Mar 1 15 402 2 197 601 Mar. 1-14 606 174 780 Mar. 16-23 i 402 27 185 614 Mar. 15-18 i 637 19 173 829 Mar 24-31 402 1 197 600 Mar. 19-31 658 4 173 835 Apr 402 1 197 600 Apr 842 1 171 1,014 May 437 (2) 162 599 May 1, 243 (2) 170 1,413 Juno 1-14 444 1 155 600 June r-28 1,512 (2) 178 1,690 June 15 i 444 39 142 625 June 29 1 . 1, 560 16 24 200 1,801 Jure 16-30 454 164 618 June 30 1, 560 22 202 1,784 n July 517 157 674 July 1 604 203 1,818 AUP"_ 524 188 712 Aug . — -. 1,639 13 198 1, 850 Sfpt. 1-14 524 1 204 729 Sept 1,640 4 204 1,848 Sept. 15-17L 524 70 160 751 Sept. 18-30 524 5 211 740 Oct 1,640 (2) 211 1,851 Nov 1,640 211 1,851 Oct 524 1 208 733 Dec. 1-14 _ 1,640 211 1,851 Nov 524 203 727 Deo 15-18 l 1,640 20 211 1 871 Dec. 1-14 524 o 197 723 Dec. 19-31 - 1, 640 (2) 211 1,851 Dec 15-22' 524 162 190 876 Dec. 23-31... 586 1 206 773 1 Periods of Treasury financing during which 1-day certificates were held. (See table 20.) 2 Less than $500,000. Back figures.—See Annual Reports for 1931 (table 18) and 1930 (table 17). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

74 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 28.—UNITED STATES GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS IN SYSTEM INVESTMENT ACCOUNT, UNDER RESALE AGREEMENT, ETC. (WEDNESDAY BASIS) [In millions of dollars] Amount held— Amount held— Outside system in- Outside system investment account vestment acctount In sys- In sys- Date tem in- All Date tem in- All c m v o a e e u c s n - n t- t t a U r m e g n s r e a e d n l e e e t - r c T 1 c e u - a r r d e r t t y a e i a f s y s i - - s o m G U e e t c r h e o . n u S n e v - r . r t - i- Total c m v o a e e u c s n - n t- t t a U r m e g n s r e a e d n l e e e t - r c T 1 c e u - a r r d r e t t y a e i a f y s s i- - s m o G U e e t c r e o h . n u S n v e - r . r t - i- Total ties ties 1932 1932 Jan. 6-_ —— 567 16 183 766 July 6 1,590 10 201 1,801 Jan. 13. _. 567 2 183 752 July 13 _. 1,610 10 202 1,821 Jan. 20 567 2 183 751 July 20 1,625 13 199 1,836 Jan. 27 567 2 183 752 July 27 1, 630 13 199 1,841 Feb. 3 567 2 181 749 Aug. 3 1,635 13 199 1,846 Feb. 10 567 1 173 741 Aug. 10 1,640 13 199 1,851 Feb. 17 567 1 173 741 Aug. 17 1, 640 13 199 1,851 Feb. 24 567 1 173 . 741 Aug. 24 1, 640 13 199 1,851 Aug. 31 1,640 13 199 1, 852 Mar. 2 587 173 760 Mar. 9 612 173 785 Sept. 7 1,640 13 199 1, 851 Mar. 16 637 32 173 842 Sept. 14 1,640 211 1,851 Mar. 23 662 173 835 Sept. 21 1,640 (i) ! 212 1,852 Mar. 30.- 687 12 173 872 Sept. 28 1,640 211 1,854 Apr. 6 712 173 885 Oct. 5— 1,640 0) 211 1,851 Apr. 13 812 173 985 Oct. 12 1, 640 211 1, 851 Apr. 20 905 173 1,078 Oct. 19 1,640 211 1, 851 Apr. 27 1,018 173 1,191 Oct. 26 1,640 211 1, 851 May4 1,117 170 1,287 Nov. 2 1,640 211 1,851 May 11 1,215 170 1,385 Nov. 9 1,640 211 1,851 May 18.- 1,296 170 1,466 Nov. 16 1,640 211 1,851 May 25 1,355 0) 170 1,525 Nov. 23 _ 1,640 211 1,851 Nov. 30 1,640 211 1,851 June 1 1,405 0) 170 1,575 June 8 1,474 170 1, 645 Dec. 7 1,640 211 1,851 June 15— 1,521 1 170 1,692 Dec. 14 1,640 211 1,851 June 22 1,560 170 1,730 Dec. 21 1,640 211 1,851 June 29. 1,560 16 24 202 1,801 Dec. 28 1,640 211 1,851 i Less than $500,000. Back figures.—See Annual Reports for 1931 (table 19) and 1930 (table 17a). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

75 RESERVE BANK CREDIT No. 29.—HOLDINGS BY FEDERAL RESERVE BANKS OF 1-DAY CERTIFICATES OF INDEBTEDNESS ISSUED BY THE UNITED STATES TREASURY, 1924-32 [In thousands of dollars] Date 1924 1925 1926 1927 1928 1929 1930 1931 1932 Mar 10 2,000 Mar. 11 1,000 Mar 13 5,000 Mar. 15 i 184, 000 209,000 251, 500 201,000 314,000 i 218,000 • 19,500 Mar. 16- i 184, 000 182,000 157,000 177,500 208,000 i 181,000 i 218,000 64,000 32,000 Mar. 17 108, 500 122, 500 99,000 176,000 1 155, 000 i 181,000 105,500 27,000 19,000 Mar. 18 87, 000 100, 500 38,000 79,000 i 155,000 129,000 56,500 45,000 6,000 Mar. 19 58,000 58, 500 1 48,000 75, 000 60,500 29,000 22,000 Mar. 20 14, 000 34,500 i 48,000 13,000 19,000 35,000 9,000 Mar. 21 i 2, 000 16,000 9,000 i 12,000 Mar. 22 1 2, 000 9,000 i 12,000 Mar. 23 3,000 22,000 June 8-10 4,000 June 15 . 108,000 246, 000 185,000 192, 500 i 239, 500 38,500 June 16 66,000 42, 500 141, 500 44, 500 i 82,000 i 239, 500 114,000 June 17 20, 000 8,000 77,000 15,500 i 82,000 50,500 June 18 23,000 i 6, 500 5,000 June 19 i 6, 500 June 20 19,000 June 21 4,000 June 29 24,000 Sept. 15 118,000 177, 500 192,000 196, 500 1 158,000 104,500 39,000 Sept. 16 62, 000 94, 000 72, 500 91, 500 1 158, 000 .162, 500 54,000 14,000 Sept. 17 35, 000 41, 000 7,000 i 54,000 31,000 33,000 45,000 23,000 Sept, 18- 5,000 i 54, 000 47,000 3,000 Sept. 22-23 1 4,000 Oct. 18 6,000 Nov. 15 89, 500 Nov. 16 164,500 Nov 17 214, 500 Nov. 18 134,500 Nov 19-20 1 156, 500 Nov. 21 45,500 Nov. 22 62,000 Nov. 23-24 1 80, 500 Nov. 25 . 20, 500 Nov. 26-27 1 27,000 Nov. 28 . 38,000 Nov 30 2,000 Dec. 1 4,000 Dec. 2 15,000 Dec. 3-4 1 27,000 Dec. 5.-. 38,000 Dec. 6 47,000 Dec. 7 50, 000 Dec 8 54,000 Dec. 9 58, 000 Dec. 10-11 1 57,000 Dec. 12 54, 000 Dec 13 50,000 Dec. 14 40,000 Dec. 15 148,000 172,000 188, 000 197, 500 > 316,000 135,000 219,500 24,000 Dec. 16 75.000 91,000 70,000 106, 500 i 316,000 312,500 68,000 197, 500 13,000 Dec. 17._ 40', 000 34, 500 1 57,000 132,000 99,500 109,000 184,250 1 22, 000 Dec. 18 1 57, 000 183,000 69,000 55,000 198,000 i 22,000 Dec. 19... 10,000 77, 500 19,000 3,000 i 181,000 Dec. 20 63,000 9,000 i 181, 000 Dec. 21. 14,000 107, 000 Dec. 22 i 4,000 29,000 Dec. 23 3,000 1 2-day certificates, account Sunday or holiday. Back figures (for 1923)—See Annual Report for 1929" (table 17). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

76 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS No. 30,—VOLUME OP OPERATIONS IN PRINCIPAL DEPARTMENTS, 1928-32 [Number in thousands; amounts in thousands of dollars] 1928 1929 1930 1931 1932 NUMBER OF PIECES HANDLED 1 Bills discounted: Applications _... 123 145 99 113 178 Notes discounted 443 526 415 513 779 Bills purchased in open market for own account 251 196 208 | 221 76 Currency received and counted 2, 270, 555 2,427, 330 2,441,985 2, 269, 292 2, 025, 552 Coin received and counted 2, 929,091 3, 239, 709 3,325, 555 2, 900, 462 2, 654, 787 Checks handled __. 887, 997 924,449 904,975 S64, 615 734, 538 Collection items handled: United States Government coupons paid 28, 765 20,935 19,362 17, 322 17, 710 Allother 6,461 6,504 6,388 6, 927 7,468 United States Government securitiesissues, redemptions, and exchanges by fiscal agency department 6,682 1,833 1,417 2,435 1,961 Transfers of funds 2,011 2,139 1,868 1,663 1,469 AMOUNTS HANDLED Bills discounted 62,412, 961 60,747,124 14,067,117 14,555,590 18, 648, 306 Bills purchased in open market for own account 4, 240,669 3, 587,478 3,873, 698 2, 998,415 762, 755 Currency received and counted 13, 315, 551 14, 782,429 14,262,809 12, 668, 638 10,952, 597 Coin received and counted 451,125 478, 219 537,534 585,945 360, 295 Checks handled 301, 703, 814 367, 215,123324, 883,021248,172,956 176, 591, 791 Collection items handled: United States Government coupons paid 543, 373 535,612 499, 111 479, 960 529,086 Allother 7,414,440 7,185, 384 7,528,014 7,321,814 5,427,817 United States Government securitiesissues, redemptions, and exchanges by fiscal agency department __. 9, 002, 383 7,018,844 7, 245,189 17,543,480 19, 645, 750 Transfers of funds. _..148, 749, 027 170, 789,669198,880,880 162, 095, 081 116,040,041 1 Two or more checks, coupons, etc., handled as a single item are counted as 1 " piece." Back figures.—See Annual Reports for 1931 (table 21), 1930 (table 19), 1925 (p. 26), 1924 (p. 14), and 1923 (P. 41). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

No. 31.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF EACH FEDERAL RESERVE BANK, 1932 i ~~~~~~ ' ~ ~ ~~ ! Federal Reserve bank Philadel- Rich- Minne- Kansas San Fran- Total Boston New York phia Cleveland mond Atlanta Chicago St. Louis apolis City Dallas cisco NUMBER OF PIECES HANDLED:1 1932 Bills discounted: I Applications 177,954 9,235 34,122 33, 502| 14, 553 14, 699 12,924 15, 294 8,560 5,692 8,332 6,499 14, 542 Notes discounted 779,356 94,436 161, 042| 45, 548 95, 865 60, 615 92,948 13,910 29,124 54, 776 44, 674 37, 752 Bills purchased in open market for own account 76,434 2,089 61,102 308 592 1,170 1,569 1,873 686 815 4,487 Currency received and counted 2, 025, 552,000210, 237,000 600,166, 000 T.79,004, 000 116>,, 148, 00097,169, 000 101, 855,000 359,168,000 99, 393,000 36,088, 000 53:,, 936, 171, 27, 217,000 Coin received and counted__2, 654, 787,000326, 430,000 1,015,189, 000 291, 563,000 1227', 807,000 1.5533,, 878,000 70, 817,000 229900,, 267, 000 107',,988,000 24,788, 000 63;,, 343, 000 43,444, 000 139"1;, 273, 000 Checks handled 734, 538,000 79, 644,000 157, 079, 000 64,017,000 73, 757,000 46, 554,000 24,851,000 99, 242,000 40, 222,000 18,743,000 51, 085, 831, 000 48, 513, 000 Collection items handled: U.S. Government coupons paid 17, 710,000 1,145,000 4,359,000 1,356, 000 2,707,000 591,000 441,000 3,252,000 1,057,000 490, 000 956, 000 303, 000 1,053,000 Allother 7,468,000 451,000 2, 638, 000 594, 000 406, 000 299,000 188,000 757,000 385, 000 798, 000 354, 000 171, 000 427,000 U.S. Government securities—issues, redemptions, and exchanges 1,961,000 103, 000 835, 000 73, 000 97,000 40, 000 78, 000 386, 000 87, 000 48, 000 90, 000 52, 000 72,000 Transfers of funds _ _ 1, 469,000 44, 000 341,000 116,000 96,000 109,000 69,000 224, 000 96, 000 48, 000 109, 000 100, 000 117, 000 AMOUNTS HANDLED: 1932 (in millions of dollars) Bills discounted 18, 648. 3 667.8 4,912. 3 !, 502.9| 1,889. 4| 1, 622. 2 1, 054. 3 658.6 145.5 346.6 166.1 3, 990. 8 Bills purchased in open market for own account 762.8 49. 356.4 39. 3j 40.4! 28.3 29. 5| 73. 7 20.0 13.4 19.8 17.1 75.0 Currency received and counted 10,952. 1, 264. 4 3, 545. 5 863.6 533. 3 441.3 389. 71 2,184. 8 378.0 163.2 238.2 176.5 774.1 Coin received and counted._ 360.3 30.6 165.0 34.5 11.2 13. 8.3| 27.9 10.0 3.4 10.7 7.9 37.1 Checks handled 176, 591. 11,192. 7 70, 642. 2 17, 855. 8 14, 349. 5 7, 809. 3 5, 821. 7 17, 601. 5 8, 012. 2 2,907. 3 6, 326. 0 4, 456. 0 9, 617. 6 Collection items handled: U.S. Government coupons paid 529.1 34.5 256.2 31.5 55.3 12.1 7.1 64.1 17.1 7.9 15.6 5.0 22.7 Allother 5,427. 642.6 1, 970. 7 385.2 332.2 203.3 128.5 803.5 259.5 155.1 192.4 137.1 217.7 U.S. Government securities—issues, redemptions, and exchanges 19, 645.8 915.0 13, 416.1 710.6 312. 250.6 196.1 2, 448. 5 284.8 144.3 248.5 212.3 506.2 Transfers of funds 116,040. 0 8, 661. 7 49,476. 3 4,981.1 4, 221. 2 4, 201. 2 1, 589. 2 20, 378. 0 3, 545. 7 1,715.0 3, 580. 2 3, 416. 2 10, 274. 2 1 2 or more checks, coupons, etc., handled as a single item, are counted as 1 ''piece." Back figures—See Annual Reports for 1931 (table 84), 1930 (table 79), 1929 (table 73), 1928 (table 77), 1927 (table 60), and 1924-26 (pt. 2, table 6). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

78 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 32.—VOLUME OF OPERATIONS OP BRANCHES OF FEDERAL RESERVE BANKS Noncash collection Fiscal items handled. agency issues, F a e n d d e r d a i l s R tr e ic s t e rv n e u m br b a e n r ch B co il u ls n t d e i d s- C r c e u o c a r u e r n n i e d v t n e e c d d y ce c C i o v o u e in n d t r e a e d n - d h C a h n e d c l k ed s G m ov e e n r t n- All otherc r a e h t n d i a o d e n n m e g s x e , p - s - T o r f a n fu sf n e d r s s ofU S coupons securities NUMBER OF PIECES HANDLED: 1 1932 No. 2—Buffalo. 4,357 40,249,000 29,311,000 11, 795,000 59, 660 114,804 51 17, 949 No. 4—Cincinnati 26, 773,00046, 604, 00016,180,000 790,859 37.132 10,033 17, 844 Pittsburgh.... 39,192,000 39,125,000 27, 695,000 468, 729 31,991 9,474 19, 641 No. 5—B altimore 26,918 45,339,000 120,1031,,000 17, 857,000 313,666 146,511 6, 593 25, 685 Charlotte 12,275,000 6,959,000 5, 251,000 34, 82: 27, 579 17, 639 No. 6—Birmingham.. 8,336,000 5,883,000 3,421,000 18,322 12,467 5,901 Jacksonville. . 15,094,000 9, 721,000 4,936,000 69,808 49, 59i 8,329 Nashville 11, 689,000 4,712, 000 4, 660,000 36, 386 28, 694 5,164 New Orleans. 8,802 24, 676,00029,975, 000 3, 791,000 129,724 28, 919 8,726 14, 670 No. 7—Detroit 17,396 69, 731, 000 12,1843,000 17,777,000 248, 732 131, 762 2,330 36, 550 No. 8—Little Rock... 964 6,389,000 5, 040,000 2, 839,000 31,448 27,403 172 9,398 Louisville 2,951 17,032,000 16, 739,000 8, 629,000 212, 763 40, 090 846 12,631 Memphis 2,650 14,847,000 9, 588, 000 2, 742,000 49,075 45,011 367 11, 261 No. 9—Helena 3,096 1,323,000 1,797, 000 1, 553, 000 42,437 16, 541 1 8,160 No. 10—Denver 7,075 7,369,000 8, 256, 000 6, 798,000 196,156 57, 724 1, 239 15, 821 Oklahoma City 7,565,000 7,040,000 12,135, 000 37,071 60.133 425 8,031 Omaha 17, 221 7, 209, 00011,178,000 8,920,000 164,995 69,739 1,493 21,302 No. 11—El Paso 2,132 3, 446, 000 2, 640, 000 2, 305,000 21, 276 14,473 6,986 Houston 1,521 8,987,000 12,999,000 5,458, 000 59, 211 46,180 23,093 San Antonio... 4,265 8,412,000 6, 715,000 4, 618,000 43, 071 24,199 13,127 No. 12—Los Angeles. _. 6,847 67, 536, 00054, 843,00017, 882, 000 311, 532 98,882 4,480 31, 620 Portland 4,325 5, 678, 000 7,183,000 5, 797,000 148,775 32,145 907 10, 555 Salt Lake City. 7,205 3,819,000 2,997,000 4, 732,000 69,489 140,827 478 13, 982 Seattle.... 3,416 9, 568,00011, 080, 000 4, 723,000 120, 034 33,598 904 12, 939 Spokane 10,895 1, 702,000 1, 795, 0003, 011,000 54,195 29,422 259 8,534 Total. 132,036 464,236,000i74,126, 000 205, 505, 000 3, 732, 000 1, 346, 04090, 244; 377, 000 AMOUNTS HANDLED: 1932 (in thousands of dollars) No. 2—Buffalo 821,129 209,531 2,671 1, 773,397 1,876 47.184 1,719 1, 245,185 No. 4—Cincinnati 99,484 4,453 2, 229, 500 13,339 46,924 20,985 381, 683 Pittsburgh 173, 752 3,211 6,878,332 14, 625 32,964 17, 263 1, 018,927 No. 5—Baltimore "766,"6l9 218,530 9,070 2, 563,133 7,025 96,1.35 73,823 938,166 Charlotte 48,747 932 827, 324 413 22,125 659,806 No. 6—Birmingham... 31,798 670 219 6,898 66,106 Jacksonville 64, 518 1,355 1,012,939 1,258 16, 508 149,664 Nashville 42,351 524 781,119 339 33,535 64,914 New Orleans.. 276,839 94,814 3,340 1,065,998 2,234 30, 347 30,873" 490,259 No. 7—Detroit 592, 395 401,112 7,357 3,359, 771 6,982 78, 214 11, 566 6,942, 347 No. 8—Little Rock.... 32,066 24,572 484 393,746 396 20,984 253 179,030 Louisville 68,474 1,374 1,451, 281 3,012 41,414 3,142 467, 773 Memphis 35,417 48, 335 1,390 621, 696 726 32,152 1, 710 358, 667 No. 9—Helena 18,039 13,029 401 245, 216 435 5,988 10 96, 284 No. 10—Denver 99,192 44,066 2,667 1,162,939 3,815 32, 256 9,274 553,933 Oklahoma City.. 29,283 909 1, 232, 891 482 22,181 326 155, 799 Omaha __. 68,516 36,013 2,096 1, 006, 323 2,223 54,218 7,201 679,958 No. 11—El Paso.. 10,594 16, 685 2,879 270, 696 319 7,999 182, 238 Houston 14,690 33,122 1,180 824, 570 40,046 1, 021,494 San Antonio... 14,036 34, "~" 1,460 568,196 23.185 334, 676 No. 12—Los Angeles. _. 97,933 306,546 17, 511 2, 534,053 7,570 49,020 38,858 2,256,933 Portland 97,442 36,724 1,523 867,050 1,1 23, 240 1,446 495,010 Salt Lake City. 260,408 34,064 1,038 556,432 853 24, 279 447 342,557 Seattle- 445,730 71,410 2,111 785, 392 1,714 16,992 5,579 1,020,859 Spokane. 61,178 14,135 580 337,309 613 9,575 1,630 157, 747 Total. 998,516 2,195,771 71,186 34,048,272 73,973 814,363 226,105 20,260,015 l2 or more checks, coupons, etc., handled as a single item, are counted as 1 "piece." NOTE.—Currency received and counted during 1932 by agencies of the Federal Reserve Bank of Atlanta: Habana, Cuba, 3,521,000 pieces, amount $19,526,000; Savannah, Ga., 2,528,000 pieces, amount $7,646,000. Coin received and counted by Savannah, Ga., 496,000 pieces, amount $87,000. Back figures.—See Annual Reports for 1931 (table 85), 1930 (table 80), 1929 (table 74), 1928 (table 78), 1927 (table 61), 1926 (table 67), 1925 (table 69), 1924 (table 72), 1923 (table 72), 1922 (table 74), 1921 (p. 80), Digitized fo1r9 2F0R (Ap.S 9E3)R, a nd 1919 (p. 39). https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 79 GOLD SETTLEMENT FUND No. 33.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1925-32 [In millions of dollars] Daily settlements between Federal Year and month a B t n p a i e b n l r e a g i g n o o i d c n f e - Reserve b F a e n d k e s ral t r r e I a b n s n a e t s n e r f v k r e - e rs d W raw ith a - ls Deposits a B t p a e e l r n a i d n o d c o e f Transit Reserve clearings note clearings 1925 . 679.5 108,289.5 0) 909.0 1,779.0 1, 788. 6 689.2 1926 689.2 115,455. 3 635.8 1,043.4 3, 029. 2 3,005. 3 665.3 1927 665.3 123,031. 5 673. 2 1,436.7 3, 797. 3 3, 660.3 528. 2 1928 . 528. 2 132, 525. 2 658.4 1,172.6 2,855. 6 3, 014.4 687.0 1929 687.0 145,132.4 758.7 1, 052.1 3,160.4 2, 984. 5 511.2 1930 511.2 151,458. 3 669.4 1, 530. 2 2,063. 8 1, 970. 0 417.4 1931 417.4 124,137. 3 540.1 1,905. 0 2, 729. 0 2, 625. 7 314.1 1932 314.1 89, 527. 6 545.4 1, 648. 4 4,156. 6 4,182. 8 340.3 1932 January 314.1 9, 806. 8 53.5 66.6 293.1 318.8 339.8 February 339.8 8, 378. 3 40.6 93.5 385.3 309.2 263.7 March... __. 263.7 9,129.0 46.7 233.4 214.9 227.5 276.3 April 276. 3 7, 578. 8 44.8 238.0 253.1 285.3 308.4 May.. 308.4 6,876. 7 43.2 138.0 624.1 641.9 326.2 June 326.2 7,794.1 42.4 188.3 987.5 884.7 223.4 July 223.4 6,801. 0 41.9 122.0 286.3 305.2 242.4 August _ ___ __ __ 242.4 7,039. 8 50.2 93.0 271.8 302.9 273.5 September 273.5 7,039. 4 54.5 90.5 335.8 307.4 245.1 October 245.1 6,456.6 44.7 102.0 153.0 254.1 346.1 November.- 346.1 5, 813. 5 43.3 104.5 117. 4 111.2 339.9 December 339. 9 6, 813. 5 39.5 178.7 234.2 234.6 340.3 1 Included in transit clearing. Back figures.—See Annual Report for 1931 (table 22), 1930 (table 20), 1929 (table 19), etc. No. 34.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1932 [In millions of dollars] Daily settlements between Federal Reserve banks Interreserve Balance Feder b al a n R k eserve J B a an n a . c l - e 1 Transit clearings F s e c e d l r e v e a e r r a i n l n o R g t s e e - bank transfers W dr a a i l t s w h - - De i p ts os- i a o n t f n e c b f s l u u o s n s s d i e - Dec. 31 Pay- Re- Pay- Re- Pay- Rements ceipts ments ceipts ments ceipts Boston 40.3 8, 298. 5 8, 376. 5 50.7 48.8 147.3 67.2 260.5 238.7 14.4 New York 81.4 30, 627.9 31, 853. 7 130.6 143.3 1,064.3 244.9 2,156.3 1, 759. 7 103.8 Philadelphia 14.3 6, 662.9 6, 721. 7 65.8 57.5 148.0 42.8 171.8 232.5 20.3 Cleveland 42.2 6, 034. 4 5,892. 2 63.8 36.9 34.6 111.5 106.4 187.5 31.2 Richmond 7.8 6, 437. 5 6, 408. 2 30.0 38.4 84.5 76.2 126.6 159.1 11.1 Atlanta 7.4 2, 556.1 2,432. 5 23.8 37.0 32.0 93.9 127.9 177.2 8.2 Chicago 50.5 13, 320. 0 13,062.9 77.0 74.3 52.5 440.5 635.4 549.5 92.7 St. Louis 9.6 4,090. 6 3, 935. 6 25.9 35.1 7.4 122.5 173.7 208.8 14.0 Minneapolis 9.4 1, 459. 5 1, 344. 0 19.1 15.1 5.5 86.1 50.3 87.6 7.8 Kansas City 15.7 3,411.5 3, 242. 5 24.0 21.3 7.5 132.8 48.0 92.5 13.9 Dallas _. 8.9 2, 821. 7 2,821. 0 12.8 12.3 46.5 16.8 77.3 106.5 7.2 San Francisco 26.6 3,806.9 3,436. 7 21.9 25.5 18.4 213.3 222.3 383.2 15.8 Total 314.1 89, 527. 6 89, 527. 6 545.4 545.4 1, 648. 41, 648. 44,156. 6 4,182. 8 340.3 Back figures—See Annual Report for 1931 (table 86), 1930 (table 81), 1929 (table 75), etc. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

80 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE AGENTS' GOLD FUND No. 35.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1925-32 [In millions of dollars] Year and month a B n t a i b n l e a g g n o i c n f e - d W raw ith al - s Deposits T t r o a n b s a f n er k s f T ro r m an s b f a e n rs k o B f a a t p l e a e n n ri c d o e d period 1925 1,307. 9 559. 8 126.0 975.6 1,061.7 960.2 1926 960.2 568.2 112.3 1, 799. 4 2, 258. 5 963.4 1927 963.4 454.2 63.3 2, 458. 4 2, 914. 3 1,028. 3 1928 .__ 1, 028. 3 473.6 70.5 1,631.4 1, 768.1 761.9 1929 761.9 358.5 149.9 1, 500. 6 2, 210. 2 1, 262. 9 1930 1, 262. 9 5 1 101 7 947 8 1 109 4 1931 1,109. 4 1.0 1.3 1, 678. 5 1,819. 5 1, 250. 7 1932 . . 1, 250. 7 4.0 3,101.6 3, 084. 5 1,237. 6 1932 January 1, 250. 7 3.0 208.5 195.6 1, 240. 9 February 1, 240. 9 76.8 155. 9 1, 320. 0 March _ 1, 320. 0 173.0 208 1 1, 355.1 April 1 355 0 1 0 247 9 199 7 1 307 9 May 1 307 9 447 3 379.6 1, 240. 2 June_. _.. _ _ 1, 240. 2 818.7 590.8 1, 012. 3 July 1 012 3 285.1 264.4 991. 6 August 991 6 259. 6 267.8 999.8 September 999.8 168. 0 334.4 1,166.1 October. __ 1,166.1 190.6 149. 7 1,125.3 November 1,125. 3 79.8 111.6 1,157. 0 December 1 157 0 146. 6 227.1 1, 237. 6 Back figures.—See Annual Report for 1931 (table 23), 1930 (table 21), 1929 (table 20), etc. No. 36.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1932 [In millions of dollars] Balance Federal Reserve bank B J a a l n a . n 1 ce d W raw ith al - s Deposits T t r o a n b s a f n e k rs f T ro ra m n s b f a e n rs k a b t u c s l i o n s e e s o s f Dec. 31 Boston 100 6 221.1 254.5 134.0 New York 1,147. 0 1, 281. 0 134.0 Philadelphia 125.3 218.0 166.4 73.7 Cleveland _ _ _ 188.0 1.0 168.0 100.5 121. 5 Richmond 67.6 134.6 121.5 54.6 Atlanta _ _ _ 78.3 150.5 120.2 48.0 Chicago 383 0 3.0 436.0 487.0 437.0 St. Louis 49.7 173. 3 172.9 49.3 Minneapolis 49.3 68.0 46.7 28.0 Kansas City • 56.8 52.0 47.0 51.8 Dallas _ . 28.4 95.2 75.2 8.4 San Francisco 123.8 238.0 211.5 97.3 Total 1, 250. 7 4.0 3,101. 6 3, 084. 5 1, 237. 6 Back figures.—See Annual Reports for 1931 (table 87), 1930 (table 82), 1929 (table 76), etc. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 81 MEMBERSHIP IN PAR COLLECTION SYSTEM No. 37.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, 1925-32 [The figures for member banks, beginning with March 1925 represent the number of banks in actual operation; prior to that time the number of banks shown by capital-stock records of Federal Reserve banks] 1925 1926 1927 1928 Nonmember Nonmember Nonmember End of month banks banks banks Mem- Mem- Mem- Member ber ber ber banks OnparNoton!banks On par Not on banks banks On par Not on list par list! list par list list list January.. _ 9,674 15,361 3,679; 9,459 14,540 3,986 9,206 13,852 3,865 9,014 13,155 3,918 February- 9,6621 15,268 3,733! 9,437 14,490 3,990 9,168 13,781 3,""" 8,987 13,101 3,905 March i 9, 535! 15,193 3,757J 9,425 14,441 3,981 9,143 13,700! 3,839 8.971 13,035 3,910 April—.— 9,540 15,079 3,824! 9,410 14, 382 3,963 9,130 13, 643 3,858 8,949 12,960j 3,908 May 9,550 14,970 3,869 9,400 14, 325 3,971 9,110 13,589 3,867 8,935 12,925 3,916 June 9,546 14,932 3,880 9, 384 14, 257 3,965 9,106 13, 556 3,863 8,929 12,888 3,926 July.... 9,544 14, 888 3,906! 9,377 14, 207 3,901 9,105 13,528! 3>857 8,920 12,864 3,934 August. 9,540 14,857 3,940 j 9,377 14,164 3,907 13,486| 3,858 8,912 12,838 3,936 September 9,545j 14.786 3,963! 14,130 3,924 13,430 3,877 8,899 12,800 3,954 October 9,532! 14,742 3,968! 9,336 14,073 3,935 9,081 13,358 3,890 12, 758 3,936 November 9,521 14,701 9,301 13,991 3,925 9,067 13,306; 3,913 8,882 12, 713 3,913 December 9,489 14,643 3,970| 9,260 13,911 3,913 9,034 13,247 3,9101 8,837 12,643 3,911 1 Reduction from preceding months due largely to exclusion of member banks carried on capital-stock records, but not in actual operation; on this date (Mar. 31,1925) the number of such banks was 108. NOTE.—Nonmember banks not on par list comprise all incorporated banks, other than mutual savings banks, that have not agreed to pay, without deductions for exchange, such checks drawn upon them as are presented for payment by the Federal Reserve banks. Back figures.—See Annual Report for 1928 (table 21). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

82 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 38.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, BY DISTRICTS Nonmember Nonmember Nonmember banks1 banks1 banksl Mem- Mem- End of montn (1932) ber ber banks On par Not on banks On par Not on list par list list par list par list Boston district New York district Philadelphia district January. _„ 371 226 836 335 710 341 February- 371 225 833 335 706 332 March 372 225 830 335 707 329 April 372 224 829 336 706 327 May 369 224 827 335 705 325 June 367 223 824 335 708 314 July 367 222 825 334 701 305 August 367 221 824 335 702 305 September. 367 221 824 334 699 304 October. _. 367 222 826 334 697 304 November. 367 221 826 333 fi95 305 December. 367 221 827 333 693 303 Cleveland district Richmond district Atlanta district January... 648 780 396 437 365 342 146 786 February- 646 772 394 439 363 340 146 765 March 645 768 392 438 365 341 141 734 April 644 768 391 436 360 341 140 732 May 644 767 391 433 370 339 140 733 June 639 766 387 435 367 338 137 732 July 637 763 389 433 361 334 137 726 August 637 763 387 431 358 333 135 729 September. 634 763 388 428 361 333 135 726 October... 633 765 389 428 362 332 135 713 November. 633 762 391 428 367 328 134 710 December. 630 764 392 425 366 323 134 705 Chicago district St. Louis district Minneapolis district January.., 875 2,506 243 450 1,198 389 574 382 871 February.. 864 2,477 247 446 1,192 394 575 379 870 March 865 2,462 252 447 1,185 396 574 374 871 April 861 2,447 256 445 1,182 399 571 368 873 May 855 2,431 257 444 1,173 399 568 363 868 June 828 2,378 260 443 1,167 397 563 357 866 July. 820 2,331 257 442 1,158 397 562 353 862 August 813 2,302 262 441 1,144 402 560 343 861 September. 810 2,290 261 439 1,143 402 557 341 855 October.. _ 805 2,266 254 437 1,134 405 551 330 839 November. 800 2,248 253 433 1,122 409 545 326 832 December. 792 2,200 251 429 1,112 409 545 322 818 Kansas City district Dallas district San Francisco district January... 815 1,597 215 609 460 219 512 519 53 February- 810 1,582 213 607 454 218 502 506 51 March 804 1,572 214 604 453 219 498 504 51 April 802 1, 554 214 604 450 220 493 495 50 May 798 1,547 213 601 446 218 490 485 49 June 798 1,533 216 599 439 223 483 476 July 798 1, 506 226 597 433 224 475 473 August 797 1,492 230 596 431 225 468 463 49 September. 796 1,482 226 594 432 224 463 464 48 October... 794 1,472 226 594 431 221 461 471 48 November. 786 1,456 221 587 427 220 454 471 48 December. 785 1,422 224 584 421 220 449 457 48 1 Incorporated banks other than mutual savings banks. Back figures.—See Annual Reports for 1931 (table 88), 1930 (table 83), 1929 (table 77), 1928 (table 81), 1927 (table 71), 1926 (table 64), 1925 (table 55), 1924 (table 71), 1923 (table 71), 1922 (table 73), 1921 (table 71), 1920 (table 63), 1919 (table 55), and 1918 (table 48). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MEMBERSHIP IN PAR COLLECTION SYSTEM 83 No. 39.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, BY STATES, ON DEC. 31, 1931 AND 1932 1931 1932 Nonmember banks Nonmember banks State Member Member banks On par Not on banks On par Not on list par list» list par list» New England: Maine 45 36 45 36 New HamDshirp 53 16 54 16 Vermont 45 41 45 41 Massachusetts 164 67 160 66 Rhode Island 14 10 14 9 Cojmppticiit 64 83 61 72 Middle Atlantic: New York 598 235 588 231 New Jersev 332 122 327 114 Pennsylvania 854 438 819 378 East North Central: Ohio 315 494 311 481 Indiana 180 553 8 161 505 9 Illinois 429 846 24 368 682 27 Michigan 213 442 3 200 400 3 Wisconsin . 152 496 228 140 435 215 West North Central: Minnesota 245 160 482 234 133 445 Iowa 211 684 103 184 561 105 Missouri .. _. 165 759 60 150 660 70 North Dakota 86 19 145 77 15 140 South Dakota 86 49 129 81 37 121 Nebraska 161 318 176 159 274 179 Kansas 237 689 6 224 615 4 South Atlantic: Delaware 20 35 20 34 Maryland 74 130 73 135 District of Columbia 12 28 12 23 Virginia _.. 153 160 86 149 148 76 West Virginia 99 109 10 96 108 9 North Carolina . . 49 31 207 48 26 183 South Carolina ._ 28 9 78 25 7 98 Georgia .. 90 21 231 80 18 197 Florida 54 35 95 52 32 87 East South Central: Kentucky . 125 347 22 113 329 17 Tennessee 88 98 215 84 84 197 Alabama _ _ . 93 10 157 84 9 141 Mississippi. „. 27 9 200 26 11 191 West South Central: Arkansas 64 83 125 64 73 132 Louisiana 35 17 154 34 17 143 Oklahoma 252 255 23 235 225 27 Texas 572 441 150 540 398 148 Mountain: Montana 71 61 24 68 57 22 Idaho _- _ _ . . 48 73 1 39 65 Wyoming 30 45 4 29 39 4 Colorado 108 125 3 102 102 3 New Mexico 28 21 1 28 18 2 Arizona 13 16 3 12 10 3 Utah 35 53 32 42 Nevada 10 22 7 6 Pacific: Washington 125 125 36 111 108 34 Oregon _. 103 76 18 82 62 14 California . _ _ __ 191 189 169 167 Total 7,246 9,181 3,207 6,816 8,114 3,046 i Incorporated banks other than mutual savings banks. Back figures.—See Annual Reports for 1930 (table 84), 1928 (table 82), 1926 (table 65), and 1924 (table 70). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

84 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE BANK PREMISES No. 40.—COST OF BANK PREMISES OF FEDERAL RESERVE BANKS AND BRANCHES TO DEC. 31, 1932 NEW BUILDINGS CONSTKUCTED BY FEDERAL RESERVE BANKS Cost of Cost of buildings Federa o l r R b e ra se n r c v h e bank m o l i c a l n d o l n g u l d b i d s s , u i h d n i i e e n l g d d - - - , m er F a y i c x a h e n i d n d - All other Total b l u a c T i n o o l s d t d t i a a o n l n f g d s v B a n o l e o u t k e, Date occupied net equipment Boston $1, 246, 726 $662,157 $3, 542, 603 $4, 204, 760 $5,451,486 $3, 280, 009 March 1922. New York: Main building 4,850, 210 3,145,152 11,603, 54114, 748, 693 19, I, 903 2l, :252, 284 October 1924. Annex building 592, 679 215,418 1,451,570 1, 666,988 2, 259, 6671, 481, 016 0). Cleveland... 1, 295,490 1, 549, 894 6,464, 253 8, 014,1479, 309,6374, 805, 240 August 1923. Pittsburgh 781, 364 352, 411 1, 046, 225 1,398, 6362,180,000 2,123, 835 December 1931. Richmond: Main building 271, 924 470, 644 2, 046, 286 2, 516,9302, 788, 8541, 761, 425 October 1921. Annex building 80,333 104, 217 482, 482 586, 699 667, 032 259, 896 Baltimore 250,487 330,439 1, 244, 685 1, 575,1241, 825, 6111,475, 893 September 1928. Atlanta 283,000 175, 279 1, 355, 487 1, 530, 7661,813,766 1,101, 209 October 1918. Birmingham. 124,137 46, 788 311,336 358,124 482, 261 350, 673 January 1927. Jacksonville.. 45, 842 25, 956 214,312 240, 268 286,110 183. 823 June 1924. New Orleans. 201, 250 159, 502 738,404 897, 906 1,099,156 620, 748 October 1923. Chicago. 2, 963, 548 1,276, 579 6, 217,1057,493, 68410,457, 2325,981.321 July 1922. Detroit... 650,000 113,161 1, 003, 4381,116,599 1, 766, 5991, 613, 446 December 1927. St. Louis 1, 355, 374 1,126,036 2,111,809 3, 237, 8454, 593, 2192, 438., 796 June 1925. Little Rock. 85, 007 103, 608 233, 079 336, 687 421, 694 277. 654 March 1925 Memphis 100, 906 41, 496 234, 859 276, 355 377, 261 328,, 225 June 1929. Minneapolis 600, 521 620,054 2, 316, 7452, 936, 79 3, 537, 320l,692;,230 February 1925. Kansas City 495, 300 777, 940 3, 391,1014,169, 0414, 664, 3412, 345. 120 November 1921 Denver 101,512 55, 448 449, 876 505, 324 606, 836 408. 920 November 1925. Oklahoma City 65, 021 74, 891 409, 890 484, 781 549, 802 331., 759 April 1923. Omaha.. 176,427 70, 487 397, 938 468, 425 644, 852 472:, 87, December 1925. Dallas 181,120 346, 807 1,148,41' 1, 495, 2241, 676, 3441,092,023 March 1921. El Paso 39, 003 10, 824 111,369 122,193 161,196 110,461 August 1920. Houston 66, 313 63,105 286, 358 349, 463 415,776 300, 781 February 1922. San Antonio.. 75, 002 21,019 157,811 178,830 253,832 238,, 006 October 1928. San Francisco. . 412, 996 774,908 3,144, 4073,919,315 4, 332, 3112, 238, 444 December 1923. Los Angeles 454,592 282,171 977,985 1, 260,1561, 714, 7481,571,418 April 1930. Salt Lake City. 114, 075 84,814 341, 449 426, 263 540, 338 434,511 February 1927. Total- 17,960,159 13, 081, 20553, 434, 820 66, 516, 02854,476,184 51,572,041 BUILDINGS PURCHASED BY FEDERAL RESERVE BANKS [Amounts shown under "Cost of land" represent appraised value of land—remainder of actual cost included in " Cost of buildings"] New York (No. 10 Gold Street) 45,000 125, 864 125, 864 170, 864 94,500 (0. Buffalo 255, 000 465, 707 465,707 720,707 565, 500 May 1928. Philadelphia 1,900, 830 339, 584 2,181, 3342, 520, 9184,421,748 2,988, 742December 1917. Pittsburgh 297, 000 138,994 560,460 699,454 996, 454 579, 814 Nashville 48, 000 25,101 211,616 236, 71 284,717 165,674 December 1922. Louisville 131,17" 35, 060 226, 259 261,319 392,496 240, 599June 1919. Helena. 5,000 16,109 156,290 172, 177,399 53, 281 February 1921. Total 2, 682, 007 554,848 3, 927, 5304,482, 3787,164, 3854,688,110 Grand total 20, 642,166 13, 636, 053 57, 362, 350 70,998,403 91,640, 569 56, 260,151 1 Occupied by tenants. 2 Estimated cost to complete, $806, 246. NOTE.—No bank buildings or sites therefor have been acquired for the following branches and agencies: Branches—Charlotte, Portland, Seattle, Spokane; agencies—Savannah, Habana. The Cincinnati branch since Jan. 3, 1928, has occupied quarters in the chamber of commerce building, erected on the site leased to the Cincinnati Chamber of Commerce by the Federal Reserve Bank of Cleveland. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOAED 85 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS No. 41.—GROSS AND NET EARNINGS OF FEDERAL RESERVE BANKS, AND DISPO- SITION MADE OF NET EARNINGS, 1914-32 [Figures for each Federal Reserve bank are given in table 43] Earnings Disposition of net earnings Year Trans- Franchise Profit (+) Total Net i Dividends ferred to tax paid to or loss (—) paid surplus 2 U er . n S m . G en o t v 2 - f c o a r r w ri a e r d d 1914-15 $2,173, 252 -$141, 459 $217,463 -$358,922 1916 5, 217, 998 2, 750, 998 1,742,774 +1,008, 224 1917 16,128, 339 9, 579, 607 6,801, 726 $1,134, 234 $1,134, 234 +509,413 1918 67,584,417 52,716,310 5, 540, 684 48,334, 341 -1,158,715 1919 102, 380, 583 78, 367, 504 5,011,832 70, 651, 778 2, 703, 894 1920 181,296,711 149, 294, 774 5, 654, 018 82,916,014 60, 724, 742 1921 . 122, 865, 866 82, 087, 225 6,119,673 15,993, 086 59, 974, 466 1922 50, 498, 699 16, 497, 736 6, 307, 035 -659, 904 10, 850, 605 1923 50, 708, 566 12,711,286 6,552,717 2,545,513 3, 613,056 1924 . 38, 340, 449 3, 718,180 6, 682, 496 -3, 077, 962 113,646 1925 41,800,706 9, 449, 066 6, 915, 958 2, 473, 808 59, 300 1926 47 599 595 16,611,745 7, 329,169 8, 464, 426 818,150 1927 . . 43, 024, 484 13, 048, 249 7, 754, 539 5,044,119 249,591 1928 64, 052, 860 32.122, 021 8, 458, 463 21,078,899 2, 584, 659 1929 70, 955, 496 36, 402, 741 9,583,913 22, 535, 597 4, 283, 231 1930 __. 36, 424, 044 7,988,182 10, 268, 598 -2, 297, 724 17, 308 1931 29, 701, 279 2, 972, 066 10, 029, 760 -7,057,694 1932 50,018, 817 22, 314, 244 9, 282, 214 11,020, 582 2,011,418 Total 1,020,772,161 548,490,475 120, 253,062 279, 099,113 149,138, 300 1 Total earnings lsss current expenses, depreciation charges, and net losses. 2 Amount paid as franchise tax for 1922 includes additional franchise tax payments for prior years withdrawn from surplus account on Dec. 31, 1922, as follows: for 1920, $270,389; for 1921, $3,129,673. No. 42.—EARNINGS OF FEDERAL RESERVE BANKS, BY SOURCES, 1914-32 Earnings Total disc b o O i u l n l n s ted pur b c O i h l n l a s sed U s e e . r S c n . u O m r G n i e ti o n e v t s - D p r e e e n f s i a e c l r i t v e i e e n s t m ou i s s F c s r e o o l u l m a r n c e e - s 1914-15 $2,173, 252 $1,218,516 $244, 664 $171,831 $538, 241 1916 5, 217 998 1, 025, 675 1, 560, 918 1,106, 860 $1,157 1, 523, 388 1917 16,128, 339 6, 971, 479 4, 951, 729 2, 367, 989 194,526 1, 642, 616 1918 67,584,417 48, 348, 007 11,939,808 3, 828, 782 698, 991 2, 768, 829 1919 . _ 102, 380, 583 80, 768,144 13, 994, 544 5, 761, 300 727,844 1,128, 751 1920 181, 296, 711 149,059,825 22, 020,158 7,140,615 1, 573. 335 1, 502, 778 1921 122, 865, 866 109, 598, 675 5, 234,141 6, 253,854 1,177, 562 601,634 1922 .. 50, 498, 699 26, 523,123 5, 628, 956 16, 682,463 602, 951 1,061, 206 1923 50, 708, 566 32, 956, 293 9, 371, 288 7, 444,089 521, 061 415, 835 1924 _ 38, 340,449 15,942,845 5, 709,809 14, 712, 593 381, 619 1, 593, 583 1925 41, 800, 706 17, 679, 549 9,103, 915 12, 783, 001 310,406 1,923,835 1926 47, 599, 595 22, 551, 561 10,003,081 12,589,119 382, 946 2,072, 888 1927 43, 024, 484 17, 010, 778 9, 206, 677 14, 206,174 273, 839 2, 327, 016 1928 64,052, 86C 38, 334,140 13,020, 535 10, 827, 702 277,401 1, 593,082 1929 70, 955, 496 47, 790, 662 12, 063, 349 8,163, 486 449, 653 2, 488, 346 1930 36, 424, 044 10,672,215 6, 081,187 17, 273,331 225, 748 2,171, 563 1931 29, 701, 279 9, 820, 546 5, 009, 541 12, 428, 297 296, 960 2,145, 935 1932 50,018,817 17. 881,058 2, 785, 213 26,923,568 541,432 1,887, 546 Total 1,020,772,161 654,153,091 147,929,513 180, 665, 054 8, 637, 431 29, 387,072 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

86 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 43.—TOTAL EARNINGS, CURRENT EXPENSES, AND NET EARNINGS OF EACH RESERVE BANK, AND DISPOSITION MADE OF NET EARNINGS, 1914-32 Earnings and expenses Disposition of net earnings Franchise Total earn- Current Net earn- Dividends Transferred tax paid to ings expenses ings l paid to surplus U.S. Government AH Federal Reserve banks: 1914-25.. $678,995, 586 $218,057,864 $417,031, 227 $57, 546, 376 $220,310,908 $139,173,943 1926 47, 599, 595 27,350,182 16, 611, 745 7,329,169 8, 464,426 818,150 1927 43,024,484 27, 518,443 13,048, 249 7, 754, 539 5, 044,119 249,591 1928 ..... 64,052,860 26,904,810 32,122,021 8,458,463 21, 078,899 2, 584, 659 1929 70,955,496 29, 691,113 36,402, 741 9, 583,913 22, 535, 597 4, 283, 231 1930 - . 36,424,044 28,342, 726 7,988,182 10, 268, 598 -2,297, 724 17, 308 1931 29, 701,279 27,040, 664 2, 972, 066 10, 029, 760 -7, 057, 694 1932 50,018, 817 26, 291, 381 22, 314, 244 9, 282, 244 11, 020, 582 2,011,418 Total.. 1,020,772,161 411,197,183 548,490,475 120, 253,062 279, 099,113 149,138, 300 Boston: 1914-25.. __ 46,012,482 15, 612, 274 28, 598, 709 4, 513,157 17,020,119 7, 065, 433 1926 3,319,077 2,032,412 1,156, 873 525,023 585, 888 45,962 1927 2, 975, 357 1,976,935 837, 612 550,446 287, 166 1928 . 4,465, 342 1,870,003 2, 316, 522 590, 830 1,725, 692 1929 ... 5,160, 831 2, 232,109 2, 766,134 634,112 2,132,022 1930 2,368,086 2,077, 792 253, 777 705,949 -452,172 1931 . 1,800,619 i, 948,480 -140,230 709,139 -849, 369 1932 2, 774, 303 1,880,183 686, 639 675, 511 11,128 Total 68,876,097 29, 630,188 36,476,036 8,904,167 20, 460, 474 7,111,395 tfew York: 1914-25.. 203, 677,004 51,890,355 142, 698, 578 14, 727,925 59, 964, 391 68, 006, 262 1926 10, 600,968 6,421,442 3, 749,748 2,100,191 1, 649, 557 1927-> .. 10, 647, 759 6, 472,171 3, 720, 601 2,327, 355 1, 393, 246 1928 18,483,042 6,444, 265 11,018,433 2,743, 725 8, 274, 70S 1929 . 19, 314, 279 7,052,465 12, 263, 224 3, 544, 314 8,718,910 1930 10, 393,189 6, 826, 564 4, 588, 384 4, 013, 779 574, 605 1931 .... 7, 555, 213 6, 647,104 1, 532, 081 3, 891, 599 -2,359,518 1932 __ 15, 948, 943 6, 376, 729 10, 404, 550 3, 562, 030 6, 842, 520 Total 296, 620,397 98,131,095 189,975, 599 36,910,918 85, 058, 419 68,006, 262 Philadelphia: 1914-25 49, 378,075 16, 082, 357 31, 248,052 5, 224,957 20, 464,194 5, 558, 901 1926 3, 626, 648 2, 056, 274 1, 533, 733 730, 598 803,135 1927 _. 3, 363,626 2,106, 682 1,176,469 781,540 394, 929 1928 5, 394, 546 1, 986, 242 3, 282, 641 843,755 2, 438,886 1929 6, 076, 048 2,197,891 3,801,988 938,312 2, 863, 676 1930 2, 996, 243 2, 041, 627 1,102,771 1, 002, 602 100,169 1931— . 2, 714, 016 1,985, 586 884,172 1,004, 836 -120,664 1932 5,001,098 1,994,030 3, 270, 835 973, 393 2, 297, 442 Total 78, 550, 300 30,450, 689 46, 300, 661 11,499,993 29, 241, 767 5, 558, 901 Cleveland: 1914-25 56, 243,852 18,403, 480 33, 253,043 6,349, 744 22, 893, 598 4, 009, 701 1926 4, 517,884 2, 531, 746 1, 660, 762 808, 505 852, 257 1927 4,197,836 2, 610,474 1,108,190 832, 583 275, 607 1928 6, 250, 553 2,596,814 3,180, 715 856,843 2, 323, 872 1929 . 6,986, 580 2,785,979 3, 705,442 910,007 2, 795,435 1930... 3, 585, 202 2, 649,497 783, 777 952, 934 -169,157 1931 3,038, 083 2, 623,842 78, 545 936, 513 •857,968 1932 . 5,128, 554 2, 583,904 1,871, 256 858,427 180, 083 832, 746 Total... 89, 948, 544 36, 785, 736 45, 641, 730 12, 505, 556 28, 293, 727 4, 842,447 Richmond: 1914-25 32,966, 111 11,448, 465 19, 561,371 3,076, 394 11,918,971 4,566,006 1926 2,429,017 1, 383,939 727, 645 363,957 279, 216 84,472 1927 2,086, 303 1,379,402 497, 711 372,230 125,481. 1928 _ . 2,857, 648 1,402, 392 1,118, 960 370, 683 74, 828 673,449 1929 3,299, 609 1, 587, 244 1, 342, 225 368,601 97, 362 876, 262 1930 1, 641, 390 1, 569, 034 -28, 797 353, 472 -382, 269 1931 1, 389,086 1, 491, 663 -156,646 340, 360 -497,006 1932 i 1,871,123 1, 406,121 314,490 314, 490 Total 48, 540, 287 21, 668, 260 23, 376, 959 5, 560,187 11,616,583 6, 2C0,189 i Total earnings less current expenses, depreciation charges, and net losses. Digitized for FBRaAckS fiEguRr es.—See Annual Report for 1931 (table 90). https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS 87 No. 43.—TOTAL EARNINGS, CURRENT EXPENSES, AND NET EARNINGS OF EACH RESERVE BANK, AND DISPOSITION MADE OF NET EARNINGS, 1914-32—Cont. Earnings and expenses Disposition of net earnings Franchise Total earn- Current Net earn- Dividends Transferred tax paid to ings expenses ings paid to surplus U.S. Government Atlanta: 1914-25- $31, 712,460 $9,932, 356 $18,365,091 $2,341,609 $8,700,012 $7, 323,470 1926 _ . 3,045,867 1, 389,168 1,228, 327 296, 573 931, 754 1927 2,067, 839 1,264,156 669,904 305,817 364,087 1928 3,578,156 1,253,134 1,693,985 312,259 558,425 823, 301 1929 4,116, 049 1, 513, 239 1,428, 518 321,696 303, 032 803, 790 1930 1,963, 724 1, 372,882 323, 307 323,307 1931 1,448,835 1, 268, 776 313, 247 -313,247 1932 2,003,196 1,217, 777 292, 545 292,545 Total 49,936,126 19,211,488 24, 001,677 4, 507, 053 10, 544,063 8,950,561 Chicago: 1914-25 98,084,253 30, 037, 770 62,031, 293 7, 799, 287 30, 612, 831 23,619,175 1926 6,567,043 3,824,437 2, 253,923 985,959 1,267,964 1927 6,167, 352 3,887,058 1,927, 645 1,029,990 897,655 1928 8,936,418 3,696,679 4,763,429 1,099, 761 3,663,668 1929 9,889,451 4,092,369 5,424,665 1,170, 363 3,651,464 602,838 1930 4,834,153 3,805,117 1,054, 328 1,211,418 -157,090 1931 4,143,601 3,524,401 609,895 1,170,633 -560, 738 1932 5,613,671 3,432,693 2,242,725 1,029,933 121,279 1,091, 513 Total 144,235, 942 56, 300,524 80,307,903 15,497,344 39,497,033 25,313, 526 St. Louis: 1914-25 29,019,287 11,907,839 14,446,592 2,670, 833 9, 570,411 2, 205, 348 1926 2, 511, 509 1,380,104 683,022 314,420 368,602 1927 2,228,079 1,368,664 775,681 317,727 457,954 1928 - ._ 2,901,925 1, 336,794 785,159 321, 855 423,011 40,293 1929 3,247,936 1,438,418 885,884 319,231 56,665 509,988 1930 1, 745,685 1,398,936 1,114 315,839 -314, 725 1931 _ 1,188, 631 1,350,924 -61, 263 289,409 -350,672 1932 1,625,432 1, 360,610 243,485 268, 505 -25,020 Total _._ 44,468,484 21, 542, 289 17, 759,674 4, 817, 819 10,186, 226 2,755,629 Minneapolis: 1914-25 23,124,687 7,941,308 13, 330, 818 2,000, 327 7, 500,987 3,829, 504 1926 1,622,333 " 1,063, 757 448,033 187,609 26,043 234,381 1927 1,390, 031 1,048, 746 296,077 180, 726 11, 535 103,816 1928 1,710, 304 1,000,474 614,704 181, 203 43, 350 390,151 1929 _ 1,926,031 1,022,009 794,762 184,030 61,073 549,659 1930 1,235,082 976,867 193,589 184,445 914 8,230 1931 936,604 918,942 45, 805 180,455 -134,650 1932 1,435,093 926, 668 272, 338 175,495 9,684 87,159 Total . 33,380,165 14,898, 771 15,996,126 3, 274,290 7, 518,936 5,202,900 Kansas City: 1914-25 33, 683,079 13, 899,488 16, 842,990 2,571,077 8,979, 111 5,292,802 1926 2,677, 340 1,682,928 756,469 252,764 50,370 453, 335 1927 _ . 2,304,938 1, 677,215 414,726 252, 753 16,198 145,775 1928 2, 597. 968 1,661,980 659,760 253, 254 40,651 365,855 1929 __ 2,976,576 1,830,833 1,013, 586 256, 549 75,704 681, 333 1930 1, 667,667 1,784, 609 -200,976 259,397 -460,373 1931 1, 555,084 1, 664, 282 -185,486 253, 621 -439,107 1932 __ 2,021,468 1, 612, 714 245, 356 245,356 Total 49,484,120 25,814,049 19,546,425 4,344, 771 8, 262, 554 6,939,100 Dallas: 1914-25.-- 23,902, 682 10,573, 243 9,946,901 2,331, 610 7, 615, 291 1926 2,127,049 1,178,731 857,211 257,502 599, 709 1927 1, 741,922 1, 267, 338 568, 209 256,310 311,899 1928 2,119, 666 1,245,479 713,455 258, 544 163,301 291, 610 1929 2,496,030 1,384, 876 770, 391 266, 613 244,417 259, 361 1930 __ 1, 585,113 1, 341,153 272, 597 262, 510 1,009 9,078 1931 1, 213,987 1,257,884 111,982 254,878 -142,896 1932 .. . __. 1, 307,246 1,141,984 163,915 237,970 -74,055 Total 36,493, 695 19, 390, 688 13,404,661 4,125,937 8, 718, 675 560,049 San Francisco: 1914-25 51,191, 614 20, 328,929 26, 707, 789 3,939,456 15, 070, 992 7,697,341 1926 . . 4, 554,860 2,405, 244 1, 555,999 506,068 1,049,931 1927 3,853,442 2,459, 602 1,055,424 547,062 508, 362 1928 4, 757, 292 2,410, 554 1,974, 258 625, 751 1,348, 507 1929 5,466, 076 2, 553, 681 2, 205,922 670,085 1, 535,837 1930 2,408, 510 2, 498, 648 -355, 689 682,946 -1,038,635 1931 2, 717, 520 2, 358, 780 253,211 685,070 -431,859 1932 5,288, 690 2, 357,968 2,306,110 648, 589 1, 657, 521 Total 80,238,004 37,373,406 35, 703,024 8, 305,027 19,700, 656 7,697,341 Digitized for FRAS1E82R79 9—33—7 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

No. 44.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1932 EARNINGS Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e - I j m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas San c is F c r o an- Discounted bills $17,881,058 $931, 539 $33,, 227766, ,595 $2!,, 594, 233 >$2i, 214, 435 $989,265 $1,186, 612 $1,336,846 $496,823 $418, 531 $873,477 $458, 224<1 $31,,104,461 Purchased bills 2, 785, 213 204, 594 932, 505 196,888 198,594 130,184 127, 554 367, 299 108,496 65, 335 97, 208 70,562 285,994 United States securities._. 26,923, 568 1, 546, 769 111,157, 507 2, 036,870 2, 501, 416 634,263 602, 366 3,455,199 920,177 921,077 772, 554 733,695 1,641,675 Deficient reserve penalties 541, 432 18, 558 44, 367 45, 005 54,169 43,329 28, 572 53, 856 40,251 17, 219 13, 656 22,990 159,460 Miscellaneous 1, 887, 546 72,843 537,969 128,102 159,940 74,082 58, 092 400, 471 59,685 12, 931 264, 573 21,758 97,100 Total earnings 50, 018, 817 2,774,303 15,948,943 5, 001,098 5,128, 5541,871,123 2,003,196 5, 613, 6711, 625, 4321, 435, 0932,021,468 1,307,246 5, 288, 690 CURRENT EXPENSES Salaries: Officers - $2, 666,876 $134,750 $576,203 $134, 71* $216,1641 $173,092 $231,104 $322, 012 $172, 010 $110,300 $181,628 $175,670 $239, 228 Clerical employees 11, 259, 488 825,939 3,148,016 912, 7731, 008, 843 592, 591 391, 963 1,449,1 543,148 328, 048 605, 976 472, 009 981,084 Other employees 2, 768,107 127, 648 641, 581 136,747 388,835 153, 634 78,998 410, 210 147, 569 114,101 214, 676 111, 522 242, 588 Governors' conferences 4,309 236 56 66 371 91 86 240 339 995 493 755 581 Federal Reserve agents' conferences 1,975 78 45 1401 56 106 138 262 188 170 214 578 Federal advisory council 14,715 1,300 992 800| 814| 300 1,129 1,400 1,300 1,540 1,300 2,040 1,800 Directors' meetings 180,915 6, 360 20, 622 7,581 10, 0741 7,910 23,281 12, 532 17,158 9,750 31, 060 10, 058 24, 529 Traveling expenses 1 212, 328 6,376 29,173 13,315 14,974! 15,372 22, 319 21,429 19,714 21,810 8,480 10, 469 28,897 Assessments for Federal Reserve Board's expenses -- 728,810 55,350 236, 707 74,983 73,551| 29,405 27,019 97,988 25, 528 16,243 21, 409 20, 371 50, 256 Legal fees 95,150 5,935 6,127 4,382 6, 500j 4,182 16,598 2,453 14,104 10, 791 11, 256 12,123 Insurance on currency and security shipments 332, 549 49, 305 72,927 39, 272J 27, 274] 17,3791 16, 886 43, 341 6,662 9,233 9,783 11,88: 28,605 Other insurance 457, 595 31,362 76,682 38,273 37,022 23,050 27, 361 44, 509 27, 594 32, 056 48,993 28, 56' 42,126 Taxes on banking house 1, 502, 756 133,717 403, 812 38, 088 144, 3131 72, 347 60, 822 292,193 59,916 66, 413 89, 365 36, 706 105,064 Light, heat, power, and water 339,516 24,64" 66,051 21,634 37, 296; 15,316 15, 673 37,127 21, 740 17,568 34, 231 18, 654 29, 579 Repairs and alterations, banking house- 156, 071 2,320 20,947 52,042 18,144! 2,030 4,182 28,194 5,725 1,731 7,220 1,820 11,716 Rent 166, 356 480 1,009 87,1901 14,789 4,572 3,000 1,665 53, 651 Office and other supplies 315, 608 17, 343 71, 272 32,182 35,127 16,179 13, 508 37, 769 13, 847 13, 028 20, 309 10,910 34,134 Printing and stationery 349, 948 31, 493 23, 912 32, 764 20,723 18, 546 46, 882 20, 308 16, 898 21, 524 15, 381 34,928 Telephone 252, 886; 20, 2491 76! 870! 32, 269 18, 480 10,429 7,944 20, 844 12,826 5,960 9,019 9,671 28,325 Telegraph 426, 932 5,640 49,168 13, 709 26,875 32,173 63,322 33,973 34, 663 15,870 53, 516 42, 405 55, 618 Postage 1, 872, 001 216, 457 330,938 173, 923 155, 698 125, 700! 91, 319 249, 096 85, 901 72,819 138,143 91,497 140, 510 Expressage — 418, 247 43, 213 107, 286 51,4711 30, 7381 25, 229! 28, 789 49, 309 13, 980 8,055 17, 322 17,171 25, 684 Miscellaneous expenses 662, 427 33, 048 187,965 55,372 48,241 29,938 30,121 77, 855 32,461 30,488 36,964 34,092 65,882 Total, exclusive of cost of currency- 25,185, 565 1, 773,1686,190, 0621, 858, 5632, 419,428 1, 378, 432 1,163, 232 3, 292, 713,7 268,104 907,1 1, 562, 372 1,134, 785 2, 237,484 Federal Reserve currency: Original cost 985, 295 96, 212 156,878 121, 548 153,811 21,014 48, 895 122, 299 85, 286 16,978 46,100 5, 467 110.807 Cost of redemption _ 120, 521 10,803 29,789 13,919 10, 665 6,675 5, 650 17, 657 7,220 2,492 4,242 1,732 Total current expenses . 26,291, 381 1,880,183 6,376, 7291,994,030 !, 583,9041,406,121 1, 217, 7773, 432, 6931, 360, 610 926, 668 1, 612, 714 1,141, 984 2, 357,9 i Other than those connected with governors' and agents' conferences and meeting of directors and of the advisory council. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

PROFIT AND LOSS ACCOUNT Earnings $50,018,817 $2, 774, 303$15,948,943$5, 001,098$5,128, 554$1,871,123$2, 003,196$5, 613, 671$1, 625,432$1,435,093$2, 021,468$1,307, 246$5, 288, 690 Current expenses 26,291,381 1, 880,183 6,376,729 1,994,030 2,583, 904 1, 406,121 1, 217, 777 3,432, 693 1, 360, 610 926, 668 1, 612, 714 1,141,984 2, 357,968 Current net earnings 23, 727,436 894,120 9, 572,214 3, 007, 068 2, 544, 650 465, 002 785,419 2,180,978 264,822 508,425 408, 754 165, 262 2, 930, 722 Additions to current net earnings: Withdrawn from reserve for probable losses 59,931 59, 931 Profit on United States Government securities sold 3, 701, 250 187, 612 1,281,437 312, 398 319,843 82,101 80, 652 873,140 115, 524 83,439 98,455 53,882 212, 767 All other 123, 268 18, 718 80,939 3,277 1,186 301 1,124 11,828 814 5,021 60 Total additions 3,884,449 206, 330 1,362,376 312, 398 323,120 83, 287 80, 953 874, 264 187, 283 84, 253 103,476J 53, 942 212, 767 Deductions from current net earnings: Bank premises—depreciation 1, 754,867 55, 832 389,688 303, 565 114,218 66, 513 233,682 175, 332 90, 371 91, 082! 45. 743 188,841 Furniture and equipment 248, 362 6,210 35,881 19, 972 51, 946 4,409 6,183 14,588 29, 584 11, 985 14, 849 8,565 44,190 Reserve for probable losses 1, 239,942 250, 000 107,145 499, 224 21, 593 200,000 60, 280 101, 700 Reserve for self-insurance 1, 769,075 350,000 53, 695 250,000 500,000 15, 380 100, 000 500, 000 All other 285,395 1,769 50, 776 28, 659 141,003 8,027 1,907 42, 654 3,704 2,604 663 981 2,648 Total deductions 5, 297, 641 413,811 530,040 48,.631 996, 514 233, 799 573,827 812, 517 208, 620 320, 340 266, 874 55, 289 837, 379 Net deductions from current net earnings 1,413,192 207,481 +832,336 +263, 767 673, 394 150,512 492,874 +61, 747 21,337 236, 087 163, 398 1,347 624, 612 Net earnings 22,314, 244 686,639 10,404,550 3, 270, 835 1,871, 256 314,490 292, 545 2, 242, 725 243,485 272, 338 245, 356 163,915 2, 306,110 Dividends paid .. 9, 282, 244 675, 511 3, 562,030 973, 393 858, 427 314,490 292, 545 1, 029, 933 268, 5051 175,495 245, 356 237, 970 648, 589 Transferred to surplus 11,020,582 11,128 6, 842, 520 2, 297,442 180,083 121, 279 -25, 020 9, 684 -74,055 1, 657, 521 Franchise tax paid United States Government 2,011,418 832, 746 1, 091, 513 | 87.159 SURPLUS ACCOUNT Surplus, Jan. 1, 1932 $259,420,262;$20,038,562 $75, 077,154 $26,485,609 $27,640,313 $11,482,816 $10,448,658 $38,411,011 $10,024,775 $6, 356,250 $8,124, 278 $7,624,276 $17,706,560 Credits to surplus: Transferred from net earnings 11,020, 582 11,128 6, 842,520 2, 297,442 180,083 121, 279 -25,020 -74,055 1,657,521 • Withdrawn from reserve for depreciation on United States bonds._. 8,158,268 410,7; 3,138, 747 458, 716 473,331 133,767 95,405 964, 743 186, 470 653, 001 138,274 1,168,455 336, 576 Total 19,178,850 421,911 II, 267 2, 756,158 653,414 133,767 95, 405 1, 086, 022 161, 450 662, 685 138, 274 1,094, 400 1, 994,097 Surplus, Jan. 1, 1933.. 278, 599,112 20,460,473 85, 058, 421 29, 241, 767 28,293, 727 11,616, 583 10,544,063 39, 497,033 10,186, 225 7,018,935 8, 262,552 8, 718,676 19,700, 657 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

No. 44.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1932—Continued* CO o REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT Total Boston New York Ph p il h a i d a el- C l l a e n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas San c is F c r o an- Salaries $905,683 $22, 662 $94,501 $56,551 $110, 888 $81,432 $58,580 $205,067 $56,103 $38, 566 $42,440 $33,481 $105,412 All other.. _ . 333, 738 10,618 34,239 18,383 49, 791 40,540 26,505 79,868 13, 397 14,899 9,678 10,766 25,054 Total 1, 239,421 33,280 128, 740 74,934 160, 679 121,972 85,085 284,935 69, 500 53,465 52,118 44,247 130,466 tel Back figures—See Annual Reports for 1931 (table 91), 1930 (table 86), 1929 (table 80), 1928 (table 84), 1927 (table 75), 1926 (table 68), and 1925 (table 67 and pt. II, table 5). 3 tel I H W o Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES No. 45.—FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE END OF EACH MONTH [In thousands of dollars] 1931 1932 Dec. 31 Jan. 31 Feb. 29 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 Federal Reserve notes received from the Comptroller . _ _ . 4,893,971 5, 031,303 5, 019,099 4,965, 844 4,911,388 4,884,140 5,140, 418 5,177,346 5,151,460 5,115, 780 5, 057, 683 5,058,888 5,059,333 Federal Reserve notes held by Federal Reserve agents. _ __ 1,967,933 2,108, 590 2,107, 356 2,149, 260 2,137,184 2,118,759 2,112,022 2, 097, 575 2, 099, 461 2,132, 000 2,139, 596 2,145,205 2, 072, 318 Federal Reserve notes issued to Federal Reserve banks: Held by issuing Federal Reserve bank- 301, 567 257,477 260, 574 253,098 208,133 193,165 233, 433 220,862 237,979 234,096 208, 672 221, 397 248,407 Held by other Federal Reserve banks. 20,055 16,137 15,916 15, 792 14,008 11, 585 13, 325 14,939 15, 082 12,540 15, 799 12, 256 17,819 H In e l c d ir c b u y l a U ti n o i n te 1 d States Treasury 2,603,4 9 4 7 1 5 2,647 1 , ,2 8 6 3 3 6 2, 633 1 , , 6 6 3 2 3 0 2, 54 1 5 , , 7 9 8 1 2 2 2, 550 1 , , 3 6 8 8 0 3 2, 55 2 7 , , 7 8 4 8 2 9 2, 78 1 0 , , 4 2 1 2 4 4 2,838 5 , , 1 8 3 3 4 6 2, 79 5 3 , , 8 0 4 9 1 7 2, 731 5 , , 8 3 0 4 3 1 2, 688 4 , , 8 7 5 5 8 8 2,674 5 , , 3 7 1 1 4 6 2,715 5 , , 1 6 0 8 6 3 Total notes issued 2,926,038 2, 922, 713 2, 911, 743 2, 816, 584 2, 774, 204 2, 765, 381 3, 028, 396 3, 079, 771 3,051, 999 2, 983, 780 2, 918,087 2,913,683 2,987,015 Collateral held as security for Federal Reserve notes issued to Federal Reserve banks: Gold and gold certificates in vault: Gold bullion 157,337 157,239 120, 217 120, 217 166, 726 141, 207 64,837 64,827 94,281 130, 966 186,749 199,903 309, 545 United States gold coin 194,035 181,675 150, 625 191,225 245,090 271,640 279,405 329,195 353,100 369,000 366,520 366,150 277,180 Gold certificates 528,020 478, 285 478,085 544, 625 554,860 447,495 599, 710 583, 515 634, 615 522,605 513, 550 519, 300 527,390 Total in vault _ 879,392 817,199 748,927 856,067 966,676 860,342 943,952 977,537 1,081,996 1,022, 571 1,066, 819 1,085,353 1,114,115 In gold fund, Federal Reserve Board 1,250, 730 1,240,880 1,319, 980 1, 355, 080 1, 307,880 1, 240,195 1, 012, 315 991, 615 999, 765 1,166,115 1,125, 265 1,157, 045 1, 237, 560 50 Total gold and gold certificates _ 2,130,122 2,058,079 2,068,907 2,211,147 2,274, 556 2,100, 537 1,956,267 1,969,152 2,081, 761 2,188,686 2,192,084 2, 242,398 2,351, 675 Eligible paper 915,125 1,006, 263 892,153 667,000 562,464 484, 733 452,596 524,874 416, 786 315,325 312, 467 293,944 219, 888 United States Government securities 2 _ 204, 700 634,500 611,400 578,100 498, 600 454, 700 414,400 427,800 Total collateral held _. 3,045, 247 3,064, 342 2,961,060 2,878,147 2, 837,020 2, 789,970 3, 043, 363 3,105,426 3,076, 647 3,002, 611 2,959, 251 2,950, 742 2, 999, 363 Collateral required as security for Federal Reserve notes 2,926,038 2,922, 713 2,911, 743 2, 816, 584 2, 774, 204 2, 765, 381 3, 028,396 3, 079, 771 3,051,999 2,983, 780 2,918,087 2,913, 683 2, 987,015 Collateral pledged in excess of Federal Reserve notes issued... ._ 119, 209 141, 629 49,317 61, 563 62, 816 24, 589 14,967 25, 655 24,648 18,831 41,164 37,059 12,348 1 This figure corresponds with that given under the same caption in table 52. It differs from that given in table 15 by the amount of Federal Reserve notes held by (a) other Federal Reserve banks and (b) the United States Treasury. 2 See pp. 16-19. Back figures.—See Annual Report for 1931 (table 28), 1930 (table 26), 1929 (table 25), 1928 (table 25), etc. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

GOLD STOCK/GOLD MOVEMENTS, AND MONEY IN CIRCULATION 93 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPOET OF THE FEDERAL RESERVE BOARD 95 GOLD No. 46.—MONETARY GOLD STOCK 1 OF THE UNITED STATES, 1914-32 [In millions of dollars. For figures by weeks see tables 3 and 4] End of month figures End of month 1914 1915 1916 1917 1918 1919 1920 1921 1922 •1923 January.- _. 1,923 1,822 2,325 2,922 3,160 3,162 2,930 2,966 3,685 3,953 February 1,919 1,838 2,325 2, 996 3,162 3,165 2,887 3, 000 3,723 3,963 March 1,931 1,869 2,323 3,105 3,165 3,165 2, 850 3,086 3,750 3,970 April 1,942 1,893 2,318 3,137 3,166 3,177 2,841 3,164 3,764 3,982 May _ 1,929 1,929 2,336 3,133 3,172 3,177 2, 856 3,231 3,771 4,028 June 1,891 1,986 2,445 3,220 3,163 3,113 2,865 3,275 3,785 4,050 July 1,859 2,007 2, 506 3,190 3,182 • 3,064 2,862 3,347 3,829 4,079 August--- 1,853 2,076 2, 549 3,165 3,161 3,125 2,851 3, 439 3,855 4,111 September 1, 844 2,124 2,630 3,151 3,153 3,147 2,873 3,519 3,873 4,136 October _. 1,808 2,198 2,714 3,153 3,156 3,103 2,868 3,572 3,888 4,167 November 1,807 2,260 2,736 3.154 3,159 3,044 2,897 3,627 3,906 4,207 December 1,813 2,312 2,843 3.155 3,160 2,944 2,926 3,660 3,929 4,244 End of montr 1924 1925 1926 1927 1928 1929 1930 1931 1932 January _. 4,289 4, 423 4,412 4,564 4,373 4,127 4,291 4,643 4,416 February 4,323 4,364 4,423 4,586 4,362 4,153 4,353 4, 665 4,354 March _ _ _ 4,364 4,339 4, 442 4,597 4,305 4,188 4,423 4,697 4,390 April 4,411 4,342 4,438 4,610 4,266 4,260 4,491 4,726 4,367 May... 4,455 4,357 4,433 4,608 4,160 4,301 4,517 4,798 4,152 June 4,488 4,360 4,447 4, 587 4,109 4,324 4,535 4,956 3,919 July . 4,511 4,367 4.471 4. 580 4,113 4,341 4,517 4,949 3,974 August.- 4,521 4,382 4, 473 4,588 4.123 4, 360 4,501 4,995 4,088 September 4,511 4, 332 4,466 4, 571 4, 125 4,372 4,511 4,741 4,193 October 4,509 4,407 4,473 4, 541 4,142 4, 386 4,535 4,292 4, 264 November 4, 527 4,397 4,477 4, 451 4, 128 4.367 4,571 4,414 4,340 December 4,499 4.399 4,492 4,379 4,141 4,284 4,593 4,460 4,513 Averag<3S of end of month figures Averages of daily figures 1914 1915 1916 1917 1918 1919 1920 1921 1922 January 1,918 1,817 2,319 2,882 3,152 3,160 2,961 2,931 3,672 February. 1,921 1,830 2,325 2,959 3,159 3,162 2,909 2,975 3,704 March 1,925 1,854 2,324 3,050 3,162 3,161 2,859 3,040 3,736 April ... 1,936 1,881 2,320 3,121 3,163 3,166 2,821 3,117 3,756 May 1,935 1,911 2,327 3,135 3,163 3,176 2,835 3,197 3,768 June. 1,910 1,957 2,390 3,177 3,162 3,169 2,854 3,254 3, 776 July 1,875 1,996 2,475 3,205 3,161 3,087 2,862 3,305 3,803 August 1,856 2, 042 2,528 2 3,183 3,157 3,114 2,855 3,392 3,840 September 1,848 2,100 2,590 2 3,152 3,156 3,143 2,847 3,479 3,860 October 1,826 2,161 2,672 2 3,151 3,151 3,120 2,855 3,547 3,884 November ._ 1,807 2,229 2,725 2 3,153 3,155 3,070 2,873 3,595 3,896 December 1,810 2,286 2,789 2 3,153 3,156 3,021 2,894 3,643 3,917 Averages of daily figures TV/T/vnfh 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 January 3,945 4,266 4,468 4,407 4,527 4,377 4,115 4,282 4,622 4,452 February 3,960 4,302 4,392 4,425 4,576 4,373 4,143 4,317 4,656 4,384 March 3,966 4,340 4,340 4,444 4,595 4,335 4,166 4,394 4,682 4,372 April. 3,975 4, 383 4,340 4,448 4,601 4,287 4,226 4,443 4,711 4,381 May 3,993 4,433 4, 353 4,434 4, 651 4,207 4,292 4,505 4,767 4,273 June.. . 4,040 4,471 4,360 4,438 4,606 4,119 4, 311 4,528 4,865 3,956 July 4,061 4,503 4,362 4,460 4,575 4,113 4, 335 4, 532 4,958 3,941 August 4,097 4,516 4,372 4,467 4,585 4,118 4,351 4,496 4,975 4,030 September 4,123 4, 515 4,386 4,471 •4, 584 4,125 4,368 4,503 4,948 4,140 October 4,155 4,506 4,391 4,472 4,566 4,133 4,381 4,520 4,447 4,226 November 4,182 4,517 4,407 4,477 4.490 4,151 4,374 4,553 4,363 4,292 December 4,226 4,507 4,397 4,481 4,416 4,142 4,324 4, 583 4,450 4,429 1 Gold coin and bullion (including foreign coin) held by United States Treasury and Federal Reserve banks (including gold held under earmark abroad) and United States gold coin in circulation. Amounts held abroad under earmark (end of month figures) as follows: 1917, June-December, $52,500,000; 1918, January-May, $52,500,000; June, $16,271,000; July, $11,630,000; August-December, $5,829,000; 1919, January- March, $5,829,000; August, $107,119,000; September, $159,618,000; October, $149,166,000; November, $135,- 694,000; December, $131,320,000; 1920, January, $114,322,000; February, $112,822,000; March-April, $112,- 780,000; May-July, $111,530,000: August-September, $111,458,000; October, $16,536,000; November-Decem ber, $3,300,000; 1921. January-February. $3,300,000; 1927, May, $59,548,000; June. $23,300,000; 1932, December, $72,638,000. 2 Averages of daily figures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

96 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 47. -ANALYSIS OF CHANGES IN MONETARY GOLD STOCK, BY MONTHS, 1925-32 [In millions of dollars] Analysis of changes Analysis of changes Month a s G t t o o o e c f l n d k d cr I e i n n a - se g N o e ld t N l f e r e o a t m s r e e- m p D t r e i o o c s - - - Month a s G t t o o o e c f l n d k d cr I e i n n a - se g N o e ld t N l f e r e o a t m s r e e- m p D t r e i o o c s - - month stock import ear- duc- month stock import ear- ducduring mark1 tion, during mark1 tion, month etc.2 month etc2 1925 1929 January 4,423 -76.6 -68. 5 -0.8 -7.3 January 4,127 -14.4 47.2 -65. 0 3.4 February.... 4, -53.5 -47.0 -6.4 -. 1 February. _. 4,153 26.4 25.5 .9 March 4,346 -23.2 -17.8 -9.3 3.8 March 4,188 34.4 24.8 7.5 2.1 April 4,350 3.6 -12.7 14.9 1.5 April 4,260 72.4 23.1 48.6 May. _.. 4,361 11.5 -2.0 16.0 -2.5 May 4,301 40. 23.6 16.1 June 4, 365 3.4 -2.3 5.1 June 4,324 23.4 30.2 -7.5 .7 July 4,370 5.5 5.8 -3.1 July 4,341 16.3 34.7 -22.0 3.6 August 4,383 12.6 2.7 11.6 -1.7 August 4,360 18.9 18.4 -1.0 1.5 September... 4,382 -1.2 -2.7 1.5 -. 1 September.. 4,372 12.1 17.6 -6. 1.1 October 4,407 25.9 22.7 2.9 .4 October 4,386 14.4 17.5 -4.5 1.4 November... 4,397 -10.0 -13.9 2.0 1.9 November. _ 4,367 -19.2 -23.2 1.0 3.0 December... 4, 399 2.0 1.2 -2.0 o 7 December.. 4,284 -82. -64.4 -22.0 3.5 Total. -100.1 -134. 4 32.2 TotaL 142. 5 175.1 -55.4 22.8 1926 1930 January 4,412 12.2 16.3 -6.0 2.0 January 4,291 6.8 4.0 .5 2.3 February... 4,423 11.5 21. -11.0 1.0 February.-. 4,353 61.9 60.0 1.9 March 4,442 18.4 39.2 -23.0 2.2 March 4,423 70.2 55.5 15.0 o April. 4,438 -3.4 -4.8 1.4 April 4,491 68.5 65.7 .5 2.'3 May.. 4,433 -4.8 -6.4 1.6 May __ 4,517 25.9 23.5 2.0 .5 June 4,447 14.0 15.5 -1.0 June 4,535 17. 13.9 2.0 1.7 July 4, 471 23.7 14.8 4.0 5.0 July.. 4,517 -18.4 -19.6 -3.0 4.3 August 4,473 2.0 -17.8 19.2 .,6 August 4, 501 -15.5 -19.6 4.2 September.. 4,466 -7.4 -7.1 -2.4 2.1 September.. 4,511 10.2 2.5 4.0 3.7 D N Oc e o t c v o e e b m m er b b e e r r . . , . 4 4 4 , , , 4 4 4 7 9 7 7 2 3 1 7 3 5 . . . 7 2 4 9 7 9. . . 0 8 7 -7 1 ." .0 "1 4 . . 7 6 N D O o c e t c v o e e b m m er b b e e r r. . . _ 4 4 4 , , , 5 5 5 3 9 7 5 3 1 3 2 2 6 2 3 . . . 8 3 1 2 3 3 6 2 5 . . . 4 7 2 - - - 1 6 2 5 . . . 1 1 2 3 3 4 . . . 8 1 5 Total. 92.6 97.8 -26.3 21.1 Total. 309.1 280.1 -2.4 1927 1931 January 4,564 72.3 44.5 19.5 8.3 January 4,643 49. 4 34.4 11.9 3.1 February. __ 4,586 21.3 19. 3.2 -1.8 February-_. 4,665 22.0 16.1 2.5 3.3 March 4,597 11.1 10.8 -1.5 1.8 March 4,697 32.0 25.6 3.0 3.3 April 4,610 12.9 11.9 -1.0 2.0 April 4,726 28.7 49.5 -7.5 -13.3 May 4,608 -1.4 31.7 -35. 2.3 May 4, ~~~ 72.4 49.6 4.0 18.8 June 4,587 -20.9 12.8 -36. 3.0 June 4,956 158.0 63.8 92.3 1.9 July... 4,580 y 8.9 -23.1 6.7 July 4,949 -6.6 19.5 -29.7 3.6 August 4,588 8! 6.4 -2.5 4.7 August 4,995 45.7 57.5 -16.0 4.2 September.. 4,571 -17.5 -11.5 -9.0 2.9 September.. 4,741 -254. 3 20.6 -279.1 4.2 October 4,541 -30.2 -8.6 -25.0 3.5 October 4,292 -448.4 -337. 7-107.6 -3.1 November- 4, 451 -89.7 -53.2 -40.0 3.5 November.. 4,414 122. 0 89.4 28.3 4.2 December.. 4,379 -71. -67.4 -8.5 4.2 December.. 4,460 45.8 56.9 -22.9 11.9 Total. -112.8 6.1-160.2 41.3 Total. -133.4 145.3-320.8 42.1 1928 1932 January 4,373 -6.0 -13.8 5.5 2.3 January 4,416 -44.2 -73. 0 25.4 3.4 February. __ 4,362 —11.2 -11.1 2.9 -2.9 February.. _ 4,354 -62. -90.6 26.4 1.9 March 4,305 -57.6 -94.9 35.8 1.5 March 4,390 36.0 -24. 7 58.3 2.4 April 4,266 -38. -91.2 45. 6.7 April.. 4,367 —23.1 -30. 2 4.0 3.2 May 4,160 -105. 7 -81. -26. 2.6 May 4,152 -214.1 -195.5 -22.1 3.6 June 4,109 -51.0 -79.9 30.1 -1.2 June 3,919 -233. 9 -206. 0 -28.8 .9 July _. 4,113 3.4 -63.9 60.9 6.4 July— 3 97^ 58.0 -3.4 56.2 5.2 August 4,123 10.3 5.9 3.6 August 4,088 111.7 6.1 100. 5 5.1 September- 4,125 2.1 -1.2 2.8 September- 4,193 104.8 27.9 72.3 4.6 October 4,142 17.3 13.3 1.2 2.8 October 4,264 70.8 20.6 45.8 4.5 November- 4,128 -14.0 6.7 -25.0 4.3 November- 4,340 75.6 21.7 48.6 5.3 December. . 4,141 13.2 23.3 -15.8 5.6 December.. 4,513 173. 5 100. 3 71.0 1.6 Total- -237.8 -391.9 119. 5 34.5 Total . 52.9 -446.2 457.5 41.6 1 Gold released from earmark at Federal Reserve banks less gold placed under earmark, with allowance made for change in gold earmarked abroad for account of Federal Reserve banks. (See table 46.) 2 This figure, derived from preceding columns, represents the excess of domestic production over nonmonetary consumption of gold—chiefly consumption in the arts; for additional explanation, see Annual Report for 1931 (p. 64). 3 Allowance has been made for gold earmarked at the Bank of England for account of the Federal Reserve Bank of New York. Back ftgures.—See Annual Report for 1931 (table 30). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

GOLD 97 No. 48.—GOLD l HELD UNDER EARMARK BY FEDERAL RESERVE BANKS FOR FOREIGN ACCOUNT, BY MONTHS, 1916-32 [In thousands of dollars. For other statistics of earmarked gold see table 46, note 1] End of month 1916 1917 1918 1919 1920 1921 1922 1923 January 6,097 6,942 6,942 6,000 18, 010 5,329 February. _ 6,097 6,942 6,942 5,000 20,000 1,000 March 2 2,391 6,097 6,942 6,842 6,000 20,000 1,000 April __ 4,571 6,097 6,942 9,000 20,000 May 4,571 6,097 6,942 10,000 20,000 June 5,071 6,097 6,942 11,500 23,000 July 5,402 6,097 6,942 14,500 18,000 1,600 August 5, 502 6,778 6,942 16,500 18,000 1,500 September. 5.955 6,942 6,942 17,500 8,000 1,000 October 5,981 6,942 6,942 3,000 20,000 1,500 3,000 November.. 5,981 6,942 6,942 4,000 20, 500 1,700 3,000 December. . 6,097 6,942 6,942 5,000 22, 000 3,700 3,000 End of month 1924 1925 1926 1927 1928 1929 1930 1931 1932 January. _. 3,000 46, 023 19,012 19, 779 193,919 144,898 134,794 125,795 433,149 February- 2,407 52,389 30, 012 16, 599 191,051 144,898 134, 794 123, 295 406,781 March 4,859 61, 714 53, 000 18,101 155, 251 137,391 119,795 120, 295 348,469 April 5,417 46,864 53, 000 19,101 109, 511 88,821 119,295 127,795 344,501 May 4,417 30,889 53,000 114,101 136,050 72,694 117, 295 123,795 366,650 June 2,417 25,814 53, 580 114, 601 105,997 80,207 115, 295 31,531 395,447 July 5,000 28, 915 49, 580 114, 417 45,050 102,194 118, 295 61, 231 339, 210 August 12, 984 17, 340 30, 380 116,918 39,134 103,194 118, 295 77,231 238, 709 September. 26, 213 15,839 32, 780 125, 918 40, 334 109, 795 114,303 356, 321 166,421 October 43, 213 12, 969 32, 776 150, 919 39,134 114, 296 120, 410 463,931 120, 646 November. 43, 713 10, 969 40, 274 190, 919 64,136 113, 292 122, 536 435,621 77,080 December. 45, 213 12, 969 39, 266 199,419 79,897 135,295 137, 695 458,534 73,694 1 Gold bullion (bars) and United States gold coin. 2 First transaction Mar. 21, 1916. No. 49.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY COUNTRIES, 1929-32 [In thousands of dollars] Imports into United States Exports from United States From- To— 1929 1930 1931 1932 1929 1930 1931 1932 Belgium.. 1 24 1,031 Belgium.. _. 15,607 83,602 France 202 133 19, 394 16,649 France 65,381 73,808 363,908 458, 298 Germany 46, 773 27 37,073 382 Germany.. 2,384 201 1,047 13,738 Great Britain 62, 396 14 7,015 68, 718 Great Britain 21,086 289 219 15,132 Italy 5 4 2 Italy - 3,000 5,320 107 Netherlands 5 17 18,690 Netherlands 1 50,327 115,277 Spain 75 93 40 15 Poland and Danzig- 5,010 1 620 63 Sweden 502 5,573 Portugal 2,088 2,386 Canada.. 73,880 43, 618 81, 252 64,757 Sweden 1,341 3f Central America 1,030 1,697 1,090 1,392 Switzerland- 10,007 19,823118,560 Mexico 9,174 20,805 25, 319 20,407 Canada 390 36, 746 116 184 West Indies. 423 2,184 3,784 Central America 1,052 100 3 Argentina 72,478 20, 272 141,263 12,999 Mexico 3,605 415 3,052 320 Bolivia 3,589 2,730 15 19 West Indies 33 Brazil 87,776 16 1,312 Argentina 50 Chile 528 438 260 1,624 Peru 1,082 Colombia 5,292 9,097 15,116 3,242 Venezuela 1,600 "965 52 Ecuador 1,373 1,551 1,015 1,053 British India 87 Peru 1,921 6,896 7,522 3,242 China 103 Uruguay 250 8,354 6,080 4,384 Dutch East Indies.— 1,. 50 Venezuela 383 4,747 1,073 1,770 Hong Kong 2,408 401 Australia.. 4,870 54 2,643 7,510 Japan.. 124 42 British India 26,596 Turkey 3,004 China 1,077 10, 326 19,683 23,280 Allother . 692 40 1,723 Dutch East Indies... 1,199 1,752 4,870 2,901 Hong Kong 650 12, 286 14, 64115,763 Japan 156, 609 199>,, 32849,720 New Zealand 715 220 185 1,681 Philippine Islands..^ 3,262 3,715 3,740 7,052 Allother 97 131 3,341 Total.. 291,649 396,054 612,119 363,315 Total- , 583 115,967 466,794 809,528 Back figures.—See Annual Keports for 1928 (table 29) and 1925 (table 102). For figures by months see Federal Reserve Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

98 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 50.—GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, BY MONTHS, 1923-32 [In thousands of dollars] Net im- Net im- Year and month Imports Exports p e o x r p t o s r o ts r Year and month Imports Exports p e o x r p t o s r o ts r () 1923 1928 January 32,820 8,472 24, 348 January 38, 320 52,086 -13,766 February 8,383 1,399 6,984 February 14, 686 25,806 -11,120 March 15,951 10,392 5,559 March 2,683 97, 536 -94,853 April 9,188 655 8, 533 April 5,319 96, 469 -91,150 May 46,156 824 45,332 May 1,968 83, 689 -81, 721 June 19,434 548 18, 885 June.. 20, 001 99,932 -79, 931 July 27,929 523 27,407 July 10, 331 74,190 -63,859 August 32,856 2,201 30,655 August 2,445 1, 698 747 September... 27,804 863 26,941 September 4,273 3,810 463 October 29,795 1,307 October 14, 331 992 13,339 November. .. 39,757 747 39, 010 November 29, 591 22, 916 6,676 December.- 32,641 712 31,930 December 24, 950 1,636 23, 314 Total... 322, 716 28, 643 294, 073 Total.. 168,897 560, 759 -391, 862 1924 1929 January 45,136 281 44, 855 January 48,577 1,378 47,199 February 35, 111 505 34, 606 February 26,913 1,425 25,488 March 34,322 817 33, 505 March 26, 470 1,635 24,835 April 45,418 1,391 44, 027 April 24, 687 1,594 23, 093 May 41,074 593 40,481 May 24,098 467 23,630 June 25,181 268 24,913 June 30, 762 550 30, 212 July 18,834 327 18, 507 July 35, 525 807 34, 718 August 18,150 2,398 15, 752 August 19,271 881 18, 390 September.. 6,656 4,580 2,076 September... 18, 781 1,205 17, 576 October 19, 702 4,125 15, 577 October 21, 321 3,805 17,516 November... 19,862 6,689 13,173 November-_ 7,123 30, 289 -23,166 December- 10, 274 39,675 -29, 401 December.... 8,121 72, 547 -64, 426 Total... 319, 721 61, e 258, 073 Total.. 291, 649 116, 583 175, 066 1925 1930 January 5,038 73,526 January 3,960 February 3,603 50,600 -46,997 February 207 59, 991 March 7,337 25,105 -17,768 March 290 55, 478 April 8,870 21,604 -12, 734 April 110 65, 725 May 11, 393 13,390 -1,997 May 82 23, 470 June 4,426 6,713 -2, 287 June 26 13,912 July 10, 204 4,417 5,787 July 41, 529 -19, 640 August 4,862 2,136 2,726 August 39, 332 -19,617 September.. 4,128 6,784 -2, 656 September. _ 11,133 2,547 October 50, 741 22,702 October 9,266 26, 369 November... 10, 456 24,360 -13,904 November-_. 5,008 35,151 December... 7,216 5,968 1,248 December... 36 32,742 Total... 128, 273 262, 640 -134, 367 Total-. 396,054 115,967 280, 087 1926 1931 January 19, 351 3,087 16, 264 January 34,426 54 34,372 February 25, 416 3,851 21, 565 February 16,156 14 16,142 March 43, 413 4,225 39,188 March 25,671 26 25,645 April 13,116 17,884 -4,768 April 49,543 27 49,516 May 2,935 9,343 -6,408 May 50,258 628 49,630 June 18,890 3,346 15, 544 June 63,887 40 63,847 July 19,820 5,069 14, 751 July 20,512 1,009 19, 503 August 11,979 29, 743 -17,764 August 57,539 39 57, 500 September... 15,987 23, 081 -7,094 September. _ 49,269 28,708 20, 561 October 8,857 1,156 7,701 October 60, 919 398, 604 -337, 685 November.... 16, 738 7,727 9,011 November. _ 94,430 4,994 89,436 December... 17,004 7,196 December—_ 89,509 32,651 56,858 Total... 213, 504 115, 708 97,796 TotaL. 612,119 466, 794 145,325 1927 1932 January 59, 355 14, 890 44,465 January 107,863 -72, 951 February 22, 309 2,414 19,895 February 128, 211 -90, 567 March 16, 382 5,625 10, 757 March 43,909 -24, 671 April 14, 503 2,592 11,911 April 49, 509 -30, 239 May 34, 212 2,510 31, 702 May 212, 229 -195, 514 June 14, 611 1,840 12, 771 June 226,117 -206, 047 July 10, 738 1,803 8,935 July 23,474 -3,437 August 7,877 1,524 6,353 August 18,067 6,103 September... 12,979 24, 444 -11,465 September... 60 27,897 October 2,056 10, 698 -8, 642 October 61 20, 613 November.... 2,082 55,266 -53,184 November... 16 21, 740 December.... 10, 431 77,849 -67,418 December—.. 13 100, 859 Total, 207,535 201,455 6,080 Total. 363,315 809, 528 -446,214 Digitized for FBRacAkS fiEguRr es.—See Annual Report for 1927 (table 20). https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 99 MONEY IN CIRCULATION No. 51.—UNITED STATES MONEY IN CIRCULATION,1 BY MONTHS, 1914-32 [In millions of dollars. For figuresb y weeks, see tables 3 and 4] End of month figures End of month 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 January _._ 3,502 3, 253 3,592 3,989 4,136 !4,919 5,177 5,303 4,441 4,614 February- 3,503 3,242 3,603 4,120 4,315 '4,922 5, 360 5,273 4,491 4,703 March 3,508 3,264 3,613 4,173 4,396 4, 948 5,391 5,124 4,497 4, 747 April 3,530 3,284 3, 621 4,194 4,434 4, 943 i5, 409 5,080 4,468 4,759 May 3,533 3,317 3,585 4,256 4,416 4,918 5,452 5, 015 4,455 4,797 June 3,459 3,320 3,649 2 4, 066 4,482 4,877 5,468 4, 911 4,463 4,823 July 3,394 3,323 3,658 3,973 4,564 14,870 5,454 4,797 4,424 4,787 August 3,541 3,402 3,737 3,980 4,776 4,948 5,548 4,740 4,480 4,876 September 3,732 3, 455 3,822 4,051 5,027 5, 037 5, 616 4,744 4,608 4,945 October. __ 3,744 3,519 3,876 4,107 5,145 5,127 5, 698 4,695 4,646 4,929 November. 3,410 3,544 3,877 4,252 5,195 5, 269 5,643 4,651 4,704 5,018 Deeember. 3,319 3,589 3,966 4,373 5,238 5, 378 5, 612 4,690 4,817 5,044 I End of month 1924 1925 1926 1927 1928 1929 1930 1931 1932 January. _. 4,777 4,802 4,841 4,846 4,677 4,657 4,560 4,610 5,641 February.. 4,887 4,848 4,904 4,885 4,690 4,698 4,577 4,620 5, 604 March 4,899 4,811 4, 860 4,862 4,749 4,748 4,549 4,608 5,459 April 4,853 4,782 4,907 4,891 4,748 4,676 4,476 4,652 5,465 May 4,905 4,837 4,923 4,893 4,744 4,738 4,551 4,702 5,480 June 4,849 4,811 4,885 4,851 4,797 4,746 4,522 4,822 5,695 July 4,756 4,792 4,909 4,846 4,701 4,717 4,426 4,837 5,726 August 4,859 4,866 4,930 4,854 4,803 4,840 4, 533 5,052 5,692 September 4,863 4,916 4,978 4,948 4,846 4,819 4,501 5,246 5,653 October. _. 4,942 4,969 5,021 4,946 4,806 4,838 4,493 5,540 5,628 November. 5,052 5,044 5,037 4,952 4,990 4,929 4,660 5,536 5,648 December. 5,047 5,104 5,095 5,003 4,973 4,865 4,890 5,647 5,675 Averages of end of month figures Averages of daily figures Month 1914 1915 1916 1917 1918 1919 1920 1921 1922 January... 3,497 3,286 3,591 3,978 4,306 5,050 5,231 5,401 4,527 February.. 3,502 3,247 3,598 4,055 4,280 4,932 5,285 5,263 4,451 March 3,506 3,253 3,608 4,147 4,373 4,942 5,398 5,204 4,483 April 3,519 3,274 3,617 4,184 4,423 4,970 5,372 5,078 4,482 May 3,531 3,300 3,603 4,225 4,401 4,941 5,414 5,042 4,450 June 3,496 3,318 3,617 2 4,161 4,448 4,891 5,448 4,936 4,429 July 3,426 3,321 3,653 4,020 4,520 4,896 5,478 4,857 4,443 August 3,467 3,363 3,697 8 4,001 4,666 4,913 5,509 4,771 4,448 September. 3,637 3,429 3,779 »4,061 4,911 4,989 5,600 4,752 4,552 October... 3,738 3,487 3,849 3 4,152 5,134 5,106 5,673 4,721 4,643 November. 3,577 3,532 3,877 3 4,203 5,183 5,208 5,662 4,673 4,671 December. 3,365 3,567 3,922 *4,342 5,243 5,342 5,658 4,718 4,827 Averages of daily figures Month 1923 1924 1927 1928 1929 1930 1931 1932 January... 4,679 4,847 4,863 4,891 4,904 4,785 4,748 4,652 4,695 5,645 February. 4,672 4,832 4,805 4,854 4,843 4,709 4,686 4,554 4,598 5,627 March 4,713 4,870 4,815 4,864 4,856 4,710 4,709 4,432 4,590 5,531 April 4,731 4,886 4,803 4,882 4,879 4,730 4,679 4,518 4,647 5,452 May 4,764 4,866 4,791 4,871 4,860 4,722 4,684 4,497 4,679 5,456 June 4,779 4,830 4,790 4,881 4,831 4,736 4,687 4,489 4,750 5,530 July 4,812 4,810 4,794 4, 916 4,851 4,746 4,764 4,483 4,836 5,751 August 4,833 4,800 4,817 4,912 4,849 4,743 4,777 4,476 4,947 5,719 September 4,901 4,853 4,908 4,969 4,917 4,804 4,811 4,493 5,133 5,685 October... 4,941 4,891 4,945 5,001 4,934 4,836 4,810 4,501 5,478 5,643 November. 4,953 4,970 4,960 5,005 4,936 4,860 4,845 4,528 5,518 5,643 December. 5,071 5,088 5,119 5,131 5,048 5,008 4,943 4,823 5,611 5,699 1 Money outside Treasury and Federal Reserve banks (prior to November 1914, money outside Treasury) 2 Figures prior to June 21, 1917 (when legislation became effective changing reserve requirements of member banks), while comparable with one another, are not strictly comparable with those for succeeding dates; the transfer to the Federal Reserve banks of that part of legal reserves of member banks formerly held in own vaults reduced the volume of money outside Treasury and Federal Reserve banks (see note 1). The increasing membership of State banks in the Federal Reserve System after June 1917, had a similar effect upon the figures. » Averages of daily figures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

No. 53.—KINDS OF MONEY IN CIRCULATION, 1930-32 [Money outside Treasury and Federal Reserve banks. In thousands of dollars] Jind of month Total G c o o l i d n G t o if l i d c a c t e e r s - St d s o a i l n l l v d a e a r r r s d c S c e i a r l t t v i e f e s i r - T n r o e 1 t a 8 e s 9 s 0 u o r f y S s u i a b l r s v y i e d r i- M c i o n i o n r U S n t n o a i t t t e e e s s d R F e n e o s d t e e e r r s a v l e F R n b e e o d a s t e n e e r r k s v al e N n b a o t a i t n o e k n s al- 1930—January 4.560,028 369,457 799,077 39,967 380,692 1,270 281,343 116,920 257,189 1,678,421 3,356 632,336 February... 4,576,508 364,789 841, 235 39,451 384,339 1.268 280,395 116,773 1,628,064 3,322 647,908 March 4, 549,189 362,272 873,366 39,172 385, 583 1,265 280, 364 116, 544 268,526 1, 571,519 3,275 647, 301 April 4,476,067 360,016 885,820 38, 798 382, 423 1,263 281,181 117,108 277, 111 1, 483, 711 3,248 645.389 May 4, 551,468 358, 575 954, 465 38, 610 391, 773 1,261 281,167 117,193 290, 260 1,466,561 3,221 648,382 June 4, 521,988 357,236 994, 841 38. 629 386,915 1,260 281, 231 117, 436 288, 389 1,402,066 3,206 650,779 July— 4,426,494 356,079 1,001,923 38,108 381, 285 1,259 279, 736 117, 236 287, 858 1,320, 263 3,155 639, 593 August 4, 533,197 353, 358 1,050, 595 38, 234 390,203 1,254 280,162 117.187 297. 603 1,353,200 3,126 648,274 September.. 4,501,478 351, 765 1,026,036 37, 512 391,311 1, 252 280, 868 117, 728 297,307 1,359, 358 3,104 635. 237 October 4,492,604 350,226 1, 019,584 37, 312 391, 366 1, 250 281,135 117, 859 300,032 1, 349, 940 3,082 640,818 November.. 4, 660,315 350,931 1, 075,770 37, 087 400,104 1,248 281, 221 118, 227 304,407 1, 440,003 3,064 648,252 December.. 4,890,123 368,379 1,117, 630 36, 777 403, 906 1,248 281,133 118, 740 295, 515 1, 640, 537 3,041 623,218 1931-January 4, 609, 687 357, 565 1, 055, 740 35, 050 371, 830 1, 245 269, 814 116.188 285, 972 1, 470, 231 3, 020 640, 031 February... 4, 620, 414 355, 912 1, 060,922 34, 864 373,179 1,244 269, 650 115, 988 295, 260 1,460, 945 2,989 649,459 March 4, 607, 914 353, 647 1, 047, 327 34, 679 372, 030 1,243 270, 596 116, 383 289, 452 1, 471, 090 2,972 648, 495 April 4, 652, 414 352,055 1,034, 633 34, 338 374, 779 1,242 271, 504 116, 707 294, 747 1, 518,175 2, 955 651, 278 May 4, 702, 275 352, 525 1,020,452 34, 299 380,103 1,240 272, 867 117, 071 299, 619 1, 566, 480 2,945 654, 673 June 4,821,933 363,020 996, 510 34, 326 377,149 1,240 273,147 117, 393 299, 427 1, 708, 429 2,929 648, 363 July 4,837,085 362, 782 975,947 33, 953 375, 447 1,239 270,856 117,059 301, 275 1, 748, 709 2,915 646,902 August 5, 052, 027 362,983 989, 272 33, 756 380, 374 1,237 270, 876 116, 751 300, 692 1,947, 231 2,904 645, 950 September.. 5, 246,064 376, 312 1,036, 668 33, 681 382,157 1,236 272, 706 117.052 299,175 2,079, 575 2,891 644,611 October 5, 540,016 387,051 971,928 33, 266 387, 559 1,233 271, 459 116^ 831 299, 606 2, 411, 565 2,861 656, 656 November.. 5, 536,143 382, 841 927, 930 33, 227 386, 701 1,232 271, 719 117, 043 294, 447 2, 463, 282 2,852 654,868 December.. 5, 646, 773 408, 626 876, 769 32, 794 389, 088 1, 230 270, 591 117,167 287, 811 2, 603, 454 2,838 656, 404 1932—January 5,641,205 406, 897 850,248 31, 596 366, 771 1, 229 260, 436 114, 581 281, 691 2, 647,852 2,820 6*7,084 February. _. 5, 603, 543 406, 338 820,128 31,196 362,917 1.228 260, 078 114,241 279,823 2, 633, 633 2,809 691,152 March 5, 459, 085 403, 586 779.362 30. 773 355. 495 1.226 258,805 114.067 274.199 2.545,943 2.792 692,838 April 5, 464, 627 411, 047 757,511 30, 393 355, 707 i;224 256; 717 113;663 281,934 2, 550, 691 2,773 702,966 May 5,479, 627 435,328 734,944 30,139 354,821 1,223 256,895 113, 634 290,017 2, 557,911 2,762 701,954 June 5, 695,090 452, 732 715.683 30. 065 352. 605 1.222 256. 220 113. 619 289. 07fi 2. 780- 229 2.746 700,894 July... 5, 726, 262 454,060 694,046 29, 749 350, 792 1,221 254,030 112, 729 288; 899 2,838; 163 2, 727 i 699, 847 August 5.692,054 449, 451 669,307 29,727 349,986 1,220 255, 004 112,903 28'4,997 2, 793,117 2,701 743, 640 September- 5, 653,350 444, 942 644, 253 29, 421 358, 631 1,219 256, 660 112,851 286, 066 2, 731, 360 2,691 785, 256 October 5,627, 581 444, 786 623,977 29,310 360, 575 1,219 257,457 113,069 289,171 2,688, 779 2,678 816, 561 November.. 5, 647, 570 454,451 635, 076 29, 387 360, 660 1,217 258,366 113,416 291.196 2. 674. 735 2.668 826, 396 December-. 5,674,941 468,479 600,671 29,177 371, 095 1,217 257, 754 113,260 294,421 2, 715, 713 2,658 820, 497 1 See pages 23-24. Back figures.—See Annual Reports for 1930 (table 32) and 1927 (table 22). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DISCOUNT RATES AND MONEY RATES 101 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 103 DISCOUNT RATES AND MONEY RATES No. 53.—FEDERAL RESERVE BANK DISCOUNT RATES—CHANGES PROM JAN. 1, 1925, TO DEC. 31, 1932 [Figures are for rates on rediscounts for and advances to member banks under sections 13 and 13(a) of the Federal Reserve Act; for other rates, see note on p. 104] [Percent] Federal Reserve Bank Date effective B to o n s- Y N o ew rk P p d h h e il i l a a - -C la le n v d e- m R o ic n h d - la A n t t - a c C a h g i o - L S o t u . isa M p n o e in - li - s K C s a a it n s y - D la a s l- F c S i r s a a c n n o - In effect Jan. 1.1925- . 3H 3 3M 1925—Feb. 27 Nov. 10 4 Nov. 17 4 Nov. 20 4 Nov. 23.. . 4 1926—Jan. 8 4 Apr. 23-_. Aug. 13 4 1927—July 29 Aug. 4 3H Aug. 5 m V/2 Aug. 6 Aug. 12 Aug. 13 2)4 Aug. 16 giz Sept. 7 gL£ Sept. 8 Sept. 10 3K Sept. 13 01/ 1928—Jan. 25 4 Jan. 27 4 Feb. 3 4 Feb. 4 4 Feb. 7—. 4 Feb. 8 4 4 Feb. 10 4 Feb. 11 4 Feb. 16 4 Feb. 21 4 Mar. i.._ 4 Apr. 20 4V£ 4V6 Apr. 23 4^2 Apr. 24 Apr. 25 4V£ May 7 May 17 4V£ May 18 4V£ May 25 4^4 May 26 43^ June 2 4H June 7 4V July 11 5 July 13 5 5 July 14 5 July 19 5 5 July 26 5 Aug. 1 5 1929—Mar. 2 _ 5 May 6._ 5 Mayl4._ 5 May 20 5 Aug. 9 6 Nov. 1 5 Nov. 15 4J4 Nov. 21 4M Nov. 23 _ 4V Dec. 6 4H Dec. 10 4K Dec. 20 4H 182799—33 8 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

104 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 53.—FEDERAL RESERVE BANK DISCOUNT RATES—CHANGES FROM JAN. 1, 1925, TO DEC. 31, 1932—Continued [Percent] Federal Reserve Bank Date effective B to o n s- Y N o ew rk P p d h h e i i l l a - a C la le n v d e m R o ic n h d la A n t t - a c C a h g i o - L S ou t. is a M p n o i e n l - i - ; K C s a i a t n s y - D la a s l- F c S i r s a a c n n o - 1930—Jan. 16 4U Feb. 7 4 4i$ Feb. 8 4M 4 41^ 41/ Feb 11 41/ Feb. 13 4 Feb 15 4 Mar. 14 3Vi Mar. 15 4 Mar 20 4 Mar 21 4 Apr. 8 _ 4 Apr 11 4 Apr. 12 4 4 Apr 15 4 May 2 3 May 8 31/ June 7 314 June 20.. 2H June 21 31/ July 3 3 31/ July 12 _. VA July 18 3IX Aug. 7_ 3% Aug. 8_ _ __ _ Aug. 15_ 31/ Sept. 9 _ . .. 3V/ Sept 12 31 / Dec. 24 2 Dec. 29 3 1931—Jan. 2 2H Jan.8 . _ 3 Jan.9 . . 3 Jan.10 3 3 May 7 2 3 May8 3 May 9 2Vi 2H 2H May 15_- 3 May 21 3 May 22-> _ _ . 2^ Oct. 9 Oct. 10 2H •-K 3 Oct 16 Oct. 17 SH 3tt Oct. 20 4 Oct. 21 4 3Vi Oct. 22 m 3V<> Oct. 23 3M Oct 24 3^ Nov. 14 1932—Jan 25 3H Jan. 28 3M Feb. 26.... 3 June 24 2% 2 June 25 m In effect Dec. 31, 1932 VA 2% 3H VA 3H 3H 3H 3K NOTE.—A discount rate of 5}4 percent was established by each Federal Reserve bank following the enactment of the act of Feb. 27, 1932, on advances to member banks under section 10(b) of the Federal Reserve Act, and a rate of 6 percent on discounts for individuals, partnerships, and corporations under section 13 of the Federal Reserve Act following the enactment of the act of July 21, 1932. Back figures.—See Annual Report for 1931 (table 36); for years previous to 1922, when different rates were generally in effect for different classes of bills, see Annual Reports, Federal Reserve Bulletin, and pamphlet issued by the board in 1922: "Discount Rates of the Federal Reserve Banks, 1914-21." Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

105 DISCOUNT RATES AND MONEY RATES No. 54.—FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES *— CHANGES FROM JAN. 1, 1922, TO DEC. 31, 1932 [Buying rates at the Federal Reserve Bank of New York. Percent] Itol5 16 to 30 31 to 45 46 to 60 61 to 90 91 to 120 121 to 180 Date effective days days days days days days days In effect Jan. 1, ] 1922—Feb. 6— Feb. 16- Mar. 6— Mar. 13.. Mar. 21.. 3M Mar. 27.. 3H Apr. 10- 3^ Apr. 14— May5__. 3M May 18_. 3H June 2__. June 19.. June 26.. July 5_.. July 15-. July 25.. Sept. 21_. Sept. 25. Sept. 27.. Oct. 2... Oct. 6... Oct. 13. _ Oct. 18.. Oct. 19. . Oct. 24._ Oct. 27.- 1923—Apr. 17.. May 23.. July7__. 1924—Apr. 24- May 1 May 16- May 22... June 2___ 3 June 17.. 1 2y% June26.. 2H Aug. 8... Nov. 17.. Nov. 28.. 2 Dec. S.- 2% Dec. 5... 2M 2% Dec. 8.- 2H Dec. 22.. 1925—Feb. 6._. Feb. 27- June 12.. Aug. 31.. Sept. 22.. 1926—Jan. 8—. 3H 4 Apr. 27- 3H May 20.. May 21.. Aug. 16.. Aug. 23_. Sept. 1... 1927-July29_. Aug. 5—. Aug. 22_. 1928—Jan. 27.- Feb. 3— Mar. 30.. Apr. 13-. 3% May 18.. July 13- July 26- » Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills. Back figures.—See Annual Report for 1928 (Table 35). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

106 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 54.—FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES— CHANGES FROM JAN. 1, 1922, TO DEC. 31, 1932—Continued [Buying rates at the Federal Reserve Bank of New York. Percent] 1 to 15 16 to 30 31 to 45 46 to 60 61 to 90 91 to 120 121 to 180 Date effective days days days days days days days 1929—Jan. 4—_ 4% Jan. 21... *H r5 5 Feb. 15.. 5 Mar. 21.. 5H f- f 6H Mar. 25.. 5r J A u u ly g . 1 9 2 . . . . . . 5: k Oct. 25... 5' Nov. 1— 5 5 Nov. 15_. 4% H Nov. 22.. 1930-Jan. 31... Feb. 11.. Feb. 24.. Mar. 5— 4 Mar. 6~. V-A Mar. 11.. Mar. 14.. Mar. 17.. Mar. 19.. 3 Mar. 20.. May 1... fa May 2___ May 8__, May 19.. June 3 June 5__. 2K 2% June 16-- 2H June 20.. June30_. July 21.. Dec. 24.. IK 1931~-Jan. 16... m Jan. 26... Apr. 9—. IK Apr. 21.. Apr. 27-. VA W m May5— May 6... "ill m May 8— May 13.. m m VA May 19.. l S O O e c c p t t . . t . 9 1 2 _ 3 5 . _ . _ . . 1 2 1 H H % 2 V % A V m A I 1 K % 2 2K 3 2 IK K Oct. 16.. 3H 3H Nov. 20.. 3 3 1932—Jan. 12... 2% -3 3 Feb. 26.. 2Vs 2% 2% 3 J M u a n r e . 2 2 4 5 . . . . . 2 1 ' 2 1 \ 1 2Y2 2% 2 1 V H 2 "\K In effect Dec, 31, 1932... 1 1 1 2 Rate for 76 to 90 days 2 percent. 3 Rate for 76 to 90 days 2*4 percent. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

107 DISCOUNT RATES AND MONEY RATES No. 55.—AVERAGE RATES EARNED BY FEDERAL RESERVE BANKS ON BILLS AND SECURITIES, 1919-32 [Percent] Month 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 932 Total bills and securities: January 4.04 4.46 5.88 4.62 4.03 4.39 3.27 3.73 3.80 3.36 4.73 4.22 2.51 2.96 February_. 4.03 4.88 5.92 4.47 4.13 4.36 3.32 3.80 3.76 3.52 4.76 4.05 2.48 3.02 March 4.02 5.12 5.90 4.34 4.26 4.30 3.41 3.80 3.75 3.63 4.80 3.78 2.26 3.02 April 4.01 5.23 5.85 4.25 4.32 4.34 3.49 3.81 3.75 3.74 4.88 3.54 2.08 2.89 May 3.99 5.36 5.79 4.08 4.35 4.26 3.50 3.72 3.78 3.96 4.89 3.40 2.00 2.47 June . 4.01 5.51 5.67 3.98 4.36 4.03 3.50 3.66 3.72 4.24 4.89 3.23 1.89 2.23 July .... 3.98 5.72 5.60 3.90 4.42 3.80 3.52 3.65 3.73 4.39 4.94 3.00 1.99 2.13 August 3.93 5.81 5.42 3.85 4.42 3.67 3.55 3.67 3.58 4.63 5.02 2.86 2.01 2.11 September. 3.91 5.81 5.35 3.84 4.41 3.45 3.56 3.77 3.45 4.67 5.10 2.72 1.96 2.10 October 3.95 5.94 5.25 3.88 4.44 3.30 3.59 3.83 3.39 4.69 5.06 2.69 1.97 1.96 November. 4.16 5.98 4.99 4.00 4.40 3.21 3.61 3.84 3.33 4.68 4.84 2.64 2.33 1.90 December. . 4.29 5.98 4.74 4.06 4.38 3.17 3.68 3.83 3.34 4.70 4.48 2.61 2.67 1.77 Year 4.04 5.50 5.61 4.11 4.33 3.83 3.51 3.76 3.60 4.24 4.86 3.25 2.20 2.33 Bills discounted: January 4.21 4.71 6.30 4.99 4.26 4.50 3.55 3.91 4.00 3.50 4.99 4.80 3.11 3.52 February _. 4.18 5.20 6.37 4.90 4.24 4.50 3.42 3.99 4.00 3.77 4.92 4.59 2.98 3.54 March 4.16 5.47 6.36 4.83 4.45 4.50 3.60 4.00 4.00 3.95 4.92 4.32 2.92 3.45 April _. 4.16 5.58 6.32 4.75 4.49 4.50 3.66 3.98 4.00 4.01 4.98 4.11 2.92 3.43 May 4.15 5.66 6.29 4.68 4.50 4.45 3.69 3.87 4.00 4.20 4.95 3.81 2.77 3.44 June.. 4.20 5.89 6.20 4.61 4.50 4.35 3.69 3.88 4.00 4.45 4.98 3.75 2.64 3.45 July. .... 4.15 6.13 6.09 4.50 4.50 4.11 3.68 3.85 4.00 4.60 5.00 3. 65 2.59 3.36 August 4.13 6.19 5.91 4.47 4.50 3.99 3.68 3.91 3.83 4.87 5.16 3.46 2.49 3.36 September. 4.17 6.22 5.85 4.42 4.50 3.85 3.66 3.99 3.62 4.90 5.27 3.42 2.52 3.35 October 4.15 6.35 5.69 4.36 4.50 3.75 3.66 4.00 3.52 4.92 5.20 3.38 2.73 3.36 November. 4.40 6.41 5.39 4.29 4.50 3.69 3.71 4.00 3.51 4.92 5.04 3.28 3.36 3.36 December.. 4.55 6.42 5.11 4.29 4.50 3.59 3.84 4.00 3.51 4.93 4.86 3.23 3.48 3.36 Year 4.23 5.88 6.07 4.63 4.46 4.25 3.67 3.95 3.83 4.56 5.03 3.93 3.01 3.43 Bills bought: January 4.29 4.79 6.14 4.44 4.01 4.20 2.70 3.46 3.73 3.21 4.62 4.19 1.93 3.60 February.. 4.25 5.06 5.99 4.25 4.09 4.18 2.88 3.55 3.70 3.28 4.80 4.03 1.85 3.88 March 4.26 5.47 6.01 4.06 4.10 4.17 3.06 3.61 3.68 3.38 4.98 3.72 1.64 3.97 April 4.23 5.70 5.97 3.83 4.08 4.17 3.13 3.63 3.67 3.52 5.30 3.25 1.52 1.75 May 4.25 5.77 5.98 3.50 4.11 4.05 3.16 3.52 3.65 3.72 5.50 2.96 1.34 1.87 June 4.19 5.98 5.97 3.29 4.14 3.66 3.17 3.37 3.66 3.84 5.48 2.59 1.20 3.65 July 4.27 6.07 5.96 3.18 4.18 2.80 3.19 3.33 3.67 .4.01 5.44 2.10 3.70 3.04 August 4.22 6.07 5.36 3.11 4.19 2.49 3.24 3.32 3.51 4.34 5.13 1.93 3.91 1.14 September. 4.27 6.06 5.33 3.11 4.19 2.22 3.32 3.50 3.31 4.50 5.11 1.92 2.77 1.46 October 4.22 6.07 5.04 3.24 4.19 2.20 3.37 3.67 3.19 4.56 5.21 1.94 1.70 1.31 November. 4.33 6.03 4.91 3.59 4.18 2.23 3.40 3.75 3.19 4.56 5.22 1.91 1.91 1.35 December.. 4.54 6.05 4.50 3.84 4.20 2.46 3.43 3.76 3.20 4.56 4.60 1.87 2.39 1.18 Year 4.30 5.66 5.70 3.54 4.14 3.31 3.17 3.55 3.49 3.97 5.00 2.85 2.04 3.93 U.S. Government securities: January 2.26 2.18 2.13 3.16 3.74 4.26 3.51 3.69 3.55 3.35 4.01 3.62 2.47 2.14 February__ 2.31 2.17 2.11 3.58 3.96 4.17 3.59 3.71 3.53 3.44 3.91 3.64 2.41 2.22 March 2.41 2.10 2.24 3.72 3.99 4.04 3.50 3.60 3.49 3.44 3.99 3.52 2.19 2.49 April 2.43 2.10 2.15 3.77 4.11 4.14 3.58 3.65 3.48 3.46 3.91 3.43 2.02 2.47 May 2.42 2.22 2.49 3.70 4.17 4.05 3.57 3.61 3.54 3.53 3.93 3.34 1.94 ? C\F> June 2.33 2.24 2.40 3.67 4.02 3.79 3.53 3.56 3.46 3.68 4.06 3.15 1.79 1.82 July 2.24 2.15 2.31 3.63 4.17 3.68 3.54 3.55 3.43 3.67 4.05 2.97 1.64 1. 73 August 2.21 2.22 2.33 3.60 4.15 3.57 3.54 3.52 3.37 3.69 4.00 2.88 1.50 1.76 September. 2.17 2.27 2.49 3.65 4.07 3.46 3.55 3.53 3.37 3.83 4.09 2.75 1.45 1.79 October 2.18 2.20 2.38 3.71 4.21 3.44 3.62 3.62 3.38 3.94 3.99 2.69 1.54 1.66 November. 2.22 2.17 2.68 3.78 4.18 3.46 3.62 3.61 3.27 4.05 3.93 2.63 1.63 1.60 December.. 2.19 2.43 2.92 3.79 4.03 3.39 3.63 3.55 3.28 4.05 3.69 2.57 1.95 1.48 Year 2.26 2.21 2.37 3.67 4.01 3.67 3.56 3.60 3.41 3.64 3.93 3.06 1.86 1.84 Back figures.—See Annual Report for 1929 (table 34). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

108 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 56.—OPEN MARKET RATES IN NEW YORK CITY, BY MONTHS, 1928-32 [Percent] Average yield Prevailing rate on- Average rate on >— on 1— U.S. Prime Treas- Month commer- Prime ury cial Time bankers notes paper, loans, accept- and cer- 4-6 90 days« ances, tificates, months 90 days 3-6 months 1928—January... 3. 31 February „, 3.33 March 3.27 April 8 3.62 May 5 3.90 June 5 3. 92 July 4.12 August 4.36 September. 4.57 October. _. 4.70 November. 4.26 December. 4.26 1929—January... 7.05 4. 3.59 February, 7.06 4.39 3.66 March 9.10 4.60 3.76 April 8.89 4.80 3.67 May 8.91 5.09 3.67 June 7.70 4.80 3.71 July 9.23 4.55 3.68 August .23 4.70 3.72 September. 8.50 4.58 3.70 October .43 4.37 3.67 November. 5.44 3.47 3.45 December. 4.83 3.03 3.46 1930—January. __ 4.31 4.64 3.51 February.. 4.28 4.32 3.50 March 3.56 3.69 3.40 April _ 3.79 4.00 3.46 May 3.05 3.12 3.41 June 2.60 2.62 3.37 July _ 2.18 2.20 3.37 August 2.22 2.21 3.38 September. 2.17 2.19 3.37 October.. _ 2.00 2.00 3.34 November. 2.00 2.00 3.32 December. 2.27 2.23 3.34 1931—January... 3.33 February.. 3.40 March 3.39 April 3.38 M^ay 3.31 June 3.30 July 3.32 August 3.34 September. 3.42 October. __ 3.71 November. 3.69 December. 3.92 1932—January- 2.61 2.85 4.27 February.. 2.50 2.50 4.11 March 2.50 2.50 3.92 April 2.50 2.50 3.74 May 2.50 2.50 3.77 June 2.50 2.50 3.78 July 2. 2. 3.65 August 2.00 2.00 3.57 September. 2.00 2.00 3.54 October... 1.35 1.35 3.54 November. 1.00 1.00 3.55 December. 1.00 1.00 3.48 1 These rates are monthly averages of daily quotations for the month. 2 Stock exchange 90-day time loans. 3 Stock exchange call loans; new and renewal rates. « Three issues. Since April 1928—324 3%, and 4 percent; yield calculated on basis of last redemption dates—1947, 1956, and 1954. Prior to April 1928—3%, 4, and \)i percent maturing 1956, 1954, and 1952. «Based, at least in part, on certificates of 6-9 months maturity. Back figures.—See Annual Reports for 1928 (table 39) and 1927 (table 28). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

