mss24661_367_006.pdf

The Papers of Charles Hamlin (mss24661)

367 06_001- Hamlin, Charles S., Scrap Book — Volume 240, FRBoard Members

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

205.001 - Hamlin Charles SScrap Book - Volume 240

FRBoerd Members

INKRIologolistiviiki***


111 BOARD OF GOVERNORS

OF' THE

FEDERAL RESERVE SYSTEM

Office CorrespondenceTo The Files

From Mr. Coe

tYW

Date August 11, 1941

Subject:

After correspondence with Mrs. Hamlin (see letters of May25 and June 4, 1941) the items attached hereto and listed below, be-cause of their possible confidential character, were taken from Vol-ume 240 of Mr. Hamlin's scrap book and placed in the Board's files:

VOLUME 2L0

Page 9 Bills discounted by the F.R. Banks for Individuals, Partnerships

and Corporations. (Names those to whame some loans made)

Member Banks under Section 10(b) of the F.R. Act.

of Comptroller of the Currency re Conservators (X-7398).

Hamlin from Mr. Goldenweiser re Devaluation of the

by the Federal Reserve Banks for individuals,Partnerships and Corporations.

Page 34Earnings and Expenses of F.R. Banks, March 1933.

X-7406) Securities Bill.Page 72

Banks Licensed and Not Licensed to Open as of March 29, 1933.(Marked Confidential)

Page 79 Preliminary Memo for the Open Market Policy Conference, April 19,

1933.Page 81

Report of Open Market Operations to Meeting of Open Market PolicyConference held in Washington on April 19, 1933.

Page 125 Earnings and Expenses of F.R. Banks.

Pa• e

Page 23 Advances to

Page 25 Regulations

Page 26Memo to Mr.

Gold.Page 27

Bills Discounted

•


, 0

March 30, 1933

Federal Reserve Bank of New York

Advances - Ira R. Crouse $10,000 (Renewal)

L. C. Smith & CoronaTypewriter Inc. $150,000 (Renewal)

Federal Reserve Bankof Atlanta

Repayments - City Bank & Trust Co. $30,000

Federal Reserve Bank of Minneapolis

Repayment - Bricelyn Canning Co. $5,000


wdlt

Mr. HamlinxxxxXXXIMM

BILLS DISCOU7TED BY THE FEDERAL RESERVE BA17:S FORIwDIVIDUALS, PARTITERSHIPS AND CORPORATIO-1'S

DATE March 30, 1933

Szt/110

1' FederalYumberReserveBank

Aggregate Transactions to date -1 Transactions todayof indi-

viduals, etc.,for whom -11:73erhas been dis-

counted

Amountdiscounted

Amountrepaid

Amountoutstanding

1

Amountdiscounted

Amountrepaid

Boston -- -- M.•••• ...r..0 Mmb.m.. --

Yew York 13 $1,733,000 $1,109,000 $624,000 ......

Philadelphia 5 22,000 4,000 18,000 --Cleveland 3 47,000 __

RiChlTIOnd 1 5,000 -_„ 5,000 __ --Atlanta 18 245,000 204,000 110,000 ..... $30,000Chicago 2 278,000 __ 278,000 __ --St. Louis 2 19,000 __ 19,000 __ __

i 111nneapolis 6. 6 147,00o 98,00o 49,0oo ...... 5,000Innsas City 1 128,000 91,000 37,000 -- 4M1 •••

Dallas -_ mml MM....

IMO. mm4.• -_

San Fralicisco 3 1,172,000 1,000,000 172,000 --

Total 54 3,796,000 2,506,000 1,289,000 -- 35,000

DIVISIOY OF BATIC OPERATI07S

MARCH 31, 1933

B-147(Revised Aug. 23,1932)

VOLUn 240

PAGE 9


'NW

JVA

•

ADVAYCES TO MEMBER BAYKS UNDER SECTIOY 10 (b) OF THEFEDERAL RESERVE ACT

March 31, 1933

Federal

Reserve

Bank

Boston7ew Yorl:

Cleveland

RichmondAtlantaChicazoSt. Louis

MinneapolisKansas CityDallasSan Francisco

Total

Aggregate amount Amount

Advancedto

Paidto Outstanding

Advance6. Paid

date date today today

$3,748,000 $2,891,000 857,00019,151,000 8,188,000 10,962,00011,295,000 6,527,000 4,768,0005,922,000 3,152,000 2,770,000

:552,000 250,000 102,00013,977,000 10,155,000 3,821,0002,337,000 92'8,000 1,409,000605,000 416,000 189,000

7,743,00017,S,000

56,342,000

4,219,000176,000

21,395,000

3,524,000

36,947,000

$210,000 $1,328,0003,000

82,000

300,00040D,000

56,0009,000

2,000

1,515,000 2,000,000

. 123,648,000 58,297,000 55,349,000 2,507,000 3,398,000

B-150DIVISION OF BAN: OPERATIONS (Rev. Mar. 14, 1933)

APRIL 3, 1933

VOL. 240PAGE 23


•March 31, 1_933

Federal Rserve Bank of ITew York

Advances - J. H. MeyerRepayments u u

$10,030 (Renewal)o,300

7ederal Reserve Bank of Atlanta

Advances - Miss Bessie ScarboreuEll $1,000Poplarville, Miss.

Federal Reserve Bank of Chicago

Repayments - International Harvester Co. $210,000

7ecleral Reserve Bali: of St. Louiq

Advances - Sachar & Cantor $1C,000

Federal Reserve Banl: of lanneaDolis

Advances - MaGill & Co. $1,3D0 (Renewal)Repayments - Bank of Elk River t5,000

Federal Reserve Bank of Kansas City-

Repayments - Yew Mexico Lumber & Tildoer Co. 21A-5


•

BILLS DISCOUNTED BY THE FEDERAL RESERVE BANKS FOR

INDIVIDUALS, PARTNERSHIPS AND CORPORATIONS

March 31, 1933

FederalReserveBank

Aggregate Transactions to date

kumber

Transactions today

of indi-viduals, etc.,for whom paperhas been dis-

counted

Amountdiscounted

Amountrepaid

Amountoutstanding

Amountdiscounted

Amountrepaid

BostonYew YorkPhiladelphiaCleveland

RichmondAtlantaChicagoSt. Louis

• 13

53

$1,733,00022,00047,000

$1,115,0004,000

1 5,00019 246,000 204,0002 278,000 210,000

3 37,000

411 lanneapolis r0 147,000 103,000

Kansas City 1 128,000 91,000Dallas -- --San Francisco 3 1,172,000 1,000,000

Total 56 3,815,000 2,727,000

$616,000 t6,coo18,00047,000

5,00041,000 $1,00068,(ro 210,00037,07)0 18,000

43,00 5,00037,000 245--

172,000

1,086,000 19,000 221,245

zDIVISION OF BANK OPERATIONS

APRIL 3, 19334

B-147(Revised Aug. 23,1932)


ADDRESS OFFICIAL CORRESPONDENCE TO

THE FEDERAL RESERVE BOARD

too

•FEDERAL RESERVE BOARD

WASHINGTON

•

X-7398

April 1, 1933.

SUDJECT: Regulations of Comptroller of the Currency reConservators.

