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1925 UNITED STATES- GOVERNMENT EXECUTIVE OFFICERS President - Calvin Coolidge (re-elected Nov. 1924, inaugurated March 4, 1925) Secretary of Treasury - Andrew W. Mellon (appointed March 4, 1921, until Feb. 12, 1932) Comptroller of Currency - Secretary of State Secretary of War Secretary of Navy Secretary of Interior Secretary of Agriculture Secretary of Commerce Secretary of Labor Post master General Attorney General - W. McIntosh (date of appointment Dec. resigned Nov. 20, 1928) Frank B. Kellogg Charles E. Hughes, Dwight F. Davis John W. Weeks, Curtis D. Wilbur Hubert Work William M. Jardine Howard M. Gore, Herbert C. Hoover, William F. Witing James J. Davis - Harry S. New - Harlan F. Stone, J. John D. Sargent served 20, 1924, 1925 January U. S. G 0 V E- R- H-Nf-' SEN ATE Banking and Currency Committee 68th Congress Democrats Republicans McLEAN, George P. WELLER, 0. E. NORBECK, Peter EDGE, Walter E. PEPPER, George Wharton PHIPPS, Lawrence C. SHORTRIDGE, Samuel M. GREENE, Frank L. Connecticut Maryland South Dakota New Jersey Pennsylvania Colorado California Vermont FLETCHER, Duncan U. GLASS, Carter EDWARDS, Edward I. STEPHENS, Hubert D. OWEN, Robert L. KENDRICK, John B. GEORGE, Walter F. Florida Virginia New Jersey Mississippi Oklahoma Wyoming Georgia 1925 January U. S. GOVERNMENT HOUSE OF REPRESENTATIVES Banking and Currency Committee 68th Congress Democrats Republicans McFADDEN, Louis T. KING, Edward J. STRONG, James G. LUCE, Robert MacGREGOR, Clarence FENN, E. Hart CAMPBELL, Guy E. LEATHERWOOD, Elmer 0. BEEDY, Carroll L. WILLIAMSON, William HULL, Morton D. WILLIAMS, Arthur B. Pennsylvania Illinois Kansas Massachusetts New York Connecticut Pennsylvania Utah Maine South Dakota Illinois Michigan WINGO, Otis STEAGALL, Henry B. BRAND, Charles H. STEVENSON, William F. BLACK, Eugene GOLDSBOROUGH, T. Alan MOONEY, Charles A. PRALL, Anning S. CANFIELD, Harry C. Arkansas Alabama Georgia South Carolina Texas Maryland Ohio New York Indiana FEDERAL Ex Officio Members A. W. Mellon, Secretary of the Treasury, Chairman J. W. McIntosh, Comptroller of the Currency Secretary's Office Walter L. Eddy, Secretary J. C. Noell, Asst.Secretary RESERVE BOARD D. R. Crissinger, Governor Edmund Platt, Vice Governor Adolph C. Miller Charles S. Hamlin George R. James Edward, H. Cunningham Counsel's Office Walter Wyatt, General Counsel Division of Research and Statistics Walter W. Stewart, Director W. M. Imlay, Fiscal Agent E. A. Goldenweiser, Statistician Division of Examination and Federal Reserve Examiner J. F. Herson, Chief Division of Bank Operations E. L. Smead, Chief Fiscal Agent 1925 FEDERAL FEDERAL RESERVE ADVISORY SYSTEM COUNCIL District No. (Boston) Chas. A. Morss. District No. (New York) Paul M. Warburg, President District No. (Philadelphia) L. L. Rue District No. (Cleveland) George A. Coulton District No. (Richmond) John M. Miller, Jr. District No. (Atlanta) Oscar Wells District No. (Chicago) Frank 0. Wetmore District No. (St. Louis) Breckinridge Jones District No. (Minneapolis) G. H. Prince District No. 10(Kansas City) E. F. Swinney, Vice President District No. 11(Dallas) W. M. McGregor District No. (San Francisco) Henry S. McKee C. B. Georgen, Secretary FEDERAL RESRVE SYSTEM OPEN MARKET INVESTMENT COMMITTEE