Full text of Minutes of the Board of Governors of the Federal Reserve System : Index to Minutes of Board of Governors of the Federal Reserve System 1936, Volume 23

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INDEX TO MINUTES
OF
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
1936


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Federal Reserve Bank of St. Louis

KEY

TO

INDEX

Branch Banks, Domestic, FRBanks and
Foreign, see Branch Banks
Clayton Act Applications, see Interlocking Directorates
Directors of RBanks and Branches
see Directors
National Banks are listed under
heading National Banks
Section 32 of Banking Act of 1933,
see Relations with Dealers in
Securities
Securities Exchange Act, see Securities Exchange Administration
State Banks are listed under State
Member Banks, Nonmember Banks,
and Membership
Stock of FRBanks and Member Banks,
see Stock


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Federal Reserve Bank of St. Louis

INDEX
1936
"A"
Pages
A. B. Pimm and Co., loans by banks to intermediaries for purchase
of stocks, reply to FRBank of Boston on inquiry of, as to applicability of Regulations
10/14
T and U
A. E. Mester and Co., reply that securities may not be carried in
two accounts, one subject to 45% margin re3/3
quirements and one to 55%
Abramovitz, Israel, reply re extension of time to answer margin
call under Regulation T, that Board can make
6/11
no exception to provisions of Regulation
Ackerman, Wayland and Mathews, interpretation of Regulation T re5/26
quested
Addresses:
Board members:
Bankers association group meetings, invitation of New York
State Bankers Association Group 1 for member
of Board to address, suggestion of Mr. Broderick that such invitations not be accepted,
3/31
referred to/tr. Szymczak
Davis of New York State Bankers Association
Reply to Mr.
regretting necessity of declining invitation
and suggesting that officer of FRBank of New
4/ 3
York be invited, letter to President Harrison
Invitations, suggestion that it might be desirable to
2/ 4
accept
Procedure suggested by Chairmen Eccles whereby all members uould accept, from time to time and there
5/15
would be no conflicts of engagements
Broderick, I. A.:
National Association of Supervisors of State Banks, report
re informal talk before convention of, on "Co9/22
operation"
AssociaComptroller of the Currency, before California Bankers
tion, reply to Mr. Young and advice to FRAgents
re effect on right of member banks under investment securities regulation to purchase bonds
6/ 5
convertible into stock only at option of holder
radio, Presidents requested by Mr. Szymczak to
FRBanks, over
/
3 16
give consideration to
Gardner, Walter, Division of Research and Statistics, banking
situation in Europe, to make before District
10/13
of Columbia Bankers Association
Lectures delivered by officers of FRBank of Minneapolis to
10/27
staff
AssociaPeyton, John N., invitation to speak before National
tion of Supervisors of State Banks, request for
suggestions, to be requested to speak on bene8/ 4
fits of membership in FRSystem

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Federal Reserve Bank of St. Louis

1880

489

1170
1086

710

740
296

1025

1748

1148
597

1875
1953

1478

2
Addresses: (Continued)
Powell, O. S., advice to, in connection with speech he has been
delivering that it is best to avoid controversial
subjects such as question of increasing reserve
requirements
5 26
/
Radford, W. D., radio address, reply of Board re steps it has
taken to supply credit to snail industries
5 12
/
Staff members of Board, re FRSystem, required to be submitted
in advance to Mr. Thurston for review and clearing with Board
2 14
/
Addressograph machine, graphotype machine, new plates and cabinet,
to be used in connection with mailing of FRBulletin and Par List, purchase authorized
1 2
/1
Advertisements:
First Federal Savings and Loan Association, Hollywood, that it
is member of FRSystem, letter to Federal Home
Loan Bank Board re
82
/5
Letter to Mr. Clerk re explanation of, no action to be taken 8/29
First National Bank of Anchorage, Alaska, reply to Mr. Clerk
noting that use of "Member of F.R.System" was
Inadvertent and will not be repeated
8/31
Advisory Council on Banking of Connecticut: (See Connecticut)
Affiliates:
Arrow Coal Corporation, publication of report of, by Colonial
Trust Co., Pittsburgh, as of November I not to
be required as error was due to misinterpretation of terms of waiver
1/27
Badger State Bank, Milwaukee, Wis., reports of, extension of
time for filing
2/ 7
Clark County National Bank of Vancouver, Wash., may be affiliate of United States National Corporation,
Portland, Ore., and latter may desire to make
request for determination of own status as
holding company affiliate
3/11
Condition reports:
B. M. C. Durfee Trust Co., Fall River, Mass., failure to
submit, and statement that it will withdraw
from membership rather than publish, not required to publish under terms of waiver, certain figures should be reported
10/22
Waiver of, ruling proposed to be issued by Board re,
letter to Comptroller asking his concurrence
5 2
/1
Consolidated Land Co., report not subject to waiver, Bank of
Hartsville, S. C., not to be required to submit
as of November 1
1/ 4
Corporation controlled by president of member bank, RFC owns
controlling stock in bank which president
voted at last election as proxy for RFC, reply
to Mr. Wood that it is not affiliate of bank
2/20
Deposits of, with Continental Illinois National Bank and Trust
Co. of Chicago, reported as "not subject to reserve", advice to FRBank of Chicago that such
deposits are subject to reserve
1/17

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Federal Reserve Bank of St. Louis

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1087
1005

356

180

1583
1619

1625

220
316

555

1931
1064

42

399

157

3
Pages
Affiliates: (Continued)
Eason-Norwood Co., Lenoir City, Tenn., is affiliate of First
National Bank and appropriate exhibit should
be furnished by Hamilton National Associates
1/ 4
in connection with voting permit application
East Liberty Realty Co., additional investment by Dormont Savings and Trust Co., Dormont, Pa., through purchase of assets of, will increase in excess of
12/ 4
capital, approved
General Assets Co., improperly reported by Farmers and Merchants
Bank, Provo, Utah, now brought within general
8/28
terms of waiver
Harcan Realty Co., letter to .ERBank of Cleveland in connection
with approval of membership application of Geo.
D. Harter Bank, Canton, Ohio, that Sec. 23A is
5/ 5
not applicable to credit extended to
Hutchinson Oil and Gas Co., Hutchinson State Bank, Hutchinson,
Kansas, not to be required to publish report
of, as it was unaware of affiliation and it has
3/ 7
now been terminated
Liquidating national bank, whose liabilities are practically
discharged, Metals Bank and Trust Company of
Butte, Montana, need not report on condition
5/21
report
Loans to real estate corporations, affiliates of San Jacinto
National Bank, Houston, Texas, on mortgages,
reply to Mr. Walsh re applicability of Sec.
/
2 17
23A
Meadow River Coal and Lumber Co., submission of report by Bank
1/ 4
of Rainelle, W. Va., subject to terms of waiver
Morrison Turning Co., Morristown, Tenn., is affiliate of Hamblen
National Bank, appropriate exhibit should be
filed by Hsmilton National Associates in con1/ 4
nection with voting permit application
New England Trust Co., Boston, Mass., condition reports of certain business trusts, reply to FRBank of Boston
12/29
on question of waiver of
New York Trust Co., New York, N.Y., reports of, reply to Mr.
Gidney that they may not be waived under provi6/ 1
sion re holding of stock in fiduciary capacity
whereby Exchange
Pennsylvania Real Estate Exchange, transactions
acquires title to foreclosed real estate and
Norristown-Penn Trust Co. charges amount to,
Sec. 23A not applicable to such loans nor to
3/27
carrying charges
Realty Investors, Inc., report from Bank of Hartsville, S. C.,
not received until after date of Board's letter,
submission of report as of November I not to
1/ 4
be required
Royal Realty Corporation, wholly owned subsidiary of Union Trust
Company of Maryland, request of latter for
amendment to membership condition to relieve
of necessity of publishing loans to, as sepa3/25
rate item, referred to Mr. McKee


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2180

1608

967

534

1065

361
42

37

2311

1110

696

42

666

4
Affiliates: (Continued)
Royal Realty Corporation: (Continued)
Membership condition of Union Trust Company of Maryland,
Baltimore, Md., requiring showing of loans to
and investments in, canceled
5/ 5
Stock of corporations held by Springfield Safe Deposit Co.,
Springfield, Mass., in fiduciary capacity, reply to Mr. Gettemy on status as
9 16
/
Thomas T. Fisher and Co., Inc., letter to FRBank of Richmond in
connection with membership application of
Union
Trust Company of the District of Columbia
that
bank should not be considered as dealing indirectly in sale of real estate loans through
5/ 5
Thornton Laundry and Dry Cleaning Co., relationship to Dollar
Savings and Trust Co., Youngstown, Ohio, revealed by examination, was not realized by
bank, and will be terminated
8/24
Toledo Trust Co., Toledo, Ohio, reports of three, reply to
Mr.
Fletcher re failure to make, but as affiliat
ion
has been terminated, no further question will
be raised
21
/8
Tracy Corporation, reply to Tracy Loan and Trust Co. that organization is an affiliate and question of publication of reports depends upon applicability of
terms of waiver
1/20
Trust Company of Georgia, Atlanta, Ga., investment of trust funds
by First National Bank of Atlanta in securities
purchased from, reply to Mr. Williams re auestion
of violation of Regulation F
9 12
/
Trust Company of Georgia Associates, Atlanta, Ga.:
Plan whereby common stock of Liberty National Bank and Trust
Co. will be purchased by and preferred stock retired and sum will be transferred to, from nonbook assets of Trust Company of Georgia, no objection
1/31
Purchase of stock of Motor Contract Co., not a technical
violation of Section 5136, R. S., but should
be disposed of, as not constituting an investment Trust Company of Georgia could make
3/ 3
Stock of Motor Contract Co. (which Trust Company of Georgia could not purchase) to be permitted to retain
5/ 8
Absorption by Trust Company of Georgia, no objection
9 14
/
Trust funds, investment in securities purchased from Trust
Company of Georgia, by First National Bank of
Atlanta, reply to Mr. Williams re question of
9 12
/
Agencies for depositors:
Boyne City Exchange, reply to FRBank of Chicago that it is
not branch of First State Bank of Petoskey,
Mich.
10/ 8
Agencies, FRSystem:
Havana:
Cuban pesos, payment for and delivery through agency of
sum of, to be coined by Philadelphia mint,
no objection to transaction to be arranged

through Export-Import Bank
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8/18
Federal Reserve Bank of St. Louis

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970

1714

969

1573

375

166

1695

255

491

989
1709

1695

1849

1538

5
Pages
Agencies, FRSystem: (Continued)
Havana: (Continued)
Discontinuance of, resolution of FRBank of Atlanta recommending, or formulation of plan for operating
without loss, action deferred to permit Mr.
Ransom to develop certain information
Consideration, Mr. Ransom unable to give, because of
illness, tabled until September 1, planned to
visit Atlanta FRBank with Mr. Broderick prior
to that date
Guard force, reply to Mr. Parker that Board has no objection to non-replacement of one who died

3/31

709

7/15

1364

Alston, A. H., Assistant Manager, salary approved for
280
1/31
1936 at reduced rate
Frazer, H. C., Manager, salary approved for 1936 at re280
1/31
duced rate
653
3/24
Vacation periods for officers and employees
Vaults, use of compartments in, by National City Bank for
storage of surplus silver coin, no objection
providing FRBank of Atlanta is released from
all responsibility and at any time may resume
399
2/20
use of
Necessity for continuance, FRBarks surveying, and suggestion
that member of staff of Division of Examina7/ 7 1322
tions should make such a study
Savannah:
3/24
653
Vacation periods for officers and employees
12/ 4 2166
Visit of Mr. Broderick, report re
Alles, Herbert: (See National banks, First National Bank and Trust
Co., Waynesburg, Pa.)
Air
conditioning:
957
5/ 2
FRBank of Dallas, expenditure for installation approved
FRBank of Minneapolis, no objection to entering into contract
11/18 2094
for installation of system
Allendoerfer, G. W., President of National Bank Section of A.B.A.:
(See American Bankers Association, Noncash collection items)
929
4/30
Altschul, Frank, present at meeting of Board re Regulation U
. verson, Lyle T.: (See National Emergency Council)
1
America Faces Bankruptcy", by H. Parker Willis, letter from Wilson
Chemical Co. re, referred to Treasury for at9/11 1685
tention
A erican
m
Association:
Bankers
Guarantee of signatures on stock certificates by banks, prac8/11 1511
tice being studied
Noncash collection items, advice from Mr. Allendoerfer that
committee of association is studying question
of requesting FRSystem to cease handling and
suggestion that committee cooperate with simi8/11 1512
lar committee of Presidents' Conference


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Federal Reserve Bank of St. Louis

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6
American Bankers Association: (Continued)
National Bank Division, noncash collection items, resolution
that FRBanks discontinue handling, information
requested by Mr. Cook to be secured through
President Young, Committee on Free Services,
previously discussed with Mr. Allendoerfer
Regulation F, amendment to except sales of stock of fiduciary
bank to officers, directors, etc., where authorized in trust instrument and where full
value can be secured only by this method, referred to, for comment
Regulation U, memo of subcommittee re, to meet with Board re,
on April 22, Mr. Rounds to be invited and Mr.
Parry to discuss with representatives of Securities and Exchange Commission
Subcommittee meeting with Board, MB= of, suggesting certain
amendments, discussion of
Smith, Tom K., President:
Trustees of bond issues, report to Board that Securities and
Exchange Commission is considering remumendation of legislation to control activities of
banks
Question raised with Mr. Landis as to attaining of objectives by amendments to Regulation F, statement of principles of A.B.A., Mr. Coles to take
charge
Mr. Smith to discuss with Chairman Eccles, Mr. Ransom
to advise latter, with suggestion that he take
matter up with Mr. Landis
Mr. Ransom to confer with Mr. Douglas, copies of ABA
statement and SEC digest to be referred to
counsel for summarization and comment,
Ransom may invite Mr. Douglas to meet with
Board
State Bank Division, earnings and expenses of State member banks
for 1935, by States and size of banks, reply to
Mr. Hanes re data available
Trust funds deposited in banking department, question of waiver
of requirement for deposit of security for, to
extent such funds are insured, referred to
Trust receipts, reply to request of Mr. Djorup for any rules re,
made since July 1, 1934, and any suggestions in
connection with study of Uniform Trust Receipts
Act
American Bar Association:
Federal Administrative Court recommended by Committee of, objections to, Mr. Wyatt authorized to attend annual
meeting and prepare memo on status and effect of
proposal
Report of Mr. Wyatt re attendance and statement that he was preparing memo in accordance with action of Board


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10/16

1897-8

8/ 4 1484

4/17

819

4/22

839

11/
13

2051

11/13

2052

11/13

2053

11/25

2123-4

6/ 1

1111

4/ 8

775

8/25

1584

8/ 4

1474-7

9/ 1

1628

7
Pages
American Institute of Accountants:
"Examination of Financial Statements by Independent Public Accountants", representing revision of bulletin
reprinted by Board as "Verification of Financial Statements", reply to Mr. Carey re revision 2/25
Revision of "Verification of Financial Statements" prepared
3/10
and to be distributed by, advice to FRAgents
Reply to Mr. Broad that Board has discontinued issuance of
"Verification of Financial Statements" and now
8/18
refers requests to Institute
American Institute of Banking:
Burgess, W. Randolph, Vice President, FRBank of New York, no
objection to accepting invitation of Mr.
Stonier to conduct course at Graduate School
9/11
of Banking next summer
Conferences, attendance by delegates from FRBanks, leaves of
absence in addition to regular annual leave au4/16
thorized for
Reply to FRBank of New York that Board's authorization contemplated leave for attendance at Graduate
School of Banking to be in addition to annual
4/28
leave
Courses on FRSystem, Presidents requested by Mr. Szynczak to
3/16
give consideration to
FRSystem, statement prepared by Mr. Szynczak re participation
in, and support of activities of and on which
recommendations were received from Mr. Park,
10/30
referred to Presidents' Conference
Graduate School of Banking)
Graduate School of Banking: (See
American Mercury:
A__ "America Faces Bankruptcy": (See Readers Digest)
4
rnerican Retail Federation, Inc., deposits of, reply to Hamilton
National Bank, Washington, D. C., that they
3/21
may not be classified as savings accounts
American Telephone and Telegraph Co.:
Contracts with, letter to Mr. J. W. Adams re new form of,
suggesting changes and letter to Federal Communications Commission requesting advice of
12/11
future changes in tariffs
Installation of automatic sending equipment between Chicago
12/15
and Minneapolis
contract to
New York - Washington wire, request for change in
change from duplex to single wire and to change
6/ 1
three way switch at New York to single switch
reply to Representative Sam
Anniston Soil Pipe Co., Anniston, Ala.,
Hobbs re refusal of FRBank of Atlanta to accept
3/23
application for
Annual reports:
Board of Governors, 1935:
Approval of, members to transmit any suggestions to Mr.
Goldenweiser and Chairman authorized to transmit report to Speaker of House with any further
1/30
revisions that he may approve

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423
550

1540

1682

815

905
596

1983

627

2211-3
2222

1112

638

240

8
Annual reports: (Continued)
Board of Governors, 1936:
Retirement system contributions, should be explained
clearly, as to discharge of prior service liability
Salaries of FRBank officers and employees and number of,
summary statement requested for inclusion in
discontinuance, request of one FRBank for, but to send
MBanks,
summary annual statement to stockholders, views
of other FRBanks requested
Arac, Benjamin, reply that most of reports under Sec. 14(g) of FRAct
and Regulation N are largely confidential, but
that FRBank of New York might be able to offer
some assistance
Arnold, M. A., reply re five questions raised as to interpretation
of Regulation U
Articles:
"America Faces Bankruptcy", by H. Parker Willis:
McCorzby, James C., Wilson Chemical Co., Tyrone, Pa., letter
from, referred to Treasury for reply
Yeager, C. S., reply re statement of, re no metallic backing
for currency in circulation
"Common Sense Perverted", article in Bergen Evening Record,
reply to Bergen County Bankers Association
that Board believes Association has necessary
information to combat misinformation and that
it is not advisable for Board to attempt to
answer such articles specifically
preparation of, Presidents requested by Mr. Szymczak
illiBanks,
to give consideration to
Angeles Times, editorial stating that banks may secure 100%
Los
of face value of Government bonds in currency
from FRBank
Willis,H. Parker: (See supra "America Faces Bankruptcy")
Articles of incorporation, amendment re number of directors, reply
to Mr. Thomas, in connection with inquiry of
Nebraska Banking Department, that change recommended for Deuel County State Bank was a suggestion, not a requirement
Assessments on RBanks for Board's expenses:
Building, letter to FRBanks and letter to Mr. Leach, calling
for part of unpaid assessment
FRBank of Cleveland, reply to Mr. Strater that assessments
should be charged to profit and loss, but no
objection to carrying in expense account until
end of year
Resolution levying, including sum for new building
Resolution levying, including sum for new building
Sec. 13b surplus, reply to request of Governor Seay for reconsideration of inclusion in capital and surplus
for purposes of Board's assessment
Assets, fair value: (See Determination)
Associated Business Papers: (See Committees, Direct Loans)

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Federal Reserve Bank of St. Louis

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12/30

2332

11/23

2113

12 17
/

2229

7/
15

1372

5 13 1012
/

9 11
/

1685

10/14

1883

10/27

1954

3/16

597

8/ 7

1505

5/27

1099

4/23

858

1/31
6/22
12/30

267
1210
2330

4/4

755

9
Pages
Auditors Conferences: (See Conferences)
Audits:
Board's accounts:
Addition to Board's budget authorized to reimburse auditors of FRBank of Cleveland for
Procedure for, letter to Mr. Burke re making of three
each year, and continuing audits by FRBank
of Cleveland for another year, and re reimbursement of costs of audits
Report re, reply to Mr. Grayson re and approving suggestion
that only three audits a year be made
Ayers, Leake: (See National banks, First National Bank of Gatesville, Texas)

10/ 2 1821

5/16

1037

5/14

1021

"B"
Bailey, H.C.:

(See National banks, Hartford National Bank and
Trust Co., Hartford, Conn.)
Bank debits statement, release time changed from "Sunday morning"
to "immediate" upon request of Chicago Daily
7/29
News
Bank for International Settlements:
Advances against gold for foreign central bank requested under
authorization of Board of November 28, 1934, Mr.
9/28
Sproul requested for further details
Opinions of Mr. Goldenweiser and Mr. Gardner that transaction should be approved, question of Federal
Open Market Committee action need not be con9/28
sidered, question of entering in policy record
Mr. Eccles and Mr. McKee offer no objection by telephone,
transaction approved and to be submitted to
9/28
Treasury (which did not object)
Amendment to FRAct tentatively proposed to make clear that member
12 18
/
of Board of Governors may serve as director
Directors, report of Chairman re call of Mr. Fraser on desire
of President Trip for American directors, suggesting that Chairman, his nominee or another
member of Board be appointed, to be considered
3/14
later
FRBank of New York, account with, proposed reduction in, approved, FRBank members of _federal Open Market
5/ 1
Committee to be circularized for approval
FRSystem representation, memo re, presented by Chairman Eccles
to members of Board, to be taken up before end
12/ 4
of year
Bank loans on securities:
Additional advance in account established prior to May 1, reply
to Peoples National Bank, Charlottesville, Va.,
7/ 9
that it would be subject to Regulation U
to May 1, of
Applicability to collateral for loans made prior
provisions of Regulation U re withdrawal or substitution of collateral, to be published in
6/22
FRBulletin


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1777-8

1779

1782-4
2236

575

946

2173

1332

1213

10

Pages

Bank loans on securities: (Continued)
Bank may not be transferee of note (where broker has accepted
for debit balance in restricted account transferred from another broker) if maximum loan
value is less than loan represented by note
8/25 1580
makes loan not subject to Regulation U, then makes adBorrower
ditional loan subject to Regulation and case in
which conditions are reversed, reply to Mr.
Geery on effect of, in connection with inquiry
of Midland National Bank and Trust Co.,
6/ 5 1143
Corporate investment trust for retirement of debentures, reply
to FRBank of New York re inquiry of Larkin,
Rathbone 8c, Perry of Central Hanover Bank and
Trust Co. on loan that Regulation U is applicable to
11/ 5 2002
Customer before May 1 for purpose other than carrying securities
redemption of bonds after May 1 was applied to
reduction but customer desired to substitute
registered stock, reply to Pennsylvania Company
for Insurances on Lives and Granting Annuities
that substitution may be made as rectification
of error
6/ 5 1146
Dealer to purchase securities pursuant to customers order, applicability of Sec. 2(f) of Regulation U, ruling
to be published in 1R1411etin
6
/22 1213
Examination procedure in connection with, reply to Mr. Sargent
and copy to other FRAgents
5/6
979
Intermediaries for purchase of stocks, reply to MBank of Boston
re inquiry of A. B. Pima and Co. as to applicability of Regulations T and U
10/14 1880
"Making a market", for purchasing inventory of stocks for resale, ruling re applicability of Sec. 2(c) of
Regulation U, to be published in FRBulletin
6
/22 1212
New Loan unsecured, question of right of bank to make when loan
made prior to May 1 under agreement that collateral secure all other loans, reply to Mr.
Wheeler
7/ 1 1291
Purchase of stock which although not registered, is intended
to be registered, reply to Mr. Dawes, FRBank of
Chicago re applicability of Regulation U
8/ 7 1501
Regulation U:
Applicability to certain account, reply to First National
Bank, Keystone, W. Va., re
6
/26 1257
Interpretation of, by Berry and Norvall, as expressed to
certain Nashville banks, reply re
6
/25 1250
credit to margin requirements, reply to Mr. SarRestriction of
gent and copy to other FRAgents re question as
to whether banks are on notice to make, and re
examination procedure
979
5/6
Sec. 2(c) of Regulation IT, reply to Mr. Wheeler on questions of
Crocker National Bank of San Francisco and National Bank of Commerce of Seattle turning on
interpretation of
6/ 5 1145

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Federal Reserve Bank of St. Louis

11
Pages
Bank of England:
Skinner, E. H. D., Assistant to Governors, courtesy call at
9/29
FRBank of New York, reported by Mr. Sproul
Bank of France:
Devaluation of franc, report of Mr. Ransom that President Harrison advised of problem re balance in account
with FRBank of New York in view of possibility
9/24
of, he had determined to take no action
Mr. Harrison has nothing to add re situation, advised of
views of Board and staff, reports no new develop9/25
ments in French situation
Bank suspensions study, memo from 'Mr. Smead, in connection with
plan previously submitted to Board, requesting
authority to seek records of FDIC nonmember
bank condition reports, data to be used in
bringing up to date Report on Branch, Group
6/17
and Chain Banking
Bankers Associations:
Group meetings, suggestion of Mr. Broderick that Board members
not attend, invitation of New York Bankers Association Group 1 referred to Mr. Szymczak for
3/31
determination
Reply to Bankers Association regretting necessity of declining invitation and suggesting that officer of
4/ 3
MBank of New York be invited
Banking corporations:
Discount Corporation, inclusion in par list approved, although
1/4
not strictly a banking institution
X. Henry Schroder Banking Corporation, inclusion in par list ap1/4
proved, but not strictly a banking institution
Banking quarters:
6/ 1
Bank of Carthage, Mo., permission to increase investment in
Iowa, permission granted to purchase
Blencoe State Bank, Blencoe,
3/13
quarters now occupied
Brooks Bank and Trust Co., Torrington, Conn., investment made in,
without securing Board's permission, no objec7/23
tion
Citizens Bank, Hartford, Ky., building occupied to be sold at
7/ 2
auction, no objection to bank buying it in
Corporation holding premises of, agreement with FRBank of San
Francisco that exception in FRAct is not limited
5/6
to those holding premises solely
Dormont, Pa., additional investDormont Savings and Trust Co
ment by purchase of assets of East Liberty Realty
Co., will increase in excess of capital, ap12/ 4
proved
permission granted for adFarmers State Bank of Worland, Wyo.,
1/17
ditional investment in
Company of Utica, N.Y., permission
First Citizens Bank and Trust
requested to invest amount in, which would bring
total in excess of capital, reply to hfr. Case
that the inclusion of debentures in capital
1/ 4
would make investment legal and unobjectionable

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Banking quarters: (Continued)
First Trust and Savings Bank of Pasadena, Calif., permission
granted to purchase those now occupied
7/24
Building account set up in larger amount than authorized by
Board, no objection
9 0
/3
Gary-Wheaton Bank, Wheaton, Ill., removal of Wheaton Mortgage Co.
as membership condition
7 4
/2
Lusk State Bank, Lusk, Wyo., purchase of real estate without securing Board's permission, approved
8/21
Montana Bank and Trust Co., Great Falls, Mont., permission
granted to invest in purchase of present
2/7
Monterey County Trust and Savings Bank, Salinas, Calif., permission to transfer building to bank and for expenditures for alterations and improvements
9/ 8
Planters Bank and Trust Co., Hopkinsville, Ky., permission
granted for proposed investment
9 4
/2
Trust Co., Philadelphia, Pa., expenditures made and
Provident
contemplated for improvements and alterations
7/ 8
State Bank, Saginaw, Mich., permission granted to invest
Saginaw
in building and equipment
2 13
/
Deposit Bank and Trust Co., Elyria, Ohio, question of reSavings
moval of Depositors Mortgage Loan Co. from,
raised in connection with membership application 4/28
State Bank of Steeleville, Ill., no objection to proposed expenditure for new building
7/3
0
Templeton Savings Bank, Templeton, Iowa, permission granted to
make investment looking toward acquisition of
other quarters
7/29
West Branch Bank and Trust Co., Williamsport, Pa., permission
to invest in, in excess of capital stock
5 13
/
Barkley, Senator Alben W., reply on absorption of exchange and collection charges as prohibited by Regulation
that provision has been suspended
1/9
Securities Corporation, Jacksonville, Fla., reply
Barnett National
to FRBank of Atlanta re inquiry of, that Board
rules government securities to be readily marketable assets under Sec. 5144, Revised Statutes
and Sec. 26(d) of Revenue Act of 1936
12/29
Barton, Duer and Koch Paper Co., Mimeograph paper, contract to supply Board until end of year
5/21
R.: (See Commission for Financial Institutions of
Batton, Robert
Indiana)
Stearns and Co., reply that practice of demanding margin in conBear,
nection with securities purchased for foreign
customer is mandatory
6 4
/2
County Bankers Association:
Bergen
"Common Sense Perverted", article in Bergen Evening Record, reply to Mr. Eldridge that Board believes Association has necessary information to combat misinformation and that it is not advisable to attempt
to specifically answer such articles
10/27
Bergen Evening Record: (See Bergen County Bankers Association)
Berry, W. H.: (See National banks, Seattle-First National Bank,
Seattle, Wash.)

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Pages
Bethlehem Steel Corporation (McClintic - Marshall Corp.), approved
2/18
as sub-contractor for Board's new building
Bicycle
deposits of, may not be classiAssociation,
6/12
fled as savings accounts, reply to Mr. Schack
Bill, Raymond: (See
Conference of Business Paper Editors)
National
Bingham, A. L.: (See National banks, Union National Bank)
Birchfield Boiler Company of Tacoma, Wash., reply to Senator Bone
re reasons of FRBank of San Francisco for re2/21
fusal to make industrial advance to
Birdzell, L. E.: (See Federal Deposit Insurance Corporation, Staff)
Blue Ridge Federal Credit Union, Blue Ridge, Texas, cannot be
classed as banic and may not be placed on par
1/23
list
Board of Governors of IRSystem:
Accounts, audit of:
FRBank of Cleveland to continue to make for additional
year, letter to Mr. Burke requesting and re making of three instead of four, and re reimburse5/16
ment of expenses of audits
Report of, reply to Mr. Grayson re and approving suggestion
5/14
that only three audits be made each year
of Mr.
Administration, vouchers and purchase orders, statement
Szymczak that recommendation for new procedure
had been prepared which would relieve Board
2/ 4
members of duty of approving, to be circulated
Memo reviewing present procedure and recommending new, ap2/ 5
proved
items, expenditures for printing ERnotes, leased
Additional
wire system and other items reimbursable to
2/14
Board from FRBanks included in new procedure
Annual report for 1935, members to transmit any suggestions to
Mr. Goldenweiser and Chairman authorized, with
any further revisions he may approve, to trans1/30
mit report to Speaker of House
Assessment on FRBanks for expenses: (See infra Expenses)
Budget:
9/11
Board members--Repairs to equipment, addition authorized
Budget for 1937, consideration to be given to, by Personnel
11/25
Committee
12/30
Approved
Discussion of item Providing for retirement contributions
and particularly discharge of prior service
liability, should be explained in annual report,
question of making in smaller amounts in years
12/30
when earnings are low
4/15
Office, increase for subsistence and travel
Counsel's
7/ 1
Research and Statistics, additions approved
Division of
10/29
Additional sum for equipment approved
Fiscal Agent's Office, budget increased for additional print4/30
ing
"Special and Miscellaneous - General", addition to item
authorized to reimburse Cleveland FRBank audi10/ 2
tors for expense of auditing Board's accounts

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14
Board of Governors of FRSystam: (Continued)
Budget: (Continued)
Subsistence Expenses - Board Members, addition recommended
by Mr. Morrill, approved
10/26
Bylaws:
Amendments proposed re signing of checks on RAgents' fund,
Article IX, and re requisitions for FRnotes, Article X, approved subject to approval of General
Counsel
2/25
Article IX, Counsel not able to approve amendment re
signature of orders on Interdistrict Settlement
Fund, Board may resolve question, proposed procedure would be satisfactory to Treasurer, to
be resubmitted with farther amendment
3 1
/2
Article X, approved by Counsel, in accordance with action
of Board on February 25
3 1
/2
Revision being prepared, at request of Chairman
2/25
Chairman: (See Members)
Circulation of matters for initial, provision made for sending
matters to another member during absence of the
member whose assignment includes, to expedite
business of Board
2 14
/
Correspondence:
Mail confirmations of telegrams to RBanks and branches discontinued
10/ 9
Policy and salary letters, circular to be prepared to
FRBanks to bring all, to attention of directors
9
/22
Letter to all FRBanks requesting that communications
re policy matters, salary, and of other importance, be brought to attention of directors
10/16
Counsel's Office:
Budget, increase in, for subsistence and travel
4/15
Destruction of useless records, list and samples sent to Archivist with request that authorization be
sought to destroy, should not be sold
12 11
/
Division of Bank Operations:
Bank suspensions study, authorized to undertake and to employ temporary help
6/17
Examinations:
Division of
Relationship with FRBank examination function, question
raised re, in connection with withdrawal of report of Integrity Trust Co., statement of Mr.
Miller that examination function should be
centralized under
1/ 4
Mr. Paulger authorized to study question and FRAgents
to be advised to submit copies of all reports
to Board and to refer any serious condition to
Board for determination of action
1/ 4
Division of Issue and Redemption:
Expenses of, review by Mr. Morrill of consideration given to
change in method of paying, Comptroller's office
agreeable, brought up in connection with proposed retirement of six employees of Division
3/31

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Pages
Board of Governors of FRSystem: (Continued)
Division of Issue and Redemption: (Continued)
Expenses of: (Continued)
Messrs. Morrill, Snead and Wyatt requested to formulate,
with Mr. Broderick, a recommendation re method
of payment whereby Comptroller would be reimbursed for
Removal of employees of, from Board's payroll and reimbursing Comptroller's office for expenses of,
letter to Comptroller re
Change in method proposed, understood that Comptroller
is opposed, action on appointment of chief of
division deferred pending determination, Messrs.
Morrill, Wyatt and Snead requested to recommend
course of action to Board
Comptroller has not considered all questions involved
and is away, Mr. Rusch appointed temporarily
Method, letter to Mr. O'Connor calling attention to
temporary appointment of Mr. Rusch as Chief,
and requesting early advice re general question of
Attention called to fact that no replies have been received by Board re payment of, Mr. Morrill to
consult with Deputy Comptroller re continuance
of services of Mr. Rusch
Transfer of employees to payroll of Comptroller and payment by Board of expenses to became effective
at the close of November 30, appointment of Mr.
Rusch extended to that date
Resolution effecting transfer, letter to Comptroller re
procedure in payment of expenses, letter to employees of division and advice to all FRBanks,
expenses to be prorated
Division of Research and Statistics:
Budget, request for additions to, approved
Additional sum for equipment authorized
Deposits study, report of Messrs. Goldenweiser and Currie
re test study conducted and proposed procedure,
letter to niBanks and form of letter to member
banks
Enlargement of functions of, statement by Chairman Eccles
re necessity for, caused by new responsibilities
of Board
Memoranda analyzing current matters of interest to Board,
attention called to fact that Division had recently undertaken to furnish periodically, data
affecting margin requirements to be more detailed
Monetary aspects of Social Security Act, study by Division
requested by Chairman
Personnel changes, appointment of Mr. Blattner as Assistant
Director and five increases in salaries, reasons
for

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Federal Reserve Bank of St. Louis

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4/14

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6/25

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6/30

1281

11/ 5

2004

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2064

11/25

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10/29

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3/16

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11/12

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11/25

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4/28

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16
Board of Governors of FRSystem: (Continued)
Division of Research and Statistics: (Continued)
Research and statistical work of FRSystem, enlargement of
activities, memo of Dr. Goldenweiser outlining
program for work and personnel of Board's Division and FRBanks' function, approved in principle,
to be submitted to Mr. Broderick and Mr. McKee
for determination of their positions
8/ 4
Mr. Broderick agrees and Mr. McKee has no objection
8/18
Division of Security Loans:
Haskins and Sells, renewal of arrangement with, for further
six months on adjusted basis recommended by Mr.
Parry, and payment of additional compensation
for May, approved
5/ 1
furnished to National Archives, letter to Archives
Documents
submitting, with list of
1/25
Equipment:
Check protectograph, purchase for use of Fiscal Agent's office authorized
8/20
Mimeograph paper, contract with Barton, Duer and Koch Paper
Co. to supply for remainder of year
5/21
Purchase of addressograph machine, graphotype machine, new
plates and cabinet, to be used in connection
with mailing of FRBulletin and Par list
1/21
Typewriters, contract with Underwood Elliott Fisher Co. authorized for servicing Underwood typewriters, if
satisfactory similar contracts to be made covering other makes
4/25
Expenses of:
Assessment on FRBanks for, resolution levying
6
/22
12/30
Building, letter to FRBanks and letter to Mr. Leach, calling for part of unpaid assessment
4/23
Charging to profit and loss, reply to Mx. Strater, FRBank
of Cleveland, but no objection to carrying in
expense account until end of year
1/31
Policy, question of Mr. Fleming if Board has made any change
with respect to, statement of Mr. Eccles re expanded activities
11/18
Statement of, for 1935, sent to Senate Committee on Federal
Organization, under S. R. 217
7/ 2
Surplus of FRBanks, reconsideration at request of FRBank of
Richmond of inclusion of Sec. 13b surplus, affirmed
4/ 4
Survey made of methods of incurring and approval and payment
of vouchers, memo recommending procedure for
more efficient and economical administration of
2/ 5
Federal Register, laws under which Board is authorized to issue
rules and regulations, letter to Mr. Kennedy
listing
2/25
FRBanks, relations with, inquiry of Mr. Morrison of Presidents'
Conference re state of, and of any steps to improve, 17 points presented by Presidents as
basis for improvement, statement by Chairman
3/17
Eccles re visits of Board members to FRBanks

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Pages
Board of Governors of FRSystem: (Continued)
Files, consolidation of, recommendation to Board for, approved,
and appointment of Miss Poeppel as Chief File
9/ 1
Clerk approved
Fiscal Agent's Office:
4/30
Budget increased for additional Printing
question of
Fiscal agency operations of FRBanks for Treasury,
procedure raised in connection with negotiations
with foreign banks and bankers by monetary
agreement between France, England and U. S., review by Chairman Eccles of procedure in case of
10/ 6
reserve requirellent increase
staff memReport of Mr. Ransom re consideration by senior
bers, and his memo re cooperation between Treasury and Board, discussion of arrangement between Treasury, FRBanks and Board, Chairman to
10/ 6
take up with Secretary of Treasury
with Secretary of TreaReport of Chairman on conference
sury and proposed procedures, Chairman to confer again with Secretary on October 13 and outline to be prepared for conference with officers
10/ 9
of FRBank of New York
and Mr. Ransom to confer with Secretary of Treasury
Chairman
and Assistant Secretary Taylor tomorrow re pro10/12
cedure
Report of Chairman re conference with Secretary of Treasury,
Assistant Secretary Taylor and Mr. Upham, agreed
that there was overlapping of responsibility and
10/13
need for cooperation
Messrs. Goldenweiser and Gardner to confer with Messrs.
Haas, White, Lochhead and Upham on arrangement
for exchange of information, periodic conferences to be held by Chairman and Vice Chairman
with Secretary and Assistant Secretary of Trea10/13
sury
by Messrs.
Procedure for FRBanks to follow, to be drafted
Morrill, Wyatt and Goldenweiser, conference
with Messrs. Harrison, Sproul and Knoke to be
10/13
postponed until Oct. 27
Eccles, prepared in connection with BankMemo of Chairman
10/16
ing Act of 1935
Memo prepared by Messrs. Morrill, Wyatt and Goldenweiser, to
10/20
be considered Oct. 23
Memo of Messrs. Morrill, Wyatt and Smead discussed, conference with New York officers to be upon broad
grounds of responsibilities of Board, to be re10/23
vised accordingly
Revised memo discussed. and amended, copies to be sent to Mr.
Sproul, arrangements made for early meeting on
October 30 with Messrs. Harrison, Sproul and
10/27
Knoke


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1945

18
Board of Governors of .n?System: (Continued)
Fiscal agency operations of FRBanks for Treasury: (Continued)
Further discussion of memo, reference to bills purchased
for foreign banks, outstanding foreign bank agreements should be reviewed
10/29
Conference with Messrs. Harrison, Sproul and Knoke, changes
in memo agreed upon, to be referred to Presidents' Conference, section re authority of
FOMC eliminated, to be prepared separately and
referred to FOMC
10/30
Functions and activities, chart showing, sent to Senate Committee on Federal Organization, under S. R. 217
7/ 2
Hours of duty of employees, regulation, memo of Mr. Vest re Act
of March 14, 1936 regarding issuance of, and
maintenance of record of over-time duty and reports to Civil Service Commission
6 11
/
Regulation recommended by Mr. Morrill, adopted and reports
of overtime work of certain classes of employees
to be reported to Civil Service Commission
6 0
/3
Information re organization, legislative history, etc., to be
made available to representative of Committee
on administrative management at discretion of
Dr. Goldenweiser
9/
11
Information furnished to public, letter to Senator Byrd re
11 0
/2
Inquiries from member banks and individuals for interpretations
of law and regulations, to be sent to appropriate FRBank for answer in future
8/ 4
Inquiry directed to Board by Mr. Todd under Regulation T, referred to FRBank of Chicago for reply
9 10
/
Interpretations of law and regulations, digest form, reply to
suggestion of Mr. Clerk that they be furnished
to FRBanks in
9/
17
Leaves of absence, Government limitation for sick and annual,
adopted, regulation not to be drawn up until
Government departments have adopted their regulations
4/28
Letterheads, individual, with name of Board member to be printed
for any member desiring
2 14
/
Meetings:
Plans and specifications for Board's new building, Mr. Miller
would like to have meeting next week to consider 1/ 4
Regular, to be held on Tuesday and Friday mornings each
week
2/ 4
Regulation U, suggestion of Chairman for consideration next
week
1/4
Reorganized Board, as of Feb. 1, first meeting of
2/ 4
Staff attendance, to be attended by Messrs. Morrill, Bethea,
Carpenter, Clayton, Thurston and Wyatt and any
other members of staff who may be asked to attend 2/ 4
Members:
Absences, agreement to notify Secretary's office of impending, in order that other members might be notified and so arrange their attendance as to insure
quorum
2 14
/

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19
Pages
Board of Governors of FRSystem: (Continued)
Members: (Continued)
Addresses, suggestion that it might be desirable for members
2/ 4
to accept invitations to make
Amendment tentatively proposed to FRAct to permit participa12/18
tion in Retirement System
of each of
Assignments of subjects for special supervision
members, memo listing and explanatory memo re,
2/ 4
assignments approved
that subject
Credit control, statement of Chairman Eccles
was included in his assignment, but that he felt
other members of Board should give careful study 2/ 4
Provision made for circulation of matters primarily of
interest to a particular member to another member during absence of former to expedite Board's
2/14
business
relaAddresses, statement of Chairman that while public
tions are assigned to Mr. Szynczak, other members should accept invitations to make addresses,
5/15
to clear engagements with Mr. Szymczak
topics to Mr. Szynczak
Reassignment of Mr. Morrison's
and of Mr. Ransom, during his illness, to Mr.
5/15
McKee
to FRAct tentatively proposed covering assignAmendment
12/18
ment of duties to members of Board
Bank for International Settlements, amendment tentatively
proposed to make clear that members may serve
/8
12 1
as director
Bankers association meetings, suggestion of Mr. Broderick
1/ 4
that he felt it desirable for members to attend
Broderick, J. A.:
2/ 4
Assignment of subjects to, for primary consideration
Chairman pro tom, elected as, during absence of Chairman
3/25
Eccles
Cooperation of FRBanks and branches with Board, statement of Mr. Broderick expressing appreciation at
11/18
treatment accorded him on visits
Drinnen, F. J.,. FRExaminer, no objection to accampanyingria.. Broderick on visits to FRBanks in connec3/25
•
tion with organization surveys
on padding
Government securities, to attend conference
5/ 1
of subscriptions for
of State Banks, reNational Association of Supervisors
9/22
port of attendance at convention of
Committee, to continue to serve on, during
Personnel
5/25
April, May and June
7/31
Designated member for remainder of year
Retirement System, designated Board's representative on
2/20
Board of Trustees of
Sec. l(f) of Regulation Q, report that various bankers
had suggested that it be put into effect and if
decided during his absence he desired to be
12/ 4
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Board of Governors of FRSystem: (Continued)
Members: (Continued)
Broderick, J. A.: (Continued)
Statement re presidents and first vice presidents at
meeting with presidents, cooperation between
Board and FRBanks and that he will visit
FRBanks in connection with reorganization
surveys
3 16
/
Survey of Board's staff and salaries of employees, designated to supervise
3/ 6
Visits to FRBanks and branches, report re:
FRBanks of Minneapolis, Chicago and Cleveland, and re
progress of surveys of organization of FRBanks
5 12
/
Denver Branch, FRBank of San Francisco and its
branches, FRBank of Minneapolis and Helena
Branch and FRBank of Chicago
8/14
Detroit, Cincinnati, Pittsburgh and Buffalo branches,
does not believe volume of business handled by
latter justifies continuance
9/22
FRBank of Atlanta, Birmingham, Nashville, New
Orleans, Memphis and Louisville branches, and
with Mr. Davis, at FRBank of Cleveland
10/20
Baltimore, Charlotte, and Jacksonville branches and
Savannah agency
12/ 4
FRBank of Chicago and Dallas, Omaha, Oklahoma City,
Little Rock, Houston, San Antonio and El Paso
branches, report that program of visits was
complete
12/28
Withdrawals from membership, statement that possibility
of, as consequence of Board's refusal to grant
requested powers should not deter Board from
any action it believes to be in the interest of
the System
11/12
Chairman, consensus of members of Board that Federal Open
Market Committee as reconstituted March 1,
should have as its chairman
2/ 4
Chester:
Davis,
Appointments of directors (Class C and branch), charged
with primary responsibility in developing information re persons to be considered
12 9
/2
Personnel Committee, appointment as member for 1937 and
charged with primary responsibility for development of information re persons to be considered
for appointment as Class C and branch directors 12/29
Present at first meeting on June 25, but did not participate in discussion of amendments to Regulations
T and U
6/25
Visit to FRBank of Cleveland with Mr. Broderick and report of latter re
10/20
Eccles, M. S., Chairman:
Absence in West contemplated and suggestion of election
of chairman pro ten, Mr. Szymczak will not be
available, Mr. Broderick elected
3/25

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21
Pages
Board of Governors of FRSystem: (Continued)
Members: (Continued)
Eccles, M. S., Chairman: (Continued)
Advances to Bank for International Settlements against
gold, no objection to proposed transaction, obtained by telephone
9/28
Assignment of subjects to, for primary consideration
2/ 4
Hamlin, C. S.:
Appointment, on expiration of term as member, as Special
Counsel to Board, and salary
2/ 4
(See also Staff of Board, Special Counsel)
McKee, John K.:
Advances to Bank for International Settlements against
gold, no objection to proposed transaction, obtained by telephone
9/28
Assignment of subjects to, for primary consideration
2/ 4
Conference re condition of Perth Amboy Trust Co. and
Raritan Trust Co., Perth Amboy, N. J., memo re
9/11
Personnel Committee, designated alternate to serve in
absence of Mr. Broderick
11/25
Appointment as member for 1937
12/29
Statement before Presidents re desirability of securing
larger State bank membership, and re examination functions of FRBanks
3/16
Miller, A. C.:
Examination function of RBanks, statement that it
should be centralized under Board, Mr. Paulger
authorized to study
1/ 4
Retained in advisory capacity in connection with Board's
new building, letter setting forth arrangement
and press statement to be prepared
2/ 7
Letter to, re arrangement
2/13
Morrison, Ralph W.:
Absence of, continued
5/15
Assignment of subjects to, for primary consideration
2/ 4
Topics assigned to, reassigned to/tr. Szymczak during
absence of
5/15
Maximum interest rate under Regulation (: recommendation
that it be reduced to 1N, referred to Mr. Ransom for report
3/ 6
(See also Rates, Interest)
Presidents' Conference, queries as to reasons for failure
of State banks to apply for membership and re improving relations between Board and IRBanks
3/17
Statement before presidents re developing in member
banks appreciation of 'RSystem and re necessity
of, and advisability of issuing Regulation U at
present
3/16
New York State Bankers Association, Group 1, invitation to
member of Board to address meeting of, suggestion of Mr. Broderick that Board members not
accept invitations of groups, referred to Mr.
Szymczak for determination
3/31

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Board of Governors of FRSystem: (Continued)
Members: (Continued)
New York State Bankers Association: (Continued)
Reply to Mr. Davis regretting necessity of declining invitation, and suggesting that officer of FRBank
of New York be invited, letter to President Harrison re
4/ 3
Pension for, reply to Congressman Mott re provisions proposed in legislation at last session of Congress 11/ 4
Press relations, discussion of, and new Board to adhere to
past policy of discussing nothing relating to
action of Board with reporters
2/ 4
Ronald:
Ransom,
Absence because of illness, subjects assigned to, transferred to Mr. McKee
5 15
/
Assignment of subjects to, for primary consideration
2/ 4
Devaluation of French franc, report re
9
/26
Expectation that he would return to office about July 1
6 25
/
Leave of absence, to be away for approximately three
weeks from July 17
7 15
/
Relations between Treasury and Board in connection with
fiscal agency operations of FRBanks in foreign
matters, memo re
10/ 6
Reports re proposed legislation, memo of Counsel submitting suggestion that Board adhere to practice
agreed upon Feb. 27, 1935 re not making
4/10
Statement at meeting with presidents re decreasing government lending and re increasing member bank
earnings
3/16
Vice Chairman, designation as, for four years
8/ 7
Violation by MBank of New York in negotiating with
Banco Central de Reserve de El Salvador, vote of
"no" on letter calling attention to because of
preference for different procedure
9/ 4
"Repairs to Equipment", addition to budget for, authorized
9 11
/
Stationery to be printed for, with name on letterhead if
desired
2 14
/
Szymczak, M. S.:
American Institute of Banking, statement prepared re participation in, and support of activities of, referred to Presidents' Conference
10/30
Personnel Committee, to continue to serve on, during
April, May and June
5
/25
Personnel Committee, designated member for remainder of
year
7 1
/3
Statement at meeting with Presidents re relations between FRBanks and public and listing of items
for consideration by Presidents
3/16
Topics assigned to Mr. Morrison for consideration reassigned to, during absence of Mr. Morrison
5/15


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1983
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23
Pages
Board of Governors of ERSystem: (Continued)
Members: (Continued)
Thomas, J. J.:
Appointment of directors of FRBanks and branches, feeling that minute entry of November 29, 1935,
1/ 4
should be enlarged, authorized to make changes
Visits to FRBanks, statement of Mr. Eccles that he feels it
desirable that each member of Board visit each
2/ 4
FRBank at least once a year
2/ 4
Travel regulation and allowances, to be prepared
Statement of President Harrison that nothing would be
more conducive to good relations between FRBanks
11/18
and Board
Minutes:
Executive Committee meetings, approved and actions ratified:
November 2, 8, and 13, 1935 (which became meeting of
1/10
Board upon entrance of Mr. Thomas)
1/24
December 5, 7, 13, 1935, and January 7, 1936
1/31
January 25
Meetings of Board, approved:
November 29 meeting, entry re election of directors at
FRBanks and branches, statement of Mr. Thomas
that it should be amplified, authorized to make
1/4
amendments or additions
1/30
Approved, Mr. Thames not voting
6, 8, 9, 11, 12, 14, 15,
October 30, 31, November 1, 5,
1/10
16, 18, 19, 20, 22, 23, 25, 26, and 27, 1935
December 3, 4, 9, 10, 11, 12, 17, 18, 19,
November 30,
20, 21, 23, 24, 27, 28, 30, 31, 1935, and
January 2, 4, 6, 8, 9, 10, 11, 13, 14, 15, 16,
1/24
17, 18, 20, and 21, 1936
1/28
January 22
1/31
December 26, 1935, and January 24, 27, 28, 29, 1936
1/31
January 30 and 31
2/17
February 5, 6 and 7 approved
2/28
February 10, 11 (two), 12, 13, 14 and 17
February 18, 19, 20 (two), 21, 24, 25, 26, 27, 28, 29,
3/20
March 2, 3 (two), 4, 5, 6, 7, 9, 10, 11 and 12
March 13, 14, 16 (two), 18, 20, 21, 23, 24, 25, 26, 27,
4/20
28, 31, and April 1, 2, 3 (two), 'and 4
4/20
April 6, 7, 8, 9, 10, 13, and 14, and actions ratified
4/21
April 15 and 16, and actions ratified
4/24
ratified
April 17, and actions
4/24
April 18 and 20
5/11
(two), 23, 24, 28, 30 (two), and May 1
April 21, 22
April 24, 25, 27, 29, May 2, 4, 5, and 6, and actions
5/11
ratified
5/12
May 7 and 8, and actions ratified
5/15
May 11 and 12
5/15
May 13 and 14, and actions ratified
5/16
May 15
5/18
May 16
5/19
May 18
5/25
May 19

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24
Board of Governors of FRSystem: (Continued)
Minutes: (Continued)
Meetings of Board, approved: (Continued)
May 20, 21 and 23, and actions ratified
May 25
May 26
May 27, and actions ratified
June 1
June 2
June 3
June 4, 5, 6, 8, 10, 11, 12, 13, 15, /6, 17, 18, and 19,
and actions ratified
June 22
June 23
June 24
June 25
June 26 and 27, and actions ratified
June 29
June 50
July 1
July 2
July 3, and actions iatified
July 7
July 8
July 9
July 10
July 11
July 13
July 14
July 15
July 16
July 17
July 18, 20, 21, 22, 23, 24, and 27, and actions ratified
July 28
July 29, and actions ratified
July 30
July 31
August 1, and actions ratified
August 4
August 6
August 7
August 11
August 12
August 13
August 14
August 15, and actions ratified
August 17
August 18
August 19
August 20
August 21
August 22, and actions ratified
August 24
August 25 and 26, and actions ratified

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Federal Reserve Bank of St. Louis

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/22

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1220
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1324
1331
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1339
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1370
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25
Pages
Board of Governors of FRSystem: (Continued)
Minutes: (Continued)
Meetings of Board, approved: (Continued)
8/28 1604
August 27
8/29 1612
August 28
8/31 1624
August 29
9/ 1 1628
August 31
9/ 2 1633
September 1
9/ 3 1637
September 2
9/ 4 1653
September 3
9/ 8 1655
September 4
9/ 9 1664
September 8
9/10 1671
September 9
9/11 1689
September 10
9/11 1689
10, with Federal Advisory Council
September
9/21 1737
September 11
9/21 1737
September 12, 14, 16, 17, 18 and 19
9/22 1749
September 21
9/23 1753
September 22
September 24, 25, 26, 28, 29, 30 and October 1, 2, 3, 5,
10/ 8 1848
and 6
10/ 9 1862
October 8
10/13 1876
October 10 and 12 (two)
10/14 1878
October 13
10/15 1886
October 14
10/16 1899
October 15
10/19 1903
October 16
10/23 1936
October 19 and 20
10/23 1937
October 22
10/26 1942
October 23
10/27 1946
October 26
10/28 1955
October 27
10/29 1961
October 28
10/30 1981
October 29
11/ 4 1994
October 30 (two) and November 2
11/ 5 2000
November 4
11/ 6 2008
November 5
11/10 2031
November 6, 7 and 9
11/11 2034
November 10 (two)
11/12 2047
November 11
11/13 2058
November 12
11/16 2064
November 13
11/17 2080
November 16
11/18 2091
November 17, with Federal Advisory Council
11/18 2092
November 17
11/20 2105
November 18
11/20 2105
Conference
November 18 and 19, with Presidents'
11/23 2109
November 20
11/24 2117
November 23
11/25 2135
24
November
12/ 1 2151
November 25, and 28
12/ 2 2153
December 1
12/ 3 2162
December 2

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Federal Reserve Bank of St. Louis

26
Board of Governors of FRSystem: (Continued)
Minutes: (Continued)
Meetings of Board, approved: (Continued)
December 3
12/ 4
December 4
12/ 7
December 7, 8, 9, 10
12 11
/
December 11, 12, 15, 16, 17 and 18
12/19
December 19
12 1
/2
December 21
12/22
December 22
12
/23
December 23
12
/24
December 24
12 8
/2
December 28
12/29
December 29
12/30
December 50
12 1
/3
Meetings of Board with:
Federal Advisory Council on November 21, 1935, approved
1/10
Federal Advisory Council on February 11 and 12, approved 2/28
Federal Advisory Council on May 19, approved
5 25
/
Federal Advisory Council on September 10, approved
9/
11
Federal Advisory Council on November 17, approved
11/
18
Federal Open Market Committee on December 17 and 18,
1935, approved
1/2
4
Presidents of ERBanks on March 17, approved
4 0
/2
Presidents of FRBanks on November 18 and 19
11/ 0
2
Newspapers for Board members and staff, cost of, referred to,
and to increase that would be caused by additional papers requested, Mr. Thurston asked to
report on necessity for continuance of expenditure
2 14
/
Report of 'Mr. Thurston re expenditure for, no further action
to be taken
3/ 6
Offices to be closed December 26 and all employees who can be
spared, to be excused at 1:00 p.m. on December 24
12
/4
closed January 2, 1937
Offices to be
12 2
/9
Operations and functions, Mr. Broderick appointed to supervise
survey of
3/ 6
Organization, statement of Chairman Eccles at first meeting of
reorganized Board re certain questions of
2/ 4
Charts distributed to new Board members showing principal
functions and duties of various divisions of
Board's staff and distribution of duties
among
members of staff
2/4
Personnel, survey of, Mr. Broderick appointed to conduct
3/ 6
Policy matters, statement of Mr. McKee that leakage of information re action was occurring and that consideration should be given to situation, Chairman to
take up with tfti. Thurston, Mr. Goldenweiser and
Mr. Parry
6/30
Policy record:
Advances against gold to Bank for International Settlements,
question of inclusion, statement of Mr. Morrill
that President Harrison had indicated that he
felt such loans were not different in principle

from loans to domestic banks
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9/28
Federal Reserve Bank of St. Louis

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2183
2205-6
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27
Pages
Board of Governors of FRSystem: (Continued)
Policy record: (Continued)
Approval of record of actions from August 23 to December 31
voted subject to such changes as may be made by
Chairman
Draft for February 1 to May 31 submitted by Mr. Morrill,
action deferred until meeting at which all members are present, to be reviewed by members in
meantime
Items, question of inclusion of certain, statement of Mr.
Miller that Senator Glass confirmed opinion that
only matters of important nature be included,
omission of certain items and others included
Membership of banks in Puerto Rico, question as to inclusion
in record of exclusion of, action deferred
Memoranda of reasons in connection with policy matters,
Divisions to be requested to submit in future
Organization and personnel of FRBanks, objection by Presidents' Conference to policy statement re, question left open for later consideration
Advice to President Harrison of action
Personnel and organization at FRBanks, restatement of policy
re, for inclusion in
Procedure in preparation, question raised by Mr. McKee of
decision by committee or Board as to matters to
be included in, no change to be made
Regulation U, discussion of entry to be made in, Divisions
to be requested in future for memorandum of
reasons in connection with policy matters
Procedure under Sec. 30 of Banking Act of 1933: (See Removal
of officers, etc.)
Responsibility
under recent legislation, statement of Chairman
Eccles re, at meeting with presidents
Retirement of seven employees, further consideration of recommendation re, action deferred pending Chairman's
return as he had suggested that it be considered
in connection with position to be taken on retirement of FRBank employees of 65
Extension of service to be requested for and to be retired
as of July 1
Salaries, survey of, Mr. Broderick appointed to conduct
Seal, designs presented and one submitted by Bureau of Engraving and Printing with slight modifications, order
for two sets of dies authorized
Sample of impression presented to Board, adopted by Board
and impressed in minutes
Soldiers' bonus, attitude of Board toward financing methods
proposed for, requested, members present favor
alternate procedure
Special studies, recommendation of Mr. Broderick that report
be made weekly on status of, but not routine
studies, action deferred and present weekly
report to be prepared bi-weekly

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Federal Reserve Bank of St. Louis

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8/27

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1/24

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6/23 1217
3/25

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7/ 7
7/11

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2/29

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2/20

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3/16

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4/3

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4/28
3/6

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524

1/7

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1/30

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2/12

335

11/24

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28
Board of Governors of .niSystem: (Continued)
Stationery for members, to be printed with name on letterhead if
desired
2/14
Status of matters referred to committees, Board members, divisions, motion of Mr. Broderick that statement be
submitted to Board members each week, carried
3/ 4
Suit to enjoin members from further exercise of power to coin
money and regulate value thereof, attorney for
Mr. Montgomery requested Mr. Wyatt to accept
service for Board members, Board unwilling to
authorize
10/ 6
Usual procedure is to refer such cases to Department of
Justice, Mr. Wyatt to prepare letter for use
under such procedure
10/ 6
Report of Mr. Wyatt that members had been served, that he
had discussed with Messrs. Barse and Bernstein
and all were agreed that it should be referred
to Department of Justice
10/ 9
believes dismissal on technical grounds should be
Mr. Wyatt
sought, Comptroller believes it should be made
test case, Board agrees with Mr. Wyatt, Chairman
Eccles to discuss with Mr. Oliphant, Mr. Wyatt
authorized to accompany Comptroller on call on
Attorney General or to call on him separately, to
be referred to Department of Justice
10/ 9
Report of Mr. Wyatt that he informed Mr. Bernstein of
Board's position, that after consultation with
Comptroller, Secretary of Treasury referred matter to Attorney General, basis for reply, not
to include argument re constitutionality
10/20
Chairman Eccles, in view of developments, found no need to
consult with Mr. Oliphant
10/20
Survey of operations and functions of divisions, preliminary
report prepared by Mr. Broderick
7/ 7
regulations:
Travel
Draft authorized to be prepared and basis determined upon for
controlling travel expenditures
2/ 4
submitted and adopted
Draft
3 14
/
Changes suggested covering reimbursement for expenses of
traveling on official business, draft to be prepared embodying
10/20
Useless records, destruction of, letter to Committee on Disposition of Executive Papers advising of destruction
rather than sale, to be transmitted when papers
have been destroyed
7/ 8
Vouchers and purchase orders requiring approval of member of
Executive Committee, recommendation being prepared to eliminate
2/ 4
Memo recommending new procedure and reviewing old, approved
2/ 5
Additional items, expenditures for printing FRnotes, leased
wire system and other items reimbursable to
Board from FRBanks included
2/14


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1925
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29
Pages
Bonds:
Bath Iron Works, holding of, by Depositors Trust Co., Augusta,
6/17
Me., nor violation of regulation re
Mr.
Convertible into stock only at option of holder, reply to
Young and advice to FRAgents of effect of Comptroller's speech before California Bankers Association on right of member banks to purchase,
6/ 5
under investment securities regulation
of RushReply to Mr. Swanson on inquiry of First State Bank
6/ 5
more, Minn., re
in conJoint stock land bank, fiscal agency functions performed
nection with, by Louisville Branch at request
of Farm Credit Administration, Board of opinion
5/13
Secretary of Treasury should make request
5/13
FRBanks
Copy of letter re to be sent to all
re financing methods
Soldiers bonus, attitude of Board requested
of Treasury for redemption of, alternate proce2/12
dure favored
Surety:
Barnett, Mrs. Genevieve, as Alternate Assistant FRAgent at
8/31
Atlanta
3/ 6
S., as FRAgent at Cleveland
Burke, Edmund
John, as Alternate Acting Assistant FRAgent at
Carlander,
7/18
Minneapolis
Cash:
Classification of deposit of fidelity company as col9/22
lateral for individual as savings account
to
Employee to employer under California law, reply
FRBank of San Francisco that such deposit may be
9/22
classified as savings deposit
FRAgent at New
Cooper, Norman C., as Alternate Assistant
10/29
York
3/20
Richmond
Delano, Frederic A., as FRAgent at
FRAgent at Chicago, apDiercks, W. R., Alternate Assistant
proved, and letter to Fidelity and Casualty Co.,
requesting confirmation of acceptability of
8/ 5
description of appointment
3/31
at Dallas, renewal
Evans, W. J., Assistant FRAgent
FRAgent at Richmond, bond of November
Fry, J. G., Assistant
20, 1934, request if there is any objection to
advising bonding company of termination of lia8/12
bility on
3/ 5
Geery, W. B., as FRAgent at Minneapolis
8/12
Richmond
Gibson, T. C., Alternate Assistant FRAgent at
Hagedorn, Wm. J., Jr., as Alternate Assistant FRAgent at
10/19
St. Louis
at Cleveland,
Henk, Lester, as Alternate Assistant FRAgent
and request that Mr. Burke advise definitely of
8/ 7
appointment by him
to be released because
Hudson, Alfred J., FRBank of New York,
of termination of authority to act for FRAgent in
12/ 8
issuance and retirement of Ilinotes

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Federal Reserve Bank of St. Louis

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1149

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1401

1749

1750
1962
617

1489
711

1516
507
1516
1905

1499

2190

30
Bonds: (Continued)
Surety: (Continued)
Lawhon, D. S., Acting Assistant FRAgent at Houston, cancelation, request if there is any objection to
8/20
Martin, H. Warner, as FRAgent at Atlanta
3/ 5
Matter, N. R., as Assistant FRAgent at Cleveland, request
that Mr. Burke advise definitely of appointment
by him
8/ 7
McConnell, H. G., as Assistant FRAgent at Minneapolis
7/18
McCravey, J. R., Jr., as Assistant FRAgent at Atlanta
/3
8 1
Mills, Albert W., as alternate for FRAgent or Assistant
FRAgents at Minneapolis
1/ 9
Walton N., as FRAgent at San Francisco
Moore,
7/22
Nolte, William H., renewal, as Acting Assistant FRAgent at
Pittsburgh
5/25
Grover Cleveland:
Page,
Approved as Acting Assistant FRAgent at El Paso
1 8
/2
Assumed that present bond will be continued after reappointment
6
/26
Parker, Frank, as Assistant FRAgent at St. Louis
10/19
Phinney, Robert H., as Alternate Assistant FRAgent at New
York
10/29
Raether, Bernard, Assistant FRAgent at Detroit, approved,
and letter to Fidelity and Casualty Co., requesting confirmation of acceptability of description
of appointment
8/ 5
Reed, I. J., as Acting Assistant FRAgent at Houston
8
/24
Retroactive coverage, letter to FRAgent Moore that Board has
taken position that upon approval, bond becomes
effective as of date principal took office
10/22
Rhodes, H. H., as Assistant FRAgent at Kansas City
9/ 0
1
Sanders, T. Gordon, FRBank of Kansas City, release of, as
Acting Assistant FRAgent, request advice from Mr.
Thomas as to any objection to
10/10
Sargent, S. G., Assistant FRAgent at San Francisco, cancelation of, request if there is any objection to
9/ 1
Schelling, Carl, as Assistant FRAgent at Chicago, and letter
to Fidelity and Casualty Co. requesting confirmation of acceptability of description of appointment
8/ 5
Shepherd, R. L., as Assistant FRAgent at Richmond, and request if there is any objection to notifying
bonding company of termination of liability on
bond as Acting Assistant FRAgent
8/12
Shortt, W. D., as Assistant FRAgent at San Francisco, memo
of Mr. Wingfield that because of designation as
assistant examiner, appointment may conflict with
FRAct
9/21
Sonne, H. A.
Approved as Alternate Assistant FRAgent at FRBank of
San Francisco
10/15
Bond executed as "Assistant FRAgent", request re-execution, and memo of Mr. Wingfield re possible conflict with FRAct, not clear what payroll he is on 9/21

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1962

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1631

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1737

1886

1737

31
Pages
Bonds: (Continued)
Surety: (Continued)
Sonne, H. A.: (Continued)
Retroactive coverage, reply to Mr. Moore that Board has
taken position that upon approval by Board, bond
becomes effective as of date principal took of10/22
fice
10/29
York
Stryker, Jere V. D., as Assistant FRAgent at New
at Dallas 8/17
Thaxton, Emmett Albert, as Acting Assistant FRAgent
2/14
Thomas, J. J., as FRAgent at Kansas City
Kansas City 10/26
Thornton, Ira A., as Acting Assistant FRAgent at
Timberlake, H. C., as Alternate Acting Assistant FRAgent
7/27
at Minneapolis
cancelsWheeler, 0. P., Assistant FRAgent at San Francisco,
9/ 1
tion of, request if there is any objection to
Woolley, D. IN.:
5/26
Approved as Acting Assistant FRAgent at Kansas City
change
New bond should be executed in connection with
9/ 3
of title from Acting Assistant FRAgent
9/25
Assistant FRAgent
Approved as Alternate
Young, William R., as Acting Assistant FRAgent at Kansas
10/26
City
Zehner, E. T.,., as Alternate Assistant FRAgent at St. Louis 10/26
A
Bone, Senator Hamer
reply re reasons of FRBank of San Francisco
for refusing industrial advance application to
2/21
Birchfield Boiler Company of Tacoma, Wash.
Bonus: (See Soldiers' Bonus)
Borneman, Bernard J., reply that Board interprets law only as actual
cases present themselves in reply to request
for interpretation of provision re change in re12/ 8
serve requirements
Boston Clearing House, indirect payment of interest on demand deposits, memo of Mr. Owens re effect of suspension of provision of Regulation Q on furnishing
articles and services, reply that questions of
committee of, cannot be answered until Board
3/5
adopts definition of interest
B°Yns City Exchange, reply to FRBank of Chicago that it is not branch
10/ 8
of First State Bank of Petoskey, Mich.
4/22
i
l I'adY, L. S., present at meeting of Board to discuss Regulation U
!
ranch, Group and Chain Banking Report, bank suspensions study,
'
data obtained in, to be used in bringing report
6/17
up to date
Brahch banking, Federal and State laws relating to, memo of Mr. Vest
recommending publication in FRBulletin of cam10/22
iation of, approved
Branch
banks, domestic:
American Trust Co., San Francisco, Calif.:
Burlingame, removal of branch from 1201 Broadway to 1399
Broadway, reply to Mr. Sargent that it does not
constitute establishment of new branch and ap9/26
proval not required
Menlo Park, discontinuance of, and establishment of branch
8/ 6
at Redwood City approved

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1929
1962
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354
1943
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1631
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1640
1760
1943
1942

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512
1849
839

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1933

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32
Branch banks, domestic: (Continued)
American Trust Co., San Francisco, Calif.: (Continued)
Redwood City, establishment of branch approved upon discontinuance of branch at Menlo Park
8/ 6
Bar Harbor Banking and Trust Co., Bar Harbor, Me., absorption
of Lubec Trust and Banking Co., Lubec, Me., and
establishment of branch approved
6/ 1
Capital requirements:
Advice to FRBanks that Board will follow Comptroller's interpretation of law re, where there is more than one
branch in a place other than head office town
12/ 2
Amendment to FRAct tentatively proposed to modify
12/18
Citizens and Southern Bank, Charleston, S. C., reply to FRBank
of Richmond that in entering IRSystem, bank need
only to comply with statutory requirements to retain branches established subsequent to Feb. 25,
1927
12
/24
Citizens Commercial and Savings Bank of the City of Flint, Mich.,
establishment of branch at Mount Morris authorized
4 15
/
Citizens State Bank of Sheboygan, Wis., Plymouth, no objection
to absorption of State Bank of Plymouth and
Plymouth Exchange Bank and establishment of
branch at Plymouth
2 19
/
Columbus Trust Co., Newark, N. J., no objection to establishment
of branch in Newark in connection with absorption of Central Bank and Trust Co.
4/25
Commonwealth Trust Company of Pittsburgh, Pa.:
Aspinwall, Pa., authorized to absorb Bank of Aspinwall and
establish branch
12 0
/3
M. Lebanon, Pa., authorized to absorb Mt. Lebanon Bank and
establish branch
12 0
/3
County Trust Co., White Plains, N. Y., no objection to consolidation of Caleb Heathcote Trust Co. and establishment of branch at Scarsdale, N. Y.
7
/24
Dollar Savings Bank and Trust Co., Youngstown, Ohio, FRAgent requested to verify legality of operation of branch
at Struthers in connection with approval of
membership application
2 17
/
Farmers and Merchants Bank of Long Beach, Calif., no objection
to absorption of Citizens State Bank and establishment of branch, Board's approval not required for establishment of branch within city
limits
2/20
First State Bank of Petoskey, Mich., reply to FRBank of Chicago
that Boyne City Exchange is not branch
10/ 8
Geo. D. Harter Bank, Canton, Ohio, branches at North Canton and
Louisville, operation approved in connection
with approval of membership application
5/ 5
Lorain Street Bank, Cleveland, Ohio, no objection to moving location of branch in Lakewood in connection with
absorption of Peoples National Bank of Lakewood
2/20


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Pages
Branch banks, domestic: (Continued)
Marine Midland Trust Company of New York, N. Y., no objection
to establishment on site of consolidated Na5/ 1
tional Bank of Yorkville in New York
Pa., national bank stock
Monongahela Trust Co., Homestead,
owned to be disposed of, or banks converted
12/29
into branches
N. J., absorption of Montclair
Montclair Trust Co., Montclair,
National Bank and establishment of branch, no
2/27
objection
Monterey County Trust & Savings Bank, Salinas, Calif., establishment and operation of branch at Greenfield ap2/18
proved
Pan American Trust Co., New York, N. Y., retention of Harbor
12/ 4
State Bank as branch
Removal from one location to another, but within same business
district, ruled not to be establishment of new
9/26
branch, and Board's approval not required
South Carolina, retention of branches established subsequent to
February 25, 1927 by bank becoming member of
ERSystem, reply to FRBank of Richmond that such
12/24
bank need only to meet statutory requirements
of branch
State Street Trust Co., Boston, Mass., establishment
6/12
within city, approval not required
that in publishStatistics re, reply to Iowa Bankers Association
ing in future, explanatory note will be added
re offices maintained to receive deposits and
5/16
cash checks
Ithaca, N. Y., consolidation of First
Tompkins County Trust Co.,
National Bank of Trumansburg and establishment
7/27
of branch
sufficiency for continued operation of
Question of capital
branch, plan noted for revision of capital to re10/22
move deficiency
Trust Company of Wyoming County, Warsaw, N. Y.:
North java, N. Y., establishment authorized, North Java
12/24
Company to be merged
Wyoming, N. Y., establishment authorized, National Bank of
12/24
Wyoming to be merged
Union and New Haven Trust Company, New Haven, Conn., establish11/23
ment of branch at Hamden approved
Branch
banks, FRSystem:
Baltimore:
Bylaws:
Amendment changing day of directors' meeting from
second to first Wednesday in each month, ap6/ 1
proved
of, approved, subject to interpretation of
Revision
Board re supervision of branch and tenure and
11/17
appointment and compensation of officers
classification plan, changes approved, changes in
Personnel
RFC division to be made effective December 1,
1/ 4
the remainder on January 1

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34
Branch banks, ERSystem: (Continued)
Baltimore: (Continued)
Staff:
Anderson, Lee E., Acting Assistant FRAgent, transfer to
another department and replacement by Mr. Baugher,
approved with advice that if desirable Mr. Anderson could be assigned to work in other department when not performing duties as
5/ 7
Baugher, Joseph C., appointment as Acting Assistant
FRAgent approved
5/ 7
Milford, William Robert, appointment and salary as
Managing Director
4/18
Visit of Mr. Broderick, report re
12/ 4
Birmingham:
Charge off on bank premises, reply to FRBank of Atlanta re
procedure to be followed in basing allocations
of Government securities on extraordinary charge
offs, action deferred until end of year
6 0
/3
Buffalo:
Visit of Mr. Broderick, report re, inclined to view that
business does not justify continuance
9
/22
Bylaws, Board to review
8/27
Charlotte:
bylaws, revision of, approved, subject to interpretation of
Board regarding supervision of branch, and appointment, tenure and compensation of officers
11 17
/
of Mr. Broderick, report re
Visit
12/ 4
Cincinnati:
Bylaws, revision of, County of Clark, Ohio, omitted, number
of directors reduced, Board prepared to approve,
branch bylaws to be reviewed
9/17
Revision approved, subject to understandings set out in
Board's letter of September 17
12/ 8
FRnotes, discontinuance of Acting Assistant FRAgent and
adoption of plan whereby notes are held in
triple control, approved and copies of authorization and agreement requested
7/13
Staff:
Acting Assistant FRAgent, position discontinued in plan
for holding .elinotes in triple control
7 13
/
Harrel, Clyde, Acting Assistant FRAgent, resignation
accepted effective July 31
7 9
/2
Ostendorf, Harry, extension for three months of temporary assignment to position of lower pay grade 6/ 1
Continuation of assignment to lower salaried position approved
9/
10
Continuance of temporary assignment to lower salaried grade approved for further six months
12 18
/
Territory, County of Clark, Ohio, omitted from revised bylaws, presumably by inadvertence
9/17
Visit of Mr. Broderick, report re, business justifies continuance
9/22


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Branch banks, FRSystem: (Continued)
Continuance, necessity for, RBanks making study and suggestion
that member of staff of Division of Examinations
7/ 7
should make such a study
Continuance and scope of functions, study of Helena Branch,
action to be held in abeyance until completion
11/25
of study
Denver:
Staff:
Jones, J. W., Assistant Cashier, salary increase ap2/18
proved
Young, W. R., appointment as Acting Assistant FRAgent,
10/10
instructions re bond and duties
8/14
Visit of Mr. Broderick to, report re
Detroit:
Bylaws, amended copy, as of June 26, approved subject to
Board's interpretation, and advice that Board
9/10
is making review of branch bylaws
matters at, and
Inglis, James, Director, reply to letter re
continuance as director of branch and of con2/26
tinuance of Mr. Buss as managing director
3/26
plan, changes approved
Personnel classification
recommendations effective March 1, acSalaries, officers,
tion deferred on increases pending survey and
3/ 6
approved at previous rates
Staff:
Buss, Ralph H., Managing Director:
Continuance in capacity, reply to Mr. Inglis that
Board has no voice in, but that it is glad to
2/26
have information he stated
6/25
Salary increased
Diehl, H. L., Assistant Cashier, salary approved, retro7/ 3
active to January 1
Martin, J. H., Assistant FRAgent:
1/31
Salary approved for 1936
Resignation to be accepted upon appointment of new
7 0
/2
Assistant FRAgent at Chicago
To be accepted when appointment of Mr. Raether be7/29
comes effective
8/ 5
Resignation accepted
Raether, Bernard L.:
Appointment as Assistant FRAgent, to resign position
in operating department before appointment is
7/29
effective
and letter to Fidelity and Casualty
Bond approved,
Co., requesting confirmation of acceptability
8/ 5
of description of appointment
9/ 1
assumed by, on August 6
Duties
Broderick, report re, business justifies conVisit of Mr.
9/22
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Branch banks, FRSystea: (Continued)
Directors:
Number of, discussion of recaunendation of FRBank of Cleveland
re reduction to five and exclusion of manager,
Board approves former but not exclusion of manager 6 23
/
Reduction from 7 to 5 at discretion of individual FRBanks,
reply to President McKinney that Board has not
taken action on recommendation of Presidents'
Conference
10/27
El Paso:
Staff:
Allen, G. M., Acting Assistant FRAgent, temporary appointment of Mr. Page to succeed Mr. Odom who
has been acting during illness of
1/25
Odom, L. M., Acting Assistant FRAgent, temporary appointment of Mr. Page to succeed, has been acting in
illness of Mr. Allen
1/25
Page, Grover Cleveland, temporary appointment as Acting
Assistant FRAgent to succeed Mr. Odom
1/25
Bond of
1/28
Appointment and salary as Acting Assistant FRAgent,
assumed that bond will be continued
6
/26
Reappointment
12 1
/3
FRBank of Atlanta:
Vacation periods for officers and employees
3/24
FRBank of Kansas City:
Bylaws, revision of, reply to FRAgent Thomas suggesting certain changes
3 8
/2
Revision approved
4 0
/2
Mail confirmations of telegrams sent by, no objection to
discontinuance
10/19
FRBank of San Francisco:
Bylaws, amendments approved, Board to review branch bylaws
8 27
/
Board opposed to proposed substitution of rules and
regulations
12 4
/2
Visit of Mr. Broderick to, report re, and feeling that two
of northwestern branches are not necessary
8 14
/
Helena:
Bylaws, revision of, approved
4/15
Discontinuance, President Peyton present at Board meeting,
desirous of erecting new building, question of
continuance or conversion into agency, present
building to be repaired pending completion of
study by Board
11/25
Decision on, and letter on deferring of action and on
repairs to present quarters
12/ 2
Personnel classification plan, changes approved
1/15
Quarters:
Erection of new building recommended by Mr. Peyton, action deferred upon recommendation of Mr. Broderick 5/ 1
Repairs to be made, reply in accordance with action on
November 25
12/ 2


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Pages
Branch banks, FRSystem: (Continued)
Helena: (Continued)
Salaries, fixed for 1937 at present rates, Board will not
take action until recommendations of directors
11/13
at first meeting in January
Salary advance to be made to employee upon separation from
service Dec. 31, reply to FRBank of Minneapolis
that it should not be included in report re1/ 4
quested November 22, X-9366
Staff:
Hoerr, A. A., Cashier, salary increase recommended in
5/ 1
reorganization plan
6/29
Salary approved
Larson, C. T., Assistant Cashier, salary increase recom5/ 1
mended in reorganization plan
6/29
Salary approved
Towle, R. E., Managing Director, salary increase recom5/ 1
mended in reorganization plan
6/29
Salary approved
Visit of Mr. Broderick to, report re, feeling that branch is
not necessary but that if continued, new quarters
8/14
should be provided
Houston:
Staff:
Lawhon, D. S., Acting Assistant FRAgent, retirement of,
request if there is any objection to cancelation
of bond and noting correspondence with Congress8/20
man Maverick re
Reed, I. J.:
Appointment as Acting Assistant FRAgent approved, ap8/20
proval of salary not necessary
8/24
Bond of
12 1
/3
Reappointment
Jacksonville:
Charge off on bank premises, reply to FRBank of Atlanta re
procedure to be followed in basing allocations
of Government securities on extraordinary
6/30
charge offs, action deferred until end of year
12/ 4
Visit of Mr. Broderick, report re
Los Angeles:
Staff:
Designation of four additional employees temporarily as
5/13
assistant examiners
Jones, M. A., indebtedness to member bank, has not and
will not assist in examination of such bank,
not to be reported to Attorney General but
10/19
should be eliminated
Swengel, H. D., Acting Assistant FRAgent, appointment
was previously approved and no further action
8/29
necessary
12/31
Reappointment


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38
Branch banks, FRSystem: (Continued)
Los Angeles: (Continued)
Staff: (Continued)
Szevery, A. R., indebtedness to member bank, has not and
will not assist in examination of such bank, not
to be reported to Attorney General, but should
be eliminated
10/19
Louisville:
Fiscal agency functions in connection with bonds of Louisville Joint Stock Land Bank and Union Joint Stock
Land Bank of Louisville performed at request of
Farm Credit Administration, Board is of opinion
that Secretary of Treasury should make request
5 13
/
Copy of letter re to be sent to all FRBanks
5 13
/
Staff:
Summers, A. K., continuance of assignment to lower salaried position for six months approved
3/11
Extension of assignment to lower salaried position
approved
9 16
/
New Orleans:
Staff:
Walker, Marcus, Managing Director, outside business affiliations, no objection to connection with hospital
but that with Dibert, Bancroft, & Ross Co. comes
within prohibition
4/ 7
Oklahoma City:
Personnel classification plan, change approved
1/2
0
Staff:
Engineer, reply to Congressman Rogers that Board has no
jurisdiction over possible affiliation with International Union of Operating Engineers
5 19
/
Omaha:
Staff:
Thornton, I. A., appointment as Acting Assistant FRAgent,
instructions re bond and duties
10/10
Pittsburgh:
Bylaws, revision of, to be in accordance with revision of
bylaws of Cincinnati Branch, Board prepared to
approve
9 17
/
Revision approved, subject to understandings set out in
Board's letter of September 17
12/ 8
FRnotes, discontinuance of Acting Assistant FRAgent and
adoption of plan whereby notes are held in
triple control, approved and copies of authorization and agreement requested
7/13
Razing of old building authorized, charge off of book value
approved
4/25
Staff:
Acting Assistant FRAgent, position discontinued in plan
for holding FRnotes in triple control
7/13
Nolte, William H., Acting Assistant FRAgent:
Renewal bond
5/25
Resignation accepted effective July 31
7/29
Visit of Mr. Broderick, report re, business justifies continuance
9/22

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Pages
Branch banks, FRSystem: (Continued)
Salt Lake City:
Staff:
371
Scott, W. M., Assistant Cashier, salary increase approved 2/18
San Antonio:
Staff:
Gowland, C. P., Acting Assistant FRAgent, reappointment 12/31 2350
Seattle:
Reserve accounts carried by Spokane Branch for out-of-town
banks transferred to, and discontinuance by latter of all services except check clearance and
12/17 2229
currency service for Spokane banks
Spokane:
Discontinuance, opposition to discontinuance of Helena
Branch would be less if Spokane Branch were also
discontinued, opinion of President Peyton in
11/25 2121
proposal for new cuarters for Helena Branch
Reserve accounts of out-of-town banks, transfer to Seattle
Branch and discontinuance of all services except check clearance and currency service for
12/17 2229
Spokane banks
Branch banks, foreign:
National City Bank of New York:
Havana:
Vaults of Havana Agency, use of compartments for storage
of surplus silver coin, no objection providing
AiBank of Atlanta is released from responsibil399
2/20
ity and at any time may resume use of
Branches of foreign banks:
Banco Nacional de Mexico:
New York Agency, to be absorbed by Harbor State Bank and latter to convert into trust company under title of
12/ 4 2173
Pan American Trust Co.
British American Tobacco Co., Ltd.:
Case against FRBank of New York: (See Court cases)
Broad, S. J.: (See American Institute of Accountants)
Brock, Malcolm C.: (See Malcolm C. Brock and Co.)
839
4/22
Broome, R. F., present at meeting of Board to discuss Regulation U
FRBank of Chicago in contestBrown, Adelbert, special counsel for
8/22 16.9
ing illegal part of assessment on building
Brown & Shipley, reply as to procedure necessary in discontinuance
by Farmers and Mechanics National Bank, Westminster, Md., of trust department and letter to
11/17 2082
Comptroller re
Brownlow Committee: (See Committees, Administrative Management)
Bruce, B. A.: (See Foreign banking corporations, International
Discount Corporation)
Budget:
Board of Governors:
9/11 1690
Board members--Repairs to equipment, addition authorized
given to, by Personnel
Budget for 1937, consideration to be
11/25 2133
Committee

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Federal Reserve Bank of St. Louis

40
Budget: (Continued)
Board of Governors: (Continued)
Budget for 1937: (Continued)
Approved
12/30
Discussion of item providing for retirement contributions and particularly discharge of prior service liability, should be explained in annual
report, question of making in smaller amounts in
years when earnings are low
/3
12 0
Counsel's Office, increase for subsistence and travel
4/15
Division of Research and Statistics, additions approved
7/ 1
Additional sum for equipment approved
10/29
Fiscal Agent's Office, budget increased for additional Printing
4/30
"Special and Miscellaneous - General", addition to item
authorized to reimburse Cleveland FRBank auditors for expense of auditing Board's accounts
10/ 2
Subsistence Expenses - Board Members, addition recommended
by Mr. Morrill, approved
10/26
IRBanks:
Copies of, and of branches, for 1937, request that they be
sent to Board and that they be prepared along
functional lines in accordance with forms
X-9739-a,b, and c
11/17
Examination function, to be subject to approval of Board
6/ 3
Research and statistical function, to be subject to approval
of Board
6/ 3
Uniform basis, suggestion that FRBanks should prepare on,
worked out by Division of Bank Operations
7/ 7
Building and loan associations:
Competition with member banks, especially as to Federal Savings
and Loan Associations, advice requested of
Presidents' Conference as to
3 17
/
Opinion that there is no substantial competition
3 17
/
Statement re
3 17
/
New Jersey, deposits of, may not be classified as savings accounts
6 10
/
Reply to Farmers and Mechanics National Bank, Woodbury, N.J., 6 1
/0
Bureau of Engraving and Printing:
Order for FRnotes for fiscal year ending June 30, 1937, letter
to Comptroller requesting placing with Bureau
6 18
/
Internal Revenue:
Bureau of
Holding company affiliate exemption on income tax in connection
with holding of general voting permits, those not
holding may desire to obtain before end of year,
letter to be prepared by Counsel requesting
FRBanks to call attention to regulations of
10/30
National banks ruled to be instrumentalities of U. S. within
meaning of Social Security Act and neither banks
nor employees are subject to taxes thereunder,
advice to all presidents
7/13
Social security act, three rulings re applicability of taxes under, to national banks, State member banks and
nonmember banks, to be published in FRBulletin
10/27

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41
Pages
Business affiliations of directors: (See Directors, FRBanks)
Business conditions:
Federal Advisory Council re-port re, "mild boom" in some sections
9/10
of country
.Reports re, by members of Federal Advisory Council
5/19
Business Finance Co., reply that Board cannot furnish names of
liquidating national banks in New Jersey and that
no action will be taken in connection with notices of appearance in case of two national banks 5/25
Bylaws:
Baltimore Branch:
Amendment changing day of directors' meeting from second to
first Wednesday in each month, approved
6/ 1
Revision of, approved, subject to interpretation of Board
re supervision of branch and tenure and appointment and compensation of officers
11/17
Board of Governors:
Amendments proposed re signing of checks on RAgents' fund,
Article IX, and re requisitions for Ainotes, Article X, approved subject to approval of General
Counsel
2/25
Article IX, Counsel not able to approve amendment re
signature of orders on Interdistrict Settlement
Fund, Board may resolve question, proposed procedure would be satisfactory to Treasurer, to
be resubmitted with further amendment
3/21
Article X, approved by Counsel, in accordance with action
of Board on February 25
3/21
Revision being prepared, at request of Chairman
2/25
Branches of FRBank of Kansas City, revision of, approved
4/20
Branches of FRBank of San Francisco:
Amendments approved, Board to review branch bylaws
8/27
Board opposed to proposed substitution of rules and regulations at present
12/24
Branches of FRBanks:
Managing director, Board unwilling to approve any amendments
eliminating from board of directors
6/23
Review to be made by Board
8/27
Review of procedure for adoption and amendment to be made
9/10
Charlotte Branch, revision of, approved, subject to interpretation of Board regarding supervision of branch,
and appointment, tenure and compensation of
officers
11/17
Cincinnati Branch, revision of, County of Clark, Ohio, omitted,
number of directors reduced, Board prepared to
approve, all branch bylaws to be reviewed
9/17
Approved subject to understandings set out in Board's letter of September 17
12/ 8
Denver Branch, revision of, reply to FRAgent Thomas suggesting
certain changes
3/28
Detroit Branch, amended copy, as of June 26, approved subject to
Board's interpretation and advice that Board is
9/10
making review of branch bylaws

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42
Bylaws: (Continued)
Federal Open Market Committee, tentative draft of, to be sent to
ERBanks for study prior to organization meeting
3 10
/
Discussion of
3 13
/
Further discussion
3 13
/
FRBank of Atlanta, revision of, reply to Mr. Clark that Board
has no suggestions to make re, except those in
letter of February 14, X-9493
2 4
/2
Copies may be sent to directors with advice that Board
does not object to revision of
/25
5
FRBank of Boston, amendments in accordance with Board's suggestions of February 14, letter to Mr. Curtiss requesting what action has been taken re
5/25
FRBank of Chicago, revised copy, submitted with memo of Mr. Vest 2/27
Letter to MBank advising of receipt of and commenting on
copies
9/10
MBank of Cleveland, amendment providing for officers' terms to
run from directors meeting preceding first day
of March, reply that Board does not wish to make
any changes in procedure for approving salaries,
approved
3/4
Dallas:
FRBank of
Amendments in accordance with Board's suggestions of February
14, letter to Mr. Walsh requesting what action
has been taken re
5
/25
of discount, no objection to inclusion of provision 811Rates
thorizing executive committee to establish
2 4
/2
of Kansas City, amendments in accordance with Board's
FRBank
suggestions of February 14, letter to Mr. Thomas
requesting what action has been taken
5
/25
FRBank of Minneapolis, amendment to eliminate requirement that
FRBank stock certificates be countersigned by
FRAgent or an assistant FRAgent
8 15
/
FRBank of Philadelphia:
Amendment eliminating provision for Comptroller in charge of
audit department
3 6
/
Executive committee, revision providing that president shall
be member and chairman of, memo of Mr. Vest re,
action deferred until receipt of all FRBanks'
bylaws
3/6
Louis:
FRBank of St.
Amendments in accordance with Board's suggestions of February
14, letter to Mr. Dillard requesting what action
has been taken re
5/25
Revision of, memo of Mr. Vest that as they are in accordance
with Board's suggestions their receipt should be
merely acknowledged, approved
12
11/
FRBank of San Francisco, revision of, giving executive committee
authority to reestablish rates only at figures
fixed by board of directors, letter re, to be
revised
12/28
FRBanks:
Revisions of, counsel to be requested to prepare memorandum
showing differences with Board's suggestions of
3/ 6

February 14 and any other matters
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Pages
BYlaws: (Continued)
FRBanks: (Continued)
Uniformity, statement of Chairman re opportunity to make suggestions tending toward, points presented (1)
meeting of directors each 14 days, (2) executive
committee not to be authorized to fix rates,
(3) that executive committee consist only of
directors, and (4) that its chairman be chairman
of board, only (3) to be suggested to FRBanks
329
2/11
and transmission of letters authorized
First State Bank of Purcell, Okla., attention to be called to
714
3/31
desirability of amending re number of directors
812
4/15
-Ielena Branch, revision of, approved
Oklahoma City Branch, revision of, reply to FRAgent Thomas sug701
3/28
gesting certain changes
Omaha Branch, revision of, reply to FRAgent Thomas suggesting
701
3/28
certain changes
with rePittsburgh Branch, revision of, to be in accordance
vision of bylaws of Cincinnati branch, Board
9/17 1720
prepared to approve
set out in Board's letter
Approved subject to understandings
12/ 8 2193
of September 17
directors, no objection to temporary amendment
Seattle Branch,
to eliminate requirement that one reside outside
155
1/17
branch city
BYrd, Senator Harry:
Information furnished by Board to public, letter re
(See also Committees, Senate Committee on Federal Organization)

11/20

2108

"C"
California:
Fiduciary powers of national banks, refusal to grant license to
First National Bank of Santa Ana because of
legal prohibition against examination RF trust
department, bank may agree to permit examination,
but license is not necessary under Board's authorization
California Bankers Association:
Address of Comptroller before, reply to Mr. Young and advice to
FRAgents re effect on right of member banks
under investment securities regulation to purchase bonds convertible into stock only at option of holder
California Security Dealers Association:
"Investment quality" securities, reply to Mr. Wheeler on suggestion of, that Regulation U be amended to permit
higher loan values
Callaway, Merrell P.: (See American Bankers Association)
Capital and surplus:
FREanks, Sec. 13b surplus, reply to request of Governor Sony for
reconsideration of inclusion in, for purposes of
assessment by Board

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•

44
Capital and surplus: (Continued)
Second FRDistrict, report of Mr. Case that all except two banks
subject to membership condition requiring maintenance of adequate ratio to deposits meet requirements, no action to be taken as total capital structure of two banks is adequate
Capital impairments:
Del Rio Bank and Trust Co., Del Rio, Texas, failure to eliminate
losses and doubtful assets resulting in
Carey, John L.: (See American Institute of Accountants)
Carroll, F. A.: (See Voting permits, National Shawmut Bank)
Cashier's checks, FRBanks, pledge against deposits of Treasurer of
Montana by Union Bank and Trust Co., Helena,
Mont., no objection, and instructions for showing in condition reports
Cassel, Howard N.: (See National banks, Citizens National Bank,
Wellsville, N.Y.)
William and Co.: (See William Cavalier and Co.)
Cavalier,
Certificates of beneficial interest: (See Membership in FRSystem,
Eligibility)
Certificates of FRBank stocic: (See Stock, FRBank)
Certificates which came into the hands of the Public at time of the
fire in the Post Office Building, one returned
to Treasurer which was received from Governor
Seay having been found in front of Western National Bank, Baltimore, suggestion that they be
destroyed
Certification to Federal Deposit Insurance Corporation:
Ann Arbor Savings and Commercial Bank, Ann Arbor, Mich., certified to now be a member of FRSystem
Glen Rock Bank, Glen Rock, N. J., certified to now be a member
of FRSystem
Bank, Pomeroy, Wash., that it is now member of
Pomeroy State
FRSystem
S.: (See Purse Co.)
Chalfant, Paul
Chapin, L. A.: (See Denver Post Employees Credit Union)
Charge offs:
/RBank of Atlanta, bank premises at Atlanta, Birmingham and
Jacksonville, request for approval of, action
deferred as earnings will not meet expenses
FRBank of Chicago, authorized to charge off settlement of
Fletcher American National Bank claim
FRBank of Cleveland:
Pittsburgh branch building, old, book value charge off approved
Prior service liability, Board desires procedure followed at
other FRBanks to be followed
FRBank of Dallas, site of head office building and San Antonio
branch, authorized to make special charge off
FRBank of Minneapolis, Prior service liability under retirement
system, reply that authorization to charge 1/48
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45
Pages
Charge offs: (Continued)
FRBank of New York, authorized to charge off assessed valuation
of Montauk Building, and incidental costs of
purchase of property
FRBank of St. Louis, charge of loss on commitment to profit and
loss, reply to Mr. Attebury that if at end of
year industrial loan expenses exceed earnings,
amount should be charged to surplus (Sec. 13b)
FRBanks:
Allotments of securities in System Open Market Account,
quarterly report to be secured re unusual charge
offs, in connection with formula retained by
Famc for, and uniform policy to be striven for
Board's new building, authorized to charge off assessments
for, during 1936
Furniture and equipment, authorized to charge off amount
purchased during 1936
Industrial loans, authorized to set up reserves or make
charge offs against losses
Recommendations for year end, discussion of memo of Mr.
Smead re and views of Chairman Eccles re policy,
also suggestion that brief statement of results
of operations of FRBanks be released to press
Feeling of Chairman that uniform policy should be
adopted for future, recommendations approved,
press statements re earnings and expenses to be
withheld until Board issues statement covering
entire System
Advice to FRBanks to withhold press statements
Check protectograph, Purchase for use of Board's Fiscal Agent
,
dueckmaster -Plan", used by National Safety Bank and Trust Company
in New York, N. Y., reply to Mr. Vogt that
Board does not know that plan violates any laws
which came within jurisdiction of Board
Cheston, James, 3rd: (See State member banks, Pennsylvania Company
for Insurances on Lives and Granting Annuities)
Chicago Daily News, bank debits statement, release time changed at
request of, from "Sunday morning" to "immediate
Chicago Stock Exchange, meeting of Mr. Parry with representatives
of, at FRBank of Chicago re proposed amendment
to Regulation T
Circulars:
Board of Governors:
Advances under Sec. 10(b) of FRAct, advice to all FRBanks
that such loan may be made even though member
bank has assets eligible for rediscount or advance under other sections of FRAct
Annual reports of FRBanks, views of FRBanks requested in
connection with desire of one FRBank to discontinue, would send summary annual statement to
stockholders


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Federal Reserve Bank of St. Louis

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46
Circulars: (Continued)
Board of Governors: (Continued)
Assistant FRAgents, status as officers, telegram to all
FRAgents that they should be provided for in
personnel classification plans and assigned
other duties in FRBanks
6/23
Bank relations report, Mr. Szymczak requested to draft letter
to FRBanks calling for
8/ 4
Letter requesting reports and also reports covering information gathered during trips through districts 8/25
Biographical data of directors and officers, forms approved
for, and letter to FRBanks re
1 11
/
Bonds convertible into stock only at option of holder, reply to Mr. Young and advice to FRAgents of effect of Comptroller's speech before California
Bankers Association on right of member banks to
purchase, under investment securities regulation 6/ 5
Branch banks, capital requirements, advice to FRBanks that
Board will follow Comptroller's interpretation
of law re, where there is more than one branch
in a place other than head office town
12/ 2
Branch clearing balances, classification of, in computing
daily deposit liabilities for reserve reports
and preparation of condition reports, reply to
Mr. Bale and copy to all FRAgents
3/ 4
regulations re directors, amendment making more
Branch
definite provision barring directors from reappointment who have served six or more consecutive years
12 8
/2
Budgets of FRBanks, letter to all FRBanks containing instructions for submission for 1937
11/17
Building of Board, letter to FRBanks and to Mr. Leach calling for part of unpaid assessment for
4/23
Bylaws, FRBanks, one of four suggestions re amendments
voted to be made to FRBanks by Board in re securing uniformity, that executive committees
consist solely of directors, transmission of
letters authorized
2/11
Capital requirements of State member banks, letter to
FRAgents that where banks in towns of 3000 or
less, reduce capital through retirement of
preferred stock or capital debentures below
00,000 but not below 25,000, Board will not
consider violation of FRAct
1/31
Reply to Mr. Case that instructions do not apply to reductions of capital notes or debentures sold to
others than R.F.C., but does apply to preferred
stock
2/13
Capital of State member banks, maintenance of adequate,
letter to FRAgents that condition 2 of revised
Regulation H and footnote 8 may be applied to,
subject to old condition 15, request for annual
review of banks in connection with requirement
2/28

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47
Pages
Circulars: (Continued)
Board of Governors: (Continued)
Capital stock reductions of State member banks, letter to
FRAgents making provision in revised Regulation
H permitting, where capital is correspondingly
increased or a specific reserve set up, applicable to banks subject to membership condition
2/ 6
requiring prior approval of Board
Fletcher that letter (X-9480) does not
Reply to Mr.
modify X-9048 authorizing FRAgents to approve
2/13
certain reductions
of deposit, letter to FRAgents re forms of,
Certificates
printed in 1933 November FRBulletin, calling attention to fact that rates of interest shown
5/27
have been superseded
Condition reports:
Forms and instructions for next call transmitted to
3/ 7
FRBanks
Forms and instructions for next call forwarded to pres8/28
idents
not made, to
Forms distributed for Fall call, which was
be used on year end call, information called
for in form 105-f to be submitted at mid-year
12/ 1
and year-end calls
to FRAgents that where items rePublication, telegram
quired by Board are also required by State one
publication will suffice if additional State
1/11
entries are shown under appropriate heading
imposed on nonmember insured banks by F.D.I.C.,
Conditions
letter to FRAgents re desirability in cases of
membership applications, of Board and F.D.I.C.
supplementing each other's efforts to build up
7/10
sound banking system
and
Conference of examiners, letter to FRBanks advising of,
requesting convenient dates, topics and program
8/27
for
held October
Advice to all FRBanks that meeting will be
9/25
26 and tentative program will be forwarded
s, letter
Correspondence with FRBanks re policy and salarie
to FRBanks to be prepared to bring to attention
9/22
of directors
ing that communications re
Letter to all FRBanks request
policy matters, salary and of other importance
10/16
be brought to attention of directors
holding company affiliates by Revenue Act,
Credit allowed
letter to all FRBanks re, in accordance with
11/16
action of October 30
and letDeposits, study of activity of, letter to FRAgents
1/16
ter to be sent to selected banks, approved
Mr. Walsh that
Directors meetings at FRBanks, reply to
Board has taken no action looking toward uniform
dates for, and that there is no objection to authorizing executive committee by provision in bylaws to establish discount rates, copy to all
2/24
FRBanks

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48

Pages

Circulars: (Continued)
Board of Governors: (Continued)
Disability retirement allowance, authorization to all FRBanks
to make lump sum contributions to retirement
system for purpose of supplementing
8 1784
9/2
Discounts for individuals, partnerships and corporations under Sec. 13 of RAct, extension of authority for
further six months, until July 31, circular re,
revised to conform to Banking Act of 1935
205-9
1/24
Dismissal wage, letter to FRAgents authorizing payment to
persons under age 55 with 10 years or more of
service, six months' salary in lump sum or six
monthly installments
762
4/ 6
Distribution of X letters to member banks, reply to FRBank
of Cleveland re policy of Board with respect to
492
3/ 3
Division of Issue and Redemption, advice to all FRBanks of
transfer of employees to Payroll of Comptroller,
method of payment of expenses of, to be prorated
among FRBanks
11/25 2131
Earnings and dividend reports, form 107, changes in, for
December 31, copies forwarded to all FRBanks and
instructions re
12 1 2250
/2
Earnings and expenses of FRBanks for 1936, advice to FRBanks
to withhold press statements re until Board can
issue statement covering system as a whole
12 0 2342
/3
Editorial Research Reports pamphlet re operations of ERSystem, copies furnished to FRBanks
11/ 7 2022
Examination procedure in connection with bank loans on securities, letter to FRAgents
5/ 6
979
Examination reports of State member banks, letter to FRAgents
requesting forwarding to Board as soon as available, and in case of serious condition to refer
to Board the question of action
4/24
870
Examinations of member banks, .liAgents to be advised to
send copies of all reports to Board as soon as
available, and to submit any serious condition
to Board for determination of action
1/ 4
15
Executive Officers:
Reports of indebtedness, advice to FRAgents to circularize
member banks re ruling (X-9483, Feb. 6) that they
should be made to Board of Directors under Regulation 0
2/19
385
Reports of indebtedness made subsequent to Banking Act
of 1935 and prior to effective date of Regulation 0, need not be remade if in substantial
compliance with regulation
2/28
458
Federal Advisory Council, FRBanks requested to submit for
approval amount of compensation and allowances
fixed for each member and request for report of
amount to cover payment of expenses of Secretary's office
2/11
332
"Federal Laws Affecting National Banks", recommendation of
Mr. Vest that ERBanks be advised of depletion
of stock of publication, approved
9/25 1764

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Federal Reserve Bank of St. Louis

49
Pages
Circulars: (Continued)
Board of Governors: (Continued)
Federal Open Market Committee:
Members, letter to Mr. Stevens advising that selection
should be from officials of FRBanks, copy to all
1/ 2
FRAgents
Reply to be prepared to FRBank of Minneapolis opposing FRBank representation by outside persons
2/11
and copy to be sent to other FRAgents
Federal Advisory Council informed as to proposed
2/11
action
all FRBanks,
Copy of letter to Mr. Strater sent to
re election of Governor Norris who has not been
appointed President of FRBank of Philadelphia
and re proposed attendance of alternate at meet2/19
ings in advisory capacity
Election of, memo of Mr. Dreibelbis that each
FRBank director is entitled to case a vote and
suggested form of procedure for, to be sent to
2/20
Mr. Peyton and other ERBanks
Memo of Mr. Dreibelbis ruling that they may not be
elected by RBanks under limited authority, to
2/25
be sent to all FRBanks
Scope of authority over open market operations, foreign
exchange transactions and relations of /EBanks
5/15
with foreign banks
FRBank stock:
Adjustments because of temporary deficit in surplus, no
need for immediate, reply to Mr. McAdams and
6/ 4
copy to other FRAgents
Amendment of form of, letter to all FRAgents re need
for, because of changes made by Banking Act of
1935, and re reconcilement of different forms
used
3/ 7
Changes, advice to presidents that after transfer of
nonstatutory duties of FRAgent to bank, any
officer may sign certificate of
9/ 3
New uniform form, letter to all FRBanks except San
Francisco re, changes to be made for various
banks having different forms of counter-signature
5/27
FRnotes:
Advice to all presidents of increase in cost of printing
8/20
1928 series, instructions to FRAgents for discontinuance of issuance of
1/20
Shipments to be made in even thousands of dollars effective December 1 and clearing through Inter11/28
district Settlement Fund to be in thousands
First Vice Presidents of FRBanks, advice to all FRBanks
that "First" should be included as part of official title
3/6


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50
Circulars: (Continued
Board of Governors: (Continued)
Fiscal agency functions in connection with bonds of joint
stock land banks at request of Farm Credit Administration, advice to FRBanks re opinion of
Board that request should be made through Secretary of Treasury
Foreign bank relationships of FRBanks, statement of procedure sent to all ERBanks
Form B-13, forwarded to FRBanks for submitting semi-monthly
reports of member bank deposits
revised
Form B-23
Form 34, changes proposed to be made in, for 1937, advice
to FRBanks re
Government securities as collateral for FRnotes, formula as
to amounts pledged no longer necessary, and
FRBanks authorized to pledge in such amounts as
may avoid frequent interchange of, and gold certificates
Graduate School of Banking, letter to all presidents that
additional annual leave may be granted to FRBank
employees for attendance and transportation expenses assumed
Holding company affiliates, credit under revenue act, reply
to FRBank of San Francisco and copy to all
FRBanks, re procedure in submission of facts
and information relating to
exemption allowed holding company affiliates
Income tax
holding general voting permits, counsel to prepare letter to FRBanks requesting that they call
attention to regulations of Bureau of Internal
Revenue to
Indebtedness reports of personnel of FRAgents' departments,
reply to Mr. Walsh and copy to other FRAgents
that all should be reported
Individuals, partnerships and corporations, authority to rediscount for, advice to presidents that Board
does not contemplate renewal of, and request for
any necessity
Industrial advances, volume of, letter to governors re indications that .MBanks could do more to expand,
and form of letter for transmission to member
banks
to Governor Martin re proposed amendment to letReply
ter to be sent to banks
Reply to Governor Schaller re amendment proposed to letter to banks
Text of letter proposed by FRBank of Dallas satisfactory
Insured deposits, letter to FRBanks re request of FDIC for
report re, in order to make estimate of
Interdistrict time schedules, changes in, recommended by
FRBank of Chicago, approved


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/3

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/24

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51
Pages
Circulars: (Continued)
Board of Governors: (Continued)
Interest payment on time deposits when renewed within ten
days after maturity, letter to Mr. Young re
differences in Board's and F.D.I.C. regulations,
Board will not object to practice, copies to
793
4/13
other FRAgents
review and reports re permits,
Interlocking directorates,
telegram to all FRAgents that sec. 4 of Regulation L supersedes instructions in X-7426 and
231
1/29
Trans. 2225
Investment securities:
Purchase by State members, September 11, 1935 (X-9322),
interpretation of, draft of reply to ilEBank of
Chicago, should be revised, referred back to
373
2/13
Counsel's Office
Regulation of Comptroller re, letter to FRAgents inclosing statements of Comptroller's views re questions raised under, and reply to Mr. Sargent that
gradual liquidation of excess investments is per754
4/ 4
missible
a
Sec. 5136, R.S., limit of 1Oe imposed by, on amount
bank may hold of one "obligor or maker", advice
to all FRBanks and to Mr. Evans re conclusion
of Comptroller as to inclusion in term of
another corporation which has guaranteed obligations, a parent corporation or lessor corpora7/13 1348-9
tion
Leased wire system:
Recommendations of leased wire committee approved, re
payment by Board for its messages, transfer of
Washington operators to Board's payroll, account3/26
681
ing, etc.
Treasury telegrams, advice to 1RBanks that assurances
have been received from Treasury of reimbursement for, beginning January 1, 1937 and that
Board has agreed that costs be absorbed until
7/31 1468
that time
Leave of FRBank personnel, modification of Board's circular
of Dec. 5, 1932, authorizing granting in excess
of annual to attend Graduate School of Banking
or as delegate to conference of American Institute of Banking, without securing Board's ad815
4/16
vance permission
Advice to FRBank of New York that authorization fully
covers additional leave with pay granted to
905
4/28
three employees
Library of RBank of Minneapolis, advice to other FRBanks
of FRBank's action in making available to member
10/16 1902
and nonmember banks
State member banks, advice to
Licenses for newly admitted
presidents that they, or vice presidents should
sign reco[umendations to Secretary of Treasury for 8/25 1579

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Federal Reserve Bank of St. Louis

52
Circulars: (Continued)
Board of Governors: (Continued)
Loan to Banco de Venezuela by MBank of New York on security
of gold, advice to all FRBanks of approval and
authorization for participation
7/30
Mail confirmations of telegrams from Board to FRBanks and
branches discontinued
10/ 9
Membership in FRSystem:
Eligibility of State banks which have issued certificates
of beneficial interest, advice to FRAgents that
Board has reconsidered position and outlining
terms under which such banks will be admitted
1/6
Organizing bank, reply to Mr. Sargent and copies to
presidents re eligibility of
12
9/
Archives proposed survey of FRBanks' fiscal agency
National
and FRAgents' department records, letter to
.bliBanks re
4/18
National banks exempt from taxes under Social Security Act,
advice to all presidents re ruling of Bureau of
Internal Revenue
7/13
Nonmember banks filing agreements under Securities Exchange
Act of 1934, lists to be prepared in Board's
offices in future and FRBanks not to prepare
4/4
Officers and employees, request for number and salaries as
of December 31 for use in Annual Report
11/23
Organization surveys of FRBanks, letter re, to all FRAgents
/25
3
Par list, mailing of, telegram to FRBanks suggesting procedure for mailing all copies from Washington
1/22
Personnel classification plans of FRBanks, letter to
FRBanks advising of approval of revised form
of
/2
3 4
Public Health Service study of Morbidity and Mortality, letter to governors requesting cooperation of
FRBanks
1/4
Utility Bolding Company Act, letter to FRBanks re
Public
applicability to State member banks,
advising
of Securities and Exchange Commission's Rule
re
4/2?
Publication of condition reports, advice to FRAgents
not to
inform State member banks of Board's
decisions
re single publication to satisfy Board and State
requirements pending outcome of certain
negotiations with State authorities for acceptanc
e of
single publication
3/11
No objection to insertion of item to satisfy State requirements and thus make only single
publication,
advice to FRAgents
3/12
Rates:
Interest and discount charged by member banks,
letter to
FRBanks requesting reports re
8/ 4
Rediscount, establishment every 14 days, copy
of letter
to Mr. Sargent re failure of FRBank of San
Francisco to reestablish because of lack of quorum,
sent to all FRBanks
1/13


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53
Pages
Circulars: (Continued)
Board of Governors: (Continued)
Rates: (Continued)
Rediscount: (Continued)
Establishment by FRBanks, reply to Mr. Walsh that
there is no objection to authorizing executive
committee by provision in bylaws to establish,
414
2/24
copy to other FRAgents
Board is willing,
Regulation H, telegram to FRBanks that
if desirable, to furnish sufficient copies for
distribution to member banks and nonmember banks
43
1/ 4
interested
that Board is willing,
Regulation P, telegram to RBanks
if desirable, to furnish sufficient copies for
distribution to member banks and nonmember banks
43
1/ 4
interested
advice to RAgents of indefinite suspension
Regulation Q.,
of sec. l(f) entitled "Interest" in accordance
219
with action of January 24
Reply to Mr. McAdams re, that member banks should be
259
further advised
Regulation U, letter to FRBanks transmitting draft of, for
111
consideration and comment
Removal of officers and directors under Sec. 30 of Banking
Act of 1933, letter to presidents and FRAgents re
8/29 1620
procedure, copy to Comptroller
that
Reserve deficiencies of FRBanks, advice to all .bRBanks
Assistant Secretary of Treasury Taylor has
agreed that monthly reports be discontinued and
10/12 1868
such reports submitted annually
to form
Reserve position of member banks, data re requested
11/25 2139
basis for analysis of
advice to all presidents re
Reserve ratios of FRBanks,
elimination of item from weekly statement of
7/ 2 1295
YRBanks
system reports on B-23, advice to governors to
Retirement
report full amounts of contributions, but not ad1/2
11
ditional contributions at end of year
Reports of deposits for purposes of reserves, letter to Mr.
Wood and copies to other FRAgents re banks not
showing allowable deductions and advising that
reports should be submitted showing information
1/31
263
called for
Salaries of officers of FRBanks, informal consideration, letter to FRBanks advising that Board believes it
desirable to adopt procedure for, in advance of
11/23 2111
formal action on recommendations
officers and employees of FRBanks, forms
Salaries of
X-9746-a-b-c for submitting lists of officers,
employees and salary changes during 1936 of
11/23 2112
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54
Circulars: (Continued)
Board of Governors: (Continued)
Sick leave, letter to Governors re recommendation of Governors' Conference for formulation of definite
policy re, by FRBanks, and stating that it will
be satisfactory to Board if cases involving extended leave with pay are approved by executive
comuittee and reported to Board of Directors
2 11
/
certificates of deposit renewed within ten days after
Time
maturity, Board waives requirement for payment
of interest for intervening period that certificates be postdated to maturity date
5/18
Transit clearing through Interdistrict Settlement Fund in
even thousands of dollars, advice to FRBanks that
Presidents' Conference will consider
11/28
Trust funds, uninvested, acceptance of deposits of, by
FRBanks, letter to all presidents re action of
Governors' Conference and requesting views of
FRBanks
4/15
Letter to 1RBanks authorizing them to accept deposits of,
under special safeguards, not authorized to receive from nonmember banks
9 9
/2
"Verification of Financial Statements", advice to FRAgents
that Board will not distribute any longer, as
pamphlet has been revised by American Institute
of Accountants under title of "Examination of
Financial Statements by Independent Public Accountants" and will be distributed by Institu
te
3/10
Violations of Clayton Act and Sec. 32 of Banking Act of 1933,
letter to FRBanks that Comptroller of the Currency has ceased practice of reporting in national banks
4/18
Violations of criminal provisions of banking laws, letter to
FRAgents re procedure in reporting, and that
State member banks should be impressed with importance of reporting Promptly
1/22
permits:
Voting
Agreements of national banks, amendment to eliminat
e
requirement that Board's approval be secured
for
investment changes
4/ 4
General, amendment to standard agreement, advice to
FRBanks re
12/ 7
General and limited, procedure in issuance of, advice
to
all presidents that no change will be made at
present
12/21
Vouchers covering telegrams sent over branch wires for Treasury Department, advice to FRBanks that General
Accounting Office refused to approve, procedur
e
to be followed in future
11/25
Wire transfers, recommendation of Standing Committe
e on Collections re making for nonmember banks,
their
inclusion in par list and revision of rules
and
regulations re, letter to Governors approvin
g
and transmitting revised rules and regulations
1/ 4

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55
Pages
Circulars: (Continued)
Board of Governors: (Continued)
Works Progress Administration project, study of closed
banks, letter to governors re supervision of,
at expense of FRBanks
X-letters, new procedure adopted for identification of
FRBank of Atlanta:
Interest payable on time and savings deposits in Mississippi,
copy sent to Comptroller
Reserves of member banks, reply to Governor Newton re decision not to revise and reissue circular re, in
view of scope of Regulation D
FRBank of Dallas:
Transfers, wire and mail, reply to Governor McKinney that
regulations of Board of January 3 (X-8411) related only to wire transfers, but if circular
relates also to mail, no objection to changing
liability clause
FRBank of Minneapolis:
Digest of rulings of Board and opinions of Counsel for
FRBank, contemplated distribution of, opposed by
Board
424, Collection of non-cash items, request as to action
taken on recommendation of Presidents' Conference
that it be withdrawn pending report of Committee on Free Services
Reply to Mr. Peyton that in view of saving of expenses
and of no complaints, that there is no objection
to continuing procedure pending further consideration by Presidents' Conference
FRBank of Richmond:
Membership of County Trust Company of Maryland, Cambridge,
letter to Mr. Leach that FRBank should avoid
circularizing any statement which would give impression that bank was operating as member prior
to date of authorization of license
FRBank of St. Louis:
Interest payable on time and savings deposits in Mississippi,
copy sent to Comptroller
Civil Service Commission:
Attorneys employed by Board, reply to Mr. Moyer on request for
list of, to be held until return of Mr. Wyatt
and sent if he has no objection
Leave regulations under Sick and Annual Leave Acts of March 14,
1936, request that Board designate representative to attend meeting of Council of Personnel
Administration for purpose of drawing up, to
attend as observer only
Sutton, Mrs. Blanche L., employee of Board, letter to, re resignation as precedent to reinstating her husband
in Government service, suggesting acceptance of,
as of June 1
Advice to Commission of acceptance of her resignation from
Board's staff, in connection with reinstatement
of her husband in National Park Service

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1/17
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2/ 6

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3/ 3

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7/ 2 1297

7/17

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8/27

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3/26

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(See National banks, Merchants National Bank,
Montgomery, W. Va.)
Clearing and collection:
Branch clearing balances, classification of, in computing daily
deposit liabilities for reserve reports and
preparation of condition reports, reply to Mr.
Hale and copy to all FRAgents
3/ 4
Cashier's checks, FRBanks, pledge against deposits of Treasurer
of Montana by Union Bank & Trust Co., Helena,
Mont., no objection, and instructions for showing in condition reports
/27
2
Charges imposed by Austin banks for collecting out-of-town
checks, reply to President McKinney and letter
to Mr. Riley, that such charges were made by
store and Board has no jurisdiction
8/20
Reply to Mr. Riley that legality of such charges is being
investigated
10/ 2
Circular 424 of FRBank of Minneapolis on collection of noncash
items, request for action on recommendation of
Presidents' Conference that it be withdrawn
pending report of Committee on Free Services
7/ 2
Reply to Mr. Peyton that in view of saving of expenses and
of no complaints, that there is no objection to
continuing procedure pending further consideration by Presidents' Conference
7/17
Collection items received by FRBank of Atlanta from California
concerns, reply to Mr. Parker that Board will
appreciate advice of arrangements made, and
suggestion that copies of correspondence be furnished
to Collection Committee
9/10
Commodity drafts, reply to Mr. Walsh on treatment of, in member
bank condition reports and in reports of deposits subject to reserves
4/ 3
Documentary drafts drawn upon purchasers in Puerto Rico, question
of classification as cash items in process of
collection, reply to First National Bank of
Lake
Charles, La.
6 4
/2
"Drafts...to charge member bank's reserve accounts," reply to
Mr. Helm re interpretation of, as used in Regulation D
1/14
Call report schedule item, reply to Mr. Stewart that it
means same thing
1/14
Exchange and collection charges, absorption of, reply to Senator
Barkley re provision of Regulation Q prohibiti
ng
and stating that it has been suspended
1/ 9
"In process of collection", interpretation of provision of Revised Statutes, in connection with practice of
Cleveland Trust Co.
12/11
Letter to FRBank of Cleveland re
12/18
Interdistrict time schedules, changes in, recommended by FRBank
of Chicago, approved
9/18
Interdistrict settlement fund, FRnote clearing to be made in
thousands of dollars but question of transit
clearing to be considered by Presidents' Conference
11/28


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Pages
Clearing and collection: (Continued)
Liquor drafts, collection by FRBanks, reply to FRBank of San
Francisco that facts in particular case should
be decided by FRBank and stating status of re5/27
peal of criminal provisions of law re
Administration of Sec. 239 of Criminal Code rests with Department of Justice, reply to National Wholesale
6/13
Wine and Liquor Dealers Association
Noncash collections, committee of American Bankers Association
studying resolution requesting FRSystem to cease
handling, suggestion of Mr. Allendoerfer that it
cooperate with similar committee of Presidents'
8/11
Conference
Information desired by Mr. Cook should be secured from
President Young, Presidents' Committee on Free
Services, previously discussed with Mr. Allen10/16
doerfer
of StandNonmember clearing accounts, par list, recommendation
ing Committee on Collections that nonmember
clearing institutions be included in, certain
organizations not banks also to be included,
1/ 4
approved
1/ 4
to governors re
Letter
Par remittance for checks by all banks doing commercial banking
business, reply to Mr. Moore, Indiana National
1/22
Bank, re his suggestion to require
Time schedules: (See Time schedules)
Wire transfers, report of Standing Committee on Collections
recommending inclusion of nonmember banks in par
list and revision of rules and regulations cover1/ 4
ing, approved
regulaLetter to all governors re, and revising rules and
1/ 4
tions re wire transfers
that they
Regulations of Board, reply to Governor McKinney
related only to wire transfers, but if circular
relates also to mail transfers, there is no ob2/ 6
jection to changing liability clause
of handling by
Work relief checks, report of Mr. Barnes re cost
FRBanks and calling attention to variation between maximum and minimum, referred.to Mr. Harrison as Chairman of Presidents' Conference with
suggestion that it be discussed at Transit Con11/13
ference
Closed banks, study of, as W. P. A. project, letter to governors re
1/17
supervision of, at FRBanks' expense
Code words, Chismate, covering deposits covering expenses of Issue
11/25
and Redemption Division
Cohn, Maurice M.: (See National banks, First National Bank in
Bedford, Pa.)
Coles, Blaine B., President, Trust Division of American Bankers Association: (See American Bankers Association)
Collins, James W.: (See State member banks, Tracy Loan & Trust Co.)


