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AN&'LICCNfSES ISSUED
SENT OUR V I E M
tMMEDI ATELY liESSRS WILLIAMS AND HENRY REP RE-
IN MEETING ARRANGED ©Y MR STEVENS.
WI LLI AM A COMSTOCK
GOVERNOR OF
1 CH I GAN •
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March «i, 1933.
aotol Maroh twantjr fourth STOP Treasury advises that la ao far at atate
banking anthorltlea any have lasued general regulations since March tenth covering
opera tionflfrf state aooMMber bank* or have granted permission to individual atato
noBBaaber banka to remae any or all functions, than ouch banks Hast operate under
ouch regulations or petalaaloft and SMUgeaqr iMdclac Hagnlatlona Issued I r Treaauiy
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do not apply STOP Treaumryfurther advleee that if atata banking anthorltlea have
laauod so general regulations since March tenth covering operations of atato nonaaaber
banka and have not given permission to Individual banks to perfora any or all banking
functions, than atato nonamber banka contlnua subject to f n
t argency Banking Regula
tions iasued lg Treaauiy ippfeMtble to auch banka
or
HOHMU
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
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FEDERAL RESERVE BOARD
WASHINGTON
Metre* SI, 1»33.
Young-^Boeton
Harrison - 1an York
JJorris - Philadelphia
Seay - Klehnead
Black - Atlanta
MeDoagal * Chieago
Martin - St* Louis
*G«ery - Minaeapolia
Hamilton - Kansas City
McKlaasy - Dallas
Calkins - San Francisco
In response to an inquiry made by the Federal Reserve Bank of Cleveland,
TRANS.
1758 ~ /Treasury advisee that in ao far aa atata banking authorities
say have issued general regulationa ainoe March tenth covering operations of
ata$e aonmaiber banka or have granted permission to individual atata naaaaaber
banka to resuae any or all funetloae, than auch baaka aast operate under auch
regulations or pendesion and Easrgeney Baaking Regulationa iaauad by Treasury
do not apply*
Treasury further adriaaa that if atata banking authorities have
iaauad ao general regulations since March tenth covering operations of atata
aonasmber hanks and have not given pemission to individual baaka to perform
aay or all baaking funetiona, then atate nennaaber baaka continue subject to
Eaargeney Banking Regulations iaaued by Treasury applicable to aueh baaka*
( % ^ f M o r r iifl
Morrill*
U
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DECLASSIFIED •
Authority UAJh
3 .L
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F ED E R A L R E S E R V E BANK O F
230
SOUTH
LASALLE
STREET
■*. . ,
O FFICE
CHAIRMAN
FEDERAL
OF
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THE
O F T H E B O A R D AND
RESERVE
AGENT
SUBJECT:
8§3
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^
March 30, 1933.
Michigan bank situation.
Federal Reserve Board,
Washington, D. C.
Attention of Mr. Morrill.
„ Gentlemen:
In confirmation of my telephone conversation with you today
the hanking situation in the State of Michigan has been for some time,
and still is giving us more concern than any other part of our district.
As you know, the moratorium there started under the Governor's proclamation
of February 14, and many banks have been closed ever since that time. This,
together with the unfortunate conditions in Detroit, has tied up the whole
state to an extent where great distress is prevailing, and there is fear of
something worse. Many of the banks still closed are in the key cities of
the state. Out of 164 member banks which we have in Michigan, 59 of them
only have been opened, 19 are in the hands of conservators, and 76 are still
closed, which is by far the largest proportion of unopened banks of any part
of our district.
As you are aware, an unusually large proportion of the banks in
Michigan are state banks,owing to their law. Very recently legislation
has been passed providing for conservators under the state law. The
bankers in that state, together with the Commissioner of Banking, have
been endeavoring to work out some plans by which they could reopen under
this new law, and a plan has been worked out which has the approval of the
Governor and the Banking Commissioner.
X have had in my office the last two days the conservators and
their attorneys of the Traverse City State Bank of Traverse City, Michigan,
and the Alpena Trust and Savings Bank of Alpena,Michigan. These are the
men who have worked out the plan, and they have come over here to see us
not only on their own account but at the behest of the Governor and the
Commissioner of Banking who are very eager to get at the earliest possible
moment our approval in order that they may proceed to open up a very large
number of the banks on a similar basis.
It is understood that any plan which relates to state member banks
must be of a nature under which such banks would have a license to reopen
Reproduced from the Unclassified I Declassified Holdings of the National Archives
_______
DECLASSIFIED^
ity
U AJh
<AL R E S E R V E B A N K O F C H I C A G O
-
To:
Federal Reserve Board,
' Washington, D. C.
2 -
March 30, 1933.
from the Secretary of the Treasury, and on the other hand of such a
character that their membership in the Federal Reserve System would not
be affected, and you understand, of course, that these requirements are
not entirely similar.
Briefly, the plan in its fundamentals contemplates the conversion
of a specified percentage of the deposits into preferred stock, such
percentage being sufficient to offset unacceptable assets. This means
that the doubtful assets are still retained in the bank’s structure but
that the deposit liability is ratably reduced.
A hypothetical case will serve to illustrate;
Assets
$1*250*000
(of which $350,000 are considered as unacceptable)
Liabilities
Deposits
|1,000,000
Capital stock
200,000
Surplus & undivided profits 50,000
1,250,000
The operation of the plan would not change the amount of assets but would
set up the liabilities as
Deposits
- $650,000
Preferred stock - 350,000
Caramon stock
- 200,000
Surplus and profits 50,000
$1,250,000
This serves, of course, to materially increase the protection of
the depositors from the standpoint of the solvency of the bank under the
licensing power of the Secretary of the Treasury. However, I have pointed
out to these representatives that an examination of their bank thereafter
would set up a considerable part of the$350,000 unacceptable assets as losses
which would in all probability at once show an impairment of their common
stock which, under the usual law, would call for an assessment thereon
shortly after their reorganization as an impairment of the capital involves
the probability of loss of membership in the Federal Reserve System. They
claim that it is understood inMichigan under the new law that with the
addition of the preferred stock capital an impairment of the underlying
common stock would be allowed to continue for a considerable period depending
on the course of the liquidation of the unacceptable assets but always
reserving, after that period, the right to declare such assessment. In
other words, it is evidently considered that the common stock is kind of
a surplus which, however, they do not wish to actually write as a surplus
account in which event the right of assessment would be lost. This plan
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
XAL R E S E R V E B A N K O F C H I C A G O
- 3 To:
Federal Reserve Board,
Washington, D. C.
March 30, 1933.
is predicated on the basis of the impossibility of collecting assessments
at this time and under these conditions.
There are other elements in the plan which have to do with
the issuance of certificates of indebtedness in lieu of part of the
preferred stock or into which a part of the preferred stock might later
be converted at the discretion of the Commissioner of Banking. I have
objected to this^as creating a definite liability of the bank, but
the purpose is evidently in order to pay the percentage liquidation
of the preferred stock from time to time as collections are made in
this-form rather than in cash, and the Commissioner of Banking says
that this has been a successful way of meeting the situation in non-member
state banks under previous laws.
It should be understood that the preferred stock is not against
segregated unacceptable assets but is a claim against all of the assets
subject to the depositors1 claims and ahead of the common stock claims.
I
think there may be some merit in the plan of converting
a certain percentage of the deposits into preferred stock from the
standpoint of protection of the remaining deposits. There may be some
question about the constitutionality of such lav/s, but I have had these
Michigan attorneys discuss the matters with our attorneys this morning
who are inclined to think that the matter is sufficiently covered in
the law which gives recourse to dissenting depositors so far as the
State of Michigan is concerned. The other question, however, is, of
course, the effect of capital impairment on Federal reserve membership.
This matter is not a question of one or two banks, but a
policy for a whole state which is in a distressing situation, and if
not solved, would lead either to the wholesale closing of banks all
over the state or otherwise to a pretty general withdrawal from Federal
reserve membership. These gentlemen who have been in to see me are
desirdus of having you people in Washington have a complete understanding
of the reasons for, and the consideration which has been given to such
a plan, and are prepared to answer all questions, both banking and legal,
which may arise. In the Governor’s absence it seems impossible for me
to get away at the moment, as I have explained to you, and I have concurred
in their suggestion that they would like to present this whole matter to
someone whom you may designate in order that a complete understanding
may be had. They are expecting to get the Commissioner of Banking of
Michigan to accompany them, and of course under all the conditions in
that particular state, the element of time is highly important.
They thoroughly understand that they cannot expect definite
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED •
Authority UAJh -?AoaL
AAL. R E SE RV E BAN K O F CH ICAGO
- 4 To:
Federal Reserve Board,
Washington, D. C«
March 30, 1933*
action from the Board in Washington without further consideration through
this office, but I think thqy are justified in their desire to have you
and also the Treasury Department, and possibly the Comptroller, have a
thorough understanding of their problem and their idea of a solution*
*£he matter is broad enough in its importance that your offioe will doubtless
De interested, and I very much hope that some kind of a general basis of
some type of reorganization may be agreed to by the Comptroller^ office
as well as the s a $ r authorities in the various states. Some kind of a
t$f
formula as to the conversion of deposits into capital stock would be
helpful to all of us who have to deal not only with national banks but
with the various state authorities.
;
Under all these circumstances
if you will give what consideration you
plan, and at least you people will have
thorough understanding of what they are
state of Miohigan.
I shall very much appreciate it
can to these gentlemen and their
this opportunity of getting a
trying to do in this rather critical
AT flXBUUTlVBi
QOMMECTHB
M R3 11933
A
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority UAJh
S c h o t t &
W HOLESALE
FRESH
C o m p a n y , In c .
M EATS AND
P R O V IS IO N S
HAMS, BACON, SAUSAGE, BUTTKR AND CHEESE
PHONE
RAYMOND 2 3 8 7
534
¥
'/ d . 2
HO WA R D AVENUE
N e w O rleans ,La . March 30, 1933*
.
*r
Mr. William H. Woodin,
Secretary of the Treasury,
Washington, D* Q.
My Dear Sir:
i:iS
$here are three hanks in the city of Hew Orleans, The Canal Bank,
fche Hihernia Bank, and the Inter estate Bank, now operating on &
-restricted basis, and these three hanks are members of the Federal
Reserve System#
fhese hanks are encumbered mainly with real estate loans which
Shall undoubtedly he liquidated during your administration* However*
the deposits of these hanks, amounting to many millions o f dollars,
shall he frozen until this liquidation is completed* In the meantime
many small industries having funds deposited in these banks, and
unable to finance themselves, shall be forced to suspend operations
and throw out of employment, many hundreds of laborers now gainfully
employed*
As you have the authority to direct and govern the Federal Reserve
Banka, could you not instruct the Federal Reserve Banks to assist
these member banks new burdened with real estate loans, made in
good faith, and which loans shall undoubtedly be liquidated during
your term of office.
She majority of these loans are sound and
just a little help and co-operation by the Federal Reserve Banks
would expedite liquidation as assistance from the Federal Reserve
Banks would have a tendency to restore real estate values to
normalcy.
fhe confidence of the people of this community was shaken through
the restriction of these banks, and if these banks are not permittedto function 100 percent, the confidence of the people of this entire
section shall be destroyed for many years to come*
With the hope that you will find ways and means to remedy this
distressing condition, I am*
ALBERT 0. SGHOff
19E3 Esplanade Ave.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED •
Authority
UAJh
COPY
/
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—
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j u ■ ^
,
TELEGRAM
^
166bmr
San Francisco
. t..
923a Mar 30
Morrill
Washington
Please refer our wire March 23rd with reference to revocation
of license to member banks would appreciate it if this ruling
could be expedited.
In any event we are anxious to have ruling
as to whether a state member bank which has been licensed to do
an unrestricted business can, under the provisions of state legis
lation, operate on a limited withdrawal basis.
Hale
10?p
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
FtoxBAi. essm rs stsfiu * m m m wibx
KIMBALL
Ilf YOHK
IferohSV, 1933
Easponding your lattar March twantlath fraaaury adiriaai an
fallows STOP Licensed banks ar« author1sad to transact buslnass with
unSleanaad banks to axtant nscassary to parsdt unllcansad banks to
parform such rastrictpd functions as ara author!*ad undar aaargancy
banking ragulations iTOP Such radulation* do not raqulra lieansad bank
to inwastlgata to datamlna If a particular transaction with unllcansad
bank is for a purpose author!sad within limitation* of such regulations
STOP Posilbillty if any of liability of licansad bank in any such cast
to dap©sitors and creditors of tealicansad bank dapands upon mrylng factors
as govarnad by ganaral prlneiplas of applicabla law rathar than by
fraarary Regulations and lloanaad bank most act on own rasponslbility in
.this connection*
mMRXLL
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority UAJ\$ S & c &Z
/
F E D E R A L R E SE R V E X.S&SED W IR S
tovm
StSW L
Itorch 29 f 1933
BOSTON
Retel Marchtwenty-third STOP Treasury advises Bagul&tion thirteen prohibits
payment
'»i'thdrawal of any trust funds on deposit with another department of hank
whether S not such dsposits are secured STOP Treasury advises that new regulations
are now under consideration with respect to trust funds and also secured deposits
STOP Treasury advises thatJin the case of a revocable trust Regulation thirteen
penalts delivery of securities held by bank thereunder if otherwise ponaitted.
M0RRXXI*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U A /h "SsQe3 ^
i
F o r m 118 It
A M
FEDERAL RESERVE BOARD
WASHINGTON
fcarch 29* 1933*
Dunlop -
Minneapolis
Huesfeioas raised '&n your wire March 27 will be answered ±y
reflations of Comptroller of Currency which are now being
assistance* of meaabers of Board’s staff and rep
resentatives of nearly federal reserve banks.
advised as soon as possible.
Morrill.
J
r
.
±= .1 ±1— ,
—
£ =j
You will be
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
U J\ ScQ&l £__
A $
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DECLASSIFIED *
Authority
H
Ho. 30
FOR IMMEDIATE RELEASE
MARCH 28, 1933.
TREASURY DEPARTMENT
Under the authority conferred, upon M m " y the Presidents
b
Proclamations of March 6 and of March 9, 1933, declaring and con—
tinuing a bank holiday, the Secretary of the Treasury has issued
the following regulation;
"Banking institutions which are members of the
Federal Reserve System and of which actual possession
and control have been^iaken (a) by conservators
appointed pursuant to the Act of March 9, 1933, or
(b) " y appropriate State officials appointed pursuant
b
to State law, as permitted by the Presidents Executive
Order of March 18, 1933, are permitted to transact such
limited banking functions as -may be authorized in
accordance with law by the Comptroller of the Currency,:
in the case of national banks, or by the appropriate
State officials, in the case of State member banks;
•provided, however, that no such banking institution
shall reopen for the performance of .its usual and
normal functions until it shall have received a license
from the Secretary of the Treasury.
’This regulation shall not authorize any trans
’
action with respect to the export or paying out of
gold, or gold certificates, withdrawal of currency
for hoarding or transactions in foreign exchange pro
hibited or restricted by the Executive Order of March
10, 1933.”
W. H. W00DIN
Secretary of the Treasury
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority UAft\
TELEGRAM
FIiOJiRAL RESERVE SYSTEM
(UEASED WIRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
.79gb
Can yqu get reply .to our message to Mr Morrill signed Hale
March 35 First line starts "It appears that a regulation should
be issued etc”
» i. •oTmninnnm erwtem m
m
m
Patch Sanfrancisco Mar 27
^
l24p
)
■
*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
TELEGRAM
^ 7
FEDERAL RESERVE SYSTEM
Oi
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
Minneapolis Mar__2S-A2^p
Board
Washn
Please advise if unlicensed banks can issue drafts in payment
of five percent redemption fund charges.
National Bank redemption
agency apparently requesting payment from them.
being paid by correspondent banks
■
Hnrannnnm a en m
m
http://fraser.stlouisfed.org/ m
Federal Reserve Bank of St. Louis
Dunlop
610p
8—1 0
191
Drafts not
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
3 .L
Authority l M /h
TELEGRAM
J
FEDERAL RESERVE SYSTEM
O
(LEASED WIRE SERVICE)
,
.
52ogu
R E C E IV E D A T W A S H IN G T O N , D . C .
Minneapolis 408p M&X— 2 3 — >
Board
Wa#fon
J
L
In connection with banks not licenses we have the regular reserve
account and also special trust accounts representing new deposits.
We now understand that in some instances conservators have been
instructed to transfer surplus cash to us for credit.
Are we to
unde:£stand this involves opening a separate account for the
conservator making three accounts in many cases.
Are we to be
permitted to accept from conservators for credit in special trust
account cash assets held prior to march 6 or the cash received in
liquidation of obligations
Dunlop
526p
a wTM nwwnnimnm m
.
xm
m
MIM
i
9
"
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U A/fo
Qc3 . L
w ifi
F o r m
1 1 8 to
TELEGRAM
f’
i
FEDERAL RESERVE BOARD
WASHINGTON
March 27, 1933.
Hal© - % a n Jfranciaco
Your telegram March 23 re regulation by Secretary of Treasury providing for
revocation under certain conditions of licenses issued to member banks*
Under
stand that matter is under consideration in Treasury Department, but camot
advise when definite reply to your telegram m y be expected.
Morrill.
•.
-w
nz
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
-
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'V"
■*
=
THE UNDER SECRETARY O F XHE TREASU RY
W A SH IN G T O N
-ff
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lea*
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j
1 bare no doubt that many legal questions will arise
from time te time la connection with the basic hoiIda/*
The
ccaplete story of the administration of the lasrgenoy Banking
Act will also be Included in the Secretary’s Annual Report to
Congress*
Accordingly, I hare instructed Mr* Harlan to hare a
complete central file assembled.
I will appreciate It if you
will instruct seasons in your office to assemble and turn over
to Mr. Harlan copies of all telegrams, letters, regulations,
press statssttnts, instructions, memoranda, and all other papers
which bear ths signature or intials of the Secretary, ayself.
Assistant Secretary Douglas and any one else in the Secretary's
office, and alee any such paper* which have gone oat in the name
of the Secretary, Under Secretary, or Assistant Secretary.
It Is also requested that you have all incoalng
telegrams and letters with the initialed copies of any replies
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_____ ____ _
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DECL ASSIFIEb.
Authority
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Mr. Harrison
(OOFI)
the ovme m
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M *allt
r*
Mr* Stark*
Chief Sfor«2k»
Mr* Bow*
Mr* Burnet*
Major lHOoda*
Mr* <*rmxt9
Mr* Gainaa*
I bavo no docfet that aiajr legal qpoatloaa will arlaa froa ttae to
tiaa in ooxsnaotloo with tha bank holiday* Tha complete story of tbs adminlatratlock of the Eaarganoy Banking Act will also ba incladad in the Saoro~
taryf6 Annual ftaport to Congraaa*
Accordingly, X hawa inatnsotad Hr* Harlan to hava a ©oaplota oaa~
tral flla aaaaablad*
X will appredata It if yoi will instruct, aoaaona ia
your offloa to aaaaafela and torn over to Mr* Marian eopiaa of all talagraaa*
letters, regulations, praaa atatananta* lnatruetioaa, naaoranda, and all other
papara which baar tha algoatura or laltlala of tha £ ® . etaryf uya#lf# Aaaiat>c
ant Sacratary Douglas and aay on® alaa in tha 3aeratary9a offiea, and alao
a $ aueh papara which hava gona out in tha naaa of tha Sacretaxy* Onder Sao~
ir
rataary* or Assistant Secretary*
It ia alao requested that you havo all inooadng telegrana and lattera
\
with tha lnitialad oopioa of any rapliaa aade in tha nan* of tha Secretary,
0ndar Secretary, or Aaaiatant Saoretaxgr aant to this aaaa flla ianadiataly
after thay ara handled*
(Signad) A# A* Ballaatina
Under Secretary of tha Treaaury*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
U A/fo
£
TELEGRAM
^
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICE)
j
—,
T /Vr-y
R E C E IV E D A T W A S H IN G T O N , D . C .
Cleveland 0 1213p Mar 34
MorriSf
Washington DC ,J
?*
Please advise whether unlicensed state nonmember banks are to be
considered as having been pleased to state banking authorities
freee from regulations of the secretary of the Treasury ezcept
as their banking functions are limited against payment of gold or
withdrawal for hoarding and limitation on foreign exchange transact*
-ions in view of executive order of March tenth and Treasury
instruction J of March tenth. This information important in view
of question raised as to right of nonmember state bank to continue
receiving new segregated trust deposits under regulation seven
without specific authority of state officials
Fleming
tr. S. aO O N B VPR T GOT C : 1 33
T B K N IN IN S X E 9
1 —9
6 74
1226p
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U A Ih
T / ( (J
0
398ghb
^SanFranoisco Calif BJar.^3-^44pm
Merrill
Washington I #
K
It appears *to us that a regulation should be issued by the Secretary
providing for the revocation of licenses to member banks in case a
bajik already licensed subsequently avails itself of a conservator
under the terms of the act of March 9,1933,or takes advantage of any
state stabilisation act providing for limitation of withdrawals
except so far as affected by legal contracts between the bank and
its depositors with respect to withdrawals or notices of withdrawals,
(See Board wire Ho 1687 containing statement of Secretary to state
banking authorities). We are raising this quastion as we have
specified instances of this character in this district in connection
with state member banks which have been licensed and which are now
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority j /A /h
opeA|^ing under state atabilizati on law* ,
Hale
826pm
£
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED «
Authority UAl\s
&
TELEGRAM
; ^ A
------------------------------
H - 7 0 ' J
FEDERAL RESERVE SYSTEM
(CEASED WIRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
1 —9
0 74
67bfa
Boston Mar 23 1125am
Board-.
Va shn
/
/
/ ^
Bequest for ruling/an unlicensed National Bank has in its trust
department revocable trusts under which they have been remitting
-
TBpea t r specified sums of money each month, The funds in the
ct g t
trust department are deposited in other departments of the bank
arid securities have been segregated to secure the deposits due to
the different trusts. Is there any way under regulation 13 whereby
the bank can pay out or permit withdrawal of coin or currency for
the payment of such monthly remittances when the fiduciary funds
are on deposit with other departments of the bank. In the case of
revocable trusts may granlQ>r withdraw certain of his securities
held in trust department in order to obtain elsewhere funds to meet
his necessities.
V. 8. O V R MN PKC IN O FIC : 1 8
OS N 1 T 1T & F E 99
1 —8
6 74
Young
1144am
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U Aib
0
^
THE S E C R E T A R Y O F THE T R E A S U R Y
W A S HIN G TO N
March 22, 1933
Honorable Eugene Meyer
Governor Federal Reseirve Board
Washington, D. G.
My dear My. Myer:
Under Section 203 of the Emergency Banking Act of March 9,
1933, the Comptroller of the Currency has, as you know, found it necessary
to appoint conservators for a considerable number of national banks.
Such
conservators have taken over a substantial amount of cash funds which must
be held intact pending the disposition of the affairs of the banks, and
additions! funds are being accumulated from day to day, incident to further
appointments and also as the result of collections accruing upon obligations
due the banks.
We are now confronted with a grave problem involving the safekeeping of these funds during the period of conservatorship.
Prior to
the present situation we had already experienced considerable difficulty in
prevailing upon acceptable State and national banks to carry receivership
deposits and put up the necessary collateral incident thereto.
It now
appears that it will hardly be feasible to place in acceptable depositary
banks the large amounts of additional funds which are accruing from the
conservatorships.
-. —
—
-
r
Reproduced from the Unclassified I Declassified Holdings of the National Archives
_________
DECLASSIFIED *
Authority j/A /h
Honorable Eugene Meyer
2.
Under these circumstances I feel that it would facilitate
'^greatly the administration of the new law by this Department if the
Federal Reserve Banks would accept for safekeeping these restricted
conservatorship funds pending final disposition of the affairs of the
banks, and I should therefore appreciate it if you would give this
matter your consideration and advise me as soon as possible whether
arrangements can be made for cooperation by the Reserve Banks with this
Department in that respect.
Yours very truly,
WILLIAM H. TOODIN
Secretary of the Treasury.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j /A /h
RECEIVED
O ffT O B
01* GBITBUAL COUNSEL
:?
?3
FEDERAL
RESERVE
B A N K ' ....
OF BOSTON
FREDERIC
R O Y A . Y O U N G , GOVERNOR
W I L L I A M W. P A D D O C K , d e p u t y g o v e r n o r
WILLIAM W I L L E T T , c a s h ie r
K R I C K E L K. C A R R I C K , s e c r e t a r y
ALLEN
HOLLIS
D E P U T Y CHA IR M AN O F T H E BOARD
A S S IS T A N T CAS HIE RS
E L L I S G. H U L T
E R N E S T M. L E A V I T T
H. C U R T I S S
C HA IR M AN O F T H E BOARD
A ND F E D E R A L R E S E R V E A G E N T
CHARLES
C A R L B. P I T M A N
L. W A L L A C E S W E E T S E R
F. G E T T E M Y
A S S IS T A N T FEDERAL RE S ER VE AG E NT
Maroh 2 2 , 1953
Federal Reserve Board
Washington, D. C.
^
Dear Sirs:
Worcester Bank and Trust Co., a State member bank in Worcester, Massachusetts, has not
been licensed to reopen by Secretary of Treasury# It has $18,000,000
of deposits
including very many small depositors in Worcester district and is one of largest non
reopened banks in Hew England. Probably about 85% of its deposits should be frozen*
All possible assistance in enabling it to open on some restricted basis as to 16# of
its present deposits and new deposits is important.
Plan One
(a) The State Bank Commissioner may appoint a State conservator under Massachusetts
Senate Bill 350 passed March 2% 1933 (copy enclosed) and in accordance with Executive
order of President of March 18th.
(b) Under paragraph called Section 85 of said Massachusetts Act the State Commissioner
may require the conservator make available to depositors and other creditors, if any,
some stated percentage of their deposits.
Question 1* Would step (b) require approval from Washington, and if so from whom?
In this connection we note that such course
by a conservator of a national bank would
require action by the Comptroller of the Currency tinder S205 of the Act of Congress of
March 9, 1933.
Question 2. Would the above steps alone require the Worcester bank to surrender its
Federal Bank stock under Section € of the Federal Reserve Act? While it is apparently
not intended that the appointment of a conservator of a national bank shall have that
affect, is there any regulation on that point.
(o) In order to obtain cash to make 15% of its deposits available the State Conservator
would desire
(1)
To draw from the Federal Reserve Bank all the excess reserve balance of the
Worcester Bank.
Question 3* Assuming the authority of the State conservator, which our counsel
advises us seems clear from the enclosed bill, should the Federal Reserve Bank permit
this withdrawal?
(2)
To borrow from the Reserve Bank under Section 10(b) as amended of the Federal
Beserve Act, or to rediscount eligible paper with it.
Question
4.
While our counsel advises us that the power of the State conservator to
*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
!
March 2 2 , 1933
Federal Reserve Board
Washington, D* C.
do this seems at present most
of Section 83 of the'enclosed
straightened out by amendment
to lend to the conservator or
policy with regard to lending
DECLASSIFIED
dubious, on account of the language in the third paragraph
bijl; nevertheless assuming that point should be
*
or otherwise, would the Federal Be serve Bank be permitted
his bank under 10(b) or to rediscount for him? Bias the
j
to conservators of national banks been determined?
,
(d) The State Bank Commissioner may during the conservatorship require the conservator
to recO^re and pay out new segregated deposits, and any such segregated deposits
previously received*
Question 5* Will Washington impose any objection to this? We note that in the case
of conservators of national banks the action would be permitted under Section 206 of
the Aet of March 9, 1933 and under Trans 1687*
Question 6* In ease of a conservatorship are deposits not made available for
distribution to bo regarded as time deposits or demand deposits in figuring the reserve
balance requirement*
Plan Two
(а) Without the appointment of a conservator the State Bank Commissioner under
Chapter 59 of Massachusetts Law of 1933 (enacted March 6, 1933, copy enclosed) may
simply order the Worcester Bank to restrict the payment of all deposits and claims to
15$, and in other respects continue its business*
It is assumed that the banking
emergency referred to in the Statute will be continued#
^
Question. 7 In such case would Washington permit the Worcester Bank (1) to continue
<*
as a member bank; (2) to do all Its regular business except the payment of 85$ of its
deposits as restricted by the State Bank Commissioner; (3) to withdraw from the Federal
Reserve Bank its excess reserve balance; (4) to borrow from the Federal Reserve Bank
under 10(b) as amended; (5) to rediscount eligible paper with the Federal Reserve Bank;
(б) to draw their balances with other banks and use their cash on hand, all as reasonably
necessary for its restricted business.
^
"
1
In connection with Question 6, we note Regulation 27 and realise that its 5$ limit
^
would have to be raised by special order to 15$ for this Worcester Bank to permit
v "'
plan two*
nevertheless, please answer the question,, for If the ^ $ limit in Regulation 27 were
5
the only block, the Worcester Bank should be so advised, and, If possible, given the
privilege of carrying out plan two on a basis of freezing 95$ instead of 85$ of its
deposits*
Q u e s t io n #. Under Flan Two would the 85$ of deposits restricted by the State
Bank Commissioner, while so restricted be regarded as time or demand deposits for the
purpose of figuring the required reserve balance*
Regarding Qtiestion/3, our counsel advises us that if at any time the State Bank
Commissioner should in restricting 85$ or other percentage of deposits, specify that
they should not be freed until thirty days after further order by him then there -Mould
be good argument that such restricted deposits might be regarded as time deposits under
Section 19 of the Federal Reserve Act* If this form of restriction would cover the
question please advise*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j/A /h
P* S.
Pleaae wire answers to questions by number.
L
Reproduced from the Unclassified / Declassified Holdings of the National Archives
1
. No. 350
Cl)c Commontoealtf) of 6@a0$aci)ii0ett0
Se n a t e ,
March 20, 1933.
The committee on Banks and Banking, to whom was
referred the Message from His Excellency the Governor
recommending legislation to make it possible for such
State banking institutions as are now under restrictions
to resume business in full (House, No. 1269), report in
part the accompanying bill (Senate, No. 350).
For the committee,
JOSEPH R. COTTON.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority UAJ\s
r
2
SEN ATE — No. 350.
[Mar.
Cfje Commontoealtf) of 0@00ac|)U!8 0
a
!ett
In the Year One Thousand Nine Hundred and Thirty-Three.
'§
*r
An Act providing for <the Further Protection of Depositors in Trust
•anies and the Maintenance of the
Banking Structure of the Commonwealth.
1
Whereas, The present banking emergency requires
2 that this act be effective forthwith, therefore it is
3 hereby declared to be an emergency law, necessary
4 for the immediate preservation of the public safety
5 and convenience.
Be it enacted by the Senate and House of Repre
sentatives in General Court assembled, and by the
authority of the same, as follows:
1
S e c t io n
1.
Chapter one hundred and seventy-
2 two of the General Laws, as amended, is hereby
3 further amended by adding after section eighty-two,
4 added by section one of chapter two hundred and
5 ninety-five of the acts of nineteen hundred and
6 th irty-tw o,
u n der
the
c a p tio n ,
c o n se r v a to r sh ip ,
7 the following seven new sections: —
8
Section S3.
In addition to all other powers con-
9 ferred upon him by law, the commissioner, whenever
10 he shall deem it necessary in order to conserve the
11 assets of any trust company for the benefit of the
12 depositors and creditors thereof, may, under his
13 hand and official seal, appoint a conservator for such
14 trust company, and require of such conservator such
Reproduced from the Unclassified I Declassified Holdings of the National Archives
d e c l a s s if ie d ” ^
Authority
1933.]
SENATE — No. 350.