Composed of five Governors of Federal Reserve Banks: Boston - W. P. G. Harding New York - Benjamin Strong Philadelphia - George W. Norris Cleveland - E. R. Fancher Chicago - J. B. McDougal Federal Reserve Bank of Boston (Dist. 1) OFFICERS Governor Deputy Governor - W. P. G, - W. W. Paddock Harding Chairman and Federal Reserve Agent - Frederic H. Deputy Chairman - Allen Hollis Curtiss Federal Reserve Bank of Boston (Dist. 1) DIRECTORS Term Expires Class A CHAMBERLAIN, Frederick S. (New Britain, Conn.) RIPLEY, Alfred L. (Boston, Mass.) KENNARD, Edward S. (Rumford, Me.) Dec. 31 1925 1926 1927 (re-elected) Class B MORSE, E. R. (Proctor, Vt.) ALLEN, Philip R. (East Walpole, Mass.) WASHBURN, Charles G. (Worcester, Mass.) 1925 1926 1927 (re-elected) Class C MANCHESTER, Chas. H. (Providence, R. I.) CURTISS, Frederic H. (Boston Mass.) Chairman and FR Agent HOLLIS, Allen (Concord, N.H.) Deputy Chairman 1925 (appointed) 1926 1927 (re-appointed) Federal Reserve Bank of New York (Dist. 2) OFFICERS Governor Deputy Governor - Benjamin Strong - J. L. G. E. Chairman and Federal Reserve Agent Deputy Chairman H. Case F. Sailer L. Harrison R. Kenzel Pierre Jay - illiam L. Saunders Fede ral Reserve Bank of NEW YORK (Dist. 2) 1925 DIRECTORS Dec. 31 Term Began Term EndedL McGARRAH, Gates W. (New York) 1/1/23 1925 TREMAN, Robert H. (Ithaca) 1/1/24 1926 RUNKLE, Delmer (Hoosick Falls) 1/1/25 1927 YOUNG, Owen D. (New York) 1/1/23 1925 WHITMARSH, Theodore F. (New York) 1/1/24 1926 REYBURN, Saauel V. (New York) 1/1/25 1927 1/1/23 1925 (Chairman) SAUNDERS, William L. (Plainfield) 1/1/24 1926 (Deputy Chairman) WOOLLEY, Clarence M. (Greenwich) 1/1/25 1927 (reappointed) CLASS A CLASS B CLASS C JAY, Pierre (New York) Federal Reserve Bank of Philadelphia (Dist. 3) OFFICERS Governor - George W. Norris Deputy Governor William H. Chairman and Federal Reserve Agent Richard L. Austin Deputy Chairman - Chas. Hutt C. Harrison i __ _______ _ Federal Reserve Bank of Philadelphia (Dist. 3) DIRECTORS Term Expires Class A Dec. 31 COSGROVE, John C. WAYNE, Jos. (Jr.) DOUGLAS, Francis, (Johnstown, Pa.) (Philadelphia, Pa.) (Wilkes-Barre, Pa.) 1925 1926 1927 (re-elected) Class B JOHNSON, Alba B. (Philadelphia, Pa.) STUART, Edwin S. (Philadelphia, Pa.) HADDON, Charles K. (Philadelphia, Pa.) 1925 1926 1927 (re-elected) Class C CANNON, H. L. (Bridgeville, Del.) AUSTIN, R. L. (Philadelphia, Pa.) Chairman and FR Agent HARRISON, Chas. C. (Philadelphia, Pa.) Deputy Chairman 1925 (appointed) 1926 1927 (re-appointed) 11925 Federal Reserve Bank of Cleveland (Dist. 4) OFFICERS Governor - E. R Deputy Governors Chairman and Federal Reserve Agent Deputy Chairman Fancher M. J. Fleming Frank J. Zurlinden S D, C. Wills (died October 22) L. B. Williams 1 r----< : -7M1 nsr~ir il~ill~T Federal Reserve Bank of Cleveland (Dist. h) DIRECTORS Term Expires Class A LAMBFRTON, Chess (Franklin, Pa.) VARDROP, Robert (Pittsburgh, Pa.) SAMS, 0. N. (Hillsboro, Ohio) 1925 1926 1927 (re-elected) Class B WRIGHT, R. P. (Erie, Pa.) CRABBS, Geo D. (Cincinnati, Ohio) STAMBAUGH, John (Youngstown, Ohio) 1925 1926 1927 (re-elected) Class C WILLIAMS, L. B.