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Commercial banks, Government lending agencies, statement of Mr.
Ransom at meeting with Presidents that he was
interested in reducing activities of, and restoring field to commercial banks
3/16
Commission for Financial Institutions of Indiana, regulations of
Board, F.D.I.C. and State authorities re interest, reply to Chairman Batton re suggestion
for conference to reconcile differences, that
conference has been arranged with F.D.I.C. end
suggesting sending specific information and
representative
5/6
Commissioner of Banks of Massachusetts:
Exchange Trust Co., Boston, Mass., credit investigation report,
letter to Mr. McRae on request of Commissioner
for copy of "audit", suggesting that copy of report be furnished
8/ 7
Internal Revenue:
Commissioner of
Regulation re credit to holding company affiliates, reply to Mr.
Helvering commenting upon and making suggestions
as to draft of
10/19
Security Act:
Social
National banks, ruling that they are instrumentalities of U.
S. and exempt from provisions of
7/
13
State member banks, proposed letter to, requesting ruling
as to applicability of act to, sending deferred
7/31
Request of Indiana Bankers Association for ruling re
voluntary subjection to terms of
12/ 9
Committee on Direct Loans of the Associated Business Papers: (See
Committees, Direct Loans)
Committees:
Administrative Law of American Bar Association, Federal administrative court, recommended by, objections to,
Mr. Wyatt authorized to attend annual meeting
of association and prepare memo re status and
effect of proposal
8/ 4
Administrative management, information relative to Board's organization, legislative history, etc., to be
made available to representative of, at discretion of Dr. Goldenweiser
9 11
/
American Bankers Association:
Noncash collection items, committee studying question of requesting FRSystem to cease handling, end suggestion that committee cooperate with similar
committee of Presidents' Conference
8/11
Regulation U, memo prepared by subcommittee, to appear before
Board on April 22
4/17
Governors:
Board of
Calkins, J. U., charges of Mr. Giannini that he discriminated
in performance of duties, Messrs. Ransom, McKee
and Broderick appointed to review files re
2/20
Report exonerating Governor Calkins
2/20
(See also FRBank of San Francisco, Staff)


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59
Pages
C
ommittees: (Continued)
Board of Governors: (Continued)
District, supplanted by organization of Personnel Com292
2/ 4
mittee
Personnel:
Appointment of, suggested by Chairman Eccles, to consider
appointments at RBanks and branches, Board's
budget and expenditures, to replace District committees, two members to serve in rotation with
292
2/ 4
Chairman, approved
serve during April,
Broderick, X. A., to continue to
5/25 1075
May and June
given to appointments of directors
Consideration to be
at RBanks and branches and to Board's budget,
Mr. McKee designated alternate to serve when
11/25 2133
Mr. Broderick is absent
Suggestions for such appointees to be submitted to
11/25 217:4
Committee promptly
Davis, Chester, appointed for 197 and charged with
primary responsibility in developing information
re persons to be considered for appointment as
12/29 2307
Class C or branch directors
McKee, John, appointed to serve in place of Mr. Broderick
11/25 2133
when latter is absent
12/29 2307
Appointed for 1937
Members, statement of Chairman Eccles that it would be
preferable to have appointed for year, approved
and Messrs. Broderick and Szymczak designated to
7/31 1458
serve for remainder of year
of PresiRecommendations re approval of appointments
dents, First Vice Presidents, FRAgents and
deputy chairmen, transfer of certain duties of
FRAgents to operating departments, employment
2/18
365
of agents on honorarium basis, etc.
authorized to arrange for meeting of PresiChairman
dents to discuss transfer of agents' non-re2/18
372
quired functions to FRBanks
Agreed that transfer of agents' functions not required by law to operating side of FRBanks is
important element in more economical and efficient coordination at RBanks, and that position
should be placed on honorarium basis as soon as
2/26
430
possible
Szymczak, M. S., to continue to serve during April, May
5/25 1075
and June
Brownlow: (See supra Administrative management)
Direct Loans of the Associated Business Papers, study indicated
that FRBanks have not entered into industrial
44
1/ 4
loan field as effectively as possible
Market:
Federal Open
Account of FRBank of New 'York with Bank for International
947
5/ 1
Settlements, approval of reduction requested

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Federal Reserve Bank of St. Louis

60
Committees: (Continued)
Federal Open Market: (Continued)
Allotment of securities, statement re decision of committee
to retain formula for, quarterly reports to be
secured from FRBanks re unusual charge offs and
Board to endeavor to bring about uniform charge
off policy
6/ 3
Formula adopted difficult to apply, adjustments deferred,
to be made to equalize earnings for last half of
year
6/23
Bylaws, tentative draft of, to be sent to FRBanks for study
prior to organization meeting of
3/10
Discussion of
3/13
Further discussion
3 13
/
Chairman, consensus of members of Board that committee as
reconstituted March 1, should have a chairman
who should be the Chairman of the Board
2/4
Economist, consensus of members of Board that committee, as
reconstituted March 1 should have Director of
Division of Research and Statistics as
2/4
Election of representatives of FRBanks, question raised by
Mr.. Peyton as to voting, memo of Mr. Dreibelbis
that each director of FRBank is entitled to cast
a vote and form of procedure suggested, to be
sent to Mr. Peyton and to other FRBanks
2/20
Executive Committee:
Organization of, under reconstitution of Committee as of
March 1, discussion of
2/4
Replacement of April 15 maturities recommended, committee has authority but transactions will take
place after March 1, will increase FRBank earnings, approved
2/26
Letter to Governor Harrison re action
2/28
FRBank representation on, as reconstituted March 1, discussion of
2/?
Maturities of securities, shifts authorized at meeting on
January 21, approved
1
1/3
Meeting scheduled for April 30, to be postponed until May
4/21
Meeting to be called May 25
/
5 12
Meeting on November 19 tentatively agreed upon and Chairman
to ascertain if meeting of Presidents' Conference on following day is desirable
10/23
Members:
Alternates, reply to Mr. Strater and copy to other
FRBanks, re resolution of FRBank of Cleveland
that alternate attend meetings in advisory
capacity, that there is no legal provision for
attendance except in absence of principal
2/19
Amendment to FRAct tentatively proposed to change
method of selection of representatives and to
require that they all be Presidents of FRBanks
12/18
Election of, Counsel requested to submit to Board
opinion re validity of election of each, prior
to first meeting of reorganized Committee
3/ 4

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262
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1936

379

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61
Pages
Committees: (Continued)
Federal Open Market: (Continued)
Members: (Continued)
Election of: (Continued)
Advice that all four members so far elected are
presidents of FRBanks, request for opinion re
validity of election withdrawn
Election under limited authority, question raised by
FRBank of New York, memo of Mr. Dreibelbis
.
rulins that representatives may not be elected
under limited authority, copies to be sent to
all FRBanks
FRBank representation, statement of Chairman Eccles re
continued efforts to have selected from outside
FRBanks, memo of Mr. Dreibelbis re, Board should
make known opposition to, committee of FRBank
of Minneapolis had requested statement, letter
to be prepared
Statement before Federal Advisory Council of Board's
opposition and report of opposition of Senator
Glass
Election, procedure to be followed, opinion of Mr.
Dreibelbis, memo of procedure, to be sent to
Mr. Peyton And copies sent to other FRBanks
FRBank of Boston, proposed selection subject to conditions imposed in resolution, and predicated on
adoption of similar resolution by FRBank of
New York, Board holds such member must be unrestricted
FRBank of Minneapolis, committee of Messrs. Clark,
Grangaard and O'Connell to meet representatives
of FRBanks of Kansas City and San Francisco re
selection of
Report of Chairman of meeting with and desire to
elect member from outside FRBanks, memo stating
position of Board to be revised and sent to Mr.
Clark with a letter to be drafted along lines
suggested by Chairman
FRBanks of St. Louis and Chicago, letter to Mr. Stevens
in accordance with action of Board on December
28, stating that selection should be from official ranks of one of IREenks, copy to other
FRAgents
First Group, election, another should be held, in view
of attempted restrictions on such member
Fifth Group, selection of, letter from Mr. McIntosh,
Director of FRBank of San Francisco, re unsatisfactory results of meeting of directors of
other FRBanks in group at Denver
Fleming, M. I., reply to Mr. Strater re election of,
by FRBank of Cleveland as alternate and resolution that alternate attend meetings in advisory
capacity

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Federal Reserve Bank of St. Louis

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2/25

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2/11

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2/11

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/2
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2/27

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2/20

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2/19

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62

Pages

Committees: (Continued)
Federal Open Market: (Continued)
Members: (Continued)
Fleming, M. J.: (Continued)
Advice from Mr. Wayne that FRBank of Cleveland had
elected but that FRBank of Philadelphia desired
to defer election until after meeting of committee, necessary for formal action to be taken
prior to meeting
rz/ 6
518
Norris, George W., reply to Mr. Strater that election
by FRBank of Cleveland is premature as he has
not been appointed President by FRBank of Philadelphia
378
/
2 19
Copy to all other FRBanks
379
2/19
Selection subject to conditions imposed in resolution of
FRBank of Boston and predicated on adoption of
similar resolution by FRBank of New York, Board
holds such member must be unrestricted
442
2/27
Minutes, tentative draft of, for executive committee meeting on February 26, forwarded by President
Harrison
546
3/10
Open market policy, question of advising presidents not members of committee of, question is one to be considered by committee
11/18 2098
Organization of, inquiry of Mr. Broderick re holding meeting
of, after Presidents' Conference, determined to
hold latter March 16 and to have committee meeting in connection with
501
3/4
Policy record, adequacy of reasons in draft of record for
March 19 meeting questioned by Mr. Wyatt, opinion that it should not be enlarged, entry approved
5
/26 1080-2
Procedure for interim between expiration of old committee
and organization of new, letter from President
Harrison re, proposing continuance of routine
operations, Board in agreement and President
Harrison to be so advised
545
/
3 10
Regulations, tentative draft of, to be sent to FRBanks for
study prior to organization meeting of
547
3 10
/
Discussion of
567
3/13
Further discussion
569
5 13
/
Relations with foreign banks and bankers, section re authority of, eliminated from statement re, to be prepared in separate form and referred to
10/30 1970-4
Reorganization as of March 1, officers, consensus of members
of Board that Chairman should be Chairman of
Board and that there should be a vice chairman
and that Secretary and Economist should be from
Board
290
2/ 4
Representatives of FRBanks, discussion of policy in connection with selection of
2/20
389


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63
Pages
Coltnnittees: (Continued)
Federal Open Market: (Continued)
Reserve requirements, increase in, resolution renewing
202
1/24
recommendation of December 18, no action
260
1/31
of action
Advice to Committee
adopted at December meeting, reply to Governor
Resolution
Harrison approving resolution authorizing
174
1/20
shifts in maturities of government securities
Resolution adopted January 21, stating belief that action
should be taken to effect reduction in excess
reserves, no action to be taken and letter to
202
1/24
be prepared to Chairman of Committee
260
1/31
Advice to Committee of no action
Scope of authority over open market operations, including
dealings in bills payable in foreign currency,
and accounts and transactions with foreign
banks and bankers, reply to FRBank of Boston
5/15 1027
and copy to other ERBanks
Secretary, consensus of members of Board that committee as
reconstituted March 1 should have, who should
290
2/ 4
be Secretary of the Board
Vice Chairman, consensus of members of Board that Committee
2/ 4
290
as reconstituted March 1, should have
FRBank of Minneapolis:
Federal Open Market Committee member, appointment of Messrs.
Clark, Grangaard and O'Connell to meet with
representatives of nBanks of Kansas City and
2/ 6
308
San Francisco re selection of
appointment of Messrs. Clark and GranPolicies of FRBank,
gaard to visit Washington to discuss, with mem308
2/ 6
bers of Board
representation on Federal Open Market Committee,
FRBank
discussed by Messrs. Clark and Grangaard with
Chairman Eccles and request for statement re
selection from outside FRBanks, reply to be
prepared opposing and copies sent with counsel's
322-4
2/11
memo to FRAgents
FRBank of New York:
Salaries of officers, special contributions to Retirement
System and increase in maximum salary from
$12,000 to $18,000, committee to visit Board
12/23 2263
to discuss
FRBank of Philadelphia:
Appointment of President and First Vice President, meeting
with Board, memo of Mr. Morris re appointment
of Mr. Norris as President, review of Board's
policy as to appointments of men over 70 years,
re effect of Retirement System and discussion
477
3/ 3
of qualifications
3/ 3
482
succeed Mr. Norris
Mr. Butt had been groomed to
Board determines to adhere to policy, as no facts were
presented to warrant change in general policy,
committee advised, Qualifications and status of
3/ 3
482-5
Mr. Hutt and Mr. Sinclair


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Federal Reserve Bank of St. Louis

64
Committees: (Continued)
FRBanks:
Executive:
Personnel of, proposal that Board suggest amendment to
by-laws (1) that committee shall consist solely
of directors and (2) that chairman of board
shall be chairman of, voted that only (1) be
suggested
Rates, rediscount, proposal that Board suggest to
FRBanks the elimination of provision from bylaws
authorizing fixing of such rates by committees,
voted that it not be suggested
Reply to Mr. Walsh that there is no objection to
making provision in bylaws for establishment by,
copy to other FRBanks
.MSystem:
Bank Reserves, reserve accounts of savings departments where
assets are required to be segregated from assets
of other departments, recommendation that FRBanks
carry separate accounts for, tabled
Governors' Conference:
Sick leave of employees of FRBanks, suggestion of committee
of Messrs. Hamilton and Martin that FRBank executive committee might approve, and report at
next directors' meeting, procedure will be satisfactory to Board
Standing Committee on Collections, report re making wire
transfers for nonmember banks, inclusion of
nonmember banks in par list and revision of
rules and regulations covering wire transfers,
approved, institutions maintaining nonmember
clearing accounts which are not banks
Letter to all governors re and revising rules and regulations re wire transfers
House of Representatives:
Disposition of Executive Papers, authorization permitting
Board to dispose of certain papers, letter to
Mr. Golden re method of disposition
Industrial Advisory:
ERBsnk of Atlanta:
Forsyth, A. R., reappointment for one year term
Lockett, A. M., reappointment for one year term
Milner, I. C., reappointment for one year term
Sanford, John E., reappointment for one year term
Winship, George, reappointment for one year term
FRBank of Boston:
Amory, Robert, reappointment as member for one year term
Carter, Winthrop, reappointment as member for one year
term
Creighton, Albert M., reappointment as member for one
year term, advice requested as to continuation
as chairman
Dennett, Carl P., reappointment as member for one year
term
Graham, Edward M., reappointment as member for one year

term
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Federal Reserve Bank of St. Louis

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33
0

2/11

330

2/24

414

2/18

376

2/11

333

1/4

45

1/ 4

46-9

7/ 8 1329

2 19
/
2/19
2/19
2/19
2/19

381
381
381
381
381

1/15

130

1/15

130

1/15

130

1/15

130

1/15

130

65
Pages
Committees: (Continued)
Industrial Advisory: (Continued)
FRBank of Chicago:
Epstein, Max, reappointment for one year term
Greene, Howard, reappointment for one year term
Monroe, R. R., reappointed for one year term
Moxley, George B., appointment to succeed Mr. Odell
Odell, Wm. R., Jr., noted that _MBank will elect member
to succeed on March 1
Young, George W., reappointment for one year term
FRBank of Cleveland:
Brainard, Geo. C., appointment for one year term
Davies, Daniel R., reappointment for one year term
Folsom, Edward C., reappointment for one year term
Smythe, F. A., reappointment for one year term
Swander, Dan C., appointment for one year term
FRBank of Dallas:
Cullum, T. M., reappointment for one year term
Ferguson, Lewis R., reappointment for one year term
Marsh, Will B., reappointment for one year term
Moore, Charles R., reappointment for one year term
Ousley, Clarence, reappointment for one year term
FRBank of Kansas City:
Berkowitz, Walter J., reappointment for one year
Forrester, D. Bruce, reappointment for one year
Gray, R. L., reappointed for one year
Miller, Ed S., reappointment for one year
Rooney, L. F., reappointment for one year
FRBank of Minneapolis:
Bush, John M., reappointment for one year term
Follett, C. O., reappointment for one year term
Jewett, Harvey C., reappointment for one year term
Miller, Albert L., reappointment for one year term
Wood, Sheldon V., reappointment for one year term
FRBank of New York:
Beach, Herman K., reappointment for one year term
Nelson, Arthur Cr., reappointment for one year term
Noble, Edward J., reappointment for one year term
Pouch, William H., reappointment for one year term
Reynolds, Francis B., appointed for unexpired term of
Mr. Clark and for further term of one year from
March 1
FRBank of Philadelphia:
Butterworth, J. Ebert, reappointment for year term
Chipman, John S., reappointment for one year term
McDade, John T., reappointment for one year term
Mechling, B. F., reappointment for one year term
Prentis, H. W., Jr., reappointment for one year term
FRBank of Richmond:
Dennis, Overton D., reappointed for one year term
Holtzclaw, J. G., reappointed for one year term
Manning, William L., reappointment for one year term


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332
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2/11
2/11

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332

2/19
2/19
2/19
2/19
2/19

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380
380
380
380

2/19
2/19
2/19
2/19
2/19

381
381
381
381
381

2/17
2/17
2 17
/
2/17
2/17

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359
359
359
359

2/17
2/27
2/27
2/27
2/27

442
442
442
442
442

2/19
2/19
2/19
/
2 19

380
380
380
380

2/19

380

2/26
2/26
2/26
2/26
2/26

435
435
435
435
435

2/19
2/19
/
2 19

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381
381

1

66
Committees: (Continued)
Industrial Advisory: (Continued)
FRBank of Richmond: (Continued)
Probest, George E., Jr., reappointment for one year term 2/19
Stuart, Walker D., reappointment for one year term
2/19
FRBank of St. Louis:
Finch, M. E., reappointment for one year term
2/19
Gray, Henry S., reappointment for one year term
2/19
Norris, Wm. K., reappointment for one year term
2/19
VanDyke, Jacob, reappointment for one year tern
2/19
Weil, Maurice, reappointment for one year term
2/19
FRBank of San Francisco:
Burnside, Ralph, reappointment for one year term
/
2 19
Crandall, Shannon, reappointment for one year term
2/19
Nichols, Henry D., reappointment for one year term
2 19
/
Rawlings, Stuart L., reappointment for one year term
2/19
Volkwann, William G., reappointment for one year term
2/19
Leased wire:
Recommendations of, approved, re payment by Board for
its
messages, transfer of Washington operators to
Board's payroll, etc.
3/26
National Bureau of Economic Research exploratory committee, request that Dr. Goldenweiser serve on, to attend
meetings informally
91
/8
Personnel, Board, to supplant district committees
2/ 4
Personnel classification plan, revised personnel classification
plan recommended by sub-committee, approved
3/24
Presidents' Conference:
Collection, items received from California concerns by
FRBank of Atlanta for collection, suggestion
of
Board that copies of correspondence re, be furnished to
/
9 10
Destruction of Records of FRBanks, report, final, received,
recommendation of Mr. Smead that action be
deferred pending consideration by Presidents'
Conference, approved
7/ 9
Free Services:
Noncash collection items, resolution of A. B. A. recommending discontinuance of handling by FRBanks,
information requested by Mr. Cook to be secured
from President Young
10/16
Report by Mr. Broderick that cammittee is considering
free services, assisted by Mr. Smead
7/ 7
Snead, E. L., resolution recommending assignment to
assist committee, noted with approval
7/ 2
Leased Wire, teletype machine test, letter to President
Schaller as chairman, referring recommendation
of A. T. & T. re use of page machine in preference to tape machine
11/11
Services of FRBanks rendered free of charge, committee appointed to review with view to possible curtailment of
3/17
Standing cannittees of Governors' Conference reappointed
as committees of
3 17
/


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Pages
C
ommittees: (Continued)
Senate:
Interstate Commerce:
Folsan, George H., Assistant Examiner, detail to, extended for six months at request of Senator
Wheeler
Reply to Mr. Lowenthal that Board cannot extend
loan of services as requested but will request
that he hold himself available for consultation
with his successor
Report of Mr. Ransom re insistence of Mr. Lowenthal
and Mr. McConnaughey re extension of arrangement
for services of, question of necessity, part
time arrangement authorized
Mr. Lowenthal agrees to arrangement, Mr. Folsom
will not participate in any way in hearings conducted by Committee
Malone, C. T., FRExaminer, letter to Mr. Lowenthal refusing to extend period of loan of services to
committee
Investigating Munitions Industry, release of documents
copied from Board's records, approved
Select, on Investigation of Executive Agencies, letter to
Chairman Byrd furnishing data re information
furnished by Board to public
Special Committee on Federal Organization, chart of functions and activities of Board and annual expenditures for 1935 sent to Senator Byrd under
S. R. 217
Standardization of Bank Report Forms:
Uniform condition report form, request from Mr. Harr for
attendance of Mr. Smead at meeting, Messrs.
McKee and Davis to discuss with Mr. Crowley
the formation of a committee by Board,Camptroller and F.D.I.C.
Report of Mr. Davis re Mr. Crowley's position, indication that failure of Board to participate would
be interpreted as unwillingness to cooperate
with F.D.I.C., Board not willing for Mr. amead
to attend for reasons of established policy
Trust investment, appointment by president, with advice and consent of directors, reply to Riggs National
Bank, Washington, D. C., that method complies
with Regulation F
Commodity drafts, treatment of, for purposes of member bank condition reports and reports of deposits subject
to reserve, reply to Mr. Walsh re
Competition of Government lending agencies in western farm States,
desire of Federal Advisory Council to discuss,
Mr. Davis to be prepared to discuss and to arrange to invite Mr. Myers if desirable


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Comptroller of the Currency:
Address before California Bankers Association, reply to Mr. Young
and advice to FRAgents re effect on right of member banks under investment securities regulation to purchase bonds convertible into stock
only at option of holder
6/ 5
Barse, George P., suit to enjoin Board members and others from
further exercise of right to coin money and
regulate value thereof, consulted by Mr. Wyatt
in connection therewith
10/ 9
Branch banks, capital requirements, advice to FRBanks that
Board will follow Comptroller's interpretation
of law re, where there is more than one branch
in a place other than head office town
12/ 2
Condition reports of national banks, new policy adopted of furnishing forms for, well in advance of call,
Board adopts similar policy
8/ 1
Division of Issue and Redemption, transfer of employees of, to
his payrolls, letter re
4/14
Reimbursement for expenses of, letter to, calling attention
to temporary appointment of Mr. Rusch as Chief
and requesting early advice re proposal as to
11/ 5
Payment to become effective at close of November 30, appointment of Mr. Rusch extended to that date
11/16
Resolution effecting transfer, letters to Comptroller, to
employees of division, and to all FRBanks re
procedure, expenses to be prorated
11/25
"Federal Laws Affecting National Banks," memo of Mr. Vest
recommending publication of statement re, in
FRBulletin and that FRBanks be advised of depletion of stock, approved
9/25
ninotes, request that he place order for printing with Bureau
of Engraving and Printing, for fiscal year ending June 50, 1937
6 18
/
Fiduciary powers for small national banks in competitive situation, not willing to grant application of First
National Bank of Christiansburg, Va., Board
to
adhere to original position, to confer further
8/11
Report of Mr. Ransom re position of, file to be recirculated
and considered again
8/27
Guarantee of signatures on stock certificates authorizing transfer of stock by member banks, suggestion that
Board consider what effort might be made to stop
practice
8/11
Investment securities, limit of 10% imposed by Sec. 5136, R.S.,
on amount a bank may hold of one "obligor or
maker", advice to 11RBanks and Mr. Evans re conclusion of, as to inclusion in
term of another
corporation which has guaranteed
obligations,
a parent corporation or lessor corporati
on
7/13
Johnson, H. S., proceedings for removal as officer
of Point
Pleasant National Bank: (See Removal of officers and directors)

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Pages
Comptroller of the Currency: (Continued)
Kelly, L. A., Attorney, present at hearing of Mr. Johnson by
Board re removal as officer of Point Pleasant
12/29
National Bank
Loans on government securities, letter of Mr. Von Windegger
referring to illogical restriction of limita1/28
tion on, referred to
ler giving
Regulations, investment securities, reply to Comptrol
comments and suggested changes in connection
1/27
with proposed revision of
Removal of officers and directors:
Johnson, H. S., Point Pleasant National Bank, Point
Pleasant, W. Va., certified to Board for removal under Sec. 30 of Banking Act of 1933,
9/18
Board to consider sending notice by Sept. 22
has accepted certifiAdvice to Comptroller that Board
cate in case of, and notifying of hearing to be
9/21
held October 22
30, feeling of, that procedure
Proceedings under Sec.
lies with Board after certification of facts to
Board, hearing of Mr. Johnson postponed pending
return of Comptroller and definite settlement of
11/ 2
procedure
of right
Suit to enjoin, and Board members from further exercise
to coin money and regulate value thereof, belief that it should be made test case of consti10/ 9
tutionality of FRAct
rulings, Board unwilling to permit preparaSummary of Board's
/
6 18
tion and distribution of
deposited in banking department, general question of
Trust funds
waiver of requirement for deposit of security
for, to extent to which such funds are subject
to insurance referred to, with suggestion re ad4/ 8
visability of amendment to Sec. 11(k) of FRAct
Uniform condition report form, advice that representation had
been withdrawn from Permanent Committee on
Standardization of Bank Report Forms, Messrs.
McKee and Davis to discuss with Mr. Crowley the
formation of a committee by Board, Comptroller
11/12
and F.D.I.C. to consider
e that invitaMr. Crowley had agreed to suggest to committe
11/13
tion be extended to, to participate.
32 of Banking Act of 1933,
Violations of Clayton Act and Sec.
letter to FRAgents that Comptroller has ceased
4/18
practice of reporting, in national banks
Condition reports:
Affiliate in liquidation, reply to FRBank of Minneapolis that as
liabilities of First National Bank of Princeton
are practically discharged, Metals Bank and
5/21
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Condition reports: (Continued)
Affiliates of State member banks:
Arrow Coal Corporation, publication not to be required as
of November 1 by Colonial Trust Co., Pittsburgh,
due to misinterpretation of terms of waiver
220
1/27
B. M. C. Durfee Trust Co., Fall River, Mass., failure to
submit, and statement that it will withdraw from
membership rather than publish, not required to
publish under terms of waiver, certain figures
should be reported
10/22 1931
Badger State BAnk, Milwaukee, Wis., extension of time granted
for filing
316
2/ 7
Consolidated Land Co., report not subject to waiver, Bank
of Hartsville, S. C., will not be required to
submit report as of November 1
42
1/ 4
Hutchinson Oil and Gas Co., Hutchinson State Bank, Hutchinson, Kansas not to be required to publish report
of, as it was unaware of affiliation and it has
now been terminated
534
3/ 7
Meadow River Coal and Lumber Co., submission of report by
Bank of Rainelle subject to terms of waiver
42
1/ 4
New England Trust Co., Boston, Mass., reply to FRhank of
Boston on question of waiver of reports of certain business trusts
12 9 2311
/2
New York Trust Co., New York, N.Y., reply to Mr. Gidney
that reports may not be waived under provision
re holding of stock in fiduciary capacity
6/ 1 1110
Realty Investors, Inc., report from Bank of Hartsville,
S. C., not received until after date of Board's
letter, submissipn of report as of November I
not to be required
42
1/ 4
Toledo Trust Co., Toledo, Ohio, reports of three, reply to
Mr. Fletcher re failure to make, but as affiliation has been terminated, no further question
will be raised re
375
2/18
Tracy Corporation, reply to Tracy Loan and Trust Co. that
organization is an affiliate and question of
publication of reports depends upon applicability of terms of waiver
166
1/20
of, ruling proposed to be issued by Board re, letter
1,1aiver
to Comptroller asking his concurrence
5/21 1064
clearing balances, classification of, in preparing reBranch
ports, reply to Mr. Hale and copy to FRAgents
3/ 4
505
Cashier's checks, FRBanks, instructions re showing by Union
Bank and Trust Co., helena, Mont. of those
pledged for deposits of Treasurer of Montana
2/27
450
Chase Bank, New York, N. Y., foreign branch figures obtained
from reports submitted by branches
2/28
454
Commodity drafts, reply to Mr. VJalsh on treatment of, in member
bank condition reports
738
4/ 3
Dividends, unpaid, request of state btreet Trust Co., Boston,
Mass., for change in item re, Board will consider and has no objection to inclusion of explanation
787
4/10

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Pages
Condition
reports: (Continued)
Drafizon FRBanks outstanding, reply to Mr. McAdams re method
of First St. Joseph Stock Yards Bank, South
St. Joseph, Mo. of reporting, not in agreement
with books
Farmers and Merchants Bank, Provo, Utah, failure to show General
Assets Co. properly as affiliate, brought within
general terms of waiver
Loans to real estate subsidiary, wholly owned, request of Union
Trust Company of Maryland for amendment to membership condition requiring publication of,
as separate item, referred to Mr. McKee
Member banks, "branch clearing" accounts, classification in,
ruling to be published in FRBulletin
Mercantile-Commerce Bank and Trust Co., St. Louis, "Foreign
and domestic bills maturing" included in "other
assets" in December report, reply to Mr.
Stewart re
National banks:
Call as of December 31
Call as of March 4
Call as of June 30
Form for next call, changes to be contained in
Nonmember banks:
Bank suspensions study, Mr. Smead authorized to negotiate
with F.D.I.C. for use of records of, in connection with
Citizens and Southern Bank of South Carolina, item in published statement "Corporate stock including
FRBank stock", likelihood of creating erroneous
impression
Ohio public funds shown by some banks under time classification
whereas State law prohibits depositing in time
accounts, reply to Mr. Fletcher re

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Publication:
Citizens State Bank of Westbrook, Minn., to be advised that
single publication will be accepted by State
and Board in future, one of reasons given for
337
2/12
withdrawal from FRSystem
Mansfield, Ohio, report
Farmers Savings and Trust Company of
showed uninvested trust funds under miscellaneous
rather than deposit liabilities, resubmission
248
1/30
not to be required
Company of Newark, Ohio, report showed uninNewark Trust
vested trust funds under miscellaneous rather
than deposit liabilities, resubmission not to be
248
1/30
required
H,
Newspapers not conforming to definition in Regulation
proposed reply to Mr. Sargent re, referred to
6/ 2 1116-8
Mr. Szymczak for discussion with former
of disseminating
Papers which do not conform to requirements
news of general interest, letter to Mr. Clerk re
264
publication in specializing Daily Commercial News 1/31

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72
Condition reports: (Continued)
Publication: (Continued)
Papers not having circulation required by Regulation H,
question raised in 12th District, action deferred and matter referred to Mr. Ransom
7/ 7
Mr. Ransom to discuss with representatives of F.D.I.C.
and the Comptroller of the Currency, no further
action by Board at this time
7/15
State banking departments of Montana, Minnesota and South
Dakota have agreed to accept reports on Board's
form, Wisconsin and Michigan cannot accept, reply
to Mr. Peyton re, and re his suggestions for
securing uniform report form
1/30
Utah, extra copies of form 105e to be furnished State banking department of, to bring about single publication
6/ 1
Report form, revision of, to require showing of indirect ownership of other real estate, advice to Mr. Fry
1/7
State member banks:
"Amounts due to FRBank (transit account)" in December call
report, reply to Mr. Stewart that it is same
as "drafts...to charge member bank's reserve account" under Regulation D
14
1/
December 31
Call as of
1/6
Call as of March 4
3 16
/
Call as of June 30
7/ 3
Extension of time for completion of, by banks in flooded
areas
3/24
Farm loans and real estate owned, replies to Secretary of
Agriculture and Farm Credit Administration
that
Board will call for, in next report, consideration to be given to inclusion of items in proposed standardized call report form
5/19
Form 105, memo from Mr. Smead proposing chances in for
next call, to be made also on national bank reports, 105e to be revised similarly if approved,
approved
2/10
Forms and instructions:
Forwarded to FRBanks for next call
3/7
Forwarded to FRBanks for next call
6/ 5
Recommendation of Mr. Smead that they be furnished to
banks well in advance of call, in accordance
with new policy of Comptroller, and that forms
be reprinted without change except as to elimination of items for Department of Agriculture
and Farm Credit Administration, approved
8/ 1
Forwarded to bliBanks for next call
8/28
Forwarded for use in Fall call, which was not made, to
be used on year-end call, information called for
in form 105-f to be submitted at mid-year and
end of year calls
12/ 1
Preferred stock, with different retirable value from par
value, showing of, F.D.I.C. provides for memorandum item on, and proposed revised uniform
call report has similar provision

/
6 17
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Pages
Condition reports: (Continued)
State member banks: (Continued)
Publication:
Papers which do not conform to requirements of disseminating news of general interest, letter to Mr.
Clerk re publication in specializing Daily Commercial News
State requirements, advice to FRAgents that where items
required by Board are also included in, one publication will suffice
Advice to FRAgents not to inform State member banks
of Board's decisions re single publication to
satisfy Board and State requirements
State Commissioner of New Jersey desirous of a
rangement whereby single publication may be made
for both Board and State
Real estate loans, reply to National Bureau of Economic Research giving reasons Board is not willing to
call for commercial and residential urban clessifications
Reserves for dividends payable in common stock, manner of
showing on Form 105
Uniform printed form:
Permanent Committee on Standardization of Bank Report Forms,
request for attendance of Mr. Snead at meeting,
Messrs. McKee and Davis to discuss with Mr.
Crowley the formation of a committee by the
Board, Comptroller and F.D.I.C.
Report of Mr. Davis re Mr. Crowley's position, indication that failure of Board to participate would
be interpreted as unwillingness of Board to
cooperate with F.D.I.C., Board not milling for
Mr. Smead to attend for reasons of established
policy
Weekly FRBank statement, national bank note liability assumed
by Treasury, item changed to "Treasury Currency"
Conferences:
Auditors:
Meeting of, letter to President Harrison agreeing with recommendation re calling and suggesting date, request for preliminary program
Surveys proposed to be made of auditing function of each
FRBank and inter-exchanged prior to meeting
which should be postponed until November, letter to President Harrison re
Board of Governors, insurance writing by member banks, Board to
confer with Mr. Wood re applications of St.
Louis banks for fiduciary powers in order to
continue
To be held November 30
Counsel of FRBanks, recommendation of Mr. Wyatt that one be called to consider legal questions and particularly
those arising out of case of Fletcher-American
National Bank v /RBEink of Chicago, approved

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74
Conferences: (Continued)
Exminers, statement by Mr. Broderick of belief that conference
should be held in Fall
7/ 7
Letters to FREanks re calling of, and re persons to attend,
tentative program to be drawn up and submitted
to FRBanks, trust exminers to meet separately
most of time
8/27
Meeting to be held October 26, advice to all FRBanks, tentative progrm to be forwarded
9/25
Governors:
Postage surcharge on currency and securities shipments,
letter to Governor Calkins re recommendation
that Board endeavor to have Postal authorities
discontinue
2/20
Sick leave, letter to Governors re recommendation for formulation of definite policy re, and stating that
it will be satisfactory to Board in cases of
extended leave with pay if approved by Executive
Committee and reported to Board of Directors
2 11
/
Uninvested trust funds, acceptance of deposits of, by
FRBanks, letter to all presidents re action of
conference, and requesting views of FRBanks
4/15
regulations of Board and F.D.I.C., reply to Commission
Interest
for Financial Institutions of Indiana that conference has been arranged to reconcile differences, memo of Mr. Viyatt re
5/ 6
Legislative, to be held December 22 in office of Secretary of
Treasury, of representatives of Treasury, F.D.I.
C., R.F.C., Comptroller and Board, tentative
suggestions for
/
12 18
Managers of transit departments of nBanks, statement by Mr.
Broderick of belief that conference should be
held in fall
7/ 7
Negotiations with foreign banks and bankers, to be held with
officers of FRBank of New York to work out procedure to comply with Sec. 14(g) of FRAct
9/11
Date for, Mr. Ransom to arrange for President Harrison to
came to Washington with Messrs. Sproul and
Knoke the week of October 12
9/22
Tentative agreement on date between October 14 and 17 reported by Mr. Ransom, and suggestion that first
conference be held with Secretary of Treasury
re procedure to govern relations between latter
and Board
10/ 6
Report of Chairman on conference with Secretary of Treasury
and proposed procedures, Chairman to confer
again with Secretary on October 13 and outline
to be prepared for conference
10/ 9
Meeting with Messrs. Harrison, Sproul and Knoke re proper
procedure under Sec. 14(g) of FRAct, postponed
until October 27
10/13
Memo re procedure, to be sent to Mr. Sproul in absence of
President Harrison in advance of meeting, to
meet October 30
10/27

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Pages
Conferences: (Continued)
Negotiations with foreign banks and bankers: (Continued)
Meeting of Messrs. Harrison, Sproul and Loan with Board,
discussion of memo re procedure, changes agreed
upon, section re authority of F.O.M.C. eliminated and to be prepared separately and referred to F.O.M.C., statement to be referred
10/30 1967
to Presidents' Conference
Padding subscriptions to Government securities, called by
Treasury for representatives of FRBanks to
discuss practice, Kr. Broderick and Mr. Cagle
945
5/1
to attend on May 12
to call conferPerth Amboy, N. J. banks, Mr. McKee authorized
ence of representatives of Board, F.D.I.C.,
R.F.C. and New Jersey banking authorities to
consider situation resulting from unsafe
9/ 4 1651-2
practices
of Perth Amboy Trust Co. and Raritan
Recapitalization
Trust Co., Perth Amboy, N. J., report of Mr.
McKee on meeting with representatives of State,
9/11 1682
FRBank of New York, Board, F.D.I.C. and R.F.C.
Presidents:
American Institute of Banking, statement of Mr. Szymczak
relative to participation in, and support of
10/30 1983
activities of, referred to
Bank relations reports of RBanks, question of continuation
of tabulation by Mr. Strater, memo of Mr.
Szymczak re, requested to prepare draft of form
and letter to FRBanks calling for such infor8/ 4 1473
mation
Letter requesting reports, and also reports covering
information gathered during trips through dis8/25 1582
tricts
Federal savBuilding and loan associations, particularly
ings and loan associations, advice requested
from conference if they are substantial com605
3/17
petitors of member banks
3/17
608
is no substantial competition
Opinion that there
3/17
608
re
Statement
Coin and currency shipments to nonmember banks, reply to Mr.
Strater that Board notes with approval action
6/23 1223
of Governors' Conference on October 23, 1935
Collection of non-cash items, circular 424 of RBank of
Minneapolis, letter to Mr. Peyton requesting
action on recommendation that it be withdrawn
7/ 2 1297
pending report of Committee on Free Services
expenses
Reply to Mr. Peyton that in view of saving of
and of no complaints, that there is no objection
to continuing procedure pending further con/
7 17 1399
sideration by Conference
of auditors, letter to President Harrison agreeConference
ing with recommendation re calling and suggest7/ 2 1296
ing date, request for preliminary program

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76
Conferences: (Continued)
Presidents: (Continued)
Confidence of Board in officers of FRBanks expressed by
Chairman Eccles and statement that Board desired to do everything in its power to retain
confidence of officers and directors of FRBanks
Cooperation of FRBanks and branches with Board, statement of Mr. Broderick expressing appreciation
at treatment accorded him on visits and that
there was spirit of
Counsel of _FRBanks, statement of Chairman Eccles re securing full time for all FRBanks, that such counsel could be also an administrative officer
unions, suggestion that FRBanks organize, along
Credit
lines of Board's credit union, to be referred
to, officer of Board's union night be asked to
present information re
Deposits created by deficit financing, gold inflow and
silver purchases of Government, discussion of
problems created by and whether further increase
in reserve requirements should be made
Destruction of Records of FRBanks, report of Committee on,
recommendation of Mr. Smead that action be deferred pending consideration by Presidents'
Conference, approved
Directors of FRBanks and branches, memoranda of Mr. Smead
re frequency of meetings of, and compensation
and travel expenses, sent to FRBanks with suggestion that consideration be given by
Memoranda on fees, compensation and travel allowances
for attending meetings, referred to conference
Directors' responsibilities, statement of President Harrison that Board should watch, feeling that
they are of little use under present conditions
snd ought to have information on open market
policy in acting on discount rates
Economies, discussion of earning position of FRBanks and
statement of Chaiman Eccles that dismissals
and salary reductions should be all along line,
retirements at 65 will aid
Examinations of State member banks, request of Mr. Szymczak for consideration of uniform policy for
absorption of expenses of
Expenses of Board, question of Mr. Fleming if Board has
made any change re, statement of Mr. Eccles
re expanded activities
Federal agencies having supervision over banks, statement
of Chairman Eccles that one of important tasks
of future was unification of
FRAgents, Chairman Eccles authorized to arrange for meeting,
to discuss plan to transfer all functions of
IRAgents not required by law, to operating department of FRBanks with view to
reduction in
expenses and increase in efficiency

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Pages
Conferences: (Continued)
Presidents: (Continued)
FRAgents, transfer of duties: (Continued)
Agreed that transfer of functions was important element
in more economical operation and efficient
coordination at FRBanks, and that position
should be placed on honorarium basis as soon
2/26
as possible
Statement of policy re transfer to operating departments of FRBanks, if not satisfactory, functions
could be returned to agents, approval of ex3/16
aminers would still rest with Board
Reply of Chairman Eccles to inquiry re date of, that no
definite time could be fixed but should be as
3/17
soon as possible
Statement of Chairman Eccles that results of transfer
to FRBanks had justified position of Board and
that Presidents had been brought into closer
11/18
contact with Board
FRBanks' relations with Board, inquiry of Mr. Morrison as
to state of and any steps that migbt be taken to
improve, 17 points presented by Presidents as
basis for improved relationships, statement by
Chairman Eccles re proposed visits of Board
3/17
members to FRBanks
FRSystem, statement of Chairman Eccles that future was more
secure than for several years and while stock
was owned by member banks, the banks were
created for public benefit and they had opportunity to enhance prestige by acting in public
11/18
interest
Gold imports, question raised as to possibility of steriliza11/19
tion of, difficulties pointed out
Government securities, sale of snail amount of suggested by
President Newton if reserve requirements are
further increased, to offset theory that system
11/19
holdings represent "frozen assets"
Inflation, query of Chairman Eccles as to continued fear
of, opinion that feeling is more quiescent,
there is some hedging but funds available for
mortgage financing and no lack of long term
3/17
credit
Interest rate, maximum, under Regulation Q, advice requested
from conference as to desirability of lowering,
and as establishing differential in different
parts of country and as to advisability if F.D.
3/17
I.C. does not take similar action
3/17
Opinions expressed re
3/17
Statement re
Leave, sick and annual, of employees of FRBanks, question of
3/17
following practice of government


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78
Conferences: (Continued)
Presidents: (Continued)
Meetings:
To be held as soon as practicable after March 1
/2
2 9
Inquiry of Mr. Broderick re calling, to be called March
16
3/4
Meeting held
3/16
To be held soon to review results of surveys of FRBanks'
organizations
3/17
called to consider reorganization surveys and
To be
transfer of FRAgents' non-statutory duties after
F.O.M.C. meeting on May 25
5/12
November 20, Chairman to ascertain if Presidents desire,
as it is day following that tentatively agreed
upon for meeting of Open Market Committee
10/23
Board meeting adjourned to meet with
11/18
Membership in FRSystem, inquiry of Mr. Morrison if Board
is making it difficult for State banks to enter
and if so, how obstacles may be removed, feeling
expressed that reasons for failure to apply are
beyond Board's control
/
3 17
Open market policy, question of advising presidents not
members of F.O.M.C. or only alternates re, one
to be considered by F.O.M.C.
/
11 18
Organization of, along lines of Governors' Conference, suggestion of Chairman Eccles that presidents might
wish to hold a separate meeting for purpose of
3/16
Reported by President Harrison, along lines of old Governors' Conference, his election as Chairman
and Mr. Strater as Secretary reported, all
standing committees of Governors' Conference reappointed
3/17
Organization and personnel of FRBanks, letter from President Harrison re action in requesting Board to
alter policy statement intimating that FRBanks
are not operated economically and efficiently,
and reviewing considerations involved
7/ 7
Advice to President Harrison of action
7/11
Policy statement of Board re economy and efficiency at
FRBanks, statement of President Harrison that
there was contained implication that FRBanks
were not economically and efficiently operated
3/17
Conference to be given opportunity to review statement
and address letter to Board if desirable
3/17
Presidents and First Vice Presidents of FRBanks, statement
of Board's policy re appointments
3/16
Statement of :Mr. Broderick re
3/16
Program for March 16 meeting, topics to be submitted to Mr•
Clayton for preparation of
3/ 4
Program for November meeting completed, report of, and advice of actions to be transmitted to Board in
minutes
11/18


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Pages
Conferences:

(Continued)
Presidents: (Continued)
Regulation U, Board desires advice as to desirability of
issuing and as to margin formula, feeling of no
need for issuance at present, should be in
simple form with simple formula for margin requirements, exemption of small accounts sug605
3/17
gested
Mr. Wyatt of whether Board
Statement re, and review by
608
3/17
is required to issue Regulation U
of, feeling of Mr. Morrison that it should not
Issuance
598
3/16
be issued until absolutely necessary
with foreign banks and bankers, procedure adopted
Relations
at conference with Messrs. Harrison, Sproul
10/30 1974
and Logan referred to
Research activities of FRBanks, to be reviewed to eliminate
duplications, Board's Division of Research and
594
3/16
Statistics will have to be enlarged
Reserve requirements of member banks, Board desires advice
from conference as to possible increase in,
and as to class of banks to which it should ap605
3/17
ply
Opinions expressed re, and as to possible amount of any
increase, statement of President Harrison re
situation and that action should be preventive,
not corrective, favors reduction in discount
606-7
3/17
rate in conjunction with
608
3/17
Statement re
Discussion of further increase in requirements and effect
of August increase, Presidents not members of
F.O.M.C. asked opinions as to form of further
11/19 2103
action
subDistribution of reserves such as to meet further
stantial increase in requirements, Board study11/19 2103
ing
Board and FRBanks resulting from recent
Responsibility of
legislation, statement of Chairman Eccles re,
transfer of FRAgents' nonstatutory duties to
presidents and that Board will request survey
/
3 16
590-1
of FRBanks' organizations
Earning position of FRBanks and possible economies,
dismissals and wage reductions should be all
along line and retirements at 65, suggestion of
classification plan for officers, policy re
3/16
591-2
salaries
Retirements of employees, request of FRBank of Cleveland for
establishment of uniform policy whereby each
FRBank would be authorized to expend up to $100
12/ 4 2165
for a remembrance, referred to
Fleming and copy to Chairman of PresReply to President
/
12 11 2210
idents' Conference


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PageS

Conferences: (Continued)
Presidents: (Continued)
Review by Mr. Goldenweiser of recovery movement, credit conditions, inflow of foreign funds, excess reserve
situation and question of reversing easy money
policy
11/19 2101
Review of present situation by John H. Williams, stating
that further stimulation of recovery is now unnecessary, easy money policy should not be reversed, but care should be tsken not to cause
any maladjustments in economic structure
11/19 2102
Salaries of employees of FRBanks, query of Mr. Fleming as
to proceeding to fix in accordance with new personnel classification plans, banks should consider independent of, as Board has not taken
action re
11/18 2100
Salaries of officers and employees of FRBanks, review by
President Harrison of previous consideration
of, reply of Chairman Eccles that policy statement of Board had not been indictment of salary
policies of FRBanks
602
3/17
rendered free of charge by FRBanks, committee apServices
pointed to review, with view to possible curtailment of
601
3/17
Snead, E. L., resolution recommending assignment to assist
Committee on Free Services, noted with approval
7/ 2 1297
Statement of Mr. Broderick re appointments of presidents and
first vice presidents, cooperation between
Board and FRBanks, and that he will visit FRBanks
in connection with reorganization surveys
595
3/16
Statement of Mr. McKee re membership of State banks, requesting consideration of increasing, and request
that Presidents go over with him and Mr. Paulger
the examining functions of the FRBanks
597
3/16
Suggestion of Mr. Morrison that cooperation and appreciation be developed among State banks and
±RSystem
598
3/15
Statement of Mr. Ransom re decreasing Government activity
in banking field and re increasing earnings of
member banks
595
3/16
Statement of Mr. Szymczak re relations between nBanks and
public and reference to items for consideration
by Presidents
596
3/16
_bRBanks to determine means to economy and effiSurveys of
ciency, reported by President Harrison that banks
would institute and statement re expected results, feeling that there should be another conference soon re
601
3/17
Response to inquiry of President Schaller that surveys
should be undertaken immediately
603
3/17
Board would like to receive surveys as soon as completed,
President Harrison would like to see them completed in time for a conference in April
604
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81
Pages
Conferences: (Continued)
Presidents: (Continued)
Transit clearings through Interdistrict Settlement Fund in
even thousands of dollars, to be considered by
Board members to ERBanks, statement of President
Visits of
Harrison that nothing would be more conducive
to good relations between FRBanks and Board
Regulation U, between staffs of Board and F.D.I.C., may be desirable on carrying out purposes of
Transit, letter to President Harrison suggesting calling of and
outline of procedure
Snead, E. L., designated to attend meeting in New York to
prepare program for
Work relief checks, report of Mr. Barnes re cost of handling by FRBanks and variation, referred to Mr.
Harrison, Chairman of Presidents' Conference,
with suggestion that it be considered by
C°nfirmations of telegrams, mailing to FRBanks to be discontinued
No objection to FRBank of Dallas discontinuing mailing confirmations to Board
Reply to FRBank of Kansas City that Board has no objection to
/RBanks and branches discontinuing mailing confirmations
Connecticut:
Advisory Council on Banking, reply to FRAgent Curtiss that Class
A nominee at FRBank of Boston may continue to
serve if elected
Fiduciary powers of national banks, capital requirements, letter
to Mr. Case re, in connection with application
of Byram National Bank of East Port Chester,
Conn.
Pledge of collateral for trust funds in commercial department,
Board refuses to waive membership condition requiring
Reply to Mr. McRae that although Attorney General is considering questions re valid pledge and State
law may be amended, Board does not feel that
membership condition requiring should be held
in abeyance
Consolidated Engineering Co., Baltimore, to be invited to bid on
Board's new building
Bid submitted by
C°11solidations:
Ann Arbor Savings and Commercial Bank, Ann Arbor, Mich., consolidation of Farmers and Mechanics Bank, First National Bank and Trust Company of Ann Arbor and
Ann Arbor Savings Bank, membership application
approved
Bar Harbor Banking and Trust Co., Bar Harbor, Me., absorption
of Lubec Trust and Banking Co., Lubec, Me., and
establishment of branch, approved


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Consolidations: (Continued)
Citizens Bank and Trust Co., Carthage, Tenn., absorption of
Bank of Pleasant Shade, Tenn., no objection
7/23
Citizens State Bank of Sheboygan, Wis., no objection to absorption of State Bank of Plymouth and Plymouth Exchange Bank, and establishment of branch at
Plymouth
2/19
Columbus Trust Co., Newark, N. J., reply to F.D.I.C. that there
is no objection to absorption of Central Bank
and Trust Co. and establishment of branch
4/25
Trust Company of Pittsburgh, Pa., no objection to
Commonwealth
absorption of Bank of Aspinwall and Mt. Lebanon
Bank, authorized to establish branches at two
latter locations
12/30
County Trust Co., White Plains, N. Y., with Caleb Heathcote
Trust Co., Scarsdale, N. Y., no objection and
permission to establish branch at latter place
7/24
Documents to be furnished to Board in connection with, reply
to Mr. McRae as to, and re those which need not
be furnished
11/17
Easton Trust Co., Easton, Pa., merger with Easton Dollar Savings
and Trust Co. in 1932, approved
1/14
Farmers and Merchants Bank of Long Beach, Calif., no objection
to absorption of Citizens State Bank of Long
Beach and establishment of branch
2/20
First State Bank of King City, 11.0., no objection to absorption
of Ford City State Bank, Ford City, Mo.
2/21
First State Bank, Spearman, Texas, with First State Bank,
Gruver, no objection
8/13
Absorption of First State Bank, Gruver, no objection
10/10
Glen Rock Bank, Glen Rock, N.Y., assumption of liabilities and
purchase of assets of Glen Rock National Bank
1/4
State Bank, Holland, Mich., no objection to absorpHolland City
tion of First State Bank of Holland, request
clarification of details and of right of substitution of assets under reorganization plan
12/11
Lincoln-Alliance Bank and Trust Co., Rochester, N. Y., with First
National Bank and Trust Co., no objection
11/13
Street Bank, Cleveland, Ohio, no objection to absorpLorain
tion of Peoples National Bank of Lakewood
2/20
Marine Midland Trust Company of New York, N. Y., absorption of
National Bank of Yorkville in New York and establishment of branch, no objection
5/ 1
Montclair Trust Co., Montclair, N. J., absorption of Montclair
National Bank and establishment of branch, no
objection
2/27
State Street Trust Co., Boston, Mass., and Union Trust Co.,
Boston, no objection to merger, Board's approval
not required for establishment of branch within
city limits
6 12
/
Mr. Amory may serve under Clayton Act until February 1,
1939
6
/25


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Pages
Co
nsolidations: (Continued)
State Street Trust Co.: (Continued)
Legal status of State Street Trust Co. was not affected,
reply to Mr. McRae on documents which should
11/17
be furnished, and those which need not be
Tompkins County Trust Co., Ithaca, N. Y., with First National
Bank of Trumansburg, and establishment of branch 7/27
Traders Bank, Toppenish, Wash., no objection to absorption of
4/24
First National Bank of Toppenish
Trust Company of Georgia, Atlanta, Ga., no objection to absorption of affiliate, Trust Company of Georgia
9/14
Associates
Trust Company of Wyoming County, Warsaw, N. Y., membership application approved if and when Wyoming County
National Bank, National Bank of Wyoming and
12/24
North Java Company are merged
Valley National Bank, Des Moines, Iowa, absorbed by Valley
7/ 3
Savings Bank, nonmember
CoUversions:
First National Bank and Trust Company of 1st Pittsburgh, Pa.,
fiduciary power application of East Pittsburgh
Savings and Trust Co. approved upon conversion
6/23
into
Pan American Trust Co., New York, N. Y., Harbor State Bank to
convert into trust company under above title,
absorb New York Agency of Banco Nacional de
Mexico, increase capital and exercise fiduciary
12/ 1
powers, approved
Upper Avenue National Bank, Chicago, Ill., from. Upper Avenue
7/20
Bank
Cow,
H. E.: (See National banks, Second National Bank, Bucyrus,
Ohio)
Morris L.: (See Rural Electrification Administration)
'
dc/c/leY and Co., Hartford, Conn., reply to Mr. Moran re hypothetical
case presented in connection with Regulation
T as to credit extended being credit extended
altogether on registered securities, that ques7/30
tion is outside Board's province
Coombs, E. S.:
Telegraphers National Bank, St.
See National banks,
Louis, Mo.)
See National banks, First National Bank at Gallitzin,
K. A.:
e°°Per,
Pa.)
en 1.
-1
'uY, Karl IN.: (See District of Columbia Bankers Association)
Cn
-raell, F. Shepard, reply to letter addressed to Securities and Exchange Commission, stating that question relates
to brokerage business as affected by present
margin requirements and is receiving careful
7/16
study
C°11nci1 of Personnel Administration, leave regulations under Sick and
Annual Leave Acts of March 14, 1936, request of
Civil Service Cammission that Board designate
representative to attend meeting of Council for
purpose of drawing up, to attend as observer only 3/25

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Counsel, FRBanks:
Conference to be held
/2
6 3
Counsel, General, Memoranda of:
Assistant and Alternate Assistant FRAgents at San Francisco,
memo of Mr. Wingfield re possible with FRAct
in appointments as both have been desixznated
examiners
9/21
Banco Central de la Republica Argentina, memo of Mr. Dreibelbis
that inclusion of arbitrage transactions was
negotiated in accordance with authority previously granted, approved
16
9/
Bylaws:
FRBank of Chicago, revision of, submitted with memo of Mr.
Vest
2/27
.bRBank of Philadelphia, memo of Mr. Vest re revision providing that president shall be chairman of
executive committee and that Board cannot require FRBanks to adopt provisions of bylaws
3/ 6
FRBank of St. Louis, memo of Mr. Vest that as revised, are
in accordance with Board's suggestions, their
receipt should be merely acknowledged, approved 11/12
FRBanks, to be requested to prepare memo comparing differences of, and Board's suggestions of February
14 and any other matters
3/ 6
Conference with F.D.I.C. re differences in interest regulations
5/ 6
Distribution of bills and securities, memo of Mr. Owens questioning adequacy of table in weekly condition statement of iRBanks, approved and to be submitted to
Mr. McKee before becoming effective
9/29
Executive officers:
Schalk, Oscar, Comptroller of Mercantile-Commerce Bank and
Trust Company of St. Louis, opinion holding him
within classification, voted not to be
10/30
"Federal Laws Affecting National Banks", memo of Mr. Vest recommending that statement re, be published in
FRBulletin and that FRBanks be advised of depletion of stock of, approved
/2
9 5
Federal Open Market Committee, memo of Mr. Dreibelbis outlining
legislative history of FRBank representation on,
and indicating that law intends to be from
FRBank personnel and not from outside of FRBanks,
to be revised by Chairman and Mr. Ransom and
copies sent to FRAgents
2 11
/
Memo read before Federal Advisory Council and Council informed as to proposed action
2/11
Federal Open Market Committee members, election of, memo of Mr.
Dreibelbis that each FRBank director is entitled
to cast a vote and suggested procedure for, to
2/20
be sent to Mr. Peyton and other FRBanks
Election under limited authority, question raised by FRBank
of New York, memo of Mr. Dreibelbis ruling that
representatives may not be elected under limited
2/25
authority, copies to be sent to all ERBanks

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Pages
Counsel, General, Memoranda of: (Continued)
Foreign account negotiations of MBank of New York with Banco
Central de Reserve de El Salvador, memo of Mr.
Dreibelbis re violation of Sec. 14(g) of FRAct
by FRBank in not securing permission of Board
9/ 4
to conduct, letter to FRBank re
Holding company affiliate status of Shawmut Corporation and National Shawmut Bank, memo of Mr. Bauman recommending that Board decline to rule that they
3/25
are not
Indirect payment of interest on demand deposits, memo of Mr.
Owens re effect of suspension of provision of
Regulation Q on furnishing articles and services,
reply that questions of Boston Clearing House
Committee cannot be answered until Board adopts
3/ 5
definition of interest
Limited voting permit granted to First Bank Stock Corporation
to effect capital reductions, memo of Mr. Wingfield that action did not modify Board's policy
of not granting limited permits when general
1/ 4
permits had been authorized
Membership condition prohibiting exercise of unusual powers,
memo of Mr. Seitz recommending that Board cease
prescribing, suggestion of Mr. Wyatt that attention be called to necessity for securing Board's
11/ 3
permission to exercise such powers
Oaths of office of directors of FRBanks and branches and
FRAgents and their Assistants, new forms recom10/16
mended by Mr. Vest, approved and to be printed
Pledge of collateral for trust funds, memo of Mr. Seitz recommending that enforcement be no longer delayed
9/11
in Illinois, approved
Policy record entry covering meeting of Federal Open Market
Committee on March 19, memo questioning adequacy
of statement of reasons, opinion that entry
5/26
should not be enlarged
1/ 4
Chase re revision of
Regulation L, memo of Mr.
1/ 4
Regulation R, memo of Mr. Chase re revision of
Regulations re hours of duty of employees and record of over
time with report thereof to Civil Service Com6/11
mission, memo of Mr. Vest re, no action
Removal of officers and directors:
Johnson, H. S., memo of Mr. Wingfield recommending that Board
serve notice to appear on October 22 for hearing
re removal as president and director of Point
9/21
Pleasant National Bank, Point Pleasant, W. Va.
Memo of Mr. Dreibelbis presenting form of statement to
be read by Chairman Eccles at hearing of Mr.
12/29
Johnson
Reports on proposed legislation, memo submitting suggestion of
Mr. Ransom that Board adhere to practice agreed
upon on Feb. 27, 1935 re not making
4/10

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Counsel, General, Memoranda of: (Continued)
Reserves against uninvested trust funds, memo that they should
be required, overruled, not to be required
1/24
Rulings, memo of counsel recommending publication in FRBulletin
of certain
2/26
Rulings to be published in FRBulletin
3/26
Social Security Act, memo of Mr. Vest re effect on member banks
and FRBanks of proposed amendment to bring all
banks under
11/25
Trust funds, uninvested, deposits of, with FRBanks, memo of Mr.
Vest re
9/29
Trusteeship of Mr. Beavers, Assistant Cashier of MBank of Atlanta, memo of Mr. Vest re circumstances of appointment, Board opposed, he should resign
11/25
Violations of Sec. 7(c) of Securities Exchange Act of 1934 and
Sec. 5(a) of Regulation T by Manheim, Dibbern
and Co., memo re, recommending report to Attorney General and Securities and Exchange Commission, approved
3/11
special:
Counsel,
Cole, Judge, payment of fee, which had not previously been submitted to Board, in case of FRBank of Philadelphia against Ocean City, N.J., on tax anticipation note
12/ 2
Mayer, Meyer, Austrian and Platt and Mr. Adelbert Brown, employment by FRBank of Chicago as special counsel
in connection with illegal part of assessment on
building
5/6
Retained by _MBank of Chicago in contesting illegal part of
tax assessment on building
8/22
Pitney, Hardin and Skinner:
Indebtedness of Passaic Print Works, payment by FRBank of
New York of fee and expenses in connection with,
approved
12/ 2
Industrial advance to Townsend Lawn Mower Co., employment
by FRBank of New York in connection with, approved
10
11/
Taylor, Miller, Busch and Boyden, employment by FRBank of
Chicago in claim of liquidating trustees of
Fletcher American National Bank of Indianapolis
5/6
Payment by FRBank of Chicago for services in connection
with claim of liquidating trustees of Fletcher
American National Bank, approved
11/10
Court cases:
Barrett v Reuter, Illinois, reply to FRBank of Chicago re appeal to be taken in, that Board does not understand that case will affect membership condition
requiring pledge of security for trust funds
in commercial department
5/27
British American Tobacco Co., Ltd. v FRBank of New York, Covington, Burling, Rublee, Acheson and Shorb employed
to defend, fees to be submitted to Board for
approval, no objection to handling on system basis 1/10

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Pages
CoUrt
cases: (Continued)
Claim of liquidating trustees of Fletcher American National
Bank of Indianapolis against FRBank of Chicago,
5/ 6
employment or special counsel authorized
by hBank of Richmond of
Edwin Bennett Pottery Co., employment
Hinkley, Hiskey and Berger as special counsel
4/ 2
in case of, authorized
FRBank of Philadelphia v Ocean City, N. J., FRBank has not complied with Board's instructions re prior approval of fee for Judge Cole in connection with,
12/ 2
approved
Fletcher-American National Bank v FRBank of Chicago, recommendation of Mr. Wyatt that conference of
FRBank Counsel be called to consider legal
6/23
questions presented, approved
Claim of liquidating trustees against FRBank of Chicago,
7/28
to be considered at meeting of Board tomorrow
Report of Mr. Wyatt re conferences with attorneys for
liquidating trustees, authorized to continue
8/ 4
negotiations
Payment of Taylor, Miller, Busch and Boyden by FRBank of
Chicago for services in connection with, approved 11/10
11/11
Settlement of claim approved
Bank of
Litigation arising from liquidation of First National
West New York, reply to Mr. Milberg that Board
cannot comment on merits of questions involved
5/21
in
Credit Bank of Columbia, Mr.
Macklin v Federal Intermediate
1/17
Cagle to be available for trial
Francisco, FRBank to be requested to
Nordskog v FRBank of San
8/19
keep Board advised of all developments
members brought by Mr. Montgomery to enjoin
Suit against Board
further exercise of power to coin money and regulate value thereof, Board unwilling for Mr.
Wyatt to accept service for members, and to
prepare letter to Department of Justice refer10/ 6
ring matter under usual procedure
Report of Mr. Wyatt that members of Board had been served,
that he had discussed with Messrs. Barse and
Bernstein and all were agreed that it should
10/ 9
be referred to Department of Justice
Mr. Wyatt believes dismissal on technical grounds should
be sought, Comptroller believes it should be
made test case, Board agrees with Mr. Wyatt,
Chairman Eccles to discuss with Mr. Oliphant,
10/ 9
to be referred to Department of Justice
Mr. Bernstein of
Report of Mr. Wyatt that he informed
Board's position, that after consultation with
Comptroller, Secretary of Treasury referred
matter to Attorney General, basis for answer,
10/20
not to include argument re constitutionality
Eccles, in view of developments, found no need to
Chairman
10/20
consult with Mr. Oliphant

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(See National banks, First National Bank, Conawa,
Okla.)
Covington, Burling, Rublee, Acheson and Shorb, employed by IEBank
of New York to defend suit brought by British
American Tobacco Co., fees of
1/10
(See also Court cases)
Credit conditions, review of, before Presidents' Conference by Mr.
Goldenweiser
11/19
policy, reversal of easy money policy, question raised as to,
Credit
in review of Dr. Goldenweiser before Presidents'
Conference, opinion of Mr. Williams that time
has not arrived for such action
11/19
Credit unions:
FRBanks, suggestion that they organize and eliminate employees'
loan funds, to be referred to Presidents conference and officer of Board's credit union might
be asked to present information re
10/20
(See also Federal Credit Unions)
Cuba:
Silver pesos, payment for, and delivery through Havana Agency
.of sum of, to be coined by Philadelphia Mint,
no objection to transaction to be arranged
through Export-Import Bank
8/18
Cumming, Dr. Hugh S.: (See Public Health Service)
Currency:
Backing of, reply to Mr. Yeager on article by Dr. Willis
10/14
Devaluation of French franc, report of Mr. Ransom of gentlemen's
agreement negotiated by Treasuries of France,
England and U. S., President Harrison "sworn
to secrecy" on aid rendered by Messrs. Williams
and Knoke
9/26
Secretary of Treasury Morgenthau present at meeting, advising Board of steps relative to developments in
monetary agreement between England, riance, and
U. S.
9
/29
Balance of FRBanks with Bank of France, advice from President
Harrison of problem re, in view of possibility
of, he had determined to take no action
9/24
Mr. Harrison advised of nothing to add to advice, told of
views of Board and staff, reports no new developments in French situation
9/25
Gold coin and certificates held by Dallas Bank and Trust Co.,
for licensed dealer, later turned over to FRBank
of Dallas, reported to Secretary of Treasury
5/13
Government securities, reply to American National Bank, Santa,
Monica, Calif., re editorial in Los Angeles
Times that bank may secure 10010 face value for
bonds at FRBank, advising of methods of securing currency from FRBanks and various types of
loans for which bonds are eligible as collateral 8/ 7
acknowledgment of advice from Governor Tsouderos of
Greece ,
Bank of Greece that drachmae has been attached
to the pound, advice to niBank of New York
9/30

pages

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Currency:

(Continued)
Insurance on shipments of registered for account of Treasury
and other agencies, letter to Mr. McReynolds
that discontinuance of, would place risk of
5/13 1017
loss on Treasury
National bank notes, liability of outstanding, assumed by Treasury and item in weekly RBank statement changed
8/ 6 1495
to Treasury Currency
Shipments:
Nonmember banks, reply to Mr. Strater that Board notes with
approval action of Governors' Conference of
6/23 1223
October 23, 1935
Postal surcharge on, letter to Chairman of Governors' Conference re recommendation that Board endeavor
401
2/20
to have Postal authorities discontinue
Stabilization:
Gold, purchase and sale of, between stabilization funds of
U. S., England and France, report of Chairman
Eccles of action of Treasury and press release
10/12 1870-2
re, statement of Mr. Goldenweiser
Eccles and Mr. Goldenweiser and Mr.
Conference of Chairman
Gardner with Secretary of Treasury called for
10/12 1872
this evening

Daily Commercial News, reply to Mr. Clerk that publication of condition reports in, does not meet requirements of
Regulation H, as it is a specializing paper
and does not disseminate news of general interest
n irYmen's League Co-operative Association, reply to Citizens National Bank, Wellsville, N. Y., that funds of,
may not be classified as savings accounts
Daniel, Thomas H., Chief Bank Examiner, South Carolina, published
condition report of Citizens and Southern Bank
of South Carolina showed item "Corporate stock
including FIRBank stock," letter to, and one to
Mr. Leach re erroneous impression likely to be
caused
114n1els, Horace: (See National banks, Clark County National Bank,
Vancouver, Wash.)
ghton, Dr. A. D.: (See Staff of Board, Examining Physician)
u'Autremont, Hubert H.: (See State member banks, Southern Arizona
Bank and Trust Co.)
Dalri
R. L.: (See New York State Bankers Association, Group 1)
,
141Y, Edmond E.: (See Rockefeller Foundation)
1)ebentures and capital notes:
Bank of Rosalie, Wash., reduction of capital through retirement
of debentures below organization requirement
of national bank, membership could be forfeited,
no action

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Debentures and capital notes: (Continued)
Citizens State Bank, Puyallup, Wash., retirement of capital debentures, no objection
7/30
Cowlitz Valley Bank, Kelso, Wash., Board not willing to approve
retirement of capital debentures
8/19
First State Bank, Kosse, Texas, permission to retire, FRAgent advised to follow instructions in circular re reductions by banks in towns of 3000 or less to
below 00,000
1/31
Floral Park Bank, Floral Park, N. Y., retirement of notes would
reduce capital below requirement, letter to
_MBank of New York re
11/25
Ohio Citizens Trust Co., Toledo, Ohio, permission granted to retire portion of capital debentures, and advice to
R.F.C.
7/27
Peoples Bank and Trust Co., Seattle, Wash., action deferred on
retirement of capital debentures
8/21
No objection to retirement of debentures in view of program
to conserve earnings and recoveries
11/12
Reductions:
Authority granted to FRAgent at Minneapolis to approve, transferred to President
8/29
State member banks in towns of 3000 or less, reply to Mr.
Case that instructions in letter X-9475 does not
have reference to reductions in, sold to others
than R.F.C., but does apply to preferred stock
2/13
State member banks:
Retirement by
Capital, letter to all HRAgents that banks in towns of 3000
or less, where capital is brought below 00,000
but is 425,000 or more, Board will not consider
violation of FRAct
1/31
First State Bank, Kosse, Texas, FRAgent advised to handle
application for retirement of debentures in accordance with policy
1/31
Permission is not required where capital is correspondingly
increased, reply to Mr. Fletcher that X-9480
makes applicable to all banks, and does not
modify X-9048 authorizing FRAgents to approve
certain reductions
/
2 13
Security Bank and Trust Company of Owatonna, Minn., retirement
of debentures issued to R.F.C., approved
5/16
Debts:
"In process of collection", letter to Comptroller re interpretation of Sec. 5204, R.S., where Cleveland Trust
Co. places past due debt in hands of committee
for constant and active attention, requesting
views
12/11
Letter to FRBank of Cleveland re
12/18
Deferred certificates of deposit: (See Membership in FRSystem,
Eligibility, Certificates of beneficial interest)


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D
efinitions:
Executive officers, protest against inclusion of inactive officers in, under Regulation 0, Mr. Morrison not
in agreement with definition, matter referred
3/ 4
to him
Interest, subsection l(f) of Regulation (.4:
9/10
Federal Advisory Council, discussion of
10/ 6
Mr. Ransom to recommend that it be placed in effect
Federal Advisory Council to be asked for advice re, as
10/20
used in
Letter and memoranda sent to Mr. Lichtenstein in accordance
10/27
with
Statement of Mr. Broderick of hope that Board will make effective, regardless of what effect it might
11/12
have on membership in System
Recommendation of Mr. Ransom that it be made effective, discussion of inclusion of prohibition against absorption of out-of-pocket expenses, to be made
12/11
effective February 1, 1937, letter to F.D.I.C.
(See also Regulation CO
Savings deposits, discussion of question of altering, in view
of situation as to funds of labor unions, Counsel to prepare definitions permitting classification (1) only of individuals' savings and
(2) funds of organizations not operated for
profit, Counsel also requested to consult F.D.
7/28
I.C. and Board's staff
Consideration suggested by Mr. Ransom before departure of
Chairman, no urgency and Chairman willing to be
7/31
considered as concurring in any decision
FederaLAdvisory Council, discussion of
91
/0
Revision of, advice to F.D.I.C. that Board is considering
9/12
Liberalization of, in Regulation C6 Mr. Ransom to recommend 10/ 6
Regulation Q, Federal Advisory Council to be asked for advice re, as used in
10/20
Letter and memoranda sent to Mr. Lichtenstein in accordance
with
10/27
Federal Advisory Council recommendation preferring retention
of present form, or failing that, liberalization
of provision, discussion of
11/17
(See also Regulation 0
"Suitable audit", Regulation F, Sec. 8, reply to Prentice-Hall
that Board cannot define precisely, but giving
general principle
11/10
De
nver Post Employees Credit Union, reply to Mr. Chapin that deposits of may not be classified as savings accounts
3/21
LePartnent of Agriculture:
Condition reports of State member banks, items for information
of, to be omitted from fall call
8/ 1
bepartment of
Financial Institutions of Indiana, certificates of deposit, reply to Mr. McKinley re forms of, submitted
5/27

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Department of Justice:
Loan to examiner of F.D.I.C. by bank under Title II of Federal
Housing Act, reply to FRBank of Cleveland that
Department has not ruled on applicability of Sec.
22(a) of FRAct
9/29
Suit brought to enjoin Board from exercise of currency powers to
be referred to
10/ 6
Discussed by Mr. Wyatt with counsel for Secretary of Treasury and Comptroller, agreed that it should be
referred to, letter to be prepared to Attorney
General
10/ 9
Violations of criminal provisions of banking laws, letter to
FRAgents re procedure in reporting, and that
State member banks should be impressed with importance of reporting promptly
22
1/
Department of State:
League of Nations financial committee, cablegram of Secretary
Hull transmitted by Mr. Livesey re desire of
League secretariat for American representation,
suggestion of Mr. Riefler, Board not willing for
Mr. Williams to serve while connected with FRSystem
/
12 18
Mr. Williams not to be considered further, Kr. Riefler to be
proposed as alternate to Mr. Norman Davis, report of Chairman re discussion with President
Harrison re
12/29
Depositaries:
Rural Electrification Administration, reply to Mr. Cooke that
Board cannot release confidential information
re financial responsibility of member banks designated as, outline of assistance Board may
render
11/ 6
Deposits:
Borrowers in "Installment Plan Account" in Homewood Bank at
Pittsburgh, Pa., reply to Mr. Anderson that such
deposits constitute deposit liability and are
subject to reserves
7/11
"Branch clearing" balances, reply to FRBank of San Francisco
re classification in call reports and in computing reserves
3/4
Ruling to be published in FRBulletin
3/26
Cashier's checks, pledge of ERBank's against funds of Treasurer
of Montana by Union Bank and Trust Co., Helena,
Mont., no objection and instructions for showing
in condition reports
/27
2
Certificates of, forms, reply to Department of Financial Institutions of Indiana re those submitted and letter
to all ERAgents re rates of interest noted in
forms published in November, 1933, 1RBulletin
5/27
Certificates payable after claims of depositors and creditors
but before payment of dividends or distribution
of assets, letter to FRBanks re effect to be
given to in determining eligibility for membership
1/ 6

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De
posits: (Continued)
"Checkmaster Plan", used by National Safety Bank and Trust
Company in New York, N.Y., reply to Mr. Vogt
that Board does not know that plan violates
any laws which came within jurisdiction of
5/21
Board
Union Bank and Trust Company of Los
Christmas club accounts,
Angeles, Calif., reply to NEI-. Neary that they
1/ 7
are not savings accounts
ions, may not be classified as savings
Citrus growers associat
1/25
accounts, ruling to be published in FRBulletin
Court funds, in New York, demand deposits, reply to Department
of Audit and Control that interest may be paid
5/ 6
upon, under State law, until August 24, 1937
that they are not to be classified as savCredit unions, ruling
1/25
ings accounts, to be published in FRBulletin
interest after Aug. 23, 1937, on
Danand, payment of accrued
Indian funds, Postal savings funds and other
Government funds, reply to First National Bank,
12/22
Conawa, Okla., that it may not now be paid
Insurance Corporation, funds held as receiver
Federal Deposit
may be deposited with FRBanks, reply to Mr.
8/ 4
Leach
8/26
Reply to President Day re
Gimbel Brothers Foundation accounts with Gimbel Brothers Bank
and Trust Co., do not now comply with requirements of savings accounts, but if proposed
changes in bank's rule are made they may be so
6/24
classified
First National Bank
Government funds, interest payment, reply to
12/22
of Conawa, Okla., that it may not now be paid
reply to President
Government securities, advance payments for,
Harrison that they are deposits against which
member banks and FRBanks are required to main12/22
tain reserves
to First National Bank of
Indian funds, interest payment, reply
12/22
Conawa, Okla., that it may not now be paid
12/22
Bank, Oklahoma City
Similar reply to Tradesmens National
Insured, reports to be requested by F.D.I.C. from insured banks
as a basis for estimate of insured deposits,
5/ 2
Board will cooperate
5/ 4
Letter to FRBanks re
reply to Farmers and Mechanics NaInterest on time deposits,
tional Bank, Woodbury, N. J. re limitation on,
by State law, and that no interest may be paid
/
6 10
on deposit of 14 days' duration
not
may
International Longshoremens Association, Local 38-82,
5/20
be classified as savings accounts
"Intrest checks": (See infra "Utility certificates")
d to
Member banks, form B-13 for submitting reports on, forwarde
7/ 2
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Deposits: (Continued)
Nicholson Cemetery Association - Permanent Deposit, reply to
Comptroller that First National Bank, Nicholson
must take imwediate steps to reduce interest
.
rate from 4% to *A, may be classified as savings account if organization is not operated
for profit
7/20 1411
Participation certificates representing waived deposits, need
not be included in determining limit on amount
Fayette bank may deposit with nonmember Spitzer
Rorick Trust and Savings Bank, Toledo
9/ rz 1641
Pass book, use by business corporations for time deposits,
open account, reply to Citizens National Bank
and Trust Co., Waynesboro, Pa., that there is
no objection to
Postal savings funds:
Interest payment, reply to First National Bank of Conawa,
Okla., that it may not now be paid
/22 2255
12
Interest rate on, reply to Markle Banking and Trust Co. that
Board knows of no contemplated legislation to
reduce
655
3/24
Securities dealers in Third FRDistrict inducing banks to
obtain disproportionate amounts of, and selling
to banks bonds as collateral lacking in proper
investment characteristics, no objection to Mr.
Sargent informing State authorities in 12th
district re
4/24
871
Vermont, maximum interest, reply to President Young agreeing
with position taken in reply to Mr. Ellenberger
9/25 1764
Public funds:
Iowa Bankers Association, reply to, on interpretation of
Sec. 324 of Banking Act of 1935, which excepts,
for two years, from prohibition on payment of
interest on
99
1/10
Ohio, reply to Mr. Fletcher re such funds in time classification in condition reports of banks, whereas
State law prohibits
Reports for reserve purposes, letter to Mr. Wood and copy to
other FRAgents re banks not showing allowable
deductions and advising that reports should be
submitted showing information called for
263
1/31
Sanford Trust Co., Sanford, Me., Town of Sanford "Cemetery"
account may be properly classified as savings
account, but "Ethan Stone High School Fund" may
not be
7/ 3 1301
Savings accounts:
American Retail Federation, Inc., reply to Hamilton National
Bank, Washington, D. C., that funds of, may not
be classified as
627
/2
3 1
provision in Regulation Q that business corporations
Basis of
may not maintain savings deposits, statement re,
to be published in FRBulletin
436
2/26


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Pages
De
posits: (Continued)
Savings accounts: (Continued)
Bicycle Manufacturers Association, deposits may not be
classified as
Borough of Waynesburg, reply to First National Bank and
Trust Company of Waynesburg that deposit may not
be classified as, and that interest may not be
paid thereon
Building and loan associations in New Jersey, reply to Mr.
Gidney re inquiry of Newark Clearing House Association and after consideration of Mr. I. H.
Harrison's memo that such deposits may not be
classified as
Reply to Farmers and Mechanics National Bank, Woodbury,
N. J., re
Business corporation, reply to Robert E. Ramsay Organization, Inc., on letter to Senator Glass, that deposit of, may not be classified as savings deposit, and copy to Senator Glass
Business groups, such as Rotary Clubs and Kiwanis Clubs, reply to Mr. Geary that funds of, may not be
classified as
Cash bonds:
Employee to employer under California law, reply to
FRBank of San Francisco that such deposit may be
classified as
United States Fidelity and Guaranty Co., deposit in name
of, as collateral for E. L. Westcott, reply to
First National Bank, Pueblo, Colo., that it may
be classified as
Cemetery lots, reply to F.D.I.C. that funds of organizations
not operated for profit may be classified as, in
connection with inquiry of Savings and Trust Company of Indiana
Funds given to city or town for perpetual care, reply to
F.D.I.C. that they may be classified as, only if
given in trust
Certificates of deposit representing, reply to Citizens National Bank, Emporia, Va., re continued use
Christmas club accounts, not within classification of, ruling
to be published in FRBulletin
Citrus growers associations, reply to Barnett National Bank
that deposits of, may not be classified as
Classification of number of types of, reply to Mr. Await on
inquiries of Mr. Hoskinson of Riggs National Bank
No objection to copy of letter being sent to member
banks in 12th district
Classification of various types of deposits as, ruling re,
to be published in FRBulletin
Close corporations, Board agrees with Mr. Case that deposits
of, may not be classified as


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Deposits: (Continued)
Savings accounts: (Continued)
Cooperative fire insurance companies, reply to National Bank
of Middlebury, Vt., that deposits of, may not
be so classified
10/ 8
Cooperative savings and loan associations, reply to National
Bank of Middlebury, Vt., that deposits of, may
not be so classified
10/8
Corporations operated for profit, withdrawal from FRSystem
contemplated by Peoples Trust Company of Bergen
County and First-Stamford National Bank and
Trust Co. because of provision of Regulation Q
prohibiting classification of deposits as
1/22
Credit union deposits, reply to Barnett National Bank that
they may not be classified as
1/15
Dairymen's League Co-operative Association, reply to Citizens
National Bank, tellsville, N. Y., that deposits
of, may not be classified as
3/21
Definition of, discussion of question of altering, in view
of situation as to funds of labor unions, Counsel
to prepare definitions permitting classification
(1) only of individuals' savings and (2) funds
of organizations not operated for profit, Counsel
also to consult F.D.I.C. and Board's staff
7/28
-oiscussed by Federal Advisory Council
/
9 10
(See also Regulation 0
Denver Post Employees Credit Union, reply to Mr. Chapin that
funds of, may not be classified as
3/21
Gallitzin Fire Company Relief Association, reply to First
National Bank of Gallitzin that funds of, may
be classified as
5/27
Glenwood Cemetery, reply to FRBank of Richmond that funds of,
may be so classified
10/ 3
Individual, deposit of funds used in business, reply
to
FRBank of Minneapolis that such a deposit
cannot
be classified as
1/15
Ruling to be published in FRBulletin
1/25
Industrial Indemnity Exchange, reply to FRBank of San
Francisco that funds of, may not be so classified
11/10
Interest on funds withdrawn between interest payment dates,
ruling re, to be published in FRBulleti
n
2/26
Labor unions, reply to Mr. Young that funds of, may not be
classified as
4/10
Question raised by Harris Trust and Savings Bank of
Chicago re ruling that they may not be classified as, action deferred and matter referred
to
Mr. Ransom, to consider also views of FRBank of
New York
/3
6 0
Discussion of question of altering definition, in view
of situation as to funds of, Counsel to prepare
definitions permitting classification (1) only of
individual's savings and (2) funds of organizations not operated for profit, also to consult
F.D.I.C. and Board's staff
7/28

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Deposits: (Continued)
Savings accounts: (Continued)
Library funds, reply to F.D.I.C. on classification of, advising that Board is reconsidering aaestion and
of possible revision of definition of "savings
9/12
deposits"
and Houghton
Liquidating corporation, reply to Wise, Shepard
1/20
that deposits of, may not be classified as
Citizens National
Mansfield Cemetery Association, reply to
Bank and Trust Co., Mansfield, Ohio, that funds
7/ 9
of, may be classified as
to Comptroller of
Middle Coal Field Poor District, reply
the Currency re query of Hazleton National Bank,
Hazleton, Pa., that Board is reconsidering ques10/ 1
tion of classification of such deposits
to Mr. Geery that question of
Minnesota Law Review, reply
classification of funds of, may be determined
7/13
from previous ruling of Board
ruling that they may not be so
Municipal corporation funds,
3/26
classified to be published in FRBulletin
sinking funds, education, police and
Municipal deposits, for
fire departments, playgrounds and charitable
2/27
purposes, may not be classified as
benefit organizations, reply to Mr. Geery that funds
Mutual
7/13
of, may be classified as
Mutual. Fire Insurance Co., reply to Citizens National Bank,
1/10
Ontario, Calif., that its deposits are not
National Fertilizer Association, Inc., reply to Hamilton
National Bank, Washington, D. C., that funds of,
7/ 3
may not be classified as
Departments
Pension Fund Commission of the Police and Fire
of the Township of Union, N. J., reply to FRBank
of New York that Board is reconsidering classifi10/ 1
cation of such funds
that funds of,
Professional associations, reply to Mr. Geery
7/13
may not be classified as
reply to Mr.
Publications of professional associations,
Geery that question of classification of funds
of, may be determined from previous rulings of
7/13
Board
Holabird that deposits of, may not
Receiver, reply to Mr.
1/20
be classified as
and liquidating trustees of business corporations,
Receivers
ruling that such funds may not be so classified,
2/26
to be published in FRBulletin
Retired Officers Association, reply to Col. Marix that funds
3/28
of, may not be classified as
Sanford Trust Co., Sanford, Me., report of improper classification of funds of cemetery and high school as 5/8
School district funds, reply to F.D.I.C. on classification
of, advising that Board is reconsidering question and of possible revision of definition of
9/12
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Deposits: (Continued)
Savings accounts: (Continued)
Southern Underwriters Corporation, reply to National Bank
of Commerce of San Antonio, Texas, that deposit
of, may not be classified as
Transfers to checking account on telephone order, reply to
F.D.I.C. that they are not permitted but that
a transfer on written order is permissible and
that Board will consider provision covering in
next revision of Regulation Q
Trust funds, reply to Carthage National Exchange Bank re deposit in savings department under Regulations
Q. and F and re treatment of such deposits in
reports
Volunteer fire department and ladies auxiliary affiliated
with fire department, ruled that deposits of,
may be classified as
Withdrawal slip, signed in blank, left with passbook at bank
so that cost of securities purchased may be
charged, reply to Clark County National Bank,
Vancouver, Wash., that practice is permissi
ble
Security Monthly Thrift Plan, reply to Mr. Gidney that pass book
must contain requirement for written notice of
withdrawal of not less than 30 days for classification as savings accounts, ruling not to be
used for advertising purposes
Social club for children, to be paid as dues and returned at age
21 with interest, may violate law
activity of large accounts, memo of Messrs. GoldenStudy of
weiser and Currie re procedure based on test
studies by National City Bank of New York and
Bankers Trust Co., letter to FRAgents and letter
to selected banks re, approved
Time:
Forms of, presented by Iowa Bankers Association, reply that
they conform to requirements of Regulation q
Interest payment for monthly periods when deposit is withdrawn at end of 2 months and prior to maturity,
member bank should not deduct interest credited
Interest payment on, when renewed within ten days after
maturity, reply to FRBank of Minneapolis re
differences between Board's and F.D.I.C. regulations, Board will not object to practice
Similar letter to Mr. Young and copies to other FRAgents
Letter to Telegraphers National Bank, St. Louis, MD. re
Ruling to be published in FRBulletin
Reply to Mr. Sargent that certificate must be postdated
to maturity date
waives requirement for payment of interest for inBoard
tervening period that certificates be postdated
to maturity date


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Deposits: (Continued)
Time: (Continued)
Open account, agreement covering continuing contract providing for deposits and withdrawals from time
to time, reply to Mr. Fletcher re, on inquiry
of Union Trust Company of Pittsburgh, that it
complies with Regulation
Payable three, six, nine or twelve months from date, reply
to American National Bank of St. Paul, Minn.,
that it complies with Regulation Q
Ruling to be published in FRBulletin
Payable upon six months' written notice by depositor and
callable after thirty days notice, shorter
period governs in determining maximum rate of
interest, reply to Mr. Austin on inquiry of Mr.
Herr, certificate issued by First National Bank
of Gettysburg
Payment before maturity, reply to First National Bank of
Beresford that it is not legal, unless emergency
exists, suit threatened by guardian
Renewal when maturity falls on holiday, reply to FRBank of
Minneapolis re inquiry of Ramsey County National
Bank of Devils Lake, N. Dak., agreeing that it
should be as of date of maturity
Trust funds:
Excess of 10% of capital and surplus in nonmember banks, reply to Mr. Curtiss that deposit is not violation of condition of membership by Union and
New Haven Trust Co., New Haven, Conn., or of
Sec. 19 of FRAct
FRBanks, question of accepting uninvested, memo of Mr. Vest
and letter approved to FRBanks authorizing
acceptance under special safeguards, not authorized to receive from nonmember banks
Member banks in uninsured nonmember banks, reply to Mr.
McRae, re case of Union Trust Company of Springfield, Mass., that F.D.I.C. has ruled that such
funds are not covered by insurance
Unclaimed in national banks, S. 3727, making subject to escheat
laws of States, no report to be made on
Uninvested trust funds:
Pennsylvania Company for Insurances on Lives and Granting
Annuities may pay interest on, under Pennsylvania law
Practice of ERBank of San Francisco of certifying check
against reserve account which is indorsed in
blank to trust department for funds of equal
amount, no objection
"Utility certificates", or "intrest cheks", evidencing demand
deposits upon which interest is payable if outstanding three months or more, reply to .}Bank
of San Francisco that they may not lawfully be
issued

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Deposits: (Continued)
Vermont, maximum interest rate payable by national banks, reply
to FRBank of Boston
6/25
Destruction of useless records of Board, list and samples sent to
Archivist with request that authority be sought
to destroy, should be destroyed and not sold
12/11
Determination of fair value of assets:
Birmingham Trust and Savings Co., Birmingham, Ala., request for,
designation of Mr. Newton to make
7/31
franc: (See Currency)
Devaluation of
Devlin and Devlin and Diepenbrock:
American Trust Company of San Francisco, protest against sale of
securities in reorganization of, because of suits
pending against company, copies of, and Board's
reply sent to Mr. Sargent
2/28
W. H., reply re method of computing 55`p margin under Regulation
Dick,
T, commission not included and requirements are
minimum
12/ 8
Digest of Rulings, advice to Mr. Clerk that it is being brought up
to date
9/17
Directors:
Articles of incorporation, reply to Mr. Thomas in connection with
inquiry of Nebraska Banking Department, that
change re, recommended for Deuel County State
Bank was a suggestion, not a requirement
5/27
Bank for International Settlements:
Desire for American director reported by Chairman Eccles,
Board members to study memo re service of Chairman or his appointee for further consideration
3 14
/
representation, memo prepared at request of ChairFRSystem
man Eccles reviewing situation re, question to
be taken up later
12/ 4
Atlanta:
FRBank of
Clay, R. G., Class A, appointment of first vice president
and other vice presidents to be discussed with
2/18
Kettig, W. H., Class C, designation as Deputy Chairman for
period March 1 to Dec. 31
2 18
/
Designation for 1937
12/28
Martin, H. Warner, Class C:
Appointment as, for unexpired term ending December 31,
1938, designation as RAgent for remainder of
year and salary fixed on honorarium basis
2/18
Resignation of
12/12
Neely, Frank H., appointment as Class C for unexpired portion of term ending December 31, 1938
12/29
Reclassification of member banks for electoral purposes not
necessary at present
7/29
FRBank of Boston:
7/29
,Chamberlain, Frederick S., Class A, death of
Class A, nominee serving as member of Advisory Council on
Banking of Connecticut, reply to FRAgent Curtiss
that if elected he may continue to serve
9/ 3


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Directors: (Continued)
FRBank of Boston: (Continued)
Dennison, Henry S., Chairman authorized to tender appointment as Class C for three year term ending
12/23
December 31, 1939
Election:
Class A, Merchants National Bank of Salem, Mass., reply
to Mr. Curtiss, in connection with eligibility
to vote in, that National Shawmut Bank of Boston
and Shawmut Association are not holding company
affiliates of, although national bank is in9/16
cluded in their voting permits
Special, to be held to fill vacancy caused by death of
8/ 7
Mr. Chamberlain, no reclassification necessary
Hollis, Allen, Class C, redesignated Deputy Chairman for
2/18
period March 1 to December 31
FRBank of Chicago:
6/ 3
Class C, discussion of selection of, no action
Election of, reply to President Schaller that there is no
8/22
necessity for reclassification of banks
6/ 3
Fees and allowances, resolution fixing, no objection
and First Vice
Leavell, James R., appointments of President
President, Chairman authorized to invite to Washington to discuss, Board would be willing to approve Mr. Preston as President and appoint Mr.
Schaller L-RAgent and Mr. Stevens Assistant to
2/18
FRAgent until April 30
Chairman Eccles authorized to tender apLewis, Frank J.,
6/30
pointment as Class C
willingness to accept appointment as Class C
Report of
7/ 7
director, appointed for unexpired term
of appointment to be withheld temporarily, pendAdvice
7/ 7
ing filling of other vacancies
Advice of appointment sent, not withheld because information re Mr. Wood's appointment leaked out in
7/ 8
Chicago
Schaller, George J., Class C, Board would be willing to appoint as, and designate as FRAgent for remainder
of 1936, with salary to be fixed on honorarium
2/18
basis
Stevens, E. M., Class C and FRAgent, resignation, desire to
submit as of March 31, voted to accept, action
3/27
not to affect payment of dismissal allowance
3/31
Advice to Mr. Stevens of action
Wood, Robert E., Class C:
Appointment, Chairman Eccles authorized to tender, to
6/30
fill vacancy
willingness to accept appointment as Class
Report of
C, appointed Class C for unexpired term and
7/ 7
designated Deputy Chairman for balance of year
Advice of appointment to be withheld temporarily
7/ 7
pending filling of other vacancies
of appointment sent, because information re
Advice
7/ 8
appointment leaked out in Chicago

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Directors: (Continued)
_MBank of Chicago: (Continued)
Wood, R. E., Class C: (Continued)
Deputy Chairman, designation for 1937
12/28 2290
Directorship in Atlas Corporation, reply that acceptance
would not conflict with position as FRBank director
9/25 1760
FRBank of Cleveland:
Brainard, George C., suggested by Mr. Williams as possible
Class C appointee, action deferred
7/28 1436
Recommendation of Mr. McKee that he be appointed Class
C, approved
7/31 1458
Designated Deputy Chairman for 1937
/2
12 8 2290
Class C vacancy, Mr. Williams to consider and submit suggestions
7/ 7 13
06
Names of persons suggested as possible appointees by Mr.
L. B. Williams, Messrs. Brainard, Sutphin and
Smythe, action deferred to permit Mr. McKee to
investigate further
7/28 1436
Klages, R. E., Mr. McKee authorized to ascertain availability,
and in his discretion to tender appointment as
Class C for three year term ending December 31,
193922
94
12/28
Smythe, F. A., report of Chairman Eccles re consideration
of, as appointee to Class C vacancy
6/30 1271
Suggested by Mr. Williams as possible Class C appointee,
action deferred
7/28 1436
Sutphin, S. B., suggested by Mr. Williams as possible Class
C appointee, action deferred
7/28 1436
HRBank of Dallas:
Bennett, J. M., consideration as possible appointee for Class
C vacancy
6/30 120
Meetings, reply that Board has taken no action re uniform
meeting date, Board will offer no objection for
present to meeting once a month and inclusion
of provision in bylaws authorizing executive
committee to establish rates
414
2/24
Merritt, J. H., Board to tender appointment as Class C for
unexpired portion of 1938 tern230
6
12/29
Appointment
12/31 2354
Perkins, S. B., Class C, reappointed as Deputy Chairman
for period March 1 to Dec. 31
2/18
371
Letter to, advising of reappointment, sending had been
deferred pending return of Mr. Morrison, but
could be deferred no longer
43
1
2/26
C., Class C and Chairman, retirement of, letter of
Walsh, C.
appreciation of services1
12/12 22 5
A., consideration as possible appointee to Class
Webb, W.
C, Chairman authorized to make further investigation and to tender appointment if deemed desirable
6/30 1273
President McKinney expressed opinion that his selection
as Class C would be ideal, to investigate availability
7/ 7 13
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103
Pages
Directors:
(Continued)
FRBank of Kansas City:
Brown, E. P., Class C, reappointed Deputy Chairman for period
2/18
March 1 to December 31
Reappointment as Class C for three year term end as
12/29
Deputy Chairman for 1937
Thomas, J. J., appointment as Class C for unexpired term
ending December 31, 1908, and designated Chair2/7
man and FRAgent for 1936
2/7
Press statement to be prepared re
FRBank of Minneapolis:
Clark, Homer P., Class C, reappointment as Deputy Chairman
2/18
for period March 1 to December 31
Geery, W. B., Class C, appointment as, Chairman Eccles authorized to tender, and appointment as FRAprent
2/18
and salary
Appointment and salary approved, to be advised through
Mr. Clark that after this year the position
2/26
will be placed on honorarium basis
No objection to FRBank 6dving out announcement of ap2/27
pointment
FRAgent, and
Peyton, J. N., Class C, resignation as, and as
2/24
appointment and salary as President
is no objection to FRBank
To be advised that there
2/27
giving out announcement of
FRBank of New York:
Case, J. h., Class C and RAgent, resignation as, not in
position to continue as Chairman on honorary
5/1
basis
6/30
Class C, desire to obtain well qualified man
of Mr. Case, reply to FRBank re request for reRetirement
4/17
tention of, outlining position of Board
Woolley, Clarence M., Class C, letter from J. B. Case s re
5/1
supplementary retirement allowance for
Young, Owen D., appointment as Class C, willing to accept,
Messrs. Broderick, bzymczak and Ransom who are
out of town favorable, approved and designated
6/17
Deputy Chairman
12/28
Redesignated Deputy Chairman for 1937
FRBank of Philadelphia:
Cannon, H. L., Class C, present at meeting of Board re ap3/3
pointment of President and First Vice President
Committee to meet with Board on March 3 to discuss action of
Board in refusing approval of appointment of
Mr. Norris as President and deferring action on
2/29
appointment of Mr. Hutt as First Vice President
meeting of Board re apHenning, J. B., Class A, present at
3/3
pointment of President and First Vice President
of lack of quorum, reply to Mr.
Meeting not held because
Austin inquiring what action had been taken to
8/20
establish rates
12/19
Class C, resignation of
Stern, J. David,

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Directors: (Continued)
FRBank of Philadelphia: (Continued)
Wayne, Joseph, Jr., Class A.:
Federal Open Market Committee representative, desire of
FRBank to defer formal action on election of Mr.
Fleming until after meeting of committee, necessary for formal action to be taken prior to meeting
3/ 6
Present at meeting of Board re appointment of President
and First Vice President
3/ 3
President and First Vice President, report of Chairman
that he advised that consideration was being
given to appointments of Mr. Sinclair and Mr.
Davis, respectively
3/10
Salaries of Messrs. Sinclair and Hutt as President and
First Vice President respectively, statement re
3/13
Richmond:
FRBank of
Class C vacancy, Board in agreement with Chairman's suggestion of consulting Mr. Delano re appointee
6/30
Mr. Delano away and there has been no opportunity to consult him
7/ 7
Delano, Frederic A., Class C, Chairman Eccles authorized to
tender designation as FRAgent to, for remainder
of year, with salary to be fixed on honorarium
basis, also to accept his recommendations re
salary for Mr. Leach if elected President and
re appointment of First Vice President
2/18
Designation as FRAgent for remainder of year and compensation fixed on honorarium basis
3/12
Shepherd, Col. B. Morgan, Mr. Davis authorized to ascertain
availability for appointment as Class C for three
year term and in his discretion to tender appointment
12/29
Sherwood, Donald H., Mr. Szymczak authorized to ascertain
availability for appointment as Class C for unexpired portion of 1938 term and in his discretion to tender appointment
12/29
FRBank of St. Louis:
Dillard, Paul, Class C:
Deputy Chairman, reappointed for period March 1 to Dec.
31
2/18
Redesignation for 1937
/2
12 8
Resignation tendered, Board's reply expresses desire
that he complete term and advises that policy
adopted January 9, 1935 was intended to apply
only to new appointments
7/17
Meissner, Edwin B., consideration as appointee to Class C
vacancy, appointment to be tendered to Mr.
Nardin and if he refuses, further investigation
to be made of
6/30
Nardin, W. T., consideration as possible appointee to Class
C vacancy, Chairman authorized to tender appointment with understandina that chairmanship might
also be tendered

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Directors: (Continued)
FRBank of St. Louis: (Continued)
Nardin, t. T.: (Continued)
Highly recommended by Mr. Tom K. Smith, Chairman inquired
If he would accept appointment as Class C and
7/ 7
FRAgent, requested time to consider
as Class C, to be advised that
Refusal of appointment
position will be held open and Chairman Eccles
7/ 7
will discuss with him
ation of member banks for electoral purposes not
Reclassific
9/11
necessary, reply to Mr. Stewart
4/30
Wood, J. S., Class C and FRAgent, resignation of
FRBank of San Francisco:
12/30
Dohrmann, A. B. C., Class B, death of, letter of regret
Election of Class A, procedure suggested by Board, in connection with voting of banks affiliated with
12/ 7
holding companies
1/27
Fees and allowances for 1936, approved
8/ 7
Fees, resolution authorizing inclusion of FRAgent in payment
McIntosh, C. K., Class A:
Appointment of Mr. Calkins as President, letter requesting approval in view of allegations of Mr.
Giannini, and re selection of member of Federal
2/20
Open Market Committee to represent Fifth Group
review files re charges, and
Committee appointed to
Chairman authorized to reply that Board cannot
2/20
approve appointment because of age policy
2/20
exonerating Governor Calkins
Report of Committee
of election of Mr. Calkins, Board to adhere
Advice
2/20
to policy and not approve, advice to ABank
to Mr. McIntosh not yet sent, addition made to,
Reply
2/20
re committee report
on alternate Thursdays, reply to Mr. Sargent that
Meeting
there will be no objection to lapse of 15 days
between establishments of rates in cases where
2/24
holiday falls on Thursday
!.t
Moore, Walton N., Class C:
Deputy Chairman, reappointed for period March 1 to De2/18
cember 31
7/ 7
Designated Chairman for remainder of year on fee basis
7/ 8
Advice of appointment and fees fixed
Quorum, lack of, on December 26, failure to reestbblish
1/13
rates within 14 day period
electoral purposes, not
Reclassification of member banks for
/
9 18
necessary
to tender appointment as
Stewart, A. O., Chairman authorized
Class C, opinion to be obtained as to eligibility
because of connection with joint stock land
6/30
banks
that connection with joint stock land
View of counsel
banks does not make him ineligible for appointment as Class C, appointed and designated deputy
7/ 7
chairman

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106
Directors: (Continued)
MBank of San Francisco: (Continued)
Stewart, A. O.: (Continued)
Advice of appointment to be withheld temporarily, pend7/
ing filling of other vacancies
Advice of appointment transmitted, not withheld because
information of Mr. Wood's appointment leaked out
in Chicago
7/ 8
Welch, Andrew P., Class C:
Deputy Chairman, appointed for 193?
12/29
Eligibility to serve as director, reply that Sec. 8A of
Clayton Act has been repealed and there is no
further question now as to
7/1
FRBanks:
Appointments for 1936, minute entry of November 29, 1935,
feeling of Mr. Thomas that it should be enlarged,
authorized to make changes he desires
1/ 4
Appointments for 1937, consideration to be given by Personnel Committee
11/25
Suggestions as to appointees to be submitted to Committee promptly
11/25
Biographical data, forms approved for submission of uniform,
and letter to FRBanks re
1/11
Business affiliations:
Wood, R. E., Class C at Chicago, no objection to acceptance of directorship with Atlas Corporation
9/25
Class C:
Appointments authorized today to be tendered through
Board members
12/29
Suggestion of Mr. Broderick that one member of Personnel Committee be charged with responsibility
of directing development of information for action on, adopted and Mr. Davis charged
12/29
Board members to furnish likely names to Personnel
Committee and Secretary's Office to furnish revised list of vacancies and prospective vacancies in, and branch directorships about middle
of year
12/30
Vacancies, attention called to, by Chairman Eccles and
suggestion adopted that no action be taken
toward filling until completion of transfer of
FRAgents' nonstatutory duties to FRBanks
3/25
Discussion of question of filling
6/ 2
Discussion of, and possible appointees
6/30
Correspondence of Board with FRBanks re policy and salaries,
circular to be prepared directing FRBanks to
bring all, to attention of
9/22
Letter to all FRBanks requesting that communications re
policy matters, salary, and of other importance
be brought to attention of
10/16
Election of, procedure suggested for FRBank of San Francisco
in cases of voting of banks affiliated with
holding companies
12/ 7

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Paes
Directors: (Continued)
FRBanks: (Continued)
Fees, compensation and traveling allowances for attendance
at meetings, committee meetings, etc., two memoranda re, referred to Presidents' Conference
pursuant to action of October 20
Meetings:
Alternate weeks, on specified day, reply to Mr. Sargent
that there will be no objection to lapse of 15
days between establishments of rates where such
day falls on holiday
Every 14 days, proposal that Board suggest amendment
to bylaws of FRBanks requiring, voted that suggestion not be made
Frequency of meetings and compensation and travel expenses, memo of Mr. Smead re, factual portion
thereof to be sent to FRBanks with suggestion
that consideration be given at next Presidents'
Conference
Uniform date for, FRBank of Minneapolis not in favor of
Reply to Mr. Walsh that Board has taken no action
re, no objection to authorizing executive committee, by provision in bylaws, to establish
discount rates, copy to all FRBanks
Oaths of office, new forms approved for, and to be printed
Responsibilities of, statement of President Harrison that
Board should watch, they feel that they can
render little service to ivRBanks and that information re open market policy is essential
to action on discount rates, etc.
FRBranch banks:
Appointments for 1936, minute entry of November 29, 1935,
feeling of Mr. Thomas that it should be enlarged, authorized to make changes he desires
Appointments for 1937, consideration to be given by Personnel Committee
Suggestions as to appointees to be submitted to Committee promptly
Directors who have served six years, Board determines
to adhere to position barring reappointment and
amendment to regulations making prohibition
more specific
Authorized today to be tendered, to be tendered through
chairmen or deputy chairmen
Suggestion of Mr. Broderick that one member of Personnel
Committee be charged with responsibility of
directing devolopment of information for action
on, adopted and Mr. Davis charged
Board members to furnish likely names to Personnel Committee and Secretary's Office to furnish revised list of vacancies and prospective vacancies about middle of year


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108
Directors: (Continued)
FRBranch banks: (Continued)
Fees, compensation and travel allowances for attendance at
meetings, two memoranda re, referred to Presidents' Conference pursuant to action of Oct. 20 11/ 7
Frequency of meetings and compensation and travel expenses,
memo of Mr. amead re, factual portion thereof
to be sent to FRBanks with suggestion that consideration be given at next Presidents' Conference
10/20
Number of, discussion of recommendation of FRBank of Cleveland that it be reduced from 7 to 5 and that
managing director be excluded, reply that Board
will consider amendments to bylaws re number,
but it is not willing to approve exclusion of
manager
/2
6 3
Reply to President McKinney that Board has not taken action on recounendation of Presidents' Conference 10/27
Oaths of office, new forms approved for, and to be printed
10/16
Regulations:
Amendment making more definite prohibition on appointment of directors who have served six or more
consecutive years adopted
12/28
Amendment eliminating requirement that at least one
director appointed by Board reside outside of
branch city, considered in connection with appointments at Cincinnati and Pittsburgh branches,
adopted
12/28
Six year rule, reply to FRBank of Kansae City, in reply
to request for permission to reappoint Mr.
Kountze as director of Denver branch, that Board
has not changed attitude re general policy
12/18
Vacancies, attention called to, by Chairman Eccles and suggestion adopted that no action be taken toward
filling until completion of transfer of FRAgente'
non-statutory duties to FRBanks
3/25
Suggestion of Chairman Eccles that Board members submit
names of prospective appointees to Personnel
Committee which will make necessary investigations and submit recammendations to Board
8/ 4
Information re possible candidates gathered by Mr.
Szymczak, procedure for consideration determined
upon
9/18
Personnel Committee to meet October 2 to consider appointments
9/29
Baltimore:
McCormick, Charles P., appointment by Board for three
year term
12/29
Appointment
12/31
Meeting date, amendment to bylaws changing
6/ 1
Roberts, W. Frank, appointment by Board for unexpired
1937 term
/9
12 2
Appointment
12/31

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Pages
D
irectors: (Continued)
FRBranch banks: (Continued)
Baltimore: (Continued)
Thomas, W. Frank, appointment for unexpired 1938 term
Appointment
Zimmerman, L. S., reappointment for three year term
Birmingham:
Moody, Frank M., reappointment for three year term
Buffalo:
Eisenhart, M. Herbert, appointment to be tendered by
Board for three year term ending December 31,

12/29
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1939
3/11
Frank F., appointment for three year term
Henry,
Charlotte:
Benet, Christie, appointment by Board for three year
12/29
term
12/31
Appointment
3/14
Cobb, C. L., reappointment for three year term
Harris, George S., appointment by Board for unexpired
12/29
1938 term
12/31
Appointment
Wright, George M., appointment by Board for unexpired
12/29
1937 term
12/31
Appointment
Cincinnati:
Number of, provision in revised bylaws for reduction,
from 7 to 5, to be accomplished by failure of
FRBank and Board to appoint successors to direc9/17
tors' whose terms expire
3/14
appointment for three year term
Rowe, John J.,
appointment for two year term ending
Thomson, Alexander,
12/28
December 31, 1938 to be tendered by Board
12/31
Appointment
Denver:
3/14
Dines, Thos. A., appointment for three year term
James B., Board to tender appointment for unexGrant,
12/29
pired portion of 1938 term
12/31
Appointment
Kountze, Harold, reappointment, reply to FRBank of
Kansas City that Board cannot sanction as it has
not changed general policy prohibiting service
12/18
for more than six consecutive years '
for three
McCarthy, Wilson, Board to tender appointment
/2
12 9
year term
12/31
Appointment
Detroit:
3/14
Ballantyne, John, reappointment for three year term
3/14
F., appointment for unexpired term
Davidson, James
F., Mr. Szymczak authorized to ascertain
Harper, Harry
availability and in his discretion to tender ap12/29
pointment for three year term


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Directors: (Continued)
FRBranch banks: (Continued)
Detroit: (Continued)
Inglis, James, reply that Board's rules have no effect
on him as an appointee of FRBank, and that
Board has no voice in continuance of Mr. Buss
as Managing Director but that it is glad to
have information stated
2/26
El Paso:
Coon, Frank R., appointment for three year term
3/14
Hayner, Frank- M., Board to tender appointment for unexpired portion of 1938 term
12/29
Necessary to resign as officer of national bank
12/30
Appointment
12/31
Martin, Jack B., Board to tender appointment for unexpired portion of 1937 term
12/29
Appointment
12/31
FRBank of Kansas City:
Advice of appointment
12/18
FRBank of San Francisco:
Fees and allowances for 1936, approved
1/27
Helena:
O'Connell, J. E., reappointment by Board for two year
term
12/29
Regulation of Board prohibiting service for more than
six consecutive years, reply to Mr. Peyton re
possibility of amendment, that regulation is in
force
2/17
Houston:
Lawder, Sam R., reappointment for three year term
3/14
Renfert, H., Board to tender appointment for unexpired
portion of 1938 term
/2
12 9
Appointment
12/31
Taub, Sam, reappointed for three year term by Board
12/29
Jacksonville:
McQuaid, W. P., appointment for three year term
3/14
Little Rock:
Barnett, I. N., Jr., Board to tender appointment for
unexpired portion of 1937 term
12/29
Appointment
12/31
Darragh, F. K., reappointed by Board for three year
term
12/29
Tucker, H. H., appointment to be tendered by Board for
unexpired portion of 1938 term
12/29
Appointment
12/31
Wilson, Stuart, desire of FRBank to appoint for unexpired
portion of term which he would have filled if
he had been eligible for reappointment at end of
1935, Board adheres to policy and amends branch
regulation to clarify position taken
12/28
Los Angeles:
Brouse, C. E., appointment for two year term
3/14


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Federal Reserve Bank of St. Louis

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Pages
Directors: (Continued)
FRBranch banks: (Continued)
Los Angeles: (Continued)
Rosecrans, W. S., Board to tender appointment for two
year term
Appointment
Louisville:
Bulleit, Walter V., death of
Cobb, Wm. R., reappointment for three year term
Paxton, W. P., reappointed by Board for three year term
Memphis:
Pope, Willis, reappointment for.three year term
Pritchard, A. L., Board to tender appointment for three
year term
Sherard, Holmes, Board to tender appointment for unexpired portion of 1938 term
Nashville:
Bailey, C. W., reappointment for three year term
New Orleans:
Holmes, H., appointment for three year term
Oklahoma City:
Hanna, T. S., Board to tender appointment for three yea
term
Appointment
Kennedy, Ed. T., appointment for three year term
Omaha:
Dempster, H. L., Board to tender appointment for three
year term
Appointment
Schellberg, W. H., Board to tender appointment for unexpired portion of 1937 term
Appointment
Yates, Cr. H., appointment for three year term
Pittsburgh:
Ladd, George T., appointment for two year term ending
December 31, 1938, to be tendered by Board
Appointment
McDowell, Harry B., appointment for three year term
Portland:
MacNaughton, E. B., appointment for two year term
Schoenfeld, William A., Mr.. Davis authorized to ascertain availability and in his discretion, to
tender appointment for two year term
Salt Lake City:
Auerbach, Herbert S., Board to tender appointment for
unexpired term ending December 31, 1937
Appointment
Halverson, J. E., appointment for two year term
Thomas, John, Board to tender appointment for two year
term
Appointment


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Federal Reserve Bank of St. Louis

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112
Directors: (Continued)
FRBranch banks: (Continued)
San Antonio:
Beretta, J. K., appointment for three year term
3/14
Flato, Edwin F., Board to tender appointment for three
year term
12/29
Seattle:
Bylaws requiring one, to reside outside of city, no
objection to waiving for this year, but consideration should be given next year to compliance
with regulations
1/17
Dickey, U. M., Board to tender appointment for two year
term
12/29
Appointment
12/31
Greenwood, G. H., reappointment by FRBank, no objection
to waiving bylaws of branch providing that one
director reside outside of city for 1936, but
in 1937 compliance with regulations re, should
be considered
1/17
Reappointment for two year term
3/14
Spokane:
McGregor, John M., Board to tender appointment for two
year term
12/29
Appointment
12/31
Telyea, N. A., appointment for two year term
3/14
Member banks:
Farmers and Citizens Bank, Sauk City, Wis.:
Marguardt, A. E., question raised in connection with approval of membership application as to ownership
of sufficient stock to qualify
5/25
Farmers Loan and Trust Co., Tipton, Ind., contributions made
by directors in connection with rehabilitation
restored by bank, and demand for return by
Indiana authorities
/2
5 3
Solvay Bank, Solvay, N. Y., increase in number, request for
copy of documents authorizing
10/29
National banks:
Johnson, H. A., Point Pleasant National Bank, Point Pleasant,
W. Va., to be notified of removal proceedings
against President H. S. Johnson
/2
9 1
Neale, A. L., Point Pleasant National Bank, Point Pleasant,
W. Va., to be advised of removal proceedings
against President Johnson
9/21
.
Pullin, G L., Point Pleasant National Bank, Point Pleasant,
W. Va., to be notified of removal proceedings
against President Johnson
9/21
Removal of, under Sec. 30 of Banking Act of 1933: (See Removal of officers and directors)
Sterret, C. W., Point Pleasant National Bank, Point Pleasant,
W. Va., to be notified of removal proceedings
against President Johnson
9/21
Removal of: (See Removal)
State member banks:
Removal under Sec. 30 of Banking Act of 1933: (See Removal

of officers and directors)
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Pages
Disc
ount Corporation, par list, inclusion approved, although not
strictly a banking institution
tlaaissal wages:
Buck, Earl D., ilRExaminer, three months' salary authorized
BUsh, Floyd W., Assistant FRExaminer, three months' salary authorized
Calloway, Roger M., FRExaminer, payment of three months salary
authorized
katrict of Columbia Bankers Association, address by member of
Board's staff requested by Mr. Corby on banking
situation in Europe, Mr. Gardner to make
Di
vidends:
FRBanks:
Amendment to FRAct tentatively proposed to reduce cumulative
dividends to 4% and to permit payment up to 67o
when earned during current year
Payment for June 30, 1936, authorized, although only three
reported net current earnings sufficient to

1/4

46

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6/25
cover
amead re
Payment Dec. 31, 1936, discussion of memo of Mr.
and suggestion of Chairman Eccles that Board release to press concurrently with release by
FRBanks of a brief statement of results of oper12/23
ations
feeling of Chairman that uniform
Payment authorized,
policy should be adopted for future whereby
normal expenses and dividends would be provided
for before making charge offs and setting up
12/28
reserves
4/10
report form, manner of showing
Items in condition
banks, effect of Regulation Q on payment in event
Mutual savings
5/18
of membership in ERSystem
banks:
National
Payment of, consideration given by Board to S. 4514 outlined
for Federal Advisory Council, belief that bill
5/19
will not pass
S. 4514, relating to payment of, objections to, Chairman authorized in event bill seems likely to became
law, to take such steps as he considers necessary 5/15
Reserve for payment in common stock, reply to Mr. Fletcher re
9/12
reporting on Form 105
out
Union State Bank, Rushville, Nebr., no objection to payment
of undivided profits, in connection with member6/24
ship
Div .
(See Treasury Department)
ision of Bookkeeping and Warrants:
1)J°Imap, Christian: (See American Bankers Association, Trust receipts)
dge Statistical Research Service:
National Emergency Council, request that Board furnish copies of
contracts with F. W. Dodge Corporation, reply to
be made that Board has no written contract and
5/26
that reports are confidential

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Dominick, Gayer G., present at meeting of Board re Regulation U
Doris, A. L.: (See New York, Department of Audit and Control)
Drafts, condition reports, reply to Mr. McAdams re method of First
St. Joseph Stock Yards Bank, South St. Toseph,
Mo. of reporting outstanding on FRBank, not in
agreement with books

4/30

929

9/17 1719

TIE??