3
15 bond and security as the commissioner may deem
16 proper.
17
A certificate of the appointment of such conserva-
18 tor shall forthwith be filed in the office of the com19 missioner.
The conservator, with the approval of
20 the commissioner, may procure such expert assistance
^f*and advice as he considers necessary in the admin22 istration of the affairs of such trust company and
23 with like approval i&|ty retain such of the officers
24 and employees of such trust company as he deems
25 necessary.
26
The conservator, under the^ direction and subject
27 to the control of the commissioner, shall take pos28 session forthwith of the property and business of
"
29 such trust company and take such action as may be
30 necessary to carry on its business and to conserve
31 its assets, pending further disposition thereof, as
32 provided by law.
33
Upon taking possession of the property and busi-
34 ness of a trust company, the conservator shall forth35 with give notice thereof to all persons holding or
36 having possession of any assets of such trust com37 pany.
No bank, trust company, association, firm or
38 individual, knowing that a conservator has taken such
39 possession, or having been notified thereof as afore40 said, shall have a lien or charge for any payment,
41 advance or clearance thereafter made, or liability
42 thereafter incurred, against any of the assets of the
43 trust company of whose property and business the
44 conservator shall have taken possession as aforesaid,
45 except as otherwise provided in this and the six
46 following sections.
47
During the time that such conservator remains in
48 possession of such trust company, the rights of all
U A/h
0 c2
L
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DECLASSIFIED *
Authority UAJh
4
SENATE — No. 350.
[Mar.
49 parties with respect thereto shall, subject to the
50 other provisions of this and the six following sections,
51 be the same as if the commissioner had taken pos52 session of such trust company.
53
Section
84.
Such conservator, subject to such
54 orders, rules and regulations as may be prescribed
5 5 ^ ’om time to time by the commissioner, may collect
50 moneys due to the trust company, and do all acts
57 necessary to continue* ks business or to conserve its
58 assets.
He shall collect all debts due and claims
59 belonging to it, and with the approval of the commis00 sioner, may sell or compound all bad or doubtful
01 debts, and on like approval may sell all, or any part
02 of, the real and personal property of the trust com03 pany on such terms as the commissioner shall
04 approve; and, in the name of such trust company,
(55 may take a mortgage on such real property from a
00 bona fide purchaser to secure the whole or a part of
07 the purchase price, upon such terms and for such
08 periods as the commissioner may approve.
09
To execute and perform the powers and duties
70 conferred upon him, the conservator may, in the
71 name of any such trust company prosecute and
72 defend all suits and other legal proceedings and may,
73 in the name of the trust company, execute, acknowl74 edge and deliver all deeds, assignments, releases
75 and other instruments necessary and proper to
70 effectuate any sale of real or personal property or
77 any compromise approved by the commissioner; and
78 any deed or other instrument executed pursuant to
79 the authority hereby given, shall be valid and effec80 tual for all purposes to the same extent as though
81 executed by the officers of the trust company by
82 authority of its board of directors or of its stock83 holders.
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Authority
U AJh
£
>
___________ ___________
1933.]
84
SENATE
No. 350.
5
Such conservators, and their assistants, shall be
85 subject to alLthe penalties, and except as provided
S(> in sections eighty-three to eighty-nine, inclusive, to
87 a l other provisions o lyw, t \ h c T i
l
f
o v i t T gents anointed
88 by the commissioner f r the purpose o l ^ i l t n
o
f iytaig
89 the a f i s o a bank are now or may. hereafter be
far f
■.) subject
4H
.
Section So. While a trust company is in theTTa’nds
92 of such a conservator, the commissioner may require
93 the conservator to s e a s id e and make available for
94 withdrawal by depositors and for payment to other
95 creditors such
amounts or proportions
of
their
9(i deposits or claims in any department thereof as the
97 commissioner may deem necessary or expedient, and
98 may by order authorize the conservator to receive
■ 99 new deposits, as provided in section three of chapter
"
100 fifty-nine of the acts of nineteen hundred and
101 thirty-three.
102-
Section 8(>.
Whenever any trust company shall
103 have resumed business with or without a reorganiza* 104 tion, or whenever the commissioner shall have taken
105 possession of its property or business as provided in
106 section twenty-two of chapter one hundred and
107 sixty-seven, the provisions of section three of chapter
108 fifty-nine of the acts of nineteen hundre^andjthirty-
1 ! thrco . i t h r w r t
0)
110 received jA n a aii- tho handii uf n "wm Jurv-ftten shall
’i 'U
.
111 no longer be effective and the deposits received
112 thereunder shall be disposed of in such manner as
113 the commissioner shall diiect, unless the owner of
114 any "such deposit, within fifteen days after notice
115 given by the conservator or the commissioner, in
l i b such manner as, the commissioner shall prescribe,
117 shall have withdrawn the same.
1IS
Section S7. The compensation of such conservator
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DECLASSIFIED
Authority j /A /h
SENATE — No. 350.
[Mar. 1933.
119 and of counsel, employees and assistants and all
120 other expenses of such conservatorship, including
121 costs and expenses incurred by the commissioner in
122 relation to such trust company, shall be fixed bv, the
and a p rrov ed bv the gov ern or ana c o u n c il
123 commissioner/ana paid out of the funds of such
124 trust company; provided, however, that the com^ 2£rp en «ation paid the conservator shall in no event be
126 at a h ig h ^ ra te th a n the highest salary established
127 in said focmfr or at^a rate in excess of one thousand
128 dollars per month*? and that the total pay roll of the
th
trust com pany;^t th e tim e o f T e s.^- ointm ent o f ,thc conservator shall
e
L '129
section 88. I f frte commissioner snail b satisfied not be
130 that it may be safely done and that it would be in the increased
131 public interest, he mav, in his discretion, terminate ^
’
,
rea son
of such
132 the conservatorship and permit such trust company compensa
133 to resume business subject to such terms, conditions, tion*
134 restrictions or limitations as he may prescribe.
135
Section 89. Nothing contained in the six preceding
136 sections shall, unless otherwise expressly provided
137 therein, be deemed to abridge any power or authority
138 to take possession of a trust company conferred
139 upon the commissioner by chapter one hundred and
140 sixtv-seven or any power or authority conferred by
141 any other provision of law.
1
S e c t io n
2.
If any provision of this act, or the
2 application thereof to any person, firm, corporation
3 or association or to any circumstances, is held
4 invalid by any court of final jurisdiction, the re5 mainder of this act, and the application of such
6 provision to other persons or circumstances, shall not
7 be affected thereby.
The right to amend or to
8 repeal this act or any provision thereof is hereby
9 reserved by the general court.
M ffT tn L ^7
.
Reproduced from the Unclassified I Declassified Holdings of the National A r c h i v e s __________.
DECLASSIFIED *
A t o i y UAlh
uhrt
COPY
Chapter 59
THE COMMOIPj
EALTH OF MASSACHUSETTS
In the Year One Thousand Nine Hundred and Thirty-three
An Act authorizing the Governor to proclaim the Existence of a Banking
Emergency and providing for the Further Protection of Depositors in Banks and
the Maintenance of the Banking Structure of the Commonwealth*
*
%hereas, The present financial crisis requires that this act be effective
forthwith, therefore it is hereby declared to be an emergency law, necessary
for the immediate preservation of the public safety and convenience.
Be it enacted by the Senate and House of Representatives in General Court
assembled, and by the authorirty of the same, as follows:
SECTION 1* Whenever it shall appear to the governor that the welfare of the
commonwealth or any section or territory thereof or the welfare and security
of banking institutions under the supervision of the commissioner of banks,
in this act referred to as banks, or their depositors so require, he may
proclaim that a banking emergency exists and that any bank or banks shall be
subject to special regulation as hereinafter provided until the governor, by
proclamation, declares the period of such banking emergency terminated*
The
governor may likewise declare such legal bank holidays as in his judgment such an
emergency may require*
SECTION 2#
During the period of any banking emergency
so proclaimed, the commissioner of banks, hereinafter called the commissioner, in
addition to all other powers conferred upon him by law, shall have authority to
order any one or more banks to restrict all or any part of their business and to
limit or postpone for any length of time the payment of any amount or proportion
of the deposits in any of the departments thereof as he may deem necessary or
expedient and may further regulate payments therefrom as to time and amount, as
in his opinion the interest of the public or of such bank or banks or the
depositors thereof may require, and any order or orders made by him hereunder
may be amended, changed, extended or revoked, in whole or in part, whenever in
his judgment circumstances warrant or require*
After the termination of any
such banking emergency, any such order may be continued in effect as to any
particular bank or banks as aforesaid if in the judgment of the commissioner
circumstances warrant or require and the governor approves.
SECTION 3*
The
commissioner may by order authorize banks to receive new deposits, and such new
deposits shall be special deposits and designated as new deposits, shall be
segregated from all other deposits and may be invested only in assets approved
by the commissioner as being sufficiently liquid to be available when needed to
meet any demands on account of such new deposits, which assets shall not be
merged with other assets but shall be held in trust for the security and payment
of such new deposits, except that income from such assets may to the extent
authorized by the commissioner be used by the bank for other proper purposes of
the institution; and the withdrawal of such new deposits shall not be subject in
any respect to restriction or limitation under this act.
The provisions of
section fifty-four of chapter two hundred and sixty-six of the General Laws, as
appearing in the Tercentenary Edition thereof, shall not apply in respect to the
receipt of new deposits as aforesaid by any bank authorized by order to receive
the same*
The restrictions imposed in relation to new deposits so received by
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..--------------------------------------------
DECLASSIFIED *
Authority
-
UAJh
2-
co-operative banks shall apply only to those received from the sale of shares of
a new series, shares of any prior series and paid-up shares*
SECTION 4* Whenever
the commissioner shall make any order hereunder, he may adopt such rules and
regulations as he may deem proper for the protection of any bank or banks subject
thereto or the depositors thereof, and any person violating any provision of such
a rule or regulation shall be punished by a fine of not more than one thousand
dollars or by imprisonment for not more than, one year, or both*
SECTION 5*
In determining action to be taken under this act or under section twenty-two of
chapter one hundred and sixty-seven of the General Laws, as appearing in the
Tercentenary Edition thereof, the commissioner may place such fair value on the
ass
of any bank as in his discretion seems proper under the conditions prevailing
and circumstances relating thereto*
SECTION 6*
Any costs and expenses incurred
by the commissioner in^he exercise of the powers given under this act may be
assessed by him against^the banks concerned and, when so assessed, shall be paid
by such banks*
SECTION 7*
If any provision of this act is held invalid by any
court of final jurisdiction, no other provisions shall be affected by such decision
but the same shall remain in full effect.
The right to amend or repeal any provision
of this act is hereby reserved by the general court*
Approved, March 6, 1933*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
------ ----------------------
DECLASSIFIED *
A t o i y U AJh
uhrt
^
Form 1S h
!
TELEGRAM
!'
FEDERAL RESERVE BOARD
WASHINGTON
Young
Boston
Harrison
^ s e York
iJw
Norris
Philadelphia
rancher
Cleveland
Me Don gal
Chicago
Hamilton
Kansas City
Seay
M ohmond
Martin
St* Louie
MoKinney
Dallas
Blaok
Atlasta
Geary
Minneapolis
Calkins
San Francisco*
Trans# No*
Ciuestion whether and under what conditions
Federal reserve banks should receive deposits of funds from or for
account of conservators of national banks other than deposits in
separate deposit accounts specifically authorized by Bank Conserva
tion Act has been taken up with office of Comptroller of Currency
and is now pending*
As soon as conclusion has been reached in the
matter you will be advised*,
Morrill.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority U A /h
0 <* ^
=^
L__
TREASURY DIPARTMSNT TELEGRAM
<51
5*
mmm urittin:
Washington,
fSSS
M
To doveraors, Federal Reserve Banks*
Boston, Mass*
Chicago, 111.
St. Louis, Mo.
Minneapolis, Minn.
Kansas City, Ho.
Dallas, fez.
San Francisco, Calif.
New fork, N. Y.
Philadelphia, Pa.
Cleveland, Ohio
Richmond, Va.
Atlanta, Ga.
Treasury does not require Federal reserve banks to
investi
gations to determine whether withdrawals by or discount* for or advances
to unlicensed banks are for purpose of transactions authorized and
within limitations prescribed by Treasury Regulations, but it is hoped
that Federal reserve banks will cooperate with Treasury Department to
ih# extent of not permitting withdrawals by or making discounts for or
a&vmncee ft unlicensed backs in oases where the reserve bank has reason
to believe that the proceeds may be used in violation of Treasury R e f
lations*
In this connection, as regulations 6 and 10 have been rescinded
Treasury regards regulation $ as no longer in effect*
%
WQQDIH
Private V£re«
—
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Reproduced from the Unclassified I Declassified Holdings of the National Archives
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DECLASSIFIED- ^
Authority
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Treasury <3oee not require Federal reserve banka to xaake investiga
tions to < eterrain© whether withdrawals by or discounts for or advances to
!
unlicensed banka sr@ for purpose of transactions authorized a n d within
limitations prescribed by Treasury Regulations, but heMMSgfe it is hoped
that Federal reserve banka will cooperate with Treasury Department to
the extent of not penal tting withdrawals by or making discounts for or
advancea to unlicensed banks in cases where the reserve bank has reason
to believe that the proceeds say be used in violation of Treasury Ifegnt**
tlons*
In this connection, as r gulations 6 find 10 haire been rescinded Treas
ury regards regulation 0 as no longer in effect*
a t ©6;
M Rg 3
A
Reproduced from the Unclassified / Declassified Holdings of the National Archives
F
DECLASSIFIED-
r
;
Authority
FEDERAL RESERVE BO ARD
WASHINGTON
March 21, 1933.
Young
Boston
T o w Wire Marohlfi re 63-1. Referring your questions
one and two. please see Executive Order of March 18
stating conditions tinder which State supervisory
authorities may appoint appropriate officiale to
conserve assets of State member banks. Tour third
question would depend in part on provisions of
proposed State law and it is suggested you consult
your counsel with regard thereto* If ruling of Board
desired, please furnish copy of State statute and
advise of your Counsel fs opinion together with state
ment of reasons therefor*
Morrill
G-BV/omc
53-1 - Worcester Bank & Trust Co#t Worcester, Mass*
.rvrm l iMb
federal reserve board
WASHINGTON
M a rch 21 * 1 9 3 3 .
1
*jxiion
Jo r wire March 1? re freezing of deposits by 5'tate
nefiiher £aTf?« Please- advise whether bapl1 in question lias
>:tcs
:
been licensed to perform usual banking functions. Please
state also whether contemplated freezing of deposit® is
to talcs place under authority of State l&sr or by agre©*raent s. th depositors, and if under authority of State law
r4
furnish copy of law in question or ^ive specific reference
tharefc#* .lease advise as to your counsel•s opinion oa
‘
your first question with statement of reasons therefor*
General subject covered by your questions 2t 3 and 4 is
nor/ wider consideration by Treasury departnent and you
wil t be advised as soon as ruling has be :n isade*
MG.RIIXLL.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority
FEDERAL RESERVE BO ARD
WASHINGTON
t\
March 21, 1933.
Geery
M in ^ s p o i l s
3®plyiag your wire March 10, r© relation 10, pleas* refer
to regulation 28 providing that regulation* 6 and 10 an amended shall
he wi di' n% force or effect after March 18 to authorise any baafcing
■transaction therein referred to.
S ta te
member hank:s not jet
lic e n s e d
to o en to perform usual hanking fnaetioa* may permit limited withdrawals
under
c o n d itio n ®
pacified in regulation 27 issued ^arch 18.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U A J h
Y
7
Fe d e r a l R e s e r v e B a n k
of
Ne w Yo r k
Fe^ral Reserve Board,
Washingtcgi, D. C
S i r s :
The following',questions are representative of those which
have been asked of us by* various licensed and unlicensed banks and
by customers of such banks:
1* Do the regulations of the Secretary of the Treasury
permit an unlicensed bank, which is not in the hands of a receiver
or conservator or of a similar official of a State Banking Depart
ment, to withdraw funds to the credit of such unlicensed bank on
the books of a licensed bank?
9
2. Is the answer to the foregoing question affected by
the existence of one or more of the following additional facts, and,
if so, in what way;
(a) That the funds are to be transferred
to the unlicensed.bank.
(b) That the funds are to be transferred
to a third party.
(c) That the unlicensed bank is a State
member bank and has been authorized by the ap
propriate State authorities to permit with
drawals of 5% or less*
(d) That the unlicensed bank is a nonmem
ber and has been authorized by the appropriate
State authorities to permit withdrawals up to a
specified limitation.
We believe that a substantial amount of the confusion which
exists with respect to these matters might be eliminated by a ruling
of the Secretary of the Treasury, and we should appreciate your at
tempting to obtain such a ruling or rulings.
Very truly yours,
Herbert H. Kimball,
Assistant Counsel.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
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FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
318bmr
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Boston Mar 17/354pm
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Board
Washington.
Request for ruling.
One-We have a state member bank that
contemplates freezing ei^ghty-five percent of their deposits
except one subordinated deposit and pay fifteen percent, under
"the direction of the Commissioner of Banking, with eighty-five
percent of their deposits frozen would this be considered a time
deposit and subject to the three percent reserve.
Two-Are we permitted to perform our normal
functions including release of reserve balance down to three
percent of frozen deposits,
&.forw x T n
. o mN n m oi: *
DigitizedbevFRASERmtm in
*Three-Can we rediscount or discount for
3—11901
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DECLASSIFIED
Authority U
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TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
/
/
/
2
them to enable them to put the transaction through.
Four-Can^they use cash in their vault or with
correspondents to complete transactions.
We believe we can handle all transactions with
safety and their program is a desirable one to carry out
immediately because of the sound condition of their affiliate
national bank.
Young.
417p
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U M h
aL
Washington
Wo^oftster Bank and Trust Co*, Worcester, Mass.
Request for ruling in connection withi63-l, The State of Massachusettsf
I am informed, will probably enact a law permitting the bank
commissioner to appoint Conservators for State Banking institutions.
Questi9ns raised are (1)- The institution referred to being a member
bank which has not yet been licensed to reopen could a conservator be
appointed for it under the state law and by the state authorities or
would the act of March 9, 1933 and the regulations of the Secretary of
^ the Treasury operate to prohibit appointment of conservator by State
authorities.
(2) Assuming that a conservator should be appointed by
* the state authorities permitting operation of the bank on a restricted
percentage basis could such operation be permitted by the Secretary
of the Treasury under the Act of March 9 #
rrom tne Unclassified/Declassified Holdings of the N a t io n a lA ^ T
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DECLASSIFIED
I Authority
*
TELEGRAM
/
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICED
Sheet
2
R E C E IV E D A T W A S H IN G T O N , D . C .
(3)-
Wotild the institution operating under the direction of a
w-
conservator he permitted to retain the privileges of membership in
the Federal Reserve Banl^including fe* discounts, advancements and
accommodations and to what extent. The directors of the member bank
are now endeavoring to determine what steps should be taken and it
will be helpful to have early advice with regard to these questions.
Young
503pm
oTM M onnonnifinQ k
um
2—11901
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DECLASSIFIED *
Authority UAJh
V :iJ
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.
FEDERAL RESERVE BO ARD
/
WASHINGTON
/
March 16, 1935*
Clm & f - San Francisco
Referring o u t telephone conversation this morning Comptroller^ office
advises brief telegraphic Instructions were sent to each conservator
and that loare detailed written instructions are to be forwarded without
delay*
McClelland*
EMM/acw
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
UAJh
Authority
^
n.
F o r m 148 b
///
TELEGRAM
FEDERAL RESERVE BO ARD
WASHINGTON
M a rch
16,
1933.
/
CurtilSSs - Boston
Case - New York
Austin • Philadelphia
Williams - Clttveland
Boxton - Bichmond
Mowton - Atlanta
Stevens - Chicago
v o t - St. Louis
oc
Bailey - Minneapolis
McClure - Kansas City
Walsh - Dallas
Newton - San Francisco
U
11$ f / Acting Comptroller of Currency has brought to attention of
Board hia telegram to you quoting instructions sent today to all chief
national bank examiners re handling of inquiries being received in
connection with proposed reorganisations of national hanks.
while
responsibility for the direction of reorganisations of national banka rests
with chief national hank examiners, and in connection with reorganisations
of state laeiaher banks with State basking authorities, Board feels that it
would be desirable for Federal reserve agents to cooperate in every way
possible with the supervising authorities in such matters.
Morrill.
M
AR
1 G19 3
3
Reproduced from the Unclassified I Declassified Holdings of the National Archives
—
DECLASSIFIED *
Authority UAJ\S f a O & l L
Acting Comptroller of Hr* Currency has brought to W& attention
of t a t Board his telegram to you quoting instructions sent today
tf
■c_
»
A JL
to all chief national bank examiners nasfe g&gageM>»*4|[| handling of
inquiries being received in connection with proposed reorganizations
of national banks.
While Jim responsibility for the direction of
reorganizations of national banks rests with WKB chief national bank
^
tHiiil (tiOyi (a
examiners^and 8 & R reorganizations of state member banks with state
FS)
banking authorities, Board ( r i l j f c ' t&H&m Federal reserve agents
a
'C . ■
r
X I
‘
‘,
siA3r cooperate in every way possible in ooi f o i on1' Tti 1 t T '
m
W ’ T1 i i rcorgt i H
e «u
tj
aafcions-
Morrill
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority UAlh ? 6 Qc2 L
Twill 1679
march 16 1933
I shall be glad to continue to cooperate
with the Chief National Bank 3xgminer and the state commissioner in
connection with reorganization and all other matters of commtbn interest
Wood
616p
o. b. w w n a N v r*atm m vmcm im»
3 X0
—191
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED •
Authority j /A /h
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
\
R E C E IV E D A T W A S H IN G T O N , D . C.
B28G B
l
|
' - h c e : 111 3Q4P Mar 16 1933
^s ^ i a - o
Board
.{
.
V.ashington
fieplyine to youi^ No^167oT)V fully recognize our responsibility in
ie
coopeating with chief ■‘
‘ational Sank examiners in connection with reorganizations
•
'
of, National I3enk and
with the state banking authorities
in
connection with reorganisations of state member banks. We had already placed
one of our assistant Federal Reserve agents in the office of chief National
Bank examiner here at nis rquest to cooperate with him in suggesting and
approving plans or reorganization and have arranged with state authorities
in Illinois and partly so thus far in other states not to recommend licenses
on state member banks in which reorganizations and corrections are necessary
without their approval of such plan.
t» 8 60TIHNH1K nUXTDftt
T
Digitized. for FRASER 91*101: IMS
Stevens
3 10
—101
440p
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority UAlh
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
266gb
D a jL L a
s Mar 16 231p
Morrill
*-fe.
Washn
Twill 1679 wi'll cooperate in every way
Walsh
417p
•oTBuntorr n o m u t nvmh iim
s in
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DECLASSIFIED •
Authority
UAJb
0< £
3
TELEGRAM
FEDERAL RESERVE SYSTEM
^
^
(UEASED W IRE SERVICE)
297gb 59
R E C E IV E D A T W A S H IN G T O N , D . C .
^Minneapolis 305p MarjyjL-—
+&
Morrill
Washn
Referring to your Trans 1 6 5 are we to understand that banks not
permitted to reopen may still continue under regulation 10 to
pay-out money for payroll accounts etc this would seem to me to
be creating a preference in case the bank was finally closed
or a conservator appointed a ruling will be appreciated
http://fraser.stlouisfed.org/ mm
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Federal Reserve Bank of St. Louis
Geery
422p
t—
um
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority
TP
W
F orm H 8 b
TELEGRAM
FEDERAL RESERVE BO ARD
WASHINGTON
Maroh IS, 1933
Curtiss
Boston
DeCamp,
Cleveland
Stevens
Chicago
McClure
Kansas City
Hew Tork
Hoxtom
I ichreend
food
3 t . L oui*
Walsh
Dallas
Austin
Philadelphia
fewton
Atlanta
Bailey
Minneapolis
Sawtoa
San Francisco
The following was today sent to all Ohiaf lational Bank Ixaiaiaers
gtJOf*
There are of course a number of banka in your district which haw#
not received licenses these banks are swapping this office with inquiries
as to what they should do in ordar ta gat a license they ara being advised
to contact your office which in eooperatlon with federal reserve bank will
tell thea stmt will be necessary to fix up bank in ordar to secure license
will you please gat in touch immediately with the federal reserve bank and
work in cooperation to this and STOP
for this work at this tl»e*tJI$UOf$
Tou should use your force particularly
Please cooperata*
f , d . AWALT,
Acting Comptroller.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
F o rm 118 b
FEDERAL RESERVE BO ARD
WASHINGTON
if -
lX
March 15, 1933
Xoung - Boston
lour telegram re transfers to Federal Reserve 8an& of Atlanta for
pagneent to Havana Branch of Firsts Matioaal Bank of Boston*
the
question appears to be one for determination in the light of the
terms of the license i©f§ued by 3ec et&t*y of treasury to First Katioa&l
Bank of Bogtoa, Regulation 20 authorizing th© opiaaiag of Federal reserve
banks, their branches mxd ageacies* and executive order of March 10, 1933<
W have been advised that, owing to the great mmber of inquiries sad
e
requests for rulings received, Treasury is unable to attempt to rule
specifically
to whether particular plans do or do not comply with the
regulations, etc. which have been issued•
Morrill
GBV/lLMM/fsf
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority UAJh ’ aQcZ.L
Z
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
Boston Mar 14^13PPM
Board
Washington
First National Bank of Boston wants us to charge their account
and transfer by wire to Federal Reserve Bank of Atlanta for
payment to their branch in Havana. This practice was in existence
previous to the proclamation. Please advise if it is again
permissible
Young
315p
cv
< 'Y \ * A v ^ ( 1 J > p P 1 ^
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-
T yu /
Reproduced from the Unclassified / Declassified Holdings of the National Archives
-------------------- -------------------- -------------
DECLASSIFIED *
Authority
■* Tv!
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r
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'
T E L E O R A m\
FEDERAL RESERVE BO ARD
WASHINGTON
March 14, 1933.
Newto^-
A t la n t a
Referring traus. 1657.
Wood - St* Louis
Fleas® wire at once names of all nonroenber banking
institutions in your district Hennaed to resume banking functions March
I
13 and 14, 1933, and as information is received pleaso wire names of nonraember
banking institutions licensed to open for business l&rch 15, 1933.
i
If restrictions i
imposed by State authorities in connection with opening of any such banks, please
so state.
SRC/acw
Morrill.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
d e c l a s s if ie d -
UAJh
Authority
form 11 1
S1
T E L E G R A M
a /'
if
7 A
FEDERAL RESERVE BOARD
W A S H IN G T O N
March 14, 1933 •
Young - Boston
Harrisepi York
Korris - Philadelphia
I’
ancher - Cleveland
Seay - Richmond
Black - A t l a n t a
MeDougal - Chicago
Martin - S t * Louis
Geery - Minneapolis
Hamilton - Kansas City
tlcKlnney - Dallas
Calkins - Jan Francisco
Referring trans. 1641 Board is advised that Secretary of
TRaKS*
Treasury on March 13, 1933, directed Federal Heserve Bank of Chicago, acting
as his designated agent, to issue license
in form heretofore prescribed by
him for resumption of banking functions beginning Monday morning March 13,
1933, to Lawndale National Bank, Chicago, Illinois.
'Morrill*
jjrzi
piT
S )
4 .
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
F o r m 1181)
f \ j
T E L E G R A M
FEDERAL RESERVE BOARD
W A SH IN G T O N
March 13, 1933
Q w c% im *~ lvm g - Bostco,
Caoo-ftarriooa - lew
A s -K rriB ~ PhilsdelrMa
u tiu o
-
Steteiio-^leSOmi^ - Chicago
looa-Hnrtln - St* Louis
Bail«$r~Qeery - IllanMtpoli*
CXev©liusd
i©tore*4tfL&tltoii • Xanwwi City
Hoxtoo-sSeity - Hlcsteaond
2Iev^oa~BlacJe - Atlante
m is
lift
f a h M & m y - D lla#
f ls - c ix e
a
Sewtoa-G&lkin0 - & Franciseo
m
Jo avoid eongoatloa of leased wires tonight mad ®X&a to
relieve operator® Board will not attoopt to trfcnaait telegraphic advice/
to all Federal reserve beaks of all a e t e baaks la cleari,: h©n«43 cities
ssbr
s;
throughout country to which licensee are issued to m m um teemkl&g .tecilm#
tomorrow* Secretary of treasury will* of course* wire each federal reserve beak lt#& of fsaber tesaka in its district to ^hich licenses are to
?
be granted and it lo m ,ested that early tomorrow moraine each Federal
r o s e m beak advise each other Federal reserve bank by eojasaareJUl wire of
xuum of auch member basks* Ao promptly as possible each federal m m rtm
temsk should advise all other reserve baofcs m d Board, either by eoysmreiiil
wire or 1eased wire* of Bases of a w i t e baafes in its district liemaed
to resoi* banking functions* not subject to aay restriction© except those
I i the -President1* procX&matiei* agattast peyaeiii of gold*
x
old certificates
or ballicii or the payae&t o f mrrm.ey for boardinc purposes end foreign
-i
•f
«xehaft&« tr®a&M itAoii» which apply to all bsxtklJif institutions* aeiaber aad
M
no&&esb*r9 state or liatiosi&l* m&til farther aoiioe* Bmpmm. o advice sliouM
t
bo traast&itei to the Board sad each Federal reserve bank regardlm-g any
a<xa»»bor testiiatioa lioeas^d to.
resume I t k a ' fractions sudor farther
tul,
restrict!
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Federal Reserve Bank of St. Louis
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declassified
*
Authority UAJh ? * f i a i
148 b
TELEGRA
FEDERAL RESERVE B O A R D
WASHINGTON
It la understood t a - the settiod of cos!.ii&mic«tia: to edl banking i ht
;
n
etitutiona in their re^j&etive districts infarction r i c v i i • banks
t-uji ,
lic&lped to
bxkt;: f & t o a s ia on©
&iii, u c i i i j
individual Federal reserve banks*
m
W
McClelland*
F
j
. _— i
F
i
fo r
dfiteriaia&tion by the
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority U A /h
7V
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//
F o r m lA 8 b
FEDERAL RESERVE BOARD
WASHINGTON
\f i V
Kareh 13. 1933,
%r
Hal*
San Francisco,
Hare consulted with treasury Bepartaeat with reference to your telegram
of March 8 and am advisedt'hat, owing to the groat nuafeer of inquiries
and requests for ruling* roceiTed, treasury has boon unable to attonpt
to rule specifically as to whother particular plans do or do not oos^ly
with the regulations which have boon issued.
Cannot, therefore, obtain
definite answer to question you presented at this tins.
Morrill•
Reproduced from the Unclassified I Declassified Holdings of the National Archives
__________________________________
DECLASSIFIED *
Authority
F orm I f s h
T E L E G R A M
FEDERAL RESERVE BOARD
W A SH IN G TO N
IS, 1933*
Toting,
Boston*
fanoherf
Cleveland.
M*3o %£»1,
Chicago*
Hamilton,
Harrison,
“ © w York*
%
Seay,
Richmond*
Hart in,
St. Louis.
McKinney,
Dallas.
•Jlaak,
Itlanta«
Geery,
Minneapolis
Calkins,
San Francisco.
Morris,
Philadelphia,
Kansas City.