Dear Sir:

The Comptroller of the Currency has prepared instructions to

be issued to conservators of national banks appointed pursuant to

the provisions of the lational alik Conservation Act (Title II of the

Act of March 9, 1933), and there are inclosed herewith copies of the

sections relating to T. nki6 Old Reserve Account, Conservator's

S)ecial.Account, Conservator's General Account, Conservator's Deposit-

ary Account, and i_ssistants to Conservators. These sections were pre-

pared by the Comptroller's office with the assistance of members of

the Board's staff and the following representatives of Federal reserve

banks:

VOL. 240BMX AS

Mr. John S. Sinclair, Counsel to the Federal Reserve .Bank of Philadelphia

Mr. H. F. Strater,

J.S.7alden, Jr.,

Mr. Robert S. Parker,

Mr. Charles B.Dunn,

Cashier of the Federal Reserve-;lank of Cleveland

Controller of the Federal ReserveBank of Richmond

Counsel to the Federal ReserveBank of Atlanta

of Counsel to the Federal ReserveBank of Chicago.

1Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

X-7398

2

The sections of the instructions inclosed herewith have

been approved by the Comptroller of the Currency; but it is neces-

sary that the instructions be ap]proved both by the Comptroller of

the Currency and by the Secretary of the Treasury. The latter is

out of the city and will not return until Monday. We will advise

you promptly by wire as soon as the complete instructions have been

finally approved; and the Comptroller of the Currency will furnish

you with complete copies of these instructions and request you to

handle accounts for conservators of national banks in accordance

with the telms and conditions thereof.

The Board considers it desirable that the Federal reserve

banks cooperate in this matter by opening and maintaining accounts

for conservators in accordance with the terms and conditions of the

sections inclosed herewith.

Very truly yours,

Chester rorrill,Secretary.

Inclosurb

TO GOVERNORS OF ALL FEDERLL RESERVE BANKS.


X-7396

CERT= SECTIONS OF IrSTRUCTIOITS OF THE COMPTROLLEE OF THE CURRENCY TOCONS1RVATORS OF NATIONAL BlNKS.

402 Bank's Old Reserve Account.

The conservator should make no remittances or transfers

for credit to bank's old reserve account and should draw no drafts

whatever against such old account. The Federal reserve bank may be

requested to make transfers to the conservator's special account, de-

scribed below, of funds which 'llave been credited to the bank's old

reserve account but which the conservator has definitely determined

to represent segregated deposits and which should have been credited

to a special account in the Federal reserve bank. Where the bank

in the hands of a conservator is not indebted to the Federal re-

serve bank or where the old reserve balance exceeds the amount of

the indebtedness to the -Zederal reserve bank, the Federal reserve

bank may be requested to make transfers of such excess amo'Int to the

conservator's general account, described below, with the authoriza-

tion of the Comptroller of the Currency.

These transfers to the conservator's special account

or eeneral account may not be made by drafts or checks drawn by

the conservator, but 71ust be made with the consent of the Federal

reserve bank under special arrangeeeents asreed to by it.

• •


-2

X-7396

403 Conservator's Special Account.

If the conservator :as been authorized to accept new deposits

which are not subject to any liclitation as to payment or withdrawal,

to be segregated as provided in section 206 of the Bank Conservation

Act, the funds received pursuant to such authority may be deposited

in the Federal reserve bank of the district in which such bank is

located in a special account in the name of the conservator which

account may be styled substantially as follows:

it

(Bank -a:ndConservator's Special Account

(Conservator)

The conservator may deposit with the Federal reserve bank

in this account cash, Covernnent checks, checks and other cash items

which the Tederal reserve bank can collect at par.

The Federal reserve bank may receive and handle all cash

items deposited in this account subject to the terms and conditions

of Regulation I of the Federal 'Reserve Board and of such bank's

current circular regarding the collection of cash items.

The Federal reserve bank will not be expected to give

credit for such checks and other cash items in accordance with

its published time schedules which are used in Giving credit to

member banks, but may increase the time of credit availability

in such time schedules by a number of days estimated to be suffi-


X-7396

cimt to obtain mail advice of non-paynent of auch items. The

conservator, however, should bear in mind that all such items

are received by the Federal reserve btak subject to final pay-

ment and that withdrawals of de-posits represented by such checks

and other cash items should not be permitted by the conservator

until sifficient tifle has elapsed to permit of the collection of

such itams in accordance viith the foregoing provisions. The con-

servator may be held accountable for any loss resulting from the

payment of such deposits in violation of these instructions.

The conservator may accept maturing notes, drafts, Govern-

ment obligati:ms and other non-cash items for collection and for

credit when collected to the special segregated accounts of deposit-

ors. The Federal reserve bank may receive and handle such non-cash

items for collection and credit on its books to the conservator's

special account, in accordance with its non-cash collection

cular. The conservator will be advised of such credit in each

instance and should not permit any withdrawals of de:osits repre-

sented by such non-cash items until he has received such advice.

All deposits by the conservator in the conservator's

special account at the Federal reserve bank and all non-cash items

sent to the Tederal reserve bank for collection and credit of the

conservator's special account should be marked so as to indicate

clearly to the Federal reserve bank that such items are for the


X-7396

- 4

credit of such special accounts.

All iters sent to the Federal reserve bank by the conser-

vator for credit to this account, whether cash items or non-cash

itams, should be indorsad, "Pay to the Order of the Federal Reserve

Bank of for credit to Conservator's special account

By

(Bank and address)

(Conservator)

All prior indorsements guaranteed."

The conservator may draw drafts against this spucial account

at the Federal rescrve bank (a) in payment of chocks or drafts drawn

by depositors against such special segregated deposits when presented

to him by other banking institutions, (b) in order to provide himself

with cash with which to pay such deposits;. or (c) to provide de-

positors in such segregated accounts with drafts for exchange pur-

poses.

All drafts against such account should be siFmed by the con-

servator and otherwise identified in such manner as to show clear-

ly the account to which they should be charged.

If the bank which is in conservatorship accepted new de-

posits withdrawable without restriction pursuant to agreement or

under State lec,islation, gubernatorial proclamation or Presidential

proclamation and opened and maintained a special account with the


•

- 5 - X-7396

Federal reserve bank, representing such new deposits, the Federal

reserve bank should be requested to transfer the balance now carried

in such special account to the Conservator's Special Account at the

Federal reserve bank.

404. Conservator's General Account.

Funds received by the conservator in connection with his

conservatorship from any source other than from special segregated

deposits referred to above may be deposited in the Federal reserve bank

of the district in which such bank is located in a general account in the

name of the conservator which account may be styled substantially as

follows:

If Conservator's General Account(Bank and address)

(Conservator) I!

Any collections made by the conservator upon the unpledged

assets of the bank while in conservatorship may be deposited in this

general account.

The conservator may deposit with the Federal reserve bank in

this account cash, Government checks, checks and other cash items

which the Federal reserve bank can collect at par.

The Federal reserve bank may receive and handle all cash

items deposited in this account subject to the terms and conditions of

Regulation J of the Federal Reserve Board and of such bank's current

circular regarding the collection of cash items.


