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"UNITED STATES GOVERNMENT
1937
EXECUTIVE OFFICERS
President
-
Henry Morgenthau, Jr.
Secretary of Treasury
Comptroller of Currency
Secretary of State
Secretary of War
Secretary of Navy
Secretary of Interior
Secretary of Agriculture
Secretary of Commerce
Secretary of Labor
Postmaster General
Attorney General
Franklin D. Roosevelt (re-elected Nov. 1936,
inaugurated Jan. 20, 19
(appointed Jan. 1, 1934,
served until July 23, 1943)Y
J. F. T. O'Connor (date of appointment May 11, 1933
resigned April 16, 1938)
- Cordell Hull
- George H. Dern, Harry H. Woodring
- Claude A. Swanson
Harold L. Ickes
enry A. Wallace
- Daniel C. Roper
- Francts Perkins
James A. Farley
Homer S. Cummings
-
1937
U. S.
January
G 0 V E R N M E NT
SENATE
Banking and Currency Committee
75th Congress
Qi.LL
4J4eiubl&I
TOWNSEND, Jr. John G.
STEIWER, Frederick
GLASS, Carter
Virginia
WAGNER, Robert F.
New York
Kentucky
Ohio
North Carolina
South Carolina
Alabama
California
Colorado
Connecticut
Maryland
BARKLEY, Alben W.
BULKLEY, Robert J.
REYNOLDS, Robert R.
BYRNES, James F.
BANKHEAD, 2d, John H.
McADOO, William Gibbs
ADAMS, Alva B.
MALONEY, Francis T.
RADCLIFFE, George L.
Delaware
Oregon
___________0
0
----
-- --
i
I
1937
I
U. S. GOV ERNMENT
January
HOUSE OF REPRESENTATIVES
Banking and Currency Committee
75th Congress
-
Qcer~stJ
STEAGALL, Henry B.
GOLDSBOROUGH, T. Alan
REILLY, Michael K.
HANCOCK, Frank
WILLIAMS, Clyde
SPENCE, Brent
FARLEY, James I.
MEEKS, James A.
KOPPLEMANN, Herman P.
KENNEDY, Martin J.
FORD, Thomas F.
BROWN, Paul
CLARK, D. Worth
Alabama
Maryland
Wisconsin
North Carolina
Mississippi
Kentucky
Indiana
Illinois
Connecticut
New York
California
Georgia
Idaho
/
WOLCOTT, Jesse P.
FISH, Hamilton
GIFFORD, Charles L.
DIRKSEN, Everett M.
Michigan
New York
Massachusetts
Illinois
I
FEDERAL RESERVE SYSTEM
BOARD OF GOVERNORS
1937
Marriner S. Eccles,
Joseph A.
Ronald Ransom, Vice Chairman--
Chairman .
Broderick (Res.
Sept. 30)
M. S.
Szymczak
Chester C. Davi
Charles S. Hamlin, Special Counsel
Lawrence Clayton, Asst. to the Chairman
Elliott Thurston, Special Asst. to the Chairman
Secretary's Office
Chester Morrill, Secretary
Liston P. Bethea, Asst. Secretary
S. R. Carpenter, Asst. Secretary
J. C. Noell, Asst. Secretary
Counsel's Office
Walter Wyatt, General Counsel
J. P. Dreibelbis, Asst. General Counsel
George B. Vest, Asst. General Counsel
B. Magruder Wingfield, Asst. General Counsel
Division of Examinations
Leo H. Paulger, Chief
R. F. Leonard, Asst. Chief
C. E. Cagle, Asst. Chief
Division of Research and Statistics
E. A. Goldenweiser, Director
Woodlief Thomas, Asst. Director
Lauchlin Currie, Asst. Director
http://fraser.stlouisfed.org/
George W. Blattner, Asst. Director
Federal Reserve Bank of St. Louis
John K. McKee
Division of Bank Operations
Edward L. Smead, Chief
J. R. Van Fossen, Asst. Chief
J. E. Horbett, Asst. Chief
Division of Security Loans
Carl E. Parry, Chief
Philip E. Bradley, Asst. Chief
Fiscal Agent
0. E. Foulk, Fiscal Agent
Josephine E. Lally, Deputy
Fiscal Agent
FEEA
RESERVE- TSTD4.----''
FEDERAL RESERVE SYiTM
u
FEDERAL ADVISORY COUNCIL
District No.
1 (Boston)
Thomas M. Steele
District No.
2 (New York)
Winthrop V. Aldrich
District No.
3 (Philadelphia)
Howard A. Loeb, Vice President
District No.
4 (Cleveland)
Lewis B. Williams
District No.
5 (Richmond)
Charles M. Gohen
District No.
6 (Atlanta)
Edward Ball
District No.
7 (Chicago)
Edward E. Brown
District No.
8 (St. Louis)
Walter V. Smith, President
District No.
9 (Minneapolis)
John Crosby
District No.
10 (Kansas City)
V. T. Kemper
District No.
11 (Dallas)
R. E. Harding
District No. 12 (San Francisco)
Paul S. Dick
SYSTEM
FEDERAL RESERVE
FEDERAL OPEN MARKET COMMITTEE
Marriner S. Eccles, Chairman
George L. Harrison, Vice Chairman
Joseph A. Broderick
Chester C. Davis
M. J. Fleming
G. H. Hamilton
M. S. Szymczak
Chester Morrill,
John K. McKee
B. A.Mc Kinney
Ronald Rsnsom
George J. Schaller
Secretary
Walter Wyatt, General Counsel
J.