(Cleveland, Ohio) Deputy Chairman WILLS, D. C. (Cleveland, Ohio) Chairman and FR Agent KNIGHT, W. W. (Toledo, Ohio) 1925 1926 (died Oct. 22) 1927 (re-appointed) 1925 Federal Reserve Bank of Richmond (Dist. 5) OFFICERS Governor Deputy Governors - George - Chairman and Federal Reserve Agt. Deputy Chairman J. Seay C. A. Peple R. H. Broaddus William W. Hoxton - Frederic A. Delano Federal Reserve Bank of Richmond (Dist. 5) DIRECTORS Term Expires Class A Dec. 31 BRUTON, John F. (Wilson, N.C.) JOHNSON, L. E. (Alderson, W.Va.) RIEMAN, Charles, E. (Baltimore, Md.) 1925 1926 1927 (re-elected) Class B GRAHAM, Edwin C. (Washington, D. C.) COKER, D. R. (Hartsville, S. C.) STRUDWICK, Edmund (Richmond, Va.) 1925 1926 1927 (re-elected) Class C LASSITER, Robert (Charlotte, N.C.) HOXTON, DELANO, Ym. W. (Richmond, Va.) Chairman and FR Agent Frederic A. (Washington, D. C. ) Deputy Chairman 1925 1926 1927 (re-appointed) 1925 Federal Reserve Bank of Atlanta (Dist. 6) OFFICERS Governor Deputy Governors - M. B. Wellborn - J. L. Campbell Creed Taylor Chairman and Federal Reserve Agent - Oscar Newton Deputy Chairman - W. H. Kettig ; ri_- Federal Reserve Bank of Atlanta (Dist. 6) DIRECTORS Class A KITTLES. P. R. (Sylvania, Ga.) BLACK, Eugene R. (Atlanta, Ga.) Term Expires Dec. 31 1926 1927 (elected) Class B HARTEORD, W. H. (Nashville, Tenn) SIMON, Leon C. (New Orleans, La.) McCRARY, J. A. (Decatur, Ga.) 1925 1926 1927 (re-elected) Class C KETTIG, W. H. (Birmingham, Ala) Deputy Chairman NEWTON, Oscar (Atlanta, Ga.) Chairman and FR Agent HOPKINS, Lindsey (Atlanta, Ga.) 1925 1926 (appointed ) 1927 (re-appointed) 1925 Federal Reserve Bank of Chicago (Dist.7) OFFICERS Governor - J. Deputy Governors - C. R. Yc Kay John H. Blair B. Mc Douc al Chairman and Federal Reserve Agent - W'illiam A. Heath Deputy Chairman - James Simpson 1925 Federal Reserve Bank of Chicago (Dist. 7) DIRECTORS Term Expires Class A McNIDER, Charles H. (Mason City, Iowa) JOHNSON, E. L. (waterloo, Iowa) REYNOLDS, George M. (Chicago, Ill.) 1925 1926 1927 (re-elected) Class B CRAPO, S. T. (Detroit, Mich.) MUELLER, Robert (Lecatur, Ill.) VOGEL, A. H. (Milwaukee, Wis.) 1925 1926 1927 (re-elected) Class C BALL, F.C. (Muncie, Ind.) SIMPSON, James (Chicago, Ill.) HEATH, Wm. A. (Chicago, Ill.) Deputy Chairman Chairman and FR Agent 1925 1926 1927 (re-appointed) 1925 Federal Reserve Bank of St. Louis (Dist. 8) OFFICERS - D. C. Bipgs Deputy Governors - 0. Chairman and Federal Reserve Agent - William Mc. 'overnor Deputy Chairman - John . Attebery .. C. Martin Boehne 1925 Federal Reserve Bank of St. Louis (Dist. 8) DIRECTORS Class A Term Expires Dec. 31 MARTIN, John C. (Salem, Ill) LONSDALE, John G. (St. Louis, Mo.) UTTERBACK, J.C. (Paducah, Ky.) 1925 1926 1927 (re-elected) Class B PLUNKETT, W. B. (Little Rock, Ark.) PERCY, LeRoy (Greenville, Miss.) WLLS, Rolla (St. Louis, Mo.) 1925 1926 1927 (re-elected) Class C MOONEY, C. P. J. (Memphis, Tenn.) BOEHNE, John W. (Evansville, Ind.) Deputy Chairman Mc.C. MARTIN, William (St. Louis, Mo.) Chairman and FR Agent 1925 1926 1927 (re-elected) 1925 Federal Reserve Bank of Minneapolis (Dist. 9) OFFICIRS !(overnor -H. Deputy Covernors Assistant Deputy Gov. S - Chairman and Federal Reserve Agent Deputy Chairman A. Young W. B. Geery B. V. Moore Harry YaeFer John R. Mlitchell - Homer Clark 1925 Federal Reserve Bank of Minneapolis (Dist. 9) DIRECTORS Class A Term Expires Dec. 31 .OLL, Theodore (Minneapolis, Minn.) 3ASSETT, J.C. (Aberdeen, S.ak.) McDOanLL, uVesley C. (Marion, N. Lak.) 1925 1926 1927 (re-elected) Class B BIGELOW, F. R. (St. Paul, Minnesota) HOLTEIR, N. B. (Helena, Mont.) HIXON, F. P. (La Crosse, viis.) 1925 1926 1927 (re-elected) Class C McCORM[CK, George n. (Minominee, 'ich.) MITCHELL, John R. (inreapolis, Minn.) Chairman and FR Agent CLARK, Homer P. (St. Paul, Minn.) Leputy Chairman 1925 1926 1927 (re-appointed) Federal Reserve Bank of Kansas City (Dist. 10) OFFICERS Governor - v. J. Deputy Governor Chairman and Federal Reserve Agent Deputy Chairman - Bailey - C. A. Worthington - M. L. Mc Clure Heber Hord 1925 Federal Heserve Bank of Kansas City (Dist. 1O) DIRECTORS Term expires Dec. 31 Class A SPOiABLE, 1ULLANJY, MITCHELL, Frank v.. (Paola, Kans.) E. ,. (Hill City, Kans.) J. C. (Denver, Colo.) 1925 1926 1927 (re-elected) Class B BERlARIN, J. M. (Kansas City, Mo.) GIBSON, Harry ,i. (Muskopee, Okla.) BRYNE, Thomas C. (Omaha, Nebr.) 1925 1926 1927 (re-elected) Class C ROOF, Fred 0. (Denver, Colo.) McCLURE, M. L. (Kansas City, Mo.) Chairman and FR Agent HORD, Heber (Central City, Nebr.) Deputy Agent 1925 1926 1927 (re-appointed) 1925 Federal Reserve Bank of Dallas (Dist. 11) OFFICERS Governor - B. A. I c Kinney (resipned May 15) Lynn P. Talley (succeeded Mc Kinney) Eeputy Governors R. R. Chairman and Federal Reserve Agent Eeputy Chairman R. Gilbert B. Coleman Lynn P. Talley (until May) C. C. W'alsh (succeeded Talley) - Clarence E. Linz Federal Reserve Bank of Dallas (Dist. 11) DIRECTORS Class A PATRICK, . H. (Clarendon, Tex.) SMITH, Howell E. (Me Kinney, Tex.) FROST, J. H. (San Antonio, Tex.) Term Expires Dec. 31 1925 1926 1927 Class B SANSOM, Marion (Fort Worth, Tex.) CULBEIRT6 N, J. J. (Paris, Tex.) KELL, Frank (wvichita Falls, Tex.) 1925 1926 1927 (re-elected) Class C "'TALLJY, Lynn P. (Lallas, Tex.) Chairman, and FR Agent LINZ, Clarence h. (Dallas, Tex.) Deputy Chairman PERKINS, S. B. (Dallas, Tex.) -)ALSH, C. C. (Dallas, Tex.) Chairman and FR Agent 1925 (resigned Liay 15) 1926 1927 (appointed) 1925 (succeeded Talley) Federal Reserve Bank of San Francisco (Dist. 12) OFFICERS J. U. Calkins -Governor Deputy Governors - . illiarm A. ay Ira Clerk L. C. Pontious Chairman and Federal Reserve Agent - John Perrin Deputy Chairman - 'alton N. :oore 1925 Federal Reserve Bank of San Francisco (Dist. 12) DIRECTORS Class A McINTOSH, C.K. (San Francisco, Calif.) MACDONNELL, J. S. (Pasadena, Calif.) WHIPPLE, Howard (Turlock, Calif.) Term Expires Dec. 31 1925 1926 1927 (elected) Class B COX, E. H. (Madera, Calif.) DOHRMANN, A. B. C. (San Francisco, Calif.) SESNON, Wm. T. (San Francisco, Calif.) 1925 1926 1927 (re-elected) Class C SPROULE, vm. (San Francisco, Calif.) PERRIN, John (San Francisco, Calif.) Chairman and FR Agent MOORE, Waltoh N. (San Francisco, Calif.) Deputy Chairman 1925 1926 1927 (re-appointed) 1925 November 1925 to January 1926 POLICY ACTION FEDEPAL RESERVE SYSTEM Apparent Intent - Restrictive (See also 1924 - Nov.1924 to Mar.1925) Open Market Operations - Buying rate on bankers' Discount Rate - Raised from 31/2 to 4 percent at 5 Banks* making level 4 percent at all Banks. - Business activity exoanded ranidly in late 1925; member bank borrowing up sharply throughout 1925; food orices up; renewed growth in credit, especially security loans. acceptances raised. MorFl Sunsion Surrounding Circumstances Source: Joint Conmittee on the Economic Fenort. Monetary Policy and the Ma1nagement of the Public Debt (Patman Penort) 1952, P ge 216. *Boston, New York, Philadelohia, Cleveland, and San Francisco. LITIGATION 4.202. Power to purchase real estate.-While the Federal Reserve SdoeQs t give to the Federal Reserve banks expess power to acquire l pe ;-,a Federal Reserve ban ik' tithority to purchase and a*wfiw estate for the purpose of su ii'g suitable banking quarters, such authority being implied from htiewer conferred by section 4 of the deral Reserve Act upon Federal Reserve banks tO exercise such incic*al powers as shall be necessary to carry on tie bginss iof bank ing within the limitations of the Aef. 34 Op. Atty. Gen. 527 (1925). LITIGATION 1925 titutionality of provision authorizin State banks and e|er. St' 6,Ja. -(,( >mbes5e t .ent fs D ^ trV#*DW'yrilBf contended, h,~ Revised the of bank in vilation-oi<ectia<,4p) ad~jal Re among other, thirgg that the provbipi of section 9 be serve Act authorizing any bank or trust company of th , a member bank of the Federal Reserve System was bey| (cisd tutional powers of Congress. Holding to the contrary, thillr* IState that if, in the wisdom of Congress, it seemed thib! e "pposes l banks and trust companies would contribute to rid prevention of hAo..' of the Federal Reserve System, includi to so include such right the afl~is, fin in crises sudden and violent . To this end, leetitd to t open State banks and trust O of concerns use make may ent the court pointed out that 94Q0. q t^'oM incorpor 0 sip of tat ban pp ry. Hiatt v. United4d) de,,268 U.S. 704 (1925). NoT.--Se d 40eandp., awo 9.801. pt a g a 3), . n fgr member sense com cert. * : .r *+ LITIGATION 10.201. Lea~aOf banking qua br.anch in building c, strc Oon pr t s lea F ee bank.--A tran tion bdhieh the Cleveland leased certain real |pirt?: the Chamber of Commerce with an'agreemen ' Cham et Commnae would erect a build ing thereon, space hich would *1sed To"the Federal Reserve Bank of Clevelan b fbr the ~hcinnati branch of the Federal Resery Ion in violation of the limita tions of sectI e Act. 34 Op. Atty. Gen. 527 (1925). 1925 - ,13.521. nIg State statute auth hendind aMchec Qft twahed.h bye aolwn r!the deendant, i~l 't de~ ev, wee ,h anwroth.efdat k nhe. and ovrue Cap Ge anbta ire~fcts da~h enovia cmna fomYr Ar.in26S.W see Hik Co.ab.lFede,! Resve~o*o't Lous 174ect we. LITIGAT ION a oeiet.A~o~amn fas di ye. e efetu 6(97 LITIGATION 13.582. Variation of "New York rulW" y c -Wherea ch4c ;drawn on an Alabama bank is forwarded to a New York bank fqcal lection, the "New York rule," by which the collectin bank underkes to make ultimate collection, furnishing the necessary a 'oies therefor, would ordinarily apply in the Federal courts. In such qce, the drawer would not be entitled to sue a correspondent bank to whom the check was sent by the New York bank. However, where the New York bank specifically agrees that it acts only as collecting agent and assumes no liability on account of delay or loss while the item isip transit or until it receives final payment from its correspondents, sucliragreement abro gates the presumption of law contained in the "New Yprk rule" and the drawer of the check may properly sue a corresponde rnank to