C, X-7396

The Federal reserve bank will not be expected to give credit

for such checks and other cash items in accordance w-Ith its published

time schedules which are used in giving credit to member banks, but

may increase the time of credit availability in such time schedules

by a number of days estimated to be sufficient to obtain mail ad-

vice of non-payment of such items. The conservator, however, should

bear in mind that all such items are received by the Federal reserve

bank subject to final payment.

The conservator may deposit in such general account maturing

notes, drafts, Government obligations and other non-cash items for

collection and for credit when collected. The Federal reserve bank

may receive and handle such non-cash items for collection and credit

on its books to the conservator's general account, in accordance

with its non-cash collection circular, and the conservator will be

advised of such credit in each instance.

All deposits by the conservator in the Conservator's Gen-

eral Account at the Federal reserve bank and all non-cash items sent

to the Federal reserve bank for collection and credit of the Con-

servator's General Account should be marked so as to indicate clear-

ly to the Federal reserve bank that such items are for the credit

of such general account.

All items sent to the Federal reserve bank by the conser-

vator for credit to this account, whether cash items or non-cash items,


••••

X-7396

should be indorsed, Say to the Order of the Federal Reserve Bank

of for credit to Conservator's General Account

(Bank and address)

By (Conservator)

All prior indorsements guaranteed."

The conservator may withdraw funds from this general account

only when and as authorized by the Comptroller of the Currency.

All drafts against such account should be signed by the con-

servator and otherwise identified in such manner as to show clearly

the account to which they should be charged.


X-7396

405. Conservator's Depositary Account.

In addition to a Special Account and General Account maintained

with the Federal reserve bank, the conservator may open an account with a

national or State member bank, licensed to reopen by the Secretary of the

Treasury, which account is referred to herein as the "Conservator's De-

positary Account."

This account may be utilized for the following purposes:

(a) As an account in which to maintain funds for current operatingpurposes, including salaries, supplies, and other items of expense.

(b) For the collection, for the account and at the instance of deposit-ors, of checks and other cash items drawn on nonpar banks which willnot be accepted by the Federal reserve bank as well as any non-cash items which the Federal reserve bank will not handle. Suchcollections will be undertaken by the depositary at the instanceof the conservator, but for the account and as agent of the ownersor holders of such items. When and as the conservator may receiveactual payment of such items, the proceeds may, with theacquiescence or upon the direction of the depositors, be placed inspecial sogregated accounts to the credit of the depositors andthen transferred to the conservator's special account with theFederal reserve bank.

For deposit therein of collections effected by the conservatorfrom assets of the bank and for the deposit of cash and of checksor other items belonging to the bank.

For collection, at the instance and for the account of others,of checks or other items, whether cash or noncash, left or placedwith the conservator for that purpose.

The conservator shall make transfers from time to time from the

depositary account to the conservator's general account with the Federal re-

serve bank described on page of these instructions, of such excess of

collected funds as will not be needed in this account for current operating

purposes.

Withdrawals from this account may be made by the conservator for

any purpose authorized herein.


Nsvad• •- 9 IWO

Chapter V

ASSISTANTS TO CONSERVATORS.

X-7396

The Conservator may appoint a competent person or persons

to serve as his assistant or assistants. An assistant to a con-

servator shall have the right to sign in the name and on behalf

of the conservator checks drawn on any account mentioned herein,

to the extent and under the circumstances herein authorized, as

well as to perform such other purely ministerial duties and

fanctions of a rautine nature and not involving the exercise of

discretion, as the conservator may from time to time aelegate

and authorize.

The name 'of any 4such assistant shall upon appointment

be promptly certified to the Comptroller of the Currency and tn

the Federal reserve bank and the conservator's depositary bank.

When notifying the Federal reserve bank and depositary bank of

the appointment,of any such assistant, the conservator shall

furnish them respectively with a specimen signature of such

assistant.


Form No. 131

Office Correspo ence FEDERAL RESERVE

BOARD

D9le April 6, 1933

To Li.. Hamlin Subject: Devaliption of the gold dollar

From Lr. Goldenweiser.P0

If the United States had no outside trade or business, a reduc-

tion in gold content of the dollar would have these effects: first,

it would benefit the gold producers who could get twice as many

dollars for their gold; and second, it would increase the excess

reserves of the Federal reserve banks. It would have no direct or

immediate effects on prices. But since we do have foreign trade,

foreign exchange would rise in value. Americans would have to pay

more for francs and pounds than they do now. Foreigners would acquire

dollars for fewer units of their own currencies. This would make it

profitable for foreigners to buy things in America and difficult for

Americans to buy goods abroad. As a consequence there might be a*

tendency for a while for prices to rise. There would be no oppor-

tunity, however, to adjust prices as between raw materials and

finished goods and hence difficult adjustments would Ilve to be

made as between wages and the cost of living. Furthermore, protective

measures by foreign countries, in the form of exchange restrictions,

quotas, etc., would inevitable result. There would ensue a world-

wide competition in devaluation with disastrous consequences to trade.

When an adjustment was ultimately reached, debtors whose debts do

not call for payments in gold dollars of present weight and fineness

would benefit to the extent that prices have advanced, while debtors

whose obligations carried a gold clause would suffer.

VOLUME 240PAGE 26

2-8405


• •X-7406 -a

Anril 11, 1933.

Honorable Duncan U. Fletcher, Chairman,Committee on Bankin and Currency,United States Senate,Washington, D. C.

dear Chairman:

Reference is made to the request contained in the letter

of April 4, 1933, from the acting Clerk of your Committee for a re-

port of the Federal Reserve Board on the bill, S. 875, to provide for

the furnishing of information and the supervision of traffic in in-

vestment securities in interstate commerce.

On April 1933, the 3oard had occasion to write to you

making certain suggestions with regard to the possible application of

the provisions of this bill to bankrsf acceptances and short-time

commercial pa-per. As stated in that letter, it appears that the bill

is intended to ap7,17 to traffic in stocks, bonds, debentures and other

similar securities of the kinds commonly known as investment securities

which are issued for the purpose of obtaining capital funds and which

are purchased as investments, and that it is not intended to apply to

bankers' acceptances or to short-time comziercial paper issued for the

purpose of obtainin: funds for aurrent transactions in commerce, in-

dustry or agriculture which are purchased by banks, insurance companies

and others as a placement for short-term funds. By subsection (a) of

Section 2 (page 1, line 7), however, the term "security" as used

throughout the bill is defined as including any "note" or "evidence

of indebtedness" as well as any stock, bond, debenture, etc., so that


X -7406 -a

Honorable Duncan U. Fletcher -2-

the definition appears to be broad enough to include such bankerst

acce.ptances and com.lercial paper.

In its letter the Board suggested that the bill should be

amended by adding at the end of line 9 on page 2 a proviso exempting

bankers' acceptances and notes, drafts and bills of exchange growing

out of current commercial, agricultural or industrial transactions

or the proceeds of which have been or are to be used for current com-

mercial, agricultural or industrial purposes, when such paper has

maturities not in excess of nine months. However, there are other

similar classes of paper, such as paper issued to finance the breeding

of live stock, which may be sold on the open market with maturities

exceedinf: nine months; and it would seem desirable in the circumstances

that the Federal Trade Commission be given sufficient discretion to

enable it to apply the provisions of the bill in harmony with its true

intent and meaning. A form of substitute amendment for this purpose

is submitted herewith for the consideration of your Committee.