Earnings and dividends reports, Form 107:
Amendments to provide reporting of additional items, made to
conform to national bank form
4/ 8
Further modifications made by Comptroller, form 107 modified
to conform
4/28
Change approved re showing of reserve for dividends payable in
common stock
10/31
Copies forwarded to FRAgents and attention called to new items
6/24
Copies of form 107 forwarded
12/21
Earnings and expenses:
FRBanks:
Press statements for 1936, to be withheld until Board can
issue statement covering entire System
12/28
Advice to FRBanks
12/30
Reserves and charge offs, feeling of Chairman that uniform
policy should be adopted for future, whereby
normal expenses and dividends would be provided
for first
12/28
State member banks:
Data for 1935 available, reply to State Bank Division of
American Barkers Association re
6/ 1
Fourth FRDistrict, reply to Mr. Fletcher that Board has no
objection to furnishing analysis of, to member
banks in
5/25
Easterday, X. E.: (See National banks, Ramsey National Bank, Ramsey,
Ill.)
Editorial Research Reports, supply of pamphlet re activities and
operations of FRSystem furnished to Board, copies
sent to FRBanks
11/ 7
Reply to FRBank of Minneapolis that additional copies of pamphlet may be obtained from
11/23
Educational activities:
FRBank of Minneapolis, lectures delivered hi-weekly to officers
and staff on Federal reserve operations
10/27
Edwin Bennett Pottery Co., employment by FRBank of Richmond of
Hinkley, Hiskey and Berger as special counsel
in case of
4/ 2
Ellenberger, C. B.: (See Post Office Department)
Eldridge, Brice A-: (See Bergen County Bankers Association)
Electric Home and Farm Authority, paper not eligible for rediscount,
reply to Hamilton National Bank, Chattanooga,
Tenn., but that it may be used as collateral for
Sec. 10(b) loans
7/10

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Federal Reserve Bank of St. Louis

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Pages
IhPloyees loan funds at FRBanks:
FRBank of Richmond, establishment of
1
4land:
Devaluation of French franc: (See Currency)
"Stabilization Still Opposed by England", article appearing in
New York Times February 9, attention of Federal
Advisory Council called to, as expressing views
with which Chairman Eccles is in agreement
Evans) Joshua, Jr.: (See National banks, Hamilton National Bank,
Washington, D. C.)
Evans,
Peyton R.: (See Farm Credit Administration)
1114art, H. Ralph, further correspondence re complaint of manner in
which Equitable Trust Company, Wilmington, Del.
handled trust, and letter to Mr. Austin re
zaamination of Financial Statements by Independent Public Accountants": (See Publication)
btalninations:
Banco de Peurto Rico, San Juan, Puerto Rico, outline of arrangements made for
Banco Popular de Puerto Rico, San Juan, Puerto Rico, outline of
arrangements for, in connection with membership
Bank of Haines, Ore., permission granted F.D.I.C. to make in
connection with withdrawal from membership and
continuance as insured bank
Bank of Romney, W. Va., report reveals unauthorized exercise of
trust powers, improper investment of trust funds
and violation of Sec. 22(g) thereby, failure of
attorney to hand over proceeds of note collected
which may be violation of Sec. 5209
Brownfield State Bank, Brownfield, Texas, senior examiner to
make next, in view of remumendation of Mr.
Walsh that president and cashier be removed
under Banking Act of 1930 or bank forfeit membership
Chase Bank, New York, N.Y.:
Cost of, advice to bank re, and directing deposit in RBank
of New York to Board's account, letter to FRBank
of New York re
Report of, memo of Division of Examinations reviewing and
letter to Mr. Aldrich re
Continental-American Bank and Trust Company, Shreveport, La.,
holding of own stock as collateral to loans,
has been charged off, applicability of Sec.
5201, R. S., should be disposed of
Bank and Trust Co., Dallas, Texas, violation of executive
Dallas
orders re gold revealed by, report re, to
Secretary of Treasury
Del Rio Bank and Trust Co., Del Rio, Texas, report revealing
capital impairment, capital structure has been
subject to criticiam for several years, no action until examined again


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Examinations: (Continued)
Del Rio Bank and Trust Co., Del Rio, Texas: (Continued)
Failure to eliminate losses and doubtful assets resulting
in capital impairment, State authorities contemplating requesting resignation of Vice
President Freeman
Savings and Trust Co., Youngstown, Ohio, affiliation with
Dollar
Thornton Laundry and Dry Cleaning Co. revealed,
bank did not realize relationship and will terminate
Exchange Trust Co., Boston, Mass., letter to Mr. McRae on request of Bank Commissioner for copy of "audit",
suggesting that copy of credit investigation report be furnished
Farmers and Merchants State Bank, Turkey, Texas, shares of own
stock held as additional collateral to loan, revealed in report of, reply to Mr. Evans that it
is not violation of Sec. 5201, R. S., but is
undesirable as collateral
Farmers Loan and Trust Co., Tipton, Ind., report of, demand
that directors return cash covering assets readmitted to repay them their contribution,
Division of Examinations authorized to confer
informally with
re condition
Fanners State Bank, Clifton, Texas, shares of own stock held as
collateral to prevent loss on debt, reply to Mr.
Evans re violation of Sec. 5201, R.S.
Fanners State Bank of Flandreau, S. Dak., shortage discovered
by State authorities, F.D.I.C. authorized to
participate in
Fanners State Bank of Winner, S. Dak., permission granted F.D.
1.C-to make, in connection with withdrawal
from F1System
Deposit Insurance Corporation:
Federal
Bank of Dawson, Ga., permission granted to examine, in connection with withdrawal from FRSystem
Bank of Elizabethtown, N. C., corporation granted permission
to examine in connection with withdrawal from
membership in FRSystem
Citizens Bank and Trust Co., Carthage, Tenn., Franted permission to examine in connection with withdrawal
from membership
Citizens State Bank of Westbrook, Minn., authorized to examine, in connection with withdrawal from membership
Farmers State Bank of Flandreau, S. bak., authorized to participate in, in view of shortage discovered by
State authorities
/RBank of New York, report as of January 4
FRBank of Philadelphia, control over securities campartments
in vault criticized, advice requested as to
any action

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Pages
Examinations: (Continued)
FRBanks:
Chief of Division of Examinations directed to make one ex1/ 8
amination of each FRBank during 1936
Mr. Paulger ordered to conduct at least one examina12/12
tion of each FRBank during 1937
funcChief examiner, memo of Mr. Paulger on transfer of
6/ 3
tions to operating side of
recommendaIndebtedness reports of officers and employees,
tion of Division of Examinations that examiners
be authorized to review in conjunction with examinations and letter to Mr. Drinnen re, approved 3/27
First of Boston International Corporation, Boston, report of,
memo of Division of Examinations reviewing,
and letters to FRAgents Curtiss and Case and
3/ 3
to Mr. Trafford
of, and directing deposit
Letter to corporation re cost
with FRBank of Boston of amount for Board's
3/13
account, and letter to FRBank re
indebtedness of President
First State Bank, Dodsonville, Texas,
Nisbett to trust company not reported, latter
11/ 6
is not "bank" and report not necessary
Park, N. Y., letter to Mr. Gidney re
Floral Park Bank, Floral
6/15
report of
County Bank, Washington, Mo., account of Bank of WashFranklin
ington represents pro rata share of Franklin
County funds upon which interest is illegally
7/10
paid
Integrity Trust Co., Philadelphia, Pa., report of, request of
Mr. Austin for authority to withdraw, and make
1/ 4
new examination, question of policy
Mr. Austin to be advised that Board will not authorize
withdrawal and another examination should be
made, all FRAgents to be advised to send copies
of all reports to Board and where serious condition exists to submit question of action to
1/ 4
Board
1/15
Letter to Mr. Austin re
Y., report revealing purManufacturers Trust Co., New York, N.
chase of German corporate stocks as part of plan
of realizing as much as possible on credits in
Germany, under Stand-still agreement, no objec1/15
tion to
Montross, Virginia, Incorporated, increase in
Peoples Bank of
indebtedness to bank of inactive Vice President
Stuart shown by, letter to Mr. Fry re applicabil3/20
ity of Sec. 22(g) of FRAct and Regulation 0
Report forms, supply to be printed by FRBank of Dallas, to be
8/26
similar to tentative draft of revised form
classificaSanford Trust Co., Sanford, Me., report of, improper
tion as savings deposits of funds of cemetery
5/ 8
and high school

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pages

Examinations: (Continued)
Southern Arizona Bank and Trust Co., Tucson, Ariz., trust funds
used in banking department without deposit of
collateral to cover fully, President McKinney
requested to seek correction
10/ 8 1854
State Bank, Winfield, Kansas, report of special investigation of
issuance of bonds against annex, criminal violations by officers revealed, should be reported,
bank has been acting as trustee without having
obtained authority
5/27 1100
State member banks:
Bank loans on securities, reply to Mr. Sargent on procedure
979
for examination and copy to other FRAgents
5/ 6
Charges for, FRBank of Dallas to absorb from November 1,
1935 to December 31, 1936
184
1/22
Costs of, request of Mr. Szymczak that Presidents consider
uniform policy for absorption of, by ERBanks
3/16 06
Form for, FRBanks of New York and Dallas requested to assign
Chief Examiner Sheehan and Mr. Betts to Board
for final work on, actual expenses to be paid
by Board
11/23 2110
Reports of, question of policy raised in connection with
withdrawal of report of Integrity Trust Co. by
FRAgent
1/ 4
Relationship of Division of Examinations with FRBank examinations functions, statement of Mr. Miller
that all of FRBank function should be centralized under Board, Mr. Paulger authorized to
study
1/4
FRAgents to be advised to submit copies of all reports
to Board and to refer any serious condition to
Board for determination of action
1/ 4
Memo from Division of Examinations re letter prepared
in accordance with action of Board on Sanuary
4 re sending to Board as soon as available,
recommending that it not be sent
4/24
870
Letter to all FRAgents requesting forwarding reports
as soon as available, and in case of serious
condition to refer to Board the question of
action
8'70
4/24
Request of Rural Electrification Administration for reports 11/ 6 2ois
Transfer of functions at FRBanks to operating side
6/ 3 1126
Union and New Haven Trust Co., New Haven, Conn., deposit of
trust funds with nonmember bank in excess of
10% of capital and surplus, reply to Mr. Curtiss
that membership condition and Section 19 of
FRAct are not applicable
6/11 1166
Company of Boston, Mass., report reveals funds of
Union Trust
agency, safekeeping and corporate accounts received in trust department used in commercial
department without deposit of securities, no
objection if no fiduciary relationship is involved
1/17 156

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Pages
EXEmanations: (Continued)
Union Trust Company of Springfield, Mass.:
Switching of participations in single real estate loans
between trusts, and has agency and trust cash
6/26
in banking department
that deposits
Trust department, ruling secured from F.D.I.C.
of trust funds in nonmember, uninsured banks
8/18
are not covered by insurance
Wayne State Bank, Wayne, Mich., report reveals purchase of stock
of Wayne County Federal Savings and Loan Association, in violation both of membership condition
4/ 3
and Sec. 9 of FRAct
Pa., report of, criticisms, reWoodlawn Trust Co., Aliquippa,
1/30
fusal to increase capital
4aminers:
Board of Governors:
Boysen, John T., Assistant:
7/22
Headquarters changed from Chicago to Omaha
12/30
increased
Salary
12/50
Brien, E. L., salary increased
L., salary increased and designation changed from
Brown, S.
12/30
Assistant Examiner
Brown, W. G., salary increased and designation changed from
12/30
Assistant Examiner
Buck, Earl D., resignation of, three months' salary author12/19
ized as dismissal wage
wage
Bush, Floyd W., Assistant, resignation of, dismissal
12/19
of three months' salary authorized
Cagle, C. E., Assistant Chief:
Examination of Banco de Puerto Rico and Banco Popular
de Puerto Rico, to participate in, authorized
to travel by plane and to be reimbursed for
1/ 8
actual expenses
Columbia,
Macklin v Federal Intermediate Credit Bank of
reply to Mr. Evans, Farm Credit Administration
that he will be available for trial, compensa1/17
tion and expenses to be paid
12/30
Salary increased
Calloway, Roger M., resignation of, three months salary
12/19
granted as dismissal wage
12/30
Chamberlin, R. B., salary increased
Conkling, G. M.:
12/30
Salary increased
Board, desire to employ, Board not to
Social Security
7/31
meet salary, referred to Mr. Paulger
Mortimer B., Assistant, transfer to Division of
Daniels,
Bank Operations and designation as Technical
2/27
Assistant, no change in salary
Drinnen, F. J.:
Accompaniment of Mr. Broderick on latter's visits to
IRBanks in connection with organization surveys,
3/25
no objection

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Examiners: (Continued)
Board of Governors: (Continued)
Drinnen, Frank J., Chief of Field Force: (Continued)
Appointment as First Vice President of ERBank of
Philadelphia
5/12
(See also FRBank of Philadelphia, Staff)
Resignation
5/20
English, J. F., Assistant, salary increased
12/30
Folsom, George H., Assistant:
Senate Committee on Interstate Commerce, detail to, extended for further six months in connection with
railroad investigation, at request of Senator
Wheeler
3/ 4
Reply to Mr. Lowenthal that Board cannot extend loan
of services as requested, but will request that
he hold himself available for consultation with
successor
9/18
Part time arrangement for services to, authorized
in view of urgent request of Mr. Lowenthal for
extension of services to
10/ 6
Mr. Lowenthal agrees to arrangement, Mr. Folsom will
not participate in any way in hearings conducted
by Committee
10/ 6
Salary increased and designation changed from Assistant
Examiner to Examiner
12/30
Franzoni, J. C., Assistant, salary increased
12/30
Goodman, G. M., salary increased
12/30
Hopkins, Julia B., Assistant, salary increased
12/30
Hostrup, C. C., salary increased
12/30
Howard, T. P., Assistant, salary increased
12/30
Jones, Laurence H.:
Leave granted with pay for one day, six hours, in addition to regular annual leave
9/ 2
Salary increased
12/30
Koppang, H. 0., salary increased
12 0
/3
Leonard, R. F., AssistPnt Chief, salary increased
12/30
Malone, C. T.:
Senate Committee on Interstate Commerce Investigating
Railroads, reply to Mr. Lowenthal refusing to
extend period of loan of services of, to
6
/27
Salary increased
12/30
McClelland, W. J., salary increased
12/30
Millard, E. R., salary increased
12/30
Murff, Gordon R., Assistant:
Leave with pay granted February 6 to September 1, and
per diem allowance granted February 6 to March
3 on account of illness
3/12
Further leave of absence granted with full pay on
account of illness
8/25
Salary increased and designation changed from Assistant
Examiner
12/30
Nelson, F. A., salary increased
12/30

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omliners: (Continued)
Board of Governors: (Continued)
Newman, H. J., Assistant, salary increased
O'Donnell, Thomas B., Assistant:
Leave of absence on account of illness, granted additional 30 days
Two additional weeks granted with pay
Salary increased
Porter, J. H., designation changed from FRExaminer to
Technical Assistant in Div. of Bank Operations
Radford, J.R., Jr., salary increased
Snow, R.T., Assistant, Salary increased
Strahorn, C. A., Assistant, salary increased
Troup, F. W., Assistant, salary increased
Turnbull, J. A., Assistant, salary increased
•
Winkler, P. J., salary approved
Federal Deposit Insurance Corporation:
Loan to, by bank under Title II of Federal Housing Act, reply to FRBank of Cleveland that Board has been
advised that Department of Justice has not ruled
on applicability of Sec. 22(a) of FRAct
FRBank of Atlanta:
Sheffer, George W., Jr., appointment as assistant, approved
FRBank of Boston:
McRae, W. D., appointment and salary as Chief Examiner approved upon transfer of examination department
to FRBank
Paddock, W. W., Vice President, designation approved
FRBank of Chicago:
Diercks, W. R., salary increased for period during which he
serves as acting chief examiner
Frank A., appointment and salary as assistant, apFord,
proved
Johnson, W. H. A., Trust, salary reduced
Pitman, Carol, Chief Examiner, leave of absence for six
months to assist F.D.I.C.
Wilson, A. L., salary reduced
Young, C. S., Vice President, appointment as examiner approved
FRBank of Cleveland:
Cavanaugh, John William, appointment as assistant, approved
Fletcher, W. H., Vice President, appointment as dxaminer
approved
FRBank of Dallas:
Betts, I. F.:
Assignment to Board for final work on State member bank
examination report form requested, Board to pay
actual expenses
adjustment, request that Board be advised when
Salary
determined
Childers, C. L., appointment as assistant approved


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122
Examiners: (Continued)
FRBank of Dallas: (Continued)
Evans, W. J., Vice President in charge of examinations, appointment as, approved
8/14
Hallman, George R., salary adjustment, request that Board be
advised when determined
12/ 2
P., leave in excess of annual, no objection to.
Neilan, E.
granting to attend Graduate School of Banking
4/16
Services of two examiners to be dispensed with and assistant
examiners to be transferred
8/19
FRBank of Kansas City:
Branch employees, use of certain, to lend clerical assistance
to examiners approved
5/21
Employees assigned to lend clerical assistance to examiners
approved, with understanding that none will be
assigned permanently to examining work without
approval of Board
2/19
McAdams, A. M., Vice President, appointment as examiner was
approved previously, reply to FRAgent Thomas
9/ 3
Woolley, D. W., appointment, temporary, as Acting Assistant
FRAgent
5/13
FRBank of Minneapolis:
Swanson, E. At., Vice President, appointment as exRminer approved
9/ 3
FRBank of New York:
Betts, I. F., temporary appointment
4/25
Campbell, Frederick W., appointment as assistant
6/25
Clifford, Joseph W., appointment as
2 8
/2
Dillistin, R. M., Assistant Vice President, designated as
9/14
Elmer, Parke R., appointment as
2/28
Gidney, R. M., Vice President, designated as
9/14
Neilan, E. P., temporary appointment
4/25
Appointment on permanent basis approved
9/30
Paul, William L., appointment as assistant
6/25
Pond, Charles N., appointment as assistant
6/25
Sheehan, W. F., Chief Examiner:
Assignment to Board for final work on State member bank
examination form requested, Board to pay actual
expenses
11/23
Salary approved for 1936
1/31
Sullivan, Peter F., appointment as assistant
/25
6
Walton, A. Chester, appointment as, approved with understanding that arrangements will be made to liquidate
indebtedness to member bank
2/28
FRBank of Philadelphia:
Hill, E. C., Vice President, appointment as Examiner approved 9/ 8
Special assistants to, Board approves designation of certain
clerical employees as
3/ 3
Temporary, and temporary assistant examiners, no objection
to retention for balance of year, survey to be
made later to determine need for transfers to
permanent position
3/ 3

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4andners: (Continued)
FRBank of Richmond:
Gordon, H. N., continuance as Chief Examiner approved when
8/ 6
Examination Department is shifted to bank
FRBank of St. Louis:
4/18
Reitz, Ralph Henry, appointment as assistant
Wood, I. S., Vice President, designation as, in connection
9/14
with plan to place in charge of examinations
FRBank of San Francisco:
Armstrong, L. B.:
Appointment as temporary assistant for trust department
5/18
examination
there are
Appointment as examiner approved, assumed that
no pertinent facts of which Board is not in12/19
formed
with unMuir, George C., appointment as assistant examiner
derstanding that Board's approval will be secured before transferring permanently to exam2/7
ining work
12/19
Reapproval, not necessary to submit names for
Simmons, Thomas M., appointment as assistant examiner with
understanding that Board's approval will be
secured before transferring permanently to ex2/7
amining work
W. D., Assistant:
Shortt,
Appointment as Assistant or Alternate Assistant IRAgent
would be approved by Board in connection with
8/29
reorganization plan
Bond approved as Assistant FRAgent and memo of Mr.
Wingfield re possible conflict with FRAct be9/21
cause of designation as assistant examiner
Indebtedness to member bank, was in existence prior to
employment, not to be reported to Attorney
10/19
General, but should be eliminated
12/19
Appointment approved
FRAgent
Sonne, H. A,, Chief, bond executed as Assistant
whereas he was appointed Alternate Assistant
FRAgent, re-execution requested, and memo of Mr.
Wingfield re possible conflict with FRAct, not
9/21
clear what payroll he is on
need of additional
Trust examination work, Board concurs in
examiners and assistant examiners in connection
5/18
with
Los Angeles Branch:
5/13
Designation of four employees as assistant examiners
Swengel, H. D., appointment as Acting Assistant FRAgent was
previously approved, no further action necessary 8/29
National bank:
Chorpening, I. I., present at meeting of Board in connec11/10
tion with hearing of Mr. Johnson
Present at hearing of Mr. Johnson re removal as officer
12/29
of Point Pleasant National Bank


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Examiners: (Continued)
National bank: (Continued)
Loan to, by State member bank, reply to Tompkins County
Trust Co., Ithaca, N. Y., re statutes dealing
with
Regulations of Board, D, H, I, 0, P, and q, to be furnished
to
Starr, L. 0., present at Board meeting in connection with
hearing of Mr. Johnson
Present at hearing of Mr. Johnson re removal as officer
of Point Pleasant National Bank
Exchanges: (See Agencies for depositors)
Executive officers:
Accommodation indorsement by, ruling re, to be published in
FREulletin
Appointment as, of person indebted to bank, ruling re, to be
published in FRBulletin
of Mr. Raike by National Bank of Logan, W. Va. while
Appointment
indebted to bank, reply to Mr. Await that it
would not be violation of Sec. 22(g) of FRAct
W., violation of Sec. 22(g) involved in loan by Bank
Arnold, G.
of Romney, W. Va., to, increasing indebtedness
to bank beyond statutory limitation
Assistant cashiers whose duties are those of tellers and vice
president (inactive) and director, reply to
Merchants National Bank, Montgomery, W. Va.,
re applicability of Regulation 0
Bailey, H. C., reply to, that loan made to him by bank which
later merged with his own bank, insofar as applicability of Sec. 22(g) is involved, is for
determination of Department of Justice
Buchanan, William, Assistant Cashier, Merchants National Bank,
Montgomery, W. Va., additional information not
sufficient to determine status
loans, reply to First National Bank of Bradley
Collateral
Beach, N. J. that there is no distinction as
to type of loan in exception as to maximum
amount officer may borrow
Director who receives salary, and directs policies of national
bank but has no official title, reply to Comptroller that he canes within definition of executive officer in Regulation u and would do so
even if he received no salary
Emmett, J. M., loan made to, by First National Bank of Clifton
Forge, Va., reply to Mr. Fry as to whether it
constituted violation of Sec. 22(g) of FRAct,
copy to Comptroller
Endorsement "without recourse" by bank president of paper of
company solely owned by such president, for discount with his bank, reply to Comptroller that
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Pages
Executive
officers: (Continued)
Exemption of 0500, reply to Mr. O'Connor that it is applicable
to partnership in which individual executive
7 3 1302
officer owns majority interest
National Bank
Extension of loan made to President Cohn by First
in Bedford, Pa. subsequent to Banking Act of
1933 and prior to Banking Act of 1935, reply to
Mr. Austin re, in connection with Department
of Justice determining if he was an executive
727
4/2
officer at the time
officer prior to June 16,
Extension of loan made to executive
1933 where collateral is sufficient to liquidate
837
4/21
loan, reply to Comptroller of the Currency
Texas, indebtedness of President
First State Bank, Dodsonville,
Nisbett to trust company, latter is not "bank"
11/ 6 2013
and report to directors is not necessary
Granting of overdrafts or carrying cash items for, ruling re, to
216
1/25
be published in FRBulletin
Inactive chairman of board, reply to First National Bank,
Colorado Springs, Colo, that resolution or
266
1/31
amendment to bylaws would not affect status as
Inactive officers:
American National Bank of Kalamazoo, Mich., reply to Mr.
Stevens on service of director as vice president
who is inactive, should be considered executive
1/6
officer under .Regulation 0
that they
First National Bank of Bradley Beach, N. J., reply
4/28
came within definition in Regulation 0
Bank, Del
Protest from Mr. Stevenson of Del Rio National
Rio, Texas against inclusion in definition of,
in Regulation 0, Mr. Morrison not in agreement
3/ 4
with, matter referred to him and reply approved
Senator Glass re inReply to Mr. Schackelford's letter to
clusion of, in definition of executive officers
3/28
in Regulation 0
at conference of exReport of Mr. Paulger on discussion
10/30
aminers
Barker, N. Y., reply to Mr. Smith
Somerset National Bank,
that Board cannot make exception in case of
10/14
president and cashier who are also directors
of vice president of national bank, reply to Mr.
Indebtedness
Sec. 22(g),
Wood that it constitutes violation
1/13
question of prosecution subject to discretion
and
Indebtedness of Mr. McQuaid to Mercantile-Commerce Bank
Trust Co. in its capacity as trustee, Board
7/16
rules it should be reported
ion of third party, reply to
Indorsement of note for accommodat
Comptroller that it constitutes liability subject
3/3
to provisions of Regulation 0
p by officer in which he has
Indorsement of note of partnershi
less than majority interest, reply to Mr. O'Connor re applicability of Sec. 22(g) and Regula8/24
tion 0

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Executive officers: (Continued)
Indorsement "without recourse" by bank president of paper of
company solely owned by such president, for discount with his bank, reply to Comptroller that
Regulation 0 is not applicable to
6/17
Interpretation of term, testimony of Senators Couzens, Gore and
Glass cited
7/7
Jaeger, A. E., Coffman-Dobson Bank and Trust Co., reply to Mr.
Sargent that there is no need to report indebtedness incurred prior to August 23, 1935,
plan to refinance loan
5/21
Assistant Cashier, Merchants National Bank, MontJudy, H. D.,
gomery, W. Va., additional information not sufficient to determine status
10/22
Lamson, Arthur C., reply re applicability of Regulation 0 to
service as inactive executive officer
of executive officer on mortgage loan insured under
Liability
Title II of National Housing Act, reply to Mr.
O'Connor that it is not exempt from provisions
of Sec. 22(g) of FRAct
3/2a
inactive chairman of Phillips National Bank of Helena,
Loan to
Ark. made prior to amendment of Sec. 22(g) by
Banking Act of 1935, question for determination
by Department of Justice, letter to Mr. Ross re
and one to Mr. Wood
1/16
Loans:
Corporation in which executive officer of member bank has
substantial interest, reply to Mr. Wood that it
is not violation of Subsecs. (d) or (g) of Sec.
22 of FRAct
2/19
Corporation in which officer is interested, ruling re, to
be published in RBulletin
3/26
Heretofore made to, provisions of law which are applicable,
to be published in FRBulletin
2/26
when not executive officer of bank, question of
Individual
extension or renewal when such person has since
become an executive officer, reply to Mr. O'Connor
3/20
bank to corporation in which executive officer is
National
interested, reply to First National Bank of
Gatesville, Texas that Regulation 0 does not
prohibit
5/6
Partnership in which executive officers have individually
or together less than a majority interest, reply
to Mr. O'Connor that Sec. 22(g) is not applicable
to
4/4
Partnerships under Sec. 22(g) of FRAct, ruling re, to be
published in FRBulletin
3/26
Renewal to person who was not officer at time of making loan 4/25
acQuaid, Craig, indebtedness to bank is intended to be settled
by September 10, permission granted to defer report to his board of directors, but settlement
does not relieve of reporting
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Pages
clitive officers: (Continued)
McCarthy, James F., reply to complaint of First National Bank of
Wallace, Idaho, that he would not accept honorary
vice presidency because of requirements of Sec.
12/22
22(g) of FRAct
Members of boards of managers of branches and members of finance
committees of branches, reply to Mr. Curtiss
re inquiry of Industrial Trust Co., Providence,
5/ 4
R. I., that they are not
Merchants National Bank, Montgomery, W. Va., additional information furnished not sufficient to determine status
10/22
of Assistant Cashiers Judy and Buchanan
Morris Plan banks, question raised by Hart, Gainer & Carr as to
whether indebtedness to, must be reported to
2/20
Board of Directors under Regulation 0
Note given to commercial house which later discounts with bank,
reply to Union National Bank, New Brighton, Pa.,
that such officer should report indebtedness to
7/21
his board of directors
Overdraft not in excess of amount of 30 days' advance salary,
reply to Mr. Peyton that carrying would constitute violation of Sec. 22(g) of FRAct and Regu1/15
lation 0
interest, reply to Mr.
Partnership, in which two men have equal
Wood re case of Sherman P. Houston of Wood &
Huston Bank, that Regulation 0 does not pro1/31
hibit extension of credit to
Citizens National Bank, Wellsville, N.Y.,
Purchase by officer of
of property on which bank had loaned money, and
assumption of mortgage, applicability of Sec.
22(g) depends upon whether transaction was for
9/ 3
protection of bank
of loans made prior to June 16, 1933,
Renewal or extension
5/26
ruling re, to be published in FRBulletin
, reply to Mr. Wood re Regulation 0 that
Reports of indebtedness
they should be made to Board of Directors and
that footnote 2 of Sec. 5 relates to renewals
2/6
or extensions of credit which has been reported
2/19
to FRAgents to circularize member banks re ruling
Advice
Indebtedness to other banks, report to boards of directors,
2/26
ruling on, to be published in FRBulletin
Indebtedness made subsequent to Banking Act of 1935 and
prior to effective date of Regulation 0, reports required by regulation need not be remade
2/28
if in substantial compliance with regulation
Regulation
Reply to First National Bank of Philadelphia that
0 should be construed as requiring that they be
3/ 5
made available to board of directors
published in
Indebtedness to other banks, ruling on to be
3/26
FRBulletin
be pubIndebtedness to Morris plan companies, ruling to
3/26
lished in FRBulletin

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128
Executive officers: (Continued)
Reports of indebtedness: (Continued)
Indebtedness evidenced by note discounted by another bank,
ruling to be published in FRBulletin
8/20
Resignation of inactive officer, I. S. Stefanez, in order to
correct situation arising from loans extended,
considered closed
4/ 9
Salary advances, reply to Phillips National Bank of Helena, Ark.,
that although Regulation 0 prohibits in excess
of 30 days, Board will not object to advance for
month where it contains 31 days
1/16
Schalk, Oscar, Comptroller, Mercantile-Commerce Bank and Trust
Co., St. Louis, Mo., draft of reply and opinion
of Mr. Vest that he is executive officer, discussion of, voted not to be
10/30
that Board has ruled not to be executive officer, in
Advice
accordance with action of October 30
11/ 5
Secretary of board of directors of Citizens National Bank and
Trust Company of Fulton, N. Y. who is also
director, reply that he is not executive officer
under Regulation 0
1/ 4
Reply to Citizens National Bank, Wellsville, N. Y. that
secretary of board of directors should not be
considered as executive officer as long as he
performs only usual functions of
3/5
Ruling that secretary of board of directors of member bank
is not an executive officer to be published in
ITBulletin
3/26
Shove, E. P., question raised as to applicability of definition
in Regulation 0 as his duties as chairman consist only in presiding at directors' meetings,
Board not willing to alter interpretation,
letter to Haney and Jackson
7/ 7
Stuart, Charles E., inactive Vice President of Peoples Bank of
Montross, Virginia, Incorporated, increase in
indebtedness to bank, letter to Mr. Fry re applicability of Sec. 22(g) and Regulation 0
3/20
Trust funds, loans to officers from funds of his own bank and
reports re loans from trust funds from other
banks, reply to Mr. Austin that Regulation 0
is applicable to
3/20
Executive orders:
Excusing employees from duty on occasion of G.A.R. parade,
Board's employees excused until 1 p.m. Sept. 23
9/22
Ronald, designating Vice Chairman of Board for four
Ransom,
years
8/ 7
Expenditures of Board: (See Board of Governors)
Export Import Bank:
Cuban silver pesos, to be minted at Philadelphia Mint, no objection to transaction for delivery and payment
through Havana Agency
8/18


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F. A. Berry and W. F. Norval', Jr., reply re interpretation of
Regulation U_as expressed to certain Nashville
6/25
banks
-Lai Credit Administration:
Cagle, C. E., Assistant Chief of Division of Examinations, reply
to Ma.. Evans that he will be available in connection with case of Macklin v. Federal Intermediate Credit Bank of Columbia, arrangement for
1/17
compensation and expenses
Condition reports of State member banks, reply to Governor Myers
that Board will request information re farm
loans and real estate owned in next call, and
consideration will be given to items in connec5/19
tion with proposed standard form of report
8/ 1
Items for information of, to be omitted from fall call
Federal credit unions, opinion of, that they may not be classi1/23
fied as banks
Fiscal agency functions in connection with joint stock land
banks performed by Louisville Branch at request
of, Board of opinion that Secretary of Trea5/13
sury should make request
5/13
all FRBanks
Copy of letter re to be sent to
Myers, W. I., Governor:
Federal Advisory Council, to be invited to meet with, by
Mr. Davis if desirable, to discuss competition
of Government lending agencies in western fern
10/30
States
with Federal Advisory Council,
Present at meeting of Board
discussion of competition of Government lending
agencies with banks, particularly production
credit associations, question of editing of ad11/17
vertising of
"Father Coughlin v. FRSystem", reply to FRBank of Minneapolis that
Board's supply is exhausted but additional copies
may be obtained from Editorial Research Reports 11/23
Fedeliei administrative court recommended by Committee on Administrative Law of American Bar Association, objections, Mr. Wyatt authorized to attend annual
meeting of association and prepare memo re
8/ 4
status and effect of proposal
Report of Mr. Wyatt re attendance at meeting of American Bar
Association, and statement that he is preparing
of
MUDD re status of, in accordance with action
9/ 1
August 4
4deral Advisory Council:
Banking legislation, no likelihood of enactment of any at this
session of Congress, two topics suggested for
5/19
meeting not to be discussed
their disBusiness conditions, statements by members re, in
5/19
tricts

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PageS

Federal Advisory Council: (Continued)
Business conditions: (Continued)
Reports of individual members re, conditions better and in
some sections, a "mild boom"
9/10 1670
Compensation and allowances for members, letter to FRBanks requesting submission for approval and report of
amount to cover expenses of Secretary
2/11
332
Competition of Government lending agencies in farming sections
of several western States, desire to discuss at
meeting, Mr. Davis to be prepared to discuss and
to arrange to invite Mr. Myers to attend if desirable
10/30 1976
Dividend payments by national banks, consideration given by
Board to S. 4514 outlined, belief that bill will
not pass
8
5/19 104
Excess reserves of member banks, recommendation that action be
taken to reduce through increasing reserve requirements, renewal of previous recomiendation
2/12
339
Question of publicity to be given to
2/12
341
Chairman Eccles advises councilmen to read letter of S. P.
Gilbert in New York Times on December 18 entitled "Member Bank Reserves" as expressing
views he is in agreement with
342
2/12
352
Reply to be prepared and submitted to Board
2/14Reply prepared, but Board desirous of more time to consider,
before publication, Mr. Lichtenstein to be advised
372
2/18
Board not to release recoiumendation but no objection to
Council releasing
432
2/26
Advice to Council re release
45
8
2/28
Expenses of, authorization of amounts to be paid by each FRBank
for Secretary, and fees and allowances, to be
approved until further notice
557
3/11
Federal Open Market Committee, opposition of Board to outside
representation of /RBanks stated with action
proposed, Governor Harrison reported Senator
Glass strongly opposed
2/11 326
Fees and allowances of members, authorization for payment by
each FRBank, approved until further notice
3/11 5
0
Inflationary trend in credit and prices, report re feeling on,
and request as to possible action to check, discussion of, statement of Chairman Eccles and
statement of Mr. Goldenweiser
'
11/17 2076 6
Investment securities regulation of Comptroller, statement by
President Smith that it was not practical in
operation, rulings re, to be published, suggested that Council study and submit report re
5/19 1047
Lichtenstein, Walter, Secretary, member of National Bureau of
Economic Research exploratory committee
9/18 1720
Meetings:
Feb. 11 and 12, to be held, advice to Mr. Lichtenstein that
present Board has no topics to suggest
176
1/20

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Pages
Federal Advisory Council: (Continued)
Meetings: (Continued)
2/11
February 11, further meeting to be held in afternoon
Remainder of 1936 fixed for third Tuesday in May and Novem2/12
ber and fourth Tuesday in September
5/19
May 19
9-10
Fall, dates changed from September 21-22 to September
because of conflict with annual convention of
5/19
American Bankers Association
Discussions, statement of Mr. Ransom that he felt less
9/10
formality would be helpful
9/10
September 10
11/17
November 17
to
"Member Bank Reserves", letter written by S. Parker Gilbert
New York Times under date of December 18, 1935,
Chairman Eccles advises Councilmen that it expresses certain views which he is in agreement
2/12
with
Members:
Arnold, M. A., reappointed by YRBank of San Francisco and
1/17
compensation and allowance approved
FRBank of
Braun, Arthur E., advice of reappointment by
1/27
Cleveland for 1936
appointment by ifEBank of ChiBrown, Edward E., advice of
1/27
cago for 1936
of reappointment by .FRBank of Dallas
Frost, J. H., advice
1/27
for 1936
Charles M., advice of reappointment by FRBank of
Gohen,
1/27
Richmond for 1936
Kemper, W. T., advice of reappointment by FRBank of Kansas
1/27
City for 1936
Loeb, Howard A., advice of reappointment by FRBank of Phila1/27
delphia for 1936
McLuces, W. S., advice of appointment by FRBank of Chicago
1/27
as alternate for 1936
New
Perkins, Janes H., advice of reappointment by FRBank of
1/27
York for 1936
of
Rieman, Charles E., advice of reappointment by FRBank
1/27
Richmond as alternate for 1936
for
Smith, Walter W., reappointed by FRBank of St. Louis
1/ 9
1936, allowance approved
/2
1 7
by FRBank of St. Louis for 1936
Advice of reappointment
M., advice of reappointment by FRBank of
Steele, Thames
1/27
Boston for 1936
Theodore, advice of reappointment by FRBank of MinWold,
1/27
neapolis for 1936
Woodson, W. W., advice of reappointment by FRBank of Dallas
1/27
as alternate for 1936
/bung, H. Lane, advice of reappointment by FRBank of Atlanta
1/27
for 1936


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Federal Advisory Council: (Continued)
Officers of FRBanks serving as members or alternates, question
raised by appointment of Mr. Thomas as alternate
for FRBank of Kansas City, reply to be prepared 12/ 1
Letter presented and approved
12/ 7
Regulation F, comments re revision of, feeling of difficulty
in getting directors to serve on trust investment
committees and reference to questions arising
from prohibition on investment of trust funds in
interests of directors, employees, officers,
etc.
5/19
Regulation
"Interest", discussion of definition of, and of suspension
of, opinion asked if there would be likelihood
of withdrawals from par list if placed in effect
9/10
9110
"Savings deposits", discussion of definition, reasons, difficulties and basis for
recommendation that it be continued in present
Sec. 1(e),
form, but if changed that it be made more liberal,
discussion of, question as to labor unions, manufacturers' associations, etc.
11/17
Sec. l(f), suspension of, because of nonconforming Regulation of F.D.S.C., outlined for, Council would
like to see prohibition on absorption of exchange and collection applied to all banks
2/11
Status of Sec. l(f) which was suspended because of difference with F.D.I.C. interest regulation
5/19
Recommendation that Sec. l(f) be put into effect immediately, answers to questions re effect of, particularly as to effect on par clearing banks,
discussion of
/
11 17
Regulation U, reports not received from all FRBanks and Board
not prepared to discuss
2/11
Statement that Council still believes issuance unnecessary
and feeling that simpler regulation would be more
effective
2/11
Recaumendation reiterating opinion that issuance is unnecessary
2/12
Question of publicity to be given to
2/12
Reply to be prepared and submitted to Board
2/14
Reply prepared, but Board desirous of more time to consider,
Mr. Lichtenstein to be advised
2/18
to release recommendation, but no objection to
Board not
Council releasing
2/26
Advice to Council
2/28
Regulations of Board, letter to Mr. Lichtenstein confirming proposed procedure for submitting tentative drafts
to Council for review and comments
9/19
Submission to Council of drafts for cauments, agreed that
course would be desirable, procedure for
9/10


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Pede.ral Advisory Council: (Continued)
Reserve requirements of member banks, recommendation that action
be taken to increase, to reduce excess reserves,
2/12
renewal of previous recommendation
2/12
Question of publicity to be given to
Chairman Eccles advises Councilmen to read letter of S.P.
Gilbert in New York Times on December 18 entitled "Member Bank Reserves" as expressing
2/12
views he is in agreement with
2/14
Reply to be prepared and submitted to Board
consider,
Reply prepared, but Board desirous of more time to
before publication, Mr. Lichtenstein to be ad2/18
vised
objection to
Board not to release recommendation but no
2/26
Council releasing
2/28
Advice to Council re release
results accomRequest of Mr. McKee for opinion as to any
plished by, opinions of Messrs. Frost and Per11/17
kins
article in New York
"Stabilization Still Opposed by England",
Times Feb. 9, attention called to, by Chairman
Eccles stating it expresses certain views he is
2/12
in agreement with
designated alternate by RBank of Kansas City,
Thomas, J. J.,
memo with respect to position taken by Board that
officers should not serve, reply to be prepared 12/ 1
12/ 7
Letter presented and approved
Topics for discussion:
Meeting of May 18 and 19, Board has no topics to suggest
Meeting of September 10, hoard has no topics to suggest,
reply to Mr. Lichtenstein
Request for, to be asked for advice re definitions of
"savings deposits" and "interest" contained in
Regulation Q and question of withdrawal from
par list
Letter and memoranda sent to Mr. Lichtenstein in accordance with
Council desires to discuss competition of government
lending agencies in farming sections
ederal agencies, supervision of banks, statement of Chairman Eccles that one of important tasks of 1RSystem
was unification of
deral Communications Commission:
Tariffs for private line service, request that Board be furnished with future notifications re changes in
Peri
-eral credit unions:
Banks, opinion of Farm Credit Administration that unions may not
be classified as
Blue Ridge Federal Credit Union, Blue Ridge, Texas, cannot be
classified as a bank and may not be placed on
par list
Deposits, classification of

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Federal Deposit Insurance Corporation:
Bank suspensions study, Mr. 6rnead authorized to negotiate with
corporation for use of nonmember bank condition reports in connection with
6/17
Certification of banks:
Mount Clemens Savings Bank, Mount Clemens, Mich., certified to corporation as member of FRSystem
State Bank of Viroqua, Zis., certified to corporation as
member of FRSystem
7/21
Columbus Trust Co., Newark, N. J., reply to Mr. Crowley that
there is no objection to absorption of Central
Bank and Trust Co., loan to be made to latter
upon assets not taken by consolidated bank
4/25
Conditions imposed by, letter to RAgents re desirability of
Board and F.D.I.C. supplementing each others
efforts to build up sound banking system
insurance assessment statements:
Deposit
Bank of Waldron, Ark., failure to file, reported by, letter
to Mr. Wood to endeavor to secure compliance
with requirement, and advice to corporation of
action
Trust and Banking Co., Spencer, w. Va., failure to
Traders
file, reported by FDIC, letter to Mr. Fry to
endeavor to secure compliance with requirement,
and advice to FDIC of action
1/13
Deposits of trust funds made by member bank in uninsured nonmember bank, ruling that insurance does not
cover
8/18
rxaminations:
Bank of Davison, Ga., permission granted to examine, in connection with withdrawal from FRSystem
12/31
Farmers State Bank of Winner, S. Dak., permission granted
to examine, in connection with withdrawal from
1Rsystem
8/13
Farmers Loan and Trust Co., Tipton, Ind., Division of Examinations authorized to confer informally with corporation re condition of
4/ 7
Funds held as receiver may be deposited with FRBanks, reply to
Mr. Leach
8/ 4
Reply to President Day re
8/26
Hudson Trust Co., Union City, N. J., information on, action on
membership application postponed
12/11
"Insured bank", report by Mr. Ransom that he had abandoned hope
of influencing F.D.I.C. to change term, no
further action to be taken
7/15
Interest definition: (See Regulations, Board, 0
Loan to examiner under provisions of Federal Housing, Act, possible violation of law
9/29
"Wernher", use of term in referring to nonmember insured banks,
draft of memo re, statement of Mr. O'Connor that
solution could be reached, Chairman authorized to
take up with
1/30

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l'ederal Deposit Insurance Corporation: (Condition)
"Member", letter on use of, in referring to insured nonmember
banks, and possibility of resulting in confu4/17
-RSystem
sion with members of 1
he had discussMembership in RSystem, report of Mr. McKee that
ed with Mr. Crowley the arrangement whereby the
corporation and the Board will consult with
each other in advance of action on applications
for insurance or membership and that he had
11/10
agreed
on Standardization of Bank Report Forms,
Permanent Committee
Messrs. McKee and Davis to discuss with Mr.
Crowley the formation of a committee by Board,
Comptroller and F.L.I.C. to consider uniform
11/12
condition report form
Report of Mr. Davis re Mr. Crowley's position, indication
that failure of Board to participate would be
interpreted as unwillingness of Board to cooperate with F.D.I.C., Board not willing for Mr.
mead to attend meeting for reasons of estab11/13
lished policy
Pitman, Carol, Chief Examiner of FRBank of Chicago, granted
leave of absence by 1RBank for six months to
4/30
assist Corporation
Procedure of obtaining view of Board with respect to insurance
of deposits of new bank applying for membership
in RSystem, not followed in connection with
American Bank and Trust Co., Miami, Fla., Mr.
10/20
McKee to tae up with Mr. Crowley
Regulation U, printed copies sent to, expression of appreciation
for suggestions and of offer to notify insured
banks of provisions, conference may be desirable
between staff and Board's staff on carrying out
4/ 2
purposes of
as a basis
Reports to be requested from insured banks to serve
for an estimate of insured deposits, Board will
5/ 2
cooperate
5/ 4
Letter to FRBanks re
Sec. 5, U.S.C. 6/25
Salaries of umploYees of 1RBanks, applicability of
savings accounts:
Cemetery lots, reply of Board that funds of organizations
not operated for profit may be classified as,
and funds given to city or town for perpetual
6/22
care only if given in trust
Transfers to checking account on telephone order, reply of
Board that they are not permitted but that a
6
/22
transfer on written order is permissible
Staff:
birdzell, L. E., General Counsel, savings deposits, reply on
classification of school district and library
funds, advising of reconsideration and possibility of revision of definition of

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Federal Deposit Insurance Corporation: (Continued)
Staff: (Continued)
Crowley, Leo T., Chairman, present at conference re condition of Perth Amboy Trust Co. and Raritan Trust
Co., Perth Amboy, N. J.
9/11
present at conference re condition of Perth Amboy
McGrath,
Trust Co. and Raritan Trust Co., Perth Amboy,
.
N. J
9/11
Nichols, John, Administrative Assistant, present at conference re condition of Perth Amboy Trust Co. and
Raritan Trust Co., Perth Amboy, N. J.
9/11
Unsafe practices of Perth Amboy Trust Co. and Raritan Trust Co.,
Perth Amboy, N. J., letter to corporation inquiring if it agrees to informal understanding to effect that warning be deferred pending results of
cooperative efforts of representatives of Board,
IDIC and RBank of New York to work out situation
8/11
Williams Savings Bank, Williams, Iowa, letter from Mr. Loeffler
re failure to submit correct certified statement
of average daily deposit liabilities, referred to
FRBank of Chicago
10/19
Federal Home Loan Bank Board:
First Federal Savings and Loan Association of Hollywood, Calif.,
letter to Bank Board re use by, of "'Member of
F.R.System"
8/25
Letter to Mr. Clerk re explanation of, no action to be taken 8/29
Federal Housing Administration:
Insured mortgages: (See Mortgages, Insured)
Mortgages and modernization loans made under Federal Housing Act,
reply to Mr. McDonald that RBanks may consider
member bank notes secured by, for loans under
Sec. 10(b) of FRAct
6/22
Intermediate Credit Bank of Columbia:
Federal
Macklin v., Mr. Cagle to be available for trial of case
1/17
"Federal Laws Affecting National Banks", memo of Mr. Vest recommending publication of statement re, in FRBulletin
and that FRBanks be advised of depletion of
stock, approved
9/25
Register:
Federal
Citation in regulation re powers of Board, reply to Mr. Kennedy
offering no objection to proposed substitution of 9/ 9
Regulations of Board, letter to Mr. Kennedy furnishinz certain
information in connection with, in order to place
in proper form for publication
9/26
(See also National Archives)
Federal Register Act, list of documents of Board required to be
filed under, letter to Administrative Committee,
National Archives
1/25
FRAct:
Amendments:
Assignment of duties to members of Board, amendment tenta12/18
tively proposed

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137
l'ages
FRAct: (Continued)
Amendments: (Continued)
Capital requirements for membership and branch banking,
amendment tentatively proposed to modify
Chairman and FRAgent, separation of, also authorization
for Assistant liRAeentsto perform duties where
there is vacancy and to eliminate requirement
that latter have tested banking experience,
tentatively proposed
Dividends of FRBanks, amendment tentatively proposed to reduce cumulative dividends to 4c/0 and to permit
payment up to 620 when earned during current year
iederal Open Market Committee, amendment tentatively proposed to change method of selection of YR.Bank
representatives and to require that they all
be Presidents of FRBanks
FRnotes, amendment tentatively proposed to repeal penalty
for payment of another FRBank's notes
Government securities as collateral for iRnotes, amendment
making present authority permanent suggested,
with suggestion that it be taken up with
congress separately in order to secure action
before March 3, 1937
Governors of FRSystem, amendment tentatively proposed to
permit participation in Retirement System
of Board of Governors, amendment tentatively proHearings
posed to facilitate
Membership, waiver of requirements, amendment tentatively
proposed to make effective immediately provision
for, to facilitate entry of banks to continue
insured status
Bank for International Settlements, amendment tentatively proposed to make clear that a member of the Board
of Governors may serve as a director
Revised edition, printing of, letter to Public Printer that
Board should not be required to pay for 20(/0
rush, and that no charges should be made incidental to reprinting
Sale of copies by FRBanks, reply to FRBank of Minneapolis that
there is no objection to, at Price printed on
cover and proposed method of accounting for
proceeds
Sec. 9, 20th paragraph re stock of State member bank evidencing
stock of any other corporation, reply to Mr.
Day interpreting
See. 11(k), deposit of collateral for trust funds in commercial
department, letters to F.D.I.C. and Comptroller
re possible request for amendment to relieve
national banks of necessity to extent such
funds are insured by F.D.I.C.


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138
FRAct: (Continued)
Sec. 11(k): (Continued)
Trust funds in banking department, advisability of amendment
suggested to Comptroller in connection with question of waiver of deposit of security for, in
so far as such funds are insured
4/ 8
Sec. 19, reserve requirements, reply to inquiry of Mr. Borneman
re interpretation as to change in, that Board
only interprets law in actual cases
12/ 8
IRAgents:
Agreements on Form T-2, Board concurs in opinion of FRBank of
New York that execution of certificate of filing should be by, even though non-statutory
duties have been transferred to RBank
12/ 2
of, for 1936, recommendations of Personnel CommitAppointments
tee re, and plan for possible reorganizations at
ERBanks involving transfer of certain duties
of, to operating departments, eventual employment of agents on honorarium basis
2/18
Chairman authorized to arrange meeting of presidents to discuss transfer of duties, with view to reduction
in expenses and increase in efficiency
2/18
Agreed that transfer is important element and that position
should be placed on honorarium basis as soon
as possible
2/26
Appointments to serve after March 1, press statement re, approved 3/ 4
Assistants:
Allen, G. M., Acting at Fl Paso, temporary appointment of
Mr. Page to succeed Mr. Odom, serving in illness of
1/25
Alternate, scope of functions as compared with those of
Assistant FRAgents, reply to Mr. Thomas at
Kansas City re
9/26
Anderson, J. B., FRBank of Cleveland:
Resignation to be accepted upon appointment of new assistant FRAgent
7/17
To be accepted when appointments of Messrs. Matter
and Henk become effective
7/24
Resignation accepted, noted he has been appointed
Manager, Bank and Public Relations Department
7/29
approved for 1936
Salary
1/31
Anderson, Lee E., Acting, at Baltimore Branch, transfer to
another department and appointment of Mr.
Baugher to replace, approved with advice that
if desirable, Mr. Anderson could be assigned to
work in other department when not performing
duties as
5/ 7
Barnett, Mrs. Genevieve, Alternate at Atlanta:
Bond of
8/31
Temporary appointment as Alternate at Atlanta approved
until not later than Dec. 31
8/25
5/ 7
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Pages
(Continued)
Assistants: (Continued)
Carlander, John, ii'RBank of Minneapolis:
7/11
Appointment as alternate
7/18
Bond of
12/31
as alternate acting
Reappointment
Cincinnati Branch:
Position of Acting discontinued in plan for holding
7/13
iiRnotes in triple control
Clark, L. Y., FRBank of Atlanta:
Leave on account of illness of mother, Mr. McCravey
1/9
designated to sign for
1/31
Salary approved for 1936
Cooper, Norman C., FRBank of New York:
9/29
Appointment as alternate, at present salary
10/29
Bond of
Diercks, W. R., IIRBank of Chicago:
7/29
Appointment as alternate
Bond of, approved, and letter to Fidelity and Casualty
Co., requesting confirmation of acceptability
8/ 5
of description of appointment
Duties as, probably will have none to perform eXcept
9/ 1
during absence of Mr. Schelling
Dillistin, W. H., FRBank of New York:
1/31
Salary approved for 1936
president,
Appointment and salary as assistant vice
9/14
aesignated examiner
salary previously apAppointment as vice president,
9/30
proved
in connection with reorganization of
Resignation as,
10/30
bank
.bRBank of New York:
Downs, H. S.,
1/31
Salary approved for 1936
as Manager, Bank Relations proposed, salary
Appointment
9/14
approved for
and responsibilities in connection with placing of
Duties
office of FRAgent on honorary basis, advice to
Mr. Peyton in connection with reorganization
6/29
of RBank of Minneapolis
Howard, FRBank of Cleveland:
Evans,
Reorganization plan contemplates that he shall be appointed Chief itxaminer and Assistant FRAgent,
Board does not feel he should be Assistant Agent,
resignation as such to be accepted upon appoint7/17
ment of new Assistant Agent
of
Resignation to be accepted when appointments
7/24
Messrs. Matter and Henk became effective
he has been appointResignation accepted, noted that
ed Chief Examiner, telegrams to Mr. Burke and
7/29
President Fleming
1/31
Salary approved for 1936


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PRAgents: (Continued)
Assistants: (Continued)
Evans, W. j., FRBank of Dallas:
Salary approved. for 1936
Renewal bond
Resignation to be accepted upon transfer of examination
and research- work to operating side of bank
Resignation of, approval of salary as Vice President
FRBank of Atlanta:
Alternate, letter to Mr. Martin re desirability of appointing
of Boston:
FRBank
ppointees, request that Ma-. Curtiss submit recommendations for Assistant and Alternate Assistants
A
FRBRnk o
Qualifications of those to be appointed to carry on
duties in connection with placing of IRAgent's
office on honorary basis
IRBank of New York:
Appointment of, and of alternates, advice to Mr. (kidney
to make
FRBanY of St. Louis:
Appointment of, and alternates, advice to Mr. Stewart
to make
Fenner, Zell G., Acting at RBank of Philadelphia:
Appointment previously approved
Reappointment as Acting, Board will advise later
Fletcher, W. H.., FR.13ank of Cleveland, resignation to be accepted upon appointment of new assistant
FRAgent
To be accepted when appointments of Messrs. Matter and
Henk became effective
Resignation accepted and salary as Vice President in
charge of examinations approved
Fry, J. G., RBank of Richmond:
Salary for 1936 approved
Resignation to be accepted when new assistant agent is
appointed
President, to be elected as, and placed in charge
Vice
of Examination Department, board would approve
appointment as Vice President in charge of examinations, Research and Statistical Department
to be placed under, for time being
Bond of Nov. 20, 1934, request if there is any objection to advising bonding company of termination of liability on
Resignation accepted and salary approved as Vice President
FUnctions and duties, letter to IRAgent at Kansas City re
Gettemy, C. F., RBank of Boston:
Salary approved for 1936
Reappointment for period ending January 31, 1937


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1
lAgents: (Continued)
Assistants: (Continued)
Gibson, T. C., FRBank of Richmond:
Appointment as Alternate approved, to act as note custodian for FRAgent
Bond of
Collateral for FRnotes, no objection to continuing to
have, hold single control over paper pledged as
Gidney, R. W., FRBank of New York:
Salary approved for 1936
Appointment and salary as vice president in charge of
examinations, designated examiner
Appointment as vice president, salary previously approved, Board opposed to his retaining present
title pending appointment of FRAgent
Resignation as, in connection with reorganization of
bank
Gowland, C. P., San Antonio Branch, reappointment as Acting
Hagedorn, William, FRBank of St. Louis:
Appointment as Alternate at present salary
Bond of
Hall, C. C., FRBank of Dallas:
Salary approved for 1936
Salary approved, although Board does not feel occupancy
of position coincides with Principles adopted
Reappointment
Harrel, Clyde, Acting Assistant at Cincinnati, resignation
accepted effective July 31
Henk, Lester, FRBank of Cleveland:
Appointment as Alternate
Telegrams to Mr. Burke and President Fleming re appointment becoming effective Sept. 1
Bond approved and request that Mr. Burke advise definitely of appointment by him
Reappointment
Hill, E. C., FRBank of Philadelphia, salary approved for
1936
Hudson, Alfred J., 1JEBank of New York:
Appointment to assist FRAgent in issue and retirement
of FRnotes to continue, request advice as to
whether he will remain on RAgent's payroll,
should remain solely responsible to agent or
Board
Termination of authority to act for FRAaent in issuance
and retirement of FRnotes, bond to be released
Lawhon, D. 6., Acting at Houston, retirement of, request if
there is any objection to cancelation of bond
and noting correspondence with Congressman
Maverick re
Martin, J. H., Detroit Branch:
Salary approved for 1936


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FRAgents: (Continued)
Assistants: (Continued)
Martin, J. H., Detroit Branch: (Continued)
Resignation to be accepted upon appointment of new assistant FRAgent at Chicago
7/20
To be accepted when appointments of Messrs. Schelling, Diercks and Raether became effective
7/29
Resignation accepted
8/ 5
Matter, N. R., FRBank of Cleveland:
Appointment of
7/24
Telegrams to Mr. Burke and President Fleming re appointment becoming effective Sept. 1
7/29
Bond approved and telegram to Mr. Burke requesting
definite advice of appointment by him
8/ 7
Reappointment
12/31
McAdams, A. M., FRBank of Kansas City:
Salary approved
2/18
Leave of absence with pay for six months granted on account of illness
7/29
Resignation to be accepted when new assistant agent has
been appointed
7/17
Resignation, advice that it should be effective on date
of transfer of FRAgents' nonstatutory duties to
bank, to be appointed Vice President and salary
8/14
Appointment as Vice President, reply to FRAgent Thames
that Board did not request appointment, but approved designation and appointment as examiner,
resignation as
9/ 3
McConnell, H. G., RBank of Minneapolis:
Appointment and salary of, other duties do not coincide
with Board's view of position, approved until
end of year and to be reviewed in connection with
1937 budget
7/11
Bond of
7/18
Reappointment
12/31
McCravey, J. R., Jr., Acting at FRBank of Atlanta:
Designated to sign for Mr. Clark during latter's absence
1/ 9
Appointment as, and salary
8/20
Bond of
8/31
McRae, W. D., FRBank of Boston, salary approved for 1936
1/31
Mills, A. W., alternate for FRAgent and Assistants at Minneapolis, bond of
1/9
Morrissey, Clifford E., FRBank of Boston, appointment as
alternate
12/31
Nolte, William H., Acting, at Pittsburgh Branch:
Renewal bond
5/25
Resignation accepted effective July 31
7/29
Oaths of office, new forms approved for, and to be printed
10/16
Odom, L. M., Acting at El Paso, temporary appointment of
Mr. Page to succeed, serving in illness of Mr.
Allen
1
/25

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Federal Reserve Bank of St. Louis

Pages

14
07
144
4
14
89

142
8

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143
Pages
IIIAgents: (Continued)
Assistants: (Continued)
Page, G. C., El Paso Branch:
Temporary appointment as Acting, at El Paso, to suc1/25
ceed Mr. Odom
1/28
Bond of
Appointment and salary as Acting, assumed bond will be
6/26
continued
12/31
Reappointment as Acting
Parker, Frank S., Acting at St. Louis:
Appointment as Assistant FRAgent at present salary ap9/30
proved
10/19
Bond of
Peterson, Willian E., Acting at St. Louis, appointment as
Alternate Assistant FRAgent without change in
9/30
salary
Phinney, Robert H., FRBank of New York:
9/29
Appointment at present salary as Alternate
•
10/29
Bond of
Pittsburgh branch, position of Acting discontinued in plan
7/13
for holding FRnotes in triple control
•
Post, A. E., ERBank of Philadelphia:
1/31
Salary approved for 1936
accordance with
Continuance at present salary not in
Board's policy, request that satisfactory
9/ 8
arrangement be made
with salary for each
Appointment also as Secretary,
position, approved with understanding that it
9/30
will be reviewed in connection with budget
12/31
Reappointment
Powell, Oliver S., FRBank of Minneapolis:
Salary and appointment, Board approved for 1936 on
3/10
Dec. 3, 1935
n to be accepted when new assistant FRAgent
Resignatio
6/29
is appointed, and to be elected vice president
n accepted and salary as vice president in
Resignatio
7/31
charge of research function approved
G. A., IRBRnK of Chicago:
Prugh,
1/31
Salary approved for 1936
Resignation to be accepted upon appointment of new
7/20
assistant FRAgent
SchellTo be accepted when appointments of Messrs.
7/29
ing, Diercks and Raether become effective
8/ 5
Resignation accepted
Qualifications and duties of, amendment tentatively proposed
to RAct to permit to perform duties of FRAgents
when there is a vacancy and to eliminate requirement that he be person of tested banking
12/18
experience
Bernard L., Detroit Branch:
Raether,
Appointment of, to resign position in operating depart7/29
ment before appointment becomes effective

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Federal Reserve Bank of St. Louis

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pages

144
FRAgents: (Continued)
Assistants: (Continued)
Raether, Bernard, Detroit Branch: (Continued)
Bond approved, and letter to Fidelity and Casualty Co.,
requesting confirmation of acceptability of
description of appointment
Duties assumed by, on Aug. 6
Reed, I. J., Acting at Houston Branch:
Appointment approved, salary approval not necessary
Bond of
Reappointment as Acting
Rehfuss, J. Frank, Acting at FRBank of Philadelphia:
Appointment previously approved
Appointment as Alternate
Reid, Margaret J., FRBank of Philadelphia, appointment as
Acting, Board will reply later
Rhodes, H. H., MBank of Kansas City:
Appointment approved
Appointment and salary were approved previously, reply
to FRAgent Thomas
Bond of
Reappointment
Roelse, H. V., _MBank of New York:
Salary approved for 1936
Appointment as Assistant Vice President proposed, salary
approved for
Appointment as Assistant Vice President, salary previously approved
Resignation as, in connection with reorganization of
bank
Salary ranges at FRBanks (except Boston, New York, and
Cleveland
Sanders, T. Gordon, Acting at Kansas City, bond to be released if no objection
Sargent, S. G., FRBank of San Francisco:
Salary fixed for 1936
Transfer to operating side of FRBank suggested as possibility by Mr. Szymczak in connection with consideration of salary for Mr. Hale
Vice President, to be appointed as, and salary approved,
to resign as
Resignation as, and request if there is any objection
to cancelation of bond
Sawyer, Dana D., FRBank of Boston, appointment as Alternate
Schelling, Carl, FRBank of Chicago:
Appointment of
Bond of, approved, and letter to Fidelity and Casualty
Co. requesting confirmation of acceptability
of description of appointment
Duties assumed by, on Aug. 6
Shepherd, R. L., FRBank of Richmond:
Bond approved and request if there is any objection to
notifying bonding company of termination of
liability on bond as Acting Assistant FRAgent

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Federal Reserve Bank of St. Louis

89
8/ 5 14
9/ 1
8/20 1559
92
8/24 15
12/31 2350
9/ 8 166°
12/31 2349
12/31

2349

8/27

1601

9/ 3
9/10
12/31

1639
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23
0

1/31

277

9/14

1705

9/30

1806

10/30

1982

12/24

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10/10

1865

2/18

372

4/3

73
6

8/29

161)1

9/ 1 1631
49
12 1 23
/3
44
/ 9 14
7 2

8/ 5 1489
9/ 1 163°

8/12 1516

145
Pages
N-ents: (Continued)
Assistants: (Continued)
Shepherd, Robert L., FRBank of Richmond: (Continued)
Designation as, and salary approved
Resignation as Acting accepted
Shortt, W. D., Assistant Examiner at San Francisco:
Appointment as, or Alternate, would be approved by
Board in connection with reorganization plan
Appointment approved
Bond of, approved, and memo of Mr. Wingfield that appointment might conflict with FRAct because of
designation as assistant examiner
Indebtedness to member bank, was in existence prior to
employment, not to be reported to Attorney
General, but should be eliminated
Reappointment
Sonne, H. A., Chief Examiner at ban Francisco:
Appointment as, contemplated in reorganization plan,
Board does not approve, but has no objection to
appointment as Alternate Assistant FRAgent
Appointment as Alternate
Bond of, executed as "Assistant FRAgent", request reexecution, and memo of Mr. Wingfield re possible
conflict with FRAct, not clear what payroll he
is on
Bond of
Bond, retroactive coverage, reply to Mr. Moore that
Board has taken position that upon approval by
Board, bond becomes effective as of date principal took office
Reappointment as Alternate
Status as an officer, telegram to all FRAgents that provision should be made for position in personnel
classification plan, and that he should be assigned other duties in FRBank
Stewart, C. M., FRBank of St. Louis:
Salary approved for 1936
Leave on vacation from July 6 to July 31, noted without
objection
Appointment as Assistant Vice President and Secretary
proposed, salary approved
Appointment as Assistant Vice President and Secretary,
reply to, that Board has approved salary if
directors make
Jere V. D., FRBank of New York:
Stryker,
Appointment at present salary, Board will make exception
to requirement that such employee handle issuance and retirement of FRnotes
Continuance also as Chief of Records and Analysis Division of Bank Examination Department
Bond of


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Federal Reserve Bank of St. Louis

8/ 6 1493
8/12 1516

8/29
9/ 1

1617
1631

9/21

1737

10/19
12/31

1906
2350

8/29
9/ 1

1616
1631

9/21 1737
10/15 1886

10/22 1929
12/31 2350

/
6 23 1222
1/31

282

7/ 3 1301
9/14 1708

9/30

1808

9/29

1798

10/22 1928
10/29 1962

146

Page°

FRAgents: (Continued)
Assistants: (Continued)
Stryker, Jere V.D., FRBank of New York: (Continued)
Duties of Note Issues Department assigned to section
under direction of, assumed that any duties performed by department in connection with issuance
and retirement of Rnotes are assigned to, in
11/ 6 2009
capacity as
Duties formerly performed by Note Issues Department, re'
quest if any have been assigned to, in capacity 12/ 8 2193
Swanson, E. W., FRBank of Minneapolis:
544
3/10
Salary, fixed for 1936
Resignation to be accepted when new assistant FRAgent
6/29 109
is appointed, and to be elected Vice President
accepted, and salary as Vice President in
Resignation
charge of examinations approved
7/31 1466
D., Acting at Los Angeles:
Swengel, H.
Appointment was approved previously, no further action
necessary
8/29 1618
Reappointment as Acting
12/31 2358
A., FRBank of Dallas:
Thaxton, E.
1
9
Appointment as Acting approved
7/17 13 -6
Appointment as Alternate
12/31 23Du
Thornton, I. A., Omaha Branch:
94
Appointment as Acting
10/10 18645
10/26
Bond of
Timberlake, H. C., 1RBank of Minneapolis:
5
Appointment as Alternate
7/11 1 !
7/27 14$"
Bond of
Reappointment as Alternate Acting12/31 20
Wheeler, Oliver P., FRBank of San Francisco:
372
Salary fixed for 1936
2/18
Resignation as, to be accepted in connection with reorganization plan
8/29 1611
Resignation of, request if there is any objection to
cancelation of bond
9/ 1 1651
Woolley, D. W., Acting, at FRBank of Kansas City:
Appointment, temporary, as Acting
5/13 10,
Bond of
5/26 100d
Title should be changed to Alternate Assistant FRAgent
in interest of System uniformity
8/27 1601
Bond and oath of office, telegram to FRAgent Thames
that he should execute new, in connection with
change of title from Acting Assistant FRAgent
and advice requested as to resignation of latter
164°
office
9/ 3 1760
Bond of
9/25
5°
Reappointment as Alternate0
12/31
FRBFInk of Chicago:
Young, C. S.,
261
Salary approved for 1936
1/31
10
increased
Salary
6/25


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Federal Reserve Bank of St. Louis

147
Pages
1114:ants: (Continued)
Assistants: (Continued)
Young, C. S., FRBank of Chicago: (Continued)
Resignation to be accepted when new assistant FRAgent
is appointed, to be appointed Vice President,
salary approved
To be accepted when appointments of Messrs. Schelling, Diercks and Raether became effective
Resignation accepted
Young, W. R., Denver Branch:
Appointment as Acting
Bond of
Zehner, Edward A., FRBank of St. Louis:
Appointment as alternate, approved to be responsible
to FRAgent or to Board of Governors
Bond of
Austin, R. L., FRBank of Philadelphia:
Redesignated for period March 1 to April 30 and salary
fixed
Advised that designation will terminate on April 30,
FRBank authorized to pay retirement allowance
of six months' salary to, or to retirement system
Redesignated for remainder of year upon honorary basis authorized, fees authorized for, not to affect
payment of six months' salary upon retirement
Redesignation for 1937, on honorarium basis
Retirement of, method of relieving of liability on account
of FRnotes
Salary approved for period Jan. 1 - Feb. 29
Burke, E. S., Jr., FRBank of Cleveland:
Bond of
Designation with salary to be fixed on honorarium basis,
Chairman eccles authorized to tender
Designation for remainder of year, letter confirming, and
advising that Board has fixed no salary for
position
Redesignation for 1937, on honorarium basis
Advice re compensation on uniform basis suggesting that
continuance on present basis rests in own discretion
Case, J. if., FRBank of New York:
Redesignated March 1 to April 30 and salary fixed
Additional payment to Mr. Case or to retirement
system to be made
Redesignation for remainder of year upon honorary basis
authorized, fees authorized for, not to affect
authorization for payment of six months' salary
upon retirement
continue
Resignation as Class C director, not in position to
as Chairman on honorary basis


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Federal Reserve Bank of St. Louis

7/20

1405-7

7/29 1444
8/ 5 1489
10/10
10/26

1864
1943

10/19 1904
10/26 1942

2/18

367

2/26

429

4/28
12/28

907
2290

4/28
1/31

912
277

3/6

528

2/18

368

487
3/3
2290
12/28

12/30

2320

2/18

367

2/26

429

4/28

907

5/1

944

148

Pages

FRAgents: (Continued)
Case, J. H., FRBank of New York: (Continued)
Retirement, reply to letter from directors requesting con4/17
tinuation of services
Retirement allowance, letter from Director Woolley requesting authority to increase contribution by bank
5/1
to 12 months' salary
5/12
Reply to Mr. Woolley refusing authority
1/31
Salary approved for period Jan. 1 - Feb. 29
Compensation during 1937, question raised by UT. Broderick in
connection with Messrs. Thomas and Geery, latter
two to be advised that Board is considering
12/ 4
placing on honorarium basis
Compensation for 1937 fixed on honorarium basis of aggregate
12/28
of certain directors' fees
Curtiss, F. H., FRBank of Boston:
Redesignated for period March 1 to April 30, and salary
2/18
fixed
Advised that designation will terminate on April 30,
FRBank authorized to pay retirement allowance
of six months' salary to, or to retirement sys2/26
tem
remainder of year on honorary basis reRedesignation for
quested by directors, authorized, fees authorized for, not to affect authorization for pay4/28
ment of six months' salary upon retirement
12/28
Redesignation for 1937, on honorarium basis
1/31
Salary for period Jan. 1 - Feb. 29 approved
Delano, Frederic A,, FRBank of Richmond:
3/20
Bond of
Designation for remainder of year with salary to be fixed
on honorarium basis, Chairman Eccles authorized
2/18
to tender
Designation for remainder of current year, compensation
3/12
fixed on honorarium basis
3/21
Per diem fixed for, with separate allowance for traveling
Duties, reserves of member banks, deficiencies to be reported
1/7
by FRBanks instead of
FRBank of Minneapolis, position to be placed on honorarium basis
2/26
at end of this year
FRBank of San Francisco, advice to directors that it may be
necessary to appoint full time chairman, because
4/24
of apparent opposition to Board's policy
Acting at FRBank of Cleveland:
Fletcher, W. H.,
1/31
Salary approved for 1936
no objection to taking three weeks starting Marchl 2/6
Vacation,
Functions of, proposal of Personnel Committee that all not
specified by law be transferred to operating
side of banks, that position be filled by outstanding men on honorarium basis, recommendation
to be made to Congress for separation of office
2/18
of Chairman and FRAgent


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Federal Reserve Bank of St. Louis

822

941

1003

211

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367

429

907
2290
215
617

369
561
624
0
429

871
279
304

36fr

149
Pages
FNents: (Continued)
Functions of: (Continued)
Chairman authorized to arrange meeting of presidents to
discuss, with view to reduction in expenses
and increase in general efficiency
Agreed that transfer is important element and that position
should be placed on honorarium basis as soon
as possible
Functions and duties as honorary, outline of, in reply to query
of Mr. Walsh
Geery, W. B., FRBank of Minneapolis:
Appointment and salary, Chairman Eccles authorized in his
discretion to tender
Appointment and salary approved, to be advised through
Mr. Clark that position after this year will be
placed upon honorarium basis
No objection to FRBank making announcement re appointment
Bond of
Honorarium basis, to be advised that Board is considering
placing chairmanship upon
Redesignation for 1937, on honorarium basis
Salary, Board advised on Feb. 26 of approval for remainder
of current year
Honorarium compensation, uniform basis adopted for, based on
directors' fees
Lassiter, Robert, Chairman Eccles authorized to tender designation, at FRBank of Richmond
Martin, H. Warner, FEBank of Atlanta:
Appointment as Class C director for unexpired term ending
Dec. 31, 1938, designation as FRAgent for remainder of year and salary fixed on honorarium
basis
Bond of
Resignation of
Moore, Walton N., FRBank of San Francisco:
Appointment and authorization for payment of directors'
fees
Advice of appointment to be withheld temporarily pending
filling of other vacancies
Advice of appointment transmitted, not withheld because
information re Mr. Wood's appointment leaked out
in Chicago
Bond of
Nardin, William T., appointment at FRBank of St. Louis, Chairman
Eccles inquired as to willingness to accept,
on recommendation of Mr. Tom K. Smith, requested time to consider
Nonstatutory duties, statement of Chairman Eccles at meeting
with presidents re transfer to presidents and
that Board will request survey of RBanks organizations

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Federal Reserve Bank of St. Louis

2/18

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2/26

430

6/ 5

1141

2/18

370

2/26

428

2/27
3/5

441
507

12/ 4
12/28

2157
2291

3/10

544

12/28

2294

12/28

2290

2/18
3/5
12/12

369
507
2215

7/ 7

1308

7/ 7

1309

7/ 8
7/22

1325
1417

7/ 7

1307

3/16

591

150

Pages

FRAgents: (Continued)
Nonstatutory duties: (Continued)
Statement of policy re, read at meeting with presidents, if
59$
3
unsatisfactory, functions could be restored
3/16
Reply of Chairman Eccles to inquiry of Presidents' Conference that no definite date could be fixed for,
604
but should be as soon as possible
3/17
10/16 1901
Oaths of office, new forms approved for, and to be printed
Peyton, John N., FRBank of Minneapolis:
President of FRBank, Board willing to approve appointment
310
as, and to approve salary up to certain limit
2/18
416
Resignation as, and appointment and salary as President
2/24
No objection to FRBank giving out announcement re ap441
pointment
2/27
544
Salary fixed for period Jan. 1 to Feb. 29
3/10
Procedure and principles involved in placing office upon honorary basis, advice to Mr. Peyton re, in connection with reorganization of FRBank of Minneapolis
6/29 1266
Reorganization at FRBanks contemplated in plan evolved by Personnel Committee, duties not required by law to
be transferred to operating side of banks, position eventually to be placed on honorarium
basis and request to be made for legislative
30
-6
separation of functions of FRAgent and Chairman
2/18
Chairman authorized to arrange for meeting of presidents
to discuss, with view to reduction in expenses
32
and increase in efficiency
2/18
Agreed that transfer is important element and that position
4150
should be placed on honorarium basis soon
2/26
912
Retirement of, method of relieving of liability on FRnotes, etc. 4/28
Schaller, George J., FRBank of Chicago, Board would be willing
to appoint as Class C director and designate
569
as, with salary to be fixed on honorarium basis
2/18
Separation of office from that of Chairman, amendment to FRAct
tentatively proposed for
12/18 2255
Stevens, Eugene M., NBank of Chicago:
Appointment as special assistant to chairman until April 30
at reduced salary, Board would be willing to ap310
prove
2/18
Redesignated for period March 1 to April 30 and sum author464
ized paid to Retirement System or to, on May 1
2/29
desire to submit as of March 31, voted to acResignation,
cept, action not to affect payment of dismissal
690
allowance
3/27
712
Advice to Mr. Stevens of action
3/31
28
1
Salary approved for period Jan. 1 - Feb. 29
1/31
Stewart, A. O., RBank of San Francisco, designation for 1937,
on honorarium basis
12/28 2291
Thomas, J. J., FRBank of Kansas City:
Appointment and salary as, effective date Mr. Morrison
310
qualifies as member of Board of Governors
2/ 7
311
2/ 7
Press statement to be prepared re

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Federal Reserve Bank of St. Louis

151
Pages
PRAgents: (Continued)
Thomas, J. J., FRBank of Kansas City: (Continued)
354
2/14
Bond of
member of Federal Advisory Council,
Designation as alternate
memo re position Board has taken re service of
12/ 1 2147
officers on Council, reply to be prepared
12/ 7 2185
Letter presented and approved
Honorarium basis, to be advised that Board is considering
12/ 4 2167
placing chairmanship upon
710
3/31
Present at Board meeting
Redesignation on honorarium basis for 1937 and payment of
12/28 2292
six months' salary authorized
12/29 2303
Telegram advising of action approved
Welsh, C. C., FRBank of Dallas:
6/ 5 1141
Functions and duties as honorary FRAgent, reply to query re
Redesignated for period March 1 to April 30 and salary
371
2/18
fixed
Advised that designation will terminate on April 30,
FRBank authorized to pay retirement allowance
of six months' salary to, or to retirement sys429
2/26
tem
Expression of appreciation at continuance of designation until April 30 and that he will remain
friend of FRSystem, Chairman to make appropriate
544
3/10
reply
honorary basis
Redesignation for remainder of year upon
authorized, fees authorized for, not to affect
907
4/28
payment of six months salary upon retirement
12/28 2291
for 1937, on honorarium basis
Redesignation
12/12 2215
Retirement of, letter of appreciation of services
282
1/31
Salary approved for period Jan. 1 - Feb. 29
Williams, L. B., FRBank of Cleveland:
Class C vacancy at Cleveland, suggestion of Messrs. Brainard,
7/28 1436
Sutphin and Smythe as possible appointees
Wood, Tohn S., FRBank of St. Louis:
370
Redesignated for period March 1 to April 30 and salary fixed 2/18
Advised that designation will terminate on April 30,
MBank authorized to pay to retirement system
sufficient to bring allowance to what it would
have been if he were 65 on April 30 and also
to pay to, or to retirement system, retirement
2/26
429
allowance of six months' salary
4/30
937
Resignation as Class C director
1/31
282
Salary approved for period Jan. 1 - Feb. 29
11113ank notes:
2/14
356
Expenditures covering cost of, procedure for approving payment
FRAgent Geery that all should be reRetention of, reply to
tained until termination of emergency proclaimed
3/ 5
515
by President
I' ltank of Atlanta:
l
Bank relations report submitted, reply to Mr. Clark that Board's
request did not contemplate detailed reports and
10/27 1952
outline of information desired

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Federal Reserve Bank of St. Louis

152
FRBank of Atlanta: (Continued)
Bylaws, revision of, reply to Mr. Clark that Board has no suggestions re, except those in letter of Feb.
2/24
14, X-9493
Copies may be sent to directors with advice that Board does
5/25
not object to, reply to Mr. Clark
Charge offs, bank premises at Atlanta, Birmingham and Jacksonville, request for approval of, action deferred
as earnings will not meet expenses
6/30
Circular re reserves of member banks, reply to Governor Newton
re decision not to revise and reissue, in view
of scope of Regulation D
2/13
Collection items received from California concerns, reply to Mr.
Parker that Board will appreciate advice of
arrangement made
9/10
Cuban silver pesos, arrangement with Export-Import Bank for delivery and payment for
8/18
Georgia Bankers Association, Board authorizing FRBank to supply
certain data in connection with study
7/23
Havana Agency, resolution recommending discontinuance of, or
formulation of plan under which agency would
not be operated at a loss, action deferred to
permit Mr. Ransom to develop certain information 3/31
Leased wire to New Orleans Branch to be discontinued and timed
wire service to be substituted
10/23
Withers and Ramsey, payment of sal to, approved, for serMcKay,
vices in connection with indebtedness of
Florida Asphalt Block Paving Co.
1/20
Personnel classification plan, revised plan approved, maximum
salary fixed for Assistant FRAgent
/24
12
Power of attorney should run from FRAgent at Atlanta to FRAgent
at New York to pledge Government obligations as
collateral for ERnotes
3/12
Reclassification of member banks for electoral purposes not
necessary at present
7/29
Reorganization:
Survey, letter to FRBank re principles of administration
Board desires followed, Mr. Clark to be appointed vice president and Mr. McCravey appointed
Assistant FRAgent, relationship between Mr.
Conniff and Mr. Schuessler
8/20
Statistical and analytical function and Securities Exchange
unit placed under Mr. Clark, approval of former
deferred until Dr. Goldenweiser visits bank, latter approved
9/21
earnings after payment of dividends, authorized to
Reserves, net
transfer to losses not elsewhere provided for
12/30
Salaries:
Changes recommended, as of Jan. 1, to be considered when
salaries for other FRBanks are taken up
8/20
Officers, for 1936, letter to Mr. Kettig approving continuance and advising that salary policy is
1/31
being left for consideration of new Board

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Federal Reserve Bank of St. Louis

_Pages

4.16
1078

1286

548

1675
1558
1425

709
1941

17/

2265-e
565
14
49

155

1759
2354

1557
279

153
Pages
11113elak of Atlanta: (Continued)
Staff:
Alternate Assistant FRAgent, letter to Mr. Martin re desirability of appointing
Barnett, Mrs. Genevieve, Alternate Assistant FRAgent:
Bond of
Temporary appointment as Alternate Assistant FRAgent
approved until not later than Dec. 31
Beavers, P. L. T., Assistant Cashier, trustee under trust
indenture, memo of Mr. Vest re circumstances
surrounding appointment, is acting in personal
capacity, Mr. Broderick opposed in principle
to such service, FRBank to be advised he should
resign
Letter to Mr. Parker advising, in accordance with action of November 25 that Board is opposed to
such service
Bell, M. W., Cashier:
Payment of up to six months' salary in cash upon retirement authorized
Retirement, advice to Mr. Clark that Board previously
authorized cash payment in connection with
Salary approved for 1936 at reduced rate
Clark, L. M., Assistant FRAgent:
Appointment as Vice President to be made, salary approved, to be designated as examiner
Appointment
Leave on account of illness of mother, Mr. McCravey
designated to sign for
Research and statistical function placed under supervision of
Salary approved for 1936
Conniff, H. F., Vice President:
Relationship to Mr. Schuessler, change in proposed
working arrangement suggested because of
Salary approved at reduced rate and only until Feb. 29
Salary approved
Counsel, retainer and stenographic allowance approved for
1936
First Vice President, Chairman Eccles authorized to discuss
appointment with Mr. Clay, and if Mr., Parker
is appointed, salary Board is willing to approve
Honour, I. W., Assistant Auditor:
Payment of up to six months' salary in cash upon retirement authorized
Retirement, advice to Mr. Clark that Board previously
authorized cash payment in connection with
Johns, W. S., retirement, payment of six months' salary
In cash authorized in connection with


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FRBank of Atlanta: (Continued)
Staff: (Continued)
Martin, B. Vtarner, FRAgent:
Appointment as Class C director for unexpired tern ending Dec. 31, 1938, designation as FRAgent and
salary fixed on honorarium basis for remainder
2/18
of this year
3/ 5
Bond of
12/12
Resignation of
1/31
Salary approved at reduced rate until Feb. 29
McCravey, J. R., Jr.
Acting Assistant FRAgent, designated to sign for Mr.
1/ 9
Clark during latter's absence
8/20
Appointment as Assistant FRAgent
8/31
Bond of
McLarin, W. S., Jr.
8/26
Appointment and salary as Vice President
Board will approve at present rate
2/26
Salary disapproved,
President:
Newton, Oscar,
2/18
Appointment as, approved
2/18
approved, March 1 to Dec. 31
Salary
S., appointment as First Vice President
Parker, Robert
2/26
approved and salary approved
1/25
George W., Jr., appointment as Assistant Examiner
Sheffer,
Sims, R. A., Assistant Cashier:
Payment of up to six months' salary in cash on retire/3
6 0
ment authorized
Retirement, advice to Mr. Clark that Board previously
7/ 3
authorized cash payment in connection with
Schuessler, S. P., Assistant Cashier, relationship to Mr.
Conniff, change in proposed working arrange8/20
ment suggested because of
Vacation periods for officers and employees at head office,
3/24
branches and agencies
FRBank of Boston:
Bank relations report, letter to President Young re scope of
information desired by Board and requesting such
11/ 4
report rather than individual reports on banks
Bylaws, amendments in accordance with Board's suggestions of
Feb. 14, letter to Mr. Curtiss requesting what
5/25
action has been taken re
Fees for legal services in connection with industrial loan applications, additional information requested
6/ 2
re practice of charging borrower for
classification plan:
Personnel
1/22
Changes approved
1/23
12/24
Revised plan not submitted
Reorganization survey, approved, bank examination department to
be placed under Vice President Paddock, Mr. McRae
appointed Chief Examiner and letter to Mr. Curtiss requesting recommendations for Assistant
12/30
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PREenk of Boston: (Continued)
Salaries, officers for 1936, letter to Mr. Curtiss approving
continuance of salaries at 1935 rates with
understanding that they are approved for senior
officers only until Feb. 29, and advising that
salary policy is being left for determination
of new Board
Staff:
Assistant FRAgent and Alternate Assistant FRAgents, request
that Mr. Curtiss recommend appointees
Associate counsel, retainer approved for 1936
Curtiss, F. E., FRAgent:
Redesignated, March 1 to April 50 and salary fixed
Advised that designation will terminate on April
30, FRBank authorized to pay retirement allowance of six months' salary to, or to retirement system
Redesignation for remainder of year on honorary basis
requested by directors, authorized, fees authorized for, not to affect authorization of
payment of six months' salary upon retirement
Redesignation for 1937, on honorarium basis
Salary fixed for period, Jan. 1 - Feb. 29
Eddy, Walter L., temporary employment as bank relations man
at FRBank of Dallas, satisfactory arrangement
made with
Gettemy, Charles F., Assistant FRAgent:
Reappointment for period ending January 31, 1937
Salary fixed for 1936
Ketchum, Phillips, Associate Counsel, employment of, letter
to President Young re status of
McRae, W. D.:
Appointment and salary approved as Chief Examiner
upon transfer of examination department to
FRBank
Salary approved for 1936
Morrissey, Clifford E., appointment as Alternate Assistant
FRAgent
Paddock, William W.:
Appointment as First Vice President approved
Examination department placed under, in reorganization,
designated examiner
Salary, Board not willing to approve at rate fixed by
directors, rate stated which Board is willing
to approve, for period March 1 to Dec. 31
Sawyer, Dana D., appointment as Alternate Assistant FRAgent
Young, Roy A., President:
Appointment as, approved
Salary approved, March 1 to Dec. 31
Stockholders' meeting, reimbursement of one representative of
each bank for railroad and Pullmitn costs authorized


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FRBank of Chicago:
Assessment of bank building for 1934, special counsel authorized
5/ 6
to contest illegal portion of
Brown, Adelbert, employment in connection with illegal part of
assessment on FRBank building
5/ 6
2/27
Bylaws, revised copy, submitted with MO of Mr. Vest
9/10
Amended copy, as of June 26, 1936
Charge offs, Fletcher American National Bank claim, authorized
12/28
to charge off settlement of
Dismissal wage, reply to Mr. Preston re question of payment of
lump sum to employee dismissed or to Retirement
System
2/17
6/ 3
Fees and allowances to directors, resolution fixing, approved
Fletcher-American National Bank of Indianapolis, claim against
FRBank of liquidating trustees, to be considered
at meeting of Board tomorrow
7/28
Mr. Wyatt re status of case, authorized to continue
Memo of
negotiations for settlement, and upon conclusion
of conferences to submit recommendation after
consultation with Mr. Ransom
8/ 4
Mr. Wyatt re status of, question of settlement,
Report by
Mr. Wyatt and Mr. Dreibelbis authorized to discuss as individuals with ERBank directors at
next meeting
9/11
Compromise, payment of settlement approved
11/11
Interdistrict time schedules, changes recommended in, approved
9/18
Mayer, Meyer, Austrian ec. Platt and Mr. Adelbert Brown, employment as special counsel in contesting illegal
part of assessment on FRBank building
5/ 6
Employment upon contingent fee basis approved
8/22
Pamphlet descriptive of FRSystem, manuscript returned to Mr.
Stevens with suggestions for changes
1/31
Personnel classification plan:
Changes approved
3/26
Changes approved
3/31
Revised plan approved, salary range for Assistant FRAgent
approved
12/24
Prior service liability, adjustment on account of Washington
office telegraph operators who are being transferred to Board's payroll
3/26
Reorganization, plan approved, letter to President Schaller
setting forth principles of administration to
be followed, Mr. Young to be appointed Vice
President, resignations of Assistant FRAgents
Young, Prugh and Martin to be accepted
7/20
President Schaller approving salary for Mr.
Letter to
Dillard and Mr. McKay until Feb. 28, 1937
7/20
President Schaller re functions to be performed
Reply to
by Messrs. Sweet, Dawes, and Coates
7/29
Chart of organization, noted Mr. Olson has been placed in
charge of Research Department, assumed it is temporary, action deferred on head of securities exchange unit until visit of representative of
Division of Security Loans to bank
8/28

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Pages
Of Chicago: (Continued)
Reorganization: (Continued)
Nonstatutory duties of FEAgent transferred to operating
side of bank, Assistant and Alternate Assistant
FRAgents have assumed duties, FRBank stock forms
may be signed by any officer of bank
Plan of transfer contemplated appointment of vice
president in charge of examinations, Mr. Young's
proposed appointment noted with approval, appointment as examiner approved
Reserves:
Board's new building, authorized to set aside sum against
future assessments for
Consolidation of several reserve accounts into one approved
Losses, additional sum authorized
Salaries:
Advice of increases sent June 26 and July 3, salary approved for Mr. Dillard, and for Mr. McKay from
Sept. 1 to Feb. 28, 1937
Officers for 1936, letter to Mr. Stevens approving continuance at 1935 rates with understanding that
those of senior officers are approved only
until Feb. 29, and advising that salary policy
is being left for consideration of new Board
Officers, effective March 1, involving increases for five
officers, approved where salaries are at same
rate as on Feb. 29, action deferred on increases pending survey and approved at previous
rates if fixed thereat
Board unwilling to approve payment of salary to Mr.
McKay for more than six months and payment of
sum to retirement system authorized
Motion of Mr. Morrison to limit salaries of Messrs.
Schaller and Preston, lost
Recommendations of bank- with regard to certain officers,
memo of Mr. Paulger to Mr. Broderick transmitting desire of bank to call to Board's attention that final action had not been taken,
salaries approved
Securities exchange administration, report of Mr. Parry that
matters are not being properly handled and
that some corrective action should be taken,
to make recommendations
Letter re qualifications of person to handle securities
exchange matters, stating that Mr. Dawes is
not competent and outlining procedure to bring
about satisfactory solution
Staff:
Black, A. M., Manager, salary increased
Coates, H. E., securities exchange function, noted that he
has been assigned, with Mr. Dawes, to administer, should be discussed with representative of
Division of Security Loans

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FRBank of Chicago: (Continued)
Staff: (Continued)
Dawes, N. B., Assistant Cashier, securities exchange function,
noted that he has been assigned, with Mr. Coates,
to administer, should be discussed with representative of Division of Security Loans
7/29
Temporary head of, action deferred upon IRBank's recommendation until representative of Division of
Security Loans visits FRBank
8/28
qualified to handle, President Schaller requested
Not
to work out other arrangement
12/24
Delaney, E. A., former Assistant Deputy Governor, lump sum
settlement authorized upon separation from service rather than payment to Retirement System
3/ 5
Diercks, W. P.:
Appointment as Alternate Assistant FRAgent
7/29
Bond of, approved, and letter to Fidelity and Casualty
Co. requesting confirmation of acceptability of
description of appointment
8/ 5
Duties as, probably will have none to perform except
during absence of Mr. Schelling
9/ 1
Salary increased for period during which he acts as
acting chief examiner
5/16
Dillard, J. B-, 'nee President:
Comments of President Schaller noted
7/29
Salary approved
7/20
Electricians, temporary employment in connection with air
conditioning system approved, salaries in excess
of personnel classification plan
4/ 8
J. J., Auditor, salary increased
Endres,
6/25
English, Earle W.:
Recommendation of Mr. Parry that he be transferred from,
to Division of Security Loans and salary, approved
7/ 7
Salary increase not approved
1/31
Ford, Frank A., appointment and salary as assistant examiner
approved
8/28
Hodge, Paul C., salary increase not approved
1/31
Johnson, W. H. A., Trust Examiner, salary reduced, approved,
designated as appraised
9/ 4
McKay, C. R., Vice President:
Comments of President Schaller noted
7/29
Reconsideration of termination of services as of Sept. 1,
and approval of continuance and salary until Feb.
28, 1937, proposed payment to retirement system
7/15
Resignation submitted with understanding of retirement
allowance equal to that he would receive if he
remained with bank until 65, Board not willing
to extend authorization or to approve salary
beyond Aug. 31
7/31
Retirement, reply to President Schaller re cost to
FRBank and allowance for Mr. McKay if he is retired now, or retained until 65
7/29

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Pages
nk of Chicago: (Continued)
Staff: (Continued)
McKay, C. R., Vice President: (Continued)
Retirement, payment by FRBank to Retirement System to
provide allowance equal to that which he would
8/ 6 1494
receive if he were 65, noted without objection
payment for more than
Salary, Board unwilling to approve
six months, FRBank authorized to pay amount to
Retirement System to increase benefit to what he
525-6
3/ 6
would be entitled to if he were 65
Salary approved from Sept. 1, 1936 to Feb. 28, 1937,
continuance of services to be considered at latter time, authorization to make payment to Retire7/20 1408
ment System if retired before that time
McLean, William, dismissal wage, no objection to payment of
six months' salary in lump sum or six monthly
770
4/ 7
installments
Olson, A. L., Assistant Vice President:
Research and Statistics Department placed in charge of,
assumed arrangement is temporary
increased
Salary
Pett, H. G., Manager, salary approved for 1936
Pitman, Carol F., Chief Examiner, leave of absence for six
months to assist FDIC
President and First Vice President, Chairman authorized to
discuss informally with Mr. Leavell the appointment of, Board would approve appointment of Mr.
Preston as President at salary lower than position now carries
Preston, H. P.:
Appointment as First Vice President approved, action on
salary deferred
President, Board would be willing to approve appointment
as, with understanding that salary must be substantially lower than that now paid Governor
Salary, motion of Mr. Morrison to limit, lost
Prugh, G. A., Assistant RAgent:
Resignation to be accepted when new assistant FRAgent
is appointed
To be accepted when appointments of Messrs. Schellin, Diercks and Raether become effective
Resignation accepted
Salary approved for 1936
Reductions in, reply to Mr. Spencer re reasons and policy
involved
baltnes, C. M., Assistant Cashier, salary increased
Schaller, George J., President:
Appointment as, question raised re any agreement to
resign, determined from Mr. Schaller that election was unrestricted, approved, action deferred on salary


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FRBank of Chicago: (Continued)
Staff: (Continued)
Schaller, G. J.: (Continued)
Class C director and FRAgent, Board milling to appoint
as, with salary to be fixed on honorarium basis
motion of Mr. Morrison to limit, lost
Salary,
Schelling, Carl:
Appointment as Assistant 1RAgent
Bond of, approved and letter to Fidelity and Casualty
Co. requesting confirnation of acceptability
of description of appointment
Duties assumed by, on August 6
Snyder, W. H., Vice President and Cashier, salary increased
Stevens, Eugene M., FRAgent:
Appointment as special assistant to chairman until
April 30 at reduced salary, Board would be milling to approve
Redesignated for period from March 1 to April 30 and sum
authorized paid to, or to Retirement System
May 1
Resignation, desire to submit as of March 31, voted to
accept, action not to affect payment of dismissal allowance
Advice to Mr. Stevens of action
Salary approved for period Jan. 1 - Feb. 29
Sweet, J. L., noted that he has been in temporary charge of
Research and Statistical Department, any permanent appointment should be discussed with Dr.
Goldenweiser
Turner, William, transfer from W.P.A. work to Bank Relations Division until end of year without change
in salary, with intention of placing in position
at that time warranting salary
presidents granted authority to exercise powers of
Vice
business conduct committee under Regulation T
Wilson, A. L., Examiner, salary reduced, approved, designated as appraised
Young, C. S., Assistant FRAgent:
Resignation accepted
Salary approved for 1936
Salary increased
Vice President, to be appointed as, salary approved,
resignation as Assistant FRAgent to be accepted
when new assistant Agent is appointed
Resignation to be accepted when appointments of
Messrs. Schelling, Diercks and Raether became
effective
Appointment was noted with approval, advice to
President Schaller, appointment as examiner approved
Miller, Busch & Boyden, employment as special counsel in
Taylor,
claim of liquidating trustees of Fletcher American National Bank of Indianapolis authorized

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IIRBeink of Chicago: (Continued)
Taylor, Miller, Busch and Boyden: (Continued)
Payment for services in connection with claim of Liquidating
Trustees of Fletcher American National Bank of
11/10
Indianapolis, approved
survey
Visit by Mr. Broderick, report re, and re progress in
5/12
of organization
8/14
Visit of Mr. Broderick to, report re
'wank of Cleveland:
Assessments for Board's new building, reply to Mr. Strater that
they should be charged to profit and loss, but
no objection to carrying in suspense account
1/31
until end of year
Bank relations reports:
Extent and scope of information desired, reply to Mr.
10/19
Strater
to Mr. Strater
Opinions of individuals re FRSystem, reply
re desirability of making deliberate effort to
10/30
obtain
of officers at
Bylaws, amendments, one providing, for election
meeting preceding March 1, Board does not desire to make any change in procedure of approv3/ 4
ing compensation for officers
branch building which has been authorCharge offs, Pittsburgh
4/25
ized to be razed, approved
to Mr. Brown offering no objection to having
FRnotes, reply
those received by FRBanks of New York and
1/20
Philadelphia forwarded to Pittsburgh branch
Personnel classification plan:
Changes requested for new positions in Work Relief Check
Dept., approved, no change to be made for
4/10
Supervisor in WPA Dept.
new
Personnel Maintenance Department, creation of two
12/29
positions approved
12/24
of FRBank
Revised plan submitted, but returned at request
Salary limitations, reply to President Fleming that request for authority to exceed by 4100 in some
7/17
cases is receiving consideration
Administration Units,
Work Relief Checks and Works Progress
attention called to failure to cover employees
1/31
by changes in
Reorganization:
Examination and research work, desire to transfer from
FRAgent to bank and in connection therewith
to appoint Mr. Anderson as manager, proposed
7/2
7
maximum salary for position approved
principles
Survey, letter to President Fleming setting forth
of administration to be followed, advice that
supervisor of Research Department should report
to President, action deferred on salary changes
7/17
requested


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/RBank of Cleveland: (Continued)
Reorganization: (Continued)
Survey: (Continued)
Letter to FRAgent that Mr. Evans as Chief Examiner
should not be also Assistant FRAgent
Reply to Mr. Fleming that plan contemplated that vice
president would be in charge of examination department, Board previously noted with approval
appointment of Mr. Fletcher and hereby approves
appointment as examiner
Reserve for prior liability to Retirement System, request for
permission to set up out of reserves for contingencies, no objection, but payments to, to
be charged to current expenses
depreciation on "other real estate", authorized to
Reserves,
set aside usual sum for
Salaries, officers, for 1936, letter to Mr. Burke, approving
continuance of, at 1935 rates with understanding that those of senior officers are approved
only until Feb. 29, and advising that salary
policy is being left for consideration of new
Board
Staff:
Anderson, J. B., Assistant FRAgent:
Resignation to be accepted upon appointment of new
assistant FRAgent
To be accepted when appointments of Messrs. Matter
and Henk become effective
Resignation accepted, noted he has been appointed
Manager, Bank and Public Relations Department
Salary approved for 1936
Salary as Manager, Bank and Public Relations, maximum
for new position, approved
Arnold, C. IN., Assistant Vice President, salary approved,
March 1 to Dec. 31
Burke, Edmund S., Jr., FRAgent:
Bond of
Designation as FRAgent, Chairman Eccles authorized to
tender, for remainder of year with salary to be
fixed on honorarium basis
Letter confirming designation, and advising that
Board has fixed no salary for position
Redesignation for 1937, on honorarium basis
Advice re compensation on uniform basis suggesting
that continuance on present basis rests in own
discretion
Cavanaugh, John William, appointment as assistant examiner
approved
Counsel, retainer approved for 1936
Employees granted leave with pay for one week to attend
banking lectures at University of Michigan, approved


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Pages
of Cleveland: (Continued)
Staff: (Continued)
Evans, Howard, Assistant FRAgent:
Reorganization plan contemplates that he shall be appointed Chief Examiner and Assistant FRAgent,
Board does not feel he should be Assistant
Agent, resignation as such to be accepted upon
appointment of new Assistant Agent
Resignation to be accepted when appointments of
Messts. Matter and Henk became effective
Resignation accepted, noted he has been appointed
Chief Examiner, telegrams to Mr. Burke and
President Fleming
Salary approved for 1936
Fleming, M. T., President:
Appointment as, approved
Federal Open Market Committee, election as alternate
member and resolution requiring attendance at
committee meetings in advisory capacity, reply
to Mr. Strater that law provides for attendance
only in absence of principal
Salary approved March 1 to Dec. 31
Fletcher, Mrs. L. D., Manager, Pay Roll Dept., salary, continuance of payment in excess of amount fixed
in revised personnel classification plan,
President Fleming advised that Board is considering
Fletcher, W. H., Assistant FRAgent:
Resignation to be accepted upon appointment of assistant
FRAgent
To be accepted when appointments of Messrs. Matter
and Henk became effective
Resignation accepted and salary as Vice President in
charge of examinations approved
Salary approved for 1936
Vacation, no objection to three weeks starting March 1
Vice President, appointment as, advice to Mr. Fleming
that Board previously noted with approval, and
appointment as examiner approved
Grayson, F. V., Auditor:
Accounts of Fiscal Agent of Board, request that he continue to audit for another year
of audit function of ERBanks, outline prepared
Survey
by, and Mr. Walden, with Board's staff
Hays, R. B., Assistant Cashier, salary, Board not willing to
approve at increased rate, no objection to continuation at present rate
Salary increase recommended, action deferred
Henk, Lester:
Appointment as Alternate Assistant FRAgent
Telegrams to Mr. Burke and President Fleming re appointment becoming effective Sept. 1

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FRBank of Cleveland: (Continued)
Staff: (Continued)
Henk, Lester, Alternate Assistant FRAgent: (Continued)
Bond approved and request that Mr. Burke advise definitely of appointment by him
Reappointment
Konz, Raymond F., continuation for additional six months of
assignment to lower salaried position
N. R.
Matter,
Appointment as Assistant FRAgent
Telegrams to Mr. Burke and President Flering re
appointment becoming effective September 1
Bond approved and telegram to Mr. Burke requesting
definite advice of appointment by him
Reappointment
Retiring employees, four, request for establishment of
uniform policy whereby FRBanks would be authorized to expend up to WO for remembrance, to
be referred to Presidents' conference
Reply to President Fleming and copy to Chairman of
Presidents' Conference
Strater, H. F., Vice President and Secretary, salary approved, March 1 to Dec. 31
Williams, L. B., rEAgent, Class C vacancy, suggestion of
Messrs. Brainard, Smythe and Sutphin as possible
appointees
Zurlinden, F. I., First Vice President:
Appointment as, approved
Salary approved March 1 to Dec. 31
Visit by Mr. Broderick, report re, and re progress in survey
FRBank of Dallas:
Bank and public relations report, first report may be delayed
until about Oct. 1
Bylaws:
Amendments in accordance with Board's suggestions of Feb.
14, letter to Mr. Walsh requesting what action
has been taken re
discount, no objection to inclusion of provision
Rates of
authorizing executive committee to establish
Confirmations of telegrams sent to Board by mail, no objection
to discontinuance by FRBank and its branches
offs, site of head office building and San Antonio
Charge
branch, authorized to make special charge off
"Drafts drawn upon or other authorizations to charge member
bank's reserve account", requirement of Regulation D that they be included in gross demand
deposits in computing reserves, reply to
FRBank re proposed memo for use in answering
questions re
Examination report forms, no objection to printing limited
supply in form of tentative draft of revised
form
Examinations of State member banks, to absorb charges for,
from Nov. 1, 1935 to Dec. 31, 1936

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Pages
FRBaloa of
Dallas: (Continued)
Panctional expense report, instructions were not intended to
apply to charges on form B-23, no change to be
required in charging industrial loan expenses
Indebtedness of officers and employees, report of FRAgentst
Department
Personnel classification plan:
Revised plan approved, salary range for Assistant FRAgent
Teletype operators, salaries of three in excess of grade,
attention called to
Teletype operators, reductions in salaries of three, bringing two within limits of range in plan, and
leaving one salary still in excess
qUarters, air-conditioning equipment, expenditure for, approved
Reorganization:
Survey, letter to President McKinney setting forth principles of administration to be followed, Board
will expect Mr. Evans in charge of bank examinations to report directly to President, personnel changes, and letter to Mr. Walsh
Transfer of nonstatutory duties of FRAgent to bAnk, approved, approval of salary of Mr. Evans as
Vice President in charge of examinations and
appointment as examiner, other personnel
changes

1/6

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Reserves:
Fixed machinery at head office, Houston and San Antonio
12/28
branches, special reserve authorized
12/28
Losses, authorized to increase
apSalaries of officers, for 1936, continuation at 1935 rates
proved with understanding that those of senior
officers are approved only until Feb. 29, let1/31
ter to Mr. Walsh
Staff:
Betts, I. F., Exaniner:
Assignment to Board for final work on State member
bank examination report form requested, Board
11/23
to pay actual expenses
when
Salary adjustment, request that Board be advised
12/ 2
determined
event
Trust examination work to be transferred to, in
8/19
Mr. Neilan is released
approved 12/ 2
Childers, C. L., appointment as assistant examiner
Coleman, R. B., Vice President, salary, action deferred
2/18
pending return of Mr. Morrison
2/26
approved
Action can no longer be delayed, salary
1/31
Counsel, retainer for 1936 approved
Eddy, Walter L., temporary employment as bank relations
man, satisfactory arrangement worked out with
1/13
FRBank of Boston


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FRBank of Dallas: (Continued)
Staff: (Continued)
Evans, W. J., Assistant FRAgent:
Bond of, renewal
Resignation to be accepted upon transfer of examination
and research work to banking side of bank
Resignation accepted and salary approved as Vice President in charge of examinations, appointment as
examiner approved to also handle securities
exchange function
Salary approved for 1936
Vice President, appointment as, in charge of Examination
Department to be made
Elected Vice President and Secretary with no change
in salary
Examining force, reply to Mr. Walsh re proposed reorganization of, approval of transfer of trust examination work from Mr. Neilan to Mr. Betts
Ford, W. 0., Assistant Vice President, salary, action deferred pending return of Mr. Morrison
Action can no longer be delayed, salary approved
Gilbert, R. R., First Vice President, appointment as, and
salary, action deferred pending return of Mr.
Morrison
Action can no longer be delayed, appointment and salary
approved
Hall, C. C., Assistant FRAgent:
Reappointment
Salary approved for 1936
Salary approved, although Board does not feel occupancy
of position coincides with principles adopted
Hallman, G. R., Examiner, salary adjustment, request that
Board be advised when determined
McKinney, B. A., President, appointment as, and salary,
action deferred pending return of Mr. Morrison
Action can no longer be delayed, appointment and salary
approved
Morton, H. M., Chief Teletype Operator, salary in excess of
grade, attention called to
Salary reduced to bring within range provided in personnel classification plan
Neilan, E. P.:
Leave in excess of annual, no objection to granting,
to attend Graduate School of Banking
Release of, proposed with transfer of work to Mr. Betts
Rice, MorganB,, appointment as Manager of Research and
Statistical Department approved pending further
consideration of directors
Thaxton, E. A.:
Appointment as Acting Assistant FRAgent approved
Appointment as Alternate Assistant FRAgent
Bond of


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Pages
1111Bank of Dallas: (Continued)
Staff: (Continued)
True, C. C., salary as Manager of Auditing Department approved pending approval of revised personnel
classification plan
Walling, Maudie, salary in excess of grade, attention
called to
reduced to bring within limit provided in perSalary
sonnel classification plan
Walsh, C. C., FRAgent:
Expression of appreciation at continuance of designation until April 30 and that he will remain
friend of FRSystem, Chairman to make appropriate reply
Functions and duties as honorary, reply to query re
Redesignated for period March 1 to April 30 and salary
fixed
Advised that designation will terminate on April
30, /RBank authorized to pay retirement allowance of six months' salary to, or to Retirement System
Redesignation for remainder of year upon honorary basis
authorized, fees authorized for, not to affect
payment of six months salary upon retirement
Redesignation for 1937, on honorarium basis
Retirement of, letter of appreciation of services
Salary approved for period Jan. 1 - Feb. 29
Wilson, L. R., salary in excess of grade, attention called
to
Salary reduced, still in excess of range provided in
personnel classification plan, approved
Transfers, wire and mail, reply to Governor McKinney that if
proposed circular relates also to latter, there
o n
! objection to changing liability clause
FRB :lank
of Kansas City:
Bylaws:
Amendments in accordance with Board's suggestions of
Feb. 14, letter to Mr. Thames requesting what
action has been taken
Branch operation, amended bylaws approved
Mail confirmations of telegrams sent by, and by branches, no
objection to discontinuance of
classification plan:
Personnel
Changes approved
Revised plan approved, two employees to be continued under
salaries in excess of maximum, salary range
for assistant FRAgent
Reorganization:
Appointment of Mr. McAdams as Vice President, reply to
FRAgent Thomas that Board did not request appointment


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168
FRBank of Kansas City: (Continued)
Reorganization: (continued)
Survey, letter to President Hamilton setting forth principles
of administration to be followed, resignation of
Assistant FRAgent McAdams will be accepted when
7/17
new assistant FRAgent has been appointed
Transfer of nonstatutory duties of FRAgent, letter to Mr.
Thomas advising that it is desirable for such
transfer to take place immediately, advice re
resignation of Mr. McAdams as Assistant FRAgent
and his appointment as vice president, and letter to President Hamilton re
8/14
Reserves:
12/28
Losses, sum authorized for
Self insurance, authorized to increase and transfer of additional sum to
12/28
Salaries of officers, Chairman Eccles authorized to advise
FRAgent that Board approves, with understanding
that those of Governor and Deputy Governor
were approved until Feb. 29 only
2/18
Staff:
Alternate Assistant FRAgent, reply to Mr. Thomas re scope of
functions and stating that bylaws seem to require clearly that only the Assistant FRAgent
may serve on executive committee in absence of
FRAgent
9/26
EMployees assigned to lend clerical assistance to examiners,
approved, with understanding that none will be
assigned permanently to examining work without
approval of Board
2/19
Examiners, use of certain branch employees to lend clerical
assistance approved
5/21
Hamilton, G. H., President, appointment of, action deferred
on, and on salary recommended
2/18
Appointment approved and salary approved
2/26
Helm, J. W., Vice President and Cashier:
Leave with pay in addition to annual leave granted,
approved
4/18
Salary, action deferred on
2/18
Salary approved
2/26
Leedy, H. G., Counsel, retainer approved upon understanding
that he will continue to maintain office in bank
building and pay rental
2/18
Markey, John P., salary noted with approval, had not previously been approved by Board
1/31
McAdams, A. M., Assistant 1RAgent:
Leave of absence on account of illness with pay, for six
months, approved
7/29
Resignation to be accepted when new assistant 1RAgent
7/17
has been appointed