109 DISCOUNT EATES AND MONEY RATES No. 57.—OPEN-MARKET RATES IN NEW YORK CITY, BY WEEKS [Percent] Prevailing rate on- Average rate on— (Average yield on— Week ending (Saturday)— c m o p P m a o c r 4 p i i n - m a m e 6 t l h r e e , s r- a b a n P a c d c n r c a e i k e m s y e p , s e r t 9 - s 0 ' lo d T a a n i y m s s , e 9 i 0 N C ew all lo R an e s n e 2 wal a b a n P a c d c n r c a e i k e m y s p e , s e t r 9 - s 0 'n T c m o a c r t t U e e e o e r a s s . n t S s i , t f u . a h i 3 - r n - s y 6 d b T o u r n e ry d as s - 3 I 1932 Jan. 2 3 3 -4 3.21 3.12 3.00 2.74 4.08 Jan. 9 3M-4 3 3^-4 2.94 3.10 3.00 2.68 4.22 Jan. 16 2K-3 2.50 2.50 2.90 2.53 4.32 Jan. 23 3M-4 2.50 2.50 2.75 2.18 4.28 Jan. 30 3M-4 2.50 2.50 2.75 2.54 4.29 Feb. 6 2.50 2.50 2.75 2.65 4.26 Feb. 13 •2^ 3^-3^ 2.50 2.50 2.78 2.57 4.23 Feb. 20 2.50 2.50 2.81 2.42 4.02 Feb. 27 ~2% 2.50 2.50 2.77 2.11 3.96 Mar. 5 2.50 2.50 2.65 2.00 3.95 Mar. 12 VAz-VA 3 -3> 2.50 2.50 2.60 1.97 3.89 Mar. 19 3 -3> 2.50 2.50 2.50 *2.62 3.91 Mar. 28 2M-3 2.50 2.50 2.41 2.39 3.91 Apr. 2 2M-3 2.50 2.50 2.33 2.20 3.93 Apr. 9 2^-3 2.50 2.50 2.13 1.97 3.87 Apr. 16 1%-VA 2^-3 2.50 2.50 1.38 1.00 3.73 Apr. 23 2.50 2.50 1.03 .64 3.67 Apr. 30 2.50 2.50 .53 3.65 May 7 2.50 2.50 .95 .56 3.70 May 14 3 -3 2.50 2.50 .46 3.70 May 21 2.50 2.50 .16 3.82 May 28 2.50 2.50 .08 3.84 June 4 2M-3 2.50 2.50 .12 3.88 June 11--. 23^-3 2.50 2.50 .20 3.85 June 18 2.50 2.50 *.4O 3.76 June 25 2.50 2.50 .53 3.72 July 2 2.50 2.50 .33 3.73 July 9 2.25 2.25 .22 3.70 July 16 2.00 2.00 .10 3.67 July 23 2.00 2.00 3.65 July 30 2.00 2.00 3.59 Aug. 6 2.00 2.00 .12 3.58 Aug. 13 -2 VAr^ 2.00 2.00 .25 3.56 Aug. 20 2.00 2.00 .16 3.57 Aug. 27 2.00 2.00 .06 3.56 Sept. 3. 2.00 2.00 75 .06 3.56 Sept. 10 2.00 2.00 75 *.O8 3.55 Sept. 17 2.00 2.00 75 3.54 Sept. 24 2.00 2.00 75 3.53 Oct. 1 2.00 2.00 75 3.53 Oct. 8 2.00 2.00 75 3.53 Oct. 15 H-: 1.50 1.50 63 3.54 Oct. 22 1.00 1.00 50 3.54 Oct. 29 1.00 1.00 50 3.55 Nov. 5 1.00 1.00 50 3.55 Nov. 12 1.00 1.00 50 3.56 Nov. 19 1.00 1.00 50 3.55 Nov. 26 1.00 1.00 50 3.55 Dec. 3 1.00 1.00 50 3.55 Dec. 10 1.00 1.00 38 3.53 Dec. 17 1.00 1.00 38 3.49 Dec. 24 1.00 1.00 38 !03 3.44 Dec. 31 1.00 1.00 38 3.40 1 Stock exchange 90-day time loans. 2 Stock exchange call loans; new and renewal rates. 3 3 issues—dy, 3%, and 4 percent; yields calculated on basis of last redemption dates—1947, 1956, and 1954. 8 * Change of issues on which yield is computed. Back figures—See Annual Reports for 1931 (table 40), 1930 (table 34), 1929 (table 36), 1928 (table 40), 1927 (table 29), 1926 (table 107), and 1925 (table 106). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

110 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 58.—MONEY RATES IN NEW YORK CITY—PREVAILING RATES CHARGED CUSTOMERS, 1928-32 [Rates prevailing during 7-day period ending with 15th of month. Percent] Month co P l m o c ri a i m m a n l s e e r- I b l n o a t a n e n k r s - D L st e o o m a c n k a s s n d s a e n c d u r T b ed o im n b d e y s b r s y e L h e c c o o w e u u a i r a s n p e r e s t e d s * 1928 January 434-5 February.... 4 -5 March 43^-5 April 4^-434 5 4^-5 May 5 4-6 5 -5k' 5 -6 June 434-5 5 -5^ 5 -6 July 5 -5%i 5 -6/ 5 -6 5 -6 August September... October November.. December... 1929 January 5^-6 February... March April May.—, 534-6 6 June 5M-6 6 July. 6 6 August 6 6 6 September- 6 6 6 October 6 -6} 6 -f>y 6 November.. 534-6 6 6 December^. 534-6 5M-6 534-6 1930 January 5H-6 534-6 February,... 5 -hy 5 -5H March 43/J-5/2 h -6 5 -6 A M p a r y il 4J4-4J4 4H-5 5 -5H June 4 _, 4 -5 July 4 -4/ 4 -4/2 4 -5 4 -5 August 4 -4J4 4 ~ 4 -5 September.. 4 4 - 4 -5 4 -5 October 4 - 4 -5 4 -5 4 -5 November.. 3/2-4 4 - 4 -5 4 -5 4 -4J December... 4 - 4 -5 4 -5 4 -5 1931 January... February... 4 -4 March 3J4-4 3^-5 4/2-5 33/4-4^ AApprriil 3/4-4 4 -4 4H-5 3J4-43^ Mdaayj _. 3 -4 4 -4/2 4^5 4^-5 33^-4 June 334-4 4 -4 4 -5 July 3^-4 4 -5 4 -5 4 -5 3Vi-4 August 3 -4 4 -4- 4 -41- 4 -5 3/2-5 September. . 3 -4 4 -4/2 4 -4 4 -41/ 3^-4 October 3 -4}- 4 -5 4/2-5 4 -4>i November.. 4 -5 4/2-5 ^5 4 -5 December.. 4 -5 4/2-5 4/2-5 4/2-5 1932 January 4 -5 February... 4 -5 4^-5 March 4 -5 4^-5 April 4 -5 43^-5 May 4 -43. 4H-5 4H-5 June 4 -4> 4^-5 4M-5. 4 -4 July 4 -4> 4 -43, 4 -5 4 -5 4 -5 August 4 -4> 4 -5 September... 3 ~4^ 4 -5 4 -5 4 -5 October 3 -4} 4 -5 4 -5 4 -5 November- 3 -4 434-5 4 -5 4 -5 December.. 3 -4 4 -5 4 -5 Back figures—See Annual Reports for 1928 (table 41) and 1927 (table 30). NOTE.—For corresponding figures relating to cities other than New York, see the Federal Reserve Bulletin; also Annual Reports for 1927, part II, table 30,1926, part II, table 16, and 1925, part II, table 12. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DISCOUNT KATES AND MONEY RATES 111 No. 59,—RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES, 1920-32 [Weighted averages of prevailing rates] 1920 1921 1922 1923 1924 I 1925 1926 1927 1928 1929 1930 1931 1932 New York City: January _. 5.93 6.71 5.50 4.82 5.21 4.16 4.64 4.66 4.56 5.74 5.64 4.24 4.71 February _. 6.00 6.78 5.48 4.91 5.07 4.43 4.68 4.56 4.44 5.73 5.35 4.31 4.71 March 6.00 6.70 5.43 4.98 5.06 4.53 4.62 4.56 4.59 5.81 5.22 4.20 4.72 April 6.09 6.64 5.46 5.32 4.98 4.48 4.62 4.63 4.72 5.85 4.91 4.17 4.69 May 6.00 6.68 5.06 5.27 4.89 4.38 4.66 4.63 4.97 5.88 4.74 4.11 4.55 June 6.00 6.43 4.93 5.21 4.64 4.36 4.58 4.60 5.09 5.93 4.59 4.13 4.61 July 6.43 6.21 5.16 5.29 4.21 4.46 4.38 4.56 5.38 5.88 4.48 4.05 4.42 August 6.36 6.25 4.66 5.18 4.09 4.36 4.62 4.41 5.56 6.05 4.41 3.97 4.45 September 6.57 6.11 4.70 5.33 4.20 4.57 4.81 4.44 5.63 6.06 4.29 3.93 4.30 October-- _. 6.57 5.93 4.74 5.37 4.41 4.62 4.85 4.49 5.63 6.08 4.26 4.27 4.35 November 6.71 5.96 4.82 5.39 4.13 4.61 4.79 4.35 5.56 5.86 4.17 4.67 4.12 December 6.36 5.68 4.86 5.21 4.29 4.70 4.79 4.50 5.63 5.74 4.16 4. 64 4.22 Eight other northern and eastern cities: January 5.99 6.99 6.08 5.34 5.53 4.80 5.14 4.99 4.73 5.87 5.88 4.61 5.07 February 6.15 6.95 5.89 5.38 5.38 4.79 5.11 4.98 4.76 5.86 5.66 4.63 5.13 March 6.32 6.94 5.77 5.52 5.37 4.89 5.15 4.88 4.81 5.91 5.47 4.62 5.14 April 6.68 6.99 5.46 5.49 5.31 4.92 5.17 4.90 4.91 6.00 5.22 4.57 5.10 May 6.79 6.94 5.43 5.54 5.26 4.95 5.07 4.95 5.04 6.09 5.13 4.55 5.14 June 6.98 6.97 5.43 5.45 5.12 4.95 4.87 4.93 5.36 6.02 5.06 4.49 5.13 July 7.01 6.93 5.31 5.47 5.09 4.90 4.92 4.90 5.57 6.08 4.81 4.48 5.05 August 7.01 6.59 5.27 5.64 4.80 4.98 4.91 4.87 5.59 6.11 4.79 4.47 5.12 September 6.98 6.62 5.12 5.59 4.87 5.04 5.08 4.77 5.80 6.24 4.74 4.48 5.03 October 7.00 6.65 5.20 5.57 4.87 5.16 5.15 4.79 5.80 6.25 4.75 4.62 4.96 November 7.00 6.32 5.38 5.51 4.80 5.20 5.07 4.82 5.82 6.12 4.66 4.87 4.88 December 6.97 6.19 5.44 5.48 4.87 5.17 5.09 4.76 5.91 5.94 4.68 4.91 4.88 Twenty-seven southern and western cities: January _.. 6.16 7.10 6.56 5.90 6.02 5.57 5.56 5.72 5.53 5.94 6.12 5.50 5.61 February 6.26 7.11 6.46 5.91 5.91 5.55 5.65 5.71 5.53 5.96 6.04 5.43 5.61 March 6.43 7.13 6.35 5.83 5.89 5.61 5.62 5.65 5.54 6.04 5.98 5.40 5.64 April 6.47 7.09 6.22 5.94 5.89 5.61 5.65 5.57 5.54 6.07 5.86 5.36 5.63 May 6.56 7.06 6.23 5.92 5.79 5.58 5.61 5.59 5.56 6.10 5.75 5.26 5.64 June.. 6.88 7.05 6.13 5.91 5.69 5.59 5.54 5.54 5.67 6.16 5.69 5.34 5.62 July 7.00 7.04 6.04 5.96 5.63 5.59 5.54 5.52 5.77 6.17 5.62 5.30 5.63 August 6.99 7.03 6.02 5.98 5.57 5.60 5.56 5.53 5.80 6.22 5.57 5.28 5.68 September 7.07 6.96 5.94 5.94 5.55 5.55 5.60 5.61 5.82 6.27 5.54 5.32 5.63 October 7.04 6.85 5.89 5.95 5.47 5.53 5.66 5.56 5.87 6.29 5.53 5.38 5.56 November 7.08 6.74 5.94 5.99 5.53 5.55 5.67 5.56 5.90 6.29 5.49 5.53 5.55 December 7.07 6.67 5.90 5.99 5.53 5.61 5.68 5.60 5.91 6.20 5.42 5.56 5.60 NOTE.—Figures relate to rates charged by reporting banks to their own customers (see table 41) as distinguished from open-market rates (which are given in tables 39 and 40). All averages are based on rates reported for 3 types of customers loans—commercial loans, and demand and time loans on securities. The method of computing the averages takes into account (a) the relative importance of each of these 3 types of loans and (6) the relative importance of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is weighted according to the importance of that city in the group, as measured by the loans of all banks. Back figures.—See Annual Report for 1931 (table 42). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

112 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FOREIGN RATES No. 60.—DISCOUNT RATES OP CENTRAL BANKS IN FOREIGN COUNTRIES— CHANGES FROM JAN. 1, 1930, TO DEC. 31, 1932 Central bank of— Date effective England France m G a e n r y - Italy Japan N l e a t n h d e s r- Sweden Sw la i n tz d er- In effect Jan. 1,1930 5 Hi 7 7 5.48 *H £ 3H 1930—Jan. 1 Jan. 14 6K Jan.16 4 Jan.30 3 Feb.5 6 Feb. 6 Mar. 3 Mar. 6 4 Mar. 7 m 4 Mar. 8 Mar. 20 3H Mar. 25 5 3 Apr. 3 3 Apr 24 6 May 1 3 May 2 VA May 19 5H May 20 June 21 . July 10 2H Oct 7 5.11 Oct. 9 5 1931—Jan. 3 2 Jan. 22 __ 0 Jan. 24 214 --- Feb. 6 May 14 2K May 16 _ 2 June 13 7 July 16 10 July 23 SI July 30 July 31 4 Aug. 1 15 Aug. 12 10 Sept. 2 8 Sept. 21 6 5 Sept. 25 6 Sept. 28 7 8 Sept 29 3 Oct. 6 5 84 Oct. 8 - 7 Oct. 10 2H Oct. 19 6 Nov 4 6 57 Dec. 10 . _ 7 1932—Feb. 18 5 Feb. 19 --_ Mar 3 5/2 Mar 9 6 MarlO 4 Mar. 12 5.84 Mar. 17 3K Mar. 21 6 Apr. 9.. 5Vo Apr. 19 Apr. 21 3 Apr 28 5 May 2 - _ . _.. 5 May 12 2H May 17 _ . _ _ June 3 4/2 June 8 5 11 June 30 2 Aug. 18-_ 4.38 Sept. 1 3H Sept. 22 _.- 4 In effect Dec. 31, 1932 2 2H 4 5 4.38 2 Back figures.—See Annual Reports for 1929 (table 38) and 1928 (table 42). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DISCOUNT RATES AND MONEY RATES 113 No. 61.—OPEN-MARKET RATES IN FOREIGN COUNTRIES, BY MONTHS, 1928-32 l Nether- ( E L n o g n l d a o nd n) F (P ra ar n i c s e ) G (B e e rm rli a n n ) y (M It i a l l a y n) (T Ja o p k a y n o) (A l d a m a n s m d t s e ) r- S (Z w l u a it r n z i d c e h r ) - Month B a a a n c n c c e k e s p e , t r - 3 s' d P is r r c i a v o t a u e t n e t d P is r r c i a v o t a u e t n e t d P is r r c i a v o t a u e t n e t Disc b o il u ls nted d P is r r c i a v o t a u e t n e t d P is r r c i a v o t a u e t n e t months 1928 January 4.19 2.81 6.27 6.00 4.29 3.29 February 4.18 2.75 6.20 5.89 3.97 3.12 March 4.12 2.72 6.72 5.75 6.57-6.94 3.97 3.20 April 4.02 2.62 6.71 5.49 6.57-6. 75 4.18 3.29 May- 3.97 2.62 6.66 5.25 6.39-6.75 4.27 3.32 June 3.82 2.90 6.59 5.25 6.39-6.57 4.18 3.40 July 3.99 3.12 6.74 5.25 6. 21-6. 57 4.10 3.44 August. 4.27 3.23 6.68 5.25 6.21-6.39 4.13 3.41 September 4.23 3.26 6.65 5.25 6.02-6. 39 4.39 3.37 October 4.35 3.37 6.57 5.25 6.21-6. 39 4.40 3.37 November 4.38 3.37 6.28 5.45 6.02-6. 21 4.44 3.35 December 4.37 3.41 6.28 5.50 5.84-6.21 4.46 3.32 1929 Januarv 4.32 3.50 5.80 5.83 5. 84-6. 21 4.20 3.28 February . . ._- 5.05 3.39 5.80 6.00 5. 66-5.84 4.39 3.31 March 5.33 3.37 6.31 6.31 5. 66-5. 84 4.64 3.39 April.. 5.21 3.44 6.63 6.75 5.48-5. 66 5.36 3.45 May 5.21 3.49 7.49 6.83 5. 48-5. 66 5.37 3.34 June - 5.32 3.50 7.50 6.75 5. 48-5. 66 5.30 3.26 July 5.38 3.50 7.39 6.75 5. 48-5. 66 5.20 3.19 August - 5.47 3.50 7.18 6.85 5.48 5.06 3.33 September 5.59 3.50 7.18 7.01 5.48 5.36 3.38 October 6.13 3.50 7.28 7.18 5.48 5.15 3.38 November _. . 5.35 3.50 6.89 7.00 5.48 4.26 3.32 December 4.76 3.50 6.98 7.00 5.48 3.52 3.15 1930 January _ 4.07 3.38 6.33 7.00 5.48 2.99 2.97 February 3.82 2.91 5.53 6.95 5.48 2.80 2.71 March 2.78 2.70 5.12 6.57 5.48 2.50 2.60 April . . ... 2.48 2.57 4.46 6.43 5.48 2.52 2.61 May 2.16 2.36 3.89 5.81 5.48 2.29 2.44 Juno _ 2.31 2.11 3.58 5.50 5.48 1.89 2.06 July 2.37 2.08 3.40 5.50 5.48 1.85 1.92 August 2.21 2.10 3.24 5.50 5.48 1.83 1.75 September 2.07 1.99 3.30 5.48 5.48 1.96 1.50 October 2.09 2.00 4.66 5.25 5. 48-5. 66 1.59 1.29 November 2.18 2.00 4.79 5.43 5.48-5.66 1.31 1.16 December 2.30 2.03 4.82 5.50 5.48-5.66 1.39 1.18 1931 January .. 2.25 1.89 4.75 5.50 5. 48-5.66 1.38 1.17 February 2.56 1.77 4.88 5.50 5.48 1.12 1.00 March 2.60 1.57 4.76 5.50 5.29-5.48 1.09 .99 April _ . 2.58 1.47 4.65 5.48 5.29-5.48 1.50 1.06 May 2.24 1.28 4.65 5.25 5.29-5.48 1.39 1.12 June ___„--___ 2.09 1.06 6.05 5.25 5.29-5.48 1.05 1.12 July 2.58 1.20 2 7.00 5.25 4.93-5.48 1.53 1.55 August 4.28 1.50 2 8.92 5.25 4.93-5.48 1.30 1.98 September . .__ 4.74 1.50 7.99 5.47 4. 93-5.48 1.30 1.80 October _ _ . 5.68 1.80 8.00 7.50 4.93-5.66 2.76 1.90 November 5.75 1.90 8.00 7.50 5.48-6. 57 1.59 1.77 December.. - _ _ 5.85 1.75 7.33 7.50 5.84-6. 57 1.57 1.75 1932 January _ _ . ._ 5.52 1.75 6.94 7.50 5.84-6. 57 2.24 1.68 February _ __ 4.63 1.75 6.67 6.92 5. 84-6. 57 1.87 1.52 M^arch 2 59 1.80 6.10 6.53 6. 20-6. 57 1.22 1.50 April 2.19 1.66 5.12 6.00 6. 20-6. 57 1.02 1.50 May 1.44 1.50 4.87 5.52 6. 20-6. 57 .60 1.50 June 1.05 1.22 4.75 5.50 6. 02-6. 57 .39 1.50 July .92 .99 4.58 5.50 6. 02-6. 39 .49 1.50 August .74 1.02 4.50 5.50 5. 84-6. 21 .37 1.50 September . .67 1.00 4.25 5.50 5. 66-6. 21 .37 1.50 October .82 1.01 3.875 5.00 5. 66-6. 02 .37 1.50 November .89 1.00 3.875 5.00 5. 66-5.84 .37 1.50 December 1.02 .91 3.875 5.00 5. 66-5. 84 .37 1.50 1 All figures are monthly averages. For sources used and detailed explanation of methods of quotation, see Federal Reserve Bulletin for November 1926 (pp. 794-796), April 1927 (p. 289), November 1929 (p. 680), and May 1930 (p. 318). 2 Based on data for part of month, no quotations being available for remainder of month. Digitized for FBRacAk SfEiguRre s—See Annual Reports for 1931 (table 44) and 1926 (table 116). https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MEMBER AND NONMEMBER BANK CREDIT 115 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 117 ALL BANKS IN THE UNITED STATES No. 62.—ALL BANKS IN THE UNITED STATES—NUMBER OF BANKS Member banks Nonmember banks Datei All banks2 Mutual Other Total National State savings nonmembanks ber banks 1914—June 30.. 26,274 3 7,514 3 644 3 18,116 1915—June 23.. 26,605 7,614 7,597 17 639 18,352 1916—June 30.. 27,041 7,605 7,571 34 632 18,804 1917—June 20.. 27,495 7,652 7,599 53 632 19,211 1918—June 29.. 28,334 8,212 7,699 513 636 19,486 1919—June 30.. 28, 600 8,821 7,779 1,042 633 19,146 1920—June 30.. 29,829 9,398 8,024 1,374 631 19,800 1921—June 30.. 30,560 9,745 8,150 1,595 634 20,181 1922—June 30.. 30,158 9,892 8,244 1,648 630 19,636 1923—June 30.. 29,833 9,856 8,236 1,620 628 19,349 Sept. 14. 29,790 9,843 8,234 1,609 4 628 19,319 Dec. 31-. 29,505 9,774 8,179 1,595 630 19,101 1924—Mar. 31. 29, 210 9,681 8,110 1,571 *630 18,899 June 30.. 28, 996 9,650 8,080 1,570 625 18, 721 Oct 10... 28,915 9,635 8,069 1,566 <625 18,655 Dec. 31- 28,806 9,587 8,043 1,544 623 18, 596 1925—Apr. 6... 28, 636 9,531 8,010 1,521 4 623 18,482 June 30.. 28,479 9,538 8,066 1,472 623 18, 318 Sept. 28. 28,457 9,539 8,079 1,460 4 623 18,295 Dec. 31.. 28,257 9,489 8,048 1,441 621 18,147 1926—Apr. 12.. 27, 989 9,412 7,994 1,418 4 621 17,956 June 30.. 27,854 9,375 7,972 1,403 621 17,858 Dec. 31.. 27, 367 9,260 7,906 1,354 618 17,489 1927—Mar. 23. 26,975 9,144 7,822 1,322 4 618 17, 213 June 30.. 26, 765 9,099 7,790 1,309 618 17,048 Oct. 10- 26,641 9,087 7,798 1,289 4 618 16,936 Dec. 31.. 26,416 9,034 7,759 1,275 618 16,764 1928—Feb. 28.. 26,146 8,983 7,728 1,255 4 618 16,545 June 30_. 25, 941 8,929 7,685 1,244 616 16,396 Oct. 3— 25,828 8,896 7,670 1,226 4 616 16,316 Dec. 31.. 25,576 8,837 7,629 1,208 613 16,126 1929—Mar. 27-. 25,341 8,755 7,569 1,186 4 613 15,973 June 29_. 25,110 8,707 7,530 1,177 611 15, 792 Oct. 4___ 24, 951 8,616 7,468 1,148 4 611 15, 724 Dec. 31- 24, 630 8,522 7,403 1,119 609 15,499 1930—Mar. 27. 24,223 8,406 7,311 1,095 4 609 15,208 June 30.. 23,852 8,315 7,247 1,068 606 14,931 Sept. 24. 23, 590 8,246 7,192 1,054 4 606 14, 738 Dec. 31.. 22, 769 8,052 7,033 1,019 603 14,114 1931—Mar. 25. 22,372 7,928 6,930 998 4 603 13,841 June 30.. 21,903 7,782 6,800 982 600 13,521 Sept. 29_ 21,294 7,599 6,653 946 4 600 13,095 Dec. 31.. 19, 966 7,246 6,368 878 597 12,123 1932—June 30.. 19, 046 6,980 6,145 835 594 11,472 Sept. 30-. 18,794 6,904 6,080 824 4 594 11, 296 Dec. 31-. * 18,390 6,816 6,011 805 594 10,980 mm *m 1 Dates of reports of member banks; figures for nonmember banks are as of nearest available date. 2 Includes national banks, State commercial banks and trust companies, mutual and stock savings bmks, and all private banks (about 170 in June 1932) under State supervision. s Figures for this date, which preceded establishment of the Federal Reserve System, relate to national banks and banks other than national, rather than to member and nonmember banks. 4 Figures of preceding call carried forward. NOTE.—Figures for June 1914 to June 1922, inclusive, taken from annual reports of the Comptroller of the Currency. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

118 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 63.—-ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS OF MEMBER AND NONMEMBER BANKS, 1914—32 [In millions of dollars] Member banks Nonmember banks All Date* banks 2 Mutual Total National State savings All other banks 1914—June 30. 20, 788 3 8, 313 3 3,979 3 8,496 1915—June 23.. 21, 466 8,764 8,688 76 4,040 8,662 1916—June 30... 24, 586 10,315 10, 086 230 4,221 10,050 1917—June 20.. 28, 286 12, 453 11,897 556 4,500 11,333 1918—June 29... 31, 813 18, 507 13, 913 4, 594 4,489 8,817 1919—June 30... 36, 570 22, 240 15, 712 6, 528 4,828 9,502 1920—June 30.. 41, 684 25, 559 17, 547 8,012 5, 308 10,817 Nov. 15. 4 42,149 25, 769 17, 634 8,135 Dec. 29.. 4 41, 551 25, 531 17, 420 8, 111 1921—Apr. 28.. 4 40, 250 24, 391 16,178 8,213 () June 30... 40, 001 24,121 15,895 8, 226 5,699 10,181 Dec. 31- 4 39, 007 23, 482 15,445 8, 037 (5) 1922—Mar. 10 _ 4 38,918 23, 278 15, 301 7, 977 () June 30... 39, 956 24,182 15, 705 8,477 6,010 9,764 Dec. 29- 4 41, 919 25, 580 16,511 9, 069 () 1923—Apr. 3— 4 42, 971 26,141 16, 609 9, 533 June 30 _. 43, 737 26, 507 16, 805 9, 703 6,582 10, 650 Sept. 14. 43, 742 26, 319 16,837 9,482 6 6, 582 10,841 Dec 31.. 44, 003 26,487 16,807 9, 680 6,743 10, 773 1924—Mar. 31. 44,453 26, 663 16, 865 9,798 6 6, 743 11,047 June 30.. 45,180 27,167 17, 057 10,109 7,014 10, 999 Oct. 10_ _ 46, 448 28,311 17, 598 10,713 » 7,014 11,123 Dec. 31- 47,182 28, 746 17, 840 10,906 7,226 11,211 1925—Apr. 6__. 47,911 29, 046 18, 089 10, 957 » 7, 226 11, 639 June 30.. 48,830 29,518 18, 293 11,226 7,556 11, 756 Sept. 28. 49,826 30,176 18, 778 11, 397 6 7, 556 12,094 Dec. 31__ 50, 603 30,884 19,153 11,731 7,691 12,029 1926—Apr. 12.. 50, 830 30, 819 18, 965 11,855 6 7, 691 12, 320 June 30.. 51, 562 31,184 19,159 12, 025 8,014 12, 364 Dec. 31.. 52, 024 31, 642 19, 267 12, 374 8,204 12,178 1927—Mar. 23. 52, 462 31,949 19, 878 12, 071 6 8, 204 12,309 June 30.. 53, 750 32, 756 20, 237 12, 520 8,605 12, 389 Oct. 10__ 33,186 20, 830 12, 356 6 8, 605 12, 652 Dec. 31.. 54, 443 34, 247 21, 535 12, 712 8,860 12, 344 55,450 1928—Feb. 28.. 55, 327 33, 688 21, 272 12,416 6 8, 860 12, 779 June 30. 57, 265 35, 061 22, 063 12, 999 9,242 12,962 Oct. 3— 57, 219 34, 929 22, 014 12,915 6 9, 242 13,049 Dec. 31.. 35, 684 22, 407 13,277 9,390 13,192 58, 266 1929—Mar. 27. 58, 019 35, 393 21, 922 13,471 6 9, 390 13, 236 June 29. 58, 474 35, 711 21, 457 14,254 9,556 13, 207 Oct. 4___ 58, 835 35, 914 21, 390 14,524 6 9,556 13, 366 Dec. 31.. 58,417 35, 934 21, 584 14,350 9,463 13,020 1930—Mar. 27. 57, 386 35, 056 21,180 13, 876 6 9, 463 12,868 June 30. 58,109 35, 656 21, 749 13, 906 9,747 12, 706 Sept. 24. 57, 590 35, 472 21, 753 13,719 6 9, 747 12, 371 Dec. 31- 56, 209 34, 860 21, 426 13,434 9,987 11,362 1931—Mar.. 25. 55, 924 34, 729 21, 356 ]3,372 6 9, 987 11, 208 June 30. 55,022 33, 923 20, 825 13, 098 10, 506 10, 593 Sept. 29. 53, 365 33, 073 20,122 12, 951 « 10, 506 9,786 Dec. 31. 49, 704 30, 575 19,094 11,482 10, 488 8,641 1932—June 30. 46, 071 28, 001 17, 448 10, 552 10, 316 7,755 Sept. 30. 45, 852 28,045 17, 334 10, 711 6 10,316 7,491 Dec. 31. 44, 946 27,469 17,399 10, 071 10,182 7,294 1 Dates of reports of member banks; figures for nonmember banks are as of nearest available date. 2 Includes member and nonmember banks (19,046 altogether in June 1932) as follows: National banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks (about 170 in June 1932) under State supervision. 3 Figures for this date, which preceded establishment of the Federal Eeserve System, relate to national banks and banks other than national, rather than to member and nonmember banks. 4 Estimated. 5 Separate figures not available. 6 Figures of preceding call carried forward. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

119 ALL BANKS IN THE UNITED STATES No. 64.—ALL BANKS IN THE UNITED STATES—TOTAL LOANS OF MEMBER AND NONMEMBER BANKS, 1914-32 [In millions of dollars] Member banks Nonmember banks All Date* banks 2 Mutual Total National State savings All other banks 1914—June 30. 15,257 3 6,443 3 2,124 3 6,689 1915—June 23. 15,653 6,720 6,663 57 2,170 6,763 1916—June 30. 17,972 7,964 7,767 197 2,221 7,786 1917—June 20. 20, 525 9,370 8,935 434 2,368 8,785 1918—June 29. 22,404 13,234 10,077 3,156 2,315 6,856 1919—June 30. 24, 723 15,413 10,903 4,510 2,336 6,974 1920—June 30. 30,839 19, 533 13,499 6,035 2,591 8,714 Nov. 15 4 31,322 19,852 13, 666 6,186 Dec. 29. 30, 655 19,555 13,446 6,110 1921—Apr. 28. 4 29,387 18, 487 12, 323 6,164 June 30_ 28,988 18,119 11,976 6,143 2,810 8,060 Dec. 31. 4 27,869 17,394 11,463 5,931 1922—Mar. 10. 4 27, 580 17,080 11,247 5,833 June 30. 27, 750 17,165 11,191 5,975 3,003 7,584 Dec. 29. 4 28,880 17,930 11, 549 6,381 1923—Apr. 3- 29,719 18,419 11,610 6,809 June 30. 30, 398 18,750 11,778 6,973 3,382 8,265 Sept. 14 30, 560 18,719 11,881 6,838 6 3, 382 8,459 Dec. 31. 30, 797 18, 842 11,808 7,034 3,557 8,398 1924—Mar. 31 31, 219 19,045 11,902 7,143 6 3, 557 8,617 June 30. 31, 541 19, 204 11,955 7,249 3,806 8,531 Oct. 10. 32,100 19,713 12,159 7,554 6 3, 806 8,581 Dec. 31. 32,458 19,933 12, 214 7,719 3,971 8,554 1925—Apr. 6- 33,019 20,176 12,366 7,810 6 3, 971 8,872 June 30- 33,882 20,655 12, 592 8,063 4,212 9,015 Sept. 28. 34,850 21, 285 13,057 8,228 6 4, 212 9,353 Dec. 31_ 35,658 21,996 13,419 8,577 4,393 9,269 1926—Apr. 12. 35, 719 21,785 13,189 8,596 6 4,393 9,541 June 30. 36,176 22,060 13,322 8,738 4,633 9,481 Dec. 31_ 36, 777 22,652 13,482 9,170 4, 821 9,304 1927—Mar. 23. 36, 532 22, 327 13, 560 8,767 6 4, 821 9,384 June 30. 37,378 22,938 13,849 9,089 5,078 9,362 Oct. 10_. 37,830 23, 227 14, 218 9,008 6 5, 078 9,525 Dec. 31. 38,426 23, 886 14, 641 9,245 5,273 9,266 1928—Feb. 28. 37, 910 23,099 14,197 8,902 6 5, 273 9,538 June 30. 39, 483 24, 303 14, 921 9,382 5,518 9,662 Oct. l-_. 39, 690 24, 325 14.904 9,421 6 5, 518 9,847 Dec. 31. 40, 782 25,155 15, 285 9,870 5,694 9,933 1929—Mar. 27. 40,577 24, 945 14,856 10, 088 6 5, 694 9,938 June 29. 41, 531 25, 658 14,805 10,853 5,892 9,981 Oct. 4__. 26,165 14,955 11, 210 6 5, 892 10,164 Dec. 31. 42, 221 26,150 15,136 11,014 5,945 9,823 41, 918 1930—Mar. 27. 40,706 25,119 14, 635 10, 483 6 5, 945 9,642 June 30. 40,638 25, 214 14,874 10,340 6,009 9,415 Sept. 24. 39,735 24, 738 14,642 10,096 6 6,009 8,988 Dec. 31. 38,135 23,870 14, 347 9,524 6,068 8,196 1931—Mar. 25. 36,813 22,840 13, 707 9,133 6 6,068 7,906 June 30. 35, 384 21,816 13,162 8,654 6,169 7,399 Sept. 29. 33,750 20, 874 12, 466 8,409 6 6,169 6,707 Dec. 31. 31,305 19,261 11.905 7,356 6,218 5,827 1932—June 30. 27,834 16, 587 10, 265 6,322 6,130 5,117 Sept. 30. 26,985 15,924 9,904 6,020 e 6,130 4,931 Dec. 31. 26,063 15,204 9,828 5,376 6,079 4,780 1 Dates of reports of member banks; figures for nonmember banks are as of nearest available date. 2 Includes member and nonmember banks (19,046 altogether in June 1932) as follows: National banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks (about 170 in June 1932) under State supervision. 3 Figures for this date, which preceded establishment of the Federal Reserve System, relate to national banks and banks other than national, rather than to member and nonmember banks 4 Estimated. 4 Separate figures not available. • Figures of preceding call carried forward. 182799—33 9 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

120 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 65.—ALL BANKS IN THE UNITED STATES—TOTAL INVESTMENTS OF MEMBER AND NONMEMBER BANKS, 1914-32 [In millions of dollars] Member banks Nonmember banks Date* ba A n l k l s 2 Mutual Total National State savings All other banks 1914—June 30_ 5,532 3 1,870 31,855 31,807 1915—June 23. 5,813 2,044 2,025 19 1,870 1,899 1916—June 30. 6,614 2,351 2,319 32 1,999 2,263 1917—June 20_ 7,764 3,084 2,962 123 2,132 2,547 1918—June 29. 9,408 5,274 3,836 1,438 2,174 1,961 1919—June 30_ 11,847 6,827 4,809 2,018 2,492 2,528 1920—June 30. 10,845 6,026 4,048 1,977 2, 716 2,104 Nov. 15. i 10, 827 5,917 3,968 1,949 (5) 00 Dec. 29. * 10, 896 5,976 3,974 2,001 (5) (5) 1921—Apr. 28. < 10,863 5,903 3,855 2,048 (5) (5) June 30_ 11,012 6,002 3,919 2,083 2,889 2,122 Dec. 31. Ml, 148 6,088 3,982 2,106 (5) (5) 1922—Mar. 10. * 11,338 6,198 4,055 2,143 (5) (5) June 30. 12, 206 7,017 4,514 2,503 3,007 2,182 Dec. 29. « 13,039 7,649 4,962 2,688 (5) 0) 1923—Apr. 3... < 13, 252 7,722 4,998 2, 724 (5) (5) June 30, 13, 341 7,757 5,027 2,730 3,200 2,384 Sept. 14. 13,182 7,600 4,957 2,644 6 3, 200 2,381 Dec. 31 _ 13, 206 7,645 4,999 2, 646 3,186 2,375 1924—Mar. 31. 13, 234 7,618 4,963 2,655 6 3,186 2,430 June 30. 13,639 7,963 5,103 2,860 3,208 2,466 Oct. 10_. 14, 348 8,599 5,439 3,159 6 3, 208 2,542 Dec. 31. 14, 724 8,813 5,626 3,187 3,256 2,655 1925—Apr. 6__. 14,893 8,869 5,723 3,147 6 3, 256 2,767 June 30. 14,948 8,863 5,700 3,163 3, 344 2,741 Sept. 28. 14,975 8,890 5,721 3,169 o 3, 344 2,741 Dec 31. 14,945 8,888 5,734 3,154 3,298 2,759 1926—Apr. 12_ 15,111 9,034 5,775 3,259 6 3,298 2,779 June 30. 15,386 9,123 5,837 3,286 3,381 2,884 Dec. 31- 15, 246 8,990 5,785 3,204 3,383 2,873 1927—Mar. 23. 15,930 9,622 6,318 3, 303 6 3, 383 2,925 June 30. 16, 373 9,818 6,388 3, 430 3,527 3,028 Oct. 10.. 16, 613 9,959 6,612 3,347 6 3, 527 3,127 Dec. 31. 17,024 10,361 6,894 3,466 3,587 3,077 1928—Feb. 28. 17,416 10,590 7,075 3, 514 e 3, 587 3,240 June 30. 17, 782 10, 758 7,141 3,617 3,723 3,301 Oct. 3-.. 17, 530 10,604 7,111 3,493 6 3,723 3,203 Dec. 31. 17,484 10, 529 7,122 3,407 3,696 3,259 1929—Mar. 27. 17,442 10,448 7,065 3,383 6 3, 696 3,298 June 29. 16,943 10,052 6,651 3,401 3,664 3,227 Oct. 4__ 16, 615 9,749 6,435 3, 314 6 3. 664 3,202 Dec. 31. 16,499 9,784 6,448 3,336 3,518 3,197 1930—Mar. 27. 16,680 9,937 6,545 3,392 6 3, 518 3,225 June 30. 17,471 10,442 6,875 3,567 3,739 3,290 Sept. 24. 17, 855 10, 734 7,111 3,623 6 3, 739 3,382 Dec. 31. 18,074 10,989 7,079 3,910 3,920 3,165 1931—Mar. 25. 19, 111 11,889 7,650 4,239 6 3,920 3,302 June 30. 19,637 12,106 7,662 4,444 4,337 3,194 Sept. 29. 19,615 12,199 7,656 4,543 6 4,337 3,079 Dec. 31. 18,399 11, 314 7,189 4,126 4,270 2,814 1932—June 30. 18, 237 11,414 7,183 4,231 4,186 2,637 Sept. 30. 18, 867 12,121 7,430 4,691 « 4,186 2,560 Dec. 31. 18, 883 12, 265 7,571 4,695 4,103 2,514 1 Dates of reports of member banks; figures for nonmember banks are as of nearest available date. 2 Includes member and nonmember banks (19,046 altogether in June 1932) as follows: National banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks (about 170 in June 1932) under State supervision. 3 Figures for this date, which preceded establishment of the Federal Reserve System, relate to national banks and banks other than national, rather than to member and nonmember banks, 4 Estimated. 5 Separate figures not available. Figures of preceding call carried forward. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES 121 No, 66.—ALL BANKS IN THE UNITED STATES—DEPOSITS OF MEMBER AND NONMEMBER BANKS (EXCLUSIVE OF INTERBANK DEPOSITS), 1914-32 [In millions of dollars] Member banks Nonmember banks All Datei banks 2 Mutual Total National State savings All other banks 1914—June 30_ 18,566 3 6,374 3 3,916 3 8, 276 1915—June 23 _ 19,131 6,678 6,609 68 3,951 8,502 1916—June 30. 22, 759 8,395 8,159 235 4,188 10,176 1917—June 20. 26,352 10,301 9,742 559 4,422 11,630 1918—June 29. 28, 765 15, 671 11,214 4,457 4,422 8,673 1919—June 30. 33,603 19,170 12,951 6,219 4,751 9,682 1920—June 30. 37,721 21,915 14,316 7,600 5,187 10, 618 Nov. 15. (4) 21, 876 14,312 7,564 (4) (4) Dec. 29. (4) 21,136 13, 730 7,406 (4) (4) 1921—Apr. 28.. (4) 20,143 12,745 7,398 (4) (4) June 30. 35,742 20,637 12,991 7,646 5,575 9,529 Dec. 31.. (4) 20, 387 12, 807 7,581 (4) (4) 1922—Mar. 10. (*) 20,495 12, 848 7,647 (4) (*) June 30. 37, 615 22, 397 13, 821 8,575 5,780 9,439 Dec. 29. (4) 23,796 14,663 9,132 (4) (4) 1923—Apr. 3... (4) 23,692 14,348 9,344 (4) (4) June 30. 40,688 23,871 14,490 9,380 6,295 10, 522 Sept. 14. 40,685 23,739 14,594 9,144 fi6,295 10,651 Dec. 31. 42,163 24,996 15,231 9,.764 6,455 10,712 1924—Mar. 31. 41,979 24,790 15,032 9,758 5 6,455 10,734 June 30. 43,405 25, 711 15, 529 10,183 6,712 10,982 Oct. 10_. 44,184 26,305 15, 807 10,498 5 6,712 11,167 Dec. 31. 45,835 27,836 16,694 11,141 6,898 11,101 1925—Apr. 6... 45,859 27,168 16, 363 10,804 s 6, 898 11, 793 June 30. 47, 612 28,440 17,027 11,413 7,167 12,005 Sept. 28. 47,994 28,197 17,063 11,134 5 7,167 12, 630 Dec. 31_. 49,224 30,029 18,066 11,964 7,298 11,897 1926—Apr. 12- 48, 736 29,044 17,371 11,673 5 7, 298 12, 394 June 30_ 49,733 29, 781 17, 746 12,036 7,562 12, 390 Dec. 31.. 50,155 30,474 18,022 12,453 7,763 11,918 1927—Mar. 23. 49,802 29,869 18,130 11,739 s 7, 763 12,170 June 30. 51,662 31,269 18,922 12,347 8,095 12, 298 Oct. 10.. 52,152 31,273 19,279 11,995 5 8,095 12,784 Dec. 31_ 52,909 32,063 19,662 12,401 8,344 12, 502 1928—Feb. 28. 52, 221 31,191 19, 337 11,853 s 8, 344 12, 686 June 30. 53, 398 32,133 19,908 12, 224 8,653 12, 612 Oct. 3__. 53,720 32,138 20,100 12,038 s 8, 653 12,929 Dec. 31- 56, 766 34,826 21,407 13,419 8,849 13, 091 1929—Mar. 27. 54,545 33,215 20,409 12, 807 5 8, 849 12,481 June 29. 53,852 32, 284 19,411 12, 873 8,983 12,584 Oct. 4-.. 55,180 33,004 19,647 13,357 5 8,983 13,193 Dec. 31. 55, 289 33,865 20,290 13, 575 8,916 12, 508 1930—Mar. 27. 53,185 32,082 19,373 12,709 5 8,916 12,187 June 30. 54,954 33,690 20, 556 13,134 9,197 12,067 Sept. 24. 52,784 31,839 19,666 12,173 5 9,197 11, 748 Dec. 31. 53,039 32, 560 20,138 12,422 9,507 10,972 1931—Mar. 25. 51,427 31,153 19,371 11, 782 s 9, 507 10, 767 June 30. 51,782 31, 566 19,418 12,147 10,017 10,199 Sept. 29. 49,152 29,469 18,126 11, 343 5 10,017 9,668 Dec. 31. 45,821 27,432 17,271 10,161 10,105 8,284 1932—June 30_ 41,963 24,755 15,629 9,126 10,020 7,188 Sept. 30. 41,942 24,903 15,635 9,268 s 10,020 7,020 Dec. 31_. 41, 643 24,803 16,101 8,701 10,022 6,818 1 Dates of reports of member banks; figures for nonmember banks are as of nearest available date. 2 Includes member and nonmember banks (19,046 altogether in June 1932) as follows: National banks, State commerical banks and trust companies, mutual and stock savings banks, and all private banks (about 170 in June 1932) under State supervision. 3 Figures for this date, which preceded establishment of the Federal Reserve System, relate to national banks and banks other than national, rather than to member and nonmember banks. 4 Separate figures not available. * Figures of preceding call carried forward. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

122 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD ALL MEMBER BANKS No. 67.—ALL MEMBER BANKS—ASSETS AND LIABILITIES OF NATIONAL AND STATE BANK MEMBERS, DEC. 31, 1931 AND 1932 [In thousands of dollars] Total National banks l S m ta e t m e b b e a r n s k Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1931 1932 1931 1932 1931 1932 ASSETS Loans (including overdrafts) 19,260,685 15i,, 204,05011,904,779 9,828,142 7,355,906 5,375,908 TJ nited States Government securities 5,318,654 6, 539, 706 3,171,103 3,755,379 2,147,551 2,784,327 Other securities 5,995, 7865, 725, 714 4,017,733 3,815,311 1,978,053 1,910,403 Total loans and investments 30, 575,135 27,,469,470 19,093,61517,398,83211,481,51010,070,638 Customers' liability on account of acceptances 718,500 412, 248 389,386 198,403 329,114 213,845 Banking house, furniture, and fixtures 1,174,957 1,150, 245 769, 995 758,676 404,962 391,569 Other real esfcate owned 211,755 268,945 132,391 169,759 79,364 99,186 Cash in vault 522, 551 422,838 377,570 306,349 144, 981 116,489 Reserve with Federal Reserve banks 1,975,169 2, 511,374 1,137, 747 1, 625,840 837,422 885, 534 Items with Federal Reserve banks in process of collection 598,285 449,848 371,366 279,014 226,919 170,834 Due from banks in United States 1,662, 226 2,415,656 1,175,677 1,849,678 486, 549 565,978 Due from banks in foreign countries (including own branches) 174,183 193,881 148,588 139,335 25,595 54,546 Exchanges for clearing house and other checks on local banks,.. 1,388,409 594,695 670,169 315, 554 718,240 279,141 Outside checks and other cash items 108,128 77,406 87,998 60,847 20,130 16, 559 Redemption fund and due from United States Treasurer 31,372 39, 2421 31,372 39, 242 Acceptances of other banks and bills of of exchange or drafts sold with endorsement 310, 502 14,869 106,263 204, 239 9,447 Securities borrowed 13, 473 12,928 9,003 4,470 4,901 Other assets 223,687 226,281 117,074 106, 613 112,323 Total 39,688, 322 36, 259,92624,618,214 23,268,936 15,070,108 12,990,990 LIABILITIES Capital stock paid in 2,499,098 2,409,859 1,618,024 1,631, 059 881, 074 778,800 Surplus 2, 524,460 2,148, 260 1,379,549 1,171, 215 1,144, 911 977,045 Undivided x)roflts—net 605,403 438,521 350,993 269,197 254,410 169,324 Reserves for contingencies 370, 368 412, 529 170, 691 166, 627 199, 677 245, 902 Due to Federal Reserve banks 48,381 36, 663 35, 713 27, 672 12, 668 8,991 Due to other banks in United States 2,832,296 3, 607,649 1,719,847 2, 210,690 1,112,449 1,396,959 Due to banks in foreign countries (including own branches) 433, 740 295,989 218, 361 199,428 215,379 96,561 Certified and officers' checks outstanding. 729,301 369,891 352,366 220,150 376,935 149,741 Cash letters of credit and travelers' check! outstanding 19, 581 15,250 6, 665 11,095 8,585 Demand deposits 14,955,400 133,,393,235 9,056; 329 8,264,158 5,899,071 5,129,077 Time deposits 11, 315,842 10,5499,,579 7,594,468 7,359,689 3,721,374 3,189,890 United States deposits 411,845 474, 741 259,449 250, 602 152,396 224,139 Total deposits 30,746,386 28, 742, 997 19,245,019 18,539,054 11,501, 367 101,203,943 Agreements to repurchase U.S. Government or other securities sold 81, 583 45,579 51,101 22,053 30,482 23,526 Bills payable and rediscounts: With Federal Reserve banks 622, 652 234, 524 424, 794 185,01 197,858 49,509 Allother 216,476 312,261 130, 571 163,513 85, 905 148,748 Acceptances of other banks and bills of exchange or drafts sold with endorsement 310, 502 14,869 106,263 5,422 204,239 9,447 Acceptances executed for customers 732, 253 429, 738 397, 587 207, 285 334,666 222,453 Acceptances executed by other banks for account of reporting banks 14,169 7,335 5,528 2,747 8,641 4,588 National-bank notes outstanding 624, 234 776,749 624,234 776,749 Securities borrowed 13, 473 12,928 9,003 8,027 4,470 4,901 Interest, taxes, and other expenses accrued and unpaid 98, 668 73,276 52, 555 46,147 46,113 27,129 Other liabilities 228,597 200, 501 52,302 74,826 176,295 125,675 Total 39,688,322 36,259,926 24,618, 214 23, 268,936 15,070,108 12, 990, 990 1 Member banks only; i.e., exclusive of national banks in Alaska and Hawaii. Back figures.—For principal items see table 52, also Annual Report for 1926 (tables 77-78: Separate figures for national and State members); for detail see (1) Member Bank Call Report Nos. 34-57; (2) Annual Reports for 1931 (table 47), 1930 (table 44), 1929 (table 42), 1928 (table 46), 1927 (table 84), 1926 (table 79), Digitized fo1r9 2F5R (tAabSlEesR 7 8-80), 1924 (tables 78-80); (3) Federal Reserve Bulletins. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ALL MEMBER BANKS 123 No. 68,—ALL MEMBER BANKS—ASSETS AND LIABILITIES OF RESERVE CITY AND COUNTRY BANKS, DEC. 31, 1931 AND 1932 [In thousands of dollars] Central reserve Other reserve city Country banks city banks banks Dec. 31, Dec. 31, Deo. 31, Dec. 31, Dec. 31, Dec. 31, 1931 1932 1931 1932 1931 1932 RESOURCES Loans (including overdrafts) 5,800,903 •1,169,417 6,852,045 5,541, 560 6,607, 737 5,493,073 United States Government securities 2,056,524 2,831,066 1,844,390 2, 234,362 1,417,740 1,474,278 Other securities 1,119, 948 1,372,126 1,901,912 1, 713, 569 2,973,926 2, 640. 019 Total loans and investments 8,977,375 8,372,009 [0,598,347 9,489,191 10,999,403 9,607,370 Customers' liability on account of acceptances 585,156 360,810 126,116 47,184 7,228 4,254 Banking house, furniture, and fixtures 258,315 277,050 425,948 412,190 490, 694 461, 005 Other real estate owned 17,019 18, 676 79,963 108,038 114, 773 142,231 Cash in vault 66,925 64,373 153,520 126,473 302,106 231, 992 Reserve with Federal Reserve banks 824, 782 1,416, 793 652, 441 646,104 497,946 448,477 Items with Federal Reserve banks in process of collection 206,199 149,075 270, 266 203, 545 121,820 97, 228 Due from banks in United States 226, 84! 409,108 750, 680 1, 239, 605 766,943 Due from banks in foreign countries (including own branches) 121,174 151, 600 49, 330 39, 636 3,679 2,645 Exchanges for clearing house and other checks on local banks 1,038,283 386,954 273,024 158,471 77,102 49,270 Outside checks and other cash items 10, 351 5,427 76,136 54, 768 21, 641 17, 211 Redemption fund and due from United States Treasurer 2,039 1,220 7,817 13, 592 21, 516 24,430 Acceptances of other banks and bills of exchange or drafts sold with endorsement __ 256,068 4,290 52, 715 9,678 1,719 901 Securities borrowed 200 5,485 5,382 7,788 7,546 Other assets 83, 537 82, 682 84, 090 91,546 56,060 52,053 Total. 12,674,27011, 700,66713, 605, 878 12, 645,703 13,408,17411,913, 556 LIABILITIES Capital stock paid in 779,039 753,899 809,117 783,04' 910,942 872,916 Surplus 987,150 831, 628 778, 661 660,821 758,649 655,811 Undivided profits—net 200,992 134, 090 173,011 135,397 231,400 169,034 Reserves for contingencies 166, 014 186,242 125,077 140,803 79, 277 85,484 Due to Federal Reserve banks 9,511 8,004 38,870 28, 652 Due to other banks in United States. 1, 262,168 1,841,18C 1, 275,480 1,503,24: 294, 648 263, 228 Due to banks in foreign countries (including own branches) 400,899 273, 212 30, 699 21,470 2,142 1,307 Certified and officers' checks outstanding.. 481, 522 179,130 165, 205 129, 656 82, 574 61,105 Cash letters of credit and travelers' checks outstanding 14, 508 11,373 4,869 3,65 204 226 Demand deposits 5, 880, 231 5, 507, 956 4, 778,949 4,280, 75' 4, 296, 220 3,604, 522 Time deposits 1,218,911 1, 255,858 4, 455, 657 4, 217, 439 5,641, 27' 5,076, 282 United States deposits 182, 347 191,438 168, 504 210, 912 60, 994 72,391 Total deposits 9,440,586 9,260,15410,1,888,87410,375,13010,,416,920 9,107,713 Agreements to repurchase U.S. Government or other securities sold 7,06C 13, 388 49, 757 12, 291 24, 766 19,900 Bills payable and rediscounts: With Federal Reserve banks 41,692 256,894 40,98' 324,066 193,537 Allother 19,690 13,172 80,13 74, 27! 116, 655 224,810 Acceptances of other banks and bills of exchange or drafts sold with endorsement.. 256,068 4,290 52,715 9,678 1,719 901 Acceptances executed for customers 598, 205 376,004 128,419 51, 324 5,629 2,410 Acceptances executed by other banks for account of reporting banks 9,47C 3,703 2,839 1,654 1,86C 1,978 National-bank notes outstanding 40, 743 21, 315 154,354 268,08" 429, — 487,347 Securities borrowed 20C 5,485 5,381 7,788 7,546 Interest, taxes, and other expenses accrued and unpaid 35, 20S 24,656 33,747 28,07' 29,713 20,543 Other liabilities 92,153 78,126 66, 797 58,74S 69,647 63, 626 TotaL 12,674, 27C11, 700, 667 13, 605,878 12,645, 703 13,408,17411,913,556 Back figures—See (1) Member Bank Call Report, Nos. 34-57 (where data are given by cities); (2) Annual Reports for 1931 (table 48), 1930 (table 45), 1929 (table 43), 1928 (table 47), 1927 (table 85), 1926 (table 80), 1925 (tables 81-84), 1924 (tables 81-84); and (3) Federal Reserve Bulletins. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

124 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 69.—ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED. RESERVES HELD, AND BORROWINGS AT FEDERAL RESERVE BANKS, BY MONTHS, 1932 [Averages of daily figures in millions of dollars] Deposits subject to reserve Reserves held Borrowings at Class of bank and month Reserves Federal N m e a t n d d e l - Time °- Total required Total Excess R b e a se n r k v s e All member banks: January... 15,447 11,145 26, 592 1,944 1,979 35.4 816.6 February 14, 789 10, 926 25, 715 1,864 1,907 43.8 836.2 March.... _ 14, 575 10, 856 25, 431 1,840 1,899 59.0 705.8 April 14, 589 10, 797 25, 386 1,844 1,996 152.1 599.1 May _ 14, 679 10, 787 25,466 1,861 2,138 277.1 483.9 June. . - 14,413 10, 663 25,075 1,827 2,062 234.4 494.4 July 14,157 10, 555 24, 712 1,798 2,003 204.4 522.1 August 14,141 10, 603 24, 744 1,803 2,073 269.9 450.2 September _ 14, 408 10, 565 24,973 1,836 2,181 345.5 386.3 October 14, 680 10, 612 25, 292 1,872 2, 307 435.9 326.6 November . 14, 864 10, 612 25, 476 1,896 2,378 482.2 311.9 December 14, 965 10, 527 25, 492 1,909 2,435 525.8 281.3 New York City:3 Januarv 5,343 822 6,165 719 724 4.5 46.6 February. _ 5,001 796 5,797 674 681 7.2 29.3 March 4,959 800 5,760 669 687 17.8 7.5 April 5,138 811 5,950 692 780 88.1 .9 May 5,342 816 6,159 719 874 155.1 1.5 June 5,154 803 5,957 694 783 89.4 .4 July 5,133 818 5,951 692 767 75.0 1.2 August . 5,217 867 6,084 704 832 127.7 1.3 September - 5,440 869 6,308 733 927 193.4 1.1 October 5,629 929 6,559 760 1,001 241.6 .1 November. _ 5,804 957 6,762 783 1,050 266.8 .3 December. 5,937 940 6,877 800 1,083 283.2 .2 Chicago: 3 Januarv 996 378 1,374 141 143 2.4 4.8 February 962 365 1,327 136 138 2.0 3.4 March 927 361 1,288 131 136 4.5 1.8 April 857 349 1,206 122 144 22.6 1.3 May 872 361 1,233 124 186 61.6 .8 June... 883 359 1,242 126 189 63.5 6.0 July 779 334 1,113 111 164 52.5 6.5 August. _ . 794 329 1,122 113 185 72.3 5.1 September. _ 810 320 1,130 115 201 86.2 4.1 October 859 316 1,175 121 253 131.8 2.0 November 871 314 1,185 123 270 147.6 .2 December 880 310 1,191 124 286 162.6 .1 Reserve city banks: January 4,925 4,407 9,332 625 624 -.6 374.0 February _. 4,761 4,325 9,086 606 615 9.4 404.0 March _ 4,695 4,307 9,002 599 612 12.8 315.4 April 4, 635 4,268 8,903 592 605 13.2 239.4 May _ . 4, 553 4,295 8,848 584 614 29.9 152.6 June.. 4,550 4, 240 8,790 582 630 48.0 158.4 July 4,525 4,192 8,717 578 617 39.1 175.3 August 4,489 4,221 8,710 576 612 36.6 135.5 September... ___ . 4,506 4, 217 8,723 577 611 33.4 106.9 October 4,542 4,221 8,764 581 609 28.6 90.8 November. „ 4,561 4,218 8,778 583 617 34.2 88.8 December 4,544 4,207 8,750 581 625 44.3 63.3 Country banks: January 4,183 5,537 9,720 459 488 29.2 391.1 February 4,064 5,440 9,505 448 473 25.3 399.4 March 3, 993 5,387 9,380 441 465 23.8 381.1 April 3,959 5,368 9,327 438 466 28.3 357. 5 May _ _ _ _ 3,911 5,315 9,226 433 464 30.5 329.0 June 3, 826 5,261 9,087 426 459 33.6 329.5 July 3,720 5,211 8,931 417 455 37.9 339.2 August 3,641 5,186 8,827 410 444 33.3 308.3 September.-. 3,652 5,159 8,811 410 443 32.4 274.2 October 3,649 5,145 8,794 410 444 33.7 233. 7 November. _ 3,628 5,123 8,751 408 441 33.7 222.5 December 3,604 5,071 8,674 404 440 35.7 217.8 1 Subject to reserve requirements of 13 percent for central reserve city banks, 10 percent for reserve city banks, and 7 percent for banks outside central reserve and reserve cities (so-called country banks). 2 Subject to reserve requirements of 3 percent. 3 Central reserve city banks only. Back figures—See Annual Report for 1931 (table 49). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

125 ALL MEMBER BANKS No. 70.—-ALL MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, BY MONTHS [Averages of daily figures. In millions of dollars] Net Net Net Net de- Net de- Net de- Net de- Net mand de- Time mand de- Time mand de- Time mand de- Time Month (1932) plus mand de- plus mand de- plus mand de- plus mand detime de- posits time de- posits time de- posits time de- posits de- posits de- posits de- posits de- posits posits posits posits posits Boston district New York district Philadelphia district Cleveland district January 1,965 1,106 8,851 6,405 2,447 2,046 1,023 1,023 2, 457 1,146 1,311 February 1,932 1, 076 856 8,436 6,044 2,392 2,002 989 1,013 2,410 1,116 1,294 March 1,893 1,039 854 8,359 5,978 2,381 1,983 975 1,008 2,398 1,109 1,289 April 1,878 1,034 844 8,547 6,162 2,386 1,964 956 1,008 2, 389 1,106 1,283 May 1,857 1,015 842 8,733 6,365 2,369 1,962 955 1,007 2,385 1,103 1,282 June 1, 834 1,005 829 8,488 6,161 2,327 1,962 962 1,009 2,369 1, 096 1,273 July 1,843 1, 015 827 8,447 6,125 2,322 1,963 962 1,001 2,364 1, 095 1,270 August 1,858 1.014 844 8,548 6,170 2,378 1, 957 955 1,002 2,363 1,091 1,272 September 1,867 1,023 844 8,770 6,398 2,372 L, 964 962 1,001 2,365 1.096 1,270 October 1,896 1,064 832 9,004 6,572 2.432 1, 965 965 1,000 2,362 1,105 1,257 November 1,878 1,056 822 9,189 6,733 2,456 1,977 973 1, 004 2,340 1, 093 1,247 December 1,825 1,018 807 9,312 6,876 2,436 1,980 985 996 2, 318 1,084 1, 234 Richmond district Atlanta district Chicago district St. Louis district January 902 437 465 783 412 370 3, 556 1, 942 1,615 917 499 418 February 888 431 457 760 398 361 3, 424 1,855 1,569 888 480 408 March 881 426 454 759 399 360 3, 371 1,820 1,551 891 489 402 April 873 418 454 753 396 358 3,267 1,739 1,528 883 477 407 May 865 409 456 734 379 355 3,259 1,730 1, 529 870 464 406 June 872 413 458 717 366 351 3,225 1, 713 1, 512 853 455 • 398 July 852 395 457 699 350 349 3,017 1,568 1,449 836 • 443 394 August 850 393 457 693 342 352 2,994 1,563 1,431 841 439 402 September..._ 853 394 459 692 343 349 2,990 1,575 1,414 831 438 393 October 864 406 458 693 344 349 3,033 1,619 1,413 832 434 398 November 880 419 461 691 344 347 3,027 1, 620 1,407 833 437 396 December 862 411 451 696 352 344 3,002 1,616 1, 386 827 441 387 Minneapolis district Kansas City district Dallas district San Francisco district January 759 334 425 972 628 344 665 468 197 2,718 1,047 1, 671 February 741 322 419 946 604 342 197 2,622 1,003 1, 619 March 737 324 414 936 596 340 656 462 195 2,565 959 1, 607 April 727 315 413 922 587 335 636 445 191 2,546 954 1,592 May 717 309 408 915 583 332 626 435 191 2,544 931 1, 613 June 717 317 400 913 582 331 612 423 189 2,514 921 1, 594 July 695 306 389 905 575 331 609 422 187 2,482 902 1,580 August 676 291 385 898 568 329 597 409 188 2. 468 905 1,563 September 672 287 385 896 566 330 600 413 187 2,473 912 1, 561 October 666 281 385 888 558 330 603 413 190 2,487 919 1, 568 November. _. 667 286 381 881 554 327 614 421 193 2,497 928 1, 569 December 657 282 375 878 553 325 613 421 192 2,521 927 1, 594 Back figures—See Annual Reports for 1931 (table 99), 1930 (table 95), 1929 (table 89), 1928 (table 93) and 1927 (table 87). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Ho. 71.—ALL MEMBER BANKS—HOLDINGS OF ELIGIBLE ASSETS (UNITED STATES GOVERNMENT SECURITIES AND ELIGIBLE PAPER) COMPARED WITH BORROWINGS AT FEDERAL RESERVE BANKS, 1926-32 [In millions of dollars. Back figure? not available] Holdings of U.S. Government securities 1 and eligible paper (including paper under rediscount) Member bank By reserve city banks By "country" banks By all member banks borrow- Date ings at Federal U s e e . r S c n . u m r G i e ti o n e v t s - E p li a g p ib e l r e Total U s e e . r S c n . u m r G i e ti o n e v t s - E p li a g p ib e l r e Total U s e e . r S c n . u m r G i e ti o n e v t s - E p li a g p ib e l r e Total R b e a s n e k rv s e S s 1926—June 30. 2,210 2,825 5,035 884 2,100 3,094 4,925 8,019 516 1927—June 30. 2,299 2,775 5,074 847 1,992 2,839 3,146 4,767 7,913 441 1928—June 30. 2,714 2,680 5,394 862 1,967 2,829 3,576 4,746 8,223 1,096 Oct. 3.. 2,823 2,551 5, 374 914 1,817 2,731 3,738 4,368 8,106 1,020 Dec. 31. 2,730 2,349 5,079 932 1,811 2,744 3,662 4,160 7,822 1,041 1929—Mar. 27. 2,832 2,582 5,414 974 1,761 2,735 3,807 4,343 8,150 981 June 29. 2,577 2,688 5,265 929 1,773 2,702 3,506 4,461 7,968 1,029 Oct. 4__ 2,469 2,865 5,334 912 1,733 2,645 3,381 7,979 899 Dec. 31. 2,403 2,713 5,116 814 1,684 2,498 3,217 4,397 7,614 646 1930—Mar. 27. 2,619 2,542 5,161 818 1,662 2,480 3, 438 4,204 7,642 206 June 30. 2,640 2,285 4,925 772 1,620 2,392 3,412 3,905 7,317 274 Sept. 24 2,682 2,271 4,953 764 1,541 2,305 3,446 3,812 7,258 173 Dec. 31. 2,777 2,100 4,877 708 1,438 2,146 3,485 7,023 248 GO 1931—Mar. 25. 3,584 2,045 5,629 776 1,373 2,149 4,360 3,418 7,778 165 H June 30. 3,871 1,870 5, 741 836 1,328 2,164 4,707 3,198 7,905 147 W Sept. 29. 3,942 1,787 5,729 994 1,209 2,203 4,936 2,996 7,932 323 Dec. 31. 3,706 1,505 5,211 1,068 2,056 4,694 2,573 7,267 623 H 1932—June 30. 3,985 1,457 5,443 994 971 1,964 4,979 2,428 7,408 441 W D Se e p c. t . 3 3 1 0 . 4 4, , 7 6 7 2 6 3 1 1 , , 5 4 0 0 8 3 6 6, , 1 1 7 3 9 1 1, 9 00 87 3 8 9 4 1 4 6 1 1 , , 9 8 1 3 9 0 5 5 , , 6 7 2 6 6 3 2 2 , , 2 42 4 4 6 8 8, , 0 0 0 5 9 0 3 2 3 3 1 5 O * Exclusive of Government securities pledged against national bank note circulation. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

No. 72.—ALL MEMBER BANKS—CLASSIFICATION OF DEMAND AND TIME DEPOSITS ON CALL DATES, 1928-32 [In millions of dollars] Demand deposits* Time deposits Banks Other time deposits Individ- State, State, Open acual de- Certifi- county, counties, Evi- counts, Total posits cates of and mu- All other Total and mu- denced Certifi- Christt s o u c b h je e c c t k deposit d n e i p c o ip s a it l s ni i c t i i p es al- Total In S U ta n te it s edI c n o u fo n r t e ri ig es n in b g y s s p a a v s - s c d a e t p e o s s o i f t m in a g s s s a a c v - - s P a o vi s n ta g l s book counts, etc. 1928—Oct. 3... 17,501 15,727 230 1,243 301 13,410 405 134 8 9,703 1,882 1,169 117 Dec. 31- 18,904 16,997 235 1,300 372 13,453 418 124 9,810 1,895 1,071 134 1929—Mar. 27- 17,708 15,840 207 1,385 276 13,329 429 113 9,728 1,832 1,110 116 June 29— 17,815 15, 743 201 1,512 359 13,325 477 157 80 78 9,834 1,745 997 115 Oct. 4... 17,937 16,167 188 1,224 358 13,318 491 224 111 112 9,604 1,743 1,136 120 Dec. 31- 18,862 16,936 202 1,335 389 13,233 595 249 95 154 9,592 1,741 934 122 1930—Mar. 27- 17, 079 15,195 183 1,446 255 13,519 536 278 103 176 9,626 1,811 1,140 128 June 30— 18, 062 15,930 198 1,568 365 13,812 571 336 112 224 9,678 1,862 1,233 134 Sept. 24.. 16,838 15,107 197 1,276 258 13,945 572 335 101 234 9,632 1,960 1,303 144 Dec. 31- 17,502 15, 560 192 1,362 386 13,546 509 345 107 238 9,591 1,885 1,027 189 1931—Mar. 25— 16,339 14, 387 179 1,479 294 13, 663 530 337 135 201 9,446 1,928 1,180 242 June 30— 16, 622 14,521 180 1,556 365 13,515 508 269 114 155 9,316 1,906 1,237 279 Sept. 29- 15, 526 13, 703 172 1,350 302 12,776 440 198 86 112 8,768 1,787 1,223 360 Dec. 31- 14,955 13,151 166 1,303 335 11,316 388 89 63 26 8,134 1,472 771 463 1932—June 30- 13,204 11,491 138 1,314 261 10,636 337 76 70 7 7,491 1,350 772 610 Sept. 30- 13,081 11,697 115 1,034 235 10, 602 342 75 70 5 7,258 1,381 851 695 Dec. 31... 13,393 11,853 148 1,119 274 10,550 342 88 87 1 7,259 1,352 799 708 * Not including due to banks, certified and officers' checks outstanding or letters of credit and travelers' checks sold for cash and outstanding. > Not available. Back figures.—Not available* to Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

No. 73. -ALL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON CALL DATES, 1914-32 [In millions of dollars] oo Loans and investments Capi- Call date Total Loansl Tota I l nv G e s s U m e o t c . v m e S u e n . r e r t i n n - - ts s O e t c i t e h u s e ri r - b f a D r n o u k m e s2 p ta v r u p l a o i , n l d n f u d s i e d s t u i d s , - r 8 - d T ep o o ta si l ts d D e e p m os a i n ts d *p T o d i s e m i - ts e 8 U S p n o t d a e i s t t - i e e ts s d b D a u n e k t s o 9 d de e N p m o e a s t n it d s d d e e t p p N m i o l m u e a s t e s i n ts d 7 | F R r b e e w e a s d s e n i e e t r k h r r v a v s e l e c r B p o a e a a b u d n il y l i n d l s e s - t - s N b b a e u n r m k o s - f ties 1914—Dec. 31 (Thurs.) 8,498 6,419 2,079 760 1,319 1,163 2,093 8,305 5,125 1,233 71 1,876 6,235 7,468 266 133 7,582 1915—Mar. 4 (Thurs.) 8,570 6,563 2,007 747 1,260 1,353 2,098 8,666 5,092 1,264 58 2,252 6.622 7,886 295 96 7,607 May 1 (Sat.) 8,707 6,705 2,002 750 1,252 1.322 2,097 8,967 5,367 1,320 46 2,234 6,735 8,055 295 91 7,614 June 23 (Wed.) 8,764 6,720 2,044 749 1,295 1,282 2,124 8,894 5,278 1,352 48 2,216 6,811 8,163 317 98 7,615 Sept. 2 (Thurs.) 9,048 6,965 2,083 747 1,336 1,443 2,129 9,437 5,491 1,416 44 2,486 7,145 8,561 324 106 7,630 Nov. 10 (Wed.) 9,693 7,483 2,210 745 1,465 1,637 2,146 10,389 6,152 1,463 40 2,734 7,879 9,342 376 104 7,640 Dec. 31 (Fri.) 9,861 7,622 2,239 742 1,497 1,563 2,126 10,636 6,334 1,506 35 2,761 7,971 9,477 414 99 7,631 1916—May 1 (Mon.) 10,252 7,898 2,354 710 1,644 1,767 2,148 11,404 6,661 1,686 34 3,022 8,336 10,022 438 64 7,605 June 30 (Fri.) _.. 10,315 7,964 2,351 703 1,648 1,564 2,143 11,133 6,581 1,775 39 2,738 8,226 10,001 490 69 7,606 Sept. 12 (Tues.) 10, 732 8,263 2,469 703 1,766 1,748 2,184 11,737 6,892 1,853 34 2,958 8,804 10, 657 554 95 7,618 Nov. 17 (Fri.) 11,259 8,712 2,547 697 1,850 2,057 2,213 12,893 7,522 1,940 34 3,397 9,567 11,507 674 80 7,614 Dec. 27 (Wed.) 11, 275 8,714 2,561 690 1,871 1,874 2,231 12, 661 7,340 1,983 35 3,303 9,502 11,485 733 95 7,614 1917—Mar. 5 (Mon.) 11,701 9,096 2,605 687 1,918 2,056 2,218 13, 396 7,503 2,125 34 3,734 10,044 12,169 778 75 7,614 May 1 (Tues.) 11,985 8 9, 208 2,777 748 2,029 1,897 2,258 13, 651 7,915 2,263 35 3,438 9,869 12,132 802 8 95 7,629 June 20 (Wed.) 12,453 8 9, 370 3,083 1,065 2,018 1,695 2,307 13, 397 7,856 2,304 141 3,096 9,690 11,993 862 »327 7,653 Dec. 31 (Mon.) 16,896 '9 12,316 4,580 1,759 2,820 2,129 2,807 18,628 11,180 3,156 649 3,643 12,487 15,643 1,497 8 783 7,907 1918—May 10 (Fri.) 18,673 1912, 667 6,006 3,203 2,803 1,870 3,005 19,210 11,051 3,347 1,459 3,353 12, 451 15, 797 1,536 8 1,043 8,132 June 29 (Sat.) 18, 507 '9 13,233 5,274 2,465 1,906 3,002 18,954 10, 754 3,395 1,521 3,284 12, 217 15,612 1,565 8 1,022 8,213 Nov. 1 (Fri.) 20, 981 8 14, 550 6,431 3,591 2,840 2,036 3,222 20,864 12,059 3,651 1,708 3,446 13, 322 16,973 1,520 8 1,912 8,596 Dec. 31 (Tues.)_ 20, 593 814, 224 3,472 2,896 2,194 3,220 21,457 13,347 3,834 472 3,804 14, 563 18,397 1,655 «1,876 8,692 1919—Mar. 4 (Tues.) 21,484 8 13, 877 7,607 4,652 2,955 2,137 3,280 21,511 12,727 4,092 884 3,808 14,160 18,252 1,633 8 1,962 8,725 June 30 (Mon.) 22,242 « 15,414 6,827 3,803 3,024 2,125 3,350 22,833 13,925 4,344 902 3,662 14,725 19,069 1,724 8 1,927 8,822 Nov. 17 (Mon.) 24,187 8 17,423 6,765 3,494 3,271 2,575 3,587 25,183 15,652 5,050 4,095 16,261 21,310 1,825 8 2, 257 8,995 Dec. 31 (Wed.) 24,778 8 18,149 6,630 3,324 3.306 2,519 3,542 26,139 16,080 5,305 4,106 16,581 21,886 1,904 8 2, 347 9,066 1920— J M un a e y 3 4 0 ( ( T W u e e d s . . ) )- 2 2 5 5 , , 4 5 1 5 8 9 1 1 9 9 , , 5 1 3 9 3 8 6 6 , , 0 2 2 2 6 0 2 2 , , 9 8 5 1 8 1 3 3, , 2 2 1 6 5 2 1 1 , , 8 8 2 7 4 4 3 3 , , 8 8 3 5 3 3 2 2 4 5 , , 8 4 7 0 1 1 1 15 5 , , 7 3 4 8 4 8 5 5 , , 9 7 1 4 1 7 2 1 6 9 0 0 3 3 , , 5 4 4 8 6 6 1 1 6 6 , , 4 4 2 2 6 2 2 2 2 2 , , 3 17 3 3 3 1 1 , , 8 8 6 3 6 9 2 2, , 7 7 0 5 1 5 9 9 f , 2 3 9 9 1 9 Nov. 15 (Mon.) 25,769 19,852 5,917 2,655 3,262 1,774 4,086 25,106 15,512 6,144 220 3,230 15,924 22,068 1,827 3,080 9,567 Dec. 29 (Wed.) 25,531 19, 555 5,976 2,619 3,357 1,577 4,120 24,220 14,632 6,188 316 3,084 15,345 21,533 1,763 3,036 9,606 1921—Apr. 28 (Thurs.) 24,390 18,487 5,903 2,496 3,407 1,325 4,156 22,830 13. 527 6,343 273 2,687 14,389 20,732 1,654 2,313 9,698 June 30 (Thurs.) 24,121 18,119 6,002 2,561 3,441 1,354 4,133 23,350 13,881 6,367 390 2,713 14,321 1,625 2,022 9,745 Dec. 31 (Sat.) 23,482 17,394 2,581 3,507 1,450 4,093 23, 247 13,630 6,451 306 2,860 14,449 20,900 1,758 1,364 9,779 1922—Mar. 10 (Fri.) 23,278 17,080 6,198 2,701 3,497 1,614 4,185 23,660 13,503 6,662 330 3,165 14,498 21,160 1,723 758 9,816 June 30 (Fri.) 24,182 17,165 7,017 3,205 3,812 1,647 4,214 25, 547 15,065 7,175 156 3,150 15,539 22,714 1,835 592 9,892 Dec. 29 (Fri.) 25, 579 17,930 7,649 3,754 1,806 4,364 27,288 15,689 7,645 462 3,492 16,203 23,848 1,939 727 9,859 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1923—Apr. 3 (Tues.). 26,141 18,419 7,722 3,849 3,873 1,774 4,356 27,200 15,145 8,143 404 3,508 16,086 24,229 1,909 815 9,850 June 30 (Sat.). 26,507 18,750 7,757 3,835 3,922 1,596 4,367 27,088 15,196 8,378 297 3,217 16,066 24,444 1,871 944 9,856 Sept. 14(Fri.) 26, 319 18,719 7,600 3,685 3,915 1,640 4,436 26,942 15,128 8,466 145 3,203 15,919 24,385 1,869 983 9,843 Dec. 31 (Mon.) 26, 487 18,842 7,645 3,603 4,042 1,824 4,378 28,507 16,107 8,651 237 3,512 16,376 25,027 1,900 808 9,774 1924—Mar. 31 (Mon.)...... 26, 663 19,045 7,618 3,534 4,084 1,644 4,468 28,270 15,609 8,890 292 3,480 16,112 25,002 1,893 614 9,681 June 30 (Mon.) 27,167 19,204 7,963 3,575 4,387 1,940 4,486 29, 566 16,329 9,204 179 3,854 16,838 26,042 1,965 443 9,650 Oct. 10(Fri.) 28,311 19,713 8,599 3,866 4,733 2,430 4,594 30,795 16,406 9,597 302 4,490 17,804 27,401 2,121 325 9,635 Dec. 31 (Wed.) 28, 746 19,933 8,813 3,874 4,939 2,339 4,532 32,384 17,788 9,805 242 4,548 18,468 28,273 2,228 408 9,587 1925—Apr. 6 (Mon.). 29,046 20,176 8,869 3,894 4,975 2,091 4,669 31,249 16, 629 10,127 412 4,081 17,708 27,835 2,092 486 9,531 June 30 (Tues.) 29, 518 20,655 8,863 3,780 5,082 2,017 4,690 32, 457 17,882 10,381 177 4,018 18,277 28,658 2,191 559 9,538 Sept. 28 (Mon.) 30,176 21, 285 8,890 3,761 5,129 2,031 4,688 32,075 17,452 10,467 278 3,878 18,259 28, 726 2,147 712 9,539 Dec. 31 (Thurs.) 30,884 21,996 8,888 3,728 5,160 2,155 4,678 34,250 19,072 10,653 304 4,221 19,260 29,913 2,238 733 9,489 1926—Apr. 12 (Mon.) _ 30, 819 21, 785 9,034 3,805 5,229 1,934 4,826 32,893 17,710 10,955 379 3,849 18,392 29,347 2,136 620 9,412 June 30 (Wed.) 31,184 22, 060 9,123 3,745 5,378 1,980 4,832 33, 762 18, 381 11,173 228 3,980 18,804 29,977 2,236 612 9,375 Dec. 31 (Fri.)._ 31, 642 22, 652 8,990 3,389 5,601 2,066 4,944 34,528 18,800 11,440 234 4,054 18,922 30,362 2,210 760 9,260 1927—Mar. 23 (Wed.) 31,949 22,327 9,622 3,835 5,787 1,896 5,086 33, 756 17,644 11,818 407 3,887 18, 542 30, 360 2,321 546 9,144 June 30 (Thurs.) 32, 756 22,938 9,818 3,796 6,022 1,988 5,147 35,398 18,842 12, 210 218 4,129 19, 250 31,460 2,280 541 9,099 Oct. 10 (Mon.). 33,186 23,227 9,959 3,856 6,103 2,077 5,295 35, 482 18,378 12,459 435 4,209 19,170 31, 629 2,320 528 9,087 Dec. 31 (Sat.) 34, 247 23,886 10, 361 3,978 6,383 2,210 5,341 36, 669 19,032 12, 765 267 4,606 20,105 32,870 2,514 663 9,034 1928—Feb. 28 (Tues.) 33, 688 23,099 10, 590 4,216 6,374 1,941 5,404 35, 375 18,182 12,923 86 4,184 19,236 32,158 2,367 581 8,983 June 30 (Sat.) 35, 061 24,303 10, 758 4,225 6,534 1,897 5,625 36,060 18,437 13,439 257 3,927 19,191 32, 629 2,342 1,209 8,929 Oct. 3 (Wed.) 34,929 24,325 10,604 4,386 6,218 2,026 5,842 36,175 18, 570 13,410 159 4,037 18, 995 32,405 2,348 1,154 8,896 Dec. 31 (Mon.) 35, 684 25,155 10,529 4,312 6,217 2,124 5,899 39,075 21, HI 13,453 262 4,249 19,944 33,397 2,409 1,162 8,837 1929—Mar. 27 (Wed.) 35, 393 24,945 10,448 4,454 5,994 1,741 6,174 36, 799 19,476 13, 329 411 3,584 18,833 32,162 2,339 1,153 8,755 June 29 (Sat.).. 35, 711 25, 658 10,052 4,155 5,898 1,885 6,345 35,893 18, 611 13, 325 348 3,608 18,977 32,302 2,359 1,198 8,707 Oct.4(Fri.).._ 35,914 26,165 9,749 4,022 5,727 2,005 6,675 36, 694 19,371 13, 318 315 3,690 18,952 32, 269 2,322 1,150 8,616 Dec. 31 (Tues.) 35,934 26,150 9,784 3,863 5,921 2,168 6,709 38, 014 20, 489 13, 233 143 4,148 19, 797 33,030 2,374 879 8,522 1930—Mar. 27 (Thurs.)... 35,056 25,119 9,937 4,085 5,852 1,902 6,760 35, 836 18,238 13,519 325 3,754 18,489 32,007 2,353 347 8,406 June 30 (Mon.) 35, 656 25, 214 10,442 4,061 6,380 2,360 6,726 38,139 19, 597 13, 812 281 4,450 19,170 32, 982 2,408 435 8,315 Sept. 24 (Wed.) 35, 472 24, 738 10, 734 4,095 6,639 2,463 6,827 36, 364 17, 637 13, 945 257 4,525 18, 657 32, 602 2,415 316 8,246 Dec. 31 (Wed.) 34,860 23,870 10,989 4,125 6,864 2,456 6,593 37,117 18, 746 13,546 267 4,557 18,969 32, 516 2,475 355 8,052 1931—Mar 25 (Wed.) 34, 729 22, 840 11, 889 5,002 6,886 2, 791 6,598 36, 000 16, 988 13, 663 502 4,846 18, 481 32,144 2, 364 281 7,928 June 30 (Tues.) 33, 923 21,816 12,106 5,343 6,763 2, 517 6,430 36, 268 17, 655 13, 515 395 4,702 18, 357 31, 872 2,396 217 7,782 Sept. 24 (Thurs.)... 33,073 20,874 12,199 5,564 6, 635 1,935 6, 359 33, 480 16,167 12, 776 526 4,011 17, 445 30, 222 2,339 466 7,599 Dec. 31 (Thurs.) 30, 575 19, 261 11,314 5,319 5,996 1,662 5,999 30, 746 15, 704 11, 316 412 3,314 16, 067 27, 383 1,975 839 7,246 1932—June 30 (Thurs.)..._ 28, 001 16, 587 11,414 5,628 5,786 1,731 5,661 27, 864 13, 732 10, 636 387 3,109 14,482 25,118 1,998 815 6,980 Sept. 30 (Fri.) 28, 045 15, 924 12,120 6,366 5,755 : 2, 049 5,571 28, 466 13, 563 10, 602 738 3,564 14, 626 25, 228 2, 235 697 6,904 Dec. 31 (Sat.) 27, 469 15, 204 12, 265 6,540 5,726 2,416 5. 409 28. 743 13, 778 10, 550 475 3,940 15,193 25, 743 2,511 547 6,816 i Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement. 8 Does not include items with Federal Reserve banks in process of collection, or amounts due from foreign banks or own foreign branches. 8 Includes reserves for dividends, contingencies, etc., but excludes, beginning Sept. 28, 1925, reserves for interest, taxes, and other expenses accrued and unpaid. * Includes certified and cashiers' or treasurers' checks, and, begining Nov. 1, 1918, letters of credit and travelers' checks sold for cash. «Includes postal-savings deposits, except that such deposits of State bank members prior to June 20, 1917, are included with demand deposits. 6 Includes amounts due to Federal reserve banks, foreign banks, and other banks and bankers; also amounts due to own foreign branches beginning Mar. 23,1927. * Deposits subject to reserve requirements. s Includes small amounts of bills sold with indorsement fcO » Excludes customers' liability on letters of credit for State bank members. CO Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

No. 74.—CLASSIFICATION OP MEMBER BANK LOANS AND INVESTMENTS ON CALL DATES, 1929-32 CO [In millions of dollars] O Loans to banks Loans to customers (exclusive of banks) Open-market loans Investments Secured by Secured by real Purchased paper stocks and bonds estate Total i oiai Other- Loans U.S. loans Call date i m l n o a v e n a e n n d s t s t s - Total S s b e t a o c o b n n u c y d r d k e s s d o A th l e l r Total b C Y r N o s o T i i o u e k d t o w r t y e e - k 1 rs t o o c t m T u h o s e e - r r s F la a n rm d e O r s e t t h a a e t l e r w c c u a i u u n s n r r s e e e d e s d d - e- Total A U a S a b p c n t n l a a c e i c y t e t e e e - p i s s n d t- A a a b p e a c n r t a b c c c o y e l e . e a , - p s d , t- p C m c a o i p e a m r e l - r - Y e b N r r o t s o e o r w k k in - * Total s m G e e ti c r e o e n u n v s - r t - i- s O e t t i c e h u s e r r i- s b t a o o o n n c n d d k s s Total: 1929—Oct. 4 35,914 640 (2) (2) 23,249 939 7,170 392 2,760 11,988 2,275 93 70 228 1,885 9,749 4,022 5,727 '10,314 Dec. 31 35,934 714 (2) (2) 23,194 803 7,685 388 2,803 11,515 2,243 212 80 291 1,660 9,784 3,863 5,921 310,505 1930—Mar. 27.— 35,056 527 260 267 21,495 706 7,024 394 2,775 10,595 3,097 175 79 499 2,344 9,937 4,085 5,852 10,334 June 30 35,656 535 230 305 21,566 819 7,242 386 2,769 10,349 3,113 170 71 507 2,365 10,442 4,061 6,380 10,656 Sept. 24.... 35,472 466 175 291 21,010 774 7,090 387 2,776 9,982 3,262 205 62 523 2,472 10,734 4,095 6,639 10,511 Dec. 31..._ 34,860 631 315 316 21,007 675 7,266 387 2,847 9,831 2,233 315 55 366 1,498 10,989 4,125 6,864 9,754 1931—Mar. 25.... 34, 729 446 219 228 19,940 575 6,848 386 2,834 9,298 2,454 361 101 361 1,630 11,889 5,002 6,886 9,272 June 30 33, 923 457 229 228 19,257 515 6,602 388 2,830 8,922 2,103 389 113 384 1,217 12,106 5,343 6,763 8,563 Sept. 29.... 33,073 599 311 288 18,713 521 6,321 376 2,773 8,722 1,563 268 70 296 928 12,199 5,564 6,635 8,081 Dec. 31.... 30,575 790 455 334 17,570 391 5,899 359 2,678 8,242 901 146 41 140 575 11,314 5,319 5,996 7,320 1932—June 30 28,001 573 345 228 15, 267 283 5,009 363 2, 531 7,081 747 313 34 122 278 11,414 5,628 5,786 5,916 Sept. 30. __ 28,045 457 270 187 14,498 258 4,828 368 2,517 6,527 970 407 34 115 414 12,121 6,366 5,755 5,770 Dec. 31 27, 469 444 242 202 13, 905 241 4,608 356 2,505 6,195 855 375 30 93 357 12,266 6,540 5,726 5,447 New York City: * 1929—Oct. 4 8,150 302 (2) (2) 4,846 46 1,898 175 2,726 1,196 59 33 8 1,096 ],807 989 817 3 3,191 Dec. 31 8,774 322 (2) (2) 4,964 55 2,145 169 2,595 1,396 128 46 21 1,202 2,091 1,112 979 3 3,562 1930—Mar. 27 8,238 199 92 107 4,338 60 1,876 150 2,252 1,655 89 40 49 1,477 2,046 1,150 897 3,504 June 30 8,798 196 78 118 4,309 68 1,954 157 2,129 2,091 144 29 35 1,883 2,203 1,147 1,056 3,983 Sept. 24 8,557 169 53 116 4,278 86 1,945 157 2,090 1,912 148 28 22 1.714 2.198 1.091 1,107 3,798 Dec. 31 „ ~ 8,582 283 132 151 4,338 104 2,033 147 2,054 1,525 188 22 34 1^ 281 2,435 1,239 1,197 3,550 1931—Mar. 25~-.II 8,473 154 70 84 4,007 121 1,839 1 149 1,896 1,651 199 51 35 1,367 2,662 1,466 1,196 3,397 June 30 8,287 150 66 84 3,839 127 1,770 160 1,782 1,497 296 44 94 1.063 2.801 1,656 1,145 3,026 Sept. 29 8,253 250 125 125 3,850 116 1,699 152 1,881 1,121 20l 33 48 '839 3,032 1,830 1,202 2,780 Dec. 31."."" 7,460 374 204 170 3,694 87 1,641 153 1,813 695 107 17 29 542 2,697 1,768 928 2,474 1932—June 30 6,715 260 155 105 2,856 65 1,279 159 1,353 564 262 21 23 258 3,033 2,008 1,025 1,757 Sept. 30 7,112 203 120 83 2,638 63 1,237 154 1,184 764 341 18 14 391 3,508 2,429 1,079 1,811 Dec. 31 7,327 216 115 101 2,620 61 1,186 159 1,214 701 330 15 19 337 3,789 2,603 1,186 1,699 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Chicago:4 1929—Oct. 4 1,823 68 8 (2) 1,374 257 504 2 19 592 67 1 4 4 59 312 153 160 3 854 Dec. 31.._. 1,757 88 (2) 1,330 240 533 2 19 535 30 9 5 5 11 309 116 193 3 828 1930—Mar. 27.... 1,717 58 50 8 1,160 194 474 2 18 472 188 3 11 33 140 310 146 164 859 June 30 1,849 50 43 7 1,257 229 487 2 18 521 176 2 19 56 99 366 160 205 859 Sept. 24.... 1,934 41 35 6 1,187 239 448 2 16 482 296 7 13 42 233 409 157 252 955 Dec. 31 1,861 55 42 13 1,194 201 472 2 18 501 95 18 14 18 45 518 240 277 761 1931—Mar. 25.... 1,853 41 35 6 1,050 159 452 2 16 422 171 14 25 21 111 592 329 263 756 June 30 1,754 70 58 12 1,004 133 435 2 17 417 117 3 42 21 51 563 346 217 677 Sept. 29 1,644 65 58 7 987 157 421 2 24 384 77 2 23 24 27 514 308 206 664 Dec. 31 1,517 87 74 13 926 124 407 1 22 372 24 2 10 9 3 480 288 191 608 1932—June 30 1,277 77 68 10 777 93 361 1 25 297 22 5 5 11 1 400 234 166 522 Sept. 30—. 1,192 53 45 9 659 85 292 1 25 256 35 16 6 12 1 445 256 189 422 Dec. 31 1,045 42 34 8 550 • 67 231 1 18 233 37 22 5 9 1 414 228 186 333 Other reserve cities: 1929—Oct. 4 12,161 225 (2) (8) 8,401 510 2,598 110 1,360 3,823 459 6 27 71 354 3,075 1,519 1,557 » 3,575 Dec. 31.... 12,029 258 (2) (2) 8,418 426 2,775 110 1,428 3,679 408 43 24 102 239 2,944 1,368 1,576 3 3,569 1930—Mar. 27.... 11,858 205 104 101 7,790 360 2,576 113 1,411 3,330 758 55 24 209 469 3,105 1,516 1,590 3,509 June 30 11,852 228 99 128 7,771 431 2,663 110 1,394 3,172 534 17 19 245 253 3,319 1,525 1,794 3,447 Sept. 24. 12,038 193 77 117 7,539 360 2,586 111 1,398 3,085 768 47 17 295 409 3,537 1,628 1,909 3,431 Dec. 31.... 11,897 231 125 106 7,712 312 2,671 120 1,491 3,119 436 104 15 194 123 3,517 1,486 2,031 3,230 1931—Mar. 25..., 12,113 194 101 93 7,359 231 2,524 122 1,480 3,002 475 144 23 191 116 4,085 1,984 2,101 2,973 June 30 11,814 177 89 88 7,096 208 2,413 126 1,476 2,873 354 87 26 168 73 4,186 2,062 2,125 2,782 Sept. 29..-. 11,372 219 111 108 6,858 205 2,308 120 1,440 2,784 249 65 12 143 29 4,047 1,993 2,054 2,653 Dec. 31.... 10,598 260 154 106 6,481 152 2,123 120 1,395 2,691 111 33 12 53 14 3,746 1,844 1,902 2,443 1932—June 30.... 9,768 177 108 69 5,743 105 1,844 124 1,257 2,413 96 33 7 50 6 3,753 1,953 1,800 2,063 Sept. 30_._ 9,788 152 93 59 5,537 92 1,835 125 1,255 2,230 117 41 9 53 14 3,981 2,209 1,772 2,034 Dec. 31 9,489 136 83 53 5,327 96 1,774 121 1,258 2,078 77 22 8 36 11 3,948 2,234 1,714 1,965 Country banks: 1929—Oct. 4 13,780 45 (8) (2) 8,628 125 2,170 279 1,206 4,847 553 27 6 144 376 4,554 1,361 3,193 3 2,694 Dec. 31.... 13,375 45 (J) (*) 8,482 83 2,231 276 1,186 4,705 408 33 5 163 208 4,439 1,267 3,172 3 2,545 1930—Mar. 27.... 13,243 65 14 51 8,206 93 2,097 279 1,196 4,541 497 27 4 207 258 4,475 1,273 3,202 2,462 June 30 13,157 62 11 52 8,228 90 2,137 274 1,201 4,527 312 8 4 171 129 4,554 1,229 3,326 2,367 Sept. 24.... 12,944 62 11 51 8,007 88 2,112 275 1,205 4,326 286 4 4 164 115 4,589 1,219 3,370 2,326 Dec. 31.-. 12,519 62 15 46 7,762 59 2,090 264 1,191 4,158 177 5 3 120 49 4,519 1,159 3,359 2,213 1931—Mar. 25.... 12,290 58 14 44 7,524 64 2,033 261 1,188 3,978 158 5 2 114 36 4,550 1,224 3,326 2,147 June 30 12,068 60 16 44 7,318 47 1,984 260 1,177 3,849 135 2 2 101 30 4,555 1,279 3,276 2,078 Sept. 29.-.. 11,805 64 17 47 7,018 43 1,892 254 1,157 3,673 116 1 2 81 32 4,606 1,433 3,172 1,985 Dec. 31 10,999 69 24 45 6,469 28 1,728 237 1,109 3,367 71 4 2 48 16 4,392 1,418 2,974 1,796 1932—June 30 10,240 59 15 44 5,891 20 1,525 238 1,090 3,018 64 13 2 36 13 4,226 1,432 2,794 1,574 Sept. 30_ _. 9,954 49 12 37 5,663 17 1,464 241 1,084 2,857 55 8 2 36 9 4,186 1,471 2,715 1,503 Dec. 31 9,607 50 10 40 5,405 15 1,417 234 1,070 2,669 39 1 2 28 8 4,114 1,474 2,640 1,450 i Includes loans to dealers in securities. » Figures not available. * Security loans to banks estimated as one-half of total loans to banks. « Central reserve city banks only. Back figures.—See Annual Report for 1931 (table 53). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

132 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 75.—ALL MEMBER BANKS—RESERVE BALANCES, BY MONTHS, 1921-32 [Monthly averages of daily figures. In millions of dollars] Month 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 January 1,773 1,707 1,918 1,911 2,194 2,236 2,243 2,426 2,387 2,349 2,433 1,979 February.. 1,728 1,689 1,901 1,892 2,159 2,208 2,212 2,368 2,357 2,305 2,370 1,907 March 1,694 1,711 1,873 1,915 2,137 2,198 2,240 2,365 2,337 2,330 2,386 1,899 April 1,665 1,733 ]L,869 1,905 2,123 2,183 2,248 2,396 2,308 2,350 2,376 1,996 May 1,657 1,783 L, 874 1,922 2,132 2,199 2,262 2,388 2,296 2,356 2,387 2,138 June 1,664 1,820 L,867 2,001 2,141 2,206 2,301 2,355 2,314 2,392 2,404 2,062 July 1,639 1,812 L, 867 2,046 2,160 2,212 2,324 2,334 2,417 2,407 2,003 August 1,621 1,799 L, 835 2,072 2,151 2,201 2,283 2,274 2,322 2,392 2,345 2,073 September. 1,629 1,811 L, 848 2,120 2,161 2,211 2,300 2,314 2,335 2, 397 2,333 2,181 October 1,652 1,836 L,864 2,141 2,203 2,219 2,326 2,332 2,386 2, 407 2,256 2,307 November. 1,663 1,825 1,875 2,164 2,221 2,214 2,373 2,352 2,521 2,433 2,118 2,378 December.. 1,673 1,840 L,882 2,182 2,219 2,218 2,399 2,367 2,395 2,415 2,069 2,435 Back figures.—SeeA nnual Report for 1929 (table 47). No. 76.—ALL MEMBER BANKS—BORROWINGS AT FEDERAL RESERVE BANKS, BY MONTHS, 1914-32 [Monthly averages of daily figures. In millions of dollars] Month 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 January 12 29 21 612 1,731 2,136 2,523 962 547 February 17 22 18 529 1,765 2,297 2,400 769 608 March 20 22 19 537 1,863 2,377 2,297 638 628 April 22 22 25 751 1,920 2,431 2,129 572 658 May 23 20 43 897 1,976 2,536 1,959 479 705 June 25 21 155 939 1,840 2,456 1,811 437 741 July 27 25 151 1,162 1,864 2,513 1, 719 425 834 August 28 28 134 1,333 1,798 2,596 1, 548 396 809 September 30 27 181 1,604 1,776 2,667 1,442 417 845 October 28 22 320 1,683 2,068 2,780 1,371 486 873 6 29 20 563 1,760 2,140 2,762 1,228 623 799 December 10 32 33 683 1,765 2,115 2,718 1,180 660 771 Month 1924 1925 1926 1927 1928 1929 1930 1931 1932 January „ 574 267 520 481 465 859 501 253 828 February 514 340 526 393 471 889 378 216 848 March 476 390 557 425 513 969 274 176 714 April 489 403 537 447 661 1,004 231 155 605 May 433 397 511 473 836 956 247 163 486 June 370 437 473 429 1,019 978 251 189 495 July 315 480 549 454 1,090 1,096 226 168 523 August 268 545 555 409 1,061 1,043 214 222 451 September _ . 262 594 640 422 1,064 969 189 280 387 October 240 619 663 424 975 885 196 613 328 November 228 597 615 415 897 953 221 695 313 December 301 688 668 529 1,013 803 338 774 282 NOTE.—Figures include a small amount of borrowing by intermediate credit banks, etc. (See table 20.) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ALL MEMBER BANKS 133 No. 77.—MEMBER BANKS IN NEW YORK CITY, CHICAGO, AND OTHER RESERVE CITIES—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED, RESERVES HELD, AND BORROWINGS AT FEDERAL RESERVE BANKS, BY WEEKS, 1932 [Averages of daily figures. In millions of dollars] Deposits subject to reserve Reserves held Borrow- Week ending (Friday) dem N a e n t d * Time 2 Total R re e q s u e i r r v e e d s Total Excess R F i b n e e a g d s n s e e k r r a v s a t e l New York City;3 1932—Jan. 1,.. 5,461 828 6,289 735 752 17.5 101.2 Jan. 8—. 5,492 827 6,319 739 748 9.1 68. 3 Jan. 15. _. 5,341 829 6,170 719 727 7.6 51.1 Jan. 22__. 5, 279 829 6,107 711 717 6.0 . '62.0 Jan. 29... 5,250 813 6,063 707 712 4.8 33.5 Feb. 5... 5,162 798 5,959 695 699 4.5 40.8 Feb. 12.. 5,007 804 5,811 675 686 10.5 32.0 Feb. 19.. 4,983 796 5,779 672 680 7.8 32.5 Feb. 26.. 4,932 789 5,721 665 673 8.7 30.3 Mar. 4_-. 4,983 788 5,771 671 675 3.9 15.7 Mar. 11-. 4,916 803 5,719 663 670 7.2 12.5 Mar. 18- 5,008 800 5,808 675 689 14.4 3.4 Mar. 25.. 4,925 800 5,725 664 681 16.9 1.8 Apr. 1... 4,995 805 5,801 674 719 45.4 1.8 Apr. 8__. 5,045 810 5,855 680 718 37.4 1.6 Apr. 15.. 5,073 801 5,874 683 757 73.2 1.2 Apr. 22.. 5,179 811 5,990 698 782 84.2 1.8 Apr. 29.. 5,239 822 6,061 706 855 149.3 1.8 May 6__. 5,339 820 6,159 719 866 147.1 1.8 May 13.. 5,345 820 6,165 719 864 144.8 .4 May 20.. 5,333 814 6,147 718 871 153.4 1.8 May 27_. 5,357 812 6,170 721 907 186.0 1.8 June 3... 5,316 813 6,129 715 837 122.0 2.1 June 10_. 5,204 805 6,009 701 779 78.8 2.1 June 17.. 5,199 804 6,003 700 791 91.2 2.1 June 24.. 5,136 800 5,936 692 786 94.4 2.1 July 1... 5,137 798 5,935 692 758 65.8 2.1 July 8... 5,138 809 5,947 692 717 25.1 1.9 July 15.. 5,121 809 5,930 690 753 62.9 .6 July 22.. 5,126 816 5,942 691 781 89.7 .8 July 29.. 5,124 832 5,957 691 814 122.5 1.7 Aug. 5... 5,178 846 6,024 699 777 78.1 1.3 Aug. 12.. 5,158 860 6,018 696 791 95.1 1.4 Aug. 19-. 5,202 869 6,072 702 831 128.5 1.4 Aug. 26.. 5,249 876 6,125 709 874 165.3 1.0 Sept. 2-. 5,329 878 6,207 719 892 172.6 1.2 Sept. 9__. 5,343 869 6,211 721 865 144.1 1.7 Sept. 16- 5,501 865 6,365 741 933 192. 1 1.0 Sept. 23.. 5,448 867 6,315 734 942 207.6 .9 Sept. 30-. 5,488 872 6,360 740 981 241.8 .8 Oct. 7.. 5,528 895 6,422 745 963 217.3 .4 Oct. 14. 5,586 920 6,506 754 957 202.8 .1 Oct. 21. 5,655 933 6,587 763 983 219.4 0) Oct. 28. 5,702 955 6,657 770 1,066 295.9 .1 Nov. 4__. 5,745 956 6,701 776 1,059 283.7 .3 Nov. 11.. 5,734 960 6,693 774 1,008 233.4 . 1 Nov. 18.. 5,796 961 6,757 782 1,050 267.9 .3 Nov. 25.. 5,845 957 6,802 789 1,076 287.5 .3 Dec. 2.. 5,935 951 6,885 800 1,072 271.8 .4 Dec. 9.. 5,895 939 6,834 795 1,031 236.9 .5 Dec. 16. 5,911 949 6,860 797 1,091 293. 9 D De e c c . . 3 23 0 . . 5 5 , , 9 9 5 5 4 1 9 9 3 3 7 5 6 6, , 8 8 8 9 6 1 8 8 0 0 2 2 1 1 , ,1 1 0 1 4 1 3 3 0 0 1 9 .6 .3 ( ( 4 4 ) ) 1 Subject to Reserve requirements of 13 percent for central Reserve city banks and 10 percent for Reserve city banks. 2 Subject to Reserve requirements of 3 percent. 3 Central Reserve city banks only. * Less than $50,000. Back figures.—See Annual Report for 1931 (table 56). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

134 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 77.—MEMBER BANKS IN NEW YORK CITY, CHICAGO, AND OTHER RESERVE CITIES—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED, RESERVES HELD, AND BORROWINGS AT FEDERAL RESERVE BANKS, BY WEEKS, 1932— Continued [Averages of daily figures. In millions of dollars] Deposits subject to reserve Reserves held Borrow- Reserves ings at Week ending (Friday) Federal de N m e a t nd Time Total required Total Excess R b e a s n e k rv s e Chicago:3 1932—Jan. 1— 1,018 386 1,404 144 150 5.8 7.2 Jan. 8..-. 1,014 386 1,400 143 145 1.6 10.2 Jan. 15.. 996 381 1,377 141 145 3.7 4.7 Jan. 22.. 991 376 1,366 140 141 1.0 3.2 Jan. 29.. 984 370 1,354 139 141 1.6 2.5 Feb. 5.__ 969 371 1,341 137 138 1.3 2.4 Feb. 12.. 962 367 1,328 136 138 1.8 3.7 Feb. 19.. 962 365 1,327 136 137 .9 3.9 Feb. 26.. 962 360 1,322 136 138 2.6 3.4 Mar. 4— 945 363 1,309 134 135 1.1 2.9 Mar. 11- 941 361 1,302 133 143 10.3 2.0 Mar. 18- 939 362 1,301 133 141 7.8 2.1 Mar. 25- 927 359 1,285 131 133 1.7 1.7 Apr. 1... 878 355 1,232 125 126 1.0 1.5 Apr. 8... 833 347 1,180 119 120 1.6 2.0 Apr. 15.. 855 354 1,208 122 133 11.2 1.2 Apr. 22.. 871 349 1,220 124 156 32.1 1.1 Apr. 29.. 877 351 1,228 125 170 45.6 .9 May 6... 867 360 1,227 123 173 49.4 .7 May 13.. 864 361 1,225 123 179 56.2 .8 May 20- 876 362 1,238 125 191 65.8 .7 May27-. 880 360 1,240 125 194 68.4 .8 June 3... 879 365 1,244 125 195 69.9 1.7 June 10.. 886 367 1,253 126 212 85.4 4.2 June 17_. 910 361 1,271 129 209 80.2 4.4 June 24 _ . 894 361 1,255 127 181 54.1 7.9 July 1__ 831 340 1,171 118 146 28.2 9.6 July 8.. 777 341 1,119 111 140 29.1 7.2 July 15. 781 330 1,112 111 156 44.3 6.1 July 22. 777 330 1,107 111 173 62.5 6.6 July 29. 772 331 1,103 110 179 69.2 6.1 Aug. 5_... 798 334 1,131 114 182 68.4 5.7 Aug. 12- 796 330 1,126 113 180 66.5 5.2 Aug. 19- 798 328 1,126 114 183 69.8 5.2 Aug. 26_. 788 328 1,115 112 188 76.1 4.9 Sept. 2._. 788 326 1,114 112 198 85.3 4.8 Sept. 9— 787 323 1,110 112 196 84.2 4.4 Sept. 16_. 805 321 1,126 114 192 77.2 4.2 Sept. 23.. 815 317 1,133 116 200 84.6 3.9 Sept. 30- 836 319 1,155 118 217 98.7 3.7 Oct. 7-. 842 321 1,163 119 227 107.9 3.7 Oct. 14. 850 317 1,167 120 257 136.9 3.6 Oct. 21. 865 313 1,179 122 258 136.0 1.2 Oct. 28. 874 312 1,186 123 264 141.1 .3 Nov. 4... 874 317 1,191 123 266 142.8 .5 Nov. 11_. 875 317 1,192 123 269 145.5 .3 Nov. 18_. 875 316 1,192 123 269 145.2 .1 Nov. 25.. 868 309 1,177 122 271 148.6 .1 Dec. 2.. 862 311 1,173 121 277 155.9 .1 Dec. 9._ 851 312 1,163 120 275 155.5 Dec. 16. 876 311 1,188 123 288 165.1 Dec. 23. 890 307 1,197 125 292 167.2 .1 Dec. 30 906 309 1,215 127 294 166.8 .2 3 Central reserve city banks only. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

135 ALL MEMBER BANKS No. 77.—MEMBER BANKS IN NEW YORK CITY, CHICAGO, AND OTHER RESERVE CITIES—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED, RESERVES HELD, AND BORROWINGS AT FEDERAL RESERVE BANKS, BY WEEKS, 1932— Continued [Averages of daily figures. In millions of dollars] Deposits subject to reserve Reserves held Borrowings at Week ending (Friday) de N m e a t nd Time Total R re e q s u e i r r v e e d s Total Excess R F b e e a d s n e e k r r v a s e l Reserve city banks: 1932—Jan. 1 4,985 4,488 9,473 633 650 16.7 333.8 Jan. 8 5,020 4,446 9,465 635 635 -.5 361.5 Jan. 15 4,961 4,412 9,372 628 628 -.4 366.8 Jan. 22 4,891 4,398 9,289 621 618 -3.1 383.9 Jan. 29 4,831 4,377 9,208 614 615 .4 393.1 Feb. 5... 4,790 4,357 9,147 610 614 4.5 406.4 Feb. 12.. 4,768 4, 332 9,100 607 617 9.9 399.4 Feb. 19.. 4,779 4, 318 9,097 607 617 9.3 409.1 Feb. 26.. 4,735 4,313 9,048 603 614 10.7 400.4 Mar. 4... 4,723 4,308 9,031 602 612 10.0 403.5 Mar. 11.. 4,706 4,328 9,034 600 610 9.6 353. 5 Mar. 18.. 4,726 4, 30S 9,035 602 618 16.5 301.9 Mar. 25.. 4,672 4,295 8,967 596 611 15.0 280.2 Apr. 1... 4,656 4,293 8,949 594 606 11.4 268.9 Apr. 8... 4,654 4,277 8,932 594 603 9.6 265.7 Apr. 15.. 4,653 4,261 8,914 593 608 14.9 265. 6 Apr. 22.. 4,637 4,263 8,900 592 607 15.1 229.3 Apr. 29.. 4,596 4,267 8,863 601 13.6 196.1 May 6 4, 555 4,286 8,841 584 605 21.0 182.2 May 13- 4,548 4,304 8,852 584 613 28.7 153.4 May 20.. 4,577 4,296 8,873 587 623 36.3 149.8 May 27.. 4, 551 4,291 8,842 584 610 25.8 146.8 June 3... 4,532 4,281 8,813 582 621 39.8 158.3 June 10.. 4,536 4,257 8,793 581 632 50.8 171.5 June 17.. 4,579 4,243 8,822 585 635 49.8 164.8 June 24.. 4,533 4,218 8,751 580 626 46.5 148.2 July 1.. 4,550 4,212 8,761 581 626 44.3 136.4 July 8.. 4,542 4,202 8,744 580 619 39.2 162.4 Julyl5_ 4,542 4,188 8,729 580 622 42.3 172.2 July 22. 4,529 4,177 8,706 578 613 35.0 187.5 July 29. 4,498 4,197 576 618 42.1 180.1 Aug. 5_._ 4,487 4,214 8,701 575 612 37.1 160.6 Aug. 12- 4,472 4,220 8,692 574 616 42.1 135. 7 Aug. 19.. 4,507 4,212 8,719 577 610 33.4 130.1 Aug. 26.. 4,493 4,216 8,709 576 614 38.1 124.1 Sept. 2... 4,490 4,212 8,702 575 606 30.2 126.8 Sept. 9... 4,500 4,215 8,715 576 618 41.4 126.2 Sept. 16.. 4, 541 4,212 8,753 580 622 41.6 113.9 Sept. 23- 4,491 4,214 8,704 575 599 23.6 93.6 Sept. 30- 4,493 4,231 8,724 576 604 27.7 82.7 Oct. 7.. 4,541 4,226 8,768 581 611 29.8 85.8 Oct. 14. 4,520 4,214 8,734 578 605 26.2 90.7 Oct. 21. 4,551 4, 223 8,774 582 615 32.8 89.7 Oct. 28- 4,561 4,228 8,788 583 610 27.2 Nov. 4—. 4,549 4,228 8,776 582 606 24.6 95.9 Nov. 11... 4,555 4,221 8,776 582 620 38.3 92.1 Nov. 18- 4,599 4,208 8,807 586 620 33.9 89.3 Nov. 25- 4,546 4,215 8,762 581 614 32.7 85.1 Dec. 2__ 4,534 4,209 8,742 580 622 42.5 85.2 Dec. 9__ 4,528 4,186 8,714 578 634 55.6 79.5 Dec. 16. 4,558 4,199 8, 757 582 625 43.6 62.3 Dec. 23. 4,559 4,211 8, 770 582 619 36.7 50.8 Dec. 30. 4, 536 4,223 8,759 580 617 36.7 55.1 Digitized for FRAS1E82R79 9—33 10 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

136 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD REPORTING MEMBER BANKS IN LEADING CITIES No. 78,—REPORTING MEMBER BANKS—LOANS, INVESTMENTS, DEPOSITS, RE- SERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS, 1921-32. [Monthly averages of weekly figures. In millions of dollars] Month. 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 Loans and investments: January 16,447 14,694 16,233 16,321 18,502 19,358 19,686 21,493 22,320 22, 36822, 66020,178 February. _ 16,176 14,688 16,226 16, 31918,439!19,323 19,558 21,315 22,263 22, 08322, 65919, 775 March 16, 06614,617 16,a68 16,443 18,, 19,420 19,989 21,502 22,472 22,352 22,839 19,434 April 15,778 14,688 16,443 16,565 18,554 19,392 20,068 21,944 22,388 22, 65722,942 19,096 May 15,511 14,968 16,487 16,618 18,527 19,502 20,273 22,148 22,113 22, 66222,713 19,112 June 15,364 15, 24216,428 16,816 18,641 19,596 20,506 22,063 22, 23123.024 22,439 18,877 July 15,065 15,254 16,404 17,131 18,722 19,561 20,404 22,006 22,479 23,101 22, 39318,419 August 14, 92115,373 16,201 17,446 18,775 19,594.20,357 21,809 22,465 23,128 22,093 18, 587 September. 14,902 15,446 16,305 17,757 18,978 19,775 20,653 21,871 22,646 23, 22022,078 18, 739 October 14,942 15, 73216,381 18, 21719,239 19,784 20,918 21,938 23,124 23,409 21,425 19,026 November. 14,837 15,816 16,287 18,357 19,331 19,673 21,112 21,983 23,663 23,455 21, 02318,987 December. _ 14,842 16,006 16,318 18,465 19,413 19,742 21,328 22,189 23,012 23,117 20, 74918,840 Total loans:. January 13,167 11,204 11,560 11,988 13,179 14,200 14, 53815,441 16,300 16,821 15, 89412,975 February. _ 12, 92811,025 11,597 12,004 13,232 14,140 14,347 15,223 16,260 16, 54215, 55712,711 March. 12,785 11,034 11,796 12,138 13,320 14,172 14,536 15,370 16,491 16,746 15, 45212,375 April 12, 50611,002 11,919 12, 21213,297 14,140 14,564 15,805 16,464 16,901 15,197 11,970 May 12,272 11,045 12,002 12,172 13,294 14,160 14,666 15,960 16,277 16, 82514, 89111,702 June 12,036111,024 11,905!12,249 13,375 14,235 14,849 15,871 16,480117,048 14, 62311,420 July 11,853 10,959 11,912 12,400 13,474 14,241 14,781 15,892 16,950 16,906 14, 59511,071 August ._ 11,689 10,942 11,792 12,594 13,557 14,313 14,825 15,825 16,969 16,838 14,380 10,897 September . 11,672 11,066 11, 93012, 72513, 79714,498 15,066 15,898 17,197 16,859 14, 28310, 753 October 11,664 11,342 12,029 12,955 14,057 14,555 15,258 16,003 17,706 16, 83413,650 10,605 November _ 11,494 11,400 11,975 12,969 14,181 14,487 15,308 16,096 18,041 16, 67313,445 10,400 December.. 11,420 11,445 11,985 13,087 14,248 14,578 15,396 16,253 17,444 16, 33213, 20410,340 Loans on securities: January 4,036 3,711 4,194 4,252 5,008 5,874 5,915 6,811 7,506 7,794 7,495 5,644 February-. 3,961 3,666 4,119 4,173 5,056 5,767 5,780 6,606 7,522 7,671 7,315 5,497 March 3,921 3,641 4,116 4,181 5,122 5,652 5,867 6,586 7,580 7,964 7,302 5,388 April.. 3,849 3,657 4,173 4,218 5,098 5,576 5,930 6,924 7,392 8,270 7,157 5,150 May 3,842! 3,825 4,220 4,221 5,167 5,592 6,017 7,075 7,218 8,312 6,998 4,975 June 3,805 3,909 4,157 4,310 5,289 5,693 6,220 6,962 7,332 8,560 6,770 4,811 July-- 3,740 3,895 4,150 4,479 5,370 5,743 6,191 6,955 7,716 8,391 6,631 4,616 August 3,670 3,862 3,994 4,582 5,377 5,771 6,201 6,816 7,578 8,349 6,480 4,578 September. 3,667 3,908 4,028 4,675 5,447 5,847 6,298 6,840 7,654 8,383 6,413 4,524 October 3,717 4,060 4,052 4,726 5,558 5,741 6,403 6,874 8,098 8,237 5,971 4,437 November. 3,721 4,103 4,056! 4,740 5,696 5,633 6,492 7,082 8,249 7,897 5,859 4,280 December.. 3,765 4,123 4,142 4,917 5,843 5,771 6,676 7,198 7,968 7,776 5,763 4,319 A11 other loans: January 9,131 7,493 7,366 7,736 8,170 8,326 8,623 8,631 8,794 9,027 8,399 7,331 February. _ 8,967 7,359 7,477 7,831! 8,176 8,373 8,566 8,617 8,737 8,871 8,242 7,214 March 8,864 7,393 7,680 7,956! 8,198 8,521 8,670 8,784 8,911 8,781 8,150 6,987 April... 8,657| 7,345 7,746 7,994 8,199 8,564 8,634 8,880 9,073 8,631 8,040 6,820 May... 8.4T- 7,219 7,781 7,9511 8,127 8,568 8,649 8,884 9,059 8,513 7,893 6,727 J Ju u l n y e - . - . 8,113! 7 7, , 0 1 6 1 4 5 7 7 , , 7 7 4 6 8 1 7 7 , , 9 93 2 9 1! j 8 8 , , 1 0 0 8 3 5 8 8 , , 5 4 4 9 1 8 o 8 Q, , C 5 0O 9 ^O5 0 o 8 o, , q 9 yn 3 un 7 y 9 9, , 2 1 3 4 4 9 8 8 , , 4 5 8 1 7 5 7 7 , , 9 85 6 3 4 6 6 , , 6 4 0 5 9 5 August 8,018 7,080 7,798 8,012! 8,180 8,542 8,624 9,009 9,390 8,488 7,900 6,319 September- 8,005 7,158 7,903 8,049 8,349 8,652 8,768 9,059 9,543 8,476 7,870 6,229 October 7,947 7,282 7,977 8,229 8,500 8,814 8,855 9,130 9,608 8,597 7,679 6,168 November _ 7,773 7,297 7,920 8,485 8,854 8,816 9,014 9,792 8,776 7,586 6,120 December,. 7,655 7,322 7,843 8,170 8,405 8,807 8,720 9,055 9,476 8,557 7,441 6,021 Investments: January 3,280 3,490 4,673 4,333 5,323 5,158 5,148 6,052 6,021 5,548 6,766 7,203 February. _ 3,247 3,663 4,629 4,315 5,206 5,182 5,212 6,091 6,004 5,541 7,102 7,064 March 3,281 3,583 4,572 4,306 5,204 5,248 5,453 6,133 5,981 5,607 7,387 7,059 April. 3,273 3,686 4,523 4,352j 5,258 5,252 5,504 6,140 5,924 5,756 7, 745 7,126 May 3,238 3,923 4,485 4,445! 5,233 5,342 5,608 6,188 5,836 5,837 7,822 7,410 June... 3,328 4,218 4,522 4,567 5,266 5,362 5,658 6,193 5,751! 5,977 7,816 7,457 July... 3,213 4,295 4,492 4,731 5,248 5,320 5,623 6,114 5,529 6,194 7,798 7,348 August 3,232 4,431 4,409 4,851! 5,217 5,281 5,531 5,984 5,496 6,291 7, 713 7,690 September . 3,229i 4,379 4,375 5,032J 5,181 5,277 5,587 5,973 5,449 6,361 7,795 7,986 October 3,278 4,390 4,352 5, 262 5,181 5,228 5,660 5,934 5,418 6,575 7,775 8,421 November _ 3,343 4,416 4,312 5,389 5,151 5,186 5,804 5,888 5,623 6,782 7,578 8,587 December.. 3,421 4,561 4,333 5,378 5,165 5,165 5,932 5,936 5,567! 6,784 7,545 8,500 Back figures.--See Annual Report for 1930 (table 51). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

137 REPORTING MEMBER BANKS IN LEADING CITIES No. 78,—REPORTING MEMBER BANKS—LOANS, INVESTMENTS, DEPOSITS, RE- SERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS, 1921-32—Con. [Monthly averages of weekly figures. In millions of dollars] Month 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 Net demand plus time depo J s a i n ts u : ary 13,766 13,409 15,312 15,434 18,094 18,597 18,921 20,542 20,487 20, 096 20, 836 17,409 J M A J N F M D A S O u u e e p u c o e n a l a p b t y c r g v r y o e i t r c e u e l e b u h m s m m e a t r b r b b y e e e . r r r . _ . . . 1 1 1 1 1 1 1 1 1 1 1 3 3 3 2 3 2 3 3 2 3 3 , , , , , , , , , , , 3 9 5 2 8 1 0 9 1 2 2 7 5 2 5 5 4 9 0 2 6 3 6 6 7 6 7 4 3 1 1 1 6 1 1 1 1 1 1 1 1 1 1 1 4 3 4 3 3 4 4 4 4 4 4 , , , , , , , , , , , 3 8 5 7 6 6 8 4 6 1 7 3 6 2 6 0 5 8 2 8 7 9 9 6 9 6 2 2 7 7 0 0 6 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 4 5 5 5 , , , , , , , , , , , 0 2 1 9 1 2 2 2 2 2 2 2 7 9 9 5 1 2 0 1 3 0 6 3 6 4 5 0 8 4 2 0 4 1 1 1 1 1 1 1 1 1 1 1 5 5 5 7 6 7 7 8 5 6 6 , , , , , , , , , , , 5 4 1 2 6 0 5 7 9 9 6 0 5 6 6 8 3 7 5 6 4 0 9 0 4 2 9 9 7 9 7 5 3 1 1 1 1 1 1 1 1 1 1 18 7 7 8 7 8 8 8 8 8 7 , , , , , , , , , , , 9 8 5 3 1 0 8 1 0 9 5 7 7 8 2 0 3 1 4 2 1 5 7 2 6 2 7 0 9 9 8 3 8 1 1 1 1 1 1 1 1 1 1 1 8 8 8 8 8 8 8 8 8 8 8 , , , , , , , , , , , 7 8 6 4 4 3 5 6 6 7 7 4 0 4 6 1 9 4 7 1 9 2 6 0 1 8 4 2 4 7 5 0 7 ! | 2 2 1 1 1 1 1 1 1 1 1 9 8 9 0 0 9 9 9 9 9 9 , , , , , , , , , , , 2 6 1 0 0 4 5 2 7 7 5 0 9 2 1 8 5 0 9 7 5 7 9 1 3 2 3 4 4 2 1 7 7 2 2 2 2 2 2 2 2 2 1 1 0 0 0 0 0 0 0 0 9 0 9 , , , , , , , , , , , 2 2 3 2 0 2 6 1 8 5 7 4 8 7 6 5 1 5 0 8 7 3 1 6 3 8 9 7 2 7 0 6 3 2 2 2 2 2 1 1 1 1 1 1 0 0 0 9 1 0 9 9 9 9 9 , , , , , , , , , , , 2 1 1 4 8 9 7 9 8 5 7 3 7 2 6 7 9 6 1 4 0 4 1 0 7 9 2 0 8 8 8 1 0 2 2 2 2 2 2 2 2 2 2 1 1 0 0 9 1 1 1 0 1 1 0 , , , , , , , , , , , 0 4 0 2 8 0 0 4 0 5 8 6 5 9 8 4 6 7 6 1 5 3 7 2 3 4 2 0 8 0 1 0 5 2 2 2 2 2 2 2 2 1 1 1 0 0 1 0 1 0 0 0 8 8 9 , , , , , , , , , , , 0 8 9 0 6 7 3 0 0 5 0 5 3 4 8 9 2 6 3 2 3 5 9 9 4 3 9 7 0 7 9 0 8 1 1 1 1 1 1 1 1 1 1 7 6 7 6 6 6 6 6 6 6 7 , , , , , , , , , , , 6 8 3 6 4 0 3 7 2 6 7 4 4 2 6 7 2 3 9 6 6 1 1 1 8 2 2 0 6 6 3 8 2 Net demand deposits: January 10,821 10,367 11,561 11,299 13,203 13,195 13,067 13,982 13, 593 13,224 13, 763 11,588 F M A e p a b r r i r c l u h ary. _ 1 1 1 0 0 0 , , , 4 5 2 0 0 8 9 6 8 1 1 1 0 0 0 , , , 2 5 3 8 8 9 7 0 1 1 1 1 1 1 1 , , , 2 2 5 8 1 2 4 4 2 1 1 11 1 1 , , , 2 2 2 9 7 8 9 3 2 1 1 1 2 3 2 , , , 0 8 7 6 2 4 6 0 2 1 1 1 2 3 2 , , , 0 8 9 1 1 3 9 7 0 1 1 1 2 3 3 , , , 8 0 0 8 3 3 3 3 4 1 1 1 3 3 3 , , , 8 6 5 1 7 7 4 3 9 1 1 1 3 3 3 , , , 3 0 2 9 7 8 1 6 8 1 1 1 3 3 2 , , , 9 0 3 7 9 9 4 1 3 1 1 1 3 3 3 , , , 6 6 7 2 7 3 6 8 1 1 1 1 1 0 1 , , , 0 9 0 8 5 1 1 0 2 J J M u u n l a y e y 1 1 10 0 0 , , , 0 1 1 4 8 9 2 7 9 1 1 1 0 1 1 , , , 9 1 1 1 3 1 9 8 3 1 1 1 1 1 1 , , , 1 1 2 7 9 2 6 8 2 1 1 1 2 1 1 , , , 1 4 7 1 2 7 4 4 3 1 1 1 2 2 2 , , , 7 9 8 4 2 0 2 2 5 1 1 1 2 2 3 , , , 9 9 0 5 6 7 3 4 4 1 1 13 3 3 , , , 3 1 4 0 7 1 6 9 4 1 1 1 3 3 3 , , , 2 4 7 4 5 6 6 0 0 1 1 1 3 3 2 , , , 0 2 9 0 4 9 1 5 2 1 1 1 3 3 3 , , , 3 6 7 3 9 2 1 3 0 1 1 1 3 3 3 , , , 6 4 5 2 9 7 5 2 6 1 1 1 1 0 1 , , , 1 0 7 3 1 9 0 3 3 A D N S O e u c e o p t c g v o t e u e e b m s m m e t r b b b e e e r r r . . . . 1 1 1 9 9 0 0 0 , , , , , 9 9 2 1 2 2 5 4 1 1 7 8 7 2 5 1 1 1 1 1 1 1 1 1 1 , , , , , 1 0 0 1 2 4 0 7 2 2 6 7 6 1 8 1 1 1 1 1 0 1 1 1 0 , , , , , 9 1 1 1 9 9 0 2 7 6 1 7 7 0 81 1 1 1 1 3 3 2 2 2 , , , , , 1 0 3 9 6 8 3 8 9 3 4 7 0 6 0 1 1 1 1 1 2 3 3 3 2 , , , , , 8 1 1 0 8 9 7 8 8 3 2 3 5 5 1 1 1 1 1 1 2 3 3 3 2 , , , , , 9 0 0 0 9 3 2 3 1 0 8 4 2 5 0 1 1 1 1 1 3 3 3 3 3 , , , , , 2 8 3 4 7 7 7 4 1 0 6 2 0 2 3 1 1 1 1 1 3 3 3 2 3 , , , , , 2 3 0 9 3 1 6 4 0 9 6 9 9 2 9 1 1 1 1 1 3 4 3 3 3 , , , , , 3 6 1 1 7 6 3 2 8 7 3 3 0 0 4 1 1 1 1 1 3 3 3 3 3 , , , , , 8 6 6 9 7 3 5 3 2 3 9 1 4 2 5 1 1 1 1 1 3 2 2 2 3 , , , , , 1 2 2 0 5 3 7 9 2 7 7 9 0 4 4 1 1 1 1 1 0 1 1 1 1 , , , , , 1 3 8 6 5 4 4 8 4 7 3 2 8 2 1 Time deposits: January 2,945 3,042 3,751 4,135 4,891 5,402 5,854 6, 560 6,894 6,872 7,073 5,821 February.- 2,939 3,059 3,772 4,177 4,957 5,449 5,888 6,613 6,879 6,861 7,213 5,715 March 2,947 3,138 3,928 4,227 5,006 5,497 5,989 6,689 6,839 6,974 7,266 5,691 April 2,955 3,179 3,990 4,278 5,086 5,562 6,021 6,762 6,793 7,069 7,328 5,656 May 3,022 3,251 4,008 4,335 5,171 5,591 6,113 6,892 6,776 7,118 7,407 5,690 June 2,957 3,349 4,020 4,391 5,202 5,641 6,163 6,923 6,739 7,211 7,258 5,599 July 2,934 3,514 4,006 4,489 5,197 5, 713 6,177 6,861 6,673 7,358 7,151 5,548 August 2,930 3,595 4,005 4,571 5,218 5,741 6,228 6,831 6,728 7,399 7,070 5,630 N D S O e c e o p t c v o t e e e b m m m er b b b e e e r r r . . . . 3 3 2 2 , , , , 0 0 9 9 0 2 4 8 9 1 3 1 3 3 3 3 , , , , 6 7 6 6 2 0 2 7 4 4 0 5 4 4 4 4 , , , , 0 0 0 0 5 4 8 3 8 8 3 5 4 4 4 4 , , , , 6 7 8 8 3 5 6 5 2 2 5 5 5 5 5 5, , , , 3 2 3 3 5 3 7 0 7 0 3 1 5 5 5 5 , , , , 7 7 7 7 1 2 6 5 2 2 8 2 6 6 6 6 , , , , 4 4 2 3 1 0 6 4 9 9 9 5 6 6 6 6 , , , , 8 8 8 8 4 3 4 4 3 1 2 8 6 6 6 6 , , , , 8 8 7 7 1 3 2 6 0 9 7 8 7 7 7 7 , , , , 2 5 5 4 2 4 1 7 1 9 8 1 6 6 6 6 , , , , 0 2 4 8 1 5 8 9 3 1 4 2 5 5 5 5 , , , , 6 6 6 6 4 8 9 2 8 0 2 5 Reserve balances: January 1,330 1,447 1,433 1,663 1,672 1,672 1,799 1,777 1,718 1,510 February. _ 1,305 1,434 1.407 1,656 1,652 1,639 1,758 1,734 1,704 1,792 1,437 March 1,273 1,404 1,435 1,627 1,649 1,665 1,726 1,715 1,697 1,811 1,447 April 1,254 1,397 L, 439 1,608 1,639 1,653 1,783 1,672 1,740 1,799 1,548 May 1,256 1,408 L, 449 1,612 1,647 1,691 1,771 1,C" 1,745 1,836 1,705 June 1,296 1,400 L, 539 1,622 1,664 1,744 1,740 1,672 1,781 1,827 1,626 July 1,241 1,402 L, 558 1,627 1,649 l,f" 1,723 1,703 1,813 1,843 1,568 A N S O e u c o p t g v o t u e e b s m m e t r b b e e r r . . 1 1 1 1 , , , , 2 2 2 2 2 4 5 1 4 6 8 2 1 1 1 1 , , , , 3 3 3 3 8 6 8 6 1 6 2 0 1 1 L 1 , , , 6 6 , 6 4 3 4 5 4 8 5 95 1 1 1 1 , , , , 6 6 6 6 8 6 4 5 9 7 0 2 1 1 1 1 , , , , 6 6 6 6 3 2 7 4 1 7 4 0 1 1 1 1 , , , , 7 7 7 7 1 0 0 6 9 2 3 1 1 1 1 1, , , , 7 6 6 7 1 9 7 0 4 9 2 7 1 1 1 1 , , , , 8 7 6 7 6 0 6 7 9 3 5 5; l 1 1 1 , , , , 8 8 8 7 2 1 9 2 4 3 1 r 1 1 1 1 , , , , 7 7 6 7 9 9 0 1 1 5 7 3! 1 1 1 1 1, , , , 9 6 7 8 4 4 7 6 9 3 8 8 December- 1,266 1,382 1,691 1,685 1,680 1,781 1,748 1, 743 1,834 1,637 2,002 Borrowings at Federal reserve banks: January 1,947 514 343 347 108 318 299 314 663 247 82 469 February. _ 1,878 374 402 285 218 351 233 338 659 174 57 484 March 1,792 264 417 245 234 372 268 362 740 81 35 368 April 1,601 215 420 258 229 329 270 488 725j 71 26! 277 May 1,421 161 455 185 191 290 302 644 661 59 28 185 June 1,267 130 466 131 238 252 268 796 670 53 56 191 July 1,167 151 552 89 264 315 272 854 801 53 44 212 August 996 115 516 61 351 335 256 806 7171 43 75 164 September. 906 145 545 83 403 428 267 822 706 44 127 128 N Oc o t v o e b m er ber. 8 7 5 2 4 3 2 37 4 6 0 5 5 8 0 5 5 8 7 6 5 4 4 3 1 7 1 4 4 4 2 0 2 2 2 8 7 3 6 6 7 8 3 1 6 6 6 3 5 4 5 5 7 6 1 3 4 9 0 8 4 1 9 0 9 3 December.. 697 392 502 145 491 447 388 799 490; 141 499 75 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

