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Circular No. 8

Series of 1934

Dallas, Texas, July 18,1934

To All Banks, Trust Companies and Other
Financial Institutions in the Eleventh
Federal Reserve District:
Under date of July 14 we issued a circular with regard to a recent amendment to the
Federal Reserve Act that permits Federal Reserve banks to make loans to provide work­
ing capital for established industrial or commercial businesses and enclosed a copy of
Regulation S issued by the Federal Reserve Board in connection therewith. The Act as
amended provides for the appointment in each Federal Reserve district of an advisory
committee of five members to consider all applications for loans that are submitted to the
bank before such loans are finally acted upon.
The following have been appointed as members of the Industrial Advisory Committee
for the Eleventh Federal Reserve District:
Lewis R. Ferguson of Dallas, Texas
Vice-President and General Manager, Lone Star Cement
Will B. Marsh of Dallas, Texas
President, Chronister Lumber Co.
Charles R. Moore of Dallas, Texas
President, Austin Bridge Co.
Clarence Ousley of Fort Worth, Texas
President, Globe Laboratories

T. M. Cullum of D allas, Texas

It is our belief that there are businesses in this district in need of additional working
capital which are in such a position that advances for that purpose can be properly made.
We are now prepared to receive and consider applications and it is our desire to be of
assistance to deserving businesses and to facilitate action upon applications for loans of
this character in every way possible.
Yours very truly,

B. A. McKinney,

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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102