Annual Report of the Federal Reserve Board, 1933

TWENTIETH ANNUAL REPORT OP THE FEDERAL RESERVE BOARD COVERING OPERATIONS FOR THE YEAR 1933 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1934 For sale by the Superintendent of Documents, Washington, D.C. Price 50 cents Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD DECEMBER 31, 1933 EX OFFICIO MEMBERS EUGENE R. BLACK, Governor. CHARLES S. HAMLIN. WILLIAM H. WOODIN, ADOLPH C. MILLER. Secretary of the Treasury, Chairman. GEORGE R. JAMES. J. F. T. O'CONNOR, J. J. THOMAS. Comptroller of the Currency. M. S. SZYMCZAK. H. WARNER MARTIN, E. A. GOLDENWEISER, Assistant to the Governor. Director, Division of Research and*. Statistics. CHESTER MORRILL, Secretary. CARL E. PARRY, J. C. NOELL, Assistant Secretary. Assistant Director, Division of L. P. BETHEA, Assistant Secretary. Research and Statistics. S. R. CARPENTER, Assistant Secretary. E. L. SMEAD, WALTER WYATT, General Counsel. Chief, Division of Bank Operations.. GEORGE B. VEST, Assistant Counsel. J. R. VAN FOSSEN, Assistant Chief, Division of Bank LEO H. PAULGER, Operations. Chief, Division of Examinations. O. E. FOULK, Fiscal Agent. FRANK J. DRINNEN, JOSEPHINE E. LALLY, Federal Reserve Examiner. Deputy Fiscal Agent. n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS TEXT OF REPORT Page Developments leading to the banking crisis 3 The banking crisis 8 Conditions following the banking crisis 14 Open-market operations: 1930-33 17 Rehabilitation of the banking structure 21 Suspension of gold payments 2& Growth of world stock of gold 30 Business conditions 30 Credit agreements with foreign central banks 35 Amendments to the law relating to the Federal Reserve System 3& Recommendations concerning legislation 50 Earnings and expenses of Federal Reserve banks 59 Building operations of Federal Reserve banks 62 Branches and agencies of Federal Reserve banks 62 Bank examinations 63 Trust activities of national banks 63 Changes in membership 63 Federal Reserve inter district collection system 65 Additions to and changes in Federal Reserve Board's regulations 65 Administration of sections 8 and 8A of the Clayton Antitrust Act . 66 Reductions in capital stock of member banks 66 Applications for voting permits by holding company affiliates 67 Meetings of Federal Advisory Council 67 Organization, staff, and expenditures 67 TABLES FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND RELATED ITEMS: No. 1. Annual averages, 1918-33 71 No. 2. Monthly averages, 1917-33 72-75 No. 3. Weekly averages, 1932-33 76-77 No. 4. By weeks (Wednesday series), 1922-33 78-89 No. 5. End of month series, 1929-33 90 No. 6. Call dates, 1917-33 91 RESERVE BANK CREDIT: No. 7. Annual averages, 1915-33 92 No. 8. By months, 1925-33 92-93 No. 9. Deposits, reserves, note circulation, and reserve percentages of Federal Reserve banks, by months, 1932-33 94 No. 10. Deposits, total gold reserves and other cash, Federal Reserve note circulation, and cash ratio, by months, 1932-33 94 in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IV CONTENTS RESERVE BANK CREDIT—Continued. p age No. 11. Bills discounted for member banks—holdings of each Federal Reserve bank, by months 95 No. 12. Reserve balances of member banks in each district, by months 95 No. 13. Bills discounted for member banks in each State, by months. 96 No. 14. Principal assets and liabilities of Federal Reserve banks, by weeks 97 No. 15. Federal Reserve banks—holdings of bills discounted, by weeks, by districts 98-99 No. 16. Federal Reserve banks—assets and liabilities in detail, Dec. 31, 1933 100-101 No. 17. Assets and liabilities of Federal Reserve banks (in detail) at the end of each month 102-103 No. 18. Condition of each Federal Reserve bank at end of 1932 and 1933 104-107 No. 19. Number of member banks discounting paper at Federal Reserve banks, by months, 1914-33 108 No. 20. Number of member banks discounting paper at Federal Reserve banks, by Federal Reserve districts, 1926-33 108 No. 21. Number of member banks discounting paper at Federal Reserve banks, by States, 1925-33 109 No. 22. Bills discounted by Federal Reserve banks—holdings at the end of each month, by classes 11.0 No. 23. Bills discounted—holdings of each Federal Reserve bank on Dec. 31, 1933, by classes 111 No. 24. Bills discounted—holdings of each Federal Reserve bank on Dec. 27, 1933, by maturities 111 No. 25. Bills bought by Federal Reserve banks—holdings at the end of each month, by classes 112 No. 26. Acceptances payable in foreign currencies—holdings of Federal Reserve banks, 1924-33 112 No. 27. Holdings of bills discounted and bills bought by Federal Reserve banks, by maturities, 1932-33 113 No. 28. Holdings of United States Government securities by Federal Reserve banks at end of each year, 1929-33, by classes 114 No. 29. United States Government securities held by Federal Reserve banks in System investment account, under resale agreement, etc. (average basis), 1932-33 115 No. 30. United States Government securities held by Federal Reserve banks in System investment account, under resale agreement, etc. (Wednesday basis) 116 No. 31. Holdings by Federal Reserve banks of 1-day certificates of indebtedness issued by the United States Treasury, 1925-33 117 VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS: No. 32. Volume of operations in principal departments, 1929-33 118 No. 33. Volume of operations in principal departments of each Federal Reserve bank, 1933 119 No. 34. Volume of operations of branches of Federal Reserve banks _ _ 120 GOLD SETTLEMENT FUND: No» 35. Summary of transactions through the fund, 1926-33 121 No. 36. Summary of transactions through the fund, by districts, 1933_ 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS V FEDERAL RESERVE AGENTS' GOLD FUND: Page No. 37. Summary of transactions through the fund, 1926-33 122 No. 38. Summary of transactions through the fund, by districts, 1933- 122 MEMBERSHIP IN PAR COLLECTION SYSTEM: No. 39. Number of banks on par list and not on par list, 1926-33.__ 123 No. 40. Number of banks on par list and not on par list, by districts- _ 124 No. 41. Number of banks on par list and not on par list, by States, on Dec. 31, 1932 and 1933 125 FEDERAL RESERVE BANK PREMISES: No. 42. Cost of bank premises of Federal Reserve banks and branches to Dec. 31, 1933 126 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS: No. 43. Gross and net earnings of Federal Reserve banks, and disposition made of net earnings, 1914-33 127 No. 44. Earnings of Federal Reserve banks, by sources, 1914-33 127 No. 45. Total earnings, current expenses, and net earnings of each Reserve bank, and disposition made of net earnings, 1914-33 128-129 No. 46. Earnings and expenses of the Federal Reserve banks during 1933 130-131 No. 47. Reimbursable expenditures of the Federal Reserve banks during 1933 132 FEDERAL RESERVE NOTES: No. 48. Federal Reserve agents' accounts at the end of each month 133 FEDERAL RESERVE BANK NOTES: No. 49. Federal Reserve agents' Accounts at the end of each month__ 134 GOLD STOCK, GOLD MOVEMENTS, AND MONEY IN CIRCULATION GOLD: No. 50. Monetary gold stock of the United States, 1914-33 137 No. 51. Analysis of changes in monetary gold stock, by months, 1926-33 138 No. 52. Gold held under earmark by Federal Reserve banks for foreign account, by months, 1916-33 139 No. 53. Gold movements to and from United States, by countries, 1930-33 139 No. 54. Gold movements to and from United States, by months, 1924-33 140 MONEY IN CIRCULATION: No. 55. United States money in circulation, by months, 1914-33 141 No. 56. Kinds of money in circulation, 1931-33 142 DISCOUNT RATES AND MONEY RATES DOMESTIC MONEY RATES: No. 57. Federal Reserve bank discount rates 145-147 No. 58. Federal Reserve bank buying rates on acceptances—changes from Jan. 1, 1929, to Dec. 31, 1933 148 No. 59. Average rates earned by Federal Reserve banks on bills and securities, 1920-33 149 No. 60. Open-market rates in New York City, by months, 1929-33 . 150 No. 61. Open-market rates in New York City, by weeks 151 No. 62. Money rates in New York City—prevailing rates charged customers, 1929-33 152 No. 63. Rates charged customers by banks in principal cities (weighted averages), 1921-33 153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VI CONTENTS MONEY RATES IN FOREIGN COUNTRIES: p age No. 64. Discount rates of foreign central banks, 1931-33 154 No. 65. Open-market rates in foreign countries, by months, 1929-33- 155 MEMBER AND NONMEMBER BANK CREDIT ALL BANKS IN THE UNITED STATES: No. 66. Number of banks, 1914-33 159 No. 67. Total loans and investments of member and nonmember banks, 1914-33 160 No. 68. Total loans of member and nonmember banks, 1914-33 161 No. 69. Total investments of member and nonmember banks, 1914-33 162 No. 70. Deposits of member and nonmember banks (exclusive of interbank deposits) 1914-33 163 ALL MEMBER BANKS: No. 71. Assets and liabilities of national and State bank members, Dec. 31, 1932, and Dec. 30, 1933 164 No. 72. Assets and liabilities of reserve city and country banks, Dec. 31, 1932, and Dec. 30, 1933 165 No. 73. Deposits subject to reserve, reserves required, reserves held, and borrowings at Federal Reserve banks, by months, 1933 166 No. 74. Net demand and time deposits, by months 167 No. 75. Net demand and time deposits of member banks in larger and smaller centers, 1929-33 168 No. 76. Holdings of eligible assets (United States Government securities and eligible paper) compared with borrowings at Federal Reserve banks, 1926-33 169 No. 77. Classification of demand and time deposits on call dates, 1928-33 170 No. 78. Principal assets and liabilities on call dates, 1914-33 171-173 No. 79. Classification of member bank loans and investments on call dates, 1930-33 174-175 No. 80. Reserve balances, by months, 1922-33 176 No. 81. Borrowings at Federal Reserve banks, by months, 1914-33__ 176 No. 82. 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, 1933 177-179 No. 83. Deposits by size of account, by Federal Reserve districts, May 13, 1933 180-181 No. 84. Summary of deposits by size of account, May 13, 1933 181 No. 85. Deposits by size of account, by States, May 13, 1933 182-183 REPORTING MEMBER BANKS IN LEADING CITIES: No. 86. Loans, investments, deposits, reserves, and borrowings at Federal Reserve banks (101 cities), 1922-33 184-185 No. 87. Principal assets and liabilities, by weeks (101 cities), 1933. 186-187 No. 88. Principal assets and liabilities, by weeks (90 cities), 1932- 33 188-191 No. 89. New York City banks—Principal assets and liabilities, by weeks, 1933.1 192-193 No. 90. Banks outside New York City-—Principal assets and liabilities, by weeks (89 cities), 1932-33 194-197 No. 91. Bankers' balances: Total, New York City, other leading cities, by weeks (90 cities), 1932-33 198-199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS VII BROKERS' LOANS: Page No. 92. Loans to brokers and dealers, secured by stocks and bonds, made by reporting member banks in New York City, by weeks 200 No. 93. Brokers' borrowings, 1929-33 201 No. 94. Member bank loans on securities to brokers (and dealers in securities) in New York City, 1928-33 202 No. 95. Member bank loans on securities to brokers (and dealers in securities) outside New York City, 1928-33 202 BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING: No. 96. Bankers' acceptances and commercial paper outstanding, 1927-33 203 No. 97. Dollar bankers' acceptances outstanding, by classes 203 No. 98. Dollar bankers' acceptances held by group of accepting banks, 1926-33 204 No. 99. Purchased acceptances held by member banks on call dates, 1930-33 204 No. 100. Distribution of dollar bankers' acceptances outstanding 204 BANK DEBITS: No. 101. Debits to individual accounts, by banks in 141 principal cities, by months, 1924-33 205 BANK SUSPENSIONS: No. 102. Banks suspended and reopened, by years, 1921-32 206 No. 103. Number of bank suspensions, 1921-32, by Federal Reserve districts and States 207-211 No. 104. Deposits of banks suspended, 1921-32, by Federal Reserve districts and States 212-221 No. 105. Number, classified according to capital stock, 1921-32 222 No. 106. By size of town or city, 1921-32 222 No. 107. Banks suspended and nonlicensed banks placed in liquidation or receivership, Jan. 1 to Dec. 31, 1933, and nonlicensed banks on selected dates in 1933 223 CHANGES IN MEMBERSHIP IN THE FEDERAL. RESERVE SYSTEM: No. 108. Changes, by class of bank, in 1933 224 EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS: No. 109. Loans and investments, capital funds, and profits, 1923-32. 225 No. 110. Ratios of earnings, expenses, etc., to average loans and investments, 1923-32 226 No. 111. Earnings, expenses, and dividends, 1924-32 227 BUSINESS CONDITIONS CAPITAL ISSUES AND SECURITY PRICES: No. 112. Capital issues, 1919-33 231 No. 113. Security prices, 1919-33 232-233 No. 114. Bond yields, 1919-33 234-235 INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE, AND PRICES: No. 115. Production, employment, and trade, 1919-33 236-241 No. 116. Production of manufactures, by groups, 1919-33 242 No. 117. Production of minerals, by industries, 1919-33 243 No. 118. Factory employment, by groups, 1919-33 244-247 No. 119. Factory pay rolls, by groups, 1919-33 248-249 No. 120. Wholesale commodity prices in the United States, by months and years, 1913-33 250-251 No. 121. Wholesale commodity prices in the United States by weeks 252-253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS APPENDIX Page Recommendations (and directory) of the Federal Advisory Council 257-259 Banking legislation in 1933: Extension of Glass-Steagall Act 260 Joint resolution authorizing Comptroller of the Currency to exercise additional powers 260 Emergency Banking Act and Bank Conservation Act 261-265 Amendment to Emergency Banking Act 266 Title III of the act of May 12, 1933 (known as the "Thomas amendment" 267-268 Section 28 of the act of May 12, 1933, amending section 13 of the Federal Reserve Act 269 Amendment to Bank Conservation Act 269 Amendments to sections 5200 and 5202 of the Revised Statutes 269 Joint resolution relating to payments of gold 270 Redemption of notes of unidentified banks 270 Amendment to Emergency Banking Act 271 Banking Act of 1933 272-295 Regulations of the Federal Reserve Board: Regulation L—Interlocking bank directorates and other relationships under the Clayton Act 296 Regulation M-—Open-market operations 300 Regulation N—Relations with foreign banks and bankers 303 Regulation P—Holding company affiliates—Voting permits 304 Regulation Q—Payment of interest on deposits 312 Regulation R—Relationships with dealers in securities 316 Executive orders and proclamations with respect to banking and currency: Proclamation relative to bank holiday 319 Continuation of bank holiday 320 Licensing of banks to reopen—Licensing of gold exports 320 Disposition of unlicensed member banks 321 Hoarding of gold coin, gold bullion, and gold certificates 321 Foreign exchange and the earmarking and export of gold coin or bullion or currency 323 Hoarding, export, and earmarking of gold coin, bullion, or currency and transactions in foreign exchange 324 Sale and export of gold recovered from natural deposits 326 Gold recovered from natural deposits 327 Coinage of silver 328 Control over State banking institutions 329 Directory of the Federal Reserve Board 331 Salaries of officers and employees of the Federal Reserve Board 331 Receipts and disbursements of the Federal Reserve Board 332-333 Salaries of national-bank examiners 334-335 Governors and directors of Federal Reserve banks 336-339 Salaries of officers and employees of Federal Reserve banks 340 State bank and trust company members of Federal Reserve System: List of members, with location, loans, investments, etc 340-355 Summary classification according to capital stock 356-358 Fiduciary powers granted to national banks 359-380 Banks authorized to accept bills up to 100 percent of capital and surplus. 381-382 Description of Federal Reserve districts 383-388 Description of Federal Reserve branch territories 389-390 Map of Federal Reserve districts 391 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LETTER OF TRANSMITTAL FEDERAL RESERVE BOARD, Washington, May 28, 1934. To the SPEAKER OF THE HOUSE OF REPRESENTATIVES. Pursuant to the requirements of section 10 of the Federal Reserve Act, I have the honor to submit the Twentieth Annual Report, prepared by direction of the Federal Reserve Board, covering operations during the calendar year 1933. Yours respectfully, EUGENE R. BLACK, Governor. IX Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL EEPOET OF THE FEDEBAL KESEKVE BOABD Early in 1933, the year covered by this the Twentieth Annual Eeport of the Federal Reserve Board, banking difficulties, which had been developing since the beginning of the depression, became greatly intensified. Conditions became so critical in the first week of March as to necessitate a Nation-wide suspension of banking activities by Presidential proclamation, followed by a reopening of banks under a general plan of rehabilitation of the banking machinery of the country. Cooperation with other agencies of the Government in efforts to bring about this rehabilitation of the banking system constituted an important part of the work of the Federal Reserve System during the year, and the System's participation was an important factor in this work. Another important part of the System's work in 1933 was the interpretation and administration of banking laws enacted in the course of the year. Early in 1933 with the recurrence of bank failures and deposit withdrawals the Federal Reserve System was called upon to meet large demands for currency and gold, so that, at the time when all the banks were closed early in March, member bank reserves had been drawn down to a low level, and Reserve bank credit outstanding and money in circulation were in the largest volume on record. The ability of the Federal Reserve banks to meet enormous demands for currency during the crisis demonstrated the effectiveness of the country's currency system under the Federal Reserve Act. At no time was there difficulty in converting a balance with a Reserve bank into currency or in increasing such a balance through the discount of eligible paper. Under the terms of emergency legislation passed in 1932 sound assets not ordinarily eligible for rediscount could also be converted into balances with a Reserve bank and consequently, if the need existed, into currency. The crisis of February and March 1933, therefore, was not a currency crisis but a banking crisis, and was occasioned not by a shortage of currency but by loss of confidence in the solvency of banks and by a depreciation in bank assets consequent upon the drop in prices of all classes of property caused by the depression. After the middle of March, the reopening of banks and the return of confidence resulted in a rapid return flow of currency to the Reserve banks. The demand for Reserve bank credit consequently diminished, discounts for member banks declined rapidly, and 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD member banks built up considerable reserves in excess of legal requirements. In the middle of May the Federal Reserve banks resumed the policy of purchasing United States Government securities for the purpose of encouraging business recovery by increasing the excess reserves of member banks. These excess reserves reached a level of $800,000,000 in October and remained near that level for the remainder of the year. During 1933 changes of a fundamental character occurred in the monetary system of the United States, the most important of which was suspension of gold payments. At the time of the banking crisis gold payments by banks and the Treasury were suspended by the Government, and the export of gold was placed under control of the Secretary of the Treasury, In April an embargo was imposed on gold exports. In May there was legislation authorizing the President within certain limitations to change the gold content of the dollar. Further legislation in June prohibited the inclusion of gold clauses in obligations that might be incurred thereafter, including obligations of the United States, except currency, and abrogating such clauses in obligations already outstanding. The value of the dollar in foreign exchange markets began to decline April 18, 1933, and by the end of the year was more than 35 percent below its legal parity in terms of gold currencies. Early in 1934, acting under the terms of the Gold Reserve Act of 1934, the President redetermined the weight of the gold dollar. It was fixed at \h%\ grains of gold nine tenths fine, compared with the old weight of 25.8 grains. On January 31, 1934, the country returned to a gold basis at the new level. Important banking legislation was enacted during 1933 both at the time of the banking crisis and later in the year, and this legislation is described in detail elsewhere in this report. The Banking Act of 1933, enacted in June, included provisions imposing upon the Federal Reserve banks and the Federal Reserve Board many new responsibilities, including regulation of the volume of security loans by member banks, and requiring the Board to exercise special supervision over the foreign relations of the Federal Reserve banks. Conditions under which member banks are authorized to have branches were made more liberal. Member banks were forbidden to be dealers in securities, required to divorce security affiliates, forbidden to pay interest on deposits payable on demand, and subjected in respect to interest on time deposits to limitations to be prescribed by the Federal Reserve Board. The act provided for a plan for insuring deposits up to $2,500 for any depositor in any participating bank, to become effective at the end of the year. All member banks were required to participate in the plan and nonmember banks were authorized to participate under certain conditions. The Federal Reserve banks were required to invest an amount equal to one half of their surplus Digitized fori nF RsAtoSEckR of the Federal Deposit Insurance Corporation. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 3 Industrial and business activity and the level of commodity prices were at low ebb in the first quarter of 1933. Following the reopening of banks in the middle of March the volume of production, employment, and trade showed a considerable advance, and there occurred a rise in commodity prices. The improvement was particularly marked in industries producing semifinished products, and the Board's index of industrial production, which is based largely on the output of such products, advanced by midsummer to a level equal to that prevailing on the average in the 3 years 1923-25. Subsequently there occurred a recession in production. At the end of the year industrial output and factory employment were at about 75 percent of the 1923- 25 averages. In the last quarter of the year, as indicated by figures adjusted for seasonal variation, department store sales were about 15 percent larger than in the first quarter, the output of industry about 20 percent larger, and the number of employees at factories about 25 percent greater. Commodity prices at the end of the year were about 20 percent higher than at the beginning and at the highest level since the autumn of 1931. DEVELOPMENTS LEADING TO THE BANKING CRISIS The banking crisis early in 1933 was a culmination of developments that had been under way since the beginning of the depression in 1929 and in many areas for a considerably longer period. One of the outstanding characteristics of the depression had been the successive outbreaks of acute banking difficulties that began in 1930 and continued to recur from time to time until March 1933. Between the end of December 1929 and the end of February 1933 nearly 5,500 banks, or more than one bank in every five, suspended operations, with deposit liabilities aggregating about $3,500,000,000. Bank failures, 1930-33.—The first series of these failures came in the latter part of 1930 in Kentucky, Tennessee, Arkansas, and North Carolina, followed by suspension of a large bank in New York and another in Philadelphia. Conditions improved early in 1931, but there was another and even more wide-spread series of failures from the middle of 1931 until February 1932. This series started with suspension of a large number of banks in Chicago and the surrounding region and spread to Ohio and other Midwestern States, to Pennsylvania and New York, and toward the end of 1931 to New England. Following the formation of the Reconstruction Finance Corporation in February 1932 the rate of suspensions was substantially reduced. In June and July 1932, however, banking difficulties again occurred in Chicago and surrounding territory. During the remainder of 1932, until December, there were relatively few failures and most of these were among small banks. In December 1932 suspensions began to increase and in the first 6 weeks of 1933 they became more Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD numerous and more widespread and involved more banks of substantial size. The volume of deposits of suspended banks was particularly large in southern New Jersey, the District of Columbia, Tennessee, Illinois, Iowa, Missouri, Nevada, and California. Finally, renewed banking difficulties in February 1933 led to the temporary closing of all banks by official action, first in the State of Michigan, then in other States, and finally by Presidential proclamation throughout the country. Decrease in value of bank assets.—The successive waves of bank failures between 1930 and 1933 reflected primarily the drastic decline that occurred in the value of bank assets and the withdrawal of deposits in currency. Continued decrease in the value of bank assets, although due chiefly to the business depression, reflected in addition the fact that when banks had to liquidate assets, whether loans or investments, to meet sudden demands from depositors, such liquidation contributed to declines in the prices of securities and commodities. This unfavorable influence became aggravated when banks were suspended, because their deposits, which represented a part of the liquid funds of the community used for current business purposes, were tied up for varying periods, while their assets were being sold as rapidly as possible. This contributed to further decreases in market values and to further restrictions on business enterprise. ^In the 3 years, 1930,1931, and 1932, the reported volume of total loans .and investments of member banks declined by nearly $8,500,000,000, reflecting the elimination of many banks by suspensions, the repayment of loans and the sale of investments, and the writing down or writing off of both loans and investments because of a decline in the realization value of these assets. Loans declined nearly $11,000,000,000 and there was also a decline after 1930 in member bank holdings of corporate bonds, while holdings of Federal, State, and Government bonds increased more than $3,000,000,000. During the same period the decline in the net deposits of member banks approximated $7,000,000,000, or about $1,500,000,000 less than that shown in loans and investments, the difference reflecting largely a substantial decrease in the capital, surplus, and undivided profits of the banks that arose to a large extent from losses sustained in consequence of declines in asset values. Currency withdrawals.—Withdrawals of deposits in currency, which in many instances was not redeposited in other banks, began to assume considerable proportions in the autumn of 1930 and thereafter the total amount of currency withheld from deposit was augmented with each new wave of bank suspensions. The accompanying chart shows the volume of paper currency of different denominations in circulation since October 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD The increase in large denominations clearly indicates that most of the currency withdrawn represented funds taken out for hoarding. The continued steady demand for small denominations while business was declining probably reflects an increase in the use of currency for business purposes in lieu of checks in localities where banking DENOMINATIONS OF PAPER CURRENCY ( End of month figures ) MILLIONS OF DOLLARS MILLIONS OF DOLLARS 2000 2000 1800 1800 1600 1600 1400 1400 1200 1200 1000 1000 800 800 0€ 0 6Q0 400 ^ 400 200 200 1931 1932 1933 Money in circulation, i.e., outside Treasury and Federal Reserve banks. facilities had been substantially impaired and also in places where confidence in banks had been shaken. The shifting of deposits.—Many withdrawals of deposits were not in the form of currency but in the form of transfers of accounts from banks in which confidence was shaken to other banks. There is no accurate measure of the extent to which this took place, but it is known Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD that, while^certain banks were losing deposits in substantial amounts, other banks were either gaining deposits or losing only relatively small amounts. Large depositors with wide connections transferred accounts from bank to bank and from city to city. In the 6 months between July 1932 and January 1933, for example, as shown in the accompanying table, while the deposits of New York and Chicago banks MEMBER BANK DEPOSITS [Net demand and time deposits; monthly averages of daily figures. In millions of dollars] July 1932 January Percent 1933 change All member banks 24,712 25, 641 +3.8- Central Reserve city banks in: New York City 5,951 7,050 +18.5 Chicago -.. 1,113 1,230 +10.5 Reserve city banks 8,717 8,792 +.9 Country banks in: Places of over 15,000 population.. 5,189 5,018 -3.3 Places of under 15,000 population 3,742 3,550 -5.1 showed large increases, those of reserve city banks remained practically unchanged, and those of country banks, particularly in the smaller towns, showed substantial decreases. Deposits in nonmember banks showed a percentage decline similar to that for country member banks in the smaller places. In order to obtain funds to meet withdrawals of deposits, whether for currency hoarding or for transfer to other banks, bank$ subjected to withdrawals were forced to call loans, to sell securities, or to borrow on their assets. As a rule the better assets were liquidated or pledged first, leaving the poorer assets as cover for the remaining deposits. When banks were forced to liquidate assets to meet demands of depositors, values were further depreciated and the position of other banks weakened. These developments contributed to the spread of suspensions and to the loss of confidence in banks. Efforts to prevent bank failures.—Throughout the depression many attempts were made to prevent the failure of individual banks and to check the spread of bank failures. Private efforts averted a large number of suspensions and these efforts were supplemented from the early days of the depression by measures of collective action, including the provision by governmental authorities of new lending facilities. In the autumn of 1931 the National Credit Corporation was formed under the sponsorship of the banks themselves to make loans to banks in difficulties. In February 1932 the Reconstruction Finance Corporation was established under act of Congress to lend to banks, to other financial institutions, and to railroads. By the end of July 1932 the Corporation had outstanding over $500,000,000 of loans to banks, and at the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 7 end of December 1932 about $600,000,000. In addition, over $270,000,000 had been loaned to railroads, largely to meet maturing obligations, and about $150,000,000 to insurance companies, mortgage institutions of various kinds, and agricultural credit agencies. The granting of these loans served for the time being to check the volume of bank failures. Borrowings of member banks from the Federal Reserve banks had increased to a billion dollars by the end of 1931, and while member banks in the aggregate held an ample amount of paper eligible for rediscount at the Reserve banks, there were many individual members that required assistance but did not possess eligible paper. To meet this situation the Federal Reserve Act was amended in February 1932 to permit a member bank under exceptional circumstances to borrow from a Federal Reserve bank upon paper other than that ordinarily eligible for rediscount or as collateral for loans. About 50 member banks availed themselves of this permission in 1932 and 30S in 1933. While the amounts involved in these loans were not large, the maximum outstanding at any one time being $95,000,000, the existence of these facilities served a useful purpose in many individual situations. An amendment to the National Bank Act, approved July 22, 1932, made all United States Government bonds bearing coupon rates up to 3% percent eligible, for a period of 3 years, as security for circulation of national bank notes. This provision permitted national banks that owned such Government securities to obtain currency without selling or borrowing on these securities. Another amendment to the Federal Reserve Act in February 1932, permitted the Board to authorize Federal Reserve agents for a limited period to accept Government securities from Federal Reserve banks as collateral for Federal Reserve notes. This did not expand the lending facilities available to member banks, but it increased the power of the Federal Reserve banks to purchase Government securities in the open market in order to meet demands for the export of gold and increased currency requirements, as well as to furnish member banks with additional reserve funds. Such funds, when not absorbed by gold exports or currency withdrawals, could be used by member banks to reduce their borrowings at the Reserve banks or to increase loans and investments. On the strength of this authority the Federal Reserve banks in the spring and early summer of 1932 increased their holdings of United States Government securities by approximately $1,100,- 000,000. As a consequence, notwithstanding an outward flow of gold of $500,000,000, member banks were able to reduce their borrowings at the Reserve banks by about $350,000,000 and to increase their reserve balances by approximately $200,000,000. 49753—34 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD THE BANKING CRISIS While the measures that have been reviewed served to check the cumulative process of liquidation, they did not result in a restoration of the value of assets held by banks or in restoration of confidence in the solvency and safety of banks. There was some betterment in the third quarter of 1932, when there was a definite improvement in industrial and financial conditions. The volume of production increased, trade was more active, unemployment was somewhat reduced, currency returned from hoards, the outflow of gold changed to an inflow, banks reduced their borrowings, and prices rose in commodity, stock, and bond markets. In the last quarter, however, the improvement in business was not sustained. At the same time it became evident that there was a wide-spread and growing popular distrust of the ability of a great many banks to meet their liabilities. In January 1933 the post-holiday return flow of currency was less than usual, indicating that currency was being withheld from deposit, and early in February substantial withdrawals of currency indicated the development of another major hoarding movement. In addition to currency hoarding, there were substantial transfers of deposit accounts from banks in which depositors had lost confidence to other institutions, involving in many cases the shift of funds from one section of the country to another. Toward the end of February there was also some loss of confidence in the prospective convertibility of the currency, and withdrawals of gold, which had occurred sporadically during the preceding 2 years, increased in volume. There were demands for gold both for domestic hoarding and for export. As these movements developed, the pressure was felt not only by the weaker member and nonmember banks in scattered sections of the country, but generally by member and nonmember banks in the financial centers and elsewhere throughout the country and by the Federal Reserve banks, which experienced a large demand both for Federal Reserve notes and for gold, so that their liabilities increased and their reserves simultaneously decreased. Between the early part of February and March 4, money in circulation increased by $1,830,000,000, of which $1,430,000,000 was in Federal Reserve notes and $320,000,000 in gold and gold certificates, and at the same time $300,000,000 of gold was withdrawn through earmarking. Nearly two thirds of these demands were concentrated in the week ending March 4. In order to obtain currency and gold, member banks, between early February and March 4, increased their bills discounted at the Federal Reserve banks by over $1,160,000,000 and drew down their reserve balances by over $500,000,000. At the same time the Reserve banks increased their holdings of purchased bills by $390,000,000 and of United States Government securities by nearly $100,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPOET OF THE FEDERAL RESERVE BOARD 9 As a consequence of the simultaneous increase of Federal Reserve notes in circulation and decrease in gold holdings, the ratio of the reserves of the Federal Reserve banks to their note and deposit liabilities declined to 45.3 percent on March 3. In the critical circumstances then existing and in order to adjust the operating position of the Reserve banks to the situation, the Federal Reserve Board deemed it advisable on March 3, acting under authority of section 11 (c) of the Federal Reserve Act, to suspend reserve requirements for a period of 30 days and to establish a tax on the amounts by which reserves were deficient. Little use was made of this suspension by the Reserve banks because of a marked turn for the better in the banking situation. In view of the rapid flow of currency and gold to the Reserve banks after the reopening of the banks, the suspension was not renewed at the expiration of the 30-day period. The development of the banking crisis was accompanied by a sharp increase in money rates. In the New York money market, rates on bankers' acceptances, which were sold in large quantities by banks and dealers, rose from the low level of one fourth of 1 percent early in February to as high as 3% percent in the week ending March 4. The official rate for new call loans on stock-market collateral rose from a nominal level of 1 to 4 percent, with outside bids of as high as 5 and 6 percent on March 3. Commercial paper rates also advanced. In line with the general rise in money rates and in order to combat both domestic and foreign withdrawals of funds from the banks, the Federal Reserve Bank of New York on March 3 raised its rediscount rate from 2% to 3% percent and effective March 4 the Federal Reserve Bank of Chicago made a similar change in its rate. During the week when banks were first reopened, money rates were even higher—commercial paper was at 4K and call loans at 5 percent and March 15 issues of 5-month and 9-month Treasury certificates carried rates of 4 and 4% percent, respectively. Subsequently, money rates in general promptly declined to more moderate levels. Banking authorities in the different States had been obliged to adopt emergency measures from the beginning of February. On February 4 a 1-day holiday was declared in Louisiana to permit large New Orleans banks to raise funds and make readjustments necessary to enable them to continue to meet their obligations. On February 14 a 4-day banking holiday was declared in Michigan to enable banks in Detroit to make similar arrangements and to provide in the interim, as stated in the Governor's proclamation, "for the equal safeguarding without preference of the rights of all depositors/' Satisfactory settlement of the difficulties was not reached, however, and the holiday was extended. While the Michigan holiday arrested withdrawals of deposits from banks in that State, outside Michigan there was an increase in the Digitized form FRoAvSeEmRe nt of funds from weaker to stronger banks and in currency http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 ANNUAL REPOET OF THE FEDERAL RESERVE BOARD withdrawals. Funds were withdrawn from banks in other States to send to Michigan or to meet payments that would otherwise have been met from deposits in Michigan banks. Developments of this nature were partly responsible for the rapid spread of the bankholiday movement among other States. On February 25, the Governor of Maryland declared a bank holiday, chiefly on account of conditions in Baltimore, and at about the same time restrictions were authorized on withdrawals of bank deposits in Indiana, Arkansas,, and Ohio. In a number of States new law^s were passed to provide for safeguarding bank depositors or for readjusting the liabilities of banks without establishing receiverships. With a view to enabling the banking situation in any particular State to be better handled as a whole, a joint resolution was adopted on February 25 by the Congress of the United States authorizing the Comptroller of the Currency to exercise with respect to national banks such powers as State officials might have with respect to State banks. On March 1 Alabama, Kentucky, Tennessee, and Nevada declared bank holidays, and similar action was taken by 6 other States on March 2 and 7 others on March 3. On the morning of March 4, the Governor of the State of New York issued a proclamation declaring that day, which was a Saturday, and the following Monday to be bank holidays. Similar action was taken in Illinois, Massachusetts, New Jersey, Pennsylvania, and elsewhere. The bank holiday, March 4-12.—Declaration of holidays in the various States had by March 4 closed or placed under restrictions practically all banks in the country. Federal Reserve banks also observed State holidays and closed on March 4. All leading exchanges ceased operations and business in general was practically at a standstill. On March 6 the President issued a proclamation1 declaring a Nation-wide bank holiday to continue through the 4 days ending Thursday, March 9. An important purpose of this action was to attack the problem of bank failures comprehensively by reviewing at one time the condition of all banks and reopening only such banks as could meet all demands upon them. This procedure was intended both to assure more equitable treatment as between the depositors who were making withdrawals and those who were not, and to restore confidence in the banking situation as a whole. The President's proclamation was issued under the authority of a section of the "Trading with the Enemy Act" of October 6, 1917, as amended September 24, 1918, which gave the President power to regulate or prohibit transactions in foreign exchange and in gold and silver, and also to prohibit the hoarding of gold and silver coin and bullion and of paper currency. The proclamation declared that i Proclamations and Executive orders issued during the year dealing with currency and banking Digitized fomr FatRteArsS aEreR p rinted on pp. 319-330. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD H there had been heavy and unwarranted withdrawals of gold and currency and extensive speculative activity in foreign exchanges, which had created a national emergency, and the bank holiday was ordered to prevent a continuation of such hoarding and speculation and to permit the application of appropriate measures for protecting the interests of all bank depositors and other persons dependent on the banks. During the holiday banks were not to pay out any coin, bullion, or currency or to transact any other banking business whatsoever, except as might be permitted by the Secretary of the Treasury. The Secretary of the Treasury was authorized to permit banks to perform any or all banking functions, to require or permit the issuance of clearing-house certificates, and to authorize special trust accounts for receipt of new deposits. At the same time the President called a special session of Congress to meet on March 9 to enact such legislation as might be needed for the reopening of banks. In the interim attention was devoted not only to devising measures for reopening the banks but also to effecting arrangements for meeting during the holiday certain essential payments. The Secretary of the Treasury distributed through the Federal Reserve banks a series of regulations permitting specified types of transactions, and a number of statements interpreting these regulations. Some of the more important Treasury regulations were as follows: Banks were permitted to perform in a limited manner specified banking functions, such as to make change, complete settlements not involving payments of currency, allow access to safety-deposit boxes, deliver documents held for safekeeping, and transact certain fiduciary business. They were also given permission to perform functions essential to provide the community with food, medicine, and other necessities of life, for relief of distress, for payment of usual salaries and wages, and for similar purposes. Banks were permitted to accept special trust deposits withdrawable on demand. Such deposits were to be held in cash or in United States Government obligations or deposited with Federal Reserve banks, which in turn were to hold such deposits in special accounts. These regulations contained provisions that in the exercise of these powers no bank should pay out any gold or gold certificates, and that banks should not permit withdrawals of currency for purposes of hoarding. On March 7 Federal Reserve banks were authorized to supply currency, extend credit, and make transfers required by member banks in exercising the powers granted to them, provided that the member banks should inform the Federal Reserve banks of the amounts of currency held and of the circumstances giving rise to need for more currency and should deliver to the Reserve bank all gold and gold certificates held. The demand for gold for domestic hoarding had been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD one of the striking aspects of the course of events that brought on the banking crisis and it was deemed advisable to obtain a return of this gold to the banks. Accordingly, on March 8 the Federal Reserve Board requested the Federal Reserve banks to prepare lists of persons who had recently withdrawn gold (including gold certificates) and had not redeposited it in a bank by March 13, the date being subsequently extended, and to give publicity to the request. On March 10 the President issued an Executive order which prohibited the export of gold except in accordance with regulations prescribed by or under license issued by the Secretary of the Treasury. The cessation of gold payments, the possible publication of the names of gold hoarders, together with the general recognition by the public of the desirability of restoring to the country's reserves gold held privately, where under prevailing conditions it did not promote the public interest, resulted in a rapid return flow of gold and gold certificates to the Reserve banks and the Treasury. Since an important part in the events leading up to the banking crisis was played by the demand for currency, means of meeting possible further demands when the banks reopened were considered during the banking holiday. It was recognized as essential in resuming banking operations to have made provisions for an adequate supply of currency to meet all possible demands of depositors. Issuance of clearing-house certificates or of similar forms of local emergency currency was among the matters to which consideration was given by Government officials and by various local agencies. In previous monetary crises, before the Federal Reserve System was established, such certificates had proved useful. On March 7 the Secretary of the Treasury issued a regulation authorizing clearing houses and similar qualified associations to issue demand certificates against sound assets of banking institutions, but this authorization was not to become effective before March 10, since it was hoped that in the meantime a comprehensive national plan might be evolved. In many cities the printing of such certificates was begun and arrangements were made for pledging the required assets, but after the passage of the Emergency Banking Act of March 9 it became evident that these certificates would not be needed. Provisions of this act made possible the issue of the necessary amount of emergency currency in the form of Federal Reserve bank notes, which could be based on any sound assets possessed by banks. The Emergency Banking Act.—On March 9, 1933, Congress assembled in special session and received a message from the President asking for legislation " giving to the executive branch of the Government control over banks for the protection of depositors; authority Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD 13 forthwith to open such banks as have already been ascertained to be in sound condition and other such banks as rapidly as possible; and authority to reorganize and reopen such banks as may be found to require reorganization to put them on a sound basis." On the same day the legislation requested was passed by Congress and signed by the President. This act confirmed all of the emergency measures adopted by the President and the Secretary of the Treasury since March 4 and gave the President emergency powers to control foreign exchange transactions, gold and currency movements, and banking transactions. The act also provided that when necessary for the conservation of the assets of a national bank the Comptroller of the Currency might place the bank in the hands of a conservator, whose powers differ in important respects from those of a receiver. The principal duty of a conservator, like that of a receiver, is to conserve the assets of the bank for the benefit of depositors, but in performance of this duty he is not under the same obligation as a receiver to liquidate the assets. He may resort, furthermore, to certain new procedures for reorganization, some of which require approval of a smaller proportion of the depositors and stockholders than older methods. The act also authorized the issuance and sale of preferred stock by national banks and the purchase of such stock by the Reconstruction Finance Corporation. These measures provided means for readjusting the liabilities of insolvent banks without receiverships and for checking or slowing down the process of liquidation which had been contributing to the continued decline in the value of bank assets in general and thus undermining other banks. Banks were offered, moreover, a new method of raising funds through the sale of preferred stock, capital notes or debentures. This method enabled them to meet demands for funds without creating claims superior to the claims of their depositors, such as those which arose when they borrowed at the Reconstruction Finance Corporation or elsewhere. The Federal Reserve Act was amended by the act of March 9, 1933, to permit the issuance by Federal Reserve banks of Federal Reserve bank notes which could be secured by direct obligations of the United States Government up to 100 percent of their value, or by any notes, drafts, and bills acquired by the Federal Reserve banks up to 90 percent of their value. No reserves were required to be held against these notes. Conditions under which Federal Reserve banks were authorized in unusual circumstances to make loans to member banks, on collateral otherwise considered ineligible, were liberalized. The Reserve banks were also authorized by this act to make advances to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD individuals, partnerships, and corporations on notes secured by United States Government obligations.1 These measures made it possible for any member bank during the emergency to meet all demands for currency so long as it had sound assets, regardless of the technical eligibility of these assets under permanent law. Program for reopening banks.—After the passage of the Emergency Banking Act on March 9, the President issued a proclamation indefinitely extending the bank holiday and on March 10 by Executive order he conferred upon the Secretary of the Treasury power to license members of the Federal Keserve System found to be in satisfactory condition to conduct a usual banking business with exceptions as to the paying out of gold and the furnishing of currency for hoarding. A like power was granted to the banking authorities of the various States with respect to banks outside of the Federal Reserve System. The Federal Keserve banks were designated in this Executive order to act as agents of the Secretary of the Treasury for the receiving of applications and the issuance of licenses in his behalf and upon his instructions. On Saturday, March 11, the Reserve banks were authorized by the Treasury to reopen on the following Monday for the performance of all usual banking functions, except as to the paying out of gold and the furnishing of currency for hoarding. On the same date it was announced that on March 13 banks in the 12 Federal Reserve bank cities would be reopened, on March 14 banks in approximately 250 other cities having recognized clearing houses, and on March 15 banks in other places. On Sunday evening, March 12, the President made a statement by radio in which he gave an account of what had been done during the crisis, outlined the program on which banks were to be reopened, gave the assurance that banks reopened would take care of all needs and indicated that the success of the whole program was dependent upon the cooperation of the public. CONDITIONS FOLLOWING THE BANKING CRISIS The measures adopted during the bank holiday and the statement by the President to the people resulted in a restoration of confidence so that as soon as the banks were reopened a large volume of currency was redeposited in the banks. Money in circulation, which reached a peak of over $7,500,000,000 early in March, declined by about $1,250,000,000 during the remainder of that month and by about $2,000,000,000 by the end of August. 1 The Emergency Relief and Construction Act of 1932, approved July 21, had contained authority for the Reserve banks to make advances to individuals, (1) in unusual and exigent circumstances, (2) by authority of a vote of not less than five members of the Federal Reserve Board, (3) on eligible paper endorsed and otherwise secured to the satisfaction of the Federal Reserve bank, and (4) on submission of evidence that the borrower was unable to secure adequate accommodation from other banking institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD 15 The return flow of money was principally from hoards rather than from active circulation, as is indicated by the fact that the larger part of the paper currency returned to the Federal Reserve banks after March was in the larger denominations, $50 and over, which are used relatively little in day-to-day transactions. Amounts of currency of various denominations in circulation on end-of-month dates between October 1930 and December 1933 are shown in the chart on page 5. From the end of February 1933 when money in circulation was about $1,000,000,000 less than at the peak, to the end of July, currency of denominations of $50 and over declined by about $500,000,000, or 26 percent, whereas currency of $20 denomination declined by $165,- 000,000, or 11 percent, and the circulation of the denominations of $10 and under, which are the ones used largely for business purposes, declined by $75,000,000, or 3 percent. In the next few months the circulation of large denominations continued to decrease while that of small denominations showed a seasonal increase. There was also a rapid return flow of gold and gold certificates to the Reserve banks and the Treasury, which continued at a diminishing rate during the remainder of the year. Between March 4 and March 15, $370,000,000 in gold coin and gold certificates were returned, an amount about $50,000,000 more than had gone out between the first of the year and March 4. About $260,000,000 was returned in the second half of March, about $175,000,000 more in the second quarter of the year, and about $60,000,000 more in the last 2 quarters. With this return flow of currency and gold, banks showed an increase in their deposits and were also able to reduce indebtedness incurred during the banking crisis. By the middle of April deposits at the weekly reporting member banks had increased by about $1,000,- 000,000 and before the end of June the increase amounted to more than $2,000,000,000. Reserve bank credit, March to December.—In the first month after the resumption of operations, member banks reduced their borrowings at the Federal Reserve banks by about $1,000,000,000, and at the same time increased their reserve balances by about $300,000,000. In this period maturing acceptances held by the Reserve banks were also paid off to the extent of over $150,000,000. Further reductions in member-bank borrowings and increases in their reserves during the remainder of the year reflected principally purchase of United States Government securities by the Reserve banks. In conjunction with this policy of open-market purchases the Federal Reserve banks also reduced their rates on discounts and on acceptances. At New York the discount rate was reduced from Z}{ to 3 percent on April 7, to 2% percent on May 26, to 2 percent on October 20, and to 1% percent on February 2, 1934. Reductions were also made in the discount rates at other Reserve banks. Rates on acceptances were Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 ANNUAL KEPORT OF THE FEDERAL. RESERVE BOARD also substantially reduced and the rate on the shorter maturities was one half percent in the last quarter of the year. The chart shows the course of the total volume of Reserve bank credit, and of holdings by the Reserve banks of discounts, acceptances, and United States Government securities for the 4 years 1930-33. RESERVE BANK CREDIT MILLIONS OF DOLLARS ( Wednesday figures ) MILLIONS OF DOLLARS 4000 4000 3000 3000 2000 2000 1000 1000 1930 1931 1932 1933 Holdings of Federal Reserve banks. Member bank reserve balances.—The building up of member bank deposits was accompanied by a growth of member bank reserve balances with the Federal Reserve banks, reflecting both the redeposit with the Reserve banks of currency returning from circulation and open-market purchases by the Reserve banks. Since the increase in legal reserve requirements arising from the growth of deposits was much smaller that the increase in reserve balances, excess reserves of member banks rose in the autumn to $800,000,000, the highest level then on record. This volume of excess reserves was maintained to the end of the year. Excess reserves of member banks during 1932 and 1933 are shown on the chart, with separate figures for banks in New York City and outside New York City. The chart shows that excess reserves began to increase in 1932, when the Federal Reserve banks were purchasing a large volume of United States Government securities in the open Digitized form FRarAkSeEtR, and continued to grow, except for a short period during the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 17 banking crisis, until the autumn of 1933. During 1932 the larger part of the excess was held by banks in New York City, where banks throughout the country kept a considerable part of their surplus funds. In 1933, however, largely as a consequence of the passage of the Banking Act of 1933 which, with some exceptions, prohibits the payment EXCESS RESERVES OF MEMBER BANKS MILLIONS OF DOLLARS ( Wednesday figures ) MILLIONS OF DOLLARS , , 100 ~. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. Reserve balances held with Federal Reserve banks in excess of legal requirements. of interest on demand deposits, excess reserves became more widely distributed, and in the last half of the year the larger part was held by banks outside of New York City. A special survey of the distribution of excess reserves during the first half of November 1933 showed that more than half of all the member banks held reserves that were at least 20 percent above legal requirements, and only 6 percent of all member banks were deficient in reserves. The proportion of member banks with a considerable volume of excess reserves was larger among member banks with deposit liabilities of $500,000 or less than among larger member banks. This large and widely-distributed volume of excess reserves was an important influence in maintaining easy conditions in the money market and constituted in the existing circumstances a factor favorable to business recovery. OPEN-MARKET OPERATIONS: 1930-33 Throughout the period of the depression the Federal Reserve System lent its support to efforts to counteract deflationary forces Digitized foar nFRd AStoER f acilitate expansion of business activity. With this end in http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD view the System pursued a policy of reducing its discount and openmarket rates and of purchasing United States Government securities in the open market, thereby placing a large volume of reserve funds at the disposal of member banks. During the speculative expansion in 1928 and 1929 the Federal Reserve System had sold the greater part of its holdings of Government securities, thereby causing member banks to increase their discounts with the Reserve banks, and at the same time had advanced its discount and acceptance rates in pursuance of a policy of restraining credit expansion by increasing both the volume and the cost of indebtedness of member banks to the Reserve banks. This policy of restraint terminated when the speculative boom came to an end in the autumn of 1929, and a policy of assistance to the market was adopted during the following period of crisis. Between the end of September of 1929, when the stock market break began, and the end of that year the Federal Reserve banks purchased $350,000,000 of Government securities and $100,000,000 of acceptances in order to help the member banks to meet demands that were being made upon them and in order to ease the money market at a time of serious financial disorganization. ITEMS RELATED TO OPEN MARKET POLICY: 1930-33 [In millions of dollars] Reserve bank holdings Member bank reserve of balances Mone- Money Date G U o .S v . - g ta o r l y d in cu c la ir - m er e n n - t bo B u il g ls ht co D u i n s- ts stock tion Total qu R ir e e - d 1 Excess1 securities End of 1929 511 392 632 4,284 4,865 2,355 2,428 -73 July 20, 1932 1,836 52 538 3,952 5,735 2,036 1,789 247 End of 1932 1,855 33 235 4,513 5,675 2,509 1,935 574 End of 1933 2,437 133 98 4,323 5,806 2,729 1,870 859 Changes during: 1930, 1931, and to July 20, 1932....+1,325 -340 -94 -332 +870 -319 -639 +320 July 20, 1932, to end of year +19 -19 -303 +561 -60 +473 +146 +327 1933 _ +582 +100 -137 -190 +131 +220 -65 +285 1930 to 1933 +1,926 -259 -534 +39 +941 +374 -558 +932 i Partly estimated. The Reserve System's open-market policy in relation to the depression may be considered as beginning with the opening of the year 1930. The table shows the principal items directly related to this policy for significant dates during the period 1930-33. Figures for July 20, 1932, are shown because that date marked a reversal in the movement of currency and gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 19 At the beginning of 1930 the Keserve banks held about $500,000,000 of United States Government securities and $390,000,000 of acceptances, and the member banks were in debt to the Reserve banks to the extent of $630,000,000. During the period from the beginning of 1930 to September 1931 the Federal Reserve banks bought a substantial amount of United States Government securities, and thereby enabled member banks to meet the domestic demand for currency for hoarding and at the same time to reduce their borrowings. Additional funds were supplied to the banks during this period through an inflow of gold from abroad, with the consequence that at the middle of September 1931 member banks had $200,000,000 of excess reserves. In the latter part of 1931, following the suspension of gold payments by England, there was a large outflow of gold and member bank borrowings at the Reserve banks increased. Early in 1932, after the passage of the Glass-Steagall Act, which authorized the pledging of United States Government obligations as collateral against Federal Reserve notes, the Federal Reserve banks undertook open-market operations on a large scale, increasing their holdings by about $1,100,000,000 between the end of February and the middle of July. These purchases enabled member banks to meet large demands for gold from abroad and for currency for domestic hoarding and at the same time to reduce their borrowings and to build up their balances. During the 30 months from the beginning of 1930 to July 1932, taken as a whole, the increase in Federal Reserve bank holdings of Government securities was $1,325,000,000. These purchases enabled the member banks to meet a drain of gold amounting to $330,000,000 and a demand for currency of $870,000,000 and at the same time to reduce their indebtedness to the Reserve banks by $95,000,000, as well as to provide funds for the repayment of maturing acceptances in the amount of $340,000,000. Member-bank reserve balances declined during the period by $320,000,000, but the decline was smaller than the decrease in reserve requirements caused by a reduction in bank deposits, so that member bank reserves, which were approximately equal to legal requirements at the close of 1929, were, by mid-July of 1932, $247,000,000 in excess of such requirements. Up to that time the open-market policy of the Federal Reserve banks, although it had created a substantial volume of excess reserves, was effective chiefly in counteracting the unfavorable influence on banking conditions of gold withdrawals and currency hoarding. Both of these movements ceased in the middle of July 1932 and during the remainder of that year there was a considerable inflow of gold and some return of currency from hoarding. Since the assets of the Reserve banks consisted in large part of holdings of United States Government securities, which could be liquidated only at the initiative of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Reserve banks, and only in small part of discounts for member banks, the inflow of gold in the second half of 1932 was only partly absorbed by further liquidation of member-bank indebtedness and resulted, in addition to liquidation of discounts for member banks, in a further growth of excess reserves to $575,000,000 by the end of the year. Member banks, therefore, entered the year 1933 with a low level of indebtedness to the Reserve banks and a large volume of excess reserves. It is not necessary for the purpose of reviewing the system's openmarket operations during 1933 to discuss the developments which accompanied the banking crisis in February and March, during which there was a temporary increase of large magnitude in the volume of money in circulation and a corresponding growth in member-bank borrowings at the Reserve banks. These developments are discussed elsewhere in this report. The currency withdrawn during the panic soon returned to the Reserve banks after the banks of the country were reopened and was used by member banks to reduce their borrowings. During the year 1933 taken as a whole, the Reserve banks purchased $580,000,000 of Government securities. These purchases resulted in a further reduction of $140,000,000 in member-bank indebtedness to the Reserve banks, which at the end of the year was below $100,000,000 for the first time since the early days of the system. This reduction in member-bank indebtedness occurred notwithstanding a loss of $190,000,000 of gold during the year and an increase of $130,000,000 in money in circulation. By the autumn member-bank reserve balances in excess of legal requirements increased to a level above $800,000,000, the largest since the establishment of the Federal Reserve System. Open-market operations in 1933 may be described as having been conducted primarily for the direct purpose of building up excess reserves of the member bankswith a view to further easing conditions in the money market and encouraging the banks to adopt more liberal lending and investing policies and so to facilitate the recovery of business. Summing up the open-market operations for the 4 years 1930-33,, the Reserve banks purchased during those years about $2,000,000,000 of Government securities with the consequence of reducing indebtedness of member banks and Reserve bank holdings of acceptances by about $800,000,000 and building up reserves of member banks by $375,000,000, notwithstanding an increase of $940,000,000 in money in circulation. Inasmuch as reserve requirements had been reduced by $560,000,000 through the decline in bank deposits, the volume of reserves at the close of the 4-year period was more than $800,000,000 in excess of legal requirements. It is difficult to say what the course of the depression would have been had the Federal Reserve System not pursued a policy of liberal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 21 open-market purchases, which at first helped the banks to meet extraordinary demands upon them and later to build up excess reserves to an unprecedented level. This policy, together with the concurrent reduction in discount rates, was an important factor in the general decline of money rates to extreme low levels. Commercial paper, which at the opening of 1930 was at a 5 percent level, had declined by the end of 1933 to 1% percent. Bankers' acceptances declined from 4 percent to five eighths of a percent. The call money rate declined from 6 to 1 percent. The rate on Treasury certificates declined from 3K to one fourth percent, and average rates charged by banks in leading cities to their commercial customers declined from about 6 to 4c}{ percent. That the system's open-market policy also exerted an influence on the volume of bank credit is indicated by the fact that in the middle of 1932 the precipitous decline in bank credit was temporarily arrested partly in consequence of the large volume of reserves that were available to member banks. During 1933, however, the volume of member bank loans and investments, after a very rapid decline during the banking crisis of the first 2 months, rose only slowly as banks reopened and resumed operations, and after midsummer showed relatively little change. The banks' investments in Government securities increased considerably during the year; their other investments showed little change, while their open-market loans increased somewhat- Loans to commercial customers, however, as nearly as they can be measured from available statistics, declined rapidly during the first 2 months of the year and regained only a part of that loss during the remainder of the year. A review of open-market operations by the Federal Reserve System during the 4 years indicates, therefore, that the placing of reserve funds in the market through the purchase of United States Government securities has been an effective means of preventing exceptional demands upon the member banks from tightening the credit situation and that these funds have been a powerful means toward the establishment and maintenance of ease in the short-term money market. Although the abundant credit provided was not effectively employed by business, it would appear that the maintenance continuously of a substantial volume of excess reserves through openmarket purchases helped to arrest a powerful deflationary movement and created conditions propitious to business recovery. REHABILITATION OF THE BANKING STRUCTURE General rehabilitation of the banking structure began with the adoption and promulgation of the plan for reopening the banks after the banking holiday. A vital element in carrying this plan into effect was the public confidence created by the President's Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD radio address on March 12 in which he gave the people the assurance that the banks reopened would be able to meet every legitimate call and that the Government was determined not to have " another epidemic of bank failures." In accord with the Government's announced policy the Secretary of the Treasury licensed during the first 3 days after the banking holiday 4,507 national banks and 571 State member banks, or about 75 percent of all member banks of the Federal Reserve System, leaving unlicensed 1,400 national banks and 221 State member banks. By April 12, State banking authorities had licensed approximately 7,400 nonmember banks, or about 71 percent of the total number of such banks. The resources of the member banks licensed at that time represented about 90 percent of the resources of all member banks and their estimated deposits approximated $23,000,000,000. By the end of the year the number of licensed member banks had increased to 6,011, as a result of the reopening of unlicensed banks, the organization of new member banks, and the admission of State banks to membership in the Federal Reserve System, while the number of nonmember banks operating without restrictions had increased to approximately 8,200. The number of unlicensed member banks had been reduced by the end of the year to 512 and the number of unlicensed nonmember banks to approximately l^OO.1 A number of the member banks that were licensed to reopen at the conclusion of the banking holiday, and many of those that were licensed later in the year, were strengthened in some way before they were licensed, chiefly with new capital supplied by local interests or with funds from the Reconstruction Finance Corporation. After being reopened, furthermore, a considerable number of banks were strengthened through additions to their capital. Some additions were made in the second and third quarters of the year, but most of them were made in the last quarter when banks in large numbers were being fortified with funds from the Reconstruction Finance Corporation for entrance at the end of the quarter into the Federal deposit insurance fund. An important form of procedure in the administration of unlicensed national banks, of which there were 1,400 on March 15, was through the appointment by the Comptroller of the Currency of conservators, in accord with the Bank Conservation Act of March 9, 1933. The Comptroller has reported the use of conservatorships in 1,088 cases. The conservator of a national bank may, with the approval of the Comptroller of the Currency, pay out an authorized percentage of deposits previously accepted, and is permitted to accept new deposits, to be held in cash or United States Government securities or on deposit with a Federal Reserve bank, and to pay out such new * Figures for nonmember banks as given throughout this report, except when otherwise specified, are exclusive of mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 23 deposits. This enables a national bank to render a limited banking service to its community during whatever period may intervene before it is reopened or placed in receivership. A conservator has authority to reorganize a bank on the basis of agreements signed by creditors representing 75 percent of total deposits and other liabilities or by stockholders owning at least two thirds of the outstanding capital stock or by a combination of the two, these agreements to be binding upon the minority creditors and stockholders. When reopening of the bank on a sound basis has become possible he may turn the bank over to its board of directors. The powers possessed by conservators enabled them in certain communities to facilitate the prompt release of deposits in a number of closed institutions, sometimes to the extent of as much as 50 percent of these deposits, through the instrumentality of a new bank organized to take over in effect a part of the business of each of the closed banks. In some instances the conservators of the participating institutions sold the new bank good assets of the unlicensed institutions. In other cases, funds were provided the new bank through borrowing on the assets of the old bank from the Reconstruction Finance Corporation, the old institution subsequently going into receivership. This method was widely used throughout the country and assisted, as for instance in Detroit, in the liquidation of some of the largest of the closed banks. Release of deposits.—On April 12, 1933, when the first comprehensive figures became available after the banking crisis, nearly $4,000,000,000 of deposits were tied up in about 4,200 unlicensed or restricted banks, member and nonmember, that had been open prior to the banking holiday. By a process of reopening restricted banks or placing them in liquidation the aggregate volume of deposits in restricted banks was reduced by the end of June to about $2,500,000,000, and by the end of the year to about $1,225,000,000 in about 1,900 banks, including about 1,400 nonmember banks. Many of the nonmember banks classed as operating under restriction were permitted to operate with varying proportions of their deposits subject to withdrawal. Receivers and liquidating agents of closed banks, in releasing funds to depositors, have been able in many cases since February 1932 to borrow from the Reconstruction Finance Corporation. In October 1933, in order to accelerate this process, the Deposit Liquidation Board was established, which included officials of the Reconstruction Finance Corporation and other Government departments. The primary concern of this arrangement was with banks which had closed after January 1, 1933. After the creation of the Board and up to the end of 1933, the Reconstruction Finance Corporation had authorized for the purpose specified 776 loans aggregating more than Digitized for FRAS4E9R75 3—34 3 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD $300,000,000. At the end of the year approximately $146,000,000 had been disbursed on these loans and additional disbursements were being made at the rate of several million dollars daily. By borrowing upon the assets of closed banks receivers and other liquidating agents have been able to conserve values, to liquidate in an orderly manner, and to make it possible for a large number of depositors to obtain funds without prolonged delay. Deposit insurance.—The plan for the insurance of deposits, included in the Banking Act of 1933, approved June 16, introduced an important new element into the process of rehabilitating the banking structure. The act provided for a temporary insurance fund to become effective January 1, 1934, and for a permanent plan of deposit insurance to become effective on July 1, 1934, both to be administered by the Federal Deposit Insurance Corporation. The temporary plan provided for the insurance of deposits up to $2,500 for any depositor in any participating bank. Licensed members of the Federal Reserve System were required to participate in the temporary insurance fund, and the Insurance Corporation was not required to examine them. A nonmember bank operating on an unrestricted basis was permitted to apply for participation and was eligible if it was certified by the State authorities to have assets sufficient to meet its deposits and other liabilities. The Federal Deposit Insurance Corporation undertook to examine during the closing months of the year such of the approximately 9,000 nonmember banks as applied for participation in the insurance fund. During September the Corporation sent forms to all nonmember banks upon which to make application for participation. A large body of examiners was mobilized, headquarters set up in State capitals, and with the cooperation of the State banking authorities the task of examining applicants was completed by the end of the year. Examiners of the Federal Reserve System, of the Comptroller's office, and of the State superintendents of banking all participated in handling this large task of examination. Figures of the Federal Deposit Insurance Corporation as of February 15, 1934, showed that 13,529 institutions were members of the temporary Federal deposit insurance fund—5,229 national banks, 909 State-chartered banks belonging to the Federal Reserve System, and 7,391 State-chartered banks not members of the System. The total number of insured accounts was reported at 54,682,092, and the volume of insured deposits $15,483,000,000. The working capital available to the temporary fund included the subscription of $150,000,000 by the United States Treasury, $139,- 300,000 subscribed by the Federal Reserve banks, and approximately $37,000,000 derived by an assessment on participating banks. The contribution of participating banks was equal to one fourth of 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD 25 percent of their insured deposits, and the Corporation has the power to levy in all for the needs of the temporary fund total assessments of not more than 1 percent of the aggregate of insured deposits. Recapitalization of banks.—To prepare banks for participation in the insurance fund, as well as in the interest of general rehabilitation of the banking structure, the Government determined in the course of the summer to make liberal use of the authority possessed by the Reconstruction Finance Corporation to make investment in the capital of banks as permitted by section 304 of the Emergency Banking Act. During the first few months following the banking crisis, this power was utilized chiefly in connection with bank reorganization for the purpose of extending essential banking services to communities that lacked such services, but during the summer the Federal Reserve Board cooperated in making a survey to determine the amount of newcapital that might be required to strengthen active banks preparatory to their applying for participation in the Insurance Corporation. The Federal Reserve Board requested the Federal Reserve agents to keep in touch with such member and nonmember banks in their respective districts as might require their assistance. Federal Reserve officials cooperated with State banking authorities in organizing local situations and in bringing about the prompt filing of proper applications by State banks with the Reconstruction Finance Corporation. The program to improve the capital position of the banks was promoted by the formation for the purpose late in October of a special division of the Reconstruction Finance Corporation with an advisory administrative committee of eight members which was named by the President and included the Governor of the Federal Reserve Board. The results of this program were becoming apparent in the last 2 months of the year. Many of the strongest metropolitan banks cooperated in the program, enlarging their capitalization by taking Reconstruction Finance Corporation funds. By the end of the year applications for additional capital had been received from about 5,000 banks, more than one third of all active banks. One third of the applicants were member banks and two thirds were State banks not members of the Federal Reserve System. By December 31, 1933, the Reconstruction Finance Corporation had made commitments with respect to capital investments in more than 4,500 banks in an amount aggregating $842,000,000, of which $264,000,000 had been disbursed. Additional capital to be furnished by the Corporation had been officially authorized with reference to nearly 550 member banks, in the aggregate amount of about $345,000,000, of which about $240,000,000 had been disbursed. For about 1,800 nonmember banks the amount then authorized was about $160,000,000 and the amount disbursed about $22,000,000. In addition, member and non- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD member banks had commitments for new capital from the Corporation aggregating about $340,000,000. After the end of the year the program continued to develop rapidly, new authorizations were made, and within a few weeks an additional $150,000,000 was disbursed. The policy followed by the Secretary of the Treasury in reopening banks after the banking holiday, together with the steps to strengthen member banks subsequently taken in cooperation with the Reconstruction Finance Corporation, was reflected in the fact that but 15 of the approximately 6,000 member banks reopened were obliged to suspend operations during the remainder of the year. SUSPENSION OF GOLD PAYMENTS General loss of confidence in the solvency of banks that characterized the acute stages of the banking crisis, leading to the withdrawal of large amounts of paper currency for hoarding, was accompanied by considerable but less widespread loss of confidence in the paper currency itself. This was reflected in demands upon the commercial banks, and through them upon the Reserve banks, for substantial amounts of gold to be placed in private hoards, sent out of the country, or otherwise utilized to protect the holder against possible financial loss. A consequence of these events, as noted elsewhere in this report, was to reduce substantially the amount of gold held by the Federal Reserve banks as a basis for currency and credit, and to build up the amount held in private hands where under prevailing circumstances it could serve no useful public purpose. Official measures taken during the banking holiday to halt and later to reverse such developments represented the first of a series of steps that led before the end of April to a suspension of gold payments in the United States. Gold hoarding.—Heavy withdrawals of gold for hoarding were one of the factors that led to the proclamation of March 6, declaring a bank holiday. While the proclamation did not require the return of gold already hoarded, it characterized the practice of hoarding gold as unwarranted and provided that during the bank holiday neither any Federal Reserve bank nor any other bank should pay out, export, earmark, or permit the withdrawal of any gold or take any other action that might facilitate the hoarding thereof. A regulation issued by the Secretary of the Treasury on March 7, permitting the Federal Reserve banks to perform certain limited services for their member banks, provided that the Reserve bank should first require the member bank to deliver to it all gold and gold certificates held by the member bank in its own right. On March 8 the Federal Reserve Board requested the Federal Reserve banks to prepare a list showing the names of persons who had recently withdrawn gold or gold certificates from a Reserve bank or a member bank and who had not redeposited Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPOBT OF THE FEDERAL RESERVE BOARD 27 the gold or gold certificates before March 13 (a date later extended). On March 9, by section 3 of the Emergency Banking Act, the Secretary of the Treasury was authorized, whenever in his judgment such action should be deemed necessary to protect the currency system, to require all persons to deliver to the Treasurer of the United States all gold coin, gold bullion, and gold certificates owned by them in exchange for an equivalent amount of any other coin or currency coined or issued under the authority of the United States. All these measures were taken during the banking holiday, and their effect in promptly bringing large amounts of gold and gold certificates out of hoards has been described elsewhere in this report. The next step was taken on April 5 in an Executive order which prohibited the hoarding of gold coin, gold bullion, and gold certificates, and required anyone holding such gold or gold certificates in excess of $100 to deliver the excess to a Federal Reserve bank, either directly or through a member bank, on or before May 1, 1933. A statement to the press issued at the time by the Secretary of the Treasury stated in effect that in the emergency the turning in of hoarded gold to the Federal Reserve banks, which could use it as a basis for currency and credit, was a duty owed by all citizens; that while many had voluntarily turned in their gold, others had not done so and that by this order the Government would, as in fairness it ought, assure performance of this duty by the others. On December 28, the Secretary of the Treasury issued an order revoking the $100 exemption in connection with the holding of gold coin by the public, and from that date no gold coin—excepting coin having a recognized value to collectors of rare coin—could be legally held. Control of gold exports.—The proclamation of March 6, declaring the banking holiday, prohibited the exportation of gold by banks as well as the paying out of gold, except as authorized by the Secretary of the Treasury. In this respect the proclamation applied to the Federal Reserve banks as well as to member and nonmember banks. An exception was made, however, by official authorization on March 7 for gold earmarked prior to March 6 for foreign governments, foreign central banks, and the Bank for International Settlements, provided each shipment was specifically authorized by a license issued by the Secretary of the Treasury. Licenses for export of gold so held were freely granted by the Secretary. On March 10, the day after the passage of the Emergency Banking Act, the export of any gold coin, gold bullion, or gold certificates by anyone, except as authorized by the Secretary of the Treasury, was prohibited. The order issued on April 5, prohibiting hoarding of gold, provided that the Secretary of the Treasury might license the Federal Reserve banks and the member banks of the Federal Reserve System to deliver gold for proper domestic purposes (not involving hoarding) or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD for export upon a showing by the applicant of need for gold for such purposes. On April 13, upon application of a member bank in New York City, the Secretary of the Treasury issued a license authorizing a shipment of about $600,000 in gold bars to Holland, and on April 15-17 licenses were granted for the export of $9,000,000 in gold bars to France. These exports were authorized at a time when exchange on important European countries was at gold export point and had the effect for the time being of steadying the value of the dollar in the foreign exchange market. On April 18 applications for licenses to export were refused, notwithstanding further weakness in the dollar in the exchange market, and on April 19 it was officially announced that licenses for the export of gold would no longer be freely granted. On April 20 an Executive order was issued definitely prohibiting the export of gold, with specified exceptions including gold previously earmarked for account of foreign governments, foreign central banks, and the Bank for International Settlements. With these exceptions, the authority of the Secretary of the Treasury to issue licenses for the export of gold was limited to such transactions as he might deem necessary to promote the public interest and in respect to these he was authorized to issue licenses only with the approval of the President. During the 3 days April 18-20 the value of the dollar in relation to gold standard currencies declined sharply to a level considerably below parity. Abrogation of gold clause.—On June 5 legislation was enacted which abrogated in respect to all obligations past and future any provision purporting to give the obligee a right to require payment in gold or in an amount of money measured thereby, and included specific reference to every obligation of and to the United States excepting currency. Gold purchases.—On August 29 an Executive order was issued in effect permitting producers of gold newly mined from natural deposits in the United States to sell such gold on the world market, by consigning it for the purpose to the Secretary of the Treasury, the sales to be made through the Federal Reserve banks or other agents designated by the Secretary. Transactions under this order continued for about 2 months. On October 25 the President issued an Executive order revoking the order of August 29 and authorizing the Reconstruction Finance Corporation to acquire gold and to dispose thereof. The Corporation accordingly offered to take at an announced price, in exchange for its own 90-day debentures, all gold newly mined in the United States. The initial price was above the dollar price of gold in London and other centers, and it was raised daily, almost without interruption, until the middle of November. From the middle of November to the first of December there were five changes, and only one change thereafter until the dollar was devalued Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL EEPORT OF THE FEDEEAL EESERVE BOAED 29 on January 31, 1934. The Reconstruction Finance Corporation also engaged in purchases of gold abroad. In all these transactions the Federal Reserve Bank of New York acted as agent. The accompanying chart shows by days the course of dollar exchange throughout 1933 in relation to gold currencies. FOREIGN EXCHANGE VALUE OF THE DOLLAR PER CENT OF PAR ( 1933, by days ) PER CENT OF PAR 110 110 100 100 90 90 80 80 V A 70 .A 70 V 60 60 y 50 50 40 40 30 30 20 20 10 10 JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. Based on noon rates in New York for French francs. Gold Reserve Act of 1934.—At the end of January 1934, Congress passed the Gold Reserve Act of 1934, which provided that title to all monetary gold in the United States should be vested in the United States Government, and that, in case the President should, under authority of the act of May 12, 1933, reduce the weight of the gold dollar, this weight should not exceed 60 percent of the old weight. On January 31, 1934, the President issued a proclamation fixing the weight of the gold dollar at 15%i grains nine-tenths fine, or at 59.06 of the former weight of 25.8 grains. At the same time he gave notice that he reserved the right to alter or modify this proclamation as the interest of the United States may seem to require. Effective February 1, 1934, the United States Treasury undertook to purchase all gold offered at $35 an ounce, compared with the old statutory price of $20.67 an ounce, and to sell gold for export to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD foreign central banks whenever our exchange rates with gold-standard currencies reach the gold export point. GROWTH OF WORLD STOCK OF GOLD In 1933, as in the previous year, there was a large increase in the amount of gold available for world monetary use. There was a further movement of gold from the hoards of the Indian people amounting to about $140,000,000, a release of gold from private holdings in China, the Straits Settlements, and Russia approximating $80,000,000, and a production of new gold for the world as a whole of $505,000,000, which was somewhat larger than production in 1932. Consumption of gold by industry was about matched by melting down scrap and plate ware. The bulk of the gold coming from mines and from eastern hoards during the year, amounting to approximately $720,000,000, was absorbed in private or undisclosed holdings in Europe, almost entirely during the first half of the year and during the final quarter. Recorded reserves of central banks and governments increased during 1933 by about $45,000,000. Monetary gold stock of the United States declined by $190,000,000, but gold holdings of the Federal Reserve banks and the Treasury declined by only $30,000,000, the difference reflecting the turning in of gold by the public in compliance with Executive orders and Treasury regulations. Recorded central gold reserves increased in England, $345,000,000; in Italy, $65,000,000; in South Africa, $50,000,000^ in the Union of Soviet Socialist Republics, $50,000,000; in Sweden, $45,000,000; and in Belgium, Mexico, Greece, and Portugal by an aggregate of $60,000,000. Reserves in France declined $230,000,000; in Germany, $100,000,000; in Switzerland, $90,000,000; in Netherlands, $45,000,000; in Australia $40,000,000; and in Siam $30,000,000. BUSINESS CONDITIONS In the first quarter of 1933, accompanying the banking crisis, the volume of industrial production and of factory employment declined to about the low level of July 1932 and the volume of merchandise distributed in domestic and foreign trade showed a considerable decrease. Prices of commodities in both wholesale and retail markets continued to decline and there were further reductions in rents. In the security markets prices declined but remained somewhat above the low levels prevailing in the middle of 1932. The volume of new capital flotations receded further, and mortgage money continued to be generally unavailable. Expenditures for private construction remained at an extremely low level, and the volume of new public projects undertaken showed a considerable decline, reflecting in part further curtailment by local governmental agencies which in many instances were not in a position to issue new securities or to refund earlier issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD 31 During the last three quarters of the year business was much more active than during the first quarter, as shown in the accompanying table and brought out in detail in the following paragraphs, and at the end of the year all of the principal lines of activity, though still far below their average level for the years 1923, 1924, and 1925, were materially above the low points of the depression. PRODUCTION, EMPLOYMENT, AND TRADE IN 1933 [Index numbers, 1923-1925=100. Adjusted for seasonal variation] Con- Depart- Quarter t d r I i u n a c d l t u p io s r - o n - s c a t o ( w r v n u a a t c l r r u t d a i e c o e ) t d n s e F m m ac p e t l n o o t r y y - p F a a y c t r o o r l y ls c F a r r i e n i l g g o s h ad t- - ( m v s s t a a e o l l n e u re t s e - ) s m a W p l r e o i h c d c o e o i l s t e m y 1 - - First 63 19 58 39 53 59 60 Second.. _. 79 16 61 42 57 67 63 Third 92 24 73 55 62 72 70 Fourth 75 48 73 54 60 68 71 i Without seasonal adjustment. Industrial production and commodity prices.—Industrial output advanced rapidly from March to July, reflecting sharp increases in the production of semifinished goods, both durable and nondurable, and smaller increases in output of finished articles. Increases in the output of steel ingots, semifinished textile products, flour, tobacco products, automobiles and tires were particularly large. This expansion in activity was stimulated by the reopening of banks, the low level of stocks of certain commodities and the prospect of higher costs and higher prices in many lines. The increase in manufacturing activity in turn was an important factor in stimulating a rise in commodity prices, particularly prices of raw materials. In many instances prices were affected directly or indirectly by the prospect of limitations of production, processing taxes, industrial codes, and the decline of the dollar in the foreign exchange market. An unusually small winter wheat crop was an important element in a rapid advance in wheat prices. In general, price increases in this period were most marked in raw materials, which were most in immediate demand and which, in many instances, were traded in international markets. This marked recovery in raw materials prices was from extremely low levels. After July the total volume of industrial production declined considerably for 4 months, reflecting chiefly sharp reductions in activity in the manufacture of semifinished goods which in earlier months had increased rapidly and in some instances had reached levels higher than in 1929. In December industrial output as a whole declined by an amount smaller than is usual at this season, reflecting in part a nonseasonal increase in operations at steel mills that arose Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD from a change in trade practices. Consumption of raw materials in the textile industries continued to decline. In the late summer and in the autumn there was a recession in the prices of many raw materials, while prices of finished goods, which had shown smaller increases in earlier months, advanced somewhat further. In this period and in the last 2 months of the year, the general level of wholesale prices showed relatively little change. Construction.—In the second quarter, while industrial production increased rapidly, the value of construction work undertaken increased by less than the usual seasonal amount. During this period there was a temporary reduction in the volume of Federal projects, while the total for private work showed an increase, accounted for largely by projects in the beverage industry and by increased building of single-family houses to be occupied by owners. In the third and fourth quarters the volume of construction work undertaken showed large increases, reflecting a rapid growth in the amount of work undertaken by public agencies, as shown in the following table: CONSTRUCTION CONTRACTS AWARDED IN 1933 [F. W. Dodge data for 37 eastern States. In millions of dollars] Quarter Total P fi u n b a l n ic c l e y d P fi r n iv a a n t c e e ly d First 196 91 105 Second 236 70 166 Third 309 141 168 Fourth 515 383 132 The value of residential projects increased from 8 percent of the 1923-25 average in the first quarter to 13 percent in the fourth quarter, on a seasonally adjusted basis, while nonresidential work advanced from 27 to 76 percent. The increase in residential work reflected in part an increase in work of a public character, such as the building of dormitories. House rents generally declined further in the second half of the year, while prices of building materials advanced. The decline in house rents, as reported by the Bureau of Labor Statistics, was somewhat less rapid in the second half of the year than in the first half. Distribution.—Activity in the distribution of commodities in domestic and foreign trade also showed an increase after the first quarter. The extent of the increase cannot be determined precisely for the reason that a large part of the information available is in terms of value only and not in physical units and the additional reason that for some of the important channels of distribution no organized information is available. Total railroad freight traffic increased during the spring and summer, reflecting larger shipments of all classes of commodities, and after the middle of the year the volume of rail Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD 33 shipments was relatively stable at a level somewhat below the peak reached in July. The value of department store sales was relatively large in midsummer and showed somewhat less than the usual seasonal increase in the autumn months when higher prices prevailed. Kegional reports on sales of automobiles and on sales of merchandise by department stores, chain stores, and mail order houses indicate that the largest growth was in the Southern States. Value of exports of domestic commodities, which had declined to a tow level in the early part of 1933, showed increases during each of the last three quarters of the year. In the second half of the year the value of exports was about a third larger than in the second half of 1932, reflecting in part increases in the prices of certain export commodities, such as cotton and tobacco, and in part increases in the physical volume of exports of other commodities, such as iron and steel products and automobiles. Value of imports increased substantially in the second and third quarters of 1933 and declined moderately in the last quarter. Imports in the second half of the year as a whole were about 50 percent larger in value than in the corresponding period of 1932, reflecting increases in both prices and quantities of commodities imported. Employment.—In the last three quarters of 1933 the number of persons employed showed a considerable growth, reflecting chiefly increased industrial and trade activity during the spring and summer months, reductions in average working hours in the autumn, and, in the latter part of the year, the employment by the Civil Works Administration of an increasing number of people, reaching 3,500,000 by the end of December. Factory employment increased during the spring and summer months by about one third and in September the Board's seasonally adjusted index was at 74 percent of the 1923-25 average. Subsequently there was a decline to 72 percent in December. The growth in employment reflected increases at establishments producing durable goods, such as steel, automobiles, and lumber, as well as estab- FACTORY EMPLOYMENT IN 1933 [Index numbers, 1923-25=100. Adjusted for seasonal variation] Quarter Total Durable Nondurable First 58 43 70 Second 61 44 74 Third 73 56 85 Fourth 73 58 84 lishments producing less durable goods, such as foods, textiles, and leather products. Employment in the production of durable manufactures, however, continued throughout the year at a level considerably below that for nondurable products, as indicated in the accompanying table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD In the construction industry, in which the number of employees had been reduced during the depression more than in most other industries, employment continued at a relatively low level in 1933. In the latter part of the year the volume of construction work undertaken by public agencies showed a rapid increase but this was only partially reflected in expenditures and employment during this period. At coal mines there were increases in employment during the second half of the year which were partly of a seasonal character. In this period working forces in bituminous fields were larger than in the corresponding period of 1932 by about 10 percent, while in anthracite fields there was a decline of about 5 percent. On the railroads the number of employees increased until September and then showed a decline. The average number employed in the last quarter was about 1,010,000, as compared with about 1,680,000 in the corresponding period in 1929. On farms the volume of employment appears to have been about the same as in other recent years, reflecting the relative stability, in the aggregate, of agricultural production. Income.—Aggregate income of wage earners increased considerably in the second half of the year, reflecting increased pay rolls of industrial establishments and public agencies. There was also an increase in the income of farmers, as compared with 1932, arising chiefly from the higher level of prices of many agricultural commodities and in part from the distribution among producers by the Agricultural Adjustment Administration of benefit payments in connection with the production control program. Financial reports of a representative group of large corporations showed an increase in net profits during the second and third quarters of 1933, and in the latter period profits were larger than at any other time since the second quarter of 1931. Security prices.—Stock prices at the beginning of the year, though somewhat higher than in the early summer of 1932, were at a relatively low level, and receded further during February and March 1933 during the banking crisis. Thereafter, accompanying business recovery and depreciation of dollar exchange, there was a rapid rise in stock prices, and by July representative averages for industrial and railroad shares had advanced by 100 percent. During the same period public utility stocks on the average rose by about 50 percent. From July to the end of the year the industrial average receded only slightly from its highest level, while there were more marked declines in rail and utility shares. Both industrial and railroad issues ended the year much higher than they had been at the beginning. At the beginning of 1933 bond prices showed a pronounced rise, but during the crisis they declined sharply. From March to July there were broad advances in the bonds of railroads and industrial corporations, particularly in some of the more speculative issues, followed by a recession until nearly the end of November. For the year as a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD 35 whole corporate bonds, excepting those of public utilities, showed substantial advances. Municipal bonds declined along with all other classes during the liquidation of February and March, but contrary to the general tendency, continued to fall until the middle of May. Some recovery followed, but these issues declined again during November and at the end of 1933 were somewhat lower than a year earlier. Federal Government issues, likewise, went to a relatively low level during March and again during the last 2 months of the year. At the end of the year Government bonds were selling at somewhat lower prices than at the beginning. Capital issues.—The volume of new securities publicly floated in 1933, exclusive of Federal Government issues, totaled about $1,059,* 000,000, of which $337,000,000 were for refunding purposes and $722,000,000 were to raise new capital. The total of new capital issues in 1933 was about 60 percent of that for 1932 and about 12 percent of the annual average for the years 1925-30. In 1933, as in 1932, about two thirds of the offerings were bonds of States and municipalities. Of the total flotations for the year new stock issues accounted for $120,000,000, almost all being equities in industrial and miscellaneous companies. This total was above that for 1932, although only a small fraction of the volume of earlier years. Corporate bond financing was at a low level throughout the year, and there were practically no flotations of new foreign securities. Long-term financing of the United States Government in 1933 far exceeded in volume all other securities issued during the year. Federal bonds outstanding increased by $1,346,000,000, and Treasury notes outstanding by $1,826,000,000. There was a slight decrease in the aggregate of bills and certificates outstanding, so that the net increase in the Government's interest-bearing debt amounted to about $3,000,000,000. CREDIT AGREEMENTS WITH FOREIGN CENTRAL BANKS Credits extended with the approval of the Federal Keserve Board by the Federal Reserve Bank of New York, in association with other Federal Reserve banks and other banks of issue, to the German Reichsbank and the Austrian National Bank under agreements described in the Annual Reports of the Federal Reserve Board for 1931 and 1932 were completely repaid in 1933. The credit to the German Reischsbank in which Federal Reserve participation amounted to about $21,500,000 at the beginning of the year was liquidated on April 13. The credit to the Austrian National Bank in which Federal Reserve participation amounted to about $975,000 at the beginning of the year was liquidated in August and September, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD the final payment having been received on September 2. Federal Reserve participation in two credits extended to the National Bank of Hungary, also described in the Annual Reports of the Federal Reserve Board for 1931 and 1932, were reduced from $4,000,000 to about $3,500,000 on October 18, at which time they were consolidated for repayment over a period of 3 years. The demand deposit of $10,000,000 which was placed with the Bank for International Settlements by the Federal Reserve banks in 1931, and which amounted to about $2,500,000 at the end of 1932, was increased to about $3,200,000 in March 1933, but subsequently reduced to about $2,900,000 by the end of the year. AMENDMENTS TO THE LAW RELATING TO THE FEDERAL RESERVE SYSTEM During the year 1933 Congress passed several acts which contained a number of provisions of importance amending the Federal Reserve Act or by their terms affecting the Federal Reserve System. These provisions are summarized below. The full text of the acts in question is printed on pages 260-295. ACT OF FEBRUARY 3, 1933 Exceptional advances to member banks.—The act of February 27, 1932, popularly known as the "Glass-Steagal] Act", amended the Federal Reserve Act by adding thereto section 10 (b), which authorized the Federal Reserve banks, until March 3, 1933, in exceptional and exigent circumstances and subject in each case to the affirmative action of not less than five members of the Federal Reserve Board, to make advances to individual member banks having a capital not exceeding $5,000,000 which lacked sufficient eligible and acceptable assets to enable them to obtain adequate credit accommodations from the Federal Reserve banks by the customary methods. This section was amended by the act of February 3, 1933, so as to extend the time within which Federal Reserve banks might make such advances until March 3, 1934. As stated below, however, the section was further amended by the act of March 9, 1933. Obligations of the United States as security for Federal Reserve notes.—The act of February 27, 1932, also amended section 16 of the Federal Reserve Act so as to authorize the Federal Reserve Board until March 3, 1933, when it deemed it in the public interest, to permit the use of direct obligations of the United States as collateral security for Federal Reserve notes. Prior to this amendment the collateral security for Federal Reserve notes authorized by the law was paper discounted or purchased by Federal Reserve banks and gold or gold certificates. By the act of February 3, 1933, the authority of the Federal Reserve Board to permit the use of direct Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 37 obligations of the United States as collateral security for Federal Reserve notes was extended until March 3, 1934. In March 1934 this authority was extended for 1 more year, with authority in the President to extend it for an additional period not exceeding 2 years. ACT OF MARCH 9, 1933 The act of March 9, 1933, entitled "An act to provide relief in the existing national emergency in banking, and for other purposes", contained numerous important provisions relating to the authority of the President over the export and hoarding of coin and currency and over transactions in foreign exchange, the appointment of conservators for national banks, the reorganization of such banks and the issuance of preferred stock by them. In addition to these provisions, the act contained several amendments to the Federal Reserve Act or provisions which by their terms directly affect the Federal Reserve System. Recapture of gold.—Section 11 of the Federal Reserve Act was amended by adding at the end thereof subsection (n) which authorizes the Secretary of the Treasury when, in his discretion, such action is necessary to protect the currency system of the United States, to require all individuals, partnerships, associations, and corporations to deliver to the Treasurer of the United States all gold coin, gold bullion, and gold certificates owned by them. The Secretary of the Treasury is required to pay therefor an equivalent amount of other forms of coin or currency, together with all costs of transportation. Failure to comply with this provision is made subject to a penalty of twice the value of the gold or gold certificates in respect to which such failure occurred. Transaction of banking business in emergencies.—The act of March 9, 1933, prohibits a member bank, during such emergency period as the President of the United States may prescribe, from transacting any banking business except in accordance with regulations, limitations, and restrictions prescribed by the Secretary of the Treasury with the approval of the President, and penalties are provided for violations of this prohibition. Issuance of Federal Reserve bank notes.—Section 18 of the Federal Reserve Act was amended so as to authorize the issuance, under certain prescribed conditions, of circulating notes to Federal Reserve banks, usually known as Federal Reserve bank notes, upon the security of direct obligations of the United States in amounts equal to the face value of such obligations, or upon the security of any notes, drafts, bills of exchange, or bankers' acceptances acquired by Federal Reserve banks under the Federal Reserve Act in amounts equal to not more than 90 percent of the estimated value of such collateral security. Prior to the passage of the act of March 9, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 1933, it had been possible under the law to issue Federal Reserve bank notes only against the security of United States bonds which were eligible as security for national bank notes; and it is provided that no Federal Reserve bank notes may be issued after the President shall declare that the emergency recognized by him in his proclamation of March 6, 1933, has terminated, unless they are secured by bonds of the United States bearing the circulation privilege. Advances to member banks in exceptional circumstances.—Section 10 (b) of the Federal Reserve Act, which authorizes advances by Federal Reserve banks in exceptional and exigent circumstances to individual member banks which are without sufficient eligible and acceptable assets to enable them to obtain adequate credit accommodations from the Federal Reserve banks through other methods provided by the law, was further amended by the act of March 9, 1933, by eliminating the requirement for action by the Federal Reserve Board with respect to such advances and the limitation of $5,000,000 upon the capital of member banks receiving such advances and also by providing that no such advances may be made after March 3, 1934, or after the expiration of such additional period, not exceeding 1 year, as the President may prescribe. Advances to individuals, partnerships, or corporations on the security of obligations of the United States.—Section 13 of the Federal Reserve Act was amended so as to add thereto a new paragraph authorizing a Federal Reserve bank, under such regulations as the Federal Reserve Board may prescribe, to make advances for periods not exceeding 90 days to any individual, partnership, or corporation on promissory notes secured by direct obligations of the United States. ACT OF MARCH 24, 1933 The act of March 9, 1933, was amended by the act of March 24, 1933, by adding thereto a new section which authorizes Federal Reserve banks under certain conditions to make loans to any State bank or trust company not a member of the Federal Reserve System upon security approved by such Federal Reserve bank and after a thorough examination of the borrowing institution. During the time that such borrowing bank or trust company is indebted to a Federal Reserve bank it must comply in all respects with the provisions of the Federal Reserve Act applicable to State member banks and the regulations of the Federal Reserve Board issued thereunder, including the maintenance of the reserve balance required under section 19 of the Federal Reserve Act, but need not subscribe to stock in the Federal Reserve bank. Notes representing such loans are eligible as security for Federal Reserve bank notes issued to Federal Reserve banks under the conditions prescribed in section 18 of the Federal Reserve Act. Loans may be made under this section during the existing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 39 emergency in banking or until the section is declared no longer operative by proclamation of the President, but in no event after March 24, 1934. ACT OF MAY 12, 1933 Title III of the act of May 12, 1933, known as the Thomas amendment, contained a number of important provisions relating to the authority of the President to fix the weight of the gold dollar and the weight of the silver dollar, to direct the issuance of United States notes for the repayment or purchase of obligations of the United States, and to accept silver in payment of indebtedness from foreign governments. In addition, the Thomas amendment contained certain provisions which by their terms directly affect the Federal Reserve System. Purchase of obligations of the United States by the Federal Reserve banks.—This act authorizes the President in his discretion, whenever he finds that any one of certain stated conditions exists, to direct the Secretary of the Treasury to enter into agreements with the Federal Reserve banks and the Federal Reserve Board under which such banks will agree to conduct open market operations, pursuant to existing law, in obligations of the United States or of corporations in which the United States is the majority stockholder and to purchase and hold for an agreed period of time Treasury bills or other obligations of the United States in an aggregate sum of $3,000,000,000 in addition to those held on May 12, 1933. It was also provided that no suspension of reserve requirements of the Federal Reserve banks necessitated by reason of operations in accordance with such authority shall require the imposition of a graduated tax upon deficiencies in such reserves nor an automatic increase in rates of interest or discount charged by any Federal Reserve bank, which are provided for in section 11 (c) of the Federal Reserve Act. Legal tender.—This act also contained a provision to the effect that United States notes issued under the authority of that act as well as all other coins and currencies heretofore or hereafter coined or issued by or under the authority of the United States shall be legal tender for all debts, public or private; and this provision was amended by a provision of the Joint Resolution approved June 5, 1933, "to assure uniform value to the coins and currencies of the United States " so as to provide that all coins and currencies of the United States (including Federal Reserve notes and circulating notes of Federal Reserve banks and national banks) heretofore or hereafter coined or issued shall be legal tender for all debts, public and private, public charges, taxes, duties, and dues except that gold coins, when below the standard weight and limit of tolerance provided by law for the single piece, shall be legal tender only at valuation in proportion to their actual weight. Digitized for FRASER 49753—34 4 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Change in reserve requirements.—Section 19 of the Federal Reserve Act was amended so as to authorize the Federal Reserve Board, upon the affirmative vote of not less than five of its members and with the approval of the President, to declare that an emergency exists by reason of credit expansion and during such emergency to increase or decrease the reserve balances required to be maintained against demand or time deposits by member banks. Security for advances to member banks.—Section 13 of the Federal Reserve Act was amended by section 28 of the act of May 12, 1933, so as to authorize the use of farm loan bonds, issued by Federal land banks for certain purposes under section 21 of the latter act, as security for advances by Federal Reserve banks to member banks for periods not exceeding 15 days. The provision of section 13 of the Federal Reserve Act which was so amended, however, was again amended and reenacted by the Banking Act of 1933 so as to omit and thereby to repeal the provision containing this authority. ACT OF JUNE 16, 1933, " BANKING ACT OF 1933" The Banking Act of 1933 contained many important amendments to the Federal Reserve Act and other provisions affecting the Federal Reserve System. Control of Federal Reserve bank credit by Federal Reserve Board.— Section 4 of the Federal Reserve Act, which provided that the board of directors of each Federal Reserve bank " 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" was amended by changing "shall extend" to "may extend" and adding the words "the maintenance of sound credit conditions, and the accommodation of commerce, industry, and agriculture." The amendment further provides that 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 any purpose inconsistent with sound credit conditions, and shall give consideration to such information in determining whether to make advances to such member banks. Undue use of bank credit shall be reported to the Federal Reserve Board by the chairman of the Federal Reserve bank, and the Board may suspend a member bank from the use of the credit facilities of the System if, in its judgment, the bank is making such undue use of bank credit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD 41 Voting by groups or chains in elections of Federal Reserve bank directors.—Section 4 of the Federal Keserve Act was amended to provide that when two or more member banks are affiliated with the same holding company affiliate only one of such banks, which may be designated by such affiliate, may participate in the nomination or election of Federal Keserve bank directors. Distribution of earnings of Federal Reserve banks.—Section 7 of the Federal Eeserve Act was amended to provide that all net earnings of a Federal Reserve bank, after payment of expenses and dividend claims, shall be paid into the surplus fund of the bank. Prior to the passage of this law the provisions of the act were that the Federal Keserve banks pay all their net earnings above dividend requirements into surplus until such surplus shall have reached 100 percent of the subscribed capital and that thereafter 10 percent of the earnings should go to surplus and the remaining 90 percent should be paid to the Government as a franchise tax. As a matter of practical operation the repeal of the franchise tax provision makes little difference in the disposition of the banks' earnings, in view of the fact that the investment of $139,000,000 of their surplus in the stock of the Federal Deposit Insurance Corporation reduced the surplus to a point where it would have taken a considerable number of years to bring that surplus up to 100 percent of the subscribed capital. During that period the Federal Keserve banks would not in any case have to pay franchise tax. The System began to pay franchise tax in 1917 and has paid some franchise tax in every year since with the exception of 1918 and 1931, the aggregate payments for the entire period amounting to $149,138,000. About $120,000,000 of the franchise tax was paid in the two years 1920 and 1921, when the volume of Federal Reserve earning assets was unusually large and the discount rates were at a relatively high level. Since that time the franchise tax payments have been in relatively small amount. The provision that the net earnings of Federal Reserve banks above dividend requirements be paid into surplus does not add to the profits of the member banks from their stock in the Federal Reserve bank, but merely increases the capital structure of the Reserve banks and, therefore, increases their capacity to serve commerce, industry, and agriculture. It also provides a fund out of which the Reserve banks can pay their dividends in years when their earnings are not sufficient for the purpose. The law provides that in case of liquidation the surplus of the Reserve banks, after the payment of all debts, dividends, and the par value of the stock, shall become the property of the United States. Membership of Morris Plan banks.—Section 9 of the Federal Reserve Act was amended to make eligible for membership in the Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Reserve System Morris Plan banks and other incorporated banking institutions engaged in similar business. Branches of State member banks.—Section 9 of the Federal Reserve Act was amended so as to provide that nothing therein contained shall prevent State member banks from establishing branches either in the United States or elsewhere upon the same terms and conditions as those applicable to the establishment of branches by national banks. Membership of mutual savings banks and other banking institutions without capital stock.—Section 9 of the Federal Reserve Act was amended so as to make eligible for membership in the Federal Reserve System mutual savings banks having no capital stock and other banking institutions the capital of which consists of time deposits which are segregated from other deposits and regarded as capital stock for purposes of taxation and dividends. A mutual savings bank may be admitted to membership when it has surplus and undivided profits not less than the amount of capital required for the organization of a national bank in the same place. It must subscribe for Federal Reserve bank stock (or in certain circumstances may make a deposit in lieu of such subscription) in an amount equal to six tenths of 1 percent of its total deposit liabilities, such subscription to be adjusted semiannually on the same basis. Reports of affiliates of State member banks.—Section 9 of the Federal Reserve Act was amended so as to provide that a State member bank shall obtain from each of its affiliates, other than member banks, and furnish to the Federal Reserve bank and the Federal Reserve Board, not less than three reports of condition each year on dates identical with the reports of the affiliated member bank and such additional reports as the Reserve bank or the Board may deem necessary. The provision requiring such reports to be made is mandatory ; but they are required to contain only such information as, in the judgment of the Federal Reserve Board, shall be necessary to disclose fully the relations between such affiliate and such bank and to enable the Board to inform itself as to the effect of such relations upon the affairs of such bank. The reports of affiliates are to be published by the bank under the same conditions as govern its own condition reports. A penalty is prescribed for failure to obtain and furnish any such report. Dealings in stocks and investment securities by State member banks.—Section 9 of the Federal Reserve Act was amended so as to provide that State member banks shall be subject to the same limitations and conditions as are national banks with respect to the purchase, sale, underwriting, and holding of investment securities and stock. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 43 Divorce of stock of State member bank from stock of other corporations.—Section 9 of the Federal Reserve Act was amended so as to provide that, after 1 year from the passage of the Banking Act of 1933, no certificate of stock of a State member bank shall represent the stock of any other corporation, except a member bank or a corporation existing when the provision takes effect engaged solely in holding the bank premises of such State member bank; nor shall the ownership or transfer of the stock certificate of such a bank be conditioned upon the ownership or transfer of a certificate of stock of another corporation except a member bank. Right of an affiliate of a State member bank to vote stock held byit in such bank.—Section 9 of the Federal Reserve Act was amended so as to provide that each State member bank affiliated with a holding compan}^ affiliate is required to obtain from such affiliate, within a period prescribed by the Board, an agreement that the affiliate will be subject to the same conditions and limitations with respect to voting stock in the bank as are applicable in the case of holding company affiliates of national banks; and the penalty for failure so to do is forfeiture of the membership of the State bank in the Federal Reserve System. If the Board revokes the voting permit (required as stated below) of any holding company affiliate, the membership of any State member bank affiliated with it may be forfeited. Examination of the affiliates of State member banks.—Section 9 of the Federal Reserve Act was amended so as to require such examinations of affiliates of State member banks to be made in connection with the examination of such banks as shall be necessary to disclose fully the relations between such banks and their affiliates and the effect of such relations. The expenses of such examinations may, in the discretion of the Board, be assessed against the bank examined; and, in the event of the refusal of the affiliate to give information or to permit an examination, or in the event of the failure of the bank to pay the cost thereof, the membership of the bank may be forfeited. Terms of Federal Reserve Board members.—Section 10 of the Federal Reserve Act was amended so that, upon the expiration of the term of any appointive member of the Federal Reserve Board in office on June 16, 1933, the term of his successor shall be fixed by the President at not more than 12 years in such manner as to provide for the expiration of the term of not more than one appointive member in any 2-year period, and thereafter each appointive member shall hold office for a term of 12 years from the expiration of the term of his predecessor. Offices of the Federal Reserve Board.—The provision of sectio 10 of the Federal Reserve Act that the Secretary of the Treasury may assign offices in the Treasury Department for the use of the Board was repealed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Other provisions regarding the Federal Reserve Board.—Section 10 of the Federal Reserve Act was also amended so as to provide expressly that the principal offices of the Federal Reserve Board shall be in the District of Columbia. At meetings of the Board, the Secretary of the Treasury shall preside as chairman; in his absence, the Governor shall preside; in the absence of both, the Vice Governor; and in the absence of all three, the Board shall elect a member to act as chairman pro tempore. Provision was also included to make clear the right of the Federal Reserve Board to leave its funds on deposit with the Federal Reserve banks and the Board's powers with respect to the funds derived from the assessments levied on the Federal Reserve banks for the purpose of defraying its expenses. It was also provided that the certification of a Board member that he is not an officer, director, or stockholder of any bank is to be filed with the Secretary of the Board instead of with the Secretary of the Treasury. Loans by member banks on stock or bond collateral.—Section 11 (m) of the Federal Reserve Act was amended to provide that, upon the affirmative vote of six members, the Federal Reserve Board may fix the percentage of individual bank capital and surplus in each Federal Reserve district which may be represented by loans secured by stock or bond collateral made by member banks in such district. No such loan shall be made by a member bank to any person in an amount in excess of 10 percent of its unimpaired capital and surplus. Such percentages, which may be changed from time to time upon 10 days' notice, are to be fixed with a view of preventing the undue use of bank loans for the speculative carrying of securities. The Board may direct any member bank to refrain from increasing such loans, for 1 year or less, under penalty of suspension of rediscount privileges. Federal Open-Market Committee.-—A new section, 12A, was added to the Federal Reserve Act creating a Federal Open-Market Committee consisting of 12 members, one being appointed by each Federal Reserve bank. Their meetings, held at least four times a year, may be attended by the members of the Federal Reserve Board. No Federal Reserve bank may engage in open-market operations except in accordance with regulations of the Federal Reserve Board, which shall be transmitted to the committee and to the Federal Reserve banks. Open-market operations shall be governed with a view to accommodating commerce and business and with regard to their bearing on the general credit situation. If a Federal Reserve bank shall decide not to participate in open-market operations recommended and approved as provided in this section, it shall notify the committee and the Board. Federal Deposit Insurance Corporation.—A new section was added to the Federal Reserve Act, section 12B, creating a Federal Deposit Insurance Corporation and providing for the insurance of deposits in Digitized form FRemASbEeRr banks of the Federal Reserve System and also in nonmember http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 45 banks under certain conditions and limitations. The law provides that the Federal Reserve banks shall purchase stock in the Federal Deposit Insurance Corporation in an amount equal to one half of the Reserve banks' surplus as of January 1, 1933. Since the deposit insurance is administered by the Federal Deposit Insurance Corporation no detailed statement of the statutory provisions on this subject is set forth here. Loans on member banks' collateral notes.—Section 13 of the Federal Reserve Act was amended so as to increase the maximum maturity of advances to member banks on their promissory notes secured by paper eligible for rediscount or for purchase by Federal Reserve banks from 15 to 90 days. The maximum maturity of 15 days on advances on member banks' notes secured by Government bonds or obligations of Federal intermediate credit banks was not changed. If a member bank, while indebted to a Federal Reserve bank on such a 15-day or 90-day collateral note and despite a warning of the Federal Reserve bank or the Federal Reserve Board, increases its outstanding collateral loans or loans to securities dealers for the purpose of purchasing or carrying stocks or investment securities (except obligations of the United States), its note shall be immediately due and payable and the member bank shall be ineligible to borrow on such a 15-day or 90-day note for a period determined by the Board. Foreign transactions of Federal Reserve banks.—Section 14 of the Federal Reserve Act was amended to provide that all relationships and transactions by Federal Reserve banks with foreign bankers shall be subject to special supervision and regulation by the Federal Reserve Board; that negotiations with foreign bankers shall not be conducted without the permission of the Board; that the Board may be represented in any such negotiations; and that a full report of all such negotiations shall be made to the Board in writing. Member banks as mediums in making loans on collateral.—Section 19 of the Federal Reserve Act was amended so as to forbid a member bank to act as the medium or agent of any nonbanking corporation, partnership, or individual in making loans on the security of stocks, bonds, and other investment securities to brokers or dealers in such securities, and a fine is provided for violation. Interest on deposits of member banks.—Section 19 of the Federal Reserve Act was amended so as to provide that no member bank shall pay interest on any demand deposit, except in accordance with then existing contracts; but this provision does not apply to a deposit which is payable only at an office of the bank located in a foreign country and does not apply to a deposit made by a mutual savings bank nor to a deposit of public funds made by any State, county, municipality, or school district or other subdivision, with respect to which payment of interest is required under State law. The Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Reserve Board shall limit the rate of interest to be paid on time deposits. No member bank shall pay any time deposit before its maturity, or waive a requirement of notice before payment of a savings deposit except when such requirement is waived as to all savings deposits subject thereto. Loans by member banks to executive officers.—Section 22 of the Federal Reserve Act was amended so as to forbid a member bank to loan to its executive officers and to forbid them to borrow from the bank; but loans of this kind theretofore made may be renewed or extended not more than 2 years from June 16, 1933. An executive officer of a bank who borrows from any other bank is also required to make a written report thereof to the chairman of the board of directors of his bank. Violation of this provision is made a misdemeanor, subject to fine or imprisonment. Loans to or investments in stock of affiliates.—A new section, 23A, was added to the Federal Reserve Act which provides that no member bank shall make any loan or extension of credit to, or purchase securities under repurchase agreements from, any of its affiliates, or invest in the stock or obligations of such affiliates, or accept such stock or obligations as security for advances, if the aggregate amount thereof, in the case of any one affiliate, will exceed 10 percent of the capital stock and surplus of the member bank, or if, in the case of all such affiliates, the aggregate amount thereof will exceed 20 percent of the capital stock and surplus of such member bank. Each loan or extension of credit to an affiliate shall be secured by collateral, in the form of stocks, bonds, debentures, or other such obligations, having a market value of at least 20 percent more than the amount of the loan or extension of credit or at least 10 percent more than the amount thereof if secured by State or municipal obligations. Loans or extensions of credit secured by obligations of the United States, Federal intermediate credit banks, Federal land banks, Federal home loan banks, the Home Owners' Loan Corporation, or paper eligible for rediscount by Federal Reserve banks are excepted from the requirement as to marginal collateral. The provisions of this section do not apply to certain limited classes of affiliates. Limitation on investment in bank premises.—A new section, 24A, was added to the Federal Reserve Act which provides that no national bank, without the approval of the Comptroller of the Currency, and no State member bank, without the approval of the Board, shall invest in bank premises, or in stock or obligations of, or make loans to or upon the security of the stock of, any corporation holding its bank premises, in an aggregate sum exceeding the amount of the bank's capital stock. Jurisdiction of Federal courts over cases involving foreign banking transactions.—A new section, 25 (b), was added to the Federal Re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 47 serve Act which confers upon District Courts of the United States jurisdiction over any case to which a corporation organized under the laws of the United States is a party and which arises out of transactions involving international or foreign banking, either directly or through the agency, ownership, or control of branches or of local institutions in foreign countries. Jurisdiction of suits by or against Federal Reserve banks.—The new section 25 (b) restores to the District Courts of the United States jurisdiction of all suits to which a Federal Reserve bank shall be a party and provides that Federal Reserve banks shall not be subject to attachment or garnishment proceedings before final judgment in any case. Dealings in investment securities.—The Banking Act of 1933 also provides in effect that, after 1 year after the passage of the act, dealings in investment securities by a member bank shall be limited to the purchase and sale of such securities, without recourse, solely upon the order and for the account of customers, except that a member bank may purchase for its own account investment securities under limitations and restrictions prescribed by regulation of the Comptroller of the Currency; and the law provides certain other limitations and restrictions upon such investments by member banks. No member bank may purchase stock of any corporation except as otherwise permitted by law. Capital requirements of State member banks.—Section 9 of the Federal Reserve Act was amended so as to eliminate the provision of law under which a State bank was permitted to become a member of the Federal Reserve System with a capital equal to only 60 percent of the amount required for the organization of a national bank in the place in which it is situated. The capital of State member banks now admitted to the System, therefore, must in all cases be equal to that required of national banks located in places of like size. The act contains a proviso, however, which would permit a State bank, organized when this proviso became effective, with a capital of not less than $25,000 and located in a place of not more than 3,000 inhabitants, to become a member of the System, and also a State bank, which is located in such a place and increases its capital to $25,000 while entitled to the insurance benefits of the act, to become a member. Regulation of holding companies.—Under the Banking Act of 1933 shares of a member bank controlled by a holding company affiliate shall not be voted unless such affiliate shall have obtained a voting permit from the Federal Reserve Board; and in acting upon an application for such permit, the Board shall consider the financial condition of the applicant, the general character of its management and the probable effect of the granting of the permit upon the affairs of such bank. No permit shall be granted except upon the following Digitized focr oFnRdAiStEioRn s: http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD (a) Each such holding company affiliate shall agree: to submit to examinations, at its own expense, disclosing fully the relationship between such affiliate and such bank; that such examinations may be made of each bank owned or controlled by the affiliate; and that publication of statements of condition of such banks may be required. (b) After 5 years after the passage of the act, every such holding company affiliate shall possess unpledged readily marketable assets other than bank stock in an amount not less than 12 percent of the par value of all bank stocks controlled by such affiliate, which amount shall be increased by not less than 2 percent annually up to 25 percent thereof and by reinvesting in such readily marketable assets net earnings in excess of 6 percent annually until such 25 percent requirement is reached. (c) However, after 5 years after the passage of the act, where the shareholders of the affiliate are themselves liable under the doubleliability provisions on the bank stock held by the affiliate, the latter shall be required only to establish, out of its net earnings in excess of 6 percent, a reserve of readily marketable assets equal to 12 percent of the par value of bank stocks controlled by it, and readily marketable assets required of such affiliate may be used for replacement of capital in, or losses incurred by, banks affiliated with it; but any deficiency so incurred shall be made up within such period as the Federal Reserve Board may prescribe. (d) Officers, directors, agents, and employees of such a holding company affiliate shall be subject to the same penalties for false entries as officers and employees of member banks are subject to under section 5209 of the Revised Statutes. (e) Every such holding company affiliate shall show that it does not have any interest in, and is not participating in the management of, any securities company and that it will not acquire such an interest or participation; that, if it has such an interest or participation it will, within 5 years, divest itself thereof; and that it will declare dividends only out of actual net earnings. If any holding company affiliate violates any of the provisions of this act, the Federal Reserve Board may revoke its voting permit after notice, and thereafter no national bank whose stock is controlled by such affiliate shall receive Government deposits or pay any dividend to such affiliate. Where such a voting permit of an affiliate has been revoked, the franchise of any national bank controlled by such an affiliate shall, in the discretion of the Federal Reserve Board, be subject to forfeiture. Relationships between member banks and securities dealers.— Under the Banking Act of 1933, after 1 year from the date of enactment of the act, no member bank shall be affiliated with a securities corpora- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD 49 tion in the manner described in the act. A violation of this provision -subjects the member bank to a penalty of $1,000 a day, in the discretion of the Federal Reserve Board, and if the violation is continued for 6 months after warning from the Board, the bank's franchise may be forfeited, if a national bank, or its membership in the Federal Reserve System may be forfeited, if a State bank. Receipt of deposits by securities companies and other nonbanking institutions.—It is made unlawful, after June 16, 1934, (1) for any person, corporation, or other organization engaged in the issue, underwriting, or selling of securities to receive deposits subject to check or to repayment upon presentation of a passbook or certificate; (2) for any person, corporation, or organization, other than a financial institution or private banker subject to examination and regulation under State or Federal law, to receive deposits subject to check or to repayment upon presentation of a passbook or certificate, unless such person, corporation, or organization shall submit to periodic examination by the Comptroller of the Currency or Federal Reserve bank and shall make periodic reports of condition in the same manner and at the same time as is required of national banks. A violation of the above provisions is punishable by fine or imprisonment or both, and officers, directors, employees, or agents knowingly participating in such a violation are subject to like penalties. Removal of bank directors or officers from office.—In the Banking Act of 1933, there is provided a procedure for the removal of a director or officer of a member bank who has continued to violate the law or has continued unsafe or unsound practices in conducting the business of the bank with which he is connected, after being warned by the Comptroller of the Currency (as to a national bank) or the Federal Reserve agent of his district (as to a State member bank) to discontinue such violations or such practices. After a hearing by the Federal Reserve Board establishing such facts, the Board may order the removal of such director or officer and a copy of such order shall be served upon him and upon the bank with which he is connected. Such order and findings of fact may not be made public or disclosed except to such director or officer and the directors of his bank, "otherwise than in connection with proceedings for a violation of this section.7' Participation by such officer or director in the management of such bank after having been removed is punishable by fine or imprisonment. Board of directors of national and State member banks.—After June 16, 1934, the board of directors of every national bank and State member bank shall consist of not less than 5 and not more than 25 members and each director shall own stock having a par value of not less than $2,500. If, however, the capital of the bank does not exceed $50,000, a director is required to own stock having a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD par value of only $1,500, and if the capital does not exceed $25,000 he is required to own stock having a par value of only $1,000. The Comptroller of the Currency may appoint a receiver or conservator for a national bank which continues to violate this provision after 30 days' notice from the Comptroller, and the Federal Reserve Board may forfeit the membership of a State member bank which continues to violate the provision after 30 days' notice from the Board. Relations of member banks with securities companies.—After January 1, 1934, no officer or director of a member bank shall be an officer, director, or manager of an organization engaged primarily in the securities business and correspondent relationships between member banks and securities organizations are prohibited, except when authorized by a permit therefor issued by the Federal Reserve Board. The Board may issue such a permit if not incompatible with the public interest, and may revoke such permit if the public interest requires. Amendment to the Clayton Antitrust Act.—The Clayton Antitrust Act was amended by adding a new section, section 8A, to provide that after January 1, 1934, no officer, director, or employee of any bank organized or operating under the laws of the United States may be an officer, director, or employee of a corporation (other than a mutual savings bank) or member of a partnership which makes loans on stocks or bonds except to its own subsidiaries. Amendments relating to national banks.—In addition to the provisions of the Banking Act of 1933 which are above referred to, the act contained a number of important amendments to the laws relating to national banks, among which are provisions with respect to their capital requirements, divorce of their stock from stock of other corporations, cumulative voting for directors, liability of their shareholders, branches which they may operate, consolidations with other banks and transfer of trust business upon such consolidations, rate of interest on loans, and reports and examinations of their affiliates. RECOMMENDATIONS CONCERNING LEGISLATION The Federal Reserve Board recommends to Congress the enactment of a number of amendments to the statutes relating to the Federal Reserve System. The amendments recommended, together with a brief statement of the reasons for the desired changes, are presented below. Revision of reserve requirements of member banks.—The Federal Reserve Board renews its recommendation that reserve requirements of member banks of the Federal Reserve System be based not solely on the volume of deposits but also on the rapidity of their turn-over, in other words, on the extent to which the deposits are utilized. The report of the committee on bank reserves, on which the Board's recommendation is based, appeared in the Annual Report for 1932, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD 51 pages 260-285. A recent statement on the subject by Governor Black, speaking on behalf of the Board, appeared in the Federal Reserve Bulletin for April 1934. Payment of deposits and interest thereon by member banks and by banks whose deposits are insured.—The inflexibility of the provisions of the last two paragraphs of section 19 of the Federal Reserve Act, which relate to the payment of deposits and interest thereon, in a number of instances has affected member banks and their depositors in a manner not believed to be intended by the statute and has given rise to numerous difficulties in administration. In view of the undesirable situations created thereby, it is believed that these paragraphs should be amended in a manner which will eliminate these objectionable features and at the same time will further the purposes of the present law. The fact that the prohibition upon the payment of any time deposit before maturity admits of no exception under the law has been the cause of much inconvenience to the customers of member banks; and it is the view of the Board that the absolute prohibition of the law should be relaxed so as to permit the payment of such deposits before maturity in exceptional circumstances and in order to avoid hardships. Accordingly, it is recommended that the law be amended so as to provide that no time deposit may be paid before its maturity except upon such conditions and in accordance with such rules and regulations as may be prescribed by the Federal Reserve Board. It is also recommended that the provisions of the last two paragraphs of section 19 of the Federal Reserve Act relating to the payment of deposits and interest thereon be amended so as to apply to every bank whose deposits are insured under the provisions of section 12B of the Federal Reserve Act. It is the view of the Board that banks which are not members of the Federal Reserve System, but the deposits of which are insured under the provisions of said section 12B, should be on the same basis as to the payment of deposits and of interest thereon as member banks of the Federal Reserve System. Under existing law banks which are members of the Federal Reserve System are subject to certain limitations and restrictions with respect to the payment of deposits and of interest thereon which are not applicable to other banking institutions whose deposits are insured under the provisions of said section 12B, and such institutions are thereby afforded a competitive advantage over member banks. The suggested amendment would place all banks whose deposits are insured under section 12B on a basis of equality in this respect. The rates of interest customarily paid on deposits by foreign banking institutions are often in excess of the rates which may lawfully be paid by member banks of the Federal Reserve System on the same kinds of deposits, and, as a result thereof, branches of member banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPOKT OF THE FEDEEAL RESEEVE BOARD 53 section 8A, which forbids any director, officer, or employee of any bank, banking association, or trust company, " organized or operating under the laws of the United States'', to be at the same time a director, officer, or employee of a corporation (other than a mutual savings bank) or a member of a partnership " organized for any purpose whatsoever'' which shall make loans secured by stock or bond collateral to any individual, association, partnership, or corporation other than its own subsidiaries. While the purposes of this section are not entirely clear, it is believed that they are generally to prevent a too close association or community of interest between national banks and nonbanking lenders on securities and to supplement other provisions of the Banking Act of 1933 which were designed to discourage corporations engaged in commerce or industry from making loans to brokers or dealers in stocks and bonds, i.e., the so-called "brokers loans for account of others." It seeks to accomplish these objects by preventing individuals associated with organizations which make loans on the security of stock or bond collateral from serving at the same time as directors, officers, or employees of banks organized or operating under the laws of the United States. It is not believed that this section was actually intended to prevent the same person from serving as director, officer, or employee of two or more banks; but the conclusion that it has that effect seems inescapable, because banks clearly are included in the broad term "corporation * * * organized for any purpose whatsoever" and also because the specific exception of mutual savings banks indicates that all other banks which make loans on stock or bond collateral are included. It is believed, therefore, that an amendment which would except all banks instead of mutual savings banks alone from the provisions of the section is in harmony with its real purposes and should be enacted. Moreover, because of the very comprehensive language employed, and especially the words " corporation * * * organized for any purpose whatsoever", section 8A has been found to apply to certain other types of situations which are not believed to be within the purpose of the statute. Numerous member banks have suffered the loss of some of their most valuable directors and are threatened with the loss of others solely because such directors are officers or directors of corporations which occasionally make loans on stock or bond collateral to their own officers and employees or because they are officers or directors of corporations engaged primarily in an agricultural, industrial, or commercial business which occasionally make such loans to their own customers as an incident to their principal business. It is felt that the statute should be made inapplicable to such situa ons and that amendments should be adopted making exceptions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD operated in places outside of the United States may lose substantial amounts of deposits unless they are permitted to meet competition by paying interest at a rate equal to that currently paid by competing foreign banking institutions. In view of these circumstances, it is the opinion of the Board that the last two paragraphs of section 19 should be amended so as to except deposits payable only at an office of a member bank located outside of the States of the United States and of the District of Columbia from the prohibition upon the payment of interest on deposits payable on demand and from the provisions relating to the payment of interest on time and savings deposits. The laws of a number of States require the payment of interest on uninvested funds held in trust by banks; and, since trust funds awaiting investment as a practical matter must usually be available on demand and may not ordinarily be carried as time deposits, it is believed that the prohibition upon the payment of interest on deposits payable on demand should be made inapplicable to deposits of trust funds with respect to which the payment of interest is required by State law. The present law provides that the prohibition upon the payment of interest on deposits payable on demand shall not be construed to prohibit the payment of interest by a member bank in accordance with the terms of any certificate of deposit or other contract entered into in good faith and in force on the date of enactment of the Banking Act of 1933. It is believed that the law should be amended so that this prohibition will not apply to any payment made in accordance with the terms of a bona fide contract in force on the date on which the bank becomes subject to such provisions. Such an amendment would except from the prohibition upon the payment of interest on deposits payable on demand any payment made by a bank entering the system subsequent to the enactment of the Banking Act of 1933, provided such payment is made in accordance with the terms of a contract entered into in good faith and in force on the date the bank becomes a membei of the System. In order that the provisions of the paragraphs in question may be sufficiently adaptable to meet the requirements of actual conditions it is believed that it is desirable to vest in the Federal Reserve Board specific authority to define for the purposes of such paragraphs certain terms used therein, such as "time deposits", "savings deposits7', and "deposits payable on demand." In addition it is believed that the Board should be expressly authorized to prescribe such rules and regulations as may be necessary to effectuate the purposes of the paragraphs and to prevent evasions thereof. Interlocking bank directorates under the Clayton Antitrust Act.— Section 33 of the Banking Act of 1933 amended the Clayton Antitrust Act by adding after section 8 thereof a new section, designated Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD covering these classes of cases and at the same time guarding carefully against any evasion of the true purposes of the law. It is believed that such amendments should include a provision making the proposed exceptions inapplicable in the case of corporations or partnerships which make loans to brokers or dealers in stocks or bonds or which make loans to finance the purchase or sale of, or trading in, stocks or bonds other than loans to their own officers and employees for the purpose of enabling them to buy stock or bonds in such corporations. Section 8A of the Clayton Act has been interpreted by the Federal Reserve Board as not forbidding interlocking relationships between State member banks and corporations or partnerships which may make loans on the security of stock or bond collateral. This interpretation is based upon an opinion of the Attorney General with regard to a similar question arising under section 8 of the Clayton Antitrust Act. The Board feels that the purposes of section 8A will be accomplished more effectively if its provisions are made applicable to State banks which are members of the Federal Reserve System as well as to national banks. It is recommended, therefore, that the words "any bank, banking association, or trust company organized or operating under the laws of the United States" now appearing in the statute be stricken out and that there be substituted the words "any member bank of the Federal Reserve System." Incidentally this change would make the section inapplicable to Federal Reserve banks, Federal land banks, Federal intermediate credit banks, Federal home loan banks, and similar institutions, which are not believed to be within the intent of the section. Discounts for individuals, partnerships or corporations by Federal Eeserve banks.—Section 13 of the Federal Reserve Act was amended by the act of July 21, 1932, so as to add thereto a new paragraph 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 determine 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, when endorsed and otherwise secured to the satisfaction of the Federal Reserve bank and when such individual, partnership, or corporation has been unable to secure adequate credit accommodations from other banking institutions. Pursuant to the authority of this amendment to the law, the Federal Reserve Board authorized such discounts by any Federal Reserve bank for a 6 months' period beginning August 1, 1932, and has renewed such authorization from time to time so that it has been in effect continuously and is still in effect. Under this authority, Federal Reserve banks up to May 2, 1934, had discounted Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 55 for individuals, partnerships, and corporations notes, drafts, and bills of exchange in the amount of $1,389,000, of which $343,000 was outstanding on that date. On account of the requirement that paper so discounted be both endorsed and secured it has been necessary for the Federal Reserve banks to decline to make such discounts in cases where it might otherwise have been possible to do so. It frequently happens that an individual, partnership, or corporation which may be desirous of discounting paper directly with a Federal Reserve bank can furnish satisfactory endorsement of the paper to be discounted, or satisfactory security, but is unable to furnish both the endorsement and security; and in such cases the discount may not lawfully be made. The Board believes that if the law should be changed so as to require, in the alternative, satisfactory endorsement or satisfactory security, the Federal Reserve banks would be able to extend credit to individuals, partnerships, or corporations in instances where they now have no such authority; and such a liberalization of this method of affording credit to industry would seem to be desirable under existing conditions. Inasmuch as it would still be necessary after such an amendment to the law for the borrowers to furnish either satisfactory endorsement or satisfactory security, it is believed that the Federal Reserve banks would be adequately protected in making such advances. It is recommended, therefore, that the requirement for both endorsement and security with respect to discounts for individuals, partnerships, or corporations under the third paragraph of section 13 of the Federal Reserve Act be changed so that either endorsement and/or security of a satisfactory character will be sufficient under the law. Advances by Federal Reserve banks to member banks in exceptional circumstances.—Section 10 (b) of the Federal Reserve Act authorizes any Federal Reserve bank in exceptional and exigent circumstances to make advances to its member banks on their time or demand notes secured to the satisfaction of such Federal Reserve bank when such member banks are without sufficient eligible and acceptable assets to enable them to obtain adequate credit accommodations through other methods provided in the Federal Reserve Act. The section was added to the Federal Reserve Act by the act of February 27, 1932, and under the authority of its provisions, as amended by subsequent acts and as extended by a proclamation signed by the President of the United States on February 16, 1934, advances may be made thereunder up to and including March 3, 1935. The existence of the authority conferred by section 10 (b) of the Federal Reserve Act has made it possible for the Federal Reserve banks to extend to a considerable number of member banks credit Digitized for FRASE49R7 53—34 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD which was urgently needed to tide them over a difficult period and in some instances to prevent suspension. Up to and including May 2, 1934, advances aggregating $303,574,000 had been made under the authority of this section to member banks located in all Federal Reserve districts. The highest amount outstanding at any one time was $95,000,000, and on May 2, 1934, all except $9,530,000 had been repaid. In view of the fact that this section has enabled the Federal Reserve banks to render valuable assistance to member banks in difficulties without impairing the liquidity of the assets of the Federal Reserve banks, it is believed that the authority of the section should be made permanent. However, it is the view of the Board that loans should not be made thereunder except during periods of a banking emergency when member banks may be in unusual need of assistance and that the section should be enacted in permanent form only if an appropriate safeguard is incorporated therein to enable the Board to prevent an undue use of such credit facilities. The Board recommends, therefore, that the section be enacted in permanent form with an amendment providing that loans may not be made by Federal Reserve banks under the provisions of the said section except pursuant to authorit}7 granted by the Federal Reserve Board upon the affirmative vote of not less than five members and under rules and regulations prescribed by the Federal Reserve Board. Receipt of deposits by other than financial institutions or private bankers.—The Board also invites attention to the desirability of a clarification of subdivision (2), paragraph (a) of section 21 of the Banking Act of 1933, which is somewhat uncertain as to meaning. This provision of the statute makes it unlawful after June 16, 1934, for any person, firm, corporation, association, business trust, or other similar similar organization, other than a financial institution or private banker subject to examination and regulation under State or Federal law, to engage in the business of receiving deposits, unless the individual or organization shall submit to periodic examination by the Comptroller of the Currency or by the Federal Reserve bank of the district and shall make and publish periodic reports of its condition. It is not entirely clear whether a person or organization desiring to submit to periodic examination has the right to select for such purpose either the Comptroller of the Currency or the Federal Reserve bank of the district, or whether it is the intent of the law that the Comptroller of the Currency or the Federal Reserve bank shall determine which of such authorities shall be selected by a person or organization desiring to submit to examination thereunder. It should also be noted that neither the Comptroller of the Currency nor the Federal Reserve bank is given the right to take action to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 57 require the correction of irregularities which may be disclosed by such an examination, or to exercise regulatory powers over a person or organization so submitting to examination. The Federal Reserve Board accordingly recommends that such amendments to this provision of the law be enacted as may be necessary to clarify its meaning and provide an effective means of supervising or regulating any person or organization submitting to examination as therein provided. Publication of reports of condition of State member banks.—The Federal Reserve Board also brings to the attention of Congress the need for an amendment to the statute to require the publication of reports of condition made by State member banks of the Federal Reserve System pursuant to the provisions of the Federal Reserve Act. The existing law contains no such requirement Reports of condition of national banks made to the Comptroller of the Currency are required by the law to be published and the Federal Reserve Board feels that State member banks of the Federal Reserve System should be made subject to a like requirement with respect to reports rendered on dates fixed by the Federal Reserve Board. Moreover, the Federal Reserve Act, as amended by the Banking Act of 1933, requires reports of affiliates of a State member bank to be published by the bank " under the same conditions as govern its own condition reports." This provision appears to have been based upon the assumption that there was a requirement in the Federal statute for the publication of condition reports of State member banks but, as stated, there is no such requirement. In the circumstances, the Federal Reserve Board feels that it is desirable that the law be amended so as to require the publication of reports of condition of State member banks which are made to the Federal Reserve banks on dates fixed by the Federal Reserve Board. Capital notes and debentures as part of capital funds of State banks.—The Federal Reserve Board also recommends an amendment to section 9 of the Federal Reserve Act to make it clear that the proceeds of capital notes and debentures issued by a State bank and purchased by the Reconstruction Finance Corporation shall be regarded as capital funds of such bank and as a part of its unimpaired capital for the purpose of membership of such bank in the Federal Reserve System. It is understood that among State banks which are eligible for insurance of deposits under section 12B of the Federal Reserve Act there are many whose capital would not be sufficient to make them eligible for membership in the Federal Reserve System, unless they were permitted for this purpose to count, as part of their unimpaired capital, the proceeds of notes and debentures sold to the Reconstruction Finance Corporation. Under the law, banks that are not members of the Reserve System may not continue to partici- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD pate in the Federal Deposit Insurance Corporation after July 1, 1936., Many banks that may have been admitted to participation in the Federal Deposit Insurance Corporation, therefore, may have to be excluded from it on that date unless they qualify for membership in the Federal Reserve System. The Federal Reserve Board has ruled that, in view of the fact that purchases of capital notes and debentures by the Reconstruction Finance Corporation are for the sole and express purpose of strengthening the capital structure of the banks selling the notes or debentures, the proceeds of such notes and debentures may be counted as part of the banks' unimpaired capital. Since the law is not explicit on this subject, however, the Board recommends that it be clarified. Treatment of capital notes, debentures, and subordinated deposits in certification of banks for insurance.—Subsection (e) of section 12B of the Federal Reserve Act requires the Federal Reserve Board, in the case of a State member bank, or the Comptroller of the Currency, in the case of a national bank, to certify upon the basis of a thorough examination of a bank applying for class A stock in the Federal Deposit Insurance Corporation whether or not its assets are adequate to enable it to meet all of its liabilities to depositors and other creditors as shown by the books of the bank. Many banks may not be eligible to obtain class A stock in the Federal Deposit Insurance Corporation if the holders of capital notes and debentures issued by the banks are considered "creditors " within the meaning of this provision and it is believed desirable that the statute should make it clear that holders of such capital notes and debentures are excluded from the term " creditors" as there used. In some cases also banks have entered into agreements with their depositors under which the depositors agreed to waive the right to demand payment of a part of their deposit claims until after other claims against the bank should be satisfied in an endeavor to provide for the elimination of losses in the bank. In certain of these cases the bank issued to such depositors deferred certificates under which the bank agreed to pay the depositors the amount of their deferred deposits before any distribution of assets of the bank to its stockholders, and in the event of the dissolution of the bank the holders of the deferred certificates are entitled to share in the assets of the bank after claims of other depositors and other creditors have been provided for. If the owners of such subordinated deposits are considered as "other creditors7' within the meaning of subsection (e) above mentioned, such banks may not be eligible to obtain class A stock in the Federal Deposit Insurance Corporation. Accordingly, it is believed to be important that the statute should make it clear that the owners of such subordinated deposits are not to be considered as "creditors" within the meaning of the provision in question. The Federal Reserve Board, therefore, recommends that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 59 the law be amended so as to exclude from the term "creditors" in the provision mentioned the holders of capital notes and debentures issued by the bank and the owners of subordinated deposits of the kind described. Rate of interest charged by branches of member banks located outside of the United States. —The Federal Reserve Board also favors the enactment of an amendment to section 5197 of the Revised Statutes of the United States, relating to the rate of interest which may be charged by national banks on loans or discounts, which would permit a branch of such a bank located outside of the States of the United States and the District of Columbia to charge a maximum rate of interest on loans or discounts equal to the rate allowed by the laws of the country, territory, or possession where such branch is located. Such an amendment is believed to be desirable in order that such branches of national banks may be enabled to compete on a basis of equality with other institutions in the localities where they are situated and would be in harmony with the amendment above proposed to except from the provisions of section 19 of the Federal Reserve Act relating to the payment of deposits and interest thereon deposits which are payable only at an office of a member bank located outside of the States of the United States and the District of Columbia. Insurance of bank deposits payable outside of the United States.— The Board also recommends an amendment to section 12B of the Federal Reserve Act, relating to the insurance of bank deposits, which would exclude, in any determination of the insured deposit liabilities of any closed bank or of the total net deposit liabilities of any bank which is a holder of class A stock of the Federal Deposit Insurance Corporation or a member of the fund provided for in subsection (y) of that section, deposits payable only at an office located outside of the States of the United States and the District of Columbia and which would render ineligible for insurance under the provisions of section 12B deposits of any bank so situated, whether or not a member of the Federal Reserve System. It is believed that such an amendment would be in harmony with the present purposes of section 12B to exclude deposits payable only at an office of a bank located in a foreign country and that it is not desirable that banks located in the United States should be required to contribute to the satisfaction of losses incurred by banks located outside of the United States. EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS Gross earnings of the Federal Reserve banks in 1933 amounted to $49,487,000, or $532,000 less than in 1932. After deducting current expenses of $29,223,000—about $2,900,000 more than for the preceding year—reserves for depreciation on bank premises, and reserves for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD losses, self-insurance, etc., there remained net earnings of $7,957,000, or $917,000 less than the amount of dividends paid during the year. Earnings, expenses, dividend payments, etc., for all Federal Reserve banks combined for 1933 and 1932 are shown in the following table: EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1933 AND 1932 [In thousands of dollars] 1933 1932 Total earnings ._ _ . . 49,487 50,019 Current expenses _ 29, 223 26, 291 Current net earnings. _ 20, 264 23, 728 Additions (profits on sales of U.S. Government securities, etc.) 1,762 3,884 Deductions (depreciation and other reserves, etc.) 14,069 5,298 Net deductions from current net earnings 12,307 1,414 Net earnings __ 7,957 22, 314 Dividends paid . .. . .. 8,874 9,282 Transferred to surplus -917 11,021 Franchise tax paid U.S. Government 2,011 The earnings of only two Reserve banks, New York and Chicago, were sufficient during 1933 to pay dividends in full without making any charge against surplus. Gross and net earnings during the year 1933 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 1933 Federal Reserve bank ea G rn ro in ss gs Net Div p i a d i e d nds T to ra n su sf r e p r l r u e s d earnings Boston $2, 774,081 $25,617 $645, 681 -$620,064 New York 17, 523,930 6,197, 727 3, 509, 873 2,687,854 Philadelphia- 4,311,435 -318,445 950,437 -1, 268,882 Cleveland 4, 705,091 731,683 789,058 -57,375 Richmond 1,699,191 -328,740 -637,128 Atlanta 1,686,497 154,971 281,644 -126,673 Chicago 6,764, 554 1,790,493 858,127 932,366 St. Louis 1,629,136 -90,766 246,643 -337,409 Minneapolis.. 1, 497, 669 82,085 171,569 -89, 484 Kansas City.. 1, 742,260 -268,275 250,321 -518,596 Dallas 1, 251, 276 -448,047 227,888 -675,935 San Francisco 3,902,198 429,104 634,633 -205,529 Total... 49,487,318 7,957,407 8,874, 262 -916,855 Earnings on total bills and securities were practically the same in the aggregate as in 1932, an increase of nearly $360,000,000 in average daily holdings of bills and securities being offset by a reduction from 2.33 percent to 1.98 percent in the average rate of earnings. Average daily holdings of bills and securities, together with average rates and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

61 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 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 Bills United All other Total Bills dis- bought in States Gov- bills and counted open mar- ernment securities ket securities Daily average holdings: 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 1933 _.. 2,421, 566 283,229 82,882 2,052,160 3,295 Earnings: 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 1933 47,995 9,137 1,238 37, 530 90 Average rate of earnings (percent): 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 1933. 1.98 3.23 1.49 1.83 2.74 Current expenses of the Federal Reserve banks in 1933 were $29,223,000, or $2,932,000 more than in 1932. Owing to the increased demand for currency prior to the banking holiday and to the cost of printing Federal Reserve bank notes which were issued after the banking holiday, the cost of printing and redeeming Federal Reserve currency increased about $900,000. Current expenses for 1933 also include the tax on Federal Reserve bank notes amounting to $506,000. Smaller increases were reported for salaries, for postage and expressage, for printing and stationery, for traveling expenses, for telephone and telegraph service, for assessments for Federal Reserve Board's expenses, for insurance, and for certain other items. These increases were largely the result of increased work during and after the banking holiday and to the increased responsibilities and duties of the Federal Reserve Board and the Federal Reserve banks under the Banking Act of 1933. The average number of officers and employees, exclusive of those assigned to the Reconstruction Finance Corporation unit, increased from 9,283 in 1932 to 10,015 in 1933, largely in consequence of modifications in hours of employment and to a large increase in work of some of the departments, notably the Federal Reserve agent's department, in connection with the licensing and reorganization of banks. There wTas also a substantial increase in the volume of work in the collection and fiscal agency (Treasury) departments. During the year the Federal Reserve banks had an average of 1,114 officers and employees engaged on work of the Reconstruction Finance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD The volume of work handled in the principal operating departments of the banks for which a measurement is available, during each of the past 4 years, was as follows: VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1930 1931 1932 1933 NUMBER OF PIECES HANDLED 1 Bills discounted: Applications 2 96, 000 2109,000 178,000 81,000 Notes discounted 415, 000 513, 000 779,000 346, 000 Bills purchased in open market for own account 208,000 221,000 76, 000 79,000 Currency received and counted 2,441, 989, 000 2, 269, 292,000 2,025, 552, 000 2, 013, 459,000 Coin received and counted 3,325, 555,000 2, 900,462, 000 2, 654, 787, 000 2, 497,928,000 Checks handled 904, 975, 000 864, 615, 000 734, 538, 000 688, 933, 000 Collection items handled: United States Government coupons paid 19, 362, 000 17, 322,000 17, 710,000 18, 099, 000 Allother Z 6, 388, 000 6,927, 000 7,468, 000 8,371,000 United States Government securitiesissues, redemptions, and exchanges by fiscal agency department 2 1,412,000 2 2, 431, 000 21,956, 000 3, 502,000 Transfers of funds ._. 1,868, 000 1, 663, 000 1,469,000 1, 290,000 AMOUNTS HANDLED Bills discounted $14,067,117,000 $14, 555, 590,000 $18, 648,306,000 $9,632,808,000 Bills purchased in open market for own account 3,873, 698,000 2,998, 415,000 762, 755, 000 898,001,000 Currency received and counted. 14, 262,809,000 12, 668,638, 000 10,952, 597,000 11, 710,364,000 C oin received and counted 537, 534,000 585,945, 000 360, 295,000 624, 617,000 Checks handled 324,883,021,000 248,172,956, 000 176,591, 791,000 157,833, 692,000 Collection items handled: United States Government coupons paid— ._ 499, 111, 000 479,960,000 529,086,000 578,082,000 Allother. 7, 528,014, 000 7,321,814, 000 5, 427,817,000 5, 539, 659,000 United States Government Securitiesissues, redemptions, and exchanges by fiscal agency department -. 2 7,084,080,000 217,348,971,000 19,444,110, 000 24,622, 726,000 Transfers of funds 198,880,880, 000 162, 095, 081,000 116, 040, 041, 000 85, 059,151,000 1 Two or more checks, coupons, etc., handled as a single item, are counted as 1 "piece." 2 Revised. BUILDING OPERATIONS OF FEDERAL RESERVE BANKS Construction of an addition to the building occupied by the Federal Reserve Bank of Philadelphia, which was begun in September 1932, was continued throughout 1933. At the end of 1933 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 1932 continued to function throughout the year 1933. The following table shows a comparison of the volume of work handled in certain departments during the years 1930, 1931, 1932, and 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 63 VOLUME1 OF OPERATIONS OF FEDERAL RESERVE BRANCHES AND AGENCIES 1930 1931 1932 1933 Checks handled: N"umhp,r 265,300,000 245,416,000 205, 505,000 193, 799,000 Amount $62,834,956, 000 $48,079,197,000 $34,048,272,000 $33,618, 776, 000 Currency received and counted: Number of pieces 581, 697,000 522, 933, 000 470, 285,000 472,870, 000 Amount _ , ._ . $3,106, 716,000 $2, 565,552,000 $2, 222, 943,000 $2, 543,130,000 Coin received and counted: Number of pieces 572, 611, 000 593,425,000 574, 622, 000 526,189,000 Amount __ __ $84,394,000 $72, 550,000 $71, 273,000 $126, 211,000 * Two or more checks, etc., handled as a single item, are counted as 1 "piece." Current expenses during 1933 of the branches and agencies amounted to $5,834,000, compared with $5,613,000 during 1932. BANK EXAMINATIONS The Board's division of examinations conducted one examination of each Federal Reserve bank during the year. The head office of the only banking corporation now in operation 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, was examined during the year. TRUST ACTIVITIES OF NATIONAL BANKS The Board in 1933 approved 41 original and 2 supplementary applications by national banks for permission to exercise fiduciary powers under the provisions of section 11 (k) of the Federal Reserve Act. Two thousand sixty-four national banks, including banks operating under conservatorships, were holding permits to act in fiduciary capacities on December 31, 1933. Five national banks during the year 1933 surrendered their rights to exercise trust powers under the provisions of section 11 (k) of the Federal Reserve Act. A list of national banks holding permits to exercise trust powers on December 31, 1933, is printed on pages 359-380. CHANGES IN*MEMBERSHIP During the year 1933 the number of member banks decreased from 6,816 to 6,523, a net reduction of 293 as compared with a net reduction of 430 the year before. Membership on March 15, 1933, the end of the banking holiday, included 4,507 licensed and 1,400 unlicensed national banks, and 571 licensed and 221 unlicensed State banks, representing a decrease between January 1 and March 15, 1933, of 104 in the number of national banks and 13 in the number of State banks. Between March 15 and the end of the year there was a de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 ANNUAL KEPORT. OF THE FEDERAL RESERVE BOARD cline of 176 in the number of member banks, as a result of a decrease of 301 in the number of national banks, partly offset by an increase of 125 in the number of State banks. At the end of 1933 membership included 5,154 licensed and 452 unlicensed national banks and 857 licensed and 60 unlicensed State banks. The decline in the number of member banks was the result largely of the suspension of 89 banks from January 1 to March 15, and the liquidation of 511 unlicensed member banks from March 16 to the end of the year. These decreases were partly offset by the organization of 249 new national banks, resulting mainly from the reorganization of unlicensed national banks after the banking holiday, and the admission of 237 State banks to membership. At the end of December 1933 loans and investments of licensed member banks constituted approximately 83 percent of the total loans and investments of all banks, exclusive of mutual savings banks, as compared with 80 percent at the end of 1932 and 77 percent at the end of 1931. CHANGES IN THE NUMBER OP NATIONAL AND STATE BANK MEMBERS DURING 1933 State National member Total Number of member banks on Jan. 1,1933—. 6,011 805 6,816 Additions to membership: Organizations of national banks (including successions and conversions) 249 249 Admissions of State banks. . . 237 237 Resumptions following suspension i 5 i 1 6 Total additions 254 238 492 Decreases in membership: Withdrawals of State banks . 42 42 Suspensions, Jan. 1 to Mar. 15 66 23 89 Mergers, absorptions, consolidations, liquidations, and receiverships 593 61 654 Total decreases - . - - 659 126 785 Net increase or decrease -405 +112 —293 Number of member banks on Dec. 31,1933: Licensed 5,154 857 6,011 Unlicensed 2 452 60 512 MEMORANDUM—UNLICENSED MEMBER BANKS Number on Mar. 15,1933 . . . _ . . . 1,400 221 1,621 Changes Mar. 16 to Dec. 31, 1933: Add: Licenses revoked __ _ _ 17 17 14 Deduct: Unlicensed banks licensed.. 489 87 576 Liquidations and receiverships 3 _. *466 45 Withdrawals of State banks 36 36 Number on Dec 31 1933 2 452 60 512 1 Includes 1 bank placed in conservatorship after the banking holiday which had suspended prior to that time. * Includes 16 national banks whose Federal Reserve bank stock had been canceled and membership terminated but which, at the end of the year, were still included in the Comptroller of the Currency's records of unlicensed national banks. * Includes unlicensed banks absorbed or succeeded by other banks. * Includes 2 banks placed in receivership subsequent to revocation of license. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 65 FEDERAL RESERVE INTERDISTRICT COLLECTION SYSTEM At the end of 1933 there were 13,677 banks (licensed and unlicensed) on the Federal Reserve par list, comprising all member banks (6,523) and 7,154 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 960— largely as a result of the reduction in the number of banks in operation—and the number not on the par list by 351. Of the 2,695 banks not on the par list at the end of 1933, 1,465 were located in 11 Southern States and 1,086 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 3 in the Cleveland district, were on the Federal Reserve par list; INTERDISTRICT COLLECTION SYSTEM [Number of banks at end of December] Member banks Nonmember banks Federal Reserve district On par list Not on par listl 1933 2 1932 1933* 1932 1933 2 1932 United States 6,523 6,816 7,154 8,114 2,695 3,046 Boston __ 367 367 209 221 New York . 808 827 300 333 Philadelphia 671 693 281 303 Cleveland 621 630 696 764 3 5 Richmond 400 392 352 425 338 366 Atlanta 330 323 109 134 637 705 Chicago -_ - - 692 792 1,986 2,200 187 251 St Louis 403 429 1,002 1,112 377 409 Minneapolis 532 545 429 322 704 818 Kansas City 748 785 1,256 1,422 199 224 Dallas ._ 549 584 365 421 211 220 San Francisco 402 449 349 457 39 48 1 Figures cover all incorporated banks (other than mutual savings banks). 2 Includes unlicensed banks; licensing began Mar. 13, 1933. ADDITIONS TO AND CHANGES IN THE FEDERAL RESERVE BOARD'S REGULATIONS Under the provisions of the Banking Act of 1933, the Federal Reserve Board was authorized to issue regulations on a number of subjects with respect to which it had not theretofore issued regulations or which had not been within the scope of its authority. Pursuant to these provisions of the Banking Act of 1933, the Federal Reserve Board issued its Regulation M, relating to open-market operations of Federal Reserve banks; its Regulation N, regarding relations of Federal Reserve banks with foreign banks and bankers; its Regulation P, with respect to holding company affiliates and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD voting permits; its Regulation Q, relating to the payment of deposits and interest thereon by member banks; and its Regulation R, regarding relationships of member banks with dealers in securities. Also, pursuant to the provision of the Banking Act of 1933 which added a new section, 8A, to the Clayton Antitrust Act, the Board revised its Regulation L regarding interlocking bank directorates and other relationships under the Clayton Act. The text of the regulations mentioned is printed on pages 296-318. ADMINISTRATION OF SECTIONS 8 AND 8A OF THE CLAYTON ANTITRUST ACT The Banking Act of 1933 added a new section, 8A, to the Clayton Antitrust Act, under which, after January 1, 1934, no director, officer, or employee of any bank, banking association or trust company organized or operating under the laws of the United States may be at the same time a director, officer, or employee of a corporation (other than a mutual savings bank) or a member of a partnership organized for any purpose whatsoever which shall make loans secured by stock or bond collateral other than to its own subsidiaries. The prohibitory provisions of this section are in addition to those contained in section 8 of the Clayton Act. Under the latter section, however, the Federal Reserve Board is authorized subject to certain conditions to grant permits if, in its judgment, it is not incompatible with the public interest, covering relationships of the kind prohibited by the provisions of the Clayton Act between banks, banking associations or trust companies; and, during the year 1933, the Federal Reserve Board acted upon the applications of 151 persons for permits to serve at the same time as director, officer, or employee of more than one bank, banking association, or trust company where such service was, without such a permit, within the prohibitory provisions of the law. REDUCTIONS IN CAPITAL STOCK OF MEMBER BANKS During the year 1933 the Board acted upon applications of 261 member banks for permission to reduce the amount of their capital stock. Two hundred and fifty-six of these applications were from national banks and 253 were approved. Five were from State member banks and all these were approved. In practically all cases these were reductions of common stock made in connection with the issuance of preferred stock or capital notes or debentures, the funds released through the reduction of common stock being used to cover losses and undesirable assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 67 APPLICATIONS FOR VOTING PERMITS BY HOLDING COMPANY AFFILIATES Under the provisions of the Banking Act of 1933 shares of a member bank controlled by any holding company affiliate of such bank may not be voted unless such holding company affiliate shall have first obtained a voting permit from the Federal Reserve Board. The Board is required to consider, in acting upon an application for such a permit, the financial condition of the applicant, the general character of its management, and the probable effect of the granting of the permit upon the affairs of the bank, and may grant or withhold a permit as the public interest may require; but may not grant such a permit except upon certain conditions specified in the law. Prior to January 1, 1934, the Federal Reserve Board acted upon 49 applications for voting permits submitted in accordance with this provision of law. All other applications filed prior to January 8, 1934, were acted upon before January 9, 1934, the date for regular annual shareholders' meetings of national banks. On account of the large number of banks and the great amount of detail involved in these applications, and the fact that most of the applications were filed during the latter part of 1933, the Board found it advisable to grant permits to vote the stock of the member banks for certain limited purposes or for certain limited periods only and reserved for further consideration the issuance of general permits in such cases. MEETINGS OF FEDERAL ADVISORY COUNCIL Four meetings of the Federal Advisory Council were held in Washington during 1933 on the following dates: February 21, May 16, September 19, and November 21. ORGANIZATION, STAFF, AND EXPENDITURES On March 4, 1933, William H. Woodin, of New York, succeeded Ogden L. Mills, of New York, as Secretary of the Treasury and as ex-officio chairman of the Federal Reserve Board. Mr. Mills had been Secretary of the Treasury since February 12, 1932. On May 11, 1933, J. F. T. O'Connor, of California, was appointed Comptroller of the Currency and, as such, became an ex-officio member of the Federal Reserve Board. The resignation tendered on March 24, 1933, by Eugene Meyer, of New York, as member and Governor of the Federal Reserve Board was accepted as of May 10, 1933. Mr. Meyer had been Governor of the Board since September 16, 1930. Effective May 19, 1933, Eugene R. Black, of Georgia, was appointed a member of the Federal Reserve Board for the unexpired portion of the term ending August 9, 1938, and was designated as Governor of the Board, succeeding Mr. Meyer. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD The term of Wayland W. Magee, who had been a member of the Federal Reserve Board since May 18, 1931, expired on January 24, 1933. On June 14,1933, J. J. Thomas, of Nebraska, and M. S. Szymczak, of Illinois, assumed office as members of the Federal Reserve Board under appointments for the unexpired portions of the 10-year terms ending January 24, 1943, and April 18, 1943, respectively. Floyd R. Harrison, assistant to the Governor of the Federal Reserve Board, tendered his resignation as of the close of business on May 15, 1933, and it was accepted by the Board. On May 18, 1933, the Board appointed E. M. McClelland, formerly assistant secretary, as assistant to the Governor to succeed Mr. Harrison. Mr. McClelland died on July 27, 1933, and effective August 16, 1933, H. Warner Martin was appointed assistant to the Governor, succeeding Mr. McClelland. On May 18, 1933, S. R. Carpenter was appointed Assistant Secretary of the Federal Reserve Board succeeding Mr. McClelland in that office. Effective August 22, 1933, L. P. Bethea was appointed Assistant Secretary of the Federal Reserve Board. Effective August 16, 1933, Oliver E. Foulk, formerly deputy fiscal agent, was appointed fiscal agent of the Federal Reserve Board and J. C. Noell, formerly assistant secretary and fiscal agent, continued as assistant secretary. Effective August 16, 1933, Miss Josephine E. Lally was appointed deputy fiscal agent of the Federal Reserve Board, succeeding Mr. Foulk. H. Lee Boatwright, Jr., was appointed assistant counsel to the Federal Reserve Board, effective May 3, 1933. J. Delafield DuBois was appointed assistant counsel to the Federal Reserve Board, effective September 21, 1933. Alfred K. Cherry was appointed assistant counsel to the Federal Reserve Board, effective October 16, 1933. The total cost of conducting the work of the Board during the year 1933 was approximately $882,890. Two assessments were levied against the Federal Reserve banks aggregating $800,159.66, or slightly less than one fifth of 1 percent of their average paid-in capital and surplus for the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK CREDIT 69 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT AND RELATED ITEMS No. 1.—RESERVE BANK CREDIT AND RELATED ITEMS, ANNUAL AVERAGES, 1918-33 [Averages of daily figures. In millions of dollars] i Reserve bank credit outstanding Treas- Treas- Other ury Mem- ury Fed- Year c B o d i u i l s n l - s t-bo B u il g ls ht m G U er e o . n S n v - . t - re O b s a e th r n v e k e r Total M s t g t a o o o r n l c y d e k - t b i a c o n a u n n a n r d a - k - l- M i c n t o u i o l n c a n i e r - y - re b s b b a e a e r n l v r k - e a p n w F c o d a . i s R s t d i h h t . e s - d m N i e b t e o p s e m n o r s - s - - c s o e e R a u r r c e a v n - - l e ts ed securi- credit * rency ances banks ties (2 3) (2 4) 1918. 1,134 287 134 168 1,723 3,158 1,867 4,658 1,497 391 108 95 1919. 1,906 324 254 141 2,625 3,129 L, 716 5,016 1,719 464 115 155 1920. 2,523 385 324 158 3,390 2,869 L, 695 5,478 1,835 293 67 280 1921. 1,797 91 264 46 2,198 3,291 ,758 4,950 1, 671 263 28 '336 1922. 571 159 455 41 1,226 3,802 L871 4,535 1,781 268 30 286 1923. 736 227 186 56 1,205 4,061 1,991 4,822 1,873 255 27 280 1924. 372 172 402 50 996 4,439 2,017 4,879 2,023 260 27 263 1925. 481 287 359 68 1,195 4,381 2,000 4,869 2,167 244 31 264 1926. 568 281 350 59 1,258 4,452 1,985 4,932 2,209 242 28 284 1927. 442 263 417 53 1,175 4,564 2,000 4,892 2,290 226 31 300 1928. 840 328 297 40 1,505 4,206 2,008 4,783 2,355 225 29 327 1929. 951 241 208 59 1,459 4,283 2,015 4,763 2,358 229 30 376 1930. 272 213 564 38 1,087 4,460 2,025 4,532 2,379 239 28 '393 1931. 326 245 669 34 1,274 4,704 2,025 4,959 2,323 251 97 373 1932. 521 71 1,461 24 2,077 4,239 2,096 5,615 2,114 275 56 351 1933. 283 83 2.052 11 2,429 4,346 2,271 5,863 2,343 343 147 350 r Revised. 1 Includes Government overdrafts in 1918, 1919, and 1920. 2 In earlier presentations of these data the two items, "Treasury and national-bank currency" and "Treasury cash and deposits with Federal Reserve banks", were combined under "Treasury currency adjusted", which was derived by deducting the second of the items from the first. 3 Comprises outstanding United States notes, national-bank notes, silver certificates (included in lieu of the silver dollars or silver bullion pledged against them), Treasury notes of 1890, standard silver dollars (excepting those pledged against silver certificates), subsidiary silver and minor coin, and the Federal Reserve bank notes for the retirement of which lawful money has been deposited with the Treasurer of the United States (comprising at present such of these notes still outstanding as were issued under the Federal Reserve Act prior to its amendment by the act of Mar. 9, 1933)—including the currency of these kinds that is held in the Treasury and in the Federal Reserve banks as well as that in circulation. 4 Government funds on deposit with the Federal Reserve banks and cash (including gold bullion) held in the Treasury excepting (a) gold and silver held against gold and silver certificates and (6) amounts held for the Federal Reserve banks. s Designated heretofore as "Nonmember deposits, etc." Item includes all deposits in Federal Reserve banks except Government deposits and member bank reserve balances. 6 Designated heretofore as "Unexpended capital funds." This item is derived from the condition statement of the Federal Reserve banks by adding capital, surplus, and "all other liabilities" and subtracting the sum of bank premises and "all other assets." 71 49753—34 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

72 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 2,—RESERVE BANK CREDIT AND RELATED ITEMS, MONTHLY AVERAGES, 1917-33 [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding Treas- T u r r e y as- Other ury Mem- cash Non- Fed- Month c B d o e i i u d l s n l - s t-b B ou il g ls ht s m G U e e c r e o . n u S n v - r . t - i- O s b c e r a r t e r e h n v d - e k e - r Total M s g t t a o o o r l c n y d k e-n r b a c e a t a u n i n l o r c - k - y n- l c M e a i y t r o i c o i n u n n - - re a b b n s b a e a c e n r l e r k - v s e p F w a o d . n i s e R t d i - h t . s p m o b d ( e s e e 5 m ) i r - ts - c s o e R e a u r r c e a v n - - l e ts ties it^ (2 3) b ( a 2 n < k ) s (6) 1917—August 134 159 74 88 455 3,183 1,902 4,001 1,141 306 '31 60 September. 181 168 89 83 521 3,152 1,905 4,061 1,130 271 '56 61 October 320 179 112 126 737 3,151 1,909 4,152 1,243 280 ••56 66 November. 563 192 124 126 1,005 3,153 1,916 4,203 1,409 354 '36 70 December., 683 243 102 145 1,173 3,153 1,922 4,342 1,439 360 '31 78 1918—January 612 266 149 143 1,170 3,152 1,928 4,306 1,467 364 36 76 February, _ 529 288 185 141 1,143 3,159 1,930 4,280 1,468 341 63 80 March 537 315 271 140 1,263 3,162 1,934 4,373 1,466 351 85 84 4pril 751 313 173 144 1,381 3,163 1,924 4,423 1,504 361 95 85 May 897 278 86 151 1,412 3,163 1,883 4,401 1,482 362 126 87 June. -. _ 939 239 97 279 1,554 3,162 1,890 4,448 1,512 418 138 89 July 1,162 208 65 196 1,631 3,161 1,835 4, 520 1,448 443 124 92 August 1, 333 217 53 147 1,750 3,157 1,847 4,666 1,459 408 126 95 September. 1,604 249 67 153 2,073 3,156 1,832 4,911 1,507 422 121 101 October 1,683 354 123 195 2,355 3,151 1,819 5,134 1,539 417 130 105 November _ 1,760 374 130 152 2,416 3,155 1,800 5,183 1,520 422 131 115 December. _ 1, 765 346 214 166 2,491 3,156 1,794 5,243 1,586 376 117 119 1919—January 1,731 278 200 150 2,359 3,160 1,778 5,050 1,635 378 118 116 February... 1,765 274 186 116 2,341 3,162 1,753 4,932 1,612 467 114 131 March 1,863 261 195 161 2,480 3,161 1,732 4,942 1, 652 526 123 131 April . .. 1,920 207 213 111 2,451 3,166 1,715 4,970 1,656 439 126 142 Mav 1,976 187 228 107 2,498 3,176 1,704 4,941 1,686 470 135 145 June -. 1,840 247 236 144 2,467 3,169 1,701 4,891 1,696 470 133 147 July 1,864 358 249 128 2,599 3,087 1,700 4,896 1,719 494 121 157 August 1,798 372 270 119 2,559 3,114 1,704 4,913 1,740 456 104 164 September. 1,776 351 341 168 2,636 3,143 1,707 4,989 1,769 453 108 167 October 2,068 343 296 140 2,847 3,120 1,707 5,106 1,793 497 99 178 November. 2,140 455 307 136 3,038 3,070 1,709 5,208 1,837 . 479 97 196 December. 2,115 549 327 212 3,203 3,021 1,680 5,342 1,820 441 100 201 1920—January 2,136 570 326 173 3,205 2, 961 1,699 5,231 1,883 443 98 210 February._ 2,297 541 309 167 3,314 2,909 1,690 5,285 1,858 449 94 227 March 2,377 480 344 212 3,413 2,859 1,686 5, 398 1,878 348 98 236 April 2,431 413 332 188 3,364 2,821 1,689 5,372 1,870 279 106 246 May 2,536 411 302 136 3,385 2,835 1,683 5,414 1,853 271 103 262 June 2,456 400 347 179 3,382 2,854 1,683 5,448 1,853 257 88 273 July 2,513 362 319 150 3, 344 2,862 1,690 5,478 1,840 236 54 288 August 2, 596 324 304 129 3,353 2,855 1,696 5,509 1,807 239 46 302 September. 2,667 310 339 179 3,495 2,847 1,698 5,600 1,817 268 38 316 October 2,780 303 305 134 3,522 2,855 1,706 5,673 1,815 238 27 330 November. 2,762 276 320 109 3,467 2, 873 1,711 5,662 1,782 236 27 344 December. _ 2,718 242 339 143 3,442 2,894 1,714 5,658 1,758 256 25 353 ' Revised. 1 Includes Government overdrafts in 1918, 1919, and 1920. 2 In earlier presentations of these data the two items, "Treasury and national-bank currency" and "Treasury cash and deposits with Federal Reserve banks", were combined under "Treasury currency adjusted", which was derived by deducting the second of the items from the first. 3 Comprises outstanding United States notes, national-bank notes, silver certificates (included in lieu of the silver dollars or silver bullion pledged against them), Treasury notes of 1890, standard silver dollars (excepting those pledged against silver certificates), subsidiary silver and minor coin, and the Federal Reserve bank notes for the retirement of which lawful money has been deposited with the Treasurer of the United States (comprising at present such of these notes still outstanding as were issued under the Federal Reserve Act prior to its amendment by the act of Mar. 9, 1933)—including the currency of these kinds that is held in the Treasury and in the Federal Reserve banks as well as that in circulation. 4 Government funds on deposit with the Federal Reserve banks and cash (including gold bullion) held in the Treasury excepting (a) gold and silver held against gold and silver certificates and (b) amounts held for the Federal Reserve banks. 5 Designated heretofore as "Nonmember deposits, etc." Item includes all deposits in Federal Reserve banks except Government deposits and member bank reserve balances. 6 Designated heretofore as "Unexpended capital funds." This item is derived from the condition statement of the Federal Reserve banks by adding capital, surplus, and "all other liabilities" and subtracting the sum of bank premises and "all other assets." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 73 No. 2.—RESERVE BANK CREDIT AND RELATED ITEMS, MONTHLY AVERAGES, 1917-33—Continued [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding Treas- Treas- Other ury Mem- ury Non- Fed- Month c B d o e i i u d l s l n - s t-b B ou il g ls ht s m G U e e c r e o . n u S n v - r . t - i- O s b c e r r a t e r e h n v d - e k e - r Total M s t g t a o o o r l c n y d k e- n b a c a a a t u n i l n r o d - - k n- l c M e a i y t r o i c o i n u n n - - r a e b b n s b a e a c e n r l e r k - v s e p F w c a o d a . n i s R e s t d i - h h . ts p m o b d ( e * e s e m i ) r - ts - c s o e R e a r u r c e a v n - - l e ts ties it* rency * banks* (*) 1921—January 2,523 200 298 89 3,110 2,931 1,708 5,401 1,773 246 24 306 February__ 2,400 169 287 62 2,918 2,975 1,707 5,263 1,728 272 26 311 March 2,297 137 296 68 2,798 3,040 1,721 5,204 1,694 310 31 320 April 2,129 110 277 48 2,564 3,117 1,711 5,078 1,665 285 34 331 May 1,959 84 303 40 2,386 3,197 1,734 5,042 1,657 250 32 337 June 1,811 54 302 44 2,211 3,254 1,745 4,936 1,664 238 31 342 July 1,719 26 261 43 2,049 3,305 1,746 4,857 1, 639 233 27 344 August 1,548 38 249 28 1,863 3,392 1,758 4,771 1,621 251 26 345 September. 1,442 40 254 31 1,767 3,479 1,775 4,752 1,629 266 27 348 October 1,371 56 207 35 1,669 3,547 1,804 4,721 1,652 271 26 351 November. 1,228 79 208 29 1,544 3, 595 1,835 4,673 1,663 260 28 350 December.. 1,180 105 226 37 1,548 3,643 1,842 4,718 1,673 266 27 350 1922—January 962 98 238 28 1,326 3,672 1,839 4,527 1,707 288 29 286 February._ 769 88 357 19 1,233 3,704 1,835 4,451 1,689 313 34 284 March 638 92 459 18 1,207 3,736 1,840 4,483 1,711 263 39 286 April '572 93 520 25 1,210 3,756 1,845 4,482 1,733 272 40 283 May 479 103 603 23 1,208 3,768 1,855 4,450 1,783 280 37 282 June 437 136 591 28 1,192 3,776 1,861 4,429 1,820 262 34 285 July 425 153 547 45 1,170 3,803 1,862 4,443 1,812 267 28 285 August 396 159 497 50 1,102 3,840 1,871 4,448 1,799 258 25 283 September. 417 212 486 65 1,180 3,860 1,886 4,552 1,811 256 23 284 October 486 252 448 60 1,246 3,884 1,899 4,643 1,836 241 21 287 November _ 623 260 325 57 1,265 3,896 1,917 4,671 1,825 266 27 288 December.. 660 259 380 78 1,377 3,917 1,940 4,827 1,840 250 28 289 1923—January 547 218 421 63 1,249 3,945 1,963 4,679 1,918 239 46 275 February._ 608 190 356 51 1,205 3,960 1,972 4,672 1,901 263 25 276 March 628 234 316 50 1,228 3,966 1,980 4,713 1,873 290 22 276 April 658 272 229 55 1,214 3,975 1,987 4,731 1,869 276 21 279 May 705 271 193 53 1,222 3,993 1,994 4,764 1,874 254 36 281 June __ 741 224 153 60 1,178 4,040 1,990 4,779 1,867 252 28 282 July 834 186 97 62 1,179 4,061 1,987 4,812 1,867 244 24 280 August 809 175 90 53 1,127 4,097 1,996 4,833 1,835 249 22 281 September . 845 174 102 63 1,184 4,123 2,006 4,901 1,848 260 22 281 October 873 185 91 55 1,204 4,155 2,003 4,941 1,864 250 23 284 November. 799 265 83 57 1,204 4,182 2,006 4,953 1,875 249 31 284 December. . 771 324 106 59 1,260 4,226 2,009 5,071 1,882 238 22 282 1924—January 574 300 118 49 1,041 4,266 2,010 4,847 1,911 260 25 274 February._ 514 273 135 33 955 4,302 2,012 4,832 1,892 253 22 270 March 476 228 244 42 990 4,340 2,015 4,870 1,915 267 22 270 April 489 170 274 48 981 4, 383 2,016 4,886 1,905 297 23 270 Mav 433 80 324 42 879 4,433 2,018 4,866 1,922 251 24 266 June 370 50 416 50 886 4,471 2,019 4,830 2,001 260 21 264 July .. 315 44 467 53 879 4,503 2,017 4,810 2,046 254 28 261 August 268 30 539 44 881 4,516 2,019 4,800 2,072 255 33 255 September. 262 92 575 54 983 4,515 2,018 4,853 2,120 254 31 257 October 240 180 585 52 1,057 4,506 2,019 4,891 2,141 264 27 259 November. 228 268 588 51 1,135 4,517 2,022 4,970 2,164 250 30 259 December. . 301 358 554 75 1,288 4,507 2,025 5, 088 2,182 257 32 261 1925—January 267 329 464 65 1,125 4,468 2,026 4,863 2,194 261 43 258 February. _ 340 313 384 56 1,094 4,392 2,026 4,805 2,159 247 42 258 March 390 298 376 58 1,122 4,340 2,019 4,814 2,137 237 30 263 April ... .. 403 287 355 65 1,110 4,340 2,013 4,803 2,123 244 27 266 May 397 279 361 63 1,100 4,353 2,006 4,791 2,132 244 28 264 June 437 263 345 73 1,118 4,360 1,999 4,790 2,141 255 25 266 July 480 231 338 69 1,118 4,361 1,993 4,794 2,160 228 27 262 August 545 205 329 64 1,143 4,372 1,989 4,817 2,151 247 25 264 September. 594 226 335 72 1,227 4,386 1,986 4,908 2,161 236 26 267 October 619 298 328 76 1,321 4,391 1,983 4,945 2,203 246 30 271 November. 597 352 332 71 1,352 4,407 1,981 4,S60 2,221 246 41 272 December- 688 369 359 91 1,507 4,397 1,980 5,119 2,219 240 32 274 1 See footnotes on p. 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

