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1' UNITED STATES GOVERNMENT EXECUTIVE OFFICERS President - Woodrow Wilson (re-elected Nov. 1916, inaugurated March 4, 1917) Secretary of Treasury - Carter Glass (appointed Dec. 16, 1918, served until Feb. 1, 1920) Comptroller of Currency - John Skelton Williams (date of appointment Feb. 2, 1914, resigned March 2, 1921) Secretary Secretary Secretary Secretary Secretary Secretary of of of of of of State War Navy Interior Agriculture Commerce Secretary of Labor Postmaster General Attorney General - Robert Lansing Newton D. Baker Josephus Daniels Franklin K. Lane David F. Houston William C. Redfield Joshua W. Alexander William B. Wilson Albert S. Burleson Thomas W. Gregory A. Mitchell Palmer C I II c~-~xi - ~~ December. - U. S. G 0 V E R *EN-E- T SE NA T E Banking and Currency~9 Cmitte 66th Congress Republicans McLEAN, George P. PAGE, Carroll S. GBONNA, Asle J. NORRIS, George W. FRELINGHUTSEN, Joph S PEDROSE, Boles CALDER, William M. NEWBERRY, Truman H. KETES, Henry V. Democrats Connecticut Veront North Dakota Nebraska New Jersey Pennsylvania New York Michigan New Hampshire OVWI, Robert L. HITCHCOCK, Gilbert M. POMERENE, Atlee FLETCHER, Duncan U. KENDRICK, John B. HENDERSON, Charles B. WALSH, David I. Oklahoma Nebraska Ohio Florida Wyoming Nevada Massachusetts _ __ 1919 ~ Deceber U. S. G 0 V B MrlE^fT Banking and Curreney Gemnttee 66th Congress Democrats Republicans PLATT, Edmund McFADDEN, Louis T. DALE, Porter H. McCULLOCH, Roscoe C. KING, Edward J. SCOTT, Frank D. NELSON, Adolphus P. STRONG, James B. ECHOLS, Leonard S. BROOKS, Edward S. HILL, William H. LUCE, Robert BURDICK, Clark New York Pennsylvania Vermont Ohio Illinois Michigan Wisconsin Kansas West Virginia Pennsylvania New York Massachusetts Rhode Island PHELAN, Michael F. EAGLE, Joe H. WINGO, Otis STEAGALL, Henry B. HAMILL, James K. LONERGAN, Augustine BRAND, Charles H. STEVENSON, William F. Massachusetts Texas Arkansas Alabama New Jersey Connecticut Georgia South Carolina I _ ___ 1919 FEDERAL RESERVE Ex Officio Members Carter Glass, Secretary of the Treasury Chairman John Skelton Williams Comptoller of the Currency BOARD W. P. G. Harding, Governor Albert Strauss, Vice Governor Adolph C. Miller Charles S. Hamlin Henry A. Moehlenpah Secretary's Office J. A. Broderick, Secretary (resigned Sept. 1) W. T. Chapman, Secretary (succeeded Broderick) L. C. Adelson, Asst. Secretary W. T. Chapman, Asst. Secretary (before Sept.) R. G. Emerson, Asst. Sec. (After Sept.) W. W. Hoxton, Executive Secretary Division of Operations & Examinations W. W. Paddock, Chief Division of Foreign Exchange F. I. Kent, Director M. C. Elliott, General Counsel Fiscal Agent W. M. Imlay, Fiscal Agent M. Jacobson, Statistician Div:ision of Analysis and Research H. Parker Willis, Director __ ___~ I FEDERAL RESERVE BOARD: MEMBERS: ~_ FOR THE YEAR 1919 W. P. G. Harding, Governor Albert Strauss, Vice Governor Adolph C. Miller Charles S. Hamlin Delano Henry A. Moehlenpah (appointed Sept. 5, took oath Nov. 1 )iO q9I AC U e) h MEMBERS EX OFFICIO: Carter Glass, Secretary of the Treasury, Chairman John Skelton Williams, Comptroller of the Currency Staff General Counsel: George L. Harrison Secretary: W. T. Chapman Asst. Secretary: R. G. Emerson Fiscal