The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
r
I
F e d e r a l Reserve B a n
JOHN
W. B O E H N E ,
E VANSVILLE, IND.
D. C- B I G G S ,
S T . LOUIS, MO.
OSCAR
FENLEY,
L O UI S VI L L E , KY.
S t .L o u i s
W ALKER
HILL,
ST. L O U I S , MO.
W, B.
PLUNKETT,
L I T T L E ROCK, ARK.
LE
ROY
PERCY,
GREEN VI LLE, MISS.
FRANK
O. W A T T S ,
ST. LOUI S , MO.
February 23, 1917.
Honorable Paul M. Warburg,
Federal Reserve Board,
Washington, D. G.
Dear Mr. Warburg:
telegram of the same date, in regard to warrants of the State o f
Tennessee offered to this bank:.
The facts as stated in my letter of the 16th inst. were
correct.
Our Counsel advises that, in talking with Mr. Watts about
this matter, the question came up as to whether the State would
have the funds to pay the six months warrants, and the statement
was made that doubtless there would be sufficient in the Treasury
as the result of ad valorem taxes and other kinds of taxes to take
care of the warrants due in six months.
This doubtless is true,
bat among the questions we asked the State of Tennessee in regard
to these warrants was the following: “Description of the taxes or
assured revenues in anticipation of which the warrants are issued."
The answer to this was, "Regular tax of State.”
In reply to the
question as to the nature of the tax, the reply was, "Regular tax.**
We also have a telegram from the Treasurer of the State of Tennessee,
reading: “Taxes in Tennessee are due in October of each year, and
Reproduced from the Unclassified I Declassified Holdings of the National Archives
.<£EF!y^BANK OF ST. LOUT
are not delinquent until March 1st thereafter.1* The six month*
warrants themselves would have had a maturity of about Ingust 15th
of this year, and while it would seem that they are undoubtedly
good, at the same time, our Counsel and Executive Committee cannot
see that they are eligible under Regulation B, Series of 1916,
Section I, Subsection (b), unless the Board should waive the con
dition set out in said regulation in this specific case.
We have, therefore, refused to purchase these warrants.
Tours very truly,
A
r
A
X
.
f it
Chairman of the Board.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
.
AL RC3EBYE BOARD HIE
ffcbruary 31 # 191?*
Bear Mr, Maxtin:
1 Juat received your telegram,
Mr* Watts said to u® tbat the s tate»ent in your letter
cones rising the dates at which the revenue becomes dus and
payable ware not correct |, that your counsel had advi&ed you
that there #ae sufficient revenue toe and payable within
six non the eo as to reader these ?arr&nta e lig ib le ,
to Mr* Watte that
1 aaid
your bank was satisfied tbat the war
rant# were eligible there was no necessity for asking our
approval; provided you did not buy ©ore than 3Sj» of the i$~
ame* and upon his request X* thereforef asked the Board not
to act upon your letter u n til you bad an opportunity to
cosnsuaioate with us further upon the subject*
Ton have
meanwhile received the Boardfs circular le tte r expressing
its general views as to the advieability of the purchase
of warrants at thie ti»e*
Very truly youre.
I*. UcC. Martin, !»$*,
Federal Reeerre Agent*
St, touie* Mo*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
/
25P0 MO
68
G*vt.
T E LE G R A M
W
Paul Iff warb u r g F e d e r a l
ST .IiOUI S Mo
21X917
Reserve B o a r d
Wa s hington
Watts advises you informed h i m not necessary to g e t ruling from
board under facts stated m y letter sixteenth to S e c r etary of
Board* This do.es not seem to agree with regulation E mentioned
m y letter. R e gulation seems to indicate we cannot take these
« enrie's'se^warrants unless board waives condition that taxes mtrst
i5er''piy'Sbl3r“lT3^
o f warrants. Please advise
Martin, Agent
429pm
Reproduced from the Unclassified I Declassified Holdings of the National Archives
»r. He# Ko0» Hart in,
P*der*l Beetr™ Agant,
8t* Loult, Mo*
Dear Jfr* Martim*.
t©W letter cf #efc«*ft.jgr It*
t* & • profit#. porohaee of m & x m A * of the 0t*t#
Teaaeesee, h«e beon
Mr« $«tt* lm#
ttftt as
lJ9i yo or 3^
thl* am tter witii
a^0s$ii^
le
eet,
the Board b*e postponed acting ypoo yoar letfe«r mat 11
it will ag&a h#;tr frc« you.
Youre very truly.
0esr*ti«f *
■viaoomeu/ declassified Holdings of the National Archives
February K
-911
BESKSTCE BQ^R33
MEMORANDA!
For Mr.
lartmrg,
Under the regulations of the Board the
following matter is referred to you as
Chairman,, Committed on
Member,
"
lBTQ8tmentsf
M
Letter dated Feb# 16, 1917 from F B Bk. St* Louis
re offer of ♦200,000# in warrants of the State of
Tennessee through 3rd Nat • B3c* of St» Louis*
R E M A R K S .
(C ,
tyttYtSYt*
l
Reproduced from the Unclassified I Declassified Holdings of the National Archives
I
j
Fe d e r a l R e s e r v e B o a r d
W ashington
February 19, 1917*
Dear Mr. Martin:
Tour letter of Feb^a^rx^S.ixteenth, relative to the pro
posed purchase of warrants of the State of Tennessee, has been
received.
Mr, Watts has discussed this matter with us, as suggest
ed in your le tte r, and, at his request, the Board has post
poned acting upon your letter u n til it w ill again hear from
you.
Yours very tru ly ,
Wm. McC. Martin, Esq,,
Federal Reserve Agent,
St. Louis, Missouri.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
W . P. 9 . HARDINS, COVtRHOR
M U L M. WARBUR0, V iet OOVRBNOB
FREDERIC A. DELANO
ADOLPH C. MILLER
CHARLES S. HAMUN
O I M I « . MCADO
i K M I A n o r THB TRIASURY
JOHN SKELTON WILLIAMS
comptrollerortheCurrincy
FEDERAL RESERVE BOARD
H. PARKER WILLIS, SECRETARY
SH U M AN P. ALLEN. ASST.SlCRETARY
AND FISCAL ASIHT
WASHINGTON
F K D U tA I. R X S K R V I B O A R D
February 19, 1917*
LIr,♦ \m« :»lcC•.™ar t in,
Federal Baser ve Agent,
3t• Lo ib s , Mo•
Dear I-Ir. Marti n:\
y\
YouXletter of Smtruary 16 relative to the pro
posed pur chase oi’ YvarWjit s or the btate of Tennessee due in
six months from ?ebr;aai-np, 1917, has been received,
?he
Board lias considered t}y§ :natter, a m I an directed to advise
you that it is not de/ned wisV to authorise the purc^iase of
these warrants-,
funeral question of the policy to be fol
lowed by Federal rpserve banks in Vis© purenase of warrants in
tho irsrneliate fu/ure, will probably iSorm the subject of a gen
eral letter tofe sent out an early datNa by the Governor of
Dio Board.
Very truly yours,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
FEDERAL RESERVE BOARD FiLE)
L- F IC E R S
>1R E C T O R S
ROLL.A W IL L S ,
w. M e c . t f l ART IN,
M V IR N S R .
A N OP T H E B O A R D A N D
W. W. HOXTON,
D ffU T Y
•6 V IR N O H
AN D C A IH IIK .
J A M K I 9. M cCON K EY,
C O U N K LA N D
F ed er al R eserve B a n k
S lC R IT A R Y .
JO H N
OF
C a s h ie r .
W. U t H N I ,
E V A N S V I L L E , I N D.
d. c .
O LIN M. A T T E l i R Y ,
A m iit a n t
F E D E R A L R E S E R V E AO E N T
B ie e s ,
4^
S T . LO U !
WALKER
S T . L O U I S , MO.
St . L o c is
W. B. P L U N K E T T ,
L I T T L E ROCK, a D k .
LB
ROY PER CY,
O H E E N V IL L E , M IS S .
F R A N K O. W A T T S ,
S T . LOU IS, MO.
8 . A. Z I E G L E R ,
A L B I O N , IL L .
February 16, 1917.
Mr. H. Parker Willis, Secretary,
Federal Beserve Board,
Washington, D. C.
Dear Mr. Willis:
h a m bee% offered through the Third national Bank,
of this City, f^OO,C^Tin^^S*rants of the State of Tennessee, due
A
A.
in six months from February 15, 1917.
We can get these warrants,
which are thoroughly satisfactory obligations of the State, on &
3-3/4 basis, but the difficulty is that, while the warrants become
due August 15th. taxes in Tennessee are not due until October of
-— " 1
7p f ' ‘
each year and are not delinquent until March 1st thereafter * Eeg■•'*•'.......
ulation E, Series of 1916, Section I, subsection (b) reads?
“They
are issued in anticipation of taxes or revenues which are due and
payable on or before the date of maturity of such warrants* but the
Federal Reserve Board may waive this condition in specific cases*”
We would like to have these warrants, if the Board will waive the
condition of the taxes or revenues being due and payable on or before
the date of maturity of the warrants.
I understand that Mr. Watt a, President of the Third nat
ional Bank, leaves here for Washington tomorrow, and if additional
information is desired in regard to them, it can be procured from
him on Monday*
*■> •««!
Reproduced from the Unclassified I Declassified Holdings of the National Archives
(ESLHV
rt&ERVE BANK OF ST. LOt
,£ T N©._1
.J U -
It would "be appreciated if you would let me Imow by
viire whether or not we should purciifi.se these warrants*
Yours very truly,
■ . M
tu x .
Chairman of the Board
Reproduced from the Unclassified I Declassified Holdings of the National Archives
|
j Ft
*">-,! r>,-•-rn'.ff p.rs»T‘;'i >iJ'i
S'i w. ofJ- •» V L-
January 12, 1917*
Hr# William McC* Bar tin*
Federel Beserve Agent*
81 <* tatle* Mo*
Dear Sir:
Tour letter addressed, to Honorable W, p* G*
Hording under date of _Jmuai^^J.0, has been placed In
nyr hands for reply* and I beg to advise you tb&t
yesterdsp, January 12, I telegraphed you as follow®*
’’Board aatharises purchase warrants Paducah
proposed your wire alevent &•**
flie above I now m n firm*
yrQjy truly yours t
Secretary*
•' •' - 'J
* 1* -t- j
Reproduced from the Unclassified I Declassified Holdings of the National Archives
F o r m 40
1
'
'
FEDERAL
TELEGRAM
^
i L^, j 9j
RESERVE
BOARD
W A S H IN G T O N
Suamtf
U, X»m
3 J -3
Jn
B*nk,
It*
<oj1e#
autborlces purob**e u m a l l
wire #leT*ath.
proposed ^H*3P
.... C
O FFIC IAL BUSINESS
GOVERNM ENT RATES
harge F ed er al Reserve
Digitized for CFRASER
V
Board
*?
J> £> £•-
k
§* m a* U&rtln,
*
-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
APH - COMMERCIAL.C A B L E S
POSTAL TE L
t A R E N C E
•IVED A T
H.
M A C K A Y ,
Pr e s id e n t.
NIGHTTELEGRAM
DELIVERY No.
T h e Postal Telegraph-Cable CorTipany( Incorporated) transmits and delivers N ig h t M e s s a g e s s u b je c tto th e term s and c o n d itio n s p rinted on t he back of t h i s blank.
24-21509
DESIGN PATENT No. 4 0 529
Eiormvnm
43HM GVT «p
v
JAN 12 1917 ~
. A Stlouis Me ;Jan 11-17
w P © Harding
Governor Federal Reserve Board WASHN.
Wrote you yesterday requesting permission to purchase entire issue
one hundred thousand dollars paduoah Ky., warrants due July tenth
nineteen seventeen we must give answer immediately and would appreciate
,
iii G IT ; y/ lj k f r)
reply by wire.
Martin Agent
Mr,
H&CZtU
*x*0Ui
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D IR E C TO R S :
W . M<= c . M A R T I N ,
3O A R D A N
Fe d e r a l Re s e r v e Ba n k
G O V C P «O R.
W . W. H O X T O N ,
Dep u ty
G o v er n o r
a n d
T.C.TUPPER,
, VICE-CHAIRMAN
THE BOAR
DEPUTY FEDERAL RESERVE A
J O H N W. B O E H N E ,
Ca s h i e r .
E V A N S V I L L C , IN D.
J A M E S G .M ? C O N K E Y ,
C o u n s e l and Se c r e t a r y .
D.C . B I G G S ,
OF
ST. L O U I S , M O .
OSCAR
> 2
FENLEY,
L O U ISVILLE ,
S
WALKE R
t.L o u i s .
HILL,
ST. L O U IS , M O .
W. 3. P L U N K E T T ,
L.E
ROY
PER C Y,
GREENVILLE,MISS.
FRANK O.W A T T S ,
ST. L O U I S , M O .
January 10, 1917.
ftEC.SJ'v &..Q
Honorable W . P . G . Harding,
Governor, Federal Reserve Board,
Washington, D. C.
Dear Governor Harding:
The City of Paducah, Kentucky, offers us $100,000.,
the entire issue, of a series of warrants due July 10, 1917.
Heretofore, we have purchased some of these warrants,
and the data presented with the offering were such as to make them
eligible under the Federal Reserve Act.
Provided
on examination of the proceedings these war
rants are found eligible for purchase by this bank:, it will be
appreciated if the Board will give us authority to purchase the
entire issue of %100,000.
Unless we can do this, there is not
much chance of our getting any part of 'the issue, as the issue is
usually disposed of as a v/hole.
Yours respectfully,
4
^ Mt,
Chairman of the Board.
K
Reproduced from the Unclassified I Declassified Holdings of the National Archives
FEDLRAL RESERVE BOARD HLE
D IR E C TO R S :
O FFIC ER S :
R O LLA W E L L S ,
Go v e r n o r .
Fe d e r a l Re s e r v e Ba n k
W . W . H O X TO N ,
d e p u t y
Go v er n o r
a n d
JO H N
Ca s h i e r .
W . B O E H N E ,
E V A N SVILLE.IND.
J A M E S G .M ? C O N K E Y ,
C o u n s e l and Se c r e t a r y .
D .C . B I G G S ,
OF
ST. L O U I S , M O ,
O SCAR
jL
F E N L E Y ,
LOUISVILLE,KY.
S
W A L K E R
t.L o t jis.
H ILL,
S T. L O U I S , M O .
W . 3 .P L U N K E T T ,
LITTLE ROCK, ARK.
LE
ROY
P ER C Y,
G R E E N V I L L E , MI SS.
F R A N K O .W A T T S ,
ST. L O U I S , M O .
January 10, 1917
ftfiCEIVED
JAM 1 2 1917
Honorable ¥. P. G . Harding,
Governor, Federal Reserve Board,
Washington, D.C.
Dear Governor Harding:
I wish to acloiowledge receipt of your letter of the
End inst., advising that the Federal Reserve Board gives its
approval of the purchase by the Federal Reserve Bank of St. Louis
of $200,000► of warrants of the State of Mississippi, payable
January 10, 1917, such amount being in excess of ZS% of the total
amount of eligible warrants outstanding at the time the purchase
was made *
We are also glad to Know that the Board has given its
approval of the purchase of & 1 9 0 , 0 0 0 . 0f similar warrants by the
Federal Reserve Bank of San Francisco.
Yours very truly,
Chairman of the Board.
«*{,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
T
Janoary 2, 191S
My dear Sr. Martin;
Toe Federal Reserve Board hereby given its approval
of the purchase by the Federal Benerve BmAr of St. Louis of
$200,000 of warrant* of the Stitt# of Mlssiitslppi, psyafcle J&nxtary 10, ltl?, MxxQh MKwnt being in exoe** of t*enty*f ive pmr
centra of the total amoont of eligible warrants* outstanding at
the tim
the purchase m a made.
The Board is -also giving ita approval of the purchase
of $190,000 of similar warrant* fey the Federal He serve Bm A? <rf
Saxi Francisco.
Very truly ym*r«,
Governor
Mr. W. McC. Martin,
Cti&lnaai*, Board of Mrector#
Federal Eeaerve Bank,
St. Louie, Mo.
dictated Toy
Approved "by —
*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D IR E C TO R S :
W . M9 C. M A R T I N ,
C H A IR M A N
O FFIC ER S :
FEDERAL
ROLLA W E L L S ,
Fe d e r a l Re s e r v e Ba n k
G o v e r n o r .
W,W , HOXTON,
Dcpy*r* G o v e r n o r
J A M E S G.M? CONKEY,
Co u n s ii
a n d
and
o f
t h e
RESERVE
E V A N SV ILLE , I
Se c r e t a r y .
D.C . B I G G S ,
OF
ST. L O U IS , MO.
OSCAR
FENLEY,
L O U I S V I L L E , KY
S
W A L K E R
t.L o u i s .
H ILL,
S T . LO U IS , MO.
W . 3 . P L U N K E T T ,
LITTLE
LE
r b c o v b d
ROY
R O C K , Al
PER C Y,
G R EEN V ILLE, M
FRANK O.W A T T S ,
S T . L O U IS . MO.
DEC 2 91916
oovgjrnor’
s
omcB
December 26, 1916,
Honorable W. P. G. Harding,
governor, Federal Reserve Board,
Washington, D. C .
Dear Sir:
Some question has arisen as to whether or not we
should have received authority of the Federal Reserve Board
for the purchase of $200,000* of the State of Mississippi
warrants, payable January 10, 191? f now held by us.
The attached letter from our Counsel, addressed to
me, explains the situation fully, and in order to remove any
doubt about the matter, it will be appreciated if the Board
will approve our exceeding the ZB% limit and also have the Fed
eral Reserve Bank of San Francisco authorized to exceed its
25-C limit.
The Federal Reserve Bank of San Francisco purchased
the bonds on our recommendation.
a n d
AGENT.
V I C E - C H A I R M A N O F T H E B O A R D . A NO
DEPUTY FC P C R A l RESERVE AGENT.
J O H N W. B O E H N E ,
Ca s h i e r .
b o a r d
T.C.TUPPER,
Chairman of the Board.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D IR E C TO R S :
W . M<5 C. M A R T I N,
CHAIRMAN
O FFIC ER S :
FEDERAL
FtOLLA W E L L S ,
F e d e r a l ,R e s e r v e B a n k
G o v e r n o r .
W .W . HOXTON,
di e p u t t G o v e r n o r
J A M E S 6.M5 CONKEY,
C o u n s e l
a n d
and
BOARD
AND
AGENT.
VICE-CHAIRMAN OF THE B O A R D AN
DEPUTY FEDERAL RESERVE AGENT
JO H N
Ca s h i e r
OF THE
RBSERVE
T.C.TUPPER,
W .B O E H N E ,
E V A N S V I L L E , IN D .
Se c r e t a r y .
D.C . B I G G S ,
OF
ST. L O U IS, M O .
O SCA R
FE N L E Y ,
«
L O U I S V I L L E , KY.
WALK E R HILL,
S t .L o u i s .
ST. L O U I S , M O .
W . B. P L U N K E T T ,
L I T T L E R O C K, A R K .
LE ROY PERCY,
G R E E N V IL L E ,M ISS.
FRANK O.W A T T S ,
ST. L O U I S , M O .
December 22, 1916.
Mr. Wm. Me C. Martin,
Federal Reserve Agent, a- d
Chairaan of the Board,
Federal Reserve Bank of St. Louis,
St. Louis, Missouri.
Dear Mr. Martin:On July 10th, 1916,
the Federal Reserve Bank of St. Louis
purchased from Wm. R. Compton Co., $200,000.00 of the State of Mississippi
warrants, payable January 10th, 1917.
Upon examination of tha Act authorizing the loan, I found that it
was for 1800,000,00, or any part thereof for the year 1916, and a similar
amount for 1917.
From an examination of the records relating to previous
loans under a similar authorization, I found that about one half of the author
ized loan was made at the
beginning of the year and the other half after the
middle of ths year, both payable in January the following year.
This infor
mation, together with a Certificate from the Secretary of State and Auditor
of Public Accounts, convinced me that this July loan of $400,000.00 was the
last half of the. |800,000.00 authorization..
I therefore advised that we tax.e
$200,000.00 as our 25^ of the authorized loan, and recommended to several banks,
among others that of San Francisco, that we had taken our proportionate part and
that there remained $190,000.00 of similar warrants , so the Federal Reserve
Bank of San Francisco took the remaining $190,000.00 on my recommendation.
When the Examiner was here, he suggested that his attention had been
called to the loan while in San Francisco, thinking it was only for a $400,000.00
issue, and asked if we had obtained permission from
to take this amount.
the Federal Reserve Board
5
1
^
Reproduced from the Unclassified I Declassified Holdings of the National Archives
FEDERAL RESERVb. BANK OF ST. LOU
I thereupon
wrote to the auditor of the State of Mississippi
con
cerning* the matter, and have his reply to thj effect that when the issue of
July 10th was sold, the remaining* portion of the §800,000.00 authorization
had not been iffer$d;
that subsequently
$350,000,00 of the
remaining
portion was sold and will be paid at the sa ie time as the $400,000.00.
From the foregoing you will see that the $200,000.00 taken by us,
being 25% of the ,f800,000.00 authorized, is slightly
was only $750,000.00 actually sold,
in excess,since there
and if the Examiner is correct in his
view that we are limited to 25% of the $400,000.00 issAed at that time, then
our purchase is likewise in excess of the
amount authorized.
I therefure
think it would be advisable to take up with the Board the matt ;r of obtaining
their formal approval of the excess purchase made by us, and, since the
Federal Reserve Bank of San Francisco made its purchase on our recommendation,
that we likewise obtain
the authorization for their excessive
I am furnishing you a copy of the letters
State of Mississippi relating to these warrants.
Very truly yours,
holdings.
from the Auditor of the
Reproduced from the Unclassified I Declassified Holdings of the National Archives
COPY
Jackson, Miss.
December 20, 1916,
Mr. James G-. Me Conkey,
Secretary & Counselor,
Federal Reserve Bank,
St, Louis, Mo.
Dear Sir:Retslyinp’ to your letter of the 18th inst., v/ould say that at
the time that ths certificate of which you sent me copy was signed by
the Secretary of State and ayself,
of the eicr-ht hundred
only four hundred thousand dollars
thousand dollars, authorized by Chapter 86,
of Laws of 1916, to be borrowed by the Governor
senuently he borrowed
three hundred
had been borrowed; sub
and fifty thousand dollars
more, which is payable and will be paid the sa . time as the four
hundred thousand, first borrowed.
Very respectfully,
(SIGNED)
Robt.
Auditor of
S. Wilson,
Public Accounts.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
COPY
St. Louis, Mo. December 18, 1916.
,
Mr. Robert E. Wilson,
Auditor of Public Accounts,
State of Mississippi,
Jackson, Miss.
My dear Sir: I beg to acknowledge receipt of your letter of the 15th inst.,
in response to mine of the 13th, and to thank you for your prompt reply.
My object in asking for this information was for the purpose of
ascertaining whether or not there was any other portion of tho authorized
§800,000.00 1916 loan outstanding and unpaid on June 10th, 1916, the
date on which the |400,000.00
sold. The
know
issue (a part of which we bought) was
matter is purely a technical one, but necessary for us to
in order
that we nay comply with the 'Regulations of the Federal
Reserve Board.
The thought has never occurred
to us that there was any chance
or likelihood that the warrants would not be promptly paid on the date
of maturity, but it was in order that we might comply with th . technical
requirements that I am anxious to obtain this information.
I am enclosing herewith a copy of the joint certificate
of the
Secretary of State and yourself, under date of the 10th of June, as you
advised me you have not before you at this^time this certificate, and
for that reason were not able to furnish
in
the information called for
the second paragraph of my letter.
Thanking you for an early reply, I am
Very truly'yours,
JGMcC/B
Secretary and Counsel.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
COPY
St* Louis, Mo. December 13, 1916.
Mr. Robert E. Wilson,
Auditor of Public Accounts,
Stat3 of Mississippi.
Jackson, Miss.
• Dear Sir:
On June 13th of this year, we purchased from Wm. R. Compton
& Co. 1200,000.00 worth of th> Stat : of Mississippi warrants, dated
June 10th 1916,
due January 10th 1917.
Upon investigating* this issue, I found that a maximum loan
of $800,000.00 was authorized to be negotiated for 1916, and a similar
amount for 1917. The 1916 loan b,>ing payable on tho 10th of January
1917, and th:
; 1917 loan payable on the 10th of January 1918.
Referring to a certificate signed jointly by Joseph W. Powers,
Secretary of State, and yourself, as Auditor, under date of the 10th
day ox Juna 1916, speaking- of th; short time outstanding indebtedness
of the State, you refer to $400,000.00 3-7/8th notes due on January
10th, 1917.
Did this constitute the only borrowing- under the
$800,000.00 authorization, or, was there outstanding, at the time
this issue was made, any warrants authorized under the 1916 authori
zation.
It was my i ipr ssion at the time we purchased the $200,000.00
worth of this issue that it represented 25% of the outstanding warrants
authorized under the Act referred to, and t is for the purpose of
assuring ourselves on this Question that causes me to write this
letter.
Thanking you for an early
reply in this matter, I ara
Very truly yours,
Counsel and Secretary.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
C O P Y
Jackson, Miss.
December 15, 1916.
Mr. J a s G , Me Conkey,
Counselor & Secretary,
Federal Reserve Bank,
St. Louis, Mo.
Dear Sir:Replying to your lettor of the 13th inst., I would say that th
second paragraph of your letter correctly quotes tho act approved April
the 6th, 1916,
Chapter 86, Laws of 1916, authorizing tho Governor to
borrow $800,000,00 or as nuch thereof as might be necessary, etc., for
each of the years of 1916 and 1917.
Under this authority the Governor
borrowed not exceeding: $800,000.00 for the year of 1916 according to
the terns of the Act, and the loan can and will be paid at maturity.
I have not the certificate before -3 that you refer to as
-&9ing signed by myself and the Secretary of the State, Jos, ¥, Power,
and cannot speak further in reference to its contents, but of course
there has been no loan nagotiated
$800,000,00
under th) authority to borrow
for tho year of 1917,
Very respectfully,
(SIGNED)
HEW/FCN
Robt, E, Wilson,
Auditor of Public Accounts
Reproduced from the Unclassified I Declassified Holdings of the National Archives
COP T
STATK OF MISSISSIPPI
)
i ss
COUNTY OF HINDS
)
We, Joseph VJ« Power, Secretary of State, and R,
Wilson,
Auditor of Public Accounts for th- Stat. of Mississippi, do hereby certify
that according to the Unitod States census for th; year 1910, the pop
ulation of said State was i ,$97*114, that the assessed valuation of
all taxable property therein for the year 1915 amounted to the sim
of $420*715*826, that its total bonded debt, which is payable, is
$2,754*000,
that its total non-payable debt is 12,346,092.01,
making the grand total funded debt $5,100,092.01, that th> float*
ing indebtedness anounts to the sum of $6,316,06, ( and that its
short tiiae indebtedness, consisting of an issue of $400,000 3«*7
tfotes, due January 10, 1917, amounts to $400,000,^
V.e further certify that the total indebtedness of every
description o the Stat; of Mississippi represents less than one
and on -third (l-l/3/t) per cent of the assessed valuation of
the State for tha year 1915.
Y'e further certify that pursuant to Chapter 86 of the Laws
of Mississippi, for th year 1916, Governor Thso. G. Bilbo did
soli to t h > William R. Compton Investment Company, at a price
allowed by law, an issu of Notes amounting to .f400,000 b ;in^ Of
a denomination of $5,000 each, boin? numbered from one (l) to
eiejhty (80),
both numbers.- inclusive, dated June 10, 1916,
d u > without option of prior payment January 10, 1917, bearing in*
t3rest at the rat of three and seven-eighths |3-7/8ths) per cent
per annum, payable at maturity, both principal and int rest payable
at the Bank of Am rica, in the City and State of Hew York, which
notes, to* thor with th* interest coupons attached to each of said
notes, 7/ re signed by the Governor, /hose signature was attostod
to by th Secretary of Stat; over the Great Seal of t(j9 State,
and which not s werd issued Cor the purpose of defraying th3
exp nses ef th Government of t h ■
> Stat) of Mississippi.
7»ro furthar certify that the said notes as above described
are general obligations of th; ontire Stat; of Mississppi, which was
adJ.ttd as ono of ths States of th; United States in tho year 1817,
and has never defaulted for a period exceeding fifteen days in the
paym nt of th3 principal and interest of any of its 1 gaily issued funded debt.
v:o further certify that the issuance of said notes as herein
described has been approved by the Atto ney General of tha State
of Mississippi#
In testimony whereof* witness our official signatures over
the Great Seal of the Stat of Mississippi, at Jac son, Mississippi,
this th; 10th dat of June, 1916.
(SIGNED) Joseph "J. Power,
Secretary of Statj, Stat? of Mississippi,
(SIGNED) Robt, E, T ilson,
Auditor of Public Accounts,
State of Mississippi,
3 ?< A L
C 0 PY
Reproduced from the Unclassified I Declassified Holdings of the National Archives
!/
pl R E C T O R S :
W . M<= C. M A R T I N,
c h a i r m a n o f TEifei
r e d e ^ a ’iT're's e p
C IF FIC E R S :
R O L L A
W E L L S ,
F e d e r a l ,R e s e r v e B a n
G o v e r n o r .
W, W. H O X T O N ,
deputy G o v e r n o r
and
•TTtTUPPi
Cashier.
J A M E S G.M5 CONKEY,
C o u n s e l
a n d
Se c r e t a r y .
OF
S
t.L o u i s .
rT LO UI S, M O .
W. B . P H U N K E T T ,
LITTLE R O C K , A R K .
LE
R O Y
PERCY,
GREENVILLE,MISS.
FRANK O.W ATTS,
S T. L O U I S . M O .
33 3, *
April 6, 1916
RECEIVED
APR 8
Honorable C . S . Hamlin,
Governor, Federal Reserve Board,
Washington, D* C.
GOVERNOR’S OFFICE
Dear Governor Hamlin:
I beg to acknowledge receipt,in due course,
of your telegram of the 4th inst., reading as follows:
-mm— r
-
"
1916
i i r n i r m n i n i u w hi ....... ............................
**Your telegram third, Board authorizes
your Board to purchase one and one-half million
Kentucl&y warrants.**
Respectfully yours,
Chairman of the Board.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
40
- > « A L REStRVE BOARD FILE
M
FEDERAL
RESERVE
BOABD
W A S H IN G T O N
r.yril 4. iyi6.
3 3,
itedftr&l I;©servo Agent,
£ t«
Your
L o u ie ,
chird.
r a i l ! io ft r e n t u c k y
O F F IC IA L BUSINESS
GO VER N M EN T RATES
C h a r g e : F e d e r a l REst'^-y'- G o m i i
: ,. o .
Board authorises >/orohas© on© and o*e-hKlf
w r-rra M ta
m fs t
b t f t r e t jo r t r ^ a q p ip r o T g f f »
Gov irnor •
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A. C» MliiLER.-
c? i:
CP
D IR E C TO R S :
W . M9 C. M A R T I N,
CHAIRMAN of
FEDERAL RE
o>
O FFIC ER S:
W E L L S ,
OVERNOR.
w . w.
h o x t o n
Deputy
Fe d e r a l Re s e r v e B a n k
,
Governor
and
a n d
a n d
G B
VICE-CHAIRMAN OP '
. DEPUTY FE D E R A L RESEF
E V A N S V I L L E ,I N D .
Se c r e t a r y .
b o a r d
JOHN W .BOEHNE,
Cashier.
JA M E S G.M? CONKEY,
C o u n s e l
t h e
T.C.TUPPER,
D . C’ . B I G G S ,
OF
ST. L O U I S , M O .
OSCAR
FENLEY,
L O U IS V I L L E , KY.
S
/
WAl
t.L o u i s .
* 3 3
W . B .P L U N K E T T ,
LITT
LE
ROY
P E R C Y,
G R E E N V I L L E , MISS.
FRANK O .WATTS/
ST. L O U I S , M O .
April 3, 1916,
P
/ / i/ '
Honorable A. C. Miller,
Federal Reserve Board,
Washington, D. C.
My dear Mr. Miller:
I have to-day wired/the Board as
"Understand Kentucky will issue three and
one-half millions warrants eligible for rediscount
by Federal reserve banks. Cleveland advises you have
authorized It to take one million. Kentucky is in
our District and we would like authority to purchase
one and one-half million these Kentucky warrants.
Please reply if possible by Wednesday, when our Board
meets.**
Soon after this bank was established, we investigated
the indebtedness of the State of Kentucky, and found that it was
in such shape that its warrants were not eligible for rediscount
by this bank.
From that time, we have been interested in getting
Kentuckyrs indebtedness in such condition that we could buy the
warrants.
In order to do this, it was necessary for the Kentucky
Legislature to take action, and when it met, at the request of
the Cleveland bank, as one of its directors, Mr. Combs, whose home
is Lexington, was a member of the Kentucky Legislature, we left
all negotiations with the Legislature to that bank.
Over long distance telephone, we learned to-day from
Governor Fancher that Kentucky has arranged to issue $3,500,000.
of warrants, payable out of taxation, collectible in July, on a
2-3/4 basis, and that the Cleveland bank had obtained permission
d < S)
r
I
If
Reproduced from the Unclassified I Declassified Holdings of the National Archives
/RAL RESERVE BANK OF ST. LC*
;4 b E T
Mo—
S
2>
from the Board to take $ 1 ,0 0 0 ,0 0 0 , of these warrants.
Kentuclsy is
in this district and, in fact, if I am correctly informed, the greater
part of the Kentucky State debt is held in Louisville, which is in our
district.
We want Kentucky to know that we are doing the best we can
' for the district tributary to this bank and, therefore, wired the Board
that we would like to have $1,500,000. of these Kentucky warrants.
believe that it is a safe investment, and if we could get a
We
,000,000.
or $1 ,500,000. of these warrants, this bank would not only be making
its charge-off from last year, but all operating expenses.
For March,
we showed a total loss, counting charge-off and operating expenses,
of $1,700., or an average of $55. a day.
We can make up this loss by
procuring an investment of $1,000,000. at Z%, or $870,000. at 2.33$.
If we could get $1,500,000. of these warrants, it would put
us in a fairly satisfactory condition, since these warrants will be pay
able in July, at a time when demand for accommodation is liable to be
heavy on us.
If we can get this $1*500,000. invested right away, it
would seem that we should not only finish this year without loss, but
should make a little something towards our dividend.
It would not surprise me much if some of our St. Louis
banks commenced to rediscount with us before long.
For the first
time since this bank opened, some of them are getting into a position
where it looks like they will have to borrow money, and several of
them have been making inquiries, indicating a possibility of coming
to us within a short time.
If the Board can consistently grant us permission, we would
like very much to have authority to take $1,500,000. of the Kentucky
State warrants.
Yours sincerely,
Jr
Chairman of the Board.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Form 1201
CLA SS O F SJjPtffCE
SYM B OL
Day Message
Day Letter
Blue
Night Message
Nfte
Night Letter
NL
If none of these three symbols
appears after the check (number of
words) this is a day message. Other*
wiselts character is indicated by the
symbol appearing after the check.
WES .'E
TEL
GEORGE W. E. ATK INS.
UNIOrt
4
AM
s'
NEW COM B C A R LTO N , PRESIDENT
V lC E ^ is iD E N T
BELVIDERE BROOKS,
CLASS O F S E R V IC E
Day Letter
Night Message
-
VICE-PRESIDENT
S YM B O L
Day Message
NKe
Night tetter
N L
If none of these three symbols
appears after the check (number of
words) this isa day messaoe. Other
wise its character is indicated by the
symbol appearing after the check.
RECEIVED AT WYATT BUILDING, COR. 14 TH AND F STS., WASHINGTON, D. C.
N50A R 63 00VT N IG H T
A S T L O U IS MO APL 3 1916
FEDERAL RESERVE BOARD
WASHN(DC)
UNDERSTAND KENTUCKY W ILL ISSUE THREE
E L I G I B L E FOR REDISCOUNT BY FEDERAL
AND ONE HALF M IL L IO N S WARRANTS
RESERVE BANKS CLEVELAND ADVISES YOU
HAVE AUTHORIZED I T TO T A K E
ONE M IL L IO N KENTUCKY
OUR D I S T R I C T AND WE WOULD
L IK E
ANO ONE HALF M IL L IO N TH ES E
IN
AUTH O R ITY TO PURCHASE ONE
KENTUCKY WARRANTS PLEASE REPLY IF
POSSIBLE BY WEDNESDAY WHEN OUR
IS
MARTIN
BOARD MEETS
AGENT
1017P
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Board vodJ* apjKoTod f o u r a p p l U a t l m to .*«&« ntlrt !**$* ||
dollar#
wrvmk*
of
t
OFFICIAL BUSINESS
GOVERNMENT RATES
Char ge Fed er a l Reserve
Board
Reproduced from the Unclassified I Declassified Holdings of the National Archives
/ 7 w u m o 39 G o t t
V
*
g e p a r t r a e t it
T E LE G RA M
' 7-1
ST.LOUIS M o 114oam M a r c h 25 1916
f.
^ H P W illis , Secretary, federal Reserve Board
Washington
We are offered entire issue fifte e n thousand d o lla rs warrants
Mayfield Kentucky, jja y fie ld has le ss than ten thousand inhab
ita n ts. Consider warrants good and would lik e authority to
purchase entire issue
M artin, Agent*
109pm
Reproduced from the Unclassified I Declassified Holdings of the National Archives
M arch 25, 1916
?edl::al reserve board
MEMORANDA
For I jr.
Hardlag:-
Undsr the regulations of the Board ths
followin-?; a&ttsr is referred to you as
Chairn&n, Coianittee ok
liaaibfigx,
"•
Investraaats,
''
Telegram from F. R. A* Martin, St. Louis,
dated March 25th, relative to p»reiia±» purchasing
$15,000 warrants of Mayfield, Kentucky.
Please return this »:;srrcranduii; to the Sec ro
tary .vith copy of dGcurrents resulting from action
taken, if any, that it may bo placed on ths dockot.
R E K A B K S
.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
i ' wZftAL R£se;:v
.. j
November X9t 1915.
Sir i
13 relati v©
to the purchase a t imrraists, has been re*
ceived and. c cnsidered*
1 sai instructed to
inf arm you that the Board approves your
aafci&g purchases of the Warrants, application
for which Is made £m your letter of tl» &at*
mectltme^*
Respectfully,
3m m tary*
Mr* v7. McC. Martin,
Chairmant Board osf Directors,
Federal Beserre Bank of St# t o is.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
C . E. F U E W C H ,
MURRAY CARLETON,.