138 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 79.—REPORTING MEMBER BANKS—PRINCIPAL [In millions of dollars] Loans Investments Total loans and Date or month i m nv e e n st t - s Total c O ur n it i s e e s - All other Total G m o U v e . e S n rn . t - sec O u t r h i e ti r es securities 1932 Jan. 6_- 20,379 13,077 5,687 7,390 7,302 4,057 3,245 Jan. 13 20,287 13,031 5,660 7,371 7,256 3,996 3,260 Jan. 20 20,052 12,935 5,632 7,303 7,117 3,880 3,237 Jan. 27. 19,992 12,855 5,596 7,259 7,137 3,841 3,296 Feb. 3 19,979 12,830 5,574 7,256 7,149 3,925 3,224 Feb. 10 19,785 12, 716 5,504 7,212 7,069 3,853 3,216 Feb. 17 19, 731 12, 691 5,474 7,217 7,040 3,840 3,200 Feb. 24_.._ __ 19, 606 12, 609 5,438 7,171 6,997 3,806 3,191 Mar. 2 19,523 12, 588 5,440 7,148 6,935 3,742 3,193 Mar. 9 19,305 12,436 5,426 7,010 6,869 3,704 3,165 Mar. 16 19,588 12,388 5,413 6,975 7,200 4,016 3,184 Mar. 23 19,403 12,254 5,337 6,917 7.149 3,951 3,198 Mar. 30,.._ _.._ 19,354 12,211 5,328 7,143 3,920 3,223 Apr. 6 19,173 12,060 5,222 7,113 3,882 3,231 Apr. 13 19,058 11,970 5,148 6,822 7,088 3,858 3,230 Apr. 20 19,119 11,969 5,131 6,838 7.150 3,874 3,276 Apr. 27 19,033 11,882 5,099 6,783 7,151 3,884 3,267 May 4 19,277 11,842 5,063 6,779 7,435 4,163 3,272 May 11 19,140 11,717 4,977 6,740 7,423 4,144 3,279 May 18 19,037 11,661 4,950 6,711 7,376 4,093 3,283 May 25 18,994 11, 588 4,910 6,678 7,406 4,084 3,322 June 1 19,016 11,631 4,907 6,724 7,385 4,032 3,353 June 8 18, 712 11,397 4,798 6,599 7, 315 4,077 3,238 June 15 19,087 11,515 4,828 6,687 7, 572 4,338 3,234 June 22 18,819 11,297 4,778 6,519 7, 522 4,298 3,224 June 29 18, 754 11, 263 4,745 6,518 7,491 4,254 3,237 July 6 18, 532 11,116 4,632 6,484 7,416 4,210 3,206 July 13 18,478 11,149 4,626 6,523 7,329 4,123 3,206 July 20 18, 333 11, 028 4,618 6,410 7,305 4,107 3,198 July 27 18,334 10,992 4,587 6,405 7,342 4,136 3,206 Aug. 3 18, 696 10,996 4,632 6,364 7,700 4,488 3,212 Aug. 10. 18, 622 10,958 4,612 6,346 7,664 4,482 3,182 Aug. 17. 18, 580 10, 909 4,586 6,323 7,671 4,499 3,172 Aug. 24 18,499 10,828 4,551 6,277 7,671 4,491 3,180 Aug. 31 18, 539 10, 796 4,512 6,284 7,743 4,535 3,208 Sept. 7 18,564 10,812 4,519 6,293 7,752 4,535 3,217 Sept. 14 18, 556 10,766 4,547 6,219 7,790 4,559 3,231 Sept. 21 18,930 10, 729 4,511 6,218 8,201 4,981 3,220 Sept. 28 18,907 10, 706 4,521 6,185 8,201 4,960 3,241 Oct. 5 18,882 10, 637 4,481 6,156 8,245 5,003 3,242 Oct. 12 18, 981 10,634 4,467 6,167 8,347 5,064 3,283 Oct. 19 19,12i 10, 632 4,447 6,185 8,489 5,195 3,294 Oct. 26 19,118 10,516 4,352 6,164 8,602 5,298 3,304 Nov. 2 19,026 10,441 4,311 6,130 8,585 5,284 3,301 Nov. 9 19,026 10,425 4,295 6,130 8,601 5,291 3,310 Nov. 16 18,947 10, 343 4,249 6,094 8,604 5,303 3,301 Nov. 23 18, 933 10, 375 4,257 6,118 8,558 5,252 3,306 Nov. 30 19,002 10,413 4,288 6,125 8,589 5,266 3,323 Dec. 7 18,841 10, 364 4,307 6,057 8,477 5,226 3,251 Dec. 14 18.839 10, 331 4,322 6,009 8,508 5,209 3,299 Dec. 21 18,874 10, 368 4,331 6,037 8,506 5, 236 3,270 Dec. 28 18,804 10, 297 4,315 5,982 a, ou/ 0, iJU/ 3,300 Monthly averages: January 20,178 12, 975 5,644 7,331 7,203 3,943 3,260 February 19, 775 12,711 5,497 7,214 7,064 3,856 3,208 March 19,434 12, 375 5,388 6,987 7,059 3,866 3,193 April 19,096 11,970 5,150 6,820 7,126 3,875 3,251 May 19,112 11, 702 4,975 6,727 7,410 4,121 3,289 June 18,877 11,420 4,811 6,609 7,457 4,200 3,257 July 18,419 11,071 4,616 6,455 7, 348 4,144 3,204 August 18,587 10,897 4,578 6,319 7,690 4,499 3,191 September 18,739 10,753 4,524 6,229 7,986 4,759 3,227 October _. 19,026 10,605 4,437 6,168 8,421 5,140 3,281 November 18,987 10,400 4,280 6,120 8,587 5,279 3,308 December 18.840 10, 340 4,319 6,021 8, 500 5,220 3,280 Back figures-See Annual Reports for 1931 (table 58) and 1930 (table 52). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

139 REPORTING MEMBER BANKS IN LEADING CITIES ASSETS AND LIABILITIES, BY WEEKS, 1932 [In millions of dollars] Net demand plus time deposits R R F b e e w e a s d s i n e e e t k r r h r v v s a e e l C v a a sh u l i t n Total N m e a t n d d e- Time d G e m o T U p T v e o . e n s 0 Q r . i t n ts - B R F i b n o e e a g d r s n r s e e o k r r a w v s a t e l - Date or month 1932 1,543 256 17, 635 11,781 5,854 296 483 Jan. 6. 1,516 249 17,486 11,643 5,843 265 469 Jan. 13. 1,501 240 17,294 11,476 5,818 253 457 Jan. 20. 1,482 234 17, 224 11,453 5,771 238 467 Jan. 27. 1,460 220 16,917 11,166 5,751 453 492 Feb. 3. 1,442 235 16,814 11,090 5,724 390 472 Feb. 10. 1,431 218 16, 767 11, 067 5,700 349 493 Feb. 17. 1,416 228 16,686 11, 001 5,685 295 478 Feb. 24. 1,431 206 16, 703 11,003 5,700 225 474 Mar. 2. 1,448 211 16,684 10,970 5,714 153 397 Mar. 9. 1,452 202 16, 679 10,992 5,687 547 328 Mar. 16. 1,446 210 16,518 10,843 5,675 485 334 Mar. 23. 1,459 215 16,621 10,941 5,680 452 305 Mar. 30. 1,475 201 16, 531 10,875 5,656 381 313 Apr. 6. 1,546 206 16,605 10,976 5,629 329 314 Apr. 13. 1,512 199 16,708 11,053 5,655 212 255 Apr. 20. 1,657 207 16,829 11,144 5,685 177 225 Apr. 27. 1,668 201 16, 787 11,082 5,705 485 205 May 4. 1,682 208 16,855 11,146 5,709 369 175 May 11. 1,718 207 16,808 11,134 5,674 320 180 May 18. 1,753 208 16,831 11,158 5,673 271 178 May 25. 1,658 202 16,766 11,102 5,664 243 197 June 1. 1,639 205 16, 615 10, 991 5,624 114 207 June 8.. 1,637 205 16,720 11,119 5,601 457 198 June 15. 1,611 213 16,494 10,926 5,568 394 189 June 22. 1,584 240 16,467 10,925 5,542 340 167 June 29. 1,510 228 16, 341 10, 799 5,542 201 197 July 6. 1,558 227 16,404 10,879 5,525 128 207 July 13. 1,578 224 16, 272 10,735 5,537 88 229 July 20. 1,627 214 16, 346 10,758 5,588 65 214 July 27. 1,558 202 16,363 10,751 5,612 361 188 Aug. 3. 1,618 208 16,433 10, 795 5,638 304 163 Aug. 10. 1,633 201 16,452 10,819 5, 633 252 162 Aug. 17. 1,698 206 16,497 10,862 5,635 223 150 Aug. 24. 1,710 204 16, 614 10,982 5,632 182 158 Aug. 31. 1,703 206 16, 633 11,011 5,622 147 153 Sept. 7. 1,810 217 16,842 11, 232 5,610 147 148 Sept. 14. 1,767 198 16, 727 11,100 5, 627 608 113 Sept. 21. 1,831 206 16,869 11, 229 5,640 608 101 Sept. 28. 1,828 197 16,852 11, 208 5,644 593 107 Oct. 5. 1,799 207 16,969 11,309 5,660 550 107 Oct. 12. 1,871 203 17,074 11,382 5.692 598 94 Oct. 19. 1,975 203 17,195 11,470 5,725 560 103 Oct. 26. 1,929 189 17,170 11,461 5,709 534 105 Nov. 2. 1,907 217 17, 212 11, 505 5,707 484 99 Nov. 9. 1,957 199 17, 278 11, 584 5,694 466 98 Nov. 16. 1,966 211- 17, 241 11, 559 5,682 441 95 Nov. 23. 1,985 209 17,413 11, 745 5,668 423 97 Nov. 30. 1,955 212 17,196 11, 552 5,644 368 89 Dec. 7. 1,992 229 17,367 11, 714 5,653 348 79 Dec. 14. 2,014 242 17, 368 11, 727 5,641 426 64 Dec. 21. 2,049 233 17,414 11, 758 5,656 399 67 Dec. 28. Monthly averages: 1,510 245 17,409 11, 588 5,821 263 469 January. 1,437 225 16,796 11,081 5,715 372 484 February. 1,447 209 16,641 10,950 5, 691 372 368 March. 1,548 203 16,668 11,012 5,656 275 277 April. 1,705 206 16,820 11,130 5,690 361 185 May. 1,626 213 16,612 11, 013 5,599 310 191 June. 1,568 223 16,341 10, 793 5,548 121 212 July. 1,643 204 16,472 10,842 5,630 265 164 August. 1,778 207 16,768 11,143 5,625 378 128 September. 1,868 203 17,022 11, 342 5,680 575 103 October. 1,949 205 17,263 11, 571 5,692 470 99 November. 2,002 229 17, 336 11,688 5,648 385 75 December. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

140 ANNUAL REPORT OF THEFEDERAL RESERVE BOARD No. 80.—REPORTING MEMBER BANKS IN NEW YORK [In millions of dollars] Loans Investments Total loans Date or month i m n a v e n e n d s t t s - Total se U O cu n D ri- o A th l e l r Total G m U ov e .S e n r . t n- se O cu t r h i e ti r es ties securities 1932 Jan. 6 7,039 4,472 2,223 2,249 2,567 1,722 845 Jan. 13 6,988 4,465 2,216 2,249 2,523 1,676 847 Jan. 20 6,838 4,416 2,205 2,211 2,422 1,578 844 Jan. 27 6,819 4,365 2,194 2,171 2,454 1,547 907 Feb.3 6,794 4,359 2,178 2,181 2,435 1,593 842 Feb. 10 6,638 4,292 2,124 2,168 2,346 1,520 826 Feb. 17 6,603 4,289 2,112 2,177 2,314 1,496 818 Feb. 24 6, 544 4,250 2,092 2,158 2,294 1,477 817 Mar. 2 6,540 4,269 2,109 2,160 2,271 1,445 826 Mar. 9 6,421 4,174 2,097 2,077 2,247 1,437 810 Mar. 16 6,617 4,148 2,066 2,082 2,469 1,643 826 Mar. 23 6,486 4,048 2,009 2,039 2,438 1,601 837 Mar. 30 6,541 4,074 2,043 2,031 2,467 1,610 857 Apr. 6 6,455 3,992 1,979 2,013 2,463 1,596 867 Apr. 13 6,420 3,944 1,933 2,011 2,476 1,589 887 Apr. 20.-.- 6,568 4,008 1,950 2,058 2,560 1,643 917 Apr. 27 6,525 3,958 1,925 2,033 2,567 1,652 915 May 4 6,727 3,963 1,908 2,055 2,764 1,820 944 May 11 6,673 3,890 1,845 2,045 2,783 1,826 957 May 18 6,604 3,879 1,840 2,039 2,725 1,759 966 May 25 6,583 3,825 1,810 2,015 2,758 1,781 977 June 1 6,635 3,875 1,815 2,060 2,760 1,777 983 June 8 6,430 3,703 1,737 1,966 2,727 1,789 938 June 15 6,645 3,824 1,759 2,065 2,821 1,878 943 June 22 6,462 3,645 1,720 1,925 2,817 1,881 936 June 29 6,534 3,653 1,696 1,957 2,881 1,921 960 July 6 6,420 3,564 1,647 1,917 2,856 1,901 955 July 13 6,391 3,606 1,650 1,956 2, 785 1,831 954 July 20 6,285 3,499 1,648 1,851 2,786 1,839 947 July 27 6,317 3,492 1,630 1,862 2,825 1,870 955 Aug. 3 6,556 3,501 1,669 1,832 3,055 2,087 968 Aug. 10 6,515 3,493 1,672 1,821 3,022 2,065 957 Aug. 17 6,501 3,482 1,662 1,820 3,019 2,073 946 Aug. 24 6,473 3,454 1,651 1,803 3,019 2,067 952 Aug. 31 6,543 3,451 1,632 1,819 3,092 2,116 976 Sept. 7 6,575 3,478 1,646 1,832 3,097 2,109 S88 Sept. 14 6,599 3,493 1,686 1,807 3,106 2,108 998 Sept. 21 6,796 3,468 1,662 1,806 3,328 2,344 984 Sept. 28 6,801 3,479 1,683 1,796 3,322 2,321 1,001 Oct. 5 6,779 3,425 1,669 1,756 3,354 2,350 1,004 Oct. 12__ 6,906 3,450 1,654 1, 796 3,456 2,422 1,034 Oct. 19 6,989 3,475 1,653 1,822 3,514 2,469 1,045 Oct. 26_ T 6,982 3,384 1,569 1,815 3,598 2,548 1, 050 Nov. 2 6,998 3,404 1,576 1,828 3, 594 2,534 1,060 Nov. 9 7,044 3,420 1,570 1,850 3,624 2,555 1,069 Nov. 16 7,026 3,381 1,555 1,826 3,645 2,576 1,069 Nov. 23 7,057 3,443 1,567 1,876 3,614 2,538 1,076 Nov. 30. 7,169 3,498 1,598 1,900 3,671 2,578 1,093 Dec. 7 7,060 3,473 1,625 1,848 3,587 2,546 1,041 Dec. 14 7,052 3,432 1,619 1,813 3,620 2,523 1,097 Dec. 21 7,055 3,486 1,620 1,866 3,569 2,502 1,067 Dec. 28 7,020 3,450 1,612 1,838 3,570 2,481 1,089 Monthly averages: January 6,921 4,429 2,209 2,220 2,492 1,631 861 February 6,645 4,298 2,127 2,171 2,347 1,521 826 March 6,521 4,143 2,065 2,078 2,378 1,547 831 April 6,492 3,976 1,947 2,029 2,516 1,620 896 May 6,647 3,889 1,851 2,038 2,758 1,797 961 June 6,541 3,740 1,745 1,995 2,801 1,849 952 July 6,353 3,540 1,644 1,896 2,813 1,860 953 August 6,517 3,476 1,657 1,819 3,041 2,081 960 September 6,692 3,479 1,669 1,810 3,213 2,220 993 October 6,914 3,433 1,636 1,797 3,481 2,447 1,034 November 7,059 3,429 1,573 1,856 3,630 2,556 1,074 December 7,047 3,460 1,619 1,841 3,587 2,513 1,074 Back figures—See Annual Reports for 1931 (table 59) and 1930 (table 53). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN LEADING CITIES 141 CITY—PRINCIPAL ASSETS AND LIABILITIES, BY WEEKS, 1932 [In millions of dollars] Net demand plus time deposits R R F b w e e e a s d s i e e n e t r r h r k v v a e e l C v a a s u h l t in Total de N m e a t nd Time d G e m U o p v e . o S e n s . r i t n ts - B R F in b o e e g a s r d r e n s e o r r k a w v a t e l - Date or month 1932 705 5,923 5,148 775 139 Jan. 6. 685 5,855 5,066 789 124 Jan. 13. 682 5,782 5,003 779 118 Jan. 20. 682 5,806 5,050 756 111 Jan. 27. 654 5,567 4,809 758 249 Feb. 3. 646 5,501 4,744 757 219 Feb. 10. 633 5,478 4,735 743 201 Feb. 17. 623 5,435 4,693 742 175 Feb. 24. 639 5,471 4,727 744 140 Mar. 2. 643 5,457 4,701 756 95 Mar. 9. 648 5,490 4,739 751 253 Mar. 16. 659 5,419 4,666 753 214 Mar. 23. 689 5,572 4,814 758 193 Mar. 30. 700 5,550 4,790 760 152 Apr. 6. 754 5,621 4,866 755 129 Apr. 13. 707 5,717 4,946 771 82 Apr. 20. 832 5,819 5,040 779 67 Apr. 27. 820 5,844 5,071 773 185 May 4. 821 5,870 5,094 776 139 May 11. 850 5,858 5,092 766 120 May 18. 899 5,899 5,133 766 101 May 25. 781 5,832 5,065 767 90 June 1. 741 5,726 4,967 759 40 June 8. 742 5,771 5,013 758 166 June 15. 762 5,653 4,898 755 143 June 22. 696 5,690 4,934 756 123 June 29. 688 5,647 4,885 762 71 July 6. 728 5,680 4,916 764 43 July 13. 750 5,631 4,857 774 29 July 20. 778 5,698 4,898 800 20 July 27. 720 5,722 4,920 802 162 Aug. 3. 782 5,773 4,953 820 136 Aug. 10. 789 5,784 4,957 827 112 Aug. 17. 862 5,855 5,025 830 Aug. 24. 866 5,952 5,124 828 Aug. 31. 836 5,962 5,142 820 64 Sept. 7. 957 6,111 5,295 816 64 Sept. 14. 924 6,042 5, 218 824 273 Sept. 21. 961 6,125 5,296 829 273 Sept. 28. 946 6,120 5,277 843 267 Oct. 5. 913 6,232 5,365 867 246 Oct. 12. 959 6,293 5,406 887 265 Oct. 19. 1,055 6,389 5,476 913 247 Oct. 26. 1,006 6,367 5,466 901 236 Nov. 2. 969 6,386 5,476 910 214 Nov. 9. 1,026 6,468 5,558 910 205 Nov. 16. 1,039 6,499 5,595 904 193 Nov. 23. 1,047 6,661 5,768 893 186 Nov. 30. 995 6,501 5,606 895 160 Dec. 7. 1,055 6,590 5,692 153 Dec. 14. 1,066 6,559 5,674 176 Dec. 21. 1,103 6,611 5,728 883 163 Dec. 28. Monthly averages: 5,842 5,067 775 123 January. 639 5,495 4,745 750 211 February. 656 5,481 4,729 752 179 March. 748 5,676 4,910 766 108 April. 848 5,868 5,098 770 136 May. 744 5,735 4,976 759 112 June. 736 5,664 4,889 775 41 July. 804 5,817 4,996 821 118 August. 919 6,060 5,238 822 169 September. 968 6,259 5,381 878 256 October. 1,017 6,477 5,573 904 207 November. 1,055 6,565 5,675 890 163 December. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

142 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 81.—REPORTING MEMBER BANKS OUTSIDE NEW YORK Total Loans Investments loans Date or month a m n ve d e s n t i t n - s - Total O r n it s ie ec s u- All other Total G m U ov e .S e n r . t n- se O cu th ri e ti r es securities 1932 Jan. 6_ _ 13,340 8,605 3,464 5,141 4,735 2,335 2,400 Jan. 13— 13, 299 8,566 3,444 5,122 4,733 2,320 2,413 Jan. 20_ 13, 214 8,519 3,427 5,092 4,695 2,302 2,393 Jan. 27 13,173 8,490 3,402 5,088 4,683 2," 294 2,389 Feb.3 13,185 8,471 3,396 5,075 4,714 2,332 2,382 Feb. 10. — - 13,147 8,424 3,380 5,044 4,723 2,333 2,390 Feb. 17 13,128 8,402 3,362 5,040 4,726 2,344 2,382 Feb. 24 13,062 8,359 3,346 5,013 4,703 2,329 2,374 Mar. 2 12, 983 8,319 3,331 4,988 4,664 2,297 2,367 Mar. 9 12, 884 8,262 3,329 4,933 4,622 2,267 2,355 Mar. 16 12, 971 8,240 3,347 4,893 4,731 2,373 2,358 Mar. 23 12, 917 8,206 3,328 4,878 4,711 2,350 2,361 Mar. 30 12,813 8,137 3,285 4,852 4,676 2,310 2,366 Apr. 6 12, 718 3,243 4,825 4,650 2,286 2,364 Apr. 13 12, 638 8,026 3,215 4,811 4,612 2,269 2,343 Apr. 20 12, 551 7,961 3,181 4,780 4,590 2,231 2,359 Apr. 27.-.. .-. 12, 508 7,924 3,174 4,750 4,584 2,232 2,352 May 4 12, 550 7,879 3,155 4,724 4,671 2,343 2,328 May 11 12,467 7,827 3,132 4,695 4,640 2,318 2,322 May 18 12,433 7,782 3,110 4,672 4,651 2,334 2,317 May 25 12,411 7,763 3,100 4,663 4,648 2,303 2,345 June 1 12, 381 7,756 3,092 4,664 4,625 2,255 2,370 June 8 12, 282 7,694 3,061 4,633 4,588 2,288 2,300 June 15 12, 442 7,691 3,069 4,622 4,751 2,460 2,291 June 22 12, 357 7,652 3,058 4,594 4,705 2,417 2,288 June 29 12, 220 7,610 3,049 4,561 4,610 2,333 2,277 July 6. 12,112 7,552 2,985 4,567 4,560 2,309 2,251 July 13 12, 087 7,543 2,976 4,567 4,544 2,292 2,252 July 20 12,048 7,529 2,970 4,559 4,519 2,268 2,251 July 27 12,017 7,500 2,957 4,543 4,517 2,266 2,251 Aug. 3 12,140 7,495 2,962 4,533 4,645 2,401 2,244 Aug. 10 12,107 7,465 2,939 4,526 4,642 2,417 2,255 Aug. 17 12, 079 7,427 2,923 4,504 4,652 2,426 2,226 Aug. 24 12, 026 7,374 2,899 4,475 4,652 2,424 2,228 Aug. 31 11,996 7,345 2,880 4,465 4,651 2,419 2,232 Sept. 7 11,989 7,334 2,873 4,461 4,655 2,426 2,229 Sept. 14 11,957 7,273 2,861 4,412 4,684 2,451 2,233 Sept. 21 12,134 7,261 2,849 4,412 4,873 2,637 2,236 Sept. 28 12,106 7,227 2,838 4,389 4,879 2,639 2,240 Oct. 5 12,103 7,212 2,812 4,400 4,891 2,653 2,238 Oct. 12 12, 075 7,184 2,813 4,371 4,891 2,642 2,249 Oct. 19 - 12,132 7,157 2,794 4,363 4,975 2,726 2,249 Oct. 26 12,136 7,132 2,783 4,349 5,004 2,750 2,254 Nov. 2 12,028 7,037 2,735 4,302 4,991 2,750 2,241 Nov. 9 11,982 7,005 2,725 4,280 4,977 2,736 2,241 Nov. 16 11,921 6,962 2,694 4,268 4,959 2,727 2,232 Nov. 23 11,876 6,932 2,690 4,242 4,944 2,714 2,230 Nov. 30 11,833 6,915 2,690 4,225 4,918 2,688 2,230 Dec. 7 11, 781 6,891 2,682 4,209 4,890 2,680 2,210 Dec. 14___. 11, 787 6,899 2,703 4,196 4,888 2,686 2,202 Dec. 21 11,819 6,882 2,711 4,171 4,937 2,734 2,203 Dec. 28.__. 11, 784 6,847 2,703 4,144 4,937 2,726 2,211 Monthly averages: January. 13,257 8,546 3,435 5,111 4,711 2,312 2,399 February _ 13,130 8,413 3,370 5,043 4,717 2,335 2,382 March.... - 12,913 8,232 3,323 4,909 4,681 2,319 2,362 April 12, 604 7,994 3,203 4,791 4,610 2,255 2,355 May 12,465 7,813 3,124 4,652 2,324 2,328 June 12,336 7,680 3,066 4,614 4,656 2,351 2,305 July 12,066 7,531 2,972 4,559 4,535 2,284 2,251 August... 12,070 7,421 2,921 4,500 4,649 2,418 2,231 September 12,047 7,274 2,855 4,419 4,773 2,539 2,234 October... 12,112 7,172 2,801 4,371 4,940 2,229 November 11,928 6,971 2,707 4,264 4,957 2,723 2,234 December 11,793 6,880 2,700 4,180 4,913 2,707 2,206 Digitized for FRBaAcSk EfiRgu res.-See Annual Reports for 1931 (table 60) and 1930 (table 54). https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN LEADING CITIES 143 CITY—PRINCIPAL ASSETS AND LIABILITIES, BY WEEKS, 1932 Net demand plus time deposits Reserve TT Q Borrow- R F b e w e d s a i e n e t r h r k v a e l C v a a s u h l t in Total N m e a t n d d e- Time d G e m o U p v e o .Q e n s r . t i n ts - R F i b n e e a g d s n e s e k r r a v s a t e l Date or month 1932 838 204 11,712 6,633 5,079 157 423 Jan. 6. 831 198 11,631 6,577 5,054 141 424 Jan. 13. 819 192 11,512 6,473 5,039 135 442 Jan. 20. 800 187 11,418 6,403 5,015 127 452 Jan. 27. 806 177 11,350 6,357 4,993 204 457 Feb. 3. 796 185 11,313 6,346 4,967 171 457 Feb. 10. 798 177 11,289 6,332 4,957 148 473 Feb. 17. 793 184 11,251 6,308 4,943 120 458 Feb. 24. 792 166 11,232 6,276 4,956 85 459 Mar. 2. 805 170 11, 227 6,269 4,958 58 397 Mar. 9. 804 164 11,189 6,253 4,936 294 328 Mar. 16. 787 170 11,099 6,177 4,922 271 334 Mar. 23. 770 172 11,049 6,127 4,922 259 305 Mar. 30. 775 161 10,981 6,085 4,896 229 313 Apr. 6. 792 166 10,984 6,110 4,874 200 314 Apr. 13. 805 160 10,991 6,107 4,884 130 255 Apr. 20. 825 167 11,010 6,104 4,906 110 225 Apr. 27. 848 162 10,943 6,011 4,932 300 205 May 4. 861 168 10,985 6,052 4,933 230 175 May 11. 868 164 10,950 6,042 4,908 200 180 May 18. 854 166 10,932 6,025 4,907 170 178 May 25. 877 162 10,934 6,037 4,897 153 197 June 1. 898 164 10,889 6,024 4,865 74 207 June 8. 895 165 10,949 6,106 4,843 291 198 June 15. 849 173 10,841 6,028 4,813 251 189 June 22. 888 195 10,777 5,991 4,786 217 167 June 29. 822 186 10, 694 5,914 4,780 130 197 July 6. 830 187 10,724 5,963 4,761 85 207 July 13. 828 186 10,641 5,878 4,763 59 229 July 20. 849 174 10, 648 5,860 4,788 45 214 July 27. 838 165 10,641 5,831 4,810 199 188 Aug. 3. 836 169 10,660 5,842 4,818 168 163 Aug. 10. 844 164 10,668 5,862 4,806 140 162 Aug. 17. 836 168 10,642 5,837 4, 805 125 150 Aug. 24. 844 166 10, 662 5,858 4,804 102 158 Aug. 31. 867 167 10,671 5,869 4,802 83 153 Sept. 7. 853 174 10, 731 5,937 4,794 83 148 Sept. 14. 843 162 10, 685 5,882 4,803 335 113 Sept. 21. 870 168 10, 744 5,933 4,811 335 101 Sept. 28. 882 159 10, 732 5,931 4,801 326 107 Oct. 5. 886 168 10, 737 5,944 4,793 304 107 Oct. 12. 912 167 10,781 5,976 4,805 333 94 Oct. 19. 920 166 10,806 5,994 4,812 313 103 Oct. 26. 923 155 10,803 5,995 4,808 298 105 Nov. 2. 938 176 10,826 6,029 4,797 270 99 Nov. 9. 931 163 10,810 6,026 4,784 261 98 Nov. 16. 927 169 10,742 5,964 4,778 248 95 Nov. 23. 938 167 10,752 5,977 4,775 237 97 Nov. 30. 960 173 10, 695 5,946 4,749 208 89 Dec. 7. 937 185 10, 777 6,022 4,755 195 79 Dec. 14. 948 190 10,809 6,053 4,756 250 64 Dec. 21. .946 189 10,803 6,030 4,773 236 67 Dec. 28. Monthly averages: 822 196 11, 567 6,521 5,046 140 435 January. 798 181 11,301 6,336 4,965 161 461 February. 791 169 11,160 6,221 4,939 193 365 March. 800 163 10,992 6,102 4,890 167 277 April. 857 165 10, 952 6,032 4,920 225 185 May. 882 172 10,877 6,037 4,840 198 191 June. 832 183 10,677 5,904 4,773 80 212 July. 839 166 10,655 5,846 4,809 147 164 August. 859 168 10,708 5,905 4,803 209 128 September. 900 166 10, 763 5,961 4,802 319 103 October. 932 166 10, 786 5,998 4,788 263 99 November. 947 184 10,771 6,013 4,758 222 75 December. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

144 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 82.—REPORTING MEMBER BANKS—BANKERS' BALANCES, BY WEEKS: TOTAL, NEW YORK CITY, OTHER LEADING CITIES [In millions of dollars] Due to banks Due from banks 1932 Total New C i Y ty ork O in th g e c r i l t e ie a s d- Total New C i Y ty ork O in th g e r c i l t e ie a s d- Jan. 6__ 2,572 942 1,630 919 Jan.13. 2,427 1,560 927 61 866 Jan.20. 2,382 1,520 891 58 833 Jan. 27_ 2,311 844 1,467 861 58 803 Feb. 3_. 2,357 1,521 918 105 813 Feb. 10- 2,305 819 1,486 898 99 799 Feb. 17_ 2,301 815 1,486 887 103 784 Feb. 24_ 2,262 804 1,458 874 100 774 Mar. 2. 2,386 876 1,510 912 96 816 Mar. 9. 2,340 836 1,504 872 77 795 Mar. 16. 2,444 909 1,535 972 85 887 Mar. 23. 2,376 885 1,491 917 73 844 Mar. 30. 2,400 902 1,498 949 70 879 Apr. 6- 2,561 995 1,566 1,010 64 946 Apr. 13_ 2,575 1,014 1,561 1,069 68 1,001 Apr. 20- 2,613 1,040 1,573 1,084 62 1,022 Apr. 27_ 2,682 1,099 1,583 1,163 69 1,094 May 4_. 2,832 1,153 1,679 1,250 72 1,178 May 11. 2,787 1,133 1,654 1,235 67 1,168 May 18. 2,756 1,098 1,658 1,233 68 1,165 May 25. 2,734 1,108 1,626 1,210 62 1,148 June 1-- 2,740 1,100 1, 640 1,202 75 1,127 June 8-_ 2,727 1,082 1,645 1,203 66 1,137 June 15- 2,747 1,093 1,654 1, 246 76 1,170 June 22. 2,660 1,054 1,606 1,225 71 1,154 June 29- 2,581 1,021 1,560 1,167 79 1,088 July 6- 2,636 1,051 1,585 1,175 77 1,098 July 13. 2,632 1,081 1,551 1,190 76 1,114 July 20. 2,601 1,066 1,535 1,166 74 1,092 July 27_ 2,556 1,060 1,496 1,147 74 1,073 Aug. 3.. 2,685 1,114 1,571 1,217 90 1,127 Aug. 10. 2,713 1,149 1, 564 1, 240 88 1,152 Aug. 17. 2,744 1,157 1,587 1, 278 81 1,197 Aug. 24. 2,717 1,156 1,561 1, 266 67 1,199 Aug. 31. 2,758 1,207 1,551 1,288 74 1,214 Sept. 7. 2,875 1,233 1,642 1,347 71 1,276 Sept. 14 2,997 1,300 1,697 1,462 69 1,393 Aug. 21. 2,962 1,256 1,706 1,431 70 1,361 Sept. 28 2,991 1,270 1,721 1,448 73 1,375 Oct. 5_. 3,198 1,354 1,844 1,539 83 1,456 Oct. 12_ 3,189 1,371 1,818 1,570 83 1,487 Oct. 19_ 3,212 1,389 1,823 1,589 81 1,508 Oct. 26- 3,164 1,360 1,804 1,555 81 1,474 Nov. 2. 3,241 1,403 1,838 1,589 87 1,502 Nov. 9.. 3,294 1,419 1,875 1,618 82 1,536 Nov. 16 3,335 1,444 1,891 1,675 85 1,590 Nov. 23 3,267 1,439 1,828 1,623 78 1,545 Nov. 30 3,290 1,480 1,810 1,639 90 1,549 Dec. 7- 3,308 1,444 1,864 1,646 86 1,560 Dec. 14. 3,330 1,467 1,863 1,714 85 1,629 Dec. 21. 3,309 1,450 1,859 1,691 87 1,604 Dec. 28. 3,304 1,457 1,847 1,710 81 1,629 Back figures—See Annual Reports for 1931 (table 61), 1930 (table 55), 1929 (table 53), and 1928 (table 56), and Federal Reserve Bulletin for March and January 1929, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT Otf THE FEDERAL RESERVE BOARD 145 BROKERS' LOANS No. 83.—LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY, BY WEEKS [In millions of dollars] Demand and time loans Demand loans Time loans 1932 Total c o F o a w u o c n n r - t b t o a F o o u n o f w t k r - n - sl ot F h o e r rs Total c o F o a w u o c n n r - t b t o a F o o u n o f w t k r - n - sl ot F h o e r rs Total c o F o a w o u c n r n - tb t a o F o o u n o f w t k r - n - s1 ot F h o e r rs Jan.6 _. 568 505 56 7 427 368 54 4 141 137 2 3 Jan. 13 563 488 69 6 425 355 67 4 138 133 2 2 Jan. 20 531 453 73 5 401 325 72 5 130 128 1 0 Jan. 27. 513 445 61 7 388 321 60 7 125 124 1 0 Feb. 3 505 432 66 7 383 311 65 7 122 121 1 0 Feb. 10 486 401 78 7 369 285 77 7 117 116 1 0 Feb. 17 499 418 74 7 384 304 73 7 115 114 1 0 Feb. 24 489 416 68 5 378 306 67 5 111 110 1 0 Mar. 2. 495 429 61 5 386 321 60 5 109 108 1 0 Mar. 9... 552 464 84 4 445 358 83 4 107 106 1 0 Mar. 16 561 431 125 5 456 327 124 5 105 104 1 0 Mar. 23. . 524 399 120 5 420 296 119 5 104 103 1 0 Mar. 30 _ 525 438 82 5 424 338 81 5 101 100 1 0 Apr. 6._ 516 430 80 6 416 331 79 6 100 99 1 0 Apr. 13 485 401 77 7 385 302 76 7 100 99 1 0 Apr. 20 504 435 62 7 414 345 62 7 90 89 1 0 Apr 27 495 427 59 9 390 323 58 9 105 104 1 0 May 4 499 440 52 7 408 350 51 7 91 90 1 o May 11 438 383 48 7 350 296 47 7 88 87 1 0 May 18. 414 367 41 6 315 268 40 6 99 99 1 0 May 25. 393 350 37 6 294 252 36 6 99 98 1 0 June 1 409 369 34 6 306 267 33 6 103 102 1 0 June 8 373 335 31 7 271 234 30 7 102 101 1 0 June 15 402 364 31 7 306 269 30 7 96 95 1 0 June 22 359 324 28 7 262 228 27 7 97 96 1 0 June 29 342 316 21 5 244 220 19 5 98 96 2 0 July 6. 333 305 19 9 235 209 18 9 98 96 1 0 July 13 345 317 20 8 248 222 18 8 97 95 2 0 July 20. __ . 332 307 17 8 243 220 16 8 89 87 1 0 July 27 331 306 17 8 247 214 15 8 94 92 2 0 Aug. 3 332 307 16 9 244 221 14 9 88 86 2 0 Aug. 10 345 320 17 8 251 228 15 8 94 92 2 0 Aug. 17 344 320 17 7 247 225 15 7 97 95 2 0 Aug. 24 355 330 18 7 257 233 17 7 98 97 1 0 Aug. 31 345 318 19 8 244 219 17 8 101 99 2 0 Sept. 7_ 371 348 18 5 265 244 17 5 106 104 1 0 Sept. 14 433 408 20 5 213 290 18 5 120 118 2 0 Sept. 21 _ . 408 383 20 5 282 260 17 5 126 123 3 0 Sept. 28 425 400 20 5 292 270 16 5 133 130 4 0 Oct. 5__ 426 402 18 6 281 260 15 6 145 142 3 0 Oct. 12 433 410 17 6 285 265 14 6 148 145 3 0 Oct. 19._ 433 411 16 6 281 262 13 6 152 149 3 0 Oct. 26 452 332 15 5 199 182 12 5 153 150 3 0 Nov. 2 362 343 13 6 205 188 11 6 157 155 2 0 Nov. 9 360 341 13 6 203 186 11 6 157 155 2 0 Nov. 16 344 326 12 6 189 173 10 6 155 153 2 0 Nov. 23 350 332 12 6 196 180 10 6 154 152 2 0 Nov. 30 353 337 12 4 198 185 10 4 155 152 2 0 Dec. 7 392 376 12 4 234 221 10 3 158 155 2 0 Dec. 14 393 377 12 4 232 219 10 4 161 158 2 0 Dec. 21 395 379 12 4 234 221 10 4 161 158 2 0 Dec 28 394 379 12 3 234 221 10 3 160 158 2 o Averages: January 544 473 65 6 410 342 63 5 134 131 2 1 February 495 417 72 6 379 302 71 7 116 115 1 0 March 531 432 94 5 426 328 93 5 105 104 1 o April 500 423 70 7 401 325 69 7 99 98 1 0 May 436 385 44 7 342 292 44 7 94 94 1 0 June 377 342 29 6 278 244 28 6 99 98 1 0 July 335 309 18 8 241 216 17 8 94 93 2 0 August _ 344 319 17 8 248 225 16 8 96 94 2 0 September. _. 409 385 19 5 288 266 17 5 121 119 3 0 October 411 389 16 6 262 242 14 6 149 147 3 0 November... 354 336 12 6 198 182 10 6 156 153 2 0 December... 393 377 12 4 233 220 10 4 160 157 2 0 1 Member and nonmember banks outside New York City (domestic banks only); includes unknown amount for customers of these banks. Back figures.—See Annual Reports for 1931 (table 62), 1930 (table 56), 1929 (table 54), 1928 (table 57), and Digitized for1 9F2R7 A(tSabEleR 4 6). https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

146 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 84.—BROKERS' BORROWINGS, 1928-32 Net borrowings on collateral in New York City as reported by members of the New York Stock Exchange] [In millions of dollars] On demand and on time On demanc1 On time Date Total p b F Y t N c a a a r r o o n u n e n o m r i d w s k m e k t - s s b c b p b f i F a r o a e r a o n g i r r s n e v k o k , e i k a e m n i g e n s r t - n t e s , g c , . Total p b F Y t N c a a a r r o o n u n e n o m r i w s d m k e k t - s s b c b p b f i F a r a o e r a o n g i r r s n v e k o , k e i k a e n m e i g n s r t - t n e s , g c , . Total p b F Y t N c a a e r r o n n t o u e o m c i k r w s m e . k t s - s , , c b p b f i F o a e a r a g i r s r n n e v , o e k i k a n m e g i s t - n t n e , c g . 1928 Jan. 31 . 4,420 3,805 615 3,393 2,882 511 1,027 923 104 Feb. 29 4,323 3,737 585 3,294 2,807 488 1,028 931 98 Mar. 31_... 4,640 3,947 693 3,580 3,016 564 1,060 931 129 Apr. 30 4,908 4,246 662 3,739 3,201 537 1,169 1,045 124 May 31 5,274 4,568 707 4,070 3,455 616 1,204 1,113 91 June 30 4,898 4,169 730 3,742 3,122 619 1,157 1,046 110 July 31 4,837 4,150 687 3,768 3,183 585 1,070 967 102 Aug. 31.... 5,051 4,260 791 4,094 3,420 674 958 840 117 Sept. 29 5,514 4,647 866 4,690 3,939 751 824 709 116 Oct. 31 5,880 4,994 886 5,116 4,360 756 764 634 130 Nov. 30... 6,392 5,412 979 5,614 4,771 843 777 641 136 Dec. 31 _ 6,440 5,401 1,039 5,722 4,810 913 717 591 126 1929 Jan.31 6,735 5,664 1.071 5,983 5,043 939 752 621 132 Feb 28 6,679 5,619 1,060 5,948 5,034 914 730 584 146 Mar. 30 6,804 5,713 1,091 6,210 5,231 979 594 482 112 Apr 30 6,775 5,580 L, 194 6,204 5,154 1,050 571 427 144 May 31. _. . 6, 665 5,482 1,183 6,100 5,061 1,039 565 422 144 June 29 7,071 5,797 1,275 6,444 5,333 1,111 627 464 163 July 31 7,474 6,154 I. 320 6,870 5,705 1,165 604 449 Aug. 31 7,882 6,492 1,390 7,162 5,962 1,200 720 530 190 Sept. 30 8,549 7,077 1,472 7,832 6,543 1,289 717 534 183 Oct. 31 _ 6,109 5,313 796 5,238 4,639 599 871 674 197 Nov. 30 4,017 3,432 585 3,297 2,873 424 719 559 161 Dec. 31 3,990 3,370 620 3,376 2,883 494 613 487 126 1930 Jan 31 3,985 3,368 616 3,528 3,007 521 457 361 95 Feb. 28 4,168 3,529 639 3,711 3,162 548 457 367 90 Mar. 31 4,656 4,026 631 4,052 3,519 533 604 506 98 Apr 30 5,063 4,409 654 4,363 3,819 543 700 590 111 May 31 4,748 4,139 609 3,967 3,464 503 781 675 106 June 30 3,728 3,201 527 2,980 2,521 459 747 680 67 Julv31 3,689 3,227 462 3,021 2,607 414 668 620 48 Aug. 30 3,599 3,109 489 2,913 2,481 431 686 628 58 Sept 30 3,481 3,057 425 2,830 2,451 380 651 606 45 Oct 31 2.556 2.299 257 1,987 1,770 217 569 530 40 Nov. 29 _. 2,162 1,929 234 1,691 1,481 210 471 447 24 Dec. 31 1,894 1,694 199 1.519 1,340 179 374 354 20 1931 Jan. 31 1,720 1,557 163 1,366 1,223 143 354 334 20 Feb. 28 1,840 1,646 194 1,505 1,334 171 335 312 23 Mar. 31 _. _. 1,909 1,692 217 1,630 1,425 204 279 267 12 Apr. 30_... 1,651 1,466 185 1,389 1,221 168 262 245 17 May 29 1,435 1,293 141 1,173 1,045 128 261 248 13 June 30 1,391 1,221 170 1,102 946 156 289 276 13 July 31 1,344 1,171 173 1,041 879 162 303 292 11 Aug. 31 1,354 1,160 194 1,069 885 184 285 275 10 Sept. 30 1,044 932 112 802 698 104 242 234 8 Oct. 31 796 688 108 616 512 103 181 176 5 Nov. 30 . 730 582 148 600 458 142 130 124 6 Dec. 31 587 455 132 502 374 128 85 81 4 1932 Jan. 30. 512 374 138 453 319 133 59 55 5 Feb. 29 525 385 140 482 345 137 43 40 3 Mar. 31... 533 391 142 497 358 138 37 33 3 Apr. 30 379 300 79 341 267 74 38 33 5 May 31 300 243 57 247 194 53 53 49 4 June 30 244 194 49 189 147 43 54 48 7 July 30. __. 242 195 47 190 147 43 52 48 4 Aug. 31 332 248 84 264 184 79 68 64 5 Sept. 30 ... 380 292 88 270 187 83 110 105 5 Oct. 31 325 263 61 202 143 58 123 120 3 Nov. 30 338 278 61 214 154 60 124 123 1 Dec. 31 347 279 68 227 160 66 120 119 2 Back figures.—See Annual Report for 1927 (table 47) for figures for 1918-22; figures for 1923-25 not available. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

147 BROKERS' LOANS No. 85.—MEMBER BANK LOANS ON SECURITIES TO BROKERS (AND DEALERS IN SECURITIES) IN NEW YORK CITY, 1928-32 [In millions of dollars] Member Member banks outside New York City Call date m T b e o a A m n t l a k b l l s e - r ba Y N n o k e r w s k in otal In Chi- I r n e s o e t r h v e e r O re u se ts r i v d e e City* cago l cities cities 1928—Oct. 3 1,899 880 1,019 119 622 378 Dec. 31. — 2,556 1,639 917 75 465 376 1929—Mar. 27... 1,879 1,102 777 18 405 354 June 29... 2,025 1,359 666 48 302 316 Oct. 4 1,885 1,096 789 59 354 376 Dec. 31... 1,660 1,202 459 11 239 208 1930—Mar. 27.. 2,344 1,477 868 140 469 259 June 30.... 2,365 1,883 482 99 253 130 Sept. 24. _ 2,472 1,714 757 233 409 115 Dec. 31.... 1,498 1,281 217 45 123 49 1931—Mar. 25... 1,630 1,367 263 111 116 36 June 3O.._ 1,217 1,063 154 51 73 30 Sept. 29... 928 839 88 27 29 32 Dec. 31... 575 542 32 3 14 16 1932—June 30... 278 258 20 1 6 13 Sept. 30._ 414 391 24 1 14 9 Dec. 31— 357 337 20 : 1 11 * Central reserve city banks only. Back figures.—Not available. No. 86.—MEMBER BANK LOANS ON SECURITIES TO BROKERS (AND DEALERS IN SECURITIES) OUTSIDE NEW YORK CITY, 1928-32 [In millions of dollars] Member banks outside New York City Total- Member All mem- banks in Call date ba b n e k r s C Y N i o e ty r w k i Total In c a C go h * i- I r n e c s i o t e i t r e h v s e e r O re c u s it t e i s r e i v s d e e 1928—Oct. 3... 850 804 252 435 117 Dec. 31.. 975 925 309 509 107 1929—Mar. 27. 1,014 962 311 538 114 June 29.. 921 858 242 511 105 Oct. 4... 939 893 257 510 125 Dec. 31.. 803 748 240 425 83 1930—Mar. 27. 706 646 194 93 June 30. 819 750 229 431 90 Sept. 24. 774 86 687 239 360 88 Dec. 31.. 675 104 571 201 312 59 1931—Mar. 25. 575 121 454 159 231 64 June 30. 515 127 388 133 208 47 Sept. 29. 521 116 405 157 205 43 Dec. 31.. 391 87 304 124 152 28 1932—June 30. 65 218 93 105 20 Sept. 30. 258 63 195 85 92 17 Dec. 31.. 241 61 179 67 96 15 i Central reserve city banks only. Back figures.—Not available. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

148 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING No. 87.—BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING, 1926-32 [In millions of dollars] Bankers' acceptances outstanding i Commercial paper outstanding J End of month 1926 1927 1928 1929 1930 1931 1932 1926 11927 1928 1929 1930 1931 January... _. 788 774 1,058 1,279 1,693 1,520 961 551 577 407 404 327 108 February.. ._ 767 785 1,056 1,228 1,624 1,520 919 577 567 411 457 315 103 March.... 746 809 1,085 1,205 1,539 1,467 911 606 570 387 529 311 106 April 721 811 1,071 1,111 1,414 1,422 879 663 599 571 351 553 307 May 685 775 1,041 1,107 1,382 1,413 787 582 541 304 541 305 111 June 622 751 1,026 1,113 1,305 1,368 747 579 503 274 527 292 103 July 600 741 978 1,127 1,350 1,228 705 569 483 265 528 289 100 August 683 782 952 1,201 1,339 1,090 681 591 458 267 526 271 108 September 614 864 1,004 1,272 1,367 683 600 430 265 513 248 110 October 682 975 1,123 1,541 1,508 1,040 699 611 427 285 485 210 113 November 726 1,029 1,200 1,658 1,571 1,002 720 603 421 316 448 174 110 December 755 1,081 1,284 1,732 1,556 974 710 555 383 334 358 118 81 1 Figures collected and compiled by American Acceptance Council. 2 Paper maturing within 7 months. Figures reported by dealers to the Federal Reserve Bank of New York. Back figures.—Bankers' acceptances outstanding, see Annual Report for 1931 (table 66). Commercial paper outstanding, see Annual Report for 1930 (table 60). No. 88.—DOLLAR BANKERS' ACCEPTANCES OUTSTANDING, BY CLASSES 1 [In thousands of dollars] Based on- Based on goods stored in Goods foreign End of month Total I U m S i n t n p a i t o t t o e e r s d ts E U S x f n t r p a o i o t m t e e r s d ts in s ( S h w t U o t o a a u n r t r e s e i e d e t s - ed d b s o p G h e m o t i o w p i o e n p e s d t e e t s s d i n c ex D c o h l a la n r ge c b s o f h e o u t i r n w o p e r t p i e r g e i e n d e n s credits) points 1931 January 1, 520,190 214, 000 400,129 257,493 34,897 65,042 548, 628 February 1, 519,857 211,796 398, 389 260, 839 33,838 71, 330 543, 665 March..' 1,466, 737 212, 334 389, 568 245, 667 36, 798 62, 221 520,148 April 1, 422, 022 211, 064 360, 283 238,141 32,892 73,107 506, 533 May 1,412,515 207,479 361,161 235, 669 28, 248 75,170 504, 788 June 1, 368, 373 202, 369 348, 946 224, 783 29,415 69, 217 493, 644 July 1, 228, 202 185, 830 329, 832 202,392 35,108 51, 748 423, 293 August 1, 090,400 177, 945 276, 048 174, 529 27, 555 42,988 391, 335 September 996, 365 173, 682 257, 396 162,478 27, 690 36, 714 338,405 October 1, 039, 785 172, 954 260, 911 213,870 23,675 37,891 330,483 November 1, 002, 305 158, 058 254,101 239, 230 18, 483 34, 067 298, 365 December 974, 059 158, 500 221, 619 251, 346 15, 559 30, 858 296,177 1932 January 961, 066 150, 021 207, 415 254, 382 17, 280 33, 529 February 919,392 142,141 195,034 254,116 17, 354 26,467 284, 279 March.. 911,291 128, 786 205, 385 247, 623 19, 542 22, 740 287, 215 April 879, 039 117,950 198, 859 230,887 19, 895 17, 250 294,199 May 787, 415 103,124 183, 684 199, 315 17, 943 14, 624 268, 726 June 747, 248 96, 950 173,194 179, 232 13,615 13, 243 271,015 July 704, 647 85, 449 161, 523 163, 363 14, 418 15,164 264,729 August 681, 466 75, 951 151, 713 175,160 16,880 11, 287 250, 473 September 683,189 73,106 156,191 197, 657 14,392 7,953 233,890 October 698, 620 81, 472 157, 364 206, 478 15, 713 6,383 231,211 November 719, 551 80, 878 160, 864 220, 652 15,964 8,779 232, 415 December 709, 730 78, 578 163, 764 215,387 14, 397 9,927 227, 677 * Figures collected and compiled by American Acceptance Council. Digitized for FBRacAk SfiEguRre s—See Annual Reports for 1930 (table 61), 1929 (table 57), 1928 (table 60), and 1927 (table 49). https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BANKERS' ACCEPTANCES 149 No. 89.—DOLLAR BANKERS' ACCEPTANCES HELD BY GROUP OF ACCEPTING BANKS, 1925-32 [In thousands of dollars] End of month 1925 1926 1927 1928 1929 1930 1931 1932 January 222, 265 118, 956 54,987 79, 968 79, 246 220, 467 571, 404 332, 211 February-_ 185, 752 127, 580 166, 485 90, 090 89, 050 182, 930 549, 548 342, 807 March 192, 994 132,104 104, 484 99, 058 117, 430 166, 663 472, 246 377, 200 April 186, 221 137,144 86, 976 56, 397 95,129 157, 527 410, 249 455, 454 May 154, 650 107, 389 94, 561 58,183 87, 396 165,611 464,163 510, 423 June 124, 606 66,817 88, 947 71, 289 84, 284 205,110 553, 519 517, 547 July 116, 338 57, 630 86, 412 52, 642 90, 033 278, 642 668, 034 562,955 August 93, 539 63, 644 132,890 50, 331 82, 378 267,337 606,469 573,737 September. 88, 878 47, 634 103, 592 53,187 70, 767 316, 678 409,895 573, 360 October 103, 643 56, 214 118,167 43, 711 129, 413 384,173 230, 407 605,069 November _ 85,037 64, 444 116,913 50, 345 244, 463 493,002 296,161 654,523 December.. 92, 519 77, 007 104, 999 75, 842 191, 061 371, 452 262, 092 603, 858 NOTE.—Banks included are those which report to the American Acceptance Council; figures include both own acceptancss held and purchased acceptances held. Back figures.—Not available. No. 90.—PURCHASED ACCEPTANCES HELD BY MEMBER BANKS ON CALL DATES [In thousands of dollars] Member Member banks outside New York City Total—all banks in Call date member New In other ! Outside banks C Y i o t r y k i Total In c a C go h l i- re c s it e i r e v s e re c s it e i r e v s e 1928—Oct. 3... 180, 977 104,418 76, 559 3,174 32,499 40,886 Dec. 31. 212,170 122, 422 89, 748 2,196 49,449 38,103 1929—Mar. 27. 238, 455 110,819 127, 636 12, 471 62, 905 52, 260 June 29. 197, 994 115, 570 82, 424 4,203 38,176 40, 045 Oct. 4... 162, 668 91, 746 70, 922 5,002 33, 551 32, 369 Dec. 31. 291, 527 173, 730 117, 797 13,877 66, 596 37, 324 1930- Mar. 27. 253, 728 129, 379 124, 349 13,998 79, 538 30,813 June 30. 241,106 172, 8'83 68, 223 20, 728 35, 464 12, 031 Sept. 24. 267, 366 175, 792 91, 574 20, 250 64,144 7,180 Dec. 31. 369, 747 210, 497 159, 250 31, 558 119,714 7,978 1931—Mar. 25. 462, 089 249, 281 212,808 39,030 166,777 7,001 June 30. 501, 291 339,525 161, 766 44, 833 113, 089 3,844 Sept. 29. 338,463 233, 514 104, 949 25,105 76, 934 2,910 Dec. 31. 187, 013 124,100 62,913 12,229 44,337 6,347 1932—June 30. 347, 361 283, 564 63, 797 9,784 39, 797 14, 216 Sept. 30 440, 732 358, 769 81, 963 21, 833 50,166 9,964 Dec. 31. 405, 554 345, 562 59, 992 27, 290 29, 865 I 2,837 i Central reserve city banks only. NOTE.—Purchased acceptances only—i.e., exclusive of own acceptances held, amounting to $225,180,000 on Dec. 31,1932, which are included in loans " otherwise secured and unsecured ". (See table 74.) Back figures.—Not available. No. 91.—DISTRIBUTION OF DOLLAR BANKERS' ACCEPTANCES OUTSTANDING [In thousands of dollars] Held by Federal reserve banks H a e c l c d e p b ti y n g g r b ou an p k o s f End of month (1932) T s o ta t n al d i o n u g t' Total a F c o c r o o u w nt n ! e r F e ig o s n p r o c f n o o d r r - - - Own bills bo B u il g ls ht H o e t l h d e r b s y ents 2 January... 961, 066 433, 524 119, 489 314, 035 158, 658 173, 553 195,331 February.. 919, 392 387, 541 75, 671 311, 870 174,670 168,137 189, 044 March 911,291 371, 563 36,131 335, 432 155, 483 221, 717 162, 528 April 879, 039 308, 096 16, 259 291,837 187, 675 267,779 115,489 May 787, 415 186, 653 3,882 182, 771 224, 545 285, 878 90, 339 June 747, 248 133, 346 35, 617 97, 729 199, 927 317,620 96, 355 July 704, 647 71, 267 11, 769 59,498 197,083 365, 872 70, 425 August 681, 466 52, 307 3,264 49, 043 197, 977 375, 760 55,422 September 683,189 45, 819 2,456 43, 363 159, 451 413, 909 64, 010 October. _. 698, 620 41,809 3,160 38, 649 198, 651 406, 418 51, 742 November 719,551 36, 557 4,228 32, 329 268,145 386, 378 28, 471 December. 709, 730 43, 803 3,634 40,169 223, 680 380,179 62, 069 1 Reserve bank holdings of "bills bought," exclusive of (1) trade acceptances and (2) bills payable in foreign currencies. 2 Contingent liability of Federal reserve banks on bills bought for foreign correspondents. Back figures.—See Annual Reports for 1931 (table 70), 1930 (table 64), 1929 (table 58), and 1928 (table 61). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

150 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD BANK DEBITS No. 92,— DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN 141 PRINCIPAL CITIES, BY MONTHS, 1923-32 [In millions of dollars] Month 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 TOTAL, 141 CITIES January 41, 753 41,498 49,982 54,145 54, 714 62, 885 82,814 60,423 46,253 33,569 February... 35, 925 37, 398 41, 517 44,915 48, 220 54,493 70,777 52, 625 38,031 27, 251 March 42,185 40, 739 47, 623 56,464 58,518 70,633 83,524 65, 723 47, 011 29,889 April 39,294 39, 519 44, 558 51,837 55, 583 67,003 74,750 62,946 46,440 29,923 May 40, 072 40,044 46, 596 48, 020 54,143 71, 616 76,535 61,811 43,930 25,411 June 40, 574 40, 230 48, 631 50, 662 56, 820 72,485 69,666 62, 312 45, 299 27,103 July 36, 504 40,131 47, 037 50, 959 53, 682 58,981 77,631 52, 744 39,451 25, 239 August 33,496 38, 692 43,134 47,011 53, 702 58, 504 77,344 45,993 34, 027 25, 215 September. 34, 060 38, 972 45, 264 46, 954 56, 750 63,176 77,617 48, 636 36,700 25,931 October 38, 911 43, 418 52, 955 52, 535 59, 201 72,894 95,527 54, 460 38,802 25, 298 November.. 38, 504 41, 893 48, 367 47, 384 57, 085 71, 349 82,090 42,176 29,069 20,750 December... 42,448 49,157 54, 399 57,070 65,441 82, 386 66,752 52,107 36, 345 26,787 Total 463, 726 491, 691 570, 064 607, 956 673, 861 806,405 935,027 661,957 481, 357 322,366 140 CITIES (EXCLUDING NEW YORK CITY) January 19, 666 19, 384 22,301 23, 607 23,456 25, 001 28,095 25, 691 21, 697 15,893 February.. 16, 906 17, 512 18, 593 20,102 20, 781 21, 753 24,489 21, 508 17,084 12,870 March 19, 644 19,193 21, 240 23,458 24,026 25,847 28,099 24,983 19,421 13,729 April 18, 816 18, 865 20, 613 22, 537 23, 576 25, 225 26,770 24,315 19, 620 14, 366 May 19, 368 18, 639 20,417 21, 449 22,873 26, 346 26,492 24,388 18,858 12,498 June 19, 532 18, 304 21, 702 22,466 23, 812 27,029 26,404 24,621 19, 406 12,901 July 18,184 18, 662 21, 580 23, 300 22,932 23, 897 28,416 23,145 18, 444 12, 511 August _ 17, 307 17, 776 19, 869 20, 778 22,048 23,401 28,310 20, 941 16, 526 11,756 September- 17, 261 18, 238 20, 895 21,336 23, 381 24,450 27,274 21, 253 16, 627 11, 767 October 19, 759 20, 912 24, 039 23, 780 25, 111 27, 705 32,202 23, 679 18,125 12, 354 November. 18, 521 18, 846 21, 357 21, 593 23,803 25,880 28,486 19,- 686 14, 605 10,935 December.. 20, 367 21,830 24,085 24,493 26, 503 29, 659 26,902 23,107 17,112 12,820 Total 225. 330 228,161 256, 691 268, 900 282, 303 306,193 331,938 277, 317 217, 523 154, 401 Back figures.—See Annual Report for 1925 (table 100); series begins with 1919. Corresponding figures for each Federal Reserve district and for each reporting center are available in mimeographed form beginning with 1919 and may be had upon request. NOTE.—Figures represent debits on the books of reporting banks to accounts of individuals, firms, and corporations, and of the United States Government, including war-loan deposit accounts, also debits to savings accounts, payments from trust accounts, and certificates of deposits paid. Figures do not include debits to the accounts of other banks or in settlement of clearing-house balances, payment of cashiers' checks, charges to expense and miscellaneous accounts, corrections, and similar charges. Monthly figures are derived from weekly reports, the figures for weeks which do not fall entirely within a single calendar month being prorated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 151 BANK SUSPENSIONS No. 93.—BANKS SUSPENDED AND REOPENED, BY YEARS, 1921-32 [Banks closed on account of financial difficulties by order of supervisory authorities or by the directors of the bank. Figures of suspensions include banks subsequently reopened. Figures for 1921-31 have been revised] [Amounts in thousands of dollars] Banks suspended Banks reopened Class of bank and year Number Capital Deposits Number Deposits All banks: 1921 505 23,732 172,188 97 24,437 1922_ _ „ „ 367 14,560 93,043 118 45,452 1923 646 21,367 149, 601 69 17,348 1924 . . 775 28,432 210,151 111 31, 523 1925 618 24, 754 167, 555 81 22,931 1926 _- _ .- 976 33,482 260,378 162 59,962 1927 669 25, 371 199, 329 129 43,144 1928 ' 499 19,909 142,580 53 22, 555 1929 _._ 659 33,432 230, 643 69 28,586 1930 1,352 111,791 853, 363 159 63,013 1931 2,294 207, 965 1, 690, 669 276 157,159 1932 1,456 108, 450 715, 626 290 276,194 Total 10, 816 653, 245 4,885,126 1,614 792, 304 Member banks: 1921 __ .. 71 5,223 38,140 10 2,669 1922 62 4,356 27, 310 27 11,230 1923 122 6,933 46,803 14 4,803 1924 160 10, 330 78,535 19 7,116 1925 146 9,940 65,457 10 3,756 1926 158 8,194 67,464 14 7,516 1927. 122 7,889 63,489 10 6,959 1928- _ _ 73 5,125 46, 730 5 5,974 1929 81 7,075 58, 073 5 1,910 1930 188 50, 510 372,845 6 3,053 1931 . . . 516 83, 761 733,128 31 52,470 1932 331 44,705 269,303 52 71, 666 Total 2,030 244,041 1,867, 277 203 179,122 National banks: 1921 52 2,989 20, 777 9 2,201 1922 49 3,535 20,197 25 7,874 1923 90 4,823 34, 244 11 3,670 1924 122 7,660 64,890 17 6,567 1925 118 7,990 55, 574 8 3,441 1926 123 5,695 43,998 10 4,108 1927 ... . 91 5,415 45, 547 8 4,759 1928 57 4,150 36, 483 2 427 1929 64 5,095 41, 614 3 1,404 1930 161 19, 675 170, 446 4 1,517 1931. 409 49,347 439,171 25 24,717 1932 276 34, 560 214,150 44 56, 267 Total 1,612 150,934 1,187,091 166 116,952 State banks: 1921 19 2,234 17,363 1 468 1922 13 821 7,113 2 3,356 1923 _ _ -. 32 2,110 12, 559 3 1,133 1924 38 2,670 13, 645 2 549 1925 28 1,950 9,883 2 315 1926- -_ - . .. . 35 2,499 23,466 4 3,408 1927 31 2,474 17,942 2 2,200 1928 16 975 10,247 3 5,547 1929 17 1,980 16,459 2 506 1930 ._ 27 30,835 202, 399 2 1,536 1931 107 34, 414 293,957 6 27,753 1932 55 10,145 55,153 8 15,399 Total 418 93,107 680,186 37 62,170 Nonmember banks: 1921 434 18, 509 134,048 87 21,768 1922 305 10, 204 65, 733 91 34,222 1923- ... _ . . 524 14, 434 102, 798 55 12, 545 1924 615 18,102 131,616 92 24,407 1925. _ . _ 472 14,814 102,098 71 19,175 1926 818 25, 288 192,914 148 52,446 1927- _ . 547 17,482 135,840 119 36,185 1928 426 14, 784 95,850 48 16, 581 1929 578 26, 357 172, 570 64 26,676 1930 1,164 61, 281 480, 518 153 59, 960 1931- 1,778 124, 204 957,541 245 104,689 1932. __ _ 1,125 63,745 446, 323 238 204, 528 Total 8,786 409, 204 3,017,849 1,411 613,182 Digitized for FRASER 182799-33 11 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

152 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 94.—BANK SUSPENSIONS, BY MONTHS, 1921-32 [Figures for 1921-31 have been revised] [Amounts in thousands of dollars] Member banks Nonmember All banks banks Month Total National State Num- De- Num- De- Num- De- Num- De- Num- Deber posits ber posits ber posits ber posits ber posits 1921 January 22, 563 3,766 2,986 780 54 18,797 February 22, 247 2,545 1,595 950 26 19,702 March 15, 078 769 74 40 14,235 April. 7,250 1,616 1,616 37 5,634 May__ 11, 213 2,929 2,461 35 8,284 June— 16,813 10,579 71 10, 508 19 6,234 July— 10,326 2,541 228 2,313 26 7,785 August 7,511 1,172 1,140 32 31 6,339 September... 4,552 855 187 26 3,697 October 13,675 4,942 4,157 785 46 8,733 November... 15, 947 2,912 2,601 311 54 13, 035 December.. 25, 013 10 3,440 2,485 955 40 21,573 1922 January. 12,843 2,535 2,444 91 50 10,308 February. 17, 084 3,742 3,742 32 13,342 March 13, 689 6,517 476 6,041 27 7,172 April.. 6,923 323 323 29 6,600 May.. 7,868 1,529 1,529 26 6,339 June... 2,917 1,579 1,540 16 1,338 July 2,448 958 887 71 1,490 August 4,847 1,394 21 3,453 September.. 2,852 308 17 2,544 October 4,456 2,496 2,104 392 17 1,960 November- 7,269 1,992 1,659 333 29 5,277 December... 9,847 3,937 3,791 146 32 5,910 1923 January 5,639 1,659 530 1,129 28 3,980 February 6,495 2,377 1,595 782 29 4,118 March 13, 674 4,370 3,881 36 9,304 April. 8,509 26 7,640 May_. 7,117 3,875 1,397 2,478 22 3,242 June— 11, 079 3,172 2,907 265 23 7,907 July 12, 607 2,122 1,812 310 41 10,485 August 52 15, 675 5,095 4,584 511 44 10, 580 September.. 53 8,737 1,550 1,550 47 7,187 October 71 14, 677 3,853 2,464 1,389 61 10,824 November.. 102 21,430 8,934 6,419 2,515 76 12,496 December.. 113 23,962 8,927 6,236 2,691 91 15,035 1924 January 152 47,948 18, 550 13,294 5,256 113 29,398 February 90 23,827 12,356 8,696 3,660 64 11,471 March 14, 238 6,033 5,646 387 52 8,205 AApprr]il . 16,837 4,330 4,174 156 61 12,507 Ma} 28, 678 9,269 9,269 72 19,409 June- 8,337 3,232 3,210 ~~22 44 5,105 July 16,315 8,017 7,916 101 August 7,091 2,803 2,556 247 29 4,288 September.. 329 329 5,651 October 9,970 2,905 2,811 94 31 7,065 November... 11,439 4,240 3,358 882 34 7,199 December... 19,491 6,471 3,631 2,840 45 13,020 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

153 BANK SUSPENSIONS No. 94.—BANK SUSPENSIONS, BY MONTHS, 1921-32—Continued [Amounts in thousands of dollars] Member banks Nonn:Lember All banks banks Month Total Naiional State Num- De- Num- De- Num- De- Num- De- Num- Deber posits ber posits ber posits ber posits ber posits 1925 January 100 26, 682 32 11, 933 24 8,855 8 3,078 68 14, 749 February 62 15, 941 17 4,883 15 4,591 2 292 45 11,058 March 42 9,967 7 3,163 6 3,126 1 37 35 6,804 April 45 14,846 14 6,761 12 6,067 2 694 31 8,085 May 55 16, 257 14 9,069 10 6,226 4 2,843 41 7,188 June 37 10,063 5 2,497 3 2,342 2 155 32 7,566 July 27 6,158 3 1,696 3 1,696 24 4,462 August 19 2,287 4 727 3 649 1 78 15 1,560 September... 28 9,339 5 3,164 4 2,624 1 540 23 6,175 October 53 14,167 13 6,251 10 5,893 3 358 40 7,916 November.-. 77 20, 239 11 5,277 10 4,557 1 720 66 14,962 December... 73 21, 609 21 10,036 18 8,948 3 1,088 52 11, 573 1926 January 71 13,998 11 4,022 7 2,699 4 1, 323 60 9,976 February 51 11,682 10 3,185 8 2,776 2 409 41 8,497 March _. 53 9,640 6 739 5 518 1 221 47 8,901 April........ 57 13, 526 6 3,642 5 1,179 1 2,463 51 9,884 May 66 14, 417 10 3,996 9 3,248 1 748 56 10, 421 June 81 29, 496 16 5,400 13 4,171 3 1,229 65 24, 096 July 142 44,835 5 1,384 4 1,195 1 189 137 43,451 August 49 9,892 8 2,024 8 2,024 41 7, 80S September... 42 12,924 7 3,931 6 3,473 1 458 35 8,993 October 87 16, 797 20 6,418 15 5,184 5 1,234 67 10, 379 November... 154 41, 496 31 16, 044 25 11, 066 6 4,978 123 25, 452 December 123 41, 675 28 16, 679 18 6,465 10 10, 214 95 24,998 1927 January 135 30,669 26 9,968 18 5,369 8 4,599 109 20, 701 February 80 26,103 16 8,134 14 7,374 2 760 64 17,969 March 75 32,801 16 7,638 11 5,496 5 2,142 59 25,163 April 48 12, 718 9 5,378 5 3,601 4 1,777 39 7,340 May 46 13,269 13 7,100 10 6,225 3 875 33 6,169 June 40 10,382 8 4,930 7 1, 752 1 3,178 32 5,452 July 35 12,269 2 2,347 2 2,347 33 9,922 August 26 17, 719 5 8,567 4 8,342 1 225 21 9,152 September. _. 36 9,284 6 1,233 2 469 4 764 30 8,051 October 51 13,877 9 4,035 7 2,105 2 1,930 42 9,842 November. _. 42 10,250 6 2,812 5 1,120 1 1,692 36 7,438 December. __ 55 9,988 6 1,347 6 1,347 49 8,641 1928 January 56 12,021 8 3,160 7 2,344 1 816 48 8,881 February 49 18, 216 10 9,188 6 3,503 4 5,685 39 9, 028 March 64 16,877 10 3,386 7 2,124 3 1,262 54 13,491 April 47 9,111 6 2,184 5 2,006 1 178 41 6,927 May 30 6,776 5 2,266 5 2,266 25 4,510 June 29 10,963 2 1,891 1 1,631 1 260 27 9,072 July 24 8,073 2 469 1 230 1 239 22 7,604 August 20 5,546 4 2,339 4 2,339 16 3,207 20 8,504 4 3,378 3 2,777 1 601 16 5,126 September- 41 8,080 3 837 2 405 1 432 38 7,243 October 77 27, 695 9 13,161 8 12, 710 1 451 68 14,534 November.. . 42 10,718 10 4,471 8 4,148 2 323 32 6,247 December. _. 1929 January 58 18,490 6 10, 528 4 10, 047 2 481 52 7,962 February 69 23, 989 14 4,214 13 3,955 1 259 55 19,775 March 52 9,226 7 2,100 6 1,978 1 122 45 7,126 April 41 10,544 5 1,573 3 1,433 2 140 36 8,971 May __. 66 15, 569 7 4,746 6 4,074 1 672 59 10,823 Digitized forJ uFnReASER 79 25,412 10 3,930 9 3,686 1 244 69 21,482 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

154 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 94.—BANK SUSPENSIONS, BY MONTHS, 1931-32—Continued [Amounts in thousands of dollars] Member banks Nonmember All banks banks Month Total National State Num- De- Num- De- Num- De- Num- De- Num- Deber posits ber posits ber posits ber posits ber posits 1929 July 60,801 19, 459 8,639 10,820 41, 342 August 6,724 1,024 316 708 5,700 September 9,666 1,303 1,303 8,363 October 12,496 4,369 4,071 8,127 November- 22, 256 2,282 364 1,918 19,974 December.. 15,470 2,545 1,748 797 12, 925 1930 January... 26, 523 7,997 3,434 4,563 18, 526 February.. 32, 433 14, 515 14,463 52 17,918 March 23,172 7,777 7,261 516 15, 395 April. 31, 876 3,282 2,969 313 28, 594 May- 19, 383 1,317 1.317 18, 066 June.. 69, 250 15,854 10 15, 495 359 53, 396 July 64 29, 756 11,071 11,071 18, 685 August 67 22, 787 3,312 2,780 532 19, 475 September... 67 21, 568 1,644 1,465 179 19,924 October 72 24, 546 3, 375 3,375 62 21,171 November... 256 179, 931 95, 251 63, 348 31,903 223 84, 680 December.. 352 372,138 207,450 43,468 163,982 295 164, 688 1931 January... 198 75, 712 21. 784 20 14, 569 7,215 173 53, 928 February.. 77 34, 616 13, 723 15 5,822 7,901 57 20, 893 March 86 34, 320 11, 007 18 10, 899 108 67 23,313 April. 64 41, 683 21, 762 17 19, 498 2,264 44 19,921 May.. 91 43, 210 26 17,375 24 12, 320 5,055 65 25, 835 June.. 167 190, 480 36 70, 802 26 31, 368 39, 434 131 119,678 July 93 40, 745 18 8,850 16 7,045 1,805 75 31,895 August 158 180, 028 41 84, 289 29 31, 629 52, 660 117 95, 739 September... 305 233, 505 62 109, 718 46 79,446 30, 272 243 123, 787 October 522 471, 380 125 228, 347 100 111,088 117, 259 397 243, 033 November... 175 67,939 43 32, 255 35 28,039 4, 216 132 35, 684 December.. 358 277,051 81 113,216 63 87, 448 25, 768 277 163,835 1932 January... 342 218, 867 74, 355 63,482 13 10, 873 255 144, 512 February.. 121 57,266 25, 554 17,127 8,427 91 31,712 March 46 14, 760 4,484 4,484 39 10, 276 April. 74 31, 613 14, 521 2,634 II, 887 63 17, 092 May- 82 34, 370 7,500 6,263 1, 237 62 26,870 June. . 151 132, 661 50,144 42,555 7, 589 103 82, 517 July 132 48, 743 19,491 17, 722 1, 769 108 29, 252 August 85 29,513 11, 873 11, 075 798 66 17, 640 September.. 67 13, 508 4,705 2,980 1, 725 51 8,803 October 102 20, 092 6,209 6,209 82 13,883 November- 93 43, 319 29,582 26, 224 3, 358 68 13,737 December.. 161 70, 914 20,885 13, 395 7,490 137 50, 029 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BANK SUSPENSIONS 155 No, 95.—BANK SUSPENSIONS: NUMBER, CLASSIFIED ACCORDING TO CAPITAL STOCK [Figures for 1921-31 have been revised] Banks having capital stock of— 1921 1922 1923 1924 1925 All banks: Less than $25,000 194 127 295 321 236 $25,000 107 90 151 190 140 $25,100 to $49,000. 36 41 47 59 43 $50,000 to $99,000 83 56 92 124 131 $100,000 to $199,000.. . 47 25 32 59 $200,000 to $999,000... 16 15 16 16 $1 000 000 and over 3 Not available 19 13 13 6 Total 505 367 646 775 National banks: $25,000 24 16 41 43 $25,100 to $49,000 2 5 9 11 $50,000 to $99,000 15 14 25 41 $100,000 to $199,000.. . 8 8 10 19 $200,000 to $999,000. .. 3 6 5 8 $1,000,000 and over... Total 52 49 90 122 State member banks: Less than $25 000 $25,000 -- 3 4 10 10 $25,100 to $49,000 3 5 2 4 $50 000 to $99,000 7 1 14 10 $100,000 to $199,000.. . 4 1 3 12 $200,000 to $999,000... 1 2 3 2 $1,000,000 and over... 1 Total 19 13 32 38 Nonmember banks: Less than $25,000 194 127 295 321 $25,000 80 70 100 137 $25,100 to $49,000 31 31 36 44 $50,000 to $99,000 61 41 53 73 $100,000 to $199,000. ^_ 35 16 19 28 $200,000 to $999,000... 12 7 8 6 $1,000,000 and over 2 Not available 19 13 13 6 Total . - .. 434 305 524 615 CO OO 1926 1927 1928 395 246 195 233 167 107 102 65 167 121 48 48 15 15 4 16 7 618 976 669 41 45 31 5 20 6 45 45 40 16 12 12 11 1 2 118 123 91 1 1 11 6 13 1 7 3 8 13 4 5 6 7 2 2 4 28 35 31 235 394 246 88 182 123 37 75 56 78 109 77 25 30 29 5 12 9 4 16 7 472 818 547 OS CO 1929 1930 1931 1932 231 474 546 392 151 293 512 345 65 142 220 140 120 219 457 294 45 58 132 284 144 11 20 70 227 126 16 2 11 3 32 4 11 6 8 11 16 4 499 659 1,352 2,294 1,456 15 15 56 102 64 3 6 15 34 25 25 26 39 121 75 9 13 30 89 58 5 3 19 56 51 1 2 7 3 57 64 161 409 276 3 4 8 9 11 2 2 2 11 6 6 5 5 26 13 5 5 5 19 12 3 27 11 1 4 15 2 16 17 27 107 55 195 231 474 546 392 89 132 229 401 270 34 57 125 175 109 65 89 175 310 206 31 40 97 176 74 6 17 48 144 64 4 5 10 6 6 8 11 16 4 426 578 1,164 1,778 1,125 1 Includes 1 bank with capital of $1,225,000. 2 Includes 6 banks with capital of $1,218,000, $1,750,000, $2,500,000, $4,000,000, $4,877,000, and $25,250,000. a Includes 6 banks with capital of $1,300,000, $1,400,000, $1,525,000, $1,750,000, $1,910,000, and $2,000,000; 4 banks each with capital of $1,500,000; 2 banks each with capital of $2,500,000; and 3 banks each with capital of $3,000,000. * Includes 2 banks with capital of $2,000,000 and $2,800,000; 2 banks each with capital of $1,600,000; and 3 banks each with capital of $1,500,000. No. 96.—BANK SUSPENSIONS, BY SIZE OP TOWN OR CITY, 1921-32 [Figures for 1921-31 have been revised] Number of suspensions Places with population of— 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 Less than 500.. 189 136 313 316 218 372 259 199 235 431 665 444 500 to 1,000 99 59 118 161 125 218 148 97 139 272 401 255 1,000 to 2,500... 82 77 114 136 129 208 126 106 137 273 426 281 2,500 to 5,000... 36 31 33 66 69 70 61 31 49 124 213 149 5,000 to 10,000.. 25 17 23 31 30 32 17 24 35 66 140 93 10,000 to 25,000. 30 11 14 28 24 24 34 17 24 55 134 84 25,000 and over 44 36 31 37 23 52 24 25 40 131 315 150 Total.... 505 367 646 775 618 976 669 499 659 1,352 2,294 1,456 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

156 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No* 97.—BANKS SUSPENDED AND REOPENED, BY DISTRICTS, 1932 [Amounts in thousands of dollars] Banks suspended i Banks reopened Class of bank and Federal Reserve district Number Capital Deposits Number Deposits All banks, total- 1,456 108,450 715,626 290 276,194 Boston 11 5,200 72, 563 8,571 New York 14 4,400 25,773 23,274 Philadelphia. _. 27 3,955 30,682 7,446 Cleveland 58 4,478 36,870 69, 645 Richmond 70 7,552 53,546 29,377 Atlanta 89 5,671 23, 576 11, 988 Chicago 507 46, 498 262,739 79,343 St. Louis 155 7,587 45,987 11,076 Minneapolis.._ 136 3,691 27,899 5,582 Kansas City— 205 5,244 30,587 4,234 Dallas 38 2,128 9,553 5,767 San Francisco. 146 12,046 95,851 19,891 Member banks, total _ 331 44, 705 269,303 52 71, 666 Boston 3 2,150 14,289 2,271 New York 11 3,950 21,377 14, 287 Philadelphia- 10 1,225 6,358 7,446 Cleveland 23 2,490 23,167 1,000 Richmond 12 2,815 14, 526 13,152 Atlanta 27 3,050 11,041 680 Chicago 100 17,370 99, 289 19, 231 St. Louis 28 3,405 21,769 1,133 Minneapolis 25 1,085 6,681 1,132 Kansas City- 30 1,215 9,545 Dallas 13 905 4,374 4,231 San Francisco . 49 5,045 36,887 7,103 National bank members, total. 276 34,560 214,150 56, 267 Boston 650 4,031 2,271 New York 3,825 20,580 2,117 Philadelphia... 1,225 6,358 7,446 Cleveland 2,290 22,655 1,000 Richmond 2,815 14,526 13,152 Atlanta, 1,940 8,386 680 Chicago 12,350 70,092 17,301 St. Louis 2,280 16,159 794 Minneapolis._. 1,085 6,681 1,132 Kansas City.__ 1,140 9,064 Dallas 740 3,941 4,231 San Francisco _ 4,220 31,677 6,143 State bank members, total- 10,145 55,153 15,399 Boston 1,500 10,258 New York 125 797 12,170 Philadelphia- Cleveland 200 512 Richmond Atlanta 1,110 2,655 Chicago 5,020 29,197 1,930 St. Louis 1,125 5,610 Minneapolis... Kansas City- 75 481 Dallas. 165 433 San Francisco. 825 5,210 960 Nonmember banks, total_ 1,125 65,745 446,323 238 204,528 Boston.. 3,050 58,274 6,300 New York 450 4,396 Philadelphia- 17 2,730 24, 324 Cleveland 35 1,988 13,703 68,645 Richmond 58 4,737 39,020 16,225 Atlanta 62 2,621 12, 535 11, 308 Chicago 407 29,128 163,450 60,112 St. Louis 127 4,182 24, 218 9,943 Minneapolis. __ 111 2,606 21,218 4,450 Kansas City— 175 4,029 21,042 4,234 Dallas 25 1,223 5,179 1,536 San Francisco . 97 7,001 58,964 12,788 * Figures shown for capital do not include data for 3 mutual savings banks (without capital stock) and Digitized fo1r FprRivAaSteE bRan k for which capital figures are not available. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BANK SUSPENSIONS 157 No. 98.—BANKS SUSPENDED AND REOPENED, BY STATES. 1932 [Figures are for member and nonmember banks—Amounts in thousands of dollars] Banks suspended 1 Banks reopened State Number Capital Deposit: Number Deposits United States- 1,456 108,45 0 715,626 290 276,194 New England: Maine New Hamphsire.. 402 Vermont.. - Massachusetts 3,150 29,678 "8," 169 Ehode Island Connecticut - ~2,~650" ~42~885" Middle Atlantic: New York 1,325 15,316 18,453 New Jersey 3,750 14,369 9,389 Pennsylvania- 5,695 50,937 5,575 East North Central: Ohio 1,305 8,293 65, 009 Indiana 5,109 37,216 5,725 Illinois 209 29, 520 126,878 10,018 Michigan 87 3,887 36, 358 30, 968 Wisconsin -- 67 2,885 18, 769 9,364 West North Central: Minnesota 62 1,516 12, 029 1,205 Iowa 147 9,337 75, 710 30, 639 Missouri - 80 2,395 13,903 1,013 North Dakota 14 260 1,066 597 South Dakota 23 580 5,183 Nebraska 51 1,275 2,650 Kansas 1,722 9,386 536 South Atlantic: Delaware --- 100 792 792 Maryland 815 5,520 2,957 Distiict of Columbia-. 413 3,497 Virginia — 215 879 591 West Virginia - 215 922 12,961 North Carolina . 2,824 14,129 11, 800 South Carolina.- 3,170 28,976 2,215 Georgia 1,263 3,947 667 Florida - 765 3,977 933 East South Central: Kentucky 1,966 10,493 1,084 Tennessee 1,054 4,806 642 Alabama 1,945 5,797 863 Mississippi 403 1,944 7,411 West South Central: Arkansas 345 925 1,216 Louisiana 856 5,432 6,079 Oklahoma. _ 975 8,240 613 Texas 1,953 8,526 5,767 Mountain: Montana 345 1,364 Idaho -. 1,365 11,620 8,254 Wyoming 150 878 Colorado 696 2,844 New Mexico- 25 83 Arizona 655 5,862 Utah 1,032 9,816 2,194 Nevada 2,236 17,531 Pacific: Washington. 2,750 23,764 1,223 Oregon 1,425 8,032 6,726 California- 2,733 20,170 1,494 1 Figures shown for capital do not include data for 3 mutual savings banks (without capital stock) and 1 private bank for which capital figures are not available. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

158 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM No. 99.—CHANGES IN MEMBEBSHIP, BT CLASS OP MEMBEB, 1931 AND 1932 Number of member banks Procedure effecting change Total National State 1931 1932 1931 1932 1931 1932 Active member banks, first of year i 8,050 7,246 i 7,031 6,368 1,019 878 Additions to membership:2 Organization of national banks 15 10 15 10 Conversions of nonmember banks to national banks 7 3 7 3 Admissions of State banks 23 23 23 23 Resumptions following suspension 31 52 25 44 6 8 Conversions within the system _ _ 1 4 Total additions2 76 88 48 61 29 31 Decreases in membership: Mergers between member banks: National and National, or State member and State member 168 87 151 81 17 6 National and State member 41 20 26 5 15 15 Voluntary liquidations _ . 9 11 8 10 1 1 Suspensions 517 331 409 276 108 55 Absorptions of member banks by nonmember banks _ 106 47 98 37 8 10 Conversion of member banks to nonmember banks 19 9 19 9 Withdrawals of State Banks . 20 13 20 13 Conversions within the system ... 1 4 Total losses _._ 880 518 711 418 170 104 Net decreases 804 430 663 357 141 73 Active member banks, end of year _ 7,246 6,816 6,368 6, 011 878 i 1 Exclusive of 2 banks that suspended at end of 1930 but which were included in the Comptroller's Dec. 31, 1930, abstract. 2 Exclusive of 113 nonmember banks absorbed by member banks in 1932, 197 in 1931, and 165 in 1930, which increased the assets but not the number of member banks. Back figures.—See Annual Reports for 1931 (table 76), 1929 (table 65), 1927 (table 117), 1926 (table 97), and 1925 (table 93). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPOBT OF THE FEDERAL RESERVE BOARD 159 EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS No. 100.—MEMBER BANKS—EARNING ASSETS, CAPITAL FUNDS, AND PROFITS, 1923-31 Amounts 1 (in thousands of dollars) Ratios 2 Principal earning assets Earning Net Net Year ended Dec. 31 assets profit profit Capital per $1 of per $100 per $100 Total Loans I m nv e e n s t t s - funds 3 c f a u p n i d ta s l o a f s i e n s a e g r ts n- c f a u p o n i f d ta s l All member banks: 1923 26,206,988 18,531,961 7,675,027 4,380,074 $5.98 $1.29 $7.69 1924 27,474, 727 19,347,300 8,127,427 4,491,663 6.12 1.32 8.04 1925 29,673,891 20,809,107 8,864,784 4, 589,294 6.47 1.41 9.14 1926 31,132,149 22,123, 397 9,008,752 4, 820,129 6.46 1.39 8.95 1927 32, 755,971 23,006, 039 9,749,932 5,162, 702 6.34 1.36 8.66 1928 . 34, 721,879 24,153,677 10,568, 202 5, 622,312 6.18 1.45 8.96 1929 35, 727,128 25,614, 655 10,112,473 6, 360, 306 5.62 1.56 8.75 1930 35,395,412 25,018,222 10,377,190 6, 722, 782 5.26 .87 4.56 1931 * 33,431,791 21,732,289 11,699, 502 6,395, 866. 5.23 .04 .19 National member banks: 1923 16,713,739 11, 725,163 4,988,576 2,890, 930 5.78 1.16 6.72 1924 _ . 17, 233,431 12,007,447 5,225, 984 2,916, 791 5.90 1.24 7.33 1925 18,430,579 12, 729, 675 5,700,904 2,970,453 6.20 1.32 8.22 1926 19,135,960 13, 353,101 5,782,859 3,077,183 6.22 1.28 7.96 1927 20,349, 562 13,949,969 6,399,593 3,254, 507 6.25 1.26 7.91 1928 21,858,250 14,789, 566 7,068,684 3, 543,609 6.17 1.33 8.21 1929 21,751, 748 15, 007, 570 6,744,178 3, 750, 521 5.80 1.34 7.77 1930 21, 538, 524 14, 726,937 6,811,587 3,913,450 5.50 .73 4.04 1931 <_ 20, 564,446 13,117,216 7,447,230 3,746,961 5.49 «-.27 5-1.47 State member banks: 1923 9,493,249 6,806,798 2,686,451 1,489,144 6.37 1.50 6.72 1924 . _ 10, 241,296 7,339, 853 2,901,443 1,574, 872 6.50 1.44 9.37 1925 11,243,312 8,079,432 3,163, 880 1, 618,841 6.95 1.56 10.83 1926 11,996,189 8, 770, 296 3,225,893 1, 742, 946 6.88 1.55 10.70 1927 12,406,409 9,056,070 3,350, 339 1,908,195 6.50 1.53 9.94 1928 12,863, 629 9,364, 111 3,499,518 2,078, 703 6.19 1.66 10.25 1929 . -„ 13,975,380 10, 607, 085 3,368,295 2, 609, 785 5.35 1.90 10.16 1930 -. 13,856,888 10,291,285 3,565, 603 2,809,332 4.93 1.07 5.28 1931 < 12,867,345 8,615,073 4,252,272 2,648,905 4.86 .52 2.54 * Figures are averages of amounts for call dates during year. J For explanation of these ratios, see Federal Reserve Bulletin for December 1928, pp. 826-828. 3 Capital, surplus, undivided profits, and reserves for dividends, contingencies, etc., including, in 1923 and 1924 only, reserves for taxes, interest, etc., accrued. 4 Figures for 1932 not yet available. 5 Net loss. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

160 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 101.—MEMBER BANKS—RATIOS OF EARNINGS, EXPENSES, ETC., TO AVERAGE EARNING ASSETS, 1923-31 [Amounts per $100 of earning assets] Gross earnings Expenses Losses Net Year ended Dec. 31 Interest profits Total I e n a t r e n r e e d st Total d p e a p id o s o it n s Total Net All member banks: 1923 $6.56 $5.70 $4.70 $2.09 $0.79 $0.57 $1.29 1924 6.50 5.51 4.66 2.16 .72 .53 1.32 1925 6.46 5.44 4.61 2.17 .65 .44 1.41 1926 6.51 5.49 4.63 2.16 .67 .50 1.39 1927 6.47 5.34 4.63 2.18 .64 .48 1.36 1928 6.58 5.49 4.65 2.16 .63 .48 1.45 1929 6.92 5.79 4.71 2.13 .83 .65 1.56 1930 6.30 5.24 4.53 2.12 1.03 .90 .87 1931 5.72 4.73 3.99 1.74 1.86 1.69 .04 National member banks: 1923 - „ 6.37 5.76 4.53 1.97 .93 .67 1.16 1924 6.35 5.57 4.50 2.07 .81 .60 1.24 1925 6.29 5.51 4.46 2.08 .74 .51 1.32 1926 6.33 5.54 4.48 2.07 .76 .57 1.28 1927 6.34 5.44 4.52 2.12 .73 .56 1.26 1928 6.41 5.54 4.52 2.10 .72 .56 1.33 1929 6.64 5.73 4.54 2.07 .92 .76 1.34 1930 __ 6.33 5.41 4.59 2.14 1.15 1.01 .73 1931-. 5.81 4.91 4.12 1.83 2.13 1.95 1-.27 State member banks: 1923 6.90 5.59 5.00 2.30 .55 .40 1.50 1924 6.76 5.41 4.93 2.33 .56 .40 1.44 1925 6.75 5.34 4.85 2.32 .51 .34 1.56 1926... 6.81 5.41 4.88 2.31 .51 .38 1.55 1927 6.70 5.17 4.81 2.27 .49 .36 1.53 1928 6.86 5.40 4.87 2.25 .46 .34 1.66 1929 7.38 5.88 4.98 2.21 .68 .50 1.90 1930 6.24 4.99 4.45 2.08 .84 .72 1.07 1931... 5.58 4.45 3.79 1.58 1.43 1.27 .52 i Net loss. NOTE.—For explanation of these ratios, see Federal Reserve Bulletin for December 1928, pp. 826-828. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF MEMBER BANKS 161 No. 103.—MEMBER BANKS—EARNINGS, EXPENSES, AND DIVIDENDS, 1923-31 fin thousands of dollars] Gross earnings Expenses Interest paid Year ended Dec. 31 Sal- Total I e n a t r e n r e e d st ot Al h l er Total O po n s d it e s - O ro n w b e o d r- w a a a r n i g e d e s s Taxes o A th l e l r money All member banks: 1923 1,719,360 1,493,755 225,605 1,232,654 547,910 42,151 335,680 102,673 204,240 1924 1,786,471 1,514,500 271,971 1,280,524 594,432 24,746 355,018 97,341 208,987 1925 1,918,094 1,615,595 302,499 1,367,318 643,158 25,954; 372,741 102,411 223,054 1926 2,027,752 1,710,492 317,260 1,441,745 672,927 31,350!396,796 105,885 234, 787 1927 2,120,277 1,749,008 371.269 1,515,704 713, 038 24,514 420,128 109,778 248,246 1928 1,905, 728378.270 1,613,811 749,662 48,443 440,000 113,759 261,947 1929 2,474,099 2,068,901 405,198 1,683,720 759,260 64,265) 463,847 112,476 283,872 ]930._ 2, 228,774 1,857,514371, 2601,604,335 748,992 22,001 451,776 113,418 268,148 1931__ 1,911,502 1,581,905329,597 1,335,379 580,910 19,136 412, 531 86,367 236,435 National member banks: 1923 1,064,295 963,443 100,852 757,802 329,304 29,641 205,391 69,873 123,593 1924 1,093,832 960,601 133,231 776,070 356,311 17,001 213,994 64,676 124,088 1925 1,159,595 1,015,352 144,243 822,255 382,483 17,172 223,756 66,645 132,199 1926 1,210,911 1,060,589 150,322 856,765 395,352 20,089 235,969 68,270 137,085 1927 1,289,297 1,107,242 182,055 918,816 431,763 15,429 253,634 69,219 148,771 1928 1,401,471 1,211,259 190, 212 987,739 459,819 29,184 269,429 69,872 159,435 1929 1,443,303 1, 247,125196,178 987,140 450,258 37,350 271,103 64,333 164,096 1930 1,363,928 1,165,550 198,378 988,029 461,311 12,807 277,798 68,373 167,740 1931 1,194,140 1,009,829 184,311 848,254 377,281 11,613 257,074 53,110 149,176 State member banks: 1923 655,065 530,312 124,753 474,852 218,606 12,510 130,289 32,800 80,647 1924 692,639 553,899 138,740 504,454 238,121 7,745 141,024 32,665 84,899 1925 758,499 600,243 158,256 545,063 260,675 8,782 148,985 35,766 90, 855 1926 816,841 649,903 166,938 584,980 277,575 11,261 160,827 37,615 97,702 1927 830,980 641,766 189, 214 596,888 281, 275 9,085 166,494 40,559 99,475 1928 882,527 188,058 626,072 289,843 19,259 170,571 43,887 102,512 1929 1,030,796 821,776 209,020 309,002 26,915 192,744 48,143 119,776 1930 864,846 691,964 172,882 616,306 287,681 9,194 173,978 45, 045 100,408 1931 717,362 572,076 145,286 487,125 203,629 7,523 155,457 33, 257 87,259 Divi- Net Kecov- Net Net dends Year ended Dec. 31 earn- On eries losses profits deings Total lo O a n ns i m nv e e n s t t s - o A th l e l r clared All member banks: 1923. 486,708 207,127 143,011 36,411 27,705 57,307 149,820 257,933 1924- 505,947 197,343 133,079 33,196 31,068 52,739 144,604 361,343 258,044 1925 550,776 193,099 128,774 35,127 29,198 61,806 131,293 419,483 272,686 1926 586,007 207,530 124,885 35,909 46, 736 53,006 154,524 431,483 284,809 1927 604,573 123,745 37,284 47,664 51,129 157,564 447,009 312,680 1928 670,187 217,194 119, 290 45,293 52, 611 50,875 166,319 503,868 327,422 1929- 790,379 295,473 139,588 95,465 60,420 61,608 233,865 556, 514408,628 1930 _ 624,439 365,314 194,725 109,028 61,561 47, 377 317,937 306, 502371,968 1931 576,123 620,456 295,241 264,170 61,045 56,594 563,862 12,261 335,792 National member banks: 1923 306,493 154,753 108,819 26,450 19,484 42,642 112, 111 194,382 166,492 1924 _' 317,762 140,250 97,582 23,960 18,708 36,270 103,980 213,782 162,636 1925 337,340 136,269 92,127 23,692 20,450 43,122 93,147 244,193 171,324 1926 354,146 145,831 88,017 26,261 31,553 36, 662 109,169 244,977 176,421 1927 370,481 148,225 91,214 25,665 31,346 35,027 113,198 257,283 197,555 1928. 413,732 158,254 88,077 34,455 35,722 35,282 122,972 290, 760204,612 1929 456,163 200,633 93,680 63,304 43,649 35,854 164, 779 291,384 247,317 1930 375,899 248,618 135,085 71,202 42,331 30,887 217,731 158,168 215,992 1931 345,886 437,016 212, 575184,290 40,151 36,234 400, 782 54"" 193,696 State member banks: 1923 180,213 52,374 34,192 9,961 8,221 14,665 37,709 142,504 91,441 1924 188,185 57,093 35,497 9,236 12,360 16,469 40,624 147,561 95,408 1925 213,436 56,830 36,647 11,435 8,748 18,684 38,146 175,290 101,362 1926 231,861 61,699 36,868 9,648 15,183 16,344 45,355 186,506 108,388 1927 234,092 60,468 32,531 11,619 16,318 16,102 44,366 189,726 115,125 1928 256,455 58,940 31, 213 10,838 16,889 15,593 43,347 213,108 122,810 1929 334,216 94,840 45,908 32,161 16,771 25,754 69,086 265,130 161,311 1930 248, 540 116,696 59,640 37,826 19,230 16,490 100, 206 148,334 155,976 1931.... 230,237 183,440 82,666 79,880 20,894 20,360 163,080 67,157 142,096 Digitized for Fi NReAt SloEssR. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BUSINESS CONDITIONS 163 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 165 BUSINESS CONDITIONS No. 103.—CAPITAL ISSUES [Exclusive of refunding issues. In millions of dollars] Domestic issues * Total domestic State Corporate Foreign Year and quarter and and issues 2 foreign Total a m i u p n a i l c- Total L te o r n m g S te h r o m rt Stocks YEAR 1919 . 3,626 3,234 678 810 498 312 1,436 392 1920 3,732 3,235 672 1,561 1,039 522 1,002 497 1921 3,644 3,021 1,199 1,435 1,274 161 265 623 1922_ . 4,391 3,627 1,071 1,644 1,540 104 570 764 1923. 4,437 4,016 1,043 1,976 1,833 143 659 421 1924 5,557 4,588 1,380 2,200 1,924 276 829 969 1925_ _. 6,201 5,125 1,352 2,452 2,231 221 1,153 1,076 1926 6,314 5,189 1,344 2,667 2,418 249 1,087 1,125 1927 7,556 6,219 1,475 3,183 2,962 221 1,474 1,337 1928_ 8,040 6,789 1,379 2,385 2,175 210 2,961 1,251 1929 10, 091 9,420 1,418 2,078 1,873 205 5,924 671 1930 6,909 6,004 1,434 2,980 2,460 520 1,503 905 1931 3,099 2,860 1,235 1,240 951 289 311 239 1932 1,165 1,157 755 305 271 34 10 8 QUARTER 1921—First 823 683 201 397 293 104 85 140 Second 816 702 260 365 344 21 37 114 Third 859 669 286 274 257 17 101 190 Fourth 1,146 967 452 399 380 19 42 179 1922—First 1,159 875 285 393 343 50 92 284 Second 1,539 1,252 357 636 597 39 155 287 Third 940 860 253 292 287 5 213 80 Fourth 753 640 176 323 313 10 110 113 1923—First 1,385 1,240 240 656 615 41 212 145 Second 1,109 1,052 333 448 374 74 164 57 Third 643 562 177 313 303 10 65 81 Fourth 1,300 1,162 293 559 541 18 218 138 1924—First. 1,276 1,120 293 574 491 83 178 156 Second _ 1,601 1,488 489 624 542 82 322 113 Third 1,135 899 343 420 375 45 111 236 Fourth . 1,545 1,081 255 582 516 66 219 464 1925—First 1,585 1,357 318 737 654 83 244 228 Second 1,583 1,371 414 623 587 36 290 212 Third- 1,351 1,059 323 496 459 37 232 292 Fourth 1,682 1,338 297 597 532 65 387 344 1926—First 1,821 1,627 355 788 692 96 446 194 Second 1,758 1,423 381 744 672 72 263 335 Third 1,254 987 295 515 483 32 165 267 Fourth 1,482 1,152 313 620 571 49 214 330 1927—First 2,062 1,729 366 871 834 37 460 333 Second 2,079 1,730 496 893 824 69 323 349 Third 1,357 1,122 290 563 508 55 264 235 Fourth... 2,057 1,638 323 856 796 60 427 419 1928—First 1,754 1,451 354 686 632 54 407 303 Second 2,343 1,799 396 606 668 38 765 544 Third 1,138 999 212 404 337 67 380 139 Fourth 2,806 2,540 417 690 638 52 1,409 266 1929—First 2,782 2,518 246 662 625 37 1,610 264 Second 2,543 2,349 416 625 548 77 1,308 194 Third... 3,073 2,993 265 413 382 31 2,315 80 Fourth 1,694 1,561 491 379 318 61 691 133 1930—First 2,117 1,848 311 1,115 1,028 87 399 269 Second 2,682 2,252 437 985 782 203 820 430 Third 1,116 1,016 266 563 454 109 172 100 Fourth 994 888 420 316 195 121 111 106 1931—First 1,196 1,089 446 532 477 55 82 107 Second. 1,026 928 393 398 297 101 137 98 Third 591 565 282 242 120 122 26 26 Fourth 286 278 114 68 57 11 66 8 1932—First 419 419 282 124 111 13 6 0 Second 240 240 188 26 23 3 0 0 Third 244 237 122 93 83 10 1 7 Fourth.. 262 261 163 62 54 8 3 1 i Source: Commercial and Financial Chronicle. * Compiled by Department of Commerce. • Includes issues of Federal land banks and Federal intermediate credit banks not shown separately. Back figures.—See (for quarterly data) Annual Report for 1930 (table 128). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

166 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 104.—SECURITY PRICES [Index numbers of the Standard Statistics Co. Monthly data are averages of weekly figures] Common stocks Common stocks (1926=100)3 (1926=100)3 Year and Month month .2 >» o» 2*3 2 73 Ij 3+3 1919 • 88.3 110.9 70.7 72.6 70.1 60.3 1929 1920 80.8 103.2 64.2 66.1 63.9 54.5 1921 81.8 103.0 55.2 51.6 61.8 57.8 January 97.0 129.2 185.2 192. 5 141.8 192.7 1922 92.4 114.0 67.7 64.7 72.7 70.9 February—. 96.3 128.8 186.5 192.3 141.6 202.4 1923 91.8 114.4 69.0 66.6 71.9 73.8 March 95.8 128.7 189.1 196.0 140.4 203.7 1924 93.5 115.2 72.8 69.6 76.7 78.9 April 95.8 128.6 186. 193.4 138.3 201.4 1925 95.3 118.6 89.7 88.4 89.5 94.9 May 95.7 128.6 187.8 192. 6 138.7 212.3 1926 97.0 121.0 100.0 100.0 100.0 100.0 June 95.3 127.7 190.7 191.0 144.8 233.0 1927 98.9 127.1 118.3 118.5 119.1 116.0 July 95.2 127.0 207.3 202.7 160. 0 272.8 1928 98.7 130.9 149.9 154.3 128.5 148.9 August 95.0 126.3 218.1 210.3 165.4 304.3 1929 95.7 127.4 190.3 189.4 147.3 234.6 September.. 94.8 126.8 225.2 216.1 168.1 321.0 1930 98.3 126.4 149.8 140.6 124.9 214.6 October 95.1 126.4 201.7 194.4 157.0 276.6 1931 '•96.1'•119.1 94.2 86.9 72.1 147.9 November.. 95.6 123.9 151. 1 144.8 135,1 194.4 1932 81.1 16.1 48.4 46.3 26.2 78.8 December.. 96.5 126.4 153.8 146.9 136. 3 200.9 1926 1930 January 96.2 120.0 101.8 102.2 98.6 103.2 January 96.5 126. 5 156.3 148.8 136.5 208.7 February- 96.6 120.6 101.8 102.4 97.1 103.8 February... 96.4 126.9 165.5 155.9 142.5 230.6 March 96.6 120.1 95.8 96.3 94.7 94.9 March. 97.7 127.8 172.4 163.0 143.2 242.1 April 96.9 120.6 92.9 92.6 93.6 93.3 April 97.8 128.2 181.0 170.8 141.7 263.7 May 97.3 121.4 93.2 92.6 94.7 94.3 May... 98.0 127.1 170.5 160.1 136.0 250.0 June 97.3 121.3 97.2 98.4 97.7 June 98.2 126.8 152.8 143.1 124.5 223.5 July 97.0 121.2 100.0 100. 2 100.2 July. 98.7 125.9 149.3 139.8 124. 2 215.4 August 97.2 121.9 102.9 103.1 103.1 102.0 August 99.6 126.5 147.6 138.7 121.2 212.7 September. 97.0 120.5 104.3 104.2 105.9 103.1 September.. 100.0 127.9 148.8 139.3 122.6 216.4 October 97.0 120.2 101.6 101.5 102.7 100.9 October 99.9 126.8 127.6 117.8 110.9 187.0 November. 97.6 121.1 103.1 102.9 104.2 103.1 November.. 99.1 124.7 116.7 108.5 102.1 167.4 December.. 97.8 123.6 105.4 105.4 106.4 104.0 December.. 97.8 121.7 109. 4 101.9 93.5 157.9 1927 1931 January 97.9 124.0 105.6 105.6 107.1 104.4 January 99.6 123.6 112.3 103.4 100.4 163.4 February- 98.1 125.0 107.9 107.5 111.6 105.3 February... 99.4 124.8 119.8 110.3 104.7 177.9 March 98.4 125.1 109.1 108.6 112.2 107.3 March 100.0 126. 4 121. 6 111. 8 97.2 188.9 April 99.0 126.4 111.1 110.0 115.7 110.5 AApprriil 99.6 125.3 109. 2 100.3 87.3 169.8 May 99.1 127.6 114.2 113.1 118.1 114.2 Maajy 99.7 122.6 8.0 .9.4 76.8 156.4 June 98.4 127.2 115.4 114.4 119.2 115.6 June 99.4 119. 7 95. L86.5 74.0 153.0 July 98.4 126.7 117.2 116.7 120.7 July 99.4 121.1 98.2 89.8 75.3 157.5 August 98.8 127.6 122.0 122.3 118.5 August 98.5 120. 7 95.5 88.5 66.2 154.0 September.. 99.3 128.5 127.7 128.9 125.2 124.1 September. 95.6 116.1 81.7 75.8 56.1 131.9 October 99.6 128.5 126.7 127.5 124.3 124.5 October '89. 112. 0 69.7 64.8 48.4 111.9 November. 99.7 128.8 129.6 131.3 124.9 125.6 November.. ••89.7 112. 71.7 67.5 46.0 114.7 December. 100.0 129.7 133.1 135.5 126.8 127.2 December.. '82.2 104. 0 57.7 54.3 33.0 95.6 1928 1932 January 100.3 131.3 134.4 137.4 125.3 129.5 January 82.0 102.2 58.0 54.4 36.6 94.4 February- 100.3 131.1 132.3 134.8 121j 130.9 February... 81.4 101.' 56. .5 52.9 34.2 92.8 March 100.5 132.8 137.9 141.1 125.' 134.4 March 83.7 103.2 56.8 53.8 32.1 93.4 April 100.3 135.3 145.9 149.5 130.7 142.5 April 80.2 94.2 43.9 41.7 22.2 73.3 May 99.7 134.2 152.1 154.9 133.2 155.3 May 76.0 90.3 39.8 38.1 17.4 67.8 June 98.5 131.5 145.3 148.2 126.7 148.1 June 72.8 83.6 34.0 33.5 14.1 55.0 July 97.9 129.6 144.2 147.8 124.6 145.3 July_. 75.1 85. 35.9 35.8 15.6 55.4 August 97.2 128.8 148.3 152.6 126.5 147.9 August 84.3 98.6 53.3 51.5 29.2 84.2 September- 97.5 129.3 156.6 162.2 129.6 155.8 September- 87.0 101.8 58.2 55. 34.5 91.4 October. 97.5 128.8 159.1 166.2 128.2 154.5 October 85.2 99.8 49.9 47.7 27.5 80.6 November., 97.8 129.3 171.1 178.9 134.9 168.6 November- 83.1 97.4 47.5 45.4 25.5 77.6 December.. 97.2 128.9 171.4 178.4 134.9 173.4 December.. 82.2 95.4 47.4 44.8 25.7 79.6 ' Revised. » Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. 120 high-grade industrials; average price. »About 421 issues: 351 industrial, 33 railroad, and 37 public utility. Back figures.—-See (for monthly data) Annual Report for 1930 (table 123). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

No. 105.—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers of the Federal Reserve Board.* 1923-25=100] 1 Industrial production Construction contracts awarded (value)2 Freight-car loadings Fac- Factory em- tory Depar ployment pay Merchandise, storesales Year and month Total Manufactures Minerals Total Residential All other rolls Total 1. c. 1. to Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 83 84 77 63 44 79 107 98 84 78 1920 .. 87 87 89 63 30 90 108 118 91 71 94 3 1921 67 67 70 56 44 65 82 77 79 87 87 1922 85 86 74 79 68 88 90 81 87 94 88 1923 101 101 105 84 81 86 104 103 100 96 98 1924 „ 95 94 96 94 95 94 96 96 97 99 99 H 1925 104 105 99 122 124 120 100 101 103 105 103 CD 1926 ._ 108 108 108 129 121 135 101 104 106 105 106 Ul 1927 106 106 107 129 117 139 99 102 103 105 107 o 1928 111 112 106 135 126 142 97 102 103 104 108 o 1929 119 119 115 117 87 142 101 108 106 105 111 1 1 9 9 3 3 0 1 _ 8 9 1 6 9 80 5 9 84 9 9 63 2 3 5 7 0 1 8 2 4 5 8 74 8 8 66 7 9 7 2 5 9 87 7 1 9 0 2 2 ad 1932 64 63 71 28 13 40 62 45 56 72 69 1919 o J&nu&rv 8 7 1 8 8 7 2 9 8 80 2 8 8 2 0 7 63 4 7 7 9 0 2 27 1 3 3 0 2 1 9 5 1 1 1 8 3 37 0 4 4 5 4 1 10 0 2 5 1 1 0 0 8 3 9 91 7 7 72 5 8 8 4 3 6 59 0 6 7 6 1 w March 76 76 78 78 61 66 40 39 25 24 52 51 102 102 91 71 78 65 72 April 77 78 80 79 65 71 53 44 39 32 64 54 102 102 90 73 80 77 72 May 80 78 80 78 75 74 69 55 52 42 83 66 103 103 91 80 81 73 69 June 84 83 84 84 82 76 82 70 61 58 99 80 104 104 93 83 80 76 76 July 87 87 87 89 88 81 88 78 63 63 108 90 107 107 96 90 85 59 80 August 89 89 90 91 83 78 82 78 59 61 101 92 109 108 101 91 88 60 80 September 89 87 89 88 94 85 81 78 60 59 99 94 111 109 105 102 91 76 83 October 89 86 88 86 95 87 74 78 54 55 90 97 110 108 102 99 87 89 81 November 87 85 91 89 63 63 74 88 49 51 94 117 112 111 107 86 83 101 86 December 81 86 83 88 70 77 66 90 37 43 90 128 113 114 114 82 90 137 86 i Descriptions of these indexes have been published in the Federal Reserve Bulletin as follows: Index of industrial production, February and March 1927 (certain revisions March 1932); indexes of factory employment and pay rolls, November 1929, November 1930; index of construction contracts awarded, July 1931; index of freight-car loadings, August 1927 (certain revisions, February 1931); index of department-store sales, February 1928 (certain revisions, November 1930). > Based on 3 month moving averages centered at the second month. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

No. 105.'—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE—Continued [Index numbers of the Federal Reserve Board. 1923-25=100] oo Industrial production Construction contracts awarded (value) Freight-car loadings i Fac- Factory em- tory Department Year and month Total Manufactures Minerals Total Residential All other ployment r p o a l y ls Total Mer 1 c . h a c n . d 1 i . se, storesales Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed g 1 1920 January 92 95 94 96 82 86 65 91 31 38 93 134 114 117 117 84 94 82 90 February 93 95 96 96 78 84 72 86 31 36 106 127 113 115 116 81 91 74 89 March 94 93 96 95 80 87 80 78 40 37 113 110 115 115 124 87 95 90 93 April _ __ __ 87 88 90 ' 89 73 82 86 71 45 36 119 99 114 114 122 76 84 91 93 May 92 90 93 91 86 85 82 65 41 33 114 91 112 112 123 88 88 101 96 J J u un ly e . - -_ 8 9 8 2 9 8 1 9 8 9 7 2 8 9 9 1 9 9 5 4 8 8 8 8 7 6 2 6 5 6 7 0 3 2 1 6 3 2 0 7 1 9 0 8 5 8 8 5 2 1 10 1 8 1 1 10 1 9 1 1 12 2 0 5 9 9 5 6 9 9 2 1 72 72 9 7 6 3 9 9 6 8 W 3 August- __ __ . _ 89 89 88 89 98 91 58 54 24 26 86 78 109 108 123 99 94 82 83 73 97 September 88 86 87 86 94 85 56 54 25 25 80 77 107 105 121 103 91 86 82 88 95 October _ -. _ 86 83 83 82 100 91 49 52 24 24 69 74 104 102 117 103 90 85 81 102 92 November 78 76 74 73 97 94 40 49 21 22 56 70 98 97 108 94 91 82 80 112 96 68 72 65 68 87 94 34 46 19 21 46 66 90 90 100 82 90 78 80 146 92 1921 January 66 67 64 64 77 81 31 43 19 24 40 58 81 83 84 72 79 72 79 83 92 February - 65 66 64 64 72 77 37 43 27 32 45 53 83 84 82 72 79 78 83 76 92 March 64 64 63 63 67 72 48 46 36 34 57 56 83 83 82 71 75 85 84 88 89 April 64 64 64 63 65 72 60 50 45 36 73 61 82 82 80 72 77 87 85 87 89 May 67 66 66 64 73 73 66 53 48 38 81 64 82 82 78 78 79 88 86 91 87 I June 66 65 65 65 73 71 64 55 44 42 80 65 81 81 76 80 80 89 88 86 87 July 64 65 63 64 70 68 62 57 44 46 77 65 80 80 72 83 81 90 90 64 87 August 67 67 66 67 71 69 64 61 48 51 77 70 81 81 74 80 77 85 86 63 84 September 69 68 68 68 72 67 65 64 54 55 74 71 83 82 74 89 80 94 90 75 82 October 73 71 73 71 78 71 62 65 56 57 67 72 84 83 73 95 83 95 92 95 86 November 72 71 72 71 71 fiS 57 66 57 59 58 72 84 84 72 81 77 92 90 97 83 December 66 70 66 70 64 69 52 66 54 59 50 72 83 83 74 72 77 88 90 135 84 1922 January 72 73 72 73 73 77 50 67 50 61 50 72 83 84 70 74 80 84 92 73 83 February 76 76 75 74 81 85 59 68 55 61 63 75 84 85 73 79 86 88 93 69 83 March 81 80 80 78 88 92 77 75 66 62 86 84 86 85 75 84 88 95 94 77 84 April 78 77 83 81 48 53 95 78 80 65 107 89 85 86 74 77 81 101 99 90 87 May 82 81 87 86 53 54 100 80 83 68 113 90 88 88 77 77 78 95 93 89 87 June 86 85 90 90 63 59 99 85 78 75 117 94 90 90 80 88 85 100 99 85 86 July 84 85 88 90 61 57 96 88 70 74 117 99 87 88 78 87 83 97 97 64 86 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

August 83 83 86 87 67 62 89 86 63 69 110 100 90 90 82 88 84 93 94 66 September... 89 88 89 89 88 81 80 80 64 67 93 90 94 92 87 98 88 95 90 85 91 October 96 93 95 94 98 90 72 76 68 69 76 81 96 95 89 100 89 92 90 102 93 November. _. 99 97 99 97 98 94 67 76I 71 74 63 78 99 98 93 100 95 94 91 108 92 December 95 100 95 100 94 100 63 79I 72 76 56 81 100 100 96 88 96 88 91 152 93 1923 January 99 99 99 99 97 101 64 83 68 80 61 86 101 102 94 90 99 86 94 79 91 February 101 100 103 100 94 99 76 85 77 82 75 88 102 103 98 88 97 87 92 77 93 March 105 103 107 103 97 103 89 85 87 80 91 89 105 104 103 94 101 93 92 93 95 April 107 106 109 105 99 111 102 84 97 78 106 89 105 105 104 96 104 96 94 97 100 May 108 106 108 106 107 108 102 84 89 77 112 89 105 105 107 102 102 99 97 100 98 June 105 106 104 105 112 108 94 84 80 78 106 88 106 106 108 104 102 99 98 99 101 July 101 104 98 103 115 111 83 78 72 77 91 79 105 106 103 105 102 98 98 73 98 August 100 103 98 101 116 110 76 76 68 75 83 76 106 105 104 106 101 97 97 75 101 September... 101 101 100 101 106 97 80 81 77 81 82 80 106 104 105 111 99 102 97 94 100 October 102 99 100 98 113 104 81 85 83 84 80 86 105 104 107 110 98 102 99 111 101 November... 99 98 98 97 108 106 82 91 89 90 76 91 103 103 105 104 99 102 99 117 100 December 92 97 92 97 93 99 77 92 89 94 68 90 101 102 103 88 97 94 98 164 1924 January 99 100 99 99 100 103 76 95 86 101 67 91 100 101 98 91 99 91 99 86 99 February 104 102 105 101 100 105 87 97 101 107 76 89 101 101 104 95 102 96 100 84 101 March 103 100 105 100 93 99 102 98 110 102 96 94 101 101 104 94 100 101 100 88 April. 96 95 98 95 83 93 113 95 119 98 108 94 100 99 101 90 96 101 99 103 May 90 89 89 88 93 93 111 95 107 96 113 94 96 96 97 95 94 101 99 98 97 June 84 85 82 84 96 93 99 91 90 91 106 91 93 94 92 93 91 97 96 97 100 July 81 84 78 83 95 93 92 88 82 87 101 88 91 92 85 94 93 96 97 71 August 87 89 86 89 96 92 88 86 78 85 95 87 92 92 89 99 95 98 98 72 September.... 95 94 93 93 103 97 93 92 85 88 99 96 94 93 92 111 99 104 99 96 101 October 98 95 97 95 104 96 95 98 93 93 96 103 95 94 95 112 100 104 101 105 96 November 99 97 99 97 100 97 93 99 97 95 91 103 95 95 94 104 99 103 100 117 100 December 97 101 98 102 95 99 84 98 90 95 80 101 96 97 98 93 101 97 101 166 1925 January 105 105 106 105 101 105 78 97 80 96 76 99 96 98 95 94 103 95 102 84 99 February 107 104 109 105 95 100 90 103 90 99 90 106 98 98 101 95 102 101 104 85 103 March 107 103 109 104 90 96 111 107 114 106 109 108 100 99 103 95 101 105 104 94 103 April. 104 102 106 103 89 100 127 111 131 112 124 110 99 99 100 96 103 105 104 105 102 May 103 102 103 102 105 104 133 118 130 117 136 118 98 99 101 103 102 106 104 103 102 June 100 102 100 102 104 101 131 123 124 126 137 120 98 99 99 102 100 104 104 98 102 July._. 99 103 97 103 107 104 140 131 131 135 147 128 98 99 97 104 102 103 104 75 101 August 101 103 99 102 112 107 140 137 137 145 142 130 100 99 99 110 106 105 105 76 101 September 102 101 103 103 97 89 139 133 144 141 134 127 102 100 99 115 102 111 105 97 101 October _. 107 104 108 106 98 90 128 131 140 138 118 125 102 101 105 113 102 109 106 122 111 November 108 107 110 109 98 95 125 131 139 137 113 126 102 102 105 109 105 109 106 122 104 December 103 109 106 112 89 93 119 136 125 134 113 138 102 102 106 97 107 101 106 176 104 CO Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

No. 105.—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE—Continued [Index numbers of the Federal Reserve Board. 1923-25= 100] Industrial production Construction contracts awarded (value) Factory em- t F o a r c y - Freight-car loadings Department- Year and month Total Manufactures Minerals Total Residential All other ployment pay Total Merchandise, store sales rolls I.C.I. Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1926 January.. . _ 105 106 108 109 90 91 113 139 113 135 113 141 101 102 101 94 104 98 106 90 106 February 108 105 111 107 92 95 121 139 114 127 126 149 102 102 106 96 103 102 105 87 105 March 110 106 112 106 98 106 130 127 128 121 132 132 103 102 107 99 105 107 106 97 101 April 108 107 110 106 96 108 142 126 140 121 143 130 102 101 105 98 105 106 105 102 105 May. .. 107 106 108 106 103 104 135 120 135 120 136 120 101 101 104 106 105 107 105 109 109 June 106 108 106 108 109 107 131 122 120 119 140 125 101 101 104 109 107 106 106 100 105 July 103 108 102 108 110 108 136 126 116 119 151 133 99 101 99 110 107 104 105 77 106 August 109 110 108 110 115 109 137 . 132 115 119 155 142 101 101 104 112 107 105 105 82 108 September __ _ . 113 111 112 111 119 110 137 130 122 120 149 139 103 102 105 121 108 110 106 104 106 October 115 111 113 111 124 113 127 130 123 122 130 137 103 102 108 122 108 109 104 120 109 November 110 110 108 109 123 118 125 132 120 118 130 142 101 101 105 113 109 108 106 124 106 December 101 107 99 105 113 119 114 131 109 117 119 142 100 101 104 98 108 101 105 184 108 1927 January 106 107 105 106 112 115 107 132 97 117 115 144 98 100 99 96 106 98 105 91 107 February. _ 111 109 110 107 113 117 114 131 105 117 121 142 100 100 105 99 107 102 104 89 108 March 113 110 114 108 111 120 132 128 123 116 138 138 100 100 106 102 109 106 105 95 106 April 110 108 112 108 96 106 144 128 133 115 153 139 100 99 105 99 106 106 104 109 106 May. _. 112 109 112 110 108 109 145 128 132 115 157 139 99 99 104 105 103 106 104 105 105 June 107 107 106 108 108 106 140 128 117 114 158 140 99 100 102 105 104 105 105 101 106 July 102 106 102 107 103 101 140 128 115 114 160 140 98 99 99 104 102 104 105 76 105 August 105 106 104 106 111 106 131 126 108 113 149 136 99 99 102 109 104 105 105 85 111 September 106 104 105 104 111 104 133 128 119 118 145 136 101 98 102 116 103 110 105 103 104 October 105 102 104 102 112 103 126 128 120 119 131 135 99 98 103 114 101 109 104 117 107 November 101 101 100 101 105 102 122 129 120 121 124 136 97 97 98 101 98 106 104 126 108 December 96 102 95 102 97 102 111 131 111 125 111 136 95 97 99 88 98 98 104 182 106 1928 January.. _ 105 107 106 107 100 103 111 137 116 139 108 135 94 96 96 92 102 98 105 91 108 February- 111 109 113 110 99 102 121 138 128 142 115 135 96 96 101 94 102 101 104 88 106 March 112 108 114 109 98 105 138 137 143 136 134 137 97 96 103 97 103 105 104 97 107 April 110 108 113 109 95 105 155 137 152 130 157 142 96 96 100 96 101 105 103 105 106 May 110 108 111 108 104 106 159 137 149 130 168 143 96 96 101 105 103 108 104 107 107 June 108 108 108 109 104 102 154 139 140 133 166 144 96 97 101 101 100 103 103 102 107 July _ _. 105 109 105 no 104 102 142 132 127 126 155 137 96 97 98 105 102 104 105 80 110 A Se u p g t u e s m t ber __ 1 1 1 1 6 0 1 1 1 1 3 0 1 1 1 1 6 0 111141 1 1 1 1 5 1 1 1 0 0 7 5 1 1 3 3 8 7 1 1 3 3 4 1 1 1 1 1 8 6 1 1 1 1 8 9 1 15 5 4 4 1 1 4 4 7 1 1 9 0 8 0 9 9 7 8 1 1 0 0 4 3 1 1 1 0 9 9 1 1 0 0 5 3 1 1 0 0 9 4 1 1 0 0 5 4 1 8 1 1 3 1 1 0 1 7 2 October 118 115 117 116 123 111 134 136 115 115 150 152 100 98 107 119 106 109 104 118 108 November 115 117 115 118 118 114 122 132 112 114 130 146 99 99 104 109 107 107 105 125 108 December 109 118 110 120 106 111 107 127 93 106 117 145 98 100 104 94 106 99 105 192 111 1929 January 117 119 117 120 114 116 98 120 81 97 111 139 97 100 101 95 108 97 104 90 110 February 121 118 122 118 116 119 102 118 84 94 116 137 100 100 108 99 107 101 104 91 111 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