P. Dreibelbis, Assistant General Counsel
E. A. Goldenweiser, Economist
John H. Williams,
Associate
Economist
W. Randolph Burgess, Manager of System Open Market Account
1937
http://fraser.stlouisfed.org/
Federal
Reserve Bank of St. Louis
L
Federal Reserve Bank of Boston (Dist. 1)
OFFICERS
President
First Vie
President
Vise President
R. A TYeuag
-
W.
-
W. Wilett
. Paddeek
Chairmn and Federal
Reserve Agent
-
F.
. COrtiss
Federal Reserve Bank of Boston (Dist. 1)
DIRECTORS
Class A
REED, L. S. (Waterbury, Conn.)
RIPLEY, A. L. (Boston, Mass.)
DODGE, L. A. (Damariscotta, Me.)
Term Expires
Dec. 31
1937
1938
1938 (elected)
Class B
FRENCH, E. S. (Boston, Mass.)
ALLEN, P. R, (E. Walpole, Mass.)
FROST, E. J. (Boston, Mass.)
1937
1938
1939
(re-elected)
Class C
MERRIMAN, C. H. (Providence, R. I.)
CURTISS, F. H. (Boston, Mass.) Chairnan and FR Agent
DENNISON, H. S. (Framingham, Mass.)
1937
1938
1939 (appointed)
--- -
1937
- --
--
=
---
----
- - ---
L
Federal Reserve Bank of New York (Dist. 2)
4
OFFICERS
0. L. Harrison
Premidet
Allan Sproul
First Vice President
Vice Presidents
W. R. Burgess
L. R. Bounds
W. S. Loega
J. H. Williams
Chairman and Federal
Reserve Agent
Deputy Chairman
-
Owen D. Toung
R. N. Gidney
L. W, Knoke
C. H. Coe
-
-------------
Fedaral
193
-- -;.~,
Federal Reserve Bank of NEW YORK (Dist. 2)
1937
DIRECTORS
Term Began
Dec. 31
Term aderd
1/1/35
1937
1/1/36
1938
1/1/37
1939
1/1/35
1937
1/1/36
1938
1/1/37
1939 (reelected)
YOUNG, Owen D. (Van Hornesville)
6/17/36
1937 (Deputy Chairman)
PUML,
1/16/37
1938
CLASS A
DAVISON,
George V.
MILLS, Edward K.
(Greenwich)
(Morristown)
PLOCH, William F. (Long Beach)
CLASS B
WATSON,
Thomas J.
(Short Hills)
TEAGLE, Walter C. (Port Chester)
STEVENS,
Robert T.
(Plainfield)
CLASS C
Beardsley (New York)
Federal Reserve Bank of Philadelphia (Dist. 3)
OFFICERS
Presidet
First Vice President
Vice Presidents
-
J.
. Sinclair
-
Fo J. Drinnen
-
C. A. Mellhenny
W. J. Davis
E. C. Hil
Chairma and Federal
Reserve Agent
Deputy Chairma
-
I.
L. Austi
1937
Federal Reserve Bank of Philadelphia (Dist. 3)
DIRECTORS
Term Expires
Dec. 31
Class A
HENNING, J. B. (Tunkhannock, Pa.)
WAYNE, Joseph (Jr.) (Philadelphia, Pa.)
REILY, G. W. (Harrisburg,Pa.)
1937
1938
1939
(re-elected)
1937
1938
1939
(re-elected)
Class B
STOUT, C.F.C.(Camden, N.J.)
SEWALL, A. W. (Philadelphia
DeLaCOUR, J.C. (Camden,N.J.)
Pa.)
Class C
CANNON, H. L. (Bridgeville, Del .
AUSTIN, R. L. (Philadelphia Pa.
McCABE, T. B. (Chester, Pa.
Chairman and FR Agent
1937
1938
1939 (appointed) (Aug.20)
Federal Reserve Bank of Cleveland (Dist. 4)
OFFICERS
President
First Vice President
Viee Presidents
-
M. J. Fleming
-
F. J. Zrliaden
S
W H. Fletcher
W. F. Tayler
Cairman ad Federal
Reserve Ageat
Deputy Chairman
E. S. Burke, Jr.
-
.C.
Brainard
1937
Federal Reserve Bank of Cleveland (Dist. 4)
DIRECTORS
Term Expires
Dec. 31
Class A
LAMBERTON,Chess (Franklin,
BROOKS, F. F. (Pittsburgh,
CONNER, B. R. (Ada, Ohio)
Pa.)
Pa.)
1937
1938
1939 (re-elected)
Class B
WRIGHT, R. P.
CRABBS, G. D.
(Erie Pa.)
(Cincinnati
GALVIN, J. E. (Lima, Ohio5
Ohio)
1937
1938
1939
Class C
BRAINARD, G.C.(Youngstown, Ohio) Deputy Chairman
BURKE, E.S. (Jr.)(Cleveland Ohio) Chairman and FR Agent
KLAGES,R.E. (Columbus, Ohio)
1937
1938
1939 (appointed)
937
"-Federal Beserve Bank of Richmond (Diet
5)
OFFICERS
President
-
Hugh Leach
First Vice President
-
J. S. Walden, Jr.
Vice Presidents
-
J. G. Fry
0. H. Keesee
Chairman and FR Agent
-
Robert Lassiter
1
__I
1
1937
Federal Reserve Bank of Richmond (Dist. 5)
DIRECTORS
Class A
Term Expires
Dec. 31
BRASWELL, J. C. (Rocky Mount, N.C.)