OF
JA M E S Q.McCONKEY,
ST. L O U t S , M O .
OSdAR FENLEY,
C- O U 1H S CL.
L O U I S V l L L E i KY.
WALKER
S
t JLo t jis .
HILL,
ST. L O U I S , M O .
W . B. P L U N K E T T ,
L I T T L E R O C K , A.R K.
L E ROY PERCY,
G R E E N V I L L E . MI SS .
FRANK O.WATTS,
ST. L O U I S , M O .
November 13, 1915.
Mr. H. Parker Willis, Secretary,
Federal Hewerve Board,
Washington, D. G.
Sir:
Enclosed herewith I send you a letter addressed to
me by the Counsel of this Bank, in regard to the purchase of
warrants.
We believe it would be wise, if you can consistently
do so, to allow this Bank: to take the entire issue of $51,500.
of the warrants referred to.
As Mr. McConkey states in his
letter, our restrictions in regard to the City of Paducah war
rants lost us the second issue gotten out by that city.
Could
we have anticipated the effect, we might have asked permission
to take the entire $100,000. issue of the City of Paducah, but
as we could not see the attitude of the City, we took our propor
tion of the first issue.
This made it easy for the city to find a
market for the rest of this issue, but at the same time, it had
to find a.market.
The consequence was, when another issue of
$100,000. came up for consideration, we ?;ere not even advised,
the fact that we had once bought a similar issue gave thei
broad market, and the bonds were sold to commercial banks
wtio
took
the entire issue.
Respectfully,
Chairman of the
DIRECTORS:
W.MCC. M A R TIN .
C H A IR M A N O F TM K B O AR D A N D
PCOKRAl R U IR V I A M N T.
OFFICERS:
.«O L L A W E LLS ,
O O V IK N O N .
W .W . HOXTON.
F ed er a l R eserve B a n k
W . W . SM ITH .
VICC -CH A IR M A N O F T H ® B O ARD A N O
OCRU TV FCO CRA4. R M M V I A M N T .
JOHN W . BOEHNE.
O I W T V O O V K R N O R & S C C 'V .
C. E. FRENCH.
C V A N S V IL L K . I H O .
C A S H I SR .
M U R R A Y C A R LE TO N ,
OF
JA M ES 0 . MCCONKEY.
• T . L O U IS . MO.
C OUNSKL.
OSCAR FE N LE Y .
L O U I t V l U C , KV.
S T .L o m s .
W A L K E R H IL L .
S T . L O U IS . MO.
W. B. PL U N K E TT.
L I T T I I ROCK. A R K .
LE ROY PERCY.
• R S K N V II.U K . m i s s .
F R A N K O. W A T TS .
November 13, 1915
ST . L O U IS . MO.
Mr • 77m.MeC• M artin,
Chairman of the Board,
Federal Keserve Bank,
St. Louis, IIo.
Dear S ir : The Beserve Bank is in receipt of a le tte r from
E a rl S. Gwinf President of the American-Southern National
Bank of L o u is v ille , Zy. c a llin g our attention to a loan of
$51,500.00 desired to be obtained by the Board of Education
of L o u is v ille , Ky. and enclosing a form of tho warrant to be
issued.
The form of the warrant meets the conditions set out
in the Federal Keserve Board1s c irc u la r re la tin g to warrants,
and I have w ritten to ilr . Gwin for such further information
as is necessary for me to have in order that I may determine
whether the issuance of such warrants comply in every respect
r it h the regulations referred to .
I f w ill be necessary fo r us to take the entire amount
i f any at a l l , and, the amount being so sm all, I deem it imprac
tica b le to ask the other Reserve Banks to p articip ate in the pur
chase.
I am, therefore, w ritin g you th is le tte r with the
view of having you take up with the Beserve Board at Washington
' the matter of giving us the right to purchase and hold the entire
amount of such issues where the a iount is small as in th is case.
In th is connection, I might say that some months ago, we purchased
from the C ity of Paducah f*25,000.00 of Municipal Warrants out of thn
£100,000.00 issue offered us,and, the next time the C ity desired
to s e ll the warrants, they were sold to some Commercial Banks in
the Bast who could handle the entire amount. I , therefore, deem it
necessary i f we expect to accommodate the small m un icip alities in
th is section of the country by purchasing such warrants we w ill
have to purchase the entire amount of the issu e .
Very re sp e ctfu lly ,
McC/B
Reproduced from the Unclassified I Declassified Holdings of the National Archives
April 1, 1915.
Dr. H. Parker Willis, Secretary,
Federal Reserve Board,
Washington, D. C.
Sir:
I beg to acknowledge receipt of your telegram and
also yoin^letjber of 30th ult., advising that the Board has
granted us permission to buy $10,000. city warrants of the
city of Mayfield, Kentucky, as per my letter of 26th ultimo.
spectfully,
Chairman of the Board.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
03
M&TGh 30# 1915,
S
I
In w im m to yoixr letter of .
’.arrh 26th you ate adrl»ed
that tho qnsatlon of yo*r parohaee of the rayfield warrants
wae tafcen h r at a meeting of the Federal H 9 8 ® m Board on
29th and £avor®&ly pasted upon*
I then wirtd you as
follows 1
"Board today gsmted permission to bay t m thousand
dollsro City warrants Bayfield Kantac&y &ir*ot from
City m per your letter Baroft twenty olxth aubjeot to
upprotml your directors.
1 iHtre the hom t to be,
Respectfully ywam*
Secretary*
1ST* 1te* :.teC. ^artln,
Fe&it»&3. Btawpfi Agent,
e$* Loots, Be*
7
Reproduced from the Unclassified I Declassified Holdings of the National Archives
TELEG R A M
FEDERAL
ia»
RESERVE
b
ass,
mrah. 29,
B O A*R D
1916.
i
O
/-
S oS . a a r tin
Jt. LOOIO, HO*doftrd
today
pwwiBsian to bay ten th©na«j*l dollars
City
wwwemt®
I&yfiGld, Kentucky, direct from City ac i»r your iett«r March twenty uiarth
m i h j w t to approval your airootor®.
secretary*
OFFICIAL BUSINESS
GOVERNMENT RATES
C h a r g e Fe d e r a l Re s e r v e
Board
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D IRECTORS:
W. McC. M A R T I N ,
C H A I R M A N O F T H E B OA R D A
O FFICER S :
FED E R A L R ES ER VE AGENT.
ROLLA WELLS,
F e d e r a l ,R e s e r v e B a n k
GOVERNOR.
W. W. H O X T O N ,
Deputy Governor
& Sec*
W. S M I T H ,
C E - C H A I R M A N O F T H E BOA
1 / dFE P U T y F E D E R A L R E S E R V E
I J Q W ^ V . BOEHNE,
W i^jJSvrig ig^^W b.
C. E. F R E N C H ,
C a s h ie r .
MURRAY CARLETON,
OF
JAM E S G.McCONKEY,
ST . L O U I S , MO.
OSCAR FENLEY.
Co u n s e l .
L O U I S V I L L E , KV.
WALKER
S t . L o ttx s.
HILL,
S T . L OU I S , MO.
W. B. P L U N K E T T ,
L I T T L E ROCK, A R K .
LE ROY PERCY,
G R E E N V I L L E , MI SS.
FRANK O.WATTS,
S T. LOUiS* M O .
3
3 -3,^. (U >
March 26th., 1915.
Br. H. Parker Willis, Secretary,
Federal Reserve Board,
Washington, D. C.
S IB :
The city of Mayfield, Kentucky, having a population of
7,000, has, through the City Rational Bank of Mayfield, offered for
sale to the Federal Reserve Bank of St. Louis, $>10,000. worth of
city warrants to be issued May 5, 1915 and payable November 2, 1915.
Under Article VII of the Regulation covering warrants,
this Bank could purchase these warrants from the member bank: when
properly endorsed, notwithstanding the fact that the population of
the City is less than 10,000.
We have suggested this to the City
Rational Bank of Mayfield, tout it has replied as follows;
"Our loans and discounts are such that we are
not in a position to handle these warrants by endorsement
to your bank. We consider the loan very desirable. The
city collects taxes only once a year, November, amounting
to about $55,000. They owe now $14,000. and this loan of
$10,000. would make a total of $24,000.”
Under Section 5 of Regulation F, Series of 1915, this
Bank cannot purchase warrants
of a municipality of 10,000 population
or less except with special approval of the Board, and, since the
local bank is not in a position to handle these warrants, we would
-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
j£ S E R V E B A N K O F ST . L O U '~
z.
respectfully request that we be given permission to purchase $10,000.
of city warrants of the City of Mayfield, Kentucky, direct from that
city.
We are anxious, if possible, to take these warrants on
account of the favorable feeling towards this Bank which we think the
transaction will create.
It will accommodate the City of Mayfield
at a time when it needs accommodation and at the same time give our
member bank the prestige of belonging to a System which has given
aid to a community when attention to the matter was called by the
local bank.
I believe the transaction can be made to call atten
tion to the National banks in that section of Kentuclsy in such a
way that the State banks in that same community will feel that they
should be members.
Chairman of the Board.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
V
Vi
om/B
3 a m * r j 27th, 1915.
M r* Wiliiaa McC. Martin,
Federal Reserve Agent,
St* Louis, Elaswri*
S 1 r s -
fit -reply to your latter ofjg&gs&ry thlrt.ee»th
relative to the purchase of eartttii* St* Louie renewal
bond® which u m due lay firet, nineteen fifteen, you are
Mviaed tfc»i theee bonds
eligible for purchase under
the tentative regulation on the "Purchase of fairania*,
provided that at ilie tiae of i& m o provision m m as&do
t o r a ulnitiisg fund which will ba sufficient to retire
the bond a In ^ue#tio& at oaturity, and provided fu rZ h m r
that ail other provisions of the regulation have been
©sallied »ith.
Respectfully,
Secretary
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D IR E C TO R S :
W . McC. M A R T I N ,
C HAIRMAN OF THE SOA R D AND
F E D E R A L R E S E R V E AGENT.
O FFIC E R S -:
ROt » t _ A W E t L S ,
&O VERNOR
.
F e d e r a l, R
W. W. H O X T O N ,
Deputy Go v e r n o r
e
sekve B an k
VICE-CHAIRMAN O F T H E B O A R O A N D
D E P U T Y FEOERAt- R E S E R V E AGENT.
J O H N W. B O E H N E ,
& Sec*y.
E V A N S V I L L E , I N D.
C. E . F R E N C H ,
Ca s h i e r .
MURRAY CARLETON,
OF
JA M E S Q.MCCONKEV,
ST. L O U I S , M O .
OSCAR FENLEY,
C o u n s e l ..
W.W . SMITH,
L O U I S V I L L E . KY.
W A LKER HILL,
ST.X.OTTIS.
ST. L O U I S , M O .
W. B. P L U N K E T T ,
LITTLE ROCK, ARK.
L E ROY PERCY,
G R E E N V I L L E , MI SS .
FRANK O.WATTS,
ST. L O U I S , M O .
■X
January 13, 1915.
Dr. H. Parker Willis, Secretary,
Federal Reserve Board,
Washington, D. C *
SIR;
Enclosed herewith I am sending you a "brief description
of City of St. Louis 3.65*s, renewal "bonds, which will become due
May 1st, 1915.
We have been offered $150,000. of these bonds, and may
possibly be able to pick up several hundred thousand more. As
you will note, they mature within six months.
These are bonds,
not warrants, and we are not clear as to whether or not they are
covered by your tentative regulation covering the subject, "The
Purchase of Warrants.”
Please advise whether this Bank, acting under Section 14,
sub-section "B”, can purchase any of these City of St. Louis bonds,
and ^0^®P^ S S J h purchases should be limited to
25% of
the issue
now
^
5
Respectfully,
m
is !?1'
Chairman of the Board*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
CITY OP ST. LOUIS, MO. 3.65$ RENEWAL BONDS
Due May 1st, 1915.
AUTHORIZATION
The issuance of these bonds wag authorized under Ordi
nance No. 18018, dated A p ril 1, 1895.
PURPOSE OP ISSUE
The purpose of th is issue was to redeem "bonds of the
C ity to talin g $752,000 and bonds of the late County, fo r which
the C ity is lia b le , to talin g $600,000.
The to tal amount authorized by the Ordinance, was
#1,352,000.
The purposes fo r which the money obtained from the
o rig ia n l bonds were used, and which bonds were refunded by the
issuance of these 3.65^ bonds in 1895, were as fa r as the
c ity is concerned for general c ity purposes and as fa r as the
County is concerned were for purchasing parks.
ISSUANCE
The present bonds were dated May 1, 1895 and the to ta l
issue was $975,000. In other words the entire amount of the
old bonds were not refunded by th is issue.
OUTSTANDING
The present amount of these bonds outstanding to ta ls
$945,000, or $30,000 of the o rig in a l issue have been re tire d .
PAYMENT AT MATURITY
The City has accumulated through a sinking fund su fficie n t
funds which together with the amount included in th is year’ s
budget fo r caring fo r the funded debt w ill re tire these bonds
on May 1, 1915.
@FedFRASER