March 124 118 126 120 101 109 121 121 106 101 133 137 101 101 111 105 106 105 107 112 April 124 121 128 122 103 114 139 123 117 100 158 142 102 102 111 102 108 107 104 103 110 May 126 122 128 123 116 117 143 121 113 97 168 141 102 102 111 109 107 107 104 109 109 June 125 125 127 127 116 114 144 126 102 95 178 152 102 103 110 110 108 105 105 108 113 July.. 120 124 120 125 118 116 136 124 94 93 170 149, 102 103 106 111 107 105 106 79 109 August 122 121 122 122 121 115 129 122 84 86 166 152 104 103 111 115 107 106 106 84 111 September-.. 123 121 123 121 127 118 112 110 73 73 144 140 105 102 112 121 106 110 106 117 114 October 121 118 119 118 127 116 104 107 67 67 135 139 103 101 111 118 104 109 104 122 112 November... 108 110 107 110 114 110 94 103 66 67 116 132 99 99 103 102 102 106 104 125 108 December 96 103 93 101 110 116 84 102 53 61 109 136 95 97 102 96 103 191 108 1930 January 103 106 102 105 108 110 78 95 46 56 104 128 96 94 100 94 101 107 February 109 107 110 107 104 108 89 104 44 49 126 148 94 91 98 101 89 108 March 106 103 109 104 91 98 102 102 54 52 141 144 93 93 90 101 100 93 107 April 107 104 110 104 94 104 113 101 62 53 156 140 93 92 97 93 97 101 110 107 May 105 102 106 101 102 104 125 105 61 52 178 148 91 91 94 97 101 105 105 June 99 98 97 103 102 116 99 54 49 166 140 89 90 91 95 98 98 103 J S A u e u l p y g t u em st. b . er. _. 9 9 9 0 2 0 90 9 8 8 0 9 8 8 9 8 9 2 8 1 1 1 0 0 0 1 1 0 1 9 9 0 6 4 0 1 8 8 0 5 2 7 8 8 9 1 1 5 4 5 4 8 2 8 5 4 4 2 9 7 1 1 1 0 1 5 8 5 5 1 1 1 0 0 3 5 6 5 8 8 8 6 5 6 8 8 7 4 8 8 8 3 2 3 9 9 9 6 9 5 8 8 9 7 9 2 9 9 9 9 4 5 9 9 9 5 5 5 1 7 7 0 7 1 3 1 1 9 0 0 9 0 2 g H2 October 90 87 86 105 95 75 78 51 52 94 84 81 97 86 97 93 112 102 g November 84 86 82 85 96 92 68 76 46 48 86 81 81 75 86 84 94 92 113 98 J2j December 76 84 74 82 89 93 59 73 37 43 77 79 74 74 84 92 165 94 3 1931 January 82 81 83 87 89 58 71 37 44 75 93 76 78 74 82 83 90 81 February 87 88 86 84 87 68 79 42 47 104 77 78 73 74 80 87 81 March 89 87 91 87 82 89 77 77 50 47 100 78 78 75 75 80 92 97 April 90 88 91 87 83 91 82 73 52 44 107 96 78 78 74 77 80 91 101 107 May 89 87 90 87 84 87 78 65 47 40 104 85 77 78 72 79 79 92 97 97 June 83 83 83 82 86 87 74 63 41 37 101 84 75 76 68 77 77 92 96 July 80 82 79 82 86 86 68 61 36 35 94 82 74 75 64 78 76 87 92 August 78 78 77 78 82 79 63 59 32 33 87 81 74 74 64 76 72 89 September 77 76 76 75 83 78 59 59 32 32 81 80 75 73 62 78 85 85 October 75 73 72 71 90 83 52 55 29 30 71 76 71 70 59 78 87 83 94 87 November 72 73 70 71 84 81 43 49 26 27 57 67 69 56 70 85 83 97 84 December 74 66 72 79 84 30 38 20 23 39 50 68 56 61 77 83 143 82 1932 January 71 72 70 71 . 74 77 25 31 16 19 33 41 66 68 52 58 64 75 81 64 78 February 71 69 70 68 75 78 23 27 15 17 30 35 67 68 54 59 62 75 78 64 78 March 68 67 66 64 77 84 26 26 16 15 35 36 66 66 52 58 61 75 75 69 72 April 64 63 63 61 72 79 31 27 16 14 43 38 64 64 49 57 59 75 73 74 79 May.. 61 60 61 58 65 67 31 26 14 12 45 37 61 62 46 53 54 74 71 72 72 June 59 59 58 58 61 63 32 27 12 11 47 39 59 60 43 52 52 71 71 66 69 July 56 58 55 57 62 64 31 27 12 11 46 40 57 58 40 51 51 68 46 65 August 59 60 58 59 66 65 32 30 11 12 48 45 59 40 53 51 68 49 65 September 67 66 66 65 73 70 30 30 12 12 45 44 62 42 61 54 72 71 October 68 67 67 66 80 74 28 29 12 12 41 43 62 61 44 65 57 72 75 November 65 65 63 63 78 75 24 27 10 10 35 41 61 61 42 58 57 70 73 December 66 58 64 72 76 22 28 8 33 43 60 61 41 52 58 64 106 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

172 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 106.—INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS [Monthly series adjusted for seasonal variation. 1923-25=100] Y m ea o r n a th nd i t n A r d ie u ll s s- s I a r t n e o e d n l T ti e l x e - s p F u r o c o o t d d s - P pr a a i i n n p n d g e t r - L b u e m r - A b m u il o t e o - s - e L p r u e r c o a a t n d t s h d - - m N r f e o e o t u r n a - s - ls P r l e e i e t f n u i r g n m o - - t R t a u b u i n b e r b d e e r - s s b p u T a r c o c o t - c d s o - 1919 84 82 92 94 76 84 50 104 82 1920 87 99 84 84 87 86 58 97 87 1921 67 46 87 83 70 72 41 90 55 85 1922 86 82 99 94 85 87 66 102 77 1923 101 105 105 99 94 101 102 108 94 86 1924 94 89 91 103 99 98 91 95 99 98 99 1925 105 106 104 98 107 101 107 97 107 115 116 105 1926 108 113 104 97 114 98 108 99 112 127 116 112 1927 106 104 113 96 112 92 86 103 109 136 120 118 1928 112 119 107 98 119 91 110 102 115 152 144 124 1929 119 130 115 97 125 91 135 104 125 168 135 134 1930 95 94 91 93 113 64 85 92 97 161 100 131 1931 80 60 94 90 106 41 60 90 155 96 123 1932 63 31 83 87 91 25 35 85 139 78 111 1929 January 120 126 116 104 124 142 101 125 159 154 133 February 118 128 114 101 123 143 101 124 161 149 129 March 120 130 117 95 126 143 100 129 161 151 126 April 122 131 119 101 123 143 102 136 165 149 141 May 123 139 119 95 125 142 106 137 167 148 141 June 127 148 120 96 127 153 107 126 170 146 138 July .— 125 149 117 125 141 105 127 171 140 131 August 122 139 118 126 131 106 123 176 122 132 September 121 136 116 130 122 107 125 174 113 135 October 118 126 118 127 123 108 123 178 115 134 November 110 108 108 124 113 107 119 171 107 130 December 101 95 121 65 100 113 167 137 1930 January 105 107 103 121 97 101 105 160 112 134 February 107 118 100 122 102 97 102 166 105 133 March 104 109 99 120 98 98 103 165 104 129 April 104 107 95 120 102 101 105 171 110 134 May 101 104 88 117 101 97 100 171 108 132 June 97 102 83 115 91 93 96 166 106 140 July 92 91 84 111 75 89 96 164 93 136 August 90 109 62 90 95 162 99 129 September 83 108 62 89 97 163 85 125 October 76 107 49 85 95 157 90 128 November 71 95 103 74 79 148 90 119 December 63 101 85 148 132 1931 January 107 79 141 94 124 February 95 109 87 146 92 133 March. _. 97 110 92 150 97 131 April— 96 109 100 159 96 132 May 97 111 105 161 115 135 June 96 107 97 159 108 132 July—. 100 109 160 114 121 August 99 105 161 94 118 September 100 104 159 80 118 October- 93 100 158 76 111 November 155 84 113 December 149 113 1932 January 101 140 92 124 February 98 141 85 114 Miarch 82 99 136 73 109 April 65 93 144 70 109 May 59 90 146 72 110 June 63 85 146 107 118 July 69 86 141 89 114 August 90 84 135 68 108 September 104 88 133 64 111 October 99 91 137 68 104 November 92 87 138 73 104 December...,.— 91 86 132 67 112 Back figures of monthly series.—For index of manufactures, 1919-28 (all industries), see table 105. Tables showing indexes, both adjusted and unadjusted, by groups and by industries, 1923-32, may be obtained from the Division of Research and Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

173 BUSINESS CONDITIONS No. 107.—INDEX OP PRODUCTION OP MINERALS, BY INDUSTRIES [Monthly series adjusted for seasonal variation. 1923-25=100] Year and month A t d l r l u i e s i s - n- m B c in i o t o a u l u - s An c c o t i h t a e r l a- P l c e r e u u t m r d o e , - m I s r o h e o r i n n e p t - - s 1919 77 89 109 52 91 1920 89 109 110 61 113 1921 70 79 112 64 36 1922 74 78 65 75 82 1923 105 108 115 99 114 1924 96 93 109 97 82 1925 - . _ 99 99 76 104 104 1926 108 110 104 105 113 1927 107 99 99 122 98 1928 106 96 93 122 104 1929 115 102 91 137 126 1930 99 89 86 122 90 1931 84 73 74 116 45 1932 71 58 61 106 7 1929 January 116 105 95 137 February 119 111 97 136 March 109 90 86 133 April 114 102 90 133 May 117 105 86 134 146 June.. _ . 114 102 84 135 128 July 116 103 84 143 121 August 115 99 80 145 121 September.. _ _. 118 103 101 140 123 October 116 103 91 140 107 Noveni bpr 110 98 88 132 112 December 116 104 113 133 1930 January 110 101 94 133 February 108 93 91 134 March 98 82 80 126 April 104 98 71 128 May . __ 104 93 85 128 106 June 102 90 89 125 108 July .-. . 100 87 99 121 97 August 96 83 89 117 96 September. 94 86 78 114 80 October 95 88 85 115 74 November. 92 87 82 114 58 93 86 89 110 1931 January. . _ 89 78 83 110 February 87 74 81 109 March 89 77 84 112 April 91 78 83 120 May -. 87 76 75 122 28 June.. 87 75 76 122 46 July 86 75 70 123 56 August.— . 79 71 62 107 59 September 78 71 65 103 62 October 83 71 74 116 41 November 81 68 66 123 12 December 84 65 69 121 1932 January 77 58 54 111 February 78 63 58 109 March 84 70 81 109 April— . 79 55 81 112 May 67 49 49 109 2 June 63 45 42 105 3 July- __- . _ 64 46 55 104 August... _ __ 65 50 48 104 September 70 • 58 61 104 October. _ __ 74 67 61 103 No vp,m bpr 75 66 65 106 December 76 66 75 96 O0 00 03 Copper Zinc (mined) 81 85 87 30 39 62 68 93 96 100 97 107 107 110 116 105 111 115 112 127 114 87 91 66 54 38 129 102 136 106 135 110 142 116 139 121 124 120 122 124 119 127 125 120 123 119 118 106 115 98 101 104 95 98 88 96 90 94 90 94 86 99 83 91 84 94 89 93 83 90 83 70 76 68 72 65 76 65 70 65 69 61 68 54 67 54 59 49 59 49 60 49 60 47 64 45 66 45 45 46 45 43 39 38 13 7 cocoa Lead Silver 66 84 77 87 88 103 102 101 110 96 116 95 112 93 106 88 113 94 97 79 68 49 45 37 116 92 111 91 111 90 112 103 121 97 110 95 114 96 113 94 117 93 117 96 113 106 101 84 92 87 108 98 103 86 108 88 100 82 95 77 100 76 102 72 98 76 91 71 80 67 89 68 80 64 79 60 76 60 69 54 75 53 58 47 62 47 66 45 65 42 66 41 58 38 62 43 59 39 54 31 55 30 45 40 49 36 49 45 31 40 33 41 41 36 33 38 36 35 45 37 38 39 30 Back figures of monthly series.—For index of minerals (all industries), 1919-28, see table 105. Tables showing indexes, both adjusted and unadjusted, by industries, 1923-32, may be obtained from the Division of Research and Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

No. 108,—INDEX OF FACTORY EMPLOYMENT, BY GROUPS [1923-25-100] I Transportation I Year and month f m in a A c g a t n l u i l u n r- - - s I a r t n e o e d n l Ma e c ry hin- Textiles p F u r o c o o t d s d - P p a r i a n n i p n g d e t- r b L p e u r r u c o m a t d s n - - d equipm A en u t to- L p e u a r a n c o t t d h d s e - r Ce c g a m l l n a a y s d e s n , t, f m e N r e r o t o a n u l - s s Chemic P a e l t s ro- R p u u r b c o t b d s e - r T p o u r b c o a t d s c - co dustries Group mobiles Group leum refining 1919. 106.7 99.7 117. 2 97.8 109.0 96.8 93.2 96.3 85.2 107. 5 84.7 114.6 108.3 112.9 1920 107.9 107.0 128.9 98.3 103.8 104.4 88.1 104.2 88.2 98.5 89.1 121.3 97.1 111.7 1921 82.4 65.4 77.0 93.0 94.8 89.1 74.5 71.7 52.9 87.8 73.6 74.5 70.8 110.5 1922 90.1 83.9 82.2 97.3 95. 5 92.7 95.5 78.3 72.0 97.6 88.1 90.1 81.0 107.2 1923 104.2 104.4 107.7 105.3 102.0 99.3 100.9 106.9 100.6 106.2 100.8 107.1 101.5 102.9 102.5 105.8 1924 96.2 97.2 93.6 95.2 100.0 99.8 98.1 94.9 93.5 96.3 99.0 95.1 95.9 96.5 91.8 98.8 1925 99.6 98.4 98.7 99.6 98.0 101.0 101.0 98.3 105.8 97.5 100.2 97.9 102.6 100.6 105.7 95.4 1926 101.4 101.3 107.9 97.9 98.5 103.6 100.5 98.3 104.8 96.8 101.9 99.5 108.8 110.2 104.6 90.8 1927 98.8 96.8 100.0 100.8 99.1 103.1 92.3 88.4 91.6 97.3 97.5 97.4 107.9 110.2 104.0 93.6 1928 97.2 95.4 98.7 95.1 98.6 101.7 88.1 90.6 108.8 93.5 92.3 96.6 105.3 102.4 108.6 93.8 1929 101.1 98.9 116.1 96.9 99.7 104.2 88.2 94.6 114.3 93.7 89.6 101.1 112.3 116.4 108.3 91.6 1930 87.8 87. 1 97.4 84.7 94.7 101.2 69.1 76.1 81.8 85.9 75.6 78.1 104.5 111.9 82.7 87.4 1931. 74.4 71.7 72.5 77.9 93.0 52.2 60.4 66.1 80.1 61.7 64.6 89.0 88.8 71.9 79.3 1932. 62.0 56.0 52.0 67.9 82^0 83.4 38.7 48.9 53.9 75.5 45.4 50.3 76.9 77.4 64.8 69.7 Without seasonal adjustment 1928—January... 94.2 91.0 92.8 99.7 96.8 103.0 85.3 83.0 89.7 96.2 85.9 89.8 103.3 101.1 105.1 88.5 February.. 95.7 94.0 94.1 100.7 97.8 102.4 85.4 86.1 98.3 97.9 86.5 93.6 106.5 100.8 107.6 92.4 March 96.6 95.4 95.5 100.3 97.4 101.4 86.7 88.2 102.6 97.3 89.4 94.6 110.4 101.0 106.0 93.5 April 96.0 95.3 95.9 97.0 95.6 100.3 87.5 89.7 105.2 92.4 91.8 95.9 109.9 99.4 105.7 91.1 May 95.7 95.7 97.4 93.4 96.1 100.6 87.4 92.4 111.3 89.8 95.3 95.9 101.5 99.2 105.4 92.2 June 96.2 95.5 98.2 91.8 97.6 100.5 88.3 92.4 111.3 89.7 96.2 96.0 101.0 101.5 105.4 93.0 July 95.7 93.6 97.9 87.8 97.9 100.5 87.5 91.6 111.2 94.0 94.6 95.3 100.4 102.6 110.7 88.0 August 98.3 95.9 99.5 89.4 97.4 100.8 89.5 94.2 118.1 95.9 96.6 96.0 101.3 103.9 111.6 94.7 September. 100.3 96.4 101.4 92.6 100.5 101.1 90.4 95.4 121. 5 96.1 96.0 97.6 106.8 105.8 113.4 96.7 October. _. 100.2 96.9 102.8 95.7 102.6 102.4 90.6 94.4 119.8 94.6 94.1 100.0 107.4 104.3 113.2 99.1 November. 98.8 97.7 103.8 96.2 101.9 103.7 90.5 90.2 109.1 89.3 91.8 102.2 107.3 104.0 109.8 98.9 December. 98.1 97.1 105.2 97.0 102.0 103.6 88.2 89.9 107.7 88.6 89.5 102.4 107.8 104.7 109.6 95.7 1929—January... 97.4 97.1 106.7 95.9 98.6 102.5 85.5 94.0 118.3 91.9 84.3 102. 4 107.6 104.0 112.2 84.1 February.. 99.8 98.3 110.4 98.0 98.8 103.4 85.8 99.0 129.5 94.1 84.5 106.1 110.9 106.7 112.3 92.0 March 101.4 99.3 113.8 101.1 97.6 103.1 86.6 100.5 131.1 92.7 86.8 107.9 115.5 109.2 113.3 92.0 April 102.1 99.7 116.7 99.3 96.2 102.5 88.2 101.7 131.4 90.6 90.5 107.7 119.0 111.9 114.3 91.3 May 101.9 100.7 119.1 97.3 97.3 102.8 89.2 101.5 130.0 90.3 93.1 105.3 110.3 114.4 115.3 90.3 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

June 102.0 100.8 120.8 96.3 99.2 103.2 90.0 97.6 120.6 89.4 93.8 102.9 107.9 116.4 115.0 91.4 July 102.1 99.8 121.5 91.5 99.8 103.6 90.5 96.4 117. 8 94.6 91.6 100.5 108.9 120.0 114.2 90.5 August 104.0 101.0 119.4 94.2 99.7 104.1 92.2 95.5 115.0 98.1 93.8 99.8 111.2 121.9 111.5 93.0 September. 105.4 101.0 119.5 98.4 102.4 106.0 91.8 94.8 113.1 99.5 93.6 98.6 114.5 124.0 108.3 93.7 October 103.3 99.4 118.7 99.8 104.2 106.1 90.1 90.2 101.3 99.3 91.9 98.4 116.1 124.6 102.7 95.0 November. 98.9 97.0 115.0 97.1 101.6 106.7 86.7 82.9 83.7 94.4 88.9 93.6 113.8 123.7 91.2 96.1 December. 95.2 92.2 112.1 94.3 100.4 106.9 81.6 81.3 79.6 90.0 82.3 89.9 111.8 120.9 89.2 89.2 1930—January... 93.2 91.7 109.9 92.8 97.4 105.1 76.8 83.2 85.7 91.4 74.7 85.9 110.6 120.8 89.7 84.2 February.. 93.3 93.5 109.3 92.9 96.7 104.0 75.0 83.9 89.7 92.4 75.3 84.6 110.2 120.9 87.9 88.9 March 93.1 92.8 108.5 92.9 95.0 103.7 75.0 83.2 91.0 91.5 78.4 84.3 112.5 118.5 87.2 April 92.6 93.0 106.9 90.3 94.0 102.6 74.2 84.0 93.9 89.8 81.2 82.9 111.7 116.1 88.6 May 90.9 92.7 103.6 86.8 94.5 102.4 73.4 84.0 95.3 86.8 81.7 81.2 104.6 114.1 88.3 89.4 June 88.8 90.0 100.1 83.6 95.6 101.5 71.7 80.2 88.8 84.5 80.4 80.2 101.8 114.0 88.0 89.2 July 85.5 86.1 95.2 76.6 95.0 100.5 68.2 74.8 81.0 86.6 75.8 77.7 101.0 113.6 82.7 88.2 August 85.1 83.6 90.9 77.9 92.9 99.7 66.5 72.1 76.3 87.4 74.8 75.1 101.5 112.2 81.0 84.0 September. 86.4 82.3 89.8 82.2 95.2 98.6 64.5 70.3 73.2 86.1 74.5 72.5 102.7 108.5 77.4 87.7 October... 84.3 81.6 87.4 82.4 94.7 98.8 64.3 67.0 69.6 83.1 73.2 71.6 101.4 104.1 75.3 88.0 November. 81.0 79.8 84.7 80. 1 93.6 98.4 61.6 64.9 67.9 76.9 70.4 70.9 98.6 99.8 72.6 87.1 December. 78.8 78.0 83.3 78.1 92.3 98.4 58.4 65.3 69.0 74.5 66.4 70.2 97.8 99.6 73.2 84.9 1931—January... 76.4 76.1 81.0 76.0 90.1 96.3 54.4 65.2 68.3 77.5 59.4 68.4 96.2 97.8 73.0 75.4 February.. 77.3 76.5 81.1 79.4 89.4 95.1 54.6 65.2 69.8 80.3 60.7 68.1 95.6 96.2 72.0 83.4 March 78.1 77.7 80.4 82.7 88.1 95.0 54.4 65.7 73.4 83.2 63.1 68.8 93.3 86.3 69.0 82.9 April 77.9 77.4 78.9 81.8 87.3 94.6 54.6 66.2 75.1 82.4 65.7 68. 1 96.7 94.0 71.1 80.2 May 77.1 75.7 76.8 80.6 88.3 94.6 54.9 66.1 77.3 80.8 67.3 67.4 91.4 94.4 74.3 80.7 June 75.0 72.6 73.9 76.7 88.4 92.7 54.3 63.5 72.6 79.7 67.0 65.4 86.7 91.1 75.6 79.9 July 73.8 71.1 70.4 75.2 87.8 92.0 52.2 60.2 67.2 84.6 63.7 63.4 86.2 89.0 74.1 79.4 August 74.2 69.9 67.7 77.8 87.9 91.7 52.1 58.7 65.4 86.7 62.6 62.3 84.4 86.4 71.5 79.1 September. 74.7 68.0 67.0 79.8 89.7 90.8 51.1 57.7 63.9 84.2 61.7 61.7 86.0 84.4 71.7 79.5 October. _. 71.4 66.3 65.2 77.4 89.2 91.4 50.1 51.5 50.5 79.2 59.0 60.8 85.7 83.0 70.2 79.9 November. 68.7 65.0 63.8 74.3 88.0 91.0 48.4 50.6 49.9 69.6 56.3 60.8 83.5 81.4 70.7 79.3 December. 67.9 64.4 63.8 72.9 87.9 90.8 45.2 54.4 60.2 73.2 53.3 60.3 82.0 81.3 69.8 71.7 1932—January... 66.3 62.8 61.2 71.6 84.2 89.0 42.4 53.9 63.4 75.7 47.7 56.8 81.7 81.2 69.1 69.0 February ~ 67.3 63.0 61.4 74.4 82.9 87.3 42.0 55.4 65.7 80.0 48.4 57.2 81.1 80.2 68.6 71.9 March 66.3 61.8 60.0 73.5 81.4 86.4 40.3 54.7 63.7 81.2 48.9 56.1 81.1 78.7 67.4 70.4 April 64.0 59.8 57.0 67.9 80.6 85.3 39.6 53.0 58.9 78.8 48.8 53.9 82.4 78.6 66.6 68.4 May 61.3 57.2 54.4 62.0 81.0 83.8 38.6 52.4 59.7 72.7 47.0 51.4 78.3 78.2 66.0 67.3 June 59.1 54.8 51.3 57.2 80.9 82.0 37.8 50.8 59.6 70.5 45.0 48.6 74.2 78.1 67.0 69.0 July. 57.2 51.4 48.4 53.9 79.3 80.5 36.3 49.2 57.9 71.6 43.4 45.4 72.3 77.4 65.0 68.4 August 58.6 50.4 46.4 62.3 80.7 79.3 36.4 45.1 50.8 76.1 42.1 45.8 72.2 75.8 63.6 68.3 September. 61.5 51.7 45.9 71.9 83.8 80.9 37.7 43.1 44.3 78.0 43.4 46.6 74.0 76.6 60.2 69.9 October... 62.0 53.3 45.8 75.7 85.0 82.3 39.0 41.3 37.3 79.0 44.9 47.1 75.1 74.6 60.5 71.9 November. 60.9 53.6 46.0 73.1 82.9 82.2 38.1 43.3 40.5 72.7 44.6 48.4 75.5 74.3 61.2 72.7 December. 59.6 52.1 46.0 71.1 81.5 81.6 36.6 44.8 45.2 70.0 41.4 46.8 75.4 75.4 61.8 68.8 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

No. 108.—INDEX OP FACTORY EMPLOYMENT, BY GROUPS—Continued [1923-25=100] Transportation Year and month d f m i u n a A c s g a t t n l r u i l i u n r e - - - s s I a t r n e o e d n l Ma e c ry hin Textiles p F u r o c o o t d s d - P p a r i a n n i p n g d e t- r b L p e u r r u c o m a t d s n - - d Gr e o q u u p ipm m A e o n u b t t i o le - s L p e u a r a c n o t t d h d s e - r C c e a l m n a d y e , nt, f m e N r e r o o t n a u l - s s Gro C u h p emi r c e P l a f e e i l u n t s r m i o n - g R p u u r c b o t b d s e - r T p o u r b c o a t d c s - co Adjusted for seasonal variation 1928—January... 96.1 92.8 93.8 98.6 98.2 102.2 88.0 85.4 94.4 95.5 93.6 90.9 103.6 103.1 105.4 94.6 February.. 96.1 93.2 93.4 98.0 98.8 102.2 87.9 85.9 96.9 95.4 93.3 91.7 104.9 102.2 106.4 93.3 March 96.1 94.0 94.1 96.7 99.4 101.1 88.6 86.3 98.1 95.3 92.7 91.4 105.1 102.1 105.0 93.7 April 95.7 94.0 94.7 95.2 99.2 100.8 88.3 86.6 99.0 94.2 91.2 93.6 103.8 99.4 104.7 93.7 May 96.1 94,6 96.7 94.2 98.9 101.4 87.8 88.7 103.0 93.6 92.4 94.7 103.4 99.4 104.7 93.7 June 96.7 95.4 97.6 94.0 97.8 101.4 88.0 91.1 108.9 94.0 92.2 96.0 105.0 100.5 105.0 93.6 July 96.6 95.1 97.9 92.8 98.2 101.6 87.1 91.7 111. 7 94.7 92.4 96.6 104.9 100.4 110.7 89.9 August 97.3 96.2 99.7 92.8 97.6 102.1 88.0 93.2 115.4 93.3 92.5 97.4 104.4 102.0 110.8 95.7 September. 97.7 95.7 101.9 93.3 98.0 101.4 87.9 94.5 119.2 92.7 92.3 99.1 106.3 103.9 111.0 93.8 October 98.3 96.6 103.6 94.0 98.2 102.0 88.1 94.4 119.8 91.8 91.9 101.4 107.1 104.5 113.8 93.9 November. 99.3 98.2 105.2 95.2 99.4 102.3 89.0 95.4 121.2 90.1 91.2 103.4 107.0 105.1 114.4 93.8 December. 99.8 98.5 106.4 96.0 100.2 101.7 88.7 95.6 121.7 91.1 92.4 103.9 108.0 106.0 112.3 1929—January... 99.8 99.0 107.8 95.2 99.9 101.7 88.4 96.9 124.6 91.4 91.9 103.6 108.0 106.0 113.2 90.8 February.. 100.3 97.6 109.8 95.4 99.8 103.2 88.4 98.6 127.6 91.7 90.9 104.0 109.5 108.1 111.4 92.9 March 100.9 97.8 112.0 97.4 99.5 102.8 88.5 98.0 125.3 91.5 90.0 104.2 110.4 110.3 112.6 92.6 April 101.7 98.5 115.2 97.5 99.6 103.0 89.3 98.0 123.6 92.4 89.9 105.1 112.0 111.9 113.3 93.3 May 102.4 99.5 118.3 98.1 100.0 103.6 89.7 97.0 119.8 94.1 90.2 104.0 112.2 114.6 114.6 91.9 June 102.7 100.8 120.1 98.6 99.4 104.2 89.8 96.2 118.0 94.1 89.9 102.9 111.8 115.3 114.7 92.0 July 102.8 101.3 121.5 96.6 100.1 104.8 90.1 96.4 118.2 94.9 89.6 101.9 113.4 117.4 113.8 92.6 August 102.7 101.4 119.6 97.8 99.9 105.4 90.5 94.5 112.2 95.4 89.7 101.2 114.4 119.7 110.3 93.6 September. 102.4 100.2 120.1 98.7 99.9 106.3 89.1 93.7 109.8 95.6 89.9 100.1 114.0 121.8 105.6 90.9 October... 101.3 99.1 119.5 97.9 99.8 105.6 87.2 90.4 101.3 96.0 89.7 99.9 115.8 124.9 102.9 89.9 November. 99.3 97.4 116.4 96.2 99.1 105.2 85.0 87.3 93.8 95.1 88.4 94.8 113.4 124.9 94,4 90.9 December. 96.9 93.6 113.3 93.4 98.7 105.0 82.1 86.0 91.0 92.6 85.0 91.1 111.9 122.4 90.8 87.4 1930—January... 95.6 93.6 111.0 92.2 98.7 104.3 79.6 85.6 90.7 90.9 81.2 86.8 111.1 123.1 90.4 90.8 February.. 93.9 92.8 108.6 90.3 97.6 103.8 77.4 83.6 88.4 90.2 80.7 82.9 109.0 122.4 87.3 90.1 March 92.9 91.6 106.9 89.4 96.9 103.4 76.8 81.4 87.0 90.4 81.1 81.6 107.5 119.7 86.8 90.2 April 92.4 91.9 105.6 88.6 97.5 103.1 75.2 81.0 87.9 91.5 80.7 81.0 105.6 116.1 8& 0 90.1 May 91.4 91.6 102. 8 87.4 97.1 103.2 73.9 80.4 87.4 90.4 79.3 80.2 106.5 114.3 88.0 90.9 June 89.7 90.0 99.5 85.7 95.8 102.4 71.6 78.9 86.5 88.9 77.1 80.3 105.7 113.0 88.0 89.7 July 86.6 87.3 95.2 81.0 95.2 101.7 67.8 74.9 81.4 86.8 74.3 78.7 105.4 111.1 82.4 90.4 August 84.4 83.9 90.8 81.0 93.0 101.1 65.1 71.7 74.8 85.1 71.4 76.1 104.4 110.1 80.0 84.1 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

September. 83.4 81.7 90.2 82.4 92.9 99.0 62.4 69.7 71.1 82.7 71.7 73.6 102.3 106.6 75.3 85.1 October. _. 82.2 81.3 88.0 80.7 90.9 98.4 62.1 67.2 69.6 80.2 71.4 72.6 101.1 104.3 75.4 83.5 November. 81.1 80.2 85.7 79.4 91.4 97.0 60.4 68.6 76.4 77.4 70.0 71.8 98.3 100.8 75.2 82.0 December. 80.1 79. J 84.2 77.4 90.8 96.7 58.8 69.4 78.9 76.6 68.6 71.2 97.9 100.8 74.7 83.5 1931—January... 78.3 77.5 81.9 75.5 91.2 95.6 56.3 67.1 72.3 77.1 64.4 69.2 96.6 99.7 73.7 81.3 February.. 77.8 75.9 80.6 77.2 90.3 94.9 56.3 64.9 68.8 78.4 65.0 66.8 94.5 97.4 71.4 84.6 March 77.9 76.6 79.3 79.7 89.9 94.7 55.7 64.3 70.2 82.2 65.2 66.6 89.8 87.2 68.4 83.4 April 78.0 76.5 78.0 80.2 90.6 95.0 55.4 63.8 70.3 84.0 65.2 66.5 91.7 94.0 70.5 82.1 May 77.8 74.8 76.3 81.2 90.8 95.3 55.4 63.2 70.9 84.2 65.4 66.6 93.0 94.5 74.0 82.1 June _. 76.0 72.6 73.4 78.6 88.7 93.6 54.4 62.4 70.7 83.9 64.4 65.4 89.6 90.2 75.7 80.4 July 75.1 72.1 70.3 79.6 88.1 93.0 52.0 60.2 67.6 84.8 62.7 64.2 89.4 87.1 73.8 81.4 August 74.1 70.3 67.7 80.9 88.1 93.0 51.1 58.3 64.2 84.3 60.1 63.1 86.6 84.8 70.5 79.1 September. 72.8 67.4 67.3 80.0 87.5 91.1 49.4 57.2 62.0 80.9 59.4 62.5 85.7 82.9 69.8 77.2 October. _. 70.3 66.2 65.6 76.0 85.5 91.0 48.4 51.7 50.5 76.4 57.6 61.7 85.4 83.2 70.3 75.8 November. 69.3 65.3 64.6 73.6 85.9 39.7 47.4 53.4 56.1 70.1 55.9 61.4 83.1 82.2 73.3 74.8- December. 69.4 65.4 64.5 72.2 86.3 89.2 45.4 58.0 68.8 75.3 55.0 61.1 81.9 82.3 71.3 70.4 1932—January... 68.1 64.0 61.8 71.1 85.3 88.3 43.9 55.6 67.1 75.4 51.6 57.4 81.9 82.8 69.7 74.3 February.. 67.7 62.4 61.2 72.4 83.7 87.2 43.3 55.1 64.7 78.1 51.4 56.0 80.2 81.2 68.1 72.8 March 66.4 60.9 59.2 71.0 83.1 86.2 41.2 53.4 60.9 80.2 50.1 54.3 78.6 79.5 67.0 70.8 April 64.3 59.0 56.4 66.7 83.6 85.7 40.2 51.1 55.1 80.2 48.4 52.7 78.5 78.6 66.1 70.1 May 62.1 56.5 54.1 62.4 83.2 84.3 39.0 50.2 54.7 75.8 45.8 50.8 79.7 78.4 65.8 68.4 June 60.0 54.8 51.0 58.5 81.1 82.8 37.9 50.0 58.0 74.3 43.4 48.7 76.4 77.4 67.0 69.4 July 58.3 52.1 48.3 56.9 79.4 81.4 36.1 49.3 58.1 71.9 43.1 46.0 74.7 75.7 64.6 70.2 August 58.8 50.6 46.4 64.8 81.0 80.4 35.7 44.8 49.8 74.0 40.5 46.4 74.0 74.4 62.7 68.3 September. 60.3 51.3 46.0 72.2 81.8 81.1 36.6 42.8 43.0 74.9 41.9 47.2 73.7 75.2 58.6 67.9 October... 61.1 53.2 46.1 74.3 81.3 82.0 37.6 41.4 37.3 76.1 43.8 47.8 74.9 74.7 60.7 68.3 November. 61.2 53.8 46.6 72.3 80.7 81.1 37.3 45.6 45.6 73.2 44.3 48.9 75.2 75.0 63.7 68.6 December. 60.6 52.8 46.4 70.4 80.0 80.2 36.8 47.4 51.6 72.0 42.6 47.4 75.2 76.3 63.2 67.7 Back figures of monthly series.—See Federal Reserve Bulletin for November 1929, and November 1930, for data back to January 1919. o Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

No. 109.-—INDEX OF FACTORY PAI ROLLS, BY GROUPS 00 [Without seasonal adjustment. 1923-25= 100] Transportation Year and month d m f i u n a A s g c a t t n l r u i l i u n r e - - - s s I a t r n e o e d n l Ma e c r h y in- Textiles p F u r o c o o t d s d - p P a r i a n i n p n g d e t- r b L p e u r r u c o m a t d s n - - d Gr e o q u u p ipm m A e o n u b t t i o le - s L p e u a r a c n o t t d h d s - er Ce c g a m l l n a a e d y s n s , t, f m e N r e r o t o a n u l - s s Gro C u h p emic P l a e e l u t s r m o- R p u u r c b o t b d s e - r T p o u r b c o a t d s c - co refining 1919 98.1 98 0 104.1 90.0 98.0 74.2 89.2 88.8 74.9 99.0 72.6 99.3 100.1 107.2 1920 118.1 123.8 135.6 107.8 109.2 100.3 109.2 111.5 90.4 105.9 93.6 130.4 113.7 124.6 1921 76.8 55.8 69.6 89.2 93.3 83.3 68.0 72.7 48.7 87.0 67.4 66.7 66.9 104.6 1922 81.1 69.9 72.8 91.0 90.2 86.1 82.1 76.4 66.2 96.0 73.2 82.3 73.7 99.2 1923 103.4 103.8 107.0 105.8 100.1 96.1 100.0 107.1 100.8 106.8 98.9 105.3 99.8 I6i I 101.5 104.2 1924 95.7 96.7 92.6 94.4 100.5 99.7 98.4 93.2 90.2 95.5 100.7 94.8 96.3 95.2 92.7 99.4 1925 100.9 99.4 100.4 99.8 99.4 104.2 101.6 99.7 109.1 97.8 100.3 99.9 103.9 102.7 105.8 96.3 1926 104.3 104.2 111.9 98.4 101.2 110.4 102.0 99.1 105.2 98.1 101.5 103.0 111.0 111.4 106.2 92.1 1927 102.0 98.5 103.5 104.1 102.4 110.1 95.1 91.3 93.5 98.6 96.2 100.3 109.7 112.2 108.5 91.1 1928 101.8 99.9 104.7 96.4 102.5 109.8 90.5 97.2 117.6 92.4 90.4 107.1 106.0 105.7 114.8 88.4 1929 107.7 106.0 125.6 99.6 104.4 114.5 90.6 103.4 122.0 93.1 87.0 115.2 113.4 120.2 111.0 87.7 1930 -. 87.4 84.4 96.7 81.9 99.6 110.0 65.8 76.4 76.7 75.4 68.7 79.6 103.9 116.4 80.6 79.4 1931 66.0 55.4 60.4 69.4 88.0 95.9 41.5 54.6 54.5 64.9 48.7 57.3 84.5 89.1 61.4 65.4 1932 45.3 28.4 33.8 48.4 71.4 74.9 22.1 38.1 40.0 51.4 27.8 35.0 64.4 69.4 46.0 51.3 1928—January 95.7 89.9 94.5 101.0 100.3 110.6 83.2 83.4 88.2 95.3 82.5 95.7 104.2 104.0 109.4 85.0 February 101.1 100.3 99.0 105.0 102.0 109.7 87.2 94.1 111.0 101.4 84.3 101.5 106.4 103.5 115.7 85.1 March 102.5 101.6 101.9 104.0 101.3 109.8 89.5 97.9 117.2 99.9 87.3 102.5 108.8 103.4 114.6 86.3 April 100.3 99.7 101.8 95.3 97.5 109.0 89.6 99.4 119.3 86.0 90.5 102.4 108.7 104.2 113.0 80.3 May - - 100.8 102.1 104.2 92.0 100.2 108.9 90.5 100.9 124.2 82.9 94.0 105.3 103.4 101.6 109.3 84.1 June 100.9 99.6 106.1 90.9 102.8 109.0 91.3 98.5 117.6 87.1 94.0 104.8 102.9 104.2 112.5 89.7 July 98.3 93.8 102.5 85.8 103.1 107.3 88.3 94.8 115.2 94.3 91.0 101.2 102.5 107.1 114.8 84.9 August 102.5 99.8 105.3 90.2 101.5 107.5 91.5 100.4 128.3 100.4 95.1 106.7 103.6 108.6 117.9 88.7 September 104.2 99.1 106,0 94.9 104.3 109.2 93.4 100.1 129.0 99.6 92.8 109.4 106.3 109.3 123.8 92.9 October 107.4 105.1 111.3 101.0 106.0 111.5 95.8 104.7 134.1 95.9 94.1 116.6 109.2 107.8 120.4 95.2 November 103.6 105.1 110.3 96.7 104.9 111.7 94.4 96.1 114.5 80.1 90.7 118.5 108.2 107.1 112.4 94.1 December 104-2 103-3 114.0 100.3 106.3 113.7 90.8 95.8 112.4 86.0 88.4 120.5 108.1 107.2 114.1 94.3 1929—January 100.8 101.3 112.3 97.0 102.2 111.4 83.4 93.6 114.5 90.2 79.0 117.4 106.3 105.3 111.7 76.3 February -» 108.1 107.2 120.7 103.6 102.5 113.0 86.5 111.4 147.4 94.5 81.0 124.1 111.3 110.2 123.3 82.3 March 110.8 108.5 126.5 108.8 101.2 114.9 88.4 113.9 148.2 91.4 84.8 127.6 113.6 112.1 123.6 84.4 April - 111.4 110.5 129.5 103.2 100.4 113.3 90.9 117.0 152.0 87.9 89.3 127. 0 117.8 117.1 124.4 86.1 May. .. 111.4 111.6 131.9 99.3 103.1 114.3 92.8 116.0 147.1 88.1 91.8 123.1 113.1 118.9 125.7 86.1 June - - 109.7 109.9 131.6 97.8 105.6 113.6 92.2 107.9 130.9 89.8 92.5 117.0 111.2 120.0 120.6 88.5 July 105.7 103.5 128.2 90.4 105.6 111.4 93.5 97.1 110.2 97.8 86.1 112.6 111.2 123.3 115.1 87.9 August - - - 110.6 109.3 127.5 97.4 105.0 112.8 94.7 106.8 128.0 105.0 91.2 113.2 113.0 125.1 110.9 90.6 September -. 111.9 108.9 127.9 103.0 108.1 116.3 96.6 103.3 120.3 104.3 91.3 112.1 116.0 129.3 104.9 1 93.4 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

October... 110.9 107.9 129.0 104.8 108.8 117.8 96.8 99.8 108.0 100.0 90.6 112.5 118.2 129.4 100.9 94.2 November. 102.5 100.0 121.6 96.2 105.5 117.2 89.2 89.4 84.3 83.9 86.4 99.6 115.6 126.3 85.9 94.3 December. 99.1 93.5 119.9 93.8 105.5 118.2 82.7 85.6 72.9 84.1 80.2 96.1 114.0 124.8 85.0 1930—January... 94.4 90.5 113.8 92.2 102.5 114.9 72.8 80.9 74.0 85.4 67.3 91.5 109.3 121.1 88.9 77.0 February._ 97.7 98.1 115.2 94.1 101.6 114.9 72.6 89.8 92.7 86.2 70.2 91.7 110.0 125.0 92.1 80.0 March 98.2 97.1 115.1 96.6 99.7 115.0 74.6 90.6 97.3 85.2 73.4 91.0 111.6 123.1 90.0 81.0 April 97.1 97.7 113.4 89.3 99.7 113.5 73.8 92.0 100.8 81.6 77.1 88.3 110.9 122.1 94.5 77.1 May 94.4 95.5 108.3 82.7 100.7 113.3 73.2 91.1 101.7 75.6 76.9 84.4 106.6 120.4 95.4 82.1 June 90.7 90.8 102.7 77.8 102.3 111.9 70.9 83.8 89.2 73.8 76.1 85.0 105.3 121.7 88.3 84.4 July 82.6 78.6 90.9 69.2 100.2 107.3 63.0 71.7 72.4 78.6 66.4 76.0 100.8 118.1 80.8 81.9 August 81.7 77.5 85.8 73.2 97.6 106.9 61.6 66.3 58.1 80.0 66.4 72.0 100.7 117.2 77.6 77.2 September. 83.0 75.4 84.2 81.2 100.8 106.3 60.9 66.0 62.4 76.2 66.4 70.7 101.3 113.8 71.8 80.0 October 80.8 75.8 81.4 80.3 98.4 105.4 60.4 62.8 58.4 69.7 66.4 69.4 99.9 109.3 65.9 78.0 November. 75.1 68.9 75.1 73.4 96.5 105.0 54.7 60.8 57.4 55.0 60.9 67.3 96.1 103.2 58.7 76.8 December. 73.7 66.7 75.0 72.2 94.9 105.7 50.4 60.8 55.5 58.1 56.3 67.9 94.7 101.4 62.6 77.7 1931—January.. _ 68.4 62.4 69.9 68.4 93.3 101.3 44.0 51.8 40.0 60.6 46.6 64.1 90.4 99.3 63.8 64.3 February.. 73.2 67.5 71.9 76.9 91.6 100.7 45.6 62.2 61.1 68.8 51.4 64.4 92.9 100.8 63.8 65.3 March 74.9 70.0 72.0 81.9 89.2 101.9 46.2 64.1 67.7 73.4 54.0 66.3 89.8 90.8 63.2 68.3 April 73.6 69.1 69.7 76.8 88. 2 . 100.6 44.9 65.3 70.8 70.6 55.7 65.4 92.0 96.7 66.8 65.7 May 72.2 64.9 67.8 71.7 89.7 100.0 45.7 66.1 75.6 68.7 56.7 63.4 88.4 96.1 71.0 68.3 June 67.6 57.6 62.4 66.7 89.7 96.6 44.6 58.8 62.1 66.7 54.4 59.1 84.1 91.1 72.4 68.6 July 64.4 52.4 57.4 65.9 88.2 93.6 41.7 52.7 53.2 72.6 49.4 54.5 82.9 89.6 64.0 67.5 August 64.3 50.6 54.9 70.2 86.7 93.1 41.3 50.9 50.4 75.5 48.1 52.9 80.4 85.6 62.2 66.3 September. 61.8 45.2 51.2 71.0 87.4 90.4 40.3 45.6 41.5 67.7 46.1 50.2 80.8 83.0 54.6 62.7 October... 59.4 43.9 50.2 66.0 85.9 91.4 38.2 45.3 41.4 56.4 43.9 49.9 80.8 80.8 53.7 64.6 November. 56.2 41.2 48.3 59.3 83.2 90.6 34.4 45.2 42.3 47.0 40.9 48.8 76.4 77.9 50.1 64.5 December. 55.8 41.0 48.9 58.1 82.7 91.0 31.2 47.1 48.0 50.3 37.4 48.6 75.0 77.8 52.0 58.9 1932—January... 52.4 36.3 44.5 55.5 78.6 85.5 26.6 44.3 47.7 53.3 31.1 44.9 71.4 75.9 53.0 53.0 February.. 53.5 37.2 45.0 59.8 76.3 83.5 25.9 45.6 52.0 61.4 32.9 45.0 71.0 75.1 54.2 53.4 March 52.3 35.4 42.6 59.3 74.4 82.4 24.5 45.2 51.3 62.3 32.2 42.1 70.1 72.9 51.3 52.2 April 48.7 32.1 39.1 49.4 72.8 79.7 23.2 43.9 47.1 55.7 31.7 38.3 68.5 71.2 48.3 49.3 May 46.2 30.4 35.9 41.5 72.9 77.0 22.2 45.9 53.5 45.7 30.2 34.5 66.9 72.5 48.7 48.4 June.. 42.6 26.0 32.3 35. 8. 71.4 72.9 20.9 40.7 47.1 45.0 27.3 32.0 63.2 72.1 55.1 52.2 July 39.6 22.2 28.8 32.5 68.3 69.1 19.0 37.3 43.4 46.2 24.4 29.4 60.0 68.9 45.9 51.4 August 40.1 22.1 27.1 42.3 67.9 67.4 19.3 31.6 32.7 51.7 23.9 28.9 60.0 68.2 41.5 49.4 September. 42.1 23.4 27.0 53.1 70.8 70.0 20.9 27.3 22.2 54.5 24.6 30.3 59.8 66.3 36.4 51.0 October... 43.5 26.2 27.7 55.6 70.9 71.7 22.4 29.1 23.3 55.0 26.4 32.2 60.7 63.3 38.9 52.6 November. 41.8 25.6 27.4 49.4 67.0 70.2 20.9 31.9 27.6 43.8 25.7 31.9 60.9 63.1 38.6 52.4 December. 40.9 24.2 28.0 46.4 66.1 69.8 18.8 33.8 32.0 42.0 23.3 30.1 59.8 62.8 39.8 50.4 Back figures of monthly series.—See Federal Reserve Bulletin for November 1929 for data back to January 1919. f CO Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

180 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 110.—INDEX NUMBERS OF WHOLESALE COMMODITY PRICES IN THE UNITED STATES 1 (Index of the U.S. Bureau of Labor Statistics; 1926=100] Other commodities Y m ea o r n a th nd m c t A o o ie m l d s l i - - F p u r a c o r t d m s - Foods Total l H p e u a a r i n c o d t d h t d e s e - s r p T u t r i c e o l x t e d s - - m l F r i a i g i a u n n a h t g d e l e s t l - - M m p u a r e e c n o t t t d d a a s - l l s B m r i i u a n a i t g l l e s d - - d C i a c r h n u a e d g l m s s -H g n f o o i i u n s u o r g h s d - - e s - n c M e e o l i l s u a - s - 1913 71.5 64.2 70.0 68.1 57.3 61.3 90.8 56.7 80.2 56.3 1914 68.1 71.2 64.7 66.4 70.9 54.6 56.6 80.2 52.7 81.4 56.8 1915 69.5 71.5 65.4 68.0 75.5 54.1 51.8 86.3 53.5 112.0 56.0 1916 85.5 84.4 75.7 88.3 93.4 70.4 74.3 116.5 67.6 160.7 61.4 100.6 1917 117. 5 129.0 104,5 114.2 123.8 98.7 105. 4 150.6 88.2 165. 0 74.2 122.1 1918 131.3 148.0 119.1 124.6 125.7 137.2 109.2 136.5 98.6 182.3 93.3 134.4 138.6 157.6 129.5 128.8 174.1 135.3 104.3 130.9 115.6 157.0 105.9 139.1 1920 154.4 150.7 137.4. 161.3 171.3 164.8 163.7 149.4 150.1 164.7 141.8 167.5 1921 97.6 88.4 90.6 104.9 109.2 94.5 96.8 117.5 97.4 115.0 113.0 109.2 1922 96.7 93.8 87.6 102.4 104.6 100.2 107.3 102.9 97.3 100.3 103.5 92.8 1923 100.6 98.6 92.7 104.3 104.2 111.3 97.3 109.3 108.7 101.1 108.9 99.7 1924 98.1 100.0 91.0 99.7 101.5 106.7 92.0 106.3 102.3 98.9 104.9 93.6 1925 103. 5 109.1 100.2 102.1 105.3 108.3 96.5 103.2 101.7 101.8 103.1 109.0 1926 (base) 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1927... 95.4 99.4 96.7 94.0 107.7 95.6 88.3 96.3 94.7 96.8 97.5 91.0 1928 96.7 105.9 101.0 92.9 121.4 95.5 84.3 97.0 94.1 95.6 95.1 85.4 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84,5 79.2 79.3 84.9 69.8 1932 ... 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1926 January 103. 2 107.4 102.6 102.5 103.3 105.8 98.8 101.3 101.5 101.1 110.0 February 102.0 105.1 100.6 101.7 101.5 105.0 99.2 99.7 100.9 100.7 101.0 106.3 March 100. 6 101.7 99.3 100.8 100.2 102.7 98.3 99.5 100.5 100.6 100.9 105.0 ApriL ._ 100.3 102.8 100.5 100.0 98.7 101.3 98.0 99.2 99.8 99.8 100.7 103.5 May 100. 5 102.4 100.1 100.1 99.0 100.2 100.7 98.7 99.2 100.0 100.3 102.5 June 100.4 100.9 100.5 100.1 98.8 99.5 100.9 99.3 99.1 100.6 100.2 101.6 July 99.5 98.6 98.7 99.4 99.0 98.9 99.6 100.3 99.4 100.3 100.1 97.9 August 99.1 97.2 97.5 99.6 98.9 100.5 100.7 100.0 99.9 100.0 96.9 September 99.7 99.3 99.8 98.8 98.8 101.3 100.9 100.0 100.3 99.7 96.0 October 99.4 97.9 100.7 99.4 100.9 97.7 101.1 100.8 100.0 99.3 95.7 November 98.4 94.7 100.4 99.1 100.3 96.4 102.2 100.7 100.5 98.9 93.1 December 97.9 94.9 100.6 98.0 100.3 95.4 99.4 100.4 99.0 92.2 1927 January 96.5 96.5 97.1 96.5 100.9 94.4 98.2 97.0 98.3 98.0 97.5 91.7 February. 95.8 95.4 96.1 95.8 100.1 94.4 96.6 96.1 97.2 98.0 97.5 91.8 March 94.7 94.2 94.7 94.5 100.4 94.3 91.4 96.1 96.5 97.1 97.5 91.8 April 94.1 94.3 94.9 93.5 101.7 94.5 86.8 95.9 96.5 97.8 97.5 91.9 May_ 94.2 96.3 95.3 93.4 103.6 94.4 85.9 96.4 96.1 95.6 97.5 91.8 June 94.1 96.5 94.8 93.5 107.1 94.7 86.2 96.2 95.3 96.1 97.7 91.3 July 94.3 97.6 94.3 93.4 111.4 94.6 86.2 95.8 94.7 95.6 97.4 90.7 August 95.2 102. 3 94. 5 93.6 111.5 96.0 86.0 96.1 94.3 95.6 97.5 91.0 September 96.3 105.9 96.6 93.9 112.5 98.0 86.3 95.8 93.5 96.6 97.5 90.7 October. _ 96.6 105.0 100.0 93.5 112.7 97.7 86.0 95.5 93.1 97.1 97.3 89.9 November 96.3 104.3 101.4 93.0 113.9 96.9 85.0 95.3 91.9 97.3 97.6 89.5 December. .>.. 96.4 104.4 100.7 93.3 116.5 96.6 84.7 96.3 91.6 97.2 97.6 90.1 1928 January 96.4 106.1 100.9 120.7 96.1 82.8 95.6 92.2 96.2 96.5 90.1 February 95.8 104.5 98.8 92.9 123.8 96.0 83.0 95.7 92.2 96.1 96.4 89.2 March 95.5 103. 5 98.2 92.6 123.7 95.5 82.7 95.9 92.0 95.8 95.9 88.9 April 96.6 107.6 99.7 92.7 126.3 95.6 82.8 96.0 92.8 95.9 95.5 87.7 May 97.5 109.8 101.2 92.9 125.8 95.8 83.5 96.1 93.5 95.5 95.5 87.4 June 96.7 106.7 100.3 92.6 123.3 95.6 83.9 96.4 94.4 95.0 94.8 85.0 July 97.4 108.5 102.2 92.6 123.8 95.8 84.5 96.3 94.7 94.8 94.7 83.6 August 97.6 106.9 103.8 92 9 120.6 95.5 85.8 97.5 94.9 95.0 94.8 82.6 September...- 98.6 108.8 106.5 93.0 120.4 94.9 86.4 97.6 94.9 95.2 94.8 82.9 October 96.7 103.4 102.1 92.9 117.2 95.0 86.1 98.0 95.2 95.7 94.1 82.8 November 95.8 101.6 100.0 92.9 115.3 95.0 85.8 98.6 95.8 95.7 94.1 82.7 December 95.8 103.6 98.1 93.0 115.4 95.1 85.3 95.8 95.8 94.1 82.5 i Figures for 1926 and later years based on 784 price series. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BUSINESS CONDITIONS 181 No. HO.-—INDEX NUMBERS OP WHOLESALE COMMODITY PRICES IN THE UNITED STATES—Continued [Index of the U.S. Bureau of Labor Statistics; 1926=100] Other commodities Y m ea o r n a th nd m c t A o o ie m l d s l i - - F p u r a c o r t m d s - Foods Total l H e p u a a r i n c o t d h t d d e s e s - r p T u t r i c e o l x t e d s - - m l F r i a i i g a u n n a h t g d e l e s t l - - M m p u a r e e c n o t t t d a d a s l - l s B m r i i u a n a t i g e l l s d > -C d i a h c r n u a e d l g m s s -H g n f o o i i u n s u o r h g d s - - e s - n c M e e o l i l s u a - - s 1929 January.... 95.9 105.9 92.3 113.4 92.5 84.2 100.1 95.5 95.6 93.9 82.7 February.. 95.4 105.4 98.1 91.9 108.9 92.3 82.9 100.6 95.9 95.7 93.8 82.7 March 96.1 107.2 98.3 92.1 108.2 92.4 82.1 102.3 96.7 95.3 93.8 82.4 April 95.5 104.9 98.0 91.8 107.8 91.6 81.9 102.3 96.3 94.7 94.0 81.9 May 94.7 102.2 98.0 91.5 106.7 90.7 82.5 101.2 95.5 94.1 94.0 82.0 June 95.2 103.3 99.1 91.9 107.9 90.1 84.5 101.2 95.2 93.4 94.6 82.4 July 96.5 107.6 102.9 91.7 109.1 83.3 101.0 95.1 93.3 94.3 82.8 August 96.3 107.5 103.5 91.4 109.5 82.2 100.5 95.2 93.6 94.3 82.8 September. 96.1 106.6 103.3 91.6 110.6 82.7 100.3 95.8 93.7 94.3 83.1 October 95.1 104.0 101.4 91.6 110.3 89.5 83.1 99.8 95.9 94.0 94.7 83.2 November. 93.5 101.1 98.9 90.8 108.3 88.6 83.2 98.7 94.4 93.8 94.6 82.4 December. 93.3 101.9 98.7 90.5 107.3 87.8 83.1 98.5 94.4 93.5 94.7 82.2 1930 January 92.5 101.0 97.3 89.5 105.1 87.2 81.7 97.2 94.3 93.0 93.8 81.3 February.. 91.4 98.0 95.8 89.0 103.9 86.4 80.9 96.9 94.0 92.3 93.6 81.2 Mardi 90.2 94.7 94.3 88.2 103.2 84.8 79.4 96.6 93.9 91.4 93.5 80.9 April 90.0 95.8 94.9 87.8 102.7 84.0 79.5 95.3 93.5 91.2 93.5 81.0 May 88.8 93.0 92.2 87.3 102.6 83.4 80.3 93.5 92.4 90.2 93.5 80.4 Juno 86.8 88.9 90.8 85.7 102.4 81.6 78.9 91.9 89.9 89.4 93.4 78.4 July 84.4 83.1 86.8 84.5 100.8 79.7 78.0 90.8 88.5 88.3 93.1 76.6 August 84.3 84.9 87.6 83.6 99.0 78.0 77.9 89.6 87.7 87.9 92.9 76.1 September. 84.4 85.3 89.5 83.2 99.2 76.2 79.0 89.0 87.1 87.2 92.3 75.2 October 83.0 82.5 88.8 82.1 96.6 74.7 77.6 87.9 86.3 86.7 92.1 74.7 November. 81.3 79.3 86.2 81.1 94.2 74.2 75.3 87.8 85.5 86.0 91.5 74.1 December. 79.6 75.2 82.4 91.4 73.7 74.0 87.9 84.8 85.6 73.5 1931 January 78.2 73.1 80.7 79.0 88.7 71.3 73.3 86.9 83.8 84.5 88.3 72.2 February.. 76.8 70.1 78.0 78.3 86.9 70.9 72.5 86.5 82.5 83.3 88.1 71.5 March 76.0 70.6 77.6 77.2 87.6 70.0 68.3 86.4 82.5 82.9 88.0 ' 72.0 April 74.8 70.1 76.3 75.9 87.5 68.2 65.4 85.7 81.5 81.3 87.9 71.5 May. 73.2 67.1 73.8 75.1 87.6 67.4 65.3 85.0 80.0 80.5 86.8 70.5 June 72.1 65.4 73.3 74.1 88.0 66.6 62.9 84.4 79.3 79.4 86.4 69.7 July 72.0 64.9 74.0 73.9 89.4 66.5 62.9 84.3 78.1 78.9 85.7 69.7 August 72.1 63.5 74.6 74.2 88.7 65.5 66.5 83.9 77.6 76.9 84.9 68.3 September. 71.2 60.5 73.7 73.9 85.0 64.5 67.4 83.9 77.0 76.3 82.7 68.2 October.... 70.3 58.8 73.3 72.9 82.5 63.0 67.8 82.8 76.1 75.6 81.0 66.6 November. 70.2 58.7 71.0 73.5 81.6 62.2 69.4 82.6 76.2 76.1 80.9 68.7 December. 55.7 69.1 72.3 79.8 60.8 68.3 82.2 75.7 76.1 78.5 66.8 1932 January 67.3 52.8 64.7 71.7 79.3 59.6 67.9 81.8 74.8 75.7 77.7 65.6 February.. 66.3 50.6 62.5 71.3 78.3 59.5 68.3 80.9 73.4 75.5 77.5 64.7 March 66.0 50.2 62.3 70.9 77.3 58.0 67.9 80.8 73.2 75.3 77.1 64.7 April 65.5 49.2 61.0 70.9 75.0 56.1 70.2 80.3 72.5 74.4 76.3 64.7 May 64.4 46.6 59.3 70.4 72.5 54.3 70.7 80.1 71.5 73.6 74.8 64.4 June 63.9 45.7 58.8 70.1 70.8 52.7 71.6 79.9 70.8 73.1 74.7 64.2 July 64.5 47.9 60.9 69.7 68.6 51.5 72.3 79.2 69.7 73.0 74.0 64.3 August 65.2 49.1 61.8 70.1 69.7 52.7 72.1 80.1 69.6 73.3 73.6 64.6 September. 65.3 49.1 61.8 70.4 72.2 55.6 70.8 80.1 70.5 72.9 73.7 64.7 October 64.4 46.9 60.5 70.2 72.8 55.0 71.1 80.3 70.7 72.7 73.7 64.1 November. 63.9 46.7 60.6 69.8 71.4 53.9 71.4 79.6 70.7 72.4 73.7 63.7 December.. 62.6 44.1 58.3 69.0 69.6 53.0 69.3 79.4 70.8 72.3 73.6 63.4 Back figures.—Available at the Bureau of Labor Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

182 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 111.—INDEX NUMBERS OF WHOLESALE COMMODITY PRICES IN THE UNITED STATES, BY WEEKS [Index of the U.S. Bureau of Labor Statistics; 1926=100] W (S e a e t k u r e d n a d y i ) n - g - m c t A o i o e m l d s l i - - F p u r a c o r t d m s - Foods l H e p u a a r i n c o t d h t d d e s e - s r T p u e r x c o t t d s il - e li m g F r a i h u a n a t t e l d i e s n l - g M m p u a r e e n c o t t d t a d a s l - l s B m r i i u n a a i t g l l e s d - - C d i a r c h n u a e d g l m s s -H g n f o o i i u n s o u r g h d s - - e s n c M e e o l i l s u a - - s 1932 Jan.2 54.6 68.7 79.5 60.5 67.8 82.3 76.0 76.4 78.5 Jan.9 68.1 55.6 67.7 79.7 60.4 67.7 81.9 75.2 76.2 78.5 66.6 Jan. 16-__. 67.9 55.5 66.7 79.6 59.6 67.8 81.7 74.7 75.8 78.7 66.0 Jan. 23.... 67.6 54.6 65.7 79.7 60.1 68.0 81.7 74.9 75.8 78.7 65.5 Jan. 30.-.. 66.7 51.1 63.1 79.2 60.1 68.2 81.6 74.7 75.8 78.7 65.0 Feb. 6 66.7 52.1 63.0 79.1 60.0 68.1 81.3 73.8 75.8 78.7 64.9 Feb. 13—. 66.2 50.7 62.4 78.5 59.9 68.0 81.0 73.3 75.7 78.7 64.5 Feb. 20... 66.3 50.9 62.9 78.1 59.9 67.8 80.9 73.2 75.5 78.7 64.7 Feb. 27— 66.3 51.2 62.9 77.9 59.7 67.8 80.9 73.6 75.7 78.6 64.6 Mar. 5--.. 66.2 50.9 62.7 77.9 59.1 67.9 73.4 75.2 78.6 64.6 Mar. 12... 66.5 51.0 62.9 77.9 59.0 68.7 73.4 75.3 78.6 64.8 Mar. 19.-. 66.5 51.6 62.4 77.7 58.8 69.1 80.7 73.4 75.1 78.6 64.7 Mar. 25__. 66.2 50.5 62.4 58.7 69.1 80.6 73.3 74.9 78.6 64.6 Apr. 2 65.9 49.5 61.7 75.8 58.4 69.5 80.8 73.1 74.4 78.3 64.7 Apr. 9 65.7 49.7 61.4 75.6 57.7 69.8 80.2 72.9 74.3 78.2 64.6 Apr. 16—. 66.0 50.1 61.3 75.6 57.2 71.7 80.1 72.4 74.5 78.2 64.8 Apr. 23— 65.8 49.7 61.0 74.4 56.8 71.7 80.2 72.2 74.5 78.2 64.8 Apr. 30— 65.5 48.8 61.0 73.9 56.5 72.0 80.2 72.4 74.4 76.3 64.6 May 7..-. 65.1 47.9 60.2 73.3 56.5 71.7 80.2 71.7 74.0 76.2 64.7 May 14... 64.9 47.8 59.9 73.3 56.1 71.6 80.1 71.7 73.7 75.9 64.6 May 21... 64.5 47.1 59.1 72.2 55.8 71.4 79.9 71.8 73.6 75.9 64.4 May 28... 64.3 46.3 59.3 72.1 55.4 71.4 79.8 71.3 73.4 75. 9 64.1 June 4 64.0 45.6 58.6 72.0 54.8 71.3 79.9 71.0 73.2 75.8 64.0 June 11— 63.8 45.8 58.6 71.5 54.3 71.3 79.9 71.0 73.1 75. 6 64.0 June 18— 63.7 45.4 58.5 71.2 53.6 71.6 79.9 70.9 73.0 75.7 64.0 June 25—. 64.0 46.4 59.5 70.1 53.5 71.8 79.8 70.7 72.9 75. 7 64.2 July 2 64.4 46.9 60.1 70.0 52.4 72.6 79.8 70.3 72.7 75. 7 64.5 July 9 64.8 48.1 60.7 69.2 51.9 73.3 80.1 70.7 73.0 75. 6 64.2 July 16—. 65.0 48.7 61.2 68.5 51.5 72.8 80.3 69.7 73.0 75.6 64.3 July 23_._. 64.5 47.8 61.0 68.5 51.3 72.8 79.0 69.5 73.0 75. 6 64.3 July 30.... 64.7 48.4 61.5 69.3 51.4 72.8 79.1 69.5 73.2 75. 0 64.5 Aug. 6 64.8 47.9 61.9 51.5 73.0 79.2 69.6 73.4 74.9 64.5 Aug. 13— 65.2 49.4 62.5 70.2 52.1 72.9 79.4 69.4 73.4 74.9 64.7 Aug. 20— 65.4 49.9 61.8 70.6 52.7 72.8 80.1 73.5 74.9 64.7 Aug. 27— 65.2 49.5 61.6 70.8 53.0 72.7 80.0 73.0 74.9 64.4 Sept. 3___ 65.5 50.4 61.6 70.6 54.2 72.2 80.2 73.2 74.8 64.7 Sept. 10__ 65.7 50.4 62.3 71.4 55.1 71.9 80.4 70.2 73.0 74.6 64.5 Sept. 17—, 65.4 49.2 62.1 72.4 55.2 71.8 79.6 70.4 73.0 74.6 65.1 Sept. 24._ 65.5 49.3 62.1 73.2 55.4 71.7 80.1 70.7 72.9 74.6 64.9 Oct. 1 65.4 49.5 62.0 73.3 55.3 71.7 80.0 70.6 73.0 74.6 64.5 Oct. 8 64.9 48.8 61.5 73.0 55.3 71.3 80.1 70.5 72.9 74.1 64.1 Oct. 15... 64.4 47.4 60.7 72.5 54.9 71.3 80.1 70.5 72.7 72.5 63.9 Oct. 22... 64.4 47.0 60.8 72.8 54.7 71.9 80.3 70.5 72.7 72.5 63.9 Oct. 29.-. 64.1 46.2 60.1 72.2 54.5 72.8 79.9 70.6 72.4 72.5 63.9 Nov. 5_._. 63.9 45.9 59.3 71.6 54.2 72.8 79.9 70.7 72.4 72.5 Nov. 12... 64.0 46.6 60.2 71.3 54.0 72.2 79.8 70.6 72.2 72.5 63.6 Nov. 19.. 64.2 48.3 61.3 71.4 53.6 72.0 79.6 70.7 72.7 72.5 63.6 Nov. 26.. 64.0 47.3 61.6 71.4 53.4 72.1 79.5 70.7 72.7 72.5 63.5 Dec. 3 63.6 46.8 60.7 71.1 53.0 71.9 79.5 70.5 72.5 72.5 63.5 Dec. 10— 63.1 44.7 58.7 70.8 52.8 71.6 79.4 70.6 72.3 73.5 63.3 Dec. 17... 63.0 44.7 58.8 69.3 53.0 71.5 79.3 70.6 72.3 73.5 63.2 Dec. 24— 62.5 44.3 58.4 69.1 52.8 69.5 79.3 70.9 72.3 73.5 63.2 Dec. 31— 62.2 43.7 57.9 69.1 52.5 69.0 79.3 70.8 72.2 73.5 63.1 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APPENDIX 183 182799—33 13 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DIRECTORY OF THE FEDERAL ADVISORY COUNCIL (Dec. 31, 1932) OFFICERS President, WALTER W. SMITH Vice President, MELVIN A. TRAYLOR Secretary, WALTER LICHTENSTEIN EXECUTIVE COMMITTEE WALTER W. SMITH HOWARD A. LOEB MELVIN A. TRAYLOR JOHN K. OTTLEY ROBERT H. TREMAN WALTER S. MCLTJCAS MEMBERS District no. 1.—THOMAS M. STEELE, president. First National Bank & Trust Co. of New Haven, Conn. District no. 2.—ROBERT H. TREMAN, chairman, the Tompkins County National Bank, Ithaca, N.Y. District no. 3.—HOWARD A. LOEB, chairman, Tradesmens National Bank & Trust Co., Philadelphia, Pa. District no. 4.—J. A. HOUSE, president, Guardian Trust Co., Cleveland, Ohio. District no. 5.—HOWARD BRUCE, chairman, Baltimore Trust Co., Baltimore, Md. District no. 6.—JOHN K. OTTLEY, president, the First National Bank of Atlanta, Ga. District no. 7.—MELVIN A. TRAYLOR, president, the First National Bank of Chicago, 111. District no. 8.—WALTER W. SMITH, president, First National Bank in St. Louis, Mo. District no. 9.—THEODORE WOLD, vice president, Northwestern National Bank, Minneapolis, Minn. District no. 10.—WALTER S. MCLUCAS, chairman, Commerce Trust Co., Kansas City, Mo. District no. 11.—JOSEPH H. FROST, president, Frost National Bank, San Antonio, Tex. District no. 12.—HENRY M. ROBINSON, chairman, Security-First National Bank of Los Angeles, Calif. RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THE FEDERAL RESERVE BOARD FEBRUARY 16, 1932 TOPIC NO. 1.—Glass-Steagall bill (S. 3616). Recommendation.—The Federal Advisory Council has studied bill S. 3616 as reported by Mr. Glass, with amendments, to the Senate on February 12, 1932. The Federal Advisory Council approves of the aims designed to be accomplished by this measure, but it urges the following changes: (1) Wherever in the proposed act it is specified that an affirmative vote of "not less than 6 members of the Federal Reserve Board" be required to permit any given action, substitute "not less than a majority of the members of the Federal Reserve Board holding office at the time, such majority in no case to consist of less than 4 members/7 (2) In section 1 on page 2 in line 1, in place of the requirement that groups shall consist of 5 or more banks, substitute 3 or more banks, and in lines 10 to 14, inclusive, omit the phrase permitting loans to groups containing a lesser number of banks and omit the requirement as to the aggregate amount of their deposit liabilities. Digitized for FRASER 185 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

186 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD (3) In section 1 on page 2, omit the language of the committee amendment beginning one line 3 and running to the period in line 6, reading as follows: "provided such banks have no adequate amounts of eligible and acceptable assets to obtain sufficient accommodation through rediscounting at the Federal Reserve bank/7 (4) In section 1 on page 2, line 17, substitute the word "require" for the word "request." (5) In sections 2 and 3 the period within which the authority granted may he exercised should be increased to 2 years. (6) In section 2 on page 3, line 18, delete the words in italics "having a capital of $500,000 or less." MARCH 29, 1932 REPORT ON GLASS BANKING BILL (S. 4115). The Federal Advisory Council has given careful consideration to Senate bill 4115. It is of the opinion that the present is an inopportune time to raise many oi the issues presented in this proposed legislative measure. Reforms in our banking system may be desirable, but such should be made at a time when the country has passed through the present crisis and when there is no danger that legislative enactments will retard recovery and add to the existing difficulties with which banks are confronted. The Council feels that the effect of this proposed measure is likely to destroy the benefits of the Glass-Steagall Act, the Reconstruction Finance Corporation Act, and similar measures. If the bill should be enacted into law it would necessitate a wholesale liquidation of securities which would most certainly cause a further decline in the prices of all securities. Such deflation would work extreme hardship not merely upon banks but upon all holders of securities in this country and especially upon those who have borrowed from banks and who are rinding difficulties even at present in meeting their obligations. It must also be pointed out that in the opinion of the Council, the thesis apparently underlying this measure that loans upon securities are in general undesirable and should be drastically limited, would undermine the customary system of capital financing which has been an inherent part of the present industrial and financial system almost from its beginning. Without the flotation of securities which have been financed directly or indirectly by banks, it would have been impossible to build up the large enterprises which have contributed so much to the progress of industrial development in this country. In addition to the above general expression of opinion, the Federal Advisory Council desires to point out, in some detail, its specific objections to certain features of the bill. 1. Control of affiliates.—The Federal Advisory Council is in accord with the purpose sought to be achieved in section 20 and believes that a control of affiliates is desirable. The definition of affiliates in section 2, however, is much too broad and comprehensive. It brings within the provisions of the act any corporation regardless of its business which may happen to have a majority of its executive committee, directors or managing officers, directors of a member bank. Section 9 limits the sum which a parent member bank may lend to an affiliate to 10 percent of the capital and surplus of the parent bank Digitized for aFnRdA SsEuRc h loans must be secured by 120 percent of listed exchange securhttps://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF FEDERAL ADVISORY COUNCIL 187 ities or 100 percent of either eligible paper or savings banks' securities, neither of which would be for the most part in the possession of an affiliate, unless it happened to be a bank. Furthermore, this provision would seem to bar the acceptance of real-estate mortgages as collateral from an affiliate upon the part of those banks located in States where there are no laws regulating the investments of savings banks. Likewise, commodity or livestock paper, unless its maturity is such as to make it eligible, could not be used as collateral for a loan made to an affiliate. The Federal Advisory Council also believes that the provision in section 25, page 49, paragraph 2, which refers to the sale for cash of the stock of an affiliate within a 3-year period is not at all clear. If this means that the stock of the affiliate held by the parent institution must be sold for cash away from the bank, in other words divorcing the affiliate from control by the bank, it will create a distinct hardship, as there are large numbers of such affiliates in existence today whose compulsory liquidation would cause serious financial losses. Apparently this section is in conflict with some of the provisions of section 20 2. Centralization of power.—It was the original intention of the Federal Reserve Act to decentralize the banking power in this country by establishing 12 autonomous regional Federal Reserve banks. The Federal Reserve Board itself was planned originally to be largely a supervising and coordinating body. The proposed act, however, tends to increase radically the power of the Federal Reserve Board at the expense of the individual Federal Reserve banks and to make of the Federal Reserve System in effect a centralized banking institution. In support of this statement attention is called to the following sections: Section 3 delegates the power of direct action to the Federal Reserve Board which even if practical would result in so embarrassing the operations of member banks as to lead to the elimination of important and necessary activities or to the virtual surrender of individual bank management to the Federal Reserve Board. Section 8 gives power to the Federal Reserve Board to fix the percentage of the capital and surplus which any member bank may lend in the form of collateral loans, and it is within the power of the Federal Reserve Board to change this percentage at any time upon 10 days' notice and to direct any member bank to refrain from an increase of its security loans for any period up to 1 year. This would be a tremendous increase in the powers of the Federal Reserve Board and would introduce an element of uncertainty in the minds of those directing any given member bank as to when the bank in question might be subjected to the direct action authorized in this section. The power of control by the Federal Reserve Board over the actions of the Federal Open Market Committee, as authorized in section 10, might possibly tend to slow up open-market operations at times when quickness of action might be absolutely essential in order to bring about desired results. In section 11 the Federal Reserve Board is empowered to cancel the right of any member bank to borrow on so-called 15-day paper and to declare existing loans due if such a member bank has failed to heed a notice instructing it not to increase loans on collateral security. It would appear to the Federal Advisory Council that this endows the Federal Reserve Board with an arbitrary power which is highly Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

188 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD undesirable entirely aside from other features in this section to which reference will be made hereafter. The Federal Advisory Council believes that subdivisions F and G of section 13 give power to the Federal Reserve Board to regulate what is a purely routine loan operation of a member bank. The ability of member banks to trade in Federal Reserve funds tends to maintain a greater degree of liquidity in the general banking situation than would otherwise be the case. In this connection attention is called to the ever increasing restrictions upon, and to the diminishing scope of, loaning operations of banks. This results in Increasing unnecessary balances on the part of member banks and makes it more difficult for them to employ funds profitably. 3. Liquidating corporation.—In general the Council endorses the idea of a liquidating corporation. It is, however, not in harmony with the provisions as set forth under section 10 (section 12B) of the proposed act. The Council is of the opinion that such a corporation as is proposed should be financed entirely by Government money as is intended to be done in the case of nonmember banks. Furthermore, the Council believes that it might be well to consider the possibility of creating 12 agencies, 1 in each of the Federal Reserve districts, rather than seeking to create a single body for the whole country. Such 12 agencies might then be placed under the control and guidance of the Federal Reserve Board or some other coordinating group. In no event does the Council believe it proper to require member banks to furnish the funds needed for such a corporation without at the same time giving the member banks control of such a corporation for which they are to furnish the capital from out of their own resources. The Council, furthermore, suggests the possibility of having the activities of a Federal Liquidating Corporation taken over by the Reconstruction Finance Corporation. 4. Increase oj reserves.—The Federal Advisory Council presumes that the requirement of larger reserves as set forth in section 13 of the proposed act is intended to provide for greater liquidity on the part of banks. The Council believes, however, that the experience of the past 10 years has clearly indicated that there is little or no relation between reserves and liquidity. In the opinion of the Council liquidity is the result of careful and prudent bank management and is measured by the character of the assets held by the bank. Furthermore, the imposition of additional reserves will reduce available resources in the member banks at a time when these are largely needed, while at the same time they will bring no advantage to the System, the resources of which have been and are ample to take care of changing financial situations. The effect of this requirement would also be to tie up an additional volume of gold as a reserve against increased member bank deposits in the Federal Reserve banks without any apparent justification. 5. Segregation oj time deposits.—The Federal Advisory Council regards the provisions in section 14 of the proposed act, intended to segregate the assets behind time deposits from those against other deposits, as likely to lead to undesirable results. In the opinion of the Council this provision will lead either to the withdrawal of demand deposits or the diversion of demand deposits into time deposits. It believes that the increase of investment in real estate foreseen in this section will tend to reduce the liquidity of banks. There is also imposed upon the Comptroller of the Currency a duty which Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF FEDERAL ADVISORY COUNCIL 189 burdens him with tremendous responsibility insofar as he is required to specify the type of property and the securities in which one half of the time deposits of the member bank may be invested in the absence of State laws governing the investment of such funds. It has been the experience of a number of members of the Council that the absence of restriction in respect to the investment of time deposits has produced a greater degree of liquidity in banks than can be possibly accomplished under the permissions granted in this section. The Council feels that the views here set forth in regard to section 14 might be much amplified. In its opinion the most important effect of this section would be to bring about a disruption of the present credit structure of the country. Many banks in this country having a large percentage of time deposits use these funds for the purpose of aiding commerce, industry, and agriculture in their respective communities. These would be compelled under the provisions of section 14 to liquidate a large proportion of these loans and invest the funds so obtained in real estate or specified securities. 6. Fifteen-day paper.—Section 11 penalizes borrowers on so-called 15-day paper. In the opinion of the Federal Advisory Council such a provision would make Government bonds a much less desirable form of investment for member banks. It would handicap the United States Treasury in its necessary financing, increasing the rate on Government securities and thereby the interest rate on all other classes of securities and thus depreciate the market price of securities generally. It should also be pointed out that the ability of member banks to borrow on their promissory notes for a period of not exceeding 15 days is essential in periods of depression when sufficient eligible paper is not available for rediscount. 7. Limitation of interest on deposits.—The limitation of interest which member banks may pay upon deposit balances provided for in section 24 of the proposed act, places such banks in unfair competition with nonmember banks not so restricted. It should be remembered that money is a commodity like any other and that member banks should be free to pay the rates necessary to hold their deposits. 8. Branch and group banking.—In reference to section 21 and other sections of the proposed act referring to branch or group banking, the Council begs leave to refer to the recommendations which it made on September 15, 1931, reading as follows: The Federal Advisory Council has received the recommendations of the Comptroller of the Currenc}^ made in his annual report for 1930, suggesting certain changes in the Federal laws relating to banking. The Federal Advisory Council is in sympathy with the Comptroller's recommendations, but suggests certain changes. In the following the original where changed is placed in brackets and the changes suggested by the Federal Advisory Council are italicized: I. Group and chain banking. No national bank should be permitted to become a part of a group banking system, except on the condition that all other banks in the group are [national banks; and when a State member bank of the Federal Reserve System is a part of a group, the Federal Government should be given visitatorial powers over the entire group], members of the Federal Reserve System to the end that the Federal Government have visitatorial powers over the entire group. More specifically: (a) No corporation should be permitted to own [a majority] in excess of 20 percent of the stock of a national bank if it owns at the same time [a majority] in excess of 20 percent of the stock of a State bank unless said State bank is a member of the Federal Reserve System. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

190 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD (b) The Comptroller of the Currency should be given visitatorial power over any corporation owning [a majority] in excess of 20 percent of the stock of a national bank. (c) No national bank should be permitted to make a loan on the security of the stock of a corporation owning [a majority] in excess of 20 percent of the stock of the lending bank. II. Branch banking. A. The McFadden Act should be amended to permit national banks in important commercial and financial centers to establish branches in the area that is economically and financially tributary to such centers without regard to State boundaries or to State banking laws. The privilege should be limited to banks in cities serving a territory sufficient to provide economic diversification. The [trade] area within which banks located in such cities may extend their branches should be defined by a committee consisting of the Comptroller of the Currency, the Secretary of the Treasury, and the Governor of the Federal Reserve Board. Banks permitted to have branches in [a trade] an area should have [a minimum capital of] capital adequate to their deposit liabilities, the minimum not to be less than $1,000,000. The extension of branches should be subject to the approval of the Comptroller of the Currency. B. The National Bank Consolidation Act should be amended to permit any bank within the [trade] branch-bank area to consolidate under national charter with the approval of the Comptroller of the Currency. 9. Collateral loans and securities.—In the general statement the Federal Advisory Council has already expressed its views regarding the desire to limit collateral loans. It wishes here, however, to discuss somewhat more in detail the provisions in sections 8, 11, 13, 15, etc., all of which deal in whole or in part with the control of the volume of collateral loans and the volume of securities held by member banks. These sections deal with control of volume of collateral loans and volume of securities held by member banks and place arbitrary powers of control and penalties in the Federal Reserve Board. The enforcement of the mandatory provisions of these sections will result in the enforced liquidation and to the detriment of general business. The Council believes that such liquidation will retard if it does not entirely defeat the beneficent effects that may be expected to be realized as a result of the Glass-Steagall bill and the Reconstruction Finance Corporation Act. The Council does not share the view of the proponents of the bill that the underlying cause of either bank disasters or depression is directly related to the volume of collateral loans or the volume of securities held by banks. These did not, and do not now, impair the ability of member banks properly to care for those types of loans the proceeds of which go more directly into commerce, industry, and agriculture. In conclusion the Council calls attention to the fact that the bill, if enacted into law, would in effect place an undeserved stigma upon the flotation and selling of securities and make it almost impossible for banks to do business with dealers in securities. There would seem to be no justification whatsoever for such drastic action. Finally, the Council believes that it is not possible to promote activity in commerce, industry, and agriculture under an easy money and credit policy and at the same time prevent people by admonition or restriction from buying securities which are being made attractive by this very activity. NOVEMBER 17, 1932 RESOLUTION ADOPTED BY THE FEDERAL ADVISORY COUNCIL It is the sense of the Federal Advisory Council that Congress be asked to extend for a period of at least 1 year the provisions of Digitized fors FeRctAiSoEnR 1 0 (b) and section 3 of the Glass-Steagall bill, H.R. 9203. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPOKT OF THE FEDEKAL RESERVE BOARD 191 AMENDMENTS TO FEDERAL RESERVE ACT ACT OF FEBRUARY 27, 1932, ADDING SECTIONS 10 (A) AND 10 (B) TO THE FEDERAL RESERVE ACT AND AMENDING SECTION 16 OF THE FEDERAL RESERVE ACT [PUBLIC—No. 44—72D CONGRESS] [H.R. 9203] AN ACT To improve the facilities of the Federal reserve system for the service of commerce, industry, and agriculture, to provide means for meeting the needs of member banks in exceptional circumstances, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Federal Reserve Act, as amended, is further amended by inserting, between sections 10 and 11 thereof, a new section reading as follows: "SEC. 10. (a) Upon receiving the consent of not less than five members of the Federal Reserve Board, any Federal reserve bank may make advances, in such amount as the board of directors of such Federal reserve bank may determine, to groups of five or more member banks within its district, a majority of them independently owned and controlled, upon their time or demand promissory notes, provided the bank or banks which receive the proceeds of such advances as herein provided have no adequate amounts of eligible and acceptable assets available to enable such bank or banks to obtain sufficient credit accommodations from the Federal reserve bank through rediscounts or advances other than as provided in section 10 (b). The liability of the individual banks in each group must be limited to such proportion of the total amount advanced to such group as the deposit liability of the respective banks bears to the aggregate deposit liability of all banks in such group, but such advances may be made to a lesser number of such member banks if the aggregate amount of their deposit liability constitutes at least 10 per centum of the entire deposit liability of the member banks within such district. Such banks shall be authorized to distribute the proceeds of such loans to such of their number and in such amount as they may agree upon, but before so doing they shall require such recipient banks to deposit with a suitable trustee, representing the entire group, their individual notes made in favor of the group protected by such collateral security as may be agreed upon. Any Federal reserve bank making such advance shall charge interest or discount thereon at a rate not less than 1 per centum above its discount rate in effect at the time of making such advance. No such note upon which advances are made by a Federal reserve bank under this section shall be eligible under section 16 of this Act as collateral security for Federal reserve notes. "No obligations of any foreign government, individual, partnership, association, or corporation organized under the laws thereof shall be eligible as collateral security for advances under this section. "Member banks are authorized to obligate themselves in accordance with the provisions of this section." SEC. 2. The Federal Reserve Act, as amended, is further amended by adding, immediately after such new section 10 (a), an additional new section reading as follows: "SEC. 10. (b) Until March 3, 1933, and in exceptional and exigent circumstances, and when any member bank, having a capital of not exceeding $5,000,000, has no further eligible and acceptable assets available to enable it to obtain adequate credit accommodations through rediscounting at the Federal reserve bank or any other method provided by this Act other than that provided by section 10 (a), any Federal reserve bank, subject in each case to affirmative action by not less than five members of the Federal Reserve Board, may make advances to such member bank on its time or demand promissory notes secured to the satisfaction of such Federal reserve bank: Provided, That (1) each such note shall bear interest at a rate not less than 1 per centum per annum higher than the highest discount rate in effect at such Federal reserve bank on the date of such note; (2) the Federal Reserve Board may by regulation limit and define the classes of assets which may be accepted as security for advances made under authority of this section; and (3) no note accepted for any such advance shall be eligible as collateral security for Federal reserve notes. "No obligations of any foreign government, individual, partnership, association, or corporation organized under the laws thereof shall be eligible as collateral security for advances under this section." Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

192 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SEC. 3. The second paragraph of section 16 of the Federal Reserve Act, as amended, is amended to read as follows: "Any Federal reserve bank may make application to the local Federal reserve agent for such amount of the Federal reserve notes hereinbefore provided for as it may require. Such application shall be accompanied with a tender to the local Federal reserve agent of collateral in amount equal to the sum of the Federal reserve notes thus applied for and issued pursuant to such application. The collateral security thus offered shall be notes, drafts, bills of exchange, or acceptances acquired under the provisions of section 13 of this Act, or bills of exchange indorsed by a member bank of any Federal reserve district and purchased under the provisions of section 14 of this Act, or bankers' acceptances purchased under the provisions of said section 14, or gold or gold certificates: Provided, however, That until March 3, 1933, should the Federal Reserve Board deem it in the public interest, it may, upon the affirmative vote of not less than a majority of its members, authorize the Federal reserve banks to offer, and the Federal reserve agents to accept, as such collateral security, direct obligations of the United States. On March 3, 1933, or sooner should the Federal Reserve Board so decide, such authorization shall terminate and such obligations of the United States be retired as security for Federal reserve notes. In no event shall such collateral, security be less than the amount of Federal reserve notes applied for. The Federal reserve agent shall each day notify the Federal Reserve Board of all issues and withdrawals of Federal reserve notes to and by the Federal reserve bank to which he is accredited. The said Federal Reserve Board may at any time call upon a Federal reserve bank for additional security to protect the Federal reserve notes issued to it." Approved, February 27, 1932. SECTION 210 OF THE ACT OF JULY 21, 1932, AMENDING SECTION 13 OF THE FEDERAL RESERVE ACT SEC. 210. Section 13 of the Federal Reserve Act, as amended, is further amended by adding after the second paragraph thereof the following new paragraph: "In unusual and exigent circumstances, the Federal Reserve Board, by the affirmative vote of not less than five members, may authorize any Federal reserve bank, during such periods as the said board may determine, at rates established in accordance with the provisions of section 14, subdivision (d), of this Act, to discount for any individual, partnership, or corporation, notes, drafts, and bills of exchange of the kinds and maturities made eligible for discount for member banks under other provisions of this Act when such notes, drafts, and bills of exchange are indorsed and otherwise secured to the satisfaction of the Federal reserve bank: Provided,, That before discounting any such note, draft, or bill of exchange for an individual or a partnership or corporation the Federal reserve bank shall obtain evidence that such individual, partnership, or corporation is unable to secure adequate credit accomodations from other banking institutions. All such discounts for individuals, partnerships, or corporations shall be subject to such limitations, restrictions, and regulations as the Federal Reserve Board may prescribe." SECTIONS 5 AND 6 OF THE ACT OF MAY 19, 1932, AMENDING SECTIONS 13 AND 13 (a) OF THE FEDERAL RESERVE ACT SEC. 5. The second paragraph of section 13 (a) of the Federal Reserve Act, as amended (U. S. C, title 12, ch. 3, sec. 349), is hereby amended by adding thereto a new sentence as follows: "Any Federal reserve bank may also, subject to regulations and limitations to be prescribed by the Federal Reserve Board, discount notes payable to and bearing the indorsement of any Federal intermediate credit bank, covering loans or advances made by such bank pursuant to the provisions of section 202 (a) of Title II of the Federal Farm Loan Act, as amended (U. S. C, title 12, ch. 8, sec. 1031), which have maturities at the time of discount of not more than nine months, exclusive of days of grace, and which are secured by notes, drafts, or bills of exchange eligible for rediscount by Federal Reserve banks." SEC. 6. The seventh paragraph of section 13 of the Federal Reserve Act, as amended (U. S. C, title 12, ch. 3, sec. 347), is hereby amended by changing the period at the end thereof to a comma and adding thereto the words "or by the deposit or pledge of debentures or other such obligations of Federal intermediate credit banks which are eligible for purchase by Federal reserve banks under sec- Digitized fort iFoRn A1S3E R(a ) of this Act." https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 193 AMENDMENT TO REGULATION G The Federal Reserve Board on August 10, 1932, amended its regulation G, governing the rediscount by Federal Reserve banks of notes secured by adjusted-service certificates, so as to conform to the provisions of the World War Adjusted Compensation Act, as amended by the Act of July 21, 1932. The regulation as amended is as follows: REGULATION G, SERIES OF 1932 (Superseding Regulation G of 1931) REDISCOUNT OF NOTES SECURED BY ADJUSTED-SERVICE CERTIFICATES SECTION I. STATUTORY PROVISIONS Under the terms of the World War Adjusted Compensation Act as amended, loans may lawfully be made to veterans upon their adjusted-service certificates only in accordance with the provisions of section 502 thereof, as amended. Any national bank, or any bank or trust company incorporated under the laws of any State, Territory, possession, or the District of Columbia is authorized, at any time after the date of the certificate, to loan to any veteran upon his promissory note secured by his adjusted-service certificate any amount not in excess of the loan value of the certificate, which is (a) 50 percent of the face value of the certificate, or (b) the loan value stated on the face of the certificate, whichever is the greater amount. The law provides that the rate of interest charged upon the loan by the lending bank shall not exceed by more than 2 percent per annum the rate charged at the date of the loan for the discount of 90-day commercial paper by the Federal Reserve bank of the Federal Reserve district in which the lending bank is located and, as to loans made on or after July 21,1932, shall in no event exceed 3% percent per annum compounded annually.1 Upon the indorsement of any bank, which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, and subject to regulations to be prescribed by the Federal Reserve Board, any such note secured by an adjusted-service certificate and held by a bank is made eligible for rediscount with the Federal Reserve bank of the Federal Reserve district in which such bank is located, whether or not the bank offering the note for rediscount is a member of the Federal Reserve System and whether or not it acquired the note in the first instance from the veteran or acquired it by transfer upon the indorsement of any other bank; provided that at the time of rediscount such note has a maturity not in excess of 9 months, exclusive of days of grace, and complies in all other respects with the provisions of the law, the regulations of the United States Veterans' Bureau, and the regulations of the Federal Reserve Board. SECTION II. DEFINITIONS Within the meaning of this regulation— (a) The term "the act" shall mean the World War Adjusted Compensation Act as amended; (6) The term "director" shall mean the Administrator of Veterans7 Affairs, who has been vested by law with the power and duties formerly vested in the Director of the United States Veterans' Bureau; (c) The term "certificate" shall mean an adjusted-service certificate issued under the provisions of section 501 of the World War Adjusted Compensation Act as amended; (d) The term "veteran" shall mean any person to whom an adjustedservice certificate has been issued by the director under the provisions of the World War Adjusted Compensation Act as amended; (e) The term "bank" shall mean any national bank or any bank or trust company incorporated under the laws of any State, Territory, possession, or the District of Columbia; 1 Loans made on or after February 27,1931, but prior to July 21,1932, could be made at a rate of interest not exceeding 4^ percent per annum compounded annually. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

194 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD (/) The term "note" shall mean a promissory note secured by an adjustedservice certificate and evidencing a loan made by a bank on the security of such certificate in full compliance with the provisions of the World War Adjusted Compensation Act as amended and the regulations of the Administrator of Veterans' Affairs. SECTION III. ELIGIBILITY In order to be eligible for rediscount at a Federal Reserve bank, any such note must— (a) Arise out of a loan made by a bank to a veteran in full compliance with the provisions of the act and of any regulation which the director may prescribe; (b) Be secured by the certificate issued to the maker, which certificate must accompany the note; (c) Be held by the offering bank in its own right at the time it is offered for rediscount; (d) Be in the form approved by the director; (e) Have a maturity at the time of rediscount not in excess of 9 months, exclusive of days of grace; provided, however, That when such note contains, in the form approved by the director, a provision for the extension of the maturity thereof from year to year, at the option of the holder evidenced by his endorsement thereon, the maturity of said note (after the first maturity stated thereon) shall, for the purpose of determining its eligibility for rediscount, be deemed to be that stated in the latest extension endorsed thereon by the holder; (/) Evidence a loan the amount of which does not exceed (a) 50 percent of the face value of the certificate or (6) the loan value stated on the face of the certificate for the year in which such loan was made, whichever amount is greater; (g) Be payable with interest accruing after the date of the note at a rate stated in the face of the note, which rate must not exceed by more than 2 percent per annum the rate charged at the date of the loan for the discount of 90-day commercial paper by the Federal Reserve bank of the Federal Reserve district in which the lending bank is located; provided, however, That, if the loan or any extension thereof was made on or after July 21,1932, the rate must not in any event exceed 3% percent per annum, compounded annually; (k) Bear the endorsement of the bank offering it for rediscount, which endorsement shall be deemed a waiver of demand, notice, and protest by such bank as to its own endorsement exclusively; if) Be accompanied by the evidence of eligibility required by this regulation and such other evidence of eligibility as may be required by the Federal Reserve bank to which it is offered for rediscount; and (j) Comply in all other respects with the requirements of the law and of this regulation. SECTION IV. EVIDENCE OF ELIGIBILITY (a) General.—The Federal Reserve bank to which a note is offered for rediscount must be satisfied either by reference to the note itself or otherwise that the loan evidenced by the note or any sale, discount, or rediscount thereof complies in all respects with the provisions of section 502 of the act and that the note is eligible for rediscount by a Federal Reserve bank under the terms of the law and the provisions of this regulation. (b) Affidavit of lending bank.—Any note offered to a Federal Reserve bank for rediscount must be accompanied by the affidavit required by section 502 (h) of the act and the regulations of the director, in form approved by the director, made b}^ an officer of the bank which made the loan, before a notary public or other officer designated for the purpose by regulation of the director, stating that— (1) Such bank has not charged or collected, or attempted to charge or collect, directly or indirectly, any fee or other compensation in respect of any loan, made by such bank to any veteran under section 502 of the act, except the interest authorized by such section; (2) The person who obtained the loan evidenced by such note is known to be the veteran named in the certificate securing such note; Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AMENDMENT TO REGULATION G 195 (3) Such bank has notified the director .that it has made a loan to the veteran named in the certificate, as required by the regulations of the director; and (4) Such bank has notified the veteran by mail at his last known postoffice address of any sale, discount, or rediscount of such note by such bank, as required by section 502 (b) of the act. (c) Affidavit of other banks.—If such note is offered for rediscount by a bank other than the bank which made the loan thereon, it must also be accompanied by an affidavit of an officer of the offering bank and an affidavit of an officer of each other bank which has sold, discounted, or rediscounted such note, which affidavit shall be in form approved by the director and shall state that the bank of which the affiant is an officer has promptly notified the veteran by mail at his last known post-office address of the sale, discount, or rediscount of such note by such bank, as required by section 502 (b) of the act. SECTION V. APPLICATION FOR REDISCOUNT Every application for the rediscount of such notes shall be made on a form approved by the Federal Reserve bank to which such note is offered and shall contain a certificate of the offering bank to the effect that, to the best of its knowledge and belief, such note arose out of a loan made in full compliance with the provisions of the act and the regulations of the director and is eligible for rediscount under the provisions of section 502 of the act and of this regulation. SECTION VI. PROPER BANK FOR REDISCOUNT No such note shall be rediscounted by any Federal Reserve bank for any bank not located in its own Federal Reserve district, except that such notes may be rediscounted by any Federal Reserve bank for any other Federal Reserve bank. SECTION VII. RATE OF REDISCOUNT The rate of interest charged by any Federal Reserve bank on any such note rediscounted by it shall be the same as that charged by it for the rediscount of 90-day notes drawn for a commercial purpose, except that when such notes are rediscounted for another Federal Reserve bank the rate shall be that fixed by the Federal Reserve Board. SECTION VIII. REDISCOUNTS FOR NONMEMBER BANKS No Federal Reserve bank shall rediscount such notes for any nonmember bank until such bank has furnished to the Federal Reserve bank such information as it may request in order to satisfy itself as to the condition of such bank and the advisability of making the rediscount for it. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REQUIREMENTS AS TO DISCOUNTS FOR INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS There is set forth below a copy of a letter which the Federal Reserve Board on July 26, 1932, addressed to all Federal Reserve banks with respect to the discount of paper for individuals, partnerships, and corporations pursuant to the provisions of section 13 of the Federal Reserve Act, as amended by the act of July 21, 1932. JULY 26, 1932. SUBJECT: DISCOUNTS FOR INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS To all Federal Reserve banks: The third paragraph of section 13 of the Federal Reserve Act, as amended by the act of July 21, 1932, provides as follows: "In unusual and exigent circumstances, the Federal Reserve Board, by the affirmative vote of not less than five members, may authorize any Federal reserve bank, during such periods as the said board may determine, at rates established in accordance with the provisions of section 14, subdivision (d), of this Act, to discount for any individual, partnership, or corporation, notes, drafts, and bills of exchange of the kinds and maturities made eligible for discount for member banks under other provisions of this Act when such notes, drafts, and bills of exchange are indorsed and otherwise secured to the satisfaction of the Federal reserve bank: Provided, That before discounting any such note, draft, or bill of exchange for an individual or a partnership or corporation the Federal reserve bank shall obtain evidence that such individual, partnership, or corporation is unable to secure adequate credit accommodations from other banking institutions. All such discounts for individuals, partnerships, or corporations shall be subject to such limitations, restrictions, and regulations as the Federal Reserve Board may prescribe." In view of the fact that the power conferred by this provision can be exercised only in "unusual and exigent circumstances", the Federal Reserve Board has not prescribed any formal regulations governing the exercise of this power; but the requirements of the law and the procedure which the Rederal Reserve Board will expect to be followed are outlined below for the information of the Federal Reserve banks and any individuals, partnerships, or corporations that may contemplate applying to them for discounts. I. LEGAL REQUIREMENTS It will be observed that, by the express terms of the law: (1) The power conferred upon the Federal Reserve Board to authorize Federal Reserve banks1 to discount eligible paper for individuals, partnerships, or corporations may be exercised only: (a) In unusual and exigent circumstances, (6) By the affirmative vote of not less than five members of the Federal Reserve Board, and (c) For such periods as the Federal Reserve Board may determine. (2) When so authorized, a Federal Reserve bank may discount for individuals, partnerships, or corporations only notes, drafts, and bills of exchange of the kinds and maturities made eligible for discount for member banks, under other provisions (sections 13 and 13a) of the Federal Reserve Act. (Such paper must, therefore, comply with the applicable requirements of Regulation A of the Federal Reserve Board). (3) Paper discounted for individuals, partnerships, or corporations must be both (a) endorsed and (6) otherwise secured to the satisfaction of the Federal Reserve bank. ' 196 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DISCOUNTS FOR INDIVIDUALS, PARTNERSHIPS, CORPORATIONS 197 (4) Before discounting paper for any individual, partnership, or corporation, a Federal Reserve bank must obtain evidence that such individual, partnership, or corporation is unable to secure adequate credit accommodations from other banking institutions. (5) Such discounts may be made only at rates established by the Federal Reserve banks, subject to review and determination by the Federal Reserve Board. (6) All discounts for individuals, partnerships, or corporations are subject to such limitations, restrictions, and regulations as the Federal Reserve Board may prescribe. II. AUTHORIZATION BY THE FEDERAL RESERVE BOARD The Federal Reserve Board, pursuant to the power conferred upon it by the amendment hereinbefore quoted, hereby authorizes all Federal Reserve banks, for a period of 6 months beginning August 1, 1932, to discount eligible notes, drafts, and bills of exchange for individuals, partnerships, and corporations, subject to the provisions of the law, the Board's regulations, and this circular. III. FOR WHOM PAPER MAY BE DISCOUNTED A Federal Reserve bank may discount for individuals, partnerships, or corporations notes, drafts, or bills of exchange, which are the obligations of other parties actually owned by such individuals, partnerships, or corporations and endorsed by them, or the promissory notes of such individuals, partnerships, or corporations endorsed by other parties whose endorsements are satisfactory to the Federal Reserve bank. Within the meaning of this circular, the term "corporations'' does not include banks. IV. APPLICATIONS FOR DISCOUNT Each application of an individual, partnership, or corporation for the discount of eligible paper by the Federal Reserve bank must be addressed to the Federal Reserve bank of the district in which the principal place of business of the applicant is located, must be made in writing on a form furnished for that purpose by the Federal Reserve bank and must contain, or be accompanied by, the following: (1) A statement of the circumstances giving rise to the application and of the purposes for which the proceeds of the discount are to be used; (2) Evidence sufficient to satisfy the Federal Reserve bank as to (a) the legal eligibility of the paper offered for discount under section 13 or section 13 (a) of the Federal Reserve Act and Regulation A of the Federal Reserve Board and (6) its acceptability from a credit standpoint; (3) A statement of the efforts made by the applicant to obtain adequate credit accommodations from other banking institutions, including the names and addresses of all other banking institutions to which applications for such credit accommodations were made, the dates upon which such applications were made, whether such applications were definitely refused and the reasons, if any, given for such refusal; (4) A list showing each bank with which the applicant has had banking relations, either as a depositor or as a borrower, during the preceding year, with the approximate date upon which such banking relations commenced and, if such banking relations have been terminated, the approximate date of their termination; (5) Complete credit data regarding the financial condition of the principal obligors and endorsers on the paper offered for discount; (6) A list and description of the collateral or other security offered by the applicant; (7) A waiver by the applicant of demand, notice and protest as to applicant's obligation on all paper discounted by the Federal Reserve bank or held by the Federal Reserve bank as security; and (8) An agreement by the applicant, in form satisfactory to the Federal Reserve bank, (a) to furnish additional credit information to the Federal Reserve bank, when requested, (b) to submit to audits, credit investigations or examinations by representatives of the Federal Reserve bank at the expense of the applicant, whenever requested by the Federal Reserve bank, and (c) to furnish additional security whenever requested to do so by the Federal Reserve bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

198 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD V. GRANT OR REFUSAL OF APPLICATION Before discounting notes, drafts, or bills of exchange for any individual, partnership, or corporation, the Federal Reserve bank shall ascertain to its satisfaction by such means as it may deem appropriate: (1) That the financial condition and credit standing of the applicant justify the granting of such credit accomodations; (2) That the paper offered for discount is acceptable from a credit standpoint and eligible from a legal standpoint; (3) That the security offered is adequate to protect the Federal Reserve bank against loss; (4) That there is a reasonable need for such credit accommodations; and (5) That the applicant is unable to obtain adequate credit accommodations from other banking institutions. A special effort should be made to determine whether the banking institution with which the applicant ordinarily transacts his banking business or any other banking institution to which the applicant ordinarily would have access is willing to grant such credit accommodations. A Federal Reserve bank should not discount such paper unless it appears that the proceeds of such discounts will be used to finance current business operations and not for speculative purposes, for permanent or fixed investments, or for any other capital purposes. Except with the permission of the Federal Reserve Board, no such paper should be discounted if it appears that the proceeds will be used for the purpose of paying off existing indebtedness to other banking institutions. In discounting paper for individuals, partnerships, or corporations, a Federal Reserve bank should not make any commitment to renew or extend such paper or to grant further or additional discounts. VI. LIMITATIONS Except with the permission of the Federal Reserve Board, no Federal Reserve bank shall discount for any one individual, partnership, or corporation paper amounting in the aggregate to more than 1 percent of the paid-in capital stock and surplus of such Federal Reserve bank. VII. ADDITIONAL REQUIREMENTS Any Federal Reserve bank may prescribe such additional requirements and procedure respecting discounts hereunder as it may deem necessary or advisable; provided that such requirements and procedure are consistent with the provisions of the law, the Board's regulations and the terms of this circular. By order of the Federal Reserve Board. CHESTER MORRILL, Secretary. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AMENDMENTS TO NATIONAL BANK ACT ACT OF JULY 2, 1932, AMENDING SECTION 5240, UNITED STATES REVISED STATUTES [PUBLIC—No. 245—72D CONGRESS] [H.R. 8694] AN ACT To amend section 5240, United States Eevised Statutes, as amended (U.S.C., titlp 12, eh. 2, sec. 82), and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 5240, United States Revised Statutes, as amended (U.S.C., title 12, ch. 3, sees. 481, 482, 483, 484, 485), be amended by adding thereto a new paragraph reading: "In addition to the expense of examination to be assessed by the Comptroller of the Currency as heretofore provided, all national banks exercising fiduciary powers under the provisions of section 11 (k) of the Federal Reserve Act, as amended (U.S.C., title 12, ch. 3, sec. 248 (k)), and all banks or trust companies exercising fiduciary powers in the District of Columbia shall be assessed by the Comptroller of the Currency for the examinations of such fiduciary powers, a fee in proportion to the amount of individual trust assets under administration and the total bonds and/or notes outstanding under corporate bond and/or note issues for which the banks or trust companies are acting as trustees upon the dates of examination of the various banks or trust companies." Approved, July 2, 1932. SECTION 6 OF THE ACT OF JANUARY 22, 1932, AMENDING SECTION 5202 OF THE UNITED STATES REVISED STATUTES SEC. 6. Section 5202 of the Revised Statutes of the United States, as amended, is hereby amended by striking out the words "War Finance Corporation Act" and inserting in lieu thereof the words "Reconstruction Finance Corporation Act." SECTION 29 OF THE ACT OF JULY 22, 1932 (FEDERAL HOME LOAN BANK ACT) RELATING TO BONDS ELIGIBLE AS SECURITY FOR ISSUANCE OF NATIONAL BANK NOTES SEC. 29. That notwithstanding any provisions of law prohibiting bonds of the United States from bearing the circulation privilege, for a, period of three years from the date of enactment of this Act all outstanding bonds of the United States heretofore issued or issued during such period, bearing interest at a rate not exceeding 3% per centum per annum, shall be receivable by the Treasurer of the United States as security for the issuance of circulating notes to national banking associations, and upon the deposit with the Treasurer of the United States by a national banking association of any such bonds, such association shall be entitled to receive circulating notes in the same manner and to the same extent and subject to the same conditions and limitations now provided by law in the case of 2 per centum gold bonds of the United States bearing the circulation privilege; except that the limitation contained in section 9 of the Act of July 12, 1882, as amended, with respect to the amount of lawful money which may be deposited with the Treasurer of the United States by national banking associations for the purpose of withdrawing bonds held as security for their circulating notes, shall not apply to the bonds of the United States to which the circulation privilege is extended by this section and which are held as security for such notes. Nothing contained in this section shall be construed to modify, amend, or repeal any law relating to bonds of the United States which now bear the circulation privilege. As used in this section, the word "bonds" shall not include notes, certificates, or bills issued by the United States. There are hereby authorized to be appropriated such sums as may be necessary to carry out the provisions of this section. 182799—22 14 199 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OPINION OF COURT WITH RESPECT TO RIGHT OF FEDERAL RESERVE BANK TO REQUIRE COLLATERAL SECURITY IN REDISCOUNTING PAPER There is published below a copy of the opinion of the United States Circuit Court of Appeals for the Fourth Circuit in the case of Lucas v. Federal Reserve Bank of Richmond, in which it was decided that a Federal Reserve bank may lawfully take paper which is ineligible for discount as additional security for the indebtedness of a member bank arising out of the discount of eligible paper. UNITED STATES CIRCUIT COURT OF APPEALS, FOURTH CIRCUIT No. 3266. W. J. LUCAS, JR., ET AL., Appellants, versus FEDERAL RESERVE BANK OF RICHMOND, Appellee. Appeal from the District Court of the United States for the Eastern District of North Carolina, at New Bern. (Argued April 19, 1932. Decided June 13, 1932.) Before PARKER, NORTHCOTT & SOPER, Circuit Judges. R. A. NUNN and R. E. WHITEHURST (W. B. R. GUION on brief) for Appellants, and NEWTON D. BAKER (M. G. WALLACE and W. H. LEE on brief) for Appellee. PARKER, Circuit Judge: This is an appeal from a final decree dismissing a bill of complaint and intervening petitions adopting its allegations. The complainants were stockholders and creditors of the failed National Bank of New Bern and creditors of the failed First National Bank of New Bern, which prior to its failure had taken over the assets and assumed the liabilities of the former. The bill was filed in behalf of complainants and others similarly situated against the Federal Reserve Bank of Richmond; and the National Bank of New Bern and the receiver of the First National Bank of New Bern were made defendants, under an allegation that the suit was instituted to enforce rights of the national bank transferred to the First National Bank which the receiver of the latter, notwithstanding demand by complainants, had refused to enforce. A motion to dismiss was made on the grounds of mis joinder of parties and causes of action and failure to comply with Equity Rule 27, as well as upon the ground that the bill was without equity. As we are of opinion that the bill was properly dismissed on the last ground, it is not necessary to consider the others. The bill, which alleges four causes of action, sets forth the following facts basic as to all of them: In the year 1923 the People's Bank of New Bern was found to be involved and its assets were taken over and its liabilities assumed by the National Bank of New Bern, at the instance of the defendant Federal Reserve Bank, whose officers promised to extend to the National Bank "such additional accommodations in the way of discounts as would be necessary to meet the additional burden" thus assumed by it. The National Bank was indebted to the Reserve Bank at the time; and shortly thereafter the latter, notwithstanding its agreement, required the National Bank to put up additional collateral to its 200 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OPINION OF COURT 201 indebtedness to an amount equal to 50% of the face of the paper previously rediscounted. In 1925 additional collateral to an amount equal to 50% of the loans and advancements was required, with the result that the Reserve Bank held marginal collateral in an amount equal to the value of the paper rediscounted with it, or approximately $208,000. The amount of the rediscounts and the marginal collateral remained approximately the same from 1925, substitutions being made in the paper rediscounted and also in the paper held as collateral. On March 19, 1929, the First National Bank of New Bern was organized and took over the assets and assumed the liabilities of the National Bank. The First National became insolvent and was placed in the hands of a receiver on October 26, 1929. The requirement by the Reserve Bank that the National Bank deposit with it the $208,000 of additional collateral is the basis of all four of the causes of action contained in the bill. The first proceeds upon the theory that the Reserve Bank had obligated itself to finance the National Bank in consideration of its taking over the assets and assuming the liabilities of the Peoples' Bank and that the requirement of the deposit of the $208,000 collateral was wrongful because of this obligation. It avers that the Reserve Bank " contrary to its promise and agreement, demanded and pressed for the liquidation of the paper of the National Bank of New Bern * * * ; restricted its credit to the National Bank of New Bern and in addition thereto, unlawfully, wrongfully and in violation of its powers and duties, demanded that said National Bank of New Bern should deposit with it additional notes and bills of its customers * * * to be held by it as security for any sums due by reason of rediscounts"; that this requirement was unreasonable and unlawful and deprived the National Bank of the use of these bills and notes; that the Reserve Bank refused to surrender this additional collateral when demand for same was made by the First National Bank, successor of the National Bank; that this refusal resulted in the inability of the First National Bank to meet its obligations and in its having to close its doors and suspend business; that, as a result of this conduct on the part of the Reserve Bank, complainants and those in like situation have been damaged in the sum of $1,000,000; and that complainants are entitled to recover of the Reserve Bank the damages sustained by them and to have an accounting of the collateral which the National Bank was wrongfully required to deposit with the Reserve Bank. The allegations of the second cause of action are that the Reserve Bank, under the statute creating it, is limited in its acceptance of paper and securities to those of the kind eligible for discount under the act; that the paper which the Reserve Bank required the National Bank to deposit as additional collateral was not of this character; that the requirement was, therefore, unauthorized and unlawful; and that this unauthorized and unlawful conduct produced in the National Bank and in the First National Bank "a condition equivalent to insolvency" and resulted in the closing of the latter with consequent damage to complainants and those in like situation. The third cause of action proceeds upon the theory that, in requiring the deposit of the collateral security by the National Bank, the Reserve Bank obtained a preference. It alleges that the Reserve Bank, by reason of its access to examination made of member Banks, had "a more intimate knowledge" of the condition of the assets of the National Bank and the First National Bank than their own officers; that about the year 1925 the Reserve Bank determined that the National Bank was insolvent and its assets frozen and uncollectible; and that it thereupon caused the collateral security in question to be transferred to it in contemplation of insolvency and with a view of obtaining a preference. The fourth cause of action alleges that the Reserve Bank required the National Bank and the First National Bank to maintain deposit balances with it in an amount not less than seven percent of demand or three percent of time deposits and assessed penalties against them for failure to maintain such balances; that, by reason of the requirement of the Reserve Bank that the additional collateral be deposited with it, they were unable to maintain the required balances and incurred the penalties assessed against them; and that under these circumstances the penalties were improperly assessed and the Reserve Bank should be required to account for same. It is clear that the first cause of action states no ground of relief either in contract or in tort. The allegation that the Reserve Bank promised to "extend such additional accommodations in the way of discounts as would be necessary to meet the additional burden assumed" sets forth none of the essential terms of a contract. It does not show the amount of credit to be extended, the period of the credit, the amount or kind of security to be deposited as collateral or the interest to be paid. The court cannot see by reading it any definite agreement which the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

202 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD law could enforce. In the language of Mr. Justice Holmes, "On the face of it, it does not impart a legally binding promise, but rather a hopeful encouragement, sounding only in prophecy." Hall v. First Nat. Bank of Chelsea 173 Mass. 16, 53 N.E. 154. It is well settled that such a vague promise does not constitute a binding and enforceable contract. American Law Institute Restatement of Law of Contracts sec. 32; Williston on Contracts sec. 37 et seq.; 6 R.G.L. 644; Jones v. Vance Shoe Co. (CCA. 7th) 115 Fed. 707; Hall v. First Nat. Bank of Chelsea, supra; United Press v. New York Press Co. 164 N.Y. 406, 53 L.R.A. 288; Brown v. 'Fahey Md ,146 Atl. 264; Ahlstrom v. Fitzpatrick 17 Mont. 295, 42 Pac. 757; Yerion v. Allison Tex. Civ. App. .;...., 242 S.W. 270. But, even if we could read a binding agreement into the vague promise alleged, it does not appear that the Reserve Bank has violated same. It extended to the National bank and its successor, the First National Bank, a very substantial credit, discounting paper for them over a period of six years; and it is nowhere alleged that the security demanded was other than that required by the dictates of prudence and good banking. And there is no allegation in the first cause of action of any wrongful or oppressive conduct which would support a recovery in tort. It is not alleged that the Reserve Bank made any false or fraudulent representations to the damage of the National Bank or that it violated any right of that bank in any other particular. The use of the adverbs "unlawfully", "wrongfully" and "fraudulently" do not add anything to the pleading. To state a cause of action it must set forth facts from which the court may see that complainants are entitled to relief, not mere conclusions of the pleader. Chamberlain Machine Works v. United States 270 U.S. 347, 349; Cairo etc. R. Co. v. United States 267 U.S. 350, 352; Fogg v. Blair 139 U.S. 118, 127. As to the second cause of action, it is sufficient to say that, in our opinion, there can be no doubt as to the right and power of the federal reserve banks to take, as collateral security to the indebtedness of member banks, paper which is not eligible for discount. While the Federal Reserve Act limits the class of paper which a reserve bank may discount or purchase (12 USCA 343 and 356), there is no reason why such bank may not accept paper ineligible for discount as additional security for the indebtedness arising out of the discount of eligible paper. It is given power by the act (12 USCA 341 seventh) to exercise, not only the powers expressly granted therein, but also such incidental powers as shall be necessary to carry on the business of banking within the limitations prescribed; and, that the power to require and accept additional security, either for existing indebtedness or for eligible paper discounted, is a power necessary to carry on properly the business of banking within the limitations of the act, seems too clear to admit of argument. The fact that the paper taken as additional security is ineligible for discount, ought not and does not preclude its being taken as collateral. The Federal Reserve Bank is charged with the duty of defining the paper eligible for discount (12 USCA 343); and in a regulation adopted pursuant thereto it has expressly provided that eligible paper discounted may be secured by paper ineligible for discount. Regulation A, section II, subdivision (e) provides as to eligible paper: " (e) It may be secured by the pledge of goods or collateral of any nature, including paper which is ineligible for discount, provided it (the note, draft or bill of exchange) is otherwise eligible." (Italics ours). When we consider the reason and purpose of the Federal Reserve Act, there would seem to be no doubt that it contemplates that reserve banks shall have the right to accept paper not eligible for discount as additional security for the indebtedness incurred by a member bank when eligible paper is discounted. One of the purposes of the act was to afford assistance to banks in rural sections by providing a means whereby their negotiable paper might be discounted and used as a basis for issuing currency. It was the reserve banks which were to discount this paper; and it was, of course, contemplated that in discounting same they should proceed upon sound banking principles. It is manifest that much of the paper offered for discount by rural banks will be paper of persons with whose financial standing the reserve banks will not be familiar, and that, unless the latter are allowed to require additional security for the obligations incurred when such paper is discounted, they will be unwilling to discount same. To deny them the right to require or accept such additional security, therefore, would unnecessarily restrict them in rendering a service of the greatest importance to the country. The section of the Federal Reserve Act granting incidental powers to the Federal Reserve Banks is practically the same as the section granting incidental powers to national banking associations (12 USCA 24, seventh); and with Digitized for FRASER ? https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OPINION OF COURT 203 respect to the incidental powers granted the latter, Mr. Chief Justice Waite, in the case of First Nat. Bank v. National Exchange Bank 92 U.S. 122, 127, said: "Authority is thus given to transact such a banking business as is specified, and all incidental powers necessary to carry it on are granted. These powers are such as are required to meet all the legitimate demands of the authorized business, and to enable a bank to conduct its affairs, within the general scope of its charter, safely and prudently. This necessarily implies the right of a bank to incur liabilities in the regular course of its business, as well as to become the creditor of others. Its own obligations must be met, and debts due to it collected or secured. The power to adopt reasonable and appropriate measures for these purposes is an incident to the power to incur the liability or become the creditor." It is well settled that, under these incidental powers, a national banking association may take, as security for a loan, collateral of a character in which it is precluded from investing its funds. Curtis v. Metcalf 259 Fed. 961; Thompson v. St. Nicholas Nat. Bank 146 U.S. 240; Germania Nat. Bank v. Case 99 U.S. 628; Fourth Nat. Bank of Nashville v. Stahlman 132 Tenn. 367, L.R.A. 1916A 568 and note. According to the allegations here, the ineligible paper was demanded and taken as additional security after credit had been extended upon the discount of eligible paper, although it is a fair inference that it was taken at the time when new paper was discounted in substitution of other paper then retired. It was taken, then, in an effort to collect or secure existing indebtedness; and a contention that the power to take such security for the protection of the bank does not exist, is hardly to be accepted in view of the decisions holding that a national bank, for the collection and better security of debts owing to it, may acquire corporate stocks (First Nat. Bank v. Nat. Exchange Bank, supra), may buy grain needed to seed a farm which it has been compelled to purchase on execution (Great Bend First Nat. Bank v. Bannister 7 Kan. App. 787, 54 Pac. 20), and, although expressly forbidden to make loans on realty, may take a mortgage on realty as additional security to a loan already made (Norton Grocery Co. v. Peoples Nat. Bank of Abingdon 151 Va. 195, 144 S.E. 501.) Finally, it is clear that, whatever the power of the defendant with respect to taking as collateral paper not elegible for discount, no one can complain of such action except the Government, the sovereign which created and limited its powers. Kerfoot v. Farmers' & Merchants' Bank 218 U.S. 281, 286; Thompson v. St. Nicholas Nat. Bank, supra, 146 U.S. 240, 251; National Bank v. Matthews 98 U.S. 621. Coming to the third cause of action, we think that there are three reasons why its allegations charging preferential transfer cannot be sustained: (1) It is not charged that the officers of the bank knew it to be insolvent or that they made the transfer in contemplation of insolvency; (2) the transfers were made to secure advances and not merely existing loans; and (3) the allegations of the bill amount to no more than the conclusion of the pleader, in that they fail to allege facts from which the Court can see that transfers made in 1923 and 1925 were in contemplation of an insolvency which occurred in 1929. The statute avoids as preferential all transfers, assignments, deposits, and payments of a bank "made after the commission of an act of insolvency, or in contemplation thereof, made with a view to prevent the application of its assets in the manner prescribed by this chapter, or with a view to the preference of one creditor over another." R.S. 5242, 12 USCA 91. The purpose of the statute wTas to guard against the wrongful or preferential disposition of the assets of a bank by its officers in contemplation of insolvency; and the knowledge and intent which it requires for avoiding a transfer relate to knowledge and intent on the part of the officers of the bank, who alone have the power to make the transfer. Roberts v. Hill, 24 Fed. 571, 574; Armstrong v. Chemical National Bank 41 Fed. 234, 237; Hayden v. Chemical National Bank (CCA. 2d) 84 Fed. 874; Browne v. Stronach 7 Fed. (2d) 685. As said by Judge Wallace in the case of Armstrong v. Chemical Nat. Bank, supra, "A bank is not in contemplation of insolvency until the fact becomes reasonably apparent to its officers that it will presently be unable to meet its obligations, and will be obliged to suspend its ordinary operations." On the other hand, if the officers of the bank make the transfer in contemplation of insolvency with a view of granting a preference, the transferee's knowledge or want of knowledge is immaterial. Ball v. German Bank (CCA. 8th) 187 Fed. 750; National Security Bank v. Butler 129 U.S. 223; Case v. Citizens Bank 2 Woods 23, Fed. Cas. No. 2489. If the officers have no such knowledge or intent, it manifestly cannot be condemned as preferential, whatever may have been the knowledge or intent of the transferee. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

204 ANNUAL REPOET OF THE FEDERAL RESERVE BOARD While it is alleged that the total of the indebtedness of the National Bank to the Reserve Bank remained around the same figure from 1923 to 1929, the bill makes it clear that the items out of which the indebtedness arose were constantly changing. Those items were notes, drafts, bills of exchange etc., which the Reserve Bank has discounted and upon which the National Bank had become liable by indorsement. As the various papers matured they were paid off and other papers were discounted; and it is a fair inference from the pleadings that the deposit of additional collateral was required as a condition of these discounts. The result is that the collateral was deposited not to bolster up and secure an existing debt, but to secure additional advancements through additional discounts. The collateral was deposited, therefore, to secure present loans or moneys advanced as the new discounts were made; and it is wTell settled that a pledge of collateral for this purpose does not constitute a preference. Armstrong v. Chemical Nat. Bank, supra, 41 Fed. 234, 6 L.R.A. 226; Stapylton v. Stockton (CCA. 5th) 91 Fed. 326. And in view of the fact that the transfers were made in 1923 and 1925 and the bank was not found to be insolvent until 1929, we think that the allegation that the transfers were made in contemplation of insolvency must be treated as a mere conclusion of the pleader. Ordinarily when insolvency follows hard upon the heels of the transfer, such allegation is sufficient. But this Court takes judicial notice of the fact that national banks are examined semi-annually under the direction of the Comptroller of the Currency and, if found to be insolvent, are placed in liquidation. A contemplation of insolvency for from four to six years appears to us too long a "contemplation" to be received seriously, in the absence of allegation of facts from which the Court may see that such contemplation really existed. It is true that the pleadings need state only the ultimate facts; but these must be stated with such fullness as would justify a court of equity in granting relief. And surely no court would be justified in setting aside as preferential a transfer made four years before insolvency, on a bare allegation that it was made in contemplation of insolvency, and with no explanation as to how it was possible for the bank to continue in business in the meantime. While upon a motion to dismiss, allegations of the bill must be treated as true, they must be sufficiently full to justify the relief asked in the light of facts of which the Court takes judicial notice. Little need be said as to the fourth cause of action. Complaint as to the penalties exacted rests upon the allegation that these were imposed as a result of the wrongful requirement of the additional collateral and consequent diminution of deposit balance kept with the Reserve Bank. As we have seen, the requirement of additional collateral was not wrongful; and no basis is left for the contention as to the penalties. These were imposed under regulations adopted by the Federal Reserve Board pursuant to section 19 of the Federal Reserve Act (12 USCA 462, 464); and there is no contention that they were improperly imposed or that the regulations were invalid. The decree dismissing the bill will be affirmed. Affirmed. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD'S COMMENTS AND RECOM- MENDATIONS ON THE GLASS BILL (S. 4115) MARCH 29, 1932. Hon. PETER NORBECK, Chairman, Committee on Banking and Currency, United States Senate, Washington, D.C. DEAR SENATOR NORBECK: On March 17, 1932, I received a letter from Senator Glass enclosing copies of Senate bill 4115, and stating that the Banking and Currency Committee would be glad to have the Federal Reserve Board make any comments or suggestions that in its judgment would seem desirable. Accordingly, there is enclosed herewith for the consideration of your committee a memorandum containing the Board's comments and recommendations. The subjects dealt with in the bill may be classified under three general heads: (1) Those relating more directly to the Federal Reserve Board and the Reserve banks; (2) those concerning primarily member banks, and (3) those dealing with affiliates of member banks. The Federal Reserve Board is in sympathy with the purpose of the bill to strengthen the supervision of the Federal Reserve System over general credit conditions and to invest the Federal Reserve authorities with certain disciplinary powers in relation to banks that pursue unsafe and unsound policies or abuse the privileges of membership. The Board's recommendations on this subject are incorporated in its proposed revision of sections 3 and 29 of the bill. With respect to the section of the bill dealing with open-market operations, the Board calls attention to the fact that there is already in existence an open-market committee on which each of the Federal Reserve banks has representation. This has come about as the result of natural development. The Board believes that it would be inadvisable to disturb this development by crystallizing into law any particular procedure. The Board believes that nothing further is necessary or advisable at this time than an amendment clarifying its power of supervision over open-market operations of the Federal Reserve banks and their relationships with foreign banks, as set out in the memorandum attached. The Board is not in sympathy with the provisions of the bill discriminating against member-bank collateral notes. Experience shows that the particular instrument on which Federal Reserve credit is obtained is not an adequate test of the use to be made by the member bank of the proceeds of the credit and that an attempt to control speculation through restrictions on member-bank collateral notes would not be effective in accomplishing the purpose of this section of the bill. Indeed, it probably would interfere seriously with the convenient and economical operation of the System. In this connection, the Federal Reserve Board desires to renew the recommendation made in its annual reports for several years, that the maturity for which advances may be made to member banks on their promissory notes secured by paper which is eligible for discount be increased from 15 to 90 days. Such an amendment would be especially helpful to country banks. The Board is of the opinion that the adoption of a system of reserves based on velocity of accounts as well as on their volume, as recommended by the System's Committee on Reserves, would be an important step in strengthening the influence that the Federal Reserve Digitized for FRASER System could exert in the direction of sound credit conditions. The https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 205