JOHNSON, L. E. (Alderson,'W.Va.)
RIEMAN, C.E. (Baltimore, Md.)
1937
1938
1939 (re-elected)
Class B
HANNA, J. H. (Washington, D.C.)
MALLOY, Edwin (Cheraw, S.C.)
REED, C.C.(Richmond, Va.)
1937
1938
1939 (re-elected)
Class C
LASSITER, Robert (Mooresville, N.C.) Chairman and FR Agent
SHERWOOD, Donald (Baltimore, Md.)
WYSOR, W.G. (Richmond, Va.)
1937 (appointed)
1938
1939
(re-appointed)
Federal Reserve Bank of Atlanta (Dist. 6)
OFFICERS
President
First Vice President
Vice Presidents
Chairman and Federal
Aserve Agent
Deputy Chairman
Oscar Newton
R. S. Parker
H. F. Conniff
L. M. Clark
W. S. MeLarin, Jr.
William H. Kettig (eff. May 27)
- Frank H. Neely (off. May 27)
1937
Federal Reserve Bank of Atlanta (Dist. 6)
DIRECTORS
Term Expires
Dec. 31
Class A
COOK, W. D. (Meridian, Miss.)
WHITE, G. J. (Mount Dora, Fla.)
CLAY, R. G. (Atlanta, Ga.)
1937
1938
1939 (re-elected)
Class B
HALL, Fitzgerald (Nashville, Tenn.)
GEORGE, E. T. (New Orleans, La.)
McCRARY, J.A. (Atlanta, Ga.)
1937
1938
1939 (re-elected)
Class C
KETTIG, W.H.(Birmingham, Ala.)
NEELY, F. H. (Atlanta, Ga.)
PORTER, J. F. (Columbia, Tenn.)
Chairman and FR Agent
1937
1938 (appointed)
1939 (appointed) (June 1)
1937
Federal Reserve Bank of Chicago (Dist. 7)
OFFICERS
President
G. J. Schaller
First Vice President
H. P. Preston
Vice Presidents-
W. H. SByder
C. S. Youag
J. H. Dillard
Chairman and Federal
Ibserve Agent
Deputy Chairman
-
-
R. E. Weo
_1_1~
____
_
1937
Federal Reserve Bank of Chicago (Dist. 7)
DIRECTORS
Class A
ESTBERG, E. R. (Waukesha, Wis.)
WILLIAMS, F. D. (Iowa City, Iowa)
CUMMINGS, W. J. (Chicago, Ill.)
Term Expires
Dec. 31
1937
1938
1939 (elected)
Class B
CRAPO. S. T. (Detroit, Michigan)
NOYES, N. H, (Indianapolis, Ind.)
BABB, M. W. (Milwaukee, Wis.)
1937
1938
1939 (re-elected)
Class C
LEWIS, F. J. (Chicago, Ill.)
WOOD, R.E.(Chicago, Ill.) Deputy Chairman
Vacancy
1937
1938
1939
_li
1937
Federal Reser
Bank of
Federal Reserve Bank of
1
St. Louis (Dist. 8)
OFFICERS
W. Mcc. Martin
President
0.
S
First Vice President
M. Attebery
F. Guy Hitt (eff. Dec. 16)
J. S. Wood
Vice Presidents
J. G. McConkey
C. M. Stewart
Chairman and Federal
Reserve Agent
Deputy Chairman
W. T. Nardin
S
-
Paul Dillard
-----
~-
II--
Federal Reserve Bank of St. Louis (Dist. 8)
DIRECTORS
Class A
Vacancy
LONSDALE, J. G. (St. Louis, Mo.)
NAHM, M. B. (Bowling, Green, Ky.)
Term Expires
Dec.
31
1938
1939 (re-elected)
Class B
PLUNKETT, W. B. (Little Rock, Ark.)
STURDIVANT, M. P. (Glendora,Miss.)
HARRIS, J. W. (St. Louis, Mo.)
1937
1938
1939 (re-elected)
Class C
DILLARD, Paul (Memphis, Tenn.) Deputy Chairman
STANLEY, J. R. (Evansville, Ind.)
NARDIN, VW.T. (St. Louis, Mo.) Chairman and FR Agent
1937
1938
1939 (appointed)
--
~1
1
Federal Reserve Bank of Minneapolis (Dist. 9)
OFFICERS
President
First Vice President
Vice Presidents
Chairman and Federal
Reserve Agent
J. N. Peyten
0. S. Powell
Harry Yaeger
H. I. Ziemer
E. W. Swanson
SW. B. Oeery
~___ ..~-___i-r_~_~.__-E-_II~----~- _ I_-~LII~. ~---i~YI-~_
--
--
1937
Federal Reserve Bank of Minneapolis (Dist. 9)
DIRECTORS
Term Expires
Dec.
Class A
GRANGAAED, M.O. (Minneapolis, Minn.)
KIBBEE,
HANSEN,
H. R. (Mitchell, S.D.)
H. C. (Churchs Ferry, N.D.)
31
1937
1938
1939 (re-elected)
Class B
WASHBURN, W.O. (St. Paul, Minn.)
O'CONNELL, J.E, (Helena, Mont.)
FUNK, A.P. (La Crosse, Wis.)
1937
1938
1939 (re-elected)
Class C
McCORMICK, G.W. (Menominee, Mich.)
Chairman and FR Agent
GEERY, W.B. (Minneapolis, Minn.)
PECK, F. W. (St. Paul, Minn.)
1937
1938
1939 (appointed) (Apr. 22)
~111
1
I
I
--
11
II
""il
Federal Beserve Bank of Kansas City (Dist. 10)
OFFICERS
President
First Vice President
Vice President
-
C. A. Werthingten
-
Chairman and Federal
Reserve Agent
Deputy
Chairman
. H. Hamilton
J. W Hla
-
-
J.
J. Thoas
E. P. Brow
4
1937
Federal Reserve Bank of Kansas City (Dist. 10)
DIRECTORS
Term Expires
Class A
SPONABLE, F. W. (Paola, Kansas)
MULLANEY, E. E. (Hill City, Kansas)
EVANS, John (Denver,Colo.)
Dec.
31
1936
1937
1938 (elected)
Class B
BERNARDIN, J. M, (Kansas City, Mo.)
PHILLIPS, L. E. (Bartlesville, Okla.)
HOSFORD, W. D. (Omaha, Nebraska)
1936
1937
1938 (re-elected)
Class C
DOOLIN, J. B. (Alra, Okla.)
THOMAS, J. J. (Kansas City, Mo.) Chairman and FR Agent
BROWN, E. P. (Davey, Nebraska) Deputy Chairman
1936
1938
1939 (re-appointed)
_
1~
________
S1937
http://fraser.stlouisfed.org/
Federal
Reserve Bank of St. Louis
I
Federal Reserve Bank of Dallas (Dist. 11)
OFFICERS
President
-
First Vice President
Vice Presidents
B. A. McKinney
-
-
. R. Gilbert
R. B.Coleman
W. J. Evans
Chairman and Federal
Reserve Agent
C, C.
alsk
_~_ _ 1___1_1 _ I___
Federal Reserve Bank of Dallas
I
f
(Dist. 11)
DIRECTORS
Term Expires
Dec. 31
Class A
HOOKS, P. E.
MORRIS, Alf.
iINTON, E.H.
(Itasca, Tex.)
(Winnsboro, Tex.)
(Fort Worth, Tex.)
1937
1938
1939 (elected)
Class B
CLEVELAND, A. S. (Houston, Tex.)
MIDDLETON, J. D. (Greenville, Tex.)
MILAM, J. R. (Waco, Tex.)
1937
1938
1939 (re-elected)
Class C
WALSH, C.C. (Dallas Tex.) Chairman and FR Agent
MERRITT, J. H. (McKinney, Tex.)
TAYLOR, Jay (Amarillo, Tex.)
1937
1938 (appointed)
1939 (appointed)(Mar. 4)
Federal Reserve Bank of San Francisco (Dist. 12)
OFFIUiRS
W. A. Day
President
Ira Clerk
First Vice President
S. G. Sargent
W. M. Hale
C, E. Earkart
Vice Presidents
Chairma ad FR Agent
Deputy Chairaan
A. 0. Stewart
-
A. P. Welch
I
1937
Federal Reserve Bank of San Francisco (Dist. 12)
DIRECTORS
Class A
McINTOSH, C. K. (San Francisco, Calif.)
RAMSAY, T. H. (San Francisco,Calif.)
POVELL, Keith (Salem, Ore.)
Term Expires
Dec. 31
1937
1938
1939 (re-elected)
Class B
COX, E. H.(San Francisco, Calif.)
VOLKMANN, W. G. (San Francisco, Calif.)
TAYLOR, R. H. (Los Angeles, Calif.)
1937
1938 (elected)
1939 (elected)
Class C
WELCH, A. P. (San Francisco, Calif.) Deputy Chairman
1937
STEWART, A. 0. (San Francisco, Calif.) Chairman and FR Agent 1938
THORPE, Carlyle (Los Angeles, Calif.)
1939 (appointed)
(apr. 1)
HEARINGS
1937
Feb.
16,18
HG
T,.S.Congress. Fouse. Banking and currency
2560
committee.
.A2
To extend the period dnring which direct
1937
obligations of the United States may be used
as collateral security for Federal reserve
notes: HEARINGS ... 75th cong.,lst sess. on
S.417, to extend the period ...Feb.16, 18,
Wash.,Govt.pt. off., 1937.
1937.
(Committee print - Unrevised)
56 p.
Testi- Eccles,M.S. Feb.16, pp.2-2h; Feb.8,oDp.25-57
mnony:
F.R.Bd.L.
HEARIN GS
1937
June 15,16
July 1l,15,23
HG
U.S.congress. House. B.nking and currency
2560
cpmmittee.
.A21
Authorizing the destruction of certain
1937
Federal reserve notes and their replacements:
75th cong.,let sess. on H.J.Res.
HEARINGS ...
June 15,1E, July 14,15,23, 1937
377 ...
Wash., D.C.,1937.
(Committee print-unrevised L-515)
73 P.
HG
Testi- Eccles, M.S. (Gov.FRBd)
mony
July 14 pp.1-18
2561
"
15 pp 18-42
.E2
"
23 pp 43-47
Vol 1
Washington, D.C., 1937
53 (mim.) L-514
F.R.Bd.L.
HEARINGS
June 22-24
July 1,9
HG
U.S.Congress. House. Banking and currency cor2560
mittee.
.A2
Payment of interest on demand deposits of pub1937
afnds: HEARINGS ... 75th, Ist sess. on P.R.
lic
act
reserve
Federal
the
of
19
sec.
amend
to
7186,
as amended, with respect to the payment of interest
on demand deposits of certain public funds. June
Wash., GoVt.ptg.off.,
22-24, July 1, 9, 1937.
1937.
(Committee print - unrevised)
79 p.
F.R. d.L.
HEARINGS
1937
July 14,15,23
Eccles, Marriner Stoddard
before House Banking and
Testimony ...
currency committee on H.J.Res.377, authorizing
the destruction of Federal reserve notes of
the series of 1928 and their replacement by
Federal reserve notes of the series of 1934,
or a later series, at the expense of the
United States, July 14, 15 and 23, 1937.
Wash.,D.C.,1937.
57 p.
F.R.Bd.L.
HG
2561
.E2
(1937)
(Mim.)(L-514)
a
1937
J1937uar
23
LEGISIATION
[Puai--No. 1-75TH CONGRESS
[CHAPPrr 5-.ST SESSION]
[. 416
AN ACT
:To .xaa9aaWe
the it
edoar my be ox
t
d and
of the
bd .y the Benate and Houe of Represe 1,
Be it
ion
afn
United Stat. of Ameria in Congre. assaembled, T
(a) of section 10 dt the Gold Reserv Act of 1934, apprcejd JaA ary
u:
&dasf
a
d
80 1984 is an
(e All'the
40, 9an1weM te Presid
this section sh
' expire June
sooner declare the isting emer
n
ation fun termmatd."
k eney ded and the operation of the st
) of
(b)
ragh
ksrtiok
o
V The second sentence
12 olksaid
."see
1938,
ove& 1,
Act I
'the
,tifPlR
: "The
q
I
as
re$
td
d
is
1
of
Act
114eD
S6
this paragraph shall be d'ed
0owe of te -PresidenV
ed
es a"4f bese
be separate, distinct Wia continuig
e
by hi, fronm time to tln b sravll or
m&y require; except
uis
exprsse(in bjects of this otion in
reidep shall
that siA powers shall expire June 80, 99upla
sooner dealoe the existing emergency endeI
Approved, Jantay7 23, 1937, 2 p. m.
1937
March 1
United States obligations as security for Federal Reserve notes.
LEGISLATION
Under section 16 of Federal Reserve Act the authority of the Board of
Governors of the Federal Reserve System to permit the use of direct obliga
tions of the United States as collateral security for Federal Reserve notes,
which would have expired on March 3, 1937, was extended until June 30, 1939.
(50 Stat. 23, Ch. 20.)
Source:
Supplement to statement on Evolution of Banking Legislation by
Walter Wyatt, October 26, 1939. Exhibit G
193
1J 7 9
LEGISLATION
July 9
To amend
[PUBLIC-No; f497--75T
CoNG~s]
[CHAPTER 471-1ST Su)a
[H. R. 6287]
AN ACT
entitled "Federal
g1
WAr rd Congreh
WaibStlat
Nnrsa ,
Be it enacted by t0Ke' 8eisand Hof
we'f ZMpr4santatives of the
United States of America in Oongmeaa8ssembled, That the Federal
Credit Union Act is amended by inserting at the end thereof the
:i
following new section:
"SEc. 21. Upon application by any credit union urganized under
State law or by any Federal credit union organized in accord
ance with the terms of this Act, the membershipf;r iwhich is com
posed exclusively of Federal employees and maembesbof tfir fam
ilies, which application shall be addressed to the ofiber or agency
of the United States charged with the allotment wi space in the
Federal buildings in the community or district in whLh said credit
union or Federal credit union does business, such officer or agency
miay in his or its discretion allot space to such credit union if space
ir
is available without charge for rent or services."
Approved, July 9, 1937.
193 7
LEGISLATION
August l
(PtBLC- No. 287-75TH CONGRESS]
.
[CHAPTER 627-18T SESSI
,C. R. 7512jksit
^
^
AN
"^^ffi^
eppri March
Act
To am
Sa
e it etacted by thee&nate and House of Rep
Alof~i
in ongrss aembled, Thi
United States of Amdr(A
proved March 26, 1934, toaiith6drie anniitl ppropriations to mim
losses sustained by officers and employees of.the thtiiitdtates in 4e"
eign countries due to A preciation of foreign currencieiaotheir rels
tion to the American dollar be, and is hereby amended by substitur
tion of the date "July 1, 193," for "July\;,i933," as the date from
which officers and employees of the United States in service in foreign
countries may be reimbursed forlobtes sustained due to the apprecia
tion of foreign currencies in their relation to the American dollar,
and reimbursement of losses sustained for such additional period is
authorized to be paid from any unexpended balance of funds appro
priated for exchange relief remaining in the Treasury which are
otherwise unencumbered.
Approved, August 14, 1937.
1937
LEGISLATION
August 1I
[PUBLIO-No. 291-75TH CONGRESS]
[CHAPTER 631-1ST' SESSION]
[H. FR8025]
AN ACT
To amend section 8528 of the Revlse
*
Statutes relating to the purchase of metall
for minor coins of the United States.
Be it enacted by the Senate aif~te
&e of Representatives of the
United States of America in Congress assembled, That section 3528
of the Revised Statutes, as amended (U. S. C., 1934 edition, title 31,
sec. 340), is hereby further amended by striking out the figures
"$400,000" and inserting in jee
reof the fguW i00,000".
noi"
mI"
Approved, Au~;i14?e W*
1937
LEGISLATION
August 24
Bag]SS
[PUBLIC- NPI.
'I 'fit
R.590
t
l
.
)AN ACT
To amend the bank-robbery statute to include burglary and larcy.
Be it enacted by the Senat~iand ~iqpe of RepresentativeA.f th4
ctio
assembledi That
United States of America inr Congre;#
C..
<a) of sectio 2 of the Act of lay 18, 1934 (48 Stat. 783;
as
.s.hereby,amended t3
,and thp.sano
title 12, se '2
follows:
' j
"
. .
.
"' :
-,
V i
ni
ieer,yofre and violence, or by putting in feat
"(a)
vnprg'es
felonioqsly;Atteyigts to take, fromIe pe
ously tak
,~ n! ,of
money or aanyo
anyr PBlI
ence of
a,
custody, contrIo, inanpen,or
to or
value be
r
shill enter y atteipt g
any bar
possessid
h
as a bnk,
,whole or in p
ruse
any bankto 5ny bui
,
reof, so0
ank , building, or p
l
intent to conit
n $5
fined not m
'shall
any felony r
hoever,,
an twentf years, or bot
imprisoned n t
propp
th intent to steal
purl
take and carry
g $
ing of value eXce
money or any o
any b
trol, management, or posse
in the care, custo
ore than
han $5,000 or imprisoned
shall be fined nQt
, with int
ver shall take and carry
years, or both'; or J
ther thing,
property or money or an
to steal or purloi.
belonging to, or in the care, ~jtody, cont
value not exceed
sion of any bank, shall be finn ot more th
management, or
, 1,000 or imprisoned not more than one year, or botli.
Approved, August 24, 1937.
1937
March 1937 to May 1937
FEDERAL RESERVE SYSTEM
POLICY ACTION
Apparent Intent - For other purposes
Open Market Operations
Discount Pate
Reserve Requirements
-
Raised by 1/2 to legal maximum, effective March 1 and
May 1.
-
To reduce member bank excess reserves "which would result
in an injurious credit expansion if permitted to become
the basis of a multiple expansion of bank credit". Action
not designed to be restrictive at time but for preparedness,
Distinct tendencies toward inflationary developments in
business and prices at beginning of year.
Selective Regulations
Surrounding Circumstances
Source:
Joint Committee on the Economic Report
Monetary Policy Pnd the Management of the Public Debt (Patman Report) 1952,
Page 220.
FEDERAL RESERVE SYSTEM
1937
April 1937
POLICY ACTION
Apparent Intent - For other purposes
Open Market Operations
-
Bought $96 million of Treasury bonds; also bought bills
to offset decline in notes.
. . . . . . . .
Discount Rate
.
Reserve Requirements
Selective Regulations
Surrounding Circumstances
Source:
-
To maintain orderly conditions in the Government bond
market and in money market and to facilitate member
bank adjustments to the increased reserve requirements.
Joint Committee on the Economic Report
Monetary Policy and the Management of the Public Debt (Patman Report) 1952,
Page 220.
1937
August 1937 to April 1938
FEDERAL RESERVE SYSTEM
POLICY ACTION
Apparent Intent - Expansionary
Open Market Operations
-
Bought $38 million of Government securities (November 1937).
Treasury released $300 million of sterilized gold at
Federal Open Market Committee request.
Discount Rate
-
Reduced from 2 to 11/2 percent at 10 Banks, from 11/2 to 1
percent at New York* (August-September 1937).
Peserve Requirements
-
Reduced by 1/4 of legal minimum requirements (April 1938).
Selective Regulations
-
Margin requirements reduced from 55 to 40 percent of
market value (November 1937).
Surrounding Circumstances
-
To ease credit situation and security markets in view of
decline in business activity and commodity and security
prices, following business inventory accumulation and
inflationary tendencies.
Source:
Joint Committee on the Economic Report
Monetary Policy and the Management of the Public Debt (Patman Report) 1952,
Page 220.
*No change at Federal Reserve Bank of Cleveland, where rate was already 11/2 percent.
LITIATION
1937
"ation
between member
ve bank aWLtw
entities; asikra
arises *oA 60
, 81 Fed. (2d)
Rpwentipr bank4J
a Fe
eS
disati
po
them exoept su'
Richmon4 v.
ingly, the agen
bank
nte fa
h
bank. Federal
shi
(9.J. 1937).
k'
d
era
are
exi4 between
dtReuerve Bank of
, 1986). Accord
0.
pa*able to such
not ue from the
e Aederal Reserve
v. Getleman, 189 Atl. 86
1937
LITIGATION
*
-In
a prose
nt unu
had
CongraB
wReawu
"
t
section
"taions
criminal
l
p
cons
bank. It -wTheld,how
to an oonmember
a pli
dn instrumen
evr : the Federal Deposit Iieawl ee Corporation i:
application
makes
tality of the tJnited States; hfat a Staterbank which
for the insurance benefits of the law creating that instrumoeoity there
to e provisions of thefederal law
submits itself and~''c
un
erumeitality of the
of an
and consents to serve as*i'4'
otect, th currency
"powers t
its br
Uri AJStates; and that, un;
ke the Ia'provisions of sec
ionally
systiem, Conress may const
an insugd State
J
tion 5209; the Revised St&s
overruled' united
bank. A'cordingly, the de fiantsur
. 1937).
j
p. 79 ('LT
States v. Dohejt, 18 Fed.
ured
LITIGATION
irect
tract term permi
lation J
13.520. L~ffect of
.the plaintiff came il~W Fed
belongii
t
colleceiok:
pserve bank presented the
and l
e bank or c
eral a
ent there
dr3tdti4
acog
the
to
checle irect
ht
baniaintiff
ee
f
dfi
E
pohthe
for.
pges Ihlting
the Federal Reserve b-e
checkw
g
p=j
gence of the defendantan
e
p1
mon
and in accepting a dra~tinstead of
collectingrfhnk
ta
*
virt
by
same. It was held that,
was not liable for presentilx~
direct to the drawee
in remittance. It was
df 4e
bank and in accepting a d
the collection
J
authorized
further held that the Board's Regula~
a part
constituted
regilation
that
of checks in this manner and that
with
defendant
the
amb
plaintiffs
of the agency contract between the
must
plaintiff
accordinglyplhe
respect to collection of checks; and that
be held to have consented and agreed that the checls might be sent
tight
directly to the drawee bank for collection and also that auch ban~
no
remit by drafts. It was held, therefore, that plaintiff's Pel
k
cause of action?' fMassey-Har Harvester Co. v. Fedof Ka*ntCity, 226 Mo. App. 916, 48 S.W.(2d) 158 (1
;
*
SW. (2d)i,85 (1937).
'NOTE.--For casLs involving substantially similar facts and holding to tdwe
See over
230 Pao. 10
Ii~t,~Dist.
Of
mi
&r.&n'k of Dall
l~S
r
urth
** , 1929
Ct. at
-Jake v. Federal Rrv.
Bank
Onreported). Seiiso I.201;
---
---
---
-~I---
- ---------
~-~ -- ~
--
---
-
-
-4,-
-
-
LITIGATION
1937
ptame
e
13.541. Regulation jjaries of 19304.hdto aut
Fed
tt
against
action
ht
an
of drafs.-The plaintiff
by
owned
chec
faal Reve bank for allege negligence in presenting
the plafitiff for payment to the drawee bank and for accepting, in 'Ie
6f cash, a draft drawn by that bank which subsequently clo~~itiSb
collecton of the draft could be made. It was 11W that, while it lit~
Regulation J3:'Series 1t
ulga
e"la
ttled before
e
be
b
t
eA
i t i,
a
ar
r
in
Ser
the 'e
d
itted tpP as a ptauegAt
ment, oeeks. It
had
th
oipal,
ll cting
than legal
to acdept
agce
.lecting
o
19,
e a eetta
b
ebeen
td by the
e!a Bank here
drafts
tof the
so
ared
dreo
a
of
T Wce
of Regulation J
to be a valid exercise of the powers reposed, in the Federal Reserve
e Federal Re
concluded, tiFtefore, th
Board by Congress. I
the plaint s.
liablATo
not
was
authority,
"
wilt
acting
Bank,
serve
B
of
e,
Bank
Re~8
Federal
v.
Co.
Supply
and
Gas
Terminal
.a
1937).
Mass.,
Fed. Supp. 9(01 (),..
Vou
see
or other case
U. S. P?
(O3)
N. Y. Supi:
631, 200 S. WfO
13.521; 13.542; 13.543; 19i
ols ing
evev. Barnee
vIfaits and
of lornell, 1
the
, 263
i72 Ark.
1,
R'erve Bank of St. V
S. W. (2d) 577 (Tex., 1907). And see
1937
13.70
ht
h. of Reserve bani.to.
remitt||nce is made by "immediately av-I"
tfpliintiff in a nationzl bank f
depo
thiou
e een
ederal Reser
LITIGATION
LITIGATION
ban
atI in p~yment tprefor, the drawee ant toteb
e ba lc
, the Re
Sitre rve account. Upon the failure of the
nk and the fttter
ied. the amount of the check to the for
cchA|
TIn an action
in turn charged the check to the plaint
plaintiff
es,
nst the depository bank a.i thA ed
acted
within
Re~r~
b
hk
mayi
if
the
Fedal
charged that even
drdaee
and
in
acceiting
check
direct
to
the
its rights in forwarding the
pB'raft in payment, the Reserve bank was nevertheless liable to the
bank
ppIaiiff for its failure to charge the reserve account of the di*f
s of
with the amount of the check. It was held that, under the p
the Federal Reserve bank's collection circular, which was bi (
e
the plaintiff, the Reserve bank was authorized to charge ft"
with the amn'ut of a cash letter onl jfit
account of a member ba
remitted in s d ~anner other th
where the member
mediately available e change"; that remittance ide by
directly upon thl RBtrve bank was clearly a eni
ee bi i
H
available exchange; that therefore the Reserve, bpk hadinjo
t of the cash etter to the ;reserve a
chat~Ae a~l
draw~d bank; sad that, accordingly, no *jn could exist
account in favor of the Reserve bank for tha benefit ofth
plaintiff in this case. It was further held that the draftJ
.the
bank did not itself constitute an assignment of its reserve de
See over
of the plaintiff; 'and that even'if it could be saidjat the draft
i~iet
Swas issued for the plaintiff's benefit, the assignment w not complete
since the draft'had not been accepted by the Reserve bank.