Agent: W. M. Imlay Chief, Division of Operations and Examination: W. W. Paddock Executive Secretary: W. W. Hoxton Director, Division of Analysis and Research: H. Parker Willis Statistician: M. Jacobson Acting Director, Division of Foreign Exchange: J. E. Crane Annual Report Sixth of the Federal Reserve Board, 1919 1919 FEDERAL RESERVE SYSTEM FEDERAL ADVISORY COUNCIL District No. 1 (Boston) District No. 2 (New York) Daniel G. Wing A. B. Hepburn District No. 3 (Philadelphia) L. L. Rue, Vice President District No. 4 (Cleveland) W. S. District No. 5 (Richmond) J. District No. 6 (Atlanta) Charles A. Lyerly District No. 7 (Chicago) James B. Forgan, President District No. 8 (St. Louis) F. 0. Watts District No. 9 (Minneapolis) C. T. Jaffray District No. 10 (Kansas City) E. F. Swinney District No. 11 (Dallas) E. P. Wilmot District No. 12 (San Francisco) A. L. Mills Rowe G. Brown ritt H. Grim, Secretary a I Federal Reserve Bank of Boston (Dist. 1) OFFICERS Governor Deputy Governors - Charles A. Morss - Charles Spencer Jr. C. C. Bullen Chairman and Federal Reserve Agt. Deputy Chairman Asst. Federal Res. Agent - Frederic Curtiss - Allen Hollis - Russell B. Spear Federal Reserve Bank of Boston (Dist. 1 ) DIRECTORS Class A Term Expires Dec. 31 FARNAM, Thos. W. (New Haven, Conn.) BEAL, Thomas P. (Boston, Mass.) KENNARD, Edward S. (Rumford, Me.) 1919 1920 1921 (elected) Class B MORSE, E. R. (Proctor, Vt.) ALLEN, Philip R. (East Walpole, Mass.) WASHBURN, Chas. G. (Worcester, Mass.) 1919 1920 1921 (re-elected) Class C METCALF, Jesse H. (Providence, R.I.) CURTISS, Frederic H. (Boston Mass.) Chairman and FR Agent HOLLIS, Allen (Concord, N.H.) Deputy Chairman 1919 1920 1921 (re-appointed) 1919 Federal Reserve Bank of New York (Dist. 2) OFFICERS Governor - Deputy Governors Chairman and Federal Reserve Agent Deputy Chairman Asst. Federal Reserve Agent Benjamin Strong, - R. J. L, J. - Pierre Jay - H. H. F. F. Treman Case Sailer Curtis George F. - Jr. (retired Oct. 31) Peabody Ray Gidney (resigned in May) Shepard Morgan (succeeded Gidney) Federal Reserve Bank of NEW YORK 1919 (Dist. 2) DIRECTORS Dec. 31 Tern CLASS A WOODWARD, William (New York) TBEAN, Robert H. (Ithaca) Begar Term Ended 1/3/17 1919 1/18 1920 1/1/18 1921 (reelected) TOWNE, Henry R. (New York) 1/1/17 1919 THQMPSON, William B. (Yonkers) 1/1/18 1920 1/1/19 1921 (reelected) 1/1/17 1919 (Chairman) 1/1/18 1920 3/1/19 1921 (reappointed)(Dep Chairman) SMITH, Charesa, (Oneonta) CLASS B PALMER, Leslie R. (Croton-on Hudson) CLASS C JAY, Pierre (New York) SAUNDERS, William L. PEABODY, George F. (Plainfield) (Lake George) 1919 Federal Reserve Bank of Philadelphia (Dist. 3) OFFICERS Governor - E. Psey Passmore William H. Deputy Governor Hutt, Chairman and Federal Reserve Agent - Richard L. Austin Deputy Chairman - H. B. Assistant Federal Reserve Agent Thompson Arthur E. Post Jr. c _ .. _. ._.