It appears, further, that the provisions of the bill are

manifestly not intended to be applicable to Federal reserve notes, Fed-

eral reserve bank notes, and Federal reserve bank stock; but the defini-

tion of "security" contained in subsection (a) of Section 2 (page 1,

line 7), referred to above, appears to be broad enough to include such

notes and stock.

It is noted that the National bank notes and National bank

stock are exempted from certain of the provisions of the bill by a


X-7406--a

Honorable Duncan U. Fletcher — 3

provision contained in the present subsection (b) of Section 11 (page

20, lines 18 and 19); and the provision following immediately there—

after (page 20, lines 19 to 22) apparently was intended to exempt

obligations of institutions such as Federal reserve banks. This

subsection, however, contains a proviso requiring all organizations

mentioned therein to comply with the provisions of Section 8 of the

bill, which provides among other things (page 18, lines 13 to 15)

that a statement containing detailed information regarding any

security sold shall be delivered to each purchaser together with

the security to which it relates. Such a provision appears to be

unnecessary with respect to Federal reserve banks in view of existing

provisions of law relating to these institutions an the fact that

Federal reserve bank stock is not offered for public subscription.

In order to make the provisions of the bill inapplicable to

Federal Reserve Banks it is suggested that Section 11 (page 20) be

amended by adding a new subsection at the end thereof. A form of

amendment for this purpose is submitted herewith for the considera—

tion of your Committee.

Very truly yours,

(Signed) Chester Morrill

Chester Morrill,Secretary.

Inclo sure.


X-7406 -a

PROPOSED LIENDIMITS TO S. 875

on page 2, line 9, change the period to a colon and insert the following:

"Provided, however, That the term 'security' shall not

include any note, draft, bill of exchange or bankers' accept-

ance which arises out of a commercial, agricultural or industrial

transaction or the proceeds of which ha J been or are to be used

for commercial, agricultural or industrial purposes, and which

has a maturity at the time of issuance not exceeding nine months,

exclusive of days of grace; And provided further, That, it being

the intent and -.purpose of this Act to regulate traffic in investment

securities, as distinguished from short-time obligations issued for

the purpose of obtaining funds for current commercial, agricultural

or industrial purposes and which are purchased by banks, insurance

companies and others as a placement for short-term funds, the

Commission in its discretion may by regulation or ruling further

determine and define from time to time the kinds and maturities

of securities which are not included within the said intent and

purpose.

Insert the following additional subsection at the end of Section 11:

"(f) Any security issued by or representing an interest

in or a direct obligation of any Federal reserve bank."


•

•

BILLS DISCOU1TTED BY THE FEDERAL RESFTTE BA= FORIITDIVIDUALS, PART7ERSHIPS A:7D CORPORATIO7S

April 1, '933

FederalReserveBank

Yumber of viduals,for 7:hom paperhas been

counted

3ostonNew Yorir.PhiladelnhiaClevela_ld


MinneapolisKansas CityDallasSan 7rancisco

Total

13

3

Agregate Tra3asactiol.s to date

Az-munt Amountrepaid

$1,733,000 $1,115,00022,000 4,00047,000

19 246,000 204,0002 278,000 210,000

..

01

3

147,003 lo4,00012g,000 91,000

1,172,000 1,000,0

Amou2stoutstandine;

$518,00018,03047,00')

5,00041,0006g,00037,000

42,poo37,000

172,000

Transactions today

Amount Amountdiscounter' repaid

3,815,000 2,72g,000 1,0S5,000 1,000

DIVISIO7 OF BAY:: OPERATIONSApril 1, 1933 Federal Reserve Bank of Minneapolis

B-147(Revised Aug. 23, 1932)

APRIL 4, 1933 Repayments - Bricelyn Canning Co. $1,000.VOLUME 240 -PAGE 27


•

•

0

.017.A.I.CES TO LEISER BAMCS UYDER SECTION 10 (b) OF .eitit

FEDERAL RESETTE ACT

Federal

Reserve

Bank

Advancedto

date

'Poston $3,748,000

7ew York 20,151,030

Philadelphia 11,295,0)0veland 6,036,000

Richmond 352,000

Atlanta 13,977,000

Chicago 2,337,000

St. Louis

ninreapolis

605,000

Kamsas City 7,743,000

Dallas 176,000

San Francisco 60,508,000

Total

Aggregate amount

Paidto

dateOutstanding

April 1, 1933

Amount

Advanced

today today

$2,891,000 $857,000

8,1;6,000 11,954,000 $1,000,000

6,562,000 4,733,000

3,152,000 2,8g4,000 114,000

250,000 102,000

10,172,000 3,804,000

933,000 1,404,000

416,000 109,000

4,219,000 3,524,000176,000

21,396,000 39,112,000 2,166,000

126,928,000 58,363,000 68,563,000 3,2G0,-,30

DIVISIOY OF BA1TK OPERATIONS

APRIL 4, 1933

t8,00035,0D0


C 0 FFIDE1TTIAL Yot for publication

EARNINGS ADD EXPENSES OF FEDERAL RESEaVE BAITS, luaaa 1933

Ltt

B-811

Federal

Reserve

•Bank

:onth of March 1933 Jan. - 1933

Earnings from - Current expensesCurrent netearnings

Dis-countedbills

Pur-chasedbills

U.S.Govit.secur-ities

Othersources

TotalExclusiveof cost ofF.R.currenc,

Total Total

Ratio topaid-incapital

Current net earnings

Total

Ratioto

paid-iicapital

Less accrueddividends andnet charges(current) toprofit and loss

BostonYew YorkPhiladelphiaCleveland


MinneapolisTATas,City

N 111F asSan LtanciscoTOTALMarch 1933 2,777,282February 1533 763,683!larch 1932 2,088,326

$80,0691,133,161354,125297,829

108,270113,245268,23735,111

39,20367,24516,597262,190

$80,606 $158,26872,134 924,6646,016 185,94117,919 285,326

26,905 68,62413,496 76,21491,094 517,34016,463 95,348

13,661 90,6966,666 89,4o24,156 81,66254,413 178,799

$4,36533,4239,7956,513

6,60024,48:';24,6247,550

35416,4y1,76512,202

$323,3082,163,362555,877607,587

210,399227,443901,295154,492

144,114181,751106,160507,604

$165,758 $226,633603,766 734,851186,449 217,513265,325 319,300

Per cent$96,675 10.6

1,428,531 28.8338,364 25.1268,287 24.3

133,100 156,813 53,5.66 12.3103,723 125,684 101,559 25.e321,520 474,205 427.4090 31.6131,479 173,116 - 18,624

88,574 129,340 14,774 6.1143,853 176,028 3,723 1.1104,113 123,913 -17,733231,049 307,557 200,047 22.5

$113,5472,693,635659,243503,493

59,317152,362511,479-33,446

81,70010,262-25,511354,948

Per cent4.3 -$49,14918.7 1,639,59116.8 414,64o14.6 266,403

4.7 -36,86413.2 81,15912.9 268,139

-109,112

11.5 36,7661.0 -51,516

-84,12213.8 188,245

Jan.-:lar. 1933 4,264,1401932 6,934,595

403,749137,256354,107

2,752,2842,216,9951,709,432

659,7461,492,144

7,319,7624,395,266

150,117 6,083,432 2,478,731 3,167,153 2,916,279 22.9137,969 3,255,923 *2,047,466 2,234,170 1,021,753 8.8200,930 4,352,795 2,043,506 2,113,325 2,239,470 16.9 -410,767 12,054,435 6,605,600 7,573,366 5,061,049 13.7791,634 13,613,909 6,240,112 6,553,722 7,060,187 18.0

5,061,0497,060,187

13.718.0

2,764,1804,667,733

FEDERAL RESERVE BOARDDIVISION OF BANK OPERATIO7SAPRIL 11, 1933

*Revised.

VOLUME 240PAGE 34


FEDERAL RESERVE BOARD

WASHINGTON

ADDRESS OFFICIAL CORRESPONDENCE TOTHE FEDERAL RESERVE BOARD

SUBJECT: Securities' Bill.

X,.7406

April 11, 1933.

Dear Sir:

In its telegram of April 4, 1933, Trans. 1752, the Board

quoted, for your information, identical letters addressed to the

Chairmen of the Committee on Banking and Currency of the Se-late

and the Committee on Interstate and Foreign Commerce of the

House of Representatives, respectively, with regard to S. 375

and H. R. 4314, to provide for the furnishing of information and

the supervision of traffic in investment securities in interstate

. commerce.

There is inclosed here-nth, for your further information,

cony of another letter, regarding S. 875, being addressed today to

the Chairman of the Committee on Banking and Currency of the

Senate. A similar letter, regarding H. R. 4314, is being addressed

to the Chairman of the Commitee on Interstate and Foreign Commerce

of the House of Representatives.

Very truly yours,

Chester Morrill,Secretary.

VOLUNEE 240, PAGE " 41TO CHAIM= AND GOVERNORS OF ALL F. R. BAl.T.KS.


CONFIDENTIAL BANKS LICENSED AND NOT LICENSED TO OPEN AS OF MARCH 29, 1933

(Data with respect to nonmembers are based on such information as has been received by the Federal reserve banks)

CA-t. 4,4

B-889

!feralReserve

District Total

17ationa1 Banks State bank members Nonmember banks**Number on

March 29, T3 Li- INot li

censedIcensed

Deposits on Dec. 31, 1932

Boston 33$ 281 57New York 678 533 145Philadelphia 624 531 93Cleveland 562 414 148

Richmond 354 252 102Atlanta 277 235 42Chicago 618 370 248St. Louis 339 267 72

Ilkneapolis 496 427 69Kansas City 745 667 78Dallas 514 483 31San Francisco 362 306 56

Total

I Of banks Of banks notTotal ilicensed* licensed

(Thousands of dollars)1,558,3204,575,9611,524,2511,332,029

738,673642,578

2,807,123597,624

691,121955,139682,358

2,286,030

1,454,6574,329,3381,404,4171,168,767

598,353616,130

1,978,261546,232

655,183885,429676,783

2,213,688

Number onMarch 29, ,a333

Li- INot lidTotal censed canoed Total

. Deposits on Dec. 31, 1932

Of bankslicensed*

10f banks notlicensed

Total Number in operation onnumber March 29, 1933at the Unre- Re-end of stricted stricted1932 basis basis

103,663 29 23 6246,623 143 135119,834 64 57 7163,262 69 57 12

139,820 33 26 726,448 39 31

828,862 156 83 7351,392 64 45 15

5,907 4,766 1,141 18,391,207 16,527,738

35,933 37 31 669,710 25 255,575 54 45 972,342 74 63 11

1,863,469 787 621 1S6

(Thousands

481,8555,749,163

669,7)471,204,673

229,973191,732631,016338,278

34,260112,89441,137488,984

of dollars)

442,8395,712,728640,255845,957

153,70262,522505,3922E8,734

31,694112,89440,547484,637

39,01536,43529,492358,715

76,271129,210125,62449,544

2,566

5904,347

576 218538 493336 254784 579

799 5$7840 655

2,337 8921,536 1,018

1,1121,623576517

6271,173521362

333233

e735$95165

1563674261

10,173,712 9,321,901 851,811 11,574 7,379 2,182

*Exclusive of deposits of banks**Includes State banks and trust

-

11111i6TEDERAL RESERVE BOARD

-~s,DIVISItN OF BANK OPERATIONS: APRIL 1, 1933.

that were not in operation on December 31, 1932.companies, mutual savings banks, and private banks operating under State supervision.

VOLUME 240PAGE 72


•

April 16, 1953

PRalltEN.ABY M3iORANDUM FOE TiC. OPEN,T MAD=

POLICY CONFEREN"CE, APRIL 19, 1933

The extent to which the banking system has recovered since the banks were

reopened is reflected in the following sumwery:

(In millions of dollars)

Xan.25 Mar.8 Apr.12

Money in circulation 5,611 7,538 6,147

F. E. discounts for member banks- - - 265 1,414 428

Member bank reserves 2,513 1,776 2,096

Total reserves of F. R. Banks 3,460 2,809 3,529

Excess gold reserves of F. E. Banks - - 1,472 440 1,315

Combined reserve ratio of F. R. Banks - 65.4% 45.6% 60.6%

As this table shows, the improvement of banking conditions following the

reopening of the banks has been almost as rapid as the preceding deterioration,

due largely to the heavy return flow of currency to the banks. L larre part of

member bank indebtedness has been repaid, and member bark reserlitt, after a sub-

stantial shrinkage, have again increased moderately. The position of Federal

Reserve Banks has been strengthened correspondingly,

The number of member banks licensed for full reopening is more than 80

per cent of the total number of member banks, and the proportion of member bank

deposits released is more than 90 per cent. This still leaves, however, approxi-

mately f.:,2,700,000,000 of deposits in member banks that have not been licensed, and

in addition a substantial volume of deposits is still tied up in unlicensed non-

member banks. The total volume of deposits still unavailable, therefore, is

probably in the neighborhood of $3,500,000,000.

VOLUME 240PAGE 79

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

••

2

Although efforts were made to continue business operations as far as

possible during the suspension of bank operations, the general level of business

declined at that time to a new low level for recent years. The industries most

seriously affected were those which were already operating at the lowest levels,

such as the automobile, building, and steel industries. Subsequently there has

been a fairly rapid recovery, but the movement thus far does not appear to have

extended beyond a resumption of the level of activities prevailing early in Feb-

ruary. Steel mill activity, which had declined from 20 per cent of capacity in

the week of February 16 to 14 per cent in the week of March 23, increased again

to 19 1/2 per cent in the week of April 13. Sales of automobiles showed a renew-

al of the spring expansion after the bank holidays, and automobile production was

resumed. The railroad movement of merchandise also showed a resumption of the

usual seasonal increase. Retail trade, at least in some localities, showed

marked improvement after the reopening of the banks.