Oklahoma
Gas and Electric Co. v. First National Bank of Oklahoma City, 179
I J,7
SOkla. 475.
Pac. (2d) 29 (1937).
..-
Nonm.-io44Pi
forwording, the cike*
|rF
ment, see
in the above case i-~
breet to tlielkawee bai -i
1'
-------
bility t-the Reserve bank in
in accepting a draft;d4 pay
i
~I
.
LITIGATION
1937
Indemnification of Reserve Bank for Loss Arising Out of Collection
13.709.
of Forged Check.-Under Regulation J, the Federal Reserve Bank of Atlanta received
checks from a member bank for collection and forwarded the checks to the Federal
More than six years after the checks were paid, a
Reserve Bank of Chicago.
judgment for the proceeds of the checks was taken against the Federal Reserve
Within a
Bank of Chicago on grounds that the checks bore forged endorsements.
demand, the Federal Reserve Bank of
year after reimbursing that bank upon its
Atlanta brought suit against the member bank from which it had received the
The member bank contended that, since the suit was brought either for
checks.
money wrongfully had and received, or upon its guaranty of prior endorsements,
The Court
the action was barred in either case by the statute of 1 limitations.
of Appeals held that the action was not barred, because it was based upon provi
sions of Regulation J giving the Reserve Bank, as an agent for collection, a
right to be indemnified by its principal, the member banks, for a loss sustained
This right became enforceable when the Reserve
through making the collection.
Bank made good the forged checks, and not when it credited the amount of the
Federal Reserve bank of Atlanta v. Atlanta
checks to the member bank's account.
Trust Co., 91 F. 2d 283; cert. den. 302 U. S. 738 (1937).
1937
LITIGATION
as age ,4Ew
2740. Alleged paym~t tmeurnk
eelfin notes payaye to
-on
i-Defendants were .liable
The notes, without the knowptie qi e defwe
...
aMnal, bnakwith
nd by t
the
ag
ban'
failure Fe'
phia. Ju~t
of Wt0ing
e pu
4
d at 4* nati~pal .bi:f
endant ap
t for payment althoug the
and ~gieled a
q
Snot
Reserve banlk'wer' not
re p
since the
1 bank, the FeAeral Re
t
pon e insol
ned.
nd (e defense wast made
e bank brout
tha the n~tes ha4f lionial
platiff. t was h
pledd it
ith anot
p4
f the
h
Lgent
bank
pper, who has
tia
it
qer for its collection;
a federal Reserve bank
is no a
haie
contract; that, in the
from
and i member bi
money from the
receiving
ee
al
p
,
o
abseAb o specific authority t
and that
holder;
the
of
not
and
tor
debtor accepts 1i as agent of 'he'"
the
discharge
not
does
payment 't the 'j e under such ci~iunstances
member
the
of
agency
debt. It was helI'd~,kerefore, thaf ince the
bank for the Federal iteverse bank was not proved, judgment for the
defendant should be reversed. Federal Reserve Bank of Philadelphiav.
GetAaln, 49 Atl. 86 (N. J. 1937).
e
s d by
J
, 13.2791. Tax anticipation notes issued by city
,pember bank.-In order to aip
t
ga
o
Scity issued its tax
rer anand
trn fered td the plai
t
suit bt
the nA*bnal bank':~
t
e note wa
tthe
cit contendedth
,
ve
la
en
loaned its creditto the
ity
-t
t
viblation of State latw;',
accounts with respect to
y
8
ally
I
c
at
gotiid
ta note was dearl
poot
s a'o
carrynpg.
offse
eg ltpte
U. Sndhe atioenl b
cJ ity' credit,
l.
S657 (CC
LITIGATION
counts
bookkeeping
ner in which, the bank ha4 lvept ,I
the
gly,
Accordi
note.
ihe
of
va~idity of the sale
4the
q
Lthegower ,courteto givefindigg instructions for the, plaintiff
low was
Federal Beseve bank was heldto be.error and the judgment
84 Fed.
C
Ocean
v.
of,,Phildelphia
Bank
Reserve
Federal
Yeversed.
584.
S.
U.
M
den*
cert.
1936),
3d,
657 (C.C.A.
NA-I-On retrial, the District Court refuaMd A rected verdict for thd Federal
the judgment of the
-Bppeals,
.C
e&W.uad$
Reserve Bank; but o
District Courtwas reversed.
91 Pi*Ni
SW
* Sppplemental opinion, 93 F. 2d 519 (3rdCir. 1937), cert den.
302 U.S. 752 (1937); the action was continued in 100 F.2d 1011
(3rd cir. 1938), cert den. 306 U.S. 648 (1938)
LITIGATION
we4e
motek
Al ote wasi
where such re
I
ruhtsuit,
o
Ii~~s
to make ne "a~ppe
theless, sueh renewplt
against the -city,,,and
Reserve Bank of Atlanta
1987)J
-
~
''~
had no powef
hodpf, viever
sth
by tr
eral
eridenve.
admitted
,5
% a City, 87. re(2d' 6777 ((d.C..5h
@FedFRASER