74 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 2.—RESERVE BANK CREDIT AND RELATED ITEMS, MONTHLY AVERAGES, 1917-33—Continued [Averages of daily figures. In millions of dollars] Month c B R d o i i u e s ll n - s s e t- rv b e B o u b il g a ls h n t k m c G U e r r . o e e n S d n v . - i - t t o O s b u e r a t e r t h n s v - e t k e a r nd T i o n t g al M s t g t a o o o r l c n y d k e- n T b a a u r a a t n r e i l n o y - d a k n s- - l c M e a i y t r o i c o i n u n n - - M e b b b s a e a e e n m l r r - k v - e p T w c a u o d r a n r i e e s s y t d - i a h h t s s - p m N b o d e o e e s m n - r it - s - O s F e R e a t e r r c h e a d v - - e l - e r ed securi- cred- cur- ances F.R. (*) counts ties it * "ency Danks* (*) 1926—January 520 324 368 67 1,279 4,407 1,978 4,891 2,236 234 30 273 February. _ 526 305 335 52 1,218 4,425 1,980 4,854 2,208 261 26 274 March 557 268 336 55 1,216 4,444 1,981 4,864 2,198 274 27 278 April 537 234 371 62 1,204 4,448 1,984 4,882 2,183 262 26 283 Mav 511 232 398 59 1,200 4,434 1,985 4,871 2,199 241 26 282 June 473 243 408 61 1,185 4,438 1,986 4,881 2,206 215 23 284 July - - 549 230 380 62 1,221 4,460 1,986 4,916 2,212 233 25 281 August 555 245 353 50 1,203 4,467 1,984 4,912 2,201 229 27 285 September. 640 265 316 57 1,278 4,471 1,986 4,969 2,211 236 30 289 October 663 295 306 58 1,322 4,472 ,989 5,001 2,219 243 27 293 November. 615 348 302 53 1,318 4,477 ,991 5,005 2,214 236 36 295 December.- 668 385 322 70 1,445 4,481 ,992 5,131 2,218 243 32 294 1927—January 481 343 310 52 1,186 4,527 ,990 4,903 2,243 230 33 294 February. _ 393 304 307 39 1,043 4, 576 ,991 4, 843 2,212 235 26 295 March 425 253 345 32 1,055 4, 595 ,994 4,856 2,240 228 23 298 April 447 248 341 51 1,087 4,601 .997 4,879 2,248 ' 236 23 299 May . 473 233 291 44 1,041 4,651 2^002 4,860 2.262 233 39 299 June 429 205 398 49 1,081 4,606 2,004 4,831 2, 301 227 34 298 July 454 190 381 90 1,115 4,575 2,003 4,851 2,289 223 33 297 August 409 173 439 72 1,093 4,585 2,003 4,849 2,283 223 30 296 September. 422 216 501 48 1,187 4,584 2,003 4,917 2,300 227 30 300 October 424 282 506 42 1,254 4,566 2,003 4,934 2,326 227 34 302 November - 415 336 579 47 1,377 4,490 2,004 4,936 2,373 214 44 304 December.- 529 378 606 55 1,568 4,416 2,005 5,048 2,399 209 27 306 1928—January 465 373 512 38 1,388 4,377 2,005 4,785 2,426 227 27 305 February __ 471 360 406 27 1,264 4,373 2,005 4,709 2,368 229 26 310 March 513 343 415 24 1,295 4,335 2,006 4,710 2,365 225 24 312 April 661 358 351 35 1,405 4,287 2,007 4,730 2,396 229 27 317 May _ 836 349 257 30 1,472 4,207 2,008 4,722 2,388 229 27 321 June -_ . 1,019 244 232 36 1,531 4,119 2,007 4,736 2, 355 215 28 322 July 1,090 185 213 43 1,531 4,113 2,005 4,746 2,324 223 30 326 August 1,061 178 210 36 1,485 4,118 2,006 4,743 2,274 233 28 332 September _ 1,064 226 240 51 1,581 4,125 2,007 4, 804 2,314 220 38 337 October 975 368 237 41 1,621 4,133 2,011 4,836 2,332 225 30 342 November. 897 471 238 47 1,653 4,151 2,012 4,860 2, 352 224 32 347 December. _ 1,013 483 263 65 1,824 4,142 2,012 5,008 2,367 222 29 352 1929—January 859 473 229 52 1,613 4,115 2,012 4,748 2,387 223 31 351 February. _ 889 385 184 44 1,502 4,143 2,010 4,686 2,357 226 29 357 March 969 265 197 50 1,481 4,166 2,011 4,709 2,337 220 31 361 April 1,004 156 165 52 1, 377 4,226 2,015 4,679 2,308 230 35 366 May . . - 956 145 153 49 1,303 4,292 2.018 4,684 2,296 231 32 370 June 978 99 179 61 1,317 4,311 2,018 4,687 2,314 240 30 376 July 1,096 75 147 62 1,380 4,335 2,016 4,764 2,334 227 31 376 August 1,043 124 155 54 1,376 4,351 2,007 4,777 2,322 226 27 382 September. 969 229 165 64 1,427 4,368 2,006 4,811 2,335 240 28 387 October 885 337 154 74 1,450 4,381 2,015 4,810 2,386 229 28 392 November _ 953 296 315 67 1,631 4,374 2,024 4,845 2,521 235 33 395 December.. 803 320 446 74 1,643 4,324 2,023 4,943 2,395 226 27 399 1930—January 501 314 485 57 1,357 4,283 2,022 4,652 2,349 238 29 394 February._ 378 285 480 38 1,181 4,317 2,022 4,554 2,305 241 27 393 March 274 246 540 35 1,095 4,394 2,022 4,532 2,330 225 27 397 April _ _ 231 266 530 45 1,072 4,443 2,023 4,518 2,350 242 28 400 May 247 182 529 38 996 4,505 2,024 4,497 2,356 244 29 398 June _ _ 251 141 571 37 1,000 4,528 2,024 4,489 2,392 249 27 ! 395 July 226 154 583 40 1,003 4,532 2,024 4,483 2,417 235 35 389 August 214 153 599 32 998 4,496 2,025 4,476 2,392 238 28 385 September. 183 197 597 33 1,016 4,503 2,026 4,493 2,397 242 26 388 Octobar 196 185 602 37 1,020 4,520 2,027 4,501 2,407 240 27 392 November. 221 184 599 29 1,033 4, 553 2,028 4,528 2,433 235 30 388 December. . 338 257 644 34 1,273 4,583 2,027 4,823 2,415 234 27 384 * See footnotes on p. 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 75 No. 2.—RESERVE BANK CREDIT AND RELATED ITEMS, MONTHLY AVERAGES, 1917-33—Continued [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding Treas- Treas- Month c B d o i i u l s l n - s t-bo B u il g l h s t m G U er e o . n S n v - t . - O s b e r a t r e h n v - e k e r Total M s t g t a o o o r l c n y d k e- n b a a u t a a i n r o l n y d - n k - l M c e a i y t r o i c o i n u n n - - r M e b b b s a e e a e n m r l r k - v - e p w c a u o d a n r i s e s t y d i - h h ts p m N b o d e o e s e m n i r - t - s - O s F e R e a t e r r c h e a v d - e - l e - r ed securi- cred- cur- ances F.R. (*) counts ties it* rency banks* (*) 1931—January--. 253 206 647 23 1,129 4,622 2,026 4,695 2,433 242 28 379 February.. 216 102 603 15 936 4,656 2,025 4,598 2,370 245 25 379 March 176 123 604 18 921 4,682 2,026 4,590 2,386 248 24 381 April 155 173 600 24 952 4,711 2,025 4,647 2,376 255 27 383 May 163 144 599 20 926 4,767 2,023 4,679 2,387 240 28 382 June . 188 121 610 26 945 4,865 2,022 4,750 2,404 263 35 380 July 169 79 674 32 954 4,958 2,023 4,836 2,407 239 83 370 August 222 135 712 38 1,107 4,975 2,023 4,947 2,345 259 187 367 September. 280 259 736 38 1,313 4,948 2,023 5,133 2,333 255 199 364 October 613 692 733 50 2,088 4,447 2,024 5,478 2,256 256 208 361 November. 695 560 727 53 2,035 4,363 2,025 5,518 2,118 260 171 357 December _. 774 340 777 59 1,950 4,450 2,031 5,611 2,069 249 144 358 1932—January 828 221 759 56 1,864 4,452 2,037 5,645 1,979 264 113 352 February._ 848 151 743 43 1,785 4,384 2,049 5,627 1,907 262 73 349 March 714 105 809 24 1,652 4,372 2,059 5,531 1,899 267 37 349 April 605 52 1,014 23 1,694 4,381 2,081 5,452 1,996 272 63 353 jMayj 486 41 1,413 19 1,959 4,273 2,060 5,456 2,138 272 77 349 June 495 50 1,697 20 2,262 3,956 2,058 5,530 2,062 271 65 348 July . 523 60 1,818 21 2,422 3,941 2,056 5,751 2,003 276 46 343 August 451 37 1,850 15 2,353 4,030 2,077 5,719 2,073 281 40 347 September . 387 34 1,848 13 2,282 4,140 2,130 5,685 2,181 304 35 347 October 328 34 1,851 18 2,231 4,226 2,171 5,643 2,307 285 38 355 November. 313 34 1,851 13 2,211 4,292 2,194 5,643 2,378 277 40 359 December. . 282 34 1,854 22 2,192 4,429 2,202 5,699 2,435 287 43 359 1933—January 255 32 1,806 16 2,110 4,547 2,204 5,631 2,516 303 60 351 February._ 307 102 1,804 12 2,224 4,491 2,204 5,892 2,291 314 79 343 March 999 379 1,875 -15 3,237 4,261 2,256 6,998 1,914 359 134 349 April 429 230 1,837 18 2,515 4,301 2,302 6,137 2,086 390 156 349 May 339 86 1,846 15 2,286 4,313 2,301 5,876 2,125 371 173 355 June . 250 12 1,933 12 2,208 4,317 2,295 5,742 2,211 353 164 350 July 170 16 2,016 10 2,211 4,319 2,283 5,675 2, 268 347 179 344 August 159 8 2,064 8 2,239 4, 323 2,280 5,616 2,375 316 186 349 September- 138 7 2,202 12 2,358 4,327 2, 280 5,632 2,489 328 169 347 October 119 7 2,355 11 2,492 4,324 2,277 5,656 2,590 333 163 351 November. 114 15 2,437 8 2,574 4,323 2,275 5,681 2,629 349 158 355 December. . 117 101 2,432 19 2/669 4,323 2,293 5,811 2,616 357 143 358 * See footnotes on p. 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

76 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 3.—RESERVE BANK CREDIT AND RELATED ITEMS, WEEKLY AVERAGES, 1932-33 [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding Treas- T u re ry as- Mem- c u a r s y h Non- O F t e h d e - r W (S e a e tu k r d e a n y d ) i — ng c B o d e i u i d l s n l - s t-b B ou il g ls ht s m G U e e ti c r e o . e n u S n v s - r . t - i- c O s b r e a r e t r e h n d v - e k i e t r Total M s t g t a o o o r c l n y d k e- n r b e a a c a n t u n a i n c d l o r y - k n * - c l M e a i y r t o i c n o i u n - n - r a e b b s n b a a e c e n l r r e - k v s e b p w a F a o d n n . i e s R k t d i - h s t . s * p m o b d s e e e i m t r - s - * c s o e R e ( a r * u r c e a v ) n - - l e ts 1932 Jan. 2 803 315 791 59 1,967 4,459 2,035 5,666 2, 053 2G8 118 356 Jan. 9._ _ 815 288 771 60 1,934 4,464 2,035 5,680 2,020 269 111 353 Jan. 16.. 826 222 752 56 1,855 4,464 2,036 5,646 1;987 262 108 352 Jan. 23 831 187 752 54 1,823 4,454 2,037 5,632 1,956 257 119 350 Jan.30 859 162 749 51 1,822 4,429 2,039 5,617 1,941 266 117 349 Feb. 6 862 157 749 54 1,822 4,410 2,043 5,645 1,925 265 91 348 Feb. 13 843 166 742 51 1,803 4,405 2, 046 5,642 1,917 269 78 348 Feb. 20 856 150 741 43 1,790 4,379 2,049 5,627 1,906 256 82 348 Feb. 27 842 139 740 31 1,752 4,356 2,054 5,605 1,895 259 55 348 Mar. 5 828 125 754 25 1,731 4,352 2,056 5,594 1,885, 273 41 346 Mar. 12.. 757 136 786 26 1,705 4,363 2,058 5,563 1,901 280 34 348 Mar. 19 684 107 820 23 1,634 4,374 2,059 5,537 1,909 234 37 350 Mar. 26 667 84 825 22 1,599 4,382 2,060 5,498 1,890 269 33 351 Apr. 2 651 68 854 22 1,595 4,390 2,060 5,469 1,909 271 45 351 Apr. 9 647 58 882 22 1,609 4,392 2,060 5,475 1,916 270 50 350 Apr. 16.. 637 52 957 24 1,670 4,381 2,061 5,450 1,975 273 63 351 Apr. 23 _ 579 49 1,077 24 1,729 4,376 2,061 5,442 2,022 275 73 354 Apr. 30 543 47 1,186 18 1,794 4,370 2,061 5,428 2,095 276 73 352 May 7 514 45. 1,284 20 1,864 4,350 2,060 5,465 2,115 264 79 351 May 14 480 43 1,372 22 1,916 4,316 2,060 5, 457 2,125 285 74 350 May 21 474 41 1,438 19 1,971 4,274 2,060 5,459 2,152 269 74 350 May 28 477 38 1,504 15 2,034 4,204 2,060 5,439 2,164 273 72 349 June 4 496 37 1,563 21 2,117 4,107 2,059 5,477 2,107 262 349 June 11 506 36 1,638 19 2,199 3,989 2,059 5,473 2,093 272 348 June 18 496 56 1,700 23 2,276 3,922 2,058 5,485 2,092 257 347 June 25 491 56 1,746 20 2,313 3,916 2,057 5,556 2,032 287 350 July 2... 484 64 1,791 21 2,359 3,919 2,057 5,703 1,979 257 346 July 9 509 73 1,793 29 2,404 3,920 2,056 5,785 1,946 261 345 July 16 521 65 1,821 21 2,428 3,932 2,056 5,745 1,991 291 344 July 23 536 57 1,831 16 2,439 3,952 2,056 5,751 2,025 281 343 July 30 531 44 1,839 15 2,430 3,963 2,056 5,718 2,057 282 343 Aug. 6 494 41 1,846 15 2,395 3,987 2,058 5,738 2,014 294 345 Aug. 13 _ 458 38 1,851 16 2,363 4,002 2,065 5,725 2,041 272 345 Aug. 20 443 36 1,851 16 2,346 4,040 2,076 5,725 2,078 273 345 Aug. 27 432 36 1,851 12 2,330 4,060 2,089 5,706 2,122 276 346 Sept. 3. 433 34 1,851 14 2,332 4,082 2,105 5,709 2,129 302 346 Sept. 10 422 34 1,842 15 2,313 4,107 2,116 5,732 2,134 290 346 Sept. 17 394 34 1,843 14 2,284 4,135 2,128 5,690 2,188 286 348 Sept. 24._ 362 34 1,852 14 2,262 4,164 2,139 5,660 2,196 325 349 Oct. 1 343 33 1,853 14 2,244 4,184 2,151 5, 635 2,241 315 351 Oct. 8 336 33 1,852 20 2,241 4,200 2,159 5, 666 2,256 290 350 Oct. 15 331 33 1,851 16 2,232 4,211 2,167 5,662 2,260 293 353 Oct. 22 318 34 1,851 26 2,229 4,230 2,176 5,641 2,314 281 358 Oct. 29 321 34 1,851 16 2,222 4,256 2,182 5,608 2,385 277 358 Nov. 5 327 34 1,851 17 2,229 4,265 2,187 5,632 2,369 287 357 Nov. 12 314 34 1,851 12 2,211 4,272 2,192 5,657 2,344 275 359 Nov. 19 310 34 1,851 15 2,210 4,284 2,195 5,642 2,385 268 359 Nov. 26. 309 35 1,851 11 2,205 4,314 2,196 5,635 2,402 274 359 Dec. 3 311 35 1,851 12 2,208 4,336 2,198 5,654 2,399 284 357 Dec. 10 302 34 1,851 15 2,202 4,352 2,201 5,682 2,388 284 357 Dec. 17 280 34 1,859 22 2,195 4,411 2,202 5,683 2,457 265 360 Dec. 24 271 33 1,854 31 2,189 4,487 2,203 5,734 2,444 297 362 Dec. 31 263 33 1,852 24 2,171 4,503 2,204 5,704 2,471 302 360 * See footnot;es on p. 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 77 No. 3.—RESERVE BANK CREDIT AND RELATED ITEMS, WEEKLY AVERAGES, 1932-33—Continued [Averages of daily figures. In millions of dollars] Reserve bank credit outstaiiding Treas- Treas- Other W (S e a e tu k r d e a n y d ) i — ng c B o d e i u i d l s n l - s t-b B ou il g ls ht s m G e U e t c i r e o e . n u S n v s - r t . - i- c O s b r e a r t e r e h n d v - e k e i r t Total M s g t t a o o o r l c n y d k e- n r b a e c a u a t a n u n i r l n c o - y r d k - y n * - l c M e a i y t r o i c i o n u n n - r b e a M s n a b b e e c n e a r m r e k l v s e - b p w F a c a u o d a n . n i e s r R s t k - y d i h h t s . s * p m N o b d s e o e e i m - n t r s - - * c s F o e R e ( a e u r * r c e a d v n ) - - l - e ts 1933 Jan.7 245 33 1,853 22 2,153 4,526 2,204 5,669 2,513 302 47 352 Jan.14 249 32 1,829 17 2,127 4,548 2,204 5,616 2,563 300 48 352 Jan. 21 251 32 1,793 15 2,091 4,558 2,204 5,616 2,526 296 64 351 Jan. 28 267 31 1,770 11 2,080 4,554 2,204 5,620 2,487 307 74 350 Feb. 4 269 31 1,763 9 2,074 4,549 2,204 5,664 2,426 318 69 350 Feb. 11 256 31 1,775 15 2,078 4,530 2,203 5,717 2,369 311 68 346 Feb. 18 283 45 1,809 18 2,155 4,505 2,203 5,850 2,256 331 82 344 Feb. 25 335 181 1,833 8 2,357 4,450 2,205 6,032 2,235 312 90 343 Mar. 4 847 361 1,848 0) 3,056 4,333 2,219 6,805 2,065 296 96 346 Mar. 11... 1,421 417 1,876 -53 3,661 4,244 2,233 7,532 1,803 311 143 349 Mar. 18 1,185 400 1,907 -15 3,477 4,251 2,255 7,260 1,898 336 140 349 Mar. 25 696 356 1,882 4 2,939 4,263 2,273 6,643 1,952 401 129 350 Apr. 1.— 539 316 1,846 2 2,703 4,272 2,285 6,376 1,973 421 141 349 Apr. 8 443 288 1,838 13 2,582 4,283 2,295 6,271 2,002 402 138 347 Apr. 15 434 244 1,837 21 2,536 4,301 2,302 6,172 2,083 391 144 349 Apr. 22 420 208 1,837 26 2,492 4,312 2,307 6,085 2,136 378 157 355 Apr. 29 411 180 1,837 15 2,444 4,310 2,306 6,015 2,130 378 181 356 May 6 404 148 1,837 17 2,407 4,311 2,304 5,972 2,080 431 184 355 May 13 343 115 1,837 16 2,311 4,312 2,303 5,910 2,090 393 178 355 May 20 331 81 1,843 17 2,272 4,313 2,299 5,863 2,126 366 175 354 May 27 314 46 1,851 12 2,224 4,314 2,298 5,815 2,177 327 164 353 June 3 305 20 1,880 8 2,213 4,315 2,298 5,814 2,165 333 161 353 June 10 _.. 284 11 1,907 13 2,216 4,316 2,296 5,784 2,199 316 178 351 June 17 255 10 1,925 16 2,207 4,317 2,295 5,742 2,215 348 164 350 June 24 228 9 1,950 11 2,198 4,318 2,295 5,711 2,193 403 155 349 July 1 196 25 1,979 10 2,210 4,318 2,293 5,701 2,273 337 163 347 July 8 179 29 2,008 13 2,229 4,318 2,285 5,746 2,244 329 169 344 July 15 169 14 2,016 13 2,212 4,319 2,284 5,689 2,254 355 172 345 July 22 166 9 2,013 9 2,197 4,319 2,283 5,651 2,267 346 188 347 July 29 164 9 2,025 5 2,204 4,320 2,281 5,619 2,297 359 185 345 Aug. 5 164 8 2,034 6 2,212 4,320 2, 281 5,629 2,310 338 188 Aug. 12 159 8 2,044 8 2,219 4,320 2,281 5,623 2,362 295 191 349 Aug. 19 165 8 2,054 10 2,237 4,321 2,281 5,622 2,372 307 190 348 Aug. 26 155 7 2,082 9 2,253 4,325 2,280 5,607 2,402 325 177 347 Sept. 2 153 7 2,113 9 2,282 4,328 2,280 5,612 2,405 340 187 346 Sept. 9__ 147 7 2,150 11 2,316 4,329 2,280 5,652 2,410 336 181 346 Sept. 16 134 7 2,194 16 2,351 4,326 2,280 5,625 2,507 314 165 346 Sept. 23... 132 7 2,223 12 2,374 4,327 2,280 5,623 2,516 329 165 348 Sept. 30 132 7 2,260 9 2,408 4,326 2,279 5,622 2,556 330 157 348 Oct. 7 125 7 2,295 8 2,436 4,324 2,278 5,663 2,503 368 157 347 Oct. 14_. 120 7 2,333 9 2,468 4,324 2,277 5, 679 2,544 342 158 346 Oct. 21 119 7 2,368 19 2,512 4,323 2,277 5,665 2,608 319 165 355 Oct. 28 116 6 2,397 10 2,530 4,323 2,277 5,627 2,663 315 167 358 Nov. 4 116 7 2,424 8 2,556 4,323 2,276 5,652 2,625 349 173 356 Nov. 11 113 8 2,439 10 2,570 4,323 2,275 5,682 2,603 358 169 356 Nov. 18.._ 112 16 2,439 10 2,578 4,323 2,275 5,673 2,649 336 163 355 Nov. 25 113 20 2,437 5 2,575 4,323 2,276 5,672 2,671 329 146 356 Dec. 2 120 27 2,437 7 2,591 4,323 2,277 5,731 2,597 363 146 354 Dec. 9 122 67 2,431 8 2,628 4,323 2,279 5,773 2,550 397 154 356 Dec. 16 118 117 2,432 17 2,683 4,323 2,293 5,784 2,635 369 155 356 Dec. 23 117 114 2,432 30 2,693 4,323 2,298 5,855 2,614 347 135 363 Dec. 30 110 120 2,434 25 2,689 4,323 2,303 5,840 2,669 317 128 361 i Less than $500,000. * See footnotes on p. 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

78 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33 (WEDNESDAY SERIES) [In millions of dollars] Reserve bank credit outstanding Treas- Treas- Other (Wed D n a e t s e day) c B o d e u i i d l s n l - s t- b B ou il g ls ht s m G U e e t c i r e . o e u n S n v s r - . t i - - c O s b r e a r t e r e h n d v - e k e i r t Total M s g t t a o o o r c l n y d k e- r t b e i c a u n o a n u n r a n n c y r d - a y k - l * l c M e a i y t r o i c o i n u n n - - M s a b b e n b a r a e r e c e n v l m - e r - k e s - b p F w c a u a o . d a n n r s i e s k y t R i d - h h t s s . * m N p i d b t e o o s e e m s * n - r - - - c s F e o R e a ( r e u r * c a e v d n - ) - l e - ts 1922 Jan. 4 1,113 127 231 43 1,513 3,664 1,841 4,685 1,731 287 29 285 Jan. 11 987 87 219 22 1, 315 3,670 1,840 4, 540 1,736 237 26 287 Jan. 18 914 95 227 19 1, 255 3,676 1,838 4,475 1, 674 301 33 286 Jan. 25.-. 850 83 250 24 1,208 3,675 1,836 4,424 1,652 327 31 Feb. 1... 838 90 305 31 1,265 3,684 L,833 4,431 1,689 341 36 284 Feb. 8— 823 94 342 9 1,269 3,696 L, 833 4,414 1, 715 354 31 285 Feb. 15- 786 78 385 12 1,260 3,703 L, 835 4,431 1,744 306 34 284 Feb. 21- 721 83 355 16 1,175 3,715 1,836 4,457 1,677 275 31 285 Mar. 1... 708 96 413 28 1,244 3,722 1,838 4,480 1,725 283 33 284 Mar. 8... 631 102 444 16 1,193 3,728 1,839 4,479 1,720 241 36 284 Mar. 15. _ 592 87 598 30 1,307 3,739 1,840 4,466 1,845 238 51 285 Mar. 22 616 87 443 13 1,160 3,742 1,841 4,467 1,668 282 40 285 Mar. 29.. 636 103 441 14 1,193 3,746 1,841 4, 463 1,709 284 40 285 Apr. 5— 625 98 463 18 1,204 3,750 1,843 4,488 1, 730 256 39 284 Apr. 12- 574 94 513 18 1,199 3,752 1,843 4,484 1,726 262 38 284 Apr. 19- 553 87 532 43 1,215 3,759 1,845 4,463 1,761 259 54 283 Apr. 26- 500 83 567 17 1,167 3,762 1,848 4,437 1,749 269 39 282 May 3__ 509 107 609 23 1,250 3,763 1,850 4,466 1,775 296 45 May 10- 475 106 618 21 1,218 3,768 1,854 4,449 1,806 264 38 282 May 17_ 469 97 595 38 1,198 3,768 1,856 4,439 1,811 256 36 281 May 24 _ 487 105 596 18 1,206 3,770 1, 858 4,416 1,823 281 34 281 May 31- 471 118 603 2 1,195 3, 771 1,861 4,455 1,782 276 34 281 June 7__- 420 136 618 22 1,196 3,772 1,860 4,426 1,824 263 33 282 June 14-. 414 124 630 32 1,199 3,775 1,861 4,395 1,821 303 34 281 June 2L- 422 121 556 22 1,121 3,782 1,863 4,404 1,812 231 32 286 June 28- 469 154 557 25 1,205 3,784 1,862 4,398 1,865 271 30 286 July 5-- 499 155 551 42 1.247 3,785 1,861 4,503 1,819 258 29 283 July 12- 430 158 557 57 1,201 3,793 1,862 4,431 1,875 237 29 284 July 19- 443 149 542 49 1,183 3,808 1,862 4,406 1,864 271 29 283 July 26- 380 156 541 33 1,110 3,815 1,863 4,393 1,815 271 26 283 Aug. 2__ 400 150 497 60 1,108 3,830 1,866 4,418 1,838 234 30 283 Aug. 9_. 382 147 492 42 1,063 3,836 1,869 4,428 1,784 248 24 284 Aug. 16_ 382 150 489 53 1,073 3,840 1,872 4,434 1,790 253 24 283 Aug. 23 _ 390 166 485 46 1,087 3,846 1,875 4,448 1,785 269 22 283 Aug. 30_ 404 172 498 46 1,120 3,850 1,878 4,459 1,807 276 23 283 Sept. 6.-. 405 188 508 63 1,165 3,855 1,882 4,539 1,796 262 23 282 Sept. 13-. 387 205 497 71 1,159 3,860 1,885 4,530 1,811 259 22 282 Sept, 20. 424 220 439 71 1,155 3,862 1,889 4,540 1, 775 283 22 286 Sept. 27. 420 238 451 40 1,150 3,870 1,890 4,561 1,798 243 22 Oct. 4— 434 235 483 61 1,214 3,882 1,893 4,608 1,843 232 20 286 Oct. 11- 525 247 475 58 1,304 3,885 1,896 4,656 1, 891 233 19 286 Oct. 18- 511 257 447 101 1,316 3,887 1,899 4,638 1,921 234 22 287 Oct. 25- 469 258 409 52 1,187 3,886 1,903 4,624 1,800 247 18 287 Nov. l._ 588 261 360 62 1,270 3,889 1,906 4,640 1,848 261 31 286 Nov. 8.- 640 259 347 5 1,250 3,890 1,911 4,678 1,812 250 24 287 Nov. 15. 653 261 326 65 1,304 3,896 1,917 4,658 1,860 288 23 287 Nov. 22. 614 257 295 60 1,226 3,900 1,921 4,641 1,829 269 21 Nov. 29. 650 259 304 41 1,254 3,906 1,928 4,704 1,808 270 19 Dec. 6— 705 267 312 54 1,338 3,906 1,932 4,743 1,844 280 20 Dec. 13- 660 263 307 65 1,295 3,915 1,936 4,774 1,818 246 20 Dec. 20- 616 252 431 120 1,418 3,921 1,942 4,887 1,840 230 35 Dec. 27- 630 246 458 88 1,423 3,924 1,946 4,874 1,861 237 31 289 * See footnotes on p. 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 79 4#—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33 (WEDNESDAY SERIES)—Continued [In millions of dollars] i (Wed D n a e t s e day) c B d o R e i i u d s l e n l - s s t e - r b v o B e u i b l g l a s h n t k s m G c U e e t r i c r o e . e e n S u n v s d - . r t - i i t - o c O s b u r e r a t e t r e h n s d v - e t k i e a r t nd T in o g tal M s g t t a o o o r n l c y d e k - T r t b e i c a u r n o n a e u n r a n c n a y r d - y a k - s l * - l c M e a i y t r o i c o i n u n n - - M a s b b e n b r a e a r e c e n m v l - r e - k e - s b T p F w a c a u r o . d n a e n i r s e k s R a y t d i - h h s t s . s * - m N p i b d t e o o s e e m n s * - r - - - c O s F o e R e a ( t e r * u r c h e a d v ) n - - e l - e t r s 1923 Jan. 3 255 457 1,438 3,929 1,959 4,808 1,943 227 275 Jan. 10 512 226 508 1,310 3,943 1,961 4,692 1,960 234 276 Jan.17 513 201 412 1,184 3,948 1,962 4,629 1, 918 231 274 Jan. 24 570 205 353 1,175 3,948 1, 965 4,604 1, 925 250 275 Jan. 31 597 189 354 1,174 3,953 1,968 4,614 1,913 259 275 Feb. 7— 569 185 353 1,157 3,958 1,969 4, 628 1,906 252 274 Feb. 14-. 653 184 354 1, 250 3,958 1,972 4,660 1,965 256 275 Feb. 21... 628 182 354 1,220 3,963 1,975 4,696 1,898 266 275 Feb. 28.. 596 208 363 1,213 3,963 1, 977 4,703 1,888 264 275 Mar. 7.. 571 219 345 1,193 3,967 1,979 4,700 1,880 261 274 Mar. 14. 613 225 345 1, 240 3,964 1,980 4,690 1,933 265 274 Mar. 2t. 630 238 292 1, 226 3,965 1,982 4,685 1,866 323 278 Mar. 28. 700 254 249 1,239 3,969 1,983 4,699 1,871 321 280 Apr. 4... 695 260 239 1,262 3,970 1,984 4,721 1,894 300 Apr. 11.. 623 274 238 1,192 3, 974 1,986 4, 711 1,876 264 280 Apr. 18- 643 277 238 1,233 3,976 1,987 4,709 1,925 262 279 Apr. 25.. 637 274 194 1,152 3,979 1,988 4,710 1,854 254 May 2 730 275 185 1,257 1,990 4,748 1,895 266 279 May 9 695 267 186 1,202 3,983 1,992 4,744 1,886 237 280 May 16 697 282 189 1,248 3,990 1,994 4,743 1,908 271 280 May 23 700 271 207 1,227 3,996 1,996 4,737 1,931 222 280 May 30 731 258 189 1,215 4,015 1,997 4,784 1,874 252 June 6 735 248 183 1,225 4,029 1,998 4,774 1,896 272 280 June 13 708 219 158 1,162 4,040 1,994 4,748 1, 914 224 281 June 20 731 206 122 1,129 4,046 1,987 4,743 1,874 236 282 June 27 775 204 135 1,157 4, 048 1,980 4, 751 1,868 258 283 July 3... 930 199 95 1,297 4,051 1,975 4,859 1,932 225 279 July 11. 846 186 101 1,219 4,053 1,982 4,806 1,909 234 280 July 18.. 806 183 98 1,161 4,059 1,992 4,770 1,884 253 280 July 25- 761 177 1,087 4,074 1,995 4,759 1,839 254 280 Aug. 1 806 183 94 1,139 4,077 1,995 4,775 1,880 254 279 Aug. 8 823 177 90 1,143 4,088 1, 996 4,827 1,860 236 280 Aug. 15 801 173 90 1,133 4,099 1,997 4,826 1,851 250 280 Aug. 22 781 177 85 1,095 4,105 1,996 4,813 1, 825 253 281 Aug. 29 816 173 94 1,123 4,109 1, 997 4,826 1,849 255 281 Sept. 5 850 175 99 1,181 4,112 1,999 4,893 1,843 254 280 Sept. 12 841 179 100 1,200 4,118 2,000 4,883 1,873 256 281 Sept. 19 774 171 93 1,125 4,129 2,001 4,870 1,825 253 281 Sept. 26 862 172 92 1,179 4,133 2,001 4,884 1,852 275 281 Oct. 3___ 882 173 95 1,218 4,140 2,002 4,926 1,884 244 282 Oct. 10.. 869 182 92 58 1,201 4,150 2,003 4,945 1,864 240 282 Oct. 17_. 855 191 94 102 1,242 4,159 2,003 4,926 1,916 258 281 Oct. 24.. 836 180 58 1,162 4,163 2, 004 4,907 1,872 246 282 Oct. 31.. 8b4 205 39 1,220 4,167 2,005 4,929 1,895 262 282 Nov. 7__ 817 248 27 1,182 4,172 2,005 4,947 1,865 239 282 Nov. 14. 791 268 82 1,231 4,182 2,006 4,934 1,913 265 283 Nov. 21. 746 285 46 1,150 4,189 2,007 4,909 1,891 238 283 Nov. 28. 794 289 33 1,200 4,200 2, 007 4,974 1,881 245 283 Dec. 5— 746 298 91 58 1,193 4,213 2,008 4,983 1,884 241 283 Dec. 12... 762 329 96 62 1,249 4,226 2,008 5,018 1,924 236 283 Dec. 19... 750 322 81 69 1,222 4,233 2,010 5,095 1,850 214 283 Dec. 26— 857 336 104 I 46 1,343 4,235 2,010 5,154 1,874 253 * See footnotes on p. 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33 (WEDNESDAY SERIES)—Continued [In millions of dollars] (We D dn a e t s e day) c B o d R i e i u l d s e n l - s t s e - r b v o B e i u l b g l a h s n t k s m G U c e e t r i c r . e o e S e n u n v s . d - r t - i i - t o c O s b u r e a r t e e t r h n d s - v e k t i e a r t nd T in o g tal M s t g t a o o o r n l c y d e k - T r t b e i c a u r n o a n u e n r a n n c a y r d - a y - k s l - * l c M e a i y t r o i c o i n u n n - - M a s b b e b n r a e a e r c e n - v m l r e - k e s - b T p F w a c a u r . o d n a e n i r e s s R k t a y - d i h h t s s . s * - m N p i b d t o e o e s e s m - n * - r - - c O s F o e R e a ( t e r * u r c e h a d v - - ) n e l - e t r s 1924 Jan. 2 347 127 1,310 4,243 2,009 5,027 1,964 266 274 Jan.9 607 319 100 1,080 4,256 2,010 4,878 1,941 229 274 Jan.16 534 293 117 997 4,270 2,009 4,788 1,936 252 274 Jan. 23 541 276 121 986 4,274 2,010 4,763 1,935 278 272 Jan. 30 522 272 121 946 4,281 2,010 4,759 1,928 256 271 Feb. 6— 487 283 125 911 4,292 2,010 4,779 1,894 249 270 Feb. 13.. 546 278 127 969 4,297 2,012 4,820 1,915 252 270 Feb. 20- 496 253 142 942 4,309 2,012 4,828 1,891 253 269 Feb. 27- 532 263 156 983 4,315 2,013 4,842 1,927 252 Mar. 5_. 260 182 4,323 2,014 4,855 1,907 Mar. 12. 243 212 998 4,335 2,015 4,845 1,945 268 Mar. 19. 431 194 297 974 4, 341 2,015 4,840 1,981 216 270 Mar. 26. 482 202 257 973 4,354 2,014 4,850 1,912 289 270 Apr. 2... 530 214 265 1,068 4,363 2,015 4,891 1,933 332 270 Apr. 9— 530 198 269 1,042 4,371 2,015 4,878 1,935 323 269 Apr. 16- 470 177 267 980 4,386 2,017 4,885 1,941 265 269 Apr. 23- 473 140 274 929 4,392 2,017 4,855 1,935 257 268 Apr. 30- 447 124 302 911 4,411 2,017 4,853 1,945 245 268 May 7__ 440 87 311 892 4,423 2,017 4,855 1,954 232 267 May 14. 411 75 323 863 4,435 2,018 4,840 1,940 243 266 May 21. 415 56 325 833 4,442 2,018 4,826 1,941 233 267 May 28. 430 87 333 881 4,450 2,018 4,864 1,936 261 June 4... 401 56 398 900 4,458 2,019 4,857 1,988 247 263 June 11- 376 44 423 889 4,468 2,019 4,803 2,032 253 262 June 18 _ 351 57 426 907 4,476 2,020 4,791 2.104 221 265 June 25- 350 45 430 875 4,481 2,019 4,781 2,035 271 266 July 2— 53 435 928 4,490 2,019 4,884 2,016 248 262 July 9— 311 59 451 878 4,495 2,020 4,839 2,037 233 260 July 16-- 305 37 467 873 4,505 2,019 4,777 2,085 250 260 July 23.. 291 32 477 841 4,509 2,013 4, 740 2,075 259 258 July 30 . 294 24 505 858 4,512 2,017 4,744 2, 087 265 258 Aug. 6... 274 22 536 4,512 2,019 4,763 2,093 267 256 Aug. 13.. 266 18 540 49 873 4, 514 2,019 4,771 2.105 240 255 Aug. 20.. 259 26 541 49 875 4,516 2,019 4, 781 2,095 245 254 Aug. 27.. 263 49 542 27 4,522 2,019 4,790 2,082 259 255 Sept. 3... 302 70 542 55 4,517 2,019 4,853 2,102 255 255 Sept. 10. 261 92 568 50 971 4,517 2,018 4,836 2,139 246 253 Sept. 17. 258 99 619 89 1,065 4,513 2,018 4, 825 2,261 220 259 Sept. 24. 260 92 575 43 970 4,510 2,017 4, 823 2,120 266 259 Oct. 1- 267 139 576 50 1,032 4,510 2,017 4,861 2,128 282 259 Oct. 8- 266 175 581 59 1,081 4,507 2,018 4,861 2,190 267 259 Oct. 15. 263 197 599 70 1,129 4,510 2,019 4,889 2,186 292 260 Oct. 22. 223 170 583 47 1,023 4,508 2,019 4,867 2,150 245 259 Oct. 29. 223 215 584 33 1,055 4,508 2,020 4,885 2,162 249 259 Nov. 5.- 229 235 585 33 1,082 4, 511 2,020 4,952 2,118 254 258 Nov. 12. 224 248 588 70 1,130 4, 515 2,021 4,955 2,172 250 259 Nov. 19. 234 275 587 54 1,150 4,521 2,021 4,935 2,215 251 259 Nov. 26- 221 281 582 42 1,126 4,525 2,023 4,990 2,148 250 258 Dec. 3— 249 355 575 63 1,242 4,522 2,024 4,999 2,252 246 259 Dec. 10- 254 353 552 63 1,222 4,514 2,024 5,024 2,192 254 259 Dec. 17- 284 337 564 102 1, 287 4,502 2,025 5, 078 2,215 226 262 Dec. 24_. 396 390 538 140 1,464 4,496 2,024 5,199 2,223 269 262 Dec. 31- 314 387 540 61 1,302 4,499 2,025 5,047 2,220 262 258 * See footnotes on p. 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 81 No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33 (WEDNESDAY SERIES)—-Continued [In millions of dollars] (We D dn a e t s e day) c B d o R e i i u s d l e l n - s s t er b v B o e u i b l g l a s h n t k s m G U e c e ti c r r o e . e n e u S n v s d r - . t i - i - t o O c s b u r e r a t e e r t h n d v s - e k t i e a r t nd T in ot g al M s t g t a o o o r n c l y d e k - T r t b e i c a u r n o a n e u n r a n n c a r y d - a y k - s l - * l c M e a i y t r i o c o i u n n n - - M a s b b e b n r a a e e r c e n v l m - e r - k e s - b T p F w a c a u o r d . n a e n r i e s s k R t a y d i - h h t s s s . * - m N p i b d t o e o s e e s m n * - r - - - c O s F o e R e a ( t e r * u r c h e a v d n - ) - e l e - t r s 1925 264 341 108 1,209 4,495 2,026 4,931 2,248 249 43 259 Jan. 14 262 324 60 1,133 4,473 2,026 4,824 2,256 250 43 258 Jan. 21 203 423 62 994 4,456 2,026 4,775 2,141 258 44 258 Jan. 28 274 394 59 1,035 4,446 2,027 4,752 2,172 284 41 258 Feb. 4__. 322 389 56 1,075 4,419 2,027 4,775 2,194 249 45 258 Feb. 11.. 332 325 390 58 1,105 4,392 2,027 4,804 2,175 246 40 259 Feb. 18- 342 312 378 64 1,096 4,384 2,025 4,776 2,191 238 40 260 Feb. 25._ 434 317 365 42 1,158 4,366 2,023 4,806 2,208 238 35 Mar. 4.. 401 304 383 72 1,160 4, 349 2,023 4,821 2,166 252 32 260 Mar. 11. 410 301 388 68 1,167 4, 345 2,020 4,801 2,201 242 28 261 Mar. 18. 339 277 428 75 1,119 I 4,3332,018 4,785 2,176 215 29 265 Mar. 25- 378 307 344 54 1, 083 4, 3352,016 4,775 2,119 239 36 265 Apr. 1... 400 316 358 52 1,126 4,338 2,016 4,803 2,133 248 29 265 Apr. 8— 391 311 362 62 1,126 4,338 2,014 4,812 2,141 234 24 265 Apr. 15- 395 274 358 88 1,115 4,340 2,013 4,788 2,141 245 29 264 Apr. 22_. 412 276 353 70 1,111 4,342 2,011 4,764 2,163 249 24 263 Apr. 29- 400 267 349 61 1,077 4,349 2,010 4,772 2,135 238 26 265 May 6._ 411 278 376 64 1,129 4,359 2,007 4,782 2,180 240 28 264 May 13. 339 283 380 74 1,076 4,350 2,006 4,758 2,154 229 26 264 May 20. 338 276 358 76 1,048 4,355 2,005 4,747 2,118 252 26 264 May 27. 414 278 349 50 1,091 4,356 2,003 4,771 2,138 252 25 264 June 3— 412 285 354 91 1,142 4,357 2,004 4,798 2,147 257 36 264 June 10.. 417 275 360 66 1,118 4,359 1,999 4,772 2,156 259 25 265 June 17.. 442 246 306 126 1,120 4,361 1,999 4,758 2,213 215 26 267 June 24.. 455 242 325 1,083 4,362 1,997 4,748 2,140 263 24 267 July 1— 512 249 354 1,182 4,360 1,997 4,817 2,199 230 30 263 July 8— 450 241 339 1,118 4,362 1,995 4,806 2,147 231 28 263 July 15.. 455 231 344 1,115 4,360 1,993 4,762 2,196 221 25 264 July 22- 443 225 335 1,062 4,361 1,992 4,740 2,161 225 25 264 July 29.. 210 330 1,057 4,361 1,990 4,731 2,153 233 27 264 Aug. 5— 544 212 333 1,159 4,368 1,990 4,772 2,212 243 26 263 Aug. 12.. 538 212 329 1,143 4,370 1,989 4,787 2,180 246 25 264 Aug. 19.. 559 195 323 1,148 4,377 1,988 4,798 2,184 242 25 264 Aug. 26.. 580 202 332 1,167 4,379 1,988 4,816 2,183 245 24 265 Sept. 2... 577 210 326 1,182 4,382 1,988 4,841 2,187 235 24 264 Sept. 9__ 639 214 327 1,249 4,390 1,987 4,906 2,196 234 26 264 Sept. 16.. 488 212 409 116 1,225 4,391 1,986 4,899 2,198 209 29 267 Sept. 23. 641 238 323 67 1, 269 4,380 1,985 4,888 2,207 242 28 269 Sept. 30. 633 343 51 1,295 4,382 1,985 4,916 2,210 239 27 Oct. 7... 644 284 77 1,329 4,384 1,983 4,935 2,238 2,26 28 270 Oct. 14. 644 287 71 1,338 4,384 1,983 4,936 2,230 243 26 270 Oct. 21.. 603 293 324 71 1,291 4,399 1,983 4,901 2,206 263 31 271 Oct. 28.. 590 329 325 59 1,303 4, 397 1,982 4,893 2,227 259 31 271 Nov. 4.. 342 330 48 1,356 4,408 1,982 4,940 2,246 250 39 271 Nov. 10. 565 353 334 66 1,318 4,410 1,981 4,937 2,232 234 34 272 Nov. 18. 566 355 333 75 1,329 4,412 1,981 4,913 2,261 240 36 272 Nov. 25. 625 359 332 59 1,375 4,393 1,980 4,971 2,220 252 34 272 Dec. 2... 644 358 339 70 1,411 4,399 1,981 4,985 2,236 264 33 273 Dec. 9— 679 370 352 63 1,464 4,398 1,979 5,037 2,246 252 32 273 Dec. 16- 619 353 398 123 1,493 4,402 1,979 5,093 2, 265 211 30 275 Dec. 23.. 764 370 360 137 1,631 4,394 1,980 5,251 2, 219 232 27 275 Dec. 30. 750 363 377 74 1,564 4,398 1,977 5,099 2,309 221 33 275 * See footnotes on p. 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33 (WEDNESDAY SERIES)—Continued [In millions of dollars] (Wed D n a e t s e day) c B d o R e i i u d l s e l n - s s t e - rv ) B e o u i b l g l a s h n t k s m G c U e e t r i c r e o . e e n u S n v s d - r . t - i i - t o c O s b u r e r a t e t r e h n s d v - e k t i e a r t nd T in o g tal M s g t t a o o o r n c l y d e k - T r t b e i c u a r n o a n e u n r a n n c a y r d - a k y - s l - * l c M e a i y t r o i c o i n u n n - - M a b s b b e n r a e a r e e c n v m l - r e - k e s - b T p F w a c a u r o d . n a e n i r s e s R k a t y d i - h h t s s s . - * m N p i b d t e o o e s e m s n * r - - - - c O s F o e R e a ( t e r u * r c h e a d v ) n - e - l - e t r s 1926 Jan.6 _ 593 345 369 90 1,397 4,402 1,977 4,967 2,278 226 34 272 Jan. 13 506 327 369 67 1,269 4,402 1,977 4,838 2,280 229 28 273 Jan. 20 453 306 370 65 1,194 4,414 1,979 4,803 2,243 238 28 275 Jan. 27 449 295 365 55 1,164 4,406 1,979 4,786 2,217 245 26 274 Feb. 3 488 302 350 53 1,193 4,413 1,979 4,805 2,215 268 24 273 Feb. 10 533 301 333 53 1,220 4,429 1,979 4,840 2,239 247 28 274 Feb. 17 _ . 538 302 334 63 1,237 4,428 1,980 4,827 2,262 256 24 275 Feb. 24 540 304 331 41 1,216 4,426 1,980 4,855 2,203 266 23 276 Mar. 3 583 287 326 65 1,261 4,433 1,981 4,862 2,224 287 25 276 Mar. 10 502 285 360 48 1,195 4,443 1,979 4,838 2,210 270 23 277 Mar. 17 481 257 353 68 1,158 4,447 1,982 4,836 2,230 212 27 280 Mar. 24 618 252 308 42 1,220 4,444 1,982 4,828 2,218 292 27 281 Mar. 31 632 250 330 50 1,262 4,442 1,983 4,860 2,215 309 22 281 Apr. 7. 579 230 342 53 1,204 4,452 1,983 4,853 2,192 288 26 281 Apr. 14 577 274 377 60 1,288 4,452 1,984 4,863 2,283 277 21 281 Apr. 21 450 229 389 67 1,135 4,443 1,984 4,843 2,171 241 25 282 Apr. 28 514 199 389 53 1,155 4,438 1,984 4,840 2,203 229 23 283 May 5. _ 547 213 395 60 1,215 4,442 1,984 4,850 2,231 251 27 282 May 12 476 228 396 58 1,158 4,431 1,984 4,827 2,194 245 25 283 May 19 490 226 399 62 1,177 4,433 1,985 4,817 2,237 235 24 282 May 26 474 239 395 45 1,153 4,432 1,985 4,828 2,195 241 24 283 June 2 525 244 404 66 1,239 4,434 1,988 4,904 2,225 228 20 283 June 9 _ _ __ 448 250 418 57 1,173 4,434 1,986 4,860 2,224 203 23 283 June 16 393 233 482 99 1,207 4,434 1,986 4,852 2,261 205 24 285 June 23 479 247 383 48 1,157 4,445 1,986 4,837 2,225 218 21 286 June 30 515 249 385 45 1,194 1,447 1,986 4,885 2,229 212 20 282 July 7 613 238 375 70 1,296 4,450 1,986 4,962 2,240 223 26 281 July 14 515 234 391 71 1,211 4,465 1,986 4,883 2,242 230 23 283 Julv 21 495 217 383 56 1,151 4,466 1,986 4,849 2,208 241 21 282 July 28 521 211 369 41 1,142 4,468 1,986 4,847 2,205 238 23 283 Aug. 4 ___ 548 228 370 40 1,186 4,469 1,986 4,875 2,217 241 24 283 Aug. 11 549 231 366 43 1,189 4,465 1,986 4,886 2,226 218 27 283 Aug 18 535 254 360 48 1,197 4,470 1,984 4,891 2,215 238 24 283 Aug. 25 571 255 321 38 1,185 4,470 1,986 4,887 2,204 236 29 286 Sept. 1 626 253 319 37 1,235 4,468 1,984 4,914 2,224 229 34 285 Sept. 8 614 266 312 54 1,246 4,473 1,985 4,975 2,207 206 30 286 Sept. 15 . .. 566 262 488 78 1,394 4,469 1,987 4,941 2,369 204 44 290 Sept. 22 662 270 305 66 1,303 4,472 1,987 4,930 2,231 277 34 290 Sept. 29 717 276 302 37 1,332 4,475 1,988 4,953 2,249 273 30 291 Oct 6 624 273 306 69 1,272 4,471 1,988 4,970 2,212 233 24 291 Oct. 13 704 291 308 9 1,312 4,471 1,989 5,002 2,217 235 27 292 Oct. 20 587 293 307 63 1,250 4,473 1,990 4,954 2,213 228 25 292 Oct 27 632 308 300 41 1,281 4,474 1,990 4,955 2,217 253 26 293 Nov. 3 676 332 302 16 1,326 4,475 1,990 5,006 2,207 247 36 294 Nov 10 581 340 300 49 1,270 4,481 1,991 4,980 2,219 219 28 294 Nov. 17 567 348 308 64 1,287 4,480 1,992 4,954 2,238 238 34 294 Nov. 24 628 341 300 39 1,308 4,475 1,991 5,005 2,202 240 32 294 Dec 1 645 368 306 48 1,367 4,476 1,991 5,003 2,257 249 32 293 Dec. 8 605 391 324 52 1,372 4,481 1,991 5,058 2,231 228 32 294 Dec. 15 562 384 478 84 1,508 4,478 1,991 5,095 2,354 198 32 296 Dec. 22 715 388 314 129 1,546 4,486 1,992 5,218 2,218 268 22 297 Dec. 29. ._ 711 379 317 60 1,467 4,490 1,993 5,093 2,264 251 43 298 * See footnotes on p. 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 83 No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33 (WEDNESDAY SERIES)—Continued [Tn millions of dollars] Reserve bank credit outstanding Treas- Treas- (We D dn a e te sday) c B d o i i u s l - l n s t-bo B u il g ls ht s m G U e e ti c r . e o e S n u n v s . - r t - i- c O s b r e r a t e e r h n d - v e k i e r t Total M s g t t o a o o r n l c y d e k - r t b e i c a u n o a n u n r a n n c y r d - a k y - l * l c M e a i y t r o i c o i n u n n - - M a b s b b e n r a e e a r e c n - v m l r e k - e s - [b p F w c a u a o d a . n n r e i s s R y k t - d i h h t s s . " m N p i b d o t e o e e s s m - n * - r - - c O s F o e R e a ( t e r * u r c e h a d v - - ) n e l - e t r s 1927 Jan. 5 389 314 1,414 4,497 1,991 4,999 2,352 209 293 Jan.12 490 338 311 1,189 4,520 1,990 4,875 2,274 230 294 Jan. 19.-. 416 337 313 1,125 4,535 1,990 4,825 2,243 249 294 Jan. 26 365 302 303 999 4,550 1,990 4,795 2,192 233 294 Feb. 2... 393 329 304 1,062 4,560 1,989 4,809 2,242 242 294 Feb. 9... 379 303 305 1,017 4,572 1,990 4,810 2,221 230 294 Feb. 16- 396 315 312 1,075 4,577 1,991 4,804 2,289 229 295 Feb. 23.. 398 280 305 996 4, 585 1,992 4,850 2,166 242 295 Mar. 2__. 435 311 1,077 4, 587 1,993 4,854 2,231 253 295 Mar. 9.. 416 265 307 1,017 4,593 1,992 4,836 2,221 223 297 Mar. 16. 331 219 475 1,058 4,595 1,994 4,826 2, 295 203 298 Mar. 23. 457 231 342 1, 054 4,600 1,994 4,822 2,300 205 298 Mar. 30. 456 237 353 1,073 4,597 1,996 4,832 2,274 239 Apr. 6— 402 239 342 1,033 4,600 1,996 4,860 2,232 218 298 Apr. 13.. 426 257 355 1,082 4,600 1,997 4,865 2,265 232 298 Apr. 20- 414 247 333 1,043 4,604 1,997 4,836 2,250 239 299 Apr. 27.. 444 242 318 1,041 4,605 1,998 4,821 2,270 233 299 May 4.. 508 244 316 1,125 4,612 1,998 4,840 2,326 220 299 May 11. 442 233 254 971 4,685 2,001 4,828 2,271 219 300 May 18. 458 225 269 999 4,684 2,002 4,819 2,295 238 299 May 25. 429 236 322 1,019 4,627 2,004 4,810 2,268 238 300 June l._. 497 229 362 1,126 4,607 2,004 4,866 2, 308 231 299 June 8-.- 399 222 438 1,097 4,612 2,005 4,812 2,331 240 298 June 15.. 361 183 547 1,148 4,620 2,004 4,794 2,421 210 300 June 22.. 439 183 369 1,044 4,602 2,005 4, 775 2,307 236 300 June 29.. 477 216 376 1,121 4,589 2,003 4,805 2,342 235 300 July 6 507 199 374 1,166 4,579 2,004 4,897 2,297 221 297 July 13 426 193 378 105 1,102 4,569 2,003 4,809 2,315 220 296 July 20 185 386 91 1,065 4,572 2,003 4,786 2, 301 226 297 July 27 169 385 1,028 4,578 2,003 4,776 2,282 225 297 Aug. 3_. 415 178 407 1,125 4, 579 2,004 4,811 2,350 220 296 Aug. 10. 413 176 420 1,089 4,584 2,003 4,815 2,315 221 297 Aug. 17. 390 171 442 1,084 4,586 2,003 4,824 2,295 227 Aug. 24. 414 179 445 1,093 4,588 2,003 4,825 2,306 227 Aug. 31. 401 185 473 1,102 4, 588 2,003 4,854 2,299 216 295 Sept. 7.. 449 197 499 1,194 4,597 2,003 4,919 2,318 235 294 Sept. 14. 375 227 500 1,168 4,586 2,003 4,881 2,325 227 294 Sept. 21. 415 219 484 1,157 4, 585 2,004 4,874 2,311 231 300 Sept. 28. 430 242 494 1,201 4,577 2,002 2,337 234 302 Oct. 5... 462 262 505 1, 272 4,573 2,003 4,910 2,360 247 302 Oct. 12.. 430 274 510 1,268 4,573 2,003 4,934 2,324 216 302 Oct. 19.. 418 283 500 1,257 4,574 2, 003 4,897 2,384 213 303 Oct. 26.. 402 301 511 1,238 4, 553 2,004 4,876 2, 352 230 304 Nov. 2 ,_.- 379 335 526 1,282 4,531 2,004 4,905 2,362 212 303 Nov. 9 .... 461 336 530 1,346 4,511 2,004 4,929 2,369 228 303 Nov. 16 367 334 705 1,467 4,487 2,004 4,891 2,500 200 303 Nov. 23 418 327 621 1,400 4,460 2,004 4,925 2, 393 202 305 Nov. 30 477 355 548 1,416 4,451 2,005 4,952 2,379 204 304 Dec. 7.-. 444 380 1,458 4,438 2,004 4,970 2,397 199 305 Dec. 14.. 495 381 1,528 4, 418 2,006 5, 000 2,419 203 305 Dec. 21.. 578 366 588 1,630 4,404 2,005 5,095 2,394 220 306 Dec. 28.. 386 603 1,639 4, 385 2,006 5, 043 2,432 223 306 * See footnotes on p. 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33 (WEDNESDAY SERIES)—Continued [In millions of dollars] Reserve bank credit outstanding Treas- Treas- (Wed D n a e t s e day) c B d o e i i u d l s l n - s t-bo B u il g ls ht s m G U e e ti c r e o . e n u S n v s - . r t - i- c O s b r e r a t e e r h n d v - e k i e r t Total M s t g t o a o o r n l c y d e k - r t b e i c a u n o n a u n r a n n c y r d - a y k - l * l c M e a i y t r o i c o i n u n n - - M a s b b n e b r a e a r e c e n v l m - e r - k e s - b p F w a c a u o . d n a n i s r e R s k t y d i - h h t s . s * m N p i b d t e o o e s e m s * n - r - - - c O s F o e R e a ( t e r u * r c h e a v d ) n - - e l e - t r s 1928 Jan 4 521 387 627 69 1,604 4,379 2,006 4,939 2,486 228 35 302 Jan.11 439 393 545 37 1,414 4,381 2,005 4,779 2,473 . 218 27 303 Jan 18 412 369 499 ao 1,310 4,377 2,005 4,701 2,432 228 25 307 Jan. 25 385 347 441 21 1,194 4,380 2,005 4,659 2,355 231 25 309 Feb. 1 423 377 434 29 1,263 4,374 2,003 4,671 2,405 232 23 309 Feb 8 459 369 401 26 1,255 4,375 2,005 4,676 2,395 230 24 310 Feb. 15 481 355 408 22 1,266 4,376 2,005 4,688 2,391 230 26 311 Feb. 22 461 353 402 20 1,236 4,376 2,006 4,698 2,357 227 24 312 Feb 29 493 344 408 19 1,264 4,361 2,007 4,691 2,375 233 23 311 Mar 7 482 338 403 30 1,253 4,362 2,006 4,687 2,361 236 24 312 Mar. 14 472 343 401 29 1,245 4,335 2,006 4,670 2,362 221 22 311 Mar. 21 477 333 385 18 1,213 4,320 2,006 4,666 2,322 214 23 315 Mar 28 524 346 386 17 1,273 4,308 2,006 4,667 2,357 227 22 314 Apr 4 601 344 383 37 1,365 4,304 2,006 4,725 2,400 213 24 314 Apr. 11 619 362 378 27 1,386 4,302 2,006 4,697 2,432 223 27 316 Apr. 18 620 351 341 44 1,356 4,270 2,007 4,691 2,392 207 25 317 Apr 25 709 366 305 20 1,400 4,266 2,007 4, 676 2,417 236 24 318 May 2 757 363 292 42 1,454 4,265 2,010 4,715 2,442 222 32 317 May 9 777 365 277 35 1,454 4,235 2,008 4,697 2,426 227 27 319 May 16 807 347 262 39 1,455 4,185 2,008 4,690 2,382 228 26 321 May 23 847 331 230 27 1,435 4,178 2,008 4,675 2,370 230 25 321 May 29 944 304 219 21 1,488 4,161 2,009 4,721 2,357 230 27 322 June 5 - 982 266 210 46 1,504 4,147 2*008 4,703 2,384 225 23 323 June 13 _ 1,043 240 223 40 1,546 4,104 2,006 4,695 2,392 219 27 323 June 20 991 224 223 33 1,471 4,105 2,007 4,693 2,332 201 31 326 June 27 1,032 223 212 27 1,494 4,103 2,007 4,698 2,345 209 26 327 July 3 . ... 1,191 210 220 59 1,680 4,110 2,0P7 4,808 2,403 225 35 325 July 11 1,089 188 218 47 1,542 4,115 2,007 4,729 2,365 212 30 327 July 18 1,012 181 209 46 1,448 4,114 2,008 4,689 2,307 217 29 328 July 25 1,025 169 208 28 1,430 4,115 2,004 4, 665 2,300 230 26 328 Aug. 1 1,086 166 212 41 1,505 4,113 2,006 4,690 2,344 233 29 329 Aug 8 1,061 162 208 22 1,453 4,114 2,007 4,705 2,266 247 27 330 Aug. 15 1,003 190 206 48 1,447 4,119 2,006 4, 717 2,285 211 29 332 Aug 22 1, 037 184 207 32 1,460 4,120 2,006 4,723 2,281 222 28 333 AUP- 29 1,039 184 209 30 1,462 4,124 2,007 4,730 2,269 233 29 334 Sept. 5 1,080 187 206 43 1,516 4,123 2,006 4,801 2, 273 214 23 334 Sept. 12 1,069 211 221 55 1,556 4,124 2,007 4,761 2,349 212 30 335 Sept 19 1,094 237 225 70 1,626 4,125 2,008 4,757 2,361 250 53 337 Sept. 26 1,011 263 229 39 1,542 4,129 2,009 4,770 2,316 217 38 339 Oct. 3 . 1,026 310 231 64 1,631 4,125 2,010 4,807 2,350 239 32 339 Oct. 10 993 332 227 34 1,586 4,129 2,010 4,832 2,313 210 29 340 Oct 17 936 379 231 60 1,606 4,136 2,010 4,813 2, 359 210 30 340 Oct. 24 912 401 231 25 1,569 4,140 2,011 4,791 2,322 236 27 344 Oct 31 932 440 227 25 1,624 4,142 2,011 4,806 2,371 228 28 344 Nov. 7 957 449 223 5 1, 634 4,145 2,011 4,848 2,330 236 30 346 Nov 14 858 474 222 61 1,615 4,156 2,011 4,820 2,365 225 26 347 Nov. 21 800 484 226 48 1,558 4,159 2,013 4,795 2,346 214 25 348 Nov. 28 _ 990 482 229 28 1,729 4,128 2,013 4,903 2,361 231 26 348 Dec 5 1,012 478 227 45 1,762 4,134 2,012 4,913 2,382 237 27 348 Dec 12 1,028 494 236 46 1,804 4,139 2,011 4,935 2,409 232 27 350 Dec. 19 .. ._ 947 453 291 81 1,772 4,150 2,011 5,025 2,326 204 25 352 Dec. 26 1,168 489 232 52 1,941 4,149 2,013 5, 089 2,409 219 30 355 * See foonotes on p. 72, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 85 No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33 (WEDNESDAY SERIES)—Continued [In millions of dollars] Reserve bank credit outstanding Treas- (We D dn a e t s e day) c B d o e i i u d l s l n - s t-bo B u il g ls hi s m G U e e ti c r o e . e n u S v n s - . r - t i- c O s b r e r a e t r e h n d v - e k i e t r Total M s g t t a o o o r n l c y d e k - T r t b e i c a u r n o a n u e n r a n n c a r y d - a y k - s l - * l c M e a i y t r o i c o i n u n n - - M a s b b e n b r a e a r e c e n v l m - e r - k e s - b p F w a c a u o d . n a n i r s e s k R t y i d - h h t s s . * m N p i b d t e o o s e e m s * n r - - - - c O s F o e R e a ( t e r u * r c h e a v d ) n - - e l e - t r s 1929 Jan. 2 1,151 484 244 31 1,910 4,127 2,013 4,933 2,494 235 39 348 Jan. 9 877 477 239 45 1,638 4,120 2,012 4,762 2,405 220 33 350 Jan.16 __ . 822 481 238 63 1,604 4,108 2,011 4,697 2,415 228 32 351 Jan.23 782 454 202 34 1,472 4,117 2,011 4,643 2,359 220 26 352 Jan.30 821 436 202 26 1,485 4,128 2,011 4,630 2,391 223 28 353 Feb. 6 852 411 200 37 1,500 4,127 2,010 4,640 2,386 228 28 355 Feb. 13 _. 904 391 177 15 1,487 4,150 2,011 4,672 2,372 220 28 355 Feb. 20 865 356 173 37 1,431 4,151 2,011 4,669 2,319 221 27 356 Feb. 27 952 334 166 32 1,484 4,154 2,008 4,670 2,367 227 25 357 Mar. 6 989 305 163 44 1,501 4,158 2,010 4,691 2, 350 238 30 360 Mar. 13 956 283 165 49 1,453 4,160 2,012 4,665 2,363 209 26 361 Mar. 20 943 237 185 36 1,401 4,170 2,011 4,654 2,340 200 26 362 Mar. 27 1,024 208 170 27 1, 429 4,174 2,012 4,667 2,332 225 28 363 Apr. 3 1,030 175 169 51 1,425 4,188 2,013 4,674 2,335 222 30 365 Apr. 10 964 157 166 28 1,315 4,221 2,014 4,642 2,302 208 33 365 Apr. 17 994 141 161 53 1,349 4,235 2,016 4,646 2,302 253 32 366 Apr. 24.-. 975 141 150 32 1,298 4,245 2,016 4,631 2,290 241 29 368 Mav 1 986 170 151 59 1,366 4,265 2,016 4,660 2, 336 243 41 367 May 8 . .___ 962 157 149 46 1,314 4,290 2, 018 4,653 2,330 240 31 369 May 15 915 146 156 52 1,269 4,298 2,018 4,644 2,320 219 32 370 May 22 904 138 153 28 1,223 4,299 2,018 4,634 2, 276 230 29 370 May 29 988 118 145 36 1,287 4,301 2,018 4,694 2,286 224 30 372 June 5 977 113 147 66 1,303 4, 303 2,018 4,667 2,321 233 28 375 June 12 _ 934 114 170 50 1,268 4,305 2,018 4,636 2, 328 223 29 375 June 19 959 87 139 67 1,252 4,315 2,019 4,635 2,292 253 30 375 June 26 1,017 83 150 44 1,294 4,327 2,019 4,636 2,344 255 27 378 July 3 1,125 74 141 91 1,431 4,331 2,020 4,766 2,380 228 34 374 July 10 1,153 66 136 55 1,410 4,328 2,018 4,817 2,303 235 29 373 July 17 1,084 68 153 66 1, 371 4,340 2,017 4,749 2,352 221 29 378 July 24 1,064 69 146 50 1,329 4, 346 2,014 4, 704 2, 357 225 28 375 July 31 1,076 75 147 49 1,347 4,341 2, 013 4, 717 2,355 226 28 376 Aug. 7 1,064 79 158 52 1,353 4,347 2, 008 4,741 2, 323 235 30 379 Aug. 14 1,028 118 154 52 1, 352 4,350 2,007 4,745 2,330 224 28 382 Aug. 21 986 132 149 49 1,309 4, 353 2,006 4, 744 2,292 223 27 381 Aug. 28 974 157 145 41 1,317 4,359 2,005 4,748 2,306 219 25 384 Sept. 4 1,046 182 149 55 1,432 4,363 2, 006 4,829 2,320 241 25 386 Sept. 11 ._ 973 222 159 60 1,414 4,364 2,005 4,791 2, 360 219 26 388 Sept. 18- 934 241 178 60 1,413 4, 369 2,004 4, 764 2,381 219 34 388 Sept. 25 944 264 152 51 1,411 4, 375 2,009 4,744 2,364 271 26 390 Oct. 2 931 323 146 80 1,480 4,374 2,010 4,789 2,399 259 27 389 Oct. 9 857 333 141 54 1, 385 4, 378 2,012 4,788 2,339 232 26 391 Oct. 16 849 360 138 110 1,457 4,379 2, 015 4,789 2,408 234 27 393 Oct. 23 796 379 136 63 1, 374 4, 386 2,016 4,752 2,378 225 28 393 Oct. 30 991 340 293 56 1,680 4,385 2,020 4,789 2, 652 225 26 393 Nov. 6._ 991 330 293 40 1,654 4,380 2,023 4,830 2, 558 241 ! 34 394 Nov. 13 971 300 313 86 1,670 4, 375 2, 025 4,820 2, 608 220 27 395 Nov. 20 900 284 327 53 1,564 4,374 2,024 4, 777 2,518 246 25 396 Nov. 27 ._ 912 257 326 27 1,522 4,366 2,024 4,856 2,376 258 26 396 Dec. 4. _ 872 257 355 57 1,541 4,369 2,023 4,867 2,401 242 26 397 Dec 11 769 322 387 48 1, 526 4,354 2,022 4,869 2,397 215 25 396 Dec. 18 737 309 533 63 1,642 4,321 2,022 4, 937 2,408 210 28 401 Dec 24 763 355 485 120 1,723 4,294 2,023 5,059 2,320 234 24 402 Dec. 31 632 392 511 48 1,583 4,284 2,022 4, 865 2,355 245 30 1 394 * See footnotes on p. 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

86 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33 (WEDNESDAY SERIES)—Continued tin millions of dollars] (Wed D n a e t s e day) c B d o R e i i u d s l e l n - s s t e - r b v o B e u i b l g l a s h n t k s m G c U e e t r i c r e o . e e n u S n v s d - r . t - i i t - o c O s b u r e r a t e t r e h n d s v - e k t i e a r t nd T in o g tal M s g t t o a o o r n l c y d e k - T r t b e i c a u r n o a n u e n r a n n c a r y d - a k y - s l * - l c M e a i y t r o i c o i n u n n - - M a s b b e n b r a e a r e c e n v l m - e r - k e s - b T p F w a c a u o r . d n a e n i s r e R s k t a y d i - h h t s s . s * - m N p i b d t e o o s e e m s * n - r - - - c O s F o e R e a ( t e r u * r c h e a v d n - ) - e l e - t r s 1930 Jan. 3 568 319 485 48 1,420 4,277 2,022 4,690 2,367 238 31 393 Jan. 15 442 323 479 57 1,301 4,283 2,022 4,596 2,358 229 30 393 Jan 22 433 298 477 61 1,269 4,284 2,021 4,553 2,360 239 29 393 Jan. 29 407 258 477 29 1,171 4,289 2,022 4,508 2,308 247 26 393 Feb. 5 381 296 478 39 1,194 4,302 2,022 4,525 2,339 236 25 393 F8D. 12 382 276 479 63 1,199 4,310 2,021 4,542 2,308 219 70 393 Feb 19 377 281 481 30 1,169 4,329 2,021 4, 521 2,315 263 27 393 Feb. 26 _ 343 299 483 31 1,156 4,345 2,022 4,505 2,346 254 25 393 Mar. 5 309 271 486 39 1,105 4,360 2, 022 4,528 2,315 223 27 394 Mar 12 266 257 514 31 1,068 4,384 2,022 4,495 2,354 206 26 393 Mar 19 206 185 561 31 983 4,405 2,022 4,481 2,291 216 26 396 Mar 26 207 256 529 33 1,025 4,420 2,022 4,467 2,340 232 28 400 Apr 2 241 301 530 52 1,124 4,424 2,022 4,518 2,375 248 29 400 Apr. 9 226 267 527 27 1,047 4,435 2,022 4,495 2,345 241 25 398 Apr. 16 214 302 535 48 1, 099 4,438 2,024 4,505 2,380 249 26 401 Apr 23 211 257 527 35 1,030 4,445 2,024 4,461 2,363 251 24 400 Apr. 30 - 233 210 530 33 1,006 4,491 2,024 4,476 2,385 234 27 399 May 7 .- 237 175 528 39 979 4, 496 2,024 4,474 2,349 246 30 399 May 14 210 171 528 43 952 4,502 2,023 4,446 2,379 224 29 400 May 21 - - 210 187 528 28 953 4,514 2,024 4,437 2,374 252 28 400 May 28 247 176 530 23 976 4,516 2,025 4,490 2,347 259 24 397 June 4 240 189 544 31 1,004 4,523 2,024 4,476 2,412 242 25 396 June 11 210 148 579 37 974 4,526 2,024 4,459 2,409 238 24 394 June 18 207 133 598 , 23 961 4,529 2, 025 4, 450 2,408 233 27 396 June 25 232 102 577 25 936 4,533 2,025 4,426 2,386 258 27 396 July 2 . - 260 157 596 57 1,070 4,536 2,026 4,553 2,406 240 42 391 July 9 236 149 591 , 36 1,012 4,536 2,025 4,488 2,417 244 34 390 July 16 -. -- 207 169 577 47 1,000 4,540 2,025 4,448 2,460 228 39 390 July 23 191 151 576 28 946 4,523 2,024 4,407 2,432 231 34 389 July 30 197 131 576 23 927 4,515 2,023 4,397 2,415 238 28 388 Aug 6 206 134 576 24 940 4,495 2,026 4,437 2, 364 244 28 387 Auc 13 191 154 606 i 31 982 4,489 2,026 4,437 2,400 239 35 386 Aug 20 196 159 602 29 986 4,493 2,026 4,443 2,414 237 25 386 Aug 27 193 163 602 26 984 4,504 2,026 4,448 2,419 235 25 386 Sept 3 231 170 602 38 1,041 4,500 2,026 4,511 2,393 250 27 385 Sept 10 183 193 602 30 1,008 4,503 2,026 4,464 2,428 232 27 386 Sept 17 163 209 610 26 1,008 4,507 2,026 4,458 2,456 210 26 391 Sept 24 167 198 602 ; 24 991 4,506 2,026 4,435 2,416 256 25 391 Oct 1 186 193 601 30 1,010 4,511 2,027 4,492 2,394 245 25 392 Oct 8 173 211 600 28 1,012 4,514 2,027 4,487 2,408 243 25 390 Oct 15 210 185 602 47 1,044 4,519 2,027 4,500 2, 440 230 28 391 Oct 22 192 . 177 602 21 992 4,523 2, 027 4,450 2,437 239 25 391 Oet 29 202 166 601 16 985 4,533 2,028 4,426 2,468 236 25 390 Nov 5 213 186 602 9 1,010 4,534 2,028 4,491 2,410 248 32 390 Nov 12 192 207 601 ! 35 1,035 4,549 2,028 4,477 2,490 230 25 390 Nov 19 205 178 596 24 1,003 4,556 2,028 4,482 2,449 245 28 383 Nov 26 234 176 596 22 1,028 4,568 2,027 4,565 2,410 240 24 382 Dec 3 251 219 602 36 1,108 4,572 2,028 4, 615 2,424 256 26 387 Dec. 10 257 244 617 16 1,134 4,576 2,023 4,653 2,448 223 26 384 Dec 17 331 252 692 22 1,297 4, 584 2,027 4,837 2, 455 205 26 385 Dec. 24 448 260 642 75 1, 425 4,589 I 2,027 5, 014 2,c67 252 24 3.4 Dec. 31 251 364 729 29 1,3.3 4,593 12, 027 4,890 2, ',71 2 0 28 1.75 * See footnotes on p. 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EBSEEVE BANK CREDIT 87 No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33 (WEDNESDAY SERIES)—Continued [In millions of dollars] (We D dn a e t s e day) c B d o R e i i u s d l e l - n s s t e - r b v B o e u i b l g l a s h n t k s m G U c e e t r i c r o e . e e n S u n v s d - . r - t i i t - o O c s b u r e r a t e e t r h n s d v - e t k i e a r t nd T in o g tal M s g t t a o o o r n l c y d e k - T r t b e i c u a r n o a n e u n r a n n c a y r d - a y k - s l - * l c M e a i y t r o i c o i n u n n - - M a b s b e b n r a e a e r e c n v l m - r e - k e s - b T p F w a c u a r o . d n a e n r i s e s k R a y t d i - h h t s s s . - * m N p i b d t e o o e s e m s n * - r - - - c O s F o e R e a t ( e r u r * c h e a d v n - - ) e l - e t r s 1931 Jan. 7 292 265 659 32 1,248 4,602 2,026 4,782 2,444 242 31 377 Jan. 14 243 196 644 28 1,111 4,625 2,026 4,649 2,464 245 26 378 Jan. 21 230 152 625 13 1,020 4,631 2,025 4,593 2,441 238 25 380 Jan. 28 215 120 610 11 956 4,637 2,025 4,544 2,425 243 25 380 Feb. 4 223 104 610 12 949 4,649 2,025 4,576 2,379 263 24 380 Feb. 11 222 88 610 9 929 4,651 2,024 4,594 2,365 242 24 379 Feb. 18 200 94 600 11 905 4,661 2,026 4,560 2,380 247 25 379 Feb. 25 190 106 599 9 904 4,663 2,027 4,569 2,378 243 23 381 Mar. 4 191 101 600 16 908 4,672 2,025 4,575 2,365 264 22 380 Mar. 11 ._ 173 151 605 13 942 4,677 2,026 4,554 2,436 254 22 379 Mar. 18 162 122 618 5 907 4,685 2,027 4,562 2,436 211 26 384 Mar. 25 165 83 599 11 858 4,689 2,027 4,547 2,357 262 24 384 Apr. 1 164 167 598 14 943 4,698 2,025 4,620 2,392 248 25 382 Apr. 8 .. 143 172 599 15 929 4,703 2,025 4,612 2,389 250 24 382 Apr. 15 132 131 599 33 895 4,710 2,025 4,623 2,356 237 31 384 Apr. 22 135 152 599 25 911 4,713 2,025 4,612 2,380 247 26 384 Apr. 29 155 170 598 13 936 4,721 2,024 4,621 2,408 246 24 383 May 6 150 194 598 25 967 4,743 2,023 4,663 2,418 240 29 383 May 13 145 153 598 22 918 4,766 2,023 4,627 2,421 250 26 383 May 20 149 131 599 15 894 4,772 2,022 4,639 2,411 230 26 382 May 27 153 125 598 10 886 4,795 2,022 4,634 2,425 235 27 382 June 3 173 134 598 33 938 4,793 2,022 4,673 2,389 274 37 380 June 10 185 127 599 18 929 4,803 2,022 4,723 2,399 224 28 381 June 17 185 107 599 16 907 4,893 2,022 4,756 2,401 258 28 379 June 24 198 106 619 37 960 4,915 2,023 4,733 2,457 289 40 379 July 1 150 103 663 34 950 4,956 2,022 4,841 2,389 257 70 371 July 8 162 92 668 38 960 4,964 2,022 4,836 2,440 228 72 370 July 15 162 70 678 41 951 4,959 2,023 4,808 2,436 234 87 368 July 22 _. 182 67 678 15 942 4,951 2,024 4,795 2,432 236 85 368 July 29. 183 67 678 17 945 4,953 2,024 4,780 2,415 231 126 369 Aug. 5 189 66 681 31 967 4,955 2,024 4,849 2,339 231 159 368 Aug. 12_ . ... 195 136 728 46 1,105 4,964 2,024 4,890 2,393 233 209 367 Aug. 19 231 155 728 27 1,141 4,983 2,023 4,952 2,382 252 195 366 Aug. 26 242 181 728 48 1,199 4,992 2,023 4,994 2,342 303 210 365 Sept. 2 257 198 728 38 1,221 4,999 2,023 5,036 2,374 265 203 365 Sept. 9 _ 260 198 728 30 1,216 5,001 2,023 5,092 2,290 260 233 364 Sept. 16 263 218 742 56 1,279 5,016 2,023 5,088 2,418 223 224 365 Sept. 23 310 243 738 24 1,315 4,897 2,023 5,164 2,280 242 186 363 Sept. 30 328 469 742 39 1,578 4,741 2,023 5,246 2,364 249 120 363 Oct. 7 . 463 581 738 57 1,839 4,642 2,023 5,431 2,277 258 178 360 Oct. 14 628 730 727 40 2,125 4,424 2,024 5,473 2,223 249 269 359 Oct. 21 698 769 727 44 2,238 4,337 2,024 5,505 2,276 250 207 361 Oct. 28 ._ _ 717 725 727 42 2,211 4,289 2,024 5,481 2,229 263 192 359 Nov. 4 705 642 728 34 2,109 4,312 2,025 5,545 2,122 257 167 355 Nov. 11 684 597 727 56 2,064 4,347 2,026 5,519 2,099 279 185 355 Nov. 18 662 534 727 49 1,972 4,371 2,026 5,473 2,124 251 165 356 Nov. 25 686 480 727 48 1,941 4,408 2,025 5,479 2,117 250 170 358 Dec. 2__. _ 718 423 717 47 1,905 4,420 2,027 5,511 2,073 247 163 358 Dec. 9 725 389 717 49 1,880 4,440 2,028 5,509 2,086 253 145 355 Dec. 16 698 307 906 63 1,974 4,458 2,031 5,578 2,168 221 138 359 Dec. 23 911 257 758 80 2,006 4,465 2,035 5,733 2,001 275 138 359 Dec. 30 1,024 327 803 48 2,202 4,458 2,035 5,632 2,323 274 107 359 * See footnotes on p. 72. 49753—34- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

88 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33, (WEDNESDAY SERIES)—Continued [In millions of dollars] (We D dn a e t s e day) c B d o R e i i u d l s e l n - s s t e - r b v o B e u i b l g l a s h n t k s m G U c e e t r i c r e o . e e n u S n v s d - r . t - i i - t o c O b s u r e r a t e t e r h n d s v - e k t i e a r t nd T in o g tal M s g t t o a o o r n l c y d e k - T r t b e i c a u r n o a n u e n r a n n c a y r d - a y k - s l * - l c M e a i y t r o i c o i n u n n - - M a s b b e n b r a e a e r c e n v l m - e r - k e s - b T p F w a c a u o r . d n a e n i r s e s R k t a y d i - h h t s s . s * - m N p i b d t e o o s e e m s * n r - - - - c O s F o e R e a t ( e r u r * c h e a d v n - ) - e l - e t r s 1932 Jan. 6 818 275 766 61 1,921 4,458 2,035 5,661 2,036 260 103 353 Jan. 13 818 214 752 50 1,834 4,457 2,036 5,619 1,994 258 103 353 Jan. 20 819 188 751 48 1,807 4,451 2,037 5,613 1,972 251 108 350 Jan. 27 838 162 752 46 1,798 4,426 2,039 5,589 1,945 264 116 349 Feb. 3.. 855 156 749 49 1,810 4,406 2,043 5,631 1,937 258 85 348 Feb. 10_. 819 169 741 48 1,779 4,403 2,046 5,625 1,905 282 68 347 Feb. 17.. 846 146 741 47 1,781 4,369 2,049 5,609 1,904 256 82 347 Feb. 24.. 835 133 741 25 1,734 4,350 2,054 5,593 1,878 274 46 349 Mar. 2__ 828 116 760 25 1,729 4,350 2,056 5,583 1,902 265 38 347 Mar. 9__ 748 138 785 27 1,698 4,362 2,058 5,545 1,910 283 32 350 Mar. 16. 661 106 842 25 1,634 4,374 2,060 5,522 1,919 221 55 350 Mar. 23. 666 82 835 15 1,597 4,381 2,060 5,480 1,911 268 29 351 Mar. 30. 633 66 872 16 1,587 4,388 2,060 5,439 1,911 280 55 350 Apr. 6 635 58 885 21 1,599 4,396 2,060 5,458 1,942 255 50 350 Apr. 13._- 629 52 985 20 1,686 4,380 2,061 5,423 2,011 281 61 350 Apr. 20 565 49 1,078 9 1,700 4,377 2,061 5,425 1,979 307 74 354 Apr. 27... 532 46 1,191 17 1,785 4,368 2,061 5,398 2,114 278 71 353 May 4__ 506 45 1,287 22 1,859 4,344 2,060 5,449 2,147 242 77 351 May 11- 471 43 1,385 19 1,919 4,314 2,060 5,431 2,144 288 78 350 May 18 _ 465 41 1,466 16 1,988 4,275 2,061 5,449 2,192 261 71 350 May 25_ 471 38 1,525 13 2,048 4,207 2,060 5,411 2,214 270 70 350 June1 495 35 1,575 17 2,122 4,107 2,059 5,467 2,125 243 105 349 June 8 502 36 1,645 16 2,198 3,979 2,059 5,452 2,112 263 62 347 June 15-.- 496 66 1,692 16 2,270 3,909 2,058 5,467 2,101 225 94 349 June22 488 54 1,730 16 2,288 3,917 2,057 5,505 2,066 287 52 351 June 29— 470 64 1,801 11 2,346 3,920 2,057 5,649 2,034 246 45 349 July 6_-_ 500 77 1,801 30 2,408 3,922 2,057 5,775 1,963 264 42 343 July 13-_ 516 62 1,821 18 2,417 3,932 2,056 5,714 2,015 289 43 344 July 20-_ 538 52 1,836 12 2,438 3,952 2,056 5,735 2,036 286 46 343 July 27- 525 40 1,841 16 2,422 3,961 2,056 5,690 2,072 286 48 343 Aug. 3— 487 41 1,846 14 2,388 3,987 2,058 5,728 2,012 301 47 344 Aug. 10- 452 39 1,851 15 2,357 4,005 2,064 5,707 2,062 265 46 346 Aug. 17- 443 36 1,851 14 2,344 4,046 2,076 5,706 2,080 288 46 346 Aug. 24-. 427 35 1,851 8 2,321 4,064 2,087 5,684 2,142 268 31 347 Aug. 31- 433 34 1,852 12 2, 331 4,088 2,105 5,692 2,146 304 36 345 Sept. 7- 420 34 1,851 14 2,319 4,105 2,115 5,725 2,142 295 31 346 Sept. 14. 402 34 1,851 14 2,301 4,128 2,128 5,668 2,244 263 36 347 Sept. 21. 359 34 1,852 15 2,259 4,165 2,140 5,642 2,211 327 36 349 Sept. 28. 340 34 1,854 14 2,241 4,184 2,152 5,605 2,269 318 36 351 Oct. 5-__ 333 33 1,851 23 2,241 4,201 2,158 5,649 2,284 279 37 351 Oct. 12_. 328 33 1,851 22 2, 234 4,208 2,166 5,651 2,246 298 61 352 Oct. 19- 314 34 1,851 21 2,219 4,227 2,175 5,621 2,326 276 39 359 Oct. 26__ 322 34 1,851 14 2,221 4, 257 2,182 5,584 2,412 277 30 357 Nov. 2__ 326 34 1,851 15 2,226 4,266 2,186 5,616 2,384 279 38 359 Nov. 9-. 311 34 1,851 3 2,199 4,270 2,193 5,651 2,342 274 34 360 Nov. 16. 307 35 1,851 16 2,208 4,283 2,195 5,629 2,400 266 33 359 Nov. 23. 308 35 1,851 8 2,201 4,319 2,196 5,635 2,400 271 53 357 Nov. 30. 309 35 1,851 8 2,202 4,340 2,199 5,648 2,411 275 50 357 Dec. 7-_. 299 34 1,851 14 2,197 4,352 2,201 5,669 2,395 287 40 357 Dec. 14.. 284 34 1,851 20 2,189 4,368 2,202 5,664 2,425 277 37 356 Dec. 21_. 270 33 1,851 25 2,180 4,487 2,203 5,730 2,446 293 39 362 Dec. 28_. 267 33 1,851 17 2,168 4,505 2,203 5,687 2,482 306 39 363 * See footnotes on p. 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CEEDIT 89 No. 4.—RESERVE BANK CREDIT AND RELATED ITEMS, BY WEEKS, 1922-33 (WEDNESDAY SERIES)—Continued [In millions of dollars] (Wed D n a e t s e day) c B d o R e i i u d s l e - l n s s t e - r b v B o e u i b l g l a s h n t k s m G c U e e t r c i r o e . e e n S u n v s d . - r - t i i - t o c O s b u r e r a t e t e r h n s d - v e t k i e a r t nd T in o g tal M s t g t a o o o r n l c y d e k - T r t b e i c a u r n o a n u e n r a n n c a y r d - a y - k s l - * l c M e a i y t r o i c o i n u n n - - M b a s b b e n r a e a e r e c n - v m l r e k - e s - b T p F w c a a u r o . d a n e n r i e s s R a t y k d - i h h t s s s . - ' m N p i b d t e o o e e s s m n - * r - - - c O s F o e R e a t ( e r u r c * e h a d v - n - ) e l - e t r s 1933 Jan.4 251 33 1,851 2,163 4,524 2, 204 5, 070 2, 514 305 353 J J a a n n . . 1 1 8 1 — .... 2 24 4 9 8 3 3 2 2 1 1 , , 8 7 1 7 2 8 2 2 , , 1 0 0 6 6 8 4 4 , , 5 5 4 6 9 6 2 2 , , 2 2 0 0 5 5 5 5 , , 5 6 S 02 3 I If 2 , , 5 5 4 7 5 4 2 21 9 ) 4 4 ! | 3 3- 5 1 3 2 Jan. 25.__ 265 31 1,763 2,067 4,556 2,204 5,611 ! 2,513 292 61 350 Feb. 1—_ 269 31 1, 764 2,070 4,548 2,204 5,652 2,438 319 66 347 Feb. 8—.. 253 31 1,784 17 2,085 4,535 2,203 5,705 2,419 285 68 345 Feb. 15... 286 31 1,809 10 2,136 4,511 2,203 5,854 2,236 330 88 342 Feb. 22.... 327 180 1,834 10 2,351 4,460 2,203 5,988 2,271 325 88 343 Mar. 1___ 712 384 1,836 4 4,343 2,218 6,719 2,038 303 91 345 Mar. 8___ 1,414 417 1,881 -68 3,644 4,243 2,230 7,538 1,776 317 138 348 Mar. 15._ 1,233 403 1,899 -9 3,526 4,251 2,256 7,269 1,964 317 132 350 Mar. 22.. 680 352 1,864 -1 2,896 4, 264 2,273 6,608 1,918 432 126 350 Mar. 29.. 559 310 1,838 2,702 4,272 2,287 6,353 1,987 428 144 348 Apr. 5 441 1,837 2, 579 4, 283 2,297 6,261 1,976 441 135 347 Apr. 12._. 428 247 1, 837 2,528 4,293 2,303 6,147 2,096 390 143 348 Apr. 19— 414 208 1,837 2,490 4,313 2,308 6,068 2,159 366 163 355 Apr. 26— 385 177 1,837 w, 412 4,310 2,306 5,994 2,136 371 172 355 May 3 400 144 1, 837 2,396 4,312 2,305 5,954 2,034 487 182 356 May 10— 338 113 1, 837 2,297 4,313 2,303 5,892 2,089 399 178 355 May 17— 330 78 1,837 2,254 4,313 2,299 5,852 2,114 370 175 3:4 May 24_._ 312 43 1,862 2,219 4,314 2,299 5, 795 2,194 329 161 353 May 31— 302 20 1, 890 2,218 4,315 2,298 5,812 2,167 345 155 353 June 7 277 11 1,912 2,214 i 4,316 2.296 5,767 2, 204 307 197 351 June 14— 254 10 1,932 2,212 4,318 2, 295 5,723 2,281 316 153 351 June 21... 222 9 1,955 2,194 4,317 2,295 5,696 2,205 405 152 348 June 28— 191 1,975 2,182 4,318 2,296 5,675 2,286 317 169 348 July 5 182 1,995 2,206 4, 318 2,285 5,752 2,219 331 164 344 July 12. _. 168 2,007 2,201 4,319 2,284 5,667 2,269 353 169 345 July 19___ 163 2,017 2,197 4,319 2,283 5,635 2,290 335 194 344 July 26— 161 2, 028 2,201 4,320 2,282 5,601 2,306 366 186 343 Aug. 2—. 164 2,038 2,208 4,320 2,281 5,618 2,319 333 188 350 Aug. 9— 156 2,048 2,220 4,320 2,281 5,608 2,376 292 195 350 Aug. 16— 166 7 2,059 2,240 4,321 2,281 5,612 2,371 315 197 347 Aug. 23... 150 7 2,094 2,258 4,328 2,280 5,592 2,432 319 175 348 Aug. 30— 153 7 2,129 2,298 4,328 2,281 5,592 2,427 339 202 347 Sept. 6... 145 7 2,166 2,330 4,329 2,280 5,648 2,439 327 178 343 Sept. 13.. 133 7 2,203 2,357 4,327 2,281 5,602 2,542 317 157 345 Sept. 20 __ 130 7 2,238 2,388 4,327 2,280 5,605 2,543 334 164 348 Sept. 27._ 133 7 2,274 2,421 4,324 2,279 5,595 2, 596 331 156 347 Oct. 4____ 123 7 2,309 2,449 4,324 2,279 5,652 2,523 372 159 346 Oct. 11— 119 7 2,344 2,477 4,324 2,278 5,673 2,567 338 155 345 Oct. 18... 113 7 2,375 2,513 4,323 2,277 5,650 2,655 284 166 358 Oct. 25__. 115 7 2,400 2,526 4,323 2,277 5,608 2,693 302 167 357 Nov. 1... 117 7 2,420 7 2,550 4,323 2,276 5,640 2,591 388 178 353 Nov. 8... 112 7 2,430 -7 2,542 4,323 2,275 5,673 2,578 373 161 3^5 Nov. 15. _ 111 15 2,432 2,564 4,323 2,275 5, 655 2,645 345 163 355 Nov. 22.. 112 20 2,431 -1 2,562 4,323 2,276 5,654 2,687 316 149 355 Nov. 29.. 119 24 2,432 7 2,581 4,323 2,277 5,742 2,573 369 142 354 Dec. 6 116 61 2,431 2,615 4,323 2,277 5,758 2,561 386 156 354 Dec. 13... 118 116 2,432 2,677 4,323 2,295 5,763 2,638 379 160 355 Dec. 20— 115 113 2,432 2,686 4,323 2,299 5, 849 2,636 329 132 362 Dec. 27... 111 111 2,432 2,674 4, 323 2,304 5,824 2,675 315 124 362 ee footnotes on p. 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 5.—RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES) 1929-33 [In millions of dollars] Reserve bank credit outstanding Treas- Mem- Treasury Mon- ber ury Other Mone- and ey in bank cash Non- Fed- U.S. Other tary na- circu- re- and mem- eral UaiQ Bills Gov- re- gold tional lation serve de- ber Re- (End of month) dis- Bills ern- serve Total stock bank bal- posits de- serve count-bought ment bank cur- ances with pos- aced securi-credit rency* F. R. its* counts ties banks* (*) 1929—January 805 440 202 37 1,484 4,127 2,011 4,657 2,362 223 29 352 February._ 973 330 169 38 1,510 4,153 2,008 4,698 2,362 228 25 359 March 1,095 200 172 69 1, 536 4,188 2,013 4,748 2,357 229 41 363 April 934 179 163 51 1, 327 4,260 2,016 4,676 2,282 243 35 r ggg May 1,068 117 143 32 1, 360 4,301 2,018 4,738 2,288 248 33 375 June 1,037 82 216 65 1,400 4,324 2,019 4,746 2,356 240 28 374 July 1,076 75 147 49 1^347 4,341 2,013 4,717 2,355 226 28 376 August 1,046 176 150 68 M40 4,360 2,004 4,840 2,337 218 24 •-385 September. 958 293 162 45 1,458 4,372 2,010 4,819 2,326 278 28 ••390 October 1,000 355 321 67 1,743 4,386 2,020 4,838 2,666 221 31 394 November- 1,030 256 326 65 1,677 4,367 2,024 4,929 2,458 258 26 398 December.. 632 392 511 48 1,583 4,284 2,022 4,865 2,355 245 30 ••393 1930—January 394 294 479 42 1,209 4,291 2,021 4,560 2,293 249 25 ' 393 February. _ 353 270 480 37 1,140 4.352 2,022 4,576 2,260 261 25 394 March 310 279 535 25 1,149 4,423 2,022 4,549 2,367 251 28 ••399 April . .. 233 210 530 33 1,006 4,491 2,024 4,476 2,385 234 27 r 400 May 313 185 528 23 1,049 4,517 2,024 4, 551 2,369 250 24 395 June 272 128 591 27 1,018 4,535 2,025 4,522 2,389 237 40 391 July 200 130 577 27 '934 4,517 2,023 4,426 2,396 236 28 389 August 215 168 602 40 1,025 4,501 2,025 4,533 2,378 231 24 ••386 September. 272 209 597 25 1,103 4,511 2,027 4,501 2,467 255 26 393 October 207 163 602 26 998 4,535 2,028 4,493 2,418 230 29 392 November- 275 175 599 30 1,079 4,571 2,028 4,660 2,373 235 25 386 December— 251 364 729 29 1,373 4,593 2,027 4,890 2,471 230 28 375 1931—January 232 125 610 13 980 4,643 2,025 4,610 2,398 236 24 381 February-_ 198 109 599 20 926 4,665 2,025 4,620 2,343 250 23 ••379 March_ 250 124 599 17 990 4,697 2,026 4,608 2,428 273 22 383 April 157 163 598 19 937 4, 726 2,024 4,652 2,371 253 27 r 383 May 174 125 598 20 917 4! 798 2! 022 4,702 2,389 235 31 381 June 149 106 668 20 943 4,956 2,022 4,822 2,381 271 77 371 July . „ 195 73 678 30 976 4 949 2,024 4,837 2,367 237 140 369 August 255 215 728 57 1,255 4,995 2,023 5,052 2,373 294 189 365 September. 328 469 742 39 1,578 4,741 2,023 5,246 2,364 249 120 362 October 728 681 727 48 2,184 4,292 2,024 5,540 2,167 257 181 •356 November.. 718 452 717 44 1,931 4,414 2,027 5,536 2,051 258 170 357 December.. 638 339 817 59 1,853 4,460 2,035 5,647 1,961 276 110 354 1932—January 899 153 746 58 1,856 4,416 2,039 5,641 1,947 266 107 351 February. _ 828 109 740 32 1,709 4,354 2,055 5,604 1,849 265 53 347 March 639 68 872 18 1,597 4,390 2,060 5,459 1,924 255 59 350 April 556 48 1,228 18 1,850 4,367 2,060 5,465 2,124 256 79 352 May 490 36 1,549 21 2,096 4,152 2,059 5,480 2,113 257 109 348 June 440 67 1,784 19 2,310 3,919 2,057 5,695 1,982 222 42 345 July 538 43 1,841 17 2,439 3,974 2 056 5,726 2,052 299 49 '•344 August 433 34 1,852 12 2,331 4,088 2,106 5,692 2,146 306 36 345 September. 332 33 1,854 14 2,233 4,193 2,154 5,653 2,225 315 36 352 October 328 34 1,851 14 2,227 4,264 2,186 5,628 2,383 278 31 357 November.. 309 35 1,851 8 2,202 4,340 2,199 5,648 2,411 275 50 356 December.. 235 33 1,855 22 2,145 4,513 2,204 5,675 2,509 280 43 355 1933—January 274 31 1,763 - 8 2,077 4,552 2,204 5,645 2,446 333 64 346 February-> 582 336 1,866 10 2,794 4,380 2,217 6,545 2,141 279 80 346 March 447 305 1,838 3 2,593 4,282 2,289 6,320 1,949 405 143 348 April 435 171 1,837 16 2,459 4,312 2,305 6,003 2,132 397 188 355 May _. 302 20 1,890 7 2,218 4,315 2,298 5,812 2,167 345 155 353 June 164 48 1,998 10 2 220 4 318 2 286 5 721 2 292 299 166 346 July 167 9 2,028 6 2,209 4,320 2,281 5,630 2,294 357 184 346 August 153 7 2,129 8 2.297 4,328 2,281 5,612 2,409 341 197 347 September. 128 7 2,277 9 2,421 4,324 2,278 5,650 2,538 331 155 348 October 116 7 2,421 5 2,548 4,323 2,277 5,635 2,685 299 173 356 November- 119 24 2,432 7 2,581 4,323 2,277 5,742 2,573 369 142 354 December. _ 98 133 2,437 20 2,688 4,323 2,303 5,806 2,729 287 132 360 r Revised. * See footnotes on p. 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 91 No. 6.—RESERVE BANK CREDIT AND RELATED ITEMS, CALL DATES, 1917-33 [In millions of dollars] Reserve bank credit outstanding Call date i 1917—Dec. 31 (Mon.)_ 655 273 128 82 1,138 3.155 4,373 1,448 326 10 64 1918—June 29 (Sat.).. 900 205 255 186 1,546 3,163 1,881 4,482 1,565 331 115 97 Dec. 31 (Tues.)- 1,760 292 239 186 2,474 3,160 1,795 5,238 1,635 340 113 103 1919—June 30 (Mon.) 1,800 316 292 97 2,505 3,113 4,877 1,758 413 122 147 Dec. 31 (Wed.). 2,215 574 300 196 3,285 2,994 1,698 5,378 1,890 415 101 193 1920—June 30 (Wed.) 2,468 384 339 155 3,346 2,865 1,687 5,468 1,821 259 72 278 Dec. 29 (Wed.). 2,737 247 288 136 3,408 2,926 1,710 5,612 1,743 243 25 357 1921—Apr. 28 (Thurs.) 2,062 105 268 31 2, 466 3.156 1,713 5,050 1,657 276 34 318 June 30 (Thurs.) 1,751 40 260 45 2,096 3,275 1,750 4,911 1,604 254 28 297 Dec. 31 (Sat.)._ 1,144 145 234 42 1,565 3,660 1,842 4,690 1,753 331 27 278 1922—Mar. 10 (Sat.)-- 613 91 466 7 1,177 3,732 1,838 4,488 1,719 230 37 274 June 30 (Fri.) _. 461 161 555 14 1,191 3,785 1,862 4,463 1,820 253 30 273 Dec. 29 (Fri.)— 609 271 426 83 1,389 3,932 1,957 4,824 1,919 232 28 275 1923—Apr. 3 (Tues.)._ 723 265 245 51 1,284 3,970 1,984 4,738 1,891 308 21 279 June 30 (Sat.) __ 837 206 102 58 1,203 4,050 1,976 4,823 1,852 242 29 283 Sept. 14 (Fri.)._ 864 181 111 71 1,227 4,119 1,999 4,906 1,870 267 21 281 Dec. 31 (Mon.)_ 723 355 134 27 1,239 4,244 2,009 5,044 1,898 251 23 274 1924—Mar. 31 (Mon.) 518 228 263 18 1,027 4,364 2,015 4,899 1,885 329 22 270 June 30 (Mon.). 334 37 431 31 833 4,488 2,019 4,849 1,944 262 23 262 Oct.l0(Fri.)~- 226 180 589 46 1,041 4,503 2,018 4,895 2,114 269 25 259 Dec. 31 (Wed.). 314 387 540 61 1,302 4,499 2,025 5,047 2,220 262 39 258 1925—Apr.6 (Mon.).. 402 305 360 48 1,115 4,334 2,015 4,836 2,095 233 34 265 June 30 (Tues.) 480 254 353 56 ,143 4, 360 1,997 4,811 2,172 228 27 263 Sept. 28 (Mon.) 608 259 332 44 ,243 4,381 1,985 4,921 2,145 244 28 269 Dec. 31 (Thurs.) 635 374 375 75 ,459 4,399 1,977 5,104 2,212 219 29 273 1926—Apr. 12 (Mon.) . 525 262 363 15 ,165 4,452 1,984 4,900 2,125 270 23 281 June 30 (Wed.). 515 249 385 45 ,194 4,447 1,986 4,885 2,229 212 20 282 Dec. 31 (Fri.)_._ 637 381 315 48 ,381 4,492 1,991 5,095 2,194 217 65 293 1927—Mar. 23 (Wed.). 457 231 342 23 ,055 4,600 1,994 4,822 2,300 205 23 298 June 30 (Thurs.) 443 211 370 59 ,083 4,587 2,003 4,851 2,249 242 34 296 Oct. 10 (MOD.). 446 258 503 29 ,236 4,573 2,003 4,954 2,302 223 31 302 Dec. 31 (Sat.).. 581 392 617 63 ,653 4,379 2.006 5,003 2,487 223 26 300 1928—Feb. 28 (Tues.). 481 346 401 19 ,247 4,362 2,007 4,695 2, 355 231 22 311 June 30 (Sat.).. 095 217 235 39 ,586 4,109 2,006 4,797 2,325 224 29 327 Oct. 3 (Wed.).. 310 231 64 ,631 4,125 2, 010 4,807 2,350 239 32 Dec. 31 (Mon.). 489 228 36 4,141 2,012 4,973 2,389 224 27 1929—Mar. 27 (Wed.) 024 208 170 27 ,429 4,174 2,012 4,667 2,332 225 28 363 June 29 (Sat.)_. 037 82 216 65 ,400 4,324 2,019 4,746 2,356 240 28 374 Oct. 4 (Fri.)—_ 898 297 134 85 .414 4,374 2,010 4,839 2,301 240 28 389 Dec. 31 (Tues.) 632 392 511 48 .,582 4,284 2,022 4,865 2,355 245 30 394 1930—Mar. 27 (Thurs.) 205 279 529 38 1,051 4,424 2,022 4,490 2,345 236 25 400 June 30 (Mon.). 272 128 591 27 1,018 4,535 2,025 4,522 2,389 237 40 391 Sept. 24 (Wed.). 167 198 602 24 991 4,506 2,026 4,435 2,416 256 25 391 Dec. 31 (Wed.). 251 364 729 29 1,373 4,593 2,027 4,890 2,471 229 28 375 1931—Mar. 25 (Wed.). 165 83 599 10 858 4,689 2,027 4,547 2,357 262 24 384 June 30 (Tues.) . 149 106 668 20 943 4,956 2,022 4,822 2,381 271 76 371 Sept. 29 (Tues.) 325 423 750 34 1,532 4,757 2,023 5, 224 2,329 262 134 364 Dec. 31 (Thurs.) 638 339 817 59 1,853 4,461 2,035 5,647 1,961 276 110 354 1932—June 30 (Thurs.) 440 67 1,784 19 2,310 3,918 2,057 5, 695 1,982 222 42 344 Sept. 30 (Fri.).. 332 33 1, 854 14 2,233 4,191 2,154 5,652 2,225 315 36 351 Dec. 31 (Sat.).. 235 33 1,855 22 2,145 4,513 2,204 5,675 2,509 280 43 354 1933—June 30 (Fri.).. 164 48 1,998 10 2,220 4,318 2,286 5,721 2,292 299 166 346 Oct. 25 (Wed.). 115 7 2,400 5 2, 526 4,323 2,277 5,608 2,693 302 167 357 Dec. 30 (Sat.) __ 98 133 2.437 20 2,688 4, 323 2,303 5,8C6 2, "729 287 132 360 i Dates for which calls were issued for reports of condition of national banks by the Comptroller of the Currency and for State member banks of the Federal Reserve System by the Federal Reserve Board. For period December 1917 to December 1920, inclusive, figures are for June and December calls only. Commencing with 1921, the figures are for all calls. Data for other calls in earlier years are not available. *See footnotes on p. 72. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD RESERVE BANK CREDIT No. 7.—RESERVE BANK CREDIT, ANNUAL AVERAGES, 1915-33 [Averages of daily figures. In thousands of dollars] Bills and securities held by Federal Reserve banks Year o R u c b e t r i s a s n e t e n d a g r k n i v t d e - Total B co il u ls n t d e i d s- bo B u il g ls ht U e .S rn . m G e o n v t - s O ec th u e ri r - F l o o r a e n ig s nf b o f D r a r o e n u i m k g e s n R b f e l a s o e n a r k v t e securities ties on gold 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 2138,620 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, 2(52 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 1933 2,428,829 2,421, 566 283, 229 82, 882 2,052,160 3, 295 3,689 3, 574 1 Exclusive of Reserve bank float for which figures are not available. 2 Includes Government overdrafts. No. 8.—RESERVE BANK CREDIT, BY MONTHS, 1925-33 [Monthly averages of daily figures. In thousands of dollars] U.S. Month Total B co il u ls n t d e i d s- bo B u il g l h s t G s m e o t c i v e e u e n s r r i t n - - O cu th r e it r i e s s e- l F o o a g r n o e l s 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 a s o e n a r k v t e 1925—January 1,125,416 267, 003 329, 258 463, 722 2, 539 i 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 1,109,658 402, 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 5,260 652 61, 582 December.. 1, 506, 515 687, 766 368,659 359, 242 3,191 8, 367 738 78, 552 1926—January 1,27: 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 3,373 702 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 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 1,114, 788 453, 997 189, 774 381,081 1,300 45, 370 43, 266 August 1, 093, 486 409, 439 173,122 438,511 758 36,190 35,466 September.. 1,187, 227 422,192 215, 928 500,637 587 7,141 40,744 October 1, 254, 435 424, 413 281, 903 506,177 698 628 40, 616 November. 1,377,128 415, 216 335, 908 579, 238 646 564 45, 556 December.. 1, 567, 814 528, 624 377, 712 605,841 942 566 54,129 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 Fay RA1S0,E 1R92 9, June 22 to June 27, 1931, and Aug 29 to Oct. 8, 1931. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESEKVE BANK CREDIT 93 No. 8.—RESERVE BANK CREDIT, BY MONTHS, 1925-33—Continued [Monthly averages of daily figures. In thousands of dollars] U.S. Month Total B co il u ls n t d e i d s- bo B u il g ls ht G s m e o t c v i e e u e n s r r t i n - - O cu th 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 k g e s n R b e fl a s o e n a r k t ve 1928—January 1,387,591 465, 275 372, 538 511,852 657 566 36,703 February... 1,263,814 470,680 359,883 405, 551 535 566 26,599 March 1,295, 246 513,233 342, 790 414,681 821 568 23,153 April 1,405,135 660,927 358,026 351,105 990 570 33,517 May 1,471,559 835,502 348, 600 256,686 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, 064,302 226,033 240,429 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 9,608 730 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 4S0,121 12,817 721 24, 875 March 1, 094, 634 273, 517 245, 562 539,513 10,383 722 24,937 April 1,072,438 231,172 266,141 529,899 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, 987 152,898 598. 649 703 23, 888 September- 1,015,903 188, 700 196, 630 597,030 7,282 701 25, 560 October 1,019, 750 196,388 185, 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 23, 711 May 925,914 162, 765 143, 759 598, 559 1,009 19,124 June 944,969 187,806 120, 740 609, 537 5,444 2,133 1,480 17,829 July 954,174 169,036 673,593 8,733 3,253 20,663 August 1,106,906 222, 270 134, 549 712, 254 5,954 982 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 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 33,639 1,847, 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, 760 1,853,509 5,414 2,860 13,969 1933—January 2,109, 748 255, 274 32,108 1, 806,410 4,688 3,231 8,037 February... 2, 224,284 306, 547 101, 516 1,804,034 4,201 3,512 4,474 March 3, 237,313 998, 768 378, 576 1,875, 208 5,544 3,612 2 24,395 April 2, 514,858 428, 506 230,443 1,837,423 5,566 3,676 9,244 May 2, 285, 784 338,932 85,901 1,846, 383 5,420 3,677 5,471 June 2, 208,022 249,872 12, 475 1,933,428 3, 643 3,800 4,804 July 2,211,451 169, 624 15,982 2, 015, 642 2,115 3,906 4,182 August 2, 238, 573 158, 923 7,522 2, 063, 839 1,852 3,892 2,545 September _. 2, 358,406 137, 647 7,076 2, 201, 627 1,812 3,788 6,456 October 2,492,440 119,495 6,739 2, 355,148 1,644 3,951 5,463 November- 2, 573,978 114.001 15,088 2,436,957 1,570 3,773 2,589 December.. " 1,361 116,868 100,820 2, 432, 290 1,555 3,442 14,386 2 Excess of deferred availability items over uncollected items. Digitized for FBaRcAk SfigEuRre s—See Annual Report for 1928 (table 1). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