which the check is sent by the New York bank far collection.b recover for dam ages resulting from the negligence of such.arrespoMdnit bank. In such a case, each correspondent is the agent of j plaintiff and is answerable York rule" was applicable and that therefore there was no privity of contract between the plaintif and the defendant Reserve bank. On this theory, the court sustained the4efendant's general demurrer and ordered the suit dismissed. Denning v. PederalReserve Bank of San Francisco, Idaho State Dist. Ct., Jsn. 14, 1936 (unreported). LITIGATION 13.601. Lien on cash i vaults of closed bank.-A Federal Ie serve bank received checlk drawn on a 'liomiM ber State bik and pre sented them to the latter bank for payment. The nonmerrA bank remitted a draft on a national bank, but in the meantime the nonmember bank was closed and the draft was therefore dishonored. In a suit by the Federal Reserve bank against the receiver of the closed bank, it was hel that that bank was bound by its agreement to remit for checks upon it forwarded by the Federal Reserve bana; that thi drawing of the draft on the national bank did not operate as a waiver of the Federal Reserve bank's lien on cash in the vaults of the nonmember bank; and thagthere fore the Federal Reserve bank should recover. Federal Reserve Bank of Richmond v. Bohanman, 141 Va 285, 127 S.E. 161 (1925). 1925 LITIGATION .Failure to present note at banks hr able. - L.a wit ederal eev.a aisk e Iasrer of a prorioj,:ote whioh had been :ihorsed by. 1Il bank. and tranaktr6Mto the Federal ReserVtsti coll sta *itfrat indebtedness owing by the national baak;i thw'Reserve bank, it wa. conitende, by.4he defendant that the Reserve bank, as holder of the note, hailodailto presentit for payment ht the indorser's bank where it was payabl~and *here the maker had funds on deposit.sufficient to pay it. The note sued on' cditained a provision to the ef *that the maker. waived protest, notice, and diligence in collectingAt' was held, therefore, that the maker was bound by,:his waiv6e-and that the circumstance that the Federal Reserve bank had knowle6de of a deposit of <he maker with the payee bankl- ift*fent to P~et the' ote at maturity did not 'impose a duty on the ReA ve bani o .present the note for payment. It was further held that theRese'r~-el ik might enforce the note without waiting until it could be determined whet|t other collateral held by the Reserve bank was sufficient to pay the iilebtedneot the national bank. Sewell v. .(& ' % of'Dtas, 28 Banlkoe SUti.ction'ot.he Federal cbftin ti'the br' 'case, see 4.300. LITIGATION o 18.105. . Umal Read'e baitk notes as legal tender.-Federal Re terve bank nbtes 'and other notes constituting part of the common cur rency of the coltry are recognized as good tender for money unless specially objected to, and where such notes are tendered in payment of taxes, interest and penalties, and the tender is refused not because of the nature of the currency tendered but on somraother ground, the defense of want of legal tender is without merit. MacLeod v. Hoover, 159 La. 244, 105 So. 305 (1925). NO~r.-As to what is now legal tender, see section 43(b) (1) of the Act of May 12, 1933, as amended (U.S. Code, title 31, sec. 821).
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