206 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD section of the bill dealing with reserves would accentuate rather than reduce the inequalities that have grown up in the distribution of reserves between different classes of member banks. The Board also believes it should not be overlooked that this section of the bill would exert a tightening influence on credit conditions at times when it would be contrary to the public interest. The Board is in favor of establishing a liquidating corporation, but proposes to limit the scope of its operations to member banks and suggests a different method of financing it, together with certain changes in the provisions for its administration. If the section on branch banking is enacted in the form proposed in the bill, it is suggested that certain sections of existing law be modified so as to bring them into harmony with the purposes indicated in this section of the bill. With respect to affiliates the Board believes that important reforms to be accomplished at the present time are the granting of power to the supervisory authorities to obtain reports and to make examinations of all affiliates of member banks and the prescribing of limitations on the loans that a member bank may make to its affiliates. The Board realizes that many evils have developed through the operation of affiliates connected with member banks, particularly affiliates dealing in securities. The attached memorandum contains a draft of a provision for the separation of such affiliates after a lapse of 3 years. The Board takes the view that legislation further materially restricting the character of member-bank loans and investments is not desirable at a time when the country's banking system is going through a period of severe readjustment. Some of the provisions of the proposed bill would have a tendencjr to bring about further contraction of credit and thus retard the recovery of business. It is for these reasons that changes in a number of sections of the bill are suggested. It should be recognized that effective supervision of banking in this country has been seriously hampered by the competition between member and nonmember banks, and that the establishment of a unified system of banking under national supervision is essential to fundamental banking reform. Copies of this letter and the enclosed memorandum are being sent to Senator Glass, and the Board will be glad to supply you with copies for the convenience of each member of your committee. Very truly yours, EUGENE MEYER, Governor, COMMENTS AND RECOMMENDATIONS l SECTION 2 This section defines affiliates and upon its scope depends in a large measure the scope and effect of all provisions of the bill relating to affiliates. While the definition contained in the bill mentions certain specific types of institutions which are frequently affiliated with member banks, the words "or a corporation77 in line 4 on page 2 make it applicable to corporations of any character which are affiliated with member banks in any of the ways described in the succeeding paragraphs of the definition. i 4.11 references are to section?, pages, and lines of Senate bill 4115 in the form in which it was introduced Digitized foor nF MRAarS. 1E4R (c alendar day, Mar. 17), 1932. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

COMMENTS ON GLASS BILL 207 It is believed that the most satisfactory solution of this problem is to make the definition very broad, but, in dealing with affiliates, to observe the following principles: (1) To require them to make reports and to submit to examination at the discretion of the Federal Reserve Board or the Comptroller of the Currency; (2) to limit the loans that can be extended to an affiliate by a member bank; and (3) to prohibit the tying up of capital stock of an affiliate with the capital stock of a member bank. In favoring these limitations, the Board has in mind that it may not be desirable to abolish all the existing relationships between member banks and their affiliates, but that it is desirable to protect the operations of the member banks from being unduly influenced by their affiliates. Recent experience has demonstrated that operations of the affiliates at times have unfavorable effects on the condition of member banks. With these principles in mind it is recommended that the definition of affiliates be broadened by eliminating from paragraph (b) in lines 1 to 4, page 2, all references to specific types of corporations, and by inserting other words which would make the definition applicable not only to corporations but to business trusts, associations, or other similar organizations, regardless of the type of business in which they are engaged. Certain other changes in the phraseology of the definition are also suggested for the purpose of clarifying them. The changes suggested are as follows: 1. On page 2 change lines 1 to 4, inclusive, to read as follows: (b) The term "affiliate" includes any corporation, business trust, association, or other similar organization. 2. In lines 9, 11, and 22 on page 2, strike out the words "managing officers'7 and substitute in lieu thereof the words "persons exercising similar functions.77 3. In lines 9 and 18 on page 2 and in line 3 on page 3 strike out the words "annual meeting77 and substitute in lieu thereof the word "election.77 SECTION 3 The Federal Reserve Board understands that the principles underlying section 3 of the bill are (1) that discounting at the Federal Reserve banks is a privilege and not a right; (2) that the Federal Reserve System has the responsibility of keeping itself informed about the use of bank credit; (3) that the power of Federal Reserve banks to withhold credit accommodations should be used to discourage unsound banking practices; and (4) that the Federal Reserve Board should have power to suspend a member bank from the use of Federal Reserve credit facilities. The Board is in sympathy with these principles. For the purpose of accomplishing these objectives, a substitute for section 3 is suggested. This substitute includes a revision of the paragraph of section 4 of the Federal Reserve Act which now reads as follows: Said board shall administer the affairs of said bank fairly and impartially and without discrimination in favor of or against any member bank or banks and shall, subject to the provisions of law and the orders of the Federal Reserve Board, extend to each member bank such discounts, advancements and accommodations as may be safely and reasonably made with due regard for the claims and demands of other member banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

COMMENTS ON GLASS BILL 209 SECTION 5 This section would amend the first paragraph of section 7 of the Federal Reserve Act so that, after the payment of expenses and dividends, all of the net earnings of a Federal Reserve bank over and above any amounts necessary to restore its surplus to the amount on December 31, 1931, would be paid to the Federal Liquidating Corporation. The amendment is also worded in such a way as to prevent the payment of any dividends out of surplus and to prevent the payment of dividends whenever the surplus of a Federal Reserve bank is less than it was on December 31, 1931. A different method of financing the liquidating corporation is proposed and will be discussed under the appropriate section. For this reason a modification of section 5 is suggested which would not change the provisions of the present law in regard to the surplus of the Federal Reserve banks, but would authorize the Secretary of the Treasury to use the franchise tax received from the Federal Reserve banks for the purpose of supplementing the funds of the corporation. As changed, section 5 of the bill would read as follows: SEC. 5. The second paragraph of section 7 of the Federal Reserve Act, as amended, is amended to read as follows: "The net earnings derived by the United States from Federal Reserve banks shall, in the discretion of the Secretary of the Treasury, (1) be used to supplement the gold reserve held against outstanding United States notes, or (2) be applied to the reduction of the outstanding bonded indebtedness of the United States under regulations to be prescribed by the Secretary of the Treasury, or (3) be invested in debentures or other such obligations of the Federal Liquidating Corporation. Should a Federal Reserve bank be dissolved or go into liquidation, any surplus remaining, after the payment of all debts, dividend requirements as hereinbefore provided, and the par value of the stock, shall be paid to and become the property of the United States and shall be similarly applied." SECTION 6 In order that reports of affiliates of State member banks may be required only when deemed necessary by the Federal Reserve Board and also in order that suitable provision may be made for the examination of affiliates of State member banks when deemed necessary, it is recommended that section 6 of the bill be changed to read as follows: SEC. 6. Section 9 of the Federal Reserve Act, as amended, is further amended by adding at the end thereof two new paragraphs reading as follows: "Whenever it shall be deemed necessary in order to obtain adequate information regarding the relations between any bank admitted to membership under the provisions of this section and its affiliates or the effect of such relations upon the management or condition of such bank, it may be required under rules and regulations prescribed by the Federal Reserve Board to obtain and furnish such reports as to any or all of its affiliates as may be called for. Each such report shall contain such information and shall be submitted at such time as may be specified in the call therefor. Any member bank which fails to furnish any report of an affiliate when and as required shall be subject to a penalty of $100 for each day during which such failure continues. Such penalty may be assessed by the Federal Reserve Board, in its discretion, and, when assessed, may be collected by the Federal Reserve bank by suit or otherwise. "Any examiner selected or approved by the Federal Reserve Board may examine any affiliate of any bank admitted to membership under the provisions of this section when it shall be deemed necessary in order to inform the Federal Reserve Board or the Federal Reserve bank of the relations of such affiliate with such member bank or of the effect of such relations upon the management or condition of such member bank. The examiner making the examination of any such affiliate shall have power to make a thorough examination of all the affairs of the affiliate, and in doing so he shall have power to administer oaths and to examine any of the officers, directors, employees, and agents thereof under oath, and to make a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

208 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD In this revision [see below] the word "may" is substituted for " shall?J and the remaining language of the section is made somewhat more general than in the bill. Member banks as a rule do not borrow to relend, but to make up deficiencies in reserves arising from withdrawals of deposits or from other causes. It is therefore usually impossible to say that a loan to a member bank is granted for this or that specific purpose. However, it would be possible to determine whether the loan and investment policies of a bank are inconsistent with the purposes of the Federal Reserve Act, and, if so, to refuse accommodation to such bank or in aggravated cases to suspend it from the privilege of using the System's credit facilities. In this connection attention is invited to the fact that section 4 of the Federal Reserve Act requires the chairman and Federal Reserve agent at each Federal Reserve bank to "make regular reports to the Federal Reserve Board" and to "act as its official representative for the performance of the functions conferred upon it by" the Federal Reserve Act. It is recommended that section 3 of the bill be changed to read as follows: SEC. 3. The paragraph of section 4 of the Federal Reserve Act, as amended, which begins with the words, "Said board shall administer the affairs of said bank fairly and impartially", is amended and reenacted to read as follows: "Said board of directors shall administer the affairs of said bank fairly and impartially and without discrimination in favor of or against any member bank or banks and may, subject to the provisions of law and the orders of the Federal Reserve Board, extend to each member bank such discounts, advancements, and accommodations as may be safely and reasonably made with due regard for the claims and demands of other member banks, the maintenance of sound credit conditions and the accommodation of commerce, industry, and agriculture. The Federal Reserve Board may prescribe regulations further defining within the limitations of this act the conditions under which discounts, advancements, and accommodations may be extended to member banks. Each Federal Reserve bank shall keep itself informed of the general character and amount of the loans and investments of its member banks with a view to ascertaining whether undue use is being made of bank credit for the speculative carrying of or trading in securities, real estate, or commodities, or for any other purpose inconsistent with the maintenance of sound credit conditions; and, in determining whether to grant or refuse advances, rediscounts or other credit accommodations, the Federal Reserve bank shall give consideration to such information. The chairman of the Federal Reserve bank shall report to the Federal Reserve Board any such undue use of bank credit by any member bank, together with his recommendation. Whenever, in the judgment of the Federal Reserve Board, any member bank is making such undue use of bank credit, the Board may, in its discretion, after reasonable notice and an opportunity for a hearing, suspend such bank from the use of the credit facilities of the Federal Reserve System and may terminate such suspension or may renew it from time to time." SECTION 4 It is recommended that this section be omitted. It prohibits banks that belong to a group or a chain from voting for Federal Reserve bank directors. The wording of the section is such as not to confine the prohibition to group and chain banks, however, but to include all banks that are not controlled entirely by locally resident stockholders. Since the stock of many important banks is widely owned throughout the country, this might restrict the voting privilege to smaller and less important banks that are owned by local stockholders. It is to be feared that this section would bar from participation in the selection of Federal Reserve directors many of the better managed banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

210 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD report of his findings to the Federal Reserve Board or to the Federal Reserve bank. The expenses of any examination made under the provisions of this paragraph may, in the discretion of the Federal Reserve Board, be assessed against the affiliate examined and, when so assessed, shall be paid by the affiliate examined. If such affiliate shall refuse to pay such expenses or shall fail to do so within sixty days after the date of such assessment, then such expenses may be assessed against the affiliated member bank and, when so assessed, shall be paid by such member bank: Provided, however, That, if the affiliation is with two or more member banks, such expenses may be assessed against, and collected from, any or all of such member banks in such proportions as the Federal Reserve Board may prescribe. If any affiliate of a bank admitted to membership under the provisions of this section shall refuse to permit an examiner to make an examination of such affiliate or refuse to give any information required in the course of any such examination, the member bank with which it is affiliated shall be subject to a penalty of not more than $100 for each day that any such refusal shall continue. Such penalty may be assessed by the Federal Reserve Board in its discretion, and, when so assessed, may be collected by th e Federal Reserve bank by suit or otherwise.' SECTION 7 If this section is adopted in its present form, certain changes should be made in the text for the purpose of clarification and of providing for certain matters not now covered in the bill which will be referred to at the appropriate places. For the purposes of clarification, it is suggested that subsection (b) be amended as follows: 1. In lines 6, 11, and 12 on page 8 it is suggested that the word "appointive" be inserted before the word "member". 2. In line 13 on page 8 it is suggested that after the words "twelve years" there be inserted the words "from the expiration of the term of his predecessor." In order that the domicile of the Board may be fixed for legal reasons, and in order that provision may be made for a chairman of the Board, it is suggested that the following be inserted at the beginning of line 23 on page 8: The principal offices of the Board shall be in the District of Columbia. At meetings of the Board the governor shall preside as chairman, and, in his absence, the Vice Governor shall preside. In the absence of both the Governor and the vice governor, the Board shall elect a member to act as chairman pro tern. If the authority of the Secretary of the Treasury to assign quarters to the Federal Reserve Board is repealed, it would seem that the Board should be authorized to purchase or construct a building for its own use and that, in the interest of convenience and efficiency, space should be provided in such building for the Comptroller of the Currency and his staff and for the proposed Federal Liquidating Corporation. For this purpose, it is suggested that the following be added at the end of section 7 of the bill: (d) Section 10 of the Federal Reserve Act, as amended, is further amended by adding at the end thereof a new paragraph reading as follows: * "The Federal Reserve Board is authorized and empowered to acquire by purchase, condemnation, or otherwise, a building located in the District of Columbia which will provide suitable and adequate offices wherein the functions of the Board and the Comptroller of the Currency may be carried on, or to acquire by purchase, condemnation, or otherwise such site located in the District of Columbia as it may deem necessary and to cause to be constructed thereon a building which will provide suitable and adequate offices for the purposes of the Federal Reserve Board and the Comptroller of the Currency, and to maintain, repair, enlarge, or remodel any building so acquired or constructed. The Federal Reserve Board may assign offices in any such building for the use of the Comptroller of the Currency and the Federal Liquidating Corporation without making any charge for the use of such offices, and nothing contained in the act of June 3, Digitized for1 8F(R34A,S oErR I n section 331 of the Revised Statutes (title 12, sec. 13, U.S.C.), or in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

COMMENTS ON GLASS BILL 211 any other provision of law, shall be construed as preventing the Comptroller of the Currency from making full use of any offices so assigned and from keeping therein the records and all other valuable things belonging to his department. The Federal Reserve Board may levy upon the Federal Reserve banks, in proportion to their capital stock and surplus, assessments sufficient to defray all costs and expenses incurred under the provisions of this paragraph." SECTION 8 The purpose of this section is to prevent the undue use of bank loans for speculation in securities. It is believed that this is sufficiently covered in section 3, and therefore the omission of section 8 is recommended. SECTION 9 In accordance with the principles indicated in the discussion of section 2 it is recommended that section 9 of the bill be changed to read as follows: SEC. 9. The Federal Reserve Act, as amended, is amended by inserting between sections 23 and 24 thereof the following new section: "Section 23 (a). No national banking association and no State member bank shall (1) make any loan or any extension of credit to, or purchase securities under repurchase agreement from, any of its affiliates, or (2) invest any of its funds in the capital stock, bonds, or other obligations of any such affiliate, or (3) accept the capital stock, bonds, or other obligations of any such affiliate as collateral security for advances made to any individual, partnership, association, or corporation; if, in the case of any such affiliate, the aggregate amount of such loans or extensions of credit, repurchase agreements, investments, and advances against such collateral security will exceed 10 per centum of the capital stock and surplus of such national banking association or State member bank, or if, in the case of all such affiliates, the aggregate amount of such loans, extensions of credit, investments, and advances against such collateral security will exceed 20 per centum of the capital stock and surplus of such national banking association or State member bank: Provided, however, That nothing in this section, or in any section of the Banking Act of 1932, shall be construed as authorizing member banks to invest their funds in stock otherwise than as specifically authorized by existing law. "Each loan or extension of credit to an affiliate within the foregoing limitations shall be secured by collateral having a market value at the time of making the loan or extension of credit of at least 20 per centum more than the amount of such loan: Provided, That this requirement shall not apply to loans or extensions of credit on the security of obligations of the United States Government, Reconstruction Finance Corporation, Federal intermediate credit banks, or Federal land banks, or on the security of notes, drafts, bills of exchange, or acceptances eligible for discount or purchase by Federal Reserve banks: And provided further, That when any loan is made on the security of obligations of any State or political subdivision or agency thereof such obligations shall have a market value at the time of making the loan of at least 10 per centum more than the amount of such loan. A loan or extension of credit to a director, officer, clerk, or other employee or any representative of any such affiliate shall be deemed a loan to the affiliate to the extent that the proceeds of such loan are used for the benefit of, or transferred to, the affiliate. "The provisions of this section shall not apply to any affiliate of such national banking association or State member bank, (1) the sole function of which is to hold its banking house or houses and the site or sites thereof, (2) the sole function of which is to conduct a safe-deposit business, (3) in the capital stock of which such bank has been authorized to invest pursuant to section 25 of the Federal Reserve Act, (4) organized under section 25 (a) of the Federal Reserve Act, or (5) transacting only the business of an agricultural credit corporation or livestock loan company; but as to such affiliates member banks shall continue subject to the provisions of existing law limiting the amounts which they may lend to, or invest in the stock or other obligations of, such corporations." SECTION 10 This section of the bill deals with two separate and distinct subjects—(1) open-market operations of the Federal Reserve banks, and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

212 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD (2) the proposed Federal Liquidating Corporation. For convenience, these subjects will be discussed separately. OPEN-MARKET OPERATIONS The first part of section 10 would establish a Federal open-market committee along the lines of the existing open-market policy conference, which functions as a piece of administrative machinery without specific legal status. The statement in paragraph (b) of section 10 which says that "No Federal Reserve bank shall engage in open-market operations, except after approval and authorization by the committee'', appears to be too rigid. It deprives an individual Reserve bank of all authority to make purchases in the open market except after obtaining the consent of both the Board and the committee. The open-market committee would have no authority to act without approval of the Board and the Board would hav6 no authority to act without approval of the committee. This would result in the possibility of obstruction of any System program and would tend to make the operation of the Federal Reserve System less timely and less efficient. Lines 19 to 23 in paragraph (c) on page 12 of this section would incorporate into law a principle which the Federal Reserve Board has adopted in practice. The following substitute for the first part of section 10 of the bill is suggested: SEC. 10. Section 14 of the Federal Reserve Act, as amended, is further amended by striking out the words "Every Federal Reserve bank shall have power"; and inserting in lieu thereof the following: "Subject to such regulations, limitations, restrictions, and procedure as the Federal Reserve Board may prescribe, every Federal Reserve bank shall have power.'3' Section 14 of the Federal Reserve Act, as amended, is further amended by adding at the end thereof a new paragraph reading as follows: "The time, character, and volume of aU purchases and sales in the open market under this section shall be governed with a view to accommodating commerce and business and with regard to their bearing upon the general credit situation of the country." FEDERAL LIQUIDATING CORPORATION The other part of section 10 deals with the proposed Federal Liquidating Corporation, and there is submitted a proposed substitute for the section as drafted in the bill. The substitute would confine the benefits of the Liquidating Corporation to member banks. Provision is made for assistance to nonmember banks in the Reconstruction Finance Corporation Act, and it would render membership in the System more attractive if the benefits of the Corporation were confined to member banks. In the substitute it is proposed that $100,000,000 of the capital of the Liquidating Corporation be subscribed by the Treasury. This subscription to capital may be considered as being derived from the franchise tax previously paid to the Treasury by the Reserve banks. In addition, it is proposed that the Corporation be authorized to issue debentures up to twice the amount of its subscribed capital and that the Federal Reserve banks be given authority to purchase those debentures up to one fourth of their surplus., This is not a propitious time to ask the member banks to contribute to the Liquidating Corporation. The banks are going through a very difficult period and to tax them for this purpose would Digitized forb FeR AaS cEoRn siderable hardship on them. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

COMMENTS ON GLASS BILL 213 In order to make the operations of the Corporation more easilymanageable, it is proposed that the directorate be comprised of 5 members instead of 14, as proposed in the bill. For the reasons which have been stated the following separate section on the Federal Liquidating Corporation has been drafted: SEC. 5A. The Federal Reserve Act, as amended, is further amended by inserting between sections 28 and 29 thereof the following new section: "SEC. 28A. (a) There is hereby created a Federal Liquidating Corporation (hereafter referred to as the 'corporation') for the purpose of making loans on, or purchasing and liquidating as hereinafter provided, all or any part of the assets of any member bank for which a receiver has been appointed. The term ' receiver' as used in this section shall mean a receiver of a national bank, and a receiver, liquidating agent, commission, person, or other agency charged by State law with the responsibility and the duty of winding up the affairs of an insolvent State member bank. "(b) The management of the corporation shall be vested in a board of directors consisting of five members, one of whom shall be the Comptroller of the Currency, one a member of the Federal Reserve Board designated by the Board for the purpose, and three selected annually by the governors of the twelve Federal Reserve banks under such procedure as may be prescribed by the Federal Reserve Board. "(c) The corporation shall have a capital stock of $100,000,000, all of which shall be subscribed by the United States of America and payment for which shall be subject to call in whole or in part by the board of directors of the corporation. "There is hereby authorized to be appropriated out of any money in the Treasury not otherwise appropriated the sum of $100,000,000 for the purpose of making payments upon such subscription. Receipts for payments by the United States for or on account of such stock shall be issued by the corporation to the Secretary of the Treasury and shall be evidence of the stock ownership of the United States. "Any Federal Reserve bank may purchase and hold any debentures or other such obligations of the corporation in an amount not exceeding one fourth of the amount of its surplus fund. "(d) The corporation shall have power— "First. To adopt, alter, and use a corporate seal; "Second. To have perpetual succession from the date of enactment hereof, unless it is sooner dissolved by an act of Congress; "Third. To make contracts; to purchase, lease, and hold or dispose of such real estate or personal property as may be necessary or convenient for the transaction of its business; "Fourth. To sue and be sued, complain and defend in any court of competent jurisdiction; "Fifth. To appoint, employ, and fix the compensation of such officers, employees, attorneys, and agents as shall be necessary for the transaction of the business of the corporation, without regard to the provisions of other laws applicable to the employment and compensation of officers or employees of the United States, to define their authority and duties, to require bonds of them and fix the penalty thereof and to dismiss them at pleasure. Nothing in this or any other act shall be construed to prevent the appointment and compensation as a director, officer, or employee of the corporation of any officer or employee of the United States in any board, commission, independent establishment, or executive department thereof; "Sixth. To prescribe, amend, and repeal by its board of directors bylaws and rules and regulations not inconsistent with law governing the manner in which its general business may be conducted and the privileges granted to it by law may be exercised and enjoyed; "Seventh. To exercise such incidental powers as shall be reasonably necessary to carry out the powers so granted. "(e) The board of directors of the corporation shall determine and prescribe the manner in which its obligations shall be incurred and its expenses allowed and paid. The corporation shall be entitled to the free use of the United States mails in the same manner as the executive departments of the Government. The corporation with the consent of any Federal Reserve bank or of any board, commission, independent establishment, or executive department of the Government, including any field service thereof, may avail itself of the use of information, services, and facilities thereof in carrying out the provisions of this act. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

214 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD "(f) Upon the application of the receiver of any member bank, the corporation may in its discretion purchase the assets of such bank, in whole or in part, or make loans to the receiver on the security of such assets or any portion thereof, on such terms and conditions as shall be agreed upon between the corporation and the receiver, subject to the approval of (1) the Comptroller of the Currency in the case of any national bank, or (2) the person or agency designated by State law in the case of any State bank; except that, in no case shall the corporation make any loan or purchase any assets in an amount which in the opinion of the corporation shall not fully protect such corporation and no such loan or purchase shall be made in the case of State member banks unless expressly authorized by the law of the State in which the bank is located. Receivers of national banks are hereby authorized and empowered with the approval of the Comptroller of the Currency to borrow on, or sell, assets of banks of which they are receivers, and the proceeds of every such sale or loan shall be utilized for the same purposes and in the same manner as other funds realized from the liquidation of the assets of such banks. The Comptroller of the Currency may, in his discretion, pay dividends on proved claims at any time after the expiration of the period of advertisement made pursuant to section 5235 of the Revised Statutes, and no liability shall attach to the Comptroller of the Currency or to the receiver of any national bank by reason of any such payment for failure to pay dividends to a claimant whose claim is not proved at the time of any such payment. If the amount realized from any assets acquired by the corporation under the provisions of this section exceeds the sum paid therefor or loaned thereon, the corporation shall make an additional payment to the receiver of the bank equal to the amount of such excess, if any, after deducting the expenses of liquidating such assets and an amount equal to interest at the rate of 6 per centum per annum. All loans made by the corporation to receivers shall bear interest at the rate of 6 per centum per annum. 11 (g) Money of the corporation not otherwise employed shall be invested in securities of the Government of the United States, except that for temporary periods, in the discretion of the board of directors, funds of the corporation may be deposited subject to check in any Federal Reserve bank or with the Treasurer of the United States. When designated for that purpose by the Secretary of the Treasury, the corporation shall be a depositary of public moneys, except receipts from customs, under such regulations as may be prescribed by the said Secretary, and may also be employed as a financial agent of the Government. It shall perform all such reasonable duties as depositary of public moneys and financial agent of the Government as may be required of it. "(h) The corporation is authorized and empowered to issue and to have outstanding at any one time in an amount aggregating not more than twice the amount of its capital, notes, debentures, bonds, or other such obligations, to be redeemable at the option of the corporation before maturity in such manner as may be stipulated in such obligations, to bear such rate or rates of interest, and to mature at such time or times as may be determined by the corporation: Provided, That the corporation may sell on a discount basis short-term obligations payable at maturity without interest. Obligations of the corporation may be secured by assets of the corporation in such manner as shall be prescribed by the board of directors. Such obligations may be offered for sale at such price or prices as the corporation may determine. The said obligations shall be fully and unconditionally guaranteed both as to interest and principal by the United States, and such guaranty shall be expressed on the face thereof. In the event that the corporation shall be unable to pay upon demand, when due, the principal of or interest on notes, debentures, bonds, or other such obligations issued by it, the Secretary of the Treasury shall pay the amount thereof, which is hereby authorized to be appropriated, out of any moneys in the Treasury not otherwise appropriated, and thereupon to the extent of the amounts so paid the Secretary of the Treasury shall succeed to all the rights of the holders of such notes, debentures, bonds, or other such obligations. "(i) All obligations issued by the corporation shall be exempt, both as to principal and interest, from all taxation (except estate or inheritance taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority. The corporation, including its franchise, its capital, reserves, and surplus, and its income, shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority, except that any real property of the corporation shall be subject to State, county, municipal, or local taxation to the same extent according to its value as other real property is taxed. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

COMMENTS ON GLASS BILL 215 "(j) In order that the corporation may be supplied with such forms of obligations as it may need for issuance under this act, the Secretary of the Treasury is authorized to prepare such forms as shall be suitable and approved by the corporation, to be held in the Treasury subject to delivery, upon order of the corporation. The engraved plates, dies, bed pieces, and other material executed in connection therewith shall remain in the custody of the Secretary of the Treasury. The corporation shall reimburse the Secretary of the Treasury for any expenses incurred in the preparation, custody, and delivery of such obligations. "(k) The corporation shall annually make a report of its operations to the Congress as soon as practicable after the 1st day of January in each year. "(1) Whoever, for the purpose of obtaining any loan from the corporation, or any extension or renewal thereof, or the acceptance, release, or substitution of security therefor, or for the purpose of inducing the corporation to purchase any assets, or for the purpose of influencing in smy way the action of the corporation under this act, makes any statement, knowing it to be false, or wilfully overvalues any security, shall be punished by a fine of not more than $5,000, or by imprisonment for not more than two years, or both. "(m) Whoever (1) falsely makes, forges, or counterfeits any obligation or coupon, in imitation of or purporting to be an obligation or coupon, issued by the corporation, or (2) passes, utters, or publishes, or attempts to pass, utter, or publish, any false, forged, or counterfeited obligation or coupon, purporting to have been issued by the corporation, knowing the same to be false, forged, or counterfeited, or (3) falsely alters any obligation, or coupon, issued or purporting to have been issued by the corporation, or (4) passes, utters, or publishes, or attempts to pass, utter, or publish as true, any falsely altered or spurious obligation or coupon, issued or purporting to have been issued by the corporation, knowing the same to be falsely altered or spurious, shall be punished by a fine of not more than $ 10,000, or by imprisonment for not more than five years, or both. "(n) Whoever, being connected in any capacity with the corporation, (1) embezzles, abstracts, purloins, or willfully misapplies any moneys, funds, securities, or other things of value, whether belonging to it or pledged, or otherwise entrusted to it, or (2) with intent to defraud the corporation or any other body, politic or corporate, or any individual, or to deceive any officer, auditor, or examiner of the corporation, makes any false entry in any book, report, or statement of or to the corporation, or without being duly authorized draws any order or issues, puts forth or assigns any note, debenture, bond, or other such obligation, or draft, bill of exchange, mortgage, judgment, or decree thereof, shall be punished by a fine of not more than $10,000, or by imprisonment for not more than five years, or both. "(o) No individual, association, partnership, or corporation shall use the words 'Federal Liquidating Corporation', or a combination of these three words, as the name or a part thereof under which he or it shall do business. Every individual, partnership, association, or corporation violating this subdivision shall be punished by a fine of not exceeding $1,000, or by imprisonment not exceeding one year, or both. "(p) The provisions of sections 112, 113, 114, 115, 116, and 117 of the Criminal Code of the United States (U.S.C., title 18, ch. 5, sees. 202 to 207, inclusive), insofar as applicable, are extended to apply to contracts or agreements with the corporation under this act, which for the purposes hereof shall be held to include loans, advances, extensions and renewals thereof, and acceptances, releases, and substitutions of security therefor, purchases or sales of assets, and all contracts and agreements pertaining to the same. "(q) The Secret Service Division of the Treasury Department is authorized to detect, arrest, and deliver into the custody of the United States marshal having jurisdiction any person committing any of the offenses punishable under this section." SECTION 11 Section 11 imposes a discriminatory rate against member-bank collateral notes. It also prescribes limitations on the use of such notes by banks that may be making loans on stock-exchange collateral. It is believed that the purposes of this section are accomplished by the proposed revision of section 3 and that no further limitations along this line are desirable. The theory underlying this section, namely, that there is a more direct connection between member-bank collateral Digitized for FRASER 182799—33 15 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

216 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD notes and the use of reserve credit for speculative activity than between other borrowings and this activity, is unfounded. Member banks borrow on 15-day notes, because of the greater convenience both to them and to the Federal Reserve bank; and if this form of borrowing were prohibited or made more expensive, they would merely substitute the procedure of rediscounting eligible paper without any change in the use of the proceeds. For these reasons, it is believed that this section would make the operation of the Federal Reserve banks less efficient and more expensive. The recommendation has been made by the Federal Reserve Board in its annual reports for several years that the maturity for which advances may be made to member banks on their promissory notes secured by paper which is eligible for discount be increased from 15 to 90 days. Such an amendment would be especially helpful to country banks, and it is recommended that the following be substituted for section 11 of the bill: SEC. 11. The seventh paragraph of section 13 of the Federal Reserve Act, as amended, is amended and reenacted to read as follows: "Any Federal Reserve bank may make advances for periods not exceeding fifteen days to its member banks on their promissory notes secured by the deposit or pledge of bonds, notes, certificates of indebtedness, or Treasury bills of the United States; and any Federal Reserve bank may make advances for periods not exceeding ninety days to its member banks on their promissory notes secured by such notes, drafts, bills of exchange, or bankers' acceptances as are eligible for rediscount or for purchase by Federal Reserve banks under the provisions of this act. All such advances shall be made at rates to be established by such Federal Reserve banks, subject to the review and determination of the Federal Reserve Board." SECTION 12 Section 12 deals with relations of Federal Reserve banks with foreign banks. It is recommended that the words " subject to the powers conveyed to and bestowed upon the Federal open-market committee by section 12A of this act" be omitted. From the middle of line 18 on page 26 through the word "writing" in line 11 on page 27, the section is acceptable, but the omission of the words "and control" in line 19 on page 26 is suggested, in order to preserve the distinction between supervision and operation. It is recommended, therefore, that section 12 of the bill be amended as follows: (1) Strike out the following language in lines 16, 17, and 18 on page 26: (g) Subject to the powers conveyed to and bestowed upon the Federal openmarket committee by section 12A of this act; (2) Strike out the words "and control "in line 19 on page 26; and (3) On page 27, line 11, insert a period after the word "writing" and strike out everything in line 11 after that word and all of lines 12, 13, 14, and 15. SECTION 13 The principal feature of this section is that it discontinues the distinction between time deposits and demand deposits in so far as reserve requirements are concerned. The distinction between these two types of deposits has led to many abuses and has been a factor in making possible a growth of bank credit without a corresponding growth in reserves. The proposal which would raise the requirements Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

COMMENTS ON GLASS BILL 217 on time deposits to the level of those on demand deposits would increase reserve requirements by $132,000,000 a year for 5 years with an ultimate increase of $660,000,000. Unless there were a contraction in the amount of member-bank deposits, this increase would result in an addition of about $230,000,000 to the gold requirements of the Federal Reserve banks. It would be an influence in the direction of credit contraction without regard to the course of business and credit and would be particularly undesirable at this time. Furthermore, the increase would fall heaviest on banks outside of the principal financial centers, which have been discriminated against under the existing reserve requirements both because, owing to their distance from the cash facilities of the Federal Reserve banks, they are required to carry relatively large amounts of cash in vault, which under existing law does not count as reserve, and because they are not in a position to take advantage of deductions in determining net deposits. The proposal, therefore, would both increase the burden of reserves and increase the inequalities in their present distribution. Any thorough-going revision of section 19 of the Federal Reserve Act should base required reserves, in so far as practicable, upon the activity of the business handled through each bank, rather than on an arbitrary classification of banks according to location. A proposal submitted in the " Report of the Committee on Bank Reserves of the Federal Reserve System'7 embodies a method of calculating required reserves which is believed to be sound in principle and which would make fluctuations in the volume of required reserves exert an influence in the direction of sound credit conditions and would also eliminate many inequitable and unfair features of the present law. There is submitted a proposed substitute for section 13 of the bill which incorporates the proposals of the Committee on Bank Reserves of the Federal Reserve System with slight modifications. Section 13 includes two subjects not directly related to bank reserves and not covered in the report of the Reserve Committee, namely, a prohibition against brokers' loans for the account of others and a provision subjecting the market for Federal funds to regulation by the Federal Reserve Board. The purpose sought to be accomplished by paragraph (d) is desirable, but it is believed that the language used is too far reaching. It is suggested that the paragraph be changed so as to prohibit a member bank from acting as a medium or agent of a nonbanking corporation or individual in making loans on the security of stocks, bonds, and other investment securities to brokers or dealers in such securities. This suggestion is incorporated in paragraph (n) of the proposed revision of section 13 of the bill. It is not thought that a provision prohibiting a member bank from making loans to any corporation or individual, if the proceeds of such transaction are to be used directly or indirectly for the purpose of making loans protected by collateral security in favor of any investment banker, broker, or member of any stock exchange or any dealer in securities, would be enforceable, as it is impossible to follow the proceeds of loans once they have been granted. Paragraphs (f) and (g) of the bill seek to control the market for Federal funds by placing limitations on the use of balances standing to the credit of member banks upon the books of the Federal Reserve banks. It is not believed that regulation of the market for Federal Digitized fofru FnRdAsS EbRy law is desirable. It is better to have these liquid funds https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

218 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD move freely where they are most needed than to have them thrown on the call market. The Federal Reserve banks keep in close touch with transactions in Federal funds and a ruling of the Federal Reserve Board now requires member banks to report purchases of Federal funds as borrowed money. The proposed substitute for section 13 of the bill is as follows: SEC. 13. Section 19 of the Federal Reserve Act (United States Code, title 12, sees. 461 to 466, inclusive, and sec. 374), as amended, is further amended and reenacted to read as follows: "RESERVES OF MEMBER BANKS "SEC. 19. (a) Each member bank shall establish and maintain reserves equal to five per centum of the amount of its net deposits, plus fifty per centum of the amount of its average daily debits to deposit accounts: Provided, That any member bank, at its option, for any period not less than 90 days, may omit any specific deposit account or accounts from such computation of its reserve requirements if such account or accounts are reported separately to the Federal Reserve bank and if a reserve of 50 percent is maintained against such account or accounts: Provided, however, That, in no event, shall the aggregate reserves required to be maintained by any member bank exceed fifteen per centum of its gross deposits. " (b) Each member bank located in the vicinity of a Federal Reserve bank or branch thereof shall maintain not less than four fifths of its total required reserves in the form of a reserve balance on deposit with the Federal Reserve bank, and every other member bank shall maintain not less than two fifths of its total required reserves in the form of a reserve balance on deposit with the Federal Reserve bank. The remainder of the total required reserves of each member bank, over and above the amount required to be maintained in the form of a reserve balance on deposit with the Federal Reserve bank, may, at the option of such member bank, consist of a reserve balance on deposit with the Federal Reserve bank, or of cash owned by such member bank either in its actual possession or in transit between such member bank and the Federal Reserve bank: Provided, That when, in its judgment the public interest so requires, the Federal Reserve Board may limit to an amount less than that permitted hereunder the amount of cash which any member bank or banks may count as reserve: Provided, however, That, in prescribing such limitations, the Federal Reserve Board shall be guided by the general principle that member banks should be permitted to count as reserve, within the limitations of this section, as much cash as they reasonably need in view of the character of their business and their degree of accessibility to the currency facilities of the Federal Reserve banks. "(c) The term 'gross deposits', within the meaning of this section, shall include all deposit liabilities of any member bank whether or not immediately available for withdrawal by the depositor, all liabilities for certified checks, cashiers', treasurers', and other officers' checks, cash letters of credit, travelers' checks, and all other similar liabilities, as further defined and specified by the Federal Reserve Board: Provided, however, That, in computing the amount of 'gross deposits', (1) amounts shown on the b"ooks of any member bank as liabilities of such bank payable to a branch of such bank located in a foreign country or in a dependency or possession of the United States, and (2) liabilities payable only at such a branch, shall be treated as though said liabilities were due to or payable at a nonmember bank. "(d) The term 'net deposits', as used in this section, shall mean the amount of the gross deposits of any member bank, as above defined and as further defined by the Federal Reserve Board, minus the sum of (1) all balances due to such member bank from other member banks and their branches in the United States and (2) checks and other cash items in process of collection which are payable immediately upon presentation in the United States, within the meaning of these terms as further defined by the Federal Reserve Board. "(e) The term 'average daily debits to deposit accounts', as used in this section, shall mean the average daily amount of checks, drafts, and other items debited or charged by any member bank to any and all accounts included in gross deposits as above defined and as further defined by the Federal Reserve Board, except charges resulting from the payment of certified checks and cashiers', treasurers', and other officers' checks. "(f) The term 'cash', within the meaning of this section, shall include all kind of currency and coin issued or coined under authority of the laws of the Digitized forU FnRitAeSdE RS tates. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

COMMENTS ON GLASS BILL 219 "(g) The term 'reserve balances', as used in this section, shall mean a member bank's actual net balance on the books of the Federal Reserve bank representing funds available for reserve purposes under regulations prescribed by the Federal Reserve Board. "(h) The term * vicinity of a Federal Reserve bank or branch thereof, as used in this section, shall mean the city in which a Federal Reserve bank or branch thereof is located, until such term is otherwise defined by the Federal Reserve Board: Provided, That, with respect to each Federal Reserve bank and each branch thereof, the Federal Reserve Board, from time to time, in its discretion, may either (1) define a specific geographic area as comprising the vicinity of such Federal Reserve bank or branch thereof, within the meaning of this section, or (2) compile a list of member banks which shall be deemed to be located in the vicinity of such Federal Reserve bank or branch thereof, within the meaning of this section, and add banks to, or remove banks from, such list, from time to time: Provided, however, That, in defining such areas and compiling such lists, the Federal Reserve Board shall be guided by the general principle indicated in subsection (b) hereof. "(i) With respect to each member bank, the term 'Federal Reserve bank', as used in this section, shall mean the Federal Reserve bank of the district in which such member bank is located. "(j) The Federal Reserve Board is authorized and empowered to prescribe regulations defining further the various terms used in this act, fixing periods over which reserve requirements and actual reserves may be averaged, determining the methods by which reserve requirements and actual reserves shall be computed, and prescribing penalties for deficiencies in reserves. Such regulations and all other regulations of the Federal Reserve Board shall have the force and effect of law and the courts shall take judicial notice of them. " (k) Subject to such regulations and penalties as may be prescribed by the Federal Reserve Board, any member bank may draw against or otherwise utilize its reserves for the purpose of meeting existing liabilities: Provided, however, That, whenever the reserves of any member bank have been continuously deficient for fourteen consecutive calendar days, the Federal Reserve agent or assistant Federal Reserve agent of the district in which such member bank is located shall send to each director of such bank, by registered mail, a letter advising him of such deficiency and calling attention to the provisions of this subsection; and each director of such bank who after receipt of such a letter, assents to or acquiesces in the making of additional loans or investments by such bank before the reserves of such bank shall have been restored to the amount required by this section, shall be held liable in his personal or individual capacity for any and all losses sustained by such bank on any such loans or investments. "(1) All penalties for deficiencies in reserves incurred under regulations prescribed by the Federal Reserve Board pursuant to the provisions of this act shall be paid to the Federal Reserve bank by the member bank against which they are assessed. "(m) No member bank shall keep on deposit with any State bank or trust company which is not a member bank a sum in excess of 10 per centum of its own paid-up capital and surplus. No member bank shall act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal Reserve bank under the provisions of this act, except by permission of the Federal Reserve Board. "(n) No member bank shall act as the medium or agent of any nonbanking corporation, partnership, association, business trust, or individual in making loans on the security of stocks, bonds, and other investment securities to brokers or dealers in stocks, bonds, and other investment securities. Every violation of this provision by any member bank shall be punishable by a fine of not more than $100 per day during the continuance of such violation; and such fine may be collected, by suit or otherwise, by the Federal Reserve bank of the district in which such member bank is located. "(o) National banks or banks organized under local laws, located in Alaska or in a dependency or insular possession or any part of the United States outside the continental United States, may remain nonmember banks, and shall in that event maintain reserves and comply with all the conditions now provided by law regulating them; or said banks may, with the consent of the Federal Reserve Board, become member banks of any one of the Federal Reserve districts, and shall in that event take stock, maintain reserves, and be subject to all the other provisions of this act. "(p) All acts or parts of acts in conflict with this section are hereby repealed only in so far as they are in conflict with the provisions of this section." Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

220 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD There are hereby repealed the provisions of section 7 of the First Liberty Bond Act, approved April 24, 1917, section 8 of the Second Liberty Bond Act, approved September 24,1917, and section 8 of the Third Liberty Bond Act., Approved April 4, 1918 (U.S. Code, title 31, sec. 771), which read as follows: "That the provisions of section 5191 of the Revised Statutes, as amended by the Federal Reserve Act, and the amendments thereof, with reference to the reserves required to be kept by national banking associations and other member banks of the Federal Reserve System, shall not apply to deposits of public; moneys by the United States in designated depositaries." This section shall become effective on the first day of the seventh calendar month following the enactment of this act. SECTION 14 The first portion of this section down to line 4 on page 33 is existing law. The sentence in lines 4 to 8, inclusive, is new and would interfere greatly with the financing of real-estate transactions. When a time loan has been made, there appears to be no warrant, in the absence of default, for revising the valuations on which the loan is based; and this provision, together with that in lines 4 to 9 on page 34, would require the real estate on which each such loan is based to be revalued at least five times each year. It could not reasonably be expected that real-estate loans would be made or applied for under such conditions. The sentence in lines 17 to 20 on page 33 would classify as realestate loans all unsecured loans whose eventual safety depends upon the value of real estate, thereby subjecting all such loans to all the limitations or restrictions in this section. This would produce confusion and uncertainty in a large volume of loans and would interfere with the extension of adequate credit, particularly in the agricultural sections of the country. The remaining amendments in this section make what appear to be unnecessary changes in the proportion of the real-estate loans permitted and propose, without segregation, to give time depositors a preferred claim on all real-estate loans and other assets of the bank acquired under this section. Such a provision would be difficult to administer and would be unfair to the other depositors. The sentence in lines 15 to 22 on page 34 is existing law and is inconsistent with section 24 of the bill, which will be discussed later. It would seem desirable to limit the amount which banks may invest in bank premises, but it is suggested that this be accomplished directly instead of indirectly. It is recommended, therefore, that section 14 of the bill be stricken out and that the following new section be substituted: SEC. 14. The Federal Reserve Act, as amended, is amended by inserting between section 24 and section 25 thereof the following new section: "SEC. 24 (a). Except with the permission of the Comptroller of the Currency, no national bank, and except with the permission of the Federal Reserve Board, no State member bank, shall hereafter invest in bank premises or in the stock or obligations of, or in loans to, any corporation owning or holding its bank premises a sum exceeding the amount of the capital stock of such bank." SECTION 15 This section would make it necessary for member banks to dispose of a large amount of securities at this time, which would be very unfortunate. Since it is aimed generally at investments in securities, it is believed that its purpose is covered sufficiently by the proposed substitute for section 3 of the bill. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

COMMENTS ON GLASS BILL 221 The clause commencing in line 19 on page 35 apparently is intended to enable national banks to compete more effectively with State banks. Its tendency would be to lower the standards of banking in the national banking system to the standard of the State banks, where more liberal powers are granted to State banks by State law. The definition of investment securities which is contained in the law, as amended by the act of February 25, 1927, would be stricken out and apparently the Comptroller would be given unlimited power to prescribe his own definition except that stocks could not be included. This modification is undesirable. For the reasons stated, it is recommended that this section be omitted entirely. SECTION 16 This amendment is believed to be desirable; but it is recommended that it be strengthened and that a means of evasion be eliminated by striking out the exception in lines 17 to 21, inclusive, on page 37, which would permit the organization of national banks with a capital of $25,000 in certain circumstances. SECTION 17 The modification of the units in which bank stocks can be issued would create unnecessary complications; and it is recommended that all of section 17 be omitted, with the exception of the sentence in lines 17 to 23 on page 38, which should be made effective not less than 3 years after enactment. As modified, section 17 would read as follows: SEC. 17. Section 5139 of the Revised Statutes, as amended, is amended by adding at the end thereof a new paragraph reading as follows: "After three years from the date of the enactment of this act, no certificate representing the stock of any such association shall represent the stock of any other corporation, nor shall the ownership, sale, or transfer of any certificate representing the stock of any such association be conditioned in any manner whatsoever upon the ownership, sale, or transfer of a certificate representing the stock of any other corporation." SECTION 18 The first part of this section would prohibit any director, officer, or employee of any member bank from acting as a director, officer, or employee of certain other specified classes of business enterprises. It would be capable of easy evasion and would become ineffective in many cases. The latter part of the section would prohibit any member bank from clearing checks or doing the ordinary banking business of a correspondent for any of the types of business enterprises mentioned in this section. The language of the section is so broad that it would include banks within the classes of business enterprises to which the prohibitions of the section would apply. For example, all interlocking bank directorates now expressly authorized by law or permitted under certain conditions would be prohibited, and one bank would be prohibited from acting as a correspondent of another bank. It is therefore recommended that this entire section be omitted. It has been clearly demonstrated that affiliations between member banks and security companies have contributed to undesirable banking developments. There are, however, difficulties in the way of accomplishing a complete divorce of member banks from their affiliates Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

222 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD arising from the fact that a law intended for that purpose is likely to be susceptible of evasion or else to apply to many cases to which it is not intended to apply. Therefore the Board is not prepared at this time to make a definite recommendation, but submits, for the consideration of the Committee on Banking and Currency, a substitute for section 18 which is designed to provide for the divorce of security affiliates from member banks after 3 years: SEC. 18. From and after three years from the date of the enactment of this act, no member bank shall be affiliated in any manner described in section 2 (b) hereof with any corporation, association, business trust, or other similar organization engaged principally in the issue, flotation, underwriting, public sale, or distribution at wholesale or retail, of stocks, bonds, debentures, notes, or other securities. For every violation of this section, the member bank involved shall be subject to a penalty not exceeding $1,000 per day for each day during which such violation continues. Such penalty may be assessed by the Federal Reserve Board, in its discretion, and, when so assessed, may be collected by the Federal Reserve bank by suit or otherwise. If any such violation shall continue for six calendar months after the member bank shall have been warned by the Federal Reserve Board to discontinue the same, (a) in the case of a national bank, all the rights, privileges, and franchises granted to it under the National Bank Act may be forfeited in the manner prescribed in section 5239 of the Revised Statutes, or, (b) in the case of a State member bank, all of its rights and privileges of membership in the Federal Reserve System may be forfeited in the manner prescribed in section 9 of the Federal Reserve Act. SECTIONS 19 AND 20 It is recommended that section 19 of the bill be combined with section 20 in the manner hereinafter proposed; that the combined section be known as section 19; and that a new section applicable to holding companies which own or control State member banks be substituted for section 20. Under the definition of "affiliate" contained in section 2 and under the provisions of sections 6, 27, and 28 of the bill, if amended in accordance with the recommendations contained in this report, all holding companies which control member banks and all banks owned or controlled by such holding companies will be affiliates of such member banks and will be required to make reports and submit to examinations whenever deemed necessary or advisable by the Comptroller of the Currency, the Federal Reserve Board or examiners appointed by them; and therefore it is suggested that the provisions regarding examinations and condition reports of holding companies be omitted from this section and from the corresponding sections regarding holding companies which own or control State member banks. It is also suggested that there be inserted in section 19 and in the proposed new section 20 certain additional provisions providing for the regulation and supervision of holding companies and requiring all eligible State banks controlled by them to be members of the Federal Reserve System. It is therefore recommended that section 19 of the bill be changed to read as follows: SEC. 19. Section 5144 of the Revised Statutes, as amended, is amended to read as follows: "SEC. 5144. In all elections of directors and in deciding all questions at meetings of shareholders each shareholder shall be entitled to one vote on each share of stock held by him, except that shares of its own stock held by any national bank as trustee shall not be voted, and shares owned or controlled by any affiliate, as defined by the Banking Act of 1932, or by any officer, director, employee, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

COMMENTS ON GLASS BILL 223 proxy, nominee, or representative or agent thereof, shall not be voted unless such affiliate shall have filed with the Comptroller of the Currency an agreement in such form as may be prescribed by him accepting, and agreeing to submit to and comply with, all of the provisions of this section, and such agreement shall not have been terminated. Shareholders may vote by proxies duly authorized in writing; but no officer, clerk, teller, or bookkeeper of such association shall act as proxy; and no shareholder whose liability is past due and unpaid shall be allowed to vote. " Within a period of one year from the date of any such agreement, each nonmember State bank owned or controlled by such affiliate which is eligible for membership in the Federal Reserve System shall apply for membership therein in the manner prescribed by, and subject to the terms of, section 9 of the Federal Reserve Act. If such application is approved by the Federal Reserve Board, such bank shall become a member of the Federal Reserve System and shall comply with all of the provisions of law applicable to member banks. If such application is not approved by the Federal Reserve Board, or if any such bank shall fail to become, or shall cease to be, a member of the Federal Reserve System at any time while such agreement remains in effect, such affiliate shall divest itself of all stock ownership or other interest in, or control of, such bank. " Except as otherwise provided herein, every such affiliate, (1) on January 1, 1934, and at all times thereafter while such agreement remains in effect, shall possess, free and clear of any lien, pledge, or hypothecation of any nature, readily marketable assets other than bank stock, which shall not amount to less than 15 per centum of the aggregate par value of bank stocks held or owned by such affiliate, and (2) shall reinvest in readily marketable assets other than bank stock all net earnings over and above 6 per centum per annum on the book value of its own shares outstanding, until its readily marketable assets other than bank stocks shall amount to 25 per centum of the aggregate par value of bank shares held or owned by it: Provided, however, That, in computing the amount of readily marketable assets, other than bank stock, which any such affiliate is required to possess at any given time, credit shall be given to such affiliate for all contributions which it has made during the preceding three years to banks owned or controlled by it at the time such computation is made. The term 'contribution/ as herein used, shall include all such gifts of money, assets or other things of value to any such bank, all such amounts paid for worthless or doubtful assets purchased from any such bank, and all such other similar amounts as the Comptroller of the Currency, in his discretion, may permit to be treated as contributions. "If any such affiliate shall fail to comply with the provisions of this section or with the provisions of any agreement with the Comptroller of the Currency made pursuant thereto, the Comptroller, in his discretion, may terminate such agreement. "Any officer, director, agent, or employee of any such affiliate, which has entered into an agreement with the Comptroller of the Currency in accordance with the provisions of this section, who shall make any false entry in any book, report or statement of such affiliate with intent in any case to injure or defraud such affiliate, any member bank or any other company, body politic or corporate, or any individual person, or with intent to deceive any officer of such affiliate or of any member bank, or the Comptroller of the Currency, or any agent or examiner appointed to examine the affairs of such affiliate, shall be deemed guilty of a misdemeanor and upon conviction thereof in any district court of the United States shall be fined not more than $5,000 or shall be imprisoned for not more than five years, or both, in the discretion of the court. "No national bank shall (1) make any loan on the stock of any affiliate which owns or controls such national bank directly or indirectly, (2) make any loan to any affiliate which owns or controls such national bank, directly or indirectly, on the security of any shares of stock of any corporation owned or controlled by such affiliate, or (3) be the purchaser or holder of the stock of such affiliate; unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith; and any stock so purchased or acquired shall be sold or disposed of at public or private sale within two years from the date of its acquisition. '' Unless there is in effect at the time an agreement filed with the Comptroller of the Currency pursuant to the terms of this section, any person, firm, corporation, association, business trust, or other organization, which shall vote, or cause, direct, authorize, or permit to be voted, the stock of any national bank owned or controlled by any affiliate, or by any officer, director, employee, proxy, nominee or representative or agent thereof, shall be deemed guilty of a misdemeanor and, upon conviction thereof in any district court of the United States, shall be fined Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

224 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD not more than $5,000 for each such offense. Each vote cast shall constitute a separate offense within the meaning of this paragraph." It is recommended that, in lieu of section 20, there be inserted a new section 20 making similar requirements regarding holding companies which own or control State member banks of the Federal Reserve System; and it is recommended that such new section 20 read as follows: SEC. 20. The Federal Reserve Act, as amended, is further amended by inserting therein immediately after section 9 thereof a new section reading as follows: "SEC, 9A. NO State bank shall be permitted to become a member of the Federal Reserve System unless any affiliate of such State bank or trust company, as defined in the Banking Act of 1932, which owns or controls such member bank directly or indirectly shall have filed with the Federal Reserve Board an agreement in such form as may be prescribed by such Board accepting, and agreeing to submit to and comply with, all of the provisions of this section; and no State bank shall remain a member of the Federal Reserve System after one year from the date of the enactment of this act unless any affiliate of such State bank which owns or controls such member bank directly or indirectly shall have filed such an agreement with the Federal Reserve Board. "Within a period of one year from the date of any such agreement, each nonmember State bank owned or controlled by such affiliate which is eligible for membership in the Federal Reserve System shall apply for membership therein in the manner prescribed by, and subject to the terms of, section 9 of this act. If such application is approved by the Federal Reserve Board., such bank shall become a member of the Federal Reserve System and shall comply with all of the provisions of law applicable to member banks. If such application is not approved by the Federal Reserve Board, or if any such bank shall fail to become, or cease to be, a member of the Federal Reserve System at any time while such agreement remains in effect, such affiliate shall divest itself of all of the stock ownership or other interest in, or control of, such bank. "Except as provided herein, every such affiliate (1) on January 1, 1934, and at all times thereafter during the membership in the Federal Reserve System of any State bank owned or controlled by it, shall possess, free and clear of any lien, pledge or hypothecation of any nature, readily marketable assets other than bank stock, which shall not amount to less than 15 per centum of the aggregate par value of bank stocks held or owned by such affiliate; and (2) shall reinvest in readily marketable assets other than bank stock all net earnings over and above 6 per centum per annum on the book value of its own shares outstanding, until its readily marketable assets, other than bank stocks, shall amount to 25 per centum of the aggregate par value of bank shares held or owned by it: Provided, however, That, in computing the amount of readily marketable assets, other than bank stock, which any such affiliate is required to possess at any given time, credit shall be given to such affiliate for all contributions which it has made during the preceding three years to banks owned or controlled by it at the time such computation is made. The term 'contribution,' as herein used, shall include all such gifts of money, assets or other things of value to any such bank, all such amounts paid for worthless or doubtful assets purchased from any such bank, and all such other similar amounts as the Federal Reserve Board, in its discretion, may permit to be treated as contributions. "If any such affiliate shall fail to comply with the provisions of this section or with the provisions of any agreement with the Federal Reserve Board made pursuant thereto, the said Board in its discretion, may require any State member bank owned or controlled by such affiliate to surrender its stock in the Federal Reserve bank and to forfeit all rights and privileges of membership in the Federal Reserve System as provided in section 9 of this act. "Any officer, director, agent, or employee of any such affiliate which has filed an agreement with the Federal Reserve Board, as provided in this section, who shall make any false entry in any book, report, or statement of such affiliate with intent in any case to injure or defraud such affiliate, any member bank or any other company, body politic or corporate, or any individual person, or with intent to deceive any officer of such affiliate or of any member bank, or the Federal Reserve Board, or any agent or examiner appointed to examine the affairs of such affiliate, shall be deemed guilty of a misdemeanor, and upon conviction thereof in any district court of the United States, shall be fined not more than $5,000 or shall be imprisoned for not more than five j^ears, or both, in the discretion of the court. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

COMMENTS ON GLASS BILL 225 "No State member bank shall (1) make any loan on the stock of any affiliate which owns or controls such State member bank directly or indirectly, (2) make any loan to any affiliate which owns or controls such State member bank, directly or indirectly, on the security of any shares of stock of any corporation owned or controlled by such affiliate, or (3) be the purchaser or holder of the stock of such affiliate; unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith; and any stock so purchased or acquired shall be sold or disposed of at public or private sale within two years from the date of its acquisition." SECTION 21 If the Committee on Banking and Currency decides to recommend the enactment of section 21 of the bill in substantially its present form, it is suggested that paragraph (d) of section 5155 of the Revised Statutes (which forbids the establishment of any branch in a place with a population of less than 25,000), be amended in order that small communities may not be denied the banking facilities which otherwise might be provided under this section. It is also suggested that the second paragraph of section 9 of the Federal Reserve Act be amended so as to place State member banks on the same basis as national banks with respect to branches either in this country or in foreign countries. The sentence commencing in line 7 on page 46 of the bill might be substituted for paragraph (d) of section 5155 of the Revised Statutes; and the following might be added at the end of the second paragraph of section 9 of the Federal Reserve Act: Provided, however. That nothing herein contained shall prevent any State member bank from establishing and operating branches in the United States or any dependency or insular possession thereof or in any foreign country, on the same terms and conditions and subject to the same limitations and restrictions as are applicable to the establishment of branches by national banks. SECTION 23 This section is desirable; but, in view of the fact that the Federal Reserve Act authorizes different rates of discount for different classes of paper, it is recommended that this section be amended by striking out the word "of" in line 2 on page 47 and inserting in lieu thereof the words "on 90-day commercial paper in effect at." SECTION 24 While it is recognized that certain evils arise from the competitive bidding for deposits through the payment of unduly high rates, it is believed that it is undesirable to further regulate by law the rates of interest which may be paid on deposits, especially since to do so would place member banks at a disadvantage in competition with nonmember banks. It is therefore recommended that this section be omitted. SECTION 25 In the interests of clarity, it is recommended that subsection (a) of section 25 of the bill be amended by striking out the period at the end thereof (i.e., at the end of line 8 on page 48) and inserting the following: "in which such corporation owns or controls a majority interest." It is recommended that the remainder of section 25 of the bill (p, 48, lines 9 to 25, and p. 49, lines 1 to 21) be omitted entirely. The first part of paragraph (b) (lines 9 to 18, inclusive, on p. 48) would seem to be unnecessary because the exceptions in section 5200 are not applicable to borrowers of the kind described, except the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

226 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD eighth exception, which applies only to loans secured by Government securities. In so far as the remainder of paragraph (b) and the provisions of paragraph (c) relat*e to affiliates of national banking associations, the exact meaning of the restrictions is not clear; but these provisions appear to be in conflict with those of section 9 of the bill, and the limitations on loans which may be made by national banking associations to their affiliates are covered adequately by the proposed substitute for section 9. This substitute contains a limitation on loans that may be made to one affiliate and a separate limitation on the aggregate amount of loans that may be made to all affiliates of the same member bank. In the comments upon the definition of the term "affiliate" in section 2 of the bill certain principles were indicated which have been applied in the recommendations with respect to various sections of the bill relating to affiliates; and it is believed that these recommendations are sufficient. SECTION 26 It is recommended that this section be omitted entirely. It would apply to all loans on "collateral security" regardless of the nature of the security, and would nullify certain provisions of section 5200 of the Revised Statutes, including those permitting national banks to make loans (1) in amounts not exceeding 25 percent of their capital and surplus on the security of shipping documents or chattel mortgages on livestock, and (2) in amounts not exceeding 50 percent of their capital and surplus on the security of shipping documents, warehouse receipts, or other such documents covering readily marketable nonperishable staples. It would greatly curtail the amount of credit which could be extended by banks in agricultural communities to farmers, cattlemen, and dealers in cotton, grain, and other agricultural commodities. SECTION 27 In order that reports of affiliates of national banks may be required only when deemed necessary and to clarify the provisions of the bill with respect to such reports, it is recommended that section 27 of the bill be amended to read as follows: SEC. 27. Section 5211 of the Revised Statutes of the United States, as amended, is further amended by adding at the end thereof the following new paragraph: "Whenever it shall be deemed necessary in order to obtain adequate information regarding the relations between any national bank and its affiliates, or the effect of such relations upon the management or condition of such bank, it may be required under rules and regulations prescribed by the Comptroller of the Currency to obtain and furnish such reports as to any or all of its affiliates as may be called for. Each such report shall contain such information and shall be submitted at such time as may be specified in the call therefor." SECTION 28 Section 28 of the bill purports to authorize examinations of affiliates of both national banks and State member banks; but it is doubtful whether it would accomplish this purpose as to State member banks, because it amends the first paragraph of section 5240 of the Revised Statutes so as to provide for such examinations to be made by examiners acting under the jurisdiction of the Comptroller of the Currency, whereas section 9 of the Federal Reserve Act, as amended by Digitized fort hFeR AaScEt Ro f June 21, 1917, exempts State member banks from examinahttps://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

COMMENTS ON GLASS BILL 227 tion by the Comptroller of the Currency under the provisions of the first two paragraphs of section 5240 of the Revised Statutes. It has been recommended above that section 6 of the bill be amended so as to provide for examinations of affiliates of State member banks; and it is recommended that section 28 of the bill be amended to read as follows: SEC. 28. Section 5240 of the Revised Statutes of the United States, as amended, is further amended by adding at the end thereof a new paragraph reading as follows: " Examiners appointed under the provisions of the first paragraph of this section may examine any affiliate of a national bank whenever it shall be deemed necessary in order to obtain adequate information concerning the relations of such affiliate with such national bank or the effect of such relations upon the management or condition of such national bank. The examiner making the examination of any affiliate of a national bank shall have power to make a thorough examination of all the affairs of the affiliate, and in doing so he shall have powrer to administer oaths and to examine any of the officers and agents thereof under oath and to make a report of his findings to the Comptroller of the Currency. The expense of examinations provided for in this paragraph may be assessed by the Comptroller of the Currency upon the affiliates examined in proportion to assets or resources held by the affiliates upon the dates of examination of the various affiliates. If any such affiliate shall refuse to pay such expenses or shall fail to do so within sixty oWs after the date of such assessment, then such expenses may be assessed against the affiliated national bank and, when so assessed, shall be paid by such national bank: Provided, however, That, if the affiliation is with two or more national banks, such expenses may be assessed against, and collected from, any or all of such national banks in such proportions as the Comptroller of the Currency may prescribe. If any affiliate of a national bank shall refuse to permit an examiner to make an examination of the affiliate or shall refuse to give any information required in the course of any such examination, the national bank with which it is affiliated shall be subject to a penalty of not more than $100 for each day that any such refusal shall continue. Such penalty may be assessed by the Federal Reserve Board, in its discretion, and, when assessed, may be collected by the Federal Reserve bank by suit or otherwise." SECTION 29 Section 29 provides for the removal of officers or directors of national banks under certain circumstances. It is believed that there should be some means by which in extreme cases unsatisfactory management could be corrected through the removal of officers and directors responsible therefor. It is believed, however, that the power of removal should be vested in the Federal Reserve Board as a whole rather than in a special committee consisting of three officials, one of whom is the person bringing the charges against the accused officer or director; and in order to afford adequate additional protection to the interests of the banks and their officers and directors, certain other changes in this section should be made. It is therefore recommended that section 29 be amended to read as follows: SEC. 29. Whenever, in the opinion of the Comptroller of the Currency, any director or officer of a national bank, or of a bank or trust company doing business in the District of Columbia, or whenever, in the opinion of a Federal Reserve agent, any director or officer of a State member bank in his district, shall have continued to violate any law relating to such bank or shall have continued unsafe or unsound practices in conducting the business of such bank after having been warned by the Comptroller of the Currency or the Federal Reserve agent, as the case may be, to discontinue such violations of law or such unsafe or unsound practices, the Comptroller of the Currency or the Federal Reserve agent, as the case may be, may certify the facts to the Federal Reserve Board. In any such case, the Federal Reserve Board may cause notice to be served upon such director or officer to appear before such Board to show cause wThy he should not be removed Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

228 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD from office. A copy of such order shall be sent to each director of the bank affected by registered mail. If, after granting the accused director or officer a reasonable opportunity to be heard, the Federal Reserve Board finds that he has continued to violate any law relating to such bank or has continued unsafe or unsound practices in conducting the business of such bank after having been warned by the Comptroller of the Currency or the Federal Reserve agent to discontinue such violation of law or such unsafe or unsound practices, the Federal Reserve Board, in its discretion, may order that he be removed from office. A copy of such order shall be served upon such director or officer. A copy of such order shall also be served upon the bank of which he is a director or officer, whereupon such director or officer shall cease to be an officer or director of such bank: Provided, however, That such order and the findings of fact upon which it is based shall not be made public or disclosed to anyone except to the officer or director involved and the directors of the bank involved, and no such finding or order nor the evidence upon which it is based shall be produced in any court of law except as evidence to punish violations of law under this section. An}r such director or officer upon whom any such order has been served as herein provided and who thereafter participates in any manner in the management of such bank shall be fined not more than $5,000 or imprisoned for not more than five years, or both, in the discretion of the court. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONSTITUTIONALITY OF LEGISLATION PROVIDING A UNIFIED COMMERCIAL BANKING SYSTEM FOR THE UNITED STATES The Federal Reserve Board, at the time of the appearance of the Governor of the Board on March 29, 1932, before the Senate Committee on Banking and Currency in connection with the Glass bill (S. 4115), which was then under consideration by the committee, was requested to suggest a constitutional method of creating a unified banking system in the United States. In accord with this request, the General Counsel of the Federal Reserve Board prepared an opinion, which was transmitted to the Chairman of the Senate Committee on Banking and Currency. The text of the opinion is published below: CONSTITUTIONALITY OF LEGISLATION PROVIDING A UNIFIED COM- MERCIAL BANKING SYSTEM FOR THE UNITED STATES To the Federal Reserve Board: Senate Resolution 71, adopted on May 5, 1930, directed the Committee on Banking and Currency to conduct an investigation and recommend legislation "to provide for a more effective operation of the national and Federal Reserve banking systems of the country." Following extensive hearings by a subcommittee of which he was chairman, Senator Glass introduced Senate bill 4115, Seventy-second Congress. At a hearing on the bill before the Committee on Banking and Currency on March 29, 1932, Governor Meyer presented a letter expressing the unanimous views of the members of the Federal Reserve Board, which contained the following statement: It should be recognized that effective supervision of banking in this country has been seriously hampered by the competition between member and nonmember banks, and that the establishment of a unified system of banking under national supervision is essential to fundamental banking reform. Bankers had testified that certain provisions of the bill would make it difficult for member banks to compete with nonmember banks and would cause defections from the Federal Reserve System and the national banking system; and during his testimony Governor Meyer called attention to the statement quoted above and stressed the fact that " effective supervision of banking in this country has been seriously affected by competition between member and nonmember banks", and that "competition between the State and national banking systems has resulted in weakening both steadily." Thereupon Senator Glass requested Governor Meyer to "suggest to us a constitutional method of creating a unified banking system in this country." In view of the circumstances under which this request was made, the history of our banking system, and the provisions of Senate Resolution No. 71, it appears that, by "creating a unified banking system", is meant bringing all commercial banking business in the United States into a single banking system subject to effective regulation and supervision by the Federal Government. Congress has already created the national banking system and the Federal Reserve System; and the problem is how to achieve uniformity 229 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

230 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD of corporate powers, regulation and supervision with respect to banks engaged in the commercial banking business and to provide for their safe and effective operation, by eliminating the existing competition between the Federal Government and the 48 States for the privilege of granting charters to banks transacting that type of business. Since commercial banking necessarily involves the receipt of deposits subject to withdrawal by check, Congress can achieve that result if it can enact legislation which will have the effect of confining the business of receiving deposits subject to withdrawal by check to national banks, which have uniform powers under the national bank act, are subject to effective regulation and supervision by the Federal Government, and are required to be members of the Federal Reserve System. The question presented, therefore, is whether, in order to provide for a more effective operation of the national banking system and the Federal Reserve System, Congress has the power under the Constitution to restrict the business of receiving deposits subject to withdrawal by check to national banks. A consideration of the decisions of the Supreme Court of the United States leaves no room for doubt that this question must be answered in the affirmative. While numerous authorities supporting this conclusion are cited and discussed below, the principal reasons may be stated concisely as follows: 1. The power to create the national banking system and the Federal Reserve System as useful instrumentalities to aid the Federal Government in the performance of certain important Governmental functions includes the power to take such action as Congress may deem necessary to preserve the existence and promote the efficiency of those systems. McOulloch v. Maryland, 4 Wheat. 316; Farmers and Mechanics National Bank v. Hearing, 91 U.S. 29; Westfall v. United States, 274 U.S. 256. 2. Having provided the country with a national currency through the national banking system and the Federal Reserve System, Congress may constitutionally preserve the full benefits of such currency for the people by appropriate legislation. Veazie Bank v. Fenno, 8 Wall. 533; Legal Tender Cases, 12 Wall. 457. 3. The existence of a heterogeneous banking structure in which there have been more than 10,000 bank failures during the past 12 years constitutes a burden upon and an obstruction to interstate commerce; and Congress may enact appropriate legislation to correct this condition. United States v. Ferger, 250 U.S. 195; Stafford v. Wallace, 258 U.S. 495; Board of Trade v. Olsen, 262 U.S. 1. Any one of these grounds standing alone would be a sufficient constitutional justification for the enactment of legislation restricting the conduct of the commercial banking business to national banks; and, when all three grounds are considered together, there can be no doubt that such legislation would be not only constitutional but also entirely appropriate and in accordance with a proper division of authority between the Federal Government and the States. Having the power to confine the commercial banking business to national banks, Congress can exercise that power in any manner which it deems appropriate and adequate for its purposes. It is not necessary that the legislation assume the form of a revenue act or an act to regulate interstate commerce, though either of these means Digitized fowr FoRuAlSdE bRe appropriate. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

UNIFIED^COMMERCIAL BANKING SYSTEM 231 I. THE POWER TO CREATE AND MAINTAIN A BANKING SYSTEM Ample authority for the first conclusion stated above is contained in the opinion of Chief Justice Marshall in the case of McCulloch v. Maryland (1819), 4 Wheat. 316, 4 L.Ed. 579, wherein the Supreme Court of the United States established the following principles: (1) Congress has the power to create banks as convenient, appropriate, and useful instrumentalities to aid the Federal Government in the performance of its functions. (2) This power is derived from a group of great powers, including the powers to lay and collect taxes, to borrow money, to regulate commerce, to declare and conduct wars, to raise and support armies and navies and, "To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof." (3) If the end be legitimate and within the scope of the Constitution, all the means which are appropriate, which are plainly adapted to that end, and which are not prohibited, may constitutionally be employed to carry it into effect. (4) If a certain means to carry into effect any of the powers, expressly given by the Constitution to the Government of the Union, be an appropriate measure, not prohibited by the Constitution, the degree of its necessity is a question of legislative discretion, not of judicial cognizance. (5) The States have no power by taxation or otherwise to retard, impede, burden, or in any manner control the operation of the Constitutional laws enacted by Congress to carry into execution the powers vested in the Federal Government. (6) The Constitution and laws of the United States are the supreme laws of the land; and "it is of the very essence of supremacy to remove all obstacles to its action within its own sphere." Applying these principles, Congress has created the national banking system and the Federal Eeserve System, which are now recognized as appropriate, if not indispensable, agencies to assist the Government in the performance of certain essential Governmental functions. The States have no legal power to retard, impede, burden, or in any manner control the operation of these agencies; and Congress clearly has the right to enact such legislation as it may deem necessary to "remove all obstacles" to their safe and effective operation. If it deems it necessary to prevent banks organized under State laws from engaging in the commercial banking business in order to accomplish this object, Congress may lawfully do so. Since the decision of the Supreme Court in McCulloch v. Maryland is the legal foundation stone upon which our national banking system, our Federal Reserve System, and our Federal Farm Loan System have been built and their constitutionality sustained, that case should be considered in more detail. The essential facts giving rise to the decision were as follows: The Bank of the United States was granted a special charter by the act of Congress approved April 10, 1816, and was authorized to establish branches throughout the United States. It established its head office in Philadelphia and a branch in Baltimore, Md. The legislature of the State of Maryland enacted a statute taxing all banks or branches thereof in the State which were not chartered by Digitized for FRASER https://fraser.stloui1s8f2e79d9.—or3g3 16 Federal Reserve Bank of St. Louis

232 ANNUAL REPORT OF THE FEDERAL RESERVE BOAED the State and prescribing a penalty to be collected from the officers of any bank that failed to pay the tax. The Bank of the United States did not pay this tax on the transactions of its Baltimore branch, and a suit was brought against McCulloch, the cashier of the branch, to recover the penalty. McCulloch defended on the ground that the State law was unconstitutional and void because it was in conflict with a valid Federal statute. The State contended that the act of Congress chartering the Bank of the United States was unconstitutional and that, therefore, the State statute was valid. By a unanimous opinion, the Supreme Court of the United States held that the act of Congress chartering the Bank of the United States was valid and that the State law purporting to tax the bank was invalid. The following quotations from the masterful opinion rendered by Chief Justice Marshall will illustrate the profound reasoning upon which the court's decision was based (4 Wheat. 407, 411, 415, 421, 422, 424): Although, among the enumerated powers of government, we do not find the word "bank" or "incorporation," we find the great powers to lay and collect taxes; to borrow money; to regulate commerce; to declare and conduct a war; and to raise and support armies and navies. The sword and the purse, all the external relations, and no inconsiderable portion of the industry of the nation, are entrusted to its Government. It can never be pretended that these vast powers draw after them others of inferior importance, merely because they are inferior1. Such an idea can never be advanced. But it may with great reason be contended, that a government, entrusted with such ample powers, on the due execution of which the happiness and prosperity of the Nation so vitally depends, must also be entrusted with ample means for their execution. * * * * * ** But the Constitution of the United States has not left the right of Congress to emplo}/ the necessary means for the execution of the powers conferred on the Government to general reasoning. To its enumeration of powers is added that o.f making "all Jaws which shall be necessary and proper, for carrying into execution the foregoing powers, and all other powers vested by this Constitution, in the Government of the United States, or in any department thereof." * * * * * ** To have prescribed the means by which Government should, in all future time, execute its powers, would have been to change, entirely, the character of the instrument, and give it the properties of a legal code. It would have been an unwise attempt to provide, by immutable rules, for exigencies which, if foreseen at all, must have been seen dimly, and which can be best provided for as they occur. To have declared that the best means shall not be used, but those alone without which the power given would be nugatory, would have been to deprive the legislature of the capacity to avail itself of experience, to exercise its reason, and to accommodate its legislation to circumstances. * * * * . * * * We admit, as all must admit, that the powers of the Government are limited, and that its limits are not to be transcended. But we think the sound construction of the Constitution must allow to the National Legislature that discretion, with respect to the means by which the powers it confers are to be carried into execution, which will enable that body to perform the high duties assigned to it, in the manner most beneficial to the people. Let the end be legitimate, let it be within the scope of the Constitution, and all means which are appropriate, which are plainly adapted to that end, which are not prohibited, but consistent with the letter and spirit of the Constitution, are constitutional. * * * * * ** If a corporation may be employed indiscriminately with other means to parry into execution the powers of the Government, no particular reason can be assigned for excluding the use of a bank, if required for its fiscal operations. To use one, must be within the discretion of Congress, if it be an appropriate mode of executing the powers of government. That it is a convenient, a useful, and essential instrument in the prosecution of its fiscal operations, is not now a subject of controversy. Digitized for FRASER * * * * * ** https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

UNIFIED COMMEECIAL BANKING SYSTEM 233 After this declaration, it can scarcely be necessary to say that the existence of State banks can have no possible influence on the question. No trace is to be found in the Constitution of an intention to create a dependence of the Government of the Union on those of the States, for the execution of the great powers assigned to it. Its means are adequate to its ends; and on those means alone was it expected to rely for the accomplishment of its ends. To impose on it the necessity of resorting to means which it cannot control, which another government may furnish or withhold, would render its course precarious; the result of its measures uncertain, and create a dependence on other governments, which might disappoint its most important designs, and is incompatible with the language of the Constitution. But were it otherwise, the choice of means implies a right to choose a national bank in preference to State banks, and Congress alone can make the election. [Italics supplied.] Having announced that it was "the unanimous and decided opinion" of the court that the act to incorporate the Bank of the United States was a law made in pursuance of the Constitution, and was a part of the supreme law of the land, the Chief Justice proceeded to consider the question whether the State could tax the bank (4 Wheat. 426, 427, 436): This great principle is, that the Constitution and the laws made in pursuance thereof are supreme; that they control the Constitution and laws of the respective States, and cannot be controlled by them. From this, which may be almost termed an axiom, other propositions are deduced as corollaries, on the truth or error of which, and on their application to this case the cause has been supposed to depend. These are, 1st. That a power to create implies a power to preserve. 2d. That a power to destroy, if wielded by a different hand, is hostile to, and incompatible with these powers to create and to preserve. 3d. That where this repugnancy exists, that authority which is supreme must control, not yield to that over which it is supreme. * * * * * ** * * * It is of the very essence of supremacy to remove all obstacles to its action within its own sphere, and so to modify every power vested in subordinate governments as to exempt its own operations from their own influence. This effect need not be stated in terms. It is so involved in the declaration of supremacy, so necessarily implied in it, that the expression of it could not make it more certain. We must, therefore, keep it in view while construing the Constitution. * * * * * ** The court has bestowed on this subject its most deliberate consideration. The result is a conviction that the States have no power, by taxation or otherwise, to retard, impede, burden, or in any manner control the operations of the constitutional laws enacted by Congress to carry into execution the powers vested in the general government. This is, we think, the unavoidable consequence of that supremacy which the Constitution has declared. [Italics supplied.] In the case of Osborn v. United States Bank (1824), 9 Wheat. 738, 6 L.Ed. 204, substantially the same questions as had been considered by the Supreme Court in McCulloch v. Maryland, were presented in substantially the same form. Yielding to the request of counsel, the whole subject was reexamined and the principles announced in McCulloch v. Maryland were restated and upheld. Considering more fully the question of the possession by the bank of private powers associated with its public authority and meeting the contention that the two were separable and that the public power should be treated as within, and the private power as without, the implied power of Congress, the Supreme Court expressly held that the authority of Congress was to be ascertained by considering the bank as an entity, possessing the rights and powers conferred upon it, and that the lawful power to create the bank and give it the attributes which were deemed essential should not be rendered unavailing by detaching particular powers and considering them alone and thus destroying the efficacy of the bank as a national instrument. The ruling of the court, therefore, was to the effect that, although a Digitized for pFaRrAtSicEuRl ar character of business might not, when considered alone, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

234 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD be within the implied power of Congress, yet, if such business was appropriate or relevant to the banking business, the implied power was to be tested by the right to create a bank and the authority to attach to it that which was relevant in the judgment of Congress to make the business of the bank successful. In rendering the opinion of the court, Chief Justice Marshall said (9 Wheat. 860-863): * * * That the mere business of banking is, in its own nature, a private business, and may be carried on by individuals or companies having no political connection with the Government, is admitted; but the bank is not such an individual or company. It was not created for its own sake, or for private purposes. It has never been supposed that Congress could create such a corporation. The whole opinion of the court, in the case of McCulloch v. The State of Maryland, is founded on, and sustained by, the idea that the bank is an instrument which is " necessary and proper for carrying into effect the powers vested in the Government of the United States." * * * * * ** * * * Can this instrument, on any rational calculation, effect its object, unless it be endowed with that faculty of lending and dealing in money which is conferred by its charter? * * * The distinction between destroying what is denominated the corporate franchise, and destroying its vivifying principle, is precisely as incapable of being maintained as a distinction between the right to sentence a human being to death, and a right to sentence him to a total privation of sustenance during life. Deprive a bank of its trade and business, which is its sustenance, and its immortality, if it have that property, will be a very useless attribute. This distinction, then, has no real existence. To tax its faculties, its trade and occupation, is to tax the bank itself. To destroy or preserve the one, is to destroy or preserve the other. * * * * * ** * * * The operations of the bank are believed not only to yield the compensation for its services to the Government, but to be essential to the performance of those services. Those operations give its value to the currency in which all the transactions of the Government are conducted. They are, therefore, inseparably connected with those transactions. They enable the bank to render those services to the Nation for which it was created, and are, therefore, of the very essence of its character, as national instruments * * *. [Italics supplied.] The charter of the Bank of the United States having expired in 1836, the country was left to depend for its currency on a multitude of State banks which sprang up under numerous different State laws, most of which contained either no provisions or inadequate provisions regarding capital, reserves, and supervision. Having experienced the difficulty of conducting the War of 1812 without the aid of a Federal banking system, however, Congress, during the Civil War enacted the National Bank Act on February 25, 1863, and revised it on June 3, 1864. This time it did not undertake to create a single bank with branches throughout the Union, but provided for the creation of numerous local banks each independent of the other but all operating under a single banking law and under the supervision of the Treasury Department of the United States Government. In the case of Farmers and Mechanics National Bank v. Dearing (1875), 91 U.S. 29, 23 L.Ed. 197, the Supreme Court applied the doctrines of its earlier decisions to national banks organized under the national bank act of 1864. The case involved the question whether State usury laws were applicable to national banks; and, in holding that they were not, the court said (p. 33): The constitutionality of the act of 1864 is not questioned. It rests on the same principle as the act creating the second bank of the United States The reasoning of Secretary Hamilton and of this court in McCulloch v. Maryland (4 Wheat. 316) and in Osborn v. Bank (9 Wheat. 738), therefore, applies. The national banks Digitized foro FrgRaAnSizEeRd under the act are instruments designed to be used to aid the Government in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

UNIFIED COMMERCIAL BANKING SYSTEM 235 the administration of an important branch of the public service. They are means appropriate to that end. Of the degree of the necessity which existed for creating them, Congress is the sole judge. Being such means, brought into existence for this purpose, and intended to be so employed, the States can exercise no control over them, nor in any wise affect their operation, except in so far as Congress may see proper to permit. Anything beyond this is "an abuse, because it is the usurpation of power which a single State cannot give." Against the national will "the States have no power, by taxation or otherwise, to retard, impede, burthen, or in any manner control the operation of the constitutional laws enacted by Congress to carry into execution the powers vested in the general Government." Osborn v. Bank, supra; Weston and Others v. Charleston, 2 Pet. 466; Brown v. Maryland, 12 Wheat. 419; Dobbins v. Erie County, 16 Pet. 435. The power to create carries with it the power to preserve. The latter is a corollary from the former. [Italics supplied.] In Davis v. Elmira Savings^ Bank (1896), 161 U.S. 275, 16 Sup. Ct. 502, the same question arose in another form. The Legislature of the State of New York provided by law that a savings bank organized under the laws of that State should have a preference as a depositor in other banks in case of the insolvency of the latter, and. it was sought to apply this provision to the case of a deposit by a savings bank in a national bank which had subsequently become insolvent. The Supreme Court of the United States held that such a provision of a State law could not apply to national banks, because it was in conflict with that provision of the National Bank Act which requires the assets of an insolvent national bank to be distributed ratably among its creditors. In so holding, the court said (p. 503): National banks are instrumentalities of the Federal Government, created for a public purpose, and as such necessarily subject to the paramount authority of . the United States. It follows that an attempt by a State to define their duties or control the conduct of their affairs is absolutely void, wherever such attempted exercise of authority expressly conflicts with the laws of the United States, and either frustrates the purpose of the national legislation or impairs the efficiency of these agencies of the Federal Government to discharge the duties, for the performance of which they were created. These principles are axiomatic, and are sanctioned by the repeated adjudications of this court. [Italics supplied.] In Easton v. Iowa (1903), 188 U.S. 220, 23 Sup. Ct. 288, Easton, the president of a national bank was convicted in the State court under a State law making it a crime to receive deposits while the bank was insolvent. On appeal, the Supreme Court of the United States held that the State law had no application to a national bank. In so holding, the court said (pp. 290, 293): *. * * the Federal legislation creating and regulating national banks * * * has in view the erection of a system extending throughout the country, and independent, so far as powers conferred are concerned, of State legislation which, if permitted to be applicable, might impose limitations and restrictions as various and as numerous as the States. Having due regard to the national character and purposes of that system, we cannot concur in the suggestions that national banks, in respect to the powers conferred upon them, are to be viewed as solely organized and operated for private gain. The principles enunciated in McCulloch v. Maryland, 4 Wheat. 316, 425, and in Osborn v. United States Bank, 9 Wheat. 738, though expressed in respect to banks incorporated directly by acts of Congress, are yet applicable to the later and present system of national banks. * * * * # * * Our conclusions, upon principle and authority, are that Congress, having power to create a system of national banks, is the judge as to the extent of the powers which should be conferred upon such banks, and has the sole power to regulate and control the exercise of their operations; * * * that it is not competent for State legislatures to interfere, whether with hostile or friendly intentions, with national banks or their officers in the exercise of the powers bestowed upon them by the general government, [Italics supplied.] Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

236 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Having been denied the right to impose limitations and restrictions upon national banks, the States have granted increasingly liberal powers to competing State banks and, in many instances, have subjected them to fewer restrictions and less effective regulation and supervision. This has led Congress to modify the safeguards contained in the original national bank act, in order to enable national banks to compete withState banks and thus to preserve the existence of the national banking system. Such competition between the Federal Government and the various States has led to more and more laxity in bank regulation and supervision. Moreover, when Congress has undertaken to enact legislation designed to " provide for the safer and more effective use of the assets of national banking associations" it has been told that the proposed legislation would make it difficult for national banks to compete with State banks and would cause national banks to reorganize as State banks. Since "it is not competent for State legislatures to interfere * * * with national banks or their officers in the exercise of the powers bestowed upon them by the general government," they cannot do so indirectly by granting State banks competitive advantages; and, if the competition of State banks interferes with the safe and effective operation of national banks, Congress can put an end to such interference with the national purpose by preventing State banks from competing with national banks for commercial banking business. First National Bank v. Union Trust Co. (1917), 244 U.S. 416, 37 Sup. Ct. 734, turned upon the constitutionality of section 11 (k) of the Federal Reserve Act, which granted to national banks the right to act, in certain circumstances, as trustees, executors, and administrators. It was contended that, unlike the business of banking, there was no natural connection or relationship between acting in these capacities and carrying on the fiscal operations of the Federal Government and that, moreover, the legislation constituted a direct invasion of the sovereignty of the States, which control not only the devolution of the estates of deceased persons and the conduct of private business within the States, but as well the creation of corporations and the qualifications and duties of such as may engage in the business of acting as trustees, executors, and administrators. The Supreme Court of the United States, however, took cognizance of the fact that Congress had authorized national banks to act in these capacities in order to enable them to compete with State corporations which were authorized to transact such business in connection with their banking business; and, therefore, the court sustained the constitutionality of the law\ In rendering the opinion of the court on this question, Chief Justice White reviewed the earlier decisions of the Supreme Court in the cases of McCulloch v. Maryland and Osborn v. Bank and said (p. 737): * * * What those cases established was that although a business was of a private nature and subject to State regulation, if it was of such a character as to cause it to be incidental to the successful discharge by a bank chartered by Congress of its public functions, it was competent for Congress to give the bank the power to exercise such private business in cooperation with or as part of its public authority. Manifestly this excluded the power to the State in such case, although it might possess in a general sense authority to regulate such business, to use that authority to prohibit such business from being united by Congress with the banking function, since to do so would be but the exertion of State authority to prohibit Congress from exerting a power which, under the Constitution, it had Digitized foar rFigRhAtS tEoR e xercise, From this it must also follow that even although a business be https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

UNIFIED COMMERCIAL BANKING SYSTEM 237 of such a character that it is not inherently considered susceptible of being included by Congress in the powers conferred on national banks, that rule would cease to apply if, by State law, State banking corporations, trust companies, or others which, by reason of their business, are rivals or quasi rivals of national banks, are permitted to carry on such business. This must be, since the State may not by legislation create a condition as to a particular business which would bring about actual or potential competition with the business of national banks, and at the same time deny the power of Congress to meet such created condition by legislation appropriate to avoid the injury which otherwise would be suffered by the national agency, fItalics supplied.] Likewise, the States may not, by granting increasingly liberal powers to State banks and trust companies, create a competitive situation that makes it impossible for Congress to preserve the existence of the national banking system without removing the safeguards necessary to make it a safe and effective system and at the same time deny the right of Congress to meet the situation by putting an end to such competition. In the case of State of Missouri v. Duncan (1924), 265 U.S. 17, 44 Sup. Ct. 427, the Burnes National Bank of St. Joseph, Mo., being duly authorized to act as executor by a permit issued by the Federal Reserve Board under the provisions of section 11 (k) of the Federal Reserve Act, was named as executor by a citizen of Missouri who died leaving a will. The bank applied to the probate court for letters testamentary but was denied appointment on the ground that national banks were not permitted to act as executors under the laws of Missouri. Thereupon, the national bank applied to the supreme court of the State for a writ of mandamus to require the judge of the probate court to issue letters testamentary. The Supreme Court of Missouri denied a writ of mandamus and an appeal was taken to the Supreme Court of the United States, which reversed the opinion of the State court and held that the probate court had no right to deny the national bank letters testamentary. After quoting the second paragraph of section 11 (k) of the Federal Reserve Act, as amended by the act of September 26, 1918 (40 Stat. 967), the Supreme Court said, through Mr. Justice Holmes (pp. 23,24): * * * This says in a roundabout and polite but unmistakable way that whatever may be the State law, national banks having the permit of the Federal Reserve Board may act as executors if trust companies competing with them have that power. The relator has the permit, competing trust companies can act as executors in Missouri, the importance of the powers to the sustaining of competition in the banking business is so well known and has been explained so fully heretofore that it does not need to be emphasized, and thus the naked question presented is whether Congress had the power to do what it tried to do. He * * * * ** The States can not use their most characteristic powers to reach unconstitutional results. Western Union Telegraph Co. v. Kansas, 216 U.S. 1. Pullman Co. v. Kansas, 216 U.S. 56. Western Union Telegraph Co. v. Foster, 247 U.S. 105, 114. There is nothing over which a State has more exclusive authority than the jurisdiction of its courts, but it can not escape its constitutional obligations by the device of denying jurisdiction to courts otherwise competent. Kenney v. Supreme Lodge of the World, 252 U.S. 411, 415. So here—the State can not lay hold of its general control of administration to deprive national banks of their power to compete that Congress is authorized to sustain. [Italics supplied.] Nor would it seem that the States, through the exercise of their power to charter banks, can maintain a situation which impairs the efficiency of the national banking system and the Federal Reserve System. The power to create these systems includes the power to preserve them; and Congress can eliminate the ruinous competition that now exists between the national banking system and the 48 State Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

238 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD banking systems if it finds it necessary to do as a means of preserving the efficacy of its own instrumentalities. In Westjall v. United States (1927), 274 U.S. 256, 47 Sup. Ct. 629, the defendant, who was not even an official of any member bank of the Federal Reserve System, was indicted for aiding and procuring a branch manager of a State bank which was a member of the Federal Reserve System to misapply the funds of the bank in violation of a provision of section 9 of the Federal Reserve Act. He attacked the constitutionality of the statute on the ground that Congress had no power to punish offenses against the property rights of State banks and that the statute is so broad that it covers such offenses when they would not result in any loss to the Federal Reserve bank. The Supreme Court of the United States, however, held that the statute was constitutional and said (p. 258): * * * And if a State bank chooses to come into the system created by the United States, the United States may punish acts injurious to the system, although done to a corporation that the State also is entitled to protect. The general proposition is too plain to need more than statement. That there is such a system and that the reserve banks are interested in the solvency and financial condition of the members also is too obvious to require a repetition of the careful analysis presented by the Solicitor General. The only suggestion that may deserve a word is that the statute applies indifferently whether there is a loss to the reserve banks or not. But every fraud like the one before us weakens the member bank and, therefore weakens the system. Moreover, when it is necessary in order to prevent an evil to make the law embrace more than the precise thing to be prevented, it may do so. It may punish the forgery and utterance of spurious interstate bills of lading in order to protect the genuine commerce. United States v. Ferger, 250 U.S. 199. See further Southern Ry. Co. v. United States, 222 U.S. 20, 26. That principle is settled. Finally Congress may employ State corporations with their consent as instrumentalities of the United States, Clallam County v. United States, 263 U.S. 321, and may make frauds that impair their efficiency crimes. United States v. Walter, 263 U.S. 15. [Italics supplied.] If Congress can go to that length in order to protect the Federal Reserve System from a relatively minor danger, it can relieve the member banks of that system of the competition of nonmember banks for commercial banking business, in order to protect the Federal Reserve System from the greater danger of having the efficiency and safety of its operations impaired by such competition. If, in order to accomplish this object, it deems it appropriate to restrict the transaction of a commercial banking business to national banks, which are required to be members of the Federal Reserve System, Congress clearly has the right to do so. A brief review of the history of Federal banking legislation will disclose that Congress already has made two attempts to create a unified banking system for the United States and that in the language of Mr. Justice Holmes in State of Missouri v. Duncan, "The naked question presented is whether Congress has the power to do what it tried to do." When it enacted the National Bank Act, Congress recognized that banking is a matter of national public interest and attempted to create a unified banking system under Federal supervision. As will be shown in more detail hereinafter, the act of March 3, 1865, which imposed a prohibitive tax on the circulating notes of State banks, was intended not only to provide a uniform currency but also to compel State banks to convert into national banks. It succeeded in eliminating State bank currency and almost succeeded in eliminating State banks; but the State banks overcame the handicap of not being able Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

UNIFIED COMMERCIAL BANKING SYSTEM 239 to issue currency and multiplied in number until, by 1910, their number was almost twice that of national banks. By the enactment of the Federal Reserve Act of December 23, 1913, Congress made another attempt to create a unified banking system, by requiring all national banks in the continental United States to become members of the Federal Reserve System and inviting State banks to do so voluntarily. This object was recognized by the Federal Reserve Board in a circular issued on June 7, 1915, and published in the Federal Reserve Bulletin for July, 1915, at page 145, wherein the board said: A unified banking system, embracing in its membership the well-managed banks of the country, small and large, State and national, is the aim of the Federal Reserve Act. There can be but one American credit system of Nation-wide extent, and it will fall short of satisfying the business judgment and expectation of the country and fail of attaining its full potentialities if it rests upon an incomplete foundation and leaves out of its membership any considerable part of the banking strength of the country. When we entered the Great War, however, only 53 State banks with resources aggregating $756,000,000 had become members of the Federal Reserve System; and, in order to induce additional State banks to become members, so that the financial resources of the Nation might be mobilized for the great struggle then confronting it, Congress made a number of concessions which materially diminished its own control over State member banks of the Federal Reserve System. By the act of June 21, 1917 (40 Stat. 232), it eliminated the requirements of the original Federal Reserve Act that State member banks must comply with the loan limitations of the National Bank Act and must be examined at least twice a year by the Comptroller of the Currency and provided that, subject to the provisions of the Federal Reserve Act and the regulations of the Federal Reserve Board made pursuant thereto, such banks should retain their full charter and statutory rights as State banks or trust companies and might continue to exercise all corporate powers granted by the States in which they were created. On October 13, 1917, the President of the United States appealed to the State banks and trust companies to become members of the Federal Reserve System for patriotic purposes, saying that, "The extent to which our country can withstand the financial strains for which we must be prepared will depend very largely upon the strength and staying power of the Federal Reserve banks." (Ann. Rep. F.R. Board, 1917, p. 9.) Notwithstanding these concessions by Congress and this appeal of President Wilson, however, there were only 936 State member banks with resources aggregating $7,338,813,000 in the Federal Reserve System on January 1, 1919. Only 11 percent of the State banks had become members of the Federal Reserve System, and these banks held only 54.5 percent of the resources of all State banks and trust companies in the country. (Ann. Rep. F.R. Board, 1918, pp. 26 and 27.) Moreover, at the peak of State bank membership, which occurred on June 30, 1922, there were only 1,648 State banks and trust companies which were members of the Federal Reserve System out of a total of approximately 20,000 State banks and trust companies in the country; and the member State banks and trust companies held only Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

240 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 51 percent of the total resources of all State banks and trust companies. (Ann. Rep. F. R. Board, 1922, p. 29; Ann. Rep. Comp. Cur., 1931, pp. 3, 5.) And on June 30, 1932, there were only 835 State member banks and trust companies in the Federal Reserve System. Furthermore, the amendments of June 21,1917, which were enacted in order to induce State banks to become members of the Federal Reserve System voluntarily, had greatly weakened the control of the Federal Government over State member banks; the successive amendments to the National Bank Act, which were intended to enable national banks to compete more effectively with State banks, had materially lowered the standard previously set by the National Bank Act; the "better supervision of banking," which is one of the major purposes of the Federal Reserve Act, had been seriously impeded; and the 10 years 1921 to 1931 witnessed numerous failures of State member banks and a larger number of failures of national banks than had occurred previously in the entire history of the national banking system from 1863 to 1921. Mr. Eugene Meyer, then managing director of the War Finance Corporation, made the following statement on January 31, 1923, in testifying before the Committee on Banking and Currency of the House of Representatives (Hearings on S. 4280, 67th Cong., Pt. I, p. 56): There are necessarily many difficulties involved in our dual system of banking. We have a State banking system, a national banking system, and a Federal Reserve System, the latter having a membership derived from both the State and the national systems. The State banking departments supervise the State banks, and the Comptroller of the Currency supervises the national banks, while the Federal Reserve System has a supervision of its own for the member banks, and there has been at times some disposition to competition between the State and the national banking systems. The State banking laws frequently permit practices which national banks cannot legally engage in. This is creating competition between the two systems which cannot be regarded as wholesome and may lead to the gradual weakening of both. * * * The competition that exists at the present time between State and national banks cannot fail to remind one of the competition that prevailed a generation ago among the various States seeking to become domiciles for corporations—a competiton that was based upon the laxity of the laws governing incorporation. Nothing could be more disastrous than competition between the State and national banking groups, based upon competition in laxity. [Italics supplied.] In testifying before the Committee on Ways and Means of the House of Representatives on April 27 and 28, 1932, in his capacity as governor of the Federal Reserve Board and chairman of the board of directors of the Reconstruction Finance Corporation and in the light of his experience as managing director of the War Finance Corporation, Mr. Eugene Meyer discussed this subject again. (Hearings re payment of adjusted service certificates, 72d Cong., 1st sess., pp. 631, 642, 643.) His testimony was, in part, as follows: Personally I feel, as I stated to a subcommittee of the Banking and Currency Committee the other day, that we will never have a satisfactory banking system in the United States until banks of deposit, commercial banks, can be gathered under one chartering, supervising, and regulator power. The constant competition between State and national banking systems has resulted in a weakening of the laws and the safeguards of both systems which I think contributed in no small degree to the excesses of the inflation period and to the suffering of the deflation period. The minds of the committees charged with banking and currency responsibilities are engaged in studying this problem. * * * * * ** I am entirely in favor of maintaining State rights to the extent that they can Digitized forp rFoRpAeSrlEyR b e maintained. But there are various functions over which the Federal https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

UNIFIED COMMERCIAL BANKING SYSTEM 241 Government has had to assume jurisdiction. We have the Postal Service and have had it since the beginning of the Government. As other activities become national and interstate on a greater scale, I feel that we must take account of these changed conditions. We must have elasticity in our conception of decentralization and the advantage of local control when there are vital changes in financial and economic conditions. This subject was also discussed by Mr. Owen D. Young, deputy chairman of the Federal Reserve Bank of New York, in his testimony before the subcommittee of the Senate Committee on Banking and Currency on February 4,1931. (Hearings pursuant to Senate Resolution No. 71 of the 71st Cong., pp. 353 et seq.) He said: I want to say, first, Mr. Chairman, * * * that all commercial deposit banking in the United States should be carried on under one law, that examination of banks and their control should be under one authority. Their reserves should be mobilized in the Federal Reserve System. Then we could develop for the country as a whole a sound banking system, and definitely fix responsibility. That would mean that all banks of deposit, as distinguished from savings, should be national banks. As it is now, banks are chartered both by the National Government and by each of the 48 States. They are in competition, each endeavoring to offer the most attractive charters and the most liberal laws, to say nothing of the liberality of administrative officials in interpreting the laws. The National Banking Act has to compete not only with the most conservative States but the most liberal ones. Consequently, there has been a constant tendency to liberalize banking laws and to weaken their administration. In such cases the argument is always made that it is desirable to liberalize the law so as to enable the banks to be of great service to borrowers. The first question always regarding banks doing a demand deposit business should be the safety of the deposits and the ability of the bank to return them to depositors instantly on request, unless they be time deposits. No thought of service to borrowers should be permitted to impair the safety and security of deposits. Banks of deposit are, after all, primarily custodians of liquid funds. Only such use of such funds should be permitted as may be consistent with the interests of the depositors. In the early years of o-ur Government, our business was largely done by currency moving from hand to hand. It was felt at that time, and properly so, that we should have a national and uniform currency. Consequently, Congress was given power to coin money and regulate the value thereof. This power was made effective as to paper money by the Nationl Bank Act. Now our business is carried on mostly by transfers of bank deposits, currency forming only a small part of our money transfers. If control of our currency were necessary in the beginning by the Federal Government, control of our bank deposits by it now would seem desirable. We have transferred, either affirmatively or by acquiescence, many powers to the Federal Government which ought not to be there. I am bitterly opposed to the impairment of the rights of the States in their appropriate field. It does seem strange, however, that in the face of such gravitation toward Federal authority, we should have retained divided rather than unified power over our deposit banking system. Except for the currency in our pockets, our banks of deposit hold the liquid capital of the people of the United States. The transfer of this capital from one of us to another, promptly and safely, should be facilitated. That means, however, that every bank of deposit is truly engaged in a national business. Its soundness and safety is of concern to our people everywhere. Our business of deposit banks is not"local in character; it is, and should be, national. Therefore, in my judgment, it should be governed by the national law. * * * * * ** I should hope, sir, that you might find a way to bring all State banks holding themselves out to do a national business and carrying demand deposits into the Federal Reserve System by compulsion. Having failed to accomplish fully its purposes by creating the Federal Reserve System and inviting State banks to become members voluntarily and by modifying the safeguards contained in the National Bank Act and the Federal Reserve Act, in order to encourage the organization of national banks and to induce State banks to become members of the Federal Reserve System, Congress may resort to other Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

242 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD measures. It can abandon inducement and resort to compulsion. In other words, it can prevent the transaction of a commercial banking business except by national banks, which must be members of the Federal Reserve System. That Congress has the power to adopt this means to accomplish its great objects follows necessarily from the fundamental principles established by the Supreme Court of the United States in its decision in the case of McCulloch v. Maryland and the other cases discussed above; but there are also other reasons and additional authorities for this conclusion. II. THE POWER TO PROVIDE A NATIONAL CURRENCY A separate and independent ground for the above conclusion and an effective method of bringing all commercial banking into the national banking system is found in the measures adopted by Congress to provide a national currency for the Nation and in the decisions of the Supreme Court regarding the constitutionality of such measures. By the act of March 3, 1865 (13 Stat. 484), later reenacted as the act of July 13, 1866 (14 Stat. 146), Congress imposed a tax of 10 percent on the circulating notes of State banks paid out by national or State banks. The avowed purpose of this legislation was to create a uniform currency by driving the circulating notes of State banks out of existence and, if necessary, by driving all State banks into the national banking system; and the Supreme Court of the United States upheld its constitutionality. Veazie Bank v. Fenno (1869), 8 Wall. 533,19 L.Ed. 482. How near this legislation came to creating a unified banking system is indicated by the fact that up to November 15, 1864, there were only 584 national banks with capital aggregating $81,961,450 and, by October 1, 1865, there were 1,566 national banks capitalized at $276,219,- 450. In 1862, prior to the passage of the National Bank Act, there were 1,492 State banks; in July 1864, there were 467 national banks and 1,089 State banks; in 1865, there were 1,294 national banks and 349 State banks; in 1866, there were 1,634 national banks and 297 State banks; and by 1868, the number of State banks fell to 247, the lowest figure for any time since 1857. (Report, National Monetary Commission, vol. 5, pp. 22, 103; Annual Report, Comp. Cur., 1931, It is appropriate, therefore, to examine in this connection not only the legal basis for the decision of the Supreme Court in the case of Veazie Bank v. Fenno^ but also the circumstances giving rise to that opinion. While the situation then confronting Congress assumed a different form, the problem of the sixties and the method of its solution furnish a guide to the method of dealing with the problem of effecting desirable reforms in our present banking system. In his report to Congress dated November 28, 1863 (p. 57), the Comptroller of the Currency said: * * * The idea that the national banks cannot supersede the State banks without breaking them down and ruining their stockholders is an erroneous one, and can only be honestly entertained by those who have not carefully considered the subject or noticed the process of conversion, which has changed some banks in the West, and is changing others in the East, from one system to the other. No war is being waged, or is intended to be waged, by the national system upon State institutions. So far from it, it opens the way by which the interests of stockholders can be protected, at the same time that the character of their organizations is changed. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

UNIFIED COMMERCIAL BANKING SYSTEM 243 amount of losses which the people have sustained by insolvent State banks, and by the high rate of exchanges—the result of a depreciated currency—can hardly be estimated. That some of the new States have prospered, notwithstanding the vicious and ruinous banking systems with which they have been scourged, is evidence of the greatness of their resources and the energy of their people. The idea has at last become quite general among the people that the whole system of State banking, as far as circulation is regarded, is unfitted for a commercial country like ours. The United States is a nation as well as a union of States. Its vast railroad system extends from Maine to Kansas, and will soon be extended to the Pacific Ocean. Its immense trade is not circumscribed by State lines, nor subject to State laws. Its internal commerce is national, and so should be its currency. At present some 1,500 State banks furnish the people with a bank-note circulation. This circulation is not confined to the States by which it is authorized, but is carried by trade or is forced by the banks all over the Union. People receive it and pay it out, scarcely knowing from whence it comes or in what manner it is secured. Banks have been organized in some States with a view to lending their circulation to the people of others. Probably not one quarter of the circulation of the New England banks is needed or used in New England —the balance being practically loaned to other States. The national currency system is intended to change this state of things not by & war upon the State banks but by providing a means by which the circulation which is intended for national use shall be based upon national securities through associations organized under a national law. [Italics supplied.] In his report of November 25, 1864 (p. 54), the Comptroller of the Currency said: As long as there was any uncertainty in regard to the success of the national banking system, or the popular verdict upon its merits and security, I did not feel at liberty to recommend discriminating legislation against the State banks. It is for Congress to determine if there is any longer a reasonable uncertainty on these points, and if the time has not arrived when all these institutions should be compelled to retire their circulation. It is indispensable for the financial success of the Treasury that the currency of the country should be under the control of the Government. This cannot be the case as long as State institutions have the right to flood the country with their issues. As a system has been devised under which State banks, or at least as many of them as are needed, can be reorganized, so that the Government can assume a rightful control over bank-note circulation, it could hardly be considered oppressive if Congress should prohibit the further issue of bank notes not authorized by itself, and compel, by taxation (which should be sufficient to effect the object without being oppressive), the withdrawal of those which have been already issued. My own opinion is, that this should be done, and that the sooner it is done the better it will be for the banks themselves and for the public. As long as the two systems are contending for the field (although the result of the contest can be no longer doubtful), the Government cannot restrain the issue of paper money; and as the preference which is everywhere given to a national currency over the notes of the State banks indicates what is the popular judgment in regard to the merits of the two systems, there seems to be no good reason why Congress should hesitate to relieve the Treasury of a serious embarrassment, and the people of an unsatisfactory circulation. [Italics supplied.] The circumstances giving rise to the enactment of the act of March 3, 1865, and the purposes sought to be accomplished thereby were graphically described by Senator Sherman, Chairman of the Finance Committee, when he reported the bill to the Senate on February 27, 1865. His entife speech is worthy of careful study; but the following quotations will suffice. (Congressional Globe, 38th Cong., 2d Sess., pp. 1138, 1139.) The people of the United States having definitely determined to prosecute war, it only remained for Congress to provide the ways and means to carry it on * * * I still think that, with parsimonious economy and heavy taxes from the beginning, we might have borrowed money enough on a specie basis to have avoided a suspension of specie payments; but when it came we were without a currency and without a system of taxation. Gold disappeared and was hoarded by banks and individuals. It flowed in a steady stream from our country. By the Sub-Treasury Act we could not use the irredeemable bills of State banks, and Digitized forw FiRthA SthEeR t errible lessons of 1815 and 1837 staring us in the face, no one was bold https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

244 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD enough to advise us to make as a standard of value the issues of 1,500 banks founded upon as many banking systems as there were States. Under these circumstances we had but one resource. We had to borrow vast sums, and as a means to do it we had to make a currency. This was done by the issue of United States notes. Subsequently, to unite the interests of private capital with the security of the Government as a basis of banking, we established a system of national banks, and upon this currency, as a medium for collecting taxes and borrowing money, have waged a war unexampled in the grandeur of its operations, and, as I trust, soon to be crowned with unconditional success. * * * * * ** A still more important feature of this bill is the section to compel the withdrawal of State bank notes. As the volume of currency affects the price of all commodities, I have no doubt the amount of such paper money now outstanding adds to the cost of our purchases $50,000,000. The refusal of Congress, at the last session, to pass restrictive measures to compel its redemption has seriously affected the value of our currency. The national banks were intended to supersede the State banks. Both cannot exist together; yet, while the national system is extending, the issues of State banks have not materially decreased. Indeed, many local banks have been converted into national banks, and yet carefully keep out their State circulation. They exact interest from the people on this circulation, and yet avail themselves of the benefits of the new system. They transfer their capital to national banks, issue new circulation upon it, and yet studiously keep out the old. They issue two circulations upon the same capital. It is far better at once to abandon the national banking system than to leave it as a cloak for outstanding State issues. If the State banks have power enough in Congress to prolong their existence beyond the present year, we had better suspend the organization of national banks. As the first friend of this measure in the Senate, I would vote today for its repeal rather than allow it to be the agency under which State banks can inflate our currency. And the power of taxation cannot be more wisely exercised than in harmonizing and nationalizing and placing on the secure basis of national credit all the money of the country. [Italics supplied.] The various legislative steps leading up to the passage of the act of July 13, 1866, were stated as follows in the opinion of the Supreme Court in the case of Veazie Bank v. Fenno by Mr. Chief Justice Chase, who had been Secretary of the Treasury during the events related (8 Wall. 536-540): At the beginning of the rebellion the circulating medium consisted almost entirely of bank notes issued by numerous independent corporations variously organized under State legislation, of various degrees of credit, and very unequal resources, administered often with great, and not unfrequently with little skill, prudence and integrity. The acts of Congress, then in force, prohibiting the receipt or disbursement, in the transactions of the National Government, of anything except gold and silver, and the laws of the States requiring the redemption of bank notes in coin on demand, prevented the disappearance of gold and silver from circulation. There was, then, no national currency except coin; there was no general regulation of any other by national legislation; and no national taxation was imposed in any form on the State bank circulation. The first act authorizing the emission of notes by the Treasur}' Department for circulation was that of July 17, 1861. The notes issued under this act were treasury notes, paj^able on demand in coin. * * * On the 31st of December, 1861, the State banks suspended specie payment. Until this time the expenses of the war had been paid in coin,*or in the demand notes just referred to; and, for some time afterwards, they continued to be paid in these notes, which, if not redeemed in coin, were received as coin in the payment of duties. Subsequently, on the 25th of February, 1862, a new policy became necessary in consequence of the suspension and of the condition of the country, and was adopted. The notes hitherto issued, as has just been stated, were called Treasury notes, and were payable on demand in coin. The act now passed authorized the issue of bills for circulation under the name of United States notes, made payable to bearer, but not expressed to be payable on demand, * * *. This currency, issued directly by the Government for the disbursement of the war and other expenditures, could not, obviously, be a proper object of taxation. But on the 25th of February, 1863, the act authorizing national banking associa- Digitized for tFioRnAsS wEaRs passed, in which, for the first time during many years, Congress recoghttps://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

UNIFIED COMMEECIAL BANKING SYSTEM 245 nized the expediency and duty of imposing a tax upon currency. By this act a tax of 2 percent annually was imposed on the circulation of the associations authorized by it. Soon after, by the act of March 3d, 1863, a similar but lighter tax of 1 percent annually was imposed on the circulation of State banks, in certain proportions to their capital, and of 2 percent on the excess; and the tax on the national associations was reduced to the same rates. * * * * * ** At a later date, by the act of June 3d, 1864, which was substituted for the act of February 25th, 1863, authorizing national banking associations, the rate of tax on circulation was continued and applied to the whole amount of it, and the shares of their stockholders were also subjected to taxation by the States; and a few days afterwards, by the act of June 30, 1864, to provide ways and means for the support of the Government, the tax on the circulation of the State banks was also continued at the same annual rate of 1 percent as before, but payment was required in monthly installments of one twelfth of 1 per cent with monthly reports from each State bank of the amount in circulation. It can hardly be doubted that the object of this provision was to inform the proper authorities of the exact amount of paper money in circulation, with a view to its regulation by law. * * * rp-^ £ j |. f j i * * * followed some months later ac ug re erre( 0 was by the act of March 3d, 1865, amendatory to the prior internal revenue acts, the sixth section of which provides "that every national banking association, State bank or State banking association, shall pay a tax of 10 per centum on the amount of the notes of any State bank, or State banking association, paid out by them after the 1st day of July, 1866." The same provision was reenacted, with a more extended application, on the 13th of July, 1866, in these words: " Every national banking association, State bank, or State banking association, shall pay a tax of 10 per centum on the amount of notes of any person, State bank, or State banking association, used for circulation, and paid out by them after the first day of August, 1866, and such tax shall be assessed and paid in such manner as shall be prescribed by the Commissioner of Internal Revenue." The constitutionality of this last provision is now drawn in question, and this brief statement of the recent legislation of Congress has been made for the purpose of placing in a clear light its scope and bearing, expecially as developed in the provisions just cited. It will be seen that when the policy of taxing bank circulation was first adopted in 1863, Congress was inclined to discriminate for, rather than against, the circulation of the State banks; but that when the country had been sufficiently furnished with a national currency by the issues of United States notes and of national bank notes, the discrimination was turned, and very decidedly turned, in the opposite direction. Let us consider the present problem in the light of past experience: By the Revenue Act of 1932, approved June 6,1932, Congress recently imposed a tax of 2 cents on each check, without making any distinction between checks drawn on State banks and those drawn on national banks. Is there any reason why Congress could not increase this tax to 10 percent of the amount of each check but exempt therefrom the checks drawn upon national banks and Federal Reserve banks, the instrumentalities which it has created to aid the Government in the performance of certain important functions? While there are other grounds for holding that Congress could do so, adequate grounds for such a conclusion are contained in the reasons given by Mr. Chief Justice Chase for the court's decision in the case of Veazie Bank v. Fenno. After disposing of the contentions that the tax was a direct tax and had not been apportioned among the States, as required by the Constitution, and that the act imposing the tax impaired a franchise granted by the State, which it was urged Congress had no right to do, he stated and disposed of the principal question as follows (8 Wall. 548-550): It is insisted, however, that the tax in the case before us is excessive, and so excessive as to indicate a purpose on the part of Congress to destroy the franchise Digitized foro FfR tAheS EbRan k, and is, therefore, beyond the constitutional power of Congress. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

246 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD The first answer to this is that the judicial cannot prescribe to the legislative departments of the Government limitations upon the exercise of its acknowledged powers. The power to tax may be exercised oppressively upon persons, but the responsibility of the legislature is not to the courts, but to the people by whom its members are elected. So if a particular tax bears heavily upon a corporation, or a class of corporations, it cannot, for that reason only, be pronounced contrary to the Constitution. But there is another answer which vindicates equally the wisdom and the power of Congress. It cannot be doubted that under the Constitution the power to provide a circulation of coin is given to Congress. And it is settled, by the uniform practice of the Government and by repeated decisions, that Congress may constitutionally authorize the emission of bills of credit. It is not important here to decide whether the quality of legal tender, in payment of debts, can be constitutionally imparted to these bills; it is enough to say, that there can be no question of the power of the Government to emit them; to make them receivable in payment of debts to itself; to fit them for use by those who see fit to use them in all the transactions of commerce; to provide for their redemption; to make them a currency, uniform in value and description, and convenient and useful for circulation. These powers, until recently, were only partially and occasionally exercised. Lately, however, they have been called into full activity, and Congress has undertaken to supply a currency for the entire country. The methods adopted for the supply of this currency were briefly explained in the first part of this opinion. It now consists of coin, of United States notes, and of the notes of the national banks. Both descriptions of notes may be properly described as bills of credit, for both are furnished by the Government; both are issued on the credit of the Government; and the Government is responsible for the redemption of both; primarily as to the first description, and immediately upon default of the bank, as to the second. When these bills shall be made convertible into coin, at the will of the holder, this currency will, perhaps, satisfy the wants of the community, in respect to a circulating medium, as perfectly as any mixed currency that can be devised. Having thus, in the exercise of undisputed constitutional powers, undertaken to provide a currency for the whole country, it cannot be questioned that Congress may, constitutionally, secure the benefit of it to the people by appropriate legislation. To this end, Congress has denied the quality of legal tender to foreign coins, and has provided by law against the imposition of counterfeit and base coin on the community. To the same end, Congress may restrain, by suitable enactments, the circulation as money of any notes not issued under its own authority. Without this power, indeed, its attempts to secure a sound and uniform currency for the country must be futile. Viewed in this light, as well as in the other light of a duty on contracts or property, we cannot doubt the constitutionality of the tax under consideration. [Italics supplied.] Likewise, having undertaken to provide an elastic currency for the country by enacting the Federal Reserve Act, which authorized the issuance of Federal Reserve notes through the Federal Reserve banks, Congress may constitutionally secure the benefit of that currency to the people by appropriate legislation. Federal Reserve notes are secured by the assets of Federal Reserve banks; and the Federal Reserve banks depend largely upon their member banks to furnish the assets required for this purpose. They derive all their capital from subscriptions by member banks to their capital stock and most of their deposits consist of the legal reserves deposited with them by their member banks. In normal times, Federal Reserve notes are secured largely by eligible paper acquired by the Federal Reserve banks from their member banks, and, as pointed out by the Federal Reserve Board in the circular quoted in part above, the Federal Reserve Act contemplated the creation of a banking system which would include most, if not all, of the commercial banks in the country. This result not having been accomplished by the methods heretofore adopted, it would seem clear that Congress has the power to Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

UNIFIED COMMERCIAL BANKING SYSTEM 247 enact appropriate legislation in order to preserve for the Nation the full benefits of the flexible currency which it undertook to provide by the enactment of the Federal Reserve Act. If it finds that, in order to accomplish this purpose, it is necessary to prevent the transaction of a commercial banking business except by national banks, which must be members of the Federal Reserve System, Congress may constitutionally adopt this means and the courts will not interfere; because the degree of the necessity for the enactment of such legislation is a question of legislative discretion, not of judicial cognizance. (McCulloch v. Maryland.) At one time it was contended that Congress is not authorized to provide the people of the United States with a national currency, that the only power of this general character granted to it was the power to coin money and regulate the value thereof, and that this power is confined to matters pertaining to metallic money. Such an argument was answered, however, in the decision of the Supreme Court of the United States in the Legal Tender Cases (1871), 12 Wall. 457, 20 L.Ed. 287, wherein the Supreme Court upheld the validity of certain acts of Congress making United States notes and Treasury notes legal tender for the payment of debts. In that case, the court, speaking through Mr. Justice Strong, said (544-546): It is not easy to see why, if State bank notes can be taxed out of existence for the purposes of indirectly making United States notes more convenient and useful for commercial purposes, the same end may not be secured directly by making them a legal tender. * * * The Constitution was intended to frame a government as distinguished from a league or compact, a government supreme in some particulars over States and people. It was designed to provide the same currency, having a uniform legal value in all the States. It was for this reason the power to coin money and regulate its value was conferred upon the Federal Government, while the same power as well as the power to emit bills of credit was withdrawn from the States. The States can no longer declare what shall be money, or regulate its value. Whatever power there is over the currency is vested in Congress. If the power to declare what is money is not in Congress, it is annihilated. * * * it might be argued with much force that when it is considered in what brief and comprehensive terms the Constitution speaks, how sensible its framers must have been that emergencies might arise when the precious metals (then more scarce than now) might prove inadequate to the necessities of the Government and the demands of the people—when it is remembered that paper money was almost exclusively in use in the States as the medium of exchange, and when the great evil sought to be remedied was the want of uniformity in the current value of money, it might be argued, we say, that the gift of power to coin money and regulate the value thereof was understood as conveying general power over the currency, the power which had belonged to the States, and which they surrendered. [Italics supplied.] In a separate concurring opinion, Mr. Justice Bradley said (p. 562): Another ground of the power to issue Treasury notes or bills is the necessity of providing a proper currency for the country, and especially of providing for the failure or disappearance of the ordinary currency in times of financial pressure and threatened collapse of commercial credit. Currency is a national necessity. The operations of the Government, as well as private transactions, are wholly dependent upon it. The State governments are prohibited from making money or issuing bills. Uniformity of money was one of the objects of the Constitution. The coinage of money and regulation of its value is conferred upon the General Government exclusively. That Government has also the power to issue bills. It follows, as a matter of necessity, as a consequence of these various provisions, that it is specially the duty of the General Government to provide a national currency. The States cannot do it, except by the charter of local banks, and that remedy, if strictly legitimate and constitutional, is inadequate, fluctuating, uncertain, and insecure, and operates with all the partiality to local interests, which it was the very object o/ the Constitution to avoid. But regarded as a duty of the General Government, it is Digitized for FRASE18R27 99—33 17 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

248 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD strictly in accordance with the spirit of the Constitution, as well as in line with the national necessities. [Italics supplied.] The tax imposed by the act of July 13, 1866, accomplished the object of eliminating the circulating notes of State banks and thus giving us a national currency of uniform value; but it has not accomplished the object of eliminating the competition of State banks and thus creating a unified commercial banking system as a basis for that currency. Prior to the Civil War, banks derived most of their profits from the issuance of circulating notes and relied to a much lesser extent than they do now on deposits as a source of earning power. In fact, the amount of their circulating notes frequently exceeded the amount of their deposits (Rep. National Monetary Commission, vol. 5, pp. 16,27). It was expected, therefore, that the imposition of a prohibitive tax on their circulating notes would cause all State banks either to convert into national banks or to go out of business. A way was soon found, however, to conduct a profitable banking business without issuing circulating notes. It was through the development of the use of checks in lieu of currency as a means of payment. This was convenient to depositors and profitable to the banks, since the latter could enjoy the use of the money pending its withdrawal and even while the checks were in process of collection; and the practice was encouraged by national banks as well as State banks. Moreover, arrangements facilitating the easy flow of checks throughout the country made the use of checks so popular that it has been estimated that, at the present time, more than 90 percent of all payments are made by means of checks. Checks, therefore, have to a very large extent taken the place of currency as a medium of payment; and State banks, operating under laws allowing a greater latitude and requiring less rigorous supervision and regulation than the National Bank Act, have grown in number until, in the peak year of 1921, there were 20,349 State banks (other than mutual savings banks) compared with 8,154 national banks and, in 1931, there were 13,728 State banks compared with 6,805 national banks. The reduction in the number of banks of both classes resulted principally from failures and consolidations (Ann. Rep. Compt. Currency, 1931, p. 3). Moreover, with the return of the predominance of State banks, many of the disadvantages of a heterogeneous banking structure have reappeared in another form; and checks, which have replaced currency as the principal medium of payment, frequently prove to be an ineffective medium. Checks go unpaid because the banks upon which they were drawn have failed. Balances against which depositors expected to draw checks in settlement of their business transactions are unavailable for that purpose, because the banks have closed their doors. Not only has the effective operation of the national banking system and the Federal Reserve System been seriously impaired by the "competition in laxity'7 of bank regulation and supervision, described in the statements of Governor Meyer and Mr. Owen D. Young quoted above, but the proportion of national banks to the total number of commercial banks in the country has fallen from 87 percent in 1868 to 33 percent in 1931; and only 38 percent of all the commercial banks were members of the Federal Reserve System in 1931. A material portion of commercial banking business, therefore, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

UNIFIED COMMERCIAL BANKING SYSTEM 249 is conducted outside of the Federal Reserve System and contributes nothing to the basis for our currency. The tax on circulating notes having become ineffective as a result of the use of checks in lieu of currency, Congress has the right to bring the act of July 13, 1866, up to date by making the tax applicable to checks drawn on State banks. III. THE POWER TO REGULATE AND PROTECT INTERSTATE COMMERCE Either one of the two grounds discussed above is sufficient to sustain the conclusion herein reached; but there is still another separate ground upon which the same conclusion could be sustained independently. The right to enact legislation to make banks more reliable instrumentalities of interstate commerce is included in the power granted to Congress by section 8 of article 1 of the Constitution, "To regulate commerce with foreign nations, and among the several States, and with the Indian tribes." In a long series of decisions, this clause of the Constitution has been held to give Congress control over all phases of interstate commerce, as well as over all other matters so connected with interstate commerce as to require congressional control over them in order to make effective the control over such commerce itself. The rule of these decisions is that "commerce" does not include merely the transfer of goods, but that the proper regulation of commerce must include the regulation of all aspects of commerce and of all instrumentalities upon which the carrying on of commerce depends. Mondou v. New York, New Haven, and Hartford R.R. Co., 223 U.S. 1, 32 Sup. Ct. 169. Since the transportation system of the country is regarded as an essential instrumentality to this end, it has, under the commerce clause, been subjected to congressional regulation on a vast scale. Railroad cars not used in interstate commerce, but which may be placed in the same train with those that are, must conform to the Federal safety appliance act. Southern Railway Co. v. United States, 222 U.S. 20, 32 Sup. Ct. 2. Intrastate freight rates are subjected to Federal regulation when they interfere with interstate rates. Railroad Commission of Wisconsin v. Chicago, B. & Q. R.R. Co., 257 U.S. 563, 42 Sup. Ct. 232. The issuance of fraudulent bills of lading is punishable under a Federal statute even when they cover no interstate shipment. United States v. Ferger, 250 U.S. 199, 39 Sup. Ct. 445. Stockyards, although engaged in dealing locally in livestock, are subjected to Federal control, because they are essential cogs in the machinery of interstate commerce. Stafford v. Wallace, 258 U.S. 495, 42 Sup. Ct. 397. The same is true of the principal grain markets. Board of Trade of City of Chicago v. Olsen, 262 U.S. 1, 43 Sup. Ct. 470. The decisions contain many other examples of a similar nature. Although the courts have held that the powers of Congress under the commerce clause extend to a great variety of matters related to commerce—from the quality of radio broadcasting stations to the criminality of traffic in certain articles—no judicial interpretation nor any extension of the literal terms of that clause is necessary to make it include the very essentials of commerce, i.e., the acts of transferring the goods and of transmitting the consideration for them. The one is as essential as the other. A breakdown in the means of payment would be as disastrous as a breakdown in the means of shipment, since virtually every commercial transaction requires the services of a commercial bank for its consummation. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

250 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD That the power to regulate commerce among the several States includes the power to remove obstructions and impediments to such commerce and to regulate the instrumentalities as well as the articles of that commerce is too well settled by numerous decisions of the Supreme Court to require argument. No attempt will be made, therefore, to review the multitude of decisions of the Supreme Court regarding the extent of this important power. A few leading cases will suffice. The scope of the power of Congress over interstate commerce was stated concisely by the Supreme Court in Mondou v. New York, N. H. & H.B.E. Co. (1911), 223 U.S. 1, 32 Sup. Ct. 169, wherein the court sustained the validity of the Federal employees' liability act and reaffirmed the power of Congress to determine the necessity for, and to enact, uniform national legislation to replace the variant State legislation governing the same subject (pp. 173, 174): The clauses in the Constitution (art. I, sec. 8, clauses 3 and 18) which confer upon Congress the power "to regulate commerce * * * among the several States,7' and "to make all laws which shall be necessary and proper" for the purpose, have been considered by this court so often and in such varied connections that some propositions bearing upon the extent and nature of this power have come to be so firmly settled as no longer to be open to dispute, among them being these: 1. The term "commerce" comprehends more than the mere exchange of goods. It embraces commercial intercourse in all its branches, including transportation of passengers and property by common carriers, whether carried on by water or by land. 2. The phrase "among the several States" marks the distinction, for the purpose of governmental regulation, between commerce which concerns two or more States and commerce which is confined to a single State and does not affect other States,—the power to regulate the former being conferred upon Congress and the regulation of the latter remaining with the States severally. 3. " To regulate," in the sense intended, is to foster, protect, control, and restrain, with appropriate regard for the welfare of those who are immediately concerned and of the public at large. 4. This power over commerce among the States, so conferred upon Congress, is complete in itself, extends incidentally to every instrument and agent by which such commerce is carried on, may be exerted to its utmost extent over every part of such commerce, and is subject to no limitations save such as are prescribed in the Constitution. But, of course, it does not extend to any matter or thing which does not have a real or substantial relation to some part of such commerce. [Italics supplied.] That these considerations apply as much to the instruments as to the agents of such commerce, is shown by the brilliant passage which immediately follows in the opinion (p. 174): As is well said in the brief prepared by the late Solicitor General: "Interstate commerce—if not always, at any rate when the commerce is transportation—is an act. Congress, of course, can do anything which, in the exercise by itself of a fair discretion, may be deemed appropriate to save the act of interstate commerce from prevention or interruption, or to make that act more secure, more reliable, or more efficient. The act of interstate commerce is done by the labor of men and with the help of things; and these men and things are the agents and instruments of the commerce. If the agents or instruments are destroyed while they are doing the act, commerce is stopped; if the agents or instruments are interrupted, commerce is interrupted; if the agents or instruments are not of the right kind or quality, commerce in consequence becomes slow or costly or unsafe or otherwise inefficient; and if the conditions under which the agents or instruments do the work of commerce are wrong or disadvantageous, those bad conditions may and often will prevent or interrupt the act of commerce or make it less expeditious, less reliable, less economical, and less secure. Therefore, Congress may legislate about the agents and instruments of interstate commerce, and about the conditions under which those agents and instruments perform the work of interstate commerce, whenever such legislation bears, or, in the exercise of a fair legislative discretion, can be deemed to bear, upon the reliability or promptness or economy or security or utility Digitized foor fF RthAe SinEtRer state commerce act." [Italics supplied.] https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

