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INDEX TO MINUTES OF BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1938 http://fraser.stlouisfed.org 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 ERBanks 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis INDEX 1938 Pages Addresses: Paulger, Leo H., Division of Examinations: Indiana Bankers Association on bank regulation from standpoint of the Board, acceptance of invitation 930 9/ 8 approved of Minneapolis: F Powell, 0. 8., - RBank Winnipeg Bankers Lecture Club, no objection to address on some general topic dealing with differences between banking set-up in United States and 10/29 1116 Canada M., Assistant General Counsel: Wingfield, B. American Institute of Banking, to address on subject of 218 2/18 common trust funds Walter, General Counsel: VYatt, American Bankers Association, Trust Division, to speak at 49 1/11 conference of, on subject of common trust funds Florida Bankers Association, invitation to speak on subject 332 3/18 of Board's regulations accepted North Carolina Bankers Conference, invitation to speak on subject of Board's regulations and banking law 437 4/19 accepted St. Louis American Institute of Banking Forum, invitation to speak on subject of Board's regulations ac199 2/15 cepted Adjusted service certificates: (See Bonds) Advertisenents: Federal Savings and Loan Associations, unfair competition with savings and commercial banks, letter to FRBank of Philadelphia that conferences have been held with United States Building and Loan League and .bederal Home Loan BEAnk Board, and that 441 4/20 abuses will be minimized to FRBank of Philadelphia that committees representLetter ing interested organizations are being set up 736 7/ 8 in each State to smooth out differences Symbols denoting membership in IRSystem, letter to Hux Cuts, Inc., that Board does not control diamond-andoblong enblem and permission to reproduce is 323 3/17 not necessary Affiliate fund debentures, eligibility of, telegram to Mr. Wood, 375 4/ 4 /RBank of St. Louis Affiliated hind Incorporated: Debentures of, question raised in connection with report of ex11/30 1231 amination of Manchester Bank of St. Louis, Mo. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pages Affiliates: American Investment Corporation, Ogden, Utah, condition reports, advice to Mr. Sargent that reports must 855 8/16 be filed Ban camerica-Blair Corporation, disposal of interest by Transamerica Corporation, telegram to President Day 12/ 6 1243 on Bankamerica Company: Disposal of interest by Transamerica Corporation, telegram 12/ 6 1243 to President Day on Sale of stock by Transamerica Corporation to Western States Corporation, letter to r. Clerk requesting 212 2/17 more information Condition reports: 12/22 1344 Forms and instructions for next call transmitted Treutlen Farms, Inc., Soperton, Ga., item "Stock of affiliate registered in name of bank or known to be owned by bank directly or indirectly" to be 988 9/22 left blank on both Forms 220 and 220a Wachovia Bank and Trust Company, Winston-Salem, N. C., 881 8/26 waiver of Jefferson Coal Corporation, Hillsboro, Ill., extension of time to Pennsylvania Company for Insurances on Lives 301 3/11 and Granting Annuities to submit reports of 502 5/ 3 reports on, not required Publication of Jefferson Liquidating Corporation, Danville, Ill., publication of reports on, not required of Pennsylvania Company for Insurances on Lives and Granting 502 5/ 3 Annuities Corporation, Hillsboro, Ill., extension of time to Lincoln Coal Pennsylvania Company for Insurances on Lives 301 3/11 and Granting Annuities to submit reports of 502 5/ 3 reports on, not required Publication of Transamerica Corporation, condition reports, extension of time 841 8/11 for filing Agencies: Havana: Discontinuance, letter from Under Secretary of State Welles requesting it be postponed in view of conditions 804 8/ 3 in Cuba Resolution of Board authorizing FRBank of Atlanta to discontinue operation, copy sent State Depart806 8/ 3 ment Press statements, 1RBank of Atlanta requested to submit 807 8/ 3 to Board before releasing rt Bank Effect on Cuban exchange position and Export-Impo loans to Cuba, memoranda from FRBank of New York ordered circulated to Board and referred to 845 8/12 Division of Research and Statistics http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 Pages Agencies: (Continued) Havana: (Continued) Discontinuance: (Continued) Proposed letters of FRBank of Atlanta to Secretary of Treasury of Cuba, branches of foreign banks in Cuba, members of Havana Clearing :douse and Export-Import Bank, and procedure for releasing press statements and handling currency shipments approved 857 8/16 Mr. Morrill setting forth recent developments, Memo of revised form of press statement approved, State Department to be advised that Board prefers release by iRBank of Atlanta and ordered released when procedure has been approved by FRBank and State Department 8/23 872 Review by Mr. Morrill of further developments as set forth in memoranda prepared for files, FRBank of Atlanta to be advised that October 1st would be satisfactory as the closing date 8/26 880 FRnotes, unissued notes of 1928 series should be cancelled and forwarded for redemption, telegram to 1RBank of Atlanta 9/ 9 932 Press statement prepared and read by Mr. Morrill, no objection to release and substitution of closing date, telegram to IRBank of Atlanta approved with understanding State Department would be notified before it was sent 9/ 9 932 Vault, sale in connection with, telegram to FRBank of Atlanta that comments have been noted 9/ 9 932 Staff: 1/19 86 Frazer, H. C., Manager, salary approved Williamson, Fred L., General Clerk, salary during period of assignment as Acting Assistant Manager approved 91 1/20 Vault, sale in connection with discontinuance of agency, telegram to FRBank of Atlanta that comments have been noted 932 9/ 9 Savannah: Discontinuance, Mr. Szymczak requested to consider and report recommendation to Board 9/30 1021 3/ 8 288 Personnel classification plan, changes approved Staff: 1/19 86 Bowden, J. H., Manager, salary approved 1/19 86 Goethe, Xames A., Assistant Manager, salary approved 4/13 416 Looney, Earle M., Assistant Manager, salary approved Air conditioning: Detroit Branch, request of FPBank of Chicago that reserve be set up for installation at 12/ 8 1255 Board interposes no objection to expenditure 222 2/19 El Paso Branch, 12/22 1345 Houston Branch, expenditure for installation approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 Pages American Bankers Association: Cooperative banks in Massachusetts, meaning of term as used in Section 3(a) of Regulation L, reply that Board made exception in that section in order to place such institutions on similar basis with institutions in other States 9/19 963 Earnings and expenses of State member banks for 1937, letter to, that information will be available in short while 4/18 431 Interlocking directorates, information to be furnished to Mr. Needham in respect to cases involved 11/ 7 1156 Invitation to Mr. Wyatt to participate in program of forthcoming conference, memo recommending that he accept and speak on subject of Board's new provisions in Regulation F approved 1/11 49 12/13 1283 Official luncheon being arranged with officers of Regulation F, Board's new provisions relating to, invitation to Mr. Wyatt to speak on subject of, at next conference, recommendation that invitation be accepted approved 1/11 49 Trust companies, reports on holdings, purchases and sales of securities for accounts administered, letter suggesting that larger trust companies be required to make, not approved 2/11 179 Trust Division: Acceptance of trusts by national bank, approval of, explanatory statement of ruling sent Mr. Griswold 802 8/ 3 8/15 852 Ordered published in FRBulletin Committee on Common Trust Funds, real estate mortgages, amendment to Regulation F providing for funds composed principally of, letter on statement that it cannot recommend adoption of amendment, and requesting reasons for that decision, also that Board will arrange conference if desired 10/18 1078 American Bar Association: Committee on Administrative Law, Mr. Wyatt authorized to attend annual meeting for purpose of discussing report of 7/19 765 American Institute of Banking: Wingfield, B. M., Assistant General Counsel, to address on subject of common trust funds 2/18 218 American Telephone and Telegraph Company, New York, N. Y.: Condition reports, member bank weekly statement, amendment to restore old classification of loans based generally upon type of collateral cannot be considered, letter to Mr. Andrew, Chief Statistician 9/ 3 915 Amortized investment purchase loans, amendment to Regulation U for lower margin requirements on, request by Mr. McKee that members consider with view to discussion at early date 453 4/22 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5 Pages Amortized investment purchase loans: (Continued) No action taken on amendment (See also Loans) Andrew, S. L.: (See American Telephone and Telegraph Co.) Annual reports: Board of Governors: Draft not approved, ordered entirely rewritten Approved, to be submitted to Speaker of House and President of Senate and released to press, copies to be sent all Representatives and Senators Recommendations of Federal Advisory Council to be published in brief edition Territories of raBranch banks, description revised to show territory assigned to branches of St. Louis bank Anniversary of signing of original FRAct, appropriate exercises in recognition to include unveiling of bronze bas relief of Senator Glass APpreciation of services: Austin, R. L., letter on termination of services as Class C director and FRAgent at FRBank of Philadelphia Arizona: 4/23 465 2/25 239 4/ 4 374 11 9 /2 1225 5/24 590 12/ 9 1260 12/ 7 1248 Trust funds, pledging by Southern Arizona Bank and Trust Company of securities as collateral to trust funds deposited in banking department, reply to Ma.. Evans, IRBank of Dallas, that Board will not press action pending passing of legislation in 52 1/12 near future Assessments on FRBanks: Board's expenses: 661 6/15 Resolution levying to cover expenses for last half of 1928 Resolution levying to cover expenses for first half of 1939 12/19 1304 Examination report form, cost and method of prorating and FRBanks to give estimate of cost of preparing 10/11 1046 own forms Assets: Classification of, other than securities, adoption of uniform policy for treatment by examiners for FRBanks, FDIC and Comptroller, Board to consider state4/5 378 ment and discuss with FDIC and Comptroller Statement of policy considered, meeting to be arranged with FDIC and Comptroller of Currency with view to 4/6 386 later conference for considering statement McKee as to meeting with chief examiners of Report of Mr. Board, FDIC and Comptroller with Treasury, no 507 5/5 agreement and another meeting called Mr. Paulger at meeting of Advisory Council with Report of Board of the position taken in discussions with 5/17 555 FDIC, Comptroller and Treasury Board's position to be prepared for submission Statement of 6/13 646 to Treasury http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 Pages Assets: (Continued) Classification of, other than securities: (Continued) Statement presented and discussed and to be used as basis for discussion with Secretary of Treasury Agreement between agencies, draft of discussion approved for publishing in ERBulletin To be discussed by bank examination departments conference Conference called for October 17 Insured banks, purchase of by FDIC to facilitate consolidations, amendment to ERAct making permanent the authority of FDIC, letter to Bureau of Budget that Board has no objection Segregation in common trust fund by Mutual Bank and Trust Co., St. Louis, Mo., ruling sent Mr. Moser Attorney General: Board of Governors of .fiSystem is board or establishment of the Government, opinion relied upon by Board in letter to United States Employees' Compensation Commission re refusal to treat Board employees Audits: Accounts of Board, rotating work among auditors of nearby FRBanks, question referred to Personnel Committee for recommendation Letter to 1'Ri3ank of Chicago requesting it undertake during year ending June 1939 Letter to MBank of Cleveland that Chicago bank will undertake for coming year RePorts of /RBanks on operations under Sec. 13b by Treasury Department, differences in computation 6/14 650 6/28 8/19 9/ 8 698 870 929 6/15 660 8/11 841 5/13 534 6/7 625 6/23 689 6/28 711 2/4 149 2/2 135 2/17 212 1/15 68 6/10 6/13 641 647 "B" Bachrach, Walter, Chicago, Ill., reply to, that all partners of a firn having membership on a national securities exchange are creditors under Regulation T, and a guarantee executed by any such partner may not be given effect under Regulation T Reply to inquiry re definition of term, creditor, under Regulation T Baker, Norman W.: (See National banks, Exchange National Bank of Colorado Springs, Colo.) Bank Employees' Union, American Federation of Labor, agreement with 1EBank of San Francisco, reply to Mr. Day suggesting that he advise Union that bank is not free to enter into any agreement and suggesting that bank discuss with employees any matters affecting their employment Bank for International Settlements: Visit by Messrs. Knoke and Despres, ERBank of New York, question deferred pending meeting at which all Board members are present offers no objection Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7 Pages Bank regulation, Board of Governors: Indiana Bankers Association's invitation to Mr. Paulger to 9/8 speak on subject, ordered accepted Banking quarters: Citizens Bank of Madison, Ohio, no objection to proposed ex3/14 penditure for bank building Citizens State Bank, Houston, Texas, depreciation on banking house, conditions of membership re, reply to Mr. Evans, FRBank of Dallas, that while it is not up to Reserve bank to suggest specific program, still compliance is not left fully to bank's management and Reserve bank must 1/12 take steps to obtain full compliance Citizens State Bank of Milford, Ill., no objection to purchase 5/13 of building it now occupies conditions of membership applicable to, reply Depreciation on, to inquiry of Mr. Evans, ERBank of Dallas, re Citizens State Bank, Houston, that while it is not up to Reserve bank to suggest specific program, still compliance is not left fully to bank's management and Reserve banks must take 1/12 steps to obtain full compliance Salamanca Trust Company, Salamanca, New York, no objection to use of building acquired by foreclosure and 10/29 to expenditure for remodelling and furnishing Bankruptcy Act as amended, safekeeping of collateral as security for deposits of bankrupt funds, charges, question of establishing at RBank of Dallas re8/31 ferred to Mr. Szymczak Letter to FRBank of Dallas that matter has been referred to Presidents' Conference Committee on Free Ser9/ 2 vices Acceptance by ERBanks, letter to FRBank of St. Louis that bank should accept and stating that question of establishing charges has been referred to Presi9/ 2 dents' Conference Committee on Free Services Telegram to Committee on Free Services requesting question be 9/ 2 considered and opinion rendered Opinion of Counsel transmitted to Presidents' Conference Com9/29 mittee on Free Services be rendered Presidents' Conference recommendation that service member banks without charge and charge to non10/25 member banks be one-fortieth of one percent acceptance and holding in safekeeping of securiBankruptcy funds, ties pledged as collateral to deposits of, circular on Barber shop, Board of Governors, agreement for operation: 8/ 1 Pascual, Joseph, termination of agreement for operation of 6/30 letter offering terms to Vendemia, Ralph, 2/24 Washington Hotel Barber Shop, letter offering terms to 6/30 Letter terminating agreement http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 930 306 51 531 51 1114 898 908 909 909 1019 1091 1250 795 719 237 719 8 Pages Beauty parlor, Board of Governors, agreement for operation: Vendemia, Ralph, letter offering terms to 6 0 /3 Washington Hotel Barber Shop, letter offering terms to 2/24 Letter terminating agreement 6/30 Beck, George H.: (See National banks, First National Bank in Crestline, Ohio) Bell, D. W.: (See Bureau of the Budget) Benson, Philip A., to attend official luncheon being arranged with Board on December 19 12/13 Berger, G. Fred: (See Pennsylvania Bankers Association) Black, A. G.: (See Department of Agriculture, Bureau of Agricultural Economics) Board of Governors of RSystem: Accounts, audits, rotating work among auditors of nearby FRBanks, question referred to Personnel Committee for recommendation 6/7 Letter to FRBank of Chicago requesting it undertake for year ending June 1939 6/23 Letter to FRBank of Cleveland that Chicago bank will undertake for coming year 6/28 Administration: Changes in organization of building staff, memo of Mr. Spurney approved 2/21 Extension of effective date of interlocking directorates, replies to questions re, letter to Commercial Trust Company of New Jersey to be used as form 11/ 1 Voucher payments, letter to Fiscal Agent re policy to be set up as result of survey 4/20 Annual report: Draft not approved, ordered entirely rewritten 2/25 Approved, to be submitted to Speaker of House and President of Senate and released to press, copies to be sent to all Representatives and Senators 4/4 Recommendations of Federal Advisory Council to be published in brief edition 11/29 Territories of iliBranch banks, description revised to show territory assigned to branches of St. Louis bank 5/24 Budget: 12/23 Approved for 1939 Board Members' Offices, sum added to meet expenditures for remainder of year 8/4 Counsel's office, sum added for printing and binding for remainder of current year 4/19 Furniture and equipment, sum added to cover cost of 10/20 repairs for remainder of year added to cover purchase of books and subscriptions Sum 11/ 5 during remainder of year Increase to provide for telephone and telegraph service 12/ 8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 719 237 719 1283 625 689 711 223 1127 439 239 374 1225 590 1358 821 437 1083 1153 1258 9 Pages Board of Governors of FRSystem: (Continued) Budget: (Continued) Division of Bank Operations, traveling expenses, sum added 10/14 to cover expenses for remainder of year Additional sun to cover traveling expenses during re/22 11 mainder of year approved Division of Research and Statistics, printing and binding, sum added to cover cost during remainder of 8/ 5 year Sum added to cover traveling expenses, telephone and telegraph service, and purchase of books and 11/ 5 subscriptions during remainder of year Rental and repairs of equipment, increase to cover for 12/16 remainder of year Division of Security Loans, sum added to cover printing 3/24 for remainder of year Fiscal Agent's Office, sum added to item "Rental and Re9/ 1 pairs (FUrniture and Equipment)" Sum added to cover cost of stationery and supplies for 9/15 remainder of year 11/ 5 Sum added to item Miscellaneous /23 3 Salary recommendations to no longer be incorporated in Secretary's office, sum added to meet expenditures for re8/ 4 mainder of year Building: 2/23 Architects fees, payment to Mr. Cret authorized Payment of fee to Mr. Cret in connection with furniture 3/31 and furnishings Barber shop and beauty parlor, termination of operation agreement with Mr. Pasqual, check accepted in 8/ 1 full settlement of rental fee Bronze bas relief of Senator Glass in Constitution Ave. lobby, unveiling of, as part of exercises on 12/ 9 anniversary of signing of original FRAct Imperial Bronze grill and cresting over entrance, bid of 3/17 Bronze Company for erection accepted Cafeteria: (See infra Cafeteria) Furniture and furnishings, payment to W. & J. Sloane cover3/29 ing balance due on contract ordered for Board members' section, payment Additional 3/29 to W. 8c J. Sloane equipment, authority granted to incur expense Mimeograph 6/ 1 necessary for moving to room G-217 equipment, authority granted to incur expense Multilith necessary for purchase and installation and for 6/ 1 moving mimeograph equipment George A. Puller Company on account for Board's Payment to 2/23 building authorized 2/18 Purchase of glass desk tops and kitchen equipment http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1066 1206 829 1154 1292 352 906 947 1154 342 821 230 365 795 1260 322 360 361 610 610 230 218 10 Pages Board of Governors of FRSystem: (Continued) Building: (Continued) Purchase of metal folding chairs as of purchase order No. 128 1/31 3020 approved 3/14 308 Purchase of table pads for use in Board room authorized Recreation roam, Reserve Board Club, plan of club for furnishing, and expenditures of Board for movable 3/ 8 288 screen and carpet approved Cafeteria: Luncheons served to guests of Board in connection with conferences for selection of chairmen and directors of IRBanks and branches, Board to assume 364 3/31 costs in future (See also Luncheons) New contract with Welfare and Recreational Association of 12/30 1396 Public Buildings and Grounds, Inc., approved Civil Service Commission, classification of staff under, matter placed on docket and Counsel to prepare 697 6/28 MEMO for Board consideration Memo of Counsel, letter to Commission to be prepared and Chairman will seek to get President's signature stating that it was not his intention to in713 6/30 clude Board in executive order Report of Mr. Eccles that President had sent letter, Mr. Vest to confer with Commission to advise of law and legislation upon which Board's position is 7/12 738 based Division of Examinations: Review of individual reports on surveys of examination departnents of IRBanks, and letter to each bank 11/22 1203 to be prepared Division of Issue and Redemption: Expenses of, voucher covering proposed budget for first 6 6 1/ 4 months of 1938 approved Division of Research and Statistics: Charts on bank credit, money rates and business activity, copies ordered printed for Board's use and for 830 8/ 5 sale current business outlook as affected by Discussion of 855 8/16 domestic and foreign conditions Easel for showing loose charts in Board Room, purchase author10/24 1085 ized compensation insurance, memo of Mr. Vest recommending Employees policy providing compensation and group life insurance, negotiations to be conducted with 823 8/ 5 view to eliminating group life clause Employees duties as shown by Form F. R. 370 for use by Person314 3/16 nel Committee Expenditures of Board in connection with travel outside continental United States, report to Senate Appro182 2/12 priations Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11 Pages Board of Governors of FRSystem: (Continued) Expenses, assessment on FRBanks for, resolution levying 6/15 661 Assessment on ERBanks to cover for first half of 1939, resolution levying 12/19 1304 Files: Examination of, for purpose of studying procedure employed in dealing with regulatory matters, request by Mr. Fuchs 4/19 438 Letter to Mr. Fuchs that files cannot be made available but material will be furnished for regulations in which particularly interested 504 5/ 3 Letter to Mr. Fuchs that request cannot be granted 7/19 763 Fiscal Agent: Payments to Messrs. Goldenweiser and Morse, authorized to advance for expenses of official travel 6/21 679 Voucher payments, letter to re policy to be set up as result of survey 4/20 439 Government establishment, letter to United States Employees Compensation Commission, giving opinion of Attorney General 5/13 534 Leave regulations, proposed draft adopted 2/12 183 Loose leaf service and index of Board's rulings, interpretations and instructions, letter to Mr. Hodgson submitting proposed modifications planned and requesting views 5/21 576 Letter to Mr. Hodgson re cost of various plans and placing of instructions requesting reply 6/21 680 Meeting with Chairmen of FRBanks, Messrs. Davis and Szymczak appointed on program to formulate program and submit recommendations to Board 463 4/23 Letter to Mr. Harrison that matter is receiving attention 489 4/30 Matter of deciding procedure suitable to banks to be referred to Presidents' Conference 130 2/ 1 Letter to President Harrison asking it be considered at Presidents' Conference 150 2/ 4 Memo of Secretary transmitting recommendations of Presidents' Conference 462 4/23 Letter to Mr. Harrison that matter is receiving attention' 4/30 489 Committee recommendation that Conference of Chairmen of FRBanks be held, following pattern of Presidents' Conference, approved, first meeting to be held in January, 1939, and Messrs. Davis and Szynczak to prepare agenda for meeting 10/14 1056 (See also Conferences, Chairmen of FRBanks) Meeting with Federal Advisory Council and Presidents' Conference 9/20 970 Meeting with YRBranch bank directors, memo of Secretary transmitting advice that Presidents' Conference has 462 4/23 no recommendation at this time 489 4/30 Letter to Mr. Harrison re advice of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12 Pages Board of Governors of /VSystem: (Continued) Members: Assignment of subjects for primary consideration 587 5/24 Davis, Chester C.: Appointed member of committee to formulate program for meeting of RBank Chairmen with Board at 463 4/23 periodic intervals Appointment on Personnel Committee extended from March 2/25 241 1 to April 1, 1938 Assigned subjects for primary consideration 5/24 588 Conference on business statistics, to work with Mr. 2/25 248 Goldenweiser in preparing program for Conferences, Chairmen of RBanks, requested to prepare 10/14 1058 agenda for meeting to be held in January, 1939 Meeting of directors of Denver, Oklahoma City and Omaha Branches and _MBank of Kansas City, to accept invitation to attend, FRBank to be advised 932 9/ 9 that October 20 is satisfactory Meeting of directors of FRBank of Richmond and branches at Richmond, to attempt to arrange plans to be 5/ 7 522 present Statistical information on business conditions, to work with Messrs. Szymczak and Goldenweiser on memo for improving, containing procedure to be followed, individuals consulted and draft of letter to FRBanks requesting invitations be extended to individuals in their districts to attend con1/14 61 ference prior to Presidents' Conference Memo containing procedure, draft of letter and tele1/21 95 gram to fRBanks approved Draper, Ernest G.: Appointed member of Personnel Committee for term ending 458 4/23 March 31, 1939 588 5/24 Assigned subjects for primary consideration Meeting of directors of Oklahoma City, Denver and Omaha Branches and FRBank of Kansas City, to accept invitation to attend, /RBank to be advised that 932 9/ 9 October 20 is satisfactory Meeting of MBank of Richmond directors and branch di522 5/ 7 rectors at Richmond, to attend 362 3/31 Present at Board meeting for first time Eccles, M.arriner S., Chairman: 587 5/24 Assigned subjects for primary consideration information Fair Labor Standards Act of 1938, review for of Presidents' Conference of considerations which had been given by Board, and that letter to 10/25 1095 FRBanks had been prepared Board action is needKopplemann bill, statement that no 244 2/25 ed at present, concurred in by Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13 Pages Board of Governors of FRSystem: (Continued) Members: (Continued) Eccles, Marriner S., Chairman: (Continued) Meeting of :MBank of Richmond directors and branch di522 5/ 7 rectors at Richmond, to attend Statement at Business Statistics' Conference showing necessity for such information and that purpose 270 3/ 2 of meeting was to arrive at plan for obtaining Sterilization of gold, outline of changes in policy of Treasury re, for meeting of Federal Advisory 205 2/15 Council with Board Time schedules, suggestion that immediate credit be given for items payable and short terms for other items, as regards modifying, to be dis2/25 247 cussed at Presidents' Conference Invitations: Hearings conducted by Banking and Currency Committee of Haase on Patman bill, to testify, Mr. Ransom to request it be deferred until Mi Eccles . .. 3/22 334 returns Meeting of directors of Denver, Oklahoma City and Omaha Branches and FRBank of Kansas City, Messrs. Davis, Draper and Szymczak to accept invitation to attend, ERBank to be advised that October 20 932 9/ 9 is satisfactory Meeting of FRBank of St. Louis directors at Louisville, reply to Mr. Nardin that members cannot accept 5/ 5 514 at this time Meeting of FRBank of Richmond directors and branch directors at Richmond, reply that Messrs. Eccles, Szymczak, McKee and Draper are planning definitely to attend and Mr. Davis is trying 522 5/ 7 to arrange plans McKee, John K.: Appointment of Mr. Acheson as Class C director at FRBank of Richmond in place of Mr. Sherwood, reasons 12/30 1392 for not voting on Appointment on Personnel Committee extended from March 241 2/25 1 to April 1, 1938 588 5/24 Assigned subjects for primary consideration Conditions of membership, to review standard, and recommend needed revisions with view to consistency 454 4/22 with membership reauirements of FDIC discuss Examination department of FRBank of New York, to with President Harrison the changes necessary to bring about adoption of policy which will be sat116 1/25 isfactory to Board branch diMeeting of FRBank of Richmond directors and 522 5/ 7 rectors at Richmond, to attend applicable to Modification of membership condition treatment of depreciation in securities for ex453 4/22 amination purposes left to determination of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 14 Pages Board of Governors of FRSystem: (Continued) Members: (Continued) McKee, John K.: (Continued) Regulation U, request that members consider amendment to, allowing lower margin requirements on amortized investment purchase loans with view to discussion at early date 4/22 453 Ransom, Ronald: Absorption by FRBanks of expense involved in redemption of adjusted service bonds, to confer with Secretary of Treasury re 1/ 4 3 Appointed member of Personnel Committee for term ending March 31, 1939 4/23 458 Assigned subjects for primary consideration 5/24 587 Business Statistics, outline of program of meetings in connection with plan for collecting, request that Presidents and directors enter freely in discussion 3/ 2 271 Regulation 0, amendment allowing exemption of inactive or honorary officers, statement that he wishes to be recorded as opposed to amendment should matter came up for vote during absence 896 8/31 Szymczak, M. S.: Appointed member of committee to formulate program for meeting of /11Bank Chairmen with Board at period463 4/23 ic intervals Appointment of 'Mr. Acheson as Class C director at FRBank of Richmond in place of Mr. Sherwood, 12 0 1392 /3 reasons for not voting on 587 5/24 Assigned subjects for primary consideration Business conditions, to work with Messrs. Davis and Goldenweiser on memo for improving statistical information on, containing Procedure to be followed, individuals consulted and draft of letter to IRBanks requesting invitations be extended to individuals in their districts to attend conference prior to Presidents' Confer1/14 61 ence Memo containing procedure, draft of telegrams and 1/2 1 95 letter to FREanks approved Committee on loans to small business, Chairman to request Secretary of Treasury that he be relieved 4/22 451 from further service Report of Chairman Eccles that he had advised the 466 4/23 Secretary of Treasury Conferences, Chairmen of FRBanks, requested to prepare 10/14 1058 agenda for meeting to be held in January, 1939 Oklahoma City and Omaha Meeting of directors of Denver, branches and 'MBank of Kansas City, to accept invitation and attend, FRBank to be advised 9/ 932 that October 20 is satisfactory http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 15 Pages Board of Governors of IRSystem: (Continued) Members: (Continued) Szymczak, M. S.: (Continued) Meeting of FRBank of Richmond directors and branch directors at Richmond, to attend Salaries of officers of RBanks, to study plan of classification of Salary of Mr. Dillard, to confer with Mr. Wood and Director Cummings re, in light of possible Altura changes in management before action is taken Minutes: Meetings of Board approved: December 30 December 31 January 4 January 5 January 6 January 7 January 10 January 11 January 12 January 13 January 14 January 15 January 17 January 18 January 19 January 20 January 21 January 24 January 25 January 27 January 28 January 31 February 1 February 2 February 3 February 4 February 5 February 7 February 8 February 9 February 10 February 11 February 12 February 14 February 15 February 15, with Federal Advisory Council February 17 February 18 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/7 522 12/21 1327 3/3 277 1/4 1/4 1/5 1/6 1/7 1/10 1/11 1/12 1/13 1/14 1/15 1/17 1/18 1/19 1/20 1/21 1/24 1/25 1/27 1/28 2/1 2/1 2/2 2/3 2/4 2/7 2/7 2/8 2/9 2/10 2/11 2/12 2/14 2/15 2/24 2/24 2/24 2/24 5 5 10 13 24 31 43 50 55 62 64 70 77 88 91 99 104 116 117 120 130 130 132 137 143 159 159 164 168 171 179 180 193 196 232 232 232 232 16 Pages Board of Governors of /RSystem: (Continued) Minutes: (Continued) Meetings of Board approved: (Continued) February 19 February 21 February 23 February 24 /ebraary 25 February 26 February 28, with Presidents March 1 March 1, with Presidents March 2 March 2, with Presidents and Directors March 3 March 4 March 8 March 9 March 10 March 11 March 12 March 14 March 16 March 17 March 18 March 22 March 23 March 24 March 28 March 29 March 31 April 1 April 2 April 4 April 5 April 6 April 7 April 8 April 11 April 12 April 13 April 15 April 18 April 19 April 20 April 21 April 22 April 23 April 26 April 27 • http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/24 2/24 2/24 2/25 2/26 3/1 3/1 3/2 3/2 3/3 3/3 3/4 3/31 3/31 3/31 3/31 3/31 3/31 3/31 3/31 3/31 3/31 3/31 3/31 3/31 3/31 3/31 4/1 4/2 4/4 4/5 4/6 4/7 4/8 4/11 4/12 4/13 4/15 4/18 4/19 4/20 4/21 4/22 4/23 4/26 4/27 4/28 232 232 232 248 250 257 257 273 273 278 278 280 362 362 362 362 362 362 362 362 362 362 362 362 362 362 362 368 369 374 380 389 391 394 406 410 415 423 429 433 439 443 455 466 469 473 481 17 Pages Board of Governors of IRSystem: (Continued) Minutes: (Continued) Meetings of Board approved: (Continued) April 28 April 50 May 2 May 3 May 5 May 7 May 11 May 13 May 14 May 17 May 17, with Federal Advisory Council May 20 May 21 May 24 May 26 May 27 May 31 June 1 June 2 June " 4 June 6 June 7 June 9 June 10 June 13 June 14 June 15 June 16 Tune 17 June 20 June 21 June 23 June 24 June 28 June 30 July 1 July 6 July 8 July 12 July 13 July 14 July 15 July 19 July 20 July 21 July 22 July 27 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/30 5/2 5/3 5/5 5/7 5/11 5/17 5/17 5/17 5/20 5/20 5/21 5/24 5/26 5/27 5/31 6/1 6/2 6/ 3• 6/6 6/7 6/9 6/10 6/13 6/14 6/15 6/16 6/17 6/20 6/21 6/23 6/28 6/28 6/30 7/1 7/12 7/12 7/12 7/13 7/14 7/19 7/19 7/20 8/1 8/1 8/1 8/1 486 494 499 507 515 522 538 538 538 565 565 571 584 590 593 604 607 610 613 615 627 631 642 647 652 656 662 668 672 677 682 708 708 714 721 743 743 743 747 749 764 764 770 794 794 794 794 18 Pages Board of Governors of RSystem: (Continued) Minutes: (Continued) Meetings of Board approved: (Continued) August 1 August 3 August 4 August 5 August 10 August 11 August 12 August 15 August 16 August 17 August 19 August 23 August 26 August 30 August 31 September 1 September 2 September 3 September 7 September 8 September 9 September 12 September 13 September 15 September 16 September 19 September 20, with Federal Advisory Council September 20, with rederal Advisory Council and Presidents September 21 (three) September 22 September 23 September 26 September 27 September 28 September 29 September 30 October 3 October 5 October 7 October 11 October 13 October 14 October 15 October 17 October 18 October 20 October 24 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/3 8/4 8/11 8/11 8/11 8/15 8/15 8/16 8/17 8/19 8/23 8/26 8/30 8/31 9/1 9/2 9/7 9/7 9/9 9/9 9/12 9/13 9/15 9/16 9/21 9/21 9/21 812 819 834 834 834 850 850 855 859 865 877 881 885 899 900 907 918 918 935 935 938 944 945 953 973 973 973 9/21 9/22 9/23 9/27 9/27 9/28 9/30 9/30 10/ 5 10/ 5 10/ 7 10/14 10/14 10/14 10/15 10/17 10/24 10/24 10/24 10/25 973 987 1001 1011 1011 1015 1026 1026 1036 1036 1041 1062 1062 1062 1067 1071 1084 1084 1084 1089 19 Pages Board of Governors of FRSystem: (Continued) Minutes: (Continued) Meetings of Board approved: (Continued) October 25 October 25, with Presidents October 26 October 27 October 28 October 29 October 31 November 1 November 2 November 4 November 5 November 7 November 8 November 9 November 14 November 16 November 17 November 19 November 22 November 23 November 25 November 28 November 29, with Federal Advisory Council November 30 December 1 December 2 December 6 December 7 December 8 December 9 December 10 December 13 December 14 December 16 December 17 December 19 December 20 December 21 December 22 December 23 December 27 December 28 December 29 Parking lot: Attendants house and fence, payment to F. H. Martell Co., Inc. Payment to Wilmoth Paving Company in full settlement for work done http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/27 10/27 10/27 10/28 10/29 10/31 11/ 1 11/ 2 11/ 4 11/ 5 11/ 7 11/ 8 11/ 9 11/22 11/22 11/22 11/22 11/22 11/23 11/25 11/28 11/30 11/30 12/ 1 12/ 6 12/ 6 12/ 7 12/ 8 12/ 9 12/10 12/13 12/14 12/16 12/17 12/19 12/20 12/21 12/22 12/23 12/27 12/28 12/29 12/30 1105 1105 1105 1111 1112 1118 1124 1131 1146 1150 1161 1164 1172 1204 1204 1204 1204 1204 1210 1213 1214 1226 1226 1234 1245 1246 1248 1252 1270 1274 1277 1284 1289 1293 1300 1320 1332 1340 1346 1365 1371 1385 1391 4/27 480 6/23 691 20 Pages Board of Governors of FRSystem: (Continued) Payments: Bryan, Malcolm H., FRBank of Atlanta, payment to cover expenses in connection with trip to Washington approved Policy record: Morris Plan banks, service by directors of member banks, amendment to Regulation L discontinuing permission, entry approved Rates on discounts and advances under 1RAct, changes in, entry covering action by Board with respect to approved Regulation A, revision of, entry covering action by Board with respect to approved Regulation le, amendment to, entry covering action by Board with respect to approved Regulation T, revision of, and amendment to old Regulation T, entries covering action taken by Board with respect to approved Regulation T, amendment to, entry approved Reserve requirements of member banks, reduction in, entry covering action taken by Board approved Prior service liability to Retirement System, payment in 1938 of amount scheduled to be paid in 1939 approved Payment of amount scheduled to be paid in 1939 approved Purchases, study made by Committee on Standardization and Purchase of Supplies to include Records not needed in transaction of current business, list of sent National Archives requesting they be disposed of Reserve Board Club, recreation room, plan of Club for furnishing and expenditures of Board for movable screen and carpet approved Roams allotted as recreation space for colored employees Salaries of employees, recommendations to no longer be incorporated in annual budget but individual cases considered at appropriate time on basis of separate recommendation by head of division Salaries for 1939 approved in connection with budget for 1939 Secretary's note: Bank of America National Trust and Savings Association, dividend payment, Kr. Eccles in accord with views of Board, Mr. McKee cannot be reached for expression of opinion Branch banking, statistical information as of December 31, 1937, publication in FRBulletin, advice from Mr. Ransom that he had read memo over telephone to Chairman and that he had offered no objection to publication http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/4 820 10/14 1065 1/11 47 1/11 47 2/5 157 1/6 4/20 15 442 8/15 852 12/23 1361 12/30 1396 12/23 1363 7/19 766 3/8 288 12/19 1306 342 3/23 12/23 1358 9/13 943 9/23 1001 21 Pages Board of Governors of FRSystem: (Continued) Secretary's note: (Continued) Conference of reserve bank representatives with Board's research staff for purpose of expanding statistical information on business conditions, date changed for convenience of representatives from January 31, 1938 to February 1, 1938 1/21 97 Currency deposited unassorted by member banks at night and substantially equal amount called for next morning, report that Mr. Szymczak had called Mr. Schaller for purpose of having him bring along Mr. Buss to Presidents' Conference, as operating officer familiar with details 10/14 1059 Staff: (See Staff of Board) Statement with respect to Patman bill approved and to be presented at hearing by Mr. Eccles 4/8 398 Vouchers: Meals served to guests of Board members and staff, assumption of cost of two which had not been previously authorized, approved 8/12 848 Paid vouchers, advice to Mr. Foulk, Fiscal Agent, re turning over file to General Files and procedure for monthly transfers to General Files 7/27 791 Bolt, F. C.: (See State member banks, Peoples Saving Bank of Grand Haven, Mich.) Bonds: Adjusted service, expense involved in redemption of, letter to Secretary of Treasury stating opinion that FRBanks should not be asked to absorb, action withheld on letter with understanding that Messrs. Ransom and Smead would confer with Mr. Taylor 3 1/4 Letter sent requesting discussion with Mr. Fleming, Chairman of Reimbursable Expenses Committee, and Mr. Snead before final decision is reached 1/11 48 Letter to Treasury expressing agreement with plan for reimbursing banks, with privilege of requesting deficiency appropriation should expenses continue 285 3/4 Copy of Mr. Myrick's report on procedure for handling at FRBanks of Minneapolis and Kansas City sent to FRBank of Kansas City 3/12 303 Reply to letter of Mr. Taylor that copy of his letter is being sent ERBanks 359 3/29 Letter to Treasury that FRBanks will not submit monthly claims for reimbursement but if expenses amount to substantial sum the matter will be taken up again 760 7/15 Buffalo Municipal Housing Authority, State member banks may not underwrite but have authority to purchase for purpose of investment, letter to Authority 10/17 1071 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 22 Pages Bonds: (Continued) Corporate, study being plRnned as W. P. A. project and to be conducted by National Bureau of Economic Research, Board to assign member of staff to 10/31 assist Dormitory bonds of University of Michigan held by Ann Arbor Savings and Commercial Bank are obligations of a body corporate and must be brought into conformity with law, letter to Mr. Young, FRBank of Chicago 1/13 German Government defaulted bonds, purchase of by .kirst-American Bank & Trust Co., Middletown, Ohio in violation of Revised Statutes, no objection to holding in 5/31 view of circumstances Maximum loan value under Regulation U, ruling to be published 11/ 5 in FRBulletin Premiums on, amortization of under provisions of regulation of Comptroller governing purchase of investment securities, copies of two letters from Mr. 3/24 Paulger sent IRBanks Real estate, acquired by Union Trust Co. of Maryland, possible violation of law to be taken up at next exami10/18 nation Surety: Assistant FRAgents and Alternate Assistant FRAgents, reduction in amount of, letter to IRBanks requesting expression of views as to desirability of 4/15 change Bullock, Robert W., Alternate Assistant FRAgent at RBank 1/6 of New York Carlander, John, Alternate Assistant FRAgent at Minneapolis, request that bank forward resignation promptly so that bonding company can be released from 9/21 liability on IRAgents, reduction in amount of, letter to ERBanks requesting expression of views as to desirability of 4/15 change IRAgents' Representatives, redaction in amount of, letter , to FRBanks requesting expression of views as to 4/15 desirability of change Foulk, O. E., Fiscal Agent of Board, request from Board that 4/20 it be renewed 5/13 Renewal Goldschmid, Jack Powell, FRAgent's Representative at Memphis Branch, letter to Massachusetts Bonding and Insurance Company re coverage despite transfer 7/22 from Little Rock Branch 9/27 Xohnson, John, Alternate Assistant FRAgent at Minneapolis Lally, Josephine E., Deputy Fiscal Agent of Board, request 4/20 from Board that it be renewed 5/13 Renewal http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1122 56 606 1153 352 1079 427 13 974 427 427 440 529 782 1011 440 529 23 Pages Bonds: (Continued) Surety: (Continued) Lane, Jasper A., as Alternate Assistant .bNAgent at FRBank of Boston Links, John August, RAgent's Representative at St. Louis Merritt, James H., FRAgent at Dallas Neely, Frank H., :FRAgent at Atlanta Premium paid by member bank as required by 11 USCA, Section 101 Walker, Laurie Turner, FRAgent's Representative at Louisville Branch, letter to Massachusetts Bonding and Insurance Company re coverage despite transfer from Memphis Branch Young, Owen D., FRAgent at New York Bone, Hamer T., protest against closing of Spokane Branch, reply that his telegram had been sent to FRBank of San Irancisco, that arrangements could not now be cancelled, but that IRBank would hold hearings as to whether it should be reopened Borrowiaq7s, member banks from FRBanks, secured by Government obligations, lending to full par value Bowen, Ralph W.: (See National banks, Rhode Island Hospital National Bank of Providence, Rhode Island) Boyce, Heward E.: (See State member banks, Maryland Trust Company, Baltimore, Md.) Bran 1, group and chain banking: Group banking, list of holding companies which headed up banking groups as published in YR3ulletin sent Securities and Exchange Commission Branch banking: California and West coast, conference of FDIC re, letter to FDIC that Mr. Paulger will attend Statistical information as of December 31, 1937, publication in FRBulletin approved subject to assent of Chairman Eccles over the telephone Advice from Mr. Ransom that he had read memo to Chairman and that he offered no objection Branch banks, domestic: Central Bank, Oakland, California: Alvarado, Niles and Irvington, establishment in, reply to FDIC that only suggestion is provision of adequate capital Commerce Union Bank, Nashville, Tenn.: Sparta, nonmember insured bank acquired through branch First National Bank and Trust Co., Elmira, N. Y.: Elmira Heights and Horseheads, establishment and operation approved on behalf of State bank being organized to succeed national bank Potters Bank 6'c Trust Co., East Liverpool, Ohio: Wellsville, authority granted to establish http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/1 6/28 1/12 1/6 721 709 50 13 2/4 152 7/22 2/15 782 196 0 9/3 1020 11/16 1180 3/10 295 2/23 229 9/23 1001 9/23 1001 2/23 227 3/17 317 12/28 1377 7/14 753 24 Pages Branch banks, domestic: (Continued) Wayne County Savings Bank, Honesdale, Pa., daily collections from customers in Waymart, Pa., do not constitute operation of a branch Branch banks, FRSystem: Baltimore: Bylaws, amendment to re place of directors meetings approved Directors: (See Directors) Money department, comments in examination report on situation in Staff: Cupit, John R., Cashier, salary approved Hagner, Donald F., Assistant Cashier, salary approved Johnston, John A., Assistant Cashier, salary approved Milford, W. R., Managing Director, salary approved Birmingham: Directors: (See Directors) Staff: Beavers, P. L. T., Managing Director, salary approved Urgahart, H. J., Cashier, salary approved Buffalo: Directors: (See Directors) Staff: Blakeslee, C. L., Assistant Cashier, salary approved O'Hara, R. M., Managing Director, salary approved Snow, H. W., Jr., Cashier, salary approved Wiltse, R. B., Assistant Manager, salary approved Charlotte: Bylaws, amendment to re place of directors meetings approved Directors: (See Directors) Staff: Brooks, Louis D., Assistant Cashier, salary approved Cherry, Robert L., Cashier, salary approved Clements, W. T., Managing Director, salary approved Francis, Charles E., FRAgent's Representative, salary approved Cincinnati: Directors: (See Directors) Personnel classification plan, changes in approved Staff: Geers, P. J., Assistant Cashier, salary approved Johnson, R. G., Assistant Cashier, salary approved Lazar, B. J., Managing Director, salary approved Ott, H. N., Cashier, salary approved Thomas, Elizabeth, Secretary to Managing Director and Cashier, salary in excess of maximum approved Denver: Bylaws, amendment to re time of meetings approved Copies, letter to FRBank of Kansas City requesting they be furnished Board for transmission to Mr. Hurshel E. Underhill as per his request http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/21 573 4/20 441 4/23 467 1/19 1/19 1/19 1/19 85 85 85 85 1/19 1/19 86 86 1/11 1/11 1/11 1/11 37 36 37 36 4/20 441 1/19 1/19 1/19 85 85 85 3/18 326 5/24 585 1/11 1/11 1/11 1/11 38 38 38 38 3/18 327 2/24 236 9/19 964 25 Pages Branch banks, FRSystem: (Continued) Denver: (Continued) Directors: (See Directors) Staff: Brown, S. A., Cashier, salary approved to continue temporarily in present position pending possible reassignment Tones, J. W., Assistant Cashier, salary approved to continue temporarily in present position pending possible reassignment or dismissal Dismissal of, Board offers no objection Advice to Board that notice of dismissal has been given Olson, J. E., Managing Director, salary approved Phillips, William, Assistant Cashier, transfer from Omaha Branch and salary approved Advice of date of transfer Detroit: Air conditioning, request to set up reserve now for installation next year Bylaws, amendments contained in proposed revision approved Currency counting machines, request to set up reserve now for purchase next year Directors: (See Directors) Personnel classification plan: Changes approved Changes approved Staff: Buss, R. H., Managing Director: Currency deposited unassorted by member banks, letter from, referred to at meeting and report of Secretary that Mr. Szymczak had called Mr. Schaller for purpose of bringing Mr. Buss along with him to Presidents' Conference Salary approved Chalfont, H. J., Cashier, salary approved Diehl, H. L., Assistant Cashier, salary approved Levin, Isador, Associate Counsel, appointment for 1938 approved, basis of compensation on per diem but no fixed amount El Paso: Air conditioning, Board interposes no objection to expenditure Bylaws: Proposed revision of, approved Regular meetings, amendment allowing directors to omit one during calendar year with approval of board of directors of Dallas bank Directors: (See Directors) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/14 59 1/14 1/25 59 113 2/24 1/14 233 59 1/25 2/24 113 233 12/ 8 1255 47 1/11 12/ 8 1255 10/ 3 1030 10/24 1085 10/14 1059 39 1/11 1/11 39 39 1/11 3/22 335 2/19 222 2/10 173 9/16 954 26 Pages Branch banks, FRSystem: (Continued) El Paso: (Continued) Directors' meetings, attendance fees and other allowances approved 5/3 Quarters, Board interposes no objection to expenditure for air conditioning 2/19 Staff: Hermann, J. L., Managing Director, salary approved 1/11 King, H. A., Chief Guard, no objection to retention beyond retirement age until October 1939 6/2 Page, G. C., RAgents Representative, salary approved 3/18 Sayles, Allen, Cashier, salary approved 1/11 Helena: Building, no objection to charge off at end of year 12/29 Bylaws, executive committee, amendment reducing number of members required to constitute quorum 10/ 3 Directors: (See Directors) Quarters, charge off by ERBank of Minneapolis to reduce book value approved 1/27 Staff: Hoerr, Albert A., Cashier, salary approved 1/19 Larson, Clinton J., Assistant Cashier, salary approved 1/19 Towle, Robert E., Managing Director, salary approved 1/19 Houston: Air conditioning system and other improvements and repairs, expenditure approved 12/22 Bylaws: Proposed revision of, approved 2/10 Regular meetings, amendment allowing directors to omit one during calendar year with approval of board of directors of head office 9/16 Credit information on individuals requested by Federal Housing Administration may be furnished if practicable 9/27 Reference made to, at meeting 10/25 Directors: (See Directors) Directors'meetings, attendance fees and other allowances approved 5/3 FRbank notes, destruction of, no objection to shipping to Comptroller of Currency for purpose of 3/3 Quarters: Improvements, no objection to FRBank of Dallas carrying on books and creating depreciation reserve thereon 10/17 Property adjoining rear of building, Board will interpose no objection to acquisition 3/1 Staff: DeMoss, H. R., Cashier, salary approved 1/11 Gentry, W. D., Managing Director, salary approved 1/11 Reed, I. J., FRAgents Representative, salary approved 3/18 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 501 222 41 611 327 41 1389 1034 119 87 87 87 1345 173 954 1012 1086 501 279 1071 259 42 42 327 27 Pages Branch banks, RSystem: (Continued) Houston: (Continued) Territory: Calhoun and Refugio counties, transferred from San Antonio Branch 9/22 987 Jacksonville: Building, no objection to expenditure for alterations 11/ 7 1162 Directors: (See Directors) Staff: Lanford, T. A., Cashier, salary approved 1/19 86 Vardeman, G. S., Jr., Managing Director, salary approved 1/19 86 Little Rock: Bylaws, amendments to re directors of RBank serving as branch directors, and time of directors meetings 4/ 6 389 Directors: (See Directors) Personnel classification plan, changes approved 410 4/12 Staff: Bailey, A. F., Managing Director, salary approved 1/11 40 Childers, Clay, Assistant Cashier, salary approved 6/16 664 Goldschmid, J. P., 1RAgents Representative, salary approved 3/18 327 Links, John A., fRAgents Representative, appointment and salary approved 680 6/21 Salary approved 12/30 1394 Long, M. R., Cashier, salary approved until July 31, 1938 1/11 40 Wood, Clifford, Assistant Cashier, salary approved 1/11 40 Salary as Cashier approved 663 6/16 Territory: Suggested arrangement sent Mr. Martin, FRBank of St. Louis 303 3/12 Approximate territorial boundaries, map sent Mr. Martin for consideration 503 5/ 3 Assignment of 590 5/24 Los Angeles: Directors: (See Directors) Personnel classification plan, changes approved 530 5/13 Staff: Ambrose, W. N., Managing Director, salary approved 42 1/11 Craft, H. M., Assistant Manager, salary approved 42 1/11 McRitchie, M., Assistant Manager, salary approved 42 1/11 Meyer, L. C., Assistant Cashier, salary approved 42 1/11 Louisville: Bylaws, amendments to re directors of RBank serving as branch director, and meetings of directors 389 4/ 6 Directors: (See Directors) Staff: Jenks, S. B., Assistant Cashier, salary approved 40 1/11 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 28 Pages Branch banks, IPSystem: (Continued) Louisville: (Continued) Staff: (Continued) Moore, L. A., FRAFents Representative, resignation to be effective July I Rash, Irank D., Managing Director, salary not approved, Secretary to draft letter stating amount Board would approve Letter to Mr. Nardin, FRI3ank of St. Louis giving amount Board would approve and stating reasons for not approving suggested salary Action on, deferred until Messrs. Davis and McKee can consult with Mr. Nardin in Washington Personnel Committee to confer with Mai. Nardin before action is taken Salary approved Schacht, C. A., Cashier, salary approved Walker, Laurie Turner, bond of, letter to Massachusetts Bonding and Insurance Company re coverage despite transfer from Memphis Branch Territory: Suggested arrangement sent Mr. Martin, FRBank of St. Louis Approximate territorial boundaries, map sent Mr. Martin for consideration Assignment of Memphis: Bylaws: Amendment to re director of IRBank serving as branch director Meeting date of board of directors, amendment changing to Friday before the second Thursday of each month Directors: (See Directors) Personnel classification plan: Changes approved Changes approved Staff: Belcher, S. K., Cashier, salary approved Glasgow, W. H., Managing Director, salary approved Goldschmid, Jack Powell, bond of, letter toMassachusetts Bonding and Insurance Company re coverage despite transfer from Little Rock Branch Martin, C. E., Assistant Cashier, salary approved Territory: Suggested arrangement sent Mr. Martin, IRBank of St. Louis Approximate territorial boundaries, map sent Mr. Martin for consideration Assignment of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/21 680 2/4 140 2/8 165 2/25 240 2/25 3/3 1/11 240 277 40 7/22 782 3/12 303 5/3 5/24 503 590 4/6 389 9/21 976 3/24 5/26 347 592 1/11 1/11 40 40 7/22 1/11 782 40 3/12 303 5/3 5/24 503 590 29 Pages Branch banks, FPSystem: (Continued) Nashville: Directors: (bee Directors) Staff: Employees designated as Assistant Examiners for purpose of assisting in examination of Commerce Union 3/18 Bank 1/19 Fort, Joel B., Jr., Managing Director, salary approved 1/19 Harrison, E. R., Cashier, salary approved New Orleans: Bylaws, amendment on membership of discount committee ap2/21 proved Directors: (See Directors) Personnel classification plan: 3/22 Changes approved 12/23 Changes creating new positions approved Staff: 1/19 Black, W. H., Cashier, salary approved 1/19 Clark, L. M., Managing Director, salary approved Examiners, designation of three employees as assistant 11/22 examiners for examination of a bank Frazer, H. C., salary as assistant manager will be ap12/21 proved Salary as assistant manager will be approved at 12/23 6,500 if first approved by directors Shaw, Morgan L., elected Assistant Cashier and salary 3/18 approved 7/14 Salary approved as Cashier 1/19 Vasterling, F. C., Assistant Cashier, salary approved Oklahoma City: Bylaws, copies, letter to FRBank of Kansas City requesting they be furnished Board for transmission to Mr. 9/19 Hurshel E. Underhill as per his request Directors: (See Directors) Personnel classification plan, changes in to add duties of notary public to position of Supervisor of 3/24 Custody Department approved Staff: 1/14 Daniel, C. E., Managing Director, salary approved 1/14 Mathes, R. L., Assistant Cashier, salary approved 1/14 Wunderlich, R. O., Cashier, salary approved 328 86 86 225 336 1348 86 86 1204 1327 1348 326 749 86 964 347 59 59 59 Omaha: Bylaws, copies, letter to FRBank of Kansas City requesting they be furnished Board for transmission to Mr. Hurshel E. Underhill as per his request Directors: (See Directors) Staff: Cordill, O. P., Assistant Cashier, salary approved to continue temporarily in present position pending possible reassignment Advice of reappointment as Assistant Cashier http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/19 964 1/14 2/24 59 233 30 Pages Branch banks, FRSystem: (Continued) Omaha: (Continued) Staff: (Continued) Earhart, L. H., Managing Director, salary approved Gregory, G. A., Cashier, salary approved Phillips, William, Assistant Cashier: Salary approved to continue temporarily in present position pending possible reassignment Transfer to Denver Branch, approved by Board with salary Advice of transfer to Denver Branch, salary approved by Board Pittsburgh: Directors: (See Directors) Personnel classification plan, changes approved Staff: Bolthouse, C. J., Assistant Cashier, salary approved Brown, P. A., Managing Director, salary approved Campbell, Samuel G., designated temporary assistant examiner Clouser, D. B., Cashier, salary approved Cobun, F. E., Assistant Cashier, salary approved Hein, Walter E., designated temporary assistant examiner Marshall, Madelene C., File Clerk A, salary in excess of maximum approved Peth, Emma G., Currency Sorter A, salary in excess of maximum approved Stevens, Oren C., Access Clerk, salary in excess of maximum approved Portland: Bylaws, directors, amendment providing for six on October 1, 1938 and for five effective January 1, 1939 in connection with disestablishment of Spokane Branch Directors: (See Directors) Personnel classification plan, changes approved Staff: Blanchard, J. P., Assistant Cashier, salary approved MacEachron, S. A., Assistant Manager, salary approved West, R. B., Managing Director, salary approved Territory, transfer of certain counties from Seattle zone in connection with disestablishment of Spokane Branch Salt Lake City: Directors: (See Directors) Personnel classification plan, changes approved Staff: Leisner, J. M., Assistant Manager, salary approved Partner, W. L., Managing Director, salary approved Scott, W. M., Assistant Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/14 1/14 59 59 1/14 59 1/25 113 2/24 233 5/24 585 1/11 1/11 38 38 5/11 1/11 1/11 5/11 524 38 38 524 3/18 328 3/18 328 3/18 328 9/21 975 5/13 530 1/11 1/11 1/11 42 42 42 9/21 975 5/13 531 1/11 1/11 1/11 43 42 43 31 Pages Branch banks, FRSystem: San Antonio: (Continued) Bylaws: 173 2/10 Proposed revision approved Regular meetings, amendment allowing directors to omit one during calendar year with approval of board 954 9/16 of directors of head office Directors: (See Directors) Directors' meetings, attendance fees and other allowances 5/3 501 approved Staff: 42 1/11 Crump, M., Managing Director, salary approved 42 1/11 Eagle, W. F., Cashier, salary approved Territory: Calhoun and Refugio counties, transferred to Houston 987 9/22 Branch Seattle: Bylaws, directors, amendment providing for six on October 1, 1938 and for five effective January 1, 1939 in connection with disestablishment of Spokane 975 9/21 Branch Directors: (See Directors) 531 5/13 Personnel classification plan, changes approved Staff: Bold, F. C., Assistant Manager, appointed from Spokane Branch in connection with disestablishment, salary approved until Dec. 31, 1938 and to remain temporarily in charge of RFC custodianship 975 9/21 activities in Spokane Davis, D. L., Assistant Manager, appointed from management of Spokane Branch and salary approved until December 31, 1938 with understanding adjustment will be made at that time, in connection with 975 9/21 disestablishment of branch at Spokane 43 1/11 Russell, B. A., Assistant Manager, salary approved 43 1/11 Shaw, C. R., Managing Director, salary approved Tapert, K. G., irregularity in account to be discussed 12/13 1283 with local United States Attorney Territory, transfer of certain counties to Portland zone in connection with disestablishment of Spokane 975 9/21 Branch Spokane: Disestablishment, recommendation of FRBank of San Francisco 893 8/30 approved, request to be advised of closing date and Portland branches to Changes in bylaws of Seattle provide for six directors on October 1, 1938 975 9/21 and for five effective January 1, 1939 territory from Seattle zone to Portland zone Transfer of 975 9/21 in connection with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 32 Pages Branch banks, FRSystem: (Continued) Spokane: (Continued) Disastablishment: (Continued) Press statement, none to be released by Board but notice to be inserted in 1RBul1etin, request by Board 9/21 for copy of statement to be issued by FRBank Protests against, reply to Mr. D. W. Twohy that circumstances do not justify continuance, copies to be sent Joel Ferris, Congressman Leavy and other inquirers, business firms to be advised their 8 9/2 wires are being considered Reply to Senator Bone that his telegram and others had been sent FRBank of San Francisco, that arrangements could not now be canceled, but that FRBank would hold hearings as to whether it should reopen, similar replies sent Senator Schwellen9/30 bach, Congressman Leavy and others 5/13 Personnel classification plan, changes approved Quarters, lease, no objection to negotiating for new lease 3/'3 since Board has no plans for branch's future Reopening, statement of Mr. Day at meeting of Board that hearing had been held at Spokane, but that no new information was presented or new reason ad10/26 vanced which would justify reopening Transcript of hearing held by FRBank of San Francisco, 12/20 no action to be taken by Board at this time Recommendation of directors of FRBank disapproving re12/23 establishment, approved by Board Staff: Bold, F. C., Assistant Manager: Appointed Assistant Manager of Seattle Branch and salary approved until Dec. 31, 1908 in connec9/21 tion with disestablishment of Spokane Branch 1/11 Salary approved Davis, D. L., Managing Director: Appointed Assistant Manager of Seattle Branch and salary approved until Dec. 31, 1938 with understanding adjustment will be made at that time, in connection with disestablishment of Spokane , 9/21 Branch 1/11 Salary approved Territories, description in Annual Report to be revised to show territories assigned to branches of FRBank of 5/24 St. Louis ranch banks, foreign: ' , entre]. Hanover Bank and Trust Company, New York, N. Y.: London, England, application to establish additional branch 3/24 approved Chase Bank, New York: 4/7 Hongkong, China, change in location approved 4/7 Shanghai, China, change in location approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 976 1013 1020 530 275 1103 1319 1353 975 43 975 43 590 348 391 391 33 Pages Branch banks, foreign: (Continued) Chase Bank, New York: (Continued) Tientsin, China, change in location approved 4/ 7 Chase National Bank of New York City, N. Y. Balboa, Canal Zone, Isthmus of Panama, authority granted to 11/ 5 establish branch Permission to establish independent branch instead of 11/19 branch subsidiary to Cristobal Branch National City Bank of New York, New York, N. Y.: Canal Zone, permission to establish two branches, one at 11/14 Cristobal and one at Ancon or Balboa Establishment of, authority derived from Sec. 25 and not Sec. 25(a) of FRAct, application considered confidential and copy not available, reply to Mr. 3/24 Raboy, New York Operation of, suggested legislation amending FRAct, reply to Senator Wagner inclosing revised draft of bill and stating that Board favors enactment of bill 5/13 as thus amended S. 4046, letter to Senate Banking and Currency Committee inclosing revised draft and that Board favors 6/ 6 enactment Brandon ) hynds and Tindall, FRBank of Atlanta, payment of fee for services in connection with claim against Larkin 12/29 Refrigerating Corp. approved Brielawn 3- A.: (See . T Washington Bankers Association) 'ucasting, script descriptive of FRSystem, request of National Emergency Council for, in connection with activities of a governmental nature of interest to the public, letter to FRBanks requesting 12/ 9 comments on Brown) Adelbert, employment by FRBank of Chicago to contest taxes 5/11 on bank building for 1937 BUdget: Board of Governors: 12/23 Approved for 1939 Board Members' Offices, sum added to meet expenditures for 8/ 4 remainder of year Counsel's Office: Sum added for printing and binding for remainder of car 4/19 rent year Furniture and equipment, sum added to cover cost of re10/20 pairs for remainder of year Sum added to cover purchase of books and subscriptions 11/ 5 during remainder of year Increase to provide for telephone and telegraph service 12/ 8 Division of Bank Operations: Traveling expenses, sum added to cover expenses for re10/14 mainder of year expenses during reAdditional sum to cover traveling 11/22 mainder of year approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 391 1151 1195 1176 350 532 619 1389 1271 524 1358 821 437 1083 1153 1258 1066 1206 34 Pages Budget: (Continued) Board of Governors: (Continued) Division of Issue and Redemption, voucher covering first 1/ 4 six months of 1938, payment approved Division of Research and Statistics: Printing and binding, sum added to cover cost during re8/ 5 mainder of year telephone and Sum added to cover traveling expenses, telegraph service, and purchase of books and 11/ 5 subscriptions during remainder of year to cover rental and reNonpersonal service, increase 12/16 pairs of equipment added to cover cost of Division of Security Loans, sum 3/24 printing for remainder of year Fiscal Agent's Office: Sum added to item "Rental and Repairs (Furniture and 9/ 1 Equipment)" and supplies for Sum added to cover cost of stationery 9/15 remainder of year 11/ 5 Miscellaneous Sum added to item 3/23 Salary recanmendations to no longer be incorporated in sum added to meet expenditures for reSecretary's office, 8/ 4 mainder of year FRBanks: 4/18 Examination departments, approved 5/ 5 BUffStatistical and analytical functions, approved alo Municipal Housing Authority, bonds, State member banks may not underwrite but have authority to purchase 10/17 for purpose of investment, letter to t tr_eau of Agricultural Economics: (See Department of Agriculture) ' of the Budget: eall Executive officers, loans to, made prior to June 1933, amendment to FRAct extending period during which they might be renewed, letter to, that Board sees no 4/23 objection to enrolled enactment 4/30 Letter to Mr. Harrison advising of action -baderal Deposit Insurance Corporation: Loans to banks to avert losses, amendment to YRAct extending authority, letter to that Board concurs in recomitendation of Presidents' Conference and will 4/23 offer no objection to amendment 4/30 Harrison advising of action Letter to Mr. banks to facilitate consolidations, amendLoans to insured ment to FRAct making permanent the authority of FDIC to make, letter to that Board has no objec6/15 tion " ea Of Engraving and Printing: Estimate on FRnote printing requirements for fiscal year ending 6/14 June 30, 1940 sent to 6/14 year Order for printing IRnotes during caning fiscal http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 829 1154 1292 352 906 947 1154 342 821 430 513 1071 460 488 461 489 660 655 655 35 Pages BIlreau of Engraving end Printing: (Continued) Spacial order for Rnotes for FRBank of Chicago 3/16 314 Special order for FRnotes for FRBank of Boston 352 3/24 _ SPecial order for FRnotes for IRBank of Boston 5/ 7 521 Business and credit conditions: Aspects presented by representatives of Division of Research and 11/ 7 1157 Statistics Statements of Messrs. Goldenweiser and Williams at Presidents' Conference, informal discussion of points re256 2/28 ferred to Business conditions: Report of Federal Advisory Council as to present and future 207 2/15 trends Statistical information, memo of Mr. Goldenweiser outlining procedure for improvement, to prepare another memo for consideration by Board and later by Presi20 1/ 7 dents' Conference Messrs. Szymczak, Davis and Goldenweiser to submit recommendation as to procedure to be followed, individuals consulted, and draft of letter to FRBanks requesting invitations be extended to individuals in their districts for meeting prior to 61 1/14 Presidents' Conference Memo containing procedure, draft of telegram and letter to 1/21 95 FRBanks approved Chairmen of FRBanks to be communicated with and advised which Class C director Board has chosen as rep177 2/11 resentative to conference BlIsinass forecasts discussed by Conference of Class C directors and 273 3/ 2 Presidents of FRBanks, not to be made BIleiness outlook as affected by domestic and foreign conditions, discussion by staff of Division of Research and 8/16 855 Statistics B4sinesa statistics, conference with Class C directors and Presi3/ 2 269 dents of .FRBanks on gathering information on )3Ylaws: Baltimore Branch, amendment to re place of directors' meetings 441 4/20 approved Charlotte place of directors meetings Branch, amendment to re 441 4/20 approved 236 2/24 Denver Branch, amendment to re time of meetings approved Detroit Branch, amendments contained in proposed revision ap47 1/11 proved El Paso 173 2/10 Branch, proposed revision approved Regular meetings, amendment allowing directors to omit one during calendar year with approval of board of 954 9/16 directors of head office 156 2/ 5 committee approved FRBank of Atlanta, amendments re executive http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 36 Pages Bylaws: (Continued) iRBank of Dallas branches, regular meetings, amendment allowing directors to omit one during calendar year with approval of board of directors of head office FRBank of Kansas City: Amendments to, Board interposes no objection with understanding that the matter may be reconsidered whenever a new Chairman and FRAgent is designated Branches, copies, letter to FRBank of Kansas City requesting they be furnished Board for transmission to Mr. Hurshel E. Underhill as per request FRBank of Minneapolis, minor changes adopted, approval of Board not necessary, but reasons for change giving officers power to determine hours of business requested FRBank of St. Louis, branches, amendment to providing that no director of FRBank shall be director of branch of that bank at same time Helena Branch, executive committee, amendment reducing number of members required to constitute quorum Houston Branch: Proposed revision approved Regular meetings, amendment allowing directors to omit one during year with approval of board of directors of head office Little Rock Branch, amendments to re directors of /RBank serving as branch directors, and meetings of directors LoUisville Branch, amendments