Commodity prices rose sharply when the commodity exchanges were reopen-

ed on March 16, but in most cases the rise was short-lived. Recently, however,

there has been renewed strength in a number of important commodities, especially

in grain prices which have reflected poor crop prospects. Wheat prices rose

about 16 cents a bushel, or about one-third, from the low point of March to April

15; corn rose about 12 cents a bushel, or more than 50 per cent in the same

period. Other commodities which have shown moderate strength recently include

cotton, sugar, silk, rubber, copper, lead, silver, and scrap steel. Broad in-

dexes of commodity prices, which include a large number and variety of quotations,

however, remain only slightly above the lowest levels of the year.


f•

Bond prices, which reflected the influence of liquidation of bank assets

during February and early March, have thus far shown no sustained recovery. In

the security markets, as in the commodity markets, there was a rise when trading

was resumed, but the higher prices were not long sustained, The pressure of

liquidation from closed banks has continued, and corporation bond averages on the

whole remain about 8 points below tb,e January levels, and close to the lowest

levels of the year.

In the absence of the usual weekly data on member banks in principal

cities, the information on recent tendencies in member bank credit is limited.

In the principal New York City banks there was an increase of approximately

$550,000,000 in deposits between March 8 and April 12, following a decline of about

$1,500,000,000 in the preceding five weeks. The greater part of the recent in-

crease represents a renewed increase in the balances of out-of-town correspondents,

-which were heavily reduced prior to the bank holiday. The loans and investments

of the New York banks, which declined about $800,000,000 between February 1 and

March 8, have shown no material change subsequently.

With a large part of their indebtedness at the Eeserve Banks paid off,

member banks have again been accumulating excess reserves in moderate amount dur-

ing recent weeks. For all member banks the excess is probably now around

0300,000,000, although the actual volume of reserves remains about $400,000,000

less than in January. More than half of the excess reserves are again concentrat-

ed in New York, due to tendency of banks in other localities to place their surplus

funds on deposit in the large New York banks, but the actual ownership of the

funds probably is fairly widely distributed. The return flow of currency to the

banks continues to add to the amount of excess reserves, but has diminished con-

siderably since the first of April.


• - •

•CONFIDENTIAL

RETORT OF OPEN MARKET OPERATIONS TO MEETING OF OPEN MARKET POLICY CONETRENCEHELD IN WASHINGTON ON APRIL 19, 1933

At the last meeting of the Open Market Policy Conference held in

Washingtoa on January 4, 1933, the following resolution was passed by unanimous

vote:

It is the sense of the Open Market Policy Conferencethat there should be no change in the System's policy intendedto maintain a substantial amount of excess member bank reservesinasmuch as the continuance of excess reserves in substantialamounts is desirable in present conditions. In view of thereturn flow of currency during January and prospective goldmovements the amount of excess reserves may rise considerablyabove the present level which is deemed appropriate under pres-ent conditions.

BE IT RESOLVED, THEREFORE, That, pending anothermeeting of the Conference, the Executive Committee begiven authority (a) to reduce the System's holdings ofshort-term Treasury bills in order to offset suchamount of the return flow of currency as may seem de-sirable, provided such action does not result in anysubstantial reduction in existing excess reserves and(b) if necessary, to purchase Government securities insufficient amounts to prevent member bank excess re-serves falling below the present general level.

It was understood informally that the resolution should be interpreted

by the executive committee as follows:

(1) Treasury bills up to ;125,000,000 would be allowed torun off in January to the extent that there is a return flow ofcurrency, but not to bring excess reserves below $500,000,000.

(2) When the resolution refers to the present level of re-serves it means approximately $500,000,000.

(3) When the resolution refers to the return flow of cur-rency it means the return flow from the December peak just be-fore Christmas.

(4) There would be another meeting of the Conferencebefore any increase in the System holdings of government secur-ities above $1,851,000,000.

In line with this policy, a part of the System's holdings of maturing

Treasury bills was redeemed without replacement during the month of January,


• •

as indicated below:

Januaryft

Total

2

11 $35,600,000 from holdings11 2,756,00018 30,208,00018 4,000,0M25 15,000,000

$87,564,000

ft

inft

ft

ft

ft

System AccountF.R.B. Chicago Investment Account

System Account

F.R.B. New York Investment Account

System Account

These redemptions reduced the annunt of total holdings in the System from

$1,850,900,000 to $1,763,311,000, of which amount $1,558,799,500 was held in the

Open Market Investment Account and the balance of $204,511,500 in the Investment

Accounts of Federal Reserve Banks.

Within the course of the following ten days member bank excess reserves

declined to a point below $500,000,000 and in line with the resolution passed on

January 4, purchases of short-term issues of Cmvernment securities were made in

the market for System Account as follows:

Week Ended February 81522ft

$20,600,00025,000,00025,000,000

Total $70,600,000

These purchases increased the amount of total holdings in the System Account from

$1,558,799,500 to 4'1,629,3'09,500, which figure has been maintained since February 22,

1933.

Other transactions effected in the System Account since the report to

the January 4 meeting consisted of:

(1) Redemptions of $288,300,000 aggregate amount of maturing

Treasury Bills and ';,5,234,500 - 3 3/4% Certificates ofIndebtedness matured February 1, 1933, (representingthe unallocated portion of exchange subscription),which were replaced by purchase in the market of$293,534,500 aggregate amount of short-term issuesconsisting for the greater part of Treasury Bills.


3

(2) Exchange at maturity, by exchange subscription, of

$ 8,540,500 - 3 3/4% C/I due 2/ 1/3381,025,000 - 3 3/4% " " 3/15/33

$89,565,50I.

(3)

for $8,540,500 - 2 5/8% T/N due 4/1/38" 25,855,000 - 4 % C/I " V15/33

55:170,000 - 4 1/4% " "12/15/33

$89,565,500

Exchanges in the market, at advantageous rates, of $83,640,500aggregate amount of short-term issues of Government securitiesfor a like amount of other short-term issues of Governmentsecurities.

(4) Sales to a New York City bank, in lieu of purchase from them ofa large block of bankers acceptances, of $50,000,000Treasury Certificates of Indebtedness due March 1933, whichwere replaced by purchases in the market of a like amount ofother issues of short-term Government securities.

( 5) Sale to a foreign correspondent of $40,000,000 aggregate amountof Treasury Bills which was replaced temporarily by purchasein the market of a like amount of Treasury Certificates andlater exchsnged for Treasury Bills when the latter were avail-able in the market.

The following is a statement of the issues of United States aovernment securitiesheld in the System Account on December 28, 1932 and on 12, 1933:

Dec. 28, 1932

U. S. Treas. Bills due Jan. 11, 1933 $ 55,60,0,000tt et et et et et 18, 1933 46,208,000m 7, m m m 9, 25, 1933 69,550,000IA m ft m Feb. 8, 1933 43,200,000IAA m tt ft V. 1933 38,600,000IAA m m m 23, 1933 49,950,000m m m m m Mar. 1, 1933 35,000,000m m m m m m 29, 1933 34,350,000

I IIm m m m m Apr. 19, 1933IAL IIm m m 26, 1933m m m m May 10,

Ii 1933

I11 m m mII

m 17, 1933m m m m m m 24, 1933

II” ” ” ” ” 31, 1933A ” " ” June 7, 1933

II

II

m m m m m 21, 1933IIIA m " m28, 1933

m m m m July 12, 19333 3/4% Cert. of Ind.