___ ____ _ _ ___ ___ ~ ___r___~_~__~_ 1919 Federal Reserve Bank of Philadelphia 1 (Dist. 3) DIRECTORS Class A WAYNE, Joseph (Jr.) (Philadelphia, Pa.) DOUGLAS, Francis (Wilkes-Barre,Pa.) MURPHY, M. J. (Clarks Green, Pa.) Term Expires Dec. 31 1920 1921 (elected) 1919 Class B JOHNSON, A. B. (Philadelphia Pa.) STUART, E. S. (Philadelphia, Pa.) HADDON, Chas. K. (Canden, N. J.) 1919 1920 1921 (efected) Class C AUSTIN, Richard L. (Philadelphia, Pa.) Chairman and FR Agent THOMPSON, H. B. (Wilmington, Del.) Deputy Chairman HARRISON, Chas. C. (Philadelphia, Pa.) 1920 1919 1921 (re-appointed) - 1919 - ---- ; --- Federal Reserve Bank of Cleveland (Dist. 4) OFFICERS Governor E. Assistants to Governor - Chairman and Federal Reserve Agent Assistant Federal Reserve Agent M. J. Fleming Frank J. Zurlinden D. Deputy Chairman - - R. Fancher C. Wills Lyman H. J. Treadway (Died in C. Nevin Dec.) ,-~bar~a*r~p 1919 Federal Reserve Bank of Cleveland (Dist. 4) DIRECTORS Term Expires Class A Dec. ROWE, W. S. (Cincinnati, Ohio) SAMS, 0. N. (Hillsboro, Ohio) WARDROP, Robert (Pittsburgh, Pa.) 1919 1921 (elected) 1920 31 Class B WRIGHT, R. P. (Erie Pa.) STAMBAUGH, John (Youngstown COMBS, T. A. (Lexington,Ky.) Ohio) 1919 1921 (re-elected) 1920 Class C WOLFE, H. *TREADWAY, WILLS, D. *WILLIAMS, P. (Columbus, Ohio) Lyman H. (Cleveland, Ohio) Deputy Chairman C. (Bellevue, Pa.) Chairman and FR Agent L. B. (Cleveland, Ohio) http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis i 1921 (re-appointed) 1919 (died in Dec.) 1920 1919 (succeeded Treadway) 1919 Federal Reserve Bank of Richmond (Dist. 5) OFFICERS Governor Deputy Governors George J. - - Chairman and Federal Reserve Agent Deputy Chairman Assistant Federal Reserve Agent C. A. R. A. Seay Peple Broaddus Caldwell Hardy - James A. Moncure J. G. Fry ~------- m -------- |1919 n Federal Reserve Bank of Richmond (Dist. 5) DIRECTORS Term Expires Class A Dec. 31 BRUTON, J. F. (Wilson, N.C.) MANN, Edwin (Bluefield, W.Va.) RIEMAN, Chas. E. (Baltimore,Md.) 1919 1920 1921 (elected) Class B OYSTER, James F.(Washington, D, C. 191 COKER, D. R. (Hartsville, S.C.) STRUDWICK, Edmund (Richmond, 1920 Va.) 1921 (re-elected) Class C MONCURE, James A. (Richmond Va.) HARDY, Caldwell (Richmond, Va.) BRUCE, Howard (Baltimore, Md.) Deputy Chairman Chairman and FR Agent 1919 1920 1921 (appointed) B ='--T~-~------T-~----------------------1919 Federal Reserve Bank of Atlanta (Dist. 6) OFFICERS S Governor Deputy Governor - L. Chairman and Federal Reserve Agent Deputy Chairman Joseph A. McCord M. B. Wellborn - Asst. Federal Reserve Agent (resigned in Feb.) (elected in Feb.) C. Adelson M. B. Wellborn, (Resigned in Feb.) Joseph A. Mc Cord (elected in Feb.) Edward T. Brown Ward Albertson _ 1 Federal Reserve Bank of Atlanta __~ __I___ IEi--LTg-----~YT_ (Dist. 6) DIRECTORS Term Expires Class A OTTLEY, John K. (Atlanta, Ga.) FOOTE, F.W. (Hattiesburg, Miss.) KITTLES, P. R. (Sylvania, Ga.) Dec. 31 1921 1919 1920 (elected) Class B McCRARY, J. A. (Decatur, Ga.) HARTFORD, W. H. (Nashville, Tenn.) *ZUNTS, Jas. E. (New Orleans, La.) *SIMON, Leon C. (New Orleans, La.) Class C 1921 (re-elected) 1919 1920 (elected)(resigned) 1920 (succeed Zunts) * WELLBORN, M. B. (Anniston, Ala.) Chairman and FR Agent BROWN, Edward T.(Atlanta, Ga.) Deputy Chairman KETTIG, W. H. (Birmingham, Ala.) * McCORD, Jos. A. (Atlanta, Ga.) Chairman and FR Agent 1920 (resigned in Feb.) 1921 (re-appointed) 1919 1920 (succeeded Wellborn) :il -~---~-------~----~------~----~-----p Federal .. T Reserve Bank of Chicago (Dist. 7) OFFICERS Governor Deputy Governor Asst. to Governor Assistant Federal Reserve Agent J. - C. R. M B. M Dougal Kay B. G. Mc Cloud Chainran and Federal Peserve Agent Deputy Chairman - William A. - Heath James Simpson W. F. Mc Lallen _ - a~ - --. II I- I L' - I I Il Federal Reserve Bank of Chicago (Dist. 7) Y DIRECTORS Class A REYNOLDS, Geo. M. (Chicago, Ill.) FORGAN, J. B. (Chicago, Ill.) JOHNSON, E. L. (Waterloo, Iowa) Term Expires Dec, 31 1921 (re-elected) 1919 1920 Class B BLODGETT, John W. (Grand Rapids, Mich.) ERSKINE, Albert R. (South Bend, lid.) VOGEL, A. H. (Milwaukee, Wis.) 1919 1920 (elected) 1921 (re-elected) Class C Chairman and FR Agent HEATH, Wm. A. (Evanston, Ill.) Deputy Chairman SIMPSON, James (Chicago,Iil.) MEREDITH, E. T. (Des Moines, Iowa) 1921 (appointed) 1920 1919 Ir _ F __ ~ ~_ _______ ~_ II I_ Federal Reserve Bank of St. Louis (Dist. 8) OFFICERS Governor David C. Biggs Deputy Governor 0. M. Atteberry Chairman and Federal Reserve Agent - William McC. Martin Deputy Chairman - John W. Boehne Asst. Federal Reserve Agent Federal Reserve Bank-of St. Louis (Dist. 8) DIRECTORS Class A HILL, Walker (St. Louis, Mo.) UTTERBACK, J. C. (Paducah, Ky.) ZIEGLER, Sam A. (Albion, Ii.) Term Expires Dec. 31 1920 1921 (elected) 1919 Class B BIGGS, David C. (St. Louis, Mo.) PLUNKETT, W. B. (Little Rock, Ark.) PERCY, Leroy (Greenville, Miss.) 1921 (re-elected) 1919 1920 Class C McC. MARTIN, Wn. (St. Louis, Mo.) Chainnan and FR Agent BOEHNE, John W. (Evansville, Ind.)Deputy Chairman MOONEY, C. P. J. (Memphis, Tenn.) 1921 (appointed) 1920 1919 1 _I___ I_ ~ ~ ~ ~ _ Federal Reserve Bank of Minneapolis (Dist. 9) OFFICERS Governor Deputy Governor Secretary & Cashier Chairman and Federal Reserve Agt. Vice Chairman - Theodore Wold (resigned in October) R. A. Young (succeeded Wold) S S.S. Cook - John H. - W. H. Lightner Rich _ 1919 Federal Reserve Bank of Minneapolis (Dist. 9) DIRECTORS Class A DECKER, E. W. (Minneapolis, Minn.) HANNA, L. B, (Fargo, N.Dak) McDOWiELL. W. C. (Marion, N. Dak.) Term Expires Dec. 31 1919 1920 1921 (elected) Class B BIGELOW, F. R. (St. Paul, Minn.) HIXON, F. P. (La Crosse, Wis.) HOLTER, N. B. (Helena, Mont.) 1919 1921 (re-elected) 1920 Class C RICH, John H. (Minneapolis, Minn.) Chairman and FR Agent LIGHTNER,W. H. (St. Paul, Minn.) Deputy Chairman John W. (Houghton, Mich.) *BLACK *BENEDICT, C. Harry (Lake Linden, Mich.) 1920 1921 (re-appointed) 1919 (resigned in Sept.) 1919 (succeeded Black) -- 1919 Federal Reserve Bank of Kansas City (Dist. 10) OFFICERS Governor - Deputy GovernorAssistant to Governor - Chairman and Federal Reserve Agent Assistant Federal Reserve Agent - J. Z. Miller, Jr. J. L. Cross (resigned March 1) C. A. Worthington (elected to succeed Cross) Asa E. Ramsay - C K. Boardman Federal Reserve Bank of Kansas City (Dist. 10) DIRECTORS Term Expires Class A BAILEY, W. J. (Atchison, Kans.) BURNHAM, C. E. (Norfolk, Nebr.) MITCHELL, J. C. (Denver, Colo.) Dec. 31 1919 1920 1921 (re-elected) Class B BYRNE, T. C. (Omaha, Nebr.) GIBSON, Harry W. (Muskogee, Okla.) McCLURE, M. L. (Kansas City, Mo.) 1921 (re-elected) 1920 1919 Class C FLEMING, F.W. (Kansas City, Mo.) Deputy Chairman RAMSAY, Asa E. (Kansas City, Mo.) Chairman and FR Agent MALONE, R. H. (Denvey, Colo.) 1919 1920 1921 (re-appointed) Federal Reserve Bank of Dallas (Dist. 11) OFFICERS Governor Deputy Governors - R. L. Van Zandt - J. W. Hoopes Lynn P. Talley Chairman and Federal Reserve Agent W. F. Ramsey Deputy Chairman - W. B. Assistant Federal Reserve Agent - Charles C. Hall Newsome n _ 11919 ; __I __ __ Federal Reserve Bank of Dallas _F;i____i__l__m________i -I (Dist. 11) DIRECTORS Term Expires Dec. 31 Class A SCOTT, John T. (Houston, Tex.) SMITH, E. K. (Shreveport, La.) McKINNEY, B. A. (Durant, Okla.) 1921 (re-elected) 1920 1919 Class B SANSOM, Marion (Fort Worth, Tex.) KELL, Frank (Wichita Falls, Tex.) CULBERTSON, J. J. (Paris, Tex.) 1919 1921 (re-elected) 1920 Class C RAMSEY, W. F. (Dallas, Tex.) NEWSOME, W. B. (Dallas Tex.) WOOTEN, H. 0. (Abilene, Tex.) Chairman and FR Agent Deputy Chairman 1920 1921 (re-appointed) 1919 j 1919 Federal Reserve Bank of San Francisco (Dist. 12) OFFICERS Governor, James K. Lynch (died April 26, 1919) John U. Calkins (started May 2, 1919) Deputy Governor William A.Day Asst. Deputy Governor Chairman and Federal Reserve Agent Deputy Chairman Ira Clerk John Perrin Walton N. Moore .919 Federal Reserve Bank of San Francisco (Dist. 12) DIRECTORS Term Expires Dec. 31 Class A 1919 1920 (elected) 1921 (Elected) McINTOSH, C. K. (San Francisco, Cal.) FISHBURN, J.E. (Los Angeles, Cal.) BUCHAN, M. A. (Palo Alto, Cal.) Class B DOHRMANN, A. B. C. (San Francisco, Cal.) McGREGOR, J. A. (San Francisco, Cal.) COX, E. H. (San Francisco, Cal.) 1920 (re-elected) 1921 (re-elected) 1919 Class C PERRIN, John (San Francisco, Cal.) Chairman and FR Agent ELLIOTT, Edward E. (Berkeley, Cal.) MOORE, Walton N. (San Francisco, Cal.)'Deputy Chairman 1920 1919 1921 (re-appointed) I II ~ _ ~-- - - ----. Dec. 23 July 23 ....--- --- -.-.- U.S.Congress. Senate. Banking and currency comm Incorporating institutions to engage in international or foreign banking: HBARINGS ... 66th, let sees. on S.2472, bill to amend the Act approved Dec. 23, 1913, known as the Federal Reserve Act. July 23, 1919. Wash., Govt.ptg. off., 1919. 28 p. Testimony: Harding, V.P.G. HEARINGS HG 2560 .A2 1919 Letter to Committee, July 21, pp.22-24 Edge Act F.R.Bd.L. a HEARINGS Dec. 23, Sept. 19,22,25 TT.S.Conaress. Touse. Bankine and currency comm. FG Amendment to Federal Reserve Act: FHARINGS ...66th 1st sess. on S.2472, an act to amend 2560 .A2 the Act approved Dec.23,1913. Sept. 19, 22, Wash., Govt.ptg.off., 1919. 25, 1919. F pts. 1919 Testimony: Harding,V.P.G. (Gov.) Strause,A. Sept.19 pp.5-9, 17-40 " (ViceGov.) 22,pp.45-h6,ha-70 77-102 Harrison, G.L. (Bd. Gen. Counsel) *Edge A0t 1R.BaL. " 25 p3. 85-101 Sept. 22,.61-69 Sept. 2 5,p.77-102 (EDGE ACT) 1919 March 3 Earnings of Federal Reserve Banks. LEGISLATION Section 7 of Federal Reserve Act was amended so as to permit Federal Reserve banks to accumulate a surplus of 100 per cent of their subscribed capital, instead of 40 per cent of their paid-in capital as previously provided, before paying the excess of such net earnings to the United States as a franchise tax. (40 Stat. 1314, Ch. 101, sec. 1.) Eligibility of ex-board members to serve member banks. Section 10 was amended so as to permit appointive members of the Federal Reserve Board to serve member banks after having served the full term for which they were appointed. (40 Stat. 1315, sec. 2.) Rediscount of loans in excess of 10 per cent secured by Government bonds or notes. Section 11(m), which formerly authorized the Federal Reserve Board to permit member banks to carry with Federal Reserve banks any portion of their reserves re quired by section 19 to be held in their own vaults, and which had been rendered obsolete by the Act of June 21, 1917, was stricken out; and there was substituted therefor a new section 11(m) which authorized the Federal Reserve banks to discount for member banks paper bearing the signature or indorsement of any one borrower in excess of 10 per cent, but in no case to exceed 20 per cent, of the member bank's canital and surplus, rovided that all such paper was secured by a like face amount of bonds or notes of the United States issued since April 24, 1917. In effect, the amendment amended sections 9 and 13; but it w.-s to lapse after December 31, 1920. Stat. 1315, sec. 3) Digitized for(40 FRASER http://fraser.stlouisfed.org/ Source: Supplement to statement on Evolution of Banking Legislation by Walter Wyatt, 26, 1939. Exhibit G October Federal Reserve Bank of St. Louis 1919 September 17 Investments by national banks in foreign banking corporations LEGISLATION Section 25 of Federal Reserve Act was amended so as to authorize any national bank, until January 1, 1921, subject to the approval of the Federal Reserve Board but without regard to the amount of its capi tal and surplus, to invest not exceeding 5 per cent of its capital and surplus in the stock of one or more corporations chartered under Federal or State law and principally engaged in phases of international or foreign financial operations necessary to facilitate exports from the United States. (41 Stat. 285, Ch. 60.) Source: Supplement to statement on Evolution of Banking Legislation by Walter Wyatt, October 26, 1939. Exhibit G 1919 October 22 Exception to limitation on indebtedness of a national bank LEGISLATION Section 5202 of the Revised Statutes, made a part of section 13 of the Federal Peserve Act, and limiting the total indebtedness of a national created bank, vas amended so as to exempt from such limitation liabilities by the indorsement of accepted bills of exchange payable abroad actually (41 Stat. owned by the indorsing bank and discounte6 at home or abroad. 297, Ch. 79, sec. 2.) Source: Sunulement to statement on Evolution of Banking Legislation by Vlter Wyatt, October 26, 1939. Exhibit G 1919 December 24 "Edge Act - Amendment" LEGISLATION Section 25(a) of Federal Reserve Act was added, providing for the Federal incorporation of institutions to engage in inter national or foreign banking or other financial operations. (41 Stat. 378, Ch. 18.) Source: Supplement to statement on Evolution of Banking Legislation by Walter Vyatt, October 26, 1939. Exhibit G FEDERAL RESERVE SYSTEM 1919 POLICY ACTION November 1919 to March 1921 Apparent Intent - Restrictive Open Market Operations - Buying rate on bankers' acceptances raised and holdings reduced sharply. Discount Rate - Raised from range of 4-41/2 to 6-7 percent at all Fed eral Reserve Banks* (November 1919-February 1921). Moral Suasion - Warnings, Federal Reserve credit not to be used to finance speculation; direct pressure on heavy borrow ing banks to reduce indebtedness. Surrounding Circumstances - Large expansion of credit; rapidly Increasing prices; and heavy commodity, security, and