to re directors of FRBank serving as branch directors, and time of meetings of directors Memphis Branch: Amendment to re director of IRBank serving as branch director Meeting date of board of directors, amendment changing to Friday before the second Thursday of each month New Orleans Branch, amendment on membership of discount committees approved Portland Branch, directors, amendment providing for six on October 1, 1938 and for five effective January 1, 1939 in connection with disestablishment of Spokane Branch San Antonio Branch: Proposed revision approved Regular meetings, amendment allowing directors to omit one during calendar year with approval of board of directors of head office Seattle Branch, directors, amendment providing for six on October 1, 1938 and for five effective January 1, 1939 in connection with disestablishment of Spokane Branch http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/16 954 1/10 33 9/19 964 12/22 1343 4/6 389 10/ 3 1034 2/10 173 9/16 954 4/6 389 4/6 389 4/6 389 9/21 976 2/21 225 9/21 975 2/10 173 9/16 954 9/21 975 37 Pages BYrnes, James F., United States Senate, request to Board for report on Bill 8-2171 Report sent to Senator Wagner C afeteria, Board of Governors: Economies to be effected in operation, including purchase of silver burnishing machine, approved as set forth in memo from Mr. Spurney Meals served Canadian Minister and Deputy Governor of Bank of Canada, payment of cost authorized Operation of, new contract with Welfare and Recreational Association of Public Buildings and Grounds, Inc. covering operation of cafeteria, snack bar, etc., approved elate luncheon and soups, increase in prices approved also Luncheons) Calendar, rider, reform, letter to torld Calendar Association Incorporated approving of calendar reform California: Branch banking situation, conference of FDIC re, letter to that Mr. Paulger will attend 10 nia Bankers Association: California State Retirement Life Payments Act, request for ruling on refusal of member banks and khBanks to handle warrants, reply that Board cannot issue rulings on hypothetical questions C&11f0rnia Security Dealers Association: PaYing for purchase in special cash account by selling another security, question of R egulation T, letter from FRBank of San Francisco in answer to questions re, Board is in accord with answers but bank should refrain from stating that answers are subject to approval and review by Board and just state they are opinion of the bank or officer signing California State Retirement Life Payments Act, refusal of Board to rule on handling of compensation warrants if Calla,,issued under VicB.: (See National banks, Victoria National Bank, CaPitaltoria, Texas) deposits should be Position of State member banks, ratio to based on total deposits that there ex" C illeY, Hattie W., United States Senate, letter to covering false ists no Federal criminal statute affecting reports as to financial condition or solvency of member bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/14 1/25 59 114 10/14 1061 8/19 871 12/30 1396 10/14 1061 11/19 1198 2/23 229 9/19 963 11/17 1190 5/20 567 9/19 964 2/ 8 167 3/16 314 36 Pages Central Statistical Board: Federal Government statistical organization, letter to Mr. Marvin McIntyre that it should be retained to collect non-administrative statistics but that decentralized form of statistical organization 11/ 1 1129 should be preserved Certificates, examiners of Board, change in wording limiting authority to FRBanks, member banks and foreign 12/17 1296 banking corporations Charge offs: FRBank of Atlanta, to offset cost of improvements and repairs 12/23 1361 to building IRBank of Boston, reserve set up anticipating losses on industrial advances, approval of Board to set aside such reserve in effect constitutes an approval 294 3/10 to charge off loss, copy of letter sent FRBanks FRBank of Chicago, land on which building is located, change in 12/ 8 1255 figures suggested 12/23 1362 To reduce book value of lend FRBank of Minneapolis: Helena Branch building, charge off to reduce book value 119 1/27 approved To reduce book value of Helena Branch building and site 12/23 1362 12/29 1389 No objection to end of year charge off Genessee Valley Trust Company, Rochester, N. Y., banking house, monthly charge offs to eliminate losses, to be considered as compliance with condition of 2/3 138 membership numbered 8 be received laza Bank of St. Louis, Mo., creditors notes to under reorganization of Union Trust Co. of 56 1/13 Cleveland extension of time Wyandotte Savings Bank, Wyandotte, Mich., 787 7/27 within which to make Charts: Bank credit, money rates, and business activity, copies ordered 830 8/5 printed for Board's use and for sale goods, advice to DepartEsttmated expenditures for new durable objecment of Agriculture that Board offers no made by Mr. Terborgh, tion to use of estimates with understanding that figures will be at862 8/17 tributed to him and not to Board culsre: Board of Governors: letter from Adjusted service bonds, redemption of, copy of outlining plan for retmbursement of Mr. Taylor 359 3/29 IRBanks by Treasury sent to FRBanks of Bankrupt estates, acceptance and holding in safekeeping pledged as collateral to deposits of 12/ 7 1250 securities Banks requiring attention, letter to IPBanks requesting list with corrective action planned in each case, and subsequent reports on progress, ac427 4/15 tion deferred by Board for present http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 39 Pages Circulars: (Continued) Board of Governors: (Continued) Bonds covering IRAgents, Assistant and Alternate Assistant IRAgents, and FRAgents' Representative, reduction in amounts, letter to FPI:auks requesting expression of views as to desirability of change 4/15 Cash end noncash collection circulars of FRBanks, changes in recommended by Presidents' Conference, letter to FRBanks that Board has deferred action pending further changes by next Presidents' 5/5 Conference Cash items, recommendations of Standing Committee on Collections, Board concurs in action of Presidents' 12/19 Conference loans, advances to proCollateral security for industrial tect should be included in amounts advanced as 2/14 reported on Form B-23, letter to FRBanks by :tRBenks, uniform form Cannissions of examiners issued 12/29 submitted Securities Regulation, interpretaComptroller's Investment tion of section dealing with purchase of securities convertible into stock at option of holder or with stock purchase warrants attached, copy 9/8 sent FRBanks Condition reports, forms and instructions for next call 12/22 tranmitted to FRBanks Conditions of membership in rRSystem, standard condition revised to comply with Regulation F as amended, State member banks compliance with to be considered meeting condition #5 of Regula1/18 tion H, letter to FRBanks Conference on business statistics, Chairmen of FRBanks to be communicated with and advised which Class 2/11 C directors Board has chosen representative Conference of examination department heads of FRBanks, letter to FRBanks that conference will be held in fall to consider exRmination procedure agreement 8/19 and revised examination report as date and requestLetter to FRBanks setting October 17 9/8 ing suggested topics be forwarded if postponement until October Telegram to FRBanks asking 10/ 5 31 is suitable 10/ 7 until October 31 Postponament 10/14 Copy of program sent Presidents of 1RBanks Currency deposited unassorted in FRBanks by member banks at night and substantially equal amount called for next morning, letter to FRBanks requesting advice re progress in curbing practice, whether bank anticipates results as accomplished by Detroit Branch, names of banks engaging in practice, and what annual saving would result 10/ 7 if it were abolished http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 427 513 1303 194 1389 925 1344 79 176 870 929 1040 1044 1064 1042 40 Pages Circulars: (Continued) Boerd of Governors: (Continued) Currency deposited unassorted in IRBanks: (Continued) 10/14 Reference made to letter at meeting Efforts to be continued to eliminate abuses by indi12/20 vidual member banks Currency shipments, reciprocal arrangements to allow shipments by RBanks to member banks in adjacent district without cost, Board will interpose no objection to plan of Presidents' Conference, 4/ 7 letter to FRBanks Debiting of Transfer Tax Incident to Reborrowing of Securities Sold Short Under Regulation T, ruling to be published in FRBulletin, copy sent FRBanks for distribution to national securities ex1/19 changes Demand deposits, capital ratio based upon total deposits and 2/ 8 not on net deposits, letter to RBanks Depreciation in securities, classification in reports of examinations, method of determining depreciation in each group following examination procedure 9/ 3 agreement sent IRBanks agreement applicable Treatment for examination purposes, to membership applicants same as to member banks 10/29 Destruction of records by FRBanks, fiscal agency and depositary forms to be listed and continuing author12/14 ity for destruction to be sought banks of all rulings re RegulaDistribution to nonmember tion U that have appeared in FRBulletin, letter to RBanks requesting that they make such dis1/ 6 tribution and offering to furnish copies Earnings end dividends of State member banks, supply of .tom 107 to be used by State member banks sent 12/22 to FRBanks forms for trust departments of State Examination report member banks, revised form approved, ordered distributed to FRBanks and cost of printing 8/23 prorated among FRBanks Copies sent FRBanks with advice that supply is teing 8/26 forwarded by express of prorating, Letter to FRBanks giving cost and method and requesting estimate as to what cost would 10/11 have been to prepare own forms to FRBanks that Examinations of State member banks, letter they should be conducted by examiner rather than by assistant examiner and report signed 4/26 by examiner or honorary officers, revision Executive officers, inactive of definition allowing exemption from Regulation 0, letter to FRBanks to be prepared requesting expression of views and suggestions, 8/31 Mr. Ransom opposed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1059 1323 393 89 167 912 1114 1286 16 1344 876 882 1046 472 896 41 Pages Circulars: (Continued) Board of Governors: (Continued) Executive officers: (Continued) 9/3 Letter sent Fair Labor Standards Act of 1938, instructions as to procedure to be followed until applicability of Act to FRBanks can be determined, letter and 10/25 memo sent FRBanks Federal savings and loan associations, purchase of stock by member banks and retention of shares acquired prior to membership, letter to FRBanks containing excerpt from letter to Federal Home Loan 6/6 Bank Board Fiscal agency operations of RBanks, Board's representatives to visit FRBanks for purpose of bringing 3/29 about greater uniformity in charge made for by FRBanks apGraduate School of Banking, participation 12/28 proved T, ruling Guarantees of Accounts Under Revised Regulation to be published in FEBulletin, copy sent FRBanks with permission to distribute to na1/18 tional securities exchanges company affiliates holding general voting permits, Holding must submit condition reports in future, letter to FRBanks and required forms to be pre6/21 pared 6/23 Letter to FRBanks 12/23 Forms for use in obtaining annual reports Holidays at FRBanks, request that November report show official opening and closing hours at banks and branches and subsequent reports advise of any 9/26 changes Interlocking directorates under Banking Act of 1935, extension of effective date not favored, RBanks g/3 to be advised Reference made to letter to FRBanks that Board does not 11/ 4 favor FRBanks re action taken Leased Wire Committee, letter to with respect to recommendations as submitted 4/13 by System, amendment to regulations governing Leased Wire 5/2 wire transfers of funds, copies sent FRBanks FRBank employees, uniform arrangement for reportLoans to 5/20 ing sent FRBanks requesting views National securities exchanges' member firms exclusive of members of New York Stock Exchange need only 9/15 file reports semi-annually, letter to FRBanks in uniform Noncash collection circulars of FRBanks, changes 12/17 paragraphs approved objection Noncash items, routing to other IRDistricts, no to including words "and nonmember clearing 12/30 banks" in circulars of ARBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 912 1096 617 359 1381 80 677 685 1356 1008 800 1137 416 496 570 946 1296 1395 42 Pages Circulars: (Continued) Board of Governors: (Continued) Pamphlet descriptive of IRSystcm, copy of draft sent Presidents of RBanks with requests for comments on form and content, and best plan for 10/14 1059 publishing and distributing Premiums on bonds, amortization of under provisions of Comptroller's regulations governing purchase of investment securities, copies of two letters 3/24 352 from Mr. Paulger sent FRBanks Rates on advances to individuals, partnerships and corporations, advice to FRBanks of rate proposed 376 4/ 5 by FRBank of Boston, letter to be prepared 395 4/ 8 Letter prepared and sent Reference of matters to Government agencies by FRBanks, letter requesting all such matters to be first 1 1/ 4 sahmitted to Board to be prepared 1/24 110 Letter to FRBanks prepared and sent Discussion of memo sent by President Harrison, /RBank of New York, to Secretary of State in light 11/ 4 1144 of request, agreed that no action be taken Regulation L, amendment discontinuing permission for service by director of member bank to Morris Plan 898 8/31 bank, /RBanks to be advised Regulation T, amendments re special cash accounts and special miscellaneous accounts, conies of proposed amendments sent RBanks and Securities and Exchange Comnission with request for com11/ 4 1141 ments Reserve cities, changes in designation, letter to RBanks requesting they write Reserve city member banks asking if there is objection to terminating the 367 4/ 1 designation of that city in, copies Reserve requirements of member banks, reduction of supplement and press release sent FRBanks for 420 4/15 release to member banks industrial advances, Reserves set up anticipating losses on approval of Board to set aside such reserve in effect constitutes an approval to charge off 294 3/10 loss, copy of letter sent FRBanks Rulings: Extension of Time by Business Conduct Committees in connection with Cash Transactions under Revised Regulation T, sent /RBanks with permission to distribute copies to national securities exchanges and advise that it will appear in 1/ 4 IRBulletin of law or regLetters to FRBanks containing, provisions ulation referred to to be incorporated in body of letter or attached thereto, letter to FRBanks 3/24 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7 351 43 Pages Circulars: (Continued) Board of Governors: (Continued) Rulings: (Continued) Time When Guarantee Is Filed with Secretary of Exchange, copy sent FRBanks for distribution, to national securities exchanges with notice not to release 320 3/17 until specified date . T, list of Rulings and interpretations under Regulation 159 2/ 7 those still applicable sent FRBanks while in service, Salaries of officers and employees dying payment only to and including date of death al815 8/ 3 lowed hereafter, ruling re change in procedure for apSalaries of officers at FRBanks, 12/28 1372 proving and employees of School boards, service to by officers IRBanks, questions may hereafter be decided by 659 board of directors of RBanks, letter to FRBanks 6/15 by National EmerScript descriptive of RSystem for use gency Council in broadcasting activities of governmental character of interest to the pub12/ 9 1271 lic, requesting comments of .ERBanks on departments, State member banks amending ar2ma1l loan ticles of incorporation to provide for special plan banking, letter to FRBank of Cleveland that bank need not obtain Board's pernission under general condition of membership, copy 10/14 1064 sent IRBanks Special Miscellaneous Account Under Revised Regulation T, ruling to be published in /RBulletin, copy sent FRBanks for distribution to national securities 89 1/19 exchanges Statistical information collected on business conditions, improvement of, Messrs. Szymczak, Davis and Goldenweiser to submit recommendation as to procedure to be followed, individuals consulted and draft of letter to IRBanks requesting ininvitations be extended to individuals in their districts to attend meeting prior to Presidents' 61 1/14 Conference draft of telegram and letter MAme containing procedure, 95 1/21 to FRBanks approved on national securities exchanges, list Stocks registered of, letter to .aBanks advising that Board will publish and requesting estimates as to supply 198 2/15 needed Surveys of legal divisions at FRBanks, memo of Mr. Dreibelbis, Messrs. Morrill and Dreibelbis to prepare resolution embodying and draft letter to 563 5/20 FRBanks conveying suggestions 633 6/ 9 Letter sent http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 44 Pages Circulars: (Continued) Board of Governors: (Continued) War in Europe, steps to be taken by FRSystem in event of outbreak, to ease shock to country, Kr. Goldenweiser to prepare draft of letter to FRBanks Federal Advisory Council: Questionnaire on how RSystem can increase scope of services to member banks, report of committee containing replies to be sent ERBanks Letter requesting to be advised of Council's conclusions after consideration FRBank of Atlanta: Havana Agency, discontinuance, .proposed letters to Secretary of Treasury of Cuba, members of Havana Clearing House and branches of foreign banks, and ExportImport Bank approved FRBank of Minneapolis: Check collection circulars, issuance, advised to defer in view of contemplated changes at next Presidents' Conference /RBanks: Cash and noncash collection circulars of RBanks, changes in recommended by Presidents' Conference, letter to FRBanks that Board has deferred action pending further changes by next Presidents' Conference Cheek collection circulars, issuance, RBank of Minneapolis advised to defer in view of contemplated changes at next Presidents' Conference Noncash collections, changes in uniform paragraph approved Ci vil Service Commission: Steff of Board, classification under, matter placed on docket and Counsel to prepare memo for Board consideration Memo of Counsel, letter to Commission to be prepared and Chairman will seek to get President's signature stating it was not his intention to include Board in executive order Report of Mr. Eccles that President had sent letter, Mr. Vest to confer with Commission to advise of law and legislation upon which Board's position is based Cl earing and collection: Absorption of exchange and collection charges by certain member banks, report of Mr. Ransom of developments with respect to of exchange charges by National Bank of Commerce of Absorption Lincoln, Nebr., letter to Comptroller requesting more information to be granted officer of bank Hearing http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/28 1014 5/17 549 8/ 3 811 8/16 857 9/16 954 5/ 5 513 9/16 12/17 954 1296 6/28 697 6/30 713 7/12 738 12/ 6 1242 798 8/ 3 12/28 1379 45 Pages leering and collection: (Continued) Cash and noncash collection circulars of FRBanks, changes recommended by Presidents' Conference, letter to FRBanks that Board has deferred action pending further changes at next Conference of Pres513 5/ 5 idents Cash items, recommendations of Standing Committee on Collections, Board concurs in action of Presidents' 12/19 1303 Conference Check collection circulars, issuance, TRBank of Minneapolis advised to defer in view of contemplated changes 954 9/16 at next Presidents' Conference Check collection service, changes in services rendered by FRBanks, memo of Mr. Smead re problems being considered by Standing Committee on Collections of Presidents' Conference in connection with cash items and calling attention to Richmond 865 8/19 meeting of committee Changes in services rendered by FRBanks, review of Mr. bmead of discussions at Richmond meeting of Standing Committee on Collections of Presidents' Conference and outline of conclusions as to needed 881 8/26 changes of Presidents' Conference, Standing Committee on Collections report recommending changes, statement of Mr. Harrison that report had been referred back to committee for further study of expense involved in putting recommendations into effect and increased volume of business resulting, and that another meeting of Conference would be called 10/25 1094 to consider Check collection system, changes in to simplify and make more acceptable to banks, suggested as topic for dis229 2/23 cussion at Presidents' Conference Eccles that question of giving immediate Suggestion of Mr. credit for items payable and short terms for other items be considered in discussion of time 247 2/25 schedules for simplification of system Changes recommended by Standing Committee on Collections disapproved by Presidents' Conference, memoran12/ 9 1268 dum of Nil% Smead on committees Check collections and nonmember clearing accounts, appointed by Presidents' Conference to consider, letter to Mr. Harrison, Chairmen of Presidents' Conference that Mr. Smead had been designated to serve as point of contact between committees 332 3/18 and Board to including words "and nonCirculars of IRBanks, no objection 12/30 1395 member clearing banks" http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 46 Pages Clearing and collection: (Continued) Cost per item of cash and noncash collection items handled at San Antonio Branch, should not be shown in paper 1/17 to be prepared by employee of FRBank of Dallas Draft drawn by Wenceslao Escalante on National City Bank of New York, letter to Frank T. Neely re best procedure for collecting, and copy sent FRBank of New York with statement that Board will offer no objection 10/17 to collection in that manner Interdistrict time schedules: Changes in for cash items to reduce the periods prescribed by the schedule before the proceeds of collection items are made available, possible effects on reserves of member banks, discussed and 2/ 8 placed on docket for further consideration FRBank of San Francisco and branches to other FRBanks and 9/23 branches, changes approved Modification of, to simplify check collection, suggested 2/23 as topic for Presidents' Conference Suggestion of Chairman Eccles that question of immediate credit to member banks on items payable and short terms for other items be considered in dis2/25 cussion of time schedules Question of allowing Immediate credit on items payable and short terms for other items, suggestion of Presidents that farther study be made by Board and RBank officers, joint committee of Board and 3/ 1 Presidents to formulate report Items drawn on cooperative credit associations in payment of Social Security taxes, answer to inquiry of H.W. Kendall re inability of FRBank of Kansas City 6/10 to clear Items offered for credit, recommendation of Federal Advisory Council for elimination of requirement of sort11/29 ing and distribution of Commerce of Lincoln, Nebraska, absorption of National Bank of 12/13 exchange charges by, letter to Mr. Upham on circulars of FRBanks, chang,es in uniform Noncash collection .12/17 paragraphs approved Shipping charges in handling negotiable securities received, absorption by FRBanks, no objection to recom5/ 5 mendation of committee Soliciting of collection items by banks from their correspondent banks on basis of crediting proceeds at earlier date than would be possible by FRBanks, discussion of steps to meet situation and matter 2/ 8 placed on docket Discussion at meeting of Federal Advisory Council with 2/15 Board, committee to prepare report http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 75 1073 163 1003 229 247 264 644 1219 1282 1296 514 163 205 47 Pages Clearing and collection: (Continued) 497 2 Telegraphic transfers of funds, changes in regulations governing 5/ Federal Advisory Council that Unpaid items, recommendation of 11/29 1220 they should be returned more promptly and political subdivisions, risks inWarrants drawn on State curred by FRBanks in collecting, to be referred 12/ 9 1270 to Standing Committee on Collections c. L.: (See Holding company affiliates, Peoples Trust Co., Cobb, Rock Hill, S. C.) code book, letter to Mr. Schaller suggesting changes and discussing 11/17 1191 Cotplans for printing fee, Harry B., House of Representatives, letter to in answer to inquiry of H. W. Kendall re inability of FRBank of Kansas City to clear items drawn on cooperative credit associations in payment of Social 644 6/10 Security taxes Col lateral security: Industrial loans, advances to protect should be included in amount of 1RBank funds advanced as reported on 194 2/14 Form B-23, letter to FRBanks of collateral is prohibited Loan in excess of maximum loan value by Regulation U and cannot be made lawful by subsequent change in loan value of collateral or 774 7/20 by pledge of additional collateral Coliity, 6 Charles W., request for information re telegram from Mr. Giannini to Board asking hearing, and requesting action be deferred, Mr. Vest to advise that tele983 /2 9 1 gram had been received Telegram from Mr. Giannini that he is not authorized to ask for deferment of action in dividend payment case of 986 9/22 Bank of America N. T. & S. A. (See also Dividends, Bank of America National Trust and Savings Association, San Francisco, Calif.) Cmm. cLuissioner of Banking and Insurance for State of New Jersey: New Jersey Title Guarantee and Trust Company, Jersey City, New Jersey, condition, letter to FDIC acknowledging receipt of copy of letter sent to, and that Board will submit comments and suggestions after 11/ 4 1147 consideration c°mmittees: American Bar Association: Committees on Administrative Law, Mr. Wyatt authorized to attend annual meeting for purpose of discussing 764 7/19 report of tures of Appropriations Committee, United States Senate, expendi in connection with travel outside contiBoard 182 2/12 nental United States, report sent to Banking and Currency Committee of House: branches of naH.R. 10845, limiting liability of foreign that bill should tional banks, to be advised provide for notice to depositors or creditors 628 6/ 7 before affecting rights • http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 48 Pages Cm mittees: (Continued) Banking and Currency Committee of House: (Continued) Patman bill, invitation to Board members to testify at hearing on, Mr. Ransom to request it be deferred 3/22 until Kr. Eccles returns to present general statement at hearing, folChairman 3/29 lowing which members will appear individually Goldenweiser to explain RSystem at hearing on, followed by Chairman who will present Board's view 4/ 5 of bill, then individual Board members Hearings on, statement expressing Board's opinion ap4/ 8 proved, Chairman Eccles to present Banking and Currency Committee of Senate: Charitable contributions, amendment to :RAct allowing, letter to that Board does not approve S. 4022 as to 5/17 FRBanks Foreign branches of banks operating under FRAct, reply to, inclosing revised draft of bill and stating that Board favors enactment of bill as thus 5/13 amended 8-2171, request to Board for report on, Messrs. Wyatt, Morrill and Goldenweiser authorized to prepare 1/14 for Board consideration 1/25 Reply to Senator Wagner approved for Board's opinion pendS. 3575, request of Senator Glass ing meeting of committee, reply to that Board has grave objections and request for opportunity 5/ 2 to appear at hearings Federal Home Loan Bank Act, FRAct, and S. 3874, to amend National Housing Act, Counsel to prepare report 5/24 for 5/27 Letter sent inclosing revised draft to which Board S. 4046, letter to 6/ 6 offers no objection Board of Governors: Chairmen of FRBanks meeting periodically with Board, Messrs. Davis and Szymczak appointed to formulate program 4/23 and submit recommendations to Board Committee: Personnel 5/24 Assigned subjects for primary consideration Davis, Chester C., appointment extended from March 1 to 2/25 April 1, 1938 31, Draper, Ernest G., appointment for term ending March 4/23 1939 to disEmployment of Mrs. Kitzmiller on temporary basis, 1/19 cuss matter of compensation in regard to from March 1 to McKee, John K., appointment extended 2/25 April 1, 1938 amended to run Members, terms of appointive members from April 1 of each year, those not designated on executive committee of Federal Open Market 2/25 Committee to serve on S http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 334 357 378 398 541 540 59 114 494 580 598 619 463 589 241 458 83 241 241 49 Pages Conrdttees: (Continued) Board of Governors: (Continued) Personnel Committee: (Continued) Ransom, Ronald, appointment for term ending March 31, 1939 of ivir. Rash at Louisville Branch, to confer with Salary Mr. Nardin when he is in Washington Salary increase of Mr. Dillard, to confer with Mr. Schaller when he is in Washington COMp etitive practices between Federal Savings and Loan Associations and commercial banks, committee of interested organizations to he set up in each State to snooth out differences of Records, report containing recommendation that Destruction Board seek continuing authority from the joint Congressional Committee for destruction of certain fiscal agency and depositary records, approved by Presidents' Conference Federal Advisory Council: City banks' services to correspondent banks in competition with ERBanks, committee to draft report for next meeting Credit requirements, question whether banks were adequately meeting in their respective communities, to confer with Secretary of Treasury on ±unction of Council as part of IRSystem and types of topics which should be discussed, committee appointed to draft statement for consideration at next meeting Report of committee Federal Open Market: Policy record: Entries covering action taken on December 1, 1937 approved Drafts of entries sent to members of Committee Entries covering actions taken at meetings on August 2 and September 21, 1938, drafts sent members of Committee with request for comments or suggestions Entries covering action taken at meetings on March 1, April 22, and April 29, 1938, approved Entries approved /RBenk of Atlanta: Executive, amendment to bylaws on membership on EPBank of tioston: Stockholders advisory committee, inquiry on effectiveness and need for continuation of conmittee Helena Branch: Executive, amendment to bylaws reducing number of members required for quorum http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/23 458 2/25 240 /25 2 243 7/ 8 736 12/14 1285 2/15 205 11/29 1224 2/15 5/17 201 544 2/25 8/26 249 884 10/14 1065 10/27 11/16 1108 1185 2/ 5 156 12/ 8 1257 10/ 3 1034 50 Pages Comm4ttees: (Continued) Industrial Advisory: FRBank of Atlanta: Forsyth, A. R., disqualified for appointment as member because of retirement from business, appointment of successor postponed French, W. W., appointment for unexpired portion of term ending February 1939 approved Lockett, A. M., reappointed for year 1938 Milner, I. C., reappointed for year 1938 Sanford, John E., reappointed for year 1938 Winship, George, reappointed for year 1938 FRBank of Boston: Carter, Winthrop L., reappointed for year, 1938 Creighton, Albert M., reappointed for year 1938 Dennett, Carl P., reappointed for year 1938 Draper, Paul A., reappointed for year 1938 Graham, Edward M., reappointed for year 1938 FRBank of Chicago: Epstein, Max, reappointed for term of one year Hernischfeger, Walter, appointed for one year term Monroe, R. R., reappointed for one year tern Moxley, G. Barrett, reappointed for one year term Young, George W., reappointed for one year tern FRBank of Cleveland: Davies, D. R., reappointed as member Folsom, E. C., reappointed as member Neff, Herman R., reappointed as member Smythe, Y. A., reappointed as member Swander, D. C., reappointed as member FRBank of Dallas: Cullum, T. M., reappointed for year 1938 Ferguson, Lewis R., reappointed for year 1938 Marsh, W. B., reappointed for year 1938 Moore, C. R., reappointed for year 1938 Ousley, Clarence, reappointed for year 1938 1RBank of Kansas City: Berkowitz, Walter J., reappointed for year 1938 Forrester, D. .bruce, reappointed for year 1938 Gray, R. L., reappointed for year 1938 Miller, Ed. S., reappointed for year 1938 Rooney, L. F., reappointed for year 1938 FRBank of Minneapolis: Bush, John M., reappointed for year 1938 Follett, Clarence O., reappointed for year 1938 Miller, Albert L., reappointed for year 1938 1938 Wood, Sheldon V., reappointed for year York: FRBank of New 1938 Beach, Herman K., reappointed for year G., reappointed for year 1938 Nelson, Arthur http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/17 210 3/17 2/17 2/17 2/17 2/17 316 210 210 210 210 1/19 1/19 1/19 1/19 1/19 88 88 88 88 88 1/12 1/12 1/12 1/12 1/12 51 51 51 51 51 5 5 5 5 5 154 154 154 154 154 2/18 2/18 2/18 2/18 2/18 218 218 218 218 218 1/27 1/27 1/27 1/27 1/27 118 118 117 118 118 1/19 1/19 1/19 1/19 88 88 88 88 2/10 2/10 172 172 2/ 2/ 2/ 2/ 2/ 51 Pages Co mpittees: (Continued) Industrial Advisory: (Continued) FRBank of New York: (Continued) Noble, Edward J., reappointed for year 1938 Pouch, William H., reappointed for year 1938 Reynolds, Francis B., reappointed for year 1938 FRBank of Philadelphia: Butterworth, J. Ebert, reappointment as member Chipman, John S. reappointment as member McDade, John T., reappointed as member Mechling, B. F., reappointed as member Prentis, H. W., Jr., reappointed as member FRBank of Richmond: Dennis, Overton D., reappointed for year 1938 Holtzclaw, J. G., reappointed for year 1938 Manning, William L., reappointed for year 1938 Probest, George E., Jr., reappointed for year 1938 Stuart, Walker D., reappointed for year 1938 Faank of St. Louis: Finch, M. E., reappointed for year 1938 Gray, Henry S., reappointed for year 1938 Norris, Wm. K., reappointed for year 1938 VanDyke, Jacob, reappointed for year 1938 Weil, Maurice, reappointed for year 1938 FRBank of San Francisco: Burnside, Ralph, reappointed for year 1938 Crandall, Shannon, reappointed for year 1938 Industrial loans, effect of labor conditions on, letter from Chairman referred to National Labor Relations Board Nichols, Henry D., reappointed for year 1938 Rawlings, Stuart L., reappointed for year 1938 Starr, Walter A., reappointed for year 1938 Interdistrict time schedules, joint committee of Board and Presidents to study question further and formulate report Leased wire: Recommendations as submitted in report, letter to FRBanks re action taken by Board with respect to Wire transfers, amendment to regulations following recommendation of, copies sent FRBanks Loans to small business, Chairman to advise Secretary of Treasury that proposed plan is not desirable and request that Mr. Szymczak be relieved from further service Report of Chairman Eccles that he had advised Secretary of Treasury New York Committee on Interstate Cooperation, request that Board suggest problems in banking regulations in agenda for Third Regional Conference on Uniform Banking Practices http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/10 2/10 2/10 172 172 173 2/ 2/ 2/ 2/ 2/ 5 5 5 5 5 154 154 154 154 154 2/17 2/17 2/17 2/17 2/17 210 209 210 210 210 2/ 2/ 2/ 2/ 2/ 2 2 2 2 2 132 132 132 132 132 2/10 2/10 173 173 4/22 2/10 2/10 2/10 454 173 173 173 3/ 1 264 4/13 416 5/2 496 4/22 451 4/23 466 12/ 6 1244 52 Pages Co mittees: (Continued) Nonnember clearing accounts, joint committee of Board and Pres3/ 1 idents to study and formulate report on Presidents' Conference: Check collections, letter to Mr. Harrison, Chairman of Presidents' Conference that Mr. Smead has been designated to serve as point of contact between coin3/18 mittee and Board Committee on Free Services: ERBanks' services to member banks, requested to undertake survey of services rendered country member banks and member banks in FRBank and branch 10/25 cities Safekeeping of collateral as security for deposits of bankrupt funds under Bankruptcy Act, charges, question of establishing at IRBank of Dallas referred to for opinion, letter to MBank of 9/ 2 Dallas Letter to IRBank of St. Louis that matter has been 9/ 2 referred to for opinion Telegram to committee requesting it consider ques9/ 2 tion of establishing charges charges by RBanks sent to in Opinion of Counsel re 9/29 answer to request 12/ 7 on Letter to FRBanks Nonmember clearing accounts, letter to Mr. Harrison, Chairman of Presidents' Conference that Mr. Snead had been designated to serve as point of con3/18 tact between committee and Board Reimbursable expenses, letter to Secretary of Treasury stating Board follows opinion of Committee in that IRBanks should not be asked to absorb expense involved in redemption of adjusted ser1/ 4 vice bonds Letter sent requesting discussion with Mr. Fleming, Chairman, and Mr. Snead before final decision 1/11 is reached Letter to Treasury expressing agreement with plan for reimbursement to RBanks for expenses involved in redemption of adjusted service bonds, with priv-' ilege of requesting deficiency appropriation 3/ 4 should expenses continue Reply to letter of Mr. Taylor that copy of his letter 3/29 is being sent IRBanks Standardization and Purchase of Supplies, letter to Mr. Harrison requesting that committee accumulate and disseminate information re prices paid by 4/ 6 FRBanks approved and further study to include Recommendations 12/23 purchases made by Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 262 332 1093 908 909 909 1019 1250 332 3 48 285 359 390 1363 53 Pages Conmattees: (Continued) Presidents' Conference: (Continued) Standing Committee on Collections: Cash and noncash collection circulars of rRBanks, changes recommended, letter to FRBanks that Board has deferred action pending further 5/ 5 changes at next Conference of Presidents recommended by, meetChanges in check collection system ing to be held in St. Louis on December 12 to 12/ 9 be attended by Mr. Snead changes in services rendered Check collection service, by FRBanks, memo of Mr. amead re problems being considered by committee in connection with cash items and calling attention to Richmond meet8/19 ing of discussions at Richmond meetReview by Mr. Smead ing and outline of conclusions reached as to 8/26 needed changes changes, statement of Mr. HarrisReport recommending on that report had been submitted and referred back to committee for further study of expense involved in putting recommendations into effect and increased volume of business that would result, and that another meeting of Presidents' 10/25 Conference would be called to consider report Hays, R. B., memo re changes in check collection services of iiRBanks, statement of Mr. Harrison that memo and reports of committee had been 10/25 referred back to committee for further study Warrants drawn on State and political subdivisions, legal risks incurred by FRBanks in collection, 12/ 9 referred to Reserve Cities Bankers Association, public relations, credit requirements, question of banks exerting efforts to meet, report of Mr. Ransom that committee will ask reporting banks to segregate figures on loans in weekly reports to show new 9/19 loans made and loans renewed Board Discussed at meeting of Federal Advisory Council with 9/20 and Presidents' Conference plan covering operation Special Committee Common Trust Funds, under Regulation F, conference of committee 12/27 with Board suggested on Collections: (See supra Presidents' ConStanding Committee ference) Trust investment of national banks, reply to Mr. Griswold on 8/ 3 acceptance of trusts by 8/15 published in FRBulletin Ruling to be http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 513 1268 865 881 1094 1094 1270 958 971 1367 802 852 54 Pages Commodity Credit Corporation: Notes on cotton, liability of executive officers of member banks who execute, reply to Mr. O'Connor that Section 22(g) of IRAct is applicable to ComPtroller of the Currency: Absorption of exchange charges by National Bank of Lincoln, Nebraska, letter to Mr. Upham on additional information Assets and liabilities, reports by member banks every two months, question of authorizing Division of Bank Operations to discuss form with, referred to Mr. Draper Condition report forms of member banks, forms for reporting assets and liabilities, and lists of security holdings, question of authorizing Division of Bank Operations to discuss with, referred to Mr. Draper Simplification and desirability of requesting bi-monthly reports by member banks on form similar to form used by weekly reporting member banks, Kr. Smead authorized to discuss with, reference made to discussion at meeting on June 14, 1938 Report of Mr. Smead that copies had been delivered and that FDIC was ready to confer when Mr. Folger, Chief National Bank Examiner, could find time Deposits of trust funds by national banks in savings department, reply to questions and letter from Mr. Gough Depreciation in securities and classification of assets other than securities, adoption of uniform policy by examiners for FRBanks, FDIC, and Comptroller for treatment of, Board to consider statement and then discuss with Statement of policy considered, meeting to be arranged with view to later conference for considering Report of Mr. McKee as to meeting with chief examiners of Board, 1DIC and Comptroller with Treasury, no agreement and another meeting called Division of Issue and Redemption: Expenses of, voucher covering proposed budget for first six months of 1938 approved Reinstatement in Retirement System of ERBanks, request of Mr. Upham for, opposed by Board Examination reports, changes in forms to correspond with examination procedure agreement of Board, FDIC and Comptroller, copy of Board's revised form to be sent to, pointing out differences Copies sent Security holdings of member banks, lists of, once each year, question of authorizing Division of Bank Operations to discuss with referred to Mr. Draper http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/12 53 12/13 1282 6/14 653 6/14 653 9/19 956 9/23 991 11/ 8 1169 4/5 378 4/6 386 5/ 5 507 1/4 6 12/20 1315 7/20 8/3 768 808 6/14 653 55 Pages C°1111 tTol1er of the Currency: (Continued) 3 Violations of Regulation U discovered by, Board's staff to negotiate with re procedure to be adopted for 1/28 123 reporting General principles evolved from discussion with FDIC and 250 2/26 Comptroller sent to Violations of Regulation U by national banks in connection with loans to Richard Whitney, facts to be presented 5/ 5 506 to in order that investigation might be made investigaMessrs. Cagle and Dreibelbis to confer with, re 7/ 7 789 tion of Condition reports: Affiliates: Pennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia, Pa., extension of time 3/11 301 granted for filing 5/ 3 502 publish Not required to Treutlen Farms, Inc., Soperton, Ga., item "Stock of affiliate registered in name of bank or known to be owned by bank directly or indirectly" to be left blank 9/22 988 on both Forms 220 and 220a Hotel Co., Winston-Salem, N. C., publication Winston-Salem 8/26 881 waived American Investment Corporation, Ogden, Utah, reports of affil8/16 855 iates must be filed sank of Boyceville, Wisconsin, class B debentures should not be reported as reserves for contingencies on Form 105, letter to Mr. Swanson, MBank of Minne3/ 1 258 apolis FRBank weekly statement: Amplification to show amounts of excess reserves of Central Reserve City banks, recommendation of Mr. Smead 2 1/ 4 laid on table until further study Change to show increase or decrease in each item of assets and liabilities as compared with preceding week 9/12 939 and with corresponding week a year ago Form of balance sheet under heading capital account, change 12/30 1395 in Fidelity Savings Bank, Antigo, Wisconsin, republication of report as of December 31, 1937, not necessary, 222 2/19 letter to Mr. Young, RBank of Chicago Forms: Bi-monthly reports by member banks on form similar to that of weekly reporting member banks, Mr. amead to discuss desirability of requesting report with FDIC and Comptroller, reference made to discus957 9/19 sion at meeting on June 14, 1938 Mr. Smead that copies had been delivered and Report of FDIC was ready to confer when Mr. Folger, Chief 991 9/23 National Bank Examiner, could find time http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 56 Pages Condition reports: (Continued) Forms: (Continued) 105, revision of, to eliminate item 9 of Schedule E 236 2/24 Memorandum of Mr. Smead outlining differences compared with forms adopted by Comptroller of the Cur12/ 9 1262 rency and FDIC Simplification, Mr. Smead authorized to discuss with Comptroller of Currency and FDIC, reference made 956 9/19 to discussion at meeting on Tune 14, 1938 Report of Mr. Smead that copies had been delivered and that FDIC was ready to confer when Mr. Folger, Chief National Bank Examiner, could 9/23 991 find time Holding company affiliates holding general voting permits, required to submit in future, circular to FRBanks 6/21 677 and required forms to be prepared 6/23 685 Letter to FRBanks Member banks determined not to be, need not submit reports on Board's Form F.R. 220 or Comptroller's Form 2130-E 9/30 1027 Home State Bank of South Milwaukee, Wis., demand certificates of deposit and other demand deposits should have been classified under demand deposits instead of time deposits, letter to Mr. Young, 1 1 /3 FRBank of Chicago 127 Maryland Trust Company, Baltimore, Md., publishing two reports as of same call date mandatory under existing laws but arrangements are being made to prevent 7/21 779 such duplications Member bank weekly statement: Change to show increase or decrease in each item of assets and liabilities as compared with preceding week and with corresponding week a year ago, figures to be shown in millions of dollars as 9/12 939 at present Federal Land Banks, Federal Home Loan Banks, and Federal Intermediate Credit Banks, loans to and deposits of must be classified as corporation loans and deposits 3/ 9 293 New loans and loans renewed, segregation of figures to show, report of Mr. Ransom that committee of Reserve Cities Bankers Association will ask member banks to segregate to determine if banks are exerting efforts to meet credit requirements 9/19 957 Discussed at meeting of Federal Advisory Council with Board and Presidents' Conference 971 9/20 Restoration of old classification of loans based generally upon type of collateral cannot be considered, letter to Mr. Andrew, American Telephone and 9/ 3 915 Telegraph Company http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 57 Pages Co ndition reports: (Continued) Member bank weekly statement: Segregation of loans "on securities" and loans "Otherwise secured and unsecured", amendment to statement restoring, letter to Townsend-Skinner and Co., that _board would not be justified in asking 9/23 992 member banks to continue reporting Trust and Savings Bank, Chicago, Request of Lake Shore that it be restored, reply that Board would not be justified in asking member banks to continue reporting, similar replies to be made to all 9/23 994 such inquiries comments have been noted and sugLetter stating that gestion that figures on total loans on securities be collected at six months intervals would 10/ 3 1034 be given careful consideration National banks: 1/5 10 Call as of December 31, 1937 294 3/10 Call as of March 7, 1938 7/6 727 Call as of June 30, 1938 10/ 7 1041 Call as of September 28, 1938 Publications, duplicate publication to meet requirements of State and Board, reply to inquiry of Maryland Trust Co. that it is mandatory under existing law but arrangements are being made to prevent 7/21 779 such duplication Pullman State Bank, Pullman, Washington, not necessary to re2/14 194 publish report as of June 30, 1937 Standard forms for all banks, conferences with FDIC and Comptroller, reply to inquiry of FRBank of New 8/15 851 York that conferences are pending State member banks: 10 1/5 Call as of December 31, 1937 294 3/10 Call as of March 7, 1938 7/6 727 Call as of Tune 30, 1938 Call as of fall months, Treasury to be advised that Board is in favor of issuing since bi-monthly reports by 956 9/19 member banks are not yet available 10/ 7 1041 Call as of September 28, 1938 Capital accounts of State member banks, method of showing in, letter to Fitch Investors Service, New 762 7/15 York Bnnks, and Federal Federal Land Banks, Federal Home Loan Intermediate Credit Banks, loans to and deposits of must be classified as corporation loans and 293 3/9 deposits segregation of commercial, industrial and agriculForm 105, tural loans and all other loans to be elimi668 6/17 nated 538 5/14 amended for use at time of next call Forms 105 and 105e http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 58 Pages Condition reports: (Continued) State member banks: (Continued) Form 105e, Montana banks may use State Banking Department 3/31 forms in lieu of Forms, simplification of and desirability of calling upon all banks to submit through FRBanks, question of authorizing Division of Bank Operations to discuss with FDIC and Comptroller referred to 6/14 Mr. Draper 12/22 Forms and instructions for next call transmitted Form of balance sheet, change in showing of capital ac12/30 count Loans and deposits of Federal Land Banks, etc., must be 3/ 9 classified as corporation loans and deposits Montana State banking form, may be used by Montana banks in 3/31 lieu of Form F.R. 105e 11/ 2 Traders Bank, Toppenish, Wash., publication not required 8/ 1 Transamerica Corporation, extension of time for filing 8/11 Extension of time for filing reports of affiliates Union Bond and Mortgage Company, Port Angeles, Wash., extension 8/ 1 • of time for filing with FBIC and Uniform form, report by Mr. Snead of agreement Comptroller of the Currency with one exception 11/ 7 and changes outlined National Association of Mr. Smead to attend meeting of 11/ 7 State Bank Supervisors to work out Wellesley Bills, Mass., pledged corWellesley Trust Company, respondent balances with Merchants National Bank 4/11 of Boston should be reported in Schedule L COliferences: Business conditions, development of statistics on, Messrs. Szymczak, Davis and Goldenweiser to submit recommendation as to procedure to be followed, individuals consulted and a draft of letter to FRBanks requesting invitations be extended to individuals in their districts to attend meeting 1/14 prior to Presidents' Conference procedure for conference, draft of telegram Memo containing 1/21 and letter to FRBanks approved statistics: Business Chairmen of FRBanks to be communicated with and advised which Class C directors Board has chosen repre2/11 sentatives Messrs. Davis and Goldenweiser to prepare program for 2/25 meeting Discussion of advisability, means and policy in setting up 3/ 2 details remarks Impressions, reply to Director Brainard on, and that 3/10 of Chairman Eccles are not available Chairmen of FRBanks, meeting, first meeting to be held in January, 1939, and Messrs. Davis and Szymczak 10/14 requested to prepare agenda http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 364 653 1344 1395 293 364 1135 795 841 795 1157 1158 407 61 95 176 248 268 297 1056 59 Pafzes Conferences: (Continued) Common trust funds, plan submitted by Carl W. Fenninger, Special Committee Common Trust Funds, meeting with 12/27 Board suggested Condition reports, standard forms for all banks, reply to inquiry of RBank of New York that conferences 8/15 with FDIC and Comptroller are pending Counsel of IRBanks, legal problems affecting FRSystem, question of calling to consider laid on table until 8/3 later date Examination department heads of IRBanks, called to consider examination procedure agreement and revised examination report, letter to iiRBanks that conference 8/19 will be held in fall Letter to RBanks that date has been set for October 17 and 9/ 8 requesting suggested topics be sent in Telegram to IRBanks asking if postponement until October 31 10/ 5 meets with approval 10/ 7 Conference postponed until October 31 10/14 Copy of program sent to Presidents of IRBanks Examinations, uniform policy for treatment of depreciation in securities and classification of assets other than securities, report of Mr. McKee as to meeting of chief examiners of Board, FDIC and Comptroller with Treasury, no agreement and 5/5 another meeting called FDIC conference on branch banking situation in California and West coast, letter to Mr. Crowley that Mr. 2/23 Paulger will attend Plainfield, N. J. banking situation, proposed conferences with agencies concerned, reply to FRBank of New York that Board will attempt to arrange upon removal 4/28 of certain difficulties Presidents: Business conditions, development of statistics on, Mr. Goldenweiser to prepare memo on procedure for 1/7 Improving for consideration by Messrs. Szymczak, Davis and Goldenweiser to submit recommendation as to procedure to be followed, individuals consulted and draft of letter to FRBenks requesting invitations be extended to individuals in their districts to attend conference 1/14 prior to Presidents' Conference statements Discussion of business and credit conditions, 2/28 of Messrs. Goldenweiser and Williams and Williams, inStatements of Messrs. Goldenweiser 2/28 formal discussion of points referred to business improveReview by Mr. Williams re outlook for ment at meeting with Board and Federal Advisory 9/20 Council http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1367 851 797 870 929 1040 1044 1064 507 229 484 20 61 255 256 971 60 Pages Conferences: (Continued) Presidents: (Continued) Check collection circulars, issuance, 1RBank of Minneapolis advised to defer in view of contemplated changes at next conference 9/16 Check collection services of FRBanks, report of Standing Committee on Collections recommending change, report of Mr. Harrison that it had been referred back to committee for further study of expense involved in putting recommendations into effect and increased volume of business resulting, and that another meeting of Conference would be called to consider 10/25 Check collection system, disapproval of report of Standing Committee on Collections, memorandum of Mr. anead on 12/ 9 Committee on Standardization and Purchase of Supplies, recommendations approved and further study to include purchases made by Board 12/23 Currency deposited unassorted by member banks at night and substantially equal amount called for next morning, discussion in light of savings to member banks as compared with desirability of reducing FR.Bamk expenses, suggestion that operating officers of FRBanks attend meeting to discuss 10/14 Statement of Mr. Buss, Detroit Branch, that arrangements would have to be discontinued if similar arrangements were not effected elsewhere 10/25 Destruction of records, report of committee containing recommendation that Board seek continuing authority from the joint Congressional Committee for destruction of certain fiscal agency and deposi12/14 tary records, approved Fair Labor Standards Act of 1938: Applicability to FRBanks: Eccles, Marriner S., review for information of Conference of consideration which had been given by Board, and that letter to FRBanks had been prepared 10/25 Statement of Mr. Owens that draft of letter to IRBanks expressed no opinion on question whether FRBanks were subject to provisions of 10/25 Examiners, FRBanks, agreed they be considered professional employees for time being 10/25 FRBanks' increased cost in conforming with standards established by Act, statement of Mr.. anead estimating 10/25 Instructions as to procedure to be followed until applicability of Act to FRBanks can be determined, 10/25 letter and memo sent FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 954 1094 1268 1363 1059 1091 1285 1095 1095 1101 1095 1096 61 Pages Con ferences: (Continued) Presidents: (Continued) Loans to small business, establishment of regional banks, discussion of whether banks are meeting credit requirements, agreed that plan of Reserve City Bankers Association to have member banks break down loan figures to Show new loans is desirable, reference to experience of RFC and FRBanks in sane field Meeting with Board and Federal Advisory Council to be held at 2:15 p.m. Meeting with Board and Federal Advisory Council Minutes to be sent to Board giving advice of all actions taken at meeting Nonmember clearing accounts, designation of reserve cities, modification of interdistrict time schedule, reserves of banks outside FRBank and branch cities, discussion at meeting of Board Operating officers of FRBanks, suggestion that they attend to discuss deposit of fit currency by member banks with FRBanks and withdrawal on following morning Recommendations: Cash and noncash collection circulars of FRBanks, changes recommended, letter to FRBanks that Board has deferred action pending further changes by next Presidents' Conference Cash items, Board concurs in action of Conference in approving recommendations of Standing Committee on Collections Currency facilities of FRBanks, efforts to eliminate abuses by individual member banks Currency shipments by FRBanks to member banks in adjacent district, no objection to plan Designation of reserve cities, suggestion that Board study each city and statement that conference would offer no objection to any change thought necessary Directors of FRBanks meeting with Board, Mr. Harrison to be advised it is receiving consideration Letter sent Executive officers, loans to by member banks, amendment to FRAct extending period during which loans made prior to June 1933 might be renewed, letter to Bureau of Budget that Board concurs in Letter to Mr. Harrison advising of action Federal bank supervisory officials, recommended they secure better coordination and greater uniformity in policies, Mr. Harrison to be advised matter is receiving attention Letter to Mr. Harrison http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/20 971 9/20 9/20 969 970 10/25 1095 3/ 1 261 10/14 1059 5/ 5 513 12/19 1303 12/20 1323 4/ 7 393 3/ 1 263 4/23 4/30 462 489 4/23 4/30 459-61 488 4/23 4/30 464 490 62 Pages Conferences: (Continued) Presidents: (Continued) Recommendations: (Continued) FDIC loans to banks to avert losses, amendment to FRAct extending authority, letter to Bureau of Budget that Board concurs in recommendation 459 4/23 and offers no objection 489 4/30 Letter to Mr. Harrison advising of action FRBank directors meeting with Board, memo of Secretary 462 4/23 transmitting Letter to Mr. Harrison that matter is receiving at489 4/30 tention FRBranch bank directors meeting with Board, no recom462 4/23 mendations, memo of Secretary transmitting 489 4/30 Letter to Mr. Harrison re advice of Interdistrict time schedules, modification of, suggestion that question of allowing immediate credit on items payable and short terms on other items be studied further by Board and FRBank officers, joint committee of Board and Presidents to form264 3/ 1 ulate report Nonmember clearing accounts, suggestion no uniform policy be adopted, and that use be confined to purposes specifically stated in FRAct, joint committee of Board and Presidents to prepare 3/ 1 261 report after consideration liability to Retirement System, final payPrior service ment to be made, approved if concurred in by 11/23 1208 boards of directors of RBanks requirements, loans to executive officers, loans Reserve by FDIC to banks, letter in reply to be prepared 4/23 462 by Secretary and circulated to Board members 487-9 4/30 Letters sent Reserve requirements of member banks, legislation authorizing certain banks to count cash in vault as part of, action deferred pending study by 459 4/23 Division of Research and Statistics Letter to Mr. Harrison that it is under considera487 4/30 tion Reserves of banks outside FRBank and branch cities, recommended that law be amended allowing to count as part of their legal reserve cash in vault in an amount not to exceed one half of 265 3/ 1 required reserve Safekeeping of collateral as security for deposits of bankrupt funds under amended Bankruptcy Act, charges for, recommended that service be rendered to member banks without charge and that charge to nonmember banks be one-fortieth 10/25 1091 of one percent 12/ 7 1250 Letter to FRBanks on http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 63 Pages Conferences: (Continued) Presidents: (Continued) Recommendations: (Continued) State bank supervisors meetings with directors of FRBanks, memo of Secretary transmitting, Mr. Harrison .to be advised that matter is receiving attention Letter to Mr. Harrison Wire transfers of Leased Wire System, amendment to regulations governing approved Topics for discussion: Check collection facilities, simplification of by means of modified time schedules and closing hours for receipt of checks Suggestion of Mr. Eccles that question of giving immediate credit for items payable and short terms for other items be considered in discussion of time schedules Currency deposited unassorted in FRBanks or branches by local member banks at night and substantially equal amount called for the following morning, letter to Mr. Harrison suggesting abusive practices as topic Belief of Presidents that no arbitrary rule should be laid down but matter discussed with member banks as in past Loans to snail business, establishment of regional banks, to be discussed at meeting with Board and Federal Advisory Council Meetings of Board with FRBank directors, matter of deciding procedure suitable to banks, to be forwarded to Letter to President Harrison asking it be considered at Presidents' Conference Nonmember clearing accounts, question of policies of /RBanks with respect to referred to for discussion Reserve and central reserve cities, formula for designa• tion and question of confining designation to cities in which FIRBanks or branches are located, referred to State bank supervisors meetings with directors of /RBanks, suggested as Time schedule, modification of to allow immediate credit for items payable and short terms for other items Presidents and Directors: (See supra Conferences, Business statistics) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/23 4/30 464 490 5/ 2 496 2/23 229 2/25 247 9/ 9 936 9/21 980 9/20 969 2/ 1 130 2/ 4 150 2/25 245 2/25 246 2/ 3 139 2/25 247 64 Pages Con ferences: (Continued) Third Regional Conference on Uniform Banking Practices, Board requested to suggest problems in banking regulations for discussion and to send representa12/ 6 tive to conference p —4r, R. D. W.: (See National Archives) wc)t rs, W. G.: (See First Investment Corporation, Minot, North Dakota) Cons olidations: Cenden Safe Deposit and Trust Company, Camden, N. J., proposed merger with West Jersey Trust Company, no objec4/ 2 tion Central Bank, OnkJand, Calif., absorption of Bank of Alameda County, reply to inquiry of FDIC that Board's only suggestion is provision of adequate 2/23 capital City National Bank of South Bend, Ind., with Citizens Trust and Savings Bank, under title of City National Bank and Trust Co., application for fiduciary powers 6/20 approved Commerce Guardian Bank, Toledo, Ohio, acquisition of assets and assumption of liabilities of National Bank of 10/15 Toledo, no objection Commerce Union Bank, Nashville, Tenn., and its affiliated national bank, referred to in connection with 3/16 examination of head office and branches Assumption of deposit liabilities of a nonmember insured bank at Sparta, Tenn., approval of Board not re3/17 quired Loans to or purchase of assets from insured banks to facilitate, amendment to FRAct making permanent the authority of FDIC to make, no objection by Board, 6/15 letter to Bureau of Budget Peoples Trust and Savings Bank, Green Bay, Wisconsin, proposed merger with Bank of Green Bay, Wisconsin, no 12/30 objection to Princeton Bank & Trust Company, Princeton, N. 3., purchase of 7/27 assets of Princeton Savings Bank, no objection Rahway National Bank, Rahway, N. S., permission to FDIC to examine Rahway Trust Company in connection with 11 8 /2 absorption by State Trust Company, Plainfield, N. J., merger with Mid-City Trust Co. and assumption of deposits of First National Bank, proposed conference with agencies concerned, reply to RBank of New York that Board will attempt to arrange upon removal of 4/28 certain difficulties merger with West Jersey Trust Company, Camden, N. J., proposed Camden Safe Deposit and Trust Company, no objec4/ 2 tion http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1244 371 227 674 1068 313 317 660 1394 786 1216 484 371 65 Pages -Alaers financing: (See Financing) kdoa tributions: FRBank of Chicago to Retirement System to increase allowance of 7/ 1 Mr. Fred Bateman, approved FRBanks: Amendments to FRAct allowing charitable contributions, letter to Senate Banking end Currency Committee that 5/17 Board does not approve as applying to FRBanks International Statistical Association, Secretary to advise any FRBanks inquiring, that contribution to de10/25 fray expenses of meeting may not be made Cotversions: First National Bank and Trust Company of Elmira, N. Y., State bank proposed to succeed, application for member12/28 ship approved First National Bank in Greenville, Ill., from State Bank of Hoiles and Sons, application for fiduciary 12/14 powers approved C°cTerative banks: Massachusetts, meaning of term as used in Sec. 3(a) of Regulation L, reply to American Bankers Association that Board made exception in that section in order to place such institutions on equal basis 9/19 with institutions in other States N: Terative credit associations, items drawn on for payment of Social Security taxes, answer to inquiry of H.W. Kendall re inability of FRBank of Kansas 6/10 City to clear Corr espondence: Interlocking directorates under Banking Act of 1935, extension of effective date, letter to Commercial Trust Co. of New Jersey to be used as form for re11/ 1 plies to questions Replies of FRBanks to inquiries should state that opinion is that of banks' and not that of the Board of Gov5/20 ernors, letter to FRBank of San Francisco C01148e1, FRBanks: Conference to consider legal problems affecting FRSystem, matter laid on table for consideration at later date 8/3 whenever requested CcoGeneral, Memoranda of: Collateral securing bankruptcy funds, question of charge by 9/29 FRBanks for safekeeping of Civil Service, classification of Board's staff under, applicability of executive order, matter placed on docket and Counsel to prepare memo for Board 6/28 consideration Memo of Counsel, additional memo ordered prepared for 6/30 Chairman's use in discussing with President http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 722 541 1088 1375 1284 963 644 1127 567 797 1019 697 713 66 Pages Counsel, general, Memoranda of: (Continued) Civil Service: (Continued) Report of Mr. Eccles that President had sent prepared letter, Mr. Vest to discuss with Commission the law and legislation upon which Board's position 7/12 is based Fair Labor Standards Act of 1938, applicability of statute to 9/9 FRBanks, opinion ordered prepared Regulation L, statement with respect to recent amendment to be 11/17 published in ERBulletin Regulations of Board, classification and simplification of 12/20 Wayne County Savings Bank of Honesdale, Pa., daily collections from customers located in Waymart, Pa. do not 5/21 constitute the operation of a branch Cou asel, Special, FRBanks: Brandon, Hynds, and Tindall, payment for services in connection with claim against Larkin Refrigerating Corp. ap12/29 proved Brown, Adelbert, employment by FRBank of Chicago for purpose 5/11 of contesting taxes on bank building for 1937 in Covington, Burling, Rublee, Acheson & Shorb, payment of fee connection with British American Tobacco Co., 2/5 Ltd. v. FRBank of New York /23 12 Payment approved Johnson City, Tenn., FRBank of Atlanta COX) Taylor and Epps of authorized to make payment to, for services 12/14 rendered Fleming, J. C., payment of fee by FRBank of Atlanta in connection with litigation against Pike County approved, and comment re travelling expenses 1/24 noted Mayer, Meyer, Austrian and Platt, employment by FRBank of Chicago for purpose of contesting taxes on bank building 5/11 for year 1937 approved Appointment to represent RBank of Chicago in case of 10/20 Scoville v. Board of Education, approved Moore and butler, payment of proportionate share of fee by 12/ 8 FRBank of Philadelphia approved amith, E. J., ERBank of Atlanta authorized to make payment to, 12/14 for services rendered in connecsmith, G. L. IN., payment to, by FRBank of Atlanta tion with litigation against Pike County ap1/24 proved IRBank of New York in suit Stimson, Henry L., appointment by to determine title to silver purchased for United States, compensation not subject to Board's ap6/16 proval FRBank of Winthrop, Stimson, Putnam and Roberts, appointed by York in suit to determine title to silver New purchased for United States, compensation not 6/16 subject to Board approval http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 738 934 1192 1313 573 1389 524 157 1363 1285 111 524 1082 1256 1285 111 666 666 67 Pages Nut cases: British American Tobacco Co. v. FRBank of New York, payment of fee to Covington, Burling, Rublee, Acheson and 2/5 Shorb in connection with 12/23 Payment approved FRBank of Atlanta v. Pike County involving validity of warrants of county, payment of fees to Messrs. Fleming 1/24 and Smith approved of special counsel in suit to FRBank of New York, employment determine title to silver purchased for United States, compensation not subject to Board's ap6/16 proval First National Bank of Elizabethton, Tenn., involving collection of checks drawn on, payment to special 12/14 counsel by FRBank of Atlanta approved Fleishhacker, Herbert, Anglo California National Bank, San Francisco, California, suits against, request of Board that Mr. Clerk, FRBank of San Francisco 2/14 forward more information re Larkin Refrigerating Corp., claim of FRBank of Atlanta against, payment of fee to Messrs. Brandon, Hynds, and 12/29 Tindall for services Receiver of National Bank of Kentucky, copies of report of examination of Louisville Trust Co. not to be 10/28 used as evidence in court proceedings Scoville v. Board of Education, employment of Mayer, Meyer, Austrian and Platt to represent FRBank of 10/20 Chicago in case FRBank of Chicago named as defendant in connection with pay12/ 9 ment on certain tax anticipation warrants ington, Burling, Rublee, Acheson and Shorb, payment of fee in C°Ir connection with British American Tobacco Co. V. 2/5 FRBank of New York 12/23 Payment for services 4) ' Taylor and Epps at Johnson City, Tenn., FRBank of Atlanta authorized to make payment to, for services ren12/14 dered ' al edit information on individuals: Federal Housing Administration, requested from FRBanks, discussion at meeting and suggestions that statement be obtained from Federal Housing Administration as to scope and character of service desired, and that requests should be sent to head of10/25 fices rather than branches Cleveland, request by Federal Housing Administration IRBank of 9/ 3 may be furnished by bank FRBank of Dallas and Houston Branch, request by Federal Housing 9/27 Administration may be furnished if practicable agencies, requested from FRBanks, may be furnished Government 9/ 3 by banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 157 1363 111 666 1285 195 1389 1111 1082 1271 157 1363 1285 1086 917 1012 917 68 Pages Cliedit reports furnished Federal Housing Administration with respect to sponsors of building projects involving mort12/21 1329 gages to be insured, Charges for :Ndat requirements: c -Banks exerting efforts to meet, report of Mr. Ransom that committee of Reserve Cities Bankers Association will ask reporting banks to segregate figures on loans in weekly reports to show new loans made 957 9/19 and loans renewed Federal Advisory Council with Board Discussed at meeting of 971 9/20 and Presidents' Conference t discussed by Federal Advisory Requirements in each FRDistric 11/29 1223 Council at meeting with Board et, Paul, payment to, for Architects fees 230 2/23 n with furniture and furnishings of PaYment of fee in connectio 365 3/31 Board's building expressions re relations with Board in Reply to in answer to construction of building extending congratula413 4/12 tions Exchange position and Export-Import Bank loans, memo prepared in 845 8/12 Research Department of FRBank of New York C\11)411 Monetary Law: Effect on IRBank of Atlanta, reply to letter of Mr. Newton, inclosing memorandum and copy of letter relating 180 2/12 to proposed Monetary Law of leY, Charles X.: (See Nonmember banks, First Trust Company St. Paul, Minn.) 04 rrency counting machines, request of MBank of Chicago to set up 12/ 8 1255 reserves for