II" Feb. 1, 1933

r. 15, 19II33

2, 1933n n " June 15 1933,AAA Aug. 15, 1933

m Sept. 15, 1933

Apr. 12, 19336

0000000

0 29,000,0000 31,100,0000 16,100,0000 36,3'30,0000 41,000,0000 17,500,0000 33,150,0000 11,000,0000 23,550,0000 31,000,000

13,775,000 0151,025,000 0123,237,500 79,397,000118,725,000 611,425,000

0 43,155,000175,983,000 200,533,000


_

•

3/4% Cert. of Ind. due Dec.15,

4

1933

•

Dec. 28, 1932 Apr. 12, 1933

$ 66,454,0000

$ 78,104,00068,670,000

3 % Treas. Notes n May 2, 193478,225,000 97,025,0002 1/8% n n n Aug. 1, 1934 104,952,000 137,527,0003 %

ft ft June 15, 1935 79,277,000 90,477,0003 1/4% n n n Aug. 1, 1936 0 12,050,0002 3/4% ft ft Dec. 15, 1936 19,880,000 27,380,0003 % ft fr ft Apr. 15, 1937 0 24,150,00031937 0 32,750,0002 n n Feb. 1, 1938 0 16,440,5003 1/2% 1st L/L Bds, of 1932-47 25,025,000 25,025,0004 1/4% n n It ft 1932-47 29,000,000 29,000,0004 1/4% 4th ft le n 1933-38 281,591,000 281,591,000

TOTALS $1,639,607,500 $1,629,399,500

On January 20, 1933, a sale was made of $2,500,000 United States Govern-

ment securities from the Federal Reserve Bank of New York's participation to the

Federal Reserve Bank of Dallas' participation in the System Account. This sale to

the Federal Reserve Bank of Dallas represented part of its shortage in the hold-

ings in the System Account which it was able to take over owing to its improved re-

serve position at that time.

The following is a statement showing the amount of each Federal Reserve

Bank's participation in Government securities held in the System Account at the

close of business Wednesday, April 12, 1933, and each Federal Reserve Bank's hold-

ing ratio, i. e., the ratio percentage that each Federal Reserve Bank's total

holdings in the Account bcar to the total holdings in the Account; also, the amount

of each iederal Reserve Bank's outright holdings of Government securities:

BostonNew YorkPhiladelphia

Amount ofParticipation

HoldingRatios

OutrightHol,dings

$ 92,405,000603,510,000133,788,500

5.6711%37.0388%8.2109%

$ 707,000120,296,5503,352,100

Cleveland 176,540,000 10.8347% 0Richmond 48,149,000 2.9550% 0Atlanta 48,625,000 2.9842% 18,000Chicago 193,715,500 11.8887% 62,836,000St. Louis 65,331,500 4.0096% 500,000Minneapolis 47,224,000 2.8983% 7,034,350Kansas City 56,248,500 3.4521% 171,600Dallas 38,939,500 2.3898% 10,000,000San Francisco 124,923,000 7.6668% 0

TOTALS $1,629,399,500 100 e/0 ',204,915,600


•

ft

ft

5

Statement showing adjustments in earning asset holdings of Federal

Reserve Banks made during March and April, owing to the low reserve ratios of the

Federal Reserve Banks which relinquished either temporarily or outright part of

their holdings. All of the Government securities and the bills discounted re-

ferred to in this statement have been taken back by the banks which temporarily

relinquished them.

F.E.B. Boston purchased temporarily from F.E

Chicago " tt

ClevelandBostonClevelandChicago

tt St. LouisSan Fran.Richmond

ft

ft

ft

ft

if

11

it

11

ft

ft

ft

ft

It

It

ft

11

ft

it

ft

ft

if

11

ft ft

rediscounted for

purchasedIf

It

ft

ft

it

ft

ft

outright fromit ft

It

It

it

t1

it

ft

ft

it

ft

11

ft

ft

ft

ft

1/

.B. New York $25,000,000145,000,00040,000,00020,000,00025,000,000

150,000,00015,000,00010,000,00010,000,000

ft

it

If

ft

it

11

t?

ft

Total amount given off by " " "

ft

ft

ft

It

it

ft

ft

if

ft

ft

it

ft

It

Ti

ft It

F.R.B. Boston purchased temporarily from F.R.B. Phila.It It outright if it it ft ft

Total amount given off by " " " ft

0,000,000

Gov't sec.it ft

11 ft

bills disc.

bankers'ft

billsft

10,000,000 Gov't sec.5,000,000 bankers' bills

t 15,000,000

F.R.B. New York purchased outright from F.R.B. San Fran. $ 10,000,000 bankers' billsIt If " Chicago " " " " " " 10,000,000 " it

Total amount given off by" " "

TOTAL ADJUSTMENTS /JOE SNSTRIvi

it ft o,000,000

475,000,000$475,000,000


•6

=TEL PURCHASES OF BANKERS ACCEPTANCES

Statement showing amount of bankers acceptances purchased by Federal

Reserve Banks in their respective markets and the amount each Federal Reserve Bank

received by allotment from the Federal Reserve Bank of New York during period

December 28, 1932 to April 12, 1933, exclusive of any adjustments made between

Federal Reserve Banks owing to low reserve ratios.

(00C Omitted)PurchasedOwn Market

By AllotmentFrom New York Totals

Boston $ 15,413 $ 49,711 $ 65,124

New York 103,454 0 103,454

Philadelphia 812 16,666 17,478

Cleveland 90 8,019 8,109

Richmond 331 11,021 11,352

Atlanta 1,640 18,036 19,676

Chicago 42,229 56,781 99,010

St. Louis 0 19,145 19,145

Minneapolis 0 17,600 17,600

Kansas City 0 9,218 9,218

Dallas 16 2,833 2,849

San Francisco 3,524 45,447 48,971----,

TOTALS $167,509 $254,477 $421,986


111Classification of Issues Held in the System Account on April 12, 1933

and the Percentage of Each Issue Held in the Account asCompared With the Amount of the Respective Issue Outstanding

(000 Omitted)

Amount of IssuesHeld in System Accountby Classification

TREASURY BILLS

U.S.TT ft

Treasury BillsTf ft

cmiri±-7/-cs,TEs OF

19

ii

Ti

11

Ti

Ti

Ti

tt

due April 19, 193326, 193310, 193317, 193324, 193331, 19337, 193321, 193328, 1933

July 12, 1933

Ti 1!

It

11

It

Ii

it

11

Ti

Vi

LlayTV

ft

Tune

TV

TOT.ATS

aiDD3T=NMS

2 % Cert.1 1/2% Ti

4 %1 1/4%3/4%

4 1/4%

11

Ti

tt

11

Ti

11

11

IV

TREASURY NO _S

of Ind. due May 2, 1933Ti Ti Ti Tune 15, 1933

Aug. 15, 1933ii

11

11

Ti

3 % Treas. Notes2 1/8%3 %3 1/4%2 3/4%3 %3 1/4%2 5/8%

Ti

ft

ft

1!

It

Ti

ft

11

f!

VP

ft

ft

Ti

11

tt

Sept.15, 1933Dec. 15, 1933" 15, 1933

TOTALS

due May 2, 1934" Aug. 1, 1934

June 15, 1935Aug. 1, 1936Dec. 15, 1936Apr. 15, 1937Sept.15, 1937Feb. 1, 1938

IT

Ti

11

ff

ft

TCTALS

LIBERTY- MAU BONDS

3 1/2% 1st L/t Bds. of 1932-474 1/4% " " " " 1932-474 1/4% 4th " If " 1933-38

TOTALS

AND TOTALS

Total of all issues of Treasury Bills$20,708,733.