94 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 9.—DEPOSITS, RESERVES, NOTE CIRCULATION, AND RESERVE PERCENT- AGES OF FEDERAL RESERVE BANKS, BY MONTHS, JANUARY 1932-APRIL 1933 [Monthly averages of daily figures. In thousands of dollars] Deposits Cash reserves Federal Re- Month Total M re b e s a m e n r b k v e e r m G U er e o . n S n v - . t - F g m o b o a v a r n e e e n d n i r k g t n n - Other Total Excess n c r u o e l s t a e e t r c i v o i e r n - s c a p e e g e r n e v r t - e l - 1932 January 2,130,148 1,979,097 37,695 8,639 104, 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 1933 January 2, 602, 216 2,515, 908 26, 729 33, 227 26, 352 3, 417,132 1, 420,493 2, 714, 658 64.3 February 2,406, 264 2,291, 043 36, 577 51, 210 27, 434 3, 359, 610 1, 349, 940 2, 918,694 63.1 March 2,103, 545 1,914, 046 55, 686 30, 443 103, 370 3,150,194 797, 013 4, 042, 351 51. a April 2 2, 281, 210 2,085, 635 39, 927 17,183 138, 465 3, 550,165 1,337, 567 3, 535,436 61.0 1 Ratio of cash reserves to deposit and Federal Reserve note liabilities combined. 2 Act of May 12, 1933, made all coins and currencies of the United States legal tender and eligible for use as reserve against deposits. Since that date, therefore, cash reserves include coins and currency not previously eligible for such use. For comparative purposes figures are shown in table 10 on the current basis retroactively to the beginning of 1932. Back figures—See Annual Reports for 1932 (table 8) and 1928 (table 2). No. 10.—DEPOSITS, TOTAL GOLD RESERVES AND OTHER CASH, NOTE CIRCULA- TION, AND CASH RATIO OF FEDERAL RESERVE BANKS, BY MONTHS, 1932-33 [Monthly averages of daily figures. In thousands of dollars] Gold reserves and Deposits other cash * Month Total M b e a m n b k er G U er . o S n v . - - F b o g a a r o n e n v d i k - gn Other Total Excess n c F r u o e e t l s d e a e e t r c i r v o i a r e n l - r C a a ti s o h 3 reserve ment ernment 1932 January 2,130,148 1,979,097 37, 695 8,639 104, 717 3, 251,003 1,444,557 2, 652, 235 68.0 February 2,014,397 1,907,477 33, 979 8,600 64,341 3, 227, 292 1,456, 716 2, 663,844 69. 0 March 1, 975, 263 1,898,965 39, 214 7,845 29, 239 3, 263, 963 1,530,427 2, 605, 484 71.2 April 2,102, 019 1, 996, 009 42, 756 6,339 56,915 3, 303,481 1, 544, 658 2, 557, 789 70.9- May 2, 250, 302 2,137,649 36,146 4,822 71, 685 3,188,944 1, 376,477 2, 562,152 66. 3 June 2,165,897 2,061, 915 39, 047 3,647 61,288 2, 868, 022 1,057,898 2, 630,151 59. 8- July 2, 094,343 2, 002, 587 45,472 2,739 43,545 2,863, 244 985,171 2,862,633 57.8 August. 2,153,856 2, 073, 220 40, 321 2,708 37, 607 2, 979, 710 1, 086, 942 2, 847, 296 59. 6- September. _. 2, 266, 783 2,181,129 51, 028 2,660 31,966 3,110, 670 1,199, 446 2, 794, 624 61. 5 October 2, 381, 297 2, 307, 406 35, 886 2,732 35, 273 3, 221,124 1, 294, 730 2, 732, 350 63.0 November. _. 2, 449, 892 2, 378, 454 30, 967 2,797 37, 674 3, 291, 278 1, 350,856 2, 707, 400 63,8 December 2, 508, 584 2, 434, 553 30, 845 2,860 40, 326 3, 354, 736 1, 380, 694 2, 740, 096 63.9- 1933 January. 2, 602, 216 2, 515,908 26, 729 33,227 26,352 3, 500,869 1, 504, 230 2, 714, 658 65.8 February 2, 406, 264 2, 291, 043 36, 577 51, 210 27,434 3,433, 523 1, 423, 853 2, 918, 694 64.5 March 2,103,545 1,914,046 55, 686 30,443 103, 370 3, 238, 821 885, 640 4, 042, 351 52. 7 April... 2, 281, 210 2,085, 635 39, 927 17,183 138, 465 3, 653, 329 1, 440, 731 3, 535,436 62.8 May 2, 346,110 2,124, 813 48, 320 21, 748 151, 229 3, 770,198 1, 627,030 3,305, 073 66. 7 June 2, 456, 588 2, 210, 970 81,330 15, 346 148, 942 3, 813, 676 1,702,812 3,127, 646 68.3 July. 2, 519,824 2, 268,125 73, 028 16, 551 162,120 3, 810, 345 1, 703, 693 3, 061, 785 68.3" August.. 2, 606, 214 2, 374, 606 45, 455 23, 316 162, 837 3,817,816 1, 705, 937 2, 999, 260 68.1 September-.. 2, 712, 962 2,488,903 55, 513 22, 234 146, 312 3, 813, 013 1, 663,130 3, 000,866 66.7 October 2,811,949 2,589,688 59, 632 15,484 147,145 3,810, 216 1, 627,989 2,995,112 65.6 November 2, 855, 046 2, 629,144 67, 655 8,405 149,842 3, 794, 330 1, 599, 466 2, 988,995 64. & December 2,829, 975 2, 615, 798 70, 677 6,828 136, 672 3, 771, 973 1, 552,841 3, 071,601 63. & * Other cash does not include Federal reserve notes or a bank's own Federal reserve bank notes. Digitized for F2 R R A at S io E o R f total gold reserves and other cash to deposit and Federal reserve note liabilities combined. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BESEBVE BANK CREDIT 95 Ho. 11.—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 Month 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 la le n v d e- m Ri o c n h d - la A n t t - a C ca h g i o - L S ou t. is a M p n o e in l - i - s K C s a i a t n y s - Dallas F c S i r s a a c n n o - 1933 January 12.3 57.7 47.0 24.5 16.2 17.5 16.1 7.9 10.2 11.7 4.4 29.8 February 12.1 68.2 53.9 37.8 18.2 19.2 26.2 5.7 10.4 14.7 4.1 36.1 March 23.5 479.9 130.5 91.9 40.3 36.7 62.4 10.9 13.1 25.2 6.2 78.1 April 17.9 114.5 55.8 59.4 22.3 25.6 18.4 4.4 9.8 20.6 6.6 73.2 May 15.2 78.8 46.1 68.1 18.8 20.4 16.1 3.3 7.9 13.5 6.2 44.8 June 11.7 61.9 39.6 39.1 15.8 11.0 15.1 2.9 6.1 10.9 4.6 31.3 July 8.1 51.4 33.8 10.7 13.8 8.3 11.9 2.4 4.6 7.3 3.8 13.5 August _ 6.6 46.0 31.5 11.8 12.9 6.7 10.0 2.7 4.1 4.6 4.3 17.8 September 5.3 42.6 29.0 11.9 11.0 7.0 7.3 3.1 3.6 4.2 4.1 8.5 October 4.1 41.1 26.3 10.2 8.4 6.0 5.9 1.8 3.2 3.7 2.1 6.6 November 5.3 41.7 24.9 9.8 6.8 6.5 6.2 1.5 3.0 3.4 1.1 3.8 December 6.3 46.9 25.6 10.3 5.4 6.9 5.9 1.5 2.3 2.0 2.9 1 Including small amounts of bills discounted for intermediate credit banks, etc.; see tables 13 and 22. Back figures—Set Annual Reports for 1932 (table 9), 1931 (table 80), 1928 (table 72), and 1927 (table 55). No. 12.—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 a M p n o i e n l - i - s K C s a a it n s y - Dallas F c S i r s a a c n n o - 1933 January. 147.2 1,230.3 127.0 141.5 52.8 44.2 420.6 59.1 38.3 67.0 46.4 141.7 February 155.8 979.5 127.5 135.6 62.5 44.8 403.2 59.3 42.1 78.7 52.4 149.7 March 126.9 808.2 106.6 123.8 55.5 40.5 263.4 63.3 40.3 80.5 66.7 138.4 April 123.7 985.1 111.9 128.9 58.2 42.5 264.1 63.7 39.0 75.6 50.7 142.3 May 126.6 1,001. 0 114.1 132.4 63.2 46.9 265.6 64.5 40.0 74.4 50.0 146.3 June 153.3 988.4 118.9 137.6 67.9 51.1 302.2 66.0 43.4 81.8 51.7 148.6 July 160.2 926.5 125.7 147.3 73.5 54.3 350.3 73.0 50.7 99.5 55.9 151.4 August 153.6 972.1 123.3 148.1 71.0 55.1 411.8 73.1 51.5 103.2 57.3 154.6 September... 158.6 1,024. 7 126.0 143.2 69.4 53.9 468.3 73.9 50.4 105.3 58.8 156.2 October 171.5 1,023.9 128.3 145.2 71.9 55.8 520.4 75.5 50.8 105.7 76.3 164.5 November... 184.3 994.7 122.2 151.9 78.0 57.7 533.8 84.4 53.4 110.1 84.3 174.3 December 166.4 957.7 125.8 171.4 84.2 60.1 509.1 93.3 55.8 114.5 98.4 179.0 Back figures.—See Annual Reports for 1932 (table 10), 1931 (table 100), and 1927 (table 89). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 13.—BILLS DISCOUNTED FOR MEMBER BANKS IN EACH STATE, BY MONTHS [Holdings of Federal Reserve banks at end of month. In thousands of dollars] 1933 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Maine 3,208 2, 935 3,436 2,712 2,625 2,564 3,042 2,383 1,708 1,683 1,001 832 New Hampshire 1,531 1,076 1,573 1,554 1,746 1,403 887 496 529 285 341 500 Vermont 1,901 1,761 1,918 1,705 1,415 782 384 146 140 122 62 Massachusetts- 4,294 6,938 11, 063 9^489 7,792 2,949 1,990 2,292 1,187 1,128 3,356 2,323 Rhode Island. _ 152 300 535 570 875 335 325 50 200 Connecticut— 2,793 3,344 3,324 2,406 2,040 838 821 1,124 1,753 838 2,077 1,303 New York 37,585 164, 94076, 25286, 36545,073 36,198 32, 04831,197 30, 34626, 79729, 25026, 772 New Jersey 25,804 504 43,182 37, 82229,920 19, 94822, 71319, 24517,954 19,169 20,186 17, 755 Pennsylvania.- 43,9""0"2 111, 82364, 62550,150 42,081 31, 44731, 66430, 41326,991 23, 58324, 00523, 420 Ohio 21,955 62, 50647,910 72,098 48,137 6,717 4,672 5,821 6,416 6,900 5,774 4, 091 Indiana 3,864 10, 574 6,948 5,818 4,745 3, T"" 2,f" 1,435 1,269 678 335 317 Illinois 4,791 5,049 4,r~ 3,007 1,934 1,463 1,143 961 731 414 365 280 Michigan . 5,264 17, 238 6,129 6,488 7,945 7,918 6,664 6,023 4,851 4,969 6,297 3,728 Wisconsin 2,927 3,945 2,537 2,095 1,489 1,302 1,169 991 472 481 562 273 Minnesota 2,932 3,848 3,268 3,378 2,163 1,358 1,174 1,006 716 744 377 Iowa 4,425 3, 753 2,642 2,064 1,218 769 612 512 379 155 309 153 Missouri 3,203 4,801 5,005 4,068 5,482 2,917 362 305 429 464 554 666 North Dakota. 1,562 1,520 1,279 1,111 686 498 373 346 244 229 229 180 South Dakota.. 3,667 3,451 3,384 2,963 2,431 1,768 1,609 1,553 1,359 1,384 1,291 810 Nebraska 3,760 3,460 3,055 2,128 1,596 1,130 1,020 872 982 1,376 843 704 Kansas 2,365 2,295 3,191 2,942 2,143 1,213 779 625 631 387 Delaware 446 453 531 562 604 450 257 245 428 452 338 Maryland 2,763 5,966 3,949 4,275 3,566 1,405 1,567 1,399 1,344 1,123 1,576 1,117 District of Columbia 471 8,458 1,923 1,675 1,520 1,411 1,401 1,397 100 Virginia 5,925 7,235 8,042 7,149 5,854 4,316 4,433 4,349 3,733 2, 785 2,151 1,458 West Virginia. _ 4,168 4,046 4,211 4,427 3,732 3,450 3, 700 3,878 3, 098 2,735 2,244 1, 581 North Carolina. 2,253 3,599 6,441 2,702 2,640 1,962 1,915 1,404 1,106 858 524 387 South Carolina. 1,500 1,766 2,284 1,728 1,278 1,076 828 157 52 37 6 Georgia 3,688 4,297 4,411 3,363 2,992 2,310 2,16: 2,160 1,859 1,422 1,772 1, 320 Florida 841 748 663 614 457 496 538 531 511 957 351 Kentucky 802 4,424 1,846 1,531 1,587 755 1,079 1,726 1,340 942 789 650 Tennessee 6,113 5,639 5,824 6,199 5, 709 2,498 4,47i 1,911 2,091 2,197 3,624 1, 376 Alabama 3,864 5,209 8,900 9,235 6,958 948 83' 904 592 449 302 165 Mississippi 1,074 940 1,247 1,065 1,098 847 640 711 792 802 Arkansas 850 723 760 490 475 150 402 679 162 131 101 Louisiana 5,485 6,346 5, 854 4,728 1,106 1,134 556 545 530 625 339 247 Oklahoma 1,582 2,742 6,999 3,602 2,480 1,327 1,460 1,181 847 192 138 120 Texas 3,690 4,721 4,829 7/ 4,727 3,008 4,420 3,901 2,782 1,100 1,130 1839 Montana 1,131 1,006 1,264 917 748 483 409 325 313 233 166 122 Idaho 581 535 522 490 400 131 116 141 80 56 23 3 Wyoming 878 859 1,033 933 780 336 346 434 507 427 258 135 Colorado 3,038 3,217 3,037 2,929 2,365 1,766 1,383 1,047 1,027 1,109 510 28 New Mexico 626 539 336 621 384 292 248 209 299 264 188 41 Arizona 76 77 354 72 54 40 58 71 63 57 45 40 Utah . 785 690 754 574 512 530 552 570 631 486 226 50 Nevada 83 117 186 179 179 2; 50 41 Washington 4,4062 4, 018 4,981 3,599 3,001 2,792 2,526 2,410 1,977 521 342 216 Oregon 1,295 1,173 97 664 666 569 386 381 329 299 264 California U, 134 47, 62868,153 61,417 32,121 2,272 13,332 11, 526 2,137 3,601 1,558 865 1 Figures given include borrowings of $310,000 by Federal intermediate credit banks. 2 Figures include borrowings of $35,000 by Federal intermediate credit banks. Back figures.—See Annual Reports for 1932 (table 11) and 1931 (table 110). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 97 No. 14.—PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS, BY WEEKS fin millions of dollars] Bills and securities Deposits U.S. Government Bills bought securities Date 1933 Jan. 4 2,140 251 33 33 1,851 1,851 3,436 2,587 2,514 73 2,738 Jan. 11 2, 098 248 32 32 1,812 1,812 3,509 2,644 2,574 70 2, 687 Jan. 18 2,063 249 32 32 1,778 1,778 3,522 2,608 2,545 63 2,697 Jan. 25 2,064 265 31 31 1,763 1,763 3,547 2,587 2,513 74 2,706 Feb. 1 2,067 269 31 31 1,764 1,764 3,535 2,540 2,438 102 2,730 Feb. 8 2,071 253 31 31 1,784 1,784 3,522 2,500 2,4,19 81 2,773 Feb. 15 2,131 286 31 31 1,809 1,809 3,461 2,376 2,236 140 2,891 Feb. 22 2, 346 327 180 175 5.2 1,834 1,834 3,378 2,399 2,271 128 3,000 Mar. 1 2,937 712 384 373 10.7 1,836 1,806 30.0 3,134 2,157 2,038 119 3, 580 Mar. 8 3,718 1,414 417 407 10.0 1,881 ., 846 35.5 2,857 1,951 1,800 151 4,215 Mar. 15 3,541 1,233 403 376 27.0 1,899 ,854 44.6 3,225 2,124 1,964 160 4,293 Mar. 22 2,902 680 352 343 9.0 1,864 ,862 1.8 3,497 2,155 1,918 237 3,916 Mar. 29 2,713 559 310 310 1,838 ,836 1.9 3,573 2,203 1, 987 216 3,748 Apr. 5 2,570 441 286 286 1,837 ,836 .9 3,598 2,196 1,976 220 3,644 Apr. 12 2,518 428 247 247 1,837 .,836 .8 3,639 2,274 2,096 178 3,547 Apr. 19 2,465 414 208 208 1,837 ,836 .7 3,688 2,348 2,159 189 3,477 Apr. 26 2,405 177 177 1,837 .7 3,725 2,345 2,136 209 3,424 May 3 2,387 400 144 144 1,837 1,836 3,748 2,360 2,034 326 3,395 May 10 2,294 338 113 113 1,837 1,836 3,758 2,310 2,089 221 ?, 350 May 17 2,250 330 78 78 1,837 1,837 3,771 2,320 2,114 208 ?,300 May 24 2,222 312 43 43 1,862 1,862 3,808 2,393 2,194 199 3,221 May 31 2,216 302 20 20 1,890 1,890 3,807 2,394 2,167 3, 203 June 7 2,205 277 11 11 1,912 1,912 3,812 2,433 2,204 229 3,164 June 14 2,200 254 10 10 1,932 1,932 3,826 2,481 2,281 200 3,118 Juue 21 2,188 222 9 1,955 1,955 3,820 2,487 2,205 282 3,090 June 28 2,177 191 1,975 1,975 3,834 2,510 2,286 224 3,061 July 5 2,202 182 14.9 1,995 1,995 3,805 2,451 2, 219 3,115 July 12 2,190 168 5.2 2,007 2,007 3,824 2,522 2,269 253 3,067 July 19 2,192 163 2,017 2,017 3,818 2,542 2,290 252 3,038 July 26 2,200 161 2,028 2,028 3,818 2,574 2, 306 268 3,004 Aug. 2 2,212 164 2,038 2,037 .7 3,811 2,564 2,319 3,005 Aug. 9 2,214 156 2,048 2,047 1.0 3,827 2,596 2,376 220 2,999 Aug. 16 2,234 166 7 2,059 2,057 3,823 2,616 2,371 245 2,996 Aug. 23 2,253 150 7 2,094 2,092 3,833 2,656 2,432 224 2, 985 Aug. 30 2,291 153 7 2,129 2,129 3,828 2,697 2,427 2,974 Sept. 6 2,320 145 7 2,166 2,165 3,810 2,673 2,439 234 3,011 Sept. 13 2, 345 133 7 2,203 2,202 1.0 3,829 2,745 2,542 203 2,989 Sept. 20 2,377 130 7 2,238 2,238 3,822 2,767 2,543 224 2,987 Sept. 27 2,416 133 7 2,274 2,273 3,824 2,808 2,596 212 2,973 Oct. 4 2,441 123 7 7 2,309 2,309 3,811 2,780 2,523 257 Oct. 11 2,472 119 7 7 2,344 2,344 3,805 2,785 2,567 218 3,008 Oct. 18 2,496 113 7 7 2,375 2,375 3,821 2,839 2,655 184 2,994 Oct. 25 2,523 115 7 7 2,400 2,400 3,829 2,888 2,693 195 2,961 Nov. 1 2,544 117 7 7 2,420 2,418 1.6 3,814 2,884 2,591 293 2,967 Nov. 8 2,551 112 7 7 2,430 2,430 3,792 2,829 2,578 251 2,983 Nov. 15 2,560 111 15 15 2,432 2,430 1.5 3,803 2,873 2, 645 228 2,973 Nov. 22 2,565 112 20 20 2,431 2,430 1.0 3,803 2,868 2, 687 181 2,970 Nov. 29 2,576 119 24 24 2,432 2,430 1.5 3,778 2,796 2,573 223 3,030 I Dec. 6 2,610 116 61 61 2.431 !2,430 1.0 3,779 2,815 2,561 254 3,043 Dec. 13 2,668 118 116 113 2.7 2.432 I2,430 1.5 3,788 2,892 2,638 254 3,038 Dec. 20 2,662 115 113 111 1.6 2,432 2,430 1.5 3,762 2,812 2,636 176 3,092 Dec. 27 2,655 111 111 109 1.5 2,432 2,430 1.7 3,778 2,829 2,675 154 3,081 1 Includes "other securities." Digitized for FBRacAk fSigEurRe s.—Se& Annual Reports for 1932 (table 12), 1931 (table 9), 1930 (table 8), 1929 (table 7), etc. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 15.—FEDERAL RESERVE BANKS—-HOLDINGS OF BILLS DISCOUNTED, BY WEEKS, BY DISTRICTS 00 [In thousands of dollars] Federal Reserve District Date Total Boston Y N o e r w k Ph p il h a i d a el- C l l a e n ve d - 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- 1933 Jan. 4 251,102 11,996 58, 674 47,380 22,041 16,135 16,281 16,015 7,648 9,540 11,195 4,831 29,366 Jan, 11 248,151 12, 499 58, 562 46, 616 22, 314 15, 724 16,928 15, 957 8,334 10,314 11,327 4,504 25, 072 Jan.18 248, 668 12, 219 56, 348 46, 798 24, 706 15, 771 17, 718 14, 915 9,023 10,364 11,438 4,192 25,176 n Jan.25 264, 698 11,977 58, 681 47, 615 26, 779 15, 778 17, 518 15,892 7,512 10,562 11,572 4,062 36, 750 Feb.1 11, 928 57, 572 45,123 25, 454 16, 249 19, 692 18,118 6,764 10, 298 12, 723 4,119 40, 650 Feb. 8 252, 640 11,382 54, 042 46,141 26, 983 15, 996 17, 728 17. 756 5,555 10, 253 14, 438 3,926 28, 440 F F e e b b . . 2 1 1 5 2 3 8 2 6 7 , , 1 3 3 7 8 3 1 12 1 , , 6 4 9 2 4 3 5 63 8 , , 1 6 8 9 7 6 4 5 9 5 , , 5 23 8 6 2 4 4 6 3 , , 0 0 4 3 1 0 1 1 7 8 , , 4 4 9 5 4 2 1 1 8 8 , , 6 7 5 0 7 3 3 18 8 , , 8 0 2 99 5 5 5 , , 5 5 7 2 5 0 1 10 0 , , 4 1 0 7 9 4 1 1 5 4 , , 9 0 7 6 8 1 4 4, , 1 0 6 2 6 4 3 3 9 4, , 4 0 2 6 5 0 Mar. 1 712, 391 15, 731 280, 617 126, 996 79, 636 41, 708 25, 083 43, 676 6,991 10, 732 16, 451 5,421 59,349 H Mar. 8 1, 413,936 18, 677 772, 762 142,928 119,151 55, 630 40, 665 113, 517 15, 303 14, 835 30, 883 6,026 83, 559 Mar. 15 1, 233, 237 34, 070 615,143 156,354 114,087 47, 012 52, 061 62, 220 12,982 14,181 30, 852 7,253 87, 022 Mar. 22 680, 111 22, 037 254, 262 123, 260 60, 033 27, 703 32, 672 37, 742 6, 621 11, 513 20, 221 6,203 77,844 Mar. 29 559, 002 20, 386 180, 205 101, 664 62, 323 24, 958 26, 077 23, 004 5,820 10, 707 21,428 5,822 76,608 Apr. 5 441, 065 19, 021 115, 615 62, 695 53, 685 23, 599 26, 342 18, 822 5,105 10, 044 21. 820 5,674 78, 643 Apr. 12 428,456 17,862 121, 583 55, 580 53, 908 21, 049 25, 673 18, 860 4,314 9,813 21,895 5,488 72, 431 Apr. 19 414, 270 17, 507 110, 403 53,168 53, 247 21,417 25, 271 18, 057 4,333 9,544 21,186 6,931 73,206 Apr. 26 385,001 16, 739 87, 967 50,347 64,166 20,860 24, 600 17, 203 3, 872 9,413 16,488 8,018 65,328 May 3 400,102 15, 993 91, 326 47, 459 79,106 20,175 22,142 16, 782 3, 693 15,174 7, 554 72, 209 May 10 338, 241 14, 818 78, 949 46,118 73, 056 18,932 21,699 15, 973 3,263 8,264 13, 702 6,190 37, 277 May 17 330, 225 14, 519 78, 052 45, 548 67, 044 18, 460 21, 262 15,816 2,953 7,770 13,119 6,253 39,429 May 24 312,165 15,338 69, 752 45, 228 61, 539 17,984 17, 938 15, 592 2,850 7,442 12, 460 5,801 40, 241 May 31 301,974 16,152 68, 330 44, 054 55, 025 18,360 18, 247 15,177 4,955 7,072 12, 546 5,165 36,891 June 7 276,665 12,990 63,705 41, 633 53,815 17,323 12,198 15, 730 2,583 6,493 12,092 4,710 33,393 W June 14 253, 762 11,301 58,771 40,186 47,309 15, 050 9,547 15, 664 2,719 6,133 11,149 4,508 31, 425 O June 21 222, 056 10, 270 59,601 37, 518 24, 065 14, 769 8,765 15,289 3,019 5,819 10,171 4,186 28, 584 June 28 190,981 9,901 58,155 36, 785 20, 706 14, 214 7,624 13, 691 2,578 5,338 9,537 4,104 8,348 July 5 181,803 8,837 54, 756 34, 413 11, 543 13, 540 8,293 12,447 2, 595 4,914 8,715 3,258 18,492 July 12 167,866 8,210 53,823 33, 580 10,651 13, 730 8,163 12,450 2,284 4,767 8, 250 3, 561 8,397 July 19 163,129 7,831 48,563 33,321 11, 044 13,940 8,616 12, 055 2,108 4,499 7,570 3,964 9,618 July 26 161,363 7,529 49,179 33,326 9,949 13, 539 8,116 10, 608 2,062 4,438 4,900 4,108 13, 609 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Aug. 2__. 163, 542 7,061 47,871 32, 724 10, 935 13, 757 8,687 10, 724 2,593 4,265 4,876 4,744 15,305 Aug. 9__. 156, 268 6,797 45, 649 31, 546 11,016 13,593 5,651 10,805 2,143 4,202 4,789 4,421 15, 656 Aug. 16.. 165,891 5,983 47,571 31,148 11,902 12,440 6,218 9,766 2,623 4,059 4,343 4,021 25,817 Aug. 23.. 150,145 6,336 42,856 30, 495 12, 497 12,445 6,446 8,398 2,687 3,947 4,233 4,252 15,553 Aug. 30.. 153, 220 7,014 46, 066 30, 643 11, 778 12,627 6,422 8,464 3,185 3,909 4,333 4,235 14, 544 Sept. 6__, 144, 793 5,233 43,764 28,868 12, 512 11,725 7,254 8,130 2,898 3,803 4,258 4,682 11, 666 Sept. 13.. 133, 233 4,594 40,997 28,839 12,120 11,351 7,291 7,065 3,041 3,589 4,198 4,191 5,957 Sept. 20. 130,161 5,240 40, 241, 28,246 11,439 10, 041 6,860 6,810 3,541 3,572 4,321 4,234 5,616 Sept. 27.. 133, 233 5,871 41,935 28,995 10, 772 10,266 6,688 6,413 2,590 3,451 4,004 3,614 8,634 Oct. 4... 122,984 4,222 40,848 26,457 10, 278 8,930 6,097 6,247 1,839 3,349 3,778 2,786 8,153 Oct. 11.. 119,307 4,246 39,787 26,875 10,176 8,753 5,706 5,806 1,964 3,150 3,504 2,451 6,889 Oct. 18.. 112, 754 3,711 39,688 25,564 9,833 8,064 5,991 5,806 1,878 3,150 3,586 1,827 3,656 Oct. 25.. 114, 593 3,874 41,716 25,941 9,764 7,633 6,077 5,702 1,862 3,006 3,710 1,570 3,738 Nov. 116,507 3,979 39,571 24, 762 10,143 7,277 6,191 5,819 1,577 2,956 3,881 1,248 9,103 Nov. 112. 261 4,907 40,194 24,141 10,452 6,774 6,211 5,434 1,546 3,032 4,002 1,100 4,468 Nov 111,437 4,816 41,192 24,816 9,919 6,819 5,779 5,847 1,427 3,067 4,094 1,028 2,633 Nov. 112,152 5,717 41,991 25,495 9,197 6,740 6,239 6, 280 1,285 2,981 2,679 881 2,667 Nov,29. 119, 041 6,503 45, 208 25,922 9,596 6,485 7,679 7,098 1,391 2,886 2,510 1,260 2,503 Dec. 6— 115 561 5,382 43,109 24,969 10,460 5,365 8,167 6,559 1,339 2,773 2,222 1,000 4,216 Dec. 13- 118,184 6,595 45,010 25, 530 10,954 5,555 7,419 6,253 1,394 2,270 2,107 983 4,114 Dec. 20.. 115,188 7,540 46,650 26, 272 8,964 5,131 6,074 6, 200 1,450 2,077 1,893 909 2,028 Dec. 27.. 110, 552 6,858 49,101 25, 724 7,627 4,490 4,834 4,178 1,510 2,034 1,559 768 1,869 i Back figures.—See Annual Report for 1932 (table 13), 1931 (table 83), 1930 (table 78), 1929 (table 72), etc. w 8 CO £5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 16.— FEDERAL RESERVE BANKS—ASSETS AND LIABILITIES IN DETAIL, DEC. 31, 1933 * [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 . 2,625,053 Gold redemption fund with U.S. Treasury 44, 739 Gold held exclusively against Federal Reserve notes 2, 669,792 Gold settlement fund with Federal Reserve Board 618,205 Gold and gold certificates held by banks: Gold coin 144,699 Gold bullion and foreign goid coin 34,367 Gold certificates 101,913 Total gold and gold certificates held by banks 280,979 Total gold reserves 3,568,976 Other cash:2 Legal-tender notes 58,197 Silver certificates 89,487 Standard silver dollars 4,070 National and Federal Reserve bank notes 50,004 Subsidiary silver, nickels, and cents 22,876 Total other cash 224,634 Total gold reserves and other cash 3,793,610 Redemption fund—Federal Reserve bank notes 13,082 Bills discounted: Secured by U.S. Government obligations: Discounted for member banks . 27,229 Discounted for nonmember banks Discounted for others 62 Total secured by U.S. Government obligations 27,291 Other bills discounted: For member banks 69,644 For intermediate credit banks 310 For nonmember banks 3 For others 342 Total other bills discounted ... 70,299 Total bills discounted 97,590 Bills bought in open market: Payable in dollars: Bought outright 108,108 Bought under resale agreement. 19,284 Payable in foreign currencies *. 6,033 Total bills bought in open market 133,425 U.S. Government securities bought under resale agreement: Liberty bonds 1,600 Treasury bonds 522. Treasury notes 98 Certificates of indebtedness 25 Treasury bills --- Total U.S. Government securities bought under resale agreement 2,245 U. S. Government securities bought outright: Liberty bonds 383,460 Bonds issued since 1921 57,110 Other U.S. Government bonds 644 Total bonds 441,214 Treasury notes 1,053,202 Certificates of indebtedness 425,060 Treasury bills 515,769 Total U.S. Government securities bought outright 2,435. 245 Total U.S. Government securities 2,437,490 Other securities: Municipal warrants 1,493 Total bills and securities 2,660,998 Due from foreign banks 3,333 Federal Reserve notes of other Reserve banks... 18,460 1 Before closing of books at end of year. 2"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. Back figures.—See Annual Report for 1932 (table 14), 1931 (tables 10), 1930 (table 9), 1929 (table 8), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 101 No. 16.—FEDERAL RESERVE BANKS—ASSETS AND LIABILITIES IN DETAIL, DEC. 31, 1933—Continued ASSETS—continued Uncollected items: Transit items 403,643 Exchanges for clearing house 21,988 Other cash items. 19,973 Total uncollected items _. 445,604 Bank premises __ 54,807 All other assets: Claims account closed or suspended banks __ 16,247 Premium on securities 12,854 Interest accrued 10,552 Deferred charges 560 Suspense account and miscellaneous assets 4,814 Total all other assets _ 45,027 Total assets _ _ 7,043,921 LIABILITIES Federal Reserve notes outstanding (issued to Federal Reserve bank) 3,349,805 Held by banks and branches 260,136 Forwarded for redemption 10,126 Federal Reserve notes in actual circulation 3,079,543 Federal Reserve bank notes outstanding (issued to Federal Reserve bank) 233,725 Held by banks and branches and forwarded for redemption 24,728 Federal Reserve bank notes in actual circulation 208,997 Deposits: Members—reserve account 2,728,605 Government 2,837 Foreign banks 4,233 Special deposits: Member banks __ 46,691 Nonmember banks _ 9,961 Other deposits: Nonmember clearing account 39,004 Officers' checks 11,039 Federal Reserve transfer and exchange drafts 278 Allother._._ - 21,065 Total other deposits -.. _ — - 71,386 Total deposits _ 2,863,713 Deferred availability items: Government transit items __ 16,830 All other transit items 414,053 Total deferred availability items 430,883 Capital paid in. 144,693 Surplus 278,599 All other liabilities: Earnings: Gross earnings 49,487 Current expenses 29,222 Current net earnings 20,265 Add—profit and loss 1,684 Deduct: Furniture and equipment. 286 Dividends accrued since closing of books 8,875 Net earnings available for depreciation allowances, reserves, and surplus 12,788 Reserves for self insurance 6,895 Reserves for losses account failed or suspended batiks 5,164 Miscellaneous reserves. 59 Accrued dividends unpaid 823 Unearned discount - 238 Accrued taxes unpaid 520 Discount on securities 296 Suspense account and miscellaneous liabilities 10,710 Total all other liabilities 24,705 Total liabilities 7,043,921 Contingent liability on bills purchased for foreign correspondents 3,810 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 17.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL) AT THE END OF EACH MONTH [In thousands of dollars] 1932 1933 Dec. 31 Jan. 31 Feb. 28 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 2,351,675 2,406,947 2,225,068 2,577,825 2, 648,692 2,813,639 2, 784,201 2, 759, 572 2,757,676 2, 695,427 2, 635,856 2, 618, 254 2,625,053 Gold redemption fund with U.S. Treasury. 40,441 37,148 74,233 81,199 62,115 44,353 44,068 38, 761 35,633 35,773 37,369 40,888 44, 739 Gold held exclusively against Federal Reserve notes __ „2,392,116 2,444,095 2,299,301 2, 659,024 2, 710,807 2, 857, 992 2,828,269 2, 798,333 2, 793,309 2, 731,200 2, 673, 225 2, 659,142 2, 669, 792 Gold settlement fund with Federal Reserve Board 340,343 429,819 379, 251 230,002 349,972 409,834 504,551 506, 224 553,784 608,948 670,739 673,403 618, 205 Gold and gold certificates held by banks..- 418,212 382,077 273,198 361,375 355, 628 252,072 210, 366 243, 265 240,971 250, 736 247, 081 240, 693 280, 979 Total gold reserves 3,150, 671 3,255,991 2,951,750 3, 250,401 3, 416,407 3, 519,898 3, 543,186 3, 547, 822 3,588, 064 3, 590,884 3, 591,045 3, 573, 238 3, 568, 976 Other cash 1 267,556 280,387 242,508 318, 522 310, 694 286, 770 270,153 245,171 231, 659 213, 962 225, 876 204,583 224, 634 Total gold reserves and other cash___ 3,418, 227 3, 536, 378 3,194, 258 3, 568,923 3, 727,101 3, 806, 668 3,813,339 3, 792, 993 3, 819, 723 3,804,846 3,816,921 3, 777,821 3, 793, 610 Redemption fund—Federal Reserve bank notes 1,100 3,318 6,242 7,392 7,993 8,024 10,045 11,699 11,990 13,082 Bills discounted: For member banks 233,834 273,582 581,605 445,094 433,064 300,843 162, 707 166,305 152,157 127,350 115,002 118, 590 96,873 For intermediate credit banks 349 35 310 For nonmember banks, etc 749 864 794 1,440 1,946 1,131 977 860 719 612 553 451 407 Total bills discounted - 234,932 274,446 582,434 446,534 435,010 301,974 163,684 167,165 152,876 127,962 115,555 119,041 97, 590 Bills bought: Payable in dollars: Bought outright 3,634 2,303 294,592 277,974 163,527 12,881 1,089 1,719 695 853 965 18,025 108,108 Under resale agreement 12,429 2,021 39,837 19,284 Payable in foreign currencies 29,489 29,036 28,997 24, 788 7,181 6,981 7,089 6,821 6,199 6,068 5,686 5,841 6,033 Total bills bought 33,123 31,339 336,018 304,783 170, 708 19,862 48,015 8,540 6,894 6,921 6,651 23,866 133,425 U.S. Government securities: Bought outright- 1,851,031 1,763,292 1,836,377 1,836,416 1,836,488 1,889, 278 1,997, 652 2,027,221 2,128, 286 2,276, 768 2,419,498 2,430,137 2,435, 245 Under resale agreement 4,111 30,000 1,925 800 300 500 800 74 1,600 1,500 2,245 Total U.S. Government securities __.1,855,142 1,763,292 1,866,377 1,838,341 1,837, 288 1,889,578 1,997,652 2,027, 721 2,129, 086 2,276,842 2,421,098 2,431,637 2,437,490 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Other Reserve bank credit: Municipal warrants 4,818 3,421 4,552 5,492 5,726 4,823 2,677 1,847 1,854 1,837 1,559 1,580 1,493 Due from foreign banks- 2,976 3,505 3,515 3,618 3,656 3,815 3,729 4,029 3,710 3,769 3,732 3,523 3,333 Reserve bank float2 13,885 834 1,598 3 6,230 6,738 3 2,035 3,830 14 2,855 3,311 3 447 1,602 14, 745 5 Total Reserve bank credit outstand- 01 ing 2,144,876 2,076,837 2,794,494 2, 592, 538 2,459,126 2,218,017 2,219,587 2,209,316 2,297, 275 2,420, 642 2,548,148 2, 581,249 2, 688,076 w 1 Gold held abroad 72,638 2 Federal Reserve notes of other Reserve I banks 17,819 12,899 10,889 29,005 20,850 15,143 15,549 20,104 16,389 18,139 17,880 15,434 18,460 Uncollected items not included in float 368,309 303,499 357,056 312,690 295,372 318,082 369,841 303,930 358,995 371,687 389,998 373, 730 430,883 1 Bank premises 56,000 53,880 53,962 54,037 54,185 54,255 54,313 54,370 54,455 54,554 54, 641 54, 732 51,884 00 All other assets 37,119 49,351 53,709 51,351 46,103 48,020 50, 645 52,801 52,179 54,891 49,856 50,442 44,693 Total assets 6,114,988 6,032,844 6,464,368 6,609, 644 6,606,055 6,466,427 6,530,666 6,441,507 6, 607,040 6,734,804 6, 889,143 6,865,398 7,040,688 LIABILITIES Federal Reserve notes: Held by other Federal Reserve banks. _ 17,819 12,899 10,889 29,005 20,850 15,143 15,549 20,104 16,389 18,139 17,880 15,434 18,460 Outside Federal Reserve banks— 2,720,789 2,712,522 3,406,430 3,666,718 3,407,061 3,187,959 3,077,862 2,992,381 2,971,988 2,983,623 2,947,715 3,014,895 3,061,083 Total F.R. notes in circulation * 2,738,608 2, 725,421 3,417,319 3, 695, 723 3,427,911 3,203,102 3,093,411 3,012,485 2,988,377 3,001, 762 2,965,595 3,030,329 3,079,543 Federal Reserve bank notes in circulation« 14,567 47,808 96,280 123,851 127,357 131, 500 154,876 188,022 205,394 208,997 Deposits: Member bank—reserve account. 2,509,490 2,445, 662 2,140,924 1,949,107 2,132,389 2,166, 721 2,292,360 2,293,875 2,409,128 2,537,619 2,684,887 2,572,942 2,729,442 Government-. 8,262 44,381 14,919 41,126 59,197 72,328 35,481 66, 023 69,005 56,179 26,880 81, 519 2,837 Foreign bank 19,446 40,003 40,125 16,384 29,928 7,848 15, 523 19, 023 37,376 13,504 16,186 5,324 4,233 Special deposits: Member bank 65,489 81,909 83,637 75,889 80,661 76,883 73,151 68,221 55,006 46,691 Nonmember bank _. 16,133 16,699 18,059 18,814 20,966 18,178 15,451 14,086 14,331 9,961 Other deposits 23, 687 23, 791 40,213 44, 724 59,640 45,180 56,193 63,707 64,399 52,398 74,900 67,352 71,386 Total deposits 2,560,885 2,553,837 2, 236,181 2,132,963 2,379, 762 2,393,773 2,494,260 2,544,255 2, 674,969 2, 748, 302 2,885,160 2, 796,474 2,864, 550 Deferred availability items 368,309 303,499 357,056 312,690 295,372 318,082 369,841 303,930 358,995 371,687 389,998 373,730 430,883 Capital paid in 151,292 151,086 150,309 149,595 150,171 150,271 146,763 146,100 146,148 145,834 145,504 145,194 144,693 Surplus _ _ _ 278, 599 278,599 278,599 278,599 278,599 278,599 278,599 278,599 278, 599 278, 599 278,599 278, 599 277,680 All other liabilities 17,295 20,402 24,904 25,507 26,432 26,320 23,941 28,781 28,452 33, 744 36, 265 35, 678 34,342 Total liabilities 6,114,988 6,032,844 6,464,368 6,609, 644 6, 606,055 6,466,427 6,530,666 6,441,507 6, 607,040 6, 734,804 6,889,143 6,865,398 7,040, 688 Contingent liability on bills purchased for foreign correspondents 40,170 40,914 29,984 45,305 43,060 35, 731 35,854 37,120 40,176 41,462 31, 294 2,893 3,810 1 " Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. 2 Uncollected items in excess of deferred availability items. 3 Deferred availability items in excess of uncollected items. * Differs from figures given in table 48, by the amount of Federal Reserve notes held by (a) other Federal Reserve banks and (b) the U.S. Treasury. 5 Differs from figures given in table 49, by the amount of Federal Reserve bank notes held by (a) other Federal Reserve banks and (b) the U.S. Treasury. Back figures.—See Annual Reports for 1932 (table 15), 1931 (table 11), 1930 (table 10), 1929 (table 9), 1928 and 1927 (table 7), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 18.—CONDITION OF EACH FEDERAL RESERVE BANK AT END OF 1932 AND 1933 [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 ASSETS Gold with Federal Reserve agents 2,351,675 2,625,053 181,027 192, 672 616,630 573, 706 152, D00 170, 500 192,970 217, 770 73,000 142,475 Gold redemption fund with U.S. Treasury 40,441 44, 739 2,123 1,977 6,155 10, 707 5,497 4,188 5,833 5,216 1,857 1,886 Gold held exclusively against Federal Reserve notes. 2, 392,116 2, 669, 792 183,150 194, 649 622, 785 584, 413 157, 497 174, 688 198,803 222, 986 74,857 144, 361 Gold settlement fund with Federal Reserve Board 340,343 618, 205 14,426 19,240 103,793 164, 759 20, 283 10,927 31,180 62, 530 11,069 25,957 Gold and gold certificates held by banks 418, 212 280,979 13,808 22,092 289, 510 189, 230 7,391 11,905 18,919 5,058 3,393 1,088 Total gold reserves .. 3,150,671 3, 568, 976 211, 384 235, 981 1, 016, 088 938, 402 185,171 197, 520 248, 902 290,574 89, 319 171,406 Other cash ! 267, 556 224, 634 21,487 18,044 73, 543 50,104 25,127 31, 051 17, 227 15, 643 11,909 12,076 Total gold reserves and other cash 3, 418, 227 3, 793, 610 232,871 254, 025 1,089, 631 988, 506 210, 298 228, 571 266,129 306,217 101, 228 183,482 Redemption fund—Federal Reserve bank notes _ . 13,082 1,250 2,871 1,300 1,356 267 Bills discounted: Secured by U S Government obligations 61,000 27,291 3,086 2,715 25, 332 14, 512 11,149 5,286 7,087 2,008 2,256 456 Other bills discounted - 173, 932 70, 299 8,727 2,145 28, 269 26,179 36,451 20, 077 12, 989 4,868 13, 953 4,077 Total bills discounted . 234,932 97, 590 11,813 4,860 53,601 40, 691 47, 600 25, 363 20,076 6,876 16,209 4,533 Bills bought in open market 33,123 133,425 2,248 28, 671 9,780 22, 258 3,054 7,858 2,978 12,186 1,867 3,926 U.S. Government securities: Bonds - - 421,862 443, 336 20, 334 24, 390 187, 266 170,047 31,171 28,068 36, 692 32,161 9,648 11,860 Treasury notes 299, 703 1,053, 300 16, 527 70, 955 118,675 361, 239 23,404 74,042 33,900 96, 287 8,116 35,510 Certificates and bills 1,133, 577 940,854 59,807 62, 326 427,413 305,469 84, 694 65, 010 111, 090 84, 577 29, 368 31,193 Total U.S. Government securities . 1,855,142 2, 437,490 96, 668 157, 671 733, 354 836,755 139, 269 167,120 181, 682 213,025 47,132 78, 563 Other securities 4,818 1,493 2,907 903 1,000 510 Total bills and securities - 2,128, 015 2, 669,998 110, 729 191, 202 799, 642 900, 607 190,923 200,851 204, 736 232,087 65,208 87,022 Gold held abroad 72, 638 72,638 Due from foreign banks 2,976 3,333 237 256 1,065 1,228 322 367 301 330 119 130 Federal Reserve notes of other Reserve banks. 17,819 18,460 439 466 6,091 3,726 965 1,066 1,216 1,026 1,195 1,312 Uncollected items 382,194 445,628 44, 702 50, 472 118,170 126, 521 30, 359 36, 896 30,956 39, 660 28, 260 34,275 Bank premises _ 56,000 51,884 3,280 3,224 14, 393 11,066 2,989 3,841 7,509 6,785 3,237 3,128 All other assets 37,119 44, 693 945 395 18,389 25,103 1,339 4,577 1,299 1,910 3,054 2,553 Total assets _ _ _ _ _ . 6,114,988 7,040,688 393,203 501,290 % 120, 019 2, 059, 628 437,195 477,469 512,146 589, 371 202, 301 312,169 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LIABILITIES Federal Reserve notes in actual circulation 2, 738,608 3, 079, 543 195,960 234, 305 587, 566 651, 086 238,125 236,128 285, 386 290, 590 101, 501 157, 541 Federal Reserve bank notes in actual circulation 208,997 19,976 54, 008 _. 20, 390 25, 091 4,523 Deposits: Member bank—Reserve account 2, 509,490 2, 729,442 119,420 165,945 1,256,951 1,036, 524 121, 686 129, 225 146, 559 182,299 51,951 96, 255 Government.. _ 8,262 2,837 668 102 1,951 742 647 83 1,215 198 244 338 Foreign bank. _ 19,446 4,233 1,592 304 5,331 1,460 2,157 437 2,115 412 838 163 Special deposits: Member bank 46, 691 502 3,802 6,930 4,989 1,976 Nonmember bank 9 961 1,314 1,920 157 693 Other deposits 23, 687 71,386 38 1,935 7,634 34, 313 85 662 3,062 4,138 2,045 1,016 Total deposits . __ _- __ _ 2, 560, 885 2, 864, 550 121, 718 168,788 1, 271,867 1, 078,155 124, 575 139, 257 152,951 192,193 55,078 100,441 Deferred availability items 368,309 430, 883 43, 754 46, 345 114,499 119,762 28, 853 35,044 29, 758 38, 335 27,188 32,430 Capital paid in __ _ __ _ 151, 292 144, 693 10,856 10,564 58,619 58, 280 16, 045 15,917 14,101 12,404 5,150 5,035 Surplus 278, 599 277, 680 20,460 19,840 85,058 87, 746 29, 242 27,973 28, 294 28, 236 11,616 10,979 All other liabilities „_ 17,295 34, 342 455 1,472 2,410 10, 591 355 2,760 1,656 2,522 1,768 1,220 Total liabilities 6,114,988 7, 040, 688 393,203 501, 290 2,120,019 2,059, 628 437,195 477,469 512,146 589, 371 202,301 312,169 Ratio of total gold reserves and other cash * to deposit and Federal Reserve note liabilities combined 64.5 63.8 73.3 63.0 58.6 57.2 58.0 60.9 60.7 63.4 64.6 71.1 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent. __ __ _ __ ___ 2,987,015 3, 349, 805 214,440 255, 565 671, 069 726,126 251,389 249,181 296,433 304, 448 107, 292 170, 040 Held by Federal Reserve bank ... 248,407 270, 262 18,480 21, 260 83, 503 75,040 13, 264 13,053 11,047 13,858 5,791 12, 499 In actual circulation 2, 738,608 3, 079, 543 195,960 234,305 587, 566 651,086 238,125 236,128 285,386 290, 590 101, 501 157, 541 Collateral held by agent as security for notes issued to bank: Gold . __ __ 2, 351,675 2, 625,053 181, 027 192, 672 616, 630 573, 706 152,000 170,500 192,970 217, 770 73, 000 142, 475 Eligible paper 219,888 188, 440 11,790 32,173 50, 862 47, 653 47,463 18, 930 20,029 16, 803 16, 873 6,917 U.S. Government securities 427,800 600, 500 21,900 32,000 5,000 130,000 52,000 60,000 85, 000 80, 000 18,000 22, 0C0 FEDERAL RESERVE BANK NOTE STATEMENT Federal Reserve bank notes: Issued to Federal Reserve bank (outstanding) 233, 725 22, 653 63, 605 25,872 26, 995 4,567 Held by Federal Reserve bank 24, 728 2,677 9,597 5,482 1,904 44 In actual circulation __ 208, 997 19,976 54,008 20, 390 25, 091 4,523 Collateral pledged against outstanding notes: Discounted and purchased bills. _ 2,021 1,656 U.S. Government securities 256, 774 30, 000 64, 274 26, 500 30, 000 5,000 O " Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 18.—CONDITION OF EACH FEDEKAL RESERVE BANK AT END OF 1932 AND 1933—Continued [In thousands of dollars] Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 ASSETS Gold with Federal Reserve agents 62,000 90,880 699,870 710,987 73, 255 124, 682 41,540 76, 254 61,480 102, 290 20,640 41,074 177,263 181, 763 Gold redemption fund with U.S. Treasury 2,878 3,157 3,392 6,841 1,513 1,304 2,214 1,612 2,101 1,170 1,256 865 5,622 5,816 Gold held exclusively against Federal Reserve notes 64,878 94,037 703, 262 717,828 74,768 125,986 43, 754 77,866 63, 581 103, 460 21,896 41,939 182, 885 187, 579 Gold settlement fund with Federal Reserve Board 8,185 22,087 92, 717 160,423 13, 963 37,020 7,797 19, 518 13, 876 32, 255 7,244 32,877 15,810 30, 612 Gold and gold certificates held by banks 9,104 2,093 27, 749 2,719 2,566 247 2,340 550 9,601 10, 985 4,247 3,741 29, 584 31, 271 Total gold reserves 82,167 118, 217 823, 728 880, 970 91,297 163,253 53, 891 97, 934 87,058 146, 700 33, 387 78, 557 228, 279 249, 462 Other cash i 10,078 11,875 47,090 33, 316 13,737 11,084 7,249 8,322 9,986 9,397 12,088 6,797 18,035 16, 925 Total gold reserves and other cash . 92,245 130,092 870,818 914, 286 105,034 174, 337 61,140 106, 256 97, 044 156,097 45, 475 85, 354 246,314 266,387 Redemption fund—Federal Reserve bank notes 1,014 1,879 494 593 524 708 826 Bills discounted: , Secured by U.S. Government obligations _ \ 1,063 230 3,813 911 3,981 797 352 50 465 39 572 164 1,844 123 Other bills discounted 13,886 3,954 11,156 3,142 2,357 618 9,252 1,822 11,047 1,382 4,630 719 21, 215 1,316 Total bills discounted 14,949 4,184 14,969 4,053 6,338 1,415 9,604 1,872 11, 512 1,421 5,202 883 23,059 1,439 Bills bought in open market 3,439 4,279 3,964 14, 091 973 4,693 612 3,189 855 4,566 826 9,248 2, 527 18,460 U.S. Government securities: Bonds 10,281 11,305 40,775 76,950 13,940 14,493 17,397 16,315 11,774 14,109 17, 314 18, 528 25, 270 25,110 Treasury notes _ _ _ 8,111 32,295 34,301 177,161 11,306 41,901 8,110 26, 292 9,846 36, 910 6,150 25, 526 21, 257 75,182 Certificates and bills 29,012 28,298 187,134 183,232 40,910 36,806 29, 343 23,061 35, 632 32,422 22, 257 22,421 76,917 66, 039 Total U.S. Government securities 47,404 71,898 262, 210 437, 343 66,156 93, 200 54,850 65, 668 57, 252 83,441 45, 721 66, 475 123,444 166, 331 Other securities _•- 500 411 80 Total bills and securities 66,292 80,361 281,143 455, 487 73,467 99, 308 65, 477 70,809 69,619 89,428 51, 749 76, 606 149,030 186, 230 Due from foreign banks _ 110 117 419 455 17 14 11 9 86 97 83 97 206 233 Federal Reserve notes of other banks 1,239 1,640 2,674 4.238 1,312 1.157 717 658 772 1.147 318 494 881 1, 530 Uncollpcted ifavms 11,199 14,012 43, 214 54, 510 15, 917 18, 732 10,817 10, 641 18, 336 23; 767 12, 513 15, 723 17, 751 20,419 Bank premises _ _ 2,422 2,372 7,595 7,375 3,285 3,111 1,746 1,657 3,559 3,485 1,741 1,750 4,244 4,090 All other assets _ _ _4,164 3,775 1,454 1,549 1,082 413 1,723 1,474 818 1,151 1,226 914 1,626 879 Total assets 177, 671 233,383 1, 207, 317 1, 439, 779 200,114 297, 566 141, 631 192,097 190,234 275, 696 113,105 181, 646 420,052 480, 594 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LIABILITIES Federal Reserve notes in actual circulation..- 97,139 125,175 692,150 784, 759 103, 930 144, 307 80, 967 92,896 90,490 106,814 38, 783 42,888 226, 611 213,054 Federal Reserve bank notes in actual circulation 5,121 28,737 8,067 7,718 9,615 11,344 14,407 Deposits: Member bank—Reserve account 49, 760 65,442 409, 360 494, 813 62,027 97, 260 37, 760 62, 013 68, 490 118, 731 46, 779 95, 937 138, 747 184,998 Government 159 112 1 782 76 394 100 468 91 268 67 125 60 341 868 Foreign bank_ 775 146 2,806 541 733 141 461 96 607 121 586 121 1,445 291 Special deposits: Member bank _ 1,948 17,160 3,179 1,013 2,226 333 2,633 NoTTmfimbpr bank 264 3 4 710 277 27 596 Other deposits 1,056 4,170 2,080 1,080 1,201 4,468 348 2,805 159 1,757 658 1,466 5,321 13, 576 Total deposits _ . 51, 750 72,082 416, 028 513, 673 64, 355 109,858 39,037 66, 295 69, 524 122, 929 48,148 97, 917 145,854 202, 962 Deferred availability items 10, 747 13,332 40, 898 55, 689 16, 373 20,476 10, 738 11,128 16,631 23, 555 12, 500 16, 414 16,370 18, 373 Capital paid in... __ ___ _ 4,679 4,450 16,157 12, 790 4,360 3,944 2,885 2,876 4,052 4,077 3,910 3,719 10,478 10, 637 Surplus 10, 544 10, 417 39,497 40,429 10,186 9,849 7,019 6,929 8,263 7,744 8,719 8,043 19, 701 19,495 All other liabilities 2,812 2,806 2,587 3,702 910 1,065 985 4,255 1,274 962 1,045 1,321 1,038 1,666 Total liabilities 177, 671 233, 383 1, 207, 317 1,439, 779 200,114 297, 566 141, 631 192, 097 190, 234 275, 696 113,105 181, 646 420,052 480, 594 Ratio of total gold reserves and other cash l to deposit and Federal Reserve note liabilities combined 62.0 66.0 78.6 70.4 62.4 68.6 50.9 66.7 60.6 67.9 52.3 60.6 66.1 64.0 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent 115, 324 144, 272 733 788 832,192 111, 870 150 092 82,853 97, 784 98, 611 115, 359 43,908 48,883 260,038 255,863 Held by Federal Reserve bank 18,185 19,097 41, 638 47,433 7,940 5,785 1,886 4,888 8,121 8,545 5,125 5,995 33,427 42,809 In actual circulation __ 97,139 125,175 692,150 784, 759 103,930 144, 307 80,967 92, 896 90,490 106,814 38, 783 42,888 226,611 213, 054 Collateral held by agent as security for notes issued to bank: Gold 62,000 90, 880 699 870 710,987 73,255 124 682 41, 540 76,254 61,480 102, 290 20, 640 41,074 177, 263 181, 763 Eligible paper 15, 781 6,570 14, 681 15,176 6,201 5,724 7,525 4,234 10, 639 5,409 4,920 9,766 13,124 19,085 U.S. Government securities 39,000 48,000 22, 000 110, 000 32, 500 22, 000 34,900 19, 500 29,000 12, 000 18, 500 70, 000 65,000 FEDERAL RESERVE BANK NOTE STATEMENT Federal Reserve bank notes: Issued to Federal Reserve bank (outstanding) 5,654 30,499 8,234 8,048 9,824 12, 798 14,976 Held by Federal Reserve bank.__ 533 1,762 167 330 209 1,454 569 In actual circulation 5,121 28, 737 8,067 7,718 9,615 11, 344 14,407 Collateral pledged against outstanding notes: Discounted and purchased bills 231 134 U.S. Government securities 7 000 36, 000 9,000 10, 000 10,000 14,000 15, 000 i "Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. Back figures.—See Annual Reports for 1932 (table 16), 1931 (table 12), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 19.—NUMBER l OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL RESERVE BANKS, BY MONTHS, 1914-33 Month 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 January 398 614 309 1,432 3,316 3,461 5, 293 5, 350 3, 294 February 469 451 262 1,353 3,091 3,338 5,107 4, 847 2, 976 March 570 535 315 1,568 3,575 3,670 5,320 4,701 3, 282 April 606 606 384 2,100 3,875 4,175 5,568 4,738 3, 507 Mav_ _-. _ 693 655 590 2,793 4,035 4,642 5,632 4, 636 3, 942 June 813 678 900 3,021 4,047 4,948 5, 745 4.436 3, 999 July 760 642 960 3,462 3,685 4,858 5, 607 4,167 4,110 August... 711 483 990 3,671 3,460 4,780 5, 453 4,042 3,960 September 761 448 953 3, 464 3,722 4,758 5,427 3,944 3, 600 October.- 794 383 1,140 3, 610 3,839 4,952 5,572 3,793 3, 752 November, 132 835 336 1, 574 3,667 3, 649 5,275 5, 622 3,859 3, 732 December.. 339 754 314 1,701 3,288 3, 656 5,551 5,676 3,873 3, 698 Year. 1,920 1,788 3,127 5,493 5, 993 6,941 7,415 6,956 6, 333 Month 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 January 3,663 2,554 2,838 2,825 2,256 2,691 3,049 2,721 3,640 2, 736 February-_ 3, 465 2,415 2,659 2,566 2,104 2, 597 2,730 2, 375 3,488 2, 739 March 3, 516 2,731 3,045 2,717 2, 405 2,860 2,707 2,369 3,400 3, 285 April 3,744- 3,016 3,155 2,707 2,522 3,185 2,753 2,185 3,391 2, 070 May 3,795 3,209 3,282 2,858 2,742 3,391 2,951 2,334 3, 365 1,918 June 3,706 3,289 3,458 2,834 2,957 3,414 2,849 2,467 3,499 1, 738 July 3,432 3,207 3,190 2,669 2,927 3, 301 2,729 2, 344 3,560 1, 290 August 3,052 2,979 3,016 2,511 2,797 3,012 2,466 2,304 3,334 1, 305 September 2,786 2,729 2,879 2,361 2,562 2,822 2,194 2,525 3,122 1, 205 October . 2,663 2,796 2,856 2,377 2,663 2,917 2,400 3,288 2,928 1, 064 November 2,573 2,876 2,871 2,350 2,639 3,246 2,476 3,210 2,884 1, 033 December.- . 2,783 3,021 3,024 2,345 2,801 3,080 2,839 3,375 2,932 1, 056 Year 6,060 5,183 5,343 4,869 4,718 5,113 4,991 5,260 5,017 4, 270 1 Figures for each month and year are exclusive of duplications, i.e., each bank is counted only once no matter how often it borrowed during the month or year. No. 20.— NUMBER OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL RESERVE BANKS, BY FEDERAL RESERVE DISTRICTS, 1926-33 District 1926 1927 1928 1929 1930 Boston ._- 286 261 265 306 280 New York 603 602 623 651 Philadelphia 558 552 562 594 Cleveland _ 466 430 421 475 Richmond 430 383 386 384 Atlanta 333 300 315 352 Chicago 814 746 685 708 St. Louis_- _ 330 309 292 338 Minneapolis, _ 270 275 224 249 Kansas City 453 377 381 417 Dallas 453 318 296 359 San Francisco 347 316 288 280 Total 5,343 4,869 4,718 5,113 oo c: 1931 1932 1933 294 260 246 736 717 656 722 609 541 459 457 408 383 345 353 309 290 311 301 217 241 656 695 662 474 343 334 303 226 234 266 333 271 447 432 470 405 375 375 353 267 270 295 376 270 4,991 5, 260 5,017 4, 270 Back figures.—See Annual Reports for 1928 (table 97), 1922 (table 48), 1919 (table 39), 1916 (p. 93), and 1915 (p. 71). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EESERVE BANK CREDIT 109 No. 21.-—NUMBER OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL RESERVE BANKS, BY STATES, 1925-33 State 1925 1926 1927 1928 1929 1930 1931 1932 1933 New England: Maine 37 33 31 29 32 31 33 28 23 New Hampshire 39 39 36 37 40 42 42 25 38 Vermont 28 30 28 22 43 32 32 34 28 Massachusetts 146 135 126 133 142 128 134 124 111 Rhode Island 14 12 6 11 11 8 10 8 8 Connecticut 41 46 44 43 51 50 54 51 47 Middle Atlantic: New York. 438 429 418 437 455 459 526 511 466 New Jersey 235 247 261 264 264 282 406 294 271 Pennsylvania _ 509 613 596 610 673 671 667 648 560 East North Central: Ohio 285 276 251 241 262 252 247 213 215 Indiana 149 141 135 131 143 130 122 124 107 Illinois -- 311 321 286 267 311 287 308 289 185 Michigan 161 174 182 166 183 139 193 167 123 Wisconsin 73 68 71 78 85 89 83 105 78 West North Central: Minnesota 99 91 85 80 78 67 83 113 103 Iowa 265 230 190 153 131 162 147 152 112 Missouri 110 108 124 116 121 123 117 103 86 North Dakota 52 53 66 61 59 47 39 48 36 South Dakota 52 59 52 36 40 49 63 60 47 Nebraska 108 112 109 97 102 101 101 107 91 Kansas 74 95 87 105 108 120 117 120 101 South Atlantic: Delaware 15 14 16 16 13 14 17 17 16 Maryland— 54 54 53 50 55 46 51 48 54 District of Columbia 9 10 9 9 8 8 9 9 9 Virginia — 146 143 124 132 139 125 126 121 105 West Virginia 82 83 74 77 81 78 96 77 74 North C arolina 78 75 72 78 61 61 53 40 36 South Carolina _ 69 74 59 48 49 35 27 22 20 Georgia 131 121 104 108 115 96 94 62 81 Florida - 17 41 35 36 49 35 31 23 32 East South Central: Kentucky 67 60 52 51 72 68 71 74 65 Tennessee 63 65 56 53 62 67 73 54 51 Alabama 88 88 79 92 103 91 86 56 56 Mississippi 26 31 32 33 33 33 25 21 18 West South Central: Arkansas 77 74 59 55 50 61 53 44 29 Louisiana 35 28 29 30 30 27 24 24 21 Oklahoma 146 167 100 102 113 127 117 121 108 Texas 309 417 290 267 323 346 345 324 242 Mountain: Montana 60 48 45 25 45 40 41 53 40 Idaho 56 38 38 28 23 27 29 43 29 Wyoming. 11 9 10 8 13 14 17 25 22 Colorado 72 67 60 51 64 68 66 78 66 New Mexico 21 14 10 12 18 11 16 21 17 Arizona 8 8 6 3 6 4 7 10 8 Utah_ 36 33 33 35 33 31 32 32 19 Nevada 1 1 2 4 7 4 Pacific: Washington _ 82 78 73 67 80 75 76 94 74 Oregon .- 60 57 56 48 60 51 52 68 39 California _ 138 134 111 87 80 81 98 125 99 Total — 5,183 5,343 4,869 4,718 5,113 4 991 5,260 5,017 4,270 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 22.—BILLS DISCOUNTED BY FEDERAL RESERVE BANKS—HOLDINGS AT THE END OF EACH MONTH, BY CLASSES [In thousands of dollars] Member bank collateral Rediscounted bills notes s I. it! End of month O.o .2.S T3 03 1933 January. __ 274,446 95, 641 101 1,559 262 881 71,034 89, 914 14, 217 February.. 582,434 119, 362 292 2,002 232 1,716 323, 777 115, 761 18, 530 745 March 446, 534 113,179 102 1,400 197 1,273 143, 783 119,002 66,157 1,386 April 435, 010 102,218 128 1,272 150 1,212 118, 239 115,131 94, 725 1,373 515 May 301, 974 78, 722 59 933 77 855 64,813 82,085 73, 261 1,066 25 June 163, 684 53, 653 162 28 570 33, 248 50, 493 24, 439 930 24 July.. 167,165 48,184 262 17 457 40, 207 50,149 26, 962 793 52 August 152,876 40, 278 709 21 426 36, 959 53,090 20,652 669 38 September. 127,962 34, 565 144 19 382 29, 944 42, 609 19, 611 590 13 October 115, 555 28, 564 47 147 14 359 26,508 39, 883 19, 455 534 12 November. 119,041 24, 386 201 11 326 36, 538 36, 595 20, 513 446 December. 97, 590 19, 723 147 4 26,891 31, 246 18,824 404 1 Not elsewhere specified. Includes bills discounted for Federal intermediate credit banks as follows: February, $35,000; December, $310,000. 2 Includes notes secured by adjusted-service certificates discounted for nonmember banks as follows: January, $56,000; February, $49,000; March, $54,000; April, $58,000; May, $40,000; June, $23,000; July, $15,000; August, $12,000; September, $9,000; October, $7,000; November, $5,000; December, $3,000. 3 Includes paper secured by United States Government obligations as follows: March, $715,000; April, $690,000; May, $346,000; June, $233,000; July, $205,000; August, $219,000; September, $159,000; October, $151,000; November, $95,000; December, $62,000. Back figures—See Annual Reports for 1932 (table 20), 1931 (table 14), 1930 (table 13), 1929 (table 12), and 1928 (table 11). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BESEBVE BANK CREDIT 111 No. 23.—BILLS DISCOUNTED—HOLDINGS OF EACH FEDERAL RESERVE BANK ON DEC. 31, 1933, BY CLASSES [In thousands of dollars] Rediscounted bills Member b n a o n te k s collateral Discounts Secured for Com- Secur- Secured Secured by bills indi- Federal Reserve mer- p. ed by by by Secured and viduals, bank classes) a c n ia d l mand ju a s d te - d Trade G U o .S v . - G U o .S v . - ot b h y er secu n r o i t ties p s a h rt i n p e s, ragri- sight serv- ern- ern- eligible eligible and cul- ice- ment ment col- for dis- corpotural eertif- obliga- obliga- lateral count or rations* paper i icates tions tions purchase, sec. (10b) Boston 4 860 714 26 20 2,695 1,405 New York 40, 691 2,395 34 14,512 11,731 11,677 342 Philadelphia 25 363 6,201 38 31 5,255 12,031 1,807 Cleveland 6,876 2,497 1 42 261 1,747 672 1,656 Richmond 4,533 2,918 1 13 417 584 574 26 Atlanta 4 184 1,028 1 11 216 1,677 1,248 3 Chicago 4 053 1,167 1 2 909 312 1,662 St. Louis 1,415 (3) 788 485 133 9 Minneapolis 1 872 1,145 4 50 624 49 Kansas City 1 421 745 39 632 5 Dallas 883 641 10 164 63 5 San Francisco 1,439 272 2 4 99 1,030 8 24 Total 97, 590 19, 723 13 4 147 338 26, 891 31, 246 18,824 404 1 Not elsewhere specified. 2 Includes paper secured by United States Government obligations as follows: Richmond, $26,000; Atlanta, $3,000; St. Louis, $9,000; San Francisco, $24,000. 3 Less than $500,000. Back figures.—See Annual Reports for 1932 (table 21), 1931 (table 81), 1930 (table 76), 1929 (table 70), 1928 (table 73), etc. No. 34.—BILLS DISCOUNTED—HOLDINGS OP EACH FEDERAL RESERVE BANK ON DEC. 27, 1933, BY MATURITIES [In thousands of dollars] Maturity Federal Reserva 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 6,858 6,395 160 151 139 13 New York _ 49,101 36,636 1,237 3,643 7,585 Philadelphia 25, 724 20,942 2,001 1,785 979 17 Cleveland 7,627 4 345 491 1,037 1,635 114 5 Richmond 4,490 2,715 760 690 265 58 2 Atlanta 4,834 3,769 353 455 251 6 Chicago.- _ 4,178 2,817 443 529 331 50 8 St. Louis 1,510 1,402 101 7 Minneapolis . - _. 2,034 970 143 276 273 280 • 92 Kansas City 1,559 780 125 179 118 339 18 Dallas _ -_. 768 382 55 70 87 142 32 San Francisco 1,869 1,634 44 75 78 30 8 Total 110, 552 82,787 5,913 8,890 11, 748 1,049 165 Back figures—See Annual Reports for 1932 (table 22), 1931 (table 82), 1930 (table 77), 1929 (table 71). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 25.—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- End of month Total Total Total p i I n o m r to t - s p fr E o o x r m t - s s U t ( G S h o w n o r t o a e a i u o t d t r s e e d e e s d s - in c D h e o a x n l - l g a e r c s s o f t h g o o u i o r r p n o e o e r t p i d d g r e i s n i e d n s o A th l e l r a T a c n r c a c e d e p s e t- r f a e o b c n r u l e c e i r i g - e i n n s United Unitedcredits) or between States States shipped foreign between points domestic points 1933 January 31,339 2,303 2,303 218 116 1,370 549 50 29,036 February 336,018 307,021 307,021 31,088 57,633 104, 397 4,672 106,894 2,337 28,997 March. 304,783 279,995 279, 699 33,114 55,958 87, 051 4,021 97, 436 2,119 296 24,788 April... 170,708 163, 527 163, 231 20,417 34, 778 37, 709 2,424 1,897 296 7,181 May 19,862 12,881 12,881 2,359 3,242 1,319 162 5.793 6,981 June 48,015 40,928 40,926 7, 536 5,893 10,989 320 9; 073 7,115 7,089 July 8,540 1, 719 1,719 149 377 364 829 6,821 August 6,894 695 695 60 232 354 6,199 September... 6,921 853 853 106 63 526 158 6,068 October 6,651 965 965 328 163 174 300 5,686 November 23,866 18,025 18, 025 i, 9202,374 3,825 220 4,218 5,841 December 133,425 127,392 127,392 22, 31722, 269 38, 660 820 39,104 4,222 6,033 Back figures—See Annual Reports for 1932 (table 23), 1931 (table 15), 1930 (table 14), 1929 (table 13), 1928 (table 12), etc. No. 26,—ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES—HOLDINGS OF FEDERAL RESERVE BANKS, 1924-33 [In thousands of dollars] End of month 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 January.._ 1,274 1,015 2,051 1,035 36,119 33, 444 29,036 February. 1,072 795 1,897 1,038 23, 958 33,478 28,997 March 961 1,137 2,035 1,040 1,063 30, 778 24, 788 April 1,149 1,213 1,334 1,054 1,074 30, 736 7,181 May 602 1,203 1,388 1,058 1,073 30,837 6,981 June 687 1,643 12,489 1,064 10, 551 30, 762 7,089 July 857 1,036 13, 399 1,065 34,371 30, 645 6,821 August- 720 1,043 13,947 1,071 145, 215 30,834 6,199 September. 1 2, 469 1,270 1,506 8,495 1,075 48,804 30, 849 6,068 October 2, — 911 1,623 2, 283 21, 583 33, 501 30, 659 5,686 November. 642 1, 720 1,167 31, 587 33, 386 30, 652 5,841 December— 1,267 914 2,189 837 35,983 33,429 29,489 6, 033 !The first purchase of acceptances payable in foreign currencies was on Sept. 18, 1924. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KESEEVE BANK CREDIT 113 No. 21.—HOLDINGS OF BILLS DISCOUNTED AND BILLS BOUGHT BY FEDERAL RESERVE BANKS, BY MATURITIES, 1932-33 [In thousands of dollars] Maturity Date Total W 15 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 t o o d n a t 6 h y s s m O o v n e t r h 6 s Bills discounted: 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 35, 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 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 Ail?. 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 35, 984 20, 717 7,142 1,110 Nov. 30.. 308, 973 224, 502 22, 795 30, 572 9,415 1,601 Dec. 28- 267, 382 187, 581 20, 288 29, 013 19, 503 9,364 1,633 1933—Jan. 25... 264, 698 187, 706 19, 352 27, 967 19, 225 9,052 1,396 Feb. 21.. 327,138 239, 487 21, 807 31, 696 23, 619 8,642 1,887 Mar. 29-. 559,002 34,447 42, 898 62, 795 7,639 2,317 Apr. 26_. 385,001 254, 905 24, 725 48, 636 49,133 6,855 747 May31_. 301, 974 192, 071 24,148 41, 687 36, 416 7,464 June 28.. 190, 981 136, 381 16, 677 14, 555 18, 468 4,853 47 J A u u ly g . 2 3 6— 0.. 1 1 6 53 1 , , 3 2 6 2 3 0 1 1 1 1 6 8 , , 0 1 5 9 8 0 1 1 1 1 , , 1 9 5 0 0 6 1 1 5 2 , , 8 5 4 9 0 8 15, 323 2 1, , 2 4 1 3 9 7 4 5 1 3 Sept. 27- 133, 233 99, 041 9,969 10, 979 12, 317 855 72 Oct. 25-. 114,593 84,056 8,268 15,061 6,028 1,081 99 Nov. 29-. 119, 041 91, 804 9,584 8,507 7,856 1,096 194 Dec. 27_- 110,552 82, 787 5,913 8,890 11, 748 1,049 165 Bills bought: 1932—Jan. 27.- 162, 261 53,133 24, 324 50, 766 33, 570 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 May 25-. 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 1933—Jan. 25.. 31, 496 4,746 6, 864 9,302 10, 584 Feb. 21- 179, 576 64, 812 30, 319 35, 753 48,481 211 Mar. 29_ 310, 235 72, 471 60,165 145, 905 31, 481 213 Apr. 26- 177, 450 71, 214 74, 240 26,022 5,923 51 May 31.. 19, 862 12, 479 5,239 842 1,302 June 28.. 8,186 1,370 1,552 2,697 2,567 July 26- 9,616 2,295 1,100 411 5,809 Aug. 30. 6,900 1,756 2,552 1,495 1,097 Sept. 27- 6,681 1,110 2,118 565 Oct. 25- 6,523 285 737 899 4,602 Nov. 29- 23, 866 5, 623 4,687 4,775 8,700 81 Dec. 27- 111,083 16, 518 14, 816 46,136 33, 440 173 Back figures.—See Annual Reports 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 28.—HOLDINGS OF UNITED STATES GOVERNMENT SECURITIES BY FEDERAL RESERVE BANKS AT END OF EACH YEAR, 1929-33, BY CLASSES [In thousands of dollars] 1929 1930 1931 1932 1933 Bonds* TOTAL HOLDINGS 2 percent consols of 1930 915 915 2 percent Panamas of 1936-38 237 237 0) (0 0) 3 percent conversion bonds of 1946-47 2 1,796 2 1, 796 2 655 2 644 2 644 3H percent Liberty loan . 1 10,102 84, 525 25, 027 26, 625 434 percent Liberty loan _. 3 72,253 3 103,060 3 213,240 364,188 358,434 334 percent Treasury bonds of 1941 4G7 3^8 percent Treasury bonds of 1940-43 12 5,009 14, 854 13, 776 13,772 3% percent Treasury bonds of 1941-43 13, 245 5,987 5, 749 3/4-4% percent Treasury bonds of 1943-45.. 25, 634 3^ percent Treasury bonds of 1943-47. 187 3,202 8,560 5,791 5, 772 4M percent Treasury bonds of 1947-52 7,852 717 84 530 4 percent Treasury bonds of 1944-54 516 27, 712 7,379 398 395 ?>% percent Treasury bonds of 1946-56 900 3,900 5,082 2,875 2,882 33^ percent Treasury bonds of 1946-49 10, 272 1,849 1, 876 3 percent Treasury bonds of 1951-55 1,837 1,243 556 Total bonds. 76,817 163, 785 360,366 421,862 443,336 Treasury notes 215,604 226, 473 33, 038 299, 703 1,053,300 Certificates of indebtedness 161,916 315, 028 271,199 718,964 515, 769 Treasury bills 56, 250 24,181 152, 354 414, 613 425, 0S5 Total U.S. Government securities. 510,587 I 729,467 816,957 1,855,142 2,437, 490 BOUGHT OUTRIGHT In System investment account: ZlA percent Liberty loan.. 80, 025 25, 025 25, 025 434 percent Liberty loan. 33,950 28,048 131,790 310,591 285, 591 . J-4M Treasury bonds of 1943-45.. 25, 000 Treasury notes - 63,365 159, 532 20, 000 282, 334 1,004,862 Certificates of indebtedness 129,935 223,463 252, 283 649,200 470, 337 Treasury bills - 50, 250 24,181 82, 718 372,458 412, 335 Total in special investment account. 277, 500 435,224 566,816 1,639,608 2,223,150 In other accounts: Bonds: 2 percent consols of 1930 915 915 2 percent Panamas of 1936-38 237 237 (0 0) 0) 3 A 3 3 3 3 M ^ p 4 2 e p p r p c e e e e r r c r c n c e e t e n n c n t t o t L T n L v i r b i e e b e a r e s r s i t r u o y t r y n y l o l b o b a o a n o n n n d d s s o o f f 1 9 1 4 9 6 4 -4 1 7 2 2 3 2 I, , 7 2 9 2 1 6 3 3 2 6 9 0 1 , , , 2 2 5 7 4 9 2 4 6 3 6 4 8 2 , , 5 9 6 0 6 5 0 5 5 53 2 , 5 6 7 4 7 2 4 72 2 , 8 6 4 1 4 3 7 4 33^ percent Treasury bonds of 1940-43 12 5,009 14,854 13, 776 13, 772 3^ percent Treasury bonds of 1941-43 11,152 5,787 5, 749 3M-4M percent Treasury bonds of 1943-45.. 634 ?>% percent Treasury bonds of 1943-47 187 3,202 8,560 5,791 5, 772 434 percent Treasury bonds of 1947-52 7,852 717 84 530 4 percent Treasury bonds of 1944-54 ~416 20, 712 5,223 398 395 3% percent Treasury bonds of 1946-56 3,900 5,082 2,875 2,832 ZYs percent Treasury bonds of 1946-49 10, 272 1,849 1,876 3 percent Treasury bonds of 1951-55 542 550 534 Total bonds 35, 787 113,119 130, 522 85,333 105, 598 Treasury notes 136,023 48, 581 11,538 14,171 48, 340 Certificates of indebtedness 31,981 89,140 17,816 69,764 45, 407 Treasury bills --- 6,000 47,936 42,155 12,750 Total in other accounts 209, 791 250,840 207,812 211,423 212, 095 Total bought outright. 487, 291 686, 064 774,628 1,851, 031 2,435, 245 BOUGHT UNDER RESALE AGREEMENT Bonds: 3K percent Liberty loan. 850 1, 600 434 percent Liberty loan 6,080 14, 768 12,485 20 334 percent Treasury bonds of 1941 450 3H percent Treasury bonds of 1940-43 3% percent Treasury bonds of 1941-43 2,093 200 Z% percent Treasury bonds of 1943-47 4 percent Treasury bonds of 1944-54 100 7,000 2,156 3% percent Treasury bonds of 1946-56 900 50 3 percent Treasury bonds of 1951-55 1,295 693 Total bonds 7,080 22, 618 18, 029 913 I 2,122 Treasury notes 16, 216 18, 360 1,500 3,198 98 Certificates of indebtedness 2,425 1,100 25 Treasury bills - --- 21, 700 Total bought under resale agreement 23,296 43,403 42,329 4,111 2,245 1 $100. 2 Includes $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 FBRacAk SfiEguRre s.—Bee Annual Reports for 1930 (table 16) and 1925 (table 27). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EESEEVE BANK CREDIT 115 No. 29.—UNITED STATES GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS IN SYSTEM INVESTMENT ACCOUNT, UNDER RESALE AGREEMENT, ETC. (AVERAGE BASIS), 1932-33 [In millions of dollars] Average amount held— Average amount held— Outside System in- Outside System investment account vestment account Month or In Sys- Month or In Sysperiod tem All period tem All i c m n o a v e u c e n - n s t t t - U a r m e g n s r e d a e n l e e t e r - c T 1 c e u r - a r d e r t t a y a i e f y s s i - - s o m G U e e t c r h o e . u n S n e v r - . r t - i- Total i c m n o v a e u c e n - n s t t t - U r m e n s e d a n l e t e r c T 1 c e u r - a r d e r t t a y i a e f y s s i - - s o m G U e e t c r h e o . u n S n v e r - . r t - i- Total ties ties 1932 1933 Jan 567 184 759 Jan 1,598 208 1,806 Feb 567 175 743 Feb 1,598 206 1,804 Mar. 1-14... 606 174 780 Mar. 1-9-.- 1,629 227 1,861 Mar. 15-18 K 637 173 829 Mar. 10-12.. 1,629 247 1,888 Mar. 19-31.. 658 173 835 Mar 13-14— 1,629 247 1,922 Mar. 15 1,629 246 1,899 Apr... 842 171 1,014 Mar. 16-31.- 1,629 235 1,873 May 1,243 170 1,413 June 1-28—. 1,512 178 1,690 Apr-- 1,629 207 1,837 June 29 * 1,560 24 200 1,801 May_ 1,637 209 1,846 June 30 1,560 202 1,784 June. 1,724 209 1,933 July.. 1,604 203 1,818 July.. 1,802 214 2,016 Aug.. 1,639 198 1,850 Aug.. 1,855 208 2,064 Sept. 1,640 204 1,848 Sept. 1,994 207 2,202 Oct 1,640 211 1,851 Oct 2,142 213 2,355 Nov 1,640 211 1,851 Nov 2,220 216 2,437 Dec. 1-14— 1,640 211 1,851 Dec. 1-15 2,223 207 2,431 Dec. 15-18 > _1,640 20 211 1,871 Dec. 16-17— 2,223 207 2,435 Dec. 19-31.. 1,640 211 1,851 Dec. 18-31-. 2,223 208 2,433 1 Periods of Treasury financing during which 1-day certificates were held. (See table 31.) 2 Less than $500,000. Back figures.—See Annual Reports for 1932 (table 27), 1931 (table 18), and 1930 (table 17). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 ANNUAL KEPOET OF THE FEDERAL RESERVE BOARD No. 30.—UNITED STATES GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE I BANKS IN SYSTEM INVESTMENT ACCOUNT, UNDER RESALE AGREEMENT, ETC. L. (WEDNESDAY BASIS) [In millions of dollars] Amount held— Amount held— Outside System in- Outside System investment account vestment account In Sys- In Sys- Date tem All Date tem All i c n m o v a e u c e n - n s t t t - U a r m e g n s e r d a e n l e e t e - r c T 1 c e u r - a r d e r t t y a i a e f y s s i- - s m o G e U e t c r e h o . u n S n v e r - . r t - i- Total 1 i c m n o v a e u c e n - n s t t t - U a r m e g n s e r d a e n l e e t e r - c T 1 c e u r - a r d e r t t y i a a e f y s s i - - s m o G e U e t c r e h o . u n S n v e r - . r t - i- Total ties ties 1933 1933 Jan 4 1,640 211 1,851 July 5 1,788 207 1, 995 Jan 11 1,604 208 1,812 July 12 1,800 207 2,007 Jan 18 1,574 204 1,778 July 19 1,810 207 2, 017 Jan 25 1,559 205 1,763 July 26 1,820 0) 207 2, 028 Feb. 1 1, 559 205 1,764 Aug. 2 1,830 1 207 2, 038 Feb. 8 1,579 205 1,784 Aug. 9 1,840 1 207 2,048 Feb. 15 1,604 205 1,809 Aug. 16 1,850 2 207 2,059 Feb 22 1,629 205 1,834 Aug. 23 1,885 2 207 2, 094 Aug. 30 1,921 0) 207 2,129 Mar. 1 1,629 207 1,836 Mar. 8 1,629 5 246 1,881 Sept. 6 1,959 1 207 2,166 Mar. 15 1,629 15 9 245 1,899 Sept. 13 1,995 1 207 2, 203 Mar. 22 1,629 2 233 1,864 Sept. 20... 2,031 0) 207 2, 238. Mar. 29..- 1,629 2 207 1,838 Sept. 27 2,067 1 207 2, 274 Apr. 5 1, 629 1 207 1,837 Oct. 4 2,102 (l) 207 2,309 Apr. 12 1, 629 1 207 1,837 Oct. 11 2,137 207 2, 344 Apr. 19 1, 629 1 207 1,837 Oct. 18 2,168 207 2,357 Apr. 26 1,629 1 207 1,837 Oct 25 2,193 207 2, 400 May 3 1,629 1 207 1,837 Nov. 1. _._ 2,211 2 207 2, 420 May 10 1,629 1 207 1,837 Nov. 8 2,223 207 2, 430 May 17 1,629 0) 207 1,837 Nov. 15 2,223 2 207 2,432 May 24 1,654 0) 207 1,862 Nov. 22 2,223 1 207 2, 431 May 31 1,682 (0 207 1,890 Nov. 29 2, 223 2 207 2, 432 June 7_ 1,704 0) 207 1,912 Dec. 6 2,223 1 207 2, 431 June 14_ 1,725 207 1,932 Dec. 13 2,223 2 207 2, 432 Juno 21 1,747 207 1,955 Dec. 20 2,223 2 207 2, 432 June 28_ 1, 768 207 1,975 Dec. 27 2,223 2 207 2,432 i Less than $500,000. Back figures.—See Annual Reports for 1932 (table 28), 1931 (table 19), and 1930 (table 17a). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT 117 No. 31.—HOLDINGS BY FEDEEAL RESERVE BANKS OF 1-DAY CERTIFICATES OF INDEBTEDNESS ISSUED BY THE UNITED STATES TREASURY, 1925-33 [In thousands of dollars] Date 1925 1926 1927 1928 1929 1930 1931 1932 1933 Mar. 10 2,000 6,000 Mar 11 1 000 8,000 Mar. 13 5,000 Mar. 15 209,000 251,500 201,000 314,000 1 218,000 19,500 9,000 Mar. 16 182,000 157,000 177,500 208,000 i 181,000 i 218,000 64,000 32, 000 Mar. 17 122, 500 99,000 176, 000 i 155,000 i 181,000 105, 500 27,000 19,000 Mar. 18 100, 500 38, 000 79, 000 i 155, 000 129,000 56, 500 45,000 6,000 Mar. 19 58, 500 i 48,000 75,000 60, 500 29,000 22,000 Mar. 20 . 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 i 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 42, 500 141, 500 44, 500 i 82,000 i 239, 500 114,000 June 17 8,000 77, 000 15, 500 1 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. 15 177, 500 192,000 196, 500 i 158,000 104, 500 39, 000 Sept. 16 94, 000 72, 500 91, 500 i 158,000 162, 500 54,000 14,000 Sept. 17 41,000 7,000 1 54,000 31, 000 33, 000 45,000 23, 000 Sept. 18 1 54,000 47,000 3,000 Sept. 22-23. i 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.. i 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 i 57, 000 Dec. 12 54,000 Dec. 13. 50,000 Dec. 14 40,000 Dec. 15 172,000 188,000 197, 500 i 316,000 135,000 219, 500 24,000 Dec. 16 91,000 70,000 106,500 i 316,000 312,500 68,000 197, 500 13,000 i 3,000 Dec. 17 34,500 1 57,000 132,000 99,500 109,000 184, 250 i 22, 000 1 3, 000- Dec. 18 i 57,000 183,000 69,000 55,000 198,000 122,000 Dec. 19 _ 10,000 77,500 19,000 3,000 i 181,000 Dec. 20 63,000 9,000 i 181,000 Dec. 21 »4,000 107,000 Dec. 22 ... i 4,000 29,000 Dec. 23 3,000 *2-day certificates, account Sunday or holiday. Back figures.—See Annual Report for 1929 (table 17). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS No, 32.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS, 1929-33 [Number in thousands; amounts in thousands of dollars] 1929 1930 1931 1932 1933 NUMBER OF PIECES HANDLED 1 Bills discounted: Applications 145 '109 178 81 Notes discounted 415 513 779 346 Bills purchased in open market for own account 196 208 221 Currency received and counted 2,427,330 2,441,989 2, 269,292 2,025, 552 2,013,459 Coin received and counted 3,239,709 3,325,555 2,900,462 2,654,787 2,497,928 Checks handled 924,449 904,975 864, 615 734, 538 688,933 Collection items handled: United States Government coupons paid 20,935 19,362 17,322 17,710 18,099 Allother _ 6,504 6,927 7,468 8,371 "United States Government securitiesissues, redemptions, and exchanges by fiscal agency department 1,833 r 1,412 r 2,431 r 1,956 3,502 Transfers of funds 2,139 1,868 1,663 1,469 1,290 AMOUNTS HANDLED Bills discounted _ 60,747,124 14,067,117 14, 555,590 18.648,306 9,632,808 Bills purchased in open market for own account 3, 587,478 3,873,698 2,998,415 762,755 898,001 Currency received and counted 14, 782,429 14,262,809 10.952, 597 11,710,364 Coin received and counted - 478,219 537,534 585,945 360,295 624,617 Checks handled 367, 215,123 324,883,021 248,172,956 176, 591,791 157,833,692 Collection items handled: United States Government coupons paid 535,612 499, 111 479,960 529,086 578,082 Allother 7,185,384 7,528,014 7, 321, 814 5,427,817 5, 539,659 United States Government securitiesissues, redemptions, and exchanges by fiscal agency department 7,018,844 '7,084,080 17,348,971 19,444,110 24,622,726 Transfers of funds 170, 789,669 198,880,880 162, 095,081 116,040,041 85, 059,151 ' Revised. i 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 33.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF EACH FEDERAL RESERVE BANK, 1933 Federal Reserve bank Total Boston New York Ph p il h a i d a el- Cleveland 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 Fran- NUMBER OF PIECES HANDLED: 1 1933 Bills discounted: Applications 80,974 18,459 17, 258 7,482 5,409 4,838 2,842 2,290 3,324 2,821 4,711 Notes discounted 345,675 17, 376 55,416 78, 444 25,180 47,510 26,108 27,847 3,196 12,044 23,138 19,324 10, 092 Bills purchased in open market for own account 78, 622 6,443 39, 799 2,652 1,677 1,983 3,409 7,642 3,538 3,049 M 1,390 5,158 Currency received and counted 2,013, 459, 000190, 864,000 596,588,000164,556,000 119,873, 000 100, 213,000 103, 514,000 362,955,000 103,161,000 369,9 79,97,000 60, 935,000 4868,3 ,883,000 126,920,000 C C o h i e n c k re s c h e a iv n e d d le a d nd counted 2,4 6 9 8 7 8 , , 9 9 3 2 3 8 , , 0 0 0 0 0031 7 4 1 , , 0 3 0 7 4 8 , , 0 0 0 0 0 0 9 1 4 4 0 3 ;1 , , 3 7 72 2 , 7 , 0 0 0 0 0 0 5 2 8 6: , 4; 0 , 1 0 4 6 , 9 0 , 0 0 0 0 0 6 1 8 1 , 8 0 , 0 3 6 7 , 2 0 , 0 0 0 0 0 4 1 6 5 , 4 1 , 9 1 5 , 5 0 9 0 , 0 0 00 2 7, 6 0 8 6 , 9 6 , 6 0 7 0 , 0 0 00 9 2 2 , 8 3 7 5 , 8 8 , 7 0 7 0 , 0 0 00 3 1 7 0 , 4 4 , 0 6 5 0 , 90 0 ,0 0 0 0 2 2 0 1 , , 3 7 2 7 3 9 , , 0 0 0 0 0 0 5 5 2 0 , , 4 2 3 9 3 7 , , 0 0 0 0 0 0 4 30 1 ; "4 6 1 66 1 60 , 0 0 , 0 0 0 0 0 13 4 0 3, ,, 0 2 1 6 3 8 , , 0 0 0 0 0 0 Collection items handled: U.S. Government coupons paid 18, 099,000 1,155,000 4,121,000 1,378,000 2,815,000 642,000 498,000 3, 331,000 1,156,000 534,000 1,042,000 319,000 1,108, 000 Allother 8, 371, 000 444,000 2, 641,000 476,000 468, 000 375,000 210,000 829,000 442,000 1,128,000 381,000 209,000 768, 000 U.S. Government securitiesissues, redemptions, and exchanges 3, 502,000 162,000 1,160,000 187,000 365, 000 94,000 104,000 706, 000 192,000 94,000 207,000 81,000 150,000 Transfers of funds 1, 290,000 38,000 307, 000 96,000 82,000 79,000 60, 000 189, 000 78,000 53,000 99, 000 89,000 120, 000 AMOUNTS HANDLED: 1933 (in millions of dollars) Bills discounted 9,632. 8 265.9 4, 753. 4 1,070. 0 534.3 246.2 435.9 195.7 50.2 134.4 52.9 1,045.1 Bills purchased in open market for own account 898.0 95.7 386.5 37.2 31.8 21.6 30.0 127.1 28.0 24.6 19.0 15.9 Currency received and counted 11, 710. 4 1,075.1 3, 709.1 825.1 676.4 494. 465.2 2,495. 3 460.2 197.6 307.1 192.9 811.8 C C o h i e n c k r s e c h e a iv n e d d l e a d nd counted 624.6 40.4 207.1 40.2 13, 7 2 3 5 4 . . 9 8 7,66 3 0 2 . . 0 0 17.4 136.7 7, 56 1 1 9 . .5 2 3,29 9 3. . 4 9 6, 78 1 7 8 . .8 9 4, 46 1 1 0 . .7 6 8, 6 6 4 6 2 . . 0 9 Collection items handled: 157,833. 7 10,205.8 57, 739. 8 14, 936. 6 5, 881. 4 16,928. 3 U.S. Government coupons paid 578.1 38.9 286.4 35.0 56.7 14.1 8.0 67.0 18.4 8.7 16.5 5.6 22.8 All other 5, 539. 7 528.7 1, 682. 7 289.7 405.9 231.8 162.6 996.5 291.5 219.1 235.1 196.4 299.7 U.S. Government securities— issues, redemptions, and exchanges 24, 622. 7 1,128. 7 16,116.0 715.0 343.3 240.9 3, 554. 7 418.3 181.4 390.7 253.8 598.1 Transfers of funds 85,059. 2 3,339.1 37,289. 8 3,406.1 3, 304! 1 3,883. 2 1, 337. 9 13,194. 5 2, 920. 6 1,847. 7 3, 208. 2 2,910. 6 8, 417. 4 1 2 or more checks, coupons, etc., handled as a single item, are counted as 1 "piece." Back figures.—See Annual Reports for 1932 (table 31), 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 34.—VOLUME OF OPERATIONS OF BRANCHES OF FEDERAL RESERVE BANKS Noncash collec- Fiscal tion items agency handled issues, Fe b n r u d a m e n r c b h a e l r an R d e d s i e s r tr v ic e t co B d u i i n s ll - t s ed C r c e u o c a r u e r n n i e v d t n e e c d d y ce c C i o v o u e i n n d t r e a e d n - d h C a h n e d c le k d s c G o m o u v e p e n o r t n n s - o A th l e l r c a o s d t h n e i f e a o r c d m e n U n u - g e r s p . x i e S , - - - s . T of r an fu s n fe d r s s ties NUMBER OF PIECES HANDLED: i 1933 No. 2—Buffalo 2,366 37,176, 00036, 409, 00010,104,000 67, 434 95,482 485 15, 225 No. 4—Cincinnati-. 28, 520, 00040, 356, 000 14,870, 000 854,952 38, 764 37, 206 15, 644 Pittsburgh-_ 38,829, 00000032, 632, 00026, 329, 000 486,141 31, 731 25, 642 17,184 No. 5—Baltimore " 15," 84648, 208,000000 108, 543i,, 00016, 794, 000 342, 895 173,321 12, 826 17, 206 Charlotte.... 12,025,000000 6, 578, 000 5, 697, 000 41, 555 43, 938 13, 265 No. 6—Birmingham. 11, 221, 000 7, 436, 000 3,897, 000 22, 392 14, 370 5, 338 Jacksonville. 15, 427, 000 8, 640, 000 4, 933, 000 83, 089 49, 665 10, 213 Nashville 10, 771, 000 4, 294, 000 5,167, 000 36, 055 34, 056 4,109 New Orleans. _ 3,433 23, 025, 00029, 801, 000 4, 537, 000 142,102 41, 699 14, 418 8, 041 No. 7—Detroit 4,617 68,149,0"0"0 107',,347,000 12, 562, 000 259, 304 172, 585 7,375 20, 472 No. 8—Little Rock 273 6, 560, 000 5, 924, 000 2, 937, 000 30,151 85, 231 622 8,762 Louisville 902 17, 080, 000 13, 429, 000 8, 355, 000 247,858 47, 034 1,785 10, 510 Memphis 320 15, 607, 000 8, 371, 000 3, 021, 000 56, r~" 59, 795 48" 10, 737 No. 9—Helena 990 1, 334, 000 1,101, 000 1, 898, 000 40, 944 22, 686 7, 450 No. 10—Denver 2,860 9, 097, 000 8, 300, 000 7,153, 000 206, 037 68, 332 1,511 12, 570 Oklahoma City 8, 483, 000 6, 472, 00012, 646, 000 47, 422 63, 715 1,773 7,893 Omaha 4,737 7, 859,000 9, 679,000 8, 747, 000 181,968 72, 095 1,439 22,913 No. 11—El Paso 896 3, 280, 000 2, 382, 000 2, 230, 000 23, 917 16, 946 5,711 Houston 547 9, 481, 00010, 359, 000 5, 341, 000 63, 272 56,879 23, 669 San Antonio... 1,585 8, 219, 000 6, 235, 000 4, 647, 000 46,789 28,829 12, 614 No. 12—Los Angeles 2,233 64, 077, 000 51, 518, 00015, 208, 000 362, 207 138, 928 13, 458 44, 098 Portland. __ 742 6,137, 000 6,831, 000 4, 791, 000 145, 206 61, 801 3,505 8, 560 Salt Lake City 1,318 3, 803, 000 2,401, 000 4, 683, 000 65, 661 243, 212 2,174 12, 897 Seattle 1,502 10, 520,000 8, 977, 000 4,167, 000 128, 769 49,976 4,431 11, 606 Spokane 2,219 1, 954,000 1, 416, 000 3, 085, 000 54, 382 101, 463 1,562 9, 313 TotaL 47,386 466,842,000 525,431,000 193, 799,000 4,037,000 1,813,000130, 699 336, 000 AMOUNTS HANDLED: 1933 (in thousands of dollars) No. 2—Buffalo 457, 527 203, 398 3,157 1, 764, 755 2,379 35,946 630 1,183, 810 No. 4—Cincinnati- 125, 909 7,736 2,153,104 14, 435 59, 584 46, 658 330,156 Pittsburgh. 203, 280 6,695 6, 553, 825 15, 001 47, 038 52,156 896, 497 No. 5—Baltimore "207," 106 240, 492 11,317 2, 514, 583 8,069 103, 682 79,142 822, 780 Charlotte 53, 049 3,780 1, 035, 288 507 31, 980 615,109 No. 6—Birmingham. 41,405 1,615 794, 696 276 10, 656 67, 439 Jacksonville. 66, 715 2,076 651, 018 1,437 19, 842 152, 612 Nashville.— 39, 475 970 825,196 399 36, 395 61, 208 New Orleans. _ 55, 654 97, 530 4,' 1,162, 879 2,406 43, 708 27, 698 336, 612 No. 7—Detroit.. 104, 670 544, 691 17, 064 2, 995, 268 6,14- 105, 727 12,155 2,191, 959 No. 8—Little Rock- 7,1 29, 527 626 392,904 386 31,903 415 130,737 Louisville 63,695 86,282 5,312 1, 508, 256 3, 476 48,639 606 382, 557 Memphis.----- 38,661 58, 888 2,921 713,173 843 48, 971 491 352, 222 No. 9—Helena 6,527 13,103 621 254,470 524 9,301 84, 236 No. 10—Denver 35, 778 56, 492 6,530 1,164,156 3,778 39, 336 5,447 471, 359 Oklahoma Citj 35, 448 1,340 1, 422,151 534 26, 525 729 130, 484 Omaha 26, 420 43, 623 3,304 1, 094, 416 2,423 59, 871 4,785 635,190 No. 11—El Paso 4,276 15, 352 1,030 224, 352 310 10, 425 130, 220 Houston 5,034 39, 539 2,384 886, 213 1,073 59, 434 938, 540 San Antonio. . 4,952 41, 224 2,603 576, 685 703 28, 499 279, 020 No. 12—Los Angeles. _ 38, 819 314, 800 30, 008 2, 384, 680 7,824 53, 870 34,284 1, 702,173 Portland 12, 663 37, 674 3,467 776, 090 1,660 26, 867 2,685 393, 008 Salt Lake City 20, 415 30,164 1,568 615, 999 87, 38,844 1,899 359, 544 Seattle 63,103 71,490 3,541 724,884 1,821 23,389 4,"" 759,342 Spokane 17,185 16, 552 908 429, 735 555 22, 721 830 134, 364 Total. 1,170,294 2, 506,102 125, 25033, 618, 776 77,841 1, 023,153275, 59:13, 541,178 i 2 or more checks, coupons, etc., handled as a single item, are counted as 1 "piece." NOTE.—Currency received and counted during 1933 by agencies of the Federal Reserve Bank of Atlanta: Habana, Cuba, 2,499,000 pieces, amount $26,629,000; Savannah, Ga., 3,529,000 pieces, amount $10,399,000. Coin received and counted by Habana, Cuba, 98,000 pieces, amount $790,000; Savannah, Ga., 660,000 pieces, amount $171,000. Back figures—See annual Reports for 1932 (table 32), 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), 1920 (p. 93), and 1919 (p. 39). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 121 GOLD SETTLEMENT FUND No. 35.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1926-33 [In millions of dollars] Daily settlements between Federal Year and month a B n t p i a e b n l r e a g i g n o o i d c n f e - Tr R a e n s s e i r t ve b R F a e e n d s k e e s r r v a e l tr r a I e b n n s a e t s n e r f v r k e - r e s d W ra i w th a - ls Deposits a B t p a e e l r n a i d n o c d o e f clearings note clearings 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 1933 340.3 75, 725. 4 614.4 2, 575. 0 4, 548. 6 4,826. 5 618. 2: 1933 January 340.3 6, 705. 2 45.2 55.5 190.9 280.4 429. 8 February 429.8 6, 541.4 29.7 189.5 801.1 750. 5 379.3 March 379.3 6, 650. 7 60.3 875.5 1, 825. 5 1, 676. 3 230.0 April 230.0 5, 326. 5 67.9 151.5 277.7 397.6 350.0 May 350.0 6,173. 6 59.2 130.5 270.2 330.1 409.8 June 409.8 6, 702. 6 51.9 131.0 227.8 322.5 504.6 July 504.6 6,943. 0 46.5 96.5 286.1 287.7 506.2 August 506.2 6, 211. 8 58.4 211.0 143.9 191.5 553.8 September 553.8 5,858. 7 52.4 142.9 74.6 129.8 608.9 October 608.9 6, 279. 8 52.2 127.0 112.8 174.6 670.7 November 670.7 5,926. 9 47.3 180.1 95.9 98.5 673.4 December 673.4 6,405. 3 43.4 284.0 242.3 187.1 618.2 Back figures.—See Annual Report for 1932 (table 33), 1931 (table 22), 1930 (table 20), etc. No. 36.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1933 [In millions of dollars] Daily settlements between Federal Reserve banks Interreserve Bal- Feder b a a l n R k eserve J a B a n n a c . l e - 1 cl T ea r r a n n i s n i g t s F s e c e d l r e v e a e r r a i n n l o g R t s e e- bank transfers d W raw ith a - ls p D os e i - ts a f c u n l b o n c u s d e s e i i a - o n t f ness Dec. 31 Pay- Re- Pay- Re- Pay- Rements ceipts ments ceipts ments ceipts Boston. . 14.4 5,554. 0 5, 736. 6 58.2 41.8 273.7 102. 4 246.6 256.4 19.2 New York 103.8 25,440. 6 25,877.4 152.9 146.0 1,178. 7 807.6 2, 090. 82,093. 0 164.8 Philadelphia 20.3 5, 694. 8 5, 742. 7 60.6 54.7 132.5 52.0 221.1 250.3 10.9 Cleveland 31.2 5,456. 9 5, 524.1 68.1 49.6 181.8 147.6 201.7 218.5 62.5 Richmond 11.1 5,148. 9 5, 268.1 38.1 38.0 162.9 112.8 214.3 160.1 26.0 Atlanta 8.2 2, 509. 7 2, 381. 5 22.9 44.3 54.5 126.8 112.5 160.9 22.1 Chicago 92.7 10, 763. 9 10,452. 6 89.2 122.7 390.8 599.3 808.6 945. 5 160.4 St. Louis 14.0 4, 089. 5 4, 019. 9 37.4 38.5 60.0 181.2 197.7 168.0 37.0 Minneapolis 7.8 1, 528. 9 1, 507. 0 25.3 17.4 32.0 74.0 69.8 69.4 19.5 Kansas City.. ... 13.9 3,443. 6 3, 346.1 29.1 22.8 21.5 137.9 91.3 97.1 32.3 Dallas 7.2 2, 718. 4 2, 694. 2 11.8 12.4 29.0 73.0 95.8 100.9 32.9 San Francisco 15.8 3, 376. 3 3,175. 2 21.0 26.1 57.6 160.5 198.5 306.4 30.6 Total 340.3 75, 725. 4 75, 725.4 614.4 614.4 2, 575. 02, 575. 04, 548. 64, 826. 5 618.2 Back figures.—See Annual Report for 1932 (table 34), 1931 (table 86), 1930 (table 81), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE AGENTS' GOLD FUND No. 37.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1926-33 [In millions of dollars] Year and month a B n t p a i e b n l r a e g i n o g o d c in f e - d W raw ith a - ls Deposits Tr b an a to s n f k ers Tr b a fr n a o s n m f k ers B a p a t e l r o a e i f n o n d c d e 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 1933 1, 237. 6 4.0 4,030. 3 3,938. 5 1,149. 7 1933 January 1, 237. 6 144.2 185.5 1, 278. 8 February 1, 278. 8 600.9 702.7 1,380. 6 March_ ... _. . 1, 380 6 3.0 1, 524. 3 1,453. 5 1, 312. 8 April _ 1,312.8 262.5 265.0 1,315. 3 May 1 315 3 224.4 256.0 1, 346.9 June ._. _ _ 1, 346. 9 298.0 218.0 1, 266. 9 July 1, 266. 9 1.0 252.5 230.5 1, 245.9 August-.. --- 1, 245. 9 153.7 140.5 1, 232. 7 September.. _. _ ___ 1, 232. 7 126.8 68.5 1,174. 4 October __ _ 1,174. 4 158.0 100.2 1,116. 6 November 1,116.6 98.4 87.0 1,105. 2 December-. _ 1,105. 2 186.7 231.3 1,149. 7 Back figures.—See Annual Report for 1932 (table 35), 1931 (table 23), 1930 (table 21), etc. No. 38.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1933 [In millions of dollars] Federal Reserve bank B J a a l n a . n c 1 e d W ra i w th a - ls Deposits Tr b an a to s n f k ers Tr b f a r n a o n s m f k ers a b B t u a c s l l i o a n s n e e c s e o s f Dec. 31 Boston 134.0 243.9 228.0 118.1 New York 134 0 1, 758.9 1, 715. 0 90.1 Philadelphia 73.7 213.1 208.3 68.9 Cleveland -- -- 121.5 4.0 196.5 181.5 110. 5 Richmond 54.6 139. 2 175.0 90.4 Atlanta - - 48.0 82.5 103.5 69.0 Chicago - -- 437.0 877.0 705.0 265. 0 St Louis 49.3 145.0 191.9 96.2 Minneapolis -- 28.0 43.0 61.5 46.5 KTansas Citv 51.8 56.0 88.0 83.8 Dallas 8.4 78.2 90.3 20.5 San Francisco -- -- 97.3 197.0 190.5 90.8 Total - 1, 237. 6 4.0 4, 030. 3 3, 938. 5 1,149. 7 Back figures—3ez Annual Report for 1932 (table 36), 1931 (table 87), 1930 (table 82), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 123 MEMBERSHIP IN PAR COLLECTION SYSTEM No. 39.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, 1926-33 1926 1927 1928 1929 Nonmember Nonmember Nonmember Nonmember End of month banks banks banks banks Mem- Mem- Mem- Member ber ber ber banks On par Not on banks On par Not on banks On par Not on banks On par Not on list par list list par list list list list par list January _ 9,459 14,540 9,206 13,852 9,014 13,155 3,918 8,807 12,567 3,913 February 9,437 14,490 3,990 9,168 13,781 3,833 8,987 13,101 3,905 8,777 12, 506 3,909 March 9,425 14,441 3,981 9,143 13,700 3,839 8,971 13,035 3,910 8,758 12,466 3,901 April 9,410 14,382 9,130 13,643 3,858 8,949 12,960 3,908 8,743 12,411 May 9,400 14,325 3,971 9,110 13,589 3,867 8,935 12,925 3,916 8,731 12,346 3,829 June 9,384 14,257 3,965 9,106 13,556 3,863 8,929 12,888 3,926 8,707 12,318 3,812 July 9,377 14,207 3,901 9,105 13,528 3,857 8,920 12,864 3,934 8,677 12,275 3,779 August 9,377 14.164 3,907 9,099 13,486 3,858 8,912 12,838 3,936 8,656 12,242 3,779 September 14,130 3,924 9,088 13,430 3,877 12,800 3,954 8,629 12,221 3,777 October 9,336 14,073 3,935 9,081 13,358 3,890 8,893 12,7581 3,936 12,175 3,769 November 9,301 13,991 3,925 9,067 13,306 3,913 8,882 12,713 3,913 12,104 3,761 December 9,260 13,911 3,913 13,247 3,910 8,837 12,643 3,911 8,522 12,045 3,754 1930 1931 1932 1933 i Nonmember Nonmember Nonmember Nonmember End of month banks banks banks banks Mem- Mem- Mem- Member ber ber ber banks On par Not on banks On par Not onbanks On par Not onbanks2 On par Not on list par list list par list list par list list par list January 8,486 11,943 3,728 8,006 10, 797 3,413 7,138 8,927 3,147 6,736 3,006 February 8,447 11,864 3,712 7,968 10, 718 3,441 7,094 8,839 3,127 6,699 7,852 2,979 March 8,407 11,776 3,689 7,924 10,648 3,427 7,079 8,786 3,108 6,692 7,774 2,934 April 8,382 11,703 3,645 7,! 10, 567 3,455 7,059| 8,727 3,110 7,659 2,852 May 8,359 11,635 3,640 7,842 10,471 3,452 7,031 3,113 6,705 7,643 2,810 June 8,315 11,559 3,629 7,782 10,327 3,437 6,977 8,560 3,116 6, 701 7,589 2,795 July 8,284 11,485 3,624 7,746 10,238 3,446 6,947 8,448 3,108 6,722 7,532 2,780 August 8,271 11,412 3,632 7,679 10,103 3,429 6,925 8,365 3.122 6,684 7,461 2,763 September... 8,252 11,338 3,625 7,594 9,883 6,904 8,337 3,108 6,637 7,436 2,750 October 8,228 11,269 3,607 7,426 9,541 3,296 6,886 8,292 3,073 6,561 7,367 2,739 November. __ 8,159 11,129 3,532 7,358 9,431 3,261 6,845 8,233 3,065 6,555 7,262 2,712 December 8,052 10,956 3,437 7,246 9,181 3,207 6,816 8,114 3,046 6,523 7,154 2,695 1 Includes banks not licensed following banking holiday. 2 Including a number of nonlicensed national banks (16 at the end of 1933) whose Federal Reserve bank stock had been canceled on applications of conservators but which were still included in statistics of national banks in operation. 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 ANNUAL KEPOET OF THE FEDERAL RESERVE BOARD No. 40.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, BY DISTRICTS Nonmember Nonmember Nonmember banks banks banks Mem- Mem- Member ber ber nd of month (1933) banks On par Not on banks On par Not on banks On par Not on list par list list par list par list list Boston district New York district Philadelphia district January... 367 222 823 333 692 300 February. - 367 223 821 332 687 297 March 366 224 821 325 688 297 April 367 222 824 310 687 292 May.. 367 221 828 307 686 292 June 367 220 828 306 685 292 July 368 221 824 307 687 291 August 369 219 821 306 681 292 September. 366 219 815 308 680 290 October... 367 218 809 307 678 283 November. 369 214 809 308 675 281 December- 367 209 808 300 671 281 Cleveland district Richmond district Atlanta district January... 631 760 391 424 358 317 131 February. . 632 761 390 421 352 316 129 March 632 747 387 420 350 316 126 April 633 740 393 406 353 317 128 May 634 735 393 406 352 322 125 June 632 733 390 396 355 321 122 659 July- 638 728 392 389 353 325 119 648 August 635 720 387 379 349 324 117 646 September. 630 726 386 372 346 323 119 646 October... 629 714 386 371 346 322 118 644 November. 637 708 390 366 339 328 114 637 December. 621 696 400 352 338 330 109 637 Chicago district St. Louis district Minneapolis district January 775 2,155 247 411 1,082 402 539 312 813 February—. 766 2,133 243 402 ,058 390 537 306 806 March 771 2,128 219 404 ,040 388 533 311 792 April - 768 2.099 212 405 ,037 382 530 302 759 Mayi 771 2,117 185 404 ,034- 378 537 297 752 June. 777 2,102 184 407 L,02T 378 530 295 744 July. 778 2,082 186 409 ,023 380 538 290 743 August 772 2,051 186 408 L, 018 378 540 290 737 September- 759 2,036 187 409 , 015 376 537 286 734 October 709 2,012 188 408 , 010 376 539 286 726 November.. 698 1,997 189 401 L, 007 377 545 253 716 December.. 692 1,986 187 403 ]L,002 377 532 249 704 Kansas City district Dallas district San Francisco district January 775 1,396 218 576 409 219 439 439 48 February—. 769 1,371 216 576 393 226 436 428 48 March 770 1,350 220 566 393 222 438 413 47 April.. 771 1,325 212 564 393 216 432 405 45 May 771 1,323 215 563 389 217 429 403 45 June 773 1,310 211 563 383 217 428 401 44 July 772 1,307 208 561 382 217 430 393 42 August 769 1,300 207 559 381 216 419 388 41 September- 758 1,296 203 558 381 214 416 388 41 October 750 1,282 206 554 379 212 410 387 39 November- 749 1,275 201 549 376 211 405 363 39 December. . 748 1,256 199 549 365 211 402 349 39 NOTE.—See footnotes to table 39. Back figures.—See Annual Reports for 1932 (table 38), 1931 (table 88), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBERSHIP IN PAR COLLECTION SYSTEM 125 No. 41.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, BY STATES, ON DEC. 31, 1932 AND 1933 1932 1933 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: Miaine 45 36 49 31 New Hampshire 54 16 54 16 Vermont 45 41 43 40 Massachusetts 160 66 160 60 Rhode Island 14 9 12 11 Connecticut 61 72 60 67 Middle Atlantic: New York 588 231 580 198 New Jersey 327 114 306 114 Pennsylvania - - 819 378 803 338 East North Central: Ohio 311 481 311 444 Indiana 161 505 9 134 460 8 Illinois 368 682 27 365 534 22 Michigan » 200 400 3 173 400 2 Wisconsin __ 140 435 215 123 381 179 West North Central: Minnesota _ _ _ 234 133 445 229 92 380 Iowa . . 184 561 105 148 537 65 Missouri 150 660 70 137 595 58 North Dakota 77 15 140 72 9 136 South Dakota 81 37 121 85 29 98 Nebraska 159 274 179 147 207 173 Kansas 224 615 4 215 564 3 Couth Atlantic: Delaware 20 34 20 33 Maryland __ _ _ _ 73 135 70 131 District of Columbia 12 23 12 13 Virginia - . 149 148 76 158 115 59 West Virginia 96 108 9 96 86 7 North Carolina 48 26 183 54 19 168 South Carolina _ . _ 25 7 98 21 6 104 Georgia 80 18 197 82 11 185 Florida 52 32 87 52 26 78 East South Central: Kentucky 113 329 17 108 314 15 Tennessee 84 84 197 79 79 177 Alabama. _ _ 84 9 141 89 6 132 Mississippi 26 11 191 27 9 177 West South Central: Arkansas _ - 64 73 132 63 72 120 Louisiana 34 17 143 35 16 116 Oklahoma _ 235 225 27 224 219 15 Texas 540 398 148 506 343 149 Mountain: Montana _ _ _ 68 57 22 65 51 19 Idaho -- 39 65 34 35 Wyoming 29 39 4 32 26 4 Colorado _ _ _ 102 102 3 90 86 3 New Mexico. . 28 18 2 27 16 2 Arizona 12 10 3 12 5 2 Utah 32 42 32 29 Nevada 7 6 7 7 Pacific- Washington 111 108 34 102 86 31 Oregon _ 82 62 14 63 47 8 California _ 169 167 157 141 Total -. 6,816 8,114 3,046 6,523 7,154 2,695 NOTE.—See footnotes to table 39. Back figures.—See Annual Reports for 1932 (table 39), 1930 (table 84), 1928 (table 82), 1926 (table 65), and 1924 (table 70). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE BANK PREMISES No. 42.—COST OF BANK PREMISES OP FEDERAL RESERVE BANKS AND BRANCHES TO DEC. 31, 1933 NEW BUILDINGS CONSTRUCTED BY FEDERAL RESERVE BANKS Cost of Cost of buildings land, in- Federa o l r R b e r s a e n r c v h e bank m o i c l n o d l g u l i d s b s i u h d n e i e g l d d - , - m e e r F a q y i c u x h a e ip i n d n - d - All other Total b la u c T n i o l d o s d t t i a a n o l n g f d s v B a n o l e u o t e k Date occupied net ment Boston __ $1,246,726 $662,157 $3, 542, 603 $4, 204, 760 $5,451,486 $3,224,177 March 1922. New York: Main building _ 4,850, 210 3,145,152 11, 603, 541 14, 748, 693 1.99, , 559988,,990033 10>,, 507, 689October 1924. Annex building 592, 679 215,418 1,451,570 1, 2, 259, 667 1,339,154 (0 Cleveland __ 1, 295,490 1, 559,120 6,464, 253 8,023,373 9, 318, 863 4, 714,598 August 1923. Pittsburgh 781, 364 352, 411 1,049,450 1,401,861 2,183, 225 2,070, 765 December 1931. Richmond: Main building 271,924 470,644 2, 046, 286 2, 516,930 2, 788,854 1, 710,310 October 1921. Annex building 80, 333 104,217 482,482 586, 699 667,032 254,819 Baltimore 250, 487 330,439 1, 244, 685 1, 575,124 1, 825, 611 1,417,956 September 1928. Atlanta 283,000 175, 279 1, 355,487 1, 530, 766 1, 813, 766 1,081,192 October 1918. Birmingham. __ 124,137 46, 788 311,336 358,124 482,261 341,277 January 1927. Jacksonville 45,842 25,956 214,312 240,268 286,110 179,363 June 1924. New Orleans 201, 250 159, 502 738,404 897,906 1,099,156 607,667 October 1923. Chicago _ 2,963, 548 1, 276, 579 6, 227, 326 7, 503,905 10,467,453 5, 790,171 July 1922. Detroit.— 650,000 113,161 1,006,139 1,119,300 1, 769, 300 1,584,709 December 1927. St. Louis _ 1, 355, 374 1,126,036 2,111,! 3, 237,845 4, 593, 219 2, 292,577 June 1925. Little Rock—._ 85,007 103,608 233,079 336,687 421, 694 263,536 March 1925. Memphis 100,906 44,062 232, 293 276, 355 377,261 319, 639 June 1929. Minneapolis 600, 521 620,054 2, 316, 745 2, 936, 799 3, 537, 320 1, 606,725 February 1925. Kansas City 495,300 777,940 3, 391,101 4,169, 041 4,664,341 2, 294,437 November 1921. Denver 101, 512 60, 593 449,876 510, 469 611,981 401, 270 November 1925. Oklahoma City 65,021 77, 480 409,890 487,370 552, 391 326,834 April 1923. Omaha .__ 176,427 73,479 397,938 471,417 647, 844 462,603 December 1925. Dallas 189,831 352, 671 1,172,133 1, 524, 804 1, 714, 635 1,110,882 March 1921. El Paso 39,003 10, 824 111, 369 122,193 161,196 108,235 August 1920. Houston ._ 66, 313 61,905 286, 801 348, 706 415,019 296, 802 February 1922.. San Antonio... 75,002 21, 238 156, 791 178,029 253,031 234, 299 October 1928. San Francisco 412,996 784,102 3,144, 407 3,928, 509 4,341, 505 2,191,202 December 1923. Los Angeles 454, 592 282,698 988,109 1, 270,807 1, 725, 399 1,479, 444 April 1930. Salt Lake City 114, 075 84, 814 341, 449 426, 263 540,338 419,201 February 1927,, Total.. 17,968, 870 13,118, 327 53,481, 664 66, 599, 991 84, 568,861 48, 631, 533 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 $93,400 0) B P P h i u t i t f l s f a b a d u l e o r l . g p .. h hia- 1,9 2 2 0 5 9 0 5 7 , , , 8 0 0 3 0 0 0 0 0 $3 13 4 8 4 , , 9 6 9 2 4 4 3, 4 5 0 6 6 2 5 0 8 , , , 9 4 7 6 6 0 0 4 7 3,3 4 6 7 9 6 3 9 5 , , , 4 7 5 5 0 8 4 7 85, 9 7 2 9 2 7 0 6 4 , , , 4 7 5 4 0 4 1 7 83, 4 5 8 5 0 4 8 0 1 , , , 0 4 6 0 1 0 0 2 0 D M e a c y e m 1 b 92 e 8 r . 1917. Nashville 48, 000 25,101 211,616 236, 717 284,717 162, 773December 1922. Louisville 131,177 35,060 226, 259 261,319 392, 496 234,190 June 1919. Helena 5,000 16,109 156, 290 172,399 177,399 50, 581February 1921. Total 2, 682,007 559, 888 4, 775,1605,335, 0488,017,055 5, 340,956 Grand total 20, 650,877 13, 678, 215 58, 256, 824 71,935,039 92, 585,916 53,972,489 i Occupied by tenants. a Estimated cost to complete addition $1,417,000. 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 Digitized fotrh Fe RCAinSciEnRna ti Chamber of Commerce by the Federal Reserve Bank of Cleveland. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 127 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANES No, 43.—GROSS AND NET EARNINGS OF FEDERAL RESERVE BANKS, AND DISPO- SITION MADE OF NET EARNINGS, 1914-33 [Figures for each Federal Reserve bank are given in table 45] Earnings Disposition of net earnings Year Total Net* Div p i a d i e d nds s fe u T r r r r p e a l d n u s s t - o 2 t U e F a r x r . n a S m n p . c a e G h i n d i o t s v t e 2 o - o P r f r c o o l a r o f r w i s r t s i 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, 244 11, 020, 582 2,011,418 1933 49,487,318 7, 957,407 8,874,262 -916,855 Total 1,070, 259, 479 556,447,882 129,127, 324 278,182, 258 149,138,300 1 Total earnings less 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. Franchise tax requirement was repealed by Banking Act of 1933. No. 44.—EARNINGS OF FEDERAL RESERVE BANKS, BY SOURCES, 1914-33 Earnings Total disco O u n nted purc O ha n sed U e . r S n O . m G n en o t v- D r e e f s i e c r i v en e t mis F c r e o ll m anebills bills securities penalties ous sources 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, 052,860 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 1933 49, 487, 318 9,137, 038 1, 238, 068 37, 529,872 191,051 1,391, 289 Total 1, 070, 259,479 663, 290,129 149,167, 581 218,194,926 8,828,482 30,778,361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 ANNUAL. EEPOET OF THE FEDERAL RESERVE BOARD No. 45.—TOTAL EARNINGS, CURRENT EXPENSES, AND NET EARNINGS OF EACH RESERVE BANK, AND DISPOSITION MADE OF NET EARNINGS, 1914-33 Earnings and expenses Disposition of net earnings Franchise Total earn- Current Net earn- Dividends Transferred tax paid to ings expenses ings i paid to surplus U.S. Government All Federal Reserve banks: 1914-26 $726, 595,181$245,408,046 $433,642,972 $64,875, 545$228, 775, 334$139,992,093 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 1933 49, 487,318 29,222,837 7,957,407 8,874,262 -916,855 (2) Total 1,070, 259,479 440,420,020 556,447,882 129,127,324 278,182, 258 149,138,300 Boston: 1914-26 49,331, 559 17,644,686 29,755, 582 5,038,180 17,606,007 7, 111, 395 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 1,948,480 —140, 230 709,139 -849,369 1932 2, 774, 303 1,880,183 686, 639 675, 511 11,128 1933_ 2, 774,081 2,074,230 25,617 645,681 -620,064 (2) Total 71, 650,178 31, 704,418 36,501,653 9,549,848 19,840,410 7, 111, 395 New York: 1914-26 » 214, 277,972 58,311,797 146,448,326 16,828,116 61,613,948 68,006,262 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, 708 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 1933 17, 523,930 7,052,351 6,197, 727 3, 509,873 2, 687,854 (2) Total. 314,144,327 105,183, 446 196,173,326 40,420,791 87, 746, 273 68, 006,262 Philadelphia: 1914-26 53,004, 723 18,138, 631 32, 781, 785 5,955, 555 21, 267,329 5, 558,901 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 1933_.._ 4, 311, 435 2, 233,745 -318, 445 950,437 -1,268,882 (2) Total - 82,861, 735 32,684,434 45,982, 216 12, 450,430 27,972,885 5,558,901 Cleveland: 1914-26 60, 761,736 20,935, 226 34,913,805 7,158,249 23, 745,855 4,009,701 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 1933 4, 705,091 2,915, 300 731, 683 789,058 -57, 375 (2) Total 94, 653,635 39, 701,036 46,373,413 13,294, 614 28,236,352 4,842,447 Richmond: 1914-26 35,395,128 12,832,404 20,289,016 3,440, 351 12,198,187 4,650,478 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 1,871,123 1,406,121 314,490 314,490 1933 1,699,191 1, 544,618 -328, 740 308, 388 -637,128 (2) Total 50,239,478 23, 212,878 23,048, 219 5, 868,575 10,979,455 6,200,189 1 Total earnings less current expenses, depreciation charges, and net losses. * Franchise tax requirement repealed by Banking Act of 1933. Digitized for FBRaAckS fEigRur es.—See Annual Report for 1932 (table 43). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL, RESERVE BANKS 129 No. 45.—TOTAL EARNINGS, CURRENT EXPENSES, AND NET EARNINGS OF EACH RESERVE BANK, AND DISPOSITION MADE OF NET EARNINGS, 1914-33—Cont. Earnings and expenses Disposition of net earnings Franchise Total Current Net Dividends Transferred tax paid to earnings expenses earnings i paid to surplus U.S. Government Atlanta: 1914-26. $34, 758, 327 $11,321,524 $19,593,418 $2, 638,182 $9, 631,766 $7,323,470 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 1933 1, 686, 497 1,321, 267 154,971 281, 644 126, 673 (2) Total 51, 622, 623 20, 532,755 24,156, 648 4,788,697 10,417, 390 8, 950, 561 Chicago: 1914-26 104, 651, 296 33,862, 207 64, 285, 216 8, 785, 246 31,880,795 23, 619,175 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 1933 _._ 6, 764,554 3, 854,009 1,790, 493 858,127 932, 366 Total 151,000, 496 60,154, 533 82,098, 396 16, 355,471 40,429, 399 25, 313,526 St. Louis: 1914-26.. 31,530,796 13, 287,943 15,129, 614 2, 985, 253 9,939, 013 2, 205, 348 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 1933. - 1, 629,136 1, 473, 311 -90, 766 246, 643 -337, 409 (2) Total 46,097, 620 23, 015, 600 17, 668,908 5,064,462 9, 848, 817 2, 755, 629 Minneapolis: 1914-26--. 24, 747, 020 9,005, 065 13,778,851 2,187,936 7, 527, 030 4, 063, 885 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 1933 1,497,669 1,114,094 82,085 171,569 -89, 484 Total 34,877, 834 16, 012, 865 16, 078, 211 3,445,859 7, 429, 452 5, 202, 900 Kansas City: 1914-26 36,360,419 15, 582,416 17, 599, 459 2,823,841 9,029, 481 5, 746,137 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 1933 1, 742, 260 1, 723,116 -268, 275 250, 321 -518,596 (2) Total 51, 226, 380 27, 537,165 19, 278,150 4, 595, 092 7, 743, 958 6, 939,100 Dallas: 1914-26 26, 029, 731 11,751,974 10,804,112 2, 589,112 8,215,000 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 1933 1, 251, 276 1, 220, 798 -448,047 227,888 -675,935 (2) Total ._.. 37,744,971 20, 611,486 12,956,614 4,353,825 8, 042, 740 560, 049 San Francisco: 1914-26 _ 55,746, 474 22, 734,173 28,263,788 4,445, 524 16,120, 923 7, 697, 341 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 1933 3, 902,198 2, 695, 998 429,104 634, 633 -205, 529 (2) Total 84,140, 202 40,069,404 36,132,128 8,939, 660 19,495,127 7, 697,341 Digitized for FFRoAr SfoEoRtn otes see p. 128. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 46.—EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING 1933 GO EARNINGS O Philadel- Cleve- Rich- Minne- Kansas San Fran- Total Boston New York phia land mond Atlanta Chicago St. Louis apolis City Dallas cisco Discounted bills $9,137, ( $302, 777$' 572, 465 $1, 550, 233 .$1,, 105, 782$517, 965 $521, 500 $133, 497 $221, 740 $296, 744 $143, 462 $:1, 152, 067 Purchased bills 1, 238, 068 227, 020 '' 2"8"8",1 1"7~ 59,542 71, 395 51, 639 44, 602 234,060 44, 693 37, 596 25,636 20,498 133, 270 U.S. Government securities 37, 529, 872 2,135, 07514, 255, 732 2, 658, 2483, 417, 2561, 060, 6111, 024, 9995, 667, 5011, 372, 3921,179, 9751,199, 8371,062, 7192,495,527 Deficient reserve penalties-. 191, 051 2,500 19, 476 25, 791 19, 545 13, 971 21, 613 20, 554 8,017 5,161 9,192 35, 293 Miscellaneous 1, 391, 289 106, 709 388,140 17, 621 91,113 55, 005 73, 783 223, 633 50, 341 214, 882 15, 405 86, 041 Total earnings 49,487,318 2,774,081 17,623,930 4,311,435 4,705,091 1,699,191 1,686,497 6,764,554 1,629,136 1,497,669 1,742,260 1,251,276 3,902,198 CURRENT EXPENSES Salaries: Officers $2, 634, 532 $135, 098 $575,340 $133, 294 $240, 747 $172,143 $194, 010 $323, 355 $172, 004 $105, 369 $174, 473 $161,963 $246, 736 Clerical employees 11, 433, 766 792, 883 3,109, 770 996,193 1, 053,976 599,415 393, 356 1, 437, 279 567, 215 367, 666 611, 977 468, 376 1,035,660 Other employees 3, 344, 097 156, 431 877, 762 159, 527 448, 013 166, 904 92, 215 489,475 151, 905 119,742 216, 775 119, 680 345, 668 Governors' conferences 5,168 230 56 461 130 472 351 367 806 387 515 1,294 Federal Reserve agents' conferences 2,366 308 124 94 43 94 252 342 194 307 203 405 Federal Advisory Council 13,913 1,100 702 700 300 300 866 1,281 1,300 1,299 1,050 1,715 3,307 Directors' meetings 180, 043 6,942 22, 417 7,378 12, 024 9,635 23, 268 13, 098 15, 228 9,533 29, 269 8,784 22, 460 Traveling expenses x 296, 260 12,343 29, 665 30,124 22, 323 20, 771 21, 938 37, 070 15, 670 31, 307 18,882 13, 392 42, 775 Assessments for F.R. Board's expenses. 800,160 58, 366 268, 743 84, 512 78, 217 31, 643 28,655 101, 295 26,892 18, 473 23, 221 23, 602 56, 541 Legal fees 120, 259 2,400 11, 220 9,216 28, 781 1,612 8,844 14,107 -1,371 14, 456 10,191 10, 488 10,315 Insurance on currency and security shipments 374, 378 45, 760 77, 36, 237 31, 218 20, 770 28, 483 51,191 9,709 11,200 12, 986 14, 428 34, 768 Other insurance 473, 721 32, 418 80, 475 36, 015 38, 368 23, 738 28, 775 39, 673 46, 012 32, 340 46, 660 27, 972 41,275 Taxes on banking house 1, 242, 383 126, 535 364,863 56, 661 133, 033 69, 226 56, 548 96,109 53, 639 68, 319 87, 226 32,867 97, 357 Light, heat, power, and water 348, 860 22, 607 62, 734 22,458 37, 037 16, 362 18, 245 48, 568 22, 552 18, 794 30, 818 18, 663 30,022 Repairs and alterations, banking house- 123, 437 39, 086 8,763 15, 551 1,362 4,345 15,152 5,791 1,940 7,541 1,32f 14,696 Rent 165,279 '480 1,102 85, 628 15, 603 4,350 1,079 3,000 1,430 52, 607 Office and other supplies 349, 303 16, 208 74, 240 33, 097 40, 239 21, [- 15,161 47, 488 14, 582 17, 017 20,692 10, 359 38, 323 Printing and stationery 470, 719 36, 090 80, 910 37,154 51, 371 25, 307 24, 069 71, 53, 24, 775 18, 993 23, 779 16,597 60,139 Telephone 298, 853 21, 246 82, 347 37, 656 24, 944 12, 889 9,910 29, 709 15, 917 9,785 9,897 11,306 33,247 Telegraph 466, 442 11, 059 99,141 25, 492 26, 864 31, 065 46, 495 34, 519 34, 241 17, 063 51, 473 32, 065 56,965 Postage 2, 425, 528 257,871 403, 251 209, 935 214, 284 165, 864 147, 748 323, 666 111, 757 109, 670 171, 482 114, 385 195,615 Expressage 490, 216 51, 831 120, 856 54, 567 36, 875 30, 301 31, 533 64,448 16, 507 11, 773 24, 942 20, 762 25,821 Miscellaneous expenses 658, 324 34. 556 133, 896 69, 270 52, 852 30, 308 30, 711 89,104 36, 699 37,957 38, 438 33, 988 70, 545 Total, exclusive of cost of currency 26, 718, 007 1, 830,650 6, 515, 226 2, 049,4502, 673, 2001, 467, 2881, 210, 0913, 329, 8041, 344, 7331, 023, 6961, 612,4661,144,862 2, 516,541 Federal Reserve currency: Original cost 1, 841, 631 167, 739 317,592 135, 640 181, 474 65, 712 92, 593 397, 865 110, 826 77,' 94; 284 47, 653 152,293 Cost of redemption 156, 952 13,138 40, 630 14, 247 12, 996 8,026 7,280 30,185 9,591 4,245 5,461 2,590 8,563 Taxes on F.R. bank-note circulation. 506, 247 62, 703 178. 903 34, 408 47. 630 3,592 11,303 96.155 8.161 8,193 10,905 25, 693 18,601 Total current expenses 29, 222,837 2, 074, 230 7,052,351 2, 233, 7452, 915, 3001, 544, 6181, 321, 2673,854, 0091,473,311 1,114, 0941,723,116 1, 220, 7982, 695,998 i Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFIT AND LOSS ACCOUNT Total Boston New York Ph p il h a i d a el- Cleveland 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 Sa c n i s F c r o an- Earnings $49, 487, 318 $2, 774, 081$17, 523,930 $4,311,435 $4, 705,091 $1, 699,191 $1,686,497 $6, 764, 554 $1, 629,136$1,497,669$1, 742, 260$1,251,276 $3,902,198 Current expenses .. _ 29, 222,837 2,074, 230 7,052, 351 2, 233, 745 2,915,300 1, 544,618 1,321,267 3,854, 00£ 1, 473, 311 1,114,094 1, 723,116 1,220,798 2, 695,998 Current net earnings 20, 264, 481 699,851 10, 471, 579 2, 077, 690 1, 789,791 154, 573 365, 230 2, 910, 545 155, 825 3,83, 575 19,144 30,478 1, 206, 200 Additions to current net earnings: Profit on U.S. Government securities sold ... 1, 056, 246 60,953 426,822 74,192 98, 261 30, 735 31, 536 140, 466 39, 059 2€,308 33,848 21,934 72,132 All other 705, 505 29, 691 230, 400 42, 917 40, 216 17,300 21,154 232, 779 17,836 19,953 12, 739 12, 073 28,447 Total additions _ . 1,761,751 90,644 657, 222 117,109 138, 477 48,035 52, 690 373, 245 56,895 46,261 , 46,587 34, 007 100, 579 Deductions from current net earnings: Bank premises—depreciation _-..__ 2,922, 209 55,832 1, 751, 495 149, 560 109, 308 49,855 233, 940 175, 332 90, 371 85, 491 46,655 174,370 Furniture and equipment.. 286,881 4,887 41,319 27,647 35,161 13, 630 13, 235 24,545 27,901 19,547 3,264 7,750 67,995 Reserve for probable losses. 9, 882, 616 702,323 3,011,181 2, 483, 524 800,000 391, 805 185, 643 717, 260 86, 832 234, 590 205, 682 450,050 613, 726 Reserve for self-insurance 569, 347 66 398 500,000 2,949 \11 other 407, 772 1,836 60, 681 2,073 211,864 16,605 14, 216 17, 552 13,421 3,243 36, 620 8,077 21, 584 Total deductions 14, 068, 825 764, 878 4, 931,074 2, 513, 244 1,196, 585 531, 348 262,949 1,493, 297 303, 486 347, 751 334,006 512, 532 877,675 Net deductions from current net earnings 12, 307, 074 674, 234 4, 273,852 2,396,135 1, 058,108 483, 313 210, 259 1,120, 052 246, 591 301, 490 287,419 478, 525 777,096 Net earnings 7, 957, 407 25, 617 6,197, 727 -318, 445 731, 683 -328, 740 154, 971 1, 790,493 -90, 766 82,085 -268, 275 -448,047 429,104 Dividends paid. . ._ _ . 8, 874, 262 645, 681 3, 509,873 950, 437 789,058 308, 388 281, 644 858,127 246, 643 171, 569 250, 321 227,888 634, 633 Transferred to surplus -916,855 -620,064 2, 687,854-1,268,882 -57, 375 -637,128 -126,673 932, 366 -337, 409 -89,484 -518, 596 -675, 935 -205,529 SURPLUS ACCOUNT Surplus, Jan. 1, 1933 $278, 599,113 $20, 460, 473 $855, , 005588,, 421 $29, 2417,67 $28, 293, 727 $11, 616,583 $100,, 554444,, 063 $3!99,, 449977,, 033 $10,186, 225 $77,, 001188,,935 $8, 262, 553 $8, 718, 67 19, 700, 657 Transferred from net earnings__ -916,855 -620,064 2, 687,854-1, -57, 375 -637,128 -126,673 932, 366 -337, 409 -89, 484 -5-1-8-, -5-9-6 -675,935 -205, 529 Surplus, Jan. 1, 1934 277, 682, 258 19, 840, A 87, 746, 275 27,972,885 28, 236, 352 10, 979, 455 10, 417, 390 40, 429, 399 9, 848,816 6, 929,451 j7, 743, 957 8, 042, 741 19, 495,128 OO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 47.—REIMBURSABLE EXPENDITURES OF THE FEDERAL RESERVE BANKS DURING 1933 CO [Expenditures as fiscal agents, depositaries, and custodians for the Treasury Department and U.S. Government agencies] Total Boston Y N o ew rk Ph p il h a i d a el- C la le 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- Treasury Department $406,907 $27, 523 $61, 309 $23,733 $38,769 $26,413 $14,435 $72,492 $27,494 $28, 752 $38,300 $19,474 $28,213 Reconstruction Finance Corporation 1,827,805 35,179 178, 357 83,816 191,546 182,151 145,404 514,362 133,166 71, 515 69,077 54,014 169,218 Other U.S. Government agencies 22, 310 52 11,513 5,603 4,346 106 690 Total . 2, 257, 022 62, 754 251,179 107, 549 230,315 208, 564 165,442 586,854 160, 660 104,613 107,377 73, 594 198,121 H W tsl 3 g m w o • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES No. 48.—FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE END OF EACH MONTH [In thousands of dollars] 1932 1933 Dec. 31 Jan.31 Feb. 28 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 5,059,333 5,088,160 5,768,032 7, 551, 776 7,470,417 7, 367,688 7,292,490 7,217,811 7,140,621 7,068,578 7,010,751 6,979, 686 6,953, 281 Federal Reserve notes held by Federal Reserve agents 2,072,318 2,150,890 2,089,200 3,516, 010 3, 791, 655 3,930,816 3,955, 623 3, 952, 501 3,890,496 3,826,145 3, 784,860 3, 714,795 3, 603,476 Federal Reserve notes issued to Federal Reserve banks: Held by issuing Federal Reserve bank. 248,407 211,849 261,513 340,043 250,851 233,770 243,456 252,825 261,748 240, 671 260,296 234,562 270, 262 Held by other Federal Reserve banks. _ 17,819 12,899 10,889 29,005 20,850 15,143 15, 549 20,104 16, 389 18, • 17,880 15,434 18,460 Held by U.S. Treasury r 5, 076 5,620 1,483 45, 279 45,005 21,210 17,069 18,595 19,468 17,663 17,569 17, 200 In circulation 1 2, 715,713 2, 706,902 3, 404,947 3, 621,439 3, 362,056 3,166,749 3,060, 793 2,973, 786 2,952,520 2,965,960 2, 930,146 2,998,026 3,043,883 Total notes issued 2,987,015 2,937, 2703,678,832 4,035, 766 3, 678, 7623, 436,872 3,336,867 3, 265, 310 3,250,125 3,242, 4333, 225,891 3, 264,891 3, 349,805 m Collateral held as security for Federal Reserve notes issued to Federal Reserve banks: Gold and gold certificates in vault: Gold bullion 309, 545 213,972 130,598 37,886 37,886 32,176 32,176 32,176 32,176 32,176 32,176 32,176 U G n ol i d te d c er S t t i a fi t c e a s t e g s old coin 2 5 7 2 7 7 , , 1 3 8 9 0 0 3 5 6 4 4 9 , , 6 5 3 0 0 0 2 4 3 8 1 2 , , 4 4 3 0 0 5 4 7 0 7 5 1 , , 6 3 0 0 0 6 4 8 5 3 7 8 , , 0 37 9 6 5 8 57 5 1 7 , , 5 3 0 1 3 5 5 89 8 7 7 , , 8 2 0 8 5 5 8 63 5 0 1 , , 1 3 2 4 1 0 8 63 5 7 5 , , 5 2 4 1 8 7 8 6 5 3 7 1 , , 7 0 5 6 4 2 6 8 3 5 4 2 , , 1 9 3 3 7 8 8 6 4 3 3 7 , , 3 5 2 8 1 2 8 5 4 9 4 8 , , 2 91 2 2 0 O Total in vault 1,114,115 1,128,102 844,433 1, 264,990 1, 333, 357 1,466, 704 1, 517, 266 1,513, 637 1,524,941 1, 520, 992 1, 519, 251 1,513, 079 1,475,308 In gold fund, Federal Reserve Board 1, 237,560 1, 278, 8451, 380,635 1, 312,835 1, 315, 335 1, 346,935 1, 266,935 1, 245,935 1, 232, 735 1,174, 435 1,116, 605 1,105,175 1,149, 745 Total gold and gold certificates 2, 351, 6752,406,947 2, 225,068 2, 577,825 2, 648,692 2,813, 639 2, 784, 201 2, 759, 572 2, 757,676 2, bio, 427 2, 635,856 2, 618,254 2, 625,053 Eligible paper 219,888 256,497 855,908 598,813 434, 778 190,397 134,459 102, 542 97,898 79, 588 73,429 96,276 188,440 U.S. Government securities 427,800 313, 300 611,600 884, 700 639, 500 480, 900 442, 700 469, 200 449, 700 538, 200 566,600 597,600 600, 500 Total collateral held 2,999,363 2,976,744 3,692,576 4,061,338 3,722,970 3,484,936 3, 361,360 3,331,314 3,305, 274 3,313,215 3,275,885 3,312,130 3,413, 993 Collateral required as security for Federal Reserve notes 2,987,015 2,937,270 3, 678,832 4,035, 766 3, 678, 762 3, 436,872 3, 336,867 3,265, 310 3,250,125 3, 242,433 3,225,891 3, 264,891 3,349,805 Collateral pledged in excess of Federal Reserve notes issued 12,348 39,474 13, 744 25, 572 44,208 48, 064 24,493 66,004 55,149 70,782 49,994 47,239 64,188 'Revised. i This figure corresponds with that given under the same caption in table 56. It differs from that given in table 17 by the amount of Federal Reserve notes held by (a) other Federal Reserve banks and (b) the U.S. Treasury. 00 Back figures.—See Annual Report for 1932 (table 45), 1931 (table 28), 1930 (table 26), 1929 (table 25), 1928 (table 25), etc. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK NOTES 00 No. 49.—FEDERAL RESERVE BANK NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE END OF EACH MONTH [In thousands of dollars] 1933 > Mar. 31l Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 F Federal Reserve bank notes received from the Comptroller 122,800 217,820 266, 540 319, 340 321,988 326, 505 368,456 407, 061 417,064 421,381 W Federal Reserve bank notes held by Federal Reserve agents... -. 101,751 150, 446 143, 406 180, 596 174,576 173, 876 188,316 189, 616 191, 520 187, 656 O Federal Reserve bank notes issued to Federal Reserve banks: w Held by issuing Federal Reserve bank _ _ 6, 482 19, 566 26,854 14, 893 20, 055 21,129 25, 264 29,423 20,150 24, 728 Held by other Federal Reserve banks 5 84 76 79 80 290 463 568 1,200 Held by United States Treasury 4 45 138 513 623 493 982 1,557 1,525 1,919 In circulation 2 14, 563 47, 758 96, 058 123, 262 126, 655 130, 927 153, 604 186, 002 203, 301 205,878 w Total notes issued 21, 049 67, 374 123,134 138, 744 147,412 152, 629 180,140 217,445 225, 544 233, 725 Collateral held as security for Federal Reserve bank notes issued to Federal Reserve banks: 1 Discounted and purchased bills 5,258 40,800 26, 039 1,981 2,302 2,349 2,093 2,129 1,948 2,021 U S. Government securities .- _. __ 25, 249 67,854 136, 274 160, 974 171,274 176, 274 207, 674 241, 374 247, 274 256, 774 Total collateral held . 30, 507 108,654 162, 313 162,955 173,576 178, 623 209, 767 243, 503 249, 222 258, 795 Collateral required as security for Federal Reserve bank notes 21,049 67, 374 123,134 138, 744 147, 412 152, 629 180,140 217, 445 225, 544 233, 725 1 No Federal Reserve bank notes were issued to the Federal Reserve banks after 1923 to March 1933, and the liability of the Federal Reserve banks on all notes then outstanding was extinguished by depositing lawful money with the United States Treasurer in 1924. 2 This figure differs from that given in table 17 by the amount of Federal Reserve bank notes held by (a) other Federal Reserve banks and (b) the U.S. Treasury and from table 56 by the amount of Federal Reserve bank notes in circulation on which the liability of the Federal Reserve banks had been extinguished by depositing lawful money with the U.S. Treasury. Back figures.—Bee Annual Report for 1924 (table 33). w Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD STOCK, GOLD MOVEMENTS, AND MONEY IN CIRCULATION 135 49753—34 -10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 137 GOLD No. 50.—MONETARY GOLD STOCK * OF THE UNITED STATES, 1914-33 [In millions of dollars; $1=25.8 grains of gold 9/10 fine, i.e., an ounce of fine gold=$20.67. 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... ,923 1,822 2,325 2,922 3,160 3,162 2,930 2,966 3,685 3,953 February.. ,919 1,838 2,325 2,996 3,162 3,165 2,887 3,000 3,723 3,963 March ,931 1,869 2,323 3,105 3,165 3,165 2,850 3,086 3,750 3,970 April ,942 1,893 2,318 3,137 3,166 3,177 2,841 3,164 3,764 3,982 May ,929 1,929 2,336 3,133 3,172 3,177 2,856 3,231 3,771 4,028 June "II 1,986 2,445 3,220 3,163 3,113 2,865 3,275 3,785 4,050 July ,859 2,007 2,506 3,190 3,162 3,064 2,862 3,347 3,829 4,079 August ,853 2,076 2,549 3,165 3,161 3,125 2,851 3,439 3,855 4,111 September. :,844 2,124 2,630 3,151 3,153 3,147 2,873 3,519 3,873 4,136 October... -,808 2,198 2,714 3,153 3,156 3,103 2,868 3,572 3,888 4,167 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 '2,994 2,926 3,660 3,929 4,244 End of month 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 January... 4,289 4,423 4,412 4,564 4,373 4,127 4,291 4,643 4,416 4,553 February.. 4,323 4,364 4,423 4,586 4,362 4,153 4,353 4,665 4,354 4,380 March.... 4,364 4,339 4,442 4,597 4,305 4,188 4,423 4,697 4,390 4,282 April 4,41.1 4,342 4,438 4,610 4,266 4,260 4,491 4,726 4.367 4,312 May 4,455 4,357 4,433 4,608 4,160 4,301 4,517 4,798 4,152 4,315 June 4,488 4,360 4,447 4,587 4,109 4,324 4,535 4,956 3,919 4,318 July 4,511 4,367 4,471 4,580 4,113 4,341 4,517 4,949 3,974 4,320 August 4,521 4,382 4,473 4,588 4,123 4,360 4,501 4,995 4,088 4,328 September 4,511 4,382 4,466 4,571 4,125 4,372 4,511 4,741 4,193 4,324 October... 4,509 4,407 4,473 4,541 4,142 4,386 4,535 4,292 4,264 4,323 November. 4,527 4,397 4,477 4,451 4,128 4,367 4,571 4,414 4,340 4,323 December. 4,499 £4.399 4,492 4,379 4,141 4,284 4,593 4,460 4,513 4,323 Averages of end of month figures Averages of daily figures Month 1914 1915 1916 1917 1918 1919 1920 1921 1923 January.. _ 1,918 1,817 2,319 2,882 3,152 3,160 2,961 2,931 3,672 3,945 February.. 1,921 1,830 2,325 2,959 3,159 3,162 2,909 2,975 3,704 3,960 March 1,925 1,854 2,324 3,050 3,162 3,161 2,859 3,040 3,736 3,966 April 1,936 1,881 2,320 3,121 3,163 3,166 2,821 3,117 3,756 3,975 May 1,935 1,911 2,327 3,135 3,163 3,176 2,835 3,197 3,768 3,993 June 1,910 1,957 2,390 3,177 3,162 3,169 2,854 3,254 3,776 4,040 July 1,875 1,996 2,475 3,205 3,161 3,087 2,862 3,305 3.803 4,061 August 1,856 2,042 2,528 2 3,183 3,157 3,114 2,855 3,392 3,840 4,097 September 1,848 2,100 2,590 »3,152 3,156 3,143 2,847 3,479 3,860 4,123 October. __ 1,826 2,161 2,672 " 3,151 3,151 3,120 2,855 3,547 3,884 4,155 November. 1,807 2,229 2,725 »3,153 3,155 3,070 2,873 3,595 3,896 4,182 December. 1,810 2,286 2,789 »3,153 3,156 3,021 2,894 3,643 3,917 4,226 Averages of daily figures Month 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 January- 4,266 4,468 4,407 4,527 4,377 4,115 4,282 4,622 4,452 4,547 February . 4,302 4,392 4,425 4,576 4,373 4,143 4,317 4,656 4,384 4,491 March 4,340 4,340 4,444 4,595 4,335 4,166 4,394 4,682 4,372 4,261 April 4,383 4,340 4,448 4,601 4,287 4,226 4,443 4,711 4,381 4,301 May 4,433 4,353 4,434 4,651 4,207 4,292 4,505 4,767 4,273 4,313 June.. 4,471 4,360 4,438 4,606 4,119 4,311 4,528 4,865 3,956 4,317 July 4,503 4,362 4,460 4,575 4,113 4,335 4,532 4,958 3,941 4,319 August 4,516 4,372 4,467 4,585 4,118 4,351 4,496 4,975 4,030 4,323 September 4,515 4,386 4,471 4,584 4,125 4,368 4,503 4,948 4,140 4,327 N O o c v to e b m e b r e .. r . . 4 4 , , 5 5 0 1 6 7 4 4 , ,4 3 0 9 7 1 4 4 , ,4 4 7 7 7 2 4 4 , . 5 4 6 9 6 0 4 4 , , 1 1 3 5 3 1 4 4 , ,3 3 7 8 4 1 4 4 , , 5 5 2 5 0 3 4 4 , , 4 3 4 6 7 3 4 4 , , 2 2 2 9 6 2 4 4 , ,3 3 2 2 3 4 December. 4,507 4,397 4,481 4,416 4,142 4,324 4,583 4,450 4,429 4, 323 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; 3919, 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-December, $3,300,000; 1921. January-February. $3,300,000; 1927, May, $59,548,000; June, $23,300,000; 1932, December, $72,638,000. Digitized for F2R AAvSerEagRe s of daily figures. r Revised. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 51.—ANALYSIS OF CHANGES IN MONETARY GOLD STOCK, BY MONTHS, 1926-33 [In millions of dollars; $l=25^o grains of gold *Ko fine; i.e., an ounce of fine gold=$20.67] Analysis of changes Analysis of changes Gold Gold Month m a s t t o o o e n c f n t k h d c s r t I e o i n n a c - s k e im g N o p e l o d t r N m f l e e r e a o a a t r r m s r - k e e 1 O t f o a th c rs - er Month m a s t t o o o e n c f n t k h d c s r t I e o i n n a c - s k e im g N o p e l o d t r N m f l e e r e a o a a t r r m s k r - e e O t f o a th c rs - er 1926 1930 January 4,412 12. 16. -6.C 2.0 January 4,291 6.8 4. 0. 2.3 February.. 4,423 11. 21. -11. C 1.0 February.. 4,353 61.9 60. 1.9 March 4,442 18. 39. -23. C 2.2 March 4,423 70.2 55. ~~~15.~ -.3 April 4,438 -3. -4. 1.4 April 4,491 68.5 65. 2.3 May ._ 4,433 -4. -6. 1.6 May 4,517 25.9 23. 2. .5 June. 4,447 14. 15. —.6 -1.0 June 4.535 17.6 13.. 2. 1.7 July_. 4,471 23. 14. 4.0 5.0 July 4,517 -18.4 -19. -3. 4.3 August 4,473 2.0 -17.8 19.2 .6 August 4,501 -15.5 -19. 4.2 September. 4,46 -7.4 -7. -2.4 2.1 September. 4,511 10.2 2. ""To 3.7 October... 4,473 7.7 7. October... 4,535 23.3 26.4 -6. 3.1 November. 4,47 3.2 9.0 -7.5 1.7 November. 4,571 36.8 35.2 -2. 3.8 December- 4,492 15.4 9.8 1.0 4.6 December.. 4,593 22.1 32.7 -15.2 4.5 Total 92.6 97.8 -26.3 21.1 Total 309.6 280. -2.4 31.9 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 19.9 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 A 31.7 -35.5 2.3 May... 4,798 72.4 49.6 4.0 18.8 June 4,587 -20.9 12.8 -36.7 3.0 June 4,956 158.0 63.8 92.3 1.9 July 4,580 -7.5 8.9 -23.1 6.7 July 4,949 -6.6 19.5 -29.7 3.6 August 4,588 8.5 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 -71.7 -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 -62.3 -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 -38.7 -91.2 45.7 6.7 April 4,367 -23.1 -30.2 4.0 3.2 May—. 4,160 -105. 7 -81.7 -26.5 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 3,977 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 !5 -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.. 4,513 173.5 100.9 71.0 1.6 Totsl. -237.8 -391. 9 119. 5 34.5 Total. 52.9 -446.2 457.5 41.6 1929 1933 January 4,127 -14.4 47.2 -65.0 3.4 January 4,553 40.0 128.5 -91.5 3.0 February... 4,153 26.4 25.5 .9 February. __ 4,380 -173.4 217.8-178.3 -12.9 March.__ __ 4,188 34.4 24.8 7.5 2.1 March _ 4,282 -97.2 2 -22.1-100.1 25.0 April 4,260 72.4 23.1 48.6 .8 April 4.312 29.5 -10.0 33.7 5.7 May 4,301 40.6 23.6 16.1 .9 May 4,315 3.6 -21.1 22.1 2.6 June 4,324 23.4 30.2 -7.5 .7 June 4,318 2.2 -3.2 3.5 1.9 July 4,341 16.3 34.7 -22.0 3.6 July 4,320 2.7 -83.9 84.5 2.1 August 4,360 18.9 18.4 -1.0 1.5 August 4,328 7.5 -80.4 79.5 8.4 September- 4,372 12.1 17.6 -6.6 1.1 September _ 4,324 -3.8 -56.7 49.3 3.6 October 4,386 14.4 17.5 -4.5 1.4 October 4,323 -32.4 26.9 4.8 November.. 4,367 -19.2 -23.2 1.0 3.0 NTovember— 4,323 _______ -.8 .6 .1 December.. 4,284 -82.9 -64.4 -22.0 3.5 December.. 4,323 -9.1 11.8 -3.1 Total- 142.5 175.1 —55.4 22.8 Total. -190.4 -173.5 -58.0 41.1 1 Gold released from earmark at Federal Reserve banks less gold placed under earmark (with allowance made when necessary for change in gold earmarked abroad for account of Federal Reserve banks. See table 52 and table 50, note 1.) 2 Differs from Department of Commerce figures since $8,900,000 declared for export on Feb. 28 was not actually taken from the Federal Reserve Bank of New York until Mar. 1. Back figures.—See Annual Report for 1931 (table 30). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD 139 No. 52.—GOLD HELD UNDER EARMARK BY FEDERAL RESERVE BANKS FOR FOREIGN ACCOUNT, BY MONTHS, 1916-33 [In thousands of dollars; $l=25*Ho grains of gold Mo fine; i.e., an ounce of fine gold=$20.67] End of month 1916 1917 1918 1919 1920 1921 1922 1923 1924 January 6,097 6,942 6,942 6,000 18, 010 5,329 3,000 February... 6,097 6,942 6,942 5,000 20,000 1,000 2,407 March i 2,391 6,097 6,942 6,842 6,000 20,000 1,000 4,859 April. 4,571 6,097 6,942 9,000 20,000 5,417 May 4,571 6,097 6,942 10,000 20, 000 4,417 June 5,071 6,097 6,942 11, 500 23,000 2, 417 July— 5,402 6,097 6,942 14,500 18,000 1,500 5,000 August 5,502 6,778 6,942 16, 500 18, 000 1,500 12, 984 September.. 5,955 6,942 6,942 17, 500 8,000 1,000 26, 213 October 5,981 6,942 6,942 3,000 20,000 1,500 3,000 43, 213 November.. 5,981 6,942 6,942 4,000 20,500 1,700 3,000 43, 713 December.. 6,097 6,942 6,942 5,000 22,000 3,700 3,000 45, 213 End of month 1925 1926 1927 1928 1929 1930 1931 1932 1933 January... 46,023 19,012 19, 779 193, 919 144, 898 134, 794 125, 795 433,149 92, 552 February.. 52,389 30, 012 16, 599 191, 051 144,898 134, 794 123, 295 406, 781 270,837 March 61, 714 53, 000 18,101 155, 251 137, 391 119, 795 120, 295 348, 469 370, 929 April 46,864 53, 000 19,101 109, 511 88,821 119, 295 127, 795 344, 501 337, 228 May.. 30, 889 53,000 114,101 136, 050 72, 694 117, 295 123, 795 366, 650 315,114 June 25,814 53, 580 114, 601 105, 997 80, 207 115, 295 31, 531 395, 447 311, 569 July 28, 915 49, 580 114,417 45, 050 102,194 118,295 61, 231 339, 210 227,099 August 17, 340 30, 380 116, 918 39,134 103,194 118, 295 77, 231 238, 709 147,632 September. 15,839 32, 780 125, 918 40, 334 109, 795 114, 303 356, 321 166, 421 October... 12, 969 32, 776 150, 919 39,134 114, 296 120, 410 463, 931 120, 646 71, 459 November. 10, 969 40, 274 190, 919 64,136 113, 292 122, 536 435,821 '72,080 70,859 December. 12, 969 39, 266 199, 419 79,897 135, 295 137, 695 458, 534 73, 694 59,079 ' Revised. i First transaction Mar. 21, 1916. NOTE.—For statistics of gold earmarked abroad for account of Federal Reserve banks see table 50, note 1. No. 53.—GOLD MOVEMENTS TO AND FROM UNITED STATES, BY COUNTRIES, 1930-33 [In thousands of dollars; $l = 25$io grains of gold Ho fine; i.e., an ounce of fine gold=$20.67] IMPORTS EXPORTS From— 1930 1931 1932 1930 1931 1932 1933 Belgium 6 24 1,031 Belgium 15,607 83,602 895 France 133 19, 394 16,649 30, 079 C zechoslo vakia 40 6,504 Germany 27 37, 073 382 1,071 France 73,808 363,908 458,298 246,113 Great Britain 14 7,015 68,718 55, 204 Germany ., 201 1,047 13,738 3,603 Italy 9 1 Great Britain ___ 289 219 15,132 48,826 Netherlands 17 18,690 19, 347 Italy 3, 000 5,320 107 24,044 Spain 93 40 15 22 Netherlands 1 50,327 115,277 11,445 Sweden 502 5,571 Norway 6,100 Switzerland 55 28: Poland and Danzig.. 620 Canada 43,618 81, 252 64, 757 20,141 Portugal 2, 2,386 602 Central America 1, "- 1,090 1,392 850 Sweden 35 5,002 Mexico 20, 805 25, 319 20,407 4,859 Switzerland— ._ 19,823 1181,,560 11,631 West Indies 2,184 3,784 525 Canada 36, 746 116 184 247 Argentina 20, 272141, 263 13,000 14 Central America 100 3 6 Bolivia 2,730 15 19 105 Mexico 415 3,052 320 579 Brazil 87,776 16 1,312 Argentina 50 9 15 Chile 438 260 1,624 ~2,~337 Ecuador 1,660 24 Colombia 9,09' 15,116 3,242 97 Peru.. 1,082 126 Ecuador 1,551 1,015 1, 053 1,007 Venezuela 965 52 150 Peru 6,896 7,522 3,242 1,537 Dutch East Indies... 50 Uruguay 8,354 6,080 4,384 Hong Kong 401 83 Venezuela 4,747 1,073 1,770 "~506 Japan 42 Australia 54 2,643 7,510 3,176 Turkey 3,004 British India 8, 064 26, 596 25,629 All other 229 63 864 China 10, 326 19, 683 23, 2S0 5,931 Dutch East Indies... 1, 752 4,870 2,901 801 Hong Kong 12, 286 14,641 15,763 6,890 Japan 156, 609 1"919;,328 49, 720 6,702 New Zealand 220 185 1,681 187 Philippine Islands.._ 3,715 3,740 7,052 6,023 Allother. 127 893 3,055 155 Total 396, 054 612119 363, 315 193,197 Total. 115, 967 466, 794 809, 528 366, 652 Digitized fomr o BFn aRt c h kAs fSs ig eEu e Rr F e s e . d — er S a e e ] R A e n se n r u v a e l B R u e l p le o t r i t n s . for 1929 (table 28), 1925 (table 102), and 1921, p. 13. For figures by http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 54.—GOLD MOVEMENTS TO AND FROM UNITED STATES, BY MONTHS, 1924-33l [In thousands of dollars] Net im- Net imports or ports or Year and month Imports Exports exports Year and month Imports Exports exports () 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 23,09i3 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 -23,166 December— 10,274 39,675 -29,401 December 8,121 72,547 -64,426 Total.. 319, 721 61,648 258, 073 Total.. 291,649 116, 583 175,066 1925 1930 January 5,038 73, 526 January 12,908 8,948 3,960 February 3,603 50,600 -46,997 February 60,198 207 59,991 March 7,337 25,105 -17,768 March 55, 768 290 55, 478 April 8,870 21,604 -12,734 April 65,835 110 65, 725 May 11, 393 13,390 -1,997 May 23, 552 82 23,470 June 4,426 6,713 -2,287 June 13,938 26 13,912 July 10, 204 4,417 5,787 July 21,889 41, 529 -19, 640 August 4,862 2,136 2,726 August 19,714 39,332 -19, 617 September. . 4,128 6,784 -2,656 September-.. 13, 680 11,133 2, 547 October 50, 741 28,039 22, 702 October 35,635 9,266 26,369 November.. 10,456 24,360 -13,904 November. _. 40,159 5,008 35,151 December 7,216 5,968 1,248 December.—. 32, 778 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 34,913 107,863 -72,951 February 22,309 2,414 19,895 February 37, 644 128, 211 -90,567 March 16, 382 5,625 10, 757 March 19, 238 43,909 -24, 671 April 14, 503 2,592 11,911 April 19, 271 49, 509 -30, 239 May 34,212 2,510 31, 702 May 16, 715 212,229 -195, 514 June 14, 611 1,840 12, 771 June 20,070 226,117 -206, 047 July 10,738 1,803 8,935 July 20,037 23,474 -3,437 August 7,877 1,524 6,353 August 24,170 18,067 6,103 September... 12,979 24,444 -11,465 September.. 27,957 60 27,897 October 2,056 10, 698 -8,642 October 20,674 61 20, 613 November... 2,082 55, 266 -53,184 November.. 21,756 16 21, 740 December 10,431 77,849 -67,418 December.. _ 100,872 13 100,859 Total.. 207, 535 201, 455 6,080 Total- 363,315 809,528 -446, 214 1928 1933 — January 38, 320 52, 086 -13, 766 January 128,479 14 128, 465 February 14, 686 25,806 -11,120 February 2 39,297 21, 521 217, 776 March 2,683 97,536 -94,853 March 2 6, 048 28,123 2 -22, 075 April 5,319 -91,150 April 6,769 16, 741 -9, 972 May 1,968 -81,721 May 1,785 22,925 -21,140 June 20, 001 99,932 -79,931 June.. - 1,136 4,380 -3, 243 July. 10,331 74,190 -63,859 July 1,496 85, 375 -83, 879 August 2,445 1,698 747 August 1,085 81,473 -80, 388 September. . 4, 273 3,810 463 September. _ 1,545 58, 281 -56, 736 October 14, 331 992 13,339 October 1,696 34,046 -32, 350 November. _ 29, 591 22, 916 6,676 November. . 2,174 2,957 -783 December... 24, 950 1,636 23,314 December... 1,687 10, 815 -9,128 Total - 168,897 560, 759 -391, 862 Total- 193,197 366, 652 -173,455 1 With some exceptions figures represent customs valuations at rate of $20.67 a fine ounce. 2 Differs from Department of Commerce figure since $8,900,000 declared for export on Feb. 28 was not actually taken from the Federal Reserve bank of New York until Mar. 1. Digitized for FBRacAkS fiEguRr es.—See Annual Report for 1927 (table 20). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 141 MONEY IN CIRCULATION No. 55.—UNITED STATES MONEY IN CIRCULATION,1 BY MONTHS, 1914-33 [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 3,502 3,253 3,592 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 5,409 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 3,649 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 4,870 5,454 4,797 4,424 4,787 August 3,541 3,402 3,737 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 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 December.. 3,319 3,589 3,966 4,373 5,238 5,378 5,612 4,690 4,817 5,044 End of month 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 January. __ 4,777 4,802 4,841 4,846 4,677 4,657 '4,562 4,610 5,641 5,645 February.. 4,887 4,848 4,904 4,885 4,690 4,698 * 4, 579 4,620 5,604 6,545 March 4,899 4,811 4,860 4,862 4,749 4,748 4,549 4,608 5,459 6,320 April 4,853 4,782 4,907 4,891 4,748 4,676 4,476 4,652 5,465 6,003 May 4,905 4,837 4,923 4,893 4,744 4,738 4,551 4,702 5,480 5,812 June 4,849 4,811 4,885 4,851 4,797 4,746 4,522 4,822 5,695 5,721 July 4,756 4,792 4,909 4,846 4,701 4,717 4,426 4,837 5,726 5,630 August 4,859 4,866 4,930 4,854 4,803 4,840 4,533 5,052 5,692 5,612 September. 4,863 4,916 4,978 4,948 4,846 4,819 4,501 5,246 5,653 5,650 October 4,942 4,969 5,021 4,946 4,806 4,838 4,493 5,540 5,628 5,635 November. 5,052 5,044 5,037 4,952 4,990 4,929 4,660 5,536 5,648 5,742 December. 5,047 5,104 5,095 5,003 4,973 4,865 4,890 5,647 5,675 5,806 Averages of end of month figures Averages of daily figures Month 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 January 3,497 3,286 3,591 3,978 4,306 5,050 5,231 5,401 4,527 4,679 February. _ 3,502 3,247 3,598 4,055 4,280 4,932 5,285 5,263 4,451 4,672 March 3,506 3,253 3,608 4,147 4,373 4,942 5,398 5,204 4,483 4,713 April 3,519 3,274 3,617 4,184 4,423 4,970 5,372 5,078 4,482 4,731 May 3,531 3,300 3,603 4,225 4,401 4,941 5,414 5,042 4,450 4,764 June 3,496 3,318 3.617 2 4,161 4,448 4,891 5,448 4,936 4,429 4,779 July - 3,426 3,321 3,653 4,020 4,520 4,896 5,478 4,857 4,443 4,812 August 3,467 3,363 3,697 »4,001 4,666 4,913 5,509 4,771 4,448 4,833 September. 3,637 3,429 3,779 «4,061 4,911 4,989 5,600 4,752 4,552 4,901 October 3,738 3,487 3,849 s 4,152 5,134 5,106 5,673 4,721 4,643 4,941 November. 3,577 3,532 3,877 3 4,203 5,183 5,208 5,662 4,673 4,671 4,953 December.. 3,365 3,567 3,922 3 4,342 5,243 5,342 5,658 4,718 4,827 5,071 Averages of daily figures Month 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 January... 4,847 4,863 4,891 4,904 4,785 4,748 4,652 4,695 5,645 5,631 February. 4,832 4,805 4,854 4,843 4,709 4,686 4,554 4,598 5,627 5,892 March 4,870 4,815 4,864 4,856 4,710 4,709 4,432 4,590 5,531 6,998 April 4,886 4,803 4,882 4,879 4,730 4,679 4,518 4,647 5,452 6,137 May 4,866 4,791 4,871 4,860 4,722 4,684 4,497 4,679 5,456 5,876 June 4,830 4,790 4,881 4,831 4,736 4,687 4,489 4,750 5,530 5,742 July 4,810 4,794 4,916 4,851 4,746 4,764 4,483 4,836 5,751 5,675 August 4,800 4,817 4,912 4.849 4,743 4,777 4,476 4,947 5,719 5,616 September 4,853 4,908 4,969 4,917 4,804 4,811 4,493 5,133 5,685 5,632 October. _. 4,891 4,945 5,001 4,934 4,836 4,810 4,501 5,478 5,643 5,656 November. 4,970 4,960 5,005 4,936 4,860 4,845 4,528 5,518 5,643 5,681 December. 5,088 5,119 5,131 5,048 5,008 4,943 4,823 5,611 5,699 5,811 rRe vised. 1 Money outside Treasury and Federal Reserve banks (prior to November 1914, money outside Treasury). »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. Digitized for F^ARvAeSraEgeRs of daily figures. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 56.—KINDS OF MONET IN CIRCULATION, 1931-33 [Money outside Treasury and Federal Reserve banks. In thousands of dollars] bo End of month Total G c o oi l n d G ti o fi l c d a c te e s r- S d t s a o i n l l v l d a e a r r s rd c S e i r l t v if e i r - T n r o e 1 t a 8 e 9 s s u 0 o ry f S s u i a b l r v s y e id r i- M co in in or U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r s v a e l F R n e b e d o a se t e n e r r k s v a e l Na n b t o a i t n o e n k s al- 1931—January 4,609,687 357,565 1,055,740 35,050 371,830 1,245 269,814 116,188 288,972 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 2,820 677,084 February.. . 5, 603, 543 820,128 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 1,224 256, 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, 076 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 2,838,163 2,727 699,847 August 5,692,054 449,451 669,307 29, 727 349,986 1,220 255,004 112,903 284,997 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 1933—-January 5, 644, 619 478,745 591,320 28, 275 350, 217 1,215 250,471 111,466 286,967 2, 706, 902 2,644 836, 397 February... 6, 545, 068 571,066 649,239 28, 390 362,436 1,215 252,109 111, 478 300, 558 3,404,947 2,636 860,994 March 6, 319, 515 366,501 i 393,499 28,347 376,185 1,214 258, 284 112, 220 265,827 3, 621, 439 17,191 878,808 April 6,003, 473 334, 792 323,286 27,944 360, 448 1,208 255,118 111, 700 261, 498 3, 362,056 50,386 915, 037 May 5,812, 320 323,881 280,017 27,948 358,814 1,185 256, 264 112,182 265,101 3,166, 749 98,639 921, 540 June 5, 720, 764 320,939 265,487 27,995 360,699 1,186 256,865 112,532 268,809 3,060, 793 125,845 919, 614 July 5, 629,853 319, 664 252,161 28,229 365, 341 1,199 258, 082 112,883 275,143 2,973,786 129,238 914,127 August 5, 612,122 318,518 242,481 28,321 371,898 1,198 261,168 113,897 277,343 2,952, 520 133,449 911, 329 September. 5, 649,914 312, 431 232,112 28, 422 385, 302 1,197 264, 667 114, 783 279,938 2, 965,960 156,129 908,973 October 5, 634, 603 311,954 224,626 28,534 387, 340 1,197 267, 385 115,651 276, 628 2, 930,146 188,526 902,616 November.. 5, 742, 493 311,036 219,391 28,916 393, 784 1,196 269,080 116, 552 285,401 2,998,026 205,827 913,284 December. . 5,805,604 310,684 212,883 29,338 406, 919 1,195 271,646 117, 314 285,663 3,043,883 208,191 917,888 i The private holding of gold coin and gold certificates became illegal with minor exceptions as to numismatic collections as a result of a series of Executive and Treasury orders including those of Apr. 5, Aug. 28, and Dec. 28, 1933. Back figures.—See Annual Reports for 1932 (table 52), 1930 (table 32), and 1927 (table 22). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT RATES AND MONEY RATES 143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL KEPOET OP THE FEDERAL RESERVE BOARD 145 DOMESTIC MONEY RATES No. 57.—FEDERAL RESERVE BANK DISCOUNT RATES [Percent] Federal Reserve Bank Date effective 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 la le n v d e-R m i o c n h d - la A n t t - a c C a h g i o - Lo S u t. is a M p n o e in l - i - s 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 A. Rates on rediscounts for and advances to member banks under sees. 13 and 13 (a) of the Federal Reserve Act. Changes from Jan. 1, 1930, to Dec. 31, 1933 In effect Jan. 1,1930 4K 5 5 5 5 5 5 1930—Jan. 16 _. iy2 Feb. 7 4 4K Feb. 8 4H 4 4V4 Feb. 11.— 4K Feb. 13- _._. 4 Feb. 15- __ 4 Mar. 14 3V 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 June 7 3H June 20 J J u u n ly e 3 21 3 3H V/2 July 12 July 18 ly Aug. 7 2 giZ Aug. 8 VA Aug. 15 Sept. 9.. 01/ Sept. 12.. zy Dec. 24 2 2 Dec. 29 3 1931—Jan. 2 _ 2K Jan. 8 3 Jan. 9 .._ ._ 3 Jan. 10 3 3 May 7 2 3 May 8 . \y 3 May 9 2 2H 2H 2H Mayl5_ _ 3 May21__. 3 May 22. ._ 2M Oct. 9 2i/ Oct. 10.... 2i^ 3 Oct. 16. _ 31/ Oct. 17™ 31/ Oct. 20. 4 Oct. 21 4 3H Oct. 22. 01/ Oct. 23. 01/ Oct. 24. -__ Nov. 14 %y 2 1932—Jan. 25 Jan. 28 01/ Feb. 26. 3 June 24_ June 25__ 2V, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 57.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued [Percent] Federal Reserve Bank Date effective B to o n s - ' N Fo e r w k * p d h e i l a - *3 la 1e n v d e-R m i o c n h d - la A n t t - a c C a h g i o - L S o t u . is a M p n o e in l - i - 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 - A. Rates on rediscounts for and advances to member banks under sees. 13 and 13 (a) of the Federal Reserve Act. Changes from Jan. 1, 1930, to Dec. 31, 1933—Continued 1933—Mar. 3 33/ Mar. 4 Apr. 7__ - 3 May 26 May 27 June 1 3 June 2 June 8__ 3 June 10__ Oct. 2O.-_ 2 Oct. 21 Nov. 2 2i/ Nov. 3 Nov. 16 2iz In effect Dec. 31,1933 2H 2 1933—Jan. 1 i July 6 July 7 . July 12..- - July 14 July 15 Aug 5 Oct 2 Oct 16 Oct 19 Oct. 20... Oct. 21 Dec 9 In effect Dec. 31, 1933 1933—Mar 27 Mar 29 Mar 31 Apr 1 Apr 3 Apr 6 Apr 10 Apr 12 Apr 15 May 3 May 4 July 6 July 7 July 12.. July 14 July 15 Aug 5 Oct 2 Oct 16 Oct 19 Oct. 20 Oct 21 Dec 9 In effect Dec. 31, 1933 OC 31/ 3 3 3 2V2 2\4 m 2* 2X 3 3H VA VA 2H B. Rates on advances to member banks under Sec. 10 (b) of the Federal Reserve Act 5 5 5 5 5 5 5 5 5 5 5 5 4H 4M 4H 4^ 4^ 41/ 4 4 4 4 4 4 4H 4M «x 4 4 4 4 5 4H 4 4H 5 5 4 C. Rates on advances to nonmember banks and trust companies under sec. 404 of the act of Mar. 9, 1933, as amended by the act of Mar. 24, 1933 5 5 5 5 5 5 5 5 5 5 5 5 ±Y 43^ 4M 4H 43^ 4M 414 4 4 4 4 4 4 1 43^2 4 4 4 4 5 4 5 5 5 4 1 A general rate of 5 percent was adopted effective Jan. 1,1933, prior to which time the rate of bxA percent was specified for each advance made under sec. 10 (b). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOMESTIC MONEY BATES 147 No. 57.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued [Percent] Federal Reserve Bank Date effective 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 la le n v d e-R m i o c n h d - la A n t t - a c C a h g i o - L S o t u . is a M p n o i e n l - i - s K C s a i a t n s y - D la a s l- F C S r i a s a c n n o . D. Rates on discounts for and advances to individuals, partnerships, and corporations under the third paragraph of sec. 13 of the Federal Reserve Act, as amended by sec. 210 of the act of July 21, 1932 1039—Auff 10 6 6 6 6 Aug 11 - 6 Aug. 12 6 Aug 13 6 6 Aug. 20 .- 6 6 Sept 2 6 Sept 8 - - 6 In effect Dec. 31, 1933 , 6 6 6 6 6 6 6 6 6 6 6 6 E. Rates on advances to individuals, partnerships and corporations, secured by direct obligations of the United States, under the last paragraph of sec. 13 of the Federal Reserve Act, as amended by sec. 403 of the act of Mar. 9, W66 1933—Mar 13 4M 4H 4H Mar 14 434 Mar. 15 - . - - Mar 16 4H 4H 4K Mar 23 4M Apr. 15 .. , . 4H Oct 2 4 Oct 16 4 Oct. 19 4 Oct 20 4 4 Oct. 21 _ 4 In effect Dec. 31,1933 4 4 4 4 4K 4 4K 4M 4M 4 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 58.—FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES1— CHANGES FROM JAN. 1, 1929, TO DEC. 31, 1933 [Buying rates at the Federal Reserve Bank of New York. Percent] Date effective 1 d t a o y s 15 16 d a t y o s 30 31 to 45 46 d a to y s 60 61 to 90 91 d t a o y s 120 12 d 1 a t y o s 18a In effect Jan. 1, 1929. 1929—Jan. 4.... Jan. 21... Feb. 15.. 5 5 Mar. 21.. f Mar. 25.. t &A July 12.. A O u ct g . . 2 9 5 .. .. . % 5 5 8 Nov. l._. 4% 4% Nov. 15.. 5 Nov. 21.. 0i 1930-Jan. 31 *K Feb. 11 4 Feb. 24 Mar. 5 Mar. 6 3i Mar. 11.... 3X4 Mar. 14 Mar. 17..... Mar. 19 Mar. 20..... 334 May 1 ..... May 2 2M May 8 2X 2V2 May 19 June 3 June 5 2M 2% June 16 June 20 2 "2 June 30 July 21 Dec. 24 1% l% 1M IK 1931—Jan. 16... Jan. 26... "ill 'm Apr. 9... m Apr. 21.. m Apr. 27.. m May 5... May6... IX May8— May 13.. ... m 134 May 19.. S O e c p t t . . 9 2 _ 5 _ . . . "I m H I i - m m m "VA O O c c t t . . 1 1 6 3 . . _ _ * 2 V H m 3 2\i 3tt Nov. 20- 3 3 3 1932—Jan. 12... 2^ 3 3H Feb. 26.. 2^ 2% 3 Mar. 25.. 21/ 2 2A June 24_. IX 1933—Feb. 16.. X V2 Feb. 27.. l Mar. 1... 1\ i\ Mar. 2... 2 2 2 2 A Mar. 3... 3] 3M 3M M M a a r r . . 1 13 7 _ -. . 3 3 3' 3K Mar. 20.. 2Y* 2V* 3 2% Mar. 22.. 2 2 2lA 2H J O u c n t e . 2 2 0 9 _ . _ . 1 1 2 IK 1 In effect Dec. 31, 1933.. H - lA X V2 1 Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills. 2 Rate for 76 to 90 days 2 percent. 3 Rate for 76 to 90 days 234 percent. Back figures.—See Annual Report for 1928 (table 35). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOMESTIC MONEY BATES 149 No. 59.—AVERAGE RATES EARNED BY FEDERAL RESERVE BANKS ON BILLS AND SECURITIES, 1920-33 [Percent] Month 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 Total bills and securities: January.... 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 1.80 February. _ 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 1.84 March 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 2.15 April 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 2.08 May 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 2 ?,7 June . _ 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 2.18 July .... 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 2.03 August 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 1.95 September. 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 1.87 October.... 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 1.85 November. 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 1.81 December.. 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 1.91 Year 5.50 5.61 4.11 4.33 3.83 3.51 3.76 3.60 4.24 4.S6 3.25 2.20 2.33 1.98 Bills discounted: January 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 3.34 February __ 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 3.25 March 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 3.27 April 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 3 04 May 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 3.10 June 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 3.01 July 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 2.83 August 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 2.53 September . 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 3.01 October 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 3.85 November. 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 3.24 December.. 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 2.88 Year 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 3.23 Bills bought: January 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 4.35 February. _ 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 1.76 March . 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 1.26 April 5.70 5.97 3.83 4.08 4.17 3.13 3.63 3.67 3.52 5.30 3.25 1.52 4.75 1.46 Mav 5.77 5.98 3.50 4.11 4.05 3.16 3.52 3.65 3.72 5.50 2.96 1.34 4.87 1.81 June 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 2.90 July 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 2.42 August 6.07 5.36 3.11 4.19 2.49 3.24 3.32 3.51 4.34 5.13 1.93 3.91 4.14 4.39 September . 6.06 5.33 3.11 4.19 2.22 3.32 3.50 3.31 4.50 5.11 1.92 2.77 4.46 3.29 October 6.07 5.04 3.24 4.19 2.20 3.37 3.67 3.19 4.56 5.21 1.94 1.70 4.31 2.42 November. 6.03 4.91 3.59 4.18 2.23 3.40 3.75 3.19 4.56 5.22 1.91 1.91 4.35 .36 December.. 6.05 4.50 3.84 4.20 2.46 3.43 3.76 3.20 4.56 4.60 1.87 2.39 4.18 .50 Year 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 1.49 U. S. Government securities: January 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 1.53 February. _ 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 1.60 March 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 1.73 April 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 1.94 May 2.22 2.49 3.70 4.17 4.05 3.57 3.61 3.54 3.53 3.93 3.34 1.94 2.05 2.13 June.. . 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 2 06 July 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 1.96 August 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 1.89 September. 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 1.79 October 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 1.74 November. 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 1.75 December.. 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 1.81 Year 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 1.83 Back figures.—See Annual Report for 1929 (table 34). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No, 60.—OPEN-MARKET RATES IN NEW YORK CITY, BY MONTHS, 1929-33 [Percent per annum] Prevailing rate on- Average rate on i— Aver o a n g e 2 — yield Prime U.S. Month c m o p m a o c 4 p i n - m a 6 e t l e r h , r s - 90 l T o d i a m a n y s e s , 3 b 9 a a P a 0 c n n r c c i d k e m e a e p s y e r t , - s s ' m T o b u r n i e l 3 r t l y a h s s , s - « 1929—January— 6.94 7.05 4.84 4.66 February- 7.47 7.06 5.15 4.39 March 9.80 9.10 5.34 4.60 April 9.46 8.89 5.45 4.80 May 8.79 8.91 5.48 5.09 June 7.83 7.70 5.49 4.80 July 9.41 9.23 5.16 4.55 August 8.15 8.23 5.13 4.70 September. 8.62 8.50 5.13 4.58 October. __ 6.10 6.43 5.01 4.37 November. 5.40 5.44 4.23 3.47 December. 4.88 4.83 3.90 3.03 1930—January _._ 4.31 4.64 February.. 4.28 4.32 March 3.56 3.69 April 3.79 4.00 May 3.05 3.12 June 2.60 2.62 July 2.18 2.20 August 2.22 2.21 September. 2.17 2.19 October ... 2.00 2.00 November. 2.00 2.00 December. 2.27 2.23 1931—January... February.. March April May June July August September, October... November. December. 1932—January- 2.61 2.65 February-. 2.50 2.50 March 2.50 2.50 April 2.50 2.50 May 2.50 2.50 June 2.50 2.50 July 2.08 2.08 August 2.00 2.00 September. 2.00 2.00 October... 1.35 1.35 November. 1.00 1.00 December. 1.00 1.00 1933— January- February. . March April May June July August September. October... k November. December. VA-VA 1 Monthly averages of daily quotations. 2 For yield on Treasury bonds see table 114. 3 Stock exchange 90-day time loans. 4 Stock exchange call loans; new and renewal rates. ^Average rate of discount on issues sold by U.S. Treasury within month. ^Negative yield. Back figures.—See Annual Reports for 1932 (table 56), 1928 (table 39), and 1927 (table 28). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOMESTIC MONEY BATES 151 No. 61.—OPEN-MABKET RATES IN NEW YORK CITY, BY WEEKS [Percent per annum] Prevailing rate on- Average rate on *— Average yield on * Week e d n a d y in )— g (Satur- a b a n P a c d c n r c a e i k e m y s e p , s r e t 9 - s 0 ' lo d T a a n im y s, s e 3 90 N C ew all lo R an en s« ewal b a 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 ' T m r o U e b n a i . 3 l t s S l h u s . , s r « y T n c o m a r c e t t U e e o e a r s s n . t s S i , u t a f . 3 h i n r - - s y d 6 1933 Jan. 7 1.00 1.00 0.38 Jan. 14 1.00 1.00 .38 0.20 0.12 Jan. 21 .00 1.00 .38 .24 .16 Jan. 28 .00 1.00 .25 .18 Feb. 4 1X1H K .00 1.00 .25 Feb. 11 1H-IX .00 1.00 .28 .18 Feb. 18 iH'A .00 1.00 .41 .23 () Feb. 25 % .00 1.00 .62 .55 .03 Mar. 4 lX-i. l*i3 2.06 1.80 1.98 .99 .52 Mar. 11 00 (5) (s) (•) (7) Mar. 18 2Jfr* 4.31 4.75 3.43 U.40 Mar. 25 3.00 3.10 2.00 1.83 1.38 Apr. 1 3.00 3.00 2.00 1.72 1.27 Apr. 8 1.91 2.10 1.50 1.35 .79 Apr. 15 1.25 1.38 .68 .77 .20 Apr. 22 1.00 1.00 .55 .49 .41 Apr. 29... ].00 1.00 .53 .51 .41 May 6 1.00 1.00 .50 .49 .39 May 13 1.00 1.00 .50 .48 .34 May20._ 1.00 1.00 .50 .45 .21 May 27 1.00 1.00 .50 .42 .23 June 3__ 1.00 1.00 .44 .32 .15 June 10.. 1.00 1.00 .38 .27 .08 June 17 1.00 1.00 .38 8.08 June 24 1.00 1.00 .38 .05 July 1 1X-1H 1.00 1.00 .38 .06 J J u u l l y y 8 15 iHr' 1 1. . 0 0 0 0 1 1 . . 0 0 0 0 . . 4 5 1 0 . . 0 2 9 5 July 22 1.00 1.00 .50 .25 July 29 1.00 1.00 .50 .13 Aug. 5 1.00 1.00 .50 .08 Aug. 12 1.00 1.00 .50 0 Aug. 19 1.00 1.00 .50 Aug. 26 1.00 1.00 .43 Sept. 2 .85 .85 .30 00 Sept. 9 .75 .75 .25 00 Sept. 16 .75 .75 .25 8.01 Sept. 23 .75 .75 .25 Sept. 30 .75 .75 .25 .10 .06 Oct. 7 .75 .75 .25 .04 Oct. 14 .75 .75 .25 .01 O O c c t t . . 2 2 8 1 . . 7 7 5 5 . . 7 7 5 5 . . 2 2 5 5 .07 .18 Nov. 4 .75 .75 .25 .15 Nov. 11 .75 .75 .31 .16 Nov. 18 .75 .75 .38 .25 Nov. 25 .75 .75 .48 .28 Dec. 2 .75 .75 .53 .21 Dec. 9 .82 .80 .63 .40 Dec. 16 1.00 1.00 .63 8.25 Dec. 23 1.00 1.00 .63 .74 .25 Dec. 30 1.00 1.00 .59 .73 .25 1 Weekly averages of daily quotations. 2 For yield on Treasury bonds see Federal Reserve Bulletin for June 1934, pp 322-323. * Stock exchange 90-day time loans. * Stock exchange call loans; new and renewal rates. * Average rate of discount on issue sold by U.S. Treasury within week. «Negative yield. » Bank holiday, markets closed. * Change of issue on which yield is computed. Back figures.—See Annual Reports for 1932 (table 57), 1931 (table 40), etc. Digitized for FRAS4E9R75 3—34 11 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 ANNUAL BEPOET OF THE FEDERAL RESERVE BOARD No. 62.—MONET RATES IN NEW YORK CITY—PREVAILING RATES CHARGED CUSTOMERS, 1929-33 [Rates prevailing during 7-day period ending with 15th of month. Percent per annum] Loans secured by Loans Prune Inter- stocks and bonds secured Month commer- bank by warecial loans house loans Demand Time receipts 1929 January VA 53^-6 5^-6 5^-6 February... 53^ 5J^-6 5^-6 5^-6 March 5Ji2~5^ 53^2-6 6 6 5^1-6 April 5^ 5^-6 6 6 6 May 59^-6 5^-6 6 6 6 June 534-6 6 6 6 July 5^-6 5^1-6 6 6 6 August 6 6 6 6 6 September- 6 6 6 6 6 October 6 -6^ 6 -6M 6 -6^ 6 6 November- 534-6 5K-6 6 6 6 December.. 5^ 5^-6 5M-6 6 534-6 1930 January.. . h\i-f>Y> 5H-6 594-6 5^-6 5H-6 February. . 5 -oJ4 5 -5H 5^-6 5 \\ -6 March..;... 434-5 494-5# 5 -6 5 -6 5 -5 \i April 4^-494 4^i-5 4^-5H 5 -5H J M u a n y e ... 47 -4^ 4 "-5 4^-5 4^-5 4 4 H H - - 5 .6 July 4 -43^ 4 -4^ 4 -5 43-4-5 4 -5 August 4 -4J4 4 -4^ 4 -5 4^-5 September.. 4 4 -4H 4 -5 4 -5 4H-5 October 3^4—4 4 -4^ 4 -5 4 -5 4 -5 November- 3^-4 4 -4^ 4 -5 4 -5 4 -4^ December. . 3^-4 4 -4\i 4 -5 4 -5 4 -5 1931 J F a e n b u ru ar a y ry .. 3/ 2 -4 3 4 H - - 5 4H 4 m ^ - - 5 5 4 4 3 ^ ^ - - 5 5 3 3 9 9 4 4 - - 5 5 March 31/4-4 3H~5 4^-5 41/2-5 3%-4H April 3J4-4 4 -4^ 4^-5 4H 5 May 3 -4 4 -4^2 4^-5 43^-5 31/^-4 June.. 3H-4 4 -414 4^-5 4 -5 3%-4^ July 3^-4 4 -5 4 -5 4 -5 3H-4 August 3 -4 4 -41/2 4 -4}.i 4 -5 31/^-5 September.. 3 -4 4 -43^ 4 -43^ 4 -4i/2 October 3 -41/2 4 -5 4^-5 4^-5 4 -4V^ November. 4 -5 4^-5 4^-5 4 -5 December.. 4 -5 4^-5 4^-5 4>i-5 4M-5 1932 January 4 -5 4H-5H 4H-5H 4H-5H 4H-5 February... 4 -5 43^-5 43^-53^ 43^-53^2 43^ A M p a r r i c l h 4 4 - - 5 5 4 4 ^ ^ - - 5 5 4^-5^ 4^-5i 4)1 May 4 -4H 43^-5 43^-5 4^-5 2 4 -4H June 4 -43/2 43^-5 4H-5 4 -4H July 4 -434 4 -4K 4 -5 4 2-5 4 -5 August 4 -4M 4 -5 4^-5 4^-5 September .. 3 -43^ 4 -5 4 -5 4 -5 3 -43^ October 3 -434 4 -5 4 -5 4 -5 3i^;_4i^ November- 3 -4 4H-5 4 -5 4 -5 3 -43^ December.. 3 -4 4 -5 4 -5 3 -43^ January 3 -4 4 -5 4 -5 4 -5 3 -4 February.. . 3 -4 4 -4% 4 -5 4 -5 3 -4 March 434-5 4^-5 41^-51^ 4//2~5/^ 4^;_5 April 334-434 4 -5 4 -5 4x2—5 31^-5 May 334-4 4^-5 4^-5 4^-5 33^1-4 June !_. 3 -4 4 -5 4 -5 4H-5 3 '-41/ July 3 -33^ 4 -5 4 -5 4 -5 3 -43^ August 3 -334 33^-43^ 4 -5 4 -5 33^-4 M! September.. 23,-^-33^ 33^-5 4 -5 4 -5 3 -43^ October 23^-31^ 3^-5 4 -5 4 -5 3 -4^ November.. 2 -3M 3^-4^ 4 -43^ 3 -4 December.. 134-334 4 -5 4 -43J 2j^>-4 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 Federal Reserve Bulletin; also Annual Reports for 1927. pt. II, table 30,1926, pt. II, table 16, and 1925, pt. II, table 12. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOMESTIC MONEY BATES 153 No. 63.—RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES, 1921-33 [Weighted averages of prevailing rates] 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 New York City: January 6.71 5.50 4.82 5.21 4.16 4.64 4.66 4.56 5.74 5.64 4.24 4.71 4.12 February 6.78 5.48 4.91 5.07 4.43 4.68 4.56 4.44 5.73 5.35 4.31 4.71 4.11 March 6.70 5.43 4.98 5.06 4.53 4.62 4.56 4.59 5.81 5.22 4.20 4.72 4.88 April.... 6.64 5.46 5.32 4.98 4.48 4.62 4.63 4.72 5.85 4.91 4.17 4.69 4.33 May 6.68 5.06 5.27 4,89 4.38 4.66 4.63 4.97 5.88 4.74 4.11 4.55 4.24 June 6.43 4.93 5.21 4.64 4.36 4.58 4.60 5.09 5.93 4.59 4.13 4.61 4.10 July -. 6.21 5.16 5.29 4.21 4.46 4.38 4.56 5.38 5.88 4.48 4.05 4.42 3.93 August 6.25 4.66 5.18 4.09 4.36 4.62 4.41 5.56 6.05 4.41 3.97 4.45 3.97 September _. 6.11 4.70 5.33 4.20 4.57 4.81 4.44 5.63 6.06 4.29 3.93 4.30 3.79 October 5.93 4.74 5.37 4.41 4.62 4.85 4.49 5.63 6.08 4.26 4.27 4.35 3.76 November 5.96 4.82 5.39 4.13 4.61 4.79 4.35 5.56 5.86 4.17 4.67 4.12 3.52 December-_ 5.68 4.86 5.21 4.29 4.70 4.79 4.50 5.63 5.74 4.16 4.64 4.22 3.48 Eight other northern and eastern cities: January 6.99 5.34 5.53 4.80 5.14 4.99 4.73 5.87 5.88 4.61 5.07 4.81? February... 6.95 5.89 5.38 5.38 4.79 5.11 4.98 4.76 5.86 5.66 4.63 5.13 4.84 March 6.94 5.77 5.52 5.37 4.89 5.15 4.88 4.81 5.91 5.47 4.62 5.14 5.39 April 6.99 5.46 5.49 5.31 4.92 5.17 4.90 4.91 6.00 5.22 4.57 5.10 5.09 May 6.94 5.43 5.54 5.26 4.95 5.07 4.95 5.04 6.09 5.13 4.55 5.14 4.99 June 6.97 5.43 5.45 5.12 4.95 4.87 4.93 5.36 6.02 5.06 4.49 5.13 4.97 July 6.93 5.31 5.47 5.09 4.90 4.92 4.90 5.57 6.08 4.81 4.48 5.05 4.82 August 6.59 5.27 5.64 4.80 4.98 4.91 4.87 5.59 6.11 4.79 4.47 5.12 4.68 September 6.62 5.12 5.59 4. 5.04 5.08 4.77 5.80 6.24 4.74 4.48 5.03 4.65 October 6.65 5.20 5.57 4.s:; 5.16 5. 15 4.79 5.80 6.25 4.75 4.62 4.96 4.51 November 6.32 5.33 5.51 4.80 5.20 5.07 4.82 5. 82 6.12 4.66 4.87 4.88 4.54 December 6.19 5.44 5.48 4.87 5.17 5.09 4.76 5.91 5.94 4.68 4.91 4.59 Twenty-seven south- I ern and western cities: January 7.10 6.56 5.90 6.02 5.57 5. 56 ) 5. 72 5.53 5.94 6.12 5.50 5.61 5.60 February 7.11 6.46 5.91 5.91 5. 55 5.65 j 5.71 5.53 5.96 6.05 5.43 5.61 5.56 March 7.13 6.35 5.83 5. 8U 5. 61 5.02 5.65 5.54 6.04 5.98 5.40 5.64 5.66 April 7.12 6.22 5.94 5.89 5.61 5.65 5.57 5.54 6.07 5.86 5.36 5.63 5.68 May 7.06 6.23 5.92 5.79 5.58 5.61 5.59 5.56 6.10 5.75 5.26 5.64 5.66 June 7.05 6.13 5.91 5.69 5.59 5.55 5.54 5.67 6.16 5.69 5.34 5.62 5.62 July 7.04 6.04 5.96 5.63 5.59 5.54 5.52 5.77 6.17 5.63 5.30 5.63 5.54 August 7.03 6.02 5.98 5.57 5.60 5.56 5.53 5.80 6.22 5.58 5.28 5.68 5.53 September 6.96 5.94 5.94 5.55 5.55 5.60 5.61 5.82 6.27 5. 55 5.32 5.63 5.55 October 6.85 5.89 5.95 5.47 5.53 5.66 5.56 5.87 6.29 5.54 5.38 5.56 5. £0 November 6.74 5.94 5.99 5.53 5. 55 5.67 5.56 5.90 6.29 5.50 5.53 5.55 5.42 December 6.67 5.90 5.99 5.53 5.61 5.68 5. 60 5.91 6.20 5.43 5.56 5.60 5.43 r Revised. NOTE.—Figures relate to rates charged by reporting banks to their own customers (see table 62) as distinguished from open-market rates, which are given in tables 60 and 61. 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 (b) 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 tfcat city in the group, as measured by the loans of all banks. Backf igures.—See Annual Report for 1931 (table 42). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD MONEY RATES IN FOREIGN COUNTRIES No. 64.—DISCOUNT RATES OP FOREIGN CENTRAL BANKS, 1931-33 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 In effect Jan. 1,1931 3 5 5.11 3 3K 1931—Jan. 3 2 Jan. 22 Jan. 24 2i/ Feb. 6 3 May 14 2M May 16 2 June 13 7 July 16 10 July 23 3H July 30 July 31 4 Aug. I. 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 Oct. 19 -. . -. 6 Nov 4 6.57 Dec. 10 --. 7 1932—Feb. 18 5 Feb 19 -. . 5H Mar 3 5 Mar 9 .. _ 6 MarlO — 4 Mar. 12 5.84 Mar. 17 3K Mar. 21 . .. 6 Apr. 9 5H Apr. 19— 2H Apr. 21 3 Apr. 28 5 May 2 5 May 12 2H May 17 f* June 3-_ June 8 . - 5.11 June 30 2 Aug. 18 4.38 Sept 1 VA Sept. 22. 4 1933—Jan. 9 4 May 12 VA June 1 -- -- June 29 VA July 3 3.65 July 15 - 4 July 29 3H Aug. 15 3 ;Sept. 4 3H Sept 19 VA Dec 1 Dec. 11 - -- --r-- 3 In effect Dec. 31, 1933 2 4 3 3.65 joo ! Switzer- land 2 ......... - - 2H 2H 2 Back figures.—See Annual Reports for 1930 (table 40) and 1928 (table 42). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES 155 No. 65.—OPEN-MARKET RATES IN FOREIGN COUNTRIES, BY MONTHS, 1929-33 England France Germany Italy Japan N l e a t n h d e s r- Switzer- (London) (Paris) (Berlin) (Milan) (Tokyo) (Amster- lano dam) (Zurich) Month Bankers' accept- d P is r c iv o a u t n e t d P is r c iv o a u t n e t d P is r c iv o a u t n e t Discounted d P is r c iv o a u t n e t d P is r c iv o a u t n e t ances, 3 rate rate rate D111S rate rate months 1929 January 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 3.20 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 6.08 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 June 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 2.08 4.82 5.50 J5.48-5.66 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 i 7.00 5.25 4.93-5.48 1.53 1.55 August. __. 4.28 1.50 18.92 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 1.7fi 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 March 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 3.87 5.00 5. 66-6. 02 .37 1.50 November .89 1.00 3.87 5.00 5. 66-5. 84 .37 1.50 December 1.02 .91 3.87 5.00 5. 66-5.84 .37 1.50 1933 January .87 1.12 3.87 4.42 5. 48-5.84 .37 1.50 February .83 1.89 3.87 4.25 5. 48-5. 84 .37 1.50 March .62 2.04 3.87 4.20 5. 48-5. 84 .64 1.50 April .59 1.87 3.87 4.00 5. 48-5. 84 .66 1.50 May .50 1.76 3.87 4.00 5.11-5. 84 2.11 1.50 June .50 1.50 3.87 4.00 5.11-5. 48 2.18 1.50 July .48 1.39 3.87 4.00 5.11-5. 48 3.54 1.50 August .41 1.45 3.87 4.00 5.11-5. 48 1.11 1.50 September .44 1.13 3.87 3.55 5.11-5. 48 .77 1.50 October .79 1.25 3.87 3.50 5.11. 5. 48 .50 1.50 November 1.05 1.85 3.87 3.50 5.11-5. 48 .45 1.50 December 1.06 2.26 3.87 3.00 5.11-5.48 .52 1.50 1 Based on data for part of month, no quotations being available for remainder of month. NOTE.—For explanation of table, see Federal Reserve Bulletin for November 1926, pp. 794-796; April 1927, p. 289; October 1929, p. 680; November 1929, p. 736; and May 1930, p. 318. Digitized for BFaRckA fiSguErRes .—See Annual Reports for 1931 (table 44) and 1926 (table 116). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER AND NONMEMBER BANK CREDIT 157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL, EEPOET OF THE FEDERAL RESERVE BOARD 159 ALL BANKS IN THE UNITED STATES No. 66.—ALL BANKS IN THE UNITED STATES—NUMBEB OP BANKS, 1914-33 Member banks Nonmember banks Date1 All banks2 Total National State M sav u i t n u g a s l Other 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 Nov. 15 (4) 9,567 8, 118 1,449 (4) (4) Dec. 29 9,606 8,125 1,481 (4) (4) 1921—Apr. 28 9,698 8,148 1,550 (4) June 30. _ _ 30,560 9,745 8,150 1,595 634 20.181 Dec. 31. 9,779 8,165 1,614 (4) 1922—Mar. 10 (4) 9,816 8,192 1,624 (4) June 30. _ 30,158 9,892 8,244 1,648 630 19,636 Dec. 29 9,859 8,220 1,639 (4) 1923—Apr. 3 __ (4) 9,859 8,224 1,626 (4) (4) June 30 29,833 9,856 8,236 1.620 628 19,349 Sept. 14 29,790 9,843 8,234 ,609 5 628 19,319 Dec. 31.-_ 29,505 9,774 8,179 L, 595 630 19,101 1924—Mar. 31 29, 210 9,681 8,110 ,571 5 630 18,899 June 30 28,996 9,650 8,080 ,570 625 18,721 Oct 10 ._- 28,915 9,635 8,069 ,566 5 625 18,655 Dec. 31 28,806 9,587 8,043 ,544 623 18,596 1925—Apr. 6_._ 28,636 9,531 8,010 1,521 5 623 18,482 June 30 28,479 9,538 8,066 ,472 623 18,318 Sept. 28. __ _ 28,457 9,539 8,079 ,460 »623 18,295 Dec. 31 28,257 9,489 8,048 L, 441 621 18,147 1926—Apr. 12 27,989 9,412 7,994 ,418 5 621 17,956 June 30 27,854 9,375 7,972 1,403 621 17,858 Dec. 31... 27,367 9,260 7,906 ,354 618 17,489 1927—Mar. 23 26,975 9,144 7,822 1,322 5 618 17, 213 June 30 26,765 9,099 7,790 L, 309 618 17,048 Oct. 10 26,641 9,087 7,798 5 618 16,936 Dec. 31 26,416 9,034 7,759 1,275 618 16,764 1928—Feb. 28 26,146 8,983 7,728 L, 255 5 618 16,545 June 30 25,941 8,929 7,685 L,244 616 16,396 Oct. 3 25,828 8,896 7,670 1,226 5 616 16,316 Dec. 31. 25, 576 8,837 7,629 L208 613 16,126 1929—Mar. 27 25,341 8,755 7,569 1,186 5 613 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 5 611 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 5 609 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 5 606 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 5 603 13,841 June 30 _ 21,903 7,782 6,800 982 600 13,521 Sept. 29 . _ 21,294 7,599 6, 653 946 5 600 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 5594 11, 296 Dec. 31 18,390 6,816 6,011 805 594 10,980 1933—June 30 e ___. 14, 530 5,606 4,897 709 576 8,348 Dec. 30 15,212 6,011 5,154 857 581 8,620 1 Date 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 banks, and all private and industrial banks included in abstracts issued by State banking departments. 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 Figures not available. 5 Figures of preceding call carried forward. 6 Beginning June 30, 1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. NOTE.—Figures for June 1914 to June 1922, inclusive, taken from annual reports of the Comptroller of the Currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 ANNUAL REPORT. OF THE FEDERAL RESERVE BOARD No. 67.—ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS OF MEMBER AND NONMEMBER BANKS, 1914-33 [In millions of dollars] Member banks Nonmember banks All Date* banks 2 Mutual Total National State savings Other 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 (5) (5) Dec. 29... Ml, 551 25,531 17, 420 8,111 1921—Apr. 28— 4 40, 250 24, 391 16,178 8,213 () () J D u e n c e . 3 31 0 — -.. 4 4 3 0 9 , , 0 0 0 0 1 7 2 23 4 , , 1 4 2 8 1 2 1 1 5 5 , ,4 8 4 9 5 5 8 8 , , 2 0 2 3 6 7 ( 5, 6 6 ) 99 ( 10 5 , ) 181 1922—Mar. 10.. 4 38,918 23, 278 15, 301 7,977 () () J D u e n c e . 2 3 9 0 — ... 4 4 3 1 9 , , 9 9 1 5 9 6 2 25 4 , , 1 5 8 8 2 0 1 1 5 6 , ,5 7 1 0 1 5 9 8 , , 0 4 6 7 9 7 ( 6, 5 0 ) 10 ( 9 5 , ) 764 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 6 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 6 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. .. 54, 443 33,186 20,830 12, 356 6 8, 605 12, 652 Dec. 31— 55, 450 34, 247 21, 535 12, 712 8,860 12, 344 1928—Feb. 28__. 55, 327 33,688 21, 272 12,416 12, 779 June 30... 57, 265 35, 061 22, 063 12, 999 9,242 12, 962 D O e c c t. . 3 31— 5 5 7 8 , , 2 2 1 6 9 6 3 3 4 5 , , 9 6 2 8 9 4 2 2 2 2 , , 0 4 1 0 4 7 1 13 2 , , 9 2 1 7 5 7 6 9 9 , , 3 9 2 0 42 1 1 3 3 , , 1 0 9 4 2 9 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 13,372 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 6 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 1933—June 30 L. 40, 089 24, 786 15, 460 9,326 10,044 5., 258 Dec. 30— 40,477 25, 220 15, 941 9,278 5,269 1 Date 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 banks, and all private and industrial banks included in abstracts issued by State banking departments. 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. 6 Separate figures not available. 6 Figures of preceding call carried forward. 7 Beginning with June 30, 1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES 161 <J8.—ALL BANKS IN THE UNITED STATES—TOTAL LOANS OF MEMBER AND NONMEMBER BANKS, 1914-33 [In millions of dollars] Member banks Nonmember banks All Date* banks 2 Mutual Total National State savings Other 1914—June 30 15, 257 ' 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 (5) Dec. 29 .- . . 30, 655 19, 555 13, 446 6,110 (5) 1921—Apr. 28 . 4 29,387 18, 487 12, 323 6,164 (5) 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 (5) (5) 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 (s) (5) 1923—Apr. 3 29, 719 18,419 11,610 6,809 (5) (5) 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 June30 31, 541 19, 204 11,955 7,249 3,806 8,531 Oct. 10 32,100 19,713 12,159 7,554 e 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 • 5, 273 9,538 June 30 39,483 24,303 14, 921 9,382 5,518 9,662 Oct. 3 39, 690 24, 325 14,904 9,421 6 5, 518 9,847 Dec. 31 40, 782 25,155 15, 285 9,870 5,894 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 42, 221 26,165 14,955 11,210 e 5, 892 10,164 Dec. 31 41,918 26,150 15,136 11,014 5,945 9,823 1930—Mar. 27 40, 706 25,119 14, 635 10,483 e 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 4,93i Dec. 31 26,063 15,204 9,828 5,376 6,079 4,780 1933—June 30 i 22, 215 12,858 8,102 4,756 5,941 3,415 Dec. 30 22,077 12,833 8,086 4,747 5,909 3,335 For footnotes see table 67. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 69.—ALL BANKS IN THE UNITED STATES—TOTAL INVESTMENTS OF MEMBER AND NONMEMBER BANKS, 1914-33 [In millions of dollars] Member banks Nonmember banks All Date i bankss Total National State Mutual Other savings 1914—June 30.. 5,532 3 1,870 31,855 3 1,807 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. * 10,827 5,917 3,968 1,949 (5) (5) Dec. 29.. <10,896 5,976 3,974 2,001 (5) 09 1921—Apr. 28_. * 10,863 5,903 3,855 2,048 (5) 0) June 30. 11,012 6,002 3,919 2,083 2,889 2,122 Dec. 31- < 11,148 6,088 3,982 2,106 (5) (5) 1922—Mar. 10. « 11,338 6,198 4,055 2,143 (5) (3) 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) (5) 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 6 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, 384 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 e 3, 383 2,925 June 30. 16, 373 9,818 6,388 3,430 3,527 3,028 Oct. 1 O.- 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 6 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 « 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 1933—June 307 17,874 11,928 7,358 4,570 4,103 1,843 Dec. 30. 18,400 12, 386 7,855 4,531 4,080 1,935 For footnotes see table 67. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES 163 No. 70.—ALL BANKS IN THE UNITED STATES—DEPOSITS OF MEMBER AND NONMEMBER BANKS (EXCLUSIVE OF INTERBANK DEPOSITS), 1914-33 [In millions of dollars] Member banks Nonmember banks AH Date' banksa Mutual Total National State savings Other 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 (') 21,876 14,312 7,564 (<) Dec. 29 (*) 21,136 13,730 7,40.6 (*) 1921— J A u p n r e . 3 2 0 8 — 3 ( 5 < ,7 ) 42 2 20 0 , , 6 1 3 4 7 3 1 12 2 , , 9 7 9 4 1 5 7 7, , 6 3 4 9 6 8 (<) ( 9 ) ,529 Dec. 31 (*) 20, 387 12,807 7,581 5,575 0) 1922—Mar. 10 («) 20,495 12,848 7,647 ( () <) (<) J D u e n c. e 2 3 9 0 3 ( 7 « , ) 615 2 23 2 , , 7 3 9 9 6 7 1 1 3 4 , , 8 6 2 6 1 3 9 8 , , 1 57 3 5 2 5,780 9,439 0) (*) 1923—Apr. 3... — (<) 23,692 14,348 9,344 () (*) June 30 40,688 23,871 14,490 9,380 6,295 10, 522 S D e ec p . t . 3 1 1 4 4 4 2 0 , , 1 6 6 8 3 5 2 2 3 4 , ,9 7 9 3 6 9 1 1 4 5, , 2 5 3 9 1 4 9 9 , , 1 7 4 6 4 4 5 6 6 , , 4 2 5 9 5 5 1 1 0 0 , , 6 7 5 1 1 2 1924—Mar. 31 _._ 41,979 24,790 15,032 9,758 8 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 I 45,859 27,168 16,363 10,804 « 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 29,8fi9 18,130 11,739 5 7,763 12,170 June 30 51,662 31,269 18,922 12,347 8,095 12,298 Oct. 10 I 52,152 31,273 19,279 11,995 « 8,095 12,784 Dec. 31 I 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 « 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 8 8,849 12,481 June 29. 53,852 32,284 19,411 12,873 12,584 Oct. 4__ 55,180 33,004 19,647 13, 357 8 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 8 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 8 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 9,666 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 5 10,020 7,020 Dec. 31— 41,643 24,803 16.101 8,701 10,022 6,818 1933—June 30 e 38, 011 23, 338 14, 772 8,566 9,713 4,961 Dec. 30.. 38,646 23, 771 15, 386 8,385 9,711 5,165 For footnotes see table 66. NOTE.—Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal which aggregated $103,000,000 on that date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