purchase at Detroit Branch — ency: Ibreign currency, receipt of money solely for purpose of selling and transmitting to foreign countries, Chase Bank, New York authorized to transact business 9/23 1002 in United States Shipments: Export-Import Bank, Havana Agency may handle pending the making of other arrangements, telegram to Yi(Bank 857 8/16 of Atlanta re Havana Agency discontinuance shipments by FRBanks to Reciprocal arrangements to allow member banks in adjacent district without cost, Board will interpose no objection to plan of 393 4/7 Presidents' Conference, letter to FRBanks Sorting of, letter to FRBanks that efforts should be continued 12/20 1323 to eliminate abuses by member banks member banks local Unassorted currency deposited in FRBanks by called at night and substantially equal amount to Mr. for the following morning, letter topic Harrison suggesting abusive practice as 936 9/9 e for discussion at Presidents' Conferenc http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 69 Pages C\irrencY: (Continued) Unassorted currency: (Continued) Belief of Presidents that no arbitrary rule Should be laid down but matter discussed with member banks as in past Letter to FRBanks requesting advice re progress in curbing practice, whether bank anticipates results as accomplished by Detroit Branch, names of banks engaging in such practice, and what annual savings would result if it were abolished Reference made to letter at meeting Statement of Mr. McKee that Presidents should bring operating officers who are familiar with operating details to Conference, Mr. Szymczak to ask Mr. Schaller to have Mr. Buss accompany him, and report of Secretary that he (Mr. Szymczak) had made call Presidents' Conference discussion in light of savings to member banks as compared with desirability of reducing FRBank expenses, statement of Mr. Buss, Detroit Branch, that arrangement would have to be discontinued if similar arrangements were not effected elsewhere George C.: (See Nonmember banks, Safe Deposit and Trust Co. of Baltimore, Md.) 9/21 980 10/ 7 1042 10/14 1059 10/14 1059 10/25 1091 ?ID?? ttir— John M.: (See Federal Housing Administration) : (See State member banks, Gallatin Trust and Sav"Idson, W. S. ings Bank, Bozeman, Mont.) Nbentures and capital notes: Affiliate fund, telegram to Mr. Wood, FRBank of St. Louis on 4/ 4 eligibility of retirement of capital Citizens State Bank, Puyallup, Washington, 5/ 7 debentures, no objection in condition reports by Class B debentures, manner of showing 2/19 Fidelity Savings Bank, Antigo, Wisc. Wash., permission granted to retire , Cowlitz Valley Bank, Kelso, 2/15 capital debenture 7/27 portion approved Retirement of 8/10 l'irst Security Bank, Beaverton, Ore., retirement of (See Federal Home Loan Bank Board) 8110, Preston: 441, L. P.: (See State Association of Mutual Insurance Companies ' of Michigan) Lep Agriculture: artment of showing estimated exBureau of Agricultural Economics, charts penditures for new durable goods as compiled by Terborgh, advice that Board offers no objecattion to use with understanding they will be 8/17 Board tributed to him and not to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 375 519 222 197 787 831 862 70 Pages DePartraent of Commerce: Department store statistics, collection of, discontinuance by Board and letter to asking if Department would like to take over, copy sent FRBanks FRBanks to continue to collect until Tilly 1, 1939, at which time it is hoped Department of Commerce will take over, letter to Mr. Roper Funds for continuation of study, elimination from budget estimates, letter to Mr. Roper DePartment of State: International Organization for Securities Investment, letter to re proposed setting up DePartnent store statistics: Collection, letter to Department of Commerce asking if Department would like to take over upon discontinuance by Board, copy of letter sent FRBanks FRBanks to continue to collect until 'Tilly 1, 1939, at which time it is hoped that Department of Comnerce will take over Funds for continuation of study eliminated from budget of Departnent of Commerce, letter to Mr. Roper on Deposits: Anglo California National Bank of San Francisco, Calif., amounts carried in Special Reserve, Contract Department constitute deposits against which reserves must be carried Bankrupt estates, bank giving own bond to secure, membership condition 17 does not apply Bankruptcy funds, acceptance and holding in safekeeping of securities pledged as collateral to, circular on County and school funds, payment of interest on, letter to Victoria National Bank, Victoria, Texas, that provisions of law prevent despite competition of uninsured nonmember bank Demand deposits, capital ratio based upon total deposits and not on net deposits, letter to FRBanks and wire to Mr. Sonne, IRBanic of San Francisco Federal Land Banks, Federal Home Loan Banks, and Federal Intermediate Credit Banks, deposits of, must be classified as corporation deposits in weekly condition reports and quarterly reports of member banks, letter to FRBank of New York Foreign central banks with FRBanks, effect of changes in upon reserve position of member banks, memo of Mr. Snead discussed and placed on docket for further consideration considered Memorandum kads collected by Fidelity Savings State Bank, Topeka, Kansas, from obligors on real estate mortgage loans insured under Federal Housing Act for paying taxes, insurance, etc., classification of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/27 604 11/ 8 1171 12/10 1275 2/12 181 5/27 604 11/ 8 1171 12/10 1275 3/22 337 9/ 1 900 12/ 7 1250 6/17 671 2/ 8 167 3/ 9 293 2/ 8 2/25 164 245 12/20 1323 71 Pages Deposits: (Continued) Insurance on, seen as possible deterrent to increased membership in FRSystem by Federal Advisory Council Insured banks, suggestions in connection with form and instructions sent FDIC Nonmember clearing banks with FRBanks, effect of changes in upon reserve position of member banks, memo of Mr. Smead discussed and placed on docket for further consideration considered, question referred to Presidents' ConMemorandum ference for consideration Recommendations of Presidents' Conference, joint committee of Board and Presidents to formulate report Personal loan, classification of, for reserve purposes, note form of First National Bank of Fort Worth, Texas deferred payments, waivers obtained from deposiRestricted or tors, etc., statistics compiled on Wisconsin member banks showing period from Jan., 1930, to Dec., 1936, letter from FRBank of Minneapolis acknowledging receipt and requesting it absorb expense Savings accounts: Farmers mutual fire insurance companies, deposits of, may not be classified as, letter to Mr. Young, IRBank of Chicago re inquiry of Mr. Dendel, State Association of Mutual Insurance Companies of Michigan Regulation of Banking Board of State of New York limiting rate of interest payable not applicable to national banks in New York State Letter to Mr. White, Superintendent of Banks of State of New York transmitting copy of ruling Ruling withheld, Mr. White to be invited to personal conference if he so desires before ruling is definitely made Letter containing ruling sent upon advice from Mr. White Seeing Eye, Inc., deposits may be classified as, First National Bank of Morristown, N. J., to be advised Stock exchange deposits, may not be classified as, telegram, to Mr. Clerk, FRBank of San Francisco Time: Certificates known as Forms 9, 22 and 23, deposits evidenced by, may be classified as time deposits, letter to Iowa Bankers Association Payment of, prior to maturity, no objection to Bloomington National Bank, Bloomington, Ind., making payment Regulation of Banking Board of State of New York limiting rate of interest payable not applicable to national banks in New York State http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/15 207 8/19 870 2/8 164 /25 2 245 3/1 261 2/5 155 9/13 944 2/4 144 7/12 740 7/12 741 7/12 7/20 742 770 11/ 4 1148 2/7 159 7/12 746 2/19 221 7/12 740 72 Pages Deposits: (Continued) Time: (Continued) Regulation of Banking Board: (Continued) Letter to Mr. White, Superintendent of Banks for New 7/12 York State transmitting copy of ruling Ruling withheld, Mr. White to be given opportunity for personal conference if he so desires before rul7/12 ing is definitely made Letter containing ruling sent upon advice from Mr. White 7/20 Trust funds by national banks in savings department, letter to 11/ 8 Comptroller of Currency on Security not necessary, reply to State National Bank, Tex11/22 arkana, Ark. 12/14 Ruling to be published in FIRBulletin Uninvested trust funds in 1RBank by California Trust Co., no 10/14 objection to Wellesley Trust Company, Wellesley Hills, Mass., pledged correspondent balances with Merchants National Bank of Boston should be reported in Schedule L of 4/11 condition report De r reciation in securities: Charge off by Bank of Rainelle, West Virginia, letter to FRBank of Richmond that individual cases may be modified 4/2 pending Board consideration of question Classification in reports of examinations, method for determining depreciation in each group following examina9/3 tion procedure agreement sent ±RBanks for FRBanks, 1LIC and Comptroller, Treatment of, by examiners adoption of uniform policy, draft of statement to be considered by Board and discussed with 4/5 FDIC and Comptroller policy considered, meeting to be arranged with Statement of FDIC and Comptroller with view to later confer4/6 ence for considering statement n of condition of membership applicable left to Modificatio 4/22 determination of Mr. McKee Mr. McKee as to meeting of chief examiners of Report of Board, AJIC and Comptroller with Treasury, no 5/ 5 agreement and another meeting called • Report of Mr. Paulger at meeting of Advisory Council with Board of the position taken in discussions with 5/17 FDIC, Comptroller and Treasury for submission Statement of Board's position to be prepared 6/13 to Treasury 6/14 Statement discussion approved Agreement between agencies, draft of 6/28 for publishing in FRBulletin report in same manner Calculated on groups in examination 8/5 as Comptroller and FDIC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 741 742 770 1169 1205 1288 1062 407 372 912 378 386 453 507 555 646 650 698 824 73 ' Pages DePreciation in securities: (Continued) Treatment of: (Continued) 8/19 To be discussed by bank examination departments conference 9/8 Conference called for October 17 Principles applicable to membership applicants same as to 10/29 member banks ttestruction of records: Board of Governors not needed in transaction of current business, list sent National Archives requesting disposal 7/19 of Fiscal agency and depositary records, report of committee containing recommendation that Board seek continuing authority from the joint Congressional Committee for destruction of certain, approved 12/14 by Presidents' Conference Directors: FRBank of Atlanta: 1/7 Corner, Donald, Class C, letter to, accepting resignation Election of: Trust Company of Georgia and subsidiary member banks of Trust Company of Georgia Associates, only one may vote in pending election of Class B 10/11 director George, E. T., Class B, notice of reelection for three-year 12/23 term Harris, Rufus C., Class C: Appointment for unexpired portion of term subject to 1/25 acceptance Invited to conference on development of business statis2/11 tics Meetings: Birmingham and Nashville, no objection to holding April 3/22 and May meetings at, respectively 10/15 IRBranch directors during November, no objection Jackson, Mississippi, no objection to holding regular 7/15 monthly meeting in 2/15 meeting in New Orleans, no objection to holding March term and Neely, F. H., appointed Class C for three-year 12/20 designated Chairman and 1RAgent for 1939 12/21 appointed Deputy Chairman for 1939 Porter, J. F., White, G. J., Class A, notice of reelection for three-year 12/23 term FRBank of Boston: Allen, P. R., Class B, notice of reelection for three-year 12/23 term Curtiss, F. H., appointed Class C director for three-year 12/20 term Dennison, H. S.: 12/20 Appointed Deputy Chairman for 1939 business statisInvited to conference on development of 2/11 tics http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 870 929 1114 766 1285 24 1046 1350 112 178 340 1070 760 198 1311 1331 1350 1350 1309 1309 178 74 Pages ectors: (Continued) FRBank of Boston: (Continued) Fees paid for attendance at Auditing Committee or Committee on Salaries meetings approved Forbes, Allen, Class A, notice of reelection for three-year term Harriman, Henry I., Class C, appointed for unexpired portion of term ending 1940 Must dispose of stock in New England Trust Company, not necessary to dispose of stock in First Federal Savings and Loan Association of Laguna Beach FRBank of Chi cago: Cummings, W. Z., Class C, Mr. Szymczak to confer with re salary of Mr. Dillard in light of possible future changes in management Noyes, N. H., Class B, notice of reelection for three-year term Williams, I. D., Class A, notice of reelection for threeyear term Wood, R. E., Class C: Appointed for three-year term and Deputy Chairman for 1939 Invited to conference on development of business statistics Salary of Mr. Dillard, Mr. Szymczak to confer with, in light of possible future changes in management before any action is taken l'RBank of Cleveland: Brainard, G. C.: Appointed Deputy Chairman for 1939 Designated FRAgent for 1939 subject to acceptance of appointment by Mr. Stone Designated as Chairman and RAgent for 1939, former action rescinded Invited to conference on development of business statistics Reply to letter giving impressions of Business Statistics Conference and stating that transcript of Mr. Eccles remarks is not available Brooks, F. ., Class A, notice of reelection for three-year term Burke, E. S., report of Mr. Eccles of decision not to accept reappointment as Class C and designation as FRAgent Crabbs, G. D., Class B, notice of reelection for three-year term of electGroup classification of member banks for purpose change contemplated ing, no 1939 subject Kleges, R. E., appointed Deputy Chairman for Mr. Stone as to acceptance of appointment by Class C director http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/12 744 12/23 1349 3/11 299 3/17 316 3/3 277 12/23 1350 12/23 1350 12/20 1311 2/11 178 3/3 277 12/20 1310 12/28 1370 12/30 1392 2/11 178 3/10 297 12/23 1350 12/20 1308 12/23 1350 9/21 977 12/28 1371 75 Pages Directors: (Continued) FaBank of Cleveland: (Continued) Stone, James C., appointed Class C, subject to willingness 12/28 to serve /RBank of Dallas: Merritt, J. H., appointed Class C for three-year term and 12/20 designated Chairman and FRAgent for 1939 notice of reelection for threeMiddleton, J. D., Class B, 12/23 year term of election for three-year Seale, Ford, Class A, notice 12/23 term Taylor, Jay, Class C: 12/21 Appointed Deputy Chairman for 1939 of business statisInvited to conference on development 2/11 tics Walsh, C. C., Chairman, retirement of, letter expressing 1/ 7 appreciation for service rendered FRSystem 111Bank of Kansas City: Caldwell, Robert B., Class C: Appointed subject to willingness to serve Appointed Deputy Chairman for remainder of year Designated Chairman and FRAgent for 1939, advice to be withheld pending appointment of Class C direc- 1370 1312 1351 1350 1331 178 18 2/11 8/23 176 878 12/21 tor to designate as FRAgent because of residence Decision 12/29 at or near Kansas City Invited to conference on development of business statis2/11 tics Doolin, J. B., Class C, letter to, citing reasons for not 1/25 reappointing Meeting with directors of Oklahoma City, Denver and Omaha Branches, Messrs. Szymczak, Davis and Draper to attend, FRBank to be advised that October 9/ 9 20th is satisfactory Mullaney, E. E., Class A, notice of reelection for three12/23 year term B, notice of reelection for threePhillips, L. E., Class 12/23 year term years and desig-' Thomas, J. J., appointed Class C for three 12/29 nated Deputy Chairman for 1939 FRBank of Minneapolis: Cochran, V. D., Class C, appointment for unexpired portion of term subject to acceptance, to sever connec1/25 tions with local bank Coffey, Walter C., Class C: 1/ 7 Appointment for unexpired term 1331 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1384 178 114 932 1350 1350 1384 112 19 76 Pages td rectors. (Continued) /RBank of Minneapolis: (Continued) Coffey, Walter C., Class C: (Continued) 12/20 Appointed Deputy Chairman for 1939 Invited to conference on development of business statis2/11 tics Geery, W. B., Class C, expiration of term, letter of appre12/22 ciation for services rendered of election for three-year McKnight, J. R., Class A, notice 12/23 tern O'Connell, J. E., Class B, notice of reelection for three12/23 year term 1/7 Peck, F. W., Class C, letter to, accepting resignation PRBank of New York: Day, Edmund E., Class C, appointed for unexpired portion of 1/19 three-year term C: Ruml, Beardsley, Class 1/19 Appointed Deputy Chairman for year 1938 and Appointed Class C director for three-year term 12/20 Deputy Chairman for 1939 business statisInvited to conference on development of 2/11 tics C., Class B, notice of reelection for three-year Teagle, W. 12/23 term Otis A., Class A, notice of reelection for threeThompson, 12/23 year tern Young, Owen D., Class C, appointed Chairman and FRAgent for 1/19 1938 12/20 Designated Chairman and FRAgent for 1939 IREank of Philadelphia: Austin, Richard L., expiration of term as Class C director and Chairman of board, letter of appreciation 12/ 7 for long and valuable services rendered Biddle, Francis, Class C: Appointment for unexpired portion of term ending Dec., 4/5 1940 12/21 Appointment as Deputy Chairman for 1939 Resignation because of absence from Philadelphia for next six months, letter to that Board sees no 7/8 need for Cannon, Harry L., Class B, notice of election for three-year 12/23 term McCabe, T. B.: 12/20 Designation as Chairman and 1RAgent for 1939 business st Invited to conference on development of 2/11 tistics reelection for threeWayne, Joseph, Jr., Class A, notice of 12/23 year term http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1312 178 1341 1350 1350 19 82 82 1309 178 1350 1349 82 1309 1248 379 1330 734 1350 1310 178 1350 77 Pages Dir ectors: (Continued) FRBank of Richmond: Acheson, Dean G., appointed Class C for three-year term 12/30 subject to willingness to serve Johnson, L. E., Class A, notice of reelection for three12/23 year tern Lassiter, Robert: 12/20 Designated Chairman and 1RAgent for 1939 development of business staInvited to conference on 2/11 tistics B, notice of reelection for threeMalloy, Edwin, Class 12/23 year term directors at Richmond, reply to acMeeting with FRBranch cepting invitation to attend and stating Messrs. Eccles, Szymczak, McKee and Draper will be present and Mr. Davis is trying to arrange plans 5/ 7 Donald H., Class C: Sherwood, Expiration of tern, letter of appreciation for services 12/30 rendered conference on development of business staInvited to 2/11 tistics 12/20 W. G., appointed Deputy Chairman for 1939 Wysor, FRBank of St. Louis: Corlis, G. R., Class A, no objection to serving as Commissioner and Secretary of the Clear Creek Drainage and Levee District, Union and Alexander 2/ 4 Counties, Illinois Group classification for election of Class A and B direc9/15 tors, no change to be made this year Johnston, Oscar, Class C: 1/ 4 Appointment 12/21 Appointment as Deputy Chairman for 1939 Invited to Conference on development of business statis2/11 tics Maestre, Sidney, Class A, notice of election for three-year 12/23 term Meeting at Louisville Branch, reply to Mr. Nardin that Board members are unable to accept invitation 5/ 5 to attend , 12/20 Nardin, W. T., designated Chairman and FRAgent for 1939 Stanley, I. R., Class B, notice of election for three-year 12/23 term FRBank of San Francisco: Election of: California Bank of Los Angeles and California Trust Company of Los Angeles may vote in election of 9/27 Class A director during year Fees and allowances for RBank and branches 1/18 1938 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1392 1350 1310 178 1350 522 1393 178 1310 143 945 4 1331 178 1350 514 1311 1350 1011 77 78 Pages Directors: (Continued) FRBank of San Francisco: (Continued) Holden, St. George, Class C, appointed for unexpired portion of term ending December 1940 subject to confir4/ 5 mation of willingness to serve 5/20 Appointed Deputy Chairman for remainder of year 12/20 Appointed Deputy Chairman for 1939 Odlin, Reno, Class A, notice of election for three-year 12/23 term Stewart, A. O., Class C, resignation accepted and press 9/30 statement approved Listed in memo showing loans by member banks to direc11/ 4 tors of FRBanks and branches Thorpe, Carlyle, Class C, invited to conference on develop2/11 ment of business statistics Volkmann, W. G., Class B, notice of reelection for three12/23 year term FRBanks: Class C, list of those invited by Board for conference on development of business statistics, Chairmen of 2/11 FRBanks to be advised Elections, member banks in a single group controlled by same interests may have only one vote together, 10/11 despite fact one is holding company affiliate Loans by member banks, memo listing current loans discussed, agreed that in considering qualifications of future appointees it should be considered whether such obligations will impair usefulness 11/ 4 as director procedure suitable Meetings with Board, matter of deciding to banks to be referred to Presidents' Confer2/ 1 ence for consideration Harrison asking it be considered at Letter to President 2/ 4 Presidents' Conference Secretary transmitting recommendations of PresiMemo of 4/23 dents' Conference Harrison that matter is receiving considLetter to Mr. 4/30 eration recommendation that Conference of Chairmen of Committee FRBanks be held, following pattern of Presidents' Conference, approved, first meeting to be held in January, 1939, and Messrs. Davis and 10/14 Szymczak to prepare agenda for meeting (See also Conferences, Chairmen of )RBanks) Meetings with State bank supervisors, suggested as topic 2/ 3 for discussion at Presidents' Conference of PresMemo of Secretary transmitting recommendations idents' Conference, Mr. Harrison to be advised 4/23 that matter is receiving attention 4/30 Letter to Mr. Harrison http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 380 566 1312 1350 1023 1145 178 1351 178 1046 1144 130 150 462 489 1056 139 464 490 79 Pages Lirectors: (Continued) FRBanks: (Continued) Service as directors of a branch of the bank during their term, regulation amended to prevent such ser1/11 vice 1 4 /2 Letter to FRBanks advising of amendment to regulation FIRBranch banks: Baltimore: 12/20 Thomas, W. F., appointed for three-year term Birmingham: 1/7 Corner, Donald, to continue to serve 12/20 Appointed for three-year term Meeting with directors of FRBank of Atlanta, no objec10/15 tion Buffalo: Folsom, Marion B., appointed for unexpired portion of term with understanding he will be appointed 4/5 for succeeding term 12/20 Appointed for three-year term Charlotte: 12/21 Harris, G. S., appointed for three-year term Cincinnati: Sutphin, S. B., listed in memo showing loans by member 11/ 4 banks to directors of FRB/mks and branches 12/20 term Thomson, Alexander, appointed for three-year Denver: 12/21 Grant, J. B., appointed for three-year term Oklahoma City and Omaha Meeting with directors of Branches and FRBank of Kansas City, Messrs. Szymczak, Davis and Draper to attend, FRBank to be notified that October 20th is satis9/9 factory Detroit: 12/20 Watkins, L. W., appointed for three-year term El Paso: Fees and other allowances for attending meetings SD5/3 proved 12/20 appointed for three-year term Hayner, F. M., FRBank of Dallas: Fees and other allowances for attending meetings ap' 5/3 proved Helena: Cunningham, Alex, appointed for two-year term subject to 12/21 willingness to accept Houston: Fees and other allowances for attending meetings ap5/3 proved 12/21 Renfert, H., appointed for three-year term Jacksonville: Gamble, Robert H., appointed for unexpired portion of term with understanding he will be appointed 4/5 for succeeding term 12/20 three-year term Appointed for http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 34 105 1310 25 1311 1070 379 1310 1330 1145 1310 1331 932 1311 501 1312 501 1331 501 1331 380 1311 80 Pages Directors: (Continued) FRBranch banks: (Continued) Jacksonville: (Continued) Meeting with directors of IRBank of Atlanta, no objec10/15 tion Phillips, Howard, appointment for unexpired portion of 3/ 1 term of Tillman, J. M., appointment for unexpired portion 1/25 term subject to acceptance 2/ 1 Unable to accept appointment Little Rock: McCoy, Paul R., no objection to serving as member of 2/17 Arkansas Game Commission 12/20 Tucker, H. H., appointed for three-year term Loans by member banks, memo listing current loans discussed, agreed that in considering qualifications of future appointees it should be considered whether such obligations will impair usefulness 11/ 4 as director Los Angeles: 12/20 Rosecrans, W. S., appointed for two-year term Louisville: Gaines, Perry B., appointed for three-year term subject 2/10 to willingness to serve No objection to serving as Master Commissioner of /25 2 the Carroll Circuit Court 12/20 Hill, J. B., appointed for three-year term Rash, Frank D., Managing Director, salary not approved, Secretary to draft letter stating amount Board 2/ 4 would approve Letter to Mr. Nardin, RBank of St. Louis giving reasons why salary not approved, and stating 2/ 8 amount Board is willing to approve Action on deferred until Messrs. McKee and Davis 2/25 can consult with Mr. Nardin in Washington Personnel Committee to confer with Mr. Nardin before 2/25 action is taken 3/ 3 Salary approved Meetings with Board, memo of Secretary transmitting advice that Presidents' Conference has no recommenda4/23 tion at this time 4/30 Letter to Mr. Harrison re advice of Memphis: Branch, Rufus C., appointed for unexpired portion of 1/19 three-year term 9/21 in bylaws approved Meeting date, change 12/20 for term of three years Sherard, J. H., appointed Nashville: 12/20 Austin, C. B., appointed for three-year term of Atlanta, no objecMeeting with directors of IRBank 10/15 tion http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1070 257 113 131 210 1311 1144 1312 172 248 1312 140 165 240 240 277 462 489 87 976 1312 1311 1070 81 Pages birectors: (Continued) FRBranch banks: (Continued) Nashville: (Continued) Palmer, A. W., appointment for unexpired portion of term subject to acceptance New Orleans: Billington, E. F., appointed for unexpired term subject to willingness to accept Fitz Hugh, Alexander, appointed for three-year term Meeting with directors of FRBank of Atlanta, no objection Oklahoma City: Meeting with directors of Omaha and Denver branches and FRBRnk of Kansas City, Messrs. Szymczak, Davis and Draper to attend, FRBank to be notified that October 20th is satisfactory Roberts, Clarence, appointed for three-year term Omaha: Campbell, R. E., appointed for three-year term Meeting with directors of Oklahoma City and Denver Branches and ERBank of Kansas City, Messrs. Szymczak, Davis and Draper to attend, RBank to be advised that October 20th is satisfactory Pittsburgh: Ladd, G. T., appointed for three-year term Portland: Davis, N. A., appointed for term ending December 31, 1938, in connection with amendment to bylaws of branch due to disestablishment of Spokane Branch Engebretsen, A. E.: Appointed for two-year term Listed in memo showing loans by member banks to directors of FRBanks and branches Six directors beginning October 1, 1938, and five effective January 1, 1939, change in bylaws in connection with disestablishment of Spokane Branch Salt Lake City: Thomas, Iohn, appointed for two-year term San Antonio: Briscoe, Dolph, Mr. Davis authorized to ascertain whether he would accept appointment if tendered Appointment for three-year term Fees and other allowances for attending meetings approved Seattle: Nelsen, Fred, appointment for unexpired portion of term subject to acceptance Appointed for two-year term http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/25 113 12/28 1371 12/20 1311 10/15 1070 9/9 932 12/20 1312 12/20 1312 9/9 932 12/20 1310 9/21 975 12/20 1312 11/ 4 1145 9/21 975 12/20 1313 1/7 1/10 20 31 5/3 501 113 1/25 12/20 1313 82 Pages Directors: (Continued) /RBranch banks: (Continued) Seattle: (Continued) Six directors beginning October 1, 1938 and five effective January 1, 1939, change in bylaws in connection with disestablishment of Spokane Branch Telyea, N. A., appointed for term ending December 31, 1938, in connection with amendment to bylaws of branch due to disestablishment of Spokane Branch Service to, during term as director of FRBank, regulation amended to prevent such service Letter to .n-Banks advising of amendment Member banks: Sale of property to banks by directors and their interests, draft of regulation to be prepared by counsel National banks: Trust department committees, review of actions of, letter to Mr. Hill, ±RBenk of Philadelphia, that minutes must be full enough to provide adequate record for future reference State member banks: Security Bank and Trust Company, Bozeman, Montana, vacancy as shown by examination must be filled immediately 131 " - 14ssal from RBanks and branches: j-c3nes, J. W., Assistant Cashier, salary approved to continue temporarily in present position pending possible reassignment or dismissal Dismissal of, Board offers no objection Advice to Board that notice of dismissal has been given anith, T. H., formerly of Federal Reserve Bank of Kansas City, letter on release and on refusal of bank to give letter of recommendation Lividends: Bank of America National Trust and Savings Association, San Francisco, California, payment, report of Mr. Ransom re meeting of officials of Treasury, Comptroller's Office and iDIC, voted he advise Treasury that Board cannot express views prior to presentation of facts but will be ready to proceed along lines of Sec. 30 of Banking Act, Mr. Eccles in accord with view Payment, report by Mr. Ransom of further discussions includinc status of Chairman Stewart of San Francisco, voted that Board be represented at further meetings and Mr. Cagle requested to digest information received from liRBank of San Francisco Secretary of Treasury to furnish copy of last examination report to Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/21 975 9/21 975 1/11 1/24 34 105 12/20 1313 4/15 424 9/ 2 908 14 1/ 1/25 2/24 59 113 233 12/22 1342 9/13 941 9/16 948 9/16 952 83 Pages Dividends: (Continued) Bank of America National Trust and Savings Association: (Cont'd) Telegram from Mr. Giannini requesting hearing on issues raised, reply that Attorney Collins has requested action be deferred and advising that no proceeding calling for a hearing before Board 982 9/21 has been instituted Copy of telegram and Board's telegram in reply sent to 986 9/22 Secretary of Treasury Mr. Giannini that Mr. Collins is not authorTelegram from ized to ask for deferment of action and appreciation of any constructive steps taken, reply that there is no action that Board can take at 986 9/22 this time and Board's telegrams in reply sent to Copies of telegram 987 9/22 Secretary of Treasury Bankshares Corporation, Minneapolis, Minn., payment despite impairment of capital, no objection provided provision is made for any impairment of capital 766 7/19 before further dividends are declared FRBanks: 695 6/24 Payment authorized 12/23 1359 pay for last six months for 1938 Authority to k7i810n of Issue and Redemption of Office of Comptroller of the Currency: bcpenses of, voucher covering proposed budget for first six 6 1/ 4 months of 1938 12etirement System of FRBanks, request of Mr. Upham for rein12/20 1315 statement in, opposed by Board E sealante, Wenceslao, on National City Bank of New York, letter to Frank T. Neely re best procedure for collecting, and copy sent FEBank of New York with statement that Board will offer no objection to col10/17 1073 lection in that manner Y, Carl M.: (See Dabinsky & Duggan, St. Louis, Mo.) thal54 ''llskY and Duggan, St. Louis, Mo., inquiries re margin regulations, copy of reply from FRBank of St. Louis giving information sent to Securities and Ex8 1/ 4 . change Commission 4111111 Byron. (See National banks, National Bank of Commerce, Lincoln, Nebraska) ITEIT 'flgs and dividends of State member banks: !!rm 107, proposed changes approved IPPlY of Form 107 sent to FRBanks ' and expenses of State member banks for 1937, reply to -- 11ga American Bankers Association that information will be available in short while http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/ 9 1270 12/22 1344 4/18 431 84 Pages Ease1 for 10/24 1085 showing loose charts in Board Room, purchase authorized -111°tt, Edward: (See National banks, Security-First National Bank of Los Angeles, Calif.) Illergency Hospital, arrangement for medical care in case ofen492 4/30 ployees injured in line of duty Nilitable Life Assurance Society of the United States, reply to that FRSyatam has own retirement plan and is 4/11 408 Esnot interested in group life insurance calante, Wenceslao, draft on National City Bank of New York, letter to Frank T. Neely re best procedure for collecting, and copy sent FRBank of New York with statement that Board will offer no 10/17 1073 objection to collection in that manner ' 4110Pe: War scare, press statement issued in event of war re steps to be taken by FRSystem in easing shock to country, Mr. Goldenweiser to prepare statement and let/2 9 8 1014 ter to FRBanks Anglo California National Bank of San Francisco, Calif., financial condition revealed by, report of Mr. Ransom re attendance at meeting to discuss action and that he concurred in plan submitted by Messrs. Tom Smith and Crowley for recapitalization Bank of America National Trust and Savings Association, San Francisco, Calif., report of last examination, statement of NIT.. Ransom that Secretary of Treasury would furnish to Board in connection with proposed dividend payment and indebtedness of Mr. A. 0. Stewart Bank of Rainelle, West Virginia, investment securities, charge offs for depreciation, letter to IRBank of Richmond that individual cases may be modified pending Board's consideration of question Calvert Bank, Baltimore, Md., report discloses need for increasing capital and adjustments in investment account Cnden Safe Deposit and Trust Company, Camden, N. J., FDIC given written permission to make examination of Certificates issued to examiners of Board, change in wording . limiting authority of FRBanks, member banks, and foreign banking corporations Citizens Bank and Trust Co., Carthage, Tenn., adequacy of capital structure, increase not required because of liquid condition of bank Classification of assets other than securities, uniform policy for examiners for FRBanks, FDIC and Comptroller, draft of statement to be considered by Board and discussed with FDIC and Comptroller Statement of policy considered, meeting to be arranged with FDIC and Comptroller with view to later conference for considering statement http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/30 1025 9/16 952 4/ 2 372 12/13 1281 1/21 102 12/17 1296 3/ 4 283 4/ 5 378 4/ 6 386 85 Pages EZeMinations: (Continued) Classification of assets: (Continued) Report of Mr. McKee as to meeting of chief examiners of Board, FDIC, Comptroller, with Treasury, no agreement and another meeting called Report of/tr. Paulger at meeting of Advisory Council with Board of the position taken in discussions with FDIC, Comptroller and Treasury Statement of Board's position to be prepared for submission to Treasury Statement Agreement between agencies, draft of discussion approved for publishing in RBulletin To be discussed by bank examination departments conference Conference called for October 17 Columbus Trust Company, Newark, N. J. permission granted FDIC to examine in connection with misappropriation by officers of funds collected as agent for FDIC Letter to Mr. Gidney inclosing copy and requesting to be advised of developments Coltmerce Union Bank, Nashville, Tenn.: Head office and branches in connection with proposed consolidation with national bank, permission granted FRBank of Atlanta to make use of national bank examiners Nashville Branch, employees of, designated Assistant examiners to assist in Depreciation in securities, uniform policy for examiners for FRBanks, FDIC and Comptroller, statement to be considered by Board and then discussed with FDIC and Comptroller Statement of policy considered, meeting to be arranged with FDIC and Comptroller with view to later conference for considering statement of membership applicable to, modification left to Condition determination of Mr. McKee policy for examinations, report of Mr. McKee as to Uniform meeting of chief examiners of Board, FDIC and Comptroller with Treasury, no agreement and another meeting called Report of Mr. Paulger at meeting of Advisory Council with Board of the position taken in discussions with FDIC, Comptroller and Treasury Statement of Board's position to be prepared for submission to Treasury Statement Agreement between agencies, draft of discussion approved for publishing in FRBulletin To be discussed by bank examination departments conference http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/ 5 507 5/17 555 6/13 6/14 646 650 6/28 8/19 9/ 8 698 870 929 5/14 537 5/14 537 3/16 313 3/18 328 4/ 5 378 4/ 6 386 4/22 453 5/ 5 507 5/17 555 6/13 6/14 646 650 6/28 8/19 698 870 86 Pages ezinations: (Continued) Depreciation in securities: (Continued) 9/ 8 929 Conference called for October 17 for determining depreciation on each Classification, method group following examination procedure agreement 9/ 3 912 sent RBanks Membership applicants, principles applicable to, in the same 10/29 1114 manner as to member banks Federal Advisory Council report as basis for discussion with 5/17 551 Board of the question of examinations of banks Permission given Board to transmit copy of resolution to 582 5/24 Treasury Federal bank supervisory authorities, recommendation of Presidents' Conference they secure greater uniformity in policies, Mr. Harrison to be advised that mat464 4/23 ter is receiving attention 490 4/30 Letter to Mr. Harrison ederal Deposit Insurance Corporation: Alpena Savings Bank, Alpena, Michigan, permission granted FDIC to examine in connection with withdrawal 664 6/16 from RSystem Bank of Eastman, Georgia, permission granted to examine in 8/ 3 813 connection with withdrawal from FRSystem Bank of Sasser, Georgia, permission granted in connection 8/17 861 with withdrawal from FRSystem Camden Safe Deposit and Trust Company, Camden, N. T., FDIC 102 /2 1 1 given written permission to make examination of Columbus Trust Company, Newark, N. J., permission granted FDIC to examine in connection with misappropriation by officers of funds collected as agent 537 5/14 for FDIC Letter to Mr. Gidney inclosing copy and requesting to be 537 5/14 advised of developments Commercial State Bank, Afton, Iowa, permission granted to examine in connection with withdrawal from FRSystem and continuation as insured nonmember 10/ 3 1031 bank Rahway Trust Company, Rahway, N. J., written permission given FDIC to examine in connection with pro6/ 9 634 posed consolidation abPermission to FDIC to examine, in connection with 11/28 1216 sorption by Rahway National Bank Georgia, permission granted to examState Bank of Cochran, 654 6/14 ine in connection with withdrawal from ERSystem PRBank of Atlanta, report as of January 28, request by Board for advice as to any action taken with respect 426 4/15 thereto with Mr. McKinney 11Bank of Dallas, auditing procedure reviewed 411 4/12 by Board's examiner http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 87 Pages 4EQ1inations: (Continued) FRBank of New York, critical comments or suggestions, reply that examiner had discussed with officers and refusal to supply copy of confidential report submitted 7/ 6 by examiner to Board Reply that examiner will discuss with auditing committee in future and refusal to require him to state that all comments contained in confidential report 8/ 5 have been communicated to committee FRBank of Richmond, report as of Feb. 25, 1938, letter to Mr. 4/23 Lassiter on PRBanks, Mr. Paulger directed to make at least one of each 12/16 FRBank during year Forms, revised forms as transmitted to IRBanks, letter to FRBanks giving cost and method of prorating, and requesting estimate as to what cost would 10/11 have been to prepare own forms 12/19 Supply of revised form forwarded to FRBanks Letters of credit issued for other than cash consideration, letter to FRBank of Kansas City that Commerce Trust Co., Kansas City, Mo. Should report as contin6/28 gent liabilities Lewis County Trust Company, Lowville, N. Y., unsatisfactory conditions as shown by, letter to FRBank of New York 3/17 that steps must be taken to remedy Louisville Trust Company, Louisville, Ky., reports for 1927 1930, Board has no objection to FRBank of St. Louis making available to receiver of National 10/28 Bank of Kentucky Madison County Trust end Deposit Co., Oneida, N. Y., need for strengthening of management as shown by, letter to FRBank of New York that correction is ex6/ 2 pected Manchester Bank of St. Louis, MO., report of examination, debentures of Affiliated Fund Incorporated as in11/30 vestment securities than Member bank examinations should be done by examiner rather by assistant examiner and report signed by ex4/26 aminer Council that Member banks, recommendation of Federal Advisory efforts to bring about greater uniformity 11/29 should be continued New Jersey Title Guarantee and Trust Co., Jersey City, N. J., being made by State Banking Department and ex11/ 4 aminer of FRBank of New York Procedure recently established, inquiry of Mr. Eccles whether examiners were carrying out policies estab11/29 lished Rahway Trust Company, Rahway, N. J., written permission given FDIC to examine in connection with proposed con6/ 9 solidation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 729 826 467 1291 1046 1302 710 318 1111 613 1231 472 1220 1147 1225 634 88 Pages hezi nations: (Continued) Rahway Trust Company: (Continued) Permission to FDIC to examine, in connection with absorption 11/28 1216 by Rahway National Bank es in open section of report to confidential section Referenc 477 4/27 should not be made by FRBank's .exaniners Report forms: Examination procedure agreement of Board, FDIC and Comptroller, changes in forms to correspond with, Mr. 742 7/12 Eccles to confer with FDIC and Comptroller forms, Mr. Paulger to discuss Differences in proposed further with FDIC, copies of Board's revised form to be sent FDIC and Comptroller pointing 70/ 7/20 out differences 808 3 8/ Copies sent approved, cost of printing prorated among Revised forms 808 8/ 3 FRBanks at bank examination departments conferTo be discussed 870 8/19 ence d, ordered distributed to aBanks Revised form approve 876 8/23 and cost of printing prorated among FRBanks RBanks with advice that supply is being Copies sent 882 8/26 forwarded by express Bank examination department conference set for October 929 9/ 8 17, letter to FRBanks Conference of bank examination department heads, in10/ 5 1040 quiry re postponing date until October 31 10/ 7 1044 Postponement until October 31 groups, Net depreciation in securities, calculation as to procedure used by FDIC and Comptroller to be 824 8/ 5 followed be disNet sound capital, net appreciation in any group to regarded in arriving at, letter to FRBank of San 832 8/10 Francisco Reports: Should be signed by examiner rather than by assistant exam472 4/26 iner, letter to FRBanks sections but Requests for rulings should not appear in open 11/30 1231 should be submitted in separate letters Security Bank and Trust Company, Bozeman, Montana, vacancy in directorship as shown by, must be filled tnne- ' 908 9/ 2 diately to FDIC to examine in State Bank of Aurora, Minn., permission connection with withdrawal from membership and 12/13 1279 continuance as insured nonmember bank for removal of State Bank of Geneva, Ill., management, need President Oscar Nelson in connection with strengthening, FRBank of Chicago requested to 10/31 1118 informed take prompt action and keep Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 89 Pages 483t1 nations: (Continued) State banks, basis for valuation of bond accounts should be as set forth in agreement, reply to Investment 12/19 Management Corporation Truckers Exchange Bank, Crystal Springs, Miss., permission given FDIC to examine in connection with with3/31 drawal from ft:System to join Trust Company of Georgia, Atlanta, Ga., to be made jointly by 11/14 FRBank with State Banking Department U nification of supervision, Mr. McKee to review standard con4/22 ditions of membership looking forward to Union Trust Company of Maryland, Baltimore, Md., nonconforming securities as shown by last report of examination, no objection to deferring discussion of matter with bank authorities until next exami10/18 nation, letter to FRBank of Richmond West Side Trust Company, Newark, N. J., criticism of management 12/22 and handling of security and loan accounts WYaming County bank and Trust Company, Warsaw, N. Y., report of, letter to FRBank of New York on condition 12/20 of bank and on strengthening management : flodners Board of Governors: Barker, C. S., headquarters changed from Birmingham to 1/17 Atlanta Rxaminer, to be granted leave of Boysen, John T., Assistant 5/17 absence to serve in Officers Reserve Corps 6/16 Brown, Stuart L., resignation Certificates issued to, change in wording to limit authority to ]Banks, member banks and foreign banking 12/17 corporations Administration, loan of several examiners Federal Housing to assist in organization of examination divi10/25 sion, authorized granted leave and reimbursed for transXones, L. H., to be portation expenses in connection with attend4/21 ance at Graduate School of Banking granted leave and reimbursed for transLee, A. W., to be portation expenses in connection with attendance 4/21 at Graduate School of Banking extending congratulations in connection with Letter to, 6/23 graduation from Graduate School of Banking C. T., to be granted leave and reimbursed for transMalone, portation expenses in connection with attend4/21 ance at Graduate School of Banking Letter to, extending congratulations in connection with 6/23 graduation from Graduate School of Banking Myers, Edward S., Assistant Examiner, transferred from of5/20 fice to road force http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1301 363 1178 454 1079 1343 1321 70 542 663 1296 1087 448 448 690 448 690 566 90 Pages Ititard tiers: (Continued) Board of Governors: (Continued) Strahorn, Charles A., Assistant Examiner, resignation ac3/ 4 cepted granted additional leave of absence with Wilkes, M. R., understanding it will be charged against 1939 10/ 3 annual leave (See also Staff of Board of Governors) PRBank of Atlanta: National bank examiners, use of in examinations of State 3/16 member banks approved 3/29 Varnedoe, Thomas Victor, Assistant Examiner, appointment PRBank of Boston: Blunt, Erving M., designated Assistant Examiner to lend cler9/30 ical assistance to regular examiners Chittim, H. Wendell, Assistant Examiner, appointment ap10/20 proved 9/30 Duffy, Robert A., Assistant Examiner, appointment approved Harvey, Robert B., designated Assistant Examiner to lend 9/30 clerical assistance to regular examiners Killian, Lester, designation as Assistant Examiner to lend clerical assistance to regular examiners, advice to bank that name has been removed from 9/30 list King, William R., appointment from Assistant Examiner ap9/30 proved Knott, Harold C., Designated Assistant Examiner to lend 0 9/3 clerical assistance to regular examiners Lind, Oscar W., designated Assistant Examiner to lend cler9/30 ical assistance to regular examiners MacKenzie, Duncan P., designated Assistant Examiner to lend 9/30 clerical assistance to regular examiners Masters, Robert C., appointment from Assistant Examiner ap9/30 proved McGovern, Thomas N., Jr., Assistant Examiner, appointment 9/30 approved Radford, Richard H., designated temporary assistant examiner to lend clerical assistance to regular examiners 9/30 Sawyer, Dana D., designated Assistant Examiner to lend cler9/30 ical assistance to regular examiners to lend Sawyer, Frank A., designated Assistant Examiner 9/30 clerical assistance to regular examiners RBank of Chicago: 1/21 Carlson, Donald M., appointed Assistant Examiner 1/ 7 Chief Examiner, appointment approved Diercks, W. R., 2/10 appointed temporary assistant examiner Xacobson, Nils S., assistant examiner with understanding that he Appointed 12/ 2 is United States citizen T., Examiner, appointment from assistant Laibly, Clarence 3/ 4 examiner approved further extension of leave of absence to Pitman, Carol L., 1/ 7 assist FDIC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 280 1030 313 359 1027 1080 1027 1027 1027 1027 1027 1027 1027 1027 1027 1027 1027 1027 99 25 172 1239 281 25 91 Pages 4erainers: (Continued) FRBank of Chicago: (Continued) Pitman, Carol L.: (Continued) 6/17 1Vrther extension of leave to assist FDIC 1/21 Scanlon, Charles J., appointed assistant examiner Schumacher, Victor P., Assistant Examiner, appointment as ex12/ 2 aminer approved FRBank of Cleveland: 5/11 Beeke, Raymond, designated temporary Assistant Examiner 5/11 Carrell, Frank, designated temporary assistant examiner 5/11 Hancox, George, designated temporary assistant examiner 4/ 7 Hieber, C. Gordon, appointment approved 5/11 Miller, Joseph, designated temporary assistant examiner 5/11 Nuske, Albert, designated temporary assistant examiner Reilender, Elmer Charles, Assistant Examiner, termination of 4/ 7 services, advice of date requested 11 RBank of Dallas: Betts, I. F., appointed chief examiner and salary increased 12/28 Chancellor, E. A., Assistant, designated to render temporary assistance, information must be submitted before 12/28 appointment as regular assistant examiner Childers, C. L., to retain commission as assistant examiner after transfer to bank relations department to 12/28 render clerical assistance in examinations 2/ 8 approved Mann, W. T., Assistant Examiner, salary FRBank of Kansas City: Bollinger, C. L., appointment on permanent basis approved, 11/23 and notation on indebtedness to national bank Assistant Examiner, appointment and Donovan, Harold E., 9/21 salary approved 11/23 K., appointment on permanent basis approved Friedebach, J. FRBank of Minneapolis: Ferrian, Walter S., designated temporary assistant examiner to lend clerical assistance to regular exam10/11 iners appointed as assistant examiner, had been Johnson, J. B., 12/22 acting without formal approval appointed assistant, had been acting without Larson, C. J., 12/22 formal approval Mills, A. W., appointment, had been acting without formal 12/22 approval Wikholm, Arthur L.: 1/17 Appointment as assistant examiner approved 12/29 Appointment as examiner approved l'RBank of New York: 4/13 Cowan, Robert G., appointment Cronin, James B., Examiner, title changed to assistant ex4/13 aminer Frey, Frederick L., designated temporary assistant examiner 5/17 to lend assistance to regular examiners 4/13 Grimley, Thomas F., appointment as assistant examiner http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 670 99 1239 524 524 524 391 524 524 391 1373 1373 1373 169 1211 974 1211 1045 1341 1341 1341 71 1385 415 415 539 415 92 Pages X0mdners: (Continued) FRBank of New York: (Continued) Holland, William F., designated temporary assistant examiner to lend assistance to regular examiners Jones, Walter E., appointment as assistant examiner Lynch, Frederick T., appointment as assistant examiner Marold, William J., appointment as assistant examiner Muzzy, Nathan N., designated temporary assistant examiner to lend assistance to regular examiners FRBank of Philadelphia: Benner, Henry, appointment on temporary basis Hirst, William, appointment as regular assistant examiner Neeley, John K., appointment as regular assistant examiner FRBank of Richmond: Eubank, P. H., Assistant Examiner, appointment made permanent Malcolm, W. H., Jr., Assistant Examiner, appointment made permanent Mills, U. H., Assistant Examiner, appointment made permanent Short, R. T., appointment made permanent FRBank of San Francisco: Baldwin, E. L., designated to lend clerical assistance to regular examiners Bollinger, A. E., designated to lend clerical assistance to regular examiners Crouch, E. N., designated to lend clerical assistance to regular examiners Cryor, Albert L., appointment on permanent basis Everson, R. E., designated to lend clerical assistance to regular examiners Hart, M. L., designated to lend clerical assistance to regular examiners Jones, H. E., designated to lend clerical assistance to regular examiners Morse, H. H., designated to lend clerical assistance to regular examiners Rienholdt, C. A., appointment on permanent basis Szevery, A. R., designated to lend clerical assistance to regular examiners Thomas, W. J., designated to lend cleribal assistance to regular examiners FRBanks: Attitude of, seen by Federal Advisory Council as possible deterrent to increase membership in FRSystem or identification certificates issued by, uniCommissions form form submitted Conference to be held on October 31, program for Examinations of member banks should be conducted by, rather than by assistant examiners, reports should be also signed by http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/13 4/13 4/13 4/13 415 415 415 415 4/13 415 4/27 5/27 5/27 475 595 595 4/18 430 4/18 4/18 4/18 430 430 430 12/29 1386 12/29 1386 12/29 12/29 1386 1385 12/29 1386 12/29 1386 12/29 1386 12/29 12/29 1386 1385 12/29 1386 12/29 1386 2/15 207 12/29 1389 10/14 1064 4/26 472 93 Pages 4401ners: (Continued) FRBanks: (Continued) Fair Labor Standards Act of 1938, status under, agreed at Presidents' Conference they be considered pro10/25 1101 fessional employees for time being FRBranch banks: Nashville: Employees designated assistant examiners to assist in 3/18 328 examination of Commerce Union Bank New Orleans: Designation of three employees to assist in examination 12/22 1204 of a bank Pittsburgh: Campbell, Samuel G., designated temporary assistant ex524 5/11 aminer 524 Hein, V,alter E., designated temporary assistant examiner 5/11 National banks: Authority granted FRBank of Atlanta to make use of, in exam3/16 313 inations of State member banks Eze oUtive officers: Authority delegated to, by Board of directors of national bank to extend or renew loans made to executive officers, ruling sent Mr. Sargent, ithBank of San 392 4/7 Francisco Bestor, D. P., Jr., Honorary Chairman of Board of Directors, First National Bank, Mobile, Alabama, ruled to 8/12 846 be C mmercial Bank of L'Anse, Mich., Sec. 22(g) not applicable to 330 3/18 loan made prior to membership of bank dullont, Pierre S., Section 22(g) not applicable to since endorsement on loan previously acquired by bank 2/26 252 was only for bank's protection Ruled to be, for purposes of Sec. 22(g) of FRAct and Regu411 4/12 lation 0 Elluquist, H. N., indebtedness to Warren Savings & Trust Company is in violation of Regulation 0 even though bank 213 2/17 acquired obligation through exchange of assets Iaactive officers: First National Bank in Crestline, Ohio, reply to, that they 1/24 108 came within definition in Regulation 0 regarded as, First National Bank, Moorhead, Minn., must be 8/5 828 under Sec. 22(g) and Regulation 0, letter to and Savings Bank, Bozeman, Mont., request they Gallatin Trust be excluded from provisions of Regulation 0, reply to, giving reasons why inactive officers 146 2/4 must be included under term executive officers Inactive or honorary officers, Counsel to draft revision of def847 8/12 inition allowing exemption from Regulation 0 amendments submitted, draft of letter to FRBanks Drafts of to be prepared requesting expression of views 895 8/31 and suggestions, Mr. Ransom opposed 912 9/3 Letter sent http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 94 Pages Executive officers: (Continued) Liability of executive officers who execute Commodity Credit Corporation notes on cotton, reply to Mr. O'Connor that Section 22(g) of FRAct is applicable to L°ana to: Amendment to Sec. 22(g) of FRAct, statement to be published in FRBulletin City National Bank and Trust Company of Salem, N. J., note acquired through bank's services as trustee, Sec. 22(g) not applicable to Extension or renewal of, ruling ordered published in FRBulletin Federal Land Bank, loans by, must be reported to board of directors of bank under Sec. 22(g) Ruling ordered published in FRBulletin Inactive officers, exclusion from provisions of FRAct and Regulation 0, ruling ordered published in FRBulletin Land Bank Commissioner, loans by, need not be reported to board of directors of bank under Sec. 22(g) Ruling ordered published in ERBulletin Made prior to June 16, 1933, removal in the event such loans are not paid or reduced prior to June 16, 1938, burden will fall on bank to show that all reasonable steps have been taken, letter to Mr. Gidney, FRBank of New York Member banks, amendment to IPAct extending period during which loans made prior to June 1933 might be renewed, letter to Bureau of Budget approving recommendation of Presidents' Conference Letter to Mr. Harrison advising of action Notes discounted with Morris Plan bank by partnership in which officer has majority interest, monthly reports will be regarded as compliance with law and regulation in such an instance Paul M. Warburg hind, loans from, in amount not in excess of ,i.;2500 not prohibited by Sec. 22(g) Personal secretary of executive officer of national bank and guaranteed by officer, Sec. 22(g) applicable to Ruling ordered published in 1PBulletin Power delegated by board of directors of national bank to executive officers to renew or extend, ruling sent Mr. Sargent, FRBank of San Francisco Third party by member bank secured by collateral note for sun in excess of ;,2500 on which executive officer is liable as maker or endorser, questions of prohibition under Regulation 0 turns upon matter of good faith and intention of parties Wife of executive officer, which note has been removed and personal note of executive officer substituted, substitution not for protection of bank and falls within provisions of Sec. 22(g) http://fraser.stlouisfed.org Ruling ordered published in FRBulletin Federal Reserve Bank of St. Louis 1/12 53 5/20 570 5/20 568 5/20 571 5/27 6/17 597 672 1/20 92 5/27 6/17 597 672 1 8 /2 122 4/23 4/30 459 488 9/26 1006 6/ 1 609 5/21 6/17 574 672 4/ 7 392 7/20 772 5/21 6/17 574 672 95 Pages 4aentive officers: (Continued) Notes of, reply to Mr. Sonne, liRBank of San Francisco, on renewal of, by bank acquiring in taking over another bank Shriver, Henry, Section 22(g) not applicable to, if proposed plan of settlement will be for protection or benefit of bank 4 eclitive orders: Civil Service, classification of government depal ments under, applicability to Board, matter placed on docket and Counsel to prepare memo for Board consideration Memo of Counsel, additional memo and letter to Civil Service Commission to be prepared for Chairman's use in discussing with President Report of Mr. Eccles that President had sent letter, Mr. Vest to confer with Commission to advise of law and legislation upon which Board's position is based Noienditures: FRBank of Atlanta, reception in connection with completion of renovating bank building PRBanks, examination report forms, revised forms to comply with examination procedure agreement, cost of printing prorated among FRBanks 4 -Import Bank: L°.ans to Cuba, effect of Havana Agency discontinuance on, memorandum from FRBank of New York ordered circulated to Board and referred to Division of Research and Statistics ShiPments of currency, letter from i1 -Bank of Atlanta re Havana Agency discontinuance transmitted to 4/28 485 3/ 8 289 6/28 697 6/30 713 7/12 738 10/15 1070 8/ 3 808 8/12 845 8/16 857 4/27 480 3/16 314 2/15 207 9/20 971 2/15 205 11Ftt Martell Co., Inc., payment to for attendants house and fence on parking lot 'e reports on financial condition of member banks, reply to Senator Caraway that there is no Federal statute Advisory Council: Iusiness conditions: l Report as to present and future trends Review by Mr. Williams re outlook for business improvement at meeting with Board and Presidents' Conference City banks' services to correspondent banks in competition with FRBanks, discussed at meeting of Council with Board, committee to draft report for next meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 96 Pages ral Advisory Council: (Continued) Credit requirements, committee to confer with Secretary of Treasury, to discuss question whether banks 11/29 1224 were adequately meeting Deterrents to increased membership in FRSystem, attitude of State banking authorities and FRBank examiners, and existence of deposit insurance seen as by 2/15 207 Council bcaminations of banks: Report of Council as basis for discussion with Board, opin5/17 ions of Messrs. McKee and Eccles 551 Permission given Board to transmit copy of resolution to 5/24 Treasury 582 Uniform policy for treatment of depreciation in securities and classification of assets other than securities, report of Mr. Peulger at meeting of Advisory Council with Board of position taken in 5/17 555 discussions with FUG, Comptroller and Treasury PRBank of San Francisco, compensation to members for attending 1/18 77 meetings FRSYsten services to member banks, increase in scope, letter to Mr. Lichtenstein requesting to be advised of Council's conclusions after consideration of 8/ 3 811 answers to questionnaire Report of Council deferred due to absence of Mr. L. B. 9/20 967 Williams who prepared it Functions of, and how they may be improved, also types of topics that should be discussed with Board, suggested 2/ 3 138 as topics for discussion at meeting with Board Discussion at meeting of Council with Board, committee to 2/15 203 draft report for next meeting 5/17 Report of committee 544 a., 8/ 3 811 Discussion of committee report at Board meeting ' 1d, desterilization of, by Treasury, changes in policy outlined 2 ° by Mr. Eccles for meeting of Federal Advisory 2/15 205 Council with Board Rates, Robert M., Fifth YRDistrict, loans to snail business, establishment of regional banks, suggestion it be considered as topic at next meeting of Advisory Council, Board sees no need for action at pres933 9/ 9 ent Discussed at meeting of Advisory Council with Board and 971 9/20 Presidents' Conference Lis , u of men who have served various IRDistricts, together with terms of service, sent to Mr. Smith, Boatmen's 2/15 199 National Bank of St. Louis, Mo. Loans to snail business, establishment of regional banks, discussion of whether banks are meeting credit requirements, agreed that plan of Reserve City Bankers Association to have member banks break down loan figures to SILIYAT new loans is desirable, reference to experience of RTC and 971 9/20 FRBanks in same field http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 97 Pages rederal (Continued) Advisory Council: Meetings with Board: Discussion of IRSystem services to member banks, functions of the Council, city banks' services to correspondent banks, and deterrents to increased 2/15 202 membership in RSystem Report on functions of Council, how FRSystem can increase scope of services to member banks and examina5/17 544 tions of banks Discussion of amendment to Regulation F and loans to small 966 business through establishment of regional banks 9/20 11/29 1219 Recommendations presented November 14-15 meeting moved up until November 28-29 because of convention of American Bankers Associa9 0 /2 968 tion on November 14 Meeting with Board and Presidents for informal discussion to be 9/20 969 held at 2:15 p.m. 9/20 970 Meeting with Board and Presidents' Conference held Members: Aldrich, Winthrop W., reappointed by FRBank of New York for 1/24 106 year 1938 Ball, Edward, reappointed by FRBank of Atlanta for year 1/24 106 1938 Brown, Edward E., reappointed by FRBank of Chicago for year 1/24 106 1938 Crosby, John, reappointed by FRBank of Minneapolis for year 1/19 87 1938 1/24 106 Reappointed by FRBank of Minneapolis for year 1938 Dick, Paul S., reappointed by ERBank of ban Francisco for 106 1/24 year 1938 Hanes, Robert M., appointed by FRBank of Richmond for year 106 1/24 1938 Harding, R. E., reappointed by FRBank of Dallas for year 1938, letter to bank calling attention to rules re election of alternates and authorizing 72 amounts for travel expenses of member of council 1/17 106 1/24 Reappointed by FRBank of Dallas for year 1938 Kemper, W. T., reappointed by 1RBank of Kansas City for 106 1 /24 year 1938 (died January 19, 1938) Lacy, Walter G., elected alternate by FRBank of Dallas, advice to FRBank with respect to election of al1/17 72 ternates Loeb, Howard A., reappointed by FRBank of Philadelphia for 106 1/24 year 1938 amith, Walter W., reappointed by FRBank of St. Louis for 106 1/24 year 1938 Thomas M., reappointed by 1RBank of Boston for year Steele, 84 1/19 1938 106 1/24 Reappointed by FRBank of Boston for year 1938 Williams, Lewis B., reappointed by FRBank of Cleveland for 106 1/24 1938 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 98 Pages eral Advisory Council: (Continued) Patnan Bill, discussion of, at meeting of Council with Board, executive committee authorized to take such steps as necessary if bill comes up for active consid2/15 eration Recommendations: 11/29 Air mail, expansion in use of Assignment of claims on United States, request that Board 11/29 recommend amendment to revised statutes Closing hour of FRBanks, recommendation that it be extended 11/29 according to needs of each district Consideration and action deferred pending memorandum being 12/ 6 prepared by Mr. Ransom Examinations of banks, efforts to bring about greater uni11/29 formity should be continued FRBank officers, recommended that they be allowed more free2/15 dom in meeting problems of own district 11/29 FRBanks should be allowed more autonomy in their districts Items offered for credit, elimination of requirement of 11/29 sorting and distribution of Letter to be drafted requesting views of Council on matters 12/20 referred to in previous letter of Board 11/29 Publication in brief edition of annual report of Board Regulation F, amendment providing for common trust funds composed principally of real estate mortgages, recommended it be adopted in principle but 9/20 practice known as self-dealing avoided and Rules and regulations of Board should be classified 11/29 simplified Services of FRSystem to member banks: 2/15 Recommendation that there be more liberality 11/29 Ways of increasing value or scope of 11/29 Stockholders' meetings, should be held in each district than at present 11/29 Unpaid items Should be returned more quickly l ePort on how FRSystem can increase value of services to member banks, recommendations as to, suggestions or 12/28 criticisms requested Services of IPSystem to member banks, discussed at meeting with Board, committee to draft statement for consid2/15 eration at next meting containing replies of member banks to Statement submitted 5/17 questionnaire Soliciting of collection items by city banks from their correspondent banks, matter of competition with FRBanks discussed at meeting of Council with 2/15 Board, committee to prepare report ToPics for discussion: FRSystem, services to member banks, increase in scope of, letter to, that Board expects Council's conclusions at May 16-17 meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/21 203 1220 1222 1219 1242 1220 207 1220 1219 1319 1225 967 1220 206 1219 1220-2 1220 1382 202 544 205 447 99 Pages l'ecieral. Advisory Council: (Continued) Topics for discussion: (Continued) FRSystem, services to member banks: (Continued) Letter to Mr. Lichtenstein that question had been deferred until next meeting, and that Board has 10/29 1116 no additional topics to suggest Functions of Federal Advisory Council, also types of topics that should be discussed with Board, suggested 2/3 138 as topics Letter to, that Board expects Council's conclusions at 447 4/21 May 16-17 meeting 5/17 544 Statement of Council in response to Loans to snail business, establishment of regional banks, 933 9/9 Board sees no need for action at present time To be discussed at meeting of Federal Advisory Council 9/20 969 with Board and Presidents' Conference Discussed at meeting of Federal Advisory Council with 971 9/20 Board and Presidents' Conference Regulation F, amendment to provide for common trust funds composed principally of real estate mortgages, 892 8/30 letter to Mr. Lichtenstein Secretary requested to prepare draft of letter to Mr. Lichtenstein re topics discussed informally at 129 2/1 meeting IUnction of Federal Advisory Council and what topics should be discussed by Council with Board, also increasing scope of services of FRSystem to member banks, suggestions as to topics for 2/3 138 discussion forwarded to topic Services of FRSystem to member banks, suggested as 2/3 138 for meeting with Board Statement submitted by Council containing member banks' 5/17 544 replies to questionnaire at Types that should be discussed with Board, discussion meeting of Council with Board, committee to 203 2/15 draft report for next meeting Council's Letter to Mr. Lichtenstein that Board expects 447 4/21 conclusions at May 16-17 meeting 5/17 544 Report of committee 8/3 811 Discussion of committee report Federal. bank supervisory agencies, uniform policy for classification of securities and other assets in report of 378 4/5 examinations ecommendation of Board to be considered at conference with 386 4/6 Comptroller of Currency and FDIC PePort of Mr. McKee as to meeting of chief examiners of Board, FDIC and Comptroller with Treasury, no agreement 507 5/5 and another meeting called ? "erial bank supervisory officials, recommendation of Presidents' Conference they secure better coordination and greater uniformity in policies, Mr. Harrison to 464 4/23 be advised matter is receiving attention http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 100 Pages Fed era]], bank supervisory officials: (Continued) 490 4/30 Letter to Kr. Harrison Fed ral Deposit Insurance Corporation: Assets and liabilities, reports by member banks every two months, question of authorizing Division of Bank Operations to discuss form with, referred to Mr. 6/14 653 Draper Central Bank, Oakland, Calif., absorption of Bank of Alameda County, reply to inquiry of FDIC that Board's 227 only suggestion is provision of adequate capital 2/23 Inquiry in connection with termination of membership, 11/19 1197 ERBank of San Francisco to furnish information Certification of membership in IRSystem: 67 1/15 Liberty Bank and Trust Company, Allentown, Pa. 423 4/15 Union Bank of Commerce Company, Cleveland, Ohio Condition report forms: Member banks, forms for reporting assets and liabilities, and lists of security holdings, question of authorizing Division of Bank Operations to discuss 653 6/14 with, referred to Mr. Draper Simplification and desirability of requesting bi-monthly reports by member banks on form similar to form used by weekly reporting member banks, Mr. Smead authorized to discuss with, reference made to 9/19 956 discussion at meeting on Tune 14, 1938 been delivered and Report of Mr. Smead that copies had that FDIC was ready to confer when Mr. Folger, 991 9/23 Chief National Bank Examiner could find time Conference on branch banking situation in California and Vest 229 2/23 coast, letter to, that Mr. Paulger will attend Mich., advice that time e°0Persville State Bank, Coopersville, has been extended for compliance with condition 869 of membership requiring increase in capital stock 8/19 L in connection 'ePosits of insured banks, forms, suggestions 870 8/19 with form and instructions sent to De assets other Preciation in securities and classification of than securities, adoption of uniform policy by examiners for FRBanks, FDIC and Comptroller for treatment of, Board to consider and discuss 378 4/5 with preliminary meeting with FDIC and Statement of policy, Comptroller to be arranged with view to later 586 4/ 6 conference for considering Board's statement of Mr. McKee as to meeting of chief examiners of Report Board, FDIC and Comptroller with Treasury, no 507 5/ 5 agreement and another meeting called 45mination reports, changes in forms to correspond with examination procedure agreement of Board, FDIC and 742 7/12 Comptroller, Mr. Eccles to confer with proposed forms, Mr. Paulger to discuss furDifferences in ther with, copies of Board's form to be sent to, 768 7/20 pointing out differences http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 101 Pages eder..1 4.1. Deposit Insurance Corporation: (Continued) Exataination reports: (Continued) 8/ 3 Copies sent Examinations: Alpena Savings Bank, Alpena, Michitzan, permission granted to examine in connection with withdrawal from 6/16 FRSystem granted to examine in Bank of Eastman, Georgia, permission 8/ 3 connection with withdrawal from IRSystem permission to examine in Bank of Sasser, Georgia, granted connection with withdrawal from 1HSystem and con8/17 tinuation as nonmember insured bank written permission of Camden Safe Deposit and Trust Company, Board to examine in connection with strengthen1/21 ing banking structure N. J., permission given to Columbus Trust Company, Newark, examine in connection with misappropriation by officers of funds collected as liquidating 5/14 agent for FDIC and requesting to be Letter to Mr. Gidney inclosing copy 5/14 advised of developments letter giving permission Cannercial State Bank, Afton, Iowa, in connection with withdrawal from FRSystem and 10/ 3 continuance as nonmember insured bank Rahway, N. J., written permission to Rahway Trust Company, examine in connection with proposed consolida6/ 9 tion to examine in connection with absorption by Permission 11/28 Rahway National Bank of Cochran, Georgia, written nernission granted State Bank to examine in connection with withdrawal from 6/14 FRSystem Truckers Exchange Bank, Crystal Springs, Miss., written permission to examine in connection with withdrawal 3/31 from IRSystem to join First Citizens Bank and Trust Company of Utica, N. Y., plan of RFC and FDIC to provide funds for reorganization upon sound basis, letter to, that Board ap11/ 1 proves action knds deposited in connection with redemption and refunding of bonds, manner of handling by Central Hanover 12/23 Bank and Trust Company of New York City Insurance assessment paid by insured bank, proposed bill to eliminate balances due to other banks from as5/17 sessnent base Liability of stockholders, waiver of double liability, state6/17 ment ordered published in FRBulletin IRAct extending auL°an8 to banks to avert losses, amendment to thority, recommendation of Presidents' Conference, letter to Bureau of Budget that Board 4/23 offers no objection to amendment 4/30 Harrison advising of action Letter to Mr. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 808 664 813 861 102 537 537 1031 635 1216 654 363 1124 1353 560 672 459 489 102 Pages Pede ral Deposit Insurance Corporation: (Continued) Loans to or purchases of assets from insured banks to facilitate consolidations, amendment to IRAct making permanent the authority of FDIC to make, letter to Bureau of Budget that Board has no objection Statement ordered published in IIRBulletin New Jersey Title Guarantee and Trust Company, Jersey City, New Jersey, condition, letter to FDIC acknowledging receipt of copy of letter sent Commissioner of Banking for New Jersey, and that Board will submit comments and suggestions after consideration Letter to FDIC on condition of bank and general conditions in Hudson County Peoples Bank of Indianola, Miss., permission to examine in connection with withdrawal from membership in FRSystem and continuance as nonmember insured bank Requirements for membership, Mr. McKee to review Board's standard conditions with view to consistency with Security holdings of member banks, lists of, once each year, question of authorizing Division of Bank Operations to discuss with, referred to Mr. Draper S-2171, excluding certain deposits from assessment on insured banks by FDIC, statement of Board that it feels FDIC should first report Report sent Senator Wagner, Chairman, Senate Banking and Currency Committee : Staff Pitman, Carol L., FRBank of Chicago, granted further extension of leave of absence to assist FDIC State Bank of Aurora, Minn., permission to FDIC to examine, in connection with termination of membership in FRSystem and continuation as insured nonmember bank Violations of Regulation U discovered by, Board's staff to negotiate with re procedure to be adopted for reporting General principles evolved from discussion by Board's staff with FDIC and Comptroller sent to 1.41 Employees' Compensation Act, ruling of Commission that enployees of Board do not cane under Pecie_ rel Home Loan Bsnk Board: Federal savings and loan associations' stock, purchase of, by member banks and retention of shares acquired prior to membership in FPSystem, letter to Fed., 181 ' ' Home Loan Banks: Loans to, and deposits of, must be classified as corporation loans and deposits in weekly condition reports and quarterly reports of member banks, letter to FRBank of New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/15 6/17 660 672 11/ 4 1147 11/ 8 1166 12/23 1351 4/22 454 6/14 653 1/14 59 1/25 114 5/ 3 501 12/13 1279 1/28 123 2/26 250 4/26 470 5/27 603 3/ 9 293 103 Pages Pe deral Housing Act: Funds collected from obligors on real estate loans insured under, for paying taxes, insurance, etc., classifica12/20 tion of era]. Housing Administration: Credit information on individuals requested from: 9/ 3 FRBank of Cleveland, may be furnished by FRBank ERBank of Dallas and Houston Branch, may be furnished if 9/27 practicable FRBanks, discussion at meeting and suggestions that statement be obtained from FHA as to scope and character of service desired, and that requests should be 10/25 sent to head offices rather than branches Credit reports with respect to sponsors of building projects involving mortgages, charges for reports furnished 12/21 by FRBanks 4 araination Division, loan of several Board examiners to assist 10/25 in organization, authorized M embership conditions forbidding member banks engaging in real estate business, requirements do not apply to sale of mortgages covered by insurance under provisions of National Housing Act, reply to 9/29 FHA Ped..-.1 Intermediate Credit Banks: L°alls to and deposits of, must be classified as corporation loans and deposits in weekly condition reports and quarterly reports of member banks, letter to 3/ 9 FRBank of New York PeA , "ral Land Banks: Loans to and deposits of must be classified as corporation loans and deposits in weekly condition reports and quarterly reports of member banks, letter to 3/ 9 FRBank of New York Net: kendments: Charitable contributions by FRBanks, letter to Senate Banking and Currency Committee that Board does not approve Foreign branches of banks operating under, reply to Senator Vvagner inclosing revised draft of bill and stating that Board favors enactment of bill as thus amended Reply to Senate Banking and Currency Committee inclosing revised draft of S. 4046, and that Board favors enactment Making permanent the authority of the FDIC to make loans or purchase assets from insured banks to facilitate consolidations, letter to Bureau of Budget that Board has no objection http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1323 917 1012 1086 1329 1087 1017 293 293 5/17 541 5/13 532 6/ 6 619 6/15 660 104 Pages /111Lci, (Continued) Anniversary of signing, appropriate exercises in recognition of occasion to include unveiling of bronze bas relief of Senator Glass Sec. 12B, subsection (n)(4): Amendment to, extending authority of I'DIC to make loans to banks to avert losses, recommendation of Presidents' Conference, letter to Bureau of Budget that Board offers no objection Letter to Mr. Harrison advising of action Sec. 22( g) : Amendment to, extending period during which loans to executive officers made prior to June 1933 might be renewed, recommendation of Presidents' Conference, letter to Bureau of Budget that Board offers no objection Letter to Mr. Harrison advising of action Statement on recent amendment to be published in /RBulletin 11. gente: Assistants: Bonds, reduction in amount of Assistant and Alternate Assistant, letter to FRBanks requesting expression of views as to desirability of change Bullock, Robert W., Alternate, FRBank of New York: Bond of Salary approved Carlander, John, Alternate, IRBank of Minneapolis, resignation, request that ERBank forward promptly so that bonding company can be released from liability on bond Cooper, Norman C., FRBank of New York, salary approved Diercks, Wilford R., Alternate Assistant at Chicago, salary approved Johnson, John, Alternate at FRBank of Minneapolis: Appointment and salary approved Bond of Lane, Jasper A., Alternate at FRBank of Boston: Appointment and salary approved Bond of Raether, L. Bernard, Alternate at FRBank of Chicago, salary' increased Robb, T. Bruce, Alternate at IRBank of Kansas City, salary approved Sawyer, Dana D., Alternate at FRBank of Boston, salary approved Allstin, Richard L., expiration of term as Class C director and chairman of board, letter of appreciation on long and valuable services rendered 8eIlds, reduction in amount of, letter to FRBanks requesting expression of views as to desirability of change http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/ 9 1260 4/23 4/30 459 489 4/23 4/30 459 488 5/20 570 4/15 427 1/6 13 12/30 1393 9/21 12/30 974 1393 3/18 327 9/21 9/27 974 1011 6/23 7/ 1 684 721 3/18 327 3/18 327 12/30 1393 12/ 7 1248 4/15 427 105 Pages 1NentS: (Continued) Brainard, G. C., designated at FRBank of Cleveland for 1939 subject to acceptance of appointment by Mr. Stone /2 12 8 as Class C director 12 0 /3 ee Burkp,signated for 1939, former action rescinded E. S., report of Mr. Eccles of decision not to accept 12/20 designation for coming year Caldwell, R. B., designated at iRBank of Kansas City, advice to be withheld pending appointment of Class C di12/21 rector Decision to appoint for 1939 because of residence at or 12/29 near Kansas City 12/20 Curtiss, F. H., FRBank of Boston, designated for 1939 eerY, W. B., expiration of appointment, letter of appreciation 12/22 for services rendered Lassiter, Robert, FRBank of Richmond, designated for 1939 12/20 12 0 /2 McCabe, T. B., FRBank of Philadelphia, designated for 1939 Meeting periodically with Board, Messrs. Davis and Szymczak appointed members of committee to formulate pro4/23 gram and submit recommendations 4/30 Letter to Mr. Harrison that matter is receiving attention Merritt, James Hansel, ERBank of Dallas: 1/12 Bond of 12/20 Designated for 1939 12/20 Nardin, W. T., FRBank of St. Louis, designated for 1939 Neely, Frank H., FRBank of Atlanta: 1/ 6 Bond of 12/20 Designated for 1939 Stewart, A. O., IRBank of San Francisco: Indebtedness to Bank of America and holdings of stock in Transamerica Corporation, discussion with relation to dividend payments by Bank of America, statement of Mr. Ransom that information would 9/16 be obtained at later date 9/30 accepted and press statement approved Resignation of Kansas City, advised by Mr. Eccles of Thomas, X. J., FRBank decision not to reappoint because of residence 12/29 far from Kansas City of Dallas, retirement of, letter expressing u C. C., FRBank 1/ 7 appreciation for services rendered FRSystem IbluaR, Owen D., FRBank of New York: 1/19 Appointment 2/15 Bond of 12/20 Designated for 1939 4.4 genats' Representatives: FRBanks requesting exBonds, reduction in amount of, letter to desirability of change 4/15 views as to pression of 3/18 approved ?rancis, Charles E., Charlotte Branch, salary Branch: Ckadschmid, Jack Powell, Memphis Insurance Comletter to Massachusetts Bonding and Bond of, transfer from Little pany re coverage despite 7/22 Rock Branch 3/18 Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1370 1392 1308 1332 1384 1309 1341 1310 1310 463 489 50 1312 1311 13 1311 949 1023 1384 18 82 196 1309 427 326 782 327 106 Pages 1114ents Representatives: (Continued) Links, John A., Little Rock Branch: 6/21 Appointment and salary approved 6/28 Bond of 12/30 Salary approved Moore, L. A., Louisville Branch, resignation to be effective 6/21 July 1 3/18 Page, G. C., a Paso Branch, salary approved 3/18 Reed, I. J., Houston Branch, salary approved Walker, Laurie Turner, Louisville Branch, bond of, letter to Massachusetts Bonding and Insurance Company re 7/22 coverage despite transfer from Memphis Branch notes, destruction of, no objection to Houston Branch shipping 3/ 3 to Comptroller of Currency for purposes of /Ink. ---vink of Atlanta: Brandon, Hynds and Tindall, payment of pro rata part of fee for 12/29 services approved 4/18 BlIdget for examination department approved 2/ 5 ,Irlaws, amendment re executive committee approved harge offs, to offset cost of improvements and repairs to build12/23 ing Ox, Taylor and Epps of Johnson City, Tenn. and E. J. Smith of Nashville, bank authorized to make payment to, 12/14 for services rendered Mr. C\lban Monetary Law, effect on 1RBank, letter in reply to Newton, inclosing letter and memorandum relat2/12 ing to proposed Monetary Law Di rectors: (See Directors) Directors' meetings: Birmingham and Nashville, no objection to holding April and 3/22 May meetings at, respectively 10/15 objection to meeting with FRBranch bank directors, no Jackson, Mississippi, no objection to holding regular 7/15 monthly meeting in , New Orleans, no objection to holding March meeting in 2/15 4xemination of, report as of January 28, request by Board for advice as to any action taken with respect there4/15 to ilzaminations of member banks, authority granted to make use of 3/16 national bank examiners 1-1 rning, J. C., payment of fee in connection with litigation against Pike County approved and comment re 1/24 travelling expenses noted 121 "ana agency, discontinuance, requested to submit press state8/ 3 ment to Board before releasing Proposed letters to Secretary of Treasury of Cuba, branches of foreign banks in Cuba, members of Havana Clearing House and Export-Import Bank, and procedure for releasing press statements and handl8/16 ing currency shipments approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 680 709 1394 680 327 327 782 279 1389 430 156 1361 1285 180 340 1070 760 198 426 313 111 807 857 107 Pages PRBank of Atlanta: (Continued) Ravens agency, discontinuance: (Continued) Press statement, State Department to be advised that Board prefers release by, ordered released when procedure has been approved by FRBank and State 8/23 Department Review by Mr. Morrill of farther developments as set forth in memoranda prepared for files, FRBank to be advised that October 1st would be satisfactory as 8/26 closing date aYroll, changes in as shown by monthly report, not necessary to 6/ 6 transmit copy to Board, letter to Personnel classification plan: 6/ 9 Changes approved positions and discontinuing others approved 12/23 Changes creating quarters, additional expenditure for renovation and improvements 3/28 authorized &tee: (See Rates) i leception in connection with completion of renovating bank build10/15 ing, expenditures for Reserve on Jacksonville Branch building, authorized to set aside 12/23 special Solari es: 3/18 EMployees for 1938 approved 1/19 Officers for 1938 12/16 Officers for 1939 to be reviewed by Board 12/23 Letter to Mr. Newton on general policy in approving Payroll changes as Shown by monthly report, not necessary to 6/ 6 transmit copy to Board, letter to kith, G. L. W., Special Counsel, payment to, in connection with 1/24 litigation against Pike County approved : Staff 1/19 Bowman, V. K., Assistant Cashier, salary approved Bryan, Malcolm H., Vice President: Payment to cover expenses in connection with trip to 8/ 4 Washington approved Resignation as Senior Economist of Board of Governors to 4/ 5 assume duties as 4/27 Salary approved to advise Transfer to from Board's staff, Mr. Ransom bank that transfer will be approved with understanding it is not to take place until someone 2/ 4 has been secured to carry on work vacated 1/19 approved Camp, C. R., Assistant Cashier, salary 1/19 Conniff, H. F., Vice President, salary approved designation of three employees of New Orleans Examiners, 11/22 Branch to aid in examination of a bank Vice President and Cashier, salary apMcLarin, W. S., Jr., 1/19 proved 1/ 6 FRAgent, bond of Neely, Frank H., 1/19 President, salary approved Newton, Oscar, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 874 880 618 632 1348 355 1070 1361 326 86 1290 1348 618 111 86 820 380 474 142 86 86 1204 86 13 86 108 Pages u-K of Atlanta: (Continued) Staff: (Continued) 1/19 Paris, E. P., General Auditor, salary approved Parker, Robert S., first Vice President and General Counsel, 1/19 salary approved 1/19 Schuessler, S. P., Assistant Cashier, salary approved 3/29 Varnedoe, Thomas Victor, Assistant Examiner, appointment Statistical and analytical functions, budget approved 5/ 5 ''INank of Boston: Allditing department, survey of, reply acknowledging letter on con7/12 sideration of report by directors 811dget for examination department approved 4/18 Directors: (See Directors) Pees paid directors attending meetings of Auditing Committee or 7/12 Committee on Salaries, approved notes, printing of, Comptroller requested to place special 3/24 order with Bureau of Engraving and Printing Comptroller requested to place special order with Bureau of 5/ 7 Engraving and Printing Member bank reserves, deficiencies, waiver of penalty in those cases where deficiency resulted from interruption to mail and wire service due to storm and 9/29 flood conditions Rates: (See Rates) Regulation L, amendment eliminating words "Morris Plan bank", request by Rhode Island Hospital National Bank of Providence for modification allowing certain individuals to continue service to Morris Plan Company of Rhode Island, letter to, requesting ad10/ 3 ditional information on Morris Plan Company Salaries: 3/18 Employees for 1938 approved 1/19 Officers, for 1938 approved Procedure in submitting to Board, letter to, requesting that X-9745 be followed in subsequent years and en1/19 closing copy Staft: Blunt, Erving M., appointed Assistant Examiner to lend cler9/30 ical assistance to regular examiners Carrick, Krickel K., Secretary and General Counsel, salary 1/19 approved Chitttm, H. Wendell, Assistant Examiner, appointment ap10/20 proved 9/30 Duffy, Robert A., Assistant Examiner, appointment approved 1/19 Fogg, John J., Auditor, salary approved Harvey, Robert B., designated Assistant Examiner to lend 9/30 clerical assistance to regular examiners 1/19 salary tip-proved Hult, Ellis G., Assistant Cashier, 1/19 Kennel, A. C., Jr., Assistant Counsel, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 86 86 86 359 513 745 430 744 352 521 1018 1033 326 84 85 1027 84 1080 1027 84 1027 84 84 109 Pages Of Boston: (Continued) Staff: (Continued) Ketchum, Phillips, Associate Counsel, salary retainer fee 1/19 approved in addition to annual retainer Payment of compensation approved, request that salary arrangement be 3/16 clarified as Assistant Examiner to lend Killian, Lester, designation clerical assistance to regular examiners, advice 9/30 to bank that name has been removed from list King, William R., Examiner, appointment from Assistant Ex/3 9 0 aminer approved designated Assistant Examiner to lend clerKnott, Harold C., 9/30 ical assistance to regular examiners Alternate Assistant FRAgent: Lane, Jasper A., 6/23 Appointment and salary approved 7/ 1 Bond of 1/19 Leavitt, Ernest M., Assistant Cashier, salary approved designated Assistant Examiner to lend cleriLind, Oscar W., 9/30 cal assistance to regular examiners Duncan P., designated Assistant Examiner to lend MacKenzie, /3 9 0 clerical assistance to regular examiners Masters, Robert C., Examiner, appointment from Assistant Ex9/30 aminer approved McGovern, Thomas N., Jr., Assistant Examiner, appointment 9/30 approved 1/19 McRae, William D., Chief Examiner, salary noted / 1 19 Paddock, William W., First Vice President, salary approved 1/19 Pitman, Carl B., Assistant Cashier, salary approved Radford, Richard H., designated Assistant Examiner to lend 9/30 clerical assistance to regular examiners Sawyer, Dana D.: Designated Assistant Examiner to lend clerical assistance 9/30 to regular examiners Salary as Manager of Securities Exchange Division and 12/30 Alternate Assistant FRAgent approved Sawyer, Frank A., designated Assistant Examiner to lend 9/30 clerical assistance to regular examiners 1/19 approved Sweetser, L. Wallace, Assistant Cashier, salary 1/19 Willett, William, Cashier, salary approved / 1 19 ,. Young, Roy A., President, salary approved St 5/ 5 budget approved and analytical functions, Io ckholders advisory committee, inquiry as to effectiveness and 11/ 8 need for continuation of committee Sto ckholders meeting, reimbursement for one member from each 9/21 bank for railroad fare and Pullman approved FRBsnks should not pay travelling expenses of Advised that representatives of member banks attending such 12/ 8 meetings eLbik A of Chicago: 441its of Board's accounts, requested to undertake during year ending June, 1939, in accordance with plan to 6/23 rotate work among nearby FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 84 309 1027 1027 1027 684 721 84 1027 1027 1027 1027 84 84 84 1027 1027 1393 1027 84 84 84 513 1257 974 1256 689 110 Pages Illtank of Chicago: (Continued) Booklet on services rendered to member banks, changes in wording 8/17 suggested Brown, building for Adelbert, employed to contest taxes on bank 5/11 1937 4/18 Budget for examination department approved in figCharge off on land on which building is located, change 12/ 8 urea suggested 12/23 Reduction in book value of land approved of Mr. Contribution to Retirement System to increase allowance 7/1 Fred Bateman Directors: (See Directors) FRnotes: Request that Comptroller of Currency place special order with Bureau of Engraving and Printing for printing of 3/16 Shipments, reciprocal agreement with RBank of St. Louis for shipment of notes of one aBank by other nBank directly to banks in district of FRBank of is6/3 sue, at its request 10/27 Again considered, no further suggestions MaYer, Meyer, Austrian & Platt, employed to contest taxes on 5/11 bank building for 1937 case of Scoville v. Board Appointment to represent bank in 10/20 of Education, approved Personnel classification plan: 10/ 3 Changes approved 10/20 Changes in 10/24 Changes in 12/ 7 economic adviser Change creating position of Printing: Fieberg, Paul H., demand for reimbursement for undercharge on printing done for FRBank, based upon report made by Haskins& Sells, Board can take no ap10/20 propriate action under circumstances , Austrian & Platt, gllarters, building, employment of Mayer,Meyer and Mr. Adelbert Brown to contest taxes on bank 5/11 building for 1937 Rates: (See Rates) 841ari es: 3/18 Employees for 1938 approved 1/11 approved Officers for 1938 Officers for 1939 transmitted to Board, to be reviewed at 11/ 7 proper time : Staff 1/11 Bachman, W. C., Assistant Vice President, salary approved Bateman, Fred, Assistant Cashier: Contribution by RBank to Retirement System to increase 7/1 allowance approved 1/11 Salary approved 1/11 approved Black, A. M., Manager, Planning Department, salary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 862 524 430 1255 1362 722 314 614 1108 524 1082 1030 1081 1085 1249 1082 524 326 38 1161 39 722 39 39 111 Pages FRILa—P. of Chicago: (Continued) Staff: (Continued) 591 5/26 Brown, Fannie 0., payment of dismissal allowance approved 39 1/11 Callahan, J. C., Assistant Cashier, salary aoproved /2 1 1 99 Carlson, Donald M., Assistant Examiner, appointment 1/11 39 Dawes, N. B., Assistant Cashier, salary approved Diercks, W. R.: 25 1/ 7 Appointment as chief examiner approved 327 3/18 Salary as Alternate Assistant FRAgent approved Dillard, J. H.: Code book, plans for printing and revising sheets to be 11/17 1192 worked out with Mr. Carpenter 1/11 39 Salary approved Salary increase, action deferred until Personnel Committee can confer with Mr. Schaller when in Washing243 2/25 ton Mr. Szynczak to discuss with Mr. Wood and Director Cummings in light of possible future changes in 277 3/ 3 management before any action is taken 325 3/18 Salary approved 39 1/11 Dunn, C. B., General Counsel, salary approved 39 1/11 Endres, J. X., Auditor, salary approved 172 2/10 Jacobson, Nils S., appointed temporary assistant examiner Appointed assistant examiner with understanding that he 12/ 2 1239 is United States citizen Laibly, Clarence T., Examiner, appointment from assistant 3/ 4 281 examiner approved 39 1/11 Lindsten, F. A., Assistant Cashier, salary approved 39 1/11 Meyer, L. G., Assistant Cashier, salary approved 39 approved 1/11 Netterstrom, 0. J., Assistant Vice President, salary SecreOlson, A. L., Assistant Vice President and Assistant 1/11 39 tary, salary approved Directors, emPhillips, C. A., Economic Adviser to Board of 723 7/ 1 ployment for trial period and salary approved 11/ 9 1172 basis To be employed as economic adviser on part time Pitman, Carol L., Examiner, further extension of leave of 25 1/ 7 absence to assist FDIC 501 5/ 3 Further extension of leave of absence 670 / 6 17 Further extension of leave to assist FDIC 38 1/11 President, salary approved Preston, H. P., First Vice 39 1/11 Assistant Cashier, salary approved Purrington, F. L., Bernard, Alternate Assistant FRAgent, salary apReether, L. 327 3/18 proved 39 1/11 Roberts, J. G., Assistant Cashier, salary approved 39 1/11 M., Assistant Cashier, salary approved Saltnes, C. 99 1/21 Scanlon, Charles J., Assistant Examiner, appointment to confer with re salary Schaller, G. J., Personnel Committee increase of Mr. Dillard when former is in Wash243 2/25 ington 38 1/11 Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 112 Pages III/lank of Chicago: (Continued) Staff: (Continued) Schumacher, Victor P., Assistant Examiner, appointment as 12/ 2 examiner approved / 1 11 Sihler, A. T., Assistant Vice President, salary approved 1/11 Snyder, W. H., Vice President and Cashier, salary approved Sweet, J. L., Manager, Research and Statistics Department, 1/11 salary approved 1/11 Young, C. S., Vice President and Secretary, salary approved Statistical and analytical functions, budget approved 5/ 5 -Loank of Cleveland: AUdits of Board's accounts, letter to, that Chicago bank will undertake for caning year in accordance with rotat6/28 ing plan 4/18 BUdget for examination department approved Credit information on individuals requested by Federal Housing 9/ 3 Administration should be furnished 10/25 Reference made to, at meeting Directors: (See Directors) FRnote shipments, reciprocal agreement with FRBank of St. Louis allowing St. Louis notes shipped by Cincinnati Branch to member banks in Louisville Branch territory and vice versa, payment by deductions from credits in transit clearing, reply that plan must be modified to provide for payment 9/28 through FRnote settlement of electing di°I.IP classification of member banks for purpose 9/21 rectors, no changes contemplated e rsonnel classification plan: 2/14 Changes in 5/24 Changes in Assistant Manager in the Change to provide for position of 9/12 Business Statistics Department approved 11/ 5 Change in Rate , s: (See Rates) 1239 39 38 39 38 513 711 430 917 1086 1016 977 193 585 938 1150 3/18 1/11 326 38 12/19 1300 1/11 38 3/18 approved 5/11 designated temporary assistant examiner Beeke, Raymond, 3/18 Brown, Frank, Oiler, salary in excess of maximum approved to accept Burke, E. S., report of Mr. Eccles of decision not 12/20 designation as FRAgent for caning year 5/11 assistant examiner Carrell, Frank, designated temporary 1/11 approved Carter, E. A., Assistant Cashier, salary 327 524 327 Pmployees for 1933 approved Officers for 1938 approved Officers for 1939, proposed increases will be reviewed by ' Board : Staff Arnold, C. W., Assistant Vice President, salary approved Bartow, Paul R., Routing Clerk, salary in excess of maximum http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1308 524 38 113 Pages 111Bank of Cleveland: (Continued) Staff: (Continued) Clark, Ruth E., Junior Clerk A, salary in excess of maximum approved Crisco, Michael J., City Collection Teller, salary in excess of maximum approved Fleming, M. J., President, salary approved Fletcher, W. H., Vice President, salary approved Foster, A. G., Assistant Cashier, salary approved Gray, Mabel E., Library Clerk, salary in excess of maximum approved Grayson, F. V., Assistant Cashier, salary approved Hancox, George, designated temporary assistant examiner Hays, R. B., Assistant Vice President and Secretary, salary approved Hieber, C. Gordon, Examiner, appointment approved Knight, Edith G., 2ayroll Clerk, salary in excess of maximum approved Koza, Frank, Member Accounts Clerk, salary in excess of maximum approved Krejci, Joseph, Senior Clerk Check Col., salary in excess of maximum approved Kulow, Nettie E., Registered Nurse, salary in excess of maximum approved Miller, Joseph, designated temporary assistant examiner Nuske, Albert, designated temporary assistant examiner Pavlas, Vendel, Boiler room laborer, salary in excess of maximum approved Peck, Edison F., City Collection Teller, salary in excess of maximum approved Pinkle, Helen B., Registered Nurse, salary in excess of maximum approved Reilender, Elmer Charles, termination of services, request for advice of date Schabinger, Heloise A., Junior Clerk A, salary in excess of maximum approved rnith, H. E. J., Assistant Cashier, salary approved Squire, Sanders& Dempsey, Counsel, salary retainer approved Taylor, W. F., Vice President and Cashier, salary approved. ThieLman, Mary F., Junior Clerk A, salary in excess of maximum approved Wagner, G. H., Vice President, salary approved Winter, Paul A., Control Clerk, salary in excess of maximum approved Wolf, Anne, Multigraph Operator, salary in excess of maximum approved , Zurlinden, F. J., First Vice President, salary approved ' tatistical and analytical functions, budget approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 327 3/18 1/11 1/11 1/11 327 38 38 38 3/18 1/11 5/11 327 38 524 1/11 4/ 7 38 391 3/18 327 3/18 327 3/18 327 3/18 5/11 5/11 327 524 524 3/18 327 3/18 327 3/18 327 4/ 7 391 3/18 1/11 1/11 1/11 327 38 38 38 3/18 1/11 327 38 3/18 327 3/18 1/11 5/ 5 327 38 513 114 Pages PRI)ank of Dallas: Auditing department, survey of, reply acknowledging letter on consideration of report by directors and stating that Board's examiners will review all matters 1/11 in course of current examination No further consideration necessary since Board's examiner has reviewed with Mr. McKinney the matters 4/12 brought out by survey, letter to Mr. Merritt Branches, bylaws, regular meetings, amendment allowing directors to omit one during calendar year with approval of 9/16 board of directors of head office 4/18 Budget for examination department approved Credit on individuals requested by Federal Housing information Administration from FRBank and Houston Branch may 9/27 be furnished if practicable 10/25 made to, at meeting Reference Directors: (See Directors) FRBranch bank directors, meetings, attendance fees and other 5/ 3 allowances approved Fi seal Agency Department, survey of, copy of survey report sent 6/24 to for consideration and comment Rouston Branch: quarters, improvements, no objection to carrying on books 10/17 and creating depreciation reserve thereon P ersonnel classification plan: Change to provide for an increase in salary of assistant ex3/11 aminer approved 12/28 , Should be amended to provide for position of chief examiner ?tea: (See Rates) tteserves: Houston Branch quarters, improvement, no objection to cre10/17 ating depreciation reserve thereon Sa deposits fekeeping of securities, collateral as security for of bankrupt funds under amended Bankruptcy Act, charges, question of establishing referred to 8/31 Mr. Szymczak for recommendation to PresiLetter to FRBank that question has been referred dents' Conference Committee on Free Services for 9/ 2 opinion Services requesting question Telegram to Committee on Free 9/ 2 be considered and opinion rendered Salaries: 3/18 Einployees for 1938 approved 1/11 Officers for 1938 : Staff 1/11 Austin, E. B., Assistant Cashier, salary approved appointed chief examiner and salary increased 12/28 Betts, I. F., Chancellor,'E. A., Supervisor of Credits: Payment of salary in excess of maximum for additional 5/13 period of six months approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 46 411 954 430 1012 1086 501 695 1071 300 1373 1071 898 908 909 326 41 41 1373 530 115 Pages /143E1-1- of Dallas: (Continued) 44.14. Staff: (Continued) Chancellor, E. A.: (Continued) Designated assistant examiner to render temporary assistance, information must be submitted before 12/28 1373 appointment as regular assistant examiner Childers, C. L., to retain commission as assistant examiner after transfer to Bank Operation Department 12/28 1373 to render clerical assistance in examinations 1/11 41 Clarke, W. P., General Auditor, salary approved 1/11 41 Coleman, R. B., Vice President and Cashier, salary approved Employee enrolled in Graduate School of Banking, request to use certain information re San Antonio Branch in writing school paper, reply that Board does 75 1/17 not deem it advisable 1/11 41 Evans, W. J., Vice President and Secretary, salary approved 1/11 41 Ford, W. O., Assistant Vice President, salary approved 1/11 41 Gilbert, R. R., First Vice President, salary approved Holloway, W. H., Manager, Accounting Department, payment of salary in excess of maximum for additional period 5/13 530 of six months approved Buff, Charles C., General Counsel, letter to Mr. Merritt that Board cannot approve present arrangement as 71 1/17 to position and salary Locke, Locke, Stroud, and Randolph, Counsel, salary retainer 41 1/11 approved 169 2/ 8 Mann, W. T., Assistant Examiner, salary approved 41 1/11 McKinney, B. A., President, salary approved 1/12 50 Merritt, James Hansel, FRAgent, bond of 1/11 41 Pondram, L. G., Assistant Cashier, salary approved Stroud, E. B., Jr., Counsel, contribution to Retirement System for, letter to Mr. McKinney that Board is deferring action until discussion with him in 1/24 104 E. Washington excess Thaxton, A., Note Custodian, payment of salary in of maximum for additional period of six months 530 5/13 approved approved for six Salary in excess of maximum of grade 11/ 8 1164 months Walsh, C. C., Chairman and FRAgent, retirement of, letter expressing appreciation for service rendered 1/ 7 18 FRSystem s, Webb, R. O., Assistant Cashier, salary approved 41 1/11 513 5/ 5 ,Itistical and analytical functions, budget approved "rritory: Calhoun and Refugio counties, transfer from San Antonio to 44k, 987 9/22 Houston Branch rl of Kansas City: 'illsted service bonds, procedure for handling used at /RBanks of Minneapolis and Kansas City, copy of Mr. 3/12 303 Myrick's report re sent to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 116 Pages Of Kansas City: (Continued) Auditing department, copy of report of survey sent tar. Thomas Reply acknowledging letter on consideration of report by directors ildget for examination department approved BYlaws: Amendment to, Board interposes no objection with understanding that the matter may be reconsidered whenever a new Chairman and IRAgent is designated Copies, letter requesting they be furnished Board for transmission to Mr. Hurshel E. Underhill as per his request Clea ring and collections, items drawn on cooperative credit associations in payment of Social Security taxes, answer to inquiry of H. W. Kendall re inability of FRBank of Kansas City to clear Directors: Directors) Elevators, expenditures to cover mist of installation approved, manner of charging off need not be approved by Board 1:lamination department, copy of report of survey sent Mr. Hamilton 4Q0nne1 classification plan, changes approved er plant, expenditures to cover cost of installation approved, manner of charging off need not be approved by Board ''tera: Elevators and power plant, expenditures to cover cost of installation approved, manner of charging off need not be approved by Board 'lates: s „(See Rates) Employees for 1938 approved , Officers for 1938 approved oterf : 4/ 8 396 7/ 6 4/18 731 430 1/10 33 9/19 964 6/10 644 9/26 1007 4/ 5 7/ 1 383 724 9/26 1007 9/26 1007 3/18 1/14 326 58 Bollinger, C. L., appointment as examiner on permanent basis approved, and notation on indebtedness to na11/23 1211 tional bank Donovan, Harold E., Assistant Examiner, appointment and sal974 9/21 ary approved Friedebach, J. K., appointment as examiner on permanent 11/23 1211 basis approved Hamilton, G. H., President, salary approved 58 1/14 1/14 59 J. W., Vice President and Cashier, salary approved H. G., Vice President, General Counsel and Secretary, 1/14 58-9 salary and retainer fee approved Park, M. W. E., Assistant Cashier, salary approved 59 1/14 Phillips, John Jr., Assistant Cashier, salary approved 1/14 59 1/14 59 -2iPkin, G. H., Assistant Cashier, salary approved 327 Robb, T. Bruce, Alternate Assistant FRAgent, salary approved 3/18 tZ, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 117 Pages of Kansas City: (Continued) Staff: (Continued) Smith, T. H., dismissal from service of bank, reply that 12/22 1342 there is no basis for action by Board 59 1/14 Tyner, E. P., Assistant Cashier, salary approved 59 1/ 14 Wardell, S. A., Auditor, salary approved 59 1/14 Woolley, D. W., Assistant Cashier, salary approved 1/14 58 approved Worthington, C. A., First Vice President, salary Statistical 5/5 513 and analytical functions, budget approved T erritory: Transfer of thirteen Missouri counties from Eighth to Tenth FRDistrict, letter to Mr. hoefer that circum581 5/24 stances do not justify transfer to be prepared 6/6 618 Letter sent Letter from Mr. Hoefer referred to Mr. Szymczak for con8/3 812 sideration Letters to RBanks of Kansas City and St. Louis asking if it is convenient for representatives to meet with Board representatives in St. Louis on Sep904 9/1 tember 13 meeting in January 12/20 1318 Proposed transfer to be considered at Minneapolis: 'qusted service bonds, procedure for handling used at, copy of Mr. Myrick's report re sent to RBank of Kansas 303 3/12 City 430 4/18 : , : 141dget for examination department approved 1 ' 3Ylaws: Changes adopted, Board approval not necessary, but reasons for change giving officers of bank power of determining hours of business requested Ciaa rge offs, Helena Branch building, to reduce book value approved a ge offs to reduce book value of Helena Branch building and 12/22 1343 1/27 12/23 Check uuK collection circulars, issuance, advised to defer in view Collection of contemplated changes at next Presidents' Con9/16 ference Con4. uributory group life insurance policy, extension of contract 11/28 approved Lir ectors: (See Directors) licnirs of business, change in bylaws giving authority to officers 12/22 determine reasons for change requested ustrial loans: First Investment Corporation, application for, letter to Mr. Lemke, House of Representatives that Bank cannot 2/17 grant for certain specified reasons Pev, 'sonnel classification plan: 1/28 Changes in Loans and Rediscounts Department approved 5/3 Changes approved 11/ 2 4 Change in i. -"as: (See Rates) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 119 1362 954 1217 1343 214 121 501 1131 118 Pages ILluc of Minneapolis: (Continued) Selaries: 3/18 Employees for 1938 approved 1/19 Officers for 1938 approved Officers for 1939, Board will review and take up any question with FRBank prior to first meeting of board of 10/27 directors in January Staff : Carlander, John, Alternate Assistant FRAgent, resignation, request that bank forward as soon as possible so that bonding company can be released from liabil9/21 ity on bond 1/19 Core, Harold C., Assistant Cashier, salary approved 1/19 Dunlop, Frank C., Auditor, salary approved Ferrian, Walter S., designated temporary assistant examiner to lend clerical assistance to regular examiners 10/11 Geary, W. B., expiration of term as FRAgent, letter of ap12/22 preciation for services rendered 1/19 Hodgson, Thomas H., Assistant Counsel, salary approved Iohnson, Jalmer B., appointed as assistant examiner, had 12/22 been acting without formal approval Johnson, John, Alternate Assistant FRAgent: 9/21 Appointment and salary approved 9/27 Bond of 1/19 Larson, Arthur R., Assistant Cashier, salary approved Larson, C. J., appointed assistant examiner, had been acting 12/22 without formal approval Mills, A. W.: Appointed as examiner, had been acting without formal 12/22 approval 7/22 Salary approved Peterson, William E., Assistant Cashier, salary approved 1/19 1/19 Peyton, John N., President, salary approved Powell, O. S., First Vice President: Address before Winnipeg Bankers Lecture Club, no objection to address on some general topic dealing with differences between banking set up in U.S. 10/29 and Canada Graduate School of Banking, to take over work previously 11/17 done by Dr. Burgess 1/19 Salary approved 1/19 approved Preston, Otis R., Assistant Cashier, salary Secretary, salary apSwanson, Ernest W., Vice President and 1/19 proved 1/19 fee approved Ueland, Rolf, Assistant Counsel, retainer 1/19 approved "Cleland, Sigurd, Counsel, retainer fee Wikholm, Arthur L.: 1/17 Appointment as assistant examiner approved 12/29 Appointment as examiner approved iemer, Harry I., Vice President and Cashier, salary apZ 1/19 proved Stati 6ical 5/ 5 -8 and analytical functions, budget approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 326 87 1105 974 87 87 1045 1341 87 1341 974 1011 87 1341 1341 782 87 87 1116 1191 87 87 87 87 87 71 1385 87 513 119 Pages 11/Bamk Of New York: ?Inca de Venezuela, to receive and hold gold under earmark for uudget for examination department approved °vington, Burling, Rublee, Acheson and L-;horb, payment of fee in connection with British American Tobacco Co. v 1RBank of New York Payment for legal service in connection with case rectors: (See Directors) 4xszinations, critical comments or suggestions, reply that examiner had discussed with officers and refusal to supply copy of confidential report submitted by examiner to Board Reply that examiner will discuss with auditing committee in future and refusal to require him to state that all comments contained in confidential report have been communicated to committee Examining department, Mr. McKee to discuss with Mr. Harrison the changes necessary for purpose of adopting policy satisfactory to Board PRnotes, special order placed for printing large denominations .scal agency survey, copy of report sent to bank for comment f t 4ndebtedness of officers and employees, report by examiners to Board to be discontinued in individual cases with exception of unusual cases 4 1onal Bank of Hungary, cancellation of gold pengo blocked act counts on the books of, Board approves proposal of FRBank of New York that it acquiesce in N ational Bank of Nicaragua, Inc., Managua, Nicaragua, loan to approved Pe f, roonnel administration, information re may be furnished to National Industrial Conference Board, Inc., New York, letter to Personnel classification plan: Changes approved Changes approved 11 Changes approved , 1 4tes: (See Rates) ,leserve on bank building, setting aside of special, authorized Sa laries: Employees for 1938 approved Officers for 1938 approved Q 12/10 1275 4/18 430 157 2/5 12/23 1363 7/6 729 8/5 826 1/25 116 12/ 1 1235 11 /23 1211 6/9 639 2/10 173 1/12 53 3/12 305 1/20 7/8 8/30 92 734 885 12/23 1361 3/18 1/11 326 35 Barrows, D. H., Manager, Personnel Department, salary ap36 1/11 proved Bilby, Harold A., Assistant General Auditor, salary for re693 6/24 mainder of calendar year approved Bullock, Robert W., Alternate Assistant FRAgent: 13 1/6 Bond of 12/30 1393 Salary approved 35 1/11 BUrgess, W. R., Vice President, salary approved 36 Department, salary approved 1/11 Burt, W. W., Manager, Accounting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 120 Pages of New York: (Continued) 8t4ff: (Continued) 36 Cameron, D. X., Manager, Foreign Department, salary approved 1/11 734 7/ 8 Clark, John J., salary approved in excess of maximum Cochran, William A., no objection to retention in service 722 7/ 1 beyond retirement period until October 1, 1938 36 1/11 Coe, C. H., Vice President, salary approved temporary assignCollado, Emilio G., Foreign Statistician, ment to Board's Division of Research and Statistics, allowed subsistence allowance and trans673 /2 6 0 portation costs RAgent, salary apCooper, Norman C., Alternate Assistant 12/30 1393 proved Cowan, Robert G., Examiner, appointment 415 4/13 to assistant examCronin, James B., Examiner, title changed 415 4/13 iner Davis, F. T., Assistant Counsel: 36 1/11 Salary approved Practices, Third Regional Conference on Uniform Banking plan to attend, FRBank requested to send copies 12/ 6 1245 of report on conference to Board Security Loans Department: Davis, Norman P., Manager, 36 1/11 Salary approved Pleasantville, N. Y. school board not proService on 471 4/26 hibited from IRBank that ruling be passed allowing Request board of directors of each bank to pass upon 565 5/20 questions of service to school boards Letter to FRBanks that hereafter questions of service to school boards may be decided by board of 659 6/15 directors of each bank Despres, Ttnile M.: Assignment to staff of Board for three months to assist in work being done for Fiscal and Monetary Ad12/ 2 1238 visory Board to certain European banks and countries, question Visit deferred pending meeting at which all Board mem640 6/10 bers are present 647 6/13 • Board offers no objection To bring report of trip to Washington for discussion 849 8/12 with Board 36 1/11 Dillistin, W. H., Assistant Vice President, salary approved Douglas, E. C., Manager, Bill Department and Collection De36 1/11 partment, salary approved of Banking, advice that baployees attending Graduate School 397 4/ 8 three will pay own expenses 36 1/11 Ferguson, G. W., General Auditor, salary approved beFoster, Jeanne B., no objection to retention in service 722 7/ 1 retirement period until October 1, 1938 yond 36 1/11 approved French, E. C., Manager, Cash Department, salary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 121 Pages IIRBEolk Of New York: (Continued) Staff: (Continued) Frey, Frederick L., designated temporary assistant examiner 539 5/17 to lend clerical assistance Gidney, R. M., Vice President: 36 1/11 Salary approved Third Regional Conference on Uniform Banking Practices, plan to attend, 1EBank requested to send copies 12/ 6 1245 of report on conference to Board 415 4/13 Grimley, Thomas F., Assi stant Examiner, appointment Harrison, George L., President: Germany's foreign debt service, memo sent Secretary of State re, discussion in light of Board's request that all matters with Government departments be first brought to attention of Board, no action 11/ 4 1144 to be taken Havana Agency discontinuance, effect on Cuban exchange position and Export-Import Bank loans to Cuba, memoranda ordered circulated to Board and re845 8/12 ferred to Division of Research and Statistics 35 1/11 Salary approved Visit to Bank of Canada, advice that he plans to make 854 8/16 courtesy call Holland, William F., designated temporary assistant examiner 415 4/13 to lend assistance to regular examiners 36 1/11 'Tones, J. W., Assistant Vice President, salary approved 415 4/13 Tones, Walter E., Assistant Examiner, appointment Kimball, H. H., Assistant Vice President and Secretary, sal36 1/11 ary approved Knoke, L. A., Vice President: 36 1/11 Salary approved Visit to certain European banks and countries, question deferred pending meeting at which all Board 6/10 640 members are present 6/13 647 Board offers no objection To bring report to Washington for discussion with 349 8/12 Board Logan, W. S., Vice President and General Counsel, salary ap1/11 35 proved 415 4/13 appointment Lynch, Frederick T., Assistant Examiner, 415 4/13 Marold, William J., Assistant Examiner, appointment B., Assistant Vice President: Matteson, Walter Application to retain in service until December 1938, letter to bank noting it has been filed with Re483 4/28 tirement Committee Employment to be continued for not over six months, 12/23 1347 written statement to be obtained 36 1/11 Salary approved 36 1/11 M. C., Manager, Service Department, salary approved McCahill, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 122 Pages FIRgank of New York: (Continued) Staff: (Continued) hficMurray, R. H., Manager, Safekeeping Department, salary ap1/11 36 proved Miller, S. A., Manager, Securities Department: Payment of expenses in connection with Graduate School of 397 4/ 8 Banking approved Salary approved 1/11 36 Mitchell, J. A., Manager, Credit Department, salary approved 1/11 36 Muzzy, Nathan N., designated temporary assistant examiner to 4/13 415 lend assistance to regular examiners Phelan, Arthur, Assistant Vice President: 36 1/11 Salary approved Service as member of advisory board on parks, playgrounds and recreation in Teaneck, N. 3., no objection 12/16 1291 to Q,ueern, Katherine M., continuation of salary payment in ex12/ 7 1249 cess of maximum for grade Revels, Anna, no objection to retention in service beyond 722 7/ 1 retirement period until October 1, 1938 36 Rice, J. M., Assistant Vice President, salary approved 1/11 1/11 36 Roelse, H. V., Assistant Vice President, salary approved 35 1/11 Rounds, L. R., Vice President, salary approved Sanford, H. L.: Payment of expenses in connection with Graduate School of 397 4/ 8 Banking approved 36 1/11 Salary approved Slater, Charles, payment of salary for further period of 4/26 471 three months in excess of maximum approved Scott, W. A., Manager, Government Bond Department, salary 36 1/11 approved Sheehan, W. F., Manager, Bank Examination Department, salary 1/11 36 approved Smith, I. B., Manager, Bank Relations Department, salary ap36 1/11 proved 35 1/11 Sproul, Allen, First Vice President, salary approved 734 7/8 TaPpen, Harry G., salary approved in excess of maximum Salary in excess of maximum for grade approved for six, 12/30 1394 months 1/11 36 Tiebout, T. G., Assistant Counsel, salary approved 36 1/11 approved Trieber, W. F., Assistant Counsel, salary 1/11 36 approved Trimble, R. J., Assistant Counsel, salary Van Houten, C. N., Manager, Security Custody Department, 36 1/11 salary approved Cash Custody Department, salary apWaters, I. W., Manager, 36 1/11 proved Vice President: Williams, J. H., 36 1/11 Salary approved business and credit conditions at PresiStatement of 256 2/28 dents' Conference http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 123 Pages 11R1314mic Of New York: (Continued) Staff: (Continued) 36 Willis, Valentine, Assistant Vice President, salary approved 1/11 Young, Owen D.: 1/19 82 Appointed Chairman and FRAgent 2/15 196 Bond of Statistical 5/5 513 and analytical functions, budget approved Mson, Henry L., appointed to represent bank in suit to determine title to silver purchased for United States, 666 6/16 compensation not subject to Board's approval Vi • olations of Regulation U by State member banks in connection with loans to Richard Whitney, to be requested 5/5 506 to make farther investigation Winthrop, Stimson, Putnam and Roberts, appointed to represent bank in suit to determine title to silver purchased for United States, compensation not sub666 6/16 to oard's approval /111411k of Ai. Philadelphia: 6/9 635 Zditing department, survey of, copy of report sent Mr. Austin !,"t:Idget for examination department approved s 4/18 430 ectors: (See Directors) 44csmination department, survey of, copy of report forwarded to 709 6/28 Nix. Sinclair M°Ore and Butler, Attorneys, payment of their share of fee, ap12/ 8 1256 proved reonnel classification plan: Change to provide for position of Reconcilement Clerk ap127 1/31 proved 735 7/8 Changes approved Retee (See Rates) Ss laries: 326 3/18 Bolployees for 1938 approved 37 1/11 Officers for 1938 approved Officers for 1939, proposed increases in, to be reviewed by 12/10 1274 Board at proper time Starr: Austin, Richard L., expiration of term as FRAgent, letter expressing appreciation for long and valuable 12/ 7 1248 service rendered 475 4/27 Benner, Henry, appointed examiner on temporary basis 37 1/11 approved Davie, W. X., Vice President, salary Donaldson, L. E., Assistant Vice President, salary approved 37 1/11 37 1/11 trinnen, F. X., First Vice President, salary approved Banking, no objection %Ployees attending Graduate School of 297 3/10 to payment of tuition fees for No objection to payment of tuition fees for three an431 4/18 ployees, noted that two will pay own expenses 1/11 37 Hill, E. C., Vice President, salary approved 595 5/27 appointment as regular assistant examiner Iiirst, William, MEleCoy, Brittain, Evans and Lewis, Counsel, salary retainer 37 1/11 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 124 Pages PRBEInk of Philadelphia: (Continued) Staff: (Continued) 1/11 37 McCreedy, V4. G., Assistant Vice President, salary approved McIlhenny, C. A., Vice President and Cashier, salary ap1/11 37 proved 37 1/11 Moore, R. M., General Auditor, salary approved 37 1/11 Morris, G. K., Assistant Cashier, salary approved 595 5/27 Neeley, John K., appointment as regular assistant examiner 37 Post, A. E., Secretary, salary approved 1/11 Sienkiewicz, C. A., Vice President: Consumers financing survey to be made by National Bureau of Economic Research, Board feels he cannot be 622 6/ 7 spared to assist in Letter to be prepared stating that Board has reconsidered and will interpose no objection to his 639 6/10 taking part 658 6/15 Letter sent 37 1/11 Salary approved Sinclair, John S., President: Interlocking directorates under Banking Act of 1935, extension of effective date, present at Board's 10/13 1050 hearing Salary not approved by Board, letter to be prepared 37 1/11 stating amount Board would approve 65 1/15 Letter prepared and sent giving reasons for action 117 1 7 /2 Salary approved Toy, x. m., Assistant Cashier, salary approved 37 1/11 s lyillians, Robert Russell, Jr., Statistician, salary approved 6/ 7 , 624 II1Ba t1 stical and analytical functions, budget approved 513 5/ 5 dof Richmond: 430 4/18 for examination department approved ectors: (See Directors) 467 4/23 peelni_nation report as of February 25, 1938 -uaonnel classification plan: Rat Changes approved 819 8/ 4 sml e8 : (See Rates) es: 326 3/18 /bployees for 1938 approved , 1/19 85 Officers for 1938 approved °fficers for 1939, proposed increases in, to be reviewed by 12/13 1277 Board at proper time Starr: z Brock, R. S., Ir., Auditor, salary approved until Dec. 31, 1938 Lillard, W. W., Assistant Cashier, salary approved 4es, Travis F., Auditor: Salary approved Securities Department, assignment to, and salary approved until July 1, 1939 in excess of maximum ikbank, P. H., Assistant Examiner, appointment made permanent http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/19 1/19 960 85 1/19 85 9/19 960 4/18 430 125 Pages 111petink of Richmond: (Continued) Staff: (Continued) 1/19 Fry, J. G., Vice President, salary approved 1/19 Cashier, salary approved Guthrie, Claude L., Assistant 1/19 S., Assistant Cashier, salary approved Johnstone, Albert 1/19 Keesee, George H., Assistant Cashier, salary approved A., employed on full time basis to direct work Kincaid, E. 2/17 of Research and Statistics Department 1/19 Leach, Hugh, President, salary approved Salary increased by directors, to be considered at prop12/17 er time H., Jr., Assistant Examiner, appointment made Malcolm, W. 4/18 permanent 4/18 Mercer, Roger b., Assistant Cashier, salary approved Mills, U. H., Assistant Examiner, appointment made permanent 4/18 4/18 Short, R. T., Examiner, appointment made permanent 1/19 Jr., First Vice President, salary approved Walden, J. S., 1/19 Wallace, Maxwell G., Counsel, salary approved r, 1/19 Waller, Edward, Jr., Assistant Cashier, salary approved tatistical and analytical functions, budget approved 5/ 5 ' —u6nk of St. Louis: Allaiting department, copy of report of survey sent to Mr. Nardin 4/ 5 Reply acknowledging letter on consideration of report by 5/ 5 directors ranches, bylaws, amendment to, providing that no director of FRBank shall be director of branch of that bank 4/ 6 at sane time Budget for exantnation department approved 4/18 birectors: (See Directors) amination department: 4/ 5 COPY of report of survey forwarded to FRBank 11/22 Letter from Mr. Nardin on development of Reply to letter from Mr. Nardin on arrangements for handling work of deparldaent and that examiner of Board /2 11 8 will be sent as soon as he can be spared Assignment of Mr. H. 0. Koppang to assist in, until succes12/ 8 ood sor to Mr. Wood has asswmed his duties 85 85 85 85 209 85 1293 430 429 430 430 85 85 85 513 382 512 389 430 381 1199 1214 1252 Shipments, reciprocal agreement with FRBank- of Chicago for shipment of notes of one ERBank by other IRBank directly to banks in district of FRBank of is614 6/ 3 sue, at his request from credits in transit clearing, Payment by deductions reply that plan must be modified to provide for 9/28 1016 payment through iRnote settlement 10/27 1108 Board has no further suggestions Mr. -al agency department, survey of, copy of report sent to 745 7/12 Martin requesting comments on attendance ' Gl eduate School of Banking, reply to Mr. Martin 12/28 1380 of employees of bank no P classification for election of Class A and B directors, 945 9/15 change to be made this year http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 126 Pages FRBult of St. Louis: (Continued) Personnel classification plan: Changes approved Changes to provide increase in maximum salary of position approved Rat es. (See Rates) • Reserves on industrial advances, no objection to allocation to advance on which loss is expected Safekeeping of securities, collateral as security for deposits of bankrupt funds under amended Bankruptcy Act, acceptance by FRBanks, letter to FRBank that it should accept and stating that question of establishing charges has been referred to Presidents' Conference Committee on Free Services Telegram to Committee on Free Services requesting question be considered and opinion rendered Salaries: Employees for 1938 approved Officers for 1938 approved Officers for 1939 to be reviewed by Board Staff : 7/ 1 724 12/17 1294 12/29 1388 9/ 2 909 9/ 2 909 326 3/18 1/11 39 12/16 1291 1 11 / 39 Attebery, 0. M., Vice President, salary approved 1/11 39 Bailey, L. H., General Auditor, salary approved appointment and salCarstarphen, Lewis H., General Counsel, 585 5/24 ary approved Debrecht, A. E.: 1 11 / 39 Salary as assistant auditor approved to accept poResignation as assistant auditor in order 7/ 1 724 sition of general assistant in Audit Department salary approved Ferry, Charles F., Assistant Vice President, 6/16 664 until date of retirement Iirst Vice President, duties of, former resolution rescinded and adoption of substitute resolution, letter to 95 1/21 Mr. Nardin 1/11 39 approved Gilmore, S. F., Assistant Cashier, salary 39 1/11 Haill, A. h., Assistant Cashier, salary approved Hall, F. N., Assistant Cashier, salary approved 1/11 39 39 1/11 Hitt, F. G., First Vice President, salary approved 1/11 39 Hollocher, G. 0., Assistant Cashier, salary approved oPpang, H. 0., assigned to FRBank from Board's staff until 12/ 8 1252 successor to Mr. Wood has assumed his duties ! , 709 6/28 ..inks, John August, ERAgents Representative, bond of Martin, W. McC., President, salary approved 39 1/11 McConkey, T. G., Vice President and General Counsel, salary of, Board will not approve any arrangement that will defeat his retirement at end of year 1937 1/11 40 and must be advised of any such arrangement Temporary arrangement to allow services approved with understanding it is unlikely to extend beyond 1/21 100 end of current year http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 127 Pages of St. Louis: (Continued) Staff: (Continued) Nardi, W. T., Chairman, to be consulted by Messrs. Davis and McKee re salary of Mr. Rash at Louisville 2/25 Branch, when in Washington Peterson, William E., to assume duties as vice president in 11/22 charge of examinations 1/11 Phillips, O. C., Assistant Cashier, salary approved Stewart, C. M., Cashier and Secretary, salary approved 1/11 Weigel, H. H., Assistant Vice President as bank relations 5/21 traveling representative, salary approved To assume duties on July 5 6/16 Wood, j. s., Vice President: 1/11 Salary approved Successor in charge of examination department discussed 11/ 9 Request of bank for retention of Mr. Wood as vice president in charge of bank relations not 11/22 favored by Board Reply to FRBank on termination of services and 11/28 future status of examination department Stati stical and analytical functions, budget approved 5/5 a4r veYs, examination department, plans for supervision and di11/ 9 rection and successor to Mr. Wood discussed l'erritory: Arrangament of, suggested arrangement sent Mr. Martin 3/12 APproximate territorial boundaries of branches, map sent 5/3 Mr. Martin for consideration 5/24 Assignment of territory to bank and branches Transfer of thirteen Missouri counties from Eighth to Tenth FRDistrict, letter to Mr. Hoefer that circumstances do not justify transfer to be 5/24 prepared 6/6 Letter sent Letter from Mr. Hoefer re decision of Board referred to 8/3 Mr. Szymczak for recommendation Letters to IRBanks of Kansas City and St. Louis asking if it is convenient for representatives to meet with Board representatives at St. Louis on 9/1 September 13 Proposed transfer of thirteen counties in western Missouri to FRBank of Kansas City to be con1118e.ht. 12/20 sidered at meeting in January Of s Alas -an Francisco: wers to questions re Regulation T in answer to request of California Security Dealers' Association, Board is in accord with answers but bank should refrain from stating answers are subject to review by Board and just state that they are 5/20 opinion of bank or officer signing http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 240 1199 39 39 573 664 39 1173 1200 1214 513 1173 303 503 590 581 618 812 904 1318 567 128 Pages 11111ank of San Francisco: (Continued) netk Employees' Union, affiliation with, reply to Mr. Day suggesting that he advise Union that bank is not free to enter into any agreement with it, also suggesting that bank discuss with employees any matters affecting their employment Budget for examination department approved Directors: (See Directors) Examin4 J-ng force, report of Changes at bank ry'ea and allowances to directors for 1938 aearings: Spokane Branch disestablishment, reply to Senator Bone that arrangements could not now be canceled but that .bRBank will hold hearing as to whether branch should be reopened, similar replies sent Senator Schwellenbach, Congressman Leavy, and others Illt erdistrict time schedule, FR-Bank and branches to other FRBanks and branches, changes approved Personnel classification plan, chances approved R , •(see Rates) sates. es: Employees for 1938 approved Officers for 1938 approved Officers for 1939, proposed increases in, to be reviewed by Board at proper time SPokane disestablishment, hearings, reply to Senator Bone that arrangements could not now be canceled, but that FRBank would hold hearings as to whether it should reopen, similar replies to be sent Senator Schwellenbach, Congressman Leavy, and others : Staff Agnew, A. C., Counsel: Additional compensation for clerk hire discontinued Retainer approved Armstrong, H. D., Industrial Loan Department, salary approved Baldwin, E. L., designated as examiner to lend clerical assistance to regular examiners A. E., designated as examiner to lend clerical B°11inPer, assistance to regular examiners Clerk, Ira, First Vice President, salary approved Crouch, E. N., designated as examiner to lend clerical assistance to regular examiners Albert L., appointment as examiner on permanent CrY°r, basis Day, W. A., President: Present at meeting of Board to advise of hearing held at Spokane in connection with Spokane Branch Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/15 4/18 68 430 12/29 1385 77 1/18 9/30 1020 9/23 1003 530 5/13 3/18 1/11 326 42 12/10 1275 9/30 1020 7/21 1/11 778 42 7/21 778 12/29 1386 12/29 1/11 1386 42 12/29 1386 12/29 1385 10/26 1/11 1103 42 129 Pages 119 4Iak of San ' Francisco: (Continued) Staff: (Continued) Earhart, C. E., Cashier, salary approved Everson, R. E., designated as examiner to lend clerical assistance to regular examiners Hale, W. M., Vice President, salary approved Hardy, R. T., Assistant Cashier, salary approved Hart, M. L., designated as examiner to lend clerical assistance to regular examiners Holman, F. H., General Auditor, salary approved Jones, H. E., designated as examiner to lend clerical assistance to regular examiners Mailliard, E. C., Assistant Cashier, salary approved Mangels, H. N., Assistant Cashier, salary approved Morse, H. H., designated as examiner to lend clerical assistance to regular examiners Osmer, T. M., Assistant Cashier, salary approved Phillips, C. D., Assistant Cashier, salary approved Reinholdt, C. A., appointment as examiner on permanent basis Sargent, S. G., Vice President and Secretary, salary Slade, H. F., Assistant Cashier, salary approved Stewart, A. O., Chairman and FRAgent: Indebtedness to Bank of America and holdings of stock in Transamerica Corporation, discussion with relation to dividend payment by Bank of America Resignation accepted and press statement approved Szevery, A. R., designated as examiner to lend clerical assistance to regular examiners Thomas, W. T., designated as examiner to lend clerical assistance to regular examiners Volberg, W. F., Auditor, salary approved ;Iatistical and analytical functions, budget approved erritory, transfer of counties from Seattle Branch to Portland Branch in connection with disestablishment of Nl e4ks: Spokane Branch 1/11 42 12/29 1/11 1/11 1386 42 42 12/29 1/11 1386 42 12/29 1/11 1/11 1386 42 42 12/29 1/11 1/11 1386 42 42 12/29 1/11 1/11 1385 42 42 9/16 9/30 949 1023 12/29 1386 12/29 1386 1/11 42 5/5 513 9/21 975 / sted 1 4 .111 service bonds, expense involved in redemption of, letter to Secretary of Treasury stating opinion that FRBanks should not be asked to absorb, action withheld on letter until Mr. Ransom and Mr. &mead confer with Mr. Taylor Letter prepared requesting discussion with Mr. Fleming, Chairman of Reimbursable Expenses Committee, and Mr. Snead before final decision is reached Letter to Treasury expressing agreenent with plan for reimbursement by Treasury, with privilege of requesting deficiency appropriation should expenses continue http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/4 tJ 1/11 48 Z/4 285 130 Pages Fai3811114: (Continued) Adjusted service bonds: (Continued) Reply to letter of Mr. Taylor that copy of his letter is being sent FRBanks Letter to Treasury that FEBanks will not submit monthly claims for retmbursement but if expenses amount to substantial sum the matter will be taken up again Ass esament on for Board's expenses: For last half of 1938, resolution levying For first half of 1939, resolution levying Alit°namY, recommendation of Federal Advisory Council that they be allowed to exercise more in their own districts Charge offs, authority to make at end of 1938 Closing hour, recommendation .of Federal Advisory Council that it be extended according to needs of each district Co mmissions or identification certificates issued to examiners and assistant examiners, uniform form submitted C°11tacts with bank supervisory authorities, suggestion that banks extend invitations to the State Bank Supervisors, the Chief National Bank Examiner and to the Supervising Examiner for FDIC put on list of topics for discussion at Presidents' Conference att ributions: lit ernational Statistical Association, Secretary to advise any FRBanks inquiring, that contributions to defray expenses of meeting may not be made Counsel : (See Counsel, 1RBanks) Credit information on individuals requested by Government agencies should be furnished, reply to RBank of Cleveland Di scussion at meeting and suggestions that statement be obtained from ERA as to Character and scope of service desired, end that requests be sent to head offices rather than branches Currency deposited unassorted by local member bnnks at night and substantially equal amount called for the following morning, letter to Mr. Harrison suggesting abusive practice be topic for discussion at Presidents' Conference 8elief of Presidents that no arbitrary rule should be laid down but matter discussed with member banks as in past Letter to FRBanks requesting advice re progress in curbing practice, whether bank anticipates results as accomplished by Detroit Branch, names of banks engaging in such practice, and what annual savings would result if it were abolished http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 9 /2 359 7/15 760 6/15 12/19 661 1304 11/29 1220 12/23 1359 11/2 9 1219 12/29 1389 2/3 139 10/25 1088 9/3 917 10/25 1086 9'9 936 9/21 980 10/ 7 1042 131 Pages 1.1b38, nice: (Continued) CurrelleY deposited unassorted: (Continued) 10/14 1059 Reference made to letter at meeting Statement of Mr. McKee that Presidents should bring operating officers who are familiar with details to Conference, Mr. Szymczak to ask Mr. Schaller that he have Mr. Buss accompany him, and report 10/14 1059 of Secretary that Mr. Szynczak had made call Presidents' Conference discussion in light of savings to member banks as compared with desirability of reducing FRBank expenses, statement of Mr. Buss, Detroit Branch, that arrangements would have to be discontinued if similar arrangements were not effected elsewhere, Committee on Free Services requested to undertake survey of services rendered to country member banks and member 10/25 1091 banks in IRBank and branch cities C4rPencY shipments, reciprocal agreements to allow shipments to member banks in adjacent districts without cost, Board will interpose no objection to plan of Presidents' Conference, circular to 4/ 7 393 FRBanks itlrectors: (See Directors) °Q bution to nonmember banks of all rulings re Regulation U 1 that have appeared in FRBulletin, letter requesting they make such distribution with offer to 16 1/ 6 furnish copies Dividends: PaYment authorized Ea_ PaYment for last half of 1938 authorized 6/24 695 12/23 1359 12/23 1359 1,61,aing8 for 1938, statement of —440Yees entering into agreement with Bank Employees' Union, A. F. of L., reply to Mr. Day, FRBank of San Francisco that bank is not free to enter into any agreement and suggesting that bank discuss with employees any matters affecting their em1/15 68 ployment nation departments, summaries of comments and conclusions reached on basis of surveys, letter to each FRBank stating action to be taken to be pre11/22 1203 pared 41-inations, Mr. Paulger directed to make at least one of each 12/16 1291 FRBank during year 4 11ses: " E 'quIlination report forms, cost of printing prorated among 8/ 3 808 FRBanks 48m1nation report forms for trust departments of State member banks, cost of printing prorated among 896 8/23 FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 132 Pages FRBank 8 : (Continued) Labor Standards Act of 1938: Applicability to: Compliance by FRBanks, Counsel to prepare opinion re ap9/ 9 plicability of statute to /RBanks Conference by Mr. Eccles of Review for Presidents' consideration which had been given by Board, and that draft of letter to 1RBanks had been 10/25 prepared Mr. Owens that draft of letter exStatement of pressed no opinion on question whether FRBanks 10/25 were subject to provisions of as to procedure to be followed until Instructions applicability can be determined, sent to 10/25 FRBanks Increased costs in conforming with provisions established 10/25 by, statement of Mr. Smead estimating Ilscal agency and depositary records, question of securing con12/14 tinuing authority for destruction of 48cal agency expenses and work performed for government agencies, representatives of Board to visit banks to discover means of bringing about greater uni3/29 formity in charges for, letter to FRBanks 11°1idays reports, request that November report show official opening and closing hours at banks and branches 9/26 and subsequent reports advise of any change '"Q-1. divisions, surveys of, memo of Mr. Dreibelbis summarizing results, Messrs. Morrill and Dreibelbis to prepare resolution embodying and draft letter to 5/20 FRBanks conveying suggestions Lo jesolution and circular letter 6/ 9 el 8 to employees, uniform arrangement for reporting sent 5/20 FRBanks requesting views Orri,, 'ers, suggestion of Federal Advisory Council that they be allowed greater freedom in meeting problems 2/15 arising in their districts 0fri cara and employees, service to school boards, request from FRBank of New York that ruling be passed allowing Board of Directors of each FRBank to pass 5/20 upon questions 0pe 41ing passed, letter to FRBanks 6/15 2 4-11S and closing hours of IRBanks and branches to be shown " on report of holidays for November and changes 9/26 to be shown on subsequent reports °Pera#4 "Ang officers familiar with details of plan whereby member banks deposit currency unassorted at night and call for substantially equal amount the following morning, statement of Mr. McKee that Presidents brim such officers to Presidents' Confer10/14 ence, Mr. Schaller to bring Mr. Buss http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 934 1095 1095 1096 1095 1286 359 1008 563 633 570 207 565 659 1008 1059 133 Pages PRBanks: (Continued) Paper of one borrower acquired by, limitation on amount of, rul6/7 ing sent IRBsnk of San Francisco 6/17 Ruling ordered publi shed in RBulletin Presidents, 9/21 meeting with Board of Governors Prior service liability, final payment to Retirement Systen approved if concurred in by boards of directors of 11/23 FRBanks amount scheduled to be paid in Authority to pay in 1938 12/23 1939 Purehases, Standardization and Purchase report of Committee on /23 12 of Supplies approved ates: (See Rates) ! Ileference of matters to Government departments, circular letter to be prepared requesting all such matters be 1/4 first submitted to Board 1/24 Letter to RBanks sent of Board, 411 such matters to be first brought to attention discussion of DIM° sent by President Harrison, FRBank of New York, to Secretary of State in light of request, agreed that no action be 11/ 4 taken 12/23 Reserves, authority to set aside at end of 1938 s€11Etries: 3/18 1 10Yees for 1938 approved * Lists of employees submitted and increases in excess of 3/18 maximum approved °fricers for 1938, discussion of informal advice received 1/4 on Officers for 1939, action on proposed changes deferred, to be discussed with presidents of each FRBank, and changes in future to be made as conditions justify, Messrs. Szymczak and amead to study 12/21 plan of classification of salaries of officers approving officers' salaries for 1939, Procedure for 12/28 change in °fficers and employees dying while in service, payment only to and including date of death allowed here8/3 after, ruling re 'vIces to member banks: Comnittee on Free Services of Presidents' Conference requested to undertake survey of services rendered country member banks and member banks in FRBank 10/25 and branch cities SUggestion of .bederal Advisory Council that there should be 2/15 greater liberality purchase of, letter to Mr. Harrison requesting that Committee on Standardization and Purchase of Supplies furnish information re prices paid by 4/6 FRBanks 12/23 RePort of Committee approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 628 672 978 1208 1361 1363 1 110 1144 1359 326 326 4 1326 1372 815 1093 206 390 1363 134 Pages PRBank-. 