Percentage of issues held in System Account 7 3/4%.

7

$ 29,00031,10016,10036,30041,00017,50033,15011,00023,55031.000

Amount of PercentageRespective of Issues

izsues Hela to Axwunt()uts',;alltling

75,032 38 3/4%80,020 38 3/4%75,228 21 1/2%75;202 48 1/4%60,074 68 1/4%

100,613 17 1/2%75;216 44 %

100,569 11 %100,158 23 1/2%75,733 41 %

$ 269,700 $ 817,845 33 %

$ 79,397116,42543,155200,53378,10468,670

$ 586,284

$ 97,025137,52790,47712,05027,38024,15032,75016,440

$ 437,799

$ 25,02529,000

281,591

$ 335,616

$ 239,197373;856469,089451,447254,364473,328

$ 2,261,281

‘L5 244,234345,292416,603365,138360,533508,329834,401277,517

33 1/4%31 1/4%9 1/4%44 1/2%30 3/4%14 1/212

26 %

39 3/4%39 3/4%21 3/4%3 1/4%7 1/2%4 3/4%4 %6 %

$ 3,352,047 13

$ 1,392,227 1 3/4%535,983 5 1/2%

6;268,095 4 1/2%

$ 8,196,305 4 %

11 1/4%$1,629,399 $14,627,478=1010111=111.11S7.1=1.11=MM

, Certificates, Notes and Bonds outstanding


I8

MATURITIES OF GO v1-1-ini0TT SECURITIESLD It S1STM1 ACCOUNT ON APRIL 12 1933

SHOET-'TM ISSIES

Treasury Bills, Certificates and. Not es

MATIJRETG WIT= 1 YEAR

Within 3 months3 to 6 It6 "9 "9 "12 "

$465,522;000243,688,000146,774,000

0

TOTAL MATURITIES WITIEN 1 YEAR $ 855,984,000

MATURING 1 TO 2 17E/IRS - 234,552,000

/,,IATURII\TG 2 TO 3 YEARS 90,477,000

MATURING 3 TO 4 ITAIRS 63,580,000

MATURING 4 TO 5 YEARS 49,190,500

TOTAL - - - - - t1,293,783,500

LIBMTY LOAN BONDS

First 3 1/2% Liberty Loan Bonds" 4 1/4% 11 If

(Due rune 15, 1947Callable on or after Dec. 15, 1933)

Fourth 4 1/4% Liberty Loan Bonds(Due Oct. 15, 1938Callable on or after Oct. 15, 1933)*

t 25,025,00029,000,000

$ 54,025,000

281,591,000

CRAND TOTAL - - - $1,629,399,500

*As no call .was d.sued on April 15, 1933, callable date has been changed toApril 15, 1934.


9

STA= -M.T SHOWING EAITINGS OF ALL ira)MAL R ES _E_RITE BAMS

FOIR TIE FIRST THREE MONI'HS OF 1933

Current Expenses Available forand Depreciation

Net Deductions Fran Allowances,or Reserves,

Gross Net Additions to Surplus andEarnings Net Earnings Franchise Tax

Boston 4,14) 653,502 $ 702,651 rQ 49,149 (a)

New Ybrk 4,465,494 2,625,903 1,839,591

Philadelphia 1,227,820 813,180 A14,640

Cleveland 1,259,161 990,758 268,403

Richmond 441,458 480,322 38,864 (a)

Atlanta 471,284 390,125 81,159

Chicago 1,596,852 1,328,713 268,139

St, Louis 379,494 488,606 109,112 (a)

Minneapolis 371,748 334,982 36,766

Eansas City 2'5,154 496,670 51,516 (a)

Dallas 282,850 366,972 84,122 (a)

San Francisco -.....,618 871,373 188,245

TOTAIS $12,654,435 $9,890,255 2,764,180

(a) deficit


C 0 NFIDENTIALNot for publication

EARNINGS AIM EXPENSES OF FEDERAL RESERVE BAS, MARCH 1933

B-811

Federal .

Amieserve11F

Bank

:onth of March 1933 Jan. - Mar. 1933

Earnings from - - Current expensesCurrent netearnings

Current net earnin-'s

Total

Ratioto

paid-incapital

Less accrueddividends andnet charges(current) toprofit and loss

Dis-co untedbills

Fur-chasedbills

U.S.Govit.ur sec-

ities

1,Othersources

Total

1 Exclusiveof cost ofF.R.durrenz

Total

Ratio to

Total paid-incapital

Per cent per centBoston $50,069 $80,606 $158,268 $4,365 $323,306 $165,758 $226,633 $96,675 10.6 $113,547 4.3 -$49,149New York 1,133,161 72,134 924,664 33,423 2,163,382 603,758 734,851 1,428,531 28.8 2,693,635 18.7 1,839,591Philadelphia 354,125 6,016 185,941 9,795 555,877 186,449 217,513 338,364 25.1 659,243 16.s 414,640Cleveland 297,829 17,919 285,326 6,513 607,587 265,325 319,300 258,287 24.3 503,493 14.6 268,403

Richmond 108,270 26,905 68,624 6,600 210,399 133,100 156,813 53,586 12.3 59,317 4.7 -38,864Atlanta 113,245 13,496 76,214 24,483' 227,443 103,723 125,884 101,559 25.8 152,362 13.2 81,159Chicago 268,237 51,094 517,340 24,624 901,295 321,520 474,205 427,090 31.6 511,479 12.9 268,139St. Louis 35,111 16,463 95,34s 7,550 154,492 131,479 173,116 - 18,624 -- -33,446 -- -109,112

Minneapolis 39,203 13,661 90,696 354 144,114 83,574 129,340 14,774 6.1 81,700 11.5 36,766

-Firs City 67,245

as 18,5976,6664,156

89,40281,662

16,431,765

181,751106,160

143,853 176,028104,113 123,913

3,723-17,733

1.1--

10,282-25,511

1.0--

-51,516-84,122

San Francisco 262,190 54,413 178,799 12,202 507,604 231,049 307,557 200,047 22.5 354,948 13.8 186,245TOTALMarch 1933 2,777,262 403,749 2,752,284 150,117 6,083,432 2,476,731 3,167,153 2,916,279 22.9February 1533 763,683 137,256 2,216,995 137,989 3,255,923 *2,047,466 2,234,170 1,021,753 6.8March 1932 2,088,326 354,107 1,709,432 200,930 4,352,795 2,043,506 2,113,325 2,239,470 16.9

Jan.-:.!ar, 1933 4,264,140 659,746 7,319,762 410,787 12,654,435 6,605,600 7,573,386 5,081,04 13.7 5,081,049 13.7 2,764,1801932 6,934,595 1,492,144 4,395,286 791,884 13,613,909 6,240,112 6,553,722 7,060,187 18.0 7,060,187 18.0 4,667,733

FEDERAL RESERVE BOARDDIVISION OF BANK OPERATIONSAPRIL /1, 1933

*Revised. VP


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