164 ANNUAL REPORT OP THE FEDERAL RESERVE BOARD ALL MEMBER BANKS No. 71.—ALL MEMBER BANKS—ASSETS AND LIABILITIES OF NATIONAL AND STATE BANK MEMBERS, DEC. 31, 1932, AND DEC. 30, 1933 [In thousands of dollars] State bank mem- Total National banks bers Dec. 31, Dec. 30, Dec. 31, Dec. 30, Dec. 31, Dec. 30, 1932 19331 1932 19331 1932 1933 i ASSETS Loans (including overdrafts) 15, 204, 050 12., 8331,,483 1,142 8,086,335 5,375,908 4, 747,148 U.S. Government securities 6,539,706 7, 254, 234 3,755,379 4,462,257 2,784,327 2, 791, 977 Other securities 5, 725, 714 5,131,926 3,815,311 3,392,904 1,910,403 1, 739, 022 Total loans and investments 27,469, 470 251i,219,664433 17, 398, 832 15, 941,496 10,070, 638 9,278,147 Customers' liability on account of acceptances 412,248 459, 264 198,403 229, 937 213,845 229, 327 Banking house, furniture, and fixtures 1,150, 245 981, 206 758, 676 643,580 391, 569 337, 626 Other real estate owned 268, 945 274, 966 169,759 158,415 99,186 116, 551 Cash in vault 422,838 471,006 306,349 340, 820 116,489 130,186 Reserve with Federal Reserve banks 2, 511, 374 2, 677, 693 1, 625,840 1, 747, 364 885,534 930,329 Items with Federal Reserve banks in process of collection 449,848 485,022 279,014 325, 878 170,834 159,144 Due from banks in United States 2, 415, 656 1,969,141 1,849, 678 1,536, 873 565,978 432, 268 Due from banks in foreign countries (including own branches) 193, 881 302,499 139,335 208,098 54, 546 94,401 Exchanges for clearing house and other I checks on local banks 594,695 588, 23' 315,554 295, 944 279,141 292, 293 Outside checks and other cash items 77, 406 59, 079 60,847 43,165 16, 559 15, 914 Redemption fund and due from U.S. Treasurer 39, 242 40, 307 39, 242 40,307 Acceptances of other banks and bills of exchange or drafts sold with endorsement 14, 869 46, 349 5,422 14,005 9,447 32, 344 Securities borrowed 12,928 10, 827 8,027 5,716 4,901 5, 111 Other assets 226,281 291, 113,958 172, 267 112, 323 118, 820 Total assets 36, 259, 926 33,876,326 23,268,93621, 703,865 .2,990,99012,172,461 LIABILITIES Demand deposits :3,393, 23,13,442,260 8, 264,158 8,338, 250 5,129, 077 5,104,010 Time deposits .0, 549, 579 9,125, 241 7, 359, 689 6,375,155 3,189,890 2, 750,086 United States deposits 474,741 967,167 250, 602 552,437 224,139 414,730 Due to Federal Reserve banks 36, 663 38, 930 27, 672 30, 254 8,991 8, 676 Due to other banks in United States 3, 607, 649 3,124, 968 2, 210, 690 2, 003, 617 1, 396, 959 1,121, 351 Due to banks in foreign countries (including own branches) 295,989 142,833 199, 428 78, 703 96, 561 64,130 Certified and officers' checks outstanding. 369, 891 331,157 220,150 185,135 149, 741 146, 022 Cash letters of credit and travelers' checks outstanding 15, 250 8,166 6,665 5,436 8, 585 2,730 Total deposits 28, 742, 99727,180, 722 8,539,05417, 568,987 10,203, 943 9, 611, 735 National-bank notes outstanding 776, 749 775, 270 776, 749 775, 270 Agreements to repurchase U.S. Government or other securities sold 45,57 22, 053 5,905 23, 526 5, 764 Bills payable and rediscounts: With Federal Reserve banks 234, 524 74,756 185,015 45, 726 49, 509 29, 030 All other 312, 261 68, 584 163, 513 36, 261 148,748 32, 323 Acceptances of other banks and bills of exchange or drafts sold with endorsement-. 14, 869 46, 349 5,422 14,005 9,447 32, 344 Acceptances executed for customers 429, 738 480, £ 207, 285 235, 699 222, 453 245, 270 Acceptances executed by other banks for account of reporting banks 7,335 10, 725 2,747 6,816 4,588 3, 909 Securities borrowed 12, 928 10, 827 8,027 5,716 4,901 5,111 Interest, taxes, and other expenses accrued and unpaid 73, 276 69,120 46,147 45, 069 27,129 24, 051 Other liabilities 200, 501 184, 973 74, 826 67, 870 125, 675 117,103 Capital notes and debentures 103, 610 103, 610 Capital stock (see memorandum below) _. 2, 409, 859 2, 312, 019 1, 631, 059 1, 584, 625 778,800 727,394 Surplus 2,148, 260 1, 749, 935 1,171,215 878, 838 977, 045 871,097 Undivided profits, net 438,521 355, 386 269,197 235,929 169, 324 119,457 Reserves for contingencies 412, 529 441, 41r 166, 627 197,149 245, 902 244,263 Total liabilities, including capital account 36, 259, 926 33, 876, 32623, 268,93621, 703,865 .2, 990,990 .2,172,461 MEMORANDUM Par value of capital stock: First preferred 159, 025 140, 295 18, 730 Second preferred 5,750 4,400 1, 350 Common 2,409,859 2,148, 692 1, 631,059 1,441,134 778, 800 707,558 Total 2,409, 859 2, 313, 467 1, 631,059 1, 585, 829 778,800 727,638 Number of banks 6,816 6,011 6,011 5,154 805 i Licensed banks (operating on an unrestricted basis). Back figures,—See Annual Report for 1931 (table 47), etc., and Member Bank Call Report Nos. 34-59; Digitized fosre eF RalsAoS AEnRnu al Report for 1926 (tables 77-78) for principal items. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS 165 No. 72.—ALL MEMBER BANKS—ASSETS AND LIABILITIES OF RESERVE CITY AND COUNTRY BANKS, DEC. 31, 1932 AND DEC. 30, 1933 [In thousands of dollars] Ce c n i t ty ra l b a re n s k e s rve Other b re a s n e k r s ve city Country banks Dec. 31, Dec. 30, Dec. 31, Dec. 30, Dec. 31, Dec. 30, 1932 1933 1 1932 19331 1932 1933 1 ASSETS Loans (including overdrafts) 4,169, 417 4, 057, 354 5, 541, 560 4, 553, 293 5, 493, 073 4, 222,836 U.S. Government securities 2,831, 066 2, 748, 645 2, 234, 362 2,822, 906 1, 474, 278 1, 682, 683 Other securities 1, 372,126 1, 448, 393 1, 713, 569 1, 521, 503 2, 640, 019 2,162, 030 Total loans and investments 8,373,609 8,254,392 9,489,49 8, 897,702 9,607,370 8,067,549 Customers' liability on account of acceptances 360, 810 398, 022 47,184 57,837 4,254 3,405 Banking house, furniture, and fixtures 277, 050 264,149 412,190 337, 537 461,005 379, 520 Other real estate owned 18, 676 40, 736 108,038 104, 603 142, 231 129, 627 Cash in vault 64, 373 92, 246 126, 473 153, 334 231, 992 225, 426 Reserve with Federal Reserve banks 1,416, 793 1, 247,939 646,104 856, 794 448, 477 572, 960 Items with Federal Reserve banks in process of collection 149, 07 151,61 203, 545 226,157 97, 228 107, 248 Due from banks in United States 409,108 292,145 1, 239, 605 934,877 766, 943 742,119 Due from banks in foreign countries (including own branches) 151,600 252, 489 39,636 48, 003 2,645 2,007 Exchanges for clearing house and other checks on local banks 386, 954 381,190 158,471 157, 756 49, 270 49, 291 Outside checks and other cash items 5,427 7,855 54, 768 36,006 17, 211 15, 218 Redemption fund and due from U.S. Treasurer 1/22C 3,810 13, 592 14, 523 24, 430 21,974 Acceptances of other banks and bills of exchange or drafts sold with endorsement—. 4,290 30,119 9,678 15,496 901 734 Securities borrowed 3,200 5,382 3,507 7,546 4,120 Other assets 82, 68: 82,139 91, 546 126,160 52, 053 82, 788 Total assets 11, 700, 66711, 502, 04812. 645, 70311, 970, 29211, 913, 55610. 403, 986 LIABILITIES Demand deposits 5,507,956 5, 668,195 4, 280, 757 4, 356,978 3, 604, 522 3,417, 087 Time deposits 1, 255, 858 1,106, 821 4, 217, 439 3, 652,951 5,076, 282 4,365,469 United States deposits 191,438 463, 292 210,912 393,009 72, 391 110, 866 Due to Federal Reserve banks 8,004 7,414 28, 652 31,516 Due to other banks in United States 1, 841,180 1, 503, 241 1, 404,083 263, 228 250, 948 Due to banks in foreign countries (including own branches) 273, 212 127, 537 21,470 14, 547 1,307 749 Certified and officers' checks outstanding . 179,130 176, 889 129, 656 100, 576 61,105 53, 692 Cash letters of credit and travelers' checks outstanding 11,373 5,366 3,651 2,699 226 101 Total deposits.. 9,260,154 9,018,037 10,375,130 9,932,257 9,107,713 8,230,428 National-bank notes outstanding 21,315 64, 368 268,08" 275, 607 487, 347 435, 295 Agreements to repurchase U.S. Government or other securities sold 13, 388 1,380 12, 291 5,043 19, 900 5,246 Bills payable and rediscounts: With Federal Reserve banks 40, 987 7,825 193,537 66,931 Allother 13,17: 5,000 74, 279 7,931 224, 810 55,653 Acceptances of other banks and bills of exchange or drafts sold with endorsement.-. 4,290 30,119 9,678 15, 496 901 734 Acceptances executed for customers 376, 004 419, 776 51, 324 58,071 2,410 3,122 Acceptances executed by other banks for account of reporting banks 3,703 6, 378 1,654 3,964 1,978 383 Securities borrowed 3,200 5,382 3,507 7,546 4,120 Interest, taxes, and other expenses accrued and unpaid 24,656 29, 555 28,077 23,515 20, 543 16,050 Other liabilities 78,126 90, 388 58, 749 42, 05J 52, 530 Capital notes and debentures i, 300 25, 500 1,810 S C u a r p p i l t u a s l stock (see memorandum below)... 8 7 3 5 1 3 , , 628 6 7 9 5 3 7 , , 0 4 6 2 9 4 6 78 6 3 0 , , 8 0 2 4 1 4 7 5 6 3 1 6 , , 4 2 8 6 1 9 8 6 7 5 2 5 , , 8 9 1 1 1 6 5 79 2 3 0 , , 4 2 6 4 9 2 Undivided profits—net 134, 090 93, 912 135, 397 125, 550 169, 034 135, 924 Reserves for contingencies 186, 242 213,142 140,803 146, 221 85, 484 82, 049 Total liabilities, including capital account. .^ 1, 700, 66711, 502, 04812, 645, 70311,970, 29211,913,556 0, 403, 9 MEMORANDUM Par value of capital stock: First preferred 50,000 71,154 37,871 Second preferred 4,200 1,550 Common 753,899 707, 069 783,044 686, 261 872, 916 755,362 Total 753,899 757, 069 783, 044 761, 615 872,916 794, 783 Number of banks 48 64 322 299 6,446 5,648 i Licensed banks (operating on an unrestricted basis). Back figures.See Annual Report for 1931 (table 48), etc,, and Member Bank Call Report Nos. 34-59 Digitized fo(ri nF wRhAicShE dRat a are given by cities). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD No. 73.—ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED, RESERVES HELD, AND BORROWINGS AT FEDERAL RESERVE BANKS, BY MONTHS, 1933 [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 i - Time 2 Total required Total Excess R b e a s n e k rv s e All member banks: January 15,116 10, 525 25,641 1,932 2,516 583.8 254.4 February 14, 645 10, 333 24,978 1,874 2,291 417.3 305.6 March 3 April4 13,078 8,633 21, 710 1,661 2,040 379.1 323.4 May.. 13,815 8,694 22, 509 1,750 2,069 319.1 252.8 June 14, 241 8,732 22,974 1,797 2,160 363.1 184.4 July 14,100 9,060 23,160 1,785 2,221 435.7 113. 2 August 13, 920 9,119 23, 039 1,765 2,331 565. 5 115.6 September 14, 027 9,113 23,140 1,777 2,451 674.5 102.5 October 14. 243 9,126 1,798 2.557 758.4 91.0 November 14, 347 9,139 23,486 1,805 2,599 794.1 89.6 December 14, 567 9,078 23, 646 1,822 2,588 765.7 94.9 New York City:5 January 6,109 941 7,050 822 1,109 286.2 February 5,842 6,722 786 74.5 March 3 April4 5,331 6,120 717 867 150.2 21.8 May 5,766 751 6,517 772 878 106.0 1.0 June 5,923 746 6,669 792 861 68.9 .3 July 5,597 826 6,424 752 796 43.2 August 5, 468 814 6,282 735 837 101.8 1.5 September 5,516 802 6,318 741 896 155.2 2.8 October 5,535 805 6.341 744 893 149.0 1.4 November 5,475 814 736 866 129.8 December 5,452 763 6.215 732 828 96.0 1.0 Chicago: 5 January 919 311 1,230 129 306 177.6 .1 February 902 302 1,204 126 295 March 3 April4 794 352 1,146 114 172 58.1 May 874 357 1,232 124 177 53.1 June 939 361 1,299 133 211 77.9 July 1,021 365 1.386 144 245 101.6 August 1,016 360 1,376 143 295 151.9 September 1,017 357 1,374 143 340 197.1 October 1,050 354 1,404 147 386 238.8 November 1,065 351 1,416 149 387 237.9 December 1,065 356 1,422 149 361 211.5 Reserve city banks: January 4,551 4,241 8,792 582 659 76.6 56.7 February 4,466 4,177 8,643 572 122.4 97.0 March 3 April4 3,962 3.412 7,374 570 71.3 131.9 May 4.116 3,494 7,610 516 595 78.9 102.1 June 4,224 3,509 7,732 528 648 120.1 57.7 July 4,322 3,613 7,935 539 691 151.3 18.0 August 4,283 3.659 7,942 538 699 160.5 23.3 September 4, 316 3,655 7,971 541 716 174.4 14.4 October 4,409 3,640 8,049 550 749 199.1 13.1 November 4,478 3,637 8.115 557 794 236.7 12.8 December 4,626 3,611 8,237 571 832 261.2 15.3 Country banks: January 3,537 5,031 8.568 399 442 43.4 197.6 February 3,435 4,974 8,409 390 441 51.8 200.0 March 3 April4 2,990 4,081 7,071 332 431 99.5 169.7 May 3,058 4.092 7,150 337 418 81.2 149.7 June 3.156 4,117 7,273 344 441 96.2 126.5 July ,- 3,160 4,255 7,416 350 489 139.6 95.1 August 3,153 4.286 7,439 349 501 151.3 90.7 September 3,178 4,299 7,477 351 499 147.8 85.2 October 3,249 4,326 7,575 357 529 171.5 76.6 November 3,330 4,336 7,666 363 553 189.6 76.7 December 3,424 4,348 7.772 370 567 197.1 78.7 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). 3 Subject to reserve requirements of 3 percent. » March data not available. 4 Beginning with April the figures relate to licensed banks only. 8 Central reserve city banks only. • Less than $50,000. Digitized for BFaRckA SfigEuRre s.—See Annual Reports for 1932 (table 69) and 1931 (table 49). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS 167 No. 74.—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 plus mand de- plus mand de- plus mand de- plus mand de- Month (1933) time 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 1,835 1,027 9,466 7,046 2,420 1,987 968 1,019 2,327 1,087 1,240 February._. 1,817 1,016 801 9,115 6,763 2,352 1,964 955 1,009 2,296 1,063 1,233 March * April 2 1,650 943 708 8,241 6,160 2,081 1,715 848 867 1,768 870 897 May 2 __. 1,662 959 703 8,642 6,606 2,036 1,724 858 866 1,779 891 887 June 2 1,687 980 708 8,835 6,789 2,046 1,729 862 867 1,820 924 896 July 2 [,735 997 738 8,588 6,410 2,178 1,746 837 908 1,856 900 955 August2 1,738 988 750 8,448 6,280 2,168 1,726 802 924 1,860 873 987 September 2_. 1,747 995 752 8,484 6,332 2,152 1,729 800 930 1,863 868 996 October 2 1, 757 1,Oil 746 8, 512 6,351 2,161 1, 750 815 934 1,876 887 989 November 2_. 1, 752 1,006 746 8,462 6,295 2,166 1, 758 826 932 1, 873 877 996 December 2. 1,751 1,012 740 8,387 6,288 2,099 1,790 861 929 1,886 896 990 Richmond district Atlanta district Chicago district St. Louis district January 866 406 460 712 356 356 3, OH* 1,649 1,361 814 443 370 February.__ 851 389 461 687 339 347 2,917 ir~ 1,318 782 427 355 March i April2 697 354 343 572 297 2,063 1,259 804 680 386 295 May 2 766 393 373 609 314 295 2,225 1,391 684 390 294 June 2 772 395 377 628 325 303 2,324 1,474 850 fiQ4. OQQ 296 July 2 804 413 391 645 329 317 2,488 1,603 885 727 424 303 August2 819 419 400 652 331 321 2,503 1,617 732 427 305 September 2. 834 433 401 654 335 318 2,529 1,641 726 420 306 October 2 856 447 409 663 343 320 2,576 1,686 890 731 425 306 November 2_ 872 462 410 673 356 317 2,619 1,722 897 752 445 307 December 2_ 898 480 418 691 377 314 2,666 1,757 909 771 468 303 Minneapolis district Kansas City district Dallas district San Francisco district January 638 267 371 868 545 323 611 417 194 2,506 904 1,602 February 630 259 371 854 536 318 608 415 192 2,458 1,575 March i April 2 574 242 333 784 494 290 581 395 2,385 830 1, 555 May 2 592 254 337 795 508 581 394 187 2,451 855 1,596 June 2 614 280 333 820 531 289 582 396 186 2,468 1,582 July 2 632 302 330 867 575 293 588 397 191 2,485 913 1,572 August2 634 305 328 873 576 297 580 389 191 2,474 913 1,561 September 2___ 633 307 326 867 566 301 588 401 188 2,485 929 1,556 October 2 640 313 327 374 569 305 323 436 187 2,511 1,551 November 2___ 650 325 325 886 584 302 654 466 188 2,535 1,553 December 2___ 645 323 321 901 604 297 681 494 187 2,578 1,007 1,571 1 March data not available. 2 Licensed banks (operating on an unrestricted basis). Back figures.-—Bee Annual Reports for 1932 (table 70), 1931 (table 99), 1930 (table 95), 1929 (table 89), 1928 (table 93), and 1927 (table 87). 49753—34_ -12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 75.—NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS, 1929-33 [Averages of daily figures. In millions of dollars] Member banks Member banks Member banks Member banks in places with in places with in places with in places with population of population under population of population under 15,000 and over 15,000 15,000 and over 15,000 Month Month d de e N p m o e a s t n it d s de T p i o m s e its d de e N p m o e a s t n it d s de T p i o m s e its d d e e N p m o e a s t n it d s de T p i o m s e its d de e N p m o e a s t n it d sde T p im os e its 19291 19312 January 16,221 10, 088 2,880 3,377 January 16,507 10, 561 2,064 2, 916 February 16,046 10,029 2,842 3,380 February 16, 350 10, 678 2,039 2,901 March 15,919 9,974 2,802 3,373 March 16,409 10, 749 2,022 2, 889 ApriL __| 15,754 9,911 2,768 3,362 April 16,459 10,812 2,032 2, 875 May 15,703 9,951 2,727 3,351 May 16,422 10,896 1,998 2, 853 June. 15,814 9,907 2,704 3,336 June 16,091 10, 712 1,964 2,836 July 16,009 9,852 2,724 3,336 July 16,162 10,568 1,960 2, 836 August - 15,936 9,899 2,726 3,334 August 15,873 10,455 1,910 2, 804 September 16,005 9,979 2,773 3,332 September 15,648 10, 218 1,878 2, 757 October 16,306 9,987 2,818 3,329 October 15, 048 9,609 1,811 2,670 November 17, 227 9,903 2,752 3,292 November 14, 608 9,258 1,751 2, 602 December 16,419 9,819 2,693 3,250 December 14, 292 8,936 1,693 2,517 19301 1932 2 January 16,069 10,004 2,651 3,257 January 13,818 1,628 2,458 February 15,637 10, 010 2,625 3,259 February 13,198 8.510 1,591 2,416 March 15,801 10,140 2,589 3,261 March 13, 016 8,473 1,559 2, 383 April 10, 247 2,564 3,259 April 13,046 8,419 1,543 2, 379 May I 16, 097 10,325 2,547 3,259 May 13,157 8,433 1,522 2, 354 June I 16, 297 10,441 2,515 3,251 June 12,927 8,329 1,486 2, 333 July 16, 325 10, 587 2,495 3, 256 July—. 12, 723 8,247 1,434 2, 308 August 16, 273 10, 581 2,473 3,254 August . 12, 723 8,312 1,418 2, 291 September 16, 229 10, 681 2,478 3,255 September 12,985 8,294 1,423 2, 271 October 16, 265 10, 756 2,461 3,244 October 13, 258 8,349 1,422 2, 263 November j 16, 533 10,829 2,426 3, 227 November 13,455 8,366 1,410 2, 246 December \ 16, 316 10,488 2,345 3,165 December 13, 578 8,311 1,387 2, 216 i 19311 | 19332 January I 16, 276 10, 327 2,296 3,149 January 13, 767 8,324 1,349 2, 201 February ! 16,120 10,446 2,269 3,134 February 13, 330 8,160 1,315 2,172 March i 16,176 10,515 2, 255 3,122 March 3 April 16, 224 10, 577 2,268 3,111 April * 11,961 6,931 1,117 1,702 May 16,189 10, 660 2, 230 3,089 May 4 12, 665 6,982 1,150 1, 712 June.... 15, 865 10,476 2,190 3,071 June 4 13, 053 7,005 1,188 1, 727 July.... 15,939 10, 335 2,183 3,069 July4 12,875 7,292 1,225 1, 768 August. 15,653 10, 217 2,130 3,041 August4 12,686 7,333 1,234 1, 786 September....! 15,428 9,980 2,097 2,994 September 4_. 12, 775 7,314 1,252 1,799 October j 14,838 9,385 2,020 2,893 October4 12,943 7,309 1,300 1,817 November >• 14,404 9,038 1,954 2,822 November 4_- 13, 014 7,319 1,333 1, 820 December \ 14,095 8,722 1,891 2,731 December 4-._ 13,201 7,256 1,366 1, 822 I 1 On basis of 1920 census of population. 2 On basis of 1930 census of population. 3 March data not available. 4 Licensed banks only. Back figures.—For similar figures of a single date in each month see Annual Reports for 1928 (table < and 1927 (table 36). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 76.—ALL MEMBER BANKS—HOLDINGS OF ELIGIBLE ASSETS (UNITED STATES GOVERNMENT SECURITIES AND ELIGIBLE I^APER) COMPARED WITH BORROWINGS AT FEDERAL RESERVE BANKS, 1926-33 [In millions of dollars. Back figures not available] Holdings of U.S. Government securities l 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 ri G e ti n o e t v s - E p li a g p ib er le 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 er le 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 er le Total R b e a s n e k rv s e 1926—June 30.. 2,210 2,825 5,035 884 2,100 2,984 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 4,647 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 5,07ft 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 4,598 7,979 899 Dec. 31_- 2,403 2,713 5,116 814 1,684 2,498 3,217 4,397 7,614 1930— J M un a e r. 3 2 0 7 - . 2 2 , , 6 6 1 4 9 0 2 2 , , 2 5 8 4 5 2 5 4 , , 1 9 6 2 1 5 8 7 1 7 8 2 1 1, , 6 6 2 6 0 2 2 2 , , 4 3 8 9 0 2 3 3 , ,4 4 1 3 2 8 4 3 , , 2 9 0 0 4 5 7 7, , 3 6 1 4 7 2 2 2 0 7 6 4 W Sept. 24. 2, 682 2,271 4,953 764 1,541 2,305 3,446 3,812 7,258 173 CO Dec. 31.. 2,777 2,100 4,877 708 1,438 2,146 3,485 3,538 7,023 248 1931—Mar. 25.. 3,584 2,045 5,629 776 1,373 i 2,149 4,360 3,418 7,778 165 June 30- 3,871 1,870 5, 741 1,328 2,164 4,707 3,198 7,905 147 Sept. 29. 3,942 1,787 5,729 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 1932—June 30- 3,985 1,457 5,443 994 971 1,964 4,979 2,428 7,408 441 Sept. 30. 4,623 1,508 6,131 1,003 916 1,919 5,626 2,424 8,050 331 Dec. 31.. 4,776 1, 403 6,179 844 1,830 5,763 2,246 8,009 235 1933 2—June 30 5,106 1,310 6,416 1,054 667 1,722 6,160 1,977 8,137 Oct. 25..- 4,893 1,552 6,445 1,165 685 1,850 6,058 2,237 8,295 84 Dec. 30.. 5,232 1,413 6,645 1,247 685 1,932 6,479 2,098 8,577 75 1 Exclusive of Government securities pledged against national bank note circulation. 2 Beginning with 1933 the figures relate to licensed banks only. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 77.—ALL MEMBER BANKS—CLASSIFICATION OF DEMAND AND TIME DEPOSITS ON CALL DATES, 1928-33 [In millions of dollars] Demand deposits l Time deposits Banks Banks Other time deposits > Indi- Call date Total v p c s i j h o d u d e t e s e o c b u c i - t - t a k s l C i p c e d o a o r e s t f t - e i i t f s - m p S c a t t a u o i a l n e n i u t t s d e i n i , c e s - i , s - U S n t I a i n t t e e s d f c o t o r r I e i u n e i n g s - n o A th l e l r Total m p S c a t t a u o i a l n e n i u t t d s e i n i , c e s - i , s - U S n t I a i n t t e e s d f c o t o r r I e i u n e i n g s - n d b e E p s in b o n a a v y g o v c s i s k s - e - d p c C t d a o i o f e e t s f i e - r i - - s t c O o a u p c n e - n ts s i C n a o m h v c i A t n h r l i a u n l i g e l s s g d r t s - - P s i o n a s g v t s - a l £ C h ^ r j H 1928— D O e c c t . . 3 3_ 1 _ - _ 1 1 7 8 , , 9 5 0 0 4 1 1 1 5 6 , , 7 9 2 9 7 7 2 2 3 3 0 5 1 1, , 3 2 0 4 0 3 ( ( 2 2 ) ) ( ( 2 2 ) ) 3 3 7 0 2 1 1 13 3 , , 4 4 5 1 3 0 4 4 1 0 8 5 1 12 3 4 4 9 9 , , 8 7 1 0 0 3 1 1 , , 8 8 9 8 5 2 1 1, ,0 1 7 6 1 9 ' 1 1 1 3 7 4 §n 1929—Mar. 27. 17, 708 15,840 207 1,385 (2) (2) 276 13, 329 429 113 9,728 1,832 1,110 116 H June 29- 17,815 15, 743 201 1,512 (2) f2) 359 13, 325 477 80 78 9,834 1,745 997 115 tf Oct. 4___ 17, 937 16,167 188 1,224 (2) (2) 358 13,318 491 111 112 9,604 1,743 1, 136 120 £ Dec. 31_. 18,862 16, 936 202 1,335 (2) (2) 389 13, 233 595 95 154 9,592 1,741 934 122 1930—Mar. 27_ 17, 079 15,195 183 1,446 (2) (2)' 255 13, 519 536 103 176 9,626 1,811 1, 140 128 ft June 30.. 18, 062 15, 930 198 1,568 (2) (2) 365 13,812 571 112 224 9,678 1,862 1, 233 134 O Sept. 24. 16, 838 15,107 197 1,276 ( ) (2) 258 13,945 572 101 234 9,632 1, 960 1, 303 144 ft Dec. 31__ 17, 502 15, 560 192 1,362 (2) (2) 386 13, 546 509 107 238 9,591 1, 885 1, 027 189 W 1931—Mar. 25. 16, 339 14, 387 179 1,479 (2) (2) 294 13, 663 530 135 201 9, 446 1,928 1,180 242 t"1 J S u e n p e t. 3 2 0 9 - _ 1 1 6 5, , 5 6 2 2 6 2 1 13 4 , , 5 7 2 0 1 3 1 1 8 7 0 2 1 , , 5 3 5 5 6 0 ( ( 2 2 ) ) ( ( 2 2 ) ) 3 30 6 2 5 1 12 3 , , 5 7 1 7 5 6 5 4 0 4 8 0 1 8 1 6 4 1 1 5 1 5 2 9 8 , , 3 7 1 6 6 8 1 1 , , 9 7 0 8 6 7 1 1 , , 2 2 3 2 7 3 2 3 7 6 9 0 M M Dec. 31.. 14, 955 13,151 166 1,303 (2) (2) 335 11,316 388 63 26 8,134 1,472 771 463 w 1932—June 30- 13, 204 11,491 138 1,314 (2) (2) 261 10, 636 337 70 7 7,491 1, 350 772 610 W S D e e p c. t . 3 3 1 0 - . 1 1 3 3 , , 0 3 8 9 1 3 1 1 1 1 , , 8 6 5 9 3 7 1 1 1 4 5 8 L L , , 0 1 3 1 4 9 (2) 1 (2) 1 2 27 3 2 5 1 1 0 0 , , 5 6 5 0 0 2 3 3 4 4 2 2 8 7 7 0 5 1 7 7 , ,2 2 5 5 9 8 1 1 , , 3 3 8 5 1 2 8 79 5 9 1 6 7 9 0 5 8 H < L933 3—June 30 12, 928 11,419 120 1,087 9 1 291 8,981 300 89 1 6,127 1,038 545 ^92 788 S Oct. 25.. 12,994 11,507 127 1.106 14 240 9,114 270 87 6 6,261 989 611 4 110 781 g Dec. 30.. 13, 442 11,677 133 1,320 14 298 9, 125 301 83 6,429 900 583 i 45 1 Not including due to banks, certified and officers' checks outstanding, or letters of credit and travelers' checks sold for cash and outstanding. 2 Included in "Due to banks" (table 78). 3 Beginning with 1933 the figures relate to licensed banks only. * Includes deposits the payment of which has been deferred beyond the time originally contemplated, either by agreement with depositors or otherwise: $33,000,000 on June 30, $36,000,000 on Oct. 25, $27,000,000 on Dec. 30. Back figures.—-Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 78.—ALL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON CALL DATES, 1914-33 (In millions of dollars! Loans and investments Call date Total Loans Total Inv G s e m e o U s c v t e . u m e S n r r . t i e n - n - ts s O e t c t i h e u s e ri r - ba f D r n o u k m e s * p ta v C u r p a l o i n , l a d n f u s d p e i d u s t i i d , - s r - 2 - de T p o o t s a i l ts d D ep e o m s a it n s d 3 p T o d i s m e it - s e 4 G U S p m o o n t d v a e s i e e t t n i - e e t r t s s d n- b D a u n e k t s o 5 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 l m o u e a s t e s n it d s R F r b e w e e a s s d e n i e e t r k r h v r v s a e e l c r o B p a e a u a b d n il y n l i d l e s - s t - s N b b a e u r n 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 2,067 2,213 12,893 7,522 1,040 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 1,083 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 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 3 95 7,629 June 20 (Wed.) 12,453 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 W Dec. 31 (Mon.) 16,896 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 1,497 783 7,907 DO 1918—May 10 (Fri.) 18, 673 12, 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 1,043 8,132 June 29 (Sat.) 18, 507 13, 233 5,274 2,465 2,809 1,906 3,002 18,954 10, 754 3,395 1,521 3,284 12, 217 15, 612 1,565 1,022 8,213 Nov. 1 (Fri.) 20,981 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 1,912 8,596 Dec. 31 (Tues.) 20, 593 14, 224 6,368 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 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 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 1,927 8,822 Nov. 17 (Mon.) 24,187 17,423 6,765 3,494 3,271 2, 575 3,587 25,183 15, 652 5,050 386 4,095 16,261 21,310 1,825 2,257 8,995 Dec. 31 (Wed.) 24, 778 18,149 6.630 3,324 3,306 2,519 3,542 26,139 16,080 5,305 648 4,106 16, 581 21,886 1,904 2,347 9,066 For footnotes see p. 173. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 78.-—ALL MEMBER BANKS- -PRINCIPAL ASSETS AND LIABILITIES ON CALL DATES, 1914-33—Continued ^1 [In millions of dollars] to Loans and investments Call date Total Loans Total Inv G e m o U s v t e . m e S n r . t e n n - ts s O ec th u e ri r - b f a D r n o u k m e s* p t r a v u C p o a l i n l , a d n f u d p i s e d s t i u i d s , - - r 2 - de T p o o t s a i l ts d D e e p m os a i n t d s3 p T o d s i e m it - s e i G U S p m o o n t d v a e s i e e t t n i - e e t r t s s d n- b D a u n e k s to 5 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 l o m u e a s t s e i n t d s R R F b w e e e a s s d i n e e e t k r h r r v v s a e e l c r o B P a e a b u d a n il l y i n d l e s s - t - s b N b a e u r n m k o s - f securi- ties ties 1920—May 4 (Tues.) 25,418 19,198 6,220 2,958 3,262 1,874 3,833 24, 871 15,388 5,747 190 3,546 16,426 22,173 1,866 2,755 0.291 June 30 (Wed.) 25,559 19,533 6,026 2,811 3,215 1,824 3,853 25,401 15, 744 5,911 260 3,486 16,422 22,333 1,839 2,701 9,399 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 20,688 1,625 2,022 9,745 Dec. 31 (Sat.) 23,482 17,394 6,088 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 14,493 21,160 1,723 758 9,816 June30(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 3,896 1,806 4,364 27,288 15,689 7,645 462 3,492 16,203 23,848 1,939 727 9,859 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 8,819 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1927—Mar. 23 (Wed.) 31,949 22, 327 9,622 3,835 5,787 1,S96 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 1,968 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 D O e c c t . . 3 3 1 ( W (M ed o . n ) .) 3 3 5 4 , , 6 9 8 2 4 9 2 2 5 4 , , 1 3 5 2 5 5 1 1 0 0 , , 5 6 2 0 9 4 4 4 , , 3 3 1 8 2 6 6 6, , 2 2 1 1 7 8 2 2 , , 1 0 2 2 4 6 5 5 , , 8 8 9 4 9 2 3 3 9 6 , , 0 1 7 7 5 5 2 1 1 8 , , 1 5 1 7 1 0 1 1 3 3 , , 4 4 5 1 3 0 2 1 6 5 2 9 4 4, , 2 0 4 3 9 7 1 1 9 8 , , 9 9 4 9 4 5 3 3 3 2 , ,4 3 0 9 5 7 2 2 , , 4 34 0 8 9 1 1 , , 1 1 5 6 4 2 O 8 C, , f io 8 tQ 3 ff 7 Oi 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 IS, 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. 29 (Tues.) 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 K 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 w 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 te) 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 19336—June 30 (Fri.)__ 24, 786 12, 858 11, 928 6, 887 5, 041 2,008 4,837 26, 587 13, 551 8,981 806 3,250 14,156 23,137 2,235 191 5,606 w Oct. 25 (Wed.).__. 24, 953 13,058 11, 894 6, 801 5, 093 1,848 4,908 26, 602 13, 421 9,114 918 3,149 14,389 23, 503 2,651 188 5,818 Dec. 30 (Sat.) 25, 220 12, 833 12, 386 7, 254 5,132 1,969 4,962 27,181 13, 782 9,125 967 3,307 14, 821 23, 946 2,678 143 6,011 — w 1 Excludes items with Federal Reserve banks in process of collection, due from foreign banks or own foreign branches, and balances not subject to immediate withdrawal. 2 Includes reserves for contingencies (for "dividends, contingencies, etc." prior to December 1932) and prior to Sept. 28, 1925, reserves for interest, taxes, and other expenses accrued and unpaid. 3 Includes certified and cashiers' or treasurers' checks, and, beginning 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. 8 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; excludes balances not subject to immediate withdrawal. 6 Licensed banks only (operating on an unrestricted basis). ^1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 79.—CLASSIFICATION OF MEMBER BANK LOANS AND INVESTMENTS ON CALL DATES, 1930-33 [In millions of dollars] Loans to banks Loans to customers (exclusive of banks) Open-market loans Investments S st e o c c u k re s d a b n y d S re e a cu l r e e s d t a b t y e Purchased paper bonds Total Call date i m n T lo a v o e n a e n t n d s a t s t s l - Total s b c t a o u o S b n n r c e y e d d - k d s s o A th l e l r Total k o b s T i r e u d o o r t e - s - o c T t u h s o e - r F la a n rm d O re th a e l r a b a c p o a n R i c o w n n c e e r g k e - p t n - s s t ' - w O c c u i a u u n s t n h r r e s e e d e e s d d r - e - - Total A a a b p c n l a c c e y e e p i - s n t-A a p e n c t a c c c y e e ., p s - , t- C m c o i e a m r l - - Y k t L o N e o o r e b a r s w r k n i o i n s - Total s m e G U e t c i r e o . e u n S n v s r - . i t - - s O e t c i t e u h s r e i r - s b l t a o o o o n a n c n n d d k s s s New tomers estate United able paper York States2 abroad City1 Total: 1930—Mar. 27—. 35,056 527 260 267 21,495 706 7,024 394 2,775 (3) 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 (3) 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 (3) 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 (3) 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 (3) 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 2,830 178 8,744 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 2,773 130 8,592 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 2,678 116 8,126 901 146 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 2,531 189 6,892 747 313 34 122 278 11,414 5,628 5,786 5,916 Sept. 30.— 28, 045 457 270 187 14, 498 258 4,828 368 2,517 158 6,369 970 407 34 115 414 12,121 6,366 5,755 5,770 Dec. 31____ 27, 469 444 242 202 13, 905 241 4,608 356 2,505 225 5,970 855 375 30 93 357 12, 266 6,540 5,726 5,447 1933 4—June 30... 24, 786 330 179 150 11,337 165 3,752 308 2,064 192 4,857 1,191 291 25 87 788 11,928 6,887 5,041 4,884 Oct. 25 24, 953 297 156 142 11, 523 178 3,631 311 2,052 257 5,092 1,238 303 24 164 748 11,894 6,801 5,093 4,713 Dec. 30 25, 220 287 158 129 11,315 166 3,606 318 2,041 213 4,972 1,231 223 37 132 840 12, 386 7,254 5,132 4,769 New York City: 5 IQQAJ Mar 27 8, 238 199 92 107 4,338 60 1,876 150 (3) 2,252 1,655 89 40 49 1,477 2,046 1,150 897 3, 504 XijtJVJ -L>Jk- J CX>L u * n ^1 e _ _ 3 — — 0 8^ 798 196 78 118 4,309 68 1,954 157 (3) 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 (3) 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 (3) 2,054 1,525 188 22 34 1,281 2,435 1,239 1,197 3,550 1931—Mar. 25 8, 473 154 70 84 4,007 121 1,839 1 149 (3) 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 1,770 160 155 1,627 1,497 296 44 94 1,063 2,801 1,656 1,145 3,026 \ S 9 \^i. e A-±\J p K t J\J . _ _ 2 — 9 — 8^ 253 250 125 125 3,850 116 1,699 152 104 1,777 1,121 201 33 48 839 3,032 1,830 1,202 2,780 Dec. 3i 7, 460 374 204 170 3,694 87 1,641 153 77 1,735 695 107 17 29 542 2,697 1,768 928 2,474 1939—June 30 6^ 715 260 155 105 2,856 65 1,279 159 138 1,216 564 262 21 23 258 3,033 2,008 1,025 1,757 J-l/t-J^J U S L e AX p JI t V . K 3 t\J 0 — — — — 7,112 203 120 83 2,638 63 1,237 154 90 1,094 764 341 18 14 391 3,508 2,429 1, 079 1,811 Dec. 3i 7 327 216 115 101 2 620 61 1,186 159 148 1,066 701 330 15 19 337 3,789 2,603 1,186 1,699 1933 4—June 30L" 7^ 133 162 85 77 2,297 38 1,044 1 157 120 937 964 224 10 10 720 3,709 2,551 1,158 1,887 Oct. 25 6,971 143 79 70 2.434 47 985 149 179 1.075 891 233 8 27 624 3.501 2.320 1.181 1.728 Dec. 30.. 6,995 146 84 63 i 2,395 45 989 147 130 1,084 912 170 17 19 706 3| 542 2^362 i; 179 1^824 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Chicago:« 1930—Mar. 27 1, 717 58 50 g 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 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 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 2 415 117 3 42 21 51 563 346 217 677 Sept. 29___. 1,644 65 58 7 987 157 421 2 24 3 381 77 2 23 24 27 514 308 206 664 Dec. 31. . 1,517 87 74 13 926 124 407 1 22 11 361 24 2 10 9 3 480 288 191 608 1932—June 30 1,277 77 68 10 111 93 361 1 25 15 282 22 5 5 11 1 400 234 166 522 Sept. 30 . . 1,192 53 45 9 659 85 292 1 25 29 227 35 16 6 12 1 445 256 189 422 Dec. 31 1,045 42 34 8 550 67 231 1 18 23 210 37 22 5 9 1 414 228 186 333 1933 4—June 30 „ 1,287 30 24 6 589 48 251 3 26 24 237 58 27 7 12 13 610 384 226 336 Oct. 25 1,196 26 21 6 608 51 245 2 30 27 254 67 25 7 19 16 495 284 211 333 Dec. 30 1,259 22 17 5 524 33 208 1 28 32 222 58 15 8 16 18 655 386 269 276 Other reserve cities: 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 19 2,854 354 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 22 2,762 249 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 23 2,668 111 33 12 53 14 3,746 1,844 1,902 2,443 1932->rune 30 . 9,768 177 108 69 5,743 105 1,844 124 1,257 33 2,380 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 36 2,194 117 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 52 2,027 77 22 8 36 11 3,948 2,234 1,714 1,965 1933 4—June 30— 8,492 99 33 36 4,257 63 1,340 123 1,008 46 1,678 125 36 6 38 45 4,011 2,483 1,528 1,511 Oct. 25 8,756 94 56 38 4,304 66 1,297 121 992 49 1,779 207 43 7 72 84 4,151 2,605 1,546 1,503 Dec. 30 8,898 80 50 31 4,273 73 1,316 120 1,001 48 1,714 200 36 9 61 94 4,344 2,823 1,522 1,533 Country banks: 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 ],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 2 3,847 135 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 1 3,677 116 1 2 81 32 4,606 1,433 3,172 1,985 Dec. 31 10, 999 69 24 45 6,469 28 ,728 237 1,109 4 3,362 71 4 2 48 16 4,392 1,418 2, 974 1,796 1932—June 30 ._ 10, 240 59 15 44 5,891 20 ,525 238 1,090 3 3,015 64 13 2 36 13 4,226 1,432 2,794 1,574 Sept. 30— 9, 954 49 12 37 5,663 17 ,464 241 1,084 4 2,854 55 8 2 36 9 4,186 1,471 2,715 1,503 Dec. 31.__. 9,607 50 10 40 5,405 15 ,417 234 1,070 2 2,667 39 1 2 28 8 4,114 1,474 2,640 1,450 1933 4—June 30.__ 7,873 38 7 31 4,194 15 ,117 182 873 3 2,005 43 4 1 27 10 3,598 1,469 2,129 1,149 Oct. 25 8,031 35 7 28 4,175 14 ,104 189 881 3 1,984 73 2 2 46 23 3,748 1,592 2,156 1,148 Dec. 30..- 8,068 38 7 31 4,123 15 ,092 196 865 3 1,952 62 3 3 34 22 3.845 1,683 2,162 1,136 1 Includes loans to dealers in securities. * Beginning with 1933, figures relate to licensed banks only. 2 Exclusive of acceptances acquired and held by the accepting member banks, shown in a preceding column. « Central reserve city banks only. 3 Included in following column, prior to June 1931. Back figures.—See Annual Report for 1931 (table 53). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD No. 80.—ALL MEMBER BANKS—RESERVE BALANCES, BY MONTHS, 1922-33 [Monthly averages of daily figures. In millions of dollars] Month 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 ! 1932 1933 January 1,707 1,918 1,911 2,194 2,236 2,243 2,426 2, 387 2,349 2,4331 1,979 2, 516 February 1,689 1,901 1,892 2,159 2,208 2,212 2,368 2.357 2,305 2,370: 1,907 2, 291 March 1,711 1,873 1,915 2,137 2,198 2,240 2.365 2,337 2,330 2,386| 1,899 1,914 April 1,733 1,869 1,905 2,123 2,183 2,248 2,396 2,308 2,350 2,376! 1,996 2, 086 May 1,783 1,874 1,922 2,132 2,199 2,262 2,388 2,296 2,356 2,387j 2,138 2,125 June 1,820 1,867 2,001 2,141 2,206 2,301 2,355 2,314 2,392 2,404 2,062 2, 211 July 1,812 1,867 2,046 2,160 2,212 2,289 2,324 2,334 2,417 2,407: 2,003 2, 268 August 1,799 1,835 2,072 2,151 2,201 2,283 2.274 2,322 2,392 2,345| 2,073 2, 375 September 1,811 1,848 2,120 2,161 2,211 2,300 2.314 2.335 2,397 2,333 2,181 2, 489 October 1,836 1,864 2,141 2,203 2,219 2,326 2.332 2,38fi 2,407 2,256 2,307 2, 590 November. 1,825 1,875 2,164 2,221 2,214 2,373 2, 352 2. 521 2,433 2,1181 2,378 2, 629 December— 1,840 1,882 2,182 2,219 2,218 2,399 2,367 2,395 2,415 2,069 2,435 2, 616 Back figures.—See Annual Report for 1929 (table 47). No. 81.—ALL MEMBER BANKS—BORROWINGS AT FEDERAL RESERVE BANKS, BY MONTHS, 1914-33 [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 November .. 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 1933 January __ _ 574 267 520 481 465 859 501 253 828 255 February 514 340 526 393 471 889 378 216 848 307 March— 476 390 557 425 513 969 274 176 714 999 April 489 403 537 447 661 1,004 231 155 605 429 May 433 397 511 473 836 956 247 163 486 339 June - 370 437 473 429 1,019 978 251 189 495 250 July 315 480 549 454 1,090 1,096 226 168 523 170 August 268 545 555 409 1,061 1,043 214 222 451 159 September 262 594 640 422 1,064 969 189 280 387 138 October 240 619 663 424 975 885 196 613 328 119 November.. 228 597 615 415 897 953 221 695 313 114 301 688 668 529 1,013 803 338 774 282 117 NOTE.—Figures include a small amount of borrowing by intermediate credit banks, etc. (See table 22.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBEE BANKS 171 No. 82.—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, 1933 [Averages of daily figures. In millions of dollars] Deposits subject to reserve Reserves held Borrowings at Week ending (Friday) dem N a et nd1 Time2 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 s a e l New York City. 3 1933—Jan. 6.... 6,031 939 6,970 812 1,121 308.7 (4) Jan. 13 6,099 941 7,041 821 1,171 350.1 Jan 20 6,157 952 7,110 829 1,141 311.8 Jan. 27 6,123 949 7,072 824 1,057 232.9 0) Feb. 3 6,125 908 7,033 823 997 173.7 o Feb. 10 6,009 903 6,912 808 931 123.2 .1 Feb. 17 5,900 895 6,795 794 855 60.8 Feb. 24 5,685 860 6,546 765 801 36.6 7.2 Mar 3 5 Mar. 10 5 Mar 17 5 Mar 24 5 Mar 315 Apr. 76 5,106 790 5,896 688 794 106.2 17.2 Apr. 14 5,191 782 5,973 698 853 154.5 27.4 Apr 21 5,362 789 6,151 721 908 187.5 24.4 Apr. 28 5, 535 791 6,326 743 900 156.9 17.6 May 5 5,629 787 6,415 755 844 89.0 n.3 May 12 5,683 765 6,448 762 839 77.5 May 19. ___ _•__ . . 5,805 749 6,554 777 877 99.5 May 26 5,852 730 6, 582 783 923 140.7 June 2 5,939 731 6,670 794 920 125.7 .5 June 9 . 6,000 730 6,730 802 882 79.9 .6 June 16 6,097 729 6,827 815 899 84.5 .1 June 23 5 880 750 6,630 787 830 43.5 June 30 5,690 781 6,470 763 820 57.0 July 7 5,642 821 6,463 758 788 30.1 .2 July 14 5,614 818 6,432 754 784 29.8 July 21 5,605 833 6,438 754 784 30.1 July 28 5,575 834 6,410 750 815 65.5 'lug 4 5,493 £24 6,318 739 811 72.5 Aug. 11 5,483 819 6,302 737 793 55.8 .2 Aug. 18 .- - 5,463 824 6,287 735 818 83.5 2.1 Aug. 25 5,439 804 6, 243 731 875 143.7 1.5 Sept. 1 5,484 800 6, 284 737 882 145.1 3.3 Sept. 8 5,435 796 6,231 730 860 129.7 4.5 Sept. 15 _ - . _ . 5,543 799 6,342 745 916 171.4 1.0 Sept. 22 5,559 804 6,363 747 899 152.5 1.9 Sept 29 5,517 807 6,324 741 911 169.6 3.3 Oct. 6 5,512 814 6,326 741 881 139.6 2.7 Oct. 13.. 5,467 806 6,273 735 851 116.3 2.3 Oct. 20 5,565 801 6,366 748 890 142.7 1.4 Oct. 27 5,582 801 6,383 750 931 181.7 .2 Nov. 3 5,554 805 6,359 746 905 158.6 Nov. 10 _.. 5,443 818 6,261 732 856 123.7 # i Nov. 17 5,445 819 6,264 732 886 153.6 . 1 Nov. 24 5,476 817 6,293 736 872 135.4 0) Dec. 1 5,516 805 6,321 741 840 99.0 j -2 Dec. 8 5,461 785 6,246 733 777 43.2 3.5 Dec. 15 . 5,434 771 6,205 730 834 104.3 i .2 Dec. 22 5,429 755 6,184 728 847 118.4 ! .2 Dec. 29 ! 5,440 742 6,181 729 836 106.3 ! .1 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. 4 Less than $50,000. 3 March data not available. 6 Beginning Apr. 7, figures are for licensed banks only (operating on unrestricted basis). Back figures.—See Annual Report for 1932 (table 77) and 1931 (table 56). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

178 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 82.—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, 1933— 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 s a e l Chicago:3 1933—Jan. 6 ~ 918 318 1,237 129 291 161.7 0.2 Jan. 13 917 313 1,229 129 300 171.6 .2 Jan 20 921 309 1,230 129 302 173.3 Jan 27 919 307 1,226 129 316 187.5 Feb. 3 920 311 1,231 129 320 191.4 Feb 10 905 310 1 215 127 301 174 1 Feb 17 907 309 1,215 127 289 161.4 Feb. 24 893 294 1,188 125 296 170.7 Mar. 3 » Mar. 10 5 Mar 17 « Mar. 24 * Mar. 31 « Apr 7 6 755 354 1,109 109 158 49.8 Apr 14 784 354 1,138 113 174 61.8 Apr 21 801 346 1,147 114 172 57.8 Apr 28 826 352 1,177 118 181 63.4 May 5 845 357 1,203 121 177 56.6 May 12 876 358 1 234 125 182 57 3 May 19 876 356 1 232 125 184 59.6 May 26 879 357 1,237 125 172 46.7 June 2 891 361 1,252 127 175 48.5 June 9 906 363 1,269 129 201 72.2 June 16 935 364 1,299 133 213 80.5 June 23 953 356 1 309 135 211 76.0 June 30 973 359 1,332 137 225 88.1 July 7 980 372 1 352 139 223 84 1 July 14 1,014 366 1,380 143 231 88.7 July 21 1,028 363 1,391 145 244 99.7 July 28 1,045 360 1,406 147 269 122.5 0) Aug. 4 1,044 359 1,403 146 280 133.4 .1 Aug 11 1,026 361 1,386 144 296 152.3 Aug 18 1 030 361 1 391 145 296 151.2 Aug 25 1,000 360 1,360 141 290 149.5 Sept 1 994 360 1,355 140 307 167.2 Sept 8 985 361 1,346 139 313 173.8 Sept 15 1,012 358 1,370 142 330 187.9 Sept 22 1,027 355 1,382 144 351 206.7 Sept 29 1,044 354 1,398 146 367 221.2 Oct 6 1 030 355 1,385 145 356 211.7 Oct 13 1 040 354 1,395 146 378 232.6 Oct 20 1 052 354 1 405 147 386 238 2 Oct 27 1,067 353 1,420 149 402 252.8 Nov 3 1,064 354 1,419 149 405 255.7 Nov 10 1,058 354 1,412 148 385 236.6 Nov 17 1 070 348 1 418 150 372 222.1 Nov 24 1 070 348 1,419 150 395 245. 9 Dec 1 1.052 353 1,415 149 392 242. 9 Dec 8 1,042 355 1,397 146 370 223.6 Dec 15 1 056 356 1,411 148 359 211.6 Dec 22 1 062 357 1,419 149 353 204.4 Dec. 29 1,095 358 1,453 153 362 208. 7 3 Central reserve city banks only. * Less than $50,000. 6 March data not available. 6 Beginning Apr. 7, figures are for licansed banks only (oparating on unrestricted basis). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS 179 No. 82.—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, 1933— Continued [Averages of daily figures. In millions of dollars] Deposits subject to reserve Reserves held Borrow- Reserves ings at Week ending (Friday) Net required R Fe e d se e r r v a e l demand Time Total Total Ex< banks ^Reserve city banks: 1933—Jan. 6 4,586 4,238 8,823 643 57.3 46.6 Jan. 13 4,531 4,259 8,789 581 646 64.7 48.0 Jan. 20 4,556 4,244 8,800 583 648 64.8 51.9 Jan. 27 4,533 4,234 8,767 580 681 100.9 66.9 Feb. 3.. 4,524 4,222 8,745 579 107.4 74.0 Feb. 10. 4,488 4,222 8,710 575 705 129.5 65.0 Feb. 17. 4,488 4,208 8,695 575 695 120.5 79.6 Feb. 24. 4,428 4,161 8,589 568 691 123.7 108.3 Mar. 3 5-. Mar. 10«. Mar. 17 «. Mar. 24». Mar. 315. Apr. 7 6- 3,920 3,393 7,313 494 557 63.3 138.6 Apr. 14.. 3,917 3,395 7,312 494 563 69.2 130.8 Apr. 21.. 3,955 3,402 7,357 498 573 75.1 127.1 Apr. 28.. 4,047 3,444 7,492 508 576 67.5 126.2 May 5... 4,081 3,479 7,560 512 588 75.6 141.8 May 12.. 4,092 3,490 7,583 514 582 68.1 105.3 May 19- 4,138 3,492 7,629 519 583 64.3 95.3 May 26.. 4,128 3,503 7,632 518 601 82.9 91.3 June 2... 4,132 3,510 7,642 519 602 83.4 85.5 June 9-.. 4,165 3,506 7,672 522 622 100.5 79.4 June 16.. 4,247 3,496 7,743 530 625 95.0 63.1 June 23.. 4,244 3,487 7,732 529 651 121.5 49.4 June 30.. 4,270 3,548 7,818 533 708 174.5 31.7 July 7.. 4,297 3,601 7,898 538 172.8 20.0 July 14. 4,295 3,607 7,902 538 160.4 14.0 July 21. 4,351 3,612 7,964 544 145.7 16.1 July 28. 4,344 3,626 7,970 543 679 136.1 20.0 Aug. 4— 4,313 3,606 7,919 540 676 136.8 22.2 Aug. 11.. 4,285 3,645 7,930 538 705 167.5 21.4 Aug. 18- 4,302 3,657 7,958 540 707 167.4 30.7 Aug. 25.. 4,263 3,676 7,939 537 695 158.3 23.5 Sept. 1— 4,267 3,676 7,943 537 695 158.1 18.8 Sept. 8— 4,269 3,659 7,928 537 689 152.6 18.4 Sept. 15- 4,317 3,650 7,967 541 717 176.2 13.1 Sept. 22- 4,338 3,655 7,993 543 721 177.5 11.7 Sept. 29.. 4,340 3,654 7,993 544 741 197.5 14.2 Oct. 6— 4,352 3,651 8,002 545 725 180.5 12.5 Oct. 13. 4,375 3,635 8,010 547 747 200.8 12.3 Oct. 20. 4,439 3,636 8,075 553 760 207.3 15.3 Oct. 27. 4,443 3,633 8,076 553 754 201.1 12.7 Nov. 3~. 4,443 3,645 554 744 190.6 13.6 Nov. 10.. 4,407 3,640 8,047 550 775 225.0 12.8 Nov. 17- 4,480 3,642 8,122 557 812 255.1 11.4 Nov. 24-. 4,510 3,638 8,148 560 824 263.6 11.9 Dec. l._ 4,530 3,622 8,152 562 817 255.5 14.6 Dec. S.- 4,557 3,591 8,149 563 814 250.2 16.0 Dec. 15. 4,609 3,595 8,205 569 832 262.9 16.9 Dec. 22. 4,646 3,612 8,259 573 827 254.2 15.7 Dec. 29. 4,679 3,634 8,313 577 850 273.3 12.8 * March data not available. 6 Beginning Apr. 7, figures are for licensed banks only (operating on unrestricted basis). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 83.—LICENSED MEMBER BANKS -DEPOSITS BY SIZE OF ACCOUNT, BY FEDERAL RESERVE DISTRICTS, MAY 13, 1933 00 [Amounts of deposits in thousands of dollars] Total—All deposit Deposit accounts of— accounts Nuinof li- $2,500 or less $2,501 to $5,000 $5,001 to $10,000 $10,001 to $50,000 Over $50,000 Federal Reserve district censed member Number ofAmount of banks accounts deposits Number Amount Number Amount Number Amount Number Amount Number Amount of ac- of de- of ac- of de- of ac- of de- of ac- of de- of ac- of decounts posits counts posits counts posits counts posits counts posits All member banks: Boston 311 2,013,075 1, 749, 767 1,919, 435 444, 104 49, 386 169,186 24, 060 159, 450 16,394 318, 577 3,800 658,450 New York 693 5,971, 402 8,938, 531 5, 661,843 1, 323, 505 156,034 493, 560 75,117 518,161 58, 791 1, 226,138 19,617 5, 377,167 Philadelphia 587 2,893,373 1,806, 063 2, 794, 670 534, 950 56, 766 191,163 24, 967 169, 876 14, 005 266, 731 2, 965 643, 343 Cleveland 480 3, 095,121 1, 792, 732 3, 002, 724 540, 073 51, 534 178,769 23, 327 159,055 14, 306 276, 463 3,230 638,372 Richmond 305 1, 687, 903 823,101 1,641,888 263,915 24, 891 85,911 11,823 80, 731 7, 755 149, 323 1,546 243, 221 Atlanta 272 1, 629, 673 661.339 1 595 J 75 194, 354 18, 475 60, 214 8,572 58,868 6,168 122,806 1,283 225,097 Chicago _ 470 3, 413, 151 2,530, 128 3,' 303' 967 582, 757 55, 479 192, 099 27, 575 188, 385 20, 834 417, 972 5, 296 1,148,915 St. Louis 327 1, 514, 343 742, 185 1, 475, 032 244, 806 22, 176 70, 992 9,121 61,173 6,600 129, 883 1,414 235, 331 Minneapolis 462 1,199,182 648,908 1,163,121 220, 669 20, 073 70, 226 9,170 61,803 5,748 112,570 1,070 183, 640 Kansas City 695 1, 745, 598 915, 584 1,702,727 263, 125 21,070 76, 905 10, 778 74, 614 9,024 183,092 1,999 317,848 Dallas 535 1,374,017 629, 751 1,339,406 199,849 17, 301 60, 868 9,082 63, 015 6,991 135, 559 1,237 170,460 San Francisco 363 4, 019, 267 2,304,218 3, 882, 396 768, 220 76, 648 262, 239 36,311 245, 660 20,499 381, 289 3,413 646,810 Total 5, 500 30, 550, 10523, 542, 307 29, 482, 384 5, 580, 327 569, 833 1,912,132 269, 903 1,840, 791 187,115 3, 720, 403 46, 870 10, 488, 654 National bank members: Boston 286 1, 464, 332 1,334,108 1,398,636 329, 816 35, 365 121, 950 16, 261 110, 095 11,100 225, 870 2,970 546,377 New York 553 3, 345, 640 3, 701,195 3,198,188 686, 209 83, 594 242, 301 33, 977 231, 647 22, 640 456, 886 7,241 2, 084,152 Philadelphia 530 2, 251, 654 1, 243, 134 2,178, 576 411,175 43,557 144, 417 18,153 122, 659 9,492 179,831 1,876 385,052 Cleveland 421 1,883, 343 1, 085,832 1,827, 875 334, 311 30, 656 106,419 13,873 93, 932 8, 831 171,806 2,108 379, 364 Richmond 271 1,314,980 .627, 532 1, 279, 210 207, 932 19, 539 67, 338 9, 279 63,151 5,814 111,270 1,138 177,841 Atlanta 236 1,503,195 599 3 r>2 1,471,658 175, 8S8 16, 907 54, 741 7,797 53, 608 5,642 112,166 1,191 202, 949 Chicago 379 2,498,951 2, Oio! 402 2, 418, 024 421, 192 40, 379 140, 273 20, 287 138,850 15,955 321, 823 4,306 988, 264 St. Louis 277 1,038,058 516,877 1,010,215 163, 530 15, 338 47, 995 6, 539 43, 392 4,940 98, 465 1,026 163, 495 Minneapolis 427 1,127,463 617, 725 1,093,255 209, 032 19, 016 66, 571 8,684 58, 613 5,473 107,413 1,035 176, 096 Kansas City 668 1, 565, 914 810, 910 1, 526, 647 245,417 19, 627 71. 693 9, 824 67,852 8,088 162,712 1,728 263,236 Dallas 486 1, 270, 043 596, 649 1, 237, 333 187,052 16, 340 57, 501 8, 590 59, 630 6,600 127, 907 1,180 164, 559 San Francisco 302 3, 213,154 1, 785, 636 3,109,137 612, 157 58,696 203,101 27,311 185,189 15, 453 290,182 2,557 475, 007 Total 4,836 22, 476, 72714, 909, 352 21, 748, 754 3, 983, 711 399,014 1, 324, 300 180, 575 1, 228, 618 120,028 2, 366,331 28,356 6,006, 392 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

State bank members Boston 25 548,743 415, 659 520,799 114, 288 14, 021 47, 236 7,799 49,355 5,294 830 112, 073 N Ph e i w l a Y de o l r p k hia 1 5 4 7 0 2, 6 6 4 2 1 5 , , 7 7 1 6 9 2 it 2 5 3 6 7 2 , , 3 9 3 2 6 9 2, 6 4 1 6 6 3 , , 0 6 9 5 4 5 6 1 3 2 7 3 , , 2 7 9 7 6 5 7 13 2 , , 4 20 4 9 0 25 4 1 8 , , 2 7 5 4 9 6 4 6 1 , , 8 1 1 4 4 0 28 4 6 7 , , 2 5 1 1 7 4 3 4 6 , , 5 1 1 5 3 1 1 1 2 , , 0 3 8 7 9 6 3, 2 2 5 9 8 3 , , 0 2 1 9 5 1 Cleveland 59 1, 211, 778 706, 900 1,174,849 205, 762 20, 878 72, 350 9,454 65,123 5,475 1,122 259, 008 Richmond 34 372, 923 195, 569 362, 678 55, 983 5,352 18, 573 2,544 17, 580 1,941 408 65, 380 Atlanta 36 126, 478 61, 987 123, 517 18, 466 1,568 5,473 775 5,260 526 92 22,148 Chicago 91 914, 200 519, 726 885, 943 161, 565 15,100 51, 826 7,288 49, 535 4,879 990 160, 651 St. Louis 50 476, 285 225, 308 464,817 81, 276 22, 997 2,582 17, 781 1,660 388 71, 836 Minneapolis 35 71,719 31,183 69,866 11, 637 1,057 3,855 486 3,190 275 35 7,544 Kansas City 27 179, 684 104, 674 176, 080 17, 708 1,443 5,212 954 6,762 936 271 54, 612 Dallas 49 103, 974 33,102 102, 073 12, 797 981 3,367 492 3,385 391 57 5,901 San Francisco. _. 61 806,113 538, 582 773, 259 156, 033 17,952 59,138 9,000 60, 471 5,046 856 171, 803 Total 664 8, 079, 378 8, 632, 955 7, 733, 630 1, 596, 616 170, 819 587, 832 89,328 612,173 67,087 1,354,072 18,514 4, 482, 262 No. 84.—LICENSED MEMBER BANKS—SUMMARY OF DEPOSITS BY SIZE OF ACCOUNT, MAY 13, 1933 Size group N a u c m co b u e n r t s of t P o b e t e a r r c l e o n n f u t a m o c- f - Amo p u o n s t i ts of de- P t e o p r t c o a e l s n i d t t s e o - f s A i c z v e o e u o r n a f t g a s e ccounts 5,500 licensed member banks—Total 30, 556,105 100.0 $23, 542, 307, 000 100.0 $770 Deposit accounts of: $2,500 or less 29, 482, 384 96.5 5, 580, 327, 000 23.7 189 $2,501 to $5,000 __ - _ ... 569, 833 1.9 1, 912,132, 000 8.1 3,356 $5,001 to $10,000 269,903 .9 1,840, 791, 000 7.8 6,820 $10,001 to $50,000 187,115 .6 3, 720, 403, 000 15.8 19, 883 Over $50,000 46, 870 .1 10, 488, 654, 000 44.6 223, 782 4,836 licensed national banks—Total 22, 476, 727 100.0 14, 909, 352, 000 100.0 663 Deposit account of: $2,500 or less . 21, 748, 754 96.8 3, 983, 711, 000 26.7 183 $2,501 to $5,000 399, 014 1.8 1, 324, 300, 000 8.9 3,319 $5,001 to $10,000 180, 575 .8 1, 228, 618, 000 8.2 6,804 $10,001 to $50,000 _ _ 120, 028 .5 2, 366, 331, 000 15.9 19,715 Over $50,000 28, 358 .1 6, 006, 392, 000 40.3 211,821 664 licensed State bank members—Total 8, 079, 378 100.0 8, 632, 955,000 100.0 1,069 Deposit accounts of: $2,500 of less 7, 733, 630 95.7 1, 596, 616, 000 18.5 206 $2,501 to $5,000__._ 170, 819 2.1 587, 832, 000 6.8 3,441 $5,001 to $10,000 89, 328 1.1 612,173, 000 7.1 6,853 $10,001 to $50,000 . . 67, 087 .8 1, 354, 072, 000 15.7 20,18. Over $50,000 18,514 .23 4, 482, 262, 000 51.9 242,101 00 Back figures.— Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 85.—LICENSED MEMBER BANKS—DEPOSITS BY SIZE OF ACCOUNT, BY STATES, MAY 13, 1933 00 [Amounts of deposits in thousands of dollars] Deposit accounts of— Num- Total—All deposit ber of accounts icensed $2,500 or less $2,501 to $5,000 $5,001 to $10,000 $10,001 to $50,000 Over $50,000 ^ State mem- q ber banks of N a u c m co b u e n r ts o A f d m e o p u o n si t ts of N a u c m co b u e n r ts A p o m o f o s d i u e ts n - t N c o u o f m u a n b c t - e s r A p o m o f o s d i u e ts n - t N c o u o f m u a n b c t - e s r A p o m o f o s d i u e ts n - t N c o u o f m u a n b c t - e s r A p o m o f o s d i u e ts n - t N c o u o f m u a n b c t - e s r A p o m o f o s d i u e ts n - t F g O New England: Maine 25 112,077 64,960 106,860 26,982 3,225 10,870 1,326 8,644 598 10,892 68 7,572 h3 New Hampshire 49 114,957 48, 369 111,941 20, 548 1,768 6,105 747 4,937 429 7,710 72 9,069 Vermont 31 71, 291 28,340 69,041 14,860 1,461 5,042 557 3,695 220 3,773 12 970 O Massachusetts. _ 145 1,101,006 1,186, 427 1, 045, 743 256, 297 28, 547 99, 061 13, 518 92,145 10, 289 212, 654 2,909 526,270 ^ Rhode Island 13 371, 568 233, 797 352, 853 70, 687 9,294 30,358 5,605 34,429 3,423 55,121 393 43,202 j Connecticut 59 302, 582 222, 707 290, 995 68, 507 6,512 22, 654 2,891 19, 282 1,783 35,157 401 77.!07 | Middle Atlantic: N N e e w w J Y e o rs rk ey 5 2 0 6 0 0 4 1 , , 4 7 9 99 4 , , 9 0 8 6 2 0 8,1 9 3 2 7 7 , . 0 4 6 8 0 7 4 1 , , 2 7 5 25 0 , , 9 9 1 0 0 6 9 3 9 7 7 4 , , 1 8 4 6 0 0 1 4 11 8 , , 9 7 2 3 9 2 3 1 8 2 8 1 , , 4 0 4 8 1 4 6 1 1 5 , , 2 8 9 7 9 5 4 1 2 0 4 7 , , 5 7 5 6 2 7 52 7 , , 3 2 9 8 0 0 1,0 1 9 4 9 2 , , 0 1 5 2 4 1 18, 9 7 6 6 0 1 5, 1 2 8 2 1 8 , , 2 2 9 3 8 0 g M Pennsylvania.-- 666 3, 499, 088 2, 463, 879 3, 374, 778 653, 694 70, 255 238,009 31,112 211,558 18, 439 355, 287 4,504 1,005,331 § East North Central: Ohio 245 1,829, 876 845, 649 1,781,411 314,118 27,315 94, 788 12, 356 84.629 7,459 143,975 1,335 208,139 {> Indiana 107 431, 334 181, 267 421,920 64, 596 5,070 17, 594 2,314 15, 429 1,688 32, 890 342 50.758 F Illinois 272 1,905, 581 1,733,826 1, 837,490 331,821 32,894 113,791 17,332 119,058 13,875 281,908 3,990 887, 248 Michigan 88 640, 971 383, 453 620,170 121, 766 11,968 41.700 5,272 35, 888 3,057 57, 052 504 127,047 g Wisconsin 92 604, 649 279,807 589,348 101, 586 8,674 29, 735 3,692 24,936 2,471 49,158 464 74,392 « West North Central Minnesota 204 753, 746 444, 707 730,819 137,691 12, 592 44,002 5,681 38, 608 3,857 76,976 797 147,430 2 Iowa 101 277, 384 129, 649 270,725 42, 777 3,439 11, 748 1,708 11, 523 1,279 25, 710 233 37,891 g Missouri 118 862, 941 607,137 834, 736 152, 623 15,183 50,991 6,313 42,890 5,338 108, 780 1,371 251,853 North Dakota. _ 67 94,775 37, 898 92, 384 16, 986 1,357 4,725 637 4,194 349 6,605 48 5,388 W South Dakota--- 74 99,122 40,193 96,930 15,197 1,194 4,156 563 3,822 370 7,410 65 9,608 O Nebraska 132 284, 581 142, 388 277,157 47,859 3,693 12, 494 1,876 12, 741 1,572 31,002 283 38,292 > Kansas 206 390, 398 139,307 383,103 55, 305 3,807 12, 795 1,829 12, 677 1,412 29, 579 247 28,951 g Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

South Atlantic: Delaware 19 65, 665 55, 468 62, 767 12,181 1,476 5, 111 780 5,291 510 9,868 132 23,017 Maryland 44 215, 400 208, 344 203, 985 49, 676 5,864 20, 475 3,105 21,122 2,059 39, 395 387 77, 676 District of Columbia 10 231,945 162,485 223, 265 44, 837 4,598 15,982 2,243 15, 404 1.507 29,080 332 57,182 Virginia 132 648,884 247, 554 633,979 95,991 8,620 29, 499 3,715 25, 475 2,214 42,446 356 54,143 W No e r s t t h V C ir a g r i o n l i i a na 7 3 2 7 3 2 7 0 1 4 , ,t6 5 6 3 9 8 10 9 8 7 , , 1 9 1 5 3 5 3 2 6 0 4 0 , , 9 0 2 3 2 2 4 2 6 7 , , 3 6 0 6 3 4 3 2 , , 9 1 3 8 9 3 13 7 , , 4 5 9 4 2 5 1 1 , , 6 1 3 5 4 8 11 7 , , 8 0 3 5 5 7 1, 8 0 9 74 4 1 2 7 1 , , 0 4 1 3 8 4 1 2 4 2 9 2 2 3 1 2 , , 0 68 3 8 2 South Carolina 19 65,123 19,921 63, 801 8,169 643 2,208 352 2,439 198 3,752 129 3,353 Georgia 71 540, 842 197, 451 530, 435 54,925 5,937 16, 324 2,340 15,858 1,680 34,483 450 75, 861 Florida 46 234, 391 135, 309 228,313 32,881 2,957 10,429 1,558 10,937 1.298 24,541 265 56, 521 East South Central: Kentucky 91 435, 319 153, 303 426,312 59, 015 5,024 17, 292 2,313 15. 377 1,432 27, 448 238 34,171 Tennessee 69 433, 471 159, 507 • 424,361 53, 499 4.735 16,765 2,409 16, 331 1,677 33, 291 289 39, 621 Alabama 73 364, 054 116, 235 357. 344 40,153 3,614 12, 307 1,763 12,068 1,172 22,320 161 29, 387 Mississippi 21 89,456 33, 331 87,198 13, 307 1,254 4,393 596 4,106 368 6,691 40 4,834 West South Central: Arkansas 51 122, 501 50, 783 119, 502 18,213 1,620 5,639 773 5.311 526 10, 241 80 11, 379 Louisiana 22 206.157 124,121 200,137 30, 887 2,895 10, 647 1,608 11,179 1,237 26, 262 280 45,146 Oklahoma 217 466, 474 214, 407 457, 099 56. 823 4,400 15, 434 2,348 16, 050 2,139 43, 303 488 82, 797 tr1 Texas 497 1, 295, 764 579,919 1, 263, 594 185, 608 16, 204 56, 629 8.408 58, 308 6,426 124, 524 1,132 154, 850 Mountain: Montana 58 101,491 65, 428 97, 555 21. 489 2,071 7,599 1,098 7,332 662 12, 776 105 16. 232 Idaho 31 58,869 25, 702 57, 521 10,105 710 2,498 344 2,468 245 4,607 49 6,024 Wyoming 30 61,811 27,106 60, 237 9,279 849 2,950 379 2,716 291 6,041 55 6,120 Colorado 77 284,100 177,916 275, 222 56, 604 4,811 16,957 2,233 15, 626 1,474 27.473 360 61, 256 New Mexico 24 44, 372 16, 439 43, 523 6, 240 444 1,591 217 1,493 156 3,035 32 4,080 Arizona 10 44, 759 23,836 43,700 9,104 580 2,045 251 1,798 190 3,568 38 7,321 Utah 30 113, 762 56, 719 110, 376 18, 462 1,768 6,286 934 6,216 577 11,261 107 14, 494 Nevada 6 12,964 7,650 12.329 3,186 375 1,332 186 1,238 65 1,120 9 774 Pacific: Washington 83 316, 655 168, 379 307, 589 54, 714 4.836 16, 718 2,251 15, 613 1,642 32, 491 337 48, 843 Oregon 61 302, 489 150,175 294,830 54, 548 4,510 15, 635 1,893 12, 769 1,022 19, 405 234 47. 818 California 145 3,181, 211 1, 880, 444 3, 067, 236 620, 564 64. 007 218, 207 30, 511 205, 970 16, 802 309, 715 2,655 525, 988 Total 5,500 30,556,105 23, 542, 307 29, 482, 3845, 580, 327 569,833 1, 912,132 269. 9031, 840, 791 187,115 3, 720, 403 46, 87010, 488, 654 Back figures.—Not available. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD REPORTING MEMBER BANKS IN LEADING CITIES No. 86.—REPORTING MEMBER BANKS (101 CITIES)1—LOANS, INVESTMENTS, DEPOSITS, RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS, 1922-33 [Monthly averages of weekly figures. In millions of dollars] Month 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 Loans and investments: January 14,694 16, 23316,321 18,502 19,358 19,686 21,493 22,320;22, 36822, 66020,178 18, 665 February.. 14,688 16,226 16, 319 18,439 19,323 19,558!21,315 22,263 22,083 22, 65919, 775 18, 532 March 14,617 16,368 16,443 18,523 19,420 19,989!21,502 22,472!22, 35222,839 19,434 (2) April 14,688 16,443 16,565 18,554 19,392 20,068;21,944 22,388!22, 65722, 94219,096 May 14,968 16,487 16.618 18, 52719,502 20, 273!22,148 22,113 22, 66222,713 19,112! June 15, 24216,428 16,816 18,641 19, 59620,506;22. 063 22, 23123. 02422,439 18,877 July 15,254!16,404 17,131 18,722 19,561 20.404'22,006 22,479 23.101 22, 39318,419 August 15,373!16, 201 17,446 18, 77519,594 20, 35721,809 22, 46523,128 22,093 18, 587 September. 15,446!16,305 17,757 18, 978 19,775 20,653 21,871 22,646 23, 22022, 07818, 739 October 15,732 16,381 18,217 19, 239 19, 78420,918 21, 938 23,124 23, 40921, 42519,0261 November. 15,816 16, 28718,35" 19,331 19,673 21,112 21,983 23,663 23, 45521, 02318,9871 December.. 16,006 16,318 18,465 19,413 19, 74221,328 22. 189 23,012 23,117 20, 74918, 840 Total loans: January 11,204! 11,560 IV 13,179 14,200 14,538 15,441 16,300 16, 82115, 89412,975 10,126 February.. 11,025; 11,597 12,004 13,232i 14,140 14,347 15,223 16,260 16, 54215, 55712, 711j 10, 036 March 1.1,034: 11,796 12,138 13,320 14,172 14,536 15,370 16,491 16, 74615,452 12,3751 (2) April 11.002 11,919 12.212 13, 297 14,140 14,564 15.805 16,464 16,901 15,197 11.9701 May 11,045; 12,002 12,172 13,294 14,160 14, 66615,960 16,277i 16, 82514, 89111, 702L June 11,0241 11,905 12, 249 13,375 14,235 14,849 15,871 16,4801 17, 0481144 ,662233 ll,420!_ July-- 10,959| 11,912 12,400 13,474 14,241 14,781!15,892| 16,950| 16,906 14,595' 11,071! August 10,942 11,792 12,594 13,557 14,313 14,825 15,825! 16, 969 16, 83814,380' 10,897|_ September. 11,066 11, 930 12, 725 13,797 14,498 15,066 15, 898j17,197i 16, 85914,283! 10, 753'_ October.... 1 1 1 1 , , 3 4 4 0 2 0' 1 1 2 1 , , 9 0 7 2 5 9 1 1 2 2 , , 9 9 5 6 5 9 1 1 4 4 , , 0 18 5 1 7 1 1 4 4 , , 5 4 5 8 5 7 1 1 15 5 , , 3 2 0 5 8 81 16 6 , , 0 0 9 0 6 3 1 1 7 8 , , 7 0 0 4 6 1 1 I 1 1 6 6 , , 8 67 3 3 41 1 3 3 , , 4 6 4 5 5 0 1 10 0 , , 4 6 0 0 0 5 : _ November. 11,4451 11,985 13,087 14, 248 14, 57815,396 16, 253 17,444. 16, 33213, 20410,340! December- Loans on securities: January 3,711 4,194 4,252 5,008 5,874 5,9151 6.811 7,506| 7,794 7,495 5,644 4,223 February.. 3,666 4,119 4,173 5, 056 5,767 5, 780! 6,606 7, 522 7,671 7,315 5,497 4,217 March 3,641 4,116 4, 181 5,122 5,652 5,867j 6,586 7.5801 7,964 7,3021 5,388 !2) April 3,657. 4,173i 4,218 5,098 5, 576 5,930 6,924 7,392: 8,270 7,157| 5,150 May 3,825 4,220 4,221 5,167 5,592! 6,017! 7,075 7,218| 8,312 6,998 4,975 June -. 3,909! 4,157 4,310 5,289 5,693| 6,220 6,9fi2 7,332! 8,560 6,770 4,811! July - 3,895' 4,150; 4,479 5,370 5,743 6,191! 6,955 7,716 8, 391 6,631 4,6161 August 3,862! 3,994! 4,582 5,377 5,771 6,20l| 6,816 7,578! 8, 349 6,480 4,578! September. 3.908! 4,028! 4,675 5,447 5,847 6,298! 6,840 7.6541 8,383 6,413 4,524 October 4,060; 4,052! 4,726 5,558 5,741 6,4031 6,874 8.098! 8,237 5,971 4,437 November. 4,103! 4,0561 4.740 5,696 5,633 6,492! 7,082 8, 249l 7,897 5,859 4, 280 December.. 4,123 4,142| 4,91 5,843 5,771 7,198 7,968 7,776 5,763 4,319] All other loans: January— 7,493 7,3661 7,736 8,170 8,326 8,623 8,631 8,794 9,027 8, 399j 7,331 5,P03 February.. 7,3591 7,477 7,831 8,176 8,373 8,566' 8,617 8,737! 8,871 8,242 7,214 5,819 March 7,393 7,680 7,956 8,198 8,621 8,670! 8,784 8,911 8.781 8,150 6,987 () April --. 7,345 7,746 7,994 8,199 8,564 8,634; 8,880 9,073 8,631 8,040! 6,820 May 7,219 7,7811 7,951 8,127 8,568 8,649 8,884 9,059 8,513 7,893 6,727 June 7,115 7,748! 7,939 8,085 8,541 8,628' 8,909 9,149 8,487 7,853 6,609; July- 7,064 7,7611 7,921 8,103 8,498 8,590| 8, 937 9,2341 8,515 7,964 6,455 August 7,080 7, 798! 8,012 8,180 8, 542 8,624| 9,009 9,390! 8,488 7,900 6,319; September. 7,158! 7,903' 8,049 8,349 8.652 8,7681 9,059] 9,543' 8,476 7,870 6,229! October 7.282 7,977; 8,229 8,500 8,814 8,8551 9,130 9,608 8,597 7,679 6,168; November. 7,297 7,920! 8,229 8,485 8, 854 8,816i 9,014 9,792; 8,776 7,586 6,120 December.. 7,322 7,843; 8,170 8,405 8,807 8, 720| 9,055 9,476 8,557 7,441 6,021 Investments: January 3,490 4,673' 4,333 5,323 5,158 5,148 6,052 6,021 5, 548 6,766 7,203 8, 539 February. _ 3,663 4,629! 4,315| 5,206 5.182 5,212 6,091 6,0041 5,541 7,102 7,0641 8,496 March 3,583 4,572 4,306| 5,204 5,248 5,453 6,133 5,981I 5,607 7,387 7,059| (2) April. 3,686 4,523: 4,352 5, 258 5,252 5,504 6,140 5,924 5,756 7,745 7,126! May 3,923 4,485' 4,445 5, 233 5,342 5,608 6,188 5,836 5,837 7,822 7,410 June 4,218 4,522 4, 567| 5, 5.3K2 5,658 6,193 5,751! 5,977 7,816 7,457 J A u u l g y u . s . t 4 4, , 4 2 3 9 1 5 4 4, , 4 4 0 9 9 2 ! ( 4 4, , 8 7 5 3 1 1j 5 5 , , 2 2 1 4 7 8 5 5 , , 2 3 8 2 1 0 5 5 , , 5 6 3 2 1 3 6 5 , , 1 9 1 8 4 4 5 5 , , 4 5 9 2 6 9 ! 1 6 6 , , 1 2 9 9 4 1 7 7, , 7 7 9 1 8 3 7 7 , , 3 69 4 0 8 September. 4,379 4,375 5,032 5,181 5,277 5,587 5,973 5,449i 6,361 7,795 7,986 October 4,390 4,352 5, 2621 5,181 5,228 5,660 5,934 5,418 6,575 7,775 8,421! November. 4,416 4,312 5, 389 5,151 5,186 5,804 5,888^ 5,623 6,782 7,578 8,587 December.. 4,561 4,333 5,378 5,165 5,165 5,932 5,936! 5,567 6,784 7,545 8,500 1 For list of cities, see table 87. 2 Discontinued; see note below table 87. Back figures.—See Annual Report for 1930 (table 51). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN LEADING CITIES 185 No. 86.—REPORTING MEMBER BANKS (101 CITIES)—LOANS, INVESTMENTS, DEPOSITS, RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS, 1922-33—Continued [Monthly averages of weekly figures. In millions of dollars] Month 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 Net demand plus time deposits: J M A F a e p n a b r r u i r c l a u h r a y ry. _ 1 1 1 1 3 3 3 3 , , , , 3 5 4 7 3 2 0 6 9 9 9 6 1 1 1 1 5 5 5 5 , , , , 2 2 3 2 0 9 1 1 4 4 2 2 1 1 1 15 5 5 5 , , , , 5 4 4 5 0 3 5 7 9 4 0 7 1 1 1 1 8 7 7 7 , , , , 0 9 8 8 9 7 7 2 4 7 2 8 1 1 1 1 8 8 8 8 , , , , 4 3 4 5 1 9 6 9 4 2 8 7 1 1 1 1 8 8 9 9 , , , , 9 7 0 0 2 7 2 5 1 1 3 4 2 2 2 2 0 0 0 0 , , , , 2 5 2 5 8 4 7 6 6 2 6 8 2 2 2 1 0 0 0 9 , , , , 4 1 2 8 8 2 7 6 7 7 0 9 2 2 2 1 0 0 0 9 , , , , 0 4 8 0 6 3 6 9 7 5 0 6 2 2 2 2 1 0 0 0 , , , , 8 9 0 8 3 4 5 3 9 4 9 6 1 1 1 1 6 6 7 6 , , , , 7 6 4 6 9 6 0 4 6 8 9 1 . 1 1 7 7 ( , , 2) 2 5 0 9 4 3 May 14,170 15,230 15,759 17,913 18,544 19,292 20,652 19,768 20, 511 21,099 16,820 . June 14,487 15,196 16,164 18,007 18, 715 19,577 20,373 19, 74020,842 20, 683 16.612 J A S O u e u c l p t y g o t u e b s m e t r ber. 1 1 1 1 4 4 4 4 , , , , 6 6 6 8 0 2 5 8 2 7 2 0 1 1 1 1 4 5 5 5 , , , , 0 1 2 9 2 5 0 7 6 5 4 3 1 1 1 1 6 6 7 7 , , , , 6 6 9 2 0 8 6 6 3 9 7 2 1 1 1 1 8 8 8 8 , , , , 0 3 1 1 4 8 1 2 9 6 9 2 1 1 1 1 8 8 8 8 , , , 7 , 6 6 7 : 7 4 -" 7 1 1 1 1 1 9 9 9 9 , , , , 6 4 5 7 0 8 0 5 9 3 4 7 2 2 1 1 9 0 0 9 , , , , 0 1 8 7 5 0 8 3 9 7 0 3 2 1 1 1 9 0 9 9 , , , , 4 8 9 9 7 4 9 1 2 8 0 82 2 2 2 1 1 1 1 , , , , 0 2 0 0 9 8 5 7 3 4 0 8 2 2 2 1 0 0 0 9 , , , , 0 3 0 7 5 2 6 2 8 9 0 7 1 1 1 17 6 6 6 , . , , 0 7 4 3 2 6 7 4 2 8 2 l 1 ! | j November. 14, 796 15, 228 17,945 18,558 18,61 20,112 20, 217 21,13121, 452 18, 530 17,2631 December.. 14,866 15,210 18,039 18, 530 18,81 20,291 20,241 20, 501 21,060 18,037 17,336|. Net demand deposits: January 10, 367 11,561 11,299 13,203 13,195 13,067 13,982 13,593 13,224 13, 763 11,588 11,902 February. . 10,280 11, 522 11,273 13,020 13,019 12, 88313, 673 13, 391 12, 974 13, 626 11,081 11,609 March 10, 391 11, 284 11,282 12,866 12,917 13,034 13,579 13,288 13,093 13, 678 10,950 (2) April 10, 587 11, 214 11,299 12, 742 12,830 13,033 13,814 13,076 13, 391 13, 731 11,012 May 10,919 11,222 11,424 12, 742 12,953 13,179 13,760 12,992 13, 393 13, 692 11,130 June 11,138 11,176 11, 773 12,805 13,074 13, 41413,450 13,001 13, 631 13,425 11,013 July. 11,113 11,198 12,114 12,922 12, 964 13, 30613, 246 13,245 13, 720 13,576 10,793 August 11,007 10,968 12,396 12,831 12,900 13,276 12,002 13,120 13,651!13, 290 10,842 September. 11,076 10,991 12, 63012, 892 13,024 13,340 13,049 13,180 13, 622J13,137 11,143 October 11,228 11,107 12,937 13,085 13,015 13,412 13,216j13, 63313, 735 12, 574 11,342 D N e o c v e e m m b b e e r r . . . 1 11 1 , , 1 1 4 2 6 1 1 1 1 1 , , 1 1 7 2 0 7 1 1 3 3 , , 0 1 8 8 0 4 1 13 3 , , 1 1 7 8 3 5 1 1 2 3 , , 0 9 3 3 2 8 1 1 3 3 , , 8 7 7 0 2 31 1 3 3 , , 3 3 9 6 9 9 1 1 4 3 , , 3 7 6 7 3 4 1 13 3 , , 9 8 3 3 4 9 1 1 2 2 , , 0 2 2 7 4 9 1 I 1 I , , 5 " 7 - 1 1 Time deposits: January 3,042 3, 751 4,135 4,891 5, 402 5,854 6, 560|6,894 6, 872 7,073 5,821 5, 691 February._ 3,059 3,772 4,177 4,957 5, 449 5,888 6, 613i6,879 6,861 7, 213 5,715 5, 595 March 3,138 3,928 4,227 5,006 5,49' 6,839 6, 974J 7,266 5,691 (2) April 3,179 3,990 4,278 5,086 5,562 6,021 6,762 6,793 7, 069 7,328 5,656 May 3,251 4,1 4,335 5,171 5,591 6,113 6,892 6,776 7,118 7,407 5,6901 June 3,349 4,020 4,391 5,202 5,641 6,163 6,923 6,739 7,2111 7,258 5,599 July.- 3,514 4,006 4,489 5,197 5,713 6,177 6,861 6,673 7, 358! 7,151 5, 548! A S N O e u c o p t g v o t u e e b s m m e t r b be e r r . . 3 3 3 3 , , , , 6 6 5 6 0 2 9 7 4 4 5 5 4 4 4 4 , , , , 0 0 0 0 3 0 4 5 5 5 8 8 4 4 4 4 , , , , 6 5 7 8 3 7 5 6 2 1 2 5 5 5 5 5 , , , , 2 2 3 3 1 3 0 7 8 0 1 3 5 5 5 5 , , , , 7 7 7 7 1 2 5 4 2 2 2 1 6 6 6 6 , , , , 2 2 4 3 6 2 0 4 9 8 9 5 6 6 6 6 , , , , 8 8 8 8 3 3 4 4 1 1 3 8 6 6 6 6 , , , , 8 7 8 7 3 2 1 6 9 8 0 8 7 7 7 7 , , , , 3 4 5 5 9 4 7 1 9 9 1 8 6 6 6 7 , , , , 8 4 0 2 9 8 7 5 2 4 0 1 5 5 5 5 , , , . 6 6 6 6 3 2 9 8 0 2 5 0 ! ! December- 3, 720 4,083 4,855 5,357 5,768 6,419 6,842 6,72- 7,221 6,013 5,648 Reserve balances: January 1,289 1,447 1,433 1,663 1,672 1,7 1,777 1,718 1,846 1,510 February. _ 1,299 1,434 1,407 1,656 1,652 1,758 1,734 1,704 1,792 1,437 March 1,318 1,404 1,435 1,627 1,649 1,726 1,715 1,811 1.447 April 1,324 1,397 1,439 1,'"'" 1,639 1,783 1,672 1^740 1,799 1,548 May 1,381 1,408 1,449 1,612 1,647 1,771 1,666 1,745 1,836 1,705 June 1,405 1,400 1,539 1,622 1,664 1,740 1,672 1,781 1,827 1,626 July 1,414 1,402 1,558 1,627 1,649 1,723 1,703 1,813 1, 843 1,568 August 1,370 1,366 1,595 1,640 1,640 1,672 1,665 1,791 1,795 1,643 September . 1,357 1,360 1,645 1,639 1,674 1,699 1,703 1,813 1,791 1, 778' October L. 412 1,381 1,644 1,652 1,627 1,707 1,775[ 1,824 1,717 1,868 November. I', 379 1,382 1,638 1,667 1,631 1,714 1,869 1, 829 1,603 1,949 December- 1,383 1,382 1,691 1,685 1,680 1,748 1,743! 1,834 1,637 2,002 Borrowings at Federal reserve banks: January 514 343 347 108 318 299 314 663! 247! 82 469; 63 M Fe a b r r c u h ary. _ 3 2 7 6 4 4 4 4 1 0 7 2 2 2 8 4 5 5 2 2 3 1 4 8 3 3 5 7 1 2 2 2 6 3 8 3 3 3 3 6 8 2 6 7 5 40 9 ! J 1 8 7 1 4 5 3 7 5 484! 95 April 215 420 258 229 329 270 488 725! 71 26 277! May 161 455 185 191 290 302! 644 661; 59 28 185:——. June 130 466 131 238 252 268 796 670| 53 56 1911 July 151 552 89 264 315 272 854 801! 53 44 212! August 115 516 61 351 335 256 806 717| 43 75 164< S O e c p to te b m er ber. 2 1 4 45 0 ! 5 58 4 5 5 4 4 0 3 3 7 4 4 2 4 8 0 2 28 6 3 7 8 7 2 3 2 6 7 6 0 3 6 4 J 4 5 4 6 3 1 9 2 8 7 1 10 2 3 8 November _ 376! 505 75 411 422 276 681 655 71 404 99 December. . 392 502 145 491 447 799 490 141 499 75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 ANNUAL EEPOKT OF THE FEDERAL RESERVE BOARD No. 87.—REPORTING MEMBER BANKS (101 CITIES) 1—PRINCIPAL [In millions of dollars] Loans Investments Total Joans and Date or month invest- U.S. ments Total c O ur n i ti s e e s - All other Total G m ov e e n r t n- O c t u h r e it r i e s s esecurities 1933 All cities: Jan. 4 18,713 10,214 4,271 5,943 8,499 5,205 3, 294 Jan. 11 18, 673 10,136 4,237 5,899 8, 537 5,262 3, 275 Jan.18 18, 655 10,115 4, 213 5,902 8, 540 5, 291 3, 249 Jan. 25 18, 619 10, 040 4,173 5,867 8,579 5, 283 3, 296 Average. - 18, 655 10,126 4,223 5,903 8,539 5,260 3, 279 Feb. 1 18, 725 10,166 4,259 5, 907 8,559 5,253 3,306 Feb. 8 18, 573 10,028 4,204 5,824 8,545 5,248 3, 297 Feb. 15.-- 18, 571 10, 083 4,206 5,877 8,488 5,206 3, 282 Feb. 21.— 18, 257 9, 865 4,199 5, 666 8,392 5,115 3, 277 Average. 18, 532 10, 036 4,217 5,819 8,496 5, 205 3, 291 Mar. 1- 17, 823 9,627 4,234 5,393 8,196 4,908 3,288 New York City: Jan. 4 7,037 3, 433 1,584 1,849 3,604 2,502 1.102 Jan.11 7,055 3,402 1,580 1,822 3,653 2, 560 1,093 Jan.18 7,086 3,408 1, 559 1,849 3,678 2,609 1,069 Jan. 25 7,132 3,398 1,562 1,836 3,734 2,631 1.103 Average... 7,077 3,410 1,571 1,839 3,667 2, 575 1,092 Feb.1 7,222 3,521 1,643 1,878 3,701 2, 600 1,101 Feb.8 7,073 3,405 1,606 1,799 3,668 2, 572 1, 096 Feb. 15 7,078 3,472 1,614 1, 858 3,606 2,522 1, 084 Feb. 21 6,809 3, 274 1,621 1, 653 3, 535 2,452 1, 083 Average _ 7,046 3, 418 1,621 1,797 3, 628 2,537 1,091 Mar. 1 6, 512 3,079 1,640 1,439 3,433 2,338 1, 095 Outside New York City: Jan. 4 11,876 6,781 2,687 4,094 4,895 2,703 2.192 Jan.11 11,618 6, 734 2, 657 4,077 4,884 2,702 2,182 Jan.18 11,569 6, 707 2, 654 4, 053 4, 862 2,682 2,180 Jan. 25 11,487 6,642 2,611 4,031 4,845 2,652 2.193 Average 11, 588 6,716 2, 652 4, 064 4,872 2,685 2,187 Feb. 1 11, 503 6,645 2,616 4,029 4,858 2,653 2, 205 Feb.8 11,500 6, 623 2,598 4,025 4,877 2,676 2, 201 Feb. 15— 11,493 6,611 2,591 4,020 4,882 2,684 2,198 Feb. 24 11,448 6,591 2,578 4,013 4,857 2.663 2.194 Average, 11, 486 6,618 2,596 4,022 4,868 2,668 2, 200 Mar. 1 11,311 6,548 2,594 3,954 4,763 2,570 2,193 1 Following is a list of the 101 cities, including the 11 cities (preceded by an asterisk) which were dropped w hen the 90 cities series shown in table 88 was inaugurated: District no. 1 (6 cities).—Boston, Mass.; Hartford, Conn.; New Haven, Conn.; Providence, R.I.; Springfield, Mass.; Worcester, Mass. District no. 2 (8 cities).—New York City, N.Y.; Buffalo, N.Y.; Albany, N.Y.; Bridgeport, Conn.; Jersey City, N.J.; Newark, N.J.; Rochester, N.Y.; Syracuse, N.Y. District no. 3 (4 cities).—Philadelphia, Pa.; Camden, N.J.; Scranton, Pa.; Wilmington, Del. District no. 4 (10 cities).—* Cleveland, Ohio; Cincinnati, Ohio; Pittsburgh, Pa.; Canton, Ohio; Columbus, Ohio; Dayton, Ohio; Erie, Pa.; Lexington, Ky.; Toledo, Ohio; * Akron, Ohio. District no. 5 (12 cities).—Richmond, Va.; * Baltimore, Md.; Charleston, S.C.; Charleston, W.Va.; Charlotte, N.C.; * Columbia, S.C.; Huntington, W.Va.; Lynchburg, Va.; Norfolk, Va.; Roanoke, Va.; Washington, D.C.; Wilmington, N.C. District no. 6 (8 cities).—Atlanta, Ga.; Birmingham, Ala.; Jacksonville, Fla.; Nashville, Tenn.; * New Orleans, La.; Chattanooga, Tenn.; Mobile, Ala.; Savannah, Ga. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN LEADING CITIES 187 ASSETS AND LIABILITIES, BY WEEKS, 1933 [In millions of dollars] Net demand plus time deposits Reserve Borrowwith U.S. ings at R F b e e a d s n e e k r r v s a e l C v a a sh u lt in Total N m e a t n d d e- Time d G e m o p v e o e n s r t i n ts - R F b e e a d s n e e k r r v s a e l Date or month 1933 All cities: 2,050 221 17, 529 11,823 5,706 332 61 Jan. 4. 2,137 216 17,641 11,940 5,701 286 58 Jan. 11. 2,093 208 17, 609 11,907 5,702 266 59 Jan. 18. 2,081 211 17,592 11,936 5, 656 243 76 Jan. 25. 2,090 214 17, 593 11,902 5, 691 282 63 Average. 1,994 193 17, 547 11, 899 5,648 300 81 Feb. 1. 1,977 213 17, 325 11,699 5,626 245 70 Feb. 8. 1,794 249 17,160 11, 552 5,608 190 100 Feb. 15. 1,814 283 16, 785 11, 286 5,499 148 130 Feb. 21. 1,895 234 17, 204 11, 609 5,595 221 95 Average. 1,599 389 15,893 10, 605 5,288 90 488 Mar. 1. New York City: 1,052 42 6,627 5,733 894 133 Jan. 4. 1,147 40 6,774 5,880 894 112 Jan. 11. 1,099 37 6,759 5,845 914 102 Jan. 18. 1,028 36 6,742 5,871 871 93 Jan. 25. 1,082 39 6,725 5,832 893 110 Average. 967 34 6,721 5,862 859 114 Feb. 1. 924 38 6,566 5,717 849 92 Feb. 8. 775 42 6,392 5,545 847 71 Feb. 15. 782 48 6,183 5,380 803 54 Feb. 21. 862 41 6,465 5,626 839 83 Average. 683 92 5,759 4,983 776 34 183 Mar. 1. Outside New York City: 998 179 10,902 6,090 4,812 199 61 Jan. 4. 990 176 10,867 6,060 4,807 174 58 Jan. 11. 994 171 10, 850 6,062 4,788 164 59 Jan. 18. 1,053 175 10, 850 6,065 4, 785 150 76 Jan. 25. 1,008 175 10,868 6,070 4,798 172 63 Average. 1,027 159 10,826 6,037 4,789 186 81 Feb. 1. 1,053 175 10, 759 5,982 4,777 153 70 Feb. 8. 1,019 207 10, 768 6,007 4,761 119 100 Feb. 15. 1,032 235 10, 602 5,906 4,696 94 130 Feb. 21. 1, 033 193 10, 739 5,983 4,756 138 95 Average. 916 297 10,134 5,622 4,512 56 305 Mar. 1. District no. 7 (12 cities).—Chicago, 111.; * Detroit, Mich.; Cedar Rapids, Iowa; Des Moines, Iowa; * Flint, Mich.; * Fort Wayne, Ind.; Grand Rapids, Mich.; Indianapolis, Ind.; * Joliet, 111.; Milwaukee, Wis. Peoria, 111.; Sioux City, Iowa. District no. 8 (5 cities).—St. Louis, Mo.; * Little Rock, Ark.; Louisville, Ky.; Memphis, Tenn.; Evansville, Ind. District no. 9 (8 cities).—Minneapolis, Minn.; Helena, Mont.; Duluth, Minn.; Fargo, N.Dak.; Great Falls, Mont.; La Crosse, Wis.; St. Paul, Minn.; Sioux Falls, S.Dak. District no. 10 (12 cities).—Kansas City, Mo.; Denver, Colo.; Oklahoma City, Okla.; Omaha, Nebr.; Kansas City, Kans.; Lincoln, Nebr.; Muskogee, Okla.; Pueblo, Colo.; St. Joseph, Mo.; Topeka, Kans.; Tulsa, Okla.; Wichita, Kans. District no. 11 (9 cities).—Austin, Tex.; Dallas, Tex.; El Paso, Tex.; Houston, Tex.; Fort Worth, Tex.; Galveston, Tex.; San Antonio, Tex.; Shreveport, La.; Waco, Tex. District no. 12 (8 cities).—San Francisco, Calif.; Los Angeles, Calif.; Portland, Oreg.; Salt Lake City, Utah; Seattle, Wash.; Spokane, Wash.; * Oakland, Calif.; Tacoma, Wash. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 88.—REPORTING MEMBER BANKS (90 CITIES) J— [In millions of dollars] Loans Investments Total Date or month lo in an v s e s a t n - d U.S. ments Total On se- All other Total G m ov e e n r t n- O cu th ri e t r i e s s esecurities 1932 Jan. 6_ ._ . . 18,134 11,440 5,086 6,354 6,694 3,782 2,912 Jan.13 18,011 11,378 5,047 6,331 6,633 3,718 2,915 Jan. 20 17,786 11,291 5,022 6,269 6,495 3,599 2,896 Jan. 27 17, 734 11,216 4,992 6,224 6,518 3,563 2, 955 Feb. 3 17, 724 11,194 4,970 6,224 6,530 3,645 2, 885 Feb. 10 17, 538 11,092 4,909 6,183 6,446 3,570 2, 876 Feb. 17 17, 486 11,065 4,878 6,187 6,421 3, 558 2, 863 Feb. 24 17, 375 10,994 4,846 6,148 6,381 3,527 2, 854 Mar. 2 17, 297 10, 975 4,851 6,124 6,322 3,465 2,857 Mar. 9 17,093 10,834 4,836 5,998 6,259 3,428 2,831 Mar. 16 17,374 10,802 4,831 5,971 6,572 3,724 2,848 Mar. 23 . 17, 202 10, 676 4,759 5,917 6,526 3,666 2,860 Mar. 30 17,164 10,631 4,744 5,887 6,533 3,649 2,884 Apr. 6 16,994 10, 486 4,643 5,843 6,508 3,614 2,894 Apr. 13 16,881 10, 399 4, 570 5,829 6,482 3,589 2, 893 Apr. 20 16,947 10, 402 4,553 5,849 6,545 3,607 2,938 Apr. 27 16,870 10, 319 4,518 5,801 6,551 3,620 2,931 May 4 17,118 10, 287 4,489 5,798 6,831 3,893 2, 938 May 11 16, 993 10,172 4,408 5,764 6,821 3,877 2, 944 May 18 16,898 10,117 4,374 5,743 6,781 3,832 2,949 May 25 16,862 10,052 4,339 5,713 6,810 3,822 2,988 June 1 16,886 10,092 4,335 5,757 6,794 3,774 3,020 June 8 16,590 9,864 4,226 5,638 6,726 3,819 2,907 June 15 16, 947 9,991 4,265 5,726 6,956 4,056 2,900 June 22 16, 694 9,775 4,212 5,563 6,919 4,030 2,889 June 29 16, 645 9,748 4,185 5,563 6,897 3,993 2,904 July 6 16, 424 9,606 4,077 5,529 6,818 3,942 2,876 July 13 16,380 9,648 4,076 5,572 6,732 3,857 2,875 July 20 16, 240 9,529 4,066 5,463 6,711 3,843 2, 868 July 27 16, 249 9,501 4,040 5,461 6,748 3,872 2, 876 Aug. 3 16, 600 9,506 4,080 5,426 7,094 4,209 2, 885 Aug. 10 16, 531 9,472 4,060 5,412 7,059 4,203 2, 856 Aug. 17 16, 492 9,427 4,042 5,385 7,065 4,222 2, 843 Aug. 24 16, 427 9,355 4,010 5,345 7,072 4,216 2, 856 Aug. 31 16, 472 9,325 3,971 5,354 7,147 4,261 2, 886 Sept. 7 16, 501 9,344 3,980 5,364 7,157 4,262 2, 89J5 Sept. 14 16,495 9,303 4,007 5,296 7,192 4,283 2,909 Sept. 21 16, 859 9,270 3,974 5, 296 7,589 4,689 2, 900 Sept. 28 16, 856 9,252 3,984 5,268 7,604 4,679 2, 925 Oct. 5 16, 826 9,186 3,948 5,238 7,640 4,713 2, 927 Oct. 12 16, 936 9,189 3,935 5,254 7,747 4,778 2, 969 Oct. 19__ 17,068 9,189 3,917 5, 272 7,879 4,897 2,982 Oct. 26 17,066 9,074 3,822 5,252 7,992 5,002 2,990 Nov. 2 16,977 9,003 3,786 5,217 7,974 4,986 2, 988 Nov. 9 16,982 3,771 5,218 7,993 4,995 2, 998 Nov. 16 16,902 8,905 3,722 5,183 7,997 5,006 2,991 Nov. 23 16,902 8,943 3,735 5,208 7, 959 4,961 2, 998 Nov. 30 16,970 8,982 3,764 5,218 7,988 4.973 3, 015 Dec. 7 16,819 8,932 3,784 5,148 7,887 4,942 2,945 Dec. 14 16,822 8,903 3,797 5,106 7,919 4,926 2,993 Dec. 21 16. 854 8,943 3,805 5,138 7,911 4,947 2,964 Dec. 28 16, 781 8,871 3,789 5,082 7,910 4,916 2,994 Monthly averages: January 17,916 11,331 5,037 6,294 6,585 3,665 2,920 February 17.531 11, 086 4,901 6,185 6,445 3,575 2,870 March 17, 226 10, 784 4,804 5,980 6,442 3,586 2,856 April 16, 923 10, 402 4,571 5,831 6,521 3,607 2,914 May 16, 968 10,157 4,403 5,754 6,811 3,856 2,955 June 16, 752 9,894 4,245 5,649 6,858 3,934 2,924 July 16, 323 9,571 4,065 5,506 6. 752 3,878 2,874 August _. 18, 504 9,417 4,033 5,384 7,087 4,222 2,865 September 16, 678 9.292 3,986 5,306 7,386 4,478 2.908 October 16, 974 9,160 3,906 5,254 7,814 4,847 2,967 November 16, 947 8,965 3,756 5,209 7,982 4,984 2,998 December 16,819 8,912 3,794 5,118 7,907 4,933 2,974 1 For list of the 90 cities see note below table 87. Digitized for FBRacAk SfiEgRur es—-Not available (for 90 cities series); for 101 cities series, see Annual Reports for 1932 (table 79), 1931 (table 58), and 1930 (table 52). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN LEADING CITIES 189 PRINCIPAL ASSETS AND LIABILITIES, BY WEEKS, 1932-33 [In millions of dollars] Net demand plus time deposits Reserve U.S. Borrow- R F b e w e a d s n i e e t k r h r v a s 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 p v e o e n s r t i n ts - R F i b n e e a g d s n s e e k r r a v a s t e l Date or month 1932 1,421 220 15,668 10,924 4,744 271 346 Jan. 6. 1,398 214 15, 516 10,783 4,733 242 313 Jan. 13. 1,388 208 15,364 10, 658 4,706 229 310 Jan. 20. 1,371 204 15,309 10,645 4,664 215 314 Jan. 27. 1,349 191 15, 014 10,365 4,649 427 337 Feb. 3. 1,331 203 14,922 10, 299 4,623 370 321 Feb. 10. 1,321 187 14,878 10, 273 4,605 331 346 Feb. 17. 1,307 194 14, 797 10,202 4,595 283 337 Feb. 24. 1,319 176 14,808 10, 208 4,600 219 331 Mar. 2. 1,335 180 14,798 10,184 4,614 148 270 Mar. 9. 1,339 174 14,787 10, 201 4,586 507 218 Mar. 16. 1,339 183 14, 639 10,062 4,577 445 228 Mar. 23. 1,349 184 14,738 10,153 4, 585 414 214 Mar. 30. 1,365 173 14,663 10,099 4,564 345 212 Apr. 6. 1,437 177 14,738 10,192 4,546 296 209 Apr. 13. 1,406 170 14,852 10, 283 4,569 191 165 Apr. 20. 1, 547 178 14,967 10,370 4,597 159 155 Apr. 27. 1,559 173 14,946 10,329 4,617 443 143 May 4. 1,574 179 15, 012 10,385 4,627 339 123 May 11. 1,610 179 14,990 10,382 4,608 295 128 May 18. 1,649 180 15, 018 10,411 4,607 248 127 May 25. 1,552 175 14,954 10, 360 4,594 223 147 June 1. 1,522 180 14,813 10, 253 4,560 102 150 June 8. 1,523 180 14,895 10,358 4,537 413 148 June 15. 1,501 184 14,681 10,173 4,508 355 143 June 22. 1,472 211 14,655 10,174 4,481 308 126 June 29. 1,394 202 14,540 10, 059 4,481 180 138 July 6. 1, 453 200 14, 620 10,148 4,472 113 151 July 13. 1,474 198 14,506 10,022 4,484 80 168 July 20. 1,520 188 14,570 10, 039 4,531 59 161 July 27. 1,450 177 14,586 10, 040 4,546 329 142 Aug. 3. 1,510 185 14,654 10, 079 4,575 277 121 Aug. 10. 1,528 177 14,680 10,102 4,578 230 123 Aug. 17. 1,593 179 14,728 10,148 4,580 201 109 Aug. 24. 1,610 181 14,846 10, 272 4,574 165 117 Aug. 31. 1,599 179 14,863 10, 301 4,562 134 116 Sept. 7. 1,709 190 15,068 10, 513 4,555 133 110 Sept. 14. 1,659 174 14,957 10,385 4,572 551 85 Sept. 21. 1,722 180 15,099 10, 515 4,584 551 75 Sept. 28. 1,721 173 15,095 10,500 4,595 537 79 Oct. 5. 1,699 180 15, 219 10,604 4,615 496 79 Oct. 12. 1,768 178 15,324 10,676 4,648 542 70 Oct. 19. 1,874 179 15, 445 10, 769 4,676 505 80 Oct. 26. 1,827 167 15,429 10, 763 4,666 483 77 Nov. 2. 1,805 190 15,464 10,798 4,666 437 70 Nov. 9. 1,854 176 15, 529 10,871 4,658 423 68 Nov. 16. 1,862 186 15,504 10,856 4,648 398 69 Nov. 23. 1,888 183 15,674 11, 041 4,633 383 68 Nov. 30. 1,855 188 15,477 10,860 4,617 333 58 Dec. 7. 1,895 202 15,635 11, 012 4,623 314 50 Dec. 14. 1,913 215 15,642 11, 034 4,608 385 39 Dec. 21. 1,946 206 15, 673 11, 051 4,622 359 35 Dec. 28. Monthly averages: 1,395 211 15,464 10, 752 4,712 239 321 January. 1,327 194 14,903 10, 285 4,618 353 335 February. 1,336 179 14,754 10,162 4,592 347 252 March. 1,439 175 14,805 10, 236 4,569 248 185 April. 1,598 177 14,994 10, 377 4,617 331 130 May. 1,514 186 14,800 10, 264 4,536 280 143 June. 1,460 197 14, 559 10, 067 4,492 108 155 July. 1,538 180 14, 699 10,128 4,571 240 122 August. 1,672 181 14,997 10,429 4,568 342 96 September. 1, 765 177 15, 271 10, 637 4,634 520 77 October. 1,847 180 15, 520 10,866 4,654 425 70 November. 1,902 203 15, 607 10,989 4,618 348 45 December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 ANNUAL REPOBT OF THE FEDERAL EESEEVE BOARD No. 88.—REPORTING MEMBER BANKS (90 CITIES)—PRINCIPAL [In millions of dollars] Loans Investments Total Date or month lo i m n an v e s e n s a t t s n - d Total c O u n ri t s ie e- s All other Total G m U ov e .S e n . r t n- O c t u h r e it r i e s s esecurities 1933 Jan. 4 16,708 8,802 3,751 5,051 7,906 4,916 2,990 Jan.11 . . 16,677 8,734 3,723 5,011 7,943 4,968 2,975 Jan. 18 16, 660 8,714 3,699 5, 015 7,946 4,998 2,948 Jan. 25 16, 631 8,648 3,662 4,986 7,983 4,991 2,992 Feb. 1 16, 756 8,782 3,751 5,031 7,974 4,971 3,003 Feb. 8 16, 622 8,646 3,696 4,950 7,976 4, 982 2,994 Feb. 15 16, 617 8,701 3,694 5,007 7,916 4,934 2,982 Feb. 22 16,315 8,500 3,693 4,807 7,815 4,836 2,979 Mar. 1 15,900 8,281 3,727 4,554 7,619 4,631 2,988 Mar. 8 15, 728 8,310 3,759 4,551 7,418 4,427 2,991 Mar. 15— . 16, 017 8,388 3,762 4,626 7,629 4,580 3,049 Mar. 22 16, 021 8,390 3,725 4,665 7, 631 4,578 3,053 Mar. 29— .. 16, 001 8,332 3, 644 4,688 7, 669 4,583 3,086 Apr. 5 _ __ __ 15,927 8,257 3,617 4,640 7,670 4,585 3,085 Apr. 12 15,887 8,245 3, 584 4,661 7,642 4,584 3,058 Apr. 19 -. -. 15,876 8,210 3,583 4,627 7,666 4,635 3,031 Apr. 26 16,048 8,341 3,638 4,703 7,707 4,678 3,029 May 3 16, 288 8,404 3,698 4,706 7,884 4,909 2,975 May 10 _ 16, 318 8,404 3,715 4,689 7,914 4,908 3,006 May 17 16, 346 8,421 3,724 4,697 7,925 4,934 2,991 May 24 16, 329 8,352 3,648 4,704 7,977 4,963 3,014 May 31 16, 426 8,485 3,713 4,772 7,941 4,948 2,993 June 7 16,485 8,511 3,742 4,769 7,974 5,013 2,961 June 14 16, 521 8,569 3,798 4,761 7,962 4,990 2,972 June 21 16,805 8,500 3,769 4,731 8,305 5,307 2,998 June 28- 16, 665 8,452 3,748 4,704 8,213 5,254 2,959 July5 -. . 16, 686 8,530 3,811 4,719 8,156 5,203 2,953 July 12 16, 724 8,642 3,874 4,768 8,082 5,126 2,956 July 19 16, 766 8,654 3,864 4,790 8,112 5,140 2,972 July 26 16, 662 8,561 3,789 4,772 8,101 5,117 2,984 Aug. 2 16, 557 8,546 3,772 4,774 8,011 5,048 2, 963 Aug. 9 16, 524 8,538 3,768 4,770 7,986 5,037 2, 949 Aug. 16. 16,708 8,583 3,795 4,788 8,125 5,186 2, 939 Aug. 23 16, 605 8,505 3,737 4,768 8,100 5,155 2,945 Aug. 30 16, 607 8,533 3,766 4,767 8,074 5,131 2,943 Sept. 6 . 16, 562 8,538 3,748 4,790 8,024 5,083 2,941 Sept. 13 16,580 8,596 3,773 4,823 7,984 5,044 2, 940 Sept. 20 16, 592 8,560 3,703 4,857 8,032 5,086 2,946 Sept. 27 _.- 16, 529 8,540 3,687 4,853 7,989 5,056 2,933 Oct. 4 16, 548 8,565 3,651 4,914 7,983 5,022 2,961 Oct. 11.. ._ 16, 536 8, 570 3,637 4,933 7,966 4,994 2, 272 Oct 18 16, 592 8, 643 3,673 4,970 7,949 4,987 2, 962 Oct. 25 . 16, 467 8,543 3,584 4,959 7,924 4,956 2,968 Nov. 1 16, 749 8, 593 3,604 4,989 8,156 5,164 2,992 Nov. 8 -. 16, 719 8, 593 3,590 5,003 8,126 5,147 2,979 Nov. 15 16, 681 8, 557 3,557 5,000 8,124 5,138 2,986 Nov. 22 16, 619 8, 508 3,549 4,959 8,111 5,111 3,000 Nov 29 16, 672 8, 568 3,569 4,999 8,104 5,114 2,990 Dec. 6 - 16, 600 8,497 3,556 4,941 8,103 5,136 2,967 Dec. 13 16,519 8,471 3,596 4,875 8,048 5,148 2,900 Dec. 20 16, 694 8,459 3,600 4,859 8,235 5,288 2,947 Dec. 27 16, 666 8,402 3,628 4,774 8,264 5,267 2,997 Monthly averages: January 16, 669 8,725 3,709 5,016 7,944 4,968 2,976 February 16, 577 8, 657 3,708 4,949 7,920 1 4,931 2,989 March 15,933 8,340 3,723 4,617 7,593 4,560 3, 033 April 15, 934 8,263 3,605 4,658 7,671 4,620 3, 051 May 16, 341 8,413 3,700 4,713 7,928 4,932 2,996 June 16, 619 8,505 3,764 4,741 8,114 5,141 2,973 July 16, 710 8,597 3,835 4,762 8,113 5,147 2,966 August 16 600 8,541 3,768 4,773 8,059 5, 111 2,948 September- 16, 566 8,559 3,728 4,831 8,007 5,067 2,940 October 16, 536 8,580 3,636 4,944 7,956 4,990 2, 966 November- 16,688 8,564 3,574 4,990 8,124 5,135 2,989 Digitized for FRDAeSceEmRb er 16, 620 8,457 3,595 4,862 8,163 5,210 2,953 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN LEADING CITIES 191 ASSETS AND LIABILITIES, BY WEEKS, 1932-33—Continued [In millions of dollars" Net demand plus time deposits Reserve TT Q Borrow- Fe w d i e th ral Cash in Go U v . e 0 r . n- F in e g d s e r a a t l Date or month R b e a s n e k rv s e vault Total N m et a n d d e- Time de m p e o n s t its R b e a s n e k rv s e 1933 1,944 198 15, 766 11,113 4,653 298 39 Jan. 4. 2,035 188 15,887 11,232 4,655 258 33 Jan. 11. 1,991 184 15,870 11,213 4,657 238 34 Jan. 18. 1,978 186 15, 850 11, 236 4,614 218 46 Jan. 25. 1,891 168 15,844 11,233 4,611 265 50 Feb. 1. 1,864 183 15, 654 11, 055 4,599 219 36 Feb. 8. 1,684 220 15,495 10,913 4,582 167 52 Feb. 15. 1,722 243 15,159 10, 667 4,492 129 65 Feb. 22. 1,518 351 14, 311 9,996 4,315 78 414 Mar. 1. 1,302 559 13, 520 9,275 4,245 42 1,066 Mar. 8. 1,438 481 13, 793 9,475 4,318 288 849 Mar. 15. 1,331 297 13,924 9,601 4,323 291 379 Mar. 22. 1,453 266 14,075 9,745 4,330 290 283 Mar. 29. 1,436 231 14,159 9,819 4,340 291 177 Apr. 5. 1,559 229 14, 298 9,964 4,334 290 168 Apr. 12. 1,604 215 14,445 10,102 4,343 191 158 Apr. 19. 1,596 219 14, 745 10, 393 4,352 141 124 Apr. 26. 1,464 207 14, 678 10,348 4,330 258 129 May 3. 1,536 211 14,827 10, 509 4,318 231 80 May 10. 1,557 199 14,952 10, 681 4,271 218 85 May 17. 1,635 198 15,003 10, 725 4,278 219 78 May 24. 1,624 205 15, 200 10,918 4,282 218 76 May 31. 1,636 194 15, 258 10, 983 4,275 181 60 June 7. 1,709 198 15,470 11, 207 4,263 158 53 June 14. 1, 627 189 15,159 10,823 4,336 633 50 June 21. 1,697 196 15,147 10, 741 4,406 633 26 June 28. 1,601 203 15,134 10, 642 4,492 606 31 July 5. 1,637 201 15, 230 10, 709 4,521 581 21 July 12. 1,649 188 15, 214 10,667 4,547 581 22 July 19. 1,674 188 15,136 10, 598 4,538 560 28 July 26. 1,664 178 15,008 10,475 4,533 560 31 Aug. 2. 1,708 189 15,032 10,495 4,537 560 28 Aug. 9. 1,710 183 14, 897 10, 363 4,534 897 38 Aug. 16. 1,778 187 14, 894 10, 378 4,516 875 29 Aug. 23. 1,784 199 14,935 10,427 4,508 865 31 Aug. 30. 1,790 191 14,875 10, 380 4,495 865 27 Sept. 6. 1,876 195 15,042 10, 558 4,484 865 22 Sept. 13. 1,883 189 15,021 10, 519 4,502 865 20 Sept. 20. 1,936 205 15, 006 10, 505 4,501 863 22 Sept. 27. 1,844 200 14,934 10,448 4,486 863 20 Oct. 4. 1,894 217 15,003 10, 525 4,478 863 23 Oct. 11. 1,955 208 15,176 10, 700 4,476 780 20 Oct. 18. 2,002 207 15,157 10,685 4,472 725 22 Oct. 25. 1,911 200 15,123 10, 653 4,470 1,012 24 Nov. 1. 1,878 226 15,026 10, 531 4,495 999 21 Nov. 8. 1,925 215 15,101 10,629 4,472 960 21 Nov. 15. 1,965 225 15,121 10, 676 4,445 915 22 Nov. 22. 1,864 231 15,161 10, 751 4,410 817 25 Nov. 29. 1,824 236 15,020 10, 653 4,367 786 24 Dec. 6. 1,907 249 15,131 10, 775 4,356 736 25 Dec. 13. 1,897 266 15,034 10, 680 4,354 887 23 Dec. 20. 1,914 258 15, 205 10, 866 4,339 825 24 Dec. 27. Monthly averages: 1,987 189 15, 843 11,198 4,645 253 38 January. 1,790 204 15, 538 10,967 4,571 195 51 February. 1,408 391 13, 925 9,619 4,306 198 598 March. 1,549 223 14,412 10, 070 4, 342 228 157 April. 1,563 204 14, 932 10, 636 4,296 229 90 May. 1,667 194 15, 259 10,939 4,320 401 47 June. 1,640 195 15,178 10, 654 4,524 582 25 July. 1,729 187 14,954 10,428 4,526 751 31 August. 1,871 195 14, 986 10,491 4,495 865 23 September. 1,924 208 15, 067 10, 589 4,478 808 21 October. 1,909 219 15,106 10, 648 4,458 941 22 November. Digitized for FR1A,8S85ER 252 15,098 10, 744 4,354 809 24 December. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

192 ANNUAL REPORT OP THE FEDERAL RESERVE BOARD ^o. 89.—REPORTING MEMBER BANKS IN NEW YORK [In millions of dollars] Loans Investment5 Total loans and Date or month invest- U.S. ments Total c O ur n i t s i e e - s All other Total G m ov e e n r t n- O c t u h r e i r ti s e e s securities 1933 Jan. 4 7,037 3,433 1,584 1,849 3,604 2,502 1,102 Jan. 11 _ 7,055 3,402 1,580 1,822 3,653 2,560 1,093 Jan. 18 7,086 3,408 1,559 1,849 3,678 2,609 1, 069 Jan. 25 _ 7,132 3,398 1,562 1,836 3,734 2,631 1,103 Feb. 1... 7,222 3,521 1,643 1,878 3,701 2,600 1,101 Feb. 8 7,073 3,405 1,606 1, 799 3,668 2,572 1, 096 Feb. 15 7,078 3,472 1,614 1,858 3,606 2,522 1,084 Feb. 22 6,809 3,274 1,621 1,653 3,535 2,452 1, 083 Mar. 1 6,512 3,079 1,640 1,439 3,433 2,338 1, 095 Mar. 8 6,412 3,121 1,668 1,453 3,291 2,186 1,105 Mar. 15 6,523 3,157 1,674 1,483 3,366 2,253 1,113 Mar. 22 6,484 3,151 1,626 1,525 3,333 2,210 1,123 Mar. 29 6,457 3,118 1,555 1,563 3,339 2,185 1,154 Apr. 5 6,439 3, 063 1,548 1,515 3,376 2,215 1,161 Apr. 12. 6,455 3,092 1,535 1,557 3,363 2,208 1,155 Apr. 19 6,439 3,073 1,538 1,535 3,366 2,236 1,130 Apr. 26 _ _ . 6,627 3,225 1,611 1, 614 3,402 2,269 1,133 May 3 6,753 3,291 1,676 1,615 3,462 2,353 1,109 May 10 6,790 3,305 1,711 1,594 3,485 2,357 1,128 May 17 6,847 3,352 1,735 1, 617 3,495 2,378 1,117 May 24 6,786 3,287 1,663 1,624 3,499 2,384 1,115 May 31 6,933 3,427 1,733 1,694 3,506 2,429 1, 077 June 7.. 6,970 3,459 1,777 1,682 3,511 2,443 1, 068 June 14 _ _ 6,993 3,517 1,840 1,677 3,476 2,398 1, 078 June 21 7,039 3,455 1,813 1,642 3,584 2,484 1,100 June 28 6,913 3,400 1,791 1,609 3,513 2,438 1,075 July 5 6,937 3,454 1,847 1,607 3,483 2,409 1,074 July 12 6,932 3,503 1,894 1,609 3,429 2,354 1, 075 July 19 6,858 3,458 1,862 1,596 3,400 2,332 1, 068 July 26 6,731 3,369 1,790 1,579 3,362 2,293 1, 069 Aug. 2_ 6,732 3,374 1,778 1,596 3,358 2,300 1, 058 Aug. 9 6,722 3,365 1,775 1,590 3,357 2,307 1, 050 Aug. 16. 6,743 3,403 1,800 1,603 3,340 2,299 1, 041 Aug. 23 6,685 3,346 1,757 1,589 3,339 2,287 1,052 Aug. 30 6,726 3,385 1,794 1,591 3,341 2,293 1,048 Sept. 6 __ _ _ 6,711 3,405 1,795 1,610 3,306 2,257 1,049 Sept. 13 6,744 3,444 1,820 1,624 3,300 2,252 1,048 Sept. 20 6,742 3,374 1,743 1,631 3,368 2,314 1, 054 Sept. 27 6,698 3,344 1,731 1,613 3, 354 2,297 1, 057 Oct. 4_ 6,728 3,365 1,699 1,666 3,363 2,271 1, 092 Oct. 11 6,733 3,389 1,683 1,706 3,344 2,236 1,108 Oct. 18 6,782 3,461 1,712 1,749 3,321 2,226 1,095 Oct. 25 6,670 3,377 1,636 1,741 3,293 2,194 1, 099 Nov. 1. 6,822 3,425 1,666 1,759 3,397 2,274 1,123 Nov. 8 6,778 3,428 1,657 1,771 3,350 2,231 1,119 Nov. 15 6,754 3,393 1,624 1,769 3,361 2,231 1,130 Nov. 22.. 6,719 3,346 1,618 1,728 3,373 2,230 1,143 Nov. 29 6,804 3,441 1,651 1,790 3,363 2,225 1,138 Dec. 6 6,733 3,367 1,630 1,737 3,366 2,249 1,117 Dec. 13 6,650 3,344 1,663 1,681 3,306 2,251 1,055 Dec. 20 6,730 3,361 1,666 1,695 3,369 2,269 1,100 Dec. 27 6,756 3,386 1,722 1,664 3,370 2,253 1,117 Monthly averages: January 7,077 3,410 1,571 1,839 3,667 2,575 1,092 February 7,046 3,418 1,621 1,797 3,628 2,537 1,091 March ._ 6,477 3,125 1,633 1,492 3,352 2,234 1,118 April 6,490 3,113 1,558 1,555 3,377 2,232 1,145 May. .__ 6,821 3,332 1,704 1,628 3,489 2,380 1,109 June 6,979 3,458 1,805 1,653 3,521 2,441 1,080 July 6,865 3,446 1,848 1,598 3,419 2,347 1,072 August 6,722 3, 375 1,781 1,594 3,347 2,297 1,050 September _. 6,724 3,392 1,772 1,620 3,332 2,280 1, 052 October 6,728 3,398 1,683 1,715 3,330 2,232 1,098 November _. 6,775 3,406 1,643 1,763 3,369 2,238 1,131 December 6,717 3,364 1,670 %1, 694 3,353 2,256 1,097 Digitized for FRBAacSk EfiRgu res.—Bee Annual Reports for 1932 (table 80), 1931 (table 59), and 1930 (table 53). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN LEADING CITIES 193 CITY—PRINCIPAL ASSETS AND LIABILITIES, BY WEEKS, 1933 fin millions of dollars Net demand plus time deposits Reserve Borrow- R F b e w e d a s i e n e t r h k r v a e l C v a a s u h lt in Total N m e a t n d d e- Time d G e m o T p T v e o e n C s r t ! i n ts - R F in b e e g d a s s e n e r k r a v a t e l Date or month 1933 1,052 42 6,627 5,733 894 133 Jan. 4. 1,147 40 6,774 5,880 894 112 Jan. 11. 1,099 37 6,759 5, 845 914 102 Jan. 18. 1,028 36 6,742 5,871 871 93 Jan. 25. 967 34 6,721 5,862 859 114 Feb. 1. 924 38 6,566 5,717 849 92 Feb. 8. 775 42 6,392 5,545 847 71 Feb. 15. 782 48 6,183 5,380 803 54 Feb. 22. 683 92 5, 759 4,983 776 34 183 Mar. 1. 618 131 5,230 4,481 749 11 632 Mar. 8. 669 85 5,258 4,518 740 170 483 Mar. 15. 609 56 5,379 4,640 739 170 147 Mar. 22. 739 50 5,564 4,827 737 170 84 Mar. 29. 734 46 5, 654 4,906 748 170 18 Apr. 5. 830 46 5,772 5,032 740 170 27 Apr. 12. 882 40 5,885 5,136 749 117 23 Apr. 19. 874 41 6,120 5,372 748 87 Apr. 26. 734 38 6,049 5,318 731 124 May 3. 797 38 6,148 5,425 723 112 May 10. 823 36 6, 250 5,558 692 105 May 17. 913 37 6,286 5,601 685 105 May 24. 868 44 6,437 5,749 688 105 May 31. 856 38 6,445 5,758 687 87 June 7. 907 40 6,556 5,869 687 76 June 14. 794 37 6,274 5,522 752 290 June 21. 788 39 6,177 5,428 749 290 June 28. 703 42 6,159 5,374 785 278 July 5. 742 40 6,202 5,420 782 265 July 12. 740 37 6,113 5,318 795 265 July 19. 782 38 6,046 5,263 783 254 July 26. 749 36 5,997 5,221 776 254 Aug. 2. 761 37 6,016 5,244 772 254 Aug. 9. 783 36 5,904 5,128 776 403 Aug. 16. 862 36 5, 954 5,199 755 393 Aug. 23. 860 41 6,012 5,257 755 388 1 Aug. 30. 847 38 5,957 5,200 757 388 Sept. 6. 903 38 6,057 5,296 761 388 Sept. 13. 879 37 6, 039 5,278 761 388 Sept. 20. 881 39 6,007 5,244 763 388 Sept. 27. 814 39 5, 961 5,195 766 388 Oct. 4. 824 45 5,970 5,208 762 388 Oct. 11. 878 38 6,088 5,331 757 351 Oct. 18. 919 37 6,068 5,311 757 326 Oct. 25. 859 36 6,044 5,283 761 453 Nov. 1. 796 44 5,944 5,169 775 446 Nov. 8. 829 39 5,954 5,180 774 428 Nov. 15. 835 39 5,986 5,214 772 406 Nov. 22. 768 49 6,025 5,274 751 364 Nov. 29. 731 40 5,917 5,185 732 349 Dec. 6. 798 43 5,931 5,210 721 327 Dec. 13. 797 53 5,848 5,141 707 414 Dec. 20. 789 46 5,950 5,257 693 386 Dec. 27. Monthly Averages: 1,082 39 6,725 5,832 893 110 January. 862 41 6,465 5,626 839 83 February. 664 83 5,438 4,690 748 111 306 March. 830 43 5, 858 5,112 746 136 17 April. 827 39 6, 231 5, 530 704 110 May. 836 39 6, 363 5,644 719 186 June. 742 39 6,130 5,344 786 265 July. 803 37 5, 977 5,210 767 338 August. 878 38 6, 015 5, 255 760 388 September. 859 40 6, 022 5, 261 761 363 October. 817 41 5,991 5,224 767 419 November. 779 46 5,911 5, 198 713 369 December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 90.—REPORTING MEMBER BANKS OUTSIDE NEW YORK CITY (89 Loans Investments Total Date or month ans and i m nv e e n s ts t- Total c O u n ri t s i e e - s All other Total U s e e . r c S n u . m r G i e t o i n e v t s - O c t u h r e it r i e s s e- 1932 Jan.6.__ 11,095 6, 968 2,863 4,105 4,127 2,060 2,067 Jan. 13. _ 11,023 6,913 2,831 4,082 4,110 2,042 2,068 Jan. 20. . 10,948 6,875 2,817 4,058 4,073 2,021 2,052 Jan. 27. _ 10,915 6,851 2,798 4,053 4,064 2,016 2,048 Feb. 3... 10,930 6,835 2,792 4,043 4,095 2,052 2,043 Feb. 10.. 10,900 6,800 2,785 4,015 4,100 2,050 2, 050 Feb. 17.. 10,883 6,776 2,766 4,010 4,107 2,062 2, 045 Feb. 24-. 10, 831 6,744 2,754 3,990 4,087 2,050 2, 037 Mar. 2... 10,757 6,706 2,742 3,964 4,051 2,020 2, 031 Mar. 9-. 10, 672 6,660 2,739 3,921 4,012 1,991 2, 021 Mar. 16.. 10, 757 6,654 2,765 3,889 4,103 2,081 2,022 Mar. 23-. 10, 716 6,628 2,750 3,878 4,088 2,065 2,023 Mar. 30.. 10, 623 6,557 2,701 3,856 4,066 2,039 2, 027 Apr. 6... 10, 539 6,494 2,664 3,830 4,045 2,018 2, 027 Apr. 13-. 10,461 6,455 2,637 3,818 4,006 2,000 2,006 Apr. 20.. 10, 379 6,394 2,603 3,791 3,985 1,964 2, 021 Apr. 27_. 10, 345 6,361 2,593 3,768 3,984 1,968 2, 016 May 4... 10,391 6,324 2,581 3,743 4,067 2,073 1,994 May 11.. 10,320 6,282 2,563 3,719 4,038 2,051 1, 987 May 18.. 10, 294 6,238 2,534 3,704 4,056 2,073 1,983 May 25.. 10, 279 6,227 2,529 3,698 4,052 2,041 2, 011 June l-_. 10, 251 6,217 2,520 3,697 4,034 1,997 2,037 June 8__. 10,160 6,161 2,489 3,672 3,999 2,030 1, 969 June 15_. 10, 302 6,167 2,506 3,661 4,135 2,178 1,957 June 22.. 10, 232 6,130 2,492 3,638 4,102 2,149 1,953 June 29.. 10,111 6,095 2,489 3,606 4,016 2,072 1,944 July6._. 10, 004 6,042 2,430 3,612 3,962 2,041 1,921 July 13. _ 9,989 6,042 2,426 3,616 3,947 2,026 1, 921 July 20. _ 9,955 6,030 2,418 3,612 3,925 2,004 1, 921 July 27. _ 9,932 6,009 2,410 3,599 3,923 2,002 1,921 Aug. 3-_. 10, 044 6,005 2,411 3,594 4,039 2,122 1,917 Aug. 10-. 10, 016 5,979 2,388 3,591 4,037 2,138 1,899 Aug. 17.. 9,991 5,945 2,380 3,565 4,046 2,149 1, 897 Aug. 24.. 9,954 5,901 2,359 3,542 4,053 2,149 1, 904 Aug. 31.. 9,929 5,874 2,339 3,535 4,055 2,145 1, 910 Sept. 7 9,926 5,866 2,334 3,532 4,060 2,153 1, 907 Sept. 14 9,896 5,810 2,321 3,489 4,086 2,175 1,911 Sept. 21 10, 063 5,802 2,312 3,490 4,261 2,345 1,916 Sept. 28 10, 055 5,773 2,301 3,472 4,282 2,358 1,924 Oct. 5 10,047 5,761 2,279 3,482 4,286 2,363 1,923 Oct. 12 10, 030 5,739 2,281 3,458 4,291 2,356 1,935 Oct. 19 10,079 5,714 2,264 3,450 4,365 2,428 1,937 Oct. 26 10, 084 5,690 2,253 3,437 4,394 2,454 1, 940 Nov. 2 9,979 5,599 2,210 3,389 4,380 2,452 1, 928 Nov. 9 9,938 5,569 2,201 3,368 4,369 2,440 1,929 Nov. 16 9,876 5,524 2,167 3,357 4,352 2,430 1, 922 Nov. 23 9,845 5,500 2,168 3,332 4,345 2,423 1,922 Nov. 30 9,801 5,484 2,166 3,318 4,317 2,395 1,922 Dec. 7 9,759 5,459 2,159 3,300 4,300 2,396 1, 904 Dec. 14 9,770 5,471 2,178 3,293 4,299 2,403 1,896 Dec. 21 9,799 5,457 2,185 3,272 4,342 2,445 1, 897 Dec. 28 9,761 5,421 2,177 3,244 4,340 2,435 1,905 Monthly averages: January 10, 995 6,902 2,828 4,074 4,093 2,034 2, 059 February 10,886 6,788 2,774 4,014 4,098 2,054 2, 044 March 10, 705 6,641 2,739 3,902 4,064 2,039 2,025 April 10, 431 6,426 2,624 3,802 4,005 1,987 2,018 May 10, 321 6,268 2,552 3,716 4,053 2,059 1,994 June 10,211 6,154 2,500 3,654 4,057 2,085 1,972 July _. 9,970 6,031 2,421 3,610 3,939 2,018 1,921 August 9,987 5,941 2,376 3,565 4,046 2,141 1,905 September 9,986 5,813 2,317 3,496 4,173 2, 258 1,915 October 10, 060 5,727 2,270 3,457 4,333 2, 400 1,933 November 9,88.8 5,536 2,183 3,353 4,352 2,428 1,924 December 9,772 5,452 2,175 3,277 4,320 2,420 1,900 Back figures—-Not available (for 89 cities series); for 100 cities series, see Annual Reports for 1932 (table 81), Digitized for1 9F3R1 A(taSbEleR 6 0), and 1930 (table 54). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING MEMBER BANKS IN LEADING CITIES 195 CITIES) L—PRINCIPAL ASSETS AND LIABILITIES, BY WEEKS, 1932-33 Net demand plus time deposits Reserve U.S. Borrow- R F b w e e a d s i n e e t k h r r v a s e l C v a a s u h lt in Total N m e a t n d d e- Time G de m o p v e o e n s r t i n ts - R F b e e a d s n e e k r r v a s e l Date or month 1932 716 168 9,745 5,776 3,969 132 286 Jan. 6. 713 163 9,661 5,717 3,944 118 268 Jan. 13. 706 160 9,582 5,655 3,927 111 295 Jan. 20. 689 157 9,503 5,595 3,908 104 299 Jan. 27. 695 148 9,447 5,556 3, 891 178 302 Feb. 3. 685 153 9,421 5, 555 3,866 151 306 Feb. 10. 688 146 9,400 5,538 3,862 130 326 Feb. 17. 684 150 9,362 5,509 3,853 108 317 Feb. 24. 680 136 9,337 5,481 3,856 79 316 Mar. 2. 692 139 9,341 5,483 3,858 53 270 Mar. 9. 691 136 9, 297 5,462 3,835 254 218 Mar. 16. 680 143 9,220 5,396 3,824 231 228 Mar. 23. 660 141 9,166 5,339 3,827 221 214 Mar. 30. 665 133 9,113 5,309 3,804 193 212 Apr. 6. 683 137 9,117 5, 326 3, 791 167 209 Apr. 13. 699 131 9,135 5,337 3, 798 109 165 Apr. 20. 715 138 9,148 5,330 3,818 92 155 Apr. 27. 739 134 9,102 5,258 3,844 258 143 May 4. 753 139 9,142 5,291 3,851 200 123 May 11. 760 136 9,132 5, 2S0 3,842 175 128 May 18. 750 138 9,119 5,278 3,841 147 127 May 25. 771 135 9,122 5, 295 3,827 133 147 June 1. 781 139 9,087 5,286 3.801 62 150 June 8. 781 140 9,124 5,345 3,779 247 148 June 15. 739 144 9,028 5, 275 3,753 212 143 June 22. 776 166 8,965 5,240 3,725 185 126 June 29. 706 160 8,893 5,174 3,719 109 138 Julv 6. 725 160 8,940 5,232 3, 703 70 151 Julv 13. 724 160 8,875 5,165 3,710 51 168 Julv 20. 742 148 8,872 5,141 3,731 39 161 July 27. 730 140 8,864 5,120 3,744 167 142 Aug. 3. 728 146 8,831 5,126 3,755 141 121 Aug. 10. 739 140 8,896 5,145 3,751 118 123 Aug. 17. 731 141 8,873 5,123 3,750 103 109 Aus>\ 24. 744 143 8,894 5,148 3,746 85 117 Aug. 31. 763 140 8,901 5,159 3,742 70 116 Sept. 7. 752 147 8,957 5,218 3,739 69 110 Sept. 14. 735 138 8,915 5,167 3,748 278 85 Sept. 21. 761 142 8,974 5,219 3,755 278 75 Sept. 28. 775 135 8,975 5,223 3,752 270 79 Oct. 5. 786 141 8,987 5,239 3,748 250 79 Oct. 12. 809 142 9,031 5,270 3,761 277 70 Oct. 19. 819 142 9,056 5,293 3,763 258 80 Oct. 26. 821 133 9,062 5,297 3,765 247 77 Nov. 2. 836 149 9,078 5,322 3,756 223 70 Nov. 9. 828 140 9,061 5,313 3,748 218 68 Nov. 16. 823 144 9,005 5,261 3,744 205 69 Nov. 23. 841 141 9,013 5,273 3,740 197 68 Nov. 30. 860 149 8,976 5,254 3,722 173 58 Dec. 7. 840 158 9,045 5,320 3, 725 161 50 Dec. 14. 847 163 9,083 5,360 3,723 209 39 Dec. 21. 843 162 9,062 5,323 3,739 196 35 Dec. 28. Monthly averages: 707 162 9,622 5,685 3,937 116 287 January. 688 150 9,408 5,540 3,868 142 312 February. 680 139 9,273 5,433 3,840 168 249 March. 691 135 9,129 5,326 3,803 140 185 April. 750 136 9,126 5,279 3,847 195 130 May. 770 145 9,065 5,288 3,777 168 143 June. 724 157 8,895 5,178 3,717 67 155 July. 734 142 8,882 5,132 3,750 122 122 August. 753 142 8,937 5,191 3,746 173 96 September. 797 140 9,012 5,256 3.755 264 77 October. 830 141 9,043 5,293 3, 750 218 70 November. 847 158 9,042 1 5,314 3,728 185 45 December. Digitized for FRAi FSoEr Rlis t of the 89 cities see note below table 87. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 90.—REPORTING MEMBER BANKS OUTSIDE NEW YORK CITY (89 CITIES)— Loans Investment3 Total loans and Date or month i m nv e e n s t t s - Total c O ur n it i s e e s - All other Total U s e e . r c S n u . m r G i e ti n o e v t s - O cu th r e it r i e s s e- 1933 Jan. 4 9,671 5,369 2,167 3,202 4,302 2,414 1,888 Jan. 11 9,622 5,332 2,143 3,189 4,290 2,408 1,882 Jan. 18 9,574 5,306 2,140 3,166 4,268 2,389 1,879 Jan. 25 9,499 5,250 2,100 3,150 4,249 2,360 1,889 Feb.1 9,534 5, 261 2,108 3,153 4,273 2,371 1,902 Feb.8 9,549 5,241 2,090 3,151 4,308 2,410 1,898 Feb. 15 9,539 5,229 2,080 3,149 4,310 2,412 1,898 Feb. 22 9,506 5,226 2,072 3,154 4,280 2,384 1,896 Ma.r 1 9,388 5,202 2,087 3,115 4,186 2,293 1,893 Mar. 8 9,316 5,189 2,091 3,098 4,127 2,241 1,886 Mar. 15 9,494 5, 231 2,088 3,143 4,263 2,327 1,936 Mar. 22 9, 537 5,239 2,099 3,140 4, 298 2, 368 1,930 Mar. 29 9,544 5, 214 2,089 3,125 4,330 2,398 1,932 Apr. 5 9,488 5,194 2,069 3,125 4,294 2,370 1,924 Apr. 12 9,432 5,153 2,049 3,104 4,279 2, 376 1,903 Apr. 19 9,437 5,137 2, 045 3,092 4,300 2,399 1,901 Apr. 26 9,421 5,116 2,027 3,089 4,305 2,409 1,896 May 3 9,535 5,113 2,022 3,091 4,422 2,556 1,866 May 10 9,528 5,099 2,004 3,095 4,429 2,551 1,878 May 17 9, 499 5,069 1,989 3,080 4, 430 2, 556 1,874 May 24 9, 543 5,065 1,985 3,080 4,478 2, 579 1,899 May 31 9,493 5,058 1,980 3,078 4,435 2,519 1,916 June 7 9,515 5, 052 1,965 3,087 4,463 2,570 1,893 June 14 9,528 5,042 . 1,958 3,084 4,486 2,592 1,894 June 21 _ 9,706 5,045 1,956 3,089 4,721 2,823 1,898 June 28 9,752 5,052 1,957 3,095 4,700 2,816 1,884 July 5 9,749 5,076 1,964 3,112 4,673 2,794 1,879 July 12 9,792 5,139 1,980 3,159 4,653 2,772 1,881 July 19 9,908 5,196 2,002 3,194 4,712 2,808 1,904 July 26 9,931 5,192 1,999 3,193 4,739 2,824 1,915 Aug. 2 9,825 5,172 1,994 3,178 4, 653 2,748 1,905 Aug. 9 9,802 5,173 1,993 3,180 4,629 2,730 1,899 Aug. 16 9,965 5,180 1,995 3,185 4,785 2,887 1,898 Aug. 23 9,920 5,159 1,980 3,179 4,761 2,868 1,893 Aug. 30 9,881 5,148 1,972 3,176 4,733 2,838 1,895 Sept. 6 9,851 5,133 1,953 3,180 4,718 2,826 1,892 Sept. 13 9,836 5,152 1, 953 3,199 4,684 2,792 1,892 Sept. 20 9,850 5,186 1,960 3,226 4,664 2,772 1,892 Sept. 27 9,831 5,196 1,956 3,240 4,635 2,759 1,876 Oct. 4 9,820 5,200 1,952 3,248 4,620 2, 751 1,869 Oct. 11 9,803 5,181 1,954 3,227 4,622 2,758 1,864 Oct. 18 9,810 5,182 1,961 3,221 4,628 2, 761 1,867 Oct. 25 9,797 5,166 1,948 3,218 4,631 2,762 1,869 Nov. 1- 9,927 5,168 1,938 3,230 4,759 2,890 1,869 Nov. 8 9,941 5,165 1, 933 3, 232 4,776 2,916 1,860 Nov. 15..__ 9,927 5,164 1,933 3,231 4,763 2,907 1,856 Nov. 22 9,900 5,162 1,931 3,231 4,738 2,881 1,857 Nov. 29 9,868 5,127 1,918 3,209 4,741 2,889 1,852 Dec. 6 9,867 5,130 1,926 3,204 4,737 2,887 1,85C Dec. 13 9,869 5,127 1,933 3,194 4,742 2,897 1,845 Dec. 20 9,964 5,098 1,934 3,164 4,866 3,019 1,847 Dec. 27 9,910 5,016 1,906 3,110 4,894 3,014 1,88C Monthly averages: January 9,592 5,315 2,138 3,177 4,277 2,393 1,884 February 9,531 5,239 2,087 3,152 4,292 2,394 1,89£ March 9,456 5,215 2,090 3,125 4,241 2, 326 1, 91£ April 9,444 5,150 2,047 3,103 4,294 2,388 l,90£ May 9,520 5,081 1,996 3,085 4, 439 2, 552 1,887 June 9, 640 5,047 1,959 3,088 4,593 2,700 1,895 July 9, 845 5,151 1,987 3,164 4,694 2, 800 1,894 August 9,878 5,166 1,987 3,179 4,712 2,814 1,895 September 9,842 5,167 1,956 3,211 4,675 2,787 1, 888 October 9,808 5,182 1,953 3,229 4,626 2,758 1,86? November 9,913 5,158 1,931 3,227 4,755 2,897 1,85? December 9,903 5,093 1,925 3,168 4,810 2,954 1,856 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KEPOBTING MEMBER BANKS IN LEADING CITIES 197 PRINCIPAL ASSETS AND LIABILITIES, BY WEEKS, 1932-33—Continued Net demand plus time deposits R R F b w e e e a d s s n i e e e t k r r h r v v a s e e l C v a a s u h l t in Total N m et a n d d e- Time d G e m U o p v e . o S e n s . r t i 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 a s t l e - Date or month 1933 892 156 9,139 5,380 3,759 165 39 Jan. 4. 888 148 9,113 5,352 3,761 146 33 Jan. 11. 892 147 9,111 5,268 3,743 136 34 Jan. 18. 950 150 9,108 5,365 3,743 125 46 Jan. 25. 924 134 9,123 5,371 3,752 151 50 Feb. 1. 940 145 9,088 5,338 3,750 127 36 Feb. 8. 909 178 9,103 5,368 3,735 96 52 Feb. 15. 940 195 8,976 5, 287 3,689 75 65 Feb. 22. 835 259 8,552 5, 013 3,539 44 231 Mar. 1. 684 428 8,290 4,794 3,496 31 434 Mar. 8. 769 396 8,535 4,957 3,578 118 366 Mar. 15. 722 241 8,545 4,961 3,584 121 232 Mar. 22. 714 216 8, 511 4,918 3,593 120 199 Mar. 29. 702 185 8,505 4,913 3,592 121 159 Apr. 5. 729 183 8,526 4,932 3,594 120 141 Apr. 12. 722 175 8,560 4,966 3,594 74 135 Apr. 19. 722 178 8,625 5,021 3,604 54 124 Apr. 26. 730 169 8,629 5,030 3,599 134 129 May 3. 739 173 8,679 5,084 3,595 119 80 May 10. 734 163 8,702 5,123 3,579 113 85 May 17. 722 161 8,717 5,124 3,593 114 78 May 24. 756 161 8,763 5,169 3,594 113 76 May 31. 780 156 8,813 5,225 3,588 94 60 June 7. 802 158 8,914 5,338 3,576 82 53 June 14. 833 152 8,885 5,301 3,584 343 50 June 21. 909 157 8,970 5,313 3,657 343 26 June 28. 898 161 8,975 5,268 3,707 328 31 July 5. 895 161 9,028 5,289 3,739 316 21 July 12. 909 151 9,101 5,349 3,752 316 22 July 19. 892 150 9,090 5,335 3,755 306 28 July 26. 915 142 9,011 5,254 3,757 306 31 Aug. 2. 947 152 9,016 5,251 3,765 306 28 Aug. 9. 927 147 8,993 5,235 3,758 494 38 Aug. 16. 916 151 8,940 5,179 3,761 482 29 Aug. 23. 924 158 8,923 5,170 3,753 477 30 Aug. 30. 943 153 8,918 5,180 3,738 477 27 Sept. 6. 973 157 8,985 5,262 3,723 477 22 Sept. 13. 1,004 152 8,982 5,241 3,741 477 20 Sept. 20. 1,055 166 8,999 5,261 3,738 475 22 Sept. 27. 1,030 161 8,973 5,253 3,720 475 20 Oct. 4. 1,070 172 9,034 5,319 3,715 475 23 Oct. 11. 1,077 170 9,088 5,369 3,719 429 20 Oct. 18. 1,083 170 9,089 5,374 3,715 399 22 Oct. 25. 1,052 164 9,079 5,370 3,709 559 24 Nov. 1. 1,082 182 9,082 5,362 3,720 553 21 Nov. 8. 1,096 176 9,147 5,449 3,698 532 21 Nov. 15. 1,130 186 9,135 5,462 3,673 509 22 Nov. 22. .1,096 182 9,136 5,477 3,659 453 25 Nov. 29. 1,093 196 9,103 5,468 3,635 437 24 Dec. 6. 1,109 206 9,200 5,565 3,635 409 25 Dec. 13. 1,100 213 9,186 5,539 3,647 473 23 Dec. 20. 1,125 212 9,255 5,609 3,646 439 24 Dec. 27. Monthly averages: 905 150 9,118 5,366 3,752 143 38 January. 928 163 9,073 5,341 3,732 112 51 February. 744 308 8,487 4,929 3,558 87 292 March. 719 180 8,554 4,958 3,596 92 140 April. 736 165 8,698 5,106 3,592 119 90 May. 831 155 8,896 5,295 3,601 215 47 June. 898 156 9,048 5,310 3,738 317 25 July. 926 150 8,977 5,218 3, 759 413 31 August. 993 157 8,971 5,236 3,735 477 23 September. 1,065 168 9,045 5,328 3,717 445 21 October. 1,092 178 9,115 5,424 3,691 522 22 November. 1,106 206 9,187 5,546 3,641 440 24 December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 91.—REPORTING MEMBER BANKS (90 CITIES) l—BANKERS' BALANCES: TOTAL, NEW YORK CITY, OTHER LEADING CITIES, BY WEEKS, 1932-33 [In millions of dollars] Due to banks Due from banks Total New York Other lead- Total New York Other lead- City ing cities City ing cities 1932 Jan. 6 2,375 942 1,433 885 68 817 Jan. 13 2,244 867 1,377 828 61 767 Jan. 20 2,208 862 1,346 795 58 737 Jan. 27 2,140 844 1,296 768 58 710 Feb. 3 2,180 836 1,344 827 105 722 Feb. 10 2,133 819 1,314 809 99 710 Feb. 17 2,122 815 1,307 798 103 695 Feb. 24 2,091 804 1,287 787 100 687 Mar. 2.. 2,206 876 1,330 819 96 723 Mar. 9 2,168 836 1,332 784 77 707 Mar. 16 2,267 909 1,358 883 85 798 Mar. 23 2,205 885 1,320 826 73 753 Mar. 30 2,226 902 1,324 864 70 794 Apr. 6 2,387 995 1,392 919 64 855 Apr. 13 2,403 1,014 1,389 981 68 913 Apr. 20 2,439 1, 040 1,399 993 62 931 Apr. 27 2,504 1,099 1,405 1,063 69 994 May 4 2,646 1,153 1,493 1,144 72 1,072 May 11 2,608 1,133 1,475 1,133 67 1, 066 May 18. 2,577 1,098 1,479 1,136 68 1,068 May 25 2,559 1,108 1,451 1,114 62 1, 052 June 1 2,560 1,100 1,460 1,104 75 1, 029 June 8 2,551 1,082 1,469 1,113 66 1, 047 June 15 2,572 1,093 1,479 1,149 76 1,073 June 22 2,484 1,054 1,430 1,124 71 1, 053 June 29 2,396 1,021 1,375 1,068 79 989 July 6 2,459 1,051 1,408 1,079 77 1,002 July 13 2,460 1,081 1,379 1,096 76 1, 020 July 20 2,432 1,066 1, 366 1,074 74 1, 000 July 27 2,393 1,030 1,333 1,062 74 988 Aug. 3 2,512 1,114 1,398 1,121 90 1,031 Aug. 10 2,547 1,149 1,398 1,148 88 1, 060 Aug. 17 2,572 1,157 1,415 1,186 81 1,105 Aug. 24 2,551 1,156 1,395 1,174 67 1,107 Aug. 31 2,597 1,207 1,390 1,194 74 1,120 Sept. 7 2,704 1,233 1,471 1,249 71 1,178 Sept. 14 2,827 1,300 1,527 1,354 69 1, 285 Sept. 21 2,782 1,256 1,526 1, 315 70 1, 245 Sept. 28 2,806 1,270 1,536 1,321 73 1,248 Oct. 5 3,007 1,354 1,653 1,418 83 1, 335 Oct. 12 3,004 1,371 1,633 1,447 83 1, 364 Oct. 19 3,028 1,389 1,639 1,481 81 1, 400 Oct. 26 2,984 1,360 1,624 1,448 81 1, 367 Nov. 2 ..... 3,059 1,403 1,656 1,486 87 1, 399 Nov. 9 3,107 1,419 1,688 1,510 82 1, 428 Nov. 16 3,150 1,444 1,706 1,570 85 1,485 Nov. 23 3,088 1,439 1,649 1,530 78 1,452 Nov. 30 3,116 1,480 1,636 1,545 90 1, 455 Dec. 7 3,127 1,444 1,683 1,541 86 1, 455 Dec. 14 3,152 1,467 1,685 1,604 85 1, 519 Dae. 21 3,129 1,450 1,679 1,586 87 1,499 Dec. 28 3,125 1,457 1,668 1,598 81 1, 517 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPOBTING MEMBER BANKS IN LEADING CITIES 199 No. 91.—REPORTING MEMBER BANKS (90 CITIES)—BANKERS' BALANCES: TOTAL, NEW YORK CITY, OTHER LEADING CITIES, BY WEEKS, 1932-33— Continued [In millions of dollars] Due to banks Due from banks New York Other lead- New York Other lead- Total City ing cities Total City ing cities 1933 Jan. 4___. 3,273 1,542 1,731 1,625 1,527 Jan. 11__. 3,372 1,616 1,756 1,703 1,618 Jan. 18... 3,372 1,609 1,763 1,720 1,641 Jan. 25... 3,345 1,616 1,729 1,728 1,650 Feb. 1—. 3,378 1, 655 1,723 1,716 1,638 Feb. 8—. 3,271 1,537 1,734 1,635 1,560 Feb. 15- 3,061 1,418 1,643 1,476 1,403 Feb. 22.. 2,635 1,176 1,459 1,213 1,141 Mar. 1... 2,070 898 1,172 809 747 Mar. 8-.. 1,713 690 1,023 589 536 Mar. 15.. 1, 788 756 1,032 745 690 Mar. 22.. 2,105 859 1,246 910 856 Mar. 29_. 2,144 930 1,214 903 848 Apr. 5.—. 2,349 1,050 1,299 1, 025 963 Apr. 12- 2,423 1,101 1,322 1,099 1,042 Apr. 19- 2,487 1,138 1,349 1,149 1,091 Apr. 26- 2,564 1,212 1,352 1,214 1,155 May 3-.. 2,623 1,186 1,437 1,217 ,127 May 10-. 2,700 1,251 1,449 1,255 ,174 May 17-. 2,762 1,300 1,462 1,328 ,247 May 24-. 2,754 1,300 1,454 1,317 ,242 May 31-. 2,812 1,356 1,456 1,333 ,256 June 7 2,969 1, 398 1,571 1,451 ,366 June 14-. 3,079 1,474 1,605 1,531 ,454 June 21._ 2, 819 1,278 1,541 1, 361 ,282 June 28- 2,754 1,248 1,506 1,291 ,215 July5-__. 2,846 1,265 1,581 1,325 , 240 July 12- _. 2,771 1,226 1,545 1,276 ,203 July 19... 2, 690 1,162 1,528 1,196 ,125 July 26--. 2,564 1,099 1,465 1,114 ,048 Aug. 2-.. 2,560 1,116 1,444 1,118 ,046 Aug. 9... 2,588 1,142 1,446 1,136 ,068 Aug. 16.. 2,480 1,079 1,401 1,128 1,061 Aug. 23-. 2,448 1,091 1,357 1,123 1, 059 Aug. 30-. 2,459 1,125 1,334 1,139 l ; 075 Sept. 6... 2,521 1,130 1,391 1,160 1,094 Sept. 13.. 2,589 1,181 1,408 1,227 1,160 Sept. 20- 2,597 1,179 1,418 1,197 1,130 Sept. 27.. 2,531 1,122 1,409 1,171 1,102 Oct. 4___. 2,640 1,155 1,485 1,197 1.122 Oct. 11- 2,601 1,135 1,466 1,200 1,128 Oct. 18- 2,740 1, 219 1,521 1,239 1,164 Oct. 25__ 2,675 1,191 1,484 1,212 1,131 Nov. 1... 2,715 1,226 1,489 1,236 1,152 Nov. 8,.. 2,676 1,179 1,497 1,154 1,077 Nov. 15-. 2,737 1,179 1,558 1,209 1,130 Nov. 22- 2,674 1,144 1,530 1,164 1,090 Nov. 29- 2,646 1,148 1,498 1,135 1,063 Dec. 6— 2, 660 1,117 1,543 1,123 1,052 Dec. 13- 2,669 1,111 1,558 1,190 1,112 Dec. 20_. 2,656 1,092 1,564 1,179 1,101 Dec. 27- 2,699 1,125 1,574 1,197 1,122 101 CITIES SERIES * 1933 Jan. 4__. 3,470 1,542 1,928 1,754 1,656 Jan. 11-. 3,562 1,616 1,946 1,819 1,734 Jan. 18_. 3,558 1,609 1,949 1,830 1, 751 Jan. 25-. 3, 524 1,616 1,908 1,833 1,755 Feb. 1- 3,558 1,655 1,903 1, 832 1,754 Feb. 8— 3,440 1,537 1,903 1,734 1,659 Feb. 15.. 3,218 1,418 1, 800 1,563 1,490 Feb. 22.. 2,778 1,176 1,602 1, 287 1,215 Mar. 1_. 2,199 898 1,301 804 1 For list of the cities see note below table 87. Back figures.—Not available for 90 cities series; for 101 cities series, see Annual Report for 1932 (table 82), etc. 49753—34- -14 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

