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FEDERAL RESERVE BANK
OF DALLAS

Dallas, Texas, March 7, 1941

To all Banking Institutions in the
Eleventh Federal Reserve District:

Under the provisions of Section 13b of the Federal Reserve Act, as amended, the
Federal Reserve banks are authorized to make loans or commitments for the purpose of
providing working capital for established industrial or commercial businesses, but only in
the event th at it appears to the satisfaction of a Federal Reserve bank th at an established
industrial or commercial business, located in its district, is unable to obtain requisite finan­
cial assistance on a reasonable basis from the usual sources.
The law provides for an Industrial Advisory Committee in each district, to be com­
posed of persons actively engaged in some industrial pursuit in the district, and the direc­
tors of each Federal Reserve bank are required to appoint annually the members of the
committee for the ensuing year. The members of the Industrial Advisory Committee for
the Eleventh Federal Reserve District for the year beginning March 1, 1941, are as
follows:
Will B. Marsh, President
T. M. Cullum, President
Chronister Lumber Company
Cullum and Boren Company
Dallas and Forest, Texas
Dallas, Texas
Lewis R. Ferguson
Charles R. Moore, President
Austin Bridge Company
Vice President and General Manager
Dallas, Texas
Lone Star Cement Company
Dallas, Texas
Clarence Ousley, President
Globe Laboratories
Fort Worth, Texas
It is the duty of this Committee to give consideration to industrial loan applications
received from any bank or financial institution within the district, and also to consider
applications which may be made direct to the Federal Reserve Bank of Dallas by estab­
lished industrial or commercial businesses.
Because of the Defense Program, some of the customers of your bank may be in need
of financing on a larger scale or for a longer period of time than is ordinarily granted by
commercial banking institutions. Under such circumstances the commercial banks of the
district, individually, or in connection with other commercial banks, may wish to finance
a given defense project or may wish to finance only a portion thereof. An opportunity is
afforded, through the provisions of Section 13b of the Federal Reserve Act, as amended,
to make working capital loans in cooperation with the Federal Reserve Bank. Should such
an occasion arise, this bank would be glad to consider the entire loan, or a participation with
any other bank or banks on the basis of the commercial bank or banks carrying twenty
per cent or more of such loan and this bank carrying the balance.
Details and application forms will be promptly furnished upon request.
Yours very truly,
R. R. GILBERT

President

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)


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