UNIFIED COMMERCIAL BANKING SYSTEM 251 If banks are destroyed, commerce is stopped; if banksJare suspended, commerce is interrupted; if banks are not of the right kind or quality, " commerce in consequence becomes slow or costly or unsafe or otherwise inefficient"; and if the laws, regulations, and supervision under which banks perform their functions are wrong or inadequate, " these bad conditions may and often will prevent or interrupt the act of commerce or make it less expeditious, less reliable, less economical, and less secure." Therefore, it would seem that Congress may legislate about banks as agents and instruments of interstate commerce and may prescribe the conditions under which banks perform the work of finally consummating transactions in interstate commerce, "whenever such legislation bears, or, in the exercise of a fair legislative discretion, can be deemed to bear, upon the realiability or promptness or economy or security or utility" of the act of interstate commerce. The fundamental incentive for interstate commerce is profit; and no transaction in interstate commerce is finally consummated until payment has been received for the goods which have been sold and shipped. In many instances, the very act of shipping goods in interstate commerce is inseparably connected with the forwarding, through a series of banks, of bills of lading attached to bills of exchange which must be paid or accepted before the goods are released. The ultimate payment which constitutes the object and the final act of nearly every transaction in interstate commerce is made by means of a check drawn upon a bank in one State in favor of a payee in another State; and such checks are forwarded for collection through a series of banks scattered over at least two, and frequently more, different States. Banks, therefore, are essential instrumentalities of interstate commerce. Nearly every bank failure delays or prevents the final consummation of numerous transactions in interstate commerce by preventing or delaying the payment of the checks given in settlement therefor; and Congress clearly would be justified in finding that a heterogeneous banking system in which there have been more than 10,000 suspensions involving deposits amounting to nearly $5,000,000,000 since 1920, is a burden upon and an obstruction to interstate commerce. Since " Congress * * * can do anything which, in the exercise by itself of a fair discretion, may be deemed appropriate to save the act of interstate commerce from prevention or interruption, or to make the act more secure, more reliable, or more efficient," it would seem clear that Congress can create a unified banking system in order to remove such an obstruction and burden to interstate commerce. In Houston, etc., B. Co. v. United States (1914), 234 U.S. 342, 34 Sup. Ct. 833, wherein the Supreme Court sustained the validity of an act of Congress regulating purely intrastate freight rates when such rates were found by the Interstate Commerce Commission to interfere with interstate rates, the court said (p. 836): It is unnecessary to repeat what has frequently been said by this court with respect to the complete and paramount character of the power confided to Congress to regulate commerce among the several States. It is of the essence of this power that, where it exists, it dominates. Interstate trade was not left to be destroyed or impeded by the rivalries of local government. The purpose was to make impossible the recurrence of the evils which had overwhelmed the Confederation, and to provide the necessary basis of national unity by insuring "uniformity of regulation against conflicting and discriminating State legislation." By virtue of the comprehensive terms of the grant, the authority of Congress is at all times adequate to meet the varying exigencies that arise, and to protect the national interest by securing Digitized forth FeR frAeSeEdoRm of interstate commercial intercourse from local control. [Italics supplied.] https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

252 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD It has been recognized that one of the principal reasons for subjecting interstate commerce and matters related to it to national rather than local regulation is the fact that interstate commerce "is of national importance, and admits and requires uniformity of regulation." Walton v. Missouri (1876), 91 U.S. 275. In Mondou v. New York, N. H. & H. R. Co., supra, the court said, (p. 175): We are not unmindful that that end was being measurably attained through the remedial legislation of the several States, but that legislation has been far from uniform, and it undoubtedly rested with Congress to determine whether a national law, operating uniformly in all the States, upon all carriers by railroads engaged in interstate commerce, would better subserve the needs of that commerce. [Italics supplied.] Obviously the same principle applies to banks or a banking system which Congress has created. See Easton v. Iowa, supra, wherein the court said that the national bank legislation "has in view the erection of a system extending throughout the country, and independent so far as powers conferred are concerned, of State legislation which, if permitted to be applicable might impose limitations and restrictions as various and as numerous as the States." It is not only within the power of Congress, therefore, to create a unified banking system in order to remove existing impediments and obstructions to interstate commerce resulting from the existence of 48 different State banking systems, but it is also right, meet, and proper for Congress to do so, since the object is a national one which can be dealt with effectively only by the National Legislature. This conclusion is not based upon the theory that the banking business is itself commerce, but upon the fact that banks are instrumentalities of interstate commerce and that an unsound and unsatisfactory banking system is a burden upon and an impediment to interstate commerce. If, therefore, Congress decides to solve this problem through the exercise of its powers over interstate commerce and as a means to removing an obstruction to interstate commerce, it need not confine the legislation to transactions of an interstate character, but may legislate for the banking system as a whole; since every commercial bank actually functions as an instrumentality of interstate commerce and every failure of a commercial bank obstructs and impedes the consummation of numerous transactions in interstate commerce. The effective regulation of interstate commerce requires the regulation of some matters which in and of themselves are not interstate commerce, but which have a direct relationship to such commerce. In other words, if the transaction which is of itself purely intrastate is a vital part of interstate commerce, the regulation of that transaction may be undertaken by Congress under the commerce clause. In Stafford v. Wallace (1922), 258 U.S. 495, 42 Sup. Ct. 397, the court considered the validity of an act of Congress which, among other things, provided for Federal supervision and control of stockyards. The court found that, although many of their transactions are purely local, the business of the packers and of the stockyards is an integral and essential part of the interstate commerce in livestock and meat, and accordingly held the statute to be a valid exercise of the power conferred on Congress by the commerce clause. In rendering the opinion of the court, Mr. Chief Justice Taft said (pp. 517, 521): Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

UNIFIED COMMERCIAL BANKING SYSTEM 253 * * * The only question here is whether the business done in the stockyards, between the receipt of the livestock in the yards and the shipment of them therefrom, is a part of interstate commerce, or is so associated with it as to bring it within the power of national regulation. A similar question has been before this court and had great consideration in Swift v. United States, 196 U.S. 375, 25 Sup. Ct. 276, 49 L.Ed. 518. The judgment in that case gives a clear and comprehensive exposition, which leaves to us in this case little but the obvious application of the principles there declared. * * * * * ** * * * Whatever amounts to more or less constant practice, and threatens to obstruct or unduly to burden the freedom of interstate commerce is within the regulatory power of Congress under the commerce clause, and it is primarily for Congress to consider and decide the fact of the danger and meet it. This court will certainly not substitute its judgment for that of Congress in such a matter unless the relation of the subject to interstate commerce and its effect upon it are clearly nonexistent. [Italics supplied.] Two cases dealing with congressional legislation regarding grainfutures markets have an important bearing not only upon the right of Congress to regulate the commercial banking business in order to prevent an obstruction to interstate commerce but also upon the proper method of preparing such legislation. In the first of these cases, Hill v. Wallace (1922), 259 U.S. 44, 42 Sup. Ct. 453, an act of Congress designed to regulate the conduct of business of boards of trade through the exercise of the power of taxation was held to be unconstitutional. In Board of Trade v. Olsen (1923), 262 U.S. 1, 43 Sup. Ct. 470, however, the court upheld the validity of a statute having the same object on the ground that it was intended to remove an obstruction or interference with interstate commerce in the form of price manipulation and control in these markets. Unlike the statute held unconstitutional in Hill v. Wallace, the statute which was sustained as constitutional in Board of Trade v. Olsen clearly stated its relation to interstate commerce. It contained a recital and finding of the facts disclosed in the hearings and committee reports, to the effect that transactions in grain involving sales for future delivery as commonly conducted on boards of trade are affected with a national public interest and that they are susceptible of speculation, manipulation, and control resulting in fluctuations in prices which constitute an obstruction to and a burden upon interstate commerce in grain. With certain exceptions, the act forbade boards of trade to use the mails or interstate telephone, telegraphic, wireless, or other communication in offering or accepting sales of grain for future delivery or to disseminate prices or quotations thereof, unless such boards of trade are located at terminal markets which have been designated by the Secretary of Agriculture as contract markets, comply with certain regulations and restrictions contained in the act, and submit to the supervision of the Secretary of Agriculture. In rendering the opinion of the court sustaining the constitutionality of the act, Mr. Chief Justice Taft said (262 U.S. 31-41, 43 Sup. Ct. 475-479): Appellants contend that the decision of this court in Hill v. Wallace, 259 U.S. 44, is conclusive against the constitutionality of the Grain Futures Act. Indeed in their bill they pleaded the judgment in that case as res judicata in this, as to its invalidity. The act whose constitutional^ was in question in Hill v. Wallace was the Future Trading Act (c. 86, 42 Stat. 187). It was an effort by Congress, through taxing at a prohibitive rate sales of grain for future delivery, to regulate such sales on boards of trade by exempting them from the tax if they would com- Digitized fopr lFyR wASitEhR t he congressional regulations. It was held that sales for future delivery https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

254 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD where the parties were present in Chicago, to be settled by offsetting purchases or by delivery, to take place there, were not interstate commerce and that Congress could not use its taxing power in this indirect way to regulate business not within Federal control. * * * * * ** The Grain Futures Act which is now before us differs from the Future Trading Act in having the very features the absence of which we held in the somewhat carefully framed language of the foregoing prevented our sustaining the Future Trading Act. As we have seen in the statement of the case, the act only purports to regulate interstate commerce and sales of grain for future delivery on boards of trade because it finds that by manipulation they have become a constantly recurring burden and obstruction to that commerce. Instead, therefore, of being an authority against the validity of the Grain Futures Act, it is an authority in its favor. * * * * * * * It is impossible to distinguish the case at bar, so far as it concerns the cash grain, the sales to arrive, and the grain actually delivered in fulfillment of future contracts, from the current of stock shipments declared to be interstate commerce in Stafford v. Wallace, 258 U.S. 495, 42 Sup. Ct. 397, 66 L. Ed. 735. That case presented the question whether sales and purchases of cattle made in Chicago at the stockyards by commission men and dealers and traders under the rides of the stockyards corporation could be brought by Congress under the supervision of the Secretary of Agriculture to prevent abuses of the commission men and dealers in exorbitant charges and other ways, and in their relations with packers prone to monopolize trade and depress and increase prices thereby. It was held that this could be done, even though the sales and purchases by commission men and by dealers were in and of themselves intrastate commerce, the parties to sales and purchases and the cattle all being at the time within the city of Chicago. * * * * * ** This case was but the necessary consequence of the conclusions reached in the case of Swift & Co. v. United States, 196 U.S. 375, 25 Sup. Ct. 276, 49 L. Ed. 518. That case was a milestone in the interpretation of the commerce clause of the Constitution. It recognized the great changes and development in the business of this vast country and drew again the dividing line between interstate and intrastate commerce where the Constitution intended it to be. It refused to permit local incidents of great interstate movement, which taken alone were intrastate, to characterize the movement as such. The Swift Case merely fitted the commerce clause to the real and practical essence of modern business growth. It applies to the case before us just as it did in Stafford v. Wallace. * * * * * ** In the act we are considering, Congress has expressly declared that transactions and prices of grain in dealing in futures are susceptible to speculation, manipulation, and control which are detrimental to the producer and consumer and persons handling grain in interstate commerce and render regulation imperative for the protection of such commerce and the national public interest therein. It is clear from the citations, in the statement of the case, of evidence before committees of investigation as to manipulations of the futures market and their effect, that we would be unwarranted in rejecting the finding of Congress as unreasonable, and that in our inquiry as to the validity of this legislation we must accept the view that such manipulation does work to the detriment of producers, consumers, shippers, and legitimate dealers in interstate commerce in grain and that it is a real abuse. * * * * * ** * * * ^he question of price dominates trade between the States. Sales of an article which affect the country-wide price of the article directly affect the country-wide commerce in it. By reason and authority, therefore, in determining the validity of this act, we are prevented from questioning the conclusion of Congress that manipulation of the market for futures on the Chicago Board of Trade may, and from time to time does, directly burden and obstruct commerce between the States in grain, and that it recurs and is a constantly possible danger. For this reason, Congress has the power to provide the appropriate means adopted in this act by which this abuse may be restrained and avoided. [Italics supplied.] Likewise, if Congress finds that our present banking system, which has given rise to more than 10,000 bank failures since 1920, which necessarily have delayed and obstructed the consummation of innumerable transactions in interstate commerce, is a burden upon and obstruction to interstate commerce, the Supreme Court would not be warranted in rejecting the finding of Congress as unreasonable or in Digitized focr oFnRcAlSuEdRin g that legislation designed to correct this situation and https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

UNIFIED COMMERCIAL BANKING SYSTEM 255 remove such an obstruction to interstate commerce is not a proper exercise of the power to regulate commerce among the States. If the purchase and sale of cattle by commission men, dealers and traders at the Chicago stock yards, and the sale of grain for future delivery on the Chicago Board of Trade and the dissemination of prices and quotations thereof, can be brought by Congress under the supervision of the Federal Government, on the ground that abuses in such business constitute obstructions to interstate commerce, it seems clear that the transaction of a commercial banking business, involving the payment of checks given in settlement of transactions in interstate commerce, and the handling of innumerable bills of exchange secured by bills of lading growing out of transactions in interstate commerce, can also be brought under the supervision of the Federal Government. Such cases as Hammer v. Dagenhart (1918), 247 U.S. 251, 38 Sup. Ct. 529, and Bailey v. Drexel Furniture Co. (1922), 259 U.S. 20, 42 Sup. Ct. 449, need not be distinguished in detail; because they relate to Federal legislation wherein Congress attempted to deal with purely local questions having no essential connection with interstate commerce; whereas commercial banking is a matter of national rather than local concern and is essentially connected with, and inextricably related to, interstate commerce. Federal legislation to relieve interstate commerce of the impediments and obstructions resulting from a heterogeneous and inefficient banking structure would not constitute an invasion of the rights of the States; because it would relate to a subject which the fathers of the Constitution clearly intended to intrust to the National Government, in order that we might have a Nation and not a mere confederation of States and in order that the free flow of commerce between the different parts of the Nation might not be impeded by State legislation. The importance of banking as an indispensable aid to commerce has already been recognized by the Supreme Court of the United States in the case of Noble State Bankv. Haskell (1911), 219 U.S. 104, 31 Sup. Ct. 186, wherein the court said, through Mr. Justice Holmes (p. 188): * * * Among matters of that sort probably few would doubt that both usage and preponderant opinion give their sanction to enforcing the primary conditions of successful commerce. One of those conditions at the present time is the possibility of payment by checks drawn against bank deposits, to such an extent do checks replace currency in daily business. * * * Even the primary object * * * is not a private benefit, * * * but it is to make the currency of checks secure and by the same stroke to make safe the almost compulsory resort of depositors to banks as the only available means for keeping money on hand. * * * [Italics supplied.] It is appropriate and in accordance with the fundamental principles of our Government for Congress to undertake the task of making "the currency of checks secure"; because it is essential to the free and unhampered flow of commerce between the States, the regulation of which is intrusted to Congress alone by the Constitution. If Congress should decide that more effective regulation and supervision of the commercial banking business is desirable in order to make the currency of checks secure, it is peculiarly fitting and proper that Congress should undertake to provide that remedy; because the problem is not a local one but relates directly to matters of national concern which are expressly intrusted to Congress by the Constitution. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

256 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD In the case of United States v. Ferger (1919), 250 U.S. 199, the Supreme Court of the United States sustained the constitutionality of section 41 oi the act of August 29, 1916 (39 Stat. 538), which provides for the punishment of any person who forges or counterfeits a bill of lading, even though that section applies to cases where no shipment from one State to another is made or intended. The court held that, in order to protect and sustain interstate commerce, Congress may prohibit and punish the forgery and utterance of bills of lading for fictitious shipments in interstate commerce. In delivering the opinion of the court, Mr. Chief Justice White said (250 U.S. 203-205): * * * Thus both in the pleadings and in the contention as summarized by the court below it is insisted that, as there was and could be no commerce in a fraudulent and fictitious bill of lading, therefore the power of Congress to regulate commerce could not embrace such pretended bill. But this mistakenly assumes that the power of Congress is to be necessarily tested by the intrinsic existence of commerce in the particular subject dealt with, instead of by the relation of that subjeet to commerce and its effect upon it. We say mistakenly assumes, because we think it clear that if the proposition were sustained it would destroy the power of Congress to regulate, as obviously that power, if it is to exist, must include the authority to deal with obstructions to interstate commerce (In re Debs, 158 U.S. 564) and with a host of other acts which, because of their relation to and influence upon interstate commerce, come within the power of Congress to regulate, although they are not interstate commerce in and of themselves. It would be superfluous to refer to the authorities which from the foundation of the Government have measured the exertion by Congress of its power to regulate commerce by the principle just stated, since the doctrine is elementary and is but an expression of the text of the Constitution. Art. I, sec. 8, clause 18. A case dealing with a somewhat different exercise of power, but affording a good illustration of the application of the principle to the subject in hand, is First National Bank v. Union Trust Co., 244 U.S. 416.. * * * * * ** * * * That, as instrumentalities of interstate commerce, bills of lading are the efficient means of credit resorted to for the purpose of securing and fructifying the flow of a vast volume of interstate commerce upon which the commercial intercourse of the country, both domestic and foreign, largely depends, is a matter of common knowledge as to the course of business of which we may take judicial notice. Indeed, that such bills of lading and the faith and credit given to their genuineness and the value they represent are the producing and sustaining causes of the enormous number of transactions in domestic and foreign exchange, is also so certain and well known that we may notice it without proof. With this situation in mind the question therefore is, Was the court below right in holding that Congress had no power to prohibit and punish the fraudulent making of spurious interstate bills of lading as a means of protecting and sustaining the vast volume of interstate commerce operating and moving in reliance upon genuine bills? To state the question is to manifest the error which the court committed. * * * It proceeds further, as we have already shown, upon the erroneous theory that the credit and confidence which sustains interstate commerce would not be impaired or weakened by the unrestrained right to fabricate and circulate spurious bills of lading apparently concerning such commerce. Nor is the situation helped by saying that as the manufacture and use of the spurious interstate commerce bills of lading were local, therefore the power to deal with them was exclusively local, since the proposition disregards the fact that the spurious bills were in the form of interstate commerce bills which in and of themselves involved the potentiality of fraud as far reaching and all embracing as the flow of the channels of interstate commerce in which it was contemplated the fraudulent bills would circulate. As the power to regulate the instrumentality was coextensive with interstate commerce, so it must be, if the authority to regulate is not to be denied, that the right to exert such authority for the purpose of guarding against the injury which would result from the making and use of spurious limitations of the instrumentality must be equally extensive. [Italics supplied.] The reference to the court's decision in the case of First National Bank v. Union Trust Co., which appears at the end of the first paragraph quoted from the opinion in the Ferger case, is significant; because that is the case discussed elsewhere in this opinion, wherein Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

UNIFIED COMMERCIAL BANKING SYSTEM 257 the Supreme Court upheld the right of Congress to grant trust powers to national banks in order to enable them to compete with State banks and trust companies. While that case dealt with a somewhat different exercise of power, the Supreme Court recognized that it afforded a good illustration of the application of the principle to the subject dealt with in the Ferger case. Conversely, it would seem that the court would not hesitate to apply the principle underlying its decision in the Ferger case to the subject of banking. If bills of lading are instrumentalities of interstate commerce, so are checks and the banks upon which they are drawn, and if Congress has the right to prohibit and to punish the fraudulent making of spurious bills of lading in order to protect and sustain the vast volume of interstate commerce operating and moving in reliance upon genuine bills, then Congress must have the right to enact legislation to safeguard the use of checks in order to protect and sustain the vast volume of interstate commerce which is consummated by payments made by means of checks. Since the safe use of checks depends primarily upon the solvency of the banks upon which they are drawn, Congress must have the right to enact legislation to promote the safer and more effective operation of commercial banks. Nor is Congress prevented from exercising this power by the fact that part of the business of commercial banks is purely local in character; but the power to regulate interstate commerce "must include the authority to deal with obstructions to interstate commerce * * * and with a host of other acts which, because of their relation to and influence upon interstate commerce, come within the power of Congress to regulate, although they are not interstate commerce in and of themselves." If Congress in its wisdom should find that our heterogeneous banking structure, which has given rise to more than 10,000 bank failures in the last 12 years, constitutes a burden upon or an obstruction to interstate commerce, therefore, there can be no doubt that Congress has the constitutional power to correct the situation by bringing all commercial banking business into a single system subject to effective regulation and supervision by the Federal Government, to the end that the currency of checks upon which practically every transaction in interstate commerce depends for its consummation may be made more secure. IV. METHODS WHICH COULD BE ADOPTED Having the power to enact such legislation, Congress could exercise the power in any manner which it deems appropriate and adequate for this purpose. It is not necessary that the legislation assume the form of a revenue act or an act to regulate interstate commerce, though either of these means would be appropriate. In the light of the decisions of the Supreme Court of the United States in Stafford v. Wallace, and Board o/ Trade of Chicago v. Olsen, however, it would be desirable for such legislation to contain findings of fact and a recital of the national objects to be attained, as did the Grain Futures Act. Among the constitutional means which Congress could adopt in order to accomplish these objects or to aid in their accomplishment are the following: (1) It could forbid the receipt of deposits subject to withdrawal by check by any individual, partnership, or corporation other than a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

258 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD bank organized under the laws of the United States and provide suitable penalties for violations of this prohibition. (2) It could impose a prohibitive tax on all checks and similar documents drawn on, or payable at, banks not organized under the laws of the United States. (3) It could forbid any officer of the United States or any Federal Reserve bank, national bank, Federal land bank, joint-stock land bank, Federal intermediate-credit bank, or Federal home-loan bank to receive in payment, on deposit, for the purposes of exchange or collection, or for any other purpose, any check drawn upon any bank not organized under the laws of the United States. (4) It could forbid any bank organized under the laws of the United States to make loans or extend credit to, or deposit any of its funds in, or permit the use of any of its facilities by, any commercial bank not organized under such laws. (5) It could forbid the deposit of public funds of the United States in any bank not organized under the laws of the United States. (6) It could exempt all national banks from taxation, State or Federal, except taxes on real estate. In order to be completely effective, the legislation could combine several of the measures suggested above. Thus, a comprehensive bill on this subject might include the following: (1) A finding of facts by the Congress (on the basis of evidence already obtained pursuant to Senate Resolution No. 71 and other evidence which may be produced) to the effect that, in order (a) to provide for the safe and more effective operation of the national banking system and the Federal Reserve System, (&) to preserve for the people the full benefits of the currency provided for by the Congress, and (c) to relieve interstate commerce of the burdens and obstructions resulting from the existing situation, it is necessary to restrict the business of receiving deposits subject to withdrawal by check to national banks and thereby to subject all commercial banking business to national regulation and supervision; (2) A prohibition against the receipt of deposits subject to withdrawal by check except by banks organized under the laws of the United States; (3) A prohibition against any officer of the United States or any bank organized under the laws of the United States receiving in payment, on deposit, for exchange or collection, or for any other purpose, any check drawn upon any bank not organized under such laws; (4) A prohibition against any bank organized under the laws of the United States making loans or extending credit to, depositing any of of its funds in, or permitting the use of any of its facilities by, any commercial banking institution not organized under such laws; (5) A provision imposing a prohibitive tax on all checks or substitutes therefor drawn upon or payable at any bank not organized under the laws of the United States; and (6) A provision prescribing suitable penalties for violations of the above provisions. If such legislation is enacted, its effective date necessarily would have to be postponed for a sufficient length of time to avoid too sudden and revolutionary a change in our existing financial structure and to allow time for existing State banks to adjust themselves to the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

UNIFIED COMMERCIAL BANKING SYSTEM 259 situation, by converting into national banks or discontinuing the transaction of commercial banking business. The time intervening between the enactment of such legislation and the date when it becomes effective could be devoted to the preparation and enactment of additional legislation for the purpose of providing further for the more effective operation, regulation, and supervision of the national banking system and the Federal Reserve System, by repealing undesirable amendments to the National Bank Act and Federal Reserve Act which grew out of the competition in laxity, equipping the supervisory authorities with adequate powers to enable them to perform their functions more effectively, and adopting such other measures as might be deemed appropriate. Respectfully, WALTER WYATT, General Counsel, WASHINGTON, D.C., December 5, 1932. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES—REPORT OF THE COMMITTEE ON BANK RESERVES OF THE FEDERAL RESERVE SYSTEM l MEMBERS OF THE COMMITTEE E. L. SM:EAD, chief, Division of Bank Operations, Federal Reserve Board, chairman IRA CLERK, deputy governor, Federal Reserve Bank of San Francisco M. J. FLEMING, deputy governor, Federal Reserve Bank of Cleveland E. A. GOLDENWEISER, director, Division of Research and Statistics, Federal Reserve Board L. R. ROUNDS, deputy governor, Federal Reserve Bank of New York W. W. RIEFLER, Division of Research and Statistics, Federal Reserve Board, executive secretary TERMS OF REFERENCE The subject of bank reserves is one of the utmost importance, requiring the most careful scientific study by experts devoting their entire time to the matter with a view of drafting a report to the Federal Reserve Board, proposing such amendments to the law or regulations as in their judgment may be necessary to remove any present inequalities or defects and to establish bank reserves throughout the country on a more logical or effective basis than now appears to be possible under present laws, State and Federal. (Resolution adopted at the conference of governors of the Federal Reserve banks, Dec. 12, 1929.) SUMMARY OF COMMITTEE RECOMMENDATIONS In accordance with its terms of reference, the committee has examined the operation of present legal requirements governing the reserves held by member banks and submits herewith definite recommendations for their improvement. These requirements are established by the Federal Reserve Act and apply to all banks, both State and National, which are members of the Federal Reserve System. Changes in the law recommended by the committee are submitted at the end of this report in the form of a- proposed amendment to section 19 of the Federal Reserve Act. In the event this amendment is adopted, regulation D of the Federal Reserve Board will have to be modified to meet the changes proposed in the law. Modifications recommended by the committee are discussed in the body of the report. Defects of present reserve requirements.—In the opinion of the committee, our present system of legal requirements for member bank reserves has never functioned effectively since its inception in 1914. It has not operated to relate the expansion of member bank credit to the needs of trade and industry, nor has it adequately reflected changes in the volume and activity of member bank credit. Furthermore, the committee also finds that present requirements for reserves are inequitable and unfair as between individual member banks and groups of member banks and do not adequately take into account genuine differences in the character of banking in which a member bank may be engaged. The committee takes the position that it is no longer the primary function of legal reserve requirements to assure or preserve the 1 Published by the committee in November 1931 with foreword as follows: "With the permission of the Federal Reserve Board, and pending consideration thereof by the Board and the Federal Reserve banks, the accompanying report of the Committee on Bank Reserves of the Federal Reserve System is being pub' lished for the information of the member banks of the system and others interested in the subject." 260 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REPORT OF COMMITTEE ON BANK RESERVES 261 liquidity of the individual member bank. The maintenance of liquidity is necessarily the responsibility of bank management and is achieved by the individual bank when an adequate proportion of its portfolio consists of assets that can be readily converted into cash. Since the establishment of the Federal Reserve System, the liquidity of an individual bank is more adequately safeguarded by the presence of the Federal Reserve banks, which were organized for the purpose, among others, of increasing the liquidity of member banks by providing for the rediscount of their eligible paper, than by the possession of legal reserves. The two main functions of legal requirements for member bank reserves under our present banking structure are, first, to operate in the direction of sound credit conditions by exerting an influence on changes in the volume of bank credit, and, secondly, to provide the Federal Reserve banks with sufficient resources to enable them to pursue an effective banking and credit policy. Since the volume of member bank credit needed to meet the legitimate needs of trade and industry depends on the rate at which credit is being used as well as on its aggregate amount, it is essential for the exercise of a sound control that legal requirements differentiate in operation between highly active deposits and deposits of a less active character. Requirements for reserves should also be equitable in their incidence, simple in administration, and, so far as possible, not susceptible of abuse. Similar principles underlie the present reserve law, which in requiring lower reserves against time deposits than against demand deposits, and lower reserves against the demand deposits of country banks than against the demand deposits of reserve and central reserve city banks may have been expected to impose higher reserves on more active deposits than on less active deposits. Notwithstanding the fact, however, that existing requirements would appear to be so arranged as to make reserve requirements vary with the volume and activity of deposits, experience shows that since 1914 and especially since 1922 the proportion of primary reserves held by member banks has steadily declined in relation to the volume of member bank deposits and to their activity. This outcome has been the result of defects in the definition of reserves, in the method of determining liabilities against which reserves must be carried, and in the classification of banks and of deposits for reserve purposes. The exclusion of vault cash from required reserves of member banks in 1917 has been followed by a reduction in the vault cash holdings of some city banks to a minimum; the rule that amounts due from banks may be deducted only from amounts due to banks has tended to decrease reserves in times of business activity and to increase reserves in times of depression, and the establishment of a low reserve against time deposits in 1914 has facilitated the growth of bank credit without a corresponding growth in reserves. Even if these particular defects in the present system of reserves had not existed, however, the rapid increase in the turnover of demand deposits which has occurred in recent years would still have tended to prevent reserve requirements from increasing in proportion to the growth in the effective use of credit by the customers of member banks. Proposals of the committee.—Before deciding to recommend fundamental changes looking toward the establishment of a new basis for Digitized focr aFlRcAuSlaEtRin g required reserves, the committee made every effort to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

262 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD frame provisions designed to correct the existing situation through modifications in the classification of cities for reserve purposes and in the classification of deposits subject to reserve, including a more stringent definition of time deposits. As these proposals were studied, however, it became more and more evident that they would not be effective and that an entirely new approach to the reserve problem was necessary. The committee proposes, consequently, to abolish completely the classification of deposits into time and demand deposits, and the classification of member banks according to their location, into central reserve city banks, reserve city banks, and country banks. Instead, the committee recommends that all member banks and all deposits be treated alike for reserve purposes, and that the formula used in calculating reserve requirements take into account directly, instead of indirectly as in the existing law, the activity as well as the volume of the deposits held by each individual member bank, without regard to the location of the bank or the terms of withdrawal on which the deposits are technically held. To accomplish this, the committee proposes that each member bank be required to hold a reserve equivalent to (a) 5 percent of its total net deposits, plus (6) 50 percent of the average daily withdrawals actually made from all of its deposit accounts. These withdrawals, which are shown by debit entries on the books of member banks, are the only real test of the activity of a deposit account and furnish the only basis by which that activity can be equitably and effectively reflected in requirements for reserves. Under this proposal, therefore, each deposit will carry a total reserve based on its activity as well as on its amount. A totally inactive deposit will carry a total reserve of only 5 percent, while a deposit balance which is checked out on the average once a week will carry a total reserve equivalent to 12 percent of its amount. For the average member bank the total reserve under the proposed formula will be equivalent to about 8 percent of its deposits. To prevent this formula from imposing too great a burden in extreme cases, the recommendations of the committee also provide that in no case shall the aggregate reserve required of a bank exceed 15 percent of its gross deposits. The committee proposes to include in legal reserves, in addition to the funds which member banks have on deposit with their Federal Reserve bank, their vault cash, with certain limitations, as both classes of funds contribute to the strength of the Reserve banks and have a direct effect on the Reserve System's control of changes in member bank credit. It proposes also to place country member banks on a parity with city banks with respect to deductions from deposit accounts by permitting banks in calculating net deposits subject to reserve to deduct balances due from member banks and items in process of collection from total deposits instead of from balances due to banks alone, as is the practice at present. Volume of reserves.—The committee feels that the existing volume of reserves is sufficient at the present time to provide the reserve banks with the funds they require to perform their functions. Its proposals, consequently, do not contemplate a change in the total amount of reserves. They are intended rather to change the nature of fluctuations in the volume of reserves and to iron out inequitable features in their distribution among the member banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REPORT OF COMMITTEE ON BANK RESERVES 263 A comparison of the reserve requirements proposed by the committee with present and past requirements is presented in the following table: SUMMARY OF PAST, PRESENT, AND PROPOSED RESERVE REQUIREMENTS FOR MEMBER BANKS Reserve re- Classification of banks quired against— Eeserve held in the form of— A. NATIONAL BANKS PRIOR TO THE ENACTMENT OF THE FEDERAL RESERVE ACT T d o e t p a o l s n it e s t In vault In v n a a u te lt d o c r o o rr n e s d p e o p n o d s e i n t t w b it a h n k d s esig- Percent Central reserve city banks 25 All None. Reserve city banks... 25 One half One half. Country banks 15 Two fifths Three fifths. B. MEMBER BANKS UNDER ORIGINAL FEDERAL RESERVE A..CT * d d e e N m po e a s t n it d s de T p i o m s e its O Fe n d e d r e b a p a l o n R s k i e t s e w rv it e h In vault I p n o e v s r a a it u l b l w R t a i e n o t s h k r e r o F v n e e d d - e- Percent Percent Central reserve city banks 18 5 Seven eight- Six eighteenths- Five eighteenths eenths. Reserve city banks 15 5 Six fifteenths Five fifteenths .. Four fifteenths. Country banks 12 5 Five twelfths... Four twelfths. _ Three twelfths. C. MEMBER BANKS AT PRESENT Net demand' Time On deposit with Federal Reserve bank depositsdeposits Percent Percent Central reserve city banks 13 3 All. Reserve city banks 10 3 All. Country banks 7 3 All. D. PROPOSED BY THE COMMITTEE ON BANK RESERVES Total Daily IT* net de- average d p e b o m o s t i a t h n s, dd d e e p t b o o i s ts it On de R p e o s s e i r t v w e i b th an F k ederal In w b v a it n a h u k lt F e o d r e r o al n R d e e s p e o rv si e t and actime counts Percent Percent Member banks in vicinity of 5 50 Four fifths One fifth. Federal Reserve banks or branches. All other member banks 5 50 Twolfifths Three fifths. 1 This distribution of reserves was to become effective in November 1917. The calculation of net deposits subject to reserve has varied from time to time. At present net demand deposits include total demand deposits of individuals, corporations, etc., plus the excess, if any, of demand deposits due other banks over items in process of collection and funds held on deposit with other banks. Under the proposed plan, net deposits subject to reserve would include total deposits, both demand and time, less items in process of collection and deposits with other member banks in the United States. United States Government deposits, which have been exempted from reserve requirements since 1917, would require reserve under the proposed formula the same as all other deposits. Vault cash eligible for reserve excluded national-bank notes, Federal Reserve notes, and Federal Reserve bank notes prior to 1917. Since 1917 no vault cash has been eligible as reserve. Under the proposed plan all kinds of currency and cash issued or coined under authority of the laws of the United States which are held in the vaults of member banks would be eligible to count as reserve. Digitized for FRAS1E82R79 9—33 18 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

264 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FAILURE OF EXISTING RESERVE REQUIREMENTS In the opinion of the committee, the principal purposes served by legal requirements for member bank reserves are, first, to help to regulate the volume of credit at member banks in accordance with the legitimate credit needs of trade and industry, and, secondly, to insure that the Federal Reserve banks at all times have resources adequate to their responsibilities. The committee does not believe that it is the purpose of legal requirements for reserves to insure the liquidity of individual member banks, nor that it is possible for legal reserve requirements to accomplish this purpose. Liquidity.—For many years, the maintenance of liquid assets available to meet withdrawals was regarded as the principal function of commercial bank reserves. Nevertheless, prior to 1914, when central reserve city national banks in this country were required to hold vault cash reserves as large as 25 percent of both time and demand deposits they were forced to suspend payments at times of banking strain. The inauguration of the Federal Reserve System with its provisions for the mobilization of banking reserves and for the rediscount of member bank paper was a recognition of the fact that a commercial bank does not guarantee its liquidity by maintaining its legal reserves. To the extent that the member banks since 1914 have remained liquid through periods of unprecedented banking strain, they have been able to do so not because of the legal reserves that they have carried but largely because they have been able by borrowing at the Reserve banks to convert their eligible assets into cash. The effect of this borrowing, furthermore, has not been confined to paper which is eligible for rediscount at the Reserve banks. The mere fact that the Reserve banks stand ready to lend on eligible paper has helped to maintain a ready market for all types of sound bank assets. Under present conditions, therefore, in which member bank reserve balances cover only 7 percent of their deposit liabilities, it is clear that the liquidity of the average individual member bank can be more adequately guaranteed by the possession of a substantial portfolio of eligible paper or of other assets readily convertible into cash in the market than by any practicable increase in its requirements for legal reserves. As our banking system is now organized, legal requirements for member bank reserves contribute to the security of bank depositors by providing the Reserve banks with funds available for assisting banks in emergencies and by adding strength to the whole banking system through the exercise of credit control rather than through determining the volume of reserves held by individual member banks. In order to be able to utilize the strength of the Reserve banks in emergencies, however, it is essential that the individual member bank maintain an adequate portfolio of sound assets readily convertible into cash, and, particularly, of assets eligible for rediscount at the Reserve banks. Control of credit.—The most important function served by member bank reserve requirements is the control of credit. This function has a bearing on the liquidity of bank credit, for, in the nature of things, bank credit is most liquid when credit conditions are sound, and unsound credit conditions do not usually develop unless the banking community in general has expanded its credit beyond the needs of trade and industry. The overexpansion of credit may take Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REPORT OF COMMITTEE ON BANK RESERVES 265 a particular form, such as excessive loans on farm lands, on urban real estate, or on securities, or it may be more general applying to a wide range of bankable assets. Whatever its form, it has the effect of temporarily inflating the general purchasing power of the community and also of raising for a time the market value of bank assets beyond their intrinsic worth. It is the function of reserve requirements to restrain such oyerexpansion by making it necessary for banks to provide for additional reserves before they expand their credit. To perform this function adequately, however, it is essential that reserve requirements reflect both the volume and the activity of credit outstanding, for unsound credit conditions can develop either out of an excessive volume of bank credit in relation to the needs of trade and industry or out of an excessive use of a given amount of credit. Credit could be expanded indefinitely, for example, without any inflationary effect whatever, provided the bank deposits thus created were never drawn upon to effect an exchange of goods or services. Conversely, it is possible for an unsound credit situation to develop without an increase in the volume of deposits, but merely out of an increase in their activity. Usually, unsound credit conditions are accompanied by an increase both in the volume and in the activity of deposits. In 1928 and 1929, however, during the most extravagant phases of the stock-market boom, excessive credit demands were reflected in an increase in borrowings from nonbanking lenders, and an unprecedented increase in the activity of bank deposits without an increase in their total volume. Reserve requirements, consequently, failed completely during those crucial years to act as a brake on the unsound use of credit. Progressive diminution of member-bank reserves under present requirements.—Between 1914 and 1931, the period covered by our present system of reserve requirements, total net deposits of member banks increased from $7,500,000,000 to $32,000,000,000, or more than 300 percent in less than two decades. Some of this increase reflects the accession of State banks to membership in the Federal Reserve System, but the greater part reflects the expansion of member bank credit. While war financing and the huge inflow of gold which followed the war constituted the immediate driving force back of much of this expansion, it was facilitated by a progressive reduction in effective member bank requirements for reserves. Thus, member banks actually hold at the present time about $2,900,000,000 of reserves against $32,000,000,000 of net deposits. This includes both the legal reserves which they hold with the Federal Reserve banks and cash which they hold in their vaults. If the vault cash reserve requirements of national banks prior to 1914 had been retained in the Federal Reserve Act up to the present time, member banks would now be required to hold about $4,400,000,000 in reserves instead of $2,900,000,000. This means that in the aggregate total reserve requirements of member banks are now about 34 percent less in proportion to their deposits than they were before the Federal Reserve Act was passed. It is clear, consequently, that the large expansion of member bank credit since 1914 has been facilitated by a progressive diminution in reserve requirements as well as by large imports of gold. Without this diminution member banks would have needed in order to expand their credit to its present volume additional Federal Reserve bank credit to the extent of $1,500,000,000. By applying to the reserve banks for this addi- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

266 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD tional credit, the member banks would have correspondingly increased the effectiveness of Reserve bank credit policy. Of the total decrease of $1,500,000,000 in present requirements as compared with pre-war requirements, about one half reflects the effect of the amendment which removed vault cash from required reserves in 1917, while the remainder reflects in part the lowering of reserve requirements by the original Federal Reserve Act, and in part, the rapidly decreasing proportion of member bank deposits which have been classified as demand deposits since the inauguration of a lower reserve on time deposits in 1914. This decrease has occurred, moreover, during a time when the average turnover of all deposits has increased, indicating that differentials in reserves as between time and demand deposits and as between demand deposits at city and country banks have not effectively registered changes in the activity of deposits or in the use of member bank credit by the community. Such figures as are available for earlier years indicate that the average turnover of bank deposits in this country increased steadily from 1914 up to 1929. Between 1925 and 1929, alone, estimates made for the committee indicate that the rate of turnover of the average dollar deposited in member banks increased from 24 times a year to 33 times a year, notwithstanding the fact that 64 cents of this.dollar was classified as a demand deposit in 1925 as against 59 cents in 1929. Failure of existing requirements to reflect credit developments.— In the accompanying chart there is portrayed the extent to which existing legal requirements for reserves have failed to reflect credit developments at member banks in recent years. The upper line reflects movements in the total dollar volume of transactions which pass through the deposit accounts of customers of member banks. The middle line shows member bank time and net demand deposits combined and reflects movements in the total volume of member bank deposit liabilities. The bottom line shows the reserve balances which member banks have maintained with the Federal Reserve banks. During the period covered by the chart all the legal reserves have been held in this form. The lines are plotted as index numbers with January 1924, equal to 100. This chart brings out the failure of member bank reserve balances under our present reserve requirements to reflect fundamental changes in the demand for credit. In the first year shown on the chart, 1924, the total volume of debits or check payments made through member-bank accounts was low, reflecting a relatively inactive business situation. Member-bank requirements for reserves, however, increased in 1924 more rapidly than in any other year shown on the chart because the inactive local demand for funds throughout the country caused banks to redeposit funds with their correspondent banks in the larger cities, which were required to hold reserves of 10 or 13 percent against these funds. As a consequence, an inactive demand for funds from trade and industry in 1924 was reflected in a sharp increase both in member-bank deposits and in member-bank requirements for reserves. During 1925 and 1926, on the contrary, when business became more active, these redeposited funds were withdrawn from correspondent banks and loaned directly in the market, with the result that aggregate requirements for reserves remained for 2 years at about the level of De- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REPORT OF COMMITTEE ON BANK RESERVES 267 cember 1924, failing completely to reflect an increase in the market demand for funds. The failure of reserve requirements to reflect fundamental changes in the demand for funds and to operate in such a manner as to bring these changes under control became a major factor in the credit situation in 1928 and 1929 when an extraordinary demand for funds from the stock market was met without an increase in reserve requirements of member banks. In fact, the aggregate legal requirements of member banks for reserves were about $75,000,000 lower in September 1929, at the very peak of the stock-market boom than in December 1927, despite a situation in intervening months in which LEGAL RESERVES, NET DEPOSITS AND ACTIVITY OF DEPOSIT ACCOUNTS AT MEMBER BANKS PER CENT 200 100 80 60 1924 1925 1926 1927 1928 1929 1930 the demand for stock-exchange loans was sufficient to require brokers to increase their borrowing by over $4,000,000,000 at rates which in some months averaged nearly 10 percent. This situation arose because corporations and other nonbanking lenders, seeking to profit by high rates, drew upon their balances with member banks and loaned funds in huge volume directly to brokers, permitting an extraordinary demand for credit to be met without any increase in the deposits against which member banks were required to maintain reserves. The activity of these deposits increased rapidly, however, as is shown by the chart. Had reserve requirements reflected the activity of deposits, this sharp increase in turnover of deposit accounts, which helped materially to finance speculative developments in 1928 and 1929, would have caused an equally sharp increase in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

268 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD member-bank requirements for reserves, and this increase in turn would have acted as a powerful restraint against unsound credit developments. Vault cash.—After reviewing member-bank operations during recent years, the committee is convinced that the removal of vault cash from required reserves in 1917 has had undesirable consequences that were not foreseen at the time. Prior to 1917, member banks in central reserve cities were required to hold aggregate reserves equal to 18 percent of their demand deposits, the corresponding percentages for reserve city and country member banks being 15 and 12 percent, respectively. At the same time the requirement against time deposits was 5 percent at all classes of member banks. Part of these reserves were held as balances with the Reserve banks and part as cash in the vaults of the member banks. Federal Reserve notes and national-bank notes held by member banks, however, could not be counted as legal reserves. Under the 1917 amendment, reserve requirements against demand deposits were reduced by 5 percent and against time deposits by 2 percent at all classes of banks, and at the same time member banks were required to hold all of their legal reserves on deposit with the Federal Reserve banks. The main purpose of the 1917 vault-cash amendment was to concentrate the gold holdings of the country in the Federal Reserve banks. Up to that time, member banks had been required to hold their vault-cash reserves in gold or lawful money, with the result that the monetary gold resources of the country were only partially mobilized in the Federal Reserve banks, a large proportion being absorbed in the form of circulating notes held by the member banks and the public. The 1917 amendment corrected this situation by removing the inducement for member banks to hold their vault cash in the form of gold rather than Federal Reserve notes and so permitted the mobilization of gold in the Federal Reserve banks. In addition to concentrating the gold resources of the country in the Federal Reserve banks, however, the 1917 vault-cash amendment incidentally opened the door for a gradual diminution in the actual reserves of the member banks. In the last 14 years the amendment has permitted a reduction in aggregate reserves, amounting at the present time to over $700,000,000. Had this amendment not been passed, consequently, member banks today would be required, other things being equal, to hold aggregate reserves more than $700,000,000 larger than their present legal reserves plus their holdings of vault cash. These additional reserve requirements would have exercised a wholesome restraint during the boom period which culminated in 1929 and the policy pursued by the Federal Reserve System would have been much more effective had the member banks at that time been forced to borrow this additional $700,000,000 from the Federal Reserve banks. Between June 1917, before the new requirements went into effect, and June 1930, net demand plus time deposits of member banks increased from $12,000,000,000 to $32,000/000,000, but holdings of vault cash at the same time decreased from about $800,000,000 to less than $500,000,000. By making progressive economies in their use of vault cash at a time of rapid increase in their deposit liabilities, member banks were able to reduce their cash holdings to less than 3 percent of their net demand plus time deposits by 1919, to less than 2 per cent by 1924, and to less than 1% percent by 1930. The chart Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

269 REPORT OF COMMITTEE ON BANK RESERVES shows that this reduction has been especially marked at large city banks. In New York City member bank holdings of vault cash in June 1930 were equal to three-fourths of 1 percent of their net demand plus time deposits and to less than 1 percent of their net demand deposits alone. Part of this decline reflects a reduction in the operating requirements of banks for vault cash. The American public has widespread bank- PER CENT PER CENT 1918 1919 1920 1922 1923 1924 1925 1926 1927 1928 1929 1930 ing facilities and is thoroughly educated in the use of checks. Their demand for pocket currency, consequently, is relatively small since its use is limited largely to transactions in which currency is the only convenient method of payment. In recent years there has also taken place a rapid increase in the use of checks for wage payments which has materially reduced the demand for cash for industrial pay rolls. While this substitution of checks for currency may reflect a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

270 ANNUAL REPORT OF THE FEDERAL RESERBOARDVE socially desirable development, it does not constitute a logical or valid reason for a reduction in the reserve requirements of member banks, since the effect upon business activity and upon the position of the individual member bank is the same whether a depositor's account is drawn upon to make payments by check or by currency. By no means all of the economies in the use of cash which member banks have been able to effect since 1917, however, reflect the substitution of checks for currency in making payments. On the contrary, a special study of the daily vault-cash holdings of member banks has shown definitely that location in the vicinity of a Federal Reserve bank or branch is the largest single factor accounting for the reduction in member bank holdings of cash. This investigation showed that member banks situated close enough to Federal Reserve banks or their branches to be able to deposit surplus currency at the Reserve banks or to obtain additional currency supplies from the Reserve banks within a few minutes, maintained vault-cash holdings equal, on the average, to only 1.38 percent of their net demand deposits. This group of member banks holds about 60 percent of the total deposits of all member banks. During the same period the remaining member banks held vault cash equivalent to 4.64 percent of their net demand deposits, or more than three times the proportion that was held by member banks close to the Reserve banks. The investigation also showed that member banks located within short distances of cities where Federal Reserve banks or branches are located held as high a proportion of vault cash, on the average, as country member banks, which, because of their inaccessible location, ordinarily cannot receive additional supplies of currency until 1 or 2 days after it has been ordered. The amount of vault-cash reserves which member banks find it necessary to hold at the present time, therefore, depends mainly on whether or not they are located in the immediate vicinity of the Reserve banks. If they are close enough, they can deposit with the Reserve banks for credit to their reserve balance a large proportion of the vault cash which their business would otherwise require them to hold. The 1917 amendment eliminating vault cash from legal reserves, consequently, has had two unfortunate effects. First, it has materially reduced the total reserve requirements of member banks and thus further facilitated expansion of bank credit at a time when huge gold imports arising out of war and postwar disturbances were already placing difficulties in the way of the effective administration of the country's credit resources. Second, these reductions in aggregate reserve requirements have not been equally available to all member banks but have particularly favored those banks which are located in close geographical proximity to the Federal Reserve banks. As these member banks are classified as reserve or central reserve city banks, the amendment has had the practical effect of reducing or eliminating differentials in reserve requirements between different types of banks which are justified by the character of their business. Up to 1917, time deposits required the same reserve of 5 percent at all types of banks, while net demand deposits required a reserve of 12 percent at country banks as compared with 15 percent at reserve city banks and 18 percent at central reserve city banks. These differentials were maintained after the 1917 amendment in the form of a 3 percent reserve against time deposits at all classes of banks and a Digitized forr eFqRuAiSreEdR reserve excluding vault cash against net demand deposits https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REPORT OF COMMITTEE ON BANK RESERVES 271 of 7, 10, and 13 percent at the different classes of banks. However, when the amount of vault cash which member banks find they must actually hold under normal conditions is taken into account, and a 3 percent reserve against their time deposits is allowed, it appears that central reserve city member banks now hold 14 percent in reserve against their net demand deposits in contrast to 12 percent at both reserve city and country member banks. In other words, in its practical effect, the 1917 amendment in addition to reducing reserves against time deposits from 5 to 3 percent at all member banks reduced reserves against net demand deposits from 18 to 14 percent at central reserve city banks, and from 15 to 12 percent at reserve city banks, while country banks received no reduction whatever in their requirement against demand deposits. The present classification of cities for reserve purposes, therefore, does not function equitably. The purpose of the 1917 amendment to mobilize reserves could have been accomplished without this diminution in total reserve requirements of member banks by retaining the reserve ratios of the original Federal Reserve Act and at the same time permitting member banks to count Federal Reserve notes as part of their legal vault reserve. Federal Reserve notes are a liability of the Federal Reserve banks, just as the present legal reserve balances of member banks are a liability of the Federal Reserve banks. Of the two types of liabilities, furthermore, those evidenced by Federal Reserve notes which are a first lien on all assets of the Federal Reserve banks and in addition are an obligation of the United States Government are the more strongly secured. Iu recommending, consequently, that the legal reserves of member banks include all kinds of currency and coin as well as balances on deposit with the Federal Reserve banks, the committee provides a plan which retains the advantages of a mobilized reserve and also avoids the possibility that member bank reserves will be further diminished through economies in the use of vault cash. Time deposits.—The committee is also convinced on the basis of the System's experience that there is no practicable way of defining time deposits and demand deposits without opening the doors to evasions of the intent of the law. The general principle underlying the existing classification, namely, that more active deposits should carry higher reserves, the committee believes to be sound. Experience has shown, however, that the methods by which this principle is now applied have permitted evasions, which cannot in practice be remedied so long as lower requirements for reserves on time deposits furnish a constant incentive to member banks to classify as time deposits accounts which are essentially of an active character. Deposits classified as time deposits have grown rapidly at member banks since 1914. In that year, when national banks were required to maintain the same reserve against all of their deposits, they held only about $1,200,000,000 in time deposits. Following the lowering of reserve requirements against these deposits, time deposits increased steadily arid amounted to about $8,700,000,000 at national banks alone in 1930. During the same period, time deposits of nonnational commercial banks, including both State member and nonmember banks, increased from about $2,800,000,000 to $10,200,000,000 and savings deposits of mutual and stock savings banks from $4,800,000,000 to $10,500,000,000. The increase in time or savings deposits for national banks during the period was over 600 percent, for nonnational Digitized forc FoRmAmSEeRrc ial banks over 2*50 percent, and for savings banks 120 perhttps://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

272 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD cent. Considering all of our commercial banks together, both State and national, time and.savings deposits have increased from less than one fourth of total deposits in 1914 to nearly 40 percent in 1930. In 1914, furthermore, these commercial banks held about 45 percent of the total time deposits of the country; while by 1930 that proportion had grown to about 65 percent. Of the total increase in time deposits in the interval more than 70 percent was concentrated at commercial banks. By 1930 more than one third of all member bank deposits consisted of time deposits and nearly one half of the time deposits of the country were held by member banks. While there have been other factors in the growth of time deposits, it is clear that the introduction of a lower reserve on such deposits has encouraged the growth of savings deposits at commercial banks in part at the expense of the growth of deposits at specialized savings institutions, with the result that some of our so-called commercial member banks now operate largely with funds that are classified as time or savings deposits. From the point of view of bank reserves, however, the problem to determine is not the extent to which member banks have competed more effectively with other banks for the savings-deposit business of the country, but the extent to which member banks, because of the low reserve against time deposits, have been induced to classify as time deposits, deposits that are essentially demand in character. It has been repeatedly asserted in recent }^ears that this reclassification of deposits, rather than effective competition on the part of member banks for savings deposits, has been responsible for a substantial part of the growth in time deposits at member banks. While it is the opinion of the committee that the greater portion of time deposits held by member banks, particularly country member banks, represent funds which are genuine savings deposits, the committee is convinced that a significant part of these deposits, especially in metropolitan centers, are not in the nature of savings, but have a considerable velocity of turnover, and should be classified as demand deposits and carry correspondingly larger reserves. The volume of such deposits is sufficient to constitute a major departure from the principles underlying present reserve requirements. A special investigation conducted in May 1931 revealed the fact that out of $13,000,000,000 of time deposits held by member banks at that time, $3,000,000,000 consisted of individual accounts with balances in excess of $25,000. Even though these accounts may consist of inactive deposits with a low turnover, they are not the typical small savings accounts for the accommodation of which the low reserve against time deposits was primarily instituted. Of the $3,000,000,000 held in these large individual accounts, 27percent were held in accounts evidenced by savings pass books, 24 percent in accounts evidenced by certificates of deposit, and 49 percent in other types of time accounts, chiefly open-book accounts payable in more than 30 days or subject to an agreement by the depositor at the time of deposit to give 30 days7 notice before withdrawal. A further violation of the intent of the law has grown up in certain localities where, to meet the competition of State savings banks, some member banks have devised a special savings account on which checks may be drawn without the presence of the depositor at the bank. These accounts are evidenced by savings pass books in which the bank reserves the right to require 30 days7 notice before making Digitized fopr FaRyAmSeEnRt on a withdrawal. When the account is opened, a duplicate https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REPORT OF COMMITTEE ON BANK RESERVES 273 savings pass book is issued, the original being held by the depositor and brought up to date from time to time, while the duplicate is left with the bank, which enters therein the amount of each withdrawal at the time checks on these accounts are presented for payment. So far as the committee can ascertain, this practice of permitting withdrawals from savings accounts by check without presentation of the pass book has not, as yet, spread widely. An investigation of the turnover of these so-called savings accounts indicates that they are less active on the whole than demand accounts in the same banks, but much more active than other time accounts. They are, furthermore, no less active than accounts classified as demand deposits in many sections of the country. Tn the opinion of the committee even the existence of a low rate of turnover in time-deposit accounts would not necessarily mean that the present system of reserves is functioning in accordance with the intent of the law. It is not necessary to classify deposits incorrectly in order to reduce reserve requirements under existing conditions. With only a 3 percent reserve required against time deposits, there is an inducement for member banks to persuade or permit commercial customers to classify a large part of their working accounts as time deposits and then to permit a very rapid turnover on that small part of these accounts that remain in the demand-deposit classification. In such cases, the customers' aggregate deposits constitute the working balance, but all of the checks are cleared through the demand accounts, with the consequence that relative inactivity in time accounts is balanced by a corresponding increase in the activity of the demand balances. While it is impossible to ascertain the extent to which this practice has influenced the growth of time deposits at member banks in recent years, it is known that the turnover of demand accounts has increased rapidly. There has also been a growth in.the volume and number of time-deposit accounts maintained by corporations. While both of these developments have reflected, in part at least, other factors than the effect of the 3 percent reserve on time deposits, this reserve requirement has facilitated the movement and has undoubtedly been a factor in the decrease of the ratio between total bank reserves and the outstanding volume of bank credit. These conditions the committee is convinced cannot be effectively remedied so long as lower reserve requirements on time deposits offer an inducement for evasion. Some improvement might be effected by limiting the total amount of time deposits which a bank could hold for the account of any one depositor to a fixed amount, but the net effect of the limitation would probably be small. It would not prevent depositors from splitting up larger time accounts among several member banks, and might also encourage further abuses by inducing large depositors to open accounts in the names of employees and others, the pass books or certificates of deposit evidencing such accounts being assigned to the real owner of the funds after the deposits are made. Such devices would go far to nullify as well the effects of another suggested restriction which the committee has had under consideration, namely, that the number or amount of withdrawals permitted from a single time deposit account be limited during a stated period. Limitation on the number of checks drawn might reduce the apparent activity of a single account, but would be completely ineffective to the extent that it induced depositors to split their existing time-deposit accounts into several accounts and thereby Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

274 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD multiply the number of checks which could be legally drawn each month. It has also been suggested that the definition of time deposits carried in the Federal Reserve Act be made more stringent so as to require the presence of the depositor at the bank each time a withdrawal is permitted or to prohibit in all cases withdrawals from these accounts except after 30 days' notice. Entirely apart from the annoyance and inconvenience which such restrictions would entail to many time depositors, they could be effectively nullified if banks adopted more generally the practice of making loans on savings-pass books to depositors wishing to make an immediate withdrawal. Such loans, which can be made to the depositor either in person or through an agent, are secured by the time-deposit account, and entail no loss to the depositor unless the rate of interest charged on the loan is in excess of that paid by the bank on the deposit. None of these suggestions, furthermore, offers a remedy for the situation which arises when a depositor splits his balance into a small and extremely active demand-deposit account and into a time-deposit account which is theoretically inactive but which in practice constitutes the balance that justifies the bank in carrying the companion demand deposit. Activity of demand deposits.—Studies by the committee of the effectiveness, from the reserve point of view, of the present grouping of member banks into central reserve city banks, reserve city banks, and country banks have convinced it that this classification does not, in actual operation, result in an equitable and economically sound distribution of reserves. While it is true that, on the average, the activity of deposits is much higher in New York City than elsewhere in the country, and also that the activity of deposits at reserve city banks is higher on the average than at country banks, there remains within these general averages a great diversity in deposit activity both between cities and between banks in the same city. In numerous small cities, where reserve requirements are those of country banks, deposit activity is materially higher than in many reserve bank cities, while in some country towns the activity of demand deposits is apparently as low or lower than the activity of time deposits at many city banks. Within cities, moreover, the same divergence occurs between the activity of deposits at neighboring banks. There are individual member banks in New York City carrying 13 percent reserves against deposits that are less active than those of many country banks carrying a 7 percent reserve. It is not possible, in fact, to arrive at any classification of banks based on size of cities or their location which will reflect with accuracy the average activity of demand deposits at individual members banks. Since it is the committee's conviction that the reserve of an individual bank should fluctuate with changes in the volume of transactions financed by its deposits and that in the country as a whole aggregate reserves should change with the volume of business done, it is necessary in order to accomplish this purpose to discard completely the present system of basing reserve requirements on the location of banks and to adopt instead a reserve formula which will take direct account of the activity of each individual bank's deposits. COMMITTEE RECOMMENDATIONS The committee recommends, therefore, that the reserves required to be carried by each individual member bank be determined, first, on Digitized fort hFeR AbSaEsRis of the total volume of deposits held by the bank irrespective https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REPORT OF COMMITTEE ON BANK RESERVES 275 of whether they are held by city or country banks or whether they are classified as time deposits or demand deposits, and, secondly, on the basis of the actual activity of these deposits, that is, the actual dollar volume of charges which are made to these accounts. More specifically, the committee proposes that each bank be required to hold a reserve equivalent to 5 percent of its net deposits plus 50 percent of the average daily debits or charges made to these deposit accounts on the books of the bank. As already indicated the reserves thus determined are to include both cash in vault and collected balances with the Federal Reserve bank. For a bank with stationary deposits, this is equivalent to a total reserve of 5 percent; for a bank with deposits which turn over once a month, it is equivalent to a reserve slightly under 7 percent of total net deposits; while for a bank with an average turnover of once a week, the total reserve is about 12 percent of total net deposits. This formula will eliminate all of the classifications of deposits at present used to determine required reserves. It makes no distinction between a deposit classified as a time deposit and a deposit classified as a demand deposit and so avoids all of the complications which have accompanied the attempts of the Federal Reserve Board to define time deposits. The formula, furthermore, eliminates the distinction between demand deposits held by banks classified as central reserve city banks, reserve city banks, and country banks, and so avoids the problem of determining which cities should properly be classified as central reserve or reserve cities for reserve purposes. The formula automatically distinguishes between these cities, nevertheless, since the average member bank in a central reserve city, where the turnover of deposits is higher, will be required to carry larger reserves than the average bank in a reserve city or the average country member bank which has a low rate of turnover. The proposed formula also distributes the total volume of reserves more effectively and more equitably among member banks, because in the central reserve cities high reserves will be carried onl}^ by such banks as have active deposits, while banks in these cities having less active deposits, that is, banks whose business resembles more closely that of a country bank, will be required to carry reserves equivalent to those of a country bank. At the same time, the active country bank engaged in business different from its neighbors and more nearly resembling that of a city bank will be required to carry reserves equivalent to those carried by a city bank. This formula, therefore, by basing reserve requirements directly on the volume and activity of the deposits of the individual member bank, places each member bank on an effective parity with respect to the type of banking business in which it is engaged, and achieves in practice those distinctions which theoretically should but actually do not result from the present classification of cities and deposits for reserve purposes. Deductions from deposit accounts.—The committee recommends that net deposits subject to a 5 percent reserve be determined by subtracting from gross deposits the sum of all balances due from member banks in the United States and their domestic branches and all checks in process of collection and other cash items payable upon presentation in the United States. This recommendation differs from present practice with respect both to the deposits from which deductions are permitted and the items which member banks are permitted to deduct. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

276 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD At the present time, the law states that deductions may only be made from " balances due to other banks," that is, deposits held by one member bank to the credit of another bank. These balances include, according to the present regulations of the Federal Reserve Board, all amounts due to banks, bankers and trust companies, and certified, cashiers' and treasurers' checks outstanding. This provision has given rise to widespread protest, especially from country banks which are not in a position to take advantage of deductible items because they hold little or no amounts due to banks from which to subtract them. The city banks, on the other hand, holding, because of their correspondent relationships, large balances due to other banks, have been able to decrease their deposits subject to reserve by the full amount of their deductible items. At the present time this factor is equivalent to about 1 percent on the average in the required reserves against net demand deposits of country banks; that is, the aggregate reserves held by country member banks against net demand deposits are in effect equal to 8 percent, rather than 7 percent., if an adjustment is made for their inability to utilize items now deducted from deposits by banks in large cities. In making its recommendation the committee also noted the fact that the present provision governing deductions permits many city member banks to carry bankers' balances without thereby increasing their requirements for reserves, since a bank with deductible items normally in excess of its balances due to banks can accept bankers' deposits up to the point where this excess no longer exists without increasing the reserves which it must hold. In recommending that deductions be made from gross deposits, consequently, the committee provides for a more equitable treatment of country member banks and also provides a formula by which any bank which increases its balances due to other banks will thereby increase its reserve requirements. The committee also recommends a new definition of items which may be deducted from gross deposits. At present, these items are defined in the law as balances due afrom other banks." This phrase has been construed by the Federal Reserve Board to include items with Federal Reserve banks in process of collection, amounts due from banks and trust companies in the United States, balances payable in dollars due from foreign branches of other American banks, and exchanges for clearing house and other checks on local banks. In effect, consequently, deductible items now include all funds deposited with other banks in this country, dollar balances deposited with branches of other American banks abroad, and the bulk of checks and other items in process of collection. The committee recommends that this definition of deductible items be changed to include only " balances due from other member banks and their branches in the United States" and "all checks in process of collection and other cash items payable upon presentation in the United States." The principle which the committee has followed in making these recommendations is that, insofar as it is administratively practicable, the aggregate body of reserves maintained by member banks should reflect changes in the volume and use of member bank credit by the public, since it is the public's use of credit which has a direct relationship to the volume of the country's business. Aggregate reserves should not, as a matter of principle, be affected 'by purely interbank transactions which do not directly reflect the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REPORT OF COMMITTEE ON BANK RESERVES 277 public use of credit, but, instead, changes in transactions between banks which are on a large scale in our banking system because of the large number of unit banks. A system of reserve requirements would not be sound under which aggregate reserves might decrease during the riext decade solely as a result of some change in our bank relationships which would materially reduce the volume or proportion of interbank deposits now held by member banks. The proposal advanced by the committee avoids this contingency, since the aggregate net deposits of member banks subject to reserve will not be affected by changes in the volume of balances kept by one member bank with another. Under this recommendation, also, the individual member bank which is responsible for the maintenance of reserves against a member bank deposit will be that bank which lends it to the public, i.e., an interior member bank will only hold reserves against those deposits on its books which it lends or invests directly with the public. If it passes the deposit on to another member bank in the form of an interbank deposit, it will hold no reserve against it, since it will be able to deduct this amount from its gross deposits. The bank which will receive this interbank deposit and loan the funds involved back to the public, however, will be the one that will be responsible for the reserve which must be maintained against it. Reserves on United States Government deposits.—The recommendations of the committee make no exceptions with respect to deposits of the United States Government, but treat these deposits for reserve purposes the same as any other deposits. The committee recommends the repeal of the 1917 amendments which relieved these deposits from reserves as an inducement to member banks to participate to the fullest extent in war financing. The fact that deposits are secured by the pledge of Government or other securities does not constitute a valid reason for their exemption from reserve requirements. A bank as a matter of necessity must have assets to cover and secure all of its deposit liabilities, but this fact does not relieve a bank from its responsibility to maintain adequate reserves. The security of a deposit has nothing to do with the reserve that should be carried against it. The banks have the use of their United States Government deposits the same as of any other deposits and it is equitable, therefore, that these deposits should contribute to the reserve fund in the same relative proportion. Operation of proposed formula in recent years.—This resume of the principles and evidence upon which the committee has proceeded in formulating its recommendations indicates that under the system of reserves proposed requirements for reserves will be more equitably apportioned among the member banks. It is even more important, however, that the proposed formula exert a, constructive influence toward the preservation of sound credit conditions. Unsound credit developments arise usually during periods of prosperity, when the public is optimistic and both bankers and borrowers are likely to overestimate the value of collateral which is offered to banks as a basis for loans. Such conditions are reflected usually both by an increased demand for bank credit and by increased activity in the deposit balances of those individuals or corporations which deal in the commodities, securities, or services that are acquiring a speculative value. Thus, the speculative value of farm lands, which accompanied the prosperity of agriculture during the war, was re- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

278 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD fleeted both in a sharp increase in the activity of deposit accounts at agricultural banks and in a heavy demand for credit secured by farm mortgages at inflated values. So, also, the prosperity which prevailed in this country during recent years was accompanied by a widespread boom in urban real estate, by speculation in Florida real estate, and finally by an inflation in common-stock prices, each of which was reflected in unsound demands for bank credit at inflated speculative values and in a larger than average increase in the activity of deposits at those banks whose customers were becoming heavily involved in these speculative situations. In the boom which ended in 1920 the increase in deposit activity was widespread, but the greatest relative increase occurred at the center of farm-land and commodity speculation in the Middle West. In the boom, which ended in 1929, on the other hand, the greatest increases in deposit activity occurred in New York City and other large eastern cities, where speculation in common stocks was most active. No formula for determining member bank reserves can prevent these speculative situations from recurring, but the proposed formula will operate to check their growth and help to bring them under control. It will increase requirements for reserves sharply at those individual member banks whose customers are at the center of an incipient speculative movement, and so set in motion forces of a restraining nature at the focal point of disturbance. These forces will probably take different forms. Bankers whose requirements for reserves increase sharply as a result of these activities will find their lending power reduced somewhat and so will be less inclined to finance speculative developments. Customers with highly active accounts will probably be expected to maintain larger deposit balances, or else the member banks will institute service charges based on the activity of accounts. The forces set in motion by the proposed formula, consequently, will make it more difficult for an unsound development to obtain credit, will increase the amount of credit needed to finance the development, or will increase its cost of operation. The restraining effect of these forces, moreover, will be concentrated almpst wholly on speculative credit developments, since the reserves required under the proposed formula will not be such as to affect adversely banks holding the working balances of soundly financed commercial enterprises. Very few ordinary business accounts tarn over more rapidly than once a week, in which case the effective required reserve under the proposed formula will equal no more than 12 percent. This is no larger than the average amount now held in cash and at the Reserve banks on all net demand deposit balances at reserve city and country member banks. In the banking situation as a whole, the effect of the proposed formula on the demand for loans at the Reserve banks will be to strengthen Federal Reserve policy and thus to exert an influence toward sounder credit conditions. This is illustrated in the chart which compares aggregate member bank holdings of reserves and vault cash under present requirements during the past 7 years with an estimate of the aggregate reserves which the formula proposed by the committee would have produced. It will be noted that, while under the present formula aggregate reserves did not increase between December 1924 and the summer of 1927, under the proposed formula they would have increased by nearly $300,000,000 during the same period. The greatest contrast between the effect of the two formulas on general credit conditions, however, would have appeared during Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REPORT OF COMMITTEE ON BANK RESERVES 279 the years 1928, 1929, and 1930. The failure of present requirements for reserves to exert any influence of restraint in the presence of abnormal credit demands in 1928 and 1929 has been discussed earlier in this report. There it was pointed out that aggregate reserves did not reflect the increased use of credit in 1928 and 1929, or exercise a restraint over its growth, because no increase in reserve requirements accompanied the large increase in brokers' loans which, owing to high call-money rates, were supplied by interior banks, corporations, and others out of funds previously held on deposit with the larger city banks. Our present system of reserve requirements thus facilitated an expansion of credit at a time when the situation called for strong restraint. It was also pointed out that in 1930, after the break in the stock-market boom, these same factors acted to increase reserve requirements. At that time rates on security loans fell below rates PRESENT MEMBER BANK RESERVES PLUS VAULT CASH COMPARED WITH REQUIREMENTS UNDER PROPOSED FORMULA MILLIONS OF DOLLARS MILLIONS OF DOLLARS 4000 i 1 1 1 1 1 1 [4000 MEMBER BANK RESERVE REQUIREMENTS - I i \ Proposed /\ 3000 3000 Present ( Including Vault Cash ) 2000 2000 1000 1OOO 1925 1926 1927 1928 1929 1930 on deposits in consequence of a diminished demand for credit in the market, and both corporations and interior banks converted funds previously loaned to brokers into deposits at city banks against which reserves were required. The chart shows that requirements based directly on the activity of member bank accounts, as well as on their volume, in accordance with the proposed formula, would have acted in the direction of sounder credit conditions during these years. In 1928 and 1929, an increase in aggregate reserves under this formula would have acted to check sharply an excessive use of credit for stock-market trading, while in 1930 a corresponding decrease in requirements for reserves would have acted to ease credit conditions. In all 3 years, consequently, changes in required reserves would have supplemented the open-market policy of the Federal Reserve System, since, in 1928 and 1929, restraint would have been exerted on the market by increased Digitized for FRASER https://fraser.stloui1s8f2e79d9.—or3g3 19 Federal Reserve Bank of St. Louis

280 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD member bank requirements for reserves, as well as by sales of securities by the Federal Reserve banks, and in 1930, the easing effect of purchases of securities by the Reserve banks would have been supported by a decrease in member bank requirements for reserves. Practicability of proposed requirements.—The committee believes that the proposed system of reserve requirements is not only sound in principle, equitable as between the member banks, and constructive in its influence on credit conditions, but that it is also simple to administer and not susceptible of abuses such as those which have grown up around the existing provisions granting a low reserve for time deposits. The committee has canvassed the administrative difficulties which may arise under the proposed system and also the possibility that once introduced it will not operate in the manner expected. Inauguration of any new system of reserves such as that proposed will require the careful preparation of report forms and of instructions governing their use for the guidance of member banks. Once placed in operation, however, there should be fewer opportunities for administrative difficulties to arise under the proposed system of reserves than under present requirements. In the first place, there are avoided all of the problems attending the classification of member banks for rese ve purposes into central reserve city, reserve city, and country banks, and also the classification by member banks of their deposits into time deposits and demand deposits. Under the committee's proposals, the reserves required of a member bank will depend, first, on its net deposits which are to be determined by subtracting from its gross deposits its balances with other member banks and its items in process of collection, and, secondly, on its total debits to deposit accounts. None of the items used in determining these amounts is difficult for the member banks to obtain from their books or for the bank examiner to check. Determination of daily requirements for reserves, consequently, should be greatly simplified as compared with present requirements. The committee proposes, moreover, to simplify the problem of maintaining reserves by establishing a system of averaging, by which member banks will know definitely in advance their requirements for reserves and thus be in a position to provide the reserves called for under the requirements. Since the activity of a bank's deposits on any given day or in any given week is not a reliable indicator of the real activity of its accounts or of the reserves which should be held against them, the committee recommends that in the event the proposed formula is adopted the Federal Reserve Board issue a regulation providing that that part of a bank's reserve which is based on the activity of its deposits shall represent 50 percent of its average daily debits to deposit accounts during the 8 weeks preceding its current reserve computation period. In other words, the reserve against deposit activity would not be based^ on current operations, but on the activity which a member bank might properly expect on the basis of its past 8 weeks' experience.. While there will be individual cases when this experience is not borne out, investigation has indicated that a period of 8 weeks is sufficiently long on the average to give a satisfactory record of the activity to be expected from a deposit account without at the same time removing requirements for reserves too far from current banking developments. On the basis of this 8 weeks' daily average, each member bank would know at the beginning of each_jreserve computation period the exact Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REPORT OF COMMITTEE ON BANK RESERVES 281 amount of reserves against activity which it would be required to hold during that period. The committee recommends that the 5 percent reserve required on net deposits be computed against net deposits held at the close of the preceding day as at present. The actual volume of reserves held would not have to equal these requirements each day, however, since member banks would have complied with the law if their reserves during a given reserve computation period were substantially maintained and were equal on the average to their average reserve requirements. Changes recommended by the committee in the length of reserve computation periods are discussed later in this report. The proposed requirements, consequently, should be more simple to administer than present requirements. They should also prove less susceptible of abuse. The committee is aware that banks, when their requirements for reserves will depend directly on their activity, will make an effort to hold down the turnover of their accounts, and the committee expects some resultant decrease in total debits to deposit accounts. There is likely to be some decrease in the turnover of correspondent bank accounts, for example, and a corresponding increase in the use of the check collection facilities of the Reserve banks since correspondent banks will find extremely active balances of other banks less attractive to hold than at the present time. There may also be some increase in the use that brokers make of the clearing facilities of the organized security exchanges which will be reflected in a corresponding decrease in the volume of transactions cleared through member bank accounts. Both of these developments will probably reduce somewhat the volume of debits to deposit accounts on which the calculations of the committee are based. On the other hand, the effect of this reduction in total required reserves will probably be offset somewhat by an increase in reserves held against member bank deposits since under the proposed formula member banks will probably require customers having highly active accounts to increase their deposit balances. Any net change in aggregate reserves resulting from these operations should not, therefore, be sufficient in volume to affect seriously the functioning of the proposed system once it is effectively placed in operation. Distribution of reserves under proposed system.—To check its calculations of the distribution of reserves under the proposed reserve formula, the committee requested all member banks to report for each day of May 1931 the items on their books which are necessary to calculate their legal requirements for reserves under the plan recommended by the committee. The following computations based on these reports include figures for 80 percent of the member banks holding 96 percent of total member bank reserves. For these banks as a whole, the proposed formula would have produced during May 1931 reserves in vault and in the reserve banks equivalent to 99.7 percent of their actual required reserves plus vault cash under present requirements, i.e., for the member banks as a whole, the total body of reserves would be the same under either formula. This is in keeping with the intent of the committee, as previously stated, of selecting a formula which would produce at the time of transition the same aggregate body of reserves as is now held under the present law. Of the total reserves produced under the proposed law, 56 percent Digitized fowr FoRuAldS ErRe present the 5 percent reserve which would be required to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

282 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD be held against total net deposits, and 44 percent the reserve required against activity of deposit accounts at the rate of 50 percent of average daily debits. For member banks as a whole, total reserves including vault cash would be 7.8 percent of their gross deposits, and 8.9 percent of their net deposits. The average turnover of net deposits in May was at a rate of a little over twice a month. Of the 6,308 member banks included in the tabulation, the aggregate reserves held by 5,303, or 84.1 percent of the total, would be reduced under the proposed formula, while those of 349 banks, or 5.5 percent of the total, would be essentially unchanged, and those of 656 banks, or 10.4 percent of the total, would be increased. Most of the banks whose reserves would be reduced are small country banks which now find it necessary to carry a relatively large volume of vault cash, but this group also includes a number of banks in central reserve and reserve cities which are now required to hold high reserves against demand deposits, the turnover of which is relatively low. Of this group of 5,303 member banks, 808 on the basis of May 1931 figures would receive a reduction of 10 percent or less in required reserves under the new formula, 1,247 a reduction of between 11 and 20 percent, 1,637 a reduction of between 21 and 30 percent, 1,168 a reduction of between 31 and 40 percent, and 443 a reduction of more than 40 percent. More than 90 percent of the member banks in the San Francisco, St. Louis, Atlanta, Kansas City, and Dallas Federal Reserve districts would have some reduction in their reserves under the proposed formula. In the Minneapolis, Chicago, and Cleveland districts, reductions would occur at from 80 to 90 percent of the member banks, and in the Boston, Philadelphia, and Richmond districts at from 73 to 80 percent. In the New York district only 65 percent of the member banks would be in a position to reduce their aggregate holdings of reserves. These reductions reflect largely the fact that under present requirements, member banks located at a distance from the Reserve banks must hold more vault cash than more conveniently situated banks. Most of the increased reserves under the new formula would be carried by the large active member banks situated in cities where Federal Reserve banks or branches are located. These are the banks where the proportion of aggregate reserves to total credit outstanding has decreased most rapidly in recent years, because their location has permitted them to reduce their holdings of vault cash to a minimum. In addition, this group includes in many instances banks with a large proportion of deposits now classified as time deposits, and, also, the larger money market banks of the country which hold the exceptionally active demand balances of other banks and of brokers and dealers in securities. Of the 656 member banks in this group as a whole, the increase in total required reserves would be less than 10 percent in the case of 366 banks, between 11 and 20 percent in the case of 182 banks, between 21 and 30 percent in the case of 64 banks, and more than 30 percent in the case of only 44 banks. About 23 percent of the member banks in the New York district w^ould have some increase in reserves as compared with less than 2 percent in the Dallas district. This test of the formula shows that the reserve plan recommended by the committee would produce the total volume of reserves expected and would distribute these reserves more equitably among Digitized fort hFeR ASmEeRm ber banks, by restoring differentials in reserves held to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REPORT OF COMMITTEE ON BANK RESERVES 283 the proportion justified by the activity of deposits, and by removing advantages now obtained solely from geographical location which enables a member bank to maintain messenger contact with the cash facilities of its Federal Reserve bank. Limitation of total reserve to 15 percent of gross deposits*—The committee has also tested the effect of its proposed limitation of the maximum reserve which a member bank may be required to carry under its formula to 15 percent of its gross deposits. The purpose of this limitation is to prevent the new requirements from becoming prohibitive in isolated cases where banks have specialized in accounts that turn over at a much higher rate than ordinary business deposits. These accounts consist mostly of brokers' balances and balances at stockyard banks. During May 1931 only two member banks would have been affected by this maximum limitation. In the summer and fall of 1929, when stock-market speculation was reflected in an extremely high rate of deposit activity in New York City, it is estimated that the limitation would have been effective in the case of not more than 15 member banks. The number of member banks with sufficient deposit activity to be affected by the maximum limitation, consequently, is small. This maximum limit is based upon gross deposits rather than net deposits because banks holding highly active accounts necessarily hold also a large volume of uncollected checks. The net deposit in an abnormally active account is small, since it is computed by subtracting all of the checks on other banks deposited by a customer from his gross deposit. A maximum limitation based upon net deposits, therefore, would not produce anything like adequate reserves and would defeat the whole purpose of the committee's proposal which is directed toward making active deposit accounts carry the largest reserves. Limitations on amounts of vault cash included in reserves.—In order to assure that each member bank will at all times maintain an adequate deposit balance with its Federal Reserve bank, the committee proposes to limit the amount of vault cash which a member bank may include in its legal reserve. It recommends that member banks located in the vicinity of a Federal Reserve bank or branch be required to hold four fifths of their total legal reserve in the form of a deposit balance with their Federal Reserve bank. These are the member banks which do not need to hold a large volume of vault cash since they can obtain quickly additional currency from their Federal Reserve banks. In the case of member banks not so situated, the committee recommends that reserves held as deposit balances with the reserve banks comprise at least two fifths of total legal requirements for reserves. A test of the effect of these limitations in May 1931 indicated that they would have permitted about 70 percent of the member banks to count as legal reserves all of the vault cash which they held at* that time. About 30 percent of the member banks, however, held more currency last May than they would have been permitted to count as legal reserves under the formula recommended. The total amount of this excess vault cash was in the neighborhood of $40,000,000 for all the member banks affected, and did not constitute an appreciable burden for the great majority of these banks. Kinds of vault cash eligible for reserves.—The committee recommends that banks be permitted to count as reserves all kinds of cash Digitized forn FoRwA SiEnR c irculation. It also recommends that in computing reserves https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

284 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD cash in transit between a member bank and its Federal Keserve bank be counted as the equivalent of cash in vault. Debits subject to reserve.—The committee recommends that debits subject to reserve shall include all debits to all accounts included in gross deposits, except charges resulting from the payment of certified, cashiers' or other officers' checks. The exception of debits resulting from the payment of certified checks is due to the fact that a debit entry is made at the time of certification. The second debit made when these checks are finally paid should not, therefore,, also be included in the reserve computation since to do so would involve duplication. Debits resulting from the payment of cashiers' and other officers' checks are also excepted, because they represent either transactions similar to certified check transactions or else payments made by member banks on their own account. Such payments do not represent the use of member bank credit by the public and should not be subject to reserve. Administration and enforcement of reserve requirements.—At the request of the committee the counsel of the Federal Reserve Board has prepared a draft of an amendment to section 19 of the Federal Reserve Act embodying the recommendations of the committee for the new system of member bank reserve requirements discussed above. This draft, which appears at the end of this report,1 repeats certain provisions in the present law which are not concerned directly with member bank reserves but are included in the proposed amendment in order to facilitate the legislative drafting of the bill. These provisions, which are carried in paragraph (m) of the proposed amendment, have not been considered by the committee and make no changes in the wording of the present act. It is the purpose of the committee to make the determination and enforcement of the reserve requirements recommended in the draft as simple as possible. The committee recommends, consequently, that regulation D of the Federal Reserve Board be changed to permit member banks located in the vicinity of a Federal Reserve bank or branch to compute their reserves over a period of 1 week, and other member banks over a period of 4 weeks. Within these reserve computation periods the committee recommends that member banks be permitted to average their daily holdings of reserves against their daily reserve requirements, provided they are not continuously deficient for 3 or more consecutive business days if they are located in the vicinity of a Federal Reserve bank or branch, or for 6 or more consecutive business days if they are not so located. Member banks with consecutive deficiencies for 3 or 6 days respectively would lose the privilege of averaging their reserves during the entire reserve computation period in which they were continuously deficient, and pay a penalty to their Federal Reserve banks for all actual deficiencies occurring during such period. The committee also recommends that the Board amend its regulation to permit a Federal Reserve bank,, with the consent of the Federal Reserve Board, to require any member bank in its district to maintain reserves each day in accordance with requirements for that day. The purpose of this recommendation is to provide a method for dealing with individual member banks which flagrantly abuse the privilege of averaging their reserves against their requirements. 1 For text of proposed legislation incorporating recommendations of the committee on bank reserves of Digitized fotrh Fe RFAedSerEalR R eserve System, with slight modifications, see p. 218. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REPORT OF COMMITTEE ON BANK RESERVES 285 At the present time, a member bank is prohibited from declaring dividends or making new loans while its reserves are deficient and is required to pay a penalty to its Federal Reserve bank on all average deficiencies in its reserves within a reserve computation period. If it declares dividends or makes new loans on any day or at any time when its reserves are deficient, it violates the law and its directors are presumably liable for all losses accruing to the bank therefrom. This provision, the committee thinks, is too drastic in its present form, since it is almost impossible for a member bank to tell whether its reserves are deficient or not at any given time during the day when a new loan application is under consideration. The committee would modify this provision, consequently, to read that "if any member bank shall fail for 30 consecutive calendar days to maintain the reserves required by this section, it shall not declare or pay any dividend, or make any new loan or investment until its reserves are restored to the amount required." This means that only a definite failure to maintain reserves over a period will make directors personally liable for losses arising from violation of the law, and not technical deficiencies in reserves that may arise from a variety of circumstances at any time during the ordinary course of bank operations. The committee also recommends that the Federal Reserve Board provide in its regulation for the notification of the directors of a delinquent member bank in advance of the expiration of the 30-day period specified in the proposed law, such notification to state that their bank is incurring continued deficiencies and that unless steps are taken to correct the situation the directors will become subject to the penalties prescribed in the Federal Reserve Act for violation of the law. The committee would also modify the provision governing penalties to be paid by member banks for reserve deficiencies. At the present time penalties for deficiencies in a member bank's reserve are assessed by its Federal Reserve bank at a rate of 2 percent per annum above its current rediscount rate. In some Federal Reserve districts a progressively higher penalty rate is assessed for reserve deficiencies prevailing over long periods. The committee recommends that the provision relating to progressive penalties be eliminated from the Federal Reserve Board's regulation, since in most cases progressive rates are incurred by member banks not as the result of negligence or indifference but as the consequence of conditions that make compliance with requirements difficult if not impossible. The committee also feels that when discount rates are below 4 percent the present penalty rate is too low to prevent member banks from becoming negligent with respect to their reserves. It, therefore, recommends that the penalty rate be 2 percent above the discount rate on 90-day commercial paper but that in no case shall such penalty rate be less than 6 percent. Effective 6 months after enactment.—In event the proposed amendment to section 19 of the Federal Reserve Act is adopted, the committee recommends that a 6-month period be allowed before changes in reserve requirements become effective. E. L. SMEAD, Chairman. IRA CLERK. M. J. FLEMING. E. A. GOLDENWEISER. W. W. RIEFLER, L. R. ROUNDS. Digitized for FRASER Executive Secretary. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DIRECTORY OF THE FEDERAL RESERVE BOARD (Dec. 31,1932) OGDEN L. MILLS, Secretary of the Treasury, ex offixio, Chairman. , Comptroller of the Currency, ex officio. EUGENE MEYER, of New York, Governor. Term expires August 9, 1938. CHARLES S. HAMLIN, of Massachusetts. Term expires August 9, 193(3. ADOLPH C. MILLER, of California. Term expires August 9, 1934. GEORGE R. JAMES, of Tennessee. Term expires April 27, 1941. WAYLAND W. MAGEE, of Nebraska. Term expires January 24, 1933. FLOYD R. HARRISON, Assistant to the WALTER WYATT, General Counsel. Governor. GEORGE B. VEST, Assistant Counsel. CHESTER MORRILL, Secretary. E. A. GOLDENWEISER, Director, Divi- E. M. MCCLELLAND, Assistant Secre- sion of Research and Statistics. tary, CARL E. PARRY, Assistant Director, Di- J. C. NOELL, Assistant Secretary and vision of Research and Statistics. Fiscal Agent. E. L. SMEAD, Chief, Division of Bank LEO H. PATJLGER, Chief, Division of Operations. Examinations. J. R. VAN FOSSEN, Assistant Chief, FRANK J. DRINNEN, Federal Reserve 'Division of Bank Operations, Examiner. SALARIES OF OFFICERS AND EMPLOYEES OF THE FEDERAL RESERVE BOARD (Dec. 31, 1932) Number of persons Annual salary Number of persons Annual salary 1 at $15,000 5 at $2, 500 5 at 12, 000 4 at 2,400 2 at 9, 000 2 at 2, 300 1 at 8, 500 4at_ 2, 200 1 at 7, 500 10 at. 2, 100 3 at 7, 000 12 at_ 2,000 1 at 6,700 1 at_ 1,920 1 at_ 6,000 4at_ 1,900 1 at- 5,700 3 at. 1,860 1 at- 5, 500 15 at_ 1,800 1 at- 5,400 2at_ 1,750 2 at- 5,200 1 at_ 1,740 3 at- 5,000 4 at_ 1, 700 2 at- 4,800 6 at- 1,680 3 at_ 4,500 3at_ 1,620 3 at_ 4,200 7at_ 1,600 1 at- 4,000 6 at_ 1,560 2 at. 3, 800 15 at_ 1,500 5 at_ 3,600 5at_ 1, 440 3 at_ 3,500 1 at_ 1,400 2 at_ 3,400 8 at_ 1,380 1 at- 3,300 8 at_ 1,320 1 at. 3,200 1 at_ 1,250 1 at- 3, 160 2at_ 1,200 7 at. 3,000 1 at_ 1,100 1 at_ 2,920 2at_ 1,000 3 at_ 2,900 2at_ 720 6 at_ 2,800 3 at- 2,700 203 570, 710 2,600 2 at. In addition to the above, there are 14 part-time employees paid on an hourly basis. 286 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1932 Balance Jan. 1,1932: Available for general expenses of the Board $116,061.68 Available for expenses chargeable to Federal Reserve banks 87,450.33 Total _ $203,512.01 RECEIPTS Available for general expenses of the Board: Assessments on Federal Reserve banks for estimated general expenses of the Board $728,809.80 Subscriptions to Federal Reserve Bulletin 4,921.95 Miscellaneous receipts, refunds, and reimbursements 986.76 Reimbursement on account of bank examinations 6,778.20 Total receipts available for general expenses of the Board 741,496.71 Available for expenses chargeable to Federal Reserve banks: Assessments on Federal Reserve banks for: Cost of preparing Federal Reserve notes 850,547.94 Expenses of leased-wire system. __ 204,249.07 Expenses of private telephone lines ..- 33,542.98 Miscellaneous expenses 3,931.63 Total receipts available for expenses chargeable to Federal Reserve banks. 1,092,271.62 Total receipts 1,833,768.33 Total available for disbursement 2,037,280.34 DISBURSEMENTS For general expenses of the Board: Expenses for 1931 paid in 1932 16,882.83 Expenses for 1932 (per detailed statement) $787,705.63 Less accounts unpaid Dec. 31, 1932 (estimated) 17,242.25 A mount actually paid out during the year 770,463.38 Refunds on account of subscriptions to Federal Reserve Bulletin. 28.03 Total disbursements for general expenses of the Board 787,374.24 For expenses chargeable to Federal Reserve banks: Cost of preparing Federal Reserve notes 871,876.94 Expenses of leased-wire system _ 209,076.47 Expenses of p'rivate telephone lines -._ - 35,407.54 Miscellaneous expenses 4,249.55 Total disbursements for expenses chargeable to Federal Reserve banks... 1,120,610.50 Total disbursements 1,907,984.74 Balance Dec. 31,1932: Available for general expenses of the Board, 1933, and accounts unpaid Dec. 31, 1932 _. 78,789.12 Available for expenses chargeable to Federal Reserve banks unpaid Dec. 31, 1932 50,532.48 Total balance _ 129,295.60 287 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DETAILED STATEMENT OF EXPENSES OF THE J_'EDERAL KESERVE BOARD 1932 Total January February March April May June July August Sep b t e e r m- October No b v e e r m- De b c e e r m- PERSONAL SERVICES Board members and their staffs $102, 202.96 $8, 751. 64 $8, 75.1. 66$8,751.68 $8, 696. 64 $8, 645. 82 $8,650.01 $8, 649. 98 $8, 649. 99 $8,455. 56 $8,066. 65 $8,066. 66 $8,066. 67 Office of the secretary 83, 237. 51 8, 735.33 8, 564. 70 8, 436. 67 8, 426. 75 8, 417. 08 8, 426. 92 5, 381. 63 5, 381. 66 5, 381. 71 5, 323. 84 5,380. 51 5,3S0. 71 Office of general counsel 43,095. 86 3, 214. 97 3, 214. 97 3, 214.98 3, 214. 97 3, 658. 02 3, 687. 21 3,823. 30 3, 774. 20 3,823. 32 3,823. 30 3,823. 30 3,823. 32 Office of fiscal agent 7, 036.11 941. 60 844.45 525.00 525. 00 525. 00 525. 00 525. 00 525. 00 525. 00 525. 00 525. 00 525.00 Division of examinations 104,874.13 7,849. 97 8, 349. 99 8,350.04 8,424.97 7, 655. 54 7,924. 20 8,891. 62 8,491.66 8, 604. 22 10, 273. 55 10, 224. 98 9,833. 39 Division of bank operations _ _ 85,931.13 6.103. 26 6,103.34 6,103. 40 6,103. 26 6,103.34 6,103. 40 8, 224.48 8, 214. 64 8, 238. 85 g, 186. 64 8, 205. 37 8, 241.15 Division of research and statistics 121,352.96 10,199.88 10, 200. 0110, 200.11 10,199. 88 10, 200. 01 10, 224. 51 10, 002.11 10,082. 87 10,095. 94 10, 009.89 9, 945. 33 9, 992. 42 Division of issue and redemption 59, 393. 67 5,084. 96 5,084. 98 5,084.98 5,084.96 5,084.98 5,012. 50 4, 669.36 4, 720. 39 4,803. 88 4,941. 76 4,911.43 4,909.84 Messengers. _ _ 20, 901. 89 1,692.48 1,692. 50 3, 663. 08 1, 720. 81 1, 775. 83 1, 775. 86 1, 775. 81 1,715.16 1, 762. 86 1, 775. 81 1, 775. 83 1,775. 86 Charwomen. 3, 026. 00 250.00 240. 00 270.00 260. 00 250. 00 260.00 250.00 262. 00 250. 00 260. 00 250.00 224. 00 Total _ ._ 631,052. 22 52,824.15 53, 046. 6052,599.94 52, 657. 24 52,315. 62 52, 589. 26 52,193. 29 51, 817. 57 51,941. 34 53,186.44 53,108. 41 52, 772 m NONPERSONAL SERVICES Transportation and subsistence: Board members and their staffs 2, 270. 51 £8.46 144.96 320. 72 375.60 194.05 107.18 47.67 316. 81 471. 76 233. 30 Office of the secretary 38.78 38 78 Office of general counsel 38.78 38.78 Division of examinations 61, 012. 80 4,807. 29 4, 588. 74 7,036.10 4,145. 22 5,829. 03 4, 656. 96 3,119.46 10,914.83 2,897. 50 4,553.56 4,420.80 4,043. 31 Division of research and statistics 1,142. 66 34.44 121. 44 250. 22 614. 39 122.17 All other divisions including local car fare 1,357.23 37.50 37.50 37.50 58.78 516. 95 155. 00 162. 66 23.65 18.75 125. 72 183. 22 Communication service: Telephone. 15,963. 06 1,385.49 1, 282.09 1,304.91 1,183. 01 1, 221. 57 1,438.11 1,294.31 1,313. 26 1,290.16 1,429. 95 1.373. 49 1, 446.71 Telegraph _ _ 1. 440. 72 155.79 134. 66 113. 28 117. 27 101. 96 119. 24 115. 59 116. 63 106. 30 120.00 118. 00 122.00 Postage. 998. 99 88.00 54.00 62.50 108. 70 59.50 80.00 118.50 73.84 91. 30 82.58 101.11 78.96 Printing, binding, etc 38,070. 93 2,409. 35 3, 045. 35 2, 967. 62 2,677. 79 2, 669.63 6, 768. 50 2, 796.60 2, 857. 52 2,236. 88 3, 029.55 4, 639. 75 1, 972. 39 Repairs -. .. . _ 521. 39 20.94 54.00 82.60 23.05 41.37 38.48 22.35 58.85 66.95 27.80 26.00 59.00 Heat, light, and power 63fi 42 fifi.48 66.48 66.48 66.48 66.48 24.99 23.43 23.43 23.43 69.58 69.58 69.59 Miscellaneous, unclassified __ 2, 376. 54 132.74 41.37 83. 29 83.55 93.06 648. 40 873.49 32.23 99.05 49.21 50.78 183. 37 Equipment rental 54.00 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 Supplies, stationery and office - .. 5,189. 25 366.43 164.95 1,009. 04 165. 66 65.98 1,097. 34 34.10 118. 23 985.87 195. 25 142.04 844. 36 Equipment furniture and office 4, 728. 26 804.66 71.56 138.12 62.69 132.10 1,021. 90 714.12 354.87 864.39 90.11 242. 37 231. 37 Books and periodicals 2. 394. 82 1.534.90 303. 27 30.28 75.85 42.17 24.54 48.36 12.46 38.23 139. 21 108. 84 36.71 Rent -.- 18,418. 26 1,343. 71 1,343. 71 1, 343. 71 1,343. 71 1,343. 71 1,343. 71 1,726.00 1, 726. 00 1,726. 00 1, 726. 00 1, 726.00 1, 726.00 Total 156,653. 41 13, 216. 2411,154. 68 14, 357.49 10, 239.94 12,050. 56 18,193.66 11,239. 86 7,876. 49 10,623. 32 12,103. 08 14, 241.13 11,356.96 Grand total - -- . 787,705. 63 66,040.39 64, 201. 28 66,957.43 62,897.18 64,366.18 70, 782. 92 63,433.15 69,694. 06 62,564. 66 65, 289. 52 67,349. 54 64,129.32 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SALARIES OF NATIONAL BANK EXAMINERS (As of Dec. 31,1932) DISTRICT NO. 1—BOSTON Chief examiner $13, 000 Examiners: 1 at $7,000; 1 at $5,400; 2 at $4,800; 1 at $4,500; 1 at $4,200; 1 at $3,600; 1 at $3,300; 1 at $2,700. Total, 9 examiners__ 40, 300 DISTRICT NO. 2—NEW YORK Chief examiner. 20, 000 Examiners: 1 at $9,500; 1 at $7,000; 3 at $6,000; 2 at $5,500; 1 at $5,400; 2 at $5,200; 1 at $4,800; 2 at $4,500; 2 at $4,200; 2 at $3,900; 3 at $3,600; 3 at $3,300; 6 at $3,000; 1 at $2,700. Total, 30 examiners 132, 700 DISTRICT NO. 3—PHILADELPHIA Chief examiner 15, 000 Examiners: 1 at $7,000; 1 at $6,200; 1 at $6,000; 1 at $5,000; 1 at $4,800; 3 at $4,500; 2 at $4,200; 3 at $3,900; 1 at $3,600; 1 at $3,000; 1 at $2,700. Total, 16 examiners 71, 900 DISTRICT NO. 4—CLEVELAND Chief examiner 13, 000 Examiners: 1 at $6,500; 1 at $4,800; 2 at $4,500; 2 at $4,200; 1 at $3,600; 2 at $3,300; 6 at $3,000. Total, 15 examiners 56, 900 DISTRICT NO. 5—RICHMOND Chief examiner 11, 000 Examiners: 1 at $5,000; 3 at $4,500; 1 at $4,000; 2 at $3,900; 3 at $3,000; 3 at $2,700. Total, 13 examiners 47, 400 DISTRICT NO. 6—ATLANTA Chief examiner 12, 000 Examiners: 3 at $5,000; 2 at $4,200; 1 at $3,600; 1 at $3,300; 1 at $3,000; 1 at $2,700. Total, 9 examiners 36, 000 DISTRICT NO. 7—CHICAGO Chief examiner 14, 000 Examiners: 1 at $6,200; 1 at $5,700; 1 at $5,400; 1 at $4,800; 1 at $4,500; 1 at $4,300; 3 at $4,200; 2 at $4,000; 4 at $3,900; 2 at $3,300; 1 at $2,700. Total, 18 examiners 76, 400 DISTRICT NO. 8—ST. LOUIS Chief examiner 11, 000 Examiners: 2 at $6,000; 4 at $4,500; 1 at $3,900; 2 at $3,600; 1 at $3,000. Total, 10 examiners 44, 100 DISTRICT NO. 9—MINNEAPOLIS Chief examiner 10, 000 Examiners: 2 at $4,500; 2 at $3,900; 1 at $3,600; 2 at $3,300; 2 at $3,000; 3 at $2,700. Total, 12 examiners 41, 100 DISTRICT NO. 10—KANSAS CITY Chief examiner 14, 000 Examiners: 1 at $5,500; 1 at $4,800; 1 at $4,300; 2 at $4,200; 2 at $3,900; 4 at $3,600; 1 at $3,300; 4 at $3,000. Total, 16 examiners. _ 60, 500 DISTRICT NO. 11—DALLAS Chief examiner 15, 000 Examiners: 1 at $6,300; 1 at $5,000; 1 at $4,900; 2 at $4,700; 1 at $4,200; 1 at $3,800; 3 at $3,600; 1 at $3,500; 1 at $3,000. Total, 12 examiners 50, 900 289 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

290 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 12—SAN FRANCISCO Chief examiner $13, 000 Examiners: 2 at $6,000; 2 at $4,800; 1 at $4,300; 2 at $4,200; 1 at $4,000; 2 at $3,900; 6 at $3,600; 1 at $3,300; 1 at $3,000; 3 at $2,700; 2 at $2,400. Total, 23 examiners 86, 900 SUMMARY Total examiners (183) 745, 100 Total examining staff (203). Total salaries 975, 100 RECAPITULATION Examining staff, office of Comptroller of the Currency: Chief examiner, at $14,000 1 Assistant chief examiners: At $9,500 3 At $8,000 1 At $7,500 1 Office of Comptroller: At $5,800 1 At $5,200 1 Total 8 69,000 Chief examiners of districts: At $20,000 1 At $15,000 2 At $14,000 2 At $13,000 3 At $12,000 1 At $11,000 2 At $10,000 1 12 161,000 Other examiners: = At $9,500 1 At $7,000 3 At $6,500 1 At $6,300 1 At $6,200 2 At $6,000 8 At $5,700 1 At $5,500 3 At $5,400 _ _ 3 At $5,200 2 At $5,000 6 At $4,900 1 At $4,800 9 At $4,700 2 At $4,500 18 At $4,300 3 At $4,200 17 At $4,000 4 At $3,900 18 At $3,800 1 At $3,600 23 At $3,500 1 At $3,300 13 At $3,000 26 At $2,700 14 At $2,400 2 Total 183 745, 100 Total examining staff 1 203 Total salaries 975, 100 i In addition there are 19 national bank examiners not receiving salaries, who are acting as receivers, or are Digitized foru nFaRssAigSnEedR, o r are with the Reconstruction Finance Corporation. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

GOVERNORS AND DIRECTORS OF FEDERAL RESERVE BANKS> [December 31,1932] DISTRICT NO. 1—BOSTON DISTRICT NO. 4—CLEVELAND F. H. CURTISS, chairman and Federal Reserve GEORGE DECAMP, chairman and Federal Reserve agent. ALLEN HOLLIS, deputy chairman. R. A. agent. L. B. WILLIAMS, deputy chairman. E. YOUNG, governor R. FANCHER, governor Term Term Directors expires Directors expires Dec. 31 Dec. 31 Class A: Class A: R. A. Wardrop, Pittsburgh, Pa 1932 A. L.Ripley, Boston, Mass 1932 B. R. Conner, Ada, Ohio 1933 E. S.Kennard, Rumford, Maine 1933 Chess Lamberton, Franklin, Pa 1934 F. S. Chamberlain, New Britain, G. D. Crabbs, Cincinnati, Ohio 1932 Con™ 1934 Class B: J. E. Galvin, Lima, Ohio 1933 P. R.Allen, East Walpole, Mass 1932 R. P. Wright, Erie, Pa 1934 A E. . S F . . F B r e e m nc is h , , B B o o s s t t o o n n , , M M a a s s s s 1 1 9 93 3 4 3 Clas G s e C o : rge DeCamp, Cleveland, Ohio 1932 W. W. Knight, Toledo, Ohio 1933 F.H. Curtiss, Boston, Mass 1932 L. B. Williams, Cleveland, Ohio 1934 Allen Hollis, Concord, N.H 1933 C.H Merriman, Providence, R.I 1934 CINCINNATI BRANCH C. F. MCCOMBS, managing director DISTRICT NO. 2—NEW YORK J. H. CASE, chairman and Federal Reserve agent. J C o . h F n . O M m c w Co ak m e b , s C , i C nc in in c n in a n ti a , t i O , h O i h o i . o -. . 1 1 9 9 3 3 2 2 S O O . N D , g . o Y v O er U n N or G, deputy chairman. G. L. HARRI- T G . . J M . D . V av e i r s i , t y C , i M nc i i d n d n l a e t t i o , w O n h , i o Ohio.. 1 19 9 3 3 3 2 B. H. Kroger, Cincinnati, Ohio 1933 Class A: F. A. Geier, Cincinnati, Ohio 1934 T. W.Stephens, Montclair, NJ E. S. Lee, Covington, Ky 1934 D. C. A. H. WWiagrgnienr,,' NEenwdi cYoottr,k N, N.Y.Y. PITTSBURGH BRANCH Class B: T. F.Whitmarsh, New York, N.Y.__ J. C. NEVIN, managing director S. W.Reyburn, New York, N.Y Clas W s C . : H. Woodin, New York, N.Y J. C. Nevin, Pittsburgh, Pa 1932 O. D.Young, New York, N.Y A. L. Humphrey, Pittsburgh, Pa_ 1932 CM.. Woolley, New York, N.Y J. R. Eisaman, Greensburg, Pa 1932 J. H.Case, New York, N.Y J. S. Jones, Wheeling, W.Va 1933 R. B. Mellon, Pittsburgh, Pa 1933 James Rae, Pittsburgh, Pa 1934 A. E. Braun, Pittsburgh, Pa 1934 BUFFALO BRANCH R. M. O'HARA, managing director DISTRICT NO. 5—RICHMOND W. W. HOXTON, chairman and Federal Reserve R. M. O'Hara, Buffalo, N.Y agent. F. A. DELANO, deputy chairman. G. J. F. B. Cooley, Buffalo, N.Y SEAY, governor L. G. Harriman, Buffalo, N.Y E. G. Miner, Rochester, N.Y Class A: R G G . . . N F G . . . R B K a a l n e ll i d , n , R d B i o n u c s f h t f , e a s l B o te u , r f , N f a N . l Y o .Y , N.Y J L C . . . C E E . . . B J R o r i a h e s n m w so a e n n ll , , , A B R a l o d l c t e i k r m y so o M n re , o , W u M n .V t d , a N.C.__ 1 1 1 9 9 9 3 3 3 3 4 2 Class B: D. R. Coker, Hartsville, S.C 1932 DISTRICT NO. 3—PHILADELPHIA C. C. Reed, Richmond, Va 1933 R. L. AUSTIN, chairman and Federal Reserve E. C. Graham, Washington, D.C 1934 agent. A. B. JOHNSON, deputy chairman. G. Class C: W. W. Hoxton, Richmond, Va 1932 W. NORRIS, governor F. A. Delano, Washington, D.C 1933 Robert Lassiter, Charlotte, N.C 1934 Class A: Joseph Wayne, Jr., Philadelphia, Pa__ BALTIMORE BRANCH G. W. Reiley, Harrisburg, Pa J. C. Cosgrove, Johnstown, Pa HUGH LEACH, managing director Class B: J A . . C W . D . S e e L w aC all o , u P r, h i C la a d m el d p e h n i , a , N P J a Hugh Leach, Baltimore, Md— 1932 C. F. C. Stout, Philadelphia, Pa E. P. Cohill, Hancock, Md 1932 Class C: L. S. Zimmerman, Baltimore, Md- __ __. 1932 R. L. Austin, Philadelphia, Pa Norman James, Baltimore, Md . 1933 A. B. Johnson, Philadelphia, Pa M. M. Prentis, Baltimore, Md_ 1933 H. L. Cannon, Bridgeville, Del W. H. Matthai, Baltimore, Md 1934 Levi Phillips, Cambridge, Md 1934 1 For directors elected, or appointed by the Federal Reserve Board, in December 1932 for the 3-year term beginning Jan. 1, 1933, see Federal Reserve Bulletin for January 1933. Digitized for FRASER https://fraser.stlouisfed.org 291 Federal Reserve Bank of St. Louis

292 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 5--RICHMOND~Oont!nued DISTRICT NO. 7-CHICAGO CHARLOTTE BRANCH E. M. STEVENS, chairman and Federal Reserve agent. JAllES SIMPSON, deputy chairman. J. W. T. CLEMENTS, managing director B. McDOUGAL, governor Term Term Directors expires Directors expires Dec.31 Dec. 31 Class A: W. T. Clements, Charlotte, N.O__________ 1932 G. J. Schaller, Storm Lake, Iow•·-··- 1932 C. A. Cannon, Concord, N.C_____________ 1932 G. M. Reynolds, Chicago, Ill-----·--- 1933 C. L. Cobb, Rock Hill, s.c_______________ 1932 E. R. Estberg, Waukesha, Wis. ____ ._ 1934 J. A. Law, Spartanburg, 8.0______________ 1933 Class Il: Robert Gage, Chester, s.c________________ 1933 Vacancy.···········-----··-··-----···· 1932 J. L. Morehead, Charlotte, N.o__________ 1934 M. W. Babb, Milwaukee, Wis---···-- 1933 W. H. Wood, Charlotte, N.0 ___ ··-···-··· 1934 S. T. Crapo, Detroit, Mich_._________ 1934 Class 0: James Simpson, Chicago, IlL......... 1932 DISTRICT NO. &-ATLANTA E. M. Stevens, Chicago, Ill------·-··- 1933 F. C. Ball, Muncie, Ind--···----·---- 1934 OscAR NEWTON, chairman and Federal Reserve agent. W. H. KETTJG, deputy chairman. E. R. BLACK, governor DETROIT BRANCH W.R. CATION, managing director Class A: W.R. Cation, Detroit, Mich .•• -.------ 1932 G. G. Ware, Leesburg, Fl•-·-········· 1932 N. P. Rull, Lansing, Mich ••............ __ 1932 H. L. Young, Atlanta, G•······--·--- 1933 John Ballantyne, Detroit, Mich ......... _ 1932 E. 0. Melvin, Selma, Ala............. 1934 David McMorran, Port Huron, Mich ___ _ 1933 Class B: G. B. Morley, Saginaw, Mich .. ----- 1933 L. C. Simon, New Orleans, La •.••• ___ 1932 Jarnes Inglis, Detroit, Mich .............. . 1934 J. A. McOrary, Decatur, Ga.......... 1933 Vacancy .••••••• _____ • __________ ··-••• -· __ 1934 J.B. Hill, Nashville, Tenn_ •••.•• ---- 1934 Class C: Oscar Newton, Atlanta, G•······---·· 1932 DISTRICT NO. 8-ST. LOUIS G. S. Harris, Atlanta, 01L____________ 1933 J. S. WOOD, chairman and Federal Reserve agent. W. H. Kettig, Birmingham, Ala_.____ 1934 J. W. BOEHNE, deputy chairman. W. Mee. MARTIN, governor NEW ORLEANS BRANCH Class A: MARCUS w ALKER, managing director M J. . G B . . L N on a s h d m al , e B1 S ow t. l L in o g u i G s, r e M en o , · K -· y ·- _ · • - • -· . 1 1 9 9 3 3 2 3 Marcus Walker, New Orleans, La ••.. _.__ 1932 Clas F s . B G : . Hitt, Zeigler, II1--·-············ 1934 L. C. Simon, New Orleans, La• •••.• ------ 1932 M. P. Sturdivant, Glendora, Miss .... 1932 F. W. Foote, Hattiesburg, Mis•---···--·-- 1932 J. W. Harris, St. Louis, Mo• .••••••• - 1933 A. P. Bush, Mobile, Al•---·-·-·-···---·-- 1933 W. B. Plunkett, Little Rock, Ark •. __ 1934 J. D. 01Keefe, New Orleans, La__________ 1933 Class C: P.H. Saunders, New Orleans, La_________ 1934 J. W. Boehne, Evansville, Ind .••• --- 1932 R. S. Hecht, New Orleans, La-·-·--·····- 1934 J. 8. Wood, St. Louis, Mo .•.•.... ·--· 1933 Paul Dillard, Memphis, Tenn• .•...•• 1034 JACKSONVILLE BRANCH HUGH FOSTER, managing director LOUISVILLE BRANCH J. T. MOORE, managing director Hugh Foster, Jacksonville, Fla.···-···-··· 1932 Fulton Saussy, Jacksonville, Fla__________ 1932 J. T. Moore, Louisville, KY-·······------- 1932 E.W. Lane, Jacksonville, Fla............. 1932 W. R. Cole, Louisville, Ky •.•. __________ _ 1932 S. 0. Chase, Sanford, Fi•--·····-·-------- 1933 E. E. Hoge, Frankfort, Ky ______________ _ 1932 A. F. Perry, Jacksonville, Fla_____________ 1933 E. H. Woods, Lucas, KY-----···---·---· 1933 J.C. Cooper, Jacksonville, Fla------·----· 1934 W. F. Huthsteiner, Tell City, Ind_·-···- 1933 G. G. Ware, Leesburg, Fl•-----·---·····-· 1934 W. W. Orawford, Louisville, KY·-···---· 1934 J. T. Reynolds, Greenville, Ky ... 1934 BIRMINGHAM BRANCH MEMPHIS BRANCH J. H. F&YE, managing director Vl. H. GLASGOW, managing director J, H. Frye, Birmingham, Ala............. 1932 W. H. GJasgow, Memphis, Tenn ..•... -•• 1932 W O E. s . c F W a . r . A W C ll e i r l s a l o s w n , f , D o B r i d r e m , l l B i a n m i g rm y h , a i m n A g , l h A • a · m l · a · , - - - · A - -- l · a - ·· - . - . ·- . - _ - · _ - · _ - · _ - · 1 1 10 9 9 3 3 3 3 2 2 W J E . . m :M L . . . O A T r n a g r d i r l e l a r , n s M o t, n e D , m C y p e l h a r r i s s k b , s u d T r a g e l , e n T , n M e . n · i · n s · s - - - - - - - - · · - - - - - · - · · - - ·· · · · · 1 1 19 9 9 3 3 3 3 2 2 J W W . . . G E H . . . F H a K r e e l n e tt y l i e , g y , B , B i B r i m i r r m m in i i g n n h g g a h h m a a m m , A , , A A la l l a . • . . - . . · . . - . . · . . · . . · . . · . . · . . - . . 1 1 1 9 9 9 3 3 3 4 3 4 J 8 R . . . W E B . . . R A S a n l g d o l e w a r n s d o d e n , n , , M F M e o m e r m r p e p h st h i s i C , s i , T t y T e , e n A n n n r · k . - _ • · - • . · . . · . . · . · - - . - . - • • - 1 1 1 9 9 9 3 3 3 3 4 4 NASHVILLE BRANCH LITTLE ROOK BRANCH J. B. FORT, Jr. managing director A. F. BAILEY, ma.naging director J.B. Fort, Jr., Nashville, Tenn ______ ··--- 1932 A. F. Bailey, Little Rock, Ark .........•.. 1932 P. M. Davis, Nashville, Tenn·-·--·--·--· rns2 G. H. Campbe!l, Little Rock, Ark _______ _ JY32 C. W. Bailey, Clarksvi!le, Tenn• ••.••.•• _ 1032 Stuart Wilson, Texarkana, Ark .. ----·-•-- 1932 W. P. Ridley, Columbia, Tenn _________ ._ 1933 C. H. Murphy, El Dorado, Ark _________ _ 1933 C. A. Craig, Nashville, 'l'enn_. _______ . --· 1933 W. A. Hicks, Little Rock, Ark_·-·------· 1933 J.B. Hill, Nashville, Tenn •.•.•• ·-···-··· 1934 Moorhead Wright, Little Rock, Ark •. --•· 1934 F. J. llarle, Cleveland, Tenn_·--------·-- 1934 Jo Nichol, Pine Bluff, Ark ___________ ._. __ 1934 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

293 GOVERNORS AND DIBECTORS DISTRICT NO. 9-MINNEAPOLIS DISTRICT NO. II-DALLAS J. ag R e . nt M . IT H CH . E P L . L C , L c A h R a K ir , m d a e n p u a t n y d c h F a e i d rm er a a n l . Re W se . r B ve . C.s C. . B W . A P L E S R H K , c IN h S a , i r d m e a p n u a t n y d c F h e a d ir e m ra a l n R . es B er . v e A a . g M en c t . GEERY, governor KINNEY, governor Term Term Directors expires Directors expires Dec. 31 Dec.31 Class A: Class A: J.P. Williams, Perrin, Tex___________ 1932 H. R. Kibbee, Mitchell, S.Dak_______ 1932 R. E. Harding, Fort Worth, Tex______ 1933 H P. . J C . . L ! e J e a m ns a e n n , , M Ch in u n r e c a h p s o F l e is r , r y M , i N nn .D __ a _ k _ _ 1 1 9 9 3 3 3 4 Cle.s W s B . : H . Patrick, Clarendon, Tex_______ 1934 Ole.ss B: Vacancy.______________________________ 1932 J.E. O'Connell, Helena, Mont.______ 1932 J. R. Milam, Waco, Tex______________ 1933 J. S. Owen, Eau Claire, Wis__________ 1933 A. S. Cleveland, Houston, Tex________ 1934 W. 0. Washburn, St. Paul, Minn____ 1934 Class C: Class 0: E. R. Brown, Dallas, Tex_____________ 1932 J. R. Mitchell, Minneapolis, Minn___ 1932 S. B. Perkins, Dallas, Tex____________ 1933 H. P. Clark, St. Paul, Minn__________ 1033 C. C. Walsh, Dallas, Tex_____________ 1934 0. W. McCormick, Nenominee, Mich. 1934 EL PASO BRANCH HELENA BRANCH J. L. HERMANN, managing director R. E. TOWLE, managing director W H T S R . . . e . M n A E R r . . c y . K M 1 r S S o e a t i w n r e r a n b l l o i e e a n w n , n , , H , , G H H H e r l e e e e e l l l a n e e e t n a n n , F a a a , a M , , l M M M l o s, o n o o M n t n n _ t t t _ _ o _ _ _ _ _ _ n _ _ _ _ _ t _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 2 2 2 3 3 J A S S A C E . . . . . . . L D P M M P F . . . . . H . . A Y J C H N o e p o o n r p u e l u m e e w l r n s s e d a , , g m w , n , E P h a n E E o l n i , t r l l , P e t E P a P , a E l l e s a D e l . o P s s s o o P , o a , , u . s a T N o g T s T e o , l . e x a e M , T x s _ x T , _ _ e e _ _ _ e A x x _ _ _ x _ _ _ _ _ r _ _ _ i _ _ ~ _ z _ _ _ _ _ - _ _ _ _ _ - _ _ _ _ _ _ - _ _ _ _ _ _ - _ _ _ _ _ _ - _ _ _ _ _ _ - _ _ _ _ _ _ - _ _ _ _ _ _ - _ _ _ _ _ _ - _ _ _ _ _ _ - - _ _ _ _ _ _ 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 2 2 2 4 4 DISTRICT NO. IO-KANSAS CITY HOUSTON BRANCH M. L. McCLURE, chairman and Federal Reserve W. D. GENTRY, managing director agent. H. M. LANGWORTHY, deputy chairman. 0. H. IlAMlLTON, governor J W . . C D . W . G il e so n n tr , y B , H ea o u u m st o o n n t , , T Te e x x _ - _ - _ - _ - _ -- _ - _ - _ - _ ~ __ - _ - - _ 1 1 9 9 3 3 2 2 C C l l e a .s s E F C s s . . . A B W E C : : . . . M P S a p u r o l k l n s a a , n b D e l y e e , , n P H v a e i o l r l , l a C C , i o K t l y o a , _ m _ K _ _ _ a _ _ n _ _ s _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1 1 1 9 9 9 3 3 3 3 2 4 A J E N R . . . . . A A A M E . , . . . W H P M F e i o a l e d r k r a e n r i d n n e a o s , , r r , , H G , H H H o a o o l u o v u u s u e t s s s o s t t t o o t n o o n n , n n , , T , , r T T e r T e e x e e x x _ x x _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 3 3 4 4 2 L. E. Phillips, Bartlesville, Okla _____ _ 1932 W J.M . D . . B H e o rn sf a o r r d d i , n , O K m a a n h s a a , s N C e i b t r y _ , _ M __ o __ __ _ _ _ 1 1 9 9 3 3 3 4 SAN ANTONIO BRANCH Class C: M. CRUMP, managing director M. L. McClure, Kansas City, Mo ___ _ 1932 E. P. Brown, Davey, Nebr_ _________ _ 1933 M. Crump, San Antonio, Tex ___________ _ 1932 H. M. Langworthy, Kansas City, Mo_ 1934 F. G. Crow, McAllen, Tex_ .. _____________ _ 1932 F. C. Groos, San Antonio, Tex ___________ _ 1932 J.M. Bennett, San Antonio, Tex ________ _ 1933 OMAHA BRANCH G. C. Hollis, Eagle Pass, Tex ____________ _ 1933 L. H. EARHART, managing director W F. . M P . . N Le a w pi i e s, r , S S a a n n A A n n to to n n io io , . T T e e x x __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1 1 9 9 3 3 4 4 L. H. Earhart, Omaha, Nebr ____________ _ 1m93~2 W T. . L E . . D H a a v r i d s, y , O L m in a c h o a l , n N , N eb e r b _ r _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ DISTRICT N0.12-SAN FRANCISCO D. M. Hildebrand, Seward, Nebr ________ _ 1933 ISAAC B. NEWTON, chairman and Federal Reserve R. 0. Marnell, Nebraska City, Nebr_ ___ _ 1933 agent. W. N. MooRE, deputy chairman. J. U. Wm. Dissing, Omaha, Nebr _____________ _ rn34 CALKINS, governor A.H. Marble, Cheyenne, Wyo __________ _ 1934 Class A: DENVER BRANCH K T. e i H th . R Po a w m e s l a l, y , W S o a o n d F b r u a r n n c , i s O c r o e , g C ___ a _ l _ i _ L _ 1 19 9 3 3 3 2 J. E. OLSON, managing director C. K. McIntosh, San Francisco, Calif_ 1934 Class B: J R .E .H . . O D ls a o v n i , s , D D en e v n e v r e , r , C C ol o o l _ o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1 1 9 9 3 3 2 2 .A.. C B a . l i C L . _ _ D __ o _ h _ r _ m __ a _ n _ n __ , _ _ S _ a _ n _ _ F __ r _ a _ n _ c _ i _ s _ c _ o _ , _ 1932 H M e . n W ry . S G w a a n n o , , D D e e n n v v e e r r , , C C o o l l o o _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ 1 19 9 3 3 3 2 M C al a c l o if l _ m __ _ M __ c _ N __ a _ g __ h _ t _ e _ n _ , _ _ L __ o _ s _ _ A __ n _ g _ e _ l _ e _ s _ , _ 1933 Harold Kountze, Denver, Colo___________ 1933 E. H. Cox, Madera, Calif. ___________ _ 1934 Murdo MacKenzie, Denver, Colo_________ Hl34 Class 0: H. W. Farr, Greeley, Colo________________ 1934 IsaacB. Newton, San Francisco, Calif. 1932 ---------------'----- W Wm . N . . S M pro o u o l r e e , , S S a a n n F F r r a a n n c ci i s s c c m o, , C C a a J l i i f f _ . _ _ _ _ _ 1 1 9 9 3 3 3 t OKLAHOMA CITY BRANCH 0. E. DANIEL, managing director LOS ANGELES BRANCH 0. E. Daniel, Oklahoma City, Okla _____ _ 1932 W. N. AMBROSE, managing director Austin Miller, Oklahoma City, Okla _____ _ 1932 H. H. Ogden, Muskogee, Okla ___________ _ 1932 W. N. Ambrose, Los Angeles, Calif_______ 1932 v~ruP~olin, Alva, Okla_ ________________ _ 1933 J.B. Alexander, Los Angeles, Calif_______ 1932 1933 A. J. Cruickshank, Santa Ana, Cali/______ 1932 Ned Holman, Oklahoma City, Okla _____ _ 1934 C. B. Voorhis, Pe.sadena, Cali!___________ 1933 Lee Clinton, Tulsa, Okla ________________ _ 1934 F. J. Belcher, Jr., San Diego, Calif________ 1933 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

294 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 12—SAN FRANCISCO—Contd. DISTRICT NO. 12—SAN FRANCISCO—Contd. PORTLAND BRANCH SEATTLE BRANCH R. B. WEST, managing director C. R. SHAW, managing director Directors e T x e p r ir m es Directors e D T x e e p c r i . r m 3 es 1 Dec. 31 C. R. Shaw, Seattle, Wash.... 1932 R. B. West, Portland. Oreg 1932 H. A. Rhodes, Tacoma, Wash 1932 E. C. Pease, The Dalles, Oreg.- 1932 M. F. Backus, Seattle, Wash. 1932 R. S. Smith, Eugene, Oreg 1932 C. H. Clarke, Seattle, Wash.. H. M. Haller, Portland, Oreg— 1933 M. A. Arnold, Seattle, Wash.. J. C. Ainsworth, Portland, Oreg 1933 SPOKANE BRANCH SALT LAKE CITY BRANCH W. L. PARTNEK, managing director D. L. DAVIS, managing director W. L. Partner, Salt Lake City, Utah D. L. Davis, Spokane, Wash 1932 G. G. Wright, Salt Lake City, Utah Peter McGregor, Hooper, Wash 1932 E. O. Howard, Salt Lake City, Utah R. M. Hardy, Yakima, Wash... 1932 Lafayette Hanehett, Salt Lake City, Utah_ S. A. Easton, Kellogg, Idaho 1933 H. E. Hemingway, Odgen, Utah D. W. Twohy, Spokane, Wash.. 1933 NUMBER AND SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVE BANKS (Dec. 31. 1932) Employees Employees Annu o a f l — salary Other officers a w r (e e h x t o r o c s e e e i b p m a s t a n b t l u k h a r o ) r s i s e e e s d a w re h o t r o s e e i b m s a a b n l u k a r r s ie e s d Total Federal Reserve banks (including branches) Chairman and Gov- Num- Annual Num- Annual Num- Annual Num- Annual Federal ernor ber salaries ber salaries ber salaries ber salaries Reserve agent Boston $20,000 $30,000 $84, 750 625 $941,990 23 $35,280 659 $1,112,020 New York.... 48,000 48,000 458,420 2,277 3, 731, 673 185 244,311 2,499 4,530,404 Philadelphia... 19,447 29,123 83,017 1,040,163 61 80,000 770 1, 251,750 Cleveland 19,305 28,860 168,853 1, 413,898 143 203, 313 1,055 1,834, 229 Richmond..... 20, 000 25,000 137, 400 520 750, 214 96 123,618 635 1,056,232 Atlanta 20, 000 25, 000 183, 740 338 483,914 98 114,660 469 827, 314 Chicago 35,000 35,000 253, 5501,150 1,860, 505 282 386, 278 1,464 2, 570, 333 St. Louis 20,000 25,000 137,900 500 677,476 61 75,640 583 936,016 Minneapolis.. 20, 000 25,000 81,800 279 449,924 40 55, 320 334 632,044 Kansas City... 20,000 25,000 148,000 483 777,155 76 97,135 581 1,067, 290 Dallas 20, 000 30,000 125, 230 336 579, 539 31 49,871 387 804,640 San Francisco 24,000 30,000 198,400 735 1, 213,868 118 174,420 883 1,6 Total,., 285,752 355,983 249 2,061,0608,83213,920,319 1,2141,639,846 10,319IS, 262,960 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATE BANK AND TRUST COMPANY MEMBERS The following is a list of 805 State bank and trust company active members of the Federal Keserve System on December 31, 1932, with their loans, investments, deposits, capital, and surplus. [In thousands of dollars] Loans I m nv e e n s t t s - To po ta s l i t d s e- Capital Surplus DISTRICT NO. 1 CONNECTICUT Hartford: Phoenix State Bank & Trust Co.. 15,169 2,305 27, 552 1,600 1,600 South Manchester: Manchester Trust Co.__ 1,309 191 1,187 200 100 Waterbury: Colonial Trust Co 6,106 3,547 6,773 1,000 2,000 MAINE Ellsworth: Union Trust Co.. 1,331 1,356 2,713 100 100 Sanford: Sanford Trust Co... lf074 1,616 100 100 MASSACHUSETTS Boston: Day Trust Co 2,409 6,203 7,883 2,500 285 New England Trust Co 9,287 13,179 26,058 1,000 2,000 Old Colony Trust Co 2,511 11,170 5,757 5,000 5,000 State Street Trust Co_ 30, 260 21,288 56,473 3,000 3,500 United States Trust Co. 6,542 5,195 13,169 1,400 1,000 Cambridge: Harvard Trust Co 9,912 6,457 16,187 1,000 1,050 Fall River: B. M. C. Durfee Trust Co 4,096 3,736 7,777 1,200 800 Gloucester: Gloucester Safe Deposit & Trust Co 3,456 661 4,129 200 200 Greenfield: Franklin County Trust Co 4,535 873 4,665 400 200 Lawrence: Merchants Trust Co 4,222 1,080 4,992 300 250 Lynn: Security Trust Co 6,209 1,809 8,239 200 300 Newton: Newton Trust Co 8,442 7,975 14,616 1,080 1,080 Norwood: Norwood Trust Co 2,306 2,803 4,604 300 300 Quincy: Quincy Trust Co 3,346 1,188 3,789 300 300 Salem: Naumkeag Trust Co 3,106 2,099 5,256 250 250 Somerville: Somerville Trust Co 5,135 212 4,898 200 175 Waltham: Waltham Trust Co 4,218 1,278 4,417 400 400 Winchester: Winchester Trust Co 998 1,026 1,949 100 100 Worcester: Worcester Bank & Trust Co 13,109 11,535 23,453 3,800 500 NEW HAMPSHIRE Conway: Carroll County Trust Co.. 800 262 1,000 75 25 BHODE ISLAND Providence: Columbus Exchange Trust Co 1,585 1,032 2,254 200 50 Industrial Trust Co 64,720 51,954 113,844 4,000 7,500 Rhode Island Hospital Trust Co_. 43,089 49, 241 86,609 5,000 10,000 Union Trust Co 13,415 6,405 19,995 1,000 1,000 DISTRICT NO. 2 NEW JERSEY (See also District No. 3) Bayonne: Bayonne Trust Co 4,096 1,949 8,217 400 500 Bloomfield: Bloomfield Bank & Trust Co 6,134 3,687 10,609 1,500 500 Community Trust Co 787 201 768 100 50 Watsessing Bank 1,824 532 2,338 200 100 Bogota: Bank of Bogota 569 479 1,036 100 70 Boonton: Boonton Trust Co 1,117 335 1,290 100 100 Carteret: Carteret Trust Co 442 224 523 100 25 Cranford: Cranford Trust Co _ _ 1,486 1,129 2,045 200 200 Dover: Dover Trust Co 2,155 2,065 3,749 200 250 Dunellen: Peoples Trust Co 312 181 422 100 50 East Orange: East Orange Trust Co 699 254 978 200 36 Savings Investment & Trust Co 14, 226 7,042 18, 696 1,500 1,800 Elizabeth: Central Home Trust Co 2,239 962 3,542 500 200 Elizabethport Banking Co 4,210 865 4,617 500 200 Fort Lee: Fort Lee Trust Co 678 173 841 100 50 Franklin: Sussex County Trust Co _. 849 1,168 2,128 150 100 Glen Ridge: Glen Ridge Trust Co _. 962 1,178 2,287 200 50 Hackensack: Peoples Trust & Guaranty Co 8,775 3,289 1,000 500 State Bank & Trust Co... _ 142 297 420 100 40 Hasbrouck Heights: Bank of Hasbrouck Heights 502 352 875 75 75 Hoboken: Jefferson Trust Co 4,880 923 3,412 800 400 182799—33 20 Digitized for FRASER 295 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

296 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Invest- Total de- Loans ments posits Capital Surplus DISTRICT NO. 2—Continued NEW JERSEY—continued Jersey City: Commercial Trust Co. of New Jersey... 26, 792 22, 990 52, 761 3,400 4,000 New Jersey Title Guarantee & Trust Co _ 26, 278 6,504 24,720 2,035 1,500 Linden: Linden Trust Co _ 1,985 441 2,198 200 50 Montclair: Bank of Montclair ._. 2,886 1,729 4,849 500 209 Montclair Trust Co 7,017 3,111 9,790 1,350 750 Morristown: Morristown Trust Co. 3,130 4,499 8,270 1,000 200 Newark: Clinton Trust Co _ 4,183 1,892 4,787 700 700 Columbus Trust Co 654 242 924 400 200 Federal Trust Co 21,108 7,658 29,397 4,056 3,000 Fidelity Union Trust Co 50,470 83, 521 149,215 6,667 3,500 Franklin-Washington Trust Co 5,717 1,455 5,474 1,200 500 Merchants & Newark Trust Co.... 11, 793 7,265 16,829 2,500 2,500 United States Trust Co 1,660 888 1,932 600 820 Nutley: Bank of Nutley 1,515 913 2,433 200 40 Orange: Trust Company of Orange 1,025 701 957 700 250 Passaic: Peoples Bank & Trust Co 12,993 5,348 12,946 1,000 500 Paterson: Hamilton Trust Co 4,356 4,426 7,870 750 m Perth Amboy: Perth Amboy Trust Co 3,859 1,967 4,694 300 Raritan Trust Co 886 235 794 200 163 Plainfield: Mid-City Trust Co 565 425 679 100 50 Plainfield Trust Co... 9,853 5,434 24, 664 650 125 State Trust Co 2,414 607 3,142 150 500 Rahway: Rahway Trust Co 613 667 987 200 150 Ridgefield Park: Ridgefield Park-Overpeck Trust 40 Co 1,878 816 2,578 100 200 Rochelle Park: Rochelle Park Bank 60 201 168 50 30 Rutherford: Rutherford Trust Co 2,196 1,506 2,735 250 450 South Orange: South Orange Trust Co. 881 449 1,103 225 113 Westerfield: Peoples Bank & Trust Co. 2,691 952 3,747 200 300 Westfield Trust Co .._. 2,937 1,088 4,057 300 200 West-wood: Westwood Trust Co 584 432 704 200 125 NEW YORK AdEims: Citizens & Farmers Trust Co 1,921 674 2,372 150 100 Albany: First Trust Co 14,898 9,343 28,421 1,000 1,000 Amsterdam: Montgomery County Trust Co 3,617 1,778 4,584 200 600 Avoca: Bank oi Avoca 175 302 385 50 25 Batavia: Genesee Trust Co 1,373 699 1,774 100 100 Belmont: State Bank of Belmont 348 80 359 50 100 Binghamton: Marine Midland Trust Co 6,041 2,387 7,074 750 500 Blasdell: Bank of Blasdell 186 17 196 30 11 Brooklyn: Brooklyn Trust Co 62, 524 38,463 113, 286 8,200 8,000 Buffalo: Liberty Bank 39, 311 15, 397 48,705 5,500 5,500 M. & T. Trust Co 56, 995 39,127 97, 066 6,000 12,000 Marine Trust Co 118,126 52,936 159,940 12, 500 12, 500 Canandaigua: Ontario County Trust Co 1,067 1,159 2, 376 300 100 Canisteo: First State Bank 277 62 279 50 20 Center Moriches: Center Moriches Bank 577 114 597 100 25 Chatham: State Bank of Chatham 974 1,480 2,401 100 100 Cohocton: Cohocton State Bank 131 273 393 50 25 Depew: Bank of Depew 697 467 711 150 35 Dunkirk: Dunkirk Trust Co 869 1,326 1,937 250 125 East Aurora: Bank of East Aurora 1,945 643 2,401 150 150 Elmira: Chemung Canal Trust Co 6,091 4,480 9,168 800 1,700 Endicott: Endicott Trust Co 2,211 1,317 3,720 100 100 Union Trust Co 541 757 1,193 100 100 Farmingdale: Bank of Farmingdale 578 418 996 75 60 Floral Park: Floral Park Bank.. 1,334 577 1,764 100 50 Fredonia: Citizens Trust Co 967 573 1,582 20(3 50 Geneva: Geneva Trust Co 2,663 1,264 3, 676 250 150 Gloversville: Trust Company of Fulton County 2,106 682 1,993 350 250 Hamburg: Peoples Bank of Hamburg 1,266 878 1,912 150 100 Hammondsport: Bank of Hammondsport 360 293 625 50 50 Hicksville: Bank of Hicksville 1,584 873 2,244 100 250 Ithaca: Ithaca Trust Co 4,322 2,730 6,730 400 400 Jamestown: Bank of Jamestown 10, 274 3,488 13,065 833 833 Johnson City: Workers Trust Co 2,204 2,426 4,477 200 200 Katonah: Northern Westchester Bank 484 791 1,236 100 50 Kingston: Kingston Trust Co 4,745 3,621 7, 224 250 700 Lackawanna: American Bank 852 903 1,254 100 60 L L M o it a w t l l o e v n i F l e l : e a : l P ls L e : o e H p w l e i e s r s k C T im o ru u e s n r t t C y C o T o u r n u t s s t 7 T C r o ust Co 2 1 1 , , , 4 2 6 6 6 9 7 7 0 2 1 , , 9 2 1 5 8 1 3 1 7 4 2 2 , , , 1 5 2 5 8 2 1 3 8 3 2 3 5 0 0 0 0 0 3 1 1 5 0 0 0 0 0 Mayville: State Bank of Mayville 438 487 1,023 50 50 Mineola: Nassau County Trust Co 2,057 1,600 4,352 300 200 Mt. Kisco: Trust Company of Northern Westchester 426 328 742 100 25 Mount Vernon: Fleetwood Bank 370 458 793 200 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 297 [In thousands of dollars] Invest- Total de- Loans ments posits Capital Surplus DISTRICT NO. 2—Continued NEW YORK—continued New York: Almagamated Bank 2,366 603 4,380 650 Bankers Trust Co 223,331 357,410 597,090 25,000 50,000 Bank of the Manhattan Co 181,317 129, 768 352,960 20,000 30,000 Bank of New York & Trust Co 46, 228 49, 663 104,970 6,000 8,000 Bank of Yorktown 1,641 1,423 3,616 1,500 145 Central Hanover Bank & Trust Co 224,442 329, 629 594,130 21, 000 60, 000 Chemical Bank & Trust Co 152,333 165, 888 322,931 21,000 40,000 Clinton Trust Co 1,297 1,372 2,181 500 500 Colonial Trust Co._.. 4,732 3,202 8,955 3,000 600 Continental Bank & Trust Co 15,576 14,854 28,178 4,000 5,000 Corn Exchange Bank Trust Co 83, 532 105,988 210, 570 15,000 20,000 Federation Bank & Trust Co 5,259 300 5,594 825 675 Fifth Avenue Bank 18, 553 18,960 41,939 500 2,000 Fulton Trust Co 5,216 11, 635 16, 244 2,000 2,000 Guaranty Trust Co 423,949 603,917 982, 772 90,000 170,000 Harbor State Bank 75 647 709 200 100 Irving Trust Co 172,267 222,929 415, 764 50,000 55,000 Manufacturers Trust Co 188,170 185, 085 378, 365 32, 935 10,000 Marine Midland Trust Co 31,914 33, 390 61, 865 10,000 5,000 Mercantile Bank & Trust Co 1,611 2,027 4,222 900 300 Merchants Bank 730 575 1,330 400 100 New York Trust Co 128,740 117,214 259,886 12, 500 20,000 J. Henry Schroder Trust Co 39 4,596 4,386 700 350 Trade Bank 1,769 778 2,797 660 208 United States Trust Co 39,784 30,123 68, 592 2,000 24,000 Niagara Falls: Power City Trust Co 16, 932 8,816 22,406 4,000 1,200 Ogdensburg: Ogdensburg Trust Co 4,569 1,644 5,846 600 300 Olean: Olean Trust Co 716 383 958 100 20 Oneida: Madison County Trust & Deposit Co. 1,449 1,159 2,277 200 120 Orchard Park: Bank of Orchard Park 714 325 928 80 20 Oriskany Falls: First Trust & Deposit Co 444 483 814 100 50 Pearl River: State Bank of Pearl River—. 291 318 614 100 50 Perry: Citizens Bank 496 291 800 100 50 Pleasantville: Mount Pleasant Bank & Trust Co.... 1,979 777 2,626 200 100 Port Chester: Mutual Trust Co. of Westchester County 2,904 1,4-13 3,127 300 200 Rochester: Lincoln-Alliance Bank & Trust Co 35, 968 11,040 54, 644 2,000 2,500 Rome: Rome Trust Co 2,989 1,713 4,493 300 300 Scarsdale: Caleb Heathcote Trust Co 555 1, 530 1,863 200 200 Schenectady: Schenectady Trust Co 7,378 6,670 14,878 750 1,000 Smithtown Branch: Bank of Smithtown 746 557 1,219 50 50 Spring Valley: Ramapo Trust Co 581 418 678 200 40 Stony Brook: Bank of Suffolk County 278 240 537 50 25 Syracuse: First Trust & Deposit Co 55,410 14, 735 53,284 5,400 3,400 Syracuse Trust Co 21, 217 14,991 28,159 2,500 1,500 Utica: First Citizens Bank & Trust Co 32,153 13, 283 39,484 2,000 2,000 Watertown: Northern New York Trust Co 5,869 3,215 8,966 500 500 Westbury: Bank of Westbury Trust Co. 901 896 1,715 100 50 White Plains: County Trust Co 6,281 2,129 8,342 500 1,500 DISTRICT NO. 3 DELAWARE Wilmington: Equitable Trust Co 6,180 6,070 10,959 1, 500 2,100 Industrial Trust Co__ _ 2,028 1,518 1,914 2,000 150 Security Trust Co 6,214 2,989 8,198 1,121 1,250 Wilmington Trust Co 18,865 10,906 24,023 4,000 10,000 NEW JERSEY (See also District No. 2) Atlantic City: Equitable Trust Co 4,492 1, 506 4,968 225 150 Guarantee Trust Co 10,102 4,150 9,757 1,000 1.000 Camden: Camden Safe Deposit & Trust Co 19,466 9,818 28,427 1,200 2; 400 Hightstown: Hightstown Trust Co _.. 588 210 613 100 37 Princeton: Princeton Bank & Trust Co 2,784 626 3,938 300 300 Riverside: Riverside Trust Co 752 170 1,201 100 100 Swedesboro: Swedesboro Trust Co 475 245 710 100 50 PENNSYLVANIA (See also District No. 4) Bloomsburg: Bloomsburg Bank-Columbia Trust Co. 1,296 847 2,372 375 125 Carlisle: Carlisle Trust Co 2,283 472 1,540 250 250 Chester: Chester-Cambridge Bank & Trust Co 6,250 3,369 7,537 1,050 1,250 Danville: Montour County Trust Co 200 285 442 125 25 Digitized for D E Fa u Rs t B oA o nS i : s E : E U Ras n t i o o n n T B r a u n s k t i C ng o & Trust Co 6 1 , ,3 4 9 7 5 4 1 1, , 5 0 9 9 5 8 6 1 , ,6 6 4 2 8 7 2 2 5 5 0 0 1, 3 1 5 0 0 0 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

298 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Loans I m n e v n es t t s - To p t o a s l it d s e- Capital Surplus DISTRICT NO. 3—Continued PENNSYLVANIA—continued East Petersburg: East Petersburg State Bank 161 81 168 50 25 Egypt: Farmers Bank of Egypt __ 362 242 532 60 60 Harrisburg: Central Trust Co 5,167 1,224 2,980 400 800 Dauphin Deposit Trust Co 3,009 3,299 6,943 400 800 Hazleton: American Bank & Trust Co 2,723 1,718 3, 559 450 150 IVtarkle Banking & Trust Co 3,584 3,972 6,496 600 1,500 Peoples Savings & Trust Co 1,926 2,489 4,095 250 475 Honesdale: Wayne County Savings Bank 1,616 3,454 4,100 250 400 Houtzdale: Houtzdale Trust Co 198 447 523 125 30 Huntingdon: Grange Trust Co 391 356 628 125 80 Jenkintown: Jenkintown Bank & Trust Co 3,297 4,812 6,140 375 1,500 Kulpmont: Dime Deposit Bank & Trust Co 462 342 539 125 125 Lansdale: Lansdale Title & Trust Co 245 250 348 125 33 Lemoyne: Lemoyne Trust Co 2.375 569 863 200 200 Lewistown: Lewistown Trust Co 557 160 466 125 67 Lock Haven: Lock Haven Trust Co 1,925 1,437 2,765 375 525 Lykens: Miners Deposit Bank & Trust Co 590 642 1,016 135 25 Mahanoy City: Merchants Banking Trust Co 908 679 1,075 200 200 Middletown: Citizens Bank & Trust Co 771 275 448 125 100 Mount Carmel: Liberty State Bank & Trust Co___ 715 651 842 150 175 Myerstown: Myerstown Trust Co 592 337 629 125 125 Nanticoke: Peoples Savings & Trust Co ___ 383 443 617 180 4 New Oxford: Farmers & Merchants Bank 328 326 516 50 50 Norristown: Montgomery Trust Co 2, 540 3,186 4,690 1,000 1,000 Norristown-Penn Trust Co 5,866 3,910 6,850 1,250 1,250 Orrstown: Orrstown Bank 214 44 193 35 55 Paoli: Paoli Bank & Trust Co 261 217 285 125 35 Philadelphia: Fidelity-Philadelphia Trust Co 40,675 51, 616 84,424 6,700 15,000 Girard Trust Co 18,999 65,877 83, 740 4,000 9,000 Integrity Trust Co 38,013 12, 250 44,486 2,988 8,000 Ninth Bank & Trust Co 11, 668 5,787 15,809 1,375 2,000 North City Trust Co 1,081 438 637 500 175 Pennsylvania Co. for Insurances on Lives, etc 108,808 72,052 204,253 8,400 17,000 Provident Trust Co 13,607 24,859 31,968 3,200 12, 260 Prospect Park: Interboro Bank & Trust Co 524 226 585 125 59 Quakertown: Quakertown Trust Co 440 793 942 125 275 Schnecksville: Schnecksville State Bank 52 115 158 25 15 Schuylkill Haven: Schuylkill Haven Trust Co 1,267 908 1,920 125 300 Shamokin: Shamokin Banking & Trust Co 493 591 950 125 25 Steelton: Steelton Bank & Trust Co 2,028 790 1,538 350 350 Tamaqua: Peoples Trust Co 795 574 960 150 110 Temple: Temple State Bank 165 247 365 75 5 Wilkes-Barre: Wilkes-Barre Deposit & Savings Bank 2,834 2,065 3,391 499 1,500 Williamsport: Lycoming Trust Co 7,240 3,372 8,880 2,000 100 Williamstown: Williams Valley Bank 446 243 675 50 40 Wyomissing: Peoples Trust Co 2,944 1,419 2,892 500' 125 York: Guardian Trust Co 2,015 1,619 2,933 500 600 York Trust Co 4,866 1,701 5,404 750 1,000 DISTRICT NO. 4 KENTUCKY (See also District No. 8) Lexington: Security Trust Co 1,539 1,274 2,475 500 150 848 22 1,009 150 55 Kichmond: State Bank & Trust Co OHIO 3,859 2,028 6,322 200 300 Akron: Firestone Park Trust & Savings Bank 49, 077 7,396 41,845 7,421 2,000 First Central Trust Co 130 15 152 25 16 Apple Creek: Apple Creek Banking Co 102 42 126 25 2 Atwater: Atwater Savings Bank Co 1,098 540 1,696 150 100 Bellevue: Union Bank & Savings Co 1,480 892 2,000 100 100 Chagrin Falls: Chagrin Falls Banking Co 36, 340 15,177 57,869 4,000 3, 650 Cincinnati: Central Trust Co 42, 984 20,169 70, 326 5, 000 5,000 Fifth-Third Union Trust Co 17,924 9,180 30,114 1,800 2,700 Provident Savings Bank & Trust Co.__ 8,550 3,990 11, 570 1, 250 1, 250 Western Bank & Trust Co 191,124 49,923 242, 993 13,800 9,200 Cleveland: Cleveland Trust Co 86, 111 35,926 109, 752 7, 000 7,000 Guardian Trust Co 154,197 40, 276 194,906 22,850 12,150 Union Trust Co 370 138 526 50 60 Columbians: Union Banking Co 399 230 614 125 10 Conneaut: Citizens Banking & Trust Co 861 1,012 2,084 125 60 Conneaut Mutual Loan & Trust Co 248 32 260 25 36 Danville: Commercial & Savings Bank Co 942 153 924 75 100 Delphos: Commercial Bank 321 165 581 50 25 Digitized for FRASEPRe oples Bank ___ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 299 [In thousands of dollars] Loans I m n e v n es t t s - To p t o a s l it d s e- Capital Surplus DISTRICT NO. 4—Continued OHIO—continued Delta: Peoples Savings Bank Co . 314 128 409 25 41 East Liverpool: Potters Bank & Trust Co ~ 1,382 1,342 2,493 580 300 Geneva: Geneva Savings & Trust Co 737 424 1,199 125 100 Gibsonburg: Gibsonburg Banking Co 405 85 387 50 2 Home Banking Co 393 86 452 25 12 Hillsboro: Hillsboro Bank & Savings Co 78 235 379 50 40 Hubbard: Hubbard Banking Co 511 59 638 50 50 Lyons: Farmers State Bank.__ 151 10 153 25 9 Middletown: American Trust & Savings Bank 1,343 766 2,083 150 90 Minerva: Minerva Banking Co 429 111 480 50 10 Minster: Minster State Bank- 383 61 455 25 55 Napoleon: Napolean State Bank 1,675 107 1,349 100 50 Newark: Newark Trust Co 3,293 598 3,839 200 200 Union Trust Co 3,962 1,022 4,785 300 75 New Philadelphia: Ohio Savings & Trust Co 1,220 494 1,464 150 140 Orrville: Orrville Savings Bank 327 188 518 50 22 Pomeroy: Farmers Bank & Savings Co 139 245 384 50 31 Rittman: Rittman Savings Bank 367 151 500 60 28 St. Marys: Home Banking Co 648 247 956 100 20 Shelby: Citizens Bank 573 430 1,035 100 30 Shiloh: Shiloh Savings Bank Co 205 40 208 25 40 Toledo: Toledo Trust Co 24,180 20,654 52,428 5,000 3,000 Vermillion: Erie County Banking Co 394 91 501 50 13 Wakeman: Wakeman Bank Co 186 51 249 25 15 Wellington: First Wellington Bank 787 102 858 100 75 Wooster: Commercial Banking & Trust Co 365 259 578 150 52 PENNSYLVANIA (See also District No. 3) Aliquippa: Woodlawn Trust Co. 2,201 656 2,738 125 200 Ambridge: Ambridge Savings & Trust Co 804 1,573 1,971 125 35 Beaver: Beaver Trust Co 1,028 451 890 300 200 East Pittsburgh: East Pittsburgh Savings & Trust Co 1,150 2,359 3,889 300 300 Erie: Security-Peoples Trust Co 5,991 2,097 8,874 300 600 McKeesport: Peoples City Bank 3,828 1,229 4,384 1,000 750 Meadville: Crawford County Trust Co 1,334 714 2,055 250 150 New Brighton: Beaver County Trust Co 748 440 698 400 250 New Castle: Lawrence Savings & Trust Co 2,044 1,067 2,812 300 550 Paint Borrough: (Scalp Level P.O.) Merchants & Miners Bank 176 67 196 30 30 Pittsburgh: Allegheny Trust Co 3,266 3,099 4,362 700 700 City Deposit Bank & Trust Co 9,427 5,394 14,618 1,000 1,000 Colonial Trust Co 13, 044 9,943 22, 664 2,600 1,500 Commonwealth Trust Co 7,401 4,604 11,435 1,500 1,700 Peoples-Pittsburgh Trust Co 38,694 36,925 70, 772 6,000 12, 000 Potter Title & Trust Co 4,381 3,674 6,297 500 900 Union Trust Co 73,045 144,933 175, 224 1,500 65, 500 Windber: Windber Trust Co 1,406 1,983 2,788 250 550 WEST VIRGINIA (See also District No. 5) Sistersville: First-Tyler Bank & Trust Co 1,550 69 1,546 200 100 Wheeling: Security Trust Co 2,572 1,232 3,311 300 300 5,094 960 6,224 500 500 Wheeling Bank & Trust Co DISTRICT NO. 5 MARYLAND Baltimore: Baltimore Commercial Bank 4,473 2, 545 6,929 1,000 250 Baltimore Trust Co 31,975 25,182 48,993 6,250 4,250 Maryland Trust Co ^ 13, 601 8,770 26,992 2,500 1,250 Forest Hill: Forest Hill State Bank 174 91 272 25 15 Salisbury: Farmers & Merchants Bank 1,161 138 1,223 100 100 NORTH CAROLINA Charlotte: American Trust Co 8,744 4,205 20,053 1,200 800 Independence Trust Co 3,153 910 2,381 1,000 500 Edenton: Bank of Edenton 676 158 483 100 100 Washington: Bank of Washington 459 192 725 100 91 Winston-Salem: Wachovia Bank & Trust Co 20,257 11,319 41,639 2,500 1,250 SOUTH CAROLINA Bishopville: Peoples Bank 77 36 110 25 75 Charleston: Carolina Savings Bank 1,274 1,641 3,088 200 150 Chester: Commercial Bank 547 114 752 100 100 Digitized fo H r a F r R ts A vi S lle E : R B ank of Hartsville 343 143 726 75 38 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

300 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Loans I m n e v n es t t s - To p t o a s l it d s e- Capital Surplus DISTRICT NO. 5—Continued VIRGINIA Blackstone: Citizens Bank & Trust Co 547 55 543 100 50 Chase City: Peoples Bank & Trust Co 417 28 368 100 50 Galax: Peoples State Bank, Inc 376 10 327 50 31 Kenbridge: Bank of Lunenburg, Inc 440 124 508 65 110 Petersburg: Petersburg Savings & American Trust Co 2,350 1,391 2,562 750 250 Richmond: American Bank & Trust Co 14,539 4,008 15, 022 3,500 500 Bank of Commerce & Trusts 4,369 826 5,672 600 600 State-Planters Bank & Trust Co 15, 316 10,831 29, 786 2,500 1,000 Rural Retreat: Peoples Bank 115 2 66 35 9 Tazewell: Farmers Bank of Clinch Valley 32 783 200 50 WEST VIRGINIA (See also District No. 4) Berwind: Berwind Bank 771 526 1,091 100 100 Charleston: Kanawha Banking & Trust Co 2,244 804 3,259 500 250 Kanawha Valley Bank 7,574 3,360 12,414 1,000 1,200 Harpers Ferry: Bank of Harpers Ferry 106 48 119 25 5 Hurricane: Putnam County Bank 313 29 265 50 18 Martinsburg: Peoples Trust Co 1,919 215 1,948 250 150 Petersburg: Potomac Valley B ank 223 15 145 50 9 Romney: Bank of Romney 610 87 502 100 85 St. Manrs: Pleasants County Bank 342 28 229 75 30 DISTRICT NO. 6 ALABAMA Birmingham: Birmingham Trust & Savings Co 9,433 3,060 16,823 1,000 1,200 Clayton: Bank of Commerce 111 12 107 50 10 Eutaw: Merchants & Farmers Bank of Greene County 208 95 294 55 55 Guin: Marion County Banking Co 198 11 208 25 50 Marion: Marion Central Bank 680 76 405 50 150 Selma: Peoples Bank & Trust Co 629 19 550 100 35 Winfield: Winfield State Bank.. 80 20 105 25 11 FLORIDA Leesburg: Leesburg State Bank & Trust Co 332 292 579 100 45 Marianna: Citizens State Bank 140 98 154 30 West Palm Beach: Florida Bank & Trust Co 113 1,299 1,307 100 "50 GEORGIA Atlanta: Georgia Savings Bank & Trust Co 2,172 1,600 2,320 500 500 Trust Company of Georgia 7,511 2,601 10,926 2,000 2,000 Augusta: Georgia Railroad Bank & Trust Co 5,734 1,099 6,028 1,000 200 Bainbridge: Citizens Bank & Trust Co 504 57 355 100 20 Brunswick: Brunswick Bank & Trust Co 699 516 • 804 230 118 Columbus: Columbus Bank & Trust Co 4,528 1,147 5,538 850 650 Commerce: Northeastern Banking Co 217 97 207 100 65 Dawson: Bank of Dawson 256 41 206 100 20 Eastman: Bank of Eastman 186 53 134 60 6 Greenville: Greenville Banking Co 312 9 188 95 29 Lawrenceville: Brand Banking Co 323 85 431 50 50 Lincolnton: Farmers State Bank.. 86 18 94 25 15 Millen: Bank of Millen 233 13 264 50 50 Monroe: Bank of Monroe 271 101 227 150 75 Farmers Bank 131 139 257 100 30 Pelham: Farmers Bank 252 14 201 100 50 Reynolds: Citizens State Bank 27 1 23 25 Rhine: Rhine Banking Co 110 1 115 25 """28 Sasser: Bank of Sasser 96 2 28 25 75 Savannah: Citizens Bank & Trust Co 874 34 666 300 200 Savannah Bank & Trust Co 2,198 105 1,812 700 18 Soperton: Bank of Soperton 171 5 143 25 15 Swainsboro: Central Bank 1 64 25 LOUISIANA (See also District No. 11) New Orleans: American Bank & Trust Co 9,852 4,842 13,707 1,000 500 Canal Bank & Trust Co 37,127 19,385 58,012 6,075 1,250 Hibernia Bank & Trust Co 30,652 16,524 52,860 2,500 2,000 Interstate Trust & Banking Co_. 12,107 14,846 750 750 TENNESSEE (See also District No. 8) Greenville: Greene County Union Bank... 723 75 50 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 301 [In thousands of dollars] Invest- Total de- Loans ments posits Capital Surplus DISTRICT NO. 7 (See also District No. 8) Argenta: Gerber State Bank 117 1 117 25 Auburn: Auburn State Bank 323 142 447 50 12 Chicago: Drexel State Bank 1,588 959 2,501 500 350 Harris Trust & Savings Bank 41,580 52,263 108,470 6,000 6,000 Mercantile Trust & Savings Bank 3,028 2,925 7,206 600 250 Northern Trust Co 32, 597 86, 254 147,915 3,000 6,000 Cowden: State Bank of Cowden 178 6 172 25 10 Cuba: State Bank of Cuba 177 165 334 50 10 Eureka: Farmers State Bank 243 89 568 50 30 Evanston: Evanston Trust & Savings Bank 745 639 1,152 200 150 State Bank & Trust Co 3,546 2,803 8,069 500 300 Geneva: State Bank of Geneva 823 284 1,305 100 50 Matteson: First State Bank 114 3 94 25 25 Mattoon: Central Illinois Trust & Savings Bank- 309 174 441 100 50 Oak Park: Oak Park Trust & Savings Bank 3,671 675 3,675 1,000 500 Suburban Trust & Savings Bank 457 657 663 200 150 Oswego: Oswego State Bank 125 13 118 25 10 Stockland: Sumner State Bank_ 135 18 135 50 10 Wenona: First State Bank 229 379 593 50 50 Wheaton: Wheaton Trust & Savings Bank 98 260 362 50 25 Wilmette: Wilmette State Bank 624 419 1,370 200 100 INDIANA Connersville: Fayette Bank & Trust Co 1,125 532 1,457 250 58 Elkhart: St. Joseph Valley Bank 2,062 1,412 2,855 250 200 Indianapolis: Fletcher Trust Co 8,876 12,828 24,825 1,500 1,500 Jamestown: Citizens State Bank 270 58 293 40 10 Richmond: Dickinson Trust Co 3,010 677 1,420 300 200 Rochester: United States Bank & Trust Co. 311 118 375 75 25 South Bend: St. Joseph Loan & Trust Co.__ 3,271 1,189 3,000 800 200 Terre Haute: Terre Haute Trust Co _. 3,621 1,724 4,941 500 500 Tipton: Farmers Loan & Trust Co 540 26 504 50 50 IOWA Algona: Iowa State Bank 374 655 1,264 50 50 Chariton: State Savings Bank 434 150 584 50 35 Charter Oak: Farmers State Bank 287 31 277 40 12 Cherokee: Cherokee State Bank 966 208 1,138 75 75 Des Moines: Bankers Trust Co 3,924 2,134 5,746 1,000 206 Fairbank: Fairbank State Bank 229 101 332 26 16 Fairfield: Iowa State Savings Bank 1,288 79 1,003 200 81 Fort Madison: Fort Madison Savings Bank 964 807 2,004 100 80 Gilman: Citizens Savings Bank _ 225 2 168 50 8 Glenwood: Glenwood State Bank 326 51 385 30 30 Iowa City: First Capital State Bank 235 423 1,431 100 25 Mechanicsville: Mechanicsville Trust & Savings Bank 206 94 346 50 25 Monticello: Monticello State Bank 2,879 760 2,951 200 200 Moorhead: Moorhead State Bank _. 195 9 177 30 30 Newton: Jasper County Savings Bank 865 587 1,897 100 50 Osage: Home Trust & Savings Bank 414 201 646 50 30 Ottumwa: Union Bank & Trust Co 2,516 923 3,933 300 150 Riceville: Riceville State Bank__ 94 1 83 25 10 Royal: Home State Bank 138 27 111 25 13 Shenandoah: Security Trust & Savings Bank _. 300 249 562 60 30 Storm Lake: Security Trust & Savings Bank __. 195 93 321 50 15 MICHIGAN (See also District No. 9) Adrian: Adrian State Savings Bank 497 1,081 1,436 150 100 Commercial Savings Bank 803 549 1,454 110 42 Lenawee County Savings Bank 771 779 1,548 150 63 Albion: Commercial & Savings Bank 566 332 692 100 55 Alpena: Alpena Trust & Savings Bank 2,536 2,885 5,067 400 200 Ann Arbor: Farmers & Mechanics Bank 2,551 653 3,222 250 250 State Savings Bank___ 3,024 2,137 5,216 400 400 Armada: Armada State Bank 329 89 407 25 25 Farmers State Bank 147 37 181 25 13 Bay City: Peoples Commercial & Savings Bank.. 3,187 5,934 9,040 500 1,000 Big Rapids: Big Rapids Savings Bank 384 393 659 50 25 Blanchard: Blanchard State Bank 78 124 210 25 5 Blissfleld: Blisfield State Bank 417 108 731 50 35 Brown City: Brown City Savings Bank 114 17 150 25 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

302 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Loans I m n e v n es t t s - To p t o a s l it d s e- Capital Surplus DISTRICT NO. 7—Continued MICHIGAN—continued Cass City: Cass City State Bank 230 132 340 40 20 Pinney State Bank _. 271 303 576 50 25 Cassopolis: Cass County State Bank 269 57 296 40 18 Charlotte: Eaton County Savings Bank 250 398 552 100 50 Chelsea: Farmers & Merchants Bank 332 293 577 50 50 Kempf Commercial & Savings Bank 359 197 500 60 40 Chesaning: Chesaning State Bank 876 466 1,317 75 70 Croswell: State Bank of Crosswell 435 858 1,255 90 35 Davison: Davison State Bank 252 48 301 50 25 Dearborn: Dearborn State Bank 3,753 1,854 5,863 400 300 Guardian Bank of Dearborn 1,435 2,294 3,680 400 125 Detroit: Detroit Savings Bank 22,680 10,696 34,912 1,500 2,500 United Savings Bank 9,313 2,213 11, 634 1,000 800 Dundee: Monroe County Bank 369 177 434 40 10 Elk Rapids: Elk Rapids State Bank 233 69 238 35 18 Fennville: Old State Bank 214 174 428 50 18 Flint: Citizens Commercial & Savings Bank 4,454 1,005 4,592 500 550 Genesee County Savings Bank 7,365 2,665 9,470 1,000 500 Union Industrial Trust & Savings Bank 9,645 5,243 13,884 2,000 1,000 Frankenmuth: American State Bank 367 300 616 35 30 Frankenmuth State Bank 1,351 168 1,437 100 50 Fremont: Fremont State Bank 261 173 390 50 25 Old State Bank 566 246 847 75 28 Grand Haven: Grand Haven State Bank 1,049 578 1,613 100 100 Peoples Savings Bank 655 216 779 50 50 Grand Rapids: American Home Security Bank 3,544 1,683 3,862 850 425 Grand Rapids Savings Bank 11,774 2,008 13,054 1,000 1,000 Old Kent Bank 19,196 4,134 24,952 2,000 1,400 Greenville: Commercial State Savings Bank 647 330 841 50 50 Highland Park: Highland Park State Bank 13,139 7,261 20, 752 1,000 1,750 Hillsdale: Hillsdale Savings Bank 406 1,072 1,584 100 44 Holland: First State Bank 2,122 581 2,422 200 100 Holland City State Bank 1,753 737 2,271 200 100 Holly: First State & Savings Bank 967 351 1,016 100 50 Howell: First State & Savings Bank ___ 262 303 462 75 25 Jonesville: Grosvenor Savings Bank 330 151 416 50 25 Kalamazoo: Bank of Kalamazoo 4,765 1,393 6,145 600 235 Lakeview: Farmers & Merchants State Bank .. 189 127 282 40 10 Lenox and Richmond: Macomb County Savings Bank 549 188 696 50 25 Lowell: City State Bank 314 221 460 25 25 Ludington: Ludington State Bank _. 510 613 1,212 100 50 Manchester: Peoples Bank 192 180 385 25 25 Union Savings Bank 292 277 523 25 50 Manistee: Manistee County Savings Bank 1,034 1,580 2,725 200 100 Marcellus: G. W. Jones Exchange Bank 379 90 468 40 40 Marshall: Commercial Savings Bank 580 316 886 100 33 Mason: Farmers Bank 298 119 442 50 22 First State & Savings Bank 281 75 385 25 15 Midland: Chemical State Savings Bank 1,531 598 2,332 50 25 Milan: Peoples State Bank__ 612 77 535 50 50 Milford: First State Bank _ 252 124 403 25 Montague :Farmers State Bank __ 172 60 199 25 10 Mount Pleasant: Exchange Savings Bank 293 538 905 50 33 Isabella County State Bank 745 521 1,386 60 35 New Baltimore: Citizens State Savings Bank 217 133 361 25 15 New Haven: New Haven Savinr Bank 65 66 134 25 Onsted: Onsted State Bank _ 164 29 194 25 12 Pigeon: Pigeon State Bank 356 134 402 25 13 Pinconning: Pinconning State Bank 167 109 258 30 8 Romeo: Romeo Sayings Bank 902 289 1,151 100 85 Royal Oak: Guardian Bank 64 474 711 100 50 Saginaw: Bank of Saginaw 10,145 3,410 10,180 1, 250 500 Peoples American State Bank 3,481 1,660 3,734 500 200 St. Charles: St. Charles State Bank 252 539 730 25 25 St. Clair: Commercial & Savings Bank 694 731 1,729 75 38 Saugatuck: Fruit Growers State Bank 603 242 572 100 50 Sebewaing: Farmers & Merchants State Bank 519 557 1,086 50 20 South Haven: Citizens State Bank 778 598 1,186 100 175 Sparta: Sparta State Bank _. 210 156 375 30 15 Spring Lake: Spring Lake State Bank 310 133 449 25 50 Traverse City: Traverse City State Bank 1,029 1,312 2,208 200 200 Utica: Utica Savings Bank 471 254 687 50 25 Warren: State Savings Bank 526 230 700 50 38 "Washington: Washington Savings Bank 121 38 137 25 13 Williamston: Grossman & Williams State Bank 232 129 294 40 20 Williamston State Bank_._ 261 187 398 50 25 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 303 [In thousands of dollars] Invest- Total de- Loans ments posits Capital Surplus DISTRICT NO. 7—Continued WISCONSIN (See also District No. 9) Baraboo: Bank of Baraboo.- 897 945 2,012 100 30 Burlington: Bank of Burlington 870 313 1,132 125 25 Kewaunee: State Bank of Kewaunee 730 381 1,021 80 40 Milwaukee: Badger State Bank 3,125 870 3,818 400 200 Marshall & Ilsley Bank 17,043 7,198 25, 686 1, 500 1,500 Platteville: State Bank of Platteville 449 27 564 50 Plymouth: State Bank of Plymouth........ 493 175 514 100 10 Seneca: Farmers & Merchants State Bank. 329 18 281 35 8 Sheboygan: Citizens State Bank 2,764 1,810 4,617 500 400 Sturgeon Bay: Bank of Sturgeon Bay 1,072 768 1,457 200 DISTRICT NO. 8 Batesville: Citizens Bank & Trust Co_. 235 173 613 50 20 Blytheville: Farmers Bank & Trust Co 338 88 692 200 40 Brinkley: Monroe County Bank 186 19 184 35 10 Little Rock: Bankers Trust Co 3,315 1,504 6,659 600 60 Peoples Trust Co 2,118 685 3,149 350 150 Union Trust Co 4,717 1,769 8,041 500 250 W. B. WorthenCo _ 2,124 734 3,811 200 300 Marvell: Bank of Marvell 133 3 138 50 North Little Rock: Twin City Bank... 441 153 686 100 50 Russellville: Bank of Russellville 332 159 512 75 38 Peoples Exchange Bank—_ 295 15 300 100 20 Waldron: Bank of Waldron 190 83 60 20 (See also District No. 7) Belleville: Belleville Savings Bank 2,221 1,071 2,838 300 300 Collinsville: State Bank of Collinsville 509 222 623 100 50 East St. Louis: Union Trust Co . 951 1,989 2,994 300 200 Effiingham: Effingham State Bank 747 268 1,039 110 25 Granite City: Granite City Trust & Savings Bank_ 673 1,135 1,614 150 88 Greenville: State Bank of Hoiles & Sons 799 125 836 120 40 Harrisburg: First Trust & Savings Bank 533 304 893 150 75 Hillsboro: Montgomery County Loan & Trust Co_ 492 315 669 80 40 Litchfield: Litchfield Bank & Trust Co 297 354 583 100 25 O'Fallon: First State Bank 156 25 138 25 5 KENTUCKY (See also District No. 4) Louisville: Kentucky Title Trust Co 10,954 4,698 3,640 1,000 1,250 Liberty Bank & Trust Co 15, 879 3,226 15, 580 1,000 2,000 7,540 1,976 8,769 750 350 Lincoln Bank & Trust Co MISSISSIPPI 913 261 1,070 75 Greenwood: Greenwood Bank & Trust Co. (See also District No. 10) Camdenton: Camden County Bank 84 108 187 25 5 Lebanon: State Savings Bank 172 39 254 25 18 Luxemburg: Lemay Ferry Bank 797 324 997 50 40 Maplewood: Bank of Maplewood & Trust Co 594 715 1,160 100 25 Peoples State Bank 178 91 202 100 20 Marshall: Wood & Houston Bank 1,136 77 1, 322 100 200 Moberly: Mechanics Bank & Trust Co 236 1,354 2,280 200 14 Normandy: Normandy State Bank... 87 49 110 30 7 Pine Lawn: Pine Lawn Bank 117 52 195 30 15 Richmond Heights: Park Savings Trust Co 322 180 305 100 13 St. Louis: Baden Bank 1,276 1,022 2,127 200 150 Bremen Bank & Trust Co 1,261 3,453 4,801 400 500 Cass Bank & Trust Co 2,036 2,447 4,396 300 400 Chippewa Trust Co 1,001 589 1,309 200 50 Chouteau Trust Co 319 557 642 200 40 Easton-Taylor Trust Co 720 696 1,232 200 100 Grant State Bank 446 933 1,145 200 40 Jefferson Bank & Trust Co 1,207 1,359 2,377 200 125 Jefferson-Gravois Bank- 2,355 1,332 3,252 500 100 Laclede Trust Co 663 737 1,109 300 100 Lafayette-South Side Bank & Trust Co. 10, 572 7,542 19, 252 2,150 750 Lindell Trust Co 1,016 961 1,875 300 100 Lowell Bank _ 1,071 1,972 2,339 200 100 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

304 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Loans I m nv e e n s ts t- To p t o a s l it d s e- Capital Surplus DISTRICT NO. 8—Continued MISSOURI—continued St. Louis: Manchester Bank 2,612 1,475 3,742 500 200 Mercantile-Commerce Bank & Trust Co. 29, 544 54, 749 101,835 10,000 5,000 Mississippi Valley Trust Co 26, 321 24, 253 67, 675 6,000 2,500 Mound City Trust Co 722 520 1,124 200 50 Natural Bridge Trust Co 527 544 857 200 50 North St. Louis Trust Co 908 994 1,760 200 100 Northwestern Trust Co 3,406 4,658 6,956 500 1,000 Sarah-Olive Bank 180 173 175 120 24 Savings Trust Co 2,052 609 1,719 200 50 Scruggs, Vandervoort & Barney Bank 987 977 1,767 200 100 Shaw Bank & Trust Co 405 398 627 200 60 Southern Commercial & Savings Bank... 1.900 750 2,514 200 100 Southwest Bank 783 1,097 1,670 200 50 Tower Grove Bank & Trust Co 4,761 2,777 7,621 500 300 United Bank & Trust Co 3,311 3,656 7,002 1,000 500 Water Tower Bank 788 558 1,209 200 100 West St. Louis Trust Co 663 1,177 1,538 200 75 St. Louis County: Gravois Bank 355 359 721 50 50 Midland Savings Bank 30 99 106 30 2 North Side Bank 61 123 151 25 6 University City: University City Bank & Trust Co 405 269 529 100 30 West End Bank _. 290 321 638 100 26 Versailles: Bank of Versailles 135 16 246 40 15 Washington: Franklin County Bank 361 97 373 50 25 Webster Groves: Webster Groves Trust Co 456 935 1,314 100 100 TENNESSEE (See also District No. 6) Greenfield: Greenfield Bank 223 2 200 30 25 Memphis: Bank of Commerce & Trust Co 14,973 3,504 21,252 3,000 1,500 DISTRICT NO. 9 MICHIGAN (See also District No. 7) Escanaba: State Savings Bank 994 618 1,563 100 100 Ewen: State Bank of Ewen 171 84 247 25 15 Gladstone: Gladstone State Savings Bank. 392 405 701 50 50 Iron Mountain: Commercial Bank 969 422 1,193 100 100 Menominee: Commercial Bank 574 359 1,033 100 50 Sault Ste. Marie: Central Savings Bank 587 518 1,183 100 50 Sault Savings Bank 453 1,157 1,648 100 60 South Range: South Range State Bank 133 505 603 30 30 MINNESOTA Clinton: Clinton State Bank 198 42 Madelia: State Bank of Madelia. 215 13 211 10 Plainview: Peoples State Bank... 121 245 407 5 Revere: State Bank of Revere 184 26 118 25 Westbrook: Citizens State Bank. 146 26 174 5 MONTANA Anaconda: Daly Bank & Trust Co 1,417 1,074 2,672 100 150 Belgrade: Belgrade State Bank 182 34 144 50 Billings: Security Trust & Savings Bank_. 730 616 1,560 100 100 Bozeman: Gallatin Trust & Savings Bank. 353 208 545 100 40 Security Bank & Trust Co 303 125 292 100 10 Butte: Metals Bank & Trust Co 3,581 5,771 11,054 600 400 Miners Savings Bank & Trust Co.. 387 385 811 200 50 East Helena: East Helena State Bank 108 48 109 50 9 Fromberg: Clarks Fork Valley Bank 63 7 62 25 5 Hamilton: Ravalli County Bank 277 125 372 50 15 Helena: Union Bank & Trust Co 1,502 699 3,138 250 150 Opheim: First State Bank 94 11 47 25 Park City: Park City State Bank 97 98 212 25 5 Richey: First State Bank 189 22 115 25 17 Townsend: State Bank of Townsend 275 130 398 100 11 Worden: Farmers State Bank 39 32 113 25 7 SOUTH DAKOTA Belle Fourche: Butte County Bank.. 621 125 936 25 Buffalo: First State Bank 205 26 153 15 Burke: Burke State Bank 47 3 43 10 Faith: Farmers State Bank 139 113 253 5 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 305 [In thousands of dollars] Loans I m nv e e n s t t s - To po ta s l i t d s e- Capital Surplus DISTRICT NO. 9—Continued SOUTH DAKOTA—continued Flandreau: Farmers State Bank . 195 65 287 50 5 Huron: Farmers & Merchants Bank 134 395 529 100 11 Madison* Security Bank & Trust Co 284 72 306 50 10 Mitchell: Commercial Trust & Savings Bank 570 833 1,384 100 50 Newell • Reclamation State Bank 243 19 345 25 15 WISCONSIN (See also District No. 7) Boyceville: Bank of Bovceville _ _ .. 93 101 203 30 6 Glenwood: First State Bank .__ __ 139 56 225 30 7 Hurleyi Iron Exchange Bank 398 426 694 75 25 DISTRICT NO. 10 COLORADO Delta: Colorado Bank & Trust Co _ - 393 141 672 50 38 Denver: Central Savings Bank & Trust Co 1,430 588 2,440 500 53 International Trust Co 3,485 4,867 12,818 500 500 JLa Junta: Colorado Savings & Trust Co 268 90 298 75 43 KANSAS Hiawatha: Morrill & Janes Bank 356 138 522 100 7 Liberal: Citizens State Bank . _ 180 70 308 50 25 Sedan: Sedan State Bank., 193 55 225 30 20 Topeka: Fidelity Savings State Bank 491 643 1,365 200 53 Winfield: State Bank of Winfield.. 483 215 957 125 63 MISSOURI (See also District No. 8) Kansas City: Commerce Trust Co.- 23,336 32,135 85, 643 6,000 2,000 Merchants Bank 1,046 493 1,905 200 100 King City: First Trust Co _ _ 159 22 133 50 4 St. Joseph: Empire Trust Co 710 893 1,688 200 100 South St. Joseph: St. Joseph Stock Yards Bank 1,117 790 2.272 350 150 NEBRASKA Moorefield: Bank of Moorefield 80 7 56 25 1 Wahoo: Wahoo State Bank 47 94 231 40 5 Western: Saline County Bank _ 156 11 112 30 30 NEW MEXICO (See also District No. 11) Aztec: Citizens Bank.. ._ ._ .. 174 50 J68 30 15 OKLAHOMA (See also District No. 11) Okarche: First Bank of Okarche. 93 83 188 50 17 WYOMING Evanston: Stockgrowers Bank 430 83 327 50 50 Mountain View: Uinta County State Bank 82 14 60 40 10 Newcastle: First State Bank 148 167 306 25 25 Sundance: Sundance State Bank 309 28 314 25 13 DISTRICT NO. 11 LOUISIANA (See also District No. 6) Shreveport: Continental-American Bank & Trust Co. 2,909 1,235 5,046 700 175 NEW MEXICO (See also District No. 10) Deming: Mimbres Valley Bank 150 277 444 50 25 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

306 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Invest- Total de- Loans ments posits Capital Surplus DISTRICT NO. 11—Continued OKLAHOMA (See also District No. 10) Valliant: Farmers State Guaranty Bank 65 58 115 25 TEXAS Abernathy: First State Bank 101 2 112 25 Beaumont: Security State Bank & Trust Co 439 183 852 125 11 Brady: Farmers & Merchants State Bank 85 2 53 50 5 Bremond: First State Bank 128 55 267 50 10 Brownfield: Brownfield State Bank 109 29 217 25 25 Bryan: First State Bank & Trust Co 630 153 874 100 100 Canyon: First State Bank 146 2 174 40 30 Clarendon: Farmers State Bank 119 8 124 50 5 Clifton: Farmers State Bank 155 24 293 50 ..... Copperas Cove: First State Bank 41 1 42 25 Dalhart: Citizens State Bank 206 2 200 50 25 Dallas: Dallas Bank & Trust Co 4,827 3,269 11, 219 1,000 500 Mercantile Bank & Trust Co 6,934 5,075 12,639 2,000 260 Del Rio: Del Rio Bank & Trust Co 286 7 225 100 Dodsonville: First State Bank 73 8 84 25 Eden: Eden State Bank 132 2 133 50 Ferris: Farmers & Merchants State Bank 149 3 157 50 50 Forney: Forney State Bank 120 1 119 25 15 Franklin: First State Bank 79 40 95 30 15 Frost: Citizens State Bank 89 2 84 25 25 Gatesville: Guaranty Bank & Trust Co 184 91 336 50 20 Greenville: Citizens State Bank 257 358 821 100 16 Hallsville: Farmers State Bank 61 1 55 25 1 Hamilton: Hamilton Bank & Trust Co 120 8 131 50 30 Hedley: Security State Bank 109 3 70 35 9 Iola: Iola State Bank 39 8 40 25 13 Jacksonville: First State Bank 440 230 764 63 62 Killeen: First State Bank 98 3 146 35 Kirkland: First State Bank 58 4 47 35 Kosse: First State Bank 38 4 58 25 Leakey: First State Bank 53 16 64 25 Llano: Moore State Bank 239 57 326 50 25 Loraine: First State Bank 83 2 151 30 6 Lorenzo: First State Bank 87 2 133 25 10 Luling: Lipscomb Bank & Trust Co 248 72 502 75 80 Madisonville:: Farmers State Bank 91 21 165 25 15 Matador: First State Bank 197 2 181 38 25 Mathis: First State Bank 92 2 75 30 20 McKinney: Central State Bank 291 32 436 75 5 Mertens: First State Bank 39 5 46 25 Mt. Pleasant: Guaranty Bond State Bank 197 27 234 60 13 Nacogdoches: Commercial State Bank 580 147 735 100 Rails: Security State Bank & Trust Co 135 2 210 60 "50 Richardson: Citizens State Bank 53 1 66 25 "I Roaring Springs: First State Bank 40 3 63 25 Robert Lee: First State Bank 121 6 92 30 "Is Royse City: First State Bank 84 19 109 50 Rusk: Farmers & Merchants State Bank & Trust 5 Co -. 111 20 207 50 Shiro: Farmers State Bank 58 1 48 25 10 Sinton: Commercial State Bank 239 80 420 50 50 Spearman: First State Bank 90 74 169 25 7 Stamford: Stamford State Bank 115 43 356 50 5 Sweetwater: Texas Bank & Trust Co 436 174 823 150 50 T W a e ft ll : i n F g i t r o s n t : S " t W ate e ll B in a g n to k n State Bank 1 1 1 1 9 4 3 3 1 5 8 5 3 5 5 0 0 "16 Wharton: Security Bank & Trust Co... 208 178 475 50 50 WhartonBank & Trust Co 375 620 100 100 DISTRICT NO. 12 ARIZONA Buckeye: Buckeye Valley Bank 70 36 25 11 Phoenix: Valley Bank & Trust Co 2,984 2,951 6,725 1,050 550 CALIFORNIA Chico: Peoples Savings & Commercial Bank 336 637 825 100 25 Downey: Los Nietos Valley Bank 535 468 908 75 104 Kingsburg: Kingsburg Bank 399 149 543 110 35 Long Beach: Farmers & Merchants Bank 5,867 2,172 9,498 1,000 250 Los Angeles: Union Bank & Trust Co 16,942 9,624 27,482 5,000 1,700 Pasadena: Citizens Commercial Trust & Savings Bank 1,337 1,545 3,068 300 150 ;San Francisco: American Trust Co 107, 944 67,907 200,995 10,000 10,000 Digitized for FRASER B W a e n ll k s o F f a r M go o n B t a re n a k l & (S U an n io F n ra T nc ru is s c t o C )- o . . . 62 1 , , 7 2 1 2 8 9 87,1 7 9 3 6 7 159 3 , ,0 2 9 5 0 2 9 1 , , 0 0 0 0 0 0 5, 1 0 7 0 8 0 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 307 [In thousands of dollars] Invest- Total de- Loans ments posits Capital Surplus DISTRICT NO. 12—Continued IDAHO Arco: Butte County Bank 91 130 35 Boise: First Security Bank 2,130 1,447 4,360 150 100 Grangeville: Bank of Camas Prairie 262 131 372 50 25 Hazleton: Hazleton State Bank 67 45 99 25 7 Idaho Falls: Anderson Brothers Bank 1,153 969 2,196 150 Malad City: J. M. Ireland & Co. Bankers 197 97 285 40 20 Orofino: Bank of Orlfino 68 150 199 25 13 Pocatello: First Security Bank 776 1, 649 2,713 100 50 Richfield: First State Bank 69 40 85 25 5 Soda Springs: Largilliere Company Bankers_ 163 135 429 25 13 Twin Falls: Twin Falls Bank & Trust Co.... 306 292 872 100 10 OREGON Albany: Albany State Bank 926 340 1,294 50 25 Beaverton: Bank of Beaverton 316 104 390 25 25 Central Point: Central Point State Bank 58 51 102 25 4 Dallas: Dallas City Bank 233 83 332 50 20 Fossil: Steiwer & Carpenter Bank 319 48 206 100 12 Grants Pass: Grants Pass & Josephine Bank. 238 291 572 100 50 Haines: Bank of Haines 59 24 81 25 3 Oakland: E. G. Young & Co. Bank 164 210 383 50 15 Reedsport: First Bank of Reedsport 45 26 68 25 4 Shaniko: Eastern Oregon Banking Co 172 51 142 25 15 Woodburn: Bank of Woodburn 280 299 574 50 10 UTAH Cedar City: Bank of Southern Utah 345 59 351 50 35 Ephraim: Bank of Ephraim 427 51 308 50 55 Gunnison: Gunnison Valley Bank 195 19 241 25 13 Helper: Helper State Bank 487 174 682 50 50 Kaysville: Barnes Banking Co 449 7 282 50 100 Logan: Cache Valley Banking Co 738 403 1,091 100 50 Ogden: Commercial Security Bank 1,743 697 3,246 300 100 Price: Carbon Emery Bank 750 305 1,018 100 50 Provo: Farmers & Merchants Bank 423 118 554 100 25 First Security Bank 493 305 1, 043 100 100 Richfield: James M. Peterson Bank 443 43 271 50 50 Salina: First State Bank 644 27 653 25 100 Salt Lake City: Tracy Loan & Trust Co... 778 344 906 250 200 Utah Savings & Trust Co.. 847 767 1,442 300 150 Walker Bank & Trut Co.. 8,998 ',599 18, 072 ,500 725 Spanish Fork: Commercial Bank.. 461 30 518 50 50 Vernal: Bank of Vernal 195 38 115 60 19 WASHINGTON Almira: Almira State Bank 136 10 50 Chehalis: Coffman-Dobson Bank & Trust Co. 1,215 601 1,679 150 100 Colfax: First Trust & Savings Bank 1,109 133 860 100 20 Coulee City: Security State Bank 38 18 37 25 Ellensburg: Farmers Bank 366 419 867 100 50 Hoquiam: Bank of Hoquiam 533 477 896 100 50 Kelso: Cowlitz Valley Bank 82 157 210 30 30 La Crosse: First State Bank 329 37 211 60 20 Pine City: Pine City State Bank 97 4 62 25 4 Pomeroy: Pomeroy State Bank 525 64 472 50 150 Pullman: Pullman State Bank 413 169 496 50 25 Puyallup: Citizens State Bank 262 173 356 50 15 Puyallup State Bank 167 224 357 50 14 Ritzville: Ritzville State Bank 79 116 157 25 15 Rockford: Farmers & Merchants Bank 140 47 129 25 3 Rosalia: Bank of Rosalia 155 43 154 25 10 Seattle: Peoples Bank & Trust Co 3,300 3,635 8,778 600 200 Selah: Selah State Bank 172 70 235 30 6 South Bend: Pacific State Bank 157 386 491 50 30 Spokane: Spokane & Eastern Trust Co 5,560 2,682 9,852 1,000 250 Washington Trust Co 882 437 1,246 200 100 Tekoa: Tekoa State Bank 309 152 434 45 16 Toppenish: Traders Bank 106 134 257 25 15 Uniontown: Farmers State Bank 85 44 93 25 5 Walla Walla: Union Bank & Trust Co 710 213 630 200 31 Wenatchee: Columbia Valley Bank 917 479 1,247 100 60 Wilbur: State Bank of Wilbur 309 68 275 50 10 Yakima: Yakima Valley Bank & Trust Co____ 1,003 428 1,215 275 55 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

308 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD STATE BANK MEMBERS—SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK, DECEMBER 31, 1932 Number of banks with a capital stock of— State II -3 8 New England: Maine New Hampshire. Massachusetts. _ Rhode Island Connecticut Middle Atlantic: New York 1 New Jersey Pennsylvania 1 2 East North Central: Ohio 9 Indiana 1 Illinois 5 Michigan 18 II Wisconsin 3 West North Central: Minnesota Iowa Missouri South Dakota—. Nebraska Kansas South Atlantic: Delaware Maryland Virginia West Virginia—. North Carolina.. South Carolina- Georgia Florida East South Central: Kentucky Tennessee Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas Mountain: Montana Idaho Wyoming Colorado New Mexico Arizona Utah Pacific: Washington Oregon California Total 805 101 50 114 40 112 50 63 1 Includes 1 bank in Minnesota with a capital of $20,000 and deposits of $407,000. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 309 STATE BANK MEMBERS—SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK, DECEMBER 31, 1932—Continued [In thousands of dollars] Aggregate capital of banks with a capital stock of— s State si "3 New England: Maine 200 200 New Hampshire. _ 75 75 Massachusetts 22,630 100 2,550 14,980 5,000 Rhode Island 10,200 200 5,000 5,000 Connecticut— 2,800 200 2,600 Middle Atlantic: New York 382,937 30 400 155 1,500 600 5,750 9,467 24,000 341,,035 New Jersey 41, 333 50 75 1,200 300 4,600 5,700 22, 741 i,667 Pennsylvania 59,452 25 65 150 135 2,490 6,974 4,050 24,463 21,100 East North Central: Ohio. — 71, 686 225 450 135 500 975 700 580 7,050 61,071 Indiana 3,765 40 50 75 800 1,300 1,500 Illinois 14, 235 125 300 400 530 1,200 1,600 4,000 6,000 Michigan 20, 820 450 400 1,000 510 1,700 410 2,650 2,950 10, 750 Wisconsin 3,225 95 50 155 200 125 600 500 1,500 West North Central: Minnesota.- 150 70 30 50 Iowa 2,611 50 126 300 135 300 700 1,000 Missouri 34,025 75 130 200 700 120 5,650 2,000 3,150 22,000 South Dakota 475 100 100 75 200 Nebraska 95 25 Kansas 505 100 125 200 South Atlantic: Delaware 8,621 8,621 Maryland 9,875 100 3,500 6,250 Virginia 7,900 35 50 65 200 200 1,350 6,000 West Virginia 3,150 100 75 200 750 1,000 1,000 North Carolina... 4,900 200 4,700 South Carolina- 400 25 ""75 100 200 Georgia 6,635 150 155 500 150 530 2,050 3,000 Florida 230 200 East South Central: Kentucky 3,400 1,250 2,000 Tennessee 3,105 30 3,000 Alabama 1,305 50 100 1,000 Mississippi 200 200 West South Central: Arkansas 2,320 35 100 135 200 750 1,100 Louisiana 11,025 1,450 3,500 6,075 Oklahoma 75 25 50 Texas 5,685 425 850 332 500 3,000 Mountain: Montana 1,825 125 150 500 450 600 Idaho 725 100 50 200 300 Wyoming 140 50 50 Colorado 1,125 50 75 1,000 New Mexico. 80 30 50 Arizona 1,075 1,050 Utah 3,160 300 60 400 850 1,500 Pacific: Washington- 3,515 175 350 60 400 150 675 600 1,000 Oregon 525 125 200 200 California 26, 585 75 100 110 300 2,000 24,000 Total. 778, 800 2,520 1,699 5,700 2,842 11,200 6,810 37,679 38, 547167,605 504,198 1 Includes 1 bank in Minnesota with a capital of $20,000 and deposits of $407,000. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

310 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD STATE BANK MEMBERS—SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK, DECEMBER 31, 1932—Continued [In thousands of dollars! Total deposits of banks with a capital stock of— 3 S State si §1 New England: Maine 4,329 4,329 New Hampshire 1,000 1,000 Massachusetts. _ 218,311 1,949 44,989 165, 616 5,757 Rhode Island... 222, 702 2,254 133,839 Connecticut 35, 512 1,187 34,325 Middle Atlantic: New York 5, 287,072 196 4,820 1,924 21,826 7,396 65, 789 132!,,838 298, 699 t4,, 753, 584 New Jersey 512,410 168 875 11, 0815,270 52,896 56, 630 236, 275 149, 215 912,057 158 1,359 897 16,849 71,642 29,021 432, 293 359,449 Pennsylvania. _. East North Central: Ohio 853,440 2,464 4,394 1,424 6,198 9,718 14,946 2, 493 99, 553 712, 250 Indiana 39, 670 293 504 375 5,732 7,941 24,825 Illinois 297,934 639 2,439 669 2,952 4,382 9,017 17, 776 151, 590 108,470 Michigan 254, 392 5,957 4~20414,180 7, 19, 2324,438 32,674 27, 373 138,838 Wisconsin 42, 224 709 564 1,715 2,526 1,132 5,275 4,617 25,686 West North Central: Minnesota 1,108 779 118 211 Iowa 25,359 194 1,171 3,329 1,700 5,332 7,887 5,746 Missouri 358, 378 592 657 2,224 5,470 46, 28221, 571 26,254 255,153 South Dakota... 4,236 794 593 "936 1,913 Nebraska 399 56 "343 Kansas 3,377 225 308 522 957 1,365 South Atlantic: Delaware 45, 094 45,094 Maryland 84,409 1,223 33,921 48,993 Virginia 55,637 327 508 911 783 8,234 44,808 West Virginia.-. 31.053 410 229 1,593 6,805 9,483 12,414 North Carolina. 65, 281 1, 64,073 South Carolina- 4,676 110 726 752 3,088 Georgia 31.054 467 322 1,249 227 1,470 9,670 16,954 Florida 2,040 154 1, """ East South Central: Kentucky 31,473 11, 244 19, 220 Tennessee 22,175 200 723 21, 252 Alabama 18,492 313 512 294 550 16,823 Mississippi 1,070 1,070 West South Central. Arkansas 24,993 184 720 7,652 14, 700 Louisiana 144,471 19,892 0, 567 58,012 Oklahoma 303 115 188 Texas. 37, 375 1,565 1,031 3,825 2,146 3,275 1,675 23,858 Mountain: Montana 21, 644 549 62/ 5,467 3,949 11,054 Idaho 11, 740 812 415 372 3,585 6,556 Wyoming 1,007 620 60 327 Colorado 16, 228 67: 298 15, 258 New Mexico 612 168 444 Arizona 6,824 99 6,72; Utah 30, 793 2,412 3, 706 5,594 18,072 Pacific- Washington 31, 785 889 8792,536 211 3,870 1,679 3,091 8,778 9,852 Oregon 4,144 783 2,583 778 California 405, 661 908 825 543 3,068 12, 588 387, 729 Total. 10, 203,94'19, 240 11, 462 51, 77226,211 115,194 62,006398, 505 408, 573 2,185, 760 6,925, 221 'Includes 1 bank in Minnesota with a capital of $20,000 and deposits of $407,000. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FIDUCIARY POWERS GRANTED TO NATIONAL BANKS Under section ll(k) of the Federal Reserve Act as amended, the Federal Reserve Board has authorized the national banks listed below to exercise one or more fiduciary powers as follows: (1) Trustee. (2) Executor. (3) Administrator. (4) Registrar of stocks and bonds. (5) Guardian of estates. (6) Assignee. (7) Receiver. (8) Committee of estates of lunatics. (9) Any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located. The numerals opposite the name of each bank, which refer to the list given above, indicate the power or powers it is authorized to exercise. Powers Powers granted granted DISTRICT NO. 1 DISTRICT NO. 1—Continued CONNECTICUT CONNECTICUT—continued (See also District no 2) Willimantic: Windham National Ito9. Bank. Ansonia: Ansonia National Bank.. ._ 1 toft. Canaan: Canaan National Bank 1 to 9 Winsted: Hurlbut National Bank ... Ito9 Derby: Birmingham National Bank- 1 to 9, MAINE Hart C fo a r p d i : tol National Bank & Trust I to 6 Au B b a u n r k n . : National Shoe & Leather Ito7. Co. 1 to 9 Augusta: First National Granite Ito9. First National Bank 1 toS. Bank. Hartford National Bank & Trust Bangor: Merchants National Bank... Ito9. Merid C en o : . Home National Bank 1 to 9. B B a a t r h H : arbor: First National Bank Ito4. Mid C M F dl i e e i r n d s t t o t d r w l N a e l n t a o : N ti w o a n t n i a o l n N a B a l a ti B n o k a n n a k l Bank & I 1 I t t t o o o 9 9 9 . . . B B e id lf d B F a e s i a f t r o : t s h r t C d N N : i t a a y F t t i i i N o o rs n n a t a a t i l l o N B n B a a a a t l n i n o k B k n a a n l k B . ank of I I I 1 t t t o o o to 9 8 8 8 . . . . Mystic T : r us M t C ys o t . ic River National 1 to 9. D Ca a B m t i n d d a d r e e l n s fo : c r o C d tt , a a m : d F e i n rs N t a N ti a o t n io a n l a B l a B nk aak 1 1 ,2 to ,3 9 . . 5, and Bank. 1 to 9. of Damariscotta. 6. Naugatuck: Naugatuck National Ellsworth: Liberty National Bank... 1 to 9. Bank. Ito9. Farmington: New Britain: New Britain National First National Bank _ 1 to 9. Bank. Peoples National Bank 1 to 3, and 5 New Haven: Ito8. Fort Fairfleld: Fort Fairfield Na- Ito9. First National Bank & Trust Co. i to 8. tional Bank. New Haven Bank, N.B.A Ito9. Fort Kent: First National Bank 1 to 3,5 to 0 Second National Bank Houlton: First National Bank 1 to 5, and 9 New London: Lewiston: National Bank of Commerce I to 9. First National Bank Ito9. National Whaling Bank 1 to 9. Manufacturers National Bank... 1 to 5, and 9. New London City National Bank 1, 2, 3, 5, 7, Pittsfield: Pittsfleid National Bank.. Ito9. 8, and 0. Portland: New Milford: First National Bank.. Ito9. Canal National Bank Ito9. Norwich: Uncas-Merchants National Ito8. First National Bank 1, 2, and 4. Bank. Portland National Bank.., Ito9. Putnam: Citizens National Bank. ltoO Rockland: Rockland National Bank.. Ito9. Rockville: Rockville National Bank,. Ito9. 8 R a u c m o: f o Y rd or : k R N um at f i o o r n d a l N B a a ti n o k na .. l . Bank... I I t t o o 9 9 . . Torrington: Torrington National Ito9. Skowhegan: First National Bank 1 to 9. Bank & Trust Co. Springvale: Springvale National Ito9. Wallingford: First National Bank.... Ito9 Bank. Waterbury: Thomaston: Thomaston National 1 to 3, 5. 8, Citizens and Manufacturer* Na- Ito9 Bank. and 9 tional Bank. Van Buren: First National Bank 1 to 3, 5 to 7, Digitized for FRAWSatEeRrb ury National Bank ltoft- and 9. https://fraser.stlouis1f8e27d9.9o—rg33 21 311 Federal Reserve Bank of St. Louis

312 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. I—Continued DISTRICT NO. 1—Continued MAINE—continued MASSACHUSETTS—continued New Bedford: Waldoboro: Medomak National Bank.. 1 to 3,5 to 7, First National Bank Ito9. Merchants National Bank 1 to 9. and 9. Safe Deposit National Bank 1 to 9. Waterville: Peoples Ticonic Na- 1 to 9. Newburyport: tional Bank. First and Ocean National Bank_. Ito9. Merchants National Bank Ito8. MASSACHUSETTS Newton: Newton National Bank Ito9. North Adams: North Adams Na- 1 to 9. Abington: Abington National Bank. l. tional Bank. Adams: North Attleboro: Manufacturers Na- 1 to 9. First National Bank 1 to 8. tional Bank. Grayloek National Bank t to 7 and 9. Northampton: Amherst: First National Bank 1 to 9. First National Bank 1 to 9. Andover: Andover National Bank 1 to 9. Northampton National Bank & 1 to 9. Athol: Trust Co. Athol National Bank 1 to 3, 5 to 8.Orange: Orange National Bank 1 to 9. Millers River National Bank l to 7 and 9. Palmer: Palmer National Bank 1 to 9. Attleboro: First National Bank 1 to 9. Peabody: Warren National Bank Ito9. Beverly: Beverly National Bank 1 to 9. Pittsfield: Boston: Agricultural National Bank 1 to 9. F M ir e s r t c h N a a n t t i s o n N a a l t B io a n n a k l . B ank 1 1 t t o o 9 9 . . Pi & tts f T le ru ld s - t T C h o ir . d National Bank 1 to 7 and 9. National Rockland Bank__ 1 to 9. Plymouth: National Shawmut Bank. 1 to 9. Old Colony National Bank to 5. Second National Bank 1 to 9. Plymouth National Bank.. to 4. Webster & Atlas National Bank. 1 to 9 Prqvincetown: First National Bank.. to 9. Brockton: Quincy: National Mount Wollaston to 9. Brockton National Bank 1 to 9. Bank of Quincy. Home National Bank Ito9. Rockport: Rockport National Bank.. to 4. Concord: Concord National Bank 1 to 9. Salem: Merchants National Bank.,. to 9. Dedham: Dedftam National Bank 1 to 9. Shelburne Falls: Shelburne Falls to 7 and 9 Edgartown: Edgartown National 1 to 3. National Bank. Bank. Somerville: Somerville National Ito9. Everett: Everett National Bank 1 to 9. Bank. Fall River: Fall River National Bank, 1 to 9. Southbridge: South&ridge National 1 to 9. Falmouth: Falmouth National Bank. 1 to 9. Bank. Fitchburg: Safety Fund National 1 to 9. Springfield: Bank. Springfield National Bank Ito9. Foxboro: Foxboro National Bank 1 to 9. Third National Bank & Trust Co 1 to 9. Framingham: Framingham National 1 to 9. Tisbury: Martha's Vineyard Na- Ito8. Bank. tional Bank. Gardner: First National Bank i to 9. Townsend: Townsend National Bank_ Ito3. Gl B ou an ce k s . ter: Cape Ann National 1 to 9. Tu B rn an er k s . Falls: Crocker National 1 to 7 and}. Great Barrington: National Ma- 1 to 9. Uxbridge: Blackstone National Bank_ 1 to 4. haiwe Bank. Waltham: Waltharo National Bank._ 1 to 7 and 9. Greenfield: First National Bank & l to 9. Wareham: National Bank of Ware- I to 9. Trust Co. ham. Haverhill: Watertown: Union Market National 1 to 9. Essex National Bank 1 to 7 and 9. Bank. First National Bank l to 4. Webster: First National Bank.. Ito9. Haverhill National Bank 1 to 9. Wellesley. Wellesley National Bank.. Ito9. MerrimaeK National Bank 1 to 4. Westfield: Holyoke: Holyoke National Bank. 1 to 9. First National Bank Ito8. I H p u sw ds i o c n h : : H Fi u rs d t s o N n a N tio a n ti a o l n a B l a B nk a nk 1 l t t o o 9 9 . . Ha T m ru p s d t e C n o. National Bank & 1 to 7 and 9. Lawrence: Bay State National Bank, l to P. Winchendon: First National Bank... 1 to 9. Leominster: Merchants National j 1 to 7 and 9. Winchester: Winchester National 1 to 9. Bank. Bank. Lowell: Woburn: WToburn National Bank 1, % 3, 6, 7, Appleton National Bank 1 to 9. Union Old Lowell National Bank. 1 to 9. Worcester: and 9. Lynn: Mechanics National Bank.. I to 9. Central National Bank l to 8 Worcester County National Bank I to 9. Manufacturers National Bank.. 1 to 9, Yarmouthport: First National Bank I to 9. National City Bank l to 5 and 7. of Yarmouth. Ma den: First National Bank _j i to 9. j, NEW HAMPSHIRE Second National Bank.. | 1 to 9. ij Berlin: Marblehead: National Grand Rank., 1 to 9. '' Berlin National Bank I, 2, 4. Marlboro: and 7. First National Bank 1 to 4. City National Bank i. Peoples National Bank l to 9. Charlestown: Connecticut River Na- 1 and 4. Medford: First National Bank 1,2,3.and5. tional Bank. Methuen: Methuen National Bank.. Ito8. Claremont: Milford: Claremort National Bank 1 to 4. Home National Bank 1 to 4. Peoples National Bank 1. Milford National Bank <fc Trust 1 to 9. Concord: Co. First National Bank 1 to 9. Nantucket: Pacific National Bank... 1 to 9. Mechanicks National Bank 1, 2, and 4. Needham: Needham National Bank. 1 to 9. National State Capital Bank 1, 2, and 4. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 313 Powers Powers granted granted DISTRICT NO. 1—Continued DISTRICT NO. 1—Continued NEW HAMPSHIRE—continued VERMONT—continued Dover: Newport: National Bank of Newport. 1 to 7 and 9. Merchants National Bank Ito3. Northfield: Northfield National Ito9. Strafford National Bank 1 to 4. Bank. Exeter: Rockingham National Bank. 1, 2, and 4. Poultney: Citizens National Bank.. Ito4. Franklin: Franklin National Bank.. 1. Rutland: Hanover: Dartmouth National Bank 1,2,4, and 9. Central National Bank 1 to 7 and 9. Keene: Clement National Bank.. Ito3,5to7. Ashuelot-Citizens National Bank. 1 and 4. Rutland County National Bank. Ito9. Keene National Bank 1 to 4. St. Albans: Welden National Bank. Ito4. Laconia: St. Tohnsbury: Laconia National Bank 1, 2, and 4. First National Bank , 1 to 6 and 9 Peoples National Bank 1 and 4. Merchants National Bank Ito8. Lancaster: Lancaster National Bank. 1,2,4, and 9. Springfield: First National Bank Ito5. Lebanon: National Bank of Leba- 1, 2, 4, 6, 7, Windsor: State National Bank Ito3,5to7. non. and 9." Manchester: DISTRICT NO. 3 Amoskeag National Bank 1, 2, and 4. Manchester National Bank 1. CONNECTICUT Merchants National Bank 1, 4, and 9. Milford: Souhegan National Bank__. 1 and 4. (See also District no. 1) Nashua: Bridgeport: First National Bank & Ito9. Indian Head National Bank 1 to 4, 6, 7, Trust Co. and 9. Danbury: Second National Bank 1, 2, and 4. City National Bank & Trust Co. Ito9. Newport: Citizens National Bank__. 1, 2, 4, 6, 7, Danbury National Bank 1 to 9. and 9. Greenwich: First National Bank in._ Ito9. Peterboro: First National Bank 1, 4, and 9. New Canaan: First National Bank Ito9. Plymouth: Pemigewasset National 1 and 4. & Trust Co. Bank. Norwalk: National Bank of Norwalk. 1 to 9. Portsmouth: Ridgefield: First National Bank & Ito9. First National Bank 1, 2, 4, 6, 7, Trust Co. and 9. South Norwalk: City National Bank. Ito9. New Hampshire National Bank__ 1 and 9. Stamford: Rochester: Public National Bank 1, 2, 4, 6, 7, First Stamford National Bank & Ito9. and 9. Trust Co. Tilton: Citizen's National Bank 1 and 2. Peoples National Bank 1 to 9. 1, 2, 4, 6, 7, Wilton: Wilton National Bank and 9. NEW JERSEY 1 and 4. Wolfeboro: Wolfeboro National Bank_ (See also District no. 3) Allendale: First National Bank 1 to 9. RHODE ISLAND Allenhurst: Allenhurst National Ito9. New A p q o u rt i : dneck National Exchange Ito9. Al B le a n n t k ow & n : T F ru a s r t m C er o s . National Bank. Ito9. Bank & Savings Co. Ito9. Asbury Park: Asbury Park National 1 to 9. Newport National Bank Bank & Trust Co. Providence: Atlantic Highlands: Atlantic High- Ito8. Blackstone Canal National Bank. 1 to 9. lands National Bank. National Bank of Commerce & 1 to 9. Bayonne: Mechanics' National Bank. 1 to 9. Pr T ov ru id s e t n C ce o . National Bank Ito9. Be T ll r e u v s il t l e C : o P . eoples National Bank & Ito9. Bergenfield: Bergenfield National Ito9. VERMONT Bank & Trust Co. Barre: Peoples National Bank___ 1 to 9. Bernardsville: Bernardsville National Ito9. Bellows Falls: National Bank of Bel- Ito9. Bank. lows Falls. Boonton: Boontoon National Bank.. Ito9. Bennington: Boundbrook: First National Bank Ito9. County National Bank 1 to 9. Butler: First National Bank Ito9. First National Bank _._« 1 to 9. Caldwell: Bethel: National White River Bank. 1 to 9. Caldwell National Bank... Ito9. Brandon: First National Bank 1 to 4. Citizens National Bank & Trust Ito8. Brattleboro: Vermont Peoples Na- 1 to 9. Co. tional Bank. Carlstadt: Carlstadt National Bank.. Ito9. Burlington: Howard National Bank 1 to 8. Carteret: First National Bank 1 to 9. & Trust Co. Clifton: Chelsea: National Bank of Orange 1 to 8. Clifton National Bank 1 to 9. County. First National Bank Ito9. Chester: National Bank of Chester... 1,2,3, and 5. Closter: Closter National Bank & Ito9. Danville: Caledonia National Bank.. 1 to 9. Trust Co. Derby Line: National Bank of Derby Cranbury: First National Bank 1 to 9. Line. 1 to 3,5 and 9. Cranford: First National Bank 1 to 9. Enosburg Falls: First National Bank 1 to 9. Dover: National Union Bank Ito9. Manchester Center: Factory Point 1 to 9. Dunellen: First National Bank Ito9. National Bank. East Orange: First National Bank... Ito9. Middlebury: National Bank of Mid- 1 to 9. Elizabeth: National State Bank 1 to 7 and 9. dle bury. Englewood: Citizens National Bank 1 to 9. Montpelier: & Trust Co. First National Bank Ito4. Flemington: Flemington National Ito9. Montpelier National Bank Ito9. Bank & Trust Co. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

314 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 2-Continued NEW JERSEY—continued NEW JERSEY—continued Freehold: Plainfield: Central National Bank Ito9. First National Bank I to 9. First National Bank Ito9. Plainfield National Bank.. . 1 to 9. Frenchtown: Union National Bank._ 1 and 4. Pompton Lakes: First National 1 to 8. Garfield: First National Bank Ito9. Bank & Trust Co, Glen Rock: Glen Rock National Ito9. Prospect Park: Prospect Park Na- 1 to 9. Bank. Hackensack: City National Bank & Ito9. LlOn a* D 311 *v • 1 to 9. Trust Co. R R a a h m w se a y y : : R F a ir h s w t ay N a N ti a o t n io a n l al B B an a k n k_ & ._ I to 9. Hackettstown: Trust Co. Hackettstown National Bank Ito9. Red Bank: Peoples National Bank. Ito9. Broad Street National Bank 1 to 9. Hamburg: Hardyston National Bank- 1 to 8. Second National Bank & Trust 1 to 9. Highland Park: First National Bank_ Ito9. Co. Hillside: Hillside National Bank Ito9. Ridgewood: Hoboken: First National Bank _ Ito4. Citizens National Bank & Trust 1 to 9. Irvington: L^O. Irvington National Bank Ito9. First National Bank & Trust Co. Ito9. Peoples National Bank & Trust Ito9. Roselle: First National Bank 1 to 9. Co. Rutherford: Rutherford National I to 9. Jersey City: Bank. First National Bank Ito9. Sayreville: First National Bank 1 to 8. Franklin National Bank 1 to 7 and 9. Somerville: Second National Bank.__ 1 to 4. Hudson County National Bank- 1 to 9. South Amboy: First National Bank.. 1 to 9. Journal Square National Bank ltoP. South River: First National Bank... 1 to 9. Kearny: First National Bank & Ito9. Summit: First National Bank & 1 to 9. Trust Co. Trust Co. Lambert ville: Sussex: Farmers National Bank 1 to 5. Amwell National Bank Ito9. Tenafly: Northern Valley National 1 to 9. Lambertville National Bank Ito9. Bank. Little Falls: Little Falls National Ito9. Union City: First National Bank 1 to 9. Bank. Washington: First National Bank Ito9. Lyndhurst: First National Bank 1 to 9. Weehawken: Hamilton National 1 to 9. Madison: First National Bank.. Ito9. Bank. Manasquan: Manasquan National Ito9. Westfield: National Bank of West- Ito9. Bank field. Metuchen: Metuchen National Bank- Ito9. West New York: First National Ito9. Millburn: First National Bank 1 to 9. Bank. Milltown: First National Bank 1 to 9* West Orange: First National Bank___ 1 to 9. Montclair: Westwood: First National Bank 1 to 9. First National Bank & Trust Co.. Ito9. Montclair National Bank Ito9. NEW YORK Morristo wn: Albany: First National Bank 1 to 9. National Commercial Bank & Ito8. National Iron Bank Ito9. Trust Co. Newark: New York State National Bank.. 1 to 9. Lincoln National Bank 1 to 9. Amityville: First National Bank & 1 toe. Mount Prospect National Bank_. Ito9. Trust Co. National Newark & Essex Bank- Ito9. Amsterdam: ing Co., Amsterdam City National Bank. 1 to 3,5 to 8. National State Bank Ito9. Farmers National Bank 1 to 9. South Side National Bank & I to 9. First National Bank 1 to 9. Trust Co. Auburn: Auburn-Cayuga National 1 to 9. Union National Bank Ito9. Bank & Trust Co. New Brunsvrick: Babylon: Babylon National Bank 1 to 9. National Bank of New Jersey Ito9. & Trust Co. Peoples National Bank Ito9. Baldwin: Newton: Sussex & Merchants Na- I to 9. Baldwin National Bank & Trust Ito9. tional Bank. Co. Nutley: Sunrise National Bank & Trust 1 to 9. First National Bank Ito9. Co. Franklin National Bank Ito9. Baldwinsville: First National Bank 1 to 9. Orange: & Trust Co. Orange National Bank Ito8. Ballston Spa: Ballston Spa National J to 9. Second National Bank 1 to 9. Bank. Palisades Park: Palisades Park Na- 1 to 9. Batavia: First National Bank ._ 1 to 9. tional Bank & Trust Co. Bath: Bath National Bank 1 to 9. Passaic: Passaic National Bank & 1 to 9. Bay Shore: First National Bank & 1 to 9. Trust Co. Trust Co. Paterson: Beacon: First National Bank 1 to 9, Fishkill National Bank 1 to 9. Labor National Bank 1 to 9. Matteawan National Bank of 1 to 9. National Bank of America 1 to 9. Beacon. Paterson National Bank 1 to 9. Binghamton: Second National Bank 1 to 9. City National Bank 1 to 9. Perth Amboy: First National Bank Ito9. First National Bank 1 to 9. Bridgehampton: Bridgehampton 1 to 9. Perth Amboy National Bank... Ito9. National Bank. Phillipsburg:: Bronxville: Gramatan National 1 to 9. Phillipsburg National Bank & 1 to 8. Bank & Trust Co. Trust Co. Camden: first National Bank & 1 to 9. Second National Bank Ito9. Trust Co. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 315 Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 2—Contlnued NEW YOEK—continued NEW YORK—continued Canajoharie: Goshen: National Bank of Orange 1 to 9. Canajoharie National Bank Ito9. County. National Spraker Bank Ito9. Granville: Washington County Na- 1 to 5. Canandaigua: Canandaigua Na- 1 to 9. tional Bank. tional Bank & Trust Co. Hampton Bays: Hampton Bays 1 to 9. Canton: National Bank. F St i . r st L N aw a r t e io n n c a e l C B o an u k nty National 1 to 9. Hancock: First National Bank 1 to 9. Bank. 1 to 3,5 to 8 Haverstraw: National B a n k <fc Ito9. Carmel: Putnam County National Trust Co. Bank. 1 to 9. Hempstead: First National Bank 1 to 9. Catskill: Catskill National Bank & Hoosick Falls: Peoples First National 1 to 9. Trust Co. 1 to 8. Bank. Cazenovia: Cazenovia National Hudson: Bank. Ito9. Farmers National Bank 1 to 9. Cedarhurst: Peninsula National First National Bank & Trust Co. 1 to 9. Bank. 1 to 9. Hudson Falls: Central Square: First National Bank. Ito9. Peoples National Bank 1 to 9. Central Valley: Central Valley Na- Ito9. Sandy Hill National Bank 1 to 9. tional Bank. Chester: Chester National Bank 1 to 9. Huntington: First National Bank & 1 to 9. Clayton: First National Exchange Ito9. Trust Co. Bank. Uion: Clyde: Briggs National Bank & Ito9. Ilion National Bank & Trust Co. 1 to 9. Trust Co. Manufacturers National Bank... 1 to 9. riohoes: National Bank of Cohoes... Ito8. Irvington: Irvington National Bank 1 to 9. Cooperstown: & Trust Co. First National Bank 1 to 9. Islip: First National Bank 1 to 9. Second National Bank 1 to 8. Ithaca: First National Bank 1 to 9. Corning: First National Bank & 1 to 8. Jamestown: National Chautauqua 1 to 8. Trust Co. Cortland: County Bank. National Bank of Cortland 1 to ». Kingston: Second National Bank & Trust 1 to 9. First National Bank of Rondout. 1 to 9. Co. National Ulster County Bank & 1 to 9. Cuba: Trust Co. Cuba National Bank 1 to 9. Rondout National Bank 1 to 9. First National Bank 1 to 9. State of New York National Bank. 1 to 9. Delhi: Delaware National Bank 1 to 9. Lackawanna: Lackawanna National 1 to 9. Dolgeville: First National Bank 1 to 9. Bank. Dover Plains: Dover Plains Na- 1 to 9. Larchmont: Larchmont National 1 to 9. tional Bank. Bank & Trust Co. Dunkirk: Liberty: Sullivan County National 1 to 9. Lake Shore National Bank 1 to 9. Bank. Merchants National Bank 1 to 8. Little Falls: Little Falls National Ito9. East Rockaway: East Rockaway 1 to 9. Bank. National Bank & Trust Co. Livonia : Stewart National Bank & 1 to 9. Edwards: Edwards National Bank.. 4. Trust Co. Ellenville: First National Bank & Ito9. Lockport: Niagara County National 1 to 9. Trust Co. Bank & Trust Co. Elmira: First National Bank & Trust 1 to 9. Lowville: Black River National 1 to 9. Co. Bank. Fairport: Fairport National Bank & 1 to 9. Lynorook: F F a a T r r m ru R i s n t o g c C d k a o a l . e w : a y F : i r N st a N tio a n ti a o l n a B l a B nk a n o k f .. 4 1 . to 9. L Pe y T o n r p b u l r e s o s t o C N k o a . ti N on at a i l o n B a a l n k B & an T k rus & t 1 1 t t o o 9 9 . . Fl F or a a r l R P o a c r k k a : w F ay ir . st National Bank 1 to 9. Malon C e o : . Farmers National Bank... 1 to 9. Fo & n d T a r : u s N t a C ti o o . nal Mohawk River 1 to 8. M T a r n u h s a t s C se o t . : First National Bank & 1 to 9. Fo B rt a nk P . lain: Fort Plain National 1 to 9. M T as ru se s n t a C : o F . irst National Bank & 1 to 9. Fr B an a k n f k o . rt: Citizens First National Ito9. M B at a t n it k u c & k : T r M us a t t t C it o u . ck National 1 to 9. Fr B ed a o n n k i . a: National Bank of Fre- Ito9. M M e id r d ri l c e k to : w F n i r : s t F i N rs a t t io M na e l r c B ha a n n t k s - Na- 1 1 t t o o 9 9 . . donia. tional Bank & Trust Co. Free C p i o ti r z t e : ns National Bank 1 to 9. M M i o n n e t o ic la e : l lo F : i r N st a t N io a n ti a o l n U al n i B o a n n B k a nk of 1 1 t t o o 9 9 . . First National Bank & Trust Co. 1 to 9. Monticello. Fulton: Citizens National Bank & Ito9. Morristown: Frontier National 4. Trust Co. Bank. Qeneseo: Genesee Valley National 1 to 9. Mount Kisco: Mount Kisco Na- 1 to 9. Bank & Trust Co. tional Bank & Trust Co. Glens Falls: Mount Vernon: First National Bank. 1 to 8. First National Bank 1 to 9. Newburgh: Glens Falls National Bank & Ito9. Highland Quassaick National 1 to 9. Trust Co. & Trust Co. Gloversville: National Bank of Newburgh 1 to 9. City National Bank & Trust Co.. Ito9. New Rochelle : Fulton County National Bank & Ito9. Central National Bank 1 to 9. Trust Co. National City Bank 1 to 9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

316 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 2—Continued NEW YORK—continued NEW YORK—continued New York: Poughkeepsie—Continued. Chase National Bank.. 1 to 9. First National Bank 1 to 9. Commercial National Bank & 1 to 9. Merchants National Bank & I to 9. Trust Co. Trust Co. Dunbar National Bank Ito9. Red Hook: First National Bank 1,2, and 3 First National Bank.-- Ito9. Richfield Springs: First National 1 to 9. Fort Greene National Bank 1 to 9. Bank. Grace National Bank 1 to 9. Riverhead: Suffolk County National 1 to 9. Harriman National Bank & Ito9. Bank. Trust Co. Rochester: First National Bank & Ito9. Kingsboro National Bank of Ito9. Trust Co. Brooklyn in New York. Rockville Center: Nassau County 1 to 9. Lafayette National Bank of Ito9. National Bank. Brooklyn in New York. Rome: Farmers National Bank & 1 to 9. National City Bank Ito9. Trust Co. National Exchange Bank & Trust Ito9. Roscoe: First National Bank & Ito9. Co. Trust Co. National Safety Bank & Trust Co.Ito9. Roslyn: Roslyn National Bank & Ito9. Peoples National Bank of Brook- I to 9. Trust Co. lyn in New York. Rye : Rye National Bank ._ Ito9. Public National Bank & Trust 1 to 9. St. Johnsville: First National Bank- 1 to 9. Co. Salamanca : First National Bank Ito9. Sterling National Bank & Trust 1 to 9. Saranac Lake: Adirondack National Ito9. Co. Bank & Trust Co. Northport: First National Bank & Ito9. Saratoga Springs: Saratoga National Ito9. Trust Co,, Bank. Norwich: Saugerties: First National Bank & Ito9. Chenango County National Bank Ito8. Trust Co. & Trust Co. Sayville ; Oystermens National Bank 1 to 9. National Bank & Trust Co Ito9. Scarsdale: Scarsdale National Bank 1 to 9. Nyack: Nyack National Bank & Ito9. & Trust Co. Trust Co. Schenectady: Olean: Mohawk National Bank 1 to 9. Exchange National Bank Ito9. Union National Bank 1 to 9. First National Bank..— Ito9. Sidney: First National Bank in 1 to 9. Oneida: Oneida Valley National 1 to 9. Sidney. Bank. Silver Creek: Silver Creek National Ito9. Oneonta: Bank. Citizens National Bank & Trust Ito9. Skaneateles: National Bank & Trust Ito9. Co. Co. Wilber National Bank Ito9. Southampton: First National Bank. 1 to 8. Ossinlng: First National Bank & 1 to 9. Spring Valley: First National Bank. 1 to 9. Trust Co. Springville: Citizens National Bank. Ito9. Oswego: First & Second National Ito9. Stamford: National Bank of Stam- Bank & Trust Co. ford. Ovid: First National Bank 4. Suffern: Suffern National Bank & Ito9. Owego: Trust Co. First National Bank 1 to 9. Syracuse: Owego National Bank Ito9. Lincoln National Bank & Trust Ito9. Patchogue:: Peoples National Bank. 1 to 9. Co. Pearl River: First National Bank & Ito9. Merchants National Bank & 1 to 9. Trust Co. Trust Co. Peekskill: Salt Springs National Bank Ito9. Peekskill National Bank & Trust 1 to 9. Tarrytown: Tarrytown National 1 to 3, 5to9. Co. Bank. Westchester County National Ito9. Ticonderoga: Ticonderoga National 1 to 9. Bank. Bank. Pelham: Pelham National Bank Ito9. Troy: Perry: First National Bank... Ito9. Manufacturers National Bank Ito9. Plattsburg: National City Bank.. Ito9. Merchants National Bank in Ito9. Union National Bank..—.. Ito9 Plattsburg. Tuckahoe: First National Bank & Ito9. Plattsburg National Bank & 1 to 5, 7 to9. Trust Co. Trust Co Tuxedo: Tuxedo National Bank 1 to 9. Pleasantville: First National Bank- Ito9. Utica: Oneida National Bank & 1 to 9. Port Chester: First National Bank Ito9. Trust Co. & Trust Co. Valley Stream: Valley Stream Na- ltoS. Port Henry: Citizens National Bank- Ito9. tional Bank & Trust Co. Port Jervis; Walden: First National Bank & 1 to 9. First National Bank... Ito9. Trust Co. National Bank & Trust Co. of Ito9. Walton: First National Bank & Ito9. Port Jervis. Trust Co. Port Richmond: Staten Island Na- Ito9. Warrensburg: Emerson National Ito9. tional Bank & Trust Co. Bank. Port Washington: Port Washington 1 to 9. Warsaw: Wyoming County Na- Ito9. National Bank & Trust Co. tional Bank. Potsdam: Citizens National Bank—. Ito9. Warwick: First National Bank Ito9. Poughkeepsie: Watertown: Fallkill, National Bank & Trust Ito9. Jefferson County National Bank. Ito9. Co. Watertown National Bank Ito8. Farmers & Manufacturers Na- 1 to 9. Watervliet: National Bank of Water- 1 to 9. Digitized for FRAStioEnRal Bank. vliet. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 317 Powers granted DISTRICT NO. 2—Continued DISTRICT NO. 3-Continued NEW YORK—continued NEW JERSEY—continued Waverly: Millville: Citizens National Bank _. 1 to 9. Mechanics National Bank & Ito9. First National Bank 1 to 9. Trust Co. Wellsville: Citizens National Bank.. 1 to 9. Millville National Bank .... Ito9. Westbury: Wheatley Hills National Ito9. Mount Holly: Bank. Mount Holly National Bank 1 to 8. Westfield: National Bank of West- Ito9. Union National Bank & Trust 1 to 9. field. Co. Whitehall: Merchants National Ito9. New Egypt: First National Bank & Ito9. Bank. Trust Co. White Plains: Peoples National 1 to 9. Ocean City: Ocean City National 1 to 9. Bank & Trust Co. Bank. Yonkers: Paulsboro: First National Bank & Ito9. Central National Bank Ito9. Trust Co. First National Bank & Trust Co. 1 to 9. Pemberton: Peoples National Bank. Ito9. Yonkers National Bank & Trust Ito9. & Trust Co. Co. Penns Grove: Penns Grove National 1 to 9. Bank & Trust Co. DISTRICT NO. 3 Pitman: Pitman National Bank & 1 to 9. Trust Co. DELAWARE Pleasantville: Pleasantville National 1 to 9. Bank. Delmar: First National Bank Ito8 Point Pleasant Beach: Ocean County 1 to 8. Dover: First National Bank 1 to 9 National Bank. Harrington: First National Bank 1 to 9. Princeton: First National Bank 1 to 9. Laurel: Peoples National Bank 1 to8. Roebling: First National Bank & Milford: First National Bank & 1 to 9. Trust Co. 1 to 9. Trust Co. Salem: Seaford: First National Bank Ito8. City National Bank & Trust Co. 1 to 9. Smyrna: Salem National Bank & Trust Ito9. Fruit Growers National Bank & Ito9. Co. Trust Co. Swedesboro: Swedesboro National Ito9. National Bank of Smyrna Ito9. Bank. Wilmington: Toms River: First National Bank-. Ito9. Central National Bank 1 to 9. Trenton: Union National Bank _ Ito9. Broad Street National Bank 1 to 9. First-Mechanics National Bank.. 1 to 9. NEW JERSEY Prospect National Bank 1 to 9. Ventnor City: Ventnor City Na- Ito9. (See also District No. 2) tional Bank. Vineland: Vineland National Bank Ito9. Absecon: First National Bank 1 to 9. & Trust Co. Atlantic City: Wildwood: Marine National Bank__ Ito9. Atlantic City National Bank 1 to 4. Woodbury: First National Bank & 1 to 9. Ch & el T se r a u -S st e c C o o n . d National Bank 1 to 9. W T o r o u d s s t t o C w o n . : Audubon: Audubon National Bank. 1 to 9. First National Bank 1 to 9. Barnegat: First National Bank Ito9. Woodstown National Bank & 1 to 9. Beach Haven: Beach Haven Na- 1 to 9. Trust Co. tional Bank & Trust Co. Beverly: First National Bank & 1 to 9. PENNSYLVANIA Bl T ac ru kw st o C od o : . First National Bank & Ito9. (See also District No. 4) Trust Co. Allentown: Bordentown: First National Bank.. Ito9. Allentown National Bank 1 to v). Bridgeton: Merchants Citizens National Ito9. Bridgeton National Bank Ito9. Bank & Trust Co. Cumberland National Bank 1 to 9. Second National Bank 1 to 9. Farmers and Merchants Na- Ito9. Altoona: First National Bank 1 to 9. tional Bank. Ambler: First National Bank Ito9. Burlington: Mechanics National Ito9. Annville: Annville National Bank.. 1 to 9. Bank. Ashland: The Ashland National 1 to 9. Camden: Bank. American National Bank. Ito9. Ashley: First National Bank Ito9. First Camden National Bank & 1 to 9. Atglen: Atglen National Bank.. Ito3. Trust Co. Avoca' First National Bank 1 to 9. Third National Bank & Trust Co. Ito9. Bangor: Cape May: Merchants National 4. First National Bank 1 to 9. Bank. Merchants National Bank 1 to 9. Collingswood: Collingswood Na- Ito9. Bedford: tional Bank. Farmers National Bank & Trust Ito9. Elmer: First National Bank Ito9. Co- Glassboro: First National Bank Ito9. First National Bank & Trust Co_.1 to 9. Haddonfield: Haddonfield National 1 to 9. Bellefonte: First National Bank Ito9. Bank. Belleville: Belleville National Bank. 1 to 3. Hightstown: First National Bank... 1 to 9. Berwick: Hopewell: Hopewell National Bank. 1 to 9. Berwick National Bank. Ito9. Lakewood: Peoples National Bank.. 1 to 9. First National Bank.... 1 to 9. Medford: Burlington County Na- Ito9. Berwyn: Berwyn National Bank 1 to 9. tional Bank. Bethlehem: Merchantville: Merchantville Na- 1 to 9. Bethlehem National Bank itoO. Digitized for FtRioAnaSl EBRan k & Trust Co. First National Bank & Trust Co 1 to \i https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

318 ANNUAL REPORT OF THE "FEDERAL RESERVE BOARl) Powers Powers granted granted DISTRICT NO. 3—Continued DISTRICT NO. S—Continued PENNSYLVANIA—-continued PENNSYLVANIA—continued Blossburg: Citizens National Bank 1 to 9. Huntingdon: & Trust Co. Ito9. Boyertown: First National Bank 1 to 8. Farmers National Bank & Trust 1 to 9. Union National Bank & Trust Co Co. Johnstown: 1 to 8. Brad N fo a r ti d o : n a C l o B m a m nk e rc & ia T l ru N st a C ti o onal 1 1 t t o o 9 9 . . First National Bank I 1 t o to 9 . 9. Bank. Moxham National Bank. 1 to 9. Bridgeport: Bridgeport National 1 to 9. Kane: First National Bank Br B is a to n l k : . Fanners National Bank of 1 to 9. Ke T n r n u e s t t t C S o q . u o a f r e K : e N nn a e ti t o t n S a q l ua B r a e n . k & 1 to 9. Bucks County. Kutztown: Kutztown National C C C h a h t a e a N V L N m D s s t e a e a a e a b h u l r t l t e l a i i : i q e o o r g w s y u n n h b a a a a N u r : N l l e r a g B a B C t t : i a a i o o o n n n u n k k a n a l o t l o y B f f B N C a C a n n a h a k t k a t i a m o s n a b a u e l q r B s u b a a u n r k g. 1 1 1 1 1 t t t t t o o o o o 9 9 9 9 9 . . . . . L L L a a a B & n n n a c g s C F L T n d a h u a o s k r a o n l n u t l . t r e e c e o s n r s : a t n : e t s o C : F t N g e o i P r a r a . C s e t N t i o o o p N a u n l t n e a i a o t s l t y i n o B N N a n a l a a a n t B t l i i k o o a B n n n a a a k n l l k B Ba a n nk k - I 1 1 I 1 It t t o o o t t t o o o 9 9 9 , 9 . . 9 9 , . . First National Bank 1 to 9. Lansdowne: National Bank oif Lans- O Cl o e a a N N t r e f s a a ie v t t i l i i d o o ll n : n e a a : C l l o B B u a a n n n t k k y o o N f f C a C t h i o o e a n s t t a e e l s r v B V il a l a e n ll k e . y . .. 1 1 1 t t t o o o 9 9 9 . . . Le d b o a L F w n i e r n o b s e n a t . : n N on at i N on a a ti l o n B a a l n B k ank 1 1 1 t t t o o o 9 9 9 . . . Columbia: Peoples National Bank Central National Bank 1 to 9. Lehighton: Ito9. First Columbia National Bank__ 1 to 9. Citizens National Bank & Trust Conshohocken: First National Bank- 1 to 9. Co. 1 to 9. Dallastown: First National Bank & 1 to 9. First National Bank Trust Co. Lewisburg: 1 to 9. Danville: Lewisburg National Bank 1 to 9. Danville National Bank__. 1 to 9. Union National Bank First National Bank 1 to 9. Lewistown: 1 to 9. Darby: First National Bank i to 9. Citizens National Bank 1 to 9. Doylestown: Doylestown National 1 to 9. Miffiin County National Bank... 1 to 9. Du B a B n o k i s & : Trust Co. Litit R z: u s F s a e r l m l N er a s t i N on a a ti l o B na a l n k Bank. 1 1 t t o o 9 9 . . East D D e S u p tr B o o s o u i i t d s s N N b a u a t r t i g i o o : n n a a M l l B o B n a a r n n o k k e County 1 1 It o t t o o 9 . 9 9 . . L Lo i B t c tl a k e n s H k to . a w v n en : : L i F tt i l r e s s t t o N w a n ti on N al a t B i a o n n k a — l 1 1 t t o o 9 9 . . E E E E E F E F G G l r a b d l p m a N B T e T e & i a s e w z h p t e c r r t a a a t n E F a E F t : r o u y u k a n u t T b s a w a i a i n p s s r s v k s b r o G t e r r d s b t t : h o s i a : . m u u n t t l s u t a o h o r : C C l r a s v a e E r p e d t g n N t l o o g i o t : r : l m : a N C . . s : a w l B N e F t F F a o a N N a i n : a o i u t i i n . r : t i r r a a n s i s o k P s s o t t a t n t i i F t N e n o o l & a i o N a n N n N a r B l p l s a a t a B T a i a a t l l l B o t t t e n r a i N i i n B B o u s o a o n k a n n a n s n a a k l t a t & k n a n a i & l o l B C l N k k n T a o B B a B T a n . r t a a l a r u k i n n u n B o s k k s k t n a t n a C & C & k l o o . . 1 1 1 1 1 1 1 1 1 1 1 t t t t t t t t t t t o o o o o o o o o o o 9 9 9 9 9 9 9 9 9 9 9 . . . . . . . . . . . L M M M M M M M M M M M u t B & a a e a a i a a e i o i z l l o h l c u d n y r n l a t e U F K M v i h o n h a c i h t n t r T e a e i o o e n n n a a e n h e r k t a r : r w i u n y o t l i s e i : n n m . u o a m t F r i s C : y n B h : c s : s n t F i : N L o e : v t s : h N r a E C b i i s n i N u u C n a M r m F l x a t u i e z s l n t k a o t c t e a r i t e N i y a k o . t g h r N : . o r i N M y m : : n n a : o a n F a t n a e t a M n o a e i i t i S g l t l i r a o w l r t i N o s a e e s o o l n B t B n n u c a n n a B a N a c o N N t a a l n N i l N a h n n o l a a a B k n d B k a t n a t t B i k a i i t C t a o a o o i n i a o o l n o n h n n k n N f n a n k u B — a a k M a l a a n l l a l l t k . n B a i B B B B o k l a v a a N a n a n n e n n n a a k r k k k k l - n . . . . . . 1 1 1 1 1 1 1 1 I 1 I l 1 I t t t t o o o t t o t t t t t t t t o o o o o o o o o o O 9 9 9 . . 4 . 9 9 . 9 9 9 8 9 4 9 . . . . . . . . . . H Gr a e m e F G n i b e c r u t s a t t r s y g t N s l : e b a : u F t r i F i o g r n i s r N t a s l t a N t B N i a o a a t n n i t o a i k o l n n a B a l l a n B B k a a n n k k & ... 1 1 1 1 t t t t o o o o O O 9 9 . . . . M M t o o io n u F n t n r i a t r o l s s C t e B a : N a r n m a F k t i i e r o l s & : n t a l T a n B ru d a s n t k F C a o rm . ers Na- 1 1 t t o o 9 9 . . Trust Co. Union National Bank Harleysville: Harleysville National 1 toO. Mount Joy: 1 to 9. H H a a B B r ts a a ri b n c s o k k b r . . u o r : g : H H ats a b rr o i r s o b N ur a g ti on N a a l t B io a n n a k l .. l 1 t o t O o . 9. Mou U F n i n C r tv i s o o t i l n . le N N : a a t M t i i o o o n n u a a n l l t M v B il o a le u n n k N t J & a o t y i o T B n r a u n a s k l t - 1 1 t t o o 9 4 . . Hatfield: Hatfleld National Bank & ltoO. Bank. 1 toO. Trust Co. Myerstown: Myerstown National H H o a B z n a H l F e e n s i a t k r d o z s . a n l t l e : e N to : a n H t i N o o n n a a e ti l s o d B n a a l a e l n k Ba N nk ational 1 1 1 t t t o o o O O 0 . . . Na B n a N M F t n i i c a k r i o n n s . k t t e i e r c N s : o a k N t e i a o t N n io a a n l t i a B o l n a B a n l a k n B . k . a . nk _. 1 1 1 1 t t t t o o o o 9 9 9 9 . . . . H H o u n m e m y b e r ls o t o o k w : n F : ir H st u m N m ati e o ls n t a o l w B n a n N k a — - 1 1 t t o o 9 9. Na & z a T re ru th s : t C N o a . zareth National Bank 1 to 9. tional Bank. New Holland: Farmers National Bank & Trust Co. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FIDUCIARY POWEHS 319 Powers Powers granted granted DISTRICT NO. 3—Continued DISTRICT NO. 3—Continued PENNSYLVANIA—continued PENNSYLVANIA—continued Newtown: First National Bank & 1 to 7 and 9. Trust Co. Selinsgrove: First National Bank 1 to 9 Newville: First National Bank 1 to 9. Shamokin: Norristown: Market Street National Bank... 1 to 9. Montgomery National Bank Ito9. National Dime Bank of Shamokin. 1 toP. Peoples National Bank... 1 to 9. Shenandoah: Northampton Cement National Ito8. Merchants National Bank _ 1 to 9 Bank of Siegfried. Miners National Bank Ito9. Northumberland: Northumberland 1 to 9. Shickshinny: First National Bank.... 1 to 3, 5 to 8. National Bank. Shippensburg: Oley: First National Bank 1 to 9. First National Bank 1 to 9. Orwigsburg: First National Bank 1 to 9. Peoples National Bank 1 to 9. & Trust Co. Smethport: Grange National Bank 1 to 9. Oxford: National Bank of Oxford 1 to 9. of McKean County. Palmerton: First National Bank 1 to 9. Souderton: Union National Bank & 1 to 9. Patton: First National Bank 1 to 9. Trust Co. Pen Argyl: First National Bank Ito9. Spring City: National Bank & Trust 1 to 9 Philadelphia: Co. Central Penn National Bank 1 to 9. State College: City National Bank ._ „ Ito9. First National Bank 1 to 9. Commercial National Bank 1 to 9. Peoples National Bank 1. to 9. Corn Exchange National Bank Ito9. Stroudsburg: First Stroudsburg Na- 1 to 9. oi i rust uo. tional Bank. Erie National Bank 1 to 9. Sunbury: First National Bank 1 to 9. First National Bank 1 to 9. Swarthmorp; Swarthmore National 1 to 9. Kensington National Bank 1 to 3, 5 to 9. Bank & Trust Co. Market Street National Bank 1 to 9. Tamaqua: Mount Airy National Bank 1 to 9. First National Bank 1 to 9. National Bank of Germantown 1 to 8. Tamaqua National Bank 1 to 9. & Trust Co. Tioga: Grange National Bank 1 to 4. National Bank of Olney in Phila- 1 to 9. Topton: National Bank of Topton... 1 to 4. delphia. Towanda: Citizens National Bank.. I to 9. North Broad National Bank I to 9. Tyrone: First Blair County National 1 to 9. Northeast National Bank L to 9. Bank. Northwestern National Bank I to 9. Watsontown : Farmers National Ito9. & Trust Co. Bank Philadelphia National Bank to 9. Waynesboro: Second National Bank L to 9. Citizens National Bank & Trust Ito9. Southwestern National Bank to 8. Co. Tioga National Bank & Trust Co. 1 to 9. First National Bank & Trust Co. 1 to 9. Tradesmens National Bank & 1 to 9. Weatherly: First National Bank 1 to 9. Trust Co. Wernersville: Wernersville National Ito9. Tulpehocken National Bank & Ito9. Bank & Trust Co. Trust Co. West Chester: Philipsburg: First National Bank 1 to 9. First National Bank Ito9. Phoenixville: Farmers and Mechan- 1 to 9. National Bank of Chester County 1 to 9. ics National Bank. & Trust Co. Pine Grove: Pine Grove National Ito9. West Grove: National Bank & Trust Ito9 Bank & Trust Co. Co. Pittston: First National Bank.. 1 to 9. Wilkes-Barre: Libertv National Bank 1 to 9. Second National Bank... 1 to 9. Plymouth: First National Bank 1 to 9. Wyoming National Bank 1 to 9. Port Allegany: First National Bank. 1 to 9. Williamsport: Pottstown: First National Bank 1 to 9. Citizens National Bank & Trust 1 to 9. Williamsport National Bank 1 to 9. Co. Wrightsville: First National Bank... 1 to 9. National Bank of Pottstown I to 9. York: National Iron Bank L to 9. Central National Bank & Trust 1 to 9. Merchants National Bank I to 9. Drovers and Mechanics National Ito9. Miners National Bank to 9. Bank. Pennsylvania National Bank & L to 9. First National Bank Ito9. Trust Co. Industrial National Bank of Ito9. Reading: West York. Farmers National Bank & Trust Ito9. Western National Bank Ito9. Co. York County National Bank 1 to 9. Penn National Bank & Trust Co. 1 to 9. York National Bank & Trust Co Ito9. Reading National Bank & Trust 1 to 9. Co. DISTRICT NO. 4 Red Lion: Farmers & Merchants National Ito9. KENTUCKY Bank. First National Bank & Trust Co. Ito9. (See also District No. 8) Ridgway: Ridgway National Bank.. 1 to 9. Sayre: First National Bank 1 to 9. Ashland: Schuylkill Haven: First National 1 to 9. Second National Bank 1 to 5, 7 to 9 Bank & Trust Co. Third National Bank 1 to 5, 7 to 9 Schwenksville: National Bank & Ito9. Brooksville: First National Bank.... 1 to 5 and 8 Trust Co. Covington: First National Bank & Ito9. Scranton: Trust Co, First National Bank 1 to 9. Cynthiana: Third National Bank & Trust Co. Ito9. Farmers National Bank 1 to 9. Digitized for FRUAnSioEn RN ational Bank ]Lto9. National Bank of Cynthiana 1 to 5. 7 to 9 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

320 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Power granted granted DISTRICT NO. 4-Confinued DISTRICT NO. 4—Continued KENTUCKY—continued OHIO—continued Georgetown: Lebanon: Lebanon - Citizens Na- 1 to 7 and 9 First National Bank 1 to 9. tional Bank & Trust Co. Georgetown National Bank 1 to 5, 7 to 9. Lorain: National Bank of Commerce. 1 to 7 and 9. Harlan: Harlan National Bank 1 to 5, 7 to 9. Mansfield: Citizens National Bank 1 to 4 and 9. Lexington: First National Bank & Ito9. & Trust Co. Trust Co. Marietta: Ludlow: First National Bank Ito9. Citizens National Bank 1 to 7 and 9. Middlesboro: National Bank of Ito5, 7to9. First National Bank 1 to 7 and 9. Middlesboro. Marion: National City Bank & 1 to 7 and 9. Mount Sterling: Trust Co. Montgomery National Bank Ito8. Mount Vernon: The Knox National 1 to 7 and 9. Mount Sterling National Bank... 1 to 9. Bank. Traders National Bank 1 to 5, 7 to 9. Newark: Park National Bank. 1 to 7 and 9, Newport: New Philadelphia—Citizens National 1 to 7 and 9. American National Bank 1 to 5, 7 to 9. Bank. Newport; National Bank 1 to 5, 7 to 9. Piqua: Paintsville: Citizens National Bank & Trust 1 to 9. Pamtsville National Bank 1 to 5,7 to 9. Co. Second National Bank 1 to 8. Piqua National Bank & Trust 1 to 7 and 9. Paris: First National Bank 1 to 5, 7 to 9. Co. Pikeville: First National Bank 1 to 8. Portsmouth: Richmond: Madison Southern Na- Ito9. First National Bank 1 to 7 and 9. tional Bank & Trust Co. Security Central National Bank_ 1 to 7 and 9. Saylersville: Saylersville National 2 to 8. Ravenna: Second National Bank 1, 4, and 9. Bank. St. Clairsville: First National Bank... 1 to 7 and 9. Somerset: Sandusky: Third National Exchange 1 to 9. Farmers National Bank 1 to 5, 7 to 9. Bank. First National Bank 1 to «. Springfield: Williamsburg: First National Bank.. 1 to 4. First National Bank & Trust Co.. 1 to 9. Winchester: Clark County National 1 to 5, 7 to 9. Lagonda-Citizens National Bank. Bank. Steubenville: 1 to 7 and 9. OHIO National Exchange Bank & Trust Co. 1 to 7 and 9. Alliance: Alliance First National Ito9. Peoples National Bank „ Ashtabula: Tiffin: 1 to 7 and 9. Farmers National Bank & Trust 1 to 9. Commercial National Bank 1 to 7 and 9, Co. Tiffin National Bank _ 1 to 7 and 9. National Bank of Ashtabula 1 to 7 and 9. Toledo: First National Bank 1 to 7 and 9. Athens: Troy: First Troy National Bank & 1 to 7 and 9 Athens National Bank. __ 1 to 7 and 9. Trust Co. Bank of Athens, N. B. A 1 to 7 and 9. Urbana: Champaign National Bank.. Ito7 and 9. Bellaire: First National Bank 1, 3,4,5, and Warren: Second National Bank 1 to 9 9. Wilmington: Clinton County Na- 1 to 7 and 9. Bradford: First National Bank 1 to 7 and 9. tional Bank & Trust Co. Cambridge: Central National Bank- 1 to 7 and 9. .Wooster: Wayne County National 1 to 9. Canton: First National Bank 1 to 7 and 9. Bank. Cincinnati: Youngstown: Atlas National Bank Ito9. Mahoning National Bank 1 to 9. First National Bank 1 to 7 and 9. Union National Bank Lincoln National Bank __ 1 to 9. Zanesville: 1 to 7 and 9. Second National Bank 1 to 7 and 9 Citizens National Bank in Zanes- Circleville: First National Bank 1 to 7 and 9 ville. L to 7 and 9. Cleveland: First National Bank Central United National Bank... 1 to 7 and 9 I, 4, and 9. National City Bank 1 to 7 and 9. PENNSYLVANIA Columbus: City National Bank & Trust Co. 1 to 7 and 9. (See also District No. 3) Huntingdon National Bank 1 to 7 and 9. Ohio National Bank 1 to 7 and 9. Arnold: National Deposit Bank of 1 to 9, Coshocton: Arnold. Commercial National Bank 1 to 7 and 9. Beaver Falls: First National Bank___ 1 to 9. Coshocton National Bank 1 to 9. Brookville: Jefferson County Na- 1 to 9. Dayton: tional Bank. Merchants National Bank & Ito9. Butler: Butler County National 1 to 9. Trust Co. Bank & Trust Co. Third National Bank & Trust 1 to 7 and 9. Canonsburg: First National 33ank 1 to 9. Co. Charleroi: National Bank of Charle- Winters National Bank & Trust ltoO. roi & Trust Co. Ito9. Co. Connellsville: National Bank & East Liverpool: First-National Bank. 1 to 7 and 9. Trust Co. of Connellsville. Ito9. Fi T nd ru !a s y t : C o F . irst National Bank & 1 to 7 and 9. E Er ll ie w — oo d City: First National Bank.. \ 1 to 9. Fostoria: Union National Bank 1 to 7 and 9. First National Bank _.. 1 tO 9. Greenville: Second National Bank... 1 to 7 and 9. Marine National Bank... _.. 1 to 9. Hamilton: Second National Bank... I to 9. First National Bank & Trust 1 to 7 and 9 Ford City: First National Bank & 1 to 9. Co. Trust Co. Second National Bank 1 to 9. Franklin: Lamberton National Bank_ 1 to 9. Hillsboro: Merchants National Bank. 1 to 7 and 9 Greensburg: First National Bank & 1 to 9. Lancaster: Fairfield National Bank._ 1 to 7 and 9. Trust Co. i Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

321 FIDUCIARY POWERS Powers Powers granted granted DISTRICT NO. 4—Continued DISTRICT NO. 5-Continued PENNSYLVANIA—continued DISTRICT OF COLUMBIA—continued Greenville: Washington—Continued. First National Bank — 1 to9. Liberty National Bank Ito8. Greenville National Bank Ito9. Lincoln National Bank__ Ito8. Grove City: National Bank of Washington 1 to 8. First National Bank Ito9. National Metropolitan Bank Ito8. Grove City National Bank Ito9. Riggs National Bank Ito8. Knox: Clarion County National Ito9. Second National Bank 1 to 8. Bank of Edenburg. Leechburg: First National Bank Ito9. MARYLAND McKeesport: First National Bank Ito9. Baltimore: Meadviile: First National Bank Ito9. First National Bank Ito5,7to9 Western National Bank Ito9. Merchants National Bank & Ito9. Cumberland: Trust Co. First National Bank Ito9. Meyersdale: Citizens National Bank . Ito9. Second National Bank 1 to 9. Monessen: Peoples National Bank Ito8. Denton: Denton National Bank Ito9. & Trust Co. Easton: Easton National Bank Ito9. Monongahela City: First National 1 to 3, 5 to 8. Frederick: Bank. Farmers & Mechanics National 1 to 9. New Bethlehem: First National Ito9. Bank. Bank. Frederick County National Bank. Ito9. New Brighton: Union National Bank- Ito9. Hagerstown: New Castle: Nicodemus National Bank Ito9. Citizens National Bank Ito9. Second National Bank Ito9. First National Bank of Lawrence Ito9. Pocomoke City: Citizens National Ito9. County. Bank. New Kensington: Rising Sun: National Bank of Rising Ito9. First National Bank Ito8. Sun. Logan National Bank & Trust Ito7. Rockville: Montgomery County Na- Ito3. Co. tionai x>anK. Oakmont: First National Bank. 1. Salisbury: Salisbury National Bank . Ito9. Oil City: Snow Hill: First National Bank Ito9. First National Bank Ito9. Towson: Towson National Bank Ito9. Oil City National Bank Ito9. Westminster: Pittsburgh: Farmers & Mechanics National Ito9. Farmers' Deposit National Bank. 4 and 9. Bank. First National Bank Ito9. First National Bank Ito9. Forbes National Bank Ito9. William sport: Washington County 1 to 9. Mellon National Bank Ito9. National Bank. National Bank of America at Ito9. Pittsburgh NORTH CAROLINA Union National Bank 1 to 9. Punxsutawney: Punxsutawney Na- Ito9. Asheboro: First National Bank Ito9. tional Bank. Ashevillc: First National Bank & 1 to 9. Reynoldsville: First National Bank.. 1 to 9. Trust Co. Sharon: * Charlotte: First National Bank Ito9. Charlotte National Bank 1 to 9. McDowell National Bank._ 1 to 8. Commercial National Bank 1 to 9. Merchants and Manufacturers Ito9. Merchants & Farmers National Ito9 National Bank. Bank. Tarentum: First National Bank & Ito9. Union National Bank_._ Ito9 Trust Co. Concord: Concord National Bank 1 to 9 Titusville: Second National Bank Ito9. Elizabeth City: First & Citizens Ito9. Union town: Second National Bank.-.Ito9, National Bank. Warren: Warren National Bank_ 1 to 9. Gastonia: Washington: Citizens National Bank.. 1 to 3, 5 to Citizens National Bank Ito9. 7, and 9. First National Bank 1 to 9. Waynesburg: First National Bank 1 to 5, 7 to 9 Graham: National Bank of Ala- Ito9. & Trust Co. Zelienople: Peoples National Bank Ito4. Mooresville: First National Bank Ito9. Morganton: First National Bank Ito9. WEST VIRGINIA Mount Airy: First National Bank Ito9. Oxford: First National Bank of Ito9. (See also District No. 5) Granville at Oxford. Reidsville: First National Bank Ito9. Elm Grove: First National Bank Ito9. Rocky Mount: Planters National Ito9. Sistersville: Union National Bank Ito9. Bank & Trust Co. Wheeling- Salisbury: First National Bank Ito9. National Bank of West Virginia..1 to 9. Thomasville: First National Bank__. Ito9. National Exchange Bank Ito7 Wadesboro: First National Bank Ito9. Winston-Salem: Farmers National 1 to 9. DISTRICT NO. 5 Bank & Trust Co. DISTRICT OF COLUMBIA SOUTH CAROLINA Washington: Anderson: Carolina National Bank.. Ito9. Commercial National Bank Ito8. Camden: First National Bank. Ito9. District National Bank Ito8. Charleston: Federal-American National Bank ltoS Atlantic National Bank Ito9. & Trust Co. South Carolina National Bank._. Ito9. Franklin National Bank Ito8 Chester: Peoples National Bank Ito9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

322 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 5-Continued DISTRICT NO. 5—Continued SOUTH CAROLINA—continued VIRGINIA—continued Columbia: National Loan & Ex- Ito9. Norton: First National Bank Ito9. change Bank. Orange: Gaffney: Merchants & Planters Na- Ito9. Citizens National Bank 1 to 9. tional Bank. National Bank of Orange i to 9. Greenville: Petersburg: First National Bank & 1 to 9. First National Bank Ito9. Trust Co. Peoples National Bank Ito9. Phoebus: Old Point National Bank. 1 to 9. flolly Hill: First National Bank 1 to 3, 5 to 9 Portsmouth: American National 1. Orangeburg: Edisto National Bank Ito9. Bank. Rock Hill: Peoples National Bank.. Ito9. Pulaski: Spartanburg: Central National Bank.. Ito9. Peoples National Bank.... Ito9. Sumter: National Bank of South Ito9. Pulaski National Bank.... 1 to 9. Carolina. Radford: First and Merchants Na- 1 to 9. tional Bank. VIRGINIA Richmond: Central National Bank.... 1 to 9. Abingdon:: First National Bank 1 to 9. First & Merchants National 1 to 9. Alexandria: Bank. Alexandria National Bank Ito9. Roanoke: Citizens National Bank Ito9. Colonial American National Bank 1 to 9. First National Bank _. Ito9. First National Exchange Bank... 1 to 9. Appalachia: First National Bank 1. Rockymount: Peoples National 1 to 9. Bedford: Peoples National Bank Ito9. Bank. Blackstone: First National Bank Ito9. Salem: Farmers National Bank 1 to 9. B C r h i a s r to lo l: tt D es o v m ill i e n : ion National Bank Ito9. St t a i n o l n e a y l : B F a a n r k m . ers & Merchants Na- 1 to 9. National Bank & Trust Co. at Staunton: Charlottesville. Ito9. Augusta National Bank 1. to 9. Peoples National Bank National Valley Bank I to 9. Clifton Forge: Ito9. Staunton National Bank & Trust 1 to 9. Clifton Forge National Bank Co. First National Bank 1 to 9. Strasburg: Covington: 1 to 6 and 9. First National Bank 1 to 9. Citizens National Bank. Ito9. Massanutten National Bank 1 to 9. C C u re l w p C e e o p : v e F i r n : i g r S s to t e c n N o n a N t d i a o t N i n o a a n l ti a o B l n a B a n l a k n B k ank I I t t o o 4 9 . . W Su B a ff r a o r n l e k k n : . t o N n a : ti F on a a u l q B u a i n e k r of N S a u t ff i o o lk nal 1 1 t t o o 9 9. . Danville: Ito9. Waynesboro: First National Bank. 1 to 9. American National Bank & Ito9. Winchester: Trust Co. Farmers & Merchants National 1 to 9. First National Bank Ito9. Bank & Trust Co. Emporia: Shenandoah Valley National 1 to 9. Citizens National Bank ito9. Bank. First National Bank Ito9. Wytheville: First National Farmers 1 to 9. Fairfax: National Bank of Fairfax Ito9. . Bank. Farmville: First National Bank Ito9. WEST VIRGINIA Peoples National Bank 1 to 9. Fredericksburg: Planters National Ito9. (See also District No. 4) Bank in Fredericksburg. IIampton: Merchants National Ito9. Beckley: Beckley National Bank 1 to 9. Bank. Bluefield: 11 arrisonbtirg: First National Bank 1 to 9. First National Bank Ito9. Flat Top National Bank 1 to 9. National Bank of Harrisonburg.. Ito9. Charleston: Charleston National 1 to 9. Rockingham National Bank Ito9. Bank. Leesburg: Clarksburg: Loudoun National Bank Ito9. Empire National Bank ] to 9. Peoples National Bank Ito9. Merchants National Bank 1 to 9. Lexington: Union National Bank, 1 toV First National Bank Ito9. Fairmont: National Bank of Fair- 1 to 9. Peoples National Bank Ito9. mont. Rockbridge National Bank 1 to 9. Grafton: First National Bank. 1 to 9. Lovingston: First National Bank of Ito9. Huntington: First Huntington Na- ] to 9. Nelson County. tional Bank. Lynchburg: Logan: First National Bank 1 to 9. First National Bank 1 to 9. Madison: Boone National Bank 1 to 4. Lynchburg National Bank & Ito9. Martinsburg: Old National Bank 1 to 9. Trust Co. Montgomery: Montgomery National 1 to 9. Marion: Marion National Bank 1 to 9. Bank. Marshall: Marshall National Bank Ito9. Moorefield: South Branch Valley 1 to 3, 5 to 9, & Trust Co National Bank. Mairtinsville:: First National Bank.... 1 to 9. Parkersburg: Parkersburg National 1 to 9. Narrows: First National Bank Ito9. Bank. Newport News: First National Bank Ito9. St. Marys: First National Bank 1 to 9. Norfolk: Welch: McDowell County National Ito9 Norfolk National Bank of Com- Ito9. Bank in Welch. merce and Trusts. Williamson: Seaboard Citizens National Bank. Ito9. First National Bank 1 to 9. Virginia National Bank Ito9. National Bank of Commerce— 1 to 9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 323 Powers Powers granted granted DISTRICT NO. 6 DISTRICT NO. 6-Continued ALABAMA GEORGIA Albertville: Albertville National Ito9. Bank. Albany: City National Bank Ito9. Anniston: Athens: National Bank of Athens 1 to 4. Anniston National Bank 1 to 7, fi;nd 9. Atlanta: Commercial National Bank 1 to 5, 7 First National Bank Ito9. and ». Fulton National Bank 1 to 9. First National Bank Ito8. Augusta: National Exchange Bank.__ Ito9. Bessemer: First National Bank in Ito8. Barnesville: First National Bank Ito8. Bessemer. Brunswick: National Bank of 1 to 9. Birmingham: First National Bank... Ito9. Brunswick. Cullman: Leeth National Bank 1 to 4. Cartersville: First National Bank... Ito9. Deeatur: Morgan County National 1,2,3, and 5. Columbus: Bank. First National Bank Ito9. Dothan: First National Bank 1 to 8. Fourth National Bank 1 to 9. Fayette: First National Bank Ito9. Dalton: First National Bank Ito5. Florence: First National Bank Ito8. Elberton: First National Bank Ito9. Fort Payne: First National Bank 1. La Grange: La Grange National Ito8. Gadsden: First National Bank 1 to 3. Bank. Greenville: First National Bank . 1 to 9. Louisville: First National Bank Ito9. Mobile: Macon: First National Bank & Trust Ito9. American National Bank & Trust Ito9. Co. Co. Moultrie: Moultrie National Bank... 1 to 9. First National Bank 1 to 9 Quitman: Peoples-First National Ito8. Merchants National Bank 1 to 9. Bank. Montgomery: Rome: Alabama National Bank Ito9. First National Bank I to 9. First National Bank Ito9. National City Bank Ito9. Oneonto: First National Bank Ito3,fito9. Savannah: Opelika: Citizens & Southern National Ito9. Farmers National Bank 1 to 9. Bank. First National Bank Ito7. LibertyNational Bank& TrustCo- Ito9. Opp: First National Bank 1 to 9. Oxford: First National Bank 1 to 8. LOUISIANA Piedmont: First National Bank. 1 to 3. Selma: City National Bank 1 to 8. (See also District No. 11) Sylaeauga: Merchants & Planters Ito9. Nationa Bank. Hammond: Citizens National Bank._ Ito9. Talladega: La Fayette: First National Bank Ito9. Isbell National Bank 1 to 3, 5 to Lake Charles: 7, and 9. Calcasieu National Bank in Lake Ito9. Talladega National Bank 1 to 9. Charles. Troy: First Farmers & Merchants 1 to 7 and 9. First National Bank Ito9. National Bank. New Orleans: Whitney National Ito9. Tuscaloosa : Bank. City National Bank 1 to 8, MISSISSIPPI First National Bank 1 to 8. Wetumpka: First National Bank 1 to 9. (See also District No. 8) FLORIDA Biloxi: First National Bank 1 to 5. B D r a a y d t e o n n t a o n B : e F a i c rs h t : N F a ir t s io t n A al t la B n a t n ic k Na- I 1 t o to 4 . 9. H J C a a a c n t k t t s i o e o n s n b : : u F r i g r : s t F N ir a st ti o N n a a t l i o B n a a n l k B . ank 1 It o to 9 . 4. De t B i o a F n n u a k n l . i B ak a n S k p . rings: First National 1 to 8. J C a a c p k i s t o a n l N S a ta ti t o e n N al a t B io a n n a k l Bank I 1 t o to 7 a 9 n . d9 Fort Myers: First National Bank 1 to 9. Laurel: Jacksonville: Commercial National Bank & Ito9. Atlantic National Bank 1 to 9. Trust Co. Barnett National Bank 1 to 9. First National Bank Ito9. Florida National Bank 1 to 9. McComb City: First National Bank.. 1,2, and 3. Lake City: First National Bank Ito9. Meridian: Citizens National Bank... Ito9. M^iami: Natchez: Britton & Koontz Na- 1, 6, and 7. First National Bank Ito9. tional Bank. Florida National Bank & Trust Ito9. Vicksburg: First National Bank & Trust Co.Ito9. Miam C i o Be O a ft c I h V : L iE M Lin i i ami Beach First 1 to 9. Merchants National Bank & Ito9. Trust Co. Oc N a a la ti : o n M a u l n B ro an e k. & Chambliss Na- Ito9. Yazoo City: Delta National Bank... Ito9. Or ti l o an n d a o i : r >a F n i i r v s . t National Bank & 1 to 9. TENNESSEE Pe T n r s u ac st o l C a: o . Citizens & Peoples Na- Ito9. (See also District No. 8) tional Bank. Chattanooga: St. Augustine: St. Augustine Na- 1 to 9. First National Bank Ito9. tional Bank. Hamilton National Bank.. Ito9. Sanford: Sanford Atlantic National 1 to 9. Clarksville: First National Bank 1. Bank. Copperhill: First National Bank of 1 to 3, 5 to 8 Sarasota: Palmer National Bank & 1 to 3, 5 to 7 Polk County. Trust Co. and 9. Decherd: First National Bank of 1, 3 to 9. Tampa: Franklin County. Exchange National Bank Ito9. Dickson: Citizen National Bank Ito8. First National Bank 1 to 8. Fayetteville: Winter Haven: Exchange National Ito9. Elk National Bank 1 to 3 and 5. Digitized for FBRaAnkS.ER First National Bank Ito3,5to9 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

324 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 6—Continued DISTRICT NO. 7—Continued TENNESSEE—continued ILLINOIS—continued G alia tin: First & Peoples National Ito9. Knoxville: Farmers National Bank... 1 to 9. Bank. Lake Forest: First National Ban.k... 1 to 9. Greeneville: First National Bank Ito9. La Salle: La Salle National Bank 1 to 9. Kingsport: First National Bank 1 to 7 and 9. & Trust Co. Knoxville: Libertyville: First Lake County Na- 1 to 9. East Tennessee National Bank Ito9. tional Bank. Hamilton National Bank.. __ Ito9. Lincoln: Lincoln National Bank 1 to 9. Lewisburg: First National Bank Ito8. Macomb: Union National Bank 1 to 9. Morristown: First National Bank 1. Marseilles: First National Bank 1 to 4. Nashville: Mattoon: National Bank of Mattoon. 1 to 9. American National Bank Ito9. Monticello: First National Bank 1 to 9. Broadway National Bank 1 to 7 and 9. Naperville: First National Bank 1 to 9. Third National Bank Ito9. Ottawa: First National Bank Ito9. Shelbyville: Peoples National Bank- 1 to 3,5 to 9. Paris: South Pittsburg—First National Ito9. Citizens National Bank 1 to 9. Bank. Edgar County National Bank 1 to 9. Springfield: First National Bank 2, 3, 6 to 7, Pekin: American National Bank 1 to 9. Tullahoma: Traders National Bank.. ltdan 9d. 9. Peor C ia e : ntral National Bank & Trust Ito9. Winchester: Farmers National Bank.. Ito3, 5to9. Co. Commercial Merchants National 1 to 9. DISTRICT NO. 7 Fi B rs a t n N k a & tio T na ru l s B t a C n o k . Ito9. Pontiac: National Bank of Pontiac... 1 to 9. ILLINOIS Princeton: Citizens National Bank... 1 to 3, 5 to 8 (See also District No. 8) Rockford: 1 to 9. IllCinoo.is National Bank & Trust Amboy: First National Bank. ltoQ. Swedish-American Nationa.1 BankIto9. Aurora: Third National Bank 1 to 9. Aurora National Bank Ito9. St. Charles: St. Charles National Ito9. Merchants National Bank 1 to 9. Bank. Old Second National Bank I to 9. Savanna: First National Bank.. 1 to 9. Batavia: Springfield: Illinois National Bank... 1 to 9. Batavia National Bank Ito9. Streator: Union National Bank-.: 1 to 9. First National Bank Ito8. Waukegan: First National Bank _ 1 to 9. Belvidere: Second National Bank Ito9. Woodstock: American National 1 to 9. Bloornington: First National Bank 1 to 9. Bank. & Trust Co. INDIANA Blue Island: First National Bank Ito9. Cambridge: Farmers National Bank Ito9. (See also District No. 8) v^anton. Canton National Bank Ito9. Albion: Albion National Bank 2,3, 5, and 8 First National Bank Ito8. Attica: Central National Bank & Ito9. Casey: First National Bank.. 1 to 4. Trust Co. Charleston: National Trust Bank Ito9. Auburn: City National Bank.. _. 1 to 9. Chicago: Aurora: First National Bank.... 1 to 9. City National Bank & Trust Co.. 1 to 9. Batesville: First National Bank Ito9. Continental Illinois National Ito9. Bloomington: Bank & Trust Co. Bloomington National Bank Ito9. First National Bank of Engle- Ito4. First National Bank 1 to 7 and 9 wood. Bluffton: Old First National Bank.. Ito9. Lawnaale National Bank Ito9. Brazil: Mutual National Bank Ito9. Citizens National Bank Ito7. National Builders Bank Ito9. Riddell National Bank 1 to 9. Roseland National Bank Ito9. Brookville: Straus National Bank & Trust Ito9. Franklin County National Bank. Ito4. Co. National Brookville Bank. Ito9. Terminal National Bank Ito9. Cambridge City: First National 1 to 8. Chillicothe: First National Bank Ito9. Bank & Trust Co. Danville: Clay City: First National Bank Ito9. First National Bank Ito9. Clinton: First National Bank Ito9. Palmer American National Bank. Ito9. Cloverdale: First National Bank Ito9. Second National Bank Ito8. Columbus: First National B&nk Ito9. urawiorasviiie: Citizens National Bank Ito9. Citizens National Bank Ito4. National Bank of Decatur Ito9. First National Bank 1 to9. Des Plaines: First National Bank.... Ito9. Dana: First National Bank.... Ito3. Dixon: Dixon National Bank Ito9. Dyer: First National Bank.... Ito4. Dundee: First National Bank Ito9. East Chicago: El Paso: Woodford County Na- Ito9. First National Bank in East 1 to 9. tional Bank. Chicago. Evanston: City National Bank & Ito9. Union National Bank of Indiana Ito9. Trust Co., Harbor at East Chicago., Freeport: First National Bank I to 9. Elkhart: First National Bank. Ito9. Galesburg: First Galesburg National Ito9. Elwood: First National Bank. Ito8. Bank & Trust Co. Fort Wayne: Havana: Havana National Bank Ito9. Lincoln National Bank & Trust Ito9. Henry: First Henry National Bank _. Ito7. Co. Joliet: First National Bank 1 to 9. Old-First National Bank & Trust 1 to 9. Kankakee: City National Bank Ito4. 1 Co. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

325 FIDUCIARY POWERS Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 7—Continued INDIANA—continued IOWA—continued Franklin: Citizens National Bank_._. Ito8. Cedar Falls: Cedar Falls National 1 to 7 and 9. Goshen: City National Bank. Ito9. Bank. Greencastle: First National Bank Ito9. Cedar Rapids: Merchants National 1 to 4. Greensburg: Bank. Citizens Third National Bank & Ito9. Charles City: Trust Co, Citizens National Bank 1 to 9. Greenwood: First National Bank 1 to 9. Commercial National Bank 1 to 9. Hartford City: First National Bank. Ito9. Charter Oak: First National Bank... 1,2,3, and 5 Indianapolis: Clinton: City National Bank 1 to 9. Fletcher American National Bank 1 to'7 and 9. Colfax: First National Bank___ 1 to 3, 5 to 9. Indiana National Bank I to 9. Columbus Junction: Louisa County 1,2,3, and 5 Merchants National Bank... .... I to 9. National Bank. Knightstown: Citizens National 1 to 3, 5 to 7, Coon Rapids: * irst National Bank... Ito9. Bank. and 9 ouncil Bluffs: La Fayette: First-Merchants Na- Ito8. City National Bank. 1 to 8. tional Bank. First National Bank 1 to 9. La Porte: First National Bank & 1 to 9. Cresco: First National Bank Ito9. Trust Co. Creston: First National Bank. Ito9. Lebanon: First National Bank Ito9. Des Moines: Liberty: Union County National Ito3. Central National Bank & Trust Ito9. Bank. Logansport; National Bank of Lo- Ito9. Iowa-Des Moines National Bank Ito9. Lo g w an e s ll p : o L rt o . well National Bank ltoS. Dubuq ol u e 1 : T F U i S r l s K t J O N . ational Bank. _ . 1 to 9. Marion: Dysart: Dysart National Bank. 1 to 9 First National Bank 1 to 9. Eldon: First National Bank 1 to 9 Marion National Bank Ito9. Everly: First National Bank . . 1 to 7. Michigan City- Fairfield: First National Bank Ito8. First National Bank 1 to 9. Fonda: First National Bank.... 1 to 4. Merchants National Bank 1 to 9. Fort Dodge: Fort Dodge National 1 to 8. Mishawaka: First National Bank Ito9. Bank. Monrovia: First National Bank Ito4. Gladbrook: First National Bank 1 to 3. Monterey: First National Bank. 1 to 3, 5 to 9 Graettinger: First National Bank 1 to 9. Montpelier: First National Bank Ito9. Grinnell: Poweshiek County 1 to 9. Mulberry: Citizens National Bank.._ 1 to 9. National Bank. Muncie: Delaware County National 1 to 9. Hampton: Citizens National Bank... 1 to 9. Bank. Harlan: Harlan National Bank. ._ 1 to 8. New Carlisle: First National Bank... Ito9. Hawarden: First National Bank 1,2,3, 5 to8 New Castle: Farmers & First Na- Ito9. Humboldt: First National Bank 1 to 4. tional Bank. Jewel Junction: First National Ito3. Noblesville: American National Ito9. Bank. Bank. Kanawha: First National Bank.. . 1 to 3. Peru: First National Bank Ito9. Keokuk: Keokuk National Bank 1 to 9. Plainfield: First National Bank & 1 to 9. Kingsley: Farmers National Bank... 1 to 9. Trust Co. Knoxville: Knoxville Citizens Na- 1 to 9. Plymouth: First National Bank of 1 and 4. tional Bank & Trust Co. Marshall County. LeMars: First National Bank 1 to 3, 5 to 9 Remington: Farmers National Bank... 1 to 3, 5 to 8 Mason City: First National Bank 1 to 9. Richmond: Muscatine: First National Bank 1 to 8. First National Bank Ito9. Newell: First National Bank 1 to 9. Second National Bank. 1 to 9. Newton: Newton National Bank 1 to 9. Rochester: First National Bank 1 to 5,7, and Odebolt: First National Bank 1 to 4. 9. Oelwein: First National BanK_ . 1 to 7. Rockville: Rockville National Bank.. Ito9. Orange City: Orange City National 1 to 9. TrtDU f i Sc% AR Q \*V\ um rr s l ii e 1 h i1 r e / i \. cC • aonu nNtayt iNonaatilo Bnaaln Bkank 1 It t o o 4 9 . . P P e a B r u r a l y l n i : n k F a . : i r F st i r N st a N tio a n ti a o l n a B l a B nk ank. 1 It o to 9 7 . and 9 Rushville National Bank__ Ito4. Peterson: First National Bank 1 to 4. Shelbyville: Primghar: First National Bank Ito9. Farmers National Bank Ito9. Red Oak: First National Bank 1 to 9. Shelby National Bank..— Ho 9. Remsen: First National Bank . .. 1 to 8. South Bend: Rippey: First National Bank. 1,2,3,5 toS Citizens National Bank 1 to 9. Rockwell City: Rockwell City Na- 1 to 9. Merchants National Bank Ito9. tional Bank. Swayzee: First National Bank Ito9. Sibley: First National Bank. 1 to 3. Terre Haute: Terre Haute First Na- Ito9. Sioux City. tional Bank. First National Bank in Sioux City 1 to 9. • Thorntown: Home National Bank... Ito8. Live Stock National Bank. 1 to 9. Tipton: Citizens National Bank 1 to 9. Security National Bank 1 to 9. Wabash: Farmers & Wabash Na- Ito7. Toy National Bank. 1 to 9. tional Bank. Spencer: Clay County National Ito9. Whiteland: Whiteland National Ito4. Bank. Bank. Stanton: First National Bank. 1 to 8. Storm Lake: Citizens First National Ito9. IOWA Bank. Thornton: First National Bank 1 to 9. Akron: First National Bank.... 1 to 9. Tipton: Tipton National Bank Ito9. Arlington: American National Bank.. Ito3. Washington: Washington National 1 to 8. Aurelia: First National Bank 1 to 9. Bank: Belle Plaine: Citizens National Bank. 1 to 3, 5 i;o U. Waverly: First National Bank 1 to 4. Boone: First National Bank 1 to 7 and 9. Webster City: Digitized forB FuRffaAloS CEeRn ter: First National Bank- Ito9. Farmers National Bank 1 to 9. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

326 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 7-Continued DISTRICT NO. 7-Continued MICHIGAN WISCONSIN—continued (See also District No. 9) Lake Geneva: First National Bank.. lto 9. Madison: Commercial National lto 9. Adrian: National Bank of Com- 2,3,5, and 8. Bank. merce. Manitqwoc: First National Bank in lto 9. Ann Arbor: First National Bank & Ito9. Manitowoc. Trust Co. Marinette: First National Bank lto 9. Battle Creek: Marshfield: American National lto 9. Central National Bank & Trust 1 to 9. Bank. Co. Menasha: First National Bank 1 and 4. City National Bank & Trust Co. 1 to 8. Milwaukee: Old Merchants National Bank Ito9. Marine National Exchange Bank. 1 to 9. & Trust Co. Monroe: First National Bank lto 9. Benton Harbor: Farmers & Mer- Ito9. Neenah: chants National Bank & Trust Co. First National Bank lto 9. Birmingham: First National Bank- Ito5. National Manufacturers Bank 1 to 3. C C h o a ld r w lo a tt t e er : : First National Bank 2,3,5, and 8. N Os e h il k ls o v s i h ll : e : C F it i y r s N t a N ti a o ti n o a n l a B l a B n a k nk l l t t o o 9 9 . . Coldwater National Bank 2,3,5, and 8. Platteville: First National Bank lto 9. Southern Michigan National Ito9. Racine: First National Bank & lto 9. Bank. Trust Co. Detroit: Ripon: First National Bank lto 9. First National Bank__ Ito9. Shawano: First National Bank 1 to 8. Guardian National Bank of Com- Ito8. Sheboygan: Security National Bank- lto 9. merce. Sparta: Farmers National Bank lto 9. Flint: First National Bank & Trust Ito9. Stevens Point: Co. Citizens National Bank lto 9. Grand Rapids: Grand Rapids Na- 1 to 9. First National Bank lto 8. tional Bank. Viroqua: First National Bank.. J to 9. Hillsdale: First National Bank.. lto 5 and 8. Waukesha: Waukesha National 1 to 8. Ionia: National Bank of Ionia.. 1 to 9. Bank. Jackson: Union & Peoples National lto 9. Waupun: National Bank of Waupun. 1 to 9. Bank. Wausau: Kalamazoo: First National Bank & lto 9. American National Bank lto 9. Trust Co. First National Bank 1 to 9. Lansing: Capital National Bank lto 4. West Bend: First National Bank 1 to 9. Lapeer: First National Bank 2,3,5, and 8. Wisconsin Rapids: First National lto 9. Ludington: First National Bank & 2,3,5, and 8, Bank. Trust Co. Monroe: First National Bank 1 to 9. DISTRICT NO. 8 Muskeg on: Hackley Union National lto 9. Bank. ARKANSAS Niles: City National Bank & Trust lto 9. Co. El Dorado: First National Bank lto 9. Petoskey: First National Bank. lto 4. Fayetteville: First National Bank-.. lto 9. Pontiac: First National Bank at 1 to 9. Fordyce: First National Bank lto 9. Pontiac. Fort Smith: Port Huron: First National Trust & lto 9. City National Bank 1 to 9. Savings Bank. First National Bank lto 9. Quincy: First National Bank 2.3.5. and 8. Merchants National Bank lto 9. St. Johns: St. Johns National Bank.. 2,3,5, and 8. Hot Springs: Arkansas National lto 9. Saginaw: Second National Bank & lto 8. Bank. Un T i r o u n s t C C i o ty . : Union City National 2,3,5, and 8. M B ar a i n an k n . a: Lee County National Ito9 § Bank. Newport: First National Bank lto 8. Wyandotte: First National Bank lto 9. Paris: First National Bank 1 to 9. Pine Bluff: Simmons National Bank. lto 9. WISCONSIN Texarkana: State National Bank 1 to 9. (See also District No. 9) ILLINOIS Ant igo: (See also District No. 7) First National Bank lto 8. Langlade National Bank 1 to 3,5 to 8. Alton: First National Bank & Trust 1 to 9. Baraboo: First National Bank & lto 9. Co. in Alton. Trust Co. Anna: First National Bank lto 9. Beaver Dam: Belleville: American National Bank lto 9. Belleville National Bank lto 9. Old National Bank lto 9. First National Bank lto 9. Beloit: Second National Bank.... lto 9. St. Clair National Bank 1 to 9. Berlin: First National Bank lto 9. Benld: First National Bank of Benld. 1 to 3,5 to 8. Edition: First National Bank... 1 to 8. Breese: First National Bank lto 9. Chilton: Chilton National Bank. 1 to 9. Bridgeport: First National Bank lto 9. Clinton ville: First National Bank.... lto 4. Bunker Hill: First National Bank... 1 to 9. Darlington: First National Bank lto 8. Carlinville: Carlinville National 1 to 9. Edgerton: First National Bank 1 to 8. Bank. Fond du Lac: Carlyle: First National Bank 1 to 9. Commercial National Bank lto 8. Carmi: National Bank of Carmi 1 to 9. First Fond du Lac National Bank lto 8. Centralia: Old National Bank 1 to 9. Green Bay: Kellogg Citizens Na- lto 9. Edwardsville: Edwardsville Nation- ] to 3, 5 to 7, tional Bank. al Bank & Trust Co. and 9. Hartford: First National Bank 1 to 7 and 9. Effingham: First National Bank lto 9. Digitized forJ aFnResAvSillEe:R F irst National Bank lto 9. Highland: First National Bank 1 to 9. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 327 Powers Powers granted granted DISTRICT NO. 8—Continued DISTRICT NO. 8—Continued ILLIN ois—continued KENTUCKY—continued Jonesboro: First National Bank Ito9. Lawrenceburg: Lebanon: First National Bank 1 to 9. Anderson National Bank 1 to 3, 5 to 9. Mascoutah: First National Bank Ito9. Lawrenceburg National Bank Ito8. Metropolis: City National Bank Ito4. Lebanon: Millstadt: First National Bank 1 to 9. Citizens National Bank Ito9. Mount Carmel—American -First 1 to 9. Farmers National Bank Ito9. National Bank. Marion National Bank Ito6. Murphysboro: First National Bank.. 1 to 8. Louisville: Nashville: Citizens Union National Bank... Ito9. Farmers & Merchants National Ito9. First National Bank Ito9. Bank. Madisonville: Farmers National 1 to 9. First National Bank Ito9. Bank. National Stock Yards: National Ito9, Mayfield: First National Bank Ito9. Stock Yards National Bank of Na- Morganfield: Morganfield National 1 to 9. tional City. Bank. Nokomis: Nokomis National Bank... 1 to 3. Murray: First National Bank Ito9. O'Fallon: First National Bank 1 to 9. Owensboro: National Deposit Bank Ito9. Pittsfield: First National Bank.. 1 to 9. of Owensboro. SDarta: First National Bank 1 to 3,5 to 7. Paducah: Peoples National Bank Ito9. Vandalia: First National Bank..—.. 1 to 8, Princeton: Farmers National Bank Ito9. INDIANA First National Bank Ito3,5 to9 (See also District No. 7) MISSISSIPPI B B e ic d k fo n r e d ll : : B F e ir d s f t o r N d a N tio a n ti a o l n B al a n B k ank-.... 1 1 t t o o 3 9, , , 5 to 9. (See also District No. 6) Boonville: First National Bank 1 to 9,, Columbus: First Columbus National Ito9. Brownstown: First National Bank-.. 1 to 3, 5 to 7, Bank. and 9. Greenville: First National Bank 1 to 4. Cannelton: First Cannelton Na- 1 to 3, 5 to 8. Ito9. tional Bank. West Point: First National Bank Evansville: National City Bank 1 to 9,, MISSOURI Old National Bank 1 to 9,, Fort Branch: Farmers & Merchants 1 to 9, (See also District No. 10) 1 to 8. National Bank. Carrollton: First National Bank Linton: First National Bank 1 to 7, Columbia: 1 to 9. Madison: First National Bank 1 to 9. Boone County National Bank__ Ito8. Mitchell: First National Bank 1 to 5, Exchange National Bank 1 to 9. New Albany: New Albany National Ito9. Hannibal: Hannibal National Bank- 1 to 9. Bank. Jefferson City: Exchange National Orleans: National Bank of Orleans... 1. Bank. Ito8. Petersburg: First National Bank 2, 3, and 5. Kirksville: Citizens National Bank- Ito9 Princeton: Luxemburg: Lafayette National Farmers National Bank 1 to 3, 5 to 7, Bank & Trust Co. 1 to 9. and 9 Monett: First National Bank Ito9. Peoples American National Bank. Ito8. Pierce City: First National Bank Ito9. Rockport: First National Bank 1 to 9. St. Charles: First National Bank Seymour: Seymour National Bank Ito9, St. Louis: Ito9. Tell City: Boatmen's National Bank 1 to 4. T C e it l i l z e C n i s ty N N at a i t o io n n al a l B B an an k k 1 It o to 9 7 . and 9 M Fi e rs r t c a N n a ti t l i e o n C al o B m a m n e k rce National 1 to 9. V V W e in a v d c a e e y n s : v n F i e l s i le r : s : A t F N m ar a e m t r i i o e c r a n s n a N l N B a a t a i t o i n o n k n a a l l B B a a n n k k - 1 I I t t o o to 9 9 . . 9. S S t e B . c L u an r o i k u ty i i s n N N S a a t t i t . o i L o n n o a a u l l i B s B . a a n n k k , Savings I I t t o o 9 9 . . Washington: & Trust Co. Ito9. Peoples National Bank & Trust Ito9. South Side National Bank 1 to 3,5 to 7. W C as o h . ington National Bank Ito9. S Sp ed ri a n l g ia fi : e T ld h : ir U d n N io a n t i N on a a ti l o B na a l n k B . ank-.. I I t t o o 9 9 . . Trenton: Trenton National Bank 1 to 3, 5 to 7. KENTUCKY Unionville: Marshall National Bank— 1 and 4. Warrensburg: Peoples National (See also District No. 4) Bank. Bowling Green—American National 1 and 4. TENNESSEE Bank. Carrollton: (See also District No. 6) Carroll ton National Bank Ito9. First National Bank. Ito9. Dyersburg: First-Citizens National Ito9. Clay: Farmers National Bank Ito9. Bank. Clinton: First National Bank Ito9. Jackson: Columbia: First National Bank & 1 to 3, 5 to 8. First National Bank 1. Trust Co. National Bank of Commerce Ito9. Danville: Security National Bank Ito9. Citizens National Bank 1 to 9. Memphis: Farmers National Bank 1 to 8. First National Bank Ito9. Elizabethtown: First-Hardin Na- Ito9. Union-Planters National Bank & Ito9. tional Bank. Trust Co. Frankfort: State National Bank 1 to 9. Union City: Old National Bank Ito9. 182799—33 22 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

328 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 9 DISTRICT NO. 9—Continued MICHIGAN MINNESOTA—continued (See also District No. 7) Waseca: Farmers National Bank 1 to 9. West Concord: First National Bank 1 to 9. Calumet: First National Bank 1 to 9. Windom: First National Bank 1 to 9. Hancock: First National Bank 2,3,5, and 8. Winona: Houghton: Houghton National Bank. Ito9. First National Bank 1 to 9. Ironwood: Gogebic National Bank.... 2,3,5, and 8. Winona National & Savings 1 to 9. Ishpeming: Miners National Bank.. 2,3,5, and 8. Bank. Lake Linden: First National Bank.. 2,3,5, and 8. Laurium: First National Bank 2,3,5, and 8. MONTANA Marquette: First National Bank & Trust Co. Ito9. Billings: Union National Bank 1 to 9. Midland National Bank... 1 to 9. Menominee: Montana National Bank.- 1 to 9. First National Bank 1 to 9. Bozeman: Commercial National 1 to 4. Lumbermen's National Bank 2,3,5, and 8. Bank. Munising: First National Bank of 2,3,5, and 8. Dillon: First National Bank.. 1 to 7 and 9. Alger County. Great Falls: Negaunee: First National B ank 2,3,5, and 8. First National Bank 1 to 9. Great Falls National Bank 1 to 4. MINNESOTA Helena: First National Bank & 1 to 7 and 9. Albert Lea: Trust Co. First National Bank 1 to 8. Kalispell: First National Bank. 1 to 4. Freeborn County National Bank Ito9. Lewistown: National Bank of. 1 to 9. & Trust Co. Livingston: National Park Bank in 1 to 9. Austin: First National Bank 1 to 8. Livingston. Bemidji: First National Bank.. Ito9. Miles City: First National Bank..... 1 to 9. Blooming Prairie: First National 1,2,3, and 5. Missoula— Bank. First National Bank 1 to 7 and 9. Chatfield: First National Bank. 1 to 5. Western Montana National 1 to 8. Duluth: Bank. City National Bank 1 to 9 First & American National Bank. Ito9. NORTH DAKOTA Minnesota National Bank I to 9. Northern National Bank 1 to 9. Bismarck: Eveleth: First National Bank 1 to 3,5 to 9. Dakota National Bank & Trust 1 to 9. Fairmont: Co. First National Bank 1 to 9. First National Bank__. 1 and 9. Martin County National Bank__ 1 to 9. Dickinson: First National Bank . Faribault: Security National Bank Ito9. Ellendale: First National Bank 1 to 9. & Trust Co. Fargo: 1 to 4. Fergus Falls: First National Bank & Trust Co. 1 to 9. Fergus Falls National Bank & 1 to 8. Merchants National Bank & 1 to 9. Trust Co. Trust Co. First National Bank 1 to 9. Grafton: Grafton National Bank 1 to 9. Hastings: First National Bank 1 to 9. Grand Forks: Hutchinson: Farmers National Ito9. First National Bank 1 to 9. Bank. Red River National Bank & 1 to 9. Little Falls: First National Bank 1, 2, 3, 5, 6, Trust Co. 8, and 9. Jamestown: Mankato: First National Bank & 1 to 9. James River National Bank & 1 to 9. Trust Co. Trust Co. Minneapolis: National Bank & Trust Co 1 to 9. First National Bank 1 to 9. Minot: Midland National Bank & Trust Ito9. First National Bank & Trust Co.1 to 9. Co. Union National Bank & Trust Co 1 to 9. Northwestern National Bank... Valley City: Northfield: Northfield National American National Bank & Trust 1 to 9. Bank & Trust Co. Co. Owatonna: First National Bank 1 to P. First National Bank 1 to 9. Park Rapids: First National Ban ... 1 to 9. Proctor: First National Bank Ito9. SOUTH DAKOTA Red Wing: First National Bank Ito9. Aberdeen: Goodhue County National Bank. Ito9 Aberdeen National Bank & Trust 1 to 9. Red Wing National Bank & 1 to 9 Co. Trust Co. First National Bank & Trust Co.1 to 9. Rochester: First National Bank. Ito9. Arlington: First National Bank 1 to 4. St. Paul: Brookings: Security National Bank 1 to 9. American National Bank__ Ito9. Canton: First National Bank 1 to 9. Empire National Bank & Trust Ito9. hamberlain: First National Bank 1 to 9. Co. & Trust Co. First National Bank Ito9. Clear Lake: Deuel County National 1 to 9. Midway National Bank Ito9. Bank. Twin Cities National Bank Ito9. Deadwood: First National Bank 1 to 9. St. Peter: First National Bank 1 to 8. Huron: National Bank of Huron 1 to 9. Spring Valley: First National Bank.. Ito9. Lake Norden: First National Bank 1 to 3, 5 to 8. Stillwater: First National Bank Ito9. & Trust Co. Truman: Truman National Bank Ito9. Lead: First National Bank. 1 to 9. Virginia: American Exchange Na- 1 to 3, 5 to 8. Miller: First National Bank 1 to 9. tional Bank. Rapid City: First National Bank 1 to 7 and 9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 329 Powers Powers granted granted DISTRICT NO. 9—Continued DISTRICT NO. 10—Continued SOUTH DAKOTA—continued COLORADO—continued Sioux Falls: Longmont: Citizens National Bank & Trust 1 to 9. First National Bank 1 to 9. Co. Longmont National Bank Ito9. First National Bank & Trust Co 1 to 8. Mancos: First National Bank Ito9. Security National Bank & Trust Ito9. Montrose: Montrose National Bank. Ito9. Co. Ordway: First National Bank 1. Vermilion: First National Bank & Ito9. Trinidad: Trust Co. First National Bank 1 to 3. Watertown: Trinidad National Bank Ito9. Citizens National Bank & Trust Ito9. Walsenburg: First National Bank 1 to 9. Co. Windsor: First National Bank ._ 1 to 4. First National Bank & Trust Co. Ito9. Yankton: First Dakota National 1 to 9. KANSAS Bank & Trust Co. Anthony: Citizens National Bank 1 to 8. WISCONSIN First National Bank Ito4. Arkansas City: Home National Ito9. (See also District No. 7) Bank. Atchison: City National Bank 1 to 9. Ashland: Chanute: First National Bank 1 to 9. Ashland National Bank Ito9. Coney ville: Northern National Bank 1 to 7 s.nd 9. Condon National Bank 1 to 3, 5 to 9 Barron: First National Bank Ito3. First National Bank 1 to H and 5 Chippewa Falls: Dodge City: First National Bank... 1 to 9. First National Bank _ Ito9. Emporia: Lumbermens National Bank 1 to 9. Citizens National Bank 1 to 9. Eau Claire: Commercial National Bank & 1 to 9. American National Bank & Trust 1 to 9. Trust Co. Co. 1 to 9. Fort Scott: Citizens National BanK_, 1 to 7 and 9. Union National Bank Horton: First National Bank__ 1 to 4. Menomonie: First National Bank... Ito9. Hutchinson: Superior: American National Bank Ito9. First National Bank Ito7. Exchange National Bank 1 to 8. National Bank of Commerce Ito9. First National Bank Ito4. United States National Bank... 1 to 9. Independence: First National Bank. 1 to 9. - Jewel City: First National Bank 1 to 3. DISTRICT NO. 10 Kansas City: Peoples National 1 to 9. Boulder: COLORADO La x" Lr R> na oar ro »nl nd Kr e: . dF.irst National Bank in 1 to 3 and 5 Boulder National Bank__ Ito4. Lawrence: National State Bank Ito9. First National Bank... Ito8. Brush: First National Bank 1 to 3, .5 to 8. Lawrence National Bank 1 to 8. Canon City: Leavenworth: First National Bank.. 1. First National Bank 1 to 9. Luray: First National Bank 1 to 3. Fremont County National Bank. Ito4. Manhattan: Center: First National Bank Ito4. First National Bank 1 to 9. Colorado Springs: Union National Bank 1 to 9. Colorado Springs National Bank. Ito9. Ottawa: Peoples National Bank 1 to 4. Exchange National Bank Ito9. Paola: Miami County National Ito9. First National Bank Ito9. Bank. Denver: Pratt: First National Bank... 1 to 9. American National Bank Ito7. Salina: Colorado National Bank Ito9. Farmers National Bank 1 to 5 and 8 Denver National Bank 1 to 9. National Bank of America 1 to 9. First National Bank Ito9. Topeka: National Bank of Topeka.. 1 to 9. Stock Yards National Bank 1 to 9. Troy: First National Bank... 1 to 3. United States National Bank Ito9. Wellington: First National Bank.... Ito9. Durango: Burns National Bank 1 to 7. Wichita: Eagle: First National Bank of Eagle Ito4. First National Bank Ito9. County. Fourth National Bank 1 to 9. Englewood: First National Bank Ito4. Southwest National Bank 1 to 9. Florence: First National Bank Ito9. Union National Bank 1 to 9. Fort Collins: Winfield: First National Bank Ito4. First National Bank 1 to 9 Fort Collins National Bank Ito9. Winfield National Bank Ito9. Poudre Valley National Bank 1 to 7 and 9. Fort Morgan: First National Bank... Ito4. MISSOURI Ulenwood Springs—First National 1 to 3, 5 to 7. (See also District No. 8) Bank. Golden: Rubey Nationa Bank Ito9. Cameron: First National Bank.. Ito3. Grand Junction: Grand Valley Na- 1 to 9. Carthage: Central National Bank 1 to 3. tional Bank. Independence: First National Bank. 1 to 9 Greeley: Joplin: Joplin National Bank & 1 to 9. First National Bank... Ito9. Trust Co. Greeley Union National Bank 1 to 9. Kansas City: Gunnison: First National Bank Ito9. Columbia National Bank 1 to 4 and 6. Hugo: First National Bank.— Ito3. Drovers National Bank 1 to 9. Lamar: Lamar National Bank Ito9. Fidelity National Bank & Trust Ito9. Las Animas: First National Bank... Ito9. Co. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

330 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 10—Continued DISTRICT NO. 10—Continued MISSOURI—continued OKLAHOMA—continued Kansas City—Continued. Lawton: City National Bank. 1 to 3, 5 to 7 First National Bank Ito9. and 9. Interstate National Bank 1 to 9. McAlester: First National Bank 1 to 3, 5 to 7. Stockyards National Bank 1 to 9. Miami: First National Bank-.... 1 to 9. Traders Gate City National 1 to 9. Muskogee: Bank. Commercial National Bank 1 to 8. Neosho: First National Bank 1 to 9. First National Bank & Trust Co. 1 to 9. Plattsburg: First National Bank 1 to 9. Norman: St. Joseph: First National Bank 1 to 9. American National Bank Ito9. Security National Bank Ito9. Burns National Bank 1 to 4. Okemah: Tootle-LacBy National Bank 1 to 8. First National Bank... 1 to 8. Okemah National Bank Ito9. NEBRASKA Oklahoma City: City National Bank & Trust Co_ 1 to 9. Belden: First National Bank 1 to 3, 5 to 9. Fidelity National Bank 1 to 9. Butte: First National Bank__ Ito3. First National Bank & Trust Co- 1 to 9. David City: First National Bank 1 to 9. Liberty National Bank 1 to 9. Decatur: First National Bank__ Ito3. Tradesmens National Bank 1 to 7 and 9. Emerson: First National Bank Ito8. Okmulgee: Genoa: Genoa National Bank 1 to 9. Central National Bank-- 1 to 9. Grand Island: First National Bank... 1 to 9. Citizens National Bank 1 to 9. Holdrege: First National Bank 1 to 9. Shawnee: Lincoln: Federal National Bank 1 to 9. Continental National Bank to 9. State National Bank 1 to 9. First National Bank _ to 9. Stillwater: Lyons: First National Bank to 3. First National Bank 1 to 9. Madison: First National Bank.. to 7 and 9. Stillwater National Bank.-... 1 to 9. Nebraska City: Nebraska City Na- to 9. Tulsa: tional Bank. Exchange National Bank- 1 and 4. Omaha: First National Bank & Trust Co. 1 to 9. First National Bank to 9. National Bank of Commerce „ Ito3,5toi). Omaha National Bank to 9. United States National Bank to 9. WYOMING Ord: First National Bank in Ord , 2 and 5. Osmond: First National Bank to 9. Buffalo: First National Bank 1 to 4. Pender: First National Bank , and 3 to 7. Casper: Randolph: First National Bank to 9. Casper National Bank _ 1 to 5. South Omaha: Wyoming National Bank 1 to 9. Packers National Bank 1 to 9. Cheyenne: Stock Yards National Bank 4. American National Bank 1 to 9. Utica: First National Bank 2 and 3. Stock Growers National Bank.-. 1 to 9. Wataoo: First National Bank 1 to 3. 5 to 9. Cody: Wayne: First National Bank 1 to 9. First National Bank 1 to 9. Shoshone National Bank 1 and 4. NEW MEXICO Evanston: First National Bank... ___ 1 to 3. Kemmerer: First National Bank...-- 1 to 5. (See also District No. 11) Laramie: First National Bank 1 to 3. Powell: First National Bank. 1 to 8. Albuquerque: Rawlins: Albuquerque National Trust & 1 to 9. First National Bank 1 to 9. Savings Bank. Rawlins National Bank ... 1 to 9. First National Bank___ 1 to 7 and 9. Rock Springs: Rock Springs Na- 1 to 9. Farmington: First National Bank.... 2 and 3. tional Bank. Gallup: First National Bank in Gal- 2 and 3. Sheridan: First National Bank. 1 to 9. lup. Thermopolis: First National Bank.... 1 to 9. Raton: First National Bank in Raton. Ito7. Santa Fe: First National Bank 1 to 9. " DISTRICT NO. 11 OKLAHOMA ARIZONA Ada: First National Bank Ito9. (See also District No. 12) Anadarko: First National Bank 1 to 9. Ardmore: First National Bank 1 to 8. Nogales: First National Bank.. 1 to 8. Bartlesville: Tucson: Consolidated National Bank 1 to 4. First National Bank 1 to 9. Union National Bank 4 LOUISIANA Blackwell: First National Bank 1 to 9. Bristow: American National Bank... Ito9. (See also District No. 6) Broken Arrow: First National Bank__ 1 to 4, 6 to 9. Cleveland: First National Bank...... 1 to 9. Homer: Homer National Bank 1 to 8. Dewey: First National Bank.. 1 to 9. Shreveport: Enid: Commercial National Bank in 1 to 9. Central National Bank Ito9. First National Bank 1 to 9, First National Bank I to 9. Gnthrie: First National Bank 1 to 8. NEW MEXICO Holdenville: First National Bank 1 to 9. Hominy: (See also District No. 10) First National Bank 1 to 3, 5 to 9. National Bank of Commerce Ito9. Roswell: First National Bank.. 1 to 3. Hooker: First National Bank 1 to 3 and 5. Silver City: American National Bank 2 and 3. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

331 FIDUCIAKY POWERS Powers Power? granted granted DISTRICT NO. 11-Continued DISTRICT NO. 11—Continued TEXAS TEXAS—continued Abilene: San Angelo: Citizens National Bank Ito9. Central National Bank 1 to 4. Farmers & Merchants National Ito9. First National Bank Ito9. Bank. San Angelo National Bank Ito9. Albany: Albany National Bank 4. San Antonio: Amarillo: First National Bank Ito9. Alamo National Bank 1 to 9. Austin: Frost National Bank „ Ito9. American National Bank-- Ito9. Groos National Bank 1 to 9. Austin National Bank Ito9. National Bank of Commerce 1 to 9. Beaumont: Seguin: First National Bank 1 to 9. A Fi m rs e t r i N ca a n ti o N n a a t l i o B n a a n l k Bank-. I I t t o o9 9 . . Sh ti e o r n m a a l n B : a M nk e . rchants & Planters Na- 1 to 9. B B B r r o e a n n d h h y a a : m m B : : r F a F i d r i y r s s t N t N N a a t a i t o i t o i n o n a n a l a l B l B B a a n a n k n k k 1 1 1 t t t o o o 7 3 3 , a a 5 n n d t d o 9 5 7 . . . S S t t B e a p n a h t n o e k n n . : v il F le ir : s t F N ar a m ti e o r n s a -F l i B rs a t n N k ational 1 It t o o 9 3 . . Brownsville: Terrell: American National Bank 1 to 8. State National Bank _ Ito9. Texarkana: Texarkana National Ito9. Cameron: Citizens National Bank Ito9. Bank. Childress: First National Bank. Ito9. Troup: First National Bank. Clamsville: First National Bank 1 to 3, 5 to 8. Tyler: Colorado: City National Bank Ito4. Citizens National Bank Ito9. Corpus Christi: Corpus Christi Na- Ito7. Peoples National Bank. 1 to 9. tional Bank. Victoria: Victoria National Bank 1 to 4. Corsicana: First National Bank Ito9. Waco: Dallas: Citizens National Bank Ito9. N R Fi e a r p t s i u t o b n N l a i a c l t i B N on a a n a ti k l o B n o a a f l n C B k o a m nk m & erc T e rust I I 1 t t t o o o 9 4 9 . . . Wic F C hi i i t r t a s y t F N N a a l a l t t s i i o : o n n a a l l B B a a n n k k I I t t o o 8 9 . . Co. First National Bank..- 1 to 9. Del Rio: Del Rio National Bank.__. Ito9. Denison: DISTRICT NO. 12 Citizens National Bank 1 to 9. State National Bank Ito9. El Paso— ALASKA El Paso National Bank. Ito9. Fairbanks: First National Bank 1 to 9. State National Bank Ito9. Floresville: First City National Bank. Ito9. Fort Worth: Continental National Bank Ito9. Phoenix: First National Bank 1 to 9. First National Bank 1 to 9. 1 Fort Worth National Bank _ 1 to 9. Wioslow: First National Bank Stockyards National Bank 1 to 4. CALIFORNIA Gainesville: First National Bank.. 1 to 9. Qalveston: Bakersfield: First National Bank 1 to 9. City National Bank. 1 to 9. Beverly Hills: Beverly Hills Nation- Ito9. First National Bank _._ 1 to 9. al Bank & Trust Co. Hutchings-Sealy National Bank.. 1 to 9. Chico: First National Trust .& Sav- 1 to 8. United States National Bank Ito9. ings Bank . Granger: First National Bank 1 and 2. Fullerton: First National Trust & 1 to 9. Greenville: Greenville National Ex- Ito4. Savings Bank. change Bank. Long Beach: California First Na- Ito9. Haskell: Haskell National Bank Ito3, 5 to 8. tional Bank. Houston: Los Angeles: First National Bank Ito9. Citizens National Trust & Sav- Ito9. National Bank of Commerce 1 to 7 and 9. ings Bank. Second National Bank 1 to 7 and 9 Farmers & Merchants National 1 to 9. South Texas Commercial Na- Ito9. Bank. tional Bank. Seaboard National Bank. 1 to 9. State National Bank to 9. Security-First National Bank 1 to 9. Union National Bank to 9. Mountain View: First National 4. Italy: First National Bank to 9. Bank. Kingsville: First National Bank Ito9. Oakland: La Grange: First National Bank Central National Bank toP. Longview: First National Bank to 3, 5, First National Bank to 9. and 8. Orange: First National Bank to 9. Lubbock: First National Bank Ito9. Orland: First National Bank.. McKinney: Collin County National Ito9. Pasadena: Security National Bank... to 9. Bank. Pleasanton: First National Bank Marfa: Marfa National Bank Ito9. Pomona: First National Bank.. to 3, 5 to 7. Marshall: Redwood City: First National Bank to 3, 5, 7. First National Bank 1 to 3 nnd 5. of San Mateo County. to 9. Marshall National Bank Ito5. Riverside: Citizens National Trust 1 to 9. Midland: Midland National Bank.- Ito9. & Savings Bank. Orange: Sacramento: Capital National Bank. 1 to 9. First National Bank Ito9. Salinas: Salinas National Bank 4. Orange National Bank. Ito9. San Bernardino: American National 1 to 9. Palestine: Royall National Bank Ito4. Bank. Paris: First National Bank Ito9. San Diego: Port Arthur: First National Trust & Savings Ito9. First National Bank Ito5. Bank. Merchants National Bank Ito9. La Jolla National Bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

332 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 12—Continued DISTRICT NO. 12—Continued CALIFORNIA—continued UTAH San Francisco: Anglo California National Bank.. Ito9. Logan: First National Bank. 1 to 9. Ba & n k S a o v f i A ng m s e A ri s c s a o N cia a t t i i o o n n . al Trust Ito9. O Pr g ic d e e : n : F F ir i s r t s t N N at a i t o i n o a n l a l B B a a n n k k . 1. C B r a o n c k k e o r f F C i a r l s i t f o N rn a i t a io , n N a . l A Bank I It t o o 9 9 . . Salt C L o a n k t e in C en it t y a : l National Bank & 2, 3, 5 to 8. Sant P a a A cif n i a c : N F a ir t s io t n N a a l ti B o a n n a k l Bank . 1 It o to 9 . 8. Fi T rs r t u N st a C tio o n . al Bank 1 to 7 and 9. Santa Barbara: Ito4. County National Bank & Trust Ito9. WASHINGTON Co. First National Trust & Savings Ito9. Aberdeen: Grays Harbor National Ito9. Bank. Bank. Stockton: First National Bank Ito9. Bellingham: Ventura: Union National Bank Ito5. American National Bank 1 to 3 and 9. Whittier: Whittier National Trust Ito9. Bellingham National Bank 1 to 9. & Savings Bank. First National Bank 1 to 5 and 9. Woodland: Bank of Woodland, N. A 1 to 3,5 to 7. Burl N in o g r t t o h n w : e F st i e r r s n t N N a a t t i i o o n n a a l l B B a a n n k k I 1 t o to 9 . 7 and 9. Colfax: Farmers National Bank Ito5. Dayton: Columbia National Bank... Ito3; Boise: First National Bank of Idaho... Ito5. Ellensburg: Washington National 1 to9. Hagerman: First National Bank. 1. Bank. Hailey: Hailey National Bank. 1 to 3. Everett: Idaho Falls: American National 1 to 9. Citizens Security National Bank. Ito9. Bank. First National Bank 1 to 9. Lewiston: Lewiston National Bank... 1 to 9. Longview: First National Bank Ito9. Moscow: First National Bank 1 to 4. Mount Vernon: First National Bank Ito9. NEVADA Skagit National Bank Ito4. Reno: First National Bank in Reno. 1 to 7 and 9. O O k ly a m no p g ia a : n : C F a i p rs it t a l N N at a i t o i n o a n l a l B B an a k nk I 1 t o to 9 . 9. Port Angeles: First National Bank. _Ito9. OREGON Pullman: First National Bank Ito7. Ashland: First National Bank 1 to 9. Rosalia: Whitman County National Ito9. Athena: First National Bank. Ito9. Bank. Corvallis: First National Bank 1 to 9. Seattle: Eugene: First National Bank Ito9. First National Bank Ito9. J H H G u o a S r n a o r o c r n d u t i t i s t s o R b h n P u e iv r r a C g n e s r : s i : O t : F y F F r i : e r i i g F r s r s s t o i t t r n N s N N . t a a a t t N t i i i o o o a n n n t a i a a o l l l n B B a B a l a n a n B n k k a k n o k f . 1 1 1 1 a t t t t o o n o o d 3 3 3 9 , , . 9 . 5 5 . t t o o 7 7 , . Spo N P U F k a a i a n B r c n t i s i i e v a f t o i : n e n c N r k a s N . a l it t a B y io t a i N n o n a n a k l a t i o l T o f n B r C u a a l s o n t m k B _ & m an e S k rc a e vings 1 I 1 I t t o o t t o o 9 9 . . 9 9 . . Klamath Falls: and 9. Old National Bank & Union Ito9. American National Bank Ito8. Trust Co. First National Bank 1 to 9. Tacoma: McMinnville: United States Na- 1 to 9. National Bank of Tacoma 1 to 9. tional Bank. Puget Sound National Bank 1 to 9. Marshfleld: Toppenish: First National Bank 1 to 9. Coos Bay National Bank.. 1 to 9. Vancouver: Vancouver National 1 to 4. First National Bank of Coos Bay.1 to 9. Bank. Medford: Waitsburg: First National Bank Ito9. First National Bank Ito9. Walla Walla: Medford National Bank._ Ito9. Baker-Boyer National Bank Ito9. Newberg: United States National Ito9. First National Bank Ito9. Bank of Newburg. Wenatchee: First National Bank Ito9. Pendleton: First Inland National 1 to 9. Yakima: Yakima First National Ito9. Bank. Bank. Portland: First National Bank 1 to 9. HAWAIIAN ISLANDS Peninsula National Bank 1 to 9. United States National Bank 1 to 9. Honolulu: Bishop First National Ito8. Salem: Bank. First National Bank in Salem 1 to 9. United States National Bank 1 to 9. NOTE.—The above list does not include the names of national banks which have received permission to administer trusts transferred to them in connection with the acquisition of assets of other banking institutions, but which have not been granted the right to accept new trust business. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BANKS AUTHORIZED TO ACCEPT BILLS UP TO 100 PER- CENT OF CAPITAL AND SURPLUS The following banks have been granted authority by the Federal Reserve Board to accept drafts and bills of exchange up to 100 percent of their capital stock and surplus: DISTRICT NO. 1 Connecticut: Massachusetts—Continued. Hartford: Hartford National Bank & Trust Dedham: Dedham National Bank. Co. Fitchburg: Safety Fund National Bank. New Haven: First National Bank & Trust Co. New Bedford: Maine: First National Bank. Portland: Safe Deposit National Bank. Canal National Bank. Springfield: Springfield National Bank. Portland National Bank. Worcester: Worcester County National Bank. Massachusetts: Khode Island: Boston: Providence: First National Bank. Blackstone Canal National Bank. Merchants National Bank. Industrial Trust Co. National Shawmut Bank. National Bank of Commerce & Trust Co. Old Colony Trust Co. Providence National Bank. Second National Bank. Khode Island Hospital Trust Co. State Street Trust Co. Webster & Atlas National Bank. DISTRICT NO. 2 Connecticut: New York—Continued. Bridgeport: First National Bank & Trust Co. New York City—Continued. New Jersey: Chemical Bank & Trust Co. Hoboken: First National Bank. Commercial National Bank & Trust Co. Newark: National Newark & Essex Banking Corn Exchange Bank Trust Co. Co. Fifth Avenue Bank. New Brunswick: National Bank of New Jer- First National Bank. sey. Grace National Bank. Paterson: Guaranty Trust Co. Hamilton Trust Co. Harriman National Bank & Trust Co. Paterson National Bank. Irving Trust Co. New York: Marine Midland Trust Co. New York City: National City Bank, Bank of New York & Trust Co. New York Trust Co. Bankers Trust Co. Public National Bank & Trust Co. Chase National Bank. DISTRICT NO. 3 Pennsylvania: Pennsylvania—Continued. Philadelphia: Philadelphia—Continued. Corn Exchange National Bank & Trust Co. Philadelphia National Bank. First National Bank. Tradesmen's National Bank & Trust Co. Market Street National Bank. DISTRICT NO. 4 Ohio: Pennsylvania: Cincinnati: Fifth-Third Union Trust Co. Braddock: First National Bank. Cleveland: Greensburg: First National Bank & Trust Co. Central United National Bank. Pittsburgh: Cleveland Trust Co. First National Bank. Guardian Trust Co. Mellon National Bank. Union Trust Co. Union National Bank. Columbus: Union Trust Co. City National Bank & Trust Co. West Virginia: Ohio National Bank. Wheeling: Wheeling Bank & Trust Co 333 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

334 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 5 Maryland: Virginia: Baltimore: Danville: First National Bank. Baltimore Commercial Bank. Hampton: Merchants National Bank. Baltimore Trust Co. Norfolk: First National Bank. Norfolk National Bank of Commerce Maryland Trust Co. Trusts. National Marine Bank. Seaboard-Citizens National Bank. Western National Bank. Virginia National Bank. South Carolina: Richmond: Charleston: South Carolina National Bank. Bank of Commerce & Trusts. Orangeburg: Edisto National Bank. Central National Bank. Hock Hill: Peoples National Bank. First-Merchants National Bank,. DISTRICT NO. 6 Alabama: Louisiana: Huntsville: Henderson National Bank. Lake Charles: First National Bank. Mobile: New Orleans: First National Bank. American Bank & Trust Co. Merchants National Bank. Canal Bank & Trust Co. Montgomery: First National Bank. Hibernia Bank & Trust Co. Florida: Interstate Trust & Banking Co Jacksonville: Atlantic National Bank. Whitney National Bank. Pensacola: Citizens & Peoples National Bank. Mississippi: Georgia: Laurel: First National Bank. Albany: Albany Exchange National Bank. Vicksburg: Merchants National Bank a Atlanta: First National Bank. Trust Co. Macon: First National Bank & Trust Co. Tennessee: Savannah: Chattanooga: Citizens & Southern National Bank, First National Bank. Citizens Bank & Trust Co. Hamilton National Bank. Savannah Bank & Trust Co. Clarksville: First National Bank. Valdosta—First National Bank. DISTRICT NO. 7 Illinois: Indiana: Chicago: Brazil: Riddell National Bank. Continental National Bank & Trust Co. Indianapolis: Fletcher-American National Drovers National Bank. Bank. First National Bank. Michigan: Harris Trust & Savings Bank. Detroit: First National Bank. Peoria: Commercial Merchants National Bank Wisconsin: & Trust Co. Milwaukee: First Wisconsin National Bank. DISTRICT NO. 8 Missouri: Tennessee: St. Louis: AXemphis: First National Bank in St. Louis. First National Bank. Mississippi Valley Trust Co. Union Planters National Bank & Trust Co* DISTRICT NO. 9 Minnesota: M lnnesota—C ontinued. Minneapolis: M inneapolis—C ontinued, First National Bank in Minneapolis. Northwestern National Bank. Midland National Bank & Trust Co. St. Paul: First National Bank. DISTRICT NO. 10 Colorado: M issouri—C ontinued. Denver: Denver National Bank. Kansas City—Continued. Kansas: Fidelity National Bank & Trust Co. Hutchinson: First National Bank. First National Bank. Lawrence: Lawrence National Bank St. Joseph: First National Bank. Missouri: Oklahoma: Kansas City: Oklahoma City: First National Bank & Trust Commerce Trust Co. Co. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BANKS AUTHORIZED TO ACCEPT BILLS UP TO 100 PERCENT 335 DISTRICT NO. 11 Arizona: Texas—Continued Nogales: First National Bank. Galveston: Texas: Hutchings-Sealy National Bank. Austin; American National Bank. United States National Bank. Brownwood: First National Bank in Brown- Hillsboro: Citizens National Bank. wood. Houston: Corpus Christi: State National Bank. First National Bank. Dallas: Houston National Bank. First National Bank in Dallas. National Bank of Commerce. Republic National Bank & Trust Co. Second National Bank. Eagle Pass: First National Bank. South Texas Commercial National Bank, Fort Worth: Union National Bank. Fort Worth National Bank. Navasota: First National Bank. Stockyards National Bank. San Angelo: First National Bank. Terrell: American National Bank. Waco: First National Bank. DISTRICT NO. 12 California: Oregon: Los Angeles: Portland: Citizens National Trust & Savings Bank. First National Bank. Security-First National Bank. United States National Bank. San Francisco: Washington: American Trust Co. Seattle: Anglo California National Bank. First National Bank. Bank of California, N. A. National Bank of Commerce. Crocker-First National Bank. Spokane: Pacific National Bank. Old National Bank & Union Trust Co. Wells Fargo Bank & Union Trust Co. Spokane & Eastern Trust Co. Santa Barbara: First National Trust & Savings Tacoraa: National Bank of Tacoma. Bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL RESERVE DISTRICTS Land area Population Federal reserve district (square July 1,1932 miles) (estimated) No. 1—Boston 61,345 865,000 No. 2—New York 51,890 4i 1, 000 No. 3—Philadelphia... 36,842 655, 000 No. 4—Cleveland 73,424 466, 000 No. 5—Richmond 152, 316 127,000 No. 6—Atlanta 248,226 395, 000 No. 7—Chicago 190,513 721,000 No. 8—St. Louis 194,810 713, 000 No. 9—Minneapolis.._ 414,004 390, 000 No. 10—Kansas City.. 480,438 999, 000 No. 11—Dallas 386,116 138,000 No. 12—San Francisco 683,852 882, 000 Total 2,, 973, 776124, 822, 000 FEDERAL RESERVE DISTRICTS DISTRICT NO. 1—BOSTON _ 61,345 7, 865, 000 Connecticut (excluding Fairfield County) 4,189 1, 241, 000 Maine. 29,895 801, 000 Massachusetts 8,039 4, 297, 000 New Hampshire 9,031 468, 000 Rhode Island _ 1,067 698,000 Vermont 9,124 360, 000 DISTRICT NO. 2—NEW YORK 51,890 16, 471, 000 Connecticut (Fairfield County) _ 631 393, 000 New Jersey - 3,605 3, 226, 000 Counties of: Bergen Hunterdon Morris Sussex Essex Middlesex Passaic Union Hudson Monmouth Somerset Warren New York 47,654 12, 852, 000 DISTRICT NO. 3—PHILADELPHIA 36,842 7, 655, 000 Delaware 1,965 240, 000 New Jersey _ 3,909 922, 000 Counties of: Atlantic Cape May Gloucester Ocean Burlington Cumberland Mercer Salem Camden Pennsylvania (eastern part) 30, 63 6, 493, 000 Counties of: Adams Clinton Lebanon Philadelphia Bedford Columbia Lehigh Pike Berks Cumberland Luzerne Potter Blair Dauphin Lycoming Schuylkill Bradford Delaware McKean Snyder Bucks Elk Mifflin Sullivan Cambria Franklin Monroe Susquehanna Cameron Fulton Montgomery Tioga Carbon Huntingdon Montour Union Center Juniata Northampton Wayne Chester Lackawanna Northumberland Wyoming Clear field Lancaster Perry York 336 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL RESERVE DISTRICTS 337 FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square July 1, 1932 miles) (estimated) DISTRICT NO. 4—CLEVELAND 73, 424 11,466,000 Kentucky (eastern part) 17,614 1,261,000 Counties of— Bath Fleming Lawrence Nicholas Bell Floyd Lee Owsley Boone Garrard Leslie Pendleton Bourbon Grant Letcher Perry Boyd Greenup Lewis Pike Bracken Harlan Lincoln Powell Breathitt Harrison McCreary Pulaski Campbell Jackson Madison Robertson Carter Jessamine Magoffin Rockcastle Clark Johnson Martin Rowan Clay Kenton Mason Scott Elliott Knott Menifee Whitley Estill EJQOX Montgomery Wolfe Fayette Laurel Morgan Woodford Ohio 40, 740 6, 753, 000 Pennsylvania (western part) 13,864 3,248,000 Counties of— Allegheny Crawford Indiana Venango Armstrong Erie Jefferson Warren Beaver Fayette Lawrence Washington Butler Forest Mercer Westmoreland Clarion Greene Somerset West Virginia (northern part) 1,206 204,000 Counties of Brooke Marshall Tyler Hancock Ohio Wetzel DISTRICT NO. 6—RICHMOND 152,316 11,127,000 District of Columbia 62 493,000 Maryland 9,941 1,653,000 North Carolina 48,740 3,244,000 South Carolina 30,495 1,745,000 Virginia 40, 262 2,435,000 West Virginia (southern part) 22,816 1,557,000 Counties of Barbour Hardy Mingo Roane Berkeley Harrison Monongalia Summers Boone Jackson Monroe Taylor Braxton Jefferson Morgan Tucker Cabell Kanawha Nicholas Upshur Calhoun Lewis Pendleton Wayne Clay Lincoln Pleasants Webster Doddridge Logan Pocahontas Wirt Fayette McDowell Preston Wood Gilmer Marion Putnam Wyoming Grant Mason Raleigh Greenbrier Mercer Randolph Hampshire Mineral Ritchie DISTRICT NO. 6—ATLANTA. 248,226 11, 395,000 Alabama 51,279 2 682 000 Florida 54,861 1,528,000 Georgia 58,725 2 910 000 Louisiana (southerni part) 26,891 1,448,000 Parishes of- Acadia Evangeline Rapides Tangipahoa Allen Iberia St. Bernard Terrebonne Ascension Iberville St. Charles Vermilion Assumption Jefferson St. Helena Vernon Avoyelles Jefferson Davis St. James Washington Beauregard Lafayette St. John the Bap- West Baton Calcasieu La Fourche tist Rouge Cameron Livingston St. Landry West Feliciana East Baton Orleans St. Martin Rouge Plaquemines St. Mary East Feliciana Pointe Coupee St. Tammany Mississippi (southeirn part) 25,519 975,000 Counties of Adams Harrison Lawrence Scott Amite Hinds Leake Sharkey Claiborne Issaquena Lincoln Simpson Clarke Jackson Madison Smith Copiah Jasper Marion Stone Covington Jefferson Neshoba Walthall Forrest Jefferson Davis Newton Warren Franklin Jones Pearl River Wayne George Kemper Perry Wilkinson Greene Lamar Pike Yazoo Hancock Lauderdale Rankin Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

338 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square July 1,1932 miles) (estimated) DISTRICT NO. 6.—ATLANTA—Continued Tennessee (eastern part) „ 30,951 1,852,000 Counties of— Anderson Giles McMinn Scott Bedford Grainger Macon Sequatchie Bledsoe Greene Marion Sevier Blount Grundy Marshall Smith Bradley Hamblen Maury Stewart Campbell Hamilton Meigs Sullivan Cannon Hancock Monroe Sumner Carter Hawkins Montgomery Trousdale Cheatham Hickman Moore Unicoi Claiborne Houston Morgan Union Clay Humphreys Overton Van Buren Cocke Jackson Perry Warren Coffee Jefferson Pickett Washington Cumberland Johnson Polk Wayne Davidson Knox Putnam White De Kalb Lawrence Rhea Williamson Diekson Lewis Roane Wilson Fentress Lincoln Robertson Franklin Loudon Rutherford DISTRICT NO. 7.—CHICAGO 190,513 18,721,000 Illinois (northern part) 35,448 6, 505, 000 Counties of— Boone Ford Livingston Rock Island Bureau Fulton Logan Sangamon Carroll Grundy McDonough Schuyler Cass Hancock McHenry Shelby Champaign Henderson McLean Stark Christian Henry Macon Stephenson Clark Iroquois Marshall Tazewell Coles Jo Daviess Mason Vermilion Cook Kane Menard Warren Cumberland Kankakee Mercer Whiteside De Kalb Kendall Moultrie Will Do Witt Knox Ogle Winnebago Douglas Lake Peoria Woodford Du Page La Salle Piatt Edgar Lee Putnam Indiana (northern part) 26,707 2, 660,000 Counties of— Adams Fountain La Porte Ripley Allen Franklin Madison Rush Bartholomew Fulton Marion St. Joseph Benton Grant Marshall Shelby Blackford Hamilton Miami Starke Boone Hancock Monroe Steuben Brown Hendricks Montgomery Tippecanoe Carroll Henry Morgan Tipton Cass Howard Newton Union Clay Huntmgton Noblo Vermillion Clinton Jasper Ohio Vigo Dearborn Jay Owen Wabash Decatur Jennings Parke Warren De Kalb Johnson Porter Wayne Delaware Kosciusko Pulaski Wells Elkhart Lagrange Putnam White Fayette Randolph Whitley Iowa 55,586 2, 479, 000 Michigan (southern part) 40,789 4,655, 000 Counties of— Alcona Eaton Lapeer Ogemaw Allogan Emmet Leelanau Osceola Alpena Genesee Lenawee Oscoda Antrim Glad win Livingston Otsego Arenac Grand Traverse Macomb Ottawa Barry Gratiot Manistee Presque Isle Bay Hillsdale Mason Roscommon Benzie Huron Mecosta Saginaw Berrien Ingham Midland St. Clair Branch Ionia Missaukee St. Joseph Calhoun Iosco Monroe Sanilac Cass Isabella Montcalm Shiawassee Charlevoix Jackson Montmorency Tuscola Cheboygan Kalamazoo Muskegon Van Buren Claire Kalkaska Newaygo Washtenaw Clinton Kent Oakland Wayne Crawford Lake Oceana Wexford Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL RESERVE DISTRICTS 339 FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal Reserve district (square July 1,1932 miles) (estimated) DISTRICT NO. 7.—CHICAGO—Continued Wisconsin (southern part) 31,983 2,422,000 Counties of— Adams Green Lake Marquette Sheboygan Brown Iowa Milwaukee Vernon Calumet Jackson Monroe Walworth Clark Jefferson Oconto Washington Columbia Juneau Outagamie Waukesha Crawford Kenosha Ozaukee Waupaca Dane Kewaunee Portage Waushara Dodge Lafayette Racine Winnebago Door Langlade Richland Wood Fond du Lac Manitowoc Rock Grant Marathon Sauk Green Marinette Shawano DISTRICT NO. 8—ST. LOUIS 194,810 9, 713,000 Arkansas 52, 525 1 867 000 Illinois (southern part) 20, 595 1, 263, 000 Counties of— Adams Franklin Macoupin Randolph Alexander Gallatin Madison Richland Bond Greene Marion St. Clair Brown Hamilton Massac Saline Calhoun Hardin Monroe Scott Clay Jackson Montgomery Union Clinton Jasper Morgan Wabash Crawford Jefferson Perry Washington Edwards Jersey Pike Wayne Effinghain Johnson Pope White Fayette Lawrence Pulaski Williamson 9,338 615, 000 Counties of— Clark Greene Martin Spencer Crawford Harrison Orange Sullivan Daviess Jackson Perry Switzerland Dubois Jefferson Pike Vanderburg Floyd Knox Posey Warrick Gibson Lawrence Scott Washington Kentucky (western part) 22, 567 1, 377,000 Counties of— Adair Crittenden Hopkins Ohio Allen Cumberland Jefferson Oldham Anderson Daviess Larue Owen Ballard Edmonson Livingston Russell Barren Franklin Logan Shelby Boyle Fulton Lyon Simpson Breckenridge Gallatin McCracken Spencer Bullitt Graves McLean Taylor Butler Grayson Marion Todd Caldwell Green Marshall Trigg Calloway Hancock Meade Trimble Carlisle Hardin Mercer Union Carroll Hart Metcalfe Warren Casey Henderson Monroe Washington Christian Henry Muhlenberg Wayne Clinton Hickman Nelson Webster Mississippi (northern nart")_ 20,843 1, 061,000 Counties or- Alcorn Monroe Tate Attala DGere Snoatdoa Montgomery Tippah Benton Holmes Noxubee Tishomingo Bolivar Humphreys Oktibbeha Tunica Calhoun Itawamba Panola. Union Carroll Lafayette Pontotoc Washington Chickasaw Lee Prentiss Webster Choctaw Leflore Quitman Winston Clay Lowndes Sunflower Yalobusha Coahoma Marshall Tallahatchie Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

340 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal Eeserve district (square July 1,1932 miles) (estimated) DISTRICT NO. 8—ST. LOUIS—Continued Missouri (eastern part) 58,206 2,732,000 Counties of— Adair Douglas Maries Reynolds Audrain Dunklin Marion Ripley Barry Franklin Mercer St. Charles Benton Gasconade Miller St. Clair Bollinger Greene Mississippi St. Francois Boone Grundy Moniteau St. Louis Butler Harrison Monroe St. Louis City Caldwell Henry Montgomery Ste. Genevieve C alia way Hickory Morgan Saline Camden Howard New Madrid Schuyler Cape Girardeau Howell Oregon Scotland Carroll Iron Osage Scott Carter Jefferson Ozark Shannon Cedar Johnson Pemiscot Shelby Chariton Knox. Perry Stoddard Christian Laclede Pettis Stone Clark Lafayette Phelps Sullivan Cole Lawrence Pike Taney Cooper Lewis Polk Texas Crawford Lincoln Pulaski Warren Dade Linn Putnam Washington Dallas Livingston Balls Wayne Daviess Macon Randolph Webster Dent Madison Ray Wright Tennessee (western part) 10,736 798,000 Counties of— Benton Fayette Henry Shelby Carroll Gibson Lake Tipton Chester Hardeman Lauderdale Weakley Crockett Hardin McNairy Decatur Haywood Madison Dyer Henderson Obion DISTRICT NO. 9—MINNEAPOLIS 414, 004 5,390,000 Michigan (northern part) . 16,691 328,000 Counties of— Alger Dickinson Keweenaw Menominee Baraga Gogebic Luce Ontonagon Chippewa Houghton Mackinac Schoolcraft Delta Iron Marquette Minnesota 80,858 2, 585,000 Montana _ 146. 131 i 537, 606 North Dakota 70,183 685,000 South Dakota 76,868 700,000 Wisconsin (northern part) 23, 273 554,000 Counties of— Ashland Dunn Oneida Sawyer Barron Eau Claire Pepin Taylor Bayfleld Florence Pierce Trempealeau Buffalo Forest Polk Vilas Burnett Iron Price Washburn Chippewa La Crosse Rusk Douglas Lincoln St. Croix DISTRICT NO. 10—KANSAS CITY 480,438 7,999,000 Colorado.. _ 103,658 1,047,000 Kansas ; . 81, 774 1,894,000 Missouri (western part) 10, 521 924,000 Counties of— Andrew Cass Holt Nodaway Atchison Clay Jackson Platte Barton Clinton Jasper Vernon Bates De Kalb McDonald Worth Buchanan Gentry Newton Nebraska 76,808 1,388,000 New Mexico (northern part) 48,359 236,000 Counties of— Bernalillo Mora San Miguel Valencia Col fax Rio Arriba Santa Fe Harding Sandoval Taos McKinley San Juan Union 1 Population Apr. 1,1930; decreased 1920 to 1930; no estimate made. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL RESERVE DISTRICTS 341 FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square July 1,1932 miles) (estimated) DISTRICT NO. 10—KANSAS CITY—Continued Oklahoma (northwestern part) 61,770 2,281,000 Counties of— Adair Ellis Logan Pontotoc Alfalfa Oarfield Love Pottawatomie Beaver Qarvin McClain Roger Mills Beckham Grady Mclntosh Rogers Blaine Grant Major Seminole Caddo Greer Mayes Sequoyah Canadian Harmon Murray Stephens Carter Harper Muskogee Texas Cherokee Haskell Noble Tillman Cimarron Hughes Nowata Tulsa Cleveland Jackson Okfuskee Wagoner Comanche Jefferson Oklahoma Washington Cotton Kay Okmulgee Washita Craig Kingfisher Osage Woods Creek Kiowa Ottawa Woodward Custer Latimer Pawnee Delaware Le Flore Payne Dewey Lincoln Pittsburg Wyoming 97,548 229,000 DISTRICT NO. 11—DALLAS 386,116 7,138,000 Arizona (southeastern part) 130,000 Counties of— Cochise Greenlee Pima Santa Cruz Graham Louisiana (northern part) 690,000 Parishes of— Bienville De Soto Madison Tensas Bossier East Carroll Morehouse Union Caddo Franklin Natchitoches Webster Caldwell Grant Ouachita West Carroll Catahoula Jackson Red River Winn Claiborne La Salle Richland Concordia Lincoln Sabine New Mexico (southern part) 195,000 Counties of— Catron Eddy Lincoln Sierra Chaves Grant Luna Socorro Curry Guadalupe Otero Torrence De Baca Hidalgo Quay Dona Ana Lea Roosevelt Oklahoma (southeastern part) 159,000 Counties of— Atoka Choctaw Johnston Marshall Bryan Coal McCurtain Pushmataha Texas _ 5, 964,000 DISTRICT NO. 12—SAN FRANCISCO - 9, 882,000 Arizona (northwestern part) 90, 398 318, 000 Counties of— Apache Maricopa Navajo Yavapai Coconino Mohave Pinal Yuma Gila. California 155,652 5, 947,000 Idaho _ 83, 354 447,000 Nevada - 109,821 93,000 Oregon __. 95,607 974,000 Utah _.. 82,184 515,000 Washington _ ._ 1, 588,000 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BRANCH TERRITORIES [December 31,1932] BUFFALO BRANCH (District No. 2).—The 10 most westerly counties of New York State, as follows: Monroe Orleans Allegany Wyoming Chautauqua Genesee Erie Cattaraugus Livingston Niagara CINCINNATI BRANCH (District No. 4).—That part of Kentucky in Federal reserve district No. 4, and the following 25 counties in southern Ohio: Adams Clermont Greene Meigs Ross Athens Clinton Hamilton Miami Scioto Brown Darke Highland Montgomery Vinton Butler Fayette Jackson Pike Warren Clark Gallia Lawrence Preble Washington PITTSBURGH BRANCH (District No. 4).—Those portions of the States of Pennsylvania and West Virginia included in Federal reserve district No. 4. BALTIMORE BRANCH (District No. 5).—The State of Maryland and the following 30 counties of West Virginia; Barbour Grant Lewis Pendleton Taylor Berkeley Hampshire Marion Pleasants Tucker Braxton Hardy Mineral Preston Upshur Calhoun Harrison Monongalia Randolph Webster Doddridge Jackson Morgan Ritchie Wirt Gilmer Jefferson Nicholas Roane Wood CHARLOTTE BRANCH (District No. 5).—The following counties in the States of North Carolina and South Carolina: NORTH CAROLINA Alexander Caldwell Haywood McDowell Swain Alleghany Catawba Henderson Mecklenburg Transylvania Ashe Cherokee Iredell Mitchell Union Avery Clay Jackson Polk Watauga Buncombe Cleveland Lincoln Rowan Wilkes Burke Gaston Macon Rutherford Yancey Cabarrus Graham Madison Stanly SOUTH CAROLINA Abbeville Edgefield Lancaster Newberry Saluda Aiken Fairfleld Laurens Oconee Spartanburg Anderson Greenville Lexington Pickens Union Cherokee Greenwood McCormick Richland York Chester BIRMINGHAM BRANCH (District No. 6).—The State of Alabama except the following counties: Mobile, Baldwin,, Russell, Pike, Barbour, Coffee, Dale, Henry, Covington, Geneva, and Houston, and towns and cities in Lee and Chambers counties located on or south of the Atlanta & West Point Railroad and the Western Railway of Alabama. JACKSONVILLE BRANCH (District No. 6).—The entire State of Florida. NASHVILLE BRANCH (District No. 6).—That part of the State of Tennessee included in Federal reserve district No. 6 with the exception of the city of Chattanooga. NEW ORLEANS BRANCH (District No. 6).—Those parts of the States of Louisiana and Mississippi located in Federal reserve district No. 6, and the counties of Mobile and Baldwin in Alabama. DETROIT BRANCH (District No. 7).—The following 19 counties in the State of Michigan: Bay Xngham Livingston Saginaw Tuscola Genesee Jackson Macomb Sanilac Washtenaw Hillsdale Lapeer Monroe St. Clair Wayne Huron Lenawee Oakland Shiawassee LITTLE ROCK BRANCH (District NO. 8).—Territory is not determined by State or county lines. Branch territory consists of all cities in Arkansas except those assigned to the head office and to the Memphis branch, (For names of cities see Federal Reserve Interdistrict Collection System list.) LOUISVILLE BRANCH (District No. 8).—Territory is not determined by State or county lines. Branch territory consists of all cities in Kentucky and Indiana, included in Federal reserve district No. 8, except those assigned to the head office. (For names of cities see Federal Reserve Interdistrict Collection Syst»€m list.) MEMPHIS BRANCH (District No. 8) .—Territory is not determined by State or county lines. Branch territory consists of all cities in Mississippi included in Federal reserve district No. 8; all cities in Tennessee included in district No. 8, except those assigned to St. Louis, and cities in Arkansas not assigned to St. Louis or Little Rock. (For names of cities see Federal Reserve Interdistrict Collection System list.) 342 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BRANCH TERRITORIES 343 HELENA BRANCH (District No. 9).—The entire State of Montana. DENVER BRANCH (District No. 10).—The entire State of Colorado and that part of the State of New Mexico included in Federal Reserve District No. 10. OKLAHOMA CITY BRANCH (District No. 10).—That part of the State of Oklahoma located in Federal Reserve District No. 10. OMAHA BRANCH (District No. 10).—The entire States of Nebraska and Wyoming. EL PASO BRANCH (District No. 11).—That part of the States of Arizona and New Mexico located in Federal Reserve District No. 11, and the following 14 counties in the State of Texas: Andrews Ector Jeff Davis Midland Ward Crane El Paso Loving Pecos Winkler Culberson Hudspeth Martin Reeves HOUSTON BRANCH (District No. 11).—The following 41 counties in the southeast part of the State of Texas: Anderson Colorado Jackson Montgomery Shelby Angelina Fayette Jasper Nacogdoches Trinity Austin Fort Bend Jefferson Newton Tyler Bastrop Galveston Lavaca Orange Victoria Brazoria Grimes Lee Polk Walker Brazos Hardin Liberty Sabine Waller Burleson Harris Madison San Augustine Washington Chambers Houston Matagorda San Jacinto Wharton Cherokee ANTONIO BRANCH (District No.11).—The following 54 counties in the State of Texas: Aransas Comal Hidalgo Llano Starr Atascosa De Witt Jim Hogg Live Oak Terrell Bandera Dimmit Jim Wells Mason Travis Bee Duval Karnes Maverick Uvalde Bexar Edwards Kendall McMullen Val Verde Blanco Frio Kenedy Medina Webb Brewster Gillespie Kerr Nueces Willacy Brooks Goliad Kimble Presidio Wilson Caldwell Gonzales Kinney Real Zapata Calhoun Guadalupe Kleburg Refugio Zavalla Cameron Hays La Salle San Patricio Los ANGELES BRANCH (District No. 12).—That part of the State of Arizona located in Federal Reserve District No. 12, and the following counties in California: Imperial Los Angeles Riverside San Diego Ventura Inyo Orange San Bernardino Santa Barbara PORTLAND BRANCH (District No. 12).—The entire State of Oregon, except the towns of Klamath Falls, Lakeview, and Merrill, which are affiliated with the head office, and the following five counties in the State of Washington: Clarke Cowlitz Klickitat Skamania Wahkiakum and the town of Ilwaco, Wash. SALT LAKE CITY BRANCH (District No. 12).—The entire State of Utah and the following counties in Idaho and Nevada: IDAHO Ada BBoonnnneevviillllee CCuusstteerr JJeerroommee Payette Adams BBuuttttee EEllmmoorree LLeemmhhii Power Bannock CCaammaass FFrraannkklliinn LLiinnccoollnn Teton Bear Lake CCaannyyoonn FFrreemmoonntt MMaaddiissoonn Twin Falls Bingham CCaarrrriibboouu GGeemm MMiinniiddookkaa Valley Blaine CCaassssiiaa GGooooddiinngg OOnneeiiddaa Washington Boise ™Cl ar'k 'J ef"f•e rson ~O wy*hee NEVADA Clark Elko Lincoln White Pine SEATTLE BRANCH (District No. 12).—The following 16 counties in the State of Washington, except the town of Ilwaco, Wash. Clallam King Lewis Pierce Snohomish Grays Harbor Kitsap Mason San Juan Thurston Island Kittitas Pacific1 Skagit Whatcom Jefferson SPOKANE BRANCH (District No. 12).—The following counties in the States of Washington and Idaho: WASHINGTON Adams Columbia Garfield Pend Oreille Walla Walla Asotin Douglas Grant Spokane Whitman Benton Ferry Lincoln Stevens Yakima Chelan Franklin Okanogan IDAHO Benewah Boundary Idaho Latah Nez Perce Bonner Clearwater Kootenai Lewis Shoshone i Except the town of Ilwaco (see Portland branch). 182799—33 23 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

00 FEDERAL RESERVE DISTRICTS 1 I 1 5 ——BOUNDARIES OF FEDERAL RESERVE DISTRICTS .... BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES <$ FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE. BANK AGENCY Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX Acceptances: Bankers': page Held by group of accepting banks 149 Held by Federal Reserve banks 12, 68, 69, 70 Held by member banks on call dates 130, 149 Outstanding 148 Distribution of 149 Open-market discount rates 108, 109 Banks, list of, authorized to accept bills up to 100 percent of capital and surplus 333-335 Held by Federal Reserve banks 12, 68, 69, 70 Maturity of bills purchased and held by Federal Reserve banks 69, 71 Number of pieces handled by Federal Reserve banks 34, 76, 77, 78 Outstanding 148, 149 Payable in foreign currencies 58, 60, 70 Purchased by member banks 130, 149 Rates, discount and open-market: Average rates earned on bills bought by Federal Reserve banks. 33, 107 Buying rates of Federal Reserve banks 10, 105, 106 Changes in Federal Reserve bank rates 10, 103, 104 Chart showing 15 Open-market rates in New York City 108, 109 Trade, held by Federal Reserve banks 68, 69, 70 (See also Bills bought; Bills discounted.) Additions and withdrawals, banks in Federal Reserve System 35, 36, 158 Adjusted-service certificates, discount of paper secured by 58, 60, 68 Amendment to regulation G regarding 37, 193 Administrator, list of national banks authorized to act as 311 Advances to member banks under section 10 (b) of Federal Reserve Act: Discussion of 19 Holdings, by Federal Reserve banks 68, 69 Text of amendment to act 191 Advisory Council, Federal. (See Federal Advisory Council.) Affiliates, control of, comments on provisions of Glass bill relating to: By Federal Advisory Council 186 By Federal Reserve Board 207, 209, 211, 222, 226 Agencies of Federal Reserve banks. (See Branches and agencies.) Agricultural paper: Discount rates 103 Held by Federal Reserve banks 68, 69 Amendment to Federal Home Loan Bank Act, extension of national bank note circulation 23, 199 Amendment to regulation G of the Federal Reserve Board 37, 193 Amendments to National Bank Act 199 Amendments to Federal Reserve Act. (See Federal Reserve Act.) Area of Federal Reserve districts 336-341 Assessment for expenses of Federal Reserve Board 40, 88, 287 Assets and liabilities: Federal Reserve banks: At end of each month 60 Combined statement 55 Each bank 62-65 Weekly statement and balance-sheet items 58 Member banks: Country banks 123 National and State banks 122 345 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

346 INDEX Assets and liabilities—Continued . Member banks—Continued. On call dates 128 Reserve city and country banks 123 Reporting banks: By weeks 138-139 In New York City 140-141 Outside New York City 142-143 National banks 122 Reserve city member banks 123 State bank members 122 Assignee, list of national banks authorized to act as 311 Automobiles: Factory employment index 174 Factory pay-roll index 178 Production index „. 172 Balance sheets. (See Condition of banks.) Bank consolidations 36, 158 Bank debits 7, 150 Bank failures: By Federal Reserve districts 156 By months 152-154 By size of city or town 155 By States 157 By years 151 Discussion of 8 Number, classified according to capital stock 155 Bank mergers 36, 158 Bank premises, Federal Reserve 34, 59, 61, 63, 84, 89 Book value 84 Cost of 84 Date occupied 84 Depreciation charges 89 Repairs, cost of 88 Bank suspensions: By Federal Reserve districts 156 By months 152-154 By size of city or town 155 By States 157 By years 151 Discussion of 8 Number, classified according to capital stock 155 Bankers' acceptances. (See Acceptances.) Bankers' balances of member banks 128, 144 Banking conditions in 1932, discussion of 1 Banking corporations authorized to do foreign banking business, examination of 36 Banking and industrial committees, organization of 22 Banking system, unified, constitutionality of legislation providing for; opinion of counsel of Federal Reserve Board 26, 229 Banks, list of, granted authority to accept bills up to 100 percent of capital and surplus 333-335 Bills bought by Federal Reserve banks 43-59, 55, 58-65, 72, 73, 74, 75 Earnings on 33, 85, 88 Rates of 33, 107 Holdings: By classes 70 By maturities 71 Open-market purchases 58, 62 Outright 55, 58, 60 Payable in foreign currency 58, 60, 70 Under resale agreement 55, 58, 60 Volume of: Federal Reserve banks 34, 76, 77 Federal Reserve branch banks 35, 78 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX 347 Page Bills discounted by Federal Reserve banks. __ 43-50, 55, 56, 58-65, 72, 73, 74, 75 Earnings on 35, 85, 88 Rates of 11, 33, 107 Holdings: By classes 68, 69 By maturities 69, 71 By months 53, 54 By States 54 By weeks, by districts 56 Chart showing 11 Outright 58, 60 Secured by United States Government obligations 58, 62, 68, 69 Under resale agreement 58, 60 Volume of: Federal Reserve banks 34, 76, 77 Federal Reserve branch banks 35, 78 Bills payable and rediscounts, member banks on call dates 128 Bonds: Capital issues 165 Index of prices 166 Paper secured by: Discount rates 110 Held by member banks 130, 145, 147 United States. (See United States securities.) Book value, Federal Reserve bank premises 84 Borrowings of member banks at Federal Reserve banks: All banks 124, 132, 133 By months 132 Banks in New York City, Chicago, and other reserve cities 133-135 Compared with eligible assets held 126 Reporting member banks: By months 137 By weeks 139 In New York City 141 Outside New York City 143 Branch banking, comments on provisions of Glass bill relating to: By Federal Advisory Council 189 By Federal Reserve Board 225 Branches and agencies of Federal Reserve banks: Bank premises: Cost of 84 Date occupied 84 Book value 84 Clearing operations 35, 78 Counties comprising territory 342-343 Directors of 290-293 Expenses of 35 Managers of 290-293 Number of 34 Territory 342-343 Volume of operations 35, 78 Brokers, loans to: As reported by New York Stock Exchange 146 By member banks 130, 145, 146, 147 In New York City: By weeks 145 On call dates 130, 147 Outside New York City 147 Building contracts awarded: Chart showing 3 Index of 167 Building materials, wholesale prices, index of 180, 182 Buildings, Federal Reserve banks 34, 84, 88, 89 Cost of bank premises 84 Book value 84 Date occupied 84 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

348 INDEX Buildings, Federal Reserve banks—Continued. Page Depreciation charges 89 Repairs, cost of 88 Business conditions in 1932 2 Call loans: In New York City 145, 146 Money rates in New York City 108, 109 Capital: Banks suspended 151, 156, 157 Federal Reserve banks 59, 61, 63, 65 Member banks 122, 123, 128 State bank members 295 Capital issues 4, 165 Capital stock of State member banks, classification according to 308-310 Car loadings, index of 167 Cash in vault, member banks: By weeks 139 In New York City 141 Outside New York City 143 Cash reserves of Federal Reserve banks 52, 55, 58, 60, 62 Cement, clay, and glass: Factory employment index 174 Factory pay-roll index 178 Central banks, foreign: Discount rates 112 Due to Federal Reserve banks from 58, 60, 62 Open-market rates 113 Central Reserve city banks: Condition of 123 Deposits, reserves, and borrowings at Federal Reserve banks 124 Loans and investments 130 Certificates of indebtedness, Treasury: Held by Federal Reserve banks 58, 72, 73, 74, 75 Temporary 1-day, held by Federal Reserve banks 73, 74, 75 Yield on 108, 109 Chairmen of board of directors of Federal Reserve banks. (See Federal Reserve agents.) Changes in discount rates of Federal Reserve banks 103 Changes in membership in Federal Reserve System 35, 36, 158 Charts: Bank deposits and rate of turnover 7 Bills discounted by Federal Reserve banks 11 Construction contracts awarded 3 Gold stock, monetary, of the United States 10 Legal reserves, net deposits, and activity of deposit accounts at member banks 267 Manufacturing production 2 Member bank reserves plus vault cash 279 Money rates in New York City 15 Ratio of member bank holdings of vault cash to net demand plus time deposits 269 Reserve position of member banks 14 Reserves of Federal Reserve banks under Glass-Steagall Act 17 United States Government securities held by Federal Reserve banks. 11 Chase, G. Howland, appointed assistant counsel of Federal Reserve Board. 40 Check clearing and collection: Gold settlement fund transactions 79 Operations, volume of: Federal Reserve banks 34, 76, 77 Federal Reserve branch banks 35, 78 Par list, number of banks on 36, 81, 82, 83 Chemicals: Factory employment index 174 Factory pay-roll index 178 Prices, wholesale, index of 180, 182 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX 349 Chicago, member banks in: Page Deposits of 124 Deposits, reserves, and borrowings at Federal Reserve banks 134 Circulation, money. (See Currency; Federal Reserve notes; Money.) Classification according to capital stock, State bank members 308-310 Classification of demand and time deposits on call dates 127 Classification of loans and investments of member banks on call dates 130 Clayton Antitrust Act, administration of 39 Coal, index of production 173 Coin: Circulation 100 Held by Federal Reserve banks 58, 60 Received and counted: At Federal Reserve banks 34, 76, 77 At Federal Reserve branch banks 35, 78 Collateral held by Federal Reserve agents as security for Federal Reserve notes 91 Collateral loans of member banks under provisions of Glass bill, comments on: By Federal Advisory Council 190 By Federal Reserve Board 216 Collateral notes held by Federal Reserve banks 68, 69 Collateral security in rediscounting paper, right of a Federal Reserve bank to require; opinion of court regarding 39, 200 Collection of checks. (See Check clearing and collection.) Commercial paper: Held by Federal Reserve banks 68, 69 Money rates in New York City 15, 108, 109, 110 Chart showing 15 Outstanding 148 Purchased by member banks 130 Committee on bank reserves of the Federal Reserve System, report of 260 Commodity prices, wholesale, index of 180, 182 Condition of banks: All banks in the United States: Deposits, exclusive of interbank deposits 121 Investments 120 Loans and investments 118 Loans, total 119 Country banks 123 Federal Reserve banks: At end of each month 60 Bills bought, holdings of 43-50, 55, 58-65, 72, 73, 74, 75 By classes 70 By maturities 71 Bills discounted, holdings of 43-50, 55, 58-65, 72, 73, 74, 75 By classes 68, 69 By months 53 By maturities 69, 71 By weeks 55 Deposits, reserves, note circulation, and reserve percentages 52 Each bank 62 In detail 58, 60 United States securities, holdings of 43-51, 55, 58-65, 72, 73, 74, 75 By classes 72 In system investment account 73, 74 Temporary 1-day certificates of indebtedness 73, 74, 75 Member banks: All banks: On call dates 128 National and State banks 122 Reserve city and country banks 123 Bankers' balances 128, 144 Borrowings at Federal Reserve banks: All banks 124, 132 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

350 INDEX Condition of banks—Continued. Member banks—Continued. Borrowings at Federal Reserve banks—Continued. Reporting banks: Page By months 136 By weeks 139 In New York City 141 Outside New York City 143 Deposits, time and demand: All banks 124, 125, 127, 128 Bv months 125 On call dates 127, 128 Classification of 127 Reporting banks: By months 136 By weeks 139 Chart showing bank deposits and rate of turnover 7 In New York City 141 Outside New York City 143 Deposits subject to reserves, reserves required, reserves held, and borrowings at Federal Reserve banks: All banks 124 Banks in New York, Chicago, and other reserve cities 133-135 Excess reserves 124, 133 Investments: All banks 128, 130 Reporting banks 138, 140, 142 Loans and investments: All banks 5, 122, 123, 128, 130 Classification, on call dates 130 Reporting banks 136, 138, 140, 142 Loans, investments, deposits, reserves, and borrowings at Federal Reserve banks 136 Reserve balances: All banks 53, 128, 132 Reporting banks 137, 139, 141, 143 By months 137 By weeks 139 In New York City 141 Outside New York City 143 National banks 122 Reserve city banks 123 State bank members 122 Consolidations, bank 36, 158 Copper, index of production 173 Cost of Federal Reserve bank premises 84 Counties in Federal Reserve districts 336-341 Counties in Federal Reserve branch territories 342, 343 Consolidations, bank 36, 158 Constitutionality of legislation providing for a unified commercial banking system; opinion of counsel of Federal Reserve Board 26, 229 Construction contracts awarded: Chart showing 3 Index of 167 Counsel of Federal Reserve Board, opinion of, regarding constitutionality of legislation providing for a unified commercial banking system 26, 229 Country bank members: Condition of 123 Deposits, reserves required, reserves held, and borrowings at Federal Reserve banks 124 Holdings of eligible assets 126 Loans and investments, classification of, on call dates 130 Court opinion with respect to right of a Federal Reserve bank to require collateral security in rediscounting paper 39, 200 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX 351 Credit: Federal Reserve bank. (See Federal Reserve bank credit.) Page Member bank 5, 115 Credit agreements, Federal Reserve banks with foreign central banks 24 Credit policy of the Federal Reserve System 10, 16 Currency: Amounts received and counted: At Federal Reserve banks 34, 76, 77 At Federal Reserve branch banks 35, 78 Circulation 52, 55, 99, 100 By months 99 By kinds 100 Discussion of 8, 9 Federal Reserve, cost of 88, 287 Debits to individual account 7, 150 Deferred availability items of Federal Reserve banks 59, 61, 63 Deficient reserve penalties imposed by Federal Reserve banks 85, 88 Demand deposits. (See Deposits.) Department-store sales, index of 167 Deposits: All banks in the United States, exclusive of interbank deposits 121 Banks suspended: By years 151 By months 152-154 By Federal reserve districts 156 By States 157 Federal Reserve banks 52, 55, 59, 60, 63 By months 52 By weeks 55 Each bank 62 Foreign bank 52, 59, 60, 62 Government: Held by Federal Reserve banks 52, 59, 61, 62 Held by member banks 128, 139, 141, 143 By weeks 139 In New York City 141 On call dates 128 Outside New York City 143 Limitation of interest on, under provisions of Glass bill, comments on: By Federal Advisory Council 189 By Federal Reserve Board 225 Member banks, time and demand: All banks 124, 125, 127, 128 By months •_ 125 On call dates 127, 128 Classification of 127 Reporting banks: By months 136 By weeks 139 Chart showing 7 In New York City 141 Outside New York City 143 Net demand and time: All banks 125 Banks in New York City, Chicago, and other reserve cities 133 Postal savings 127 Segregation of, under provisions of Glass bill, comments on: By Federal Advisory Council 188 By Federal Reserve Board 220 State bank members 295 Deputy chairmen of board of directors of Federal Reserve banks, list of _ 291-294 Directors of Federal Reserve banks: List of 291-294 Meetings, expenses of 88 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

352 INDEX Discount and open-market operations of Federal Reserve banks: Acceptances. (See Acceptances.) Page Bills bought 43-50, 55, 58-65, 72, 73, 74, 75 Earnings on 33, 85, 88 Rates of 33, 107 Holdings: By classes 70 By maturities 71 Outright 55, 58, 60 Under resale agreement 55, 58, 60 Volume of: Federal Reserve banks 34, 76, 77 Federal Reserve branch banks 35, 78 Bills discounted 43-50, 55, 56, 58-65, 72, 73, 74, 75 Earnings on 35, 85, 88 Rates of 35, 107 Holdings: By classes 68, 69 By maturities 69, 71 By months 53 Outright 58, 60 Under resale agreement 58, 60 Volume of: Federal Reserve banks 34, 76, 77 Federal Reserve branch banks 35, 78 Collateral notes of member banks discounted and held 68, 69 Commercial and agricultural paper discounted 68, 69 Dollar exchange bills discounted or purchased 70 Maturity of bills purchased or held 69, 71 Number of member banks discounting paper: By Federal Reserve districts 66 By months 66 By States 67 Number of pieces handled 34, 76, 77 Policy of Federal Reserve system 10, 16 Rates charged and rates of earnings on bills discounted 33, 107 United States securities: Earnings and rates of earnings 33, 85, 88, 107 Paper secured by, purchased and held 58, 60, 69 Purchased and held 11, 43-51, 55, 58-65, 72, 73, 74, 75 Volume of operations 34, 76, 77, 78 Discount and open-market rates: Average rates earned by Federal Reserve banks on: Acceptances 33, 107 Bills discounted 33, 107 Bills bought 33, 107 United States securities 33, 107 Buying rates on acceptances 10, 105, 106 Central banks in foreign countries: Changes in 112 Open-market rates, by months 113 Changes in Federal Reserve bank rates 10, 103 Open-market rates in New York City: By months 108 By weeks 109 Rates charged customers: In New York City 15, 110 Chart showing 15 In principal cities 111 Discounting paper, right of a Federal Reserve bank to require collateral security in; opinion of court regarding 39, 220 Discounts for individuals, partnerships, and corporations: Discussion of 20 Holdings by Federal Reserve banks 68, 69 Letter of Federal Reserve Board to Federal Reserve banks regarding.. _ 196 Text of amendment to Federal Reserve Act relative to 192 Districts, Federal Reserve. (See Federal Reserve districts.) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX 353 Dividends: Page Federal Reserve banks 31, 32, 85, 86, 89 Member banks 161 National banks 161 State bank members 161 Dollar exchange bills: Held by Federal Reserve banks 68 Outstanding 148 Drafts, demand and sight, held by Federal Reserve banks_ 68, 69 Due from foreign banks to Federal Reserve banks 50, 58, 61, 62 Due to and from banks (bankers' balances) 128, 144 In New York City and other leading cities 144 On call dates 128 Earmarked gold for foreign account 95, 96, 97 Earning assets of member banks 159, 160 Earnings and expenses: Federal Reserve banks 31-34, 85, 86, 88, 107 Each bank during year 1932 88 Earnings, by sources 85 Gross and net earnings 85 Rates of earnings 33, 107 Years 1914-32 85, 86 Each bank 86 Member banks 159, 160, 161 National banks 159, 160, 161 State bank members 159, 160, 161 Eligible assets (Government securities and eligible paper) held by member banks compared with borrowings at Federal Reserve banks 126 Eligible paper held by Federal Reserve agents as security for Federal Reserve notes 91 Emergency Relief and Construction Act, loans to individuals, partnerships, and corporations under: Discussion of 20 Holdings by Federal Reserve banks 20, 68, 69 Letter of Federal Reserve Board to Federal Reserve banks regarding. 196 Text amending Federal Reserve Act 192 Employees: Federal Reserve banks, number and salaries 33, 88, 294 Federal Reserve Board, salaries 286 Employment, factory, index of 167, 174 England: Discount rates of Bank of 112 Open-market money rates 113 Examination of Federal Reserve banks, number of 36 Examiners, national banks, number and salaries 289 Excess reserves: Federal Reserve banks 17, 52 Chart showing 17 Member banks 14, 124, 133 Chart showing 14 Executor, list of national banks authorized to act as 311 Expenses: Branches and agencies of Federal Reserve banks 35 Federal Reserve banks 31-34, 85, 86, 88 Fiscal agency departments of Federal Reserve banks 90 Federal Reserve Board 40, 287, 288 Member banks 159, 160, 161 National banks 159, 160, 161 State bank members 159, 160, 161 Exports and imports: Acceptances based on: Outstanding 148 Purchased and held by Federal Reserve banks 70 Gold: By countries 97 By months 98 Expressage, cost of, at Federal Reserve banks 88 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

354 INDEX Page Factory employment and pay rolls 167, 174, 178 Failures, bank: By Federal Reserve districts 156 By months 152-154 By size of city or town 155 By States 157 By years 151 Discussion of 8 Number, classified according to capital stock : 155 Farm products, prices of, index of 180 Farm land, loans on, by member banks 130 Federal advisory council: Meetings of * 40 Expenses of 88 Members of 185 Recommendations relative to Glass banking bill 185-190 Federal Home Loan Bank Act, extension of national bank note circulation under 23, T99 Federal intermediate credit banks: Amendment to act relative to discount of paper of 38, 192 Bills discounted for 54, 58, 60, 68 Borrowings 54, 132 Debentures purchased by Federal Reserve banks 61 Federal land bank bonds purchased by Federal Reserve banks 61 Federal Liquidating Corporation, creation of, under Glass bill, comments on: By Federal Advisory Council 188 By Federal Reserve Board 212 Federal Open Market Committee, creation of, under Glass bill, comments on, by Federal Reserve Board 212 Federal Reserve Act: Amendments to: Act of Feb. 27, 1932, adding sections 10 (a) and 10 (b) and amending section 16—Advances to member banks 19, 191 Act of May 19, 1932, amending sections 13 and 13 (a)—Discounts for Federal intermediate credit banks 38, 192 Act of July 21, 1932, amending section 13—Discounts for individuals, partnerships, and corporations 20, 192 Proposed amendments, by Federal Reserve Board: Exemption of Federal Reserve banks from attachment or garnishment 29 Jurisdiction of suits by and against Federal Reserve banks 28 Maturity of advances to member banks on their promissory notes 29 Proposed amendments, under Glass bill, comments on: By Federal Advisory Council 185-190 By Federal Reserve Board 205-228 Federal Reserve agents: Conferences of, expenses of 88 Federal Reserve note accounts 91 Gold fund, summary of transactions 80 Gold held by 58, 60 List of 291-294 Salaries of 294 Federal Reserve bank credit: Chart showing 11 Discussion of 10, 16 Factors of increase or decrease in: Annual averages 43 By weeks (Wednesday series) 48 End of month series 49 Monthly averages 44, 45, 46 Weekly averages 47 Outstanding 50 (See also Federal Reserve banks.) Federal Reserve bank float 50, 61 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX 355 Federal Reserve bank notes: Page Circulation 100 Held by Federal Reserve banks 58 Federal Reserve Bank of Richmond, W. J. Lucas v.; right of bank to require collateral security in rediscounting paper; opinion of court__ 39, 200 Federal Reserve banks: Agreements with foreign central banks to purchase prime commercial bills 24 Bank premises 34, 59, 61, 63, 84, 89 Bills bought by. (See Bills bought.) Bills discounted by. (See Bills discounted.) Branches and agencies of: Bank premises: Cost of 84 Date occupied 84 Book value 84 Clearing operations 35, 78 Counties comprising territory 342 Directors of I 291-294 Expenses of 35 Managers of 291-294 Number of 34 Territory 342 Volume of operations 35, 78 Building operations 34, 84 Capital 59, 61, 63, 65 Chairmen of boards of directors, list of 291-294 Clearing operations 34, 76, 77 Condition of. (See Condition of banks.) Deposits. (See Deposits.) Directors, list of 291-294 Discount rates. (See Discount and open-market rates.) Discounts. (See Discount and open-market operations.) Dividends paid 31, 32, 85, 86, 89 Earnings and expenses 31-34, 85, 86, 88, 107 Each bank during year 1932 88 Earnings, by sources 85 Gross and net earnings 85 Rates of earnings 33, 107 Years 1914-32 85, 86 Each bank 86 Employees, number and salaries 33, 294 Examinations, number of 36 Federal Reserve notes. (See Federal Reserve notes.) Fiscal agency operations 90 Franchise tax paid to Government 32, 85, 86, 89 Gold held by 58, 60, 62 Gold redemption fund 58, 60, 62 Gold reserves 58, 60, 62 Gold settlement fund 58, 60, 79 Government deposits held by 52, 59-65 Governors— Conferences, expenses of 88 List of 291-294 Salaries of 294 Number of member banks discounting paper at 66, 67 Officers and directors, list of 291-294 Officers, salaries of 294 Profit and loss account 89 Reserve percentages 52 Reserves 52, 55-65 Resources and liabilities. (See Assets and liabilities.) Salaries, officers and emplo vees 88, 294 Surplus, accounts 1 32, 85, 86, 90 Tax, franchise, paid to Government 32, 85, 86, 89 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

356 " INDEX Federal Reserve banks—Continued. United States Government securities: Page Bills discounted secured by, holdings of 58, 60, 69 Bonds bought by 58, 72 Certificates of indebtedness, holdings of 58, 72, 73, 74, 75 Temporary 1-day certificates 73, 74, 75 Earnings and rates of earnings on purchases 33, 85, 86, 88, 107 Holdings of 43-51, 58-65, 72, 73, 74, 75 By classes 72 Bought outright 55, 58, 72 Bought under resale agreement 55, 58, 72 Chart showing 11 In system investment account 73, 74 Temporary 1-day certificates 73, 74, 75 Issues, redemptions, and exchanges, handled by fiscal agency departments 34, 76, 77 Liberty bonds, holdings of 58, 72 Paper secured by, holdings of 58, 68, 69 Rates of earnings on purchases 33, 107 Treasury bills, holdings of 58, 72 Treasury bonds, holdings of 58, 72 Treasury notes, holdings of 58, 72 Volume handled 34, 76, 77, 78 Volume of operations 34, 76, 77 All banks 34, 76 Each bank 77 Branches 35, 78 Federal Reserve Board: Assessment for expenses of 40, 88, 287 Chase, G. Howland, appointed assistant counsel 40 Clayton Act, administration of 39 Comments and recommendations on Glass bill 205-228 Conferences with advisory council 40 Directory 286 Employees, number and salaries 285 Expenses of 40, 286, 288 Imlay, W. M., fiscal agent, death of 40 Instructions to Federal Reserve banks relative to discounts for individuals, partnerships, and corporations 196 Mellon, Andrew W., resignation as ex-officio chairman 40 Members of 286 Mills, Ogden L., appointed ex-officio chairman 40 Noell, J. C, appointed fiscal agent 40 Paulger, Leo H., appointed chief of examinations division 40 Pole, John W., appointed ex-officio member 40 Recommendations for amendments to Federal Reserve Act 28-30 Receipts and disbursements 287, 288 Regulation G 37, 193 Salaries of officers and employees 286 Federal reserve branch banks: Bank premises: Cost of 84 Date occupied 84 Book value 84 Clearing operations 35, 78 Counties comprising territory 242 Directors of 291-294 Expenses of 35 Managers of 291-294 Number of 34 Territory 342, 343 Volume of operations 35, 78 Federal Reserve districts: Area, square miles 336-341 Counties comprising branch territories 342, 343 Counties in divided States 336-341 Map showing outline 344 Population 336-341 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX 357 Federal Reserve interdistrict collection system. (See Check clearing and collection.) Federal reserve notes: Page Circulation . 52, 55, 59, 61, 62, 100 Cost of - 88, 287 Eligible paper held as collateral against 91 Federal reserve agents' accounts 91 Gold and gold certificates held as collateral against 58, 60, 62, 91 Held by Federal Reserve agents 58, 60, 62, 91 Held by Federal Reserve banks 58, 60, 62 United States obligations as collateral for, under Glass-Steagall Act. _ 16, 192 Fiduciary powers of national banks: List of national banks authorized to exercise 311-332 Number of permits issued 37 Fiscal agency operations of Federal Reserve banks 90 Float, reserve bank 50, 61 Food products: Production index 172 Factory employment index 174 Factory pay-roll index 178 Food prices, wholesale, index of 180 Foreign bank deposits held by Federal Reserve banks 52, 59, 60, 62 Foreign banking, corporations engaged in, examination of 3f Foreign banks: Deposits of, held by Federal Reserve banks 52, 59, 60, 62 Due to Federal Reserve banks from 50, 58, 61, 62 Foreign capital issues 165 Foreign central banks: Agreements with Reserve banks to purchase prime commercial bills 24 Money rates: Changes in 112 Open-market rates 113 Foreign currency, bills and acceptances payable in, holdings of Federal Reserve banks 58, 60, 70 Foreign deposits, member banks 127 Foreign loans on gold 50 Foreign securities held by member banks 130 France: Discount rates of Bank of 112 Open-market money rates 113 Franchise tax paid by Federal Reserve banks to Government 32, 85, 86, 89 Freight-car loadings, index of 167 Fuel, index of wholesale prices 180 Germany: Discount rates of Reichsbank 112 Open-market money rates 113 Glass banking bill, comments on: By Federal Advisory Council 185-190 By Federal Reserve Board 25, 205-228 Glass-Steagall Act: Advances to member banks under 19, 191 United States obligations as collateral for Federal Reserve notes 16, 192 Gold: Circulation 100 Earmarked by Federal Reserve banks for foreign account 95, 96, 97 Free, of Federal Reserve banks, discussion of 17 Federal Reserve agents' gold fund 80 Foreign loans on, held by Federal Reserve banks 50 Held as collateral against Federal Reserve notes 58, 60, 62, 91 Held by Federal Reserve agents 58, 60, 62, 91 Held by Federal Reserve banks 58, 60, 62 Imports and exports: By countries 97 By months 98 Discussion of 9 Production 96 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

358 INDEX Gold—Continued. . Page ri Reserves of Federal Reserve banks 17, 58, 60, 62 Discussion of 17 Stock, monetary, in United States 10, 43-49, 95, 96 Analysis of changes in_ 96 Chart showing 10 Years 1914-32 95 Gold redemption fund 58, 60, 62 Gold settlement fund 58, 60, 62, 79 Summary of transactions 79 Government bonds. (See United States Government securities.) Government deposits: Held by Federal Reserve banks 52, 59-65 Held by member banks 128, 139, 141, 143 By weeks 139 In New York City 141 On call dates 128 Outside New York City 143 Government securities. (See United States Government securities.) Governors of Federal Reserve banks: Conferences of, expenses of 88 List of 291-294 Salaries of 294 Great Britain. (See England.) Guardian of estates, national banks authorized to act as 311 Housefurnishing goods, wholesale prices, index of 180 Imlay, W. M., fiscal agent of Federal Reserve Board, death of 40 Imports and exports: Bankers' acceptances based on: Held by Federal Reserve banks 68 Outstanding 148 Gold: By countries 97 By months 98 Discussion of 9 Index numbers: Factory employment 174 Factory pay rolls 178 Manufactures 172 Minerals 173 Production, employment, and trade 167 Security prices 166 Individuals, partnerships, and corporations, discounts for: Discussion of . 20 Holdings by Federal Reserve banks 68, 69 Instructions of Board to Federal Reserve banks regarding 196 Text of amendment to act regarding 192 Insurance, Federal Reserve banks 88 Interbank loans, discount rates 110 Investments: All banks in United States 120 Member banks: All banks 6, 120, 128 Reporting banks 136, 138, 140, 142 By weeks 138 In New York City 140 Outside New York City 142 Investments and loans: All banks in the United States 118, 119, 120 Member banks: All banks 6, 118, 122, 123, 128, 130 Classification, on call dates , _ 130 Reporting banks: By months _- 136 By weeks - - 138 In New York City -,_„- 140 Outside New York City .___ 142 Digitized for FRASESRt ate bank members ,_,_ 295-307 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX 359 Iron and steel: Factory employment index 174 Factory pay-roll index 178 Production index 172 Iron-ore shipments 173 Italy: Discount rates of Bank of 112 Open-market money rates 113 Japan: Discount rates of Bank of 112 Open-market money rates 113 Jurisdiction of suits by and against Federal Reserve banks, proposed amendment to Federal Reserve Act regarding 28 Land area of Federal Reserve districts . 336-341 Lead production, index of 173 Leased-wire system, cost of 287 Leather: Factory employment index 174 Factory pay-roll index 178 Production index 172 Products, wholesale prices, index of 180 Legal fees, Federal Reserve banks 88 Liberty Loan bonds: / Average yield on 108 Held by Federal Reserve banks 58, 72 Livestock paper, discount rates 103 Loans: All banks in the United States 119 Member banks: All banks 6, 119, 128, 130 Classification of 130 Reporting banks 6,136, 138, 140, 142 By months 136 By weeks 138 In New York City 6, 140 Outside New York City 6, 142 Open-market, by member banks 7 Secured by stocks and bonds: Made by member banks on call dates 130 Money rates in New York City 110 To brokers: As reported by New York Stock Exchange 146 By member banks 130, 145, 146, 147 In New York City: By weeks 145 On call dates 147 Outside New York City 147 To customers, by member banks 6 To individuals, partnerships, and corporations 20, 68, 69 Instructions of Board to Federal Reserve banks regarding 196 Text of amendment to act regarding 192 Loans and investments: All banks in the United States 118, 119, 120 Member banks: All banks 5, 122, 123, 128, 130 Classification, on call dates 130 Reporting banks 136, 138, 140, 142 By months 136 By weeks 138 In New York City 140 Outside New York City 142 State bank members 295-307 Losses, reserve for, at Federal Reserve banks 89 Lumber: Factory employment index 174 Factory pay-roll index 178 Production index 172 Digitized for FRAS1E32R79 9—33 24 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

360 INDEX Machinery: Page Factory employment index 174 Factory pay-roll index 178 Managers of branches of Federal Reserve banks, list of 291-294 Manufactures, index of production 2, 167, 172 Map outlining Federal Reserve districts 344 Maturities: Bills discounted and bought by Federal Reserve banks 69, 71 Member bank promissory notes, amendment to act proposed by Board 29 Mellon, Andrew W., resignation as Secretary of the Treasury 40 Member and nonmember bank credit 5, 115 Member banks: Acceptances held 130, 149 Advances to, under section 10 (b) of act: Discussion of 19 Holdings, by Federal Reserve banks 68, 69 Text of act 191 Bank suspensions: By Federal Reserve districts „ 156 By months 152-154 By years 151 Number, classified according to capital stock 155 Bankers' balances 128, 144 Borrowings at Federal Reserve banks: All banks 124., 132, 133 By months 132 Compared with eligible assets held 126 Reporting member banks: By months 137 By weeks 139 In New York City 141 Outside New York City 143 Brokers' loans 130, 145, 146, 147 Capital 122, 123, 128 Changes in membership 35, 158 Condition of. (See Condition of banks.) Consolidations 36, 158 Deposits: Exclusive of interbank 121 Government.. 128, 139, 141, 143 Net demand and time 125, 133 Time and demand: All banks 124, 125, 127, 128 Classification on call dates 127 Reporting banks 136, 139, 141, 143 Deposits subject to reserve, reserves required, reserves held, and borrowings at Federal Reserve banks: All banks 124 Banks in New York City, Chicago, and other reserve cities.__ 133-135 Dividends declared 161 Dividends paid to, by Federal Reserve banks 31, 32, 85, 86, 89 Earnings, expenses, and dividends 159, 160, 161 National banks 159; 160, 161 State banks 159!, 160, 161 Eligible assets (Government securities and eligible paper) held, compared with borrowings at Federal Reserve banks 126 Excess reserves 124, 133 Failures 151-157 Investments: All banks 120, 128 Reporting banks 136, 138, 140, 142 List of, with loans, investments, deposits, capital, and surplus 295-307 Loans: All banks 119, 128, 130 Classification of 130 Reporting banks 136, 138, 140, 142 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX 361 Member banks—Continued. Loans and investments: Page All banks 6, 118, 122, 123, 128, 130 Classification, on call dates 130 Reporting banks 136, 138, 140, 142 By months 136 By weeks 138 In New York City 140 Outside New York City 142 Loans, investments, deposits, reserves, and borrowings at Federal Reserve banks 136 Loans to brokers 130, 145, 146, 147 Mergers 36, 158 National banks: Additions to and withdrawals from system 36, 158 Condition of 122 Earnings, expenses, and dividends 159, 160, 161 Examiners, number and salaries 289 Mergers 36, 158 Number 36, 158 Suspensions 8, 151, 152, 155, 156, 157 Trust powers: List of banks authorized to exercise 311-332 Number of permits issued 37 Number of 117, 158 Number of, discounting paper at Federal Reserve banks 66, 67 Number of, on par list 36, 81, 82, 83 Reserve balances 13, 43-49, 53, 55, 59, 61, 62, 128, 132, 137, 139, 141 All banks 53, 128, 132 By months 53 Chart showing 14 On call dates 128 Reporting banks 137, 139, 141, 143 By months 137 By weeks 139 In New York City 141 Outside New York City : 143 Reserves, report of Committee on 259 Reserves required, reserves held, deposits subject to reserve, and borrowings at Federal Reserve banks: All banks 124 Banks in New York City, Chicago, and other reserve cities-.._ 133-135 State banks: Capital 295 Changes in membership 36, 158 Classification according to capital stock 308-310 Condition of 122 Earnings, expenses, and dividends 159, 160, 161 List of, with loans, investments, deposits, capital, and surplus. 295-307 Mergers 36, 158 Number of . 36, 158, 295 Suspensions 151, 152, 155, 156 Withdrawals from system 36, 158 Membership in Federal Reserve System: Changes in 35, 158 State banks and trust companies, list of 295-307 Membership in par collection system 36, 81, 82, 83 Mergers, bank 36, 158 Metals, wholesale price index of_^ 180, 182 Mills, Ogden L., appointed Secretary of the Treasury 40 Mineral production, index of 173 Monetary gold stock of United States 10, 43-49, 95, 96 N* Years 1914-32 95 Money in circulation 43-49, 52, 55, 99, 100 By kinds 100 By months 99 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

362 INDEX Money rates: Page In foreign countries 112, 113 In New York City 15, 110 In principal cities 111 Municipal warrants purchased by Federal Reserve banks 58, 60 Mutual savings banks: Deposits 121 Investments 120 Loans 119 Loans and investments 118 Number of 117 National Bank Act, amendments to 199 National bank notes: Circulation 100 Extension of, under Home Loan Bank Act 23, 200 Held by Federal Reserve banks 58 National banks: Additions and withdrawals from System 36, 158 Condition of 122 Deposits 121 Earnings, expenses, and dividends 159, 160, 161 Examiners, number and salaries 289 Loans and investments 118 Loans 119 Investments 120 Mergers 36, 158 Number 36, 117, 158 Suspensions: By Federal Reserve districts 156 By months 152 By years 151 Number, classified according to capital stock _ 155 Trust powers: List of banks authorized to exercise 311-332 Number of permits issued 37 Netherlands: Discount rates of Bank of 112 Open-market money rates 113 New York City, member banks in: Deposits 124 Deposits, reserves, and borrowings at Federal Reserve bank _„_ 133 New York Stock Exchange, brokers' borrowings as reported by 146 Noell, J. C, appointed fiscal agent of Federal Reserve Board 40 Nonferrous metals: Production index 172 Factory employment index 174 Factory pay-roll index 178 Nonmember banks: Bank suspensions: By Federal Reserve districts 156 By months 152 By years 151 Number, classified according to capital stock 155 Bills discounted for 58, 60, 68 Deposits, exclusive of interbank deposits 121 Loans and investments 118, 119, 120 Mergers 36, 158 Number of 117 Number on par list 36, 81, 82, 83 Suspensions 151, 152, 155, 156 Number of bank suspensions 155 Number of banks in United States 117 Number of member banks 158 Number of member banks discounting paper at Federal Reserve banks. 66, 67 Officers and directors of Federal Reserve banks, list of 291-294 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX 363 Officers and employees: Federal Reserve banks, number and salaries 33, 294 Federal Reserve Board, salaries 286 One hundred percent of capital and surplus, list of banks authorized to accept bills up to 333-335 Open-market operations of Federal Reserve banks. (See Discount and open-market operations.) Open-market rates. (See Discount and open-market rates.) Opinion of counsel of Federal Reserve Board relative to constitutionality of legislation providing for a unified commercial banking system 229 Opinion of court with respect to right of a Federal Reserve bank to require collateral security in rediscounting paper 39, 200 Paper and printing: Production index 172 Factory employment index 174 Factory pay-roll index 178 Par collections. (See Check clearing and collection.) Par list, number of banks on 36, 81, 82, 83 Paulger, Leo H., appointed chief of division of examinations of Federal Rep- serve Board 40 Pay rolls, factory, index of 167, 178 Penalties for deficient reserves imposed by Federal Reserve banks 85, 88 Petroleum refining: Production index 172 Factory employment index 174 Factory pay-roll index 178 Pole, John W., appointed Comptroller of the Currency 40 Postal-savings deposits 127 Population of Federal Reserve districts 336-341 Postage, Federal Reserve banks, cost of 88 Premises, Federal Reserve banks 34, 59, 61, 63, 84, 89 Book value 84 Cost of 84 Date occupied 84 Depreciation charges 89 Prices: Security 166 Wholesale commodity 4, 180, 182 Printing and stationery, Federal Reserve banks, cost of 88 Production, index of 2, 167 Profit and loss account of Federal Reserve banks 85, 89 Public-utility stocks, prices of, index of 166 Railroad car loadings, index of 167 Railroad stocks, prices of, index of 166 Rates, discount and open-market. (See Discount rates.) Real estate, loans secured by: Under provisions of Glass bill, comments on, by Federal Reserve Board 220 Made by member banks 130 Receipts and disbursements of the Federal Reserve Board 287, 288 Receiver, list of national banks authorized to act as 311 Recommendations of Federal advisory council. (See Federal Advisory Council.) Reconstruction Finance Corporation: Federal Reserve banks as fiscal agents, etc., of 22, 23 Operations of 20 Powers extended by Emergency Relief and Construction Act 21 Registrar of stocks and bonds, list of national banks authorized to act as 310 Regulation G of the Federal Reserve Board, amendment to 37, 193 Rent paid by Federal reserve banks 88 Report of committee on bank reserves of the Federal Reserve System 260 Reporting member banks. (See Member banks.) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

364 INDEX Page Reserve balances of member banks 13, 43-49, 53, 55, 59, 61, 62, 128, 132, 137, 139, 141 All banks 53, 128, 132 By months 53 On call dates 128 Reporting banks 137, 139, 141, 143 By months 137 By weeks 139 In New York City 141 Outside New York City 143 Reserve bank float 50, 60 Reserve city member banks: Condition of 123 Deposits, reserves required, reserves held, and borrowings at Federal Reserve banks 124, 135 Holdings of eligible assets _• 126 Loans and investments, classification of, on call dates 130 Reserve percentages of Federal Reserve banks 52 Reserves: Deficiencies in, penalties for 85, 88 Federal Reserve banks 17, 52, 55, 58, 60, 62 Cash, each bank 55 Excess 17, 52 Chart showing 17 Gold 17, 58, 60, 62 Member banks: All banks 53, 122, 123, 124, 132 Excess 14, 124, 133 Chart showing 14 Deposits subject to reserves, reserves required, reserves held, and borrowings at Federal Reserve banks: All banks 124 Banks in New York, Chicago, and other reserve cities 133-135 Increase in, under provisions of Glass bill, comments on: By Federal Advisory Council 188 By Federal Reserve Board 217 On call dates 128 Report of committee on 260 Reporting banks 137, 139, 141, 143 Required, chart showing 14 Resources and liabilities: Federal Reserve banks: At end of each month 60 Combined statement 55 Each bank 62-65 Weekly statement and balance-sheet items 58 Member banks: Country banks 123 National and State banks 122 On call dates 128 Reserve city and country banks 123 Reporting banks: By weeks 138-139 In New York City 140-141 Outside New York City 142-143 National banks 122 Reserve city bank members 123 State bank members 122 Rubber products: Production index 172 Factory employment index 174 Factory pay-roll index 176 Salaries: Federal Reserve banks ' 88, 294 Federal Reserve Board 286 National bank examiners 289 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX 365 Securities: Page Held by Federal Reserve banks 50 Held by member banks 130 Loans on: By member banks 130 Comments on provisions of Glass bill relating to: By Federal Advisory Council 186 By Federal Reserve Board 208 United States Government: Average yield on 108, 109 Bills discounted, secured by, held by Federal Reserve banks 58, 62, 68, 69 Bonds bought by Federal Reserve banks 58, 72 Certificates of indebtedness: Held by Federal Reserve banks 58, 72, 73, 74, 75 Temporary 1-day certificates 73, 74, 75 Yield on 108, 109 Earnings and rates of earnings on purchases by Federal Reserve banks 33, 85, 86, 88, 107 Held by Federal Reserve banks 43-51, 55, 58-65, 72, 73, 74, 75 By classes 72 Bought outright 55, 58, 60 Bought under resale agreement 55, 58, 60 Chart showing 11 In system investment account 73, 74 Temporary 1-day certificates 73, 74, 75 Held by member banks 126, 128, 130 Issues, redemptions, and exchanges handled by fiscal agency departments 34, 76, 77 Liberty bonds: Held by Federal Reserve banks 58, 72 Yield on 108 Paper secured by, held by Federal Reserve banks 58, 60, 69 Rates of earnings on purchases by Federal Reserve banks 35, 107 Treasury bills held by Federal Reserve banks 58, 72 Treasury bonds: Held by Federal Reserve banks 58, 72 Yield on 108, 109 Treasury notes: Held by Federal Reserve banks 58, 72 Yield on 108, 109 Volume handled by Federal Reserve banks 34, 76, 77, 78 Security prices 166 Silver: Circulation 100 Held by Federal Reserve banks 58 Production index 173 State banks: Capital 139, 295 Changes in membership 35, 158 Classification according to capital stock 308-310 Condition of 122 Deposits 121 Earnings, expenses, and dividends 159, 160, 161 List of, with loans, investments, deposits, capital, and surplus 295-307 Loans and investments 119, 120 Mergers 36, 158 Number of 36, 117, 158, 295 Suspensions: By Federal Reserve districts,. •_ 156 By months 152-154 By years 151 Number, classified according to capital stock 155 State, county, and municipal deposits in member banks 127 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

366 INDEX Stocks and bonds: Page Issues of 165 Loans secured by: Made by member banks: In New York City 145, 147 Outside New York City 147 On call dates 130 Money rates in New York City 110 Prices of 166 Stocks, common and preferred, prices of, index of 166 Surplus: Federal Reserve banks 31, 59, 61, 85, 86, 89, 90 Member banks 122, 123, 128 State bank members 295-307 Suspensions, bank: By Federal Reserve districts 156 By months 152-154 By size of city or town 155 By States 157 By years 151 Discussion of 8 Number, classified according to capital stock 155 Sweden, Bank of, discount rates 112 Switzerland: Discount rates of Bank of 112 Open-market money rates 113 Tax, franchise, paid by Federal Reserve banks to Government 32, 85, 86, 89 Tax on premises, Federal Reserve banks 88 Telegraph, leased-wire system, cost of 287 Telephone and telegraph expenses: Federal Reserve banks 88 Federal Reserve Board 287 Textiles: Factory employment index 174 Factory pay-roll index 178 Prices, wholesale 180, 182 Production index 172 Time and demand deposits. (See Deposits.) Tobacco manufactures: Factory employment index 174 Factory pay-roll index 178 Production index 172 Trade acceptances held by Federal Reserve banks 68, 69, 70 Trade, wholesale, index of 167 Traveling expenses, Federal Reserve banks 88 Treasury7 bills held by Federal Reserve banks 58, 72 Treasury bonds: Held by Federal Reserve banks 58, 72 Yield on 108, 109 Treasury certificates of indebtedness: Held by Federal Reserve banks 58, 72, 73, 74, 75 Temporary 1-day certificates 73, 74, 75 Yield on .. 108, 109 Treasury notes: Circulation 100 Held by Federal Reserve banks 58, 62, 72 Yield on 108, 109 Trust companies. (See State banks.) Trust powers of national banks: List of banks authorized to exercise 311-332 Number of permits issued 37 Unified commercial banking system, constitutionality of legislation providing for, opinion of counsel of Federal Reserve Board 26, 229 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX 367 United States Government deposits: Page Held by Federal Reserve banks 52, 59, 61, 62 Held by member banks: By weeks 139 In New York City 141 On call dates 128 Outside New York City 143 United States Government obligations: As collateral for Federal reserve notes under Glass-Steagall Act 16 Bills secured by, held by Federal Reserve banks 58, 62, 68, 69 United States Government securities: Average yield on 108, 109 Bills discounted secured by, held by Federal Reserve banks.- 58, 62, 68, 69 Bonds: Extension of circulation privilege under Federal Home Loan Bank Act___ 23 Held by Federal Reserve banks 58, 62, 72 Certificates of indebtedness: Held by Federal reserve banks 58,72,73,74,75 Temporary 1-day certificates 73,74,75 Yield on 108,109 Earnings and rates of earnings on purchases by Federal reserve banks 33, 85, 86, 88, 107 Held by Federal Reserve banks 11, 43-51, 55, 58-65, 72, 73, 74, 75 By classes 72 Bought outright _- 55, 58, 60, 72 Bought under resale agreement 55, 58, 60, 72 Chart showing 11 In system investment account 73, 74 Temporary 1-day certificates 73, 74, 75 Held by member banks 13, 126, 128, 130, 138, 140, 141, 142, 143 Issues of 5 Issues, redemptions, and exchanges handled by fiscal agency department of banks 34, 76, 77 Liberty bonds: Held by Federal Reserve banks 58, 72 Yield on... 108 Paper secured by, held by Federal Reserve banks 58, 62, 68, 69 Rates of earnings on purchases by Federal Reserve banks 35, 107 Treasury bills held by Federal Reserve banks 58, 72 Treasury bonds: Held by Federal Reserve banks 58, 72 Yield on 108, 109 Treasury notes: Held by Federal Reserve banks 58, 72 Yield on 108, 109 Volume handled by Federal Reserve banks 34, 76, 77, 78 United States notes in circulation 100 Volume of operations of Federal Reserve banks: All banks 34, 76 Each bank 77 Branches 35, 78 Warehouse receipts: Bankers' acceptances based on, outstanding 148 Loans secured by, money rates in New York City 110 Warrants, municipal, held by Federal Reserve banks 58, 60 Wholesale commodity prices, index of 4, 180, 182 Wholesale trade, index of 167 Withdrawals from Federal Reserve System 35, 36, 158 Zinc, index of production *. 173 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis