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_ __ _._ __I ___;__im_____i _~ 1930 1930 UNITED STATES GOVERNMENT EXECUTIVE OFFICERS President Herbert Clark Hoover (elected Nov. 1928, inaugurated March h, 1929) Secretary of Treasury Andrew WI. Mellon (appointed March 4, 1921, served until Feb. 12, 1932) Comptroller of Currency J. W. Pole (date of appointment Nov. 21, 1928, resigned Sept. 20, 1932) Secretary Secretary Secretary Secretary Secretary Secretary Henry L. Stiason of of of of of of State War Navy Interior Agriculture Commerce Patrick J. Hurley Charles F. Adams Ray L. Wilbur Arthur M. Hyde Robert P. Lamont Secretary of Labor William N. Doak Postmaster General Attorney General Walter F. Brown William D. Mitchell 930o U. S. G December VERNMENT SENATE Banking and Currency Committee 71st Congress Republicans NORBECK, Peter South Dakota PHIPPS, Lawrence C. Colorado BROOKHART, Smith W. Iowa GOLDSBOROUGH, Phillips Lee Maryland TOWNSEND Jr., John G. Delaware WALCOTT, Frederic C. Connecticut BLAINE, John J. Wisconsin BAIRD, Jr., David New Jersey GRUNDY, Joseph R. Pennsylvania ROBSION, John M. Kentucky Democrats FLETCHER, Duncan U. GLASS, Carter WAGNER, Robert F. BARKLEY, Alben W. CONNALLY, Tom BRATTON, Sam G. BROCK, William E. Florida Virginia New York Kentucky Texas New Mexico Tennessee 1930 U. S. GOV ERNMENT December HOUSE OF REPRESENTATIVES Banking and Currency Committee 71st Congress Democrats Republicans McFADDEN, Louis T. STRONG, James G. LUCE, Robert FENN, E. Hart CAMPBELL, Guy E. BEEDY, Carroll L. HOOPER, Joseph L. GOODWIN, Godfrey G. LETTS, F. Dickinson FORT, Franklin W. GOLDER, Benjamin M. SEIBERLING, Francis PRATT, Ruth DUNBAR, James W. Pennsylvania Kansas Massachusetts Connecticut Pennsylvania Maine Michigan Minnesota Iowa New Jersey Pennsylvania Ohio New York Indiana STEAGALL, Henry B. BRAND, Charles H. STEVENSON, William F. GOLDSBOROUGH, T. Alan PRALL, Anning S. BUSBY, Jeff Alabama Georgia South Carolina Maryland New York Mississippi FEDERAL RESZRIE BOARD Roy A. Young, Governor, (res. Sept. 1) Eugene Meyer, Governor (Sept. 16) Edmund Platt, Vice Governor, (Sept. 15 resigned) Ex Officio Members A. W. Mellon, Secretary of the Treasury Chairman J. W. Pole, Comptroller of the Currency Adolph C. Miller Charles S. Hamlin George R. James Edward H. Cunningham (died Nov. 28) -- Secretary's Office Walter L. Eddy, Secretary E. M. Mc Clelland, Asst. J. C. Noell, Asst, Sec. Counsel's Office Walter Wyatt, General Counsel Sec. Fiscal Agent W. M. mlay, Fiscal Agent Division of Examination , Chief and 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 M '' FEDERAL RESERVE SYSTEM FEDERAL ADVISORY COUNCIL 1930 District No. 1 (Boston) Herbert K. Hallett mn.C. Potter District 2 (New York) District 3 (Philadelphia) District No. 4 (Cleveland) *L. L. Rue (resigned) *Howard A. Loeb Harris Creech i District No. 5 (Richmond) John Poole District No. 6 (Atlanta) District No. 7 (Chicago) District No. 8 (St. Louis) District No. 9 (Minneapolis) Geo. H. Prince District No. 10 (Kansas City) W. S. McLucas J. P. Butler, Jr. *Frank 0. Wetmore (died 8/26/30) *Melvin A. Traylor W. W. Smith, Vice President District No. 11 (Dallas) B. A. McKinney, President District No. 12 (San Francisco) F. L. Lipman Walter Lichtenstein, Secretary _\ kover) is correct as of December 31, 1930. In the earlier part of NOTE:- The above list the year M. F. O. Wetmore was president of the council and representative of the seventh Federal reserve district, but he died on Aug. 26, 1930, and this necessitated changes. Before Mr. Wetmore's death Mr. McKinney was vice president of the council, and the executive committee was composed of Messrs. F. O. etmore, B. A. McKinney, V. C. Potter, L. L. Rue, Harris Creech, and W. V. Smith. Another change was due to the fact that Mr. Rue, representative of the third Federal reserve district, resigned during the year and his place was taken by Mr. Loeb. Card 1 FEDERAL RESERVE SYSTEM 190 (to March ,?) OPEN MARKET INVESTMENT COMMITTEE Composed of five Governors of Federal Reserve Banks: Boston - W. P. G. Harding New York - George L. Harrison Philadelphia - George W. Norris Cleveland - E. R. Fancher Chicago - J. B. McDougal 1 Card 2 1930 (March 25 - ) FEDERAL RESERVE SYSTEM OPEN MARKET POLICY CONFERENCE Composed of 12 Governors of Federal Reserve Banks: * 1. Boston W. P. G. Harding (d.Ap.7) 7. Chicago J. B. McDougal 2. New York G. L. Harrison 8. St. Louis William Me. Martin 9. Minneapolis W. B. Geery 3. Philadelphia -George W. Norris * 4. Cleveland E. R. Fancher 10. Kansas City W. J. Bailey 5. Richmond George J. Seay 11. Dallas Lynn P. Talley 6. Atlanta - Eugene R. Black 12. San Francisco - John U. Calkina Succeeded by Roy A. Young, Sept. 2, 1930 1930 Federal Reserve Bank of Boston (Dist. 1) OFFICERS Governor W. P. G. Harding (died April 7) R. A. Young (effective September 2) Deputy Governor W. W. Paddock Chairman and Federal Reserve Agent - Frederic H. Curtiss Deputy Chairman - Allen Hollis http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis LI L I: ---- 1--~ -. -- l---w--~.~_~ Federal Reserve Bank of Boston (Dist. 1) DIRECTORS Term Expires Class A RIPLEY, Alfred L. (Boston, Mass.) KENNARD, Edward S. (Rumford, Me.) CHAMBERLAIN, Frederick S. (New Britain, Dec. Conn.) 31 1929(re-elected)* 1930 1931 Class B ALLEN, Phillip R. (East Valpole, Mass.) BEMIS, A. F. (Boston, Mass.) BOWMAN, Albert C. (Springfield, Vt.) 1929 1930 1931 (re-electedM Class C CURTISS, Frederic H. (Boston, Mass.) Chairman and Federal Agt.1929 HOLLIS, Allen (Concord, N.H.) Deputy Chairman 1930 MANCHESTER, Chas. H. (Providence, R.I.) 1931 74 |/, (re-elected) ~ 3' 1930 Federal Reserve Bank of New York (Dist. 2) OFFICERS Governor - G. L. Harrison Deputy Governors - W. J. A. E. Chairman and Federal Reserve Agent S Gates W. Mc Garrah (resigned Feb. 27) J. Herbert Case (succeeded Mc Garrah) Deputy Chairman - R. E. W. R. Burgess Crane Gilbart Kenzel Owen D. Young Walter S. Logan L, R. Rounds L. F. Sailer Fede ral Reserve Bank of NEW YORK 1930 (Dist. 2) DIRECTORS Term Began Dec. 31 Term Ended RUNKLE, Delmer (Hoosick Falls) 1/1/28 1930 MITCHELL, Charles E. (New York) 1/1/29 1931 STEPHENS, Thomas W. (Montclair) 1/1/30 1932 (elected) REYBURN, Samuel V. (New York) 1/1/28 1930 William H. (New York) 1/1/29 1931 1/1/30 1932 (reelected) 1/1/28 1930 1/1/29 1931 CLASS A CLASS B WOODIN, WHITMARSH, Theodore F. (New York) CLASS C WOOLLEY, Clarence M. (Greenwich) X McGARRAH, Gates V. (New York) YOUNG, Owen D. (New York) http://fraser.stlouisfed.org/ VCASE, J. Herbert Federal Reserve Bank of St. Louis (Plainfield) 1/1/30 2/27/30 (resigned 2/27/30) (Chairman) 1932 (reappointed) (Deputy Chairman) 1931 (Chairman) 1 1930 Federal Reserve Bank of Philadelphia (Dist. 3) OFFICERS Governor - George W. Norris Deputy Governor - William H. Chairman and Federal Reserve Agent - R. L. Austin Deputy Chairman - Hutt Alba Johnson Federal Reserve Bank of Philadelphia (Dist. 3) DIRECTORS Term Expires Dec. 31 Class A WAYNE, Jos.(Jr.) (Philadelphia, Pa.) REILY, Geo. W. (Harrisburg, Pa.) COSGROVE, John C.(Hastings, Pa.) 1929 1930 1931 (re-elected) * Class B SEWALL, Arthur W. (Philadelphia, Pa.) DORRANCE, A. C. (Camden, N. J.) STOUT, C. F. C. (Philadelphia, Pa.) 1929 (re-elected)* 1930 1931 Class C AUSTIN, R. L. (Philadelphia, Pa.) Chairman and FR Agent JOHNSON, Alba B. (Philadelphia, Pa.) Deputy Chairman CANNON, H. L. (Bridgeville, Del.) ~~z r* SI/-~,C. av, C ~ S 1929 1930 1931 / 2 SE (re-elected)* 1_1__ _ _ __~__~_ _I Federal Reserve Bank of Cleveland (Dist. OFFICERS Governor - E. R. Deputy Governors - M. J. Fleming Frank J. Zurlinden Chairman and Federal Reserve Agent - George DeCamp Deputy Chairman - L. B.Williams Fancher h) 1930 Federal Reserve Bank of Cleveland (Dist. 4) DIRECTORS Term Expires Dec. 31 Class A WARDROP, Robert (Pittsburgh, Pa.) SAMS, O.N.(Hillsboro, Ohio) LAMBERTON, Chess (Franklin, Pa.) 1929 (re-elected) * 1930 1931 Class B CRABBS, Geo D. (Cincinnati, Ohio) 1929 (re-elected) * 1930 1931 BUSH, S. P. (Columbus, Ohio) WRIGHT, R. P. (Erie, Pa.) Class C DeCAMP, George (Cleveland, Ohio) Chairman and FR Agent KNIGHT, W. W. (Toledo, Ohio) WILLIAMS, L. B. (Cleveland, Ohio) Deputy Chairman .A'^ * ^ , ^ ^ ^^€^9^ ^<£ "^^L / %A^b~t ^ft-^,n - 1929 (re-appointed)* 1930 1931 " -- ~ 1930 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 Deputy Chairman VVilliam W. Hoxton - Frederic A. Delano __ __ _I 1930 Federal Reserve Bank of Richmond (Dist. 5) DIRECTORS Class A Term Expires Dec. 31 1929 (re-elected)* 1930 1931 JOHNSON, L. E. (Alderson, W.Va.) RIEMAN, Chas. E. (Baltimore, Md.) BRASWELL, Jas. C. (Rocky Mount, N.C.) Class B 1929 (re-elected)* 1930 1931 COKER, D. R. (Hartsville, S.C.) FISHBURN, J. P. (Roanoke, Va.) (RAHAM, Edwin C. (Washington, D.C.) Class C 1929 (re-appointed)* 1930 1931 HOXTON, Wm. W. (Richmond, Va.) Chairman and FR Agent DELANO, Frederic A. (Washington, D. C.) Deputy Chairman LASSITER, Robert (Charlotte, N.C.) http://fraser.stlouisfed.org/ 74ZtlC Federal Reserve Bank of St. Louis ~~/UJ 9 Federal Reserve Bank of Atlanta (Dist. 6) OFFICERS Governor Eugene A. Black Hugh Foster Creed Taylor Deputy Governors Chairman and Federal Reserve Agent - Oscar Newton Deputy Chairman - W. H. Kettig 1930 Federal Reserve Bank of Atlanta (Dist. 6) DIRECTORS Term Expires Dec. 31 Class A WARE, G. G. (Leesburg, Fla.) YOUNG, H. Lane (Atlanta, Ga.) MELVIN, E.C.(Selma, Ala.) 1929 (re-elected)* 1930 1931 Class B SIMON, Leon C. (New Orleans, La.) McCRARY, J. A, (Decatur, Ga.) LEA, Luke (Nashville, Tenn.) 1929 (re-elected)* 1930 1931 Class C NEWTON, Oscar (Atlanta, Ga.) Chairman and FB Agent HARRIS, Geo. S. (Atlanta, Ga.) KETTIG, W. H. (Birmingham, Ala.) Deputy Chairman Af ~ ~ ~ ~" rr.~.~ tt~)- / -:t k 1929 (re-appointed) * 1930 1931 Federal Reserve Bank of Chicago (Dist. 7) OFFICERS Governor - Deputy Governors - Chairman and Federal Reserve Agent Deputy Chairman J. B. Mc Dougal C. R. cKay John H. Blair William A. - Heath James Simpson 1 1930 Federal Reserve Bk of Chicago (Dist. 7) Federal Reserve Bank of Chicago (Dist. 7) DIRECTORS Class A SCHALLER, George J. (Storm Lake, Iowa) REYNOLDS, George M. (Chicago, Ill.) ESTBERG, Edward R. (Waukesha, Wis.) Term Expires Dec. 31 1929 (elected) * 1930 1931 Class B FEUSTEL, Robert M. ( Decatur Ill.) CRAPO. S. T. (Detroit, Mich.) BABB, Max W. (Milwaukee, Wis.) 1929 (elected) * 1931 1930 Class C SIMPSON, James (Chicago, Ill.) Deputy Chairmn HEATH, W. A. (Chicago, Ill.) Chairman and FR Agent BALL, F. C. (Muncie, Ind.) * For a three year term starting 1/1/30 See footnote, Annual Report of Board, 1929, Pg.238 1929 (re-appointed) * 1930 1931 - --- ... ~____~ Federal Reserve Bank of St. Louis (Dist. 8) OFFICERS Governor Deputy Governor - - Chairman and Federal Reserve Agent Deputy Chairman William Mc C. Martin 0. M. Attebery Rolla Wells (resigned in May) John S. Wood (succeeded Mr. Wells) - John W. Boehne Federal Reserve Bank of St. Louis (Dist. 8) DIRECTORS Term Expires Dec. 31 Class A LONSDALE, John G. (St. Louis, Mo.) NAHM, Max B. (Bowling, Green Ky.) MARTIN, John C. (Salem, I11.) 1929 (re-elected) * 1930 1931 Class B vacancy HARRIS, J. W. (St. Louis, Mo.) PLUNKETT, W. B. (Little Rock, Ark.) 1930 1931 Class C BOEHNE, John W. (Evansville, Ind.) Deputy Chairman *WELLS, Rolla (St. Louis, Mo.) Chairman and FR Agent DILLARD, Paul (Memphis, Tenn.) *WOOD, John S. (St. Louis, Mo.) Chairman and FR Agent 1< http://fraser.stlouisfed.org/*L Federal Reserve Bank of St. Louis ^ - n y s 1929 (re-appointed) * 1930 (res. in May) 1931 1930 (appointed in May) / Ix/ /4 r k;ZC~ t3P S1930 Federal Reserve Bank of Minneapolis (Dist. 9) OFFICERS Governor Deputy Governors - Geery Harry Yaeger H. I. Ziemer Chairman and Federal Reserve Agent Deputy Chairman W. B. - John R. Mitchell - Homer P. Clark Federal Reserve Bank of Minneapolis (Dist. 9) DIRECTORS Term Expires Dec. 31 Class A BASSETT, J. C. (Aberdeen, S, Dak.) FARUP, Karl J. (Park River, N. Dak.) LEEMAN, Paul J.(Minneapolis, Minn.) 1929 (re-elected) * 1930 1931 Class B HOLTER, N. B. OWEN, John S, vacancy (Helena, Mont.) (Eau Claire, Wis.) 1929 (re-elected)* 1930 1931 Class C MITCHELL, John R. (Minneapolis, Minn.) Chairman and FR Agent CLARK, Homer P. (St. Paul, Minn.) Deputy Chairman Mc CORMICK, Geo. W. (Menominee, Mich.) 1 929 (re-appointed)* 1 930 1 931 I*A ' -? 1930 Federal Reserve Bank of Kansas City (Dist. 10) OFFICERS Governor W. J. C. A. Worthington J. W. Helm Deputy Governors Chairman and Federal Reserve Agent Deputy Chairman Bailey M. L. Mc Clure - William L. Petrikin 1930 Federal Reserve Bank of Kansas City (Dist. 10) DIRECTORS Term Expires Class A Dec. 31 MULLANEY, E. E. (Hill City, Kans.) PARKS, C. C. (Denver, Colo.) SPONABLE, Frank W. (Paola, Kans.) 1929 (re-elected)* 1930 1931 Class B PHILLIPS, L. E. (Bartlesville Okla.) BYRNE, Thos. C. (Omaha, Nebr.) BERNARDIN, J. M. (Kansas City, Nebr.) 1929 (re-elected) * 1930 1931 Class C McCLURE, M. L. (Kansas City, Nebr.) Chairman and FR Agent BRASS, F. M. (Grand Island, Nebr.) PETRIKIN, 6m. L. (Denver,Colo.) Deputy Chairman http://fraser.stlouisfed.org/ zdYZL, Federal Reserve Bank of St. Louis A / 6 L_ U 9 t 1929 (re-elected) * 1930 1931 / ^o , P, 12~ I_ _ __ 1930 Federal Reserve Bank of Dallas (Dist. 11) OFFICERS Governor Lynn P. Talley Vice Governors R. R. Gilbert R. B. Coleman Chairman and Federal Reserve Agent Deputy Chairman C - CC.Walsh Clarence E. Linz _ _I_:___ __ _ __ _ Federal Reserve Bank of Dallas (Dist. a 11) DIRECTORS Term Expires Class A WILLIAMS, J. P. (Mineral Wells, Tex.) FROST, J. H. (San Antonio, Tex.) PATRICK, W. H. (Clarendon, Tex.) 1929 (re-elected) * 1930 1931 Class B CULBERTSON, J. J. (Paris Tex.) MILAN, J. R. (Waco, Tex.) CLEVELAND, A. S. (Houston, Tex.) 1929 (re-elected) * 1930 1931 Class C LINZ, Clarence E. (Dallas, Tex.) Deputy Chairman PERKINS, S. B. (Dallas, Tex.) WALSH, C. C. (Dallas, Tex.) Chairman and FR Agent 1929 (re-appointed) * 1930 1931 t~N~~ 4zk~~~ "" ! / ! r Federal Reserve Bank of San Francisco (Dist. 12) OFFICERS Governor - John U. Calkins Deputy Governors - William A. Day Ira Clerk Chairman and Federal Reserve Agent - Isaac B. Newton - Walton N. Moore Deputy Chairman j Federal Reserve Bank of San Francisco (Dist. 12) DIRECTORS Term Expires Dec. 31 Class A RAMSAY, T. H. (Red Bluff, Calif.) VAWTER, Vernon H. (Medford, Oreg.) McINTOSH, C. K. (San Francisco, Calif.) 1929 (re-elected)* 1930 1931 Class B DOHRMANN, A. B. C. (San Francisco, SESNON, Wm. T. (Soquel, Calif.) COX, E. H. (Madera, Calif.) Calif.) 1929 (re-elected) 1930 1931 Class C NEWTON, Isaac B. (San Francisco, Calif.) Chairman and FR Agent1929 (re-appOinted)* MOORE, Walton N. (San Francisco, Calif.) Deputy Chairman 1930 SPHOULE, Wm. (San Francisco, Calif.) 1931 http://fraser.stlouisfed.org/ Y Federal Reserve Bank of St. Louis S /^a^ L , t Z__^ ^.^Ae ^ I ^ ^ /- 73t 1930 Feb.-June S HG Committee on banking and House. U.S.Congress. 1617 currency .U4 Branch, chain and group banking: hearings... 71st cong., 2d sess. under H.Res.141, authoriaing 1930) the banking and currency committee to study and investigate group, chain and branch banking February - June, 1930 Wash., Govt.ptg.off., 1930 15 pts. p.419-785 Testi- Young, R.A. (Gov) Published Address p.3 mony: Pole, J.W. (Compt.Curr.) Oral testimony, pp. 299-419 Anderson, B.M. p. 1853ff. /1013-1036ADndx/ F.R.Bd.L. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis _ __ HEARINGS 1930 HEARINGS June 25-26 U.S.Congress. Houqe. Committee on banking and currency. German reparation bonds: hearings ... 71st cong.,2d sess. under R.J.Ree.364, prohibiting the purchase of German reparation bonds by national banks, Federal reserve banks, and member banks of the Federal reserve system. June 25-26, 1930. Wash.,Govt.ptg.off.,1930 77 p. F.R.Bd.L. J 8655 ,* (1930) LEGIS&TION An Act Authorizing receivers of national banking ascai lpromfs~e shareholders' liability. aoctI T~ eniited by the Senate and Howee of Repremetative of te Stlatee8 of Amerkoa 4. (longre~ ZL88 natonl bnkngassopie.9n isr aUthori, Wiroval .~te Cornptroller of the. MAreiCY and upn h orde&ur record o pampetent, juril iln -to copoiekther be ~o ib ter uju fi,t, the indiCIdUiI 11ll w~,sc -Approved, February 25, 1930.4 LEGISLATION April 12 (PUBLro-NO. 120-71Ti1 CoNGRuss [H. R. 9046] An Act To. amend the fourth paragraph of section 18 of the Federal Resetve Act, as amended. Ba'it enacted by the Senate and House of Repreentatives of the United States of merica in Congress assembled, That the fourth Pn 13 of the Federal Reserve Act, as amended paragraph of (United States -We, title 12, section 845), be further amended to read as follows: "Te aggrega of notes, drafts, and bills upon which any person, copartership, a ciation, or corporation is liable as maker, acceptor, indorser, drawer, or guarantor, rediscounted for any member bank, shall at no time exceed the amount for which such person, copartner ,or y become liable to a y ola prorFt ship, association, of the of stio#W naonal banng asociation mide th W9, That nothing in *evised Statutes as amended: PRowieJ tiep.aagraph shall be con paper now eligible Approved, April 12,'- to c e the character or clams of 130 LEGISATION April 14 A,PMOW RESOLUTION--NO. 65-71ST CONGRESSI [H. J. Res. 227] Joint Itesoutlon. Authorizing the er -oef a Federal reserve branch building in the city of Pittaburgh, Pennsylvania. Resodb by bts nate and Hose of Representativme of th Unitedt 8 u rA# vmeriea in Congres assembled, Tht the Feder4 Reserve Ba aimmd be, and- it-is hereby, authorized to coum., a building in the city, of Pittsburgh Pennsyl-, tract for an on a site now owned by it, prp ah, lania, for it yided the deth in the erection of sA uii quimenf fnishi iof its, Perm n exclusive and fixtu s shall i ex the um 6 g75,00 : ProvCNded, eer, t .the character and type' of building to be ekected, t iount actually to be expended in the construction of saiAl buildin id the'**oint actually to be ?xpended for the vaults perman fitires for said building sall be gub e uipme fuihigsand jetto the ipproval of the Fedekal Reserve Boi Approved, P B. ... -gr. LBXiBLATION !PUBLO-N1jOjq&-1SsiCONGR An Act To emmend ueun FWohI nith the ninth e. At (United States A 9 of the Federal ReWe of sqqopl 12, 9n 28), ag.a4mended, be further amnded by uow contain% mmediately Wtore te mkPsw; Be it enazcted by the UnMited ig(atea Pf Amew arigra ode, insertiniz (# o ab -'------; 1930 April 23 Banks which have discontinued operations -- I- -- - --- rri-a.,~_~_._________ WT.IVS 7 LEGISLATIOI Section 6 of Federal Reserve Act was amended so as to authorize the Comptroller of the Currency to appoint a receiver for a national bank which has discontinued its banking operations for 60 days without having gone into liquidation or having a receiver appointed for other lawful cause; and it was further provided that the stock held by the national bank in the Federal Reserve bank should thereupon be canceled and proper refund made. (46 Stat. 250, Ch. 207, sec. 1.) Section 9 was amended so as to authorize the Federal Reserve Board, after hearing, to forfeit the membership of a State member bank of the Federal Reserve System which has ceased to exercise banking functions without a receiver or liquidating agent having been appointed therefor. (46 Stat. 251, Ch. 207, sec. 2.) Source: Supplement to statement on Evolution of Banking Legislation by Walter Wyatt, October 26, 1939. Exhibit G 1 1930 June 17 Values for conversion of foreign money. LEGISLATION Section 522 of this Act made certain technical changes in the Act of May 27, 1921, relating to the authority of the Federal Reserve Bank of New York to determine the "buying rate" in connection with the con version of foreign currency in the matter of import duties. (46 Stat. 739-740.) Source: Supplement to statement on Evolution of Banking Legislation by Walter Wyatt, October 26, 1939. Exhibit G 1930 June 25 LEGISLATION (PUBLIc-No. 431-71sT CONGRESS (S. 486] SAn Act To amend aeotion 6158 of the Revised Statutes, as amended. J P House of Re resentatives of thi Be-t uenacted by the Senate 4 nited States of America iw Congress asse8bled, That section 515( Code, $itle 1l 4tut, as amendedi of the Revisei e a ne parZ, ded by adding at t e en section 90), ~i ai ad Lrfollows:' graph, "ny'1 lciation may, upon the deposit wit it of public kIone or any political sufidivision. heeof, give security r th of a S the money so deposited, of g and prompt pan ent sae-k aW of the State in which such th ndnd as is authorizbyt association is located in thd ae"'%f other banking institjtions in the State." .. *. * * Approved, June 25, 1930. 1930 June 26 Voluntary surrender of trust powers. LEGISLATION Section 11(k) of Federal Reserve Act was amended so as to provide a procedure whereby a national bank which had been authorized to exercise fiduciary powers could surrender those powers if it so desired, in order to relieve itself from the necessity for a further compliance with the requirements of that section or to have returned to it any securities which it might have deposited with the State authorities for the pro tection of private or court trusts or for any other purpose. This amendment also authorized the Board to issue regulations governing the exercise of trust powers by national banks. (46 Stat. 814, Ch. 612.) Election of Federal Reserve bank directors. That part of section 4 providing the method of counting ballots in elections of class A and class B directors of Federal Reserve banks was amended so as to clarify it with respect to certain technical questions. (46 Stat. 815, Ch. 614.) Source: Supplement to statement on Evolution of Banking Legislation by Walter Wyatt, October 26, 1939. Exhibit G 1930 June 26 Costs of examination of member banks. LEGISLATION Section 9 of the Federal Reserve Act and section 5240 of the Revised Statutes, as contained in section 21 of the Federal Reserve Act, were amended so as to enable the Federal Reserve Board, in its discretion, to decide whether the costs of examinations of member banks of the Federal Reserve System made by the Federal Reserve Board or by the Federal Reserve banks should be asses sed against the banks examined. Previously the law had required that the costs of all such examinations be assessed against the banks examined. It was also provided, under the law as amended, that copies of reports of examinations of State member banks could, in the discretion of the Federal Reserve Board, be furnished to the State banking authorities. (46 Stat. 814, Ch. 611.) Source: http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L Supplement to statement on Evolution of Banking Legislation by Walter Wyatt, October 26, 1939. Exhibit G 1930 LEGSal June 26 [8. 486 M'I * An Act To amend section 9 of the Federal Reserve Act and .actton 8240 of the Revie qttuteW( *~lctid Sts8tat g ietoer pkrposeas Be it Me y ReOatp e'qerjreee of the Snited ,lL ica in Congress acwlbed, That the seventh ~'d t the Federal ReservaeAt, as amended aragra U. S. t 26), is further amended by striking out the ast sente rting the following: "The exens Oll xa minations, other than those made by State uthoritie may, in the discretion of the Federal Reserve Board, be sessed tnstthe banks examined and, when so assessed, shall be aid by te banks examined. Copies of the reports ~f such exgp ations may, in the discretion of the Federal .Resve Board ,b rnished to the State authorities having supervtiofof such ba s, ,1to officers, directors, or receivers of such banks, a to any otber roper p ons." oS. .hat section ted States R eed Statutes, as amended by section 21 o eral Reserve ct, is furter amended ih the third paragra of (U. , title 12, see. 4) by striking eat the secod ,such en pa ad ieertg In lieu thereofthe following: ... t , "The expense of uch exami ntghay( in th discretion of ti Federal Reserve Board, be ae gainst the hanks examined, a, when so assessed, shall be *d b the banks e ed." Approved, June 26, 1930. LITIGATION 1930 k ie0. to All trust prop.rtyotthtiff3 ustoner - for the rook as POit ofa thiut estate,bemg bank 's exeutor a suit cQF#Msat. n f ~Wtces1 k l eded aamon LITIGATION 1930 13.502. Judgment against Federal Reserve bank set aside for lack of notice to attornqys.-In a suit by a national bank against the Fed e;al Reserve Bank of Chicago for alleged negligence on the defendant's par3 yi-,eecting a correspondent bank, the attorney for the plaintiff agreed with an attorney. for the defendant not to proceed with the case during the February term of court without notifying the defendant's attorney. Subsequently, the defense attorney dropped dead and during the April term, withoutinotice to the defendant, the plaintiff obtained a default judgment. Subsequently, counsel for the defendant lpplied to have the judgment vacated .mald~ht application was denied. On appeal, itgsas held that under theosgreement, .h dikfaiant was entitled to expect. notice during the iAplk rm as.wtq diring the February term, plicatioito vacate the judgment should andtthat therefore defendfntflig have been granted. First Na4ijel,Bank of Newton v. Federal Reserve Bank of Chicago, 210 Iowa 521; 231 N.W. 453 (1930). LITIGATION 1930 13.545. Negligence in accepting worthless draft.-Checks deJ ited in the plaintiff bank by corporation for collection were forwardea to thq defendant Federal RJesve ank. The latter bank forwarded the check6 Aii-ect to the drawee bank and recfved a draft of thEE anr in payment. The draft was dishonored and thereupon the "plaintiff bank, g as assignee of the rights of the corporatio, I i ht action against the Federal Reserve bank for damages resultig tm the alleged negligence held that, notwith Ilt * of the defendant in handlingihe collil fb he Federal Reserve standing banking custom, ^ was negligfs, ' M~ bank to send the checks divect to the dra*oe banlvand accept a worthless draft ip .paymentiCid that the defendantr~* also egigent, under the circumstances disclosed, in delaying action for a period of nine days. Accordingly, judgment for the plaintiff was affirmed. Federal Reserve Bank of Kansas eity v. First National Bank of Denver, 87 Colo. 158, 286'Pac. 116 (1930), LITIGATION 1930 (8) Right to Char Uncollected Checks to Member Bank's Reserve 3.700. When jrig to charge drawae's account becomas e bank for collection we ecks recelyed by a Ieral the draw* bank which i did not re On the next y acknowledged recei~ t r raweebank failed an l e bank, befor erali~e xed.4 rde4 eof but eiver pira e oin wasi fory the Ferv iterovideda tion 'the co e tEl'e chec &tftfe heailed ar, c bank's col ecti aount bank to ree'" Federal Res~ei rriihe bank. TA r nk ad %es ederal t 's ceposit balance wth tI of 'thflfaili itock' t he surrender vau~'.th'divradnds, bf share alsSl rec8v failure. of" banleat the time ~l the'Federal Reserve bank ' i 4 ply thli aftibnt of the t e 'right t The Feddfal Reserve banlkfi ve balance and to set checks in question against thailled bank's r the Federal t 'te doff the aniount of the checkA' against :tfQlk.J ded tBift tneink's balance The receiver con Reserve banr I bk. could ijbia t een charged with tut ~lks untilithe 4piration of the andthat un lt the expirath6'b that period the Y three-' accordance with W draw upon its reserve bdlMnce bank wil section" 9 of the Federal RtWrve4ct. It wal held, however, that the right of the Federal Reserve banl@to charge th drawee bank with the checks tieNhe fixed, under the terms of its circular let4er' When the checks'~iere accepted -yih drawee bank; ti.t an equitable charge on in favor of the dwners of the checks; the reseve balance:l could prooi'be applied against the and that the other hand, it was held On t Vceiver's clas" llIbance. See over _1__1 _ t set oIthe amount that the Federal Reservebak coul n failed.bank on the against checks in question of debt represent gget sine bank Sthe Federal Reserve and the mutuality neces eR the insolvent bank to the Federal l Reserve Bank of. I herefore t-o w sary to . . . 4th, 1929), aff'd, 281 (. mod v -d) LIU,.rr ., - --- ------------------ -- - - - .__~.______ _.___ ---- 1930 LITIGATION a 13.2765. Sufficiency pf evidence of counterlaim.-In a suit a proni.ssory note, defendant alleged by Federal Reserve Ili*.i ,haA violated a verbal contract to pasture way of defense tht pii t's la that as a result defeinat-was qRAtl4p cattle on defen gI~g* a j.ury, .lict set up a countri i)*t Upon a trial of the issues was rendered in:tMower court for the defendant. On appeal, plaintiff a motion for a directed in overruling orred rt.bad alleged that the, itigation of damages, and h5~4t tructiqips giv verdict, in refu fil or 4 w tal bled-upon newly discovered evi Sin denying a m the plaintiff in introducing evi f aa that dence. It was h n f or a directed verdict had been over dence in its behalf after. 4 the objection; that the record disclosed ruled constituted a w . Aport the damages assessed by the jury; that substantial evidence'to estion of mitigation of damages had not been pleaded by plaintiff the court correctly refused the requested instruction on and the action of the trial court inreverruling a motion thii subjec ct that the motion disclosed ew noA a for a pne, inti knewosiiuch evidence prior to the trial. tha torneys f for the defendant was affirmed. Federal Riesrve Aa|rdinent;;; Sof ,Dallas v. Upton, 34 N.M. 509, 285 Pac. 494 (1930). LITIGATION 1930 H-M-5242.102. Settlement of accounts with forwarding ba relieving Reserve bank from liability.-A Federal Reserve ban ~8ated certain checks, forwarded to it by its member banks for collecon, te a nonmember drawee bank for payme* and received drafts on another bfnk in remittance. These drafts.Wel dihonored and the Reserve bank then proct'ed cash from the d4ftWbank in part payment of such ohecks, having knowledge that the drawAe was probably insolvent. The'leerve bank placed the proceeds inthe accounts of its forwarding member banks. Subsequently, the draweeiAiWtk as declared a bankrupt and the trustees in bankruptcy iought Witfover the moneys received by the Federal Reserve bak as a vpidBle preference. It was held that the Reserve nt for collection and not as owner bank had received suchl&oneyV, t^f it had settled with its principals iince that and (citing Regulation J); bankruptcy was filed, by petitioajiu the before (the foryFring banks) the money could not be accounts, it 4 a placiq(te moneys in their judgment was Accordingly, bankruptcy. in recoveaed by the trustees Reserve Bank v. Federal Carson bank. rendered for the Federal Reserve (1930). 475 E. N. 172 218, of New York, 254 N. Y. FEDERAL RESERVE SYSTEM 1930 (See 19 - Oct.1929 to Dec.1930) POLICY ACTION
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