0. (Continued) 5/ 5 and analytical functions, budget approved Weekly condition report, amplification to show amounts of excess reserves of central reserve city banks, recommendation Mr. Smead laid on table with under1/ 4 standing he will continue study (1. Messengers Club, roams allowed as recreation space for use 12/19 of colored employees FRIkaletin: AccaPtance of trusts by national bank, approval of, ruling re 5/20 ordered published in Adv enca made in individual capacity by partner of member firm, 8/15 ruling ordered published in Advaace by bank to finance purchase of stock called for retire9/15 ment, ruling ordered published in ) maximum loan value under Regulation U, ruling ordered 11/ 5 published in Br auch banking, statistical information as of December 31, 1937, publication approved subject to assent of Chair9/23 man Eccles over telephone Advice from Mr. Ransom that he had read memo to Chairman 9/23 over phone and that he offered no objection Brok er or dealer who transacts business through medium of mem10/27 ber, ruling ordered published in Coma on trust fund, limitation upon investment of funds of a 8/15 trust in, ruling ordered published in babiting of Transfer Tax Incident to Reborrowing of Securities Sold Short Under Regulation T, ruling to be published in, copy sent FRBanks with permission 1/19 to distribute to national securities exchanges beposit of trust funds by a national bank in its own savings de12/14 partment, to be published in Li -rectors, Review of Actions of Trust Department Committee of National Bank; Nature of Trust Investment Com5/20 mittee Minutes, ruling ordered published in eZination policy, agreement of Comptroller, FDIC, and Board re treatment of loans and investments and purchase of securities, draft of discussion of ' 6/28 agreement approved for publishing in 4tension of time by business conduct committees in connection with cash transactions under Regulation T, ruling 1/ 4 to be published in 1°ana to or purchase of assets from insured banks, statement re authority of FDIC to make ordered published 6/17 in F.HTulletin bet) Sec. 22(g), statement on recent amendment to be published 5/20 in ca campany paper, eligibility for discount by FRBanks, 1/20 statement re ordered published in Grola P b anking, list of holding companies which headed up banking groups as published in, sent to Securities and Exchange Commission 3/10 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 513 2 1306 571 852 948 1153 1001 1001 1108 852 89 1288 571 697 7 672 570 92 295 135 Pages 1111411 ,4 e bln: (Continued) 'Ilealmtee of account by special partner of member firm, ruling 11/ 5 1154 ordered published in %arantees of Accounts under Revised Regulation T, ruling to be published in, copy sent FRBanks with permission 1/18 80 to distribute to national securities exchanges 'fleetive officers of a member bank subject to the provisions of Section 22(g) of the FRAct and the Board's Reg1/20 92 ulation 0, statement re ordered published in Li mitation on amount of paper of one borrower acquired by a 672 6/17 FRBank, ruling ordered published in Loa118 to executive officers: Member banks by /ederal Land Bank or the Land Bank Commis6/17 672 sioner, reports by, ruling ordered published in 571 5/20 Renewal or extension of, ruling ordered published in SUbstitution of executive officer's note for that of wife, 672 6/17 ruling ordered published in Loan to personal secretary of executive officer and guaranteed 672 6/17 by officer, ruling ordered published in Mac note given for purchase hinery, eligibility for discount of 92 1/20 of, statement re ordered published in Pleaged bank deposits as balances due from other banks in computing reserves, ruling to be published in, in 4/21 448 addition to revised supplement to Regulation D PUrChase and sale of same securities on given day, effect of, 4/27 481 ruling ordered published in Re Y marketable assets, ruling on interpretation of, ordered 2/15 200 published in ReD1,1 D, text of revised supplement to be printed in May 448 4/21 issue Re gulation L, statement on recent amendment with respect to 946 9/15 Morris Plan banks, to be published in Statement with respect to recent amendment to be published 11/17 1192 in Re8erve requirements of member banks, factual history of, Dr. Goldenweiser to prepare statement for Board 421 4/15 consideration with view to publication in ew of the month, draft of containing information re memoranda of Messrs. Smead and Longstreet on reserve position of member banks, no objection by Board to present form, Messrs. Goldenweiser 245 2/25 and Thurston to make slight revisions Sal, of secarities held in account but not delivered against 481 4/27 sale, ruling re ordered published in 41.0 J.6 sales, settlement by simultaneous borrowing of security, 852 8/15 ruling ordered published in SPeoift., cash account, paying for purchase by selling another 11/17 1188 security, ruling to be published ecj miscellaneous account under Revised Regulation T, ruling to be published in, copy sent RBanks for distribution to national securities ex89 1/ 19 changes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 136 Pages • (Continued) 8Pokane branch disestablishment, notice to be Published in October issue Stock becoming unregistered after loan is made under Regulation U, effect of, statement re ordered published in Trn o+ ---ue, approval of acceptance by national bank, ruling ordered published in illeiver of double liability of stockholders by FDIC, statement ordered published in Withd-rewal of cash or securities from general account followed by other transactions on same day, ruling ordered published in l'4110tes: 9/21 976 1/20 92 8/15 852 6/17 672 10/27 1108 PRBank of New York, special order for printing large denomina12/ 1 1235 tions Five dollar denomination, no objection to changes in face, let843 8/11 ter to Assistant Secretary of Treasury Rem anot Agency, unissued notes of 1928 series should be cancelled and forwarded for redemption in connection with discontinuance of agency, telegram to FRBank of 932 9/ 9 Atlanta Orders, request that Comptroller of Currency place special order with Bureau of Engraving and Printing for 352 3/24 /RBank of Boston Request that Comptroller of Currency place special order with Bureau of Engraving and Printing for FRBank 521 5/ 7 of Boston Request that Comptroller of Currency place special order with Bureau of Engraving and Printing for FRBank 314 3/16 of Chicago and Request that Comptroller place with Bureau of Engraving 655 6/14 Printing for coming fiscal year Requirements, estimate for fiscal year ending Tune 30, 1940 655 6/14 sent to Bureau of Engraving and Printing Shim, Reciprocal agreement between YRBanks of Chicago and St. Louis for shipments of notes of one FRBank received by other FRBank directly to banks in district of 614 6/ 3 FRBank of issue, at its request 10/27 1108 No further suggestions Reciprocal agreement between FRBanks of Cleveland and St. Louis for shipments by Cincinnati and Louisville branches to member banks in opposite territory, reply to IRBanks that plan must be modified to 9/28 1016 provide for payments through FRIote settlement %8tEt7a: 14erab ership: (See Membership in FRSystem) -rnAlet descriptive of copy of draft sent to FRBanks for sug10/14 1059 gestions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 137 Pages 11183"stem: (Continued) Script descriptive of, for use by National Emergency Council in broadcasting activities of governmental character of interest to public, comments of 12/ 9 IRBanks requested Services to or scope of, sugmember banks, increase in value gested as topic for discussion at meeting of 2/3 Federal Advisory Council with Board Council with Board, Discussed at meeting of Federal Advisory Council Committee to prepare statement for next 2/15 meeting banks' replies to Statement submitted containing member 5/17 questionnaire Council deIncrease in scope, report of Federal Advisory ferred due to absence of Mr. L. B. Williams who 9/20 prepared it on ways of inRecommendation of Federal Advisory Council 11/29 creasing value or scope of been deferred until Letter to Mr. Lichtenstein that it had next meeting of Federal Advisory Council and that Board has no other topics to suggest for 10/29 discussion Withd from ERSystem) _rawals: (See Withdrawals si"' savings and loan associations: °ck of, purchase by member banks and retention of shares acquired before banks were admitted to FRSystem, letter to Mr. Delano, Federal Home Loan Bank 5/27 Board Letter to /RBanks containing excerpt from letter to Home 6/6 Loan Bank Board thirair and commercial banks, inquiry competition with savings from Hazleton National Bank, reply to FRBank of Philadelphia that plans are being made to mini4/20 mize such abuses 1.14fair to FRBank of Philadelphia competitive practices, letter that committees representing interested organizations are being set up in each State to smooth / 7 8 out differences Carl W., Chairman, Special Committee Common Trust Funds, plan covering operation of common trust funds, 12/27 conference of committee with Board suggested (see also American Bankers Association, Trust Division, Committee on Common Trust Rinds) ' Joel E., protest against closing of Spokane Branch, reply 9/28 that circumstances do not justify continuance Ac!rY powers: "Ptance of trusts by national bank, approval of, ruling 5/20 ordered published in IRBulletin 415lications for Permission to exercise, recommendation of Federal Advisory Council that kRBanks be allowed 11/29 to approve http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1271 138 202 544 967 1219 1116 603 617 441 736 1367 1013 571 1221 138 Pages 41(+4.. 11 m "rY powers: (Continued) Central Hanover Bank and Trust Co., New York, N. Y., funds used in connection with redenption and refunding of bonds, manner of handling to escape Federal Deposit Insurance City National Bank of South Bend, Indiana, application approved upon consolidation with Citizens Trust & Savings Bank C annercial National Bank of Spartanburg, South Carolina, application approved Co nditions of membership applicable to, standard condition revised to comply with Regulation F as amended, State member banks compliance with to be considered meeting condition 5 of Regulation H, letter to FRBanks 4rectorat review of actions of Trust Department Committees of national bank; nature of Trust Investment Committee minutes, ruling ordered published in IRBulletin 1) ,"ber National Bank, New York, N. Y., surrender approved ;ermers National Bank of Hutchinson, Minn., surrender of lralers National Bank of Knoxville, Ill., surrender of ,: -uIrst Fond du Lac National Bank, Fond du Lac, Wisconsin, surrender approved Pirst National Bank in Boulder, Colorado, application approved First National Bank of Bradenton, Florida, surrender of First National Bank of Charlotte, Mich., surrender of hrst National Bank of Dickson, Tenn., application to exercise limited powers approved First National Bank in Greenville, Greenville, Illinois, application approved upon conversion from the State Bank of Bolles and Sons First National Bank in Hominy, Okla., surrender of hrst National Bank of MdMinnville, Tenn., application approved hrat National Bank of Negaunee, Mich., application to exercise additional powers refused !J;ret National Bank of Spring Valley, New York, surrender of -,4rst National Bank of Warsaw, Indiana, application approved , First National Bank and Trust Company of Rochester, N. Y., surrender approved m „ Y National Bank, Hailey, Ill., surrender approved xe erson-Gravois Bank of St. Louis, Mb., application approved '" Charles Bank and Trust Company, Lake Charles, La., condition of membership reouiring pledge of collateral to secure trust funds, no objection to FRBank of Atlanta handling matters as suggested 4 14°1 -oraery National Bank, Montgomery, West Va., surrender of thvo 4°/aal Bank of Burlington, Iowa, application approved ' http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/23 1355 6/20 674 9/12 939 1/18 79 571 5/20 1378 12/28 5/5 511 961 9/19 11/30 7/15 7/27 10/20 1230 756 787 1081 4/19 433 12/14 1284 832 8/10 612 6/2 2/15 4/19 2/21 197 436 225 12/20 12/ 6 10/15 1322 1246 1068 8/ 5 4/21 6/ 1 827 446 608 139 Pages .rY powers: (Continued) National Metals Bank of Hancock, Mich., powers formerly surrendered, procedure for acting as registrar 4/19 434 for a company NO minees, holding of record title to stocks belonging to trusts adwinistered by bank, reply to Exchange National Bank of Colorado Springs, Colo., that use of nominee is probably in conflict with established 47 1/11 rule Peo es National Bank of Parkersburg, West Virginia, application 1/18 79 approved QUessaick National Bank of Newburgh, New York, surrender of, release of securities deposited with New York State authorities in order to exercise trust powers, preferable for such bank to be able to obtain return of certificates without first obtaining 7/21 778 certificate from Board 114Pides Bank and Trust Company, Alexandria, La., condition of membership requiring pledge of collateral to secure trust funds, no objection to FRBank of 827 8/ 5 Atlanta handling matters as suggested Sal ikr Hill National Bank of Hudson Falls, New York, surrender 2/8 166 of 6, urities deposited with State authorities, ruling that banks - • having permission to exercise fiduciary powers need not deposit if they do not actually exer2/17 211 cise such powers -shone National Bank of Cody, Wyoming, application for sup6/10 643 plementary powers approved Sp/. ingport State Savings Bank, Springport, Mich., application to 8/ 5 836 be made if exercise of trust powers is desired Stat. n lioank of Holies and Sons, Greenville, Illinois, application approved upon conversion into First Na12/14 1284 tional Bank in Greenville, Illinois render of, release of securities of liquidating national bank deposited with New York State authorities in order to exercise trust powers, preferable for such bank to be able to obtain return of certificates without first obtaining certificate 777 7/21 from Board Net department committees, responsibility of directors of na4/13 424 tional banks in reviewing actions of Ste, approval of acceptance by national bank, explanatory statement of ruling sent Mr. Griswold, American 802 8/3 Bankers Association wa Ordered published in ERBulletin 852 8/15 8hington County National Bank of Abingdon, Va., application 12/23 1352 approved 40,4 approved ' .4neton State Bank, lhashington, Iowa, application subject to conditions revised under Regulation 14 1/6 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 140 Pages heberg, Paul Field, Files : H. William demand for reimbursement for undercharge on printing done for FRBank, based on report made by Haskins& Sells, Board can take no appropriate 10/20 action under the circumstances (See State member banks, Commercial Trust Company of New Jersey, Jersey City, New Jersey) 1082 Board of Governors, regulations, formulating and issuing of, letter to Mr. Fuchs that files cannot be made available but material will be furnished for ones in which particularly interested Request by Mr. Fuchs to examine for purpose of studying procedure employed in dealing with regulatory PinIttee matters campsny paper, eligibility for discount under Regulation A, ruling ordered published in RBulletin 5/3 504 4/19 438 1/20 92 Cclasuiners financing survey to be made by National Bureau of Economic Research, Board feels that Mr. C. A. Sienkiewicz, FRBank of Philadelphia, cannot 622 6/7 be spared to assist in Letter to be prepared stating that Board has reconsidered and will interpose no objection to his taking 639 6/10 part 656 6/15 Letter sent hret Industrial Loan Company of California, Los Angeles, California, opinion of Board that it is a bank and 11/16 1184 provisions of Clayton Act are applicable to 4rst investment Corporation, Minot, North Dakota, application for Industrial loan, letter to Mr. Connors that PRBank of Minneapolis cannot grant for certain 214 2/17 specified reasons "ezt Agent of Board of Governors voucher payments, letter to, re l ?tecel 439 4/20 policy to be set up as result of survey rzp a), -cY operations, reimbursement of FRBanks by Government -agencies, Board's Representatives to visit FRBanks to discover means of bringing about greater uniformity in charges for, letter to 359 3/29 FRBanks and Monetary Advisory Board, work being done by Board, assignment of Mr. Emile M. Despres of RBank of New York to staff of Board for three months hte 12/ 2 1238 period to assist in liveators Service, New York, N. Y., State member banks' h ' capital accounts, method of showing in condi762 7/15 tion reports, letter to abtEteker, Herbert, San Francisco, Cal., suits involving, letter to Mr. Clerk, FRBank of San Francisco request195 2/14 ing he advise of developments (See also Bank) National Banks, Anglo California National http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 141 Pages 114td ag, J. C., payment of fee by FRBank of Atlanta in connection with litigation against Pike County approved 1/24 and canment re travelling expenses noted rieni ss --ug, Robert V., to attend official luncheon being arranged with 12/13 Board on December 19 P1()ride. T , cucmers Association: -Lnvitation to have Mr. Wyatt address on subject of Board's reg3/18 orei ulations accepted n banking corporations: ankers Company of New York, purchase of stock of by Bankers Trust Company, New York, N. Y., letter to FRBank of New York that application will be approved when Bankers Company executes agreement and permission is obtained from Banking Board, 2/24 State of New York APplication approved 3/11 -uase Bank, New York, N. Y.: Foreign branches: 4/ 7 Hongkong, China, change in location approved 4/ 7 Shanghai, China, change in location approved 4/ 7 Tientsin, China, change in location approved Travelers checks, issue and sale of those payable solely in blocked currencies of foreign countries, and receipt of money solely for purpose of selling foreign currency and transmitting to foreign countries, application to transact two types of 9/23 business in United States approved ernational Banking Corporation: National City Bank of New York authorized to make additional 12/27 investment of stock in Pc)re 4311 banks: co de Venezuela, FRBank of New York to receive and hold gold 12/10 under earmark for of New York, of Canada, visit by President Harrison, FRBank 8/16 advice that he plans to pay courtesy call FRBank of --. of England, visit by Messrs. Knoke and Despres, New York, question deferred pending meeting at 6/10 which all Board members are present 6/13 ,, 6 ,_Board offers no objection c'r France, visit by Messrs. Knoke and Despres, EBank of New York, question deferred pending meeting at 6/10 which all Board members are present 6/13 be Board offers no objection 13°Bits with FRBanks, effect of changes in upon reserve posidiscussed tion of member banks, memo of Mr. Smead 2/ 8 consideration and placed on docket for further 2/25 Net M emorandum considered blocked aci°nal Bank of Hungary, cancellation of gold pengo proposal counts on the books of, Board approves 2/10 acquiesce in of FRBank of New York that it 111 1283 332 e http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 234 300 391 391 391 1002 1366 1275 854 641 647 641 647 164 245 173 142 Pages mgn banks: (Continued) 'etional Bank of Nicaragua, Inc., Managua, Nicaragua, loan to, 1/12 53 by FRBank of New York approved Reichsbank, visit by Messrs. Knoke and Despres, FRBank of New York, question deferred pending meeting at which 6/10 641 all Board members are present Board offers no objection 6/13 647 eserve Bank of New Zealand, call at Board's offices by E. C. 10/17 1074 Fussell, Secretary Swi ss National Bank, visit by Messrs. Knoke and Despres, FRBank of New York, question deferred pending meeting 6/10 641 at which all Board members are present y Board offers no objection 647 6/13 (*() Ilsina Specie Bank, loans by Guaranty Trust Co. and Chase Na1 1/4 tional Bank to, policy involved n exchange: an exchanRe position and Export-Import Bank loans to Cuba, effect of Havana Agency discontinuance on, memoranda from FRBank of New York ordered circulated to Board and referred to Division of Research and Statistics B-23, advances to protect collateral security on industrial loans must be included in amount of FRBank funds advanced as reported on, letter to FRBanks 13111- rice sheets of FRBanks, change under heading of capital account /*lance sheets of State member banks, change under heading of capital account conma ssions or identification certificates of examiners of FRBanks, uniform form submitted ""lon reports: Bi-monthly reports by member banks on form similar to that of weekly reporting member banks, Kr. Smead to discuss desirability of requesting report with FDIC and Comptroller, reference made to discussion at meeting on June 14 Report of Mr. Snead that copies had been delivered and FDIC was ready to confer when Mr. Folger, Chief National Bank Examiner, could find time } folding company affiliates possessing general voting Permits must submit in future, forms to be prepared Letter to FRBanks Member banks, simplification of and desirability of calling upon all banks to submit through FRBanks, question of authorizing Division of Bank Operations to discuss with FDIC and Comptroller referred to Mr. Draper http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/12 845 2/14 194 12 0 /3 1395 12/30 1395 12/29 1389 9/19 957 9/23 991 6/21 6/23 677 685 6/14 653 143 Pages POIt is : (Continued) Condition reports: (Continued) Simplification, Mr. amead authorized to discuss with Comptroller of Currency and FDIC, reference made to 9/19 discussion at meeting on June 14 Report of Idn amead that copies had been delivered and FDIC was ready to confer when Mr. Folger, Chief 9/23 National Bank Examiner, could find time Standard forms for all banks, reply to inquiry of FRBank of New York that conferences with FDIC and Comp8/15 troller are pending State member bailks and affiliates transmitted to IPBanks 12/22 with instructions Uniform form, report of Mr. Snead of agreement with FDIC and Comptroller of the Currency with one excep11/ 7 tion and changes outlined Mr. amead to attend meeting of National Association of 11/ 7 State Bank Supervisors to work out 1)ePosits of insured banks, FDIC, suggestions in connection with 8/19 for and instructions • Etparai nation reports: Examination procedure agreement of Board, FDIC and Comptroller, changes in forms to correspond with, Mr. 7/12 Eccles to confer with FDIC and Comptroller Differences in proposed forms, Mr. Paulger to discuss further with FDIC, copies of Board's revised form to be sent FDIC and Comptroller showing differ7/20 ences 8/3 Copies sent Revised forms approved, cost of printing Prorated among 8/3 FRBanks To be discussed at bank examination departments confer8/19 ence Copies sent FRBanks with advice that supply is being 8/26 forwarded by express Bank examination department conference set for October 9/8 17, letter to FRBanks Conference of bank examination department heads, in10/ 5 quiry re postponing until October 31 10/ 7 Postponement until October 31 Net depreciation in securities, calculation as to groups, procedure used by FDIC and Comptroller to be 8/5 followed Net sound capital, net appreciation in any group to be disregarded in arriving at, letter to FRBank of 8/10 San Francisco Trust departments of State member banks, revised form approved, ordered distributed to FRBanks and cost 8/23 of printing prorated among FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 956 991 851 1344 1157 1158 870 742 768 808 808 870 882 929 1040 1044 824 832 876 144 Pages Porm.. (Continued) Examination reports: (Continued) Trust departments of State member banks: (Continued) Letter to FRBanks giving cost and method of prorating, and requesting estimate as to what cost would have been to prepare own forms Holding canpany affiliates having general voting permits, for use in obtaining annual reports Montana State Banking Department forms for condition reports, may be used by Montana banks in lieu of Form F.R. 105e RePOrt s of assets and liabilities by member banks every two months, question of authorizing Division of Bank Operations to discuss form with FDIC and Comptroller referred to Mr. Draper 9, 22, and 23, deposits evidenced by such certificates may be classified as time deposits, letter to Iowa Bankers Association 105 : Amended for use at time of next call Call report of State member banks, memorandum of Mr. Snead outlining differences between, and forms used by Comptroller of the Currency and FDIC Class B debentures should not be reported as reserves for contingencies on, condition report of Bank of Boyceville, Wisconsin Revision of, to eliminate item 9 of Schedule E Segregation of commercial, industrial, and agricultural loans and all other loans to be eliminated 1.05e: Amended for use at time of next call Montana banks may use State Banking Department forms in lieu of 107, report of earnings and dividends of State member banks, proposed changes approved pI, 8 UPp1y forwarded to FRBanks -v.k4 to be used in connection with examinations made by examiners of ERBanks, revision of employees duties as shown by, for use of Personnel Commit tee 437_ 'llnual reports to be submitted by holding company affil'e having general voting permits te cuehri l Addison G.: (See National Emergency Council) ' ' RalPh F., request for permission to examine files of Board for purpose of studying procedure employed in dealing with regulatory matters Let to that files cannot be made available for study of Board's regulations but material will be furnished for ones in which particularly interested http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/11 1046 12/23 1356 3/31 364 6/14 653 7/12 746 5/14 538 12/ 9 1262 3/1 2/24 258 236 6/17 668 5/14 538 3/31 364 12/ 9 1270 12/22 1344 12/19 1302 3/16 314 12/23 1356 4/19 437 5/3 504 145 Pages he, Ralph F.: (Continued) Request for permission to examine Board's files for purpose of studying procedure employed in dealing with regulatory matters, letter to that request cannot be granted Warburg Fund, loans to executive officers in amount not in excess of (2500 not prohibited by Sec. 22(g) C.: (See Foreign banks, Reserve Bank of New Zealand) 7/19 763 6/ 1 609 2 /23 230 eo Fuller Company, payment on account for Board's new buildlug .7,11Y's foreign debt service: 1-narrison, George L., FRBank of New York, memo sent to Secretary of State, discussion in light of Board's letter to FRBanks requesting that all matters which were to be taken up with Government departments be first brought to attention of Board, agreed that no action would be taken Giknitti, L. 14 (See National banks, Bank of America National .: Trust and Savings Association, San Francisco, Calif.) 44889 Se Senator Carter: 3575, bank holding companies, request for Board's opinion, reply to that Board has grave objection to, and request for opportunity to appear at hearings tfiav eiling of bronze bas relief in Constitution Ave. lobby as part of exercises in observance of anniversary of signing of original FRAct " A. 11°W to United States, review by tar. Gardner of factors affectjug n , orted, placing in Treasury account, discussion of general policy of Treasury Sterilization of, changes in policy of Treasury, outline of Mr. Eccles for meeting of Federal Advisory Council 0,01 with Board rough, Representative T. Alan, Chairman Eccles to discuss hearing on Patman bill with p_ 11%0A A -r to meet with for purpose of discussing H.R. 7188 , cent agencies: -vedit information on individuals requested from IEBanks should be furnished by FRBanks Ilera -rence of matters to by .bRBanks, circular letter to be prepared requesting all such matters be first submitted to Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/ 4 1143 5 2 / 494 12/ 9 1260 8/5 825 6/7 621 2/15 205 4/5 4/22 379 452 9/3 917 1/4 1 146 Pages G07 erraent agencies: (Continued) Reference of natters to by FRBanks: (Continued) 1/24 110 Letter to FRBanks sent President Harrison, IRBank of Discussion of memo sent by New York to Secretary of State, in light of re11/ 4 1144 quest, agreed that no action be taken num.mt securities: . Advances on promissory notes secured by, attitude of FRBanks in 9/21 978 case of war in Europe B• orrowings by member banks at FRBanks, inquiry concerning par 11/16 1180 value of securities pledged as collateral e) broker obtaining extension of time from committee of national securities exchange in connection with, 9/26 1005 Grto , ruling not necessary te School of Banking: ' 40ard of Governors: Baumann, J. C., Assistant Counsel, to be granted leave and 448 4/21 reimbursed for transportation expenses congratulations in connection with Letter extending 690 6/23 graduation S. R., Assistant Secretary, to be granted addiCarpenter, tional leave and reimbursed for transportation 4/21 448 expenses Tones, L. H., Examiner, to be granted leave end reimbursed for transportation expenses in connection with 4/21 448 attendance Kennedy, David M., Division of Bank Operations, to be granted leave and transportation expenses for 4 1 /2 448 attending Lee, A. W., to be granted leave and reimbursed for transpor4/21 448 tation expenses for attending Letter extending congratulations in connection with 690 6 /23 graduation Malone, C. T., Examiner, to be granted leave and reimbursed 448 4/21 for transportation expenses Letter extending congratulations in connection with 6 /23 690 graduation l'kBallk of Dallas, request of employee to use certain information re San Antonio Branch in writing school paper, reply to Mr. Gilbert that Board does not 75 1/17 deem it advisable PlIgaror of New York: 397 4/8 Pmployees, advice that three will pay own expenses Miller, S. A., payment of expenses in connection with, ap4/8 397 proved Sanford, H. L., payment of expenses in connection with, ap4/8 397 proved 1143e,,i, -- of Philadelphia, no objection to payment of tuition fees 3/10 297 for employees No objection to payment of tuition fees for three employees, 4/18 431 noted that two will pay own expenses http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 147 Pages 'Luate School of Banking: (Continued) Participation by FRBanks in, letter to FRBanks approving and modifying previous circular on expenses Powell, Oliver S., to take over work previously done by Dr. Burgess Grel. Senator Theodore Francis, letter delivered in person on applicability of Clayton Act to Morris Plan Company of Rhode Island and suggesting amendment to Regulation L Gris vugh, Walter S.: (See Indiana Bankers Association) 11°1d, Sohn A., University of Oklahoma, reply to, that annual summaries of Interdistrict Settlement eund showing gains and losses of FRBanks are not available, but may make copies of monthly summaries as he desires Griew , (441 Robertson: (See American Bankers' Association, Trust Division) 12/28 1380 11/17 1191 12/21 1328 2/26 252 "H“ liEtt e8 i , Robert M., to attend official luncheon being arranged with Board on December 19 11111Ve 4 , • C.: (See Investment Management Corporation) 44 ' & Sells: "4aberg, Paul H., demand for reimbursement for undercharge on printing done for FRBank of Chicago, based on report of, Board can take no appropriate action under the circumstances -4-at04 Clearing House Association, unfair competitive practices, letter to FRBank of Philadelphia that committees representing interested organizations are being set up in each State to smooth out differences ng and Currency Committee of House: R. R. 10845, liability of foreign branches of national banks, report by Mr. Ransom of his attendance and that of Mr. Wyatt Patman bill, invitation to Board members to testify, Mr. Ransom to request it be deferred until Mr. Eccles returns Chairman to present general statement following which members will appear individually Mr. Goldenweiser to explain FRSystem, followed by Chairman who will explain Board's view of bill, then individual Board members Statement expressing Board's opinion of bill approved, Chairman Eccles to present http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/13 1283 10/20 1082 7/8 736 6/7 626 3/22 334 3/29 357 4/5 378 4/8 398 148 Pages ngs: (Continued) Bstking and Currency Committee of Senate: S. 3575, bank holding companies, reply to inquiry of Senator Glass that Board wishes opportunity to appear Boar- of Governors: a Bank of America National Trust and Savings Association, San Francisco, Calif., request by Mr. Giannini for hearing on question of dividend payment, reply that Attorney Collins has requested action be deferred and advising that no proceeding has been instituted calling for hearing before Board Copies of telegram and Board's telegram in reply sent to Secretary of Treasury Common trust funds composed principally of real estate mortgages, letter to Trust Division of A. B. A. that Board will arrange conference if committee so desires Green, Theodore Francis, to be advised that Board will discuss applicability of Clayton Act to Morris Plan banks with him Interlocking directorates under Banking Act of 1935, amendment to Regulation L extending effective date, Mr. McKee to determine dates for hearings in the event they are requested Extension of effective date, hearing will be accorded committee of Philadelphia Clearing House Association on October 13 Meeting of committee with Board, reasons expressed by committee for asking gradual elimination of relationships, matter to be brought to attention of absent Board members Extension of effective date, reasons expressed by Philadelphia Clearing House Committee for asking gradual elimination of relationships, reference made to at meeting PR13e,,L. of San Francisco: Spokane Branch disestablishment, reply to Senator Bone that arrangements could not now be canceled but that FRBank will hold hearing as to whether branch Should be reopened, similar replies sent Senator Schwellenbach, Congressman Leavy and others Statement of Mr. Day, at meeting of Board, that hearing had been held at Spokane, but that no new information was presented or new reason advanced which would justify reopening Transcript of hearing held by FRBank of San Francisco, no action to be taken by Board at this time Recommendation of board of directors disapproving approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/ 2 494 9/21 982 9/22 986 10/18 1076 12 1 /2 1328 9/27 1009 10/ 7 1044 10/13 1050 11/ 4 1138 9/30 1020 10/26 1103 12/20 1319 12/23 1353 149 Pages risari E€8: (Continued) national Bank of Commerce, Lincoln, Nebraska, on absorption of exchange charges for depositors, request for 12/28 hearing will be considered Pennsylvania Bankers Association, reply to Mr. Berger that Board will meet his committee on March 9 on 2/ 2 common trust mortgage funds ec. 30 of FRAct: Anglo California National Bank of San Francisco, Calif., meeting of board of directors with representatives of Comptroller's Office and RFC to discuss recapitalization, report of Mr. Ransom that he concurred in plan submitted by Messrs. Tom Smith and Crowley at meeting held at 9/30 Treasury Attitude of Board toward representation at meetings where Lie* 9/16 action against banks is discussed scher, , A., reply to inquiry on restrictions on transactions in under-margined accounts which existed prior to 8/ 4 revision of Regulation T °1b 0 ) Mitchell and Richardson, Inc., San Francisco, Calif., question of being subject to Regulation T as broker or dealer who transacts business through member, must turn upon relevant facts, mere failure to handle unregistered securities or failure to carry margin accounts is not suffi9 0 /3 cient to prevent applicability campany affiliates: "lean Investment Corporation, Ogden, Utah, condition reports, advice to Mr. Sargent that reports of affiliates 8/16 must be filed Relationship with Commercial Security Bank, Ogden, Utah, 12/27 voluntary surrender of voting permit suggested efterica-Blair Corporation, relationship with Transamerica Corporation, FRBank of San Francisco requested to determine in connection with voting permit 9/ 1 agreenent of Transamerica Corporation ,. (See also Transamerica Corporation) -4catlio Corporation, Columbus, Ohio, extension of time within which relationship with BancOhio Securities Co. must be terminated to obtain voting permit, re8/11 quest cannot be granted V(ning permits, application to vote stock of First National Bank of Delaware, Ohio, condition report need 8/23 not be filed with new application --ukamerica Company, relationship with Transamerica Corporation, FRBank of San Francisco requested to determine in connection with voting permit agreement of 9/ 1 Transamerica Corporation (See Transamerica Corporation) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1379 135 1025 953 820 1028 855 1367 903 839 877 903 150 Pages .... campany affiliates: (Continued) Bank Shares Corporation, Minneapolis, Minn., ownership of stocks of Northwest Bancorporation and First Bank Stock Corporation does not constitute com6/14 655 pliance with Sec. 5144 R.S. 1 and 2 of agreement executed at Provisions of paragraphs time voting permit was granted have been cam675 6/20 plied with of despite impairment of capital, no obDividends, payment jection provided provision is made for impair766 7/19 ment before further dividends are declared 8arnett National Securities Corporation, Jacksonville, Fla., granted general voting permit to vote stock of 28 1/ 7 Barnett National Bank of Fort Lauderdale, Fla. fornia Bank, Los Angeles, Calif., determined not to be engaged as business in holding stock of banks, because of ownership of stock in California 834 8/11 Trust Company, Los Angeles Condition reports, those holding general voting permits required to submit in future, circular to FRBanks and 677 6/21 required forms to be prepared 685 6/23 Letter to FRBanks 44aotion of FRBank directors, member banks in single group controlled by same interests may have only one vote together, despite fact that one is holding com10/11 1046 pany affiliate 11113t Bank Stock Corporation, Minneapolis, Minn., agreement executed as condition precedent to issuance of general voting permit, letter to, advising that 11 1/ 5 paragraph 1 is no longer binding Voting permits, need not submit information covering acquisition of stock in bank subsequent to issu962 9/19 ance of general voting permit . Iowa Trust and Savings Bank, Centerville, Iowa, held not to be for purposes other than those of Section 23A 12/21 1336 of IRAct LEt 44-el Land and Investment Company, Uniontown, Pa., determined not to be holding company affiliate of Second 813 8/ 3 National Bank of Masontown, Pa. Second Ruling that it is not holding company affiliate of National Bank of Masontown was justified, letter to FRBank of Cleveland requesting Board's 889 8/30 letter be transmitted to national bank List Of: Rading Controlled banks, showing States where companies were organized, number of banks controlled and their resources, sent to Senator McAdoo in answer to request Heading banking groups included in article appearing in FRBulletin, furnished to Securities and Exchange Commission http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/16 310 3/10 295 151 Pages liqd4 4113 canpany affiliates: (Continued) Li8t of: (Continued) Number and aggregate resources of banks controlled arranged by States, sent to Mr. Patman in answer to re1/24 quest Member banks determined not to be, need not submit condition reports on Board's Form F.R. 220 or Comptrol9/30 ler's Form 2130-E Northwest Bancorporation, not necessary to take special action in order to comply with requirements of subsec6/16 tion (b) of Sec. 5144, R.S. submit information covering acVoting permits, need not quisition of stock in bank subsequent to issu9/19 ance of general permit vote stock of twenty-five General voting permit granted to 12/29 banks listed Pe° i 12/21 Ilkss Trust Company, Rock Hill, S. C., held not to be -m ztepo. forms for use in obtaining annual, of those having 12/23 general voting permits s„ s.3 Board's opinion, reply to '''ut request by Senator Glass for that Board has grave objections and request for 5/ 2 opportunity to appear at hearings Tre nsanerica Corporation: Condition report, extension of time within which to file 8/ 1 8/11 report of affiliates Extension of time for filing Disposal of interest in Bankamerica Company and Bancamerica12/ 6 Blair Corporation, telegram to Mr. Day on Divorcement of securities companies, request for further 12/21 reply by FRBank on compliance with law Sale of stock of Bankamerica Company to Western States Corporation, letter to Mr. Clerk, FRBank of San 2/17 Francisco, requesting more information disposal not yet over and Board has given no Period for 5/ 3 consideration to question of meeting agreement Clerk that he need not advise Transamerica Letter to Mr.. Corporation of contents of above letter if he is satisfied the corporation is not laboring under any false impression concerning the Board's 5/26 position Voting permit, agreement in connection with issuance, FRBank of San Francisco requested to ascertain what change has taken place in relationship with Bankamerica Company and Bancamerica-Blair 9/1 Corporation Agreement executed in connection with general permit, letter from FRBank of San Francisco forwarding condition report and stating it might be well to defer Board's request until Board has re9 /23 viewed report http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 108 1027 665 962 1386 1335 1356 494 795 841 1243 1332 212 503 592 903 996 152 Pages Company affiliates: (Continued) ansamerica Corporation: (Continued) Voting permit: (Continued) Agreement executed in connection with general permit granted, Board is of opinion that Corporation still controls Bankamerica Company and FRBank of San Francisco asked to advise Corporation 9/23 997 accordingly Agreement executed in connection with general permit granted, corporation still has interest in Bankamerica Company and consideration must also be given relationship with Bancamerica-Blair Corp., FRBank of San Francisco requested to advise corporation and keep Board advised of developments 11/ 1 1126 Request of Securities and Exchange Commission for report and application for voting permit with supplements in connection with suspension or 12/20 1317 withdrawal of registration of capital stock 14tist Company of Georgia, Atlanta, Ga., directors, FRBank of Atlanta, election of, allowed only one vote together with subsidiary member banks of Trust Company of Georgia Associates, despite 10/11 1046 holding company relation Ution Bond and Mortgage Company, Port Angeles, Ikash., condition report, granted extension of time within 8/ 1 795 which to file vp-v vrsal Corporation, Mie.Mi Beach, Fla., determined not to be holding company affiliate of Lake Worth National Bank, Lake Worth, Fla., and Mercantile 1/10 32 National Bank of Miami Beach, Fla. Voti ng permits, need not submit information covering acquisition of stock in bank subsequent to issuance of 9/19 962 general permit Western States Corporation, sale of stock in Bankamerica Company by Transamerica Corporation, letter to Mr. Clerk, FRBank of San Francisco, requesting more 212 2/17 information Sale of stock in Bankamerica Company by Transamerica Corporation, period for disposal not yet over and Board has not considered question of meeting 5/ 3 503 agreenent Letter to FRBank of San Francisco that they need not advise Transamerica Corp. of above letter if they are satisfied the corporation is not laboring under any false impressions concerning the Board's 5 /26 592 position T http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 153 Pages 4(44days, FRBanks, reports, request that November report Show official opening and closing hours at banks and branches and subsequent reports advise of any change ri°18ton - -ricultural Credit Corporation, purchase of stock by Bank of Glade Springs, Glade Springs, Va. ruled unlawful 40118to11 P. D., to attend official luncheon being arranged with ' 11400. Board on December 19 4 114 ns, Chas. H.: (See Hux-Cuts, Inc.) 8 °11 County, New Jersey, banking conditions in, letter to FDIC outlining 1111X... Cuts, Inc., New York, N. Y., letter to that Board does not control diamond-and-oblong emblem denoting membership in FRSystem and permission to reproduce is not necessary 9/26 1008 11/22 1204 12/13 1283 11/ 8 1166 3/17 323 4114/1..1 Bronze Company, Washington, D. C., bid for erection of bronze grill and cresting over entrance to 3/17 building accepted IMebt dyi e „---ess and outside business relations: of New York, report by examiners to Board to be discontinued in individual cases with the exception of those unusual in character or out of or6/9 dinary Ildebtedness of executive officers: 4 mqui8t, H. N., indebtedness to Warren Savings and Trust Company is in violation of Regulation 0 even though bank acquired obligation through exchange of 2/17 assets 144btedness of officers to State member banks, inactive officers, exclusion from provisions of FRAct and Regula1/20 Iladift.tion 0, ruling ordered published in FRBulletin ;11.4 Bankers Association: aillger, Leo H., invitation to speak on subject of bank regulation from standpoint of the Board, acceptance 9/8 approved 1411strial financing of small and medium sized by establishments, Kopplemann bill, statement of Chainman Eccles that no Board action is needed at present time, 2/25 1144concurred in by Board 4114ctions to form 105 approved with minor changes to accompany 12/ 9 be made by Mr. amead --"ratce. Ass. Ellament paid FDIC by insured bank, proposed bill to eliminate balances due to other banks from assess5/17 ment base http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 322 636 213 92 930 244 1268 560 154 Pages —4.emee: (Continued) Deposit insurance, seen as possible deterrent to increased membership in FRSystem by Federal Advisory Council IbPloyees compensation insurance for Board's staff, memo of Mr. Vest recommending policy providing compensation and group life insurance, negotiations to be conducted with view to eliminating group life clause Mem recommending Liberty Mutual Insurance Company, and memo stating that if group life insurance was wanted, the next step would be selection of a company, referred to Personnel Committee with power to act Contract with Liberty Mutual Insurance Company covering Board's employees Gro uP life involving contributions by employer, reply to Equitable Life Assurance Society that IRSystam has its own retirement plan Gr°1-1P life insurance for Board's staff, memo stating that if group insurance is wanted in addition to employees compensation, next step would be selection of a company, matter referred to Personnel Committee with power to act Contract for experimental period provided 75% of Board's employees request it 111) life policy, contributory, extension at ERBank of Minneapolis approved Strict Settlement Fund: 140/Ithi and --Y yearly summaries of transactions showing gains and losses of individual ERBanks, letter to Mr. Griswold, University of Oklahoma, that annual summaries are not available but may make copies Iriterest: of monthly summaries as he desires 2/15 8/ 5 823 11/ 4 1143 12/ 2 1240 4/11 408 11/ 4 1143 12/ 2 1240 11/28 1217 2/26 252 6/17 671 7/12 740 7/12 741 7/12 7/20 742 770 7/12 740 C°1111tY and school funds, payment of, letter to Victoria National Bank, Victoria, Texas that provisions of law prevent despite competition of uninsured nonmember bank vilacs deposits, regulation of Banking Board of State of New York limiting rate of interest payable not applicable to national banks in New York State Letter to Mr. White, Supt. of Banks for New York State transmitting copy of ruling withheld, Mr. White to be invited to personal conference if he so desires before ruling is definitely mede Tit Letter containing ruling sent upon advice from. Mr. White e deposits, regulation of Banking Board of State of New York limiting rate of interest payable not applicable to national banks in New York State http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 207 155 Pages Itterest: (Continued) Time deposits: (Continued) Letter to Mr. White, Supt. of Banks for New York State 7/12 transmitting copy of ruling MIling withheld, Mr. White to be invited to personal conference if he so desires before ruling is def7/12 initely made 7/20 Letter containing ruling sent upon advice from Mr. White 'Jul-I:eking directorates: IrisorY committees of banks, service of directors of banks serving another bank located in same city, not 11/16 within prohibition of Clayton Act Director of pure trust company serving one member bank, amendment to Clayton Act allowing, Board will not be sympathetic with proposed legislation of Safe Deposit and Trust Company of Baltimore since it accomplishes what Board has declined to do 1/21 through amendment to Regulation L l'irst Industrial Loan Company of California, Los Angeles, California, opinion of Board that it is a bank and provisions of Clayton Act are applicable to 11/16 First National Bank in St. Louis, officers serving as directors of State Bank and Trust Co. of Wellston, Mo., 11/ 2 service not prohibited Miscellaneous: Banks engaged in same types of business but containing differences in clientele came within provisions of 9/ 1 Clayton Act, case of Mr. Nathan Rieger Cooke, Sidney K., question of services coming under Clayton Act, information not sufficient to enable Board to reach conclusion, suggested he communicate 5/21 with FRBank of Kansas City Cooperative banks in Massachusetts, reply to American Bankers Association that Board made exception in Sec. 3(a) of Regulation L to place institutions on equal plane with similar institutions 9/19 in other States Director of member bank may serve Joint Stock Land bank or any other bank organized under Federal statute 8/30 except National Bank Act Frost, J. H., service as director of two national banks depends on whether San Antonio and Fort Sam 11/30 Houston are contiguous or adjacent Harris, P. E., refusal to extend time fixed by Banking Act 9/16 of 1935 for termination of relationship applicability of Clayton Act to services Larkin, Ridgley, dependent upon whether building and loan asso7/ 1 ciation is usual type http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 741 742 770 1182 98 1184 1135 905 575 963 893 1232 954 725 156 Pages teQ ()Luang directorates: (Continued) Miscellaneous: (Continued) Liberty State Bank, Dallas, Texas with Republic National 12/23 Bank of Dallas may be lawfully continued Phillips, Frank N., Clayton Act applicable to service on 11/ 14 boards of managers of branches of banks 9/ 1 Rieger, Nathan, services within provisions of Clayton Act Shemanski, A., refusal to extend time fixed by Banking Act 9/16 of 1935 for termination of relationship Sitges, P. H., may not serve as officer and director of 12/17 both banks after July 11, 1939 Stoddard, Solomon, question of services coming under Clayton Act, information not sufficient to enable Board to reach conclusion, suggested that he communi5/21 cate with FRBank of Kansas City Morris Plan banks, service by directors of member banks, amendment to Regulation L discontinuing permission 8/31 to serve, RBanks to be advised Director of Rhode Island Hospital National Bank of Providence serving Morris Plan Company of Rhode Island, amendment to Regulation L allowing continuation of service, reply to national bank that Board has requested FRBank of Boston to forward additional information and letter to FRBank of 10/ 3 Boston extension of effecService by directors of member banks, tive date of amendment until matter can be considered by Congress, staff requested to analyze proposal and submit memo at November 7 meeting, 11/ 4 showing reasons for and against it one Morris Plan bank, Director of member bank serving amendment to Regulation L allowing, letter from Morris Plan Bankers Association, refer11/ 4 ence made to letter at meeting Director of Rhode Island Hospital National Bank of Providence serving Morris Plan Company of Rhode Island, modification of Regulation L allowing continuation of service, reference made to , 11/ 4 reasons presented by national bank at meeting of member banks, amendment to RegulaService by directors tion L discontinuing permission, letter to 11/ 4 FRBanks, reference made to letter at meeting Amendment to Regulation L extending effective date termin11/ 7 ating existing relationships of FRBank of Richmond as to whether they should be Illquiry 12/ 8 considered banks within meaning of Clayton Act Reg4lation L, amendment adopted extending effective date of ter11/ 7 mination of existing relationships Service under Banking Act of 1935: Bezenson, Osborne, reply to Senator Walsh that service is contrary to law because towns are contiguous 12/27 or adjacent http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1352 1178 905 954 1295 575 896 1032 1137 1138 1138 1138 1159 1257 1155 1368 157 Pages Liter]. s °eking directorates: (Continued) "'dee under Banking Act of 1935: (Continued) Boards of managers of branches of banks, Clayton Act applicable to Edlund, R. A., service depends upon whether Kansas City, Kansas and Kansas City, Missouri are contiguous or adjacent, letter to 1RBank of Kansas City Extension of effective date not favored, IRBanks to be advised Mr. McKee to determine dates for hearings in the event they are requested Hearing to be accorded committee of Philadelphia Clearing House Association on October 13 Meeting of committee with Board, reasons expressed by committee for asking gradual elimination of relationships, matter to be brought to attention of absent Board members Position taken by Board, discussion of policy and matter placed on docket for consideration at first full meeting of Board subsequent to November 1 Reasons why Board had advised FRBanks that it saw no reason for extension, letter to Commercial Trust Co. of New Jersey approved with understanding it would be used as basis for reply to other letters raising similar questions Reference made to letter to FRBanks Reasons expressed by Philadelphia Clearing House Committee at hearing for asking gradual elimination of relationships, reference made to at meeting Amendment to Regulation L extending until matter can be considered by Congress, staff reauested to analyze proposal and submit memo at November 7 meeting, shoring reasons for and against it Ford, John w., Clayton Act not applicable to Frost, T. H., may serve national bank and Joint Stock Land bpnk or any other bank organized under Federal statute, except National Bank Act Frost, T. C., may serve national bank and Joint Stock Land bank or any other bank organized under Federal statute, except National Bank Act Gandy, E. H., service depends upon whether Kansas City, Kansas and Kansas City, M.o. are contiguous or adjacent, letter to FRBank of Kansas City Goodjohn, Harvey B., Fort Leavenworth and Leavenworth, Kansas not contiguous or adjacent and service not prohibited Green, Theodore Francis, ruling that Morris Plan Company of Rhode Island is a bank, no action on request for amendment to Regulation L http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/14 1178 2/15 200 8/ 3 800 9/27 1009 10/ 7 1044 10/13 1050 10/14 1061 11/ 1 1127 11/ 4 1137 11/ 4 1138 11/ 4 1140 2/26 253 8/30 893 8/30 893 2/15 200 2/ 9 169 12 1 /2 1328 158 Pages s coking directorates: (Continued) ervice under Banking Act of 1935: (Continued) Hourigan, E. B., Guttenberg and Union City, New Jersey are adjacent and service is prohibited Lebrecht, Hal R., service depends upon whether Kansas City, Missouri end Kansas City, Kansas are contiguous or adjacent, letter to FRBank of Kansas City Parker, S. C., Fort Leavenworth and Leavenworth, Kansas not contiguous or adjacent and service not prohibited Steese, R. C., Clayton Act not applicable to West, Lewis S., in connection with application for member ship of Genesee Valley Trust Co. Willson, H. R., Fort Leavenworth and Leavenworth, Kansas not contiguous or adjacent and service not prohibited Wilson, Samuel H., iort Leavenworth and Leavenworth, Kansas, not contiguous or adjacent and service not prohibited ecli ate Credit Corporation for commerce and industry, bill introduced by Mr. KoppeImann, no report to be made on Internet lone]. Organization for Securities Investment, letter to Department of State on proposed setting up teational Statistical Association: eting in Washington, contributions by 1RBanks to defray expenses of, Secretary to advise any banks inquiring, that contribution may not be made Vee tMant Management Corporation, basis for valuation of bond accounts in reports of examination of State banks should be as set forth in agreement ett .nt Securities: r..e a Illiate fund debentures, eligibility of, do not comply with Comptroller's regulations c4uptro11er's regulation: Bonds of Houston Oil Company and Houston Natural Gas Company, purchase by Maryland Trust Company pursuant to a repurchase agreement, no objection to use of under Comptroller's regulation Changes in and revision of, draft prepared by Board's staff approved as expressing views of Board, copies to be furnished Messrs. Upham, Nichols and Folger Revised draft as presented by Comptroller, letter to be prepared stating it is not entirely agreeable to Board Statement showing Board's position Securities convertible into stock at option of holder or with stock purchase warrants attached, interpretation of section dealing with purchase sent State-Planters Bank and Trust Company, Richmond, Va. and copy sent IRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/4 8 2/15 200 2/9 2/26 169 253 1/7 27 2/9 169 2/9 169 2/25 244 2/12 181 10/25 1088 12/19 1301 4/4 375 1/27 118 5/24 584 6/10 6/14 641 650 9 8 / 925 159 Pages 1111r.„ 717,ent securities: (Continued) uebantures of Affiliated Fund Incorporated, question raised in connection with report of examination of Man11/30 1231 chester Bank of St. Louis, Mo. DePreciation on, charge off by Bank of Rainelle, West Virginia, letter to FaBank of Richmond that individual cases may be modified pending Board considera372 4/ 2 tion of question Uniform policy for examiners for FRBanks, FDIC and Comptroller, draft of statement to be considered 378 4/ 5 and then discussed with FDIC and Comptroller Statement of policy considered, meeting to be arranged with view to later conference for considering state4/ 6 ass ment Treatment for examination purposes, modification of condition of membership applicable left to determina4/22 453 tion of Mr. McKee Report of Mr. McKee as to meeting of chief examiners of Board, FDIC and Comptroller with Treasury, no 5/ 5 507 agreement and another meeting called Advisory Council with Report of Mr. Paulger at meeting of Board of the position taken in discussions with 5/17 555 FDIC, Comptroller and Treasury Statement of Board's position to be prepared for submission 6/13 646 to Treasury Statement 6/14 650 Agreement between government agencies, draft of discussion 6/28 698 approved for Publishing in 1PBulletin To be discussed by bank examination departments conference 8/19 870 929 9 8 / Conference called for October 17 Classification in reports of examination, method for determining depreciation in each group following 9/3 912 examination procedure agreement sent FRBanks Membership applicants, principles applicable to, in same 10/29 1114 manner as to member banks Lists of, by member banks once each year, question of authorizing Division of Bank Operations to discuss need for lists with FDIC and Comptroller referred to 653 6/14 Mr. Draper ?ill ehese of, regulations of Comptroller governing, amortization ' of premiums on bonds under provisions of, copies of two letters from Mr. Paulger sent 3/24 352 FRBanks 4114. or long-term investments by National Bureau of Economic Research, memo that Board recommend to WPA officials that tabulation project be carried out and Board staff made available for consultation approved, letter to Bureau notifying of 6/23 687 action http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 160 Pages I estraent standards, study under direction of National Bureau of Economic Research, Board's contribution of assigning member of staff of Division of Research and Statistics and paying travel expenses, authorized ille8tment s, foreign: 4 zerican securities, letter to State Department re setting up of International Organization for Securities Investment 1411tat10n8, anniversary of signing of original FRAct consisting of unveiling of bronze bas relief of Senator Carter Glass, to be issued to President, repre101,va sentatives of Treasury, FDIC, etc. t31411k ers Association, Des Moines, Iowa, letter to that deposits evidenced by certificates known as Forms 9, 22 and 23 may be classified as time deposits 10/31 1122 2/12 181 12/ 9 1260 7/12 746 61 /0 644 3/11 299 3/23 345 4/22 1/15 454 68 11/17 1191 7/22 783 4/13 416 fa?? kola, tet,41 Howard A.: (See Buffalo Municipal Housing Authority) 1) Kearny, Nebraska, answer to inquiry re inability of FRBank of Kansas City to clear items drawn on cooperative credit associations in payment of Social Security taxes letterer, Gustav, interior decorator, bill covering work and materials for Chairman's office approved and ordered paid 81d n ""ering gold leaf work on eagle motif in Board room, 4 0x, J. Secretary authorized to contract with (Ihn C.: (See National banks, National Bank of Germantotn and Trust Company, Philadelphia, Pa.) Tri.°P131ernA -rick --nns Herman P.: (See Legislation) E. V.: (See California Bankers Association) t441 1. con ditions' effect on industrial loans, letter from Chairman of Industrial Advisory Committee of Twelfth district referred to National Labor Relations 4 130 Board LA S, 4teed s, ettitude of Board toward agreements by FRBanks with coa 4-re system: : "" book, letter to Mr. Schaller suggesting changes and discussing plans for printing sees sent for Treasury department and other Government agencies, letters to re new procedure to be followed in determining per word cost Ree 0Mmendations of Committee to Conference of Presidents, action of Board on http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 161 Pages LeaseA wire system: (Continued) Wire transfers of funds, regulations governing, amendment to, following recommendation of leased wire committee, copies sent FRBanks Tea of absence: 130Ysen, John T., Assistant Examiner, granted for such time and for such period each year as is required to serve in Officers Reserve Corps Ream:till, Caroline, Division of Research and Statistics, granted leave of absence without pay for three months jetto W. W., Secretary's office, granted additional leave of absence on account of illness Xros+ Martin, Division of Research and Statistics, leave without pay for three months Manard, Marguerite C., Division of Examinations, sick leave granted beyond regular period MiliterY leave, to be granted to Board employees at such time and for such period each year as is required to serve in Officers Reserve Corps tnan, Carol L., Examiner, FRBank of Chicago, additional leave of absence to assist FDIC Further extension in order to assist FDIC 11_ FUrther extension to assist FDIC 11ations proposed draft adopted ee, Margaret A., Secretary's office, granted additional leave of absence with pay for illness Tholln), --on, Elizabeth, temporary file clerk, granted leave of absence without pay on account of illness ilheeler, Rutledge, Porter, granted additional leave with pay for illness IVilkess M. R., Division of Examinations, granted additional leave with understanding that leave taken in excess of that accumulated for 1938 will be applied against leave for 1939 Granted additional leave of absence with understanding it Lea.71r) will be charged against 1939 annual leave Congressman C. H., protest against closing of Spokane Branch, reply stating that circumstances do not justify continuance Protest against closing of Spokane Branch, reply that his telegram had been sent to 1RBank of San Francisco, that arrangements could not now be canceled, but that RBank would hold hearings as to Le whether it should reopen Us) . ation: A/aelloblient to Clayton Act allowing director of a pure trust company to serve one member bank, Board will not be sympathetic with proposed legislation of Safe Deposit and Trust Company of Baltimore since it accomplishes what Board has declined to do through amendment to Regulation L 0 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/2 496 5/17 542 2/15 196 6/17 670 1/3 1 126 3 8 / 287 5/17 542 1/7 5/3 6/17 2/12 25 501 670 183 3 1 / 257 2/3 137 2/24 233 8/17 859 10/ 3 1030 9/28 1013 9/30 1020 1/2 1 98 162 Pages , LeEas AiLation: (Continued) 4mendment to Federal Home Loan Bank Act, FRAct, and National Housing Act, S. 3874, Counsel to prepare report /2 5 4 for Senate Banking and Currency Committee 5/27 Letter sent AsSassm ent base of FDIC in determining amount to be paid in by insured bank, change in, general discussion of S. 2171 at meeting of Board with Advisory 5/17 Council Assignment of claims on United States, recommendation of Federal Advisory Council that Board request amend11/29 ment to revised statutes California State Retirement Life Payments Act, refusal of member and FRBenks to handle warrants, reply to request of California Bankers Association for ruling that Board cannot issue upon hypothetical questions, copy sent Security-First Na9/19 tional Bank of Los Angeles, Calif. charitable contributions by FRBanks, amendment to FRAct allowing, letter to Senate Banking and Currency Committee 5/17 that Board does not approve CUban Atlanta, reply Monetary Law, possible effect on FRBank of 2/12 to Mr. Newton Pair compliance by FRBanks, Counsel Labor Standards Act of 1938, to prepare opinion re applicability of statute 9/9 to FRBanks information of Conference Eccles, Marriner S., review for re consideration which had been given by Board, 10/25 and that letter to FRBanks had been prepared letter to 1RBanks expressed no Statment of Mr. Owens that opinion as to whether FRBanks were subject to 10/25 provisions of agreed at Presidents' Conference they Examiners, FRBanks, be considered professional employees for time 10/25 being FRBanks' increased cost in conforming with standards established by Act, statement of Mr. Smead estimat10/25 ing Instructions as to procedure to be followed until applicability of Act to 1RBanks can be determined, 10/25 letter and memo sent FRBanks RAct, Sec. 22(g), statement on recent amendment to be pub5/20 lished in FRBulletin branches of banks operating under FRAct, reply to Senator Wegner inclosing revised draft of bill and stating that Board favors enactment of bill 5/13 as thus amended Letter to Senate Banking and Currency Committee inclosing revised draft of S. 4046 and that Board favors / 6 6 enactment 580 598 560 1222 963 541 180 934 1095 1095 1101 1095 1096 570 ign POre http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 532 619 163 Pages INaslation: (Continued) P°reign branches or agencies of national banks, limiting the liability of, Mr. Goldsborough to be advised that H.R. 10845 should provide for reasonable notice to depositors or creditors before affecting rights . R. 7188, Board to meet with Mr. Goldsborough for purpose of discussing R. R. 9291, Kopplemann bill, statement of Chairman Eccles that no Board action is needed at present, concurred in by Board a. R. 10845, limiting liability of foreign branches of national banks, to advise House Banking and Currency Committee that bill should provide for notice to depositors and creditors before affecting rights 4 PPlanann bill, statement of Chairman Eccles that no Board action is needed at present time, concurred in by Board Petraan bill, discussion of at meeting of Federal Advisory Council with Board, executive committee authorized to take such steps as necessary if bill comes up for active consideration Hearings by Banking and Currency Committee of House, invitation to Board members to testify, tar. Ransom to request it be deferred until Mr. Eccles returns Hearings held by Banking and Currency Committee of House, Chairman to present general statement following which members will appear individually Hearings by Banking and Currency Committee of House, Mr. Goldenweiser to explain .bRSystem, followed by Chairman who will present Board's view of bill, then individual Board members Statement expressing Board's opinion of bill approved, Chairman Eccles to present Reserve requirenents of member banks, authorization of certain banks to count cash in vault as part of, action on recommendation of Presidents' Conference deferred pending study being made by Division of Research and Statistics Letter to Mr. Harrison that matter is under consideration 1711 excluding certain deposits from assessment on insured banks by FDIC, report on for Senate Banking and Currency Committee and Senator Byrnes, Messrs. Wyatt, Morrill and Goldenweiser to prepare and submit to Board Senator Wagner approved ! I ePlY to r General discussion at meeting of Board with Advisory Council, statement of Mr. Ransom that Board had made report to Senate Banking and Currency Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/ 7 626 4/22 452 2/25 244 6/ 7 626 2 /25 244 2/15 203 3 /22 334 3/29 357 4/ 5 378 4/ 8 398 4/23 4/30 459 487 1/14 1/25 59 114 5/17 560 164 Pages Len, ( Continued) 3400, amendment to 'pct extending period during which loans to executive officers made prior to June 1933 might be renewed, recannendation of Presidents' Conference, letter to Bureau of Budget that 4/23 Board concurs in s. Letter to Mr. Harrison advising of action 4/30 ,J575, bank holding companies and affiliates, inquiry from Senator Glass reouesting Board's opinion, reply to that Board has grave objections to and re5/ 2 quest for opportunity to appear at hearings S. 3874, to amend Federal Home Loan Bank Act, FRAct, and National Housing Act, Counsel to prepare report 5/24 for Senate Banking end Currency Committee Letter sent 5/27 S. 4022, charitable contributions by FRBanks, amendment to FRAct allowing, letter to Senate Banking and 5/17 Currency Committee that Board does not approve S 4046, letter to Senate Banking and Currency Committee in' closing revised draft, to which Board offers 6/ 6 no objection S. R. employees of Board '-85, reply to President of Senate on 12/19 not citizens of the United States Soei -Le-L Security Act, distinction between national banks and State banks as to unemployment and old_ age benefit taxes, reply to Mr. Putnam on sug12/19 gested legislation rNst, effect on fiduciary accounts of states Act, Louisiana, 9 5 / State member banks e b, 'illiam, House of Representatives, reply on application of First Investment Corporation for industrial loan that FRBank of Minneapolis cannot grant tin+. 2/17 for certain specified reasons 118 of credit: -ortmerce Trust Company, Kansas City, Mo., must treat those issued for other than cash consideration as contingent liabilities in examination reports, 6 8 /2 letter to RBank of Kansas City LlbeltIr Mutual Company, Boston, Mass., employees comInsurance pensation insurance for Board's staff, memo recommending that if Board desires only com11/ 4 pensation insurance, it be obtained from tract covering compensation insurance for Board's employees, letter to resident manager with revised draft 12/ 2 of contract stocks registered on national securities exchange, letter to 2/15 FRBanks on estimate of copies required Ltttle r usiness of California, Incorporated, San Francisco, California, inquiry on making of small business 11/ 16 loans 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 460 4P8 494 580 598 541 619 1306 1301 827 214 710 1143 1240 198 1181 165 Pages toeals: Amortized investment purchase loans, amendment to Regulation U for lower margin requirements on, recuest by Mr. McKee that members consider with view to discussion at early date Amendment to Regulation U discussed but no action taken Memo of Division of Security Loans, letter to Securities and Exchange Commission to be prepared asking for an expression of views in regard to Letter sent Couat_ era', maximum loan value of, making loan in excess of is prohibited by Regulation U and cannot be made lawful by a subsequent change in loan value of collateral or by pledge of additional collateral Ctl aercial Bank of Iron Mountain, Michigan, loan to Mr. Eacco not violation of Section 11(n) of FRAct Di rectors of FRBanks and branches by member banks, memo listing current loans discussed, agreed that in considering qualifications of future appointees it should be considered whether such obligation will impair usefulness as director Execu tive officers: Amendment to IPAct extending period during which loans made prior to June 1933 might be renewed, recommendation of Presidents' Conference, letter to Bureau of Budget that Board concurs in Letter to Mr. Harrison advising of action City National Bank and Trust Company of Salem, N. J., note of President acquired through bank's service as trustee, Sec. 22(g) not applicable to Extension or renewal of, authority delegated by board of directors of national bank to executive officers, ruling re sent Mr. Sargent, RBank of San Francisco Ruling ordered published in FRBulletin FRAct, Sec. 22(g), statement on recent amendment to be published in FRBulletin Inactive or honorary officers, Counsel to draft revision of definition allowing exemption from Regulation 0 Drafts of amendments submitted, draft of letter to FRBanks to be prepared requesting expression of views and suggestions, Mr. Ransom opposed Letter sent Summaries of replies received from .MBanks in respect to desirability of amending Regulation 0 Notes discounted with Morris Plan bank by partnership in which officer has majority interest, monthly reports will be regarded as compliance with law and regulation in such an instance http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/22 4/23 453 465 5/20 5/26 564 593 7/20 774 11/ 7 1162 11/ 4 1144 4/23 4/30 459 4 87 5/20 568 4/ 7 5/20 392 571 5/20 570 8/12 847 8/31 9/ 3 895 912 11/22 1202 9/26 1006 166 Pages Loat8: (Continued) Executive officers: (Continued) Paul M. Warburg Fund, to executive officer of Bank of Manhattan Company in amount not in excess of 6/ 1 2500 not prohibited by Section 22(g) Personal secretary of executive officer of national bank and guaranteed by officer, Sec. 22(g) applic5/21 able to 6/17 Ruling ordered published in FRBulletin Third party loan secured by collateral note for sum in excess of f,2500 on which executive officer is liable as maker or endorser, question of prohibition under Regulation 0 turns upon matter 7/20 of good faith and intention of parties Wife of executive officer, which note has been removed and personal note of officer substituted, substitution not for protection of bank and falls within 5/21 provisions of Sec. 22(g) 6/17 Ruling ordered published in FRBulletin Pia C to banks to avert losses, amendment to FRAct extending authority, recommendation of Presidents' Conference, letter to Bureau of Budget that Board 4/23 offers no objection to amendment 4/30 ilaj'etter to Mr. Harrison advising of action to insured banks to facilitate consolidations, amendment to FRAct making pennanent authority of FDIC to make, letter to Bureau of Budget that Board has 6/15 no objection Statement re authority of FDIC to make ordered published 6/17 in FRBulletin ex'al Land Bank, Federal Home Loan Bank, and Federal Intermediate Credit Bank, loans to must be classified as corporation loans in weekly condition reports and quarterly reports of member banks, 3/ 9 letter to FRBank of New York ° 1 Land Bank to executive officer of member banks, must be 411 reported to board of directors of bank under 5/27 Sec. 22(g) 6/17 IIIIling ordered published in FRBulletin rRB_ arrangement for reporting sent FRBanks cLuik employees, uniform 5/20 requesting views itic k strial advances: Collateral held by FRBanks as security, advances to protect should be included in amount of FRBank funds advances as reported on Form B-23, letter to 2/14 FRBanks Computations of Treasury and FRBanks as to amounts due 2/ 4 Treasury under 13b of FRAct, difference in FRBank of St. Louis, allocation of reserve to advance on 12 9 /2 which loss is expected http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 609 574 672 772 574 672 459 488 660 672 293 597 572 570 194 149 1388 167 Pages Losri 8: (Continued) Industrial advances: (Continued) First Investment Corporation, application, letter to Mr. Lemke, House of Representatives, that FRBank 214 2/17 of Minneapolis cannot grant for certain reasons Chairman of IndusLabor conditions effect on, letter from trial Advisory Committee of Twelfth district 454 4/22 referred to National Labor Relations Board facilities for makLittle Business of California, Inc., on 11/16 1181 ing loans to small businesses losses on, Reserve set up by FRBank of Boston anticipating approval of Board to set aside such reserve in effect constitutes an approval to charge off 294 3/10 loss, copy of letter sent FRBanks advances and comTable showing number and amounts of both mitments by FRBanks classified by States sent 753 7/14 to National Emergency Council Land -b._ Jlidnk Commissioner to executive officer of member banks, 5/27 597 need not be reported under Sec. 22(g) 672 6/17 Ruling ordered published in FRBulletin Let "Yers Trust Co., New York City, N. Y., extension of time to complete compliance with condition of member278 3/ 3 shin on Merab er banks directors of ERBanks and branches, memo listing to current loans discussed, agreed that in considering qualifications of future appointees it should be considered whether such obligations 11/ 4 1144 will impair usefulness as director Ric haru Whitney, report of Mr. Dreibelbis as to procedure for investigating violations of Regulations T and U by national banks and State member banks in 506 5/ 5 connection with Securities, suggestion of mi.. Skinner that figures be collected at six month intervals, to be given considers10/ 3 1034 on kEtilti business: Chairman to advise Secretary of Treasury that proposed plan is not desirable and request that Mr. Szymczak 451 4/22 be relieved from farther service on committee Report of Chairman Eccles that he had advised Secretary 466 4/23 of Treasury Establishment of regional banks, suggestion of Mr. Hanes it be discussed at next meeting of Federal Advisory Council, Board sees no need for action 933 9/ 9 at present meeting of Federal Advisory Council To be discussed at 9/20 969 with Board and Presidents' Conference of Federal Advisory COuncil with Discussed at meeting /2 9 0 971 Board and Presidents' Conference http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 168 Pages Lott.S. ( Cont nu ed) amall business: (Continued) Little Business of California, Incorporated, reply to in11/16 1181 quiry on facilities of Government for making 141est Side Trust Company, Newark, N. T., extension of time to comply with condition of membership on disposal 1/21 101 of loans secured by own stock Loeb, Howard A., present at Board's hearing on extension of effective date of interlocking directorates under 10/13 1050 Loose leer Banking Act of 1935 service and index of Board's rulings, interpretations and instructions, letter to Mr. Hodgson submitting proposed modifications and requesting 576 5/21 views Lette_ r to Mr. Hodgson re cost of various plans and placing of Low , 6/21 680 instructions reauesting comment slana: ' Tr4st Estates Act, effect on fiduciary accounts of State member 8/5 827 banks ch "eons: klierican Bankers Association, officers of, official luncheon being arranged with members of Board on Decenber 19 canv. Lian Minister and Deputy Governor of Bank of Canada, meals served to, payment of cost authorized Col,es l 'ierences for selection of chairmen and directors of FPBanks end branches, luncheons served to guests of Board, in connection with, Board to assume costs 11488e11, E. C., Secretary of the Reserve Bank of New Zealand, payment of cost of luncheon authorized Sir Herbert, guest of Board members, payment authorized served to guests of Board members and staff, assumption of cost of two which had not been previously authorized, voucher approved 0,8borne, C., guest of Board members, payment authorized qe n d A. phenso, Gilbert T., special work for American Bankers Association in trusts, to be invited to lunch with Board while in Washington along with Mr. Taliaferro Taliarerro, Sidney F., member of executive committee of Trust Division of American Bankers Association, to be invited to lunch with Board along with Mr. Stephenson recommendation of Federal Advisory Council for expansion in use of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/13 1287 8/19 871 7/31 764 10/17 8/19 1074 871 8/12 8/19 848 871 9/30 1021 9/30 1021 11/2 9 1220 169 169 Pages 4411Oth Cave Properties, invitation to Board members to visit at time of meeting in Louisville with FRBank of St. Louis directors, Mr. Nardin to advise that it cannot be accepted at this time 41 ,genient of State member banks: ) /4 _ o re ples Savings Bank of Grand Haven, Mich., ability of Mr. Bolt to serve in executive capacity, letter to Mr. Young, FRBank of Chicago, that present policies should not be allowed to continue State Bank of Geneva, Ill., need for removal of Oscar Nelson in connection with strengthening, FRBank of Chicago requested to take prompt action and keep Board informed submission of signature cards by the organization with which connected to various banks throughout country, letter to referring to American itt karg Bankers Association r egulations, reply of FRBank of St. Louis on inquiry of Mr. Carl M. Dubinsky forwarded to Securities and Exchange Commission requirements: 4'nortized investtent purchase loans, suggestion of Mr. McKee of amendment to Regulation U Reasons for suggestion outlined by/tr. McKee, general discussion but no action taken 'Laser & Company, refusal to make transfers between accounts, reply to inquiry of M. Terry that act is not in *J-erviolation of Regulation T ' Sir Herbert, guest of members of Board at luncheon, payment ttees authorized tiS 14"e M 5/ 5 514 1/17 72 10/31 1118 6/20 676 1/4 8 4/22 453 4/23 465 4/30 491 8/19 871 p coo Perative banks in, meaning of term as used in Sec. 3(a) of Regulation L, reply to American Bankers Association that Board made exception to place such institutions on similar basis with those in 963 19 9/ other States '441-Isetts Bonding and Insurance Company, letter to re bond coverage of FRAgent's Representatives Goldsehmid and Walker despite transfer from branches at keyer, 782 7/22 which bonds were executed se Iti eYer, Austrian & Platt: f "ille v. Board of Education, appointed to represent FRBank 10/20 1082 of Chicago in case, approved Taxes on FRBank of Chicago building, employment by FPBank to 524 5/11 contest taxes for 1937, approved tieik(1°°, /N1111.0311 States Senate, list of holding company G.• United affiliates showing States in which organized, number of banks controlled and their resources, 3/16 310 sent in answer to request m.ktey H. J.: (See National banks, First National Bank, Mobile, Alabama) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 170 Pages . tlecoy, j sines K.: (See Little Business of California Incorporated) L'6Yre, Marvin H., statistical organization in Federal Government, decentralized form should be preserved but Central Statistical Board should be retained to collect non-administrative statistics, letter to Mem, banks: . er 11/ 1 1129 Assets and liabilities, question of authorizing Division of Bank Operations to discuss with FDIC and Comptroller the need of form for reporting every 6/14 653 two months, referred to Mr. Draper 8cleton district, reserves, deficiencies, waiver of penalty in those cases where deficiency resulted from interruption to mail and wire service due to 9/29 1018 storm and flood conditions C°11dition reports, forms, simplification of and desirability of calling upon all banks to submit through FRBanks, question of authorizing Division of Bank Operations to discuss with FDIC and Comp6 14 / 653 troller referred to Mr. Draper 14ens to directors of FRBanks and branches, memo listing current loans discussed, agreed that in considering qualifications of future appointees it should be considered whether such obligations 11/ 4 1144 will impair usefulness as director IlePorts of assets and liabilities every two months, question of authorizing Division of Bank Operations to discuss need for form with FDIC and Comptrol653 6 14 / ler referred to Mr. Draper lists of, once each year, question of authorSeellritY holdings, izing Division of Bank Operations to discuss need with FDIC and Comptroller, referred to Mr. 6/14 653 Draper Services to, by FRSystem, increase in value or scope of, suggested as topic for further consideration at 2/ 3 138 meeting of Federal Advisory Council with Board . Discussed at meeting of Federal Advisory Council with Board, committee appointed to prepare state202 2 15 / ment for next meeting Report of Federal Advisory Council deferred due to absence 967 9/20 of Mr. L. B. Williams who prepared it Letter to Mr. Lichtenstein that matter had been deferred until next meeting of Federal Advisory Council and that Board has no other topics to suggest 10/29 1116 for discussion Services to correspondent banks in competition with FRBanks, discussion at meeting of Federal Advisory Council with Board, committee to prepare re2/15 205 port for next meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 171 Pages Ubwi uanks: (Continued) nlsconsin, statistics showing restricted or deferred payments of deposits, waivers obtained from depositors, etc., during period January 1930 to December 1936, letter to FRBank of Minneapolis acknowledging receipt and requesting it absorb expenses 9/13 u , euiP in FRSystem: 'Illsrican Bank and Trust Company, Suffolk, Va., application approved subject to agreement not to invest collectively funds held as fiduciary, and to con10/29 duct insurance business in conservative manner APPlications, recommendation of Federal Advisory Council that 11/29 FRBanks be allowed to approve APPlicants, examinations, uniform procedure agreement re treatment of depreciation in securities, principles applicable to, in same manner as to member 10/29 banks Avoca State Bank, Avoca, Iowa, application approved subject to having charged off losses and brought certain 7/20 accounts into conformity Ben* Of Belle Fourche, South Dakota, application approved subject 9/ 7 to general conditions of membership Bank Of Warren, Front Royal, Va., application approved subject to certain charge offs and certain unused powers not to be exercised without special per12/13 mission of Board 13snk of 4/11 Woodward, Oklahoma, application approved IL41 '"doing little or no commercial business, not ineligible " for membership due to fact that it does no 6/ 2 commercial banking business 1 13/ 1cilsY Bank, Tomahawk, Wisconsin, requirement re capital stock impairment, modification with respect to securities depreciation, FRBank of Minneapolis requested to review application in light of 10/29 each modification APplication approved on condition that charge offs be made 11/ 8 and sound investment policy be followed 41orn1a Trust Company, Los Angeles, California, not ineligible for membership due to fact that it 6/ 2 does no commercial banking business California Bank determined not to be APPlication approved, engaged as business in holding stock of banks, 8/11 because of ownership of stock in Columbia City, Indiana, extension of time Citizens State Bank, within which to accomplish condition requiring 9/ 7 increase in capital and surplus Citizens State Bank, Hartford City, Indiana, application approved subject to havina charged off certain losses and brought amount of assets up to lia5/11 bilities, fiduciary powers not to be exercised http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 944 1112 1221 1114 771 919 1278 406 612 1115 1165 612 834 920 525 172 Pages lEtallerQh4 in FRSystem: (Continued) Liltizens State Bank, Houston, Texas, depreciation on banking house, reply to inquiry of Mr. Evans that FRBenk need not suggest specific program but must take steps to obtain full compliance by 1/12 member bank City Trust and Savings Bank, Kankakee, Ill., application approved subject to having charged off losses and stamped certificates of stock for waiving 11/ 2 depositors 3/18 Cornmercial Bank of L'Anse, Michigan, application approved co mmercial Bank of Nephi, Utah, application approved subject 3/23 to having charged off certain losses Conditions: Depreciation in securities, treatment for examination purposes, modification of left to determination 4/22 of Mr. McKee Fiduciary powers, revision of standard conditions with respect to collective investment of trust funds, 1/ 6 in accordance with amendment to Regulation F reel estate business, requirements forbidding engaging in, do not apply to sale of mortgages covered by insurance under provisions of National Housing Act, reply to Mr. Daiger, Federal HousingAd9/2 9 ministration 'Revision of, Mr. McKee to review standard conditions and submit recommendations with view to consistency 4/22 with requirements of FDIC Trust funds, standard condition j5, revision to comply with Regulation F as Emended, State member banks compliance with to be considered meeting condi1/18 tion 5 of Regulation H, letter to FRBanks Coo persville State Bank, Coopersville, Mich., extension for one year of time for compliance with condition of membership requiring increase in capital ac8/17 count 8/19 Advice to FDIC with reasons for action Extension of time for increase in capital and surplus as re/2 12 8 auired by condition of membership CUrrY County Bank, Gold Beach, Oregon, application approved with understanding it will reduce excess balance with State nonmember bank and refrain 5/ 7 from exercising trust powers Nt errents to increased membership, attitude of State banking authorities and FEBank examiners, and existence of deposit insurance seen as by Federal Advisory 2/15 Council 4/tiers State Bank of Fort Morgan, Colorado, application approved subject to having charged off certain losses, securities depreciation not correctly 11/ 4 classified and elimination not renuired http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 51 1131 328 343 453 14 1017 454 79 860 869 1378 518 207 1146 173 Pages in FRSystem: (Continued) !ermers State Bank, Lexington, Nebraska, application approved -".111111ers State Bank of Oakley, Kansas, application approved subject to having charged off certain items , Extension of time for completion of -cemers State Bank, Wallace, Nebraska, application approved subject to having charged off losses Documents requested in connection with, received except form of capital debentures Permers State Bank of Yuma, Colorado, application approved with understanding that capital and surplus be brought into conformity with State laws hrst Bank and Trust Company of South Bend, Indiana, application approved with special conditions on investment of trust funds, charge offs, etc., and bank should reduce amount of finance company paper held PirstCitizens Bank & Trust Co., Greencastle, Indiana, application approved subject to having charged off losses and adjusted capital stock and debentures Pirst National Bank and Trust Company of Elmira, N. Y., application made on behalf of proposed State institution approved Pirst State Bank of Churdan, Iowa, application approved subject to having cleared up matter of FRBank stock of First National Bank of Churdan Extension of time to accomplish conditions of membership 413t State Bank, Stroud, Oklahoma, application approved subject to certain conditions l'irst State Bank of Taos, New Mexico, application approved subject to having charged off losses and amending by-laws 417 Trust and Savings Bank, Gary, Indiana, application approved subject to certain charge offs and to give trust department more attention Genesee Valley Trust Company, Rochester, New York, application approved subject to understanding that program to strengthen capital position will be carried out and criticisms in loans to officers and directors removed Extension of time in which to comply with conditions of membership, monthly charge-offs to be considered compliance with condition numbered 8 eY State Bank, Halsey, Oregon, application approved, number of directors to be increased prior to admission if practicable 41Iron County Banking Company, Norwalk, Ohio, application approved subject to having disposed of loans secured by own stock and charged off losses Metal'erShip http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/28 121 2/ 2 / 3 2 132 274 10/29 1113 11/ 9 1174 11 1/ 44 11/30 1228 8/19 867 12 8 /2 1374 / 5 14 6/13 535 648 3/18 331 1/18 77 /1 12 2 1333 1/7 25 2/3 138 10/27 1106 /27 4 474 174 Pages Merabern1.4 ,_7 3 in FRSystem: (Continued) 111 4.actustrial Morris Plan Bank of Detroit, Mich., application approved subject to having charged off certain losses and brought savings accounts into con5/ 5 510 formity Xackson State Savings Bank, Maquoketa, Iowa, application approved subject to having increased capital 4/ 2 369 stock and charged off certain losses Ka Ill., application approved 6P -American State Bank, Chicago, subject to having charged off losses and having stamped stock for payment of dividends to waiv3/ 4 281 ing depositors lewYers Trust Company, New York, N. Y., extension of time to 3/ 3 278 accomplish Lib erty Bank Allentown, Pa., application apand Trust Company, proved subject to condition as to officers and with understanding bank will join Clearing House 1/ 7 21 Association Libert_ inquiry on changes in capiY State Bank, Dallas, Texas, 12 23 1352 / tal structure, interlocking directorates, etc. Louisi ana Savings Bank and Trust Company, New Orleans, La., application approved subject to certain charge 12 17 1294 / offs, increase in surplus, etc. Manu facturers Bank & Trust Co. of St. Louis, M.o., condition numbered 17 does not apply to bank giving own bond to secure deposits of money of bankrupt 9/ 1 900 estates Me rchants State Bank, Rhinelander, Wisconsin, application approved with understanding bank is not to exer107 1/24 cise fiduciary powers mi Extension of time within which to accomplish conditions 227 /23 2 Ilers State Bank of Iron River, Mich., application approved subject to having brought certain loans into 752 14 7/ conformity 839 m_ Extension of time in which to complete admission 8/11 unr0e County Savings Bank & Trust Co., Columbia, Ill., application approved subject to having straightened 693 6/24 out certain loans o4kland County State Bank, Milford, Mich., extension of time 63 1/14 within which to accomplish Ober)* Oberlin, Ohio, application apIn Savings Bank Company, proved subject to having charged off estimated 10/ 5 1037 losses tord Savings Bank, Oxford, Mich., application approved subject to having brought savings accounts into conformity and forwarded copy of articles of 8/19 865 incorporation Pet chogue Citizens Bank & Trust Co., Patchogue, N. Y., application approved subject to having revised capital structure, charged off losses and corrected /3 8 0 886 defects in management http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 175 Pages (taberou, 4 in FRSystem: (Continued) rat ehogue Citizens Bank & Trust Co.: (Continued) Extension of time to complete Extension of time for completion of membership and additional requirement on elimination of known losses Peoples Bank of Potsdam, New York, criticized matters in State member banks, Mr. McKee to discuss with President Harrison the matter of correction by FRBank of New York, end try to bring about adoption of policy in bank's examination department satisfactory to Board Application held in abeyance pending receipt of another report of examination Action withheld until issues between bank end FDIC are settled or FRBank of New York recommends approval Peoples Deposit Bank and Trust Company, Paris, Ky., application approved subject to having strengthened trust department and arranged for separate banking quarters Trust and Savings Bank, Green Bay, Wisconsin, application approved subject to having charged off losses and brought trust department into conformity with approved practices qud-State Bank, Poland, Indiana, application approved subject to certain charge offs and fiduciary powers not to be exercised without special permission Ileclairements, capital stock Impairment, modification re securities depreciation, FRBank of Minneapolis requested to review application of Bradley Bank, Tomahawk, Wisconsin in light of such modification Shelby County State Bank, Shelbyville, Ill., application approved subject to having stamped stock for payment of dividends to waiving depositors So merset Trust Company, Somerset, Pa., application approved subject to refraining from investing collectively funds held as fiduciary and having charged off certain losses SPr ingloort State Savings Bank, Springport, Mich., application approved 4Ett e and Savings Bank, Monticello, Ind., application approved and trust activities to be brought into conformity with approved practices Stet e Bank of Blue Island, Ill., application approved subject to certain conditions including stamping of stock certificates in connection with outstanding deferred certificates 9/15 945 12/ 6 1246 1/25 116 6/? 628 7/6 728 6/30 715 Peoples http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/ 2 1133 11/2 8 1215 10/29 1115 4/21 445 s/? 517 8/5 825 11/30 1226 12/ 1 1234 176 Pages 4etab :Tip in FRSystem: (Continued) ° I e Bank of Clearing, Chicago, Ill., extension of time to in2/ 5 155 crease capital stock as condition of membership State Bank of Freeport, Ill., application approved subject to having revised trust department and transferred 4/21 443 certain deposits State Security Bank, Brigham City, Utah, condition requiring deposit of security with trust department when trust funds are deposited in banking department, Board accepts opinion of State authorities and FRBank of San Francisco counsel that such securities may be validly pledged to fulfill con9/ 1 902 dition Board does not control SYrtib°1s, letter to Hux Cuts, Inc. that diamond-and-oblong emblem and permission to re3 17 / 323 produce is not necessary We8t McHenry State Bank, McHenry, Illinois, application approved subject to having stamped stock for payments to 6 0 /3 718 waiving depositors and charged off losses West Side Trust Company, Newark, N. J., extension of time to comply with condition on disposal of loans se1/2 1 101 cured by own stock /V3randotte Savings Bank, Wyandotte, Mich., application approved subject to having made capital adjustment and 7/14 750 charged off losses accomplishing conditions of memberExtension of time for 10/18 1076 ship 28 keels PP State Bank, St. Cloud, Minnesota, application approved 5/31 605 141.4: ,eere club: (See FRBoard Messengers Club) 11 '14E, Tweed and Hope: (See Foreign bankina corporations, Chase Bank) 441 a t 17 service: 4°°ard employees to be granted leaves of absence at such time end for such period each year as is required to serve )41 itu .4c 542 5/17 in reserve corps C.: (See State member banks, Federal Trust Company, eh) F. Newark, N. J.) te8. 1 Boar,4 ki of Governors: (See also Board of Governors, Minutes) Sacreta--,s note: ry Bank of America National Trust and Savings Association, dividend payment, Mr. Eccles in accord with views of Board, Mr. McKee cannot be reached for expression of opinion Branch banking, statistical information as of December 31, 1937, publication in FRBulletin, advice from Mr. Ransom that he had read memo over telephone to Chairman Eccles and that he offered no objection to proposed publication http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/13 943 9 /23 1001 177 Pages Mingt e8: (Continued) Board of Governors: (Continued) Secretary's note: (Continued) Conference of Reserve bank representatives with Board's research staff for purpose of expanding statistical information on business conditions, date changed for convenience of representatives from January 31, 1938 to February 1, 1938 Currency deposited unassorted by member banks at night and substantially equal amount called for next morning, report that Mr. Szymczak had called Mr. Schaller for purpose of having him bring along Mr. Buss to Presidents' Conference, as operating officer familiar with details r.oidents' Conference, copies to be sent to Board giving advice of all actions taken at meeting 14°4tatet: 1/2 1 97 10/14 1059 10/25 1095 Stete Banking Department, condition report form may be used by Montana banks in lieu of regular Form F. R. Moore 3 1 /3 364 105e and Butler, Attorneys of Atlantic City, payment of propor12/ 8 1256 tionate share of fee by FRBank of Philadelphia 9 C. C.: (See National banks, Exchange National Bank of Colorado Springs, Colorado) -4.ta Re_ , - J.an Bankers Association: gulaton L, request for amendment allowing director of member bank to serve one Morris Plan bank, reference 11/ 4 1138 made to letter at meeting 11. lan banks: (See also Interlocking directorates) 'telldment to Regulation L extending effective date terminating 11/ 7 1159 existing relationships J 4on Act, reply to FP.Bank of Richmond on opinion of their 12/ 8 1257 counsel in classifying as banks under rris Plan Bank of Asheville, N. C., inquiry of President on notes discounted by partnership for executive ko% 9/26 1006 officer of member bank 'RE14. 'i'lershall S., present at Board's hearing on extension of effective date of interlocking directorates Under 10/13 1050 Banking Act of 1935 °Itfgag uree companies: 1°n Bond and Mortgage Company, Port Angeles, Washington, readily marketable assets, notes and accounts receivable ruled not to be under Section 5144 R.S., cash ruled to be, reply to inquiry of in letter to Mr. Sargent, FRBank of San Fran2/ 4 147 cisco 2/15 200 4ortert Ruling ordered published in FRBulletin funds, common trust, reply to Mr. Berger of Pennsylvania Bankers Association that Board will meet his 2/ 2 135 committee on March 9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 178 Pages lloser ) Byron: (See State member banks, Mutual Bank and Trust Cornpany, St. Louis, Mo.) th equipment, purchase and installation authorized elPal warrants, legal risks incurred by FRBanks in collecting warrants drawn on States and political subdivisions 6/1 610 12/ 9 1270 "N" Nat icnial Archives: 111011rd of Governors' records not needed in transaction of current Board business, list sent to requesting 766 7/19 it be disposed of , Nettio -al Association of State Bank Supervisors, meeting to be held at Hot Springs, Arkansas, Mr. Smead to attend in connection with working out uniform condition 11/ 7 1158 reports 114t1 otal banks: Anglo California National Bank of San Francisco, California: Deposits, amounts carried in Special Reserve, Contract Department constitute deposits against which re/22 3 337 serves must be carried Ransom re attendance at Financial condition, report of Mr. meeting to discuss action and that he concurred in plan submitted by Messrs. Tom Smith and /3 9 0 1025 Crowley for recapitalization H. Fleishhacker, effect on bank, Litigation against Mr. letter to Mr. Clerk, FRBank of San Francisco, 2/14 195 requesting more information 14141c of America National Trust and Savings Association, San Francisco, California, dividend payment, report of Mr. Ransom re meeting with officials of Treasury, Comptroller's Office and FDIC, voted he advise Treasury that Board cannot express views prior to presentation of facts but will be ready to proceed along lines of Sec. 30 of Bank941 9/13 ing Act, ?An. Eccles in accord with Peport of Ma.. Ransom of further discussions including ' status of Chairman Stewart of San Francisco, voted that Board be represented at further meetings and Mr. Cagle requested to digest informa948 9/16 tion received from FRBank of San Francisco Secretary of Treasury to furnish copy of last examination 952 9/16 report to Board in connection with Telegram from Mr. Giannini requesting hearing on issues raised, reply that Attorney Collins has requested action be deferred and advising that no proceeding calling for hearing before Board 9/2 1 982 has been instituted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 179 Pages banks: (Continued) Bank of America: (Continued) Copies of telegram and Board's telegram in reply sent to Secretary of Treasury Telegram from Mr. Giannini that Mr. Collins is not authorized to ask for deferment of action and appreciation of any constructive steps taken, reply that there is no action that Board can take at present Copies of telegram and Board's telegram in reply sent to Secretary of Treasury Banking Board of State of New York, regulation limiting rate of Interest payable on time and savings deposits not applicable to national banks in New York State Letter to Mr. White, Supt. of Banks for New York State transmitting copy of ruling Ruling withheld, Mr. White to be invited to personal conference if he so desires before ruling is definitely made Ia. Letter sent upon advice from Mr. White °°rnington National Bank, Bloomington, Ind., time certificates of deposit, payment of prior to maturity, no objection to under circumstances 13"1 of directors delegating authority to executive officers 'd to extend or renew loans to executive officers, ruling re sent Mr. Sargent, FRBank of San 9/22 986 9/22 986 9/22 987 7/12 740 7 12 / 741 / 7 12 7/20 742 770 2/19 221 4/7 392 Francisco Illoatmen's National Bank of St. Louis, Mb., list of men who have served FRDistricts as members of Federal Ad199 2/15 visory Council sent to 8ra1ches or agencies in foreign countries, limiting the liability as provided for in H.R. 10845, Kr. Goldsborough to be advised that Board feels the rights of depositors or creditors should not be affected 626 6/7 without reasonable notice Oh ase National Bank of the City of New York: Foreign branches: Balboa, Canal Zone, Isthmus of Panama, authority to es11/ 5 1151 tablish granted to establish independent branch instead Permission 11/19 1195 of branch subsidiary to Cristobal branch Specie Bank, policy involved in reference Loans to Yokohama 1/4 1 to State Department Icr citv - stionel Bank and Trust Company of Salem, N. X., loans to , executive officers, note of President acquired through bank's services as trustee, Sec. 22(g) 5/20 568 not applicable to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 180 Pages Natio ,!Ial banks: (Continued) 4tY ' National Bank of South Bend, Indiana, fiduciary powers, application approved upon consolidation with 6 0 /2 674 Citizens Trust and Savings Bank Co South Carolina, fidummercial National Bank of Spartanburg, 9/12 939 ciary powers, application approved Co ndition reports: Call as of December 31, 1937 10 1/ 5 Call as of March 7, 1938 3/10 294 Call as of June 30, 1938 7/ 6 727 c Cell as of September 28, 1938 10/ 7 1041 °nsolidated National Bank, Tucson, Ariz., FRBank stock held by, cancellation of by HZBank of Dallas, letter to McKinney that directors cannot authorize until member bank goes into voluntary liquida2/7 160 tion or receivership Naar National Bank, New York, N. Y., surrender of fiduciary /2 12 8 1378 powers, approved brehenge National Bank of Colorado Springs, Colo.: Nominees, holding of record title to stocks belonging to trusts administered by bank, reply to that use of nominee is probably in conflict with estab1/ 11 47 lished rule Trust funds, RLicterpretation of Regulation F as to trust inB :TIn silent with respect to kinds or class 901 9/1 of investments to be made :tiers National Bank of Hutchinson, Minn., fiduciary powers, 411 5/5 511 surrender of FEilizers KnoAville, Ill., fiduciary powers, sarNational Bank of 19 9/ 961 render of Fl ei„try powers: Banks having permission to exercise need not deposit securities with State authorities if they do not ac211 2/17 tually exercise such powers Sari ender release of securities of liquidating national bank deposited with New York State authorities in order to exercise trust powers, preferable for such bank to be able to obtain return of certificates without first obtaining certificate 777 /2 7 1 from Board Fond du Lac National Bank, Fond du Lac, Wisconsin, sur11/30 1230 render of fiduciary powers approved National Bank in Boulder, Colorado, fiduciary powers, ap 7/15 756 plication approved Bank of Bradenton, Florida, fiduciary powers, National 7/27 787 surrender of surof Charlotte, Mich., fiduciary powers, National 10/20 1081 render of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 181 Pages 114tion,,, uanks: ( Continued) xlrst National Bank of Churdan, Iowa: PRBank stock owned by, application of First State Bank of Churdan for membership in FRSystan approved 5/14 subject to having cleared up matter of 4/28 Waiver of penalty for deficiency in reserves "rat National Bank in Crestline, Ohio, inactive officers, reply to Mr. Beck that inactive president and vice president came within definition of executive 1/24 officer under Regulation 0 First National Bank, Cumberland, Md., applicability of Sec. 22(g) / 3 8 to president of bank as endorser of note First National Bank of Dickson, Tenn., fiduciary powers, appli4/19 cation to exercise limited powers approved First National Bank of Everett, Washington, inquiry on maunt member banks may borrow at IPBanks to value of 11/ 16 Government securities pledged as collateral First Nationel Bank, Fort Worth, Texas, sample account book 2/5 and note form of personal loan deposits First National Bank in Greenville, Greenville, Ill., fiduciary powers, application approved upon conversion 12 14 / from State Bank of Hoiles & Sons First National Bank in Hominy, Okla., fiduciary powers, sur8/10 render of First fiduciary powers, National Bank of McMinnville, Tenn., / 6 2 application approved First National Bank, Mobile, Alabama: Bestor, D. P., Jr., Honorary Chairman of Board of Directors, 8/12 ruled to be executive officer First National Bank, Moorhead, Minn., executive officers, inactive officers must be regarded as under Sec. 8/ 5 22(g) and Regulation 0 First National Bank of Morristown, N. J., savings accounts, deposits of Seeing Eye, Inc. may be classified as 11/ 4 First National Bank of Negaunee, Mich., application to exercise 2/15 additional fiduciary powers refused First National Bank, Plainfield, N. J., assumption of deposits by State Trust Campeny, proposed conference with agencies concerned, reply to FRBank of New York that Board will attempt to arrange upon removed 4/28 of difficulties First of Spring Valley, New York, fiduciary powers, National Bank 4/19 surrender of First of Warsaw, Indiana, application to exercise National Bank 2/21 fiduciary powers approved First National Bank and Trust Company, Elmira, N. Y., epplication for membership made on behalf of Proposed 12 8 /2 State institution organized to succeed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 536 486 108 289 433 1180 155 1284 832 612 846 828 8 114 197 483 436 225 1374 182 Pages uanks: (Continued) -"-rst National Bank and Trust Company of Rochester, N. Y., /2 12 0 surrender of fiduciary powers approved RaileY National Bank, Halley, Idaho, surrender of fiduciary 12/ 6 powers approved Hazi eton National Bank, Hazleton, Pa., unfair competition of Federal Savings and Loan Associations, letter from, reply to /RBank of Philadelphia that /2 4 0 plans are being made to minimize such abuses H4d8on County National Bank of Jersey City, New Jersey, conver11/ 8 sion into State bank being considered Merchants National Bank of Boston, Mass., pledged correspondent balances deposited in by Wellesley Trust Canpany should be reported in Schedule L of condi4/11 tion report Montganery Va., fiduciary powers, National Bank, Montgomery, W. 4/21 surrender of National fiduciary powers, application Bank of Burlington, Iowa, 6/ 1 approved National Nebr., absorption of exBank of Commerce of Lincoln, change charges, letter to Comptroller request8/ 3 ing more information Additional information furnished by office of the Comptrol12 13 / ler of the Currency 12 8 /2 , 1 1 41.11earing to be granted officer of bank fi , one Bank of Germantown and Trust Company, Philadelphia, Pa., trust department committees, approval of actions by directors, letter to Mr. Fill, FRBank of Philadelphia that minutes kept must be full enough to provide adequate record for 4/15 future reference National Bank of Kentucky, Louisville, Ky., examination reports of Louisville Trust Company for 1927-1930, Board has no objection to FRBank of St. Louis 10/28 making available to receiver of national bank Xatin -nal Bank of Toledo, Ohio, no objection to Commerce Guardian Bank taking over assets and assuming deposit 10/15 liabilities National City Bank of New York, N. Y.: Canal Zone, pernission to establish two branches, one at 11/14 Cristobal and one at Ancon or Balboa Drafts drawn on: Escalante, Wenceslao, draft on savings deposits, letter to Frank T. Neely re best procedure for collecting, and copy sent FRBank of New York with statement that Board will offer no objection to 10/17 collection in that manner Sec. Poreiqn branches, authority to establish derived from 25 and not Sec. 25(a) of FRAct, application considered confidential and copy not available, /2 3 4 reply to Mr. Raboy, New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1322 1246 441 1168 407 446 608 798 1282 1379 424 1111 1068 1176 1073 350 183 Pages Retion,„ banks: (Continued) National City Bank of New York, N.Y.: (Continued) Forel-6n branches of banks operating under FRAct, suggested 5/13 legislation amending International Banking Corporation, authorized to make addi12 7 /2 tional investment in stock of Natlone]. , Michigan, fiduciary powers Metals Bank of Hancock formerly surrendered, procedure for acting as 4/19 registrar for a company Pe oPles National Bank of Parkersburg, West Virginia, application 1/18 to exercise fiduciary powers approved h, New York, fiduciary Dowers, National Bank of Newburg surrender of, release of securities deposited with New York State authorities in order to exercise trust powers, preferable for such bank to be able to obtain return of certificates 7/21 without first obtaining certificate from Board ilehway National Bank, Rahway, N. J., permission to FDIC to ex, amine Rahway Trust Company in connection with 11/28 absorption by Rhode National Berk of Providence, R. I., amendIsland Hospital ment to Regulation L eliminating words Morris Plan bank, request for modification allowing certain individuals to continue serving Morris Plan Company of Rhode Island, reply that Board has requested FRBank of Boston to furnish more 10/ 3 information Srin A New York, fiduciary uY Hill National Bank of Hudson Falls, 2/ 8 powers, surrender of reply that Laurel Land Second National Bank of Masontown, Pa., and Investment Company, Uniontown, Pa. is not 8/ 3 holding company affiliate of ent Co. is not holding Puling that Laurel Land and Investm company affiliate of was justified, letter to FRBank of Cleveland requesting Board's letter 8/30 be transmitted to national bank Se of Los Angeles, Calif.: National Bank California State Retirement Life Payments Act, refusal Of member and FRBanks to handle warrants, request for ruling, reply inclosing copy of letter to California Bankers Association that Board can9/19 not rule upon hypothetical questions 0 of Cody, Wyoming, fiduciary powers, apshone National Bank 6/10 plication for supplementary powers approved State Texarkana, Arkansas, deposit of securities National Bank, d in trust department to secure funds deposite 11/22 in savings department directors, 1St department committees, approval of actions by that letter to Mr. Hill, FRBank of Philadelphia, adeto provide minutes kept must be full enough 4/15 quate record for future reference http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 532 1366 434 79 778 1216 1032 166 813 889 964 643 1205 424 184 Pages Am4 opal banks: (Continued) Victoria National Bank, Victoria, Texas, deposits of county and school funds, payment of interest on, provisions of law prevent despite competition of uninsured / 6 17 671 nonmember bank 48hington County National Bank of Abingdon, Va., application 12 /23 1352 for fiduciary powers approved Naan., Bureau of Economic Research: 'wleumers financing survey, Board feels that Mr. A. C. Sienkiewicz, FRBank of Philadelphia, cannot be 6/7 622 spared to assist in Letter to be prepared stating that Board has reconsidered and will interpose no objection to his taking /0 61 639 Part , Letter / 6 15 658 sent 14171g-ter1 investment study, memo requesting Board recommend to WPA officials that tabulation project be carried out and Board staff made available for consultation approved, letter to notifying of /23 6 687 action Investment standards, studies, Board's contribution of assigning member of staff of Division of Research and Statistics and paying travel expenses, author10/31 1122 ized Emergency Council: adcasting of information on activities of governmental nature of interest to the public, reauest for script descriptive of FRSystem, letter to 12/ 9 1271 FRBanks for comments on Itc lUstrial loans, table showing number and amounts of both advances and commitments by FRBanks classified 753 7/14 by States sent to ;1°11s1 Industrial Conference Board, Inc., New York, N. Y., no objection to FRBank of New York furnishing information requested as to personnel adminis305 3/12 tration securities exchanges: eseo Stock Exchange, extensions of time under provisions of ' Regulation T, summary of period from July 18 to August 18, reply to FRBank of Chicago that Board appreciates being furnished with informa890 8/30 tion jurisdiction over members, telegram to FRBank Cbmmittee having of Chicago that individual may be considered 373 4/ 2 as under Regulation T Ilatber firns exclusive of members of New York Stock Exchange need only file reports semi-annually, letter to 9/15 946 FRBanks by Business Conduct Committee in Extension of Time Connection with Cash Transactions under Revised Regulation T, sent FRBanks with permis7 1/4 sion to distribute to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 185 Pages liation,a1 0_ securities exchanges: (Continued) uell Francisco Stock Exchange, stock transactions, introduction of semi-weekly settlements, FRBank of San Francisco requested to advise Board if new method makes amendments to Regulation T desirable Sto cks registered on: List, letter to FRBanks advising that Board will publish and requesting estimates as to amounts needed Loan made for Purpose of such stock which has since became unregistered, ruling ordered published.in FRBulletin tieol4118t, D. ' J.: (See American Bankers Association) -qr, Frank T., letter to re best procedure for collecting draft drawn by Wenceslao Escalante on savings deposit in National City Bank of New York , Neu rif Oscar: (See State member banks, State Bank of Geneva, Ill.) m '• S., present at Board's hearing on extension of effective date of interlocking directorates under Banking Act of 1935 gd k State: ./ licierY powers, surrender of, release of securities of liquidating national bank deposited with State authorities in order to exercise fiduciary powers, preferable for such bank to be able to obtain return of certificates without first obtaining ‘1,,„ certificate from Board -misnlber banks: Bs4k Of Alameda County, Alvarado, Calif., absorption of, by Central Bank, Oakland, Calif., reply to inquiry of FDIC that Board's only suggestion is provision of adequate capital of Green Bay, Wisconsin, proposed merger with Peoples Trust and Savings Bank, no objection to ali fornia Trust Company, Los Angeles, Calif., membership in FRSystem, not ineligible due to fact that it does no commercial banking business Celltral Bank, Oakland, Calif., absorption of Bank of Alameda County, reply to inquiry of FDIC that only Suggestion is provision of adequate capital elticsRo City Bank and Trust Company, Chicago, Ill., legislation with reference to application of Social Security Act to banks, reply to Mr. Putnam Clearing accounts, effect of changes in upon reserve position of member banks, memo of Mr. Snead discussed and put on docket considered, question of nonmember clearing acMemorandum counts referred to Presidents' Conference for consideration policy of FRBanks re and effect of changes in upon reserve position of member banks, recommendations of Presidents' Conference, joint committee of Board and Presidents to study question and formulate report http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/30 891 2/15 198 1/20 92 10/17 1073 10/13 1050 /2 7 1 777 /23 2 227 12/30 1394 6/2 612 2/23 227 12/19 1301 2/8 164 2/25 245 3/i 261 186 Pages 11°1111en1ber banks: (Continued) First State Bank of Cooperstown, North Dakota, acquisition of stock by First Bank Stock Corporation, comoration need not submit information covering organizations acquired subsequent to issuance of 9/19 962 general voting permit First Tit Company of St. Paul, Minn., common trust funds, unit of participation 25,000 or more, investment of additional funds of trust not permitted although amount of funds previously invested is 7/ 19 766 less than $25,000 _, IowaTru6z and Savings Bank, Centerville, Iowa, held not to be holding company affiliate for purposes other /2 12 1 1336 than those of Section 23A of FRAct PeoPles Trust Company, Rock Hill, S. C., held not to be holding company affiliate for purposes other than those 12/21 1335 of Section 23A of FRAct Pri nceton Savings Bank, Princeton, N. T., purchase of assets by Princeton Bank and Trust Company, Board of7/2 7 786 fers no objection Illation U, distribution of all rulings that have appeared in FRBulletin, letter to FRBanks requesting that they make such distribution with offer to 1/ 6 16 furnish copies Sete amendment to Deposit and Trust Company of Baltimore, Md., Clayton Act allowing director of a pure trust company to serve one member bank, letter to Mr. Leach, FRBank of Richmond, that Board will not be sympathetic with legislation accomplishing *hat it has declined to do through amendment to 98 1/21 its regulation Se aboard Trust Company of Hoboken, N. T., trust receipts issued by, whose face value is backed by like amount of bonds but not guaranteed as to principal or interest, neither registered securities or exempted securities and have no loan value under 307 3/14 Regulation T Vest Jersey Trust Company, Camden, N. Y., proposed merger with ' Camden Safe Deposit and Trust Company, no objec371 4/ 2 tion C Conferences, invitation to have Mr. Wyatt arolina Bankers address on subject of Board regulations and 437 4/19 banking laws accepted 347 3/24 Kansas City and branches, method of handling /r *" ' fees, FRBank of "0" Otric ers Reserve Corps, Board employees to be granted leaves of absence at such time and for such period each year as is required to serve in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/17 542 187 Pages esby, IN. B.: (See National banks, State National Bank, Texarkana, Arkansas) --e, X. A. C., guest of Board members at luncheon, payment authorized '48, Xoseph T.: (See Reserve Board Club) 8/19 871 Parkin 10t, Board of Governors: : tendants house tu 4/27 and fence, payment to F. H. Martell Co., Inc. Landscaping of, memo of Mr. Spurney re, Secretary authorized 3 /23 to contract for purchase of plants and shrubs Pam.. Juient to Wilmoth Paving Company in full settlement for work 6 /23 done To w. temporary basis to assist in 'on) Harry E., reemployed on 1/ 4 work on L. H., Atlanta, Ga., invitation to Mr. Wingfield to address 2 18 / American Institute of Banking accepted Nem. Barber Shop) Xoseph: (See Washington Hotel 1344 4 bill: (See Legislation) : Wright, House of Representatives, list of holding company affiliates with number and aggregate resources of banks controlled arranged by States, sent in 1 /24 ?atoll answer to request ' NI, Thomas B.: (See American Bankers Association) Thmas W.: (See National banks, First National Bank, Everett, Washington) "ftts: 80ard of Governors: Attendants house and fence on parking lot, payment to F.H. 4/27 Martell Co., Inc. Bryan, Malcolm H., FRBank of Atlanta, payment to cover expenses in connection with trip to Washington 8/ 4 approved Goldenweiser, E. A., Division of Research and Statistics, Fiscal Agent authorized to make advance to be 6/21 used for expenses of official travel Hamlin, Charles S., salary after death, payment to Mrs. 4/27 Hamlin Xemison, W. W., salary after death, payment to Mrs. Xemison 7/ 1 authorized Division of Research and Statistics, Morse, Chandler, Fiscal Agent authorized to make advance to be 6/21 used for expenses of official travel to Vilmoth Paving Company in full setParking lot, payment 6/23 tlement for work done Consultant, payment to for special study White, Joseph L., made at request of Chairman Eccles on railroad equipment situation and operation of a Federal 3/28 equipment corporation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 480 344 691 5 218 108 480 820 679 474 722 679 691 355 188 Pages 1)(1301e+ 7 4-s: (Continued) FRBank of Atlanta: Brandon, Hynds, and Tindall, Payment of fee for services in connection with claim against Larkin Refrigerating Corp., approved Cox, Taylor and Epps of Johnson City, Tenn. and E. J. Smith of Nashville, bank authorized to make payment to, for services rendered in connection with certain litigation 1118ank of Dal s:Stroud, E. B., Jr., payment to Retirement System by FigBark, letter to Mr. McKinney that Board is deferring :Von until discussion with him in Washington yo FEellk of New Covington, Burling, Rublee, Acheson and Shorb, payment of fee in connection with British American Tobacco Co. v. FRBank of New York Payment approved Miller, S. A., payment of expenses in connection with attendance at Graduate School of Banking approved Sanford, H. L., payment of expenses in connection with attendance at Graduate School of Banking approved ank of Philadelphia: Moore and Butler, Attorneys, payment of proportionate share of fee TUition fees for three employees attending Graduate School of Banking approved Approved, noted that two will pay own expenses Pm. or service liability to Retirement System, final payment approved if concurred in by boards of directors of IRBanks . 'C E.: (See National Industrial Conference Board, Inc., New York, N. Y.) A PR13ank of Atlanta, changes in as Shown by monthly report, not necessary to transmit copy to Board, letter to lvania Bankers Association, letter to Mr. Berger, Chairman, that Board will be glad to discuss amendment to Regulation F in its offices on March 9, 1938 CoMmittee on Mortgage Investment Funds, common trust funds composed principally of real estate mortgages, amendment to Regulation F providing for, suggested as topic for discussion at Federal Advisory Council meeting e°rninon trust funds composed principally of real estate mortgages, recommended by Federal Advisory Council it be adopted in Principle but practice known as self-dealing avoided http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12 9 /2 1389 12 14 1285 / 1/24 104 2/5 157 12 /23 1363 4 8 / 397 4/8 397 12/ 8 1256 3 10 / 4/18 297 431 11/23 1208 6/6 618 2/ 2 134 8/30 892 9/20 967 189 Pages ,, Perms m -vania Bankers Association: (Continued) " Irust Company Section, Regulation F, amendments suggested by, letter to Mr. Zimmerman inviting committee of trust men to Washington for consideration of suggestions Persu, 4.111g, Nye, Bosworth and Dick, ruling re securities dealer as principal selling to Purchaser under agreement for payment after period of seven days under Regulation T sent to Perso— administration: tth4av+1,416- of New York, no objection to furnishing information to National Industrial Conference Board, letter to FRBank of New York 111440_, "ulPhi e Clearing House Association, interlocking directorates under Banking Act of 1935, extension of effective date, hearing to be accorded committee on October 13 Meeting of committee with Board, reasons expressed by committee for asking gradual elimination of relationships, matter to be brought to attention of absent Board members ReElscena expressed at hearing for asking gradual elimination of relationships, reference made to at meeting ra Dean C. A., University of Iowa: (See FRBank of Chicago, Staff) P14111r1 el N. X. banking situation, merger of Mid-City Trust Co. with State Trust Co. and assumption of deposits of First National Bank, proposed conference with agencies concerned, reply to FRBank of New York that Board will attempt to arrange upon removal of difficulties 1)1411ta and shrubs for landscaping of parking lot, contract approved "' 131 record: 0 ard of Governors: Morris Plan banks, service by directors of member banks, amendment to Regulation L discontinuing permission, entry approved Rates on discounts and advances under FRAct, changes in, entry covering action by Board with respect to approved Regulation A, revision of, entry covering action by Board with respect to approved Regulation F, amendment to, entry covering action by Board with respect to approved Regulation T, revision of, and amendment to old Regulation T, entries covering actions taken with respect to by Board approved Amendment to, entry approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/ 3 914 9/ 7 921 3/12 305 10/ 7 1044 10/13 1050 11/ 4 1138 /2 4 8 3/23 483 344 10/14 1065 1/11 47 1/11 47 2/ 5 157 1/ 6 4/20 442 190 Pages Au record: (Continued) Board of Governors: (Continued) Reserve requirements of member banks, reduction in, entry 8/15 coverinR action taken by Board approved Federal Open Market Committee: 2 /25 Entries covering action taken on December 1, 1937 approved 8/26 Drafts of entries sent to members of committee Entries covering actions taken at meetings on August 2 and September 21, 1938, drafts sent members of committee with reoftest for comments or suggestions 10/14 Entries covering action taken at meetings on March 1, 10/27 April 22, and April 29, 1938, approved 1)0,44 Entries approved 11 16 / "ea activities of staff of Board of Governors, regulations of Board governing, advice to Senator Sheppard /26 8 Aw,that no such regulations have ever been issued and directors: affiliations of officers G. P., FRBank of St. Louis, Class A, no objection to serving as Commissioner and Secretary of the Clear Creek Drainage and Levee District, Union 2/ 4 and Alexander Counties, Illinois Norman P., FRBank of New York, service as member of Board of Education at Pleasantville, N. Y. not 4 /26 prohibited Request from FRBank of New York that ruling be passed allowing board of directors of each FRBank to 5 0 /2 pass upon questions of service to school boards Letter to FRBanks that hereafter questions of service to school boards may be decided by board of direc/ 6 15 tors of each bank etaines, Perry B., Louisville Branch, no objection to serving as Master Commissioner of the Carroll Circuit 2/25 Court McCoy, Paul R., Little Rock Branch, no objection to serving as 2/17 member of Arkansas Game Commission Phei -en, Arthur, Assistant Vice President of FRBank of New York, no objection to service on advisory board on parks, playgrounds, and recreation in Teaneck, / 12 16 N. J. 8choo1 boards and boards of education, general rule to cover all cases, Board unwilling to make at this 4/26 time of New York that ruling be passed alRequest from FRBank lowing board of directors of each bank to pass upon questions of service to by employees and 5/20 officers 6/15 AN14,_ Ruling passed, letter to FRBanks U.S.C.A., no objection to payment by "un on sarety bond under 2/ 4 member bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 852 249 884 1065 1108 1185 884 143 471 565 659 248 210 1291 472 565 659 152 191 Pages ent of the United States: Reserve requirements of member banks, report of Mr. Eccles on discussions with in connection with reduction of reserve requirements Staff . Pl esi4 of Board: (See Civil Service Commission) 'uentst Conference: (See Conferences, Presidents) usa s tatements: bcamination policy, agreement of Comptroller, FDIC and Board re treatment of loans and investments and purchase of securities, review by Chairman of events leading up to Ravana Agency, discontinuance, FRBank of Atlanta requested to submit to Board before releasing Revised form approved, State Department to be advised that Board prefers release by FRBank of Atlanta and ordered released when procedure has been approved by FRBank and State Department Statement prepared and read by Mr. Morrill, no objection to release and substitution of closing date, telegram to FRBank of Atlanta approved with understanding State Department would first be notified before it was sent NIgalation L, amendment extending effective date terminating existing relationships ;Reserve member banks, reduction of . mainss requirements of national securities exchanges, letter to distributed to FPBenks requesting they not be released until specified dates SPecial cash account, paying for purchase by selling another security, ruling on SPokane Branch disestablishment, no statement to be issued by Board, but notice to be inserted in FRBulletin, request by Board for copy of statement to be issued by FRBank St ewart, A. 0., Chairman and FRAgent at San Francisco, resignation, statement approved and ordered released Weir in steps to be taken by FRSystam in event of outEurope, break, to ease shock to country, Mr. Goldenweiser to prepare statement Weekly FRBank statements, change to show increase or decrease in each item of assets and liabilities as compared with preceding week and with corresponding week a year ago Weal, .-LY 4 ' reporting member banks: Chanr7e to show increase or decrease in each item of assets and liabilities as compared with preceding week and with corresponding week a year ago, figures to be shown in millions of dollars as at present New loans and loans renewed, segregation of figures to show, report of Mr. Ransom that committee of Reserve Cities Bankers Association will ask member banks to segregate to determine if banks are exerting efforts to meet credit requirements http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/15 418 /2 6 8 699 8/3 807 8/23 874 9/9 932 11/ 7 4/15 1160 420 3 17 / 320 11/17 1188 9/21 976 9/30 1024 9/28 1014 9/12 939 9/12 939 19 9/ 957 192 Pages Pre-- statements: (Continued) Weekly reporting member banks: (Continued) New loans and loans renewed: (Continued) Discussed at meeting of Federal Advisory Council with Board and Presidents' Conference Restoration of old classification of loans based generally upon type of collateral cannot be considered, letter to Mr. Andrew, American Telephone and Telegraph Company Segregation of loans "On securities" and loans "Otherwise secured and unsecured", request of Lake Shore Trust and Savings Bank, Chicago, that it be restored, reply that Board would not be justified in asking member banks to continue reporting, similar replies to be made to all such inquiries Amendment to statement restoring, letter to TownsendSkinner and Company, New York, that Board would not be justified in asking member banks to continue reporting Letter stating that comments have been noted and suggestion that figures of total loans on securities be collected at six months intervals, would be given careful consideration /11%., 1 4441.4: 128e1,1, 1 --- of Chicago: Fieberg, Paul H., demand for reimbursement for undercharge on printing done for FRBank, based on report made by Haskins and Sells, Board can take no appropriate action under the circumstances -"Pert„, J sale to member banks by directors and their interests as authorized by Sec. 22(d) of FRAct, draft of regulation to be prepared by counsel ,c etions: 1I3erd of Governors, offer by United States Golden Gate International Exposition Committee to place on display, reply to, that they are not of a character,appropriate for general distribution Charts on bank credit, money rates and business activity, copies ordered printed for Board use and for sale l'133enk of Chicago, booklet on services rendered to member banks, changes in wording saggested l'RSYetem descriptive pamphlet, copy of draft sent Presidents of FRBanks with requests for comments on form and content, and best plan for publishing and die14 1 tributing oha se orders, easel for showing loose charts in Board Roam, purchase authorized ese of supplies for FRBanks, report of Committee on Standardization and Purchase of Supplies approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/2 0 971 9/ 3 915 / 9 23 994 9 23 / 992 10/ 3 1034 10/20 1082 12/20 1313 /1 1 2 102 8/ 5 830 8/17 862 10/14 1059 10/24 1085 12 /23 1363 193 Pages 15141114, Frank A.: (See Nonmember banks, Chicago City Bank and Trust Company) tiQff kat* -"era of Board of Governors: Architects fees, payment to Mr. Cret authorized Payment to Mr. Cret in connection with furniture and furnishings 8arber shop and beauty parlor, agreenent for operation, letter to Washington Hotel Barber Shop offering terms Letter to Mr. Ralph Vendemia stating terms Letter to Washington Hotel Barber Shop terminating Termination of operating agreement with Mr. Pasquel, check accepted in full settlement of rental fee Board roam: Eagle motif, bid of Mr. Ketterer covering gold leaf work on, Secretary authorized to contract with alding: 4 Bronze grill and cresting over entrance, bid of Imperial Bronze Company accepted Construction of, reply to Mr. Cret in answer to expressions re relations with Board extending congratulations Furniture and furnishings, payment to W. end J. Sloane covering balance due on contract Purniture and furnishings, additional ordered for Board members' section, payment to W. & J. Sloane Mimeograph equipment, authority granted to incur expense necessary for moving to room G-217 MUltilith eouipment, authority granted to incur expense necessary for purchase and installation and for moving mimeograph equipment Payment to George A. Fuller Company on account Purchase of glass desk tops and kitchen equipment authorized Purchase of metal folding chairs as of purchase order N. 5020 approved n Purchase of table pads for use in Board room authorized va reteria: Luncheons served to guests of Board in connection with conferences for selection of chairmen and directors of FRBanks and branches, Board to assume costs in future Meals served to guests of Board lumbers and staff, assumption of cost of two Which had not been previously authorized, voucher approved .rman's office, interior decoration, bill from Gustav Ket4 terer for materials and work approved and ordered paid "king lot: Attendants house and fence Payment to F. H. Martell Co., http://fraser.stlouisfed.org Inc. Federal Reserve Bank of St. Louis 2 /23 230 /3 3 1 365 /2 2 4 6 0 /3 6 0 /3 237 719 719 / 8 1 795 /23 3 345 3/17 322 4/12 413 3 9 /2 360 /2 3 9 361 6/1 610 6/1 2/23 610 230 2/18 218 /3 1 1 3/14 128 508 3/31 364 8/12 848 3/11 299 4 7 /2 480 194 Pages kartera of Board of Governors: (Continued) Parking lot: (Continued) Landscaping of, MAMD of Mr. Spurney re, Secretary authorized to contract for purchase of plants and shrubs Payment to Wilmoth Paving Company in full settlement for work done Recreation room, Reserve Board Club, plan of club for furnishing and expenditures of Board for movable screen and carpet approved -44onnaires: Pederal Advisory Council on how FRSystem can increase scope of services to member banks, report of committee of Advisory Council containing replies from banks submitted to Board Letter requesting to be advised of Council's conclusions after consideration 3/23 344 6 3 /2 691 3 8 / 288 5/17 549 8/3 811 3 /24 350 3 8 /2 355 4/22 3/14 1/13 1/28 2/11 2/25 3/11 3/24 4/8 4/15 4/28 5/13 5/27 6/10 6 4 /2 7/8 7/15 450 306 55 120 175 240 298 346 394 422 482 528 593 637 691 733 755 Niboy, S. New York, reply to that National City Bank of New York derives authority to establish foreign branches from Sec. 25 and not Sec. 25(a) of FRAct, application considered confidential and copy not available 11444 4 equipment situation and operation of a Federal railroad " equipment corporation, payment to 11r. Joseph L. White for special study of made at request Pectes. of Chairman Eccles --- of Atlanta: Individuals, partnerships and corporations, 2% rate approved Industrial advances, established at rate of from 5% to 6% Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 195 Pages Ilate -8: (Continued) 11 /Bank of Atlanta: (Continued) Schedule of discount and purchase: (Continued) 8/1 8/12 8/26 /g 9/23 10/ 7 10/14 10/28 11/14 11/25 12/ 9 12 /23 FRB enk cf Boston: Individuals, partnerships and corporations, reduction to 2% approved, letter to be prepared prepared and sent Letter Rate of 2W0 approved Schedule of discount and purchase 4-118rik of Chicago: Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 794 844 879 931 990 1041 1058 1110 1175 1212 1261 1346 4/5 4 8 / 4/28 1/5 1/2 1 2/4 2/18 3/3 3/18 4/1 4/15 4/28 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 11/14 11/25 1P/ 9 12/23 376 395 482 10 94 141 217 276 324 366 422 481 528 593 637 691 733 781 822 864 907 948 1022 1058 1110 1175 1212 1261 1346 1/6 1/13 1/2 8 13 55 120 196 Pages t 'llues: (Continued) PREank of Chicago: (Continued) Schedule of discount and mirchese: PRBank of Cleveland: Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (Continued) 2/4 2/18 2 25 / 3/11 3/18 3 /24 4/1 4 8 / 4/22 4/28 5/7 5/13 5 0 /2 5/27 6/3 6/17 6/24 7/1 7/ 8 7/15 7/22 8/1 8/5 8/12 8/19 8/26 9/9 9/16 9/23 9/30 10/ 7 10/14 10/20 10/28 11/ 4 11/14 11/19 12/ 2 12/ 9 12/16 12/23 141 217 240 298 324 346 366 394 450 482 515 528 561 593 613 667 691 721 733 755 781 794 822 844 864 879 931 948 990 1022 1041 1058 1080 1110 1140 1175 1194 1237 1261 1289 1346 1/7 1/21 2/4 2/18 3/3 3/18 4/1 24 94 141 217 276 324 366 197 Pages Rates: (Continued) PRBank of Cleveland: (Continued) Schedule of discount and purchase: (Continued) l 'RBank of Dallas: Individuals, partnerships and corporations, 2-k% rate approved Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/15 4/28 5/13 5/27 6/10 6 4 /2 7/8 7/22 8/5 8/19 9/2 9/16 9/30 10/14 10/28 11/14 11/25 12/ 9 12/23 422 482 528 593 637 691 733 781 822 864 907 948 1022 1058 1110 1175 1212 1261 1346 4/15 1/5 1/13 1 8 /2 2 11 / 2/25 3/11 3/24 4/8 4/15 4/28 5/13 5/27 6/10 6/24 7/1 7/15 8/1 8/12 8/26 9/9 9/23 10/ 7 10/14 10/28 11/14 11/19 422 10 55 120 175 240 298 346 394 422 482 528 593 637 691 721 755 794 844 879 931 990 1041 1058 1110 1175 1194 198 Pages lates: (Continued) PRBank of Dallas: (Continued) Schedule of discount and purchase: (Continued) 12/ 2 1237 12/ 9 1261 12/23 1346 PRBank of Kansas City: -( , Individuals, partnerships and corporations 2?,,;! rate approved Schedule of discount and Purchase / 111Bank of Minneapolis: Advances to individuals, partnerships and corporations established at 3% Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/15 1/6 1/2 1 2/4 2 18 / 3/3 31 /8 4/1 4/15 4/28 5 13 / 5 7 /2 6 10 / 6 /24 7 8 / 7/22 7/27 8/5 8/19 9 2 / 9/16 9/3 0 10/14 10/28 11/ 4 11/14 11/25 12/ 9 12/23 422 13 94 141 217 276 324 366 422 482 528 593 637 691 733 781 786 822 864 907 948 1022 1058 1110 1140 1175 1212 1261 1346 10/ 7 1042 55 1/13 1/28 120 2/11 175 2 /25 240 3/11 298 3/24 346 4/8 394 4/15 422 4/28 482 5/13 528 199 Pages tes: ( Continued) FRBenk of Minneapolis: (Continued) Schedule of discount and purchase: (Continued) 5/27 6/10 6/24 7/ 8 7/15 8/1 8/12 8/26 9/9 9/23 10/ 7 10/14 10/28 11/14 11/25 12/ 9 12 /23 rMBanlic of New York: Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 593 637 691 733 755 794 844 879 931 990 1042 1058 1110 1175 1212 1261 1346 1/7 1/14 1/21 1/28 2/4 2/11 2/18 3/2 3/4 3/11 3/18 3/28 4/1 4/8 4/15 4/22 4/30 5/7 5/13 5/20 5/27 6/3 6/10 6/17 6/24 '7/1 7/8 7/15 24 62 94 120 141 175 217 273 280 298 324 354 366 394 422 450 486 515 528 561 593 613 637 667 691 721 733 755 200 Pages REttes: (Continued) IRBank of New York: (Continued) Schedule of discount and purchase: (Continued) 7/22 8/1 8/5 8 19 / 8 6 /2 9 12 / 9 16 / 9/23 9 0 /3 10/ 7 10/14 10/24 10/28 11/ 4 11/14 11/19 12/ 2 12/ 9 12/16 12/23 12 0 /3 FRBank of Philadelphia: Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 781 794 822 864 879 938 948 990 1022 1041 1058 1084 1110 1140 1175 1194 1237 1261 1289 1346 1391 1/7 24 1/2 1 94 2/4 141 2/11 175 2/18 217 3/4 280 324 3/18 366 4/1 422 4/15 450 4/22 5/? 