In order to relieve congestion hors, please submit requests for
rulings and interpretations of law, proclamations, executive orders
and regulations, in so far as possible, tg telegraph in lieu of
or
telephone
i?$QF Where question is one of general interest, Board
will advise all Federal raserve hanks niraoltaneously I r wire STOP
g
Please furnish copies of all such telegrams promptly to all your
officers and your counsel, as we are receiving inquiries on
questions wfcieh have been answered by previous telegrams to all
hanks
J fQ *’ Your cooperation will he greatly appreciated*
MOKRILL
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
TELEGRAM
FEDERAL RESERVE BOARD
WASHINGTON
March
- Boston
Har’
Tison - Hew Xork
Norris - Philadelphia
Faneher - Cleveland :
Seay - Richmond
Black - Atlanta
lo y n g
TRANS NO.
13,
1933
McDougal - Chicago
Martin - St* Louis
Geery - Minneapolis
Hamilton - Kansas City
IcSinney - Dallas
Calkins - San Francisco
Advised Secretary of Treasury has also directed
Federal Reserve Bank of San Francisco, acting as his designated
agent, to issue licenses in the fora heretofore prescribed by him
for the resumption of banking functions beginning Monday morning,
March 13, 1933» to the following banks*
pan Francisco* California
American Trust Company
Bank of California, NJU
Bank of Montreal *San Francisco*
Crocker First national Bank
Pacific National Bank
Wells Fargo Bank and Union Trust Company
Anglo-Califomia H&tional Bank
Bank of America lational Trust and Savings Assn.
Information being wired yon by Board s&th respect to licenses to resume
banking functions issued to member banks is to enable you to advise banking
institutions resuming banking functions in your district as to those which
have resumed banking functions in other districts*
It is requested that
:s / of
you arrani :~f
e~c
nonmember
banking iastitatioa® in your district licensed to resume banking functions*
■ © w ill
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
n
.
• ‘ v§ r •
'" '*';- S
F o r m I f 8 to
TELEGRAM
FEDERAL RESERVE B O A R D
W A S H IN G T O N
March 12, 1935.
Youngp- Boston
Seay - B t
f ahaond
Qeery - Minneapolis
Harrison - Hew York
Black - Atlanta
Hamilton - Kansas City
McKinney - Balias
Norris - I hiladelphia u McDougal - Chicago
Fancher - Cleveland
¥ Martin - St* Louis
Calkins - San Francisoo
#/
ise&
T
R
/ /Secretary of Treasury has directed the respective federal
reserve Panics, acting as his designated agents, to issue licenses in the
form heretofore prescribed by him for the resmaption of banking functions
beginning Monday morning, March 13, 1933, to the following bankst
Boston, Massachusetts!
Merchants national Bank
Second national Bank
Hational Shawmut Bank
Webster and Atlas lational Bank
fhe Pirst national Bank of Boston
National Bockland Bank
Hew Bigland Trust Co*
State Street Trust Co.
Day 'Trust Co.
Old Colony Trust Co*
Trust- Comany
Hew York City, Hew York*
Unitoil $totes
Bankers Trust Company
Bank of Manhattan Con^any
Bank of Hew York & frust Co.
Bank of Yorktown
F
F
P
Y
W A S H IN G T O N
Hew York City, Slew York (Cont.)t
Central Hano?er Bank & Trust Co*
Chemical Bank & Trust Co*
Clinton Trust Go.
Commercial National Bank & Trust Co*
M i Continental Bank *: Trust Co,
?
Corn Exchange Bank Trust Co*
Dunbar National Bank
Jlfth Awenue Bank
first national Bank
M L ton Trust Co,
federation Bank & Trust Co*
Grace National Bank
(Guaranty Trust Co*
Irring Trust Oo*
Marine Midland Trust Co*
Merchants Bank
National Bank of Yorkrille
National Safety Bank & Trust Oo.
New York Trust Co.
Public National Bank & Trust Co.
J. Henry Schroedcr Trust Co.
Sterling national Bank & Trust Co.
United States Trust Co*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority U A /h
0 °^ ^
T E L E G R A M
FEDERAL RESERVE B O A R D
W A S H IN G T O N
Uew York City, flew York (Cont«)i
Brooklyn Trust Co,
7
Ibrt Greene national Bank of Brooklyn
Hatloaal Exchange Bask & Trust Co*
Bay side national Bank of Bayside
College Point national Bank of College Point
national Bank of Ear Itookaway, f a r Bookaway
national Bank of Qpeens County, flushing
; forest Hills national Bank, forest Hills
Springfield Gardens national Bank, Springfield Gardens
foodside lational Bank, Woodside
Mariner Hax*bor National Bank, Mariner Harbor
Staten Island national Bank & Trust Co., Port Mohtaond
national Bronx lank
Amalgamated Bank
Chase national lank
Colonial trust Co*
Harbor State Bank
Manufacturers frost Co*
National City Bank
Trade Bank
Pottenrille national Bank
Bensonimrst National Bank
jzn
F
P
Y
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
T E L E G R A M
FEDERAL RESERVE BO ARD
W A S H IN G T O N
lew York City, lew York (Cont.)t
flatbush National Bank
Kinga'boro National Bank
Peoples National Basok
Philadelphia, Pennsylvania:
Central Penn National Bank
City national Bank
Cora Exchange national Bank and frust Co*
Brie lational Bank
Fidelity Philadelphia frust Co.
H r s t Caaden national Bank and Trust Oo.
U r s t National Bank
Girard 5?raat Co*
Integrity frost Co*
Kensington national Bank
Market Street national Bank
national Bank of Germantown and Trust 0o«
linth Bank and frost Co*
Horth Broad National Bank
Northeast national Bank
PennaylTania Corapany for Insurances on Idves and
Granting inanities
Philadelphia national Bank
PY
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U A/fo ^ 6 0 ^ ^
WlWfiPiiP
FEDERAL RESERVE BO ARD
WASHINGTON
Philadelphia, PaanaylTaaia (Cont.)i
Provident Trust Co*
Second National Bank
Tioga National Bank aad Trust Co,
Sxttdesnts&s Rational
(Etwlasd, Ohio) •
davelaad Trust Go*
Central tlnited national Bank
National City Bank
Sichoond, Tirginiai
Bank of Ooss&eroe and frosts
Central national Bask ^
first and Merchant* national Bank
Stata^Planter® lank and Tarast Os*
Atlanta, Georgias
first Rational Bank of Atlanta
Polton national Bank
Citizens and Southern national Bank^ Atltfita
Trust Company of Georgia
Chicago, Illinois*
Gity National Bank and Trust Co*
Continental Illinois national Bank and Trust Oo.
Ooatlasntal national Bank and Truat Oo.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority
V
iWfcW
^
TELEGRAM
FEDERAL RESERVE BO ARD
WASHINGTON
Chicago, Ililnola (Oont*)i
SlXt#
‘r
4
S m l i trait **d tav£*g» Bank
ffca %rth«ift m i l Oo*
Aaaricon national Bank a&d »raat Ooapaay of
Hrtt H&tioaaX Bank of BaglawooA
ufXiberty Bank of Chicago
, MoroaxitiXo
and Savlaga Bank
Ju-Mercliandise Bank and Trust Company
f l f Mwtw l
ft
ypluip
U Metropolitan State Bank
national Buildara Bank
I^The Uppe r Avenue Bank
llrami Rational Bank
r f - f l State Bank
iSkta
/.
*
B* a a i a B to a B s *
T mn l al & l a i §
c
y^Eiakevlew Trust and Savings Bank
H l t d M c a g R to a l n
a*a
h n e ai n l a k
JlrUptovm State Bank
8I« lanlit Miaaotofii
/
€>:'
V^'
Boatmen* Rational Bank
U n i Xitto&ftX Bank
Mercantile flumaai im Bank a
sad $raat Oo*
Moroaatil* OoaMfei Rational Baak
Miaaiaaippt fallay Treat do*
tfhitod Bank and Treat Go.
Bxaa wi T>*«v
Treat Co*
Truat Oo*
Sowai^roT# Bank and Treat Oo*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
j
DECLASSIFIED*
Authority U A l b S<5
TELEGRAM
FEDERAL RESERVE BO ARD
W A S H IN G T O N
St* Louis, Missouri (Oont.)i
-
laston Taylor Trust Co.
Jefferson Gravois Bask
Mound City Trust Go.
B d nf w r
a e w T
Cass Bank and Trust Oo.
Northwestern Trust Oo.
Security national Bank, Savings and Trust Oo,
Southern Ooiamercial and Savings Bank
Telegraphers National Bank
£ravois Bank, St* Louis County
Minneapolis, Minas sotai
Bloomington lake Hational lank
Central national Bank
fifth northwestern National Bank
first national Bank and Tfeust Co*
Iburth Northwestern Hational Bank
Maljquette Hational Bank
Midland Hational Bank and Trust Co*
Minnehaha National Bank
Northwestern Hational Bank
Third northwestern National f r
f nir
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
/ - F o rm 148 b
TELEGRAM
FEDERAL RESERVE BO ARD
WASHINGTON
Kansaa City, Missouri!
OolTMbi* National Baak
Drorsrs Hatioaal lank
Tlr.t national Bank
Interstate Batioaal Bank
Paik latioaal Bask
Stock lard* National Baak
trader# Oat* City lattonal Baak
Cosnsrce trust Co,
Merchants Antic
£all&sv
first Hatloaal Basok
HationaX Baak of Oewarea
BsptibUc fational Baak and trust Oo*
Karoentile Baak and trust Co. of ffcxat
Dallas Bank and treat Co*
Morrill.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
Hid,An i i & R A f i
M31BAL wmpmww, bouq)
March 13, 1933
Bailey
Minneapolis.
Tmst wir# March 9th.
b u sto
is
special
tru st
Deposits neiiYid " y member
b
accounts vm&mt authority
« f
Itgul&tion
to* 7 o - the ftorttftrjr of the fv m m u f issued IlrO. 6, 1938*
f
fK c b
purrawt
to
subject to
the
th e
ftroelmfctioa
of
th a t
date, are
reserve requirements prescribM by Section 19
of the 3Nd«raX 1m e rt® Act,
M o r r ill#
3
3 / .
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED ■
Authority
t*
UM\\?6Qa(>
'***m
W
"
F o r m 148 b
FEDERAL RESERVE BOARD
W A S H IN G T O N
March 12, 1933.
'% r
Hamilton,
Kansas City;*,
Hetel
eleventh
STOP
I understand regulation governing
yonr suggestion is being prepared
Morrill
Reproduced from the Unclassified I Declassified Holdings of the National Archives
r—■
------------------------ --—-------------
DECLASSIFIED *
Authority kj A./b ^ 6 0°^ ^
"k
QrldA
TREASURY DEPARTMENT
S T A N D A R D F O R M N O . I4a
A ppr ov ed b y th e P residen t
M a rch 10,1926
WASHINGTON
.
TELEGRAM
s
i / a
|
s
C h a r g e T r e a s u r y D e p a r t m e n t 1 A ppR ppR iA trbN f o r
,
OFFICIAL BUSINESS— GOVERNMENT RATES
T h e appropriation from w h ic h payable m ust b e stated on above lin e.
e Y H X M F E T G SI S 2 “ 4 1
O B N S T R HI O T
N
C
— 17
1
Hamilton,
City.
Util •l«r«nth
Stop ! B«eal*tlon sarraniac jroor
pnp»r«d,
m m m mobkill
Secretary to Board
i
1
^r<r7r^-
1* *•!■«
1
1
Reproduced from the Unclassified / Declassified Holdings of the National Archives
HUM— I
—
____ _
_
— —
____
DECLASSIFIED *
Authority
- '
U A/h Ta 0 c 2 £
_____________ ______
X-7362
fardea
gm S I H Y DEPARTMENT TELEG-1AM
March 12, 1933.
To Governors, Federal Reserve Banka.
Boston, Mass.
Hew York, N. Y.
Philadelphia, Pa.
Cleveland, OK^o.
Richmond, Va.
Atlanta, Ga.
Chicago, 111.
St. Louis, Mo.
Minneapolis, Minn.
Kansas City, Mo.
Dallas, Tex.
San Francisco, Calif.
Licenses to member banks . o reopen should be issued as follows:
t
1.
Member Banks of the Federal Reserve System located in
each of the twelve Federal Reserve Bank cities whose
applications to reopen have been approved should be
licensed to reopen on Monday morning March 13, 1933,
2.
Member Banks of the Federal Reserve System located in
any city having an active recognized Clearing House
Association, whose applications to reopen have been
approved should be licensed to reopen on Tuesday
morning March 14, 1933.
3.
All other Member Banks of the Federal Reserve System
whose applications to reopen have been approved shall
be licensed to reo-pen on Wednesday morning March 15,
1933.
4.
Care must be taken in the case of banks having branches,
that the branches are not permitted to open except in
places and at times designated above.
A license in the following form should be delivered;
QUOTE
The
of
blank
blank
is hereby permitted to open on
following places
exceDt:
LICENSE
blank
blank
1933
its offices in the
and to perform its usual banking functions
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority
JA
X-7362
- 2 ~
(1)
To. the extent prohibited in the Executive Order of
the President of the United States issued on March
10, 1933 (an extract from which is printed hereon):
(2)
To the extent limited or prohibited by any Executive
Order of the President or by regulations of the
Secretary of the Treasury*
*%his license may be revoked in whole or in part by the Secretary
of the Treasury at any .time.
Issued by direction of
W. H. Woodin, Secretary of the Treasury.
Federal Reserve Bank: of
blank
By _____ blank____________
Governor
UNQUOTE
Extract to be printed on license form.
QUOTE
Extract from Executive Order cf the President of the
United States, Issued on March 10, 1933.
Until further order, no individual, partnership, association, or
corporation, including any banking institution, shall export or other
wise remove or permit to be withdrawn from the United States or any
place subject to the jurisdiction thereof any gold coin, gold bullion,
or gold certificates, except in accordance with regulations prescribed
by or under license issued by the Secretary of the Treasury.
I o permission to any banking institution to perform any banking
T
functions shall authorize such institution to pay out any gold coin,
gold bullion or gold certificates except as authorized by the Secretary
of the Treasury, nor to allow withdrawal of any currency for hoarding,
nor to engage in any transaction in foreign exchange except such as
may be undertaken for legitimate and normal business requirements, for
reasonable traveling and other personal requirements, and for the
fulfillment of contracts entered into prior to March 6, 1933.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority UAJh
X— 36;
-3-
Every Federal Reserve Bank is authorized and instructed to keep
itself currently informed as to transactions in foreign excliango entered
into or consummated vithin . .its district and shall report to the
•«
Secretary of the Treasury all transactions in foreign exchange r^hich are
pr ohibited.
UNQUOTE.
The follo^in^’ sho*ald also be printed on the license form:
QUOTE
Subdivision b of Section 5 of the Act of October 6, 1917> as
amended, and Section 4 of the Act of March 9, 1933, prescribe a
penalty of a fine of not more than $10,000 and/or an imprisonment for
not more than ten years, for violation of the terms of the said
sections,
UNQUOTE.
1, E. WOODIU
7
Secretary of the Treasury.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U M b ? 6 Q < 2 b
/
JEASURY DEPARTMENT TELEGRAM
/
Washington*
March 12, 1933
Governors, Federal Reserve Banks#
Boston,, Mass.
New York, N. Y.
Philadelphia, Pa.
CIceland, Ohio
Richmond, Va.
Atlanta, Ga*
Chicago, 111.
St. Louis, Mo,
Minneapolis, Minn.
Kansas City, Mo.
Dallas, Tex.
San Francisco, Calif
Lloeases to i saibor I n k s to reopea should be Ii i m A as foilown
t
1.
Manfeer Bankm of the JMoral Reserve System located in
eaoh of the twelve federal He serve Bank oitiea whoee„
applications to reopea have beea approve* ahoald bo
lloeaaed to reopea oa Moaday morning Maroh 13, 1933.
3*
Member Baides of the M o r a l Reaerva tystea located la
aay oily having an aotlve reoognised Clearing Houae
Aaaooiatlon, whoee applications to reopea have boon
approved should bo lloenaed to reopea on Tueaday noraiag
Martfe 14, 1933*
3. All other Mmahar flank* of tl o Federal Beeerve System whoso
i
applications to reopen hare boon approved shall be
lloensed to reopoa on VsdMidajr morning Maroh 15, 1933.
4.
Care a u t bo taken la tin eaae of banks having braaohes,
that the braaohes are not permitted to opoa except in
plaoes and at times designated above,
A llooaeo la the following foam should be dolivoredt
qjJQ t
T
'She
of
UCSHSS
blade.
blade
Is hereby permitted to opoa on blank
following plaoes
blade
1933 Its offices In the
aad to perform its usual banking Amotions
exceptt
Private Wire
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
(X)
(2)
„
To the
extent prohibited in the Executive Order of
the President of the United state* leeued on March
1933 (on estreat frcm Alflh la printed hereon) t
10,
To the extent H a d ted or prohibited by any Executive
Order of the PrMident or by regulation® of the Secretary
of the Treasury*
This lie— lee nay be reraked In vtoele or In part by the secretary
of the Treasury at el# time.
leaned by direction of
w. h * Woodln, Secretary of the Treaaury*
federal Beeerre Beak of
blank
_________
°r
Governor
TKQUOTE
Sxtreot to be printed on lioeoee form*
3TJ0TK Extract from Executive Order of the Preeidont of th»
Ttalted stetea, leaned on March 10« 1959*
Uhtll further crder* no indivldiml, pertnershipt association, or
oorporetlon9 including eny banking institution* ehell export or otherwise remote or pexralt to be withdrew from the tftdted stetee or any
pleee subject to the Jurledletion thereof eny gold coin, gold bullion,
or geld certificates* except In eeoerdenee with regulations prescribed
by or under lloenae leeued by the Secretary of the Treeeury.
He permission to eny benklng institution to perform eny banking
funetlone ehell euthorlee enoh institution to pay out any gold coin,
gold bullion or gold oertl fleatee exoept ae authorised by the Secretary
of the Treaeury* nor to alio* withdrawal of eny currency for boarding,
nor to engage In eny treneaetlan In foreign exchange exoept each ae
nay be underteken for legitimate and normal bueineee requirements, for
reasonable traveling and other pereonal requireosnta, « d for the
fulfillment of eosrtraeta entered into prior to March 6, 1933*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
~
DECLASSIFIED-
-
A u th o rity _ V A /h ja ©
£
L
— 5 *
5
Bvery Sfcderal Beserfe Bank 1s authorised and Instructed to keep
itself currently infomed as to transactions In foreign exchange
lBto or
* * * » « • ai8trt0t “ »
r*port to
the secretary of the Treasury sill transactions in fOnlgi exchange
W i hare
hc
prohibited.^ WQPVTt
The ^following should also be printed on the license fora*
QUOTE
Subdivision b of Section & of tbs Act of October 6, 1917, as
anended, and Section 4 of the Act of U awth 9» 1938, prescribed a
penalty of a fine of not sore than £10,000 and^or an l&prlsofflBent
for not aore than ten yeaxs, for tlolattca of the terras of the said
sections*
mtant
w.
h.
woorar
Secretary of the Treasury#
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED •
Authority j j A Jh 3 ^ 0 = 2 ^
TELEGRAM
FEDERAL RESERVE SYSTEM
^
^
^i
(LEASED WIRE SE R V IC E
WTft -r
n
R E C E IV E D A T W A S H IN G T O N , D . C .
%ishn
Have just sent following telegram to secretary of Treasury.
Your assistance in securing reply at earliest possible time will
be much appreciated,
QuoteQ Clearing House Assn Kansascity
and numerous banks throughout this district have requested inter
pretation of that part of exe&utive order of the president of
March 10, which provides, in effect that no permission to any
banking institution to perform banking functions shall authorize
such-institutions to allow withdrawals of any currency for hoarding.
It appears important that no question exist but that banks may
refuse to permit withdrawals of currency when in their judgment
same is for hoarding and in order to permit banks to safely refuse
to permit such payment, it should be made clear that no bank or
officer thereof acting in good faith in refusing to permit such
withdrawals shall incur liability on account thereof. Clarification
b£
of question is highly important in this locality and shall appreciate
reply as soon as possible unquote.
Hamilton.
12l6p
o. b. oovKRsttnn ntmrnra m m tm
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority t M /h
TELEGRAM
FEDERAL RESERVE BOARD
WASHINGTON
March 11, 1933*
F m ohsr
Xm ng
Boston
leDmigal
Chicago
:
|lewelaiid
Hamilton
toisas City
Seay
HichiKMid
M&rtJji
H Tork
ew
it* Louis
XeKlanay
Balias
Morris
Philadelphia
Black ;
Atlanta
Q m ry
Calking
Harrison
fEMS
m
l
Son Fraaciaco
^Secretary of Treasury has released to th# press th®
following telegram sent by hia to State B&nkiBf Authority . ia each
States
*A» announced f y th© President this afier&oos, © definite
e
program for th# wrapping of banks throughout th© couxitxy has been
determined hy the Secretary of the fre&ssirj* la accordance with
this prograa* the Secretary of the Zreaaoxy ia prepared upoa
application thresh federal fieaerwc bank# to laaae t - banking
o
inatlttttioae which are members of th© Federal Seaerre ayatea*
whether national or state# located is each of the twelve Federal
Beaarre bsak cities licenses to open loadey w arning*
the Secretary
of the Treasury will sot issue licenses to any nesber bank, state
*
or national* located outside those twelve cities to open before
’
Tuesday*
•State authorities having supervision oror banking institutions*
located at such cities which are mot members of the Federal Beserv©
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority
148 b
TEL
UAJh ?AC,aL
GRAM
l
FEDERAL RESERVE BO ARD
i
t
WASHINGTON
tutloas to open for business - Monday «saraiagf la all cases where
m
thsy find them. qualified to do 00 on the basis Indicated la previous
^ telegram of larch 10th# The Seerst&ry of the tv m m & f will net
permit say member h m k$ «t*te 0 * aatioaal* to opm la an/ »ueh
2
*u
federal Reserve city mlesa opened for n o tm l business on m
uaresiricted basis* except so far m affected by legal contracts
betwsen the baaka and depositors with respect to withdrawals or
notice of withdrawals.
#Ia aeoord&aoe with the announceafluit of the President, the
Secrot&ry of the treasury is prepared upoa application through the
Federal Hesenre banka to issue llcea&eg to reopea oa Tuesday
ssornlag to federal Beeerre to m to m l e a e beak* loe&ted in eoy city
asbr
haviag a» active and reeoi^aised a e yrla:;.: house association*
le
and upea like application lieeases to member banks located elsefihefe
for roopeaiag oa ffedaesdty ®ar»i»g* As previously stated, however*
the Seeretaryof the Treasury will aot permit the reopening of member
banks* fttate or national, oa say of these deys exoeot cm m un
restricted basis* a# above indicated.
It must ' e mxd&m f o d that the
b
co
restriction* ia the President* e Proelasaatioa a~aiast the peyaent of ;,old#
gold certificate# or bullion or the payment of currency for hoardi&g
purposes Had forei^a exshaatransactions will app3y to all banking
institutions* member sad noa-member, state or national* until
further notice*"
Morrill#
C D
E
If
m m o rn
him*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority UAJh
1 8b
4
FEDERAL RESERVE BOARD
WASHINGTON
Jfejfoh u . 'isbs.
Horria » PMladalpkia
Fanehsr ~ CloTeiaat
3&u& * l i l a s E
* ioiosi
Black - Atlanta
HeDougal • Ohioago
U r U s - m * h m i»
O & ery - tiaiaaapolta
Hamilton * Kansas City
m K in m y - Dallaa
Calkins - M i Francisco
*4
•
M J U w l s a Is tfco tasct of a a t& tw u m t im w & to t&a praaa by
mats f
th« President' of tk« TJfcitad Statea:
*X m @la<I to bo abl*; to assnoaaca tixat technical difficulties which
operated to delay the opening of beR&s, bolfc Stata a m Siatloaal,
ha** finally substantially bean cvorcaae by tiJ?*iXa«i work cm Hi#
par* of the official* of the Tr©a©ary <«d the Fa&aral HeceiY© System,
«ad ttiat m definite prograa has bm m arrange*! eo&alating of successive
at«s® by s&ich baaka tkraiahcrat Hie country will b« cipsnad prograasivaly on Monday* ftis»4Bgr ^
lla&fiaaday jaoasnings*
"Ilia Sacrotary of the frwaaury will iaau* lieaasea to banks which
ara smobara of the ?ada*al Haaaxir* System, whether liatioaal bunk or
State, located In each of tha twnlTo Federal Baaerv© Ba&k titles, to
o$*& M onday jaoxRi&n#
*3© also 1ha 0tat« authorities having supervision ©rar 3tate
btoks which &r« m % m w b & m of t&a Federal Raaarva Systera will fe#
aakad to jpmtt a&y auoh stftta iaatittitiosia located i . say one of tha
n
twolve f t d m i Heaarva Bask eitiaa to opa» for bueineaa on W m tim y
raorxiing if in their Jttdg&aat they deem it wiaa to do ao.
”B»da* tfcim progressiva pla»* banka located is s&y oity hewing
an aotiva, raeogaiawl eieaxlRs hou&a association, of which tins*© ara
8S0 aitJ*»9 will raoaiwa licence# for rooyania® m fuaaday w&raing*
E
Reproduced from the Unclassified / Declassified Holdings of the National Archives
.
DECLASSIFIED •
'
Authority j/A /h
W A S H IN G T O N
m
banks located elsewhere will receive their licenses pemittiug r©~
opening for Wednesday*
’
TiJ3B is thus afforded for the neeesoaxy shipments of currency
provided Under the Kmsrgency Bank Act from Beeerve Benias centers to
eleaxlng house cities mid banks in the a m H e r cormmities*
"There ware enonaoue technical problem to be solved before these
aochanics could be worked out and before the actual currency ecuId bo
in the bank when the door© opened*
•'The Constitution has laid upon m
the duty of conveying the
condition of the country to the Ooasress essaablod at Sashin^tOB*
I believe I have a like duty to convey to tlx® people themselves a
clear picture of the situation at vl&aMii.f’
ton itself sjfaenever there is
danger of any confusion as to what the Government is undertaking*
*®iat there tmy be a clear underatanding as to just what has taken
place during the last two days since the petfs&je of this Act it
is i y intention, over the national radio networks, at ta, o’clock
a
es
Sunday evening, to explain clearly & M in sissple language to all of
you just what has been achieved and the sound reasons which underlie
this declaration to you*
The fact that banks will be opened under this plan does not im m
that anyone should draw the in&renee that the basics opening Monday
are in any different condition as to soundness frosa tha b m k s licensed
to open on Tuesday or Wednesday or any subsequent day*7
’
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
U A/h ?<s0 ^ ^
Authority
11, 19S5*
Baaioa,
4 deflaite proeraf haa- bewn avrangad conaiatliig of suecaaslva atapa
by which jMu&a throughout the ccaiatry will be apaa*cs prograaaively on
Boaday, 'ruaaday
fadneaiiiy »raiag?ii atop.
approwad banks wblah ara
wmtmT*
aad Ratloaal, laeatad la
. to
opm
s*oaday
m m im
1 will iaaaa lieetiaaa to
of tha federal i't«»erve sjatoai, state
of tha taalw* Federal fteaerre
atop.
mnk
eltla a
Ha&ar thia pr«g*aaai«a plaa «pj)**ove<l fcaaka
locate-: la say eifcy having m active raaogniaad clearlag hauea aaao*ie«
n
ttoj* will roaelve 1 icessea for reopening on Tuesday mornlag «fl approved
tank* l mmtmik
m Jmumw&my
m
mlim h iN
atop,
will roaaive th e ir llaeaaaa paradttiag ivopaalag
la sarder to expedite i&of# plaa pleaaa wire ae
poaal hi* which applying aatiaaal a&4 atata
mrnmWr
mmm
baaka located la
you n e m a l li penalties to reopen Monday uoralnf atop*
«1*q fbrward talagnat giving aaaaa of applylag aatlaaal aad state
Flenee
mmbmr
boaka local#- la toima and altlaa having active recogaiaad eXaairlag hoaaa
aaaoelatloaa raacMneiuiad
by jm
for reopaalag taaa&ay aoraiasr atop* Pinnae
do not inalude ia tha nbava lad&aataA teleframe
•Xaawhara than la
mmm
and towaa and eltiea haviag active recount®ed
alaarlag houaa aaaoaiatloaa
nwm* of *»»ke loaatad
raapaetlvely.
t* it#
wmin9
of tha vraaauvy*
Reproduced from the Unclassified I Declassified Holdings of the-National;Archiv.es
DECLASSIFIED *
Authority
3c o =2 £
>
4 7 bi'k
t a a a U , 1V33.
frf
Harriwut
' * - m m ?»fk e»* t .
■*
& 4*flolte jsrogDpn baa I m inaagad eoaaiartl*-' or tu*c*««iT8 at*pa
by vblali tonka ttu iagisttft in* «#n $jey will I* opan prograaaivaly on
w
n
ac
tMAay, 'ftMMiay and ..•£xia#4& wmw&rnm ****•■ 1 wi.ll iSSUa lie***** to
y
;:*s
mppwmm4 bmk* vitiate mm wsmtemm < %mFaiarai iiasarvs $yatasu #ia*a
*f &
- ami jtstUMal*
Im aasii
of tba taalva FatfavaJL nasanr#
rvmk aitlaa
»*®p* 'Mmr thim pra«vMaiva plan approve* banka
'laaafa# la any aity Hnviait *» aaiiva rmwMmd eXaarlag femaa amoata*
f§ agwa M i a y aoralftg
c»
tlaa arili raaaiva licaaaaa for raapaatajg os Tnaa4ay
warning r m
n&
Approval
milt rasatfm i&air liaaaaaa pawlt%lag s a p i . a
-oaiif
4
m araOaaaday m m im order to expedite above plaa plans* aire aa aoa®
%p*
a# jMssaaible atelate apf&ylag aatlsiMti «ai atata aaabar baafca laeated in
mm Yeefc City y m veeaattead ba pmmitfA fa reopen yoasdiiy mmmim *%®p*
m
rim m alao
m
feraavd
gtTlag
m w of
w*
applying national «ad state
aaaber b*w&* leeated la teans «a* utttaa bavia# native reaoiaiaad eimuriait
Im h aee*»#l«tle*e reee»iie»*ed by yon tm reepeaittg f^aaftay «or»im stop,
w ss
Pimm
m % taaXuia
loeated »lae*bere
la tbe above tMieated %alafr««a mamee of taike
thm im mm fmtk
city tad tesma «txid a itle e tev tat aative
ra®^»isaa olearing temm mmmimtimm reepee lively.
t* E* m m m t
of tfco fr a a a u c y .
S eereta r?'
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED ■
Authority
¥
7 0 .
ietf U , m
frse
M r * 1b#
hllaifelhia*
"Sr
A definite piograa hflB been ttnrongad oonelfftlry; of sueemal** steps
.>f
-4
bmto throoifhaitt the country will he openea ^ra&reselifely on £ e * o r
ftfqf
ffceeday and ednesdigr nomlug*
ena**
i mix
\
licenses to approved
mm mmbmm cr the Federal Reserve Symtmb t«*te end *fe*iotmX#
loeatetf in such of tbe tftelve federal ***M
aeym Buiie cities to »?«& !tmdi$r
mmin&m i.w# 13M n r this progressive pim atj)pow; taidn Xecnted in say
olty hmim ■«* ootiv® record sed cInuring house aeaoeiitlaa w|XX reeel**
f n t e which
etk
licensee for reopening an ueedsy naming sad ajppm»A bonks located elsewhere
will reeeliw their licenses petradtitan reojsitlag on eaneedsy*
^ j«
la
carter to eipetiite abo>v« plan please wire as seen as possible *fcieh applying
antioml m i state *wwber bunks located la .hiladelyhia you
pem&tted to reopen imduy MPf*l»$*
vmmmrnA he
xeaes also f»*#?rd telsgveM
givl-as aawtt® of applying astiemiX and stats i t r b * tejfcs located in toww
te^s1
mUm »ativ« secognljsea aiming house ftseociatiatti; r©carr*eti<!ed
and eltiess h
t r IB*
g
iwpening ^teeefty coming.
*
flgsse 6e net ifielmde I® the
above indicate tfdegr^na n t e . of bank* located ©lse*shere than in Ihllneiliteta
eir
and towns «nd eitlss hmrinc
m
U
h
reeognised el m l n g I
w
o m
ons#
respectively*
f* i * lOdtaf*
i
seasvttuy of the ^re&msry*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
U A/h 3&
•
•' 'V •
*
7.
4
j d
X relk U , 19m .
H
T w *h *? 9
GlmrnXisoft#
4 4eflnlt«* p m 0 tm toe been arawiBea eoneietinfc of eoeeeeeivo etcpe
by which bonk* thrmirJiait tho country uill be opened protfrtmelvely on onday,
and "ewiiwwdtTy rxiniliifge*
BfiJl’
1
*
1 f?lH iMttt llceneOB to f|prOfOA
.
t*
boataB which a n combers of tfae Federal Heeerire syetiK* atato ana tnf onol9
ftt
located in eacfc of the t^elie Fede a! Boner** Bank eitiee to open iftmfrqr
morning*
a r ;*
f*
tfetar f s i p*o®reeei*i plan approved teokt located is
il»
mgr
city having &b tietiv* *eeo#?*ised clearing hmiee woiiociatioti will rec ive
lioeneee far reopening at tieedey m m i n r *u»3 ajfsroini, brntce located eleewtezw
will receive t ^ir liconeee ^mtttinp ripening on
edneetfay*
iT * *
la
order to es^e^te above plea ilietsoe wise a# aoca as osaible which ftpplyint;
national « i l state
ai
to
tmmb»r bunfe® located in 01evoXani you *ee<*raead be permitted
wmpm Htmtaf Mn & a e *
ifu*
fif
of applying national nn< etnte
lenae alee fovea** telognut clvtor, nnm>«
baake Xoenited in toaae ami eitiee twriag
active rocoftnissed clearing fcouae aaaoolatlMMi
l^eei^r wamiiu#
■V i *
>
by you for veopeniag
fieaoe 6o not Include in tlie above indicated '
mi tmm and
cltiee having active tmmmtm& clear!nr, hems* aeeocifctioaa, mmprnftivaly*
telegram m o m of bari» located elaeitieare then la :ievelnad
W* K* ^ua>XHt
*>eoy©ti(i|r of m e
ritEi*
ttiUy
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority t M / h ?rtO AL
WmTtM XX XW
”
mm baa bmm arvaagad
of aiiaaaaai**
sta|»a by abicfe banks t e c f g o t t e mm**? will be op«»ad prograaaiaaly
friibtt fa
& dafInlt© pv«f
in Holiday fttawiay sad Vaiisaaiay Mornings StOP 1 *111 iaaoa llcanaaa to
approval* btakt which
mm wm&wm of the I M u t l
lte»ar**
Stata
aod national, looatai is aaofc of tha twalwn foteml Raaarwo Saak cllias
pm ioadmy mr&lmg W 3a4ar tfcla f*fOf*oii#iira pl*c »ppr&*9d hmk*
In map city haring m a«5tlwa raoofntsad ela&riiig bouao
to 0
<a@oelf.tlon will raeaiwa
for raopanlaf o« ffcasllay aominf and
bmlm leoatad alaotihara will wmmtm their lleansaa poxwittlaf
Tmrspmtmg m. ladaasiay ifOF In drier to ax*NMtita afeowa plan plmm wis*
approvad
*9 soon aa fonalbla wfeicb af^lyiag n&iioaal and atata a»*l>ar baafca
loe&tad in
Mt&mm® $m rmeommmd ba fari&litad to tampan Sioitday •osmtag
ff3? ftaaaa alao forward talagfaa giviag iiaaaa of applying aational
aad atata awftbaf’haute loaatad In tow*t» and eitia# bawlag nctlwa
raooptisad
tilm&ixig bemm association* raeonaaiidad by fm
for rao-sattlng
fWanday won*in* SfO? Plaaaa do not include In t abowa Indicated
lia
talograaa aaaaa of banka located alaawfear# tban la iloteoni and toms
and ettiaa iaviag aoiiwa recopilsad olaatiatf hoaea Msoftlatltm*
fta^afy
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U A /b 360*3. b
V
March 11 1933
BUck
Atlanta
M definite
ha* been arr&agad eonaiatln# of awseaaiiva slept
by ableh bask.# tturmgheui9%m o w n t t y will b* opened proipreseively on aoodsy
taaaday »«d ^aatdiiy m m tn # * STOP I will laace ISnantee to a#pro*ed b&nk*
«hleh ere a e r b r of the federal fcaearve 5/ate®, $t«t* and Hatioanl* located
cfiaa
la each of the tualra Fedarnl Fi#earYa Sank alti®# to open voadsy jaoraing ;lfOF
Under thl* pro&raaetva plan approved baaka loo*ted in way oltjr hartal an aetivt
raeo&nliRed elearin# Hoaae aaeoglfttloft will raoeiira licenses for reopening or
Taeaday morning and approved bank* located elaeahera ’
fill receive their
llfi«fit*« permitting reopening on *0$m*d&y *10? In order to expedite aboir#
©Ian p le a a e w ire sa » o o a &e p o a a ib l * wtaieh a p p ly in g n a t io n a l and at& to^ aeaber
baaka t o o * ted la A tla n ta you reoossaend be p e r m it te d t o r m p m ioad& y am&ftf
Haaaa alao fo r w a r d tolegrm a. giving nsaaee o f a p p ly in g n a t io n a l
som ber b«nfc« l o c a t e a l a
fco'wna and
mod slat*
eltlaa havi© ^ aetit* r e d o g a la e d c l e a r i n g
h ouae a e o o e l& tio n e re«o»a en & ed b y y # « f o r r e o p e n in g fo e a d a y a o r a i& f STOF
F lo a t #
do s o t i a o l o d * in th e a b o v e i a d ie a t e d te le £ r a s i«
e le e w h e r e
mm*
o f banka lo c a t e d
than in A tla n ta. and torn* and oitiea h a r in g a c t i v e r e c o g n is e d
c l e a r i n g hcmae a s s o c ia t io n ® , r e e p e s t i v e l y .
• . 1 * *00'>18
! 1
S e c r e t a r y of th e fm m m ry
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U A /h ^ 0 c 2 i
¥
7
Karoh U , 1 9 ®
McDou^alf
Chicago,111.
A definite program h a s been arranged m m 1sting of ataeeeaaiva a t e pa
by which banka throughout the country will be opened progressively on
Monday, Tu*9day and Y/adnaaday mornings atop,
1 will is s u e license® t o
a p p ro v e d banka which a r e vm tovt* of the f e d e r a l a e m r r * sy stem , state
and ^ a t i o a a l , located 1b ea ch of th a twelve f e d e r a l H eaerv* Bmk c i t i e s
to open 'Monday morning atop# leader this p r o g r e a e iv e plan a p p rov ed banks
located in- any city having aa active yeeagniaMid c l e a r i n g houae association
will receive lle e n a a a for reopening on Taaaday morning and approved banka
located a la a a h a r* will receive their licences p a r s d t t i o g reopening on
*edneaday a t o p *
In order to expedite above p la n ple& ae « i r e a s eoon a®
p o s s i b l e which a p p ly in g national and s t a t e meeker banks l o c a t e d in C hieaga
you reconsaead bo permitted to r e o p e n iuoaday aorning a t o p . H i a i t also
fo rw a rd te le g r a m g i v i n g namea o f a p p ly in g n a t i o n a l and s t a t e »am bar banka
l o c a t e d in town* and c i t i e s h a v in g a c t i v e r e c o g n is e d c l e a r i n g ho«tae
a e a o e l& tio n a recommended by you f o r r e o p e n in g Tuesday m orning i t o p . P le a e e
s
do n o t in c lu d e in th e a b ov e i n d i c a t e d telegram ® names o f banka I o c s t o d
e ls e w h e r e than in C h ica g o and t o m e and c i t i e s having, a c t i v e r a e o g n lx e d
e l e w i n c h ou se a s s o c ia t io n ® r a a p a e t t v a ljr .
■t i . sooniM
a. i
Seeertary of Treaaurjr
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
U A/h
Q&lb
imrch. 13, 1933
Martin
■ t I,out®, no*
i,
a
'*
definite ?3TO£^am has 'been arranged co&sisttng of successive
9 taps
by vhleh banks throu$iottt the country will be opened progress!velar on
Vionday, Tuesday and '.vednesday matnin®* stop# I will issue licenses to
approved banks which are s e K f e s of the Federal Reserve r;yst«^# state
iiior
and national, located in each of the twelve ;#d«ra.l reserve
?
eltiea
to open. :.:onday moraine stop# Under this progressive plan approved banka
located in any city having an active recogniaed clearing house association
.
will receive license a for reopening on ‘
irueaday tiiornin^ and approved banka
located elsewhere will receive their licensee permittin# reopening on
•ednesday atop#
In order to expedite above plan please - f r aa soon
aie
as possible which applying national and state m«®ber bank® located in
at. Louis you reeomnend be permitted to reopen Monday corning stop> ]
-lease
also forward ttlegras giving i a a s of applying national and state mexsbar banks
iie
located i . terras and cities having active recognized clearing house associations
n
reccoiaended by you t e r reopening Tuesday morning stop# fleas© do sot include in
the above indicated tele@raros names of banks located elsewhere than in 3t# rouis
and to»n® and eitlea having active reeo&nlsed clearing bouse association*
respectively#
:u i ,
" f
Secretary of the r
^pea»ury
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U A /h
0
^
'
1
Ifcreb U , l t S .
fSS
VVMjf
VVrL
Mianaapolla.
*t
-
4 dofiaito program hae been
oooolatlag of luttMMin stop*
by vhiob baake throogfrout the obuntry will be opened pro^roeoirely on
Mooday • Taooday and Sedaeeday
mminm atop*
I will iaeue llcanaaa to
approved banka afaieb ere ieeafeore of the M o r a l Boeerto ^ystew, state
•ad Matieaal, located la each of
to opea Moaday
morning stop*
thm twelto fOderal Boeerto Book eitlae
t t d r tbia prograeeiTe plan approved baake
too
located in any city having an aotliro reeogaiasod clearing l o i o aeaociaita
tick will reeelTO lleeaeee for reopealag on faoeday wralai and approved
banka looatod elaawhare will reeelvo their llooaaee penalttla# reopening
on edaeaday atop*
la order to ospodlte aboto plan plaaaa wlro as eooa
aa poeaible wliich applylag national aad atato iaet»ber banka looatod la
Mlanoopolle you roeeieeead bo permitted to reopoa Monday neralag stop*
Floaoo
alao forward tologren glirlat aanaa of applying aatloaal aad atato s entoer
B
banka looatod la tooae aad oltioe having aotivo reeo&ilaed clearing hoaee
aeaoelatloae r*eora«ended by you for reopealag 1!aooday woralag atop*
Floaoo do aot iaoludo ia the above ladleatod telegraaa settee of baake
looatod oleevbere tbaa la Mlaaoapollo aad tooaa and oltioe havia^ aotive reoo#»
niiod clearing hoaee aaaoeiatloaa, raapectivaly.
»* H. fOODIH
Secretary of i
fee Traaaury,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority UAlh
m am h u » l
Hamilton,
Kanaaa City*
* t.
4 dafinlta program M i b M & arrongad eonslating of sueoaaaive stapa
by whleh banks throughout tha eountry will ba opanad prograaalvaXy on
Monday, Tuaadoy and -Jadnaaday nomings atop.
X will lamia Xieanaaa to
approved banka whisk are nambera of the Federal Heaenre System, State
and HatloaaX t loeatad in each of tha twelve itoder&l Raearfa Bank cities
to opan Monday ooraing atop*
Under this progressive plan approved banka
located in any elty h lag an active recognised clearing house associa
air
tion will reoeive llaaaaaa for reopening am Tuesday Morning and approved
banka Xoaatad eXaewhera will receive their Xieeaeae permitting reopening
on adnaaday atop*
In order to expedite above plan pXaaaa wlra aa soon
a* poaaibXa whieh applying national and atata nenbtr banka loeatad in
Kansas City yon raoonroaad ba permitted to reopen Monday morning atop* PXaaaa
aXao forward teXegra* giving nsiaea of applying national and atata nawbar
banka Xoaatad la towna and eitiaa having aetiva recognlned clearing house
aaaoalatlona reecmended by you for raopaning Tuesday Morning atop*
PXaaaa do not inalnda in the above indicated taXagrama n&nes of banka
Xoaatad eleewhere than In Kansas City and towns and eitiaa hawing aetiva recogninad clearing houaa aaaoalatlona, respectively.
W» H. WOODXH
secretary of the Treasury*
Rppioduced from the Unclassified / Declassified Holdings of the National Archives
rI
i
!
i
mmh 11,im.
I
.
|
Imlloo, foxao.
^
A definite progroa tie* (wen orrii&g*4 eonaietlng of wmttmtivm otepo
b n
y itlefc ln ik
n o
the mv&try will b« opened pjraftreeaively m
m m logo stop*
I will i#au«i litesie** to
*pp*ef«6 t*mk» wfc fe ijp* neater# of the federal t?eaorf» tiyoton, state
ie
mud notional, located lm e&oh o tfc* twelve S'Otferol leoerft B^nk eitlee
f'
to opes Moa&«y soralmi atop*
O lor tfelo progroiseive p3.nn approved teutke
ifc
loeotoa i l tiBj elty l t f i f a» active *»oo#*ia»6 eleariftfc fcouee m m e l m *
l
uiti
IInfo will receive I M o s m o for reopening m
Tuooday morning ■»* approved
baake located eleewtsere will reoetve tiwir lieeaeea porttlttlag reopening
on M t a M d a y efcop*
m
orier to expedite afeove plan. pleaae wire mo aooa.
oo pooai&le ® * « i applying aatlonal &a& etate mmt&mr fcais located is
tli.
ko
IMlXoo ymi rooowfflom# io permitted to reopen Um &ny m m t m
»top* P U m m
aleo fon»ard telegr«*i» living nw m * o f applying nation*! aad etate mm/tow
f
baako locate
la towas amd uttiee bavlng nofive roootmi^od eloariag hooee
aoooelatloAa reeoiKseiiiet f y j m for r*opo»i»£ fueoday faoraiag; «top. Pleaeo
c
do let' include to t&e a t o m iafiloate# telegram* m m * of taak* locator
elaewltere tbms in miXms mii towns and citiee isaviag motive roeogalsmg
olearing k#noo om«a«l*tleA» reapeetivelf*
»* u * m m w *
Secretary of tie Troaeary*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U A lh I a g A L
<■ '
•
Hid',
3
-
%x$ w m *
Han i
*
by
definite <§pgma fens been ayjmnR®d
tmmt&im of «ueee»*i*» stipe
banks throu^haat t t count y will be oixt e t profr*®****^ on tmdny,
h*
tf
« * eda»*di^ Morning.
ml
§IfOS%
I Fill !«*&» licensee to
9^mm&
^hleh «*» wdNNNi of t
ike Pwteral Jlt*i*f» %*tflttf -teto a f * e l j f l
at ftoi»#
Xeo&toA la Mteik of t t
te
SKMFBtlUg#
i.
*
tmfam Fedesvil
Bank oitici to open -ORday
itate? t M e progressive
ptm npyxemA banka laoated in aay
city twwtag cm aotiw nsco&nt&edi cleari»e houai uasoclatlori will reof lr#
licensee for reopening
m
itoonany
mmim
betake lo«rted •laenbere
i i I meeJtai their Heonem; permittlnr reopening on *e6n@e6&y«
r.I
orter to expedite abet** plan pXeoee wire
m mxm m
in
poeeible w M A applying
m& state laersber banka loeatefi in Sen iifctmeieoo yon vmmrmA be
peantfteti to wm^mm Monftay nomine.
sTOf»*
rieeee alao I M s i telanrei
national
giving nonee of apx&ylng national ana «t«te ?annfe«r banka locate in toicna m l
oitlee imvtng aeti*© recognized olearlag house aeaociattene
for YeopeniJKg treaty jaoriitng*
tft.
itp
mmmmmSmA by ye*
locuw ft>'
not lacing in t e nbove
fe
tndioatod telogysaw nio»fs of baal® leoatecl el8€*?t»*e tbaa in sea ^imnoieoe and
tmm iina eitioa having active r»oognl£e<l ©learine lmi« aaaDcietions,
r spactivaJy •
f* H* * » m m 9
of
i**»ift%vy*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
F o r m 148 b
TELEGRAM
4 1 °
FEDERAL RESERVE BO ARD
WASHINGTON
m#
* ,;teveils - Chicago
Hartln - «oo& - - c ouis
f*
•
Miimes^olis
&nmilton - McOlitre - Kansas City
MeEimiay - -%Ish - Balia©
CaUdns - Hewtan - 3
aa r r a n c is e o
TouBg - Curtiss - Boston
Harrison - Cam - lew York
JffoHlto - Austin •
f m c m r - DeCas® ~ Cleval&ad
. 3 a ~ Haxtoa - lUetaaaad
■ey
Black - Itovtoft - Atlanta.
TPA1&
/ 4
Referring Trans 1610.
If yon !»*e not already dona m
suggest you «rzitt|» to have printing facilities available tonight and
tossorrow.
McClelland.
EMM/rkt
V
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U A /h
0
^
F o r m 11 8t>
TELEGRAM
FEDERAL RESERVE BOARD
WASHINGTON
March 11, 1933.
Nor#.s - Philadelphia
»r - Clevolcnd
T8AN J
.
/
h
U
,
’
he
Seay - Richmond
Black - itlanta
McDougal - Chicago
Martin - St# Louis
Geery - Minneapolis
Hamilton - Kansas City
McKinney - Dallas
Celkine - ;>an /rancioco
ecrotary of the ‘reasury instructs the federal reserve
t
banks, until further advised, to lo^er the standard of fitness on all foras
of currency which they are permitted to pay out under the regulations of the
Secretary of the Treasury issued pursuant to the Proclamation of the President
of the United states.
Only such currency as clearly cannot be used for further
circulation purposes should be canceled and forwarded to .ashington for
V
redemption*
The federal reserve banks and their branches are also directed
to exercise discretion in complying mithAreque3ts for currency, in the light
of their reserve stocks in the various denominations#
In making payments
of currency, particularly in the larger denominations, the Federal reserve
banks are «lso directed to keep in mind the President’s Proclamation, the
xsecutive Order, and the Regulations of the iecrotary of the Treasury T i f
jta
respect to hoarding.
This telegram is for the information of the federal
^p^serve Thanks and branches <nd is not to be given publicity*
oow M m m
ewm
& Eis/acw
lz5)\vf
Q aaaJ
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
UAJh ?rtO 3.L
F o r m 1181)
TELEGRAM
T
lO
1FEDERAL RESERVE BO ARD
WASHINGTON
Jtoch II, 19E&*
-
Boston
O
asw
ferrieo - H w Y r
n
e
ok
Austin-aorria - IMija&ilphia
2)eCtaqp"»3tei<Sher HoKtoa-^eay - Hlehaond
Slewto&»B lack - Atlanta
'fRMii
StOTtaB^aDou&tiL - Cfeieago
WooO~ltotiii - St* Louis
B&ttftSMSeery * Mtase&polifi
*
Ks GL re-E&iailtcm ~ Km m C
Su
&
Jifcy
f&lsfc-Ma&iraiey - Dallas
Niwto»- ;alkir*s * Bm. francieao
Board feels that ^rrm & m m ntB tfoould he aade a t once, if
not already md®, for the appropriate ooNMitteee
the prinaip&t
exMfiitive officer® of y m r bank to be available today ami tanorraiv in order
tfeat they naay t
'iv© prosit attention to important zntters nfcich m y require
tei&dl&'te action in GQ-m»etion with loans and dleeousts, apr,lieatiiea& for
maraberskip i& the Federal Heeerv* System, aad other qaestio&s arising in aonMO-
tioa with the reopening of sasigher baaka*
federal Besenre Beard will t e
e
available this aftemooB a M a m i o g a&& toMoarrn# to aot prcmptly upon
natter® presented by your benlc*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
« a Mfunnwy inn
.
my w
in*
I
DECLASSIFIED •
I Authority i M / h
^ a L
Reproduced from the Unclassified / Declassified Holdings of the National Archives
d e c l a s s if ie d
*
Authority j j A l h frtflc2 L
(UEASED W IRE SERVICE)
145 gb
R E C E IV E D A T W A S H IN G T O N , D . C .
Sanfrancisco Mar 11 1139am
Board
^
Washn
All officers of this ban-!#hea,d office and branches will be on duty
today and tomorrow Sunday with necessary suppirting staff including
telephone and telegraph operators
Principal executive officers
will be available and telephone and telegraph wires maintained
all.night tonight.
Available members of executive committee
and board will stand by
Calkins
449p
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
UAih
at.
'•
*
F o r m 1481)
TEL.
F E D E R A l^R €SE R V E BO ARD
WASHINGTON
March H t 1933
Atlanta
Refer your M&rcii 7th sire* There would appear to be
no
objection to bank
%
releasing; receipts calling for coraoditlaa sold and taking in eacchahga
docusemts calling for coaiaoditi&s of same kind and ^substantially
&mm
:4
\
▼alue or to surrendering warehouae receipts in substitution draft drawn
on purchaser of cowrodities with shipping documents attached*
Morrill
CLS/EMM/fisf
eproduced from the Unclassified / Declassified Holdings of the National Archives
declassified
•
L
Authority
m *** w w
tm m * • lu l a
$ooy • S&o I p m I
n
Q
oory - i&aooopoiio
m r t ir n m st, Loots
strriooo- flw York
*orrio tvnUftHl*
ttoKlmy • OftU
oO
Catidai • &o» m »io o o
ta d lto o - Soao«* C ity
VtMokor - e trn m U m a
* c.
>4
F « p t i le o o a f& fo & it & l I n f a n t a t l o n
1"
of atrootoro
l m
~ -
aotln# **&•*« letter ohKfe
tfeo ftr^oidwt of tfeo tttttto* dtotoo oad
a f y ^ ^ l f
*t,
lm
nM
......
Xbog
* » d ^ 9 « r B o e rsl
^wwiiiiwin im t » m m
Mn
I
fern
m*mmn nihmh
mv m
}wt »oootv«4
fw»
to 0Kp*00* tfeo ho$x§ that i t
t
mini in tr*m~
district for pmmtmtm
•4dltlo* to otfeor ooB*ldftr*tl<»o y«* w i U h » w thin lottor in
aitfclag to
m
of mAmst beak* In y « w
to opoa ffer feoolvtoo*
you will $&oo*o te goo*
rm afaad ^
pm
Xh&pe *l*o tfcot I* firing
moii^ in ooob mm to < M m w
SfQP
mttfe ft^aioeition*
apocifioally, *•
t»log*«ft ytfttariagr* *fcotl**r to y©t*r oplalooi it i
m&A h wmtm*
%
«l2jr aoffc in Un» elrauotft^iM** for oo to porait tlso Itoll ^ w i a g of tho
PwotijmMm of tt** Pr$#i4i«it -re&ibitiiig
eay T n for hoarding pwrpoooo U Q f
mk
la ttoo
*Ppliot«t# boving to kUm! tbo
tfeo fMgrmoto of corrttup by
lator&et oT «xp«dAtioo *ai la ordor to oaot&o tho jaoqpt optsiai of ** aooy
atobor taafeo ao poaoibl**
«a roooim i§ lx6tm%~
forward
log «*2y your optatoa on tho spoctfio qaosttoa oofeod uboto
romiosi beta bom
B»nko*
gjallar
asdo of t »t €oftgtrattar*s offloo with rooi
lf
th* P rM l d M t ' * U tt w r fallow
-,-—
^
STOP
<.0O»
IM I IIIIIIIIIH T
T
(Sm
Utt*r)
ms m m
1 .
K*
WCSBSM
A T B O A R D M E E T IN G
•w.a. V
& M
.111933
9
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED »
Authority j/A /h
i«yprlaSf» ~ SftWNtak
Sanris U rn
Fmmhme - €-i#v»l<
£
t h t g - ttlxtfMM$eU«
ipvr
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»
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■ Onlkta# * j ui ftaa&elftwi
^
Biaerk ttotla * J c l^u.lu
f#
/
JJtO
SfT
Me*
u X*tt*r Midi I
/
or
< tint iteitag stmt## n ii I tag t»
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f
iftfto
ra*t& I -a
m
Jar
Pa
wwQmlJW™Q*
th$
tin tape that In
®
p m will bm m
m
t# o1
/
tbi« kMflr in tulni i» ts»«id^ttl&ic to^oi
of mssstar feMfra ia
' m lm m
m
:
y«s*r 4&*feritft fur
fm
tlMit In M P W M N l a c *****
W
I ! * p a&mi
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« U 1 pie*** I i §mnI t t t g e in *Ml»
n
ftif
/\
««•* to z.&vim m
1 t jrgwr «pl»le® It ww&M ta v m .
s
/
of
pmml% Urn tmll
la tafi
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of t *
&r
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f«r ** t o
is m tta I¥«N
ini
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tli3ii
;4w p p iils ^\att«a^r % mag bm% for
*»
p t& p m m
wmhl*
i n Hi# I s t w w t e*f
la jj/W a# siaisgr
ani In **r*$ir t»
p i mm
taak «\ M
Im O im tim g m k f f m a t \ p t m i m
m
/
? t N t " * «*&*& & b a m
rMJi.i
($&&
X«tt*r)
i« i * % m M M *
f
%1m
tm«*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority UAJh
O
i
n
I
m
£
a
&
3e*y
Yeiing
BeetStt
IBUrTl»OBl * MNi IOWE
*•**■§•■• fliilndclphln
rM w l W r * V*e^PJJuMI
* m ww
•
City
_ • D le
al s
Blaok
CwMktfm sen Fraaslsee
Ckl9«g»
Martin * St* Louis
For the confidential infor»alion of yoareelf and yoiar B o * M
of Directors X a* quoting below & letter which X hawe jnst received fro®
the President of Warn Uhited States and X beg to m t& m m the hope that in
*&&tlatt to other considerations you will have this letter la aind In traxte*
sitting to He applications of nsaher banks In your district far peralstrlen
to open for business
STCSP
X hope also thet In wiring m m k applications'
yon will please be good enongh In each ease to advise se specifically*
requested t telegrea yesterday, Aether In your opinion it would be reason*
gr
ably safe in the clrouastenoea for ne to peradt the full opening of the
applicant, hewing in mind the Proclamation of the President prohibiting
the pqrwtnts of w x r m e y I r any ***& for hoarding parpoees
g
interest of expedition end in order to enable the w
i
nenbtar banka ae possible, please forward application*
as
STOP
Si the
opening of a#
aaay
received, Indicat
ing only yonr opinion on Hie specific question asked above
8Kf
Similar
request hae been mule of the Comptroller* s office with respect to Saticoel
s
Banks*
the President1* letter follow®
QO0TS
(See attached Letter)
USD QSJ0TI
f . I* fOOBXS
Reproduced from the Unclassified I Declassified Holdings of the National Archives
I
DECLASSIFIED •
Autliority
U , 19331
% deer S r Seerot&iyt
i*
tha
T*&~
1 aw laforaad that the Blfaotora of
I? Regional
Reaerr* Banka are concerned o w r the question of the ismadiata
valuation to be givonto
aamrto of motor banka, IfiUoail n r State#
nl
■?
M
item
X reoogniao that a drastic or atrlot estimate of mlnea
on « liquidating baale would prevent mungr benka
opaftiaf ahlafc oowJLd
and should be^LOO par cent opened if their Moots were reaeeaab^y valued
on a fair going baale.
X m convinced that the Directors of tha Bagional Federal,
- Seaerve Banka should taka « fair tmd oquitsbl© beaia for loan valuation*
rather than a forced liquidation baala*
It la a r aesire that Federal Beeer*& Banka will proeeed on
^
th* aaaa fair «yH eqult&fele baale In reepeot to
if
to aMNsbar baHka^
th a p&tpoaa of which ia to procure mantamy for State banr # *fhieh ere
not ma&mea of the Faderal Keeerv© Sjfate*. Cooperation on the ;>art of
neater Wiake in thda regard ia eeeaatlal*
Ho citiaen
mpaata tha Director* to bo Infallible*
All
m can aek la that tha^ nae honeat, and, under the tttrcunstaaeea* fairly
literal Judgaent*
It la inevitable that aono mletakea will be turdo*
It ia inevitable that aoae loesas »ay te ®ede b r the Federal Beaerve
g
Banka in loena to their nearer banka*
The country approcl&toa, however* that the 12 Regional
Federal Easer** Banka are operating entirely under Federal law aad tho
reeent Energenqy Bank lot greatly enlarges their powera to adapt their
faailitiea to a national emergency. therefore there ia a *asy definite
obligation on the Federal
to irela&wrae the 12 Baglanel Federal
Beaervt* Bnto for loaaoa vhlflh t e r «*y oak# on loans aside under these
hg
emergency powere*
Qcmxmmt
-
'
x
I do aot tuMltat* to «««ure you that I ah*ll a«k th*4te&*
grma to 1wl— liy aagr «f th* 12 M m I Bm w m Banka for stub lMM(ia«
I aa coafMknt that «h* CoaareM * 1 U reooenla* its <*U*»Uc«a to ti*M
fwiwnl B*nka ahoold the o m m Im aria®, aad grant iraah wqMat*
Honorable H X U m r H. So odln,
D m Soerctaxjr of the Traaanay.
http://fraser.stlouisfed.org/
CK«
Federal Reserve Bank of St. Louis
Reproduced from the Unclassified I Declassified Holdings of the National Archives
--------------------.------------ ---------------------
DECLASSIFIED *
Authority
U A/h
0c i
2
F o r jn 118 I)
FEDERAL RESERVE BO A R D
f
cferoh 11 1
*i
m ua
sm
w tm m m cQ
xw r * 7 *
? n ? im
m
m w i Ai?t ib
. zm
4 HAK 13 v'U; . M t
vj m
wf j
TF
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority l/A /h
TELEGRAM
y }
,J
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
S.anfrancisco Mar 10*11 715am
Morrill
Washn
Referring board wire number 1614.
As we interpret regulation therein
it refers to the passing o£*entries represented by checks which a
bank might hold drawn on itself received from one depositor for
credit in his account drawn against the account of another depositor
of the same bank and it would not app3^y to the clearance of checks
between banks.
V. 8.
Digitized QOYnKIIKNT PRINTING OfTIC*: IMS
for FRASER
Please confirm or correct our interpretation quickly
Hal©
1023am
2—11901
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
M A R
k
)
P M
\
5
c
o
o
\
w . ins,
tm m «
*
W m e lm m - W m
fisrris •
f m & m t » ciarcta#
^
Susy - Sl«
- AilMam
'ifefNfggfO, » dbitaip
i w t t i * it* jyitx
is
«
*
C
m e & lt m « I&asa#
*
CfcttdM • SMBi yvaaeiMft
follastag »t«tsm*itt by tbs Hlfftary cf th# fr#**»ry
t« ill* |r«i» tills sftsraooat
**?a4ar tba l«r«a of tbs i«| ®f iarife 9, liSS, l n ^ ltit netiaa
I m tabs* by tbs jr«iUt«i sad tba Saarstary of tbo frsasary cbidi *U1
•sins $ss*lbls tbs r«*ttamtioa of b*afeiag operations In m&staatlal rolaws
at a rary nmrly data.
load tag n«)i rosna^ttaa tbs tiitl aasda «f ca»*
analtlo* B»t»t ba Ml. JkttSStloa of *11 b*Okia$ ia«tltmtioa» In sallsd is
Isj^datlaB 10 which Is still l . fores aad vhiob «s as*adad |»rovtiss fir
a
aooparatls* botsaoa b*&k* la difftrtal coastal tie* «b4 roads as Mftleawer
twmtim*
•Asjr Ml U a tl or lists bsaklag last1tatlorn aay
saarclsa Its *s*al tesfciaf
io small sxtsat as
Its tliosiloa shall poralt s»d ss sball he absolutely
aasassary is si«t H i m ^ i sf Its as— mlty for fosd,
s»ii«lMi atbsr assessitis* of Ilfs, for tbs relUf
of distress, far tbs #ay«*at of **esl salartss *sd «a«ss,
far asasssary carraat aspeadltaras far tbs $«?«*** of aaiatal»la$ oaplojraoat, sad far ether alallsr sssafttlal parpo*s*.
lastitmtloas «*y curry eut #*«* traassetloas *s way
b« esesssary to a U baaklaf iastlt&tloaa la other aos-Mltls*
ts asst tbs aseaealtiss sat fartli abavs.
bower,
fbat (1) awry pressutioa shall be take* is prsvsmt beardta*
ar tbs a— eeesssry «ltbdrssal of e«irre*eys (3) 9s $tst• baabi*
la§ last!tutlea shall aa«a#s la aay traaaactio* aader ibis
revelation ebicb Is la vleUtiea of st**e ar F*A*r«l law or
of M y ragalatloa lasissA tbsramAsrs (3 ) Vs. ifttloxtal bsukiag
assaal#tlsa sbail «af*«!S la say troAsastlsa aaisr ibis ssstloa
vhlab Is la vislaiioa of say fadaral la» or sf say sr^sr a*
ratalstlott lssaad by tbs esaptrollsr of tbs Currsssyt sad (4)
Is fold or fold asrtlfiastss sball ba ^sli oat.
b^aklaf
laatltatla* «ai its directors aai dfflaars *111 ba bald
strictly sccoaatabla for faltbf«l cos^llssoo *itb tba spirit
sad fttr^oss aa wall as tba Isttsr of ibis ratalstloa*
% ch
*.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
_________
!
_____
DECLASSIFIED * "
Authority
-?AaaL
*
• %m
ratf#**a
Korn to, it» .
tomtom aajrtr*a*»ctioa* authori*#A by ttli
marv? »» mmh fa«atl*aa aa
my fca aataaaai? % turnU U a t a
&
&t % * fataral r m m
h
%•
t e «xHftl #»**i»rtfa4 f r ***• *#«i*l*%laa J M m X rmmrm f a f a
fa
c
t&
cac
nay m»ia atoaaeaa la t««b aaafear taaka «»Aar Umi «*>*4Ui*aa «at
t 9T k la Saatioa 10 C&) of %*
%
h
!#aar*• **% *a aiaa*ia4 If
m of
%
f # itH, ami la ««e«rl«sM till luHiftriiy
1la ofiar
ijr ftiti t*
•aafcLa. w— Itr f a f a
eae
m*% t&a a t « 4 « o f tbalr
tr
o
faAaml iaaanai »o*rd.
•I* addition, la srAar ta anatela indftvtiiiala# furtMMFafcifs
imto*
•al «arp©r»*Uaa I# hm! Hitlr lan«4l*lt pywU r»filn«»ttl»t
Fa<Ur*l m e m b*n*§ my
ta*£*.r*rjr aUtaaaaa te aaafc la*
IlfUnftli, |>«na»ranlf« ami «a*f*a*a*l@a* #* tttif ^fwliwry
not«a aaawrai f y iirtil @%tlf»tl«&a of I e Hattat Ui«i la
e
fa
aaearia
rlih •mthorttj grant#* I f tHa faiarai iaaaraa J§*ai*.#t
j
mm
Morrill
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority (jAJh
_
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
28rhta
R E C E IV E D A T W A S H IN G T O N , D . C .
Richmond
527pm Mar 10
(J
Morrill,
%
Wa^i ington
Late afternoon paper, here states that the Secretary announced
today that twelve reserve banks will be open tomorrow and are
directed to make loans secured by direct obligations of the
Government and to conduct such other business as necessary to
make sure of the transactions by banks for necessities. We have
received no such directions. Do you know anything about it ?
The Press in many cases seems to get many things concerning us
before we get.
Seay
535pm
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority
/? !)
/
/
"
T E L E G R A M
,J f
/
,4 * , J t A
Vv:'w
FEDERAL RESERVE B O A R D
WASHINGTON
M r & 10, 1 3 .
ac
9 3
T u g - Boston
on
Harrison - M wYork
e
lorris - Philadelphia
Fancher - Clerelaijd
m»sJ ^
Seay - Richmond
Black - Atlanta
KcDoo^al - Chicago
Unroll - St. Louie
© « « T - Minneapolis
Bssdlton - Kansas City
McKiaansy - Balls*
C&UdLns - San £r&adso»
% $he following executive order signed ly Brssiasttt of the tfcited
States this afternoon*
»By virtae of the authority Tested Ib
m
V
Section
ft(b) of the lust of October 6, 191? (40 Stat* ! . 411) as aaianded by the Act of
»*
larch 9, 1933 and l y Section 4 of the said Act of Hsrcl* 9f 1933, and by virtu*
a
ef all other authority vested la set I hereby i m » the following executive order.
»fhe Secretary of the freasuxy is authorised and «^evered under soch
regalatlons as he nay prescribe to permit any member bank of the federal Seeervo
Sgfstms and
sas$ other banking institution, organised trader the law* ef the tftdted
States, to perform a or all of their usual basking fractions, except as other
igr
wise prohibited*
•She appropriate authority having immediate ssporvisioa of banking institutions
in each State or aay place subject to the Jurisdiction of the $zdtad States is
authorised and espowared under trach regulations as sadat authority aay prescribe
te permit say braking institution ia sadfc State or place, other thaa banking
institutions oeverod by the foregoing paragraph, to perform aay ©r * U of their
nsnalbaslcing functions, except as otherwise prohibited*
•All banks which are members of
%tmfederal fieserre System, desiring to
Reproduced from the Unclassified I Declassified Holdings of the National Archives
declassified
I A th
u ority
Forrsi !iy b
TELEGRAM
FEDERAL RESERVE BOARD
WASHINGTON
as otherwise prohibited, shall apply for a license therefor to the Secretary of I l #
ls
Treasury.
Basks.
Such application shall bo filed iasaediately through the federal Reserve
The federal Reserve Basic shall then transmit each applications to the
Secretary of the treasury.
Id Renees will he issued by the federal Beserve Back upon
approval of the Secretary of the freasury.
The Federal Reserve Banks are hereby
designated as agents of the Secretary of the Treasury for the receiving of application
and the issuance of licenses in his behalf and upon his instructions.
*TJatll further order, no individual, partnership, association, or corporation,
including any hanking institution, shall export or otherwise remove or pmaraxlt to
he withdrawn from the United States or any place subject to the jurisdiction thereof
any gold coin, gold hellion, or geld certificates, except In accordance ^ith regula
tions prescribed by or under license issued by the Secretary o f the Treasury.
"Ho permission to any hanking institution to perform any hanking functions shall
authorize such Institution to pay out any gold coin, gold bullion or gold certificates
except as authorised by the Secretary of the Treasury, nor to allow withdrawal of any
currency £or hoarding, nor to engage in any transaction In foreign exchange except
such as may he undertaken for legitimate and normal business requirements, for
reasonable traveling and other personal requirements, and for the fulfillment of
contracts entered into prior to March 6, 1933.
frgvery federal Reserve Bank is authorised and instructed to keep itself currently
informed as to transactions in foreign eachang# entered into or coaswaated within its
Reproduced from the Unclassified I Declassified Holdings of the National Archives
--------------•---------------------- --------
DECLASSIFIED *
Authority
TELEGRAM
FEDERAL RESERVE B O A R D
WASHINGTON
district sol shall report to the Secretary of the Treasury all transactions la
foreign exchange which are prohibited.
w m m & m ©. boosfos#.
fm
WHITS HOUSE,
Itareh
10, 1933.•
Morrill
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority j /A /h 5*6
EXECUTIVE ORDER
By virtue of the authority vested in me by Section 5(h) of the Act
of October 6, 1917 (40 Stat. L., 411) as amended by the Act of March 9, 1933
and by Section 4 of the said Act of March 9, 1933, and by virtue of all other
authority vested in me, I hereby issue the following executive order*
The Secretary of the Treasury is authorized and empowered under such
regulations as he may prescribe to permit any member bank of the Federal Re**
serve System and any other banking institution organized under the laws of
the United States, to perform any or all of their usual banking functions,
except as otherwise prohibited*
The appropriate authority having immediate supervision of banking in
stitutions in each State or any place subject to the jurisdiction of the
United States is authorized and empowered under such regulations as such
authority may prescribe to permit any banking institution in such State or
place, other than banking institutions covered by the foregoing paragraph,
to perform any or all of their usual banking functions, except as otherwise
prohibited.
All banks which are members of the Federal Reserve System, desiring
to reopen for the performance of all usual and normal banking functions, ex
cept as otherwise prohibited, shall apply for a license therefor to the Secre*tary of the Treasury.
Federal Reserve Banks.
Such application shall be filed immediately through the
The Federal Reserve Bank shall then transmit such
applications to the Secretary of the Treasury.
Licenses will be issued by
the Federal Reserve Bank upon approval of the Secretary of the Treasury*
The Federal Reserve Banks are hereby designated as agents of the Secretary
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority QAJh ?6Qc 2 i
~ 2 -
of the Treasury for the receiving of application and the issuance of licenses
in his behalf and upon his instructions,.
Until further order, no individual, partnership, association, or corpora
tion, i*£Luding any banking institution, shall export or otherwise remove or
permit to be withdrawn frojp^the United States or any place subject to the
jurisdiction thereof any gold coin, gold bullion, or gold certificates, except
in accordance with regulations prescribed by or under license issued by the
Secretary of the Treasury,
* Wo permission to any banking institution to perform any banking func
tions shall authorize such institution to pay out any gold coin, gold bullion
or gold certificates except as authorized by the Secretary of the Treasury,
nor to allow withdrawal of any currency for hoarding, nor to engage in any
transaction in foreign exchange except such as may be undertaken for legitimate
and normal business requirements, for reasonable traveling and other personal
requirements, and for the fulfillment of contracts entered into prior to
March 6, 1933,
Every Federal Reserve Bank is authorized and instructed to keep itself
currently informed as to transactions in foreign exchange entered into or
consummated within its district and shall report to the Secretary of the
Treasury all transactions in foreign exchange which are prohibited,
lAffiLIN D. ROOSEVELT.
THE WHITE HOUSE,
March 10, 1933.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
’
■
t e l e g r a m
FEDERAL RESERVE B O A R D
WASHINGTON
Mareh 10, 19 as.
Curtis - Boston
Case - Kew York
Austin - Philadelphia
iteCaap - Cleveland
TRANS*
I £ &4
s
Hoxton - Hlchmond
Newton • Atlanta
Stevens - Chicago
Wood — St* Louis
Bailey - Minneapolis
McClure - Kansas City
Walsh - Balias
Kewton - San Franolseo
Please *lre by denominations, as of the close of imsiness
last night, amounts of Federal reserve notes held by yon and by bank,
separately, at head offloe and eaeh branch, If any*
If necessary In ovier
to reply early today, give best ostizaate possible*
Also your judgment as to
amount of Federal reserve bank notes, by denominations, which should be printed
for your bank*
McClelland.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
___ _______
!
•^ '
declassified
A th
u ority
T E L E G
A '? • . <.J.
/jft < <
& m
F E D E R A L i^ESERVL B O A R D
Cas#
»t
.
S«w Y o rk
With reference to t egTs.iss already received b y this office
@l
giving,
nam es
of bonks making application
n lm se
advise your
opinion aa to reasonable safety i n granting licenses i n accordance'
with Secret&iy of the Treasures telegram
I* H. 100Dll
Secretary of the I n a - s a r y
Send m b » tolegr m
Black
—
Ceery —
to following ~
Atlanta.
Minneapolis
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority UAJh
S T A N D A R D F O R M N O . I4a
• Ap pr o v ed b y the P resid en t
Ma rc h 10,1926
TELEGRAM
i;
Treasury D epartment
WASHINGTON
C h a r g e T r e a s u r y D e p a r t m e n t , A p p r o p r ia t io n
fo r
OFFICIAL BUSINESS— GOVERNMENT RATES
T h e appropriation from w h ic h payable m ust b e stated on above lin e.
MOYBRKH&NT PRINTING OFFICE
March
1933.
Verrls
fftdaraX B«s#rr« Bank,
Philadelphia, Fa*
Ratal »©Tenth. Be«alati#ii I paralts transaction aaxitioaad.
cbbsebr m m m *
Socratary to Board
2--- 14117
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
UAJh
S T A N D A R D F O R M N O . I4a
Treasury D epartment
A ppr o v ed b y th e P residen t
M a rc h 10,1926
WASHINGTON
TELEGRAM
C h a r g e T r e a s u r y D e p a r t m e n t , A p p r o p r ia t io n
fo r
O F F IC IA ^B U SIN E SS— GOVERNMENT RATES
T h e appropriation from w h ic h payable m u st b e stated on above lin e.
GOVERNMENT PRINTING OFFICE
Fleming,
Federal Reserve Bank,
Cleveland, Ohio.
Betel eighth.
£
Marcher, 1933.
C bu^J J Z
It appears that regulation* seven and O^uthorize
the transfer of funds and credits requested in your wire.
2--- 14117
Chester Morrill,
Secretary to the Board.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U M h
a L
S T A N D A R D F O R M N O . 14a
Treasury department
A ppr ov ed b y th e P residen t
Ma rc h 10,1926
WASHINGTON
TELEGRAM
C harge Treasury
D e p a r t m e n t , A p p r o p r ia t io n
for
OFFICIAL BUSINESS— GOVERNMENT RATES
T h e appropriation from w h ic h payable m ust b e stated on above lin e.
GOVERNMENT PRINTING QFIICB
y,
2— 14117
10
March
1933.
Swgr,
Fadaral
orra Bank,
Hiohmond, Virginia.
Batal oi^hth. Bagolatioa tan aaaas to paralt a baak to dlsoaaat a
aota ta prorido a oattonar with payroll toads if taaks iltoatloa par*it»
It aad if traasaotiaa oonaa within tpirit aad purpoaa of that regulatloa.
Badiaootsafeby fadaral lossrva Baak ara gofaraad by regulation a stop
A* to traasaotioa* botwoaa banka thay ara paraittad if withia rogolatioa
taa.
CE1CSTSH MORRILL
Seoratary to Board
7Tt
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
sp
a
N D A R D F O R M N O . I4a
Treasury D epartment
A ppr ov ed b y th e P residen t
M a rc h 10,1926
TELEGRAM
WASHINGTON
, ,
H
Charge
Treasury
/i
/ /
D e p a r t m e n t , A p p r o p r ia t io n
for
O F F I C lS f BUSINESS— GOVERNMENT RATES
T h e appropriation from w h ic h payable m u st b e stated on above lin e .
GOVBRKKEST PRINTING GITICB
2— 14117
I
t
Karoh y, 1933.
0ft*fjr
?«d«ral H«*orr# Bank,
Minneapolis Mlnnotota.
Botftl olfhtli Po«t*a»tor* deposit* ar# not included la traasaotlons
asntlonsd Ia regulation f.
CHKSTBH MORRILL
Seoretary to Board
Reproduced from the Unclassified I Declassified Holdings of the National Archives
----------,--------— ------------- ____________
DECLASSIFIED •
Authority l M / h
Treasury department
<IDARD F O R M N O . I4a
iPPROVED BY THE PRESIDENT
WASHINGTON
MARCH 10,1926
TELEGRAM
C harge T reasury
OFFICIAL BUSINESS— GOVERNMENT RATES
D e p a r t m e n t , A p p r o p r ia t io n
The appropriation from which payable mast be stated on above line.
GOVERNMENT PRINTING OfflGB
"•T W
/- E 7 ~ T E ( ?
2 ““ 1 4 1 1 7
ftbureh 8, 1933
Blaek
fadaral 1e'aarra Bank
Atlanta, 9a«vg&«
Tomr tala*ram March aigfcth with r«f«ranca to ••gstgatad dapoalts.
-raqutat !• apparantly now coT«r®d f y Hafulatioa 15 .
c
for
I. H. 100 DIH
Secretary of tha Treaaury
fhls
Reproduced from the Unclassified I Declassified Holdings of the National Archives
_________ _ _
I
DECLASSIFIED *
I Authority
S T A N D A R D F O R M N o . 14a
Treasury D epartment
A ppr o v ed b y th e pr e sid e n t
M a rch 10,1926
WASHINGTON
TELEGRAM
Charge
Treasury
D e p a r t m e n t , A p p r o p r ia t io n
for
OFFICiafcr BUSINESS— GOVERNMENT RATES
T h e appropriation from w h ic h payable m ust b e stated on above lin e.
■t»
'G OFFICE
2 ---- 14117
M u c h 9 , 1933.
Hamilton
Jedsral Reserve Bank*
l o i a i Oily, Missouri.
Retel elffcth. Answering question A regulations 1 and 1 see* to
cqjrer this and to permit handlist end* drafts in tbs usual manner stop
Answerlag question B regulation 0 stems to cover this permitting transfers
of credit stop Answering question C regulations H and I seem to cover this.
Answering question 1 regulation 1 seems to cover this stop Vs appreciate
year difficulties and are endeavoring to cooperate as much as possible.
CHSSTUB MORRILL
Secretary to Board
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority tj/AIh
WbrMlMb
TELEGRAM
FEDERAL RESERVE BOARD
WASHINGTON
y
\
tmk
Federal K w n m Bank ofi Bealot
Sa*
Philadelphia
Glrrolaad
tl
SiaiUM^poll#
Atlanta
Chicago
Loaia
K«ftMf Oltgr
to* twfc •* t*» pwnl— Mffli
THAIS
*
Baa Prax&eiaoo
Stataa
tfet ftrealdaat
WHEMSAS,March 6, 1933# X* IKAgffOI B* KWeifELT,
^WORfTiK
President of t e Baited State* of Aaertea* tg Proelamtloa declared the
fa
or
existence of a aational eaargeoey «w* proclai*«d a baak holiday extending
from Xonday the 6th day of Barch to Tbareday th# 9t& day of Nareh, 1933*
both dataa ioelaaiTe, la order to pre*mt the ujtort, hoarding or eaiv
jaaridag of gold or a&tar ooift# or bullion or
corrmioj, or spooalatia*
la fmsiigi oxoliaagef and
under tlio Aot of Iteroh 9# 1933* all Pmliaall««
heretofore or hereafter laaaad by the Prtsltel parooaat to the authori^r
conferred by
i m
U ab
of the Aot of Oetober 6,
aa
approved «ad oaUfixwd) aad
m&Hft* said national emergency still ceatisuea, aad it
la neoaaaasy to taka farther neaaarea extending beyond feroh
% 1933# la
order to aoeanpllah anoh purposes*
SO*, THESBFORi;, Xt 9B0&LZX ©• 890SKfKLT, President of
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED * "
Authority J
j
L
T E L E G R A M
FEDERAL RESERVE BOARD
W A S H IN G T O N
do he*$isby pro claim, order, direct and declare that all the terns ond pro
visions of said Proclamation of March 6, 1933, and the regulations a d orders
n.
issued thereunder are hereby continued in full force and effect until further
proclamation by the President.
IN 'ITNl^io WHEREOF I have hereunto set r y hand and have caused the seal
.
a
of the United States to be affixed*
Done in the District of Columbia, this 9th day of March,
in the Year of Our Lord One
Thousand Mine Hundred and Thirtythree, and of the Independence
(o!EAL)
of th e United States the One
Hundredth and Fifty-seventh.
PEwKKLIN D. HOOtfST<
By the President:
CORDELL HULL
Secretary of -tate.
UN,.U05K
Lorrill.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority UAJh
31 THE P R E S E N T Of 1-&. iSflffl) STATES OF AMERICA
. L fr } \)
^
A PROCLAMATION
WHEREAS, on March 6, 1933, I, FRANKLIN D. ROOSEVELT, President of
the United States of America, by Proclamation declared the existence of
a national emergency and proclaimed a bank holiday extending from Monday
the 9$^ day of March to Thursday the 9th day of March, 1933, both dates
inclusive, in order to -j^event the exroort, hoarding or earmarking of
gold or silver coin, or bullion or currency, or speculation in foreign
exchange; and
; -v*
vVHEREAS, under the Act of March 9, 1933, all Proclamations hereto
fore or hereafter issued by the President -pursuant to the authority con
ferred by section 5(fc) of the Act of October 6, 1917, as amended, a£e ap
proved and confirmed; and
WHEREAS, said national emergency still continues, and it is necessary
to take further measures extending beyond March 9, 1933, in order to ac
complish such ourposes;
NOW, THEREFORE, I, FRANKLIN D. ROOSEVELT, President of the United
States of America, in view of such continuing national emergency and by
virtue of the authority vested in me by Section 5(b) of the Act of October
6, 1917 (40 Stat. L., 411) as amended by the Act of March 9, 1933, do
hereby proclaim, order, direct and declare that all the terms and provisions
of said Proclamation of March 6, 1933, and the regulations and orders
issued thereunder are hereby continued in full force and effect until
further proclamation by the President,
1 ? WITNESS WHEREOF I have hereunto set my hand and have caused the
1
seal of the United States to be affixed*
Done in the District of Columbia, this 9th day of March,
in the Year of Our Lord One
Thousand Nine Hundred and Thirtythree, and of the Independence of
(SEAL)
the United States the One Hundredth
and Fifty-seventh,
FRANKLIN D. ROOSEVELT
By the President?
CORDELL HULL
Secretary of State.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
d eclassified
*
Authority J
n.
Form
I tab
TELEGRAM
FEDERAL RESERVE BO ARD
WASHINGTON
March % 1933.
Xooaxg
Boston
Fancher
Cleveland
McDougal
Chicago
Hamilton
Kansas City
Harrison
Hew York
Seay
Eichaond
Martin
St, Louis
McKinney
Balias
Horris
Philadelphia
B lack
Atlanta
Geery
Minneapolis
Calkins
Sen Francisco
TRASS
Secretary of Treasury has issued the following press release tpote
The President has today u * ed the itti&ediate enactment of legislation dealing
v
vdth the existing banking situation.
f i k bankin
lae
It appears that prompt action will
facilities end an adequate supply of currency available.
Hot-
^thstannin { the expected early opening of bentos* the Secretary of the Treasury
interposes no obj action to the issuance of clearing house certificates or other
evidences of claims a^&inat assets of banking institutions, in ca«*iuaities
vhftr* local conditions &&de such action necessary.
The regulation issued by
the Secretary March 7, 1933 remains effective* granting per&ission to clearin
house associations and other associations organized to provide an adequately
secured medium of temporary exchange to ist;ue certificates against sound
assets of bankin ■ institutions, such certificates to be deliverable by each
;
institution to its creditors and depositors on a pro rfeta basis, unquote
MCCLELLAND,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
d e c l a s s if ie d " ^
_ '
l& m g - Boston
Harrison - Hew Xork
Horrls
Philadelphia
Fanoiiffir - Cleveland
TRANS NO*
I^
I ?
Authority
$bay * Rlohaond
Black - Atlanta
MeBougal - Chicago
iarfciii - gi# Louis
Geery - Minneapolis
* t
Hamilton - Kansas City \
j
McKinney - Dallas
Calkins - San Francisco
respons* %o Im juiries
Federal reeerra be*ka, you are advised that Bo«rd sees m
flroi severst!,
objeetion to
Federal* reserve banks absorbing, daring preeect evergeiiey and unti1 fUrtbar
edjrised, ahreaian on *aLd sola deposited with the* er %e**#*te# I* exchange
f*r foc«s of euxreatey other than gold certificate* aad *ssu*iag shipping
charges om
eel* sad i»li
i»li*erei to the Federal
jp*se*w* h i i by aowwefcer banka, - s well m makm %«»&«# m M m
att
a
s
f m m of oerrettttf est^tMgei therefer*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
----------- ------------
I
----- ---------
d e c l a s s if ie d
*
A th
u ority
F o rm 1181}
TELEGRA
FEDERAL RESERVE BO ARD
W A S H IN G T O N
March 9, *933.
Icmn^ - Loston
H&rrtffcm - y & v Tork
Morris - Mladelphia
Fsneiier - Cleveland
.
I
l
Sfiay - iiidtond
Black - .Itl&ata
EcBoiigal - Chicago
.Martin - it. Louis
Sssry - Kinoti&'joiis
Hamilton - Kansas City
MeKiimey “ Dallas
Calkin© - tim . yr^nciKCO
secretary o f freastucy advises (pots release of foads
for p-uxclmse of cotton where absolutely necessary to )naiat&ia oper.-i.ion
is interpreted as "xifecess&ry current expenditures for the purpose
of
maiat&i;iia& ewuloymeat aad for other similar esseati&l purposes* xmcfuote
as used in j emulation 10.
u
Designated &s iaterpret&tion tf « ?.
o
M c C le lla n d *
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
^Authority
f
li I I SI
'
It
T E L E G R A M
FEDERAL RESERVE BOARD
W A S H IN G T O N
March 9, 1933.
Young - Boston
Harrison - Hew York
Norris - Philadelphia
Faneher - Cleveland
Seay - Richmond
■Black - Atlanta
McDougal * Chicago
Martin - St* Louis
Geery - Minneapolis
Hamilton - Kansas City
McKinney - Dallas
Calkins - San Francisco
TRANS. | t) *f
J
l
Secretary of Treasury advises that cigar manufacturing
5
'
companies should be referred to collectors of internal revenue for information
regarding purchase of internal revenue stamps in connection with cigar
manufacturing.
Designated as interpretation Ho. 8.
M cClellando
SRC/acw
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority j / M h j b o A L
/
F o r m 148 b
TELEGRA
FEDERAL RESERVE BO ARD
WASHINGTON
M&reb 9 , lftSS,
Xoung - Boston
Harrison - New lark
Norrljt^- Philadelphia
Faachef - Cleveland
I v
XRAHS $0* j J
k ft
t: j
Seay -Bicftisond
Black - Atlanta
McDougal - Chicago
Kartin — St* Louis
Geery - Minneapolis
Hamilton - Kansas City
McKiimey - Dallas
Calkins - San Francisco
Secretary of Treasury adviaaa *faod or feed products
aa used ia Regulatiea 6 nay f a eonstraad as including whole grata if s*«h
c
grata ia iateadad for processing or eoasoKptioa ia tla® iaaediata future."
Designated as interpretatioa Ho* $•
McClelland*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
Form USb
TELEGRAM
FEDERAL RESERVE BOARD
WASHINGTON
March 9, 1933*
Young - 'Boston
Harrison - New Yoric
Norris - Philadelphia
Fancher - Cleveland
TH/iKS. J 1 p
Seay - Bichaond
Black - Atlanta
j^eDougal - Chicago
Martin - St* Louis
Geery - Minneapolis
Hamilton - Kansas City
McKinney - Dallas
Calkins - San Francisco
-/ Secretary of Treasury advises *Regulation Ho* 10 issued
•*
under the President*s proelamation is interpreted to authorize payments for
fertilizer and for vegetable and agricultural seeds for spring planting, where
such payments are absolutely necessary and nhere the seed and/or fertilizer
are for immediate use*n Designated as interpretation No* 5*
McClelland*
EMM/acw
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U .M h
F o r m i18b
T E L E G R A M
a
FEDERAL RESERVE BO ARD
WASHINGTON
March 9, 3.933,
Young - Boston
Harrison - New York
Norris - Philadelphia
Rancher - Cleveland
TRANS. I h
(f
f
_
•
Seay - Richmond
Black - Atlanta
McDougsl - Chicago
Martin - St# Louis
Geery - Minneapolis
Hamilton - Kansas City
McKinney - Dallas
Galkina - San Francisco
Secretary of Treasury advisee "Hegulatlon Number 5,
dated March 6, 1933, is not to be interpreted as permitting any hanking
institution to accept payiaent of any obligation not solely owned by it
in any form which is not authori&ed by the person entitled to the proceed*0w
Designated as interpretation No* 4*
M cC lelland*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority UAJh
Morri
I
Board, Washington.
-#
>
,
Would appreciate your obtaining rulimg from Secretary of Treasury
j
;
as to whethei* the following plan complies with the spirit and letter
of his regulation permitting certain limited banking transactions*
Thi§. plan is proposed to b© put in use by the Bank of America, N T
j
and S A with approximately 300 offices in 177 Cities in California
j
and its affiliated non-member State Bank^Hank of America having
approximately 64 offices in 64 cities.^he circular quoted is to be
j
j
i
addressed by Head Offices of these banks to their branches.
Attention is directed to the fact that this is an assignment order
subject to all regulations now or hereinafter prescribed*
Considerable
newspaper publicity has been given textile proposed plan which intentionally
-
-
-
-
-
-
or otherwise gives out the false impression that this transfer
j
j
eproduced from the Unclassified / Declassified Holdings of the National Archives
^
"—
-
........
I
d £ c1 a ^ ifTe d v
AuL'.orityjyA/^^
I___
f
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
is a completed transaction on the books immediately.
Series "B" circular*
Circular "B-161"
Sanfrancisco Headquarters
Bank of America:
National Trust and Savings Association.
Bank of America:
March 6 1933.
a
*
Subject;
Customers1 transfer orders.
To Branch Managers:
The events that have taken place during the last few days
are highly constructive*
They definitely establish that the new
Administration is prepared to liberate the tremendous purchasing
power now stored in our banks through the temporary use of some
medium of exchange other than our present currency, which, because of
hoarding, has been rapidly disappearing from useful circulation.
GOVERNMENT PRTNTTNO O T T fO l: 1#*ft
2 — 11901
Reproduced from the Unclassified / Declassified Holdings of the National Archives
I
OECLASSIFllD^
I Aut-oiy
’ r<
l
r '
i
TELEGRAM
FEDERAL RESERVE SYSTEM
(UEASED WIRE SERVICE)
3
R E C E IV E D A T W A S H IN G T O N , D . C .
With this program we are in hearty accord and in order
that tt^yginess between the million and a half customers of our bank
may go forward during this suspension of currency payments we have
prepared and sent to a*fl branches A fora customers* transfer order
"(P 183) by the use of which a purchase, sale, or payment of any
kind can be completed by a transfer of deposit balances on our
books.
This easy and convenient method of exchange automatically
adapts itself to every financial requirement as between our depositors
Do not confuse this form with a check:
A check is an order to pay
money; this form is an order to perform a bookkeeping transaction by
which the deposit balances of the two parties to the transaction
are respectively decreased and increased.
The form can be used
during the holiday insofar as our customers are concerned subject
to the credit risk which any one takes in accepting payment in other
v. a eovsxH jfSH * p rin tin g o m c i : im p
2*“ — 1 9 0 1
1
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED *
j
Authority
TELEGRAM
/
/
FEDERAL RESERVE SYSTEM
(UEASED WIRE SERVICE)
4
R E C E IV E D A T W A S H IN G T O N , D . C .
forms than cash.
The transfer ordered to be made cannot however
be made on our books until the termination of the holiday, unless
the secretary of the Treasury removes current restrictions prior
thereto.
It is obvious that since we can not increase our deposits
through the use of this form and since we collect no fee we do not
make any money by this transaction*
It is however a service that
we are offering our clients in a sincere desire to be helpful and
should be presented to them on that basis.
Upon the first day permissible these forms, completely
filled in and properly signed, will be accepted for immediate credit
to transferee’s commercial deposit account; upper and lower portions
to be separated by the teller, the lower portion used as a credit
ticket and the upper portion as a tax-free debit to account of
depositor by whom drawn.
Both signatures must be verified in
the same manner as for checks.
When transfer is between deposit
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U A/h
%
TELEGRAM
/
/
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
5
R E C E IV E D A T W A S H IN G T O N , D . C .
accounts at different branches, upper portion must be handled in
same^gfcanner as a check on another branch and "Hold" placed on
transferee’s account^henever like action would be required upon
deposit of an outside branch check received for deposit from such
depositor. "
Transfers as above indicated will be acceptable between
kagjtinsSxtmaxxxaqpxsi commercial deposit accounts of both Bank of
America N T & S A, and Bank of America, and between commercial
deposit accounts of these banks and of any of our affiliated banks
in California, except, however, that debit in such cases will not
be tax-free and must not be so indicated on the ledgers.
Great care should be used in honoring transfers, in order
to avoid payment against uncollected funds.
Sufficient time should
be allotted for return of items on which payment may have been
delayed because of the holidays.
V. 6. QOTSBNMSNT PRINTING OFPtOS:
Rejected orders for which credit has been given by
8—11901
Reproduced from the Unclassified I Declassified Holdings of the National Archives
declassified ”7
Authority j M / b j f e
rr
a
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
6
R E C E IV E D A T W A S H IN G T O N , D . C .
you must be promptly charged back except where other satisfactory
arraignments for a different manner of handling rejected items are
in effect with specific depositors.
Additional material will shortly be provided explaining
to customers the use of this service.
In the meantine, do the
best you can to promote business through its use.
We wish to urge upon all our officers and employes the .
importance of adopting a helpful attitude and to express our
appreciation of their cooperation and courageous spirit during the
present nation-wide emergency.
Tery Truly Y o u r s ,
(Signed)
L M Giannini,
Senior Yice President.
T o ---------------Branch^
City of Branch location
y 193--
Date.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
I
r-
7
4
DECLAS\SiFiED-
Authority
L ___
- * ■
y? k
i i
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
*>
C
O
O
B
Bank of America
National Trust and Savings Association*
Transfer from my commercial deposit account to the
account o f ----------------------- $ - ------dollars
*
P
O'
Y-*
©
This instrument is an order only, effective when transfer is
completed on the books of the bank, and will be honored only
between accounts in any of the Branches of this bank*
(2)- 123 do:
'*not detach.
To------- -----Branch,
£3
O
c+
City of Branch Location
Ho......... —
.... ......... , 1 9 3 -
©
C
O
H
9
CO
o
'
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Date
Bank of America
National Trust and Savings Association
Credit my commercial deposit account subject to all
regulations now or hereafter prescribed under the law
applicable to the account of the transferor §-------- dollars
•EjtXM a t '
Transferred from the account of--- ■ -branch.
This instrument is an order only effective when transfer is
completed on the books of the Bank,------(2)— 123.
V. s, oorsx jrx itN r PBivriNa o f f i c e : i
Hale
408p
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
^
Authority
__
TELEGRAM
/
FEDERAL RESERVE SYSTEM
f
(LEASED WIRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
Cleveland 144p Mar 8
\
^rrill
Washington
■ ■
^
We have request for wire transfer from Detroit Branch to
our Cincinnati Branch of currency accumulated in Detroit
by chain store credit\«to be to Cincinnati member in
segregated account. Also wire transfer from Philadelphia
to us of currency for payment of drafts representing food
and feed stuffs.
Please request permission of Federal Reserve
Board to consummate these transactions.
We desire to
procure a blanket permission from Federal Reserve Board to
make transfers of credits or funds from or to this bank by
other Federal Reserve Banks to facilitate member banks in
functioning within existing restrictions of Secretary of the
Treasury and State limitations.
O. for FRASER
Digitized s, SOVIKNVBNT PJtlKTPJQ O W tS : 1 W
Fleming
152pm
\
\
Reproduced from the Unclassified / Declassified Holdings of the National Archives
_____ _ ____________________ ^
DECLASSIFIED*
'
I Authority i M /h
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
33rhu
R E C E IV E D A T W A S H IN G T O N , D . C .
Richmond Mar 8 533p
Mo3h.ll
Washington ^
We request interpretation of Board’s telegram March 6 (
giving
regulation of Seccetary Of Treasury relating to Exercise of
Banking function to provide funds for payroll and other necessities,
Can banks discount a note for customer to provide customer with
funds to cover payroll or other authorized expenditure; and, if so,
isan Federal Reserve Bank rediscount such note to provide member
bank with funds ? Can one bank pay to correspondent bank funds
to enable correspondent bank to pay customer to meet payrolls or
other authorized expenditure ?
V. S. OOVERNMRNT PRITTTING OFFICE; I9*R
Seay
537p
fa
3—-1X901
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority t M /h
r-
TELEGRAM
FEDERAL RESERVE SYSTEM
P
(LEASED WIRE SERVICE)
tf-ld < L
>
28f mr Bush
r e c e i v e d a t W A S H IN G T O N , d . c .
Atlanta 1233p Mar 8
Morrill
Washington*
On March third hanks in Alabama were operating under governor’s
proclamation permitting restricted withdrawals of old deposits
and the opening of new deposits in cash or the equivalent for
unrestricted withdrawal.
Our Birmingham branch received on that
day wire transfers from other federal Reserve Banks to First
National f of Birmingham for payment in currency to designated
t
persons firms or corporations*
These transfers were largely for
payroll purposes or in payment for cotton which had been purchased
We agreed to complete these tranasffcars by placing proceeds in
special account to be opened up by Birmingham bank to meet with— drawals made by it’s own depositors from new accounts created
V. 8. for FRASER
Digitized flOTSRHMKKf PRINTING OWJOI: iM f
2—11901
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority
/
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICE)
-2R E C E IV E D A T W A S H IN G T O N , D . C .
by the deposit of these particular funds.
On March fourth
resale bank began observing Georgia holiday and transaction
has never been completed for that reason and because of President’s
proclamation.
Customers of First National Bank for whose account
transfers were intended are now insisting that they be allowed
to open new accounts pursuant to prior understanding out of
transferred funds and Birmingham bank wishes the amounts which
we hold transferred to their credit in special acoount which will
be available for sole purpose of meeting withdrawals from new
accounts so established*
We think that this disposition could be
given to the matter without violating either the spirit or the
letter of President’s proclamation and regulations of the
Secretary of the Treasury. Please advise as soon as possible.
Black
148pm
V.
8. GOVERNMENT PRINTING OVTICV: IMS
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority UAJh
F orm No. 131
Ofc C r e p n e c
fie o r s o u n e
FEDERAL RESERVE
BOARD
To_____ Mr. Morrill
From
March 8, 1933
Subject:.
Mr. McClelland
2 89
—4 5
Governor Black, of Atlanta, telephoned and said that just before
March J+th, while the Federal Reserve Bank cfAtlanta was operating and some
member banks were open, certain of the latter took up with him the question
of sSie special funds which were to be transmitted to them through the Federal
reserve bank, for payrdjl purposes largely.
purchase of cotton and other commodities.
Some of these funds were for the
Governor Black agreed that the
Federal Reserve Bank of Atlanta would open special accounts for them on its
books covering these transactions.
The next morning the Atlanta Bank closed
and the new accounts were not actually set up, although the funds were trans
ferred on to the Birmingham Branch under an agreement by Governor Black that
they were to be set up as special accounts and paid out to the member banks
100 per cent.
I understand that similar special accounts were set up on the
books of the member banks for the persons, firms, corporations, etc., for
whom the funds were intended, also subject to immediate withdrawal without
restriction.
Governor Black would like to know whether they can now set
up the accounts on the books so that vtien the member banks reopen the funds
can be released to them*
One of the banks, he stated, is the First National Bank of Birmingham,
which has a reserve account of #2,800,000, and a special account for the
payment of 5 per cent withdrawals, in the neighborhood of $2,000,000 excess
reserves,
^he amount of funds released by Atlanta for that bank was
$4-00,000, and Oscar Wells, Chairman of the ^irst National Bank, was very
anxious to be advised that Governor Black can carry out his agreement in order
that he, Mr. Wells, can carry out his agreement to pay his customers 100 per
cent against these transfers.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
-
____
d e c l a s s if ie d
*"
Authority iiM /h
TELEGRAM
\VI
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
Minneapolis
S44P
Morrill
Washington
deferring trans 1564 are we authorised to accept deposits of
esTsh f r o m Postmasters
OfTICS: IMP
V. 8. OOVgRKMKNT PKHmNfi
Geery
438p
*7^
2—11901
/
I),
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority (J Ajfo
C^ ^
TELEG RAM
if
f
,j
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
3gb
Kansascity \Mar 8 1135am R E C E IV E D A T W A S H IN G T O N , D . C .
„
*
---- “
Washn
We are receiving many inquiries from Banks, Livestock, Milling and
_
Board
Grain^ssociations for information as to how settlements can ^ ^ m a d e
for necessary transactions as follows:
1— Shipments of Stocker
:V
-$
and feeder cattle in addition to livestock for,vslaughter already
authorized,
w
t &
w
2— Grain and fltmr d r a f t s , r a f t s
other foodstuffs.
it
for produce and
In our opinion it is necessary for the orderly
treuisaction of business that regulations be issued or clarified with
reference to the following points in connection with the above trans
actions.
A — Gan we receive from membej^and non member banks drafts
covering transaction listed above and if so how are they to be handled.
B— If such drafts are drawn on interioivjpoints how can such banks
&
make remittance in funds available to us.
C— If drawn on banks
in other Federal Reserve Districts will such banks be able to
transfer funds to us through other Federals.
D — If member banks
Reproduced from the Unclassified I Declassified Holdings of the National Archives
I
r ;
* ■
decla^
f I5d
~^~
Au&orityj y ^ ^ ^ , £
L____
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
draw on their reserve accounts in payment for such iteas how
are they to replenish reserves unless they can obtain transfers
of balances carried in other reeetve centers.^
These are
a few of the practical obstacles with which we are confronted
in our attemjpt to comply with regulations already issued*
Please rush reply.
^
Hamilton
118p
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED *
Authority UAJh
v TELEGRAM
>
hid,i
FIDERAL RESERVE BOARD
WASHINGTON
Ctartloo
Boston
9oCaap
Claralimd
3ta*an*
Chicago
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I&oa&a Cl ty
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—..........
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of llaMlltiat otiitr thaa capital a^«i%Kia.
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Show total dopoatto
loud Hat^fe* #*^lal a*saoft&or air or train
mwlm also or #arll^i^^l'o* ®oraia«.
oosworoial wira *ti>ng_.
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city and stata.y & lB lt s b m k * m l r m t «»
baaia astata oo £&lr appritiaala not
and at*t o d capital,
X
OthiniM m i *y
Soda Tar b«m« of baaki oaly.
H.
W H I
Sacra tary of t 5 Traawury.
>a
N>
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
UAJh
F o r m 148
TELEGRAM
1933 MAR g
j
F E D E R A L RESERVE BOARD
LEASED W IR E SERVICE
WASHINGTON
M
AR
fouag - Boston
Harrison - Hew York
Harris - Philadelphia
- Glavalaad
f&ASS
Seay f JULdbaoad
Blade - Atlanta
MdDougal - Chicago
Martin - St. Louis
2 — 9454
a po
mm
Geery - Minneapolis
Hamilton - Kansas City
McKinney - Dallas
Galkins * San Trancisao
f*aasl£ and sots clearings thffou# the Gold Settlement
fund will ba aada as usual toal£*t far settle*»afc of transactions permitted
under regulations issued lfr tho Secretary of %bo Treasury.
al
If your tafc
does a»l participate ia ftnaiil clearing «v ia note clearing please saad
usual visa* aariced "loas".
Notify bianchos*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority UAJh
TELEGRAM
FEDERAL RESERVE SYSTEM
(UEASED WIRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
Stlouis Mar 8 1054am
Morrill
Washn.
^
Are we to understand that authorization by the Secretary of
thes treasury for each Federal Reserve Bank to settle through
the gold settlement fund for transactions permitted under regulations
from Secretary of Treasury permits us to return fit Federal
Reserve notes of other Federal Reserve Banks and cancel and
redeem unfit notes of other Federal Reserve banks
Haill
1210p
U. 8. GOVERNMENT PRINTING OFFICE: IM f
2—11901
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority U A J h
TELEGRAM
FEDERAL RESERVE BOARD
MI
& /K s
2—"9454
W ASHINGTON
ftp©
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f s i r r i m to
fmir
jra* ragarft ft^l^kjiolwit aa
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basis
ifpfil»«li j|»t ^r^lf«i4»Uae aralaa.
Imp utatoo ■
►posits
driftiac
capital
bAtftklo
pooitioa. '
n iM A M I. «008i*
Saarotary of tfe fwmmuty,
a
OS.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
TELEGRAM
FEDERAL, RESERVE BOARD
W A S H IN G T O N
March 8, 1935.
Youngt?- Boston
Harrison - Mew York
Korris - Philadelphia
Faneher * Cleveland
TRANS,
Seay - Hi chxaond
Black - Atlanta
McDougal - Chicago
Martin - St* Louis
Geery - Minneapolis
Hamilton * lansas City
McKinney - Dallas
Calkins - San Francisco
Secretary of Treasury advises quote The term Mother
corporations, partnerships, associations or persons engaged in the business
of receiving deposits, making loans”, as used in the President’s proclamation
of March 6 declaring a bank holiday, is held to include brokers, pawn brokers,
industrial loan companies, mortgage loan companies, chattel loan companies,
personal finance companies, automobile finance companies and all other
persons, firms and corporations engaged in the business of making loans of
any kind, secured or unsecured n&qoote*
Designated as interpretation Ho* 5.
Morrill.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority M M . h j a O j Z L
F orm 118b
T E L E G R A M
FEDERAL RESERVE BO ARD
WASHINGTON
March B, 1933
- Boston
Sander N* Annis, Bsak Comlssioner of Maine,
recuested that he be
;dred coplea of regulations regarding activities of banks and elenring
houses during holiday period as issued*
McClelland
£Vi-fi
tiV/s
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED •
Authority UAJh
'V
‘ i
i
a a
Fe d e r a l Re s e r v e
O FFIC E OF
C h a ir m a n o f t h e B p a r d .
Fe d e r a l Re s e r v e A g e n t .
f
Federal Reserve Board,
Washington, D. C.
<Mtention: Mr# E* M* McClelland,
Assistant Secretary*
Dear Sirs;
Referring to your telegram today, I have to
advise that all regulations issued by the Secretary of
the Treasury pursuant to the proclamation of the President
of the Ifiiited States have been transmitted to the State
banking authorities of this district*
As additional regulatioms are received, they
will be mailed promptly to the supervising authorities of
State banks#
Very truly yours$
Federal Reserve igent,
J
Reproduced from the Unclassified I Declassified Holdings of the National Archives
------- .
_____
DECLASSIFIED *
Authority l/A/h
7*
*
I
_________
_________
TELEGRAM
FEDERAL RESERVE SYSTEM
(
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
130gb 34
^Sr
Ksgpascity Mar 8 lp
McClelland
Washn
Twill 1575
.
March 8 should regulations transmitted
to sterte banking authorities include
in trans wire and which
we understand are not being
given to the press.
DigitizedaoTCSKVKNT PRIVTIN'n o m c E : IMP
for FRASER
V. S.
Mcclure
207p
2—11901
those which come to us
I \) ( « "
/"
Reproduced from the Unclassified I Declassified Holdings of the National Archives
_________
_______
DECLASSIFIED * ’
^ '
Authority
TELEGRAM
tJ
FEDERAL RESERVE SYSTEM
j ( ) I :I
'
'
(LEASED W IRE SERVICE)
145 gb 5 S 51
ct
^
r e c e iv e d a t
W A S H IN G T O N ,
d
.
c
.
Dallas Mar 8 139p
w
Board
.
Washn
■
?&
Twill 1575 . today regulations issued by Secretary
pursuant to
presidents proclamation are being promptly
to state bank commissioner of
of other states the capitals
will be informed of
Walsh
251p
V. 8.
OOVSRNMKNT PRINTING OJTICK: IMf*
of the Treasury
2—11901
transmitted
Texas assume banking commissioners
of which are within other
districts
regulations by other federal reserve
banks
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U M h ? s .o a t
.
Form 1181)
TELEGRAM
FEDERAL RESERVE BOARD
WASHINGTON
March 8, 1933
Curtis - Boston
Case
York
Austin - Philadelphia
DeCaiur? - Cleveland ,
k/
t jvrr&n,^ementa
TRAILS NO.
Horton - Richmond
Nerton - Atlanta
Stevens - Chicago
Wood -St. Louis
Bailey - Minneapolis
McClure - Kansas City
Walsh - Dal : a
.s
Newton - 3a n Francisco
should be f i .e to transmit promptly to
f ed
state banking authorities regulations issued by Secretary of Treasury
pursuant to proclamation of President.
McClelland
■s
<
Reproduced from the Unclassified I Declassified Holdings of the National Archives
p—
_____
DECLASSIFIED •
Authority
s
'
V :I
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
30fc«
New T©rk 145PM Mar 8 _
McClelland
^
, Washington.
Your telegram today* We 'iiava been promptly transmitting to state
tasking authorities, wlien received, all regulations issued %y
$«r«tary of S’
ressuiy, pursuant to Proclamation of President
Case
148P
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
jj
F orm No. 131
[
FEDERAL RESERVE
U rric e C o rre s p o n d e n c e
To
From
BR
0D
A
^
^
/
Ut
*»**% e, it m.
Mr* Harlan_____________________ Subject:___________________________
Mr. McClelland______________
____________________________________
Mr. Dillard of the federal Reserve Bank of Chicago oalled and
askel^the following questions, and requested that I submit the* to your
committee:
Regulation 7 provides that federal nserve hanks aay open
speoial aeeouats on their hooks for their aeaher hanks and temporarily
for nonmeahf? hanks and way receive in such speoial accounts the
" proceeds of new deposits received hy such hanking institutions,
(1) "Is this provision pemissive to the extent that
a Federal reserve hank ea refuse to open such an aooount for a
rn
particular institution?"
this question nay he aoadenic as Ur.
Dillard states it will he the poliey of the Chioago hank to eomply
with what they consider to he the Intent of the regulation*
(2) * A the expiration of the hanking holiday, oan the
*t
federal reserve hank aooept fron nonmeaber hanks for collection and
credit to these special trust accounts checks and other itcas, hoth
cash and noncash?” During the holiday Chioago is receiving only cash
deposits f r a noxweaher hanks since that is the extent to which they
are aecooaodating member hanks.
SMd/acw
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority UAJh
T reasury D epartment
S T A N D A R D F O R M N O . 14a
b
y
A ppr o v ed
t h e P r esid en t
M a rc h 10,1926
WASHINGTON
TELEGRAM
‘f
l
D
C h a r g e T r ea su ry D e p a r t m e n t , A p p r o p r ia t io n
, 1
for
OFFICI aH t BUSINESS— GOVERNMENT RATES
The appropriation from which payable must be stated on above line.
80VKBKMKNT PRINTING OFFICE
2 117
—41
lf W h 8, 1933
it
lorris
?«A«ral
Bank
Philadelphia, Pennsylvania
Betel seventh* S«falfttlon» do not psra1% settlements o f character
mentioned la your tels*rs».
1. H. fOODl*
^ y W rf
http://fraser.stlouisfed.org/
v
Federal Reserve Bank of St. Louis
Secretary
* * fwamuty
*•
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority t /A /h
TELEGRAM
FEDERAL RESERVE SYSTEM
f y ~ l D,
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
Philadelphia 1022a Mar 7
ipashn
<*9
Where an imerican Bank has issued a letter of credit and the
holder had drawn on it in $ foreign
country and the foreign
hank requests remittance from the jmeriean issuing bank may it
remit stop
One of our banks yesterday remitted by drawing on its balance
with a Canadian bank.
Morris
1027am
Reproduced from the Unclassified I Declassified Holdings of the National Archives
d ec lassified
*
Authority
i
TELEGRAM
■'7
FEDERAL RESERVE SYSTEM
L
f
dt
(LEASED WIRE SERVICE)
m f % mi
(
'
1
^^ktlanta £a March T
R E C E IV E D A T W A S H IN G T O N , D . C .
XS45pi
,-w;
Morrill . .
Ifashington
^
At tli# request of Certain Atlanta Banka we asked yesterday whether or
mot a bank holding receipts calling for commodities whioh have boom
told-oomld surrender such receipts to the pledgor owner taking in
exchange document# oalling for commodities of same kind and substantially
equal in *mlae* Banks would appreciate regulation on this subject whloh
i
would cov^r la additon tho question of whether they would be permitted
<
A
to surrender warehouse receipts
and receive in substitution draft
drawn on purchaser of commodity with chipping documents attached.
Blao?f
ZZO p
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority J j A lh ?<5Q= L
<2
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
Philadelphia 6p Mar 7
Board
Wasl
In order to relieve the acute situation which apparently prevails in
this district in connection w|th shipment of food or feed products
beleive it essential that action be taken at once permitting transfers
of pr6ceeds of drafts by wire between Fideral Reserve Districts for
oash payment to shipper
608pm
T S. GOVERNMENT PAINTING OFFICE: IMP
J.
V ^ —iw o i
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority UAJh 7 * 0 , 3 i
F orm N o. 181
Ofc C r e p n e c
fie o r s o d n e
To_____Mr. Morrill
From
FEDERAL RESERVE
BOARD
Date__March 7f 1933
Subject:.
Mr. McClelland
2 89
—4 6
Governor Geery called and asked for the following rulings:
In connection with the regulation permitting banking
^
institutions to make payments for essential purposes, no .
provision appears to have been made for the Federal reserve
banks furnishing such banking institutions with currency
for the purpose,
(This question of authority to make
currency shipments has also been raised by other banks in
connection with the payment of Government checks by bank
ing institutions and the payment of deposits segregated
under state holidays)*
He also desires to know whether the regulation author
izing any banking institutions to continue, in accordance
with the usual practice, to cash checks drawn on the Treasurer
of the United States, provided that no gold or gold certifi
cates shall be paid out, covers the cashing of Government
coupons.
♦
Reproduced from the Unclassified I Declassified Holdings of the National Archives
---------.------------—
_____
DECLASSIFIED *
L
Authority lM / h
F orm No. 131
/ /
/ ”*
']
/j
j
FEDERAL RESERVE
U rric e C o rre s p o n u e n c e
To_ Mr* Jfcrrill________________ ____
_
BR
0D
A
M ?, ws*___
arch
------------------------------
Mr* DiHistin of Chicago says they are urgently in need of
||TiC6 as to whether Federal reserve hanks earn ship currency to
member banka which will open to pay deposits segregated under State
»{•
holidays and charge the reserre accounts of the member banks for the
If they can and the member bank does not haYe a
sufficient balance in its reserre account to coyer such shipments,
can Federal reserre bank rediscount to build up balance?
Both Chicago and Kansas City want advice as to whether the
Federal reserre banks are authorized to credit member bank reserre
accounts or ship currency against Goremment checks sent to them
by member banks which hare paid the same under the regulations of
the Secretary of the Treasury*
The Treasurer of the United States
says he knows it is expected that Federal reserre banks will pay
all Government checks but he has been unable to get sufficient time
with Assistant Secretary Douglas to arrange for preparation of the
necessary instructions*
/
Subject:----------------------------------------------------
From_Mr* McClelland----------------------------_
amount shipped*
1
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority t M /h
TELEGRA
^
J //
/ M
FEDERAL RESERVE BO ARD
WASHINGTON
/
Fa»eber,
Cleveland
lHoDou^Utf
Ohioo^o
Hamilton,
Kansas Gity
Harrises,
Sew Toxfc
-afesy,.
MetaKrad
lisrtii),
3t« Louis
ye£iiiB®y,
Dallas
Harris,
£feiladslgbla
Black,
Atlaatsr
(5*try,
Kinaaaejolis
Calkins,
San Fremaiao
m m
j£ll
Sserstary of Treasury a&rlsss quota Bsgalatlo&
HtD&ar *#» of m v e h saves binder the President*s proclamation of ?&refe six
is k«l<3 l i authorises payraeats on aaoount of pensions, m»siM«tt,s compensa
e
tion disability iasuraxtes, relief aM
m » m p lo fm » n t unquote*
%n®t« interpretation Ho« Z unquota.
Interpretation So* 1 related to
tern food or feed product*
I M, McCLELtANB
:
IteCLaUJffl.
Designated
Reproduced from the Unclassified I Declassified Holdings of the National Archives
declassified
*~
Authority j/A /h
/
Touag
Boston
yanchor
Harrison
Kew York
Seaqr
Morris
Ehiladalphia
Cleveland
March 7, 1933.
McDougal
Hamilton
Chicago
KansasOity
Kichmond
Martin
St. Louis
KcKinney
M3li
Blftdk
Oeery
Atlanta
Kinne&polis
Calkins
San Xraneisco
I c d r authority conferred t^pon hia by Presidents proclamation declaring
fia
bank holiday Secretary «r Treasury has issued foUoving regulation* ^pote
£aoh Federal reserve bank nay (1) soak* avallabla to its asaber b&nka whicfe,
in the ^udgwent of tha Federal reeerve bank, ara complying strictly with
tha spirit and purpose aa wall as the lattar of the regulations issued by
the Secretary of the freasury pursuant to tba President's proclamation
declaring a bank holiday, such Halted aaounts of coin and/or cturroucy
(other than gold or gold certificates) as shall be absolutely nacassary
in ordar to enable such i « a w r banks to exercise tha restricted functions
aii»
permitted by such regulations* (2) extend to each such neaber bank such
liadtad anoints of discounts* advancements and actcnacdations as shiil'be
absolutely nacassary for tha Caereiee of such rastrictad functions* and (3)
aake transfers of cradit on its books for such rastrictad purposes between
tha accounts of sudd asraber hanks and/or nonaeaber clearing banks which,
in tha Jw#a»nt of tha Federal reserve bank* ara ooaqplying strictly with
tha spirit and purpose as sell aa the letter of such regulations! *rovi«U
ed, however* fhat before granting any such discounts* advancements or ac«
Reproduced from the Unclassified / Declassified Holdings of the National Archives
I
decla^TfTed
I Authority
fo & 1 1 Governors »
'
3
co!isax>dat^oas or
such limited pnyiaimts of so in raid/or currency,
the federal reserve bank
first require toe aamiber beak. (a)
to infona the federal reserve u&uk of the aracmat# of coin and currency
which it has mi head, (h) to inform the federal reserve bfuuk of the
clrcmi3tancc2 £ivix%* riae to the naad for nduitiouni coin and/or cur*
rency, i.nd (c) to do liver to tb& iederal reserve fc&nk in exeh&n&e for
other forms of coin and/or currency or for credit or its books all gold
and gold certificates
Id hy such i e . b r bank in ita own r%ht*l31iyj()T£
utio
korriXX*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority (JAJh
r
-O-
r n ik & m
COIIFIDEITTIAL
Under the authority conferred upon him by the President's Proclamation
of March. 6, 1933, declaring a Dank holiday, the Secretary of the
has is
Treasury
the following regulation:
rEach Federal reserve bank may (1) make available to
’
its member banks which, in the judgment of the Federal
reserve bank, are complying, strictly with the spirit and
purpose as Troll as the letter of the regulations issued
-by the Secretary of the Treasury pursuant to the President !
s
proclamation declaring a bank holiday, such limited amounts
of coin and/or currency (other than gold or gold certificates)
as shall be absolutely necessary in order to enable such
member banks to exercise the restricted functions permitted
by such regulations, (2) extend to each such member bank such
limited amounts of discounts, advancements and accommodations
as shall-be absolutely necessary for the exercise of such
restricted functions, aid £ X j a s e transfers of credit on its
3.»3:
books for such restricted purposes between the accounts of
such member banks and/or nonmember clearing banks which, in
the judgment of the Federal reserve bank, are complying
strictly with the spirit and purpose as well as the letter
of such regulations; Provided, however, That before granting
any such discounts, advancements or accommodations or making
such limited payments of coin and/or currency, the Federal
reserve bank shall first require the member bank, (a) to
f
inform the Federal reserve bank of the amounts of coin and
currency
which it has on hand, (b) to inform the Federal
Reproduced from the Unclassified I Declassified Holdings of the National Archives
I
DECLASSIFIED *
Authority j j A l h j 6 Q ^ ^
L
*-
-
2-
reserve hank of the circumstances giving rise to the
need for additional coin and/or currency, and (c) to
*gjpliver to the Federal reserve "bank in exchange for
other forms of coin and/or currency or for credit on
its hooks all gold and gold certificates held hy such
member "bank in its own right."
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority UAJh
Ifc h T 1 8 #
ro * 9 8
C* * n
3 V la d
JteDougal
Chisago
Hamilton
Kfcnsas City
SBarrlson
seay
Richmond
Martin
St# Louis
McKinney
Dal1m
Korris
Philadelphia
Blaok
Atlanta
Geery
Minneapolis
Calkins
Sun Frsaolseo
Young *
>
m m
r«Bsh«^
vm
Hodir the authority oo&ftiTtd upon M f by thi President*s proola*nticia
declaring a bank holiday tin Secretary of the Treasury has authorised the
Federal reserve banks to nako luoh transfers of credits o * stands f M n one
s
Federal reserve baak to another Federal rtitrn bank or baak* through tha
Oold 8ettleaaat Fund* or otherwise, as tho Federal Reserve Board may permit,
and to engage in such transactions as have boon authorised and/or required
by tho following resolution adopted today by tho Federal Resort* Boardt
QSTOTB HHBRSA8 on the 0th day of March, 1988, the ratio of total reserves
of the Federal Reserve Bank of Sew Y fvk to Its deposit end Federal reserve
l
mote liabilities ©onsbined was approximately 28,8 per oentj
1EBRBAS, on such date the ratio of total reserves to deposit and Federal
reservo note liabilities oombincd of oaoh of the other Federal reserve banks
m s substantially la exoews of such ratio of the Federal Beserve Bank of He*
Torki and
1HKKBA8, It Is desirable to equalise tho ratio of the total reserves to
deposit and Federal reserve note liabilities ooafclned of the Federal reserve
banks so far as Is consistent with existing conditions)
ICHf, CTKHKFORB, KB 17 RESOLVED by the Federal Reserve Board* that, pur
suant to the
power oonferred upon it by subseetlon (b) of Section 11 of the
Reproduced from the Unclassified / Declassified Holdings of the National Archives
I
i) T a s s i
ec
Flfb~.
l
Federal R « « « m Act and on the affinqatlre rote of fire Biibtri of fire maabera
\
of the said Board, tha Federal Keaerre Banka of Boston, Cleveland, Richmond,
i
Chicago, and St* Loula are hereby required to radiaooimt not later than tha ©lose
of busingss on March 8, 1983* for tha Fadaral Reserre Bank of Vow York discounted
:'
U
paper of tha Fadaral Reserre Bank of lav Toxic la tha aaounts aat out baloir opposite
tha nance of tha Fadaral iKSaerre Banks of Boston, Clareland, Richmond, Chicago
and St* Lotiis,,rospectlrely, prorided, howarer, that if any of sueh banka stall
purchase obligations of tha United States Goremment and/or bankers acceptances
and/or bills of exchange from the Federal Reserre Bank of Her York, any suoh
Federal Reserre Bank ahall be reliered of the requirement to rediaeount for the
Federal Reserre Bank of New Y^rk discounted paper of the Federal Reserre Bank of
Sew York to the extent of tha MMQBt j&fJhiitod States Oarerr s nt ahligatlfltttind/or
ae
bankers aeeeflanoes and/or bills of exchange so purchased*
Federal Reserre Bank of Boston #80,000,000*
v
Federal Reserre Bank of ■Clerel^nd #50,000,000*
^
Federal Reserre Bank of Riohaond #10,000*000*
Federal Reserre Bank of Chicago #160,000,000*
Federal Reaerre Bank of St* Loula #16,000,000*
All of tha above rediaeounts ahall be nade at the rate of 9
l/t
per cent per
Any Federal reaerre bank ia authorised to aell obligations of tha t&ilted States
Ooreraasnt and/or bankera9 aeoeptanees and/or bills of exchange to any other Federal
reserre bank and each Federal reaerre bank la authorised in aiqr •a»h ease to purehaae
obllgjationa of the Tfolted States Gorenasant and/or bankers* acceptances and/or bills
of exchange fro* otter Federal reserre banka*
Any Federal reaerre bank nay nake such transfers of credit or funds through the
Qeld SettlssMttt Fond, or otherwise, as shall be necessary to carry out the trans
actions required or authorised by thla reaolutlon*
URQUOT*.
uB m n T T T
Jn ejCLLM
MClJJl
' uec,assified Holdings of the National Archi.es
I
^ECXASSlF?fb'
j Aut:'Mrky M m j 6 c J i
-r -
SYSTEM
(LEASED W IRE SERVICE)
47bhb
R E C E IV E D A T W A S H IN G T O N , D . C .
New Yo r k 457pm Mar 7th s / f y
§ 3
Round s
Care Board Washington DC
Following telegram has been received by me resulting from a
.-.vj
conversation Geery of Minneapolis had with m e this morning:
.....■ -------------------------------------------------------------------------
-................................-
■-
QUOTE Referring to Geery telephone conversation today
regarding collection of drafts covering shipment of food and feed
products May we suggest you promptly consider advisability of
obtaining instructions from Secretary of Treasury covering all
Federal Reserve Banks and branches permitting their handling for
collection such items upon which drawee arranges for payment in
cash either direct to Federal Reserve Banks or through other banks
which cash would be deposited in Federal Reserve Banks as segregated
or trust deposit and the amount transferred by wire or otherwise
GOVERNMENT PRTXTTNQ OfTlCtt: 19V
ft—
11901
Reproduced from the Unclassified I Declassified Holdings of the National Archives
..
.
----------
DECLASSIFIED *
Authority
OAJh 1a (i*2L
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
Sheet § 2
R E C E IV E D A T W A S H IN G T O N , D . C .
to^sending F R B to be credited into the segregated or trust
'% r
deposit account of the depositing member bank or other bank which
segregated deposit‘
in sending F R B would be subject to withdrawal
of depositing bank in currency or by the check of depositing bank
again Such segregated deposit depositing bank in turn would credit
the amount to the segregated or trust deposit account of its
customer the drawer of the draft and that customer would have the
right then to check or draw against such deposit obtaining
currency at his option STOP Our customers now have drafts
outstanding covering food and feed products some of which are
perishable and should be distributed for consumption STOP We
believe that if some immediate action is not taken there will
very soon be speculation and exorbitant prices put upon food
products which will make a terrific burden on the country. Please
wire Geery or Yaeger for our attention 8s soon as you arrive at
U. 8.
DigitizedGOVERNMENT PRINTING OFFICE: 192f
for FRASER
2—11901
Reproduced from the Unclassified I Declassified Holdings of the National Archives
d ec lassified
*
Authority
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
a’ ecision or have any comments on the subject
%
(Signed) First N B and Trust Co A P Kemp
Yice President.
UNQUOTE
We have have similar inquiries concerning the transfer of funds
" in segregated special trust accounts from one district to another
and it appears to me that this is a question which should be
considered and ruled upon by your committee*
Sailer
514pm
U. 8. GOVERNMENT PRINTING OFFICE: lOJf
2—11901
Reproduced from the Unclassified I Declassified Holdings of the National Archives
r— ■ -
............... ....
DECLASSIFIED *
Authority l M / h
aI
_ TELEGRAM
FEDERAL RESERVE SYSTEM
(UEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
Pfalla Pa Mar 7th 250pm
— — —
Board
Washington
Many country^ hanks are paying out currency in small amounts under
authority of regulation ten* assuming that they ©an he reimbursed by
m
this is liable to get them In troufcla. would seem that either they
mt^st be warmed or we must be authorized to let them in some cases at
least draw against their reserve accounts for shipments of currencya#
Norris
.
1
853pm
■
«. a twwwnwi wfflTWi mmm nm
4HMII
i
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
federal/reserve sy s t e m
(LEASED W IRE SERVICE)
206gta
*
sab
n R E C E IV E D
StLouls 44 5 p m maj^JZ-
A T W A S H IN G T O N , D . C .
Morrill
Washn
■ £r
*
Y ou r trans_X5&§j After consultation Governor
wired you last
night our reeoimericfations regarding clause
A Presidents
proclamation and also suggestions of StLouis clearing house
regarding issuance
certificates plans for scrip or ctfs*that
may be devised by principal
clearing houses will be furnished
•you and other reserve banks
Wood
612pm
V. 8. GOVERNMENT PRINTING OFFICE: IMP
2— 1 9 1
10
Reproduced from the Unclassified I Declassified Holdings of the National Archives
d e c l a s s if ie d
*
Authority jJAlhj&Sy^A.
TELEtfSRAM
j £
y
-
H
/
'
'
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
Dallas
715 pi mar
Morrill
Washington > "
4
Refer Regulation Secretary
Treasury authorizing Federal Reserve
banks to conduct normal.\&nd
usual operations as fiscal agents
of TJnitedStatee. Assume Secretary of Treasury will issue
Subsequent regulations authorizing Federal Reserve banks as
fiscal agents to redeem matured
including
Government obligations,
interest coupons. We are holding matured coupons
presented today for further instructions.
McKinney
825pm
V. S. GOTRRXMBTNT PTM TTN OFFICE: 1&20
N 'Q
■11901
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
__
TELEGRAPH OFFICE
D101W
SI
Received at Washington, D. C.
20
AUGUSTA ME
235P
6
w
COMPTROLLER OF CURRENCY
WASHN DC
WILL YOU KINDLY WIRE ME COPIES OF REGULATIONS REGARDING ACTIVITIES
OF BANKS AND CLEARING HOUSES DURING HOLIDAY PERIOD AS ISSUED
Reproduced from the Unclassified / Declassified Holdings of the National Archives
declassified^
->
•
*
'
’ ’ • ’
Authority
,
/
a t,
___________ ___
te le g ra m
\P j T
V
</A/h
FEDERAL RESERVE SYSTEM
JF
(LEASED W IRE SERVICES
R E C E IV E D A T W A S H IN G T O N , D . C .
96
At&amta
/
4 0 5 m Mar 6 1932
m m m *
wk m i m t m
Atlanta banks desire ruling f*o» Secretary of the treasury as
^t© whether they are permitted umter proclamation to surrender
t© iheir customers ?iareh@mse receipts palling for commodities,
as* f@r example, cotton which has bee*i sold, taking in smbstiiutloa
other receipts or decaaents calling for same kind ©f commodity ©f
substantially same valte* Also, as to whether they are authorised
to deliver to elastomers documents n M e h hank has been holding as
trustee or in safekeeping and in which it has no interest* If sack
acts are deemed to be violative of proclamation banks would appreei*'
amthtrimimg same.
t
Black
54 Op
■1
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED *
Authority UAJh
n
,
2L
■
«
Telegram
Federal Reserve Board
Washington
March 6, 1933
’
l
Sr-
To all Governors, Federal Reserve Banks.
Under authority conferred upon him by President’s
proclamation declaring bank holiday, Secretary of Treasury
:'\S
has authorised all Federal reserve banks and all other banking
institutions to make change by the exchange of currency and/or
coin of various denominations for an exactly equal amount of
currency and/or coin of other denominations but no gold or
gold certificates shall be paid out in making change.
Text
of foraal regulations will be transmitted to you later*
Please advise all banking institutions in your district as
soon as possible.
MORRILL
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority i m ih
; '
; TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICE^
R E C E IV E D A T W A S H IN G T O N , D . C .
lbs
Boston 918a Mar 6**
Board
Wa shn
t':#
There is a great shortage of small change in Boston and other large
centers in Hew Hngland stop
If under proclamation of President
Secretary of Treasury and President would permit Federal Reserve
Bank and other banks to exchange currency it would be helpful
Young
926AM.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
r— -■ ■
_____ _____ ______________
DECLASSIFIED *
Authority
t/A/h
a t
) TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICE)
R E C E IV E D A T W A S H IN G T O N ,
O. C .
Sgair
^ M i n n e a p o l i s 918am Mar 6
r
2$
Board
Washington
U M i r th® president's |$*oelamati©n we are prohibited from
paying out gold or silver coin or transacting a»f other banking
"'business whatsoever*
The Secretary of the Treasury however,
is authorized to permit us to perform any usual banking functions*
It will help the retail business of the twin cities materially
if we are permitted to furnish change for currency*
requ&sted by the banks of Minneapolis.
This is
Would this be
considered a violation of the President’s proclamation and if
so can you get us permission from the Secretary to furnish them,
subsidiary silver in exchange for currency*
Geery
1086am
Reproduced from the Unclassified / Declassified Holdings of the National Archives
..~
I
r
declassifiId^
IA &
m ority_4/A ?Ati3L
/h
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
1 3 g b
R E C E IV E D A T W A S H IN G I“O N , D , C .
KaJfesoity 95lam Mar 6
Board
Washn
t
%
■To’meat the neats of communities will it be permissible for u® to
open an exchange window at this office and etoh branch solely for
the ^purpose of exchanging denominations of currency and coin f
||i&erstaM this is being done in Chicago please rush reply*
Hamilton
11am
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority j /A /h ? a 0 c 2 £
Office of
Assistant Treasurer
of the United States
Memorandum for
& %
R ep rod uced from the U nclassified / D e cla ssified H oldings o f the N ational A rchives
I
d ec la s si H eF
Atoiy
uhrt
£
f '
m n
T X JKCJRttAOT Off THX THSidtnrt
B
fit*
# f tfc*
Jt***».
air*
fbm
of 1 « U lt+
& fc 4
B **$ m to* iwaii » J c r tiT
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Otter A « « in * «—
«Xr «
bank
toll4*y la tto U
alt*4 3o « fox 1e
t %«
f»
p
«rlo4 m d a y f iterali e , to J S at y StaiiS 9* I M a , fcrt*
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-
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anw^r -*mm m 'm w I i MMNdl'MuMl aadav vmhIio
ti . m m m
tlQM % |* yc t n r l W i Iq ***« rsm**ti&y o f t l» T3w»«urr witfe Had * i*
•
t
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esly iMiar U««m iiiw i Ig %#^•# tw of t*» T » « 7,
r h
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M
ft iM Q ir af tto UmlW4 3 lrt**# m l «»* 1* poXd* «Imb
rtqiMlti ye* «r« «a«bcrirlMd to ftblf fmpmw m rtm m r$ o W r
ttoft # 2 wrtlftfcftl**, ia
*U
of
(3)
Continu* tfci u u a l aim M jr
lilHltt th* TrtanAury *»a tfe* V«dM«l f— «rr» Ba#i0i «Mt
l
InmmInm*
temmmtimm
a*#p**tfullyt
u ic w id i
tf* iU
wmmM
TuartfcTjr •£ tto
/
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-------------------- ----------- ---
DECLASSIFIED •
^
-
Authority
UAJh ?a C<2£
>
id ,
TREASURY DEPARTMENT
W ASHINGTON
Co m p t r o l l e r o f t h e C u r r e n c y
ADDRESS REPLY TO
“ COMPTROLLER OF THE CURRENCY'
March 6, 1933.
Mr. Edward Romfh, President of the First
National Bank, Miami, Florida, telephoned, today and stated
that the Postal Savings Bank in Miami was paying deposits
and that the American Trust Company was doing business as
usual, presumably cashing money orders. He indicated that
the American Express Company was making a good deal of capital
out of the fact that it had shipped into the city of Miami a
large amount of money in order to take care of the situation.
Mr. Romfh1s bank has a most excellent record and
he states he is in position to do business as usual if permitted
to do so. He feels that the American Express Company is violat
ing the spirit and letter of the Presidents Proclamation declar
ing the four day holiday. It would seem that to issue and to
pay express money orders is transacting a form of banking business
forbidden by the Presidents Proclamation.
Mr. Romfh1s complaint is brought to your attention
for such action as you may deem warranted.
a.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
................ ..............._
I
;
d e c l a s s if ie d " ^
Authority
v 10,
March 6, 1933.
^
SUGGESTION FROM C. ALISOH SCTJLLEI. member of
the Executive Committee of the Trust
Department of the American Bankers*
Association, and Yice President of the
Bank of Manhattan Trust Comparers
-Pursuant to the authority given by the Presidents Proclamation
of March 6, 1933$ the Secretary of the Treasury with the approval of the
President today prescribed the following regulation in respect of the
trust business of all banking institutions:
All banking institutions are permitted to conduct all their
normal, personal and corporate fiduciary and agency functions which do
not involve the payment of deposits (including sums held by the insti
tution itself in a fiduciary or agency capacity) or the transfer of
credits abroad or other acts specifically prohibited f y the Proclamation.
e
Such permitted functions to include among others the receipt and delivery
of securities, the transfer on the books as transfer agent or registrar
of stocks and registered bonds and the issuance of checks and drafts for
sums held f y such institution in a fiduciary or agency capacity though
c
not the payment of such checks or drafts except to the extent that such
payment may be hereafter authorized.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority l M /h
h n b 6, 1933.
BtaMNrt&va
fttMioail
tho" Tfaot
Bathoritr iEtswi hf ths Prooldoat*® frnnl imtl it
ti
of Marsh 6* 193% tfa* Secretary of tfca treaaaxy nith the apjxrwOL of the
Preaid*** today swsmribodihe following regulation ia reapeot of Ha*
tmet btUtijftMO Of
>MM»Hwg
f i.
a f!
ill baaking lnvUtatiom are pamittod to oondnot all their
;liotrtM&$ pmyf* * ^ '
f”1* «u< eorposfate fldoolary
^g^ u y fttiotlosui
ty
not involve Hhi p$&wm& of depoalta (tnolis&lag ra» held %
da
the ia*&*
tBtiflft iteelf la * fiAMsiary or ag«Qr capacity) or the tra&vfer of
m a t * abroad or «$ w r aot« #p*oifioally prstolfcltod lr ***
3a«h pm&ttod faaotiaaB to laolnde
mm$ others
of aooaritl*** 1te tmiifir on the M
the reoeif t « d i^liiQr
r
a* transfer agoafc ar *«#«tr*r
of etoofc* tad registered bonis aad the iaaaaaoe of ofai&i aa& drafts in*.
c
« i held 1#
mm inirtittttic® la * f!m&my or
agea«r oapaeity thoogh
not tho payaoit of m i l oheoka or drafta exeept to the tsii«*t that m H
peyaaat «mqt lit haimfter authorised*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority u a i \ ? rt(i a L
\
Muroh 6,
t* ktvttrm ssrBFfrTW —— -*— ■
-•
tr
tfCMW&wiMM£ OX twMI X U i w
FtB
of tii© J s ^si &ABoxtkcnnf*
SBsrLB
^Wf V£0@ PlSSitiSWlS' Of tf #
o
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wMi
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SRlthoX*!^ gl^fWI tjQ th©
f
F <>d llB ft
p l4S t4fiS
o f Hard* 6t 1933# tfea Saareteiy of tbe T rm m x e ? with Hi# s^kcwb! of th«
l^TCIffXCUSnv X uaQ |38TW W aG .«*©
O T
flM X tt
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^MMHkA^^kk
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A A Aittt-m-*-
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Akttk frk jak.dflt’ AiV f
U
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ST Sfi M II^ C fa .U hfj iJt
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rfMMMnl >tft Jb'M
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jp
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^ f f X T f K m K 8 b B W B lr <f 3 r
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ov d B
t
i
tnw iw 1H9 p t p m cw aepoeit® yiaoiT*»«|g is is i^ut cy W m 2jwfw»
Its e lf Ia (i IlyteQdjfiXT
ot
4g88flgf oatpasHty) or th© tsanBuofW of
otp@iill.tii & $>
b o&d &st attnnr sets a^06"ll'^tosXly piraillife&tfttt t g ttm -P 9Q
ar
!T 343M &
ftt& ft»
jfc y ^fflpjaittsd l^siotlosEui 'to
Ki
H
o M m ttw iNidslpS
tih B
of #eosa?dltii<Nif tlkt t3 3 y fa p on the txwlt® &0 taraniif«3P agwat
f® B s a
fffrlfw iy
qe xiaglirtiiw
o*
o r 0w o K 8 mia r ® g ij 8 re a txwacs ismi w s xi^Riiiaio# a* w w cbeb ikikii cu?aXw n r
ii«
em
mm I U ^ IQ f ^ i ;
h’
l sf M h
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nn%
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*^****^1 < ^xnfts < 0 6 9 it to the -sxtflttS HiRt f^H
* sy
8 B# |
N
p0QnM C ® b© hwroafter i9sdd^3^yN^t#
ttt B r
e&i^odlt^' 'Uiwi^bt
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority UAJh
F orm N o. 181
Ofc C r e p n e c
fie o r s o d n e
FEDERAL RESERVE
BOARD
To______JJorrilL
From
Dai-p
March 6, 1933
Subject:
Mr. McClelland
2— 8495
Mr. McKay, of Chicago, raises the following questions under the
proclamation of the President:
(l) Can the reserya accounts of member banks be credited for ship
ments of silver coin and currency received late Saturday and Sunday on
which entries have not been put through?
(2) How should the Federal reserve bank handle currency and coin
which was in transit before the proclamation was issued, but was received
by the bank after the opening of business today?
(3) Can a bank on demand deliver property or funds held in safekeeping?
(4) Should the Federal reserve bank make charges to reserve accounts
of member banks for checks returned to it unpaid, tfe member banks* reserve
accounts having previously been credited for the amounts of the items?
(5) Should the Federal reserve bank make charges to the reserve ac
counts of member banks for drafts and remittances •
received in settlement
of cash letters forwarded by it previous to the holiday period?
(6)Should the Federal reserve bank make charges to the reserve accounts
for currency shipped by it on Sunday?
(V) Gan a bank return items sent to it for collection prior to the
holiday which have been returned unpaid since the holiday?
(8) While the Federal reserve bank cannot grant increases in discounts,
can it permit substitution of paper by a member bank for maturing notes and
drafts held under rediscount?
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority M M h j f e
[£
F o S T n o . 131
.
FEDERAL RESERVE
U rric e C o rre s p o n d e n c e
To
Mr. Morrill
^
______________
/
F)
/
L J
A
t>Lw
f
r w M 6 . 1953.
arch
Subject_________________________
From_Mr. McClelland............ .
........ ,_________________________
2— 8495
©le following are the views expressed by Governor McKinney in telephone
contfi^sation, apparently representing the consensus of the officers of the
w
Dallas bank:
»&
-■
Inasmuch as the banks are now clesed it would be a mistake to set up any
but the very greatest emergency regulations ■until Congress has had an
opportunity to act.
(Chink; the coin exchange is proper but
do not think
should permit currency shipments and receipts, check collections, or trans
actions in disco*unt department,
I referred to perishable goods and he said
that they realized that this might be a serious question nationally although
it was not important in their district. He said clearing house bankers in
Dallas tho-ught they could arrange for release of bills of lading.
He said he thought that any regulations should be uniform throughout the
country with reference to all banking institutions and that no consideration
should be given to special applications for any particular bank or conmunity.
Thinks the regulation permitting free access to safety deposit boxes
is a mistake without some restriction*
His idea would be to permit access
when accompanied by an officer of the bank to remove anything other than
currency or gold.
Expresses opinion that hoarders were the immediate cause
of difficulties and should not be given preference.
Also says that smoother
persons withdrawing hoards will sell currency at a premium.
Thinks it is important to permit banks to receive from business concerns,
merchants, manufacturers and industries currency deposits to be earmarked and
returned to the depositors on demand.
Would not permit the receipt of such
deposits from individuals not engaged in commerce or industry.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
I
DECLASSIFIED •
I Authority Mtihjaoat,
r?o. 131
Ofc C r e p n e c
fie o r s o u n e
To
FEDERAL RESERVE
BOARD
D ate
March 6 , 1 9 3 3 ,
Subject:.
Mr. Morrill.____________ _____
From__ Mr* McClelland*
■i t
-3~
'^JStrongly feels that conditions in 1 9 0 7 and present time differ veiy
widely and that there is no possibility of using clearing house certifi*t
cates. He thinks it w<&ld only result in preferences*
This is from my rough notes and I have asked him to confirm " y wire*
b
2— 8406
Reproduced from the Unclassified I Declassified Holdings of the National Archives
d ec lassified
Authority t/A/h
*
L
F orm N o. 131
I
FEDERAL RESERVE
U rn c e C o rre sp o n u e n c e
To_
mm
Date
March 6, 1933#
-Mr* Morrill,
_____________________Subject:____________________________
From __Mr. McClelland,______________ ___________________
:M r, Clerk of San Francisco called regarding the recommendation
contained in the attached telegram that authority to receive deposits
* tv
in trust should not be granted to banks in States the laws of which
do not permit banks to receive and segregate deposits.
He would like
advice tonight as to whether the provisions of the National Procla
mation, as modified by the regulations of the Secretary of the Treasuryj
will overrule State laws relating to the liquidation of State banks as
far as are concerned the special deposits to be opened under the
regulations of the Secretary of the Treasury.
As I got the point raised
by him, if the provisions of the Proclamation expired and a bank which
during the holiday period received special trust deposits did not reopen,
the laws of the States might not give such deposits a preference over
other deposits in the liquidation of the bank.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority
UAJh
2L
March 6,
v y o ,
20
prevent stoppage of the movement of perishable foodstuffs,
member banks will be licensed by the 0. of C. with the approval of
!
r
the Secretary of the Treasury, to transfer funds from their reserve
bank balances to other member banks for their credit with' their
reserve banks, the payee member bank to credit their customers
account with Federal Reserve bank funds.
Suggestion of First National B ank of Boston,
^
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority l /A /h 1 a C\ l L
3
t l ") /)
F o r m N o . 181
/* /* *
FEDERAL RESERVE
✓ V
U rh c e C o rre sp o n d e n c e
Tn
Mr. Morrill___________________
BAD
0R
'
i K/ (
rw M 6.1933
arch
Subject
From Mr. McClelland________________ _________ _____
governor Seay, of Richmond, called and in reponse to your request,
submitted three suggestions.
The committee has covered two of the ques-
*
tions in its telegrams regarding the making ©f change and the opening of
safety deposit boxes*
The third suggestion of Governor Seay is that the Treasury should
make some ruling about the cashing of Government checks.
He states the
Richmond bank has had Government checks sent in from several sources,
but feels that it is not open for business for the purpose of cashing
such checks unless authorized to do so.
1
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
A th
u ority (j A i h
>
■
F o r m N o . 181
.
^
^
FEDERAL RESERVE
U rric e C o rre s p o n d e n c e
To
Mr, Morrill___ ___________ _
Frcan Mr, McClelland
____________
“, R
An
Subject:________________________________ _ _
____________________________ _
/ //I /A
iJM/
) (J , J
Date March 6f 1933
Li-
o j> o
2— 8495
Mr, Dillard, of Chicago, called, stating that the Federal Beserve Bank of
Chicago has had presented to it checks of the postmasters at Chicago and Detroit,
’
Sr
made payable to the Federal Beserve Bank of Chicago, and drawn on the Treasurer
of the United States, inM&he amount of 1500,000 each.
Both postmasters are run
ning low and to* Dillard states that at Detroit he can only last about threequarters of an hour* Chicago ia prepared to pass credit on these checks upon au
thorization,
I understand Mr, McKay also called Mr, Bell and Bell is trying
to get in touch with Mr, Douglas regarding this matter.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority QAlh
, Board
'%•
Washington
H t h further reference to^ransact ion 1555 Advise that I have spent
“
last, three hours^ with Boston Clearing Hduse and they think that
if clearing
house certificatedare to circulate freely it would b e ,
a mistake to permit even the payment of twenty five dollars in
. currency to an individual at this time, Upon further
consideration
of the question I am inclined to agree with them and reverse my
;reeommj&ndation of this morning,
•e0 " .*
•
r
-'
'■
Young
731pm
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED ■
Authority l M /h ?AC>aL
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
45 B Y
Bigfton 755p Mar 6
Board.
Washn
With further reference to trans 1555 bdvise that I beleive an executive
order is necessary to enable member banks to pay out or permit the
withdrawal of such currency as is necessary in the judgment of such
banking institution to insure the delivery of cotton to a mill which
would have to cease to operate within a day or two if cotton was not
X supplied
Young.
aiop
Reproduced from the Unclassified 1 Declassified Holdings of the National Archives
DECLASSIFIED *
Authority itM /h
TELEGRAM
FEDERAL RESERVE SYSTEM
’ (LEASED WIRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
17bs
Boston 1254PM Mar _Q
Morrill
Washington
Further"reference to
i r s s ^ Believe executive order
.
;:>s
should be issued permitting banks at their discretion to
pay currency other than gold and gold certificates in
amounts not to exceed twenty five dollars to individuals
firms and corporations.
Young
•
103PM
i
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED ■
L
Authority t M /h
TELEGRAM
R E C E IV E D A T W A S H IN G T O N , D . C,
14bffir
Boston I S O l P M ^ a r ^
Morrill
Washington
t:iS
Replying to your wire
«
■
*
irw
Believe regulation
should be issued immediately permitting banks to colleot drafts
covering perishable foods and merchandise and settle for same by
drawing draft on Federal Reserve which if necessary Federal
Reserve Bank should be permitted to certify. This should be
i
taken care of today under single authorization. More later.
Young
1311PM
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U A ih i*c< aL
TELEGRAM
-------------------
_
T /O r o L .
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
„
R E C E IV E D A T W A S H IN G T O N , D* C ,
OuS
Boston 1015x Mar 6
X
_
B^rd
. *
Washington
Large amount of perishable products in Boston market that should
f e moved, today. Suggest that Secretary of Treasury and President
e
permit member banks to*handle transactions of this kind;
Young
1031AM
Reproduced from the Unclassified / Declassified Holdings of the National Archives
I
DECLASSIFIED •"
Authority M A l h j 6 Q a ±
* m w York 128PM Mar 6
’ ■
%
--------
Morrill,
i Board Wa shi^ton
*
Tla© following are our present views in reply to your telegram of
today in relation to ope&ations which should he permitted banks
Immediate*
A (1). Permit access to safed©posit boxes,
\ Z ) d Permit making of change*
(3)* Bermit the use of checks on a specified limited basis
which will result in debiting and crediting accounts in
the same bank or in banks which may associate themselves
for the purpose of exchanging checks payable at the banks
in the $*oup without Involving currency payments.
(4), Permit receipt of payments in cash on bills receivable or
other asset items/.
(5). Permit functioning as collection agents for items such as
bill of lading drafts covering movement of livestock, food
stuffs, perishable produce and other eoomodities.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
_
d e c l a s s if ie d ^
r ;
A th
u ority
U M \ \ ?^ a L
"yki/::• ■
'
‘V.
TELEGRAM
Sheet 2-SOI s
j
*■
>
■
FEDERAL RESERVE SYSTEM
1 1
■'
m
(LEASED W IRE SERVICE?
■
■
'
,■
,
R E C E IV E D A T W A S H IN G T O N , D . C ,
B (XJ* Permit limited payments in clearing house scrip or in
^ j - currency on a small percentage basis.
?f). Permit full withdrawals in clearing house scrip or currency
of deposits received in special trust accounts under
recent lawi^whlch provide that such deposits shell not be
subject to restriction*
.y
-;
0 {1|. Permit receiving deposits of currency and coin to be kept
segregated and g^yable on demand. In addition such other
business should"be permitted as may receive special
permission from the Secretary of the Treasury.
Proposals for Federal Reserve Banks follow later. Please
give copy of this to Harrison and Bounds immediately*
Case,
Burgess and Logan.
137PM
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-
1
^
•
*
"
DECLASSIFIED^
Authority
_________
' "
©rrasurg Spparftnrttl
' '
' ^
<
}
•
r. ; I
4
•
TELEGRAPH OFFICE
t
Received at Washington, %
'
C,
^ |
•
*
|
VQ NEWYORK NY 406P MARiiniiimm—^ ;
6 1*5?
* i i
“"
WALTER WYATT
^
‘
•fiEKERAL COUNSEL FEDERAL RESERVE BOARD WASHINGTON SC
EX9CUTIVE COONS IL OF SAFE DEPOSIT ASSOCIATION PLEASED WITH YOUR
(
-•
SHORT TELEGRAM TO FEDERAL RESERVE BANKS REGARDING SAFE DEPOSIT VAULTS
.
j
STOP THE COMMITTEE WOULD URGE THAT THE REGULATIONS TO BE ISSUED MAKE
IT CLEAR IN 9ENERAL THAT THE SECRETARY OF THE TREASURY BY AUTHORITY
CONFERRED ON HIM IN THE PROCLAMATION AUTHORIZES AND PERMITS AS DISTINGUISHED
*FROM DIRECTS THE CONTINUED AND UNITERRUPTED OPERATION OF SAFE DEPOSIT VAULTS
AS IF THE PROCLAMATION HAD NOT BEEN ISSUED INCLUDING THE RIGHT TO CONTINUE
1GRANTING ACCESS TO BOXES AND SAFES ALREADY RENTED TO CUSTOMERS AND AUTHORITY i
TO RENT UNRENTED BOXES AND SAFES WHETHER SUCN SAFE DEPOSIT VAULTS ARE
OPERATED AS DEPARTMENTS OF BANKS TRUST COMPANIES AND SAVINGS BANKS
OR WHETHER SUCH VAULTS ARE OPERATED UNDER THE LOCAL BANKING LAWS BY
INDIVIDUALS COHPtRATIQNS COPARTNERSHIPS OR INSTITUTIONS OTHER THAN
j
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority t M / h
wwv % * w V w w u » VV
'V' T V V V V V V i w
W
TELEGRAPH OFFICE
Received at Washington, D. C
,
(SECOND SHEET B112W WALTER WYATT)
BANKS TRUST COMPANIES AND SAVINGS BANKS
ARNOLD R BOYD
f§4P
■W VwVwV's'*WW'';
" w
“
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority UAJh
"
■
■
■
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
■
R E C E IV E 0
2 0 T
4 0
0,
k
$
Ph
Mo
AT WASHINGTON,©.
.. ..
.