real estate specula tion; gold reserve ratio near legal minimum. Source: Joint Committee on the Economic Report Monetary Policy and the Management of the Public Debt (Patman Report) 1952, Page 216. *At four of the Federal Reserve Banks progressively higher rates were charged on discounts over basic lines during all or part of the period April 1920-July 1921. See Banking and Monetary Statistics, p. 422. LITIGATION 10.101. Quali firil.Comptroller oriaCuency after expiration of term a: .- Whem the Comptrotfer of the Currency tmet but the nomination was not ac6ed was eted fd i upon byt~he Senate prior to its adjournment, and the Comptroller con tinued to exercise the duties of his office, he remained- Comptroller of the Currency de jure and consequently was a leally qualified member eivethe salary prescribed of the Federal Reserve Board and ektled th* Comptroller by section 10 of the Federa 0~0 ,1919). as ex officio A~mber of the ~aprd. NomT.-By vl ceased to be System (foj AWtf the -lnking Act 1 of the su meors rern of .t the Currency Fedet-Beserve ...~ LITIGATION 1919 -t11f:: .The purchaser of an fant's real estate refused, te on the ground that the Sup#.* nationgiank aa specipl guardian in 4 sale qk be estj4l ace such ., erpapation w oe qualified v er Stat law. In a st~il compel the p pcept title, it was hld ~at the Federal statu vesting..,jAti with power to act, in "numerated trust capawamlperiou consistent State legis lation; that, while a apight reasona late the exercise of the powers so conferre 4 could roi ercie ithin its do main of the powers and f i f national banks; and that therefore, sice the. ban a "suitable person" within the power of the State within St We meaning of the irtto appoint the n eial guardian. In re Mollineaux, 109 Misc. 75, 179 N. Y. ). 1919 BULLETIN 1059. LITIGATION 1919 11.606. Missouri.-In an opinion dated June 12, 1919, the assistant attorney geneal of Missouri b that the Missouri superintendent of taniks is required to recei' r national banks, authorized by the Board to exercise frust powers, deposits of securities tendered by such hem to quaify without giving And, in the banks in order to -afte iftl from Missouri trust com ~m.s same manner as such daosit44W . wrIN 655. psaies. 1919louL - No2.-For other rulings relating to theixerie of trust powers in Mouri, see 11.600; 11OT.. LITIGATION 14.501. Scope of Board's power as to discount rates.-The powr of the Board with respect to discount rates is not merely a power to re view and approve or disapprove. Because of the addition of the words "and determination," the Board has the right to pass upon and to decide and fix discount rates established ~,ime to time by the Federal Re serve banks. This power is clear Ih provisions of section 14 (d) of th. Federal Reserve Act are considered in connection with the power of thEBoard under section 11 of the Federal Reserve Act to supervise the biuiness oTihe Federal. W eiviiWtIks and tJovisagonrsrection 12 of thwFederal Reserve *ae rei a Federa aWisy Council with authority to make recomnendaticns in regard to discount ratetj.82 Op. Atty.Gen. 81 (1919). Ngkw.-As to ..... change ... in law, see note to 14.500. . . .. . .. ......~4r .. . . .
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