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iI '- t UNITED STATES GOVERNMENT EXECUTIVE OFFICERS President - Woodrow Wilson (elected Nov. 1912, inaugurated March h, 1913) Secretary of Treasury - William G. Mc Adoo (appointed March 6, 1913, resigned Dec. 15, 1918) Comptroller of Currency - John Skelton Williams Secretary of Agriculture - David F. Houston Secretary of State - William J. Bryan Lindley M. Garrison Secretary of War Secretary if Navy - Josephus Daniels Secretary of Interior - Franklin K. Lane Secretary of Cokmerce - William C. Redfield Secretary of Labor - William B. Wilson Postmaster General - Albert S. Burleson Attorney General James C, McReynolds Thomas W. Gregory (date of appointment Feb. 2, 1914, resigned March 2, 1921) U.S. GO VERNMENT SENATE Banking and Currency Committee 63rd Congress Democrats Republicans NELSON, Knute BRISTOW, Joseph L. CRAWFORD, Coe I. McLEAN, George P. WEEKS, John W. OWEN, Robert L. HITCHCOCK, Gilbert M. James A. *O'GORMAN, REED, James A. POMERENE, Atlee SHAFROTH, John F. HOLLIS, Henry F. * LEE, BLAIR Minnesota Kansas South Dakota Connecticut Massachusetts Oklahoma Nebraska New York Missouri Ohio Colorado New Hampshire Maryland *Blair Lee of Maryland took the place of James A. O'Gorman of New York between 1913 and November 27, 1915. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis _ _ ___i ~_ __/__ __ U.S. G 0 V E R N M E N T HOUSE OF REPRESENTATIVES Banking and Currency Committee 63rd Congress Democrats Republicans HAYES, Everis A. GUERNSEY, Frank E. BURKE, James A. WOODS, Frank P. PLATT, Edmund SMITH, George R. LINDBERG, Charles A. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis P California Maine Pennsylvania Iowa New York Minnesota Minnesota GLASS, Carter KORBLY, Charles A. BROWN, William G. BULKLEY, Robert J. NEELEY, George A. PATTEN, Thomas G. STONE, Claude U. PHELAN, Michael F. EAGLE, Joe H. WINGO, Otis SELDOMRIDGE, Harry H. WILSON, Emmett WEAVER, Claude RAGSDALE, J. Willard Virginia Indiana West Virginia Ohio Kansas New York Illinois Massachusetts Texas Arkansas Colorado Florida Oklahoma South Carolina FEDERAL RESERVE BOARD Ex Officio Members W. G. Mc Adoo Secretary of the Treasury Chairman C. S. F. A. Hamlin, Governor Delano, Vice Governor P. M. Warburg W. P. G. Harding A. C. Miller John Skelton Williams Comptroller of the Currency Secretary's Office H. Parker Willis, Secretary Sherman P. Allen, Asst. Secretary Counsel's Office Milton C. Elliott, Counsel George L. Harrison, Asst. Counsel Division of Reports and - - Statistics Morris Jacobsen, Chief Division of Audit and Examination Joseph A. Broderick, Chief h ' -FEDERAL RESERVE SYSTEM FEDERAL ADVISORY COUNCIL District No 1 (Boston) -1d Daniel G. Wing District No. 2 (New York) J. P. Morgan District No. 3 (Philadelphia) L. L. Ru, District No. 4 (Cleveland) W. S. Rowe District No. 5 (Richmond) George J.Seay District No. 6 (Atlanta) Charles A. Lyerly District No. 7 (Chicago) James B. Forgaq President District No, 8 (St. Louis) Rolla Wells District No. 9 (Minneapolis) C. T. Jaffray District No. 10 (Kansas City) E. F. Swinney District No. 11 (Dallas) J. Howard Ardrey District No. 12 (San Francisco) Vice President Archibald Kains Tenra to end Dec. 31, 1915 FEDERAL RESERVE SYSTEM Conference of FEDERAL RESEVE AGENTS (Chairmen) Conference of GOVERNORS OF FEDERAL RESERVE BANKS started February 1, 1914 started December 10 - 12, 1914 I Federal Reserve Bank of Boston (Dist. 1) OFFICERS - Governor Deputy Governor - Alfred L. Aiken Thomas P.Beal Chairman and Federal Reserve Ager it- Frederic H. Curtiss Deputy Chairman and Deputy Reserve Agent Walter S. Hackney Federal Reserve Bank of Boston (Dist. 1) DIRECTORS Class A Term Expires Dec. 31 BEAL, T. P. (Boston, Mass.) SANFORD, C. G. (Bridgeport, Conn.) HEARD, A. M. (Manchester, N. H.) 1917 1916 1915 Class B WASHBURN, Chas. G. (Worchester, Mass.) MORSE, E. R. (Proctor, Vt.) MORSS, Chas. A. (Boston, Mass.) 1915 1916 1917 Class C HOLLIS, Alien (Concord, N. H.) HACKNEY, Walter S. (Providence, R. I.) Deputy Chairman CURTISS, Frederic H. (Boston, Mass.) Chairman and FR Agent 1915 1916 1917 Federal Reserve Bank of New York (Dist. 2) OFFICERS Governor, Benjamin Strong, Acting Deputy Governor, Jr. William Woodward Chairman and Federal Reserve Agent Pierre Jay Deputy Chairman and Deputy Agent Charles Starek Fe deral 1914 Reserve Bank of NEW YORK (Dist. 2) DIRECTORS Dec. 31 CLASS A Term Began WOODWARD, William (New York) 8/10/l1 1916 TREMAN, 8/10/14 1917 8/10/14 1915 8/10/14 1916 84o/ih 8/10/14 1917 Robert H. (Ithaca) LOCKE, Franklin D. (Buffalo) Tern Ended CLASS B TOWNE, Henry R. (New York) THOMPSON, William B. (Yonkers) PALMER, Leslie R. (Croton-on Hudson) 1915 CLASS C JAY, Pierre (New York) STAREK, PEABODY, Charles (New York) George F. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis I (Lake George) 9/30/14 1916 (Chairman) 9/30/14 1917 (Deputy Chairman) 9/30/14 1915 Federal Reserve Bank of Philadelphia (Dist. 3) OFFICERS Governor, Charles J. Rhoads Chairman and Federal Reserve Agent Richard L. Austin Deputy Chairman and Deputy Agent George M. La Monte __ _ _ _ I _ ___ _~_ __I Federal Reserve Bank of Philadelphia (Dist. 3) DIRECTORS Term Expires Dec. 31 Class A RHOADS, C.J. (Philadelphia Pa.) PECK, W. H. (Scranton, Pa. 5 MURPHY, M. J. (Scranton, Pa.) 1917 1915 1916 Class B JOHNSON, A.B. STUART, E. S. GAUNT, G.W.F. (Philadelphia, Pa.) (Philadelphia, Pa.) (Mulica Hill, N. J.) 1916 1917 1915 Class C AUSTIN, Richard L. (Philadelphia, Pa.) Chairman LA MONTE, George M., (Bound Brook, N. J.) Deputy Chairman NORRIS, George W. (Philadelphia, Pa.) 1917 1915 1916 Ir Federal Reserve Bank of Cleveland (Dist. h) OFFICERS Governor - E. Chairman and Federal Reserve Agent Deputy Chairman and Deputy Agent R. Fancher D. C. Wills - Lyman H. Treadway 1913 Federal Reserve Bank of Cleveland (Dist, ) DIRECTORS Term Expires Dec. 31 Class A WARDROP, Robert, (Pittsburgh Pa.) ROWE, W.S. (Cincinnati, Ohio) RANKIN, S.B. (South Charleston, Ohio) 1917 1916 1915 Class B COMBS, T.A. (Lexington, Ky.) BAGLEY, C.H. (Corry, Pa.) PATRICK, A. B. (Salyersville, 1917 Ky.) 1916 1915 Class C WILLS, D. C. (Bellevue, Pa.) Chairman Deputy Chairman TREADWAY, Lyman H. (Cleveland, Ohio) 1917 1916 WOLFE, H. P. (Columbus, Ohio) 1915 ~1T"~;F- dc-_~-9r_ iq- _splt_~~~_lllQC~C~ ~P Federal Reserve Bank of Richmond (Dist. 5) OFFICERS Governor, George J. Seay Vice Governor, Charles A. Peple Chairman and Federal Reserve Agent William Ingle Deputy Chairman and Deputy Agent James A. Moncure B -I-- :I~---SCPI3~C~-- ;J ~r~ Federal Reserve Bank of Richmond I (Dist. 5) r DIRECTORS Term Expires Class A Dec. 31 NEWCOMER, Waldo (Baltimore, Md.) BRUTON, J. F. (Wilson, N.C.) MANN, Edwin (Bluefield, W.Va.) 1915 1916 1917 Class B SEAY, George J. (Richmond, Va.) COKER, D. R. (artsville, S.C.) OYSTER, J. F. (Washington, D. C.) 1915 1917 1916 Class C Chairman INGLE, William (Baltimore, Md.) MONCURE, James A. (Richmond, Va.) Deputy Chairman GOUVEMIEUR, M* F. H. (Wilmington, N. C.) 1917 1916 1915 191i Federal Reserve Bank of Atlanta (Dist. 6) OFFICERS Governor, Deputy Governor, Cashier, Joseph A. McCord Giles L. Wilson J. B. Pike Chairman and FedLeral Reserve Agent M. B. Wellborn Deputy Chairman Deputy Agent Edward T. Brown 1 F-- - -- - Federal Reserve Bank of Atlanta I (Dist. 6) DIRECTORS Term Expires Dec. 31 Class A 1915 1916 HILLYER, L. P. (Macon, Ga.) FOOTE, F. W. (Hattiesburg, Miss.) TOOLE, W. H. (Winder, Ga.) 1917 Class B 1917 1916 SAUNDERS, P. H. (New Orleans, La.) McCRARY, J. A. (Decatur, Ga.) HARTFORD, W. H. (Nashville, Tenn.) 1916 Class C WELLBORN, M. B. (Anniston, Ala.) BROWN, Edward T. (Atlanta, Ga.) KETTID, W. H. (Birmingham, Ala.) Chairman Deputy*Chairman 1917 1915 1916 -----. i=1 - 1 - I Federal Reserve Bank of Chicago (Dist. 7) OFFICERS Governor, Deputy Governor, James B. Mc Dougal C. R. Mc Kay Chairman and Federal Reserve agent Charles H. Bosworth Deputy Chairman and Deputy Agent W. L. Mc Lallen Federal Reserve Bank of Chicago (Dist. 7) DIRECTORS Term Expires Class A REYNOLDS, George M. (Chicago Ili.) FORGAN, J.B. (Chicago, Ill. JOHNSON, E. L. (Waterloo, Iowa) Dec. 31 1915 1916 1917 Class B JOY, Henry B. ( Detroit, Michigan) HUTCHISON, M. B. (Ottma, Iowa) VOGEL, A. H. (Milwaukee, Wis.) 1916 1917 1915 Class C BOSWORTH, Charles H. (Chicago, Ill.) Chairman Mc LALLEN, W. L. (Columbia City, Ind.) Deputy Chairman MEEDITH, E. T. (Des Moines, Iowa) 1916 1917 1915 ~---ma3-~-a31- Federal Reserve Bank of St. Louis (Dist, 8) OFFICERS Governor, Deputy Governor, Rolla Wells William W. Hoxton Chairman and Federal Reserve Agent William McC. Martin Deputy Chairman and Deputy Agent Walter W. Smith I~ - Ol- --- Federal Reserve Bank of St. Louis * I--I---- -- -' (Dist. 8) 4 DIRECTORS Term Expires Class A Dec. 31 HILL, Walker (St. Louis, Mo.) WATTS, F. L. (St. Louis, Mo.) 1917 FENLEY, Oscar (Louisville, Ky.) 1916 1915 Class B CARLTON, Murray (St. Louis, Mo.) PLUNKETT, W. B. (Little Rock, Ark.) 1915 1916 1917 PERCY, Le Roy (Greenville, Miss.) Class C McC. MARTIN, W. (St. Louis, Mo.) SMITH, Walter W. (St. Louis, Mo.) BOEHNE, John W. (Evansville, Ind.) Chairman Deputy Chairman 1915 1916 1917 191r -- "--I 19114 Federal Reserve Bank of Minneapolis (Dist. 9) OFFICERS Theodore Wold Governor, Deputy Governor, Secretary & Cashier None S. S. Cook Chairman and Federal Beserve Agent John H. Rich Deputy Chairman Deputy Agent P. N. Kerst and 1914 Federal Reserve Bank of Minneapolis (Dist. 9) DIRECTORS Term Expires Dec. 31 Class A DECKER, E. W. (Minneapolis, Minn.) 1916 1917 1915 HANNA, L. B. (Fargo, N.Dak.) BASSETT, J. C. (Aberdeen, S. Dak.) Class B BIGELOW, F. R. (St. Paul, Minn.) HIXON, F. P. (La Crosse, Mis.) HOLTER, N. B. (Helena, Mont.) 1916 1915 1917 Class C RICH, John H. (Red Wing, Minn.) KERST, P. M. (St. Paul, Minn.) BLACK, John W. (Houghton, Mich.) Chairman Deputy Chairman 1917 1915 1916 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L - C-------O Federal Reserve Bank of Kansas City (Dist. 10) OFFICERS Governor Deputy Governor Secretary & Cashier - Charles M. Sawyer None Jerome Thralls Chairman and Federal Reserve Agent J. Z. Miller Deputy Chairman and Deputy Agent A. E. Ramsey ICI I~~ -- ~-~~- - - --- ---i-l~-~-ii~-- ; -~. s-~--_ --- re7T:~ C ~ .~ Federal Reserve Bank of Kansas City (Dist. 10) DIRECTORS Term Expires Dec 31 Class A JONES, Gordon, (Denver, Colo.) 1915 1916 1917 BAILUY, W. J. (Atchison, Kans.) BURNHAM, C. E. (Norfolk, Nebr.) Class B 1916 1915 1917 McCLURE, M. L. (Kansas City, Mo.) BYRNE, T. C. (Omaha, Nebr.) WILSON, L. A. (El Reno, Okla.) Class C MILLER, J. Z. (Jr.) ( Kansas City, Mo.) RAMSEY, A. E. (Muskogee, Okla.) MALONE, R. H. (Denver, Colo.) Chairman Deputy Chairman 1917 1916 1915 ~7* - Federal Reserve Bank of Dallas (Dist. 11) OFFICERS Governor, Vice Governor, Oscar Wells R. L.Van Zandt Chairman and Federal Reserve Agent E. 0. Tennison Deputy Chairman and Deputy Agent W. F. McCaleb 1 _ _~____lj_~_7____ Federal Reserve Bank of Dallas (Dist. 11) DIRECTORS Term Expires Dec .31 Class A WELLS, Oscar (Houston, Tex.) SMITH, E. K. (Shreveport, La.) McKINNEY, B. A. (Durant, Okla.) 1915 1917 1916 Class B 1916 1915 1917 SANSOM, Marion (Fort Worth, Tex.) KELL, Frank (Wichita Falls, Tex.) CULBERTSON, J. J. (Paris, Tex.) Class C TENNISON, E. 0. (Dallas, Tex,) MCCALEB, W. F. (San Antonio, Tex.) MARTINEX, Felix (El Paso, Tex.) Chairman Deputy Chairman 1917 1915 1916 ~ W Federal Reserve Bank of San Francisco (Dist. 12) OFFICERS Governor, Archibald Kains, Deputy Governor, Russell Lowry Chairman and Federal Reserve Agent John Perrin Deputy Chairman and Deputy Agent Claude Gatch Federal Reserve Bank of San Francisco (Dist. 12) DIRECTORS Term Expires Class A McINTOSH, C. K. (San Francisco, Cal.) LYNCH, J. K. (San Francisco, Cal.) ANDERSON, Alden (Sacramento, Cal.) Dec. 31 1916 1917 1915 Class B DOHIRMA9 A. B. C. (San Francisco, Cal.) McGREGOR, J. A. (San Francisco, Cal.) COX, E. H. (Madera, Cal.) 1917 1915 1916 Class C PERRIN, John (Pasadena, Cal.) Chairman GATCH, Claude (San Francisco, Cal.) Deputy Chairman PEABODY, Chas. E. (Seattle, Wash.) 1917 1916 1915 ------------I: --;~pr~S~~~-~--C~~ ?R-~~lqli~A~Z~L~:; 1914 'I - - ~----- -- - - -- -; :-1- i, n I July 6-15 HTG U.S. Congress. Senate. Banking and currency committee. IARING Nomination of Thomas D. Jones: H of nomination the ...63rd cng,T;d sees, on Thomas D. Jones for aTpointment as a member of the Federal reserve board, July 6-15. 1914. Wash.,Govt.ptg.off., 1914 2d sees. (U.S.Cong.6, 2 pts. in 1 vol. 2563 .A5 1914 a s.ad6c5 5 F.I.Bd.L. it http://fraser.stlouisfed.org/ Federal Reserve Bank ,.. of St. Louis ... .; u rr~ .s~C1~~~*'~~'L1 iD~pl ~ldrd i_ ~ l .- ---- ~- r~m.._--* HEARINGS -I; ~r;FI - -?----- ----------- -August 4 r -- - --9 --;I-----~-- - ----- ~---;=---------- -n---?l ---- ~-r_~--- Issuance of emergency currency ~---):I ;;;;--i ~-~:-- I I I I C~IP~R~ I I~~-~ ~ ssrrr- o-ug~i~~ LEGISLATION Section 27 of Federal Reserve Act was amended so as to add a provise authorizing the Secretary of the Treasury to suspend the limitations imposed by sections 1, 3 and 5 of the Aldrich-Vreeland Act on the issue of additional national bank notes secured otherwise than by bonds of the United States, and to extend the privileges of the Aldrich-Vreeland Act to all qualified State banks and trust companies which had joined the Federal Reserve System or which might contract to do so within a limited time. (38 Stat. 682, Ch. 225.) Source: Supplement to statement on Evolution of Banking Legislation by Walter Wyatt, October 26, 1939. Exhibit G II 1914 SAugust 15 Reserves LEGISLATION Section 19 of Federal Reserve Act was amended to permit State member banks, during the three-year transition period provided in the original Federal Reserve Act for changing reserve requirements, to count as reserves held with a national bank in a reserve or central reserve city, any amounts which the State law permitted them to keep with other State or national banks. Previously such deposits could be so counted only when they were in other State banks and were required by the State law to be kept in this manner, rather than merely permitted. (38 Stat. 691.) Source: Supplement to statement on Evolution of Banking Legislation by Walter Wyatt, October 26, 1939. Exhibit G 1914 October 15 CLAYTON ACT Interlocking directorates LEGISLATION This Act prohibited any person from being, at the same time, a director, officer or employee of more than one bank either of which had capital funds of $5,000,000 and when either, or both, was organized under Federal law. Also, banks organized under Federal law and located in cities of over 200,000 people were forbidden from having as a director, officer, or employee any person em ployed in a similar capacity with any other bank in the city, except where the two institutions were owned by the same stockholders. A class A director of a Federal Reserve Bank was permitted to be, at the same time, an officer or director of one member bank. The Federal Reserve Board, after hearing, was empowered to issue cease and desist orders in the case of violations; and provisions for court relief and enforcement were provided. (38 Stat. 732-733, 734-736, sees. 8 and 11.) Source: Supplement to statement on Evolution of Banking Legislation by Walter Wyatt, October 26, 1939. Exhibit G LITIGATION 10.100. Status as independent establishment. -The FedN l Regye with e establish bj Board is an indqpendent board or Goverit tinctly administrative, rather than merely supervisory powers. ^,Op. Atty. Gen. 308, 311 (1914). . __ LITIGATION 10.102. Funds of Board as "public moneys."-Moneys received by I e Federal Reserve the Federal Reserve Board from assessments the auditing statutes banks are "public moneys" within the meanin and are therefore subjet~ uit ne e auditors of the Treasury Department. Such is the ~s. beejse the assessments are levied by . Board whose members meet all the requirements of the definition of "public officers" and "officers of the United States"; because the assess ments are levied pursuant tp a Fedral aatute and are devoted to the payment of 4aeit saja s and thqfl enses of an official board; and because these nAWeys, aft% pllection, are no longer the property of the paying bank and must bi0kgarded as moneys belong to the United States. 30 Op. Atty. GenLj (1914). NOTE.-The funds of the: SWd ing statutes of the United Stat.4 of the Federal Reserve Ao~ derived from assePina tl "government fuil, are no lous'Bubject to audit under the audit r reasonA 'the amendments made to section 10 lg Act of 1933 providing that the funds Reserve banks shall not be construed to be
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