515 561 5/20 6/3 613 667 6/17 721 7/1 755 7/15 794 8/1 8/12 844 879 8/26 9/9 931 9/16 948 9/30 1022 10/ 7 1041 10/24 1084 201 Pages Pat . es- (Continued) PRBank of Philadelphia: (Continued) Schedule of discount and purchase: (Continued) 11/ 4 11/19 12/ 2 12/16 12/30 PRBank of Richmond: Schedule of discount and purchase '11111ank of St. Louis: Schedule of discount and Purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1140 1194 1237 1289 1391 1/ 5 1/13 1/28 2/11 2 /25 3/11 3/24 4 8 / 4/15 4/28 5/13 5/20 5 /27 61 /0 6 /24 7/8 7/15 8/1 8/12 8/26 9/9 9/23 10/ 7 10/14 10/28 11/14 11/25 12/ 9 /23 12 10 55 120 175 240 298 346 394 422 482 528 561 593 637 691 733 755 794 844 879 931 990 1041 1058 1110 1175 1212 1261 1746 1/5 1/14 1/28 2/11 2/25 3/11 3/24 4/8 4/15 4/28 5/13 5 7 /2 61 /0 10 62 120 175 240 298 346 394 422 482 528 593 637 202 Pages 1111tes: (Continued) PRBank of St. Louis: (Continued) Schedule of discount and purchase: (Continued) 6 /24 7/ 8 7/15 7/22 8/i 8/5 8/19 8/26 9/9 9/23 10/ 7 10/P0 11/ 4 11/14 11/25 12/ 9 12/23 Pl Eank of San Francisco: Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 691 733 755 781 794 822 864 879 931 990 1041 1080 1140 1175 1212 1261 1346 1/5 1/6 1/12 1/21 1/28 2/4 2 11 / 2/18 2/25 3/3 3/11 3/18 3/24 4/1 4/8 4/15 4/22 4/28 5/7 5/13 5/20 5/27 6/3 6/10 6/17 7/8 7/15 7/22 8/ 1 8/5 8/12 10 13 50 94 120 141 175 217 240 276 298 324 346 366 394 422 450 482 515 528 561 593 613 637 667 733 755 781 794 822 844 203 Pages Rates : (Continued) PRBank of San Francisco: (Continued) Schedule of discount and purchase: (Continued) 8/19 /2 8 6 9/ 2 9/9 9/16 9/23 9/30 10/ 7 10/14 10/20 10/28 11/ 4 11/14 11/19 1 25 1/ 12/ 2 12/ 9 12 16 / /23 12 /3 12 0 Individuals, partnerships and corporations, advice to FRBanks of rate proposed by FRBank of Boston, letter to be prepared prepared and sent Letter 11W '"-ennedy F.: (See Camnittees, Appropriations Committee, United States Senate) 14, . 114, 13 L.: (See Fitch Investors Service, New York, N. Y.) Ymarketable assets: esh, in sense of United States Currency and demand bank deposits, ruled to be, in connection with Sec. 5144, R.S., reply re inquiry of Union Bond & Mortgage Company, Port Angeles, Washington , Ruling re ordered published in FRBulletin Noted receivable and accounts receivable, ruled not to be, in connection with Section 5144, LB., reply re Inquiry from Union Bond and Mortgage Company, Port Angeles, Washington Ruling re ordered published in FRBulletin . cords 864 879 907 931 948 990 1022 1041 1058 1080 1110 1140 1175 1194 1212 1237 1261 1289 1346 1391 4/ 5 4/ 8 376 395 2/ 4 2/15 147 200 2/ 4 2/15 147 200 7/19 766 3/ 8 288 T kerd of Governors, list of those not needed in transacting current business sent to National Archives requesting they be disposed of "ation roam, Reserve Board Club, plan of club for furnishing and expenditures of Board for movable screens and carpet approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 204 Pages Rediscounts: Advances to individuals, partnerships and corporations on notes secured by Government obligations, belief of Presidents that FRBanks should announce readiness to make in the event of war in Europe with loans to member banks at the discount rate and at a rate higher than the discount rate to nonmember banks, corporations and individuals Finance company paper, eligibility for rediscount, ruling ordered "Published in FRBulletin Machinery, eligibility for discount of note given for purchase of, rulingrulingordered published in IPBulletin NIPer of one borrower acquired by FRBank, limitation on, ruling Pe810 Ordered published in FRBulletin aal banks for loans to mall businesses: (See Loans, Small businesses) , €34ations: 136-liking Board of State of New York, interest rates on time and savings deposits, regulation limiting not applicable to national banks in New York State Letter to Mr. White, Superintendent of Banks of State of New York transmitting copy of ruling Ruling. withheld, Mr. White to be invited to personal conference if he so desires before ruling is made , Letter containing ruling sent upon advice from Mr. White ' Dclard of Governors: Classification end simplification of, recommendation of Federal Advisory Council Directors of FRBranch banks, amendment re appointment of directors serving FRBanks Letter to FIRBanks advising of amendment Florida Barkers Association, invitation to Mr. Wyatt to speak on subject of, approved by Board Formulating and issuing of, request by Mr. Fuchs to examine files for purpose of studying procedure Letter to Mr. Fuchs that files cannot be made available but material will be furnished for ones in which particularly interested Examination of files for purpose of studying procedure, letter to Mr. Fuchs that request cannot be granted Index in pamphlet size to be prepared Leave regulations, proposed draft adopted North Carolina Bankers Conference, invitation to Mr. Wyatt to speak on subject of, approved and accepted Political activities of employees, advice to Senator Sheppard that no such regulations have ever been issued Revision of, memo of counsel on procedure for St. Louis American Institute of Banking Forum, Mr. Wyatt to address on subject of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/21 978 1/20 92 1/20 6/ 7 6 17 / 92 628 672 7/12 740 7/ 12 741 7/12 7 0 /2 742 770 11/29 1220 1/11 1 4 /2 34 105 3/18 332 4/19 438 5/ 3 504 763 7/19 12 0 1313 /2 2/12 183 4/19 437 8/26 12/20 884 1313 2/15 199 205 Pages Nulations: (Continued) Board of Governors: (Continued) Sale of property to member banks by directors and their interests as authorized by Sec. 22(d) of FRAct, /2 12 0 1313 draft to be prepared by counsel A: Finance company paper, eligibility for discount, ruling 92 1/20 ordered published in FRBulletin note given for Machinery, eligibility for discount of purchase of, ruling ordered published in 92 1/20 FRBUlletin 47 1/11 approved Revision of, entry for policy record D: Supplement reducing reserve requirements of member 418 4/15 banks printed in May issue Revised supplement, text of, to be 4/21 448 of FRBulletin F: Amendment to, covering the operation of Common Trust Mortgage Funds, letter to Mr. Berger, Pennsylvania Bankers Association, that Board will be glad to discuss at its offices on March 9, 2/ 2 134 1938 2/ 5 157 approved Entry for policy record Pennsylvania Bankers AssociaAmendments suggested by tion, letter to Mr. Zimmerman inviting committee of trust men to Washington for consideration 9/3 914 of suggestions and criticisms Mr. Wingfield to address American Common Trust Rinds, 2/18 218 Institute of Banking on subject of funds composed principally of real estate Common trust mortgages, amendment providing for, suggested as topic for discussion at Federal Advisory 8/3o 892 Council meeting Recommendation of Federal Advisory Council it be adopted in principle but practice known as 967 9/20 self-dealing avoided to Trust Division of American Bankers AssoLetter ciation re statement that it cannot recommend adoption of amendment, and requesting reasons for that decision, also that Board will ar10/18 1078 range conference if committee so desires Investment of trust funds, interpretation of regulation as to trust instruments silent with respect to kinds or class of investments to be 9/ 1 901 made Proposed amendment, telegram to Mr. Hamilton, FRBank of Kansas City, suggesting that his views and those of State authorities be transmitted not later 8/30 890 than September 20th http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 206 Pages Pegulations: (Continued) Board of Governors: (Continued) F: (Continued) Trust department committees, review of actions by directors of national bank, letter to Mr. Hill, FRBank of Philadelphia, that minutes must be fall enough to provide adequate record for future reference G: Rediscount of Notes Secured by Adjusted Service Certificates, Mr. Wyatt to confer with Veterans Bureau on repeal of L: Cooperative banks in Massachusetts, meaning of term as used in Sec. 3(a), reply to American Bankers Association that Board made exception in that section in order to place such institutions on equal basis with institutions in other States Director of pure trust company serving one member bank, Board has declined amending Regulation L to allow, hence cannot be sympathetic with proposed legislation of Safe Deposit and Trust Company of Baltimore to emend Clayton Act Effective date of interlocking directorates under Banking Act of 1935, amendment extending, not approved, FRBanks to be advised Mr. McKee to determine dates for hearings in the event they are requested Extension of, hearing to be accorded committee of Philadelphia Clearing House Association on October 3 Meeting of committee with Board, reasons expressed by committee for asking gradual elimination of relationship, matter to be brought to attention of absent Board members Position taken by Board, discussion of policy matter placed on docket for consideration at first full meeting of Board subsequent to Nov. 1 Amendment extending, reasons why Board had advised FRBanks that it saw no reason for extension, letter to Commercial Trust Company of New Jersey approved with understanding it would be used as basis for reply to other letters raising similar questions Amendment extending, reference made to letter to IRBanks Reasons expressed by Philadelphia Clearing House Committee at hearing for asking gradual elimination of relationships, reference made to at meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/15 424 12/20 1313 9/19 963 1/2 1 98 8/ 3 800 9/27 1009 10/ 7 1044 10/13 1050 10/14 1061 11/ 1 1127 11/ 4 1137 11/ 4 1138 207 Pages --:Q6lons: (Continued) board of Governors: (Continued) L: (Continued) Effective date: (Continued) Amendment extending until matter can be considered by Congress, staff requested to analyze proposal and submit memo at November 7 meeting, 11/ 4 setting forth reasons for and against it Amendment extending effective date terminating ex11/ 7 isting relationships Statement on recent amendment to be published in 11/17 FRBulletin Morris Plan banks, service by directors of member banks, amendment discontinuing permission, FRBanks to 8/31 be advised on recent amendment with respect to Statement / Morris Plan banks, to be published in FRBulletin 9 15 Director of Rhode Island Hospital National Bank of Providence serving Morris Plan Company of Rhode Island, amendment allowing continuation of service, reply to national bank that Board has requested FRBank of Boston to forward additional 10/ 3 information and letter to FRBank of Boston Service by director of member banks, amendment discontinuing permission, entry approved for policy 10/14 record Service by directors of member banks, extension of effective date of amendment until matter can be considered by Congress, staff requested to analyze proposal and submit memo at November 7 11/ 4 meeting, showing reasons for and against it Director of member bank serving one Morris Plan bank, amendment allowing, letter from Morris Plan Bankers Association, reference made to 11/ 4 letter at meeting Director of Rhode Island Hospital National Bank of Providence serving Morris Plan Company of Rhode Island, modification allowing continuation of service, reply to national bank, reference made to reasons presented by national bank at meet11/ 4 ing directors of member banks, amendment disService by continuing permission, letter to FRBanks, ref11/ 4 erence made to letter at meeting suggested by Senator Green to exempt Amendment Morris Plan companies and similar companies 12 1 /2 from provisions of 0: Inactive or honorary officers, Counsel to draft revision of definition of executive officers allow/ 8 12 ing exemption http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1140 1155 1192 896 946 1032 1065 1137 1138 1138 1138 1328 847 208 Pages Re 8111ations : (Continued) Board of Governors: (Continued) 0: (Continued) Inactive or honorary officers: (Continued) Drafts of amendments submitted, draft of letter to FRBanks to be prepared requesting expression of views and suggestions, Mr. Ransom opposed R/31 9/3 895 912 2/17 213 11/22 1202 3 /22 short position partner of memAdvances made in individual capacity by 7/15 ber firm, ruling re 8/15 Ordered published in FRBulletin 1/6 Amendment to old, entry for policy record approved 3/17 Amendment to revised regulation 4/20 approved Entry for policy record Answers by FRBank of San Francisco to request by California Security Dealers Association, Board is in accord with answers but bank should refrain from stating that answers are subject to approval and review of Board and just state 5/20 they are opinion of bank or officer signing acquiring membership in a national seCanadian broker curities exchange in United States and buying and selling for Canadian and American customers, ruling dependent upon particular facts and can7/15 not be generalized unon national securities exchange having juCommittee of a risdiction over members, telegram to FRBank of 4/2 Chicago that individual may be regarded as definition of, reply to inquiry of Yr. Creditors, 2/17 Bachrach transfer tax incident to reborrowing of seDebitinF of curities sold short under Regulation T, reply to Mr. Rounds, FRBank of New York, that creditor need not obtain additional margin in the amount 1/17 of the transfer to be published in FPBulletin sent Copy of ruling FRBanks with permission to distribute conies to 1/19 national securities exchanges by Chicago Stock Exchange, letter to Extensions of time 8P0 FPBank that Board appreciates summary 339 Letter sent Indebtedness of executive officers, immaterial whether obligation was acquired by bank through purchase or through exchange of assets, for purposes of Regulation 0 Summaries of replies received from FRBanks on desirability of amending T: Account in which adjusted debit balance exceeds maximum loan value of the securities, creditor may withdraw $5000 from his account upon deposit of 100 shares of stock to be delivered against the http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 757 852 15 318 442 567 757 373 212 74 89 890 209 Pages Reati (Continued) Board of Governors: (Continued) T: (Continued) Guarantee of general account by special partner of 10/27 1107 firm under revised Regulation T, reply Guaranteed accounts to inquiry of Mr. Sihler that creditor may file original guaranty with Secretary of an exchange and keep facsimile for own records, also that any partner of a member firm is included in 29 1/ 7 term creditor to be published in FRBulletin, copy sent Ruling FRBanks with permission to distribute to na80 1/18 tional securities exchanges Bachrach, that all partners of a firm Reply to Mr. having membership on a national securities exchange are creditors and guarantee executed by 2/ 2 135 any such partner may not be given effect under margin deposited in as affecting Guarantor's account, 7/15 758 guaranteed account Holbrook, Mitchell and Richardson, Inc., San Francisco, Calif., question of being subject to regulation as broker or dealer who transacts business through member, must turn upon relevant facts, mere failure to handle unregistered securities or failure to carry margin accounts is not suf/3 9 0 1028 ficient to prevent applicability Loans to Richard Whitney, report of Mr. Dreibelbis as to procedure for investigation of violations by 5/ 5 506 national banks and State member banks Purchase and sale of securities on given day, ruling that it may be treated as liquidation in lieu of deposit of margin and subsequent withdrawal 477 4/27 is permitted 481 4/27 Ruling ordered published in FRBulletin Restrictions upon transactions in under-margined accounts which existed prior to revision, letter 820 8/ 4 answering inquiry of Mr. A. Heckscher 15 1/ 6 Revised, entry for policy record approved interpretations under, list of those still Rulings and 159 2/ 7 applicable sent FRBanks held in account but not delivered Sale of securities 47 . 4/47 4 7 against sale, ruling that no margin is required ordered published in FRBulletin Ruling San Francisco Stock Exchange transactions, introduction of seni-weekly settlements, FRBsylk of San Francisco requested to advise Board if new method 8 0 /3 891 makes amendment desirable settlement by simultaneous borrowing of seShort sales, 7/ 15 756 clarity, ruling re 8/15 852 Ordered published in FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 210 Pages Ileallations: (Continued) Board of Governors: (Continued) T: (Continued) Special cash account: Amendment to, copies of proposed amendment sent FPBanks and Securities and Exchange Commission 11/ 4 with request for comments security, Paying for purchase by selling another 11/17 ruling to be published in FRBulletin Special miscellaneous account under revised Regulation T, letter to Mr. Rounds that member of national securities exchange may place cash in account if cash is obtained for member's protection because of a decline in market value of securi1/17 ties in customers general account Copy of ruling to be published in FRBulletin sent FRBanks with permission to distribute to na19 1/ tional securities exchanges Amendment to, copies of proposed amendment sent FRBanks and Securities and Exchange Commission 11/ 4 with request for comments of registered Subscription rights issued to holders stock, receiving and holding in restricted account containing registered stock for which /2 6 0 Issued, ruling re of a guarantee is filed with Time when duplicate original Secretary of Exchange, letter to FRBank of New York that it is considered filed when mailed and 3/17 Secretary notified by telegraph filed with Secretary of Exchange, Time when guarantee is copy of ruling sent FRBanks with notice not to / 3 17 release until specified date accounts, reply to M. Terry that reTransfers between fusal of creditor to make such transfer is not 4/30 in violation of Trust receipts whose face value is backed by like amount of bonds but not guaranteed as to principal or interest, neither registered securities nor ex3/14 empted securities and have no loan value cash or securities from general account, Withdrawal of such withdrawal being considered in connection 10/ 5 with later transactions the same day 10/27 published in FRBulletin Ordered 1141 1188 75 89 1141 675 321 320 491 307 1038 1109 U: Amendment to re lower margin requirements on amortized investment purchase loans, request of Mr. McKee that members consider with view to discussion at early date Discussion but no action taken http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/22 4 /23 453 465 211 Pages e. 15 ,-1on8: (Continued) 4 0ard of Governors: (Continued) U: (Continued) Amendment to: (Continued) Memo of Division of Security Loans, letter to Securities and Exchange Commission to be prepared requesting expression of views in regard to Letter sent Loans to Pichard Whitney, report of Mr. Dreibelbis as to procedure for investigating violations by national banks and State member banks Violation by State member banks and two national banks in New York City by loans to Richard Whitney and Company, FRBank of New York requested to investigate member banks with understanding that conference would be held with Comptroller re investigation of national banks Stock becoming unregistered after loan is made, ruling ordered published in FRBulletin Violations of, discovered by FDIC and Comptroller in examining banks, procedure to be adopted approved and Board's staff authorized to negotiate informally with FDIC and Comptroller Principles agreed upon for handling violations after discussion with FDIC and Comptroller C0 MPtroller of Currency: Purchase of investment securities, amortization of premiums on bonds under provisions of, copies of two letters from Mr. Paulger sent FRBanks Pegulation on investment securities, changes in and revision of regulation, draft prepared by staff approved as expressing views of Board, copies to be furnished Messrs. Upham, Nichols and Folger Revised draft as presented by Comptroller, letter to be prepared stating it is not agreeable to Board Statanent showing Board's position Draft of examination policy agreement between Comptroller, FDIC and Board containing, approved for publishing in FRBulletin convertible into stock at option of holder or Securities with stock purchase warrants attached, purchase of, interpretation of pertinent section sent State-Planters Bank and Trust Co., Richmond, Va. and copy sent FRBanks NiElt ! 7\ 43ns with dealers in securities: sctor of national bank who is president of finance company which invests in purchase money liens on motor vehicles, letter to Mr. Diggs requesting more information Miscellaneous: Fordyce, Wm. W., Section 32 not applicable to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/20 5/26 564 593 5/ 5 506 7/27 788 1/20 92 1/ 8 2 123 /26 2 250 3/24 352 5/24 584 6/10 / 6 14 641 650 6/28 699 9/ 8 925 5,/ 7 F19 9/ 7 923 212 Pages Ileletions with dealers in securities: (Continued) Miscellaneous: (Continued) Wray, George D., Section 32 applicable to, additional in6/7 630 formation requested for more definite ruling 7/6 731 Sec. 32 applicable to Peartbenlzation of banks: Anglo California National Bank of Sen Francisco, California, recapitalization plan submitted by Messrs. Tom Smith and Crowley, report of Mr. Ransom that he had attended meeting and concurred in above plan 9/30 1025 Union Bank of Commerce Company, Cleveland, Ohio, membership condition re reorganization plan, order of Court 336 3/22 of Common Pleas taken as compliance with 1 1115 4-4 - ng - , systems: Securities and Exchange Commission, extension of, memo of !qr. Parry recommending Board coordination with Trad10/31 1121 ing and Exchange Division, approved IlePorts: Assets and liabilities of member banks every two months, question of authorizing Division of Bank Operations to discuss with FDIC and Comptroller the need for form referred to Mr. Draper -A-s requiring attention, letter to FRBanks requesting list with corrective action planned in each case, and subsequent reports on progress, action deferred by Board for present Credit, with respect to sponsors of building projects involving mortgages to be insured by Federal Housing Administration, charges to be made by FRBanks for ternings and dividends of State member banks, Form 107, proposed changes approved hamination of banks, uniform policy for treatment of depreciation in securities and classification of assets other than securities, report of Mr. Paulger at meeting of Advisory Council with Board of position taken in discussions with FDIC, Comptroller and Treasury hemination reports, should be signed by examiner rather than by assistant examiner, letter to FRBanks Pederal Advisory Council committee report on functions of Council and how they might be improved, also what types of topics should be discussed with Board , Discussion but no action taken 4. 'ederal Advisory Committee report on how FRSystem can increase scope of services to member banks, submitting replies of member banks to questionnaire, copies to be sent presidents of FRBanks Request that Board be advised of Council's conclusions after consideration http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/14 653 4/15 427 /2 12 1 1329 12/ 9 1270 5/17 555 4/26 472 5/17 8/3 544 811 / 5 17 544 8/3 811 213 Pages 11613131te: (Continued) Federal Advisory Committee report: (Continued) 12 8 1382 /2 Recommendations, suggestions and criticisms requested Federal Advisory Council report as basis for discussion with 5/17 551 Board of the question of examinations of banks Permission granted Board to transmit copy of resolution to 5 /24 582 Treasury Rolding company affiliates, forms for use in obtaining annual /23 1356 12 reports National securities exchanges' member firms exclusive of members of New York Stock Exchange need only file 9/15 946 reports semi-annually, letter to FRBanks Trust companies, reports on holdings, purchases and sales of securities for accounts administered, letter to American Bankers Association suggesting that larger trust companies be required to make not 2/11 179 approved 14 rve Board Club: Recreation room, plan of club for furnishing and expenditure of 3/ 8 288 Board for movable screen and carpet approved IleServe cities: tesignations, Changes in, memo of Mr. Smead containing formula for designation discussed, together with suggestion of confining to cities in which FRBanks or branches are located, placed on docket for further consideration MEMO considered, formula for designation and question of confining designation to cities in which FRBanks or branches are located referred to Presidents' Conference Suggestion or Presidents' Conference that Board study each city, no objection to any change thought necessary Letter to FRBanks requesting they write member banks in Reserve cities having no office of a FRBank asking if there is objection to terminating designation of that city Memo summarizing replies from member banks in Reserve cities having no office of a FRBank, matter postponed pending report of Division of Research and Statistics Member banks located in outlying sections of, review of those authorized to carry reduced reserves, authorizations continued SP°Icene, termination of designation will be given consideration subsequent to disestablishment of Spokane Branch http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/ 8 163 /25 2 246 3/ 1 263 4/ 1 367 7/12 745 4/ 5 383 8/30 893 214 Pages Ileserve Cities Bankers Association: Committee on Public Relations, credit requirenents, question of banks exerting efforts to meet, report of Mr. Ransom that committee will ask reporting banks to segregate figures on loans in weekly reports 9/19 958 to show new loans made and loans renewed Discussed at meeting of Federal Advisory Council with Board 9/20 971 and Presidents' Conference 48erve position, memoranda of Messrs. Smead and Longstreet, draft of review of the month for FRBulletin, no objection by Board to present form, Messrs. Goldenweiser and Thurston to make slight re/25 2 245 visions Ileserves: Banks outside FRBank and branch cities, recommendation of Presidents' Conference that law be amended allowing to count as part of their legal reserve cash in vault in amount not to exceed one half of re3/ 1 265 quired reserve l'emen Bank & Trust Company, St. Louis, Mo., permission to carry 4/ 5 384 reduced reserves Cass Bank and Trust Company, St. Louis, Mo., permission to 4/ 5 384 carry reduced reserves Deficiencies, penalty for, waiver, member banks in Boston district whose deficiencies resulted from interruption to mail and wire service due to storm /2 9 9 1013 and flood conditions Loess in central reserve city banks, memo of Mr. Smead that FRBanks weekly condition report be amplified to show, laid on table with understanding he 2 1/ 4 will continue study PRBank of Boston against anticipated losses on industrial advances, approval of Board to set aside such reserve in effect constitutes an approval to 3/10 294 charge off loss, copy of letter sent FRBanks ?I/Bank of Dallas, improvement to Houston Branch quarters, no objection to creating depreciation reserve 10/17 1071 thereon industrial advances, no objection to alloPRBank of St. Louis, 12/29 1383 cation to advance on which loss is expected Pirst Churdan, Iowa, waiver of penalty for 428deNational Bank of / in 486 ficiency contracts with installment dealers by AngloPlInds derived from 3/22 337 California National Bank, classification of Bank, Chicago, Ill., permitted to carry "Par-American State 4/ 5 383 reduced reserves MeMber banks: Analysis of reserve position of individual member banks, memo of Mr. Smead discussed and placed on 162 2/ 8 docket for further consideration http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 215 Pages Peg ervee: (Continued) Member banks: (Continued) Analysis: (Continued) Review of the month for RBulletin containing information 2 25 / 245 re, draft of approved by Board schedules Effects on, due to changes in interdistrict time for cash items to reduce the periods prescribed by the schedule before the proceeds of collection items are made available, discussed and placed 2/ 8 163 on docket for consideration Effects on by changes in deposits of foreign central banks and nonmember clearing banks with FRBanks, memo of Mr. Snead discussed and placed on docket for 2/ 8 164 further consideration Memorandum considered, question of nonmember clearing accounts referred to Presidents' Conference for 245 /5 22 consideration Effects on by changes in deposits of nonmember clearing banks with FRBanks,, recommendations of Presidents' Conference re policy, joint committee of Board and Presidents to study question and 3/ 1 262 formulate report banks, memo of Mr. Survey of reserve position of member Longstreet discussed and placed on docket for 2/ 8 162 further consideration FRBulletin, draft containing Peview of the month for /25 2 245 information re approved personal loan deposits, reply to Mr. Evans, FRBank of Dallas, that they may be classified as time deposits, 155 2/ 5 open account, for purposes of authorized to carry, authorizations Ileduced, review of banks 383 4/ 5 continued member banks submitted by Mr. GoldenRePort on requirements of weiser, laid on table until called for consid12/ 6 1243 eration by member of Board Requirements, member banks, memo of Mr. Goldenweiser discussed 163 2/ 8 and placed on docket for farther consideration of, Mr. Goldenweiser to prepare statement Factual history for Board consideration with view to publica421 4/15 tion in FRBulletin authorizing certain banks to count part of cash Legislation in vaults as reserves, recommendation of Presidents' Conference, action deferred pending 4/23 459 study by Division of Research and Statistics 4/30 487 Mr. Harrison that it is under consideration Letter to law or regulations relating to, Division of Provisions of Research and Statistics to study and submit to Board not later than Nov. 1, 1938 any recam4/15 421 mendations as to changes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 216 Pages 11"erves: (Continued) requirements, member banks: (Continued) conferences Reduction in, report of Chairman Eccles as to Secretary of Treasury, rewith President and 4/15 serves on all classes of deposits reduced 8/15 approved Entry for policy record to Study discussed by Mr. Goldenweiser and written report 11/ 7 be presented later by Board submitted by 'Mr. Report Previously requested 11/23 Goldenweiser 12/ 6 Report laid on table Tower Grove Bank and Trust Company, St. Louis, Mo., permitted 4/5 to carry reduced reserves olUtions: Noard of Governors: 6 15 / Assessment on FRBanks for Board expenses expenses of Board for first Assessment on FRBanks to cover 12 19 / half of 1939 Company, New York, N. Y., Central Hanover Bank and Trust nal granted authority to establish additio 3 4 /2 England branch at London, York City, N. Y.: Chase National Bank of New permission Balboa, Canal Zone, Isthmus of Panama, 11/ 5 establish branch granted to establish independent branch in Authorized to Balboa, Canal Zone, rather than branch subsid11/ 19 iary to Cristobal Branch discontinuance, FRBank of Atlanta authorHavana agency, ized to discontinue operations, copy sent 8/3 State Department FRBank of Atlanta requested to submit Press statements, 8/ 7 to Board before releasing New York, N. Y., branches at Cristobal National City Bank of 11/14 and one at Ancon or Balboa, approved 3/17 amendment to Regulation T, divisions at FRBanks, memo of Mr. DreibelSurveys of legal bis, Messrs. Morrill and Dreibelbis to prepare resolution embodying and draft letter.to 5/20 FRBenks 6/9 and circular letter sent Resolution l 'ederal Advisory Council: as Examinations of banks, statement of Council's views used 5/17 basis for discussion of question with Board Permission granted Board to transmit copy of resolution 5/24 to Treasury l'il3ank of St. Louis: First Vice President, duties of, substitute resolution re1 1/2 placing former resolution, letter to Mr. Nardin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 418 852 1157 1210 1243 384 661 1705 348 1151 1196 806 807 1177 318 563 633 F51 582 95 217 Pages Reti renent System: Extensions of service: Cochran, William A., EBank of New York, no objection to 7/ 1 retention in service until October 1, 1938 objection to reFoster, Jeanne B., FRBank of New York, no 7/ 1 tention in service until October 1, 1938 to retention in King, H. A., El Paso Branch, no objection 6/ 2 service until October 1939 for not over Matteson, W. B., employment to be continued 12 /23 six months, written statement to be obtained objection to retenRevels, Anna, FRBank of New York, no 7/ 1 tion in service until October 1, 1938 of Office of Federal Reserve Issue and Redemption Division Comptroller of the Currency, request of Mr. 12 0 /2 Upham for reinstatement, opposed by Board Goldenweiser, E. A., Division of Research and Statistics, credit in Retirement System due and refundable to be used as security for advance by Fiscal 6 1 /2 Agent to meet expenses of official travel Life Assurance aroup life insurance plan, reply to Equitable Society of the United States that FRSystem 4/11 has own retirement plan and Statistics, credit Morse, Chandler, Division of Research in Retirement System due and refundable to be used as security for advance by Fiscal Agent to /2 6 1 meet expenses of official travel hYsical examinations: Marshall, Mary B., Charwoman, made member despite inability 11 1/ to pass examination Pri payment approved if concurred in 4-or service liability, final 11/23 by boards of directors of FRBanks scheduled to be paid in 1939 approved /23 12 Payment of amount Governors authorized /3 12 0 , Payment by Board of ilatirements: Bateman, Fred, FRBank of Chicago, contribution to supple7/ 1 ment retirement allowance approved FRBank of Chicago, payment to, of dismisBrown, Fannie O., 5/26 sal allowance approved Walter B., FRBank of New York, application to reMatteson, tain in service until December 1938, letter to FRBank of New York noting that it has been filed 4/28 with Retirement Committee J. G., Vice President and General Counsel, Board McConkey, will not approve salary or any arrangement that 1/11 will defeat purposes of Retirement System Temporary arrangement to allow services approved with understanding it is unlikely to continue beyond 1/2 1 end of current year System Stroud, E. B., Ir., FRBank of Dallas, contribution to for, letter to Mr. McKinney that Board is deferring action until discussion with him in /2 1 4 Washington http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 722 722 611 1347 722 1315 679 408 679 43 1208 1361 1396 722 591 483 40 100 104 218 Pages liepi sed statutes: 3477, recommendation of Federal Advisory Council that Board request amendment permitting assignment of claims 11/29 on United States Richard) Whitney and Company: (See Whitney, veX Daniel C., department store statistics, FRBanks to continue to collect until July 1, 1939, at which time it 11/ 8 is hoped Department of Commerce will take over (See also Department of Commerce) ings: Board of Governors: -orAcceptance of Trusts by National Bank, approval of, /2 5 0 dered published in FPBulletin Advance by bank to finance purchase of stock called for re8/16 tirement 9 15 / Ordered published in FRBulletin Advances made in individual capacity by partner of member 7/ 15 firm under Regulation T 8 15 / Ordered published in FRBulletin Bonds, maximum loan value under Regulation U, ordered pub11/ 5 lished in FRBulletin business through medium of Broker or dealer who transacts /3 9 0 member 10/27 FRBulletin Ordered published in California State Retirement Life Payments Act, refusal of member banks and IRBanks to handle warrants, Act is not yet law and Board cannot issue rulings on hypothetical questions, reply to California Bankers Association, copy sent Security9/19 First National Bank of Los Angeles, Calif. acquiring membership in a national securiCanadian broker ties exchange in United States and buying and selling for Canadian and American customers, ruling dependent upon facts and cannot be 7/15 generalized upon fund: Common trust 7/19 Limitation upon Investment of funds of a trust in 8/15 Ordered published in FRBulletin 8/11 Segregation of assets Debiting of transfer tax incident to reborrowing of securities sold short under Regulation T, reply to Mr. Rounds, FRBank of New York, that creditor need not obtain additional margin in the amount 1/ 17 of the transfer ruling to be published in FRBulletin sent Copy of FRBanks with permission to distribute copies to 1/19 national securities exchanges savDeposit of trust funds by a national bank in its own ings department, ruling to be published in 12 14 / FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1222 1171 571 856 948 757 852 1153 1028 1108 963 757 767 852 841 74 89 1288 219 Pages r igs: (Continued) Board of Governors: (Continued) Directors' Review of Actions of Trust Depal nent Committees of National Bank; Nature of Trust Investment Committee minutes, ordered published in 5 0 /2 571 FRBulletin Executive officers: Authority delegated to by board of directors of national bank to extend or renew loans made to executive officers, letter to Mr. Sargent, FRBank of San 4/ 7 392 Francisco Honorary Chairnan of Board of Directors of National Bank ruled to be within meaning of Sec. 22(g) and 8/12 846 Regulation 0 Inactive officers must be regarded as under Sec. 22(g) 828 8/ 5 of FRAct end Regulation 0 Loan to third party by member bank secured by collateral note for sum in excess of .12500 upon which executive officer is liable as maker or endorser, question of prohibition under Regulation 0 dependent upon matter of good faith and 7 0 /2 772 intention of parties Extensions of Time by Business Conduct Committees in Connection with Cash Transactions under Revised Regulation T, copy of, sent FRBanks with permission to distribute copies to national securities exchanges and advise that it will 1/ 4 7 appear in FRBulletin Fiduciary powers, banks having permission to exercise need not deposit securities with State authorities if they do not actually exercise such 211 / 2 17 powers Finance company paper, eligibility for rediscount under Regulation A, ordered published in FRBulletin 92 1/20 Government securities, broker obtaining extension of time from committee of national securities exchange 9/26 1005 In connection with sale 10/27 1107 . Guarantee of general account by special partner of firm 11/ 5 1154 Ordered published in TEBulletin Guaranteed accounts under revised Regulation T, creditor may file original guaranty with Secretary of an exchange and keep facsimile for own records, partner of a member firm is included in term 1/ 7 29 creditor in FRBulletin, copy sent FRBanks with To be published permission to distribute copies to national se18 1/ curities exchanges 80 margin deposited in as affecting Guarantor's account, 758 15 guaranteed account 7/ http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 220 Pages Ruh4: 8 (Continued) Board of Governors: (Continued) Inactive Officers of a Member Bank Subject to the Provisions of Section 22(g) of FRAct and Regulation 0, ruling ordered published in IINTIulletin Indebtedness of executive officers, obligations acquired by bank in exchange of assets are same under Regulation 0 as obligations acquired by purchase Interest rates on time and savings deposits, regulation of Banking Board of State of New York limiting not applicable to national banks in New York State Letter to Mr. White, Superintendent of Banks of New York State transmitting copy of ruling Ruling withheld, Mr. White to be invited to personal conference if he so desires before ruling is made Letter containing ruling sent upon advice from Mr. White Letters to FRBanks containing rulings, provisions of law of regulation referred to, to be incorporated in body of letter or attached thereto, letter to FRBanks Limitation on amount of paper of one borrower acquired by a FRBank, letter to FPBank of San Francisco Ordered published in FRBulletin Loans: Excess of maximum loan value of collateral is prohibited by Regulation U and cannot be made lawful by subsequent change in loan value of collateral or by pledge of additional collateral Executive officers: Member banks by Federal Land Bank or Land Bank Commissioner, must be reported to board of directors of bank under Sec. 22(g) Ordered published in FRBulletin Personal secretary, guaranteed by officer, Sec. 22(g) applicable Ordered published in FRBulletin Renewal or extension of, ordered published in FRBulletin Substitution of executive officer's note for that of wife Ordered published in FRBulletin Member of national securities exchange to another member to enable borrower to make capital contribution to his firm Member of national securities exchange for purchase of registered stocks from individual not a member of national securities exchange http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0 1/2 92 2/17 213 7/12 740 7/12 741 7/ 12 742 7 0 /2 770 3 4 /2 351 6/ 7 6/17 628 672 0 7/2 774 5/27 6/17 597 672 5/21 6/17 574 672 5/20 571 5/21 / 6 17 574 672 8/15 851 8/16 856 221 Pages 111ngs: (Continued) Board of Governors: (Continued) Machinery, eligibility for discount of note given for purchase of, ordered published in FRBulletin Pledged Bank Deposits as Balances Due from Other Banks in Computing Reserves, to be published in nBulletin in addition to revised supplement to Regulation D Purchase and sale of securities on given day, may be treated as liquidation in lieu of deposit of margin and subsequent withdrawal is permitted Ordered published in FRBulletin Readily marketable assets, status of cash, notes receivable and accounts receivable in connection with Sec. 5144, R.S., reply to Union Bond and Mortgage Company, Port Angeles, Washington Ruling ordered published in FRBulletin Regulation L, amendment discontinuing permission for service by director of member bank to Morris Plan bank Regulation T, list of those still applicable sent FRBanks Regulation U, distribution to nonmember banks, letter to FRBanks requesting that they make such distribution with offer to furnish copies Release dates, letter to FRBanks requesting they follow specified date on copy in distribution to national securities exchanges Requests for, should be made in separate letters and should not be in open sections of examination reports Salaries of officers and employees of FRBanks dying while in service, payment only to and including date of death allowed hereafter Sale of securities held in account but not delivered against sale, no margin required under Regulation T Ordered published in FRBulletin School boards, service to by officers and employees of FRBanks, questions may hereafter be decided by board of directors of FRBanks, letter to FRBanks Securities dealer as principal selling to purchaser under agreement for Payment after period of seven days, ruling sent Pershing, Nye, Bosworth and Dick Short sales, settlement by simultaneous borrowing of security under Regulation T published in FRBulletin Ordered Special cash account, paying for purchase by selling another security http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/2 0 92 4/21 448 4/27 4/27 477 481 2/ 4 2/15 147 200 8/31 2/ 7 159 1/ 6 16 3/17 320 898 11/30 1231 8/ 3 815 4/27 4/27 479 481 6/15 659 9/ 7 921 15 7/ 8/15 756 852 11 17 / 1188 222 Pages 11 ngs: (Continued) Board of Governors: (Continued) Special Miscellaneous account under Revised Regulation T, letter to Mr.. Rounds, MBank of New York, that member of national securities exchange may place cash in account if cash is obtained for member's protection because of a decline in market value of securities in customers general 75 1/17 account Copy of ruling to be published in FRBulletin sent FRBanks with permission to distribute copies to national securities exchanges 1/19 89 Stock becoming unregistered after loan is made, ruling ordered published in FRBulletin 1/20 92 Subscription rights issued to holders of registered stock, receiving and holding in restricted account containing registered stock for which issued 6/20 675 Time When Guarantee is Filed with Secretary of Exchange, copy sent l'RBanks for distribution to national securities exchanges, with notice not to re3/17 320 lease until specified date Trusts, approval of acceptance by national bank, explanatory statement of ruling sent Mr. Griswold, 8/3 802 American Bankers Association 8/15 852 Ordered published in FEBulletin. Withdrawal of cash or securities from general account, such withdrawal being considered in connection with 10/ 5 1038 later transactions the same day 10/27 1109 Ordered published in FRBulletin 1:1 4tess, 1 O. B.: (See National banks, First National Bank, Moorhead, Minn.) “SfT SlItekaeping: Collateral as security for deposits of bankrupt funds under amended Bankruptcy Act: Charges, question of establishing at FRBank of Dallas referred to Mr. Szymczak for recommendation Letter to FRBank of Dallas that question has been referred to Presidents' Conference Committee on Free Services for opinion Telegram to Committee on Free Services requesting question be considered and opinion rendered Acceptance by FRBanks, letter to FRBank of St. Louis that bank should accept and stating that question of establishing charges has been referred to Presidents' Conference Committee on Free Services Telegram to Committee on Free Services requesting question be considered and opinion rendered http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/31 898 9/2 908 9/ 2 909 9 2 / 909 9/ 2 909 223 Pages Satekeepins: (Continued) Collateral as security for deposits of bankrupt funds under amended Bankruptcy Act: (Continued) Charges, opinion of Counsel transmitted to Presidents' Conference Committee on Free Services in answer 9/29 1019 to request recommendation that service be Presidents' Conference rendered member banks without charge, and charge to nonmember banks be one-fortieth of 10/25 1091 one per cent Circular of Board on securities pledged as collateral to 12/ 7 1250 deposits of bankrupt estates . Louis American Institute of Banking Forum, invitation to have Mr. Wyatt address meeting on subject of Board's 2 15 / Regulations accepted 199 Sal "lee, FRBanks: °fricers for 1939, action on proposed Changes deferred, to be discussed with presidents of each FRBank and changes in future to be made as conditions justify, Messrs. Szynczak and Smead to study plan of classification of salaries of offi12 1 1326 /2 cers 4401 boards, officers and employees of FRBanks service to, request from FRBank of New York that ruling be passed allowing board of directors of each 5 0 /2 565 FRBank to pass upon such questions 6 15 / 659 ci,..R11 ing passed, letter to FRBanks ellenbach, Lewis B., protest against closing of Spokane Branch, " reply that his telegrams had been sent to FRBank of San Francisco, that arrangements could not now be canceled, but that FRBank would hold hearings as to whether it should 9/30 1020 reopen NZature cards, submission by M. P. Marcus to various banks throughout country, letter to referring him to American Bankers Association 676 6/20 °ereterY of State: , Ilavana Agency, discontinuance, letter from Under Secretary Welles requesting it be postponed in view of 8/ 3 804 present Cuban conditions authorizing discontinuance by FRBank of Atlanta, Resolution 8/ 3 806 copy sent to , Sec A -l'eltary of the Treasury: mdjusted service bonds, expense to FRBanks in redemption of, letter to stating opinion that FRBanks should not be asked to absorb, action withheld on letter with understanding Mr. Ransom and Mr. 1/ 4 3 Snead would confer with Mr. Taylor Letter sent requesting discussion with Mr. Fleming, Chairman of Reimbursable Expenses Committee, and Mr. 48 &mead before final decision is reached 11 1/ http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 224 Pages Sec.et of the Treasury: (Continued) Adjusted service bonds: (Continued) Letter expressing agreement with plan for reimbursement by Treasury, with privilege of requesting de3/ 4 ficiency appropriation should expenses continue that copy of his letter is Reply to letter of Mr. Taylor /2 3 9 being sent FRBanks not submit monthly claims Letter to, that FRBanks will for reimbursement but if expenses amount to substantial sum the matter will be taken up 7 15 / again Bank of America National Savings and Trust Association, San Francisco, Calif., dividend payment, copy of telegram from Mr. Giannini and Board's re9 /22 plies of September 21 and 22 sent to Depreciation in securities and classification of assets other than securities, uniform policy for treatment In examinations, report of Mr. McKee as to meeting of chief examiners of Board, FDIC and Comptroller with Treasury, no agreement and another / 5 5 meeting called btaninations of banks, resolution of Federal Advisory Council, 5 /24 copy sent to with permission of Council FRnotes, five dollar denomination, no objection to changes in / 8 11 face, letter to Mr. Taylor Leased wire system, messages sent for Treasury account, letter to re new Procedure to be followed in determin7 /22 ing per word cost of messages Loans to small business, Chairman to advise that plan is not desirable and request that Mr. Szymczak be re/22 4 lieved from further service on committee Chairman Eccles that he had advised Secretary of Report of Treasury 4/23 4 i/Phan, C. B., attitude of Treasury toward making of call reports 9/19 c. 30 of FRAct: (See Hearings) Account in which adjusted debit balance exceeds maximum loan value of the securities, creditor may 'withdraw e5000 from his account upon deposit of 100 shares of stock to be delivered against the short position under Regulation T eeh,_ (rities and Exchange Commission: Amortized investment purchase loans, amendment to Regulation IT re lower margin requirements, letter to be prepared and sent to, requesting expression of views Letter sent Diainsky and Duggan, inquiries re margin regulations, reply of FRBank of St. Louis giving information re, copy sent to Commission http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 285 359 760 987 507 582 843 783 451 466 958 3/22 339 5 0 /2 5/26 564 593 1/ 4 8 225 Pages 'Ltlaties and Exchange Commission: (Continued) GToup banking, list of holding companies which headed up banking groups as published in FRBulletin sent to Ngulation T, amendments re special cash accounts and special miscellaneous accounts, copies of proposed amendments sent to, with request for comment Trading and Exchange Division, reporting system, extension, memo of Mr. Parry recommending Board coordination along certain lines, approved Transamerica Corporation, request for report and application for voting permit and supplements thereto in connection with suspension or withdrawal of capital stock . Ser , 'Ltrities companies: BancOhio Securities Company, information requested on connection with BancOhio Corporation Bankamerica Company and Bancanerica-Blair Corporation, disposal of interest in, by Transamerica Corporation, request for information Corporation, divorcement of, request that FRBank Treansenerica of San Francisco make full reply to telegram from Board , 4011 .L Ities exchange administration: : Account in which adjusted debit balance exceeds maximum loan value of securities Advance by bank to finance purchase of stock called for retirement, ruling ordered published in FRBulletin Ruling Advances made in individual capacity by partner of member firm under Regulation T published in FRBulletin Ordered " 13 ds, maximum loan value under Regulation U, ruling ordered published in FRBulletin Broker or dealer who transacts business in securities through medium of member, ruling Ruling ordered published in FRBulletin uanadian broker acquiring membership on a national securities exchange in United States and buying end selling for Canadian and American customers, ruling dependent upon particular facts and cannot be generalized upon tlebiting of transfer tax incident to reborrowing of securities sold short under Regulation T Copy of ruling sent to FRBanks and to appear in MBulletin 4-tensi0n of time by business conduct committees in connection with cash transactions under Regulation T, ruling to be published in FRBulletin Government securities, broker obtaining extension of time from committee of national securities exchange in connection with sale, ruled not necessary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis /0 31 295 11/ 4 1141 10/31 1121 12 0 /2 1317 12/ 8 1254 12/ 6 1243 12 2 /1 1332 3 /22 339 8/16 / 9 15 856 948 7/15 8/15 757 852 11/ 5 1153 9/30 10/27 1028 1108 7/15 757 1/17 1/19 74 90 1/4 7 9/26 1005 226 Pages 8 — e, ;urities exchange administration: (Continued) 10/27 Guarantee of general account by special partner of firm 11/ 5 Ruling ordered published in FRBulletin Guaranteed accounts under Regulation T, reply to Mr. Sihler that creditor may keep facsimile of guaranty for OAM records and that partner of member 1/7 firm is creditor 1/ 18 Rulinc• sent FRBanks and to be published in FRBulletin Guarantees of accounts under Regulation T, reply to Mr. Bachrach / 2 2 on definition of creditor GUarantor's account, margin deposited in as affecting guaran7/15 teed account, ruling re aolbrook, Mitchell and Richardson, Inc., San Francisco, Calif., question of being subject to Regulation T as broker or dealer transacting business through member, must turn upon relevant facts, mere failure to handle unregistered securities or failure to carry margin accounts is not suffi9 0 /3 cient to prevent applicability Loan by member of national securities exchange to another member to enable borrower to make capital contri8/15 bution to his firm, ruling re Lcmn to member of national securities exchange for purchase of registered stocks from individual not a member 8/16 of national securities exchange, ruling re Plarchase and sale of securities on given day, may be treated as liquidation in lieu of deposit of margin and subsequent withdrawal is permitted under Regulation T 4/27 4/27 Ruling ordered published in FRBulletin Restrictions upon transactions in under-margined accounts which existed prior to revision of Regulation T, let8/4 ter answering inquiry of Mr. A. Heckscher Rulings and interpretations under Regulation T, list of those still applicable sent FRBanks 2/7 le of securities held in account but not delivered against 4/27 sale, no margin required under Regulation T 4/27 Ruling ordered published in FRBulletin Securities dealer as principal selling to purchaser under agreement for payment after period of seven days, ruling sent Pershing, Nye, Bosworth qc Dick, 9/7 Denver, Colo. settlement by simultaneous borrowing of security Short sales, 7/15 under Regulation T, ruling re 8/15 published in FRBulletin Ordered SPecial cash account, paying for purchase by selling another 11/17 security, statement for press on security and applying proceeds to pay for Selling of one 11/17 purchase of another security http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1107 1154 29 80 135 758 1028 851 856 478 481 820 159 479 481 921 756 852 1188 1190 227 Pages 'Ltrities exchange administration: (Continued) Special miscellaneous account under Regulation T Copy of ruling sent to FRBanks, and to appear in FRBulletin Stock becoming unregistered after loan is made not subject to Regulation U, ruling ordered published in FREulletin Time when guarantee is filed with Secretary of Exchange, copy of ruling sent FRBanks with notice not to release until specified date Transfers between accounts, reply to M. Terry that refusal of creditor to make such transfer is not in violation of Regulation T Withdrawal of cash or securities from general account, such withdrawal being considered in connection with later transactions the same day, ruling Ordered published in FRBulletin lty Issues, banks as secondary underwriters discussed at meeting of Federal Advisory Council with Board Seein sqe g Eye, Inc., deposits may be classified as savings deposits Slitim enlan, Merle E.: (See American Bankers' Association) vPard, Morris, United States Senate, advice that Board has never issued regulations governing political activities of employees and Bowen, Miami, Florida, reply to Mr. Parker, FRBank of Atlanta, re inquiry of, that bank having permission to exercise fiduciary powers need not deposit securities with State authorities if it does not actually exercise each powers ,211ds, Frank W.: (See American Bankers Association) Ski7 P. Dana: (See Townsend-Skinner and Company, N. Y.) --LI businesses, loans to, letter to Mr. McCoy on facilities of Government for making ktli,(See also Loans) loan departments: Cleveland Trust Company, Cleveland, Ohio, establishment, articles of incorporation amended so as to engage in special plan banking Colmmerce Guardian Bank, Toledo, Ohio, articles of incorporation, amendment providing for special plan banking, letter to FRBank of Cleveland that Board's permission is not required 11-Yria Savings and Trust Company, Elyria, Ohio, amendment to articles of incorporation providing for special plan banking, letter to FRBank of Cleveland that bank need not obtain Board's permission under general condition of membership, copy sent FRBanks banks, amendment to articles of incorporation proState member viding for small plan banking, letter to FRBank of Cleveland that banks do not have to obtain permission of Board under the general condition of membership, copy sent FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis / 1 17 1/ 19 75 89 1/20 92 3/17 320 4 0 /3 491 10/ 5 10/27 1038 1109 11//2: 1224 1148 8 6 /2 884 / 2 17 211 11/16 1181 9/19 960 10/15 1068 10/14 1063 10/14 1063 228 Pages G. L. L, Brewton, Ala., payment of fee by FRBank of Atlanta in connection with litigation against Pike 1/24 County approved aalth, Tom K.: (See National banks, Boatmen's National Bank of St. X:41csLouis, Mb.) ne Chamber of Commerce, telegrams on reopening of Spokane 10/26 Branch sent at request of. Soci Security Act: Legislation to amend, to eliminate distinction between national banks and State banks as to unemployment and 12/19 old age benefit taxes, letter to Nils. Putnam on StEirr of Board of Governors: Altercations between employees, porters Russell Accrocco and 12/27 Rutledge Wheeler suspended because of Appointments of persons whose spouses work for government and for departments whose work is connected with 2 /25 Board Building staff: 7 13 / Accrocco, Russel Anthony, Porter, appointment and salary Andrews, Thanes F., Assistant Gardener, appointment on temporary basis for period May-October and salary 9 5 5 ;26 Appointment made permanent and salary 2 1 /2 of, memo of Mr. Spurney approved Changes in organization of guard force, promoted to, from Costello, Sohn M., clerk 6/ 9 page and increase in salary Substitute Nurse, appointment and salPerrin, Frances D., 5/5 ary 5/ 5 French, Amp P., Relief Day Maid, appointment and salary Third Assistant Engineer, increase in Glotfelty, Joseph T., 2 1 /2 salary Handley, Thomas B., clerk in building manager's office, promoted from guard and increase in salary 6/ 9 Harris, Joseph P., Ir., elevator operator, promoted to position of guard and increase in salary 5/ 5 Harvey, Tohn Clayton, fourth assistant engineer, appointment and salary 2 1 /2 Allowed treatment by Board's examining physician after refusal of Public Health Service to give further treatment for injuries sustained while on duty 4/26 Claiborne, porter, appointment and salary 4/22 Tohnson, Eberhardt, supervising janitor: Xohnson, Sven 2/21 Appointment and salary 10/15 in salary Increase Phinney, Paul M., Clerk, promoted to Guard and increase in salary 6/ 9 E., Building Manager: Spurney, F. 2/21 Changes in organization approved, memo re Landscaping Board's parking lot and government tract to 3/23 north of parking lot, memo re nurse, Building Manager authorized to employ and Substitute 2 1 /2 salary for days worked http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 111 1104 1301 1365 242 747 1005 5 9 0 223 632 508 509 224 632 509 224 470 456 224 1067 632 223 344 224 229 Pages Staff of Board of Governors: (Continued) Building staff: (Continued) Toston, Harry E.: Reemployed on temporary basis for duration of work on parking lot with no change in salary Resignation submitted under date of February 28, 1938, accepted Williams, Jerry, porter, transferred to Division of Bank Operations as messenger Chairmen's office: Hart, Bishop, messenger, transferred from Division of Bank Operations Salary as messenger increased Thurston, Elliott, Assistant to Chairman, to make slight revisions in draft of review of the month for FRBulletin re reserve position of member banks 1/ 4 5 3/ 3 278 4/22 456 4/ 8 12/16 396 1290 2 /25 245 Charwomen: Bertolini, Madalena, promoted to Assistant Supervisor of 2 2 /1 224 Charwomen and salary increased Included in report to President of Senate in response 12 19 1306 / to S. R. 285 9 /23 1002 Brannon, Irma, services terminated /2 2 1 224 Eaheart, Mary E., appointment and salary 1 17 / 70 Ellis, Maude E., appointment and salary Green, Lillie Jane, appointment and salary as relief char-. 5/11 523 woman 1/24 104 Holmberg, Nellie B., appointment and salary Marshall, Mary B., appointment made permanent and made member of Retirement System despite inability to pass 43 1/11 physical examination 658 / 6 15 Rogers, Dorothy Mabel, appointment and salary 232 2/24 Seebold, Grace, dismissal of Chauffeurs: 172 2/10 Meyer, Richard T., resignation accepted 220 2/19 Wilkinson, Clarence M., appointment and salary Civil Service Commission, classification under, matter placed on docket and Counsel to prepare memo for Board consideration 697 6/28 Malmo of Counsel, additional MEM and letter to Civil Service Commission to be prepared for Chairman's 6/30 713 use in discussing with President Eccles that President had sent letter, Mr. Report of Mr. Vest to confer with Commission to advise of law and legislation upon which Board's position 7/12 738 is based 12 19 1306 / rooms allowed as recreation space for Colored employees, Compensation for injuries, employees injured in course of employment to be cared for at Board expense pend4/30 492 ing making of permanent arrangements http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 230 Pages Staff of Board of Governors: (Continued) Campensetion insurance, contract with Liberty Mutual Insurance 12/ 2 1240 Company covering employees of Board Counsel's Office: Baumann, T. C., Assistant Counsel: Graduate School of Banking, to be granted leave and reimbursed for transportation expenses for at4/21 448 tending School of Banking, letter to Graduation from Graduate 6 /23 670 extending congratulations in connection with General Counsel: Dreibelbis, X. P., Assistant Report as to procedure for investigating violations of Regulations T and U by national banks and State member banks in connection with loans to Richard 506 / 5 5 Whitney Violation of Regulation U by two national banks in New York City in connection with loans to Richard Whitney and Company, to confer with Comptroller 789 of Currency re investigation of 5 6 7 7 / 591 , increase in salary Herring, Allene, Stenographer transferred to Secretary's O'Brien, MYriem, Stenographer, 1 14 / 63 office Assistant Counsel: Owens, Joseph T., Fair Labor Standards Act of 1938, discussion for information of Presidents' Conference of problems considered by Counsel's office and that draft of letter to FRBanks expressed no opinion on question whether FRBanks were subject to pro10/25 1095 visions of B., Assistant General Counsel: Vest, George Bank of America N. T. & S. A., statement that Mr. Charles W. Collins had called requesting information re telegram from Mr. Giannini asking for hearing and asked that action be deferred, to advise Mr. Collins that telegram had been re983 9/21 ceived B. M., Assistant General Counsel, to address Wingfield, hnerican Institute of Banking on subject of Com218 2/18 mon Trust funds Wyatt, Walter, General Counsel: Addresses: American Bankers' Association, recanmendation that he accept invitation to speak at next Conference re Board's new provisions of Regulation F, approved Florida Bankers Association, to speak on subject of Board's regulations at meeting of North Carolina Bankers Conference, to speak on subject of Board's regulations and banking law at meeting of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/ 11 49 3/18 332 4/19 437 231 Pages Stet.F. of ' Board of Governors: (Continued) Counsel's office: (Continued) Wyatt, Walter, General Counsel: (Continued) Addresses: (Continued) St. Louis American Institute of Banking Forum, to address meeting on subject of Board's regula2/15 199 tions to American Bar Association, annual meeting, authorized attend for purpose of discussing report of Com7/19 764 mittees on Administrative Law Division of Bank Operations: Craighill, Ellen L., camptometer operator, appointment and 4/1 368 salary Hammond, Bray, FRSystem descriptive pamphlet, copy of draft sent presidents of FRBanks with requests for comments on form and content, and best plan for 10/14 1059 publishing and distributing 396 / 4 8 Hart, Bishop, messenger, transferred to Chairman's office Kennedy, David M., to be granted leave and reimbursed for transportation expenses in connection with at4 1 /2 448 tendance at Graduate School of Banking FRBanks of Minneapolis Myrick, L. S., report on procedure at and Kansas City in handling adjusted service 3/12 303 bonds, copy sent FRBank of Kansas City FRBanks for purpose of bringRepresentatives from, to visit ing about greater uniformity in charges made for /2 3 9 360 fiscal agency operations, letter to FRBanks operator, resignation accepted 8 /2 3 355 Roame, Helen C., comptometer need, Edward L., Chief: Adjusted service bonds, to confer with Secretary of Treasury re absorption by FRBanks of expense 3 1/4 involved in redemption of Check collections and nonmember clearing accounts, to serve as point of contact between committees of 332 Presidents' Conference and Board on 3/18 Condition reports, forms, simplification and desirability of requesting bi-monthly reports by member banks on form similar to that of weekly reporting member banks, authorized to discuss with FDIC and Comptroller, reference made to discus957 9/19 sion at meeting on Tune 14, 1938 that copies had been delivered and FDIC was Report ready to confer when Mr. Folger, Chief National 9/23 991 Bank Examiner, could find time of foreign central banks and nonmember clearing Deposits banks with FRBanks and how changes might have effect upon the reserve position of member banks, memo discussed end Placed on docket for further / 2 8 consideration 164 Memorandum considered, aaestion of nonmember clear/25 2 245 ing accounts referred to Presidents' Conference http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis .c 232 Pages 8Utf Of Board of Governors: (Continued) Division of Bank Operations: (Continued) mead, Edward L.: (Continued) Fair Labor Standards Act of 1938, estimate of increased cost to FRBanks in conforming with standards, at Presidents' Conference FRBank condition report, to continue study of advisability of amplifying weekly, to show amounts of excess reserves of central reserve city banks of National Association of State Bank SuperMeeting visors, to attend to work out uniform condition report form of Standing Committee on Collections in St. Meeting Louis, to attend and express views of Board on changes in check collection system reserve and central reserve cities, memo containing formula for changes in designation of, discussed and placed on docket for further consideration Memo considered, formula for designation and question of confining designation to cities in which FRBanks or branches are located referred to Presidents' Conference Reserve position of individual member banks, memo re analysis of discussed and placed on docket for further consideration Review of the month for FRBulletin containing information re, draft of approved by Board Salaries of officers for 1939, to study plan of classification of reihe, Laura, secretary, resignation Williams, Jerry, messenger, transferred from building staff Ili -vision of Examinations: Bangs, Olga W., stenographer, designation changed to secretary Barker, C. S., examiner, headquarters changed from Birmingham to Atlanta Boysen, John T., assistant examiner, to be granted leave of absence to serve in reserve corps Brown, Arch B., stenographer, designation changed to clerkstenographer Brown, Stuart L., examiner, resignation Cagle, C. E., Assistant Chief, violation of Regulation U by two national banks in New "York City in connection with loans to Richard Whitney and Company, to confer with Comptroller re investigation of Certificate of examiners, change in wording to limit to FRBanks, member banks and corporations operating under sections 25 and 25a of FRAct Examiner, feeling of Board that one should be sent to FRBank of St. Louis to assist in development of examination department http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/25 1095 1/4 2 11/ 7 1158 12/ 9 1269 / 2 8 163 2/25 246 / 2 8 162 2/25 25 12 1 1327 /2 9/7 918 456 4/22 3/31 362 1/17 70 5/17 542 3/31 6/16 362 663 7 /27 789 12 17 / 1296 11/ 9 1173 233 Pages Starr of Board of Governors: (Continued) Division of Examinations: (Continued) Examiner: (Continued) One to be sent to FRBank of St. Louis to aid in handling work of examination department there as 11/28 soon as he can be spared to Federal Housing Administration Examiners, loan of several to assist in organization of examination divi10/25 sion, authorized increase in salary / 1 15 Folsom, George H., examiner, serve as alternate for Mr. Leonard in Goodman, Glenn M., to a consulting capacity with regard to study of long-term investments by National Bureau of 6 /23 Economic Research stenographer, retransferred to, from Mr. Goshorn, Marion L., 4/26 Hamlin's office to be granted leave and reimbursed Jones, L. H., examiner, for transportation expenses for attending Grad4/21 uate School of Banking assigned to examination department of Koppang, H. O., FRBank of St. Louis until successor to Mr. 12/ 8 Wood has assumed his duties 3 1 /3 clerk, designation changed to typist Lamb, Ruth S., Lee, A. W., examiner: Graduate School of Banking, to be granted leave and reimbursed for transportation expenses for attend/2 4 1 ing Graduation from Graduate School of Banking, letter ex6 /23 tending congratulations in connection with R. F., to serve as Board's representative in a Leonard, consulting capacity with regard to study of long-term investments by National Bureau of Economic Research 6/23 T., examiner: Malone, C. Graduate School of Banking, to be granted leave and reimbursed for transportation expenses for attend4/21 ing Graduation from Graduate School of Banking, letter ex6/23 tending congratulations in connection with Maynard, Marguerite C., secretary, sick leave granted beyond 3/ 8 regular period Myers, Edward S., stenographer, designation changed to 3 1 /3 clerk-stenographer road force With title of assistant examTransferred to 5 0 /2 iner Newcame, Elynr D., stenographer, designation changed to 3 1 /3 secretary O'Donnell, Thomas B., resignation as assistant FRExaminer 12 19 / accepted 1214 1087 64 689 470 448 1252 362 448 690 689 448 690 287 362 566 362 1300 f http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 234 Pages Staff of Board of Governors: (Continued) Division of Examinations: (Continued) Paulger, Leo H., Chief: Conference of FDIC re branch banking situation in 2 23 / California and West Coast, to attend amortization of premiums Copies of two letters from re on bonds under provisions of Comptroller's regulations governing purchase of investment se3 /24 curities sent FRBanks make at least one Examination of in-Banks, directed to 12 16 / of each bank during year Indiana Bankers Association, invitation to speak on subject of bank regulation from standpoint of 9/ 8 Board, acceptance of invitation approved 4/19 Porter, Nancy R., stenographer, resignation accepted Richardson, Lulu C., stenographer, designation changed to 3 1 /3 clerk-stenographer Services of examiner to