200 ANNUAL EEPOKT OP THE FEDERAL RESERVE BOARD BROKERS' LOANS No. 92.—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 1933 Total 3 o F a o w c o u - n n r t b t a o o F o n u w o f k t - r - n s1 ot F h o e r rs Total c o F o a w u o c- n n r t b t a o o F a n u w c o t k - r - n s] ot F h o e r rs Total c o F o a w u c o - n n r t b t a o o F o n u w o f k - t r n - s1 )t F h o e r rs Jan. 4 379 12 236 223 10 158 156 Jan. 11 - 367 11 205 194 176 173 Jan. 18 367 353 11 191 179 176 174 Jan. 25 378 362 11 197 183 181 179 Feb. 1 454 438 11 276 262 178 176 Feb. 8 422 405 11 242 227 180 178 Feb. 15 427 410 10 242 227 185 183 Feb. 22 429 410 10 249 231 180 179 Mar. 1 418 398 9 243 225 7 175 173 Mar. 8 413 395 11 236 219 10 177 176 Mar. 15 388 366 15 235 214 14 153 152 Mar. 22 398 367 26 252 222 25 146 145 Mar. 29 371 336 31 234 201 29 137 135 Apr. 5 376 347 25 241 215 22 135 132 Apr. 12 375 248 23 235 211 20 140 137 Apr. 19 386 363 20 242 221 17 144 142 Apr. 26 461 439 18 316 297 15 145 142 May 3 512 491 17 371 353 14 141 138 May 10 564 541 17 422 402 14 142 139 May 17 618 594 17 472 451 14 146 143 May 24 563 539 17 413 392 14 150 147 May 31 635 611 17 481 460 14 154 151 June 7 699 675 17 539 518 15 160 157 June 14 782 754 22 588 563 19 194 191 June 21 775 719 49 591 537 47 184 181 June 28 764 699 56 558 494 55 206 205 July5_. 858 784 64 643 570 63 215 214 July 12 955 846 101 723 615 100 232 231 July 19 967 833 128 721 588 127 246 245 July 26 761 127 644 513 126 250 248 Aug. 2 742 125 627 494 124 249 248 Aug. 9 742 131 625 488 130 255 254 Aug. 16 764 123 639 511 122 255 253 Aug. 23 853 726 119 580 454 118 273 272 Aug. 30. 881 759 114 592 471 113 289 288 Sept. 6 866 761 96 580 476 95 286 285 Sept. 13 890 790 92 604 506 91 286 284 Sept. 20 825 715 103 543 435 101 282 281 Sept. 27 _. 806 697 102 531 423 101 275 274 Oct. 4... 790 677 107 516 404 106 274 273 Oct. 11 781 664 114 508 392 113 273 272 Oct. 18 815 691 117 545 422 116 270 269 Oct. 25.. 731 620 105 463 353 104 268 267 Nov. 1 749 641 101 485 378 100 264 263 Nov. 8 739 626 106 477 364 106 262 261 Nov. 15 707 595 109 460 348 109 247 247 Nov. 22 698 584 109 457 344 108 241 241 Nov. 29 720 608 104 478 366 104 242 242 Dec. 6 723 605 111 477 359 111 246 246 Dec. 13 760 629 124 493 362 123 267 267 Dec. 20 753 621 127 494 363 126 259 258 Dec. 27 801 671 125 546 417 124 255 254 Averages: January.. 380 365 11 207 195 173 171 February. 433 416 10 252 237 181 179 March 398 373 18 240 216 17 158 156 April 399 374 21 258 236 18 141 138 May 578 555 17 432 412 14 146 143 June 755 712 36 569 528 34 186 183 July 919 806 105 683 571 104 236 235 August 877 747 122 613 484 121 264 263 September. 847 741 98 565 460 97 282 281 October... 779 663 111 508 393 110 271 270 November. 722 610 106 471 360 105 251 251 December. 759 632 121 502 375 121 257 256 i 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 1932 (table 83), 1931 (table 62), 1930 (table 56), 1929 ( table 54). Digitized for1 9F2R8 (AtaSbEleR 5 7), and 1927 (table 46). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BROKERS' LOANS 201 No. 93.—BROKERS' BORROWINGS, 1929-33 [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 demand On time From From From From From New private New pr vate New From Date b Y a o n r k k s b b r a o n k k er s s , , b Y a o n r k k s b b r a o n k k er s s , , b Y an o k rk s, p b r a i n v k at s e , Total and foreign Total and foreign Total trust foreign trust banking trust banking com- banking com- agen- com- agen- panies, agenpanies cies, etc. panies cies, etc. etc. cies, etc. 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 1,194 6,204 5,154 L, 050 571 427 144 May 31 6,665 5,482 1,183 6,100 5,061 L, 039 565 422 144 June 29_ 7,071 5,797 1,275 6,444 5,333 L, 111 627 464 163 Julv31 7,474 6,154 1,320 6,870 5,705 L, 165 604 449 155 Aug. 31 7,882 6,492 1,390 7,162 5,962 L, 200 720 530 190 Sept. 30 8,549 7,077 1,472 7,832 6, 543 .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 lfil 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 65 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 July 31 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 1,770 217 669 530 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 1933 Jan. 31 359 270 90 255 166 89 104 103 1 Feb. 28 360 298 62 223 162 61 137 136 1 Mar. 31 311 247 64 208 145 63 103 102 1 Apr. 29 322 268 54 207 157 50 115 111 4 May 31 529 461 68 398 332 67 130 129 1 June 30 780 694 86 583 498 85 197 196 1 July 31 916 822 94 679 590 89 237 232 5 Aug. 31 917 841 76 634 563 71 283 278 5 Sept. 30 897 ; 806 91 624 535 90 272 271 1 Oct. 31 776 706 70 515 445 70 261 261 Nov. 30 _ . . 789 i 712 77 544 468 76 245 244 1 Dec. 30... 845 776 69 598 i 529 69 247 247 Back figures.—See Annual Report for 1927 (table 47) for figures for 1918-22; figures for 1923-25 not available; see Annual Report for 1930 (table 57) for figures for 1C26-28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 94.—MEMBER BANK LOANS ON SECURITIES TO BROKERS (AND DEALERS IN SECURITIES) IN NEW YORK CITY, 1928-33 [In millions of dollars] Total- Member Member banks outside New York City All banks in Call date member Y N o ew rk In Chi- In other Outside Cityi Total cago l Reserve Reserve cities cities 1928—Oct. 3 1,899 880 1,019 119 522 Dec. 31 2.556 1,639 917 75 465 376 1929—Mar. 27... 1,879 1,102 777 18 405 3.'4 Juno 29. 2,025 1,359 48 302 316 Oct. 4 1,885 1, 096 789 59 354 376 Dec. 31..... 1,660 1,202 459 11 239 218 1930—Mar. 27... 2,344 1,477 140 469 259 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 30 1,217 1,063 154 51 73 30 Sept. 29... 928 839 88 27 29 32 Dec. 31.... 575 542 32 14 16 1932—June 30... 278 258 20 6 13 Sept. 30.._ 414 391 24 14 Dec. 31.... 357 337 20 11 1933 2—June 30.. 788 720 45 10 Oct. 25 748 624 124 84 23 Dec. 30 840 706 134 94 22 1 Central Reserve city banks only. 2 Beginning with 1933, figures relate to licansad banks only. Back figures.—Not available. No. 95.—MEMBER BANK LOANS ON SECURITIES TO BROKERS (AND DEALERS IN SECURITIES) OUTSIDE NEW YORK CITY, 1928-33 [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 ag C o h i i- I R n e s o e t r h v e e r R O e u s t e s r id v e e cities cities 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. 706 646 194 360 93 June 30.. 819 750 229 431 90 Sept. 24.. 774 687 239 360 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.. 283 65 218 93 105 20 Sept. 30. 258 63 195 85 92 17 Dec. 31- 241 61 179 67 96 15 1933 2—June 30. 165 126 48 63 15 Oct. 25— 178 131 51 66 14 Dec. 30... 166 121 33 73 15 1 Central Reserve city banks only. Digitized for F 2 RBeAgSinEniRng with 1933, figures relate to licensed banks only. Back figures.—Not available. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 203 BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING No. 96.—BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING, 1927-33 [In millions of dollars] Bankers' acceptances outstanding * Commercial paper outstanding J End of month 1927 1928 j 1929 1930 1931 1932 1933 1927 1928 1929 1930 1931 1932 1933 i January 774 1,058 1,279 1,693 1,520 961 707 551 577 407 404 327 108 85 February 785 1,056 1,228 1,624 1,520 919 704 577 567 411 457 315 103 84 March .« _. 809 1,085 1,205 1,539 1,467 911 671 606 570 387 529 311 106 7? April 811 1,071 1,111 1,414 1,422 879 697 599 571 351 553 307 108 64 May. . 775 1,041 1,107 1,382 1,413 787 669 582 541 304 541 305 111 60 June 751 1,026 1,113 1,305 1,368 747 687 579 503 274 527 292 103 73 July . . 741 978 1,127 1,350 1,228 705 738 569 483 265 528 289 100 97 August— 782 952 1,201 1,339 1,090 681 694 591 458 267 526 271 108 107 September 864 1,004 1,272 1,367 996 683 715 600 430 265 513 248 110 123 October-. 975 1,123 1,541 1,508 1,040 699 737 611 427 285 485 210 113 130 November 1,029 1,200 1,658 1,571 1,002 720 758 603 421 316 448 174 110 133 December 1,081 1,284 1,732 1,556 974 710 764 555 383 334 358 118 81 109 i Figures collected and compiled by American Acceptance Council. 1 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. 97.—DOLLAR BANKERS' ACCEPTANCES OUTSTANDING, BY CLASSES J [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 t m 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 e o n p e s d t e e t s s d i n c ex D c o h l a l n a g r e c b s o f h e o u t i r w p n o e p r t i e g r e e i n d e n s credits) points 1932 January 961,066 150,021 207,415 254,382 17, 280 33,529 298,439 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 1933 January 707,404 70, 993 166, 023 209,161 13, 269 11,276 236, 683 February 703, 826 71,023 173, 847 205, 552 13, 407 8,604 231, 393 March 671,117 73,138 175, 276 173, 992 9,913 8,358 230, 441 April 696, 813 77, 339 176,499 188,822 10, 274 9,872 234,007 May.. 668,811 76, 542 173, 629 173,468 11, 218 9,094 224, 860 June 686, 674 80, 080 168,012 203,109 13, 897 9,004 212, 573 July. 738, 259 86, 368 168,121 239, 514 15, 579 9,672 219,006 August 694,012 94,863 160,106 215,002 14, 279 4,049 205, 712 September 715.149 103, 206 170, 757 222, 759 ' 14,594 4,363 199,469 October 736, 791 99, 364 184, 985 238, 406 14,139 4,698 195, 200 November 758, 212 97, 549 199, 654 263, 666 13, 878 3,775 179, 690 December 764, HI 94, 269 207, 227 263, 007 13,833 3,968 181,807 i Figures collected and compiled by American Acceptance Council. Back figures.—See Annual Reports for 1932 (table 88), 1930 (table 61), 1929 (table 57), 1928 (table 60), and Digitized fo1r9 F27R (AtaSblEe R49 ). http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD No. 98.—DOLLAR BANKERS' ACCEPTANCES HELD BY GROUP OF ACCEPTING BANKS, 1926-33 [In thousands of dollars] End of month 1926 1927 1928 1929 1930 1931 1932 1933 January. ... 118, 956 54,987 79,968 79, 246 220, 467 571, 404 332, 211 626, 274 February.. 127, 580 166,485 90,090 89,050 182,930 549, 548 342, 807 325,007 March 132,104 104,484 99, 058 117, 430 166, 663 472, 246 377, 200 261, 036 April 137,144 86,976 56, 397 95,129 157, 527 410, 249 455, 454 404, 252 May_ 107,389 94, 561 58,183 87, 396 165,611 464,163 510, 423 504, 992 June 66,817 88,947 71, 289 84, 284 205,110 553, 519 517,547 487, 255 July 57, 630 86, 412 52, 642 90,033 278,642 668, 034 562, 955 552,148 August 63,644 132,890 50,331 82, 378 267,337 606, 469 573, 737 499,444 September. 47, 634 103, 592 53,187 70, 767 316, 678 409,895 573, 360 517,207 October. __ 56, 214 118,167 43, 711 129, 413 384,173 230,407 605, 069 592,165 November. 64,444 116, 913 50, 345 244, 463 493,002 296,161 654, 523 599, 077 December. 77,007 104,999 75, 842 191,061 371, 452 262,092 603, 858 442, 457 NOTE.—Banks included are those which report to the American Acceptance Council; figures include both own acceptances held and purchased acceptances held. Back figures.—See Annual Report for 1932 (table 89). No. 99.—PURCHASED ACCEPTANCES HELD BY MEMBER BANKS ON CALL DATES, 1930-33 [In thousands of dollars] Member Member banks outside New York City Total—all banks in Call date m b e a m n b ks er C Y N i o e ty w rk i Total In c ag C o 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 e t i s r e i v d s e e 1930-Mar. 27_ 253, 728 129,379 124,349 13,998 79,538 30,813 June 30.. 241,106 172,883 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 2,837 1933—June 30 2 315, 354 234, 210 81,144 33, 245 42, 411 5, 488 Oct. 25 2. 326, 542 240, 287 86, 255 31,972 50, 375 3,90S Dec. 30 2. 259,885 186,565 73,320 23, 097 44, 505 5, 718 1 Central reserve city banks only. 2 Licensed banks (operating on an unrestricted basis). NOTE.—Purchased acceptances only—i.e., exclusive of own acceptances held, amounting to $212,637,000 on Dec. 30,1933, which are shown separately in table 79. Back figures.—See Annual Report for 1932 (table 90). No. 100.—DISTRIBUTION OF DOLLAR BANKERS' ACCEPTANCES OUTSTANDING [In thousands of dollars] Held by group of Held by Federal Reserve banks accepting banks Total out- Held by End of month (1933) standing For own e F ig o n r f c o o r r - - Bills others Total accountl respond- Own bills bought ents 3 January... 707, 404 43, 217 2,303 40,914 256,454 369, 821 37,913 February.. 703, 826 337, 005 307,021 29,984 201, 344 123, 663 41, 814 March 671,117 325, 004 279, 699 45, 305 153,098 107,938 85, 077 April 696,813 206, 291 163, 231 43,060 205, 747 198, 505 86,270 May 668, 811 48,612 12, 881 35, 731 229, 479 275, 513 115, 207 June 686, 674 76, 779 40, 925 35,854 200, 693 286, 562 122, 640 July 738, 259 38, 839 1,719 37,120 248, 362 303, 786 147, 271 August 694, 012 40. 871 695 40,176 252, 233 247, 213 153, 697 September 715,149 42, 315 853 41, 462 235, 661 281, 546 155, 627 October... 736, 791 32, 259 965 31, 294 270, 779 321, 386 112,367 November. 758, 212 20, 918 18,025 2,893 272, 683 326, 394 138, 217 December. 764, 111 131, 202 127, 392 3,810 223, 275 219,182 190, 452 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 1932 (table 91), 1931 (table 70), 1930 (table 64), 1929 (table 58), and 1928 (table 61). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 205 BANK DEBITS No. 101.—DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN 141 PRINCIPAL CITIES, BY MONTHS, 1924-33 [In millions of dollars] Month 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 TOTAL, 141 CITIES January 41,498 49, 982 54,145 54, 714 62, 885 82,814 60, 423 46, 253 33, 569 24,466 February._ 37, 398 41, 517 44, 915 48, 220 54,493 70, 777 52, 625 38, 031 27, 251 22, 437 March 40, 739 47,623 56,464 58, 518 70, 633 83, 524 65, 723 47, 011 29, 889 0) J J A A S N M O D u u e u p c o e l n a p t y c g r v o e y i t e u e l e b . m s m m e t r b b b e e e r r r . . . . 4 4 4 3 3 4 4 4 3 0 0 8 9 3 0 9 8 1 , , , , , , , , , 1 1 9 8 0 6 5 4 2 3 5 7 9 4 9 1 1 3 1 7 2 3 4 2 9 8 0 4 4 4 4 4 4 4 5 5 7 5 4 8 6 8 4 3 2 , , , , , , , , , 1 9 2 3 0 6 5 3 5 3 5 6 3 6 3 9 9 5 4 5 4 7 7 1 6 9 8 4 4 4 4 5 5 5 5 5 6 7 0 0 8 2 7 7 1 , , , , , , , , , 0 8 3 9 0 9 0 5 6 1 3 8 5 5 2 3 7 6 1 7 4 4 9 0 5 0 2 5 5 5 5 5 5 5 5 6 3 6 9 7 6 5 3 5 4 , , , , , , , . , 1 6 4 7 5 0 8 2 7 4 8 0 4 8 8 5 0 2 3 2 2 1 3 5 0 1 0 6 5 5 8 7 7 6 7 7 8 8 2 7 2 2 1 1 3 , , , , , , , , , 1 3 8 6 5 3 9 0 4 7 4 9 1 0 8 0 8 8 6 9 4 6 4 6 3 1 5 6 7 7 7 9 8 6 7 7 6 2 9 7 5 7 7 6 4 , , , , , , , , , 6 6 5 3 6 5 7 7 0 6 1 2 4 3 3 5 5 9 6 7 7 4 5 1 0 2 0 6 5 4 4 4 6 6 5 5 8 2 2 5 2 2 1 4 2 , . , , , , , , , 1 4 8 1 9 7 6 9 3 7 6 0 1 4 3 9 4 1 6 0 7 1 4 6 3 6 2 4 4 4 3 3 3 3 2 3 4 9 5 6 6 3 8 6 9 , , , , , , , , , 8 4 4 2 9 0 0 7 3 0 4 5 9 3 6 2 0 4 2 0 1 9 0 9 7 0 5 2 2 2 2 2 2 2 2 2 9 5 5 5 5 5 0 6 7 , , , , , , , , . 1 2 P 2 9 2 4 7 7 0 3 1 9 3 5 8 1 2 3 9 5 8 1 0 7 1 3 3 2 2 2 2 2 2 2 2 9 4 6 1 5 2 4 5 6 , , , , , , , , , 4 3 1 2 4 3 5 7 6 8 0 3 3 5 0 1 5 2 6 1 1 2 1 7 1 5 8 Total 491,691 570, 064 607, 956 673,861 806,405 935,027 661,957 481, 357 322, 366 2 282,706 140 CITIES (EXCLUDING NEW YORK CITY) January 19,384 22, 301 23, 607 23,456 25, 001 28,095 25, 691 21, 697 15,893 12,053 February. _ 17, 512 18, 593 20,102 20, 781 21, 753 24,489 21, 508 17, 084 12,870 10,401 March 19,193 21, 240 23,458 24, 026 25, 847 28,099 24, 983 19, 421 13,729 0) April 18, 865 20, 613 22, 537 23, 576 25, 225 26,770 24,315 19, 620 14, 366 10,616 May 18, 639 20,417 21,449 22, 873 26, 346 26,492 24, 388 18,858 12,498 11, 509 June. 18, 304 21, 702 22, 466 23, 812 27, 029 26,404 24,621 19,406 12, 901 12,969 July 18, 662 21, 580 23, 300 22, 932 23, 897 28,416 23,145 18,444 12, 511 13,878 August 17, 776 19,869 20, 778 22, 048 23,401 28,310 20,941 16, 526 11, 756 12,376 September. 18, 238 20, 895 21,336 23, 381 24,450 27,274 21, 253 16, 627 11,767 12,215 October 20, 912 24, 039 23, 780 25, 111 27, 705 32,202 23, 679 18,125 12,354 13, 027 November. 18,846 21, 357 21, 593 23,803 25, 880 28,486 19, 686 14, 605 10,935 11,927 December.. 21,830 24, 085 24, 493 26, 503 29, 659 26, 902 23,107 17,112 12,820 13, 287 Total 228,161 256, 691 268,900 282, 303 306,193 331,938 277,317 217, 523 154,401 2 134,257 1 Not available, complete data not having been reported on account of bank holidays. 2 Total for 11 months. 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 ANNUAL EEPOKT OF THE FEDERAL RESERVE BOARD BANK SUSPENSIONS No. 102.—BANKS SUSPENDED AND REOPENED, BY YEARS, 1921-32 * [Amounts in thousands of dollars] Banks suspended Banks reopened Class of bank and year Number Capital Deposits Number Deposits 411 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, ] 59 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 bank members: 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 Nonrnember 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 1920 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 1 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. Deposits are as of date of suspen- Digitized fosri oFnR oArS nEeaRre st call date. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK SUSPENSIONS 207 No. 103.—NUMBER OF BANK SUSPENSIONS 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES 1 ALL BANKS Number of bank suspensions Federal Reserve dis- Total, trict and State 1921-32 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 DISTRICT Boston 70 1 2 3 2 2 1 3 12 33 11 New York 135 6 3 4 6 2 3 6 11 80 14 Philadelphia 157 2 1 3 2 3 4 1 3 10 101 27 Cleveland 384 6 1 6 5 13 12 29 17 14 41 182 58 Richmond 856 32 32 47 42 63 63 46 43 59 153 206 70 Atlanta 1,042 80 31 22 49 46 173 72 70 129 142 139 89 Chicago 2,223 44 25 52 106 110 180 124 87 93 264 631 507 St. Louis.. 1,229 32 27 30 50 53 76 80 58 46 362 260 155 Minneapolis 2,056 81 70 273 296 168 284 142 94 85 156 271 136 Kansas City 1,604 85 92 133 139 85 118 100 90 197 138 222 205 Dallas 574 80 50 46 49 51 50 41 23 11 42 93 38 San Francisco 486 56 33 27 29 24 16 32 10 16 21 76 146 Total 10, 816 505 367 646 775 618 976 669 499 659 1,352 2,294 1,456 STATE New England: Maine 5 1 1 1 2 New Hampshire . 4 1 1 2 Vermont 2 2 Massachusetts 29 1 1 3 19 5 Rhode Island 3 1 1 1 C onnecticut 29 1 1 2 2 7 10 6 Middle Atlantic: New York . 99 5 1 4 6 2 3 5 8 55 10 New Jersey 52 2 1 3 38 8 Pennsylvania 237 4 2 4 2 8 6 7 1 5 19 137 42 East North Central: Ohio. 223 3 5 3 1 8 16 11 10 25 115 26 Indiana 365 6 8 7 4 9 7 25 24 24 87 96 68 Illinois 704 9 4 4 12 7 19 29 18 30 125 238 209 Michigan 287 8 4 3 8 5 23 6 9 21 113 87 Wisconsin... 218 2 12 10 11 11 15 11 24 49 67 West North Central: Minnesota . 604 18 15 46 55 50 93 65 46 31 22 101 62 Iowa 971 24 12 35 83 86 134 70 51 34 87 208 147 Missouri 600 16 11 22 43 44 58 46 32 23 103 122 80 North Dakota 566 37 13 99 75 32 59 37 38 37 59 66 14 South Dakota 547 3 11 44 113 63 115 27 7 13 55 73 23 Nebraska 572 29 24 17 21 21 25 25 52 152 46 109 51 Kansas-._ 370 11 20 34 16 19 46 36 26 43 38 69 South Atlantic: Delaware . 3 1 1 1 Maryland 36 4 2 1 1 1 3 20 4 Dist. of Columbia 4 4 Virginia. 111 5 5 3 4 3 4 4 7 10 20 37 9 West Virginia 107 1 1 2 4 2 5 5 14 10 57 6 North Carolina. . 306 14 8 18 11 16 12 14 8 18 93 63 31 South Carolina... 304 9 16 26 25 41 45 24 22 17 27 34 18 Georgia.. 448 65 20 12 30 34 109 26 27 34 31 35 25 Florida 262 7 6 4 3 1 43 31 35 65 39 17 11 East South Central: Kentucky.. 138 3 2 4 5 6 7 8 7 1 30 27 38 Tennessee 154 3 1 3 6 7 13 17 4 12 29 31 28 Alabama __ 128 2 2 10 5 4 2 1 14 34 36 18 Mississippi _ 178 5 11 2 3 4 7 6 5 8 59 56 12 West South Central: Arkansas 291 5 3 6 7 7 16 17 14 12 134 57 13 Louisiana . 76 11 6 5 2 4 10 4 3 10 7 14 Oklahoma 342 27 39 53 50 20 21 28 5 22 24 32 Texas 439 63 34 19 25 39 37 35 22 10 34 86 35 Mountain: Montana 234 23 31 77 45 16 8 2 1 1 11 11 8 Idaho 106 22 8 10 7 8 4 2 3 1 10 24 Wyoming __ 67 7 4 9 33 3 3 2 1 3 2 Colorado 138 12 8 18 9 15 14 4 3 5 5 21 24 New Mexico._ __ 63 7 5 14 23 10 1 1 1 1 Arizona 45 7 5 8 3 3 1 1 5 5 7 Utah 45 7 3 2 2 1 2 2 ..... 3 9 14 Nevada 21 1 1 2 16 Pacific: Washington 108 12 5 5 12 6 2 4 2 7 3 22 28 Oregon. 86 6 6 5 3 3 5 12 3 1 2 14 26 California _. 89 3 6 2 2 3 5 6 4 7 18 33 1 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 Digitized fobr eFeRn AreSvEisRed . http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 103.—NUMBER OF BANK SUSPENSIONS 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES—Continued NATIONAL BANKS Number of bank suspensions Federal Reserve district and State Total 1921-32 1921 1922 DISTRICT Boston 12 New York 51 1 3 Philadelphia 38 Cleveland.. _ 99 1 Richmond 124 1 4 Atlanta 105 1 Chicago. 293 4 2 S t Louis 115 1 3 Minneapolis ._ 320 11 13 Kansas City 184 8 9 Dallas . . 145 12 9 San Francisco.. 126 12 6 Total 1,612 52 49 STATE New England: Maine New Hampshire. 1 Vermont 1 Massachusetts 7 Rhode Island 1 Connecticut 2 Middle Atlantic: New York 36 1 1 New Jersey 24 2 Pennsylvania 81 1 East North Central: Ohio 35 Indiana. 35 1 1 Illinois 119 Michigan 23 Wisconsin 20 West North Central: Minnesota 80 Iowa 150 3 2 Missouri 33 North Dakota 86 2 2 South Dakota 73 2 2 Nebraska . . 43 4 1 Kansas 27 South Atlantic: Delaware 2 Maryland 6 2 Dist. of Columbia Virginia 15 1 West Virginia 29 North Carolina... 42 1 South Carolina... 34 1 Georgia 31 1 Florida 25 East South Central: Kentucky 18 Tennessee 12 Alabama 29 Mississippi 16 1 1 West South Central: Arkansas 29 1 Louisiana 3 1 Oklahoma 82 3 8 Texas 102 10 4 Mountain: Montana 67 7 9 Idaho 36 7 1 Wyoming 11 Colorado 31 1 New Mexico 21 1 Arizona 5 1 Utah 4 Nevada 2 Pacific: Washington. _ __ 23 1 Oregon 20 2 California 40 2 rH CO 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1 1 1 1 6 2 1 2 34 10 1 1 1 1 1 23 10 3 3 2 9 2 2 8 47 22 3 3 10 4 4 9 7 21 46 12 2 4 9 . 4 2 4 16 17 25 21 2 5 17 36 25 13 13 28 70 78 1 1 7 5 2 4 34 35 22 40 46 44 40 20 10 10 15 46 25 16 33 16 12 11 9 6 15 21 28 14 17 10 11 7 4 2 16 33 10 8 10 9 6 8 2 3 3 23 36 90 122 118 123 91 57 64 161 409 276 1 1 1 5 1 1 1 1 1 1 24 g 1 16 5 1 3 1 6 1 6 42 20 3 2 2 2 2 3 19 2 2 3 3 1 4 8 ]2 1 1 4 2 4 4 20 37 46 1 1 2 14 5 1 3 1 4 8 15 14 12 3 1 1 13 1 4 16 31 21 6 8 13 21 24 1 1 2 1 1 1 6 12 8 14 9 7 1] 4 5 8 8 13 3 5 14 12 12 2 2 ..... 3 13 6 2 8 1 3 3 3 4 8 3 1 3 1 1 4 1 3 4 9 1 1 3 1 1 1 1 1 2 6 2 1 1 1 1 5 18 2 2 4 2 3 1 10 14 5 2 5 3 2 5 4 4 5 3 1 1 7 3 3 3 4 8 1 1 2 1 11 4 3 2 1 3 4 10 1 1 3 4 3 1 2 1 2 2 7 8 6 1 1 3 8 1 3 2 1 13 8 1 1 1 17 9 9 8 8 2 1 6 2 9 3 6 6 7 6 4 2 14 30 10 17 13 9 2 1 ..... 1 2 3 3 5 4 4 1 2 1 4 6 2 9 ...... 3 7 4 1 1 7 6 12 2 1 2 1 1 2 1 1 2 5 2 2 1 1 6 5 2 1 2 1 4 8 3 1 2 3 4 1 2 8 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK SUSPENSIONS No. 103.—NUMBER OF BANK SUSPENSIONS 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES—Continued STATE BANK MEMBERS Number of bank suspensions Federal Reserve district and State Total 1921-32 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 DISTRICT Boston . 2 1 1 New York 13 2 10 1 Philadelphia 7 7 Cleveland 23 3 2 1 16 1 Richmond . 16 1 1 4 1 1 1 7 Atlanta 57 2 1 2 9 5 8 4 3 7 5 5 6 Chicago 121 1 1 6 10 8 16 8 8 5 4 32 22 St Louis 36 1 1 2 1 4 2 10 9 6 Minneapolis 40 2 4 14 9 5 1 1 2 1 1 Kansas City 9 1 2 2 1 1 2 Dallas 38 5 2 3 4 5 3 1 1 1 1 9 3 San Francisco 56 7 5 4 1 3 2 7 1 1 2 10 13 Total 418 19 13 32 38 28 35 31 16 17 27 107 55 STATE New England: Maine - - New Hampshire. Vermont Massachusetts... 2 1 1 Rhode Island Connecticut ... Middle Atlantic: New York... ... 9 1 8 New Jersey . 6 1 4 1 Pennsylvania 7 6 1 East North Central: Ohio 21 3 2 1 15 Indiana 8 1 1 2 1 1 2 Illinois 22 2 1 _____ 3 5 11 Michigan - — 39 1 1 1 23 11 Wisconsin.-- 1 1 West North Central: Minnesota. . 7 1 2 1 2 1 Iowa 57 1 4 9 6 15 5 7 2 2 3 3 Missouri- - 10 1 1 1 1 2 1 1 1 1 North Dakota South Dakota . 2 3 1 1 Nebraska 1 2 Kansas - _ __ 1 1 South Atlantic: Delaware Maryland Dist. of Columbia.. Virginia _ . ..,. 1 1 West Virginia 4 4 North Carolina. . 1 1 South Carolina.__ 10 1 1 4 1 _____ 1 2 Georgia . 37 1 1 2 7 4 7 1 1 3 4 2 Florida . . 6 1 2 2 1 East South Central: Kentucky 2 1 1 Tennessee - . .. 2 1 1 Alabama 10 1 1 1 1 1 1 1 3 Mississippi 4 1 3 West South Central: Arkansas 15 1 1 2 1 3 6 1 Louisiana 3 1 1 1 Oklahoma 2 1 1 Texas 31 4 2 1 1 4 3 1 1 1 1 9 3 Mountain: Montana 26 2 4 11 4 4 1 Idaho 20 4 4 2 2 3 1 2 2 Wyoming . . 2 2 Colorado New Mexico 6 1 2 3 Arizona Utah 10 1 1 2 1 1 2 2 Nevada Pacific: Washington 11 1 1 1 1 2 5 Oregon 14 1 1 2 3 3 4 California.. 1 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 103.—NUMBER OF BANK SUSPENSIONS, 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES—Continued NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS Number of bank suspensions Federal Reserve dis- Total, trict and State 1921-32 1921 1922 1923 1924 DISTRICT Boston 42 1 2 New York . 46 3 Philadelphia 97 2 3 1 Cleveland 235 3 2 5 Richmond .. 706 29 28 44 38 Atlanta 844 74 28 18 35 Chicago 1,561 26 16 35 74 St. Louis 1,070 29 23 28 46 Minneapolis 1,681 67 53 218 235 Kansas City 1,407 76 83 115 103 Dallas 309 43 28 21 23 San Francisco 304 37 22 15 18 Total 8,302 390 281 501 578 STATE New England: Maine 4 1 New Hampshire. 2 Vermont 1 Massachusetts 17 1 Rhode Island 2 1 C onnecticut 18 1 Middle Atlantic: New York 29 2 New Jersey . 22 Pennsylvania 128 3 4 1 East North Central: Ohio 146 1 1 3 Indiana 285 3 5 5 4 Illinois 563 9 4 4 11 Michigan 134 1 Wisconsin 196 2 11 7 West North Central: Minnesota 516 18 15 41 45 Iowa 637 16 7 23 59 Missouri 555 15 11 20 40 North Dakota 480 35 11 85 66 South Dakota 462 1 9 37 95 Nebraska 526 24 23 15 13 Kansas 340 11 20 33 13 South Atlantic: Delaware 1 Maryland 22 2 Dist. of Columbia- 4 Virginia 93 4 5 2 3 West Virginia 74 1 1 2 North Carolina. _ 263 14 7 16 11 South Carolina- 260 9 15 26 22 Georgia 345 61 17 9 21 Florida 230 6 6 4 3 East South Central: Kentucky 118 3 2 3 5 Tennessee 140 3 1 3 5 Alabama - 89 1 1 7 Mississippi 158 4 10 2 West South Central: Arkansas 245 5 2 5 Louisiana 70 11 5 5 Oklahoma 258 24 31 35 Texas 224 29 17 Mountain: Montana 135 13 18 49 Idaho -. 50 11 3 3 "Wvominsf 53 7 4 7 Colorado - - 107 11 7 18 New Mexico 36 5 2 10 Arizona 40 6 5 6 Utah 31 6 Nevada 19 1 Pacific: Washington 74 10 5 5 Oregon 52 3 6 3 California 48 1 3 1 CO COrH 1925 1926 2 1 10 8 50 59 29 157 63 91 52 65 119 241 69 105 26 32 12 8 433 766 1 1 3 1 1 5 5 4 6 15 2 10 10 35 78 47 74 42 54 25 48 50 101 20 22 19 45 2 3 3 2 12 12 35 42 20 98 42 6 7 7 12 3 2 4 5 7 11 4 9 41 10 13 13 19 23 24 3 3 2 22 3 6 8 8 8 3 3 1 1 6 4 3 1 2 1 SO OC 1927 1928 1929 1930 1 6 3 4 2 6 15 13 12 29 38 32 50 129 58 62 92 120 76 58 63 192 72 56 42 317 121 83 73 140 87 79 191 123 29 16 7 22 17 '7 12 16 514 406 547 1,104 1 1 2 4 2 1 1 1 1 4 9 9 7 8 19 20 19 19 73 25 13 26 102 3 1 4 14 5 10 23 53 43 28 21 32 32 55 44 31 22 96 33 33 29 51 25 4 13 51 22 49 149 42 34 20 11 40 1 1 1 4 7 8 18 4 4 13 5 12 5 16 83 18 16 13 22 17 22 13 25 28 32 52 34 8 7 1 26 16 4 12 26 1 1 11 26 6 5 7 13 14 11 4 3 9,0 3 20 24 15 6 1 2 3 1 1 10 4 3 4 1 1 1 1 1 1 1 4 2 5 """"§" 7 2 1 2 2 3 OC OOOC 1931 1932 24 6 33 3 65 17 106 32 151 58 109 62 485 382 215 125 224 107 201 175 41 21 43 97 1,697 1,085 2 1 13 1 8 5 20 2 18 2 80 21 71 21 81 47 196 152 62 61 41 63 87 52 160 111 109 71 53 11 60 16 101 46 34 60 15 3 4 30 7 35 4 49 26 27 15 27 15 14 9 23 27 26 25 27 9 48 11 42 11 7 12 16 22 23 16 37 18 9 8 4 1 4 16 3 2 4 14 18 1 5 4 6 2 6 12 2 14 1 14 18 2 7 14 5 9 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK SUSPENSIONS 211 No. 103.—NUMBER OF BANK SUSPENSIONS, 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES—Continued PRIVATE BANKS Number of bank suspensions Federal Reserve dis- Total, trict and State1 1921-32 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 DISTRICT Boston 9 1 1 2 3 2 New York 25 2 4 5 2 3 3 3 3 Philadelphia 15 1 2 3 3 6 Cleveland 27 2 1 1 2 2 3 13 3 Richmond 9 2 2 1 2 2 Atlanta 36 3 2 1 3 4 8 1 14 Chicago ... 247 13 6 9 17 22 37 15 8 12 40 43 25 St Louis g 1 1 1 1 1 1 2 M! inneapolis 14 1 1 6 2 1 3 Kansas City 4 1 1 2 Dallas __ 82 20 11 8 5 10 4 4 2 1 3 10 4 Total 476 44 23 23 37 39 52 33 19 31 58 80 37 STATE New England: Connecticut 9 1 1 2 3 2 Middle Atlantic: New York 25 2 4 5 2 3 3 3 3 Pennsylvania 21 2 2 4 4 9 East North Central: Ohio 21 2 1 1 2 2 10 3 Indiana 37 2 1 1 2 1 1 2 4 9 5 9 Michigan 91 1 8 3 2 7 3 22 2 5 15 14 10 West North Central: Iowa 127 4 3 7 11 17 14 12 6 3 17 24 9 Missouri 2 2 South Dakota 5 1 2 1 1 Kansas 2 2 South Atlantic: Maryland . 7 2 1 2 2 Virginia 2 1 1 Georgia 35 2 2 1 3 4 8 1 14 Florida 1 1 West South Central: Arkansas 2 1 1 Texas 82 20 11 8 5 10 4 4 2 1 3 10 4 Mountain: Montana. . 6 1 4 1 Wyoming 1 1 MUTUAL SAVINGS BANKS DISTRICT Boston 5 1 2 2 Richmond 1 1 Chicago.- -_ 1 1 Minneapolis 1 1 Total 8 1 1 2 1 3 STATE New England: Maine 1 1 Massachusetts. _ 3 1 2 New Hampshire. 1 1 East North Central: Wisconsin- 1 1 West North Central: Minnesota 1 1 South Atlantic: Maryland 1 1 i State and district listed only in cases where suspensions occurred. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 10-1.—DEPOSITS OF BANKS SUSPENDED, 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES 1 bO ALL BANKS Deposits (in thousands of dollars) Federal Reserve district and State 1 T 92 o 1 t - a 3 l 2 1921 1922 1923 1921 1925 1926 1927 1928 1929 1930 1931 1932 3 d > Boston 249, 716 13,317 1,861 1,884 1, 684 1,461 783 1,513 37,612 117,038 72,563 New York 407, 201 16, 084 828 2 1,774 438 1,357 18, 430 187, 243 155, 272 25, 773 F Philadelphia.-. 258, 398 2,662 415 4,862 972 2, 665 970 533 3, 420 55,488 155, 729 30, 682 Cleveland 532, 486 1,562 778 4, 729 1,056 9,439 5,161 16, 737 6,951 8,477 40, 555 400,171 36,870 W Richmond 362,995 6,729 9,748 7,399 6,406 12,920 16, 866 14, 622 13, 075 20, 603 84, 381 116, 700 53, 546 o Atlanta 383,877 14, 403 5,602 4,257 5,570 6,739 55, 025 36, 429 36, 433 58, 070 86, 403 51,370 23,576 Chicago , 083, 307 16, 691 6,183 15, 363 39,971 I 38, 353 63, 668 46, 260 23,715 36,324 108,999 425,041 262,739 3 St. Louis 385, 073 7,122 9,435 8,372 11, 308 10, 886 17, 615 15, 966 12, 691 9,194 169,121 67, 376 45,987 Minneapolis-.. 431,425 17, 360 14, 490 53, 420 79, 564 38, 527 61, 481 26, 072 17,197 14, 828 23,139 57,448 27,899 Kansas City..- 345,166 20, 872 23, 234 33,158 34, 937 26, 050 24,112 21,617 16,444 38,486 28,752 46,917 30,587 Dallas 176,166 22,163 8,164 10, 566 19, 797 11, 929 8,880 6,419 7,672 1,644 16, 349 53, 030 9,553 w San Francisco.. 269,316 33, 223 12,305 5, 589 7,112 8, 586 6, 600 13, 986 4,999 21,167 15, 321 44, 577 95,851 Total- 4,885,126 172,188 93, 043 149,601 210,151 167, 555 260, 378 199, 329 142, 580 230, 643 853, 363 715, 626 New England: Maine 5,357 1,861 459 783 2,254 New Hampshire- 13, 783 1,381 11,400 1,002 Vermont 1, 655 1,655 Massachusetts... 148,271 13, 317 293 9,575 95, 408 29,678 Rhode Island 2, 485 1,132 1,273 Connecticut 82,937 "~2~164" 1,684 240 17, 590 18,374 42,885 w Middle Atlantic: New York 322,191 13,920 273 1,774 438 1,357 12,630 183, 680 92,801 15,316 New Jersey 96,845 555 5,800 2,993 73,128 14,369 Pennsylvania 424, 392 3,178 1,193 5, 236 972 10, 754 1, 805 9,202 43 8,128 62,159 270, 787 50,937 East North Central: Ohio 323, 221 513 4,355 553 163 3,884 6,368 5,143 3,479 30, 031 260,439 8,293 W Indiana.- 174,137 800 5, 062 1,675 653 1, 421 1,066 12, 437 5,994 7,991 35, 932 63,890 37, 216 o Illinois ,--_ 419,188 5,594 1,218 3,585 3,877 2,439 5,405 11,174 4,885 16,872 61, 283 175,978 126,878 Michigan 160, 073 4,570 246 743 624 335 3, 858 1, 749 , 2,263 6, 486 102,841 36, 358 Wisconsin 69, 759 237 1,519 1,770 2, 276 j 2,354 2,794 | 1,516 4,929 8,894 24, 701 18,769 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

West North Central: i Minnesota. _____ _ __ 1*6,314 4, 742 2,970 7, 76'1 20, 659 15, 686 23,190 13, 632 9,475 7,823 3,034 25, 313 12, 029 Iowa _ __ 375,859 6,466 1,637 8,910 34,965 32,910 53, 287 22, 317 13, 535 8,989 30, 911 86, 222 75, 710 Missouri.. _ _ __ 111,395 2, 536 5,158 6,616 9,974 6,379 13, 551 5,658 3,905 2,867 17,949 22,899 13,903 North Dakota 71,873 5, 362 2,242 13, 410 9,498 3,915 8,365 5,400 5,504 3,884 5,057 8,170 1,066 South Dakota 132 246 697 2 545 11, 938 36, 487 15, 510 27, 698 4,702 1,940 1.622 10,953 12,971 5,183 Nebraska _. _ 126, 809 7. 745 5,656 3,030 4, 876 5,752 6,869 8,289 9,626 29, 570 10, 375 28,137 6,884 Kansas ____. __ _ __ . 69, 597 2,989 4,618 10, 803 4,680 2,815 6,130 5,407 4,465 1,849 10, 086 6,369 9,386 South Atlantic: Delaware 1 568 533 243 792 Maryland 38,523 665 766 194 947 4,656 25, 775 5,520 District of Columbia 3 497 3,497 Virginia 31,831 917 624 886 1,172 338 901 213 1,897 1,396 5,816 16, 792 879 West Virginia _ 62, 601 535 539 247 1,599 184 2,154 1,738 6,575 10, 276 37, 832 922 North Carolina _ 129,968 1,836 2,874 3,319 1,867 3,198 2,512 5,478 1,852 6,934 56, 178 29,791 14,129 South Carolina 102,046 3,311 4,945 3,194 3,120 8, 576 13, 269 7,061 7,394 4,798 7,455 9,947 28, 976 Georgia. _ . _ _ 76, 670 8,995 3,292 721 2,814 5,201 18, 046 1, 623 15, 424 2,455 5,637 8, 515 3,947 Florida 194 254 3,326 1,004 3,007 327 395 33,199 30, 419 19, 093 48, 824 40, 748 9,935 3,977 East South Central: Kentucky 100 467 437 342 1,292 918 505 1,747 1,547 1,968 631 62, 455 18,132 10, 493 Tennessee.. ___ 58,903 1,472 220 617 2,041 1,787 5, 304 3,106 3,419 2,001 28, 547 5,583 4,806 Alabama 31 967 814 127 927 398 385 3,219 61 4,264 9,216 6,759 5,797 62 399 1 667 1 252 171 574 1,233 1,644 2,244 1,570 1,734 20, 870 27,496 1,944 West South Central: Arkansas__ _ ___ __ _ 74,466 771 1,127 1,781 912 2,891 3, 714 3,592 3,428 2,110 41, 471 11, 744 925 ui Louisiana 22, 638 1,397 1, 253 535 137 512 2,098 628 569 5,365 4,712 5,432 d T O e k x l a a s h om . a _ .._ _. _ 14 77 2 , , 9 3 9 2 4 3 20 7 , , 9 6 5 2 3 5 1 5 1, , 8 6 6 9 9 4 1 4 1, , 1 0 0 5 7 8 1 8 0, , 6 4 2 7 4 4 8 7 , , 8 15 3 5 8 2 7 , , 7 5 8 5 9 0 7 5 , , 0 9 4 8 5 4 7 1 , ,1 6 4 1 5 6 4 1 , ,5 4 5 5 0 2 1 4 1, , 4 7 3 8 5 1 49 3 , , 4 4 0 0 4 3 8 8 , , 5 2 2 4 6 0 CD Mountain: 9 Montana 52, 666 6,559 6. 733 19, 618 11,723 2,449 519 138 15 176 2,236 1,136 1,364 ui I W da y h o o m ing -_ _.. .- 3 1 3 8 , , 6 6 2 9 1 6 7.3 5 7 9 7 8 1,0 3 1 4 8 2 2 1 , , 6 51 0 3 7 1 1 3 , , 9 1 8 9 6 6 2,5 2 8 6 8 6 6 2 1 1 8 3 1,9 1 6 6 2 4 303 1,2 4 8 2 1 0 46 2 1 , ,0 2 3 9 1 0 11, 6 8 2 7 0 8 OM Colorado _ 29, 268 964 1,386 4,689 1,806 9,062 2,168 318 764 1,176 857 3,234 2,844 New Mexico 19 265 1,154 949 4,309 9,114 2,750 60 94 752 83 Arizona 25,142 4,312 1,862 2,276 1,366 3,099 74 78 3,245 2,968 5,862 Utah 24 018 877 1 672 561 395 164 357 620 1,230 8,326 9,816 Nevada 21 439 82 146 3,508 172 17, 531 Pacific: Washington, _ _ 73,131 16, 949 961 824 2,341 1,678 221 4,225 805 9,852 1,082 10, 429 23, 764 Oregon 36, 287 2,457 4,739 495 470 442 1,364 3,465 3,125 2,074 164 9,460 8,032 California 61, 091 1,629 2,027 427 554 615 4,397 3,899 4,452 9,554 13, 367 20,170 i 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. Deposits are as of date of suspension or nearest call date. to CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 104.—DEPOSITS OF BANKS SUSPENDED, 192^-32, BY FEDERAL RESERVE DISTRICTS AND STATES—Continued to NATIONAL BANKS Deposits (in thousands of dollars) Federal Reserve district and State 1 T 92 o 1 t - a 3 l 2 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 DISTRICT Boston.- __ _ _ _ __ _ ___ 47,967 293 1,684 1,273 862 39,824 4,031 New York 68, 072 643 828 801 1,134 44,086 20 580 Philadelphia 27, 803 300 586 533 1,229 518 18, 279 6,358 Cleveland-_ 173,311 467 4,081 3,601 1,653 10, 522 1,103 947 9, 695 118, 587 22, 655 Richmond 97, 723 228 3,996 2,108 1,319 3,992 1,406 2,990 2,762 4,852 20, 757 38, 787 14, 526 Atlanta. __ 91,350 121 80 1,156 2,806 1,321 1,823 12, 509 12, 640 29,859 20, 649 8,386 Chicago 219, 056 682 277 176 4,228 8,641 15,293 10, 729 5.379 6,157 20, 236 77,166 70, 092 St. Louis . 103, 579 182 1,653 745 599 1,554 949 697 1 044 58,954 21 043 16 159 o Minneapolis _ _ _ _ _ __ 102, 605 2,051 3,654 12, 210 19, 416 16, 673 13,590 6,947 5,865 1,564 2,973 10,981 6,681 K Da a l n l s a a s s City .. __ _ _ _ 8 78 5 , , 0 5 2 0 4 7 4 6 , , 4 4 4 5 9 8 4 2 , , 5 0 5 4 8 3 6 5, , 2 9 9 7 7 3 1 1 4 7 , , 9 6 2 4 2 7 1 4 2, , 2 8 1 0 4 8 2 2, , 8 9 6 7 1 3 4 1 , , 9 45 1 1 9 2 1 , ,0 6 4 6 5 8 1,8 7 1 8 8 6 1 7 2 , , 9 08 9 1 7 23 8 , , 9 5 8 7 7 1 9 3, , 9 0 4 6 1 4 H San Francisco _ _ _ _ 92,094 5,496 3,188 2,281 2,818 2,839 2,761 5,217 2,649 10, 577 5,380 17, 211 31,677 W Total _ 1,187,091 20, 777 20,197 34,244 64, 890 55, 574 43,998 45, 547 36, 483 41,614 170,446 439,171 214,150 STATE New England: Maine New Hampshire . 402 402 Vermont 862 862 Massachusetts __ _ 41,049 293 39,422 1,334 Rhode Island 1,273 1 273 Connecticut _ __ _ 4,381 1,684 2,697 Middle Atlantic- New York _ _ 36, 652 643 273 801 458 22,461 12,016 New Jersey 38, 639 555 676 26, 728 10, 680 Pennsylvania. _ __ _ __ 143, 236 467 300 3,601 586 8,131 1,229 4,792 101,922 22, 208 East North Central: Ohio _ _ _ 43,017 4,081 1,653 2,107 1,103 947 5,421 26, 027 1,678 w Indiana 28, 321 51 1,016 529 1,803 598 328 1,816 10, 814 11,366 o Illinois _ _ _ 111,478 599 129 780 483 1,312 2, 436 12, 409 46, 534 46,796 > Michigan 21,154 708 291 1,558 15,963 2,634 Wisconsin .._ 11,977 77 1,129 396 252 175 790 160 6,066 2,932 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

West North Central: Minnesota _ _ _ 35,164 1, 203 4, 556 8,845 6,046 4,524 2,474 197 493 4,524 2,302 Iowa 80, 359 631 277 99 3 887 8,512 14, 278 8,218 2,825 3,300 13, 957 6,061 18, 314 Missouri _ _ _ _ 12, 690 150 255 274 251 551 354 1,045 5,486 4,324 ^ North Dakota. 19,180 354 445 3,036 2,308 1,472 3,078 1,691 2,691 1,191 1,172 1,499 243 •5 South Dakota 25 022 384 560 1 774 7 598 4 474 4,108 533 700 978 2,886 1,027 & Nebraska 19, 754 2,042 701 613 3,177 597 1,020 2,660 1,230 689 966 5,651 408 1 Kansas ______ 13, 912 685 1,459 281 275 874 506 4,923 1,605 3,304 1 South Atlantic: rt*. Delaware 1,325 533 792 1 Maryland 4,621 766 3,016 839 District of Columbia 1 Virginia 11,051 228 494 964 594 207 512 7,713 339 S West Virginia.- _ _____ 21,616 441 284 273 845 5,703 13, 659 411 North Carolina 44, 288 1,867 1,614 1.023 2,641 1,153 1,566 11,366 13, 091 9,967 South Carolina. _ _ 16, 700 1,363 355 2,528 812 349 1,336 2,234 3,176 1,308 3,239 Georgia 19, 037 121 34 556 2,211 11, 904 607 1,105 1,513 986 Florida ._ _ 32, 305 395 489 1, 823 605 11,337 12, 738 3,424 1,494 East South Central: _ _. _ Kentucky.. _ _ __ _ ____ 51,931 38, 379 8,621 4,186 Tennessee 17, 673 745 154 581 13,195 2,127 1,616 Alabama-- _ _ _ _ 9,609 46 446 200 251 696 2,821 1,994 3,155 Mississippi 18,171 182 161 75 128 3,982 13,188 455 West South Central: Arkansas. 11,439 476 911 215 364 6,362 3,026 85 CO Louisiana. ___ ______ _. _ 2,609 41 1,888 680 Oklahoma . _ _ __ 31,816 2, 220 3,475 6,930 3,301 5,157 1,335 2,054 564 207 2,121 233 4, 219 Texas 60,832 5,921 1,096 2,028 7,916 2,212 2,408 1,381 1,045 786 9,780 22,318 3,941 Mountain: Montana 17,428 1,313 2, 649 6,197 4,166 1,486 106 24 176 170 425 716 3 I W C d o a y l h o o o m ra i d n o g . ____ __ _ 1 1 9 9 3 , , , 1 1 2 5 9 6 4 2 4 3,3 1 8 8 4 7 2 6 8 3 0 5 1,7 2 4 7 1 2 8 1 1, , , 2 8 3 8 8 8 6 2 5 7 1, , 2 6 7 0 2 7 7 8 9 9 0 1,328 137 4 9 1 8 6 5 82 1 1, , 0 2 9 5 9 5 7 1, , 0 4 9 0 0 8 U M l New Mexico 10,020 159 653 714 6,548 1,194 752 o Arizona. _ _ __ 2,012 378 878 402 354 Utah- 1,974 1,601 279 94 w Nevada 5,556 5,556 Pacific: Washington 21, 020 403 1,154 952 221 8,838 924 4,573 3,955 Oregon.. _ 10, 637 438 301 193 2,043 2,512 1,419 3,731 California 33,289 1,271 1,307 239 422 2,451 1,846 754 4,456 9,870 10, 673 to Ox Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 104.—DEPOSITS OF BANKS SUSPENDED, 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES—Continued fcO STATE BANK MEMBERS Deposits (in thousands of dollars) Federal Reserve district and State Total 1921-32 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 DISTRICT Boston 13, 557 3,299 10, 258 s New York 216 979 161, 279 54, 903 797 Philadelphia 10, 266 10, 266 Cleveland 98 068 1,428 1,034 532 94, 562 512 Richmond 10,468 299 110 2,696 432 708 534 5,689 Atlanta.. . 32, 218 1,051 23 298 889 1,328 1, 247 4,645 5,710 11,399 1,156 1,817 2,655 Chicago 174,074 950 3,136 2,187 3,704 5,760 16, 341 4,928 2,758 2,670 4,773 97, 670 29,197 St. Louis... . 47, 524 468 1,363 762 37 1, 686 847 32, 994 3,757 5,610 Minneapolis 16,438 352 1,230 5,883 5,577 632 648 114 1,201 305 496 Kansas City 5,084 731 1,002 623 2,006 241 481 Dallas.. _ __ 24,909 2,129 2,219 680 1,604 1,649 1,243 1,829 147 206 25 12, 745 433 W San Francisco 30, 601 11, 682 505 1,146 187 367 295 1,214 166 275 801 8,753 5,210 Total . _. 680,186 17, 363 7,113 12, 559 13, 645 9,883 23, 466 17, 942 10, 247 16, 459 202, 399 293,957 55,153 STATE New England: Maine New Hampshire -- - - Vermont IVtassachusetts 13,557 3,299 10 258 Rhode Island - - - Connecticut - - Middle Atlantic: New York 205, 351 161, 000 44, 351 New Jersev 13,888 279 12,812 797 Pennsylvania 13,077 12, 565 512 fed East North Central: Ohio 92,997 1,428 1,034 532 90,003 W Indiana - - - 15,106 3,136 455 155 216 321 10, 823 O Illinois 47,565 1,744 239 9,643 16, 984 18,955 > Michigan -- 49, 598 743 419 219 903 39,951 7,363 Wisconsin --.,. .---. ~-. 797 797 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

West North Central: Minnesota 3,111 190 576 648 1,201 496 Iowa -- - - 69,350 950 989 3,285 5,605 16,122 2,968 2,519 970 330 30,051 5,561 Missouri 5,641 468 662 242 37 2,258 199 163 1,157 455 North Dakota .__ . South Dakota _ _ _ 3,560 662 2,406 187 305 Nebraska 1,212 731 481 Kansas 241 241 South Atlantic: Delaware _ _ Maryland District of Columbia -- __ _ _ . Virginia 1 515 1,515 West Virginia _. . _ 3,673 3,673 North Carolina 708 708 South Carolina - - 4,572 299 110 2,696 432 534 501 Georgia 7,816 405 23 298 694 1,250 1,116 85 379 521 745 1,461 839 Florida __ - 17,793 1,360 5,331 10,743 359 East South Central: Kentucky 16 556 14, 209 2,347 Tennessee - - - 135 22 113 Alabama 5,824 646 94 78 3,178 135 52 356 1,285 Mississippi _ 1,955 494 1,461 W West South Central: Arkansas 17, 585 1,363 520 940 648 11, 640 2,348 126 00 Louisiana 763 101 131 531 Oklahoma 248 187 61 Texas _ . 22, 891 2,039 2,219 84 333 1,588 1,243 1,829 147 206 25 12, 745 433 Mountain: Montana 9,767 352 1,230 5,031 2,595 445 114 3 Idaho 3,680 880 434 585 175 505 166 762 173 GO Wyoming 623 623 Colorado _ _ _ _ _ . s New Mexico 2,110 90 749 1,271 Arizona... Utah 2,994 74 71 561 233 718 474 863 Nevada _ Pacific: Washington 13, 965 10, 508 187 275 83 391 2,521 Oregon _ 9,752 220 192 295 476 6,916 1,653 California 210 210 to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 104.—DEPOSITS OF BANKS SUSPENDED, 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES—Continued to NONMEMBER BANKS, OTHER THAN PRIVATE AND MUTUAL SAVINGS BANKS GO Deposits (in thousands of dollars) Federal Reserve district and State 1 T 92 o 1 t - a 3 l 2 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 DISTRICT Boston 155, 571 13 317 1,591 1 461 783 16 008 73 415 48,996 New York 111,628 14, 782 12, 980 23, 831 55, 639 4,396 Philadelphia _ _ ._ 213,547 2, 662 4,862 672 112 2,191 54, 970 123, 754 24,324 Cleveland __ 254,155 762 596 1, 056 5,838 2,964 4,409 4,814 7,530 29, 948 182, 744 13,494 O Richmond _. 254, 580 6, 501 5, 752 5, 291 4,788 8. 788 15, 460 8, 936 9,687 15, 043 63,090 72, 224 39,020 Atlanta __ . 258, 749 13, 003 5, 549 3, 879 3, 428 2, 547 52, 227 29, 385 18,199 33, 705 55, 388 28, 904 12, 535 Chicago 641, 438 9, 946 2,450 11,803 28, 475 20, 563 25, 836 27,943 15,132 25, 561 74, 880 240, 372 158,477 St. Louis. _ 233,070 6,131 7,698 6, 264 9,889 10. 849 14, 375 14, 106 11,994 8,150 77, 077 42, 439 24,098 Minneapolis 307, 417 14, 597 9,606 35, 327 51, 946 21, 222 46, 693 19,011 10, 985 12, 063 19, 861 45, 971 20,135 Kansas City 254, 769 15, 692 18, 676 25,183 16, 258 13, 242 19, 245 16, 435 13, 643 36, 668 20, 755 37, 930 21,042 D Sa a n ll a F s rancisco 14 6 6 1 , , 6 6 4 2 1 1 1 1 1 6 , , 7 0 2 4 1 5 8 3 , , 6 6 2 1 1 2 4 2 , , 0 1 6 6 7 2 3 4 , , 1 2 0 6 7 9 4 5 , , 3 5 8 4 0 5 3 3, , 1 5 7 4 3 4 2 7 , , 9 5 4 5 0 5 6 2, , 1 0 8 7 4 2 10,3 6 1 5 5 2 4 9, , 1 0 4 4 0 1 1 18 3 , , 9 6 4 1 2 3 5 3 8 , , 5 9 9 64 8 K Total 2, 893,186 125,159 61, 964 101, 025 123, 888 94, 547 183, 517 131,503 92, 710 164, 858 448, 989 935, 947 429,079 STATE New England: Maine . _ _ _ 3,496 459 783 2,254 New Hampshire _ __ _ . 1,981 1, 381 600 Vermont 793 793 Massachusetts .__ __ 79, 520 13,317 4,708 52, 687 8,808 Rhode Island 1,212 1,132 80 Connecticut _ ______ _ 73,341 2,164 13,115 17, 874 40,188 Middle Atlantic: New York 69, 666 12, 618 7,180 21, 223 25, 345 3,300 New Jersey _ _ _ _ _ 44, 318 5,800 2,038 33, 588 2,892 Pennsylvania 257,063 2,709 5, 236 672 4,600 515 1,071 43 6, 899 57, 303 149, 798 28, 217 East North Central: I I O l n l h d in i i o o an is a 2 1 12 6 8 5 0 4 , , , 1 4 0 8 4 3 9 5 8 5,5 3 1 9 1 8 4 5 0 1,2 8 1 2 8 6 3 1, , 0 5 2 1 8 2 8 5 2 3,2 5 6 7 5 5 8 3 3 2,3 8 1 1 9 6 0 4 3 4 2 , , 6 0 4 0 2 7 7 5 4 10 8 2 , , , 4 9 2 5 4 8 7 7 5 3 3 5 , , , 0 2 3 0 7 3 6 8 4 14 2 7 , , , 5 0 4 3 4 3 2 6 6 2 3 3 2 9 3 , , , 7 2 6 6 3 3 2 1 1 1 11 4 4 2 3 1 , , , 8 2 4 3 0 6 8 3 0 6 23 6 1 , , , 4 1 7 0 2 7 7 6 8 o > > W Michigan 73,586 246 235 899 617 1,715 44, 830 25,044 Wisconsin 56, 548 237 1,442 641 1,880 2,102 2,619 726 4,132 8,734 18,198 15,837 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

West North Central: I Minnesota 107,879 4,742 2,970 15, 527 6,841 16, 496 9,108 7,001 6,425 2,541 20, 293 9, 567 Iowa 198,472 4,435 1,040 6,827 24, 434 15, 876 20, 391 8,744 7,863 3,852 11, 795 43,226 49,989 Missouri 92, 872 2,068 5,158 5, 804 9,540 6,087 11,019 5,208 3, 354 2,513 16, 741 16, 256 9,124 North Dakota 52,693 5,008 1,797 10, 374 7,190 2,443 5,287 3,709 2,813 2, 693 3,885 6,671 823 South Dakota 101, 852 313 1,985 9,502 26, 016 10, 849 23, 040 4,169 893 1,622 9,670 10, 085 3,708 Nebraska 105, 843 4,972 4,955 2,417 1,699 5,155 5,849 5,629 8,396 28, 881 9,409 22, 486 5, 995 Kansas 55,311 2,989 4,618 10,118 3,221 2,815 5,849 4,891 3,458 1,343 5,163 4, 764 6,082 South Atlantic: Delaware 243 243 Maryland 33, 708 665 4, 656 22, 759 4,681 District of Columbia.. 3,497 3,497 Virginia 19, 235 689 624 392 307 213 1, 897 1,189 5,304 7,564 540 West Virginia 37, 312 535 539 247 1,158 184 1,870 1, 465 5,730 4,573 20, 500 511 North Carolina 84,972 1,836 1,007 1,705 1,867 2,175 2,512 2, 837 699 4, 660 44, 812 16, 700 4,162 South Carolina 80,774 3,311 3,582 3,194 2,466 5,938 12,457 4,016 5,626 2, 564 3, 745 8,138 25, 737 Georgia 48,465 8,449 3,239 389 1,467 1,682 16. 700 962 3,126 1,001 3, 787 5,541 2,122 Florida 143,948 3,118 1,004 3,007 327 32, 710 27, 236 13,157 26, 744 27, 651 6,511 2,483 East South Central: Kentucky 31, 980 437 342 547 918 505 1, 747 1,547 1,968 631 9,867 9,511 3,960 Tennessee 41,095 1,472 220 617 1,887 1,787 4,723 3,084 3, 419 2,001 15, 352 3,343 3,190 Alabama 16, 534 168 81 387 120 134 41 61 3,433 6, 343 4,409 1, 357 Mississippi 42, 273 1,485 1,091 171 574 1,233 1,075 2,244 1,570 1,606 15, 427 14, 308 1,489 West South Central: Arkansas 45, 241 771 651 418 392 2,891 1,863 2,665 3,428 1,746 23, 469 6, 233 714 ui Louisiana 19, 266 1,397 1,212 535 36 512 1,967 628 569 3,477 4,712 4,221 c! Oklahoma 45, 930 5,733 8,219 3,941 5,323 1,937 1,454 4,991 581 4,245 2,314 3,171 4,021 Texas 47, 491 10, 810 2,273 1,473 1,948 3,517 2,408 2,575 6,016 558 1,774 11, 568 2, 571 Mountain: Montana 22, 620 4,534 2,854 8,390 2,804 518 413 15 2,066 711 315 Idaho 10, 752 3,113 304 281 601 1,141 529 129 296 46 273 4, 039 Ul Wyoming 8,822 598 342 1,241 3,691 268 213 142 420 1, 031 878 o Colorado 16, 076 777 751 4,689 520 1,455 1,378 318 764 760 2,135 1,754 New Mexico 7,135 905 296 2,846 1, 295 1,556 60 83 Ul Arizona 23,130 3,934 1,862 1,398 1,366 3,099 74 78 3, 245 2,566 5,508 Utah 19, 050 803 116 164 124 620 512 7,758 8,953 Nevada 15,883 82 146 3,508 172 11, 975 Pacific: Washington. __ __ 38,146 6,038 961 824 1,000 726 4,225 805 739 75 5,465 17, 288 Oregon 15, 898 1,799 4,739 194 470 57 1,069 946 613 2,074 164 1,125 2,648 California __. 27, 592 358 720 188 554 193 1,946 2,053 3, 698 5,098 3,287 9,497 fcO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 104.—DEPOSITS OF BANKS SUSPENDED, 1921-32, BY FEDERAL RESERVE DISTRICTS AND STATES—Continued PRIVATE BANKS Deposits 2 (in thousands of dollars) Federal Reserve district and Statel Total 1921-32 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 DISTRICT Boston 2 5, 215 240 4,475 500 New York _ _ _ „ 2 10, 522 659 2 973 438 1,357 5,450 999 644 Philadelphia 2 6, 782 415 2,553 384 3,430 Cleveland _ 6,952 333 778 52 544 378 380 4,278 209 Richmond 2 30 30 Atlanta . 2 1,560 228 30 97 58 230 576 15 326 Chicago 2 48, 302 5,113 320 1,197 3, 564 3,389 6,198 2,660 446 1,936 9,110 9, 396 4, 973 St. Louis 900 341 84 58 64 96 137 120 Minneapolis _ ___ __ __ 4,805 360 2,625 550 347 923 Kansas City 289 134 22 133 Dallas 2 11,109 1,855 281 522 277 1,521 1,491 199 408 202 2,772 1,581 Total 96, 466 8,889 1, 908 1,773 7,728 7,551 9,397 4,337 2,946 7,712 15, 262 21, 157 7,806 New England: STATE Connecticut 2 5 215 240 4,475 500 Middle Atlantic- New York 2 10 522 659 9 973 438 1 357 5 450 999 644 Pennsylvania 2 11 016 1 193 2 553 704 64 6,502 East North Central: Ohio 2,718 333 52 224 378 316 1,206 209 Indiana 5,672 434 84 202 372 63 131 118 617 1,164 415 2,072 Michigan - __ 2 15, 735 4, 570 205 100 3, 639 142 452 3, 213 2, 097 1,317 West North Central: Iowa 2 27, 678 450 320 995 3,359 2.917 2,496 2, 387 328 867 4, 829 6,884 1,846 Missouri __ . 192 192 South Dakota 1,812 467 550 347 4-18 Kansas.. __ 133 133 South Atlantic: Maryland-.-... _.__ (2) Virginia 230 30 Georgia ... ___ 2 1, 352 20 30 97 58 230 576 15 326 Florida . . 208 208 West South Central: Arkansas 201 64 137 Texas 2 11,109 1,855 281 522 277 1, 521 1,491 199 408 202 2,772 1, 581 Mountain: Montana - 2,851 360 2,158 333 Wyoming-. _ ._ _ 22 22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MUTUAL SAVINGS BANKS DISTRICT Boston 27,406 1,861 16, 267 9,278 Richmond 194 194 Chicago. 437 437 Minneapolis 160 160 Total 28,197 1,861 194 16, 267 437 9,438 STATE New England: Maine 1,861 1,861 Massachusetts _ _ 14,145 4,867 9,278 New Hampshire __ 11,400 11,400 East North Central: Wisconsin 437 437 West North Central: Minnesota 160 160 South Atlantic: Maryland __ 194 194 1 State and district listed only in cases where suspensions occurred. 2 Deposit figures not available and, therefore, not included in table 104 for the following number of private banks which are included in table 103: Connecticut (Boston district) d 1 each in 1922 and 1924; New York, 3 in 1923 and 1 in 1928; Pennsylvania (Philadelphia district) 1 in 1926, 3 in 1930, and 1 in 1931; Michigan (Chicago district) 2 in 1921, 3 in 1922, 1 in 1923, 4 in 1924, 2 in 1925, 1 in 1929, 2 in 1930, and 2 in 1931; Michigan (Minneapolis district) 1 each in 1923 and 1924; Iowa, 1 in 1921, 2 in 1922, 5 in 1923, 2 each in 1924 and 1925, 1 in 3 1926, 2 each in 1927 and 1928, and 1 each in 1930 and 1931; Maryland, 2 in 1921, 1 in 1925, and 2 each in 1930 and 1931; Virginia, 1 in 1929; Georgia, 1 each in 1921, 1922, 1925, 1926, and 1927, and 9 in 1929; Texas, 14 in 1921, 8 in 1922, 4 in 1923,1 in 1924, 2 in 1925, and 1 each in 1929 and 1931. zn s CO to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 REPORT OF THE FEDERAL RESERVE BOARD No. 105.—BANK SUSPENSIONS: NUMBER, CLASSIFIED ACCORDING TO CAPITAL STOCK Banks having capital stock of— 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 All banks: Less than $25,000 194 127 295 321 236 395 246 195 231 474 546 392 $25,000 107 90 151 190 140 233 167 107 151 293 512 345 $25,100 to $49,000 36 41 47 59 43 102 65 39 65 142 220 140 $50,000 to $99,000 83 56 92 124 131 167 121 96 120 219 457 294 $100,000 to $199,000... 47 25 32 59 46 48 48 45 58 132 284 144 $200,000 to $999,000... 16 15 16 16 18 15 15 11 20 70 227 126 $1,000,000 and over... 3 16 2 11 3 32 4 11 Not available 19 13 13 6 4 16 7 6 8 11 16 4 Total . . 505 367 646 775 618 976 669 499 659 1,352 2,294 1,456 National banks: $25,000 24 16 41 43 41 45 31 15 15 56 102 64 $25,100 to $49,000 2 5 9 11 5 20 6 3 6 15 34 25 $50,000 to $99,000 15 14 25 41 45 45 40 25 26 39 121 75 $100,000 to $199,000... 8 8 10 19 16 12 12 9 13 30 89 58 $200,000 to $999,000... 3 6 5 8 11 1 2 5 3 19 56 51 $1,000,000 and over 1 2 7 3 Total 52 49 90 122 118 123 91 57 64 161 409 276 State bank members: Less than $25,000 1 1 $25,000 3 4 10 10 11 6 13 3 4 8 9 11 $25,100 to $49,000 3 5 2 4 1 7 3 2 2 2 11 6 $50,000 to $99,000 7 1 14 10 8 13 4 6 5 5 26 13 $100,000 to $199,000... 4 1 3 12 5 6 7 5 5 5 19 12 $200,000 to $999,000... 1 2 3 2 2 2 4 3 27 11 $1 000 000 and over 1 1 4 15 2 Total 19 13 32 38 28 35 31 16 17 27 107 55 Nonmember banks: Less than $25,000 194 127 295 321 235 394 246 195 231 474 546 392 $25,000 80 70 100 137 88 182 123 89 132 229 401 270 $25,100 to $49,000 31 31 36 44 37 75 56 34 57 125 175 109 $50,000 to $99,000 61 41 53 73 78 109 77 65 89 175 310 206 $100,000 to $199,000. _ . 35 16 19 28 25 30 29 31 40 97 176 74 $200,000 to $999,000... 12 7 8 6 5 12 9 6 17 48 144 64 $1 000 000 and over 2 4 5 10 Q Not available... 19 13 13 6 4 16 7 6 8 11 16 4 Total 434 305 524 615 472 818 547 426 578 1,164 1,778 1,125 1 Includes 1 bank with capital of $1,225,000 and 5 banks each with capital of $1,000,000. 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, respectively, and 5 banks each with capital of $1,000,000. 3 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, respectively; 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; and 17 banks each with capital of $1,000,000. * Includes 2 banks with capital of $2,000,000 and $2,800,000, respectively; 2 banks each with capital of $1,600,000; 3 banks each with capital of $1,500,000; and 4 banks each with capital of $1,000,000. No. 106.—BANK SUSPENSIONS, BY SIZE OF TOWN OR CITY, 1921-32 Number of suspensions Places with population of— 1921 Less than 500 500 to 1,000 1 000 to 2,500 2,500 to 5,000 5,000 to 10,000 10,000 to 25,000 25,000 and over Total OO OC OC OC 1922 1923 1924 1925 1926 1927 1928 136 313 316 218 372 259 59 118 161 125 218 148 82 77 114 136 129 208 126 36 31 33 66 69 70 61 25 17 23 31 30 32 17 30 11 14 28 24 24 34 44 36 31 37 23 52 24 505 367 646 775 618 976 669 OS OS 1929 1930 1931 1932 235 431 665 444 139 272 401 255 106 137 273 426 281 31 49 124 213 149 24 35 66 140 93 17 24 55 134 84 25 40 131 315 150 499 659 1,352 2,294 1,456 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK SUSPENSIONS 223 No. 107.—BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDA- TION OR RECEIVERSHIP JAN. 1 TO DEC. 31, 1933, AND NONLICENSED BANKS ON SELECTED DATES IN 1933 [Preliminary figures, subject to change] Number of banks Deposits i (in thousands of dollars) Period or date Total ti N on a- al m S b t e e a m r te - m N b e o e m n r - - Total National m S b t e a e m r te - m N em on b - er Banks suspended, Jan. 1 to Mar. 15 January 242 44 15 183 134, 202 55,938 14, 394 63,870 February 154 20 7 127 64, 703 15, 864 7,239 41, 600 March 1 to 4 24 24 3,288 3,288 March 5 to 15 42 2 1 39 15, 542 1,381 109 14, 052 Total 462 66 23 373 217, 735 73,183 21, 742 122, 810 Licensed banks suspended,2 Mar. 16 to Dec. 31 March 16 to 31 39 39 25,144 25,144 April 36 2 4 30 20, 749 4,457 1,600 14, 692 May 18 1 17 34,047 799 33 248 June 15 1 14 24,998 7,911 17, 087 July 13 3 10 11, 032 3,300 7 732 August 18 18 14, 301 14, 301 September 15 1 1 13 7,736 879 1,860 4,997 October 22 1 21 5,923 144 5,779 November 18 18 4,696 4,696 December 27 1 26 3,912 67 3,845 Total 221 9 6 206 152, 538 17, 490 3,527 131, 521 Nonlicensed banks placed in liquidation or receivership, Mar. 16 to Dec. 31 March 16 to 31 95 9 4 82 22, 687 2,650 2,704 17, 333 April _ 119 7 5 107 63, 798 8,093 4,568 51,137 May 82 14 8 60 677,228 507, 715 132, 331 37,182 June _ _ 77 13 7 57 427,970 24, 286 385, 674 18,010 July 84 26 4 54 89,471 59,182 347 29,942 August 114 51 5 58 166,147 72, 283 54,975 38, 889 September.. 126 66 4 56 132, 094 66, 024 26,889 39,181 October 156 112 4 40 124,014 91, 535 17, 429 15,050 November 102 68 2 32 77,122 67, 204 984 8,934 December 145 98 2 45 114,169 67, 704 21, 089 25, 376 Total. 1,100 464 4 45 591 1, 894, 700 966, 676 4 646, 990 281, 034 Nonlicensed banks 5 (other than mutual savings) 1 March 15 1,400 221 2,163, 595 924,177 April 12 4,215 1,108 148 2,959 3,981,232 1,818, 541 841,382 1,321,309 June 30 3,078 985 110 1,983 2, 329,999 1, 028, 347 237, 668 1, 063,984 October 25 2,301 683 76 1,542 1, 564,133 610,463 136,405 817, 265 December 30 1,905 452 60 1,393 1, 202,420 434, 978 92, 876 674, 566 1 Deposits of national banks suspended or placed in liquidation or receivership are as of the date of suspension or conservatorship, while those of nonlicensed national banks shown in the fourth section of the table are as of the nearest call date; deposits of State bank members are as of the nearest call date; and deposits of nonmember banks are as of Dec. 31, 1932, or as of the nearest available call date prior thereto. 2 Includes banks placed in liquidation or receivership and banks placed on a restricted basis; excludes banks reported as having been absorbed or succeeded by, or consolidated or combined with, other banks. 3 Includes nonlicensed banks absorbed or succeeded by other banks. 4 Includes 1 bank in April with deposits of $4,222,000,1 in June with deposits of $23,453,000, 2 in July with deposits of $173,000, 1 in August with deposits of $49,000,000, 1 in September with deposits of $3,989,000, and 1 in November with deposits of $811,000, which did not receive licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation. 5 Banks operating on a restricted basis or not in operation but which have not been placed in liquidation or receivership. NOTE.—Banks reorganized under old charters after recapitalization or waiver of a portion of deposits are not included in the above table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM No. 108.—CHANGES IN MEMBERSHIP, BY CLASS OF BANK, IN 1933 National m S e t m at b e er Total Number of member banks on Jan. 1,1933__ 6,011 805 6,816 Additions to membership: Organizations of national banks (including successions and conversions) 249 249 Admissions of State banks 237 237 Resumptions following suspension 15 il 6 Total additions 254 238 492 Decreases in membership: Withdrawals of State banks ____ 42 42 Suspensions, Jan. 1 to Mar. 15 _ 66 23 89 Mergers, absorptions, consolidations, liquidations, and receiverships _ _ _ _ 593 61 654 Total decreases __ _ _ 659 126 785 Net increase or decrease _ _ __ -405 +112 -293 Number of member banks on Dec. 31, 1933: Licensed _ _ ______ 5,154 857 6,011 Unlicensed 60 512 MEMORANDUM—UNLICENSED MEMBER BANKS 2 452 Number on Mar. 15, 1933 221 1,621 Changes Mar. 16 to Dec. 31, 1933: 1,400 Add: Licenses revoked _ _ _ _ 17 14 Deduct: Unlicensed banks licensed 87 576 Liquidations and receiverships 3 __ 17 45 Withdrawals of State banks 489 36 36 <466 Number on Dec. 31, 1933_ 2 452 60 512 * Includes 1 bank placed in eonservatorship after the banking holiday which had suspended prior to that time. 2 Includes 16 national banks whose Federal Reserve bank stock had been canceled and membership terminated but which, at the end of the year, were still included in the Comptroller of the Currency's records of unlicensed national banks. 3 Includes unlicensed banks absorbed or succeeded by other banks. 4 Includes 2 banks placed in receivership subsequent to revocation of license. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE FEDERAL RESERVE BOARD 225 EARNINGS, EXPENSES, AND DIVIDENDS OF MEMBER BANKS No. 109.—MEMBER BANKS—LOANS AND INVESTMENTS, CAPITAL FUNDS, AND PROFITS, 1923-32 Amounts * (in thousands of dollars) Ratios * Loans and investments Loans N 3t Net Year ended Dec. 31 and in- profit profits Capital vestments per $100 per $100 Invest- funds a per $1 of of loans of Total Loans ments capital and in- capital funds vestments funds 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, 65510,112,473 6,380, 306 5.62 1.56 8.75 1930 35, 395,412 25,018, 22210,377.190 6, 722, 782 5.26 .87 4.56 1931 33,431, 791 21, 732, 28911, 699, 502 6, 395, 866 5.23 .04 .19 1932 * 28, 522, 520 16,743,940 11, 778, 580 5, 660,145 5.04 «-. 89 6 -4. 50 National member banks: 1923 16, 713, 739 11, 725,163 4, 988, 576 2,890, 930 5.78 L. 16 6.72 1924_._ 17,233,431 12,007,447 5, 225,984 2, 916, 791 5.90 L.24 7.33 1925 18, 430, 579 12, 729, 675 5, 700,904 2, 970,453 6.20 L. 32 8.22 1926. 19.135,960 13, 353,101 5, 782, 859 3, 077.183 6.22 L. 28 7.96 1927 . 20, 349, 562 13,949,969 6, 399, 593 3, 254, 507 6.25 L. 26 7.91 1928 21, 858, 250 14, 789, 566 7, 068, 684 3, 543, 609 6.17 L. 33 8.21 1929 21, 751, 748 15, 007, 570 6, 744,178 3, 750, 521 5.80 L. 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 1932 ^ 17,818, 632 10,475, 546 7, 343,08G 3, 317,163 5.37 6 -.93 « -4. 97 State member banks: 1923 9, 493, 249 6,806, 798 2, 686,451 1,489,144 6.37 1.50 9.57 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 1932 4 10, 703,888 6, 268, 394 4, 435, 494 2, 342, 982 4.57 5 _-.84 s-3.84 1 Figures are averages of amounts for call dates during year and the last call date in the previous year. 2 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 1933 not yet available. 8 Net loss. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 ANNUAL KEPOKT OF THE FEDERAL RESERVE BOARD No. 110.—MEMBER BANKS—RATIOS OF EARNINGS, EXPENSES, ETC., TO AVERAGE LOANS AND INVESTMENTS, 1923-32 [Amounts per $100 of loans and investments] Gross earnings Expenses Losses Year ended Dec. 31 Net Total I e n a t r e n r e e d st Total d I p n e a t p i e d o r s e o i s t n t s Gross Net profits 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 1932L 5.45 4.64 4.01 1.52 2.73 2.33 2 -.89 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 ?8 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 2 —. 27 1932 1 _ . _ . 5.60 4.89 4.20 1.65 2.74 2.33 2 -. 93 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 .46 .34 1. 66 1929 7.38 5.88 4.98 2! 21 .68 .50 1. 90 1930 6.24 4.99 4. 4f, 2.08 .84 .72 1.07 1931 5 ">8 4 45 3 79 1 58 1 43 1 27 52 1932 i 5 19 4.26 3.69 1.30 2.72 2.35 •-.84 1 Figures for 1933 not yet available. 2 Net loss. NOTE.—For explanation of these ratios, sea Federal Reserve Bulletin for December 1928, pp. 826-828. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EAKNINGS AND EXPENSES OP MEMBER BANKS 227 No. 111.—MEMBER BANKS—EARNINGS, EXPENSES, AND DIVIDENDS, 1924-32 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 o A th l e l r Total On de- 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 posits money All member banks: 1924 1,786,471 1,514,500 271,971 1,280,524 594,432 24,746 355,018 97,341 1925 1,918,094 1, 615, 595302,499 1,367,318 643,158 25,954 372,741 102,411 223,054 1926 2,027, 752 1, 710,492317,: 1,441,745 672,927 31,350 396,786 105,885 234, 787 1927 2,120,277 1,749,008 371, 269 1,515, 704713,038 24,514 420,128 109, 778 248,246 1928 _. 2,283,998 1,905,728 378, 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,:"" 64,265 463,847 112,476 283,872 1930__ .. 2, 228,774 1,857, 514371, 260 1,604,335 748,992 22,001 451,776 113,418 268,148 1931 1,911,602 1, 581,905329, 597 1,335, 379580,910 19,136 412, 531 86, 367 236,435 1932 1 1, 553, 6181, 325,478228,140 1,143, 384434, 324 38,814 356, 557 67, 077 246, 612 National member banks: 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, 589150,322 856,765 395,352 20,089 68,270 137,085 1927... . 1, 289, 2971,107, 242182, 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 1,247,125 196.178 987,140 450, 258 37,350 271,103 64,333 164,096 1930___ 1, 363,923'1,165, 550198,378 988, 029 461,311 12,807 277,798 68,373 167, 740 1931 1,194.140 i1,009,829 184.311 848,254 377,281 11,613 257,074| 53,110 149,176 1932 ! 998,128' 870, 424 127, 704 748, 587 294, 813 24, 684| 224, 480 44, 552 160,058 State member banks: 1924 692, 639 553,899 138,740 504,454 238,121 7,7451 141,024 32, 665 84,899 1925-.. 758,499: 600, 243 158, 256 545,063 260, 6751 8, 782; 148,985 35 ^ 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 882,527 694,469 188, 058 626,072! 289,843 19,259: 170,571 43,887 102, 512 1929 1,030, 796 821, 7761209,020 696, 580 309,002 26,915 192,744 48,143 119,776 1930.. 864,846 691,964J 172, 882 616, 306! I287.681 9,194 173,978 45, 045 100, 408 1931 717,362 572, 076; 145,286 487,1251 203, 629 7,523 155, 457 33, 257 87, 259 1932 1 555, 490: 455, 054! 100, 436 394, 797! 139. 511 14,130 132, 077 22, 525 86, 554 Losses Year ended Dec. 31 e N i a n r e g n s t - ! Total lo O a n ns i m nv O e e n n s t t s - ot A h H er R e e r c i o es v- lo N s e se t s pr N o e fi t ts d c D l e d a i n e r v - e d i d - s r All member banks: 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 604,573 208,693 123,745 37,284 47,664 51,129 157,564 447,00()i312,680 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 95,465i 60,420 61,608 233,865 556, 514408, 628 1930 624, 439 365,314 194, 725109,028 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, 261335, 792 1932 1 410, 234 778, 230 403, 272304, 961 69, 997113,109 665,121 2 254,887 245, 074 National member banks: 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, 282 122,972 290,760 204,612 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 I212, 575184,290 40,151 36,234 400, 782 2 54,896193,696 1932 1 249, 541 487,545 261, 364184, 646 41, 535 73,106 414, 4392 164, 898135, 092 State member banks: 1924. 188,185 57,093 35,497 9,236 12,360; 16,469 40,624 147,561 95,408 1925- - 213,436 56,8301 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, 506108,388 1927. _ 234,092 60,4681 32, 531 11,619 16,318| 16,102 44,366 189, 726115,125 1928 256,455 58,940J 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 1932 1 160, 693 290, 685; 141, 908120, 315 28, 462! 40,003 250, 682 2 89,989 109,982 Digitized for FRASER 1 Figures for 1933 not yet available. 2 Net loss. http://fraser.sBtlaocuki sfifgeudre.os.r—gA/ valiable only from 1923—see Annual Report for 1932 table (102). Federal Reserve Bank of St. Louis

BUSINESS CONDITIONS 229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

231 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD BUSINESS CONDITIONS No. 112.-—CAPITAL ISSUES [Exclusive of refunding issues. In millions of dollars] Domestic issues * Total Year and quarter d f o o m a re n e i d g st n ic Total 3 m S u a t n n a d i t c e - Corporate b L o o n n d g s and S n h o o te r s t Stocks F is o s r u e e i s g n 2 ipal Total term term 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, 089 2,860 1,235 1,240 951 289 311 r229 1932 .. 1,165 1,157 755 305 271 34 ••20 g 1933 722 710 484 40 24 17 120 12 QUARTER 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, 0G2 1,729 366 871 834 37 460 333 Second 2,079 1, 7o0 496 893 824 69 323 349 Third 1, 357 1,122 290 503 508 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, 799 396 606 568 38 705 544 Third 1, IBS 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 S88 420 316 195 121 111 106 1931—First r 1, 197 1,089 446 532 477 55 82 r108 Second. _ r 1, 021 928 393 398 297 101 137 r93 Third 591 565 282 242 120 122 26 26 Fourth '280 278 114 68 57 11 66 r2 1932-First 419 419 282 125 111 13 '9 0 Second 240 240 188 26 23 3 0 0 Third 244 237 122 93 83 10 '3 7 Fourth 262 261 163 62 54 8 rS 1 1933—First ... 101 101 63 20 20 1 6 0 Second 185 179 146 20 4 16 13 7 Third 232 226 96 0 0 0 76 Fourth ._ 204 204 179 0 0 0 25 0 r Revised. 1 Source: Commercial and Financial Chronicle. J Compiled by Department of Commerce. 1 Includes issues of Federal land banks and Federal intermediate credit banks not shown separately. Back figures.—See (for quarterly data) Annual Report for 1931 (table 128). Digitized for FRAS4E9R75 3—34 16 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 113.—SECURITY PRICES [Average of daily or weekly figures] Bondsi Common stocks (1926=100) Year and month m G U er e o . n S n v - . t - m C ( r i a h o u p a n i r n a t g p d e i l h o c- - Total In t C r d ia o u l r s p - or R r a o t a a e i d l- Utility s f t e P o r r c r e e k - d s2 Total In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c grade) Number of issues 3 7-13 *69 20 20 20 20 421 351 37 88.3 110.9 70.7 70.1 60.3 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 1922 () 92.4 114.0 67.7 64.7 72.7 70.9 1923 91.8 114.4 69.0 66.6 71.9 73.8 1924 93.5 115.2 72.8 69.6 76.7 78.9 1925 (5) 95.3 () () () () 118.6 89.7 88.4 89.5 94.9 1926 97.0 97.6 93.6 101.7 97.3 121.0 100. 0 100.0 100.0 100. 0 1927 102. 7 98.9 100.7 95.9 107.0 99.2 127.1 118. 3 118.4 119.1 116.0 1928. 104.8 98. 7 100.8 95. 8 106.7 100.0 130.9 149.9 154.3 128. 5 148.9 1929 103.9 95.7 98.0 93.2 103.3 97.7 127.4 190. 3 189.4 147.3 234. 6 1930 100.9 98.3 99.3 92.6 106.0 99.4 126.4 149.8 140.6 124.9 214. 6 1931 104.2 96.1 90.9 81.8 93.9 97.2 119.1 94.2 86.9 72.1 147.9 1932 103.1 81.1 69.5 63.2 64.8 80.5 96.1 48.4 46.3 26.2 78.8 1933 99.2 83.9 73.4 69. 2 70.5 80.6 104.8 63.4 66.2 38.0 78.0 102.2 1926 January 102.3 96.2 96.0 92.6 99.1 96.1 120.0 101.8 102.2 103. 2 February 102.7 96.6 96.6 93.2 99.9 96.9 120.6 101.8 102.4 97.1 103. 8 March 102.7 96.6 96.3 92.6 99.7 96.8 120.1 95.8 96.3 94.7 94.9 April 102. 7 96.9 97.4 93.6 101.3 97.3 120.6 92.9 92.6 93.6 93.3 May 102. 8 97.3 98.1 94.0 102.4 97.7 121.4 93.2 92.6 94.7 94.3 June 102.9 97.3 98. 2 93.8 102.8 97.9 121.3 97.2 96.9 98.4 97.7 July 102.8 97.0 97.7 93.5 102.2 97.5 121.2 100. 0 99.9 100. 2 100. 2 August 102.5 97.2 97.5 93.4 101. 9 97.3 121.9 102.9 103.1 103.1 102. 0 September— 102.5 97.0 97.7 93.6 102.3 97.2 120.5 104.3 104. 2 105.9 103.1 October 102.5 97.0 97.5 93.5 102.0 97.1 120.2 101.5 101. 5 102.7 100.9 November 103.0 97.6 98.6 94.5 103.4 97.8 121.1 103.1 102.9 104.2 103.1 December 103.6 97.8 99.0 95.1 103.7 98.1 123.6 105.4 105.4 106.4 104. 0 1927 January 103.9 97.9 99.7 95.7 104.9 98.5 124. 0 105. 6 105.6 107.1 104.4 February 104.1 98.1 99.6 95.9 104.8 98.2 125.0 107.9 107.5 111.6 105.3 March 104.6 98.4 100.1 96.2 105.5 98.4 125.6 109.1 108.6 112.2 107. 3 April 104.6 99.0 100.5 95.9 106.7 98.9 126.4 111.1 110.0 115.7 110. 5 May 104.8 99.1 100.6 95.7 107.1 99.1 127.6 114.2 113.1 118.1 114.2 June 104.6 98.4 100.0 95.2 106.0 98.9 127.2 115.4 114.4 119.2 115. 6 July 104.5 98.4 100.0 95.0 106.1 98.8 126.7 117.2 116.7 120.7 114.9 August 104. 8 98.8 100.9 95.7 107.3 99.5 127.6 122.0 112.3 123.1 118. 5 September 105.0 99.3 101.3 96.1 108.0 99.8 128.5 127.7 128.9 125.2 124.1 October 105.0 99.6 101.7 96.4 108.7 100.0 128.5 126.7 127.5 124.3 124. 5 November 105.4 99.7 101.9 96.5 109.1 100.0 128.8 129.6 131.3 124.9 125. 6 December 105.9 100.0 102.2 96.9 109.4 100.4 129.7 133.1 135.5 126.8 127. 2 1928 January 105.7 100.3 102.2 97.2 109.1 100.4 131.3 134.4 137.4 125.3 129. 5 February 105.6 100.3 102.2 97.2 108.7 100.7 131.1 132.3 134.8 121.6 130.9 March 105.6 100.5 102.1 96.6 108.8 100.9 132.8 137.9 141.1 125.9 134.4 April 105.3 100.3 102.1 96.8 108.3 101.2 135.3 145. 9 149. 5 130.7 142. 5 May - 104.8 99.7 101.6 96.5 107.5 100.5 134.2 152.1 154.9 133.2 155. 3 June 104.2 98.5 100.3 95.5 106.0 99.5 131.5 145.3 148.2 126.7 148.1 July 103.0 97.9 99.8 95.2 105.1 99.2 129.6 144.2 147.8 124.6 145. 3 August 102.5 97.2 99.5 94.9 104.5 98.9 128.8 148.3 152.6 129.6 155.8 September 102.4 97.5 99.9 95.1 105.3 99.3 129.3 156.6 162.2 129.6 155.8 October 102.4 97.5 100.0 94.8 105.5 99.7 123.8 159.1 166.2 128.2 154. 5 November 103.1 97.8 100.4 95.1 106.2 100.0 129.3 171.1 178.9 134.9 168. 6 December 102.4 97.2 99.7 94.7 104.9 99.6 128.9 171.4 178.4 134.9 173. 4 1 Price indexes derived from average yields. 2 Average of prices adjusted to a $7 annual dividend basis. 3 Average price of principal outstanding issues, beginning in 1926 with 5 Liberties and 2 Treasuries; new Treasury issues were included as they appeared on market; 2d Liberties were dropped in July 1927 and 3d Liberties in July 1928; average in December 1933 included 3 Liberties and 10 Treasuries. 4 Forty-five corporate and 15 municipal, s Averages not computed. Sources.—For United States Government bonds, Federal Reserve Board and Federal Reserve Bank of New York; for other bonds and for stocks, Standard Statistics Co. Back figures.—For high-grade bonds, preferred stocks, and common stocks, see Annual Report for 1930 (table 123). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS CONDITIONS 233 No. 113.—SECURITY PRICES—Continued [Average of daily or weekly figures] Bonds Common stocks (1926=100) Corpo- Corporate Pre- Year and month m G U er e o . n S n v - . t - m ( r i a h u p a n i n t a g d e i l h c- Total In tr d ia u l s- K ro a a i d l- Utility s fe to rr c e k d s Total In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c 1929 January 101.9 97.0 99.7 94.8 104.9 99.5 129.2 185.2 192.5 141.8 192.7 February 100.9 96.3 99.2 94.5 104.0 99.0 128.8 186.5 192.3 141.6 202.4 March 99.7 95.8 98.5 94.2 103.3 97.9 128.7 189.1 196.0 140.4 203.7 April.. 100.6 95.8 98.7 94.3 103.9 97.9 128.6 186.6 193.4 138.3 201.4 May 100.4 95.7 98.3 93.7 103.4 97.7 128.5 187.8 192.5 138.7 212.3 June 99.9 95.3 97.5 92.7 102.6 97.0 127.7 190.7 191.0 144.8 233.0 July 100.4 95.2 97.5 92.7 102.4 97.2 127.0 207.3 202.7 160.0 272.8 August 99.9 95.0 97.1 92.8 101. 8 96.8 126.3 218.1 210.3 165.4 304.3 September 100.0 94.8 96.6 92.1 101.2 96.7 126.8 225.2 216.1 168.1 321.0 October 100.6 95.1 97.5 92.5 102.8 97.2 126.4 201.7 194.4 157.0 276.6 November... 103.1 95.6 97.4 91.5 103.8 97.0 123.9 151.1 144.8 135.1 194.4 December 103.2 96.6 98.4 92.3 105.2 98.5 126.4 153.8 146.9 136.3 200.9 1930 January 102.6 96.5 98.7 92.6 105.1 98.3 126.5 156.3 148.8 136.5 208.7 February 102.8 96.4 98.8 93.0 104.9 98.1 126.9 165.5 155.9 142.5 230. 6' March 104.0 97.7 99.7 93.7 106.4 99.0 127.8 172.4 163.0 143.2 242.1 April 103.4 97.8 99.7 94.2 106.0 99.0 128.2 181.0 170.8 141.7 263.7 May 103.9 98.0 100.0 94.0 106.6 99.4 127.6 170.5 160.1 136.0 250.0 June 104.5 98.2 99.9 93.3 106.7 99.6 126.8 152.8 143.1 124.5 223.5 July 104.6 98.7 100. 2 93.2 107. 3 100.2 125.9 149.3 139.8 124.2 215.4 August 104.5 99.6 100.8 93.9 108.0 100.5 126.5 147. 6 138.7 121.2 212.7 September... 104.6 100.0 101.6 94.6 109.3 101.0 127.9 148.8 139.3 122.6 216.4 October 105.0 99.9 99.8 92.3 107.3 99.7 126.8 127.6 117.8 110.9 187.0 November—- 105.2 99.1 98.1 90.3 104.5 99.5 124.7 116.7 108.5 102.1 167.4 December 105.0 97.8 94.8 86.5 100.2 97.9 121.7 109.4 101.9 93.5 157.9 1931 January 105.2 99.6 97.8 89.2 104.4 99.7 123.6 112.3 103.4 100.4 163.4 February 104.4 99.4 97.8 89.5 104.2 99.8 124.8 119.8 110.3 104.7 177.9 March 104.4 100.0 97.2 88.3 102.5 100.8 126.4 121.6 111.8 97.2 188.9 April 104.3 99.6 95.3 85.5 99.6 100.6 125. 3 109.2 100.3 87.3 169.8 May 105.3 99.7 94.9 84.1 99.8 100.6 122.6 98.0 89.4 76.8 156.4 June 105.3 99.4 94.2 83.1 99.0 100.4 119.7 95.1 86.5 74.0 153.0 July 104.9 99.4 95.4 84.8 100.0 101.3 121.1 98.2 89.8 75.3 157.5 August 104.6 98.5 92.9 83.4 94.7 100.8 120.7 95.5 88.5 66.2 154.0 September.... 103.5 95.6 88.4 78.8 89.8 96.7 116.1 81.7 75.8 56.1 131.9 October 99.4 89.9 81.8 72.7 82.4 90.7 112.0 69.7 64.8 48.4 111.9 November 99.6 89.7 82.4 75.2 81.1 90.9 112.7 71.7 67.5 46.0 114.7 December 96.5 82.2 73.1 66.8 68.7 84.0 104.0 57.7 54.3 33.0 95.6 1932 January 93.0 82.0 75.1 67.9 73.9 83.5 102.2 58.0 54.4 36.6 94.4 February 94.8 81.4 74.9 67.8 74.2 82.7 101.7 56.5 52.9 34.2 92.8 March 97.0 83.7 75.9 69.1 74.9 84.1 103.2 56.8 53.8 32.1 93.4 April 99.2 80.2 67.9 61.4 63.9 78.6 94.2 43.9 41.7 22.2 73.3 May 98.7 76.0 62.2 56.8 54.9 75.1 90.3 39.8 38.1 17.4 67.8 June... 98.7 72.8 60.6 54.9 53.1 73.8 83.6 34.0 33.5 14.1 55.0 July 100.3 75.1 62.1 56.5 54.8 75.1 85.3 35.9 35.8 15.6 55.4 August 100.3 84.3 72.4 66.4 68.2 82.7 98.6 53.3 51.5 29.2 84.2 September.... 101.7 87.0 74.6 67.9 71.1 84.9 101.8 58.2 55.8 34.5 91.4 October 101.8 85.2 70.8 63.9 66.1 82.7 99.8 49.9 47.7 27.5 80.6 November.... 101.7 83.1 69.2 63.0 63.0 81.7 97.4 47.5 45.4 25.5 77.6 December 102.3 82.2 67.7 62.4 59.6 81.1 95.4 47.4 44.8 25.7 79.6 1933 January 103.3 84.1 70.7 64.9 63.4 83.9 97.8 49.1 46.2 27.6 81.8 February 102.4 82.5 68.5 62.1 62.9 80.7 95.7 44.9 42.5 26.7 73.1 March 101.0 76.7 66.0 60.7 60.6 76.8 93.1 43.2 41.6 25.6 67.0 April 101.3 75.4 64.8 61.0 58.9 74.7 95.7 47.5 48.8 26.3 63.5 May. 102.4 82.0 72.4 68.2 69.4 79.5 103.3 62.9 65.3 37.5 79.2 June 103.2 86.8 77.7 72.8 76.1 84.2 109.7 74.9 77.3 44.0 96.9 July... 103.3 89.6 81.5 75.6 82.2 86.8 112.5 80.4 83.5 52.6 97.5 August 102.9 89.9 80.8 75.9 81.2 85.3 112.9 75.1 78.8 49.4 87.1 September.... 103.0 87.9 77.6 74.5 76.8 81.4 112.0 74.8 80.7 47.2 80.1 October 102.9 86.5 75.3 72.7 73.5 79.7 109.8 69.5 75.5 40.3 75.0 November 100.5 82.6 72.1 70.5 68.5 77.3 107.5 69.1 76.7 38.4 70.0 December 100.0 83.6 73.6 71.5 72.2 77.1 107.7 70.4 78.8 40.3 67.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 114.—BOND YIELDS [Average of daily or weekly figures] Munic- jorporate, Dy ratings3 Year and month Tre U a .S s . uryl i ( p n a ig l h 2 grade) Aaa Aa A Baa Number of issues.. 2-8 15 30 30 30 30 1919.. (4) 4.46 5.48 5.85 6.48 7.23 1920_. (4) 4.98 6.12 6.59 7.41 8.20 1921. (4) 5.09 5.98 6.55 7.27 8.35 1922.. (4) 4.23 5.12 5.59 6.03 7.08 1923.. (4) 4.25 5.12 5.62 6.17 7.24 1924.. ('-) 4.20 5.00 5.44 5.93 6.83 1925 _. (4) 4.09 4.88 5.20 5.55 6.27 1926- 3.68 4.08 4.73 4.97 5.24 5.87 1927.. 3.34 3.98 4.57 4.77 5.04 5.48 1928 _. 3.33 4.05 4.55 4.71 5.00 5.51 1929. 3.60 4.27 4.73 4.93 5.27 5.90 1930- 3.28 4.07 4.55 4.77 5.13 5.90 1931. 3.31 4.02 4.58 5.05 6.01 7.61 1932_ 3.66 4.65 5.01 5.97 7.20 9.30 1933- 3.31 4.71 4.49 5.23 6.09 7.76 1926 January 3.77 4.10 4.82 5.07 5.38 6.09 February-- 3.71 4.09 4.77 5.04 5.33 6.02 March 3.71 4.09 4.79 5.05 5.34 6.05 April 3.70 4.07 4.74 4.99 5.27 5.98 May 3.67 4.06 4.71 4.94 5.18 5.86 June 3.67 4.06 4.72 4.92 5.18 5.80 July 3.68 4.06 4.11 4.95 5.21 5.79 August 3.70 4.04 4.72 4.95 5.23 5.81 September. 3.70 4.08 4.72 4.97 5.23 5.79 October 3.68 4.09 4.71 4.95 5. 23 5.81 November. 3.62 4.09 4.68 4.93 5.17 5.77 December.- 3.56 4.07 4.68 4.89 5.16 5.68 1927 January 3.51 4.04 4.66 4.87 5.11 5.61 February.-. 3.48 4.04 4.67 4.87 5.13 5.59 March 3.37 4.00 4.62 4.83 5.12 5.54 April 3.35 3.96 4.58 4.80 5.06 5.47 May 3.31 3.94 4.57 4.79 5.05 5.50 June 3.34 4.00 4.58 4.80 5.07 5.55 July 3.36 4.02 4.60 4.80 5. 05 5.54 August 3.32 4.00 4.56 4.73 5. 01 5. 48 September .. 3.30 3.96 4.54 4.73 5. 01 5.42 October 3.29 3.93 4.51 4.69 4.97 5.38 November _ 3.23 3.93 4.49 4.65 4.94 5.35 December- 3.17 3.90 4. 46 4.62 4.92 5.32 1928 January 3.18 3.89 4. 46 4.62 4.92 5.42 February.. 3.19 3.89 4.46 4.61 4.93 5.42 March 3.17 3.89 4.46 4.59 4.83 5.39 April 3.20 3.93 4.46 4.60 4.92 5.37 May 3.24 4.02 4. 49 4.64 4.95 5.42 June 3.29 4.09 4.56 4.75 5.06 5.55 July 3.42 4.13 4.61 4.79 5.09 5.58 August 3.49 4. 1G 4.64 4.82 5. 10 5.61 September. 3.46 4. 17 4.61 4.79 5. 07 5.59 October 3.48 4.17 4.61 4.78 5.04 5.58 November. 3.39 4.15 4.58 4.75 4.99 5.55 December- 3.46 4.15 4.61 4.77 5.08 5.60 1929 January 3.52 4.16 4.62 4.79 5.10 5.63 February._ 3.62 4.25 4.66 4.88 5.13 5.66 March 3.74 4.32 4.70 4.92 5.24 5.79 April 3.63 4.29 4.69 4.90 5.23 5.80 May 3.64 4.23 4.70 4.91 5.24 5.80 June 3.69 4.26 4.77 4.98 5.19 5.94 July 3.64 4.28 4.77 4.97 5.32 5.95 August 3.70 4.31 4.79 4.99 5.39 6.04 September. 3.68 4.32 4.80 5.01 5. 43 6.12 October __._ 3.60 4.29 4.77 5.01 5.38 6.11 November. 3.36 4.25 4.76 4.94 5.33 6.03 December— 3.37 4.22 4.67 4.84 5.21 5.95 1 Computed by section of Financial and Economic Research of U.'. Treasury Department. For description of average see Federal Reserve Bulletin for June 1934, p. 322. 2 Standard Statistics Co. 3 Moody's Investors' Service. Digitized for F 4 R AAvSerEagRe s not computed. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

