The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
3X:5 ; 1- EXECUTIVE OFFICERS President - Warren Gamaliel Harding, (elected Nov. 1920, inaugurated March 4, 1921) Secretary of Treasury - David F. Houston (appointed Feb. 2, 1920, served until March 3, 1921).. Andrew W. Mellon (appointed March 4, 1921, served until Feb. 12, 1932) Comptroller of Currency Secretary of State Secretary of War Secretary of Navy Secretary of Interior Secretary of Agriculture Secretary of Comerce Secretary of Labor http://fraser.stlouisfed.org/ Postmaster General Federal Reserve Bank A of St. Louis - John Skelton Williams (date of appointment Feb. 2, 1914, resigned March 2, 1921 - D. R. Crissinger (date of appointment March 17, 1921 resigned April 30, 1923) Bainbridge Colby, Charles E. Hughes Newton Baker , John W. Weeks -Josephus Daniels, Edwin Denby John B. Payne , Albert Bb Fall Edward T. MerediV-, Henry C. Wallace -Joshua W. Alexander, Herbert C. Hoover - William B. Wilsn Atorny General - wileso (HarIy toi hr rjter 1921 December U. S. G 0 VERNMENT SENATE Banking and Currency Committee 67th Congress Democrats McLEAN, George P. PAGE, Carroll S. FRELINGHUISEN, Joseph S. PENROSE, Boies CALDER, William M. NEWBERRY, Truman H. WELLER, 0. E. NORBECK, Peter SHORTRIDGE, Samuel M. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis I Connecticut Vermont New Jersey Pennsylvania New York Michigan Maryland South Dakota California OWEN, Robert L. HITCHCOCK, Gilbert M. POMERENE, Atlee FLETCHER, Duncan U. KENDRICK, John B. GLASS, Carter Oklahoma Nebraska Ohio Florida Wyoming Virginia III Decembr December U. S. G 0 V E RNME N T HOUSE OF REPRESENTATIVES Banking and Currency Committee 67th Congress Democrats McFADDEN, Louis T. DALE, Porter H. KING, Edward J. SCOTT, Frank D. NELSON, Adolphus P. STRONG, James G. ECHOLS, Leonard S. BROOKS, Edward S. LUCE, Robert MacGREGOR, Clarence DUNBAR, James W. VOLK, Lester D. APPLEBY, T. Frank LAWRENCE, Henry F. FENN, E. Hart Pennsylvania Vermont Illinois Michigan Wisconsin Kansas West Virginia Pennsylvania Massachusetts New York Indiana New York New Jersey Missouri Connecticut WINGO, Otis STEAGALL, Henry B. BRAND, Charles H. STEVENSON, William F. BLACK, Eugene GOLDSBOROUGH, T. Alan Arkansas Alabama Georgia South Carolina Texas Maryland 1___1 1921 __ _I___ __ L___C____ ___~I~_I__ FEDERAL RESERVE BOARD Ex Officio Members David F. Houston, (up to March h) Secretary of the Treasury Chairman Hon. Andrew W. Mellon (March 4) Secretary of the Treasury Chairman John Skelton Williams, (up to March 10) Comptroller of the Currency D. R. Crissinger (appointed March 10) Comptroller of the Currency Secretary's Office W. W. Hoxton, Secretary W. L. Eddy, Asst. Secretary Fiscal Agent W. M. Imlay, Fiscal Agent Division of Examination J. F. Herson, Chief and Chief Federal Reserve Agt. Division of Foreign Exchange J. E. Crane, Acting Director W. P. G. Harding, Governor Edmund Platt, Vice Governor Adolph C. Miller Charles S. Hamlin D. C. Wills (retired March h) John R. Mitchell (office on May 12) Counsel's Office Walter S. Logan, Gen. Counsel Division of Analysis and Research H. Parker Willis, Director M. Jacobson, Statistician Division of Reports and Statistics E. L. Smead, Chief FEDERAL RESERVE SYSTEM FEDERAL ADVISORY COUNCIL District No. 1 (Boston) Philip Stockton District No. 2 (New York) Paul M. Warburg, Vice President District No. 3 (Philadelphia) L. L. Rue, President District No. 4 (Cleveland) Corliss E. Sullivan District No. 5 (Richmond) Joseph G. Brown District No. 6 (Atlanta) Edward W. Lane District No. 7 (Chicago) John J. Mitchell District No. 8 (St. Louis) F. 0. Watts District No. 9 (Minneapolis) C. T. Jaffray District No. 10 (Kansas City) E. District No. 11 (Dallas) R. L. Ball District No. 12 (San Francisco) D. V. Twohy F. Swinney Harry L. Hilyard, Secretary 1921 Federal Reserve Bank of Boston (Dist. 1) OFFICERS Chas. A. Governor Morss C. C. Bullen W. W. Paddock Deputy Governors Chairman and Federal Reserve Agent - Frederic H. Curtiss Deputy Chairman - Allen Hollis Asst. Federal Teserve Agent - Russell B. Spear ~I I Federal Reserve Bank of Boston (Dist. 1) DIRECTORS Term Expires Class A KENNARD, Edward S. (Rumford, Me.) CHAMBERLAIN, F. S. (New Britain, Conn.) BEAL, Thomas P. (Boston, Mass.) Dec. 31 1921 1922 1923 (Re-elected) Class B 4ASHBURN, Chas. G.(Worcester, Mass.) MORSE, Edmund R, (Proctor, Vt.) ALLEN, Philip R. (East Walpole, Mass.) 1921 1922 1923 (re-elected) Class C HOLLIS, Allen (Concord, N. H. ) Deputy Chairman METCALF, Jesse H. (Providence, R. I.) CURTISS Frederic H. (Boston, Mass.) Chairman and FR Agent 1921 1922 1923 (re-appointed) Federal Reserve Bank of New York (Dist. 2) OFFICERS Governor - Benjamin Strong J. L. E. G. Deputy Governors H. F. R. L. Case Sailer Kenzel Harrison Chairman and Federal Reserve Agent - Pierre Jay Deputy Chairman - George F. Peabody Asst. Federal Reserve Agent - Shepard Morgan 191Feea Federal Reserve Bank of NEW YORK DIRECTORS I CLASS A (New York) ALEXANDER, James S. Robert H. TREMAN, SMITH, Charles, (Ithaca) (Oneonta) (Dist. 2) Dec. 31 Term Began Term Ended 1/1/20 1922 1/1/21 1923 (ree lected) 1/1/19 1921 1/1/20 1922 1/3/21 1923 (reelected) 1/1/19 1921 1/1/20 1922 (Chairman) 1/1/21 1923 (reappointed) 1/1/19 1921 (Deputy Chairman) CLASS B STONE, Charles A. WILLIAMS, (New York) Richard H. PALMER, Leslie R. (Madison) (Croton-on Hudson) CLASS C JAY, Pierre (New York) SAUNDERS, William L. PEABODY, George F. (Plainfield) (Lake George) -~----~-P---TIILII -~-~-- -- b--r -- Federal Reserve Bank of Philadelphia (Dist. 3) OFFICERS Governor - George W. Norris Deputy Governor Wm. Chairman and FR Agt. - H. Hutt, Jr. Richard L. Austin Deputy Chairman - H. B Asst. Federal Reserve Agent - Arthur E. Thompson Post a~i -- I I Irr Federal Reserve Bank of Philadelphia (Dist. 3) DIRECTORS Term Expires Class A Dec .31 DOUGLAS, Francis, (Wilkes-Barre,Pa.) MURPHY, M. J. (Clarks Green, Pa.) WAYNE, Joseph (Jr.) (Philadelphia,Pa.) 1921 1922 1923(re-elected) Class B HADDON, Chas. K. (Camden, N. J.) JOHNSON, Alba B. (Philadelphia, Pa.) STUART, Edwin S. (Philadelphia, Pa.) 1921 1922 1923 (re-elected) Class C HARRISON, Charles C. (Philadelphia, Pa.) 1921 THOMPSON, H. B. (Wilmington, Del.) Deputy Chairman 1922 AUSTIN, 1923 (re-appointed) Richard L. (Philadelphia, Pa.) Chairman and FR Agent Federal Reserve Bank of Cleveland (Dist. 4) OFFICERS Governor E. M. J. Fleming Frank J. Zurlinden Deputy Governors Chairman and Federal Reserve Agent Deputy Chairman Asst. Federal Reserve Agent R. Fancher D. C. Wills (Appointed March 5) - Lewis B. Williams - J. C. Nevin Federal Reserve Bank of Cleveland (Dist. h) DIRECTORS Term Expires Class A Dec. SAMS, 0. N. (Hillsboro, Ohio) LAMBERTON, Chess, (Franklin, Pa.) WARDROP, Robert (Pittsburgh, Pa.) 31 1921 1922 1923 (re-elected) Class B STAMBUGH, John (Youngstown, Ohio) WRIGHT, R. P. (Erie, Pa.) COMBS, T. A. (Lexington, Ky.) 1921 1922 1923 (re-elected) Class C WOLFE, H. WILLIAMS, WILLS, D. P. (Columbus, Ohio) Lewis B. (Cleveland Ohio) Deputy Chairman C. (Cleveland, Ohio) Chairman and FR Agent http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis I 1921 1922 1923 (started March 5 re-appointed) Federal Reserve Bank of Richmond (Dist. 5) OFFICERS Governor Deputy Governors - George J. - C. A. Peple R. H. Broaddus Assistants to Governc r- Chairman and Federal Reserve Agent Deputy Chairman Assistant Federal Reserve Agent Seay A. S. Johnstone John S. Walden - Caldwell Hardy - James A. Moncure -J. G. Fry 1921 Federal Reserve Bank of Richmond (Dist.5) DIRECTORS Term Expires Dec. 31 Class A RIEMAN, Chas. E. (Baltimore Md.) BRUTON, J. F. (Wilson, N.C. JOHNSON, L. E. (Alderson, W. Va.) 1921 1922 1923 (elected) Class B STRUDWICK, Edmund (Richmond, Va.) OYSTER, James F. (Washington, D, 1921 C.) COKER, D. R. (Hartsville, S.C.) 1922 1923 (re-elected) Class C BRUCE, Howard (Baltimore, Md.) MONCURE, James A. (Richmond, Va.) Deputy Chairman HARDY, Caldwell (Richmond, Va.) Chairman and FR Agent 1921 1922 1923 (re-appointed) Federal Reserve Bank of Atlanta (Dist. 6) OFFICERS Governor - M. B. Wellborn Deputy Governor - L. C. Adelson Chairman and Federal Reserve Agent - Joseph A. McCord Deputy Chairman - Assistant Federal Reserve Agent - Ward Albertson Edward T. Brown Federal Reserve Bank of Atlanta (Dist. 6) DIRECTORS Term Expires Class A OTTLEY, John K. (Atlanta, Ga.) NEWTON, Oscar (Jackson, Mississippi) KITTLES, P. R. (Sylvania, Ga.) Dec. 31 1921 1922 1923 (re-elected) Class B McCRAR!, J.A. (Decatur, Ga.) HARTFORD, W. H. Nashville, Tenn.) SIMON, Leon C. (New Orleans, La.) 1921 1922 1923 (re-elected) Class C BROWN, Edw. T. (Atlanta, Ga.) Deputy Chairman KETTIG, W. H. (Birmingham, Ala.) McCORD, Jos. A. (Atlanta, Ga.) Chairman and FR Agent 1921 1922 1923 (re-appointed) Federal Reserve Bank of Chicago (Dist. 7) OFFICERS Governor Deputy Governors - J. B - C S. R. Mc Kay B. Cramer Chairman and Federal Reserve Agt.- Deputy Chairman Mc Dougal William A. - Heath James Simpson 1921 Federal Reserve Bank of Chicago (Dist. 7) DIRECTORS Class A REYNOLDS, George M. (Chicago, Ill.) McNIDER, Charles H. (Mason City, Iowa) JOHNSON, E. L. (Waterloo, Iowa) Term Expires Dec. 31 1921 1922 1923 (re-elected) Class B VOGEL, A. H. (Milwaukee, Wis.) BLODGETT, John W. (Grand Rapids, Mich.) ERSKINE, Albert R. (South Bend, Ind.) 1921 1922 1923 (re-elected) Class C HEATH, William A. (Evanston, Ill.) Chairman and FR Agent BALL, Frank C. (Muncie, Ind.) SIMPSON, James (Chicago, Ill.) Deputy Chairman 1921 1922 (appointed) 1923 (re-appointed) 1921 Federal Reserve Bank of St. Louis (Dist. 8) OFFICERS Governor Deputy Governor Chairman and Federal Reserve Agent Deputy Chairman - D. - 0. M. Atteberry C. Biggs William McC. - Martin John W. Boehne 1921 Federal Reserve Bank of St. Louis (Dist. 8) DIRECTORS Class A UTTERBACK, J. C. (Paducah, Ky.) ZIEGLER, Sam A. (Albion, Ill.) LONSDALE, John G. (St. Louis, Mo.) Term Expires Dec. 31 1921 1922 1923 (elected) Class B WELLS, Rolla (St. Louis, Mo.) PLUNKETT, W. B. (Little Rock, Ark.) PERCY, Le Roy (Greenville, Miss.) 1921 1922 1923 (re-elected) Class C McC.MARTIN, Wa. (St. Louis, Mo.) Chairman and Federal R.Agent 1921 MOONEY, C.P.J. (Memphis, Tenn.) 1922 BOEHNE, John W. (Evansville, Ind.) Deputy Chairman 1923 (re-appointed) ~I_____=_~_____I____17C_______~__ Federal Reserve Bank of Minneapolis (Dist. 9) OFFICERS Governor - R, A. Deputy Governors Young W. B. Geery S. S. Cook Chairman and Federal Reserve Age,nt- John H. Rich Deputy Chairman W. H. Lightner Asst. Federal Reserve Agent - Curtis L. Mosher Federal Reserve Bank of Minneapolis (Dist. 9) DIRECTORS Term Expires Class A McDOWELL, W.C. (Marion, N.Dak.) WOLD, Theodore (Minneapolis,Minn.) BASSETT, J. C. (Aberdeen, S. Dak.) Dec. 31 1921 1922 1923 (elected) Class B HIXON, F. P. (La Crosse, Wis.) BIGELOW, F. R. (St. Paul, Minn.) HOLTER, N.B. (Helena, Mont.) 1921 1922 1923 (re-elected) Class C LIGHTNER, W. H. (St. Paul, Minn.) Deputy Chairman BENEDICT, C. H. (Lake Linden, Mich.) RICH, John H. (Minneapolis, Minn.) Chairman and FR Agent 1921 1922 1923 (re-appointed) Federal Reserve Bank of Kansas City (Dist. 10) OFFICERS Governor - J. Deputy Governor Chairman and Federal Reserve Agent - - C. A. Worthington Asa E. Ramsay Deputy Chairman Assistant Federal Res. Agent Z. Miller Jr. - - Deputy Chairman C. K. Boardman 1921 Federal Reserve Bank of Kansas City (Dist. 10) DIRECTORS Class A MITCHELL, J. C. (Dencer, Colo.) BAILIY, W. J. (Atchison, Kans.) MULLANEY, E. E. (Hill City, Kans.) Term Expires Dec. 31 1921 1922 1923(elected) Class B BYRNE, T. C. (Omaha, Nebr.) McCLURE, M. L. (Kansas City, Mo.) GIBSON, Harry W. (Muskogee, Okla.) 1921 1922 1923 (re-elected) Class C MALONE, R. H. (Denver, Colo.) FLEMING, F. W. (Kansas City, Mo.) Deputy Chairman RAMSAY, Asa E. (Kansas City, Mo.) Chairman and FR Agent 1921 1922 1923 (re-appointed) Federal Reserve Bank of Dallas (Dist. 11) OFFICERS R. L. Van Zandt R. G. Emerson Governor Acting Deputy Governor Cashier R. R. Gilbert Chairman and Federal Reserve Agent - Deputy Chairman - W. F. Ramsey W. B. Newsome 1921 Federal Reserve Bank of Dallas (Dist. 11) DIRECTORS Class A SCOTT, John T. (Houston, Tex.) McKINNEY, B. A. (Dallas, Tex.) HALL, Ed. (Bryan, Tex.) Term Expires Dec. 31 1921 1922 1923 (elected) Class B KELL, Frank (Wichita Falls, Tex.) SANSOM, Marion (Fort Worth, Tex.) CULBERTSON, J. J. (Paris, Tex.) 1921 1922 1923 (re-elected) Class C NEWSOME, W. B.(Dallas, Tex.) Deputy Chairman WOOTEN, H. 0. (Abilene, Tex.) RAMSEY, W. F. (Dallas, Tex.) Chairman and FR Agent 1921 1922 1923 (re-appointed) i Federal Reserve Bank of San Francisco (Dist. 12) OFFICERS Governor John U. Calkins Deputy Governor William A. Day Assistants to Governor - Ira Clerk L. C. Pontious Chairman and Federal Reserve Agent Deputy Chairman - John Perrin Walton N. Moore 1921 Federal Reserve Bank of San Francisco (Dist. 12) DIRECTORS Term Expires Class A Dec. 31 BUCHAN, M. A. (Palo Alto, Calif.) McINTOSH, C. K. (San Francisco, Calif.) BAER, John Willis (Pasadena, Calif.) 1921 1922 1923 (elected) Class B McGREGOR, Jno. A. (San Francisco, COX, Elmer H. (Madera, Calif.) Calif.) DOHRMANN, A. B. C. (San Francisco, Calif.) 1921 1922 1923 (re-elected) Class C MOORE, Walton N. (San Francisco, Calif.) Deputy Chairman SPROULE,Wm.(San Francisco, Calif.) PERRIN, John (San Francisco, Calif.) Chairman and FR Agent 1921 1922 (appointed) 1923 (reappointed) HEARINGS HD U.S.Congress. Joint commission of agricultural 1447 inquiry .A32 Hearings before the Agricultural inquiry. (1921) 67th inquiry, Joint commission of agricultural Cong., 1st sess., under Senate concur. res. 4. Wash., Govt.ptg.off., 1922. vol.1, 690.; vol.2, 814 p.; vol.3, 862 pp. (also 3 indexes) Testi mony: Strong, Benjamin Aug 8,'21 pp. 447-626, vol 2 vol 2 Aug 9,'21 pp.627-814 vol 2 269-446 pp. Harding, W.P.G. Aug 4,'21 F.R.Bd.L. a HEARINGS June 1 House. Committee on banking and U.S.Congress. currency. Amendment to abolish office of comptroller of the currency,etc. [to prevent the Federal reserve board from restricting the amount or class of re discounts of a Federal reserve bank ... ] Hearing .. Wednesday June 1, 1921. Statement of Hon. W. Wash., Govt.ptg. of", 1921. P.G. Harding... Testimony: Harding.W.P.G. F.R.Bd.L. (Gov.) June 1, pp.3-h8 HG 2560 .A921 1921 HEARINGS July 18, 19 HG U.S. Congress. Senate. Committee on banking 2559 and currency. Amendments to Federal farm loan act and Federal .U3 67th Cong.,lst seas. on (1921) reserve act. Hearing ... 9.2253 and S. 2263, bills to amend subdiv. 7, July Federal farm loan act ... seo..12 of ... Wash.,Govt.ptg.off.,1921. 18 and 19, 1921. 56 p. Testimony: F.R.Bd.L. 6arding,.P.G.(Gov.) July 19 pP.37-53 (AGRICULTURAL HEARINGS) I 1921 Aug. 1 HJ U.S.Congress. House. Banking and currency 258 committee. .A2 War finance corporation: HEARINGS...67th (1921) 1st sess. on S.1915, to amend the War finance producers for relief provide to act... corporation of and dealers in agricultural products and for other purposes. Aug. 1, 1921. Wash., Govt. ptg.off., 1921. 37 P.. Aug. 9 p. 6-19 Harding, W.P.G.(Gov) Testimony: Meyer, Eugene, Jr. Aug. 9 p. 20-37 (WarFin.Corp.) F.R.Bd.L. a HEARINGS 1921 October HEARINGS Federal Reserve Board - Expenses of Federal Reserve Banks -Letter... transmitting in response to a Senate Resolution of October 14, 1921, requesting certain information... (67th Cong. 1st Sess. 135 p. Senate Doc. No. 75) HEARINGS 1921 Dec. 23 Jan 8, 12 U.S.Congress. Senate. Banking and Currency committee. Amending the Federal Reserve Act: HEARING ... 66th,3d sess. on S.4666, a bill to amend Sec.13 of an act known as the Federal Reserve Act, approved Dec. 23, 1913. Jan. 8 and 12, 1921. Wash., Govt.ptg.off., 1921. 47 p.(photo) F.R.Bd.L. TG 2560 .A2 1921 1921 February 27 Rediscount for member banks of paper of any one borrower secured by United States bonds. LEGISLATION This Act reenacted, with a slight modification, the provisions of section 11(m), which had expired by limitation on December 31, 1920, and extended them to October 31, 1921. These provisions authorized the Federal Reserve Board to permit Federal Reserve banks to discount for any member bank the paper of a single borrower up to 20 per cent of the member bank's capital and surplus, provided that all such paper in excess of 10 per cent was secured by Liberty bonds, Victory notes, or United States certificates of indebtedness. This amendment further required that security consisting of Liberty bonds and Vic tory notes should be offered by the original subscriber thereto in order to permit rediscounts in excess of 10 per cent. (41 Stat. 1146, Ch. 75.) Source: Supplement to statement on Evolution of Banking Legislation by Walter Wyatt, October 26, 1939. Exhibit G 1921 LEGISLATION Febriary 27 [PUB IUC-No.'329--A6*TW'NORE ss [8. 4436.] Sa. *eralA Tio amend the Act approved December 23, 1913, Inown u Be it enacted by the Senate and House of Representatives of the United State6of'i.ericain Congress assembled, That the first paragraph oi the Act approved December 24, 1919. known as the Edge Act, amending the Federal Reserve Act, be amended by adding at the end a proviso so that the paragraph as amended will read asfollows: "SEQ. 25. (a ) Corporations to be organized for the purpose of en gaging in international or foreign banking or other international'r foreign finapcil operations, or in banking or other financik opeL tions in a-,dependency or insular possession of the United Sta b either direetly pr through the agency, ownership, or contalbof loi institutions foreign countries, or in such dependencies or insulir possessions aas vided by .his section, and to act when required Ir the Secretary e Treasry as fiscal agents of the United State, may be formea d any nu Ar~njatural persons .notJess in any casethan five::~.ovided, Th aing inbs section iaRbe con .,trued to deny l right of the Secretary of the Treasury to use any rporation orgased under this section as depositaries in Panama. ad the Panama Canal Zone, or in the Philippine Islands and other" nsBJr, possessions and dependencies of the United States." '' Ap roved/Febrifa ; 92 -- 1921 May 27 Values for conversion of foreign money LEGISLATION This Act provided that should it be necessary to convert foreign currency into United States currency in the assessment and collection of duties on imports, such conversion, in the absence of a declaration of value by the Secretary of the Treasury or if the value so declared should vary over 5 per cent from the New York market value, should be made at the "buying rate" for cable transfers as determined by the Fed eral Peserve Bank of New York. (42 Stat. 17, sec. 403.) Source: Supplement to statement on Evolution of Banking Legislation by Walter Wyatt, October 26, 1939. Exhibit G 1921 June 14 "Edge Act - Amendment" LEGISLATION Section 25(a) of Federal Reserve Act was further amended so as to provide that a corporation organized thereunder with an authorized capital in excess of $2,000,000 and with paid-in capital of $2,000,000 may, with the consent of the Federal Reserve Board, have its unpaid capital paid in on call of the corporation's board of directors; but in all events 25 per cent of the total authorized capital was required to be paid in before the corporation commenced business. (42 Stat. 28, Ch. 22.) Source: Supplement to statement on Evolution of Banking Legislation by Walter Wyatt, October 26, 1939. Exhibit G 1921 April 1921 to August 1922 (See also 1919- Nov.1919March 1921) Open Market Operations FEDERAL RESERVE SYSTEM POLICY ACTION Apparent Intent - Expansionary - Bought $400 million of Government securities (January March 1922). Buying rate on bankers' acceptances reduced sharply (June 1921-August 1922). Discount Rate - Reduced from range of 6-7 to 4-41/2 percent at all Banks. Moral Suasion - Surrounding Circumstances - Source: ................... Commodity and agricultural values and business activity at low level; gradual contraction in credit; gold reserves strengthened. Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 216. LITIGATION 13.701. Set-off agaiost drawee's reserve account allowed.-Whete a Federal 'Reserve bank presented to a certain member bank fE 6ol lection checks drawn on sudh member bank and other member'"itks and where the checks drawn on other member banks were collected by the first member bank and paid and a d44ft therefor was issued to the Federal Reserve bank, it was held that such draft was an absolute liabil ity of the member bank to the Fedeil Reserve bank and that the latter bank was entitled to apply the draft against the member bank's credit in its deposit account with the Federal Rserve bank and against its credits for canceled stock. Federal Reser i of Minneapolis v. First Na tidnal Bank of Eureka, 277 Fed. 3* SL S. D., 1921). NoiT.-As to set-off against amount due on Federal Reserve bank stock, see contra 13.700. LITIGATION 1921 13.1205. Effect of Federal Reserve Act upon chiracter of trade bceptaices.-In a suit upon trade acceptances, it was contended that duch acceptances were to be governed by the provisions of the Federal Reserve Act and not by the State law-relating to ordinary drafts or bills of exchange and that they were, therefore, not within the rulfthat an ordinary draft may be signed by the acceptor before the name of the drawer is filled in, or that a drawer may be anyone whom the acceptor may accept as such. It was held, however, that there is nothing in sec ,tion 13 of the Federal Reserve Act or in the regulations made thereunder by the Federal Reserve Board sufficient to change the character of trade acceptances as bills of exchange or to change the obligations arising therefrom, so far as the parties are concerned. Stafford v. Hill, 53 Calif. App. 337, 200 Pac. 33 (1921). LITIGATION 1921 here a 13.2700. Primary liability of discountig memb rb-i tit with ita:Federal ed paper andde ntember bank indorses disco Reserve bank, the member bank by virtue of that provision of section 13 whichiindrs the iorsement of -membepbank a waiver of demand, notice and protest, becomes primap liable t the Federal Reserve bank such paper against base a claii and the laer bank may tI r in J the recen of the member'ank without proceedin g d4rsers or makers. Federal Reserve Bai Sof MiapolisIV. r tFNa ' tional Bank of Eureka, 277 Fed. 300 (ID..S.D., 121).:
@FedFRASER