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Pages
PRBauk of
Kansas City: (Continued)
Staff: (Continued)
McAdams, A. M.: (Continued)
Resignation, advice that it should be effective on date
of transfer of FIRAgents' nonstatutory duties to
bank, to be appointed vice president and salary
Board will approve, letters to Mr. Thomas and
Mr. Hamilton re
Salary approved
Vice President, appointment as, reply to FRAgent Thomas
that Board did not request appointment, but
approved designation and appointment as examiner, resignation as Assistant FRAgent
Park, M. W. E., Assistant Cashier:
American Institute of Banking, recommendations re participation in, and support of activities of, by
FRSystem
H. H., Assistant FRAgent:
Rhodes,
Appointment as, approved
Appointment and salary previously approved, reply to
FIRAgent Thomas
Bond of
Reappointment
Robb, Thomas Bruce, appointment and salary to supervise research and statistical department, memo of
Division of Research and Statistics recommending
approval, approved
Sanders, T. Gordon, disability retirement allowance, reply
to FRBank of Kansas City authorizing lump sum
contribution by FRBank to Retirement System to
supplement, authorization to all FRBanks
Thomas, J. J., FRAgent:
Appointment and salary as, effective date Mr. Morrison
qualifies as member of Board of Governors
Press statement to be prepared re
Bond of
Designation as alternate member of Federal Advisory
Council, memo re position Board has taken
against service of officers on Council, reply
to be prepared
Letter presented and approved
Honorarium basis, to be advised that Board is considering placing chairmanship upon
Present at Board meeting
Redesignation on honorarium basis for 1937 and payment
of six months' salary authorized
Telegram advising of action approved
Thornton, Ira A., Acting Assistant FRAgent:
Bond of
Woolley, D. W.:
Appointment, temporary, as Acting Assistant FRAgent

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/2

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page

170
ERBank of Kansas City: (Continued)
Staff: (Continued)
Woolley, D. W.: (Continued)
Bond of
Telegram to FRAgent Thomas that he should execute
new bond in connection with change of title from
Acting Assistant FRAgent to Alternate
Bond of
Reappointment
Title should be changed to Alternate Assistant FRAgent
in interest of Systam uniformity
Worthington, C. A,, First Vice President, appointment as,
action deferred, and on salary recommended
Appointment and salary approved
Young, William R., Acting Assistant FRAgent, bond of
FT4Bank of Minneapolis:
Air conditioning system, no objection to entering into contract
for installation of
Bylaws, amendment to eliminate requirement that FRBank stock
certificates be countersigned by FRAgent or an
assistant FRAgent
Circular containing digest of Board's rulings and opinions of
FRBank counsel contemplated, opposed by Board
Circular 424 re collection of noncash items, request for action
taken on recommendation of Presidents' Conference that it be withdrawn pending report of
Committee on Free Services
Reply to Mr. Peyton that in view of saving of expenses and
of no complaints, that there is no objection
to continuing procedure pending further consideration by Presidents' Conference
meetings, uniform date for, opposed to
Directors
Educational program, lectures delivered bi-weekly to officers
and staff on Federal reserve operations
FIRAct, no objection to sale of copies by, and to accounting
method for proceeds, reply to President Peyton
Group life insurance policy, extension for another year noted
with approval
Indebtedness and outside business affiliations, reports of two
new employees submitted, noted that Mr. Mosiman
contemplates selling hats to friends, no objection
Leave policy, review to be made of practice of considering all
leaves other than annual, as sick leave
Library, reply to Mr. Peyton re action in making available to
member and nonmember banks in district and that
other FRBanks are being advised re
Letter to RBank of Philadelphia on scope of service
Personnel classification plan:
Changes approved
Revised plan approved, salary range for Assistant FRAgent


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Federal Reserve Bank of St. Louis

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171
Pages
tIXik Of Minneapolis: (Continued)
Personnel classification plan: (Continued)
Salary increases for 88 employees, reply to President
Peyton that as some are not in accordance with
personnel classification plan and new plan is
not acted upon yet, they be submitted to
7/17
Board
to
Policies of, committee of Messrs. Clark,Grangaard appointed
2/6
visit Washington to discuss, with Board
Prior service liability, reply to Mr. Peyton re authorization
for charge off of, over five year period, FRBank
had authority to set aside reserve on liability
1/13
on Jan. 1
Reorganization plan of, submitted by President Peyton, Mr.
Broderick to take up at Board meeting on
4/24
April 28
ns of
Plan submitted in memo of Ma.. Broderick, recommendatio
Mr. Broderick approved and authorized to advise
directors Board will approve plan upon formal
5/1
adoption
investigated
Contemplated dismissals have been thoroughly
by Mr. Drinnen, suggestion made that employment
of proposed new persons be deferred as long as
5/1
practicable
research
Salary adjustments, transfer of examination and
work to operating side of bank, duties of honor6/29
ary FRAgent and of Assistant FRAgent
advice to Mr. Peyton that Board has deSecurities function,
termined that work should be transferred to banking department and outline of principles of ad7/20
ministration
of capital debentures or preferred stock, authorReductions
ity previously granted FRAgent to approve
8/29
transferred to President
duties of nAgent, plan of transfer contemNonstatutory
plated appointment of vice president in charge
of examinations, appointment of Mr. Swanson was
noted with approval, appointment as examiner
9/ 3
approved
Reserves:
Helena branch building, authorized to set aside Special
12/28
reserve to establish 10070 reserve thereon
12/28
Losses, sum authorized for
Open MarProfit on sale of Government securities to System
ket Account, reply to Mr. Peyton on treatment of 7/17
Salaries:
Changes incident to reorganization, advice to Mr. Peyton
that those within personnel classification plan
6/29
do not need prior approval of Board


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172
FRBank of Minneapolis: (Continued)
Salaries: (Continued)
Fixed for 1937 at present rate, Board will take no action
until recommendations of first directors' meeting in January, in accordance with established
practice
11/13
Increases for 88 employees, reply to President Peyton that
as some are not in accordance with personnel
classification plan and new plan is not acted
upon yet, they be submitted to Board
7/17
Increases for three employees over maximum in old classification plan, but not in new plan, approved
7/31
Officers, reply to Mr. Peyton that he will be advised shortly
of action on recommendations and approving payment of, at 1935 rates for present
2/ 6
approved where they are same as received at end
Officers,
of 1935 and no objection to payment of other
salaries at 1935 rate
3/10
Staff:
Assistant FRAgent, to be appointed to carry on duties in
connection with placing of FRAgent's office on
honorary basis, qualifications
6/29
Carlander, John:
Appointment as alternate Assistant FRAgent
7/11
Bond of
7/18
Reappointment
12/31
Counsel, retainer approved for 1936
3/10
Driscoll, R. E, salary increase approved, exceeds maximum
in old personnel classification plan, but not
in new plan
7/31
Dunlop, F. C., Auditor, salary decrease recommended in reorganization plan
5/ 1
Salary approved
6/29
FRAgent, position to be placed on honorarium basis at end
of this year
2/26
First Vice President, position not filled at directors'
meeting Feb. 24
3/10
Geery, W. B.:
Appointment as Class C director and FRAgent, Chairman
authorized in his discretion to tender, salary
fixed
2/18
Appointment and salary approved
2/26
No objection to FRBank making announcement re appointment
2/27
3/ 5
Bond of
Honorarium basis, to be advised that Board is considering placing chairmanship upon
12/ 4
Redesignation for 1937, on honorarium basis
12/28
Salary, Board advised on Feb. 26 of approval of, for
remainder of current year
3/10


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Pages
FIRBank

Of Minneapolis: (Continued)
Staff: (Continued)
Gilbertson, A. E., salary increase approved, exceeds maximum
in old personnel classification plan, but not
7/31
in new plan
lump sum
Jones, Harry C., payment of six months salary in
or six monthly installments authorized on in4/2
voluntary separation
recomLarson, A. R., Assistant Cashier, salary increase
5/1
mended in reorganization plan
6/29
Salary approved
old perLarson, E. B., salary increase exceeds maximum in
sonnel classification plan, but not in new
7/31
plan
McConnel, H. G.:
Appointment as Assistant FRAgent in connection with re5/1
organization plan, recommendation of
other
Appointment and salary as Assistant 1RAgent,
duties do not coincide with Board's view of
position, approved until end of year and to be
7/11
reviewed in connection with 1937 budget
7/18
Bond of
12/31
Reappointment
1/9
Mills, Albert W., alternate for FRAgent, bond of
Mostman, Warren G., noted that he contemplates selling hats
3/24
to friends, no objection
Peterson, W. E., Assistant Cashier, salary increase recom5/1
mended in reorganization plan
6/29
Salary approved
Peyton, John C.:
Appointment as President, Board willing to approve,
2/13
and to approve salary up to certain limit
Appointment, and salary for period March 1 to Dec. 31,
2/24
resignation as Class C director and FRAgent
No objection to FRBank giving out announcement of
2/27
appointment
Helena Branch, present at meeting of Board to discuss
new building for, question of logical location,
present building to be repaired pending comple11/25
tion of study of branches by Board
of
Invitation to speak before National Association
Supervisors of State Banks, request for suggestions, to be requested to speak on benefits
8/ 4
of membership in IRSystem
to two months to visit Europe,
Leave for from six weeks
4/24
no objection
as FRAgent and Class C director, and appointResignation
/24
2
ment and salary as President
No objection to FRBank giving out announcement of
2/27
appointment
3/10
Salary fixed for period Jan. 1 to Feb. 29


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FRBank of Minneapolis: (Continued)
Staff: (Continued)
Peyton, J. N.: (Continued)
Salary, Board advised on Feb. 24 of approval of, for
remainder of 1936
Visit to Washington planned, reply suggesting deferment until November 10, when Mr. Broderick will
be present
Powell, O. S., Assistant FRAgent:
Addresses including discussion of excess reserves, letter to, requesting avoidance of current policy
problems
Resignation accepted and salary as Vice President in
charge of research function approved
Salary and appointment, Board approved for 1936 on Dec.
3, 1935
Vice President, to be elected, Board will accept resignation as Assistant FRAgent when new Assistant
FRAgent is appointed
Appointment and salary as First Vice President, approved
Preston, Otis R., Assistant Cashier, salary increase recommended in reorganization plan
approved
Salary
Rast, L. E., salary advance upon resignation as Assistant
Cashier, reply to Mr. Larson that it should not
be included in report requested Nov. 22, X-9366
Swenson, E. W.:
Resignation as Assistant IRAgent accepted, and salary
as Vice President in charge of examinations
approved
Salary as Assistant FRAgent fixed for 1936
Vice President, to be elected as, Board will accept
resignation as Assistant FRAgent when new Assistant FRAgent is appointed
Appointment was noted with approval, appointment as
examiner approved
Timberlake, H. C.:
Appointment as Alternate Acting Assistant FRAgent
Bond of
Reappointment
Salary increase recommended and promotion to Statistician, no action until after first directors'
meeting in January
Yaeger, Harry, Vice President and Secretary, appointment as,
advice of, salary approved for remainder of
1936, understood that he is to serve as Secretary and request for confirmation of service
Harry I., Vice President and Cashier, appointment
Ziemer,
as, advice of, salary approved
Mr. Broderick, report re, and re progress in survey of
Visit by
organization

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0

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Pages
114 J1k of Minneapolis: (Continued)
Visit of Mr. Broderick to, report re, feeling that Helena
Branch is not necessary, but if continued, new
8/14
quarters should be provided
11 -Bank of New York:
Banco Central de la Republica Argentina, arbitrage transactions,
letter from Mr. Sproul re desire to include in
operations by FRBank, memo of Mr. Dreibelbis
that negotiation was in accordance with author9/16
ity previously granted, approved
by
Banco Central de Reserve de El Salvador, loan to, authorized
directors, memo of Mr. Dreibelbis re failure
of bank to secure permission for negotiations,
letter and telegram approving transaction and
calling attention to violation approved, Mr.
9/ 4
Ransom voting no
Copies of correspondence re opening of account of, and
granting of loan on gold, acknowledgement of
9/16
receipt by Board
Banco de Mexico, silver earmarked by FRBank of San Francisco
for, reply to Mr. Knoke that Board assumes it
is held as agent for FRBank of New York under
11/ 6
agreement with, request confirmation
connection
Banco de Venezuela, loan against gold approved in
with exchange control, participation by FRBanks
approved, charge made for custody of gold which
7/22
will be removed if account is opened
7/30
Advice to FRBanks, approving participations
Bank for International Settlements:
Account with, proposed reduction in, approved, IRBank members of F.O.M.C. to be circularized for approval 5/1
Advances against gold for foreign central bank requested
under authorization of Board of Nov. 28, 1934,
9/28
Mr. Sproul requested for further details
Opinions of !ft.. Goldenweiser and Mr. Gardner that transaction should be approved, question of Federal
Open Market Committee action need not be con9/28
sidered, question of entering in policy record
and Mr. McKee offer no objection by teleMr. Eccles
phone, transaction approved and to be submitted
9/28
to Treasury (which did not object) ,
Bank of France, account maintained with, devaluation of franc,
report of Mr. Ransom that President Harrison
advised re problem re balance in account in view
of possibility of, he had determined to take no
9/24
action
advised of
Mr. Harrison has nothing to add re situation,
views of Board and staff, reports no new develop9/25
ments in French situation
syndicate credit to
Bank of Italy, repayment of participation in
National Bank of Hungary by latter, no objection
2/14
to IRBank assenting to

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Federal Reserve Bank of St. Louis

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FRBank of New York: (Continued)
Bank of Italy: (Continued)
No objection to confirmation of assent in view of additional
2/26
456
information
Bank relations reports, letter to Mr. Gidney re scope of information desired by Board and requesting such re11/ 4 1991
ports rather than individual reports on banks
British American Tobacco Co., Ltd., v., employment of Covington,
Burling, Rublee, Acheson and Shorb to defend,
fees of, may be handled on system basis if desirable
1/10 1°1
(See also Court cases)
Central Bank of China, one-way account opened with, approved
260
and participation by other FRBanks authorized
1/31
Charge offs, Montauk Building, authorized to charge off assessed
valuation of building and incidental costs of
84
purchase of property22
12/28
of Australia:
Commonwealth Bank
Reading, Sir Claude, visit to, office made available to,
question of procedure to comply with Sec. 14(g)
of FRAct, conference to be held with officers,
letter to FRBank
9/11 1616
Burling, Rublee, Acheson and Shorb engaged to defend
Covington,
suit brought by British American Tobacco Co.,
Ltd., fees to be approved by Board, no objection to handling on System basis
1/10
1°3
'
(See also Court cases)
Danmarks Nationalbank, agreement, copy of letter from FRBank of
New York to, re terms of carrying account, noted
that change in title afforded opportunity to
secure new agreement
8/ 7 15°13
Reply to Mr. Knoke noting that correspondent relationships
have never been established with, although small
1609
deposit is kept with FRBank of New York
8/28
740
4/ 4
Examinations, report as of Tan. 4
Foreign banks, correspondence with, and correspondence with
FRBanks re participations, Board requests
copies of
8/25 1563
Foreign banks and bankers, negotiations with, question of procedure raised in connection with visit of Sir
Claude Reading, conference to be held by Board
to determine procedure to comply with Sec. 14(g)
of FRAct
9/11 1616
conference, memo to be prepared for Chairman, Mr.
Late for
Ranson to arrange with President Harrison to
cane to Washington week of Oct. 12, with Messrs.
Sproul and Knoke
9/22 1147
with, statement of procedure, approved by Board
Relations
and letter to Mr. Harrison re procedure to be
followed in acquainting foreign central banks
12/29 21°'
with responsibilities of Board
(See also Foreign banks and bankers)


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Federal Reserve Bank of St. Louis

177
Pages
nk of New York: (Continued)
Insurance, group life policy, reply to Mr. Sailer re increase
in cost to, that there is no objection to continuing indefinitely
National Bank of Hungary:
Second syndicate credit, reply to Mr. Sproul noting letter
from bank and suggestion that bank start to
formulate program for capital repayment
Repayment of full participation in syndicate credit of Bank
of Italy by, no objection to FRBank assenting to
No objection to confirmation of assent in view of additional information
Renewal of credits to, proposed by Bank for International
Settlement, proposed letter containing views
and terms of FRBank, no action to be taken
until position of other FRBanks is determined
Letter approved
Action ratified
Renewal of credits discussed by Mr. Szynczak with
Sproul
Renewal of credit, proposal of FRBank to extend for one
month rather than nine so that it may have benefit of comments of other participants on capital
repayments, approved
Renewal of credit, reconsideration by FRBank directors and
authority to renew for nine months, approved
Second syndicate credit, reply to Mr. Sproul approving
proposal for interest payment, FRBank should
make it clear that action in no way impairs
right of requiring further interest payment or
modification of agreements
National Bank of Nicaragua:
Extension of loan of Nov. 6, 1935, for sixty days on understanding that no further extension of this or
any other loan will be considered
Loan on security of gold and participation by other FRBanks
approved
National Industrial Conference Board, no objection to FRBank
furnishing information requested by, on circular "Personnel practices covering salaried employees"
classification plan:
Personnel
Changes approved
amead
Revision of, separate memo re to be submitted by Mr.
approved
Secretary to President, salary range increased,
Wage scale of building personnel, request for approval of
change lowering, to be considered in connection
with a survey of entire organization and personnel of MBank
Letter to FRBank advising of action


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Federal Reserve Bank of St. Louis

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1/16

148

2/14

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2/26

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8/19 1546
8/25 1580
8/27 1597
9/11

1680

10/ 6 1837
10/16

1890-7

10/14 1879

2/26

435

8/31

1625

8/13 1522
1/27
12/24
12/29

217
2266
2308

3/ 4
3/13

503
571

178

Peg°

FRBank of New York: (Continued)
Pitney, Hardin and Skinner, reply to Mr. Logan approving fee
for, in connection with loan to Passaic Print
Works, Inc. and retention approved, if necessary, to defend title to mortgaged property
7/ 9 1V36
sold
Employment approved in connection with loan to Townsend
11/10 205
Lawn Mower Co. under Sec. 13(b) of RAct
legal services in connection with inPayment of fee for
debtedness of Passaic Print Works approved
12/ 2 216°
Prior service liability under Retirement System, reply to
President Harrison re request for change in
method of reporting contributions on account of
5/11 996
Claude, visit at bank, office made available to,
Reading, Sir
question of procedure to comply with Sec. 14(g)
of FRAct, conference to be held with officers,
letter to IBBank
9/11.
Reichsbank:
Jaenicke, Reichsbankrat, advice that IRBank intends to
discuss account with, letter to be prepared
12/ 1 2145
Letter to Mr. Knoke re
12/ 3 2165
Reorganization:
Martin, S. 0., President Harrison desirous of retaining
services of, pending completion of plan of reorganization
3/10 541
Survey, letter to President Harrison re principles to be
followed, salaries for Messrs. Gidney and
Dillistin as Vice President and Assistant Vice
President approved
9/14 1698
Transfer of nonstatutory functions of FRAgent to bank authorized effective October 30
10/30 1982
Reserves:
Depreciation on "other real estate", authorized to set
aside usual sal for
12/28 2286
Head office building, authorized to set aside special reserve toward reducing book value
12/28 2284
Losses, authorized to set up additional reserve against
and for self insurance
12/28 20
Retirement of officers, special contributions to Retirement
System, committee to visit Board to discuss,
and increase in maximum salary from q2,000
to 4;18,000
12/23 22°
Ruling re classification of labor union funds as savings deposits, views of FRBank to be considered by Mr.
Ransom in reconsideration of
6/3o
Salaries of officers for 1936, letter to Mr. Case approving
continuance at 1935 rates with understanding
that they are approved for senior officers only
until Feb. 29, and advising that salary policy
is being left for determination of new Board
1/31

lob


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Federal Reserve Bank of St. Louis

179
Pages
11
Nalk of New York: (Continued)
Salaries of officers: (Continued)
Recommendations effective March 1, involving increases for
six officers, motion to approve where at previous rate and others at same rates if fixed
thereat, substitute motion to limit certain
salaries and retire Mr. Sailer, action deferred
Approved where at same rate as on Feb. 29, action deferred
on increases pending survey of _MBank salaries
and approved at Feb. 29 rates if fixed thereat
Junior officers, letter from Mr. Young recommending certain increases effective as of Jan. 1, or July
1, approved effective July 1
Committee to visit Board to discuss proposed changes

3/6

527

3/10

542

7/15 1368
12/23 2263

Staff:

Assistant and alternate Assistant FRAgents, advice to Mr.
Gidney to make appointments
Barnett, Marie A., extension for six months of temporary
assignment to lower salaried position
Betts, I. F., temporary appointment as examiner
Burgess, W. Randolph, Vice President:
Graduate School of Banking, no objection to acceptance
of invitation of Mr. Stonier to conduct course
next summer
Reserve requirements of member banks, to be invited to
meeting of Board on excess
Present at meeting of Board to discuss increase in,
opinion re effect on domestic capital market
Salary, motion to limit to amount received by Mr.
Sproul, action deferred
Campbell, Frederick W., appointment as assistant examiner
Case, J. H., FRAgent:
Redesignated March 1 to April 30 and salary fixed
Advised that designation will terminate on April
30, FRBank authorized to pay to Retirement
System sufficient to bring allowance to amount
it would have been if he were 65 on April 30
and also to pay to, or to Retirement System,
retirement allowance of six months' salary
Redesignation for remainder of year upon honorary basis
authorized, fees authorized for, not to affect
authorization for payment of six months' salary
upon retirement
Resignation as Class C director, not in position to continue as Chairman on honorary basis
Retirement, reply to letter from directors requesting
continuation of services of
Retirement allowance, letter from Director Woolley
requesting authority to increase contribution
by bank to 12 months' salary
Reply to Mr. Woolley refusing authority
Salary approved for period Jan. 1 - Feb. 29

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Federal Reserve Bank of St. Louis

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8/ 1 1470
889
4/25

9/11 1682
4/21

835

4/22

846-7

527
3/6
6/25 1245
2/18

367

2/26

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4/28

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5/1

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4/17

822

947
5/1
1003
5/12
277
1/31

page('

180
FRBank of New York: (Continued)
Staff: (Continued)
Clifford, Joseph t., appointment as examiner
Cooper, Norman C.:
Appointment at present salary as Alternate Assistant
IRAgent
Bond of
Crosby, W. Edgar, Special Assistant to FRAgent, resignation of
Davis, Norman P.:
Appointment as Special Assistant to FRAgent recommended,
with increase in salary, referred to new Board
Advice to _MBank of action
Suggestion of Mr. Case that appointment be approved
without awaiting final action on salary involved, reply that suggestion will receive consideration
Present at meeting of Board to discuss Regulation U
Salary increased
Dempsey, Edward A., extension of temporary assignment to
lower salaried position
Dillistin, W. H.:
Appointment and salary as Assistant Vice President,
designated examiner
Advice of appointment, salary previously approved
Resignation as Assistant YEAgent in connection with
reorganization of bank
Salary approved for 1936
Diringer, Charles E., continuation of temporary assignment
to direct Works Relief Check section for three
additional months approved
Continuation of temporary assignment
Douglas, Edward 0., Manager, leave with pay for one week in
addition to regular annual leave approved
Downs, F. S., Assistant FRAgent:
Appointment as Manager of Bank Relations proposed,
salary approved for
Salary approved for 1936
Duvernet, Mrs., reply to Mr. Case that there is no objection
to replacement with librarian
Elmer, Parke R., appointment as examiner
Gidney, R. M.:
Appointment and salary as Vice President in charge of
examinations, designated examiner
Advice of appointment, salary previously approved,
Board opposed to his retaining title of Assistant FRAgent pending appointment of FRAgent
Present at conference re condition of Perth Amboy Trust
Co. and Raritan Trust Co., Perth Amboy, N. J.
Resignation as Assistant ERAgent in connection with reorganization of bank
Salary approved for 1936

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Federal Reserve Bank of St. Louis

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454

9/29 17r,
'
10/29 19
11/ 3 1991

1/30
1/31

23
9
276

435
2/26
859
4/22
7/15 1369
8/ 1 147°

9/14 1699
A
9/30
,
1
10/30 1962
1/31
27
62
3/12
1263
6/27
8°
10/10 1

9/14
-71
211
1/31
2/25
2/28

421
454

9/14 1699

9/30

18°6

9/11

16
°

10/30
1/31

198
!
277

181
Pages
of New York: (Continued)
Staff: (Continued)
Graduate School of Banking, FRBenk to grant leave with pay,
in addition to regular annual leave, covered
by Board's authorization of April 16, also to
pay other basic expenses
Harrison, George L., President:
Appointment as, approved
Conference on procedure in negotiations with foreign
banks and bankers, to be held Oct. 30
Present at conference
Devaluation of French franc, Secretary Morgenthau requested confidential assistance in connection
with, statement re
Foreign loans to central banks, feeling that they were
not different in principle to loans to domestic
banks, reported by Mr. Morrill in connection
with policy record entry
Reserve requirements of member banks, to be invited to
attend meeting of Board on excess
Present at meeting of Board to discuss increase,
feeling that action should be taken
Feeling that there is less risk involved in action
at present, and views re anticipated results
Salary approved, March 1 to Dec. 31
Senator Glass opposed to proposed outside representation on Federal Open Market Committee, report on
Hartley, John H., Chief, salary increase not approved
Salary increased
Hudson, Alfred J.:
Appointment to assist FRAgent in issue and retirement
of FRnotes to continue, request advice as to
whether he will remain on FRAgent's payroll,
should remain solely responsible to Agent or
Board
Termination of authority to act for FRAgent in issuance
and retirement of FRnotes, bond to be released
Kimball, Herbert H., Assistant Vice President and Secretary,
salary increased
Knoke, L. W., Assistant Vice President, devaluation of
French franc, aided Treasury in negotiations
Librarian, authority to replace one resigned
Logan, Walter, Vice President and General Counsel, present
at conference with Board regarding relations
of RBanks with foreign banks and bankers
Martin, S. U., continuance of services in connection with
industrial loan program, Chairman Eccles authorized to discuss necessity of, with Governor
Harrison
Report of Chairman of discussion of, with President
Harrison, and latter would like to retain pending completion of plan of reorganization

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Federal Reserve Bank of St. Louis

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2/18

367

10/27
10/30

1945
1967

9/26

1767

9/28 1779
4/21

835

4/22

846-7

4/22
2/18

849
367

326
2/11
283
1/31
7/15 1369

11/ 6

2008

12/ 8

2190

7/15 1369
9/26
2/25

1768
421

10/30

1967

2/18

372

3/10

541

182

pages

FRBank of New York: (Continued)
Staff: (Continued)
Martin, Seldon 0.: (Continued)
Termination of temporary appointment in connection with
industrial loans, Mr. Broderick to discuss
7/15
further with President Harrison
on half-time basis, continuance after
Employment placed
close of year to be governed by need for ser9/14
vices
Messengers, payment of salary of Messrs. Coleman, Leonard,
McCabe and O'Leary in excess of grade authorized 12/29
Miller, Silas A., Manager, Securities Department, salary in7/15
creased
4/25
Neilan, E. P., temporary appointment as examiner
9/30
Appointment on permanent basis approved
1/31
Osterhus, Gustav, salary increase not approved
7/15
Salary increased
6/25
Paul, VVillian L., appointment as assistant examiner
7/15
Phelan, Arthur, Assistant Vice President, salary increased
Phinney, Robert H.:
Appointment at present salary as alternate assistant
9/29
FRAgent
10/29
Bond of
6/25
Pond, Charles N., appointment as assistant examiner
Roelse, H. V.:
Appointment as Assistant Vice President propOSed, salary
9/14
approved for
9/30
Appointment, salary previously approved
Resignation as Assistant RAgent in connection with re-10/30
organiion of bank
approved for 1936
1/31
Salary
R., Vice President:
Rounds, L.
Interpretation of Regulation T, letter to Singer, Dean
9/26
and Scribner re
Salary, motion of Mr. McKee to limit to amount paid Mr.
3/ 6
Sproul, action deferred
L. F., Vice President, salary, motion of Mr. McKee
Sailer,
that it be approved only for six months and that
payment be authorized to be made to Retirement
System to provide for allowance equal to that he
3/ 6
would receive if he were 65, action deferred
Feeling of President Harrison that Board should approve
salary at least until August when he will be
eligible for retirement, approved
3/10
Continuation of services and payment of salary requested,
until end of year, Board determines to adhere
to original position that Mr. Sailer be retired
8/14
Aug. 31
8/19
Discussion of, letter of Mr. Harrison and statement by
Motion to adhere to position lost and voted to grant
8/19
continuation of services until Dec. 31
8/20
Advice to FRBank of action


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Federal Reserve Bank of St. Louis

15°

2309
13
69
889
18°7
285
1369
1245
1369

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9
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183
Pages
ank of New York: (Continued)
Staff: (Continued)
Sailer, L. F., Vice President: (Continued)
Continuation of services, President Harrison advised
directors of approval until Dec. 31, and expressed appreciation, directors surprised at
finality of action, Board not disposed to reconsider
Letter from Mr. Young, discussion of scope of Board's
authority, circular to be prepared re bringing
all correspondence re policy and salaries to
attention of directors, and letter to Mr. Young
to be prepared outlining considerations underlying Board's action
Letter to Mr. Young in accordance with above action
Sanford, Horace, Assistant Secretary, salary increased
Sheehan, W. F., Chief Examiner:
Assignment to Board for final work on State member bank
examination report form requested, Board to pay
actual expenses
Salary approved for 1936
Snyder, John, continuance of assignment to lower salaried
position for further six months approved
Sproul, Allan, First Vice President:
Appointment as, approved and salary Board is willing to
approve
Conference on procedure in negotiations with foreign
banks and bankers, to be held Oct. 30
Present at conference
Stryker, Jere V. D.:
Appointment as Assistant FRAgent at present salary,
Board will make exception to requirement that
such employee handle issuance and retirement of
FRnotes
Bond of
Continuance also as Chief of Records and Analysis Division of Bank Examination Department
Duties of Notes Issue Department assigned to section
under direction of, assumed that any duties
performed by department in connection with
issuance and retirement of FRnotes are assigned
to, as Assistant FRAgent, confirmation requested
Duties formerly performed by Note Issues Department, request if any have been assigned to, in capacity
of
Sullivan, Peter F., appointment as assistant examiner
Treiber, W. F., Assistant Counsel, salary increased
Van Malder, Mrs. Mae, extension for six months of temporary
assignment to lower salaried position


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Federal Reserve Bank of St. Louis

9/11

1675

9/22 1743-6
9/30 1802-5
7/15 1369

11/23
1/31

2111
277

10/19

1904

2/26

426

10/27
10/30

1945
1967

9/29
10/29

1798
1962

10/22

1928

11/ 6

2009

12/ 8 2191
6/25 1245
7/15 1369
8/ 1

1470

184

pave

FRBank of New York: (Continued)
Staff: (Continued)
Vice President in charge of examinations, to report directly
to Board of Governors re any violations of law
by officers and directors or any unsound prac9/30 1
°
tices, pending appointment of FRAgent
Walton, A. Chester, appointment as examiner, understood that
arrangements will be made to liquidate indebted454
ness to member bank
2/28
H., Vice President:
Williams, John
Devaluation of French franc, aided Treasury in negotiations
9/26 1768
reserves, to be invited to attend meeting of
Excess
Board April 22
4/21
856
Present at meeting of Board to discuss increase in
reserve requirements of member banks, analysis
of foreign situation in connection with
4/22 048
League of Nations financial committee, Board not willing
that he accept appointment to, while connected
with ERSystem
12/18 2251
Mr. Williams not to be considered further, report of
Chairman re discussion with President Harrison
12/29 2296
Review of present economic situation at meeting of
Board with Presidents' Conference, stating
further stimulation of recovery is now unnecessary, easy money policy should not be reversed
11/19 2102
Willis, Valentine, Assistant Vice President, salary in1369
creased
7/15
Survey of organization, personnel and salaries, wage scale of
building personnel, request for approval of
change in personnel classification plan lowering, to be considered in connection with
Letter to FRBank advising of action
3/13
51*
Thrift activities carried on for employees, no objection to
furnishing requested information re, to National
094
Industrial Conference Board, Inc.
4/25
FRBank of Philadelphia:
Bank relations reports, acknowledgment of receipt of and advice
that they are satisfactory1
10/23 94°
Bylaws:
Amendment eliminating provision for Comptroller in charge
of audit department
3/6
529
committee, revision providing that president
Executive
shall be a member and chairman of, memo of Mr.
Vest re, action deferred until receipt of all
IRBanks' bylaws
3/
519
Examinations, control over securities compartments in vault
criticized, advice requested re any action
taken
12/11 22°8
Fee for Judge Cole in case in connection with tax anticipation
note of Ocean City, N.J., FRBank did not comply
with instractions re prior approval, approved
12/ 2

210


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Federal Reserve Bank of St. Louis

185
Pages
PRgatik

of Philadelphia: (Continued)
Library service, reply to Mr. Austin re discontinuance number
of years ago and re such work recently in11/ 6 2017
augurated at FRBank of Minneapolis
statement of Mr.
Loans outstanding at time of banking holiday,
Wayne re collections as example of Governor
483
3/3
Norris' ability
484
3/3
efficiency
Operation not noteworthy for economy or
Personnel classification plan:
102
1/11
Changes approved
Revised plan approved, maximum salary was set for position
of Manager of Transit Department with understanding that bank would request Board's approval of salary over maximum for Mr. Cobb,
12/24 2265-8
maximum salary fixed for Assistant FRAgent
Quarters, building, reply to Mr. Sinclair offering no objection
to expenditure in excess of budget, caused by
957
5/2
N. R. A. program
Reorganization, survey, letter to President Sinclair stating
principles to be followed, appointment of Mr.
1655
Bill as Vice President in charge of examinations 9/ 8
Reserves, authorized to transfer sum to losses and contingencies,
to restore after charging losses in connection
with sale of assets of Guarantee Trust Co.,
12/30 2333
Atlantic City
Salaries of officers for 1936, approved at 1935 rates with understanding that they are approved for senior
277
1/31
officers only until Feb. 29
Staff:

Austin, R. L., FRAgent:
367
2/18
Redesignated March 1 to April 30 and salary fixed
April
Advised that designation will terminate on
30, FRBank authorized to pay retirement allowance of six months' salary to, or to Retirement
429
2/26
System
basis
Redesignation for remainder of year upon honorary
authorized, fees authorized for, not to affect
907
4/28
payment of six months salary upon retirement
12/28 2290
Redesignated for 1937, on honorarium basis
277
1/31
Salary approved for period Ian. 1 - Feb. 29
classificaCobb, William D., salary in excess of personnel
12/29 2309
tion plan grade approved
278
1/31
Counsel, retainer approved for
Davis, W. J.:
Appointment as First Vice President, advice of consideration being given to, from Mr. Wayne,
541
3/10
Board agreeable to
that
Appointment and salary as Vice President and advice
when FRBank advises of appointment of Mr.
999
5/12
Drinnen, Board will approve salary
440
2/27
Salary approved for period from March 1 to Dec. 31
5/14 1020
Salary approved

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Federal Reserve Bank of St. Louis

186
FRBank Of Philadelphia: (Continued)
Staff: (Continued)
Donaldson, L. E., Assistant Vice President, salary approved
2/27
for period March 1 to Dec. 31
Drinnen, Frank J.:
Appointment and salary as First Vice President, discussion of, FRBank to be advised that it might
be better to appoint as Vice President and request letter asking for release
5/12
Appointment and salary as First Vice President approved,
letter that appointment was completely on responsibility of directors noted
5/14
Resignation as FRExaminer
5/20
Earl, S. R., Assistant Cashier, salary, advice of approval
contained in Board's letter of Jan. 31
2/27
Examiners and assistant examiners, no objection to retention
of temporary for balance of year, survey to be
made later to determine need for transfers to
permanent positions
3/ 3
Examiners, special assistants to, Board approves designation
of certain clerical employees as
3/ 3
Fenner, Zell G., Acting Assistant FRAgent, appointment previously approved
9/ 8
Board will reply later on reappointment
12/31
Hill, E. C.:
Appointment and salary as Vice ?resident in charge of
examinations approved
9/ 8
Salary approved for 1936
1/31
Hutt, Wm. H.:
Appointment and salary as First Vice President, advice
of, action deferred by Board
2/27
Committee of directors to meet with Board March 3
re, motion by Mr. McKee that appointment be disapproved, substitute motion to defer action
until meeting with directors carried
2/29
Committee of directors present at Board meeting,
discussion of qualifications as President,
approval of Board not necessary for appointment as Vice President
3/ 3
Appointment as Vice President, salary approved
3/ 4
Appointment as :rirst Vice President approved, Board not
willing to approve salary fixed by directors,
Chairman Eccles confers with Mr. Wayne by telephone, salary which Board will approve, Mr.
Morrison and Mr. McKee voting "no"
3/13
Reply to Mr. Austin that Board advised of approval
of appointment on March 13 and rate at which
Board would approve salary
3/20
Resignation of, payment of six months' salary to, or to
Retirement System authorized
5/ 1
McCreedy, Wm. G., Assistant Vice President, salary approved
for period March 1 to Dec. 31
2/27
Salary approved
8/18

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I
IREank of Philadelphia: (Continued)
Staff: (Continued)
period
McIlhenny, C. A., Vice President, salary approved for
March 1 to Dec. 31
Moore, Raymond M., General Auditor, appointment and salary
approved
Morris, Glenn K., Assistant Cashier, salary, advice of approval contained in Board's letter of Jan. 31

2/27

440

3/ 6

529

440
2/27
8/18 1535

Salary approved
Norris, Geo. W., President:
Appointment and salary as, Board to adhere to policy
re age limitation and letter to Chairman re2/27
fusing approval of
2/29
March 3
Committee of directors to meet with Board
Committee of directors present at Board meeting
3/ 3
re, Board to adhere to policy
member of,
Federal Open Market Committee, election as
by Federal Reserve Bank of Cleveland, reply to
Mr. Strater that action is premature as he has
2/19
not been appointed President of IRBank
authorized,
Retirement of, payment of six months' salary
not clear whether payment is to be to, or to
3/20
Retirement System
Post, A. E., Assistant FRAgent:
Appointment also as Secretary, with salary for each
position, approved with understanding that it
9/30
will be reviewed in connection with budget
accordance with
Continuance at present salary not in
Board's policy, request that satisfactory
9/ 8
arrangement be made
12/31
Reappointment
1/31
Salary approved for 1936
nt, Chairman Eccles authorized
President and Vice Preside
to discuss with directors of, appointments for
2/18
terms beginning March 1
Board,
President, committee of directors present at meeting of
ent of Mr. Norris, review of
memo re appointm
Board's policy re appointment of men over 70
years of age, re effect of Retirement System and
3/ 3
discussion of qualifications
3/ 3
Mr. Hutt had been groomed to succeed Mr. Norris
warrant
Board to adhere to policy, no facts presented to
change in general policy, committee advised,
qualifications and status of Mr. Hutt and Mr.
3/ 3
Sinclair
appointment
Rehfuss, J. Frank, Acting Assistant FRAgent,
9/ 8
previously approved
12/31
Appointment as Alternate Assistant FRAgent
,
Reid, Margaret J., appointment as Acting Assistant FRAgent
12/31
Board will reply re later


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FRBank of Philadelphia: (Continued)
Staff: (Continued)
Sinclair, J. S.:
Appointment as President, advice of consideration being
54
1
given to, from Mr. Vvayne, Board agreeable to
3/10
Appointment approved, Board unwilling to approve salary
fixed by directors, Chairman confers with Mr.
Wayne by telephone, salary which Board will
8
approve, Mr. Morrison and Mr. McKee voting "no"
3/13 56
Reply to Mr. Austin that Board advised of approval
of appointment on March 13 and rate at which
Board would approve salary
3/20
618
Considered as executive officer of FRBank because no
appointments as President and First Vice President have been approved
3/ 3 484
44
0
Salary approved for period March 1 to Dec. 31
2/27
Toy, James M., Assistant Cashier, salary, advice of approval
44
0
contained in Board's letter of Jan. 31
2/27
FRBank of Richmond:
Bank relations reports, letter to Mr. Garrett re scope of information Board desires and advising that it does
not desire reports on individual banks
11/ 6 2015
Collateral for FRnotes, no objection to continuing to have
Alternate Assistant IRAgent Gibson hold single
control of paper pledged by FRBank as
8/28 1610
Edwin Bennett Pottery Co., anployment of Hinkley, Hiskey and
Berger as special counsel in case of, authorized under new conditions for employment of
special counsel
4/ 2
728
7
Employees' loan fund, establishment approved
9/21 •-• 39
Hinkley, Hiskey and Berger, employment as special counsel in
Edwin Bennett Pottery Co. authorized under new
conditions for employment of special counsel
4/2
726
Personnel classification plan:
Accounting and Planning Department, two managers shown in
salary list, request advice as to correction
1/31
28
,:,
at head office and Baltimore branch approved
Changes
1/4
'"
Change approved to provide increase in salary range for
"Mechanic", position for which Mr. Davison was
395
paid in excess of grade
2/20
Mechanic, attention called to salary of G. E. Davison shown
265
in excess of salary range
1/31
Revised plan approved, maximum salary fixed for Assistant
FRAgent
12/24 2266-8
Reorganization:
Personnel changes, Mr. fry to be elected Vice President,
Mr. Gordon to continue as Chief Examiner, Research and Statistical Department to be transferred to Mr. Fry for time being, designation
of Mr. Shepherd and Mr. Gibson as Assistant and
Alternate Assistant FRAgents
8/ 6 14°


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Federal Reserve Bank of St. Louis

189
Pages
?RBank of
Richmond: (Continued)
Reorganization: (Continued)
Survey, letter to President Leach setting forth principles
Board desires followed, resignation of Assistant
FRAgent Fry will be accepted when new assistant
7/17
FRAgent has been appointed
Reserves:
Depreciation on "other real estate", authorized to set aside
12/28
usual sum for
transfer
Losses not elsewhere provided for, authorized to
sum to, and to reserves for losses account of
12/28
closed banks
Salaries of officers for 1936, approved at 1935 rates with
understanding that those of senior officers
1/31
are approved until Feb. 29
under
Special counsel, reply to Mr. Leach authorizing employment
agreement that fee will be subject to review by
Board and if in excess of 41000 to be submitted
to Board for approval, Counsel to prepare letter to all FRBanks re action, in connection with
employment of Hinkley, Hiskey and Berger in
4/2
case of Edwin Bennett Pottery Co.
Staff:
Blankenship, W. H., temporary assignment to lower salaried
position pending approval of revised personnel
10/27
classification plan approved
2/29
Vice President, appointment as, and salary
Broaddus, R. H.,
called to salary in exDavison, G. E., Mechanic, attention
1/31
cess of grade
Salary approved and change approved in personnel classification plan to provide for increased maximum
2/20
salary
Frederic A., FRAgent:
Delano,
3/20
Bond of
Designation as FRAgent, Chairman Eccles authorized to
tender, for remainder of year and salary to be
2/18
fixed on honorarium basis
Designated for remainder of current year, compensation
3/12
fixed on honorarium basis
Per diem fixed for, with separate allowance for travel
3/21
expenses
First Vice President, recommendation of Personnel Committee
that Board be guided by recommendation of Mr.
2/18
Delano as to appointment of, approved
3/13
Action deferred until next meeting of directors
Fry, J. G.:
Bond of Nov. 20, 1934, request if there is any objection to advising bonding company of termination
8/12
of liability
accepted upon
Resignation as Assistant FRAgent to be
7/17
appointment of new assistant agent
as Vice PresiResignation accepted and salary approved
8/15
dent

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Federal Reserve Bank of St. Louis

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190
1RBank of Richmond: (Continued)
Staff: (Continued)
Fry, J. G.: (Continued)
Salary approved for 1936
1/31
Vice President, to be elected as and placed in charge of
Examination Department, Board would approve appointment as Vice President in charge of examinations, Research and Statistical Department to
be placed under, for time being
8/ 6
Gibson, T. C.:
Appointment as Alternate Assistant FRAgent approved, to
act as note custodian for IPAgent
8/ 6
Bond of
8/12
Collateral for ITnotes, no objection to continuing to
have, hold single control over paper pledged as
8/28
Y., Chief Examiner, continuance approved when
Gordon, H.
Examination Department is shifted to Bank
8/ 6
Guthrie, C. L.:
Assignment to position of Manager, Planning Department,
not covered in present personnel plan, approved
8/17
Continuance of temporary assignment as Manager of same
department that Mr. Woodward is assigned to, as
Manager, understood that arrangement will not
continue past June 30
2/20
Salary list shows as Manager of same department as W.N.
Woodward, information as to correction requested 1/31
Johnstone, Albert 6., Assistant Cashier, title change noted
8/15
Kincaid, Dr. E. A., appointment and salary plus transportation and subsistence expenses on part time basis
as consultant in research and statistics work,
approved
12/18
Lassiter, Robert, Chairman Eccles authorized to tender
designation as Chairman and FRAgent for the
year 1937
12/28
Leach, Hugh:
Appointment as First Vice President and salary approved,
ERBank to appoint as President at higher salary
if Board refuses to approve appointment of Mr.
Seay
2/29
Appointment as President, contemplated in event Board refuses to approve appointment of Mr. Seay, and
salary contemplated
2/29
Appointment as President approved and salary approved
for remainder of year
3/13
Recommendation of Personnel Committee that if directors appoint as President, Board approve, salary
to be recommended by Mr. Delano
2/18
Seay, George J., President, appointment as, with understanding that he would serve only one year, allowed
to stand by directors, Board refuses to approve,
payment of sum to Retirement System by IRBank on
behalf of, approved
2/29

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Federal Reserve Bank of St. Louis

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Pages
111136dak of Richmond: (Continued)
Staff: (Continued)
Shepherd, Robert L., Assistant FRAgent:
Appointment as, approved and salary
Bond approved and request if there is any objection to
notifying bonding company of termination of
liability on bond as Acting Assistant FRAgent
Resignation as Acting Assistant RAgent accepted
Walden, J. S., Jr., Vice President:
Appointment as, and salary
Appointment and salary as lirst Vice President approved
Survey of audit functions of R.Banks, outline prepared
by, and Mr. Grayson, with Board's staff
Woodward, W. N.:
Continuance of temporary assignment of Mr. Guthrie as
Manager of same department Mr. Woodward is
assigned to, as Manager, understood that arrangement will not continue past June 30
Salary list shows as Manager of same department as C.
L. Guthrie, information as to correction requested
Surplus, inclusion of Sec. 13b surplus in basis for computing
assessment for expenses of Board, reply to
President Seay that Board has reconsidered and
affirmed inclusion
1.1 11k of St. Louis:
Bank relations report, letter to Mr. tood re scope of information desired by Board and requesting such report rather than individual reports on banks

8/ 6

8/12 1516
8/12 1516
2/29
10/16

464-5
1899

8/18

1537

2/20

395

1/31

284

4/4

755

11/ 4 1997

Bylaws:
Amendments in accordance with Board's suggestions of Feb.
14, letter to Mr. Dillard requesting what ac5/25
tion has been taken re
accordance
Revision of, memo of Mr. Vest that as they are in
with Board's suggestions, their receipt should
11/12
be merely acknowledged, approved
,
Charge offs, charge to profit and loss of loss on commitment
reply to Mr. Attebery that if at end of year
industrial loan expenses exceed earnings, amount
7/30
should be charged to surplus (Sec. 13b)
until
Charges to accounts, Board's letter re was not receiVed
after last directors meeting in 1935, suggested
that certain items if determined uncollectible
1/31
be charged to earnings during 1936
reply to Mr. Stewart
Contributory group life insurance policy,
that there is no objection to continuing pro7/14
viding cost does not materially exceed estimate
plan, revised plan approved, salary
Personnel classification
12/24
range for Assistant 1RAgent
letter to President Martin re principles
Iteorganization, survey,
of administration to be followed, proposal to
place Vice President Wood in charge of examina9/14
tions approved and designation as examiner

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Federal Reserve Bank of St. Louis

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192
FRBank of St. Louis: (Continued)
Salaries of officers for 1936, approved at 1935 rates with
understanding that those of senior officers are
1/31
approved only until Feb. 29
Staff:
Assistant and alternate assistant .RAgents, advice to Mr.
9/14
Stewart to appoint
Attebery, Olin M., First Vice President:
2/18
Appointment as, approved
2/18
Salary approved for period March 1 to Dec. 31
Salary, revision of, action deferred pending receipt of
3/31
advice from Chairman Eccles
Salary, approved as recommended
4/ 1
Hagedorn, William:
Appointment as Alternate Assistant FRAgent at present
9/30
salary
10/19
Bond of
Martin, William McC., President:
2/18
Appointment as, approved
2/16
salary approved for period March 1 to Dec. 31
McConkey, J. G., Vice President and General Counsel, salary
2/18
approved for period March 1 to Dec. 31
Nardin, William T., Chairman inquired as to willingness to
accept appointment as DRAgent, upon recommendation of Mr. Tom K. Smith, requested time to con7/ 7
sider
Parker, Frank 5., Acting Assistant FRAgent:
Appointment as Assistant FRAgent at present salary
9/30
10/19
Bond of
Peterson, William E., Acting Assistant FRAgent, appointment as Alternate Assistant FRAgent at present
salary
9/30
Pfyl, Irank J., continuance in position below salary grade
10/28
for further six months approved
Reinhard, Saunders, temporary assignment to lower salaried
6/10
grade extended for further six months, approved
Continuance of temporary assignment to lower salaried
position for further six months approved
10/19
4/18
Reitz, Ralph Henry, appointment as assistant examiner
Stewart, C. M.:
Appointment as Assistant Vice President and Secretary
9/14
proposed, salary approved
Reply that Board has approved salary if directors
make appointment
9/30
as Assistant FRAgent approved for 1936
1/31
Salary
Vacation, noted without objection, plans to be away from
July 6 to 31
7/ 3
Wood, John S., Vice President:
Appointment as and salary suggested for, Board unwilling
to approve, but bank to be advised as to salary
Board will approve and payment at time of retirement, with understanding that he will retire
at 65
3/25

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193
Pages

pziank

Of St. Louis: (Continued)
Staff: (Continued)
Wood, John 6.: (Continued)
Conference to be held with, re applications of St.
Louis banks for fiduciary powers in order to
continue writing insurance
To be held Nov. 30
Examiner, designation approved, noted that he is to
be placed in charge of examinations
Redesignated filAgent for period March 1 to April 30
and salary fixed
Advised that designation will terminate on April
30, FRBank authorized to pay to Retirement
System sufficient to bring allowance to what it
would have been if he were 65 on April 30 and
also to pay to, or to Retirement System, retirement allowance of six months' salary
Resignation as Class C director
Salary as RAgent approved for period Jan. 1 - Feb. 29
Salary as Vice President, set at new figure, action
deferred pending receipt of advice from Chairman Eccles
Chairman telephoned that directors had not known of
proposed transfer of FRAgents' duties to FRBanks
and would have appointed him president or first
vice president, salary recommended approved,
superseding action of Board in its letter of
Feb. 26
Zehner, Edward A.:
Appointment as Alternate Assistant FRAgent approved,
to be responsible to FRAgent or to Board of
Governors
Bond of
4rVey, letter to Mr. Martin that Board is desirous of obtain8
ing additional information on, as soon as
possible
visits made by officers and representatives of FRBank to member
and nonmember banks, report to be made re
keiik
of San Francisco:
Andrae B. Nordskog, et., Plaintiff v., complaint of, ERBank to
keep Board advised of developments '
Banco de Mexico, holding of earmarked silver for, advice to
FRBank that although original agreement was with
FRBank of New York, Board's approval should be
secured
Bylaws, revision of, giving executive committee authority to
reestablish rates only at figures fixed by
Board of Directors, letter re, to be revised
Compensation and allowance for member of Federal Advisory
Council for 1936


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Federal Reserve Bank of St. Louis

11/12
11/25

2040
2124

9/14

1705

2/18

370

2/26
4/30
1/31

429
937
282

3/31

705

4/1

718

10/19
10/26

1904
1942

8/29

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9/19

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8/19

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12/19

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/2
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194

pages

FRBank of San Francisco: (Continued)
Directors' fees, resolution authorizing inclusion of IRAgent
8/ 7
in payment of
FRAgent's functions, transfer of, letter from FRBank that there
is no disaffection toward, and survey is being
5/ 1
made with view to effecting
5/5
FRBank re
Letter to
FRBank stock, issuance of non-negotiable receipts in lieu of
5/27
certificates to be continued
1/27
Fees and allowances for directors approved
Investigation of Manheim Dibbern & Co. in connection with violations of Securities Exchange Act of 1934 and
Regulation T, FRBank may cooperate with Securi3/21
ties and Exchange Commission in
Personnel classification plan, revised plan approved, salary
12/24
range for Assistant FRAgent
Reclassification of member banks for electoral purposes, not
9/18
necessary
Regulation Q, permission to send copies of letter relating to
questions arising from revision of, to member
1/21
banks in district
Reorganization, survey being made with view to effecting transfer of .eRAgent's functions to operating side
/l
of bank
5/ 5
Letter to FRBank re
Transfer of FRAgent's nonstatutory duties, favorable feeling of directors expressed in letter from Mr.
5/12
Moore
Letter to President Day outlining principles of administration to be followed, Mr. Sargent to be appointed
Vice President, salary approved, Chief Examiner
Sonne should not also be Assistant FRAgent,
Board will accept resignations of Messrs.
8/29
Sargent and Wheeler, and letter to RAgent re
Nonstatutory duties of FRAgent, assumed that transfer takes
9/1
place today, telegram to Mr. Moore
Securities exchange function to be handled by Mr. Sargent
and Mr. Bonner Brown placed in direct charge,
Mr. Wheeler to continue in advisory capacity for
9/14
a time
Reserves:
Bank premises at San Francisco, Los Angeles and Salt Lake
City, authorized to set up special reserves
12/28
against
Net earnings, after payment of dividends, authorized to
12/30
transfer to losses not elsewhere provided for
approved with understanding that those
Salaries of officers,
of Governor and Deputy Governors were approved
2/18
only until Feb. 29
earmark for Banco de Mexico, reply to Mr.
Silver held under
Knoke that Board assumes it is held as agent for
FRBank of New York under agreement with Banco de
11/ 6
Mexico, request confirmation

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Federal Reserve Bank of St. Louis

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195
Pages
11113ank of San Francisco:
:
Staff

(Continued)

2/18
Agnew, A. C., Counsel, retainer approved
as assistant examiArmstrong, L. B., temporary designation
5/18
ner for trust department examination
approved, assumed thnt there are
Appointment as examiner
no pertinent facts of which Board is not advised 12/19
Brown, Bonnar, placed in direct charge of securities ex9/14
change function
T. U.:
Calkins,
Appointment as special adviser to board and compensation,
3/12
March 1 to June 1, approved
n to Retirement System authorized in addition
Contributio
to that previously authorized to supplement
4/ 6
retirement allowance
President, letter from Director McIntosh requesting approval of appointment as, because of allega2/20
tions of Mr. Giannini
Committee appointed to review files re charges and
2/20
Chairman to reply that Board cannot approve
2/20
Committee report exonerating
Advice of election as President, Board to adhere to
2/20
policy re age, reply to RBank
made to,
Reply to Mr. McIntosh not yet sent, addition
2/20
re committee report
Clerk, Ira:
Appointment as Vice President approved and salary ap2/20
proved
President approved for unexAppointment as First Vice
4/ 3
pired term
Day, William A.:
Appointment as First Vice President approved and salary
2/20
approved
4/ 3
President approved for unexpired term
Appointment as
Salary, opinions of Chairman and Mr. Szymczak re rate
fixed by directors, and feeling of latter that
it should not be larger than that paid President
Fleming, FRBank to be advised of rate Board will
4/ 3
approve
Reconsideration of Board's action in refusing approval of directors' recommendation requested,
4/21
letter to be prepared re
4/24
Letter approved
5/ 1
prepared
Telegram from Deputy Chairman, reply to be
5/ 5
Reply re
recommending increased
Position of directors re, and
rate, Board will not reconsider but will con5/12
sider at end of year
and receipt of advice that
Resolution of directors
salary was fixed at rate Board approved, reply
inclosing list of salaries of presidents and
6/ 3
vice presidents

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page'

196
FRBank of San Francisco: (Continued)
Staff: (Continued)
Earhart, C. E., Cashier, appointment as, and salary approved
Examiners and assistant examiners, Board concurs that additional are needed in trust examination work
Examiners, not necessary to submit names for reapproval
FRAgent, advice to directors that it may be necessary to appoint full time chairman, because of apparent
opposition to Board's policy
Hale, Wm. M.:
Appointment as Vice President, advice of
Salary, feeling of Mr. Szymczak that it should not be
increased to that being received by Mr. Sargent,
FRBank to be advised of rate which Board will
approve
Reconsideration of Board's action in refusing approval of directors' recommendation requested,
letter to be prepared re
Letter approved
Telegram from Deputy Chairman re, reply to be prepared
Reply re
balary fixed at rate previously approved by Board
Moore, Walton N.:
Appointment as FRAgent and authorization for payment of
directors' fees
Advice of appointment to be withheld temporarily
pending filling of other vacancies
Advice of appointment transmitted, not withheld
because advice of Mr. Wood's appointment leaked
out in Chicago
Bond of
Muir, George C., appointment as assistant examiner with
understanding that Board's approval will be secured before transferring Permanently to examining work
Sargent, S. G.:
Resignation as Assistant FRAgent, request if there is
any objection to cancelation of bond
;Salary fixed for 1936
Securities exchange function assigned to
Transfer to operating side of FRBank suggested as possibility by Mr. Szymczak in connection with
consideration of salary for Mr. Hale
Vice President, to be elected as, salary approved and
also appointment as examiner, resignation as
Assistant FRAgent to be accepted
Shortt, W. D.:
Appointment as Assistant or Alternate FRAgent would be
approved by Board in connection with reorganization plan


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Federal Reserve Bank of St. Louis

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5/18
12/19

4/24
4/ 3

4/ 3

7556
'
104
?
224
'

871
rig

73°

4/21
4/24

814
05
—1

5/ 1

944
6A6

5/5

5/12 100

7/7

150s

7/7

1509

0
7/ 8 1 I
7/22 14'

2/7

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9/ 1 - 2
2/18 0
0
9/14 11
736
4/ 3

8/29

1°3'1

8/29

16
°

197
Pages
*
111841 of San Francisco: (Continued)
Staff: (Continued)
Shortt, W. D.: (Continued)
Appointment as Assistant FRAgent
Appointment as examiner approved
Bond approved and memo of Mr. Wingfield that because
of designation as assistant examiner, appointment may conflict with FRAct
Indebtedness to member bank, was in existence prior
to employment, not to be reported to Attorney
General, but should be eliminated
Reappointment
Simmons, Thomas M., appointment as assistant examiner with
understanding that Board's approval will be
secured before transferring permanently to examining work
Sonne, H. A.:
Appointment also as Assistant FRAgent contemplated in
reorganization, Board does not approve, but has
no objection to appointment as Alternate
Assistant 1RAgent
Appointment as Alternate Assistant 1RAgent approved
Bond of, executed as "Assistant 1RAgent", request reexecution, and memo of Mr. Winfield re possible
conflict with FRAct, not clear what payroll he
is on
Bond of
Bond, retroactive coverage, reply to Mr. Moore that
Boara has taken position that upon approval by
Board, bond becomes effective as of date principal took office
Reappointment
Stewart, A. 0., designation as .R.Agent for 1937, on honorarium basis
Wheeler, U. P., Assistant 1RAgent:
Resignation as, to be accepted in connection with reorganization plan
Resignation of, request if there is any objection to
cancelation of bond
Salary fixed for 1936
Securities exchange function, to remain in advisory
capacity for time being
Visit of Mr. Broderick to, and to branches, report re, feeling
that two of three northwestern branches are not
necessary

9/ 1
12/19

1631
2245

9/21

1737

10/19
12/31

1906
2350

2/ 7

312

8/29
9/ 1

1616-7
1631

9/21
10/15

1737
1886

10/22
12/31

1929
2350

12/28

2291

8/29

1617

9/ 1
2/18

1631
372

9/14

1709

8/14

1525-6

American Institute of Banking, courses on FRSystem, Presidents
requested by Mr. Szymczak to give considera3/16
tion to
but
Annual reports, discontinuance, request of one FRBank for,
to send summary annual statement to stockholders,
12/17
views of other FRBanks requested

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198
FRBanks: (Continued)
Articles, preparation of, Presidents requested by Mr.
3/16
Szymczak to give consideration to
Assessment for Board's expenses:
Building, letter to FRBanks and letter to Mr. Leach calling
4/23
for part of unpaid assessment
Expenses of Division of Issue and Redemption, method of
11/25
making
6/22
Resolution levying, including sum for Board's new building
0
12/3
Resolution levying, including sum for Board's new building
Sec. 1:3b surplus, reply to request of Governor Seay for reconsideration of inclusion in capital and surplus
4/4
for purposes of Board's assessment
Auditing function, surveys proposed to be made of, and interexchanged prior to projected Auditors Conference,
which should be postponed until November, letter
8/18
to President harrison re
Bank relations reports, question of continuance of tabulation
by Mr. Strater, memo of Mr. Szymczak re, requested to prepare draft of form and draft
of letter to FRBanks calling for such informa8/ 4
tion
Letter requesting reports, and also reports covering infor8/25
mation gathered during trips through districts
instructions
FRBank of St. Louis, reply to Mr. Wood that
were intended to apply to visits to member and
9/19
nonmember banks
Cleveland, letter to, re scope of reports Board
FRBank of
contemplated would be submitted to it, stating
that Board does not desire individual reports
lo/19
on banks
of Governors, relations with, inquiry of Mr. Morrison
Board
of Presidents' Conference as to state of, and
steps to improve, 17 points presented by Presidents as basis for improvement, statement by
Chairman Eccles re proposed visits of Board
3/17
members to FRBanks
Budgets:
Annual, to be prepared on uniform basis under supervision
of Division of Bank Operations
Copies of, and of branches for 1937, request that they be
prepared along functional lines and in accordance with form X-9379-a, b and c
Bylaws, statement of Chairman re opportunity to make suggestions re, tending toward uniformity, four points
presented (1) meeting of directors each 14
days, (2) executive committee not to be authorized to fix rates (3) that executive committee
consist solely of directors and (4) that its
chairman be chairman of board, (3) only to be
suggested in letters to FRBanks and their
2/11
transmission authorized


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12
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765

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1911

609

199
Pages
FRB
anks: (Continued)
BYlaws: (Continued)
Revisions of, counsel to be requested to prepare memo showing differences with Board's suggestions of
14eb. 14 and any other matters
Charge offs:
Allotment of securities in System open market account,
quarterly report to be secured re unusual charge
offs, in connection with formula retained by
Federal Open Market Committee for, and uniform
policy to be striven for
Board's new building, authorized to charge off assessment
for, during 1936
Furniture and equipment, authorized to charge off amount
purchased during 1936
Industrial loans, authorized to set up reserves or make
charge offs against losses
Recommendations for year end, discussion of memo of Mr.
anead re and views of Chairman Eccles re
policy, also suggestion that brief statement
of results of operations of ERBanks be released
to press
Feeling of Chairman that uniform policy should be
adopted for future, recommendations approved,
press statements re earnings and expenses to be
withheld until Board issues statement covering
entire system
Advice to RBanks to withhold press statements
Condition stetanent, form of table showing maturity distribution of securities
Correspondence from FRBoard, letter to all FRBanks requesting
that communications re policy matters, salary
and of other importance be brought to attention
of directors
Counsel, statement of Chairman Eccles re securing full time
for all 114Benks, that such counsel could be
also an administrative officer
Opinion that they should devote time exclusively to
;1'sdit unions, letter prepared suggesting that consideration
be given to organizing, along lines of Board's
.
credit union, and to eliminate banks' employees
loan funds, not to be sent, but to be referred
to Presidents' Conference
belly condition reports on Form 34, revisions and printing approved
L
'ePosit of uninvested trust funds by member banks with
psPosits of trust funds awaiting investment, memo of Mr. Vest
and letter approved to RBanks authorizing them
to accept, subject to special safeguards, not
authorized to receive for nonmember banks


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Federal Reserve Bank of St. Louis

3/6

520

6/ 3 1135
12/28

2285

12/28

2284

12/28

2285

12/23

2262

12/28
12/30

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2342

12/28

2287

10/16

1900

592
3/16
6/23 1220

10/20

1925

10/23 1940
11/25 2138

9/29

1788

200
FRBanks: (Continued)
Destruction of Records, report of Committee of Presidents'
Conference re, recommendation of Mr. &mead
that action be deferred pending consideration
7/ 9
by Presidents' Conference, approved
Dismissal wages, letter to RAgents authorizing payment to persons under age 55 with 10 years or more of
service, six months' salary in lump sum or six
4/g
monthly installments
Schedule of benefits under Retirement System, reply to Mr.
Rounds noting with approval outline of, to be
4/9
furnished FEBanks
Dividends, payment authorized,.only three banks reported current net earnings sufficient to cover
6/25
Discussion of memo of Mr. Snead re, and suggestion of
Chairman Eccles that Board release to press
concurrently with release by RBanks of a brief
statement of results of operations
12/23
Feeling of Chairman that uniform policy should be adopted
for future whereby normal expenses and dividends
would be provided for before making charge offs
and setting up reserves
12/28
Drafts drawn by member banks, manner of showing in condition
reports
9/17
Earnings:
Position of RBanks discussed by Chairman Eccles at meeting with presidents, principal assets are Government securities which may be later reduced without replacement by other assets
3/16
Replacement of April 15 maturing notes partially with bonds
will increase, recommendation of Executive Committee of Federal Open Market Committee approved
2/26
Earnings and expenses:
Press statements for 1936, to be withheld until Board can
issue statement covering entire System
12/28
Advice to ERBanks
12/30
Reserves and Charge offs, feeling of Chairman that uniform
policy should be adopted for future, whereby
normal expenses and dividends would be provided
for first
12/28
employees on purposes and functions of FRSystem,
Education of
Presidents requested by Mr. Szymczak to consider
3/16
Employees:
Graduate School of Banking, letter to all presidents that
additional annual leave may be granted for attendance and transportation expenses assumed
6/ 4
List of, form X-9746-b to be used in submitting, and to be
checked against personnel classification plans
11/23
Summary statement showing number of and salary changes
since January 1, 1936, etc., to be submitted
on form X-9746-c
11/23

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201
Pages
(Continued)
Examination function, relationship with Board's Division of Examinations, question raised re, in connection
with withdrawal of report of Integrity Trust
Co., statement of Mr. Miller that examination
1/ 4
function should be centralized under Board
Mr. Paulger authorized to study question and FRAgents
to be advised to submit copies of all reports
to Board and to refer any serious condition to
1/ 4
Board for determination of action
and
Request of Mr. McKee that presidents go over with him,
3/16
Mr. Paulger
Memo of Mr. Paulger outlining organization on transfer to
operating side of banks, no change contemplated
in method of handling correspondence, vice
president to be chief examiner, approved and
to be used by Messrs. Broderick and Paulger in
6/ 3
discussing with FRBanks
and
Transfer to operatinF department of bank, procedure
principles set forth in letter to Mr. Peyton
in connection with reorganization of FRBank of
6/29
Minneapolis
Examinations:
Chief of Division of Examinations directed to make one ex1/ 8
aminwtion of each FRBank during 1936
12/12
During: 1937
Indebtedness reports of officers and employees, recommendation of Division of Examinations that examiners
be authorized to review in conjunction with examinations and letter to Mr. Drinnen re, ap3/27
proved
EXaminations of State member banks, costs of, request of Mr.
Szymczak that Presidents consider uniform policy
3/16
for absorption of, by FRBanks
by Mr. Broderick that committee of Presidents
EXpenses, statement
Conference is considering free services, study
being made of necessity for present branches
and agencies and that one of Board's examiners
should make such a study, opinion expressed
that bank should submit budgets prepared on
7/ 7
uniform basis
for, and
Iederal Advisory Council members, fees and allowances
for Secretary, authorization for payment by
3/11
each RBank, approved until further notice
held as receiver
Federal Deposit Insurance Corporation, funds
8/ 4
may be deposited with, reply to Mr. Leach
8/26
Reply to President Day
n for, uniform basis adopted,
.
Ill-Agents, honorarium compensatio
12/28
based on directors' fees
departments, inspection of records by
Federal reserve agents'
representatives of National Archivist, telegram
4/16
to President Hamilton re

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Federal Reserve Bank of St. Louis

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695

596

1321

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1487
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2294

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Page°

202
ERBanks: (Continued)
FRAgents' functions, proposal of Personnel Committee that all
not specified by law be transferred to operating
side of bank, that position be filled by outstanding men on honorarium basis, recommendation
to be made to Congress for separation of office
of FRAgent and Chairman
2/18
Chairman authorized to arrange meeting of presidents to discuss, with view to reduction in expenses and
increase in general efficiency
2/18
Agreed that transfer is important element and that position
should be placed on honorarium basis as soon as
possible
2/26
Nonstatutory duties of FRAgent, restatement of policy underlying transfer to operating departments
2/29
Review by Chairman Eccles of considerations involved, as
reason for desiring younger men as presidents
to insure continuity of energetic and efficient
management
3/ 3
Transfer to operating side of FRBanks, statement of policy
re, read at meeting with Presidents, if unsatisfactory, functions could be restored
3/16
Date for, reply of Chairman Eccles to Presidents' Conference
that no definite time could be fixed for, but
should be as soon as possible
3/17
Instructions re, to be considered by Presidents' Conference
at meeting to follow FUIC meeting on May 25
5/12
Examination function, memo of.kr. Paulger outlining organization under operating side of banks, no change
in method of handling correspondence contemplated, vice president to be chief examiner, approved and to be used by Messrs. Broderick and
Paulger in discussing with IRBanks
Transfer of statistical and analytical function, memo of
Messrs. Goldenweiser and Blattner re, in connection with proposed transfer to operating
side of IIRBanks, and statement of principles
to govern, amended to give Board approval of
budgets for
6/ 3
Statement of Chairman Eccles to Presidents' Conference that
results justified Board's position and that
Presidents had been brought into closer contact
with Board
11/18
First Vice Presidents, official title should include "First",
advice to all FRBanks
3/ 6
Fiscal agency departments, inspection of records by representative of National Archivist, telegram to President Hamilton re
4/16
Fiscal agency operations, Treasury Department, question of procedure raised in connection with negotiations
with foreign banks and bankers by monetary
agreement between .I.ance, England and U. S.
lo/ 6

365'6

50

45
0
469

go
50-4
604

990

6/ 3 1126
'


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Federal Reserve Bank of St. Louis

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0

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203
Pages
114111,
1

(Continued)
Fiscal agency operations: (Continued)
Report of Mr. Ransom re consideration by senior staff members, and his memo re cooperation between Treasury and Board, discussion of arrangement between Treasury, RBanks and Board, Chairman to
take up with Secretary of Treasury
Report of Chairman on conference with Secretary of Treasury
and proposed procedures, Chairman to confer
again with Secretary on Oct. 13 and outline to
be prepared for conference with officers of
IRBank of New York
Chairman and Mr. Ransom to confer tomorrow with Secretary
Morgenthau and Assistant Secretary on procedure
Report of Chairman re conference of himself and Mr. Ransom
with Secretary of Treasury, Assistant Secretary
Taylor and Mr. Upham, agreed that there was
overlapping of responsibility and need for co-

10/ 6

1835-6

10/ 9

1857

10/12

1872

10/13
operation
er and Gardner to confer with Messrs.
Messrs. Goldenweis
Haas, White and Lochhead and Upham on arrangement for exchange of information, periodic conferences to be held by Chairman and Vice
Chairman with Secretary and Assistant Secretary
10/13
of Treasury
Wyatt and
Procedure, to be drafted by Messrs. Morrill,
Goldenweiser, conference with Messrs. Harrison,
10/13
Sproul and Knoke to be postponed until Jct. 27
connection with BankMemo of Chairman Eccles, prepared in
10/16
inf: Act of 1935
Wyatt and Goldenweiser,
Memo prepared by Messrs. Morrill,
10/20
to be considered Oct. 23
Wyatt and Goldenweiser, discussion
Memo of Messrs. Morrill,
of, conference with New York officers to be
upon broad grounds of responsibilities of Board,
10/20
memo to be revised accordingly
Morrill, Wyatt and Goldenweiser
Revised memo of Messrs.
discussed and amended, copies to be sent to Mr.
Sproul, arrangements made for early meeting on
Oct. 30 with Messrs. Harrison, Sproul, and Knoke 10/27
discussion of memo, reference to purchases of bills
Further
for foreign banks, agreements with latter should
10/29
be reviewed
Logan, changes
Conference with Messrs. Harrison, Sproul and
in memo agreed upon, to be referred to Presidents' Conference, section re authority of
FOMC eliminated, to be prepared separately
10/30
.
and referred to Famc
with, statement re procedure sent to all
Ibreign banks, relations
12/29
FRBanks

1873


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Federal Reserve Bank of St. Louis

1874

1874-5
1893-6
1922

1918

1945-6

1958

1967
2313

204

page'

FRBanks: (Continued)
Foreign banks: (Continued)
Letter to President Harrison re, and stating that Board
agrees with suggestion that smaller foreign
banks be advised with respect to responsibilities of Board in connection with revision of
12/29 2517
agreements
Functional expense reports, recommendations of Mr. Peyton,
10/19 1909
reply re
Graduate School of Banking, selection of employees to attend,
Mr. Szymczak to investigate desirability of
adopting a procedure under which merit basis
would determine
4/28 906
Letter to all presidents that additional annual leave may
be granted employees for attendance and transportation expenses assumed
6/ 4 114°
Indebtedness of officers and employees, review of reports of, in
connection with examinations, recommendation of
Mr. Paulger re, approved and letter of instructions to Mr. Drinnen re
3/27
695
Industrial advances:
Procedure, advised to follow same as at end of 1935 re
12/28 206
profits and losses on
all, re expanding, that study of ComVolume of, letter to
mittee on Direct Loans of the Associated Business Papers indicates more can be done, and form
44
1/ 4
of letter for transmission to member banks
Reply to Governor Martin re proposed amendment to letter
89
to be sent to banks
1/9
Reply to Governor Schaller re amendment proposed to letter
100
to banks
1/10
112
Text of letter from FRBank of Dallas satisfactory
Interpretations of law and regulations, inquiries to be referred to
8/ 4
Leaves of absence:
Annual and sick, question of following practice of government, raised at Presidents' Conference
3/17
Government limitations for sick and annual, suggestion of
Chairman that they be requested to conform to,
no action, Mr. amead to obtain full information as to present leave schedules
4/28
Modification of Board's circular of Dec. 5, 1932, authorizing granting in excess of annual to attend
Graduate School of Banking or as delegates to
conference of A.I.B., without securing Board's
advance permission
4/16
815
Advice to FRBank of New York that authorization fully
covers additional leave with pay granted to
96
9
three employees
4/28
Policies, memo of Mr. Srnead re, recommending no action to
seek conformity with Federal practices, that
FRBanks be requested to advise Board of any
changes, and review of practice at ERBank of
Minneapolis to be made
7/23 1420


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Federal Reserve Bank of St. Louis

205
Pages
FRB
allks: (Continued)
Loan by FRBank of New -York to Banco de Venezuela on security
of gold, advice to all FRBanks of approval
of, and authorization for participation
National Archives' proposed survey of fiscal agency and FRAgents
department records, letter to br. Hamer re, and
letter to FRBanks
Nonstatutory duties of /RAgents, transfer to operating side of
banks, basis of plan reviewed by Mr. Eccles
Review of plan by Chairman Eccles before Presidents' Conference
of Chairman before Presidents that Board exStatement
pected plan to be effective
Reply of Chairman to President Harrison at Presidents' Conference meeting that date for transfer would be
as soon as practicable
Note issue function, statement to be prepared re, for use in
replies to questions from individuals, etc.
Officers:
Appointment of, amendment to bylaws of FRBank of Cleveland
providing for terms to run from meeting of
directors preceding first day of March, reply
of Board that it does not wish to change procedure re approving salaries
Classification plan for, suggested by Chairman Eccles at
meeting with presidents
Confidence of Board in, expressed by Chairman Eccles at
Presidents' Conference and statement that Board
desired to do everything in its power to retain
confidence of officers and directors of IRBanks
Service as trustee, question of principle raised in connection with appointment of Mr. Beavers, IRBank
of Atlanta as trustee, FRBank to be advised
Board is opposed and that he should resign
Visits to member banks and attendance at bankers' conventions and group meetings, Presidents requested
by Mr. Szymczak to give consideration to
nonmember banks, Presidents requested by Mr.
Visits to
Szymczak to give consideration to
personnel, forms for submission of uniform biographical
Official
sketches of all, approved and authorized to be
printed, and letter to RBanks re
Organization, study of, to be recommended to new Board by present Board, especially as to salaries paid senior
officers
Study to be made of, by directors and by members of Board,
with a view to economy and efficiency, and
meeting of Presidents to be held shortly to
discuss
of policies and procedure re, to be placed in
Restatement
policy record, approved, Mr. Morrison voting
"no"

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Federal Reserve Bank of St. Louis

7/30

1454

4/18

828-9

3/3

483

3/16

591

3/16

593

3/17

604

8/27

1600

3/4

502

3/16

592

11/18

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11/25

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3/16

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1/11

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1/24

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2/26

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2/29

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206
IRBanks: (Continued)
Organization: (Continued)
Letter to all RAgents reviewing salary policy and setting
out in detail objectives of survey and request
for reports and data re
3/25
Letter from President Harrison re action of Presidents'
Conference in requesting Board to alter statement of policy intimating that FRbanks are not
operated economically and efficiently, and reviewing considerations involved, made part of
Board's records and question of inclusion in
policy record left open
7/ 7
Advice to President Harrison of action
7/11
Personnel:
Policies and procedure re, restatement of, to be placed in
policy record, approved, Mr. Morrison voting
"no"
2/29
Study to be made of, by directors and by members of Board,
with view to economy and efficiency and meeting
of Presidents to be held shortly to discuss
2/26
Personnel Classification plans:
Employees, lists of, with salaries, checked against and differences called to attention of
1/31
Plan for officers, suggested by Chairman Eccles at meeting
with presidents
3/16
Mr. Broderick to visit FRBanks in connection with survey
of organi7ation of IRBanks, statement at meeting
with presidents
3/16
Revised draft of, prepared by a sub-committee of representatives of FRBanks, in consultation with Division
of Bank Operations and letter to IREanks re, approved
3/24
FRAgents, question of status as officer, telegram
Assistant
to all FRAgents that provision should be made
in plan for and that he should be assigned other
duties in RBank
6/23
Salaries of employees, query of Mr. Fleming if they should
be fixed in accordance with new, should be considered independent of, as Board has not taken
action re
11/18
Revised plans at FRBanks, except Boston, New York and
Cleveland, memo re, recommending approval,
description of assistant FRAgents, salary range
for latter, certain salaries in excess of grades
to be continued, approved
12/24
Policy statement (Feb. 29) re economy and efficiency, Presidents'
Conference, statement of President Harrison that
there was contained implication that FRBanks
were not economically and efficiently operated,
review of previous salary consideration, statement not intended as indictment of salary
policies
3/17

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3.

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226

207
Pages
111Bariv
-s: (Continued)
1icy statement: (Continued)
P°
Conference to be given opportunity to review statement and
address letter to Board if desirable
Presidents:
Policy Board should follow in approving appointments of, to
serve after March 1, discussion of
Further discussion of
Agreed not to appoint any persons past age 65 and
reasons therefor
Transfer of nonstetutory duties of agents, review by Chairman Eccles of considerations involved, as reason
for desiring younger men as, to insure continuity of energetic and efficient management
Presidents and First Vice Presidents:
Appointments, approval of, and salaries for, recommendations
of Personnel Committee re, approved
Policy to be followed in approving appointments, discussion of
Restatement of policies and procedure to be placed in
policy record, approved, Kr. Morrison voting
"no"
No necessity for press statement, should be announced
by ilEBanks
Statement of policy read by Chairman Eccles at meeting
with presidents
Statement of Mr. Broderick re character and responsibility of
Salaries of, Board to approve from March 1 to Dec. 31 with
understanding that directors of FRBanks will
make survey of operations and personnel, that
meeting will be held with Presidents shortly
to discuss, Board members also to study organizations of IRBanks
Press statements of, Presidents requested by Mr. Szymczak to
give consideration to
Public Health Service study of occupational Morbidity and
Mortality, letter to, requesting cooperation
of, at request of Dr. Cumming
Public Utility Holding Company Act, applicability of rules of
SEC under
Publications, Presidentsrequested by Mr. Szymczak to (Ave consideration to
Reimbarsenent by Treausry for replacement of 1928 series of
FRnotes with 1934 series, memo of Mr. Smead re,
feeling of Treasury that time is not appropriate to request appropriation for
Relations with schools, colleges, libraries, etc., Presidents
requested to give consideration to
Relations with State banking authorities, Presidents requested
by Mr. Szymczak to give consideration to


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Federal Reserve Bank of St. Louis

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2/ 7
2/11

311
324

2/14

350

3/ 3

483

2/18

365

2/20

389

2/29

466

3/ 4

498

3/16

593

3/16

595

2/26

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4/10

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3/16

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pages

208
Ts-RBanks: (Continued)
Reorganization Proposed by Personnel Committee involving plan
whereby functions of FRAgents not specified by
law will be transferred to operating side of
banks and RAgent's position to be filled by
outstanding men on honorarium basis
Chairman authorized to arrange meeting of presidents to discuss, with view to reduction in expenses and
2/18
increase in general efficiency
Agreed that transfer is important element and that position
be placed on honorarium basis as soon as possible 2/26
Dismissals as result of, report of Mr. Broderick that
FRBanks of Minneapolis, Chicago and Cleveland
contemplated making over a period and that efforts would be made to find emplo- nent for disp
5/12
missed employees
Consideration by Board of surveys made, and of instructions
in connection with transfer of FRAgents' nonstatutory duties, Conference of Presidents to
be called following EOMC meeting on May 25, in
5/12
connection with
Mr. Broderick of progress being made in consideraReview by
tion with officers of 1RBanks
7/ 7
activities, survey should be made with view to eliminatResearch
ing duplications, B9ard's Division of Research
3/16
and statistics will have to be enlarged
Research and statistical function, memo of Messrs. Goldenweiser
and Blattner stating principles for, Board to
approve budgets, to be used in discussing and
considering reorganization plans
6/ 3
Outline of procedure and principles governing transfer from
IRAgent's department to bank and operation,
set forth in letter to Mr. Peyton in connection
6/29
with reorganization of FRBank of Minneapolis
Memo of Dr. Goldenweiser outlining program for work and personnel of Board's division and relation to, approved in principle, to be submitted to Mr.
Broderick and Mr. McKee for determination of
8/ 4
their positions
8/18
Mr. Broderick agrees and Mr. McKee has no objection
Reserve ratios, question of eliminating from weekly statements,
Messrs. Goldenweiser and Smead to prepare memo
6/25
for consideration prior to June 30
Memo presented and elimination approved, explanatory paragraph to be published, with slight change due to
retention by FRBank of Boston of small amount of
6/30
bonds for resale to employees
7/ 2
Advice to all kRBanks of action
Reserves:
Bank buildings and fixed machinery, authorized to set aside
12/28
usual 2V0 reserve against

2/18 "
'
fr


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Pages

nks: (Continued)
Reserves: (Continued)
Deficiencies in, letter to Mr. bmith requesting if permissible to report to Treasury Department annually rather than monthly
Advice to rRBanks that Assistant Secretary of Treasury
Taylor has agreed that monthly reports may be
discontinued and such reports submitted annually
Recannendations for end of year, discussion of memo of Mr.
amead re ana views of Chairman Eccles re policy,
also suggestion that brief statement of results
of operations of IRBanks be released to press
Feeling of Chairman that uniform policy should be
adopted for future, recommendations approved,
press statements re earnings and expenses to
be withheld until Board issues statement covering entire System
Advice to rRBanks to withhold press statements
Responsibility under recent legislation, statement of Chairman
Eccles re, at meeting with Presidents
Retirements, at 65 will aid in economy movement and possibility
of retirement of persons near 65 with sufficient
contribution to increase retirement allowance to
what it would be at 65, statement of Chairman
Eccles at meeting with Presidents
Recommendation re retirement of seven of Board's employees
to be considered in connection with position to
be taken re, at suggestion of Chairman Eccles
Remembrance, request of FRBank of Cleveland for establishment of uniform policy whereby RBanks would be
authorized to expend up to 4100, to be referred
to Presidents' Conference
Reply to President Fleming and copy to Chairman of Presidents' Conference
Salaries:
Adjustments to be made for 1937, proposals submitted by all
1RBanks except Boston, to be considered Jan. 4
Employees, lists checked against Personnel classification
plans and differences called to attention of
FRBanks and noting with approval
Celery of Mr. rleming if they should be fixed in accordance with new personnel classification plans,
should be considered independent of, 'as Board
has not taken action re
Informal consideration, letter to rRBanks advising that
Board believes it desirable to adopt procedure
for, in advance of formal action on recommendations
Officers, memoranda of Mr. James re, statement of Mr.
Eccles that classification of official positions
was solution to problem of "out-of-line" salaries

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Federal Reserve Bank of St. Louis

2/27

450

10/12

1868

12/23

2262

12/28
12/30

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2342

3/15

590

3/16

591

4/ 3

735

12/ 4

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12/11

2210

12/30

2334

1/31

283

11/18

2100

11/23

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1/24

197-8

210

?age°

PRBanks: (Continued)
Salaries: (Continued)
Officers: (Continued)
Discussion of procedure of informal conferences re salaries, suggestion of Mr. O'Connor, outline by
Mr. Miller of letter to FRBanks, Mr. Smead to
prepare, Board to recommend to new Board that it
appoint committee to study organization of each
FRBank especially as to salaries of senior offi1/24
cers
1/31
individual FRBanks of actions re
Advice to
11/23
-9746-a for submitting lists of, in January
Form X
Officers and employees:
9/22
Power of Board in approving
Review by President Harrison of previous consideration
of, referring to Senate Document 75, 67th
Congress 1st session, reply of Chairman Eccles
that Board's policy statement had not been in3/17
dictment of salary policies of FRBanks
Summary statement of number and salaries requested for
11/23
1936, to be published in Board's annual report
Policy of Board reviewed in letter to all FRAgents re organi3/25
zation surveys
Presidents and Vice Presidents, to be approved March 1 Dec. 31 with understanding that directors of
FRBanks will make survey of personnel, that
meeting will be held shortly with Presidents
to discuss, Board members also to stuay organi2/26
zations of banks
6/ 3
List sent to IRBank of San Francisco at its request
Reductions should be made all along line, statement of
Chairman Eccles to presidents in connection
3/15
with economy movement at FRBanks
Statement of Mr. Broderick that upon receipt of reorganization surveys he would visit FRBanks in
3/16
connection with
Senior officers, restatement of policies re, to be placed
in policy record, approved, Mr. Morrison vot2/29
ing "no"
Securities exchange function, question raised as to control of,
suggestion that selection of person to direct
be made subject to approval of Board or Director
of Division of Security Loans, adopted and Mr.
7/ 7
Parry to prepare statement embodying
7/13
presented and approved
Statement
rendered free of charge by FRBanks, committee appointed
Services
by Presidents' Conference to review, with view to
3/17
Possible curtailment of
Sick leave, letter to Governors re recommendation of Governors'
Conference for formulation of definite policy,
and stating that it will be satisfactory to
Board in cases of extended leave with pay if
approved by Executive Committee and reported to
2/11
Board of Directors

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Federal Reserve Bank of St. Louis

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1136

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595

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601

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Pages
' (Continued)
4s:
8Pedal counsel, reply to Mr. Leach authorizing employment of
under agreement that fee will be subject to
review of Board and if in excess of 0.000, to
be submitted to Board for approval, Counsel to
4/2
prepare letter to all IRBanks re
Soci al Security Act, proposed amendment might make provisions
11/25
applicable to
Staffs, employees may also receive salary from Government even
though they exceed 42000, Sec. 58, Title 5,
6/25
USCA not applicable
SUrplus, Sec. 13b, reply to request of Governor Seay for reconsideration of inclusion in capital and surplus
4/4
for purposes of assessment by Board
811rveY of organization:
Request for, will be made, statement of Chairman Eccles be3/16
fore presidents
that upon receipt of reorStatement of Mr. Broderick
ganization surveys he planned to visit IRBanks
3/16
to review with executive officers
that FRidanks would institute,
Presidents' Conference report
statement re expected results, feeling that
3/17
another conference should be held on, soon
inquiry of President Schaller that surveys
Response to
3/17
should be undertaken immediately
Board would like to receive surveys as soon as completed, President Harrison desires completion
3/17
in time for conference in April
Uninvested trust finds, acceptance of deposits of, letter to all
presidents re action of Governors' Conference,
4/15
and requesting views of FRBanks re
Vice Presidents, appointments of, Board not to approve any, of
2/14
persons past age 65, and reasons therefor
Work relief checks, report of Mr. Barnes re cost of handling
and calling attention to variation between
maximum and minimum, referred to President
Harrison as Chairman of Presidents' Conference
with suggestion that it be discussed at Transit
11/13
Conference
letin:
Advances under Sec. 10(b) of FRAct to member banks which have
not exhausted their eligible paper, riling to
7/23
be published in
5/26
A mendment to Federal Income Tax Regulations to be published in
APPlicability to collateral for loans made prior to May 1,
1936, of provisions in Regulation U governing
withdrawal or substitution of collateral, ruling
6/22
to be published in
APPlicability of Sec. 2(c) of Regulation U to security dealers
"making a market" in registered stocks or purchasing an inventory of such stocks for resale,
6/22
ruling to be published in

,
N)„a


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Federal Reserve Bank of St. Louis

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212
MBulletin: (Continued)
Applicability of Sec. 2(f) of Regulation J to a loan to a dealer
to purchase securities to comply with orders
from customers, ruling to be published
Applicability of Sec. 22(g) of RAct to indorsement by executive officer of note of partnership in which he
has less than a majority interest
Branch banking, Federal and State laws relating to, recommendation of Mr. Vest of publication of compilation
of, approved
"Branch clearing" accounts, classification in call reports and
in computing reserves, to be published in
Christmas club accounts not within classification of savings
deposits, ruling to be published in FRBulletin
Classification of funds of canetery organizations and of
municipalities held for maintenance of cemetery
lots as savings deposits, ruling to be published
in
Deposit of collateral with trust department for use of trust
funds in bank's business, ruling to be published
in
Deposits of municipal corporations not classifiable as savings
deposits, to be published in
Distribution of bills and securities table, substitution of two
tables showing separately, recommended, Mr.
McKee feels time inopportune, action deferred
until meeting at which he is present
Distribution of bills and maturities, memo of Mr. Owens re
proposal of Mr. Thomas to substitute two new
tables for old, raising question as to adequacy
of report in weekly condition statement, new
tables and memo approved, to be submitted to
Mr. McKee before becoming effective
Drafts drawn upon FRBanks included in gross demand deposits in
computing reserves, ruling re, to be published
Executive officers:
Accommodation indorsement by, as extension of credit, to
be published in
Appointment of, indebted to bank, ruling re to be published in
Granting of overdrafts to and carrying of cash items, ruling
re, to be published in
Loans to corporation in which interested, to be published in
Loans to partnerships under Sec. 22(g) of FRAct, to be
published in
extension of loans made prior to June 16, 1933,
Renewal or
ruling re, to be published in
Reports of indebtedness to Morris Plan companies, to be
published in
Reports of indebtedness to other banks, ruling to be published in


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Federal Reserve Bank of St. Louis

6/22 12''
9/19

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lo/22
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1/25 21•5
7/23

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8/20 156°
3/26

8/27 1598

9/29 17°
2/26
3/26

0
6
60

1/25
1/25
3/26
3/26

2
16
60
60

5/26 1095
3/26
2/26
3/26

6
0

60

213
Pages
1
1 IA

lletin: (Continued)
EXecutive Officer: (Continued)
Secretary of board of directors ruled not to be, to be
3/26
printed in
of law applicable to loans heretofore
Statement re provisions
2/26
made to, to be published in
Federal Laws Affecting National Banks, memo of Mr. Vest recom9/25
mending publication of notice re, approved
Indebtedness of affiliate on assets acquired from member bank,
4/25
ruling re exception to Sec. 23A to be published
I
payment after maturity on time certificate of deposit
nterest
renewed within ten days after maturity, ruling
4/25
to be published in
Lending of trust funds by bani within provisions of Sec. 22(g)
of 3.RAct to executive officer, ruling to be
4/25
published in
Loans to partnerships under Sec. 22(g) of RAct, ruling to be
7/23
published in
M
.
equipment for, purchase of addressograph, .sraphotype,
ailing,
1/21
plates, cabinet, authorized
Maximum rate of interest payable on time certificate of deposit
callable by bank on 30 days' written notice,
5/26
ruling to be published in
Maximum rates of interest payable on time deposits under Regula6/22
tion Q, ruling to be published in
trust funds in obligations
National bank not permitted to invest
executed by officer of such bank as receiver,
8/20
ruling to be published in
permitted to invest trust funds in securi ties
National bank not
purchased from any affiliate of such bank, ml9/19
ing to be published in
securities exchanges, 17, and "Associated Stock ExNational
changes", which are not subscribers, to be sent
/
6 18
free of charge
PaYment of interest after maturity on time certificate of deposit renewed within ten days after maturity,
5/26
ruling to be published in
Policy has been to publish regulations etc., of official nature,
statement of Mr. Szymczak re, in connection with
previous omission of Regulations III and IV
2/11
of FDIC, publication approved
binding and mailing, to be awarded to Judd and DetPrinting,
weiler, Inc., Board to furnish paper stock and
4/25
franked, addressed wrappers
contract with Judd
Practice adopted to be followed and
12/18
and Detweiler, Inc., authorized to be executed
Act and SEC Rule 3A3-1, recomPublic Utility Holding Company
mendation of Mr. Vest that letter of SEC re
applicability to banks be published in, ap5/2
proved
litigation required by Regulation F, ruling
Record of pending
8/20
to be published in

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Federal Reserve Bank of St. Louis

680
436
1764
893

893

893
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180

1088
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1197

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894
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958
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pages

214
FRBulletin: (Continued)
Regulation U, rulings re interpretations of, to be published in
Regulations III and IV of FDIC, statement of Mr. Szymczalf: of
reasons for not publishing previously, that it
has been policy of Board to publish all official
information, publication approved
Renewal of loan to person who was not executive officer at time
of making loan, ruling to be published in
Report by executive officer of member bank of indebtedness to
another bank in its capacity as trustee, ruling
to be published in
Report by executive officer of member bank of indebtedness
evidenced by note discounted by another bank,
ruling to be published in
Review of the month, draft for January, question raised by Mr.
McKee re possible implication in statement on
gold import sterilization and reserve situation
that Board intended to increase reserve requirements
Publication planned to correct impression that excess reserves are concentrated in New York, to be reread and taken up further if any question
exists
Statement discussed further, to be published with minor
changes
Rulings of Comptroller re investment securities under Sec.
5136, R. S., no objection to publication in
Savings deposits:
Business corporations may not maintain, ruling based on
Regulation q, to be published in
Classification of funds of individual used in his business
as not being, ruling to be published in
Classification of various types of deposits as, to be published in
Credit unions and citrus growers associations, ruling that
they may not be classified as, to be published
Interest on deposit withdrawn between interest payment dates
ruling to be published in
Receivers and liquidating trustees of business corporations
may not be classified as, ruling to be published
Securities and Exchange Commission rules under Sec. 17(c) of
Public Utility Holding Company Act of 1935, to
be published in
Social security act, three rulings of Bureau of Internal Revenue
re applicability of taxes under, to national
banks, State member banks and nonmember banks,
to be published in
Stock certificates of State member bank representing stock of
corporation holding bank premises, ruling to
be published in
Time certificates of deposit payable in 3, 6, 9 or 12 months
from date, to be published in
ithdrawal from savings deposit upon telephone or other oral
order by depositor, ruling to be published in

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Federal Reserve Bank of St. Louis

5/26

1056

2/11

320 i
'

4/25

895

8/20

156°

8/20 1560

0
12/28 22

12/28 2263
12/29

2298

6/13 1196
2/26
1/25
1/25
1/25

456
215
215
215

2/26

436

2/26

436

7/23 1426

10/27

1953

5/26

1°88

3/26

619

7/23 1426

215
Pages

kotes:
Cincinnati Branch, discontinuance of Acting Assistant FRAgent
and adoption of plan whereby notes are held in
triple control, approved and copies of authoriza7/13
tion and agreement requested
Interdistrict Settlement Fund to be in thousands
Clearing through
11/28
of dollars effective Dec. 1
Collateral, FRBank of Richmond, no objection to continuing to
have Alternate Assistant FRAgent Gibson hold
8/28
single control over paper pledged as
2/14
Expenditures covering cost of, procedure for approving payment
FRBank of Cleveland, reply to Mr. Brown offering no objection
to having those received by FRBanks of New York
1/20
and Philadelphia forwarded to Pittsburgh Branch
Government securities as collateral:
Amendment proposed to FRAct making Present authority permanent, with suggestion that it be taken up with
Congress separately in order to secure action
12/18
before March 3, 1937
and
I'ormula as to amounts pledged no longer necessary,
FRBanks authorized to pledge in such amounts as
may avoid frequent interchange of, and gold cer7/20
tificates
re, for use
Issue function of FRBanks, statement to be prepared
8/27
in replies to individuals, etc.
Liability of retiring FRAgent
4/28
Order, request that Comptroller place with Bureau of Engraving
and Printing, for fiscal year ending June 30,
6/13
1937
Penalty for payment of another FRBank's notes by a FRBank, amend12/13
ment to FRAct tentatively proposed to repeal
Pittsburgh Branch, discontinuance of Acting Assistant FRAgent
and adoption of plan whereby notes are held in
triple control, approved and copies of author7/13
ization and agreement requested
Power of attorney should run from FRAgent at Atlanta to FRAgent
at New York to pledge Government obligations as
3/12
collateral for, reply to FRAgent Martin
increase in 8/20
Printing, cost of, letter to all FRBanks advising of
Requisitions to be signed by Chief or Assistant Chief of Division of Bank Operations, amendment to bylaws
providing for, approved subject to approval of
2/25
counsel
issuance by iqtBanks and reSeries of 1928, discontinuance of
placement by 1934 series, letter to FRBanks
1/20
giving instructions re
Secretary of Treasury suggesting changes in form
Letter to
of resolution to authori ze reimbursement to
4/ 7
FRBanks for replacement with series of 1934
Reimbursement for replacement with 1934 series, question
to be held in abeyance until next session of
4/28
Congress

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Federal Reserve Bank of St. Louis

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1610
356

176

2236

1409
1600
912

1197
2236

1344

565
1562

421

175

771

909

216

rage'

FRnotes: (Continued)
Series of 1934, memo of Mr. Snead re reimbursement by Treasury
for replacement of 1928 series with, Treasury
felt that time was not appropriate to secure
4/17
appropriation for
Shipments:
Even thousands of dollars, advice to FRBanks approving, effective Dec. 1, FRnote clearing through Interdistrict Settlement Fund also to be in even
thousands, transit clearing in thousands to be
considered by Presidents' Conference
Registry of each package in pouch when 40 or higher denomination, letter to Mr. Ellenberger requesting
11/17
discontinuance of practice
FRSystem:
American Institute of Banking, participation in, and support of
activities of, statement prepared by Mr. Szymczak on which recommendations of Mr. Park were
10/30
received, referred to Presidents' Conference
for International Settlements, memo re representation,
Bank
attention called to, by Chairman Eccles, to be
taken up before end of year
12/ 4
Changed position of, resulting from recent legislation, discussed by Chairman Eccles at meeting with presi3/16
dents
Education of FRBank employees as to purposes and functions of
system, Presidents requested by Mr. Szymczak
3/16
to give consideration to
Future more secure than in past years, statement of Chairman
Eccles to Presidents' Conference, and that while
stock was owned by member banks, the FRBanks were
created for the public benefit and they had
opportunity to enhance prestige by acting in
public interest
11/13
individuals re, reply to Mr. Strater in connection
Opinions of
with bank relations reports re desirability of
making deliberate effort to obtain
10/30
descriptive of, manuscript returned to Mr. Stevens
Pamphlet
with suggestions for changes
1/31
operations, request for summary of, by National
Policies and
Emergency Council, Mr. McKee opposed, statement
referred to Messrs. Morrill, Goldenweiser and
Thurston for revision to conform to material
previously released
12/ 1
Research and statistical function, enlargement of, memo of Dr.
Goldenweiser outlining program for work and personnel of Board's division and /RBanks' function,
approved in principle, to be submitted to Mr.
Broderick and Mr. McKee for determination of
8/ 4
their positions
8/18
Mr. Broderick agrees and Mr. McKee has no objection


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Federal Reserve Bank of St. Louis

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2148

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--54
15

217
Pages
PRS
"ten: (Continued)
Unfavorable comments which had come to Mr. McKee while with
RFC, statement before presidents re importance
of taking steps to overcame attitude of certain banks
Peder 14.
A
: savings and loan associations:
41gona, Iowa, purchase of stock of, in violation of Sec. 9
of FRAct by Iowa State Bank, Algona, no objection to retention until Dec. 31
CanPetition with member banks, advice requested of Presidents'
Conference as to
Opinion that there is no substantial competition
Statement re
Pirst Federal Savings and Loan Association of Hollywwod, Calif.,
letter to Federal Home Loan Bank Board re use
of term "member of F.R.System"
Letter to Mr. Clerk re explanation of, no action to be
taken
Wayne County Federal Savings and Loan Association, purchase of
stock of, by Wayne State Bank, Wayne, Mich.,
in violation both of membership condition and
Sec. 9 of FRAct
Perla, Robert D., proposed as intern on Board's staff by National
Institute of Public Affairs
etz
er, Fran cis G.: (See International Longshoremens Association
Local 38-82)
;itachtner, C. C.: (See University of Arkansas)
-elity and Casualty Co., bonds of Messrs. Schelling and Diercks
as Assistant and Alternate Assistant FRAgents
at Chicago and Raether as Assistant FRAgent
at Detroit, letter to, advising of approval by
Board and requesting confirmation of acceptability of description
Pid ary powers:
BYram National Bank of East Port Chester, Conn., application refused because of insufficient capital, review
of requirements of State and attention called
to requirement that capital be common stock,
while Board holds that as applicable to national banks, Sec. 11(k) of FRAct may be considered to include preferred stock
California, refusal to grant license to First National Bank of
Santa Ana because of legal prohibition against
examination of trust department, bank may agree
to permit examination, but license is not necessary under Board's authorization
National Bank, Callicoon, New York, surrender approved
Callicoon
Carthage National Exchange Bank, Carthage, N. Y., application
approved
Central National Bank of Green Castle, Greencastle, Ind., application approved


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Federal Reserve Bank of St. Louis

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8/11

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3/17
3/17
3/17

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608
608

8/25

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8/29

1619

4/3

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9/29

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1/14

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1/20
9/ a

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1/17

155

2/19

384

218
Fiduciary powers: (Continued)
Central National Bank and Trust Company of Battle Creek, Mich.,
certificate of surrender of, and letters to
Comptroller and FRBank of Chicago that as bank
is in liquidation, Board will not require change
12/ 2
in title to eliminate "and Trust Company"
Charleston National Bank, Charleston, W. Va., loan between
trusts contemplated where trust instrument
states trustee is not to be restricted, would
violate Regulation F, but may be made under
10/19
court order
Citizens National Bank of Marshfield, Wis., action deferred on
application because of limited recommendation of
FRAgent, uncertain quality of trust officer and
dubious prospects of earnings, letter to Comp4/8
troller re
City National Bank of Philadelphia, Pa., deposit of funds received as trustee under corporate trust indenture in banking department with provision
for such deposit, reply to Mr. Hill that requirement for deposit of security in trust de7/17
partment applies
Connecticut:
Membership condition requiring pledge of collateral for
trust funds deposited on banking side, Board
refuses to waive
10/ 8
State member banks, pledge of collateral for trust funds
in banking department, reply to Mr. McRae that
membership condition requiring should not be
12/13
held in abeyance
National Bank at Clearfield, Pa., trust funds, investment
County
in assets acquired from commercial department,
reply disapproving
3/ 5
Dealings between trusts, reply to First National Bank of 7/outgomery, Ala., re provisions of Regulation F
concerning, and re duties of trustee in connec5/23
tion with
Deposit of collateral for trust funds in commercial department,
consideration of waiving membership condition
to extent such funds are insured by FDIC, letters
to FDIC and Comptroller re possible amendment to
FRAct to exempt national banks from requirement,
opposed by Messrs. McKee and Ransom, referred to
3/10
latter
Funds received under corporate trust indenture providing for
deposit in banking department, reply to FRBank
of Philadelphia that requirement of Regulation
7/17
F nevertheless applies
5/14
Depositors National Bank of Durham, N.C., applicetion approved
Farmers and Mechanics National Bank, Westminster, Md., procedure
necessary for discontinuance of trust department,
letter to Comptroller that bank desires to know
if continued exercise of one power will subject
11/17
it to examination

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Federal Reserve Bank of St. Louis

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219
Pages

'kick

eillzY powers: (Continued)
Feraers National Bank of Waseca, Minn., certificate of surrender 1/11
First and Merchants National Bank, Richmond, Vs., record of
litigation, reply to FRBank of Richmond ES to
7/ 2
extent of, required to be kept by Regulation F
2/ 7
First National Bank of Albert Lea, Minr., surrender of
First National Bank of Christiensburg, Va., application nct approved by Comptroller because of likelihood of
poor earnings, Board to adhere to position taken
all national banks in competitive situations
re
8/11
but first to confer further with Comptroller
File to be recirculated and considered again in light of Mr.
8/27
Ransom's report re position of Comptroller
Review of previous consideration and position of Comptroller,
application approved, Messrs. Broderick and
9/11
Ransom voting "no"
9/17
Letter to bank advising of approval of application
8/21
First National Bank of Henderson, Ky., application approved
First National Bank of Idaho, Boise, Idaho, application approved 4/15
6/19
First National Bank in Meridian, Miss., application approved
First National Bank of Pomona, Calif., supplementary applica5/27
tion approved
5/16
First National Bank of Pullman, Wash., application approved
First National Bank in Santa Ana, Calif., State refuses license
because of legal prohibition on examination by,
of trust department, bank may agree to permit
examination, license not needed under Board's
1/20
authorization
1/15
First National Bank of Selins Grove, Pa., surrender of
First National Bank of Spring Valley, Minn., certificate of
5/11
surrender of
9/25
of
Reply to Mr. Fuller advising of procedure for surrender
First National Bank of West New York, N. J., litigation pending,
reply to Mr. Milberg that Board cannot express
any view concerning right of bank to issue
participation certificates in fiduciary capa5/21
city
East Pittsburgh, Pa.,
First National Bank and Trust Company of
application of East Pittsburgh Savings and Trust
Co. approved upon conversion into, letter to
Comptroller, and one to YEAgent re omission of
/23
6
ninth power from application
First National Bank and Trust Co., Oklahoma City, sale of trust
assets to officers, reply to FRBank of Kansas
City re inquiry of, that Regulation F prohibits,
Board will consider effect of authorization of
5/27
such sales by trust instrument
Dak.,
First National Bank and Trust Company in Sioux Falls, S.
application denied because of criticisms of
4/4
management and policies
11/ 5
Supplementary application approved


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Federal Reserve Bank of St. Louis

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220
Fiduciary powers: (Continued)
Fountain State Bank, Fountain, Mich., application approved conditionally
Franklin County National Bank of Brookville, Ind., supplementary
application approved
Illinois, pledge of collateral for trust funds, letter from Mr.
Young and memo of Mr. Seitz recommending that
Board delay no longer enforcement of membership
condition requiring, approved and letter to Mr.
Young
Insurance, applications of St. Louis banks in order to continue
writing, granting would establish precedent, Mr.
Ransom opposed, action deferred pending consideration of principles involved with Mr. Wood,
statement of Mr. Broderick that likelihood of
banks withdrawing from membership should not
bar refusal
Conference with Mr. Wood to be held Nov. 30
Investment of trust funds by national bank in obligations executed by officer of bank as Federal receiver,
applicability of Sec. 11(a) of Regulation F
Lorain Street Bank, Cleveland, Ohio, extension of time to comply
with membership condition requiring release
from responsibility on trust accounts from which
it had not been previously discharged
Manchester Bank of St. Louis, Mo., application filed, in order
to continue writing insurance, action deferred
pending consideration of principles involved
with Mr. Wood
Conference with Mr. Wood to be held Nov. 30
(See also supra Insurance)
Mechanicks National Ban:: of Concord, N. H., supplemental application approved
Mechanics Bank and Trust Co., Moberly, Mo., permission granted
to exercise powers granted by State Commissioner of Finance
National banks:
Pennsylvania, question of making exception re investment of
trust funds in mortgages purchased from own
commercial department to extent permitted by
Pennsylvania Banking Code
Small banks in competitive situations, Comptroller not willing to grant application of First National bank
of Christiansburg, Va., Board to adhere to
original position, to confer further with Comptroller
Report of Mr. Ransom on Comptroller's position, file to
be recirculated and considered again
Review of Previous consideration and position of Comptroller, application approved
National Bank of Presque Isle, Me., application apNorthern
proved


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'

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4

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2/20

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Pages
%4ciary powers: (Continued)
Overland National Bank of Grand Island, Nebr., application
approved
Pan American Trust Co., New York, N. Y., Harbor State Bank to
convert into trust company under above title,
absorb New York Agency of Banco Nacional de
Mexico, increase capital and exercise fiduciary
powers, approved
Peoples Bank, Pratt, Kansas, application approved conditionally
Pilgrim Trust Co., Boston, Mass., application approved
Red Wirg National Bank and Trust Co., Red Wing, Minn., certificate of surrender, letters to Comptroller
and FRBank of Minneapolis re waiver of requirement that "and Trust Company" be eliminated
Sale of trust assets to officers, reply to FRBank of Kansas
City that Regulation F prohibits, Board will
consider effect of authorization for such sales
in trust instrument
Security State Bank, Algona, Iowa, noted, in connection with approval of membership application that bank is
authorized to exercise, Board's permission would
be necessary for actual exercise
Southwest Bank of St. Louis, Mo., application, in order to continue writing insurance, would establish precedent, Mr. Ransom opposed to granting, action
deferred pending consideration of principles
with Mr. Wood
Conference with Mr. Wood to be held Nov. 30
(See also supra Insurance)
SPringvale National Bank, Springvale, Me., application approved
State Bank of Mayville, Wis., to dispose of trusts and discontinue exercise of trust powers as membership
condition
State member banks, Regulation 1, reply to FRBank of San Francisco agreeing that it is desirable for banks
to comply with and advising of reasons for not
prescribing as condition of membership
Stock of corporations held by Springfield Safe Deposit Co.,
Springfield, Mass., under, reply to Mr. Gettemy
re question of affiliation
Stock of trustee bank received as part of trust estate, retention of
Surrender, title will not be required to be changed to elimirate
"and Trust Company" from Central National Bank
and Trust Company of Battle Creek, Mich., as
bank is in licuidation
Transfer agent, advice to First National Eank of Pomona, Calif.,
that Board has no authority to grant power but
that if not prohibited to State banks, comes
within general power


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Fiduciary powers: (Continued)
Trust investment committee, appointment by president, with advice
and consent of directors, reply to Riggs National Bank, Washington, D. C., that method
9/ 9 1665
complies with Regulation F
Trustees of bond issues, Securities and Exchange Commission
studying legislation to control, American
Bankers Association believes Board should control through Regulation F, Chairman Eccles to
confer with Mr. Landis
11/13 2063.Mr. Ransom to confer with Mr. Douglas, copies of ABA statement and SEC digest to be referred to counsel
for summarization and comment, Mr. Ransom may
invite Mr. Douglas to meet with Board
11/25
Unauthorized exercise, Bank of Romney, W. Va., revealed by examination report, steps have been taken to have
trustee appointed to relieve bank
9/25 1761
Williamstown National Bank, Williamstown, Mass., application ap6/1 1108
proved
Fleming, R. V.: (See American Bankers Association)
Fletcher, Senator Duncan U., indebtedness of officers to State member
1/14
banks, reply re amount of, as of Dec. 31, 1934
Flohr, M. J.: (See National banks, First National Bank of 'Wallace,
Idaho)
Flood conditions:
Condition reports of State member banks in flooded areas, ex3/24 664
tension of time for completion of
Hartford, Conn., letter from Conzressman Kopplemenn requesting
financial aid, letter to be prepared to Governor
Young re, and suggesting liberal attitude toward
industrial loan applications, possibility of
aid from other Government agencies to be suggested
3/25 665
Reference to telegram sent to FRBanks in flood territory requesting number of industrial loan applications
and survey of conditions, and replies thereto,
11r. Daiger and Mr. Hammond to appear unoffi4/1
cially before House Ways and Means Committee
Florida Asphalt Block Paving Co., fee to McKay, Withers and Ramsey
by FRBank of Atlanta approved, for services in
connection with indebtedness of
Foreign banking corporations:
Chase Bank, New York, N. Y., examination, memo of Division of
Examinations re review of and letter to Mr.
454
2/28
Aldrich
Cost of, advice to bank of, and directing deposit in FRBank
of New York to Board's account and letter to
FRBank of New York re
International Corporation, Boston, examination
First of Boston
report, memo of Division of Examinations reviewing and letters to FRAgents Curtiss and
3/3
Case and to Mr. Trafford

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Pages
Ibeign banking corporations: (Continued)
1)
First of Boston International Corporation: (Continued)
Examination: (Continued)
Cost of, letter to corporation re, and directing deposit with FRBank of Boston for Board's ac3/13
count, and letter to FRBank of Boston
French-American Banking Corporation, inclusion in par list approvad, although not strictly a banking insti1/4
tution
International Discount Corporation, application of Messrs.
Gillespie, O'Hare, Symons, Bruce and Gillespie
for reservation of title, Board suggests
10/ 2
another title be found, advice to FRBank
International Funding Corporation, organization papers forwarded to Board, sent to FRBank of New York
for investigation and advice to organizers of
10/23
action
cll'Elign banks:
Agreements:
Review agreed to be desirable, in connection with projected
10/29
procedure for relations with foreign banks
Revision of, FRBank of New York to advise, in connection
12/29
with, re responsibilities of Board
Banca Commerciale Italiana, certificate of filing of agreement
on form T-2 should be executed by FRAgent or
12/ 2
Assistant FRAgent, Board agrees with FRBank
Banco
Central de la Republica Argentina, arbitrage transactions,
letter from Mr. Sproul re desire to include in
operations by FRBank of New York, Counsel's
opinion that negotiation was in accordance with
9/16
authority previously granted, approved
Banco Central de Reserva de El Salvador, loan by FRBank of New
York authorized by directors, memo of Mr.
Dreibelbis re failure of bank to secure permission for negotiations, letter and telegram
approving transaction and calling attention
9/ 4
to violation approved, Mr. Ransom voting no
with FRBank
Copies of correspondence re opening of account
of New York and granting of loan on gold,
9/16
acknowledgement of receipt by Board
Ballco de Mexico, silver held under earmark for, by FRBank of
San Francisco, reply to Mr. Knoke that Board
assumes it is held as agent for FRBank of New
York under agreement with, request confirma11/ 6
tion
MBank that although original agreement was
Advice to
between Banco de Mexico and FRBank of New
12/19
York, Board's approval should be secured
Banco de Venezuela, loan on security of gold authorized for use
in exchange control, renewal to be considered if
requested, noted that usual charge is being
7/22
made for safekeeping of gold
to all FRBanks of loan and authorization for particiAdvice
7/30
pation


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Foreign banks: (Continued)
Banco Nacional de Mexico, Mexico City, determined not to be
holding company affiliate of Harbor State Bank,
New York, N. Y.
New York Agency to be absorbed by Harbor State Bank, which
Banco controls and title to be changed to Pan
American Trust Co., to exercise fiduciary powers
12/ 4
and increase capital, approved
Bank of England:
Skinner, E.H.D., Assistant to Governors, courtesy call at
FRBank of New York, reported by Mr. Sproul
9/29
France, account maintained by FRBank of New York, views
Bank of
of President Harrison re withdrawal, in connec9/24
tion with likelihood of devaluation of franc
Bank of Greece:
Drachmae, advice from Governor Tsouderos acknowledged that
it has been attached to the pound and advice
to FRBank of New York
9/30
Tsouderos, ann., reply acknowledging receipt or advice of
reappointment as Governor of, and extending congratulations
4/13
Bank of Italy, repayment of full participation in syndicate
credit of Bank of Italy by, no objection to
FRBank of New York assenting to
2/14
No objection to confirmation of assent in view of additional
2/26
information
Central Bank of China, one-way account opened with, by RBank
of New York, approved and participation by other
FRBanks authorized
1/31
Commonwealth Bank of Australia:
Reading, Sir Claude, Chairman, advice of call at FRBank of
New York and office made available to, question
of procedure to comply with Sec. 14(g) of
FRAct, conference to be held with FRBank of New
York officers, letter to FRBank
9/11
Correspondence with, by FRBank of New York, and correspondence
with FRBanks re participations, Board requests
copies of
8/25
Nationelbank, agreement, copy of letter from FRBank
Danmarks
of New York to, re terms of carrying account,
noted that change in title afforded opportunity
to secure new agreement
8/7
Reply to Mr. Knoke noting that correspondent relationships
have never been established with, although email
8/28
deposit is kept with FRBank of New York
De Nederlandsche Bank, foreign exchange transactions, reply to
Dr. Holstign that copy of official request that
private banks refrain from certain, will be
8/26
treated with confidence
Federal Open Market Committee, scope of authority over relations
5/15
of FRBanks with
12/29
FRBanks, relations with, procedure, statement sent to FRBanks
Letter to President Harrison, suggestion that smaller
foreign banks be advised on responsibilities of
12/29
Board in revision of agreements