235 BUSINESS CONDITIONS No. 114.—BOND YIELDS—Continued [Average of daily or weekly figures] Munic- Corporate, by ratings Year and month Tr U ea .S s . ury ( i h p i a g l h grade) Aa Baa 1930 January 3.43 4.22 4.66 4.86 5.23 5.92 February __ 3.41 4.24 4.69 4.88 5.25 5.89 March 3.29 4.12 4.62 4.80 5.15 5.73 April 3.36 4.11 4.60 4.78 5.12 5.70 May 3.30 4.11 4.60 4.77 5.07 5.72 June 3.24 4.10 4.57 4.76 5.08 5.78 July 3.23 4.05 4.51 4.74 5.06 5.77 August 3.25 3.97 4.47 4.68 5.00 5.73 September. 3.23 3.97 4.42 4.65 4.94 5.65 October 3.20 3.94 4.42 4.67 5.06 5. 94 November. 3.17 4.00 4.47 4.75 5.21 6.25 December.. 3.20 4.05 4.52 4.85 5.43 6.71 January 3.17 3.92 4.42 4.70 5.26 6.41 February. _ 3.27 3.95 4.43 4.70 5.29 6.38 March 3.26 3.89 4.39 4.67 5.30 6.44 April 3.24 3.80 4.41 4.76 5.52 6.52 May 3.13 3.75 4.37 4.76 5.65 7.14 June 3.10 3.76 4.36 4.81 5.75 7.36 July 3.11 3.88 4.36 4.80 5.64 7.08 August 3.13 3.88 4.40 4.85 5.88 7.47 September. 3.24 4.00 4.55 5.08 6.31 8.07 October 3.62 4.35 4.98 5.57 6.88 9.04 November. 3.59 4.42 4.95 5.61 6.89 8.91 December.. 3.92 4.64 5.33 6.29 7.70 10.49 January 4.32 4.92 5.20 6.07 7.06 9.14 February.. 4.11 5.03 5.23 6.13 7.06 8.87 March 3.91 4.79 4.98 5.85 6.80 8.83 April 3.66 4.73 5.17 6.10 7.48 10.46 May 3.71 4.77 5.36 6.38 8.40 11.63 June 3.73 4.81 5.41 6.60 8.50 11.52 July 3.55 4.78 5.26 6.51 8.19 10.79 August 3.42 4.50 4.91 5.83 6.84 8.22 September. 3.38 4.39 4.70 5.54 6.45 7.61 October 3.39 4.37 4.64 5.51 6.44 7.87 November. 3.39 4.38 4.63 5.57 6.53 8.24 December.. 3.31 4.37 4.59 5.60 6.61 8.42 1933 January 3.19 4.23 4.44 5.30 6.16 8.01 February.. 3.29 4.28 4.48 5.35 6.30 8.36 March 3.44 4.88 4.68 5.61 6.64 8.91 April 3.43 5.05 4.78 5.81 6.85 9.12 May 3.31 5.27 4.63 5.40 6.29 7.74 June 3.22 4.71 4.46 5.09 5.88 7.07 July 3.20 4.60 4.36 4.83 5.58 6.62 August 3.21 4.54 4.30 4.77 5.51 6.77 September. 3.20 4.59 4.35 4.96 5.70 7.27 October 3.22 4.60 4.34 4.97 5.76 7.49 November. 3.46 4.54 5.35 6.22 7.98 December.. 3.53 4.50 5.27 6.21 7.75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 115.—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE to CO [Index numbers of the Federal Reserve Board.* 1923-25=100] Industrial production Construction contracts awarded (value)2 Freight-car loadings Fac- Factory em- tory D s e to p r a e r t s m al e e n s t Year and month Total Manufactures Minerals Total Residential All other ployment 3 r p o a ll y s3 Total Mer 1 c . h c a . n 1 d . ise, (value) 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 1921 67 67 70 56 44 65 82 77 79 87 87 1922 85 86 74 79 68 88 90 81 87 94 88 o 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 1926 108 108 108 129 121 135 101 104 106 105 106 1927 . 106 106 107 129 117 139 99 102 103 105 107 1928 111 112 106 135 126 142 97 102 103 104 108 W 1929 119 119 115 117 87 142 101 108 106 105 111 1930 96 95 99 92 50 125 88 87 92 97 102 1931 81 80 84 63 37 84 74 66 75 87 92 1932 64 63 71 28 13 40 62 45 56 72 69 1933 76 76 81 11 37 6fi 48 58 67 67 O 1919 January 81 82 82 82 74 79 21 30 9 11 30 45 105 108 97 75 84 60 66 S February _ . _ 78 79 80 80 63 70 27 32 15 18 37 44 102 103 91 72 83 59 71 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 53 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 W September 89 87 89 88 94 85 81 78 60 59 99 94 111 109 105 102 91 76 83 o 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1920 January 92 95 94 96 82 86 65 91 31 38 93 134 114 117 117 84 94 82 February 93 95 96 96 78 84 72 86 31 36 106 127 113 115 116 81 91 74 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 May _ 92 90 93 91 86 85 82 65 41 33 114 91 112 112 123 88 88 101 June 92 91 92 91 95 88 72 60 31 30 105 85 111 111 125 95 92 96 July 88 89 87 89 94 88 68 57 26 27 98 82 108 109 120 96 91 72 72 73 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 December 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 M A M p a a r y r i c l h 6 6 6 4 4 7 6 6 6 4 4 6 6 6 6 3 4 6 6 6 6 3 3 4 6 6 7 7 5 3 7 7 7 2 2 3 4 6 6 8 0 6 4 5 5 0 3 6 3 4 4 6 5 8 3 3 3 4 6 8 5 7 81 7 3 6 5 6 1 6 4 8 8 8 3 2 2 8 8 8 3 2 2 8 8 7 2 0 8 7 7 7 1 2 8 7 7 7 5 7 9 8 8 8 7 5 8 8 8 8 4 5 6 8 8 9 8 7 1 8 8 8 9 9 7 d June 66 65 65 65 73 71 64 55 44 42 80 65 81 81 76 80 80 89 88 86 87 Ul July .... 64 65 63 64 70 68 62 57 44 46 77 65 80 80 72 83 81 90 90 64 87 1—1 August 67 67 66 67 71 69 64 61 48 51 77 70 81 81 74 80 77 85 86 63 84 tz\ September 69 68 68 68 72 67 65 64 54 55 74 71 83 82 74 89 80 94 90 75 82 tei October 73 71 73 71 78 71 62 65 56 57 67 72 84 83 73 95 83 95 92 95 86 U U l l November 72 71 72 71 71 68 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 a o 1922 January 72 73 72 73 73 77 50 67 50 61 50 72 83 84 70 74 80 84 92 73 83 o 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 o 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 Ul July 84 85 88 90 61 57 96 88 70 74 117 99 87 88 78 87 83 97 97 64 86 August 83 83 86 87 67 62 89 86 63 69 110 100 90 90 82 88 84 93 94 66 88 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 76 71 74 63 78 99 98 93 100 95 94 91 108 92 December 95 100 95 100 94 100 63 79 72 76 56 81 100 100 96 88 96 88 91 152 93 1 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 and September 1933); indexes of factory employment and pay rolls, November 1929, November 1930; index of construction contracts awarded, July 1931; index of freight-car loadings, xlugust 1927 (certain revisions, February 1931); index of department-store sales, February 1928 (certain revisions, November 1930). 2 Based on 3-month moving averages of F. W. Dodge data centered at the second month. 3 For revised indexes of factory employment and pay rolls, without seasonal adjustment, as compiled by the Bureau of Labor Statistics, see Federal Reserve Bulletin for May 1934. For revised index of factory employment, with seasonal adjustment, as compiled by the Federal Reserve Board, see Federal Reserve Bulletin for June 1934. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 115.-—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE—Continued to CO [Index numbers of the Federal Reserve Board. 1923-25=100] 00 Industrial production Construction contracts awarded (value) Freight-car loadings Fac- Factory em- tory Department Year and month Total Manufactures Minerals Total Residential All other ployment pay Total Mer l c . h c a . n l. dise, st ( o v r a e l u s e al ) es 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 j listedjusted justed justed justed justed justed justed justed justed 1923 January 99 99 99 99 97 101 64 61 101 102 90 99 86 79 91 M Fe a b r r c u h ary 1 1 0 0 1 5 1 1 0 0 3 0 1 10 0 6 3 1 1 0 0 3 0 9 9 4 7 1 9 0 9 3 8 7 9 6 8 7 7 7 9 7 1 5 1 1 0 0 5 2 1 1 0 0 3 4 103 9 8 4 8 1 9 0 7 1 87 9 7 3 7 9 9 3 5 April 107 106 109 105 99 111 102 97 106 105 105 104 96 104 97 100 May 108 106 108 106 107 108 102 89 112 105 105 107 102 102 100 98 H June. 105 106 104 105 112 108 94 80 106 106 106 108 104 102 99 99 101 W July 101 104 98 103 115 111 83 72 91 105 106 103 105 102 98 73 98 August 100 103 98 101 116 110 76 68 83 106 105 104 106 101 97 75 101 fed September 101 100 100 101 106 97 80 77 82 106 104 105 111 102 94 100 October 102 99 100 98 113 104 81 83 80 105 104 107 110 102 111 101 fed November 99 98 98 97 108 106 82 89 76 103 103 105 104 102 117 100 O December 92 97 92 97 77 68 101 102 103 94 164 99 1924 January 99 100 100 103 76 101 67 91 100 101 98 91 91 99 86 99 M A Fe p a b r r i r c l u h ary 1 1 9 0 0 6 3 4 1 1 9 0 0 5 0 2 1 1 9 0 0 8 5 5 1 1 9 0 0 5 1 0 1 8 9 0 3 3 0 105 1 1 8 1 0 7 3 2 1 1 1 0 1 1 1 9 0 1 1 9 0 0 8 7 2 1 9 7 0 6 6 8 8 9 9 9 4 4 1 1 1 0 0 0 1 1 0 1 1 9 0 0 9 1 1 1 1 10 0 0 1 4 4 9 9 9 5 0 4 1 1 9 0 0 6 0 2 1 1 9 0 0 6 1 1 1 1 9 0 0 9 0 0 1 8 0 4 3 1 9 9 0 9 8 1 f m ed May 90 89 89 88 93 111 107 96 113 94 96 96 97 95 94 101 99 97 fed June 84 85 82 84 96 99 90 91 106 91 93 94 92 93 91 97 96 97 100 July 81 84 78 83 95 92 82 87 101 88 91 85 94 93 97 71 96 August 87 89 86 89 96 78 85 95 87 92 89 99 95 98 96 September 95 94 93 93 103 92 85 88 99 96 94 92 111 99 104 99 101 October 95 97 95 104 95 93 93 96 103 95 95 112 100 104 101 105 96 W N D o ec v e e m m b b e e r r 97 1 9 0 7 1 99 1 9 0 7 2 1 9 0 5 0 97 9 8 3 4 9 90 7 9 9 5 5 8 9 0 1 1 1 0 0 1 3 9 9 5 6 94 1 9 0 3 4 1 9 0 9 1 1 9 0 7 3 1 10 0 1 0 1 1 1 6 7 6 1 9 0 9 0 o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1925 January 105 106 106 105 101 105 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 H2 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 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... 111 108 110 107 113 117 114 131 105 117 121 142 100 100 105 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 105 109 105 110 104 102 142 132 127 126 155 137 96 97 98 105 102 104 105 80 110 August 110 110 110 111 111 105 137 131 116 119 154 141 98 97 103 109 103 104 104 81 107 September.. 116 113 116 114 115 107 138 134 118 118 154 147 100 98 104 119 105 109 105 113 112 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 115.—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE—Continued 1 [Index numbers of the Federal Reserve Board. 1923-25= 100] Industrial production Construction contracts awarded (value) Freight-car loadings Year and month Total Manufactures Minerals Total Residential All other F p a l c o t y o m ry e e n m t - r F t p o o a a l r c y l y - s Total Merc l h .c a . n l. dise, D s e t ( o p v r a a e r l t u s m a e l e ) e n s t- 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 o 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 March 124 118 126 120 101 109 121 121 106 101 133 137 101 101 111 98 105 106 105 107 112 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 99 89 102 96 103 191 108 i 1930 January 103 106 102 105 108 110 78 95 46 56 104 128 93 96 94 89 100 94 101 88 107 February 109 107 110 107 104 108 89 104 44 49 126 148 93 94 98 91 99 98 101 89 108 March 106 103 109 104 91 98 102 102 54 52 141 144 93 93 98 90 96 101 100 93 107 April,.. 107 104 110 104 94 104 113 101 62 53 156 140 93 92 97 93 97 101 98 110 107 May 105 102 106 101 102 104 125 105 61 52 178 148 91 91 94 97 96 101 98 105 105 June__ 99 98 98 97 103 102 116 99 54 49 166 140 89 90 91 95 93 98 98 98 103 July 90 93 89 92 100 100 107 95 48 47 155 135 86 87 83 95 92 94 95 71 100 August. 90 90 88 88 101 96 85 81 48 49 115 106 85 84 82 96 89 95 95 77 102 September 92 90 90 89 101 94 82 81 52 52 108 105 86 83 83 99 87 99 95 103 99 October 90 88 87 86 105 95 75 78 51 52 94 99 84 82 81 97 86 97 93 112 102 w November 84 86 82 85 96 92 68 76 46 48 86 99 81 81 75 86 84 94 92 113 98 o December 76 84 74 82 89 93 59 73 37 43 77 98 79 80 74 74 84 86 92 165 94 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1931 January 82 83 81 83 87 89 58 71 37 44 75 93 76 78 68 74 82 83 90 81 February 87 86 88 86 84 87 68 79 42 47 89 104 77 78 73 74 80 87 89 81 99 March 89 87 91 87 82 89 77 77 50 47 98 100 78 78 75 75 80 89 89 92 97 April 90 88 91 87 83 91 82 73 52 44 107 96 78 78 74 77 80 91 88 101 107 May 89 87 90 87 84 87 78 65 47 40 104 85 77 78 72 79 79 92 89 97 97 June 83 83 83 82 86 87 74 63. 41 37 101 84 75 76 68 77 77 89 89 92 96 July 80 82 79 82 86 86 68 61 36 35 94 82 74 75 64 78 76 87 88 66 92 August 78 78 77 78 82 79 63 59 32 33 87 81 74 74 64 76 72 86 86 68 89 September.. 77 76 76 75 83 78 59 59 32 32 81 80 75 73 62 78 69 88 85 88 85 October 75 73 72 71 90 83 52 55 29 30 71 76 71 70 59 78 69 87 83 94 87 November... 72 73 70 71 84 81 43 49 26 27 57 67 69 69 56 70 85 83 97 84 December... 68 74 66 72 79 84 30 38 20 23 39 50 68 69 56 61 77 83 143 82 1932 January 71 72 70 71 74 77 25 31 16 19 33 41 66 68 52 58 75 81 64 78 February._ _ 71 69 70 68 75 78 23 27 15 17 30 35 67 68 54 59 75 78 64 78 March 68 67 66 64 78 85 26 26 16 15 35 36 66 66 52 58 75 75 69 72 April 64 63 63 61 72 80 31 27 16 14 43 38 64 64 49 57 75 73 74 79 W May 61 60 60 59 65 67 31 26 14 12 45 37 61 62 46 53 74 71 72 72 cj June _. 59 59 58 58 62 64 32 27 12 11 47 39 59 60 43 52 71 71 66 69 in July 56 58 55 57 63 65 31 27 12 11 46 40 57 58 40 51 68 69 46 65 August 59 60 58 59 66 65 32 30 11 12 48 45 59 59 40 53 68 68 49 65 September.. 67 66 66 65 74 71 30 30 12 12 45 44 62 60 42 61 72 69 71 October 68 67 67 66 80 74 28 29 12 12 41 43 62 61 44 65 72 69 75 N De o c v e e m m b b e e r r .- .. . 6 6 5 0 6 6 5 6 6 5 3 8 6 6 3 4 7 7 8 3 7 7 7 5 2 2 4 2 2 2 7 8 1 8 0 1 9 0 3 3 5 3 4 4 1 3 6 6 1 0 6 6 1 1 4 4 2 1 5 5 8 2 7 6 0 4 6 6 8 9 1 7 0 3 6 6 6 0 3 o o 1933 3 January 64 65 63 63 71 73 18 22 7 8 27 33 58 59 39 51 65 69 49 February 64 63 63 61 76 79 16 19 7 8 23 27 59 59 40 51 64 66 49 60 March 60 59 58 56 74 81 14 14 8 8 18 18 57 57 37 48 63 62 50 57 April 67 66 68 65 65 72 16 14 11 10 19 17 58 58 39 51 65 63 68 67 May 79 78 80 77 76 78 19 16 13 11 24 20 60 61 42 56 68 66 67 67 3 June 91 92 93 93 82 84 21 18 14 13 27 23 04 65 46 60 67 67 64 68 July 96 100 97 101 89 90 24 21 13 13 32 28 69 70 50 66 70 70 49 70 Aucrust 90 91 89 91 94 91 25 24 12 12 36 33 73 73 56 65 69 09 59 77 September., 85 84 84 83 93 87 30 30 12 12 45 45 77 74 58 68 70 6S 73 70 October 78 76 76 76 88 81 35 37 12 12 53 57 76 74 57 66 70 66 77 70 November. _ 72 72 70 71 84 81 42 48 12 13 66 76 73 72 54 61 68 67 75 65 December... 69 75 67 73 80 85 45 57 11 13 73 93 71 72 53 55 63 67 121 69 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 116.—INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS [Monthly series adjusted for seasonal variation. 1923-25=100] Year and month i t n A r d i l u e l s s - s I a t r n e o e d n l L b u e m r - A b u i t le o s - e L p r u e r c a o a t t d n s h - d - m N r e f o o t e n r u a - - l s s P r l e e i e f t n u i r g n m o - - t R t a u b i u n b e r b e d e r - s s b p u T a r c o c o t c d - s o - 1919 84 82 84 50 104 67 54 82 1920 87 99 86 58 97 78 64 87 1921 67 46 87 72 41 90 39 64 55 85 1922 . 86 82 87 66 102 69 74 77 89 1923 101 105 101 102 108 94 86 86 96 1924 94 89 98 91 95 99 99 98 99 1925 105 106 101 107 97 107 115 116 105 1926 108 113 98 108 99 112 127 116 112 1927 106 104 92 86 103 109 136 120 118 1928 112 119 91 110 102 115 152 144 124 1929 119 130 97 91 135 104 125 168 135 134 1930 95 94 64 85 92 97 161 100 131 1931 . 80 60 41 60 90 69 155 96 123 1932 63 31 25 35 85 140 78 111 1933 76 53 32 49 97 145 88 116 1930 January 105 107 74 97 101 105 160 112 134 February 107 118 78 102 97 102 166 105 133 March 104 109 82 98 98 103 165 104 129 April 104 107 78 102 101 105 171 110 134 May 101 104 76 101 97 100 171 108 132 June 97 102 70 91 93 96 166 106 140 July 92 91 63 75 89 96 164 93 136 August 88 90 59 62 90 95 162 99 129 September-__ 89 83 54 62 89 97 163 85 125 October 86 76 50 49 85 95 157 90 128 November-.. 85 71 95 43 74 79 86 148 90 119 December 82 63 45 85 80 85 148 93 132 1931 January 83 71 48 63 79 77 141 94 124 February 86 74 44 68 87 79 146 92 133 March 87 77 49 67 92 76 150 97 131 April 87 71 48 77 100 73 159 96 132 May 87 67 48 78 105 73 161 115 135 June 82 61 47 65 97 68 159 108 132 July 82 58 42 60 96 65 160 114 121 August 78 50 38 52 99 65 161 94 118 September 75 45 36 40 91 65 159 80 118 October 71 45 33 26 78 64 158 76 111 November- __ 71 51 27 36 75 59 155 84 113 December 72 42 28 66 80 62 149 88 113 1932 January 71 44 26 45 83 140 92 124 February 68 42 22 35 87 141 85 114 March 64 35 26 28 90 138 73 109 April 61 32 27 35 87 146 70 109 May 59 29 28 45 82 148 72 110 June 58 26 26 47 79 148 107 118 July 57 25 25 33 74 140 89 114 August 59 23 23 23 81 136 68 108 September.._ 65 28 23 24 91 133 64 111 October 66 31 24 16 93 137 68 104 November 63 31 83 21 31 89 138 73 104 December 64 28 23 60 85 132 67 112 1933 January 63 30 26 48 86 132 59 113 February 61 31 20 33 92 132 54 115 March 56 22 22 27 84 135 41 99 April 66 35 24 44 93 140 65 116 May 78 49 30 51 110 147 94 143 June 93 72 38 66 114 154 115 135 July 101 100 46 70 116 155 143 117 August 91 80 46 61 102 153 111 123 September 84 66 36 56 92 157 103 115 October 76 61 33 46 93 152 90 108 November__- 71 47 30 32 92 145 97 95 December 73 61 32 48 94 137 108 123 NOTE,—Paper and printing group omitted, as figures are being revised. Back figures of monthly series.—For index of manufactures, 1919-29 (all industries), see table 115. Tables showing indexes, both adjusted and unadjusted, by groups and by industries, 1923-33, may be obtained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS CONDITIONS 243 No. 117.—INDEX OF PRODUCTION OF MINERALS, BY INDUSTRIES [Monthly series adjusted for seasonal variation. 1923-25=100] • Iron- Year and month A t d r l u l i e s i s - n- m B c in o it o a u l u - s An c t i h te ra- P l c e r e u u tr m d o e , - m sh o e r i n p e t - s ( C m o i p n p e e d r ) Zinc Lead Silver 1919 77 89 109 52 91 81 1920 89 109 110 61 113 85 87 1921 70 79 112 64 36 30 39 66 84 1922 74 78 65 75 82 62 68 77 87 1923 105 108 115 99 114 93 96 88 10c 1924 96 93 109 97 100 97 102 101 1925 99 99 76 104 104 107 107 110 96 1926 10S 110 104 105 113 110 116 116 95 1927 107 99 99 122 98 105 111 112 9c 1928 106 96 93 122 104 115 112 106 88 1929 115 102 91 137 126 127 114 113 94 1930 99 89 86 122 90 87 91 97 79 1931 84 73 74 116 45 66 54 68 49 1932 71 59 62 107 t 38 45 37 1933 81 63 61 122 42 59 49 33 1930 January 110 101 94 133 101 104 92 87 Fphniarv 108 93 91 134 95 98 108 98 IVIarch 98 82 80 126 88 96 103 86 April 104 98 71 128 90 94 108 88 Mav 104 93 85 128 106 90 94 100 82 June 102 90 89 125 108 86 99 95 77 July.. . 100 87 99 121 97 83 91 100 76 August 96 83 89 117 96 84 94 102 72 September. _ 94 86 78 114 80 89 93 98 76 October 95 88 85 115 74 83 90 91 71 November 92 87 82 114 58 83 70 80 67 December 93 ^6 89 110 76 68 89 68 1931 January 89 78 83 110 72 65 80 64 February 87 74 81 109 76 65 79 60 March 89 77 84 112 70 65 76 60 April 91 78 83 120 69 61 69 54 Mav . 87 76 75 122 28 68 54 75 53 June 87 75 76 122 46 67 54 58 47 July 86 75 70 123 56 59 49 62 47 August. __ 79 71 62 107 59 59 49 66 45 September _ ... 78 71 65 103 52 60 49 65 42 October- 83 71 74 116 41 60 47 66 41 November 81 68 66 123 12 64 45 58 38 December 84 65 69 121 66 45 62 43 1932 77 59 55 112 45 59 39 February 78 63 58 109 46 54 31 March 85 71 82 109 45 55 30 80 56 82 112 43 45 40 May 67 50 50 109 2 39 49 36 June 64 46 43 106 3 38 49 45 July 65 47 56 105 8 34 31 40 August 65 51 49 104 8 31 33 41 71 58 62 105 8 31 41 38 October 74 68 62 104 13 33 38 36 November 75 67 66 106 7 35 45 37 77 67 76 96 39 39 30 1933 January 73 57 53 107 39 45 36 February 79 63 64 110 43 40 30 March 81 51 77 122 44 45 44 -ipril 72 55 44 108 45 45 36 May 78 57 43 134 14 45 37 30 June 84 64 65 134 15 55 41 24 July 90 76 67 132 40 71 36 34 August 91 75 61 134 57 77 36 28 Sfiptfvmbp.r 87 65 74 125 68 77 57 39 October 81 61 55 120 63 77 64 33 November 81 65 73 116 23 72 71 33 December 85 66 68 119 67 67 29 Back figures of monthly series—For index of minerals (all industries), 1919-29, see table 115. Tables showing indexes, both adjusted and unadjusted, by industries, 1923-33, may be obtained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No, 118.—INDEX OF FACTORY EMPLOYMENT, BY GROUPS [Index numbers of the Federal Reserve Board. 1 1923-25=100] Year and month d f m in a u A g c a s t t n l u r i l u i 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 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 G T r r e o a q u n u p s i p p o m r m t A e a o n t u b i t t o i o l n e - s L p e u a r a c n o t t d h d s e - r Ce c g a m l l n a a y d s e s n , 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 b c o t b d s e - r T p o u r b c o a t d s c - co 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 9 a I 81.0 107.2 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 2 2 2 3 2 2 2 2 3 3 3 4 6 5 2 3 9 7 0 1 8 3 - - . . . . . . . _ _ 1 1 1 8 6 6 9 0 7 9 9 9 0 0 1 1 2 6 7 8 4 9 7 6 4 . . . . . . . . . . . 0 2 8 4 6 8 2 2 2 1 4 1 1 8 5 6 9 9 0 9 7 9 0 0 8 6 1 7 8 5 6 7 1 4 1 . . . . . . . . . . . 4 0 8 1 4 8 2 7 4 3 9 1 1 1 1 5 5 0 9 9 9 9 1 7 0 0 7 S 6 2 2 2 3 8 7 0 7 . . . . . . . . . . 0 0 6 7 4 0 7 7 9 5 1 1 1 6 7 9 9 9 9 9 8 7 0 0 0 5 5 7 8 9 7 4 7 0 5 . . . . . . . . . . . 6 9 7 9 7 9 8 3 2 9 1 1 1 8 8 0 9 9 9 9 9 9 K 0 0 « 9 9 5 » 2 2 4 8 8 . . . . . . . . . . . 6 0 7 0 0 7 5 0 f 5 1 i 1 1 1 1 1 1 8 0 8 0 9 9 0 9 0 0 0 3 4 3 4 3 9 9 3 1 1 1 . . . . . . . . . . . 7 4 0 8 3 7 0 2 1 6 2 1 1 1 4 9 8 8 3 9 6 5 0 0 0 8 8 8 2 2 1 9 8 0 1 0 . . . . . . . . . . . 4 7 9 0 5 1 2 3 2 1 1 1 4 8 4 9 9 9 9 9 6 7 0 8 4 8 6 7 8 0 4 0 8 6 . . . . . . . . . . . 4 6 9 3 9 3 9 4 3 6 1 1 1 1 1 1 5 0 1 9 9 8 6 5 0 0 0 4 4 1 6 3 3 3 1 0 5 8 . . . . . . . . . . . 0 6 9 5 8 8 8 6 3 8 1 10 8 7 9 9 9 9 9 9 8 7 6 6 6 5 3 0 5 9 7 7 3 . . . . . . . . . . . 1 9 5 5 3 5 8 7 5 2 3 1 1 1 4 0 9 8 4 9 9 6 7 0 0 0 7 1 7 9 5 9 2 5 0 1 . . . . . . . . . . . 6 4 0 3 2 3 9 6 5 8 7 1 1 5 9 9 9 9 9 6 5 7 0 0 5 4 1 7 5 7 6 9 0 8 7 . . . . . . . . . . . 9 6 3 5 1 3 1 1 6 1 4 1 1 1 1 1 1 1 0 8 0 0 0 9 8 7 0 1 0 2 8 5 4 6 5 6 9 1 2 7 . . . . . . . . . . . 9 9 9 0 5 3 9 8 6 5 3 1 1 1 1 1 1 1 8 0 9 8 7 0 0 1 1 1 1 2 6 0 0 S 7 2 0 0 1 6 . . . . . . . . . . . 4 9 4 2 2 9 4 8 5 4 6 1 1 1 1 1 1 9 8 7 0 6 0 0 7 0 0 0 2 8 5 8 1 1 1 4 2 4 4 . . . . . . . . . . . 0 8 8 5 6 0 7 6 3 7 9 1 9 9 8 6 9 9 9 9 6 7 0 8 1 4 7 5 3 0 9 3 9 5 . . . . . . . . . . . 6 9 4 4 6 8 7 8 3 8 8 Without seasonal adjustment 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 June 102.0 100.8 120.8 96.3 99.2 103.2 90. 0 97.6 120. 6 89.4 93. S 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 89.6 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 88.0 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. H 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 SO. 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 50. 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 1933—January _ _ 58.1 49.6 44.0 69.6 78.6 80.2 33.8 46.1 50.4 73.3 36.7 44.4 76.2 75.0 59.1 60.4 February 59.2 51.8 44.4 72.3 78.4 80.1 33.4 45.1 49.6 77.3 37.8 45.3 77.3 75.7 59.4 63.4 March. _ 56.7 49 1 42 8 67.7 76 9 78.7 31.8 42.5 43.9 76.6 38.1 42.3 78.2 75.8 57.0 57.6 April 57.8 50.6 43.1 69.7 78.2 78.4 32.8 41.4 44.4 75.0 40.5 44.4 82.4 75.9 57.1 56.3 May __ 60.0 53 2 44 5 73 0 80 2 79.4 35.3 43.7 47.8 76.4 43.7 47.9 78.9 76.8 60.2 64.2 June 64.1 58.1 48.0 79.9 81.9 80.9 39.9 44.6 51.6 79.6 48.4 53.5 79.4 78.1 68.1 66.4 July- 68 9 65 3 51 8 85 7 83 1 82 5 44 0 49 2 58 4 85.4 51.8 59.5 84.0 78.1 77.0 65.6 August _ 73.4 72.7 57 1 87.8 89.3 86.9 47.6 51.7 60.9 88.7 55.8 65.4 89.9 79.7 83.3 67.6 September _ 76.6 75.3 60.9 88.0 96.0 91.0 51.1 53.4 63.4 86.6 55.8 67.7 96.2 84.4 84.4 67.1 October 75.8 73.8 62 7 87.6 97.4 92.8 51.7 50.9 56.8 84.9 54.2 67.0 99.4 87.8 83.4 70.2 November 72 6 71 7 62 4 83 7 95 1 92 4 48 9 47 9 50 1 75.4 53.2 64.4 100.3 88.6 81.8 71.9 December.. 71.0 70.4 61.9 79.6 92.0 92.8 46.3 51.3 58.6 75.2 51.9 61.6 100.6 89.6 81.3 67.5 For footnote see p. 247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 118.—INDEX OF FACTORY EMPLOYMENT, BY GEOUPS—Continued to [Index numbers of the Federal Eeserve Board. 1 1923-25=100] Transportation Year and month d m f i u n a A c s a g t t n H r u i u i n r e - - - s s I a r t n e o d e 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 n c o t t d h d s e - r C f e g a l m l n a a d y s e , s nt, f m e N r e r o t o n a u - ls s Gro C u h p emi r c e P l a f e e i l u n s tr m i o n - g 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 c s - co W Adjusted for seasonal variation o 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 M Fe a b r r c u h ary 1 10 0 0 0 . . 9 3 9 9 7 7 . . 6 8 1 1 1 0 2 9 . . 0 8 9 9 5 7 . . 4 4 9 9 9 9 . . 5 8 1 1 0 0 2 3. . 2 8 8 8 8 8 . . 5 4 9 9 8 8 . . 6 0 1 1 2 2 5 7 . . 6 3 9 91 1 . . 5 7 S 9 O 0 . . 9 0 1 1 0 0 4 4 . . 2 0 1 1 1 0 0 9 . . 4 5 1 1 1 0 0 8 . . 3 1 1 1 1 1 1 2 . . 4 6 9 9 2 2 . . 6 9 o 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 93.4 105.0 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 81.2 111. 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 88.0 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 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 6S.6 76.4 77.4 70.0 71.8 98.3 100. 8 75.2 82.0 w December 80.1 79.1 84. 2 77.4 90.8 96.7 58.8 C9.4 78.9 76.6 68.6 71.2 97.9 100.8 74.7 83.5 o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 89.7 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 1933—January... 59.4 50.6 44.5 69.2 79.6 79.6 35.0 47.4 53.3 72.9 39.4 44.8 76.4 76.4 59.7 64.9 February._ 59.4 51.4 44.2 70.4 79.2 79.9 34.4 45.0 48.9 75.6 39.9 44.4 76.4 76.7 59.1 64.1 March 56.6 48.3 42.2 65.4 78.4 78.5 32.5 41.7 41.9 75.7 38.9 41.0 75.6 76.6 56.6 57.8 sj April 57.7 50.0 42.6 68.5 81.2 78.8 33.3 40.1 41.5 76.4 40.2 43.4 77.6 75.9 56.7 57.5 May 60.6 52.5 44.2 73.4 82.6 79.9 35.7 41.9 43.8 79.7 42.6 47.4 80.3 76.9 59.7 65.4 June 64.8 58.1 47.7 81.6 82.3 81.6 40.0 43.9 50.3 83.9 46.8 53.6 82.3 77.4 67.8 66.8 July 70.1 66.3 51.7 90.3 83.6 83.4 43.8 49.3 58.8 85.7 51. & 60.3 87.5 76.4 76.4 67.3 s August 73.3 73.2 57.1 91.2 89.7 88.1 46.6 51.4 59.7 86.4 53.9 66.1 92.4 78.3 81.9 67.7 September. 74.3 74.7 61.1 88.4 93.9 91.2 49.4 52.8 61.5 83.3 53.9 68.6 95.9 83.0 82.2 65.2 October 73.9 73.6 63.1 86.2 93.4 92.3 49.9 51.0 56.8 82.0 52.9 67.9 99.1 87.9 83.7 66.8 November. 72.4 72.0 63.3 82.7 92.8 91.2 47.9 50.7 56.4 75.8 52.8 65.2 99.8 89.4 85.3 67.8 December. 71.8 71.4 62.6 78.8 90.3 91.2 46.7 54.7 66.9 77.2 53.3 62.3 100.4 90.7 83.4 66.4 i For revised total indexes offactory employment, without seasonal adjustment, as compiledby the Bureau of Labor Statistics, see Federal Reserve Bulletin for May 1934; detailed tables, by groups and by industries, may be obtained from the Bureau of Labor Statistics or the Federal Reserve Board. For revised index of factory employment, with seasonal adjustment, as compiled by the Federal Reserve Board, by groups and by industries, see Federal Reserve Bulletin for June 1934. Back figures of monthly series.—See Federal Reserve Bulletin for November 1929 and November 1930 for data back to January 1919. to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 119.—INDEX OF FACTORY PAY ROLLS, BY GROUPS [Index numbers of the Federal Reserve Board; without seasonal adjustment.1 1923-25=100] 00 Year and month f m in a A g c a t n l u i l u n r - - - s I a r t n e o d e 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 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 Tr e a q n u sp ip o m rt e a n ti t on L p e u a r a c n o t t d d h s - er Ce c a m l n a e d y n , 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 s tr m o- R p u u r c o b t d b s - er T p o u r b c o a t d s c - co dustries °™P mobii; refining 1919. 98.1 98.0 104.1 90.0 98.0 74.2 89.2 88.8 74.9 99.0 72.6 100.1 107.2 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 99.8 102.1 101.5 104.2 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 1933 47.5 36.9 33.8 55.5 69.3 23.3 36.9 40.3 55.7 28.0 39.6 68.3 67.4 51.2 45.9 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 93.4 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 88.8 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 d 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 I—I 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 1933—January .. 39.2 22.7 26.0 44.2 64.1 67.0 16.3 34.0 36.3 43.7 20.2 27.5 60.7 64.6 35.4 38.3 o a February - .. . 40.0 24.7 26.3 48.2 62.7 65. 8 16.3 32.1 32.2 50.0 20.9 27.4 60.8 64.3 35.8 40.2 March __ . .. 36.9 22.4 24.0 41.3 59.8 63.3 14.3 29.2 27.0 47.1 20.6 25.1 60.4 64.5 31.1 36.0 April 38.6 24.4 24.4 45.2 62.6 62.4 15.6 30.6 32.3 45.9 22.0 27.4 60.8 63.8 34.2 35.9 Mny 42 0 29.5 27.4 46.8 64.8 64.9 18.0 35.3 40.4 50.8 25.1 34.5 61.9 65.1 46.2 45.5 June 46.2 36.2 32.0 53.6 66.3 66.6 21.7 36.0 43.2 57.4 29.1 41.4 64.6 66.3 57.3 47.3 Julv. 49.9 42.4 35.7 58.9 68.2 67.8 24.6 38.3 46.1 64.2 30.2 46.5 G7.9 66. 1 65.2 47.3 oii August 55 7 52.7 38.9 67.0 71.7 70.8 28.9 43.9 52.5 69.3 34.6 50.4 72.2 66.7 64.4 48.2 September 57.6 49 0 41.2 70. 7 78 2 74.6 33 1 43.0 50.1 68 7 34. 1 51.4 74.3 69.8 62.9 52.3 October, __ 57.4 49.3 43.4 69.2 78.8 76.0 33. 5 41.7 43.3 64.0 34.1 50.2 78.7 72.5 62.8 55.5 November 53.6 44.4 43.3 63.0 77.2 75.6 30.0 38.0 37.3 53.3 32.8 47.2 78.2 72. 0 57.8 54.4 December. _ . 53.1 44.8 43.0 58.1 78.1 77.2 27.5 40.2 43.3 54.4 32.0 46.2 78. S 72.5 60.7 50.4 i For revised total indexes of factory pay rolls, without seasonal adjustment, as compiled by the Bureau of Labor Statistics, see Federal Reserve Bulletin for May 1934; detailed tables, by groups and by industries, may be obtained from the Bureau of Labor Statistics or the Federal Reserve Board. Back figures of monthly series.—See Federal Reserve Bulletin for November 1929 for data back to January 1919. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD No. 120.—INDEX NUMBERS OF WHOLESALE COMMODITY PRICES IN THE UNITED STATES, BY MONTHS AND YEARS, 1913-331 Undex numbers 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 d l 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 i a i g a u n n h t d e g e t l - - M m p u a r e e n c o t t t d a d a s l - l sB m r i i u a n a i t g l l e s d - -C d i a h r c n u a e d g l m s s -H g n f o o i i u n u s o r g h d s - - e s - n c M e e o l i l u s a - s rials 1913 69.8 71.5 64.2 70.0 68.1 57.3 61.3 90.8 56.7 80.2 56.3 93.1 1914 68.1 71.2 64.7 66.4 70.9 54.6 56.6 80.2 52.7 81.4 56.8 89.9 1915 69.5 71.5 65.4 68.0 75.5 54.1 51.8 86.3 53.5 112.0 56.0 86.9 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 1919 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 103.5 109.8 100.2 102.6 105.3 108.3 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 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65 9 51.4 60 5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1926 January 103.2 107.4 102.6 102.5 103.3 105.8 98.8 99.9 101.3 101.5 101.1 110.0 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 JMunaye 1 1 0 0 0 0 . . 4 5 1 1 0 0 0 2 . . 9 4 1 10 0 0 0 . . 5 1 1 10 0 0 0 . . 1 1 9 98 9 . . 8 0 1 9 0 9 0 . . 5 2 1 1 0 0 0 0 . . 9 7 9 9 9 8. . 7 3 9 9 9 9 . . 2 1 1 1 0 0 0 0 . . 6 0 1 10 0 0 0 . . 2 3 1 1 0 0 1 2 . . 6 5 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 99.6 98.9 100.5 100.7 100.0 99.9 100.0 96.9 September 99.7 99.3 99.8 99.6 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 99.6 95.7 November 98.4 94.7 100.4 99.1 100.3 96.4 102.2 100.7 100.5 98.9 99.6 93.1 December 97.9 94.9 100.6 98.0 100.3 95.4 99.4 100.4 99.9 99.0 98.7 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 J J u u n ly e 9 9 4 4 . . 1 3 9 9 6 7. . 6 5 9 9 4 4. . 8 3 9 93 3 . . 4 5 1 1 1 0 1 7 . . 4 1 9 94 4 . . 6 7 8 8 6 6 . . 2 2 9 9 5 6 . . 8 2 9 9 4 5 . . 7 3 9 95 6 . . 6 1 9 97 7 . . 4 7 9 90 1 . . 7 3 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 92.8 120.7 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 Mav 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 99.6 95.8 95.8 94.1 82.5 i Figures for 1926 and later years based on 784 price series. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS CONDITIONS 251 No. 120.—INDEX NUMBERS OP WHOLESALE COMMODITY PRICES IN THE UNITED STATES, BY MONTHS AND YEARS, 1913-33—Continued [Index numbers of the U.S. Bureau of Labor Statistics. 1926= 100] Other commodities All I Y m ea o r n a th nd m c t o o ie m d s i - - F p u r a c o r t d m s - Foods Total l H e p u a a r i n c o d th d 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 e d l e s t l - - 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 a n a i t g l l e s d - -C d i a h c r n u a e d g l m s s -H g n f o o i i u c u s o r g h s - d e - s - n c M e el o i l s a u - - s 1929 January.... 95.9 105.9 98.9 92.3 113.4 92.5 84.2 100.1 95.5 95.6 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 89.6 83.3 101.0 95.1 93.3 94.3 82.8 August 96.3 107.5 103.5 91.4 109.5 89.8 82.2 100.5 95.2 93.6 94.3 82.8 September. 96.1 106.6 103.3 91.6 110.6 89.8 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 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 Maroh 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 93.0 92.2 87.3 102.6 83.4 80.3 93.5 92.4 90.2 93.5 80.4 June 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 80.3 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 84.5 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 1932 January., _. 67.3 52.8 64.7 71.7 79.3 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 53.0 69.3 79.4 70.8 72.3 73.6 63.4 January 61.0 42.6 55.8 67.3 68.9 51.9 66.0 78.2 70.1 71.6 72.9 61.2 February 59.8 40.9 53.7 66.0 68.0 51.2 63.6 77.4 69.8 71.3 72.3 59.2 March 60.2 42.8 54.6 65.8 68.1 51.3 62.9 77.2 70.3 71.2 72.2 58.9 April 60.4 44.5 56.1 65.3 69.4 51.8 61.5 76.9 70.2 71.4 71.5 57.8 May 62.7 50.2 59.4 66.5 76.9 55.9 60.4 77.7 71.4 73.2 71.7 58.9 June 65.0 53.2 61.2 68.9 82.4 61.5 61.5 79.3 74.7 73.7 73.4 60.8 July 68.9 60.1 65.5 72.2 86.3 68.0 65.3 80.6 79.5 73.2 74.8 64.0 August 69.5 57.6 64.8 74.1 91.7 74.6 65.5 81.2 81.3 73.1 77.6 65.4 September.._ 70.8 57.0 64.9 76.1 92.3 76.9 70.4 82.1 82.7 72.7 79.3 65.1 October 71.2 55.7 64.2 77.2 89.0 77.1 73.6 83.0 83.9 72.7 81.2 65.3 November... 71.1 56.6 64.3 77.2 88.2 76.8 73.5 82.7 84.9 73.4 81.0 65.5 December 70.8 55.5 62.5 77.5 89.2 76.4 73.4 83.5 85.6 73.7 81.0 65.7 Back figures.—Available at the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD JVo. 131.—INDEX NUMBERS OF WHOLESALE COMMODITY PRICES IN THE UNITED STATES, BY WEEKS, 1932 AND 1933 [Index numbers of the U.S. Bureau of Labor Statistics. 1926=100] Other commodities W (S e a e tu k r d e a n y d ) i — ng m c t A o i o e m l d l s i - - F p u r a c o r t d m 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 g i n a u n a h t g e l d e t s l - - M m p u a r e e n c o t t t d d a a s l - l s B m r i u i n a a i g t l l e s d - - C d i a c h r n u a e d g l m s s -H g n f o i o i u n s u o r g h s d - e - s - n c M e e o l i l u s a- s 1932 Jan. 2... 68.3 54.6 68.7 72.1 79.5 60.5 67.8 82.3 76.0 76.4 78.5 Jan. 9__ 68.1 55.6 67.7 71.7 79.7 60.4 67.7 81.9 75.2 76.2 78.5 Jan.16. 67.9 55.5 66.7 71.8 79.6 59.6 67.8 81.7 74.7 75.8 78.7 66.0 Jan. 23. 67.6 54.6 65.7 71.8 79.7 60.1 68.0 81.7 74.9 75.8 78.7 65.5 Jan. 30. 66.7 51.1 63.1 71.7 79.2 60.1 68.2 81.6 74.7 75.8 78.7 65.0 Feb. 6 66.7 52.1 63.0 71.5 79.1 60.0 68.1 81.3 7o. °i 75.8 78.7 64.9 Feb. 13 66.2 50.7 62.4 71.3 78.5 59.9 68.0 81.0 73.3 75.7 78.7 64.5 FSv. 20 i 66.3 50.9 62.9 71.2 78.1 59.9 67.8 80.9 73.2 75.5 78.7 64.7 Feb. 27 c* 3 51.2 62.9 71.2 77.9 59.7 67.8 73.6 75.7 78.6 64.6 Mar. 5.. 66.2 50.9 62.7 71.0 77.9 59.1 6'.. 9 "0.6 I 73.4 75.2 64.6 Mar. 12. 66.5 51.0 62.9 71.2 77.9 59.0 68.7 80.8 73.4 75.3 78.6 64.8 Mar. 19, 66.5 51.6 62.4 71.2 77.7 58.8 C'J.l 80.7 73.4 75.1 78.6 64.7 Mar. 26. 66.2 50.5 62.4 71.1 76.3 58.7 69.1 73.3 74.9 78.6 64.6 Apr. 2_._ 65.9 49.5 61.7 71.1 75.8 58.4 73.1 74.4 78.3 64.7 Apr. 9— 65.7 49.7 61.4 70.9 75.6 57.7 69! > 80.2 72.9 74.3 78.2 64.6 Apr. 16- 66.0 50.1 61.3 71.3 75.6 57.2 71.7 80.1 72.4 74.5 78.2 64.8 Apr. 23- 65.8 49.7 61.0 71.1 74.4 56.8 71.7 80.2 72.2 74.5 78.2 64. S Apr. 30- 65.5 48.8 61.0 71.0 73.9 56.5 72.0 80.2 72.4 74.4 76.3 May 7.. 65.1 47.9 60.2 70.8 73.3 56.5 71.7 80.2 71. 7 ! 74.0 76.2 64.7 May 14. 64.9 47.8 59.9 70.7 73.3 56.1 71.6 80.1 71 7 I 73. 7 75.9 64.6 May 21, 64.5 47.1 59.1 70.5 72.2 55.8 71.4 79.9 71. 8 73. 6 75.9 64.4 May 28, 64.3 46.3 59.3 70.3 72.1 55.4 71.4 79.8 71. 3 73.4 75.9 64.1 June 4_._ 64.0 45.6 58.6 70.1 72.0 54.8 71.3 79.9 71.0 73.2 75.8 64.0 June 11- 63.8 45.8 58.6 70.1 71.5 54.3 71.3 79.9 71.0 73.1 75.6 64.0 June 18- 63.7 45.4 58.5 70.0 71.2 53.6 71.6 79.9 70.9 73.0 j 75.7 64.0 June 25- 64.0 46.4 59.5 70.0 70.1 53.5 71.8 79.8 70.7 72.9 ! 75.7 64.2 July 2... 64.4 46.9 60.1 70.1 70.0 52.4 72.6 79.8 70.3 72.7 75.7 64.5 July 9-. 64.8 48.1 60.7 70.3 69.2 51.9 73.3 80.1 70.7 73.0 75.6 64.2 July 16.. 65.0 48.7 61.2 70.0 68.5 51.5 72.8 80.3 69.7 73.0 75.6 64.3 July 23.. 64.5 47.8 61.0 69.7 68.5 51.3 72.8 79.0 69.5 73.0 75.6 64.3 July 30. 64.7 48.4 61. > 69.7 69.3 51.4 72.8 79.1 69.5 73.2 75.0 64.5 Aug. 6 r*4. 8 47.9 61, 1 69.9 69.9 51.5 73.0 79.2 73.4 74.9 64.5 Augg. 13 __| 65.2 49.4 6.5 70.0 70.2 52.1 72.9 79.4 73.4 74.9 64. 7 Aug. 20 65. 4 49.9 Gi. 70.2 70.6 52.7 72.8 80.1 73.5 74.9 64.7 Aug. 27 65.2 49.5 61.6 70.2 70.8 53.0 72.7 80.0 73.0 74.9 64.4 Sept. 3 65.5 50.4 61.6 70.4 70.6 54.2 72.2 80.2 69.9 73.2 74.8 64.7 Sept. 10 65.7 50.4 62.3 70.5 71.4 55.1 71.9 80.4 70.2 73.0 74.6 64.5 Sept. 17 65.4 49.2 62.1 70.4 72.4 55.2 71.8 79.6 70.4 73.0 74.6 65.1 Sept. 24 65.5 49.3 62.1 70.6 73.2 55.4 71.7 80.1 70.7 72.9 74.6 64.9 Oct. 1— 65.4 49.5 62.0 70.5 73.3 55.3 71.7 80.0 70.6 73.0 74.6 64.5 Oct. 8-._ 64.9 48.8 61.5 70.3 73.0 55.3 71.3 80.1 70.5 72.9 74.1 64.1 Oct. 15-. 64.4 47.4 60.7 70.2 72.5 54.9 71.3 80.1 70.5 72.7 72.5 63.9 Oct. 22.. 64.4 47.0 60.8 70.3 72.8 54.7 71.9 80.3 70.5 72.7 72.5 Oct. 29.. 64.1 46.2 60.1 70.4 72.2 54.5 72.8 79.9 70.6 72.4 72.5 Nov. 5_. 63.9 45.9 59.3 70.3 71.6 54.2 72.8 79.9 70.7 72.4 72.5 63.8 Nov. 12. 64.0 46.6 60.2 70.1 71.3 54.0 72.2 79.8 70.6 72.2 72.5 63.6 Nov. 19. 64.2 48.3 61.3 70.0 71.4 53.6 72.0 79.6 70.7 72.7 72.5 63.6 Nov. 26. 64.0 47.3 61.6 69.9 71.4 53.4 72.1 79.5 70.7 72.7 72.5 63.5 Dec. 3— 63.6 46.8 60.7 69.8 71.1 53.0 71.9 79.5 70.5 72.5 72.5 63.5 Dec. 10— 63.1 44.7 58.7 69.6 70.8 52.8 71.6 79.4 70.6 72.3 73.5 63.3 Dec. 17- 63.0 44.7 58.8 69.5 69.3 53.0 71.5 79.3 70.6 72.3 73.5 63.2 Dec. 24— 62.5 44.3 58.4 69.0 69.1 52.8 69.5 79.3 70.9 72.3 73.5 63.2 Dec. 31.. 62.2 43.7 57.9 68.8 69.1 52.5 69.0 79.3 70.8 72.2 73.5 63.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS CONDITIONS 253 No. 121.—INDEX NUMBEBS OF WHOLESALE COMMODITY PRICES IN THE UNITED STATES, BY WEEKS, 1932 AND 1933—Continued [Index numbers of the U.S. Bureau of Labor Statistics, 1926=100] Other commodities All W (S e a e tu k r d e a n y d ) i — ng m c t o o ie m d s i - - F p u r a c o r t d m s - Foods Total l H e p u a a r i c n 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 n a u n a h t g e l d e t s l - - M m p u a r e e n c o t t t d d a 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 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 i o l s l u - a- s 1933 Jan. 7 61.9 43.8 58.1 68.2 68.9 52.7 68.1 79.1 70.7 72.0 73.3 61.4 Jan. 14.__. 62.0 45.2 58.2 68.1 69.2 52.3 67.8 79.0 70.6 72.1 73.3 61.5 Jan. 21._._ 61.2 43.0 56.0 67.6 69.0 51.9 67.6 78.2 70.3 71.9 72.8 60.8 Jan. 28— 60.4 41.3 54.1 67.0 68.6 51.8 65.2 78.2 70.2 71.9 72.8 60.8 Feb. 4 60.0 40.2 53.6 66.8 68.3 51.4 64.7 78.1 70.0 71.8 72.8 60.8 Feb. 11— 60.2 41.2 54.4 66.6 68.1 51.0 64.7 77.9 71.4 72.7 60.6 Feb. 18—_ 60.1 41.9 54.3 66.3 67.9 51.0 64.4 77.6 71.4 72.7 59.7 Feb. 25— 59.7 40.8 53.7 66.2 67.6 50.7 64.3 77.4 71.3 72.7 59.6 Mar. 4.__- 59.6 40.6 53.4 66.2 67.6 50.6 64.4 77.4 70.1 71.3 72.7 59.6 Mar. 11. _. 60.2 42.7 55.0 66.0 67.5 50.7 63.9 77.2 70.0 71.4 72.3 59.2 Mar. 18... 60.4 43.4 54.8 66.1 68.1 51.1 63.7 77.5 70.1 71.5 72.3 59.3 Mar. 25... 60.5 43.6 55.4 66.1 51.1 63.6 77.4 70.2 71.7 72.3 59.3 Apr. 1 60.1 43.4 54.7 65.7 68.7 51.0 63.2 77.0 70.4 71.6 72.3 57.7 Apr. 8 60.1 44.0 55.3 65.5 68.5 50.9 62.9 76.7 69.9 71.3 72.3 57.6 Apr. 15— 60.3 44.5 55.7 65.6 68.3 50.9 62.6 76.9 70.4 71.2 72.2 57.9 Apr. 22 60.4 44.6 56.2 65.5 69.1 51.4 62.4 76.8 70.2 71.3 72.2 57.7 Apr. 29.... 61.5 46.4 58.1 66.2 71.8 52.4 62.5 77.6 70.5 72.0 72.3 58.6 May 6 61.9 47.8 58.2 66.4 73.3 53.7 62.1 77.5 70.8 72.4 71.7 58.8 May 13... 62.3 49.0 59.1 66.5 75.8 54.0 61.3 77.9 70.8 72.6 71.8 59.0 May 20... 63.0 50.9 59.9 66.8 77.9 55.3 61.2 77.9 71.1 72.9 71.9 58.9 May 27.. . 63.3 52.4 60.3 67.0 78.9 56.2 61.0 78.1 71.5 73.2 71.9 58.8 June 3 63.8 53.2 61.0 67.3 79.9 57.5 61.1 78.2 71.8 73.2 71.9 59.2 June 10 64.0 52.5 61.0 67.8 80.9 58.7 60.8 78.7 72.9 73.8 72.4 59.5 June 17 64.5 52.8 61.0 68.5 82.8 60.2 61.4 78.9 73.4 73.8 72.8 60.6 June 24 65.1 53.2 61.4 69.4 83.5 61.5 63.6 78.9 74.2 73.6 72.8 61.1 July 1 66.3 56.9 62.6 70.1 83.3 62.2 64.3 79.2 75.9 73.5 73.2 62.1 July 8 67.2 58.5 62.9 71.1 83.7 64.1 65.7 79.9 77.0 73.0 73.6 62.9 July 15 68.9 61.1 65.9 72.2 85.4 66.5 66.7 80.6 78.8 72.9 74.0 63.5 July 22.... 69.7 62.7 66.5 72.9 87.8 68.3 66.8 80.7 79.1 73.2 74.3 64.6 July 29.... 69.2 59.6 66.1 73.2 88.3 68.4 67.0 80.8 80.1 73.4 74.6 65.1 Aug. 5 69.2 58.7 65.1 73.6 90.4 70.8 66.6 80.8 80.9 73.4 75.4 65.0 Aug. 12... 69.4 58.5 64.9 74.1 91.4 72.9 66.8 80.8 80.7 73.1 76.0 65.2 Aug. 19... 69.3 57.5 64.4 74.2 90.9 74.1 66.5 80.8 80.8 72.9 76.4 65.5 Aug. 26... 58.2 65.0 74.4 92.8 74.2 66.7 81.2 80.7 72.5 76.9 65.2 Sept. 2 69.7 57.1 65.3 74.6 92.9 74.2 67.2 81.4 81.0 72.2 77.0 65.2 Sept. 9 69.7 56.6 65.0 74.8 92.8 73.9 67.6 81.7 81.4 72.3 78.6 64.9 Sept. 16. __ 70.5 55.9 65.1 76.1 92.0 75.5 72.5 81.7 82.0 72.1 78.7 64.8 Sept. 23... 71.5 59.3 65.9 76.5 92.0 76.4 72.8 81.8 82.3 72.1 78.8 65. 1 Sept. 30... 71.1 58.0 64.9 76.6 91.9 76.3 72.6 82.0 83.2 72.1 79.4 65.1 Oct. 7 71.3 57.5 65.0 77.1 91.8 76.3 73.4 82.4 83.7 72.7 81.1 65.0 Oct. 14.... 71.1 56.7 64.8 77.0 76.2 73.8 82.3 83.9 72.7 81.2 65.0 Oct. 21.... 70.4 54.2 63.7 77.0 76.2 74.0 82.0 83.6 72.6 81.3 64.9 Oct. 28—. 70.9 55.6 64.2 77.1 87.7 76.3 74.5 82.4 72.7 81.3 65.2 Nov. 4.... 70.9 55.5 64.2 77.2 87.6 76.1 74.6 82.5 83.8 72.6 81.3 65.3 Nov. 11... 71.2 55.6 65.0 77.5 87.5 76.0 74.7 83.4 84.4 73.2 82.2 65.4 Nov. 18... 71.7 58.7 65.4 77.5 88.5 75.8 74.5 83.5 84.7 73.5 82.1 65.4 Nov. 25... 71.0 56.8 63.9 77.5 75.8 73.9 83.5 85.1 73.8 82.0 65.4 Dec. 2 70.7 55.9 63.2 77.4 89.1 75.4 73.8 83.4 85.2 73.7 82.0 65.3 Dec. 9 70.9 56.0 63.3 77.6 89.0 75.9 74.5 83.3 85.3 73.6 81.8 65.6 Dec. 16.... 70.8 55.9 63.0 77.5 76.0 74.2 83.1 85.3 73.4 81.7 65.6 Dec. 23.... 70.4 54.8 61.6 77.6 89.2 76.0 74.4 83.2 85.3 73.4 81.9 65.5 Dec 30— 70.8 56.0 62.5 77.6 89.6 76.0 74.5 83.3 85.4 73.3 81.9 65.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APPENDIX 255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY OF THE FEDERAL ADVISORY COUNCIL [Dec. 31, 1933] 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 WALTER E. FREW W. T. KEMPER MEMBERS District No. 1.—THOMAS M. STEELE, president, First National Bank & Trust Co. of New Haven, Conn. District No. 2.—WALTER E. FREW, chairman, Corn Exchange Bank Trust Co., New York, N.Y. District No. 3.—HOWARD A. LOEB, chairman, Tradesmens National Bank & Trust Co., Philadelphia, Pa. District No. 4.—H. C. MCELDOWNEY, president, Union Trust Co of Pittsburgh, Pa. District No. 5.—HOWARD BRUCE, president, Baltimore National Bank, 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, president, Northwestern National Bank, Minneapolis, Minn. District No. 10.—W. T. KEMPER, 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 21, 1933 TOPIC.—Publication of loans made by the Reconstruction Finance Corporation. Recommendation.—The Federal Advisory Council is of the opinion that the list of loans made by the Reconstruction Finance Corporation may well be filed with the President of the United States and the chairman of the appropriate committee in each of the Houses of Congress. As the object of these loans was and is to restore public confidence in the financial and industrial structure of the country, the Council believes that much of the good accomplished has been undone by the publication of the names of the institutions to which loans have been made. The council believes that all such publicity is harmful and should cease. 257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SEPTEMBER 19, 1933 RESOLUTION WITH RESPECT TO CAPITAL FUNDS AND THE INVESTMENT MARKETS Since the Securities Act of 1933 came into operation, the normal issue of corporate securities by responsible corporations has almost ceased. It has become evident that large corporations, with responsible boards of directors, will not undertake capital issues because of the liabilities which the act imposes upon them and the individual members of their board of directors in regard thereto. It has also become evident that responsible investment bankers will not act as underwriters of corporate issues, because of the liabilities imposed upon them under the terms of the Securities Act of 1933. That this is so, is clearly established from the fact that no nationally known industrial or public utility company has undertaken any new financing under the Securities Act of 1933. This situation presents a grave problem in connection with the national industrial recovery program and with the orderly restoration of credit operations of financial institutions. Unless this situation is changed, companies with maturing obligations will not have the usual facilities provided for the refunding thereof, and many sound companies may be faced with receivership because of inability to obtain capital funds for refunding purposes. Similarly, industrial progress requiring new capital will be prevented through inability to obtain capital funds, even though sought by sound and seasoned enterprises. There is nothing which will help so much in increasing employment and aiding in the consumption of capital goods as the possibility of carrying on adequate capital financing. The banks of the country could not undertake to lend their depositors' funds to corporations to enable them to discharge their maturing capital obligations or to make capital additions, because the volume of loans required for refunding and new capital requirements would be beyond the capacity of the banks to meet. Under the Banking Act of 1933, banks are in effect prohibited from underwriting the capital requirements of the industries of the country, either directly or through affiliates. This provision has restricted in a great measure the investment banking facilities of the country. It is essential that the industries of the country (including public utilities) be enabled to finance their ordinary capital requirements either for refunding or for new capital in the investment markets, and it is apparent that amendments to the law must be made so that it will not stifle the legitimate flow of capital into industry. Accordingly, it is hereby Resolved, That in aid of the national recovery program, the Securities Act of 1933 and the Banking Act of 1933 should be amended in such respects as may be necessary to enable industries of the country to obtain capital funds in the investment markets, retaining in such laws such provisions as may be necessary properly to safeguard the interests of the investing public. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDATIONS OF FEDERAL ADVISORY COUNCIL 259 NOVEMBER 20, 1933 TOPIC NO. 1.—Monetary situation. Recommendation.—On September 18, 1933, the Governor of the Federal Reserve Board requested the opinion of the Federal Advisory Council with respect to certain features of the monetary situation having specific reference to inflation. In view of this request the Federal Advisory Council offers the following observations: The council sympathizes with the fundamental purposes of the Administration in its expressed determination to bring about an increase in employment, to increase purchasing power, to raise price levels, and generally to return our citizenship to a condition of economic and social well-being consistent with the great wealth and resources of the country; it feels, however, that the attainment of these ends is certain to be seriously retarded by the widespread and increasing concern for the value and stability of the Nation's currency. Without an enduring faith in the steady purchasing power of the dollar, the laborer is without security of his hire, capital is exposed to loss, and the entire economic structure is undermined by doubt and fear. The Council, therefore, believes that an early return to a gold standard basis for our currency is of the greatest importance and an imperative necessity to the success of the Administration's recovery program. It strongly urges the Federal Reserve Board to exert its utmost influence to bring about early stabilization of the currency, together with a commitment for the reasonable and definite limitation of the Federal debt, to the end that confidence in the dollar may be restored, that flight of American capital be halted, that decline in the price of Government securities be arrested, and the welfare of all our people preserved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 1933 EXTENSION OF GLASS-STEAGALL ACT [PUBLIC—No. 326—72D CONGRESS] [S. 5484] AN ACT To extend the time during which certain provisions of the Act of February 27, 1932, relating to improving the facilities of the Federal reserve system to meet the needs of member banks in exceptional circumstances, shall be effective. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 10 (b) of the Federal Reserve Act, as amended (U. S. C, Supp. VI, title 12, sec. 347b), and the second paragraph of section 16 of the Federal Reserve Act, as amended by section 3 of the Act entitled "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," approved February 27, 1932 (U. S. C, Supp. VI, title 12, sec. 412), are amended by striking out the date "March 3, 1933" wherever it appears and inserting in lieu thereof " March 3, 1934." Approved, February 3, 1933. JOINT RESOLUTION AUTHORIZING COMPTROLLER OF THE CURRENCY TO EXERCISE ADDITIONAL POWERS [PUBLIC RESOLUTION—-No. 58—72D CONGRESS] [S. J. Res. 256] JOINT RESOLUTION Authorizing the Comptroller of the Currency to exercise with respect to national banking associations powers which State officials, may have with respect to State banks, savings banks, and/or trust com panies under State laws. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That, with the approval of the Secretary of the Treasury, the Comptroller of the Currency shall have and may exercise to such extent as he deems advisable with respect to any national banking association any powers which the State officials having supervision of State banks, savings banks and/or trust companies in the State in which such national banking associations are located may have with respect to such State institutions under State laws now in force or hereafter enacted: Provided, That nothing herein shall be construed to permit the establishment of branches of either national or State member banks or allow consolidation of either national or State member banks not allowed by existing laws. Expenses incurred by the Comptroller of the Currency in the exercise of such powers may be assessed by him against the banks concerned and, when so assessed, shall be paid by such banks. Nothing herein shall be construed to impair any power otherwise possessed by the Comptroller of the Currency, the Secretary of the Treasury or the Federal Reserve Board. The powers herein conferred shall terminate six months from its approval by the President; but the President of the United States may extend its force by proclamation for an additional six months. Approved, February 25, 1933. 260 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 193 3 261 EMERGENCY BANKING ACT AND BANK CONSERVATION ACT [PUBLIC—No. 1—73D CONGRESS] [H.R. 1491] AN ACT To provide relief in the existing national emergency in banking, 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 Congress hereby declares that a serious emergency exists and that it is imperatively necessary speedily to put into effect remedies of uniform national application. TITLE I SECTION 1. The actions, regulations, rules, licenses, orders and proclamations heretofore or hereafter taken, promulgated, made, or issued by the President of the United States or the Secretary of the Treasury since March 4, 1933, pursuant to the authority conferred by subdivision (b) of section 5 of the Act of October 6, 1917, as amended, are hereby approved and confirmed. SEC. 2. Subdivision (b) of section 5 of the Act of October 6, 1917 (40 Stat. L. 411), as amended, is hereby amended to read as follows: " (b) During time of war or during any other period of national emergency declared by the President, the President may, through any agency that he may designate, or otherwise, investigate, regulate, or prohibit, under such rules and regulations as he may prescribe, by means of licenses or otherwise, any transactions in foreign exchange, transfers of credit between or payments by banking institutions as defined by the President, and export, hoarding, melting, or earmarking of gold or silver coin or bullion or currency, by any person within the United States or any place subject to the jurisdiction thereof; and the President may require any person engaged in any transaction referred to in this subdivision to furnish under oath, complete information relative thereto, including the production of any books of account, contracts, letters or other papers, in connection therewith in the custody or control of such person, either before or after such transaction is completed. Whoever willfully violates any of the provisions of this subdivision or of any license, order, rule or regulation issued thereunder, shall, upon conviction, be fined not more than $10,000, or, if a natural person, may be imprisoned for not more than ten years, or both; and any officer, director, or agent of any corporation who knowingly participates in such violation may be punished by a like fine, imprisonment, or both. As used in this subdivision the term 'person' means an individual, partnership, association, or corporation." SEC. 3. Section 11 of the Federal Reserve Act is amended by adding at the end thereof the following new subsection: "(n) Whenever in the judgment of the Secretary of the Treasury such action is necessary to protect the currency system of the United States, the Secretary of the Treasury, in his discretion, may require any or all individuals, partnerships, associations and corporations to pay and deliver to the Treasurer of the United States any or all gold coin, gold bullion, and gold certificates owned by such individuals, partnerships, associations and corporations. Upon receipt of such gold coin, gold bullion or gold certificates, the Secretary of the Treasury shall pay therefor an equivalent amount of any other form of coin or currency coined or issued under the laws of the United States. The Secretary of the Treasury shall pay all costs of the transportation of such gold bullion, gold certificates, coin, or currency, including the cost of insurance, protection, and such other incidental costs as may be reasonably necessary. Any individual, partnership, association, or corporation failing to comply with any requirement of the Secretary of the Treasury made under this subsection shall be subject to a penalty equal to twice the value of the gold or gold certificates in respect of which such failure occurred, and such penalty may be collected by the Secretary of the Treasury by suit or otherwise." SEC. 4. In order to provide for the safer 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 through the National Banking System and the Federal Reserve System, and to relieve interstate commerce of the burdens and obstructions resulting from the receipt on an unsound or unsafe basis of deposits subject to withdrawal by check, during such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD emergency period as the President of the United States by proclamation may prescribe, no member bank of the Federal Reserve System shall transact any banking business except to such extent and subject to such regulations, limitations and restrictions as may be prescribed by the Secretary of the Treasury, with the approval of the President. Any individual, partnership, corporation, or association, or any director, officer or employee thereof, violating any of the provisions of this section shall be deemed guilty of a misdemeanor and, upon conviction thereof, shall be fined not more than $10,000 or, if a natural person, may, in addition to such fine, be imprisoned for a term not exceeding ten years. Each day that any such violation continues shall be deemed a separate offense. TITLE II SEC. 201. This title may be cited as the "Bank Conservation Act." SEC. 202. As used in this title, the term "bank" means (1) any national banking association, and (2) any bank or trust company located in the District of Columbia and operating under the supervision of the Comptroller of the Currency; and the term "State" means any State, Territory, or possession of the United States, and the Canal Zone. SEC. 203. Whenever he shall deem it necessary in order to conserve the assets of any bank for the benefit of the depositors and other creditors thereof, the Comptroller of the Currency may appoint a conservator for such bank and require of him such bond and security as the Comptroller of the Currency deems proper. The conservator, under the direction of the Comptroller, shall take possession of the books, records, and assets of every description of such bank, and take such action as may be necessary to conserve the assets of such bank pending further disposition of its business as provided by law. Such conservator shall have all the rights, powers, and privileges now possessed by or hereafter given receivers of insolvent national banks and shall be subject to the obligations and penalties, not inconsistent with the provisions of this title, to which receivers are now or may hereafter become subject. During the time that such conservator remains in possession of such bank, the rights of all parties with respect thereto shall, subject to the other provisions of this title, be the same as if a receiver had been appointed therefor. All expenses of any such conservatorship shall be paid out of the assets of such bank and shall be a lien thereon which shall be prior to any other lien provided by this Act or otherwise. The conservator shall receive as salary an amount no greater than that paid to employees of the Federal Government for similar services. SEC. 204. The Comptroller of the Currency shall cause to be made such examinations of the affairs of such bank as shall be necessary to inform him as to the financial condition of such bank, and the examiner shall make a report thereon to the Comptroller of the Currency at the earliest practicable date. SEC. 205. If the Comptroller of the Currency becomes satisfied that it may safely be done and that it would be in the public interest, he may, in his discretion, terminate the conservatorship and permit such bank to resume the transaction of its business subject to such terms, conditions, restrictions and limitations as he may prescribe. SEC. 206. While such bank is in the hands of the conservator appointed by the Comptroller of the Currency, the Comptroller may require the conservator to set aside and make available for withdrawal by depositors and payment to other creditors, on a ratable basis, such amounts as in the opinion of the Comptroller may safely be used for this purpose; and the Comptroller may, in his discretion, permit the conservator to receive deposits, but deposits received while the bank is in the hands of the conservator shall not be subject to any limitation as to payment or withdrawal, and such deposits shall be segregated and shall not be used to liquidate any indebtedness of such bank existing at the time that a conservator was appointed for it, or any subsequent indebtedness incurred for the purpose of liquidating any indebtedness of such bank existing at the time such conservator was appointed. Such deposits received while the bank is in the hands of the conservator shall be kept on hand in cash, invested in the direct obligations of the United States, or deposited with a Federal reserve bank. The Federal reserve banks are hereby authorized to open and maintain separate deposit accounts for such purpose, or for the purpose of receiving deposits from State officials in charge of State banks under similar circumstances. SEC. 207. In any reorganization of any national banking association under a plan of a kind which, under existing law, requires the consent, as the case may be, (a) of depositors and other creditors or (b) of stockholders or (c) of both depositors and other creditors and stockholders, such reorganization shall be- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 193 3 263 come effective only (1) when the Comptroller of the Currency shall be satisfied that the plan of reorganization is fair and equitable as to all depositors, other creditors and stockholders and is in the public interest and shall have approved the plan subject to such conditions, restrictions and limitations as he may prescribe and (2) when, after reasonable notice of such reorganization, as the case may require, (A) depositors and other creditors of such bank representing at least 75 per cent in amount of its total deposits and other liabilities as shown by the books of the national banking association or (B) stockholders owning at least two-thirds of its outstanding capital stock as shown by the books of the national banking association or (C) both depositors and other creditors representing at least 75 per cent in amount of the total deposits and other liabilities and stockholders owning at least two-thirds of its outstanding capital stock as shown by the books of the national banking association, shall have consented in writing to the plan of reorganization: Provided, however, That claims of depositors or other creditors which will be satisfied in full under the provisions of the plan of reorganization shall not be included among the total deposits and other liabilities of the national banking association in determining the 75 per cent thereof as above provided. When such reorganization becomes effective, all books, records, and assets of the national banking association shall be disposed of in accordance with the provisions of the plan and the affairs of the national banking association shall be conducted by its board of directors in the manner provided by the plan and under the conditions, restrictions and limitations which may have been prescribed by the Comptroller of the Currency. In any reorganization which shall have been approved and shall have become effective as provided herein, all depositors and other creditors and stockholders of such national banking association, whether or not they shall have consented to such plan of reorganization, shall be fully and in all respects subject to and bound by its provisions, and claims of all depositors and other creditors shall be treated as if they had consented to such plan of reorganization. SEC. 208. After fifteen days after the affairs of a bank shall have been turned back to its board of directors by the conservator, either with or without a reorganization as provided in section 207 hereof, the provisions of section 206 of this title with respect to the segregation of deposits received while it is in the hands of the conservator and with respect to the use of such deposits to liquidate the indebtedness of such bank shall no longer be effective: Provided, That before the conservator shall turn back the affairs of the bank to its board of directors he shall cause to be published in a newspaper published in the city, town or county in which such bank is located, and if no newspaper is published in such city, town or county, in a newspaper to be selected by the Comptroller of the Currency published in the State in which the bank is located, a notice in form approved by the Comptroller, stating the date on which the affairs of the bank will be returned to its board of directors and that the said provisions of section 206 will not be effective after fifteen days after such date; and on the date of the publication of such notice the conservator shall immediately send to every person who is a depositor in such bank under section 206 a copy of such notice by registered mail addressed to the last known address of such person as shown by the records of the bank, and the conservator shall send similar notice in like manner to every person making deposit in such bank under section 206 after the date of such newspaper publication and before the time when the affairs of the bank are returned to its directors. SEC. 209. Conservators appointed pursuant to the provisions of this title shall be subject to the provisions of and to the penalties prescribed by section 5209 of the Revised Statutes (U. S. C, Title 12, sec. 592); and sections 112, 113, 114, 115, 116 and 117 of the Criminal Code of the United States (U. S. C. ,Title 18, sees. 202, 203, 204, 205, 206 and 207), in so far as applicable, are extended to apply to contracts, agreements, proceedings, dealings, claims and controversies by or with any such conservator or the Comptroller of the Currency under the provisions of this title. Sec. 210. Nothing in this title shall be construed to impair in any manner any powers of the President, the Secretary of the Treasury, the Comptroller of the Currency, or the Federal Reserve Board. SEC. 211. The Comptroller of the Currency is hereby authorized and empowered, with the approval of the Secretary of the Treasury, to prescribe such rules and regulations as he may deem necessary in order to carry out the provisions of this title. Whoever violates any rule or regulation made pursuant to this section shall be deemed guilty of a misdemeanor and, upon conviction thereof, shall be fined not more than $5,000, or imprisoned not more than one year, or both. 49753—34 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD TITLE III SEC. 301. Notwithstanding any other provision of law, any national banking association may, with the approval of the Comptroller of the Currency and by vote of shareholders owning a majority of the stock of such association, upon not less than five days' notice, given by registered mail purusant to action taken by its board of directors, issue preferred stock in such amount and with such par value as shall be approved by said Comptroller, and make such amendments to its articles of association as may be necessary for this purpose; but, in the case of any newly organized national banking association which has not yet issued common stock, the requirement of notice to and vote of shareholders shall not apply. No issue of preferred stock shall be valid until the par value of all stock so issued shall be paid in. SEC. 302. (a) The holders of such preferred stock shall be entitled to cumulative dividends at a rate not exceeding 6 per centum per annum, but shall not be held individually responsible as such holders for any debts, contracts, or engagements of such association and shall not be liable for assessments to restore impairments in the capital of such association as now provided by law with reference to holders of common stock. Notwithstanding any other provision of law, the holders of such preferred stock shall have such voting rights, and such stock shall be subject to retirement in such manner and on such terms and conditions, as may be provided in the articles of association with the approval of the Comptroller of the Currency. (b) No dividends shall be declared or paid on common stock until the cumulative dividends on the preferred stock shall have been paid in full; and, if the association is placed in voluntary liquidation or a conservator or a receiver is appointed therefor, no payments shall be made to the holders of the common stock until the holders of the preferred stock shall have been paid in full the par value of such stock plus all accumulated dividends. SEC. 303. The term "common stock" as used in this title means stock of national banking associations other than preferred stock issued under the provisions of this title. The term "capital" as used in provisions of law relating to the capital of national banking associations shall mean the amount of unimpaired common stock plus the amount of preferred stock outstanding and unimpaired; and the term "capital stock", as used in section 12 of the Act of March 14, 1900, shall mean only the amount of common stock outstanding. SEC. 304. If in the opinion of the Secretary of the Treasury any national banking association or any State bank or trust company is in need of funds for capital purposes either in connection with the organization or reorganization of such association, State bank or trust company or otherwise, he may, with the approval of the President, request the Reconstruction Finance Corporation to subscribe for preferred stock in such association, State bank or trust company, or to make loans secured by such stock as collateral, and the Reconstruction Finance Corporation may comply with such request. The Reconstruction Finance Corporation may, with the approval of the Secretary of the Treasury, and under such rules and regulations as he may prescribe, sell in the open market or otherwise the whole or any part of the preferred stock of any national banking association, State bank or trust company acquired by the Corporation pursuant to this section. The amount of notes, bonds, debentures, and other such obligations which the Reconstruction Finance Corporation is authorized and empowered to issue and to have outstanding at any one time under existing law is hereby increased by an amount sufficient to carry out the provisions of this section. TITLE IV SEC. 401. The sixth paragraph of Section 18 of the Federal Reserve Act is amended to read as follows: "Upon the deposit with the Treasurer of the United States, (a) of any direct obligations of the United States or (b) of any notes, drafts, bills of exchange, or bankers' acceptances acquired under the provisions of this Act, any Federal reserve bank making such deposit in the manner prescribed by the Secretary of the Treasury shall be entitled to receive from the Comptroller of the Currency circulating notes in blank, duly registered and countersigned. When such circulating notes are issued against the security of obligations of the United States, the amount of such circulating notes shall be equal to the face value of the direct obligations of the United States so deposited as security; and, when issued against the security of notes, drafts, bills of exchange and bankers' acceptances acquired under the provisions of this Act, the amount thereof shall be equal to not more Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 193 3 265 than 90 per cent of the estimated value of such notes, drafts, bills of exchange and bankers' acceptances so deposited as security. Such notes shall be the obligations of the Federal reserve bank procuring the same, shall be in form prescribed by the Secretary of the Treasury, shall be receivable at par in all parts of the United States for the same purposes as are national bank notes, and shall be redeemable in lawful money of the United States on presentation at the United States Treasury or at the bank of issue. The Secretary of the Treasury is authorized and empowered to prescribe regulations governing the issuance, redemption, replacement, retirement and destruction of such circulating notes and the release and substitution of security therefor. Such circulating notes shall be subject to the same tax as is provided by law for the circulating notes of national banks secured by 2 per cent bonds of the United States. No such circulating notes shall be issued under this paragraph after the President has declared by proclamation that the emergency recognized by the President by proclamation of March 6, 1933, has terminated, unless such circulating notes are secured by deposits of bonds of the United States bearing the circulation privilege. When required to do so by the Secretary of the Treasury, each Federal reserve agent shall act as agent of the Treasurer of the United States or of the Comptroller of the Currency, or both, for the performance of any of the functions which the Treasurer or the Comptroller may be called upon to perform in carrying out the provisions of this paragraph. Appropriations available for distinctive paper and printing United States currency or national bank currency are hereby made available for the production of the circulating notes of Federal reserve banks herein provided; but the United States shall be reimbursed by the Federal reserve bank to which such notes are issued for all expenses necessarily incurred in connection with the procuring of such notes and all other expenses incidental to their issue, redemption, replacement, retirement and destruction." SEC. 402. Section 10 (b) of the Federal Reserve Act, as amended, is further amended to read as follows: "SEC. 10 (b). In exceptional and exigent circumstances, and when any member bank 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, under rules and regulations prescribed by the Federal Reserve Board, may make advances to such member bank on its time or demand notes secured to the satisfaction of such Federal reserve bank. 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. No advance shall be made under this section after March 3, 1934, or after the expiration of such additional period not exceeding one year as the President may prescribe." SEC. 403. Section 13 of the Federal Reserve Act, as amended, is amended by adding at the end thereof the following new paragraph: " Subject to such limitations, restrictions and regulations as the Federal Reserve Board may prescribe, any Federal reserve bank may make advances to any individual, partnership or corporation on the promissory notes of such individual, partnership or corporation secured by direct obligations of the United States. Such advances shall be made for periods not exceeding 90 days and shall bear interest at rates fixed from time to time by the Federal reserve bank, subject to the review and determination of the Federal Reserve Board." TITLE V SEC. 501. There is hereby appropriated, out of any money in the Treasury not otherwise appropriated, the sum of $2,000,000, which shall be available for expenditure, under the direction of the President and in his discretion, for any purpose in connection with the carrying out of this Act. SEC. 502. The right to alter, amend, or repeal this Act is hereby expressly reserved. If any provision of this Act, or the application thereof to any person or circumstances, is held invalid, the remainder of the Act, and the application of such provision to other persons or circumstances, shall not be affected thereby. Approved March 9th, 1933 8.30 p. m. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 ANNUAL EEPORT OF THE FEDEEAL RESERVE BOARD AMENDMENT TO EMERGENCY BANKING ACT [PUBLIC—No. 4—73D CONGRESS] [H. R. 3757] AN ACT To provide for direct loans by Federal reserve banks to State banks and trust companies in certain cases^ and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That Title IV of the Act entitled " An Act to provide relief in the existing national emergency in banking, and for other purposes," approved March 9, 1933, is amended by adding at the end thereof the following new section: "SEC. 404. During the existing emergency in banking, or until this section shall be declared no longer operative by proclamation of the President, but in no event beyond the period of one year from the date this section takes effect, any State bank or trust company not a member of the Federal reserve system may apply to the Federal reserve bank in the district in which it is located and said Federal reserve bank, in its discretion and after inspection and approval of the collateral and a thorough examination of the applying bank or trust company, may make direct loans to such State bank or trust company under the terms provided in section 10 (b) of the Federal Reserve Act, as amended by section 402 of this Act: Provided, That loans may be made to any applying nonmember State bank or trust company upon eligible security. All applications for such loans shall be accompanied by the written approval of the State banking department or commission of the State from which the State bank or trust company has received its charter and a statement from the said State banking department or commission that in its judgment said State bank or trust company is in a sound condition. The notes representing such loans shall be eligible as security for circulating notes issued under the provisions of the sixth paragraph of section 18 of the Federal Reserve Act, as amended by section 401 of this Act, to the same extent as notes, drafts, bills of exchange, or bankers' acceptances acquired under the provisions of the Federal Reserve Act. During the time that such bank or trust company is indebted in any way to a Federal Reserve bank it shall be required to comply in all respects to the provisions of the Federal Reserve Act applicable to member State banks and the regulations of the Federal Reserve Board issued thereunder: Provided, That in lieu of subscribing to stock in the Federal reserve bank it shall maintain the reserve balance required by section 19 of the Federal Reserve Act during the existence of such indebtedness. As used in this section and in section 304, the term 'State bank or trust company' shall include a bank or trust company organized under the laws of any State, Territory, or possession of the United States, or the Canal Zone." SEC. 2. (a) Section 304 of such Act of March 9, 1933, is amended by adding after the first sentence thereof the following new sentences: " Nothing in this section shall be construed to authorize the Reconstruction Finance Corporation to subscribe for preferred stock in any State bank or trust company if under the laws of the State in which said State bank or trust company is located the holders of such preferred stock are not exempt from double liability. In any case in which under the laws of the State in which it is located a State bank or trust company is not permitted to issue preferred stock exempt from double liability, or if such laws permit such issue of preferred stock only by unanimous consent of stockholders, the Reconstruction Finance Corporation is authorized, for the purposes of this section, to purchase the legally issued capital notes or debentures of such State bank or trust company." (b) The second sentence of said section 304 is amended to read as follows: "The Reconstruction Finance Corporation may, with the approval of the Secretary of the Treasury, and under such rules and regulations as he may prescribe, sell in the open market the whole or any part of the preferred stock, capital notes, or debentures of any national banking association, State bank or trust company acquired by the corporation pursuant to this section." Such section 304 is further amended by adding at the end thereof the following new sentence: (c) " As used in this section, the term 'State bank or trust company' shall include other banking corporations engaged in the business of industrial banking and under the supervision of State banking departments or of the Comptroller of the Currency." Digitized for FRAApSprEoRv ed March 24th, 1933 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 193 3 267 TITLE III OF THE ACT OF MAY 12, 1933 (KNOWN AS THE THOMAS AMENDMENT) TITLE III—FINANCING—AND EXERCISING POWER CONFERRED BY SECTION 8 OP ARTICLE I OF THE CONSTITUTION: TO COIN MONEY AND TO REGULATE THE VALUE THEREOF SEC. 43. Whenever the President finds, upon investigation, that (1) the foreign -commerce of the United States is adversely affected by reason of the depreciation in the value of the currency of any other government or governments in relation to the present standard value of gold, or (2) action under this section is necessary in order to regulate and maintain the parity of currency issues of the United States, or (3) an economic emergency requires an expansion of credit, or (4) an expansion of credit is necessary to secure by international agreement a stabilization at proper levels of the currencies of various governments, the President is authorized, in his discretion— (a) To direct the Secretary of the Treasury to enter into agreements with the several Federal Reserve banks and with the Federal Reserve Board whereby the Federal Reserve Board will, and it is hereby authorized to, notwithstanding any provisions of law or rules and regulations to the contrary, permit such reserve banks to agree that they will, (1) conduct, pursuant to existing law, throughout specified periods, open market operations in obligations of the United States Government or corporations in which the United States is the majority stockholder, and (2) purchase directly and hold in portfolio for an agreed period or periods of time Treasury bills or other obligations of the United States Government in an aggregate sum of $3,000,000,000 in addition to those they may then hold, unless prior to the termination of such period or periods the Secretary shall consent to their sale. No suspension of reserve requirements of the Federal Reserve banks, under the terms of section ll(c) of the Federal Reserve Act, necessitated by reason of operations under this section, shall require the imposition of the graduated tax upon any deficiency in reserves as provided in said section ll(c). Nor shall it require any automatic increase in the rates of interest or discount charged by any Federal Reserve bank, as otherwise specified in that section. The Federal Reserve Board, with the approval of the Secretary of the Treasury, may require the Federal Reserve banks to take such action as may be necessary, in the judgment of the Board and of the Secretary of the Treasury, to prevent undue credit expansion. (b) If the Secretary, when directed by the President, is unable to secure the assent of the several Federal Reserve banks and the Federal Reserve Board to the agreements authorized in this section, or if operations under the above provisions prove to be inadequate to meet the purposes of this section, or if for any other reason additional measures are required in the judgment of the President to meet such purposes, then the President is authorized— (1) To direct the Secretary of the Treasury to cause to be issued in such amount or amounts as he may from time to time order, United States notes, as provided in the Act entitled " An Act to authorize the issue of United States notes and for the redemption of funding thereof and for funding the floating debt of the United States", approved February 25, 1862, and Acts supplementary thereto and amendatory thereof, in the same size and of similar color to the Federal Reserve notes heretofore issued and in denominations of $1, $5, $10, $20, $50, $100, $500, $1,000, and $10,000; but notes issued under this subsection shall be issued only for the purpose of meeting maturing Federal obligations to repay sums borrowed by the United States and for purchasing United States bonds and other interest-bearing obligations of the United States: Provided, That when any such notes are used for such purpose the bond or other obligation so acquired or taken up shall be retired and canceled. Such notes shall be issued at such times and in such amounts as the President may approve but the aggregate amount of such notes outstanding at any time shall not exceed $3,000,000,000. There is hereby appropriated, out of any money in the Treasury not otherwise appropriated, an amount sufficient to enable the Secretary of the Treasury to retire and cancel 4 per centum annually of such outstanding notes, and the Secretary of the Treasury is hereby directed to retire and cancel annually 4 per centum of such outstanding notes. Such notes and all other coins and currencies heretofore or hereafter coined or issued by or under the authority of the United States shall be legal tender for all debts public and private. (2) By proclamation to fix the weight of the gold dollar in grains nine tenths fine and also to fix the weight of the silver dollar in grains nine tenths fine at a definite fixed ratio in relation to the gold dollar at such amounts as he finds Digitized forn FeRceAsSsaErRy from his investigation to stabilize domestic prices or to protect the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD foreign commerce against the adverse effect of depreciated foreign currencies, and to provide for the unlimited coinage of such gold and silver at the ratio so fixed, or in case the Government of the United States enters into an agreement with any government or governments under the terms of which the ratio between the value of gold and other currency issued by the United States and by any such government or governments is established, the President may fix the weight of the gold dollar in accordance with the ratio so agreed upon, and such gold dollar, the weight of which is so fixed, shall be the standard unit of value, and all forms of money issued or coined by the United States shall be maintained at a parity with this standard and it shall be the duty of the Secretary of the Treasury to maintain such parity, but in no event shall the weight of the gold dollar be fixed so as to reduce its present weight by more than 50 per centum. SEC. 44. The Secretary of the Treasury, with the approval of the President, is hereby authoiized to make and promulgate rules and regulations covering any action taken or to be taken by the President under subsection (a) or (b) of section 43. SEC. 45. (a) The President is authorized, for a period of six months from the date of the passage of this Act, to accept silver in payment of the whole or any part of the principal or interest now due, or to become due within six months after such date, from any foreign government or governments on account of any indebtedness to the United States, such silver to be accepted at not to exceed the price of 50 cents an ounce in United States currency. The aggregate value of the silver accepted under this section shall not exceed $200,000,000. ' (b) The silver bullion accepted and received under the provisions of this section shall be subject to the requirements of existing law and the regulations of the mint service governing the methods of determining the amount of pure silver contained, and the amount of the charges or deductions, if any, to be made; but such silver bullion shall not be counted as part of the silver bullion authorized or required to be purchased and coined under the provisions of existing law. (c) The silver accepted and received under the provisions of this section shall be deposited in the Treasury of the United States, to be held, used, and disposed of as in this section provided. (d) The Secretary of the Treasury shall cause silver certificates to be issued in such denominations as he deems advisable to the total number of dollars for which such silver was accepted in payment of debts. Such silver certificates shall be used by the Treasurer of the United States in payment of any obligations of the United States. (e) The silver so accepted and received under this section shall be coined into standard silver dollars and subsidiary coins sufficient, in the opinion of the Secretary of the Treasury, to meet any demands for redemption of such silver certificates issued under the provisions of this section, and such coins shall be retained in the Treasury for the payment of such certificates on demand. The silver so accepted and received under this section, except so much thereof as is coined under the provisions of this section, shall be held in the Treasury for the sole purpose of aiding in maintaining the parity of such certificates as provided in existing law. Any such certificates or reissued certificates, when presented at the Treasury, shall be redeemed in standard silver dollars, or in subsidiary silver coin, at the option of the holder of the certificates: Provided, That, in the redemption of such silver certificates issued under this section, not to exceed one third of the coin required for such redemption may in the judgment of the Secretary of the Treasury be made in subsidiary coins, the balance to be made in standard silver dollars. (f) When any silver certificates issued under the provisions of this section are redeemed or received into the Treasury from any source whatsoever, and belong to the United States, they shall not be retired, canceled, or destroyed, but shall be reissued and paid out again and kept in circulation; but nothing herein shall prevent the cancelation and destruction of mutilated certificates and the issue of other certificates of like denomination in their stead, as provided by law. (g) The Secretary of the Treasury is authorized to make rules and regulations for carrying out the provisions of this section. SEC. 46. Section 19 of the Federal Reserve Act, as amended, is amended by inserting immediately after paragraph (c) thereof the following new paragraph: " Notwithstanding the foregoing provisions of this section, the Federal Reserve Board, upon the affirmative vote of not less than five of its members and with the approval of the President, may declare that an emergency exists by reason of credit expansion, and may by regulation during such emergency increase or decrease from time to time, in its discretion, the reserve balances required to be maintained against either demand or time deposits." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 193 3 269 SECTION 28 OF THE ACT OF MAY 12, 1933, AMENDING SECTION 13 OF THE FEDERAL RESERVE ACT SEC. 28. The eighth paragraph of section 13 of the Federal Reserve Act, as amended, is amended by inserting before the period at the end thereof a comma and the following: "or by the deposit or pledge of bonds issued pursuant to the paragraph added to section 32 of the Federal Farm Loan Act, as amended by section 21 of the Emergency Farm Mortgage Act of 1933." AMENDMENT TO BANK CONSERVATION ACT [PUBLIC—No. 19—73D CONGRESS] [S. 4110] AN ACT To amend section 207 of the Bank Conservation Act with respect to bank reorganizations. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 207 of the Bank Conservation Act is amended by striking out "national banking association" wherever it appears therein and inserting in lieu thereof the word "bank." Approved May 20th 1933. AMENDMENTS TO SECTIONS 5200 AND 5202 OF THE REVISED STATUTES [PUBLIC—No. 20—73D CONGRESS] [S. 1415] AN ACT To amend sections 5200 and 5202 of the Revised Statutes, as amended, to remove the limitations on national banks in certain cases. Be it enacted by the Senate and House of Representatives of the United States of America^ in Congress assembled, That section 5200 of the Revised Statutes, as amended, is amended by adding at the end thereof the following new paragraph: "(9) Obligations representing loans to any national banking association or to any banking institution organized under the laws of any State, or to any receiver, conservator, or superintendent of banks, or to any other agent, in charge of the business and property of any such association or banking institution, when such loans are approved by the Comptroller of the Currency, shall not be subject under this section to any limitation based upon such capital and surplus." SEC. 2. Section 5202 of the Revised Statutes, as amended, is amended by adding at the end thereof the following new paragraph: "Ninth. Liabilities incurred on account of loans made with the expiress approval of the Comptroller of the Currency under paragraph (9) of section 5200 of the Revised Statutes, as amended." Approved May 20th 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 ANNUAL KEPORT OF THE FEDEEAL RESERVE BOARD JOINT RESOLUTION RELATING TO PAYMENTS IN GOLD [PUBLIC RESOLUTION—No. 10—73D CONGRESS] [H.J.Res. 192] JOINT RESOLUTION To assure uniform value to the coins and currencies of the United States. Whereas the holding of or dealing in gold affect the public interest, and are therefore subject to proper regulation and restriction; and Whereas the existing emergency has disclosed that provisions of obligations which purport to give the obligee a right to require payment in gold or a particular kind of coin or currency of the United States, or in an amount in money of the United States measured thereby, obstruct the power of the Congress to regulate the value of the money of the United States, and are inconsistent with the declared policy of the Congress to maintain at all times the equal power of every dollar, coined or issued by the United States, in the markets and in the payment of debts. Now, therefore, be it Resolved by the Senate and House of Representatives of the United States of America in Congress assembled. That (a) every provision contained in or made with respect to any obligation which purports to give the obligee a right to require payment in gold or a particular kind of coin or currency, or in an amount in money of the United States measured thereby, is declared to be against public policy; and no such provision shall be contained in or made with respect to any obligation hereafter incurred. Every obligation, heretofore or hereafter incurred, whether or not any such provision is contained therein or made with respect thereto, shall be discharged upon payment, dollar for dollar, in any coin or currency which at the time of payment is legal tender for public and private debts. Any such provision contained in any law authorizing obligations to be issued by or under authority of the United States, is hereby repealed, but the repeal of any such provision shall not invalidate any other provision or authority contained in such law. (b) As used in this resolution, the term "obligation" means an obligation (including every obligation of and to the United States, excepting currency) payable in money of the United States; and the term "coin or currency" means coin or currency of the United States, including Federal Reserve notes and circulating notes of Federal Reserve banks and national banking associations. SEC. 2. The last sentence of paragraph (1) of subsection (b) of section 43 of the Act entitled "An Act to relieve the existing national economic emergency by increasing agricultural purchasing power, to raise revenue for extraordinary expenses incurred by reason of such emergency, to provide emergency relief with respect to agricultural indebtedness, to provide for the orderly liquidation of joint-stock land banks, and for other purposes", approved May 12, 1933, is amended to read as follows: "All coins and currencies of the United States (including Federal Reserve notes and circulating notes of Federal Reserve banks and national banking associations) heretofore or hereafter coined or issued, shall be legal tender for all debts, public and private, public charges, taxes, duties, and dues, except that gold coins, when below the standard weight and limit of tolerance provided by law for the single piece, shall be legal tender only at valuation in proportion to their actual weight." Approved, June 5, 1933, 4.40 p.m. REDEMPTION OF NOTES OF UNIDENTIFIED BANKS [PUBLIC—No. 41—73D CONGRESS] [S. 1634] AN ACT To provide for the redemption of national-bank notes, Federal Reserve bank notes, and Federal Reserve notes which cannot be identified as to the bank of issue. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That whenever any national-bank notes, Federal Digitized for RFeRsAeSrvEeR b ank notes, or Federal Reserve notes are presented to the Treasurer of http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 19 3 3 271 the United States for redemption and such notes cannot be identified as to the bank of issue or the bank through which issued, the Treasurer of the United States may redeem such notes under such rules and regulations as the Secretary of the Treasury may prescribe, and the notes so redeemed shall be forwarded to the Comptroller of the Currency for cancelation and destruction. SEC. 2. National-bank notes and Federal Reserve bank notes redeemed by the Treasurer of the United States under this Act shall be charged against the balance of deposits for the retirement of national-bank notes and Federal Reserve bank notes under the provisions of section 6 of the Act entitled "An Act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes", approved July 14, 1890 (U.S.C., title 12, sec. 122), and section 18 of the Federal Reserve Act (U.S.C., title 12, sec. 445); and charges for Federal Reserve notes redeemed by the Treasurer of the United States under this Act shall be apportioned among the twelve Federal Reserve banks in proportion to the amount of Federal Reserve notes of each Federal Reserve bank in circulation on the 31st day of December of the year preceding the date of redemption, and the amount so apportioned to each bank shall be charged by the Treasurer of the United States against deposit in the gold-redemption fund made by such bank or its Federal Reserve agent. Approved, June 13, 1933. AMENDMENT TO EMERGENCY BANKING ACT [PUBLIC—No. 56—73D CONGRESS] [S. 1425] AN ACT To amend the Act entitled "An Act to provide relief in the existing national emergency in banking, and for other purposes", approved March 9,1933. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Act entitled "An Act to provide relief in the existing national emergency in banking, and for other purposes", approved March 9, 1933, is amended by— (a) striking out the whole of section 301 of title III thereof and inserting in lieu thereof the following: "SEC. 301. Notwithstanding any other provision of law, any national banking association may, with the approval of the Comptroller of the Currency and by vote of shareholders owning a majority of the stock of such association, upon not less than five days' notice, given by registered mail pursuant to action taken by its board of directors, issue preferred stock of one or more classes, in such amount and with such par value as shall be approved by said Comptroller, and make such amendments to its articles of association as may be necessary for this purpose; but, in the case of any newly organized national banking association which has not yet issued common stock, the requirement of notice to and vote of shareholders shall not apply. No issue of preferred stock shall be valid until the par value of all stock so issued shall be paid in." (b) striking out the whole of subsection (a) of section 302 of the said title III and inserting in lieu thereof the following: "Notwithstanding any other provision of law, whether relating to restriction upon the payment of dividends upon capital stock or otherwise, the holders of such preferred stock shall be entitled to receive such cumulative dividends at a rate not exceeding 6 per centum per annum and shall have such voting and conversion rights and such control of management, and such stock shall be subject to retirement in such manner and upon such conditions, as may be provided in the articles of association with the approval of the Comptroller of the Currency. The holders of such preferred stock shall not be held individually responsible as such holders for any debts, contracts, or engagements of such association, and shall not be liable for assessments to restore impairments in the capital of such association as now provided by law with reference to holders of common stock/' Approved, June 15, 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD BANKING ACT OF 1933 [PUBLIC—No. 66—73D CONGKESS] [H.R. 5661] AN ACT To provide for the safer and more effective use of the assets of banks, to regulate interbank control, to prevent the undue diversion of funds into speculative operations, 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 short title of this Act shall be the "Banking Act of 1933." SEC. 2. As used in this Act and in any provision of law amended by this Act— (a) The terms "banks", "national bank", "national banking association", "member bank", "board", "district", and "reserve bank" shall have the meanings assigned to them in section 1 of the Federal Reserve Act, as amended. (b) Except where otherwise specifically provided, the term "affiliate" shall include any corporation, business trust, association, or other similar organization—• (1) Of which a member bank, directly or indirectly, owns or controls either a majority of the voting shares or more than 50 per centum of the number of shares voted for the election of its directors, trustees, or other persons exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees, or other persons exercising similar functions; or (2) Of which control is held, directly or indirectly, through stock ownership or in any other manner, by the shareholders of a member bank who own or control either a majority of the shares of such bank or more than 50 per centum of the number of shares voted for the election of directors of such bank at the preceding election, or by trustees for the benefit of the shareholders of any such bank; or (3) Of which a majority of its directors, trustees, or other persons exercising similar functions are directors of any one member bank. (c) The term "holding company affiliate" shall include any corporation, business trust, association, or other similar organization— (1) Which owns or controls, directly or indirectly, either a majority of the shares of capital stock of a member bank or more than 50 per centum of the number of shares voted for the election of directors of any one bank at the preceding election, or controls in any manner the election of a majority of the directors of any one bank; or (2) For the benefit of whose shareholders or members all or substantially all the capital stock of a member bank is held by trustees. SEC. 3. (a) The fourth paragraph after paragraph "Eighth" of section 4 of the Federal Reserve Act, as amended (U.S.C., title 12, sec. 301), is amended 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 the 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." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 19 3 3 273 (b) The paragraph of section 4 of the Federal Reserve Act, as amended (U.S.C., title 12, sec. 304), which commences with the words "The Federal Reserve Board shall classify " is amended by inserting before the period at the end thereof a colon and the following: "Provided, That whenever any two or more member banks within the same Federal reserve district are affiliated with the same holding company affiliate, participation by such member banks in any such nomination or election shall be confined to one of such banks, which may be designated for the purpose by such holding company affiliate." SEC. 4. The first paragraph of section 7 of the Federal Reserve Act, as amended (U.S.C., title 12, sec. 289), is amended, effective July 1, 1932, to read as follows: "After all necessary expenses of a Federal reserve bank shall have been paid or provided for, the stockholders shall be entitled to receive an annual dividend of 6 per centum on the paid-in capital stock, which dividend shall be cumulative. After the aforesaid dividend claims have been fully met, the net earnings shall be paid into the surplus fund of the Federal reserve bank." SEC. 5. (a) The first paragraph of section 9 of the Federal Reserve Act, as amended (U.S.C., title 12, sec. 321; Supp. VI, title 12, sec. 321), is amended by inserting immediately after the words "United States" a comma and the following: "including Morris Plan banks and other incorporated banking institutions engaged in similar business." (b) The second paragraph of section 9 of the Federal Reserve Act, as amended, is amended by adding at the end thereof the following: "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." (c) Section 9 of the Federal Reserve Act, as amended (U.S.C., title 12, sees. 321-331; Supp. VI, title 12, sees. 321-332), is further amended by adding at the end thereof the following new paragraphs: "Any mutual savings bank having no capital stock (including any other banking institution the capital of which consists of weekly or other time deposits which are segregated from all other deposits and are regarded as capital stock for the purposes of taxation and the declaration of dividends), but having surplus and undivided profits not less than the amount of capital required for the organization of a national bank in the same place, may apply for and be admitted to membership in the Federal Reserve System in the same manner and subject to the same provisions of law as State banks and trust companies, except that any such savings bank shall subscribe for capital stock of the Federal reserve bank in an amount equal to six-tenths of 1 per centum of its total deposit liabilities as shown by the most recent report of examination of such savings bank preceding its admission to membership. Thereafter such subscription shall be adjusted semiannually on the same percentage basis in accordance with rules and regulations prescribed by the Federal Reserve Board. If any such mutual savings bank applying for membership is not permitted by the laws under which it was organized to purchase stock in a Federal reserve bank, it shall, upon admission to the system, deposit with the Federal reserve bank an amount equal to the amount which it would have been required to pay in on account of a subscription to capital stock. Thereafter such deposit shall be adjusted semiannually in the same manner as subscriptions for stock. Such deposits shall be subject to the same conditions with respect to repayment as amounts paid upon subscriptions to capital stock by other member banks and the Federal reserve bank shall pay interest thereon at the same rate as dividends are actually paid on outstanding shares of stock of such Federal reserve bank. If the laws under which any such savings bank was organized be amended so as to authorize mutual savings banks to subscribe for Federal reserve bank stock, such savings bank shall thereupon subscribe for the appropriate amount of stock in the Federal reserve bank, and the deposit hereinbefore provided for in lieu of payment upon capital stock shall be applied upon such subscription. If the laws under which any such savings bank was organized be not amended at the next session of the legislature following the admission of such savings bank to membership so as to authorize mutual savings banks to purchase Federal reserve bank stock, or if such laws be so amended and such bank fail within six months thereafter to purchase such stock, all of its rights and privileges as a member bank shall be forfeited and its membership in the Federal Reserve System shall be terminated in the manner prescribed elsewhere in this section with respect to State member banks and trust companies. Each such mutual savings bank shall comply with all the provisions of law applicable to State member banks and trust companies, with the regulations of the Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 ANNUAL KEPOBT OF THE FEDERAL RESERVE BOARD Reserve Board and with the conditions of membership prescribed for such savings bank at the time of admission to membership, except as otherwise hereinbefore provided with respect to capital stock. "Each bank admitted to membership under this section shall obtain from each of its affiliates other than member banks and furnish to the Federal reserve bank of its district and to the Federal Reserve Board not less than three reports during each year. Such reports shall be in such form as the Federal Reserve Board mayprescribe, shall be verified by the oath or affirmation of the president or such other officer as may be designated by the board of directors of such affiliate to verify such reports, and shall disclose the information hereinafter provided for as of dates identical with those fixed by the Federal Reserve Board for reports of the condition of the affiliated member bank. Each such report of an affiliate shall be transmitted as herein provided at the same time as the corresponding report of the affiliated member bank, except that the Federal Reserve Board may, in its discretion, extend such time for good cause shown. Each such report shall contain such information as in the judgment of the Federal Reserve Board shall be necessary to disclose fully the relations between such affiliate and such bank and to enable the Board to inform itself as to the effect of such relations upon the affairs of such bank. The reports of such affiliates shall be published by the bank under the same conditions as govern its own condition reports. "Any such affiliated member bank may be required to obtain from any such affiliate such additional reports as in the opinion of its Federal reserve bank or the Federal Reserve Board may be necessary in order to obtain a full and complete knowledge of the condition of the affiliated member bank. Such additional reports shall be transmitted to the Federal reserve bank and the Federal Reserve Board and shall be in such form as the Federal Reserve Board may prescribe. "Any such affiliated member bank which fails to obtain from any of its affiliates and furnish any report provided for by the two preceding paragraphs of this section shall be subject to a penalty of $100 for each day during which such failure continues, which, by direction of the Federal Reserve Board, may be collected, by suit or otherwise, by the Federal reserve bank of the district in which such member bank is located. For the purposes of this paragraph and the two preceding paragraphs of this section, the term 'affiliate' shall include holding company affiliates as well as other affiliates. "State member banks shall be subject to the same limitations and conditions with respect to the purchasing, selling, underwriting, and holding of investment securities and stock as are applicable in the case of national banks under paragraph 'Seventh' of section 5136 of the Revised Statutes, as amended. "After one year from the date of the enactment of the Banking Act of 1933, no certificate representing the stock of any State member bank shall represent the stock of any other corporation, except a member bank or a corporation existing on the date this paragraph takes effect engaged solely in holding the bank premises of such State member bank, nor shall the ownership, sale, or transfer of any certificate representing the stock of any such bank be conditioned in anjr manner whatsoever upon the ownership, sale, or transfer of a certificate representing the stock of any other corporation, except a member bank. "Each State member bank affiliated with a holding company affiliate shall obtain from such holding company affiliate, within such time as the Federal Reserve Board shall prescribe, an agreement that such holding company affiliate shall be subject to the same conditions and limitations as are applicable under section 5144 of the Revised Statutes, as amended, in the case of holding company affiliates of national banks. A copy of each such agreement shall be filed with the Federal Reserve Board. Upon the failure of a State member bank affiliated with a holding company affiliate to obtain such an agreement within the time so prescribed, the Federal Reserve Board shall require such bank 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 this section. Whenever the Federal Reserve Board shall have revoked the voting permit of any such holding company affiliate, the Federal Reserve Board may, in its discretion, require any or all State member banks affiliated with such holding company affiliate to surrender their stock in the Federal reserve bank and to forfeit all rights and privileges of membership in the Federal Reserve System as provided in this section. "In connection with examinations of State member banks, examiners selected or approved by the Federal Reserve Board shall make such examinations of the affairs of all affiliates of such banks as shall be necessary to disclose fully the relations between such banks and their affiliates and the effect of such relations upon the affairs of such banks. The expense of examination of affiliates of any Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 193 3 275 State member bank may, in the discretion of the Federal Reserve Board, be assessed against such bank and, when so assessed, shall be paid by such bank. In the event of the refusal to give any information requested in the course of the examination of any such affiliate, or in the event of the refusal to permit such examination, or in the event of the refusal to pay any expense so assessed, the Federal Reserve Board may, in its discretion, require any or all State member banks affiliated with such affiliate to surrender their stock in the Federal reserve bank and to forfeit all rights and privileges of membership in the Federal Reserve System, as provided in this section." SEC. 6. (a) The second paragraph of section 10 of the Federal Reserve Act, as amended (U.S.C., title 12, sec. 242), is amended to read as follows: "The Secretary of the Treasury and the Comptroller of the Currency shall be ineligible during the time they are in office and for two years thereafter to hold any office, position, or employment in any member bank. The appointive members of the Federal Reserve Board shall be ineligible during the time they are in office and for two years thereafter to hold any office, position, or employment in any member bank, except that this restriction shall not apply to a member who has served the full term for which he was appointed. Upon the expiration of the term of any appointive member of the Federal Reserve Board in office when this paragraph as amended takes effect, the President shall fix the term of the successor to such member at not to exceed twelve years, as designated by the President at the time of nomination, but in such manner as to provide for the expiration of the term of not more than one appointive member in any two-year period, and thereafter each appointive member shall hold office for a term of twelve years from the expiration of the term of his predecessor. Of the six persons thus appointed, one shall be designated by the President as governor and one as vice governor of the Federal Reserve Board. The governor of the Federal Reserve Board, subject to its supervision, shall be its active executive officer. Each member of the Federal Reserve Board shall within fifteen days after notice of appointment make and subscribe to the oath of office." (b) The fourth paragraph of section 10 of the Federal Reserve Act, as amended (U.S.C., title 12, sec. 244), is amended to read as follows: "The principal offices of the Board shall be in the District of Columbia. At meetings of the Board the Secretary of the Treasury shall preside as chairman, and, in his absence, the governor shall preside. In the absence of both the Secretary of the Treasury and the governor the vice governor shall preside. In the absence of the Secretary of the Treasury, the governor, and the vice governor the Board shall elect a member to act as chairman pro tempore. The Board shall determine and prescribe the manner in which its obligations shall be incurred and its disbursements and expenses allowed and paid, and may leave on deposit in the Federal Reserve banks the proceeds of assessments levied upon them to defray its estimated expenses and the salaries of its members and employees, whose employment, compensation, leave, and expenses shall be governed solely by the provisions of this Act, specific amendments thereof, and rules and regulations of the Board not inconsistent therewith; and funds derived from such assessments shall not be construed to be Government funds or appropriated moneys. No member of the Federal Reserve Board shall be an officer or director of any bank, banking institution, trust company, or Federal Reserve bank or hold stock in any bank, banking institution, or trust company; and before entering upon his duties as a member of the Federal Reserve Board he shall certify under oath that he has complied with this requirement, and such certification shall be filed with the secretary of the Board. Whenever a vacancy shall occur, other than by expiration of term, among the six members of the Federal Reserve Board appointed by the President as above provided, a successor shall be appointed by the President, by and with the advice and consent of the Senate, to fill such vacancy, and when appointed he shall hold office for the unexpired term of his predecessor." SEC. 7. Paragraph (m) of section 11 of the Federal Reserve Act, as amended (U.S.C., title 12, sec. 248), is amended to read as follows: " (m) Upon the affirmative vote of not less than six of its members the Federal Reserve Board shall have power to fix from time to time for each Federal reserve district the percentage of individual bank capital and surplus which may be represented by loans secured by stock or bond collateral made by member banks within such district, but no such loan shall be made by any such bank to any person in an amount in excess of 10 per centum of the unimpaired capital and surplus of such bank. Any percentage so fixed by the Federal Reserve Board shall be subject to change from time to time upon ten days' notice, and it shall Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD be the duty of the Board to establish such percentages with a view to preventing the undue use of bank loans for the speculative carrying of securities. The Federal Reserve Board shall have power to direct any member bank to refrain from further increase of its loans secured by stock or bond collateral for any period up to one year under penalty of suspension of all rediscount privileges at Federal reserve banks." SEC. 8. The Federal Reserve Act, as amended, is amended by inserting between sections 12 and 13 (U.S.C., title 12, sees. 261, 262, and 342), thereof the following new sections: "SEC. 12A. (a) There is hereby created a Federal Open Market Committee (hereinafter referred to as the lcommittee'), which shall consist of as many members as there are Federal reserve districts. Each Federal reserve bank by its board of directors shall annually select one member of said committee. The meetings of said committee shall be held at Washington, District of Columbia, at least four times each year, upon the call of the governor of the Federal Reserve Board or at the request of any three members of the committee, and, in the discretion of the Board, may be attended by the members of the Board. " (b) No Federal reserve bank shall engage in open-market operations under section 14 of this Act except in accordance with regulations adopted by the Federal Reserve Board. The Board shall consider, adopt, and transmit to the committee and to the several Federal reserve banks regulations relating to the open-market transactions of such banks and the relations of the Federal Reserve System with foreign central or other foreign banks. '' (c) The time, character, and volume of all purchases and sales of paper described in section 14 of this Act as eligible for open-market operations 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. " (d) If any Federal reserve bank shall decide not to participate in open-market operations recommended and approved as provided in paragraph (b) hereof, it shall file with the chairman of the committee within thirty days a notice of its decision, and transmit a copy thereof to the Federal Reserve Board. "SEC. 12B. (a) There is hereby created a Federal Deposit Insurance Corporation (hereinafter referred to as the 'Corporation'), whose duty it shall be to purchase, hold, and liquidate, as hereinafter provided, the assets of national banks which have been closed by action of the. Comptroller of the Currency, or by vote of their directors, and the assets of State member banks which have been closed by action of the appropriate State authorities, or by vote of their directors; and to insure, as hereinafter provided, the deposits of all banks which are entitled to the benefits of insurance under this section. " (b) The management of the Corporation shall be vested in a board of directors consisting of three members, one of whom shall be the Comptroller of the Currency, and two of whom shall be citizens of the United States to be appointed by the President, by and with the advice and consent of the Senate. One of the appointive members shall be the chairman of the board of directors of the Corporation and not more than two of the members of such board of directors shall be members of the same political party. Each such appointive member shall hold office for a term of six years and shall receive compensation at the rate of $10,000 per annum, payable monthly out of the funds of the Corporation, but the Comptroller of the Currency shall not receive additional compensation for his services as such member. "(c) There is hereby authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, the sum of $150,000,000, which shall be available for payment by the Secretary of the Treasury for capital stock of the Corporation in an equal amount, which shall be subscribed for by him on behalf of the United States. Payments upon such subscription shall be subject to call in whole or in part by the board of directors of the Corporation. Such stock shall be in addition to the amount of capital stock required to be subscribed for by Federal reserve banks and member and nonmember banks as hereinafter provided, and the United States shall be entitled to the payment of dividends on such stock to the same extent as member and nonmember banks are entitled to such payment on the class A stock of the Corporation held by them. 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. "(d) The capital stock of the Corporation shall be divided into shares of $100 each. Certificates of stock of the Corporation shall be of two classes—class A and class B. Class A stock shall be held by member and nonmember banks as hereinafter provided and they shall be entitled to payment of dividends out of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 193 3 277 net earnings at the rate of 6 per centum per annum on the capital stock paid in by them, which dividends shall be cumulative, or to the extent of 30 per centum of such net earnings in any one year, whichever amount shall be the greater, but such stock shall have no vote at meetings of stockholders. Class B stock shall be held by Federal reserve banks only and shall not be entitled to the payment of dividends. Every Federal reserve bank shall subscribe to shares of class B stock in the Corporation to an amount equal to one half of the surplus of such bank on January 1, 1933, and its subscriptions shall be accompanied by a certified check payable to the Corporation in an amount equal to one half of such subscription. The remainder of such subscription shall be subject to call from time to time by the board of directors upon ninety days' notice. "(e) Every bank which is or which becomes a member of the Federal Reserve System on or before July 1, 1934, shall take all steps necessary to enable it to become a class A stockholder of the Corporation on or before July 1, 1934; and thereafter no State bank or trust company or mutual savings bank shall be admitted to membership in the Federal Reserve System until it becomes a class A stockholder of the Corporation, no national bank in the continental United States shall be granted a certificate by the Comptroller of the Currency authoriizing it to commence the business of banking until it becomes a member of the Federal Reserve System and a class A stockholder of the Corporation, and no national bank in the continental United States for which a receiver or conservator has been appointed shall be permitted to resume the transaction of its banking business until it becomes a class A stockholder of the Corporation. Every member bank shall apply to the Corporation for class A stock of the Corporation in an amount equal to one half of 1 per centum of its total deposit liabilities as computed in accordance with regulations prescribed by the Federal Reserve Board; except that in the case of a member bank organized after the date this section takes effect, the amount of such class A stock applied for by such member bank during the first twelve months after its organization shall equal 5 per centum of its paid-up capital and surplus, and beginning after the expiration of such twelve months' period the amount of such class A stock of such member bank shall be adjusted annually in the same manner as in the case of other member banks. Upon receipt of such application the Corporation shall request the Federal Reserve Board, in the case of a State member bank, or the Comptroller of the Currency, in the case of a national bank, to certify upon the basis of a thorough examination of such bank whether or not the assets of the applying bank are adequate to enable it to meet all of its liabiHties to depositors and other creditors as shown by the books of the bank; and the Federal Reserve Board or the Comptroller of the Currency shall make such certification as soon as practicable. If such certification be in the affirmative, the Corporation shall grant such application and the applying bank shall pay one half of its subscription in full and shall thereupon become a class A stockholder of the Corporation: Provided, That no member bank shall be required to make such payment or become a class A stockholder of the Corporation before July 1, 1934. The remainder of such subscription shall be subject to call from time to time by the board of directors of the Corporation. If such certification be in the negative, the Corporation shall deny such application. If any national bank shall not have become a class A stockholder of the Corporation on or before July 1, 1934, the Comptroller of the Currency shall appoint a receiver or conservator therefor in accordance with the provisions of existing law. Except as provided in subsection (g) of this section, if any State member bank shall not have become a class A stockholder of the Corporation on or before July 1, 1934, the Federal Reserve Board shall terminate its membership in the Federal Reserve System in accordance with the provisions of section 9 of this Act. "(f) Any State bank or trust company or mutual savings bank which applies for membership in the Federal Reserve System or for conversion into a national banking association on or after July 1, 1936, may, with the consent of the Corporation, obtain the benefits of this section, pending action on such application, by subscribing and paying for the same amount of stock of the Corporation as it would be required to subscribe and pay for upon becoming a member bank. Thereupon the provisions of this section applicable to member banks shall be applicable to such State bank or trust company or mutual savings bank to the same extent as if it were already a member bank: Provided, That if the application of such State bank or trust company or mutual savings bank for membership in the Federal Reserve System or for conversion into a national banking association be approved and it shall not complete its membership in the Federal Reserve System or its conversion into a national banking association within a reasonable time, or if such application shall be disapproved, then the amount paid by such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD State bank or trust company or mutual savings bank on account of its subscription to the capital stock of the Corporation shall be repaid to it and it shall no longer be subject to the provisions or entitled to the privileges of this section. " (g) If any State bank or trust company, or mutual savings bank (referred to in this subsection as lState bank') which is or which becomes a member of the Federal Reserve System is not permitted by the laws under which it was organized to purchase stock in the Corporation, it shall apply to the Corporation for admission to the benefits of this section and, if such application be granted after appropriate certification in accordance with this section, it shall deposit with the Corporation an amount equal to the amount which it would have been required to pay in on account of a subscription to capital stock of the Corporation. Thereafter such deposit shall be adjusted in the same manner as subscriptions for stock by class A stockholders. Such deposit shall be subject to the same conditions with respect to repayment as amounts paid on subscriptions to class A stock by other member banks and the Corporation shall pay interest thereon at the same rate as dividends are actually paid on outstanding shares of class A stock. As long as such deposit is maintained with the Corporation, such State bank shall, for the purposes of this section, be deemed to be a class A stockholder of the Corporation. If the laws under which such State bank was organized be amended so as to authorize State banks to subscribe for class A stock of the Corporation, such State bank shall within six months thereafter subscribe for an appropriate amount of such class A stock and the deposit hereinafter provided for in lieu of payment upon class A stock shall be applied upon such subscription. If the Jaw under which such State bank was organized be not amended at the next session of the State legislature following the admission of such State bank to the benefits of this section so as to authorize State banks to purchase such class A stock, or, if the law be so amended and such State bank shall fail within six months thereafter to purchase such class A stock, the deposit previously made with the Corporation shall be returned to such State bank and it shall no longer be entitled to the benefits of this section, unless it shall have been closed in the meantime on account of inability to meet the demands of its depositors. " (h) The amount of the outstanding class A stock of the Corporation held by member banks shall be annually adjusted as hereinafter provided as of the last preceding call date as member banks increase their time and demand deposits or as additional banks become members or subscribe to the stock of the Corporation, and such stock may be decreased in amount as member banks reduce their time and demand deposits or cease to be members. Shares of the capital stock of the Corporation owned by member banks shall not be transferred or hypothecated. When a member bank increases its time and demand deposits it shall, at the beginning of each calendar year, subscribe for an additional amount of capital stock of the Corporation equal to one half of 1 per centum of such increase in deposits. One half of the amount of such additional stock shall be paid for at the time of the subscription therefor, and the balance shall be subject to call by the board of directors of the Corporation. A bank organized on or before the date this section takes effect and admitted to membership in the Federal Reserve System at any time after the organization of the Corporation shall be required to subscribe for an amount of class A capital stock equal to one half of 1 per centum of the time and demand deposits of the applicant bank as of the date of such admission, paying therefor its par value plus one half of 1 per centum a month from the period of the last dividend on the class A stock of the Corporation. When a member bank reduces its time and demand deposits it shall surrender, not later than the 1st day of January thereafter, a proportionate amount of its holdings in the capital stock of the Corporation, and when a member bank voluntarily liquidates it shall surrender all its holdings of the capital stock of the Corporation and be released from its stock subscription not previously called. The shares so surrendered shall be canceled and the member bank shall receive in payment therefor, under regulations to be prescribed by the Corporation, a sum equal to its cash-paid subscriptions on the shares surrendered and its proportionate share of dividends not to exceed one half of 1 per centum a month, from the period of the last dividend on such stock, less any liability of such member bank to the Corporation. " (i) If any member or nonmember bank shall be declared insolvent, or shall cease to be a member bank (or in the case of a nonmember bank, shall cease to be entitled to the benefits of insurance under this section), the stock held by it in the Corporation shall be canceled, without impairment of the liability of such bank, and all cash-paid subscriptions on such stock, with its proportionate share of dividends not to exceed one half of 1 per centum per month from the period of last dividend on such stock shall be first applied to all debts of the insolvent bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 19 3 3 279 or the receiver thereof to the Corporation, and the balance, if any, shall be paid to the receiver of the insolvent bank. "(j) Upon the date of enactment of the Banking Act of 1933, the Corporation shall become a body corporate and as such shall have power— " First. To adopt and use a corporate seal. u Second. To have succession until dissolved by an Act of Congress. "Third. To make contracts. " Fourth. To sue and be sued, complain and defend, in any court of law or equity, State or Federal. "Fifth. To appoint by its board of directors such officers and employees as are not otherwise provided for in this section, to define their duties, fix their compensation, require bonds of them and fix the penalty thereof, and to dismiss at pleasure such officers or employees. Nothing in this or any other Act shall be construed to prevent the appointment and compensation as an 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 by its board of directors, bylaws not inconsistent with law, regulating 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 by its board of directors, or duly authorized officers or agents, all powers specifically granted by the provisions of this section and such incidental powers as shall be necessary to carry out the powers so granted. "(k) The board of directors shall administer the affairs of the Corporation fairly and impartially and without discrimination. 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 section. "(1) Effective on and after July 1, 1934 (thus affording ample time for examination and preparation), unless the President shall by proclamation fix an earlier date, the Corporation shall insure as hereinafter provided the deposits of all member banks, and on and after such date and until Julyl, 1936, of all nonmember banks, which are class A stockholders of the Corporation. Notwithstanding any other provision of law, whenever any national bank which is a class A stockholder of the Corporation shall have been closed by action of its board of directors or by the Comptroller of the Currency, as the case may be, on account of inability to meet the demands of its depositors, the Comptroller of the Currency shall appoint the Corporation receiver for such bank. As soon as possible thereafter the Corporation shall organize a new national bank to assume the insured deposit liabilities of such closed bank, to receive new deposits and otherwise to perform temporarily the functions provided for it in this paragraph. For the purposes of this subsection, the term 'insured deposit liability' shall mean with respect to the owner of any claim arising out of a deposit liability of such closed bank the following percentages of the net amount due to such owner by such closed bank on account of deposit liabilities: 100 per centum of such net amount not exceeding $10,000; and 75 per centum of the amount, if any, by which such net amount exceeds $10,000 but does not exceed $50,000; and 50 per centum of the amount, if any, by which such net amount exceeds $50,000: Provided, That, in determining the amount due to such owner for the purpose of fixing such percentage, there shall be added together all net amounts due to such owner in the same capacity or the same right, on account of deposits, regardless of whether such deposits be maintained in his name or in the names of others for his benefit. For the purposes of this subsection, the term 'insured deposit liabilities' shall mean the aggregate amount of all such insured deposit liabilities of such closed bank. The Corporation shall determine as expeditiously as possible the net amounts due to depositors of the closed bank and shall make available to the new bank an amount equal to the insured deposit liabilities of such closed bank, whereupon such new bank shall assume the insured deposit liability of such closed bank to each of its depositors, and the Corporation shall be subrogated to all rights against the closed bank of the owners of such deposits and shall be entitled to receive the same dividends from the proceeds of the assets of such closed bank as would have been payable to each such depositor until such dividends shall equal the insured de- 49753—M 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD posit liability to such depositor assumed by the new bank, whereupon all further dividends shall be payable to such depositor. Of the amount thus made available by the Corporation to the new bank, such portion shall be paid to it in cash as may be necessary to enable it to meet immediate cash demands and the remainder shall be credited to it on the books of the Corporation subject to withdrawal on demand and shall bear interest at the rate of 3 per centum per annum until withdrawn. The new bank may, with the approval of the Corporation, accept new deposits, which, together with all amounts made available to the new bank by the Corporation, shall be kept on hand in cash, invested in direct obligations of the United States, or deposited with the Corporation or with a Federal reserve bank. Such new bank shall maintain on deposit with the Federal reserve bank of its district the reserves required by law of member banks but shall not be required to subscribe for stock of the Federal reserve bank until its own capital stock has been subscribed and paid for in the manner hereinafter provided. The articles of association and organization certificate of such new bank may be executed by such representatives of the Corporation as it may designate; the new bank shall not be required to have any directors at the time of its organization, but shall be managed by an executive officer to be designated by the Corporation; and no capital stock need be paid in by the Corporation; but in other respects such bank shall be organized in accordance with the existing provisions of law relating to the organization of national banks; and, until the requisite amount of capital stock for such bank has been subscribed and paid for in the manner hereinafter provided, such bank shall transact no business except that authorized by this subsection and such business as may be incidental to its organization. When in the judgment of the Corporation it is desirable to do so, the Corporation shall offer capital stock of the new bank for sale on such terms and conditions as the Corporation shall deem advisable, in an amount sufficient in the opinion of the Corporation to make possible the conduct of the business of the new bank on a sound basis, but in no event less than that required by section 5138 of the Revised Statutes, as amended (U.S.C., title 12, sec. 51), for the organization of a national bank in the place where such new bank is located, giving the stockholders of the closed bank the first opportunity to purchase such stock. Upon proof that an adequate amount of capital stock of the new bank has been subscribed and paid for in cash by subscribers satisfactory to the Comptroller of the Currency, he shall issue to such bank a certificate of authority to commence business and thereafter it shall be managed by directors elected by its own shareholders and may exercise all of the powers granted by law to national banking associations. If an adequate amount of capital for such new bank is not subscribed and paid in, the Corporation may offer to transfer its business to any other banking institution in the same place which will take over its assets, assume its liabilities, and pay to the Corporation for such business such amount as the Corporation may deem adequate. Unless the capital stock of the new bank is sold or its assets acquired and its liabilities assumed by another banking institution, in the manner herein prescribed, within two years from the date of its organization, the Corporation shall place the new bank in voluntary liquidation and wind up its affairs. The Corporation shall open on its books a deposit insurance account, and as soon as possible after taking possession of any closed national bank, the Corporation shall make an estimate of the amount which will be available from all sources for application in satisfaction of the portion of the claims of depositors to which it has been subrogated and shall debit to such deposit insurance account the excess, if any, of the amount made available by the Corporation to the new bank for depositors over and above the amount of such estimate. It shall be the duty of the Corporation to realize upon the assets of such closed bank, having due regard to the conditions of credit in the district in which such closed bank is located; to enforce the individual liability of the stockholders and directors thereof; and to wind up the affairs of such closed bank in conformity with the provisions of law relating to the liquidation of closed national banks, except as herein otherwise provided, retaining for its own account such portion of the amount realized from such liquidation as it shall be entitled to receive on account of its subrogation to the claims of depositors and paying to depositors and other creditors the amount available for distribution to them, after deducting therefrom their share of the costs of the liquidation of the closed bank. If the total amount realized by the Corporation on account of its subrogation to the claims of depositors be less than the amount of the estimate hereinabove provided for, the deposit insurance account shall be charged with the deficiency and, if the total amount so realized shall exceed the amount of such estimate, such account shall be credited with such excess. With respect to such closed national banks, the Corporation shall have all the rights, powers, and privileges now possessed by or hereafter given receivers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 193 3 281 of insolvent national banks and shall be subject to the obligations and penalties not inconsistent with the provisions of this paragraph to which such receivers are now or may hereafter become subject. "Whenever any State member bank which is a class A stockholder of the Corporation shall have been closed by action of its board of directors or by the appropriate State authority, as the case may be, on account of inability to meet the demands of its depositors, the Corporation shall accept appointment as receiver thereof, if such appointment be tendered by the appropriate State authority and be authorized or permitted by State law. Thereupon the Corporation shall organize a new national bank, in accordance with the provisions of this subsection, to assume the insured deposit liabilities of such closed State member bank, to receive new deposits and otherwise to perform temporarily the functions provided for in this subsection. Upon satisfactory recognition of the right of the Corporation to receive dividends on the same basis as in the case of a closed national bank under this subsection, such recognition being accorded by State law, by allowance of claims by the appropriate State authority, by assignment of claims by depositors, or by any other effective method, the Corporation shall make available to such new national bank, in the manner prescribed by this subsection, an amount equal to the insured deposit liabilities of such closed State member bank; and the Corporation and such new national bank shall perform all of the functions and duties and shall have all the rights and privileges with respect to such State member bank and the depositors thereof which are prescribed by this subsection with respect to closed national banks holding class A stock in the Corporation: Provided, That the rights of depositors and other creditors of such State member bank shall be determined in accordance with the applicable provisions of State law: And provided further, That, with respect to such State member bank, the Corporation shall possess the powers and privileges provided by State law with respect to a receiver of such State member bank, except in so far as the same are in conflict with the provisions of this subsection. "Whenever any State member bank which is a class A stockholder of the Corporation shall have been closed by action of its board of directors or by the appropriate State authority, as the case may be, on account of inability to meet the demands of its depositors, and the applicable State law does not permit the appointment of the Corporation as receiver of such bank, the Corporation shall organize a new national bank, in accordance with the provisions of this subsection, to assume the insured deposit liabilities of such closed State member bank, to receive new deposits, and otherwise to perform temporarily the functions provided for in this subsection. Upon satisfactory recognition of the right of the Corporation to receive dividends on the same basis as in the case of a closed national bank under this subsection, such recognition being accorded by State law, by allowance of claims by the appropriate State authority, by assignment of claims by depositors, or by any other effective method, the Corporation shall make available to such new bank, in accordance with the provisions of this subsection, the amount of insured deposit liabilities as to which such recognition has been accorded; and such new bank shall assume such insured deposit liabilities and shall in other respects comply with the provisions of this subsection respecting new banks organized to assume insured deposit liabilities of closed national banks. In so far as possible in view of the applicable provisions of State law, the Corporation shall proceed with respect to the receiver of such closed bank and with respect to the new bank organized to assume its insured deposit liabilities in the manner prescribed by this subsection with respect to closed national banks and new banks organized to assume their insured deposit liabilities; except that the Corporation shall have none of the powers, duties, or responsibilities of a receiver with respect to the winding up of the affairs of such closed State member bank. The Corporation, in its discretion, however, may purchase and liquidate any or all of the assets of such bank. \ "Whenever the net debit balance of the deposit insurance account of the Corporation shall equal or exceed one fourth of 1 per centum of the total deposit liabilities of all class A stockholders as of the date of the last preceding call report, the Corporation shall levy upon such stockholders an assessment equal to one fourth of 1 per centum of their total deposit liabilities and shall credit the amount collected from such assessment to such deposit insurance account. No bank which is a holder of class A stock shall pay any dividends until all assessments levied upon it by the Corporation shall have been paid in full; and any director or officer of any such bank who participates in the declaration or payment of any such dividend may, upon conviction, be fined not more than $1,000, or imprisoned for not more than one year, or both. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD "The term 'receiver' as used in this section shall mean a receiver, liquidating agent, or conservator of a national bank, and a receiver, liquidating agent, conservator, 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. "For the purposes of this section only, the term 'national bank' shall include all national banking associations and all banks, banking associations, trust companies, savings banks, and other banking institutions located in the District of Columbia which are members of the Federal Reserve System; and the term 'State member bank' shall include all State banks, banking associations, trust companies, savings banks, and other banking institutions organized under the laws of any State, which are members of the Federal Reserve System. "In any determination of the insured deposit liabilities of any closed bank or of the total deposit liabilities of any bank which is a holder of class A stock of the Corporation, or a member of the Fund provided for in subsection (y), for the purposes of this section, there shall be excluded the amounts of all deposits of such bank which are payable only at an office thereof located in a foreign country. "The Corporation may make such rules, regulations, and contracts as it may deem necessary in order to carry out the provisions of this section. " 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 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. " (m) Nothing herein contained shall be construed to prevent the Corporation from making loans to national banks closed by action of the Comptroller of the Currency, or by vote of their directors, or to State member banks closed by action of the appropriate State authorities, or by vote of their directors, or from entering into negotiations to secure the reopening of such banks. " (n) Receivers or liquidators of member banks which are now or may hereafter become insolvent or suspended shall be entitled to offer the assets of such banks for sale to the Corporation or as security for loans from the Corporation, upon receiving permission from the appropriate State authority in accordance with express provisions of State law in the case of State member banks, or from the Comptroller of the Currency in the case of national banks. 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 (U.S.C., title 12, sec. 193), 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. " (o) The Corporation is authorized and empowered to issue and to have outstanding at any one time in an amount aggregating not more than three times the amount of its capital, its 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, and 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. The notes, debentures, bonds, and other such obligations of the Corporation may be secured by assets of the Corporation in such manner as shall be prescribed by its board of directors. Such obligations may be offered for sale at such price or prices as the Corporation may determine. " (p) All notes, debentures, bonds, or other such obligations issued by the Corporation shall be exempt, both as to principal and interest, from all taxation (except estate and 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 193 3 28e3 taxing authority, except that any real property of the Corporation shall be subject to State, Territorial, county, municipal or local taxation to the same extent according to its value as other real property is taxed. " (q) In order that the Corporation may be supplied with such forms of notes, debentures, bonds, or other such 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 y 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 notes, debentures, bonds, or other such obligations. "(r) 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. " (s) 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 any way the action of the Corporation under this section, makes any statement, knowing it to be false, or willfully 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. " (t) 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. "(u) 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 intrusted 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. " (v) No individual, association, partnership, or corporation shall use the words 'Federal Deposit Insurance Corporation', or a combination or any three of these four words, as the name or a part thereof under which he or it shall do business. No individual, association, partnership, or corporation shall advertise or otherwise represent falsely by any device whatsoever that his or its deposit liabilities are insured or in anywise guaranteed by the Federal Deposit Insurance Corporation, or by the Government of the United States, or by any instrumentality thereof; and no class A stockholder of the Federal Deposit Insurance Corporation shall advertise or otherwise represent falsely by any device whatsoever the extent to which or the manner in which its deposit liabilities are insured by the Federal Deposit Insurance Corporation. Every individual, partnership, association, or corporation violating this subsection shall be punished by a fine of not exceeding $1,000, or by imprisonment not exceeding one year, or both. " (w) 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), in so far as applicable, are extended to apply to contracts or agreements with the Corporation under this section, 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. " (x) 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD " (y) The Corporation shall open on its books a Temporary Federal Deposit Insurance Fund (hereinafter referred to as the 'Fund'), which shall become operative on January 1, 1934, unless the President shall by proclamation fix an earlier date, and it shall be the duty of the Corporation to insure deposits as hereinafter provided until July 1, 1934. "Each member bank licensed before January 1, 1934, by the Secretary of the Treasury pursuant to the authority vested in him by the Executive order of the President issued March 10, 1933, shall, on or before January 1, 1934, become a member of the Fund; each member bank so licensed after such date, and each State bank trust company or mutual savings bank (referred to in this subsection as 'State bank', which term shall also include all banking institutions located in the District of Columbia) which becomes a member of the Federal Reserve System on or after such date, shall, upon being so licensed or so admitted to membership, become a member of the Fund; and any State bank which is not a member of the Federal Reserve System, with the approval of the authority having supervision of such State bank and certification to the Corporation bysuch authority that such State bank is in solvent condition, shall, after examination by, and with the approval of, the Corporation, be entitled to become a member of the Fund and to the privileges of this subsection upon agreeing to comply with the requirements thereof and upon paying to the Corporation an amount equal to the amount that would be required of it under this subsection if it were a member bank. The Corporation is authorized to prescribe rules and regulations for the further examination of such State bank, and to fix the compensation of examiners employed to make examinations of State banks. "Each member of the Fund shall file with the Corporation on or before the date of its admission a certified statement under oath showing, as of the fifteenth day of the month preceding the month in which it was so admitted, the number of its depositors and the total amount of its deposits which are eligible for insurance under this subsection, and shall pay to the Corporation an amount equal to one-half of 1 per centum of the total amount of the deposits so certified. One-half of such payment shall be paid in full at the time of the admission of such member to the Fund, and the remainder of such payment shall be subject to call from time to time by the board of directors of the Corporation. Within a reasonable time fixed by the Corporation each such member shall file a similar statement showing, as of June 15, 1934, the number of its depositors arid the total amount of its deposits which are eligible for such insurance and shall pay to the Corporation in the same manner an amount equal to one-half of 1 per centum of the increase, if any, in the total amount of such deposits since the date covered by the statement filed upon its admission to membership in the fund. "If at any time prior to July 1, 1934, the Corporation requires additional funds with which to meet its obligations under this subsection, each member of the Fund shall be subject to one additional assessment only in an amount not exceeding the total amount theretofore paid to the Corporation by such member. "If any member of the Fund shall be closed on or before June 30, 1934, on account of inability;- to meet its deposit liabilities, the Corporation shall proceed in accordance with the provisions of subsection (1) of this section to pa}^ the insured deposit liabilities of such member; except that the Corporation shall pay not more than $2,500 on account of the net approved claim of the owner of any deposit. The provisions of such subsection (1) relating to State member banks shall be extended for the purposes of this subsection to members of the Fund which are not members of the Federal Reserve System; and the provisions of this subsection shall apply only to deposits of members of the Fund which have been made available since March 10, 1933, for withdrawal in the usual course of the banking business. "Before July 1, 1934, the Corporation shall make an estimate of the balance, if any, which will remain in the Fund after providing for all liabilities of the Fund, including expenses of operation thereof under this subsection and allowing for anticipated recoveries. The Corporation shall refund such estimated balance, on such basis as the Corporation shall find to be equitable, to the members of the Fund other than those which have been closed prior to July 1, 1934. "Each State bank which is a member of the Fund, in order to obtain the benefits of this section after July 1, 1934, shall, on or before such date, subscribe nnd pay for the same amount of class A stock of the Corporation as it would be required to subscribe and pay for upon becoming a member bank, or if such State bank is not permitted by the laws under which it was organized to purchase such stock, it shall deposit with the Corporation an amount equal to the amount it would have been required to pay in on account of a subscription to such stock; and thereafter such State bank shall be entitled to such benefits until July 1, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 19 3 3 285 "It is not the purpose of this section to discriminate, in any manner, against State nonmember, and in favor of, national or member banks; but the purpose is to provide all banks with the same opportunity to obtain and enjoy the benefits of this section. No bank shall be discriminated against because its capital stock is less than the amount required for eligibility for admission into the Federal Reserve System.'7 SEC. 9. The eighth paragraph of section 13 of the Federal Reserve Act, as amended (U.S.C., title 12, sec. 347; Supp. VI, title 12, sec. 347), is amended 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, 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 section 13 (a) of this Act; 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, such rates to be subject to the review and determination of the Federal Reserve Board. If any member bank to which any such advance has been made shall, during the life or continuance of such advance, and despite an official warning of the reserve bank of the district or of the Federal Reserve Board to the contrary, increase its outstanding loans secured by collateral in the form of stocks, bonds, debentures, or other such obligations, or loans made to members of any organized stock exchange, investment house, or dealer in securities, upon any obligation, note, or bill, secured or unsecured, for the purpose of purchasing and/or carrying stocks, bonds, or other investment securities (except obligations of the United States) such advance shall be deemed immediately due and payable, and such member bank shall be ineligible as a borrower at the reserve bank of the district under the provisions of this paragraph for such period as the Federal Reserve Board shall determine: Provided, That no temporary carrying or clearance loans made solely for the purpose of facilitating the purchase or delivery of securities offered for public subscription shall be included in the loans referred to in this paragraph." SEC. 10. Section 14 of the Federal Reserve Act, as amended (U.S.C., title 12, sees. 353-358), is amended by adding at the end thereof the following new paragraph: "(g) The Federal Reserve Board shall exercise special supervision over all relationships and transactions of any kind entered into by any Federal reserve bank with any foreign bank or banker, or with any group of foreign banks or bankers, and all such relationships and transactions shall be subject to such regulations, conditions, and limitations as the Board may prescribe. No officer or other representative of any Federal reserve bank shall conduct negotiations of any kind with the officers or representatives of any foreign bank or banker without first obtaining the permission of the Federal Reserve Board. The Federal Reserve Board shall have the right, in its discretion, to be represented in any conference or negotiations by such representative or representatives as the Board may designate. A full report of all conferences or negotiations, and all understandings or agreements arrived at or transactions agreed upon, and all other material facts appertaining to such conferences or negotiations, shall be filed with the Federal Reserve Board in writing by a duly authorized officer of each Federal reserve bank which shall have participated in such conferences or negotiations." SEC. 11. (a) Section 19 of the Federal Reserve Act, as amended (U.S.C., title 12, sees. 142, 374, 461-466; Supp. VI, title 12, sec. 462a), is amended by inserting after the sixth paragraph thereof the following new paragraph: "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." (b) Such section 19 of the Federal Reserve Act, as amended, is further amended by adding at the end thereof the following new paragraphs: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 ANNUAL BEPOKT OF THE FEDERAL RESERVE BOARD "No member bank shall, directly or indirectly by any device whatsoever, pay any interest on any deposit which is payable on demand: Provided, That nothing herein contained shall be construed as prohibiting the payment of interest in accordance with the terms of any certificate of deposit or other contract heretofore entered into in good faith which is in force on the date of the enactment of this paragraph; but no such certificate of deposit or other contract shall be renewed or extended unless it shall be modified to conform to this paragraph, and every member bank shall take such action as may be necessary to conform to this paragraph as soon as possible consistently with its contractual obligations: Provided, however, That this paragraph shall not apply to any deposit of such bank which is payable only at an office thereof located in a foreign country, and shall not apply to any deposit made by a mutual savings bank, nor to any deposit of public funds made by or on behalf of any State, county, school district, or other subdivision or municipality, with respect to which payment of interest is required under State law. "The Federal Reserve Board shall from time to time limit by regulation the rate of interest which may be paid by member banks on time deposits, and may prescribe different rates for such payment on time and savings deposits having different maturities or subject to different conditions respecting withdrawal or repayment or subject to different conditions by reason of different locations. No member bank shall pay any time deposit before its maturity, or waive any requirement of notice before payment of any savings deposit except as to all savings deposits having the same requirement." (c) Section 8 of the Act entitledl' An Act to establish postal savings depositories for depositing savings at interest with the security of the Government for repayment thereof, and for other purposes", approved June 25, 1910, as amended (U.S.C., title 39, sec. 758), is amended by striking out the first sentence thereof and inserting in lieu thereof the following: "Any depositor may withdraw the whole or any part of the funds deposited to his or her credit with the accrued interest only on notice given sixty days in advance and under such regulations as the Postmaster General may prescribe; but withdrawal of any part of such funds may be made upon demand, but no interest shall be paid on any funds so withdrawn except interest accrued to the date of enactment of the Banking Act of 1933: Provided, That Postal Savings depositories may deposit funds in member banks on time under regulations to be prescribed by the Postmaster General." (d) The second sentence of section 9 of the Act entitled "An Act to establish postal savings depositories for depositing savings at interest with the security of the Government for repayment thereof, and for other purposes", approved June 25, 1910, as amended (U.S.C., title 39, sec. 759), is amended by striking out the period at the end thereof and inserting in lieu thereof a colon and the following: "Provided, That no such security shall be required in case of such part of the deposits as are insured under section 12B of the Federal Reserve Act, as amended." SEC. 12. Section 22 of the Federal Reserve Act, as amended (U.S.C., title 12, sees. 375, 376, 503, 593-595; Supp. VI, title 12, sec. 593), is further amended by adding at the end thereof the following new paragraph: "(g) No executive officer of any member bank shall borrow from or otherwise become indebted to any member bank of which he is an executive officer, and no member bank shall make any loan or extend credit in any other manner to any of its own executive officers: Provided, That loans heretofore made to any such officer may be renewed or extended not more than two years from the date this paragraph takes effect, if in accord with sound banking practice. If any executive officer of any member bank borrow from or if he be or become indebted to any bank other than a member bank of which he is an executive officer, he shall make a written report to the chairman of the board of directors of the member bank of which he is an executive officer, stating the date and amount of such loan or indebtedness, the security therefor, and the purpose for which the proceeds have been or are to be used. Any executive officer of any member bank violating the provisions of this paragraph shall be deemed guilty of a misdemeanor and shall be imprisoned not exceeding one year, or fined not more than $5,000, or both; and any member bank violating the provisions of this paragraph shall be fined not more than $10,000, and may be fined a further sum equal to the amount so loaned or credit so extended." SEC. 13. The Federal Reserve Act, as amended, is amended by inserting between sections 23 and 24 thereof (U.S.C., title 12, sees. 64 and 371; Supp. VI, title 12, sec. 371) the following new section: "SEC. 23A. NO member bank shall (1) make any loan or any extension of credit to, or purchase securities under repurchase agreement from, any of its Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 193 3 287 affiliates, or (2) invest any of its funds in the capital stock, bonds, debentures, or other such obligations of any such affiliate, or (3) accept the capital stock, bonds, debentures, or other such obligations of any such affiliate as collateral security for advances made to any person, partnership, association, or corporation, if, in the case of any such affiliate, the aggregate amount of such loans, 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 member bank, or if, in the case of all such affiliates, the aggregate amount of such loans, extensions of credits, repurchase agreements, investments, and advances against such collateral security will exceed 20 per centum of the capital stock and surplus of such member bank. " Within the foregoing limitations, each loan or extension of credit of any kind or character to an affiliate shall be secured by collateral in the form of stocks, bonds, debentures, or other such obligations 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 the loan or extension of credit, or of at least 10 per centum more than the amount of the loan or extension of credit if it is secured by obligations of any State, or of any political subdivision or agency thereof: Provided, That the provisions of this paragraph shall not apply to loans or extensions of credit secured by obligations of the United States Government, the Federal intermediate credit banks, the Federal land banks, the Federal Home Loan Banks, or the Home Owners' Loan Corporation, or by such notes, drafts, bills of exchange, or bankers' acceptances as are eligible for rediscount or for purchase by Federal reserve banks. 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. "For the purposes of this section the term 'affiliate' shall include holding company affiliates as well as other affiliates, and the provisions of this section shall not apply to any affiliate (1) engaged solely in holding the bank premises of the member bank with which it is affiliated, (2) engaged solely in conducting a safe-deposit business or the business of an agricultural credit corporation or livestock loan company, (3) in the capital stock of which a national banking association is authorized to invest pursuant to section 25 of the Federal Reserve Act, as amended, (4) organized under section 25 (a) of the Federal Reserve Act, as amended, or (5) engaged solely in holding obligations of the United States Government, the Federal intermediate credit banks, the Federal land banks, the Federal Home Loan Banks, or the Home Owners' Loan Corporation; but as to any such affiliate, member banks shall continue to be subject to other provisions of law applicable to loans by such banks and investments by such banks in stocks, bonds, debentures, or other such obligations." SEC. 14. The Federal Reserve Act, as amended, is amended by inserting between section 24 and section 25 thereof (U.S.C., title 12, sees. 371 and 601-605; Supp. VI, title 12, sec. 371) the following new section: "SEC. 24A. Hereafter no national bank, without the approval of the Comptroller of the Currency, and no State member bank, without the approval of the Federal Reserve Board, shall (1) invest in bank premises, or in the stock, bonds, debentures, or other such obligations of any corporation holding the premises of such bank or (2) make loans to or upon the security of the stock of any such corporation, if the aggregate of all such investments and loans will exceed the amount of the capital stock of such bank." SEC. 15. The Federal Reserve Act, as amended, is further amended by inserting after section 25 (a) thereof (U.S.C., title 12, sec. 611-631) the following new section: "SEC. 25. (b) Notwithstanding any other provision of law all suits of a civ 1 nature at common law or in equity to which any corporation organized under the laws of the United States shall be a party, arising out of transactions involving international or foreign banking, or banking in a dependency or insular possession of the United States, or out of other international or foreign financial operations, either directly or through the agency, ownership, or control of branches or local institutions in dependencies or insular possessions of the United States or in foreign countries, shall be deemed to arise under the laws of the United States, and the district courts of the LJnited States shall have original jurisdiction of all such suits; and any defendant in any such suit may, at any time before the trial thereof, remove such suits from a State court into the district court of the United States for the proper district by following the procedure for the removal of causes otherwise provided by law. Such removal shall not cause undue delay in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD trial of such case and a case so removed shall have a place on the calendar of the United States court to which it is removed relative to that which it held on the State court from which it was removed. " Notwithstanding any other provision of law, all suits of a civil nature at common law or in equity to which any Federal Reserve bank shall be a party shall be deemed to arise under the laws of the United States, and the district courts of the United States shall have original jurisdiction of all such suits; and any Federal Reserve bank which is a defendant in any such suit may, at any time before the trial thereof, remove such suit from a State court into the district court of the United States for the proper district by following the procedure for the removal of causes otherwise provided by law. No attachment or execution shall be issued against any Federal Reserve bank or its property before final judgment in any suit, action, or proceeding in any State, county, municipal, or United States court." SEC. 16. Paragraph "Seventh" of section 5136 of the Revised Statutes, as amended (U.S.C., title 12, sec. 24; Supp. VI, title 12, sec. 24), is amended to read as follows: "Seventh. To exercise by its board of directors or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt; by receiving deposits; by buying and selling exchange, coin, and bullion; by loaning money on personal security; and by obtaining, issuing, and circulating notes according to the provisions of this title. The business of dealing in investment securities by the association shall be limited to purchasing and selling such securities without recourse, solely upon the order, and for the account of, customers, and in no case for its own account, and the association shall not underwrite any issue of securities: Provided, That the association may purchase for its own account investment securities under such limitations and restrictions as the Comptroller of the Currency may by regulation prescribe, but in no event (1) shall the total amount of any issue of investment securities of any one obligor or maker purchased after this section as amended takes effect and held by the association for its own account exceed at any time 10 per centum of the total amount of such issue outstanding, but this limitation shall not apply to any such issue the total amount of which does not exceed $100,000 and does not exceed 50 per centum of the capital of the association, nor (2) shall the total amount of the investment securities of any one obligor or maker purchased after this section as amended takes effect and held by the association for its own account exceed at any time 15 per centum of the amount of the capital stock of the association actually paid in and unimpaired and 25 per centum of its unimpaired surplus fund. As used in this section the term 'investment securities' shall mean marketable obligations evidencing indebtedness of any person, copartnership, association, or corporation in the form of bonds, notes and/or debentures commonly known as investment securities under such further definition of the term ' investment securities' as may by regulation be prescribed by the Comptroller of the Currency. Except as hereinafter provided or otherwise permitted by law, nothing herein contained shall authorize the purchase by the association of any shares of stock of any corporation. The limitations and restrictions herein contained as to dealing in, underwriting and purchasing for its own account, investment securities shall not apply to obligations of the United States, or general obligations of any State or of any political subdivision thereof, or obligations issued under authority of the Federal Farm Loan Act, as amended, or issued by the Federal Home Loan Banks or the Home Owners' Loan Corporation: Provided, That in carrying on the business commonly known as the safe-deposit business the association shall not invest in the capital stock of a corporation organized under the law of any State to conduct a safe-deposit business in an amount in excess of 15 per centum of the capital stock of the association actually paid in and unimpaired and 15 per centum of its unimpaired surplus." The restrictions of this section as to dealing in investment securities shall take effect one year after the date of the approval of this Act. SEC. 17. (a) Section 5138 of the Revised Statutes, as amended (U.S.C., title 12, sec. 51; Supp. VI, title 12, sec. 51), is amended to read as follows: "SEC. 5138. After this section as amended takes effect, no national banking association shall be organized with a less capital than $100,000, except that such associations with a capital of not less than $50,000 may be organized in any place the population of which does not exceed six thousand inhabitants. No such association shall be organized in a city the population of which exceeds fifty thousand persons with a capital of less than $200,000, except that in the outlying Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 193 3 289 districts of such a city where the State laws permit the organization of State banks with a capital of $100,000 or less, national banking associations now organized or hereafter organized may, with the approval of the Comptroller of the Currency, have a capital of not less than $100,000." (b) The tenth paragraph of section 9 of the Federal Reserve Act, as amended (U.S.C., title 12, sec. 329), is amended to read as follows: "No applying bank shall be admitted to membership in a Federal reserve bank unless it possesses a paid-up unimpaired capital sufficient to entitle it to become a national banking association in the place where it is situated under the provisions of the National Bank Act, as amended: Provided, That this paragraph shall not apply to State banks and trust companies organized prior to the date this paragraph as amended takes effect and situated in a place the population of which does not exceed three thousand inhabitants and having a capital of not less than $25,000, nor to any State bank or trust company which is so situated and which, while it is entitled to the benefits of insurance under section 12B of this Act, increases its capital to not less than $25,000." SEC. 18. Section 5139 of the Revised Statutes, as amended (U.S.C., title 12, sec. 52; Supp. VI, title 12, sec. 52), is amended by adding at the end thereof the following new paragraph: " After one year from the date of the enactment of the Banking Act of 1933, no certificate representing the stock of any such association shall represent the stock of any other corporation, except a member bank or a corporation existing on the date this paragraph takes effect engaged solety in holding the bank premises of such association, 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, except a member bank." SEC. 19. Section 5144 of the Revised Statutes, as amended (U.S.C., title 12, sec. 61), is amended to read as follows: "SEC. 5144. In all elections of directors, each shareholder shall have the right to vote the number of shares owned by him for as many persons as there are directors to be elected, or to cumulate such shares and give one candidate as many votes as the number of directors multiplied by the number of his shares shall equal, or to distribute them on the same principle among as many candidates as he shall think fit; and in deciding all other questions at meetings of shareholders, each shareholder shall be entitled to one vote on each share of stock held by him; except (1) that shares of its own stock held by a national bank as sole trustee shall not be voted, and shares of its own stock held by a national bank and one or more persons as trustees may be voted by such other person or persons, as trustees, in the same manner as if he or they were the sole trustee, and (2) shares controlled by any holding company affiliate of a national bank shall not be voted unless such holding company affiliate shall have first obtained a voting permit as hereinafter provided, which permit is in force at the time such shares are voted. Shareholders may vote by proxies duly authorized in writing; but no officer, clerk, teller, or bookkeeper of such bank shall act as proxy; and no shareholder whose liability is past due and unpaid shall be allowed to vote. "For the purposes of this section shares shall be deemed to be controlled by a holding company affiliate if they are owned or controlled directly or indirectly by such holding company affiliate, or held by any trustee for the benefit of the shareholders or members thereof. "Any such holding company affiliate may make application to the Federal Reserve Board for a voting permit entitling it to cast one vote at all elections of directors and in deciding all questions at meetings of shareholders of such bank on each share of stock controlled by it or authorizing the trustee or trustees holding the stock for its benefit or for the benefit of its shareholders so to vote the same. The Federal Reserve Board may, in its discretion, grant or withhold such permit as the public interest may require. In acting upon such application, the Board shall consider the financial condition of the applicant, the general character of its management, and the probable effect of the granting of such permit upon the affairs of such bank, but no such permit shall be granted except upon the following; conditions: "(a) Every such holding company affiliate shall, in making; the application for such permit, agree (1) to receive, on dates identical with those fixed for the examination of banks with which it is affiliated, examiners duly authorized to examine such banks, who shall make such examinations of such holding company affiliate as shall be necessary to disclose fully the relations between such banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD and such holding company affiliate and the effect of such relations upon the affairs of such banks, such examinations to be at the expense of the holding company affiliate so examined; (2) that the reports of such examiners shall contain siish information as shall ba necessary to disclose fully the relations between such affiliate and such banks and the effect of such relations upon the affairs of such banks; (3) that such examiners may examine each bank owned or controlled by the holding company affiliate, both individually and in conjunction with other banks owned or controlled by such holding company affiliate; and (4) that publication of individual or consolidated statements of condition of such banks may be required; " (b) After five years after the enactment of the Banking Act of 1933, every such holding company affiliate (1) shall possess, and shall continue to possess during the life of such permit, free and clear of any lien, pledge, or hypothecation of any nature, readily marketable assets other than bank stock in an amount not less than 12 per centum of the aggregate par value of all bank stocks controlled by such holding company affiliate, which amount shall be increased by not less than 2 per centum per annum of such aggregate par value until such assets shall amount to 25 per centum of the aggregate par value of such bank stocks; 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 such assets shall amount to such 25 per centum of the aggregate par value of all bank stocks controlled by it; ~- *'(c) Notwithstanding the foregoing provisions of this section, after five years after the enactment of the Banking Act of 1933, (1) any such holding; company affiliate the shareholders or members of which shall be individually and severally liable in proportion to the .number of shares of such holding company affiliate held by them respectively, in addition to amounts invested therein, for all statutory liability imposed on such holding company affiliate by reason of its control of shares of stock of banks, shall be required only to establish and maintain out of net earnings over and above 6 per centum per annum on the book value of its own shares outstanding a reserve of readily marketable assets in an amount of not less than 12 per centum of the aggregate par value of bank stocks controlled by it, and (2) the assets required by this section to be possessed by such holding company affiliate may be used by it for replacement of capital in banks affiliated with it and for losses incurred in such banks, but any deficiency in such assets resulting from such use shall be made up within such period as the Federal Reserve Board may by regulation prescribe; "(d) Every officer, director, agent, and employee of every such holding company affiliate shall be subject to the same penalties for false entries in any book, report, or statement of such holding company affiliate as are applicable to officers, directors, agents, and employees of member banks under section 5209 of the Revised Statutes, as amended (U.S.C., title 12, sec. 592); and "(e) Every such holding company affiliate shall, in its application for such voting permit, (1) show that it does not own, control, or have any interest in, and is not participating in the management or direction of, any corporation, business trust, association, or other similar organization formed for the purpose of, or engaged principally in, the issue, flotation, underwriting, public sale, or distribution, at wholesale or retail or through syndicate participation, of stocks, bonds, debentures, notes, or other securities of any sort (hereinafter referred to as 'securities company'); (2) agree that during the period that the permit remains in force it will not acquire any ownership, control, or interest in any such securities company or participate in the management or direction thereof; (3) agree that if, at the time of filing the application for such permit, it owns, controls, or has an interest in, or is participating in the management or direction of, any such securities company, it will, within five years after the filing of such application, divest itself of its ownership, control, and interest in such securities company and will cease participating in the management or direction thereof, and will not thereafter, during the period that the permit remains in force, acquire any further ownership, control, or interest in any such securities company or participate in the management or direction thereof; and (4) agree that thenceforth it will declare dividends only out of actual net earnings. "If at any time it shall appear to the Federal Reserve Board that any holding company affiliate has violated any of the provisions of the Banking Act of 1933 or of any agreement made pursuant to this section, the Federal Reserve Board may, in its discretion, revoke any such voting permit after giving sixty days' notice by registered mail of its intention to the holding company affiliate and affording it an opportunity to be heard. Whenever the Federal Reserve Board Digitized fors hFaRlAl ShEaRv e revoked any such voting permit, no national bank whose stock is http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 193 3 291 controlled by the holding company affiliate whose permit is so revoked shall receive deposits of public moneys of the United States, nor shall any such national bank pay any further dividend to such holding company affiliate upon any shares of such bank controlled by such holding company affiliate. " Whenever the Federal Reserve Board shall have revoked any voting permit as hereinbefore provided, the rights, privileges, and franchises of any or all national banks the stock of which is controlled by such holding company affiliate shall, in the discretion of the Federal Reserve Board, be subject to forfeiture in accordance with section 2 of the Federal Reserve Act, as amended." SEC. 20. After one year 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 or through syndicate participation 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 2 of the Federal Reserve Act, as amended (U.S.C., title 12, sees. 141, 222-225, 281-286, and 502), 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, as amended (U.S.C., title 12, sees. 321-332). SEC. 21. (a) After the expiration of one year after the date of enactment of this Act it shall be unlawful— (1) For any person, firm, corporation, association, business trust, or other similar organization, engaged in the business of issuing, underwriting, selling, or distributing, at wholesale or retail, or through syndicate participation, stocks,, bonds, debentures, notes, or other securities, to engage at the same time to any extent whatever in the business of receiving deposits subject to check or to repayment upon presentation of a passbook, certificate of deposit, or other evidence of debt, or upon request of the depositor; or (2) For any person, firm, corporation, association, business trust, or other similar organization, other than a financial institution or private banker subject to examination and regulation under State or Federal law, to engage to any extent whatever in the business of receiving deposits subject to check or to repayment upon presentation of a passbook, certificate of deposit, or other evidence of debt,, or upon request of the depositor, unless such person, firm, corporation, association^ business trust, or other similar organization shall submit to periodic examination by the Comptroller of the Currency or by the Federal reserve bank of the district and shall make and publish periodic reports of its condition, exhibiting in detail its resources and liabilities, such examination and reports to be made and published at the same times and in the same manner and with like effect and penalties as are now provided by law in respect of national banking associations transacting business in the same locality. (b) Whoever shall willfully violate any of the provisions of this section shall upon conviction be fined not more than $5,000 or imprisoned not more than five years, or both, and any officer, director, employee, or agent of any person, firm,, corporation, association, business trust, or other similar organization who knowingly participates in any such violation shall be punished by a like fine or imprisonment or both. SEC. 22. The additional liability imposed upon shareholders in national banking associations by the provisions of section 5151 of the Revised Statutes, as amended, and section 23 of the Federal Reserve Act, as amended (U.S.C., title 1.2, sees. 63 and 64), shall not apply with respect to shares in any such association, issued after the date of enactment of this Act. SEC. 23. Paragraph (c) of section 5155 of the Revised Statutes, as amended (U.S.C., title 12, sec. 36), is amended to read as follows: "(c) A national banking association may, with the approval of the Comptroller of the Currency, establish and operate new branches: (1) Within the limits of the city, town or village in which said association is situated, if such establishment and operation are at the time expressly authorized to State banks by the law of: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD the State in question; and (2) at any point within the State in which said association is situated, if such establishment and operation are at the time authorized to State banks by the statute law of the State in question by language specifically granting such authority affirmatively and not merely by implication or recognition, and subject to the restrictions as to location imposed by the law of the State on State banks. No such association shall establish a branch outside of the city, town, or village in which it is situated unless it has a paid-in and unimpaired Capital stock of not less than $500,000: Provided, That in States with a population of less than one million, and which have no cities located therein with a population exceeding one hundred thousand, the capital shall be not less than $250,000: Provided, That in States with a population of less than one-half million, and which have no cities located therein with a population exceeding fifty thousand, the capital shall not be less than $100,000." Paragraph (d) of section 5155 of the Revised Statutes, as amended (U.S.C, title 12, sec. 36), is amended to read as follows: "(d) The aggregate capital of every national banking association and its branches shall at no time be less than the aggregate minimum capital required by law for the establishment of an equal number of national banking associations situated in the various places where such association and its branches are situated." SEC. 24. (a) Sections 1 and 3 of the Act entitled "An Act to provide for the consolidation of national banking associations", approved November 7, 1918, as amended (U.S.C, title 12, sees. 33, 34, and 34a), are amended by striking out the words "county, city, town, or village" wherever they occur in each such section, and inserting in lieu thereof the words "State, county, city, town, or village." (b) Section 3 of such Act of November 7, 1918, as amended, is further amended by striking out the second sentence thereof and inserting in lieu thereof the following: "The capital stock of such consolidated association shall not be less than that required under existing law for the organization of a national banking association in the place in which such consolidated association is located. Upon such a consolidation, or upon a consolidation of two or more national banking associations under section 1 of this Act, the corporate existence of each of the constituent banks and national banking associations participating in such consolidation shall be merged into and continued in the consolidated national banking association and the consolidated association shall be deemed to be the same corporation as each of the constituent institutions. All the rights, franchises, and interests of each of such constituent banks and national banking associations in and to every species of property, real, personal, and mixed, and choses in action thereto belonging, shall be deemed to be transferred to and vested in such consolidated national banking association without any deed or other transfer; and such consolidated national banking association, by virtue of such consolidation and without any order or other action on the part of any court or otherwise, shall hold and enjoy the same and all rights of property, franchises, and interests, including appointments, designations, and nominations and all other rights and interests as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics and in every other fiduciary capacity, in the same manner and to the same extent as such rights, franchises, and interests were held or enjoyed by any such constituent institution at the time of such consolidation: Provided, however, That where any such constituent institution at the time of such consolidation was acting under appointment of any court as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics or in any other fiduciary capacity, the consolidated national banking association shall be subject to removal by a court of competent jurisdiction in the same manner and to the same extent as was such constituent corporation prior to the consolidation, and nothing herein contained shall be construed to impair in any manner the right of any court to remove such a consolidated national banking association and to appoint in lieu thereof a substitute trustee, executor, or other fiduciary, except that such right shall not be exercised in such a manner as to discriminate against national banking associations, nor shall any such consolidated association be removed solely because of the fact that it is a national banking association." SEC. 25. The first two sentences of section 5197 of the Revised Statutes (U.S.C, title 12, sec. 85) are amended to read as follows: "Any association may take, receive, reserve, and charge on any loan or discount made, or upon any notes, bills of exchange, or other evidences of debt, interest at the rate allowed by the laws of the State, Territory, or District where the bank is located, or at a rate of 1 per centum in excess of the discount rate on ninety-day Digitized forc oFmRAmSeErcRi al paper in effect at the Federal reserve bank in the Federal reserve dishttp://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 19 3 3 293 trict where the bank is located, whichever may be the greater, and no more, except that where by the laws of any State a different rate is limited for banks organized under State laws, the rate so limited shall be allowed for associations organized or existing in any such State under this title. When no rate is fixed by the laws of the State, or Territory, or District, the bank may take, receive, reserve, or charge a rate not exceeding 7 per centum, or 1 per centum in excess of the discount rate on ninety-day commercial paper in effect at the Federal reserve bank in the Federal reserve district where the bank is located, whichever may be the greater, and such interest may be taken in advance, reckoning the days for which the note, bill, or other evidence of debt has to run." SEC. 26. (a) The second sentence of the first paragraph of section 5200 of the Revised Statutes, as amended (U.S.C., title 12, sec. 84; Supp. VI, title 12, sec. 84), is amended by inserting before the period at the end thereof the following: "&,nd shall include in the case of obligations of a corporation all obligations of all subsidiaries thereof in which such corporation owns or controls a majority interest." (b) The amendment made by this section shall not apply to such obligations of subsidiaries held by such association on the date this section takes effect. SEC. 27. Section 5211 of the Revised Statutes, as amended (U.S.C., title 12, sec. 161; Supp. VI, title 12, sec. 161), is amended by adding at the end thereof the following new paragraph: "Each national banking association shall obtain from each of its affiliates other than member banks and furnish to the Comptroller of the Currency not less than three reports during each year, in such form as the Comptroller may prescribe, verified by the oath or affirmation of the president or such other officer as may be designated by the board of directors of such affiliate to verify such reports, disclosing the information hereinafter provided for as of dates identical with those for which the Comptroller shall during such year require the reports of the condition of the association. For the purpose of this section the term 'affiliate' shall include holding company affiliates as well as other affiliates. Each such report of an affiliate shall be transmitted to the Comptroller at the same time as the corresponding report of the association, except that the Comptroller may, in his discretion, extend such time for good cause shown. Each such report* shall contain such information as in the judgment of the Comptroller of the Currency shall be necessary to disclose fully the relations between such affiliate and such bank and to enable the Comptroller to inform himself as to the effect of such relations upon the affairs of such bank. The reports of such affiliates shall be published by the association under the same conditions as govern its own condition reports. The Comptroller shall also have power to call for additional reports with respect to any such affiliate whenever in his judgment the same are necessary in order to obtain a full and complete knowledge of the conditions of the association with which it is affiliated. Such additional reports shall be transmitted to the Comptroller of the Currency in such form as he may prescribe. Any such affiliated bank which fails to obtain and furnish any report required under this section shall be subject to a penalty of $100 for each day during which such failure continues." SEC. 28. (a) The first paragraph of section 5240 of the Revised Statutes, as amended (U.S.C., title 12, sec. 481), is amended by inserting before the period at the end thereof a colon and the following proviso: "Provided, That in making the examination of any national bank the examiners shall include such an examination of the affairs of all its affiliates other than member banks as shall be necessary to disclose fully the relations between such bank and such affiliates and the effect of such relations upon the affairs of such bank; and in the event of the refusal to give any information required in the course of the examination of any such affiliate, or in the event of the refusal to permit such examination, all the rights, privileges, and franchises of the bank shall be subject to forfeiture in accordance with section 2 of the Federal Reserve Act, as amended (U.S.C., title 12, sees. 141, 222-225, 281-286, and 502). The Comptroller of the Currency shall have power, and he is hereby authorized, to publish the report of his examination of any national banking association or affiliate which shall not within one hundred and twenty days after notification of the recommendations or suggestions of the Comptroller, based on said examination, have complied with the same to his satisfaction. Ninety days' notice prior to such publicity shall be given to the bank or affiliate." (b) Section 5240 of the Revised Statutes, as amended (U.S.C., title 12, sec. 481), is further amended by adding after the first paragraph thereof the following new paragraph: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 ANNUAL KEPOET OF THE FEDERAL RESERVE BOARD "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 power to administer oaths and to examine any of the officers, directors, employees, and agents thereof under oath and to make a report of his findings to the Comptroller of the Currency. The expense of examinations of such affiliates 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 sucli 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 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. The examiners and assistant examiners making the examinations of national banking associations and affiliates thereof herein provided for and the chief examiners, reviewing examiners and other persons whose services may be required in connection with such examinations or the reports thereof, shall be employed by the Comptroller of the Currency with the approval of the Secretary of the Treasury; the employment and compensation of examiners, chief examiners, reviewing examiners, assistant examiners, and of the other employees of the office of the Comptroller of the Currency whose compensation is paid from assessments on banks or affiliates thereof shall be without regard to the provisions of other laws applicable to officers or employees of the United States. The funds derived from such assessments may be deposited by the Comptroller of the Currency in accordance with the provisions of section 5234 of the Revised Statutes (U.S.C., title 12, sec. 192) and shall not be construed to be Government funds or appropriated monies; and the Comptroller of the Currency is; authorized and empowered to prescribe regulations governing the computation and assessment of the expenses of examinations herein provided for and the collection of such assessments from the banks and/or affiliates examined. 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 Comptroller of the^ Currency and collected in the same manner as expenses of examinations." SEC. 29. In any case in which, in the opinion of the Comptroller of the Currency, it would be to the advantage of the depositors and unsecured creditors of any national banking association whose business has been closed, for such association to resume business upon the retention by the association, for a reasonable period to be prescribed by the Comptroller, of all or any part of its deposits, the Comptroller is authorized, in his discretion, to permit the association to resume business if depositors and unsecured creditors of the association representing at, least 75 per centum of its total deposit and unsecured credit liabilities consent in writing to such retention of deposits. Nothing in this section shall be construed to affect in any manner any powers of the Comptroller under the provisions of law in force on the date of enactment of this Act with respect to the reorganization of national banking associations. SEC. 30. 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 trust company or shall have continued unsafe or unsound practices in conducting the business of such bank or trust company, 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 why he should not be removed 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 trust company or has continued unsafe or unsound practices in conducting the business of such bank or trust company after having been warned by the Comptroller of the Currency or the Federal reserve agent to discontinue such violation^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING LEGISLATION IN 193 3 295 of law or such unsafe or unsound practices, the Federal Reserve Board, in its discretion, may order that such director or officer 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 a director or officer of such bank: Provided, That such order and the findings of fact upon which it is based shall not be mad.e public or disclosed to anyone except the director or officer involved and the directors of the bank involved, otherwise than in connection with proceedings for a violation of this section. Any such director or officer removed from office as herein provided 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. SEC. 31. After one year from the date of enactment of this Act, notwithstanding any other provision of law, the board of directors, board of trustees, or other similar governing body of every national banking association and of every State bank or trust company which is a member of the Federal Reserve System shall consist of not less than five nor more than twenty-five members; and every director, trustee, or other member of such governing body shall be the bona fide owner in his own right of shares of stock of such banking association, State bank or trust company having a par value in the aggregate of not less than $2,500, unless the capital of the bank shall not exceed $50,0C0, in which case he must own in his own right shares having a par value in the aggregate of not less than $1,500, or unless the capital of the bank shall not exceed $25,000, in which case he must own in his own right shares having a par value in the aggregate of not less than $1,000. If any national banking association violates the provisions of this section and continues such violation after thirty days' notice from the Comptroller of the Currency, the said Comptroller may appoint a receiver or conservator therefor, in accordance with the provisions of existing law. If any State bank or trust company which is a member of the Federal Reserve System violates the provisions of this section and continues such violation after thirty days' notice from the Federal Reserve Board, it shall be subject to the forfeiture of its membership in the Federal Reserve System in accordance with the provisions of section 9 of the Federal Reserve Act, as amended. SEC. 32. From and after January 1, 1934, no officer or director of any member bank shall be an officer, director, or manager of any corporation, partnership, or unincorporated association engaged primarily in the business of purchasing, selling or negotiating securities, and no member bank shall perform the functions of a correspondent bank on behalf of any such individual, partnership, corporation, or unincorporated association and no such individual, partnership, corporation, or unincorporated association shall perform the functions of a correspondent for any member bank or hold on deposit any funds on behalf of any member bank, unless in any such case there is a permit therefor issued by the Federal Reserve Board; and the Board is authorized to issue such permit if in its judgment it is not incompatible with the public interest, and to revoke any such permit whenever it finds after reasonable notice and opportunity to be heard, that the public interest requires such revocation. SEC. 33. The Act entitled " An Act to supplement existing laws against unlawful restraints and monopolies, and for other purposes", approved October 15, 1914, as amended (U.S.C., title 15, sec. 19), is hereby amended by adding after section 8 thereof the following new section: "SEC. 8A. That from and after the 1st day of January 1934, no director, officer, or employee of any bank, banking association, or trust company, organized or operating under the laws of the United States shall be at the same time a director, officer, or employee of a corporation (other than a mutual savings bank) or a member of a partnership organized for any purpose whatsoever which shall make loans secured by stock or bond collateral to any individual, association, partnership, or corporation other than its own subsidiaries." SEC. 34. The right to alter, amend, or repeal this Act is hereby expressly reserved. If any provision of this Act, or the application thereof to any person or circumstances, is held invalid, the remainder of the Act, and the application of such provision to other persons or circumstances, shall not be affected thereby. Approved, June 16, 1933, 11.45 a.m. 49753—34 20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD There is printed below the text of the Federal Eeserve Board's Regulation L in the form in which it was approved October 25, 1933, and became effective November 1, 1933; Regulation M in the form in which it was approved July 28, 1933, and became effective August 10, 1933; Regulation N in the form in which it was approved July 28, 1933, and became effective August 10, 1933; Regulation P in the form in which it was approved and became effective on August 4, 1933; Regulation Q in the form in which it was approved and became effective on August 29, 1933 (except as otherwise therein provided); and Regulation R in the form in which it was approved October 26, 1933, and became effective November 1, 1933. REGULATION L, SERIES OF 1933 [Superseding Regulation L, Series of 1930] INTERLOCKING BANK DIRECTORATES AND OTHER RELATIONSHIPS UNDER THE CLAYTON ACT SECTION I. STATUTORY PROVISIONS SECTIONS 8 AND 8A OF THE CLAYTON ANTITRUST ACT APPROVED OCTOBER 15, 1914, AS AMENDED BY THE ACTS OF MAY 15, 1916, MAY 26, 1920, MARCH 9, 1928, MARCH 2, 1929, AND JUNE 16, 1933 l SEC. 8. That from and after two years from the date of the approval of this Act no person shall at the same time be a director or other officer or employee of more than one bank, banking association, or trust company organized or operating under the laws of the United States, either of which has deposits, capital, surplus, and undivided profits aggregating more than $5,000,000; and no private banker or person who is a director in any bank or trust company organized and operating under the laws of a State, having deposits, capital, surplus, and undivided profits aggregating more than $5,000,000, shall be eligible to be a director in any bank or banking association organized or operating under the laws of the United States. The eligibility of a director, officer, or employee under the foregoing provisions shall be determined by the average amount of deposits, capital, surplus, and undivided profits as shown in the official statements of such bank, banking association, or trust company filed as provided by law during the fiscal year next preceding the date set for the annual election of directors, and when a director, officer, or employee has been elected or selected in accordance with the provisions of this Act it shall be lawful for him to continue as such for one year thereafter under said election or employment. No bank, banking association, or trust company organized or operating under the laws of the United States, in any city or incorporated town or village of more than two hundred thousand inhabitants, as shown by the last preceding decennial census of the United States, shall have as a director or other officer or employee any private banker or any director or other officer or employee of any other bank, banking association, or trust company located in the same place: Provided, That nothing in this section shall apply to mutual savings banks not having a capital stock represented by shares, to joint-stock land banks organized under the provisions of the Federal Farm Loan Act, or to other banking institutions which do no commercial banking business: Provided further, That a director or other officer or employee of such bank, banking association, or trust company may be a director or other officer or employee of not more than one other bank or trust company organized under the laws of the United States or any State where the entire capital stock of one is owned by stockholders in the other: And provided further, That nothing contained in this section shall forbid a director of class A of a Federal reserve bank, as defined in the Federal Reserve Act, from being an officer or director, or both an officer and director, in one member bank: And provided further, That nothing in this Act shall prohibit any private banker from being an officer, director, or employee of not more than two banks, banking associations, or trust companies, or prohibit any officer, director, or employee of any bank, banking association, or trust company, or any class A director of a Federal reserve bank, from being an officer, director, or employee of not more than two other banks, banking associations, or trust companies, whether organized under the laws of the United States or any State, if in any such case there is in force a permit therefor issued by the Federal Reserve Board; and the Federal Reserve Board is authorized to issue such permit if in its judgment it is not incompatible with the public interest, and to revoke any such permit whenever it finds, after reasonable notice and opportunity to be heard, that the public interest requires its revocation. The consent of the Federal Reserve Board may be procured before the person applying therefor has been elected as a class A director of a Federal reserve bank or as a director of any member bank. * * * * * ** When any person elected or chosen as a director or officer or selected as an employee of any bank or other corporation subject to the provisions of this Act is eligible at the time of his election or selection to act for such bank or other corporation in such capacity his eligibility to act in such capacity shall not be affected and he shall not become or be deemed amenable to any of the provisions hereof by reason of any change in the affairs of such bank or other corporation from whatsoever cause, whether specifically excepted by any of the provisions hereof or not, until the expiration of one year from the date of his election or employment. 1 Amended by sec. 25 of the Federal Reserve Act as amended Sept. 7, 1916, and by act approved Dec. 24, 1919, amending the Federal Reserve Act, as to corporations engaged in foreign banking and financial operations. See sees. 25 and 25 (a) of Federal Reserve Act. 296 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 297 SEC. 8A. That from and after the 1st day of January 1934, no director, officer, or employee of any bank, banking association, or trust company, organized or operating under the laws of the United States shall be at the same time a director, officer, or employee of a corporation (other than a mutual savings bank) or a member of a partnership organized for any purpose whatsoever which shall make loans secured by stock or bond collateral to any individual, association, partnership, or corporation other than its own subsidiaries. SECTION II. DEFINITIONS Within the meaning of this regulation— The term "bank" shall include any bank, banking association, or trust company organized or operating under the laws of the United States or of any State thereof. The term "national bank" shall be construed to apply not only to national banking associations but also to banks, banking associations, and trust companies organized or operating under the laws of the United States, including all banks and trust companies doing business in the District of Columbia, regardless of the sources of their charters. The term "resources" shall be construed to mean an amount equal to the sum of the deposits, capital, surplus, and undivided profits and, in the case of a bank, banking association, or trust company, shall be determined by the average amount of deposits, capital, surplus, and undivided profits as shown in the official statements of such bank, banking association, or trust company filed as provided by law during the fiscal year next preceding the date set for the annual election of directors. The term "State bank" shall include any bank, banking association, or trust company incorporated under State law, except banks doing business in the District of Columbia, referred to above. The term "private banker" shall apply to any unincorporated individual engaging in one or more phases of the banking business, as that term is generally understood, and to any member of an unincorporated firm engaging in such business. The term "Edge corporation" shall mean any corporation organized under the provisions of section 25 (a) of the Federal Reserve Act, as amended. The term "city of over 200,000 inhabitants" includes any city, incorporated town, or village of more than 200,000 inhabitants, as shown by the last preceding decennial census of the United States. Any bank located anywhere within the corporate limits of such city is located in a city of over 200,000 inhabitants within the meaning of the Clayton Act, even though it is located in a suburb or an outlying district at some distance from the principal part of the city. SECTION III. PEOHIBITIONS OF CLAYTON ACT (a) Under section 8 of the Clayton Antitrust Act, except as noted below under section IV (a)— (1) No person who is a director or other officer 2 or employee of a national bank having resources aggregating more than $5,000,000 can legally serve at the same time as director, officer, or employee of any other national bank, regardless of its location. (2) No person who is a director in a State bank or trust company having resources aggregating more than $5,000,000 or who is a private banker having resources aggregating more than $5,000,000 can legally serve at the same time as director of any national bank, regardless of its location. (3) No person can legally be a director, officer,2 or employee of a national bank located in a city of more than 200,000 inhabitants who is at the same time a private banker in the same city or a director, officer, or employee of any other bank (State or national) located in the same city, regardless of the size of such bank. (b) Under section 8A of the Clayton Antitrust Act, except as noted below under section IV (6)— From and after January 1, 1934, no person can legally be a director, officer, or employee of a national bank who is at the same time a director, officer, or employee of a corporation (other than a mutual savings bank) or a member of a partnership organized for any purpose whatsoever which shall make loans secured by stock or bond collateral to any individual, association, partnership, or corporation other than its own subsidiaries. (c) The prohibitions of section 8 and section 8A are cumulative, i.e., the prohibitions contained in section 8A of the Clayton Antitrust Act are in addition to those contained in section 8 thereof. 2 The Federal Reserve Board has ruled that a conservator of a national bank is not a director, officer, or employee of such bank within the meaning of the Clayton Antitrust Act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 ANNUAL REPOET OF THE FEDERAL RESERVE BOARD SECTION IV. EXCEPTIONS There are certain exceptions to section 8 and certain exceptions to section 8A, but they are not identical. Therefore, all the exceptions applicable to each section are stated separately below in order to avoid confusion. (a) The provisions of section 8 of the Clayton Act—• (1) Do not apply to mutual savings banks not having a capital stock represented by shares. (2) Do not apply to joint-stock land banks organized under the provisions of the Federal Farm Loan Act. (3) Do not apply to banking institutions which do no commercial banking business. (4) Do not prohibit a person from being at the same time a director, officer, or employee of a national bank and not more than one other national bank, State bank, or trust company, where the entire capital stock of one is owned by stockholders in the other. (5) Do not prohibit a person from being at the same time a class A director of a Federal Reserve bank and also an officer or director, or both an officer and a director, in one member bank. (6) Do not prohibit a person who is serving as director, officer, or employee of a national bank, even though it has resources aggregating over $5,000,000, from serving at the same time as director, officer, or employee of any number of State banks and trust companies, provided such State institutions are not located in the same city of over 200,000 inhabitants as the national bank and do not have resources aggregating in the case of any one bank more than $5,000,000. (7) Do not prohibit a person from serving at the same time as director, officer, or employee of any number of national banks, provided no two of them are located in the same city of over 200,000 inhabitants and no one of them has resources aggregating over $5,000,000. (8) Do not prohibit a person who is not a director, officer, or employee of any national bank from serving at the same time as officer, director, or employee of any number of State banks or trust companies, regardless of their locations and resources. (9) Do not prohibit a person who is an officer or employee but not a director of a State bank from serving as director, officer, or employee of a national bank, even though either or both of such banks have resources aggregating over $5,000,000, provided both banks are not located in the same city of over 200,000 inhabitants. (10) Do not prohibit a person who is an officer or employee but not a director of a national bank from serving at the same time as director, officer, or employee of a State bank, even though either or both of such banks have resources aggregating over $5,000,000, provided both banks are not located in the same city of over 200,000 inhabitants. (11) Do not prohibit a director, officer, agent, or employee of a member bank which has invested in the stock of any corporation principally engaged in international or foreign banking or financial operations or banking in a dependency or insular possession of the United States, under the provisions of section 25 of the Federal Reserve Act, from being at the same time a director, officer, agent, or employee of any such foreign bank or financial corporation, if the Federal Reserve Board has granted its approval.3 (12) Do not prohibit any officer, director, agent, or employee of any member bank from being at the same time a director, officer, agent, or employee of any Edge corporation in whose capital stock the member bank shall have invested under the provisions of section 25 or section 25 (a) of the Federal Reserve Act, if the Federal Reserve Board has granted its approval.3 (13) Do not prohibit an officer, director, agent, or employee of an Edge corporation from being at the same time a director, officer, agent, or employee of any other corporation in whose capital stock such Edge corporation shall have invested under the provisions of section 25 (a) of the Federal Reserve Act, if the Federal Reserve Board has granted its approval.3 3 If a director, officer, agent, or employee is affected only by sec. 8 of the Clayton Act, informal application for the approval of the Federal Reserve Board under sec. 25 or 25 (a) of the Federal Reserve Act may be made in the form of a letter pddr ^sed to the Board either by the director, officer, agent, or employee involved or in his behalf by one of tue banks which he is serving, such application to be delivered to the Federal Keserve agent at the Federal . 3serve bank of the district in which the bank now served by the applicant is located. However, if a director, officer or employee is affected by sec. 8 A of the Clayton Act, it is necessary for him to apply for and obtain a l^rmal permit in accordance with the provisions of sec. V of this regulation since the above exceptions do not apply to sec. 8A of the Clayton Act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDEEAL RESERVE BOARD 299 (14) Do not prohibit a private banker or an officer, director, or employee of any bank or a class A director of a Federal Reserve bank from being at the same time an officer, director, or employee of not more than two other banks within the prohibitions of the Clayton Act, if there is in force a permit therefor issued by the Federal Reserve Board. The above exceptions are cumulative, but apply only to the prohibitions of section 8. The exceptions to section 8A are stated below. (b) The provisions of section 8A of the Clayton Act— (1) Do not prohibit a person who is a director, officer, or employee of a national bank from being at the same time a director, officer, or employee of a mutual savings bank. (2) Do not prohibit a person who is a director, officer, or employee of a national bank from being at the same time a director, officer, or employee of a corporation or a member of a partnership which shall make loans secured by stock or bond collateral only to its own subsidiaries. (3) Do not prohibit a person wiio is a director, officer, or employee of a national bank from being at the same time a director, officer, or employee of a corporation or a member of a partnership which does not actually make loans secured b}^ stock or bond collateral, even though such corporation or partnership is permitted by law to make such loans. (4) Do not prohibit a person who is not a director, officer, or employee of any national bank from serving at the same time as an officer, director, or employee of any number of State banks or trust companies, whether members of the Federal Reserve System or not. (5) Do not prohibit a private banker or an officer, director, or employee of any bank or a class A director of a Federal Reserve bank from being at the same time an officer, director, or employee of not more than two other banks within the prohibitions of the Clayton Act, if there is in force a permit therefor issued by the Federal Reserve Board. The above exceptions are cumulative, but apply only to the prohibitions of section 8A. The exceptions to section 8 are stated separately in section IV (a) of this regulation. SECTION V. PERMISSION OF THE FEDERAL RESERVE BOARD (a) In general.—Section 8 of the Clayton Antitrust Act, as amended by the acts of May 15, 1916, May 26, 1920, and March 9, 1928, authorizes the Federal Reserve Board to permit any private banker or any officer, director, or employee of any bank, banking association, or trust company, or any class A director of a Federal Reserve bank to serve as director, officer, or employee of not more than two other banks, banking associations, or trust companies coming within the prohibitions of the Clayton Act, if in the judgment of the Federal Reserve Board it is not incompatible with the public interest, and permits may be issued covering relationships between banks which are prohibited by section 8A as well as those prohibited by section 8. The Federal Reserve Board is authorized only to issue permits covering private bankers and directors, officers, and employees of banks, banking associations, and trust companies, and therefore cannot issue a permit to a director, officer, or employee of a national bank or a class A director of a Federal Reserve bank to be a director, officer, or employee of a corporation other than a bank, banking association, or trust company, or to be a member of a partnership other than a firm of private bankers.4 (6) When obtained.—Inasmuch as this exception to the prohibitions of the Clayton Act applies only when "there is in force a permit therefor issued by the Federal Reserve Board", it is a violation of the law to serve two or more banks in the prohibited classes before such a permit has been obtained. A permit should be obtained, therefore, before becoming an officer, director, or employee of more than one bank in the prohibited classes. It may be procured before the person applying therefor has been elected a director or appointed an officer or employee of any bank in the prohibited classes. (c) Applications for permission.—A person wishing to obtain a permit from the Federal Reserve Board to serve banks coming within the prohibitions of the Clayton Act should— (1) Make formal application on F.R.B. Form 94, or, if a private banker, on F.R.B. Form 94d. (2) Obtain from each of the banks involved a statement on F.R.B. Form 94a, showing the character of its business, together with a copy of its last Digitized for F 4 RSeAe,S hEowRe ver, exceptions nos. 11, 12, and 13 on p. 298. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