Pa
il a d e l p h ia
640
pm
Ma r
6
1933
--
r r il l
y;-
‘ ■
'
W AS H IN G TO N
^E P L Y IN G
TO Y O U R W I RE
(1)
hat
Ba n k s
be
C LEARING
HOUSE
A S S O C IA T IO N S
T
HOUSE
A S S O C IA T IO N
That
F
any
in
PAYMENT
to
j o in
in
OR GROUPS
CERT I F I C A TE S ,
COLLATERAL
a
ederal
l im it e d
Re
s e r v e
OF D EB TS
CERT I F I CATES
S 5187
D A T E , ! WE S U G G E S T 2
AND
THE
plans
OF
for
the
A S S O C IA TE D
S E C U R E D BY
GUARANTEE
OF
BANKS
THE
THE
is s u a n c e
OF C LEARING
D E P O S IT
C L EA RIN G
by
OF
HOUSE
OR GROUP O F B A N K S .
for
by
AND R
p e r m it t e d
OR O TH ER S I M I L A R
S A T IS F A C TO R Y
(2)
T H IS
SHOULD
p e r io d
.B
BUE
BE
AND FROM
ank
TO
no
from
IT ,
member
AND
EXEMPTED
TH E T E N
o b j e c t io n
TO
FROM
be
banks
made
of
such
R E C IR C U L A TE
THE
PER C E N T
to
I M PO S ED
BY
r e c e ip t
c e r t if ic a t e s
THEM*
P R O H I B 1T I O N
TAX
the
IN
SUCH
R S 51 8 3
THE
A C T OF
1075
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority i /A /h
' TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICED
R E C E IV E D A T W A S H IN G T O N , D . C .
(.3 )...Th a t
all
banks
S A t**s ies
and
o p e r a t in g
(4)
That
there
FOR
P R O TEC TIO N
(5)
That
d e p o s it s
(6)
P
rompt
F
between
(? )
We
lest
it
A G A IN S T
such
other
Reser
ederal
(
should
Ba n k s
s t in
plan
p r o v is io n
favor
Reser ve
Mr Au
or
does
a u t h o r iz e d
a
)
must
plan
the
ve
Ba
not
to
F
n k s
F
on
current
u nless
p r o v is io n
wages
,
BALANOES*
some
w il l
ederal
r id a y
p r o v is io n
r e l ie v e
Reserve
f
p a n ic
Bo a r d
«
r
of
be
made
in s u r a n c e
d e p o s it o r s
of
*
for
r e d is c o u n t in g
the
word
*
we
to
deprecate
im p o s e
w it h
s u g g e s t io n
No
64? p m *
own
OF O U T-O F-TO W N
c o m p l ia n c e
in
t h e ir
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as
that
concur
pay
in c l u d e
in t e r p r e t e d
see
to
W ITHDRAW AL
by
exc ept
be
to
e x p e n s e s
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se
complete
,
be
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some
use
l ia b il it y
terms
number
r r is
of
tr u s t
f iv e
*
on
*
“T
rust
Federal
1
1
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECL,ASSIFIED‘
Authority
I a CJ L
i
TELEGRAM
>
4
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
9c
fa
-
Philadelphia 545
.
Bo ard
Lar 6
c~
*
*
'ashn
An immediate ruling should be promulgated covering checks nor;
in possession of Federal Heserve Banks and checks which may
reach Federal Reserve Banks during National holiday. It would
seem that if at termination of holiday the collector of checks
.is to be resumed on complete be sis the Federal Reserve Banks
should not interfere with prompt presentation by returning
then. If checks pre returned many checks drawn at later
date may be presented before those drawn before holiday.
The fact that the holiday is now a national one instead of being
confined to certain localities eliminates all danger of endorsers
withdrawing funds before presentation of the checks. The procedure
Reproduced from the Unclassified / Declassified Holdings of the National Archives
'
I
r
........
Aua° i yj Z M u & o a i
rt
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
of thetggederel Reserve Banks should be uniform*
...... -
d e c l a s s if ie d - ^
TELEGRAM
Sgeet two
-
Norris
'
557 pm
Reproduced from the Unclassified I Declassified Holdings of the National Archives
|...— ------------- ----------------
DECLASSIFIED *
Authority (/A /h ?^O c 2 i
TELEG RAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
4chb
ph$&a Pa 1358pm ^ar j 5 .
Treasury Department
^
■
?&
Washington
Large national bank inquires whether if they give importers currency
to pay duties on imports of perishable products which currency will
then-come to us we will reimburse tham. please advise immediately
whether you can authorize such reimbursement.
Norris
1240pm
9 . 8. eOYERNMKNT WUNT1N& W M B M M
fc
4-11001
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority l /A /h
7%
,
TELEGRAM
FEDERAL RESERVE SYSTEM
(UEASED WIRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
Cleveland Ohio Mar 6
753pm
Morrell
Washington
Your wire Trans 1555. Our opinion that in view of confusion in
transit items -and banks records occasioned by operation on
restricted basis of payment by many Ohio banks since February twenty
fifth best that these banks should remain closed during period of
president’s proclamation in order that internal records might be
clarified and with immediate permission from Secretary of Treasury
to clear through customers accounts and return to customers all
uncollected and returned items. Secretary’s regulation respecting
deposits received pursuant to agreement or legislative authority
providing for segregation and for repayment without restriction on
demand creates probable necessity for Ohio banks to reopen because
strong representations were made throughout the State as to availability
its of this class, and if banks remain closed we fear that
o. * ooTutNvuiT nuxtma « m mm
-
-
unclassified / Declassified Holdings of the N a t io n a lA ^ s
d e c l a s s if ie d
*
Authority MAltlJeeJj,
t
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
sheet 2
R E C E IV E D A T W A S H IN G T O N , D . C .
public wifi lose confidence in availability of segregated deposits
of this type. In addition.to segregated deposits in Ohio, all banks
taking these deposits have small percentage of deposits received
under normal condition, ranging from ten to one percent free for
withdrawal on demand. Under Secretary of Treasury’s above regulation
permission is not granted to pay such deposits on demand, therefore
it would seem that this regulation should be supplemented by regulation
permitting payment of these percentages on restricted deposits,
so that any uhio Bank reopening before termination of president’s
proclamation will not discriminate against the depositor entitled
to withdraw a specified percentage of restricted deposits on demand*
Respecting operations of Federal Reserve Banks during period of
proclamation, our recommendation that Secretary of Treasury permit
them to function insofar as necessary to provide service to member
banks*
situate within their respective districts, operating udder
OOVBBNMBNT FRDfTOM OTVMS: 1M»
a-urn
Reproduced from the Unclassified I Declassified Holdings of the National Archives
--------
DECLASSIFIED *
Authority
Qo2 £
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICE)
Sheet 3
R E C E IV E D A T W A S H IN G T O N , D . C .
regulations of Secretary of the Treasury. As yet we do not have
data on clearing housetjeertificates to be issued in this district,
Xac but will forward same as directed as promptly as possible.
Fancier
809 pm
0. ■. GOVERNMENT PRINTINQ •m O T. 19U
Reproduced from the Unclassified I Declassified Holdings of the National Archives
I
r
;
^
D E C L A ^ S I F iE D .
I Authority UAJh ^ n J t ,
TELEGRAM
FEDERAL RESERVE SYSTEM
/ / (J,j~
f
(LEASED WIRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
Richmond 6p Mar 6
Morril-l
Washington
In pursuance of your tflegram after conference with chairman and other
officers of this Bank we submit the following inquiries as to operations
under the £re sident’s proclamation and make the following inquiries:
Query- should Federal Reserve Banks and Commercial Banks
receive and forward for collection through usual channels
Bills or ^otes payable by individuals firms or corporations
other than banks regardless of whether connected with
shipments of food or feed products ?
Suggestion- That banks be permitted to receive forward and handle
all such instruments and to receive in payment of same coin
or currency provided that coin or currency so received be
segregated from other assets of bank or paid to party entitled
in currency or money other than gold or gold certificates.
S ~U M t
Reproduced from the Unclassified I Declassified Holdings of the National Archives
__
DECLASSIFIED •
Authority MAlhjt
'
TELEGRAM
FEDERAL RESERVE SYSTEM
(jJEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
2-22rhu
Query- Should banks be permitted to pay checks drawn by
State and Municipal subdivisions on their depositaries ?
Suggestion-That banks be permitted to pay such checks provided
no gold or gold certificates by thereby withdrawn.
;*
V
Query- Should community funds, community chests or charitable
relief agencies be permitted to withdraw funds from banks
during Holiday ?
Suggestion-That banks be permitted to pay deposits due to such
agencies in such amounts as may be needed for immediate
use but no payments to be made in gold coin or certificates*
Query- Should Federal Reserve Banks be permitted to ship to
member banks upon request obligations of UnitedStates and
other securities held in custody for member banks ? We
submit this question for consideration without recommendation*
Query-In Maryland and in ffestvirginia before presidents proclamation
many banks accepted checks or other items on deposit or for
collection under agreement that proceeds would be segregated
and paid to depositors upon demand without restriction. May
such banks pay over the amount of funds so received and held ?
s. •orw anm n nm m m mwmm
s-mot
Reproduced from the Unclassified I Declassified Holdings of the National Archives
d e c l a s s i f i e d -*
"
A th
u ority I
TELEG RAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
3-22rhu
R E C E IV E D A T W A S H IN G T O N , D . C .
Suggestion- That banks be permitted to pay over funds so received
and held provided no payment be made in coin or gold
certificates.
Seay
6l4p
U. 8. *JOV£K.VM«NT PMNTZNO 97*108: JOS*
4-11901
Reproduced from the Unclassified I Declassified Holdings of the National Archives
--------------------------
----
DECLASSIFIED *
Authority i/A ih
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
19 F Y
R E C E IV E D A T W A S H IN G T O N , D . C .
Atlanta Ga 1049a March 6
t-
&
Morrill
Washington
I have received requests from a number of City member banks for
ruling as to whether presidentfs proclamation precludes opening
of safety deposit vaults of the banks stop I have given opinion
that such proclamation does preclude the opening of such safety
deposit departments on the idea that such safety deposit business
is a part of the banks regular business and this is precluded
by the proclamation stop I based this opinion'also upon my belief
that the proclamation is aimed largely to correct hoarding and that
parties should not be given an opportunity to get out of safe
deposit boxes hoarded money, I am asked to get a specific ruling
s- O K for m ranrnm ovmsi ina
DigitizedT u mFRASER
1 —I l t u
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j /A /h
L
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H IN G T O N , D . C .
on t i f question as to vl ether the proclamation prohibits or allows
fl
/
the opening by banks^pf their safety deposit facilities and will
appreciate such ruling.
Black
1303p
b.
w rm n n w w nm w wwwt i*m
Mtttt
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
"3k .
7*
'
*
.
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
^ g b
R E C E IV E D A T W A S H I N G T O N , D . C .
Chicago 1055am Mar 6
Board
%r
Washn
..
.
Your number 155g\ we are considering with clearing house banks various
methods-of procedure desirable and will wire you as soon as possible
-;*-5
in the meantime pressing question arises relative to perishable food
stuff on track here today and banks advise us they are advancing
funds immediately either by currency or debit to account to release
such
Secretary
Sttti perishable foodstuffs under the assumption that xsgazx&p: of
Treasury must approve.
Stevens
12k
0 . & eOTSBNMKNY JTOMTUf* W M f c 1M6
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority
------- ------^— -r*'
■
■■ " -
.-* >
- -----•
------ *
------
■:
■
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICE)
97g mr
R E C E IV E D A T W A S H IN G T O N , D . C .
Chicago Mar 6/l345pm
■ — — “
—
Board
Washington
■• <
-J iff "
\
Your wire 1555. s In conference here this morning with clearing
house committee we agree on following joint statementr
The problems of the banks of this Federal Reserve District
are the problems of the banking situation generally in the
United States.
It is consensus of opinion that the proper
settlement of the question as to when emergency demands require
currency payments must be left to the discretion of» the
individual banks themselves as far as possible.
These emergency
demands involve the preservation of the vital processes of the
community such as the transmission of perishable food, the
supplying
SB MBN S T
. . VRMW
W WIM
W. S
of immediate hospital needs, the payment of police,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED *
Authority J j A fh jg <3 c L
2
TELEGRAM
/
FEDERAL RESERVE SYSTEM
/
(LEASED W IRE SERVICE)
§ h W 6t
2
R E C E IV E D A T W A S H I N G T O N , D . C .
milita, etc., and'^dvance of money to certain districts where
substitutes for currency have not yet been provided. These
emergencies are so diverse- in nature that their proper and
immediate settlement will have to depend upon the authority
which the bank in immediate contact with them possess. The
individual Banks of this area influenced as well by the
instinct of self preservation as they are by the desire to
prevent the hoarding of any new money which may be released,
feel that they are best qualified to make decisions as to
what constitutes an emergency payment of currency. They
feel that the government in issuing the regulations which
it deems best in the interests of the country as a whole,
will refrain as far as a possible from interferring with the
®. S. SOVXBNMBNT PROmiM N M * 1938
.4-11801
Reproduced from the Unclassified / Declassified Holdings of the National Archives
I
DECLASSIFIED- *
I Authority
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
sheet 3
R E C E IV E D A T W A S H I N G T O N , D . C .
exercise of judgment at the point of necessity in emergency
mStters. The Banks in the seventh Federal deserve District
can be relied up$n to pursue a generally uniform policy by
consulting with the Federal Reserve Bank and their respective
clearing house committees in making any emergency payments.
The principal banks in the district can also be relied upon to
make these* emergency payments as far as is possible in clearing
house certificates or other forms of emergency money rather
than in currency which might be hoarded.
We believe that there is great danger in over regulation which
will seriously retard the movement toward normal business
Stevens
2 pm
(I. S. OOVERNMRNT PHIKTINO •MlCSt SOM
Reproduced from the Unclassified / Declassified Holdings of the National Archives
__
I
d e c l a s s if i e d ”^
Authority j / A /fo
' vV,
TELEG RAM
FEDERAL RESERVE SYSTEM
^
^^
(LEASED W IRE SERVICED
R E C E IV E D A T W A S H I N G T O N , D . C .
StLouis MO Mar^6 714pm
Morrill
,
Washington
Twill 1555|kfter consultation with local clearing house we suggest
the' following under clause fA M we recommend in regard to delivery
,
of securities that were purchased and paid for or a definite
contract made to pay for prior to March 3 and received by banks
for delivery after that date that authority be given for the
payment and delivery of such securities we recommend that banks be
permitted to surrender bills of lading accompanying any draft
without the payment of draft on proper authorization from endorser
We recommend that banks make available to corporation against
existing balances sufficient currency to cover the reasonable
expense of traveling salesmen engaged in the regular business
affairs of such corporations and that banks be authorized to
http://fraser.stlouisfed.org/IBM
\ 0 GOVERNMENT pMNTDtO ®OT©B*.
3.
4-11901
Federal Reserve Bank of St. Louis
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority U AJh
L
TELEG RAM
FEDERAL RESERVE SYSTEM
Sheet #2
(l
e a s e d
w ir e
s e r v
.c
e
)
R E C E IV E D A T W A S H I N G T O N , D . C .
tr ansfer such funds b T shipment of currency by Post Office money
j
order or telegraphic transfer the clearing house also suggests the
following which we suicnit for your Information that banks be
authorized to purchase paper eligible for rediscount at the Federal
Bese'rve Banks and issue clearing house certificates in payment
therefor that banks be authorized to refuse payment of drafts
presented through the Federal Reserve Banks unless a medium of settlement
for such balances with the Federal Reserve Bank be found in the
form of clearing house certificates this is predicited upon the
resumption of check collection facilities
Martin
841pm
O. 8. GOVERNMENT PRINTING OVTlCft IMS
4-11901
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j/AJh
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICE)
47 gb
~
a
Minneapolis Mar 6 13104am
R E C E IV E D A T W A S H I N G T O N , D . C .
Morrill^
,
Washn
Wire( received but am not ready to make suggestions regarding
c in
clauses A B and^presidents proclamation until Twin City Clearing
'
house formally plans for certificates on which they are now at
work*.
Clark
12l0p
o. s. MTWdntif »D m w nw w . % m
a
Reproduced from the Unclassified I Declassified Holdings of the National Archives
I
DECLASSIFIED •
Authority (J Alh
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICE)
R E C E IV E D A T W A S H I N G T O N , D . C .
96gmr
Minneapolis ^ar 6 1240p
Board,
Washington
We were closed Saturday but we did receive shipments of
currency and credit member banks accounts.
A bank from
whom we received $3,200 in currency on Saturday desires
us to return $1,000 of it in change
the Proclamation
Geery
14Sp
0. S. OOVUINMBNT PRINTING MTICI; IMS
4-11001
Gan we do this under
Reproduced from the Unclassified / Declassified Holdings of the National Archives
________________
I
-
d e c l a s s if i e d ""*"-
I A th
u ority iZ -Vh
TELEG RAM
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICER
13 2 gmr
;^J/xinneapolis 322p Mar 6
r e c e i v e d a t W A S H IN G T O N , d . c .
Board
Washington
We are not prepared to make suggestions as yet regarding
regulations to be issued by Secretary of the Treasury and
have no definite plan of procedure yet devised by any of the
clearing houses in this district to submit.
There are, however,
a few things on which we would like instructions first with
respect to credits in five percent redemption account second
as to making denominational exchanges of United States Government
Securities third with reference to shipping canceled government
securities on hand received for redemption and denominational
exchange fourth are we authorized to pay coupons from Government
bonds ?
FTTTh instruction with respect to handling bill of lading drafts
covering perishable goods.
O V R MN P NtM tO a? im
OB N B T MT Q tC
4-11001
Geery
434 pm
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U M \)Jacu2_L
TELEG RAM
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICE)
l22gmr
R E C E IV E D A T W A S H I N G T O N , D . C .
Kansas City 229p Mar 6
Morrill
Washington
Replying your telegram
Tvrt& TenQ e
provisions which we feel should
be included in regulation to be issued by Secretary of
Treasury-as permitted by President's proclamation, we suggest
the following:
1. That member b>xiiks be permitted to deposit currency or
coin not deposited with them in trust for credit or their
regular reserve accounts and that such banks also be permitted
to deposit in a special account funds heretofore or hereafter
deposited with them in trust.
2.
To also accept deposits in cash for credit from collectors
of internal revenue and other government officials.
V
.
8. OOVBBNM1NT PRDfTDTO W I M I t M U
4-11901
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority j /A /h
£
TELEG RAM
FEDERAL RESERVE SYSTEM
sheet 2 lSSgrnr
(
leased wire service)
R E C E IV E D A T W A S H I N G T O N , D . C .
3. To authorize the use of excess reserves of member banks
Fed'^al Reserve Banks to secure clearing house certificates
or in connection wit*h such other clearing Abuse plans as may
be approved by the Federal Reserve Board.
%
4. To permit member banks to borrow and discount in the usual
manner.
5. To provide for transfers of funds necessarily required
for the accommodation of trade and commerce but with restrictions
which would prevent the shifting of balances from banks in an
unfavored position.
6. To authorize Federal Reserve Banks to give credit for
Treasury warrants and post office money orders STOP
0 0. GOVERNMENT rRlNTDfO t m O f t IfW
Reproduced from the Unclassified I Declassified Holdings of the National Archives
__________ ___________
DECLASSIFIED •
Authority
=2 £
TELEG RAM
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICE)
sheet 3 ISSgmr
R E C E IV E D A T W A S H I N G T O N , D . C .
We 8&so approve as a temporary expedient the Secretary of the
Treasury authorizing creation of special trust accounts in
commercial banking institutions for new deposits, subjedt to
withdrawal on demand and which must be kept separately and
invested in liquid securities to be specifically prescribed or
determined by the Federal Reserve Board.
We also approve of the Secretary of the Treasury giving
express recognition of right of clearing house associations to
issue certificates or scrip secured by assets of members of
association and other plans of such associations for making
available mediums of exchange.
The Kansas City Clearing House association meets this afternoon
for purpose of adopting plan for issuing clearing house certificates
0. B.
tO K&NMBNT PROiTINA W R O t M
tV
M
4-11001
Reproduced from the Unclassified / Declassified Holdings of the National Archives
I
r
d e c T a ^sifTe d
*
IAtirt
u :oiy
TELEG RAM
FEDERAL RESERVE SYSTEM
sheet 4
(LEASED WIRE SERVICE)
R E C E IV E D A T W A S H I N G T O N , D . C .
which plan may perhaps be followed largely throughout the
ȣ
district. As requested. Shall furnish you with copies of
same and. may later have additional suggestions to make with
reference to regulation's of Secretary.
Hamilton & McClure
404p .
Reproduced from the Unclassified I Declassified Holdings of the National Archives
— --------------------,— _— ,— __ ______
DECLASSIFIED *
Q A/ fo
Authority
..
'
__________________________ _____________
TELEG RAM
V
/
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICE)
Kansasci ty Mar 6 1113am
R C ,V D AT
E E E
washington , d. c.
Board
We are having many inquiries from banks over the district as to
A#
whether they will be permitted to allow customers to have access
to their safety deposit boxes please wire instructions.
Hamilton
12£5p
0. a 0OVBRNMBNT pRIMTDM} W B O l! IMS
4- 11901
Reproduced from the Unclassified I Declassified Holdings of the National Archives
______
I
-
d e c l a s s if i e d ^
'
Authority UAJh
'
.I
TELEGRAM
1 0 ,
liin r
1N V
FEDERAL RESERVE SYSTEM
y A
(LEASED WIRE SERVICE)
s
R E C E IV E D A T W A S H I N G T O N , D . C .
139^^
Dallas Mar 6
331pm
'$
McClelland
Washington
Confirming telephone conversation $ust concluded we are submitting
our views in reply to telegr^m-Trans 1 5 5 5 K'-:j h
1.- It is our judgment that such regulations as are issued should
apply uniformly to all banking institutions throughout the
UnitedStates*
2- Inasmuch as the banks are now closed we think it would be
unwise to attempt to grant them any powers during the holiday
beyond those necessary to cover genuine emergencies. In the
event prior to the termination of the holiday banks should set up
plans of operation and machinery and give out assurances to
the public which might not be in harmony with legislation which
Reproduced from the Unclassified / Declassified Holdings of the National Archives
d e c l a s s if ie d " ^
Authority
Sheet 2
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H I N G T O N , D . C .
we assume will be eventually and shortly passed we believe
great confusion would result.
3- We do not thin# it wise to permit customers of Banks to have
free access to their safety deposit boxes during the period
of the holiday except that they should be permitted accompanied
by an officer of the bank to.have access only for the purpose of
withdrawing valuable papers and other property Have currency and
coin- while some little benefit might accrue in the way of
increasing volume of money in circulation we think that would
be relatively negligible. On other hand we believe that depas itors
of banks who remained loyal to their institutions and to the
country by leaving their balances should not be discriminated
\
&g$ln£t in favor of the hoarders who are the chief cause of the
* disaster which now involves the country. In addition to this
it is not at all improbable that the owners of hoarded currency
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLAiSiFlirr
r
^
Authority
/
TELEGRAM
sheet 3
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICE)
R E C E IV E D A T W A S H I N G T O N , D . C .
if able to get it out of safety deposit boxes would use it in
tracing on a premium basis, furthermore , permitting customers
to have access to ^ e i r boxes for the purpose of withdrawing
money might produce bitterness on the part of depositors and
easily involve Serious complications.
4- We favor granting the banks authority to receive in sealed
packages currency and coin returnable on demand from merchants
and other individuals and business concerns actively engaged in
commerce and industry.
5- While we defer to the Treasurys judgment in our deliberations
since receiving the Boards telegram requesting our views we
had reached the conclusion that no preference of any kind should
be given Treasury checks.
It is our thought that this would
create intense dissatisfaction as well as necessitate the banks
opening up to the extent that we deem inadvisable prior to the
termination of the holiday. In addition to this if the regulation
9. ■ G V R MN 7 INIM »»Wl IM
. OE N E T R T O
I
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority ( /A /h
/ •V
TELEGRAM
/
FEDERAL RESERVE SYSTEM
(LEASED W IRE SERVICE)
sheet 4
R E C E IV E D A T W A S H I N G T O N , D . C .
'£
*r
applies to Federal Reserve Banks also it will enable postal
Savings depositors t^; secure their funds in cash while the
patrons of Commercial banks of the country will be denied that
facility.
6 - As far as we have been able to learn no clearing house in
this district has perfected a plan for the issuance of clearing
house certificates although the associations in some of the
larger cities we understand are giving consideration to it to-day.
As we view it here, the situation existing to-day is quite, different
from that which prevailed in 1907 and it is not as practicable in
this emergency to inject clearing house certificates into the business
situation as it was then without resulting in possible preferences
to some of the present depositors of the banks. We were represented
at the Dallas clearing house meeting this morning and have been
in telephone communication with other cities. We will assist all
clearing houses in every possible way.
T . B. QOVBK.YMBNT fttXNTDfO
»
a~uM&
We will furnish the Board
Reproduced from the Unclassified I Declassified Holdings of the National Archives
I
DECLASSIFIED- ^
^Authority lM /h
n
-
TELEGRAM
FEDERAL RESERVE SYSTEM
(LEASED WIRE SERVICE)
/
Sheet £ 5
R E C E IV E D A T W A S H I N G T O N , D . C .
and other Federal Reserve Banks with copies of plans that may be
adopted-^n any city as soon as we are able to procure them.
*
McKinnoy
and Walsh
506pm
0 . B. eOVUNMKNT PHDfTDMI
4-11001
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
Authority U A lh
TELEGRAM
FEDERAL RESERVE SYSTEM
0 , oL.
(LEASED W IRE SERVICE)
R E C E IV E D A T W A S H I N G T O N , D . C .
159gy
Saiffrancisco Mar 6
240p
*$•.
Reserve Board Washn
Clause C referred to your wire fifteen fifty five to authorize and
direct the creation of special trust accounts is urgent and calls
for a short and simple regulation. If it could be expedited it would
be helpful
Calkins
602p
0. S. eOVK&NMBNT ptUKTlMQ MPfSCS*. IMS
A -1 M 0 1
Reproduced from the Unclassified /Declassified Holdings of the National Archives
K
1
DECLASSIFIED
Authority C/A/fo
36
TELEGRAM
^
FEDERAL RESERVE SYSTEM
ty ~ ) O . ^X -
(LEASED W IRE SERVICE)
158gy
R E C E IV E D A T W A S H I N G T O N , D . C .
Sanfrancisco Mar 6 lb6pm
i
Reserve*§goard
Washn
Referring your telegram^fifteen hundred fifty five offer following
suggestions as to banks other than reserve banks. A-No bank should be
permitted to perform usual backing functions in states the legislatures
of which have made no provision authorizing the supervisory authorities
to direct/or permit limitations upon the payment of liabilities. B-No
l
bank should be permitted to issue clearing house certificates or
other evidence of claims against assets in the absence of legislation
authorizing supervisory authorities to diresct|or permit limitation
upon payment of liabilities. A general scheme of uniformity would be
t
desirable in thejissuance of clearing house certificates without,
however, placing limitations upon the character of securities underlying
*
/
j
such issued. C- All banks in states the laws of which permit banks
0. B. ttOVBBMMBCT PRIXTDftt IIIIM l U N
4 -iia o i
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
TELEGRAM
FEDERAL RESERVE SYSTEM
(2 )
(LEASED WIRE SERVICE)
R E C E IV E D A T W A S H I N G T O N , D . C .
to receive and segregate deposits be authorized and directed to
r e c e d e new deposits,
etc.
In the absence of such state legislation
authority to receivaideposits in trust should not be granted.
As to federal Reserve Banks:
Stop
1 Reserve Banks regardless on state
holiday should be permitted to conduct normal banking functions only
with banking institutions situated in states in which the legislature
has authorized the supervisory authorities to direct or limit the
payment of liabilities.
2- Reserve banks should be permitted to
exchange gold certificates for gold, but not authorized to deliver
gold in exchange for any other form of currency.
3- Reserve banks
should be authorized and directed to carry on their books special
trust accounts for any and all banks operating under the provisions
of law authorizing the establishment of trust funds and permitting
or requiring limitations on the payment of liabilities.
Such deposit
accounts not to be subject to any lien except by depositors through
0. a oov tR N n n rr pftDCTma m m e * t t t t
4-11901
Reproduced from the Unclassified I Declassified Holdings of the National Archives
_____
I
DEC LASSIFrED*
^Authority I'A /h
Is-caL
TELEGRAM
/
FEDERAL RESERVE SYSTEM
( 3 )
(L E A S E D W I R E S E R V I C E )
R E C E IV E D A T W A S H I N G T O N , D . C .
whom received by the bank carrying such trust account with federal
reseri^ bank.
Galkins
6p
0. S. GOVERNMENT FKINTOfa I I H M l MM
4 -1 1 0 0 1
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED •
Authority (jAlfo
I!?
*!
F o rm U 8 b
FEDERAL RESERVE BOARD
WASHINGTON
iAK
/
1
- B o sto n
«
C a rte l
Ts u n g
*
taJ - •------- »
MXOuflKSs&
*
C la rk
Q oary
>
M in n e a p o lis
*
M e d tzre *
H a m ilto n
Kansas C i t y
«
atsvens * Chisago
8eDou«al
*
f a ls h
M eXlnnsy
B e lla s
«
food
Martin
Hewton
Calkins
San fra n o is s o
iwJLvvB
Seay
*
*
Cass
H a rris o n
U se Y o rk
w
' B iila d a lp h ia
«
A u s tin
H a r r is
»
*
Itewton
B la c k
* A tla n ta
*
«
Cleveland
DcCamp
T% »e b e r
[
«*
/ /
h3
<
°
t
-
St. Louis
*
m
Pisase wire lsoedlately your suggestions as to provisions
m included 1b regulations to be issued by Secretary of Treasury
that should 1
la aeeordaaee witb al&usee lettered (a) (b) asd (o) in President*s procla
mation STOP Suggestions should relata to operations of b o th Ifcdsral reserve
banka aad otber banking institutions as defined in proola*ation STOP Suggest
you nafce arrangements to send promptly to all other Ytotanl. reserve banks
sad Board several sets of eaeh plan of procedure and forms 1^at nay bs
devised by elearing bouses in principal olties is year dlstriet la eo&as«~
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED *
I ao J.1
Authority t M /h
1217-A
/CLASS
o f s e r v ic e d e s ir e
D O M E S T IC
C A B LE
TELEGRAM
DEFERRED
TE RN
ION
FULL RATE
DAY LETTER
L.
/
1
NIGHT
NIGHT
LETTER
MESSAGE
WEEK END
NIGHT
LETTER
LETTER
Patrons should check class o f service
desired; otherw ise m essage w ill be
transm itted as a full-rate
communication.
J . C . W I L L E V E R , F I R S T V I C E -P R E S I D E N T
CHECK
J
ACCT'G INFMN.
TIME FILED
r
s
Send the following message, subject to the terms on back hereof, which are hereby agreed to
n .t m l i u
Pr#* i|#ist
* « ## m r a h 4 , 1933*
ar&okUa n*
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0*
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1m
t o i l e r 's
1$ •ileU n m ftt tfe» ce»ent
f©r ifct reoolrii»ir o f
•#§ r#f» tei M i ooeh
for the pmklie a
whiah will fce
w ill fee in m v U i in H eiiel stolen
Ionia lif III# Bnok. f h l» l would im fee11 fey the Pel* re 1
Ifiewfe tfe* #o#o#it
a-e^ilinr® ^
B&Ak I©
tfeiti e** fe# sSefie wi th enl# © aoftln*! eh&rm to the
~^Jte«j>eettfBlljr to ta l! to £ for yefcr eofiei floret tee fcf
(jT j
m m
o. m e n
Jfcra»rljr cMfel* i& iieool B*ok UmtAmv
m i f o r twenty ?$&** ?i<se~pr«ol4efH:
^A4r««s fiif-fmse* Sotel
J lw l VtlURftl Book.
St, XcOtti*, 3fe«
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