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Poreign

banks: (Continued)
National Bank of Hungary:
Second syndicate credit, reply to Mr. Sproul noting letter
from bank and suggestion that bank start to
1/16
formulate program for capital repayment
in syndicate credit of
Repayment of full participation
Bank of Italy by, no objection to FRBank of
2/14
New York assenting to
to confirmation of assent in view of addiNo objection
2/26
tional information
credits to, proposed by B.I.S., proposed letter
Renewal of
to B.I.S. containing views and terms of FRBank
of New York, no action to be taken until posi8/19
tion of other 1RBanks is determined
8/25
approved
Letter
8/27
Action ratified
Renewal of credits discussed by Mr. Szymczak with Mr.
9/11
Sproul
Renewal of credit, proposal of FRBank of New York to suggest
extension for one month rather than nine, so
that FRBank may have benefit of comments of
other participants on capital repayments, ap10/ 6
proved
Second syndicate credit, reply to Mr. Sproul approving
proposal for interest payment, FRBank should
make it clear that action in no way impairs
right of requiring further interest payment
10/14
or modification of agreements
directors and
Renewal of credit, reconsideration by FRBank
10/16
authority to renew for nine months, approved
National Bank of Nicaragua:
Extension of loan of Nov. 6, 1935 for sixty days on understanding tnat FRBank of New York will not consider any further extension of this loan or of
2/26
the other loans
of gold and parLoan by FRBank of New York on security
8/31
ticipation by other RBanks approved
with Banco Central de ReNegotiations of FRBank of New York
serve de El Salvador for loan, memo of Mr.
Dreibelbis re failure to secure permission
9/ 4
for
correspondence re opening of account and grantCopies of
ing of loan on gold, acknowledgement of re/
9 16
ceipt by Board
s with, question of procedure raised in connection
Negotiation
with visit of Sir Claude Reading to FRBank of
New York, conference to be held by Board with
officers of FRBank to determine procedure to
9/11
comply with Sec. 14(g) of FRAct
for Chairman, Mr.
Date for conference, memo to be prepared
Ransom to arrange for President Harrison to
came to Washington week of Oct. 12, with Messrs.
9/22
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page'

Foreign banks: (Continued)
Reichsbank:
Jaenicke, Reichsbnnkrat, advice that FRBank of New York intends to discuss account with, letter to be preeared
pared
12/ 1
Letter to Mr. Knoke re
12/ 3 210
Reports under Sec. 14(g) of FRAct and Regulation N, reply to
Mr. Arac that they are mostly confidential but
that FRBank of New York might be able to be of
some assistance
7/15 152
Swiss National Bank, loan requested by Bank for International
Settlements believed to be on behalf of, for support of Swiss franc
9/28 1178
Foreign banks and bnnkers:
Procedure, question raised in connection with monetary agreement
between France, England and U.S., as to relations
between Board, Treasury and YRBanks, review by
Chairman Eccles of procedure in reserve increase 10/ 6 10-6
Report of Mr. Ransom re consideration by senior staff members, and his memo re cooperation between Treasury and Board, discussion of arrangement between Treasury and Board and FRBanks, Chairman
to take up with Secretary of Treasury
10/ 6 185-6
Report of Chairman re conference with Secretary of Treasury
and proposed procedures, Chairman to confer
again with Secretary on Oct. 13 and outline to
be prepared for conference with officers of
FRBank of New York
10/ 9 1557
Chairman and Mr. Ransom to confer tomorrow with Secretary
Morgenthau and Assistant Secretary Taylor re
procedure
10/12 1°
Draft of arrangement for relations with Treasury to be prepared by Messrs. Morrill, Wyatt and Goldenweiser,
conference with Messrs. Harrison, Sproul and
Knoke to be postponed until Oct. 2710/13 1814'5
Memo of Chairman Eccles, prepared in connection with Banking
98:6
Act of 1935
10/16 :
Memo prepared by Messrs. Morrill, Wyatt and Goldenweiser,
to be considered Oct. 23
10/20
Memo
Mo of Messrs. Morrill, Wyatt and Goldenweiser, discussion
of, conference with New York officers to be upon
broad grounds of responsibilities of Board, to
be revised accordingly
10/23 193S
Revised memo discussed and amended, copies to be sent to Mr.
Sproul, arrangements made for early meeting on
Oct. 50 with Messrs. Harrison, Sproul and Knoke 10/27 105
Memo further discussed, reference to purchases of bills for
foreign banks, foreign bank agreements should be
reviewed
10/29 1956
Conference with Messrs. Harrison, Sproul and Logan, changes
in memo agreed upon, to be referred to Presidents' Conference, section re authority of
FgAc eliminated, to be prepared separately and
referred to Famc
10/30 1961

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Pages
P(Drei6r1 exchange:
De NederlEndsche Bank, reply to Dr. Bolstigr that copy of official request that private banks refrain from
certain transactions will be treated with con8/26
fidence
open marFederel Open Market Committee, scope of authority over
5/15
ket transactions in
- ,
Pat1nu, suspension of loan service, letter from President Harrison reviewing situetior, and likelihood of discriminatory treatment of American creditors,
10/ 6
Mr. Gardner to take up with State Department
result of conference with
Memo of Mr. Gardner reporting
Messrs. Fels and Livesey and probable action
of Department, copy of letter to be furnished
informally to State Department and Mr. Harrison
10/ 9
to be informed
advising of furnishing of his letter
Letter to Mr. Harrison
to State Department and requesting any other
information which might became available for
10/14
tranemission to Department
PUrchase and sale by iliBank of New York for account of Banco
Central de la Republica Argentina under agree9/16
mentl.
gn financial situation, analysis of, by Mr. Williams in connection with consideration of increase in reserve
4/22
reeuirements of member banks
Porms:
418rd of Governors:
Agreement executed by holding company affiliates in connec11/25
tion with general voting permits, modification
of FRBanks,
Biographical data of directors and officers
forms approved for, authorized to be printed,
1/11
end letter approved to FRBanks re
7/ 2
B-6, mailing instructions
to FRAgents with instrucB-13, copies of revision forwarded
7/ 2
tions
ons, advice to governors
B-23, Retirement System contributi
that reports for 1975 should be at full rate,
but should not include additional contributions
1/ 2
at end of year
11/13
Revision of
Condition reports:
3/ 7
Sent with instructions to all FRBanks
6/ 5
to FRAgents with instructions
Transmitted
8/28
Transmitted to presidents for next call
request of Permanent Committee on StandardizaUniform,
tion of Bank Report Forms for attendance of Mr.
Smead at meeting, Messrs. McKee and Davis to
discuss with Mr. Crowley the formation of a
committee by the Board, Comptroller and FDIC,
11/12
to consider


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228
Forms: (Continued)
Board of Governors: (Continued)
Condition reports: (Continued)
Uniform: (Continued)
Report of Mr. Davis re Mr. Crowley's position, indication that failure of Board to be represented
would be interpreted as unwillingness of Board
to cooperate with FDIC, Board not willing for Mr.
amead to attend for reasons of established
policy
11/13
Deposits, demand and time, in connection with study of deposits activity being conducted by Division of
Research and Statistics
1/16
Examination report form of State member banks, FRBanks of
New York and Dallas requested to assign Chief
Examiner Sheehan and Mr. Betts to Board for
final work on, actual expenses to be paid by
Board
11/23
Interest rates of member banks, copies of forms sent to
FRBanks for transmittal to member banks re8/ 4
questing
Oaths of office, memo of Mr. Vest recommending changes in,
and for printing forms for directors, FRAgents
and Assistant FRAgents, approved
10/16
34, Balance sheet of FRBanks, changes for 1937, approved
10/23
Advice to FRBanks
11/13
105, condition report:
Changes in, contemplated, to require showing of indirect
ownership of other real estate, advice to Mr.
Fry
1/7
Changes in, for next call proposed in memo from Mr.
Snead, national bank reports to contain same
changes and 105e to be revised accordingly if
approved, approved
2/10
Dividends, unpaid, request of State Street Trust Co.,
Boston, Mass. for change in item re, Board will
consider and has no objection to inclusion of
explanation
4/10
Recommendation of Mr. Snead that they be furnished to
banks well in advance of call, in accordance
with new policy of Comptroller, and that forms
be reprinted without change except as to elimination of items for Department of Agriculture
and Farm Credit Administration, approved
8/ 1
Reserve for dividends payable in common stock, reply to
9/12
Mr. Fletcher re reporting
105e,Utah,extra copies to be furnished Mr. Sargent for use
of State banking department of, to bring about
6/ 1
single publication
105-f, information required by, agricultural loans and farm
real estate, to be submitted at midyear and
year-end calls
12/ 1


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Pages

PO
( Continued)
Board of Governors: (Continued)
107, Earnings and Dividends Reports:
Amendments re rent received, fees to directors and
committee members and real estate taxes, in
accordance Ihith changes made by Comptroller,
4/ 8
approved
made in, to conform to changes in Comptrollers
Changes
4/28
form, approved
forwarded to FRAgents and attention called to
Copies
6/24
new items
Change approved re showing of reserve for dividends
10/31
payable in cormon stock
Changes in form to be used by State member banks Dec. 22,
copies forwarded to all FRBanks and instructions 12/21
T-2, filing with FRAgent to be continued although nonstatutory duties of Agents have been transferred to
12/ 2
FRBanks
X-9739-a, b and c, budgets for FRBanks and branches and
statistical and analytical function and exami11/17
nation function
FRBanks
X-9746-a-b-c, for submitting lists of officers of
with their salaries, employees, and salary
11/23
changes during 1936 of latter
n to printing
F'RBank of Dallas, examination report, no objectio
limited supply in form of tentative draft of
8/26
revised form

44

781
917
1233
1986
2250

2158

2085

2112

1592

11110e.
evaluation of franc, balance of iiiiBanks with Bank of France,
advice from President Harrison of problem re,
in view of possibility of, he had determined
9/24
to take no action
nothing to add to advice, told of
Mr. Harrison advised of
views of Board and staff, reports of no new
9/25
developments in French situation
Ransom of gentlemen's agreement negotiated by
Report of Mr.
Treasuries of France, England and U. S., President Harrison "sworn to secrecy" on aid rendered
9/26
by Messrs. Williams and Knoke
Morgenthau present at meeting, advisSecretary of Treasury
ing Board of steps relative to developments in
/2
monetary agreement between England, France and U.S. 9 9
N _,
tet McLanahan & Rouzer, agreements by nonmember banks under
Regulation T, reply re questions asked in connection with, and advice that Board has not requested amendment to Securities Exchange Act
of 1934 to permit voluntary cancelation of
5/ 5
agreement by bank
Fr„
-8er, Leon:
Bank for International Settlements, report of Chairmen re call
In. connection with American directors on, which
President Trip desires, suggesting that Chairman,
his nominee or another member of Board be ap3/14
pointed, to be considered later

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230
Friday, David:
National Bureau of Economic Research exploratory committee, member of
Faller, Bert C.: (See National banks, First National Bank of Spring
Valley, N. Y.)
Fulton, R. I.: (See National barks, County National Bank at Clearfield, Pa.)
Functional expense reports, methods, suggestions of Mr. Peyton for
improvement in, reply outlining steps now being
taken
F. W. Dodge Corporation:
National Emergency Council, request that Board furnish copies
of contracts with, reply to be made that Board
has no written contract and that reports are
confidential

9/18 1423

109

1909

5/26 1°82

(See National banks, American National Bank, Santa
Monica, Calif.)
Gay, Charles R.:
4/30 929
Present at meeting of Board re Regulation U
(See also New York Stock Exchange)
George A. Fuller Co., Washington, D. C., to be invited to bid on
1/ 2
Board's new building
is low, contract awarded to, and Mr. Morrill
Bid submitted by,
authorized to execute, and to give formal notice
2g-5
1/30
to proceed with construction
Georgia Bankers Association, study, reply to Mr. McFadden that Board
is authorizing RBank of Atlanta to make data
0
available for
7/23 14
Georgia Marble Co., Nelson, Ga., approved as sub-contractor for
2/18
Board's new building
Giannini, A. P., allegations against Governor Calkins, letter from
Director McIntosh requesting approval of appoint36
9
2/20
ment as President in view of
Committee appointed to review files re charges, and Chairman
authorized to reply that Board cannot approve
4
2/20 /.6
5
because of age policy
2/20 `.`.
Committee report exonerating Governor Calkins
Advice of election of Mr. Calkins as President of FRBank,
Board to adhere to policy and not approve,
advice to FRBank, and addition to reply to
2/20
Mr. McIntosh re Committee report
Giegengack, A. E., Public Printer: (See Government Printing Office)
Gifts to employees retiring from FRBanks, request of FRBank of
Cleveland that Board consider uniform policy as
to amount which may be expended, referred to
91615
12/ 4 7,0
Presidents' Conference
12/11
Reply to FRBank, advising of action taken
Gilbert, S. Parker:
"Wernher Bank Reserves", Federal Advisory Council advised to read
letter entitled, appearing in New York Times as
342
2/12
expressing views of Chairman Eccles
Gandy, N. S.:

400


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Pages
411"Piel 'Tames P.: (See Foreign banking corporations, International Discount Corporation)
411esPie, Wm. J.: (See Foreign banking corporations, International
Discount Corporation)
G1- 81 Senator Carter:
'
Federal Open Market Committee, report of Governor Harrison of
strong opposition to proposed outside repre326
2/11
sentation of FRBanks on
Interest rates, reply to protest re fixing of maximum rates,
Board members to consider draft and take up
85
1/ 9
at later meeting
Poli c.),- record required to be kept by Board, statement of Mr.
Miller of confirmation of opinion that only
matters of important nature affecting the public
199
1/24
interest should be included
Savings accounts, reply to Robert E. Ramsay Organization, Inc.,
on letter to, that deposit of business corpora245
1/30
tion may not be classified as, and copy to
of,
Caetwood Cemetery, reply to FRBank of Richmond that deposits
10/ 3 1824
may be classified as savings deposits
0101d:

.5

6

Imports:
Deposits created by, and deficit financing and silver purchases of Government, discussion at meeting with
Presidents' Conference of problems created by,
and whether further increase in reserve require11/19
ments should be made
raised as to possibility of, at
Sterilization of, question
meeting with Presidents' Conference, difficul11/19
ties pointed out
12/11
n of methods
Informal discussio
question raised by Mr. McKee re
Review of the month,
possible implication in statement on, that
Board intended to increase reserve requirements,
to be re-read and taken up further if any ques12/28
tion still exists
discussed further, to be published with minor
Statement
12/29
changes
currencies, action of Secretary of Treasury
Stabilization of
in releasing information re purchase and sale of,
between stabilization funds of U.S., England, and
France reported by Chairman, statement of Mr.
10/12
Goldenweiser
discussed by
Withdrawals from this country, possibility of,
Mr. Williams in connection with consideration of
increase in reserve requirements of member banks 4/22
Gold
coin and certificates:
Dallas Bank and Trust Co., Dallas, Texas, coin and certificates
held by, reported to Secretary of Treasury, was
held for licensed dealer and later turned over
5/13
to FRBank of Dallas
in Money and Bank0dbar, Joseph E.: (See Society for Stability
ing)

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Government accounting office:
Vouchers for telegrams sent over branchllines, rejection of,
because method of computation not shown, vouchers
to be prepared by FRBanks on uniform basis in
future
11/25
Government financing:
Deficit, discussion of problems arising out of deposits created
by, at meeting with Presidents' Conference
11/19
Soldiers' bonus, plans for, statement of Mr. Goldenweiser showing estimate of Treasury requirements up to June
30, Board members present favor alternate procedure
2/12
Government lending agencies:
Competition with banks, Mr. Myers present at meeting with Federal
Advisory Council to discuss, particularly production credit associations and question raised as
ri
to advertising of latter
11/1f
Statement of Mr. Ransom before presidents that he was interested
in reducing activity of, and restoring field to
commercial banks
3/16
Government Printing Office:
FRAct, printing of, voucher returned to Mr. Giegengack, stating
that as work was improperly done, Board should
not be required to pay for 20% rush
1/18
Government securities:
Advance payments on, reply to President Harrison that they are
deposits against which member banks and FRBanks
are required to maintain reserves
12/22
Allotments of those in System Open Market Account: (See Open
Market Operations, System Open Market Account)
Collateral for FRnotes, formula as to amounts pledged no longer
necessary and FRBanks authorized to pledge in
such amounts as may avoid frequent interchange
7 0
/2
of, and gold certificates
Currency, reply to American National Bank, Santa Monica, Calif.,
re editorial in Los Angeles Times that bank may
secure 100% value for bonds at FRBank, advising
of methods of securing currency from FRBanks and
various types of loans for which bonds are
eligible as collateral
8/ 7
Earnings assets of FRBanks are principally invested in, statement
of Chairman Eccles at meeting with presidents,
and such holdings might be reduced in future
without replacement
3/16
kRnotes as collateral for, amendment proposed to FRAct making
present authority permanent, with suggestion that
it be taken up with Congress separately in order
to secure action before March 3, 1937
12/18
Loans on security of, by member banks, question raised as to
total permitted, by Mr. Von Windegger, Plaza
Bank of St. Louis, referred to Comptroller
1/28
Padding of subscriptions for, conference of FRBank representatives called by Treasury for May 12 to discuss
practice, Mr. Broderick and Mr. Cagle to attend
5/ 1

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Gov
ernment securities: (Continued)
Power of attorney should run from FRAgent at Atlanta to FRAgent
at New York to pledge, as collateral for FRnotes,
3/12
reply to FRAgent Martin
Profit realized by FRBank of Minneapolis on sale to System Open
Market Account to be transferred to reserve for
7/17
other losses
Readily marketable assets", within meaning of Sec. 5144, R.S.
and Sec. 26(d) of Revenue Act of 1936, ruled that
all governments including securities guaranteed
both as to principal and interest cane under,
12/29
reply to FRBank of Atlanta
SYstem open market account: (See Open market operations)
-rsduate School of Banking:
BUrgess, W. Randolph, Vice President, FRBank of New York, no
objection to acceptance of invitation of Mr.
9/11
Stonier to conduct course next swnner
anPRBank employees, letter to all presidents that additional
nual leave may be granted for and transportation
6/ 4
expenses assumed
leave
Leaves of absence with pay in addition to regular annual
4/16
authorized for employees of FRBanks attending
4/28
Provision made for Board's employees attending
granted in addiLeave for members of Board's staff to attend,
tion to regular annual leave and transportation
expenses assumed, attendants to make written
4/28
report re
employees on merit basis for attendance,
Selection of FRBank
4/28
Mr. Szymczak to investigate desirability of
Greece:
Currency, acknowledgment of advice from Governor Tsouderos
of Bank of Greece that drachmae has been attached to the pound, advice to FRBank of New
York
°IllbseY, Albert J., reply re proposed organization of corporation
to lend on registered securities that Board has
authority to regulate extension and maintenance
of credit by organizations not DOW included in
scope of Regulations T and U
"H"

aa, Harry :
J.

(See National banks, First National Bank of Philadelphia, Pa.)
P. M.: (See National Archives)
Ilates, R.
(See American Bankers Association, State Bank Division)
411ey and Jackson: (See Executive officers, Shove, E. P.)
(See National banks, Citizens National Bank, Emporia, Va.)


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Harr, Luther A.
Permanent Committee on Standardization of Bank Report Forms,
for working out of uniform condition report
form, request for attendance of Mr. Smead,
Messrs. McKee and Davis to discuss with Mr.
Crowley the formation of a committee by Board,
11/12
Comptroller and FDIC
Condition reports, Uniform form)
(See also
Time certificate payable upon six months' notice by depositor
and callable after 30 days' notice by First National Bank of Gettysburg, shorter period gov4/25
erns in determining maximum interest rate
Harris, D. B.: (See National banks, Hamilton National Bank, Chattanooga, Tenn.)
Harrison, I. H.: (See Newark Clearing House Association)
Harrison, J. L., present at meeting of Board to discuss Regulation U 4/22
Hart, Henry M.: (See National banks, National Bank of Commerce of
San Antonio, Texas)
Hart and Dice:
Macpherson, Gregor:
Hearing of Marine Midland Corporation re general voting
permit, to be employed to make stenographic
1/ 7
record
Present at hearing of Mr. Johnson to make stenographic
12/16
record
Hart, Gainer and Carr, reply re question as to whether an executive
officer of a member bank must under Regulation
0 report to board of directors indebtedness to
2/20
Morris Plan bank in Rhode Island
requesting
Hartford, Conn., letter from Congressman Kopplemann
financial aid, letter to be prepared to Governor
Young re, and suggesting liberal attitude toward
industrial loan applications, possibility of
3/25
aid from other Government agencies suggested
Haskins and Sells:
Regulation T, postponement of subdivision (2) of supplement,
position taken by Mr. Stewart of, that situation
4/ 3
presented no emergency
arrangement with, on adjusted basis and increase in
Renewal of
compensation for May, recommended by Mr. Parry,
5/1
approved
Hearings:
Board of Governors:
12/18
Amendment to FRAct tentatively proposed to facilitate
American Bankers Association subcommittee, to be held on
4/17
April 22 re memo on Regulation U
4/22
Meeting with Board
Forney State Bark, Forney, Texas, to be held as part of
4/29
proceedings of forfeiture of membership
Authorization to change date of hearing from June 2 to
5/ 4
June 16
Mr.
Reply to Mr. Evans that it would be appropriate for
5/12
Walsh, as FRAgent, to conduct

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Ifeari

ngs: (Continued)
Board of Governors: (Continued)
Forney State Bank of Forney, Texas: (Continued)
Advice that bank waives right to appear before Board,
and telegram from FRAgent that hearing before
6/ 8
him has started
hearing of New
Gay, Charles R., April 30 set as date for
4/28
York Stock Exchange representatives
4/30
Meeting with Board
Johnson, H. S., Point Pleasant National Bank, Point Pleasant,
W. Va., statement of Mr. Wyatt that file is in
circulation with certificate of Comptroller for
determination of Board re proceedings for re9/18
moval under Sec. 30 of Banking Act of 1933
Mr. Johnson of hearing,
Memo of Mr. Wingfield, notice to
advice to Comptroller and letters to be sent to
9/21
directors of bank
one to Mr. Johnson that Board
Letter to Comptroller and
is not willing to postpone hearing until about
10/15
Dec. 1, but willing to postpone until Nov. 5
on Nov. 5, Mr. Wyatt to
Agreement to appear before Board
furnish Board with procedure prior to that date 10/20
Procedure for, memo of Mr. Chase, Comptroller's counsel
10/29
to present evidence, agreement on details
Postponement of, pending settlement with Comptroller of
11/ 2
procedure for conduct of hearing
Recommendation of Mr. Ransom that hearing be postponed
in order to determine participation by Comptroller, suggestion that hearing be preliminary
one, not to be postponed and Counsel to prepare
11/ 6
outline of procedure
Question of further consideration with Comptroller re
procedure to be taken up by Mr. Ransom and Mr.
Wyatt, Board would not be willing to postpone,
to be in nature of preliminary hearing, Mr.
11/ 9
McKee voting "no"
Mr. Ransom with Mr. Wyatt and Mr. Dreibelbis called on
Mr. O'Connor, agreement on proposed procedure,
but not to be precedent, national bank examiner
10
11/
to be present
Starr, NaMr. Johnson present at hearing, Mr. L. 0.
tional bank examiner, present and stenographic
11/10
record made by Mr. Macpherson
of, such information
Additional information, question
as examiners desire to submit to be requested
11/10
and to be sent to Mr. Johnson
record and copies of documents submitted,
Stenographic
sent to, with extension of time until Nov. 23
11/16
to make any further answer desired
that extension of time has been granted to Nov.
Reply
23 and request for definite advice as to whether
he desires to question Messrs. Starr and Chorpening personally, Board desires to close record
by Nov. 23
11/18

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236
Hearings: (Continued)
Board of Governors: (Continued)
Johnson, H. S.: (Continued)
Request for opportunity to question Messrs. Starr and
Chorpening before Board, Dec. 2 fixed as date
for
11/24
Postponement of questioning of Messrs. Chorpening and
Starr, because of illness of Mr. Johnson,until
Dec. 16
12/ 1
Present to question Messrs. Starr and Chorpening, only
two Board members present, questions to be submitted in writing and further hearing to be
called if necessary
12/16
Letter from, with questions to be presented to Messrs.
Starr and Chorpening, hearing to be resumed
Dec. 29
12/23
Procedure for, statement prepared by Mr. Dreibelbis,
to be read by Chairman, Messrs. Chorpening,
Starr and Kelly present, stenographic record
made by Mr. Macpherson
12/29
Marine Midland Corporation, requested re action of Board
on general voting permit, by Mr. Pope, to be
held by Mr. Hamlin and Mr. Macpherson to be
employed to make stenographic transcript
1/7
Report on hearing, opinion that Board has no right to
require agreement, desired modifications, telegram to Mr. Case that Board is not willing to
modify agreement and advice for corporation re
requirements under agreement
1/11
Pell, Williamson, to be granted in connection with question
of service of Mr. Thatcher Brown under Clayton
9/ 2
Act
Removal proceedings under Sec. 50, procedure, Comptroller
feels that it lies with Board after certification of facts by his office, hearing of Mr.
Johnson postponed pending return of Comptroller
and definite settlement of procedure
11/ 2
Securities and Exchange Commission:
Investment trust officers, Liberty Share Corporation, are
also officers of Liberty Bank of Buffalo, advice re, Division of Examinations to send observer
12/28
Hegeman-Harris Co., Inc., New York, N. Y., to be invited to bid on
Board's new building
1/2
Bid submitted by
1/30
Helvering, Guy T.: (See Commissioner of Internal Revenue)
Bersee, D. E.: (See State member banks, State Street Trust Co.,
Boston)
Heydon, Thomas A., reply to questions re flexibility of Board's
5/27
margin requirements
Hildreth, W. S.: (See National banks, Peoples National Bank,
Charlottesville, Va.)
Hilgartner Marble Co., Baltimore, Md., approved as sub-contractor
2/18
for Board's new building

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Pages
(See National banks, National Bank of Middlebury,
Vt.)
Rink"
eY, Hiskey and Berger:
Edwin Bennett Pottery Co., employment by FRBank of Richmond as
4/ 2
special counsel in case of, approved
tschler,
Charles W., reply that payment from securities account
constitutes "net withdrawal" and is prohibited
unless Sale causes account to become unre6 17
/
stricted
11011,
4 n
) Representative Sam:
Anniston Soil Pipe Co., Anniston, Ala., reply re refusal of
3/23
FRBank of Atlanta to make industrial advance to
liqabir-, Harry G.: (See North American Associated Companies)
1101,,
"irig company affiliates:
American Holding Corporation, Chicago, Ill., reply to Mr.
Stevens re position of Board as to determinations of organizations as not being, but if he
feels it undesirable to not contact corpora3/12
tion, Board will not object
Anglo National Corporation, San Francisco, Calif., interpretation of "per centum of aggregate par value of
all bank stocks controlled", reply to Mr. Sargent
10/22
extending that furnished by counsel for FRBenk
County, Inc., Morristown, N. J., ruled not
Associates of Morris
to be, of First National Bank in Rockaway, N.Y. 12/17
1/50
Atlas Corporation, Jersey City, N. J., determined not to be
Ballots of affiliated banks, counting in election of Class A
12/ 7
directors of RBanks
Banco Nacional de Mexico, Mexico City, determined not to be,
7/ 1
of Harbor State Bank, New York, N. Y.
Bank of San Rafael, Calif., determined not to be holding company affiliate and general voting permit hereto3/11
fore issued is void
United
Barnett National Securities Corporation, Jacksonville,
States Savings Bonds as readily marketable
12/29
assets
company
C. M. N. Investment Company, ruled not to be holding
affiliate of First National Bank of Snohomish,
12/11
Wash.
Y., deterCitizens Shareholders of Arcade, Inc., Arcade, N.
mined not to be holding company affiliate of
Citizens Bank of Arcade and general voting per10/ 2
mit is no longer effective
City certificates Corporation, Baltimore, Md., determined not
to be, of Union Trust Company of Maryland,
4/27
voting permit void
Consolidated Investment Trust, Boston, Mass., determined not to
be, of Union Trust Company of Boston and general
4/15
voting permit is void
Credit allowance by Revenue Act, regulations to be procurred
from Bureau of Internal Revenue when issued and
10/30
letter to be prepared to FRBanks transmitting
"el Peter J.:


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Holding company affiliates: (Continued)
Credit allowance by Revenue Act: (Continued)
Barnett National Bank of Jacksonville, Fla., reply to Mr.
McQuaid relative to procedure in connection
4
11/1`..
with
Letter to all FRBanks re, in accordance with action of
11/16
Oct. 50
Mr. McKee opposed to granting general voting permits without limitation on effective time, possible revision of standard agreement to be considered
11/25
by Board on Dec. 4
reply to FRBank of San Francisco and copy to
Certification,
all FRBanks, re procedure in submission of facts
12/30
and information relating to
of organizations not to be, Board states to Mr.
Determination
Sargent that it does not feel that it should
make determination in absence of request from
3/11
organimition concerned
of Board re technical construction of holdinR
Position
company affiliates, expressed in letter to Mr.
3/12
Stevens
Institutions, Inc., Warsaw, N. Y., termination of reFinancial
lationship with Wyoming County National Bank of
1/ 4
Warsaw, N. Y.
May be technical affiliate of Trust Company of Wyoming
County, Warsaw, N. Y., but relationship will
12/24
soon be terminated
First Bank Stock Corporation, interest payment by member bank
on deposits which may no longer be classified
as savings accounts, may not be paid for period
succeeding Jan. 1, reply to Mr. Peyton on in3/ 4
quiry of
First National Bank of Everett, Wash., ruled holding company
affiliate of First National Bank of Snohomish,
Wash., and may be, of First National Bank of
12/11
Monroe
Snohanish, Wash., reply to Mr. Day that
First National Bank of
Shareholders Fund is holding company affiliate
of and so also is First National Bank of Ever12/11
ett, C.M.N. Investment Co. is not
Company of Bradenton, Fla., determined not to
First National
be, of First National Bank of Bradenton, general
1/31
voting permit previously granted is void
Securities Corporation of Syracuse, N. Y., termination of
First
relationship with North Syracuse National Bank,
stock was voted while still holding company affiliate without voting permit, copies of corres3/ 2
pondence furnished Comptroller
First Security Corporation of Ogden,Utah:
Determined not to be, of First National Bank of Salt Lake
/23
5
City


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Pages
liqding company affiliates: (Continued)
First Security Corporation, Ogden, Utah: (Continued)
Investments in stock of affiliates, reply to FRBank of
San Francisco re inquiry of, that voting permit agreement applies to present and future
1/2
purchases
Purchase of additional shares of stock of First National
Bank of Salt Lake City, Utah, makes organization again holding company affiliate, reply
to Mr. Sargent that it must file new voting
10/ 8
permit application
report
General voting permits, standard agreement, amendment,
of Mr. McKee re discussions with representatives, to meet with other members of the Board
12/ 1
if desired
discussions, and reconnendaReport of Mr. McKee re further
tion that agreement be amended, approved, FRBanks
12/ 4
to be advised
12/ 7
Advice to FRBanks of action
(See also Voting permits)
Hershey Industrial School, Hershey, Pa., determined not to be,
1/7
of banks
1/7
Hershey Trust Co., Hershey, Pa., determined not to be, of banks
Howard County Liquidating Corporation, Ellicott City, Md., determined not to be, voting permit previously
4/6
issued is void
Income tax exemption allowed by Revenue Act of 1936 to holders
of general voting permits, those not holding
may desire to obtain before year end, letter to
be prepared by Counsel requesting FRBanks to
cell attention to regulations of Bureau of In10/30
ternal Revenue
Mellbank Corporation, voting permit application withdrawn, corporation declared liquidating dividend of all
bank stocks, to be considered as withdrawn
without giving consideration to termination of
2/27
status as, papers may not be returned
Mercer County State Bank, Sandy Lake, Pa., determined not to be,
6/22
of First National Bank of Stoneboro, Pa.
not to be,
Morristown Trust Co., Morristown, N. J., determined
1/16
of First National Bank of Morristown,
that Board determine it,
National Shawmut Bank, Boston, request
and Shawmut Corporation not to be, and also
that the standard form of agreement for voting
permits be amended as to requirement that Board
approve changes in investments, memo of Mr.
3/25
Baumann recommending disapproval
Board unwilling to make determination, but agreement
amended as requested, as to national banks, all
3/25
FRAgents to be advised of amendment
Determination, Board refuses to make that it is not holding
company affiliate, but agrees to emend agreement
re securing Board's permission to make changes
4/4
in investments


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Holding company affiliates: (Continued)
National Shawmut Bank of Boston: (Continued)
Merchants National Bank of Salem, Mass., reply to Mr.
Curtiss that former is not, in connection with
election of Class A director, although latter
9/16
was included in voting permit
Norfolk Corporation of Braintree, Mass., determined not to
be, of Braintree National Bank and voting permit
4/ 7
heretofore issued is void
North Berwick Company, North Berwick, Me., determined not to
8/28
be, of North Berwick National Bank
Northwest Bancorporation, Minneapolis, Minn.:
First National Bank of Napoleon, N. Dak., held not to be,
10/23
and permit unnecessary
Security Bank and Trust Company of Owatonna, Minn., Bancorporation should execute agreement with respect
3/ 6
to, before issued
Pacific Eastern Corporation, Jersey City, N. J., determined not
1/30
to be
Peoples Trust Company of Rock Hill, S. C., reply to Peoples Na11/25
tional Bank that former is not
Ranborough Corporation, reply to Citizens National Bank of
Freeport, N. Y., that Board has determined corporation not to be, and no action is necessary
7/14
to permit to vote stock of bank
marketable assets, riled that Government securities are,
Readily
under Sec. 5144, R.S. and Sec. 26(d) of Revenue
12/29
Act of 1936
Commissioner of Internal Revenue re credit to,
Regulation of
reply to Mr. Helvering commenting upon and mak10/19
ing suggestions as to draft of
Act of 1936, amendment suggested to exempt from tax on
Revenue
that part of earnings Sec. 5144 of Revised
Statutes requires them to set aside, request to
5/15
be drafted
5/16
Letter to Senator Harrison ra, approved
Moody, L. L. Crosby and J. A. Norway, Trustees, ShareRobert
holders Fund of The First National Bank of
Everett, ruled holding company affiliate of
12/11
First National Bank of Snohomish, Wash.
Savannah Corporation, Savannah, Ga., determined not to be, of
Savannah Bank and Trust Company of Savannah,
4/29
and voting permit void
Shawmut Association:
Amendments proposed to declaration of trust to terminate relationship with National Shawmut Bank of Boston,
further amendment needed and letter to assistant
6/27
nAgent
Determination, Board refuses to make, that it is not holding
4/ 4
company affiliate
Merchants National Bank of Salem, Mass., reply to Mr. Curtiss
that former is not, in connection with election
of Class A director, although latter was in9/16
eluded in voting permit

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Pages
Rolding
company affiliates: (Continued)
Sha-nut Corporation, Boston, request that Board determine it,
and National Shawmut Bank not to be, and also
that the standard form of agreement for voting
permits be amended as to requirement that Board
approve changes in investments, memo of Mr.
3/25
Baumann recommending disapproval
Board unwilling to make determination, but agreement amended
as requested, as to national banks, all FRAents
3/25
to be advised of amendment
Tax on earnings, suggestion of Board that exemption be made in
Revenue Act of 1936 to extent of investment in
6/ 3
assets required by law adopted
Trust Company of Georgia Associates:
Plan Whereby common stock of Liberty National Bank and Trust
Co. will be purchased by, and preferred stock
retired and sum will be transferred to, from
1/31
nonbook assets of Trust Company of Georgia
Trust Company of Georgia, Atlanta, Ga.:
Plan whereby Trust Company of Georgia Associates will purchase common stock of Liberty National Bank and
Trust Co. and retire preferred stock and trust
company will transfer sum from nonbook assets to
1/31
associates, no objection
United States National Bank of Portland, Ore., may be holding
company affiliate of Clark County National Bank
of Vancouver, attention of bank to be directed
3/11
to
6/24
not to be
Determined
United States National Corporation, Portland, Ore., letter to
Mr. Sargent that Board does not feel it should
determine organization not to be, in absence of
request, that it may be holding company affiliate of national bank in which case determina3/11
tion may be desired
Board believes it might determine not to be, but organiza6/24
tion is satisfied with present status
Vollmer Security Co., Lewiston, Idaho, determined not to be,
9/22
of First National Bank of Lewiston
"William P. Murray, E. B. McNeer, and A. C. Latno, As Trus3/11
tees***", determined not to be
Woodlawn Trust Co., Aliquippa, Pa., determination that it is not
holding company affiliate, reply to Mr. Fletcher
noting his desire to withhold advice until rehabilitation plan is complete and stating that
1/ 2
advice should be delivered
Y., de473 Broadway Holding Corporation, Saratoga Springs, N.
termined not to be, and advised that general
3/10
voting permit heretofore granted is void
11°11days:
Christmas, offices of Board to be closed at one p.m. on Dec. 24
12/ 4
and all day Dec. 26


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Holidays: (Continued)
Discount rates, effect on compliance with law requiring reestablishment every 14 days
2/24 4161
5
12/29 ay
January 2, 1937, offices of Board to be closed
Holstign, Dr. T. Westermann: (See Foreign banks, De Nederlandsche
Bank)
Homer, A. P.: (See Quarters of Board)
Honker, Harry A., reply that Board does not have under consideration
at this time decreasing maximum rate of interest
payable on time and savings deposits
12/30 2345
Honnor, Jahu W., jr., reply re legality of social club for children
proposed to be organized whereby dues would be
assessed and returned at age 21 with interest
9/26 i974
Hoskinson, H. G., present at meeting of Board to discuss Regulation

4/22

639

(See also National banks, Riggs National Bank)
Houston, Sherman P: (See L. N. & S. P. Houston)
Howbert, Wm. I.: (See National banks, First National Bank, Colorado
Springs, Colo.)
"I"
Illinois:
Membership in FRSystem, banks applying should furnish copy of
application to organize
Pledge of collateral for trust funds, Board unwilling to waive
membership condition requiring pledge of collateral for, State attorney general preparing
opinion re right of State member banks to make
3/6 55°
pledge
Deferment of membership condition requested by Mr. Stevens
pending decision of State Supreme Court, Board
has not waived condition
5/27 1°91
Enforcement of membership condition, letter from Mr. Young
and memo of Mr. Seitz recommending that Board
delay no longer, approved and letter to Mr.
6
Young
9/11
Reorganized banks involving issue of deferred certificates of
deposit, reply to Mr. Wilkes re proposed modifications in reorganization plans, in connection
with membership
5/26 1085
"In process of collection", interpretation of, in Sec. 5204, R.S.,
letter requesting views of Comptroller re,
where Cleveland Trust Co. places past due debt
in hands of committee for constant and active
,1
12/11
attention
22v
,4
12/18
Letter to FRBank of Cleveland re
5/26 jO
Income tax regulations, amendment to, to be published in FRBulletin
Indebtedness and outside business relations:
Beavers, P. L. T., Assistant Cashier, RBank of Atlanta, to re11/25 2126
sign as trustee under trust indenture


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Illdebtedness and outside business relations: (Continued)
Beavers, P.L.T.: (Continued)
Advice to IRBank that Board believes _MBank officers should
not accept trusteeships and request that he re12/ 3
si6n such position
employees, noted that
FRBank of Minneapolis, reports of two new
Mr. Mosiman contemplates selling hats to friends,
/24
3
no objection
s recommending that
FRBanks, memo from Division of Examination
examiners be authorized to review reports of, of
officers and employees in conjunction with exam3/27
inations, approved and letter to Mr. Drinnen re
Los Angeles Branch, indebtedness of Messrs. Jones and Szevery
to member banks, have not and will not assist
in examinations of such banks, not to be reported to Attorney General, but should be
10/19
eliminated
personnel, reply to Mr. Walsh
Reports of FRAgents' department
that reports should be made covering all, and
6/24
copy to other FRAgents
Examiner, FRBank of San Francisco, inShortt, W. D., Assistant
debtedness to member bank which was in existence prior to employment, not to be reported
10/19
to Attorney General, but should be eliminated
New Orleans Branch, no objection to continuing
Welker, Marcus,
connection with hospital tut that with Dibert,
4/ 7
Bancroft and Ross Co. canes within prohibition
Welton, A. Chester, appointment as examiner at New York ERBank
approved with understanding that arrangements
will be made to liquidate indebtedness to member
2/28
bank
INie
btedness of executive officers: (See Executive officers)
14debtedness of officers to State member banks, reply to Senator
1/14
Fletcher re, as of Dec. 31, 1934

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Interest, maximum rates on time and savings deposits prescribed in Regulation 10, letters to FRAgents
at Chicago and St. Louis that it is binding on
57
1/ 6
member banks
lana Bankers Association:
Social Security Act, reply to Mr. Warrick's suggestion that Board
rule on voluntary subjection by member banks to
provisions of, in connection with which he has
requested ruling of Commissioner of Internal
12/ 9 2196
Revenue
s, discounts for, under
i'd-duals, partnerships and corporation
Sec. 13 of FRAct, extension of authority to
FRBanks to make, for additional six months, to
July 31, circular re, revised to conform to
205-9
1/24
Banking Act of 1935


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Federal Reserve Bank of St. Louis

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Industrial banks, liabilities and resources, reply to Rand McNally
Bankers Directory re inclusion in total of, of
figures for
Industrial Indemnity Exchange, deposits of, may not be classified as
savings accounts, reply to FRBank of San Francisco
Industrial loan departments:
Farmers State Bank of Alto, Mich., no objection to establishment
Saginaw State Bank, Saginaw, Mich., granted permission to operate
Inflation:
Federal Advisory Council, report of feeling re trend toward, in
credit and prices, and request as to possible action to check, discussion of, statement of
Chairman Eccles and statement of Mr. Goldenweiser
11/17
Presidents' Conference requested for advice as to fear of, opinion that it is more quiescent, that there is some
hedging but funds are available for mortgage
financing and long term credit
3/17
Information furnished public by Board, letter to Senator Byrd,
Select Committee on Investigation of Executive
11/20
Agencies, submitting certain data re
Inquiries from member banks and individuals re interpretations of
law and regulations, to be referred in future
8/
to appropriate RBank for answer
Insurance:
Accident, on employees of Board working at site of new building,
Secretary authorized to procure
5/15
FRBank of Minneapolis, extension for year of group life insurance policy, noted with approval
4/15
York, group life policy, reply to Mr. Sailer re
FRBenk of New
increase in cost of, that there is no objection
to continuing indefinitely
1/20
FRBenk of St. Louis, contributory group life insurance policy,
reply to Mr. Stewart that there is no objection
to continuing providing cost does not materially
7/14
exceed estimate
shipments of coin, currency, bullion, etc., letRegistered mail
ter to Mr. McReynolds re possible discontinuance
of
5/13
State member banks:
Membership condition prescribed for Security Bank and Trust
Company of Owatonna to prohibit writing, Mr.
McKee opposed, Division of Examinations making
study, condition desired by counsel, condition
eliminated
3/ 6
Writing of, applications of St. Louis banks for fiduciary
powers in order to continue, granting would establish precedent, action deferred, statement
that likelihood of withdrawal from membership
11/12
should not bar refusal
11/25
Conference with Mr. Wood to be held Nov. 30

1/31 2°


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Pages
''sured bank", report by Mr. Ransom that he had abandoned hope of
influencing FDIC to change use of term, no
7/15
further action to be taken
Ilisured banks:
Citizens Bank and Trust Co., Carthage, Tenn., deferring of withdrawal from FRSystem to be suggested so that it
3/14
can be accepted as insured bank simultaneously
4/17
FDIC, letter to, re use of term "Member of FDIC"
by FDIC in referring to nonmember insured
Nember", use of term
banks, draft of memo re, statement of Mr.
O'Connor that solution could be reached, Chair1/30
man authorized to take up with
Regulation U, expression of appreciation at offer of FDIC to
4/ 2
notify of provisions of
Inte
Fund:
rdistrict Settlement
Clearings of FRnotes to be made in even thousands effective
11/28
Dec. 1
note clearings through to be in thousands of dollars effective
Dec. 1, transit clearing in thousands to be
11/28
considered by Presidents' Conference
Signature of orders on, counsel unwilling to approve proposed
amendment to Board's bylaws to permit Chief or
Assistant Chief of Division of Bank Operations
to sign, procedure is agreeable to Treasurer,
3/21
to be resubmitted with further amendment
Transit clearing in. even thousands of dollars, proposal objected
to by some IRBanks, to be considered by Presi11/28
dent's Conference
Iliterect.
Absorption of exchange and collection charges, reply to Senator
Barkley re provision of Regulation Q prohibiting,
1/ 9
and stating that provision has been suspended
Certificate of deposit renewed within ten days after maturity,
Board waives requirement for payment for intervening period that certificate be postdated to
5/18
maturity date
Compounding monthly at 1%, reply to Mr. Fletcher on inquiry of
First National Bank at Pittsburgh, that it is
1/20
not permissible
of
Court funds in New York, demand deposits, reply to Department
Audit and Control that interest may be paid
5/ 6
upon, under State law, until Aug. 24, 1937
Definition of, in Regulation Q, reply to Mr. Awalt on interpre1/10
tation of
of letter being sent to member banks
No objection to copy
1/21
in 12th district
2/11
FDIC to be published in FRBulletin
Regulation of
of Regulation q, Mr. Ransom to recommend
Subsection l(f)
10/ 6
that it be placed in effect
Statement of Mr. Broderick that he hopes Board will make effective, regardless of what effect it might have
11/12
on membership in ERSystem
(See also Regulations, Board of Governors)

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Interest: (Continued)
Demand deposits:
Government funds, reply to First National Bank of Conawa,
12/22 2265
Okla., that it may not now be paid
Indian funds, reply to First National Bank of Conawa,
12/22 2255
Okla., that it may not now be paid
Similar reply to Tradesmens National Bank, Oklahoma
12/22 2266
City
Payment of accrued, after Aug. 23, 1937, on Indian funds,
Postal savings funds and other Government funds,
reply to First National Bank, Conawa, Okla.,
12/22 2255
that it may not now be paid
Postal savings funds, reply to First National Bank of Conawa,
12/22 2255
Okla., that it may not now be paid
Franklin County Bank, Washington, Mo., carries account of Bank
of Washington representing pro rata share of
Franklin County funds, interest payment thereon
7/10
is illegal
rate on time and savings deposits prescribed
Indiana, maximum
in Regulation 10, letters to FRAgents at Chicago
51
and St. Louis that it is bindin;: on member banks 1/ 6
Indirect payment, Boston Clearing House Committee, memo of Mr.
Owens re effect of suspended provision of Regulation Q on furnishing articles and services,
reply that questions cannot be answered until
512
3/ 5
definition of interest is adopted
"Intrest checks": (See infra "'Utility certificates")
Iowa, reply to Iowa Bankers Association on action Board would
take if State Banking Board should prescribe a
1/15
maximum rate of 2% on time and savings deposits
Maximum rate under Regulation q:
Change in, report of Mr. Ransom recommending that any action
be deferred until a change in existing circumstances called for farther consideration, ap7/15 100
proved
Presidents, statement requested from, re desirability of
605
3/17
reduction in
Protest of Senator Glass, reply prepared, Board members to
1/ 9
consider, and take up at later meeting
recommended by Mr. Morrison, referred to
Reduction to 1
520
3/ 6
Mr. Ransom for recommendation
Suggestion of Mr. J. Frank Russell, Hartley National
21.91
12/ 8
Bank, Bedford, Pa. re, reply
Board not contemplating further reduction at present,
12/12
reply to Citizens National Bank, Emporia, Va.
Reply to Harry A. Honker that Board does not at this
time have under consideration any further re12/30 23.2
duction
6/22 1
Ruling to be published in FRBulletin
Regulations Bulletin
Mississippi, rate which may be paid under
No. 5 and under Supplement C to, letter to Mr.
1/14
Wood re effect on time and savings deposits

1554


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Federal Reserve Bank of St. Louis

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Pages
erest: (Continued)
Nicholson Cemetery Association - Permanent Deposit, reply to
Comptroller that First National Bank, Nicholson,
must take immediate steps to reduce interest
7/20
rate from 4% to 2:WL
PeYment on deposits which may no longer be classified as savings
accounts,. may not be paid for period succeeding
Jan. 1, reply to Mr. Peyton on inquiry of First
3/ 4
Bank Stock Corporation
Postal savings deposits:
Mississippi, letters to Messrs. Wood and Clark that Regulations Bulletin No. 5 and Supplement C thereto,
1/14
are applicable to, and copies to Comptroller
New York maximum rate which is below statutory rate for,
1/15
reply to Iowa Bankers Association on effect of
rate payable on, reply to President Young
Vermont, maximum
agreeing with position taken in letter to Mr.
9/25
Ellenberger
Plano funds:
Iowa Bankers Association, reply to, on interpretation of
Sec. 324 of Banking Act of 1935, which excepts,
for two years, from prohibition on payment of
1/10
interest on
New Jersey, letter to Mr. Case re inquiry of First National
Bank of Bloomingdale as to payment on, suggesting conferring with IRBank of Philadelphia, and
1/15
letter to Mr. Storch of bank re
Rates:
Earnings of member banks, statement of Mr. Ransom at meeting
with presidents that he is interested in increasing but that he does not believe increased rates
3/16
would aid
Reports requested of member banks as to rates on deposits and
8/ 4
loans
Regulations of Board, FDIC and State authorities re interest,
reply to Commission for Financial Institutions
of Indiana re suggestion for conference to
reconcile differences, that conference has been
5/ 6
arranged with FDIC
5/ 6
Memo of Mr. Wyatt re proposed conference
RePorts on FR 249 re rates on deposits and on loans, reply to
FRBank of San Francisco that there is no objec10/12
tion to releasing summary to member banks
Sevincs accounts:
Borough of Waynesburg, reply to First National Bank and
Trust Company of Waynesburg that deposit may
not be classified as, and interest may not be
2/17
paid thereon
First-:Mechanics National Bank of
Payment on, reply to
Trenton, N. J., that it may not be paid in
excess of the rate of 2;d% per annum regardless
1/15
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248
Interest: (Continued)
Time and savings at mutual savings banks, question whether payment of dividends would constitute payment of,
Board not to reach decision until such bank ac5/18
tually applies for membership
Time certificates of deposit:
Farmers and Mechanics National Bank, Woodbury, N. J., reply
to Mr. Ware that State law limits rate if below
Board's maximum and that no interest may be paid
6/10
on deposit of 14 days' duration
Maturity of six months or more, advice to Citizens National
Bank and Trust Co. that interest may be paid
1/11
at 2160 per annum
Payable upon six months' written notice by Mr. Harr and
callable by First National Bank of Gettysburg
after 30 days' notice, shorter period governs
4/25
in determining maximum rate
Payment of, for monthly periods when deposit is withdrawn at
end of two and a half months, and prior to
maturity, member bank should not deduct interest
credited
2/27
Payment when renewed within ten days of maturity, reply to
FRBank of Minneapolis re differences between
Board's and FDIC regulations, Board will not
4/13
object to practice
letter to Mr. Young and copies to other FRAgents 4/13
Similar
Letter to Telegraphers National Bank, St. Louis, Mo., re 4/13
Payment on, when renewed within ten days of maturity, reply
to Mr. Sargent that certificate must be postdated to maturity date
5/ 5
Payment on certificate callable by bank on 30 days' written
5/26
notice, ruling to be published in FRBulletin
Payment when renewed within ten days after maturity, ruling
5/26
to be published in FRBulletin
Subject to withdrawal on 31 days' notice, and 2% payable if
left six months or longer, question of termination of contract, no objection to payment at
2% if in effect Jan. 1, and terminated six months
1/ 6
from date, reply to Mr. Fletcher
Uninvested trust fund deposits payable on demand, Pennsylvania
Company for Insurances on Lives and Granting
4/29
Annuities under Pennsylvania law may pay
"Utility certificates" or "intrest cheks", evidencing demand
deposits upon which interest is payable if outstanding three months or more, reply to FRBank
4/18
of San Francisco that issue is not lawful
Vermont:
Maximum rate payable by national banks, reply to FRBank of
6/25
Boston
Maximum rate on time and savings deposits, letter of FRBank
of Boston advising member banks of effect of
12/22
State order approved


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Pages
131terest:
(Continued)
Wharton County (Texas) Conservation and Reclamation District
No. 1, no objection to payment of interest by
Security Bank and Trust Co., Wharton,on demand
deposits of, arising from arrangement with Com1/20
mercial State Bank of El Campo
Itte
rlocking directorates:
Contiguous and adjacent:
1/31
San Francisco and Oakland, ruled to be adjacent
Service of Mr. Milton to banks in towns which are "con1/31
tiguous" but not "adjacent", Prohibited
Miscellaneous:
Amory, Roger, may serve national bank and State Street
Trust Co., Boston, after consolidation of lat6/25
ter with Union Trust Co., until Feb. 1, 1939
Mr.
Atkins, C. H. M., reply to Mr. Fletcher re request of
George of Fifth-Third Union Trust Co., Cincinnati, that Board is unable to supply copy of permit, not to be advised until considered in
1/ 6
light of revised Regulation L
6/12
Feb. 1, 1939
No objection to continued service until
Los Angeles,
.eirst Industrial Loan Company of California,
Calif., reply to Mr. Sargent re service of
directors of, as directors of member banks,
that Regulation L, soon to be issued may dis1/ 2
pose of question
Kemp, Robert D., reply to RBank of Philadelphia that service on advisory committee of Wilmington Trust
Co. does not come within provisions of Clayton
10/ 6
Act
LeBlond, R. K., reply to Mr. Fletcher re request of Mr.
George of Fifth-Third Union Trust Co., Cincinnati, that Board is unable to supply copy of
1/ 6
permit, service appears legal
Massone Savings and Loan Association, Massena, N. Y., reply
to Mr. Gidney that it is not a "bank" and ser7/30
vice to, and to member bank is not prohibited
Milton, John, service permissible, as Jersey City and
8/28
Newark are held not contiguous
Murphy, Henry C., reply to Comptroller, in connection with
conversion of Upper Avenue Bank into' Upper
Avenue National Bank, that he may continue to
serve, even after Feb. 1, 1939, as other insti7/20
tution is in town 65 miles distant
connection with
Osgood, Roy C., reply to Comptroller, in
conversion of Upper Avenue Bank into Upper
Avenue National Bank, that he may continue to
7 0
/2
serve until Feb. 1, 1939
of service to two national
Shelley, George E., question
banks and newly organized trust company, latter
6/25
in place of organization now out of business


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Interlocking directorates: (Continued)
Miscellaneous: (Continued)
Smith, Edger, question of service to two national banks and
newly organized trust company, latter in place
of organization now out of business
Stanley, E. B., copy of permit forwarded to Mr. Fletcher
for transmittal to Mr. George, Fifth-Third
Union Trust Co., Cincinnati, Ohio
Welch, Andrew, Class C director at San Francisco, reply that
Sec. BA of Clayton Act was repealed and there
is no longer any question as to eligibility
Wheeler, Harry A., question of service involved as he merely
presides at directors' meetings and attends
executive committee meetings, question of interpretation of "executive officer" in Regulation 0 also involved, Board cannot permit
service
Advice of action transmitted
Oakland, question of adjacency to San Francisco reconsidered
and held not to be adjacent, Board may desire
later to consider again and hold adjacent
Review and reports re permits, telegram to all FRAgents that
Sec. 4 of Regulation L supersedes X-7426 and
TRANS 2225
Service under Banking Act of 1935:
Acher, John W., reply to Mr. Peyton that "legal service"
on Aug. 23, 1935, depends on whether bank merely
changed name and location or whether it became
another corporation
Atkins, C. H. M., Norwood and Cincinnati are contiguous
hence there is no application of exception involving substantial competition
Barbour, J. E., service as vice president of national bank
on date of enactment of Banking Act of 1935
was not legal, hence is not permitted now
Bench, Edward C., service not prohibited as New York City
and Englewood, N. 3., are not "contiguous or
adjacent"
Brown, Thatcher M., service appears unlawful, but hearing
will be granted Mr. Pell in connection with
Corby, Karl W., reply to Mr. Fleming that under amendments
to Clayton Act, his service as director of Piggs
National Bank and W. B. Hibbs and Co. is no
longer prohibited
Curtis, Louis, permit previously granted was in effect
August 23, 1935, hence continued service is
legal until February 1, 1939
Damerel,H., permit was not submitted to Board prior to
Aug. 23, 1935, may continue to serve one bank
under resolution of Sept. 13 and other two until
Feb. 1, 1939, continued service depends on contiguity of two towns involved
Reply to Mr. Sargent that service to banks in Azusa and
San Dimas is not prohibited

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251
Pages
Illterlocking directorates: (Continued)
Service under Banking Act of 1935: (Continued)
Dunn, Burton, service to title company is not within provisions of Clayton Act
Edwards, J. Renz, service to banks named not permissible
and Board's resolution of Sept. 13, 1935 is not
applicable
Hinds, General Ernest, service to two banks in San Antonio
prohibited
Jackson, John B., exception re ownership of more than 50%
of stock of banks involved by same directors,
not applicable
Johns, Glover S., service to title company is not within
provisions of Clayton Act
Karraker, R. W., exception re ownership of more than 50c; of
stock of banks involved by same directors, not
applicable
Kinney, R. W., service depended upon contiguity of Oakland,
and San Francisco, assumed that Mr. Sargent has
concluded that they are adjacent
Reply to Mr. Sargent that San Francisco and Oakland are
"adjacent" within meaning of Clayton Act and
service prohibited
Reconsidered and held not to be adjacent, but Board
may consider again, reply to Mr. Sargent
Luce, Charles A., reply to Mr. Case that Board agrees that
service is within exception as two towns involved are not contiguous or adjacent
Miller, Lawrence M., may continue service which was legal
on Aug. 23, until Feb. 1, 1939, but may not
serve as president also of one of institutions
Milton, John, reply to FRAgent that service is prohibited
to banks in towns which are contiguous, but not
adjacent
Wheeler, Harry A., reply to Mr. Stevens that service as
officer of bank was not covered by permit on
Aug. 23, 1935, and that therefore, he must
sever connection with one bank
Whittemore, Clark McK., may serve national bank and two
trust companies under exception (4) to Sec. 8
of Clayton Act
Violations, letter to FRAgents that Comptroller has ceased
practice of reporting to Board in national
banks
114
Longshoremens Association, Local 38-82, deposits
ernational
may not be classified as savings accounts, reply to Mr. Fetzer
Illt ernational Union of Operating Engineers, Local No. 393, reply to
Congressman Rogers re letter of Mr. Van Presser,
that Board has no jurisdiction over possible
affiliation with Oklahoma City Branch engineer


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3/24

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4/18

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5/20

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5/19

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252
Investment securities:
Bonds of Bath Iron Works, holdinz by Depositors Trust Co.,
/
6/17
Augusta, Me., not violation of regulation
4/25
Interpretation of Comptroller's regulation
Limitation of 10% imposed by Sec. 5136, B.S., upon amount any
bank may hold of one obligor or maker, advice
to all RBanks and to Mr. Evans re inclusion
in term of another corporation which has
guaranteed obligations, a parent corporation
7/13
or lessor corporation
Municipal obligations in default, reply to Mr. Burke that Comptroller's regulation re investment securities
does not forbid purchase of, by State member
3/24
banks
Notes which are in fact securities, reply to Mr. Stevens re interpretation of Board's ruling, X-9322, subjecting such notes to restrictions of Sec. 5136
of Revised Statutes as applicable to their pur2/27
chase by State member banks
Preferred stock, called, reply to State-Planters Bank and Trust
Co., Richmond, Va., that Sec. 5136, R.S., pro5/
hibite purchase of, letter to Comptroller re
Regulation of Comptroller, reply to latter offering certain objections to portions of, intended to clarify
as concerns State member banks
1/27
Letter to FRAgents re replies of Comptroller to cuestions
raised under, and reply to Mr. Sargent that
gradual liquidation of excess investments is
permissible
4/ 4
5/ 1
Interpretation, Questions raised by Bank of Jamestown
Statement of Federal Advisory Councilman Smith in criticism
of certain features of
5/19
Bonds convertible into stock only at option of holder, reply
to Mr. 'Young and advice to IRAgents re effect
of Comptroller's speech before California Bankers
Association on right of member bank to purchase
6/ 5
Reply to Mr. Swanson re inquiry of First State Bank of
Rushmore re
6/ 5
Rulings of Comptroller under Sec. 5136, R.S., copies to be
furnished to Board for distribution to State
member banks and no objection to publication
in FRBulletin
6/18
State member banks, purchase of, draft of reply to FRBank of
Chicago interpreting Board's letter of Sept.
11, 1935 (X-9322), should be revised, referred
back to Counsel's Office
2/18
Investment trusts, hearing to be held by Securities and Exchange
Commission of officers of Liberty Share Corporation, advice to Board because of close connection with Liberty Bank of Buffalo, Board to
send observer
12/28


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253
Peges
41va:
Interest rate, reply to lama Bankers Association on action
Board would take if State Banking Board prescribed maximum of 2'4 on time and savings deposits
ckot Bankers Association:
Branch banking statistics, reply to Mr. Warner that in future
explanatory note will be added re offices maintained to receive deposits and cash checks
F°r[ilis of certificates of deposit submitted, reply to Mr. Warner
that they conform to provisions of Regulation Q
Interest payment on deposits, reply to Mr. Warner re State limitation on rate as affecting Postal savings deposits, and what action Board would take if
Iowa State Banking Board reduced maximum rate
PUblic funds, reply to, on interpretation of Sec. 324 of Banking
Act of 1935, which excepts, for two years, from
prohibition on payment of interest on
Irwin
and Leighton, Philadelphia, Pa., selected as alternate for
nine firms to be invited to bid on Board's new
building

1,
X11 0
xe -on,
' William H., present at meeting of Board on Regulation U

enicke, Reichsbankrat: (See Foreign banks, Reichsbank)
erfles Baird Co., Washington, D. C., to be invited to bid on Board's
new building
submitted by
Lids
T
Elly43 Stewart and Co., Inc., New York, N. Y., to be invited to bid
on Board's new building
. Bids submitted by
3
S. A.: (See National banks, Citizens National Bank and
Trust Co., Mansfield, 3hio)
.
1 t"y
Banking Corporation, par list, inclusion approved,
enrY Schroder
although not strictly a banking institution
ho u
' W. Cowper Co., Inc., Washington, D. C., to be invited to hid
on Board's new building
.
30 Bid submitted by
44 Griffith and Son, Chicago, Ill., to be invited to bid on
Board's new building
Bid submitted by
114 McShein, Philadelphia, Pa., selected as alternate for nine
firms to be invited to bid on Board's new buildlug
Ioh„
., 80n, Harold: (See Nebraska)
480n, H. S.: (See Removal of officers and directors)
1Z
'Janson, Senator Hiram:
Shasta Snow Cone Machine Company, reply on effort of Mr. Mattox
to secure industrial advance from FRBank of
San Francisco


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1/2

3

4/30

929

1/ 2
1/30

3
234

1/ 2
1/30

3
233

1/ 4

46

1/2
1/30

3
233

1/2
1/30

3
234

1/2

1/6

59

page;

254
(See National banks, Iirst National Bank of Bradley
Beach, N. J.)
Johnson, Welter L., present at meeting of Board to discuss Regulation
Johnston, L. H., present at meeting of Board to discuss Regulation U
Joint stock land banks:
Louisville Joint Stock Land Bank, fiscal agency functions performed by Louisville Branch in connection with
bonds of, at request of Farm Credit Administration, opinion of Board that request should be
made by Secretary of the Treasury
Copy of letter re to be sent to all YRBanks
Union Joint Stock Land Bank of Louisville, fiscal agency functions performed by Louisville Branch in connection with bonds of, at request of Farm Credit
Administration, opinion of Board that request
should be made by Secretary of the Treasury
Copy of letter re to be sent to all FRBanks
Judd and Detweiler, Inc.: (See Printing)
Johnson, R. F.:

4/22
4/22

939
939

5/13 1°15

5/13 1016
5/13
5/13 1°'

"K"
Kennedy, B. R.: (See Federal Register)
Kennedy, Walter: (See National banks, First National Bank of Montgamery, Ala.)
Kent, Fred I., Regulation U, reply re letter on suggestions by Advisory Committee of New York Stock Exchange
(See National banks, Citizens National Bank
Keogh, Edward S.:
of Freeport, N. Y.)
Kopplemann, Congressman Herman P., flood conditions, letter requesting financial aid to sufferers in vicinity of
Hartford, Conn., letter to be prepared to Governor Young suggesting liberal attitude toward industrial loan applications, possibility of aid
from other Government agencies

Labor unions:
Affiliation of engineer of Oklahoma City Branch with
Deposits of, may not be classified as savings accounts
Savings deposits, reply to Mr. Young that funds of, may not be
classified as
Lamson, Arthur C., reply re applicability of Regulation 0 to service as inactive executive officer of national
bank
Lancaster, W. W., present at meeting of Board to discuss Regulation

5/

951

3/25

665

5/19 1°56
;
1
5/20 '
1°


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Federal Reserve Bank of St. Louis

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3/13

611
'

4/22
Landis, James M.: (See Securities and Exchange Commission)
Larkin, Rathbone and Perry, loan to corporate investment trust for
retirement of debentures, reply to FRBank of
New York re inquiry of Larkin, Rathbone and
Perry on behalf of Central Hanover Bank and
Trust Co. that Regulation U is applicable to

4/10

809

11/ 5 2°

255
Pages
7
1
/ 8°/1) N. E.: (See Rand McNally Bankers Directory)
Zell, P. W.: (See State member banks, Bank of Jamestown, N.Y.)
°ague of Nations:
Iinancial committee, American representation, cablegram of
Secretary Hull re desire of League secretariat
for, suggestion of Mr. Riefler, Board not will12/18
ing for Mr. Williams to serve
Mr. Riefler to
Mr. Williams not to be considered further,
be proposed as alternate to Mr. Norman Davis,
report of Chairman re discussion with President
/2
12 9
Harrison re
tellseci wire system:
Atlanta - New Orleans telegraph wire, discontinuance of and
substitution of timed wire service under con10/23
tract
letter to A. T. & T. requesting
Chicago=Minneapolis circuit,
substitution of automatic sending TO( equipment
for present leased wire, procedure for handling
vouchers, advice to President Peyton and Mr.
12/15
Olson
American Telephone and Telegraph Co., letter to
Contracts with
Mr. I. W. Adams re new form of, suggesting
changes and letter to Federal Communications
Commission requesting advice of future changes
12/11
in tariffs
of
Cost of messages, Governmental agencies, reply to IRBank
Chicago re rate charged, and suggesting that
lower rate in use between Chicago and Detroit
5/19
Branch be used in charging
2/14
payment
EXpenditures covering costs of, procedure for approving
New York - Washington, changed from duplex to single wire and
request that three way switch at New York be
6/ 1
changed to single switch
approved, re payment
Recommendations of leased wire committee
by Board for its messages, transfer of Washington operators to Board's payroll, changes in
monthly statement and accounting, etc., letter
3/26
to all FRBanks
FRBank of Dallas, reply to
Regulations regarding transfers,
Governor McKinney that regulation of Jan. 3
applied only to wire transfers but ff proposed
circular relates also to mail transfers, there
2/ 6
is no objection to changing liability clause
Teletype equipment, letter to Chairman of Leased Wire Committee
approving recommendations and Board to proceed
with installation of machines on Washington-New
York, New York-Chicago and Washington-Chicago
6/30
circuits
Washington office, operaPersonnel problem considered as to
tors to be retained for present, assistance in
6/30
securing other positions to be offered

C


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pages

Leased wire system:
Teletype machine test, letter to President Schaller as chairman
of Leased TNire Committee referring recommendation of A. T. & T. re use of page machine in
preference to tape machine
Treasury telegrams, letter to Secretary of Treasury reviewing
history of absorption by FRBanks of expenses
of, and requesting that after this month payment
be made therefor, or some arrangement be made
under which Board and FRBanks would be relieved
7/16 1576
of this expense
Reply to Mr. McReynolds that uoon his assurances of payment
commencing Jan. 1, 1937, expenses will continue
to be absorbed until end of current year, advice
7/31 1466
to FRBanks
Vouchers for telegrams sent over branch lines, advice to FRBanks
re refusal of General Accounting Office to approve because of method of computation of cost
not shorn, such vouchers to be uniform in future 1i/25 219
Leaves of absence:
Annual and sick, Civil Service Commission and Council of Personnel Administration to draw up regulations under
Act of March 14, 1936, representative of Board
requested to attend meeting, Mr. Morrill authorized to designate representative as observer
M59
only
3/25
Board of Governors, Government limitation for sick and annual,
adopted, regulation not to be drawn up until
Government departments have adopted their regu90-4
lation
4/28
Secretary or an Assistant Secretary authorized to approve
30 days sick leave beyond accrued sick leave
4/28 °
upon recommendation of head of division
Douglas, Edward O., RBank of New York, leave with pay for one
week granted in addition to regular leave
10/10 1664
FRBank of Cleveland, employees granted week with pay to attend
banking lectures at University of Michigan,
5/18 1°41
approved
FRBanks:
Annual and sick, question of following governmental practice
605
3/17
raised at Presidents' Conference
Government limitations for sick and annual, suggestion of
Chairman that they be requested to conform to,
no action, Mr. Smead to obtain full information as to present leave schedules
4/28
Graduate School of Banking, letter to all presidents that
additional annual leave may be granted for attendance
Modification of Board's circular of Dec. 5, 1932, authorizing granting in excess of annual leave to attend Graduate School of Banking or as delegates
to conference of A.I.B., without securing
Board's advance permission
4/16

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Federal Reserve Bank of St. Louis

257
Pages
Lea,

es of absence: (Continued)
FRBanks: (Continued)
Modification: (Continued)
Advice to FRBank of New York that authorization fully
covers additional leave with pay granted to
4/28
three employees
Policies, memo of Mr. Smead re, recommending no action to
seek conformity with Iederal practices, that
FRBanks be requested to advise Board of any
change in practices, and that review be made
of practice at FRBank of Minneapolis of considering all leave other than annual as sick
7/23
leave, approved
Helm, J. W., FRBank of Kansas City, granted additional leave
4/18
with pay
Herring, Allene, Counsel's Office, sick leave granted not in
excess of that accrued in connection with last
10/ 9
illness and impending death of mother
Jones, Laurence, FRExaminer, granted one day, six hours with
9/ 2
pay in addition to regular annual leave
Linke, Robert N., temporary employee in connection with Board's
new building, leave with pay granted for time
5/13
absent because of accident
Litchfield, Mrs. Susan Eurr, Division of Research and Statistics,
granted leave without pay from Aug. 7 indefi8/ 4
nitely, for personal reasons
McAdams, A. M., Assistant FRAgent, IRBank of Kansas City, granted
leave with pay for six months on account of ill7/29
ness
941rff, Gordon R., Assistant IRExaminer, sick leave granted with
pay Feb. 6 to Sept. 1, and per diem allowance
3/12
granted i'eb. 6 to March 3
O'Donnell, Thames B., Assistant YPExaminer, granted additional
6/13
30 days' leave with pay on account of sickness
account
Leave for two additional weeks granted with pay on
7/16
of illness
Peyton, J. N., President, IRBank of Minneapolis, plan to be
4/24
away from bank for period to visit Europe
Chicago, granted six
Pitman, Carol F., Chief Examiner, 1RBank of
4/30
months leave of absence to assist IDIC
Division or Research and' Statistics,
Reehling, Mrs. Ruth Porter,
9/19
additional sick leave with pay granted
Rice, Mrs. Margaret A., Secretary's Office, leave granted for
6/ 2
27 days without pay
Sick leave granted to employees in excess of 30 days, Board approves procedure whereby such leave would be
approved by executive committees of FRBanks and
2/11
reported to directors at next meeting
Sissman, Mrs. Louise, Division of Research and Statistics,
granted leave without pay to attend summer ses7/ 1
sion at Columbia University


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Leaves of absence: (Continued)
Stewart, C. M., Assistant tl?Agent at St. Louis, vacation from
July 6 to July 31, noted without objection
Tappy, Mrs. Elizabeth P., Division of Research and Statistics,
granted additional sick leave because of approaching confinement
Leggett, Eugene S.: (See National Emergency Council)
Legislation:
Administration program, review by Mr. Eccles of conversations re
banking legislation, desire to use facts brought
out by special studies previously requested,
question raised by Mr. McKee as to propriety
of sponsoring
Annual Leave Act of March 14, 1936, not determined yet as to
applicability to staff of Board
Assignment of duties to members of Board, amendment to FRAct
tentatively proposed
Assistant FRAEents, authorization to act for FRAgent when there
is vacancy and to eliminate requirement of
tested bankinc!, experience proposed tentatively
in amendment to FRAct
Bank for International Settlements, amendment to FRAct tentatively proposed to make clear that a member of
the Board of Governors may serve as director
Banking, no likelihood of enactment of any at this session of
Congress, two topics suggested for Federal Advisory Council not discussed
Banking Act of 1933, Sec. 30, suggestion of Mr. Ransom that
senior staff make recommendation as to any desirable amendment to, approved
Capital requirements for membership and branch banking, amendment to FRAct tentatively proposed to modify
Chairman and FRAgent, separation of office proposed tentatively
in amendment to FRAct
Conference to be held Dec. 22 in office of Secretary of Treasury
of representatives of Treasury, F.D.I.C., P.F.C.
Comptroller and Board, tentative suggestions for
Dividends of FRBanks, amendment to FRAct tentatively proposed
to reduce cumulative dividends to 4% and to permit payment up to 6% when earned during current
year
Federal Open Market Committee, amendment to FRAct tentatively
proposed to change method of selection of FRBank
representatives and to require that they all be
Presidents of FRBanks
FRAgents, proposal of Personnel Committee to make recommendation
at next session of Congress for separation of
functions of, and of Chairmen
FRnotes, letter to Secretary of Treasury suggesting changes in
form of resolution authorizing reimbursement of
1RBanks for replacement of series 1928 notes
with series 1934


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Pages
Legslation: (Continued)
FRnotes: (Continued)
Penalty for paying of another IIRBank's notes by a FRBank,
amendment to PAct tentatively proposed to re12/18
peal
Government securities as collateral for FRnotes, amendment making present authority permanent suggested, with
suggestion that it be taken up with Congress
separately in order to secure action before
12/18
March 3, 1937
Governors of the Federal Reserve System, amendment tentatively
proposed to 1RAct to penult participation in
12/18
Retirement System
H. R. 8368: (See infra Liquor drafts)
R. R. 12395: (See Revenue Act of 1936)
Hearings of Board of Governors, amendment to FRAct tentatively
12/18
proposed to facilitate
Interpretations of law, reply to Mr. Clerk re his suggestion
that they be furnished to FRBanks in digest
form, advice that Digest of Rulings is being
9/17
brought up to date
Liquor drafts, collection of, advice to
of San Francisco
RBank
re status of bill, H. R. 8368 to repeal crim5/27
inal provisions re
waiver of requirements, amendment to
Membership in FRSystem,
FRAct tentatively proposed to make effective
immediately provision for, to facilitate entry
12/18
of banks to continue insured status
Public Utility Holding Company Act:
Applicability to banks, recommendation of Mr. Vest that let5/ 2
ter of SEC be published in IRRIlletin, approved
Rules of Securities and Exchange Commission, under Sec. 17(c),
7/23
to be published in ERBulletin
Violations of Sec. 17(c), reply to FRBank of Cleveland
12/19
that it is not required to analyze reports for
Pensions for Board members, reply to Congressman Mott re provisions for, proposed at last session of Cong11/ 4
ress
Revenue Act of 1936, amendment suggested to exempt holding company affiliates from tax on that part of earnings Sec. 5144 requires them to set aside, re5/15
quest to be drafted
5/16
Letter to Senator Harrison re, approved
Amendment proposed by Board to exempt holding company affiliates from taxation on surplus under Sec.
5144, R.S., adopted but requirement for certification inserted, question of elimination
6/ 3
to be looked into
Exchange Act of 1934:
Securities
Addition to Sec. 23(a), letter to Securities and Exchange
Commission requesting that "or the Board of
Governors of the Federal Reserve System" be
3/26
included in proposed

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Federal Reserve Bank of St. Louis

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2235

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260
Legislation: (Continued)
Securities Exchange Act of 1934: (Continued)
Amendment to, provided in Sec. 3 of S. 4023, letter to
Chairman Landis of SEC that it is broad enough
to include banks
Amendment to Sec. 15(e), reply to Chairman Landis of Securities and Exchange Commission expressing appreciation at submission of, to Congress
Amendment to permit nonmember banks to voluntarily cancel
agreements under Regulation T, reply to France,
McLanahan and Rauzer that Board has not requested
S. 3727, bill making unclaimed deposits in national banks subject to escheat laws of States, no report to be
made on
S. 4357, report requested by Treasury, reply to Mr. McReynolds
that because bill affected national banks as
to escheat laws of States, Board expected to
make no report, in accordance with procedure
agreed upon on Feb. 27, 1935
4023: (See supra Securities Exchange Act of 1934)
4514, relating to payment of dividends by national banks,
objections to, Chairman authorized, in event
bill seems likely to became law, to take such
steps as he considers necessary
Consideration given to, outlined for Federal Advisory
Council, belief that bill will not pass
chart of functions and activities of Board and stateS.P. 217,
ment of expenses for 1935 sent to Senate Committee on Federal Organization under
Sick Leave Act of March 14, 1936, not determined yet as to applicability to staff of Board
Social Security Act:
Amendment proposed to bring all banks under, memo of Mr.
Vest re effect on FRBanks, attention called to,
by Mr. Ransom with request that Board members
consider also effect on member banks
Report of Chairman that it would bring FRBanks under,
data to be compiled to show contributions
necessary, then to consider whether to recommend continuance of exemption
Member banks, reply to Indiana Bankers Association re suggestion that Board rile on voluntary subjection
to terms of, in connection with which he has
requested ruling of Commissioner of Internal
Revenue
Monetary aspects of, discussed informally by Chairman with
Mr. Winant and will be discussed further, Division of Research and Statistics has been requested to prepare study, to be discussed by
Board
National banks ruled to be instrumentalities of U. S. by
Bureau of Internal Revenue and exempt from
taxes thereunder


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Federal Reserve Bank of St. Louis

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926

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261
Pages
Lem,
tAaation: (Continued)
Social Security Act: (Continued)
State member banks, proposed letter to Camlissioner of Internal Revenue requesting ruling if act is applicable, sending deferred
Taxes under, three rulings of Bureau of Internal Revenue
re applicability to national banks, State
member banks and nonmember banks, to be published in FRBulletin
State, proposed, Presidents requested by Mr. Ezymczak to give
consideration to
Uniform Trust Receipts Act, committee of American Bankers Association to study, reply to request for position
of Board regarding receipts
Letterheads,
Board members, to be printed with individual names for
those desiring
14
State banks, and resources, reply to Rand McNally
Bankers Directory re inclusion in total of, of
Morris Plan banks and industrial banks
Librezies:

7/31

1463

10/27

1955

3/16

596

8/25

1584

2/14

352-3

1/31

269

PRBank of Minneapolis, reply to Mr. Peyton re action in making
available to member and nonmember banks in
district and that other YRBanks are being ad10/16
vised re
Philadelphia, reply to Mr. Austin re discontinuance
FREank of
of service several years ago and re such work
11/ 6
recently inaugurated by FRBank of Minneapolis
ticell8ing of banks, signatures of recommendations to Secretary
of Treasury, re issuing to newly admitted
State banks, advice to all Presidents that
8/25
President or Vice President should sign
Lic
mdations, national banks, Business Finance Co., reply that
Board cannot furnish names of those, in New
Jersey and that no action will be taken in
connection with notices of appearance in case
5/25
of two national banks
tit
rediscount of paper secured by warehouse receipts representing, reply to Union Commercial Corporation
re, and advising that age of whiskey would have
no effect on eligibility
_
ql1Qr drafts, collection by ERBanks, reply to Mr. Agnew, RBank
of San Francisco, that facts in particular
case should be decided by FRBank and stating
status of repeal of criminal provisions of
5/27
law re
and Liquor Dealers Association
Reply to National Wholesale Wine
that administration of Sec. 239 of Criminal
6/15
Code rests with Department of Justice
:
tlgt8
Nonnember bank agreements under Securities Exchange Act,
FRAgents notified that they may discontinue
furnishing lists to other FRAgents, and proce4/ 4
.
dure for Board furnishinE lists

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262
Lists: (Continued)
Stocks registered on national securities exchanges, supplement
to be published
6/19
(See also Securities exchange administration)
Livesey, F.: (See Department of State)
Livingston, W. H., member of firm of Paul P. Cret, present at meeting
of Board to discuss plans and specifications for
Board's new building
1/ 7
L. N. & S. P. Houston, Regulation 0 interpreted as not prohibiting
loan to partnership by Wood and Huston Bank
of which latter is executive officer, as both
possess equal interest in
1/31
Loan funds at FRBanks: (See Employees loan funds)
Loans:
Advances under Sec. 10(b) of FRAct:
Electric Home and Farm Authority paper, reply to Hamilton
National Bank, Chattanooga, Tenn., that it is
not eligible for discount but that it may be
7/10
used as collateral for
Ruling of Board that such loans may be made even though
member bank may have assets eligible for discount or security for advance under other sections of FRAct, final determination rests with
FRBank, advice to all ERBanks
7/ 8
Ruling re, to member banks which have not exhausted eligible
paper, to be published in FRBulletin
7/23
Affiliates, real estate corporations, loans to, by San Jacinto
National Bank, Houston, Texas, on real estate
mortgages, reply to Mr. Walsh re applicability
of Sec. 23A
2/17
Bank loans under Securities Exchange Act of 1934, reply to Mr.
Sargent and copy to other FRAgents re question
as to whether bank is on notice to restrict
credits granted to margin requirements, and re
5/ 6
examination procedure
Corporation, by member bank, executive officer of which is substantially interested in corporation, reply
to Mr. Wood that it is not violation of Sec.
22(g) or 22(d) of FRAct
2/19
Discounts for individuals, partnerships and corporations, extension of authority to FRBanks to rediscount for,
for additional six months, to July 31, circular
re, revised to conform to Banking Act of 1935
1/24
Authority has expired for FRBanks to make, question of renewal, suggestion of Mr. Broderick that FRBanks
be requested for views, adopted
8/27
Renewal of authority, letter to all presidents advising
that Board does not intend to make and requesting any necessity for
9/ 3
Memo of Division of Bank Operations re opinions of FRBanks
as to necessity for extension of authority, only
FRBank of Boston objected to lapse of, approved 10/ 2


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Pages

Loans:

(Continued)
Examiner for FDIC by bank under Title II of Federal Housing
Act, reply to FRBank of Cleveland that Department of Justice has not ruled on applicability
9/29
of Sec. 22(a) of FRAct
Farm, amount to be reported in condition reports of member
5/19
banks for Secretary of Agriculture
Government lending agencies, statement of Mr. Ransom at meeting
with presidents that he was interested in reducing activities of, and restoring field to
3 16
/
commercial banks
Government securities, question raised as to restriction on
total permitted to bank on security of, by Mr.
Von Windegger, Plaza Bank of St. Louis, referred
1 8
/2
to Comptroller
Industrial advances:
Anniston Soil Pipe Co., Anniston, Ala., reply to Representatives Hobbs re refusal of RBank of Atlanta to
3/23
accept application for
Birchfield Boiler Company of Tacoma, Wash., reply to
Senator Bone re reasons of FRBank of San Fran2/21
cisco for refusing application
1RBanks, letter to all, re expanding volume of, that study
of Committee on Direct Loans of the Associated
Business Papers indicates more can be done, and
1/ 4
form of letter for transmission to member banks
Governor Martin re proposed amendment to letReply to
1/ 9
ter to be sent to banks
Governor Schaller re amendment proposed to
Reply to
1/10
letter to banks
of proposed letter to banks from 1RBank of Dallas
Text
1/11
satisfactory
Flood conditions, reference to telegram sent to FRBanks in
flood territories requesting number of applica4/ 1
tions and survey of conditions
Flood sufferers in vicinity of Hartford, Conn., 1RBank of
Boston to be advised to be liberal as to appli3/25
cations in connection with
Legal fees in connection with applications, information requested from FRBank of Boston re practice of
6/ 2
charging borrower for
Losses to FRBanks, authorized to set up reserves or make
12/28
charge offs against
Munlock Engineering Co., Washington, D. C., reply to Mr.
McPherson re reasons of FRBank of Richmond for
2/19
refusing to make advance to
N. J., fee for Pitney,
Passaic Print Works, Inc., Passaic,
Hardin and Skinner approved for payment by
7/ 9
1RBank of New York in connection with loan
refusal of RBank of Atlanta to
Perkerson, C. T., reply re
3/26
grant application


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Loans: (Continued)
Industrial advances: (Continued)
Profits and losses on, FRBanks advised to follow same procedure as at end of 1935 re
Red Cap Battery Corporation, loss sustained by RBank of
St. Louis on commitment to First National Bank
of Louisville, Ky., in connection with loan to
Shasta Snow Cone Machine Co., reply to Senator Johnson on
effort of Mr. Mattox to obtain, from i4RBank of
San Francisco
Smell industry, reply to Mr. Radford re his radio address
with reference to loans for, outlining industrial loan policy of Board
Survey proposed by National Conference of Business Paper
Editors of field for, reply to Mr. Bill re proposed questionnaire and that Board is not willing to sponsor survey
Townsend Lawn Mower Co., employment by FRBank of New York
of Pitney, Hardin and Skinner in connection
with, approved
Interest rates, reports on FR 249 re, reply to FRBank of San
Francisco that there is no objection to releasing summary of, to member banks
National bank examiner, by State member bank, reply to Tompkins
County Trust Co., Ithaca, N. Y., re statutes
dealing with
purchase of, by State member banks, reply to Mr. Stevens
Notes,
re interpretation of X-9322 subjecting such
notes as are in fact securities to restrictions
of Sec. 5136 of Revised Statutes
Partnership, in which two men have equal interest, reply to Mr.
Wood re case of S. P. Houston, executive officer
of Wood and Huston Bank, that Regulation 0
does not prohibit extension of credit to
Partnerships of which one member is executive officer of member
bank, ruling re, under Sec. 22(g) of FRAct, to
be published in FRBulletin
Real estate, condition reports of State member banks, reply
to National Bureau of Economic Research giving
reasons Board is not willing to call for cammerciel and residential urban classifications
Real estate affiliate, wholly owned, request of Union Trust
Company of Maryland for amendment to membership
condition requiring publication of loans to, as
separate item, referred to Mr. McKee
Sec. 10(b) of FRAct, Federal Housing Administration mortgages
or modernization loans, reply to Mr. McDonald
that member bank notes secured by, may be considered under provisions of, by FRBanks
Sec. 23A of FRAct, Norristown-Penn Trust Co., Norristown, Pa.,
loans to affiliate involving acquisition of
title to foreclosed real estate, not applicable


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: (Continued)
Securities and exchange firm of Struthers and Dean, reply to Mr.
Starbuck that there is no legal restriction as
to his lending sum to, upon retirement
West Side Trust Co., Newark, N. J., on own stock, extension of
time for compliance with membership condition
requiring disposal of
4ceti0n of banks:
Bank of Haines, Ore., removal to Baker, Ore., and request for
permission to withdraw immediately from membership, information re intention to be obtained
as deposit insurance would cease immediately
Advice to FDIC re proposed withdrawal and permission granted
to examine
Removal from one place to another, reply to FRBank of San
Francisco that Board has ruled removing bank
must have capital sufficient for organization
of member bank in new location
c)
effler, W. G.: (See Federal Deposit Insurance Corporation)
4ondon, John R.: (See National banks, Peoples National Bank, Rock
Hill, S. C.)
"
14° °11 securities market, convenience and cost of, relative to New
York market for trading in American securities,
informal advice of Mr. Ahigham re
48 Angeles Times, editorial stating that banks may secure 100% of
face value of Government bonds in currency at
FRBank, reply to American National Bank, Santa
Monica, Calif., re
Lo
wenthal, Max: (See Committees, Senate, Interstate Commerce, Investigating Railroads)
1,4tdorf
and Bicknell, Chicago, Ill., selected as alternate for
nine firms to be invited to bid on Board's
new building
Lynch
Thomas C.: (See National banks, Carthage National Exchange
Bank, Carthage, N. Y.)

1/27

222

2/ 6

305

11/13

2056

11/16

2066

10/23 1937

10/29

1958

8/ 7

1505

1/ 2

rz

3/6

531

11/10

2028

12/29

2298

10/ 9

1863

10/10

1866

ttMt1

Donald, P. S., reply that amendment to Regulation T applied
increased margin requirements to all securities
in margin accounts
ackintosh, E. M.: (See Quarters of Board)
Pherson, Gregor:
Present at meeting of Board to make stenographic record of
hearing of Mr. Johnson
Stenographic record of hearing re removal of Mr. Johnson as
officer of Point Pleasant National Bank
(See also Hart and Dice)

Z

Confirmations of telegrams, mailing to 1RBanks to be discontinued
No objection to FRBank of Dallas and branches discontinuing mailing confirmations to Board

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Federal Reserve Bank of St. Louis

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266
Mail: (Continued)
Confirmations of telegrams: (Continued)
Reply to FRBank of Kansas City that Board has no objection
to FRBanks and branches discontinuing mailing
confirmations
Registered, insured shipments of coin, currency, bullion, etc.,
letter to Mr. McReynolds re possible discontinuance of insurance on
Transfers, liability clause, no objection to changing in proposed circular of IRBank of Dallas if it relates
to, as well as to wire transfers

10/19 1916

5/13 101?
2/6

Equipment, purchase of addressograph, graphotype, plates, cabinet,
authorized, to be used in connection with mail1/21
ing of FRBulletin and Par list
Par list and supplements, to be done by National Capital Press,
1/4
addressed envelopes to be furnished by Board
Procedure, telegram to IRBanks suggesting, for mailing, all
copies from Washing,ton, if agreeable to FRBanks
they should furnish mailing lists and changes
therein, with number of copies to be furnished,
1/22
to Board
Malcolm C. Brock and Co., F. H. A. insured mortgages, reply that
question re applicability of 60% limitation to
deposits is in Comptroller's jurisdiction, and
re question of placing its own mortgage in trust
account and charging for service of
6/ 8
(See National banks, American National Bank of St.
Maley, C. A.:
Paul, Minn.)
accounts, study by New York Stock Exchange proposed, authorMargin
ized to announce that it was being made at re6/ 1
quest of Board
Margin requirements:
7/16
Brokerage business affected by, reply to F. Shepard Cornell
Changes in, question of considering, action deferred until Mr.
6/25
Ransom returns
7/ 7
To be considered July 14
Consideration of, opinion of Mr. Ransom that it should be continuous, more detailed reports to be made by
11/12
Division of Research and Statistics
Effect of Regulation U and increase in, discussed, stock market
reaction held due to other causes and shift of
trading to foreign exchanges is inconsequential,
question of reducing requirements discussed,
6/ 3
consideration deferred
5/27
Board as to
Flexibility of, reply to Mr. Heydon re policy of
6/30
on prospective action by Board
Information given to press
Regulation T, recommendation of Mr. Parry that they be increased,
reasons for, reference to excess reserves, statement of Mr. Wyatt as to requirements of law, effective date, amendment 7 to Regulation T and
supplement thereto approved, press statement to
1/24
be prepared

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Pages
Mar

gin requirements: (Continued)
Regulation T: (Continued)
Referred to, in advising Federal Open Market Committee of
no action on its recommendation re increasing
reserve requirements
Regulations T and U, review by Dr. Parry of recent trends in
securities markets and other relevant factors
and statement of reasons which he felt justified increase from 60 to 75", in maximum loan
values
Consideration of, action deferred, Mr. Broderick voting
"
"no
•
Marglnal collateral to be required under revision of Regulation A,
discussion of
Mari
(See Retired Officers Association)
XI
' Col. A. T.:
4
wiari
et A., Jr.: (See State member banks, Markle Banking and Trust
Co.)
Mas
ten A. E., and Co.: (See A. E. Masten and Co.)
Matt
Wm. B.: (See Shasta Snow Cone Machine Co.)
atteon, Edgar L.: (See National banks, Midland National Bank and
Trust Co., Minneapolis)
114attlrity distribution of bills and securities, form of table in
tRBulletin and weekly statement to be changed
m (See also Press statements, Weekly FRBank statement)
4verick, Congressman Maury, correspondence with FRBank of Dallas
on retirement of D. S. Lawhon, noted
Jer, Meyer, Austrian and Platt, employment by FRBank of Chicago
as special counsel in connection with illegal
assessment on FRBank building
Employment approved and also employment of Mr. Adelbert Brown
te
" Adams, T. B.: (See State member banks, Union Trust Company of
Maryland)
ker., .
,
1 -Lintic-Marshall Corp.: (See Bethlehem Steel Corporation)
Closkey and Co., Inc., Philadelphia, Pa., to be invited to bid on
Board's new building
Bid submitted by
m's McConnaughey: (See Committees, Senate, Interstate Commerce)
mee0rahy, James C.: (See Wilson Chemical Co.)
mel'edden, Haynes: (See Georgia Bankers Association)
cICRY, Withers and Ramsey, payment of sum to, by FRBank of Atlanta,
'
in connection with indebtedness of Florida
Asphalt Block Paving Co.
Mcv.
1nley, R. A.: (See Department of Financial Institutions of
Indiana)
M.
eMeckin, Hugh J.: (See National Wholesale Wine and Liquor Dealers
Association)
,
1
4ePherson, David M.: (See Munlock Engineering Corporation)
Lequeid, W. R.: (See National banks, Barnett National Bank,
"
Jacksonville, Fla.)
"
Member Bank Reserves", letter from Mr. Gilbert entitled, appearing
in New York Times, Federal Advisory Council advised to read, as expressing views with which
Chairman Eccles is in agreement

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268

page'

Member banks:
Accounts with nonmember banks, ruling of 1923 re application of
10% limitation to, reply to Mr. Fry that it
should not be reconsidered in light of later de1964
cisions
10/29
"Branch clearing" accounts, classification in call reports and
g
in computing reserves
3/26
Classification for electoral purposes, no change to be made
in Chicago District
8/22 i568
Earnings, statement of Mr. Ransom at meeting with presidents
that he is interested in improving, that he
does not believe increased interest rates would
aid, but proper use of service charges would
supplement
Executive officers: (See Executive officers)
Guarantee of signatures on stock certificates authorizing transfer of stock, consideration of suggestion of
Comptroller that effort be made to stop practice,
Mr. Ransom discussed with President Fleming of
A. B. A.
8/11 1511
Reclassification for electoral purposes, IRBank of Atlanta, reply
to Mr. Martin that no such reclassification is
449
necessary at present
7/29
Rural Electrification Administration, reply to Mr. Cooke that
Board cannot release confidential information
re financial responsibility of banks designated
as depositaries for, outline of assistance
Board may render
11/ 6 2°15
Social Security Act:
Amendment proposed to bring all banks under, consideration
requested by Mr. Ransom of effect
11/25 2125
Indiana Bankers Association, reply re suggestion that
Board rule on voluntary subjection to provisions of, in connection with which he has requested ruling of Commissioner of Internal
Revenue
12/ 9 2196
Trustees of bond issues, Securities and Exchange Commission
studying legislation to control, A. B. A. believes Board should control through Regulation
51
F, Chairman Eccles to confer with Mr. Landis
11/13 20.
Mr. Ransom to confer with Mr. Douglas, copy of A. B. A.
statement re to be referred to Counsel for
summarization and comment as well as a digest
of S. E. C., Mr. Ransom may invite Mr. Douglas
to meet with Board
11/25 21°"4
Member of FDIC: (See Federal Deposit Insurance Corporation)
Membership in ESystem:
American Bank and Trust Co., Miami, Fla., organizing, question
of admission upon opening, FDIC did not consult Board before insuring deposits of, Mr.
McKee to take up with Mr. Crowley and Mr.
Paulger to make investigation of bank when in
Florida in November
10/20 1918

3/16 59


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Federal Reserve Bank of St. Louis

269
Pages
Meath arship in FRSystem: (Continued)
American Bank and Trust Company, Miami, Fla.: (Continued)
Action deferred pending strengthening of management and
to permit to be operated long enough to prove
11/25
it merits membership
Banking Co., Chattanooga, Tenn., request
American Trust and
for cancelation of condition forbidding sale
of mortgages, refused, but to be advised that
3/14
prohibition does not apply to insured mortgages
Ann Arbor Savings and Commercial Bank, Ann Arbor, Mich., application approved and letter to FRAgent to
satisfy himself as to legality of consolidation of banks, copies of agreements and organization papers requested, and that acquired
2/ 7
assets are satisfactory
2/17
Certification of membership to F.D.I.C.
s, newly organized banks, letter to Mr. Sargent
APplication
9/12
reviewing Board's policy
Banco de Puerto Rico, San Juan, Puerto Rico, application, out1/ a
line of arrangements made for examination
Application being considered, reply to Mr. Cochran, and
that Board will advise of action as soon as
5/19
possible
as Board is not
Withdrawal of application to be suggested
6/ 2
prepared to admit Puerto Rican banks to System
New York agreeing
Application withdrawn, reply to FRBank of
that it is inadvisable to comply with request
to leave decision pending indefinitely, and
7/ 2
suggestion as to proposed reply
Puerto Rico, applicaBanco Popular de Puerto Rico, San Juan,
tion, outline of arrangements made for examina1/ 8
tion
to be suggested, as Board is not
Withdrawal of application
6/ 2
prepared to admit Puerto Rican banks to System
of Canton Cotton Mills, extension of
Bank of Canton, Ga., stock
4/ 4
time for disposition of
Ky., application approved and letBank of Commerce, Lexington,
ter to FRAgent re criticisms of trust department,
charge off of loss on loan to Director Yantis,
nonconformity of one director with Sec. 32 and
5/16
no copy of certificate to commence business
Bank of Fairfield, Wash., eligibility, letter to Mr. Sargent
that he take up with bank, in view of Board's
reversal of position re deferred certificates
1/ 6
of deposit
and letter to
Bank of Garber, Okla., application approved
FRAgent re desirability of amendment to articles
5/ 8
of incorporation re number of directors
approved and letter to
Bank of Hartington, Nebr., application
FRAgent suggesting amendment to articles of
incorporation to provide for minimum legal
4/15
number of directors

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270
Membership in 1RSystem: (Continued)
Bank of Lansing, Mich., application approved and letter to
FRAgent re conditions under which certain
directors and stockholders are to be reimbursed
6/11 1167-8
for cash and securities advanced
Bank of the Manhattan Co., New York, N. Y., extension for one
year of time for compliance with condition requiring disposal of stock of County Trust Co.,
9/ 2 1654
Mite Plains
Bank of North Collins, N. Y., application approved and letter to
FRAgent re shares of stock not yet stamped re
nonpayment of dividends during life of reorganization agreement and question of disposition of
410
2/21
funds in undivided profits account
Banks outside of United States:
Alaska, letter to Mr. Sargent that Board is of opinion that
application of First National Bank of Ketchikan
should be approved when new examination has been
6/ 2 1122
made
Puerto Rico, proposed letter to Mr. Gidney stating that
Board is not prepared to admit banks in, and
that he suggest withdrawal of applications of
Banco Popular de Puerto Rico and Banco de
6 2 ]/
Puerto Rico
Question of placing minute entry re exclusion in Board's
6/23
policy record, action deferred
Bay City Bank, Bay City, Mich., application approved and letter
to FRBank of Chicago re charge of bond premiums
to undivided profits account, number of directors, and erroneous amendment to articles of
12/12 22/6
incorporation
Peyton to be requested to speak on, before
Benefits of, Mr.
National Association of Supervisors of State
8/ 4 1416
Banks
powers by Central Trust Co., Cincinnati, Ohio,
Broadening of
through amendment to articles of incorporation,
reply to Mr. Iletcher that there is no contravention of condition of, until powers are ex5/18 1°44
ercised
B. Taylor Banking Co., Berlin, Md., eligibility, letter
Calvin
to Mr. Fry advising of reversal of Board's
position re deferred certificates of deposit,
1/ 6
suggesting obtaining of new application
Capital requirements, amendment tentatively proposed to FRAct
to eliminate minimum basis involving population
but retaining certain restrictions, also to
°
12/18 2
apply to national banks
Central State Bank, Muscatine, Iowa, application approved, and
letter to FRBank of Chicago re condition prescribed relating to claim of waiving depositors
only against earnings, carrying value of se12/22 22°
curities in excess of call prices


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Federal Reserve Bank of St. Louis

271
Pages

14etabership in FRSystem: (Continued)
Charlevoix County State Bank, Charlevoix, Mich., application
approved
Charters and articles of incorporation, reply to FRBank of
Chicago re satisfaction of requirements of
Board re applications, for Michigan and Wisconsin applicants
Chesaning State Bank, Chesaning, Mich., application approved
Citizens and Southern Bank, Charleston, S. C., reply to FRBank
of Richmond that if it becomes member and meets
requirements, branches established subsequent
to Feb. 25, 1927 may be retained
Citizens Mutual Trust Co., Wheeling, W. Va., stocks carried in
investment account in apparent violation of
condition 7, letter from, forwarded to FRBank
of Cleveland and transfer of authorization to
grant extensions of time from IRAgent to President
Citizens State Bank, Wausau, Wis., application approved and
letter to FRBank of Chicago re nonconformity
of savings accounts, bonds carried in excess
of call price and payment of time deposits
before maturity, question of continuance of
trust department
Citizens Trust and Savings Bank of South Bend, Ind., extension
of time for accomplishment of
Commercial Bank and Trust Company of Ocala, /la., application
approved and letter to FRAgent that Board is
not willing to waive membership condition requiring deposit of collateral for trust funds
in banking department to extent to which deposit insurance covers
Conditions:
Capital, maintenance of adequate, letter to all RAgents
that condition 2 and footnote 8 of Revised
Regulation H may be applied to member banks
subject to old condition 15, and request that
condition of banks be reviewed annually in
connection with
Capital stock reductions, provision in revised Regulation
H permitting, where capital is correspondingly
increased or specific reserve set up, made applicable to all banks subject to condition requiring prior approval of Board
Reply to Mr. Fletcher that letter (X-9480) does not
modify X-9048 authorizing FRAgents to approve
certain reductions
Corrections, question raised by Mr. McKee re wisdom of prescribing requirements of subsequent, pointed
out to be matter for determination by individual
facts


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/24

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Pages

272
Membership in FRSystea: (Continued)
Conditions: (Continued)
Deposit of collateral for trust funds in commercial departments, consideration of waiving to extent such
funds are insured by F.D.I.C., letters to F.D.
I.C. end Comptroller re possible amendment to
FRAct to exempt national banks from requirement,
opposed by Messrs. McKee and Ransom, referred
3/10
to latter
Depositors agreements, special condition not prescribed
re transfer of net earnings to surplus after
termination of, in case of State Savings Bank
of Fenton, Mich.
4/ 7
Coopersville State Bank, Coopersville, Mich., special
condition not prescribed
4/ 7
Exercise of unusual powers, mem of Mr. Seitz recommending
that Board cease prescribing condition prohibiting, and suggestion of Mr. Wyatt that applicant's
attention be called to necessity for securing
Board's permission to exercise such powers
11/ 3
Imposed on applicants by F.D.I.C., letter to all FRAgents
re desirability of Board and F.D.I.C. supplementing each other's efforts to build up sound
banking system
7/10
Insurance departments, present policy of prohibiting operation of, questioned by Mr. McKee, Division of
Examinations proposes review of policy, reasons
of Counsel's Office for inclusion of condition
in case of Security Bank and Trust Co. of
Owatonna, eliminated
3/ 6
No. 6, reply to FRBank of New York that condition was prescribed for Orange County Trust Co., Middletown,
N. Y., in order to invoke if necessary, but as
trust funds are accorded statutory preference,
.bEBank has authority to waive compliance
11/24
No. 7, stocks carried previously acquired in protection of
loans, authority granted FRAgent to authorize
extensions of time, transferred to Presidents,
advice to FRBank of Cleveland
ill 4
"
Pledge of collateral for trust funds:
Connecticut, Board refuses to waive
10/ 8
Illinois, Board unwilling to waive, State attorney
general preparing opinion re right of State
member banks to make pledge
3/ 6
Deferment of application requested by Mr. Stevens
pending decision of State Supreme Court, Board
5
/27
has not waived
Letter from Mr. Young, memo of Mr. Seitz recommending that Board no longer defer application of
condition to banks, approved and letter to Mr.
Young


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7°

1992-!

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1996
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273
Pages
ership in FRSystem: (Continued)
Conditions: (Continued)
Pledge of collateral for trust funds: (Continued)
Insurance of such deposits, letter to Comptroller asking views re waiver of condition to extent of,
suggesting amendment to Sec. 11(k) of FRAct,
letter to American Bankers Association re
Ratio of capital and surplus to deposits, Second ERListrict,
report of Mr. Case that all except two banks
subject to condition meet requirements, no action to be taken as two banks have total capital structure in excess of requirements
Real estate affiliate, loans to wholly owned Royal Realty
Corporation, request of Union Trust Company of
Maryland for amendment to condition requiring
publication of, referred to Mr. McKee
Real estate business, reply to Mr. Hill that condition was
not intended to apply to usual transactions in
connection with commercial or trust banking,
and that in specified case prohibition is not
applicable if operation is in bona fide fiduciary capacity
Regulation F, suggestion of Mr. Sargent of imposition of
condition requiring compliance with, reply unfavorable
Stock ownership of other banks by applicant, question of
policy raised by application of Monongahela
Trust Co., to be admitted subject to condition
that stock be disposed of, or banks converted
into branches
Suggestion of Mr. Fleming that condition be not prescribed or ihaived indefinitely, Board believes
it should not waive but will consider extension
for reasonable period
Coopersville State Bank, Coopersville, Mich., application approved and letter to FRAgent re omission of
special condition, transfer of net earnings to
surplus after termination of depositors' agreement
Extension of time for accomplishment of
Condition re increase in capital and surplus modified
Extension of time for accomplishment of
Corn Belt Bank, Bloomington, Ill., application approved and
letter to FRBank of Chicago re confiscation of
dormant balances, no copy of application to
organize
Corn Exchange Savings Bank, Sioux Falls, S. Dak., question
raised regarding approval of application because of unsound practices, approved, Mr.
McKee raises question re prescription of condition requiring subsequent corrections


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Federal Reserve Bank of St. Louis

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3/25

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7/30

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2333

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6/ 2

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pageS

274
Membership in FRSystem: (Continued)
County Bank and Trust Co., Cambridge, Mass., extension of time
for compliance with condition of membership requiring Shawmut Association to obtain a general
6/22
voting permit
County Trust Company of Maryland, Cambridge, Md., application
approved and letter to FRAgent re supervision
of credits, eliminations, retirement of debentures, number of directors and office maintained in Baltimore
5/13
Circular sent out by FRBank re admission containing statement as to licensing of bank by Secretary of
Treasury, FEBank advised not to circularize
any statement which would make it appear that
bank was operating as member before date of
licensing
DeRuyter State Bank, DeRuyter, N. Y., application approved
Deuel County State Bank, Chappell, Nebr., application approved
and letter to FRAgent suggesting amendment to
articles of incorporation to provide for legal
minimum number of directors
4/15
Dollar Savings Bank and Trust Co., Youngstown, Ohio, application
approved and letter to FRAgent to verify
legality of operation of branch and request for
copy of certificate to commence business and
form of debenture issued to RFC
Eligibility:
Certificates of beneficial interest, advice to FPAgents
that Board has reconsidered position, and outlining conditions under which State banks shall
be admitted
1/ 6
Bank Commissioner of Maryland to be informed of Board's
reversal of position
1/ 6
Morris plan companies and industrial loan companies in
California
1/ 2
Elyria Savings and Trust Co., Elyria, Ohio, application approved,
action to be taken re mortgage pools, excess
loans to be reduced, copies of documents requested
5/11
Fairbury State Bank, Fairbury, Ill., application approved and
letter to FRAgent re depreciation of banking
house
6/ 1
Farmers and Citizens Bank, Sauk City, Wis., application approved,
and letter to FRAgent re investigating qualifications of Mr. Marguardt as director
5/25
Farmers and Merchants State Bank of Bushnell, Ill., application
approved
12/15
Federal Deposit Insurance Corporation, procedure of obtaining
views of Board with respect to new bank, not
followed in connection with application of
American Bank and Trust Co., Miami, Fla., Mr.
McKee to take up with Mr. Crowley
10/20

1205

1009

8/13
7/21 14
'
804

2/17'
3


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06

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0

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2'75
Pages
14azb ership

in 1
,RS3rstem: (Continued)
Federal Deposit Insurance Corporation: (Continued)
Report of Mr. McKee that he had discussed with Mr. Crowley
the arrangement whereby the F.D.I.C. and the
Board will consult with each other in advance
of action on applications for insurance or
membership and that he had agreed
Farmers and Merchants State Bank of Springfield, Minn., interpretation of membership condition 12 as not
prohibiting sale of occasional mortgage to
customer without recourse
Farmers State Bank of Alto, Mich., authorized, under membership
condition 1 to establish industrial loan department
Fidelity Savings Bank of Antigo, Wis., application approved
and letter to Assistant FRAgent re showing of
"B-2" debentures in condition reports
First Citizens State Bank of Whitewater, Vis., application approved and letter to President Schaller requesting copy of articles of incorporation and
certification of amendments thereto
First National Bank of Ketchikan, Alaska, application, letter
to Mr. Sargent that Board is of opinion it
should be approved when new examination has
been made
First Security Bank, Beaverton, Ore., application approved and
letter to RAgent re excess deposit with nonmember bank, own stock securing loan, laBank
stock application should be amended and advice
re reporting capital and surplus
First State and Savings Bank of Holly, Mich., application approved
First State Bank, Maypearl, Texas, application approved, and
letter to FRAgent requesting form 83E, copy of
resolution reducing number of directors and
form of debenture issued to R.E.C.
I'irst State Bank of Purcell, Okla., application approved and
letter to FRAgent suggesting amendment to bylaws to provide for minimum legal number of
directors
First State Bank of Shannon, Ill., application approved and
letter to IRBank of Chicago re carrying of securities in excess of call price and re number
of directors
First State Bank of South Haven, Mich., application approved
Gary-Wheaton Bank, Itheaton, Ill., application approved
Geo, L. Harter Bank, Canton, Ohio, application approved, and
letter to FRAgent approving operation of
branches at North Canton and Louisville, loans
in excess of 20%, advances to realty affiliate
under Sec. 23A


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276
Membership in FRSystem: (Continued)
Glen Rock Bank, Glen Rock, N. J., application approved, and
letter to FRAgent re completion of payment of
capital stock and re assumption of liabilities
and ourchase of assets of Glen Rock National
1/ 4
Bank
2/13
Certification to F.L.I.C. that it is now member of ERSystem
2/ 5
Extension of time for completion of
Green Island Bank, Green Island, N. Y., application approved
and letter to E}Bank of New York re number of
directors
12/ 7
Guaranty Bond State Bank, Tomball, Texas, application approved,
attention to be called to excess deposit with
5
nonmember bank
6/ 8
Hackensack Trust Co., Hackensack, N. J., application approved
Hudson Trust Company of Union City, N. J., advice to F.D.I.C.
that application will be held in abeyance in
view of information submitted and letter to
FRBank of New York re
I-C Bank and Trust Co., Chicago, Ill., articles of incorporation,12/11
reply to Mr. Stevens noting that organizing
banks in Illinois do not execute, and request1/2
0
ing copy of application to organize
Illinois:
Applicant banks should furnish copy of application to or1/20
ganize
Increase, statement of Mr. McKee at meeting with presidents,
re desirability of and steps to be taken in
3/10
connection with
3/16
Statement of Mr. Morrison re
Jackson City Bank and Trust Company, Jackson, Mich., application approved and letter to FiiBank of Chicago
re question of classification of savings deposits, criticisms of trust department, to be
advised re rights of Central State Building Co. 12/24
re
Joy State Bank, Joy, Ill., application approved and letter to
Assistant FRAgent that as losses have been
eliminated, no condition relative thereto was
7/31
imposed
Lawyers Trust Co., New York, N. Y., extension of time for compliance with condition requiring disposition
2/20
of loans secured by own stock
Licensing of banks, letter to Mr. Leach, re case of County Trust
Company of Maryland, Cambridge that IRBank of
Richmond should avoid circularizing any statement which would give impression that bank was
operating as member before date of authoriza8/13
tion of license
Lineville State Bank, Lineville, Iowa, application approved
and letter to FRAgent calling attention to ex3/28
cess balance carried with nonmember bank
Littlestown State Bank, Littlestown, Pa., application approved
and letter to FRAgent re legal effectiveness of
reorganization
1/29

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Menibership in iRbystem: (Continued)
Lorain Street Bank, Cleveland, Ohio, extension of time for compliance with condition requiring bank to obtain
full release from fiduciary responsibility in
connection with trust accounts
Board feels condition requiring release from all fiduciary
responsibility has been complied with although
one trust is in litigation
Manistique Bank of Manistique, Mich., Board not willing to approve application, suggestion that it be withdrawn
Markesan State Bank, Markesan, Wis., application approved and
letter to FRAgent re bringing operations of
trust department into conformity with approved
procedure
Monongahela Trust Company, homestead, Pa., question raised regarding ownership of stock of two national
banks, application approved subject to condition that such stock be disposed of or the banks
be converted into branches
Suggestion of Mr. Fleming that condition be not prescribed,
or waived indefinitely, Board believes it should
not waive but will consider extension for
reasonable period
Mount Clemens Savings Bank, Mount Clemens, Mich., application
approved and letter to Mr. lbw:1;z re elimination
of undesirable assets, limitation on deposits
with nonmember banks and possibility that certificate of deposit may not comply with Regulation Q
Certified to F.D.L.C. as member of IRSystem
Mount Vernon Trust Co., Mount Vernon, N. Y., compliance with
conditions 19, 21 end 26, reply to Mr. Case re
apparent failure in
Mutual savings banks, reply to Mr. Fletcher re attitude of
Board toward capital requirements of, in connection with possible application of Society for
Savings in the City of Cleveland
Reply to Mr. Fletcher re possible application by Society
for Savings in the City of Cleveland, Ohio
Niles Center State Bank, Niles Center, Ill., application approved
Extension of time for completion of membership
Northern Bank and Trust Co., Lancaster, Pa., application approved and letter to FRBank re criticisms of
trust department, memo of Mr. Seitz
Old Corunna State Bank, Corunna, Mich., application approved
and letter to IRBank of Chicago re reasons for
not prescribing conditions relative to increase
in capital and payment of dividends


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Membership in FRSystem: (Continued)
Orange County Trust Co., Middletown, N. Y., application approved
and letter to RBank of New York re interest
payment on demand deposit, classification of
corporation accounts as savings deposits, number of directors and requesting copy of articles
2009
11/ 6
of incorporation
Standard condition No. 6, reply to Mr. Gidney that Board
prescribed in order to be able to invoke if
necessary but as trust funds are granted
statutory preference, FRBank has authority
:
69
;
to waive compliance
11 12 :
9 24 11
Organizing bank, reply to Mr. Sargent, and copy to presidents,
as to eligibility of
Peoples Bank, Bishopville, S. C., interpretation of condition
requiring submission of loans to directors
monthly
4/ 4 746
Peoples-Liberty Bank and Trust Co., Covington, Ky., application
approved and letter to FRAgent re compliance
with State law as to security for trusts, disposal of corporate stocks, payment on defaulted
bonds, extension of time to dispose of branch
1/11
1°5
and number of directors
Peoples State Bank, Belleville, Mich., application approved
and letter to President Schaller re excess
balance with nonmember bank, excess loan and
requesting organization documents and amendments thereto
9/18
Peoples State Bank of Holland, Mich., application approved and
letter to RAgent re service of cashier to investment company, corrections in real estate
account and request for copy of certificate
2/13
authorizing bank to commence business
Pioneer Bank, North Branch, Mich., application approved and
letter to FRBank of Chicago re excess balance
with nonmember bank, securities carried at more
than call price, condition re final settlement
regarding banking premises not prescribed
12/ 9 21.94
1/ 6
Pomeroy State Bank, Pomeroy, Wash., application approved
1/22
Certification to F.D.I.C. that it is now member of IRSystem
Rapides Bank and Trust Company in Alexandria, La., application
approved and letter to FRAgent re keeping written
record of supervision of trust activities,
board of directors not full, large loan, no
copy of certificate authorizing commencement of
6/
1/ 7
business
Reorganized banks in Illinois which have issued deferred certificates of deposit, reply to Mr. Wilkes
5/26
re proposed modification of plan
6/ 2 11 1
'
Ill., application approved
Rochester State Bank, Rochester,
Marys, Kansas, application approved,
St. Marys State Bank, St.
and letter to FRAgent re criticisms of operat1/31
ing matters and inadequacy of fidelity bonds

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279
Pages
Menth ership

in FRSystem: (Continued)
Sandwich State Bank, Sandwich, Ill., eligibility, letter to Mr.
Stevens requesting that he take up with bank,
in view of Board's reversal of position re de1/ 6
ferred certificates of deposit
ion approved and
Saratoga State Bank, Saratoga, Wyo., applicat
letter to FRAgent at Kansas City re necessity
of amending articles of incorporation re number
of directors, question of qualification of Mr.
Munz as director, charge for depreciation and
3/23
charge for loan to C. A. Cook et al
4/23
Extension of time for completion of
5/23
Extension of time for completion of
g elimination of loans
Modification of condition requirin
to C. A. Cook and G. C. Feusett and extension
6/25
of time for completion of membership
Elyria, Ohio, application
Savings Deposit Bank and Trust Co.,
approved, letter to FRAgent re number of directors, activities of Mr. Smith as security saleslimn and transaction of business of Depositors
4/28
Mortgage Loan Co. in same quarters
5/ 8
Petersburg, Ill., application approved
Schirding State Bank,
Company of Owatonna, Minn., application,
Security Bank and Trust
proposed condition prohibiting operation of
insurance department questioned by Mr. McKee,
Division of Examinations proposes review of
policy, reasons for inclusion, eliminated and
3/ 6
application approved
Letter to FRAgent to secure voting permit agreement from
Northwest Bancorporation and to forward copy of
any certificate authorizing commencement of
3/ 6
business
3/31
Extension of time for completion of
4/27
Security State Bank, Algona, Iowa, application approved
ion apSmith Trust and Savings Bank, Morrison, Ill., applicat
proved and letter to FRAgent re criticisms of
trust department, request for copy of applica3/21
tion to organize
reply to
Society for Savings in the City of Cleveland, Ohio,
Mr. Fletcher re attitude of Board toward capital
requirements of mutual savings banks, in connec/26
3
tion with possible application of
possible application of, and re
Reply to Mr. Fletcher re
5/18
effect of Regulation Q on payment of dividends
Y., application approved and letter to
Solvay Bank, Solvay, N.
FRBank requesting further information re in10/29
crease in directors
11/28
for completion of
Extension of time
and Trust Co., Tucson, Ariz., insured
Southern Arizona Bank
mortgages, reply to Mr. L'Autremont that they
are excepted from provisions of membership condition 12, but that Board cannot relax condition 17 to permit investment of trust funds
1/ 2
in pools of


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280
Membership in FRSystem: (Continued)
Southern Arizona Bank and Trust Co., Tucson, Ariz.: (Cont'd)
Not to be required to increase capital and surplus at
present in compliance with condition of
1/4
Southington Bank and Trust Co., Southington, Conn., request for
waiver of membership condition requiring deposit of collateral for trust funds in commercial
department to extent such funds are insured by
F.D.I.C., opposed by Messrs. McKee and Ransom,
referred to latter
3/10
4/8
Reply to Mr. Curtiss that Board refuses to waive condition
Letters to Comptroller and American Bankers Association re
general question involved, suggesting advisa4/8
bility of amending Sec. 11(k) of FRAct
State Bank of Coloma, Mich., application approved, and letter
to FRAgent re adjustments in building and furniture accounts under agreement with trustees
5/ 4
for waiving depositors
Extension of time for completion of
6/ 2
State Bank of Mayville, Wis., application approved and letter to
FRBank of Chicago re reasons for including condition re trust powers, corporation need not be
reported as affiliate if indebtedness is retired,
practice of setting up bonds purchased at prices
of bonds sold, and advice re amendments to
charter
11/ 6
State Bank of St. Johns, Mich., application approved
3/27
Extension of time for accomplishment of
4/14
State Bank of Viroqua, Wis., application approved and letter to
FRAgent re checking capital and surplus and organization papers, not planned to exercise trust
powers, depreciation of banking house to be purchased and increase in capital if deposits increase to expected amount
Certified to F.D.I.C. as member bank
Extension of time for completion of membership
State Bank of Waupun, Wis., application approved and letter to
FRAgent re elimination of losses and possibility
that certificates of deposit do not comply with
Regulation Q
6/25
State banks, inquiry of Mr. Morrison to Presidents' Conference
if Board is making it difficult for entrance of,
feeling expressed that reasons for failure to
apply are beyond Board's control
3/17
State Savings Bank of Fenton, Mich., application approved and
letter to FRAgent re excess balances with nonmember banks and omission of condition re transfer of net earnings to surplus after termination
of depositors agreement
4/ 7
State Savings Bank of Owosso, Mich., withdrawal of application
because not desirable to increase capital to required amount
12/31


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Pages
keMbership in
IRSystem: (Continued)
Summit Trust Co., Summit, N. J., extension of time for disposal
of stock in Summit Title and Mortgage Guaranty
Co. and also to act as trustee for obligations
of company
Thomson State Bank, Thomson, Ill., application approved and
letter to President Schaller requesting copy
of application to organize
Trust Company of Wyoming County, Warsaw, N. Y., application
approved if and when Wyoming County National
Bank, National Bank of Wyoming and North Java
Company are merged
Letter to 14RBank of New York re merger, week board, holding
company affiliation of Financial Institutions,
Inc. will be terminated, branches at Wyoming
and North Java approved
Turtle Creek Bank and Trust Co., Turtle Creek, Pa., application
approved and letter to FRAgent re fee collected
for trustee service which may not be legal
Union State Bank, Pushville, Nebr., application approved and no
objection to proposed disbursements to reserve,
depreciation, and payment of dividends
Union Trust Company of the District of Columbia, Washington,
D. C., application approved and letter to
FRAgent, not to be considered as dealing indirectly in mortgaEe participations because of
activities of affiliated Thomas J. Fisher and
Co., Inc.
Union Trust Company of Maryland, Baltimore, Md., condition requiring showing of extensions of credit to,
and investments in other real estate, amendment
requested
Question of amendment referred to Mr. McKee
Cancelation of
Union Trust Co., St. Petersburg, Fla., transfer to surplus of
entire amount in special reserve, approval
granted in accordance with membership condition
United home Bank and Trust Co., Mason City, Iowa, application
approved, letter to FRBank of Chicago re not
prescribing condition as to investment in bank
premises, Mr. Clark to devote entire time to
bank and bring his mortgage business into bank
Valley Savings Bank, Des Moines, Iowa, eligibility, letter to
Mr. Stevens to take up with bank, in view of
Board's reversal of position re deferred certificates of deposit
Waiver of requirements, amendment to RAc-t tentatively proposed
to make effective immediately provision for,
to facilitate entry of banks to continue insured status


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12/24

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12/24

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5/ 5

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3/25
5/ 5

69
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970

6/25

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10/29

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1/ 6

54

12/18

2234

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282
Membership in rRSystem: (Continued)
Warren Bank and Trust Co., Warren, Pa., application approved
and letter to FRAgent re no trust officer and
no minutes of trust committee, no copy of certificate of authorization and no copy of
Liquidating Trust Certificates
West Side Trust Co., Newark, N. J., extension of time for compliance with condition requiring disposal of
loans on own stock
Further extension of time to comply with condition requiring
disposal of own stock as collateral to loans
Wyoming County Bank and Trust Co., Warsaw, N. Y., application
approved if and when Wyoming County National
Bank, National Bank of Wyoming and North Java
Company are merged by Trust Company of Wyoming
County under above title
Letter to FRBank of New York re merger, weak board, holding
company affiliation of Financial Institutions,
Inc., will be terminated, branches at Wyoming
and North Java approved
Michigan:
Charters and articles of incorporation of banks applying for
membership, certified copies Should be submitted
Middle Coal Yield Poor District, reply to Mr. O'Connor re query
of Hazleton National Bank, Hazleton, Pa., that
Board is reconsidering question of classification of such funds as savings deposits
Milberg, Henry, reply re question in connection with litigation
arising from liquidation of First National Bank
of West New York that Board cannot comment on
merits of such questions
Miller, A. C., building for Board, to be available for consultation
in connection with questions arising re, letter
to be prepared to, setting forth arrangement
Press statement to be prepared re and re appointment of Mr.
Thomas and Mr. Hamlin as 1PAgent at Kansas City
and Special Counsel to Board respectively
(See also Staff of Board)
Miltenberger, Alex., possible violation of Sec. 22(c) of IRAct to
be reported to Department of justice
paper, contract with Barton, Duer and Koch Paper Co. to
Mimeograph
supply Board for remainder of year
Minneapolis - St. Paul Stock Exchange:
Regulation U, reply to Mr. Selover re restriction on extension
of credit by banks and re maximum loan values
of stocks not registered on national securities
exchange and collateral value of stocks on exempted exchanges, under Regulation T
Mississippi:
Interest, rate which may be paid under Regulations Bulletin No.
and under Supplement C thereto, effect on time
and savings deposits and postal savings deposits

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12/24

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11/ 7

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283
Pages
Mitchell, W. C., opinion of Dr. Goldenweiser that he is best factual economist in country, connected with National Bureau of Economic Research
m (See also National Bureau of Economic Research)
m°11tgomery, John D.: (See Court Cases, Suit against Board members)
(301.e, Edward D.: (See National banks, Indiana National Bank,
Indianapolis, Ind.)
John F.: (See Cooley and Co., Hartford, Conn.)
4orbidity and Mortality study of Public Health Service, RBanks requested to cooperate
Mor _,
ris Roland, present at meeting of Board with committee of
Directors of /RBank of Philadelphia and memorandum re appointment of Governor Norris as
President of FRBank
Mc rris Plan banks:
'
Executive officers of member banks, reply to Hart, Gainer and
Carr on inquiry as to whether indebtedness to,
should be reported to boards of directors under
Regulation 0
Liabilities and resources, reply to Rand McNally Bankers Lirectory re inclusion in total of, of figures for
ilortga-e bonds issued by State Bank, Winfield, Kansas against annex
to building, letter to Mr. Thomas re reporting
to Attorney General
14/rtgeges:
Federal Housing Administration mortgages and modernization loans,
reply to Mr. McDonald that IRBanks may consider
member bank notes secured by, for loans under
Sec. 10(b) of /RAct
Insured:
Limitation of 60% of deposits, reply to Malcolm C. Brock
and Co. that question comes within jurisdiction
of Comptroller
Membership conditions 12 and 17, reply to Southern Arizona
Bank and Trust Co., that they are excepted from
provisions of 12, but Board cannot relax 17
to permit investment of trust funds in pools of
Sale of, American Trust and Banking Co., Chattanooga, Tenn.,
to be advised that membership condition prohibiting sale of mortgages does not apply to,
and Board not willing to waive condition
Title II of National Housing Act, liability of executive
officer on loan under, reply to Mr. O'Connor
that it is not exempt from provisions of Sec.
22(g) of RAct
Trust accounts, reply to Malcolm C. Brock and Co. re right
of bank placing mortgage it originated in trust
account to make service charge thereon
Investment of trust funds in, purchased from own commercial department, question of making exception as to
national banks in Pennsylvania to extent permitted by Pennsylvania Banking Code

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284
Mortgages: (Continued)
New Jersey banks to show amounts in condition report forms for
3/12
publication
6/26
Participations in real estate loans between trusts
Real estate, loans to affiliated real estate corporations by
San Jacinto National Bank, Houston, Texas, reply
2/17
to Mr. Valsh on applicability of Sec. 23A
Sale of note secured by, reply to Mr. Sargent that membership
condition 3 prohibits Bank of Spanish Fork from
engaging in business generally, but not in
1/31
isolated case
Sale without recourse, of occasional, to customer, interpretation of membership condition 12, to which
Farmers and Merchants State Bank of Springfield,
Minn., is subject, as not prohibiting
5/ 7
Summit Title and Mortgage Guaranty Co., Summit, N. J., extension
of time for Summit Trust Co. to dispose of stock
of, and for acting as trustee for obligations of 5/16
Motor Contract Co., stock held by Trust Company of Georgia Associates,
permission granted Trust Company of Georgia to
9/14
hold in absorption of
Mott, Congressmen Tames tk., pensions for Board members and officers
of /PSystem, reply re provisions proposed in
legislation at last session of Congress for
former end re retirement system
11/ 4
Moyer, L. A.: (See Civil Service Commission)
Munlock Engineering Corporation, reply to Mr. McPherson re reasons
of IRBank of Richmond for refusing to make in2/19
dustrial advance to
Mutual /ire Insurance Co., deposits may not be classified as savings 1/10
Mutual savings banks:
Capital requirements for membership in FRSystem, reply to Mr.
3/26
Fletcher re Board's attitude toward
Society for Savings in the City of Cleveland, Ohio, reply to
Mr. Fletcher re possible application for mem5/18
bership
Myers, W. I.: (See Farm Credit Administration)

564
1257
361

255

984

log

1709

1997

386
99
676

1°°

”N”
Nathan, Edgar A., reply re effect of amendment to Regulation T increasing margin requirements to cash withdrawals
2/27
446
from accounts
National Archives:
Destruction of useless records of Board, letter to Archivist
O'Connor listing and advising that they should
12/11 221°
be destroyed rather than sold
Federal Register:
Laws under which Board is authorized to issue rules and
regulations, reply to Mr. Kennedy listing pro422
2/25
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Pages
1101ona1 Archives: (Continued)
Federal Register: (Continued)
List of documents required to be furnished by Board to,
213
1/2:5
letter to Administrative Committee of, re
(See also Federal Register)
:
IIWanks, proposed survey of fiscal agency and FRApents' department records, letter to Mr. Hamer re, and letter
828-9
4/18
to FIZBanks
IRAgents' departments
Inspection of records of fiscal agency and
in FRBanks, by representatives of National
816
4/16
Archivist, reply to President Hamilton re
Banks:
411tional Association of Supervisors of State
Convention of, invitation to Mr. Peyton to address, request for
suggestions, to be requested to speak on bene8/ 4 1478
,RSystem
fits of membership in i
e and informal address,
Report of Mr. Broderick re attendanc
FRBanks of New York, Boston, Philadelphia,
9/22 1748
Cleveland, Chicago and St. Louis represented
144t1ona1 banks:
Agreement for general voting permits, amendment authorized re
requirement that Board approve changes in investments, as to national banks, RAgents to
667-8
3/25
be advised
American National Bank of Kalamazoo, Mich., inactive vice president, should be considered as executive officer
58
1/ 6
under Regulation 0, reply to Mr. Stevens
te of
American National Bank of St. Paul, Minn., time certifica
deposit payable 3, 6, 9 or 12 months from date,
reply to Mr. Maley that it complies with Regula537
3/ 9
tion
t bonds,
American National Bank, Santa Monica, Calif., Governmen
reply to Mr. Gandy re editorial in Los AngeleS
Times that bank may secure 100) value in currency for, from FRBank, advising of methods by
which member banks may secure currency from
FRBanks and various types of loans for which
8/ 7 1505
bonds are eligible as collateral
Savings Association, charges
sank of America National Trust and
that Governor Calkins discriminated against:
(See Giannini, Allegations)
Barnett National Bank of Jacksonville,
Deposits of credit unions and citrus growers associations,
reply to Mr. MccAaid that they may not be clas138
1/15
sified as savings accounts
Revenue
Holding company affiliate credit allowance under
Act of 1935, reply to Mr. McQuaid relative to
11/13 2060
procedure in connection with
of trust shares
Boatmen's National Bank of St. Louis, units
representing listed stocks, reply to Mr. Wagenfuehr prepared that under Regulation U they are
not stocks, additional information to be ob833
4/21
tained and reconsidered

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286
National banks: (Continued)
Byram National Bank of East Port Chester, Conn., fiduciary
powers, application refused because of insufficient capital, review of capital requirements of
Connecticut and attention called to requirement
that capital be common stock, while Board holds
that as applicable to national banks, Sec. 11(k)
of FRAct may be considered to include preferred
stock
1/14
Callicoon National Bank, Callicoon, New York, fiduciary powers,
surrender approved
9/ 8
Carthage National Exchange Bank, Carthage, N. Y.:
Fiduciary powers, application approved
1/17
Trust funds, reply to Mr. Lynch re deposit in savings department, under Regulations F and Q, and re treatment
of such deposits in reports
11/24
Central National Bank in Chicago, Ill., reserves, authorized to
carry reduced
11/17
Central National Bank of Green Castle, Greencastle, Ind., fiduciary power application approved
2/19
Central National Bank and Trust Company of Battle Creek, Mich.,
fiduciary powers, certificate of surrender and
letters to Comptroller and 1RBank of Chicago
that as bank is in liquidation, Board will not
require change in title to eliminate "and Trust
Company"
12/ 2
Charleston National Bank, Charleston, W. Va., trust funds, reply
to Mr. j'Connor on inquiry of bank, that Regulation 1' prohibits loan from one trust to
another in absence of order of court, even though
trust authorizes use of bank's discretion
10/19
Citizens National Bank, Emporia, Va.:
Maximum interest rate, reply to Mr. Harc1inc that Board does
not at present contemplate redaction in
12/12
Savings deposits, reply to Mr. Harding re question of continuing use of certificates of deposit to represent
4/13
Citizens National Bank of Freeport, N. Y., reply to Mr. Keogh
that Board has previously determined that Ranborough Corporation was not a holding company
affiliate and no action by Board is necessary
to permit to vote stock
7/14
Citizens National Bank of Marshfield, Wis., fiduciary power application, action deferred because of limited
recommendation of .RAgent, uncertain quality of
trust officer and dubious prospects of profits,
letter to Comptroller re
4/ 8
Citizens National Bank, 3ntario, Calif., reply to Mr. White that
deposits of Mutual Fire Insurance Co. cannot
be classified as savings account
1/10
Citizens National Bank, Wellsville, N. Y.:
Dairymen's League Co-operative Association, Inc., reply to
Mr. Cassel that funds of, may not be classified
as savings deposits
3/21

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t.
Na.
10rial banks: (Continued)
'
Citizens National Bank, Well sville, N. Y.: (Continued)
Executive officer purchased property and assumed mortgage,
question of applicability of Sec. 22(g) of
IBAct depends upon whether transaction was
for protection of bank
Executive officers, reply to Mr. Cassel that Secretary
should not be considered as, as long as he performs only usual functions
Citizens National Bank and Trust Company of Fulton, N. Y., executive officer, reply to. Mr. ivVilson that
director who is secretary of board is not, under
Regulation J
Citizens National Bank and Trust Co., Tvlansfield, Ohio, reply to
Mr. Jennings that deposits of Mansfield Cemetery
Association may be classified as savings accounts
Citizens National Bank and Trust Company of Waynesboro, Pa.,
Regulation Q, reply to Mr. Stouffer interpreting
provisions of, re interest payable on tire certificate having maturity of six months, no objection to use of pass book for business corporations
Citizens Union National Bank, Louisville, Ky., fiscal agency
functions performed by Louisville Branch in
connection with joint stock land bank bonds,
national bank involved in procedure
City National Bank of Philadelphia, Pa., "redmption fund",
reply to Mr. Hill that Sec. 9(b) of Regulation
F requires security to be deposited for, when
deposited in banking department
Clark County National Bank, Vancouver, '/Vash., savings accounts,
practice of customer leaving withdrawal slip,
signed in blank with passbook at bank so that
cost of securities purchased may be charged,
reply to Mr. Daniels that it is permissible
Commercial National Bank of Spartanburg, S. C., published condition statement of nonmember Citizens and
Southern Bank of South Carolina, letter from
Mr. Campbell calling attention to iten, "Corporate stock including FRBank stock"
Condition reports:
Call as of Decetber 31
Call as of March 4
Call as of June 30
Form to be furnished to banks well in advance of call under
new policy adopted by Comptroller, Board adopts
similar policy
Continental Illinois National Bank and Trust Company of Chicago,
Deposits of affiliates reported as "not subject to reserve",
advice to .RBank of Chicago that such deposits
are subject to reserve

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National banks: (Continued)
Continental National Bank and Trust Co. of Chicago, reserves
against uninvested trust funds, memo of counsel
that they should be maintained, overruled, not
1/24
to be required
1/31
Letter to Mr. Stevens advising of action
County National Bank at Clearfield, Pa., trust funds, investment
in assets acquired from commercial department,
3/S
reply to Mr. Fulton expressing disapproval of
Crocker National Bank of San Francisco, Sec. 2(c) of Regulation
U, reply to Mr. Wheeler re question of, turning
6/
on interpretation of
National Bank, Del Rio, Texas, executive officer, proDel Rio
test against inclusion of inactive officers in
definition of, in Regulation J, from Mr.
Stevenson, matter referred to Mr. Morrison and
3/ 4
reply approved
Deposit of collateral for trust funds in commercial department,
consideration of request for amendment to TRAct
to relieve of necessity to extent such funds
are insured by
opposed by Messrs.
3/10
Ransom and McKee, referred to former
Depositors National Bank of Durham, N. C., fiduciary power ap5/14
plication approved
6/17
Discount of commercial paper "without recourse"
Dividends, S. 1514, relating to payment of, objections to,
Chairman authorized to take such steps as he
considers necessary in event bill seems likely
5/15
to became law
Consideration given by Board to S. 4514 outlined for Federal
Advisory Council, belief that bill will not pass 5/19
Earnings and dividends reports, amendments to provide reporting
of additional items
4/ 8
4/28
Further modifications made by Comptroller
Farmers and Mechanics National Bank, Westminster, W., trust department, reply to Brown and Shipley re procedure
necessary for discontinuance of, and letter to
Comptroller that bank desires to know whether
continued exercise of one power will subject
bank to examination and charge in connection
11/1?
with
Mechanics National Bank, Woodbury, N. S.:
Farmers and
Building and loan associations, reply to Mr. Ware that deposits of, may not be classified as savings
accounts
Interest on time deposits, reply to Mr. Ware re limitation
on, by State law, and that no interest may be
paid on deposits of 14 days' duration
Bank of Waseca, Minn., fiduciary powers, cerFarmers National :
tificate of surrender

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tktional

banks: (Continued)
Fiduciary powers, small banks in competitive situations, Compttrant application of
troller not willing to :
First National Bank of Christiansburg, Va.,
Board to adhere to original position, to confer
8/11
further with Comptroller
Report of Mr. Ransom on Comptroller's position, file to be
8/27
recirculated and considered again
First and Merchants National Bank, Richmond, Va., Regulation F,
record of litigation, reply to Mr. Fry on in7/ 2
quiry of, as to scope of record required
First-Mechanics National Bank of Trenton, N. J., interest payment
on savings deposits, reply to Mr. Ray that it
1
may not be paid in excess of 2,6 per annum re1/15
gardless of basis on which computed
First National Bank of Albert Lea, Minn., fiduciary powers, sur2/ 7
render of
First National Bank of Anchorage, Alaska, use of words "Member
F.R. System" on condition statement, reply to
Mr. Clerk notinz use was inadvertent and will
8/31
not be repeated
First National Bank, Atlanta, Ga.:
Regulation If, reply re five questions as to interpretation of 5/20
Trust funds, reply to Mr. Williams re question of violation of Regulation F by investment in securities
9/12
purchased from affiliate
First National Bank in Bedford, Pa.:
Cohn, M. M., President, reply to Mr. Austin re extension or
loan to, made subsequent to Banking Act of 1933
and prior to Banking Act of 1935, in connection
with Departuent of Justice determining if he
4/ 2
was executive officer at the time
certificate of
First National Bank of Be.resford, S. Dak., time
deposit, reply to Mr. Olson that it may not be
paid before maturity, unless emergency exists,
12/ 4
suit threatened by guardian
interest payment on
First National Bank of Bloomingdale, N. J.,
New Jersey funds, letter to Mr. Case re inquiry
of Mr. Storch re, suggesting conferring with
1/15
FRBank of Philadelphia
of Bradley Beach, N. J., inactive officers,
First National Bank
reply to Mr. Johnson that they come within
4/28
definition of' executive officer in Regulation J
Mr. Johnson that there is no distinction as to
Reply to
type of loan in exception re amount officers
5/16
may borrow
National Bank of Christiansburg, Va., fiduciary power apFirst
plication, not approved by Comptroller because
of likelihood of poor earnings, Board to adhere
to position re small national banks in competitive situations, but first to confer further
8/11
with Comptroller


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National banks: (Continued)
First National Bank of Christiansburg, Va.: (Continued)
File to be recirculated and considered again in light of
Mr. Ransom's report re position of Comptroller
Review of previous consideration and position of Comptroller, application approved, Messrs. Broderick
and Ransom voting "no"
Letter to bank advising of approval of application
First National Bank of Clifton Forge, Va., loan to Mr. Ihmett,
vice president, reply to Mr. Fry as to whether
it constituted a violation of Sec. 22(g) of
1/15
FRAct, copy to Comptroller
First National Bank, Colorado Springs, Colo., executive officer,
reply to Mr. Howbert that resolution or amendment to bylaws would not affect status of chair1/31
man of board as
First National Bank, Conawa, Okla., interest, reply to Mr.
Courtney re payment of accrued, after August 23,
1937 that interest may not now be paid on denand
deposits of Indian funds, Postal savings funds
12/22
and other Government funds
First National Bank at Gallitzin, Pa., funds of Gallitzin Fire
Company Relief Association may be classified as
5/27
savings deposits, reply to Mr. Cooper
First National Bank of Gatesville, Texas, executive officer,
reply to Mr. Ayres that where no evasion is
intended loan by bank to corporation in which
officer is interested is not violation of Regulation 0
First National Bank of Gettysburg, Pa., interest on time certificate of deposit payable upon six months'
notice by depositor, Ur. Harr, and callable
upon 30 days' notice, shorter period governs
in determining maximum rate
4/25
First National Bank of Henderson, Ky., fiduciary power applica8/21
tion approved
First National Bank of Homestead, Pa., stock owned by Monongahela Trust Co., latter admitted to membership
subject to condition requiring disposal of
12/29
stock or conversion of bank into branch
of Idaho, Boise, Idaho, fiduciary power
First National Bank
application approved
4/15
Bank of Ketchikan, Alaska, membership in FRSystem,
First National
letter to Mr. Sargent that Board is of opinion
that application should be approved when new
6/ 2
examination has been made
First National Bank, Keystone, W. Va., Regulation U, reply to
6/26
Mr. Vaughan re applicability to certain account
First National Bank of Lake Charles, La., documentary drafts
drawn on purchasers in puerto Rico, reply to Mr.
North re question of classification as cash
6/24
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National banks: (Continued)
First National Bank of Lenoir City, Tenn.:
Eason-Norwood Co., is affiliate of, appropriate exhibit
should be furnished by Hamilton National Associates in connection with voting permit application
First National Bank of Louisville, Ky., loss sustained by
ERBank of St. Louis on commitment to, in connection with loan to Red Cap Battery Corporation
First National Bank in Meridian, Miss., fiduciary power application approved
First National Bank of Montgomery, Ala., dealings, between trust
accounts, reply to Mr. Kennedy re provisions
of Regulation F re and re duties of trustee in
connection with
First National Bank, Nicholson, Pa., permanent deposit of
Nicholson Cemetery Association, reply to Comptroller that bank must take immediate steps
5
;
to reduce interest rate from 4', to 2bL
First National Bank of Perth Amboy, N. j., unsafe practices,
review of situation by Mr. McKee, authorized to
call conference re
First National Bank of Philadelphia, Pa., executive officers,
reply to Mr. Haas that Regulation U should be
construed as requiring that reports of indebtedness be available to board of directors
First National Bank at Pittsburgh, Pa., interest payment at
1;i0 compounded monthly on time deposits, reply
to Mr. Fletcher on inquiry of, that it is not
permissible
First National Bank of Pomona, Calif., fiduciary powers, supplementary application approved
First National Bank of Princeton, Minn., liquidation nearly
complete, Metals Bank and Trust Co. of Butte,
Mont., need not report on form 105 as affiliate
Bank, Pueblo, Colo., cash bond, reply to Mr.
First National
Thompson that deposit in name of United States
Fidelity and Guaranty Co. as collateral for
E. L. Westcott may be classified as savings
account
First National Bank of Pullman, Wash., fiduciary powers application approved
First National Bank of Remsen, N. Y., increase in reserve requirements, reply to Mr. Roelse re letter of
Mr. Park relating to certain statements in
Board's statement re
First National Bank in Santa Ana, Calif., fiduciary powers,
State refuses license because of legal prohibition on examination by, of trust department,
bank may agree to permit examination, and
license not required to be granted by State
under Board's authorization

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National banks: (Continued)
First National Bank of Selins Grove, P ., fiduciary powers, surrender of
First National Bank of Spring Valley, Minn., fiduciary powers,
certificate of surrender of
First National Bank of Spring Valley, N. Y., fiduciary powers,
reply to Mr. Fuller advising of procedure for
9/25 i782
surrender of
First National Bank of Toppenish, Wash., absorption by Traders
4/24 868
Bank, no objection
First National Bank of Trumansburg, N. Y., consolidation of, by
Tompkins County Trust Co., Ithaca, and establishment of branch, no objection
First National Bank of Wallace, Idaho:
McCarthy, James F., reply to Mr. Flohr re complaint that he
will not accept honorary vice presidency because
12/22
of requirements of Sec. 22(g) of FRAct
First National Bank of West New York,• N. J., litigation arising
from liquidation, of, reply to Mr. Milberg that
Board cannot comment on merits of questions in1066
5/21
volved in
First National Bank and Trust Company of Ann Arbor, Mich., consolidated into Ann Arbor Savings and Commercial
Bank, latter's membership application approved
2/7 310
First National Bank and Trust Company of East Pittsburgh, Pa.,
fiduciary application of East Pittsburgh Savings
and Trust Co. approved upon conversion into,
letter to Comptroller, and one to FRAgent re
omission of ninth power from application
First National Bank and Trust Co., Minneapolis, Minn., savings
deposits, reply to Mr. Geery re classification
of funds of business groups, professional associations, mutual benefit organizations and
publications of professional associations
First National Bank and Trust Co., Oklahoma City, sales of
trust assets to officers, directors, etc., reply
to Mr. Thomas that they may be effected before
effective date of revised Regulation F
5/27 1°93
First National Bank and Trust Co., Rochester, N. Y., consol11/13 059
idated by Lincoln Alliance Bank and Trust Co.
and Trust Company in Sioux Falls, S. Dak.,
First National Bank
fiduciary power application, denied because of
4/ 4
7,,1
41
criticisms of management and policies
Supplementary application approved
11/ 5 2C1v
First National Bank and Trust Co., Waynesburg, Pa., deposit of
Borough of Waynesburg, reply to Mr. Ailes that
it cannot be classified as savings deposit and
2/17
.
no interest may be paid thereon
First-Stamford National Bank and Trust Co., Stamford, Conn.,
withdrawal from. ERSystem considered by, because
of definition in Regulation Q. of interest prohibiting classification of deposits of cor164
porations operated for profit as savings accounts 1/22

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National banks: (Continued)
Fletcher-American National Bank of Indianapolis, claim of
liquidating trustees against TRBank of
Chicago, to be considered at meeting of Board
tomorrow
Memo of Mr. Wyatt re status of case, authorized to continue
negotiations for settlement, and upon conclusion
of conferences, to submit recommendation after
consultation with Mr. Ransom
Mr. Wyatt re status of, question of settlement,
Report of
Mr. Wyatt and Mr. Dreibelbis authorized to discuss matter with FRBank directors at meeting
next held
Compromise of, payment of settlement approved
(See also Court cases)
Franklin County National Bank of Brookville, Inc., fiduciary
powers, supplementary application approved
Glen Rock National Bank, Glen Rock, N. J., assumption of liabilities and purchase of assets of, by Glen
Rock Bank
Hamblen National Bank of Morristown, Tenn.:
Morrison Turning Co., is affiliate, appropriate exhibit
should be filed by Hamilton National Associates in connection with voting permit application
Hamilton National Bank, Chattanooga, Tenn.:
Electric Home and Farm Authority, reply to Mr. Harris that
paper of, is not eligible for discount, but is
eligible as collateral for Sec. 10(b) loans
Hamilton National Bank, Washington, D. C.:
American Retail .Federation, Inc., reply to Mr. vans that
funds of, may not be classified as savings deposits
National Fertilizer Association, inc., reply to Mr. Evans
that funds of, may not be classified as savings
account
e
Hartford National Bank and Trust Co., Hartford, Conn., executiv
reply to Mr. Bailey re loan made to
officer,
him by another bank which later merged with his
own bank, that interpretation of Sec. 22(E)
of RAct rests in this case with Department of
Justice
National Bank, Bedford, Pa., maximum rate of interest,
Hartley
reply to Mr. J. ii rank Russell re suggestion
that it be reduced
ela Trust
Hays National Bank, Hays, Pa., stock owned by Monongah
membership subject to
Co., latter admitted to
condition requiring disposal of stock or conversion into branch
Hazleton National Bank, Hazleton, Pa.:
Middle Coal Held. Poor District, reply to Mr. O'Connor that
Board is reconsidering question of classification of such funds as savings deposits

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National banks: (Continued)
Indiana National Bank, Indianapolis, Ind., par remittance for
checks by all banks doing commercial banking
business, reply to suggestion of Mr. Moore to
require
Lancaster County National Bank, Lancaster, Pa., Regulation F,
amendment suggested by Messrs. Zecher and
Truxel to permit investment of trust funds in
mortgages purchased from own commercial department to extent authorized by State law,
disapproved
Liquidations, Business Finance Co., reply that Board cannot
furnish names of banks in, in New Jersey and
that Board will take no action in connection
with notices of appearances in case of two na5/25 109
tional banks
Madison-Crawford National Bank of Chicago, Ill., reserves, per8/22
mission granted, to carry reduced
Midland National Bank and Trust Co., Minneapolis, Minn., borrower makes loan not subject to Regulation U,
then makes additional loan subject to Regulation
and case in which conditions are reversed, reply
to Mr. Geery re effect of, in response to in6/ 5 1145
quiry of Mr. Mattson of
Mechanicks National Bank of Concord, N. H., fiduciary powers,
12/22 2253
supplemental application approved
Merchants National Bank, Montgomery, W. Va., executive officers,
reply to Mr. Claypool re applicability of Regulation 0 to vice president (inactive) and
director and two assistant cashiers whose duties
are merely those of tellers
10/ 1 1614
Additional information furnished not sufficient to determine status of Assistant Cashiers Buchanan and
Judy, reply to Mr. Claypool
1o/22 1°)
Merchants National Bank of Salem, Mass., election of Class A
director, reply to Mr. Curtiss that National
Shawmut Bank of Boston and National Shawmut
Association are not holding company affiliates,
in connection with eligibility to participate in 9/16 1712
Montclair National Bank, Montclair, N. J., absorption by
Montclair Trust Co., and establishment of branch
by latter
2/2'7
National Bank of Commerce of San Antonio, Texas:
Southern Underwriters Corporation, reply to Mr. Hart that
deposits of, may not be classified as savings
account
1/30
241
National Bank of Commerce, Seattle, Wash., Sec. 2(c) of Regulation U, reply to Mr. Wheeler re question of,
turning on interpretation of
6/ 5
National Bank of Logan, W. Va., executive officer, reply to Mr.
Await re inquiry of Mr. Valentine that proposed
appointment of Mr. Raike as, while indebted to
bank would not constitute violation of Sec.
22(g) of FRAct
1/11 11S

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National banks: (Continued)
National Bank of Middlebury, Vt., deposits of cooperative
fire insurance companies and cooperative savings and loan associations, reply to Mr. Hincks
that Board has ruled they may not be classed
10/ 8
as savings accounts
Y., merger with Trust Company of
National Bank of Wyoming, N.
Wyoming County to be effected under charter of
12/24
latter
in New York, N. Y., absorption by
National Bank of Yorkville
Marine Midland Trust Company of New York and
5/ 1
establishment of branch, no objection
of New York:
National City Bank
Deposits, study of activity of, report re test study made by 1/16
Havana Branch, vaults of Havana Agency, use of compartments
in, for storage of surplus silver coin, no objection providing FRBank of Atlanta is released
from responsibility and at any time may re2/20
sume use of
Safety Bank and Trust Company in New York, "checkmaster
National
plan", reply to Mr. Vogt that Board does not
know that plan violates any laws which came
5/21
within jurisdiction of Board
National Shawmut Bank of Boston, holding company affiliate
status, MUDD of Mr. Baumann re, Board refuses
to determine that it is not, request granted
that standard agreement for voting permit be
amended as to requirement that Board approve
3/25
changes in investment
power
Northern National Bank of Presque Isle, Me., fiduciary
1/30
application approved
30 of Banking Act
Officers and directors, removal under Sec.
of 1933: (See Removal of officers and directors)
Overland National Bank of Grand Island, Nebr., fiduciary power
1/23
application approved
exception re inPennsylvania, trust funds, question of making
vestment in mortgages purchased from own canmercial department to extent provided for by
Pennsylvania Banking Code, to be reviewed by
9/ 1
Board members
feel justified in modifying position re inBoard does not
vestments by banks in property acquired from
own commercial departments, or in amending
/23
9
Regulation F
Peoples National Bank, Charlottesville, Va., additional advance
in account established prior to May 1, reply to
Mr. Hildreth that it would be subject to Regu7/ 9
lation U
subPeoples National Bank of Claremont, N. H., FRBank stock
scription, for additional share on basis of
carrying computation to fourth decimal thus
3/ 7
securing fraction of 400

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National banks: (Continued)
Peoples National Bank of Lakewood, Ohio, absorption by Lorain
Street Bank, Cleveland, no objection
Peoples National Bans of Marlborough, Mass., executive officer,
indebtedness of inactive
Peoples National Bank, Rock Hill, S. C.:
Peoples Trust Company is not holding company affiliate of,
reply to Mr. London
Phillips National Bank of Helena, Ark., executive officer, loan
to, inactive chairman before passage of Banking
Act of 1935 is for determination of Department
of Justice, Board will not object to salary advance for month which has 31 days although
Regulation 0 limits to 30 days
Point Pleasant National Bank, Point Pleasant, W. Va.:
Johnson, H. S., President and Director, certified to Board
by Comptroller for removal under Sec. 30 of
Banking Act of 1933, Board to consider sending
notice by Sept. 22
Ramsey County National Bank of Devils Lake, N. Dak., time certificate of deposit, reply to FRBank of Minneapolis agreeing with opinion of counsel that
when maturity falls on holiday, renewal should
be as of that date
Ramsey National Bank, Ramsey, Ill., reserves, report required,
against net deposits, reply to Mr. Easterday
re necessity for filling in all columns, to show
actual required reserves
Red Wing National Bank and Trust Co., Red Wing, Minn., fiduciary
powers, certificate of surrender, letters to
Comptroller and FRBank of Minneapolis re waiver
of requirement that "and Trust Company" be
eliminated
Riggs National Bank, Washington, D. C.:
Savings deposits, classification of number of types of,
reply to Mr. Await re, on inquiry of Mr.
Hoskinson
Trust investment committee, reply to Mr. Fleming that provision of bylaws providing that he, as president,
appoint, with advice and consent of directors,
complies with Regulation F
San Jacinto National Bank, Houston, Texas, loans to real estate
affiliates, reply to Mr. Walsh re applicability
of Sec. 23A
Seattle-First National Bank, Seattle, Wash., Regulation U, reply
to Mr. Arnold re five questions as to interpretation of
Inconsistency between second paragraph of Sec. 1 and last
clause of third paragraph, reply to Mr. Berry
re possible
Loan agreement, reply to Mr. Wheeler re questions relating
to general


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Pages
National banks: (Continued)
Second National Bank, Bucyrus, Ohio, noncash collection items,
letter from Mr. Cook quoting resolution of
National Bank Division of American Bankers
Association that FRBanks discontinue handling,
to be directed to secure information requested
from President Young
Social Security Act, ruling of Bureau of Internal Revenue that
such banks are instrumentalities of U. S. under,
and both banks and employees thereof are exempt
from taxes imposed by Act, advice to all Presidents
Ruling to be published in FRBulletin
Somerset National Bank, Barker, N. Y., inactive president and
cashier, reply to Mr. Carlyle that Board cannot except from definition of executive officer
under Regulation 0
SPringvale National Bank, Springvale, Me., fiduciary power application approved
National Bank, St. Louis, Mo., interest payment on
Telegraphers
time deposits renewed within ten days after
maturity, reply to Mr. Coombs re differences
between Board's and F.D.I.C. regulations, no
objection to practice
Terminal National Bank of Chicago, Ill., reserves, permission
granted, to carry reduced
Tradesmens National Bank, Oklahoma City, Okla., interest on
Indian funds, reply re payment after August
23, 1937, that it may not now be paid on demand
deposits
Union National Bank, New Brighton, Pa., executive officer giving
note to commercial house which later discounts
with bank, reply to Mr. Bingham that such indebtedness should be reported by officer to his
directors
Upper Avenue National Bank of Chicago, Ill., conversion from
Upper Avenue Bank
Valley National Bank, Des Moines, Iowa, absorbed by nonmember
bank and not yet placed in liquidation, question
of action as to having receiver appointed left
to FRBank, dividends on FRBank stock to be withheld
Vermont, maxim= interest rate payable, reply to FRBank of
Boston
National Bank, Williamstown, Mass., fiduciary
Williamstown
power application approved
National Bank of Warsaw, N. Y., merger with Trust
Wyoming County
Company of Wyoming County to be effected under
charter of latter
N •
"lonal Bureau of Economic Research:
Condition reports of State member banks, reply to Mr. Mitchell
giving reasons Board is not willing to call for
urban real estate loans to be divided into commercial and residential classifications


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National Bureau of Economic Research: (Continued)
Goldenweiser, E. A., request of Mr. Willits that he serve as
member of exploratory committee, research requested by Reserve City Bankers Association,
discussed by Mr. Riefler with Mr. Ransom, discussion of question, to attend meetings in9/18
formally
National Capital Press, printing of par list and mailing, contract
awarded to, addressed envelopes to be furnished
1/4
by Board
National Compress and Warehouse Co.: (See State member banks, Bank
of Russellville, Ark.)
National Conference of Business Paper Editors, survey of field for
industrial loans, reply to Mr. Bill re proposed
questionnaire and that Board is not willing to
4/8
sponsor survey
National Emergency Council:
F. W. Dodge Corporation, request of Mr. Alverson that Board furnish Council with copies of contracts with corporation, reply to be made that Board has no
written contract and that reports are confiden5/26
tial
FRSystem, policies and operations, request for summary of, by
Mr. Leggett, Mr. McKee opposed, statement referred to Messrs. Morrill, Goldenweiser and
Thurston for revision to conform to material
12/ 1
previously released
National Housing
Executive officer, letter to Comptroller re question of exception of mortgage loan insured under Title II,
3/20
from Sec. 22(g) of FRAct
insured under, /RBank can make advances
Modernization loans
6/22
under Sec. 10(b)
Board, Inc.:
National Industrial Conference
"Personnel practices covering salaried employees", questionnaire
entitled, no objection to ERBank of New York
8/13
supplying information requested
carried on by FRBank of New York for employees
Thrift activities
no objection to furnishing information re4/25
quested
National Institute of Public Affairs, intern, proposal of Mr. Wingo
to place Mr. Fenn with the Board, Mr. Morrill
consulted Messrs. Stockberger and McReynolds,
Goldenweiser feels employment of unsalaried
individual would be undesirable, Board to consider appointment on nominal salary basis and
9/29
Mr. Goldenweiser to interview Mr. Fenn
National Wholesale Wine and Liquor Dealers Association, collection
of liquor drafts by FRBanks, reply to Mr.
McMackin that administration of Sec. 239 of
6/13
Criminal Code rests with Department of Justice
Neary, W. C.: (See State member banks, Union Bank and Trust Company
of Los Angeles)

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Nebilteka:
State member banks, directors, reply to FRBank of Kansas City
re inquiry of Mr. Johnson that amendment of
bylaws of bank to increase minimum number was
suggestion, prompted by Sec. 31 of Banking
5/27
Act of 1933
New
Xersey:
Building and loan associations, deposits may not be classified
6/10
as savings accounts by member banks
Bank, Woodbury,
Reply to Farmers and Mechanics National
6/10
N. J., re
Mr. Case re inPublic funds, interest payment on, letter to
quiry of First National Bank of Bloomingdale as
to, suggesting conferring with FRBank of
1/15
Philadelphia, and letter to Mr. Storch of bank
member banks, State
Publication of condition reports of State
Commissioner desirous of arrangement whereby
single publication may be made for both Board
and State, no objection to insertion in report
form of information required by State under
3/12
appropriate heading, copy to all IRAgents
New
York:
Department of Audit and Control, court funds, demand deposits,
reply to Mr. Doris that interest may be paid
5/ 6
upon under State law until Aug. 24, 1937
securities market, convenience and cost of London market
in relation to, for trading in American securi10/29
ties, informal advice of Mr. Whigham re
New
York State Bankers Association:
Group 1, invitation of Mr. Davis to member of Board to address
meeting of, suggestion of Mr. Broderick that
Board members not accept invitations of groups,
3/31
referred to Mr. Szymczak for determination
Reply to Mr. Davis regretting necessity to decline invitation for Board member to address meeting, but
suggesting that an officer of F(Bank of New
York be invited and letter to President Harrison 4/ 3
New,
lork Stock Exchange:
Advisory Committee, Regulation U, reply to Mr. Kent re consideration given to regulation and which will be
5/ 1
given to any recommendations of committee
state that
Margin accounts, study of, proposed, authorized to
6/ 1
it was at request of Board
30 fixed as
Meeting with Board requested by Mr. Gay, April
4/28
date for
Counsel and two members of
Meeting with Board of President Gay,
Governing Committee re Regulation U, discussion
4/30
of, memo of points to be filed with Board
of Mr. Worcester through Mr.
Regulation T, supplement, request
Rounds that effective date of subdivision (2)
be postponed, review by Mr. Bradley of factors
4/ 1
involved

York


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New York Stock Exchange: (Continued)
Regulation T: (Continued)
Postponement requested by President Gay, referred to Divi4/3 r136
sion of Security Loans
Recommendation of FREank of New York, review of situation
by Mr. Bradley, including position of Haskins
and Sells and Mr. Seperstein of Securities and
4/3 742
Exchange Commission, postponement disapproved
Amendment, comments being formulated and to be submitted
to FRBank of New York, Mr. Parry to meet with
representatives at ERBank of New York, to be
given opportunity to meet with members of Board
23.64
if desired
12/ 4
New York Times:
"Member Bank Reserves", letter appearing under date of Dec. 18,
from S. Parker Gilbert, attention of Federal
Advisory Council called to, as expressing views
with which Chairman Eccles is in agreement
2/12
Society for Stability in Money and Banking, attention called by
Ur. Morrill to report that Mr. Goodbar had appointed Mr. G. E. Roberts to, and that latter
was also member of National Bureau of Economics
appointed by American Bankers Association
9/18 1726
"Stabilization Still Opposed by England", article appearing
Feb. 9, attention of Federal Advisory Council
called to, as expressing views with which
Chairman Eccles is in agreement
2/12 342
Newark Clearing House Association, building and loan associations
in New Jersey, reply to Mr. Gidney re inquiry
of, and after consideration of Mr. J. H.
Harrison's memo, that deposits of, may not be
classified as savings accounts
6/10 1161
Reply to Farmers and Mechanics National Bank, Woodbury, N. J., re 6/10
Newspapers:
Board members and staff, cost referred to, and to increase that
would be caused by additional papers requested,
Mr. Thurston requested to report on necessity
for continuance of expenditure
2/14 354
Definition in Regulation H
6/ 2 1116
Definition for purposes of publishing condition reports of State
7/ 7
member banks
Statement of Mr. Ransom that he planned to discuss with
Comptroller and F.D.I.C., no further action at
this time
7/15 1564
Expenditures of Board for, report of Mr. Thurston re, no
further action to be taken
3/ 6
524
Publication of condition reports in, reply to Mr. Clerk that
specializing papers such as Daily Commercial
News do not meet requirement of Regulation H
that paper should be one disseminating news of
general interest

342


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Pages
4411tiember banks:
Accounts of member banks, ruling of 1923 re application of
10% limitation to, reply to Mr. Fry that it
should not be reconsidered in light of later
10/29
decisions
under Securities Exchange Act of 1934, lists of
Agreements
banks filing, to be prepared by Board in future
4/4
and FRBanks not to prepare
An Arbor Savings Bank, Ann Arbor, Mich., consolidated into
Ann Arbor Savings and Commercial Bank, latter's
2/7
membership application approved
bank of Aspinwall, Pa., no objection to absorption by Commonwealth Trust Company of Pittsburgh and estab12/30
lishment of branch
Bank of Pleasant Shade, Tenn., no objection to absorption by
7/23
Citizens Bank and Trust Co., Carthage, Tenn.
Bank suspension study, Mr. Smead authorized to negotiate with
F.D.I.C. for use of condition reports of, in
6/17
connection with
Central Bank and Trust Co., Newark, N. 3., reply to F.D.I.C.
that there is no objection to absorption by
4/25
Columbus Trust Co. and establishment of branch
Citizens and Southern Bank of South Carolina, showing in published condition statement item, "Corporate
stock including ERBank stock, letters to Chief
Examiner Daniel and President Leach re erroneous
7/29
impression likely to be caused
Clearing accounts, par list, banks to be included, as well as
1/4
three institutions not actually banks
Commercial State Bank of El Campo, Texas, arrangement with Security Bank and Trust Co., Wharton,for deposit
of funds of Wharton County Conservation and
Reclamation District No. 1 with latter, no
1/20
objection to trust company paying interest on
Commonwealth Commercial State Bank, Detroit, Mich., excess
balance carried with, by Peoples State Bank,
9/18
Belleville, Mich.
Currency shipments to, reply to Mr. Strater that Board notes
with approval action of Governors' Conference
6/23
of October 23, 1935
capital and
Deposit of trust funds with, in excess of 10% of
surplus by Union and New haven Trust Co., New
Haven, Conn., reply to Mr. Curtiss that membership condition and Sec. 19 of FRAct are not ap6/11
plicable
Trust Co., Easton, Pa., merger by
Easton Dollar Savings and
1/14
Easton Trust Co. in 1932, approved
Bank of Anchorage, Alaska, reply to Mr. Clerk
First National
noting that use of "Member of YESystem" was
8/31
inadvertent and will not be repeated


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Nonmember banks: (Continued)
First State Bank, Gruver, Texas, absorption by First State Bank,
Spearman, no objection
8/13
Letter to F.D.I.C. on absorption
10/10
2 11
First State Bank of Holland, Mich., proposed absorption by
Holland City State Bank, no objection
1/
Ford City State Bank, Ford City, Mo., absorption of, by First
State Bank of King City
2/21
Lubec Trust and Banking Co., Lubec, Me., absorption by Bar
Harbor Banking and Trust Co.
6/ 1
Membership in FRSystem, statement of Mr. McKee at meting with
presidents re desirability of bringing eligible
State banks into system
3/16
Statement of Mr. Morrison re
3/16
Inouiry by Mr. Morrison of Presidents' Conference if Board
is making it difficult of entrance, feeling
expressed that reasons for failure to apply are
beyond Board's control
3/17
Mt. Lebanon Bank, Mt. Lebanon, Pa., no objection to absorption
by Commonwealth Trust Company of Pittsburgh
and establishment of branch
12/30
Plymouth Exchange Bank, Plymouth, Wis., no objection to absorption of, by Citizens State Bank of Sheboygan
and establishment of branch
2/19
Social security act, applicability of certain taxes under, ruling of Bureau of Internal Revenue to be published
in FRBulletin
10/27
Spitzer Rorick Trust and Savings Bank, Toledo, Ohio, participation certificates representing waived deposits
in, held by Fayette State Savings Bank Co.,
Fayette, Ohio, reply to Mr. Fletcher that they
need not be included in determining limit on
deposit with
9/ 3
State Bank of Plymouth, Wis., no objection to absorption of, by
Citizens State Bank of Sheboygan, Wis. end es2/19
tablishment of branch
Valley Savings Bank, absorption of Valley National Bank, Des
Moines, Iowa
'7/ 3
Visits to, by FRBank officers, Presidents requested by Mr.
Szymczak to give consideration to
3/16
North, N. S.: (See National banks, First National Bank of Lake
Charles, La.)
North Shore Civic Alliance, Inc., Flushing, N. Y., reply to Mr.
Bradford re his radio address with reference
to loans for small industry, outlining industrial loan policy of Board
5/12
North American Associated Companies, Los Angles, Calif., reply to
Mr. Holabird, Receiver, that his deposits may
not be classified as savings accounts
1/20
Note issue function of FRBanks, statement to be prepared re, for use
in replies to questions from individuals, etc.
8/27


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Pages
4/tes, securities, reply to Mr. Stevens re interpretation of
(X-9322) subjecting such notes as are in fact
securities to restrictions of Sec. 5136 of Revised Statutes in connection with purchase by
2/27
State member banks
R.P.
Co., Chicago, Ill., selected as alternate for nine
Severin
firms to be invited to bid on Board's new build1/2
ing
Utter, McClennon and Fish, investment trust stock, unregistered,
reply that it has no loan value under Regula1/20
tion T

of office, forms, memo of Mr. Vest recommending changes in
and for printing forms for directors, FRAgents
and Assistant FRAgents, approved
Oft4
,, Leers, removal of: (See Removal)
'Hare, Frank: (See Foreign banking corporations, International
Discount Corporation)
Ohio:

448

3

173

—8

Time deposits of public funds noted from condition reports,
whereas State law prohibits, reply to Mr.
Fletcher re
480n, A. R.: (See National banks, First National Bank of Beresford, S. Dak.)
okm Market operations:
Federal Open Market Committee, scope of authority over, including dealings in bills payable in foreign currencies, and accounts and transactions with
foreign banks and bankers
Maturities of government securities, shifts authorized in
resolution of Federal Open Market Committee
on Dec. 17, 18, approved
Procedure for interim between expiration of old committee and
organization of new, letter from President
Harrison re, proposing continuance of routine
operations, Board in agreement and President
Harrison to be so advised
Replacement of April 15 maturities in connection with March
financing, recommendation re, by executive committee of Federal Open Market Committee, committee has authority but transactions will take
place after March 1, will increase FRBank earnings, approved
Letter to Governor Harrison re action
Sale of small amount from System account suggested by Mr.
Newton if reserve requirements are further increased, to offset theory that system holdings
are "frozen assets"


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/2
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304
Open market operations: (Continued)
System open market account, allotments of government securities,
quarterly report to be obtained from FRBanks re
unusual charge offs, in connection with formula
retained by F.O.M.C. for, and uniform policy
to be striven for
Open market policy:
Advice to presidents not members of F.O.M.C., question is one to
be considered by F.O.M.C.
Question of, to be brought up by Mr. Broderick at meeting on
March 3

6/ 3 11"

11/18 2098
2/27

441

np”

Pamphlets, Editorial Research Reports, copies sent to Presidents of
1RBanks
11/ 7
Par list:
1/23
Federal credit union, may not be placed on
,m
Interest definition in Regulation Q, effect on withdrawals from 11/1
"Interest", opinion of Federal Advisory Council asked as to
likelihood of withdrawals from, if suspended
9/10
definition, in Regulation (4 is put into effect
Mailing:
Equipment for, purchase of addressograph, eraphotyde, plates,
1/21
cabinet, authorized
Procedure suggested for mailing all copies from Washington
and if agreeable to FRBanks, they should furnish
mailing lists and changes therein, with numbers
of copies to be furnished, to Board, telegram
1/22
to FRBanks re
Nonmember banks, list of clearing, to be published in, on recom1/ 4
mendation of Standing Committee on Collections
Printing of, and supplements for 1936, to be done by National
Capital Press, mailing to be done by, addressed
1/ 4
envelopes to be furnished by Board
Withdrawals of banks from, problem to be presented to Federal
10/20
Advisory Council for advice
Letter and memoranda sent to Mr. Lichtenstein in accordance
10/27
with
Park, Rufus W.: (See National banks, First National Bank of Remsen,
N. Y.)
to, in which two men have &ma) interest and one
Partnerships, loan
of whom is an executive officer of loaning bank,
Wood and Huston Bank, reply to Mr. Wood that
Regulation 0 does not prohibit
Payments:
Fee for Judge Cole in case in connection with tax anticipation
note of Ocean City, N. J., FRBank did not comply
12/ 2
with instructions re prior approval, approved
1RBank of Atlanta:
Bell, Sims and Honour, authorized to pay six months' salary
6/30
in cash upon retirement


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1948

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305
Pages
PaMents: (Continued)
FRBank of Atlanta: (Continued)
McKay, Withers and Ramsey, payment of fee to, approved, for
services in connection with indebtedness of
/0
1 2
Florida Asphalt Block Paving Co.
FRBank of New York:
Pitney, Hardin and Skinner, payment of fee for legal services in connection with indebtedness of Passaic
12/ 2
Print Works approved
Jones, Harry C., FRBank of Minneapolis, dismissal allowance,
six months' salary in lump sum or six monthly
4/ 2
payments authorized
McLean, William, FRBank of Chicago, dismissal wage of six
months' salary in lump sum or six monthly in4/ 7
stallments authorized
Thomas, J. J., sum equal to six months' salary authorized for,
in connection with placing position of FRAgent
12/28
at Kansas City upon honorarium basis
12/29
Telegram advising of action approved
Petlehman, George A.: (See State member banks, California Bank,
Los Angeles)
Pell, Williamson, request for hearing on service of Thatcher M.
9/ 2
Brown under Clayton Act
Pellasylvania:
Trust funds:
National banks, question of making exception re investment
in mortgages purchased from own commercial department to extent permitted by Pennsylvania
9/ 1
Banking Code
by Lancaster County
Amendment to Regulation F suggested
9/23
National Bank, disapproved
on demand deposits of, by
Uninvested, interest may be paid
Pennsylvania Company for Insurances on Lives and
4/29
Granting Annuities, under State law
?Gaston
Fire Departments of the
Fund Commission of the Police and
Township of Union, N. J., reply to IRBank of
New York that Board is reconsidering questions
re classification of such funds as savings de10/ 1
posits
officers of FRSystem, reply to Congress?elisions, Board members and
men Mott re provisions proposed in legislation at
last session of Congress for former and re Re11/ 4
tirement System
(See Loans, Industrial advances)
iz kerson, C. T.:
onne1 classification plans at FRBanks: (See FRBanks)
411adelphia Stock Exchange, margin requirements increase, reply to
FRBank of Philadelphia re inquiry of, that
transactions entered into prior to Feb. I are
1/28
not affected
Ph
held by Dallas Bank and
ilpott, W. A., Jr., gold certificates
Trust Co., Dallas, Texas, surrendered to, violation of executive orders reported to Secretary
5/13
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306
Physical examinations, Dr. A. D. Daughton employed to make, during
absence of Dr. Barr
Pimm, A. B. and Co.: (See A. B. Pimm and Co.)
Pitney, Hardin and Skinner:
Employment by FRBank of New York approved in connection with
loan to Townsend Lawn Mower Co. under Sec.
13(b) of 1RAct
Payment of fee for legal services approved
Fee approved for, in connection with loan by FRBank of New York
to Passaic Print Works, Inc., and retention
authorized, if necessary, to defend title to
mortgaged property sold
Poland:
Foreign loan service suspension, letter from President Harrison
reviewing situation, and likelihood of discriminatory treatment of American creditors,
suggestion that matter be taken up with State
Department adopted
Memo of Mr. Gardner reporting result of conferences with
Messrs. Eels and Livesey and probable action of
DepartAent, copy of letter to be furnished informally to State Department and Mr. Harrison
to be informed
Letter to Mr. Harrison advising of furnishing of his letter
to State Department and requesting any other
information which might became available for
transmission to Department
Policy record of Board of Governors: (See Board of Governors)
Policy record of Federal Open Market Committee: (See Committees)
Political affiliations, Class A nominee at Boston serving Advisory
Council on Banking of Connecticut, reply to
FRAgent Curtiss that he may continue to serve
if elected
Pope, B. F.: (See Voting permits, Marine Midland Corporation)
Post Office Department:
FRnote shipments, letter to Mr. Eilenberger requesting discontinuance of practice of charging separate
registry fee on each package in pouch
Interest payable on postal savings deposits in Vermont, reply
to President Young agreeing with position
taken in answer to Mr. Eilenberger, Third
Assistant Postmaster General
Postage surcharge on currency and securities shipments, letter to
Chairman of Governors' Conference re recommendation that Board endeavor to have Postal authorities discontinue
Postal savings deposits:
Interest:
Demand deposits, reply to First National Bank of Conawa,
Okla., that it may not be paid now
Similar reply to Tradesmens National Bank, Oklahoma
City, Okla.


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)
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/

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/

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12/22

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307
Pages
Postal savings deposits: (Continued)
Interest: (Continued)
Mississippi, letters to Messrs. Clark and Wood that Regulations Bulletin No. 5 and Supplement C thereto,
are applicable to, and copies to Comptroller
New York, maximum rate which is below statutory rate for,
reply to Iowa Bankers Association on effect of
maximum rate, reply to President Young agreeing
Vermont,
with position taken in letter to Mr. Eilenberger
Potte and Callahan, Baltimore, Md., approved as sub-contractor for
Board's new building
POiver
pledge of Government obligations for FRnotes,
of attorney,
should run from FRAgent at Atlanta to FRAgent at
New York, reply to FRAgent Martin
Prentice
, "suitable audit", as used in Regulation F,
-Hall,
reply to Mr. Wilkins that Board cannot define
precisely, but giving general principle
President of United States:
Ransom, Ronald, order designating as Vice Chairman for four
years
bess relations, Board of Governors, members to adhere to policy of
referring all inquiries from press representatives to Mr. Thurston
Ares
e statements:
Bank debits, weekly, release time changed from "Sunday morning"
to "immediate" upon request of Chicago Daily
News
Contractors for Board's building, Mr. Miller and Mr. Thurston
authorized to consult end issue if advisable re
selection of
Earnirws and expenses of /RBanks, press statements not to be
issued until Board issues statement covering
System as whole
Advice to FRBanks
FRAgents, appointments to serve after March 1
FRBanks, Presidents requested by Mr. Szymczak to give consideration to
Increase in reserve requirements of member banks, draft of, discussed and amended, to be released for tomorrow's papers in accordance with action increasing requirements
Leakage of Board's policy matters indicated in recent articles,
attention called to by Mr. McKee, to be taken
up by Chairman with Mr. Thurston, Mr. Goldenweiser and Mr. Parry
requirements increase under Regulation T, to be prepared
Margin
by Messrs. Thurston and Parry re amendment to
Regulation T


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2/18

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3/12

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11/10

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8/ 7

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2/4

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7/29

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12/28
12/30
3/4

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Press statements: (Continued)
Members of Board of Governors not reappointed February 1, release to be prepared re appointment of Mr. Thomas
as FRAgent at Kansas City, Mr. Hamlin as Special
Counsel to Board and Mr. Miller in advisory
capacity in connection with Board's new building 2/ 7
Operations of FRBanks, suggestion of Chairman Eccles that brief
review of results be released concurrently with
12/23
release by RBanks
Presidents and First Vice Presidents, no necessity for issuing
3/ 4
re appointments, should be announced by FRBanks
Regulation T, supplement prescribing current market value of
securities as basis for margin requirements and
superseding supplement prescribing statutory
formula, to be released for March 26 publication 3/24
3/25
Statement re, approved
Proposed amendment to limit time for furnishing margin,
statement to be prepared re
Statement presented and approved, sent to FRBanks with
/25
/ 28
1
1
draft of proposed amendment
3/24
Regulation U, to be released for publication March 26
Statement re, approved
Secretary of Treasury, purchase and sale of gold among stabilization funds of U. S., England and France, an10/12
nouncement of arrangement
Weekly statement of RBanks:
Distribution of bills and maturities, memo of Mr. Owens
raising question as to adequacy of report re,
approved, to be submitted to Mr. McKee before
becoming effective
Excess reserves, estimate of, for August 12 less than anticipated, statement explaining difference to
be published in
Maturity distribution table for bills, industrial advances
and Government securities, memo of Mr. Snead
submitting form to replace that approved Oct.
12/28
20, approved
National bank notes, liability has been assumed by Treasury,
item "Treasury and national bank currency"
8/ 6
changed to "Treasury currency"
question of eliminating, Messrs. GoldenReserve ratios,
weiser and amead to prepare memo for considera6/25
tion prior to June 30
presented and elimination approved, explanatory
Memo
paragraph to be published, with slight change
due to retention by FRBank of Boston of small
amount of bonds for resale to employees
6/30
7/ 2
Advice to all FRBanks of elimination of item
Price, Andrew: (See Voting permits, Marine Bancorporation)
Printing:
4/30
Budget of Fiscal Agent increased for additional

1 1:

oil

2262
498

655
664

2066
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653

664

184
'

9/29 1792

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Pages
Printing: (Continued)
FRAct, letter to Public Printer that Board should not be required to pay for 20'4 rush, and that no charge
1/18
Incidental to reprinting should be made
FRBulletin, to be printed by Judd and Detweiler, Board to furnish
4/25
paper stock and franked, addressed wrappers
Printing to be continued in commercial plant, contract with
12/18
Judd and Detweiler authorized for 1937
Lists of stocks registered on national securities exchanges,
4/17
recommendation of Mr. Parry approved
Par list and supplements, for 1936, to be done by National
Capital Press, mailing also to be done by,
1/ 4
addressed envelopes to be furnished by Board
Proctor, Robert, reply that prohibition in Regulation F on bank
purchasing its own stock for trusts, does not
6/ 2
apply to such stock originally in trust
Production credit associations, loans of, discussed by Governor
11/17
Myers with Federal Advisory Council
Public
Health Service, FRBanks, letter to, requesting cooperation
in occupational Morbidity and Mortality study
being conducted by, at request of Dr. H. S.
1/ 4
Cumming
, (See also U. S. Public Health Service)
rUbli
4c Utility Holding Company Act, applicability to State member
banks, reply to Securities and Exchange Commission that Board is advising of Commission's
4/27
Rule re, and letter to FRBanks on
Nblications:
"Examination of Financial Statements by Independent Public Accountants", representing revision of bulletin
reprinted by Board as "Verification of Financial
Statements", reply to Mr. Carey re revision by
2/25
American Institute of Accountants
3/10
FRAgents
Revision to be distributed by Institute, advice to
distribution
Letter to Mr. Broad that Board has discontinued
8/18
of Verification of Financial Statements
Minneapolis
"Father Coughlin v. FRSystem", reply to FRBank of
that Board's supply of publication ts exhausted,
may be obtained from Editorial Research Reports 11/23
"Federal Laws Affecting National Banks", memo of Mr. Vest
recommending publication of statement re, in
FRBulletin and that FRBanks be advised of deple9/25
tion of stock, approved
requested by Mr. Szymczak to give considIRBanks, Presidents
3/16
eration to
with matters of more than local interest, to be
Dealing
6/ 3
submitted to Board
List of stocks, supplement, first, authority granted Division
of Security Loans to have printed, and estimate
6/19
of requirements for further supplements


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Publications: (Continued)
Newspapers, expenditures of Board for, report of Mr. Thurston
re, no further action to be taken
Pamphlet descriptive of RSystem, manuscript returned to Mr.
Stevens with suggestions for changes
"Verification of Financial Statements", reply to American Institute of Accountants re revision of (Institute's title: "Examination of Financial Statements by Independent Public Accountants")
Advice to FRAgents that Board will not distribute in future,
revision prepared by American Institute of
Accountants under title of "Examination of
Financial Statements by Independent Public
Accountants" may be obtained from Institute
membership of banks in IRSystem: (See Membership)
Puerto Rico,
Purchase orders: (See Board of Governors, Administration)
Purse Co., Los Angeles, trust department reports, reply to Mr.
Chalfant that Board does not require, of State
member banks, and listing available data re

3/6

524

1/31

27°

2/25

425

3/10

550

5/23 1°7

ft . „ft
(
4

Quarters of Board of Governors:
Architect, basis for compensation
Assessment on FRBanks for building to be charged to profit and
loss
Letter to FRBanks and Mr. Leach calling for part of unpaid
Assessment for lest six months of year to cover cost of
Demolition of No. 5, program for, provides for breaking ground
for building between February 1 and 12
New building:
Bids, invitations, Secretary authorized to send to 9 contractors
Opening of, time for, deferred until 3:00 p. in. Jan. 29
Received and opened publicly, listing of bids, George A.
Fuller Company lowest bidder, Mr. Morrill authorized to execute contract, specifying Georgia
marble as exterior stone and Raman travertine
for interior, Mr. Morrill to give formal notification to proceed with work
Contract, form of, reviewed by Board members, Kr. Kramer and
Treasury Procurement Division, approved
Contractors, outline by Mr. Miller of procedure in selecting
those to be invited to bid, two lists of, basis
of selection, discussion of, invitations to be
limited to 9
Letter to be sent to prospective contractors inquiring
if they will bid
George A. Fuller Co., extension of time requested because of
labor difficulties, refused
Georgia marble to be used on exterior


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

5/14

1/31
4/23

O21
261
s58
1210

6/22
1/2

1/ 7

1/25

1/30

1

64
2
16

252
'
6

1/ 2

1/ 2
5
1/ 2
2/27
1/30

452
255

311
Pages
gllarters of Board of Governors: (Continued)
New building: (Continued)
Map for Board Room, authorization to have Ezra Winter make
preliminary sketch of, and if satisfactory, make
and install map, and price therefor
Medallions for ends of lobby, recommendation of Mr. Miller
that he be authorized to arrange with sculptors
for designs, action deferred pending a meeting
when all members of Board are present
Mr. Miller authorized to arrange with limited number of
sculptors to submit design for bas relief of
President Wilson for one medallion, no decision
as to other medallion at present
Miller, A. C., former member of Board, services to be available for consultative purposes in connection
with, press statement to be prepared re
Letter to, re arrangement
Plans and specifications being reviewed by Mr. Kramer,
final plans and specifications expected by Tan.
6 and expectation of sending out bids by Jan.
8, which would make possible award of contract
by Feb. 1
Plans to be in Washington Tuesday, reported by Mr.
Miller, and he would like to have meeting on
that day to consider, in order that bids may be
sent out, press statement authorized if desirable re selection of contractors
Printing and mimeographing of, reply to Mr. Cret
Submitted and approved, Secretary authorized to send out
bids, Building Committee authorized to fix conditions for release of extra copies of plans
and specifications
Memo of Mr. Kramer that it was not believed that any
further revisions would be made and suggesting
furnishing present copies to contractor at no
additional cost, approved
Raman travertine to be used as interior stone
Seals, bronze and marble, authorization to George A. Fuller
Co. to procure and install in entrance hall and
lobby
Sub-contractors, letters to George A. Fuller Co. approving
proposed, approved and names of
Alberene Stone Corporation of Virginia, letter to
George A. Fuller Co. that it is not objectionable for black serpentine stone spandrels
Builders Wood flooring Co., New York, wood floors, letter to George A. Fuller Co. that company is not
objectionable
Orchard Stone Co., letter to George A. Fuller Co.
Crab
approving, for bluestone flagging, sills and
coping


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

6/17

1193

3/25

663

5/12

999

2/ 7
2/13

310
349

1/ 2

2

1/ 4
1/ 4

27
49

1/ 7

63-4

2/ 4
1/30

297
235

9/25

1765

2/18

376

4/15

813

3/16

585

4/28

917

pages

312
Quarters of Board of Governors: (Continued)
New building: (Continued)
Sub-contractors: (Continued)
Dahlstrom Metallic Door Co., approved for hollow metal
work, and for metal partitions upon condition
that all specifications are met
Edward W. Minte Co., Painting, reply to George A. Fuller
Co. that company is not objectionable
Edwd. F. Caldwell and Co., Inc., approved for lighting
fixtures, expected that contract will contain
no qualifications as to strikes, elements, etc.
Erik Jannson, Inc., Philadelphia, letter to George A.
Fuller Co. offering no objection to, for mill
and cabinet work
F. M. Venzie and Company, Inc., letter to George A.
Fuller Co. approving
General Bronze Corp., Long Island City, N. Y., no objection to
George Peterson, Inc., letter to George A. Fuller Co.
approving
Harris Granite Quarries Co., Salisbury, N. C., letter to
George A. Fuller Co. approving
Harriton Carved Glass, Inc., letter to George A. Fuller
Co. approving, for special glass
Harry Alexander, Inc., Washington, D. C., electrical
work, not objectionable, letter to George A.
Fuller Co.
Karl Koch Erecting Co., New York, N. Y., letter to
George A. Fuller Co. approving
Ketterer, Gustav, approved for interior decoration, adjustment to be made in contract cost
Lamson Co., letter to George A. Fuller Co., offering no
objection to, for pneumatic tube system
Mitchell-Rand Dampproofing Corp., Pittsburgh Plate
Glass Co. and H. E. Fletcher Co., letter to
George A. Fuller Co. approving
Norman Campbell, Washington, D. C., setting of exterior
marble, granite, bluestone, etc., letter to
George A. Fuller Co. that contractor is not objectionable
P. B. Polhemus Co., New York, N. Y., kitchen equipment,
reply to George A. Fuller Co. that firm is not
objectionable
Piccirilli Bros., letter to George A. Fuller Co., approving, for Exterior Carving, adjustment to be made
because bid is below allowance
Riggs Distler and Co., letter to George A. Fuller Co.
that company is not objectionable
Rule, E. A., brickwork and tile partition work, no objection
S. Haskel and Sons, Inc., reply to George A. Fuller Co.
that company is not objectionable for purposes
stated (granite for fountains and spandrels)

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

/27 1103
5
3/11

553

6/ 6 1152

4/ 2
3/26

9
0

60

4/ 2
3/26

668

5/14 1022
4/23

860

3/ 5

515

3/26

688

6/24 1255
4/ 4

159

3/26

661

3/16

566

3/11

55a

4/23

859

3/14
8/ 6 1496

4/ 3

141

313
Pages
Qularters of Board of Governors: (Continued)
Nev, building: (Continued)
Sub-contractors: (Continued)
Samuel Yellin, Philadelphia, Pa., wrought iron work,
not objectionable, letter to George A.Fuller Co.
Standard Floors, Inc., Washington, D. C., letter to
George A. Fuller Co. that company is not objectionable for purposes (linoleum and linoleum
tile)
Supplee-Biddle Hardware Co., letter to George A. Fuller
Co. approving, for hardware, adjustment to be
made as bid is less than allowance
Towson Nurseries, Inc., reply to George A. Fuller Co.
authorizing award of contract to, for landscape work, adjustment to be made on account
of price
United States Tile and Marble Co., Inc., letter to
George A. haler Co. offering no objection to
Voigt Company, Philadelphia, Pa., models, not objectionable, letter to George A. Fuller Co., amount
less than specification allowance
W. A. Fingles, Inc., Baltimore, Roofing Sheet Metal and
Skylights, letter to George A. Puller Co. that
contractor is not objectionable
Walker Hancock, John Gregory and Sidney Waugh for
sculpture, approval of
Western Waterproofing Co., Philadelphia, Waterproof
Cement Coat, reply to George A. Fuller Co. that
company is not objectionable
Westinghouse Electric Elevator Co., letter to George A.
Fuller Co. that Board does not object to
Wm. H. Watts and Co., Philadelphia, Pa. tile work, not
objectionable, amount exceeds specification allowance, letter to George A. Diller Co.
Shoreham Building:
Division of Research and Statistics, lease of five additional
rooms on fifth floor
of rooms 617 and 618 approved
Lease
Lease of room 750 for use of Division of Security Loans
approved
Lease of rooms 330 to 334 authorized, for Division of Bank
Operations, letter to give up rooms 335 to 338,
such rooms to be reserved for Mr. Miller and
for expansion
Site, portion under lease by National Park Service, and rent
collected by, no action
Washington Building:
Rooms 402 and 628 available, leasing authorized
Room 613, letter to Mr. Mackintosh of Weaver Brothers,
Inc., re arrangement with Mr. Homer to occupy
room 628 rent free for seven months for releasing of, and leasing by Board
Letter to Mr. Homer confirming arrangement and memo
from Mr. Morrill re

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3/ 5

516

3/23

637

4/23

860

6/22 1214
4/ 4

758

3/ 5

517

3/16

585

3/28

703

3/11

558

4/ 2

730

3/ 5

516

2/24
1/31

417
271

2/10

319

2/24

417

1/ 7

64

1/18

162

1/28

226

1/28

227

Page

314
Questionnaires:
National Industrial Conference Board, "personnel practices
covering salaried employees", no objection to
FRBank of New York furnishing information requested

8/13 1
0

Radford, W. D., reply re radio address with reference to loans for
small industry, outlining industrial loan program of Board
Radio addresses, presidents of FRBanks requested to give consideration to, by Mr. Szymczak
Railway investigation:
Senate Committee on Interstate Commerce, reply to 'Mr. Lowenthal
that Board cannot extend loan of services of
George Folsom as requested, but will request
that he hold himself available for consultation
with his successor
Ramsay, Robert E.: (See Robert E. Ramsay Organization, Inc.)
Rand McNally Bankers Directory, liabilities and resources of State
banks, reply to Mr. Larson re inclusion in total,
of Morris Flan banks and industrial banks
Rates:
FRBank of Atlanta:
Schedule of discount and purchase

5/12

oos

3/1

597

9/13

175

1/31

269

1/ 4
1/20
1/31
2/14
2/28
3/13
3/27
4/10
4/24
5/ 8
5/23
6/ 5
6/19
7/ 3
7/17
7/31
8/14
8/28
9/11
9/25
10/ 9
10/23
11/ 6
11/20
12/ 4
12/18

FRBank of Boston:
Schedule of discount and purchase

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1/ 9
1/10

28
164
251
354
455
691
'786
868
981
1069
1141
119,
9
i
307
13 ,
18
1463
15136

1604

1690

1760

13
0
1931

2008
,
210.
'
23-11
206
06

315
Pages
"es: (Continued)
FRBank of Boston: (Continued)
Schedule of discount and purcha

(Continued)
i ued)
1
/23
2/6
2/19
3/4
3/18
4/1
4/15
4/29
5/13
5/27
6/10
6/24
7/ 8
7/22
8/ 5
8/19
9/ 2
9/16
9/30
10/14
10/28
11/10
11/25
12/ 9
12/23

FRank of Chicago:
Schedule of discount and purchase


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

188
304
378
504
613
723
804
919
1007
1090
1160
1225
1324
1416
1489
1550
1633
1711
1801
1878
1955
2031
2135
2194
2263

1/11
1/27
2/11
2/21
3/6
3/20
4/3
4/17
5/1
5/15
6/ 1
6/12
6/26
7/10
7/24
8/ 7
8/21
9/ 4
9/13
10/ 2
10/16
10/30
11/13
11/28

102
217
331
409
528
617
737
820
950
1027
1105
1171
1256
1334
1427
1498
1564
1653
1729
1816
1899
1931
2058
2143

pages

316
Rates: (Continued)
FRBank of Chicago: (Continued)
Schedule of discount and purchase: (Continued)

Establishment, without change on Dec. 17 approved with
assumption that bank would again establish
rates within fourteen days from that date
FRBank of Cleveland:
Schedule of discount and purchase

FRBank of Dallas:
Schedule of discount and purchase

12/11 2206
12/29 2308
12/31 2351

12/29
1/11
1/27
2/11
2/21
3/ 6
3/20
4/ 3
4/17
5/ 1
5/15
6/ 1
6/12
6/26
7/10
7/24
8/ 7
8/21
9/ 4
9/18
10/ 2
10/16
0
10/3
11/13
11/28
12/11
12/24
1/ 8
1/22
2/ 5
2/11
2/21
2/26
3/ 9
3/23
4/ 6
4/ 7
4/17
4/27
5/11
5/25
6/ 8

6/17

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

10.

211
331
409
628
617

731
10 ,
0
110
171
12156
.A
,
142
1
1491
1564

22
06
n66

2
99
353
'
409
433
535
160
'764

0°
091
991

317
Pages
11 es: (Continued)
"
FRBank of Dallas: (Continued)
Schedule of discount and purchase:

(Continued)
7/ 1
7/13
7/27
8/7
8/15
8/27
9/ 9
9/17
9/28
10/ 6
10/15
10/26
11/ 5
11/16
11/25
12/ 7
12/15
12/28

FRBank of Kansas City:
Schedule of discount and purchase


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1288
1344
1433
1498
1530
1601
1664
1718
1784
1845
1886
1942
2000
2064
2135
2183
2221
2295

1/7
1/10
1/27
1/28
2/7
2/20
3/4
3/12
3/26
4/9
4/23
5/6
5/20
5/21
6/ 4
6/ 5
6/17
7/ 1
7/ 9
7/23
8/ 6
8/ 7
8/21
8/27
9/10
9/24
10/ 1
10/15
10/26
11/ 5

66
93
217
224
311
394
507
561
674
783
857
974
1055
1061
1138
1141
1184
1288
1331
1420
1492
1498
1564
1601
1671
1757
1811
1886
1942
2000

Pages

318
Rates: (Continued)
ERBank of Kansas City: (Continued)
Schedule of discount and purchase:

(Continued)
11/20
11/23
12/ 7
12/10
12/22

FRBank of Minneapolis:
Schedule of discount and purchase

FRBank of New York:
Schedule of discount and purchase


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1/ 2
1/15
1/23
1/29
2/12
2/24
3/ 9
3/23
4/ 6
4/13
4/20
5/ 4
5/18
6/ 1
6/ 8
6/15
6/29
7/13
7/27
7/29
8/11
8/24
9/ 4
9/18
9/23
10/ 6
10/19
10/31
11/16
11/28
12/11
12/15
12/22
1/ 8
1/11
1/18
1/25
1/31
2/11
2/14
2/21
2/28
3/ 6
3/13

2105
2109

2183
198

2251
9

129
188
228

556
414
559
655
760

792
e51
959
1040

1105

1154
1178
1265
154
!
450
1442

151
!
1574
,
i
165f
2,
17

1765
1845

1.905
3.98z
)
2064

21,45
2206

2221
2251
75
102
161
212
251
551
554

409
455

52
8
571

319
Pages
Rates= (Continued)
FRBank of New York: (Continued)
Schedule of discount and purchase:

(Continued)
3/20
3/27
4/3
4/10
4/17
4/24
5/1
/
5 8
5/15
5/23
6/ 1
6/ 5
6/12
6/19
6/26
7/ 3
7/10
7/17
7/24
7/31
8/ 7
8/14
8/21
8/28
9/ 4
9/11
9/18
9/25
10/ 2
10/ 9
10/16
10/23
10/30
11/ 6
11/13
11/20
12/ 4
12/11
12/18
12/31

FRBank of Philadelphia:
Commitments on industrial advances, minimum of et, and
maximum of 2% approved
Schedule of discount and purchase


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

617
691
737
786
820
868
950
987
1027
1069
1105
1141
1171
1199
1256
1299
1334
1378
1427
1464
1497
1526
1564
1604
1653
1690
1729
1760
1816
1862
1899
1937
1981
2008
2058
2105
2177
2206
2236
2351

1/16
1/6
1/9
1/17
1/31

145
51
86
154
251

Pat°

320
Rates: (Continued)
FRBank of Philadelphia: (Continued)
Schedule of discount and purchase:

(Continued)
2/ 6
2/19
3/ 4
3/18
4/ 1
4/15
4/29
5/ 6
5/20
6/ 3
6/17
7/:1.
7/15
7/29
8/ 5
8/21
9/ 2
9/16
9/30
10/ 8
10/22
11/ 4
11/18
12/ 2
12/17
12/30

No quorum, and no action as to establishment of rates,
reply to Mr. Austin re
FRBank of Richmond:
Schedule of discount and purchase


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

4
378
504
613

723
804
919
974
1055
1156
1184
1288
1370

1442

1489

1564

16 3
1711
16
01
849
3.928
1994
2092
2153
222
:
235
'
)

8/20 1552
1/10
1/24
2/ 7
2/14
2/27
3/12
3/24
4/ 6
4/ 9
4/23
5/ 7
5/14
5/25
6/ 4
6/17
7/ 1
7/ 9
7/22
8/ 5
8/13

95
204
0

554

441
561
655
760

765
856
963
1019
107 ,
j
113°
3
04
12
88
15;'
9J
1416
14
8
!
151g

321
Pages
Rate
(Continued)
FRBank of Richmond: (Continued)
Schedule of discount and purchase:

(Continued)
27
9/10
9/24
10/ 8
10/22
11/ 4
11/12
11/25
12/ 8
12/10
12/23

FRBank of St. Louis:
Schedule of discount and purchase

IRank of SanFrancisco:
Rediscount, establishment every 14 days, letter to Mr.
Sargent re failure to comply with law because
of lack of quorum, copy sent to all FRBanks


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1601
1671
1757
1849
1928
1994
2047
2135
2190
2198
2263

1/7
1/16
1/30
2/7
2/19
3 4
/
3/13
3/28
4/10
4/15
4/28
s/&
5/20
6/ 3
6/17
7/ 1
7/14
7/28
8/ 5
8/18
9/ 1
9/ 2
9/16
9/29
10/ 8
10/22
11/ 4
11/18
12/ 2
12/17
12/29

66
145
241
311
378
504
613
698
786
804
911
974
1055
1136
1184
1288
1358
1441
1489
1534
1628
1633
1711
1798
1849
1928
1994
2092
2153
2227
2308

1/13

1

pages

322
Rates: (Continued)
FRBank of San Francisco: (Continued)
Rediscount: (Continued)
Reply to Mr. Sargent re holding meetings on alternate
Thursdays that there will be no objection to
2/24
lapse of 15 days when Thursday falls on holiday
Reestablishment of, revision of bylaws authorizing executive
committee to fix only at figures established by
12/28
board of directors, letter re, to be revised
1/ 7
Schedule of discount and purchase
1/10
1/25
2/ 7
2/20
3/ 5
3/20
4/ 2

4/16
4/30

415
2288
66
93
212
311
394

507

617

725
814

936
5/14 1019

6/i. 1105
6/11 1166
1244
6/25
7/ 9 1331
0
7/23 142
8/ 6 1482
8/20 1352
9/ 3 1631
9/17 1718
10/ 1 1811
10/15 1886
1961
1029 2047
11/12
12/ 1 2152
12/10 2198
12/28 2295
FRBanks:
Rediscount:
Establishment each 14 days, reply to Mr. Sargent re
meetings to be held on alternate Thursdays,
that lapse of 15 days is not objectionable when
holiday falls on that day
Executive Committees, proposal that Board suggest
amendments to bylaws eliminating provision for
fixing of discount rates by, voted that suggestion not be made to FRBanks
Reply to Mr. lhalsh that there is no objection to
making provision in bylaws for establishment by,
copy to other FRBanks
Reserve requirements increase, President Harrison suggests reduction in discount rates in conjunction
with any action re, to indicate no change in
System policy

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2/24

415

2/24

414

3/17 6°'

323
Pages
Rates: (Continued)
Interest:
Glass, Senator, protest, reply prepared, Board members to
consider and take up at later meeting
Maximum under Regulation Q:
Reduction of maximum to leo recommended by Mr. Morrison,
referred to Mr. Ransom for recoamendation
Presidents' Conference, request by Board for advice re
desirability of reducing and establishing differential, and as to advisability if F.D.I.C.
does not take similar action
Opinions expressed re
Statement re
Change in, reply to Markle Banking end Trust Co. that
none is contemplated by Board
1111Y1 Harold: (See National banks, First-Mechanics National Bank of
Trenton, N. J.)
k
lYniond Concrete Pile Co., New York, N. Y., approved as sub-contractor for Board's new building
4aders Digest:
"America Faces Bankruptcy", article by H. Parker Willis, condensed from American Mercury, letter from
Wilson Chemical Co. re, referred to Treasury
Reply to C. S. Yeager on statement of H. Parker Willis
re no metallic backing for currency in circulation
Ileadily marketable assets, Government securities, ruled to be,
in connection with Sec. 5144, R.S. and Sec.
26(d) of Revenue Act of 1936
Reading,
Sir Claude: (See Foreign banks, Commonwealth Bank of
Australia)
(See State member banks, Forney State Bank of
4(1gia, O. W.:
Forney, Texas)
Ileal estate:
Farm loans to be reported in member bank condition reports
for Secretary of Agriculture
State member banks subject to membership condition prohibiting
engaging in, reply to IRBank of Philadelphia
that banks should be given benefit of exceptions to
Pee
onstruction Finance Corporation:
Staff:
Husbands, Sam H., present at conference re condition of
Perth Amboy Trust Co. and Raritan Trust Co.,
Perth Amboy, N. J.
McGrath, M. J., present at conference re condition of Perth
Amboy Trust Co. and Raritan Trust Co., Perth
Amboy, N. J.
Recovery movement, review of, by Mr. Goldenweiser and factors involved, statement of Mx. Williams re, question
of reversing easy money policy, before Presidents' Conference


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1/9

85

3/6

520

3/17
3/17
3/17

605
608
608

3/24

655

2/18

377

9/11

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10/14

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12/29

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5/19

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7/30

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Rediscounts:
Electric Home and Farm Authority paper, reply to Hamilton National Bank, Chattanooga, Tenn., that it is not
eligible, but that it may be used as collateral
for Sec. 10(b) loans
7/10
Endorsement "without recourse" by bank president of paper of
company solely owned by such president, reply
to Comptroller that transaction does not come
within provisions of Regulation 0
6/17
Individuals, partnerships and corporations, under Sec. 13 of
FRAct, extension of authority to FRBanks to
make, for additional six months, to July 31,
circular re, revised to conform to Banking Act
of 1935
1/24
Authority has expired for FRBanks to make discounts for,
question of renewal, suggestion of Mr. Broderick
that FRBanks be requested for views, adopted
8/27
Renewal of authority, letter to all presidents advising
that Board does not intend to make and request9 3
/
ing any necessity for
Extension of authority, memo of Division of Bank Operations
re opinions of FRBanks as to necessity for,
only FRBank of Boston objected to lapse of, approved
10/
Interest rates, reports on HZ 249 re, reply to _MBank of San
Francisco that there is no objection to releasing summary of, to member banks
10/12
'Amor bonded warehouse receipts, reply to Mr. Reiner on acceptability as collateral by banks
8/ 7
Reply to Union Commercial Corporation re discount of paper
secured by, and advising that age of whiskey
9 3
/
would have no effect on eligibility
Notes, purchase of, by State member banks, reply to Mr. Stevens
re interpretation of X-9322 subjecting such
notes as are in fact securities to restrictions
of Sec. 5136 of Revised Statutes
2/27
Redmond, Roland L., present at meeting of Board re Regulation U
4/30
Regulations:
Board of Governors:
A, revision of, notion of Mr. Broderick that Board consider
advisability of, carried
3/ 4
Report of Mr. Ransom re study, and that he would submit
draft with recommendation as soon as possible,
to be given opportunity to review final draft
before adopted
7/15
Revision of, to be considered at meeting on July 31
7/28
Statements re minimum standards for loans on real estate,
should be extended to other principal kinds of
loans, and question of maximum marginal collateral, revision to be prepared on basis of
suggestions
7/31
Procedure for consideration of final draft, Mr. Ransom
prepared to recommend
10/ 6
Memo prepared by Mr. Daiper, Mr. Ransom to submit recommendation to Board
12/ 1


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NuLlations: (Continued)
Board of Governors: (Continued)
D:
"Drafts drawn upon or other authorizations to charge
member bank's reserve account", reply to Mr.
1/14
Helm re interpretation of
be included in gross demand
Requirement that they
deposits in computing reserves, reply to FRBank
of Dallas on proposed memo to be used in answer/2
3 1
ing questions
to address letters to direcFRBank rather than FRAgent
tors on failure to maintain reserve requirements,
reply to Mr. Walsh on reasons for change, and
1/ 7
on responsibilities under
nts, supplement issued,
Increase in reserve requireme
7/14
increasing 50%
banks:
Directors of FRBranch
Amendment eliminating requirement that at least one
director appointed by Board reside outside of
branch city, considered in connection with appointments at Cincinnati and Pittsburgh branches,
12/28
adopted
director, Board not willing to make change to
Managing
6/23
eliminate from board of directors
Six year maximum service provision, reply to Mr. Peyton
re inquiry as to possibility of amendment, that
2/17
regulation is in force
barring
Amendment making more definite provision
directors from reappointment who have served
12/28
six or more consecutive years
copies of
Examiners, National bank, to be furnished with
1/ 6
D, H, I, 0, P, and
F:
Amendment proposed to except sales of stock of fiduciary
bank to officers, directors, etc., where authorized in trust instrument and where full
value can be secured only by this method, re8/ 4
ferred to A.B.A. for comment
National Bank,
Amendment suggested by Lancaster County
Lancaster, Pa., to permit investment of trust
funds in mortgages purchased from own commercial department to extent authorized by
State law, Board does not feel justified in
9/23
making
of fiduciary bank, prohibition on purchase
Bank stock
of, by bank for trusts does not apply to stock
6/ 2
originally in trust, reply to Mr. Proctor
receivDeposit of collateral to secure agency, escrow,
ership and custodianship funds deposited by
trust department in commercial department of
national bank, reply to Mr. Geery re require8/ 4
ments of regulation as to

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Regulations: (Continued)
Board of Governors: (Continued)
F: (Continued)
Federal Advisory Council, comments re revision of, feeling of difficulty it getting directors to serve
on trust investment committees and reference to
questions arising from prohibition on investment
of trust funds in interests of directors, em5 19
/
ployees, officers, etc.
Investment of trust funds by national bank in obligations executed by officer of bank as Federal re7/22
ceiver, applicability of Sec. 11(a)
Membership condition suggested by Mr. Sargent to require
State member banks to comply with provisions
6/24
of, reply
Record of litigation, reply to Mr. Fry on inquiry of
First and Merchants National Bank, Richmond,
that only such record need be kept as will enable it to properly discharge its duty as fidu.7/2
ciary
8/20
Ruling re, to be published in FRBulletin
Revision of, motion of Mr. Broderick that Board consider
3/ 4
advisability of, carried
4/24
Approved
Sale of trust assets to officers, directors, etc., reply
to Mr. Thomas that no objection was raised to
prohibition of, Board will consider modification
5/2'7
where trust instrument authorizes sale
Sec. 11(a), interpretation of, forbids loan of one trust
to another in bank even though trust instrument
authorizes bank to use its discretion, reply to
10/19
Comptroller
Sec. 11(c), dealings between trust accounts, reply to
5/23
First National Bank of Montgomery, Ala., re
"Suitable audit", Sec. 8, reply to Prentice-Hall that
Board cannot define precisely, but giving
11/10
general principle
Trustees of bond issues, Securities and Exchange Commission studying legislation to control, A.B.A.
believes Board should control through Regulation
11/13
F, Chairman Eccles to confer with Mr. Landis
Mr. Ransom to confer with Mr. Douglas, copies of
A.B.A. statement and S.E.C. digest to be referred to counsel for summarization and comment,
Mr. Ransom may invite Mr. Douglas to meet with
11/25
Board
Federal Advisory Council, tentative drafts, letter to Mr.
Lichtenstein confirming proposed procedure for
submitting, for comments and review
H:
Capital stock reductions by State member banks, advice
to all RAgents that provision permitting be
2/ 6
made applicable to all banks

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Pages
Ilegtaations: (Continued)
Board of Governors: (Continued)
(Continued)
Capital stock reductions: (Continued)
Reply to Mr. Fletcher that letter (X.-9480) does not
modify X-9048 authorizing FRAgents to approve
certain reductions
Member and nonmember banks, copies to be furnished to
in view of replies received from IRBanks to
telegram (X-2344) of Dec. 23, 1935
Standard condition regarding maintenance of adequate
capital, letter to FRBanks re
Hours of duty of employees and record of overtime, with
report to Civil Service Commission re, under
Act of March 14, 1936, memo of Mr. Vest re, no
action
Regulation recommended by Mr. Morrill, adopted and reports of overtime work of certain classes of
employees to be reported to Civil Service Commission
Interpretations, digest form, reply to suggestion of Mr.
Clerk that interpretations be furnished to
ntBanks in
Interpretations and rulings, revised designations for
X-letters containing
L:
Amendment suggested by Mr. Sinclair to permit interlocking directorates between national banks
and trust companies under certain conditions,
Board not favorable, but willing to grant hearing to those interested
Review and reports re service, telegram to FRAgents that
Sec. 4 supersedes X-7426 and Trans 2225
Revision of, draft submitted with memo of Mr. Chase,
discussion of, suggestions as to permitting
certain relationships, from Governor Norris,
consideration given permitting suburban bank
to have services of down-town bank director
and certain private banker relationships, approved
To be sent to IRBanks for printing in order to have
distributed to member banks before annual elections
Leave, Government limitation for sick end annual adopted,
regulation not to be drawn up until Government
departments have adopted their regulation
Secretary or an Assistant Secretary authorized to approve 30 days sick leave beyond accrued sick
leave upon recommendation of head of division


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Regulations: (Continued)
Board of Governors: (Continued)
0:
"Executive officer", question of interpretation raised
in connection with service of Mr. Wheeler under
Clayton Act, and service of Mr. Shove whose only
duties as chairman are to preside at board meet7/ 7
ins, Board not willing to alter
7/11 1342
Advice of action concerningMr. Wheeler transmitted
Inactive officers, Protest from Mr. Stevenson of Del
Rio National Bank against inclusion in definition of Executive Officer, Mr. Morrison not in
agreement with definition, matter referred to
3/ 4 498-9
him and reply approved
Interpretations: (See Executive Officers)
Salary advances to executive officers limited to 30
days by, but Board will not object to prepayment
for month which has 31 days
1/16 151
P, member banks, copies to be furnished to in view of replies received from RBanks to telegram (X-2344)
43
1/ 4
of Dec. 23, 1934
Absorption of exchange and collection charges, reply to
Senator Barkley re provision of, prohibiting,
88
and stating that it has been suspended
1/ 9
Recommendation of Federal Advisory Council that it
be put into effect immediately, answers to questions re effect of, particularly as to par
clearing banks, discussion of
11/17 2°71-4
Differences between, and Regulation IV of F.D.I.C. re
payment of interest on time deposits renewed
within ten days after maturity, reply to IEBank
of Minneaoolis, Board will not object to prac792
4/13
tice
Similar letter and copy to other TRAgents, to Mr.
Young
4/13
Letter to Telegraphers National Bank, St. Louis,
794
Mo., re
4/13
Conference arranged with F.D.I.C. to reconcile differences between regulations, reply to Commission for Financial Institutions of Indiana re,
974'5
memo of Mr. Wyatt re conference
- 5/ 6
Dividends of mutual savings banks, in event of membership
5/18 1042
in aSystem, effect of
Federal Deposit Insurance Corporation regulation, "interest" definition reviewed by F.D.I.C. and conclusion reached, as stated in letter from :Mr.
Crowley, that corporation could not cooperate
with Board in prohibition on absorption of exchange and collection charges, section of
1/24
2O1'
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Pages
Reelaations: (Continued)
Board of Governors: (Continued)
Q: (Continued)
Federal Deposit Insurance Corporation: (Continued)
1/27
Telegram to all FRAgents advising re action
re, that member banks should
Reply to Mr. McAdams
1/31
be further advised
of interest on demand deposits, memo
Indirect payment
of Mr. Owens re effect of suspension of provision of, on furnishing articles and services,
reply that questions of Boston Clearing House
committee cannot be answered until Board adopts
3/ 5
definition of interest
Interest, definition of, reply to Mr. Await on inter1/10
pretation of
No objection to letter being sent to member banks
1/21
in 12th district
Advisory Council, discussion of, end of
Federal
suspension, opinion asked as to likelihood of
9/10
withdrawals from par list if placed in effect
Mr. Ransom prepared to recommend that Sec. 1(1) be
10/ 6
made effective
10/20
Federal Advisory Council to be asked for advice re
Letter and memoranda sent to Mr. Lichtenstein in
10/27
accordance with
Interest rate, memo of Mr. Morrison recommending reduction to ly/o, referred to Mr. Ransom for recom3/ 6
mendation
questions
Interpretations of revision, in accordance with
received by Deputy Comptroller of the Currency
1/10
from Mr. Hoskinson, Riggs National Bank
of Mr. Ransom
Maximum interest rate, change in, report
recommending that any action be deferred until
a change in existing circumstances called for
7/15
further consideration, approved
for profit,
Savings accounts, corporations operated
contemplated withdrawal from FRSystem of two
banks because of prohibition on classification
1/22
of deposits as
of altering,
Savings deposits, definition, question
7/28
Counsel to prepare alternate definitions
suggested by Mr. Ransom before deConsideration
parture of Chairman, no urgency and Chairman
willing to be considered as concurring in any
7/31
decision
Prepared in accordance with previous action, drafts
8/11
to be reviewed by Board members
9/10
Discussion of, by Federal Advisory Council
Revision of, advice to F.D.I.C. that Board is con9/12
sidering
10/ 6
Liberalization, Mr. Ransom prepared to recomwend


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330
Regulations: (Continued)
Board of Governors: (Continued)
Q: (Continued)
Savings deposits: (Continued)
10/20
Federal Advisory Council to be asked for advice re
Letter and memoranda sent to Mr. Lichtenstein in
accordance with
10/27
Sec. 1(e), recommendation of Federal Advisory Council
that it be continued in present form, but if
changed that it be made more liberal, discussion
of, question as to labor unions, manufacturers'
associations, etc.
11/17
Sec. 1(1), suspension outlined before Federal Advisory
Council, latter would like to see prohibition
on absorption of exchange and collection charges
applied to all banks
2/11
Suspended because of difference with F.D.I.C. interest
regulation, discussion of
5/19
Recommendation of Mr. Broderick that it be made effective regardless of possibility of withdrawals
from membership and failure of F.D.I.C. to include in its regulation, action deferred pending
recommendation of Federal Advisory Council
Report of Mr. Broderick that various bankers had
suggested that it be put into effect, and if decided during his absence he desired to be
recorded as favoring
12/ 4
Recommendation of Mr. Ransom in connection with his
memorandum that it be made effective immediately,
Messrs. Broderick and Davis expressed approval
previously, discussion of absorption of exchange
and collection charges as interest, approved,
12/11
advice to F.D.I.C.
Transfer of funds from savings account to checking account on telephone order, reply to F.D.I.C.
that they are not permitted but that transfer
is permissible on written order and that Board
will consider provision covering in next revision of Regulation Q
6/22
R, Relationships with dealers in securities, revision of,
draft submitted with memo of Mr. Chase, question
of expanding Sec. 2, motion of Mr. Miller to
adopt in present form, motion of Mr. Szymczek
to adopt with expanded Sec. 2, lost, Mr.
Miller's motion carried and regulation approved,
1/ 4
Mr. Thomas voting "no"
To be sent to FRBanks for printing in order to have
distributed to member banks before annual
elections
1/ 4
Standard hours of duty, adopted and provisions made for reporting overtime work
6/30


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Pages
NWiations: (Continued)
Board of Governors: (Continued)
T:
Amendment, motion of Mr. Broderick that Board consider
advisability of, carried
Amendment No. 7 and supplement thereto, presented and
approved, increasing margin requirements Feb. 1
Press statement re, authorized to be prepared
Amount of margin to be demanded for transaction
entered into prior to Feb. 1 not affected
Referred to, in advising Federal Open Market Committee of no action on its recommendation re
increasing reserve requirements
Amendments, technical, statement of Mr. Parry re need
for, to be prepared for consideration by staff
and Board
Consideration of, action deferred
Amendment to Sec. 3 proposed and adopted
Amendment to be wired to FRBanks for printing
Amendments, minor, suggested by Dr. Parry, to be considered at meeting tomorrow
Action deferred
Suggested amendment to Sec. 3(c) to enable broker
to carry account of registered odd-lot dealer
on same basis as permitted by Regulation U,
action deferred
Amendments:
Meeting of Mr. Parry with representatives of Chicago
Stock Exchange at FRBank of Chicago re proposed,
report re unsatisfactory situation at Chicago
bank
New York Stock Exchange, comments being formulated
and to be submitted to FRBank of New York, to
be given an opportunity to meet with members of
Board if desired, Mr. Parry to meet with representatives at FRBank of New York
Consideration should be given to, Regulation U and excess reserves at same time as they are interrelated, form of Regulation U to be considered
tomorrow
Effect of increased margin requirements discussed, stock
market reaction held due to other causes and
shift of trading to foreign exchanges is inconsequential, question of reduction in requirements discussed, action deferred
Enforcement, suggestion of Mr.. Parry that Board might
wish to discuss with Mr. Landis later
Haskins and Sells, arrangement with, continuance
Interpretations, 48, seven-day period referred to, in
Sec. 6 ends at midnight of the seventh day
following date period commences to run
Margin formula, belief of Mr. Landis that it should be
uniform with that adopted for Regulation U

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4
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191-6
196

1/28

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6/25

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1166
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332
Regulations: (Continued)
Board of Governors: (Continued)
T: (Continued)
Margin requirements contained in, Regulation U should
prescribe same, discussion of interrelationship
and factors tending toward desirability of increase in
1/ 9
Method of determining, FRAgents advised that if
Board adopts method different as to Regulation
U, T will be modified
1/11
Supplement prescribing margin requirements based
on current market value of securities and superseding formula based on statute adopted, effective March 30, to be released for publication
3/24
on March 26
Effective date advanced to April 1
3/25
Press statement approved
3/25
Change, consideration of, deferred until return of
Mr. Ransom
6/25
Question of considering change in, and in Regulation
U, to be taken up July 14
7/ 7
Increase in, for loans to brokers to carry customers,
review by Dr. Parry of situation and reasons
for action, minor amendments suggested, to be
considered at meeting tomorrow
7/14
Consideration of, action deferred, Mr. Broderick
voting "no"
7/15
Consideration of, opinion of Mr. Ransom that it
should be continuous, more detailed reports to
be made by Division of Research and Statistics
11/12
Amendment proposed to limit time for furnishing
as it is possible for traders to purchase stocks
and sell them again without furnishing margin,
Securities and Exchange Commission agreeable to
change, to be considered by staff, sent to
FRBanks for comments and press release to be
prepared
11/12
Telegram to all FRBanks transmitting amendment and
press statement re
11/18
Postponement of effective date of third paragraph of
supplement requested by Mr. Worcester of New
York Stock Exchange through Mr. Rounds, review
of factors involved by Mr. Bradley and determination to take no action until some interested
party submits matter in writing
4/ 1
Postponement requested by President Gay of New York
Stock Exchange, referred to Division of Security
Loans
4/ 3
Recommendation of FRBank of New York, review of
situation by Mr. Bradley, including position
of Haskins and bells and Mr. Saperstein of
Securities and Exchange Commission, postponement disapproved
4/

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Pages
Regulations: (Continued)
Board of Governors: (Continued)
Travel by Board members and Staff, draft of, to be prepared
297
2/ 4
showing allowances
581-4
3/14
Submitted and approved
Amendments suggested by Chairman Eccles, Secretary to
prepare draft of regulation embodying for con10/20 1922
sideration of Board
U, Loans by banks on securities:
Adoption and issuance:
Meeting next week to consider, suggested by chair27
1/4
man
statement, margin
Draft presented with explanatory
requirements proposed to be included in supplement, desirability of issuing, alternative
supplement abandoning statutory margin formula,
relationship with Regulation T, to be sent to
80-4
1/ 9
FRBanks for comment
111
1/11
to FRBanks
Letter transmitting
Federal Advisory Council, Board has not received
reports from all FRBanks re and is not prepared
326
2/11
to discuss regulation
Statement that Council still believes issuance unnecessary and feeling that simpler regulation
would be more effective, resolution adopted
327
2/11
Nov. 21, 1935 read
Recommendation of Federal Advisory Council renewing
opinion that issuance at this time is unneces341
2/12
sary
341
2/12
Question of publicity to be given to
352
2/14
Reply to be prepared and submitted to Board
of more time to
Reply Prepared, but Board desirous
372
2/18
consider, Mr. Lichtenstein to be advised
, but no objecBoard not to release reconmendation
432
2/26
tion to Council releasing
458
2/28
Advice to Council
Issuance of, statement of Mr. Broderick that on
March 3 he intends to bring up for discussion
441
2/27
the question of fixing definite time for
501
3/ 4
to Board members for study
Draft to be furnished
and memo from Mr. Landis, SecuriDraft of, letter
ties and Exchange Commission with suggestions,
567
3/13
referred to Mr. Parry
Letter recommends increase in scope of regulation,
suggestion that U, T, and question of excess
reserves are interrelated and action should be
deferred on U pending adoption of general credit
policy, form of regulation to be considered
569
3/13
tomorrow
Tentative draft, discussion of, senior members of
staff have not yet held conference on, and Mr.
Parry to discuss with Mr. Landis suggestions
in his memo of March 12 and then to be invited
576
3/14
to meet with Board

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Regulations: (Continued)
Board of Governors: (Continued)
U: (Continued)
Adoption and Issuance: (Continued)
Issuance of, advisability questioned by Mr. Morrison at meeting with Presidents
Presidents' Conference, Board desires advice as to
desirability of issuing and as to margin formula,
feeling of no need for issuance at present,
should be in simple form and with simple
formula, exemption of mall accounts suggested
Statement re, and review by Mr. Wyatt of whether
Board is required to issue
Revised draft of, submitted with memo of Dr. Parry
recommending form of supplement prescribing
margin, and that maximum loan value be based
on current market price, Mr. Landis to be
invited to meet with Board
Messrs. Landis and Gammack present, former points
out that definition of "stock" does not apply
to stock purchase warrants, etc., advocating
broadening
Mr. Landis believes unregistered securities should
have no loan value, as in Regulation T
Margin formula provides greater loan value to
brokers than customers, feeling of Mr. Landis
that capital ratio limitation should apply to
brokers and question of who should prescribe
Feeling of Mr. Landis re margin formula and agreement that flat percentage basis of current
market value would have advantage of simplicity,
belief :that Board would be justified in abandoning statutory formula
Discussion of Mr. Landis' suggestions and indication
that his definition of "stock" might be adopted,
question of exemption of persons owing not more
than 41000 to banks
Limitation on brokers' credit would be more effective
under limitations of Regulation U than under
exchanges' control
Differential between stocks pledged to secure loans
to customers and securities rehypothecated by
dealers or brokers
Suggestion of Mr. Landis that formula not be applicable to loans on customers' securities by
brokers and dealers members of national securities exchanges and that latter limit borrowings
Board might specify list of stocks published by
Securities and Exchange Commission rather than
publish list, Mr. Landis has no objection


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Pages
NAlations: (Continued)
Board of Governors: (Continued)
U: (Continued)
Adoption and Issuance: (Continued)
Margin formula, Mr. Landis not in favor of formula
based on lowest market value since a specified
date and believes that such a formula should
be used on current market value
Feeling of Mr. Landis that Regulations T and U
should contain same margin formula
Margin formula, based on current market price of
securities adopted, and percentages fixed at
45% and 60%
Exemption from provisions, of person owing not more
than 4.000 to bank, motion that it be retained,
carried, Mr. Ransom voting "no"
Effective date, Mr. Morrison left word that he was
unfavorable to adoption of Regulation at this
time, Regulation approved, effective May 1
Approved effective May 1, to be released for publication on March 26
Discussion of entry to be placed in policy record
re, Divisions to be requested for memorandum
of reasons in future re policy matters
Press statement re, approved
Reactions of banks, brokers and others, Kr. Bradley
requested for statement re, statement that it
had been favorable except for some criticism
from officers of New York Stock Exchange,
may be desirable to make some further exemption for arbitrage transactions
Advisory Committee of New York Stock Exchange, reply
to Mr. Kent to consideration given to Regulation
and consideration which will be given to any
suggestions of
Amendment to except certain loans for financing bona
fide arbitrage transactions suggested by Mr.
Rounds, Board will consider
Amendments, technical, statement of Mr. Parry re need
for, to be prepared for consideration by staff
and Board
Amendments to, consideration of, action deferred, but
agreed to adopt proposed amendment to Sec. 2
when other proposed amendments are considered
Amendment to Sec. 2 adopted, amendment to Sec. 3
proposed, adopted after substitute amendment
of Mr. Broderick lost
Amendments to be wired to FRBanks for printing
American Bankers Association subcommittee memo re, to
meet with Board April 22, Mr. Rounds to be invited and Mr. Parry to discuss with representatives of Securities and Exchange Commission

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

3/24

647

3/24

647

3/24

648

3/24

648

3/24

648

3/24

649

3/25
3/25

660
664

3/31

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pago

336
Regulations: (Continued)
Board of Governors: (Continued)
U: (Continued)
American Bankers Association: (Continued)
Memo of, presented at meeting with Board, amendments
suggested and discussed
Amendment presented to Sec. 3(f) to meet first
suggestion of A.B.A. subcommittee, action deferred
Amendments proposed by A.B.A. subcommittee, Nh..
Parry discussed proposed exemption of loans to
brokers, to consider further
Revised draft of amendment presented with memo of
Dr. Parry, Securities and Exchange Commission
considers it a banking problem, Board not to
make any amendments at present, A.B.A. to be
notified
Bank loans under provisions of Act, examining procedure
in connection with
Conference of New York Stock Exchange representatives
set for April 30 at request of Mr. Gay
Meeting with Board re, discussion of points involved,
memo to be filed with Board re
Effect of, discussed, stock market reaction held due
to other causes and shift of trading to foreign
exchanges is inconsequential, question of reduction in margin requirements discussed and consideration deferred
Federal Deposit Insurance Corporation, printed copies
sent to, expression of appreciation for suggestions and of offer to notify insured banks
of provisions, conference may be desirable between staff of and Board's staff on carrying
out purposes of
Haskins and Sells, arrangement with, to be continued
Hyoothetical cases:
Interpretation of, reply to cases cited by Mr.
Mattson
Reply to F. A. Berry and W. N. Norvall re interpretation of certain provisions for certain Nashville banks, Board cannot rule on
Interpretations:
General loan agreement, reply to Mr. Wheeler on
questions raised by Seattle-First National
Bank re
Questions arising under, reply to Seattle-First
National Bank, Seattle, Wash. answering six
Questions raised by memo of Mr. Clyde Williams,
answers to, in letter to Mr. Clark
Rulings to be published in FRBulletin
Transfer of loan made prior to May 1 from one bank
to another, question of retaininkr, exempt status,
to be studied further before ruling

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

4/22

84
0

4/23

854

4/23

856

4/24

662'5

5/16

979

4/28

906

4/30

929

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4/ 2
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337
Pages
e
iNlations: (Continued)
Board of Governors: (Continued)
U: (Continued)
Interpretations: (Continued)
4/24
Memo of Mr. Parry re, ruling approved
Circulation of member banks re should include non4/27
member banks, reply to Mr. Fletcher
"Investment quality" securities, reply to Mr. Wheeler
re suggestion of California Security Dealers
Association that amendment be made to give
6/22
higher loan values to
Margin requirements:
Change, question of considering, deferred until
6/25
return of Mr. Ransom
Question of considering change in, and in Regulation
7/ 7
T, to be taken up July 14
Review by Dr. Parry of situation and reasons for action, minor amendments suggested, to be con7/14
sidered tomorrow at meeting
Consideration of, action deferred, Mr. Broderick
7/15
voting "no"
Consideration of, opinion of Mr. Ransom that it
should be continuous, more detailed reports
to be made by Division of Research and Statis11/12
tics
re restricMinneapolis-St. Paul Stock Exchange, reply
tion on extension of credit by bank and re
maximum loan values of stock not registered on
5/18
national securities exchange
to Comptroller with supplement
Printed copies furnished
4/ 4
thereto
", statement of officer,
Questions re "total indebtedness
publication of list of registered securities
end term "another lender", reply to IRBank of
4/18
San Francisco re
to Seattle-First National Bank, Seattle,
Sec. 1, reply
5/13
Wash., that provisions in fact are consistent
5/13
to FRBank of Dallas
Similar reply
reply to Mr. Wheeler re questions of Crocker
Sec. 2(c),
First National Bank of San Francisco and Na6/ 5
tional Bank of Commerce of Seattle .
Transfer of loan, reply to Mr. Wheeler that Sec. 3(e)
applies to a loan made on, after or prior to
4/25
May 1
reply
Units of trust shares representing listed stocks,
prepared to Boatmen's National Bank of St. Louis
that they are not stocks, additional information
4/21
to be obtained and reconsidered
with recommendaWire transfers, revision of, in accordance
tion of Standing Committee on Collections, including conditions for making, for nonneyber
1/ 4
banks

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

866-7
900

1209

1240
1320

1357
1361-3

2041-2

1043
758

827
1013
1014

1145

891

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46-9

338
Regulations: (Continued)
Civil Service:
Leave, under Annual Leave Act and Sick Leave Act, conference
of representatives of agencies to be held to
3/25
draw up, observer to represent Board
Commissioner of Internal Pevenue:
Credit for holding company affiliates, reply to Mr. Helverim7
re draft of, and making suggestions re
10/19
Holding company affiliate exemption on income tax in connection with holding of general voting permits,
those not holding may desire to obtain before
end of year, letter to be prepared by Counsel
requesting RBanks to call attention to regula0
tions of
10/3
Comptroller of the Currency:
"Investment securities", reply to Comptroller offering certain objections to portions of, intended to
clarify as concerns State member banks
1/27
State member banks are not forbidden to purchase exempted securities under Sec. 5136 of Revised
Statutes, even though such securities are in
3/24
default, reply to Mr. Burke
Letter to EPAgents inclosing statements of Comptroller's
views re questions raised under, and reply to
Mr. Sargent that gradual liquidation of investments in excess of limitations of Sec. 5136 of
Revised Statutes is permissible
4/ 4
Interpretation of, reply to Mr. Sargent re certain questions raised by Mr. Peachman, California Bank,
Los Angeles, Calif.
4/25
Questions raised in connection with Bank of Jamestown,
5/ 1
N. Y., reply re
Federal Advisory Council, statement of Mr. Smith that
it is not practical in operation, rulings re,
to be published, suggested that Council study
and submit report re
5/19
Bonds convertible into stock only at option of holder,
reply to Mr. Young and advice to FRAPents re
effect of Comptroller's speech before California
Bankers Association on right of member banks to
purchase
6/ 5
Reply to Mr. Swanson on inquiry of First State Bank of
Rushmore, Minn. re
6/ 5
Interpretations: (See Investment securities)
Federal Deposit Insurance Corporation:
"Interest" definition reviewed by
and conclusion
reached, as stated in letter from Mr. Crowley,
that corporation could not cooperate with Board
in prohibition on absorption of exchange and
collection charges, section of Regulation Q. affected, postponed indefinitely
1/24
Telegram to all FRAgents re action
1/27
Reply to Mr. McAdams re, that member banks should be
further advised
1/31


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Federal Reserve Bank of St. Louis

pagee

669

1912

22°

657

754

"2

952

1°47

114'S
1149

0

259

339
Pages
Reellations: (Continued)
Federal Deposit Insurance Corporation: (Continued)
Publication in FRBulletin, statement of Mr. Szymczak re
omission of III and IV and reasons therefor,
policy to publish all official information,
publication approved
III, "member", letter to F.D.I.C. re use of, in referring to
insured nonmember banks, and possibility of resulting in confusion with members of FRSystem
IV, differences between and Regulation Q, of Board, re payment of interest on time deposits renewed within
ten days after maturity, reply to FRBank of
Minneapolis, Board will not object to practice
Similar letter to Mr. Young and copies to other FRAgents
Letter to Telegraphers National Bank, ot. Louis, Mo., re
Conference arranged to reconcile differences with
Board's Regulation Q, reply to Commission for
Financial Institutions of Indiana re, memo of
Mr. Wyatt re conference
V, Insurance of trust funds, reply to Mr. Crowley making
suggestions re
Federal Income Tax, amendment to, statement re, to be published
in FRBulletin
Market Committee, tentative draft of, to be sent
Federal Open
to IRBanks for study prior to organization
meeting
Discussion of
Further discussion
Interest, of Board, F.D.I.C. and State authorities, reply to
Commission for Financial Institutions of
Indiana re suggestion ror conference to reconcile differences, that conference has been
arranged with F.D.I.C.
Memo of Mr. Wyatt re proposed conference
Securities and Exchange Commission:
Rules under Public Utility holding Company .Act, reply to
Chairman Landis re tentative draft of
Sec. 17(c), rules issued under to be published in
FRBulletin
11151
1„`Ler, James: (See Union Commercial Corporation)
1
-L ations of FRBanks with foreign banks:
'
FRBank of San Francisco, holding of earmarked silver for Banco
de Mexico, advice to FRBank that although
original agreement was between Banco de Mexico
and FRBank of New York, Board's approval should
be secured
Procedure, statement re, sent to all FRBanks
Letter to President Harrison re, and stating that Board
agrees with suggestion that smaller foreign
banks be advised with respect to responsibilities of Board in connection with revision of
agreements

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2/11

320-1

4/17

824

4/13
4/13
4/13

792
793
794

5/ 6

974-5

10/ 3 1825
5/26

1089

3/10
3/13
3/13

547
567
569

5/ 6
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974
975

4/10

789

7/23 1426

12/19
12/29

2246
2313

12/29

2317

340

page'

Relations with dealers in securities:
Bank of Coulmerce, Lexington, Ky., interlocking relationship of
one director, to be brought into conformity
with Sec. 32
Miscellaneous:
Breed, F. F., applicability of Sec. 32 depends upon extent
to which investment trust deals in its own
6/26
stock
Reply to Mr. McRae that rate of sale of shares of investment trust indicates that Sec. 32 is applicable
7/11
to services
5/ 5
Brown, W. F., Sec. 32 not applicable to
Bullitt, Orville H., reply to Assistant Secretary of State
Moore outlining basis for prohibition for service and explaining that Board cannot deviate
7/23
from position that service is forbidden
Eckert, William K., relationships would be prohibited under
Revised Regulation R, letter to Mr. Austin requesting information as to whether he is comply1/29
ing with law
6/15
Egner, Carl, Sec. 32 not applicable
Foster, A. V., Sec. 32 applicable and permits may not be
3/16
issued despite special circumstances
Winthrop, reply to Mr. Dillistin re percentages
Kean, Robert
of type of business described in Sec. 32 that
high activity of 1936 should be controlling and
section held applicable, request further advice
11/17
before final action
1/15
Pinkney W., Sec. 32 applicable to
Love,
H. S., Sec. 32 applicable and permits may not be
McLeod,
3/16
issued despite special circumstances
Robertson, Charles E., Board agrees with counsel for F?Bank
2/ 7
of Philadelphia that Sec. 32 is applicable to
8/29
Rothschild, Louis F., Sec. 32 not applicable
8/29
Sachs, Walter E., Sec. 32 not applicable
Shoenberg, Sydney, reply to Mr. Wood agreeing with conclusion
3/9
that Sec. 32 is not applicable to
Smith, P. R., director of membership applicant, to be de4/28
termined if Sec. 32 is applicable
Thorne, J. N., reply to Mr. Dillistin that Board agrees
9/25
Sec. 32 is applicable
8/26
Welsh, Charles W., Sec. 32 not applicable
1/15
Wheelwright, Henry J., Sec. 32 applicable to
No action on service to national bank (not acting as
officer or director) and investment company
6/25
until next annual election
Violations, letter to FRAgents that Comptroller has ceased re4/18
porting, in national banks
Removal of officers and directors:
Brownfield State Bank, Brownfield, Texas, recommendation of Mr.
Walsh that president and cashier be cited to
show reason why they should not be removed,
3/ 2
procedure

5/16 105


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Federal Reserve Bank of St. Louis

1259

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341
Pages
Reit
"al of officers and directors: (Continued)
J-ohnson, H. S., Point Pleasant National Bank, Point Pleasant,
W. Va., certified to Board by Comptroller, file
to be circulated and Board to consider sendina
notice by Sept. 22
Memo of counsel presented, with letter to Comptroller and
notice to Mr. Johnson to appear at hearing before Board Oct. 22, recommending that it be
served by a representative of Board, approved,
directors to be advised
Letter to Comptroller and one to Mr. Johnson that Board is
not willing to postpone hearing until about
Dec. 1, but willing to postpone until Nov. 5
Hearing, agreement to appear before Board on Nov. 5, Mr.
Wyatt to furnish Board with procedure prior to
that date
Procedure for, memo of Mr. Chase, Comptroller's counsel to
present evidence, agreement on details
Postponement of hearing pending settlement with Comptroller
of procedure for conduct of hearing
Recommendation of Mr. Ransom that hearing be postponed in
order to determine participation by Comptroller,
opposed by Mr. McKee, suggestion that hearing
be preliminary one, not to be postponed and
Counsel to prepare outline of procedure, Acting
Comptroller to be notified to be prepared for
hearing
of further consideration with Comptroller re proQuestion
cedure to be taken up by Mr. Ransom and Mr.
Wyatt, Board would not be willing to postpone,
to be in nature of preliminary hearing, Mr.
McKee voting "no"
Mr. Ransom, with Mr. Wyatt and Mr. Dreibelbis called on
Mr. O'Connor, agreement on proposed procedure,
but not to be precedent, national bank examiner
to be present at hearing
Mr. Johnson present at hearing, Ur. L. U. Starr, national
bank examiner, present and stenographic record
made by Mr. McPherson
Mr. Chorpening present, question of additional information
to be submitted, and to be sent to r. Johnson
Stenographic record and copies of documents submitted,
sent to with extension of time until Nov. 23
to make any further answer desired
Reply that extension of time has been granted to Nov. 23
and request for definite advice as to whether
he desires to question Messrs. Starr and
Chorpening personally, Board desires to close
record by Nov. 23
Request for opportunity to question Messrs. Starr and
Chorpening before Board, Dec. 2 fixed as
date for


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

9/18

1727

9/21

1739

10/15

1887

10/20

1922

10/29

1959

11/ 2 1988-9

11/ 6

2005-7

11/ 9

2023-5

11/10

2026-7

11/10

2028-9

11/10

2029

11/16

2066

11/18

2093

/24
11

2116

342

Pages

Removal of officers and directors: (Continued)
Johnson, H. S.: (Continued)
Hearing postponed from Dec. 2 to Dec. 16 because of illness
2146
12/ 1
of Mr. Johnson
Hearing to question Messrs. Starr and Chorpening, only two
Board members present, questions to be submitted in writing and further hearing to be
12/16 2225
called if necessary
Letter from, with questions to be presented to Messrs.
Starr and Chorpening, hearing to be resumed
12/23 2261.Dec. 29
Procedure for, statement prepared by Mr. Dreibelbis, to be
read by Chairman, Messrs. Chorpening, Starr
and Kelly present, stenographic record made by
2291
12/2
9
Mr. Macpherson
Procedure, letter to presidents and FRAgents re, copy to Comp16
0
8/2
9
troller
Comptroller feels that it lies with Board after certification of facts by his office, hearing of Mr.
Johnson postponed pending return of Comptroller
11/ 2
and definite settlement of procedure
Suggestion of Mr. Ransom that senior staff prepare a draft
of, for future proceedings and to submit recommendation as to any desirable amendment to
statute, approved
Reports re violations of law or unsound practices, Vice President in charge of examinations at FRBank of New
York to report directly to Board of Governors
9/30
pending appointment of FRAgent
Reorganization of FRBanks:
8/20
FRBank of Atlanta
12/30
FRBank of Boston
7/20
FRBank of Chicago
7/17
Cleveland
FRBank of
7/17 159w
of Dallas
FRBank
7/17
FRBank of Kansas City
, •
,
, (1: 1
9/14 16913
FRBank of New York
166 1
'
9/ 8
FRBank of Philadelphia
34
'7/17 0
FRBank of Richmond
1/04
9/14
FRBank of St. Louis
8/29
FRBank of San Francisco
Modifications to plans in Illinois, reply to Mr. Wilkes re
those involving deferred certificates of de5
/26 10°
posit, in connection with membership
Reports:
Average daily deposit liabilities, Williams Savings Bank,
Williams, Iowa, letter from F.D.I.C. re failure
10/19 19°1
to submit, referred to FRBank of Chicago
Bank relations:
.MBank of Atlanta, report submitted, reply to Mr. Clark
that Board's request did not contemplate detailed reports and outline of information desired
10/27 1°

1968 9
'

11/12 2047

18
0

1504
2506
14
0
150
,

150


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Federal Reserve Bank of St. Louis

343
Pages
l*orts: (Continued)
Bank relations: (Continued)
FRBank of Boston, letter to President Young re scope of
information desired by Board and requesting
such report rather than individual reports on
banks
FRBank of Cleveland, letter to, re scope of reports Board
contemplated would be submitted to it, stating
that Board does not desire individual reports
on banks
Opinions of individuals re iqRSystem, reply to Mr.
Strater re desirability of making deliberate
effort to obtain
FRBank of Dallas, report may be delayed until about Oct. 1
FRBank of New York, letter to Mr. Gidney re scope of information desired by Board and requesting_ such reports rather than individual reports on banks
IRBank of Philadelphia, acknowledgment of receipt of, and
advice that they are satisfactory
FRBank of Richmond, letter to Mr. Garrett re scope of information Board desires and advising that it
does not desire reports on individual banks
FI/Bank of St. Louis, reply to Mr. Wood that special visits
to member and nonmember banks came within instructions re
Letter to Mr. ‘c)(3d re scope of information desired by
Board and requesting such reports rather than
individual reports on banks
FRBanks, reports now consolidated by Mr. Strater, question
of Board taking over, Mr. Szymczak to prepare
draft of form of report
Letter to IRBanks instructing as to reports Board desires
Deposits for reserve purposes, letter to Mr. Wood and copy to
other FRAgents re banks not showing allowable
deductions and advising that reports should be
submitted showing information called for
Earnings and dividends, form 107:
Amendments re rent received, fees of directors and committee members and real estate taxes, in accordance with changes made by Comptroller,
approved
Change approved re showing of reserve for dividends payable
in common stock
Changes in form for Dec. 31, copies forwarded to all
FRBanks and instructions re
Copies forwarded to TRAgents and attention called to new
items
Earnings and expenses, Integrity Trust Company of Philadelphia,
reply to Mr. Rogers that Board cannot furnish
analysis of


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

11/ 4

1996

10/19

1911

10/30
9/ 9

1983
1665

11/ 4

1997

10/23 1940

11/ 6

2015

9/19

1734

11/ 4

1997

8/ 4 1473
8/25

1582

1/31

263

4/ 8

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10/31

1986

12/21

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6/24 1233

1/ 8

77

page'

344

Reports: (Continued)
Federal Deposit Insurance Corporation to request, from insured
banks as a basis for an estimate of insured de5/ 2 956
posits, Board will cooperate
96
5/4
Letter to FRBanks re
Functional expense:
FRBank of Dallas, instructions were not intended to apply
to charges on form B-23, no change to be re60
1/ 6
quired in charging industrial loan expenses
Methods, suggestion of Mr. Peyton for improvement in, reply
10/19 1909
outlining steps now being taken
Interest rates of member banks, copies of forms sent to FRBanks
for transmittal to member banks with request for 8/ 4 1484
Interest rates on deposits and interest and discount rates on
loans, reply to FRBank of San Irancisco that
there is no objection to releasing to member
banks summaries of reports on FR 249
1o/12 1669
Reserves required against net deposits, necessity of filling
in all columns to show actual required reserves,
reply to Ramsey National Bank, Ramsey, Ill., re
6/ 5 1147
Salaries of employees of FRBanks, reply to Mr. Larson that
advance payments to Mr. Rest, FRBank of Minneapolis, and Helena branch employee upon
separation from service should not be included
29
1/ 4
in (Nov. 22 X-9366)
Securities exchange members, amendment to requirement of Aug.
18 to exempt from filing monthly reports, banks
members of national securities exchanges (except those carrying margin accounts) and require
semi-annual reports from all member firms except banks in two classes listed and drafts of
letters advising of action, approved
2/20
Trust departments of State member banks, reply to Purse Co.
that Board does not require reports of, and
listing available data re
Research and statistical function at FRBanks: (See FRBanks)
Reserve City Bankers Association:
National Bureau of Economic Research, request that research
project be taken up by
Reserves:
Advance payments against Government securities, reply to President Harrison that they are deposits against
which member banks and FRBanks are required to
12/22 2251
maintain reserves
Affiliate deposits with Continental Illinois National Bank and
Trust Co. of Chicago, Ill., reported as "not
subject to reserve", advice to FRBank of Chicago that such deposits are subject to reserve
/
161
Allegheny Valley Bank of Pittsburgh, Pa., granted permission
to carry reduced
Branch clearing balances, classification of, in computing
daily deposit liabilities for reserve reports,
reply to Mr. Hale and copy to E'RAgents

402

5/23

9/1a 1726


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Federal Reserve Bank of St. Louis

345
Pages
48erves: (Continued)
Central National Bank in Chicago, Ill., authorized to carry
11/17
reduced
Change in requirements, information given to press on prospec6/30
tive action of Board
treatment of, in reports
Commodity drafts, reply to Mr. Walsh on
4/ 3
of deposits subject to reserves
Deficiencies:
FRBank rather than IRAgent to address letters to directors
re failure to maintain requirements, reply to
1/ 7
Mr. Walsh re change in Regulation D
in New York and Buffalo by liRBank of
Waiver of penalties
4/ 4
New York
Installment Plan Account at Homewood
Deposits of borrowers in
Bank at Pittsburgh, Pa., reply to Mr. Anderson
that they constitute deposit liability and are
7/11
subject to reserves
common stock, reply to Mr. Fletcher re
Dividends payable in
9/12
reporting on Form 105
bank's reserve accounts", reply to
"Drafts...to charge member
Mr. Helm re interpretation of, as used in Regu1/14
lation D
schedule item, reply to Mr. Stewart that it
Call report
1/14
means some thing
Requirement of Regulation D that they be included in gross
demand deposits in computing, reply to FRBank
of Dallas re proposed memo to be used in answer3/21
ing questions re
Excess:
Margin requirements, reference to volume of, in connection
with consideration of increasing, under Regu1/24
lation T
Committee renewing recomResolution of Federal Open Market
mendation on increase in requirements made on
1/24
Dec. 18, no action
1/31
Advice to committee of action
renewal of recommendation for reFederal Advisory Council,
ducing, through increase in reserve requirements 2/12
2/12
question of publicity to be given to
advises Councilmen to read letter of
Chairman Eccles
S. Parker Gilbert in New York Ttmes*Dec. 18
entitled "Member Bank Reserves" as expressing
2/12
views he is in agreement with
2/14
Reply to be prepared and submitted to Board
conReply prepared, but Board desirous of more time to
sider, before publication, Mr. Lichtenstein to
2/18
be advised
objection to
Board not to release recommendation but no
2/26
Council releasing
2/28
Advice to Council re release


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2082
1281
738

73
748

1340
1695

126
127

629

192

202
260
339
341

342
352

372
432
458

346
Reserves: (Continued)
Excess: (Continued)
Question of, to be brought up by Mr. Broderick at meeting
2/27
of March 3
question of, and Regulations T and U. are
Consideration of
3/13
interrelated
Absorption of, advice to Mr. Powell that in future addresses,
Board believes it best to avoid mention of, as
5/26
a controversial subject
Estimate of, for Aug. 12 less than anticipated, statement
explaining difference to be published in weekly
8/12
1RBank statement
Review of situation by Mr. Goldenweiser before Presidents'
Conference, question of further increase, effect
of August increase, opinion of Presidents not
members of F.O.M.C. that further action should
be through increase, distribution of reserves
11/19
favorable, Board studying
Gold imports, methods to sterilize to prevent additions to,
12/11
discussion of
Review of the month, question raised by Mr. McKee re possible implication in statement on gold import
sterilization and reserve situation that Board
12/28
intended to increase reserve requirements
Publication planned to correct impression that excess
reserves are concentrated in New York, to be
re-read and taken up further if any question
12/28
still exists
Statement discussed further, to be published with minor
12/29
changes
FRBank of Atlanta, net earnings after payment of dividends,
authorized to transfer to losses not elsewhere
provided for
12/30
FRBank of Chicago:
Board's new building, authorized to set aside sum against
12/28
future assessments for
7/13
Consolidation of several reserve accounts into one approved
Losses, additional awn authorized
12/28
FRBank of Cleveland:
Depreciation on "other real estate", authorized to set
12/28
aside usual sum for
Prior liability to Retirement System, request for permission
to set up reserve against out of contingent
liabilities reserve, no objection, but payments
1/29
to system to be charged to current expenses
iiRBank of Dallas:
Fixed machinery at head office, Houston and San Antonio
branches, special reserve authorized
11V/:
Losses, authorized to increase
FRBank of Kansas City:
12/28
Losses, awn authorized for


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5"

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--

347
Pages
Ileserves: (Continued)
FRBank of Kansas City: (Continued)
Self insurance, authorized to increase and transfer of
additional sum to
FRBank of Minneapolis:
Helena Branch buildinr, authorized to set aside special
reserve to establish 100% reserve thereon
Losses, sum authorized for
Profit on sale of Government securities to System Open
Market Account, reply to Mr. Peyton on treatment of
FRBank of New York:
Depreciation on "other real estate", authorized to set aside
usual sum for
Head office building, authorized to set aside special reserve toward reducing book value
Losses, authorized to set up additional reserve against and
for self-insurance
FRBank of Philadelphia, authorized to transfer sum to losses
and contingencies, to restore after charging
losses in connection with sale of assets of
Guarantee Trust Co., Atlantic City
FRBank of Richmond:
Depreciation on "other real estate", authorized to set
aside usual sum for
Losses not elsewhere provided for, authorized to transfer
sum to, and to reserves for losses account of
closed banks
-bRBank of San Francisco:
Bank premises at San Francisco, Los Angeles and Salt Lake
City, authorized to set up special reserves
against
Net earnings, after payment of dividends, authorized to
transfer to losses not elsewhere Provided for
Banks:
Bank buildings and fixed machinery, authorized to set
aside usual 2% reserve against
Deficiencies, reporting to Treasury Department, letter to
Mr. Smith requesting if permissible to report
annually rather than monthly
Advice to FRBanks that Assistant Secretary of Treasury
Taylor has agreed that monthly reports may be
discontinued and such reports submitted annually
Recommendations for end of year, discussion of memo of Mr.
mead re and views of Chairman Eccles re
Policy, also suggestion that brief statement
of results of operations of FRBanks be released to press


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2286

12/28
12/28

2284
2285

7/17

1397

12/28

2286

12/28

2284

12/28

2285

12/30

2333

12/28

2286

12/28

2285

12/28

2285

12/30

2334

12/28

2284

2/27

450

10/12

1968

12/23

2262

pages
348
Reserves: (Continued)
FRBanks: (Continued)
Recommendations for end of year: (Continued)
Feeling of Chairman that uniform policy should be
adopted for future, recommendations approved,
press statements re earnings and expenses to
be withheld until Board issues statement cover12/28 2542
ing entire System
0
12/3
statements
Advice to FRBanks to withhold press
elimination from
Reserve ratios, advice to all FRBanks of
7/ 2 1295
weekly statement of FRBanks
I-C Bank and Trust Co., Chicago, Ill., authorized to carry re852
4/22
duced
Increase in requirements:
Federal Open Market Committee, resolution renewing recom1/24
mendation of Dec. 18 re, no action
05°
1/31
Advice to Committee of action
Federal Advisory Council recommendation re reduction
359
2/12
through increase in requirements renewed
1
34
2/12
Question of publicity to be given to
Chairman Eccles calls attention to letter of S. P. Gilbert in New York Times of Dec. 18 entitled
"Member Bank Reserves", as expressing views he
130
2
2/12
is in agreement with
35
2/14
to be prepared and submitted to Board
Reply
Reply prepared, but Board desirous of more time to consider, before publication, Mr. Lichtenstein to
2/18
be advised
Board not to release recommendation but no objection to
2/26
Council releasing
459
8
2/2
Advice to Council re release
Question raised as to action to be taken, to be considered
tomorrow, Messrs. Landis, Harrison and Burgess
4/21
and Williams to be invited to attend
Information to be secured re effect of an increase in
856
4/21
reserves
Information requested from FRBanks re effect to be awaited
before taking action, to be deferred until after
April 26 and to be taken up not later than
4/22
May 1
Discussion of, views of President Harrison re, question
of uniform application, views of Mr. Burgess
4/22
as to effect on domestic capital market
situaOpinion of Mr. Landis reported, analysis of foreign
tion by Mr. Williams, discussion of foreign
4/22
monetary possibilities
with timing of
Treasury financing discussed in connection
action, statement of Mr. Harrison re present
9
0
4/22
and future risk involved in increase
5/ 1*
Action deferred on, until shortly after July 1
recomwendation of Mr. Eccles that it be
Action on question,
deferred until after July 4 when Mr. Ransom will
have returned and Mr. Davis will have taken of6/23 1°
fice, approved

2285-6

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'
34-6
960


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Pages
Res

l
el res: (Continued)
Increase in requirements: (Continued)
Question of considering, agreed to be taken up July 15 or
7/ 7
16
with problem,
Consideration of, Mr. Davis not familiar
motion of Mr. McKee to defer action, lost,
draft of statement re increase, discussed and
amended, requirements increased 50%, effective
Aug. 15, Mr. Davis and Mr. McKee voting "no",
discussion of actions in event increase proves
unsettling or restrictive, and supplerient to
7/14
Regulation D approved
increased requirements, discussion
Movement of funds to meet
8/11
of, and report of Mr. Ransom re steps taken
Board re, reply to Mr. Roelse on letStatement released by
ter from Rufus W. Park relatinE to certain
8/25
statements in
of Mr. McKee as to opinion of Federal
Results of, request
Advisory Council re, opinions of Messrs. Frost
11/17
and Perkins
question raised by Mr. McKee re posReview of the month,
sible implicatdon in statement on gold import
sterilirzation and reserve situation that Board
12/28
Intended to increase
ion planned to correct impression that excess rePublicat
serves are concentrated in New York, to be
re-read and taken up further if any question
12/28
still exists
minor
Statement discussed further, to be published with
12/29
changes
12/ 8
Interpretation of Sec. 19, reply to Mr. Borneman
Lorain Street Bank, Cleveland, Ohio, granted permission to
9/ 4
carry reduced
permission
Madison-Crawford National Bank of Chicago, Ill.,
8/22
granted to carry reduced
Member banks:
"Branch clearing" accounts, classification of, in computing,
3/26
ruling to be published in FRBulletin
to Governor Newton
Circular of FRBank of Atlanta re, reply
re decision not to revise and reissue, in view
2/13
of scope of Regulation D
d to form basis for analysis of 11/25
Position of, data re requeste
Plaza Bank of St. Louis, Mo., transfer of sum from special reserve to surplus proposed, only partial trans2/ 6
fer approved
of eliminating from weekly stateRatios of FRBanks, question
ments, Messrs. Goldenweiser and Smead to prepare
6/25
memo for consideration prior to June 30
presented and elimination approved, explanatory paraMemo
graph to be published, with slight change due
to retention by /RBank of Boston of mall smount
6/30
of bonds for resale to employees


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pages

Reserves: (Continued)
Reduced, of member banks, review of IRAgents covering banks
authoriv.ed to carry, recommending continuance
of authority, approved, and I-C Bank and Trust
Co., Chicago, authorized to carry reduced
Report required against net deposits, necessity of filling in
all columns to show actual required reserves,
6/ 5
reply to Ramsey National Bank, Ramsey, Ill., re
Reports of deposits for purposes of, letter to Mr. Wood and
copy to other FRAgents re banks not showing
allowable deductions and advising that reports
should be submitted showing information called
1/31 2°
for
Requirements of member banks, increase, Board desires advice
from Presidents' Conference as to desirability
of, end as to classes of banks it should apply
605
3/17
to
Opinions expressed re, and as to amount of any increase,
statement of President Harrison re situation
and that action should be preventive, not corrective, favors reduction in discount rate in
606T
3/17
conjunction with
606
3/17
Statement re
Savings departments where assets are required to be segregated
from assets of other departments, recommendation
of System Committee on Bank Reserves that FRBanks
376
2/18
carry separate reserve accounts for, tabled
Terminal National Bank of Chicago, Ill., permission granted to
1666
8/22
carry reduced
Uninvested trust funds, memo of counsel that Continental National Bank and Trust Company of Chicago, be
required to maintain, disagreed with by 'Mr.
Thomas, ruled that reserves need not be main1/24 ,o
tained against, Mr. Szymczak voting "no"
Letter to Mr. Stevens advising of action
1/31
Resolutions:
Board of Governors:
Assessment, levying on FRBanks for expenses of Board and sum
1210
6/22
rin
for new building
;
12/30 2
Assessment for first six months of 1937
Division of Issue and Redemption, transferring employees
11/25 140
to Comptroller's payroll
12/11
Regulation Q, making Sec. l(f) effective
Federal administrative court, principle of establishment ap8/ 4
proved by American Bar Association
Federal Advisory Council:
Regulation U, that issuance is not necessary (adopted Nov.
321
21, 1935) read at meeting with Board
2/11
Federal Open Market Committee:
Increase in reserve requirements, renewing recommendation
1/24 0
0
re, of Dec. 18, no action
Advice to committee of action
1/3
1

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351
Pages
Ilesolutions: (Continued)
Federal Open Market Committee: (Continued)
Maturities of Government securities, shifts authorized at
meeting of Tan. 21, approved, no action re1/31
quired by Board on third resolution
Meeting of Dec. 17 and 18, reply to Governor narrison re
those adopted, end approving one referring to
1/20
shifts in maturities of governments
IRBank of Atlanta:
Havana Agency, discontinuance of, or plan to operate without
loss, action deferred to permit Mr. Ransom to
3/31
develop certain information
(See also Agencies)
FRBank of Boston:
Federal Open Market Committee member, imposing certain conditions on, re reconcilement of views of directors of FRBanks of Boston and New York, Board
2/27
holds such member must be unrestricted
FRBank of Chicago:
6/ 3
Fees end allowances of directors, fixed, no objection
FRBank of Cleveland:
Alternate member of Federal Open Market Committee, that he
attend all meetings of Committee and act in
advisory capacity, reply, end copy to other
2/19
FRBanks, that law does not authorize
Kansas City:
FRBank of
McAdams, A. M., Assistant FRAgent, recommending leave of
absence for six months with pay, on account of
7/29
illness, approved
of San Francisco:
FRBank
8/ 7
Directors' fees, authorizing payment to FRAgent
6/ 3
Salary of President Day
Montgomery County Loan and Trust Co., Hillsboro, Ill., re repayment of contributions of directors, changes
suggested to provide for epproval by FRAgent
1/10
at St. Louis rather than Board
Presidents' Conference:
7/ 2
Conference of auditors, recommending, approved
Snead, E. L., recommendation that he be assigned to assist
7/ 2
Committee on Free Services, noted with approval
ile8oUrces, State banks, end liabilities, reply to Rand McNally
Bankers Directory re inclusion in total of, of
1/31
Morris Plan banks and industrial banks
to Col. Marix that
Iletired Officers Association, deposit of, reply
3/28
it cannot be classified as savings deposit
etirement System:
Board of Trustees:
Broderick, Joseph A., designation to represent Board of
2/20
Governors
Disability retirement allowance:
Senders, T. Gordon, FRBank of Kansas City, reply to FRBank
authorizing lump sum contribution to system to
supplement allowance, and authorization to all
9/28
FRBanks


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352
Retirement System: (Continued)
Disability retirement allowance: (Continued)
Supplement to, authorization to all FRBanks to make lump
sum contributions to system for
Dirmissal wages:
Payment to employees, reply to Mr. Preston re payment to
Retirement System or to employee
Schedule of benefits, reply to Er. Rounds noting with approval outline of, to be furnished FRBanks
Division of Issue and Redemption, letter to Mr. Rounds that as
employees have been transferred to Comptroller,
membership terminates, applications of four employees for deferred retirement allowances, approved
Dorsey, W. E., Division of Bank Operations, recommendation that
he be retired April 1, approved
(See also Staff of Board of Governors)
Employees of Division of Issue and Redemption, transfer to Comptroller's payroll, letter to employees re termination of membership in, and effect of
Extensions of service:
Brinker, Henrietta T., request to be made for, end to be
retired as of July 1
Burchard, Addie K., request to be made for, and to be retired as of July 1
Copeland, L. G., request to be made for, and to be retired
as of July 1
Mooney, J. J., Chief Operator, additional extension for year
recommended
Quesenberry, Caroline B., request to be made for, and to be
retired as of July 1
Simms, R. N., request to be made for, and to be retired as
of July 1
Sneed, Susan U., request to be made for, and to be retired
as of July 1
Governors of FRSystem, amendment tentatively proposed to FRAct
to permit participation
Maximum salary upon which retirement income may be based, cammittee of FRBank of New York to visit Board to
discuss increase from 40_2,000 to 0_8,000
Mott, Congressman James W., reply re establishment of, in connection with inquiry as to provisions for
officers of FRSystem
Policy involved in mandatory retirement at 70 years raised in
connection with refusal to approve appointment
of Mr. Norris as President of FRBank of Phila.delphie
Statement that refusal to approve appointment is contrary
to Retirement System
Board feels that there is no legal or moral obligation to
approve appointment because of principles of
Retirement System


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2/17

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2/18

55

959
11/25 2101
4/2
8
4/28
4/26
1/21
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4/26
4/26

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909
191
09
09
909

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12/23

11/ 4 1991

3/ 3
3/ 3

3/ 3

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353
Pages

Retirement

System: (Continued)
Prior service liability:
Adjustment in favor of FRBank of Chicago in connection
with transfer of Washington office telegraph
686
3/26
operators to Board's payroll
Board of Governors, reasons for large payments should be
explained in annual report, suggestion that
discharge should be in smaller amounts in years
12/30 2332
of low earnings
followed at
FRBank of Cleveland, Board desires procedure
other IPBanks for charging, to be followed, but
has no objection to segregating specific re229
1/29
serve for
authorization to charge
BEBank of Minneapolis, reply that
1/48 of amount off monthly was not intended to
1/13
120
revoke authority to set up reserve against
to President Harrison re
Reporting contributions to, reply
995
5/11
suggested change in method of
advised that contributions
Reports of FREanks on B-23, governors
should be listed at full rate, but additional
contributions at end of year should not be in11
1/ 2
cluded
at 65 will aid in economy movement at FRBanks,
Retirements
statement of Chairman Eccles at Conference of
Presidents, possibility of retirement of persons
near 65 with sufficient contribution to bring
retirement allowance up to what it would be
591
3/16
at 65
Retirements:
Austin, R. L., FRAgent at Philadelphia, to be retired April
30, FRBank authorized to pay retirement allowance
equal to six months' salary to, or to Retirement
429
2/26
System
six months'
Bell, M. W., FRBank of Atlanta authorized to pay
/3
6 0 1283
salary in cash at time of
7/ 3 1300
Advice to Mr. Clark of authority
Bradley, C. S., probable termination of services in connection with expiration of term of Mr. James,
eligible for, and sum may be paid to system to
236
1/30
increase annuity
Issue and Redemption,
Brinker, Henrietta T., Division of
recommended, and special contribution to in707
3/31
crease retirement allowance, action deferred
of service to be requested for, and to be reExtension
tired as of July 1, special contribution to be
908-9
4/28
made to increase retirement allowance
Addle K., Division of Issue and Redemption, recomBurchard,
mended, and special contribution to increase
706
3/31
retirement allowance, action deferred
Extension of service to be requested for, and to be retired as of July 1, special contribution to be
908-9
4/28
made to increase retirement allowance


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354
Retirement System: (Continued)
Retirements: (Continued)
Calkins, John U., FRBank of San Francisco, contribution to
system authorized in addition to that previously
authorized to supplement retirement allowance
Case, J. H., RAgent at New York, to be retired April 30
and FRBank authorized to pay to system sum
sufficient to bring allowance up to amount it
would have been if he were 65 on April 30 and
also to pay to, or to Retirement System, retirement allowance of six months' salary
Retirement allowance, letter from Director Woolley requesting authority to increase contribution by
bPnk to 12 months' salary
Reply to Mr. Woolley refusing authority
Copeland, L. G., Chief, Division of Issue and Redemption,
recommended and special contribution to increase
retirement allowance, action deferred
Extension of service to be requested for, and to be retired as of July 1, special contribution to be
made to increase retirement allowance
Curtiss, F. H., Hagent at Boston, to be retired April 30,
iiRBank authorized to pay retirement allowance
equal to six months' salary to, or to Retirement
System
Employees of Board, recommendation re seven, further consideration of, action deferred pending return
of Chairman who had suggested consideration in
connection with position to be taken on retirement of _MBank employees of 65
Extension of service to be requested for and to be retired as of July 1
Honour, J. W., FRBank of Atlanta authorized to pay six
months' salary at time of, in cash
Advice to Mr. Clerk of authority
Johns, W. S., cash payment of six months' salary authorized
McKay, C. R., FRBank of Chicago, FRBank authorized, if it
should approve such action, to pay to, sum sufficient to bring allowance up to amount he would
be entitled to if 65
Reconsideration of action in limiting salary payment to
Sept. 1, 1936, approved until Feb. 28, 1937,
and if retired at that time, special contribution authorized
Cost to bank, reply to President Schaller re, and allowance for, if he is retired now or retained until
65
Resignation submitted with understanding he will receive
allowance equal to that he would receive if he
remained with bank until 65, Board not willing
to extend authorization
Payment to system of amount to provide allowance equal
to that he would be entitled to if he were 65,
noted without objection

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2/26

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5/ i. 947
1
5/12 1°"'

3/31

,1/28
2/26

4/ 3

4/28

706

906-9

42
9

705
906

106
0
)
1
#
7/ 3

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7/ 3

3/ 6

526

7/20

40
3- 6

7/29

1446

7/31

1459
A94

8/ 6 1

355
Pages
Retirement System: (Continued)
Retirements: (Continued)
Norris, G. W., FRBank of Philadelphia, payment of six months'
salary authorized upon retirement, not clear
whether payment is to be to, or to Retirement
3/20
System
quesenberry, Caroline B., Division of Issue end Redemption,
recommended, and special contribution to increase
3/31
retirement allowance
Extension of service to be requested for, and to be retired as of July 1, special contribution to be
4/28
made to increase retirement allowance
Remembrances, request of FRBank of Cleveland for establishment of uniform system policy whereby each
iiRBank would be authorized to expend up to
100 for, to be referred to presidents' Con12/ 4
ference
Reply to President Fleming and copy to Chairman of
12/11
Presidents' Conference
Sailer, L. F., FRBank of New York, continuation of services
and payment of salary requested, until end of
year, Board determines to adhere to original
position that he be retired Aug. 31
8/14
Discussion of, letter of Mr. Harrison and statement by
8/19
Motion to adhere to position lost and voted to grant
continuation of services until Dec. 31
8/19
8/20
Advice to FRBank of action
Simms, R. N., Division of Examinations, recommended and
special contribution to increase retirement
3/31
allowance, action deferred
Extension of service to be requested for, and to be retired as of July 1, special contribution to be
4/28
made to increase retirement allowance
Sims, R. A., IRBank of Atlanta authorized to pay six
6/30
months' salary in cash at time of
7/ 3
Advice to Mr. Clark of authority
Snead, Susan U., Division of Issue and Redemption, recommended and contribution to increase retirement
3/31
allowance, action deferred
Extension of service to be requested for, and to be retired as of July 1, special contribution to be
4/28
made to increase retirement allowance
Soule, Mary L., Division of Issue and Redemption, recommended, and special contribution to increase retirement allowance, action deferred
3/31
Extension of service to be requested for, and to be retired as of July 1, special contribution to be
made to increase retirement allowance
4/23
Walsh, C. C., FRAgent at Dallas, to be retired April 30,
-MBank authorized to pay retirement allowance
equal to six months' salary to, or to Retirement
2/26
System

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Federal Reserve Bank of St. Louis

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706

908-9

2165
2210

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1548
1553

707

908-9
1283
1300

706

903-9

706

908-9

429

356
Retirement Systen: (Continued)
Retiranents: (Continued)
Wood, John S., RAgent at St. Louis, to be retired April
30, FRBank of St. Louis authorized to pay to
system sum sufficient to bring allowance up to
amount it would have been if he were 65 on
April 30 and also to pay to, or to system,
2/26
retirement allowance of six months' salary
Rules and Regulations, amendments, action deferred on proposal
to allow board of trustees to six maximum salary, pending study of takincr, salary of last
ten years as average for retiranent, and aoproval of proposal to change basis for calcula6/ 2
tion of contribution rates
Secretaries of members of Board whose terms expire Jan. 31,
1/30
payments and provisions available for
Special contributions, RBank of New York, committee to visit
Washinqton to discuss, in connection with officers retiring Dec. 31, 1936
12/23
Retirements:
4alsh, C. C., as i+RAgent at Dallas, letter of appreciation of
12/12
services
Review of the Month: (See FRBulletin)
Revised Statutes:
Sec. 5136, limitation of 10% on amount of investment securities
of one "obligor or maker", advice to all FRBanks
and to Mr. Evans re conclusion of Comptroller
re inclusion in term of another corporation
which has guaranteed obliations, a parent cor7/1:3
poration or lessor corooration
Sec. 5144:
Readily marketable assets, government securities ruled to be 12/29
Subsection (b), interpretation of phrase "per centum of aggregate par value of all bank stocks controlled",
reply to Mr. Sargent extending interpretation
furnished by counsel for FRBank of San Francisco
10/22
to Anglo National Corporation
Subsections (b) and (c), reply to Mr. Fletcher re request
of EancOhio Corporation for interpretation of
8/ 7
Sec. 5201, applicability to holding of own stock by bank as
5/ 2
collateral in nonledger assets
Sec. 5204, "in process of collection", letter to Comptroller re
interpretation of, where Cleveland Trust Co.
places past due debt,is placed in hands of committee for constant and active attention, re12/11
questing views
12/18
Letter to FRBank of Cleveland re
Riddle, John, National Bureau of Economic Research exploratory com9/18
mittee, member of
Riefler, tinfield:
League of Nations financial committee, suggestion of as American
representative, State and Treasury Departments
prefer John h. tilliams
12/18
To be oroposed as alternate for Mr. Norman Davis
12/29


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1115-6
°5-3

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3

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1505
955

2204
2241
/OS

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6
24''

357
Pages
Riefler, Vdnfield: (Continued)
National Bureau of Economic Research exploratory committee,
member of, discussion with Mr. Ransom of ser9/13
vice of Dr. Goldenweiser on
while on
Social Science Research Council, served as member
Board's staff, was by informal sanction of
9/13
Board members
Rti
letter to, that
Roderick H., reply to Mr. McKinney, and
charges imposed for cashing out-of-town checks
were made by store and Board has no jurisdiction 3/20
Charges made by Austin, Texas, banks for collecting checks, reply to, that legality of such charges is being
10/ 2
investigated and letter to FRBank of Dallas re
R°1)art E. Ramsay Organization, Inc., savings deposit, reply to Mr.
Ramsay on letter to Senator Glass, that deposit
of business corporation may not be classified
1/30
as, and copy to Senator Glass
Roberts George E.:
National Bureau of Economic Research, representative of American
Bankers Association on, recently appointed by
Dr. Goodbar to Society for Stability in Money
9/18
and Banking
11()
ckefeller Foundation:
pay, Edmond E., Director of Research, refusal to serve exploratory committee of National Bureau of
Economic Research officially but to meet with
9/18
committee informally
cannot furnish analysis of earnings
;ers, Alva L., reply that Board
114
and expenses of Integrity Trust Company of
Philadelphia, and reply that merger or consolidation usually requires approval of stock1/ 8
holders
ers, Congressman Viill:
International 'Union of Operating Engineers, Local Union No.
393, reply re letter of Mr. Van Presser, that
Board has no jurisdiction over possible affil5/19
iation of Oklahoma City Branch engineer with
B. L.: (See National banks, Phillips National Bank of
Helena, Ark.)
411ings:
Board of Governors:
Accounts of member banks with nonmember banks,limitation of
10%, reply to Mr. Fry that ruling of 1923 re
application of, should not be reconsidered in
10/29
light of later decisions
may make even
Advances under Sec. 10(b) of FRAct, FRBanks
though member bank has assets eligible for rediscount or advance under other sections of
7/ 8
IRAct
7/23
To be published in IRBulletin


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1964

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1425

pages

358
Rulings: (Continued)
Board of Governors: (Continued)
Affiliation of corporation with member bank where president
of latter controls corporation and voted stock
of member bank at last election on R.F.C. proxy,
held that corporation is not affiliate
Applicability to collateral for loans made prior to May 1,
1936, of provisions in Regulation U governing
withdrawal or substitution of collateral, to
be published in FRBulletin
Applicability of Sec. 2(c) of Regulation U to security
dealers "making a market" in registered stocks
or purchasing an inventory of such stocks for
resale, to be published in FRBulletin
Applicability of Sec. 2(f) of Regulation U to a loan to a
dealer to purchase securities to comply with
orders from customers, to be published in
FRBulletin
Branch banks, domestic, removal from one location to another,
but within same business district, ruled not to
be establishment of new branch, and Board's approval not required
"Branch clearing" accounts, classification of, in call reports and computing reserves, to be published in
FRBulletin
Christmas club accounts not within classification of savings
deposits, to be published in FRBulletin
Circularization of certain by FRBank of Minneapolis, opposed
Citrus growers association deposits, may not be classified
as savings accounts
Condition reports of affiliates, waiver of, ruling re, proposed to be issued by Board, letter to Comptroller asking his concurrence
Court funds, demand deposits in New York, interest may be
paid upon, under State law, until Aug. 24, 1937
Credit union deposits, may not be classified as savings
accounts
Demand deposits of uninvested trust funds in Pennsylvania,
Pennsylvania Company for Insurances on Lives
and Granting Annuities may pay interest on,
under Pennsylvania law
Deposit of collateral with trust department for use of
trust funds in bank's business, to be published
in FRBulletin
Deposit of borrowers in Installment Plan Account at Homewood
Bank at Pittsburgh, Pa., reply to Mr. Anderson
that they constitute deposit liability and are
subject to reserves
Deposits of liquidating corporation may not be classified
as savings accounts


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2/20

399

6/22 1215

6/22 1
0
6/22

9/26
3/26
1/25
3/ 3
1/15

5
/21
5/ 6
1/15

4/29

21

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2,35
495

130
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975
156

925
,
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8/20

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1/20

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359
Pages
?kaings: (Continued)
Board of Governors: (Continued)
Deposits of receiver, may not be classified as savings ac1/20
counts
s
Digest form, reply to suggestion of Mr. Clerk that ruling
and interpretations be furnished to FRBanks in,
and advice that Digest of Rulings is being
9/17
brought up to date
deposits, as
Exchange which cashes checks and accepts
agent for depositor, for transmission to member
10/ 8
bank, ruled not to be branch thereof
Executive officers:
Accommodation indorsement by, as extension of credit,
3/26
to be published in FRBulletin
to bank, to be pubAppointment as, of person indebted
1/25
lished in FRBulletin
of directors, ruled
Director who is secretary of board
1/ 4
not to be, under Regulation 0
s policies of naDirector who receives salary and direct
tional bank but has no official title, held to
be executive officer within definition of Regulation 0, and would be so held even if he re3/27
ceived no salary
to Mr. O'Connor that it is apExemption of ;I;'2500, reply
plicable to partnership in which individual
7/ 3
executive officer owns majority interest
loan made prior to Tune 16, 1933, where
Extension of
collateral is sufficient to liquidate loan, re4/21
ply to Comptroller of the Currency
National Bank, Colorado Springs, Colo., reply
First
that resolution or amendment to bylaws would
1/31
not relieve chairman of board of status as
Indorsement of note for accommodation of third party,
reply to Comptroller that it constitutes lia3/ 3
bility subject to provisions of Regulation 0
Indorsement of note of partnership in which he has
less than majority interest, ruling re applicability of Sec. 22(g) of FRAct to, to be
9/19
published in FRBulletin
nt of
Indorsement "without recourse" by bank preside
paper of company solely owned by such president,
for discount with his bank, Regulation 0 not ap6/17
plicable
to, ruling re, to be
Lending of trust funds by bank
4/25
published in nailletin
loan insured under Title II of
Liability on mortgage
National Housing Act, held that it is not ex3/20
empt from provisions of Sec. 22(g) of FRAct
tion by member bank, executive officer
Loan to corpora
of which has substantial interest in corporation,
reply to Mr. Wood that it is not violation of
2/19
Sec. 22(d) or 22(g) of IRAct
3/26
To be published in FRBulletin

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Federal Reserve Bank of St. Louis

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43

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Rulings: (Continued)
Board of Governors: (Continued)
Executive officers: (Continued)
Loans heretofore made to, statement re provisions of
law applicable to, to be published in FRBulletin
Loans made to individual when not executive officer of
bank, question of extension or renewal at maturity when such person has since became executive
officer
Loans to partnerships under Sec. 22(g) of FRAct, to be
published in FRBulletin
Loans to partnership in which executive officers have
individually or together less thana majority
interest, reply to Mr. O'Connor that Sec. 22(g)
is not applicable to
Loans to partnerships under Sec. 22(g) of FRAct, to be
published in FRBulletin
Members of boards of managers of branches and finance
committees of branches, held not to be
Mercantile-Commerce Bank and Trust Co., indebtedness
of Mr.. McQuaid should be reported
Morris Plan banks, reply to Bart, Gainer and Carr re inquiry as to whether indebtedness to, should be
reported to board of directors by, under Regulation 0
National Bank of Logan, reply to Mr. Await on appointment
of Mr. Raike while indebted to bank, not violation of Sec. 22(g) of FRAct
Note given to commercial house which later discounts
with bank, reply to Union National Bank, New
Brighton, Pa., that such officer should report
indebtedness to his board of directors
Overdraft for, not in excess of 30 days' advance salary,
held to be violation of Sec. 22(g) of FRAct and
Regulation 0
Overdrafts, granting of, or carrying cash items for,
ruling re, to be published in FRBulletin
Renewal of loan to person who was not executive officer
at time of making loan, to be published in
FRBulletin
Renewal or extension of loans made to, prior to June
16, 1933, to be published in FRBulletin
Reports of indebtedness, should be made to Board of
Directors under Regulation 0
Advice to FRAgents to circularize member banks re
provisions of
Reports of indebtedness to other banks, to be published
in FRBulletin
Reports of indebtedness made subsequent to Banking Act
of 1935 and prior to effective date of Regulation 0, reports required by regulation need not
be remade if in substantial compliance with
regulation

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Federal Reserve Bank of St. Louis

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436

3/20

621

3/26

66
0

4/ 4
7/23

1425

5/ 4
7/16 1314

2/20

1/11

1.13

7/21 1414

1/15
1/25

141
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4/25
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2/19
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Pages

kai
-nEs:

(Continued)
Board of Governors: (Continued)
Executive officers: (Continued)
Reports of indebtedness, should be made available to
board of directors of member bank under Regulation 0
Reports of indebtedness to other banks, to be published
in ±Railletin
Reports of indebtedness to Morris Plan companies, to be
published in IRBulletin
Reports of indebtedness to another bank in its capacity
as trustee, to be published in FRBulletin
Reports of indebtedness evidenced by note discounted by
another bank, to be published in FRBulletin
Secretary, board of directors, reply to Citizens National
Bank, Wellsville, N. Y. that he should not be
considered as, as long as he performs only usual
functions
To be published in 1RBulletin
Trust funds, loans to, by own bank end by other banks,
Regulation U held applicable to
Federal credit unions, may not be classified as banks and
may not be placed on par list
Federal Deposit Insurance Corporation, funds held as receiver may be deposited with FRBanks
Letter to President Day re
Federal Open Market Committee members, that they may not be
elected by RBanks under limited authority
Indebtedness of affiliate to State member bank on assets acquired from latter, ruling re applicability of
exception to Sec. 23A, to be published in
FRBUlletin
Individual, deposit of, for use in business, reply to FRBank
of Minneapolis that such a deposit may not be
classified as savings deposit
Insured mortgage placed by originating bank in trust account,
service charge may not be assessed unless part
of authorized compensation for administering
trust
Interest on time deposit on which interest has been paid
monthly, withdrawn at end of 2: months and prior
to maturity, member bank should not deduct interest credited
Interest payment after maturity on time certificate of deposit renewed within ten days after maturity,
to be published in FRBulletin
Reply to Mr. Sargent that certificate must be postdated
to maturity date
Interlocking directorates, "contiguous or adjacent", service
of Mr. Milton to banks in towns which are
"contiguous" but not "adjacent" prohibited


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Federal Reserve Bank of St. Louis

3/ 5

513

3/26

680

3/26

680

8/20

1560

8/20

1560

3/ 5
3/26

514
680

3/20

618

1/23

189

8/ 4 1487
8/26 1591
2/25

419

4/25

893

1/15

137

6/ 8

1157

2/27

446

4/25

893

5/ 5

971

1/31

271

pages

362
Rulings: (Continued)
Board of Governors: (Continued)
Interpretations and rulings, revised designations for
X-letters containing
"Intrest cheks": (See infra "Utility certificates")
Investment securities, notes which are securities in fact,
reply to Mr. Stevens re ruling (interpretation
of X-9322) subjecting such notes to restrictions
of Sec. 5136 of Revised Statutes as applicable
to their purchase by State member banks
Maximum rate of interest payable on time certificate of deposit callable by bank on 30 days' written
notice, to be published in FRBulletin
Ruling to be published in July FRBulletin
National bank not permitted to invest trust funds in obligations executed by officer of such bank as receiver, ruling to be published in FRBulletin
Participation certificates representing waived deposits,
need not be included in determining limit on
amount Fayette State Savings Bank Co., Fayette,
Ohio, may deposit with nonmember Spitzer Rorick
Trust and Savings Bank, Toledo
Partnership, in which two men have equal interest, reply to
Mr. Wood re case of Sherman P. Houston, executive
officer of Wood and Huston Bank, that Regulation
0 does not prohibit extension of credit to
Payment of interest after maturity on time certificate of
deposit renewed within ten days after maturity,
to be published in FRBulletin
Preferred stock, called, purchase of, by State member bank
prohibited by Sec. 5136 of Revised Statutes,
reply to State-Planters Bank and Trust Co.,
Richmond, Va., and letter to Comptroller re
Record of pending litigation required by Regulation F, to be
published in FRBoalletin
Regulation U, interpretations of, to be published in
ritBuiletin
Reserves against uninvested trust funds, ruled that they need
not be maintained
Reserves, drafts drawn on FRBanks included in gross demand
deposits in computing, ruling re, to be published in /Rbulletin
Saving E. deposits:
Building and loan associations in New Jersey, may not be
classified as
Business corporation, ruling that they may not maintain,
to be published in FRBulletin
Business groups, such as Rotary and Kiwanis Clubs, reply
to Mr. Geery that funds of, may not be classified as
Cash bonds:
Classification as, of deposit of fidelity company
as collateral

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Federal Reserve Bank of St. Louis

2/27

448

5/26 1088
6/22 1212
8/20

1560

9/ 3 1641

1/31

265

5/26

log

s/ 6

981

8/20

1.560

5/26 1088
1/24

205

2/26

456

6/10

1161

2/26

40
6

7/13 1546

9/22 1749

363
Pages

kainga:

(Continued)
Board of Governors: (Continued)
Savings deposits: (Continued)
Cash bonds: (Continued)
Employee to employer under California law, reply to
FRBank of San l'rancisco that such deposit may
be classified as
Cemetery lots, reply to F.D.I.C. that funds of organizations not operated for profit may be classified as, in connection with inquiry of Savings
and Trust Company of Indiana
Cemetery lots, funds given to city or town for perpetual care, reply to F.D.I.C. that they may be
classified as, only if given in trust
Certificates of deposit representing, reply to Citizens
National Bank, Emporia, Va., re continued use
Classification of number of types of deposits, reply
to Mr. Await
No objection to copy of letter being sent to member
banks in 12th district
To be published in FRBulletin
Classification of funds of cemetery organizations and
of municipalities held for maintenance of
cemetery lots as, ruling to be published in
FRBulletin
Close corporations, Board agrees with Mr. Case that
deposits of, may not be classified as
Deposits of credit unions and citrus growers associations may not be classified as, to be published
in FRBulletin
Funds of individual for use in business may not be
classified as, to be published in FRBulletin
Interest payment on those withdrawn between interest
payment dates, ruling re, to be published in
FRBulletin
Labor unions, reply to Mr. Young that funds of, may not
be classified as
Question raised by Harris Trust and Savings Bank
of Chicago re ruling that they may not be
classified as, action deferred and matter referred to Mr. Ransom, to consider also views of
FRBank of New York
Question of altering ruling, Counsel to prepare
alternate definitions of savings deposits
Consideration suggested by Mr. Ranson before departure of Chairman, no urgency and Chairman
willing to be considered as concurring in any
decision
Municipal corporations, deposits of, may not be classified as, to be published in FRBulletin
Municipal deposits, for sinking funds, education, police
and fire departments, playgrounds and charitable purposes, may not be classified as


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

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6/22

1206-7

6/22 1207
4/13

795

1/10

97

1/21
1/25

179
215

7/23 1425
2/27

445

1/25

215

1/25

215

2/26

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/3
6 0

1276

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7/31

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2/27

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pageS

364
Rulings: (Continued)
Board of Governors: (Continued)
Savings deposits: (Continued)
Mutual benefit organizations, reply to Mr. Geery that
funds of, may be classified as
Professional associations, reply to Mr. Geery that funds
of, may not be classified as
Receivers and liquidatina trustees, ruling that deposits
of, may not be classified as, to be published
in HBulletin
Reconsideration of classification of certain types of
funds as, reply to
that Board is making
Transfer of funds to checking account not permissible,
but may be transferred on written order
Volunteer fire department and ladies auxiliary affiliated with fire department, ruled that deposits may be classified as
Withdrawal slip, signed in blank, left with passbook at
banl so that cost of securities purchased may be
,
charged, practice ruled permissible
Withdrawal by depositor upon telephone or other oral
order, ruling to be published in RBulletin
Stock certificates of State member bank representing stock
of corporation holding bank premises, to be
published in FREulletin
Summary of mimeographed interpretations, Board not willing
for Comptroller's Office to prepare and distribute
Time certificates of deposit:
Payable 3, 6, 9 or 12 months from date, reply to
American National Bank of St. Paul, Minn., that
form of, complies with Regulation Q
To be published in FRBulletin
Renewed within ten days after maturity, Board waives requirement for payment of interest for intervening period that certificates be postdated to
maturity date
Trust funds, investment by national bank in obligations executed by officer of bank as receiver appointed
by Federal Court, reply to Mr. Fenner that Sec.
11(a) of Regulation F prohibits
Securities purchased from affiliate of national bank,
not permitted to invest in, to be published in
A-tBulletin
"Utility certificates" or "intrest cheks", evidencing demand deposits upon which interest is payable
if outstanding three months or more, reply to
FRBank of San Francisco that issue is not lawful
Bureau of Internal Revenue:
National banks are instrumentalities of U. S. within meaning
of Social Security Act and such banks and their
employees are exempt from taxes imposed by the
Act

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Federal Reserve Bank of St. Louis

7/13 1546
7/15

2/26

1346

436

12 1694
9/
6/22

3/24

1203

04

5/16 104
7/23

1426

5/26 1°

6/18

3/ 9
3/26

53r1
679

5/18 1°41

7/22

9/19

141/

1-75

4/18

7/13 3"1°

365
Pages
41ings: (Contirued)
Bureau of Internal Revenue: (Continued)
Social security act, three rulings re applicability of taxes
under, to national banks, State member banks
and nonmember banks, to be published in FRBul10/27
letin
Comptroller of the Currency:
Bonds, convertible into stock only at option of holder,
reply to Mr. Young and advice to TRAgents re
effect of Comptroller's speech before California Bankers Association on right of member
banks to purchase, under investment securities
6/ 5
regulation
to Mr. Swanson on inquiry of First State Bank of
Reply
6/ 5
Rushmore, Minn., re
Investment securities under Sec. 5136, R. S., copies to be
furnished to Board for distribution to State
member banks and no objection to publication in
6/18
nBulletin
Insurance Corporation, deposits of trust funds
Federal Deposit
made by member bank in nonmember uninsured bank,
8/18
ruling that insurance does not cover
11Ye1 Electrification Administration, financial responsibilities of
State member and national banks as depositaries
for, reply to Mr. Cooke that Board cannot make
available information regarding condition of,
11/ 6
outline of assistance Board may render
41ssell, T. Frank: (See National banks, Hartley National Bank,
Bedford, Pa.)

1953

1148
1149

1196

1536

2015

"S"
tekeeping,
4

gold for Banco de Venezuela by kRBank of New York,
charge for, service will be free if account is
opened
Pranei sco Stock Exchange, collateral value of newly issued
stocks and extensions of credit, reply to
<
FRBan1 of San Francisco
cehlick
G.: (See Bicycle Manufacturers Association)
Oscar: (See State member banks, Mercantile-Commerce Bank
and Trust Company of St. Louis)
4E115:
Board of Governors, desiFms presented and one submitted by
Government Printing Office selected with
slight modifications, order for two sets of
dies authorized
Sample of impression presented to Board, adopted and impressed in minutes
of Agriculture:
'
1
'etary
Condition reports of State member banks, reply to Secretary
Wallace that Board will request information re
farm loans and real estate owned in next call,
and consideration will be given to items in
connection with proposed standard form of
report

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

7/22 1419

10/26

1943

1/7

65

1/30

232

5/19

1053

Pages

366
Secretary of the Treasury:
FRnotes, letter to, suggesting changes in form of resolution
authorizing reimbursement of liTaanks for replacement of 1928 series with 1934 series
4/7
Morgenthau, Henry H., Jr., meeting of Board called at request
of, present and advice to Board of developments
leading to monetary understanding between U.S.,
England and France
9/29
Taylor, tayne, Assistant Secretary:
Advances by FRBank of New York to B. I. S. against gold,
discussion of matter with Secretary Morgenthau
and no objection by Treasury
9/28
Devaluation of French franc, present with Secretary of
Treasury Morgenthau when latter informed Mr.
Ransom re
9/26
Secretary of State:
Moore, R. talton, Assistant Secretary, reply to Orville H.
Bullitt re applicability of Sec. 32
7/23
Securities, shipments, postal surcharges on, letter to Chairman of
Governors' Conference re recommendation that
Board endeavor to have Postal authorities dis2/20
continue
Securities and Exchange Commission:
Amendment to Securities Exchange Act of 1934 provided in Sec. 3
of S. 4023, letter to Chairman Landis that it
is broad enough to cover banks
"Arranging" for extension of credit, transactions involving,
reply that Arnold and Co. seems to arrange
within meaning of Securities Exchange Act for
carrying of accounts with Prentice, Blauner
and Brady
11/ 4
Cooperation of Board with, statement of Chairman Eccles at
meeting of Board attended by Mr. Landis that
Board will be glad to discuss matters of mutual
interest and of desire for
3/24
Galamack, Thomas, Executive Assistant to Chairman, present at
Board meeting with Mr. Landis during discussion
of Regulation U
3/24
Hearing of officers of Liberty Share Corporation, investment
trust, are connected with Liberty Bank of
Buffalo, advice re, Division of Examinations to
send observer
8
12/2
Landis, Tames, Chairman:
Present at Board meeting to discuss draft of Regulation U
3/24
Regulation U, Mr. Parry to discuss with, suggestions made
under date of March 12, and then to be invited to attend Board meeting
3/14
Reserves, excess, to be invited to attend meeting of Board
tomorrow for discussion of problem
4/21
!:lanheim, Dibbern and Co., memo of Counsel re possible violations of Securities Exchange Act of 1934 and
Regulation T, recommending report to, approved
3/11.
IRBank of San Francisco authorized to cooperate in inves3/21
tigation

971

1987

1984

1767

1423

401

4/29 9°


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Federal Reserve Bank of St. Louis

1995

647
641'
1

2291

641-7
576
.855

556
65°

367
Pages
4
cUrities and Exchange Commission: (Continued)
Public Utility Holding Company Act, applicability to banks,
reply to Commission that Board is advising
FRBanks of Commission's Rule re, and letter to
ERBanks re
Recommendation of Mr. Vest that letter of S.E.C. re applicability to banks be published in FRBulletin,
approved
Regulation T, amendment to limit time for furnishing margin,
agreeable to
Regulation U:
Amendment proposed to Sec. 3(f), Mr. Landis advised Board
that he considers it a banking problem
American Bankers Association subcommittee memo re, Mr.
Parry to discuss with representatives of commission
Draft of, letter from Mr. Landis with memo suggesting
changes in, referred to r. Parry
(See also Regulations, Board of Governors)
Rules under Public Utility Holding Company Act, reply to Chairman Landis re tentative draft of
Rules issued under Sec. 17(c) to be published in FRBulletil
Securities Exchange Act:
Sec. 15(e), recommendation of modification of amendment to,
at request of Board
Sec. 23(a), letter to, requesting that "or the Board of
Governors of the Federal Reserve System" be
included in proposed
Trustees of bond issues, study of legislation to regulate activities of banks, reported by Mr. Smith,
A.B.A.
raised by Mr. Smith with Mr. Landis as to attainQuestion
ment of objectives by amendments to Regulation
F, statement of principles of A.B.A., Mr. Coles
to take Charge
to discuss with Chairman Eccles, Mr. Ransom to
Smith
advise latter with suggestion that he take
matter up with Mr. Landis
Mr. Ransom to confer with Mr. Douglas, copies of A.B.A.
statement and S.E.C. digest to be referred to
counsel for summarization and camm6nt, Mr.
Ransom may invite Mr. Douglas to meet with
Board
4 1U.uities dealers:
e
Third FRDistrict, inducing banks to obtain disproportionate
amounts of Postal savings deposits and selling
them bonds lacking in proper investment characteristics as collateral, no objection to Mr.
Sargent informing State authorities in 12th
district


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Federal Reserve Bank of St. Louis

4/27

900

5 2
/

958

11/12

2043

4/24

864

4/17

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3/13

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789
4/10
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Securities exchange administration:
Accounts may not be divided segregating securities formerly
subject to 45% margin requirements in one account subject to same requirements and new account confined to securities subject to 55%
requirement, reply to A. E. Masten and Co.
3/ 3
Agreements of nonmember banks, FRAgents notified that they may
discontinue furnishing lists to other FRAgents,
and procedure for Board furnishing lists
4/ 4
Reply to France, McLanahan and Rouzer re questions on, and
advice that Board has not requested amendment
to Securities Exchange Act of 1934 to permit
voluntary cancelation of agreement by bank
5/ 5
Agreements on form T-2, execution of certificate by IRAgent or
Assistant FRAgent, reply to .FRBank of New York
concurring in opinion that this is proper procedure, in case of Bence Commerciale Italiana
12/ 2
American Industries Corporation, FRBank of Chicago officers
and manager of Detroit branch authorized to
grant extensions of time to obtain payment, in
10/23
connection with inquiry of
"Arranging" for extension of credit, transactions involving,
reply to Securities and Exchange Commission
that Arnold and Co. seems to arrange within
meaning of Securities Exchange Act for carrying
of accounts with Prentice, Blauner and Brady
11/ 4
Bank loans under provisions of Act, examining procedure in
connection with
5/16
Bank loans on securities under Regulation U: (See Bank loans
on securities)
Collateral value of stocks on exempted exchange, under Regulation T, reply to Minneapolis-St. Paul Stock
Exchange
5/18
Collateral value of certain types of newly issued securities,
reply to Mr. Wheeler, on inquiry of Mr. Shaughnessy re, as to conditions governing, and extension of credit
10/26
Cornell, F. Shepard, reply to, that question relates to brokerage business as affected by present margin requirements and is receiving careful study
7/16
Corporation to lend on registered securities, reply to Mr.
Gursey re proposed organization of, that Board
has authority to regulate extension and maintenance of credit by organizations not now included in scope of Regulations T and U
6/22
Credit extended is credit extended altogether on registered securities, reply to Mr. Moran on hypothetical
question presented, that interpretation is outside of Board's province
7/30
Extension of time for consummation of bona fide cash transaction, reply to Mr. Anderson that exchange business conduct committee may grant and may refuse
to act, if committee should refuse to grant to
nonmember, Board will consider granting authority
3/26
to FRBank re

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Federal Reserve Bank of St. Louis

pages

4°
757

971

n15?

109

1995
919

1O°

1945

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°
3 9

455

369
Pages
Securities exchange administration: (Continued)
Extensions of time to obtain payment, ERBank of Chicago officers and manager of Detroit branch authorized
to grant, in connection with inquiry of American
Industries Corporation
FRBank of Chicago, report of Mr. Parry that matters are not being properly handled and that some corrective
action should be taken, to make recommendations
Letter re qualifications of person to handle securities exchange matters, stating that Mr. Dawes is not
competent and outlining procedure to bring
about satisfactory solution
FRBanks, question raised as to control of functions under Securities Exchange Act, suggestion that selection
of person to direct be made subject to approval
of Board or Director of Division of Security
Loans, adopted and Mr. Parry to prepare statement embodying
Statement presented and approved
Letter to FRBank of Minneapolis advising of action
Grain transactions in restricted account, reply to inquiry of
William Cavalier and Co. re withdrawal of proceeds of warehouse receipt sales on day broker
receives them and if receipts were delivered
in settlement of grain "futures" sold and if
customer may withdraw securities or cash deposited in connection with commitment
Inquiry of Mr. Todd referred to 1EBank of Chicago for reply
Investment trust stock, unregistered, reply to Nutter, McClennan and Fish that under Regulation T it has no
loan value
Joint account in unregistered securities by member firm and
nonmember firm, reply to FRBank of San Francisco
re inquiry of Los Angeles Stock Exchange that
determining factor is whether the member firm
Is extending credit to nonmember
List of stocks registered on national securities exchanges,
recommendation of 10.1'. Parry for printing of,
approved
Supplement, authorization for printing and estimate of requirements for further supplements.
Loan to firm by retiring member, reply to Mr. Starbuck that
there is no legal restriction on his lending
sum to Struthers and Dean
Loans to intermediaries for purchase of stocks, reply to FRBank
of Boston re inquiry of A. B. Pimm and Co. as
to applicability of Regulations U and T
Loans to corporate investment trusts on stocks, reply to
Messrs. Larkin, Rathbone and Perry
Manheim, Dibbern and Co., possible violations of Sec. 7(c)
of Securities Exchange Act of 1934 and Regulation T, memo of counsel re, and recommending
report to Attorney General and Securities and
Exchange Commission
FRBank of San Francisco may cooperate in investigation of

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Securities exchange administration: (Continued)
Margin requirements:
Adjustments in, reply to Mr. Heydon/s inquiry re flexibility 5/27
Amount required under amendment 7 of Regulation T does not
affect transactions entered into prior to Feb.
1/28
1, reply to Mr. Post
Regulation T, commission is not included,
Computation under
requirement of 55% is minimum, reply to W. H.
12/ 8
Dick
Extension of time to answer margin call, reply to Mr. Abramovitz that Board can make no exception to Reg6/11
ulation T re
Increased requirement is applicable to all securities in
3/ 6
accounts, reply to Mr. MacDonald
Securities purchased for foreign customer, reply to Bear,
Stearns and Co. that practice of demanding, in
6/24
connection with, is mandatory
Study by New York Stock Exchange proposed, authorized to say
that it was being made at the request of the
6/ 1
Board of Governors of the FRSystem
"Net withdrawal", reply to Mr. Hitschler that payment of 55%
of proceeds from sale from an account constitutes, and is prohibited unless such sale causes
6/17
account to become unrestricted
Nonmember firms transacting part of business through member
firns, reply to Mr. Anderson that no interpretation has been made as to applicability of
Regulation T or statutes to that part of busi3/26
ness or all of their business
Reports, amendment to requirements of Aug. 18 to exempt from
filing, banks members of national securities exchanges (except those carrying margin accounts)
and require semi-annual reports from all member
firms except banks in two classes listed and
2/20
drafts of letters advising of action, approved
Reports on 240, Whitaker and Co., business involves some extension of credit, must file semi-annual reports
3/ 3
Repurchase of securities sold by Wrenn Bros. and Co. for restoration to account of customer who had not
made payment therefor
4/15
Restricted accounts, net withdrawal takes place in combination
of transactions whereby customer sells securities and requests a payment from the account
5/26
Singer, Dean and Scribner, reply to Mr. Strater that opinion
of Mr. Rounds re Sec. 4(e) of Regulation T ap9/26
pears to be correct
Trading in American securities, informal advice of Mr. Whigham
re factors entering into relative convenience
10/29
and cost of, in New York and London markets
Transfer of restricted account from one broker to another not
prohibited by Regulation T nor is second broker
prohibited from accepting note for debit balance,
bank may not be transferee of note however, if
maximum loan value is less than loan represented
8/25
by note

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Securities exchange administration: (Continued)
Warrants, reply to Mr. Schaller on question of Mr. Smith,
Chicago Stock Exchange, re margin required
when customer delivers to restricted account
transferable warrants
Withdrawals from unrestricted accounts of cash, reply to Mr.
Sutton re effect of amendment to Regulation T
increasing margin requirements
Reply to/tr. Nathan re effect of amendment to Regulation
T increasing margin requirements
Se
clirity Monthly Thrift Plan: (See Deposits)
sea.,ver, H. R.: (See Minneapolis-St. Paul Stock Exchange)
"aate Document 75, 67th Congress, Expenses of Federal Reserve
Banks, referred to by President Harrison in
review of consideration previously given salaries of officers of FRBanks
Shackelford, V. R., reply, on letter to Senator Glass, re inclusion
of inactive officers in definition of executive officers in Regulation 0
Share-the-work plans, reference to, by President Parrison in connection with proposed reorganization surveys
of RBanks
Sllasta Snow Cone Machine Co., reply to Senator Johnson on effort
of Mr. Mattox to secure industrial advance from
FRBank of San Francisco for
certificates of stock, study suggested to end prac%natures on
tice of banks guaranteeing
Banco de Mexico, earmarked, in FRBank of San Francisco, reply
to Mr. Knoke that Board assumes it is held as
agent for FRBank of New York under agreement
with, request for confirmation
Advice to FRBank of San Francisco that although original
agreement was with FRBank of New York, Board's
approval should be secured
Purchases by Government, deposits created by, discussion of
problems arising out of, and deficit financing
and gold inflow
Stager, Dean and Scribner, reply to Mr. Strater that opinion of
Mr.. Round re Sec. 4(e) of Regulation T appears
to be correct
-aner, E. H. D.: (See Foreign banks, Bank of England)
M. Siesel, Milwaukee, Wis., selected as alternate for nine
firms to be invited to bid on Board's new
building
kith, A. Carlyle: (See National banks, Somerset National Bank,
Barker, N. Y.)
kith, A. M.: (See Treasury Department, Division of Bookkeeping
and Warrants)
kith, Tom K., President of American Bankers Association: (See
American Bankers Association)


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Social Security Act:
Amendment proposed to bring all banks under operation of,
12/ 4
may affect FRBanks
National banks, ruling of Commissioner of Internal Revenue that
they are instrumentalities of U. S. and exempt
7/13
from provisions of
State member banks, letter to Commissioner of Internal Revenue
requesting ruling re applicability to, action
7/31
deferred
Social Security Board:
ConklinE, Gerald, RExaminer, desire to employ, Board not to
7/31
meet salary, referred to Mr. Paulger
discussed
Monetary aspect of Social Security Act, Chairman has
informally with Mr. WinEnt, and will discuss
further, has requested Division of Research and
Statistics to prepare study and to be discussed
11/25
by Board
of Social Security
Tinant, John G., Chairman, monetary aspects
Act, Mr. Eccles has discussed informally with,
and will discuss further, has requested Division
of Research and Statistics to prepare study and
11/25
to be discussed by Board
Society for Stability in Money and Banking, report in New York
Times that Mr. Goodbar had appointed Mr. G. E.
Roberts to, end that latter was also member of
National Bureau of Economics representing A.B.A. 9/18
Soldiers' bonus, financing of redemption of bonds for, plans for,
presented to Board, members present favor alternate procedure, statement of Mr. Goldenweiser
showing estimate of requirements of Treasury
2/12
up to Tune 30
South Carolina:
Branch banks, reply to FRBank of Richmond re retention by bank
entering FRSystem that it need only to meet
statutory requirements for branches established
12/24
subsequent to Feb. 25, 1927
Southern Underwriters Corporation, reply to National Bank of Commerce of San Antonio that deposit of, may not
1/30
be classified as savings account
(See State member banks, Tompkins County Trust
Spaulding, Kenneth:
Co., Ithaca, N. Y.)
counsel: (See Counsel, special)
Special
Spencer, R. E., reply to letter addressed to President Roosevelt,
advising re reductions in force of FRBank of
7/29
Chicago
"Stabilization Still Opposed by England", article appearing in New
York Times Feb. 9, attention of Federal Advisory
Council called to, as expressinp, views with which
2/12
Chairman Eccles is in agreement
Staff of Board of Governors:
Accident insurance, Secretary authorized to procure, for employees of Board working at site of new build5/15
ing, agreement re payment of sick pay

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Pages
ff
44 of Board of Governors: (Continued)
Addresses by members of: (See Addresses, staff members)
Appointments:
Memo presented by Chairman recommending procedure to be
followed in future in making, approved
University of Arkansas, reply re policy of Board as to,
in response to inquiry as to vacancies for
graduates
Chairman's Office:
Benton, Madeleine E., Secretary to Mr. Thurston:
Designation changed from stenographer
Salary increased
Clayton, Lawrence, Assistant to Chairman:
Meetings of Board, to attend
Salary increased
Daiger, J. M., Special Assistant:
Employment continued on month to month basis for not
to exceed three months from Ian. 1
Flood relief, attended meeting of government agencies,
and request to appear before House Ways and
Means Committee, to be accompanied by Mr.
Hammond, and both to be in capacity of observers
VaLois, Secretary, continuation of employment and
Egbert,
salary authorized
Frederica, Secretary to Mr. Clayton:
Ritter,
Designation changed from Stenographer
Salary increased
Thurston, E., Special Assistant to Chairman:
Meetings of Board, to attend
Salary increased
Charts showing principal functions of divisions of, and distribution of duties among members of divisions,
distributed to new Board members
Civil Service Commission, list of attorneys employed by Board
requested by, reply to be held until return of
Mr. Wyatt and sent if he has no objection
Counsel's Office:
Baumann, John C., Assistant Counsel, salary approved
Benedict, Frederic P., Assistant Counsel, resignation of
Clegg, Mrs. Hildur Lehn, Secretary, resignation of, granted
thirty days leave
Grace L., Stenographer, salary increased
Costinett,
Dolan, Helen V., Stenographer:
, Salary increased
Transfer to, from Division of Examinations
Dreibelbis, J. P., Assistant General Counsel:
Fletcher-American National Bank claim against FRBank of
Chicago, authorized, as individual, to discuss
settlement of, with directors of FRBank at
next meeting
Salary increased

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374
Staff of Board of Governors: (Continued)
Counsel's Office: (Continued)
Dyes, Mildred W., Law Clerk, salary increased
Entriken, Everett, Law Clerk, salary increased
Gallagher, Nadine, Stenographer, salary increased
Goepfert, Mabel, Secretary, salary increased
Hackley, Howard M., Law Clerk, salary increased
Herring, Allene, sick leave not in excess of that accrued
granted in connection with last illness and
impending death of mother
Hill, Richard A., Stenographer, salary increased
Hooff, Wilson L., Law Clerk, salary increased
Inabnett, Lucy, appointment and salary as stenographer
Malley, Mrs. Kathleen, Secretary, resignation of
Morgan, Mary A., salary increased, question of policy raised
s to proper time of year for submission of
recommendations
O'Brien, Myriam, appointment and salary as stenographer
Owens, Joseph T., Assistant Counsel, salary increased
Seitz, S. Earl, Assistant Counsel, salary increased
Shay, Jerome W., appointment and salary as law clerk
Solomon, Frederic, Assistant Counsel, salary increased
Turner, Winnie (formerly Mrs. DeCosta), resignation as
stenographer
Wingfield, B. M., Assistant General Counsel, present at
conference re condition of Perth Amboy Trust Co.
and Raritan Trust Co., Perth Amboy, E. J.
Wyatt, Walter, General Counsel:
Annual meeting of American Bar Association, authorized
to attend and to prepare memo re proposal to
establish Federal administrative court
Report on attendance
Fletcher-American National Bank claim against FRBank
of Chicago, memo re status of, authorized to
continue negotiations then to submit recommendation after consultation with Mr. Ransom
Authorized, as individual, to discuss settlement
of, with directors of ERBank at next meeting
Illness, Board desires that he absent himself for time
necessary to recover completely
Meetings of Board, to attend
Division of Bank Operations:
Anderson, Eleanor K.:
Leave of absence without pay granted for trip abroad
Transferred to Secretary's Office
Baldwin, William N., Clerk, designation changed from "Interdistrict Settlement Fund Clerk"
Barton, Edgar B., File Clerk:
Extension of temporary appointment for period not to
exceed six months
Further extension until Dec. 31
Resignation of


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375
Pages
Staff of Board of Governors: (Continued)
Division of Bank Operations: (Continued)
Buchanan, Avelyn:
Appointment and salary as stenographer and file clerk
Salary increased and designation changed from stenographer to secretary
Callahan, F. J., Typist (stencil cutter), designation
changed from clerk-typist
Caskey, Merret P., Clerk:
Designation changed from "Federal Reserve Bank Clerk"
Salary decreased
Crews, Esther G., File Clerk, transferred to Secretary's
Office
Daniels, Mortimer B.:
Salary increased
Transfer from Division of Examinations and designated
as technical assistant, no change in salary
DeLaMater, John, Clerk:
Designation changed from "Federal Reserve Bark Clerk"
Salary decreased
Devereux, Flora S., Clerk, designation changed from "Federal
Reserve Bank Clerk"
Dorsey, W. B., reported for duty under influence of liquor,
recannendation that he be retired, attention
called to previous warning re dismissal, Mr.
McKee to take up with Mr. Smead
Recommendation resubmitted with amendment and approved,
to be retired April 1
Farrell, John R., Clerk, salary increased, end designation
changed from "Federal Reserve Bank Clerk"
Hammond, Bray, Technical Assistant:
Flood relief, to accompany Mr. Daiger before House
Ways and Means Committee on, both to be in
capacity of unofficial observers
Salary increased
Holland, Mabel Virginia:
Temporary appointment and salary as camptameter operator
Extension of temporary appointment for three months
Resignation of
Horbett, J. E., Assistant Chief, salary increased
Hurley, J. J., Clerk, designation changed from "Member
Bank Clerk"
Marjorie F., Clerk, designation changed from "Member
Jones,
Bank Clerk"
Kennedy, David M., Clerk, salary increased, and designation
changed from "Member Bank Clerk"
Kroh, Margaret M., Camptometer Operator, salary increased
McLelland, Beatrice, Canptometer Operator, salary increased
Miles, Maria D., File Clerk, transferred to Secretary's
Office
Millican, Thelma, Clerk, designation changed from "Federal
Reserve Bank Clerk"


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376
Staff of Board of Governors: (Continued)
Division of Bank Operations: (Continued)
Mitchell, W. H., Clerk, designation changed from "'Member
Bank Clerk"
Moore, A. A., Clerk, designation changed from "Federal Reserve Bank Clerk"
Morrissette, O. B., Clerk, designation changed from "Member
Bank Clerk"
Myrick, L. S., Technical Assistant, salary increased
Porter, J. H., Technical Assistant, salary increased and
designation changed from examiner
Roome, Helen C., Camptaneter Operator, salary increased
Scudder, Dilver, Clerk, designation changed from "Federal
Reserve Bank Clerk"
Sherfy, Robert E., Clerk, designation changed from "Interdistrict Settlement Fund Clerk"
Smead, E. L., Chief:
Committee on Free Services, recommendation of Presidents' Conference that he be assigned to assist,
noted with approval
Permanent Committee on Standardization of Bank Report
Forms, request for attendance at meeting on
standardization of call report form, action
deferred
Board unwilling to authorize attendance
Personnel classification plans of 1RBanks, memo on
an
revision of
Transit conference, authorized to visit New York in
connection with preparation of program for
Smith, Jewel B., Secretary, salary increased
Stone, Harry B., Clerk, designation changed from "Inter
district Settlement Fund Clerk"
Swindlehurst, Alice, temporary appointment and salary as
comptometer operator
Extension of temporary appointment as comptaneter operator for three months and transfer to Division
of Research and Statistics
Temporary employees authorized in connection with Bank Suspensions study
Van Fossen, 3. R., Assistant Chief, salary increased
Walker, F. A., Clerk, salary increased, and designation
changed from "Member Bank Clerk"
Weihe, Laura, Secretary, designation changed from stenographer
Williams, Arthur C., Messenger, salary increased
Williams, Mary C., Typist (stencil cutter), designation
changed from stenographer
Division of Examinations:
Boiseau, Natalie, Stenographer, salary increased
al
Boysen, John T., Assistant Examiner:
Headquarters changed from Chicago to Omaha
Salary increased


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377
Pages
Staff of Board of Governors: (Continued)
Division of Examinations: (Continued)
Brien, E. L., Examiner, salary increased
Brown, A. B., Stenographer, salary increased
Brown, S. L., Examiner (field), salary increased and designation changed from Assistant Examiner
Brown, W. G., Examiner (field), salary increased and designation changed from Assistant Examiner
Buck, Earl D., Examiner, resignation of, three months'
salary authorized as dismissal wage
Bush, Floyd W., Assistant Examiner, resignation of, dismissal wage of three months' salary authorized
Cagle, C. E., Assistant Chief:
Conference on padding subscriptions to Government securities, to attend
Examinations of Banco de Puerto Rico and Banco Popular
de Puerto Rico, to participate in, authorized
to travel by airplane, and to be reimbursed
actual expenses
Macklin v Federal Intermediate Credit Bank of Columbia,
reply to Mr. Evans, Farm Credit Administration
that he will be available for, compensation and
expenses to be handled as before
Salary increased
Calloway, Roger M., Examiner, resignation of, three months
salary granted as dismissal wage
Chamberlin, R. B., Examiner, salary increased
Conkling, Gerald M., Examiner:
Salary increased
Social Security Board, desire to employ, Board not to
meet salary, referred to Mr. Paulger
Cook, Mrs. Rachel, Stenographer, transferred to Secretary's
Office
Coulon, Catherine, temporary appointment and salary as
stenographer
Extension for one month of temporary appointment as
stenographer
Resignation accepted
Daniels, Mortimer B., Assistant Examiner, transfer to
Division of Bank Operations and deSignation as
Technical Assistant, no change in salary
Dolan, Helen V., transfer to Counsel's Office
Drinnen, F. J., Chief of Field Force:
Accompaniment of Mr. Broderick on latter's visits to
icliBanks in connection with organization surveys,
no objection
Appointment as First Vice President at FRBank of Philadelphia
(See also FRBank of Philadelphia, Staff)
Resignation of
English, X. F., Assistant Examiner (field), salary increased


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378
Staff of Board of Governors: (Continued)
Division of Examinations: (Continued)
Folsom, G. H., Examiner:
Salary increased and designation changed from Assistant
Examiner
Senate Committee on Interstate Commerce, detail to, extended for further six months in connection with
railroad investigation, at request of Senator
Wheeler
Reply to Mr. Lowenthal that Board cannot extend
loan of services as requested, but will request
that he hold himself available for consultation
with successor
Part time arrangement for services to, authorized,
in view of urgent requests of Mr. Lowenthal and
Mr. McConnaughey for extension of services to
Mr. Lowenthal agrees to arrangement, Mr. Folsom will
not participate in any way in hearings conducted
by Committee
Franzoni, J. C., Assistant Examiner (field), salary increased
Goodman, G. M., Examiner, salary increased
Goshorn, Marion, Stenographer, salary increased
Hopkins, Julia B., Assistant Examiner, salary increased
Hostrup, C. C., Examiner, salary increased
Howard, T. P., Assistant Examiner (field), salary increased
Jones, Laurence H., Examiner:
Leave with pay granted for one day, six hours, in addition to regular annual leave
increased
Salary
Kearney, Helene, Stenographer, salary increased
Kidwell, Alice E., File Clerk, transferred to Secretary's
Office
Koppang, H. O., Examiner, salary increased
Leonard, R. F., Assistant Chief:
Present at conference re condition of Perth Amboy Trust
Co. and Raritan Trust Co., Perth Amboy, N. J.
Salary increased
Malone, C. T., Examiner:
Salary increased
Senate Committee on Interstate Commerce Investigating
railroads, reply to Mr. Lowenthal refusing to
extend period of loan of services of, to
Mathews, F. Beverly, resignation as stenographer, leave with
pay granted
Maynard, Marguerite C., Secretary to Mr. Paulger, salary
increased
McClelland, W. J., Examiner, salary increased
Millard, E. R., Examiner, (field), salary increased
Murff, Gordon R., Assistant Examiner:
Leave of absence with pay on account of illness granted
Feb. 6 to Sept. 1, and per diem allowance
granted Feb. 6 to March 3
Leave of absence with pay granted for further period

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Pages
Staff of Board of Governors: (Continued)
Division of Examinations: (Continued)
Murff, G. R.: (Continued)
Salary increased and designation changed from Assistant
Examiner to Examiner
Myers, Edward S., Stenographer, salary increased
Nelson, F. A,, Examiner, salary increased
Newcame, Elnyr, Stenographer, salary increased
Newman, H. J., Assistant Examiner, (field), salary increased
O'Brien, Bernice, File Clerk, transferred to Secretary's
Office
O'Donnell, Thanes B., Assistant Examiner:
Leave of absence with pay on account of illness, 30
days additional granted
Granted two additional weeks with pay
Salary increased
Paulger, Leo H., Chief:
Membership of American Bank and Trust Co., Miami, Fla.,
to look into application during visit to
Florida
Present at conference re condition of Perth Amboy Trust
Co. and Raritan Trust Co., Perth Amboy, N.J.
of relationship of Division to FRBank examination
Study
function, with view of adopting Mr. Miller's
suggestion re centralization of entire function
under Board
Porter, Nancy, Stenographer, salary increased
Quinn, Dorothy E., resignation as stenographer
Radford, X. R., Jr., Examiner, salary increased
Root, Rose D., File Clerk, transferred to Secretary's Office
Scott, A. Frances, Stenographer, salary increased
Sheafe, Edward A„ Jr., transferred to office of Superintendent of Construction
Simms, R. N., Messenger, retirement recommended and special
contribution to increase retirement allowance,
action deferred
Extension of service to be requested for, and to be
retired as of July 1, special contribution to
be made to increase retirement allowance
Slavens, Henrietta, temporary appointment and salary as
stenographer
Extension of one month of temporary appointment
Extension of one month
Extension of one month
Extension of two months
Snow, R. T., Assistant Examiner (field), salary increased
Stone, Harold F., Stenographer, salary increased
Strahorn, C. A., Assistant Examiner (field), salary increased
W., Assistant Examiner (field), salary increased
Troup, F.


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Staff of Board of Governors: (Continued)
Division of Examinations: (Continued)
Turnbull, J. A., Assistant Examiner (field), salary in112/30
2/30
creased
Winkler, P. J., Examiner, salary increased
Division of Issue and Redemption:
Barrow, Theresa, deferred retirement allowance, application
for, not to take effect in any event until
12/ 7
Uovernment service is terminated
applicaBohn, Belle Howell, deferred retirement allowance,
tion for, not to take effect in any event until
12/ 7
Government service is terminated
recommended and special
Brinker, Henrietta T., retirement
contribution to increase retirement allowance,
3/31
action deferred
for, and to be reExtension of service to be requested
tired as of July 1, special contribution to be
4/28
made to increase retirement allowance
and special conBurchard, Addie K., retirement recommended
tribution to increase retirement allowance,
3/31
action deferred
to be requested for, and to be reExtension of service
tired as of July 1, special contribution to be
4/28
made to increase retirement allowance
L. G., Chief, retirement recommended and special
Copeland,
contribution to increase retirement allowance,
3/31
action deferred
Extension of service to be requested for, and to be retired as of July 1, special contribution to be
4/28
made to increase retirement allowance
Mead, Edna S., deferred retirement allowance, application
for, not to take effect in any event until Gov12/ 7
ernment service is terminated
Meade, Fannie P., deferred retirement allowance, application
for, not to take effect in any event until Gov12/ 7
ernment service is terminated
Ceuesenberry, Caroline B., retirement recommended and special
contribution to increase retirement allowance,
3/31
action deferred
Extension of service to be requested for, and to be
retired as of July 1, special contribution to
4/28
b e made to increase retirement allowance
Retirement of six employees recommended with special contributions to increase retirement allowance,
action deferred to permit Board members opportunity to familiarize themselves with operation
3/31
of retirement system
employees, further consideration, acRetirement of seven
4/ 3
tion deferred
contributions to be returned to le of 22 emRetirement
ployees, other four have made applications for
12/ 7
deferred retirements

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Pages
Staff of Board of Governors: (Continued)
Division of Issue and Redemption: (Continued)
Rusch, William John, appointment as chief of division and
salary, reference to question of change in
method of paying expenses of division, action
deferred pending determination of Question
Attitude of Comptroller toward method of payment of
expenses of division not available, salary of
Mr. Rusch considered excessive, temporary appointment for three months approved
to Deputy Comptroller that Board has deferred
Reply
action as to permanent appointment pending action of Comptroller re proposed change in manner
of paying expenses of division and temporary
appointment extended to Nov. 15
Temporary appointment, letter to Comptroller calling
attention to, and reouesting early advice re
proposal that Board reimburse for services of

6/25

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11/ 5
division
Attention called to fact that Board has received no
replies to letters re payment of expenses of
Division, Mr. Morrill to consult with Deputy
Comptroller and that if services are to be
continued, Board will consider short extension
11/13
of temporary appointment
Temporary appointment extended until Nov. 30, effective date of transfer of employees of division
11/16
to Comptroller's payroll
and special contriSnead, Susan U., retirement recommended
bution to increase retirement allowance, action
3/31
deferred
requested for, and to be reExtension of service to be
tired as of July 1, special contribution to be
4/28
made to increase retirement allowance
d and special contriSoule, Mary L., retirement recommende
bution to increase retirement allowance, action
3/31
deferred
requested for, and to be
Extension of service to be
retired as of July 1, special contribution to
4/28
be made to increase retirement allowance
of Comptroller and payment
Transfer of employees to payroll
4/14
by Board of expenses, letter to Comptroller re
close of Nov. 30, appointment of
To became effective
11/16
Mr. Rusch extended to that date
effecting transfer, letter to Comptroller
Resolution
re procedure in payment of expenses, letter to
employees of division and advice to all FRBanks,
/25
11
expenses to be prorated
Division of Research and Statistics:
Barnett, Lois L.:
7/ 3
Temporary appointment and salary as clerk
10/ 1
Appointment made permanent and salary approved
12/30
Salary increased

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Federal Reserve Bank of St. Louis

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Staff of Board of Governors: (Continued)
Division of Research and Statistics: (Continued)
Barton, H. C., Jr.:
Designation changed from Research Assistant to Junior
12/30
Economist
12/30
Salary increased
Baur, Helene F.:
12/30
Designation changed from Statistical Clerk to Clerk
12/30
increased
Salary
Bergelin, John O.:
Designation changed from Research Assistant to Junior
12/30
Economist
12/30
Salary increased
Blattner, George
4/28
Appointed Assistant Director and salary increased
12/30
Salary increased
Bryan, Malcolm H., temporary appointment and salary as
senior economist, to be considered for permanent
appointment and to enter retirement system now
12/ 4
if he desires
Bulla, Beatrice:
Designation changed from Research Assistant to Junior
Economist
Salary increased
12 30
/
Burgess, Caroline M.:
Designation changed from Library Clerk to Library
12/30
Assistant
12/30
Salary increased
Carson, William J., appointment for three months, and salary,
5/27
to assist in research work of division
9/ 1
Extension of appointment through Sept. 30
Temporary appointment continued on per diem basis for
not to exceed 40 days of actual work from
9/30
Oct. 1
Coffey, Lyndall H.:
Designation changed from Statistical Clerk to Clerk
14 /8
2 20
/3
Salary increased
12/30
Salary increased
Raymond J.:
Collier,
Designation changed from Statistical Clerk to Economic
12/30
Assistant
12/30
Salary increased
Conklin, Maxwell R.:
Designation changed from Research Assistant to Senior
12/30
Economist
12/30
Salary increased
Counts, Mrs. Catherine Marie:
Appointment, temporary, and salary for three months as
Statistical Clerk
8/2E3
11/23
Extension for three months
Designation changed from Statistical Clerk to Clerk
Deeds, Dorothy R., Secretary, salary increased
1V/3g
16


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Federal Reserve Bank of St. Louis

Raga

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383
Pages
Staff of Board of Governors: (Continued)
Division of Research and Statistics: (Continued)
Director, Federal Open Market Committee, consensus of
members of Board that Director should be econo2/4
mist for, as reconstituted March 1
Dirks, Frederick C.:
6/11
Appointment and salary as Junior Research Assistant
12/30
changed to Junior Economist
Designation
12/30
Salary increased
George P, Jr.:
Doherty,
6/25
Appointment and salary as Junior Research Assistant
12/30
Designation changed to Junior Economist
12/30
Salary increased
12/30
Horace 1, Clerk (temporary), salary increased
Drury,
Helen R., Library Assistant:
Dyer,
12/30
Designation changed from Stenographer-Librarian
12/30
Salary increased
Edmiston, Henry, Junior Economist, designation changed
12/30
from Junior Research Assistant
Elder, Nora V., Chief Draftsman, designation changed from
12/30
Draftsman
Ellis, Margaret:
Designation changed from Research Clerk to Junior
12/30
Economist
4/28
Salary increased
Ernst, Rosa:
Designation changed from Stenographer to Economic
12/30
Assistant
12/30
Salary increased
Esser, Eleanor M.:
5/14
Appointment and salary as library assistant
12/30
Salary increased
Evans, Ethel L.:
12/30
Designation changed from Statistical Clerk to Clerk
12/30
increased
Salary
Evans, Mary Sibley, Junior Economist, designation changed
12/30
from Research Clerk
D.:
Fenn, Robert
Appointment and salary (nominal) as Junior Research
Assistant; is intern of National Institute of
10/ 3
Public Affairs
(See also National Institute of Public Affairs)
Designation changed from Junior Research iksistant to
12/30
Economic Assistant
Gardner, Walter R.:
Advances against gold to B. I. S., statement re proposed
9/28
transaction
situation in Europe, to make before
Address on banking
District of Columbia Bankers Association at
10/13
request of Mr. Corby
from Research Assistant to Senior
Designation changed
12/30
Economist
Salary increased
/
A/38
Salary increased


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384
Staff of Board of Governors: (Continued)
Division of Research and Statistics: (Continued)
Garfield, Frank R.:
Additional leave on account of illness, approved
Extended for 30 days
Extended for 30 days
Designation changed from Research Assistant to Senior
Economist
Salary increased
Gehman, Clayton:
Appointment and salary as Junior Research Assistant
Designation changed to Junior Economist
Goldenweiser, E. A., Chief:
Advances against gold to B.I.S., statement that he felt
YRBank of New York should make proposed and
views re loans of this character
National Bureau of Economic Research, request that he
serve as member of exploratory committee to determine subject of research requested by Reserve
City Bankers Association, discussion of, to
attend meetings informally
Review of recovery movement, credit conditions, inflow
of foreign funds, excess reserve situation and
question of reversing easy money policy, before
Presidents' Conference
Haddock, Mary Jane, temporary appointment and salary as
clerk for three months
Haigh, Julia:
Designation changed from Stenographer to Secretary
Salary increased
Hammill, Caroline:
Designation changed from Stenographer to Secretary
Salary increased
Henry, Ella W., Draftsman, salary increased
Hersey, A. B.:
Designation changed from Research Assistant to Junior
Economist
Salary increased
Hodson, Viola A., Clerk, designation changed from Statistical Clerk
Hoebreckx, Cherie L., Clerk, salary increased
Hubacher, Mrs. Rose Ella:
Appointment and salary as Stenographer
Designation changed to Secretary
Salary increased
Jaszi, George, appointment and salary as Economic Assistant
Jones, Ruth:
Designation changed from Stenographer to Secretary
Salary increased
Kenny, Mrs. Gunhild Anderson:
Appointment and salary as Junior Research Assistant,
to remain member of Civil Service retirement
system

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385
Pages
Staff of Board of Governors: (Continued)
Division of Research and Statistics: (Continued)
Kenny, Gunhild A.: (Continued)
Designation changed from Junior Research Assistant to
Junior Economist
Salary increased
Kline, William A.:
Designation changed from Printing Clerk to Assistant
Printing Clerk
Salary increased
Krost, Martin, Junior Economist, designation changed from
Junior Research Assistant
Litchfield, Susan Burr:
Designation changed from Research Assistant to Senior
Economist
Leave of absence without pay from Aug. 7 until her
physician permits her return
Salary increased
Study of relationship between tax and monetary Policy
Longstreet, Victor M.:
Designation changed from Research Assistant to Senior
Economist
Salary increased
Maroney, Mary:M., Economic Assistant, designation changed
from Statistical Clerk
Martz, Jean G.:
Designation changed from Statistical Clerk to Clerk
Salary increased
Morse, Chandler:
Designation changed from Junior Research Assistant to
Senior Economist
Salary increased
Moss, Joyce, Statistical Clerk, resignation of, granted 30
days leave
Myer, Eleanor, Secretary, salary increased
Nergard, Mavis B.:
Designation changed from Statistical Clerk to ClerkStenographer
Salary increased
Olmstead, Helen:
Designation changed from Stenographer to Secretary
Salary increased
Perry, Katharyne W.:
Designation changed from Statistical Clerk to Economic
Assistant
Salary increased
Piser, Leroy M.:
Designation changed from Research Assistant to Senior
Economist
Salary increased
Rackstraw, Elsie, Librarian, salary increased


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pages

Staff of Board of Governors: (Continued)
Division of Research and Statistics: (Continued)
Reehling, Mrs. Ruth H. (Porter)
Leave of absence on account of illness, additional,
9/19
with pay, granted
69
;
3/27
Reappointment as clerk and salary, approved
2326
12/30
Salary increased
Robinson, Harvey A.:
Designation changed from Library Clerk to Library
12/3
0 2328
Assistant
12/30 2327
Salary increased
Robinson, Roland I.:
Desigmation changed from Research Assistant to Junior
12/30 2327
Economist
time spent in New York
Per diem allowance approved for
508
3/ 5
in connection with W. P. A. project
2326
Salary increased
Rott, Neva E.:
12/ : 2328
1 /3
Designation changed from Stenographer to Secretary
12/30 2321
Salary increased
Ruch, Edith B.:
2328
Designation changed from Statistical Clerk to Clerk
20
1V/3300
Salary increased
R.:
Sahm, Grace
6/25 1244
Appointment and salary as assistant in drafting work
12/30 2327
Salary increased
Sanderson, Alex G., Jr., temporary appointment and salary
7/18 1401
as junior Research Assistant
Schwartz, Carl H., Jr., appointment and salary as Junior
5/14 1°19
Research Assistant
Seals, Constance:
%) 2328,,
Designation changed from Statistical Clerk to Clerk
90P
Salary increased
70
4/ 9
Seaman, Cherie LaForge, appointment and salary as Clerk
Silverman, Joseph:
10/31. 1985
Appointment and salary as Statistical Clerk
8
12/30 0
Designation changed to Clerk
Sissman, Louise:
Designation changed from Research Clerk to Junior
12/30 2325
Economist
pay ,;1-ranted, to attend summer
Leave of absence without
7/ 1 10
session at Columbia University
12/30 2326
Salary increased
1/15 129
Smith, Jesse, Messenger, salary increased
Stockwell, Eleanor J.:
8/31 1624
Appointment and salary as Statistical Clerk
2328
Designation changed to Clerk
2/0 2326
0
Sutherland, Alvern H., Assistant Librarian, salary increased 12/
Sutton, Mrs. Blanche L., resignation, letter to Civil Service
Commission re, as condition to reinstatement of
her husband as Government employee, suggesting
675
3/26
acceptance of, as of June 1

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Federal Reserve Bank of St. Louis

387
Pages
461tf of Board of Governors: (Continued)
Division of Research and Statistics: (Continued)
Sutton, Mrs. Blanche L.: (Continued)
Resignation accepted and advice to Civil Service Commission in connection with reinstatement of
Mr. Sutton in National Park Service
Swindlehurst, Alice, extension of temporary appointment as
camptometer operator for three months and transfer to Division from Division of Bank Operations
Designation changed to Clerk
Tappy, Elizabeth P.:
Designation changed from Statistical Clerk to Clerk
Salary increased
Sick leave, granted additional because of approaching
confinement
Taylor, Alice M.:
Designation changed from Statistical Clerk to Clerk
Salary increased
Terborgh, George W.:
Appointment and salary as Research Assistant
Designation changed to Senior Economist
Tewksbury, Elizabeth P., appointment and salary as Clerk
Thomas, Woodlief, Assistant Director, service to Social
Science Research Council arranged by informal
sanction of Board members
Thorne, Wendell E.:
Designation changed from Research Assistant to Junior
Economist
Salary increased
VanBrakle, Raymond, Messenger:
Salary increased
Transferred from messenger pool in Shoreham Building
(Secretary's Office) to Division
Vincent, Helen:
Designation changed from Statistical Clerk to Clerk
Salary increased
Wenger, Jane, temporary appointment as Clerk made permanent,
no change in salary
Designation changed from Statistical Clerk to Clerk
Salary increased
White, Mary:
Designation changed from Statistical Clerk to Clerk
Salary increased
Waitney, Simon N.:
Appointment and salary as Junior Research Assistant
Resignation of
Williams, Lois A.:
Designation changed from Stenographer to Secretary
Salary increased


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Federal Reserve Bank of St. Louis

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pages

Staff of Board of Governors: (Continued)
Division of Research and Statistics: (Continued)
Wills, Mrs. Norma Finch:
4/25
Appointment and salary as Stenographer
12/30
changed to Secretary
Designation
Salary increased
Division of Security Loans:
Bradley, Philip E., Assistant Chief:
12/30
Salary increased
3/31
Statement re reaction to issuance of Regulation U
12/30
Branic, Otto H., Messenger, salary increased
12/30
Dembitz, Lewis N., Research Assistant, salary increased
English, Earle W., recommendation of Mr. Parry that he be
transferred from IRBank of Chicago, and salary,
7/ 7
approved
12/30
Salary increased
Grinioff, Vladimir b., Research Assistant, salary increased 12/30
Hail, Catherine A., Economic Assistant, desimation changed
12/30
from Statistical Clerk
12/30
O'Hare, Florence C., Secretary, salary increased
Parry, Carl T., Chief:
Meeting with representatives of Chicago Stock Exchange
at RBank of Chicago re proposed amendment to
Regulation T, report re unsatisfactory situation
12/ 1
at FRBank
of New York
Regulation T, to meet with representatives
Stock Exchange at FRBank of New York re proposed
12/ 4
amendment
12/30
L., Secretary, salary increased
Schmidt, Catherine
on Sept. 23 until 1 p.m. on occaEmployees excused from duty
9/22
sion of G. A. R. parade
spared to be excused at 1:00 p.m. Dec. 24,
Employees who can be
12/ 4
Board's offices to be closed Dec. 26
Examining Physician:
6/18
Daughton, Br. A. D., alternate for Dr. Barr, appointment
record of overtime with report thereof to
Hours of duty and
Civil Service Commission, memo of Mr. Vest re
regulations with respect to, under Act of March
6/11
14, 1936, no action
recommended by Mr. Morrill, adopted and reports
Regulation
of overtime work of certain classes of employees
6/30
to be reported to Civil Service Commission
Intern of National Institute of Public Affairs, proposal to place
with Board, Mr. Morrill consulted Messrs.
Stockberger and McReynolds in connection with
Mr. Fenn, Mr. Goldenweiser feels employment of
unsalaried individual would be inadvisable,
Board to consider appointment on nominal salary
basis and Mr. Galdenweiser to interview Mr.
9/29
Fenn
of March 14,
Leave, annual and sick, not determined if new Act
1936 is applicable to, Mr. Morrill to designate
representative to attend meeting of Council of
Personnel Administration to draw up regulations,

3/25
as observer
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Paaes
StlIff of Board of Governors: (Continued)
Leaves of absence:
Government limitation for sick and annual, adopted, regulation not to be drawn up until Government de4/28
partments have adopted their regulations
Secretary or an Assistant Secretary authorized to approve 30 days sick leave beyond accrued sick
4/28
leave upon recommendation of head of division
granted leave in addition to
Graduate School of Banking,
regular annual leave and transportation expenses
assumed for those attending, to make written
4/28
report re
to be available for consultation on problems in
Miller, A. C.,
connection with new building, press statement
2/ 7
to be prepared re
2/13
arrangament
Letter to, re
Droderick:
Office of Mr.
Carter, Beverly A., Messenger, salary increased and desig12/30
nation changed from "Messenger-clerk" to
Ficks, L. G.:
2/27
Appointment as private Secretary and salary
12/30
Salary increased
Office of Comptroller:
Griffiths, Mrs. Dolly S., feeling of Mr. O'Connor that some
consideration should be given to termination
of her services as to secretaries to members
of the Board, payment of salary for one month
and dismissal wage equal to six months' salary
1/30
authorized
Office of Mr. Davis:
12/30
Drake, William H., Messenger, assignment to
Piper, Carol S.:
Appointment and salary as Secretary, to continue as
member of Civil Service Retirement and Disabil6/29
ity Fund
12/30
Salary increased
Office of Mr. Hamlin:
Nagle, Mrs. Margaret, Secretary, payments possible in connection with termination of services due to
termination of Mr. Hamlin's appointment, salary
approved for 30 days and dismissal wage au1/30
thoriv,ed if not retained
Mr. James:
Office of
Bradley, C. S., Secretary, eligible for immediate retirement,
in connection with termination of Mr. James'
appointment, Mr. James feels that effort should
be made to retain, payment of salary for 30
days and if not retained, sum equal to six
1/30
months' salary be paid to Retirement System
Office of Mr. McKee:
Marlow, Ernest, Messenger, salary increased and assigned to 12/30
Walters, A. C.:
Transferred from Secretary's Office to be Secretary to
5/ 5
Salary increased
6/23

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Federal Reserve Bank of St. Louis

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Staff of Board of Governors: (Continued)
Office of Mr. Willer:
Ficks, L. G., Secretary, payments possible in connection
with expiration of Mr. Miller's term, feeling
of Mr. Miller that he should be retained, payment of salary for 30 days and dismissal wage
authorized, if not retained
1/30
Office of Mr. Morrison:
Bradley, S. C., appointment as Secretary for sixty days,
same salary to be continued and provision for
payment of six months' salary to retirement
system to apply if released at end of period
3/2
Extension for one month of service as Secretary to, sum
to be paid to retirement system if services are
not retained beyond May 31
4/23
Continued employment of, status reported by Mr. Morrill,
Mr. Broderick investigating possible placement
of, continued for one month after May 31 at
present salary
5/26
Office of Mr. Ransom:
Cotten, Mrs. Annie Ingram, appointment and salary as Secretary, physical examination to be made by FRBank
of Atlanta's physician
2/24
Washington, Sidney, Messenger, assignment to
12/30
Office of Mr. Szymczak:
Frost, F. L., Messenger, assigmnent to
12/30
Stone, A. M., Secretary, continuation of employment and salary at increased rate authorized
1/30
Taylor, Victrin M., Stenographer, salary increased
12/30
Office of Mr. Thomas:
Farrar, Margaret E., Secretary, termination of services because of end of term of Mr. Thomas, payment
that could be made to, payment of salary for
30 days and dismissal wage authorized
1/30
Offices of Board members, secretaries to, memo from Mr. Morrill
showing payments which could be made to, in
event they are not continued beyond Jan. 31,
recommendations of Chairman Eccles re, approved
1/30
Offices of Board to be closed January 2, 1937
12/29
Overtime, record of, and report thereof, to Civil Service Commission under Act of March 14, 1936, memo of
Mr. Vest re, no action
6/11
Reports of over-time work of certain classes of employees
to be reported to Civil Service Commission
6/30
Reorganization, survey of, preliminary report submitted by Mr.
Broderick and final report to be made when
budget for 1937 is considered
7/ 7
Salaries:
Recommendations, question raised by Mr. Wyatt as to proper
time of year for submission of
9/12
Survey of, Mr. Broderick appointed to conduct
3/ 6
Secretary, Federal Open Market Committee, consensus of members
of Board that committee as reconstituted March
1 should have Secretary of Board as its Secre2/ 4
tary

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Staff of Board of Governors: (Continued)
Secretary's Office:
Anderson, Eleanor K., File Clerk:
Salary increased
Transferred from Division of Bank Operations
Bass, Sampson H.:
Appointment as voucher clerk and salary, latter fixed
for probationary period then if services are
satisfactory to be increased
Appointment as voucher clerk made on temporary basis
because of unfavorable physical examination,
it being expected that condition will respond
to treatment
Salary increased as result of satisfactory probationary
period
Bethea, L. P., Assistant Secretary:
Meetings of Board, to attend
Salary increased
Brennan, John C., Secretary to Mr. Bethea, salary increased
Brissenden, Sarah L.:
Leave extended for 15 days without pay, Board unwilling
to authorize exchange of positions with Miss
Kent in American Embassy at London
Salary increased and designation changed from Stenographer to Secretary to Mr. Carpenter
Carpenter, S. R., Assistant Secretary:
Meetings of Board, to attend
Salary increased
Cassil, John F., Order Clerk, salary increased and designation changed from File Clerk
Colliflower, Mary L., appointment and salary as stenographer
Cook, Mrs. Rachel, Stenographer:
Transferred from Division of Examinations
Resignation of
Costello, John M., Messenger, Telegraph Office, salary increased
Crews, Esther G., File Clerk, transferred from Division
of Bank Operations
Crowder, Joseph S., appointment for not to exceed three
months and compensation as file clerk
Dodd, Yvonne, Secretary to Mr. Morrill, salary increased
Grimes, Frank H., Assistant Index Clerk:
Leave of absence without pay granted, in connection with
trip to Europe
Salary increased
Haworth, Mrs. Margaret G., transfer, reply to Surgeon
General that there is no objection to negotiating with, for employment by U. S. Public Health
Service
Resignation of
Action accepting resignation rescinded and transfer to
Public Health Service authorized effective when
she reports to new duties

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392
Staff of Board of Governors: (Continued)
Secretary's Office: (Continued)
Hoyt, Elva A., appointment and salary as stenographer, is
11/24
member of Civil Service Retirement System
ember
Jones, Robert Hiley:
and salary as messenger, assigned to mes4/ 2
senger pool in Shoreham Building
12/30
Salary increased
12/30
Kellogg, Scott D., File Clerk, salary increased
Kidwell, Alice E., File Clerk, transferred from Division of
12/30
hxaminations
Kidwell, Warren, Messenger, Telegraph Office, salary in12/30
creased
Kiley, John N., Jr., File Clerk, salary increased
Kilgore, I. Edward, Administrative Assistant, salary increased
12 30
2
/
Krieger, D. Jeanne, Stenographer, salary increased
12/30
Lavelle, Helen G., appointment, temporary, and salary as
5/21
stenographer
9/11
Temporary appointment as stenographer made permanent
Linke, Robert N., Inspector, continuation of temporary appointment for period not longer than completion
of building
11/ 5
Miles, Maria D., File Clerk, transferred from Division of
Bank Operations
li,///3064
Morgan, M. Maxine, Stenographer, resignation accepted
Morrill, Chester, Secretary, meetings of Board, to attend
O'Brien, Bernice, File Clerk, transferred from Division of
Examinations
12/30
Parkhill, Dorothy M.:
Appointment, temporary, and salary for not to exceed
two months as stenographer
7/15
Appointment extended one month
9/ 9
Appointment made permanent and salary, to be assigned to Mr. Daiger for duration of his appointment
06
12// 0
Salary increased
Peregory, Walter L., Supply Clerk, salary increased
12/30
Pinn, William E., Messenger, salary increased
12/30
Poeppel, Edna Betz, appointment and entrance salary as
Chief File Clerk (to effect consolidation of
files)
9/ 1
Poundstone, John M., Messenger, Telegraph Office, salary
increased
12/30
Rice, Mrs. Margaret A., leave without pay for 27 days
granted
6/ 2
Root, Rose D., File Clerk, transferred from Division of Examinations
12/30
Smith, Mrs. Mildred F., Stenographer, salary increased
al
12/30
Stewart, Phyllis E., Secretary to Mr. Noell, salary increased
Thomason, Mrs. Louise, Typist, salary increased
12 (
3-2 )
//
0

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393
Pages
Staff of Board of Governors: (Continued)
Secretary's Office: (Continued)
Van Brakle, Raymond, Messenger, transferred from messenger
pool in Shoreham Building to Division of Re4/ 2
search and Statistics
5/ 5
to be Secretary to Mr. McKee
Walters, A. C., transferred
7/29
Anne H., Stenographer, resignation accepted
Wilkes, Mrs.
Service to private economic research organizations, past policy
involved no formal sanction, Mr. Thomas and
formerly Mr. Riefler were members of Social
9/18
Science Research Council
Sick leave, travel regulation, provision for per diem allowance
3/14
to persons becoming ill while in travel status
Special Assistant to Board:
Daiger, J. M., discontinuance of services, to be made effective Sept. 30, if Chairman desires to retain,
he will make recommendation that Mr. Daiger be
7/28
attached to his office
Extension of appointment for 15 days because of failure
of chairman to advise of discontinuance of ser9/11
vices
Appointment extended until Dec. 31 and designation
10/14
changed to Special Assistant to Chairman
Special Counsel:
Hamlin., C. S., recommendation of Chairman Eccles that services be retained in advisory capacity, Secretary to arrange directly with, as to matters
to be considered by, appointment and salary
2/ 4
approved
2/ 7
Press statement to be prepared re
Superintendent of Construction:
Accident insurance, Secretary authorized to procure, for
employees working at site of new building,
5/15
agreement re payment of sick pay
appointment and salary as inspecKuhn, John B., temporary
5/ 4
tor of pile driving and reinforced concrete
5/21
Resignation accepted
Linke, Robert Newton:
Appointment and salary for not to exceed six months
period to inspect piling and reinforced con4/17
crete work
of Mr. Kuhn on temporary basis during abEmployment
5/ 4
sence of, because of injury
Leave with pay granted for time absent because of in5/13
jury
Sheafe, Edward A., Jr., transferred to, from Division of
4/ 7
Examinations
Toston, Harry Edward, temporary appointment and salary as
inspector for driving of piles and reinforced
3/26
concrete work
Continuation of temporary appointment for period not
11/ 5
longer than completion of building

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Staff of Board of Governors: (Continued)
Superintendent of Construction: (Continued)
White, Willard L. K., temporary employment as assistant to,
and salary, not necessary to become member of
3/6
Retirement System
Survey of personnel and salaries, Mr. Broderick appointed to
3/6
conduct
Telegraph Office:
Mooney, T. T., Chief Operator, extension of time for additional year under Retirement System recommended
1/21
Operators, transfer to payroll of Board as of April 1
3/26
Personnel problem presented in change to teletype equipment,
operators to be retained for present and assistance to be offered in securing other positions
6/30
Poundstone, Tohn M., appointment and salary as messenger
4/14
Prior service liability, adjustment in, in favor of FRBank
of Chicago, in connection with transfer to
Board's payroll
3/26
Travel expenses assumed for members attending Graduate School
of Banking
4/28
Stand-still agreement, German, purchase of corporate stocks by
Manufacturers Trust Co. to attempt to realize
upon credits and funds restricted under, no
objection
1/15
Starbuck, George S., reply that there is no legal restriction on
his loaning sum to firm of Struthers and Dean
upon retirement, Securities Exchange Act of
1934 does not affect
1/27
Starrett and Eken, New York, N. Y., selected as alternate for nine
firms to be invited to bid on Board's new building
2
State banking authorities in 12th ERDistrict, to be informed of
certain dangerous tendencies developing in
third RDistrict
4/24
State banks liabilities and resources, reply to Rand McNally
Bankers Directory re inclusion in total of,
of Morris Plan banks and industrial banks
1/31
State Departatent:
Fels, Herbert, devaluation of French franc, report of Mr. Ransom
that he had met with Secretary of Treasury re
9/26
Poland, foreign loan service suspension, letter from President
Harrison reviewing Polish situation, and likelihood of discriminatory treatment of American
creditors, suggestion that matter be taken up
with State Department, Mr. Gardner authorized
to take up
10/ 6
Memo of Mr. Gardner reporting result of conferences with
Messrs. Feis and Livesey and probable action
of Department, copy of letter to be furnished
informally to State Department and Mr. Harrison
to be informed
10/ 9
Letter to Mr. Harrison advising of furnishing of his letter
to Department and requesting any other information which might became available for transmis
10/14
sion to
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395
Pages
State member banks:
Allegheny Valley Bank of Pittsburgh, Pa., reserves, granted
9/ 4
permission to carry reduced
York, N. -Y., deposits of labor unions
Amalgamated Bank of New
7/28
carried as savings accounts
Trust and Banking Co., Chattanooga, Tenn., membership
American
condition forbidding sale of mortgages, request
for cancelation of, refused, but to be advised
that prohibition does not apply to insured
3/14
mortgages
American Trust Co., San Francisco, Calif.:
Burlingame, proposed removal of branch from 1201 Broadway
to 1399 Broadway, reply to Mr. Sargent that as
removal is not into another business district
it is not construed as being establishment of
9/26
new branch and approval not required
Redwood City, establishment of branch approved upon discon8/ 6
tinuance of branch at Menlo Park
Reorganization, protest from Devlin and Devlin and Diepenbrook against sale of securities because of
pending suits against company, reply that Board
has no advice re, copies of correspondence
2/28
sent Mr. Sargent
Ann Arbor Savings and Commercial Bank, Ann Arbor, Mich., membership application approved and letter to RAgent
to satisfy himself as to legality of consolidation of banks, copies of agreements and organization papers requested, and that acquired
2/ 7
assets are satisfactory
2/17
Certification of membership to F.D.I.C.
Milwaukee, Wis., affiliate reports, extenBadger State Bank,
2/ 7
sion of time granted for filing
Delmar, N. Y., ratio of capital and surplus
Bank of Bethlehem,
to deposits below requirement of membership
condition but total capital structure in ex2/11
cess of requirements, no action
Bank of Canton, Ga., stock of Canton Cotton Mills, extension of
time for disposition of, in accordance with
4/ 4
membership condition
Bank of Carthage, Mb., banking quarters, permission granted to
6/ 1
increase investment in
Bank of Commerce, Lexington, Ky., membership application approved, and letter to FRAgent re criticisms of
trust department, charge off on obligation of
Director Yantis, nonconformity of one director
with Sec. 32 and no copy of certificate to com5/16
mence business
reply to Mr.
Bank of Dawson, Ga., withdrawal from membership,
Parker expressing appreciation at personal in11/17
terest taken and conferences held re
immediate, to be deWaiver of notice and permission for
ferred until deposits can be insured and per12/31
mission to iDIC to examine