300 ANNUAL REPOET OF THE FEDERAL RESERVE BOARD published statement of condition, and, if a private banker, make a statement on F.R.B. Form 94e showing the character of his or his firm's business. (3) Forward all these papers, in duplicate, to the Federal Reserve agent of his district, who will attach his recommendation on F.R.B. Form 94b and forward them to the Federal Reserve Board. Each of the forms referred to in this subsection is made a part of this regulation. (d) Compatibility with the public interest.—In determining whether the issuance of such a permit would be compatible with the public interest, the Federal Reserve Board will consider— (1) Whether the banks involved are natural competitors; (2) Whether their having the same directors, officers, or employees would tend to lessen competition or to restrict credit; (3) The condition and the character of the management of the banks with which the applicant is connected and the extent of his responsibility therefor; (4) Whether the applicant discharges the duties and responsibilities of his office by attending directors' meetings or otherwise; (5) Whether the applicant, his family, or his interests have abused the credit facilities of the bank or banks he is already serving; (6) Whether the applicant's influence upon the banks involved in his application is likely to be helpful or harmful to such banks; (7) The nature and extent of the loans made by each of such banks secured by stock or bond collateral and the policy of each bank with respect to making such loans; and (8) Any other factors having a bearing upon the effect which the issuance of the permit may have upon the public interest. (e) Burden is upon applicant and banks involved.—In view of the fact that sections 8 and 8A of the Clayton Antitrust Act forbid interlocking relationships between banks of certain classes except in cases where the Federal Reserve Board finds the specific interlocking relationships not incompatible with the public interest and grants permits therefor, the burden must rest upon each applicant for such a permit, and upon the banks involved, to show to the satisfaction of the Board that it would not be incompatible with the public interest to permit him to serve the banks involved. (/) Approval or disapproval.—As soon as an application is acted upon by the Board, the applicant will be advised of the action taken. If the Board approves the application, a formal permit to serve the banks involved will be issued to the applicant. (g) Hearing.—If it appears to the Board that it would be incompatible with the public interest to grant such a permit, the Board will so notify the applicant and will afford him every opportunity to present any additional facts or arguments bearing on the subject before making final decision in the case. (h) Effect of permits.—A permit once granted continues in force until revoked, and need not be renewed. (i) Revocation.—All permits, however, are subject to revocation whenever the Federal Reserve Board, after giving reasonable notice to the persons to whom they were issued and affording them an opportunity to be heard, finds that the public interest requires their revocation. REGULATION M, SERIES OF 1933 OPEN MARKET OPERATIONS SECTION I Pursuant to the authority conferred upon it by section 12A of the Federal Reserve Act, as amended, and by other provisions of the Federal Reserve Act, the Federal Reserve Board prescribes the following regulations governing the procedure to be followed ordinarily in the conduct of open market operations of the Federal Reserve banks. The specific mention in this regulation of any power or authority of the Federal Reserve Board or of the Federal Reserve banks, or the failure to mention specifically any such power or authority, shall not be construed as an interpretation of the law as to the existence, extent, or absence of such power or authority; and the Federal Reserve Board expressly reserves the right to alter, amend, or repeal this regulation in whole or in part at any time. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 301 SECTION II. DEFINITIONS (a) Government securities.—The term "Government securities" shall include bonds, notes, certificates of indebtedness, and Treasury bills of the United States. (b) Obligations.—The term "obligations" shall include all bankers' acceptances, bills of exchange, cable transfers, bonds, notes, warrants, debentures, and other obligations, including Government securities, which Federal Reserve banks are authorized by law to purchase in the open market. (c) System account.—The term "system account" applies to Government securities held for two or more participating Federal Reserve banks under the control of the executive committee. (d) Executive committee.—The term "Executive committee" shall mean the executive committee of the Federal Open Market Committee. SECTION III. GENERAL PRINCIPLES The time, character, and volume of all purchases and sales in the open market by Federal Reserve banks 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. SECTION IV. FEDERAL OPEN MARKET COMMITTEE (a) Organization.—The Federal Open Market Committee created by section 12A of the Federal Reserve Act, as amended by the Banking Act of 1933, consists of one member from each Federal Reserve district selected annually by the board of directors of the Federal Reserve bank of such Federal Reserve district. The committee shall select its own chairman, vice chairman, and secretary. (b) Meetings.—The committee shall meet in Washington, D.C., at least four times each year and oftener if deemed necessary. Meetings shall be held upon the call of the Governor of the Federal Reserve Board or at the request of any three members of the committee and, in the discretion of the Board, may be attended by the members of the Board. The committee shall keep minutes of all its meetings and furnish copies thereof to the Federal Reserve Board and to each Federal Reserve bank. (c) Functions.—It shall be the duty of the committee to consider the needs of commerce and business, the general credit situation of the country, and such other matters as may be called to its attention by the Federal Reserve Board or by any member of the committee and to formulate and submit to the Federal Reserve Board for its action recommendations in writing concerning the open-market policy of the Federal Reserve System. (d) Open market policy.—Any open market policy recommended by the Federal Open Market Committee shall be considered by the Federal Reserve Board and shall be effective only when and to the extent approved by the Board. Any such policy shall be subject to reconsideration at any time after it has become effective and before it has been fully executed; and a meeting of the Federal Open Market Committee shall be called for that purpose whenever requested by the Federal Reserve Board or by any three members of the committee. The Board reserves the right to modify or revoke its approval after the committee shall have had a reasonable opportunity to reconsider any such policy and submit further recommendations to the Federal Reserve Board. The Federal Reserve Board will notify each Federal Reserve bank and the chairman of the Federal Open Market Committee of all decisions respecting any such policy. (e) Participation by Federal Reserve banks.—If any Federal Reserve bank shall decide not to participate in open market operations recommended by the Federal Open Market Committee and approved by the Federal Reserve Board, it shall file written notice of its decision with the chairman of the committee within 30 days after notification by the Federal Reserve Board of its action respecting such recommendation and shall transmit a copy of such notice to the Federal Reserve Board. Any Federal Reserve bank which shall fail within the time prescribed to file such notice of its decision not to participate in such open market operations shall be deemed to have agreed to participate in the same and will be expected to cooperate fully in carrying out the policy so decided upon. (/) Undertaking to sell securities purchased.—Whenever the Federal Reserve Board has approved an open market policy involving the purchase of Government securities for System account, all banks participating therein shall be deemed to have agreed to the sale of any part or all of the Government securities so purchased or of an equivalent amount of other Government securities held for System account, whenever such sale shall be recommended by the Federal Open Market Digitized foCr oFmRmASitEteRe and approved by the Federal Reserve Board. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SECTION V. EXECUTIVE COMMITTEE (a) Organization.—The Federal Open Market Committee, at its first meeting in each calendar year, shall select from its own membership an executive committee consisting of five members and shall appoint the chairman thereof. The executive committee shall keep minutes of all its meetings and furnish copies thereof to the Federal Reserve Board and to each Federal Reserve bank. (b) Functions.—It shall be the duty of the executive committee: (1) To execute purchases and sales of Government securities and other obligations in the open market in accordance with open market policies approved by the Federal Reserve Board; (2) To allocate among all participating Federal Reserve banks the aggregate amount of Government securities and other obligations held for their account and to adjust such allocation from time to time to meet the changing needs of the respective Federal Reserve banks. Such allocations shall be made with the view primarily of (a) enabling each Federal Reserve bank to maintain a suitable reserve position, and (b) equalizing as far as practicable the net earning position of the Federal Reserve banks. (3) To keep the Federal Reserve Board and each Federal Reserve bank informed of all transactions executed by the committee and of all allocations and reallocations of Government securities and other obligations held for participating banks; and (4) To perform such other functions and duties in connection with open market policies approved from time to time by the Federal Reserve Board as may be assigned to it from time to time by the Federal Open Market Committee with the approval of the Federal Reserve Board. SECTION VI. PURCHASES AND SALES OF GOVERNMENT SECURITIES No Federal Reserve bank shall purchase or sell Government securities except in accordance with an open market policy approved by the Federal Reserve Board and in effect at the time, except that: (1) In an emergency, any Federal Reserve bank may purchase Government securities when necessary to afford relief in a situation involving specific banking institutions in its district; and (2) After obtaining the consent of the Federal Reserve Board, any Federal Reserve bank may purchase or sell Government securities for other specific purposes, for its own account. All purchases and sales of Government securities by any Federal Reserve bank for its own account shall be reported promptly to the Federal Reserve Board and to the chairman of the executive committee; and the executive committee may make such compensatory purchases or sales for the System account and such reallocations of the obligations in the System account as may be appropriate in the light of purchases and sales made for their own account by individual Federal Reserve banks. The Board reserves the right, in its discretion, to require the sale of any Government securities purchased by an individual Federal Reserve bank under the authority of this section. Any Federal Reserve bank may purchase United States temporary certificates of indebtedness for the accommodation of the Treasury of the United States in amounts requested by the Treasury and may sell participations therein; but such certificates shall not be held for more than 7 days without the approval of the Federal Reserve Board. SECTION VII. OTHER OPEN MARKET OPERATIONS Each Federal Reserve bank may engage in open market operations other than the purchase or sale of Government securities, subject to the following conditions: (1) All such transactions shall be reported daily to the Federal Reserve Board. (2) Purchases of acceptances and bills of exchange shall be in accordance with the provisions of Regulation B and the rates of interest or discount shall be in accordance with schedules approved by the Federal Reserve Board: Provided, however, That no obligations payable in foreign currency shall be purchased without the consent of the Federal Reserve Board. (3) All purchases by Federal Reserve banks of bills, notes, revenues bonds and warrants of States, counties, districts, political subdivisions or municipalities shall be in accordance with the provisions of Regulation E. (4) No Federal Reserve bank shall engage in the purchase or sale of cable Digitized for FRAtrSaEnRsf ers for its own account without first obtaining the approval of the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL EESERVE BOARD 303 Federal Reserve Board, except that the Federal Reserve Bank of Atlanta may purchase and sell cable transfers through its Habana agency in accordance with the resolutions or regulations of the Federal Reserve Board governing the operations of such agency. (5) Except with the approval of the Federal Reserve Board, no Federal Reserve bank shall engage in any open market transactions which are not of the customary character, which do not occur in the ordinary course of business, which are engaged in for the purpose of affecting general credit conditions or which may have a material effect upon general credit conditions: Provided, however, That any Federal Reserve bank may purchase obligations for the purpose of affording relief in a situation involving specific banking institutions in its district. REGULATION N, SERIES OF 1933 RELATIONS WITH FOREIGN BANKS AND BANKERS SECTION I §T Pursuant to the authority conferred upon it by section 12A and subsection (g) of section 14 of the Federal Reserve Act, as amended, and by other provisions of law, the Federal Reserve Board prescribes the following regulations governing relationships and transactions between Federal Reserve banks and foreign banks or bankers or groups of foreign banks or bankers. SECTION II. INFORMATION TO BE FURNISHED TO THE BOARD In order that the Federal Reserve Board may perform its statutory duty of exercising special supervision over all relationships and transactions of any kind entered into by any Federal Reserve bank with any foreign bank or banker or with any group of foreign banks or bankers, each Federal Reserve bank shall promptly submit to the Federal Reserve Board in writing full information concerning all existing relationships and transactions of any kind heretofore entered into by such Federal Reserve bank with any foreign bank or banker or with any group of foreign banks or bankers and copies of all written agreements between it and any foreign bank or banker or any group of foreign banks or bankers which are now in force, unless copies have heretofore been furnished to the Board, in which case the Federal Reserve bank shall inform the Board as to the dates upon which such copies were furnished. Each Federal Reserve bank shall also keep the Federal Reserve Board promptly and fully advised of all transactions with any foreign bank or banker or with any group of foreign banks or bankers, except transactions of a routine character. SECTION III. CONFERENCES AND NEGOTIATIONS WITH FOREIGN BANKS AND BANKERS Without first obtaining the permission of the Federal Reserve Board, no officer or other representative of any Federal Reserve bank shall conduct negotiations of any kind with the officers or representatives of any foreign bank or banker or any group of foreign banks or bankers, except communications in the ordinary course of business in connection with transactions pursuant to agreements previously approved by the Federal Reserve Board. Any request for the Board's permission to conduct any such negotiations shall be submitted in writing and shall include a full statement of the occasion and objects of the proposed negotiations. The Federal Reserve Board reserves the right, in its discretion, to be represented by such representative or representatives as it may designate in any negotiations between any officer or other representative of any Federal Reserve bank and any officers or representatives of any foreign bank or banker or any group of foreign banks or bankers; and the Board shall be given reasonable notice in advance of the time and place of any such negotiations. A full report of all such conferences or negotiations and all understandings or agreements arrived at or transactions agreed upon and all other material facts appertaining to such conferences or negotiations shall be filed with the Federal Reserve Board in writing by a duly authorized officer of each Federal Reserve bank which shall have participated in such conferences or negotiations, including copies of all correspondence appertaining thereto. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SECTION IV. AGREEMENTS WITH FOREIGN BANKS OR BANKERS No Federal Reserve bank shall hereafter enter into any agreement, contract, or understanding with any foreign bank or banker or with any group of foreign banks or bankers without first obtaining the permission of the Federal Reserve Board. When any Federal Reserve bank has entered into such an agreement, contract, or understanding with the consent of the Federal Reserve Board, any other Federal Reserve bank desiring to do so may participate in transactions pursuant to such agreement with the approval of the Federal Reserve Board. SECTION V. AMENDMENTS The Federal Reserve Board reserves the right, in its discretion, to alter, amend, or repeal these regulations and to prescribe such additional regulations, conditions, and limitations as it may deem desirable respecting relationships and transactions of any kind entered into by any Federal Reserve bank with any foreign bank or banker or with any group of foreign banks or bankers. REGULATION P, SERIES OF 1933 HOLDING COMPANY AFFILIATES—VOTING PERMITS SECTION I. STATUTORY PROVISIONS Section 2 of the Banking Act of 1933 provides, in part, as follows: (c) The term "holding company affiliate" shall include any corporation, business trust, association, or other similar organization— (1) Which owns or controls, directly or indirectly, either a majority of the shares of capital stock of a member bank or more than 50 per centum of the number of shares voted for the election of directors of any one bank at the preceding election, or controls in any manner the election of a majority of the directors of any one bank; or (2) For the benefit of whose shareholders or members all or substantially all the capital stock of a member bank is held by trustees. Section 9 of the Federal Reserve Act, as amended by section 5 (c) of the Banking Act of 1933, reads, in part, as follows: Each State member bank affiliated with a holding company affiliate shall obtain from such holding company affiliate, within such time as the Federal Reserve Board shall prescribe, an aggrement that such holding company affiliate shall be subject to the same conditions and limitations as are applicable under section 5144 of the Revised Statutes, as amended, in the case of holding company affiliates of national banks. A copy of each such agreement shall be filed with the Federal Reserve Board. Upon the failure of a State member bank affiliated with a holding company affiliate to obtain such an agreement within the time so prescribed, the Federal Reserve Board shall require such bank 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 this section. Wherever the Federal Reserve Board shall have revoked the voting permit of any such holding company affiliate, the Federal Reserve Board may, in its discretion, require any or all State member banks affiliated with such holding company affiliate to surrender their stock in the Federal reserve bank and to forfeit all rights and privileges of membership in the Federal Reserve System as provided in this section. Section 5144 of the Revised Statutes of the United States, as amended by section 19 of the Banking Act of 1933, reads as follows: SEC. 5144. In all elections of directors, each shareholder shall have the right to vote the number of shares owned by him for as many persons as there are directors to be elected, or to cumulate such shares and give one candidate as many votes as the number of directors multiplied by the number of his shares shall equal, or to distribute them on the same principle among as many candidates as he shall think fit; and in deciding all other questions at meetings of shareholders, each shareholder shall be entitled to one vote on each share of stock held by him; except (1) that shares of its own stock held by a national bank as sole trustee shall not be voted, and shares of its own stock held by a national bank and one or more persons as trustees may be voted by such other person or persons, as trustees, in the same manner as if he or they were the sole trustee, and (2) shares controlled by any holding company affiliate of a national bank shall not be voted unless such holding company affiliate shall have first obtained a voting permit as hereinafter provided, which permit is in force at the time such shares are voted. Shareholders may vote by proxies duly authorized in writing; but no officer, clerk, teller, or bookkeeper of such bank shall act as proxy; and no shareholder whose liability is past due and unpaid shall be allowed to vote. For the purposes of this section shares shall be deemed to be controlled by a holding company affiliate if they are owned or controlled directly or indirectly by such holding company affiliate, or held by any trustee for the benefit of the shareholders or members thereof. Any such holding company affiliate may make application to the Federal Reserve Board for a voting permit entitling it to cast one vote at all elections of directors and in deciding all questions at meetings of shareholders of such bank on each share of stock controlled by it or authorizing the trustee or trustees holding the stock for its benefit or for the benefit of its shareholders so to vote the same. The Federal Reserve Board may, in its discretion, grant or withhold such permit as the public interest may require. In acting upon such application, the Board shall consider the financial condition of the applicant, the general character of its management, and the probable effect of the granting of such permit upon the affairs of such bank, but no such permit shall be granted except upon the following conditions: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 305 (a) Every such holding company affiliate shall, in making the application for such permit, agree (1) to receive, on dates identical with those fixed for the examination of banks with which it is affiliated, examiners duly authorized to examine such banks, who shall make such examinations of such holding company affiliate as shall be necessary to disclose fully the relations between such banks and such holding company affiliate and the effect of such relations upon the affairs of such banks, such examinations to be at the expense of the holding company affiliate so examined; (2) that the reports of such examiners shall contain such information as shall be necessary to disclose fully the relations between such affiliate and such banks and the effect of such relations upon the affairs of such banks; (3) that such examiners may examine each bank owned or controlled by the holding company affiliate, both individually and in conjunction with other banks owned or controlled by such holding company affiliate; and (4) that publication of individual or consolidated statements of condition of such banks may be required; (b) After five years after the enactment of the Banking Act of 1933, every such holding company affiliate (1) shall possess, and shall continue to possess during the life of such permit, free and clear of any lien, pledge, or hypothecation of any nature, readily marketable assets other than bank stock in an amount not less than 12 per centum of the aggregate par value of all bank stocks controlled by such holding company affiliate, which amount shall be increased by not less than 2 per centum per annum of such aggregate par value until such assets shall amount to 25 per centum of the aggregate par value of such bank stocks; 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 such assets shall amount to such 25 per centum of the aggregate par value of all bank stocks controlled by it; (c) Notwithstanding the foregoing provisions of this section, after five years after the enactment of the Banking Act of 1933, (1) any such holding company affiliate the shareholders or members of which shall be indivi lually and severally liable in proportion to the number of shares of such holding company affiliate held by them respectively, in addition to amounts invested therein, for all statutory liability imposed on such holding company affiliate by reason of its control of shares of stock of banks, shall be required only to establish and maintain out of net earnings over and above 6 per centum per annum on the book value of its own shares outstanding a reserve of readily marketable assets in an amount of not less than 12 per centum of the aggregate par value of bank stocks controlled by it, and (2) the assets required by this section to be possessed by such holding company affiliate may be used by it for replacement of capital in banks affiliated with it and for losses incurred in such banks, but any deficiency in such assets resulting from such use shall be made up within such period as the Federal Reserve Board may by regulation prescribe; (d) Every officer, director, agent, and employee of every such holding company affiliate shall be subject to the same penalties for false entries in any book, report, or statement of such holding company affiliate as are applicable to officers, directors, agents, and employees of member banks under section 5209 of the Revised Statutes, as amended (U.S.C., title 12, sec. 592); and (e) Every such holding company affiliate shall, in its application for such voting permit, (1) show that it does not own, control, or have any interest in, and is not participating in the management or direction of, any corporation, business trust, association, or other similar organization formed for the purpose of, or engaged principally in, the issue, notation, underwriting, public sale, or distribution, at wholesale or retail or through syndicate participation, of stocks, bonds, debentures, notes, or other securities of any sort (hereinafter referred to as "securities company"); (2) agree that during the period that the permit remains in force it will not acquire any ownership, control, or interest in any such securities company or participate in the management or direction thereof; (3) agree that if, at the time of filing the application for such permit, it owns, controls, or has an interest in, or is participating in the management or direction of, any such securities company, it will, within five years after the filing of such application, divest itself of its ownership, control, and interest in such securities company and will cease participating in the management or direction thereof, and will not thereafter, during the period that the permit remains in force, acquire any further ownership, control, or interest in any such securities company or participate in the management or direction thereof; and (4) agree that thenceforth it will declare dividends only out of actual net earnings. If at any time it shall appear to the Federal Reserve Board that any holding company affiliate has violated any of the provisions of the Banking Act of 1933 or of any agreement made pursuant to this section, the Federal Reserve Board may, in its discretion, revoke any such voting permit after giving sixty days' notice by registered mail of its intention to the holding company affiliate and affording it an opportunity to be heard. Whenever the Federal Reserve Board shall have revoked any such voting permit, no national bank whose stock is controlled by the holding company affiliate whose permit is so revoked shall receive deposits of public moneys of the United States, nor shall any such national bank pay any further dividend to such holding company affiliate upon any shares of such bank controlled by such holding company affiliate. Whenever the Federal Reserve Board shall have revoked any voting permit as hereinbefore provided, the rights, privileges, and franchises of any or all national banks the stock of which is controlled by such holding company affiliate shall, in the discretion of the Federal Reserve Board, be subject to forfeiture in accordance with section 2 of the Federal Reserve Act, as amended. SECTION II. DEFINITIONS (a) Holding company affiliate.—The term "holding company affiliate" includes any corporation, business trust, association, or other similar organization— (1) which owns or controls, directly or indirectly, a majority of the shares of capital stock of a member bank; or (2) which owns or controls, directly or indirectly, more than 50 per centum of the number of shares voted for the election of directors of any member bank at the preceding election; or (3) which controls in any manner the election of a majority of the directors of any member bank; or (4) for the benefit of whose shareholders or members all or substantially all the capital stock of a member bank is held by trustees. (b) Member bank.—The term "member bank", unless otherwise qualified, means any national bank, or any State bank, savings bank, trust company, Morris Plan bank, mutual savings bank or other banking institution which is a member of the Federal Reserve System. (c) Nonmember bank.^-The term "nonmember bank" includes any banking institution which is not a member of the Federal Reserve System. (d) Shares controlled.—Shares shall be deemed to be controlled by a holding company affiliate if they are owned or controlled directly or indirectly by such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 ANNUAL KEPOKT OF THE FEDERAL RESERVE BOARD holding company affiliate, or if they are held by any trustee for the benefit of the shareholders or members of such holding company affiliate. (e) Subsidiary.—The term "subsidiary" includes any national bank, or any State bank, savings bank, trust company, Morris Plan bank, mutual savings bank, private bank, mortgage loan company, title company, safe deposit company, insurance company, or any other organization of any kind whatsoever engaged in any kind of business whatsoever— (1) Of which any corporation, business trust, association, or other similar organization owns or controls, directly or indirectly, a majority of the shares of capital stock; or (2) Of which any corporation, business trust, association, or other similar organization owns or controls, directly or indirectly, more than 50 per centum of the number of shares voted for the election of the directors, trustees, or other persons exercising similar functions at the preceding election; or (3) Of which any corporation, business trust, association, or other similar organization controls in any manner the election of a majority of the directors, trustees, or other persons exercising similar functions; or (4) Of which all or substantially all the capital stock is held by trustees for the benefit of the shareholders or members of any corporation, business trust, association, or other similar organization. (/) Subsidiary member bank.—The term "subsidiary member bank" includes any member bank which is affiliated with a holding company affiliate in any manner set forth in subdivision (e) of this section. (g) Subsidiary nonmember bank.—The term "subsidiary nonmember bank" includes any banking institution, other than a member bank, which is affiliated with any corporation, business trust, association, or other similar organization in any manner set forth in subdivision (e) of this section. (h) Affiliate.—The term "affiliate" includes any corporation, business trust, association, or other similar organization— (1) Of which a member bank, directly or indirectly, owns or controls a majority of the voting shares; or (2) Of which a member bank, directly or indirectly, owns or controls more than 50 per centum of the number of shares voted for the election of any such organization's directors, trustees, or other persons exercising similar functions at the preceding election; or (3) Of which a member bank controls in any manner the election of a majority of any such organization's directors, trustees, or other persons exercising similar functions; or (4) Of which control is held, directly or indirectly, through stock ownership or in any other manner, by the shareholders of a member bank who own or control a majority of the shares of such bank; or (5) Of which control is held, directly or indirectly, through stock ownership or in any other manner, by the shareholders of a member bank who own or control more than 50 per centum of the number of shares voted for the election of directors of such bank at the preceding election; or (6) Of which control is held, directly or indirectly, through stock ownership or in any other manner, by trustees for the benefit of the shareholders of any member bank; or (7) Of which a majority of its directors, trustees, or other persons exercising similar functions are directors of any one member bank. (i) When deemed affiliated.—A corporation, business trust, association, partnership or other organization of any kind whatsoever, shall be "deemed to be affiliated " with another such organization if it is affiliated with such other organization in any manner set forth in subdivision (e) or subdivision (h) of this section. 0) Securities company.—The term "securities company" means any corporation, business trust, association, or other similar organization formed for the purpose of, or engaged principally in, the issue, flotation, underwriting, public sale, or distribution, at wholesale or retail or through syndicate participation, of stocks, bonds, debentures, notes, or other securities of any sort. (fc) Board.—The term "Board" means the Federal Reserve Board. SECTION III. REQUIREMENTS IN RESPECT TO STATE MEMBER BANK'S OBTAINING AND FILING WITH BOARD AGREEMENT BY HOLDING COMPANY AFFILIATE, AND EFFECT OF FAILURE TO OBTAIN SUCH AGREEMENT On or before October 1, 1933, each State member bank which is a subsidiary of a holding company affiliate shall obtain from such holding company affiliate Digitized fora nF RaAgSreEeRm ent, on F.R.B. Form P-5, which is hereby made a part of this reguhttp://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 307 lation, that such holding company affiliate will be subject to the same conditions and limitations as are applicable under section 5144 of the Revised Statutes, as amended, in the case of holding company affiliates of national banks. Every State member bank which hereafter becomes a subsidiary of any holding company affiliate shall obtain from such holding company affiliate a like agreement within 90 days after such member bank shall have become a subsidiary thereof. Upon the failure of a State member bank which is now or becomes hereafter a subsidiary of a holding company affiliate to obtain the requisite agreement within the time prescribed, the Board will require such bank to surrender its stock in the Federal Reserve bank and to forfeit all rights and privileges of membership in the Federal Reserve System. Any State banking institution applying for membership in the Federal Reserve System which is a subsidiary of any corporation, business trust, association, or other similar organization, will be required to obtain an agreement from each such organization with which it is so affiliated on F.R.B. Form P-6, which is hereby made a part of this regulation, and the application of such organization for a voting permit must be approved by the Board before such banking institution will be admitted to membership. The original and one copy of each such agreement must be filed promptly with the Federal Reserve Agent of the district in which the applicant's principal office is located, and the original of such agreement shall be sent by such Federal Reserve Agent to the Board. SECTION IV. NECESSITY FOR OBTAINING VOTING PERMITS No holding company affiliate of a national bank, and no holding company affiliate of a State member bank which has executed an agreement such as that required by section III of this regulation, may lawfully vote any share of stock in any such bank with which it is so affiliated unless such holding company affiliate shall have first obtained a voting permit which is in force at the time such shares are voted, and before voting any such stock, each such holding company affiliate must obtain a voting permit pursuant to the provisions of section 5144, Revised Statutes, as amended, and of this regulation. No State banking institution applying for membership in the Federal Reserve System which is a subsidiary of any corporation, business trust, association, or other similar organization, will be admitted to membership in the Federal Reserve System until the application for a voting permit of each organization of which such banking institution is a subsidiary has been approved by the Board. SECTION V. APPLICATION FOR VOTING PERMIT Any holding company affiliate of a member bank, and any organization affiliated in any manner described in subdivision (a) of section II of this regulation with a nonmember bank applying for membership in the Federal Reserve System, may make application for a voting permit entitling it to cast one vote on each share of stock controlled by it at all elections of directors and in deciding all questions at meetings of shareholders of each of its subsidiary member banks. In the event that the stock is held by a trustee, or trustees, for the benefit of a holding company affiliate or of its shareholders or members, the permit may authorize such trustee or trustees so to vote the same, except that no such permit to vote shares of stock of a national banking association held by it as sole trustee will be granted. Each application must be submitted on F.R.B. Form P-l, which is made a part of this regulation. It is necessary for an applicant hereunder to file only one application, notwithstanding that such applicant may own or control more than one subsidiary member bank. However, a separate agreement on F.R.B. Form P-3 to permit examinations and furnish reports of condition must be filed by each organization (other than a member bank) with which the applicant or any of its subsidiaries is affiliated (including a similar and separate agreement by each of applicant's subsidiary nonmember banks, notwithstanding that any or all of such subsidiary nonmember banks may also be applying for membership in the System). In preparing the application, all forms (except signatures of persons executing same) should be filled out by typewriter. The original and two executed counterparts of the application must be sent to the Federal Reserve Agent of the district in which the applicant's principal office is located, and if any subsidiary member bank or subsidiary nonmember bank applying for membership is situated in any district other than that in which the applicant's principal office is located, a copy of the application must be filed with the Federal Reserve Agent of each such Digitized foro FthReAr SdEiRst rict. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD The Federal Reserve Agent of the district in which the applicant's principal office is located will forward the original and one executed counterpart of such application to the Board with his recommendation and that of the executive committee of the Federal Reserve bank of such district. The Federal Reserve Agent of any other district in which a subsidiary member bank or a subsidiary nonmember bank applying for membership is located will forward to the Board his recommendation and that of the executive committee of the Federal Reserve bank in his district. SECTION VI. INFORMATION AND DOCUMENTS TO BE FILED WITH APPLICATION The statute vests in the Board discretionary authority to grant or withhold any voting permit applied for as the public interest may require. In acting upon each application for a voting permit, the Board is required to consider the financial condition of the applicant, the general character of its management, and the probable effect of the granting of such permit upon the affairs of each subsidiary member bank. In order that the Board may give adequate consideration to these subjects, each applicant for a voting permit must furnish with its application the following information and documents: (1) Names and addresses of all subsidiary member banks. (2) Certified copy of charter or articles of association and by-laws of applicant, with all amendments to date. (3) Statement of financial condition of applicant, as of date of application, including detailed list of investments. (4) Copy of report of last audit of applicant by an independent auditor or auditors, if any. (5) Detailed statement in regard to management and personnel of applicant, including list of directors and principal officers and stockholders, and their principal business interests. (6) List of all of applicant's subsidiaries and all other corporations, business trusts, associations, or other similar organizations with which applicant or any of its subsidiaries is affiliated, with description of their functions, and detailed statement of relations of applicant with each such organization. (7) Statement of financial condition of each subsidiary member bank, as of a date not in excess of 60 days prior to date of application. (8) Copy of report of last examination, if any, by State authorities of each of applicant's subsidiaries and of each other corporation, business trust, association, or other similar organization with which applicant or any of its subsidiaries is affiliated (other than a member bank). (9) Copy of report of last examination, if any, by applicant of each of its subsidiaries and of each other corporation, business trust, association, or other similar organization with which applicant or any of its subsidiaries is affiliated. (10) Detailed statement of any plan of reorganization involving any subsidiary or any other corporation, business trust, association, or other similar organization with which applicant or any of its subsidiaries is affiliated, effected since last examination of any such organization, and of any such reorganization proposed or pending. (11) Agreements by subsidiary nonmember banks and affiliated organizations (other than member banks) to submit to examination and furnish reports of condition (F.R.B. Form P-3). (12) Statement as to whether any certificate representing stock of applicant represents stock of any other corporation, and whether ownership, sale, or transfer of any certificate representing the stock of applicant is conditioned in any manner whatsoever upon the ownership, sale, or transfer of a certificate representing the stock of any other corporation. If so, information as to manner in which the ownership, sale, or transfer of a certificate representing stock in applicant affects the ownership, sale, or transfer of a certificate representing stock in such other corporation. (13) Statement as to whether applicant owns, controls, or has any interest in, and whether it is participating in the management or direction of, any securities company. SECTION VII. REQUIREMENTS REGARDING EXHIBITS D, G, AND H (a) Statement of financial condition of applicant.—There must be attached to each application for a voting permit, as exhibit D, a statement of the financial condition of the applicant as of the date of the application. This statement must Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL EESERVE BOARD 309 be taken from the books of the applicant, must show each control account separately, and must give detailed information in respect to the following: (1) Loans, extensions of credit, and advances in any form (including repurchase agreements and securities loaned) by each subsidiary bank to applicant, the amounts, forms, and maturity dates thereof, the interest rates thereon, and the collateral pledged therefor. (2) Investments of applicant in capital stock of each subsidiary bank and each other organization with which applicant or any of its subsidiaries is affiliated, the number of shares of stock of each such affiliated organization authorized and outstanding, the par and book value thereof, and the number of shares pledged, if any. (3) Other investments— (?) Bonds—Names of obligors, par value, book value, interest rate, maturity, and bonds pledged, if any. (ii) Stocks—Number of shares, par value, book value, class of stock, and stocks pledged, if any. (4) Capital stock of applicant, classes of such stock, number of shares authorized and outstanding in each class, the par value thereof, and any options or stock purchase warrants outstanding. (5) Accounts due to and from each subsidiary and each affiliate of applicant or of any of its subsidiaries. (6) Detailed list of any and all contingent liabilities of applicant. (b) Statement of relationship of applicant to subsidiaries and affiliated organizations.—There must also be attached to each application for a voting permit, as, exhibit G, a list of all of the applicant's subsidiaries and all other organizations with which the applicant or any of its subsidiaries is affiliated, with a description of their functions, and a detailed statement of the relationship of the applicant to its subsidiaries and to any and all other organizations with which the applicant or any of its subsidiaries is affiliated. Among other things, this statement must, set forth: (1) The total number of shares of capital stock of each subsidiary and each other affiliated organization authorized and outstanding; (2) The number of shares owned or controlled by applicant, or held by any trustee for the benefit of the shareholders or members thereof; (3) The form of control, whether sole or joint; (4) The manner in which, and object for which, control was established and is maintained; (5) The extent of control; (6) Whether control is direct or indirect; and (7) The names of the intermediaries through which control, if indirect, was established and is maintained. If control is held through any trustee, there should be attached to exhibit G a copy of the agreement creating the trust and a copy of each other instrument directly affecting the trust; and the exhibit must set forth, in addition to the information required above: (1) The name of such trustee or trustees; (2) The names of the beneficiaries for whom the trust is maintained; and (3) The purpose of the trust. (c) Statement of financial condition of each subsidiary member bank.— There must be attached to the application, as exhibit H, a statement of the financial condition of each subsidiary member bank as of a date not in excess of 60 days prior to the date of application. Such statement must be taken from the books of the bank, and must be supplemented by full and complete information in respect to: (1) Funds of each subsidiary member bank invested in capital stock, bonds, debentures, or other such obligations of applicant, or of any subsidiary of applicant, or of any other organization with which applicant or any of its subsidiaries is affiliated. (2) Loans, advances, or extensions of credit made to any person, partnership, association, business trust, corporation, or other organization against the capital stock, bonds, debentures, or other obligations of applicant, or of any subsidiary of applicant, or of any other organization with which applicant or any of the subsidiaries is affiliated. (3) Balances "due to" and "due from" each subsidiary of applicant and each other organization with which applicant or any of its subsidiaries is affiliated. If a subsidiary member bank of the applicant is exercising fiduciary powers, a supplementary statement must be attached to exhibit H, which statement must Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 ANNUAL, REPORT OF THE FEDERAL RESERVE BOARD set forth the amount of capital stock, bonds, debentures or other obligations of, or guaranteed by, the applicant or any subsidiary or other organization with which the applicant or any of its subsidiaries is affiliated, which have been purchased for account of any of the trusts held in the trust department of such subsidiary member bank. This supplementary statement must set forth the name of the trust, the amount of the corpus thereof, and the amount invested in such capital stock or other obligations. SECTION VIII. CONDITIONS WITH RESPECT TO ISSUANCE OF PERMIT No voting permit will be granted unless the applicant agrees, among other things: (1) To permit at its expense such examinations of its affairs by examiners duly authorized to examine banks with which it is affiliated as may be necessary to disclose fully the relations between applicant and such banks, and any other subsidiaries and other organizations with which applicant or any of its subsidiaries is affiliated, and the effect of such relations upon the affairs of such banks and other organizations. (2) That the reports of such examiners may contain such information as may be necessary to disclose fully the relations between applicant and banks with which it is affiliated, and any other subsidiaries and other organizations with which applicant or any of its subsidiaries is affiliated, and the effect of such relations upon the affairs of such banks and other organizations. (3) That such examiners may examine each banking institution or other organization owned or controlled by applicant either individually or in conjunction with other banks or other organizations owned or controlled by applicant. (4) That publication of individual or consolidated statements of the condition of the subsidiaries of applicant and other organizations with which applicant or any of its subsidiaries is affiliated may be required by the Board. (5) That during the period that any permit granted to applicant remains in force it will not acquire any ownership, control, or interest in any securities company, and will not participate in the management or direction of any such company other than one in the management or direction of which applicant is participating at the time of the filing of the application, and will not engage principally in the business of a securities company in any manner or by Siny device whatsoever. (6) That thenceforth it will declare dividends only out of actual net earnings. (7) That it will maintain the required reserves of readily marketable assets, as set forth in section IX hereof. (8) That it will furnish such information to the Board as it may require. (9) That copies of reports of examinations by constituted authorities, and any other information they may have relating to applicant or its subsidiaries or the other organizations with which applicant or any of its subsidiaries is affiliated, may be furnished to the Federal Reserve Board, the Federal ELeserve Agent, the Comptroller of the Currency, or other duly constituted authority, upon request therefor. (10) That any permit for which application is made may be granted for a temporary period in the discretion of the Board. (11) That, if so requested by the Board, applicant will require any subsidiary nonmember bank to apply for membership in the Federal Reserve System, or will surrender any voting permit granted hereunder upon failure of any such bank to make such application and become a member of the Federal Reserve System, or will divest itself of its ownership or control of such bank. In the event that the applicant, at the time of filing the application for such permit, owns, controls, or has an interest in, or is participating in the management or direction of, any securities company, it must agree that, within 5 years after the filing of such application, (i) it will divest itself of its ownership, control, and interest in such securities company, (it) will cease participating in the management or direction thereof, and (in) will not thereafter, during the period that the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 311 permit remains in force, acquire any further ownership, control, or interest in any such securities company or participate in the management or direction thereof.1 SECTION IX. RESERVE REQUIREMENTS (a) Holding company affiliate whose shareholders are not personally liable.— Beginning June 16, 1938, every holding company affiliate, the shareholders or members of which are not individually and severally liable in proportion to the number of shares of such holding company affiliate held by them respectively, in addition to the amounts invested therein, for all statutory liability imposed on such holding company affiliate by reason of its control of shares of stock of banks, must, during the life of any voting permit granted by the Board to such holding company affiliate: (1) Own, and continue to own, free and clear of any lien, pledge, or hypothecation of any nature, readily marketable assets other than bank stock in an amount not less than 12 per centum of the aggregate par value of all bank stocks controlled by such holding company affiliate; and (2) Increase such amount by not less than 2 per centum per annum of such aggregate par value until such assets amount to 25 per centum of the aggregate par value of such bank stocks; and (3) 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 such assets shall amount to such 25 per centum of the aggregate par value of all bank stocks controlled by it. (b) Holding company affiliate whose shareholders are personally liable.— Beginning June 16, 1938, a holding company affiliate, the shareholders or members of which are individually and severally liable in proportion to the number of shares of such holding company affiliate held by them respectively, in addition to the amounts invested therein, for all statutory liability imposed on such holding company affiliate by reason of its control of shares of stock of banks, is required only to establish and maintain out of net earnings over and above 6 per centum per annum on the book value of its own shares outstanding a reserve of readily marketable assets in an amount of not less than 12 per centum of the aggregate par value of bank stocks controlled by it. (c) Use of reserves.—Beginning June 16, 1938, the assets required to be maintained as reserves may be used by the holding company affiliate for replacement of capital in banks affiliated with it and for losses incurred in such banks; but any deficiency in such assets resulting from such use must be made up within a period of 2 years after the date such assets were so depleted, unless the Federal Reserve Board, in its discretion, extends such period for cause. SECTION X. PENAL PROVISIONS Under subparagraph (d) of section 5144 of the Revised Statutes, as amended, every officer, director, agent, and employee of every holding company affiliate of a national bank, or of a State member bank which has entered into an agreement such as that required by section III hereof, is made subject to the same penalties for false entries in any book, report, or statement of such holding company affiliate as are applicable to officers, directors, agents, and employees of member banks under section 5209 of the Revised Statutes, as amended (U.S.C., title 12, sec. 592). SECTION XI. REVOCATION OF PERMIT (a) Grounds and method of revocation.—If it appears to the Board that any holding company affiliate has violated any of the provisions of the Banking Act of 1933 or of any agreement made pursuant thereto, the Board may, in its discretion, revoke any such voting permit after giving 60 days' notice by registered mail of its intention to the holding company affiliate and affording it an opportunity to be heard. (6) Effect on national banks.—Whenever a voting permit of a holding company affiliate of a national bank shall have been revoked, no national bank, whose stock is controlled by the holding company affiliate whose permit is so revoked, 1 Section 20 of the Banking Act of 1933 provides that, after June 15,1934, no member bank may be affiliated in any manner described in subdivision (/{) of section II of this regulation with any securities company, and for every violation thereof the member bank involved is subject to a penalty not exceeding $1,000 per day for each day during which such violation continues If any such violation continues for G calendar months after the member bank shall have been warned by the Board to discontinue the same the rights, privileges and franchises of the national bank, or the rights and privileges of membership of the State bank, as the case may be, may be forfeited as provided in the Federal Reserve Act, as amended. 49753—34 21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 ANNUAL REPOKT OF THE FEDERAL RESERVE BOARD may receive deposits of public moneys of the United States, or pay any further dividend to isuch holding company affiliate upon any shares of such bank controlled by such holding company affiliate; and, in the discretion of the Board, the rights, privileges, and franchises of any or all such banks, the stock of which is controlled by such holding company affiliate, are subject to forfeiture in accordance with section 2 of the Federal Reserve Act, as amended. (c) Effect on State member banks.—Whenever the Board shall have revoked the voting permit of a holding company affiliate of a State member bank, the Board may, in its discretion, require any or all State member banks affiliated with such holding company affiliate to surrender their 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 the Federal Reserve Act, as amended. SECTION XII. PARTICIPATION BY SUBSIDIARY MEMBER BANKS OF SAME HOLDING COMPANY AFFILIATE WITHIN THE SAME FEDERAL RESERVE DISTRICT IN NOMI- NATION OR ELECTION OF DIRECTORS OF FEDERAL RESERVE BANKS Whenever two or more member banks within the same Federal Reserve district are subsidiaries of the same holding company affiliate, only one such bank may participate in any nomination or election of directors of the Federal Reserve bank for such district, and the holding company affiliate of such subsidiary member banks may designate the particular subsidiary member bank which is to participate in such nomination or election. SECTION XIII. RIGHT TO AMEND The right to alter, amend, or repeal this regulation, in whole or in part, is expressly reserved. REGULATION Q, SERIES OF 1933 PAYMENT OF INTEREST ON DEPOSITS SCOPE OF REGULATION This regulation relates to the payment of deposits and interest thereon by member banks of the Federal Reserve System and not to the computation and maintenance of the reserves which member banks are required to maintain against deposits. The rules concerning reserves of member banks are contained in the Federal Reserve Board's Regulation D. SECTION I. STATUTORY PROVISIONS Section 19 of the Federal Reserve Act, as amended by the Banking Act of 1933, provides in part as follows: SEC. 19. Demand deposits within the meaning of this Act shall comprise all deposits payable within thirty days, and time deposits shall comprise all deposits payable after thirty days, all savings accounts and certificates of deposit which are subject to not less than thirty days' notice before payment, and all No member bank shall, directly or indirectly by any device whatsoever, pay any interest on any deposit which is payable on demand: Provided, That nothing herein contained shall be construed as prohibiting the payment of interest in accordance with the terms of any certificate of deposit or other contract heretofore entered into in good faith which is in force on the date of the enactment of this paragraph; but no such certificate of deposit or other contract shall be renewed or extended unless it shall be modified to conform to this paragraph, and every member bank shall take such action as may be necessary to conform to this paragraph as soon as possible consistently with its contractual obligations: Provided, however, That this paragraph shall not apply to any deposit of such bank which is payable only at an office thereof located in a foreign country, and shall not apply to any deposit made by a mutual savings bank, nor to any deposit of public funds made by or on behalf of any State, county, school district, or other subdivision or municipality, with respect to which payment of interest is required under State law. The Federal Reserve Board shall from time to time limit by regulation the rate of interest which may be paid by member banks on time deposits, and may prescribe different rates for such payment on time and savings deposits having different maturities or subject to different conditions respecting withdrawal or repayment or subject to different conditions by reason of different locations. No member bank shall pay any time deposit before its maturity, or waive any requirement of notice before payment of any savings deposit except as to all savings deposits having the same requirement. Section 24 of the Federal Reserve Act, as amended by the act of February 25, 1927, provides in part as follows: Such banks may continue hereafter as heretofore to receive time and savings deposits and to pay interest on the same, but the rate of interest which such banks may pay upon such time deposits or upon savings or other deposits shall not exceed the maximum rate authorized by law to be paid upon such deposits by State banks or trust companies organized under the laws of the State wherein such national banking association Digitized fori sF lRocAaSteEd.R http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 313 SECTION II. DEPOSITS PAYABLE ON DEMAND (a) Interest prohibited.—Except as hereinafter stated, no member bank of the Federal Reserve System shall, directly or indirectly, by any device whatsoever, pay any interest on any deposit which is payable on demand. (6) Exceptions.—This prohibition does not apply to— (1) Any deposit which is payable only at an office of such bank which is located in a foreign country.1 (2) Any deposit made by a mutual savings bank. (3) Any deposit of public funds 2 made by or on behalf of any State, county, school district, or other subdivision or municipality, with respect to which payment of interest is required under State law. (4) Payment of interest in accordance with the terms of any certificate of deposit or other contract which was lawfully entered into in good faith before June 16, 1933, and in force on that date and which may not be terminated or modified by such bank at its option or without liability; but no such certificate of deposit or other contract may be renewed or extended unless it be modified to eliminate any provision for the payment of interest on deposits payable on demand; and every member bank shall take such action as may be necessary, as soon as possible consistently with its contractual obligations, to eliminate from any such certificate of deposit or other contract any provision for the payment of interest on deposits payable on demand. SECTION III. INTEREST ON TIME DEPOSITS (a) Time deposits.—The term "time deposits", for the purposes of this section, includes "time certificates of deposit", "time deposits, open accounts", and "postal savings deposits", as defined below:3 (1) Time certificates of deposit.—The term "time certificate of deposit" means an instrument evidencing the deposit with a bank of a certain sum specified on the face of the instrument payable to bearer or to any specified person or to his order— (i) On a certain date, specified in the instrument, not less than 30 days after the date of the deposit, or (ii) At the expiration of a certain specified time subsequent to the date of the instrument, in no case less than 30 days, or (in) Upon notice in writing which is actually required 4 to be given a certain specified number of days, not less than 30 days, before the date of repayment, and (iv) In all cases only upon presentation and surrender of the instrument. (2) Time deposits, open accounts.—The term "time deposits, open accounts" means deposits, other than "time certificates of deposit", "postal savings deposits", and "savings deposits", in respect to which a written contract has been entered into with the depositor at the time the deposit is made that neither the whole nor any part of such deposit may be withdrawn, by check or otherwise, prior to the date of maturity, which shall be not less than 30 days after the date of the deposit, or on written notice which must be given by the depositor a certain specified number of days in advance, ira no case less than 30 days.5 (3) Postal savings deposits.—The term "postal savings deposits" means deposits in banks which consist of postal savings funds deposited under the terms of the Postal Savings Act, approved June 25, 1910, as amended by the Banking Act of 1933, and which comply with the requirements of paragraph 1 or 2 of this subsection. 1 The Philippine Islanus, Puerto Rico, Canal Zone, Hawaii, and other Territories, dependencies, or insular possessions of the United. States are not foreign countries, within the meaning of the above provision. 2 Deposits of moneys paid into State courts by private parties pending the outcome of litigation are not deposits of "public funds" made by or on behalf of any State, county, school district, or other subdivision or municipality, within the meaning of the above provision. 3 Under the provisions of section 19 of the Federal Reserve Act, time deposits include savings deposits;: but, for convenience, savings deposits are dealt with separately in this regulation. 4 Under the provisions of Regulation D, a certificate of deposit with respect to which the bank merely reserves the right to require written notice of not less than 30 days may be classified as a time deposit for the purpose of computing reserves; but interest may not be paid on such a certificate of deposit, because it is in fact payable on demand unless prior to such payment the notice of not less than 30 days is actually required, and because the prohibition in the law upon the payment by a member bank of any time deposit before its maturity clearly contemplates that time deposits (other than savings deposits), upon which interest is payable, must have a definite maturity for at least 30 days prior to payment. 5 A deposit, with respect to which the bank merely reserves the right to require notice of not less than 30 days before any withdrawal is made is not a "time deposit, open account", within the meaning of the above definition. 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314 ANNUAL KEPOET OF THE FEDEBAL RESERVE BOARD (b) Payment of interest.—Except in accordance with the provisions of this section, no member bank shall pay interest on any time deposit in any manner, directly or indirectly, or by any method, practice or device whatsoever. (c) Maximum rate of interest.— (1) No member bank shall pay interest, accruing after October 31, 1933, on any time deposit or any part thereof at a rate in excess of 3 percent per annum, compounded semiannually,6 regardless of the basis upon which such interest may be computed, except as provided in paragraph 2 hereof. (2) A member bank may pay interest on time deposits in accordance with the terms of any certificate of deposit or other contract which was lawfully entered into in good faith prior to June 16, 1933, and in force on that date and which may not legally be terminated or modified by such bank at its option or without liability; but no such certificate of deposit or other contract shall be renewed or extended unless it be modified to conform to the provisions of this regulation, and every member bank shall take such action as may be necessary, as soon as possible consistently with its contractual obligations, to bring all such certificates of deposit or other contracts into conformity with the provisions of this regulation. (3) The rate of interest paid by a member bank upon a time deposit shall not in any case exceed (i) the maximum rate prescribed in paragraph 1 of this subsection, or (it) the maximum rate authorized by law to be paid upon such deposits by State banks or trust companies organized under the laws of the State in which such member bank is located, whichever may be less. (d) Deposits payable within 30 days.—Interest at a rate not exceeding that prescribed in subsection (c) of this section may be paid until maturity upon deposits which were bona fide time deposits at the time of deposit, although they have since become payable within 30 days. On time deposits with respect to which notice of withdrawal shall have been given to the bank, interest may be paid until the expiration of the period of such notice at a rate not exceeding that prescribed in subsection (c) of this section. No interest shall be paid by a member bank on any amount which, by the terms of any certificate or other contract or agreement or otherwise, the bank may be required to pay within 30 days from the date on which such amount is deposited in such bank. (e) No interest after maturity or expiration of notice.—After the date of maturity of any time deposit, such deposit is a deposit payable on demand, and no interest may be paid on such deposit for any period subsequent to such date. After the expiration of the period of notice given with respect to the repayment of any time deposit, such deposit is a deposit payable on demand and no interest may be paid on such deposit for any period subsequent to the expiration of such notice. SECTION IV. PAYMENT OF TIME DEPOSITS BEFORE MATURITY (a) No member bank shall pay any time deposit except in accordance with the provisions of this section, even though no interest is paid on such deposit.7 (6) No member bank shall pay any time deposit, which is payable on a specified date, before such specified date. (c) No member bank shall pay any time deposit, which is payable at the expiration of a certain specified period, before such specified period has expired. (d) No member bank shall pay any time deposit, with respect to which notice is required to be given a certain specified period before any withdrawal is made, until such required notice has been given and the specified period thereafter has expired. SECTION V. INTEREST ON SAVINGS DEPOSITS (a) Definition.—The term ''savings deposit" means a deposit which consists of funds accumulated for bona fide thrift purposes 8 and in respect to which— 6 This limitation is not to be interpreted as preventing the compounding of interest at other than semiannual intervals provided that the aggregate amount of such interest so compounded does not exceed the aggregate amount of interest at a rate of 3 percent per annum when compounded semiannually. 7 The making of a loan to the owner of a time deposit in a member bank by such bank, or by any other bank, person, partnership or corporation in accordance with any agreement, arrangement, or understanding with such bank, for the purpose of evading any prohibition of sec. IV above, will, to the extent of such loan, be deemed to be a payment of such deposit in violation of such prohibition; and, in any case in which a loan is made to the owner of a time deposit in a member bank by such bank or in accordance with an}7 •agreement, arrangement, or understanding with such bank, the member bank must be prepared to show clearly that it was made in good faith and not for the purpose of evading any such prohibition 8 If by reason of the amount of the deposit, the business of the depositor or otherwise, a question arises whether a deposit is properly classified by a bank as a savings deposit, the bank must be prepared to show clearly that it is a deposit consisting of funds accumulated for bona fide thrift purposes and that it otherwise complies with the above definition. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOAJE1D 315 (1) The pass book or other form of receipt, evidencing such deposit, must be presented to the bank whenever a withdrawal is made. (2) The depositor is required, or may at any time be required, by the bank to give notice in writing of an intended withdrawal not less than 30 days before a withdrawal is made, and (3) The above requirements are included in the bank's printed regulations accepted by the depositor or in some other written contract with the depositor. (6) Payment of interest.—Except in accordance with the provisions of this section, no member bank shall pay interest on any savings deposit in any manner, directly or indirectly, or by any method, practice, or device whatsoever. (c) Maximum rate of interest.— (1) No member bank shall pay interest, accruing after October 31, 1933, on any savings deposit or any part thereof at a rate in excess of 3 percent per annum, compounded semiannually,9 regardless of the basis upon which such interest may be computed, except as provided in paragraph 2 hereof. (2) A member bank may pay interest on savings deposits in accordance with the terms of any contract, which was lawfully entered into in good faith prior to June 16, 1933, and in force on that date and which may not legally be terminated or modified by such bank at its option or without liability; but no such contract shall be renewed or extended unless it be modified to conform to the provisions of this regulation, and every member bank shall take such action as shall be necessary, as soon as possible consistently with its contractual obligations, to bring all such contracts into conformity with the provisions of this regulation. (3) The rate of interest paid by a member bank upon a savings deposit shall not in any case exceed (?) the maximum rate prescribed in paragraph 1 of this subsection, or (ii) the maximum rate authorized by law to be paid upon such deposits by State banks or trust companies organized under the laws of the State in which such member bank is located, whichever may be less. (d) Deposits upon which notice of withdrawal is not given.—Interest at a rate not exceeding that prescribed in subsection (c) of this section may be paid upon savings deposits as defined above with respect to which notice of intended withdrawal has not actuahV been required or given. (e) Deposits upon which notice of withdrawal has been given.—Interest at a rate not exceeding that prescribed in subsection (c) of this section may be paid upon savings deposits, with respect to which notice of intended withdrawal may have been given to the bank, until the expiration of the period of such notice. (/) No interest after expiration of period of notice.—After the expiration of the period of notice given with respect to the intended withdrawal of any savings deposit, such deposit is a deposit payable on demand and no interest may be paid on such deposit for any period subsequent to the expiration of such notice, unless the owner of such deposit advise the bank in writing that the deposit will not be withdrawn pursuant to such notice or that the deposit will thereafter again be subject to the requirements applicable to savings deposits, in which event the deposit again constitutes a savings deposit after the date upon which such advice is received by the bank. SECTION VI. NOTICE OF WITHDRAWAL OF SAVINGS DEPOSITS (a) A member bank must observe the requirements set forth below in requiring notice of intended withdrawal of any savings deposit, or in waiving such notice, or in repaying any savings deposit, or part thereof, without requiring such notice, whether such notice of intended withdrawal is required to be given in each case by the terms of the bank's contract with the depositor or may, under such contract, be required by the bank at auy time at its option. (1) If a member bank waive such notice of intended withdrawal as to any portion or percentage of the savings deposits of any depositor, it shall waive such notice as to the same portion or percentage of the savings deposits of every other depositor which are subject to the same requirement. (2) If a member bank pay any portion or percentage of the savings deposits of any depositor, without requiring such notice, it shall, upon request and without requiring such notice, pay the same portion or percentage of the savings deposits of every other depositor which are subject to the same requirement. 8 This limitation is not to be interpreted as preventing the compounding of interest at other than semiannual intervals provided that the aggregate amount of such interest so compounded does not exceed the aggregate amount of interest at a rate of 3 percent per annum when compounded semiannually. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 ANNUAL EEPORT OF THE FEDERAL RESERVE BOARD (3) If a member bank require such notice before the payment of any portion or percentage of the savings deposits of any depositor, it shall require such notice before the payment of the same portion or percentage of the savings deposits of any other depositor which are subject to the same requirement. (b) No member bank shall change its practice with respect to the requiring 01 waiving of notice of intended withdrawal of savings deposits except after duly recorded action of its board of directors or of its executive committee properly .authorized, and no practice in this respect shall be adopted which does not conform to the requirements of paragraphs 1, 2, or 3 of subsection (a) of this section. (c) No change in the practice of a member bank with respect to the requiring or waiving of notice of intended withdrawal of savings deposits subject to the same requirement shall be made until a reasonable time following the last preceding change in the practice with respect to savings deposits subject to the same requirement shall have elapsed. (d) A member bank must observe the requirements of this section with respect to savings deposits even though no interest be paid on such deposits.10 REGULATION R, SERIES OF 1933 RELATIONSHIPS WITH DEALERS IN SECURITIES (Under Section 32 of Banking Act of 1933) SECTION I. STATUTORY PROVISIONS Section 32 of the Banking Act of 1933 provides as follows: SEC. 32. From and after January 1, 1934, no officer or director of any member bank shall be an officer, director, or manager of any corporation, partnership, or unincorporated association engaged primarily in the business of purchasing, selling, or negotiating securities, and no member bank shall perform the functions of a correspondent bank on behalf of any such individual, partnership, corporation, or unincorporated association and no such individual, partnership, corporation, or unincorporated association shall perform the functions of a correspondent for any member bank or hold on deposit any funds on behalf of any member bank, unless in any such case there is a permit therefor issued by the Federal Reserve Board; and the Board is authorized to issue such permit if in its judgment it is not incompatible with the public interest, and to revoke any such permit whenever it finds after reasonable notice and opportunity to be heard, that the public interest requires such revocation. SECTTON II. DEFINITIONS Within the meaning of this regulation, the term— Member bank shall include any national bank, State bank, savings bank, trust company, Morris Plan bank, mutual savings bank, or other banking institution which is a member of the Federal Reserve System. Securities shall include stocks, bonds, debentures, and other similar obligations. Dealer in securities shall include any corporation, partnership, unincorporated association, or individual engaged n primarily in the business of purchasing, selling, or negotiating securities. Manager shall include any person who manages, controls, or directs the business of a dealer in securities, or participates in such management or control, either at the main office or at any branch, agency, or other office of such dealer, and shall include any general partner in a partnership which is a dealer in securities; but shall not include a partner in such a partnership who has no voice in the management or control of its business and whose liability is limited to the amount of his contribution to the partnership. Correspondent bank shall include any member bank which shall act as the medium or agent or in any similar capacity for, or shall be regularly associated with, a dealer in securities in connection with the purchasing, selling, underwriting, flotation, or negotiation of securities; but shall not include (1) a member bank which *° The making of a loan to the owner of a savings deposit in a member bank by such bank, or by any other bank, person, partnership or corporation in accordance with any agreement, arrangement or understanding with such bank, for the purpose of evading any requirement of this section, will, to the extent of such loan, be deemed to be a payment of such deposit or waiver of notice with respect thereto in violation of such requirement; and, in any case in which a loan is made to the owner of a savings deposit in a member bank by such bank or in accordance with any agreement, arrangement or understanding with such bank, the member bank must be prepared to show clearly that it was made in good faith and not for the purpose of evading any requirement of this section. 11 This definition does not include organizations which were formerly engaged in such business but which are not currently engaged in it; because the statute has reference only to the business presently transacted by the organization in question. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATIONS OF THE FEDERAL RESERVE BOARD 317 shall merely purchase or sell securities without recourse solely upon the order and for the account of its customers, and/or which shall merely purchase or sell investment securities for its own account as authorized by applicable law, through such a dealer in securities, or (2) a member bank which shall merelj- accept deposits of funds, handle items for collection (with or without securities attached) or perform other ordinary banking functions for such dealer. Correspondent dealer shall include any dealer in securities which shall perform any banking functions, including the holding on deposit of any funds, on behalf of any member bank, or which shall act as the medium or agent or in any similar capacity for a member bank in connection with the underwriting, flotation or negotiating of securities, but shall not include a dealer who shall merely execute orders received from or through such member bank for the purchase or sale of securities. SECTION III. PROHIBITIONS OF SECTION 32 From and after January 1, 1934, unless there is a permit therefor issued by the Federal Reserve Board— (1) No officer or director of a member bank can legally serve at the same time as an officer, director, or manager of any corporation, partnership, or unincorporated association engaged primarily in the business of purchasing, selling, or negotiating securities. (2) No member bank can legally perform the functions of a correspondent bank on behalf of a dealer in securities. (3) No dealer in securities can legally perform the functions of a correspondent dealer for any member bank, or hold on deposit any funds on behalf of any member bank. SECTION IV. PERMISSION OF THE FEDERAL RESERVE BOARD (a) In general.—Section 32 of the Banking Act of 1933 authorizes the Federal Reserve Board to issue a permit covering any of the relationships which are prohibited by the provisions of that section, if in the judgment of the Federal Reserve Board it is not incompatible with the public interest. (b) When obtained.—Inasmuch as this exception to the prohibitions of section 32 applies only when " there is a permit therefor issued by the Federal Reserve Board", a permit should be obtained before the prohibited relationship is entered into, or before January 1, 1934, whichever is later. (c) Application for permission— (1) An officer or director of a member bank wishing to obtain a permit from the Federal Reserve Board to serve as an officer, director, or manager of a dealer in securities should— (i) Make formal application on F.R.B. Form 99a. (ii) Obtain from each member bank a statement on F.R.B. Form 99b. (iii) Obtain from the dealer in securities a statement on F.R.B. Form 99c. {iv) Forward all of these papers to the Federal Reserve agent of his district, who will attach his recommendation on F.R.B. Form 99d and forward them to the Federal Reserve Board. If the applicant desires to serve as an officer, director, or manager of more than one dealer in securities, a separate application should be filed with respect to each such dealer in securities. If the applicant desires to serve only one dealer in securities, only one application is necessary even though the applicant desires to serve more than one member bank. (2) A member bank wishing to obtain a permit from the Federal Reserve Board to act as correspondent bank for a dealer in securities should— {%) Make formal application on F.R.B. Form 99e. (ii) Submit a statement on F.R.B. Form 99b. (iii) Obtain from the dealer in securities a statement on F.R.B. Form 99c. {iv) Forward all of these papers to the Federal Reserve agent of its district who will attach his recommendation on F.R.B. Form 99d and forward them to the Federal Reserve Board. If the applicant member bank desires to act as correspondent bank for more than one dealer in securities, a separate application should be filed by the member bank with respect to each such dealer in securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 ANNUAL KEPOKT OF THE FEDERAL RESERVE BOARD (3) A dealer in securities wishing to obtain from the Federal Reserve Board a permit to perform the functions of a correspondent dealer for a member bank should— (i) Make formal application on F.R.B. Form 99f, if incorporated, or on F.R.B. Form 99g, if unincorporated. (u) Submit a statement on F.R.B. Form 99c. (iii) Obtain from the member bank a statement on F.R.B. Form 99b. (iv) Forward all of these papers to the Federal Reserve agent of its district, who will attach his recommendation on F.R.B. Form 99d and forward them to the Federal Reserve Board. If the applicant dealer in securities desires to act as correspondent dealer for more than one member bank, a separate application should be filed, covering each such member bank. (d) Papers to be filed in duplicate.—All papers filed with the Federal Reserve agent pursuant to this section should be filed in duplicate. The forms referred to in this section are made a part of this regulation. (e) Compatibility with the public interest.—In determining whether the issuance of such a permit will be compatible with the public interest, the Federal Reserve Board will consider— (1) Whether the proposed relationship may tend to result in the undue use of bank credit in connection with the purchasing, selling, underwriting, flotation, or negotiation of securities. (2) Whether the proposed relationship will have any undesirable effect upon the member bank's financial condition, its credit or investment policies^ or its policies in dealing with its other customers. (3) Any other facts having a bearing upon the effect which the issuance of the permit may have upon the public interest. (/) Burden is on applicant.—In view of the fact that section 32 of the Banking Act of 1933 forbids relationships of certain kinds except in cases where the Federal Reserve Board finds the specific relationships not incompatible with the public interest and grants a permit therefor, the burden must rest upon each applicant for such a permit to show to the satisfaction of the Board that it would not be incompatible with the public interest to permit the relationship covered by the application. (g) Approval or disapproval.—As soon as an application is acted upon by the Board, the applicant will be advised of the action taken. If the Board approves the application, a formal permit will be issued to the applicant. (h) Hearing.—If the Board is not satisfied that it is compatible with the public interest to grant such permit, the Board will so notify the applicant and will afford him or it every opportunity to present any additional facts or arguments bearing on the subject before making any final decision in the case. (i) Continuing effect of permits.—A permit once granted continues in force until revoked, and need not be renewed, unless otherwise stated therein. (j) Revocation.—All permits, however, are subject to revocation whenever the Federal Reserve Board, after giving reasonable notice to the holder and affording him or it an opportunity to be heard, finds that the public interest requires their revocation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXECUTIVE ORDERS AND PROCLAMATIONS WITH RESPECT TO BANKING AND CURRENCY PROCLAMATION RELATIVE TO BANK HOLIDAY BY THE PRESIDENT OF THE UNITED STATES OF AMERICA A PROCLAMATION Whereas there have been heavy and unwarranted withdrawals of gold and currency from our banking institutions for the purpose of hoarding; and Whereas continuous and increasingly extensive speculative activity abroad in foreign exchange has resulted in severe drains on the Nation's stocks of gold; and Whereas these conditions have created a national emergency; and Whereas it is in the best interests of all bank depositors that a period of respite be provided with a view to preventing further hoarding of coin, bullion or currency or speculation in foreign exchange and permitting the application of appropriate measures to protect the interests of our people; and Whereas it is provided in section 5 (b) of the Act of October 6, 1917 (40 Stat. L. 411), as amended, "That the President may investigate, regulate, or prohibit, under such rules and regulations as he may prescribe, by means of licenses or otherwise, any transactions in foreign exchange and the export, hoarding, melting, or earmarkings of gold or silver coin or bullion or currency * * * "; and Whereas it is provided in Section 16 of the said Act "that whoever shall willfully violate any of the provisions of this Act or of any license, rule, or regulation issued thereunder, and whoever shall willfully violate, neglect, or refuse to comply with any order of the President issued in compliance with the provisions of this Act, shall, upon conviction, be fined not more than $10,000, or, if a natural person, imprisoned for not more than ten years, or both; * * * "; Now, therefore, I, Franklin D. Roosevelt, President of the United States of America, in view of such national emergency and by virtue of the authority vested in me by said Act and in order to prevent the export, hoarding, or earmarking of gold or silver coin or bullion or currency, do hereby proclaim, order, direct and declare that from Monday, the sixth day of March, to Thursday, the ninth day of March, Nineteen Hundred and Thirty Three, both dates inclusive, there shall be maintained and observed by all banking institutions and all branches thereof located in the United States of America, including the territories and insular possessions, a bank holiday, and that during said period all banking transactions shall be suspended. During such holiday, excepting as hereinafter provided, no such banking institution or branch shall pay out, export, earmark, or permit the withdrawal or transfer in any manner or by any device whatsoever, of any gold or silver coin or bullion or currency or take any other action which might facilitate the hoarding thereof; nor shall any such banking institution or branch pay out deposits, make loans or discounts, deal in foreign exchange, transfer credits from the United States to any place abroad, or transact any other banking business whatsoever. During such holiday, the Secretary of the Treasury, with the approval of the President and under such regulations as he may prescribe, is authorized and empowered (a) to permit any or all of such banking institutions to perform any or all of the usual banking functions, (b) to direct, require or permit the issuance of clearing house certificates or other evidences of claims against assets of banking institutions, and (c) to authorize and direct the creation in such banking institutions of special trust accounts for the receipt of new deposits which shall be subject to withdrawal on demand with out any restriction or limitation and shall be kept separately in cash or on deposit in Federal Reserve Banks or invested in obligations of the United States. As used in this order the term "banking institutions'' shall include all Federal Reserve banks, national banking associations, banks, trust companies, savings banks, building and loan associations, credit unions, or other corporations, partnerships, associations or persons, engaged in the business of receiving deposits, making loans, discounting business paper, or transacting any other form of banking business. 319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 ANNUAL KEPOKT OF THE FEDERAL RESERVE BOARD In witness whereof, I have hereunto set my hand and caused the seal of the United States to be affixed. Done in the City of Washington this 6th day of March—1 a. m. in the year of our Lord One Thousand Nine Hundred and Thirty-three, and of the Independence of the United States the One Hundred and Fifty-seventh. [SEAL] FRANKLIN D. ROOSEVELT By the President: CORDELL HULL Secretary of State CONTINUATION OF BANK HOLIDAY BY THE PRESIDENT OF THE UNITED STATES OF AMERICA A PROCLAMATION Whereas, on March 6, 1933, I, Franklin D. Roosevelt, President of the United States of America, by Proclamation declared the existence of a national emergency and proclaimed a bank holiday extending from Monday the 6th day of March to Thursday the 9th of March, 1933, both dates inclusive, in order to prevent the export, hoarding or earmarking of gold or silver coin, or bullion or currency, or speculation in foreign exchange; and Whereas, under the Act of March 9, 1933, all Proclamations heretofore or hereafter issued by the President pursuant to the authority conferred by Section 5 (b) of the Act of October 6, 1917, as amended, are approved and confirmed; and Whereas, said national emergency still continues, and it is necessary to take further measures extending beyond March 9, 1933, in order to accomplish such purposes: Now, therefore, I, Franklin D. Roosevelt, President of the United States of America, in view of such continuing national emergency and by virtue of the authority vested in me by Section 5 (b) of the Act of October 6, 1917 (40 Stat. L., 411) as amended by the Act of March 9, 1933, do hereby proclaim, order, direct and declare that all the terms and provisions of said Proclamation of March 6, 1933, and the regulations and orders issued thereunder are hereby continued in full force and effect until further proclamation by the President. In witness whereof I have hereunto set my hand and have caused the seal of the United States to be affixed. Done in the District of Columbia, this 9th day of March, in the Year of Our Lord One Thousand Nine Hundred and Thirty-three, and of the Independence of the United States the One Hundredth and Fifty-seventh. [SEAL.] FRANKLIN D. ROOSEVELT By the President: CORDELL HULL Secretary of State LICENSING OF BANKS TO REOPEN—LICENSING OF GOLD EXPORTS EXECUTIVE ORDER By virtue of the authority vested in me by section 5 (b) of the Act of October 6, 1917 (40 Stat. L., 411), as amended by the Act of March 9, 1933, and by section 4 of the said Act of March 9, 1933, and by virtue of all other authority vested in me, I hereby issue the following Executive order. The Secretary of the Treasury is authorized and empowered under such regulations as he may prescribe to permit any member bank of the Federal reserve system and any other banking institution organized under the laws of the United States, to perform any or all of their usual banking functions, except as otherwise prohibited. The appropriate authority having immediate supervision of banking institutions in each State or any place subject to the jurisdiction of the United States is authorized and empowered under such regulations as such authority may prescribe to permit any banking institution in such State or place, other than banking institutions covered by the foregoing paragraph, to perform any or all of their usual banking functions, except as otherwise prohibited. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXECUTIVE OEDEES AND PROCLAMATIONS 321 All banks which are members of the Federal reserve system, desiring to reopen for the performance of all usual and normal banking functions, except as otherwise prohibited, shall apply for a license therefor to the Secretary of the Treasury. Such application shall be filed immediately through the Federal reserve banks. The Federal reserve bank shall then transmit such applications to the Secretary of the Treasury. Licenses will be issued by the Federal reserve bank upon approval of the Secretary of the Treasury. The Federal reserve banks are hereby designated as agents of the Secretary of the Treasury for the receiving of application and the issuance of licenses in his behalf and upon his instructions. Until further order, no individual, partnership, association, or corporation,, including any banking institution, shall export or otherwise remove or permit to be withdrawn from the United States or any place subject to the jurisdiction thereof any gold coin, gold bullion, or gold certificates, except in accordance with regulations prescribed by or under license issued by the Secretary of the Treasury. No permission to any banking institution to perform any banking functions shall authorize such institution to pay out any gold coin, gold bullion or gold certificates except as authorized by the Secretary of the Treasury, nor to allow withdrawal of any currency for hoarding, nor to engage in any transaction in foreign exchange except such as may be undertaken for legitimate and normal business requirements, for reasonable traveling and other personal requirements, and for the fulfillment of contracts entered into prior to March 6, 1933. Every Federal reserve bank is authorized and instructed to keep itself currently informed as to transactions in foreign exchange entered into or consummated within its district and shall report to the Secretary of the Treasury all transactions in foreign exchange which are prohibited. FRANKLIN D. ROOSEVELT. The WHITE HOUSE, March 10, 1933. DISPOSITION OF UNLICENSED MEMBER BANKS EXECUTIVE ORDER By virtue of the authority vested in me by section 5(b) of the Act of October 6, 1917 (40 Stat. L., 411) as amended by the Act of March 9, 1933, and by section 4 of the said Act of March 9, 1933 and by virtue of all other authority vested in me, I hereby issue the following executive order. Whenever the appropriate authority having immediate supervision of any banking institution located in any State or place subject to the jurisdiction of the United States, which is a member of the Federal reserve system and which has not been licensed by the Secretary of the Treasury to resume its usual banking functions, shall deem it necessary or advisable in order to conserve the assets of such banking institution for the benefit of the depositors or other creditors, such authority may, in accordance with the provisions of the applicable laws of such State or place, appoint such appropriate official as may be authorized under such laws to conserve the assets of such banking institution pending further disposition of its business as provided by such laws. This order shall not authorize any such member bank to reopen for the performance of usual and normal functions until it shall have received a license from the Secretary of the Treasury as provided in Executive Order of March 10, 1933. FRANKLIN D. ROOSEVELT. THE WHITE HOUSE, March 18, 1933. EXECUTIVE ORDER FORBIDDING THE HOARDING OF GOLD COIN, GOLD BULLION AND GOLD CERTIFICATES By virtue of the authority vested in me by section 5 (b) of the act of October 6, 1917, as amended by section 2 of the act of March 9, 1933, entitled "An act to provide relief in the existing national emergency in banking, and for other purposes", in which amendatory act Congress declared that a serious emergency exists, I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section do hereby prohibit the hoarding of gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations and hereby prescribe the following regulations for Digitized forc FaRrrAySinEgR o ut the purposes of this order: http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD SECTION 1. For the purposes of this regulation, the term "hoarding" means the withdrawal and withholding of gold coin, gold bullion or gold certificates from the recognized and customary channels of trade. The term "person" means anyindividual, partnership, association or corporation. SEC. 2. All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion and gold certificates now owned by them or coining into their ownership on or before April 28, 1933, except the following: (a) Such amount of gold as may be required for legitimate and customary use in industry, profession or art within a reasonable time, including gold prior to refining and stocks of gold in reasonable amounts for the usual trade requirements of owners mining and refining such gold. (b) Gold coin and gold certificates in an amount not exceeding in the aggregate $100 belonging to any one person; and gold coins having a recognized special valueto collectors of rare and unusual coins. (c) Gold coin and bullion earmarked or held in trust for a recognized foreign government or foreign central bank or the Bank for International Settlements. (d) Gold coin and bullion licensed for other proper transactions (not involving hoarding) including gold coin and bullion imported for reexport or held pending action on applications for export licenses. SEC. 3. Until otherwise ordered any person becoming the owner of any gold coin, gold bullion, or gold certificates after April 28, 1933, shall, within 3 days after receipt thereof, deliver the same in the manner prescribed in section 2; unless such gold coin, gold bullion or gold certificates are held for any of the purposes specified in paragraphs (a), (6), or (c) of section 2; or unless such gold coin or gold bullion is held for purposes specified in paragraph (d) of section 2 and the person holding it is, with respect to such gold coin or bullion, a licensee or applicant for license pending action thereon. SEC. 4. Upon receipt of gold coin, gold bullion or gold certificates delivered to it in accordance with sections 2 or 3, the Federal Reserve bank or member bank will pay therefor an equivalent amount of any other form of coin or currency coined or issued under the laws of the United States. SEC. 5. Member banks shall deliver all gold coin, gold bullion and gold certificates owned or received by them (other than as exempted under the provisions of sec. 2) to the Federal reserve banks of their respective districts and receive credit or pa}rment therefor. SEC. 6. The Secretary of the Treasury, out of the sum made available to the President by section 501 of the act of March 9, 1933, will in all proper cases pay the reasonable costs of transportation of gold coin, gold bullion or gold certificates delivered to a member bank or Federal reserve bank in accordance with sections 2, 3, or 5 hereof, including the cost of insurance, protection, and such other incidental costs as may be necessary, upon production of satisfactory evidence of such costs. Voucher forms for this purpose may be procured from Federal reserve banks. SEC. 7. In cases where the delivery of gold coin, gold bullion, or gold certificates by the owners thereof within the time set forth above will involve extraordinary hardship or difficulty, the Secretary of the Treasury may, in his discretion, extend the time within which such delivery must be made. Applications for such extensions must be made in writing under oath, addressed to the Secretary of the Treasury and filed with a Federal reserve bank. Each application must state the date to which the extension is desired, the amount and location of the gold coin, gold bullion and gold certificates in respect of which such application is made and the facts showing extension to be necessary to avoid extraordinary hardship or difficulty. SEC. 8. The Secretary of the Treasury is hereby authorized and empowered to issue such further regulations as he may deem necessary to carry out the purposes of this order and to issue licenses thereunder, through such officers or agencies as he may designate, including licenses permitting the Federal reserve banks and member banks of the Federal Reserve System, in return for an equivalent amount of other coin, currency, or credit, to deliver, earmark, or hold in trust gold coin and bullion to or for persons showing the need for the same for any of the purposes specified in paragraphs (a), (c), and (d) of section 2 of these regulations. SEC. 9. Whoever willfully violates any provision of this Executive order or of these regulations or of any rule, regulation, or license issued thereunder may be fined not more than $10,000, or, if a natural person, may be imprisoned for not more than 10 years, or both; and any officer, director, or agent of any corporation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXECUTIVE ORDERS AND PROCLAMATION'S 323 who knowingly participates in any such violation may be punished by a like fine, imprisonment, or both. This order and these regulations may be modified or revoked at any time. THE WHITE HOUSE, FRANKLIN D. ROOSEVELT. April 5, 1933. EXECUTIVE ORDER RELATING TO FOREIGN EXCHANGE AND THE EARMARKING AND EXPORT OF GOLD COIN OR BULLION OR CURRENCY By virtue of the authority vested in me by section 5 (b) of the act of October 6, 1917, as amended by section 2 of the act of March 9, 1933, entitled "An act to provide relief in the existing national emergency in banking, and for other purposes/7 in which amendatory act Congress declared that a serious emergency exists, I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section a>nd by virtue of all other authority vested in me, do hereby issue the following Executive order: 1. Until further order, the earmarking for foreign account and the export of gold coin, gold bullion, or gold certificates from the United States or any place subject to the jurisdiction thereof are hereby prohibited, except that the Secretary of the Treasury, in his discretion and subject to such regulations as he may prescribe, may issue licenses authorizing the export of gold coin and bullion (a) earmarked or held in trust for a recognized foreign government or foreign central bank or the Bank for International Settlements, (b) imported for reexport or gold in reasonable amounts for usual trade requirements of refiners importing goldbearing materials under agreement to export gold, (c) actually required for the fulfilment of any contract entered into prior to the date of this order, by an applicant who, in obedience to the Executive order of April 5, 1933, has delivered gold coin, gold bullion, or gold certificates, and (d) with the approval of the President, for transactions which he may deem necessary to promote the public interest. 2. Until further order, the Secretary of the Treasury is authorized, through any agency that he may designate, to investigate, regulate, or prohibit, under such rules and regulations as he may prescribe, by means of licenses or otherwise, any transactions in foreign exchange, transfers of credit from any banking institution within the United States or any place subject to the jurisdiction thereof to any foreign branch or office of such banking institution or to any foreign bank or banker, and the export or withdrawal of currency from the United States or any place subject to the jurisdiction of the United States, by any individual, partnership, association, or corporation within the United States or any place subject to the jurisdiction thereof; and the Secretary of the Treasury may require any individual, partnership, association, or corporation engaged in any transaction referred to herein to furnish under oath, complete information relative thereto, including the production of any books of account, contracts, letters or other papers, in connection therewith in the custody or control of such individual,, partnership, association, or corporation either before or after such transaction is completed. 3. The provisions relating to foreign exchange transactions contained in the Executive order of March 10, 1933, shall remain in full force and effect except as amended or supplemented by this order and by regulations issued hereunder. 4. Applicants who have gold coin, gold bullion, or gold certificates in their possession, or who, in obedience to the Executive order of April 5, 1933, have delivered gold coin, gold bullion, or gold certificates shall be entitled to licenses as provided in section 8 of said Executive order for amounts not exceeding the equivalent of such coin, bullion, or certificates held or delivered. The Secretary may, in his discretion, issue or decline to issue any other licenses under said Executive order, which shall in all other respects remain in full force and effect. 5. Whoever willfully violates any provision of this Executive order or of any rule, regulation, or license issued thereunder may be fined not more than $10,000, or, if a natural person, may be imprisoned for not more than ten years, or both; and any officer, director, or agent of any corporation who knowingly participates, in any such violation may be punished by a like fine, imprisonment, or both. This order may be modified or revoked at any time. THE WHITE HOUSE, FRANKLIN D. KOOSEVHLT. Digitized for FRASER April 20, 1933. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 ANNUAL. BEPOBT OF THE FEDERAL RESERVE BOARD EXECUTIVE ORDER RELATING TO THE HOARDING, EXPORT, AND EARMARKING OF GOLD COIN, BULLION, OR CURRENCY AND TO TRANSACTIONS IN FOREIGN EXCHANGE By virtue of the authority vested in me by section 5 (b) of the act of October 6, 1917, as amended by section 2 of the act of March 9, 1933, entitled " An act to provide relief in the existing national emergency in banking and for other purposes", I, Franklin D. Roosevelt, President of the United States of America, do declare that a period of national emergency exists, and by virtue of said authority and of all other authority vested in me, do hereby prescribe the following provisions for the investigation and regulation of the hoarding, earmarking, and export of gold coin, gold bullion, and gold certificates by any person within the United States or any place subject to the jurisdiction thereof; and for the investigation and regulation of transactions in foreign exchange and transfers of credit and the export or withdrawal of currency from the United States or any place subject to the jurisdiction thereof by any person within the United States or any place subject to the jurisdiction thereof. SEC. 2. Definitions.—As used in this order the term "person'* means an individual, partnership, association, or corporation; and the term "the United States" means the United States and any place subject to the jurisdiction thereof. SEC. 3. Returns.—Within 15 days from the date of this order every person in possession of and every person owning gold coin, gold bullion, or gold certificates shall make under oath and file as hereinafter provided a return to the Secretary of the Treasury containing true and complete information relative thereto, including the name and address of the person making the return; the kind and amount of such coin, bullion, or certificates held and the location thereof; if held for another, the capacity in which held and the person for whom held, together with the post-office address of such person; and the nature of the transaction requiring the holding of such coin, bullion, or certificates and a statement explaining why such transaction cannot be carried out by the use of currency other than gold certificates; provided that no returns are required to be filed with respect to— (a) Gold coin, gold bullion, and gold certificates in an amount not exceeding in the aggregate $100 belonging to any one person; (b) Gold coin having a recognized special value to collectors of rare and unusual coin; (c) Gold coin, gold bullion, and gold certificates acquired or held under a license heretofore granted by or under authority of the Secretary of the Treasury; and (d) Gold coin, gold bullion, and gold certificates owned by Federal Reserve banks. Such return required to be made by an individual shall be filed with the collector of internal revenue for the collection district in which such individual resides, or, if such individual has no legal residence in the United States, then with the collector of internal revenue at Baltimore, Md. Such return required to be made by a partnership, association, or corporation shall be filed with the collector of internal revenue of the collection district in which is located the principal place of business or principal office or agency of such partnership, association, or corporation, or,, if it has no principal place of business or principal office or agency in the United States, then with the collector of internal revenue at Baltimore, Md. Such return required to be made by an individual residing in Alaska shall be filed with the collector of internal revenue at Seattle, Wash. Such return required to be made by a partnership, association, or corporation having its principal place of business or principal office or agency in Alaska shall be filed with the collector of internal revenue at Seattle, Wash. The Secretary of the Treasury may grant a reasonable extension of time for filing a return, under such rules and regulations as he shall prescribe. No such extension shall be for more than 45 days from the date of this Executive order. An extension granted hereunder shall be deemed a license to hold for a period ending 15 days after the expiration of the extension. The returns required to be made and filed under this section shall constitute public records; but they shall be open to public inspection only upon order of the President and under rules and regulations prescribed by the Secretary of the Treasury. A return made and filed in accordance with this section by the owner of the gold coin, gold bullion, and gold certificates described therein, or his duly authorized agent, shall be deemed an application for the issuance under section 5 hereof of a license to hold such coin, bullion, and certificates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXECUTIVE ORDERS AND PROCLAMATIONS 325 SEC. 4. Acquisition of gold coin and gold bullion.—No person other than a Federal Reserve bank shall after the date of this order acquire in the United States any gold coin, gold bullion, or gold certificates except under license therefor issued pursuant to this Executive order, provided that member banks of the Federal Reserve System may accept delivery of such coin, bullion, and certificates for surrender promptly to a Federal Reserve bank, and provided further that persons requiring gold for use in the industry, profession, or art in which they are regularly engaged may replenish their stocks of gold up to an aggregate amount of $100, by acquisitions of gold bullion held under licenses issued under section 5(b), without necessity of obtaining a license for such acquisitions. The Secretary of the Treasury, subject to such further regulations as he may prescribe, shall issue licenses authorizing the acquisition of—• (a) Gold coin or gold bullion which the Secretary is satisfied is required for a necessary and lawful transaction for which currency other than gold certificates cannot be used, by an applicant who establishes that since March 9, 1933, he has surrendered an equal amount of gold coin, gold bullion, or gold certificates to a banking institution in the continental United States or to the Treasurer of the United States; (b) Gold coin or gold bullion which the Secretary is satisfied is required by an applicant who holds a license to export such an amount of gold coin or gold bullion issued under subdivisions (c) or (d) of section 6 hereof, and (c) Gold bullion which the Secretary, or such agency as he may designate, is satisfied is required for legitimate and customary use in industry, profession, or art by an applicant regularly engaged in such industry, profession, or art, or in the business of furnishing gold therefor. Licenses issued pursuant to this section shall authorize the holder to acquire gold coin and gold bullion only from the sources specified by the Secretary of the Treasury in regulations issued hereunder. SEC. 5. Holding of gold coin, gold bullion, and gold certificates.—After 30 days from the date of this order no person shall hold in his possession or retain any interest, legal or equitable, in any gold coin, gold bullion, or gold certificates situated in the United States and owned by any person subject to the jurisdiction of the United States, except under license therefor issued pursuant to this Executive order; provided, however, that licenses shall not be required in order to hold in possession or retain an interest in gold coin, gold bullion, or gold certificates with respect to which a return need not be filed under section 3 hereof. The Secretary of the Treasury, subject to such further regulations as he may prescribe, shall issue licenses authorizing the holding of— (a) Gold coin, gold bullion, and gold certificates, which the Secretary is satisfied are required by the person owning the same for necessary and lawful transactions for which currency, other than gold certificates, cannot be used; (b) Gold bullion which the Secretary, or such agency as he may designate, is satisfied is required for legitimate and customary use in industry, profession, or art by a person regularly engaged in such industry, profession, or art or in the business of furnishing gold therefor; (c) Gold coin and gold bullion earmarked or held in trust since before April 20, 1933, for a recognized foreign government or foreign central bank or the Bank for International Settlements; and (d) Gold coin and gold bullion imported for reexport or held pending action upon application for export licenses. SEC. 6. Earmarking and export of gold coin and gold bullion.—After the date of this order no person shall earmark or export any gold coin, gold bullion, or gold certificates from the United States, except under license therefor issued by the Secretary of the Treasury pursuant to the provisions of this order. The Secretary of the Treasury, in his discretion and subject to such regulations as he may prescribe, may issue licenses authorizing— (a) The export of gold coin or gold bullion earmarked or held in trust since before April 20, 1933, for a recognized foreign government, foreign central bank, or the Bank for International Settlements; (b) The export of gold, (i) imported for reexport, (ii) refined from gold-bearing materials imported by the applicant under an agreement to export gold, or (iii) in bullion containing not more than 5 ounces of gold per ton; (c) The export of gold coin or gold bullion to the extent actually required for the fulfillment of a contract entered into by the applicant prior to April 20, 1933; but not in excess of the amount of the gold coin, gold bullion, and gold certificates surrendered by the applicant on or after March 9, 1933, to a banking institution in the continental United States or to the Treasurer of the United States; and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 ANNUAL EEPOKT OF THE FEDERAL RESERVE BOARD (d) The earmarking for foreign account and/or export of gold coin or gold bullion with the approval of the President, for transactions which the Secretary of the Treasury may deem necessary to promote the public interest. SEC. 7. United States possessions—Shipments thereto.—The provisions of sections 3 and 5 of this order shall not apply to gold coin, gold bullion, or gold certificates which is situated in the Philippine Islands, American Samoa, Guam, Hawaii, Panama Canal Zone, Puerto Rico, or the Virgin Islands of the United States, and is owned by a person not domiciled in the continental United States. The provisions of section 4 shall not apply to acquisitions by persons within the Philippine Islands, American Samoa, Guam, Hawaii, Panama Canal Zone, Puerto Rico, or the Virgin Islands of the United States of gold coin or gold bullion which has not been taken or sent thereto since April 5, 1933, from the continental United States or any place subject to the jurisdiction thereof. SEC. 8. Until further order, the Secretary of the Treasury is authorized, through any agency that he may designate, to investigate, regulate, or prohibit, under such rules and regulations as he may prescribe, by means of licenses or otherwise,, any transactions in foreign exchange, transfers of credit from any banking institution within the United States to any foreign branch or office of such banking institution or to any foreign bank or banker, and the export or withdrawal of currency from the United States, by any person within the United States; and the Secretary of the Treasury may require any person engaged in any transaction referred to herein to furnish under oath complete information relative thereto, including the production of any books of account, contracts, letters, or other papers, in connection therewith in the custody or control of such person either before or after such transaction is completed. SEC. 9. The Secretary of the Treasury is hereby authorized and empowered to issue such regulations as he may deem necessary to carry put the purposes of this order. Such regulations may provide for the detention in the United States of any gold coin, gold bullion, or gold certificates sought to be transported beyond the limits of the continental United States, pending an investigation to determine if such coin, bullion, or certificates are held or are to be acquired in violation of the provisions of this Executive order. Licenses and permits granted in accordance with the provisions of this order and the regulations prescribed hereunder, may be issued through such officers or agencies as the Secretary may designate. SEC. 10. Whoever willfully violates any provision of this Executive order or of any license, order, rule, or regulation issued or prescribed hereunder, shall, upon conviction, be fined not more than $10,000, or, if a natural person, may be imprisoned for not more than 10 years, or both; and any officer, director, or agent of any corporation who knowingly participates in such violation may be punished by a like fine, imprisonment, or both. SEC. 11. The Executive orders of April 5, 1933, forbidding the hoarding of gold coin, gold bullion, and gold certificates, and April 20, 1933, relating to foreign exchange and the earmarking and export of gold coin or bullion or currency, respectively, are hereby revoked. The revocation of such prior Executive orders shall not affect any act done, or any right accruing or accrued, or any suit or proceeding had or commenced in any civil or criminal cause prior to said revocation, but all liabilities under said Executive orders shall continue and may be enforced in the same manner as if said revocation had not been made. This Executive order and any regulations or licenses issued hereunder may be modified or revoked at any time. FKANKLIN D. ROOSEVELT. THE WHITE HOUSE, August 28, 1933. {No. 6260] EXECUTIVE ORDER RELATING TO THE SALE AND EXPORT OF GOLD RECOVERED FROM NATURAL DEPOSITS By virtue of the authority vested in me by section 5(b) of the act of October 6> 1917, as amended by section 2 of the act of March 9, 1933, entitled "An act to provide relief in the existing national emergency in banking and for other purposes ", I, Franklin D. Roosevelt, President of the United States of America, do declare that a period of national emergency exists, and by virtue of said authority and of all other authority vested in me, do hereby issue the following Executive order: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXECUTIVE ORDERS AND PROCLAMATIONS 327 The Secretary of the Treasury is hereby authorized to receive on consignment for sale, subject to such rules and regulations and upon such conditions as he shall prescribe, gold recovered from natural deposits in the United States or any place subject to the jurisdiction thereof. Sales may be made: (a) To persons licensed to acquire gold for use in the arts, industries, or professions, or (b) By export to foreign purchasers. Such sales shall be made at a price which the Secretary shall determine to be equal to the best price obtainable in the free gold markets of the world after taking into consideration any incidental expenses such as shipping costs and insurance. Such sales may be made through the Federal Reserve banks or such other agents as the Secretary may from time to time designate and shall be subject to such charges as the Secretary may from time to time in his judgment determine. Every person depositing gold for sale as provided herein shall be deemed to have agreed to accept as conclusive without any right of recourse or review, the determination of the Secretary or his duly authorized agent as to the amount due such person as a result of any sale. Consignments shall be sold as nearly as may be in the order of their receipt. The Secretary of the Treasury, in his discretion and subject to such regulations as he may prescribe, is hereby authorized to issue licenses permitting the export of articles fabricated from gold sold pursuant to this Executive order. This Executive order may be modified or revoked at any time. FRANKLIN D. ROOSEVELT. THE WHITE HOUSE, August 29, 1983. [No. 6261] EXECUTIVE ORDER RELATING TO GOLD RECOVERED FROM NATURAL DEPOSITS By virtue of the authority vested in me by section 5 (b) of the act of October 6, 1917, as amended by section 2 of the act of March 9, 1933, entitled" An Act to Provide Relief in the Existing National Emergency in Banking and for other Purposes", I, Franklin D. Roosevelt, President of the United States of America, do declare that a period of national emergency exists, and by virtue of said authority and of all other authority vested in me, do hereby issue the following Executive order: SECTION 1. The Executive order of August 29, 1933, Relating to the Sale and Export of Gold Recovered from Natural Deposits, is hereby revoked: Provided, however, That the Secretary of the Treasury is authorized to sell in accordance therewith gold received on consignment for sale on or before the date of this Executive order. SEC. 2. The United States mints and assay offices are hereby authorized, subject to such regulations as may from time to time be prescribed by the Secretary of the Treasury, to receive on consignment gold which the mint or assay office to which the gold is delivered is satisfied has been recovered from natural deposits in the United States or any place subject to the jurisdiction thereof. SEC. 3. The Reconstruction Finance Corporation is authorized, subject to such regulations as may from time to time be prescribed by the Secretary of the Treasury, to acquire gold which has been received on consignment by a United States mint or assay office, and to hold, earmark for foreign account, export, or otherwise dispose of such gold. SEC. 4. The Executive order of August 28, 1933, Relating to the Hoarding, Export, and Earmarking of Gold Coin, Bullion, or Currency and to Transactions in Foreign Exchange, is hereby amended to permit, subject to such regulations as may from time to time be prescribed by the Secretary of the Treasury, the export of articles fabricated from gold. SEC. 5. The Secretary of the Treasury is hereby authorized and empowered to issue such regulations as he maj^ deem necessary to carry out the purpose of this Executive order. SEC. 6. This Executive order and any regulations issued hereunder may be modified or revoked at any time. FRANKLIN D. ROOSEVELT THE WHITE HOUSE, October 25, 1933. 49753—34 22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD COINAGE OF SILVER BY THE PRESIDENT OF THE UNITED STATES OF AMERICA A PROCLAMATION Whereas, by paragraph (2) of section 43, title III, of the act of Congress, approved May 12, 1933 (Public, No. 10), the President is authorized "By proclamation to fix the weight of the gold dollar in grains nine-tenths fine and also to fix the weight of the silver dollar in grains nine-tenths fine at a definite fixed ratio in relation to the gold dollar at such amounts as he finds necessary from his investigation to stabilize domestic prices or to protect the foreign commerce against the adverse effect of depreciated foreign currencies, and to provide for the unlimited coinage of such gold and silver at the ratio so fixed, * * *"; and Whereas, from investigations made by me, I find it necessary, in aid of the stabilization of domestic prices and in accordance with the policy and program authorized by Congress, which are now being administered, and to protect our foreign commerce against the adverse effect of depreciated foreign currencies, that the price of silver be enhanced and stabilized; and Whereas, a resolution presented by the delegation of the United States of America was unanimously adopted at the World Economic and Monetary Conference in London on July 20, 1933, by the representatives of 66 Governments, which in substance provided that said Governments will abandon the policy and practice of melting up or debasing silver coins; that low-valued silver currency be replaced with silver coins and that no legislation should be enacted that will depreciate the value of silver; and Whereas, a separate and supplemental agreement was entered into, at the instance of the representatives of the United States, between China, India, and Spain, the holders and users of large quantities of silver, on the one hand, and Australia, Canada, Mexico, Peru, and the United States on the other hand, as the chief producers of silver, wherein China agreed not to dispose of any silver derived from the melting up or debasement of silver coins, and India agreed not to dispose of over 35,000,000 ounces of silver per annum during a period of 4 years commencing January 1, 1934, and Spain agreed not to dispose of over 5,000,000 ounces of silver annually during said period, and both of said Governments agreed that at the end of said period of 4 years they would then subject themselves to the general resolution adopted at the London Conference, and in consideration of such limitation it was agreed that the Governments of the five producing countries would each absorb from the mines in their respective countries a certain amount of silver, the total amount to be absorbed by said producing countries being 35,000,000 ounces per annum during the 4 years commencing the 1st day of January 1934; that such silver so absorbed would be retained in each of said respective countries for said period of 4 years, to be used for coinage purposes or as reserves for currency, or to otherwise be retained and kept off the world market during such period of time, it being understood that of the 35,000,000 ounces the United States was to absorb annually at least 24,421,410 ounces of the silver produced in the United States during such period of time. Now, therefore, finding it proper to cooperate with other Governments and necessary to assist in increasing and stabilizing domestic prices, to augment the purchasing power of peoples in silver-using countries, to protect our foreign commerce against the adverse effect of depreciated foreign currencies, and to carry out the understanding between the 66 Governments that adopted the resolution hereinbefore referred to; by virtue of the power in me vested bjr the act of Congress above cited, the other legislation designated for national recovery, and by virtue of all other authority in me vested; I, Franklin D. Roosevelt, President of the United States of America, do proclaim and direct that each United States coinage mint shall receive for coinage into standard silver dollars any silver which such mint, subject to regulations prescribed hereunder by the Secretary of the Treasury, is satisfied has been mined, subsequently to the date of this proclamation, from natural deposits in the United States or any place subject to the jurisdiction thereof. The Director of the Mint, with the voluntary consent of the owner, shall deduct and retain of such silver so received 50 percent as seigniorage and for services performed by the Government of the United States relative to the coinage and delivery of silver dollars. The balance of such silver so received, that is, 50 percent thereof, shall be coined into standard silver dollars and the same, or an equal number of other standard silver dollars, shall be delivered to the owner or depositor of such silver. The 50 percent of such silver so deducted shall be retained as bullion by the Treasury and shall not be disposed of prior to the 31st day of December 1937, Digitized foer xFcReApSt EfoRr coining into United States coins. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXECUTIVE ORDEES AND PROCLAMATIONS 329 The Secretary of the Treasury is authorized to prescribe regulations to carry out the purposes of this proclamation. Such regulations shall contain provisions substantially similar to the provisions contained in the regulations made pursuv ant to the act of Congress, approved April 23, 1918 (40 Statutes at Large, page 535), known as the Pittman Act, with such changes as he shall determine prescribing how silver mined, subsequently to the date of this proclamation from natural deposits in the United States or any place subject to the jurisdiction thereof, shall be identified. This proclamation shall remain in force and effect until the 31st day of December 1937, unless repealed or modified by act of Congress or by subsequent proclamation. The present ratio in weight and fineness of the silver dollar to the gold dollar shall, for the purposes of this proclamation, be maintained until changed by further order or proclamation. Notice is hereby given that I reserve the right by virtue of the authority vested in me to revoke or modify this proclamation as the interest of the United States may seem to require. In witness whereof I have hereunto set my hand and caused the seal of the United States to be affixed. Done at the city of Washington this 21st day of December, in the year of our Lord nineteen hundred and thirty-three and of the independence of the United States of American the one hundred and fifty-eighth. FRANKLIN D. ROOSEVELT. By the President: WILLIAM PHILLIPS, Acting Secretary of State. CONTROL OVER STATE BANKING INSTITUTIONS BY THE PRESIDENT OF THE UNITED STATES OF AMERICA A PROCLAMATION Whereas, on March 6, 1933, I, Franklin D. Roosevelt, President of the United States of America, by virtue of authority vested in me by the act of October 6, 1917 (40 Stat. L. 411), as amended, issued a proclamation declaring that an emergency existed and that a national banking holiday be observed; Whereas, on March 9, 1933, I issued a proclamation continuing the terms and conditions of said proclamation of March 6, 1933, in full force and effect until further proclamation by the President; Whereas, on March 10, 1933, I issued an Executive order authorizing the appropriate authority having immediate supervision of banking institutions in each State or any place subject to the jurisdiction of the United States to permit any banking institution not a member of the Federal Reserve System to perform any or all of its usual banking functions except as otherwise provided; Whereas, the Secretary of the Treasury, pursuant to authority granted by other provisions of the said Executive order of March 10, 1933, has acted upon all requests for licensing of banks members of the Federal Reserve System; Whereas, the Federal Deposit Insurance Corporation has acted upon all applications to it for membership in the Temporary Federal Deposit Insurance Fund as provided for in section 12B (y) of the Federal Reserve Act as amended by section 8 of the act of June 16, 1933, Public No. 66, Seventy-third Congress, and has admitted to the said fund all applicant banks which are duly and properly qualified; and Whereas, it is now appropriate that the banking authority in each State and any place subject to the jurisdiction of the United States should have and exercise the sole responsibility for, and control over, banking institutions not members of the Federal Reserve System; Now, therefore, I, Franklin D. Roosevelt, President of the United States, in order to assure that the banking authority in each State and in any place subject to the jurisdiction of the United States shall have and exercise the sole responsibility for, and control over, banking institutions which are not members of the Federal Reserve System, do hereby proclaim, order, direct, and declare that the proclamations of March 6, 1933, and March 9, 1933, and the Executive order of March 10, 1933, and all orders and regulations pursuant thereto, are amended, effective the first day of January, nineteen hundred and thirty-four, to exclude from their scope banking institutions which are not members of the Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

331 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD DIRECTORY OF THE FEDERAL RESERVE BOARD [Dec. 31, 1933] WILLIAM H. WOODIN, Secretary of the Treasury, member ex officio. J. F. T. O'CONNOR, Comptroller of the Currency, member ex officio. EUGENE R. BLACK, of Georgia, Governor. Term expires August 9, 1938. CHARLES S. HAMLIN, of Massachusetts. Term expires August 9, 1936. ADOLPH C. MILLER, of California. Term expires August 9, 1934. GEORGE R. JAMES, of Tennessee. Term expires April 27, 1941. J. J. THOMAS, of Nebraska. Term expires January 24, 1943. S. M. SZYMCZAK, of Illinois. Term expires April 18, 1943. H. WARNER MARTIN, Assistant to the E. A. GOLDENWEISER, Director, Division Governor. of Research and Statistics. CHESTER MORRILL, Secretary. CARL E. PARRY, Assistant Director, J. C. NOELL, Assistant Secretary. Division of Research and Statistics. L. P. BETHEA, Assistant Secretary. E. L. SMEAD, Chief, Division of Bank 8. R. CARPENTER, Assistant Secretary. Operations. WALTER WYATT, General Counsel. J. R. VAN FOSSEN, Assistant Chief, GEORGE B. VEST, Assistant Counsel. Division of Bank Operations. LEO H. PAULGER, Chief, Division of O. E. FOULK, Fiscal Agent. Examinations. JOSEPHINE E. LALLY, Deputy Fiscal FRANK J. DRINNEN, Federal Reserve Agent. Examiner. SALARIES OF OFFICERS tkND EMPLOYEES OF THE FEDERAL RES5ERVE BOARD [Dec. 31,1933] Number of persons Annual salary Number of persons Annual salary 6 at $12, 000 3at___ $2,700 1 at 9,000 4 at 2,600 1 at 8, 500 8 at 2, 500 1 at 7, 500 10 at _ 2, 400 1 at _ _ 7,100 3 at 2,300 2 at 7, 000 6 at 2, 200 1 at 6, 750 6 at.. 2, 100 1 at 6, 700 15 at 2, 000 1 at _ _ 6, 500 1 at___ _ _ _ 1, 920 2 at 6, 000 4 at 1, 900 3 at 5,500 2 at _ _ 1,860 1 at 5, 400 13 at 1, 800 2 at . 5,200 2 at 1,750 3 at 5, 000 1 at _ 1, 740 5 at_. 4,800 4 at 1,700 6 at 4, 500 6 at 1, 680 2 at__ _ _._ 4,250 3 at__ 1, 620 7 at 4, 200 14 at 1, 600 1 at _ 4, 000 20 at___ 1, 560 2 at 3, 900 18 at 1 500 2 at 3, 800 6 at 1 440 6 at 3, 600 1 at 1 400 2 at 3, 500 7 at 1, 380 2 at 3,400 9 at 1,320 1 at 3, 300 1 at 1, 250 1 at 3,200 2 at 1, 200 1 at__ 3, 160 2 at___ _ 1, 100 11 at 3, 000 1 at 1 000 1 at 2, 920 4 at 840 3 at 2 900 6 at 2,800 261 723, 340 In addition to the above, there are 14 part-time employees and 4 temporary employees paid on an hourly basis, and 3 special temporary employees paid on a monthly basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

332 ANNUAL KEPOKT OF THE FEDERAL RESERVE BOARD RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD RECEIPTS AND DISBURSEMENTS OF THE FEDERAL RESERVE BOARD FOR THE YEAR 1933 Balance Jan. 1, 1933: Available for general expenses of the Board ___ $78,763.12 Available for expensesj3hargeable to the Federal Reserve banks 50,532.48 Total., $129,295.60 RECEIPTS Available for general expenses of the Board: Assessments on Federal Reserve banks for estimated general expenses of the Board $800,159. 66 Subscriptions to Federal Reserve Bulletin 4,749.84 Miscellaneous receipts, refunds and reimbursements 998.12 Reimbursement on account of bank examinations 4,862.40 Total receipts available for general expenses of the Board. 810,770.02 Available for expenses chargeable to Federal Reserve banks: Assessments on Federal Reserve banks for: Cost of preparing Federal Reserve notes and Federal Reserve bank notes 1,256,012.03 Expenses of leased wire system 212,051.52 Expenses of private telephone lines 32,790.72 Miscellaneous expenses 2,992.54 Total receipts available for expenses chargeable to Federal Reserve banks 1,503,846.81 Total receipts 2,314,616.83 Total available for disbursement 2,443,912.43 DISBURSEMENTS For general expenses of the Board: Expenses of 1932 paid in 1933 $16,222,01 Expenses for 1933 (per detailed statement) $882,891.00 Less accounts unpaid Dec. 31, 1933 (estimated) 20, 703. 72 Amount actually paid out during the year 862,187. 28 Refunds on account of subscriptions to Federal Reserve Bulletin 3.95 Total disbursements for general expenses of the Board 878,413. 24 For expenses chargeable to Federal Reserve banks: Cost of preparing Federal Reserve notes and Federal Reserve banknotes 1,271,163.08 Expenses of leased wire system 217,969.53 Expenses of private telephone lines 32,790.72 Miscellaneous expenses 2,936.46 Total disbursements for expenses chargeable to Federal Reserve banks... 1,524,859.79 Total disbursements 2,403,273.03 Balance Dec. 31, 1933: Available for general expenses of the Board, 1934, and accounts unpaid Dec. 31, 1933 11,119,90 Available for expenses chargeable fo Federal Reserve banks unpaid Dec. 31, 1933 ..- 29,519.50 Total balance 40,639.40 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DETAILED STATEMENT OF EXPENSES OF THE FEDERAL RESERVE BOARD, 1933 Febru- Septem- Novem- Decem- Total January ary March April May June July August ber October ber ber PERSONAL SERVICES Board members and their staffs-.. $98, 598.11 $7, 866. 65 $7,066.66 $7,066. 67 $6,006.62 $5, 727. 99 $7, 795. 47 $9,349. 98 $9,118. 05 $9, 650. 02 $9,649.98 $9, 650. 00 $9, 650. 02 Office of the secretary 63,303. 49 5, 383. 02 5, 390.00 5,390. 04 4, 645.56 4, 418.43 4, 540. 54 5, 038. 78 5, 332. 91 5, 778. 39 5, 778. 28 5,840. 83 766.71 Office of general counsel 55,327. 26 3, 823. 30 3, 823.30 3, 823. 32 3, 249. 76 3, 646. 41 4, 029. 4,449. 98 4, 714. 98 5,001.15 5, 640.14 6,066. 64 058. 39 Office of fiscal agent 6, 215. 60 525, 00 525.00 525. 00 446. 24 446. 24 485. 62 525. 00 537. 50 550. 00 550. 00 550. 00 550. 00 Division of examinations 159, 898. 83 10,119. 41 10, 425.00 10, 662. 29 9,415.13 9, 870. 78 11,461.15 13, 069. 08 14, 025. 83 15, 864.16 17,311.89 18, 470. 65 19,2103. 46 Division of bank operations 100, 572. 36 8, 238. 64 8, 313.68 8, 362. 35 7, 236. 33 7, 219. 75 7, 765. 87 8, 679. 64 8, 803. 83 8, 950. 52 8,940. 56 8,970. 42 9,C090. 77 Division of research and statistics. 118, 627. 73 10,163. 21 10,163.33 9,975.93 8, 567. 70 8, 632.16 9,181.17 9, 954. 89 10, 009. 52 10, 482. 60 10, 543. 60 10,526.51 10,427.11 Division of issue and redemption. - 56, 600. 07 4,966.47 4, 969.99 4,958. 51 4,126. 42 4,126. 42 4, 490. 73 4, 854. 98 4, 819. 85 4, 744. 70 4,831.98 4•, "8•5-4- .99 855.03 Messengers 21,178. 1, 775. 81 1, 775.83 1, 775. 86 1, 509. 42 1, 509. 42 1, 642. 50 1, 775. 81 1, 784.17 1, 884.19 1, 884.14 1,884.17 977. 52 Charwomen 2, 922. 00 250. 00 230.00 260.00 212. 50 221. 00 240. 50 250. 00 270. 00 250. 00 260. 00 248. 00 230. 00 General 1, 084. 80 200. 00 142. 28.00 114. 00 600. 00 Total. 684, 329. 24 53,111.51 52, 682. 79 52,999. 97 45, 415. e 45,818. 60 51, 776. 39 57, 948.14 59, 444. 64 63, 269. 73 65. 390. 57 67, 062. 2169, 409. 01 NONPERSONAL SERVICES Transportation and subsistence: Board members and their staffs !, 475. 47 22.85 70.50 148. 49 99.26 497. 76 564. 93 410.16 472.14 138. 43 50. 95 Office of the secretary Office of general counsel 72.70 36.50 36.20 Division of examinations 75, 632. 66 4, 739. 24 4, 061.58 4, 708. 91 4, 323.18 4,827. 35 4, 279.12 5, 096. 26 16,075. 26 6,974. 42 7,496. 75 7, 043. 54 6,007. 05 Division of research and statistics 547. 78 67.57 36.14 32.39 96.18 116.87 134. 26 64.37 Division of bank operations 499. 29 106. 90 168. 67 97.35 92.06 12.40 21.29 All other divisions including local car fare 530. 32 37.50 232.21 37.50 37.50 185. 61 Communication service: Telephone 23, 039. 40 1,432. 76 1, 797.05 3,231.12 1, 554.42 1, 636.49 1,846. 84 1, 456. 77 1, 619. 38 1,872. 08 1,914.32 2,140. 33 2, 537. 84 Telegraph 2,198.10 112.17 105.14 177. 42 107. 65 464.10 349.93 174. 72 258. 27 98.86 101. 22 106. 28 142. 34 Postage 1,103. 35 66.51 23,50 120. 55 81.78 98.49 174.99 41.43 108. 59 68.43 145.10 61.24 112. 74 Printing, binding, etc 39, 627. 50 2,343. 09 2,363.12 1,731.62 2, 679. 55 2,139. 9, 941. 63 3, 610. 51 2, 430. 04 1, 255. 94 5, 612. 02 3, 231. 64 2, 288. 74 Repairs 580. 09 69.33 69.59 26.03 48.01 47.53 61.13 24.48 42.47 91.74 68.02 21.28 10.48 Heat, light, and power 618, 79 62.30 62.30 62.30 62.30 62.30 23.44 24.99 25.00 26.56 69.72 67.79 69.79 Miscellaneous, unclassified 6, 054. 56 114. 64 126.10 275. 34 96.83 117.36 99.33 59. 4, 514. 04 368. 79 151. 60.96 70.09 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 6,852. 24 216. 161. 60 1, 300.15 101. 07 410. 71 650.19 313. 27 200. 58 1, 397. 65 432. 51 418. 1, 249.80 Equipment, furniture and office 11,971.42 244. 65 341.17 394. 60 389. 55 1, 039.17 324. 86 496. 88 2, 528. 50 2,009.18 1, 759. 4' 1,484.12 959. 27 Books and periodicals 2,191.45 1,531. 05 103. 96 72.37 147.76 52.64 31.51 24.75 40.71 102.43 20.18 42.70 21.39 Rent 24, 512. 64 1, 726. 00 1, 726.00 1, 726. 00 1, 726.00 1,726.00 1, 726. 00 1, 726. 00 1, 726. 00 2, 666. 74 2, 679.30 2, 679. 30 2, 679. 30 Total 198, 561. 76 12, 752, 75 11,052.25 13,868. 41 11,322.60 13,006. 94 19, 789. 52 13, 720. 47 30, 235. 62 17, 609. 72 21, 092.32 17, 656. 90 16, 454. 26 Grand total. 882,891.00 65,864.26 63,735.04 66,868.38 56,738.28 58,825.54 71,565.91 71,668.61 89,680.26 80,879,45 86,482.89 84,719.1185,863.27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

334 ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD SALARIES OF NATIONAL BANK EXAMINERS1 (As of December 31, 1933) DISTRICT NO. 1—BOSTON Chief examiner $13, 000 Examiners: 1 at $5,400; 1 at $4,800; 1 at $4,500; 1 at $4,200; 1 at $3,600; 1 at $3,300; 1 at $3,000; 1 at $2,700. Total, 8 examiners. 31, 500 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; 2 at $4,500; 2 at $4,200; 2 at $3,900; 3 at $3,600; 2 at $3,300; 12 at $3,000; 1 at $2,700. Total, 34 examiners 142, 600 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; 2 at $4,500; 2 at $4,200; 3 at $3,900; 1 at $3,600; 1 at $3,000; 1 at $2,700. Total, 15 examiners 67, 400 DISTRICT NO. 4—CLEVELAND Chief examiner 14, 000 Examiners: 1 at $6,500; 1 at $5,000; 1 at $4,800; 1 at $4,500; 1 at $4,200; 1 at $3,600; 3 at $3,300; 9 at $3,000. Total, 18 examiners, 65, 500 DISTRICT NO. 5—RICHMOND Chief examiner 11, 000 Examiners: 1 at $5,000; 3 at $4,500; 2 at $4,200; 1 at $3,600; 1 at $3,300; 5 at $3,000. Total, 13 examiners 48, 800 DISTRICT NO. 6—ATLANTA Chief examiner 12, 000 Examiners: 3 at $5,000; 3 at $4,200; 1 at $3,600; 2 at $3,300; 1 at $3,000; 1 at $2,700. Total, 11 examiners 43, 500 DISTRICT NO. 7—CHICAGO Chief examiner 13, 000 Examiners: 1 at $6,300; 1 at $6,200; 1 at $6,000; 1 at $5,700; 1 at $4,500; 1 at $4,300; 4 at $4,200; 4 at $3,900; 2 at $3,300; 6 at $3,000; 1 at $2,700. Total, 23 examiners 92, 700 DISTRICT NO. 8—ST. LOUIS Chief examiner 11, 000 Examiners: 2 at $6,000; 2 at $4,500; 1 at $3,900; 3 at $3,600; 3 at $3,000. Total, 11 examiners 44, 700 DISTRICT NO. 9—MINNEAPOLIS Chief examiner 10, 000 Examiners: 2 at $4,500; 1 at $4,200; 2 at $3,900; 1 at $3,600; 2 at $3,300; 3 at $3,000; 3 at $2,700. Total, 14 examiners 48, 300 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; 5 at $3,000. Total, 17 examiners, 63, 500 DISTRICT NO. 11—DALLAS Chief examiner 15, 000 Examiners: 1 at $6,300; 1 at $6,000; 1 at $5,000; 1 at $4,900; 2 at $4,700; 1 at $4,500; 1 at $3,800; 4 at $3,600; 1 at $3,500; 4 at $3,000. Total, 17 examiners 69, 800 DISTRICT NO. 12—SAN FRANCISCO Chief examiner 13, 000 Examiners: 2 at $6,000; 1 at $5,000; 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 $3,000; 3 at $2,700; 2 at $2,400. Total, 23 examiners 88, 600 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALARIES OF NATIONAL BANK EXAMINERS 335 SUMMARY Total examiners 204 Total salaries $806, 900 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 At $3,600 1 Total 9 $72, 600> 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 Total 12 161, 00a Other examiners: At$9,500__ _ 1 At$7,000__ _._ _ 2 At $6,500 1 At $6,300 2 At$6,200__ _ 2 At $6,000_ ___ _ 10 At$5,700__ _ _ _ 1 At$5,500___ _ 3 At $5,400__ . 2 At $5,200 2 At$5,000___ ._ _ 8 At $4,900 __ 1 At $4,800____ 6 At $4,700 _ ___ _ __ ___ 2 At $4,500. ___ 15 At$4,300_. . 3 At $4,200 __ 20 At $4,000 1 At $3,900 __ _ _ 16 At $3,800 1 At $3,600 26 At $3,500_ _ 1 At $3,300__ 14 At$3,000__ 51 At$2,700__ __ 11 At $2,400 2 Total 204 806, 900> Total examining staff 225 Total salaries 1, 040, 500 NOTE.—Since the enactment of the Banking Act of 1933, salaries of national bank examiners have not been submitted to the Federal Reserve Board for approval. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD GOVERNORS AND DIRECTORS OF FEDERAL RESERVE BANKS [Dec. 31, 1933] DISTRICT NO. 1—BOSTON DISTRICT NO. 4—CLEVELAND F. II. CURTISS, chairman and Federal Reserve L. B. WILLIAMS, chairman and Federal Reserve agent. ALLEN HOLLIS, deputy chairman R. A. agent. E. S. BURKE, Jr., deputy chairman. E. YOUNG, governor R. FANCHER, governor Term Term Directors expires Directors expires Dec. 31 Dec. 31 Class A: Class A: E. S. Kennard, Rumford, Maine 1933 B. R. Conner, Ada, Ohio 1933 F. S. Chamberlain, New Britain, C. Lamberton, Franklin, Pa 1934 Conn 1934 R. A. Wardrop, Pittsburgh, Pa 1935 A. L. Ripley, Boston, Mass 1935 Class B: Class B: J. E. Galvin, Lima, Ohio 1933 E. J. Frost, Boston, Mass... 1933 R. P. Wright, Erie, Pa 1934 E. S. French, Boston, Mass— 1934 G. D. Crabbe, Cincinnati, Ohio 1935 P. R. Allen, East Walpole, Mass 1935 Class C: Class C: W. W. Knight, Toledo, Ohio. 1933 Allen Hollis, Concord, N.H 1933 L. B. Williams, Cleveland, Ohio 1934 C. H. Merriman, Providence, R.I 1934 E. S. Burke, Jr., Cleveland, Ohio 1935 F. H. Curtiss, Boston, Mass 1935 CINCINNATI BRANCH DISTRICT NO. 2-NEW YORK C. F. MCCOMBS, managing director J. H. CASE, chairman and Federal Reserve agent. S 0 O . N D , . g o Y v O e U rn N o G r , deputy chairman. G. L. HARRI- C G . . F M . . M V c e C ri o ty m , b M s, id C d in le c t i o n w na n t , i , O O h h io io ..._ 1 1 9 9 3 3 3 3 B. H. Kroger, Cincinnati, Ohio 1933 F. A. Geier, Cincinnati, Ohio 1934 Clas D G s . A . W C : . . W D a a r v n is e o r, n , E N nd e i w co Y tt, o r N k, . Y N.Y 1 19 9 3 3 4 3 J T C o . . h J N n . . D O M a m v a w i n s n a , k i C n e g , i n , C c L i i n n e n c x i a i n n ti n g , t a o O ti n , h , i O o K h y io 1 1 1 9 9 9 3 3 3 4 5 5 E. K. Mills, Morristown, N.J 1935 Class B: S. W. Reyburn, New York, N.Y 1933 PITTSBURGH BRANCH T. J. Watson, New York, N.Y 1934 J. C. NEVIN, managing director W. C. Teagle, New York, N.Y 1935 Class C: C. M. Woolley, New York, N.Y 1933 J. C. Nevin, Pittsburgh, Pa 1933 J. H. Case, New York, N.Y 1934 J. S. Jones, Wheeling, W.Va 1933 0. D. Young, New York, N.Y 1935 James Rae, Pittsburgh, Pa 1934 A. E. Braun, Pittsburgh, Pa 1934 A. L. Humphrey, Pittsburgh, Pa 1935 BUFFALO BRANCH Richard Coulter, Greensburg, Pa 1935 R. M. O'HARA, managing director DISTRICT NO. 5—RICHMOND W. W. HOXTON, chairman and Federal Reserve R. M. O'Hara, Buffalo, N.Y... 1933 agent. F. A. DELANO, deputy chairman. G. J E. G. Miner, Rochester, N.Y 1933 SEAY, governor G\ F. Rand, Buffalo, N.Y 1933 G. G. Kleindinst, Buffalo, N.Y 1934 R. N. Ball, Rochester, N.Y. 1934 Class A: F. B. Cooley, Buffalo, N.Y 1935 C. E. Rieman, Baltimore, Md 1933 L. G. Harriman, Buffalo, N.Y _ 1935 J. C. Braswell, Rocky Mount, N.C— 1934 L. E. Johnson, Alderson, W.Va 1935 Class B: C. C. Reed, Richmond, Va 1933 DISTRICT NO. 3—PHILADELPHIA J. H. Hanna, Washington, D.C 1934 D. R. Coker, Hartsville, S.C 1935 R. L. AUSTIN, chairman and Federal Reserve Class C: agent. A. B. JOHNSON, deputy chairman. G. F. A. Delano, Washington, D.C 1933 W. NORRIS, governor Robert Lassiter, Charlotte, N.C 1934 W. W. Hoxton, Richmond, Va 1935 Class A: G. W. Reily, Etarrisburg, Pa 1933 BALTIMORE BRANCH J. C. Cosgrove, Johnstown, Pa 1934 HUGH LEACH, managing director J. Wayne, Jr., Philadelphia, Pa 1935 Class B: J. C. DeLaCour, Camden, N.J __ 1933 Hugh Leach, Baltimore, Md 1933 C. F. C. Stout, Philadelphia, Pa 1934 Norman James, Baltimore, Md 1933 A. W. Sewall, Philadelphia, Pa_ 1935 M. M. Prentis, Baltimore, Md 1933 Class C: Wm. H. Matthai, Baltimore, Md 1934 A. B. Johnson, Philadelphia, Pa 1933 L. B. Phillips, Cambridge, Md 1934 H. L. Cannon, Bridgeville, Del 1934 E. P. Cohill, Hancock, Md 1935 R. L. Austin, Philadelphia, Pa 1935 L. S. Zimmerman, Baltimore, Md 1935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNORS AND DIRECTORS 337 DISTRICT NO. 5—RICHMOND—Continued DISTRICT NO. 6—ATLANTA—Continued CHARLOTTE BRANCH NEW ORLEANS BRANCH W. T. CLEMENTS, managing director MARCUS WALKER, managing director Term Term Directors expires Directors expires Dec. 31 Dec. 31 W. T. Clements, Charlotte, N.C 1933 Marcus Walker, New Orleans, La 1933 Robert Gage, Chester, S.C 1933 A. P. Bush, Mobile, Ala 1933 J. L. Morehead, Charlotte, N.C 1934 J. D. O'Keefe, New Orleans, La.. 1933 W. H. Wood, Charlotte, N.C 1934 P. H. Saunders, New Orleans, La. 1934 C. A. Cannon, Concord, N.C 1935 R. S. Hecht, New Orleans, La 1934 C. L. Cobb, Rock Hill, S.C 1935 L. C. Simon, New Orleans, La 1935 F. W. Foote, Hattiesburg, Miss__ 1935 DISTRICT NO. 6—ATLANTA DISTRICT NO. 7—CHICAGO OSCAR NEWTON, chairman and Federal Reserve E. M. STEVENS, chairman and Federal Reserve agent. W. H. KETTIG, deputy chairman. W. S. agent. JAMES SIMPSON, deputy chairman. J. JOHNS, acting governor B. MCDOUGAL, governor Class A: Class A: H. L. Young, Atlanta, Ga J. R. Leavell, Chicago, 111 1933 E. C. Melvin, Selma, Ala E. R. Estberg, Waukesha, Wis 1934 G. G. Ware, Leesburg, Fla G. J. Schaller, Storm Lake, Iowa 1935 Class B: Class B: J. A. McCrary, Decatur, Ga M. W. Babb, Milwaukee, Wis J. B. Hill, Nashville, Tenn __. S. T. Crapo, Detroit, Mich 1934 L. C. Simon, New Orleans, La N. H. Noyes, Indianapolis, Ind 1935 Class C: Class 0: J. P. Allen, Atlanta, Ga_. E. M. Stevens, Chicago, 111. ._ 1933 W. H. Kettig, Birmingham, Ala F. C. Ball, Muncie, Ind 1934 Oscar Newton, Atlanta, Ga James Simpson, Chicago, 111 ..' 1935 BIRMINGHAM BRANCH DETROIT BRANCH W. R. CATION, managing director J. H. FRYE, managing director W. R. Cation, Detroit, Mich 1933 David McMorran, Port Huron, Mich 1933 J. H. Frye, Birmingham, Ala G. B. Morley, Saginaw, Mich 1933 E. F. Allison, Bellamy, Ala James Inglis, Detroit, Mich 1934 W. E. Henley, Birmingham, Ala_-_ W. W. Mills, Detroit, Mich 1934 W. H. Kettig, Birmingham, Ala John Ballantyne, Detroit, Mich 1935 J. G. Farley, Birmingham, Ala N. P. Hull, Lansing, Mich. 1935 Oscar Wells, Birmingham, Ala W. W. Crawford, Birmingham, Ala DISTRICT NO. 8—ST. LOUIS J. S. WOOD, chairman and Federal Reserve agent. JACKSONVILLE BRANCH PAUL DILLARD, deputy chairman. W. McC. MARTIN, governor HUGH FOSTER, managing director Class A: M. B. Nahm, Bowling Green, Ky 1933 Hugh Foster, Jacksonville, Fla 1933 F. Guy Hitt, Zeigler, 111 1934 S. 0. Chase, Sanford, Fla 1933 J. G. Lonsdale, St. Louis, Mo 1935 A. F. Perry, Jacksonville, Fla_ 1933 Class B: B. W. Haynes, Jacksonville, Fla__. _ 1934 J. W. Harris, St. Louis, Mo 1933 G. G. Ware, Leesburg, Fla 1934 W. B. Plunkett, Little Rock, Ark 1934 Fulton Saussy, Jacksonville, Fla 1935 M. P. Sturdivant, Glendora, Miss 1935 E. W. Lane, Jacksonville, Fla 1935 Class C: J. S. Wood, St. Louis, Mo 1933 Paul Dillard, Memphis, Tenn 1934 J. R. Stanley, Evansville, Ind 1935 NASHVILLE BRANCH J. B. FORT, Jr., managing director LITTLE ROCK BRANCH A. F. BAILEY, managing director J W J F P D D . . . . . . . B B i J M A W . P . . . . F . H H . C D o R B a i r l r a d i a t l a d , , v e i \ i l l T , i g N e e s , r y y C , a . N , , , s N l e h C C a N a v v s l o s a e h i a h l l s l r v u l a h v k e i m n v i l , s l l d i v l b e T l , e i , l i l , e e a T l T n , , e T e n , e T T e n n T n n e e n n n e n n n n n _ . 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 4 5 5 4 3 3 3 J S W M G A F o . t . . u o . N K F H o a A r . r i . . c t h . B D h C e H W o a a a a i i d l r m i c l , l r e k s a W P y p o s g i , b , n n h r e L , L i e , l g i T l i L h t , B t t e t t i l L l l x , t e u e t i a L l f t R e f r R t i k , l t o e o R a t A c c l n o e R k k r a c , k , o , R k A c A A , o k r c A r , r k k k k A r . , . k . r A _ . k r ._ k _ 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 5 5 3 3 4 3 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

338 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 8—ST. LOUIS—Continued DISTRICT NO. 10—KANSAS CITY -Continued LOUISVILLE BRANCH DENVER BRANCH J. T. MOORE, managing director J. E. OLSON, managing director Term Term Directors expires Directors expires Dec. 31 Dec. 31 J. T. Moore, Louisville, Ky__. 1933 J. E. Olson, Denver, Colo 1933 E. H. Woods, Lucas, Ky 1933 M. W. Gano, Denver, Colo 1933 W. F. Huthsteiner, Tell City, Ind__ 1933 Murdo MacKenzie, Denver, Colo 1934 W. W. Crawford, Louisville, Ky._. 1934 Harold Kountze, Denver, Colo__. 1933 W. C. Montgomery, Elizabethtown,Kv- 1934 H. W. Farr, Greeley, Colo 1934 W. R. Cole, Louisville, Ky 1935 R. H. Davis, Denver, Colo 1935 Wm. R. Cobb, Louisville, Ky 1935 Henry Swan, Denver, Colo 1935 MEMPHIS BRANCH OKLAHOMA CITY BRANCH W. H. GLASGOW, managing director C. E. DANIEL, managing director W. H. Glasgow, Memphis, Tenn. J E R S . . . . W E L B . . . . R A A S a n n ld g o d e l w e a r r n s d s o d e o n n , n , , , M F M C e o l m e r a r m r e p k s p h s t h d i s C i a , s l i , e T t , y T e , M n e A n n i _ r s n _ k s . . . J N F C . . . e B T d E . . H . D C D o o h a l o m a n l n i i a n e d n l , l , , e A r O O , l v k k C a l l a a h , h h i O o c o k m k m a l a a s a h C C a, i i t t y O y , , k O l O a k k l l a a 1 1 1 1 9 9 9 9 3 3 3 3 4 3 3 3 Wm. Orgill, Memphis, Tenn Lee Clinton, Tulsa, Okla 1934 Willis Pope, Columbus, Miss Austin Miller, Oklahoma City, Okla 1935 H. H. Ogden, Muskogee, Okla 1935 DISTRICT NO. 9—MINNEAPOLIS J. N. PEYTON, chairman and Federal Reserve OMAHA BRANCH agent. H. P. CLARK, deputy chairman. W. B. GEERY, governor L. H. EARHART, managing director Clas H s . A C : . Hansen, Churchs Ferry, N.Dak. L D . . H M . . E H a i r l h d a e r b t, r a O nd m , a S h e a w , a N r e d b , r Nebr 1 1 9 9 3 3 3 3 P. J. Leeman, Minneapolis, Minn W. D. Clark, Omaha, Nebr 1933 Clas H s . B R : . Kibbee, Mitchell, S.Dak William Diesing, Omaha, Nebr . .. 1934 J W . . S O . O . w W e a n s , h E bu au rn C , l S a t i . r e P , a W ul, i s Minn A W . . H E . . M Ha ar r b d l y e , , L C i h n e c y lo e n n , n N e, e W br. y o ._ 1 1 9 9 3 3 4 5 J. E. O'Connell, Helena, Mont T. L. Davis, Omaha, Nebr_ .._ 1935 Class C: H. P. Clark, St. Paul, Minn G. W. McCormick, Menominee, Mich. DISTRICT NO. 11—DALLAS J. N. Peyton, Minneapolis, Minn C. C. WALSH, chairman and Federal Reserve agent. S. B. PERKINS, deputy chairman. B. A. Me- HELENA BRANCH KINNEY, governor R. E. TOWLE, managing director Class A: R. E. Towle, Helena, Mont R. E. Harding, Fort Worth, Tex 1933 Henry Sieben, Helena, Mont W. H. Patrick, Clarendon, Tex 1934 T. A. Marlow, Helena, Mont Alf Morris, Winnsboro, Tex ._ 1935 W. P. Sullivan, Fort Benton, Mont Class B: A. R. McDermott, Billings, Mont J. R. Milam, Waco, Tex 1933 A. S. Cleveland, Houston, Tex... 1934 J. D. Middleton, Greenville, Tex 1935 DISTRICT NO. 10—KANSAS CITY S. B. Perkins, Dallas, Tex 1933 M. L. MCCLURE, chairman and Federal Reserve C. C. Walsh, Dallas, Tex 1934 agent. J. B. DOOLIN, deputy chairman. G. H. E. R. Brown, Dallas, Tex 1935 HAMILTON, governor Class A: EL PASO BRANCH C. C. Parks, Denver, Colo F. W. Sponable, Paola, Kans J. L. HERMANN, managing director E. E. Mullaney, Collyer, Kans Class B: W. D. Hosford, Omaha, Nebr J. L. Hermann, El Paso, Tex 1933 J. M. Bernardin, Kansas City, Mo... S. P. Applewhite, Douglas, Ariz 1933 L. E. Phillips, Bartlesville, Okla S. D. Young, El Paso, Tex 1933 Class C: C. M. Newman, El Paso, Tex.. 1934 E. P. Brown, Davey, Nebr C. N. Bassett, El Paso, Tex 1934 J. B. Doolin, Alva, Okla A. P. Coles, El Paso, Tex 1935 M. L. McClure, Kansas City, Mo A. F. Jones, Portales, N.Mex... 1935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVEBNOES AND DIEECTOES 339 DISTRICT NO. 11—DALLAS—Continued DISTRICT NO. 12—SAN FRANCISCO—Con. HOUSTON BRANCH PORTLAND BRANCH W. D. GENTRY, managing director R. B. WEST, managing director Term Term Directors expires Directors expires Dec. 31 Dec. 31 W. D. Gentry, Houston, Tex.. 1933 R. B. West, Portland, Oreg 1933 E. A. Peden, Houston, Tex 1933 H. M. Haller, Portland, Oreg... 1933 A. A. Home, Galveston, Tex _ 1933 J. C. Ainsworth, Portland, Oreg 1933 R.M. Farrar, Houston, Tex 1934 E. C. Pease, The Dalles, Oreg.. 1934 J. A. Wilkins, Houston, Tex .__ 1934 R. S. Smith, Eugene, Oreg 1934 J. 0. Wilson, Beaumont, Tex.... 1935 Vacancy - 1935 SALT LAKE CITY BRANCH W. L. PARTNER, managing director SAN ANTONIO BRANCH M. CRUMP, managing director W. L. Partner, Salt Lake City, Utah 1933 Lafayette Hanchett, Salt Lake City, Utah. 1933 M. Crump, San Antonio, Tex_ H. E. Hemingway, Ogden, Utah 1933 J. M. Bennett, San Antonio, Tex M. W. Smith, Idaho Falls, Idaho 1934 G. C. Hollis, Eagle Pass, Tex E. 0. Howard, Salt Lake City, Utah 1934 F. M. Lewis, Sr., San Antonio, Tex W. P. Napier, San Antonio, Tex Richard King, Corpus Christi, Tex SEATTLE BRANCH F. C. Groos, San Antonio, Tex C. R. SHAW, managing director ISAAC D I B S . T N R E I W C T T O N N , O ch . a 1 i 2 r — m S a A n N an F d R F A ed N e C ra I l S C Re O serve c c . H R. . S C h la a r w k , e , S S ea e t a t t l t e l , e , W W as a h s h. . _ _ 1 1 9 9 3 3 3 3 agent. W. N. MOORE, deputy chairman. J. U. M AArnold, Seattle, Wash 1933 CALKINS, governor H A Rhodes, Tacoma, Wash __ 1934 M F. Backus, Seattle, Wash. 1934 Class A: Keith Powell, San Francisco, Calif SPOKANE BRANCH C. K. Mclntosh, San Francisco, Calif. T. H. Ramsay, San Francisco, Calif.. D. L. DAVIS, managing director Class B: Malcolm McNaghten, Los Angeles, Calif D. L. Davis, Spokane, Wash__. 1933 E. H. Cox, Madera, Calif S. A. Easton, Kellogg, Idaho.... 1933 A. B. C. Dohrmann, San Francisco, D. W. Twohy, Spokane, Wash.. 1933 Calif Peter McGregor, Hooper, Wash 1934 Class C: R. M. Hardy, Yakima, Wash... 1934 W. N. Moore, San Francisco, Calif A. P. Welch, San Francisco, Calif Isaac B. Newton, San Francisco, Calif. LOS ANGELES BRANCH W. N. AMBROSE, managing director w . N. Ambrose, Los Angeles, Calif 1933 c, B. Voorhis, Pasadena, Calif 1933 F. J. Belcher, Jr., San Diego, Calif 1933 J. B. Alexander, Los Angeles, Calif 1934 A. J. Cruickshank, Santa Ana, Calif 1934 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 ANNUAL REPORT OP THE FEDERAL RESERVE BOARD NUMBER AND SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVE BANKS (Dec. 31, 1933) Employees Annu o a f l — salary Other officers a w r ( e e h x o r c s e e e i p m s t a b t l u h a r o r s i s e e e s d a w re E h o m r s e p e im l s o a b y l u e a r e r s i s e e s d Total to bank) to bank 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 10 $91,750 629 $956,260 36 $47,970 677 $1,145,980 New York 50,000 50,000 37 460,950 2,367 4,051,246 206 280,020 2,612 4, 892, 216 Philadelphia 20,000 30,000 9 85,000 771 1,182,140 79 100, 236 861 1,417,376 Cleveland 30,000 30, 000 22 191,000 1,028 1, 616,491 149 223,176 1,201 2,090, 667 Richmond ._ 20,000 25,000 17 137,400 571 816,452 156 196,866 746 1,195,718 Atlanta... . 20,000 i 12,000 29 164,940 411 548, 557 151 169,723 593 915, 220 Chicago 35,000 35,000 33 279,100 1,300 2, 044,328 463 624, 780 1,798 3, 018, 208 St. Louis . - 20,000 25,000 20 137,900 557 763,484 131 158,487 710 1,104,871 Minneapolis 20,000 25,000 13 67,800 344 529,190 82 109,130 441 751,120 Kansas City 20, 000 25,000 20 149,800 546 843,866 145 197,055 713 1, 235, 721 Dallas 20,000 30, 000 17 122,900 377 617,032 63 86,318 459 876, 250 San Francisco 24,000 30,000 30 207,000 808 1,320, 748 130 196, 680 970 1, 778,428 Total 299, 000 347,000 257 2, 095, 540 9,709 15,289, 794 1,791 2, 390, 441 11,781 20, 421, 775 1 Acting governor. STATE BANK AND TRUST COMPANY MEMBERS The following is a list of 857 licensed State bank and trust company members of the Federal Reserve System on December 30, 1933, with their loans, investments, deposits, capital, and surplus. [In thousands of dollars] Loans I m nv e e n s ts t- de T p o o t s a i l ts Capital: Surplus DISTRICT NO. 1 CONNECTICUT I Hartford: Phoenix State Bank & Trust Co 15,359 4,769 26,232 1, 600 1,200 New Haven: Union & New Haven Trust Co.. 7,725 2,110 11, 583 1, 459 550 Southington: Southington Bank & Trust Co 770 438 1, 29! 150 75 Torrington: Brooks Bank & Trust Co 734 229 1,183 100 100 Waterbury: Colonial Trust Co._ 5,852 3,854 7,192 1, 000 2,000 Waterbury Trust Co 1,836 410 2,546 300 150 MAINE Augusta: Depositors Trust Co 804 700 6,221 595 Bangor: Merrill Trust Co 8,856 3,228 11, 589 2, 600 320 Bar Harbor: Bar Harbor Banking & Trust Co 2,463 978 3,281 200 300 Ellsworth: Union Trust Co 814 871 1,478 300 Guilford: Guilford Trust Co 1,132 1,091 2,402 100 150 Sanford: Sanford Trust Co 1,065 964 2,079 100 100 MASSACHUSETTS Boston: New England Trust Co 9,127 11,309 24. 777 1,000 2,000 Old Colony Trust Co 839 11,106 3,426 5, 000 5,000 State Street Trust Co I 31,514 18, 066 55, 738 3, 000 3,500 United States Trust Co | 6,080 6,378 12,982 1,400 700 Bridgewater: Bridgewater Trust Co i 233 328 536 100 100 Brookline: Boulevard Trust Co I 2,191 1,961 4,263 350 154 i Par value of preferred and common stock. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 341 [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 1—Continued MASSACHUSETTS—continued Cambridge: Harvard Trust Co 8,725 6,175 14,968 1,000 1,050 Everett: Everett Bank & Trust Co 2, 443 803 3,200 200 215 Fall River: B. M. C. Durfee Trust Co 3,360 4,039 6, 900 1,200 600 Fall River Trust Co 1,628 1, 055 2,557 300 61 Gloucester: Gloucester Safe Deposit & Trust Co 3, 059 554 3,565 200 200 Greenfield: Franklin County Trust Co 4,197 864 4,458 400 200 Holyoke: Hadley Falls Trust Co 7,301 1,925 9,242 1,400 400 Lynn: Security Trust Co 5,916 1,959 8,116 200 300 Milton: Blue Hill Bank & Trust Co 550 1,269 1,768 100 100 Newton: Newton Trust Co __ 8,015 9, 251 15, 499 1,080 1,080 Norwood: Norwood Trust Co __ 2,080 2,715 4, 603 300 300 Quincy: Quincy Trust Co 3,011 1,058 3.391 300 250 Salem: Naumkeag Trust Co 2,766 2,302 5,187 250 250 Somerville: Somerville Trust Co 4,730 152 4, 966 200 150 Taunton: Bristol County Trust Co. 1,570 2,095 3,751 300 150 Winchester: Winchester Trust Co.-. 932 1,889 100 100 NEW HAMPSHIRE Con way: Carroll County Trust Co.. 771 277 1,104 150 RHODE ISLAND Providence: Industrial Trust Co 58, 613 51,984 107,944 4,000 7,500 Union Trust Co 12,044 6,338 20, 379 1,000 1,000 DISTRICT NO. 2 NEW JERSEY (See also District no. 3) Bayonne: Bayonne Trust Co 3,300 3,336 8,035 400 408 Bloomfield: Bloomfield Bank & Trust Co _ 5,079 3,893 9,915 1,500 300 Community Trust Co 723 222 705 100 50 B B D D C C o o r a u o a g o r v n n t W o n e e e f t t r l o r a o l : a e r e : n t t d n s D : : B : e : o s C B a C s v P n i a o e e n r k r o a r o t g n n e p o T f r t B l o o f e e r r t u n s a B d s n B T o T t k g T a r r C . o u n u r . t u s k o s a t s t t & C C C o T o o rust Co _ 1 1 1 1 , , , , 3 5 2 0 6 9 3 1 3 8 1 5 2 2 7 3 1 9 6 7 7 1 1 , , 6 4 3 2 0 8 1 2 5 5 0 9 1 7 1 9 6 4 7 0 5 2 3 1 1 , , , , 9 2 5 3 7 2 8 5 6 4 4 8 9 5 7 1 1 0 8 3 7 2 2 2 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 1 1 1 2 5 5 5 0 0 0 5 0 0 0 0 0 0 East Orange: Savings Investment & Trust Co 12, 377 17, 304 2,375 E F F r o li a r z n t a C E k b L l e l i e e i n z n t e a t h r : : b : a e S F l t u o H h s r p s o t e o m L x rt e e C e B T o T a r u n u r n k u s t t i s y n t C g T C o r C o u o st Co 3 2, , 0 7 6 8 8 6 2 3 5 7 3 3 6 5 2 1 1 , , 9 9 2 3 1 8 4 0 5 8 0 5 2 0 2 4 2 2 2 1 , , , , , 8 3 1 0 0 5 8 6 9 8 1 7 4 8 1 5 5 2 1 1 0 0 0 5 0 0 0 0 0 0 2 2 1 5 5 0 0 0 0 0 0 0 0 Glen Ridge: Glen Ridge Trust Co „__ Hackensack: 6,744 3,464 7,590 1,000 500 Peoples Trust & Guaranty Co 152 307 402 100 40 State Bank & Trust Co 235 75 50 Hasbrouck Heights: Bank of Hasbrouck Heights Jersey City: 23,855 20, 873 48, 663 3,400 4,000 Commercial Trust Co. of New Jersey 24, 595 6,513 22,163 2,035 1,035 New Jersey Title Guarantee & Trust Co 1,704 2, 220 200 Linden: Linden Trust Co Montclair: 2,772 1,685 4,467 500 150 Bank of Montclair 7,403 3,890 10, 396 1,350 750 Mor M ris o to n w tcl n a : i r M T o r r u r s is t to C w o n Trust Co 2,867 4,609 7,407 1,000 200 N N Pa e u t w t e l M F U F F C r e a s r e i o y n r d o a e d k l i : n r e n u t e : c e l k : m r B i h d a l t H i a a y b l n n n S u a T - U k t t W s m s a r n u t o T i & e a i s l f o r t s s t o u h n N N T n C s i n e u T t r o w g T u t r C l t s u e r a o t o u y s r n k t s C t C T T o C r o r u u o s s t t C C o o. 4 1 3 9 3 3 9 1 1 , , , , , , , 9 6 0 0 3 0 4 9 0 6 0 9 3 9 4 8 1 5 9 3 7 2 0 0 87 2 6 7 1 1 , , , , , , 9 1 4 1 9 0 5 6 2 6 2 7 4 6 3 9 1 6 3 6 9 9 2 6 14 2 1 0 7 4 3 5 2 2 1 , , , , , , , , 0 7 1 5 1 5 0 5 8 0 4 3 8 6 7 3 3 9 6 7 2 6 5 6 4 6 2 1 1 , , , , , 4 6 2 0 5 6 3 2 0 2 5 0 0 0 6 0 0 0 0 5 6 0 7 0 2 3 2, , , 2 5 5 0 5 1 4 0 0 0 0 0 C 0 0 0 0 0 0 0 Perth Amboy: Perth Amboy Trust Co 3,442 1,230 2,241 670 Raritan Trust Co 705 117 405 250 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Loans I m nv e e n s t t s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 2—Continued NEW JERSEY—continued Plainfield: Mid-City Trust Co 499 330 578 100 100 Plainfield Trust Co _ 9,511 4,813 18, 564 650 200 State Trust Co 1,994 663 2,890 150 100 Rahway: Rahway Trust Co 485 666 925 200 30 Ridgefield Park: Ridgefield Park-Overpeck Trust Co 1,644 560 2,350 100 200 Rochelle Park: Rochelle Park Bank 42 207 198 50 30 Rutherford: Rutherford Trust Co 2,087 1,265 2,781 250 300 South Orange: South Orange Trust Co..- 787 442 1,177 225 113 Summit: Summit Trust Co 3,842 1,706 5,825 600 200 Westfield: Peoples Bank & Trust Co 2,614 1,385 4,012 200 300 Westfleld Trust Co 2,729 1,166 3,652 300 200 "Westwood: Westwood Trust Co 497 330 629 200 50 NEW YORK Adams: Citizens & Farmers Trust Co 1,669 620 2,153 150 100 Albany: First Trust Co 13, 512 9,587 26, 038 1, 000 1,000 Amityville: The Bank of Amityville 577 524 1,150 100 25 Amsterdam: Montgomery County Trust Co 3,132 1,832 4,067 200 450 Avoca: Bank of Avoca 167 279 382 50 15 Batavia: Genesee Trust Co 1,108 598 1,709 100 65 Belmont: State Bank of Belmont 329 99 334 50 100 Binghamton: Marine Midland Trust Co 5,530 1,788 6,084 750 500 Blasdell: Bank of Blasdell 165 50 194 30 11 Brooklyn: Brooklyn Trust Co 52, 000 37, 874 89, 601 8,200 4,000 Buffalo: Liberty Bank of Buffalo 34, 476 15, 438 41,311 5,500 5,500 Manufacturers & Traders Trust Co 51,910 33, 429 81, 650 6,000 3,500 Marine Trust Co 99, 616 51, 208 142, 083 12, 500 12, 500 Canandaigua: Ontario County Trust Co 1,134 1,070 2,177 300 100 Canisteo: First State Bank 262 63 325 50 15 Center Moriches: Center Moriches Bank 522 105 560 100 25 Chatham: State Bank of Chatham 950 1,433 2,302 100 25 Cohocton: Cohocton State Bank 117 281 413 50 10 Delmar: Bank of Bethlehem 393 322 726 50 25 Dunkirk: Dunkirk Trust Co 750 1,743 2, 215 250 125 East Aurora: Bank of East Aurora 1,732 530 2,091 150 100 Ellenburg Depot: The State Bank of Ellenburg 314 131 439 50 10 Elmira: Chemung Canal Trust Co 5,518 5,653 9,399 800 1,700 Endicott: Endicott Trust Co 1,851 1,989 4,154 100 100 Union Trust Co 452 963 1,392 100 100 Farmingdale: Bank of Farmingdale 563 369 1,011 75 50 Floral Park: Floral Park Bank 1,144 537 1,565 100 50 Fredonia: Citizens Trust Co 852 599 1,482 200 25 Garden City: Garden City Bank & Trust Co _.. 998 813 1,967 150 70 Geneva: Geneva Trust Co 2,412 1,199 3,536 250 75 Gloversville: Trust Co. of Fulton County 1,933 655 1,924 350 250 Hamburg: Peoples Bank 1,162 736 1,717 150 25 Hammondsport: Blank of Hammondsport 341 248 726 50 35 Hicksville: Bank of Hicksville 1,489 764 2,118 100 250 Ithaca: Ithaca Trust Co 4,158 2,475 6,425 400 305 Jamestown: Bank of Jamestown 9,317 3,403 10, 230 833 333 Johnson City: Workers Trust Co 2,037 2,540 4, 632 200 200 Katonah: Northern Westchester Bank 460 842 1,266 100 50 Kingston: Kingston Trust Co 4,322 3,413 6,516 250 500 Little Falls: Herkimer County Trust Co 1,558 2,863 3,973 350 250 Locke: The Citizens Bank of Locke 91 128 223 25 13 Lowville: Lewis County Trust Co 1,135 1,082 2,101 200 50 Malone: Peoples Trust Co 1,939 496 2,299 300 100 Massena: Massena Banking & Trust Co 318 271 410 150 75 Mayville: State Bank of Mayville 380 449 850 50 50 Millbrook: Bank of Millbrc-ok 549 985 1,996 100 100 Mineola: Nassau County Trust Co 1, 683 1,934 4,109 300 200 Mount Kisco: Trust Co. of Northern Westchester 336 325 802 100 25 Mount Vernon: Fleetwood Bank 446 605 200 50 New York: Amalgamated Bank 3,748 742 4,741 650 Bankers Trust Co 245, 379 285, 028 577, 486 25, 000 50, 000 Bank of the Manhattan Co 204, 275 92, 439 351, 665 20, 000 25, 000 Bank of New York & Trust Co 47,118 69, 759 123,083 6,000 8,000 Bank of Yorktown 2,111 1,671 4,501 1,500 60 Central Hanover Bank & Trust Co 241, 267 301, 484 577, 597 21, 000 60,000 Chemical Bank & Trust Co •_. 119, 269 210, 499 322, 218 20, 000 40,000 Clinton Trust Co 1,954 1,372 2, 807 500 250 Colonial Trust Co 3,349 3,035 5,035 3, 000 200 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBEKSHIP 343 [In thousands of dollars] Investments Surplus DISTRICT NO. 2-Continued NEW YORK—continued New York—Continued. Continental Bank & Trust Co __ 19, 454 15,609 31,981 4,000 4,000 Corn Exchange Bank Trust Co 60, 361 124,401 209,837 15,000 15,000 Federation Bank & Trust Co 5,016 1,122 6,151 825 675 Fifth Avenue Bank 16, 699 21, 735 44, 476 500 2,0C0 Fulton Trust Co 4,009 12,809 15,073 2,000 2,000 Guaranty Trust Co . 507, 376 503, 352 937, 714 90,000 170, 000 Harbor State Bank 76 638 612 200 50 Irving Trust Co _ 181,919 210,899 412,502 50,000 55,000 J. Henry Schroder Trust Co 14 6,938 6,739 700 350 Lawyers County Trust Co_ 12,000 15,576 31, 735 2,000 1,000 Manufacturers Trust Co 189,836 192,993 372,468 32,935 6,600 Marine Midland Trust Co 35, 790 65,852 10,000 5,000 Merchants Bank 783 656 1,455 400 100 New York Trust Co 117,671 123,172 245,859 12,500 20,000 Trade Bank of New York 1,547 1,123 3,344 660 115 United States Trust Co 40,839 24,646 58,792 2,000 24,000 Niagara Falls: Power City Trust Co 14, 213 7,599 19,921 2,000 2,000 Ogdensburg: Ogdensburg Trust Co 4,009 1,377 5,644 600 100 Olean: Olean Trust Co - 646 386 870 100 20 Oneida: Madison County Trust & Deposit Co 1,246 1,180 2,069 200 100 Ontario: State Bank of Ontario 827 215 1,071 30 30 Orchard Park: Bank of Orchard Park 659 211 818 80 20 Oriskany Falls: First Trust & Deposit Co 406 494 804 100 35 Pearl River: State Bank of Pearl River 162 364 530 100 50 Perry: Citizens Bank 453 311 771 100 30 Pleasantville: Mount Pleasant Bank & Trust Co 1,740 663 2,297 200 100 Port Chester: Mutual Trust Co. of Westchester County _. 1,983 2,580 300 100 Rochester: Lincoln-Alliance Bank & Trust Co.. 31, 397 12, 561 53,011 2,000 2,000 Rome: Rome Trust Co 2,708 1,587 4,382 300 300 Sag Harbor: The Peconic Bank 114 99 157 25 25 Salamanca: Salamanca Trust Co 1,628 895 2,822 200 400 Saratoga Springs: Adirondack Trust Co 2,521 5,306 7,800 250 250 Scarsdale: Caleb Heathcote Trust Co 458 1,593 1,779 200 150 Schenectady: Schenectady Trust Co 6,505 6,296 13, 248 750 1,000 Sea Cliff: State Bank of Sea Cliff 398 129 452 100 12 Smithtown Branch: Bank of Smithtown 676. 516 1,156 50 50 Southampton: The Southampton Bank 1,149 323 1,335 100 75 Spring Valley: Ramapo Trust Co 490 290 487 200 40 Stoney Brook: Bank of Suffolk County 281 193 478 50 12 Syracuse: First Trust & Deposit Co... _ 50, 560 14,257 45, 798 5,400 3,000 Syracuse Trust Co.— - 19,174 14, 649 24, 924 2,500 1,250 Tarrytown: Washington Irving Trust Co 596 1,011 1,546 100 100 Utica: First Citizens Bank & Trust Co 27, 779 11, 249 35, 982 2,000 2,000 Watertown: Northern New York Trust Co 4,732 3,829 500 500 Westbury: Bank of Westbury Trust Co 767 1,053 1,829 100 50 West New Brighton: West New Brighton Bank 1,066 612 1,745 100 100 White Plains: Citizens Bank of White Plains 3,354 1,669 6,288 400 300 County Trust Co 6,113 2,655 7,613 500 1,500 DISTRICT NO. 3 DELAWARE Wilmington: Equitable Trust Co _. 5,358 6,189 8,842 1,500 2,100 Industrial Trust Co 1,629 1,436 1,524 2,000 100 Security Trust Co 5,379 3,084 7,372 1,121 1,250 Wilmington Trust Co ..- 22,934 14, 343 27, 697 4,000 9,500 NEW JERSEY (See also District no. 2) Camden: Camden Safe Deposit & Trust Co 17, 805 6,677 24,121 1,200 600 Hightstown: Hightstown Trust Co 512 222 697 100 20 Princeton: Princeton Bank & Trust Co 2,477 671 3, 537 300 100 Riverside- Riverside Trust Co 659 150 940 100 100 Swedesboro: Swedesboro Trust Co 404 223 619 100 40 49753—34 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

344 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Loans I m nv e e n s t t s - d T ep o o t s a i l ts Capital Surplus DISTRICT NO. 3—Continued PENNSYLVANIA (See also District no. 4) Bloomsburg: Bloomsburg Bank-Columbia Trust Co. 1,434 702 2,253 375 132 Carlisle: Carlisle Trust Co 2,133 474 1,402 250 225 Chester: Chester-Cambridge Bank & Trust Co 5,445 2,957 6,177 1, 050 1,250 Danville: Montour County Trust Co 182 264 461 125 26 Du Bois: Union Banking & Trust Co... 1,278 1,029 1,481 250 350 Easton: Easton Trust Co 6,084 1,715 6,449 250 1,100 East Petersburg: East Petersburg State Bank 146 84 165 50 25 Egypt: Farmers Bank of Egypt 332 257 492 60 60 Harrisburg: Central Trust Co 4,943 969 2,678 400 800 Dauphin Deposit Trust Co 2,911 4,315 7,967 400 800 Hazleton: Markle Banking & Trust Co.. 3,213 3,917 6,924 600 1,500 Peoples Savings & Trust Co 1,820 2,458 4,205 250 450 Honesdale: Wayne County Savings Bank 1,455 2,624 3,890 250 100 Houtzdale: Houtzdale Trust Co 192 492 576 125 30 Huntingdon: Grange Trust Co 329 373 629 125 84 Jenkintown: Jenkintown Bank & Trust Co 3,024 4,413 6,391 375 1,350 Kulpmont: Dime Deposit Bank & Trust Co 444 321 526 125 125 Lemoyne: Lemoyne Trust Co 2,155 656 950 200 200 Lewistown: Lewistown Trust Co. 506 166 484 125 67 Lock Haven: Lock Haven Trust Co 1,890 1,618 3,005 375 525 Mahanoy City: Merchants Banking Trust Co 840 662 1,055 200 200 Middletown: Citizens Bank & Trust Co 732 219 420 125 100 Mount Carmel: Liberty State Bank & Trust Co 700 609 809 150 125 Myerstown: Myerstown Trust Co 534 288 573 125 75 Nanticoke: Peoples Savings & Trust Co 347 419 433 180 4 New Oxford: Farmers & Merchants Bank 293 254 418 50 50 Norristown: Montgomery Trust Co 2, 374 3,437 4,863 1, 000 1,000 Norristown-Penn Trust Co _. 5,544 3,964 7,047 1,250 1,250 Orrstown: Orrstown Bank 197 63 203 35 56 Paoli: Paoli Bank & Trust Co 218 150 264 125 35 Philadelphia: Fidelity-Philadelphia Trust Co 36, 036 48, 096 78, 706 6,700 15,000 Gimbel Bros., Bank & Trust Co 137 1, 259 1,602 200 25 Girard Trust Co 17,452 71, 558 86,218 4,000 9,000 Integrity Trust Co 22, 390 9,707 37,860 2,988 375 Ninth Bank & Trust Co 10,400 5,693 15,190 1,375 1,375 Pennsylvania Co. for Insurance on Lives and Granting Annuities 91,110 78, 324 187,887 8,400 17, 000 Provident Trust Co _.. 12,858 25,168 32, 527 3,200 12, 260 Prospect Park: Interboro Bank & Trust Co 465 211 642 125 59 Quaker town: Quakertown Trust Co 414 833 1,085 125 250 Schnecksville: Schnecksville State Bank 49 112 154 25 17 Schuylkill Haven: Schuylkill Haven Trust Co 1,175 811 1,813 125 300 Shamokin: Rhamokin Banking & Trust Co 426 571 903 125 25 Steelton: Steelton Bank & Trust Co 1,904 671 1,521 350 350 Tamaqua: Peoples Trust Co 733 506 900 150 110 W Te i m lk p e l s e -B : a T r e r m e: p W le i S lk t e a s te -B B ar a r n e k Deposit & Savings Bank 2, 2 16 3 2 5 1,5 2 1 6 2 7 3,1 3 7 6 9 8 49 7 9 5 "1,666 Wyomissing: Peoples Trust Co 2, 839 1,472 2,602 500 York: Guardian Trust Co 1,932 1,681 2, 875 500 600 York Trust Co 4,388 1, 559 4,938 750 1,000 DISTRICT NO. 4 KENTUCKY (See also District no. 8) Lexington: Security Trust Co 1,374 1,862 2,920 500 150 Paris: Bourbon-Agricultural Bank & Trust Co 1,138 151 999 200 200 863 53 1,004 150 55 Richmond: State Bank & Trust Co OHIO 3,802 5,372 10, 678 200 300 Akron: Firestone Park Trust & Savings Bank 121 32 172 25 15 A A B B e e s p h l l p l l l e v l a e v i n l u l C d e e : r : : e A F e U k a s n r : h i m l o A a n e n p r d p s B l a B B e n a a C k n n r k k e & e & k S a S B v a a i v n n i g k n s i g n s C g C o C o o 1,0 6 1 7 8 3 7 6 4 0 7 6 5 0 2 7 2 8 3 9 3 1 1 , , 6 2 2 6 8 9 3 6 5 4 6 1 1 2 2 5 5 5 5 0 0 1 1 2 2 2 0 5 5 5 0 Christiansburg: Farmers & Merchants Bank Co Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 345 [In thousands of dollars] Loans I m nv e e n s t t s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 4—Continued OHIO—continued Cincinnati: Central Trust Co 29,959 14,154 50,222 4,000 2,500 Fifth-Third Union Trust Co S9,975 29,024 65, 570 5,000 5,000- Provident Savings Bank & Trust Co 17,137 9,680 29,259 1,800 2,700> The Southern Ohio Savings Bank & Trust Co- 2,94' 1, 545 4,561 250 250 Western Bank & Trust Co 7,270 3,290 10, 593 1, 250 500 Cleveland: Cleveland Trust Co 165,125 42,951 231, 384 13,800 6, 200 ' Columbiana: Union Banking Co 312 129 513 50 60 Cortland: The Cortland Savings & Banking Co 269 45 313 35 ; Coshocton: Peoples Bank & Trust Co 559 364 973 150 Danville: Commercial & Savings Bank Co 189 52 269 25 20* Delphos: Commercial Bank 75' 153 85: 75 100 Peoples Bank of Delphos 309 270 627 50 25 Delta: Peoples Savings Bank Co 297 152 43. 25 25 East Liverpool: Potters Bank & Trust Co 1,233 1,303 2,593 580 300 Fayette: Fayette State Savings Bank Co 236 237 50 15 Geneva: Geneva Savings & Trust Co 684 526 1,204 125 100 Gibsonburg: Home Banking Co 338 86 432 25 12 Hillsboro: Hillsboro Bank & Savings Co 6, 248 405 50 40 Hubbard: Hubbard Banking Co 488 5' 607 50 5ft Leesburg: Citizens Bank & Savings Co 40 87 153 25 Lyons: Farmers State Bank - 142 26 169 25 Mansfield: The Farmers Sayings <fc Trust Co 473 345 1,151 150 30» Martins Ferry: Peoples Savings Bank Co 1, 654 2,077 200 150' Mason: The First-Mason Bank 178 119 329 35 8' Middletown: American Trust & Savings Bank 1,225 765 1,950 150 90 Minster: Minster State Bank 356 95 539 25 55 Mount Blanchard: Citizens Bank of Mount Blanchard. 88 50 142 25 13. Mount Vernon: Knox County Savings Bank 603 450 972 150 7& Newark: Newark Trust Co 3,165 516 3,693 200 200> New Philadelphia: Ohio Savings & Trust Co 1,086 365 1,240 150 100 Orrville: Orrville Savings Bank 315 214 620 50 22 Pomeroy: Fanners Bank & Savings Co 141 293 470 50 15 Rittman: Rittman Savings Bank 370 161 556 60 12 Russellville: Bank of Russellville 163 74 214 25 25. St. Marys: Home Banking Co 615 279 949 100 20> Sandusky: Western Security Bank 61 23." 293 100 20 Shelby: Citizens Bank 545 399 1, 085 100 20 Shiloh: Shiloh Savings Bank Co 189 42 183 25 20 Toledo: Commerce Guardian Bank 2,073 4, 021 8,132 500 250 Toledo Trust Co 21, 522 18, 130 45, 222 5,000 1,000 Utica: The Utica Savings Bank Co 1 169 154 396 35 12 Van Wert: Peoples Savings Bank 592 177 976 100 100 Wakeman: Wakeman Bank Co 192 50 257 25 15 Wellington: First Wellington Bank 793 90 964 100 45 Wooster: Commercial Banking & Trust Co 358 290 557 150 52 PENNSYLVANIA (See also District no. 3) Aliquippa: Woodlawn Trust Co 1,900 666 2,755 125 15S Beaver: Beaver Trust Co 894 387 8S2 150 350 Dormont: Dormont Savings & Trust Co 1,205 305 1, 597 125 75 East Pittsburgh: East Pittsburgh Savings & Trust Co 1,090 2,293 3,977 300 300' Erie: Security-Peoples Trust Co 5,271 2,166 8,727 300 400 McKeesport: Peoples City Bank 3,555 1,310 4,165 1,000 770 Meadville: Crawford County Trust Co 1,066 611 1,954 250 100 New Brighton: Beaver County Trust Co 707 448 749 300 350 New Castle: Lawrence Savings & Trust Co 1,903 1,027 2, 780 300 550- Paint Borough (Scalp Level postoffice): Merchants & Miners Bank 136 107 211 30 30 Pittsburgh: Allegheny Trust Co 2,504 3,745 5,742 700 700 City Deposit Bank & Trust Co 8,243 5,724 14, 305 1,000 500' Colonial Trust Co 11,042 12, 389 25, 870 2,600 1, 500 Commonwealth Trust Co 6, 658 5,815 11, 069 1,500 1, 700 Home wood Bank at Pittsburgh 170 671 912 100 25 Peoples-Pittsburgh Trust Co 32,868 36, 778 67, 558 6,000 10, 000 Potter Title & Trust Co 3,545 2,999 4,728 500 250' Union Trust Co 69, 504 158, 980 182, 969 1,500 67, 5001 Windber: Windber Trust Co 1,156 1,690 2,631 250 400* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 ANNUAL KEPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Invest- Total ments deposits Capital Surplus DISTRICT NO. 4—Continued WEST VIRGINIA (See also District no. 5) Sistersyille: First-Tyler Bank & Trust Co._ 1,303 136 1,600 200 100 W heeling: Security Trust Co -.. 2,232 1,515 3,530 300 300 Wheeling Bank & Trust Co. 4, 083 1,260 6,141 500 500 DISTRICT NO. 5 DISTRICT OF COLUMBIA Washington: American Security & Trust Co 13,330 18,156 33, 297 3, 400 3,400 Washington Loan & Trust Co 7,217 4,834 16,188 1,000 1,806 MARYLAND ^Baltimore: Baltimore Commercial Bank 2,643 731 3,455 500 250 Fidelity Trust Co 4,099 8,506 14,149 1,000 500 Maryland Trust Co 13,133 8,169 25, 539 2,500 1,250 Union Trust Co of Maryland 13, 773 6,756 25,198 2,500 1,500 Forest Hill: Forest Hill State Bank 163 87 269 25 15 Salisbury: Farmers & Merchants Bank.. 1,112 179 1,257 100 100 NORTH CAROLINA •Charlotte: American Trust Co 10, 749 8, 505 28, 577 1,200 800 . Concord: Citizens Bank & Trust Co 417 271 817 100 35 ;E E l d iz e a n b to e n th : to B w an n k : o B f a n E k d e o n f t o E n lizabethtown 6 0 6 5 9 16 1 4 8 6 2 4 1 3 1 1 2 0 5 0 4 9 0 'Marshall: Citizens Bank 266 134 397 50 35 "Tryon: Tryon Bank & Trust Co _. 37 175 220 25 5 Washington: Bank of Washington 364 226 982 100 10 •Wilmington: Peoples Savings Bank & Trust Co 440 1,781 200 25 Wilmington Savings & Trust Co _._ 3,678 867 5, 614 300 300 'Winston Salem: Wachovia Bank & Trust Co_. 17, 731 15, 210 51,060 2, 500 1,250 SOUTH CAROLINA Bishopville: Peoples Bank... 58 74 163 25 50 ^Charleston: Carolina Savings Bank. 1,114 2,299 3,996 200 100 Chester: Commercial Bank 595 195 951 100 100 ; Hartsville: Bank of Hartsville 457 180 961 75 38 VIRGINIA Abingdon: Farmers Exchange Bank, Inc. 115 86 394 50 10 Amelia: Union Bank & Trust Co 262 76 357 50 25 Blackstone: Citizens Bank & Trust Co... 465 55 537 100 25 Chase City: Peoples Bank & Trust Co 446 47 507 100 30 Farmville: Planters Bank & Trust Co.. 498 293 868 50 80 Glade Spring: Bank of Glade Spring 355 76 400 50 50 ©alifax: The Bank of Halifax... 208 84 416 50 10 Kenbridge: Bank of Lunenburg, Inc 406 126 600 65 80 Lacrosse: Bank of Lacrosse 192 62 276 50 25 •Lawrenceville: Farmers & Merchants Bank of Lawrenceville - 282 100 503 50 10 Lynchburg: Lynchburg Trust & Savings Bank 2,849 1,010 3,737 300 300 Montross: Peoples Bank _. 198 25 228 25 20 Petersburg: Petersburg Savings & American Trust Co. 1,335 912 2,077 515 Richmond: Bank of Commerce & Trusts 4, 266 1,339 6,722 600 600 Mechanics & Merchants Bank 979 309 1.434 200 40 State-Planters Bank & Trust Co... 14,973 11, 528 29, 953 2,500 1,000 Rural Retreat: Peoples Bank 211 61 354 35 35 Smithfield: Merchants & Farmers Bank, Inc 272 48 307 50 44 South Hill: Citizens Bank, Inc 167 78 390 50 18 Suffolk: American Bank & Trust Co 927 34 1,219 125 50 The Farmers Bank of Nansemond 2,945 752 3,519 500 500 Tazewell: Farmers Bank of Clinch Valley 786 31 753 200 50 Winchester: Union Bank of Winchester _ 376 71 456 100 21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

347 STATE BANK MEMBERSHIP [In thousands of dollars] Invest-, Total Loans ments deposits Capital Surplus DISTRICT NO. 5—Continued WEST VIRGINIA (See also District no. 4.) Berwind: Berwind Bank 493 437 979 100 100 Buffalo: Buffalo Bank 104 21 117 25 20 Charleston: Kanawha Banking & Trust Co 2,062 840 3,040 500 250 Kanawha Valley Bank 8,061 5,121 15, 029 1,000 1, 200 Lewisburg: Greenbrier Valley Bank 461 42 606 75 20 Martinsburg: Peoples Trust Co _ _ 1,795 236 1,737 250 130 Parsons: Tucker County Bank 119 35 162 25 5 Petersburg: Potomac Valley Bank 198 14 169 50 9 Romney: Bank of Romney 533 59 499 100 60 St. Albans: Bank of St. Albans 246 86 319 50 85 St. Marys: Pleasants County Bank.__ 322 33 251 75 30 Spencer: Traders Trust & Banking Co 421 55 16 DISTRICT NO. 6 ALABAMA Aliceyille: Aliceyille Bank & Trust Co 115 141 363 40 20' Birmingham: Birmigham Trust & Savings Co._ 8,919 6,257 17,493 2,500 Clanton: Peoples Savings Bank 174 119 431 50 *25 Clayton: Bank of Commerce 77 17 127 50 8 Columbiana: Columbiana Savings Bank 112 28 247 35 7 Cullman: Parker Bank & Trust Co 318 133 673 85 40 Dothan: Dothan Bank & Trust Co 237 458 680 60 60 Eutaw: Merchants & Farmers Bank of Greene County. 210 193 485 55 55 Faunsdale: Watkins Banking Co 74 98 141 50 35 Guin: Marion County Banking Co 165 11 259 25 40 Marion Junction: Marion Junction State Bank 41 1 38 25 15 Oneonta: The Citizens Bank 26 1 63 25 3 Pine Apple: Bank of Pine Apple _ _ 86 76 210 25 10 Selma: Peoples Bank & Trust Co 515 17 644 100 30 Thomaston: The Planters Bank & Trust Co 98 1 123 25 5 Winfleld: Winfield State Bank 65 10 138 25 5 York: Bank of York 100 73 267 25 FLORIDA Marianna: Citizens State Bank 135 72 236 30 West Palm Beach: Central Farmers Trust Co 451 2,415 3, 236 250 200 Florida Bank & Trust Co_ _ 57 1,278 1,304 100 50 GEORGIA Adairsville: Bank of Adairsville 19 3 78 25 Atlanta: Trust Co. of Georgia 6,158 2,261 11,052 2,000 ., 500 Augusta: Georgia Railroad Bank & Trust Co 5,031 1,169 6,623 1,000 200 Bainbridge: Citizens Bank & Trust Co 402 58 337 100 20 Brunswick: Brunswick Bank & Trust Co 552 493 1,010 230 118 Canton: Bank of Canton 484 229 918 150 150 Cochran: State Bank of Cochran 80 170 25 7 Columbus: Columbus Bank & Trust Co 4,275 1,211 5,134 850 650 Merchants & Mechanics Bank 1,307 237 1,774 200 200- Commerce: Northeastern Banking Co 191 19 257 100 57 Dawson: Bank of Dawson 260 43 265 100 •20-- L E a a w st r m en a c n e : v B il a le n : k B o ra f n E d a s B tm an a k n i ng Co _- - 2 1 6 0 3 0 1 5 1 0 4 4 1 9 4 0 9 5 5 0 0 "hb L M in il c le o n ln : t B on an : k F a o r f m M er i s ll e S n tate Bank 3 7 4 9 8 4 1 2 5 4 1 5 4 0 8 2 5 5 0 15 Monroe: Bank of Monroe 325 112 290 150 75 Farmers Bank 254 196 460 100 30 Pelham: Farmers Bank 204 9 190 100 21 Reynolds: Citizens State Bank 67 1 74 25 I Rhine: Rhine Banking Co --- 78 1 25 6 Sasser: Bank of Sasser 71 12 25 33 Savannah: Citizens Bank & Trust Co_ 677 126 766 200 75 Savannah Bank & Trust Co._ 2,317 115 2,127 700 100 Soperton: Bank of Soperton 146 4 184 25 10 Swainsboro* Central Bank 92 6 95 25 15 Tifton- Bank of Tifton 551 261 848 100 1.50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 6—Continued LOUISIANA (See also District no. 11) New Orleans: American Bank & Trust Co.. 8,800 7,291 16,017 1,000 500 Slidell: Bank of Slidell 311 449 50 MISSISSIPPI (See also District no. 8) Crystal Springs: Trucker Exchange Bank- 26 90 Forest: The Bank of Forest 339 400 12 TENNESSEE Carthage: Citizens Bank & Trust Co 80 46 25 5 Chattanooga: American Trust & Banking Co.. 3,414 1,909 6,862 625 750 Greeneville: Greene County Union Bank 695 25 645 200 Hartsville: Bank of Hartsville 107 90 230 25 20 DISTRICT NO. 7 (See also District no. 8) Argenta: Gerber State Bank.. 115 35 172 25 6 Belvidere: Farmers State Bank 585 557 1,229 100 100 Bloomington: Peoples Bank of Bloomington 1,238 2,005 4,869 100 400 Byron: Rock River Community Bank 83 340 50 10 Chicago: Amalgamated Trust & Savings Bank... 846 804 2,342 200 100 Drexel State Bank 1,233 1,305 2,897 500 150 Hamilton State Bank 205 161 457 200 25 Harris Trust & Savings Bank 47,079 59, 220 133,808 6,000 7,000 Lake Shore Trust & Savings Bank 1,551 2,015 5,142 400 150 Lake View Trust & Savings Bank 1,595 3,590 7,599 500 500 Liberty Bank of Chicago 1,199 2,787 4,554 300 100 Main State Bank 229 381 707 200 10 Mercantile Trust & Savings Bank 2,560 3,606 8,088 600 200 Merchandise Bank & Trust Co 804 1,261 3,119 500 200 Metropolitan State Bank 224 461 888 200 75 Northern Trust Co 30, 042 135, 320 197,824 3,000 6,000 Personal Loan & Savings Bank 5,723 419 3,139 2,000 500 Sears-Community State Bank 1,010 1,462 3,657 200 20 Skala State Bank 135 722 883 200 29 State Bank of Clearing 381 209 767 120 15 The Upper Avenue Bank 596 1,156 2,019 200 100 Uptown State Bank 1,007 1,746 2,705 300 100 Cowden: State Bank of Cowden 131 3 114 25 10 Eureka: Farmers State Bank 171 354 566 50 10 Evanston: Evanston Trust & Savings Bank 1,271 200 100 State Bank & Trust Co 2,805 4,413 8,901 500 300 Galesburg: Farmers & Mechanics Bank 842 656 1,786 200 40 Geneva: State Bank of Geneva 824 274 995 100 50 Kewanee: Peoples State Savings Bank 420 550 1,264 100 50 London Mills: State Bank of London Mills 121 43 170 40 15 Matteson: First State Bank 88 7 88 25 25 Mattoon: Central Illinois Trust & Savings Bank, 224 167 447 100 25 Metamora: Metamora State Bank 145 98 291 50 11 Milford: Citizens State Bank 296 37 417 50 10 Momence: Parish Bank & Trust Co 76 133 229 50 6 Niantic: State Bank of Niantic 165 122 280 50 15 Oak Park: Oak Park Trust & Savings Bank 2,077 707 3,245 1,000 200 Poplar Grove: Poplar Grove Bank 145 75 234 25 5 Springfield: Springfield Marine Bank 2,658 2,963 7,091 500 200 Stockland: Sumner State Bank 143 167 50 10 Tolono: Bank of Tolono 73 10 107 25 5 Citizens Bank of Tolono 79 4 111 25 7 Tuscola: Tuscola State Bank 157 150 397 70 70 Walnut: Citizens State Bank 109 62 218 25 5 Washington: Danforth Banking Co -.. _. 116 447 582 50 10 Wenona: First State Bank 193 415 653 50 10 Wheaton: Wheaton Trust & Savings Bank... 86 561 875 50 25 Wilmette: Wilmette State Bank _ 527 629 1,560 200 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBEKSHIP 349 [In thousands of dollars] Loans I m nv e e n s t t s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 7—Continued INDIANA (See also District no. 8) Connersville: Fayette Bank & Trust Co 1,038 471 1,511 250 58 Indianapolis: Fletcher Trust Co 7,488 13,221 23,963 1,500 1,500 Jamestown: Citizens State Bank 214 10 282 40 5 Mohawk: Mohawk State Bank 81 25 109 25 5 Tipton: Farmers Loan & Trust Co 499 144 606 50 50 IOWA Afton: Commercial State Bank 150 27 209 25 14 Algona: Iowa State Bank 336 676 1, 750 50 50 Cherokee: Cherokee State Bank 846 201 1,164 75 25 Davenport: Davenport Bank & Trust Co 5,022 4,825 12,175 600 300 Des Moines: Bankers Trust Co 3,387 3,409 8,667 1,000 100 Fontanelle: State Savings Bank 239 97 416 40 17 Fort Madison: Fort Madison Savings Bank 951 791 2,111 100 50 Glenwood: Glenwood State Bank 263 219 672 30 30 Holstein: Holstein State Bank 137 345 575 50 11 Ida Grove: Ida County State Bank 77 244 375 40 8 Monticello: Monticello State Bank 2,963 722 2,860 200 200 Moorhead: Moorhead State Bank 155 8 199 30 15 Muscatine: Muscatine Bank & Trust Co 836 1,065 2,941 125 150 Newton: Jasper County Savings Bank 876 710 1,965 100 50 Osage: Home Trust & Savings Bank 382 214 663 50 30 Ottumwa: Union Bank & Trust Co. of Ottumwa 2,350 945 3,953 300 100 Riceville: Riceville State Bank 76 9 100 25 6 Royal: Home State Bank 144 27 141 25 13 Shenandoah: Security Trust & Savings Bank 270 331 903 60 30 Storm Lake: Security Trust & Savings Bank 204 201 461 50 12 Templeton: Templeton Savings Bank 100 60 235 25 5 Williams: Williams Savings Bank _ 138 112 307 25 5 (See also District no. 9) Adrian: Adrian State Savings Bank 307 281 720 150 Commercial Savings Bank 626 239 1,190 110 Lenawee County Savings Bank 483 226 730 150 Alpena: Alpena Trust & Savings Bank 1,050 1,360 2,197 400 Ann Arbor: Farmers & Mechanics Bank 2,374 643 2,926 250 250 State Savings Bank 2,780 1,807 4,441 400 400 A B C B B C l a a r a r i o m s s y s s s w s o a f C C n i d p e i o a i l t C t d : y l y i : : i s : A t : y B P T r : C e m l h i o a B s e a p s s r d f s l o P i e a e w C s i l n d S n o C n t u a e S o C n t y m t e t i a y t m S t y B e t S e a a S B r t n t c a a e a k i v t a n e B i l k n a B g & n s a k n S B k a a v n i k ngs Bank 2, 4 2 7 1 1 1 0 2 4 5 3 0 7 6 1 5 6 2 4,2 1 1 2 5 0 1 6 0 3 3 2 0 4 4 7,7 7 2 2 1 1 1 1 8 5 8 6 4 6 2 2 4 7 5 5 2 5 4 2 0 0 5 0 0 5 0 2 3 5 1 5 0 8 Chelsea: Farmers & Merchants Bank 295 299 572 50 50 Kempf Commercial & Savings Bank 321 186 455 60 40 Croswell: State Bank of Croswell 192 362 563 72 Detroit: Detroit Savings Bank _- 21,810 23, 221 52, 738 5,500 750 r United Savings Bank... 8,038 3,277 12, 061 1,000 800 Fennville: Old State Bank 201 162 430 50 18 Flint: Citizens Commercial & Savings Bank _. 4,273 1,239 7,285 500 550 Genessee County Savings Bank 2,011 720 3,200 700 Frankenmuth: Frankenmuth State Bank 744 37 813 100 Fremont: Fremont State Bank 247 170 414 50 25 Old State Bank 359 64 473 57 Grand Haven: Grand Haven State Bank 939 525 1,487 100 100 Peoples Savings Bank 625 249 840 50 50 Grand Rapids: Old Kent Bank 17, 794 6, 454 28, 236 2,000 1,000 Greenville: Commercial State Savings Bank 608 328 798 50 50 Hillsdale: Hillsdale State Savings Bank 585 714 1,680 165 Manchester: Peoples Bank 94 67 177 25 Union Savings Bank 279 276 475 25 50 Manistee: Manistee County Savings Bank 997 1,605 2,770 200 100 Marcellus: G. W. Jones Exchange Bank 336 109 522 40 40 Marshall: Commercial Savings Bank 516 321 847 100 33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Invest- Total Loans ments deposits Surplus DISTRICT NO. 7—Continued MICHIG AN—continue d Mason: Farmers Bank 264 136 452 50 22 First State & Savings Bank 242 71 367 25 15 Midland: Chemical State Savings Bank 1,007 2,121 100 25 Mount Pleasant: Exchange Savings Bank 245 231 555 50 Isabella County State Bank 705 541 1,501 60 35 New Baltimore: Citizens State Savings Bank... 90 46 158 25 New Haven: New Haven Savings Bank 57 149 25 Onsted: Onsted State Bank 173 175 25 12 Royal Oak: The Guardian Bank of Royal Oak. 15 641 957 100 50 St. Charles: St. Charles State Bank 86 211 328 25 3 St. Clair: Commercial & Savings Bank 613 929 1,552 75 38 Sebewaing: Farmers & Merchants State Bank.. 314 201 483 50 "186 South Haven: Citizens State Bank 676 997 1,334 100 Sparta: Sparta State Bank 151 46 207 30 2 S T p ra ri v n e g r s L e a C ke it : y : S p T r r in av g e L rs a e k e C i S ty ta t S e t a B te a n B k ank 2 37 9 3 6 3 1 3 3 7 0 4 8 1 5 4 9 2 2 0 5 0 50 Williamston: Crossman & Williams State Bank 165 128 244 40 ~~20 WISCONSIN (See also District no. 9) Burlington: Bank of Burlington 708 317 1,050 125 25 Edgerton: Tobacco Exchange Bank 158 138 323 50 18 Milwaukee: Bager State Bank 2,643 401 3,314 400 100 Marshall & Illsley Bank 15,123 9,325 26,917 1,500 1,000 West Side State Bank ._ 1,885 448 2,406 400 400 Platteville: State Bank of Platteville 408 26 541 50 ""166 Sheboygan: Citizens State Bank 2,892 2,171 5,113 500 South Milwaukee: Home State Bank 309 87 594 100 25 Sturgeon Bay: Bank of Sturgeon Bay 992 499 1,662 200 DISTRICT NO. 8 ARKANSAS Batesville: Citizens Bank & Trust Co._. 200 149 726 50 20 Blytheville: Farmers Bank & Trust Co. 588 109 1,095 200 40 Fordyce: Fordyce Bank & Trust Co 90 127 262 50 5 Little Rock: Bankers Commercial Trust Co 1,119 1,210 3,377 300 60 Peoples Bank 553 577 1,776 200 40 Union Bank 1,125 1,197 4,240 300 60 W. B. Worthen Co., bankers 2,025 1,490 6,578 500 50 Russell ville: Bank of Russellville 312 156 583 75 38 Peoples Exchange Bank 205 20 310 100 10 Waldron: Bank of Waldron 166 113 285 60 20 (See also District no. 7) Breese: State Bank of Breese. 221 376 645 50 25 Chester: First State Bank 476 302 945 50 25 East St. Louis: Union Trust Co 709 1,374 2,479 300 60 Edwardsville: Bank of Edwardsville 563 450 1,126 150 150 Effingham: Effingham State Bank 688 336 1,082 110 25 Eldorado: C. P. Burnett & Sons 256 573 1,278 100 50 Greenville: State Bank of Hoiles & Sons 665 221 855 120 40 Harrisburg: First Trust & Savings Bank 519 531 1,179 150 75 Hillsboro: Montgomery County Loan & Trust Co. 391 370 730 80 20 Hoyleton: Hoyleton State & Savings Bank 124 54 217 5 Jacksonville: Elliott State Bank 569 1,097 2,377 200 100 Litchfield: Litchfield Bank & Trust Co 253 373 702 100 25 O'Fallon: First State Bank 144 13 137 25 5 Richview: Richview State Bank 46 26 72 25 2 Steeleville: State Bank of Steeleville 257 113 393 25 25 Winchester: Neat, Condit & Grout, bankers 320 46 390 110 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 351 [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 8—Continued KENTUCKY (See also District no. 4) Hartford: Citizens bank 51 83 148 25 20 Louisville: Kentucky Title Trust Co 9,719 4,402 3,374 1,000 1,250 Liberty Bank & Trust Co 12,176 3,754 15,124 2,000 Lincoln Bank & Trust Co 6,727 2,237 8,380 750 """350 MISSISSIPPI (See also District no. 6) Indianola: Peoples Bank 63 100 232 25 (See also District no. 10) Camdenton: Camden County Bank 67 74 158 25 5 Glasgow: Glasgow Savings Bank 210 205 466 75 75 Lancaster: Schuyler County State Bank 101 217 459 50 Lebanon: State Savings Bank 142 80 289 25 18 Luxemburg: Lemay Ferry Bank ._ 539 71 600 100 20 Maplewood: Peoples State Bank _ 241 183 309 100 20 Marshall: Wood & Huston Bank 1,004 131 1,250 100 200 Memphis: Bank of Memphis 61 125 242 25 5 Moberly: Mechanics Bank & Trust Co 226 1,408 2,489 200 18 Normandy: Normandy State Bank 71 132 226 30 7 Pine Lawn: Pine Lawn Bank _ 88 78 203 30 10 Sedalia: Sedalia Bank & Trust Co 205 120 447 100 5 St. Louis: Baden Bank 1,172 922 1,973 200 150 Bremen Bank & Trust Co 1,099 3,134 4,465 400 250 Cass Bank & Trust Co.- 1,899 2,097 4,298 300 300 E C a h s i t p o p n e - w T a a y T lo ru r s T t r C us o t Co 1, 6 0 1 1 1 9 4 53 2 9 9 1 1 , , 4 1 9 5 9 2 2 4 0 0 0 0 ""166 Jefferson Bank & Trust Co 1,003 760 1,905 200 50 Jefferson-Gravois Bank 2,152 1,077 3,263 500 100 Lindell Trust Co... 945 1,557 2,464 300 100 Manchester Bank 2,005 1,441 2,821 800 Manufacturers Bank & Trust Co. of St. Louis— 2,588 2,141 7,857 1,645 ""287 Mercantile-Commerce Bank & Trust Co 28,059 60,497 102,130 10,000 2,000 Mississippi Valley Trust Co 33,457 24, 788 66, 221 6,000 1,500 Mound City Trust Co ._ 657 403 1,024 200 50 North St. Louis Trust Co 1,494 1,157 2,753 300 100 Northwestern Trust Co 2,981 4,517 6,643 500 1,000 The Plaza Bank of St. Louis 669 817 2,161 200 40 Southern Commercial & Savings Bank 1,651 682 2,377 200 100 Southwest Bank of St. Louis__. 662 1,105 1,575 400 40 Tower Grove Bank & Trust Co 4,024 3,483 7,724 500 300 United Bank & Trust Co 3,358 3,475 7,000 1,000 500 St. Louis County: Gravois Bank of St. Louis County. 362 212 731 50 10 Versailles: Bank of Versailles 119 51 260 40 15 Washington: Franklin County Bank 330 184 501 50 15 Webster Groves: Webster Groves Trust Co 602 1,446 100 100 DISTRICT NO. 9 (See also District no. 7) Escanaba: State Savings Bank _.. 930 504 1,395 100 100 Ewen: State Bank of Ewen 142 84 223 25 15 Gladstone: Gladstone State Savings Bank. 327 364 680 50 50 IronJjMountain: Commercial Bank.. 848 391 1,217 100 100 Menominee: Commercial Bank- 450 368 1,030 100 50 Sault Ste. Marie: Central Savings Bank 471 538 1,082 100 50 Sault Savings Bank 339 1,067 1,478 100 60 MINNESOTA Cannon Falls: Security State Bank 105 167 Chatfield: First State Bank _ 84 173 323 Clinton: Clinton State Bank 144 21 162 Dakota: Dakota State Bank 208 103 341 Gibbon: State Bank of Gibbon. 207 51 270 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 9—Continued MINNESOTA—continued Houston: Security State Bank of Houston 226 258 536 25 Plainview: Peoples State Bank 84 180 319 25 St. Charles: Citizens State Bank 97 132 236 25 Springfield: Farmers & Merchants State Bank 252 13 294 40 State Bank of Springfield 241 21 262 50 Wadena: Wadena County State Bank 107 157 338 30 Westbrook: Citizens State Bank 142 44 249 25 Wykoff: First State Bank of Wykoff 121 45 208 25 MONTANA Anaconda: Daly Bank & Trust Co 1,136 1,041 2,644 100 Billings: Security Trust & Savings Bank 1,649 100 Bozeman: Gallatin Trust & Savings Bank 290 171 527 100 Security Bank & Trust Co 228 99 319 100 Butte: Metals Bank & Trust Co 2,656 5,708 11,158 600 Denton: Farmers State Bank 39 58 85 25 Fromberg: Clarks Fork Valley Bank 45 7 65 25 Glasgow: Farmers-Stockgrowers Bank 65 99 228 35 Great Falls: Montana Bank & Trust Co 38 206 522 100 Helena: Union Bank & Trust Co 1,189 1,295 4,053 250 Park City: Park City State Bank 95 86 231 25 Richey: First State Bank 121 21 128 25 Ronan: Ronan State Bank 65 65 182 25 Terry: State Bank of Terry 373 144 657 40 Townsend: State Bank of Townsend 191 168 430 50 Victor: Farmers State Bank 89 72 237 25 Worden: Farmers State Bank 21 83 124 25 SOUTH DAKOTA Alcester: State Bank of Alcester 192 27 237 25 Alpena: Bank of Alpena 69 11 55 25 Arlington: Citizens State Bank 71 25 91 25 Belle Fourche: Butte County Bank 609 118 982 75 Belvidere: Belvidere State Bank 77 89 183 25 Buffalo: First State Bank 175 20 153 25 Burke: Burke State Bank 42 5 51 25 Faith: Farmers State Bank 130 101 264 25 Flandreau: Farmers State Bank 208 42 363 50 Freeman: Merchants State Bank 158 36 188 40 Huron: Farmers & Merchants Bank _ 104 543 767 100 Madison: Security Bank & Trust Co 235 72 351 50 Miller: Hand County State Bank 114 52 174 25 Mitchell: Commercial Trust & Savings Bank 535 747 1,367 100 Newell: Reclamation State Bank 229 25 363 25 Presho: Farmers & Merchants State Bank... 63 15 84 25 Sturgis: Bear Butte Valley Bank 233 52 326 25 Wessington Springs: Jerauld County Bank- 146 44 176 25 Winner: Farmers State Bank 104 130 328 25 Woonsocket: Sanborn County Bank 106 49 223 25 WISCONSIN (See also District no. 7) Bloomer: Peoples State Bank 90 91 190 25 Boyceville: Bank of Boyceville 47 118 205 30 106 203 30 Glenwood City: First State Bank DISTRICT NO. 10 COLORADO 312 159 737 50 Delta: Colorado Bank & Trust Co 1,153 626 2,280 500 Den I C v n e e t r e n : r t n ra a l t i S o a n v a i l n g T s r u B s a t n C k o & Trust Co 3,6 2 2 1 5 8 6,2 1 3 2 4 3 12, 3 8 6 8 4 6 5 7 0 5 0 La Junta: Colorado Savings & Trust Co KANSAS Abilene: Citizens Bank _ 209 766 50 Hiawatha: Morrill & Janes Bank 301 146 556 100 Hutchinson: Hutchinson State Bank 501 272 1,081 150 Kansas City: The Riverview State Bank 851 1,635 2,419 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 353 [In thousands of dollars] Loans I m nv e e n s t t s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 10-Continued KANSAS—continued Liberal: Citizens State Bank 143 65 337 50 25 Osage Citv: Citizens State Bank 139 137 375 25 15 Pratt: Peoples Bank 44S 461 1,076 100 36 Sedan: Sedan State Bank __ 157 62 199 30 20 Sylvan Grove* Sylvan State Bank 200 77 356 25 50 Topekp: Fidelity Savings State Bank 493 1,282 2, 395 200 18 Winfield: The State Bank 460 115 850 125 57 MISSOURI (See also District no. 8) Carthage* Bank of Carthage 559 317 1,302 150 50 Craig: Bank of Craig 137 11 192 25 15 Kansas City: Commerce Trust Co - 29, 213 36, 772 90, 803 6,000 2,00ff Merchants Bank of Kansas City_ ._ 922 568 1, 905 200 100 King Citv: First Trust Co 136 22 138 50 4' Lamar" Barton County State Bank 179 29 281 25 3 St. Joseph: Empire Trust Co 659 870 1,749 200 100 South St. Joseph: St. Joseph Stock Yards Bank 933 1,199 2, 699 350 150. NEHRASRA Alma: Ilarlan County Bank - - . _ _. 131 •88 322 30 4 Bancroft: Citizens Bank 120 18 149 30 10 Grand Island: The Commercial Bank-. 518 358 1,134 100 34 Moorefield: Bank of "Moorefield 48 7 50 25 x Pawnee City: Citizens State Bank 80 48 142 25 4! Stromsburg: Strornsburg Bank __ . 160 135 348 30 10 Wahoo: Wahoo State Bank 91 72 277 40 8* NEW MEXICO (See also District no. 11) Aztec Citizens Bank 141 35 151 30 6 OKLAHOMA Okarche: First Bank of Okarche- 64 74 261 50 IT WYOMING FATanston: Stockgrowers Bank 371 94 322 50 50' Mountain View: Uinta County State Bank.. 83 10 52 40 10 Newcastle: First State Bank .. 132 169 357 25 25 Sundonce: Sundance State Bank 249 22 333 25 13 Wheatland: State Bank of Wheatland 514 117 490 40 60* Stock Growers Bank _ _ ._. _. ... _ 169 77 288 40 26 Worland: Farmers State Bank of Worland _ 200 71 346 25 35- DISTRICT NO. 11 ARIZONA (See also District no. 12) Tucson: Southern Arizona Bank & Trust Co 2,120 1,856 4,986 250 275- Willcox: The Bank of Willcox 103 111 270 50 5< LOUISIANA (See also District no. 6) Shreveport: Continental-American Bank & Trust Co._ 2,350 1,591 5,712 700 175* NEW MEXICO (See also District no. 10) Deming: Mimbres Valley Bank 141 266 484 50 25* TEXAS Angleton: The Angleton State Bank 110 101 228 25 6 Beaumont: Security State Bank & Trust Co 373 348 1,018 125 6 Digitized fo B r e F e R vil A le S : E S R ta te Bank & Trust Co 96 89 224 50 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 ANNUAL KEPOET OF THE FEDERAL RESERVE BOARD [In thousands of dollars] Loans I m n e v n es t t s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 11—Continued TEXAS—continued Bremond: First State Bank 101 55 269 50 3 Brownfield: Brownfield State Bank 266 18 403 25 23 Bryan: First State Bank & Trust Co 577 194 908 100 100 Canyon: First State Bank 114 22 204 40 30 Clarendon: Farmers State Bank. _ 116 17 192 50 5 Clifton: Farmers State Bank 124 80 367 50 Dalhart: Citizens State Bank 210 4 278 50 ~~25 Dallas: Dallas Bank & Trust Co 4,143 5,510 12,911 1,000 500 Del Rio: Del Rio Bank & Trust Co 292 3 328 100 Dodsonville: First State Bank 78 26 143 25 "~20 Eden: Eden State Bank 137 2 135 50 Ferris: Farmers & Merchants State Bank 189 4 220 50 "~25 Forney: Forney State Bank 74 4 110 25 5 Franklin: First State Bank 60 23 79 30 6 Gatesville: Guaranty Bank & Trust Co 184 170 425 50 14 Goose Creek: Citizens State Bank & Trust Co 290 208 941 50 10 Greenville* Citizens State Bank 367 419 919 100 17 Hamilton: Hamilton Bank & Trust Co 98 38 147 50 25 Huntsville: Runtsville Bank & Trust Co 134 238 417 50 15 Iola: Iola State Bank 35 1 47 25 3 Killeen: First State Bank 81 9 203 35 Kirkland: First State Bank 25 11 117 35 Kosse: First State Bank 24 5 69 25 4 Leakey: First State Bank 42 15 45 25 5 Llano: Moore State Bank _ _ 224 57 320 50 25 Loraine: First State Bank ._ 53 27 179 30 Luling: Lipscomb Bank & Trust Co 309 101 481 75 "80 Madisonville: Farmers State Bank _ 57 55 198 25 15 Matador: First State Bank _ 156 55 511 38 25 Mathis: First State Bank 75 5 120 30 14 McAllen: City State Bank & Trust Co 115 187 518 60 6 McKinney: Central State Bank 414 145 809 75 5 Mount Pleasant: Guaranty Bond State Bank 192 34 250 60* Nacogdoches: Commercial State Bank 553 192 786 100 ~50 Rails: Security State Bank & Trust Co 549 7 756 60 Richardson: Citizens State Bank 42 2 64 25 Robert Lee: First State Bank 77 6 101 30 Roscoe: Roscoe State Bank 36 24 382 30 Rusk: Farmers & Merchants State Bank & Trust Co 131 19 265 50 Shamrock: Farmers & Merchants State Bank of Shamrock 222 82 395 50 10 Shiro: Farmers State Bank 44 1 71 25 10 Silsbee: Silsbee State Bank 167 145 431 40 25 Sinton: Commercial State Bank 268 84 560 50 50 Spearman: First State Bank _ 75 50 143 25 7 Wellington: Wellington State Bank 164 8 336 50 10 Wharton: Security Bank & Trust Co _. 161 163 557 50 25 Wharton Bank & Trust Co.— - 394 164 842 100 100 DISTRICT NO. 12 (See also District no. 11) Buckeye: Buckeye Valley Bank.. 51 41 99 25 11 3,148 3, 542 9,121 210 200 Phoenix: Valley Bank & Trust Co. CALIFORNIA 531 162 709 50 60 Carmel: Bank of Carmel 477 331 864 75 90 Downey: Los Nietos Valley Bank 165 282 451 75 11 Fairfield: Solano County Bank. 150 35 176 25 13 Le Grand: Le Grand Bank 5,244 2,084 8,481 1,000 250 Long Beach: Farmers & Merchants Bank Los Angeles: 39,326 17,428 70,751 5,000 1,035 California Bank 16,132 10,151 26,073 5,000 1,700 Union Bank & Trust Co 23,887 9,848 36,831 4,146 1,354 Oakland: Central Bank of Oakland Pasadena: Citizens Commercial Trust & Savings 1,203 1,488 2,809 300 150 Bank San Francisco: 105,134 69,824 198,943 10,000 10,000 American Trust Co. 61,063 90,245 163, 427 9,000 5,000 Wells Fargo Bank & Union Trust Co 332 104 471 100 50 Santa Paula: Citizens State Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBEBSHIP 355 [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 12—Continued IDAHO Arco: Butte County Bank 53 104 158 35 8 Boise: First Security Bank of Idaho 5,308 6,347 14,292 1,250 250 Hazelton: Hazelton State Bank 62 38 123 25 7 Malad City: J. N. Ireland & Co., bankers 192 95 280 40 2a Orofino: Bank of Orofino 23 90 207 25 5 Richfield: First State Bank 58 36 108 25 5 Soda Springs: Largilliere Co., bankers 132 121 423 25 13 Twin Falls: Twin Falls Bank & Trust Co 459 272 1,325 100 10 OREGON Dallas: Dallas City Bank 202 62 317 50 20 Grants Pass: Grants Pass & Josephine Bank. 186 291 643 100 25 Haines: Bank of Haines .__ 53 22 91 25 a Oakland: E. G. Young & Co. Bank 106 141 335 50 UTAH Brigham: State Security Bank 511 191 952 100 25 Cedar City: Bank of Southern Utah. 292 73 401 50 35 Ephraim: Bank of Ephraim 384 32 310 50 55 Gunnison: Gunnison Valley Bank 169 27 222 25 5 Helper: Helper State Bank 461 215 770 50 50 Kaysville: Barnes Banking Co 429 13 277 50 100 Logan: Cache Valley Banking Co 633 392 1,014 100 50 Ogden: Commercial Security Bank... 1,690 893 3,993 300 100 Price: Carbon Emery Bank 675 293 1,033 100 50 Prqvo: Farmers & Merchants Bank.. 404 126 587 100 25- Salina: First State Bank of Salina 31 707 25 Salt Lake City: Tracy Loan & Trust Co 612 396 853 250 Utah Savings & Trust Co 762 784 1,406 300 150 Walker Bank & Trust Co 6, 357 K 315 18, 452 1,500 725 Spanish Fork: Commercial Bank 448 18 441 50 50 Vernal: Bank of Vernal 150 34 129 60 17" Uintah State Bank 307 63 436 50 WASHINGTON Almira: Almira State Bank 90 50 C ashmere: C ashmere Valley B ank 85 412 25 Chehalis: Coffman-Dobson Bank & Trust Co. 909 451 1,653 150 Coulee: Security State Bank 22 11 35 25 Ellensburg: Farmers Bank 400 530 1,093 100 50 Hoquiam: Bank of Hoquiam 556 470 914 100 50 Kelso: Cowlitz Valley Bank 77 162 295 30 30 Pomeroy: Pomeroy State Bank 451 38 508 50 150 Pullman: Pullman State Bank 387 137 514 50 10 Puyallup: Citizens State Bank 161 361 50 15 Puyallup State Bank 147 198 376 50 14 Ritzville: Ritzville State Bank 81 105 227 25 15 Rockford: Farmers & Merchants Bank 50 7 72 25 3 Rosalia: Bank of Rosalia 78 125 20 Seattle: Peoples Bank & Trust Co 3,913 4,614 10, 556 600 20O Seattle Trust Co 1,435 1,165 2,164 550 200 Selah: Selah State Bank 166 63 289 30 6 South Bend: Pacific State Bank 125 291 421 50 30- Spokane: Spokane & Eastern Trust Co. 4,584 4,840 14,191 1,000 250 Washington Trust Co 1,327 578 2,488 200 100 Tekoa: Tekoa State Bank 217 172 441 45 16 Toppenish: Traders Bank. 83 113 222 25 15 Uniontown: Farmers State Bank 75 38 98 25 5 Wenatchee: Columbia Valley Bank 818 375 1,337 100 Wilbur: State Bank of Wilbur • 306 61 285 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD LICENSED STATE BANK MEMBERS—SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK, DEC. 30, 1933 Number of banks with a capital stock i of- State V Mew England: Maine New Hampshire. Massachusetts Rhode Island Connecticut Middle Atlantic: New York .__ 106 16 New Jersey ... 52 1 Pennsylvania 68 3 East North Central: Ohio Indiana Illinois Michigan Wisconsin West North Central: Minnesota Iowa --. Missouri i South Dakota Nebraska Kansas sSouth Atlantic: Delaware Maryland Dist. of Columbia. Virginia West Virginia North Carolina. _. South Carolina Georgia Florida rEast South Central: Kentucky Tennessee Alabama.- Mississippi -West South Central: Arkansas 10 Louisiana Oklahoma _. Texas 10 Mountain: Montana Idaho Wyoming Colorado New Mexico. Arizona Utah Pacific: Washington.. Oregon California— 4 Total. 857 140 58 119 37 115 57 150 62 33 Par value of preferred and common stock. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK MEMBERSHIP 357 LICENSED STATE BANK MEMBERS—SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK, DEC. 30, 1933—Continued [In thousands of dollars] Aggregate capital stock i of hanks with a capital stock i of— State New England: Maine 200 500 595 2,600 N M e a w ss a H c a h m us p e s t h ts ire. _ 18,3 1 8 5 0 0 166 150 3,000 10,080 5,000 R Co h n o n d e e c t I i s c l u a t n — d 4, , 6 0 0 00 9 "166 150 300 4 5 , , 0 0 5 0 9 0 Middle Atlantic: New York 382, 717 50 60 500 155 2,000 750 6,600 8,567 24, 000340, 035 New Jersey 39,178 50 75 1,200 300 3,925 4,020 22,941 6,667 Pennsylvania 56,242 25 65 100 135 100 2,380 6,324 3,550 22,463 21,100 East North Central: Ohio 35, 520 325 105 350 135 500 1,325 850 1,080 7,050 23,800 I Il n l d in i o a i n s a 21 1 , , 1 8 2 6 5 5 27 2 5 5 4 4 0 0 6 5 0 0 0 150 700 760 3, 2 5 5 0 0 0 3," 166 6 1, , 5 0 0 0 0 0 '~6~666 Michigan 14, 624 275 150 550 324 1,100 575 1,450 1,700 3,000 5,500 Wisconsin 3,410 25 60 100 100 125 1,000 500 1,500 West North Central: Minnesota 380 175 155 50 Iowa 3,025 125 140 200 135 200 125 500 600 1,000 Missouri 32,345 125 100 200 75 500 150 4,250 2,300 2,645 22,000 South Dakota 765 350 40 100 75 200 Nebraska 280 50 130 100 Kansas 955 50 30 100 300 200 South Atlantic: Delaware 8,621 8,621 Maryland 6,625 25 100 500 6,000 District of Columbia 4,400 4,400 Virginia 5,815 25 35 450 65 300 125 700 1,615 2,500 West Virginia 50 100 230 200 750 1,000 1,000 North Carolina... 4,600 50 50 300 500 3,700 South Carllina 400 25 75 100 200 Georgia 6,430 200 600 300 630 1,550 3,000 Florida 380 30 100 250 East South Central: Kentucky 4,625 25 150 200 1,250 3,000 Tennessee 875 50 200 625 Alabama 3,200 175 75 150 200 100 ~2~500' Mississippi 75 75 West South Central: Arkansas 1,835 100 135 100 1,000 500 Louisiana 1,750 50 700 1,000 Oklahoma 50 50 Texas 3,418 275 338 850 330 500 125 "I," 666" Mountain: Montana 1,650 175 75 50 500 250 Idaho 1,525 100 75 100 1,250 Wyoming 245 75 120 50 Colorado 1,125 50 75 1,000 New Mexico 30 50 Arizona 535 50 460 Utah 3,160 300 60 400 850 1,500 Pacific: Washington- 3,430 175 105 350 300 150 200 1,150 1,000 Oregon 225 25 100 100 California.... 34, 771 25 50 150 100 300 5,146 29,000 Total. 727, 640 3,500 950 2,579 11,500 7,915 19,139 3,502 159,455 459,102 1 Par value of preferred and common stock. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD LICENSED STATE BANK MEMBERS—SUMMARY CLASSIFICATION ACCORDING TO CAPITAL STOCK, DEC. 30, 1933—Continued [In thousands of dollars] Total deposits of banks with a capital stockl of— State New England: Maine 27,051 4,759 6,221 11, 589 New Hampshire. 1,104 1,104 Massachusetts 195, 780 4,193 48,057 140,104 3,426 Rhode Island 128, 323 128, 323 Connecticut 50,027 1,291 2,546 45,007 Middle Atlantic: New York 5,158,016 3791,265 5,828 1,829 28,895 8,338 78,923128,844 4, 596,723 New Jersey 436, 546 198 686 10,528 5,,054 41,024 40,485 198,035 140,536 Pennsylvania 877,741 154 413 583 912 15i,,753 27,808 428,261 334,151 East North Central: Ohio 488,475 3,296 1,039 3,480 1,413 4, 266 10,997 21,009 10, 725 90, 074 342,176 Indiana 26, 471 109 282 606 1,511 23,963 Illinois 433,873 1,864 170 5,989 1,127 10, 784 5, 32,828 37, 204, 208 133,808 Michigan 157,316 2,819 1,255 6,189 4,544 13,761 4,320 13,192 18, 201 40, 297 52, 738 Wisconsin- _ 42,419 190 408 865 594 1,050 7,282 5,113 26, 917 West North Central Minnesota 3,706 1,964 1,480 262 Iowa 42,841 991 1,662 3,449 2,067 4,076 2,941 6,813 12,175 8,667 Missouri 340,447 1,160 690 1,828 466 4,053 1,302 36,487 20,451 14,857 259,153 South Dakota 6,728 2,710 188 714 982 2,134 Nebraska 2,424 193 1,097 1,134 Kansas 10,409 731 199 1,103 4,050 1,931 2,395 South Atlantic: Delaware 45,435 45,435 Maryland 69,867 269 1,257 3,455 64,886 Dist. of Columbia 49,. 49, 486 Virginia 56,006 228 354 3,911 600 1,500 1,219 5,923 12, 318 29, 953 West Virginia 34, 677 279 487 1,355 1,478 6,867 9,182 15,029 North Carolina- _ 90, 303 431 397 2,443 7,395 79,637 South Carolina... 6,071 163 961 951 3,996 Georgia 34,084 942 2,357 3,551 7,262 17,675 Florida 4,776 236 1,304 3,236 East South Central: Kentucky 31 9 148 1,004 11,300 18,497 Tennessee 426 645 6,862 Alabama 22, 383 611 644 17,493 Mississippi 723 723 West South Central: Arkansas 19, 232 310 10, 488 6,578 Louisiana 22,178 449 5,712 16,017 Oklahoma 261 261 Texas 30,425 1,522 2,327 6,049 2,814 3,784 1,018 Mountain: Montana 23, 238 1,053 430 5,660 4,053 11,158 Idaho 16, 916 861 438 1,325 14, 292 Wyoming 2,188 1,036 830 322 Colorado 16, 267 737 364 15,166 New Mexico 635 151 484 Arizona 14,476 99 270 14,107 Utah 31,982 2,635 129 3,586 6,252 18,452 Pacific: Washington 39,168 1,192 1,025 2,555 3,344 1,653 2,488 12,720 14,191 Oregon.__ 1,386 91 652 643 California-_. 509,986 176 709 1,315 471 2,809 45,312 459,194 Total- 9,611,727 28, 225 17,004 54,218 24, 218126,102 65,582 438,481 409,432 126,560 6,321,905 i Par value of preferred and common stock. Digitized for FRASER http://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 CONN ECTICUT—continued (See also District no. 2) Willimantic: Windhain National Ito9. Bank. Ansonia: Ansonia National Bank i to 9. Canaan: Canaan National Bank Ito9. Winsted: Hurlbut National Bank...- Ito9. Derby: Birmingham National Bank.. I to 9. MAINB Hartford: Augusta: First National Granite Ito9. Capitol National Bank & Trust 1 toS. Bank. Co. Bangor: Merchants National Bank 1 to 9. First National Bank. 1 to 9. Bar Harbor: First National Bank Ito4. Hartford National Bank & Trust ltod. Bath: Co. Bath National Bank 1 to 8. Meriden: Home National Bank 1 toft First National Bank Ito8. Middletown: Biddeford: First National Bank of Ito9. Central National Bank. Ito9. Biddeford Middletown National Bank 1 to 9. Camden: Camden National Bank 1 to 9. Mystic: Mystic River National Ito9. Da o m f D ar a is m co ar tt i a sc : o F tt i a rs . t National Baak 1,2 6 , . 3. 5, and Na B u a g n a k iu . ck: Naugatuck National Ito9. E Fa ll r s m w i o n r g th to : n L : iberty National Bank... 1 to 9. Ne B w a n B k r . itain: New Britain National 1 to 9. F Pe ir o s p t le N s a N tio a n ti a o l n a B l a B nk ank 1 1 t t o o 3 9 , . and 5 Bank. Fort Fairfield: Fort Fairfield Na- Ito9. New Haven: tional Bank. First National Bank & Trust Co.Ito8. Fort Kent: First National Bank Ho 3. 5 to 9. New Haven Bank, N.B.A i to 9. Houlton: First National Bank Ito5,aad9- Second National Bank Ito9. Lewiston: New London: First National Bank Ito9. National Bank of Commerce Ito9. Manufacturers National Bank... 1 to 5, and 9. National Whaling Bank Ito9. Pittsfield: New London City National Bank 1. % 3, 5, 7, First National Bank Ito9. 8, and 9. Pittsfield National Bank 1 to 9. New Milford: First National Bank.. Ito9. Portland: Norwich: Uncas-Merchants National Ito8. Canal National Bank 1 to 9. Bank. First National Bank at Port- 1 to 7 and 9. Putnam: Citizens National Bank l!o 9. land. National Bank of Commerce... 1 to 9. Torrington: Torrington National Ito9. Portland National Bank ._ Ito9. Bank & Trust Co. Kockland: First National Bank Ito9. Wallingford: First National Bank.... Rumiord: Rumford National Bank... Ito9. Waterbory: 8aco: York National Bank Ito9. Citizens and Manufacturers Na- Ito9. Skowhegan: First National Bank Ito9 tional Bank. Thomaston: Thomaston National 1 to 3, 5, 8, Waterbury National Bank ltoft Bank. and 9. 49753—34 24 359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 1—Continued DISTRICT NO. 1—Continued MASSACHUSETTS—continued MAINE—continued Newburyport: Van Buren: First National Bank 1 to 3, 5 to 7, First and Ocean National Bank- Ito9. and 9. Merchants National Bank 1 to 8. Waldoboro: Medomak National Bank. 1 to 3, 5 to 7, Newton: Newton National Bank 1 to 9. and 9. North A-dams: North Adams Na- 1 to 9. tional Bank. MASSACHUSETTS North Attleboro: Manufacturers Na- Ito9 A A b da in m g s to : n: Abington National Bank. 1. No ti r o t n h a a l m B p a to n n k : . First National Bank 1 to 8. First National Bank 1 to 9. Graylock National Bank 1 to 7 and 9. Northampton National Bank & Ito9. Amherst: First National Bank 1 to 9. Trust Co. Andover: Andover National Bank 1 to 9. Orange: Orange National Bank Ito9. Athol: First National Bank.._ Ito9. Palmer: Palmer National Bank 1 to 9. Attleboro: First National Bank 1 to 9. Peabody: Warren National Bank... 1 to 9. Beverly: Beverly National Bank Ito9. Pittsfield: Boston: Agricultural National Bank 1 to 9. First National Bank 1 to 9. Pittsfield-Third National Bank 1 to 7 and ». Merchants National Bank 1 to 9. & Trust Co. National Rockland Bank_ 1 to 9. Plymouth: National Shawmut Bank.. 1 to 9. Old Colony National Bank 1 to 5. Second National Bank Ito9. Plymouth National Bank 1 to 4. Webster & Atlas National Bank. Ito9. Provincetown: First National Bank.. 1 to 9. Brockton: Quincy: National Mount Wollaston Ito9. Brockton National Bank 1 to 9. Bank of Quincy. Home National Bank 1 to 9. Rockport: Rockport National Bank.. 1 to 4. .Concord: Concord National Bank Ito9. Salem: Merchants National Bank 1 to 9. Dedham: Dedham National Bank 1 to 9. Shelburne Falls: Shelburne Falls 1 to7and3. Edgartown: fidgartown National 1 to 3. National Bank. Bank. Somerville: Somerville National 1 to 9. Everett: Everett National Bank 1 to 9. Bank. Fall River: Fall River National Bank. 1 to 9. Southbridge: SouthDridge National 1 to 9. Falmouth: Falmouth National Bank. Ito9. Bank. Fitch burg: Safety Fund National 1 to 9. Springfield: Bank. Springfield National Bank 1 to 9. Foxboro: Foxboro National Bank 1 to 9. Third National Bank & Trust Co. to 9. Framingbam: Framingham National 1 to 9. Tisbury: Martha's Vineyard Na- to 8. Bank. tional Bank. Gardner: First National Bank ^_. 1 to 9. Townsend: Townsend National Bank. to 3. Gloucester: Cape Ann National Ito9. Turners Falls: Crocker National to 7 and 9. Bank. Bank. Great Barrington: National Ma- 1 to 9. Uxbridge: Blackstone National Bank. to 4. haiwe Bank. Waltham: Waltham National Bank.. to 7 and 9. •Greenfield: First National Bank & Ito9. Wareham: National Bank of Ware- 1 to 9. Ha T v r e u r s h t i l C l: o. W h a a te m rt . own: Union Market National 1 to 9. Holy H M o a e k v r e r e : lm r h H a il o c l K l y N o N a k t e a io t N i n o a a n l t a i B o l n a B a n a l k n B k ank... 1 1 It t t o o o 9 9 4 . . . W W B e e b l a le s n t s k e le r . : y : F W irs e t l le N sl a e t y io N na a l t io B n a a n l k Bank. 1 1 t t o o 9 9 . . I H p u sw ds i o ch n : : 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 ank 1 1 t t o o 9 9 . . Wes F tf i i r e s ld t : National Bank 1 to 8. Lawrence: Bay State Merchants Na- Ito9. Hampden National Bank & 1 to 7 and 9. Le t B i o o a m n n a i k n l . s B te a r n : k. Merchants National 1 to 7 and 9. W W i i n n c c h h T e e r s n u t d e s o r t : n C : o W F . ir in st c h N es a t t e io r na N l a B ti a o n n k al 1 1 t t o o 9 9 . . Low U A e n l p l i : p o l n et o O n ld N L a o t w io e n l a l l N B at a i n on k a .. l Bank. 1 1 t t o o 9 9 . . W W B o o b r a c n u e k r s n . te : r W : oburn National Bank 1 a to n d 3 9 , . 6, 7, Lyn C M N n: e a a n t n i t o u ra n fa l a c l N t C u a r t i e i t o y rs n B a N l a a n B t k i a o n n k al Bank... 1 1 1 t t t o o o 5 9 8 . . and 7. Y o ar f m W M Y o e o a u c r r c h t m h e a s p o n t o e i u c r r t s t h C : . N F o a u ir t n i s o t t y n N a N l a a t B i t o i a o n n n a k a l l B B a a n n „ k _ k . . 1 1 1 t t t o o o 9 9 9 . . . Maiden: First National Bank. Ito9. NEW HAMPSHIRE Second National Bank Ito9. Berlin: Marblehead: National Grand Bank.. 1 to 9. Berlin National Bank 1, 2, 4, Marlboro: and 7. First National Bank .„ Ito4. City National Bank l. Peoples National Bank __ 1 to 9 Charlestown: Connecticut River Na- 1 and 4. Medford: First National Bank 1,2,3, and 5. tional Bank. iVEethuen: Methuen National Bank.. Ito8. Claremont: Milford: Claremont National Bank__ 1 to 4. Home National Bank 1 to 4. Peopies National Bank 1. Milford National Bank & Trust Ito9. Concord: Co. First National Bank 1 to 9. Nan tucket: Pacific National Bank... 1 to 9. Mechanicks National Bank 1, 2, and 4. Needhamr Needham National Bank- Ito9. National State Capital Bank 1, 2, and 4. New Bedford: Dover: First National Bank Ito9. Merchants National Bank 1 to 3. Merchants National Bank 1 to 9. Strafford National Bank 1 to 4. Safe Deposit National Bank Ito9. Exeter: Rockingham National Bank. 1, 2, and 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 361 Powers Powers granted granted DISTRICT NO. 1—Continued DISTRICT NO. 1—Continued NEW HAMPSHIRE—continued VERMONT—continued Franklin: Franklin National Bank- 1. Poultney: Citizens National Bank... Ito4. Hanover: Dartmouth National Bank. Rutland: Keene: 1,2,4, and 9. Central National Bank 1 to 7 and 9i Ashuelot-Citizens National Bank. 1 and 4. Clement National Bank Ito3,5to7. Keene National B ank Ito4. Rutland County National Bank. Ito9. Laconia: St. Johnsbury: Laconia National Bank 1, 2, and 4. First National Bank 1 to 6 and 9, Peoples National Bank 1 and 4. Merchants National Bank 1 to 8. 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: Windsor County National 1 to 3, 5 to 9. non. and 9. Bank. Manchester: Amoskeag National Bank 1, 2, and 4. DISTRICT NO. 2 Manchester National Bank 1. Merchants National Bank 1, 4, and 9. CONNECTICUT Milford: Souhegan National Bank... 1 and 4. (See also District no. 1) Nashua: Indian Head National Bank 1 to 4, 6, 7, Bridgeport: First National Bank & Ito9. and 9. Trust Co. Second National Bank 1, 2, and 4. Danbury: 1, 2, 4, 6, 7, City National Bank & Trust Co. Ito9. Newport: Citizens National Bank. _. and 9. Danbury National Bank _.. 1 to 9. Peterboro: First National Bank 1, 4, and 9. Greenwich: First National Bank in_. Ito9. Plymouth: Pemigewasset National 1 and 4, New Canaan: First National Bank 1 to 9. Bank. & Trust Co. Portsmouth: Norwalk: National Bank of Norwalk. 1 to 9. First National Bank 1, 2, 4, 6, 7, Ridgefield: First National Bank & Ito9. and 9. Trust Co. New Hampshire National Bank.. 1 and 9. South Norwalk: City National Bank. Ito9. Rochester: Public National Bank 1, 2, 4, 6, 7, Stamford: and 9. First Stamford National Bank & Ito9. Tilton: Citizens National Bank 1 and 2. Trust Co. It 2, 4, 6, 7, Wilton: Wilton National Bank and 9. NEW JERSEY Wolfeboro: Wolfeboro National Bank 1 and 4. (See also District no. 3) RHODE ISLAND Allendale: First National Bank 1 to 9. Allenhurst: Allenhurst National Ito9. Newport: Bank & Trust Co. Aq B u a i n d k ne & ck Sa N v a in ti g o s n a C l o . Exchange Ito9, A A s ll b e u n r t y ow P n a : r k F : a A rm sb e u rs r y N P a a ti r o k n a N l a B tio a n n a k l .. I I t t o o 9 9 . . Newport National Bank Ito9. Bank & Trust Co. Prov N P B i r d l a T o a e t v c i r n o u k i c d n s s e e t a t o : n l C n c e e B o . C a N n a a k n t i a o o l n f N a C a l t o B io m a n n m a k l e r B c a e n & k. I 1 I t t o o to 9 9 . . 9. A B Be a t T l l a l y a l r n e o u n d v n t s s i i n t l c l e N C e : : H o a M t P . i i g o e e h o c n l h p a a l a l n e n B d s i s c a N : s n ' a A k N t . i t o a la n ti n a o t l n i c a B l a H B n i k a g n h & k - . 1 1 It o t t o o 9 . 8 9 . . Bergenfield: Bergenfield National Ito9. VERMONT Bank & Trust Co. Barre: Peoples National Bank Ito9. Bernardsville: Bernardsville National Ito9. Bellows Falls: National Bank of Bel- Ito9. Bank. lows Falls. Boonton: Boonton National Bank 1 to 9. Bennington: Boundbrook: First National Bank 1 to 9. County National Bank.. Ito9. Butler: First National Bank. Ito9. First National Bank... Ito9. Caldwell: Brandon: First National Bank Ito4. Caldwell National Bank Ito9. Brattleboro: Vermont Peoples Na- Ito9. Citizens National Bank & Trust 1 to 8. tional Bank. Co. Burlington: Howard National Bank Ito8. Carlstadt: Carlstadt National Bank.. 1 to 9. & Trust Co. Carteret: First National Bank 1 to 9. Chelsea: National Bank of Orange Ito8. Clifton: County. Clifton National Bank Ito9. Chester: National Bank of Chester- 1,2,3, and 5. First National Bank 1 to 9. Danville: Caledonia National Bank.. Ito9. Closter: Closter National Bank & Ito9. Derby Line: National Bank of Derby 1 to 3,5, and Trust Co. Line. 9. Cranbury: First National Bank Ito9. Enosburg Falls: First National Bank. 1 to 9. Cranford: First National Bank... 1 to 9. Manchester Center: Factory Point Ito9. Dover: National Union Bank Ito9. National Bank. Dunellen: First National Bank... 1 to 9. Middlebury: National Bank of Mid- 1 to 9. Elizabeth: National State Bank 1 to 7 and 9. dlebury. Englewood: Citizens National Bank 1 to 9. Montpelier: & Trust Co First National Bank Ito4. Flemington: Flemington National 1 to 9. MontpeliVr National Bank Ito9. Bank & Trust Co. Newport: National Bank of Newport.1 to 7 and 6 Freehold: Northfield: Northfield National Ito9. Central National Bank—_, Ito9. Bank. First National Bank... Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. ?— Continued DISTRICT NO. 2—Continued NEW JERSEY—-continued NEW JERSEY—continued Frenchtown: Union National Bank— 1 and 4. Plainfield: Garfield: First National Bank Ito9. First National Bank 1 to 9. Glen Rock: Glen Rock National Ito9. Plainfield National Bank Ito9. Bank. Pompton Lakes: First National Ito8. Hackensack: City National Bank & Ito9. Bank & Trust Co Trust Co. Prospect Park: Prospect Park Na- Ito9. Hackettstown: tional Bank. Hackettstown National Bank Ito9. Rah way: Rahway National Bank... Ito9. Peoples National Bank Ito9. Ramsey: First National Bank & Ito9. Hamburg: Hardyston National Bank- Ito8. Trust Co. Highland Park: First National Bank- Ito9. Red Bank: Second National Bank & Ito9. Hillside: Hillside National Bank Ito9. Trust Co. Hoboken: First National Bank Ito4. Ridgewood: Irvington: Citizens National Bank & Trust 1 to 9. Irvington National Bank Ito9. Co. Peoples National Bank & Trust Ito9. First National Bank & Trust Co. Ito9. Co. Roselle: First National Bank 1 to 9. Jersey City: Rutherford: Rutherford National 1 to 9. First National Bank... Ito9. Bank. Franklin National Bank 1 to 7 and 9. Sayreville: First National Bank 1 to 8. Hudson County National Bank.. Ito9. Somerville: Second National Bank... 1 to 4. Kearny: First National Bank & Ito9 South Amboy: First National Bank.. Ito9. Trust Co. South River: First National Bank 1 to 9. Lambertville: Summit: First National Bank & 1 to 9- Amwell National Bank Ito9. Trust Co. Lambertville National Bank Ito9. Sussex: Farmers National Bank 1 to 5. Little Falls: Little Falls National Ito9. Tenafly: Northern Valley National Ito9. Bank. Bank. Lyndhurst: First National Bank Ito9. Union City: First National Bank 1 to 9. Madison: First National Bank Ito9. Washington: First National Bank 1 to 9. Manasquan: Manasquan National Ito9. Weehawken: Hamilton National 1 to 9. Bank. Ito9. Westfield: National Bank of West- Ito9. MMeiltlubcuhrenn: : FMiresttu Nchaetino nNaalt iBoannakl Bank. Ito9. field. Milltown: First National Bank Ito9i West New York: First National 1 to 9. Montclair: Bank. First National Bank & Trust Co..1 to 9. West Orange: First National Bank... 1 to 9. Montclair National Bank.. Ito9. Westwood: First National Bank 1 to 9. Morristown: First National Bank Ito9. NEW YORK National Iron Bank Ito9. Albany: Newark: National Commercial Bank & Ito8. Lincoln National Bank Ito9. Trust Co. Mount Prospect National Bank.. Ito9. New York State National Bank.. 1 to 9. National Newark & Essex Bank- Ito9. Amityville: First National Bank & ltoQ. ing Co. Trust Co. National State Bank Ito9. Amsterdam: South Side National Bank & Ito9. Amsterdam City National Bank. 1 to 3,5 to 8 Trust Co. Farmers National Bank 1 to 9. Union National Bank Ito9. First National Bank. 1 to 9. New Brunswick: Auburn: The National Bank of Au- 1 to 9. National Bank of New Jersey Ito9. burn. Peoples National Bank Ito9. Babylon: Babylon National Bank 1 to 9. Newton: Sussex & Merchants Na- I to 9. & Trust Co. tional Bank. Baldwin: Baldwin National Bank & 1 to 9. Nutley: Trust Co. First National Bank Ito9. Bald wins ville: First National Bank 1 to 9. Franklin National Bank Ito9. & Trust. Co. Orange: Ballston Spa: Ballston Spa National Ito9. Second National Bank- Ito9. Bank. Palisades Park: Palisades Park Na- Ito9. 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 Ito9. Matteawan National Bank of Ito9. National Bank of America 1 to 9. Beacon. Paterson National Bank 1 to 9. Binghamton: Second National Bank Ito9. City National Bank Ito9. Perth Amboy: First National Bank 1 to 9. First National Bank Ito9. Bridgehampton: Bridgehampton Ito9. 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWEES 363 Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 2—Continued NIW TOEK—continued NEW YORK—continued Canajoharie: Gloversville: Canajoharie National Bank Ito9. City National Bank & Trust Co.. 1 to 9. National Spraker Bank Ito9. Fulton County National Bank & 1 to 9. Canandaigua: Canandaigua Na- 1 to 9. Trust Co. Ca ti n o t n o a n l : Bank & Trust Co. Go C s o h u e n n t : y N . ational Bank of Orange 1 to 9. First National Bank Ito9. St. Lawrence County National Granville: Washington County Na- 1 to 5. Bank. 1 to 3,5 to 8 tional Bank. Carmel: Putnam County National Groton: First National Bank 2 and 3. Bank. Ito9. Hampton Bays: Hampton Bays 1 to 9. Catskill: Catskill National Bank & National Bank. Trust Co. Ito8. Hancock: First National Bank 1 to 9. Cazenovia: Cazenovia National Haverstraw: National Bank <fc 1 to 9. Bank. Ito9. Trust Co. Ce B d a a n r k h . urst: Peninsula National Ito9. Hempstead: First National Bank Ito9. Central Square: First National Bank. Ito9. Hoosick Falls: Peoples First National 1 to 9. Central Valley: Central Valley Na- Ito9. Bank. tional Bank. Chester: Chester National Bank Ito9. Hudson: Ito9. Clayton: First National Exchange Ito9. Farmers National Bank Ito9. Bank. First National Bank & Trust Co. Clyde: Briggs National Bank & Ito9. Hudson Falls; Ito9. Trust Co. 1 to 9. Cohoes: National Bank of Cohoes.__ 1 to 8. Peoples National Bank Ito9. Cooperstown: Sandy Hill National Bank First National Bank Ito9. Second National Bank , Ito8. Huntington: First National Bank & 1 to 9. Corning: First National Bank & Ito8. Trust Co. 1 to 9. Trust Co. tlion: Ito9. Cortland: Ilion National Bank & Trust Co. N Se a c t o io n n d a l N B a a ti n o k n a o l f B C a o n r k tl a & nd Trust 1 It o to 9 . 9. Irvin M g a to n n u : f a I c r t v u i r n e g rs to N n a N ti a o t n io a n l a B l a B n a k nk ... 1 to 9. Co. & Trust Co. Ito9. Cuba: Islip: First National Bank 1 to 8. Cuba National Bank 1 to 9. Ithaca: First National Bank First National Bank I to 9. Jamestown: National Chautauqua Delhi: Delaware National Bank Ito9. County Bank. Ito9. Dolgeville: First National Bank 1 to 9. Kingston: 1 to 9. Dover Plains: Dover Plains Na- 1 to 9. First National Bank of Rondout. Ito9. tional Bank. Rondout National Bank 1 to 9. D Ea u s n t L M k a i e k r R r k e c o : h S c a k h n a o t w r s e a N N y a : a t t i E i o o a n n s a a t l l B B R a a n o n k c k kaway I 1 1 t o t t o o 9 . 9 8 . . L L i i B t b t a e l S e n r t t a k y t F . : e a o S ll f u s N : l li e L v w a it n t Y l e C o r o k F u a N n ll t a s y t i o N N n a a a t t l i i o o B n n a a a n l l k. I 1 t o to 9 . 9. E El d N l w e a n a t v i r o i d l n l s a e : l : E B F d a i w r n s k a t r & d N s T a N t r i u a o t s n i t o a n l C a o B l a B nk a n & k.. 4 It . o9. Lo B c a k n p k o . rt: Niagara County National 1 to 9. Trust Co. Bank & Trust Co. El C m o ir . a: First National Bank & Trust Ito9. Lo B w an v k il . le: Black River National Ito9. Fa T ir r p u o st r t C : o F . airport National Bank & Ito9. Lyn L c y ro n o b k ro : ok National Bank & Ito9. F F a a F r r m ar R in R o g c o d k c a a k l w a e w : a y a F y : 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. Pe T C o r p o u l . e s s t C N o a . tional Bank & Trust 1 It o to 9 . 9. Fl & or a T l ru P s a t r C k: o . First National Bank 1 to 9. M M a a l n o h n a e s : s e F t a : rm Fi e r r s s 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 ._ & _ Ito9. Fo B n a d n a k : . National Mohawk River 1 to 8. M T as r s u e s n t a C : o F . irst National Bank & Ito9. Fo B rt a nk P . lain: Fort Plain National 1 to 9. M T a r tt u i s tu t C ck o : . Mattituck National Ito9. Frankfort: Citizens First National Bank & Trust Co. Ito9. Bank. Ito9. Merrick: First National Bank Ito9 Fr d e o d n o i n a i . a: National Bank of Fre- 1 to 9. M t i i d o d n l a e l t o B w an n k : F & i r T st r u M st e C rc o h . ants Na- Ito9. Free C p i o ti r z t: ens National Bank 1 to 9. M M o in n e t o ic l e a l : l o F : i r N st a t N io a n ti a o l n U al n i B on an B k ank of 4. Fult F o i n r : s t C N it a i t z i e o n n s a l N B a a t n io k n a & l T B r a u n st k C & o. 1 It o to 9 , 9. M M or o ri n s t t i o c w el n lo : . Frontier National Ito9. Trust Co. Bank. Qeneseo: Genesee Valley National 1 to 9. Mount Kisco: Mount Kisco Na- Ito8. Bank & Trust Co. tional Bank & Trust Co. Glens Falls: Mount Vernon: First National Bank. Ito9. First National Bank 1 to 9. Newburgh: Glens Falls National Bank & Ito9. Highland Quassaick National 1 to 9. Trust Co. & Trust Co. Ito9. National Bank of Newburgh New Rochelle: National City Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 ANNUAL KEPOKT 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: Red Hook: First National Bank 1,2, and 3. Chase National Bank Ito9. Richfield Springs: First National Ito9. Commercial National Bank & Ito9. Bank. Trust Co. Riverhead: Suffolk County National Ito9. Dunbar National Bank Ito9. Bank. First National Bank... Ito9. Rochester: First National Bank & Ito9. Fort Greene National Bank Ito9. Trust Co. Grace National Bank Ito9. Rockyille Center: Nassau County Ito9. Kingsboro National Bank of 1 to 9. National Bank. Brooklyn in New York. Rome: Farmers National Bank & Ito9. Lafayette National Bank of Ito9. Trust Co. Brooklyn in New York. Roscoe: First National Bank & Ito9. National City Bank Ito9. Trust Co. National Safety Bank & Trust Co.1 to 9. Roslyn: Roslyn National Bank & Ito9. Peoples National Bank of Brook- 1 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 2 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 Ito9, National Bank & Trust Co Ito9. Scarsdale: Scarsdale National Bank 1 to 9. Nyack: Nyack National Bank & 1 to 9. & Trust Co. Trust Co. Schenectady: Olean: Mohawk National Bank Ito9. Exchange National Bank Ito9. Union National Bank 1 to 9. First National Bank 1 to 9. Sidney: First National Bank in 1 to 9. Oneida: Oneida Valley National Ito9. Sidney. Bank. Silver Creek: Silver Creek National 1 to 9. Oneonta : Bank. Citizens National Bank & Trust Ito9. Skaneateles: National Bank & Trust 1 to 9. Co. Co. Wilber National Bank Ito9. Southampton: First National Bank. Ito8. Ossining: First National Bank & Ito9. Spring Valley: First National Bank. 1 to 9. Trust Co. Springville: Citizens National Bank. 1 to 9. Oswego: First & Second National Ito9. Stamford: National Bank of Stam- 1 to 9i Bank & Trust Co. ford. Ovid: First National Bank 4. Suffern: Suffern National Bank & 1 to 9. Owego: Trust Co. First National Bank Ito9. Syracuse: Owego National Bank Ito9. Lincoln National Bank & Trust 1 to 9. Patchogue: Peoples National Bank. 1 to 9. Co. Pearl River: First National Bank & Ito9. Merchants National Bank & Ito9. Pe T e r k W P u s e s B k C e e t i s o k a l C t l . n s c : k o k h i . e . l s l t N er a tio C n o a u l n B ty an k N & at i T o r n u a s l t I I t t o o 9 9 . . T T i a B B c r o r a a S n y n n a d t T k k l o e t . . r w r u S o n s g p t : a r i C : n T o g T a . s r i c r N y o t a n o t d i w o er n n o a g l a N B N a a n t a k i t o io n n a a l l I I 1 t t o t o o 3 9 , 9 . 5 . to9, P P P l l e e a r a t r M P t s y s l a T : b P a e n t u r r l F t t c a u v r s i h t g s b r i t l a t s s : u l t n b e C r t u g : N s o r F a g t i N N . i r o s a a n t t t a i i N o o l n n a B a t a i a l l o n n k B B al a a n n B k k a n & i k n - I 1 I 1 t t t t o o o o 9 9 9 5 . . . , 7 to9. U T Tu r t T o i c c r y k M N U a u : a : s n a a h t t i n o O i o o u C e n n n f : o e a a N . i c l F d a t a i u C t r i r s i o e t t n N r y s a N a B l N t a i a B o t a n i n a t o k i n a o n l k n a l a B l B a B a n a n k n k k & & ... I I I 1 1 t t t t o o o t o o 9 9 9 9 . . . 9 . Port Chester: First National Bank Ito9. Va T l r le u y s t S C tr o e . am: Valley Stream Na- 1 to 9. Po & rt T H ru en st r y C : o C . itizens National Bank- 1 to 9 W t a io ld n e a n l : B a F n i k rs t & N T a ru ti s o t n C al o . Bank & 1 to 9. Port N F J i a e r t s r i t v o i n N s a : a l t io B n a a n l k B & an k Trust Co. of 1 1 t t o o 9 9 . . W T T a r l r t u u o s s n t t : C C F o o i . . rst National Bank & Ito9. Port R P i o c r h t m Je o r n v d is : . Staten Island Na- Ito9. W B ar a r n e k n . sburg: Emerson National Ito9. tional Bank & Trust Co. Warsaw: Wyoming County Na- Ito9. Port Washington : Port Washington Ito9. tional Bank. National Bank & Trust Co. Warwick: First National Bank Ito9. Potsdam: Citizens National Bank... 1 to 9. Watertown: Poughkeepsie: Jefferson County National Bank. Ito9. Fallkill National Bank & Trust 1 to 9. Watertown National Bank 1 to 8. Co. Watervliet: National Bank of Water- 1 to 9. Farmers & Manufacturers Na- Ito9. vliet. tional Bank. Waverly: Citizens National Bank__. 1 to 9. First National Bank Ito9. Wellsville: Citizens National Bank.. Ito9. Merchants National Bank & 1 to 9. Westbury: Wheatley Hills National Ito9. Digitized for FRATSrEusRt Co. Bank. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 365 Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 3—Continued NEW YORK—continued NEW JERSEY—continued Westfield: National Bank of West- Ito9. Mount Holly: Union National Bank Ito9. field. & Trust Co. Whitehall: Merchants National Ito9. New Egypt: First National Bank & Ito9. Bank. Trust Co. White Plains: Peoples National Ito9. Ocean City: Ocean City National Ito9. 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 Ito9. Bank & Trust Co. DISTRICT NO. 3 Pitman: Pitman National Bank & Ito9. i ruse uo, DELAWARE Point Pleasant Beach: Ocean County Ito8. National Bank. Delmar: First National Bank Ito8 Princeton: First National Bank Ito9. Dover: First National Bank Ito9 Koebling: First National Bank & Ito9. Harrington: First National Bank Ito9. Trust Co. Laurel: Peoples National Bank ltoS. Salem: Milford: First National Bank & Ito9. City National Bank & Trust Co, Ito9. Trust Co. Salem National Bank & Trust Ito9. Seaford: First National Bank Ho 8. Co. Smyrna: Swedesboro: Swedesboro National Ito9. Fruit Growers National Bank & Ito9. Bank. Trust Co. Toms River: First National Bank.. Ito9. National Bank of Smyrna Ito9. Trenton: Wilmington: Broad Street National Bank Ito9. Central National Bank Ito9. First-Mechanics National Bank.. Ito9. Union National Bank Ito9. Prospect National Bank Ito9. Ventnor City: Ventnor City Na- Ito9. tional Bank. NEW JERSEY Vineland: Vineland National Bank Ito9. & Trust Co. (See also District no. 2) Wildwood: Marine National Bank.. Ito9. Absecon: First National Bank Ito9. W T o r o u d s b t u C ry o : First National Bank & Ito9. Audubon: Audubon National Bank. Ito9. ^Woodstown* Barnegat: First National Bank Ito9. First National Bank 1 to 9. Beach Haven: Beach Haven Na- Ito9. Woodstown National Bank & Ito9. tional Bank & Trust Co. Trust Co Beverly: First National Bank & Ito9. Trust Co. Blackwood: First National Bank & Ito9. PENNSYLVANIA Trust Co. (See also District no. 4) Bordentown: First National Bank.. Ito9. Bridgeton: Allentown: Bridgeton National Bank Ito9. Allentown National Bank Ito9 Cumberland National Bank 1 to 9. Merchants National Bank Ito9. Farmers and Merchants Na- Ito9. Second National Bank 1 to 9. tional Bank. Altoona: First National Bank Ito9. Burlington: Mechanics National Ito9. Ambler: First National Bank.- Ito9. Bank. Annville: Annville National Bank.. Ito9. Cam den: Ashland: The Ashland National Ito9. American National Bank Ito9. Bank. First Camden National Bank & Ito9. Ashley: First National Bank Ito9. Trust Co. Atglen: Atglen National Bank Ito3. Third National Bank & Trust Co. Ito9. Avoca: First National Bank Ito9. Cape May: Merchants National 4. Bangor: Bank. First National Bank 1 to 9. Collingswood: Collingswood Na- Ito9. Merchants National Bank Ito9. Bedford: 110118.1 .Da UK. Ito9. Farmers National Bank & Trust Ito9. EOllmasesrb:o roF:i rsFt iNrsat tiNonatailo nBaaln Bkank Ito9. Co- Haddonfleld: Haddonfield National Ito9. First National Bank & Trust Co.. Ito9. Bank. Bellefonte: First National Bank Ito9. Hightstown: First National Bank... Ito9. Belleville: Belleville National Bank. Ito3. Hopewell: Hopewell National Bank. Ito9. Berwick: Lakewood: Peoples National Bank.. Ito9. Berwick National Bank Ito9. Medford: Burlington County Na- Ito9. First National Bank... Ito9. tional Bank. Berwyn: Berwyn National Bank Ito9. Merchantville: Merchantville Na- 1 to 9. Bethlehem: tional Bank & Trust Co. Bethlehem National Bank Ito9. Millville: Millville National Bank... 1 to 9. First National Bank & Trust Co. Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO.. 3—Continued DISTRICT NO. 3—Continued PENNSYLVANIA—continued PENNSYLVANIA—continued Blossburg: Citizens National Bank 1 to 9. Huntingdon: & Trust Co. First National Bank Ito9. Boyertown: Union National Bank & Trust Co.ito8. Farmers National Bank & Trust 1 to 9. Johnstown: Co. First National Bank Ito8. National Bank & Trust Co 1 to 9. Moxham National Bank 1 to 9. Bradford: Commercial National 1 to 9. Kane: First National Bank Ito9. Br B id a g n e k p . ort: Bridgeport National 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 : en N n a e ti t o t n S a q l u a B r a e n . k & Ito9. Bank. Bristol: Farmers National Bank of Ito9. Kutztown: Kutztown National Ito9. Bucks County. Bank. Gatasauqua: Lancaster: Lehigh National Bank Ito9. Conestoga National Bank Ito9. National Bank of Catasauqua 1 to 9. Fulton National Bank 1 to 9. Ohambersburg: Lancaster County National Bank- Ito9. National Bank of Chambersburg. Ito9. Langhorne: Peoples National Bank Ito9. Valley National Bank Ito9. & Trust Co. Chester: Lansdale: First National Bank Ito9. Delaware County National Bank- Ito9. Lansdowne: National Bank of Lans- Ito9. First National Bank Ito9. downe. Clearfield: County National Bank... Ito9. Lebanon: Ooatesville: First National Bank 1 to 9. National Bank of Chester Valley- Ito9. Lebanon National Bank _ 1 to 9. National Bank of Coatesville Ito9. Peoples National Bank _. 1 to 9. L/Oiu C m e D nt ia ra . l National Bank 1 to 9. .Len C ig i n ti t z o e n n : s National Bank & Trust 1 to 9. First Columbia National Bank.. 1 to 9. Co. Conshohocken: First National Bank. 1 to 9. First National Bank I to 9. Dallastown: First National Bank & Ito9. Lewisburg: Trust Co. Lewisburg National Bank 1 to 9. Danville: Union National Bank 1 to 9. Danville National Bank Ito9. Lewistown: First National Bank 1 to 9. Citizens National Bank Ito9. Darbv: First National Bank _ Ito9. Miffiin County National Bank._. I to 9. Doylestown: Doylestown National 1 to 9. Russell National Bank 1 to 9. Bank & Trust Co. Lititz: Farmers National Bank Ito9. Du Bois: Littlestown: Littlestown National 1 to 9. Deposit National Bank Ito9. Bank. Du Bois National Bank 1 to 9. Lock Haven: First National Bank— 1 to 9. East Stroudsburg: Monroe County Ito9. Luzerne: Luzerne National Bank 1 to 9. National Bank. Mahanoy City: Easton: First National Bank_ Ito9. Easton National Bank _ Ito9. Union National Bank.. _ 1 to 8. First National Bank & Trust Co. 1 to 9. Malvern: National Bank of Malvern. 1 to 9. Ebensburg: First National Bank Ito9. Manheim: Edwardsville: Peoples National Ito9. Keystone National Bank 1 to 9. Bank. Manheim National Bank 1 to 9. Elizabethtown: First National Bank Ito9. Mauch Chunk: Mauch Chunk Na- 1 to 9. & Trust Co. tional Bank. Emaus: Emaus National Bank Ito9. Maytown: Maytown National Bank 1 to 4. Ephrata: Mechanicsburg: Second National 1 to 9. Ephrata National Bank ______ Ito9. Bank. Farmers National Bank 1 to 9. Media: First National Bank. 1 to 9. Fleet wood: First National Bank & Ito9. Millheim: Farmers National Bank 1 to 9. Trust Co. & Trust Co. Frackville: First National Bank & Ito9. Milton: First Milton National Bank. Ito9. Trust Co. Montoursville: First National Bank.. 1 to 9. Gap: Gap National Bank & Trust Co.Ito9. Montrose: First and Farmers Na- Ito9. Gettysburg: tional Bank & Trust Co. First National Bank Ito9. Mount Carmel: Gettysburg National Bank 1 to 9. First National Bank 1 to 9. Greencastle: First National Bank.__ 1 to 9. Union National Bank 1 to 9. Hamburg: First National Bank & Ito9. Mount Joy: Trust Co. First National Bank & Trust Ito9. Harleysville: Harleysville National Ito9. Co. Bank. Union National Mount Joy Bank- Ito9. Harrisburg: Harrisburg National Ito9. Mountville: Mountville National 1 to 4. Bank. 1 to 9. M B ye a r n s k to . wn: Myerstown National 1 to 9. HHaattfsibeoldro: :H Hataftisebldo rNn aNtiaotnioanl aBl aBnakn.k._.__ 1 to 9. Bank. Hazleton: Nanticoke: First National Bank Ito9. First National Bank Ito9. Hazleton National Bank Ito9. Miners National Bank Ito9. Honesdale: Honesdale National 1 to 9. Nanticoke National Bank 1 to 9. Bank. Nazareth: Nazareth National Bank 1 to 9. Honeybrook: First National Bank... Ito9. & Trust Co. Hummelstown: Hummelstown Na- Ito9 New Holland: Farmers National Ito9. tional Bank. Bank & Trust Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 367 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. Shamokin: Trust Co. Market Street National Bank Ito9. Newville: First National Bank Ito9. National Dime Bank of Shamokin.ltoP. Norristown: Shenandoah: Montgomery National Bank 1 to 9. Merchants National Bank Ito9. Peoples National Bank . 1 to 9. Miners National Bank 1 to 9. Northampton Cement National 1 to 8. Shickshinny: First National Bank 1 to 3,5 to 8. Bank of Siegfried. Shippensburg: Northumberland: Northumberland Ito9. First National Bank 1 to 9. National Bank. Peoples National Bank 1 to 9. Oley: First National Bank Ito9. Smethport: Grange National Bank 1 to 9. Orwigsburg: First National Bank Ito9. of McKean County- & Trust Co. Souderton: Union National Bank & Ito9. Oxford: National Bank of Oxford Ito9. Trust Co. Palmerton: First National Bank Ito9. Spring City: National Bank & Trust Ito9. Patton: First National Bank 1 to 9. Co. Pen Argyl: First National Bank 1 to 9. State College: Philadelphia: First National Bank 1 to 9. Central Penn National Bank Ito9. Peoples National Bank 1 to 9. City National Bank 1 to 9. Stroudsburg: First Stroudsburg Na- Ito9. Commercial National Bank 1 to 9. tional Bank Corn Exchange National Bank Ito9. Sunbury: First National Bank Ho 9. & Trust Co. Swarthmore: Swarthmore National Ito9. Erie National Bank Ito9. Bank & Trust Co. First National Bank 1 to 9. Tamaqua: Kensington National Bank 1 to 3, 5 to 9. First National Bank Ito9 Market Street National Bank Ito9. Tamaqua National Bank Ito9. Mount Airy National Bank 1 to 9. Tioga: Grange National Bank 1 to 4. National Bank of Germantown 1 to 8. Topton: National Bank of Topton... Ito4. & Trust Co. Towanda: Citizens National Bank.. 1 to 9. National Bank of Olney in Phila- Ito9. Tyrone: First Blair County National Ito9. delphia. Bank. North Broad National Bank Ito9. Watsontown : Farmers National Ito9. Northeast National Bank Ito9. Bank Northwestern National Bank Ito9. Waynesboro: & Trust Co. Citizens National Bank & Trust Ito9. Philadelphia National Bank 1 to 9. Co. Second National Bank Ito9. First National Bank & Trust Co.1 to 9. Southwestern National Bank Ito8. Weatherly: First National Bank Ito9. Tioga National Bank & Trust Co.Ito9. Wernersville: Wernersville National Ito9. Tradesmens National Bank & Ito9. Bank & Trust Co. Trust Co. West Chester: Philipsburg: First National Bank Ito9. First National Bank 1 to 9. Phoenixville. Farmers and Mechan- 1 to 9. National Bank of Chester County 1 to 9. Pine iI G nCoS r o "I v NNT e ao : cf iri P vo-nn in oal e i " RJJQ G II-nD r lr o K- v . e National Ito9. West G O6 r o A v 1U e . : 0 I N V a -^ t U i . onal Bank & Trust Ito9 Bank & Trust Co. Co. Pittston: First National Bank 1 to 9. Wilkes-Barre: Liberty National Bank 1 to 9. Miners National Bank Ito9. Plymouth: First National Bank 1 to 9. Second National Bank 1 to 9. Port Allegany: First National Bank. Ito9. Wyoming National Bank Ito9. Pottstown: Williamsport: Citizens National Bank & Trust Ito9. First National Bank Ito9. Co. Williamsport National Bank 1 to 9. National Bank of Pottstown 1 to 9. Wrightsville: First National Bank Ito9. National Iron Bank 1 to 9. York: Pottsville: Central National Bank & Trust Ito9. Merchants National Bank 1 to 9. Co. Miners National Bank_._ 1 to 9. Drovers and Mechanics National Ito9. Pennsvlvania National Bank & Ito9. Bank. Trust Co. First National Bank Ito9. Reading: Industrial National Bank of 1 to 9. Farmers National Bank & Trust Ito9. West York. Co. Western National Bank Ito9. Penn National Bank & Trust Co_Ito9. York County National Bank 1 to 9. Reading National Bank & Trust Ito9. York National Bank & Trust Co.Ito9. Co Red Lion: DISTRICT NO. 4 Farmers & Merchants National Ito9. Bank. KENTUCKY First National Bank & Trust Co.Ito9. Ridgway: Ridgway National Bank.. 1 to 9. (See also District no. 8) Sayre: First National Bank Ito9. Schuylkill Haven: First National Ito9. Ashland: Bank & Trust Co. Second National Bank 1 to 5,7 to 9. Schwenksville: National Bank <fc Ito9. Third National Bank 1 to 5,7 to 9. Trust Co. Brooksville: First National Bank 1 to 5 and 8. Scranton: Covington: First National Bank & Ito9. First National Bank Ito9. Trust Co. Third National Bank & Trust Co.1 to 9. Cynthiana: Digitized for FRUAniSoEn RN ational Bank. 1 to 9. Farmers National Bank 1 to 9. Selinsgrove: First National Bank.... 1 to 9. National Bank of Cynthiana 1 to 5, 7 to 9. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Power granted granted DISTRICT NO. 4—Continued DISTRICT NO. 4—Continued KENTUCKY—continued OHIO—continued Georgetown: Lebanon: Lebanon - Citizens Na- 1 to 7 and 9 First National Bank _ Ito9. tional Bank & Trust Co. Georgetown National Bank 1 to 5, 7 to 9.Lima: National Bank of Lima 1 to 7 and 9. Harlan: Harlan National Bank 1 to 5, 7 to 9. Mansfield: Lexington: First National Bank & Ito9. Citizens National Bank & Trust 1 to 4 and 9. 1 rust oo. Co Ludlow: First National Bank Ito9. Mansfield Savings Trust Na- 1 to 7 and 9. Middlesboro: National Bank of Ito5, 7to9. tional Bank. Middlesboro. Marietta: Mount Sterling: Citizens National Bank 1 to 7 and 9. Montgomery National Bank 1 to 8. First National Bank 1 to 7 and 9. Mount Sterling National Bank 1 to 9. Marion: National City Bank & 1 to 7 and 9. Traders National Bank Ito5, 7to9. Trust Co. Newport: Mount Vernon: The Knox 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.Newark: Park National Bank 1 to 7 and 9. Paintsville: Second National Bank... 1 to 8. New Philadelphia—Citizens National 1 to 7 and 9. Paris: First National Bank 1 to 5, 7 to 9. Bank. Pikeville: First National Bank 1 to 8. Piqua: Richmond: Madison Southern Na- Ito9. Citizens National Bank & Trust Ito9. tional Bank & Trust Co. Co. Saylersville: Saylersville National 2 to 8. Piqua National Bank & Trust 1 to 7 and 9. x>anK. Co. Somerset: Portsmouth: Security Central Na- 1 to 7 and 9 Farmers National Bank 1 to 5, 7 to 9. tional Bank. First National Bank 1 to 9. Ravenna: Second National Bank 1, 4, and 9 Williamsburg: First National Bank.. 1 to 4. St. Clairsville: First National Bank 1 to 7 and 9. Winchester: Clark County National 1 to 5, 7 to 9. Sandusky: Third National Exchange Ito9. Bank Bank. Springfield: OHIO First National Bank & Trust Co..Ito9. Lagonda-Citizens National Bank. 1 to 7 and9. Alliance: Alliance First National 1 to 9. Steubenville: Ashtabula: National Exchange Bank & Trust 1 to 7 and 9. Farmers National Bank & Trust Ito9. Co. Co. Peoples National Bank.. 1 to 7 and 9. National Bank of Ashtabula 1 to 7 and 9. Tiffin: Athens: Commercial National Bank 1 to 7 and 9. Athens National Bank 1 to 7 and 9. Tiffin National Bank 1 to 7 and 9. Bank of Athens, N. B A 1 to 7 and 9. Toledo: First National Bank... 1 to 7 and 9. Bellaire: First National Bank 1,3,4,5, and Troy: First Troy National Bank & 1 to 7 and 9 Trust Co Bradford: First National Bank 1 Qto 7 and 9. Urbana: Champaign National Bank.. Ito7and9. Cambridge: Central National Bank- 1 to 7 and 9. Warren: Second National Bank 1 to 9. Canton: First National Bank 1 to 7 and 9. Wilmington: Clinton County Na- 1 to 7 and 9 Cincinnati: tional Bank & Trust Co. Atlas National Bank Ito9. Wooster: Wayne County National 1 to 9. First National Bank 1 to 7 and 9. Bank. Lincoln National Bank Ito9. Youngstown: Second National Bank 1 to 7 and 9 Mahoning National Bank 1 to 9. Circleville: First National Bank 1 to 7 and 9 Union National Bank 1 to 7 and 9 Clev C e e la n n tr d a : l United National Bank... 1 to 7 and 9 ABI16 C S i V ti U z 1 e 6 n . s National Bank in Zanes- 1 to 7 and 9 National City Bank 1 to 7 and 9. ville. Columbus: First National Bank 1, 4, and 9. City National Bank & Trust Co. 1 to 7 and 9. Huntington National Bank 1 to 7 and 9. PENNSYLVANIA Ohio National Bank 1 to 7 and 9. Coshocton: (See also District no. 3) Commercial National Bank 1 to 7 and 9. Coshocton National Bank Ito9. A.rnold: National Deposit Bank of Ito9. Day lOn. Ito9. Beaver Falls: First National Bank... Ito9. MTerrcuhsat nCtso .National Bank & Butler: Butler County National 1 to 9. Third National Bank & Trust 1 to 7 and 9. Bank & Trust Co. Co. Charleroi: National Bank of Charle- Ito9. Winters National Bank & Trust Ito9. roi & Trust Co. Co. Connellsville: National Bank & Ito9. East Liverpool: First National Bank. 1 to 7 and 9. Trust Co. of Connellsville. Findlay: First National Bank & 1 to 7 and 9. Erie: Trust Co. 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 1 to 9. First National Bank & Trust 1 to 7 and 9 Ford City: First National Bank & Ito9. Co. Trust Co. Second National Bank Ito9. Franklin: Lamberton National Bank. Ito9. Hillsboro: Merchants National Bank. 1 to 7 and 9. Greensburg: First National Bank & Ito9. Lancaster: Fairfield National Bank.. 1 to 7 and 9. Trust Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 369 Powers Powers granted 1 granted i DISTRICT NO. 4—Continued DISTRICT NO. 5-Continued PENNSYLVANIA—continued DISTRICT OF COLUMBIA—continued Greenville: Washington—Continued. First National Bank 1 to9. Lincoln National Bank-- Ito8. Greenville National Bank Ito9. National Bank of Washington 1 to 8. Grove City: National Metropolitan Bank Ito8. First National Bank Ito9. Riggs National Bank 1 to 8. Grove City National Bank 1 to 9. Second National Bank 1 to 8. Knox: Clarion County National Ito9. Bank of Edenburg. MABYLAND Leeehburg: First National Bank Ito9. Baltimore: McKeesport: First National Bank___ ltoQ. Baltimore National Bank 1 to 9. Meadviile: First National Bank Ito9. First National Bank Ito5,7to9. Western National Bank 1 to 9. Merchants National Bank & Ito9. Cumberland: Trust Co. First National Bank Ito9. Meyersdale: Citizens National Bank.. 1 to9. Second National Bank Ito9. 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 Ito9. New Bethlehem: First National Ito9. Bank. T>__.I Ne ju w a n B K r . ighton: Union National Bank. Ito9. Hag N er i s c t o o d w e n m : us National Bank Ito9. New Castle: Second National Bank Ito9. Citizens National Bank Ito9. Pocomoke City: Citizens National Ito9. First National Bank of Lawrence Ito9. Bank. County. Rising Sun: National Bank of Rising Ito9. New Kensington: Sun. First National Bank Ito8. Rockville: Montgomery County Na- Ito3. Logan National Bank & Trust 1 to 7. tional Baqk. Co. Salisbury: Salisburv National Bank.. Ito9. Oakmont: First National Bank 1. Snow Hill: First National Bank Ito9. Oil City: Towson: Towson National Bank Ito9. First National Bank 1 to 9. Westminster: Oil City National Bank 1 to9. Farmers & Mechanics National Ito9. Pitts F b a u r r m g e h r : s' Deposit National Bank. 4 and 9. "15R aalln Kt. Ito9. First National Bank First National Bank. _ 1 to 9. Williamsport: Washington County Ito9. Forbes National Bank 1 to 9. National Bank. Mellon National Bank I to 9. National Bank of America at Ito9. NORTH CAROLINA •Mpri tltlelhSnQrUtrrVg*G 1 to 9. Asheboro: First National Bank Ito9. Union National Bank Punxsutawnoy: Punxsutawney Na- 1 to 9. Ashevillo: First National Bank & 1 to 9. tional Bank. Trust Co. in Asheville. Reynoldsville: First National Bank.. Ito9. Charlotte: Sharon: Charlotte National Bank... Ito9. First National Bank 1 to 9. Commercial National Bank 1 to 9. McDowell National Bank. 1 to 8. Merchants & Farmers National Ito9. Merchants and Manufacturers 1 to 9. Bank. National Bank. Union National Bank Ito9. Tarentum: First National Bank & 1 to 9. Concord: Concord National Bank ... Ito9 Trust Co. Elizabeth City: First <fe Citizens 1 to 9 Titusville: Second National Bank 1 to 9. National Bank. Uniontown: Second National Bank.-. Ito9, Gastonia: First National Bank 1 to 9. Warren: Warren National Bank. 1 to 9. Graham: National Bank of Ala- 1 to 9. Washington: Citizens National Bank.. 1 to 3, 5 to mance. 7, and 9. Greensboro: Security National Bank. Ito9. Waynesburg: First National Bank Ito5,7to9. Mooresville: First National Bank Ito9. & Trust Co. Morganton: First National Bank 1 to 9. Zelienople: Peoples National Bank 1 to 4. Mount Airy: First National Bank... 1 to 9. Oxford: First National Bank of 1 to 9. WEST VIBGINIA Granville at; Oxford. Reidsville: First National Bank Ito9. (See also District no. 5) Rocky Mount: Planters National Ito9. Elm Grove: First National Bank Ito9. Sa O li c s i b llK u ry O : C F 1 i r r u s S t D N v- a O ti . onal Bank 1 to 9. 3istersviJle: Union National Bank Ito9. Thomasville: First National Bank... 1 to 9. Wheeling- Wadesboro: First National Bank Ito9. National Bank of West Virginia- 1 to9. Winston-Salem: Farmers National 1 to 9. National Exchange Bank ._ 1 to 9 Bank & Trust Co. DISTRICT NO. 5 8OUTH CABOLINA D18TBICT OF COLUMBIA Anderson: Carolina National Bank.. Ito9. Camden: First National Bank Ito9. Washington: Charleston: Franklin National Bank 1 to 8 Atlantic National Bank 1 to 9. Hamilton National Bank Ito8. South Carolina National Bank... Ito9. Liberty National Bank 1 to8. Chester: Peoples National Bank Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 5—Continued DISTRICT NO. 5—Continued SOUTH CAROLINA—continued VIRGINIA—continued Gaffney: Merchants & Planters Na- Ito9. Orange: tional Bank. Citizens National Bank Ito9. Greenville: National Bank of Orange Ito9. First National Bank Ito9. Phoebus: Old Point National Bank. Ito9. Peoples National Bank 1 to 9. Portsmouth: American National 1. Holly Hill: First National Bank. 1 to 3, 5 to 9. Bank. Orangeburg: Edisto National Bank 1 to 9. Pulaski: Rock Hill: Peoples National Bank... Ito9. Peoples National Bank Ito9, Sumter: National Bank of South Ito9. Pulaski National Bank Ito9. Carolina. Radford: First and Merchants Na- Ito9. tional Bank. VIRGINIA Richmond: Central National Bank Ito9. Abingdon: First National Bank Ito9. First & Merchants National 1 to 9. Alexandria: Bank. Alexandria National Bank Ito9. Roanoke: Citizens National Bank 1 to 9. Colonial American National Bank Ito9. First National Bank Ito9. First National Exchange Bank... Ito9. AppalacMa: First National Bank 1. Rockymount: Peoples National Ito9. Bedford: Peoples National Bank Ito9. Bank. Blackstone: First National Bank..... Ito9. Salem: Farmers National Bank 1 to 9. Bristol: Dominion National Bank Stanley: Farmers & Merchants Na- Ito9. CharlottesvMe: Ito9. tional Bank. National Bank & Trust Co. at Staunton: Charlottesville. Ito9. Augusta National Bank 1 to 9. Peoples National Bank , National Valley Bank 1 to 9. Clifton Forge: Ito9. Staunton National Bank & Trust 1 to 9. Clifton Forge National Bank Co. First National Bank Ito9. Strasburg: Covington: 1 to 6 and 9. First National Bank Ito9. D C C r u a e n l w p C C v e e i o i p l t : l v i e e z F i r : e n : i n g r S s s to t e N c n N o a n a N t t i d i o a o t n N i n a o a a l n l t i a B o B l a n a B n a n k a l k n B k ank I I I 1 t t t o o o to 9 9 4 . . . 9. S W W u B f a a f y r a o M r n n l e k e k a n : s s . t b o s N o a n n a r : o t u i : F o t t F n e a i a n u r l s q N t B u a N a i t n i a e o k t r i n o o a n f l N a S B l a u a B t f n f i a o k o n lk n k al 1 I 1 1 t o t t t o o o 9 . 9 9 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 Ito9. Citizens National Bank ito9. Bank. First National Bank - Ito9. Wytheville: First National Farmers Ito9. Fairfax: National Bank of Fairfax—. Ito9. Bank. Fannville: First National Bank Ito9. WEST VIRGINIA Peoples National Bank Ito9. Frederick sburg: Planters National Ito9. (See also District no. 4) Bank in Frederieksburg. Hampton: Merchants National Ito9. Beckley: Beckley National Bank Ito9. Bank. Bluefield: Harrisonburg: First National Bank 1 to 9. First National Bank 1 to 9. Flat Top National Bank - 1 to 9. National Bank of Harrisonburg.- Ito9. Charleston: j Rockingharn National Bank Ito9. Charleston National Bank 1 to 9. Leesburg: National Bank of Commerce 1 to 9. Loudoun National Bank Ito9. Clarksburg: | Peoples National Bank 1 to 9. Empire National Bank 1 to 9. Lexington: Merchants National Bank ] 1 to 9. First National Bank Ito9. Union National Bank 1 to 9 Peoples National Bank Ito9. Graf ton: First National Bank 1 to 9. Rockbridge National Bank.... Ito9. Huntington: First Huntington Na- Ito9. Lovingston: First National Bank of Ito9. tional Bank. Nelson County. Logan: First National Bank 1 to 9. Lynchburg: Madison: Boone National Bank. Ito4. First National Bank Ito9. Martinsburg: Old National Bank 1 to 9. Lynchburg National Bank & Ito9. Montgomery: Montgomery National Ito9. Trust Co. Bank. Marion: Marion National Bank Ito9. Moorefield: South Branch Valley 1 to 3,5 to). Marshall: Marshall National Bank Ito9. National Bank. & Trust Co Parkersburg: Parkersburg National Ito9. Martinsville: First National Bank__ Ito9. Bank. Narrows: First National Bank __'Ito9. St. Marys: First National Bank 1 to 9. Newport News: First National BaDk 1 to 9. Welch: McDowell County National 1 to 9. Norfolk: Bank in Welch. National Bank of Commerce 1 to 9. Williamson: Seaboard Citizens National Bank. Ito9. First National Bank Ito9. Norton: First National Bank Ito9. National Bank of Commerce Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 371 Powers Powers granted granted DISTRICT NO. 6 DISTRICT NO. 6—Continued ALABAMA GEORGIA Albertville: Albertville National Ito9. Albany: City National Bank Ito9. Bank. Athens: National Bank of Athens 1 to 4. Ann A is n t n o i n s : ton National Bank. 1 to 7, and 9. Atla F n i t r a s . t National Bank Ito9. Commercial National Bank 1 to 5, 7 Fulton National Bank Ito9. and 9. Augusta: National Exchange Bank... Ito9. First National Bank 1 to 8. Barnesville: First National Bank Ito8. Birmingham: First National Bank... 1 to 9. Brunswick: National Bank of Ito9. Cullman: Leeth National Bank 1 to 4. Brunswick. Decatur: Morgan County National 1,2,3, and 5. Cartersville: First National Bank... Ito9. Bank Dothan': First National Bank Ito8. fv^>r U^i.l mlUnXVlUv UnDc • Ito9. First National Bank Fayette: First National Bank 1 to 9. Fourth National Bank Ito9. Florence: First National Bank 1 to 8. Dalton: First National Bank Ito5. Fort Payne: First National Bank 1. Elberton: First National Bank Ito9. Greenville: First National Bank Ito9, La Grange: La Grange National Ito8. TjvViTonVo A kiii m lea«: erican National Bank & Trust Ito9. Lo "J u jR& i a s nn v Kt i . lle: First National Bank Ito9. Co. Macon: First National Bank & Trust Ito9. First National Bank 1 to 9 Co. Merchants National Bank 1 to 9. Moultrie: Moultrie National Bank Ito9. Montgomery: Quitman: Peoples-First National ltog. Alabama National Bank 1 to 9. Bank. First National Bank Ito9. Rome: Oneonto: First National Bank Ito3,5to9. First National Bank Ito9. Opelika: National City Bank Ito9. Farmers National Bank 1 to 9. Savannah: First National Bank 1 to 7. Citizens & Southern National Ito9. Opp: First National Bank 1 to 9. Bank. Piedmont: First National Bank Ito3. Liberty National Bank & Trust Co.Ito9. Selma: City National Bank 1 to 8. Sylacauga: Merchants & Planters Ito9. LOUISIANA National Bank. (See also District no. 11) Talladega: Isbell National Bank 1 to 3, 5 to Hammond: Citizens National Bank.. Ito9. 7, and 9. La Fayette: First National Bank Ito9. Talladega National Bank Ito9. Lake Charles: Troy: First Farmers & Merchants 1 to 7 and 9. Calcasieu National Bank in Lake Ito9. National Bank. Charles. Tuscaloosa: First National Bank..-. ltoQ. City National Bank 1 to 8. New Orleans: First National Bank 1 to 8. Hibernia National Bank in New Ito9. Wetumpka: First National Bank 1 to 9. Orleans. National Bank of Commerce Ito9. Whitney National Bank Ito9. FLORIDA MISSISSIPPI Bradenton: First National Bank 1 to 4. Daytona Beach: First Atlantic Na- Ito9. (See also District no. 8) tional Bank. Biloxi: First National Bank Ito5. De Funiak Springs: First National Ito8. Canton: First National Bank Ito4. Bank. Hattiesburg: First National Bank Ito9. Fort Myers: First National Bank Ito9. Jackson: Jackson State National 1 to 7 and 9. To nirAcrktlna Tnritlil co» National Bank Ito9. La B u a re n l k : . Barnett National Bank Ito9. Commercial National Bank & 1 to 9. Florida National Bank 1 to 9. Trust Co. Lake City: First National Bank 1 to 9. First National Bank 1 to 9 Miami: McComb City: First National Bank. 1 to 3 and 5. First National Bank. _ Ito9. Meridian: Citizens National Bank. 1 to 9. Florida National Bank & Trust Ito9. Vicksburg: Co. at Miami. First National Bank & Trust Co.Ito9. Miami Beach: Miami Beach First 1 to 9. Merchants National Bank & Ito9. Oc iN al a a t : i o M na u j n D r H o I e IK . & Chambliss Na- Ito9. Yaroo T C ru it s y t : C D o e . lta National Bank.... ltoO. tional Bank Orlando: First National Bank & Ito9. TENNESSEE Pe T n r s u ac st o l C a: o . Citizens & Peoples Na- Ito9. (See also Distiict no. 8) tional Bank. Chattanooga: St. Augustine: St. Augustine Na- 1 to 9. Commercial National Bank- Ito9. tional Bank. First National Bank 1 to 9. Sanford: Sanford Atlantic National Ito9. Hamilton National Bank 1 to9. Bank. Clarksville: First National Bank . 1. Sarasota: Palmer National Bank & 1 to 3, 5 to 7Copperhill: First National Bank of 1 to 3, 5 to 3. Trust Co. and 9. Polk County. Tampa: Decherd: First National Bank of 1,3 to 9. Exchange National Bank 1 to 9. Franklin County. First National Bank Ito8. Fayetteville: Winter Haven: Exchange National Ito9. Elk National Bank 1 to 3 and 5. Bank. First National Bank 1 to 3, 5 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 6—Continued DISTRICT NO. 7—Continued TENNESSEE—-continued ILLINOIS—continued Gallatin: First & Peoples National ltoQ. Mattoon: National Bank of Mattoon.Ito9. Bank. Moline: Moline National Bank. 1 to 9. Greeneville: First National Bank Ito9. Montieello: First National Bank Ito9. Kingsport: First National Bank 1 to 7 and 9. Naperville: First National Bank 1 to «. Knoxville: Ottawa: First National Bank Ito9. Hamilton National Bank Ito9. Paris: Park National Bank 1 to 9. Citizens National Bank 1 to 9. Lewisburg: First National Bank 1 to 8. Edgar County National Bank 1 to 9. Nashville: Pekin: American National Bank 1 to 9. American National Bank._. Ito9. Peoria: Broadway National Bank 1 to 7 and 9. Central National Bank & Trust 1 to 9. Third National Bank 1 to 9 Co. Shelbyville: Peoples National Bank- 1 to 3, 5 to 9. Commercial Merchants National 1 to 9. South Pittsburg—First National Ito9. Bank & Trust Co. Bank. First National Bank 1 to 9. Springfield: First National Bank 2, 3, 5 to 7, Pontiac: National Bank of Pontiac... 1 to 9. and 9. Princeton: Citizens National Bank... 1 to 3, 5 to 8. Tullahoma: Traders National Bank.. Ito9. Rock ford: Winchester: Farmers National Bank-. Ito3, 5to9. Illinois National Bank & Trust 1 to 9. DISTRICT NO. 7 Sw l^ e O d . ish-American National Bank Ito9. Third National Bank Ito9. ILLINOIS St. Charles: St. Charles National 1 to 9. Bank. (See also District no. 8) Savanna: First National Bank Ito9, opringtieia. Amboy: First National Bank Ito9. First National Bank 1 to 9. Aurora: Illinois National Bank 1 to 9. Aurora National Bank Ito9. Streator: Union National Bank- :_ . 1 to 9. Merchants National Bank 1 to 9. Sycamore: National Bank & Trust Ito9. Old Second National Bank Ito9. Co. Batavia: Waukegan: First National Bank Ito9. Batavia National Bank . Ito9. Woodstock: American National Ito9. First National Bank .. Ito8. Bank. Belvidere: Second National Bank 1 to 9. INDIANA Blue Island- First National Bank Ito9. Charleston: National Trust Bank.... Ito9. (See also District no. 8) uf~!n 1—i c£ ^a A g«*r/o% .• Ito9. Albion: Albion National Bank 2,3,5, and 8. AmCoer.ican National Bank & Trust Attica: Central National Bank & Ito9. City National Bank & Trust Co.. Ito9. Trust Co. Continental Illinois National Ito9. Auburn: City National Bank Ito9. Bank & Trust Co. Aurora: First National Bank 1 to 9. Continental National Bank & Ito9. Batesville: First National Bank Ito9. Trust Go. Bloomington: First National Bank _ Ito9. Bloomineton National Bank 1 to 9. First National Bank of Engle- Ito4. First National Bank 1 to 7 and 9. wood. Bluffton: Old First National Bank._ 1 to 9. Lawndale National Bank Ito9. Brazil: Riddell National Bank __ Ito9. Live Stock National Bank 1 to 9. Brookville: Mutual National Bank Ito9. Franklin County National Bank. 1 to 4. National Builders Bank Ito9. National Rrookville Bank 1 toft. Terminal National Bank 1 to 9. Clay City: First National Bank 1 to 9. Chillicothe: First National Bank Ito9. Cloverdale: First National Bank 1 to 9. Danville: Columbus: First National Bank Ito9. First National Bank Ito9. Crawfordsville: Palmer American National Bank. 1 to 9. Citizens National Bank 1 to 4. Second National Bank Ito8. First National Bank.. 1 to 9. Decatur: Dana: First National Bank 1 to 3. Citizens National Bank Ito9. Dyer: First National Bank 1 to 4. National Bank of Decatur 1 to 9. East Chicago: Des Plaines: First National Bank Ito9. First National Bank in East 1 to 9. Dixon: Dixon National Bans 1 to 9. Chicago. Dundee: First National Bank 1 to 9. Union National Bank of Indiana 1 to 9. El Paso: Woodford County Na- Ito9. Harbor at East Chicago. tional Bank. Elkhart: First National Bank 1 to 9. Evanston: First National Bank & Ito9. Elwood- First National Bank I to 8. l rust oo. Fort Wayne; Galesburg: First Galesburg National Ito9. Fort Wayne National Bank 1 to 9. Bank & Trust Co. Lincoln National Bank & Trust 1 to 9. Havana Havana National Bank Ito9. Co. Kankakee: City National Bank 1 to 4. Franklin: Citizens National Bank Ito8. Knoxville: Farmers National Bank.— Ito9. Goshen: City National Bank 1 to 9. Lake Forest: First National Ban_k.— Ito9. Greensburg: La Salle: La Salle National Bank Ito9. Citizens Third National Bank & Ito9. & Trust Co. Trust Co. Lincoln: Lincoln National Bank. Ito9. Greenwood: First National Bank 1 to 9. Macomb: Union National Bank Ito9. Hartford City: First National Bank.. Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDTJCIAEY POWERS 373 Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 7—Continued INDIANA—continued IOWA—continued Indianapolis: Eldon: First National Bank lto 9. Fletcher American National lto 9. Fairfield: First National Bank lto 8. Bank. Fonda: First National Bank lto 4. Indiana National Bank lto 9. Fort Dodge: Fort Dodge National lto 8. Merchants National Bank lto 9. Bank. Knightstown: Citizens National 1 to 3,5 to 7, Gladbrook: First National Bank 1 to 3. Bank, and 9. Grinnell: Poweshiek County lto 9. La Fayette: First-Merchants Na- lto 8. National Bank. tional Bank. Hampton: Citizens National Bank... lto 9. La Porte: First National Bank & lto 9. Harlan: Harlan National Bank ... lto 8. Trust Co. Ha warden: First National Bank 1,2,3,5 to 8. Liberty: Union County National lto 3. Iowa City: First Capital National lto 9. Bank "xJRaailnKt. lto 9. Keokuk: Keokuk National Bank lto 9. Loggaannssppoorrtt.: National Bank of Lo- Knoxville: Community National lto 9. Lowell: Lowell National Bank lto 8. Bank & Trust Co. Marion: First National Bank in 1 to 9. Mason City: First National Bank lto 9. Marion. Newton: Newton National Bank _ lto 9. Michigan City: Odebolt: First National Bank lto 4. First National Bank lto 9. Oelwein: First National BanK lto 7. Merchants National Bank lto 9. Orange City: Orange City National lto 9. Mishawaka: First National Bank lto 9. Bank. Monterey: First National Bank Ito3,5tofi. Paullina: First National Bank ... 1 to 7 and 9. New Carlisle: First National Bank .. lto 9. Perry: First National Bank lto 9. Noblesville: American National lto 9. Peterson: First National Bank lto 4. Bank. Primghar: First National Bank lto 9. Plainfield: First National Bank & 1 to 9. Red Oak: First National Bank lto 9. Trust Co. Remsen: First National BanK . 1 to 8. Remington: Farmers National Bank.. 1 to 3, 5 to 8. Rippey: First National Bank 1,2,3, 5 to 8. Richmond: Rockwell City: Rockwell City Na- lto 9. First National Bank 1 to 9. tional Bank. Second National Bank ___ lto 9. Sibley: First National Bank 1 to 3. Rochester: First National Bank 1 to 5,7, and Sioux City: 9. First National Bank in Sioux City lto 9. Rockville: Rockville National Bank.. lto 9. Live Stock National Bank lto 9. Rushville: Security National Bank lto 9. Rush County National Bank lto 4. Toy National Bank lto 9. Rushville National Bank. lto 4. Spencer: Clay County National 1 to 9. Shelbyville: Bank Farmers National Bank lto 9. Storm Lake: Citizens First National lto 9. Shelby National Bank Ito9. Bank. South Bend: Thornton: First National Bank lto 9. Citizens National Bank lto 9. Waverly: First National Bank 1 to 4. Merchants National Bank lto 9. Webster City: Terre Haute: Terre Haute First Na- lto 9. Farmers National Bank lto 9. tional Bank. Thorntown: Home National Bank... lto 8. MICHIGAN Tipton: Citizens National Bank lto 9. Wabash: Farmers & Wabash Na- lto 7. (See also District no. 9) tional Bank. Ann Arbor: First National Bank & lto 9. IOWA Trust Co. Battle Creek: Akron: First National Bank. lto 9. City National Bank & Trust Co. lto 8. Arlington: American National Bank- lto 3. Old Merchants National Bank lto 9. Aureiia: First National Bank lto 9 & Trust Co. Belle Plaine: Citizens National Bank. 1 to 3, 5 to 9. Benton Harbor: Farmers & Mer- lto 9. Boone: First National Bank. lto 7 and 9. chants National Bank & Trust Co. Cedar Rapids: Merchants National lto 4. Charlotte: First National Bank 2,3,5, and 8. Coldwater: "JuRaaQniK?, Coldwater National Bank 2,3,5, and 8. Charles City: Citizens National Bank lto 9. Southern Michigan National 1 to 9. Commercial National Bank lto 9. Bank. Charter Oak: First National Bank... 1,2,3, and 5. Detroit: Clinton: City National Bank lto 9. Manufacturers National Bank.. 1 to 9. Columbus Junction: Louisa County 1,2,3, and 5. National Bank of Detroit lto 9. National Bank. Flint: First National Bank & Trust lto 9. oouncu £>iuns: Co City National Bank. lto 8. Hillsdale: First National Bank lto 5 and 8. First National Bank lto 9. Ionia: National Bank of Ionia 1 to 9. Creston: First National Bank lto 9. Jackson: National Bank of Jackson. 1 to 9. Des Moines: Kaiamazoo: First National Bank & i toy. Central National Bank & Trust lto 9. Trust Co. Co. Lansing: Capital National Bank lto 4. Iowa-Des Moines National Bank lto 9. Lapeer: First National Bank 2,3,5, and 8. & Trust Co. Ludington: First National Bank & 2,3,5, and 8. Dubuque: First National Bank. lto 9. Trust Co. Dysart: Dysart National Bank lto 9 Monroe: First National Bank lto 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 ANNUAL REPORT OP THE FEDERAL, RESERVE BOARD Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 8-Continued MICHIGAN—continued ARKANSAs—continued Muskegon: Hackley Union National Ito9. Paris: First National Bank Ito9. Bank. Pine Bluff: Simmons National Bank. 1 to 9. Petoskey: First National Bank_ Ito4. Texarkana: State National Bank Ito9. Port Huron: First National Trust & Ito9. Savings Bank. ILLINOIS Quincy: First National Bank_ 2.3.5. and 8. St. Johns: St. Johns National Bank 2,3,5, and 8. (See also District no. 7) Saginaw; Second National Bank & Ito8. Trust Co. Alton: First National Bank & Trust 1 to 9. Union City: Union City National 2,3,5, and 8. Co. in Alton. Bank. Belleville: Belleville National Bank 1 to 9. WISCONSIN First National Bank 1 to 9. St. Clair National Bank... 1 to 9. (See also District no 9) Benld: First National Bank of Benld.. 1 to 3,5 to 8 Breese: First National Bank 1 to 9. Antigo: Bridgeport: First National Bank i to 9. First National Bank Ito8. Bunker Hill: First National Bank... 1 to 9. Langlade National Bank 1 to 3,5 to 8. Carlinville: Carlinville National I to 9. T)oai A ro m r e T" r ^ i Q c T a Y n I * National Bank__ Ito9. OciDK. 1 to 9. Carlyle: First National Bank— Old National Bank 1 to 9. Carmi: National Bank of Carmi 1 to 9. Beloit: Second National Bank 1 to 9. Centralia: Old National Bank 1 to 9. Berlin: First National Bank 1 to 9. Edwardsville: Edwardsville Nation- 1 to 3, 5 to 7, Darlington: First National Bank 1 to 8. al Bank & Trust Co. and 9. Edgerton: First National Bank 1 to 8. Effingham: First National Bank 1 to 9. Fond du Lac: Highland: First National Bank 1 to 9. Commercial National Bank 1 to 8. Jonesboro: First National Bank 1 to 9. First Fond du Lac National Bank 1 to 8. Lebanon: First National Bank 1 to 9. Green Bay: Kellogg Citizens Na- Ito9. Mascoutah: First National Bank 1 to 9. tional Bank. Metropolis: City National Bank L to 4. Hartford: First National Bank 1 to 7 and 9. Millstadt: First National Bank 1 to 9. Janesville: First National Bank 1 to 9. Mount Carmel—American -First 1 to 9. Lake Geneva: First National Bank.. 1 to 9. National Bank. Manitowoc: First National Bank in 1 to 9. Murphysboro: First National Bank— 1 to 8. IVXs-mitovsroc Marinette: First National Bank 1 to 9. l\i doll VlllC Ito9. Farmers & Merchants National Marshfield: American National 1 to 9. Bank. Bank. First National Bank 1 to 9. Menasha: First National Bank_ 1 and 4. National Stock Yards: National 1 to 9. Milwaukee: Stock Yards National Bank of Na- Marine National Exchange Bank. 1 to 9. tional City. Monroe: First National Bank 1 to 9. O'Fallon: First National Bank Ito9. Neenah: Pittsfield: First National Bank I to 9. First National Bank 1 to 9. SDarta: First National Bank 1 to 3,5 to 7. National Manufacturers Bank Ito3. Vandalia: First National Bank 1 to 8. Platteville: First National Bank Ito9. Racine: First National Bank & Ito9. INDIANA Trust Co. Hipon: First National Bank Ito9. (See also District no. 7) 3heboygan: Security National Bank- Ito9. Sparta: Farmers National Bank 1 to 9. Bedford: Bedford National Bank 1 to 3, 5 to 9. 3tevens Point: Bicknell: First National Bank 1 to 9. Citizens National Bank Ito9. Boonville: First National Bank 1 to 9. First National Bank 1 to 8. Brownstown: First National Bank... 1 to 3, 5 to 7, Viroqua: First National Bank 1 to 9. and 9. Waukesha: Waukesha National Ito8. Cannelton: First Cannelton Na- 1 to 3, 5 to 8. Bank. tional Bank. Wan pun: National Bank of Waupun. 1 to 9. Evansville: West Bend: First National Bank 1 to 9. National City Bank 1 to 9. Wisconsin Rapids: First National I to 9. Old National Bank 1 to 9. Bank. Fort Branch: Farmers & Merchants 1 to 9. National Bank. DISTRICT NO. 8 1 to 7. Madison: First National Bank 1 to 9. ARKANSAS Mitchell: First National Bank 1 to 5. New Albany: New Albany National 1 to 9. El Dorado: First National Bank Ito9. Bank. Fayetteville: First National Bank 1 to 9. Petersburg: First National Bank 2, 3, and 5. Fordyce: First National Bank 1 to 9. Princeton: Fort Smith: Farmers National Bank 1 to 3, 5 to 7, City National Bank 1 to 9. and 9 First National Bank... 1 to 9. Seymour: Seymour National Bank 1 to 9. Merchants National Bank 1 to 9. Tell City: Hot Springs: Arkansas National I to 9. Citizens National Bank 1 to 7 and 9, Bank. Tell City National Bank 1 to 9. Marianna: Lee County National Ito9. Vevay: First National Bank 1 to 9. Bank. Vincennes: American National Bank 1 to 9. Newport: First National Bank- Ito8. Wadesville: Farmers National Bank- 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIAET POWEES 375 Powers Powers granted granted DISTRICT NO. 8-Continued DISTRICT NO. 8—Continued INDIANA—continued MISSOURI—continued Washington: Sedalia: Third National Bank Ito3,5to7. Peoples National Bank & Trust Ito9. SDringfield: Union National Bank. Ito9. Co. Trenton: Trenton National Bank Ito9. Washington National Bank Ito9. Unionville: Marshall National Bank- 1 to 3, 5 to 7. Warrensburg: Peoples National 1 and 4. KENTUCKY Bank. (See also District no. 4) TENNESSEE Bowling Green—American National 1 and 4. (See also District no. 6) Bank. Carrollton: Dyersburg: First-Citizens National Ito9 Carrollton National Bank 1 to 9. Bank. First National Bank. _ Ito9. Jackson: Clay: Farmers National Bank Ito9. First National Bank 1. Clinton: First National Bank Ito9. National Bank of Commerce 1 to 9. Columbia: First National Bank & 1 to 3,5 to 8. Memphis: Trust Co. First National Bank Ito9. Danville: National Bank of Commerce in 1 to 9. Citizens National Bank Ito9. Memphis. Farmers National Bank Ito8. Union-Planters National Bank & Ito9. Elizabethtown: First-Hardin Na- Ito9. Trust Co. tional Bank. Union City: Old National Bank Ito9. Frankfort: State National Bank Ito9. Lawrenceburg: DISTRICT NO. 9 Anderson National Bank Ito3, 5to9 Lawrenceburg National Bank Ito8. MICHIGAN Lebanon: Citizens National Bank Ito9. (See also District no. 7) Farmers National Bank Ito9. Marion National Bank Ito6. Calumet: First National Bank Ito9. Louisville: Hancock: First National Bank 2,3,5, and 8. Citizens Union National Bank—. Ito9. Houghton: Houghton National Bank. Ito9. First National Bank Ito9. Ironwood: Gogebic National Bank 2,3,5, and 8. Madisonville: Farmers National 1 to 9. Ishpeming: Miners National Bank... 2,3,5, and 8. Bank. Lake Linden: First National Bank... 2,3,5, and 8. Mayfield: First National Bank Ito9. Laurium: First National Bank 2,3,5, and 8. Morganfield: Morganfield National 1 to 9. Marquette: Bank. First National Bank & Trust Co.Ito9. Owensboro: National Deposit Bank Ito9. Union National Bank._ Ito9. of Owensboro. Menominee: Paducah: Peoples National Bank Ito9. First National Bank 1 to 9. Princeton: Lumbermen's National Bank 2,3,5, and 8. Farmers National Bank 1 to 9. Munising: First National Bank of 2,3,5, and 8. First National Bank 1 to 3,5 to 9. Ne A g l a g u e n r e C e: o u F n ir ty st . National Bank 2,3,5, and 8. MISSISSIPPI MINNESOTA (See also District no. 6) Albert Lea: First National Bank Ito8. Columbus: First Columbus National Ito9. Freeborn County National Bank 1 to 9. Bank. & Trust Co. Greenville: First National Bank 1 to 4. Austin: First National Bank __ 1 to 8. Ito9. Bemidji: First National Bank Ito9. West Point: First National Bank Blooming Prairie: First National 1,2,3, and 5. Bank. MISSOURI Chatfield: First National Bank 1 to 5. Duluth: (See also District no. 10) City National Bank Ito9 Carrollton: First National Bank Ito8. First & American National Bankl Ito9. Columbia: Minnesota National Bank Ito9. Boone County National Bank Ito9. Northern National Bank Ito9. Exchange National Bank.. 1 to 8. Eveleth: First National Bank 1 to 3,5 to 9. Hannibal: Hannibal National Bank- Ito9. Fairmont: Jefferson City: Exchange National 1 to 9. First National Bank. Ito9. Bank. Martin County National Bank__ Ito9. Kirksville: Citizens National Bank- Ito8. Faribault: Security National Bank Ito9. Luxemburg: Lafayette National Ito9 & Trust Co. Bank & Trust Co. Fergus Falls: M Pie o r n c e e t t C : i F ty ir : s F t i N rs a t t i N on a a ti l o n B a a l n B k a . n .. k I I t t o o 9 9 . . Fe T rg ru u s s t F C a o l . ls National Bank & 1 to 8. St. Charles: First National Bank Ito9. First National Bank. Ito9. St. Louis: Hastings: First National Bank Ito9. Boatmen's National Bank.. 1 to 9. Hutchinson: Farmers National Ito9. First National Bank 1 to 4. Bank. Mercantile Commerce National Ito9. Little Falls: First National Bank 1, 2, 3, 5, 6, Bank in St. Louis. 8, and 9. Security National Bank, Savings Ito9. Mankato: First National Bank & Ito9. & Trust Co. Trust Co. 49753—34 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 ANNUAL REPORT OP THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 9—Continued DISTRICT NO. 9—Continued MiNNESOTA—continued NORTH DAKOTA—continued Minneapolis: Valley City: First National Bank & Trust Co.. 1 to 9. American National Bank & Trust Ito9. Midland National Bank & Trust Ito9. Co. Co. First National Bank... 1 to 9. Northwestern National Bank.. 4. Noithfield: Northfield National 1 to 9 SOUTH DAKOTA Bank & Trust Co. Owatonna: First National Bank 1 U 9. Aberdeen: Proctor: First National Bank Ito9. Aberdeen National Bank & Trust Ito9. Red F W irs in t g N : ational Bank 1 to 9. Co. Ito9. Goodhue County National Bank- Ito9. ArlinFgirtsotn N: aFtiirosnt aNl aBtiaonnka l& B Tarnukst Co. Ito4. Red Wing National Bank & Ito9 Brookings: Security National Bank 1 to 9. Trust Co. Chamberlain: First National Bank 1 to 9. Rochester: First National Bank Ito9. & Trust Co. St. Paul: Clear Lake: Deuel County National Ito9. American National Bank__ Ito9. Bank. Empire National Bank & Trust Ito9. Deadwood: First National Bank Ito9. Co. Huron: National Bank of Huron..... 1 to 9. First National Bank Ito9. Lake Norden: First National Bank 1 to 3, 5 to 8. Midway National Bank Ito9. & Trust Co. Twin Cities National Bank 1 to 9. Lead: First National Bank Ito9. St. Peter: First National Bank 1 to 8. Miller: First National Bank.. Ito9. Spring Valley: First National Bank.. 1 to 9. Rapid City: First National Bank_._. 1 to 7 and 9. Stillwater: First National Bank 1 to 9. Sioux Falls: Truman: Truman National Bank Ito9. Citizens National Bank & Trust Ito9. Virginia: American Exchange Na- 1 to 3, 5 to 8. Co. tional Bank. First National Bank & Trust Co. 1 to 8. Waseca: Farmers National Bank Ito9. Security National Bank & Trust 1 to 9. West Concord: First National Bank.. 1 to 9. Co. Windom: First National Bank.. Ito9. Vermilion: First National Bank & I to 9. Winona: Trust Co. First National Bank 1 to 9. Watertown: First Citizens National Ito9. Winona National & Savings Ito9. Bank. Bank. Yankton: First Dakota National 1 to9. Bank & Trust Co. MONTANA Billings: WISCONSIN Midland National Bank Ito9. Montana National Bank Ito9. (See also District no. 7) Bozeman: Commercial National Ito4. Bank. Barron: First National Bank 1 to 3. Dillon: First National Bank 1 to 7 and 9. Chippewa Falls: Great Falls: First National Bank Ito9. First National Bank... Ito9. Lumbermens National Bank 1 to 9. Great Falls National Bank Ito4. Eau Claire: Helena: First National Bank & 1 to 7 and 9. American National Bank & Trust Ito9. Trust Co. Co. Kalis pell: First National Bank Ito4. Union National Bank 1 to 9. Lewistown: National Bank of. Ito9. Menomonie: First National Bank..... Ito9. Livingston: National Park Bank in Ito9. Superior: Livingston. First National Bank Ito7. Mites City: First National Bank Ito9. National Bank of Commerce Ito9. Missoula— United States National Bank 1 to 9. First National Bank 1 to 7 and 9. Western Montana National 1 to 8. DISTRICT NO. 10 Bank. COLORADO NORTH DAKOTA Boulder: Boulder National Bank.. 1 to 4. Bismarck: National State Bank Ito9. Dakota National Bank & Trust Ito9. Brush: First National Bank 1 to 3, 5 to 8. Co. Canon City: First National Bank 1 and 9. First National Bank. 1 to 9. Dickinson: First National Bank Ito9. Fremont County National Bank. Ito4. Ellendale: First National Bank 1 to 4. Center: First National Bank Ito4. Farg F o i : rst National Bank & Trust Co. Ito9. i^^ io\\ t\yiQ o C rri a/" o \ oC l k o To~\T* r iT * a ok f d rpo * o rin S g p t* r . ings National Bank. Ito9. Merchants National Bank & 1 to 9. Exchange National Bank 1 to 9. Trust Co. First National Bank Ito9. Grafton: Grafton National Bank. Ito9. Denver: Grand Forks: American National Bank Ito7. First National Bank in Grand 1 to 9. Colorado National Bank 1 to 9. Forks. Denver National Bank 1 to 9. Jamestown: First National Bank 1 to 9. James River National Bank & 1 to 9. United States National Bank 1 to 9. Trust Co. Durango: Burns National Bank 1 to 7. National Bank & Trust Co Ito9. Eagle: First National Bank of Eagle 1 to 4. Minot: County. First National Bank & Trust Co. Ito9. Englewood: First National Bank 1 to 4. Union National Bank & Trust Co. 1 to 9 Florence: First National Bank Ito9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 377 Powers Powers granted granted DISTRICT NO. 10—Continued DISTRICT NO. 10—Continued COLORADO —continued MISSOURI (See also District no. 8) F G F o o le r r t n t P F w C M o ir u o o s o o d l t l r r d i g N n e a s a n V S : t : i p a o r l F n l i e n i a r y g l s s t B N — N a a n F t a i k i o t r i n o st a n l a N l B a B a t n i a o k n n . k a .. l .. 1 I 1 I t t o o t to o 4 4 3 7 . . , a 5 n d to 9 7 . . J C C In o a a T d p m r e l r t i h u p e n a s e r : o t g n J n e d C o : : e o p n C F l . c i i e n e r n : s t tr F N a N i l r a a s t N t t i i o o a N n n ti a a a o t l l n i o a B n l B a a B n a l k n a B n k k an & k. I I i 1 t t t o t o o o 3 9 3 9 . . Bank. Kansas City: L T H L M O G t L G ir o a r a u r r t u e o i i d a m s n g n n o e n n w g G F L F o A i n l n a t d d e m i r i o : i a a r r r r n y o s a e : n y l s s o o F J i s d e : g t t : m n u e B n L l i : e m r t N : N n : F a a a : s y F c m o s n M t i a a F r t i : n U t t k s i r a N i i i o o t s r t , o o F r n s t n n a n N n i i t N t r t N o : N a a i r s a o n N o a l l a t G t a n t s i t B B a t i N o N i e r a i o o t o a n a a i l n a a n o N n n n n a t a t B a n i d a l k i k a l o o l a l a t B n n l i B n V B o a B a a k a B a n l a n l a n l n a a k l n B B k e l k n k a y a k B n n N k a k n _ a k _ - . . I 1 1 1 I 1 I 1 I 1 1 1 t t t t . t t t t o o o o t t t o o o o o o o 9 9 3 9 9 9 9 9 . . . . 9 9 3 . . . . . . . U S N P t l n e . a o i t J o T T D S C I A B F s t o n s n h t r i o o s u r m b B o t r o a o e o e l N s r u c d u : a e p n v t r t k r l m a e r n s h e s e F g i y N t t r k r c - : i a b : i s a N L s o a r . a t i r s n e n a F a t a d N t i c a t o i G s N i N a r e N l N o n s t y N a B a i a n a t a a t o t t l a t a e t a N i N i n i i o o t l n o o B i a a a n n o n k B n l t a t a C a n a i a i n a i B o l o l a l l n i n k n n t l a B B B y B k K a a n B a a l a l a k a n n a n n B B n k N k n k k s a a k a a n n s t k k i o C n i a ty l . 1 I 1 I 1 1 I I I I I I t t t t t t t t t t t o o o o o o o t o o o o o 9 9 8 9 9 9 9 9 4 9 9 . . . 4 . . . . . . . . and 9. Walsenburg: First National Bank... 1 to 9. Windsor: First National Bank 1 to 4. NEBRASKA Belden: First National Bank Ito3,5to9. KANSAS Butte: First National Bank Ito3. Anthony: David City: First National Bank—. Ito9. Citizens National Bank ltoS. Decatur: First National Bank. 1 to 3. First National Bank Ito4. Emerson: First National Bank Ito8. Arkansas City: Home National Ito9. Genoa: Genoa National Bank Ito9. Bank. Grand Island: First National Bank... Ito9. Atchison: City National Bank 1 to 9. Holdrege: First National Bank 1 to 9. Chanute: First National Bank Ito9. Lincoln: Coffeyville: Continental National Bank Ito9. Condon National Bank 1 to 3. 5 to 9. First National Bank Ito9. First National Bank... ] to 3 and 5. Lyons: First National Bank Ito3. Dodge City: First National Bank... Ito9. Nebraska City: Nebraska City Na- Ito9. Emporia: tional Bank. Citizens National Bank Ito9. Omaha: Commercial National Bank & Ito9. First National Bank Ito9. Trust Co. Omaha National Bank Ito9. Fort Scott: Citizens National Bank.. 1 to 7 and 9. United States National Bank 1 to 9. Horton: First National Bank Ito4. Ord: First National Bank in Ord 1, 2, and 5. Hutchinson: Osmond: First National Bank Ito9. American National Bank Ito9. Pender: First National Bank_ 1, and 3 to 7. E x<;hange Notional Bank_ _ , Ito8. Randolph: First National Bank 1 to 9. First National Bank .. 1 to 4. South Omaha: Independence: First National Bank. 1 to 9. Packers National Bank Ito9. Jewel City: First National Bank Ito3. Stock Yards National Bank 4. Kansas City: Peoples National 1 to 9. Wahoo: First National Bank 1 to 3,5 to 9. Bank. Wayne: First National Bank Ito9. Larnod: First National Bank in 1 to 3 and 5. Larced. NEW MEXICO Lawrrnce: First National Bank 1 to 8. (See also District no. 11) Lawrence National Bank Ito8. Albuquerque: Leavenworth: First National Bank.. 1. Albuquerque National Trust & Ito9. Luray: First National Bank Ito3. Savings Bank. Manhattan: First National Bank 1 to 7 and 9. First National Bank... 1 to 9. Farmington: First National Bank 2 and 3. Union National Bank 1 to 9. Raton: First National Bank in Raton. Ito7. Ottawa: Peoples National Bank Ito4. Santa Fe: First National Bank_ Ito9. Paoli: Miami County National Ito9. Bank. OKLAHOMA Pratt: First National Bank._ Ito9. Salina: Ada: First National Bank ltoS. Farmers National Bank 1 to 5 and 8 Anadarko: First National Bank Ito9. National Bank of America 1 to 9 Bartlesville: Topeka: National Bank of Topeka.. Ito9. First National Bank... Ito9. Troy: First National Bank Ito3. Union National Bank 4. Wellington: First National Bank... Ito9. Blackwell: First National Bank Ito9. Wichita: Bristow: American National Bank... Ito9. First National Bank... , Ito9. Broken Arrow: First National Bank.. Ito4,6to9. Fourth National Bank. Ito9. Cleveland: First National Bank Ito9. Southwest National Bank Ito9. Dewey: First National Bank Ito9. Union National Bank Ito9. Enid: Win3eld: Central National Bank Ito9. First National Bank 1 to 9 First National Bank Ito9. W!nfield National Bank 1 to 9. Guthric: First National Bank Ito8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD Powers Powers granted granted DISTRICT NO. 10—Continued DISTRICT NO. 11—Continued OKLAHOMA—continued NEW MEXICO Holdenville: First National Bank 1 to 9. (See also District no. 10) First National Bank 1 to 3, 5 to 9. Roswell: First National Bank Ito3. National Bank of Commerce 1 to 9. Silver City: American National Bank 2 and 3. Hooker: First National Bank 1 to 3 and 5. Lawton: City National Bank. _— Ito3,5to7, OKLAHOMA McAlester: First National Bank 1 to 3, 5 to 7. Durant: Durant National Bank in 1 to 3, 5 to 8. Miami: First National Bank 1 to 9. Durant. Muskogee: TEXAS Commercial National Bank Ito8. Abilene: First National Bank & Trust Co. Ito9. Farmers & Merchants National Ito9. Norman: Bank. First National Bank Ito9. Albany: First National Bank 4. Security National Bank Ito9. Amarillo: First National Bank 1 to 9. Okemah: Austin: First National Bank Ito8. American National Bank-- Ito9. Okemah National Bank Ito9. Austin National Bank Ito9. Oklahoma City: Bay City: First National Bank 1 and 4. City National Bank & Trust Co.Ito9. Beaumont: Fidelity National Bank 1 to 9. American National Bank.- Ito9. First National Bank & Trust Co..Ito9. First National Bank 1 to 9. Liberty National Bank Ito9. Bonham: First National Bank 1 to 3, 5 to 7. Tradesmens National Bank 1 to 7 and 9. Brady: Brady National Bank 1 to 3 and 5. Okmulgee: Central National Bank.. Ito9. Brenham: First National Bank._ 1 to 7 and 9. Shawnee: Brownsville: Federal National Bank Ito9. State National Bank Ito9. State National Bank 1 to 9. Cameron: Citizens National Bank 1 to 9. Stillwater: Childress: First National Bank Ito9. First National Bank Ito9. Clarfcsville: First National Bank 1 to 3, 5 to 8. Stiilwater National Bank Ito9. Colorado: City National Bank Ito4. Tulsa: Corpus Christi: Corpus Christi Na- Ito7. First National Bank & Trust Co.1 to 9. tional Bank. National Bank of Commerce 1 to 3, 5 to 9. Corsicana: First National Bank Ito9. First National Bank in Ito9. WYOMING National Bank of Commerce Ito9. Buffalo: First National Bank_ Ito4. Republic National Bank & Trust 1 to 9. Casper: Casper National Bank Ito5. Del Rio: Del Rio National Bank..... Ito9. Wyoming National Bank Ito9. Den C is i o t n iz : ens National Bank 1 to 9. CheAyemnnerei c*an National Bank-- 1 to 9. State National Bank Ito9. Stock Growers National Bank--. 1 to 9. El Paso— Cody El Paso National Bank 1 to 9. First National Bank 1 to 9. State National Bank Ito9. Shoshone National Bank 1 and 4. Floresville: First City National Bank. Ito9. Evanston- First National Bank — Ito3. Fort Worth: Kemmerer: First National Bank .- Ito5. Continental National Bank Ito9. Laramie: First National Bank. Ito3. First National Bank 1 to 9. Powell- First National Bank Ito8. Fort Worth National Bank...... 1 to 9. Rawlins: Stockyards National Bank Ito4. First National Bank Ito9. Qalveston: Rawlins National Bank 1 to 9. City National Bank Ito9. Rock Springs: Rock Springs Na- Ito9. First National Bank Ito9. tional Bank. Hutchings-Sealy National Bank.. Ito9. Sheridan: First National Bank Ito9. United States National Bank Ito9. Thermopolis: First National Bank.., Ito9. Granger: First National Bank 1 and 2. Greenville: Greenville National Ex- 1 to 4. DISTRICT NO. 11 | H c a h s a k n e g ll e : B H a a n sk k e . ll National Bank 1 to 3, 5 to 8. ! Houston: ARIZONA First National Bank in Houston. 1 to 9. National Bank of Commerce 1 to 7 and 9. (See also District no. 12) ! Second National Bank 1 to 7 and 9* South Texas Commercial Na« Ito9. Nogales: First National Bank Ito8. tional Bank. Tucson: Consolidated National Bank Ito4. State National Bank _ Ito9. Union National Bank _ Ito9. LOUISIANA i Italy: First National Bank Ito9. Kingsville: First National Bank Ito9. (See also District no. 6) La Grange: First National Bank 1. Longview: First National Bank 1 to 3, 5, Homer* Homer National Bank Ito8. and 8. Shreveport: Lubbock: First National Bank Ito9. Commercial National Bank in Ito9. McKinney: Collin County National Ito9. First National Bank Ito9. Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FIDUCIARY POWERS 379 Powers Power? granted granted DISTRICT NO. 11—Continued DISTRICT NO. 12—Continued TEX AS—continued CALIFORNIA—continued Marfa: Marfa National Bank 1 to 9. Riverside: Citizens National Trust 1 to 9. Marshall: & Savings Bank. First National Bank 1 to 3 and 5. Sacramento: Capital National Bank . 1 to 9. Marshall National Bank 1 to 5. Salinas: Salinas National Bank 4. Midland: Midland National Bank._ Ito9. San Bernardino: American National Ito9. Orange: Bank. First National Bank in Orange.._ 1 to 9. San Diego: Orange National Bank Ito9. First National Trust & Savings Ito9. Palestine: Royall National Bank Ito4. Bank. Paris: First National Bank Ito9. San Francisco: Port Arthur: Anglo California National Bank.. 1 to 9. First National Bank 1 to 5. Bank of America National Trust 1 to 9. Merchants National Bank Ito9. & Savings Association. San Angelo: Bank of California, N. A 1 to 9. Central National Bank Ito4. Crocker First National Bank 1 to 9. First National Bank Ito9, Pacific National Bank. 1 to 8. San Angelo National Bank 1 to 9. Santa Ana: First National Bank 1 to 9. San Antonio: S&nta Barbara: Alamo National Bank__ Ito9. County National Bank & Trust 1 to 9. Frost National Bank__ Ito9. Co. Groos National Bank Ito9. First National Trust & Savings 1 to 9. National Bank of Commerce Ito9. Bank. Seguin: First National Bank 1 to 9. Stockton: First National Bank Ito9. Sherman: Merchants & Planters Na- Ito9. Ventura: Union National Bank Ito5. tional Bank. Whittier: Whittier National Trust 1 to 9. Stanton: First National Bank 1 to 3. & Savings Bank. Stephenville: Farmers-First National Ito9. Woodland": Bank of Woodland, N. A.Ito3,5to7. Te •jR a 3a g nnn u Kl e r. : Teague National Bank 1 to 9. IDAHO Terrell: American National Bank Ito8. Texarkana: Texarkana National 1 to 9. Boise: First National Bank of Idaho Ito5. Bank. Hagerman: First National Bank. 1. Troup: First National Bank 1. Hailey: Hailey National Bank 1 to 3. Tyler: Idaho Falls: American National Ito9. Citizens National Bank Ito9. Bank. Peoples National Bank. Ito9. Lewiston: Lewiston National Bank 1 to 9. Victoria: Victoria National Bank Ito4. Moscow: First National Bank 1 to 4. Waco: Citizens National Bank Ito9. NEVADA First National Bank Ito8. Reno: First National Bank in Reno. 1 to 7 and 9. Wichita Falls: First National Bank. 1 to 9. DISTRICT NO. 12 OREGON Ashland: First National Bank 1 to 9. ALASKA Athena: First National Bank 1 to 9. Fairbanks: First National Bank 1 to 9. Baker: First National Bank Ito9. Corvallis: First National Bank 1 to 9. ARIZONA Eugene: First National Bank 1 to 9. Grants Pass: First National Bank of 1 to 3, 5 to 7. Phoenix: First National Bank._ 1 to 9. Southern Oregon. and 9. Winslow: First National Bank 1 Harrisburg: First National Bank 1 to 3. Hood River: First National Bank 1 to 9. CALIFORNIA Junction City: First National Bank. 1 a n to d 3 9 , . 5 to 7, Bakersfield: First National Bank 1 to 9. Klamath Falls: Beverly Hills: Beverly Hills Nation- Ito9. American National Bank Ito8. al Bank & Trust Co. First National Bank Ito9. Fullerton: First National Trust & 1 to 9. Marshfield: Savings Bank. Coos Bay National Bank 1 to 9. Long Beach: California First Na- Ito9. First National Bank of Coos Bay. 1 to9. tional Bank. Medford: First National Bank 1 to 9. Los Angeles: Newberg: United States National 1 to 9. Citizens National Trust A Sav- Ito9. Bank oi Newburg. ings Bank. Pendleton: First Inland National 1 to 9. Farmers & Merchants National 1 to 9. Bank. Bank. Portland: Seaboard National Bank 1 to 9. First National Bank 1 to 9. Security-First National Bank Ito9. United States National Bank Ito9. Mountain View: First National 4. Bank Oakland: First National Bank 1 to 9. Orange: First National Bank 1 to 9. UTAH Pasadena: Security National Bank... Ito9. Pomona: First National Bank._ 1 to 3,5 to Logan: First National Bank Ito9. Redwood City: First National Bank _ 1 to 3, 5, Ogden: First National Bank 1. of San Mateo County. to 9. 1 Price: First National Bank 2, 3, 5 to 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 ANNUAL EEPOET OP THE FEDERAL EESERVE BOARD Powers Powers granted granted DISTRICT NO. 12—Continued DISTRICT NO. 12—Continued UTAH—continued WASHINGTON Salt Lake City: Rosalia: Whitman County National 1 to 9. Continental National Bank & 1 to 7 and 9. Bank. Trust Co. Seattle: First National Bank Ito4. First National Bank Ito9. National Bank of Commerce. 1 to 9. WASHINGTON Pacific National Bank 1 to 9. University National Bank 1 to 9. Aberdeen: Grays Harbor National 1 to 9. Spokane: Bank. First National Trust & Savings Ito9. Bellingham: Bank. American National Bank 1 to 3 and l. Old National Bank & Union 1 to 9. Bellingham National Bank 1 to 9. Trust Co. First National Bank 1 to 5 and 9. Tacoma: Northwestern National Bank 1 to 9. National Bank of Tacoma 1 to 9. Burlington: First National Bank 1 to 7 and 9. Puget Sound National Bank 1 to 9. Colfax: Farmers National Bank 1 to 5. Toppenish: First National Bank 1 to 9. Dayton: Columbia National Bank._. 1 to 3. Vancouver: Vancouver National 1 to 4. Ellensburg: Washington National 1 to 9. Bank. Bank. Waitsburg: First National Bank__. 1 to 9. Everett: Walla Walla: Security National Bank Ito9. Baker-Boyer National Bank 1 to 9. First National Bank 1 to 9. First National Bank 1 to 9. Longview: First National Bank 1 to 9. Wenatchee: First National Bank 1 to 9. Mount Vernon: Yakima: Yakima First National 1 to 9. First National Bank 1 to 9. Bank. Skagit National Bank.. _ 1 to 4. Okanogan: First National Bank 1 to 9. HAWAIIAN ISLANDS Olympia: Capital National Bank.... 1 to 9. Port Angeles: First National Bank.. 1 to 9. Honolulu: Bishop National Bank of Ito8. Pullman: First National Bank 1 to 7. Hawaii at Honolulu. 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 http://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: Rhode 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. 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: Chase National Bank. Hoboken: First National Bank. Chemical Bank & Trust Co. Newark: National Newark & Essex Banking Commercial National Bank & Trust Co. Co. Corn Exchange Bank Trust Co. New Brunswick: National Bank of New Jer- Fifth Avenue Bank. sey. First National Bank. Paterson: Grace National Bank. Hamilton Trust Co. Guaranty 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. DISTRICT NO. 3 Pennsylvania: Pennsylvania—Continued. Philadelphia: Philadelphia—C ontinuea. 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. Greensburg: First National Bank & Trust Co. Cleveland: Pittsburgh: Central United National Bank. First National Bank. Cleveland Trust Co. Mellon National Bank. Columbus: Union National Bank. City National Bank & Trust Co. Union Trust Co. Ohio National Bank. West Virginia: Wheeling: Wheeling Dollar Savings & Trust Co. DISTRICT NO. 5 Maryland: Virginia: Baltimore: Danville: First National Bank. Baltimore Commercial Bank. Hampton: Merchants National Bank. First National Bank. Norfolk: Maryland Trust Co. National Bank of Commerce. National Marine Bank. Seaboard-Citizens National Bank. Western National Bank. Richmond: South Carolina: Bank of Commerce & Trusts. Charleston: South Carolina National Bank. Central National Bank. Rock Hill: Peoples National Bank. First-Merchants National Bank. 381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD DISTRICT NO. 6 Alabama: Georgia—Continued. Huntsville: Henderson National Bank. Valdosta—First National Bank. Mobile: Louisiana: First National Bank. Lake Charles: First National Bank. Merchants National Bank. New Orleans: Montgomery: First National Bank. American 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 Atlanta: First National Bank, Trust Co. Macon: First National Bank & Trust Co. Tennessee: Savannah: Chattanooga: Citizens & Southern National Bank. Hamilton National Bank. Citizens Bank & Trust Co. Clarksville: First National Bank. Savannah Bank & Trust Co. DISTRICT NO. 7 Illinois: Indiana: Chicago: Brazil: Riddell National Bank. Continental Illinois National Bank & Wisconsin: Trust Co. Milwaukee: First Wisconsin National Bank. Drovers National Bank. First National Bank. Harris Trust & Savings Bank. Peoria: Commercial Merchants National Bank & Trust Co. DISTRICT NO. 8 Missouri: Tennessee: St. Louis: Memphis: First National Bank in St. Louis. First National Bank. Mississippi Valley Trust Co. Union Planters National Bank & Trust Oof DISTRICT NO. 9 Minnesota: Minnesota—Continued. Minneapolis: Minneapolis—Continued. First National Bank & Trust Co. Northwestern National Bank. Midland National Bank & Trust Co. St. Paul: First National Bank. DISTRICT NO. 10 Colorado: Missouri—Continued. Denver: Denver National Bank. Kansas City—Continued. Kansas: First National Bank. Hutchinson: First National Bank. St. Joseph: First National Bank. Lawrence: Lawrence National Bank Oklahoma: Missouri: Oklahoma City: First National Bank & Trust Kansas City: Co. Commerce Trust Co. DISTRICT NO. 11 Arizona: Texas—Continued Nogales: First National Bank. Oalveston: Texas: Hutchings-Sealy National Bank. Austin; American National Bank. United States National Bank. Brown wood: First National Bank in Brown- Hillsboro: Citizens National Bank. wood. Houston: Corpus Christi: State National Bank. Houston National Bank. Dallas: National Bank of Commerce. First National Bank in Dallas. Second National Bank. Republic National Bank & Trust Co. South Texas Commercial National Bank.. Eagle Pass: First National Bank. Union National Bank. Fort Worth: Navasota: First National Bank. Fort Worth National Bank. San Angelo: First National Bank. Stockyards National Bank. Terrell: American National Bank. Waco: First National Bank. DISTRICT NO. 12 California: Oregon: Los Angeles: Portland: Citizens National Trust <fe Savings Bank. First National Bank. Security-First National Bank. Unitecl 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL RESERVE DISTRICTS Land area Population Federal reserve district (square July 1,1933 miles) (estimated) No. 1—Boston.. 61,345 7, 902, 000 No. 2—New York 51,890 16, 622, 000 No. 3—Philadelphia.-. 36,842 7, 697, 000 • No. 4—Cleveland 73,424 11, 531,000 No. 5—Richmond 152,316 11,191, 000 No. 6—Atlanta 248,226 11, 463, 000 No. 7—Chicago 190,513 18, 855,000 No. 8—St. Louis 194,810 9, 754, 000 No. 9—Minneapolis... 414,004 5,410,000 No. 10—Kansas City— 480,438 8,039, 000 No. 11—Dallas 386,116 7, 206,000 No. 12—San Francisco 10,023, 000 Total 2,973, 776 125,693,000 FEDERAL RESERVE DISTRICTS DISTRICT NO. 1—BOSTON 61,345 7, 902, 000 Connecticut (excluding Fairfield Countv} 4,189 1, 250,000 Maine 29,895 802,000 Massachusetts..... 8,039 4, 318,000 New Hampshire 9,031 469,000 Rhode Island 1,067 702,000 Vermont 9,124 361, 000 DISTRICT NO. 2—NEW YORK 51,890 16, 622,000 Connecticut (Fairfield Counts _ 631 396,000 New Jersey 3,605 3 261 000 Counties of: Bergen Hunterdon Morris Sussex Essex Middlesex Passaic Union Hudson Monmouth Somerset Warren New York 47,654 12, 965,000 DISTRICT NO. 3—PHILADELPHIA 36,842 7,697,000 Delaware 1.965 241,000 New Jersey 3,909 932,000 Counties of: Atlantic Cape May Gloucester Ocean Burlington Cumberland Mercer Salem Pennsylvania (eastern Dart,}_ _ 30,968 6,524,000 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 Clearfield Lancaster Perry York 383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 ANNUAL KEPOKT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square July 1, 1935 miles) (estimated) DISTRICT NO. 4—CLEVELAND 73,424 11,531,000 Kentucky (eastern part) 17,614 1,265,000 Counties of— Bath Fleming Lawrenoe 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 Knox Montgomery Wolfe Fayette Laurel Morgan Woodford Ohio 40,740 6, 798,000' Pennsylvania (western part) 13,864 3,263,00O 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). 1,206 205,000 Counties of— Brooke Marshall Tyler Hancock Ohio Wetzel DISTRICT NO. 5—RICHMOND 152,316 11,191,000 District of Columbiai 62 495,000 Maryland 9,941 1,663,000 North Carolina 48,740 3,275,000 South Carolina _.. . 30,495 1,748,000 Virginia 40,262 2,441,000 West Virginia (southern part) 22,816 1,569,000 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 DISTRHT No. 6—ATLANTA 248,226 11,463,000 Alabama 51, 279 2. 697,000 Florida 54, 861 1,554,000 Georgia 58, 725 2,911,000 Louisiana (southern nart.} 26,891 1, 458,000 Parishes of— Acadia Evangeline Rapides Tangipahoa Allen Iberia St. Bernard Terre bonne 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 (southern part) 25,519 981,000 Counties of— Adams Harrison Lawrence Scott A mite Hinds Leake Sharkey Ciaiborne Issaquena Lincoln Simpson Clarke Jackson Madison Smith Copiah Jasper Marion Ston* Covington Jetfcrson Neshoba Waithall Forrest Jefferson Davis Newton Warren Franklin Jones Pearl River Wayne George Kern per Perry Wilkinson Greene Lamar Pike Yazoo Hancock Lauderdale Rankin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL RESERVE DISTRICTS 385 FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square July 1,1933 miles) (estimated) DISTRICT NO. 6.—ATLANTA—Continued Tennessee (eastern part)... 30,951 1,862,000 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 Cneatham 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 Dickson Lewis Roane Wilson Fentress Lincoln Robertson Franklin Loudon Rutherford DISTRICT NO. 7-—CHICAGO 190,513 18,855,000 Illinois (northern part) 35,448 6,554,000 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 W'hiteside De Kalb Kendall Moultrie Will De Witt Knox Ogle Winnebago Douglas Lake Peoria Woodford Du Page La Salle Piatt Edgar Lee Putnam Indiana (northern part) 26,707 2,673,000 Counties of— Adams Fountain La Porte RipJey 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 Huntington Noble Vermillion Clinton Jasper Ohio Vigo Dearborn Jay Owen Wabash Dec stur Jennings Parke Warren Te Kalb Johnson Porter Wavne Delaware Kosciusko Puiaski Wells Elkhart Lagrange Putnam White Fayette Lake Randolph Whitley Iowa 55,586 2,482,000 Michigan (southern part) 40,789 4,711,000 Counties of— Alcona Eaton Lapeer Ogemaw Allegan Emmet Leelanau Osceola Alpena Genesee Lenawee Oscoda Antrim Gladwin 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 ANNUAL REPORT OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal Reserve district (square July 1,1933 miles) (estimated) DISTRICT NO. 7.—CHICAGO—Continued Wisconsin (southern part) 31,983 2,435,000 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 9,754,000 Arkansas 52,525 1.872 000 Illinois (southern part) 20,595 1,272,000 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 Efnngham Johnson Pope White Fayette Lawrence Pulaski Williamson Indiana (southern part). - 9,338 618,000 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 1,383,000 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 part) 20,843 1,066,000 Counties of— Alcorn De Soto Monroe Tate Attala Grenada 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF FEDERAL RESERVE DISTRICTS 387 FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal Reserve district (square July 1,1933 miles) (estimated) DISTRICT NO. 8—ST. LOUIS—Continued Missouri (eastern part) 58,206 2,741,000 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 Callaway Hickory Morgan Saline Gamden 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 Rails Wayne Daviess Macon Randolph Webster Dent Madison Ray Wright Tennessee (western part) 10,736 802,000 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 5,410,000 Michigan (northern part) 16,691 332,000 Counties of— Alger Dickinson Keweenaw Menominee Baraga Gogebic Luce Ontonagon Chippewa Houghton Mackinac Schoolcraft Delta Iron Marquette Minnesota 80,858 2,594,000 Montana . . 146,131 i 537,606 North Dakota 70,183 687,000 South Dakota _ 76,868 702,000 Wisconsin (northern part) 23,273 557,000 Counties of— Ashland Dunn Oneida Sawyer Barron Eau Claire Pepin Taylor Bayfield 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 8,039,000 Colorado 103, 658 1,052,000 Kansas ..... ........ -. . 81,774 1,900,000 Missouri (western part) 10, 521 927,000 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 1,392,000 New Mexico (northern part) 48,359 238,000 Counties of— Bernalillo Mora San Miguel Valencia Colfax Rio Arriba Santa Fe Harding Sandoval Taos McKinley San Juan Union i Population Apr. 1,1930; decreased 1920 to 1930; no estimate made. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 ANNUAL EEPOET OF THE FEDERAL RESERVE BOARD FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal reserve district (square July 1,1933 miles) (estimated) DISTRICT NO. 10—KANSAS CITY—Continued Oklahoma (northwestern part) 61,770 2,299,000 Counties of— Adair Ellis Logan Pontotoc Alfalfa Garfield Love Pottawatomie Beaver Qarvin McClain Roger Mills Beck ham Grady Mclntosh Rogers Blame 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 97,548 231,000 DISTRICT NO. 11—DALLAS 386,116 7,206,000 Arizona (southeastern part) 23,412 132,000 Counties of— Cochise Greenlee Pima Santa Cruz vtranam Louisiana (northern part). . 18,518 695,000 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 Glaiborne La Salle Richland Concordia Lincoln Sabine New Mexico (southam nnrt.^ 74,144 196,000 Counties of— Catron Eddy Lincoln Sierra C haves Grant Luna Socorro Curry Guadalupe Otero Torrence De Baca nidalgo Quay Dona Ana Lea Roosevelt Oklahoma (southeastern part) 7,644 160,000 Counties of— Atoka Choctaw Johnston Marshall Bryan Coal McCurtain Pushmataha Texas _.. 262, 398 6,023,000 DISTRICT NO. 12—SAN FRANCISCO . 683,852 10,023,000 Arizona (northwestern part) 90, 398 321,000 Counties of— Apache Maricopa Navajo Yavapai Coconino Mohave Pinal Yuma Gila California 155,652 6, 062,000 Idaho 83, 354 447,000 Nevada 109,821 93,000 95, 607 983,000 Utah 82,184 518, COO Washington.. 66,836 1, 599,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BRANCH TERRITORIES [December 31,1933] 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 Allegheny 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 Fairfield 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 System 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.) 389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 ANNUAL EEPOBT OF THE FEDERAL RESERVE BOARD 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 BRAEfCH (District No. following 54 coun]ties 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 (Pistrict 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 tha 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 Bonneville Custer Jerome Payette Adams Butte Elmore Lemhi Power Bannock Camas Franklin Lincoln Teton Bear Lake Canyon Fremont Madison Twin Falls Bingham Car/ibou Gem Minidoka Valley Blaine Cassia Gooding Oneida Washington Boise Clark Jefferson Owyhee 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 1 Except the town of Ilwaco (see Portland branch). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS ARK. Little*Rock/ i r 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Acceptances: Bankers': Held by group of accepting banks 204 Held by Federal Reserve banks 110, 111, 112 Held by member banks on call dates 174, 204 Outstanding 203 Distribution of 204 Open-market discount rates 150, 151 Banks, list of, authorized to accept bills up to 100 percent of capital and surplus 381, 382 Held by Federal Reserve banks 110, 111, 112 Maturity of bills purchased and held by Federal Reserve banks 111, 113 Number of pieces handled by Federal Reserve banks 62, 118, 119, 120 Outstanding 203,204 Payable in foreign currencies 100, 102, 112 Purchased by member banks 174, 204 Rates, discount and open-market: Average rates earned on bills bought by Federal Reserve banks_ _ 61, 149 Buying rates of Federal Reserve banks 9, 15, 21, 148 Changes in Federal Reserve bank rates 9, 15, 21, 145-147 Open-market rates in New York City 9, 15, 21, 150, 151 Trade, held by Federal Reserve banks___ 110, 111, 112 (See also Bills bought; Bills discounted.) Act amending Revised Statutes 269 Acts amending Federal Reserve Act. (See Federal Reserve Act.) Additions and withdrawals, banks in Federal Reserve System 63, 64, 224 Adjusted-service certificates, discount of paper secured by 110 Administrator, list of national banks authorized to act as 359 Advances to member banks under section 10 (b) of Federal Reserve Act_ 110, 111 Act regarding . 38, 265 Discount rates on 146 Advisory Council, Federal. (See Federal Advisory Council.) Affiliates of State member banks: Examination of, amendment to act regarding 43, 274 Loans or investments in stock of, amendment to act regarding 46, 286 Regulation P of Federal Reserve Board 304 Regulation of, amendment to act regarding 47, 289 Reports of, amendment to act regarding 42, 274 Right of, to vote stock, amendment to act regarding 43, 274 Voting permits, applications for, number granted by Federal Reserve Board 67 Agencies of Federal Reserve banks. (See Branches and agencies.) Agricultural paper held by Federal Reserve banks 110, 111 Amendment to Revised Statutes 269 Amendments to Federal Reserve Act. (See Federal Reserve Act.) Area of Federal Reserve districts 383-388 Assessment for expenses of Federal Reserve Board 68, 130, 332 Assets and liabilities: Federal Reserve banks: At end of each month 102 Combined statement 97 Each bank 104-107 Weekly statement and balance-sheet items 100 Member banks: Country banks 165 National and State banks 164 On call dates 171 Reserve city and country banks 165 Reporting banks: By weeks 186-191 List of cities in series 186 In New York City __ _ ._ 192-193 Outside New York City 194-197 Digitized for FRASER 393 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 INDEX Assets and liabilities—Continued. Page National banks 164 Reserve city member banks 165 State bank members 164 Assignee, list of national banks authorized to act as 359 Automobiles: Factory employment index 244 Factory pay-roll index 248 Production index 242 Balance sheets. (See Condition of banks.) Bank Conservation Act 261 Amendment to 269 Bank consolidations 64, 224 Bank debits 205 Bank failures. (See Bank suspensions.) Bank holiday 10, 14, 21, 319, 320 Proclamation of President 319, 320 Bank mergers 64, 224 Bank premises, Federal Reserve 62, 101, 103, 105, 126, 131 Book value 126 Cost of 126 Date occupied 126 Depreciation charges 131 Limitation on investment in, act regarding 46, 287 Repairs, cost of 130 Bank suspensions 3,206-223 By Federal Reserve districts 207-211 By size of city or town 222 By States.__1 207-211 By years 206 Deposits of banks suspended 212-221 Discussion of 3, 6, 14 Executive orders of President: Disposition of unlicensed banks 321 Reopening of banks_ 320 Number, classified according to capital stock 222 Proclamation of President declaring bank holiday 319, 320 Bankers' acceptances. (See Acceptances.) Bankers' balances of member banks 171, 198, 199 Banking Act of 1933 2,272 Banking conditions in 1933, discussion of 1 Banking corporations engaged in foreign banking business, examination of _ 63 Banking crisis 1-30 Banks, list of, granted authority to accept bills up to 100 percent of capital and surplus 381-382 Bethea, L. P., appointed assistant secretary of Federal Reserve Board 68 Bills bought by Federal Reserve banks 18, 71-92, 97, 100-107, 114-117 Chart showing 16 Earnings on 61, 127, 130 Rates of 61, 149 Holdings: By classes 112 By maturities 113 Open-market purchases 100, 104 On call dates 91 Outright 97, 100, 102 Payable in foreign currency 100, 102, 112 Under resale agreement 97, 100, 102 Volume of: Federal Reserve banks 62, 118, 119 Federal Reserve branch banks 63, 120 Bills discounted by Federal Reserve banks 18, 71-92, 97, 100-107, 114-117 Chart showing 16 Earnings on 61, 127, 130 Rates of 61, 149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 395 Bills discounted by Federal Reserve banks—Continued. Holdings: Page By classes 110, 111 By maturities 111, 113 By months 95 By States 96 By weeks, by districts 98 On call dates 91 Secured by United States Government obligations 100, 104, 110, 111 Under resale agreement 100, 102 Volume of: Federal Reserve banks 62, 118, 119 Federal Reserve branch banks 63, 120 Bills payable and rediscounts, member banks on call dates 171 Black, Eugene R., appointed Governor of Federal Reserve Board 67 Boatwright, H. Lee, appointed assistant counsel to Federal Reserve Board_ 68 Bonds: Capital issues 231 Index of prices 232 Paper secured by: Discount rates 152 Held by member banks 174 United States. (See United States Government securities.) Yield on 234 Book value, Federal Reserve bank premises 126 Borrowings of member banks at Federal Reserve banks: All banks 166, 176, 177 By months 176 Banks in New York City, Chicago, and other reserve cities 177-179 Compared with eligible assets held 169 Reporting member banks: By months 185 By weeks 191 In New York City 193 Outside New York City 197 Branches and agencies of Federal Reserve banks: Bank premises: Cost of 126 Date occupied-- 126 Book value __' 126 Clearing operations 62, 120 Counties comprising territory 389, 390 Directors of 336-339 Expenses of 63 Managers of 336-339 Number of 62 Territory 389, 390 Volume of operations 62, 120 Branches of State member banks, amendment to act regarding 42, 273 Brokers, loans to: As reported by New York Stock Exchange 201 By member banks 174, 200, 201, 202 In New York City: By weeks 200 On call dates 174,202 Outside New York City 202 Building contracts awarded 31, 32, 236 Building materials, wholesale prices, index of 250, 252 Buildings, Federal Reserve banks 62, 126, 130, 131 Cost of bank premises 126 Book value 126 Date occupied 126 Depreciation charges 131 Repairs, cost of 130 Business conditions in 1933 3, 8, 30 Call loans: In New York City 200, 201 Money rates in New York City 9, 15, 21, 150, 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 INDEX Capital: Page Banks suspended 206 Federal Reserve banks 101, 103, 105, 107 Member banks 164, 165, 171 Requirements of State banks for membership in System, amendment to act regarding 47, 289 State bank members of system 339 Capital issues 35, 231 Capital stock of State member banks, classification according to 356-358 Car loadings, index of 236 Carpenter, S. R., appointed assistant secretary of Federal Reserve Board. 68 Cash in vault, member banks: By weeks 191 In New York City 193 Outside New York City 197 Cash reserves of Federal Reserve banks 94, 97, 100, 102, 104 Cement, clay, and glass: Factory employment index 244 Factory pay-roll index 248 Central banks, foreign: Discount rates 154 Due to Federal Reserve banks from 100, 102, 104 Open-market rates 155 Central Reserve city banks: Condition of 165 Deposits, reserves, and borrowings at Federal Reserve banks 166 Loans and investments 174 Certificates of indebtedness, Treasury: Held by Federal Reserve banks 100, 114, 115, 116, 117 Temporary 1-day, held by Federal Reserve banks 115, 116, 117 Yield on 150, 151 Chairmen of board of directors of Federal Reserve banks. (See Federal Reserve agents.) Changes in discount rates of Federal Reserve banks 9, 15, 145 Changes in membership in Federal Reserve System 63, 64, 224 Charts: Denominations of paper currency 5 Excess reserves of member banks 17 Foreign exchange value of the dollar 29 Reserve bank credit 16 Check clearing and collection: Gold settlement fund transactions 121 Operations, volume of: Federal Reserve banks 62, 118, 119 Federal Reserve branch banks 62, 120 Par list, number of banks on 65, 123, 124, 125 Chemicals: Factory employment index 244 Factory pay-roll index 248 Prices, wholesale, index of 250, 252 Cherry, Alfred K., appointed assistant counsel to Federal ReservejBoard..__ 68 Chicago, member banks in: Deposits of 166 Deposits, reserves, and borrowings at Federal Reserve banks 178 Circulation, money. (See Currency; Federal Reserve notes; Money.) Classification according to capital stock, State bank members 356-358 Classification of demand and time deposits on call dates 170 Classification of loans and investments of member banks on call dates 174 Clayton Antitrust Act: Administration of 66 Amendment to 50, 295 Regulation L of Federal Reserve Board 296 Coal, index of production 243 Coin: Circulation 142 Held bv Federal Reserve banks 100, 102 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 397 Coin—Continued. Received and counted: Page At Federal Reserve banks 62, 118, 119 At Federal Reserve branch banks 63, 120 Coinage of silver, executive order of President regarding 328 Collateral held by Federal Reserve agents as security: For Federal Reserve notes 133 For Federal Reserve bank notes 134 Collateral notes of member banks: Loans on, amendment to act regarding 45, 285 Held by Federal Reserve banks 110, 111 Maturities of, amendment to act regarding 45, 285 Collection of checks. (See Check clearing and collection.) Commercial paper: Held by Federal Reserve banks i 110 Money rates in New York City 9, 21, 150, 151, 152 Outstanding 203 Purchased by member banks 174 Commodity prices, wholesale, index of 250 Comptroller of the Currency: Joint resolution authorizing additional powers to 260 O'Connor, J. F. T., appointment of 67 Condition of banks: All banks in the United States: Deposits, exclusive of interbank deposits 163 Investments J 162 Loans and investments 160 Loans, total 161 Country banks 165 Federal Reserve banks: At end of each month 102 Bills bought, holdings of 71-92, 97, 100-107, 114-117 By classes 112 By maturities 113 Bills discounted, holdings of 71-92, 97, 100-107, 114-117 By classes 110, 111 By months 95 By maturities 111, 113 By weeks 97 Deposits, reserves, note circulation, and reserve percentages 94 Each bank 104 In detail 100, 102 United States securities, holdings of 71-92, 97, 100-107, 114-117 By classes 114 In system investment account 115, 116 Temporary 1-day certificates of indebtedness 115, 116, 117 Member banks: All banks: On call dates 171 National and State banks 164 Reserve city and country banks 165 Bankers' balances 171, 198 Borrowings at Federal Reserve banks: All banks 166, 176 Reporting banks: By months 184 By weeks 189 In New York City 193 Outside New York City 197 Deposits, time and demand: All banks 6, 166, 167, 168, 170, 171 By months 167 By size of account 180, 182 In larger and smaller centers 168 On call dates 170, 171 Classification of 170 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 INDEX Condition of banks—Continued. Member banks—Continued. Deposits, time and demand—Continued. Reporting banks: Page By months 184 By weeks 189 In New York City 193 Outside New York City 197 Deposits subject to reserves, reserves required, reserves held, and borrowings at Federal Reserve banks: All banks 166 Banks in New York, Chicago, and other reserve cities 177-179 Excess reserves 2, 16, 18, 166, 177 Investments: All banks : 171, 174 Reporting banks 188-194 Loans and investments: All banks 164, 165, 171, 174 Classification, on call dates 174 Reporting banks 1 184, 186-196 Loans, investments, deposits, reserves, and borrowings at Federal Reserve banks 184 Reserve balances 71-91, 95, 97, 101, 103, 104, 171, 176, 185, 189, 191, 193 All banks 95, 171, 176 Reporting banks 185, 187, 191, 193, 195 By months 185 By weeks 187, 189, 191 In New York City 193 Outside New York City 197 National banks 164 Reserve city banks 165 State bank members 164 Consolidations, bank 64, 224 Construction contracts awarded 236 Copper, index of production 243 Cost of Federal Reserve bank premises 126 Counties in Federal Reserve districts 383-388 Counties in Federal Reserve branch territories 389-390 Country bank members: Condition of 165 Deposits, reserves, and borrowings at Federal Reserve banks 166 Holdings of eligible assets 169 Loans and investments, classification of, on call dates 174 Courts, jurisdiction of, over cases involving foreign banking transactions, amendment to act regarding 46, 287 Credit: Federal ELeserve bank. (See Federal Reserve bank credit.) Member bank 157 Credit agreements, Federal Reserve banks with foreign central banks 35 Currency: Amounts received and counted: At Federal Reserve banks__ 62, 118, 119 At Federal Reserve branch banks 63, 120 Circulation 94, 97, 141, 142 By months 141 By kinds 142 Chart showing > 5 Discussion of 4, 8, 14, 18 Federal Reserve, cost of 130, 332 Legal tender, act regarding 39, 267 Debits to individual account 205 Deferred availability items of Federal Reserve banks 101, 103, 105 Deficient reserve penalties imposed by Federal Reserve banks 127, 130 Demand deposits. (See Deposits.) Department-store sales 31, 236 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 399 Deposit insurance: Pase Act creating Deposit Insurance Corporation 44, 276 Plan for 24 Deposit Liquidation Board, establishment of___ 23 Deposits: All banks in the United States, exclusive of interbank deposits 163 Banks suspended: By years 206, 212-220 By States 212-220 Federal Reserve banks 94, 97, 101, 102, 105 By months 94 By weeks 97 Each bank 104 Foreign bank 94, 101, 102, 104 Government: Held by Federal Reserve banks 94, 101, 102, 104 Held by member banks 171, 189, 191, 193, 195, 197 By weeks 189 In New York City 193 On call dates 171 Outside New York City 195 Member banks, time and demand: All banks 6, 166, 167, 168, 170, 171 By months 167 By size of account 180, 182 In larger and smaller centers 168 On call dates 170, 171 Classification of 170 Reporting banks: By months 184 By weeks 186 In New York City 193 Outside New York City 195 Net demand and time: All banks 167 Banks in New York City, Chicago, and other reserve cities 177 In larger and smaller centers 168 Payment of interest on: Amendment to act regarding 45, 286 Regulation Q of Federal Reserve Board 312 Postal savings 170 Receipt of, by securities companies and other nonbanking institutions, act regarding 49, 291 State bank members of Federal Reserve System 340 Withdrawals, discussion of 4 Deputy chairmen of board of directors of Federal Reserve banks, list of _ 336-339 Directors of Federal Reserve banks: Election of, amendment to act regarding 41, 273 List of 336-339 Meetings, expenses of 130 Directors of member banks: Board of directors, composition of, act regarding 49, 295 Removal of, from office, act regarding 49, 294 Discount and open-market operations of Federal Reserve banks: Acceptances. (See Acceptances.) Bills bought 18, 71-92, 97, 100-107, 114-117 Earnings on 61, 127, 130 Rates of 61, 149 Holdings: By classes 112 By maturities 113 On call dates 91 Outright ., 97, 100, 102 Under resale agreement 97, 100, 102 Volume of: Federal Reserve banks 62, 118, 119 Federal Reserve branch banks 63, 120 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 INDEX Discount and open-market operations of Federal Reserve banks—Con. Page Bills discounted 18, 71-92, 97, 100-107, 114-117 Earnings on 61, 127, 130 Rates of 61, 149 Holdings: By classes 110, 111 By maturities 111, 113 By months 95 On call dates 91 Under resale agreement 100, 102 Volume of: Federal Reserve banks 62, 118, 119 Federal Reserve branch banks 63, 120 Collateral notes of member banks discounted and held 110, 111 Commercial and agricultural paper discounted 110, 111 Dollar exchange bills discounted or purchased 112 Maturity of bills purchased or held 111, 113 Number of member banks discounting paper: By Federal Reserve districts 108 By months 108 By States 109 Number of pieces handled 62, 118, 119 Rates charged and rates of earnings on bills discounted 61, 149 Regulation M of Federal Reserve Board 300 United States securities: Earnings and rates of earnings 61, 127, 130, 149 Paper secured by, purchased and held 100, 102, 111 Purchased ?,nd held 18, 71-92, 97, 100-107, 114-117 Volume of operations 62, 118, 119, 120 Discount and open-market rates: Average rates earned by Federal Reserve banks on: Bills discounted _._" 61, 149 Bills bought 61, 149 United States securities 61, 149 Buying rates on acceptances 9, 15, 21, 148 Central banks in foreign countries: Changes in 154 Open-market rates, by months 155 Changes in Federal Reserve bank rates 9, 15, 145 Open-market rates in New York City: By months 150 By weeks • 151 Rates charged customers: In New York City 152 In principal cities 153 Discounts for individuals, partnerships, and corporations 110, 111 Rates 147 Districts, Federal Reserve. (See Federal Reserve districts.) Dividends: Federal Reserve banks 60, 127, 128, 131 Member banks 227 National banks 227 State bank members 227 Dollar exchange bills: Held by Federal Reserve banks 110 Outstanding 203 Dollar, foreign exchange value of, chart showing 29 Drafts, demand and sight, held by Federal Reserve banks 110, 111 DuBois, J. D.,, appointed assistant counsel to Federal Reserve Board 68 Due from foreign banks to Federal Reserve banks 92, 100, 103, 104 Due to and from banks (bankers' balances) 171, 198 In New York City and other leading cities 198 On call dates 171 Earmarked gold for foreign account 137, 138, 139 Earning assets of member banks 225, 226 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 401 Earnings and expenses: Fa?e Federal Reserve banks 59-61, 127, 128, 130, 149 Distribution of earnings, amendment to act regarding 41, 273 Each bank during year 1933 130 Earnings, by sources 127 Gross and net earnings 127 Rates of earnings 61, 149 Years 1914-33 127, 128 Each bank 128 Member banks 225, 226, 227 National banks 225, 226, 227 State bank members 225, 226, 227 Eligible assets (Government securities and eligible paper) held by member banks compared with borrowings at Federal Reserve banks 169 Eligible paper held by Federal Reserve agents as security: For Federal Reserve bank notes 134 For Federal Reserve notes 133 Emergency Banking Act 13, 281 Amendments to 266, 271 Employees: Federal Reserve banks, number and salaries 61, 130, 340 Federal Reserve Board, salaries 331 Employment, factory 3, 31, 33, 236, 244 England: Discount rates of Bank of 154 Open-market money rates 155 Examination of Federal Reserve banks, number of * 63 Examiners, national banks, number and salaries 334 Excess reserves: Federal Reserve banks 95 Member banks 2, 16, 18, 166, 177 Chart showing 17 Executive orders, President of United States: Disposition of unlicensed banks 321 Gold exports 320, 323, 324, 326 Hoarding of gold 321 Licensing of banks to reopen 320 Licensing of gold exports 320 Sale and export of gold recovered from natural deposits 326, 327 Transactions in foreign exchange 323 Executor, list of national banks authorized to act as 359 Expenses: Branches and agencies of Federal Reserve banks 63 Federal Reserve banks 59-61, 127, 128, 130 Fiscal agency departments of Federal Reserve banks 132 Federal Reserve Board 68, 332, 333 Member banks _ 225,226,227 National banks 225, 226, 227 State bank members 225, 226, 227 Exports and imports: Acceptances based on: Outstanding 203 Purchased and held by Federal Reserve banks 112 Gold: By countries 139 By months 140 Expressage, cost of, at Federal Reserve banks 130 Factory employment and pay rolls 31, 236, 244, 248 Failures, bank. (See Bank suspensions.) Farm products, prices of, index of 250 Farm land, loans on, by member banks 174 Farm loan bonds as security for advances to member banks, amendment to act regarding 40, 269 Federal advisory council: Meetings of 67 Expenses of 130 Members of 257 Recommendations of, to Federal Reserve Board 257-259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 INDEX Page Federal Deposit Insurance Corporation, act creating 44, 276 Federal intermediate credit banks: Bills discounted for 96, 100, 102, 110 ; Borrowings 96, 176 Federal Open Market Committee: Act creating * 44, 276 Regulation M of Federal Reserve Board 301 Federal Reserve Act: Amendments to 36-50, 260-295 Extension of Glass-Steagall Act 260 Emergency Banking Act and Conservation Act 261-266., 269, 271 Thomas amendment 267 Banking Act of 1933 272-295 Proposed amendments by Federal Reserve Board 51-59 Federal Reserve agents: Conferences of, expenses of 130 Federal Reserve note accounts 133 Federal Reserve bank note accounts 134 Gold fund, summary of transactions 122 Gold held by 100, 102 List of 336-339 Salaries of 340 Federal Reserve bank credit: Chart showing 16 Control of, by Federal Reserve Board, act regarding 40, 272 Discussion of 15 Factors of increase or decrease in: Annual averages 71 By weeks (Wednesday series) 78 End of month series 90 Monthly averages 72, 73, 74 On call dates 91 Weekly averages 76 Outstanding 92 (See also Federal Reserve banks.) Federal Reserve bank float 92 Federal Reserve bank notes: Act providing for redemption of notes of unidentified banks 270 Circulation 142 Federal Reserve agents' accounts 134 Held by Federal Reserve banks 100, 105, 107 Issuance of, upon security of direct obligations of United States, amendment to act regarding 13, 37, 265 Federal Reserve banks: Agreements with foreign banks to purchase commercial bills 35 Bank premises 62, 101, 103, 105, 126, 131 Bills bought by. (See Bills bought.) Bills discounted by. (See Bills discounted.) Branches and agencies of: Bank premises: Cost of 126 Date occupied 126 Book value 126 Clearing operations 63, 120 Counties comprising territory 389 Directors of 336-339 Expenses of 63 Managers of 336-339 Number of 62 Territory 389 Volume of operations 63, 120 Building operations 62, 126 Capital 101, 103, 105, 107 Chairman of boards of directors, list of 336-339 Clearing operations 62, 118, 119 Condition of. (See Condition of banks.) Deposits. (See Deposits.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 403 Federal Reserve banks—Continued. Page Directors, list of 336-339 Discount rates. (See Discount and open-market rates.) Discounts. (See Discount and open-market operations.) Dividends paid 60, 127, 128, 131 Earnings and expenses 59-61, 127, 128, 130, 149 Each bank during year 1933 130 Earnings, by sources 127 Gross and net earnings 127 Rates of earnings 61, 149 Years 1914-33 127, 128 Each bank 128 Employees, number and salaries 61, 130, 340 Examinations, number of 63 Federal Reserve notes. (See Federal Reserve notes.) Fiscal agency operations 132 Foreign transactions of, amendment to act regarding 45, 285 Franchise tax paid to Government 60, 127, 128 Gold held by 100, 102, 104 Gold redemption fund 100, 102, 104 Gold reserves 100, 102, 104 Gold settlement fund 100, 102, 121 Government deposits held by 94, 101-107 Governors: Conferences, expenses of 130 List of 336-339 Salaries of 340 Jurisdiction of suits by or against, act regarding 46, 287 Number of member banks discounting paper at 108,109 Officers and directors, list of_- 336-339 Officers, salaries of 340 Profit and loss account 131 Reserve percentages 94 Reserves 94, 97-107 Resources and liabilities. (See Assets and liabilities.) Salaries, officers and employees 130, 340 Surplus accounts 60, 127, 128, 131 Tax, franchise, paid to Government 60, 127, 128 United States Government securities: Bills discounted secured by, holdings of 100, 102, 111 Bonds bought by 100, 114 Certificates of indebtedness, holdings of 100, 114, 115, 116, 117 Temporary 1-day certificates 115, 116, 117 Earnings and rates of earnings on purchases 61, 127, 128, 130, 149 Holdings of 71-92, 97, 100-107, 114-117 By classes 114 Bought outright 97, 100, 114 Bought under resale agreement 97, 100, 114 In system investment account 115, 116 Temporary 1-day certificates 115, 116, 117 Issues, redemptions, and exchanges handled by fiscal agency departments 62, 118, 119 Liberty bonds, holdings of_ 100, 114 Paper secured by, holdings of 100, 110, 111 Rates of earnings on purchases 61, 149 Treasury bills, holdings of 100, 114 Treasury bonds, holdings of______ 100, 114 Treasury notes, holdings of 100, 114 Volume handled 62, 118, 119, 120 Volume of operations 62, 118, 119 All banks 62, 118 Each bank 119 Branches 63, 120 Federal Reserve Board: Assessment for expenses of 68, 130, 332 Bethea, L. P., appointed assistant secretary 68 Black, Eugene R., appointed Governor 67 Boatwright, H. Lee, appointed assistant counsel 68 Digitized for FRCASarEpRe nter, S. R., appointed assistant secretary 68 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 INDEX Federal Reserve Board—Continued. Page Cherry, Alfred K., appointed assistant counsel 68 Clayton Act, administration of 66 Conferences with advisory council 67 Directory 331 DuBois, J. D., appointed assistant counsel 68 Employees, number and salaries 331 Expenses of 68, 130, 332 Foulk, Oliver E., appointed fiscal agent 68 Harrison, Floyd R., assistant to Governor, resignation of 68 Lally, Josephine E., appointed deputy fiscal agent 68 Magee, Way land W., member, expiration of term 68 Martin, H. Warner, appointed assistant to Governor 68 McClelland, E. M.: Appointed assistant to Governor 68 Death of 68 Members of 331 Meyer, Eugene, Governor, retirement of 67 Mills, Ogden L., ex-officio member, retirement of 67 O'Connor, J. F. T., appointed ex-officio member 67 Offices, amendment to act regarding 43, 44, 275 Recommendations to Congress concerning legislation 50-59 Receipts and disbursements 332 Regulations of 65, 296-318 Salaries of officers and employees 331 Szymczak, M.S., appointed member 68 Terms of members: Amendment to act regarding ._ 43, 275 Expiration of 331 Thomas, J. J., appointed member 68 Woodin, William H., appointed ex-officio member 67 Federal Reserve branch banks: Bank premises: Cost of 126 Date occupied 126 Book value 126 Clearing operations 62, 120 Counties comprising territory 389, 390 Directors of 336-339 Expenses of 63 Managers of 336-339 Number of 62 Territory 389-390 Volume of operations 62, 120 Federal Reserve districts: Area, square miles 383-388 Counties comprising branch territories 389, 390 Counties in divided States 383-388 Map showing outline 391 Population 383-388 Federal Reserve interdistrict collection system. (See Check clearing and collection.) Federal Reserve notes: Act providing for redemption of notes of unidentified banks 270 Circulation 94, 97, 101, 103, 104, 142 Cost of 130, 331 Eligible paper held as collateral against 133 Federal Reserve agents' accounts 133 Gold and gold certificates held as collateral against 100, 102, 104, 133 Held by Federal Reserve agents 100, 102, 104, 133 Held by Federal Reserve banks 100, 102, 104 United States obligations as security for, amendment to act regarding 36, 260 Fiduciary powers of national banks: List of national banks authorized to exercise 357-378 Number of permits issued 63 Fiscal agency operations of Federal Reserve banks 132 Float, Reserve bank 92 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 405 Food products: Page Production index 242 Factory employment index 244 Factory pay-roll index 248 Food prices, wholesale, index of 250 Foreign bank deposits held by Federal Reserve banks 94, 101, 102, 104 Foreign banking, corporations engaged in, examination of 63 Foreign banking transactions, jurisdiction of Federal courts over cases involving, act regarding 46, 287 Foreign banks: Deposits of, held by Federal Reserve banks 94, 101, 102, 104 Due to Federal Reserve banks from 92, 100, 103, 104 Relations with, Regulation N of Federal Reserve Board 303 Foreign capital issues 231 Foreign central banks: Agreements with Reserve banks to purchase prime commercial bills 35 Money rates: Changes in 154 Open-market rates 155 Foreign currency, bills and acceptances payable in, holdings of Federal Reserve banks 100, 102, 112 Foreign deposits, member banks 170 Foreign loans on gold 92 Foreign securities held by member banks 174 Foreign transactions of Federal Reserve banks, amendment to act regarding 45, 285 Foulk, Oliver E., appointed fiscal agent of Federal Reserve Board 68 France: Discount rates of Bank of 154 Open-market money rates 155 Franchise tax paid by Federal Reserve banks to Government 60, 127, 128 Freight-car loadings, index of 31, 236 Fuel, index of wholesale prices 250 Germany: Discount rates of Reichsbank 154 Open-market money rates 155 Glass-Steagall Act, extension of 260 Gold: Circulation 142 Earmarked by Federal Reserve banks for foreign account 137, 138, 139 Executive orders concerning: Exports 320, 323, 324 Hoarding 321 Licensing of exports 320 Sale and exports of gold recovered from natural deposits 326, 327 Exports, control over 2, 27 Federal Reserve agents' gold fund 122 Foreign IOPHS on, held by Federal Reserve banks 92 Held as collateral against Federal Reserve notes 100, 102, 104, 133 Held by Federal Reserve agents 100, 102, 104, 133 Held by Federal Reserve banks 100, 102, 104 Hoarding, discussion of 11, 14, 26 Imports and exports: By countries 139 By months 140 Joint ieso]ution relating to payments in 270 Purchases 28 Recapture of, amendment to act regarding 37, 261 Reserve Act of 1834 29 Reserves of Federal Reserve banks 100, 102, 104 Stock, monetary, in United States 18, 71-91, 137, 138 Analysis of changes in 138 Years 1914-33 137 Weight of dollar, fixing of 2, 29 World stock of 30 Gold redemption fund 100, 102, 104 Gold settlement fund 100, 102. 104, 121 Summary of transactions 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 INDEX Government bonds. (See United States Government securities.) Government deposits: Page Held by Federal Reserve banks 94, 101, 102, 104 Held by member banks 171, 189, 191, 193, 195, 197 By weeks 189 In New York City 193 On call dates 171 Outside New York City 195 Government securities. (See United States Government securities.) Governor of Federal Reserve Board: Black, Eugene R., appointed 67 Meyer, E^ugene, resignation of 67 Governors of Federal Reserve banks: Conferences of, expenses of___ 130 List of 336-339 Salaries of 340 Great Britain. (See England.) Guardian of estates, national banks authorized to act as 357 Harrison, Floyd R., assistant to Governor of Board, resignation of 68 Housefurnishing goods, wholesale prices, index of 250 Imports and exports: Bankers' acceptances based on: Held by Federal Reserve banks 110 Outstanding 203 Gold: By countries 139 By months 140 Index numbers: Factory employment 244 Factory pay rolls 248 Manufactures 242 Minerals 243 Production, employment, and trade 236 Security prices 232 Individuals, partnerships, and corporations: Discounts for 110, 111 Loans to, act regarding 38, 265 Rates of discount 147 Insurance: Deposit: Act creating Deposit Insurance Corporation 44, 276 Plan for 24 Federal Reserve banks 130 Interbank loans, discount rates 152 Interest on deposits, payment of: Amendment to act regarding 45, 286 Regulation Q of Federal Reserve Board 312 Interlocking bank directorates, Regulation L of Federal Reserve Board 296 Investment securities, dealing in, by member banks, act regarding 47, 288 Investments: All banks in United States 162 Member banks: All banks 162, 171 Reporting banks 184, 186, 188, 192, 194 By weeks 186, 188 In New York City 192 Outside New York City 194 Investments and loans: All banks in the United States 160, 161, 162 Member banks: All banks 160, 164, 165, 171, 174 Classification, on call dates 174 Reporting banks: By months 184 By weeks 186, 188 In New York City 192 List of cities in series 186 Outside New York City 194 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 407 Iron and steel: Factory employment index 244 Factory pay-roll index 248 Production index 242 Iron-ore shipments 243 Italy: Discount rates of Bank of 154 Open-market money rates 155 Japan: Discount rates of Bank of 154 Open-market money rates 155 Lally, Josephine E., appointed deputy fiscal agent of Board 68 Land area of Federal Reserve districts 383-388 Lead production, index of 243 Leased-wire system, cost of 332 Leather: Factory employment index 244 Factory pay-roll index 248 Production index 242 Products, wholesale prices, index of 250 Legal fees, Federal Reserve banks 130 Legal tender, currencies of United States as, act regarding 39, 267 Liberty Loan bonds: Average yield on 150 Held by Federal Reserve banks 100, 114 Loans: All banks in the United States 161 By member bank to its executive officers, act regarding 46, 286 By member banks on stock or bond collateral, act regarding. _ 44, 45, 275, 286 Member banks: All banks 161, 171, 174 Classification of 174 Reporting banks 184, 186, 188, 192, 194 By months 184 By weeks 186, 188 In New York City 192 Outside New York City 194 On member banks' collateral notes, maturity of, act regarding 45, 285 Secured by stocks and bonds: Made by member banks on call dates 174 Money rates in New York City 152 To brokers: As reported by New York Stock Exchange 201 By member banks 174, 200, 201, 202 In New York City: By weeks 200 On call dates 202 Outside New York City 202 To individuals, partnerships, and corporations 110, 111 Act regarding 38, 265 Discount rates on 146 To member banks in exceptional cases, act regarding 36, 38, 260, 265 To nonmember banks by Federal Reserve banks, act regarding 38, 266 Loans and investments: All banks in the United States 160, 161, 162 Member banks: All banks 164, 165, 171, 174 Classification, on call dates 174 Reporting banks 184, 186, 188, 192, 194 By months 184 By weeks 186, 188, 190 In New York City 192 List of cities in series 3 88 Outside New York City 194 State bank members of Federal Reserve System 339-353 Losses, reserve for, at Federal Reserve banks 131 49753—34 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 INDEX Lumber: Page Factory employment index 244 Factory pay-roll index 248 Production index 242 Machinery: Factory employment index 244 Factory pay-roll index 248 Magee, Way land W., member of Federal Reserve Board, expiration of term 68 Managers of branches of Federal Reserve banks, list of 336-339 Manufacturers, index of production 236, 242 Map outlining Federal Reserve districts 391 Martin, H. Warner, appointed assistant to Governor of Federal Reserve Board 68 Maturities: Bills discounted and bought by Federal Peoerve banks 111, 113 Loans on member banks' collateral notes, amendment to act 45, 285 McClelland, E. M.: Appointed assistant to Governor of Federal Reserve Board 68 Death of 68 Member and nonmember bank credit 157 Member banks: Acceptances held 174, 204 Advances to, under section 10 (b) of act: Amendment to act 36, 38, 260, 265 Holdings, by Federal Reserve banks 110, 111 Affiliates: Examination of, amendment to act regarding 43, 274 Loans or investments in stock of, amendment to act regarding- 46, 286 Regulation of, amendment to act regarding 42, 2 73 Regulation P of Federal Reserve Board 304 Reports of, amendment to act regarding 42, 273 Right of, to vote stock, amendment to act regarding 43, 274 Voting permits, number granted by Federal Reserve Board 67 Bank suspensions: By Federal Reserve districts and States 207-211 By years 206 Number, classified according to capital stock 222 Bankers' balances 171, 198, 199 Borrowings at Federal Reserve banks: All banks 7, 166, 176, 177 By months 176 Compared with eligible assets held 169 Reporting member banks: By months 185 By weeks 191 In New York City 193 Outside New York City 197 Brokers' loans 174, 200, 201, 202 Capital 164, 165, 171 Required for State banks admitted to System, act regarding 47, 289 Changes in membership 63, 64, 224 Condition of. {See Condition of banks.) Consolidations 64, 224 Deposits: Exclusive of interbank 163 Government 171, 189, 191, 193, 195, 197 Net demand and time 167, 168, 177 Time and demand: All banks 6, 166, 167, 168, 170, 171 Classification on call dates 170 Reporting banks 184, 187, 189, 193, 197 Deposits subject to reserve, reserves required, reserves held, and borrowings at Federal Reserve banks: All banks - 166 Banks in New York City, Chicago, and other reserve cities 177-179 Directors of: Board of directors, composition of, amendment to act regarding. 49, 295 Digitized for FRASER Removal from office, act regarding 49, 294 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 409 Member banks—Continued. Dividends declared 227 Dividends paid to, by Federal Reserve banks 60, 127, 128, 131 Earnings, expenses, and dividends 225, 226, 227 National banks 225, 226, 227 State banks 225, 226, 227 Eligible assets (Government securities and eligible paper) held, compared with borrowings at Federal Reserve banks 169 Excess reserves 16, 166, 177 Executive officers of, loans to, amendment to act regarding 46, 286 Failures 206-223 Investments: All banks 162, 171 Reporting banks 184, 186, 188, 192, 194 List of, with loans, investments, deposits, capital, and surplus 340-355 Loans: All banks 161, 171, 174 Classification of 174 On stock or bond collateral, amendment to act regarding, 44, 45, 275, 285 Reporting banks 184, 186, 188, 192, 194 Loans and investments: All banks 160, 164, 165, 171, 174 Classification, on call dates 174 Reporting banks 184, 186, 188, 192, 194 By months 184 By weeks 186, 188 In New York City 192 Outside New York City 194 Loans, investments, deposits, reserves, and borrowings at Federal Reserve banks 184 Loans to brokers 174, 200, 201, 202 Maturity of loans on collateral notes, act regarding 45, 285 Mergers 64, 224 National banks: Additions to and withdrawals from system 64, 224 Condition of__ 164 Earnings, expenses, and dividends 225, 226, 227 Examiners, number and salaries 334 Mergers 64, 224 Number 63, 64, 159, 224 Suspensions 206, 208, 214, 222, 223 Trust powers: List of banks authorized to exercise 359-380 Number of permits issued 63 Number of 159, 224 Number of, discounting paper at Federal Reserve banks 108, 109 Number of on par list 65, 123, 124, 125 ; Relationships between securities companies and, act regarding 48, 50, 291, 295 Reserve balances 16, 18, 71-91, 95, 97, 101, 103, 104, 171, 176, 185, 189, 191, 193 All banks 95, 171, 176 By months 95 On call dates 171 Reporting banks 185, 187, 191, 193, 195 By months 185 By weeks 187, 189, 191 In New York City 193 Outside New York City 197 Reserves required, reserves held, deposits subject to reserve, and borrowings at Federal Reserve banks: All banks 166 Banks in New York City, Chicago, and other reserve cities. __ 177-179 State banks: Capital 191,339 Changes in membership 63, 64, 224 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 INDEX Member banks—Continued. State banks—Continued. Page Classification according to capital stock 356-358 Condition of 164 Earnings, expenses, and dividends 225, 226, 227 List of, with loans, investments, deposits, capital, and surplus. _ 340-355 Mergers 64, 224 Number of 63, 64, 224, 340 Suspensions 206, 209, 216, 222, 223 Withdrawals from system 64, 224 Membership in Federal Reserve System: Changes in 63, 64, 224 State banks and trust companies, list of 339-353 Membership in par collection system 65, 123, 124, 125 Mergers, bank 64, 224 Metals, wholesale price index of 250, 252 Meyer, Eugene, Governor of Federal Reserve Board, retirement of 67 Mills, Ogden L., Secretary of Treasury, retirement of 67 Mineral production, index of 243 Monetary situation, recommendations of Federal Advisory Council relative to 258 Monetary gold"stock of United States 43-91, 137, 138 Years 1914-33 137 Money in circulation 4, 8, 14, 18, 71-91, 94, 97, 141, 142 By kinds 142 By months 141 Chart showing 5 Discussion of 4, 8, 14, 18 Money rates: In foreign countries 154, 155 In New York City 9, 15,21, 152 In principal cities 153 Morris plan banks, membership of, in System, act regarding 41, 273 Municipal warrants purchased by Federal Reserve banks 100, 102 Mutual savings banks: Deposits 163 Investments 162 Loans 161 Loans and investments 160 Membership in System, act regarding 42, 273 Number of 159 Suspensions 211, 221 National bank notes: Act providing for redemption of notes of unidentified banks 270 Circulation 142 Held by Federal Reserve banks 100 National banks: Additions and withdrawals from System 64, 224 Condition of 164 Deposits - 163 Earnings, expenses, and dividends -. 225, 226, 227 Examiners, number and salaries 334 Investments 162 Loans and investments 160 Loans 161 Mergers 64, 224 Number 63, 64, 159, 224 Suspensions 206, 208, 214, 222, 223 By Federal Reserve districts and States 208, 214 By years 206 Number, classified according to capital stock 222 Trust powers: List of banks authorized to exercise 359-380 Number of permits issued 63 Netherlands: Discount rates of Bank of 154 Open-market money rates 155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 411 New York City, member banks in: Deposits 166 Deposits, reserves, and borrowings at Federal Reserve bank 177 New York Stock Exchange, brokers' borrowings as reported by 201 Nonferrous metals: Factory employment index 244 Factory pay-roll index 248 Production index 242 Nonmember banks: Bank suspensions 206, 210, 218, 222, 223 By Federal Reserve districts and States 210, 218 By years 206 Number, classified according to capital stock 222 Bills discounted for 100, 102, 110 Deposits, exclusive of interbank deposits 163 Loans and investments 160, 161, 162 Loans to, by Federal Reserve banks, act regarding 38, 266 Mergers 64,224 Number of 159 Number on par list 65, 123, 124, 125 Proclamation of President relative to control over 329 Number of bank suspensions 222 Number of banks in United States 159 Number of member banks 224 Number of member banks discounting paper at Federal Reserve banks. 108, 109 O'Connor, J. F. T., appointed Comptroller of the Currency 67 Officers and directors of Federal Reserve banks, list of 336-339 Officers and employees: Federal Reserve banks, number and salaries 61, 340 Federal Reserve Board, salaries 331 Officers of member banks, loans to, amendment to act regarding 46, 286 One hundred percent of capital and surplus, list of banks authorized to accept bills up to 381-382 Open Market Committee, Federal: Act creating 44, 276 Regulation M of Federal Reserve Board 301 Open-market operations of Federal Reserve banks. (See Discount and open-market operations.) Open-market rates. (See Discount and open-market rates.) Par collections. (See Check clearing and collection.) Par list, number of banks on 65, 123, 124, 125 Pay rolls, factory, index of 31, 236-241 Penalties for deficient reserves imposed by Federal Reserve banks 127, 130 Petroleum refining: Factory employment index 244 Factory pay-roll index 248 Production index . 242 Postal-savings deposits 170 Population of Federal Reserve districts 383-388 Postage, Federal Reserve banks, cost of 130 Premises, Federal Reserve banks 62, 101, 103, 105, 126, 131 Book value 126 Cost of 126 Date occupied 126 Depreciation charges 131 President of the United States: Executive orders: Disposition of unlicensed banks : 321 Gold exports 320, 323, 324, 326 Hoarding of gold 321 Licensing of banks to reopen 320 Licensing of gold exports 320 Sale and exports of gold recovered from natural deposits 326, 327 Transactions in foreign exchange 323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 INDEX President of the United States—Continued. Proclamations: Page Bank holiday 319, 320 Coinage of silver 327 Declaring bank holiday 10, 319 Continuing hank holiday 320 Control over State banking institutions 329 Prices: Security 34, 232 Wholesale commodity 31, 250, 252 Printing and stationery, Federal Reserve banks, cost of 130 Production, index of 31, 236 Profit and loss account of Federal Reserve banks 127, 131 Public-utility stocks, prices of, index of 232 Railroad car loadings, index of 236 Railroad stocks, prices of, index of_ 232 Rates, discount and open-market. (See Discount rates.) Real estate, loans secured by, made by member banks 174 Receipts and disbursements of the Federal Reserve Board 332, 333 Receiver, list of national banks authorized to act as 359 Recommendations of Federal advisory council 257-259 Reconstruction Finance Corporation: Loans to banks, discussion of 7, 23 Recommendations of Federal Advisory Council relative to publication of list of loans of 257 Registrar of stocks and bonds, list of national banks authorized to act as_ 359 Regulations of the Federal Reserve Board: Regulation L—Interlocking directorates and other relationships under the Clayton Act 296 Regulation M—Open-market operations of Federal Reserve banks __ 300 Regulation N—Relations with foreign banks and bankers 303 Regulation P—Voting company affiliates; voting permits 304 Regulation Q—Payment of interest on deposits 312 Regulation R—Relationships with dealers in securities 316 Rent paid by Federal reserve banks 130 Reporting member banks. {See Member banks.) Reserve balances of member banks 16, 18, 71-91, 95, 97, 101, 103, 104, 171, 176, 185, 189, 191, 193 All banks 95, 171, 176 By months 95 On call dates 171 Reporting banks 185, 187, 191, 193, 195 By months 185 By weeks 187, 189, 191 In New York City 193 Outside New York City 197 Reserve bank float 92 Reserve city member banks: Condition of 165 Deposits, reserves required, reserves held, and borrowings at Federal Reserve banks 166, 179 Holdings of eligible assets 169 Loans and investments, classification of, on call dates 174 Reserve percentages of Federal Reserve banks 9, 94 Reserves: Deficiencies in, penalties for 127, 130 Federal Reserve banks 94, 97-107 Cash 94, 97, 100, 102, 104 Excess 95 Gold 100, 102, 104 Member banks: All banks 95, 164, 165, 166, 176 Excess 2, 16, 18, 166, 177 Chart showing 17 Deposits subject to reserves, reserves required, reserves held, and borrowings at Federal Reserve banks: All banks 166 Banks in New York, Chicago, and other Reserve cities_.. 177-179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 413 Reserves—Continued. Member banks—Continued. Page On call dates 171 Reporting banks 185, 187, 191, 193, 195 Required: Amendment to act regarding 40, 268 Suspension of 9 Resources and liabilities: Federal Reserve banks: At end of each month 102 Combined statement 97 Each bank 104-107 Weekly statement and balance-sheet items 100 Member banks: Country banks 165 National and State banks 164 On call dates 171 Reserve city and country banks 165 Reporting banks: By weeks 186-191 List of cities in series 186 In New York City 192-193 Outside New York City 194-197 National banks 164 Reserve city bank members 165 State bank members • 164 Revised Statutes, amendments to sections 5200 and 5202 of 269 Rubber products: Factory employment index 244 Factory pay-roll index 248 Production index 242 Salaries: Federal Reserve banks 130, 340 Federal Reserve Board 331 National bank examiners 334 Secretary of the Treasury: Mills, Ogden L., retirement of 67 Woodin, William H., appointed 67 Securities: Dealers in: Receipt of deposits by, act regarding 49, 291 (See also Brokers, loans to.) Held by Federal Reserve banks 92 Held by member banks 174 United States Government. (See United States Government securities.) Securities Act of 1933, recommendations of Federal Advisory Council relative to amendments to 258 Securities companies: Regulation R of Federal Reserve Board 16, 316 Relationships between member banks and, act regarding 48, 50, 291, 295 Security prices 34, 232 Silver: Circulation 142 Held by Federal Reserve banks 100 Proclamation of President relative to coinage of 328 Production index 243 State banks: Affiliates of member banks. (See Affiliates.) Branches of, amendment to act regarding 42, 273 Capital 191,339 Changes in membership 63, 64, 224 Classification according to capital stock 356-358 Condition of 164 Deposits 163 Earnings, expenses, and dividends 225, 226, 227 List of, with loans, investments, deposits, capital, and surplus 340-355 Loans and investments I 161, 162 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 INDEX State banks—Continued. Page Mergers 64, 224 Number of 64, 159, 224, 339 Stock of member banks, divorce of, from stock of other corporations, amendment to act regarding 43, 274 Suspensions 206, 209, 216, 222, 223 By Federal Reserve districts and States 209, 216 By years 206 Number, classified according to capital stock 222 State, county, and municipal deposits in member banks 170 Stocks and bonds: Issues of 231 Loans secured by: Made by member banks: In New York City 200, 202 Outside New York City 202 On call dates 174 Money rates in New York City 152 Prices of 232 Stocks: Common and preferred, prices of, index of 232 Dealing in, by State member banks, act regarding 42, 274 Loans by member banks secured by, act regarding 44, 45, 275, 285 Surplus: Federal Reserve banks 101, 103, 105, 107, 128, 131 Member banks.., 164, 165, 171 State bank members of Federal Reserve System 340-355 Suspensions, bank. (See Bank suspensions.) Sweden, Bank of, discount rates 154 Switzerland: Discount rates of Bank of 154 Open-market money rates 155 Szymczak, M. S., appointed member of Federal Reserve Board 68 Tax, franchise, paid by Federal Reserve banks to Government 60, 127, 128 Tax on premises, Federal Reserve banks 130 Telegraph, leased-wire system, cost of 332 Telephone and telegraph expenses: Federal Reserve banks 130 Federal Reserve Board 332 Textiles: Factory employment index 244 Factory pay-roll index 248 Prices, wholesale 250, 252 Production index 242 Thomas Amendment (act of May 12, 1933) 267 Thomas, J. J., appointed, member of Federal Reserve Board 68 Time and demand deposits. (See Deposits.) Tobacco manufactures: Factory employment index 244 Factor pay-roll index 248 Production index 242 Trade acceptances held by Federal Reserve banks 210, 211, 212 Trade, wholesale, index of 31, 236 Traveling expenses, Federal Reserve banks 130 Treasury bills held by Federal Reserve banks 100, 114 Treasury bonds: Held by Federal Reserve banks 100, 114 Yield on 150, 151,234 Treasury certificates of indebtedness: Held by Federal Reserve banks 100, 114, 115, 116, 117 Temporary 1-day certificates 115, 116, 117 Yield on 150, 151 Treasury notes: Circulation 142 Held by Federal Reserve banks 100, 104, 114 Yield on 150, 151 Trust companies. (See State banks.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 415 Trust powers of national banks: Page List of banks authorized to exercise 359—380 Number of permits issued 63 United States Government deposits: Held by Federal Reserve banks 94, 101, 103, 104 Held by member banks: By weeks 191 In New York City 193 On call dates 171 Outside New York City 195 United States Government securities: As collateral against Federal Reserve bank notes 134 Act regarding 13, 37, 265 As collateral against Federal Reserve notes 133 Act regarding 7, 36, 260 Average yield on 150, 151, 234 Bills discounted secured by, held by Federal Reserve banks 100, 104, 110, 111 Bonds: Held by Federal Reserve banks 100, 104, 114 Yield on 234 Certificates of indebtedness: Held by Federal Reserve banks 100, 114, 115, 116, 117 Temporary 1-day certificates 115. 116, 117 Yield on 150, 151 Earnings and rates of earnings on purchases by Federal reserve banks 61, 127, 130, 149 Held by Federal Reserve banks 7, 18, 71-92, 97, 100-107, 114-117 By classes 114 Bought outright :. 97, 100, 102, 114 Bought under resale agreement 97, 100, 102, 114 Chart showing 16 In system investment account 115, 116 On call dates 91 Temporary 1-day certificates 115, 116, 117 Held by member banks 169, 171, 174, 186, 188, 192, 194 Issues of 35 Issues, redemptions, and exchanges handled by fiscal agency department of banks 62, 118, 119 Liberty bonds: Held by Federal Reserve banks 100, 114 Yield on 150 Open-market purchases by Federal Reserve banks, act regarding 39, 267 Paper secured by, held by Federal Reserve banks 100, 104, 110, 111 Rates of earnings on purchases by Federal Reserve banks 61, 149 Treasury bills held by Federal Reserve banks 100, 114 Treasury bonds: Held by Federal Reserve banks 100, 104, 114 Yield on 150, 151, 234 Treasury notes: Held by Federal Reserve banks 100, 114 Yield on 150| 151 Volume handled by Federal Reserve banks 62, 118, 119, 120 United States notes in circulation 142 Volume of operations of Federal Reserve banks: All banks 62, 118 Branches. 63, 120 Each bank 119 Warehouse receipts: Bankers' acceptances based on, outstanding 203 Loans secured by, money rates in New York City 152 Warrants, municipal, held by Federal Reserve banks 100, 102 Wholesale commodity prices, index of 250, 252 Wholesale trade, index of 236 Withdrawals from Federal Reserve System 64, 224 Woodin, William H., Secretary of Treasury, appointment of 67 Zinc, index of production 243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis