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1934
EXECUTIVE OFFICERS
President
-
1932,
Franklin D. Roosevelt (elected Nov.
r. 1932,
20, 1933
inaugurated1 Jan 20,
1933)
Secretary of Treasury
-
Henry Morgenthau, Jr.
Comptroller of Currency
-
J. F. T. O'Connor (date of appointment May 11, 1933,
(appointed Jan. 1, 1934,
served until July 23, 1943)
resigned April 16, 1938)
Secretary of State
Secretary of War
Secretary of Navy
Secretary of Interior
Secretary of Agriculture
Secretary of Commerce
Seretary of Labor
Postmaster General
Attorney General
-
Cordell Hull
George H. Dern
Claude A. Swanson
Harold L. Ickes
Henry A. Wallace
Daniel C. Roper
Francs Perkins
James A. Farley
Homer S. Cummings
1934
January
U. S. G OV E RNM E N T
SENATE
Banking and Currency Committee
73rd Congress
sel-.L
aj~b~thliCaJ3~
FLETCHER, Duncan U.
GLASS, Carter
WAGNER, Robert F.
BAKKLEY, Alben W.
BULKLEY , Robert J.
GORE, Thomas P.
COSTIGAN, Edward P.
REYNOLDS, Robert R.
BYRNES, James F.
BANKHEAD, John H.
McADOO, William Gibbs
ADAMS, Alva B.
Florida
Virginia
New York
Kentucky
Ohio
Oklahoma
Colorado
North Carolina
South Carolina
alabama
California
Colorado
NORBECK, Peter
GOLDSBOROUGH, Phillips Lee
TOWNSEND Jr., John G.
WALCOTT, Frederic C.
CAREY, Robert D.
COUZENS, James
STEIWER, Frederick
KEAN, Hamilton F.
South Dakota
Maryland
Delaware
Connecticut
Wyoming
Michigan
Oregon
New Jersey
-'
F
1934
January
V'
U. S. G OV ERNM E N T
HOUSE OF REPRESENTATIVES
Banking and Currency Committee
73rd Congress
Reftblions
STEAGALL, Henry B.
GOLDSBOROUGH, T. Alan
PRALL, Arming S.
BUSBY, Jeff
REILLY, Michael K.
HANCOCK, Frank
WILLIAMS, Clyde
DISNEY, Wesley E.
CROSS, 0. H.
SPENCE, Brent
CHUIRH, Denver S.
BROWN, Prentiss M.
SISSON, Fred J.
FABLEY, James I.
MEEKS , James A.
KOPPLEMAN, Herman P.
SCRUGHAM, James G.
Alabama
Maryland
New York
Mississippi
Wisconsin
North Carolina
Missouri
Oklahoma
Texas
Kentucky
California
Michigan
New York
Indiana
Illinois
Connecticut
Nevada
LUCE, Robert
BEEDY, Carroll L,
STOKES, Edward L.
HOLLISTER, John B.
WOLCOTT, Jesse P.
CAVICCHIA, Peter A.
WADSWORTH, James W.
SIMPSON, James (jr.)
Massachusetts
Maine
Pennsylvania
Ohio
Michigan
New Jersey
New York
Illinois
_;=_~
1934
FEDERAL
RESERVE
Ex Officio Members
~____
BOARD
Eugene R. Black, Governor, (res. 8/15)
Marriner S. Eccles, Governor (Nov. 15)
Henry Morgenthau, Jr.,
Secretary of the Treas ury
Chairman
J. F. T. O'Connor,
Comptroller of the Cur rency
Charles Hamlin
Adolph C. Miller
George R. James
M. S. Szymczak
J. J. Thomas (appointed Vice Governor
on August 21)
H. Warner Martin, Assistant to Governor (resigned October 30)
Lawrence Clayton, Assistant to Goveror (effective December 1)
Secretary's Office
Chester Morrill, Secretary
J. C. Noell, Asst. Secretary
L. P. Bethea, Asst. Secretary
S. R. Carpenter, Asst. Secretary
Counsel's Office
Walter Wyatt, General Counsel
George B. Vest, Asst. Counsel
Division of Examinations
Leo H. Paulger, Chief
Frank J. Drinnen, Federal Reserve
Examiner
Division of Research and Statistics
E. A. Goldenweiser, Director
Carl E, Parry, Asst. Director
Division of Bank Operations
E. L. Smead, Chief
J. R. Van Fossen, Asst.
Chief
Fiscal Agent
0. E. Foulk, Fiscal Agent
Josephine E. Lally, Deputy
Fiscal Agent
--~S~-
FEDERAL RESERVE
FEDERAL
AD ISORY
District No.
1 (Boston)
District No.
2
District No.
3 (Philadelphia)
District No.
4 (Cleveland)
(New York)
District No. 5 (Richmond)
SYSTEM
COUNCIL
Thomas M. Steele
Walter E. Frew
*Melvin A. Traylor (died Feb. 14)
*Howard A. Loeb, Vice President
H. C.McEldowney
Howard Bruce
District No.
6 (Atlanta)
H. Lane Young
District No.
7 (Chicago)
Solomon A.
District No.
8 (St. Louis)
Walter W. Smith,
District No.
9 (Minneapolis)
Theodore Wold
District No. 10 (Kansas City)
District No.
11 (Dallas)
District No.
12 (San Francisco)
I
W. T.
Smith
Kemper
Joseph H. Frost
M. A. Arnold
Walter Lichtenstein, Secretary
President
FEDDRAL RESVE SYSESM
1934
FEDEUL OPEN MARKET COMITTE
Composed of 12 Governors of Fedeal Reserve B nks :
7*
Chicago
O. J. Sohaller
Boston
Roy A.
New York
G. L. Harrison
8 * St. Louis
William Mc. Martin
Philadelphia -
George W. Norris
9 * Minneapolis
W. B. Geery
Cleveland
E. R. Fancher
1 ). Kansaw City
George H. Hamilton
Richmond
George J. Seay
1 L. Dallas
B. A. McKinney
Atlanta -
Eugene R. Black (to Aug.15) 1V2. San Francisco- John U. Calkis
W. S. Johns
Young
_
I
__
Federal Reserve Bank of Boston (Dist. 1)
OFFICERS
Governor
-
R. A. Young
Deputy Governor
-
W. W. Paddock
Chairman and Federal
Reserve Agent
Deputy Chairman
-
-
F. H.
Curtiss
Allen Hollis
~
I
1934
Federal Reserve Bank of Boston
(Dist. 1)
DIRECTORS
Class A
CHAMBERLAIN, F. S. (New Britain, Conn.)
RIPLEYA.L. (Boston, Mass.)
SEWALL, Arthur,(Bath, Maine)
Term Expires
Dec. 31
193h
1935
1936 (re-elected)
Class B
FRENCH, E. S. (Boston, Mass.)
ALLEN, P. R.
(East Walple, Mass.)
FROST, E. J. (Boston, Mass.)
193L
1935
1936 (re-elected)
Class C
MERRIMAN, C. H. (Providence, R.I.)
CURTISS, F. H.(Boston, Mass.) Chairman and FR Agent
HOLLIS, Allen (Concord, N.H.) Deputy Chairman
1934
1935
1936 (re-appointed)
__
193
IZ=
Federal Reserve Bank of New York (Dist. 2)
OFFICERS
Governor
Deputy Governors
-
G. L.
-
W. R. Burgess
J. E. Crane
W. S. Logan
Chairman and Federal
Reserve Agent
Deputy Chairman
-
-
J.
Harrison
Herbert Case
Owen D. Young
L. R. Rounds
L. F. Sailer
R. M. Gidney
Federa SReserve Bank of NEW YORK
1934
(Dist. 2)
-- '-~--"LI~ 1771
DIRECTORS
Term Began
Dec. 31
Term Ended
MILLS, Edward K. (MaXrriastema
(/133
1935
DAVISON, George V. (Greenwich
5/3/33
1934
BERRY, Cecil R. (Waverly)
1/1/34
1936
TEAGLE, Walter C. (Port Chester)
1/1/33
1935
WATSON, Thomas J. (Short Hills)
5/3/33
1934
STEVENS, Robert T. (Plainfield)
1/1/34
1936
CASE, J. Herbert (Plainfield)
1/1/32
1934 (Chairman)
YOUNG, Owen D. (New York)
1/1/33
1935 (Deputy Chairman)
WOOLLEY, Clarence M. (Greenwich)
1/1/34
1936 (reappointed)
CLASS
..
CLASS B
CLASS C
-H
*i
-
193
--
Federal Reserve Bank of Philadelphia (Dist. 3)
OFFICERS
Governor
Deputy Governors
Chairman and Federal
Reserve Agent
Deputy Chairman
-
G. W. Norris
-
W. H. Hutt
J. S. Sinclair
C. A. McIlhenny
-
-
R. L. Austin
A.
B.
Johnson
193
Federal Reserve Bank of Philadelphia
Federal Reserve Bank of Philadelphia
(Dist. 3
(Dist. 3)
DIRECTORS
Class A
HENNING, J. B. (Tunkhannock, Pa.)
WAYNE, Joseph (Jr.) Philadelphia, Pa.)
REILY, G. W. (Harrisburg, Pa.)
Term Expires
Dec. 31
1934
1935
1936 (re-elected)
Class B
STOUT, C. F. C. (Philadelphia, Pa.)
SEWALL, A.W. (Philadelphia, Pa.)
DeLA COUR, J.C. (Camden, N.J.)
1934
1935
1936
(elected)
Class C
CANNON, H. L. (Bridgeville, De.)
AUSTIN, R.L. (Philadelphia, Pa.) Chairman and FR Agent
JOHNSON, A.B. (Philadelphia, Pa.) Deputy Chairman
http://fraser.stlouisfed.org/
Federal
Reserve Bank of St. Louis
L
1934
1935
1936 (re-appointed)
--
Federal Reserve Bank of Cleveland (Dist. h)
OFFICERS
Governor
-
Deputy Governors
E.
R.
M. J.
F. J.
Fancher
Fleming
Zurlinden
Chairman and Federal
Reserve Agent
L.
B. Williams (resigned in November 28)
Acting Chairman
E.
S. Burke Jr.
Acting Federal Reserve
Agent
(
W. H. Fletcher
(after Williams resigned)
I
Federal Reserve Bank of Cleveland
DIRECTORS
Class A
LAMBERTON, Chess (Franklin, Pa.)
WARDROP, R. A. (Pittsburgh, Pa.)
CONNER, B, R. (Ada, Ohio)
(Dist.
)
Term Expires
Dec. 31
1934
1935
1936 (re-elected)
Class B
iRIGHT,
CRABBS,
GALVIN,
R. P. (Erie, Pa.)
G. D. (Cincinnati Ohio)
J. E. (Lima, Ohio 5
1934
1935
1936 (re-elected)
Class C
WILLIAMS, L. B. (Cleveland, Ohio) Chairman and FR Agent
*BURKE, E. S. (Jr.)
KNIGHT, W. W. (Toledo, Ohio)
* Burke was Acting Chairman when Williams resigned.
1935 (res. Nov. 28)
1935
1936 (re-appointed)
Federal Reserve Bank of Richmond (Dist. 5)
OFFICERS
Governor
-
Deputy Governors
George J.
Seay
C. A. Peple
R. H. Broaddus
Chairman and Federal
Reserve Agent
-
Wm. W. Hoxton
Deputy Chairman
-
F. A. Delano
__
Federal Reserve Bank of Richmond (Dist. 5)
DIRECTORS
Class A
BRASELL, J. C. (Rocky Mount, N.C.)
JOHNSON, L. E. (Alderson, W. Va.)
RIEMAN, C. E. (Baltimore, Md.)
Term Expires
Dec. 31
1934
1935
1936 (re-elected)
Class B
HANNA, J. H. (Washington, D. C.)
MALLOY, Edwin (Cheraw, S.C.)
REED, C. C. (Richmond, Va.)
1934
1935
1936 (re-elected)
Class C
LASSITER, Robert (Mooresville, N.C.)
HOXTON, W. W. (Richmond, Va.)
Chairman and FR Agent
DELANO, F. A. (Washington, D.C.) Deputy Chairman
1934
1935
1936
(re-appointed)
b
http://fraser.stlouisfed.org/
Federal
Reserve Bank of St. Louis
L
---
--- ;--
a-----L---
Federal Reserve Bank of Atlanta (Dist. 6)
OFFICERS
(died Dec. 19, 193)
Eugene R. Black (effective August 15)
W. S. Johns (was acting Governor
before Aug. 15)
Governor
Deputy Governors
H. F. Conniff
W. S. Johns
Chairman and Federal
Reserve Agent
-
Oscar Newton
Deputy Chairman
-
W. H. Kettig
ai--d
1934
Federal Reserve Bank of Atlanta
(Dist. 6)
DIRECTORS
Term Expires
Dec, 31
Class A
MELVIN, E. C. (Selma, Ala.)
WARE, G. G. (Leesburg, Fla.)
CLAY, R. G. (Atlanta, Ga.)
1934
1935
1936 (elected)
Class B
Vacancy
SIMON, L. C.
McCRARY,
(New Orleans, La.)
J.A. (Decatur, Ga.)
1935
1936 (re-elected)
Class C
KETTIG, W. H. (Birmingham, Ala.) Deputy Chairman
NEWTON, Oscar (Atlanta, Ga.) Chairman and FR Agent
ALLEN, J. P. (Atlanta Ga.)
1934
1935
1936 (re-appointed)
I
S1934
_ ___
Federal Reserve Bank of Chicago (Dist. 7)
OFFICERS
-
Governor
G. J.
C. R. Mc Kay
H. P. Preston
J. H. Dillard
Deputy Governors
Chairman and Federal
Reserve Agent
Deputy Chairman
Schaller
-
-
E. M. Stevens
James Simpson
_
1934
Federal Reserve Bank of Chicago
(Dist. 7)
DIRECTORS
Term Expires
Class A
ESTBERG, E.R. (Waukesha, Vis.)
WILLIAMS, F. D, (Iowa City, Iowa)
LEAVELL, J. R. (Chicago, Ill.)
1934
1935
1936 (re-elected)
Class B
CRAPO. S. T. (Detroit, Mich.)
NOYES, N.H. (Indianapolis, Ind.)
BABB, M. W. (Milwaukee, Wis.)
1934
1935
1936 (re-elected)
Class C
BALL, F. C. (Muncie, Ind.)
SIMPSON, James (Chicago, Ill.)
STEVENS, E. M. (Chicago, Ill.)
1934
Deputy Chairman
Chairman and FR Agent
1935
1936(Re-appointed)
1934
Federal Reserve Bank of St. Louis (Dist. 8)
OFFICERS
Governor
W. McC.
Deputy Governors
Martin
0. M. Attebery
J. G. Mc Conkey
Chairman and Federal
Reserve Agent
Deputy Chairman
J.
-
S.
Wood
Paul Dillard
193h
Federal Reserve Bank of St. Louis
(Dist. 8)
DIRECTORS
Term Expires
Dec. 31
Class A
HITT, F. G. (Ziegler, Ill.)
LONSDALE, J.G. (St. Louis, Mo.)
1934
NAHM, M.B.
1936 (re-elected)
(Bowling,
Green, Ky.)
1935
Class B
PLUNKETT, W. B. (Little Rock, Ark.)
STURDIVANT, M. P. (Glendora, Miss.)
HARRIS, J.W. (St. Louis, Mo.)
1934
1935
1936 (re-elected)
Class C
DILLARD, Paul (Memphis, Tenn.)
Deputy Chairman
STANLEY, J. R. (Evansville Ind.)
WOOD,J. S. (St. Louis, Mo.) Chairman and FR Agent
1934
1935
1936 (re-appointed)
Federal Reserve Bank of Minneapolis (Dist. 9)
OFFICERS
Governor
Deputy Governors
-
W. B. Geery
-
Chairman and Federal
Reserve Agent
Deputy Chairman
Harry Yaeger
H. I. Ziemer
J.
-
N.
H. P.
Peyton
Clark
1934
Federal Reserve Bank of Minneapolis
(Dist. 9)
DIRECTORS
Term Expires
Dec.
Class A
GRANGAARD,
KIBBEE, H.
HANSEN, H.
M. 0. (Minneapolis, Minn.)
R. (Mitchell, S. Dak.)
C. (Churchs Ferry, N. Dak.)
31
1934
1935
1936 (re-elected)
Class B
WASHBURN, W. 0. (St. Paul, Minn.)
O'CONNELL, J.E. (Helena, Mont.)
FUNK, A. P. (La Crosse, Wis.)
1934
1935
1936 (elected)
Class C
McCORMICK,
G. W. (Menominee,
Mich.)
PEYTON, J. N. (Minneapolis, Minn.) Chairman and FR Agent
CLARK, H. P. (St. Paul, Minn.) Deputy Chairman
1934
1935
1936 (re-appointed)
1934h
Federal Reserve Bank of Kansas City (Dist. 10)
OFFICERS
Governor
-
G. H. Hamilton
Deputy Governors
C. A. Worthington
J. W. Helm
Chairman and Federal
Reserve Agent
Deputy Chairman
S
M.
-
L. McClure
E. P.
Brown
(died December 5)
Federal Reserve Bank of Kansas City (Dist. 10)
DIRECTORS
Class A
SPONABLE, F. W. (Paola, Kans.)
MULLANEY, E. E, (Collyer, Kans.)
PARKS, C. C. (Denver, Colo.)
Term Expires
Dec.> 31
1934
1935
1936 (re-elected)
Class B
BERNARDIN, J. M. (Kansas City, Mo.)
PHILLIPS, L. E. (Bartlesville, Okla.)
HOSFORD, W. D. (Omaha, Nebr.)
1934
1935
1936 (re-elected)
Class C
DOOLIN, J. B. (Alva, Okla.)
McCLURE, M. L. (Kansas City, Mo.) Chairman and FR Agent
BROWN, E. P, (Davey, Nebr.) Deputy Chairman
1934
1935 (died Dec. 5)
1936(re-appointed)
Federal Reserve Bank of Dallas (Dist. 11)
OFFICERS
Governor
-
B. A.
Mc Kinney
Deputy Governors
R.
Chairman and Federal
Reserve Agent
C. C. Walsh
Deputy Chairman
-
S.
R. Gilbert
B.
Perkins
1934
Federal Reserve Bank of Dallas
(Dist. 11)
DIRECTORS
Term Expires
Class A
PARTRICK, W. H. (Clarendon, Tex.)
MORRIS, Alf. (Winnsboro, Tex.)
HARDING, R. E. (Fort Worth, Tex.)
Dec. 31
1934
1935
1936 (re-elected)
Class B
CLEVELAND, A. S. (Houston, Tex.)
MIDDLETON, J. D. (Greenville, Tex.)
MILAM, J. R. (Waco, Tex.)
1934
1935
1936 (re-elected)
Class C
WALSH,C.C. (Dallas, Tex.) Chairman and FR Agent
BROWN, E. R, (Dallas,Tex.)
PERKINS, S. B. (Dallas, Tex.) Deputy Chairman
1934
1935
1936 (re-appointed)
-
-- " ---- --- (~-t~l-~
ru.rrrraib~----.
Federal Reserve Bank of San Francisco (Dist. 12)
OFFICERS
Governor
J.
Deputy Governors
Chairman and Federal
Reserve Agent
Deputy Chairman
-
U. Calkins
-
William A. Day
Ira Clerk
-
Isaac B.
Newton
W. N. Moore
('til
June)
.
Federal Reserve Bank of San Francisco (Dist. 12)
DIRECTORS
Class A
Term Expires
Dec. 31
McINTOSH, C. K. (San Francisco, Calif.)
RAMSAY, T. H. (San Francisco, Calif.)
POWELL, Keith (Salem, Oreg.)
1934
1935
1936 (re-elected)
Class B
COX, E. H. (Madera, Calif.)
DOHRMANN, A. B. C. (San Francisco, Calif.)
McNAGHTEN, Malcolm (Los Angeles, Calif.)
1934
1935
1936 (re-elected)
Class C
WELCH, A. P. (San Francisco, Calif.)
NEWTON, Isaac B. (San Francisco, Calif.) Chairman and FR Agent
MOORE, W. N. (San Francisco, Calif.) Deputy Chairman
1934
1935 ( til June)
1936 (re-appointed)
1934
Jan 19,20,23
HEARINGS
U.S.Congress. Senate. Committee on banking and
HG
currency.
229
Gold reserve act of 1934: HEARINGS before the
.U5
committee...73d cong., 2d sess. on S.2366, a bill 1934
to protect the currency system of the U.S., to pro
vice for the better use of the monetary gold stock.
. Jan. 19, 20, 23, 1934. Wash., Govt.ptg.off., 1934
389 p
Testi- FRBd., Gov.Black, release,stmt.
pp. 10, 13
mony: Burgess, W.Randolph
Jan.20,
pp. 235-239
Willis, H.Parker
Jan. 20
pp. 226-235
Young, Roy A. (Gov.FRBk.Boston) 1/19 pp.91-103
Kemmerer, E.W.
pp. 206-224
Stewart, W.W. (Case, Pomeroy)
pp. 355-364
F.R.Bd.L.
HEARINGS
1934
Feb.
14-Mar. 24
U.S,Congress. House. Committee on interstate
and foreign commerce.
Stock exchange regulation: hearings... 73d
cong., 2d sess. on H.R.7852...H.R.8720... Feb.
Wash., Govt.ptg.off., 1934
14-Mar. 24, 1934
941 p.
Mar. 23
Testi- Black, Eugene (Gov)
Feb. 16
(FRBd)
E.A.
mony: Goldenweiser,
23
Mar.
(FRBd)
Riefler, Winfield
15
Feb.
Thomas, Woodlief (FRBd)
F.R.Bd.L.
HG
4575
.A21
1934
p. 808-80
p. 65-81
p 788-800
p. 51-64
1934
Jan.-March
HG'
U.S.Congress. House. Committee on banking and
229
currency.
.U5
To establish the Federal monetary authority:
HEARINGS before the subcommittee of the committee 1934 b
...73d cong., 2d sess. on H.R.7157, as amended
and reintroduced as H.R.8780, a bill to establish the
Federal monetary authority and to control the currecy
of the U.S., Jan. 30, 31, Feb. 1, 2, 6-9, 13,15, 20, 22,
26, Mar. 1, 6-8, 1934. Wash., Govt.ptg.off.1934
514 p.
Mar. 1 pp. 391-499
Black, Eugene (Gov)
Morgenthau, H. (SecTreas) " 1 pp. 379-391
Drs. OMW Sprague, Willford King, Irfing Fidr,
B.M.Anderson; Mr. Rufus Tucker; Prof. F.A.
Pearson, Rev. C.E.Coughlin
a
F.R.Bd.L.
Testimony:
HEARINGS
1934
Feb.-March
HEARINGS
Stock Exchange Practices Hearings..on S. Res. 84 and S. Res. 56 and S.
Pts.
Res. 97 1933-1934 before Senate Banking and Currency Committee.
15 and 16 (National Securities Exchange Act. 1934) (73rd Cong. 1st Sess.)
1934
Feb.-Mar.
HEARINGS
Stock Exchange Regulation Hearing on H. R. 7852...and H. R.
(73rd Cong.
House Interstate & Foreign Commerce Committee.
941 p.
8720 before
2nd Sess)
\
1934
Apr. 16,23,24,30
May 1,15
House. Committee on banking and
U. ,Congress.
currency.
Extension of temporary plan for deposit
insurance: hearings ... 73 d cong., 2d sees. on
S.3025, to amend sec.12B of the Federal reserve
act so qs toetend for one year the temporary
plan for deposit insurance, and for other pur
4
poses, April 16, 23, 24, 30, May 1, 15, 193 .
Wash.,Govt.ptg.off.,1934.
146 p.
F.R.Bd.L.
HG
1782
.A2
1934
HEARINGS
HEARINGS
1934
May 2
ST.S.COongress. Hmoise. Banking and currpncy
committee.
[Extension of credits to industry and broadening of nowers of the Federal Reserve: HEARINGS
on F.R.S717 (testimony of Gov.Black, May 2, 1934)]
Wash.,D.C.,194.
(Hearings never printed.)
7g p, (typ.)
Testimony: Back, Eugene (Governor,
F.R.Bd.L.
HG
2560
.A2
1934
F.R.Board.)
a
1934
June
HEARINGS
Stock Exchange Practices...Report...pursuant to S. Res. 84 & Res. 56 and
(73rd Cong. 2nd
Res. 97 before Senate Banking and Currency Committee.
Sess. Senate Report No. 1455) 394 p.
1934
January 30
LEGISLATION
GOLD RESERVE ACT OF 1934
States
the
United
Transfer of gold of Federal Reserve banks to
The Act which, among other things, prohibited the circulation of gold,
made changes in the provisions regarding dollar devaluation, and established
the stabilization fund, also vested in the United States all right, title,
and interest and every claim of the Federal Reserve Board, the Federal Re
serve banks, and the Federal Reserve agents to all gold coin and bullion.
In payment for this gold the Act established credits in the Treasury in
equivalent amounts in dollars, these credits being payable in gold certi
ficates. Gold in the possession of the Federal Reserve Board, the Federal
Reserve banks, and Federal Reserve agents was required to be held in custody
for the United States and delivered upon order of the Secretary of the Trea
sury. (48 Stat. 337, Ch. 6, sec. 2(a).)
Source:
Supplement to statement on Evolution of Banking Legislation by
Walter Wyatt, October 26, 1939. Exhibit G
1934
January 30
GOLD RESERVE ACT OF 1934
Amendments relating to Federal Reserve notes.
LEGISLATION
Section 16 was amended so as to make Federal Reserve notes redeemable
only in lawful money; to eliminate the authority for the use of gold (but
not gold certificates) as collateral for Federal Reserve notes; to require
that reserves against Federal Reserve notes be maintained in gold certifi
cates instead of in gold and that reserves against deposits of Federal Re
serve banks be maintained in gold certificates or lawful money instead of
in gold or lawful money; to recuire the redemption fund of each Federal
Reserve bank maintained on deposit at the Treasury of the United States
to be in gold certificates instead of in gold; to make deposits of Fed
eral Reserve banks and Federal Reserve agents with the Treasurer of the
United States repayable in gold certificates only and not in gold coin;
and to make other corresponding amendments in other provisions of section
(48 Stat. 337-340, sec. 2(b).)
16.
Source:
Supplement to statement on Evolution of Banking Legislation by
Exhibit G
Walter Wyatt, October 26, 1939.
193
January 31
LEGISI TION
[Pu
Wii^
O-No.
*.
S-j3D
CONP 8
O]
(H. I&
AN ACT
"('
'o provide for the establishment of k corporation to aid in the rnaning of
farm debts, and for other purpoles.
SEC. 1 i)
The first sentence of the eighth paragrapm: f section
18 of the Federal Reserve Act, as amended, is fu tiilnended by
inserting before the semicolon after ~he-words "section 13 (abf
this Act a comma and the following: "or by the deposit or pledg
of Fedeial Farm Mortgage Corporation bonds issued under the
Federal Fara Mortgage Corporation Act."
'"*SP "' t
(b P
glrih (b) of section 14 of the Federal Reserve Adt as
am ie
C title 12 secsig -8)
i Atircrther amended by
er the wdrds "bonds and notes of the United' Stat
a com a ad the following: " bonds of the Fedeal Farm. hot
e
,t .having maturities,.from date of puriohasd if nt
p
e, January 31, 1934.
"",.. .,,
" i'
193h
Febuary
16
LE3ISEATION
E[PuBLxc-^T. ^ 4 ^7:<SS
[S. 2465]
AN ACT
To amend the Act of March 4, 1933, relat
, ,
Distriet-of
t
l
the reguation of b a
a. a
P
g in the
,
beit enaoted by the Senate and Ho~ue of Represent.slW of the
Unibed States of America in Congress Assembled, That subsection
regulate
(a) of section 4 of the Act entitlel "An Act to further
banking, banks, trust companies, and building and loan associations
in the District of Columbia, and for other purposes ", approved
March 4, 1933, is hereby repealed.
Sz. 2. The additional liability imposed by subsection (b) of
secti'o 4 of such Act upon the shareholders of the savings anko
savings companies, and banking institutions specified. in.su&g sub
section (b) shall not apply with respect to shares in an-such
savings bank, savings company, or banking institution issued after
the date of enactment of this Act.
Approved, February 16, 1934.
1934
March 6
United States obligations as security for Federal Reserve notes.
LEGISLATION
Under section 16 of Federal Reserve Act the authority of the Federal
Reserve Board to permit the use of direct obligations of the United States
as collateral security for Federal Reserve notes, which would otherwise
have expired on March 3, 1934, was extended until March 3, 1935, or until
the expiration of such additional period not exceeding 2 years as the Pres
ident might prescribe. (48 Stat. 398, Ch. 47.)
Source:
Supnlement to statement on Evolution of Banking Legislation by
Walter WVatt, October 26, 1939. Exhibit G
1934
April 13
LEGISLTION
[PUBLrc-No. 151-73p .CONGRES
A
ACT
To prohibit financial transactions ith any foreign government in default on
ita obgaione'$,UaUaited States.
Be it enacted by the Senate and House of Representatives of the
United States of Amdrica in Congress a8ssembM. That hieafter it
shall be unlawful within the United States or any place subject to
the jurisdiction of the Urited States for any person to purchase or
sell the bonds, securities or other obligations of, any foreign gov
ernment or political subdivision thereof or any organization or
association acting for or-on behalf 'of a foreign government or poli
tical subdivision thereof, issued After the passage of this Act, or to
make any loan to such foreign' government, political subdivision
organization, or association, 4±cept a renewal or adjustment of
existing indebtedness while s~ch government, political subdivision,
organization, or association,' is in default in the payment of its
obligations, or any part thereof, to the Government of the United
States. Any person violating the provisions of this Act shall upon
conviction thereof be fined not more than $10,000 or imprisoned for
not more than five years, or both.
SEO. 2. As used in this Act the term " person " includes individual,
partnership, corporation, or association other than a public corpora
tion created by or. pursuant to special authorization of Congress,
<4* corporation in which the Government of the United States has
of exercises a controlling interest through stock ownership or
therwise.'
nll'oApproved
1934
April 27
Security for 15-day advances by Federal Reserve banks.
LEGISLATION
Section 13 of Federal Reserve Act was amended so as to authorize bonds
issued under the provisions of section 4(c) of the Home Owners Loan Act of
1933 to be used as security for advances by Federal Reserve banks to their
member banks for periods not exceeding 15 days. (48 Stat. 646, sec. 7(a).)
Obligations eligible for purchase by Federal Reserve banks.
Section 14 of Federal Reserve Act was amended so as to authorize Federal
Reserve banks to buy and sell bonds issued under the provisions of section 4(c)
of the Home Owners Loan Act of 1933 having maturities from date of purchase of
not exceeding 6 months. (48 Stat. 646, sec. 7(b).)
Source:
Supplement to statement on Evolution of Banking Legislation by
Walter Wyatt, October 26, 1939. Exhibit G
1931
April 27
LEGISIATION
AN ACT
To gorantee the bonds of the Home Owners' Loan Corporan
aOWOeWposes.
dor
d*
.4
4 9" A k9A',*&.,a
.,g3
Mortgage Corporation Act " a comma and.e ^
the deposit or pledgb f bdkdSlIstBie unde
e
o
lsectio
osection
amended."
nde,,
m
' ,"e 3..~"
of
thne
g
fe
thg
f
the
.
th pis19
d
g m th
ow
"
v it
oi sub
b
is
he
d .after
'bod
pO
hay o
ration
having
matitities from
Mdate of p de"bonds
rpra,~~s
ix
months
", a comm'a
the,
followng:
issued under
provisions
of su section and
(c) of
section
and ha.. 4 of the. Home Owners'o
9
,4
'amended,
h
o
SEo. 8. The Federal 19oumor--w
approval
of the SecretaryReserve
it cue
of he Treaurto act as depositaries,
todian,
and
ofscal agents for the
approved,
April 27, 1934.
omeOners' Loan Corporatio.
1934
May 18
Robbery of member bank.
LEGISLATION
This Act provided a penalty of fine or imprisonment, or both, for
taking, by force and violence or by putting in fear, the property of a
member bank or any bank organized under the laws of the United States
and provided more severe penalties for assaults in connection with such
an offense. It also provided that whoever, in committing such an offense
or in endeavoring to escape from arrest for such an offense, kills any
person or forces any person to accompany him unwillingly, shall be pun
ished by imprisonment for not less than 10 years, or by death if the jury
so directs. (48 Stat. 783, Ch. 304.)
Source:
Supplement to statement on Evolution of Banking Legislation by
Walter Wyatt, October 26, 1939. Exhibit G
Ju194
LEISATION
Securities Exchange Act
(EXTRACT TROM)
[PUBLIo--No. 291-73D Co6
[i. E 98283
]
mcolnte?
erthe
and of
the mails,
ommerce and thrgh
markets,
exchanges and
unfair practices on such
to prevent )nequitable and
purposes.
and for otltr
of securfis
To prd~de for the regulation
and foreig
markets operating in interstate
.
. 23.
tEo.2.
each
shall
each
shall
HULES
AND
REGULATIONS;
ANINUAL
REPORTS
and the Federal Reserve asBoard
()
les and regulatins as may
n
-i
Co
The Commission
() The
may
and regulations
rules
such
vested in them by
make
to
functions
power
the
of
have
for te eeton
hear
ose classify issuers, securities,
be necessary for the executiO
securities,
such purpose classify issuerS, respective
this title, and may for
persons or'matters within their
echanges,
T
juri icti
sh
nd mther
ree
ommission and the Federal Rservi Bo %rd
clude in their annual reports to Cogress s&nthey
ae they
if
and recommendation for further egisatin
tiespectve
withi
yisable with regard to matters
rHictions under this title.
p. m.
Approved, June 6,1934, 12.15
1934
LEGISLATION
June 11
[PUBLIC-No. 3 0 4 -73D
H.R. 9280o]
AN ACT
RelatingAt~Wlk
*
i ar
o ad
CONGRESS
In the United States of public moneys of the government
.),, ,IoP the, Philippine Islands.
Be it -enwe"
d by the Senate and House of Representatives of the
Unidrlwf2lt
merica in Congre~ assembled, That the Secretary
of tsM TreaSury is authorized to accept, upon such terms and condi
tionb s -he may from time to time prescribe, depjoits of public
moneys of the government of the'PhilTjpie Islands'and to pay out
of any funds in the Treasury not 6tie
appropriated,
ores
on any or all of such deposits, other than demand deposits, astuch
rate or rates, not in excess of 2 per centum per anhum, is the
Secretary of the Treasury may from time to time prescribe.
Approved, June 11, 1934.
1934
June 16
Capital requirements for membership in the Federal Reserve System.
LEGISLATION
Section 9 of Federal Reserve Act was amended so as to provide that, for the pur
poses of membership of a State bank applying for membership in the Federal Reserve
System, the terms "capital" and "capital stock" shall include the amount of outstand
ing capital notes and debentures legally issued by the applying bank and ourchased by
the Reconstruction Finance Corporation. (48 Stat. 971, sec. 2.)
Insurance of bank deposits.
Section 12B of Federal Reserve Act was amended so as to extend for a period of
1 year after June 30, 1934, the temporary plan for insurance of bank deposits and so
as to increase from $2,500 to $5,000 the amount of the deposits of any depositor in
one bank which were insured under the temporary plan (except deposits of mutual sav
ings banks in certain circumstances). The section also was amended to extend for an
additional year, i.e. from July 1, 1936 to July 1, 1937, the period during which non
member banks were permitted to have their deposits insured. The Act contained certain
other miscellaneous amendments to section 12B with regard to the insurance of bank
deposits. (48 Stat. 969, sec. 1.)
Stock Ownership by directors of member banks.
This Act repealed the provisions of section 31 of the Banking Act of 1933 re
lating to stock ownership by directors, trustees' or members of similar governing
bodies of member banks of the Federal Reserve System. The law on this subject with
respect to member banks, therefore, became the same as existed prior to the enact
Digitized forment
FRASER
e
971
Sa
(
of the Bnking Act 9f 1933
f ~aig Legislation by Walter Wyatt,
S
http://fraser.stlouisfed.org/
on vouo
Source: Sueopemnenr tostateme
26, 1939. Exhibit G
Octbber
Federal Reserve Bank of St.
Louis
1934
June 19
LEGISLATION
This Act amended the Federal Reserve Act with regard to:
Building for Federal Reserve Board.
Industrial advances byFederal Reserve banks.
Exceptions to limitation on indebtedness of a national bank.
Criminal provisions.
For summary see
Source: Supplement to statement on Evolution of Banking Legislation by
Walter Wyatt, October 26, 1939. Exhibit G.
1934
June 19
LEGISLATION
[PUBLIC-No. 419-73D CONGRESS]
[S. 3530]
AN ACT
Relating to Philippine currency reserves on deposit In the United States.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, That the Secretary
of the Treasury is authorized and directed, when the funds therefor
are made available, to establish on the books of the Treasury a credit
in favor of the Treasury of the Philippine Islands foir$23,862,750.78,
being an amount equal to the increase in value (resulting from the
reduction of the weight of the gold dollar) of the gold equivalent
at the opening of business on January 31, 1934 of the balances main
tained at that time in banks in the continental United States by the
Government of the Philippine Islands for its gold standard fund and
its Treasury certificate fund less the interest received by it on such
balances.
SEC. 2. There is hereby authorized to be appropriated, out of the
receipts covered into the Treasury under section 7 of the Gold
Reserve Act of 1934, by virtue of the reduction of the weight of the
gold dollar by the proclamation of the President on January 31,
1934, the amount necessary to establish the credit provided for in
section 1 of this Act.
Approved, June 19, 1934.
193h
LISATION
June 21
4
[PUBLIC--N.
... , .a.
-ilci
-ild''ini
jae
To amend m8
Be its
43-73i>
ONGRESsI
.
qlo
e
I
[H.R. 9904]
Lxnltn
,(
AWWiiS~ered 2 of the Seventy-second Congress,
ameaded.
s.G
ae
d
olenatt p4g^fig
Public Act Numbered 2 of the Seventy-second
8qr~kft' e8 ofW4714,
angrsn
asmended
be amended by striking out the period rtjhaeend.of i&oe scnf
pararaph thereof and inserting in lieu'&iere6f a colbn a d Lhe
0ollowing: "Provided, That such limitation shall
not apply to
advances to receivers or other liquidating agents of closed
when made for the purpose of liquidation or reorganization." banks
Approved, June 21, 1934.
1934.
June 27
LEGISLATION
NATIONAL HOUSING ACT
Applicability of restrictions on real estate loans to loans under the Housing Act.
Section 24 was amended so as to provide that a loan made by a national bank
secured by real estate and insured under the provisions of title II of the National
Housing Act shall not be subject to the restriction of that section as to the amount
of the loan in relation to the actual value of the real estate or to the limitation
of 5 years upon the term of a real estate loan. It also orovided that loans made to
finance the construction of residential or farm buildings with maturities of not more
than 6 months, whether or not secured by a lien on real estate, shall not be considered
loans secured by real estate within the meaning of section 24, but that no national
bank shall invest in or be liable on any such loans in excess of 50 per cent of its
paid-in and unimpaired capital. (48 Stat. 1263, sec. 505.)
Eligibility for rediscount of construction loans.
Section 24 was also amended so as to make notes representing loans to finance
the construction of residential or farm buildings eligible for rediscount at Federal
Reserve banks for member banks within the terms of the applicable provisions of the
Federal Reserve Act relating to rediscounts, if accompanied by a valid and binding
agreement to advance the full amount of the loan upon the completion of the building,
entered into by a person acceptable to the discounting Federal Reserve bank. (48 Stat.
1263, sec. 505.)
Source:
Supplement to statement on Evolution of Banking Legislation by Walter Wyatt,
October 26, 1939. Exhibit G
1934
February 1934 to May 1935
FEDERAL RESERVE SYSTEM
POLICY ACTION
Apparent Intent - Expansionary
Open Market Operations
Discount Rate
-
Reduced from range of 2-31/2 percent to 11/2-2 percent
at all Banks.
-
To promote business recovery and to correspond with the
general decline in money rates resulting from beginning
of heavy gold inflow and increased member bank excess
reserves.
Selective Regulations
Surrounding Circumstances
Source:
Joint Committee on the Economic Report
Monetary Policy and the Management of the Public Debt (Patman Report) 1952,
Page 219.
FEDERAL RESERVE SYSTEM
1934
October 1934
POLICY ACTION
Apparent Intent - For other purposes
Open Market Operations
Discount Rate
Selective Regulations
-
Margin requirements of 25-45 percent of market value*.
Surrounding Circumstances
-
Initial requirement imposed by and on terms specified
by newly adopted Securities Exchange Act of 1934 to
prevent the excessive use of credit for purchasing
or carrying securities.
Source:
Joint Committee on the Economic Report
Monetary Policy and the Management of the Public Debt (Patman Report) 1952,
Page 219.
*General rule for extensions of credit by brokers and dealers on listed securities
other than exempted securities and, beginning May 1, 1936, for loans by banks on
stocks for the purpose of purchasing or carrying listed stocks.
LITIGATION
1934
3.100.
Status of banch banks.-The
Jacksonville
ich
oi.,t4e
i4o receive and
deliver papers and money on,the ordere of the
a office, but is a
true branch office authorized to aetin qc ar. .i
transactions with
member banks, with only a correctioniin
Atlanta in case
of error, or mistake or fraud. What occur ~,lrnch
office has the
same significance and effect g~.if it.had lvei
the Atlanta banlk.
Anderon v. Federal Reserve C
* Boesonj
,
(2d) 319 (C.C.A.
- 4 1.
5th, 1934), cert. den., 293 U. 9. 56241934).
lieral Reserve Bank of Atlanta is not.a mere mess
iNor.--For a full statement of this caae'
. '' "•
.
Mt#)
1934LITIGAT
ION
150.Allegation .6 unconstit-a' li
Feu
oral lu ~ion.-In a suit b4b
tionr
tacking the va~*" iS
ditm of thoe e1Auto
uinder thwt , and the right of4~iia~kto
aet a *euto it
was alleged" that the ac*
-uho
tl
tbig
ation& bank to'exercise t~st
powers wao fkiconsttutional ,a~mi -tl~ett,*6.re
d juisdiction of the
case becausethe is
Ived 11101.1d u
coiistitutionulity of
an Act of Co
s held
nee th
_e
Ar of the
of
the pro.
United Statew
s&~ntitutiona1 question
vision in q4L
1
dIe -4ou
no jurisdiction.?
W4**ithre
Jon"
3rd, 41984
-
V.d)
195' (QC.A:
1934
LITIGATION
.~~~~
h 0eff ect of Regulation
~A"
~p
de.234
<1934)'
banks to send
thorizing Federal. es'erve
drafts in
acd4 exchange
to
and
vent AM.41 Tot5~
Fs
ul statement df-the
LITIGATION
bank wae red to
accoun
of
e
an
St"te ebote, sue
Sdefiiftnt was
tf or&,2O' N.C.
h
h-A'a
or~F
co
ser bank held th
~1
e
on!he sg
en% e er
a origy me
e
,17 6 8 . .6 4 (
4).
uit
oul n
a
n
since th
f
ugef
itWv
t,
LITIGATION
13.264. Right to set iW,4iedit for checks collected against in
debtedness of member bank.-The plaintiff corporation deposited
checks in a meaAr bank and the latter bank forwarded the checks to
the Federal Reserve bank for collection. The Federal Reserve bank
completed collection of the checks and gave credit therefor to the account
of the member bank. On the next day, the member bank was closed by
the Superintendent of Banks. The Federal Reserve bank, to which the
member bank was heavily indebted, offset against the amount which the
menber bank owed to it the sums collected on plaintiff's checks. Plain
tiff sued the Federal Reserve bank to impress a trust on the proceeds of
the checks in question. It was held that the Federal Reserve bank was
invested with a lien on the checks sent to it by the member bank in
ordinary course of business f-any moneys owed to it by such member
bank and that this lien wtis sherior to the plaintiff's right to the checks.
Moreover, the court held that the situation here involved was res judi
cata by reason of a decision of a State court refusing to impress a trust
upon the proceeds of the same checks in an action against the closed
member bank. Bickford's Inc. v. Fedcml Reserve Bank of New York,
6 Fed. Supp. 928 (D. C. N. Y. 1934).
NoT.-As to right of Reserve bank to set off amount of uncollected checks
against reserve account of member banks, see 13.700 et seq.
..
__
.
- -.
-
-.
-. -
%
A
-" -
LITIGATION
1934
13.2763. Seto~ o quitable claim against discounting a
Defendant executed a note to a national bank at a rate of ii
greater than that allowed by law, and in order to evade the usury
~ e note from the maker ith
the bank withheld $2,000 of the amou
to the plaintiff FederafRe
The note was transfe
Iis'ce.
nk and in a suit thereon by the latter bank, defendant sought to
offset the $2000 wc4i had been wit held by the national bank. The
court held that thharging of usurious interlt operated to forfeit all
a holder in due course;
right to interest on ti note even in the hand
uit that the equity of the maker against the ntat al bank for the
as
$2,000, while enforceab by the defendant against the payee ban
apt enforceable against *e ,ederal Reserve bank as a holder ii due
Accordingly, judgment for the plaintiff was affirmed. Federal
Wse ve Ba oof Richmond v. Jones, 205 N.C. 648, 172 S.E. 185 (1934).
furse.
13.2764. Marshaling of assets.-Defendant executed a promissory
note to a national bank with an agreement that any deposits in the bank
f~Ti
scr-edift t the maturity of
iLed
pay
ment. The note was indorsed by tMS
Reservi's l
of St. Louis as prtia
for its
tedn
to the Reserve bank.
Upon the failuhr
nal bank',he FeA ral'feserve bank iught
suit in law against the defendant on the note; and his defensea& hat
his deposits in the national bank were more than si l
to cover the
note, that the Federal Reserve ban ki"e,the defendt
was pitled
n
to the set-off, that the indebtedness of the ptipa&ars
kto the Reserve
bank was amply secured by other coll2ay agaia ,
hi9h no right of
set-off existed, and that, therefore, e~
rve bank p ,be required
to satisfy-. ts Plaim j|of
such,
er ,ollateral rath~cE than from the
note executed bX to defendan,jt was held that becai! of the peculiar
circumstances prynciples Qf equitypend fair-dealing required the Reserve
bank to resort first to the collateral against which no defenses existed
against the failedational bank before resorting to the defendant's
notes; .hat the p~jple of marshaling of assetvas applicable in this
eserve bank was a bona fi4e holder for value of
case even though J
the note in questig'p Ere its maturity, inasmuch as the Reserve bank
knew of the defendant's right of set-off and was alleged to have misled
the defendant.ap to the solvency of the national bank that was payee
of the note. Accordingly, the jment
of the trial court for the Fed
eral Reserve bank was r
aus
anded to the chancery
court for a new trial. 'al
e Bank of St iis,
170 Miss. 373, 154 So.' 535 (1934)."
NorE.--See also 13.2762.
"
LITIGATION
LITIGATION
WOQ.~ Cntrovtrsyy
of'Ca
tintpi
9P%
.- A14uitr'by a New York corporation aq.ii~Aq th
of New York is *int~ii tht juris4Mi4n.
of New York by virtueof the
ResrvqiAct, W*.qled by the B.'Pnk
suik-was institudtaiter
troVy in quetio=
theM.w. Rifd
serve .hank of New Yak;
ISMcl
-ts NotAMCCIILfxlW Atement of this eame, see 13-264. 1
@FedFRASER