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396
State member banks: (Continued)
Bank of Elizabethtown, N. C., withdrawal from membership, permission granted for immediate, suggestion that
termination be deferred until it can be accepted as insured bank, permission to FDIC to
examine
1/ 7
Bank of Garber, Okla., membership application approved and letter to FRAgent re desirability of amendment to
articles of incorporation re number of directors 5/ 8
Bank of Haines, Ore., withdrawal from membership because removal
to Baker makes capital inadequate, no application received by FDIC for insurance as nonmember,
11/13
action deferred on application for
Letter to FDIC authorizing examination in connection with
desire to continue as insured bank
11/15
Telegram to FRBank of San Francisco advising that Board
waives notice, but suggesting that action on
cancellation of FRBank stock be deferred until
FDIC could act on application for insurance
as nonmember bank
11/18
Bank of Hartington, Nebr., membership application approved and
letter to RAgent suggesting amendment to articles of incorporation to provide for minimum
4/15
legal number of directors
Bank of Hartsville, S. C., affiliate reports, report of Realty
Investors, Inc., received after date of Board's
letter, waiver not applicable to Consolidated
Land Co., submission of report as of Nov. 1
not to be recuired
1/ 4
Bank of Hartsville, Tenn., withdrawal from FRSystem, rescinding
of notice of, not evidenced by resolution of
directors, but Board will not require submission 10/30
Bank of Jamestown, N. Y., investment securities, reply to Mr.
Lazell re questions raised in connection with
5/ 1
Comptroller's regulation on
Bank of Lansing, Mich., membership application approved and
letter to FRAgent re conditions under which certain directors and stockholders are to be re6/11
imbursed for cash and securities advanced
Bank of the Manhattan Co., New York, N. Y., extension for year
of time within which to comply with membership
condition requiring disposal of stock of County
9/ 2
Trust Co., ithite Plains, N. Y.
New York, membership application approved
Bank of North Collins,
and letter to FRAgent re stock certificates not
yet stamped re nonpayment of dividends during
life of reorganization agreement and question
of disposition of funds in undivided profits
2/21
account
Bank of Rainelle, W. Va., affiliate report of Meadow River Coal
and Lumber Co., subject to terms of waiver and
1/ 4
submission not required


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Pages
State member banks: (Continued)
Bank of Romney, W. Va., examination report reveals unauthorized
exercise of trust powers, improper investment
of trust funds and violation of Sec. 22(g)
thereby, failure of attorney to bend over proceeds of note collected which may be violation
9/25
of Sec. 5209 of Revised Statutes
Noted that Mr. G. W. Arnold has been appointed trustee of
Flora estate, that certain possible trust accounts have been transferred to trustee and advice that possible violation of Sec. 5209 by
Mr. 2.4mmerman should be reported to Attorney
10/12
General
Bank of Rosalie, Vvashington, capital stock reduction below requirement for organization of national bank
through retirement of debentures, membership
1/ 4
could be forfeited, no action
Bank of Russellville, Ark., loan to National Compress and Warehouse Co., in which executive officer of bank
has interest, reply that loan would not be vio2/19
lation of secs. (d) or (g) of Sec. 22 of YRAct
Bank of Spanish lork, Utah, mortgage, reply to Mr. Sargent that
bank may sell note secured by, in isolated
case, membership condition 3 prohibits engaging
1/31
generally in such business
Bank of Waldron, Ark., deposit inaarance assessment statement,
failure to file reported by FDIC, telegram to
Mr. Wood to endeavor to secure compliance with
1/13
requirement, and advice to FDIC of action
of activity
Bankers Trust Co., New York, N. Y., deposits, study
1/16
of, report re test study made by
Co., Bar Harbor, Me., Lubec, conBar Harbor Bankinc, and Trust
solidation of Lubec Trust and Banking Co. and
6/ 1
establishment of branch approved
application approved
Bay City BAnk, Bay City, Mich., membership
and letter to FRBank of Chicago re charge of
bond premiums to undivided profits account,
number of directors, and erroneous amendment
12/12
to articles of incorporation
Ala.:
Birmingham Trust and Savings Co., Birmingham,
Condition reports, reply to Mr. Clark on inquiry of Mr.
Bradley as to manner of showing difference between par value and retirable value of pre6/17
ferred stock
Determination of fair value of assets, request for, desig7/3
1
nation of Mr. Newton to make
Blencoe State Bank, Blencoe, Iowa, banking quarters, permission
3/13
granted to Purchase
Durfee Trust Co., Fall 'River, Mass., affiliate reports,
failure to submit, and statement that it will
withdraw rather than publish, not required to
publish under terms of waiver, certain figures
10/22
should be reported

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State member banks: (Continued)
Brooklyn Trust Co., Brooklyn, N. Y., stock of Fresh Air Recreation Co., Inc., letter to Mr. Case re acquisition
of, under contract existing before enactment of
Banking Act of 1933 to protect interests, no
action and to be disposed of as soon as practicable
2/27
Brooks Bank and Trust Co., Torrington, Conn., banking quarters,
investment made in, without securing Board's
7/23 1421
permission, no objection
Brownfield State Bank, Brownfield, Texas:
Unsatisfactory condition, recommendation of Mr. Walsh that
president and cashier be removed under Sec. 30
of Banking Act of 1933 or membership forfeited,
course of procedure, suggested that a senior
3/ 2
475
examiner make next examination
of Sec. 22(g) of FRAct by four officers, reply to
Violation
Mr. '1,alsh that as it was subsequent to Aug. 23,
1935, criminal provisions not applicable, but
may be violation of Sec. 5209, R.S., and report
267
1/31
of, to Attorney General
Buckeye Valley Bank, Buckeye, Ariz., surplus, reduction which
does not provide for distribution of assets is
not violation of membership condition
12/ 9 2196
Caleb Heathcote Trust Company of Scarsdale, N.Y., consolidation
with County Trust Co., livhite Plains, no objection and permission to latter to establish branch
7/24 1430
at Scarsdale
California Bank, Los Angeles, Calif.:
7/15 1371
Capital stock reduction approved
InvesLment securities regulation of Comptroller, reply to
Mr. Sargent re questions as to interpretation
of, raised by Mr. Peachman
4/25
892
Capital, maintenance of adequate, letter to KZAgents that condition 2 and footnote 8 of revised Regulation H
may be applied to, subject to old condition of
membership 15, request for annual review of con454
2/28
dition of banks in connection with requirement
Capital requirements, reduction through retirement of debentures
or preferred stock by banks in towns of 3000
or less, letter to all FRAgents that where remaining capital is i.25,000 or more, Board will
256
1/31
not consider a violation of FRAct
First State Bank, Koss°, Texas, FRAgent advised to handle
application for retirement of debentures in
accordance with
1/31
257
,
12/ 2 2151
Capital requirements for out-of-town branches
Capital stock reductions:
Capital notes and debentures sold to others than R. I. C.,
reply to FRBank of New York that Board's letter
of January 31, does not apply to reductions
341
2/13
in

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Federal Reserve Bank of St. Louis

399
Pages
State member banks: (Continued)
Capital stock reductions: (Continued)
Regulation H, provision permitting reduction in cases where
capital is correspondingly increased or specific
reserve set up, made applicable to all banks
subject to condition that Board's permission be
2/ 6
obtained, advice to all FRAgents
that letter (X-9480) does not
Reply to Mr. Fletcher
modify X-9048 authorizing FRAgents to approve
2/13
certain reductions
reply to FRBank of San Francisco re reduction
Capital structure,
of aggregate below minimum for organization of
1/ 4
national bank
Oakland, Calif., capital stock reduction, no
Central Bank of
objection and compliance with membership condi10/ 3
tion 18 waived
Trust Co., New York, N. Y., loan to
Central Hanover Bank and
corporate investment trust for retirement of
debentures, reply to FRBank of New York re inquiry of Larkin, Rathbone and Perry that Regu11/ 5
lation U is applicable
Co., Cincinnati, Ohio, amendment to articles of
Central Trust
incorporation enlarging powers, reply to Mr.
Fletcher that such powers would have to be exercised before being in contravention of member5/18
ship condition
Charlevoix County State Bank, Charlevoix, Mich., membership ap4/ 8
plication approved
Chesaning State Bank, Chesaning, Mich., membership application
5/27
approved
Citizens Bank, Hartford, Ky., banking quarters, building occupied to be sold at auction, no objection to
7/ 2
bank buying it in
Citizens Bank and Trust Co., Carthage, Tenn.:
Absorption of Bank of Pleasant Shade, Tenn., no objection,
7/23
capital should be strengthened
granted,
Withdrawal from membership, permission for immediate
FRAgent to suggest deferring withdrawal until
bsnk can secure insurance and letter to FDIC
3/14
authorizing examination
5/ 5
Extension of time to effect
Waiver of notice and permission for immediate, Mr.
Newton to endeavor to have withdrawal deferred
11/12
until insurance as nonmember becomes effective
12/30
of time for
Rxtension
Commercial and Savings Bank of the City of Flint,
Citizens
Mich., establishment of branch at Mount Morris
4/15
authorized
Trust Company, Wheeling, W. Va., stocks carried
Citizens Mutual
in investment account in apparent violation of
membership condition 7, letter from, forwarded
to FRBank of Cleveland and transfer of authorization to errant extensions of time from FRAgent
11/ 4
to President

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State member banks: (Continued)
Citizens State Bank, Puyallup, Wash., capital debentures, re7/30
tirement of, no objection
Citizens State Bank of Sheboygan, Wis.:
Plymouth, no objection to absorption of State Bank of
Plymouth and Plymouth Exchange Bank, and opera2/19
tion of branch
Citizens State Bank of Westbrook, Minn., withdrawal from .eRSystem, notice waived and permission granted for
tnnediate, effort to be made to have accepted
as insured bank simultaneously with withdrawal,
to be advised that single report of condition
will be accepted by State and Board in future,
2/12
letter to FDIC authorizing examination
No extension requested in time for withdrawal, Board authorizes extension to prevent any future ques5/ 5
tion re
Citizens Trust and Savings Bank of South Bend, Ind., extension
2/ 5
of time for completion of membership
Cleveland Trust Co., Cleveland, Ohio, debts "in process of collection", letter to Comptroller re interpretation of Sec. 5204 of R.S. where past due debt
is placed in hands of committee for constant and
active attention, requesting views
12/11
12/18
Letter to FRBank of Cleveland re
Coffman-Dobson Bank and Trust Co., Chehalis, Wash., indebtedness
of Cashier Saeger to, incurred prior to August
23, 1935, no need to report, as it is to be re5/21
financed
Colonial Trust Co., Pittsburgh, Pa., publication of condition
report of Arrow Coal Corporation, reply to Mr.
Fletcher that waiver was not applicable to,
1/27
Board will not require publication as of Nov. 1
Columbus Trust Company, Newark, N. J., absorption of Central
Bank and Trust Co. and establishment of branch
in Newark, reply to FDIC that there is no objection, involving loan by latter to nonmember
4/25
bank
Company of Ocala, Fla., membership
Commercial Bank and Trust
application approved and letter to FRAgent
that Board is unwilling to waive membership condition requiring deposit of security for trust
funds in banking department to extent to which
6/ 6
deposit insurance covers
Commonwealth Trust Company of Pittsburgh, Pa., consolidation of
Bank of Aspinwall and Mt. Lebanon Bank, no objection and authorized to establish branches
12/30
at latter two locations
Condition reports:
1/ 6
Call as of Dec. 31
3/16
Call as of March 4
7/ 3
Call as of June 30

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State member banks: (Continued)
Condition reports: (Continued)
3/7
Forms and instructions for next call sent to all FRBanks
Forms distributed for Fall call, which was not made, to
be used on year-end call, information called
for in form 105-f to be submitted at mid year
12/ 1
and year end calls
Continental-American Bank and Trust Company, Shreveport, La.:
Examination report reveals holding of own stock as collateral to loans, but such stock has been
charged off, applicability of Sec. 5201, should
5/2
be disposed of
7/24
Reduction in preferred stock, no objection
application for
Coopersville State Bank, Coopersville, Mich.,
membership approved and letter to FRAgent re
omission of special condition, transfer of net
earnings to surplus after termination of de4/7
positors' agreement
5/11
of membership
Extension of time for accomplishment
of capital and surplus
Membership condition re increase
5/21
modified
6/ 2
of membership
Extension of time for completion
Corn Belt Bank, Bloomington, Ill., membership application approved and letter to FRBank of Chicago re
dormant balance confiscation, no copy of appli11/ 7
cation to organize
Exchange Bank Trust Company, New York, N. Y., defalcations
Corn
by two employees of branches, Board will not
report to Attorney General because of small
5/7
amounts involved
Corn Exchange Savings Bank, Sioux Falls, S. Dak., membership
application, question raised regarding, because
of unsound practices, approved, Mr. McKee
raises question re prescription of condition re10/30
quiring subsequent corrections
Corporation holding premises of, agreement with qBank of San
Francisco that exception in FRAct is not
5/ 6
limited to those bolding premises solely
of time
County Bank and Trust Co., Cambridge, Mass., extension
for compliance with condition requiring Shawmut
6/22
Association to obtain a general voting permit
Md.: ,
County Trust Company of Maryland, Cambridge,
Circular sent out by IEBank re admission contained statement
as to licensing of bank by Secretary of Treasury, FRBAnk advised not to circularize any
statement which would make it appear that bank
was operating as member before date of licensing 8/13
Membership application approved and letter to FRAgent on
supervision of credits, eliminations, retirement
of debentures, number of directors and office
5/13
maintained in Baltimore


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State member banks: (Continued)
County Trust Co., Oalite Plains, N. Y., consolidation of Caleb
Heathcote Trust Company of Scarsdale, no objection, and permission to establish branch at
Scarsdale
7/24
Cowlitz Valley Bank, Kelso, Wash., capital debentures, Board
not willing to approve retirement of
8/19
Dallas Bank and Trust Co., Dallas, Texas, violation of executive
orders re gold revealed by examination, report
of, to Secretary of Treasury
5/13
Davenport Bank and Trust Co., Davenport, Iowa, capital structure, review of previous action in not requiring
increase, and determined that no need exists
3/ 5
now for increase
Del Rio Bank and Trust Co., Del Rio, Texas, examination report
revealing capital impairment, capital structure
has been subject to criticism for several years,
no action until examined again
3/31
Failure to eliminate losses and doubtful assets resulting
in capital impairment, State authorities contemplating requesting resignation of Vice
President Freeman
9/25
Deposit of collateral for trust funds in commercial departments,
consideration of waiving membership condition
to extent such funds are insured by FDIC, opposed by Messrs. McKee and Ransom, referred to
latter
3/10
Depositors Trust Co., Augusta, Me., bonds of Bath Iron Works,
holding of, not violation of investment securities regulation
6/17
Deuel County State Bank, Chappell, Nebr., membership application
approved and letter to FRAgent suggesting amendment to articles of incorporation to provide
for legal minimum number of directors
4/15
Reply to Mr. Thomas, in connection with inquiry of Nebraska
Banking Department, that recommended change as
to number of directors was a suggestion, not a
requirement
5/27
Dollar Savings and Trust Co., Youngstown, Ohio:
Affiliation with Thornton Laundry and Dry Cleaning Co. revealed by examination, relationship was not
realized, and will be terminated
8/24
Membership application approved and letter to IRAgent to
verify legality of operation of branch at
Struthers and request for copy of certificate to
commence business and form of debenture issued
to R.F.C.
2/17
DeRuyter State Bank, DeRuyter, N. Y., membership application
approved
7/21
Dormont Savings and Trust Co., Dormont, Pa., banking quarters,
additional investment by purchase of assets of
East Liberty Realty Co., will increase in excess of capital, approved, effort to be made to
have capital increased
12/ 4

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(Continued)
RBanks, manner of showing in condition re9/17
ports
6/24
Earnings and dividends reports, changes in form 107
Change approved re showing of reserve for dividends payable
10/31
in common stock
12/21
Copies of form 107 forwarded
East Pittsburgh Savings and Trust Co., -Zest Pittsburgh, Pa.,
fiduciary power application approved upon conversion into First National Bank and Trust
Company of East Pittsburgh, letter to Comptroller and one to FRAgent re omission of
6/23
ninth power from application
Easton Trust Co., Easton, Pa.:
Capital stock reduction through retirement of preferred
2/ 7
stock, approved
Trust Co. in
Consolidation of Easton Dollar bavings and
1/14
1932, approved
membership apElyria Savings and Trust Company, Elyria, Ohio,
plication approved, advice to FRAgent re request
of State authorities that mortgage pools be
liquidated, re mortgage loans in excess of legal
5/11
limitations, no copy of form of debenture
, Del., further correspondence
Equitable Trust Company, Wilmington
with H. Ralph Ewart re complaint that trust was
1/ 8
handled improperly and letter to Mr. Austin re
Examinations:
Bank loans on securities, reply to Mr. Sargent on procedure
5/ 6
for examination and copy to other FRAgents
request of Mr. Szymczak that Presidents consider
Costs of,
3/16
uniform policy for absorption of, by FRBanks
ERBanks of New York and Dallas requested to
Form for,
assign Chief Examiner Sheehan and Mr. Betts to
Board for final work on, actual expenses to be
11/23
paid by Board
of, question of policy raised in connection with
Reports
withdrawal of report of Integrity Trust Co. by
1/ 4
nAgent
Relationship of Division of Examinations with RBank
examination functions, statement of Mr. Miller
that all of FRBank function should be centralized under Board, Mr. Paulger authorized to
1/ 4
study
all reports
FRAgents to be advised to submit copies of
to Board and to refer any serious condition to
1/ 4
Board for determination of action
ns re letter prepared
Memo from Division of Examinatio
in accordance with action of Board on Jan. 4
re sending to Board as soon as available,
4/24
recommending that it not be sent
requesting forwarding reports as
Letter to all FRAgents
soon as available, and in case of serious condi4/24
tion to refer to Board the question of action

State member banks:
Drafts drawn on


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State member banks: (Continued)
Examinations: (Continued)
11/ 6
Rural Electrification Administration, request for reports
Exchange Trust Co., Boston, Mass. (suspended), credit investigation, letter to Mr. McRae on request of Bank
Commissioner for copy of "audit", suggesting
8 7
/
that copy of report be furnished
Fairbury State Bank, Fairbury, Ill., mmbership application approved and letter to FRAgent re depreciation
6/ 1
of banking house
Farmers and Citizens Bank, Sauk City, Wis., membership application approved, and letter to FRAgent re investigating qualifications of Mr. Marguardt as
5/25
director
Farmers and Mechanics Bank, Ann Arbor, Mich., consolidated into
Ann Arbor Savings and Commercial Bank, latter's
membership application approved
2/ 7
Farmers and Merchants Bank of Long Beach, Calif., no objection
to consolidation of Citizens State Bank of Long
Beach and establishment of branch, Board's approval not required for establishment within
2/20
limits of city
Farmers and Merchants Bank, Provo, Utah:
Affiliated General Assets Co., improperly reported as af8/28
filiate, brought within general terms of waiver
Fanners and Merchants State Bank of Bushnell, Ill., membership
12/15
application approved
Farmers and Merchants State Bank of Springfield, Minn., membership condition 12, interpretation of, that sale
of occasional mortgages to customers without
5/ 7
recourse is not prohibited
Farmers and Merchants State Bank, Turkey, Texas, examination
report revealed shares of own stock held as
additional collateral to loan, reply to Mr..
Evans that it is not violation of Sec. 5201,
6/15
R.S., but is undesirable collateral
Loan and Trust Co., Tipton, Ind., examination report,
Farmers
demand that directors return cash covering
assets readmitted to repay them their contribution, Division of Examinations authorized to
4/?
confer informally with FDIC re condition
Reply to Mr. Young that placing of notes in bank rather
than return of loans will be accepted, request
5/23
for recommendation re strengthening management
Farmers Savings and Trust Company of Mansfield, Ohio, condition
report published showing uninvested trust funds
as a miscellaneous rather than a deposit lia1/30
bility, resubmission not to be required
Farmers State Bank of Alto, Mich., industrial loan department,
4/ 2
authorized to establish
Farmers State Bank, Clifton, Texas, examination report reveals
holding of own shares as collateral to prevent
loss on loan, reply to Mr. Evans re applicability of Sec. 5201, R.S.
6/17

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State mamber banks: (Continued)
Farmers State Bank, Flandreau, S. Dak., examination by State
authorities, shortage discovered, FDIC au1/ 6
thorized to participate in
harm to understanding with
Reply to Mr. Peyton re possible
State authorities by reporting criminal violations to local U.S. Attorney, to forward report
2/17
to Board for submission to Attorney General
Bank, Winner, S. Dak., withdrawal from FIRSystem,
Farmers State
7/24
waiver of notice and permission for immediate
Permission granted FDIC in connection with, to make exam8/13
ination of
9/12
Extension of time for accomplishment of
State Bank of Worland, Wyo., banking quarters, permisFarmers
1/17
sion granted to make additional investment in
Fayette State Savings Bank Co., Fayette, Ohio, participation
certificates representing waived deposits in
nonmember bank, reply to Mr. Fletcher that they
need not be included in computing limit on deposit with Spitzer Rorick Trust and Savings
9/ 3
Bank, Toledo
Fidelity Savings Bank of Antigo, Wis., membership application
approved and letter to Assistant FRAgent re
showing of "B-2" debentures in condition re5/21
ports
First Citizens Bank and Trust Company of Utica, N. Y., banking
quarters, request for permission to invest in
an amount which would bring total in excess of
capital, reply to Mr. Case that the inclusion
of debentures in capital would make investment
1/ 4
legal and unobjectionable
appliFirst Citizens State Bank of Whitewater, Wis., membership
cation approved and letter to President Schaller
requesting copy of articles of incorporation
10/13
and certification of amendments thereto
Mb., conFirst St. joseph Stock Yards Bank, South St. Joseph,
dition reports, reply to Mr. McAdams re reporting outstanding drafts on FRBank, not in agree9/17
ment with bank's own books
application
First Security Bank, Beaverton, Ore., membership
approved, and letter to FRAgent re excess
deposit with nonmember bank, own Stock securing
loan, FRBank stock application should be
amended and advice re reporting capital and
6/16
surplus
Bank of Idaho, Boise, Idaho, capital, should be
First Security
3/ 2
increased in view of large increase in deposits
State and Savings Bank of holly, Mich., membership apFirst
5/25
plication approved
State Bank, Dodsonville, Texas, examination report reveals
First
indebtedness of President Nisbett to trust company, latter is not "bank" and report to direc11/ 6
tors not necessary

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State member banks: (Continued)
First State Bank of King City, Mb., no objection to absorption
of Ford City State Bank, Ford City, Mb.
2/21
First State Bank, Kosse, Texas, debentures, permission to retire, FRAgent advised to follow instructions
in circular re reductions by banks in towns of
3000 to below 00,000
1/31
First State Bank, LaCrosse, Wash., capital stock reduction would
bring below requirement for organization of national bank but not for admission to membership,
no objection
12/22
First State Bank, Maypearl, Texas, membership application approved, and letter to FRAgent requesting form
83E, copy of resolution reducing number of directors and forw of debenture issued to R.F.C.
3/31
First State Bank of Petoskey, Mich., reply to FRBank of Chicago
ruling that Boyne City Exchange is not branch
10/ a
First State Bank of Purcell, Okla., membership application approved and letter to FRAgent suggesting amendment
to bylaws to provide for legal minimum number
of directors
3/31
First State Bank of Rushmore, Minn., bonds convertible into
stocks or accompanied by stock purchase warrants, reply to Mr. Swanson that Comptroller's
regulation on investment securities prohibits
6/ 5
purchase
First State Bank of Shannon, Ill., membership application approved and letter to FRBank re carrying of
securities in excess of call price and re
number of directors
12/10
First State Bank of South Haven, Mich., membership application
approved
7/24
First State Bank, Spearman, Texas, absorption of First State
Bank of Gruver, no objection
8/13
Letter to FDIC advising that there is no objection to ac10/10
quisition of Government securities by bank
First Trust and Savings Bank of Pasadena, Calif., banking
quarters, permission granted to purchase those
occupied
7/24
Building account set up in larger amount than authorized
by Board, no objection
9/30
Floral Park Bank, Floral Park, New York:
Capital note retirement would reduce capital below requirement, letter to FRBank of New York re
11/25
6/1 b
Examination report, letter to Mr. Gidney re
Forney State Bank of Forney, Texas, forfeiture of membership,
proceedings instituted looking toward, in view
of violations of FRAct, Board's regulations and
deterioration of assets
4/29
Authorization to change date for hearing from June 2 to
June 16
5/4
Reply to Mr. Evans that it would be appropriate for Mr.
5 12
/
Walsh, as FRAgent to conduct hearing

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State member banks: (Continued)
Forney State Bank of Forney, Texas: (Continued)
Advice from Mr. Reagin advising that bank waives right to
appear before Board and telegram from FRAgent
6/ 8
that hearing before him had conmenced
of Dallas that bank be expelled,
Recommendation of ARBank
unsatisfactory management discussed, letter
of forfeiture to be forwarded and to be with7/15
drawn if corrections are made
8/26
date of, deferred
Effective
State Bank, Fountain, Mich., fiduciary power applicaFountain
4/28
tion approved conditionally
County Bank, Washington, Mo., examination report, acFranklin
count of Bank of Washington represents pro rata
share of Franklin County funds upon which in7/10
terest is illegally paid
Bank, Wheaton, Ill., membership application approved 7/24
Gary-Wheaton
Geo. D. Harter Bank, Canton, Jhio, membership application approved, and letter to FRAgent approving operation of branches at North Canton and Louisville,
loans in excess of 20%, advances to realty af5/ 5
filiate, under Sec. 23A
Gimbel Brothers Bank and Trust Co., Philadelphia, Pa., savings
accounts of Gimbel Brothers Foundation does not
comply with Regulation Q, but proposed changes
6/24
in bank's rules will bring into conformity
Glen Rock Bank, Glen Rock, N. J., membership application approved and letter to MRAF:ent re completion of
'Payment of capital stock and re assumption of
1/ 4
liabilities of Glen Rock National Bank
2/13
Certification to FDIC that it is now member of FRSystem
2/ 5
Extension of time for accomplishment of membership
applicaGreen Island Bank, Green Island, New York, membership
tion approved and letter to FRBank of New York
12/ 7
re number of directors
application
Guaranty Bond State Bank, Tomball, Texas, membership
approved, attention to be called to excess de5/25
posit with nonmember bank
application
Hackensack Trust Co., Hackensack, N. J., membership
6/ 8
approved
into trust comHarbor State Bank, New York, N. Y., conversion
pany, Pan American Trust Co., to increase
capital, absorb New York Agency of Banco Nacional de Mexico, which controls bank, and to
12/ 4
exercise fiduciary powers, approved
Savings Bank of Chicago, Ill., ruling that
Harris Trust and
labor union funds may not be classified as
savings accounts, consideration of letter re,
action deferred and matter referred to Mr.
Ransom, to consider also views of FRBank of
6/30
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State member banks: (Continued)
Holland City State Bank, Holland, Mich., absorption of First
State Bank of Holland, no objection, request
clarification of details and of right of substi12/11
tution of assets under reorganization plan
Homewood Bank at Pittsburgh, Pa., deposits made by borrowers
in "Installment Plan Account", reply to Mr.
Anderson that they create deposit liability and
7/11
are subject to reserves
Hutchinson State Bank', Hutchinson, Kansas, affiliate report of
Hutchinson Oil and Gas Co., not to be required
to publish as of Dec. 31, as bank was unaware
3/ 7
of affiliation and has since terminated it
I-C Bank and Trust Co., Chicago, Ill.:
Articles of incorporation in connection with membership
application, reply to Mr. Stevens noting that
organizing banks in Illinois are not required
to execute and requesting copy of application
1/20
to orgsnize
4/22
Reserves, authorized to carry reduced
Indebtedness of officers to, reply to Senator Fletcher re amount,
1/14
as of Dec. 31, 1934
Industrial Trust Co., Providence, R. I., executive officers,
ruling that members of boards of managers of
branches and members of finance committees of
5/ 4
branches are not
Insurance, fiduciary power applications of St. Louis banks in
order to continue writing, granting would establish precedent, Mr. Ransom opposed to granting, action deferred pending consideration of
principles with Mr. Wood, statement of Mr.
Broderick that likelihood of banks withdrawing
11/12
from membership should not bar refusal
11/25
Conference with Mr. Wood to be held November 30
Integrity Trust Co., Philadelphia, Pa.:
Examination report, request of Mr. Austin for authority
to withdraw, and make new examination, question
1/ 4
of policy
Mr. Austin to be advised that Board will not authorize
withdrawal and another examination should be
made, all FRAgents to be advised to send copies
of all reports to Board and where serious condition exists to submit question of action to
I/ 4
Board
1/15
Letter to Mr. Austin re
Rogers, Alva L., reply that Board cannot furnish analysis
of earnings and expenses and that mergers
1/ 8
usually require approval of stockholders
Investment securities, purchase of, draft of reply to FRBank
of Chicago interpreting Board's letter of
Sept. 11, 1935 (X-9322), should be revised, re2/18
ferred back to Counsel's Office


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State member banks: (Continued)
Iowa State Bark, Algona, Iowa, purchase of shares of stock of
Algona Federal savings and Loan Association,
violation of Sec. 9 of FRAct, no objection to
retention of stock until Lec. 31
Irving Trust Co., New York, N. Y., violation of Revised Statutes
by former employee to be reported
J. N. Ireland and Company, Bankers, Malad, Idaho, retirement
of preferred stock and increase in capital
stock, Mr. Sargent requested to investigate
authority contained in articles of incorporation for increase to more than minimum State
requirement
Jackson City Bank and Trust Company, Jackson, Mich., membership application approved and letter to FRBank
of Chicago re question of classification of
savings deposits, criticisms of trust department, to be advised re rights of Central State
Building Co.
Joy State Bank, Joy, Ill., membership application approved and
letter to Assistant FRAgent that as losses
have been eliminated, no condition relative
thereto was imposed
Lawyers Trust Co., New York, N. Y., extension of time, additional, to comply with membership condition requiring disposition of loans secured by own
stock
Le Grand Bank, Le Grand, Calif., withdrawal from FRSystem, permission granted for immediate
Liberty Bank of Buffalo, N. I., hearing of officers of Liberty
Share Corporation (and of bank) to be held by
Securities and Exchange Commission, Board to
send observer
Lincoln-Alliance Bank and Trust Co., Rochester, N. Y., consolidation of First National Bank and Trust Co.,
no objection
Lineville State Bank, Lineville, Iowa, membership application
approved and letter to FRAgent calling attention
to excess balance carried with nonmember bank
Littlestowm State Bank, Littlestown, Pa., membership application approved and letter to FRAgent re legal
effectiveness of reorganization
Lorain Street Bank, Cleveland, Ohio:
Consolidation of Peoples National Bank of Lakewood, Ohio,
no objection
Extension of time for compliance with membership condition
requiring bank to obtain full release from
fiduciary responsibility in connection with
trust accounts
Lakewood branch, no objection to moving location of, in
connection with absorption of Peoples National
Bank of Lakewood

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State member banks: (Continued)
Lorain Street Bank, Cleveland, Ohio: (Continued)
Membership condition requiring discharge from all fiduciary responsibility, only one account remains
which is in litigation, Board feels condition
complied with
Reserves, granted periAission to carry reduced
Lusk State Bank, Lusk, Wyo., banking quarters, purchase of
parcel of real estate without securing Board's
permission, approved
Manchester Bank of St. Louis, Mo.:
Fiduciary power application received, in order to continue
to write insurance, action deferred pending consideration of principles involved with Mr. Wood
Conference with Mr. Nood to be held Nov. 30
(See also supra Insurance)
Retirement of preferred stock, no objection
Manufacturers Trust Co., New York, N. Y., examination report
revealing purchase of German corporate stocks
as part of plan to realize as much as possible
on credits in Germany under Stand-still agreement, no objection to
Marine Midland Trust Company of New York, N. Y., absorption
of National Bank of Yorkville in New York and
establishment of branch, no objection
Marine Midland Trust Co., Binghamton, New York, violation of
Regulation 0 by Mr. Hemenway through increase
in indebtedness incurred June 8, 1934 to cover
advances for taxes made by bank for own Protection, not necessary to report to U.S. Attorney
Markesan State Bank, Markesan, Wis., membership application approved and letter to President Schaller re
bringing operations of trust department into
conformity with approved procedure
Markle Banking and Trust Co., Hazleton, Pa., postal savings deposits, reply to Mr. Markle that Board knows
of no contemplated legislation to reduce interest on, to 2/0 and Board does not contemplate
lowering its maximum rate
Marysville-Comercial Bank, Marysville, Ohio, withdrawal from
membership, six months notice waived and permission granted for immediate
Mechanics Bank and Trust Co., Moberly, Mb., fiduciary powers,
permission granted to exercise those granted it
by State Commissioner
Mercantile-Commerce Bank and Trust Co., St. Louis, Mo.:
"Foreign and domestic bills maturing", reply to Mr. Stewart
re correct listing, in connection with Dec. 31
condition report
Schalk, Oscar, Comptroller, draft of letter and opinion of
Mr. Vest, that he is executive officer under
Regulation 0, voted not to be

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411
Pages
State member banks: (Continued)
Mercantile-Commerce Bank and Trust Co., D-t. Louis: (ContinuE.d)
Schalk, Oscar: (Continued)
Advice of ruling that he is not executive officer, in
11/ 5
accordance with action of Oct. 30
of Butte, Mont.:
Metals Bank and Trust Company
First National Bank of Princeton, Minn., which is practically liquidated, need not be reported on condition
5/21
report as affiliate
Springs, Ohio, violation of Sec.
Miami Deposit Bank, Yellow
5136, R.S. by over-investment in bonds, Board
will not require immediate sale but calls at11/12
tention to violation also of State law
, Homestead, Pa., membership applicaMonongahela Trust Company
tion, question raised re ownership of stock of
two national banks, approved upon condition that
such stock be disposed of or the banks be con12 2
/9
verted into branches
Fleming that condition be not prescribed,
.gestion of Mr.
Sur
or waived indefinitely, Board believes it should
not waive but will consider extension for
12/30
reasonable period
and Trust Co., Great Fells, Mont., banking quarMontana Bank
2/ 7
ters, authority granted to purchase present
Montclair Trust Co., Montclair, N. J., absorption of Montclair
National Bank and establishment of branch, no
2/27
objection
Monterey County Trust and Savings Bank, Salinas, Calif.:
Bankire: quarters, permission granted to transfer building
to bank and for expenditures for alterations
9/ 8
and improvements
2/18
branch approved
Greenfield, establishment and operation of
ro, Ill., contriMontamery County Loan and Trust Co., Hillsbo
butions of directors, resolution re repayment,
suggestion that it be changed to provide for
1/10
approval by FRAgent at St. Louis
membership
Mount Clemens Savings Bank, Mount Clemens, Mich.,
application approved and letter to Mr. Young
re elimination of undesirable assets, limitation
on deposits with nonmember banks and possibility
that certificate of deposit may not conform
8/13
with Regulation Q
9/ 1
member of FRSystem
Certified to FDIC as
liance with
Mount Vernon Trust Co., Mount Vernon, N. Y., noncomp
conditions 19, 21 and 26, reply to
membership
1/31
Mr. Case re apparent
to
New England Trust Co., Boston, Mass., affiliates, reply
of Boston on question of waiver of pub.URBank
lication of condition reports of certain business
12/29
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State member banks: (Continued)
New York Trust Co., New York, N. Y., affiliate reports, reply
to Mr. Gidrey that they may not be waived under
provision re holding of stock in fiduciary
capacity
6/ 1
Newark Trust Company of Newark, Ohio, condition report publishe
d
showing uninvested trust funds under miscellaneous rather than deposit liabilities, resubmission not to be required
1/30
Niles Center State Bank, Niles Center, Ill., membership application approved
6/15
Extension of time for accomplishment of membership
7/ 7
Norristown-Penn Trust Co., Norristown, Pa., loans to affiliat
e,
Pennsylvania Real Estate Exchange involving latter acquiring title to foreclosed real estate
and former charging amount to affiliate, not
violation of Sec. 23A and loans for carrying
charges are incidental to transaction
3/27
Northern Bank and Trust Co., Lancaster, Pa., membership application approved and letter to aBank re criticisms
of trust department, memo of M.r. Seitz recommending that Board cease prescribing condition
re exercise of unusual powers and paragraph
added at suggestion of Mr. Wyatt that Board's
permission would be necessary for exercise, approved
11/
Officers and directors, removal. under Sec. 30 of Banking Act
of 1933: (See Removal of officers and directors)
Ohio Citizens Trust Co., Toledo, Ohio, capital debentures, permission granted to retire portion of, and advice to RFC
7/27
Old Corunna State Bank, Corunna, Mich., membership application
approved and letter to FRBank of Chica!zo re
reasons for not prescribing conditions relative
to increase in capital and panent of dividends,
time certificate of deposit does not conform
to Regulation Q, securities carried in excess
of call price
11/20
Orange County Trust Co., Middletown, N. Y.:
an
Membership application approved and letter to IRBank of New
York re interest payment of demand deposit,
classification of corporation accounts as savings
deposits, number of directors and requesting
copy of articles of incorporation
11/ 6
Membership condition No. 6, reply to Mr. Gidney that Board
prescribed in order to be able to invoke if
necessary, but as trust funds are granted
statutory preference, IRBank has authority to
waive compliance
/24
11


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Federal Reserve Bank of St. Louis

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1991-5

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2009

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413
Pages
State member banks: (Continued)
Pan American Trust Co., New York, N. Y., conversion of Harbor
State Bank into trust company and absorption
of New York Agency of Banco Nacional de Mexico,
under above title, to increase capital and
exercise fiduciary powers, controlled by Banco
12/ 4
Nacional, approved
and Granting
Pennsylvania Company for Insurances on Lives
Annuities, Philadelphia, Pa.:
Interest payment on uninvested trust funds payable on demand,
ruling that under Pennsylvania Law, payment may
4/29
be made
than carryLoan to customer before May 1 for purpose other
ing securities, redemption of bonds after May 1
was applied to reduction but customer desired
substitution of registered stock, reply to Mr.
Cheston that substitution may be made under
6/ 5
Regulation U as rectification of error
condition requiring
Peoples Bank, Bishopville, S. C., membership
monthly submission of loans to directors, in4/4
terpretation of
Ill., pledge of securities for trust
Peoples Bank, Bloomington,
funds deposited in banking department, reply to
Mr. Stevens that Board is not willing to waive
3/6
membership condition requiring
letter of March 6 re, in connection with enReference to
5/27
forcement of membership condition in State
Bank of Montross, Virginia, Incorporated:
Peoples
Stuart, Charles E., inactive Vice President, increase in
indebtedness, letter to Mr. Fry re applicabil3/20
ity of Sec. 220?) and Regulation 0
Bank, Pratt, Kansas, fiduciary power application apPeoples
4/22
proved conditionally
Bank and Trust Co., Seattle, Wash., retirement of capital
Peoples
debentures, bank has increased capital in accordance with condition, action deferred pending
8/21
next examination
No objection to retirement of debentures in view of program
11/12
to conserve earnings and recoveries
Peoples-Liberty Bank and Trust Co., Covington, Ky., membership
application approved, and letter to FRAgent
re compliance with State law as to security for
trusts, disposal of corporate stocks, payment
on defaulted bonds, extension of time to dis1/11
pose of branch and number of directors
membership application
Peoples State Bank, Belleville, Mich.,
approved and letter to President Schaller re
excess balance with nonmember bank, excess
loan and requesting organization documents and
9/18
amendments thereto


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414
State member banks: (Continued)
Peoples State Bank of Holland, Mich., membership application
approved and letter to IRAgent re service of
cashier to investment company, corrections in
real estate account and request for copy of
certificate authorizing bank to commence business
2/13
Peoples Trust Company of Bergen County, Hackensack, N. J.,
withdrawal from IRSystem considered by, because
of definition in Regulation c of interest prohibiting classification of deposits of corporations operated for profit as savings accounts
1/22
Perth Amboy Trust Co., Perth Amboy, N. J., unsafe practices,
letter to FDIC inquiring if corporation agrees
to informal understanding to effect that warning
be deferred pending results of cooperative
efforts of representatives of Board, FDIC and
IRBank of New York to work out situation
8/11
Review of situation by Mr. McKee, letter from FDIC agreeing
to procedure suggested by Board, request of
FDIC for file, Mr. McKee authorized to call
conference of representatives of Board, FDIC,
RFC and New Jersey Banking Authorities
9/ 4
Recapitalization, report of Mr. McKee re conferences held
on, new institution to be formed
9/11
Pilgrim Trust Co., Boston, Mass., fiduciary power application
approved
6/ 2
Pioneer Bank, North Branch, Mich., membership application approved and letter to FRBank of Chicago re excess
balance with nonmember bank, securities carried
at more than call price, condition re final
settlement regarding banking premises not prescribed
12/ 9
Planters Bank and Trust Co., Hopkinsville, Ky., banking quarters,
expenditure for improvements, no objection
9/24
Plaza Bank of St. Louis, Mo.:
Loan on security of government obligations criticized in
examination report, letter from Mr. Von MndeFger
raising question as to logic of limiting such
loans, referred to Comptroller
1/28
Preferred stock, retirement proposed and increase in common
stock, no objection, Board will not permit
full transfer proposed from special reserve to
surplus and no action to be taken requiring, increase in capital
2/-6
Pledge of collateral for trust funds in banking department,
Connecticut, reply to Mr. McRae that although
Attorney General is considering questions re
valid pledge and State law may be amended,
Board does not feel that membership condition
requiring, should be held in abeyance
12/18


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Federal Reserve Bank of St. Louis

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1651-2
1682
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1757

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306

2239

415
Pages
State member banks: (Continued)
Pomeroy State Bank, Pomeroy, Vvash., membership application approved
Certification to F.D.1.C. that it is now member of ±RSystem
Provident Trust Co., Philadelphia, Pa., banking premises, no
objection to expenditures made previously and
those contemplated for alterations and improvements
Quincy Trust Company, Quincy, Mass., sale of new capital stock
to directors and release of guaranties
Repides Bank and Trust Company in Alexandria, La., membership
application approved and letter to FRAgent re
keeping written record of supervision of trust
activities, board of directors not full, large
loan, no copy of certificate authorizing commencement of business
Trust Co., Perth Amboy, N.J., unsafe practices, letter
Raritan
to FDIC inquiring if corporation agrees to
informal understanding to effect that warning
be deferred pending results of cooperative
efforts of representatives of Board, FDIC and
rRBank of New York to work out situation
Review of situation by Mr. McKee, letter from FDIC agreeing
to procedure suggested by Board, request of
FDIC for file, Mr. McKee authorized to call conl
ference of representatives of Board, FDIC, R- iC
and New Jersey banking authorities
Report of Mr. McKee re conferences held on recapitalization,
new institution to be formed
Regulation F, reply to FRBank of San Francisco agreeing that it
is desirable for banks to comply with and advising of reasons for not prescribing as membership condition
Removal to another location, reply to Mr. Sonne that Board has
ruled that bank may not retain membership in
FRSystem if it does not have capital required
by State member bank in new location or increases it to that amount
Rochester State Bank, Rochester, Ill., membership application
approved
Rulings of Comptroller under Sec. 5136, R.S., re investment securities, copies to be furnished to Board for
distribution to
Saginaw State Bank, Saginaw, Mich.:
Banking quarters, application for permission to invest in
building and equipment approved
Industrial loan department, granted permission to operate
St. Marys State Bank, St. Marys, Kansas, membership application
approved, and letter to nAgent re inadequacy
of fidelity bonds and criticisms of operating
matters


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Federal Reserve Bank of St. Louis

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1/22

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183

7/ 8 1327
9/ 8 1662

1/ 7

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8/11 1513

9/ 4 1651-2
9/11

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6/24

1232

10/23 1937
6/ 2 1121

6/18

1196

2/13
1/22

347
183

1/31

252

pageS

416
State member banks: (Continued)
Sanford Trust Co., Sanford, Me., examination report, improper
classification as savings deposits of funds of
cemetery and high school fund
Reply to IRBank of Boston that Town of Sanford "Cemetery"
account is properly classified as savings account, but that "Ethan Stone High School Fund"
may not be so classified
Saratoga State Bank, Saratoga, Wyo., membership application approved and letter to IRAgent at Kansas City re
necessity of amending articles of incorporation
re number of directors, question of eualification of Mr. Nunz as director, charge for depreciation and charge for loan to C. A. Cook et al
Extension of time for accomplishment of membership
Extension of time for accomplishment of membership
Modification of condition requiring elimination of loans to
C. A. Cook and G. C. Fausett and extension of
time for completion of membership
Savings Deposit hank and Trust Co., Elyria, Ohio, membership
application approved, letter to FRAgent re
number of directors, activities of Mr. Smith as
security salesman and transaction of business
of Depositors Mortgage Loan Co. in sEffle quarters
Schirding State Bank, Petersburg, Ill., membership application
approved
Security Bank and Trust Company of Owatonna, Minn.:
Debentures, retirement of those issued to RC, approved
Membership application, proposed condition prohibiting
operation of insurance department questioned
by Mr. McKee, Division of Examinations proposes
review of policy, reasons for inclusion,
eliminated and application approved
Letter to IRAgent to secure voting penult agreement from
Northwest Bancorporation and to forward copy of
any certificate authorizing commencement of business
Extension of time for completion of membership
Security Bank and Trust Co., Wharton, Texas, interest payment on
demand deposits of Wharton County Conservation
and Reclamation District No. I by, arising
from arrangement with Commercial State Bank of
El Campo, no objection
Security State Bank, Algona, Iowa, membership application approved
Smith Trust and Savings Bank, Morrison, Ill., membership application approved, and letter to FRAgent re criticisms of trust department, request for copy of
application to organize
Social Security Act, Proposed letter to Commissioner of Internal
Revenue requesting ruling on applicability of,
sendinF deferred


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Federal Reserve Bank of St. Louis

5/ 8

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01
7/ 3 13

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3/23
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4/23
5/23 1069

6/25 1246-1

4/28

913

5/ 8

987

5/16

3
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3/ 6

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716

1/20

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4/27

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3/21

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7/31

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417
Pages
State member banks: (Continued)
Social Security Act: (Continued)
Ruling of Bureau of Internal Revenue re applicability of
taxes under, to be published in FRBulletin
Solvay Bank, Solvay, N. Y., membership application approved and
letter to FRBank requesting further information
re increase in directors
Extension of time for accomplishment of membership
Southern Arizona Bank and Trust Co., Tucson, Ariz.:
Capital and surplus, not to be required to increase at
present in compliance with membership condition
Insured mortgages, reply to Mr. D'Autremont that they are
excepted from provisions of membership condition 12, but that Board cannot relax condition
17 to permit investment of trust funds in
pools of
Trust funds used in banking department and not fully covered
by deposit of collateral, revealed by examination, President McKinney requested to seek
correction
Southington Bank and Trust Co., Southington, Conn., deposit of
collateral for trust funds in commercial department, request for waiver of membership condition
to extent funds are insured by FDIC, opposed
by Messrs. McKee and Ransom, referred to latter
Reply to Mr. Curtiss in accordance with action of Board on
March 10 that Board will not waive membership
condition requiring deposit of security for, to
extent that such funds are insured
Letters to Comptroller and American Bankers Association re
general question involved, suggesting advisability of amending Sec. 11(k) of FRAct
Southwest Bank of St. Louis, MD., fiduciary power application,
in order to continue to write insurance, would
establish precedent, Mr. Ransom opposed to
granting, action deferred pending conference
with Mr. Wood
Conference with Mr. Wood to be held Nov. 30
(See also supra Insurance)
Springfield Marine Bank, Springfield, Ill., pledge of security
for trust funds used by bank, reference to
letters of June 7 and August 10, 1935, in connection with enforcement of membership condition
in State
Sprinfield Safe Deposit Co., Springfield, Mass., stock of corporations held in fiduciary capacity, reply to
Mr. Gettemy on question of affiliation
Springville Banking Co., Springville, Utah, violations of law
by officers certifying checks on accounts
carrying insufficient funds, to be referred
to Department of Justice


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Federal Reserve Bank of St. Louis

10/27

1953

10/29
11/28

1962
2143

1/ 4

31

1/ 2

9

10/ 8 1854

3/10

546

4/8

774

4/ 8

775-6

11 12
/
11/25

2038
2124

5/27

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9/16

1714

10/10

1866

pages

418
State member banks: (Continued)
State Bank of Coloma, Mich., membership application approved,
and letter to :gt'Agent re adjustments in building and furniture accounts under agreement with
trustees for waiving depositors
Extension of time for accomplishment of membership
State Bank of Mayville, Wis., membership application approved
and letter to FRBank of Chicago re reasons for
including condition re trust powers, corporation need not be reported as affiliate if indebtedness is retired, practice of setting up
bonds purchased at prices of bonds sold, and
advice re amendments to charter
State Bank of Ontario, N. Y., ratio of capital and surplus to
deposits below requirement of membership condition but total capital structure in excess of
requirements, no action
State Bank of St. Johns, Mich., membership application approved
Extension of time for accomplishment of membership in
ERSystem
State Bank of Steelevillo, Ill., banking quarters, no objection
to proposed expenditure for new building
State Bank of Viroqua, Wis., membership application approved
and letter to FRAgent re checking capital and
surplus and organization papers, not planned
to exercise trust powers, depreciation of banking house to be purchased and increase in
capital if deposits increase to expected sum
Certified to FDIC as member of IRSystem
Extension of time for completion of membership
State Bank of Waupun, is., membership application approved and
letter to FRAgent re elimination of losses and
possibility that certificates of deposit do not
conform to Regulation
State Bank, lidnfield, Kansas, report of special investization of
issuance of bonds against annex, criminal violations of officers revealed, should be reported,
bank has been acting as trustee without having
obtaineft authority
State-Planters Bank and Trust Co., Richmond, Va., purchase of
called preferred stock, reply to Mr. Wilkinson
that Sec. 5136, R.o., prohibits, and letter to
Comptroller re
State Savings Bank of Fenton, Mich., membership application approved and letter to FRAgent re excess balances
with nonmember banks and omission of special
condition re transfer of net earnings to surplus
after termination of depositors agreement
State Street Trust Co., Boston, Mass.:
Condition report, request of Mr. Hersee for change in item
re unpaid dividends, Board will consider and has
no objection to including explanation


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Federal Reserve Bank of St. Louis

961
5/ 4
6/ 2 1122

11/ 6 2011-ri

333

2/11
3/27

692

4/14

803

7/30

1453

6/12 1171-2
1414
7/21
7/ 8 1326

6/25

1246

5/27

110°

5/6

981

4/7

765

4/10

787

419
2ages
State member banks: (Continued)
State Street Trust Co., Boston, Mass.: (Continued)
Merger with Union Trust Co., no objection, permission of
Board not required for establishment of branch
6/12
within city limits
Legal status was not affected, reply to Mr. McRae
on documents which should be furnished and
11/17
those which need not be
Summit Trust Co., Summit, N. J., extension of time for disposal
of stock in Summit Title and Mortgage Guaranty
Co. and also of authority to act as trustee in
b/16
connection with obligations of company
Templeton Savings Bank, Templeton, Iowa, banking quarters, permission granted to make investment looking
7/29
toward acquisition of other quarters
Thomson State Bank, Thomson, Ill., membership application approved and letter to President Schaller request8/26
ing copy of application to organize
Toledo Trust Co., Toledo, Ohio, affiliate reports, reply to Mr.
netcher re failure to make for three, but as
affiliation has been terminated, no further
2/18
question will be raised re
Tompkins County Trust Co., Ithaca, N. Y.:
Consolidation of first National Bank of Trumansburg, N.Y.,
and establishment of branch, no objection, re7/27
quest for action on criticised matters
y for continued operation
Question of capital sufficienc
of, plan for revision of capital to remove de10/22
ficiency noted
reply to Mr. Spaulding re
Loan to national bank examiner,
8/24
statutes dealing with
Co., St. Louis, Mo., violation of
Tower Grove Bank and Trust
Sec. 22(c) of RAct, possible, by President
Alex Miltenberger, should be reported to Dis12/ 2
trict Attorney and Department of Justice
Co., Salt Lake City, Utah, reply to Mr.
Tracy Loan and Trust
Collins that Tracy Corporation is affiliate,
and question of publication of report depends
1/20
upon terms of waiver
Wash., absorption of first National
Traders Bank, Toppenish,
4/24
Bank of Toppenish, no objection '
and Banking Co., Spencer, W. Va., deposit inTraders Trust
surance assessment statement, failure to file
reported by FDIC, letter to Mr. Fry to endeavor
to secure compliance with requirement, and
1/13
advice to iDIC of action
Trust Company of Georgia, Atlanta, Ga.:
Absorption of affiliate, Trust Company of Georgia Associates,
no objection, restrictions on assets to be acquired, to be permitted to acquire stock of
9/14
Motor Contract Co.


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Federal Reserve Bank of St. Louis

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2080

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1586-8

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1435

1929
1573

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166
868

118-9

1709

Pages

420
State member banks: (Continued)
Trust Company of Georgia, Atlanta, Ga.: (Continued)
Plan whereby Trust Company of Georgia Associates will purchase common stock of Liberty National Bank and
Trust Co. and retire preferred stock and trust
company will transfer sum from nonbook assets
to associates, no objection
Stock of Motor Contract Co., acquired by subsidiary, Trust
Company of Georgia Associates, not technical
violation of Sec. 5136, R.S. but objectionable,
should be disposed of
To be permitted to retain
Trust Company of Wyoming County, Warsaw, N. Y., membership application approved if and when Wyaminq County
National Bank, National Bank of Wyoming and
North Java Company are merged
Letter to RBank of New York re merger, weak board, holding
company affiliation of Financial Institutions,
Inc. will be terminated, branches at Wyoming
and North Java approved
Trust departments, reports of, reply to Purse Co. that Board
does not require, and listing available data re
Bank and TrustCo., Turtle Creek, Pa., membership
Turtle Creek
application approved and letter to RAgent re
fee collected for trustee service which may not
be legal
Union and New Haven Trust Co., New Haven, Conn.:
Deposit of trust funds in nonmember bank in excess of 10%
of capital and surplus, reply to Mr.. Curtiss
that membership condition and Sec. 19 of FRAct
do not apply
Hamden, establishment of branch approved
Union Bank and Trust Co., Helena, Mont., pledge of RBank
cashier's checks against funds of Treasurer of
Montana, no objection and instructions for showing on condition reports
Union Bank and Trust Co. of Los Angeles, Calif.:
Christmas club accounts, reply to Mr. Neary that they are
not savings accounts
Regulation I, reply to FRBank of San Francisco agreeing
with position that it is desirable for bank to
comply with and advising of reasons for not prescribing as condition of membership
Union State Bank, Rushville, Nebr., membership application approved and no objection to proposed disbursements to reserve, depreciation and payment of
dividends
Union Trust Company of Boston, Mass.:
Funds of agency, safekeeping and corporate accounts received
in trust department, use of funds in commercial
department without deposit of securities revealed in examination report, no objection if
no fiduciary relationship is involved

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1/31

255

3/ 3
5/ 9

491
989

12/24

2268

12/24

2269

5/23 1072

6/ 8

1155-6

6/11 1168
112
11/23 2

2/27

450

1/ 7

'72

6/24

1202

6/24

1225-6

1/17

156

421
Pages
Statemadber banks: (Continued)
Union Trust Company of Boston, Mass.: (Continued)
6/12 1173
Merger with State Street Trust Co., no objection
11/17 2080
Consolidation under charter of State Street Trust Co.
Union Trust Company of the District of Columbia, Washington,
D. C., membership application approved and letter to IRAgent, not to be considered as dealing
indirectly in business of selling mortgage because of activities of affiliated Thomas J.
967-9
5/ 5
Fisher and Co., Inc.
Union Trust Company of Maryland, Baltimore, Md., membership
condition 21, amendment requested to, action deferred pending revision of cell report to
require showing indirect ownership of other real
69
1/ 7
estate
Request of Mr. McAdams that Board amend, so as to relieve
of necessity of publishing loans to Royal
Realty Corporation, wholly owned subsidiary,
666
3/2b
referred to Mr. McKee
Cancelation of condition requiring showing of extensions
of credit to and investments in Royal Realty
970
5/ 5
Corp.
open acUnion Trust Company of Pittsburgh, Pa., time deposit,
count, reply to Mr. Fletcher that agreement
providing for deposits and withdrawals from
147
1/16
time to time complies with Regulation Q
Petersburg, Fla., transfer to surplus of
Union Trust Co., St.
entire amount in special reserve, approval
6/25 1248
granted in accordance with membership condition
Company of Springfield, Mass.:
Union Trust
Deposits of trust funds in nonmember uninsured banks, reply
to Mr. McRae that FDIC has ruled insurance does
8/18 1536
not cover
Examination report reveals switching participations in single
real estate loans between trusts, and has agency
6/26 1257
and trust cash in banking department
Home Bank and Trust Co., Mason City, Iowa, membership apUnited
plication approved, letter to /RBank of Chicago
re not prescribing condition as to investment
in Dank premises, Mr. Clark to devote entire
time to bank and bring his mortgage business
10/29 1963
into bank
Upper Avenue Bank, Chicago, Ill., conversion into Upper Avenue
7/20 1410
National Bank
Warren Bank and Trust Co., Warren, Pa., membership application
approved, and letter to FRAgent re no trust officer and no minutes of trust committee, no
copy of certificate of authorization and request
2/19
382-3
for copy of Liquidating Trust Certificates
report reveals purWayne State Bank, Wayne, Mich., examination
chase of stock of Wayne County Federal Savings
and Loan Association, in violation both of mem737
4/ 3
bership condition and Sec. 9 of FRAct

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Federal Reserve Bank of St. Louis

422
State member banks: (Continued)
West Branch Bank and Trust Co., Williamsport, Pa., banking quarters, permission granted to increase investment
in, to amount in excess of capital stock
/
5 13
2 6
West Side Trust Co., Newark, N.
loans on own stock, extension of time for compliance with membership condition requiring disposal of
6/24
Extension of time for compliance with membership condition
Williams Savings Bank, Williams, Iowa, report of average daily
deposit liabilities, failure to submit correct,
reported by FDIC, referred to FRBank of Chicago 10/19
Wood and Huston Bank, Aarshall, Mo., partnership in which two
men have equal interest, Regulation 0 does not
prohibit loan by bank to, even though S. P.
1/31
Houston is executive officer of bank
Woodlawn Trust Co., Aliquippa, Pa., capital, refusal to increase,
in connection with examination report, criti1/30
cisms
Stationery, Board members, to be printed with individual names for
2/14
those desiring
Stevenson, U. S.: (See National banks, Del Rio National Bank)
Stock, capital:
Bank of Bethlehem, Delmar, N. Y., ratio of capital and surplus
to deposits below requirement of membership
condition but total capital structure in excess
2/11
of requirements, no action
Bank of Rosalie, Wash., reduction through retirement of debentures below organization requirement for national bank, membership could be forfeited, no
1/ 4
action
7/15
California Bank, Los Angeles, Calif., reduction approved
Central Bank of Oakland, Calif., reduction, no objection and
10/ 3
compliance with membership condition 18 waived
Citizens Bank and Trust Co., Carthage, Tenn., capital should
be increased if present trend of deposits con7/23
tinues
Citizens State Bank, Puyallup, Wash., retirement of capital de7/30
bentures, no objection
Collateral to loans, Continental-American Bank and Trust Co.,
Shreveport, La., holding of own as, in nonledger
5/ 2
assets, should be disposed of
Continental-American Bank and Trust Co., Shreveport, La., reduc7/24
tion in preferred stock proposed, no objection
of one year
County Trust Co., White Plains, N. Y., extension
granted for Bank of the Manhattan Co. to comply
with membership condition requiring disposal of
9/ 2
stock of
Kelso, Wash., Board not willing to approve
Cowlitz Valley Bank,
3/19
retirement of capital debentures
Co., Davenport, Iowa, review of previous
Davenport Bank and Trust
action in not requiring increase, and determined
3/ 5
that no need exists now for increase
3/31
of
Del Rio Ban and Trust Co., Del Rio, Texas, impairment

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Federal Reserve Bank of St. Louis

Pages

:
10 5
32

1226

1907

265

241
352-5

333

137'
1823

1422
1451

9,55
1432

1604
1.551

b3-0
716

423
Pages
Stock, capital: (Continued)
Doraiont Savings and Trust Co., Dormont, Pa., additional investment in banking quarters will exceed capital,
effort to be made to have bank obtain addi12/ 4
tional capital
Co., Easton, Pa., reduction through retirement of
Easton Trust
2/ 7
preferred stock, approved
Farmers and Merchants State Bank, Turkey, Texas, holding of
own stock as additional collateral, not viola6/16
tion of Sec. 5201, R.S.
Farmers State Bank, Clifton, Texas, own shares held to prevent
loss on debt, reply to Mr. Evans re applicabil6/17
ity of Sec. 5201, R.S.
First Security Bank of Idaho, Boise, Idaho, should be increased
3/ 2
in view of increase in deposits
First State Bank, Kosse, Texas, permission to retire debentures,
FRAgent advised to follow instructions in circular re reductions by banks in towns of 3000
1/31
or less to below 150,000
First State Bank, LaCrosse, Wash., proposed reduction would
bring below requirement for organization of
national bank but not for admission to member/22
12
ship, no objection
/loral Park Bank, Floral Park, New York, capital note retirement
would reduce capital below requirement, letter
t,g
v
to FRBank of New York re11/4,
T. N. Ireland and Company, Bankers, Maled, Idaho, increase in
4/24
cannon, upon retirement of preferred
Lawyers Trust Co., New York, N.Y., extension of time for compliance with membership condition requiring
disposition of own stock held as security for
2/20
loans
stock,
Manchester Bank of St. Louis, Mo., retirement of preferred
3/ 5
no objection
required to dispose
Monongahela Trust Co., Homestead, Pa., to be
of natimal bank stock owned or convert banks
12/29
into branches
re attitude of
Mutual savings banks, reply to Mr. Fletcher
Board toward requirements, in connection with
3/26
membership in FRSystem
permission granted to
Ohio Citi7ens Trust Co., Toledo, Ohio,
retire portion of capital debentures, and ad7/27
vice to RC
New York, N.Y., Harbor State Bank to
Pan American Trust Co.,
convert into trust company under above title,
absorb New York Agency of Banco Nacional de
Mexico, increase capital and exercise fiduciary
12/ 4
powers, approved
on
Peoples Bank and Trust Co., Seattle, Wash., action deferred
of capital debentures until after
retirement
next examination, bank has increased capital
8/21
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Stock, capital: (Continued)
Peoples Bank and Trust Co., Seattle, hash.: (Continued)
No objection to retirement of debentures, in view of pro11/12
gram to conserve earnings and recoveries
Plaza Bank of St. Louis, Mo., retirement of preferred stock
proposed and increase in common stock, no objection, Board will not permit full transfer proposed from special reserve to surplus and no
action to be taken to require increase in
capital
2/ 6
C,uincy Trust Company, u.incy, Massachusetts, sale of new capital
9/ 8
stock to directors and release of guaranties
Reductions:
Retirement of preferred stock, debentures, etc., reply to
Mr. Fletcher that letter (X-9480) makes applicable to all banks provision that Board's
permission is not needed where capital is correspondinLly increased and does not modify
X-9048 authorizing RAgents to approve certain
2/13
reductions
State member banks of aggregate (preferred stock, debentures)
below mount required for organization of national bank, reply to Mr. Sargent re, and no
objection to retirement of debentures by Bank
1/ 4
of Rosalia
State member banks in towns of 3,000 or less, reply to Mr.
Case that instructions in letter X-9475 does
not have reference to reductions of capital
notes or debentures sold to others than RFC
but does apply to preferred stock
2/13
Removal of State member bank from one place to another, reply
to 1RBank of San Francisco that Board has ruled
removing bank must have capital sufficient for
10/23
organization of member bank in new location
12/ 2
Requirements for State member banks with out-of-town branches
Reserve for dividends payable in common stock, reply to Mr.
9/12
Fletcher re reporting on Form 105
Security Bank and Trust Company of Owatonna, Minn., retirement
5/16
of debentures issued to RFC approved
Ontario, N. Y., ratio of capital and surplus to
State Bank of
deposits below requirement of membership condition but total capital structure in excess of
2/11
requirements, no action
State member banks:
Maintenance of adequate, letter to illiAgents that condition 2
and footnote 8 of revised Regulation H may be
applied to, subject to old condition 15, request
for annual review of banks in connection with
2/28
requirement
Reductions, provision of Regulation H permitting reduction
where capital is eorrespondinaly increased or
specific reserve set up, made applicable to all
banks subject to membership condition that
Board's permission be obtained, advice to all
2/ 6
FHAcents

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Pages
Stock, capital: (Continued)
State member banks: (Continued)
Reductions: (Continued)
Reply to Mr. Fletcher that letter (X-9480) does not
modify X-9048 authorizing RAgents to approve
348
2/13
certain reductions
ent of debentures or
Requirements, reduction through retirem
preferred stock by banks in towns of 3000 or
less, letter to all FRAgents that where remaining capital is $25,000 or more, Board will not
256
1/31
consider as a violation of FRAct
Texas, FRAgent advised to
First State Bank, Kosse,
handle application for retirement of debentures
257
1/31
in accordance with
J., extension of time for disposal
Summit Trust Co., Summit, N.
of stock of Summit Title and Mortgage Guaranty
Co., and to continue to act as trustee for ob5/16 1032
ligations of
N. Y., insufficient for operaTompkins County Trust Co., Ithaca,
tion of branch at Trumansburg, N. Y., bank has
adequate funds to increase and contemplates revision, not to be required to increase at
10/22 1929
present
Federal Savings and Loan Association, purchase of
Wayne County
stock of, by Wayne State Bank, Wayne, Mich.,
violation both of membership condition and Sec.
737
4/ 3
9 of FRAct
West Side Trust Co., Newark, N. J., loans on own, extension of
time for compliance with membership condition
305
2/ 6
requiring disposal of
6/24 1226
Own stock held as collateral to loans
241
1/30
Woodlawn Trust Co., Aliquippa, Pa., refusal to increase
Stock, corporate:
of, by
Canton Cotton Mills, extension of time for disposition
745
4/ 4
Bank of Canton
shares of, by
Fresh Air Recreation Co., Inc., acquisition of
444
2/27
Brooklyn Trust Co., to be disposed of
part of plan to
German, purchase by Manufacturers Trust Co. as
realize upon credits and funds restricted under
133
1/15
German Stand-still agreement
transfer of,
Guarantee of signatures on certificates authorizing
by member banks, consideration o'f suggestion of
Comptroller that effort be made to stop practice,
Mr. Ransom discussed with President Fleming of
8/11 1511
A.B.A.
of
Iowa State Bank, Algona, Iowa, purchase of shares of stock
Savings and Loan Association,
Algona Federal
violation of Sec. 9 of FRAct, no objection to
8/11 1513
retention of stock until Dec. 31
acquired proMembership condition 7, those carried previously
of loans, transfer of authority to
tection
grant extensions of time under, from FRAgents
11/ 4 1995
to Presidents

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426
Stock, corporate: (Continued)
Motor Contract Co., Trust Company of Georgia Associates to be
permitted to retain, Trust Company of Georgia
could not purchase
Purchase by subsidiary Trust Company of Georgia Associates, of
Motor Contract Co., should be disposed of, as
investment Trust Company of Georgia could not
make under Sec. 5136 of Revised Statutes
Trust Company of Georgia, Atlanta, Ga., stocks acquired in absorption of affiliate, Trust Company of Georgia
Associates to be carried in nonbook assets, may
hold stock of Motor Contract Co.
Stock, FRBank:
Adjustment because of temporary deficit in surplus, no need for
immediate, reply to Mr. McAdams and copy to
other FRAgents
Certificates:
Changes in holdings of, advice to presidents that after
transfer of nonstatutory duties of FRAgent to
bank, any officer may sign
Countersignature by FRAgent or Assistant, amendment to bylaws of FRBank of Minneapolis to eliminate
Form of, letter to all FRAgents re need for amendment, because of changes made by Banking Act of 1935,
and re reconcilement of different forms used
Revised and uniform certificate, letter to all FRBanks except San Francisco re new form, changes to be
made for various banks having different forms
of counter-signature
Computation of subscription, securing of additional share by
Peoples National Bank of Claremont, N. H.,
through carrying out to fourth dectmal, resulting in fraction of 4100
Item in nonmember bank's published condition statement in South
Carolina showing "Corporate stock including
FRBank stock"
FRBank of Boston:
Peoples National Bank of Claremont, N. H., subscription,
including one additional share on basis of
carryinFr, computation to fourth decimal, securing fraction of 4100
FRBank of Chicago:
Forms, reply to.Mr. Young that as nonstatutory duties of
FRAgent have been transferred to bank, any
officer may sign
Valley National Bank, Des Moines, Iowa, absorbed but not
yet placed in liquidation, action left to
FRBank, dividends on stock to be withheld
FRBank of San Francisco:
Non-negotiable receipts issued by, in lieu of stock certificates, letter to Mr. Sargent re uniform stock
certificate to be used by other FRBanks that it
will not be required to cease use of

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427
Pares
Stock, preferred:
Continental-American Bank and Trust Co., Shreveport, La., re7/24 1432
tirement proposed, no objection
Easton Trust Co., Easton, Pa., capital stock reduction through
315
2/ 7
retirement of, approved
Idaho, retirement of,
J. N. Ireland and Company, Bankers, Malec',
869
4/24
end increase in common capital
3/ 5
510
of, no objection
Manchester Bank of St. Louis, Mo., retirement
proposed and increase
Plaza Bank of St. Louis, Mo., retirement
306
2/ 6
in common stock, no objection
by State-Planters Bank and Trust Co., RichPurchase of called,
mond, Va., reply that Sec. 5136, R.S., prohibits
5/ 6
981
and letter to Comptroller re
Reductions:
Authority granted to FRAgent at FRBenk of Minneapolis to
8/29 1618
approve, transferred to President
banks in towns of 3000 or less, reply to Mr.
State member
Case that instructions in letter X-9475 do
not have reference to reductions in capital
notes and debentures sold to others than RFC
347
2/13
but does apply to
Retirable value different from per value, manner of showing on
6/17 1186
condition reports
Retirement by State member banks, capital, letter to all BRAgents
that banks in towns of 3000 or less, where capital is brought below 00,000 but is ;;;25,000 or
more, Board will not consider violation of
256
1/31
FRAct
First State Dank, Kosse, Texas, FRAgent advised to handle
application for retirement of debentures in ac257
1/31
cordance with
Reply to Mr. Fletcher that letter X-9480 makes applicable
to banks provision that Board's permission is
not required where capital is correspondingly
increased and does not modify X-9048 authorizing
2/13
348
FRAgents to approve certain reductions
Stockholders' meetings:
ERBank of Boston, reimbursement of one representative of each
bank for railroad fare and Pullman accommodation
10/ 9 1863
authorized
national securities exchanges, recomStocks, list of, registered on
mendation of Mr. Parry re printing of, question
4/17
818
of charge for, recommendation approved
Harold: (See Graduate School of Banking)
Stonier, Dr.
Storch, Oscar T.: (See National banks, First National Bank of
Bloomingdale, N. J.)
(See National banks, Citizens National Bank and
Stouffer, R. E.:
Trust Company of Waynesboro, Pa.)
E.: (See State member banks, Peoples Bank of
Stuart, Charles
Montross, Virginia, Incorporated)


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Studies:
Division of Research and Statistics, deposits, report of Messrs.
Goldenweiser and Currie re test study conducted
and proposed procedure, letter to FRBanks and
1/16 149
form of letter to member banks
(See U. S. Public Health Service)
Surgeon General:
Surplus:
Buckeye Valley Bank, Buckeye, Ariz., reduction not involving
distribution of assets is not violation of mem12/ 9 a96
bership condition
Deficit in, temporary, reply to Mr. McAdams and copy to other
FRAgents that it occasions no need for immediate
6/ 4 1138
adjustment in FRBank stock
Surveys of FRBanks: (See Reorganization of FRBanks)
Sutton, Augustus H., reply re effect of recent increase in margin
requirements upon withdrawals of ca 81) from un44'7
2/27
restricted accounts, under Regulation T
Symons, Lionel H.: (See Foreign banking corporations, International
Discount Corporation)
System open market account:
Adjustments in allotments to FRBanks, difficulties experienced
in applying forTiula, action deferred by executive committee of Federal Open Market Committee
with view to new meeting to make adjustments on
basis of equalization of earnings for last half
6/23
of 1936
to, reply to FRBank of
Profit on sale of Government securities
7/17 1397
Minneapolis on treatment of
(See also Open market operations)
"T"
Taxes:
FRBank of Chicago, special counsel employed to contest illegal
part of assessment on building
Holding company affiliates, suggestion of Board that the portion
invested in securities required by law be exempt
from Revenue Act of 1936 adopted
Exemption for those holding general voting permits, those
not holding may desire to obtain before end of
year, letter to be prepared by Counsel requesting FRBanks to call attention to regulations of
Bureau of Internal Revenue
Credit to holding company affiliates for readily marketable
assets held, letter to FRBanks re
Social security act, three rulings of Bureau of Internal Revenue
re applicability to national banks, State member
banks and nonmember banks, to be published in
FRBulletin
Taylor, Miller, Busch and Boyden:
Employment by FRBank of Chicago as special counsel in claim
of liquidating trustees of Fletcher American
National Bank of Indianapolis

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Pages
Taylor, Miller,Busch and Boyden: (Continued)
Payment by 11i3ank of Chicago for services in connection with
claim of Fletcher American National Bank
trustees, approved
Telegrams, confirmations, mailing to RBanks to be discontinued
No objection to FRBank of Dallas and branches discontinuing
mailing confirmations to Board
Reply to IRBank of Kansas City that Board has no objection to
FRBanks and branches discontinuing mailing confirmations
Territory:
Cin'Jinnati Branch, County of Clark, Ohio, omitted from revised
bylaws, presumably by inadvertence
Thefts:
Cleary, Vincent A., letter to Mr. Dillistin re reporting small
defalcation as violation of Sec. 5209, R.S.
Huntenburg, Ferdinand, letter to Mr. Dillistin re reporting
small defalcation as violation of Sec. 5209,
.
R S.
Thompson, C. M.: (See National banks, First National Bank, Pueblo,
Colo.)
Time schedules, interdistrict:
Changes approved, Chicago to certain branches
Changes in, by FRBank of Dallas
Changes in, recommended by FRBank of Chicago, approved
Helena to Spokane, change approved, request information re similar change approved previously
TitiPs:
First Vice Presidents of FRBanks, advice to all FRBanks that
"First" should be included in official title
,
Todd, 2 H., inquiry under Regulation T, referred to FRBank of
Chicago for reply
Travel:
Cagle, C. E., Assistant Chief, Division of Examinations, authorized to travel by plane in connection with
examination of Puerto Rican banks
Graduate School of Banking, expenses of members of Board's
staff attending assumed, such enployees to make
written report re attendance
Travel regulations, Board of Governors: (See Regulations)
Treasurer of United States:
Certificate received from Governor Seay which was found in front
of Western National Bank, Baltimore, one of
those which came into hands of public during
recent post office fire, suggestion that they
be destroyed
Work relief checks, report of Mr. Barnes re cost of handling
by FRBanks and calling attention to variation
between maximum and minimum, referred to Mr.
Harrison as Chairman of Presidents' Conference
with suggestion that it be discussed at Transit
Conference

11/10
10/ 9

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1863

10/10

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10/19

1916

9/17

1720

5/7

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5/7

985

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1/21
309
2/ 6
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10/23 1940

3/6

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9/10

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1/3

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4/28

903-5

1/10

100

11/
13

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Pages

Treasury Department:
Bernstein, Bernard, Office of Counsel, suit to enjoin Board
members and others from further exercise of
right to coin money and regulate value thereof,
10/ 9
consulted by Mr. tyatt in connection therewith
FRBanks that it will be
Deposit reserves of n?Banks, letter to
satisfactory to, if certified statment is fur
10/12
once a year of deficiencies in
nished to,
French franc: (See Currency)
Devaluation of
Division of Bookkeeping and Warrants, deficiencies in deposit
reserves of FRBanks, letter to Mr. Smith requesting if it will be permissible for FRBanks
2/27
to make report annually instead of monthly
reimbursement for replacament of 1928 series with
FRnotes,
1934 series, memo of Mr. Smead re, feeling of
Treasury that time is not appropriate to re4/17
quest appropriation for
operations of FRBanks, procedure, question raised
Fiscal agency
in connection with negotiations with foreign
banks and bankers by monetary agreement between
France, England and U. S., review by Chairman
10/ 6
Eccles of procedure in reserve increase
Report of Mr. Ransom re consideration by senior staff members, and his memo re cooperation between Treasury and Board, discussion of arrangement between Treasury and Board and FRBanks, Chairman
10/ 6
to take up with Secretary of Treasury
Report of Chairman re conference with Secretary of Treasury
and proposed procedures, Chairman to confer
again with Secretary on Oct. 13 and outline to
be prepared for conference with officers of
10/ 9
FRBank of New York
Chairman and Mr. Ransom to confer tomorrow with Secretary
of Treasury and Assistant Secretary Taylor re
10/12
procedure
Messrs. Goldenweiser and Gardner to confer with Messrs.
Haas, White and Lochhead and Upham on arrangement for exchange of information, periodic conferences to be held by Chairman and Vice Chairman with Secretary and Assistant Secretary of
10/13
Treasury
Draft to be prepared by Messrs. Morrill, Wyatt and Goldenweiser, conference with Messrs. Harrison,
10/13
Sproul and Knoke to be postponed until Oct. 27
Memo of Chairman Eccles prepared in connection with Bank
10/16
Act of 1935
Memo prepared by Messrs. Morrill, Wyatt and Goldenweiser,
to be considered Oct. 2310/20
Memo of Messrs. Morrill, Wyatt and Goldenweiser, discussion
of, conference with New York officers to be
upon broad grounds of responsibilities of Board,
10/23
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Pages
Treasury Department: (Continued)
Fiscal agency operations of FRBanks: (Continued)
Revised memo discussed and amended, copies to be sent to
Mr. Sproul, arrangements made for early meeting
on Oct. 30 with Messrs. Harrison, Sproul end
10/27
Knoke
10/29
Further discussion of memo
to be referred to
Conference, changes in memo agreed upon,
Presidents' Conference, section re FOMC eliminated, to be prepared separately end referred
10/30
to FUG
y of Treasury reviewing
Leased wire system, letter to Secretar
history of absorption by FRBanks of expenses
of sending Treasury telegrams, and requesting
that after this month payment be made therefor,
or some arrangement should be made under which
Board and FRBanks Thould be relieved of this
7/16
expense
upon his assurances of payment
Reply to Mr. McReynolds that
commencing Jan. 1, 1937, expenses will continue
to be absorbed until and of current year, advice
7/31
to FREanks
Technical Assistant:
Lochhead, Archie,
Advances by FRBank of New York to Bank for International
Settlements against gold, discussion with Secre9/28
tary of Treasury and no objection by Treasury
at meeting of Board at which Secretary of TreaPresent
sury outlined monetary agreement between France,
9/29
England and U. S.
Oliphant, Herman, General Counsel, suit to enjoin Board members
and others from further exercise of right to
coin money and regulate value thereof, to be
consulted by Chairman Eccles in connection there10/ 9
with
June
Reserve requirements of member banks, discussion of
financing discussed in connection with timing
4/22
of possible increase in
subject to
S. 4357, to make uncleimed deposits of national banks
escheat laws of States, reply to Mr. McReynolds
report to Congress
that Board expected to make no .
procedure agreed
re, action in accordance with
4/10
upon on Feb. 27, 1925
present at Board meetUpham, Cyril b., Assistant to Secretary,
ing at which Secretary Morgentheu outlined
monetary agreement between England, France and
9/29
U. S.
nt financing)
Treesury financing: (See Governme
Trip, Dr. L. J. A.: (See Bank for International Settlements)
Trust departments:
reply
Farmers and Mechanics National Bank, Westminster, Md.,
and Shipley re procedure necessary
to Brown
11/17
for discontinuance of

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Trust departments: (Continued)
Northern Bank and Trust Co., Lancaster, Pa., corrections to be
made in connection with membership
11/ 3
State member banks, reply to Purse Co. that Board does not require reports of, and listing available data re
5/23
Trust funds:
Connecticut, State member banks, pledge of collateral for those
deposited or used in bankin department, reply
to Mr. McRae that membership condition requiring
should not be held in abeyance
12/18
Deposit of collateral:
Agency, escrow, receivership and custodianship funds deposited by trust department in commercial
department of national bank, reply to Mr. Geery
re requirements of Regulation F as to
8/ 4
Commercial departments, consideration of waiving membership
condition to extent such funds are insured by
FDIC, letters to FDIC and Comptroller re possible
amendment to MAct to exempt national banks from
requirement, opposed by Messrs. McKee and Ransom,
referred to latter
3/10
Trust department for use of trust funds in conduct of bank's
business, ruling to be published in IRBulletir
8/20
Deposits:
Bankinp- department, reply to Mr. Curtiss in accordance with
action of Board on March 10 re Southington Bank
and Trust Co. refusing to waive membership condition requiring deposit of security for, to
extent such funds are insured
4/ 8
Letters to Comptroller and American Bankers Association
re general question involved, suggesting advisability of amendingSec. 11(k) of FRAct
4/ 8
Member banks in uninsured nonmember banks, reply to Mr.
McRae, re case of Union Trust Company of Springfield, Mass., that such funds are not covered
by insurance
8/18
Savings department, reply to Carthage National Lxchange
Bank re, under Regulations F and Q and re treatment of such deposits in reports
11/24
Union and New Haven Trust Co., New Haven, Conn., with nonmember bank in excess of 10% of capital and
surplus, reply to Mr. Curtiss that membership
condition and Sec. 19 of liRitet do not apply to
6/11
Illinois, condition of membership requiring pledge of collateral
for trust funds deposited in banking department,
Board unwilling to waive, State attorney general
Is preparing opinion re right of State member
banks to make pledge
3/ 6
Insured mortgages, pools of, reply to Southern Arizona Bank and
Trust Co. that Board cannot relax membership
condition 17 to permit investment of trust funds
in
1/2

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Pages
Trust funds: (Continued)
Investment by national bank in obliLrations executed by officer
of bank as receiver appointed by Federal
Court, reply to Mr. /enner that Sec. 11(a) of
Regulation F prohibits
Puling to be published in IRDulletin
Investment in assets acquired from commercial department, reply
to County National Bank at Clearfield, Pa. disapproving
Investment in securities purchased from affiliate by First National Bank of Atlanta, Ga., reply to Mr.
Williams re question of violation of Regulation

7/22
8/20

1417
1560

3/5

511

9/12
4/25
ruling to be published in laRBulletin
Lending by bank,
contemplated by Charleston National Bank,
Loan between trusts
Charleston, W. Va., where trust instrument
states trustee is not to be restricted, would
violate Regulation F, but may be made under
10/19
court order
from, by own bank and by other
Loans to executive officers
banks, reply to Mr. Austin that Regulation J
3/20
is applicable to
Pennsylvania:
Investment in mortgages purchased from own commercial department to extent permitted by State law, amendment
to Regulation F re, suggested by Lancaster
9/23
County National Bank, disapproved
National banks in, Question of making exception re investment in mortgages purchased from own commercial
department to extent permitted by Pennsylvania
9/ 1
Banking Code
Pledge of collateral:
Connecticut, Board refuses to waive membership condition re10/ 8
quiring, for those used in banking business
Seitz recomIllinois, letter from Mr. Young, memo ofidr.
mending that Board no longer defer enforcement
of membership condition requiring, approved
9/11
and letter to Mr. Young
enforcement
Membership condition, Board not willing to defer
in Illinois, Board does not understand that de5/27
cision in Barrett v. Reuter changes situation
by City National Bank of Philadelphia,
"Redemption fund" held
reply to Mr. Hill that Sec. 9(b) of Pegulation
F requires deposit of security for such funds
7/17
deposited in banking department
Arizona Bank and Trust Co., Tucson, Ariz., examination
Southern
report reveals use of, in banking department
without full coverage of collateral deposited,
President i4cKinney requested to seek correction 10/ 8

1695
893

Uninvested:
Acceptance of deposits of, by FRBanks, letter to all presidents re action of Governors' Conference, and
requesting views of FRBanks

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Trust funds: (Continued)
Uninvested: (Continued)
Deposit with 1REank, practice of FRBank of San Francisco
of certifying check against reserve account
which is indorsed in blank to trust department
for funds of equal amount, no objection
11/25
FEBanks, question of accepting deposits of, memo of Mr.
Vest and letter approved to FRBanks authori7inP
acceptance under special safeguards, not authorized to receive from nonmember banks
9/29
Pennsylvania, interest may be paid on demand deposits of
Pennsylvania Company for Insurances on Lives
and Granting Annuities under State law
4/29
Reserves against, memo of counsel that Continental National
Bank and Trust Company of Chicago be required
to maintain, disagreed with by Mr. Thomas, ruled
that reserves need not be maintained against,
Mr. Szymczak voting "no"
1/24
Letter to Mr. Stevens advising of action
1/31
Union Trust Company of Boston, Mass., reply to FRBank of Boston
that agency, safekeeping and corporate accounts
may be used in commercial department without
Pledging security in trust department only if
clearly not involving fiduciary relationship
1/17
Trust receipts:
American Bankers Association, reply to request of Mr. Djorup
for any rules re, made since July 1, 1934,
and any suggestions in connection with study
of Uniform Trust Receipts Act
8/25
Trusteeship:
Beavers, P. L. T., FRBank of Atlanta, letter to Mr. Parker re,
in accordance with action of Nov. 25, advising
that Loard is opposed to such service
12/ 3
Board opposed to FRBank officers acting in such capacity, question raised in connection with appointment of
Mr. Beavers, FRBank of Atlanta as trustee in
personal capacity
11/25
Truxel, Tohn C.: (See National banks, Lancaster County National
Bank, Lancaster, Pa.)
Tsouderos, limn.: (See Foreign banks, Bank of Greece)
Turner Construction Co., Philadelphia, Pa., to be invited to bid on
Board's new building
1/ 2
Bid submitted by
1/30
Typewriters, servicing of, contract entered into with Underwood
Elliott Fisher for balance of 1936, similar
plan with other companies to be entered into
if satisfactory
4/25

2138

178
8

923

200
262

156

1584

2160

126
2

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Underwood Elliott Fisher Co., contract authorized with, covering
servicing of Underwood typewriters


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Pages
Union Commercial Corporation:
Liquor bonded warehouse receipts, reply to Mr. Reiner on ac8/ 7
ceptability as collateral by banks
Reply to Mr. Reiner re discount of paper secured by and
advising that age of whiskey would have no ef9/ 3
fect on eligibility
United States Code Annotated:
Title 5, Sec. 58, reply to FDIC that provisions are not applicable
to FREank employee and do not prohibit him from
receiving salary also from U. S. even though
6/25
combined salaries exceed *2000
United States Fidelity and Guaranty Co., cash bond deposited in
First National Eank, Pueblo, Colo., may be clas9/22
sified as savings deposits
U. S. Public Health Service:
Haworth, Mrs. Margaret G., employee of Board, letter to Surgeon
General stating no objection to negotiation
3
/25
with, for employment by
3/26
Resignation of
University of Arkansas, applications for positions with Board, reply
to Dean Fichtner re policy of Board as to appointments
4/ 9
Unsafe practices:
Perth Amboy, N. J., banks, review by Mr. McKee of situation,
letter from FDIC agreeing to procedure suggested
by Board, request of FDIC for file, Mr. McKee
authorized to call conference of representatives
of Board, DIC, RFC and New Jersey banking au9/ 4
thorities
Useless records of Board of Governors, destruction, letter to house
Committee on Disposition of Executive Papers
advising of destruction rather than sale, to
7/ 8
be transmitted when papers have been destroyed
Utah:
Condition reports, publication of, extra copies of 105e to be
furnished State banking department to bring
6/ 1
about single publication

Valentine, Mark .T.: (See National banks, National Bank of Logan)
Vaughan, H. D.: (See National banks, First National hank, Keystone,
W. Va.)
"Verification of Financial Statements", advice to Mr. Broad, American Institute of Accountants that Board no
longer issues and that it refers all requests
to Institute
(See also Publications)
Vermont:
Maximum interest rate payable by national banks, reply to FRBank
of Boston


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Vermont: (Continued)
M482iMUM interest rate: (Continued)
Postal savings funds, reply to President Young re reply to
9
/25
Mr. Ellenberger on
Time and savings deposits, letter of 1RBank of Boston
advising member banks of effect of State order
approved
12/22
Violations:
Criminal provisions of banking laws, letter to all FRAgents re
procedure in reporting, and that State member
banks should be impressed with importance of
reporting promptly
1/22
Executive orders re gold coin and certificates, Dallas Bank and
Trust Co., Dallas, Texas, report to Secretary
of Treasury re certificates and coin in tellers'
cash, certificates surrendered to Ma.. Philpott
5/13
Farmers State Bank of Flandreau, S. Dak., criminal, reply to
Mr. Peyton re possible harm to understanding
with State authorities by reporting to Local
U. S. Attorney, to forward report to Board for
submission to Attorney General
2/17
Iowa State Bank, Algona, Iowa, purchase of shares of stock of
Algona Federal Savings and Loan Association,
violation of Sec. 9 of FRAct, no objection to
retention of stock until Dec. 31
8/11
Law, or safe and sound practices, letter to presidents and
FRAgents on reporting
8/29
Public Utility Act, reply to FRBank of Cleveland that it is not
required to analyze reports to ascertain violations of Sec. 17(c)
12/19
Regulation T, Sec. 5(a):
Manheim, Dibbern and Co., memo of counsel re possible and
reco1am ending report to Securities and Exchange
Commission and to Attorney General, approved
3/11
FRBank of San Francisco may cooperate in investigation
of
3/21
Sec. 9 of FRAct:
Wayne State Bank, Wayne, Mich., purchase of stock of Wayne
County Federal Savings and Loan Association in
violation of
4/ 3
Sec. 14(g) of FRAct:
FRBank of New York, failure to secure permission to conduct
negotiations with Banco Central de Reserve de El
Salvador
9/ 4
Sec. 22(g) of FRAct:
Bank of Romney, W. Va., loan of trust funds to G. W. Arnold
an executive officer, which increased his indebtedness to the bank beyond statutory limit
9/25
Brownfield State Bank, Brownfield, Texas, by four officers,
reply to Mr. Walsh that as it was subsequent
to Aug. 23, 1935, criminal provisions not applicable, but may be violation of Sec. 5209, R.S.,
and report of, to Attorney General
1/31

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Violations: (Continued)
Sec. 22(g) of FRAct: (Continued)
Dallas, James, Brownfield State Bank, may also be violation of Sec. 2509, R.S., reported to Attorney
General
Dallas, W. H., Brownfield State Bank, may also be violation
of Sec. 5209, R.S., reported to Attorney C;eneral
National Bank of Clifton Forge, Va., reply to Mr. Fry
First
as to whether loan to Vice President Emmett constituted, copy to Comptroller
, Charles, Marine Midland Trust Co., Binghamton,
Hamenway
N. Y., through increase in indebtedness incurred
June 8, 1934 to cover advances for taxes made
by bank for own protection, not necessary to
report to U.S. Attorney
Hilyard, N. B., former officer of Brownfield State Bank,
reported to Attorney General as possible violation of Sec. 5209, R.S.
Holmes, Leo, Brownfield State Bank, may also be violation
of Sec. 5209, R.S., reported to Attorney General
Indebtedness of inactive vice president to national bank,
reply to Mr. Wood that it constitutes, question
of prosecution subject to discretion
Interpretations of Regulation 0: (See Executive Officers)
Loan by Phillips National Bank of Helena, Ark., made prior
to passage of Banking Act of 1935, question of
violation for determination of Department of
Justice
Miltenberger, Alex, President, _Tower Grove Bank and Trust
Co., St. Louis, Mo., possible violation should
be reported to U. S. District Attorney and
Department of Justice
Overdraft for executive officer not in excess of 30 days'
advance salary, reply to Mr. Peyton that it
would constitute violation of, and Regulation 0
Regulation 0, interpretations: (See Executive officers)
Stuart, Charles E., inactive Vice President of Peoples Bank
of Montross, Virginia, Incorporated, increase in
indebtedness to bank, letter to Mr. Fry re applicability of Sec. 22(g) of FRAct and Regulation 0
Sec. 5136, Revised Statutes:
Miami Deposit Bank, Yellow Springs, Ohio, overinvestment
in bonds, board will not require immediate disposal
Sec. 5201, Revised Statutes:
of
Farmers and Merchants State Bank, Turkey, Texas, holding
additional collateral to loan is
own stock as
not violation


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Violations: (Continued)
Sec. 5208, Revised Statutes:
Ludlow, Clifford W., reply to Mr. Dillistin that as his information re violation at branch of Manufacturers
Trust Co. is not official and Federal Grand Jury
has taken action in matter, there is no need to
12/ 7
report
Springville Banking Co., Springville, Utah, certifyinz of
checks by officers when there were insufficient
funds in accounts, to be reported to Department
10/10
of Justice
Sec, 5209, Revised Statutes:
Brownfield State Bank, Brownfield, Texas, violation of Sec.
22(g) of 1,1-act may also constitute violation of,
1/31
report to Attorney General
Corn Exchange Bank Trust Co., New York, N. Y., letter to
Mr. Dillistin re reporting nall defalcations
5/ 7
by V. A. Cleary and F. Huntenburg
Henser, Henry J., former employee of Irving Trust Co., reply
to Mr. Dillistin that 7lisapproprietion was sub12/22
stantial enough to report to Attorney General
Zimmerman, T. S., attorney for Bank of Romney, W. Va.,
failure to nand over proceeds of note collected
9/25
for bank may constitute violation of
Failure to pay proceeds of note collected on behalf of
10/12
Bank of Romney, W. Va.
Sec. 7(c) of Securities Exchange Act of 1934:
Manheim, Dibbern and Co., MEMO of Counsel re possible,
drafts of letters to Securities and Exchange
Commission and to Attorney General reporting,
telegram to Mr. Sargent to report to U. S.
3/11
Attorney, approved
in investigation of 3/21
FRBank of San :Francisco may cooperate
State Bank, Winfield, Kansas, violations by officers of criminal provisions of banking laws revealed, should
be reported even though statute of limitations
5/27
may have run
Vogt, Arthur C., reply that Board does not know that "Checkmaster
Plan" used by hational Safety Bank and Trust
Company in New York, N. Y., violates any laws
5/21
which came within the jurisdiction of the Board
Windegger, F. R.: (See State member banks, Plaza Bank of St.
von
Louis)
Vouchers: (See Board of Governors, Administration)
Voting pennits:
AImours Securities, Inc.:
General permit, Ocala National Bank and _Florida Bank at
ChOley, information re should be furnished
to supplement application and extension of
1/21
time for issuing
Anglo National Corporation, San Francisco:
Limited permit granted to vote stock of First National Bank
of Chico

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Voting permits: (Continued)
Anglo National Corporation, San Francisco: (Continued)
Limited permit authorized Dec. 19, reply to Mr. Sargent
that compliance by Mnters National Bank with
requirements relating to appreciation and de1/11
preciation will be satisfactory
Consolidated Securities
Limited permit granted to, and to
12/28
Company, to vote stock of six national banks
Fla., agreement
Atlantic National Bank of Jacksonville,
amended to eliminate requirement that Board
4/ 4
approve investment changes
Ohio:
BancOhio Corporation, Columbus,
General permit, reply to Mr. Fletcher re interpretation of
certain paragraphs of agreement, modifications
1/10
not approved
12/24
General permit granted
Readily marketable assets required to be kept free and
8/ ?
clear, reply to Mr. Fletcher re
determined not to be holding company
Bank of San Rafael, Calif.,
affiliate and general permit heretofore granted
3/11
is void
Southern National Bank, Savannah, Ga., amendment
Citizens and
to agreement to eliminate requirement that
Board's approval be secured for investment
4/ 4
changes
Citizens Shareholders of Arcade, Inc., Arcade, N. Y., determina-my affiliate
tion that it is not holding camp
of Citizens Bank of Arcade and general voting
10/ 2
permit is no longer effective
not
City Certificates Corporation, Baltimore, Md., determined
to be holding company affiliate of Union Trust
4/27
Company of Maryland, permit void
not to
Consolidated Investment Trust, Boston, Mass., determined
be holding company affiliate of Union Trust
4/15
Company of Boston, permit is void
Consolidated Securities Co., San Yrancisco:
Limited permit granted to vote stock of First National Bank
1/11
of Chico
Sargent
Limited permit authorized Dec. 19, reply to Mr.
that compliance by Winters National Bank with
requirements relating to appreciation and de1/11
preciation will be satisfactory
to Anglo National CorporaLimited permit granted to, and
/2
12 8
tion, to vote stock of six national banks
to holders of general, letter to
Credit allowed by Revenue Act
all FRBanks re, in accordance with action of
11/16
Oct.'60
1/ 2
Hamlin of matters of interest with regard to
Discussion by Mr.
First Bank Stock Corporation, Minneapolis, Minn.:
to
General, agreement, letter to Mr. Peyton inclosing letter
Mr. Wilson answering uuestions re, and extension
2/ 5
of time for issuance of general permit

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Voting permits: (Continued)
First Bank Stock Corporation: (Continued)
Limited permit granted to vote stock of certain national
banks to effect capital changes, Board not willing to grant limited permit for routine business
at annual meetings of subsidiaries as general
permit has been authorized
Memo of Mr. Wingfield that action did not modify Board's
policy of not granting limited permits when
general permits had been authorized
First National Bank of Louisville, Ky., amendment to agreement
to eliminate requirement re securing Board's
approval for investment changes
First National Company of Bradenton, Fla., determined not to be
holding company affiliate of First National
Bank of Bradenton, general voting permit previously granted is void
First Securities Corporation of Syracuse, N. Y., voted stock
of North Syracuse National Bank without permit
while still holding company affiliate, copies
of correspondence furnished Comptroller
First Security Corporation of Ogden, Utah, general permit,
agreement, reply to Mr. Sargent on inquiry of,
that it contemplates present and future stock
investments in subsidiaries
Reply that Board cannot grant limited permit where general
permit has been authorized, special directors'
meeting could be held, or subsidiary's meeting
adjourned
Determined not to be holding company affiliate and no
further consideration to be given to application
to vote stock of First National Bank of Salt
Lake City
Purchase of additional shares of stock of First National
Bank of Salt Lake City, Utah, makes organizetion
again holding company affiliate, reply to Mr.
Sargent that it must file new voting permit application
Florida National Group, Inc., general permit, Ocala National
Bank and Florida Bank at Chipley, information
re should be furnished to supplement application
and extension of time for issuing
General:
Agreement, standard form, request of Shawmut Corporation
and National Shawmut Bank for amendment as to
requirement that Board approve changes in investments, memo of Mr. Baumann recommending
disapproval, amendment authorized as to national
banks and
Agents to be advised
Corrections, question raised by Mr. McKee as to whether
Board might issue permit then require, pointed
out that intent of Congress was that corrections
should be condition precedent

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Pages
Voting permits: (Continued)
General: (Continued)
Income tax exemption allowed by Revenue Act of 1936 to
holders, holdinE, company affiliates may desire
to obtain, letter to be prepared by Counsel
requesting FRBanks to call attention to regu10/30
lations of Bureau of Internal Revenue
permits without
Mr. McKee opposed to granting general
limitation on effective time, possible revision
of standard agreement to be taken up by Board
11/25
December 4
of San Francisco and
Certification, reply to FRBank
copy to other FRBanks, re procedure in submis12/30
sion of facts and information relating to
ess, Mr. TdKee unwillLimitation as to time of effectiven
11/25
ing to issue without prescribing
general have been
Limited permits not to be issued where
authorized, Board to adhere to policy and
12/28
.MBanks to be notified
to Transamerica Corporation
Refusal of limited permits
and Inter-America Corporation in accordance with
12/28
policy
question of making any changes, Board
Standard agreement,
will reconsider upon presentation of any.infor10/30
mation justifying
question to be considered by Board on DeRevision of,
11/25
cember 4
report of Mr. McKee re discussions with holdAmendment,
ing company affiliate representatives, to meet
12/ 1
with other members of Board if desired
of Mr. McKee re further discussions, and recomReport
mendation that agreement be amended, approved,
12/ 4
FRBanks to be advised
12/ 7
to FRBanks of action
Advice
of, question of policy raised by Marine
Execution
Bancorporation which eliminated two requirements
because of compliance therewith, Board adheres
12/31
to position that whole agreement be executed
Associates, Incorporated, Chattanooga, Tenn.,
Hamilton National
general permit, Board unwilling to grant in
view of criticisms and unsatisfactory financial
condition, limited permit granted, applicant
should furnish Exhibits L and N for Morrison
1/4
TurninE Co. and Eason-Norwood Co., Inc.
Howard County Liquidating Corporation, Ellicott City, Md.,
determined not to be holding company affiliates,
4/6
permit previously issued is void
perInter-America Corporation, San Francisco, Calif., limited
mit application refused as organization has
not obtained general permit authorized, new
application now necessary for any further con12/28
sideration

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Voting permits: (Continued)
Investment and Securities Co., Spokane, Wash.:
Limited pernit aranted to effect retirement of preferred
1/ 7
stock of First National Bank in Spokane
Limited permit granted to vote stock of Old National Bank
and Union Trust Co. and First National Bank,
12/23
Spokane
granting when general permit
Limited, policy of Board re not
has been authorized, memo of Mr. Wingfield that
limited permit granted to First Bank Stock Corporation to effect capital reductions of national
1/ 4
banks does not modify
not to be authorized where general permits have
Issuance
been authorized, Board to adhere to policy and
12/28
FRBanks to be notified
limited permits to Transamerica Corporation and
Refusal of
Inter-America Corporation in accordance with
12/28
policy
Seattle, Wash., general permit, Board
Marine Bancorporation,
cannot grant limited permit when general has
been authorized, reply to Mr. Sargent, and re
objections of organization to certain of pro1/11
visions of agreement
Interpretations of standard form of agreement, letter to
Mr. Sargent requesting that copies be furnished
5/11
to Mr. Price
Agreement executed with paragraphs one and two omitted as
requirements had been complied with, discussion
of policy involved, Board not willing to eccept,
Mr. Price advised by Mr. McKee of action and
assurance that standard agreement will be ex12/31
ecuted, permit authorized
Marine Midland Corporation, general permit, reply that Board
cannot grant limited permit where general permit has been authorized, that organization has
had sufficient time to execute agreement and
that Board does not feel reasons advances are
1/ 4
valid for altering agreement
Hearing requested by Mr. Pope, to be held by Mr. Hamlin
and Mr. Macpherson of Hart and Dice to be em1/ 7
ployed to make stenographic transcript
Report on hearing, opinion that Board has no right to require agreement, desired modifications, telegram
to Mr. Case that Board is not willing to modify,
and advice for corporation re requirements
1/11
under agreement
Pittsburgh, Pa.:
Mellbank Corporation,
General permit, reply to Mr. Fletcher re interpretation of
1/10
certain paragraphs of agreement
Withdrawal of application, corporation declared liquidating
dividend of all bank stocks, application to be
considered as withdrawn without considering question of termination of holding company affiliate
2/27
relationship, papers may not be returned


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aes
Voting permits: (Continued)
Mercantile National Bank at Dallas, Texas, amendment to agreement to eliminate requirement that Board's
4/ 4
approval be secured for investment changes
banks, amendment to agreement to eliminate necessity
National
of Board approval for investment changes, because of legal requirements and supervision of
4/ 4
Comptroller
National Shavgnut Bank, Boston, Mass.:
Agreement, request that standard form be amended as to requirement that Board approve changes in investments, memo of Mr. Bauman recommending disapproval, and request that Board determine it
3/25
not to be holding company affiliate
agreement
Board unwilling to make determination, but
amended as requested, as to national banks, all
3/25
FRAgents to be advised of amendment
approve inAmendment waiving requirement that Board
vestment changes, because of legal requirements
4/ 4
and Comptroller's supervision
of eliminaSatisfied as to modifications, but desirous
tion of requirements as to charge offs, Board
not willing to authorize, noted that eliminations
are not considered sound practice and that balance sheet does not conform to that of SEC, ex6/30
tension of time for issuance of general permit
assurance desired by applicant
Reply to Mr. McRae giving
that agreement will became inoperative if holding
company relationship is terminated or voting
7/29
permit revoked
em,Mass., reply to Mr. Curtiss
Merchants National Bank,Sal
that former is not holding company affiliate of,
in connection with election of Class A director,
9/15
although latter was included in permit
e, Mass., determined not to be,
Norfolk Corporation of Braintre
of Braintree National Bank and permit heretofore
4/ 7
issued is void
Minneapolis, Minn.:
Northwest Bancorporation,
reFirst National Bank of Napoleon, N. Dak., limited permit
held not to be holding company affiliate
quested,
10/23
and permit unnecessary
and one
General permit granted to vote stock of 32 national
12/29
State member banks
limited perNorthwestern State Bank of Dawson, Minnesota,
mit granted to effect absorption of First National Bank of Appleton and Northwestern
7/15
National Bank of Dawson
, Minn., corporaSecurity Bank and Trust Company of Owatonna
tion to be required to file agreement in con3/ 6
nection with approval of membership application


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Voting permits: (Continued)
Northwest Bancorporation: (Continued)
Third Northwestern National Bank of Minneapolis, limited
permit granted to effect capital stock reduction
Limited permit authorized to vote stock of Third Northwestern National Bank of Minneapolis
1:/23
1
Old National Corporation, Spokane, Wash.
Limited permit granted to effect retirement of preferred
stock by First National Bank in Spokane
1/ 7
Limited permit granted to vote stock of Old National Bank
and Union Trust Co. and First National Bank,
Spokane
12/23
Peoples Trust Co., Rock Hill, S. C., not necessary
11/25
Procedure in issuance of general and limited, no change to be
made at present, advice to all Presidents
12/21
Rawlins Securities Co., Salt Lake City, Utah, general, issuance
on Jan. 9, was authorized within 30 days from
Dec. 9, issuance ratified and confirmed
2/18
Republic National Bank and Trust Co., Dallas, Texas, limited
permit granted to, and to Republic National Co.,
unsatisfactory conditions, question of issuing
permits before requiring corrections
12/31
Republic National Co., Dallas, Texas, limited permit granted
to, and to Republic National Bank and Trust Co.,
unsatisfactory conditions, question of issuing
permits before requiring corrections
12/31
Savannah Corporation, Savannah, Ga., determined not to be holding company affiliate of Savannah Bank and
Trust Co., and permit void
4/29
Shawmut Association, Boston, Mass.:
General permit, consideration being given to request for
amendment to form of agreement and extension of
time granted for completion of membership of
County Bank and Trust Co.
6/22
Satisfied as to modifications, but desirous of elimination of requirements as to charge offs, Board
not willing to authorize, noted that eliminations are not considered sound practice and that
balance sheet required does not conform to that
of SEC, extension of time for issuance of weneral
permit
6/30
Holding company affiliate, Board cannot determine that it
is not
4/ 4
Merchants National Bank of Salem, Mass., reply to Mr.
Curtiss that former is not holding company affiliate of, in connection with election of Class
A director, although latter was included in
voting permit
/
9 16
Shawmut Corporation, Boston, Mass., request that Board determine
it, and National Shamaut Bank not to be holding
company affiliates and also that standard agreement be amended as to changes in investments
3/25

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Votiag permits: (Continued)
Shawmut Corporation, Boston: (Continued)
Board unwilling to make determination, but agreement amended
as requested, as to national banks, all liRAgents
to be advised of amendment
Transamerica Corporation, San Francisco, Calif.:
General permit, reply toldr. Giannini in answer to objections to certain provisions of agreement
Limited permit application refused as organization has not
obtained rzeneral permit authorized, new application now necessary for any further consideration
"Trustees***Citizens Union National Bank*** and Fidelity and
***", Louisville, Ky.,
Columbia Trust Company
desire for limited or general permit if not
necessary to execute agreement, execution would
be necessary and Board is adhering to policy of
not issuing limited permits where general permits have been authorized
United States National Corporation, Portland, Ore., status as
holding company affiliate, Board might determine not to be, corporation satisfied
Vollmer Security Co., Lewiston, Idaho, limited permit granted
to effect consolidation of banks and operation
as branches by First National Bank of Lewiston
and authorize issuance of stock
Limited permit authorized to effect consolidation of three
banks by First National Bank of Lewiston and
their operation as branches
to be holding company affiliate of First NaDetermined
tional Bank of Lewiston no longer and permit
unnecessary
Wisconsin Bankshares Corporation, Milwaukee, Wis., general permit granted
Holding Corporation, Yakima, Wash.:
Yakima
Limited permit granted to vote stock of First National Bank
of Wapato
Subsidiary member banks liquidated, permit not now necessary
473 Broadway holding Corporation, Saratoga Springs, N. Y.,
determined not to be holding company affiliate
and advised that general permit heretofore
granted is void
ItINt?

(See National banks, Boatmen's National Bank of
St. Louis)
Walker, E. A.: (See National banks, Tradesmens National Bank,
Oklahoma City, Okla.)
Ware, Oscar: (See National banks, Farmers and Mechanics National
Bank, Woodbury, N. T.)
Wagenfuehr, A.:


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Warehouse receipts:
Liquor, bonded, use as collateral by banks
Liquor, reply to Union Commercial Corporation re discount of
paper by, and advising that age of whiskey
would have no effect on eligibility
Purchase of receipts for grain for customer, accound under Regulation T may not be used for
Warner, Frank: (See Iowa Bankers Association)
Warrick, Don E.: (See Indiana Bankers Association)
Weaver Brothers, Inc.: (See quarters of Board)
Westcott, E. L.: (See United States Fidelity and Guaranty Co.)
Wheeler, Burton K.:
Folsom, George H., Assistant Examiner of Board, detail to Senate
Committee on Interstate Commerce in connection
with railroad investigation extended for additional six months at request of
Whigham, J. H., present at Board meeting and presentation informally
of advice as to factors entering into relative
convenience and cost of trading in American Securities in New York and London markets
Co., business involves some extension of credit, must
Whitaker and
file semi-annual report on Form 240
W. R.: (See National banks, Citizens National Bank, Ontario,
White,
Calif.)
Wilentz, David T., present at conferences re condition of Perth
Amboy Trust Co. and Raritan Trust Co., Perth
Amboy, N. J.
Wilkes, W. H., reply re proposed modifications in plans under which
certain banks in Illinois were reorganized,
involving deferred certificates of deposit, in
connection with possible membership
Wilkins, Donald L.: (See Prentice-Hall, Inc.)
Wilkinson, J. Harvie, Ir.: (See State member banks, State-Planters
Bank and Trust Co., Richmond, Va.)
Willard, C. H., present at meeting of Board to discuss Regulation U
William Cavalier and Co., grain transactions in restricted accounts,
reply to Mr. Wheeler re inquiry as to application of Regulation T to
Williams, Clyde, Regulation U, memo re, reply to Mr. Clark answering
questions re
Williams, R. C.: (See National banks, First National Bank of Atlanta)
Willis, H. Parker:
"America Faces Bankruptcy", article by, condensed by Readers
Digest from American Mercury, letter re, from
Wilson Chemical Co., referred to Treasury for
attention
to Mr. C. S. Yeager, on statement re no metallic
Reply
backing for currency in circulation
Joseph H.: (See National Bureau of Economic Research)
Willits,
Wilson, A. F.: (See Holding company affiliates, First Bank Stock
Corporation)


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Pages
(See National banks, Citizens National Bank and
Trust Company of FUlton, N. Y.)
Chemical Co., Tyrone, Pa., letter of Mr. McCorahy re article
Wilson
of E. Parker Willis "America Faces Bankruptcy"
9/11
referred to Treasury for reply
Winant, John G.: (See Social Security Board)
Wingo, Otis T.: (See National Institute of Public Affairs)
new
Winter, Ezra, to be employed as artist for map in Board room of
6/17
building
Wire transfers:
Regulation of Board, Jan. 3, related only to, reply to RBank
of Dallas, but if proposed circular of MBank
relates also to mail transfers, there is no ob2/ 6
jection to changing liability clause
ions re making for nonReport of Standing Committee on Collect
member banks, inclusion of nonmember clearing
banks in par list and revision of rules and regulations covering, approved, institutions maintaining nonmember clearing accounts which are
1/ 4
not banks
and revising rules and regulaLetter to all governors re,
1/ 4
tions re wire transfers
sconsin:
Charters and articles of incorporation of banks applying for
membership, certified copies should be sub11/ 7
mitted
and Houghton, deposits of liquidating corporation,
Wise, Shepard
reply that they may not be classified as sav1/20
ings accounts
Withdrawals from membership:
Banco de Puerto Rico, reply to IRBank of New York agreeinfr that
it is inadvisable to comply with request that
decision on membership application be left
pending indefinitely and suggestion as to reply
7/ 2
to Banco re withdrawal of application
interest
Bank of Dawson, Ga., reply to Mr. Parker re personal
11/
17
taken anc conferences held re
be deWaiver of notice and permission for immediate, to
ferred until deposits can be insured and per12/31
mission to FDIC to examine
for immediate,
Bank of Elizabethtown, N. C., permission granted
suggestion that termination be deferred until
it can be accepted as insured bank, permission
1/7
to FDIC to examine
removal to Baker makes capital
Bank of Haines, Ore., because
inadequate, no application received by FDIC
for insurance as nonmember, action deferred
11/13
on application
Letter to FDIC authorizing examination in connection with
11/
16
desire to continue as insured bank
and
Telera-am to FRBank of San Francisco veivilw notice
suggesting that action on cancelation of FRBank
stock be deferred until 1DIC could act on appli11/18
cation for insurance as nonmember bank

Wilson, Howard A.:


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Federal Reserve Bank of St. Louis

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309

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Withdrawals from membership: (Continued)
Bank of Hartsville, Tenn., rescission of notice of, not evidenced by resolution of directors, but Board
10/30
will not require submission
Brownfield State Bank, Brownfield, Texas, recommendation of
Mr. Walsh that president and cashier be removed under Sec. 30 of Banking Act of 1933 or
3/ 2
membership forfeited
Citizens Bank and Trust Co., Carthage, Tenn., permission granted
for immediate, FRAgent to suggest deferring,
until it can be accepted simultaneously as insured bank and letter to F. D. I. C. authoriz3/14
ing examination
5/5
Extension of time to effect
Waiver of notice and permission for immediate, Mr. Newton
to endeavor to have withdrawal deferred until
11/12
insurance as nonmember becomes effective
12/30
Extension of time for
Citizens State Bank of Westbrook, Minn., notice waived and permission granted for immediate, effort to be
made to have accepted as insured bank simultaneously with withdrawal, to be advised that
publication of single report of condition will
be accepted by State and Board in future, let2/12
ter to F.D.I.C. authorizing examination
Extension of time for, not requested, Board authorizes to
5/ 5
prevent any future question
Farmers State Bank, Winner, S. Dak., waiver of notice and per7/24
mission for immediate
granted F.D.I.C. to make examination, in connecPermission
8/13
tion with
9/12
Extension of time to effect
National Bank and Trust Co., Stamford, Conn.,
First-Stamford
contemplated because of prohibition in Regulation Q against classifying deposits of corpor1/22
ations operated for profit as savings accounts
Forney State Bank of Forney, Texas, proceedings instituted for
4P79
forfeiture of membership
Authorization to change date for hearing from June 2 to
5/4
June 16
Reply to Mr. Evans that it would be appropriate for Mr.
5/12
Walsh, as FRAgent, to conduct hearing
Advice that bank waives right to appear before Board and
telegram from FRAgent that hearing before him
6/ 8
had commenced
Recommendation of IRBank of Dallas that bank be expelled,
actions suggested, recommendation of Mr. McKee
adopted that letter of forfeiture be forwarded
effective in 30 days and if corrections are
7/15
made to be withdrawn
8/26
Effective date deferred


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Federal Reserve Bank of St. Louis

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Withdrawals from FRSystam: (Continued)
Le Grand Bank, Le Grand, Calif., permission granted for immediate
Manisticue Bank of Manistique, Mich., Board not willing to approve membership application, suggestion that
it be withdrawn
Marysville-Commercial Bank, Marysville, Ohio, notice waived
and permission granted for immediate
Peoples Trust Company of Bergen County, Hackensack, N. J.,
contemplated, because of prohibition in Regulation q against classifying deposits of corporations operated for profit as savings
accounts
Refual of Board to grant powers requested by member banks,
statement of Mr. Broderick that likelihood of,
should not deter Board from any action it believes in the interest of the System
State Savings Bank of Owosso, Mich., withdrawal of membership
application because not willing to increase
capital to required amount
K.: (See New York Stock Exchange)
Worcester, D.
Works Progress Administration project, closed bank study, letter
to governors re supervision at FRBanks' expense
Wrenn Bros. and Co., reply to Mr. Curtiss re repurchase of securities sold when customer had not made payment
therefor

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809

ttytt

Year, C. S., reply re statement of H. Parker Willis in Readers'
Digest re no metallic backing for currency in
circulation

10/14 1883

"Z"
(See National banks, Lancaster County National
Bank, Lancaster, Pa.)
Zimmerman, J. S., failure to pay proceeds of note collected on
behalf of Bank of Romney, W. Va., may be violation of Sec. 5209, R.S.

Zecher, Robert C.:


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

10/12 1868