be made available to bank to aid 11/22 in development of examination department Siems, L. A. A., borrowings from Equitable Trust Company of Baltimore, Md., change in wording of exami12 17 / ners certificate to allow designation changed to Stone, Harold F., stenographer, 3 1 /3 clerk-stenographer assistant examiner, resignation acStrahorn, Charles A., 3/4 cepted granted additional leave of abWilkes, M. R., examiner, sence with understanding that leave taken in excess of that accumulated for 1938 will be 8/17 applied against leave for 1939 Granted additional leave of absence with understanding 10/ 3 it will be charged against 1939 annual leave 3)1-vision of Research and Statistics: Bergalin, John 0., junior economist, increase in salary 3/18 and assigned work formerly done by Mr. Conklin Bertolini, Josephine F., clerk, appointment on temporary 3/9 basis and salary 6/6 Appointment made permanent Blattner, George W. Assistant Director, resignation ac2/10 cepted to take effect March 29, 1938 senior economist, transfer to FRBank of Bryan, Malcolm, Atlanta, approved with understanding it will not take place until some one has been secured 2/4 to take over work 4/5 accepted Resignation Bull, Susan Lydia, appointed on temporary basis as clerk 12 /22 and salary approved Eveline M., employed as consultant on social security Burns, problems with compensation as per hour and allowance for stenographic work and travel expenses 15 1/ http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 239 352 1291 930 433 362 1199 1296 362 280 859 1030 325 291 618 171 142 380 1340 64 235 Pages Starr of Board of Governors: (Continued) Division of Research and Statistics: (Continued) Burr, Susan S., to serve as alternate for Mr. Thomas in a consulting capacity with regard to study of long-term investments by National Bureau of Economic Research Colledo, Etilio G., temporary assignment for period not to exceed three months from FRBank of New York, allowed subsistence allowance and transportation Conklin, Maxwell R., senior economist, increase in salary and assigned work formerly done by Mr. Blattner Despres, Emile M., assignment from staff of FRBank of New York for period of three months to (assist in work for Fiscal and Monetary Advisory Board Discussion of current business outlook as affected by domestic and foreign conditions Ficks, L. G., transferred to, from Mr. Broderick's office Foster, Ray R., junior economist, appointment and salary Gardner, Walter R., Senior Economist, gold, flow to United States, review of factors affecting Coldenweiser, E. A., Director: Annual report, requested to redraft Business and credit conditions, statement re at Presidents' Conference Business conditions, to prepare memo on procedure for improving statistical information re, for consideration by Board and Presidents' Conference Messrs. Davis and Szymczak to assist in preparing recommendation as to procedure to be followed, Individuals consulted and draft of letter to FRBanks requesting invitations be extended to Individuals to attend meeting prior to Memo containing procedure, draft of telegram and letter to FRBanks approved Business statistics, to work with Mr. Davis in preparing program for conference on Directed to proceed to England, France, and such other points as necessary on official Board business Reserve requirements of member banks, memo re discussed and placed on docket for further consideration Factual history, statement to be prepared for consideration by Board with view to publication Confidential report suhmitted on Report ordered laid on table Review of the month for FRBulletin, to make slight revisions in draft of, re reserve position of member banks Statistical activities of System, outline of, and statement of how FRBanks and branches can develop information needed by Board Hammill, Caroline, secretary, granted leave of absence without pay for three months Harriss, C. Lowell, junior economist, appointment and salary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/23 689 /2 6 0 673 3/18 325 12/ 2 1238 8/16 /2 3 8 6/6 855 354 616 8/5 825 /25 2 239 2 8 /2 256 1/7 20 1/14 61 1/21 95 2/25 248 6/21 678 2/8 163 421 4/15 11/23 1210 12/ 6 1243 2 /25 245 / 3 2 271 2 15 / 196 4/5 381 236 Pages Starr of Board of Governors: (Continued) Division of Research and Statistics: (Continued) 5/ 3 Henry, Mrs. File, draftsman, resignation accepted promoted from junior Hersey, Arthur, senior economist, / 6 15 economist and increase in salary assistant, appointment made Hitchings, George P., economic 5 1 /2 permanent with no change in salary 3/ 9 resignation accepted Hoebreckx, Cherie L., clerk, Borne, Roman L., senior economist, probationary appointment extended for period of one year with no change 5/ 2 in salary direction of National Investment standards, study under Bureau of Economic Research, Board's contribution of assigning member of staff and paying 10/31 travel expenses, authorized 8/10 Xaszi, George, economic assistant, resignation Kitzmiller, Mrs. H. W., recommendation that she be appointed on temporary basis approved with understanding that Personnel Committee mould discuss 1 19 / with her the matter of compensation appointment exKriegel, Lottie, secretary, probationary 5/ 7 tended for period of one year granted leave of absence Krost, Martin, junior economist, 1 1 /3 without pay for three months / 6 15 and salary increased Promoted to senior economist appointment extended 2 1 /2 Longley, Flizabeth F., temporary made permanent despite husband's Temporary appointment /25 2 employment at Treasury Department Economist: Longstreet, Victor, Senior Reserve position of member banks, memo re sarvey discussed and placed on docket for further consid2/ 8 eration Review of the month for 1?Bu1letin containing in/ 2 25 formation re, draft of approved 6/15 Salary increased Marsh, Michael, economic assistant, appointment on temporary 7/ 6 basis and salary 10/11 made permanent with no change in' salary Appointment Morse, Chandler, Senior Economist: Directed to proceed to England, France and such other 6/21 points as necessary on official Board business increased Salary 61 42 ; Paetow, Dorothea G., Clerk, appointment and salary Senior Economist, increase in salary 10/31 Piser, Leroy 10.., Reserve requirements of member banks, provisions of law or regulations relating to, to study and submit to Board not later than November 1, 1978 any / 4 15 recommendations as to changes Poland I., junior economist, increase in salary and Robinson, /8 31 assigned work formerly done by Mr. Blattner http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 500 658 572 292 495 1122 831 83 517 126 657 223 242 162 245 657 727 1045 679 ; 455t 1118 421 325 237 Pages St4ft of Board of Governors: (Continued) Division of Research and Statistics: (Continued) Roman, Agnes, junior economist, appointment on temporary 7/13 basis and salary 10/ 5 month Temporary appointment extended one Silverman, Joseph, clerk, designation changed to economic 3/18 assistant with no change in salary nt on permanent Smith, Barbara C., draftsman, appointme 2/19 basis ed to from SecreSnapp, John B., library clerk, transferr 7/ 1 tary's office and increase in salary temporary basis as junior Starr, William L., appointment on /3 1 1 economist to carry on work of Mr. Krost 3/ 9 economist Resignation as temporary junior 4/ 5 Sweezy, Alan R., senior economist, appointment and salary shoving estiTerborgh, George, senior economist, charts mated expenditures for new durable goods, advice to Department of Agriculture that Board offers no objection to use of figures compiled by, with understanding they will be attributed to him 8 17 / and not to Board Thomas, Woodlief: on exReport of Conference of Statisticians of FRBanks business information at Conpansion of current 3/ 2 ference on Business Statistics, review of investments by National Bureau of Study of long-term Economic Research, to serve as Board's representative in a consulting capacity with re6/23 gard to at National Institute of Public Wald, Haskell P., intern Affairs, temporary appointment as economic as11/19 sistant 6/28 library clerk, resignation Witherspoon, Robert C., clerk, appointment on temporary basis 2eidler, Geraldine N., 8/15 and salary Loans: Division of Security O'Hare, Mrs. Florence C., granted advance sick leave and 12/21 annual leave and leave without pay Chief: Parry, C. E., Securities and Exchange Commission, extension of reporting system, memo recommending Board coordina10/31 tion along certain lines, approved employees, Form F.R. 370 Showing duties for Duties performed by 3/16 use by Personnel Committee Elevator operators: guard and Harris, Joseph P., Jr., promoted to position of increased salary President of O'Sullivan, David F., included in reply to in response to S.R. 285 Senate http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 747 1036 325 220 722 126 292 381 862 272 689 1195 709 850 1333 1121 314 5/ 5 509 12 19 / 1306 238 Pages staff Of Board of Governors: (Continued) Elevator operators: (Continued) Power, Reginald C., appointment and salary Promoted to position of guard and increase in salary Reading, Benjamin P., appointment and salary Rose, Hudson McK., appointment and salary approved Weaver, Douglas P., appointment as guard for probationary period and salary increased Employees, ruling of United States Employees' Compensation Commission not to be Federal Government employees and refusal to treat, letter to that Board is of opinion that Attorney General's opinion is determinative on this point Employees compensation insurance, memo of Mr. Vest recommending policy providing compensation and group life insurance, negotiations to be conducted with view to eliminating group life clause Memo recommending Liberty Mutual Insurance Company, and memo stating that if group life is wanted in addition, next step would be the selection of a company, matter referred to Personnel Committee with power to act Employees not citizens of United States, reply to S.R. 285 Examining physician, employees injured in line of duty, arrangements for medical care Fiscal Agent: Foulk, O. E.: Bond of, request from Board that it be renewed Bond approved Vouchers, advice from Board re turning over file of paid vouchers to General Files and procedure for monthly transfers to General Files Lally, Josephine E., Deputy Fiscal Agent: Bond of, request from Board that it be renewed Bond approved 5/5 509 7/13 748 7/13 748 12/ 2 1238 12/ 2 1237 5/13 534 8/s 823 11/ 4 1143 12 19 1306 / 4/30 492 4 0 /2 5/13 440 529 7/27 791 4/20 5/13 440 529 Gardener: Andrews, Thomas F., assistant gardener, appointment on tem5/5 509 porary basis for period May-October ,and salary memo stating that if group life is wanted Group life insurance, in addition to employees compensation insurance, next step mould be selection of a company, matter referred to Personnel Committee with power 11/ 4 1143 to act contract for experimental period of three Execution of 12/ 2 1240 years if requested by 75% of Board's employees Guards: Costello, John M., clerk of guard force, promoted from page 632 6/9 and increase in salary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 239 Pages Staff of Board of Governors: (Continued) Guards: (Continued) Handley, Thomas B., promoted to Position of clerk in building manager's office and increase in salary as elevator Harris, Joseph P., Yr., promoted from position increase in salary operator and Kay, George R., transferred to Secretary's office as junior operator, office devices, in duplicating section, with no change in salary Kelleher, Joseph E., promoted to Sergeant of the Guard and salary increased Kelly, Charles W., Tr., resignation accepted Phinney, Paul T., clerk, appointment and salary Promoted to guard from position of clerk and increase in salary Power, Reginald C., promoted from position of elevator operator and increase in salary Weaver, Douglas P., appointment for Probationary period and salary increased Injuries: engineer, allowed treatHarvey, John C., fourth assistant by Board's examining physician for inment juries sustained while on duty Maid: nt and salary French, Amy P., relief day maid, appointme Messengers: Hart, Bishop, Division of Bank Operations, transferred to Chairman's office increased Salary NUrse: Farrin, Frances D., substitute nurse, appointment and salary Miss Jones, Mr. Spurney auSubstitute during absences of thorized to employ Broderick: Office of Mr. Ficks, L. G., Secretary, transfer to Division of Research and Statistics Davis: Office of Mr. Piper, Carol S., increase in salary as secretary Office of Mr. Draper: Rauber, Margaret E., secretary, appointment and salary Increase in salary Office of Mr. Hamlin: Goshorn, Marion L., secretary, retransferred to Division of Examinations Pages: Beers, Peter W., temporary appointment and salary Appointment made permanent force and Costello, Tohn M., promoted to clerk of guard Increase in salary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/9 632 5/5 509 9 2 /8 1015 /2 2 1 6 0 /3 / 5 5 223 715 509 6/9 632 7/13 748 12/ 2 1237 4/26 470 5/5 509 396 / 4 8 12/16 1290 5/5 508 /2 2 1 224 3/28 354 12/28 1271 3/29 12/28 358 1371 4/26 470 5/14 / 6 17 535 670 6/9 632 240 Pages 4Elff of Board of Governors: (Continued) Pages: (Continued) Defiouy, Max Lee: Appointment and salary Resignation Kolinski, James C., appointment as clerk and salary increase MacDowell, McN. DuBose, appointment and salary Paul, Walter E., appointed stenographer in Office of Secretary Petrey, Robert C.: Appointment on temporary basis Resignation Rieseberg, Robert W., appointment and salary Snapp, John B., transferred to Division of Research and Statistics as library clerk and increase in salary Office of Secretary Turner, David Frank, appointment in Wise, Harold G.: Appointment and salary Resignation Political activities, regulations of Board governing, advice to Senator Sheppard that no such regulations have ever been issued Porters: Accrocco, Russell Anthony: Appointment and salary of altercation with Suspension without pay because Wheeler Rutledge Blash, John, increase in salary salary Faber, Philip D., increase in increase in salary Xones, Matthew R., Johnson, Claiborne: Appointment and salary Increase in salary e in salary Macklin, James H., increas increase in salary Newton, James H., Wheeler, Rutledge: Granted additional leave of absence with nay for illness Suspension without pay because of altercation with Russell Accrocco Jerry, transferred to Division of Bank Operations Williams, as messenger recommendations, no longer to be incorporated in anSalaries, nual budget but individual cases considered at appropriate time on basis of separate recommendation by head of division Secretary's Office: from Baker, Seburn E., photographer, title changed to, supply and duplicating clerk and increase in salary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7 14 / 9/9 749 935 3/9 9 19 / 292 959 11/ 19 1195 6 17 / 9/ 19 9 19 / 670 960 959 7/ 1 11/ 19 722 1195 3/9 8/15 291 850 8 26 / 884 7/13 747 12 7 /2 10/15 10/15 10/15 1365 1067 1067 1067 456 4/22 10/15 1067 10/15 1067 10/15 1067 2/24 233 12 2 /7 1365 4/22 456 3/23 342 8 1015 9/2 241 Pages Staff of Board of Governors: (Continued) Secretary's Office: (Continued) Ball, Annie Arden, temporary appointment as file clerk and /22 4 salary 5/14 appointment as page and salary Beers, Peter W., temporary 6 17 / Appointment made permanent to continue studies Bethea, L. P., Assistant Secretary, toward development of formula which will serve as guide for passing upon salary recommenda3 /23 tions in future Secretary: Carpenter, S. R., Assistant Code book, plans for printing and revising sheets to 11/17 be worked out with Mr. Dillard Banking, to be granted leave and reGraduate School of imbursed for transportation expenses for attend4 1 /2 ing appointment made permanent and Coffman, Hazel, file clerk, 4/22 increase in salary Costello, John M., page, promoted to clerk of guard force 6/9 and increase in salary operator, office devices, title Crump, Allison M., junior changed from photostat operator and salary in9/2 8 creased DeMouy, Max Lee, page: 7/14 Appointment and salary 9/9 Resignation DuKiet, Elizabeth A., stenographer: 1/ 0 1 Appointment and salary 11 16 / Resignation Haislip, Vivian K., temporary appointment as file clerk and 4/22 salary file clerk: Temison, W. W., 6/17 Granted additional leave of absence because of illness 7/1 at time of death, payment to Mrs. Jemison Salary due Johnston, Margaret, file clerk, appointment on temporary 8/12 basis and salary junior operator, office devices, in dupliKay, George R., cating section, transferred from guard with no 9/28 change in salary Scott D., file clerk, resignation accepted and not Kellogg, required to refund salary for leave taken in 6/23 advance Francis S., appointed junior operator, office deKenny, 12 16 / vices and salary approved Kiley, John N., Jr., Assistant Chief File Clerk, promoted 8/12 to, from file clerk and increase in salary Kolinski, James C., page, appointment as clerk and salary 3/9 increased 9 19 / MacDowell, McN. DuBose, page, appointment and salary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 456 535 670 342 1192 448 455 632 1015 749 935 31 1180 456 670 722 848 1015 684 1289 848 292 959 242 Pages Staff of Board of Governors: (Continued) Secretary's Office: (Continued) McCrary, Ruth, temporary appointment as file clerk and salary Chester, Secretary, to communicate with FRBank of Morrill, St. Louis and advise of Board's position re Mr. McConkey, also that any arrangement must be communicated to Board in advance Noble, Isabelle G., appointment as file clerk on temporary basis and salary Myriam, stenographer, transferred to, from Counsel' O'Brien, office Termination of employment Paul, Walter E., designation changed from page to stenographer Dorothy E., stenographer, letter to, accepting Peeples, resignation Walter L., junior operator, office devices, title Peregory, changed from supply clerk and increase in salary Petrey, Robert C., page: Appointment on temporary basis Resignation file clerk Price, Harriet Palmer, appointment as temporary and salary granted additional Rice, Margaret A., publications clerk, with pay for illness leave of absence appointment and salary Rieseberg, Robert W., page, clerk, resignation Sheafe, Edward A., Jr., nt and salary Sloan, Lida B., stenographer, appointme permanent Appointment made Snapp, John B., page, transfer to Division of Research and Statistics as library clerk and increase in salary Thompson, Elizabeth, temporary file clerk: Granted leave of absence without pay on account of illness Resignation accepted Thompson, June S., temporary appointment es file clerk and salary Shirley, temporary file clerk, resignation Thompson, Turner, David Frank, appointment and salary as page Watson, Mrs. Mary H., file clerk, salary increased Wise, Harold G., page: Appointment and salary Resignation Special Counsel to Board: of death paid Hamlin, Charles S., sum due on salary at time to Mrs. Hamlin without pay: kapension with Rutledge Accrocco, Russell, because of altercation Wheeler http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 /22 456 / 1 11 40 8/12 848 14 1/ 7/12 63 743 11/19 1195 1/7 24 9 2 / 8 1015 6 17 / 9 19 / 670 960 11/17 1187 / 3 1 257 9/19 959 / 6 2 611 /22 4 455 11/ 4 1146 7/1 722 2/3 2/9 137 168 456 4/22 973 9/21 11/19 1195 11/17 1187 3/9 8/15 291 850 4/27 474 /27 12 1365 243 Pages Staff of Board of Governors: (Continued) Suspension without pay: (Continued) Wheeler, Rutledge, because of altercation with Russell 12 7 1365 /2 Accrocco Commission refusing to United States Employees' Compensation treat for injuries, letter to that Board is not in accord with view that it is not a branch of 5/13 534 the Federal Government for reporting, to negoViolations of Regulation 1U, procedure 1/2 8 123 tiate with FDIC and Comptroller re adoption of discussion with FDIC and General principles evolved from 2 /26 250 Comptroller sent to State Companies of Michigan, reply Aesociation of Mutual Insurance to that deposits of farmers mutual fire insurance companies may not be classified as savings 2 4 / 144 deposits State with directors of FRBanks bank supervisors, periodic meetings 2/ 3 139 to be discussed by Conference of Presidents recommendations of Presidents' Memo of Secretary transmitting Conference, Mr. Harrison to be advised that mat/23 4 464 ter is receiving attention re meeting of FDIC, Comptroller Statemant of Chairman Eccles and Board representatives with after examination 4/23 :: 5 ) ( policy has been worked out /3 4 0 s Letter to Mr. Harrison tate banking authorities, attitude of, seen by Federal Advisory Council as possible deterrent to increased mem2 15 / 207 bership in FRSystem State Department: PRBank of New York taking matters up directly with, Should be 1 1/ 4 referred through Board discontinuance, press statement prepared and read Havana Agency by Mr. Morrill, telegram to FRBank of Atlanta authorizing release and substitution of closing 932 date not to be sent until Department is notified 9/ 9 at -e mamber banks: Ann Arbor Savings and Canmercial Bank, Ann Arbor, Mich., dormitory bonds of University of Michigan are obligations of a body corporate and must be brought into conformity with requirements of law, let56 1/13 ter to Mr. Young, FRBank of Chicago Alpena, Michigan, withdrawal from FRSystem, A1pena Savings Bank, six months notice waived end immediate with6/16 664 drawal approved FDIC to examine in connection with withPermission granted drawal from FRSystem and Trust Company, Suffolk, Va., membership in American Bank FRSystan, application approved subject to agreement not to invest collectively funds held as fiduciary, and to conduct insurance business 10/29 1112 in conservative manner http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 244 Pages State member banks: (Continued) Avoca State Bank, Avoca, Iowa, application for membership in FRSystem approved subject to having charged off losses and brought certain accounts into con7/20 formity Bank of Belle Fourche, South Dakota, application for membership 9/7 in FPSystem approved Bank of Boyceville, Wisconsin, condition report, Class B debentures should not be reported as reserves for / contingencies on Form 105, letter to Mr. Swanson 3 1 Bank of Eastman, Georgia, withdrawal from FRSystem, waiver of 8/3 notice and permission for immediate Bank of Glade Springs, Va., capital stock of Holston Agricultural Credit Corporation, purchase of additional stock 11 22 / by bank ruled unlawful Bank of the Manhattan Company, New York City, N. Y.: Paul M. Warburg Fund, loans to executive officers not to ex/ 6 1 ceed 12500 is not prohibited by Sec. 22(g) Company, White Plains, New York, furStock of County Trust 9 7 /2 ther extension of time in which to dispose of Bank of Rainelle, West Virginia, investment securities, charge offs for depreciation, letter to FRBank of Richmond that individual cases may be modified 4/2 pending Board consideration of question Bank of Warren, Front Royal, Va., application for membership approved subject to certain Charge offs and certain unused powers not to be exercised with12/13 out special permission of Board Bank of Woodward, Oklahoma, application for membership in FRSystem approved 4/11 Bank of Sasser, Georgia, withdrawal from FRSystem, waiver of notice and permission for immediate, FDIC given permission to examine in connection with 8/17 Bankers Trust Company, New York, N. Y., purchase of stock in Bankers Company of New York, letter to FRBank of New York that application will be approved when Bankers Company executes agreement and permission is obtained from Banking Board, State of New York 2/24 3/11 Application approved Banks requiring attention, letter to FRBanks requesting list with corrective action planned in each case, and subsequent reports on progress, action deferred by Board for present 4/15 Bradley Bank, Tomahawk, Wisconsin, membership application approved on condition that Charge offs be made 11/ 8 and sound investment policy be followed Trust Company, St. Louis, Mo., permission to Bremen Bank and 4/5 carry reduced reserves Housing Authority bonds, may not underwrite Buffalo Municipal but have authority to purchase for purpose of 10/17 investment, letter to Authority http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 771 919 258 813 1204 609 1010 372 1278 406 861 234 300 427 1165 384 1071 245 Pages State member banks: (Continued) California Bank of Los Angeles, California: Directors, FRBank of San Francisco, may participate in election of Class A director Holding company affiliate, determined not to be engaged as business in holding stock of banks, because of ownership of stock of California Trust Co., Los Angeles Preferred stock, retirement of and transfer of like amount to surplus, no objection California Trust Company, Los Angeles, California: Application for membership in FRSyatem approved, California Bank determined not to be engaged as business in holding stock of banks, because of ownership of 9/ 7 2 1011 8/11 834 8/ 1 795 8 /11 stock of Deposit of uninvested trust funds in FRBank of San Francisco, Board will offer no objection to receipt of such deposits by FRBanks in certain specified 10/14 instances Directors, FRBank of San Francisco, may participate in 9 27 / election of Class A report of examination discloses Calvert Bank, Baltimore, Md., need for increasing capital and investment ac12 13 / count contains too many issues Company, Camden, N. J.: Cmnden Safe Deposit and Trust 1/21 FDIC given written permission to make examination of Proposed merger with West Jersey Trust Company, no objec4/ 2 tion Capital account, method of showing in condition reports, letter 15 7/ to Fitch Investors Service, New York Cass Bank and Trust Company, St. Louis, Mo., permission to 4/ 5 carry reduced reserves Central Bank, Oakland, California, inquiry made by FDIC in connection with termination of membership, letter to FRBank of San Francisco on information to be furnished 11/19 Central Hanover Bank and Trust Co., New York, N. Y.: Branches: London, England, application to establish additional 3/24 branch approved funds deposited in trust for refunding bond Handling of issue of which the bank is trustee, letter to 12 /23 FDIC Trust Company, New York, N. Y., violation of Chemical Bank and Regulation U in connection with loans to Richard Whitney and Company, FRBank of New York requested to investigate in order to de7/27 termine Madison, Ohio, no objection to expenditure for Citizens Bank of 3 14 / purchasing banking house http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 834 1062 1011 1281 102 371 762 384 1197 348 1353 790 306 246 Pages State member banks: (Continued) Citizens Bank and Trust Company, Carthage, Tenn., adequacy of capital structure, letter to Mr. Parker, FRBank of Atlanta, that Board will not require increase in view of bank's liquid condition and excellent management Citizens State Bank, Columbia City, Indiana, membership in FRSystem, extension of time for accomplishing condition requiring increase in capital and surplus Citizens State Bank, Hartford City, Indiana, application for membership in FRSystem approved subject to having charged off losses and brought up amount of assets, trust powers not to be exercised Citizens State Bank, Houston, Texas, depreciation on banking house, conditions of membership re, reply to Mr. Evans, FRBank of Dallas, that while it is not up to Reserve bank to suggest specific program, still compliance is not left fully to bank's management and Reserve bank must take steps to obtain full compliance Citizens State Bank of Milford, Ill., banking quarters, no objection to purchase of building it now occupies Citizens State Bank, Puyallup, Washington, capital debentures, no objection to retirement of portion of City Trust and Savings Bank, Kankakee, Ill., membership application approved subject to having charged off losses and stamped certificates of stock for waiving depositors Cleveland Trust Company, Cleveland, Ohio, articles of incorporation, amendment providing for special plan banking approved Columbus Trust Company, Newark, N. J., officers misappropriating funds held as liquidating agent for FDIC, permission granted IDIC to examine records Letter to Mr. Gidney inclosing copy and requesting to be advised of developments Camerce Guardian Bank, Toledo, Ohio: Acquisition of assets and assumption of deposit liabilities of National Bank of Toledo, no objection departments, amendment to articles of incorporSmall loan ation providing for special plan banking, Board's permission not necessary Coerce Trust Company, Kansas City, Mo., examination reports, letters of credit isaued for other than cash consideration should be reported as contingent liabilities, letter to FRBank of Kansas City http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/ 4 283 9/ 7 920 / 5 11 525 12 1/ 51 / 5 13 531 5/ 7 519 11/ 2 1131 9/19 960 5/14 537 5/14 537 10/15 1068 10/15 1068 6 8 /2 710 247 Pages Stete member banks: (Continued) Commerce Union Bank, Nashville, Tenn., assumption of deposit liabilities of nonmember insured bank at Sparta, Tenn., approval of Board not required Examination of head office and branches in connection with proposed consolidation with national bank, permission granted FRBank of Atlanta to make use of national bank examiners Membership condition forbidding engaging in real estate business, requirements do not apply to sale of mortgages covered by insurance under provisions of National Housing Act, reply to FHA Commercial Bank of Iron Mountain, Michigan, loan to Mr. Bacco not violation of Section 11(m) of FRAct Commercial Bank of L'Anse, Michigan, application for membership in FRSystem approved Canmercial Bank of Nephi, Utah, application for membership in FRSystem approved subject to having charged off certain losses Commercial State Bank, Afton, Iowa, withdrawal from FRSystem, six months notice waived and permission for immediate, FDIC given permission to examine since bank desires to continue deposit insurance Canmercial Trust Company of New Jersey, Jersey City, N. J., interlocking directorates under Banking Act of 1935, extension of effective date, letter to, giving reasons why Board had advised FREanks that it saw no reason for extension, approved with understanding it would be used as basis for replies to other letters raising similar questions Condition reports: Call as of December 31, 1937 Call as of March 7, 1938 Call as of June 30, 1938 Call as of fall months, Treasury to be advised that Board is in favor of issuing since bi-monthly reports by member banks are not yet available Call as of September 28 Form 105, segregation of commercial, industrial and agricultural loans with all other loans to be eliminated Forms 105 and 105e amended for use at time of next call Form 105, memorandum of Mr. amead outlining differences between, and forms used by Comptroller of the Currency and FDIC Forms and instructions for next call transmitted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/17 317 / 3 16 313 /2 9 9 1017 11/ 7 1162 3/18 328 3 23 / 343 10/ 3 1031 11/ 1 1127 1/ 5 3 10 / 7/ 6 10 294 727 / 9 19 10/ 7 956 1041 / 6 17 5/14 668 538 12/ 9 1262 12 /22 1344 248 Pages Stet e member banks: (Continued) Continental Bank and Trust Company, New York, N. Y., violation of Regulation U in connection with loans to Richard Whitney and Company, letter to FRBank of New York requesting that investigation be 7/27 made to determine Coopersville State Bank, Coopersville, Mich., conditions of membership, extension for one year of time for compliance with condition requiring increase in 8/17 capital account 8/19 Advice to FDIC with reasons for action Extension of time for increase in capital and surplus under 12 8 /2 condition of membership Corn Exchange Bank Trust Company, New York, N. Y., violation of Regulation U in connection with loans to Richard Whitney and Company, letter to FRBank of New York requesting that investigation be 7/2 7 made to determine Plains, New York, stock extension C°1111tY Trust Company, White of time granted Bank of the Manhattan Company 9 7 /2 to dispose of capital debentures, permisCowlitz Valley Bank, Kelso, Wash., / 2 15 sion granted to retire portion of /27 7 No objection to retirement °LtrrY County Bank, Gold Beach, Oregon, application for membership in IRSystem approved with understanding it will reduce excess balance with State nonmember 5/ 7 bank and refrain from exercising trust powers rnings and expenses for 1937, reply to American Bankers Asso4 ciation that information will be available in 4/18 short while application for membership made by First Nationlamira, N. Y., al Bank and Trust Company on behalf of proposed 12 8 /2 State bank organized to succeed Trust Company, Elyria, Ohio, small loan deElYria Savings and partment, amendment to articles of incorporation providing for special plan banking, letter to FRBank of Cleveland that bank need not obtain Board's permission under general condition 10/14 of membership, copy sent FRBanks EXaminations in New York district, correction of criticized matters, policy to be discussed with President 1/25 Harrison 4 ftinations should be conducted by examiners rather than by assistant examiners, reports should be signed /26 4 by examiners, circular to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 789 860 869 1378 789 1010 197 787 518 431 1374 1063 116 472 249 Pages Stete member banks: (Continued) Farmers State Bank of Fort Morgan, Colorado, membership in FRSystem, application approved subject to having charged off certain losses, securities depreciation not correctly classified and elimination 11/ 4 not required application for memberFanners State Bonk, Lexington, Nebraska, 1/2 8 ship in FRSystem approved application for membership Farmers State Bank of Oakley, Kansas, approved subject to having charged off certain / 2 2 items / 3 2 conditions of membership Extension of time to accomplish membership in nSystem, Farmers State Bank, Wallace, Nebraska, application approved subject to having charged 10/29 off losses Documents requested in connection with membership received 11/ 9 except form of capital debentures for membership Farmers State Bank of Yuma, Colorado, application in FRSystem approved with understanding that capital and surplus be brought into conformity 1/ 11 with State laws stock, purchase of and reFederal savings and loan associations tention of shares acquired prior to admission to membership in FRSystem, letter to Mr. Delano, /2 5 7 Federal Home Loan Bank Board banks and retention of shares acquired Purchase by member prior to membership, letter to iiPBenks contain/ 6 6 ing excerpt from letter to Rome Loan Bank Board Newark, N. J., capital, increase in, Federal Trust Company, letter to FRBank of New York requesting it continue efforts to bring about introduction of additional funds, and keep Board advised of developments 10/18 Savings Bank, Antigo, Wisconsin, condition report as Fidelity of December 31, 1937, not necessary to repub2/19 lish, letter to Mr. Young, FRBank of Chicago Savings State Bank, Topeka, Kansas, funds collected Fidelity from obligors on real estate mortgage loans insured under Federal Housing Act for paying of taxes, insurance, etc., considered as de12/20 mand deposits First-American Bank and Trust Company, Middletown, Ohio, violation of revised statutes, no objection to hold5 1 /3 ing bonds purchased in view of circumstances application First Bank and Trust Company of South Bend, Indiana, for membership approved with special conditions on investment of trust funds, charge offs, etc., and bank should reduce amount of finance company , 11/:7o paper held http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1146 la 132 274 1113 1174 44 603 617 1076 222 1323 606 1228 250 . Pages klte member banks: (Continued) First-Citizens Bank and Trust Co., Greencastle, Indiana, application for membership in FRSystem approved subject to having charged off losses and adjusted 8/19 867 capital stock and debentures First Citizens Bank end Trust Co. of Utica, New York, conditions, letter to FDIC that Board approves action of FDIC and RFC in providing funds for reorganiza11/1 1124 tion upon sound basis First Security Bank, Beaverton, Oregon, capital debentures, 8/10 831 no objection to retirement First State Bank, Churdan, Iowa, application for membership in FRSystem approved subject to clearing UD matter SS to FRBank stock of First National Bank of 5/14 535 Churden Extension of time to accomplish conditions of membership in 6/ 13 648 FRSystem First State Bank, Stroud, Oklahoma, application for membership 3/18 731 in FRSystem approved for membership First State Bank of Taos, New Mexico, application in FRSystem approved subject to having charged 1/ 18 77 off losses and amended bylaws Fleetwood Bank, Mount Vernon, N. Y., must prepare satisfactory plan for rehabilitation of affairs and strengthening of management or membership in FRSystem 5/27 596 will be terminated Bank, Bozeman, Montana, loans to inGallatin Trust and Savings active officers, request that provisions of Regulation 0 be changed to exclude inactive officers from term executive officers, reply to 2/ 4 146 giving reasons why Board cannot Gary Trust and Savings Bank, Gary, Indiana, application for membership approved subject to certain charge offs and to Five trust department more atten12/21 1773 tion Genesee Valley Trust Company, Rochester, New York, application approved subject to understanding that program to strengthen capital position be carried out and criticisms re loans to officers and direc1/ 7 25 tors removed Extension of time in which to comply with conditions of membership in FRSystem, monthly charge offs to be considered compliance with condition num2/ 138 bered 8 York, loans to Yokohama Specie Bsnk, Guaranty Trust Co., New policy involved in reference to State Depart1/4 1 ment http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 251 Pages State member banks: (Continued) Halsey State Bank, Halsey, Oregon, membership in FPSystem, application approved, number of directors to be 10/27 1106 increased prior to admission if practicable Wisconsin, condition report Home State Bank of South Milwaukee, as of December 31, 1938, certain demand deposits should have been classified under demand 1/3 1 127 deposits instead of time deposits Norwalk, Ohio, application for Huron County Banking Company, membership in FRSysten approved subject to having disposed of loans secured by own stock and 4/27 475 charged off certain losses of Detroit, Mich., application for Industrial Morris Plan Bank membership in FPSystem approved subject to having charged off certain losses and brought sav5/5 510 ings accounts into conformity Denver, Colorado, examination reports, International Trust Co., referred to in letter to FRBank of Kansas City re treatment of letters of credit issued for 6 8 /2 710 other than cash consideration in reports Savings Bank, Maquoketa, Iowa, application for Xackson State membership approved subject to having increased 4/2 369 capital stock and charged off certain losses avois Bank of St. Louis, Mo., fiduciary powers, apXefferson-Gr 10/15 1068 plication approved Kaspar-American State Bank, Chicago, Ill., application for membership in FRSystem approved subject to having charged off losses and having stamped stock for 3/4 281 payment of dividends to waiving depositors 4/5 383 Permitted to carry reduced reserves Lake Charles Bank and Trust Co., Lake Charles, La., trust funds, condition of membership requiring Pledge of collateral to secure, no objection to FRBank of Atlanta handling matter as suggested 827 8/5 Lake Shore Trust and Savings Bank, Chicago, Ill., member bank weekly statement, request for restoration of segregation of loans "On securities" and loans "Otherwise secured and unsecured", reply that Board would not be justified in asking member banks to continue reporting, similar replies to 9/23 994 be made to all such inquiries Company, New York, N. Ir., extension of time to Lawyers Trust 3/3 278 accomplish membership in FPSystem Company, Lowville, New York, capital stock, Lewis county Trust impairment in as shown by examination, letter to FRBank of New York that immediate steps must 3 17 / 718 be taken to correct Trust Company, Allentown, Pa., application apLiberty Bank and proved subject to conditions as to officers and with understanding bank will join Clearing House Association 1/7 21 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 252 Pages State member banks: (Continued) Liberty Bank and Trust Company: (Continued) 15 1/ 67 Certification to FDIC of membership in FRSystem New Orleans, La., Louisiana Savings Bank and Trust Company, membership application approved subject to cer12/17 1294 tain charge offs, increase in surplus, etc. Ky., examination reports Louisville Trust Company, Louisville, for 1927-1930, Board has no objection to FRBank of St. Louis making available to receiver for 10/28 1111 National Bank of Kentucky Lynchburg Trust and Savings Bank, Lynchburg, Va., additional time to dispose of stock in Craddock-Terry Com4/23 466 pany and Rivermont Realty Co. Madison County Trust and Deposit Co., Oneida, N. Y., examination shows need for strengthening management, letter to FRBank of New York that correction is ex/ 6 2 613 pected Manchester Bank of St. Louis, Mo., report of examination, debentures of Affiliated Fund Incorporated as in11/30 1231 vestment securities of St. Louis, Mo., condition Manufacturers Bank and Trust Co. of membership numbered 17 does not apply to bank giving own bond to secure deposits of 900 / 9 1 money of bankrupt estates Company, New York, N. Y., violation of Manufacturers Trust Pegulation U in connection with loans to Richard Whitney and Company, FRBank of New 7 /27 789 York requested to investigate Company, New York, N. Y., violation of Marine Midland Trust Regulation U in connection with loans to Richard Whitney and Company, FRBank of New 789 7/27 York requested to make investigation Baltimore, Md.: Maryland Trust Company, Condition reports, publishing two reports as of same call date is mandatory under existing law but arrangements are being made to prevent such dupli779 7/21 cation bonds of Houston Oil Company and Houston Purchase of Natural Gas Company Pursuant to a repurchase agreement, no objection to use of under Como1/27 118 troller's regulation State Bank, Rhinelander, Wisconsin, application for Merchants membership in FRSyst em approved with understanding bank is not to exercise fiduciary 1/24 107 powers of time within which to accomplish conditions of Extension /23 2 membership 227 Mid-City Trust Company, Plainfield, N. J., merger with State Trust Company, proposed conference with agencies concerned, reply to FRBank of New York that Board will attempt to arrange upon removal of difficulties 484 /2 4 8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 253 Pages State member banks: (Continued) Miners State Bank of Iron River, Mich., application for membership in FRSystem approved subject to having 7/14 brought certain loans into conformity 8/11 in which to complete admission Extension of time Monroe County Savings Bank and Trust Co., Columbia, Ill., application for membership in E}System approved subject to having straightened out certain 6/24 loans and Trust Co., St. Louis, Mo., common trust fund, Mutual Bank 8/11 ruling re segregation of assets sent Mr. Moser New Jersey Title Guarantee and Trust Company, Jersey City, New Jersey, condition, letter to FDIC acknowledging receipt of copy of letter sent State Comulissioner of Banking for New Jersey, and that Board will submit comments and suggestions 11/ 4 after consideration FDIC on condition of bank and general conditions Letter to 11/ 8 in Hudson County New York Trust Company, New York, N. Y., violation of Regaletion U in connection with loans to Richard Whitney and Company, letter to FRBank of New York requesting that investigation be made to 7/27 determine Oberlin Savings Bank Company, Oberlin, Ohio, membership in FRSystem, application approved subject to hav10/ 5 ing charged off estimated losses Oxford Savings Bank, Oxford, Mich., application for membership In FRSystem approved subject to having brought savings accounts into conformity and forwarded 8/19 copy of articles of incorporation Patchogue Citi zens Bank and Trust Co., Patchogue, N. Y., application for membership in FRSystem approved subject to having revised capital structure, charged off losses and corrected defects in management 8/30 9/15 Extension of time for completion of membership Extension of time for completion of membership and additional requirement on elimination of known 12/ 6 losses for Insurances on Lives and Granting AnPennsylvania Company nuities, Philadelphia, Pa., affiliate reports, 3/11 extension of time granted for filing 5/3 publish affiliate reports Not required to Peoples Bank, Bishopville, South Carolina, titles, use of work "national" on building is in violation of re/ 3 1 vised statutes and must be removed Indianola, Miss., permission for immediate Peoples Bank of withdrawal from FRSystem and permission to FDIC for examination in connection with contin12 /23 uance as nonmember insured bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 752 839 693 841 1147 1166 -789 1037 865 886 945 1246 301 502 259 1351 254 Pages State member banks: (Continued) Peoples Deposit Bank and Trust Company, Paris, Ky., application for membership in FRSystem approved subject to having strengthened trust department and arranged for separate quarters Peoples Savings Bank of Grand Haven, Mich., ability of Mr. Bolt to serve in executive capacity, letter to Mr. Young, FRBank of Chicago, that present policies should not be allowed to continue Peoples Trust and Savings Bank, Green Bay, Wisconsin: Membership application approved subject to having charged off losses and brought trust department into conformity with approved practices Proposed merger with Bank of Green Bay, Wisconsin, no objection Plaza Bank of St. Louis, Mo., claim against Union Trust Company of Cleveland if reorganization is effected and closing out special reserve, method of handling proceeds arising from, letter to Mr. Wood, FRBank of St. Louis, that Board will interpose no objection to plan outlined by bank Bank, Poland, Indiana, application for membership Poland-State approved subject to certain charge offs and fiduciary powers not to be exercised without special permission Potters Bank and Trust Co., East Liverpool, Ohio, establishment of branch at Wellsville authorized Princeton Bank and Trust Company, Princeton, N. J., purchase of assets of Princeton Savings Bank not within scope of membership conditions and Board offers no objection Pullman State Bank, Pullman, Washington, condition report, not necessary to republish report as of 'Tune 30, 1937 Rahway Trust Company, Rahway, N. J., written permission granted FDIC to examine in connection with proposed consolidation Permission to FDIC to examine in connection with ,absorption by Rahway National Bank Rapides Bank and Trust Company in Alexandria, La., trust funds, condition of membership requiring pledge of collateral to secure, no objection to FRBank of Atlanta handling matter as suggested Salmnenca Trust Company, Salamanca, New York, banking quarters, no objection to use of building acquired by foreclosure and to expenditure for remodeling and furnishing Security Bank and Trust Company, Bozeman, Montana, directorship vacancy as shown by examination must be filled immediately http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 0 /3 715 1/17 72 11/ 2 1133 12/30 1394 1 13 / 56 11 8 1215 /2 7/ 14 753 7/27 786 2/14 194 6/ 9 634 11/28 1216 8/ 5 827 10/29 1114 9/ 2 908 255 Pages State member banks: (Continued) Shelby County State Bank, Shelbyville, Ill., application for membership in FRSystem approved subject to having stamped stock for payment of dividends to waiving depositors Small loan departments, amendment to articles of incorporation providing for special plan banking, letter to FRBank of Cleveland that banks are not required to obtain permission of Board under general condition of membership, copy of letter sent FRBanks Somerset Trust Company, Somerset, Pa., application for membership in FRSystem approved subject to refraining from investing collectively funds held as fiduciary and having charged off certain losses Southern Arizona Bank and Trust Company, Tucson, Arizona, trust funds, pledging of securities as collateral to trust funds deposited in banking department, reply to Mr. Evans, FRBank of Dallas, that Board will not press for further action pending passing of legislation in near future Springport State Savings Bank, Springport, Mich., membership in FRSystem, application approved and if exercise of fiduciary powers is desired application should be made State and Savings Bank, Monticello, Ind., application for membership approved with special conditions on trust activities and loans State Bank of Aurora, Minn., permission for immediate withdrawal from membership and to continue with FDIC as an insured nonmember bank State Bank of Blue Island, Ill., application for membership approved subject to certain conditions including stamping of stock certificates in connection with outstanding deferred certificates Clearing, Chicago, Ill., extension of time to State Bank of increase capital stock as condition of membership State Bank of Cochran, Georgia, withdrawal from FRSystem, six months notice waived and immediate withdrawal approved State. Bank of Freeport, Ill., application for membership in FRSystem approved subject to having revised trust department and transferred certain deposits State Bank of Geneva, Ill., management, need for removal of President Oscar Nelson in connection with strengthening, FRBank of Chicago reauested to take prompt action and keep Board informed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/21 445 10/14. 1063 5/7 517 12 1/ 52 8/5 825 11/30 1226 12/13 1279 12/ 1 1234 2/5 155 6/14 654 4/21 443 10/31 1118 256 Pages Stete member banks: (Continued) State-planters Bank and Trust Company, Richmond, Va., interpretation of section of Comptroller's Investment Securities Regulation dealing with purchase of securities convertible into stock at option of holder or with stock purchase warrants attached 9/ a 925 sent to and copy sent RBanks State Security Bank, Brigham City, Utah, condition of membership requiring deposit of security with trust department when trust funds are deposited with banking department, Board accepts opinion of State authorities and San Francisco counsel that such securities may be validly pledged to fulfill 9/ 1 condition 902 State Trust Company, Plainfield, N. T., merger with Mid-City Trust Co. and assumption of deposits of First National Bank, proposed conference with agencies concerned, reply to FRBank of New York that Board will attempt to arrange upon re/2 4 8 484 moval of difficulties Summit Trust Company, Summit, N. J., stock in Summit Title and Mortgage Guaranty Company, extension of time to dispose of, and to act as trustee in connection /24 5 586 with bonds of company Trust Company, St. Louis, Mb., permission Tower Grove Bank and 4/ 5 384 to carry reduced reserves Toppenish, Wash., condition report need not be Traders Bank, published 11/ 2 1135 Truckers Exchange Bank, Crystal Springs, Miss., permission given FDIC to examine in connection with withdrawal from FRSystam to join 3/31 363 notice waived and immediate withdrawal approved Six months 363 3/31 Trust Company of Georgia, Atlanta, Ga.: Corporate stock, disposal of, Board will take no action at this time but trusts it will be disposed of in reasonable time, letter to FRBank of Atlanta 5/17 540 FRBank of Atlanta, election of, allowed only Directors, one vote together with subsidiary member banks 10/11 1046 of Trust Company of Georgia Associates of, FRBank to make jointly with State Banking Examination Department 11/14 1178 Union Bank of Commerce Company, Cleveland, Ohio: 4/15 423 Certification to FDIC of membership in FRSystem Membership condition re reorganization plan, order of Court 3 /22 of Common Pleas taken as compliance with 336 Union Trust Company of Cleveland, Ohio, claims against, by Plaza Bank of St. Louis if reorganization is effected and closing out special reserve, method of handling proceeds arising from, letter to Mr. Wood that Board will interpose no objection to plan outlined by bank 56 / 1 13 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 257 Pages State member banks: (Continued) Union Trust Company of Maryland, Baltimore, Md., nonconforming securities as shown by last examination report, no objection to FRBank of Richmond deferring dismission of matter with bank authorities until next examination Wachovia Bank and Trust Co., Winston-Salem, N. C., condition reports of affiliates, waiver of Washington State Bank, Washington, Iowa, application to exercise fiduciary powers approved subject to conditions revised under Regulation F Wayne County Savings Bank, Honesdale, Pa., daily collections from customers in Waymart, Pa. do not constitute operation of a branch, opinion of Counsel Wellesley Trust Company, Wellesley Hills, Mass., condition report, pledged correspondent balances with Merchants National Bank of Boston should be reported in Schedule L West McHenry State Bank, McHenry, Illinois, application for membership in FPSystem approved subject to having stamped stock for payments to waiving depositors and charged off losses West Side Trust Company, Newark, N. J.: Extension of time to comply with condition of membership requiring disposal of loans secured by own stock Improvement in condition and strengthening of management to be sought Wilmington Trust Company, Wilmington, Delaware: dUPont, Pierre S., ruled to be executive officer for purposes of Sec. 22(g) of FRAct and Regulation 0 Wyandotte Savings Bank, Wyandotte, Mich., application for membership in FRSystem approved subject to having made capital adjustments and charged off losses Extension of time within which to make charge offs Extension of time for accomplishing conditions Wyoming County Bank and Trust Company, Warsaw, N. Y., report of examination, improvement in condition of bank and management to be sought Zapp State Bank, St. Cloud, Minnesota, application lor membership in FRSystem approved ate Department: Havana Agency discontinuance, press statement, Depaltwent to be advised that Board prefers release by FRBank of Atlanta and ordered released when procedure has been approved by FRBsnk and Department 4E tistical information collected on business conditions, Mr. Goldenweiser to prepare memo on procedure for improving for consideration by Presidents' Conference, to be reviewed at later date by Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/18 1079 8/26 881 1/ 6 14 /2 5 1 573 4/11 407 6 0 /3 718 1 1 /2 101 12 /22 1343 4/12 411 7/14 750 7 2 787 /7 10/18 1076 12/20 1321 5/31 605 8/23 872 1/ 7 20 258 Pages Statistical information: (Continued) Messrs. Szymczak, Davis and Goldenweiser to prepare recommendations as to procedure to be followed, individuals consulted and draft of letter to FRBanks requesting them to extend invitations to individuals in their districts, so that meeting may be held prior to Presidents' Conference Memo containing procedure, draft of telegram and letter to FRBanks approved N ed form tistical organization in Federal Government, decentraliz preserved but Central Statistical Board to be should be retained to collect non-administrative statistics, letter to Mfr. Marvin McIntyre 1/ 14 61 1/2 1 95 11/ 1 1129 Stati sti cs: Branch banking information as of December 31, 1937, publication in FRBulletin approved subject to assent of Chairman Eccles over telephone to Chairman Advice from Mr. Ransom that he had read memo offered no objection and that he Department store statistics, collection of, letter to Department of Commerce that Board intends to discontinue and asking if Commerce would like to take over, copy of letter sent FRBanks continue collection until middle of 1939 when FRBanks to Department of Commerce will take over Funds for continuation of study eliminated from budget of Department of Commerce, letter to Mr. Roper on showing restricted or deWisconsin member banks, schedule ferred payments of deposits, waivers obtained from depositors, etc., during period Jan. 1930 to Dec. 1936, letter to FRBenk of Minneapolis acknowledging receipt and requesting it absorb expenses Steel , Holding company affiliates, Iowa Trust and -L W. 0.: (See Savings Bank) 4e T., special work for A.B.A. in trusts, to be phenson, Gilbert invited to lunch with Board while in Washington, along with Mr. Sidney Taliaferro Stock, capital: Bank of the Manhattan Company, New York, N. Y., extension of time in which to dispose of stock in County Trust Company, White Plains, N. Y. Bankamerica Company, sale of by Transamerica Corporation to Western States Corporation, letter to Mfr. Clerk, FRBank of San Francisco, requesting more information Period for disposal not yet over and Board has not considered question of meeting agreement http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9 /23 1001 9 /23 1001 5 7 /2 604 11/ 8 1171 12/10 1275 9/13 944 9/30 1021 9/27 1010 2 17 / 212 5/3 503 259 Pages Stcick, capital: (Continued) Bankamerica Company: (Continued) Letter to FRBank of San Francisco that they need not advise Transamerica Corporation of above letter if they are satisfied the corporation is not laboring under any false impressions concerning the Board's position Bankers Trust Company, New York, N. Y., purchase of stock in Bankers Company of New York, letter to FRBank of New York that application will be approved when Bankers Company executes agreement and permission is obtained from Banking Board, State of New York Purchase of stock in Bankers Company of New York, application approved Baltimore, Md., examination report discloses Calvert Bank, need for increasing Bank & Trust Company, Carthage, Tenn., adequacy of Citizens capital structure, letter to Mr. Parker, FRBank of Atlanta, that Board will not require increase in view of bank's liquid condition and excellent management State Bank, Coopersville, Mich., increase required Coopersville by condition of membership, extension of time for County Trust Company, White Plains, New York, extension of time to Bank of the Manhattan Company for disposal of Covaitz Valley Bank, Kelso, Washington, capital debentures, no objection to retirement Federal Trust Company, Newark, N. J., increase in, letter to FRBank of New York requesting it continue efforts to bring about introduction of additional funds, and keep Board advised of developments First Citizens Bank and Trust Company of Utica, N. Y., FDIC and PFC plan providing funds for reorganization upon sound basis, letter to FDIC that Board approves action First Federal Savings and Loan Association of Laguna Beach, California: Harriman, H. I., Director, Mank of Boston, need not dispose of stock in Pirst Security Bank, Beaverton, Oregon, capital debentures, no objection to retirement Holston Agricultural Credit Corporation, purchase of additional stock by Bank of Glade Springs, Va. ruled unlawful Impaired, modification of requirements for membership with respect to securities depreciation International Banking Corporation, authority to National City Bank of New York to make additional invest ment in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5 2 /6 592 2 /24 234 3 11 / 300 12 13 1281 / 3/ 4 283 12 8 /2 1378 9/2 7 1010 7/27 787 10/18 1076 11/ 1 1124 3/17 316 8/10 831 11 /22 1204 10/29 1115 12 7 /2 1366 260 Pages Stock, capital: (Continued) Jackson State Savings Bank, Macuoketa, Iowa, increase as condi4/ 2 370 tion of membership New York, impairment Lewis County Trust Company, Lowville, shown by recent examination, letter to FRBank of New York that immediate steps must be taken 3/17 318 to correct Texas, proposed plan for changes in Liberty State Bank, Dallas, 12 /23 1352 connection with membership application Boston, Mass.: New England Trust Company of Harriman, H. I., Class C Director, FRBank of Boston, must 3 17 / 316 dispose of stock in Chicapo, Ill., time extended for inState Bank of Clearing, 2/5 155 crease as condition of membership showing capital account in condiState member banks, method of tion reports, letter to Fitch Investors Ser7/15 762 vice, New York Stock, corporate: Va., granted addiLynchburg Trust and Savings Bank, Lynchburg, time to dispose of stock in Craddocktional 4/23 466 Terry Company and Rivermont Realty Company Summit, N. J., stock in Summit Title and Summit Trust Company, Mortgage Guaranty Company, extension of time to dispose of and to continue to act as trustee 5/24 586 in connection with bonds of company Georgia, Atlanta, Ga., disposal of, Board will Trust Company of take no action at this time but trusts that stock will be disposed of in reasonable time, 5/17 letter to FRBank of Atlanta 540 may not be classified as savings deposits, Stock exchange deposits 2/ 7 telegram to Mr. Clerk, FRBank of San Francisco 159 stock, FRBanks: Cancellation by FRBank, letter to Mr. McKinney, FRBank of Dallas, that board of directors cannot authorize until member bank goes into voluntary liquidation or receivership 160 2/'7 Dallas: YRBank of Consolidated National Bank, Tucson, Arizona, cancellation of, letter to Mr. McKinney that directors cannot authorize until bank goes into voluntary liq160 2/7 uidation First National Bank of Churdan, Iowa, application of First State Bank of Churdan for membership in FRSystem approved subject to having cleared up mat5/14 536 ter of of by member savings and loan associations, purchase 4°°k, Federal banks and retention of shares acquired prior to membership in FRSystem, letter to Federal 603 5/27 Home Loan Bank Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 261 Pages Stock, Federal savings and loan associations: (Continued) Letter to FRBanks containing excerpt from letter to Home Loan Bank Board took, preferred: California Bank, Los Angeles, California, retirement of, and transfer of like amount to surplus, no objection ille State Bank, Coopersville, Mich., sale authorized Coopersv by directors of bank Stockholders meetings: from each bank FRBank of Boston, reimbursement for one member Pullman approved for railroad fare and ng expenses of Advised that FRBanks should not pay travelli banks in attending representatives of member such meetings of Federal Advisory Council that they be held Recommendation in each FRDistrict Stocks, list of registered on national securities exchanges, letter to FRBanks advising that Board will publish and requesting estimates as to supply needed S+ arranged with members .onier, Harold, to attend official luncheon December 19 of Board for Strutz, Karl (See Bank Eftployees' Union, A. F. of L.) Studies, investment standards, under direction of National Bureau of Economic Pesearch, Board's contribution of assigning member of staff of Division of Research and Statistics and paying travel expenses, authorized Stateman, H. P.: (See United States Golden Gate International -47xposition Commission) 11)ar1ntendent of Banks of the State of New York, interest rates on time and savings deposits, regulation of Banking Board of New York State limiting, ruled not applicable to national banks, copy of ruling sent to Puling withheld, Mr. White to be invited to personal conference if he so desires before ruling is made , Letters to Mr. White and Mr. Gidney approved for transmittal FRBanks purchase of, letter to Mr. Harrison requesting that Committee on Standardization and Purchase of Supplies furnish information re prices paid by FRBanks " 1.11 Teys: services Central Statistical Board, organization of statistical the Government of Bureau of Consumers financing survey conducted by National Economic Research, Board feels that Mr. A. C. Sienkiewicz,Tlcp of Philadelphia, cannot be spared to -a-s;Z:t http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/ 6 617 8/ 1 795 12 8 /2 1378 9/2 1 974 12/ 8 1256 11/2 9 1220-2 / 2 15 198 12 13 1283 / 10/31 1122 7/12 741 7/12 7/20 742 771 4/6 390 11/ 1 1129 6/7 622 262 Pages Surveys: (Continued) Consumers financing survey: (Continued) Letter to be prepared stating that Board has reconsidered and will interpose no objection to his taking part Letter sent FPBank of Boston: g letter on considAuditing department, reply acknowledgin directors eration of report by of Dallas: FRBank g letter on conAuditing department, reply acknowledgin by directors and stating sideration of report all matters that Board's examiners will review examination in course of current s exNo further consideration necessary since Board' with Mr. McKinney the mataminer has reviewed ters brought out by survey, letter to Mr. Merritt report sent to Fiscal agency department, copy of survey n and couftent for consideratio FRBank of Kansas City: sent to Mr. Thames Auditing department, copy of report letter on consideration of report Reply acknowledging by directors report sent to Mr. Hamilton Examination department, copy of FRBank of New York: report sent to FRBank for Fiscal agency department, copy of comment FRBank of Philadelphia: report sent Mr. Austin Auditing department, copy of department, copy of report forwarded to Mr. Examination Sinclair FRBank of St. Louis: Auditing department, copy of report of survey sent to Mr. Nardin Reply acknowledging letter on consideration of report by directors Examination department, copy of report of survey sent FRBank Plans for supervision and direction and successor to Mr. Wood discussed agency department, copy of report sent Mr. Martin Fiscal requesting comments 6 10 6% : 5 68 7/12 745 11 1/ 46 4/12 411 6 /24 695 / 4 8 396 7/ 6 4/ 5 731 383 11/23 1211 6/9 635 /2 6 8 709 4/5 382 5/5 512 4/5 381 11/ 9 1173 7/12 745 FRBanks: concluExamination departments, smmmary of comments and to each sions reached on basis of, letter 11 /22 1203 FRBank to be prepared on action to be taken izing resummar Legal divisions, memo of Mr. Dreibelbis sults of survey, Messrs. Morrill and Dreibelbis to prepare resolution embodying and draft let563 /2 5 0 ter to FRBanks conveying suggestions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 263 Pages Surveys: (Continued) FRBanks: (Continued) Legal divisions: (Continued) 6/9 Resolution and letter to FRBanks member banks, Committee on Free Services of Services to Presidents' Conference requested to make survey of services rendered country member banks and 10/25 member banks in FRBank and branch cities of Board of Governors, voucher payFiscal agency department ments, letter to re policy to be set up as re4/20 sult of survey direction of National Bureau of Investment standards, under Economic Research, Board's contribution of assigning member of staff of Division of Research and Statistics and paying travel ex10/31 penses, authorized by National Bureau of Economic Research, Long-term investments memo that Board recommend to WPA officials that tabulation project be carried out and Board staff made available for consultation approved, 6 /23 letter to Bureau notifying of action New York Stock Exchange, reporting system, extension of, memo of Mr. Parry recommending Board coordination 10/31 with Trading and Exchange Division, approved Board, Fiscal Agent, letter re policy to be set Personnel of 4/20 up for voucher payment as result of survey (See World Calendar Association, Incorporated) ,Utter, Charles C.: Ivift, A. D., present at Board's hearing on extension of effective date of interlocking directorates under Banking Act of 1935 10/13 SYMbols, membership in FRSystem, letter to Hux Cuts, Inc. that Board does not control diamond-and-oblong emblem and permission to reproduce is not necessary 3/17 633 1093 439 1122 687 1121 479 1050 323 Nliaferro, Sidney F., member of executive committee of Trust Division of American Bankers Association, to be invited to lunch with Board, along with Mr. 9/30 1021 Gilbert Stephenson notes, legal risks incurred by FRBanks in collecting revenue warrants drawn on State and political subdivisions, to be referred to Standing Committee on 12/ 9 1270 Collections FRBank of Chicago, employment of Mayer, Meyer, Austrian & Platt and Mr. Adelbert Brown to contest taxes on building for 1937 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis / 5 11 524 264 Pages Territory: FRBank of Dallas: Calhoun and Refugio counties, Texas, transferred from San 987 9/22 Antonio to Houston Branch thirteen Missouri counties FRBank of Kansas City, transfer of from Eighth to Tenth FRDistrict, letter to Mr. Hoefer to be prepared stating that circumstances 5 /24 581 do not justify transfer / 6 6 618 Letter sent Letter from Mr. Hoefer re Board's decision referred to Mr. 8/3 812 Szymczak for recommendation Letters to FRBanks of Kansas City and St. Louis asking if it is convenient for representatives to meet at St. Louis with Board representatives on Sep/ 9 1 904 tember 13 12 0 1318 /2 To be considered at meeting in January FRBank of St. Louis: 7 13 / 503 Arrangement of, suggested arrangement sent Mr. Martin boundaries of branches, map Approximate territorial 5/3 503 sent Mr. Martin for consideration 5 24 / territory to bank end branches 590 Assignment of Transfer of thirteen Missouri counties from Eighth to Tenth FRDistrict, letter to Mr. Hoefer to be prepared stating that circumstances do not justify trans5/24 581 fer / 6 6 618 Letter sent Letter from Mr. Hoefer re decision of Board referred to 8/3 Mr. Szymczak for recommendation 812 FRBanks of Kansas City and St. Louis asking if Letter to it is convenient for representatives to meet at St. Louis with Board representatives on September 13 / 9 1 904 considered at meeting in January 12/20 1318 To be FRBranch banks, description it Annual Report to be revised to show territory assigned to branches of St. Louis bank 590 5/24 Branch, suggested arrangement sent Mr. Martin, Little Rock FRBank of St. Louis 307 3/12 Approximate territorial boundaries, map sent Mr. Martin for consideration 5/3 503 5/24 590 Assignment of Branch, suggested arrangement sent Mr. Martin, Louisville 303 3/12 _MBank of St. Louis Approximate territorial boundaries, map sent Mr. Martin for consideration 503 5/ 3 5/24 590 Assignment of Memphis Branch, suggested arrangement sent Mr. Martin, FRBank 3/12 303 of St. Louis Approximate territorial boundaries, map sent Mr. Martin 5/3 502 for consideration /24 5 590 of Assignment http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 265 Pages Territory: (Continued) Portland Branch, transfer of counties from Seattle Branch in connection with disestablishment of Spokane 9 1 /2 975 Branch Portland Branch in conSeattle Branch, transfer of counties to /2 9 1 975 nection with disestablishment of Spokane Branch failure of broker to give Terry, M., New Orleans, La., inquiry re certain protection, reply to that act WEIS not 4 0 /3 491 in violation of Regulation T Banking Practices, Board reThird Regional Conference on Uniform quested to suggest problems in banking regulations for discussion and to send representa12/ 6 1244 tive to conference Properties) Thompson, W. W.: (See Mammoth Cave Thorp, 0. E.: (See National banks, Bloomington National Bank, Bloomington, Indiana) Time schedules, interdistrict: d by Changes in, for cash items to reduce the periods prescribe before the proceeds of collection the schedule items are made available, possible effects on reserves of member banks, discussion and placed / 2 8 163 on docket for further consideration and branches to other FRBanks and FRBank of Sen Francisco 9/23 1003 branches, changes approved simplify check collection, suggested as Modification of, to 2/23 229 topic for discussion at Presidents' Conference Chairman Eccles that question of immediate Suggestion of credit on items payable and short terms for other items be considered in discussion of /25 2 247 time schedules allowing immediate credit on items payable and Question of short terms for other items, suggestion of presidents that matter be further studied by Board and officers of FRBanks, joint committee of 264 presidents and Board to formulate report 3/1 allow immediate credit, suggestion of Mr. Revision of, to Eccles to combat competition of city banks soliciting items from correspondent banks on basis of crediting proceeds at early date, meeting of Federal Advisory Council with Board, 2/15 206 committee to prepare report Titles: Peoples Bank, Bishopville, South Carolina, use of word "national" on building is in violation of Revised 259 / 3 1 Statutes and must be removed Townsend-Skinner and Company, New York, request for amendment to member bank weekly statement restoring segregation of loans "on securities" and loans "otherwise secured and unsecured", reply that Board would not be justified in asking member banks to continue reporting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis /23 9 992 266 Pages Townsend-Skinner and Company: (Continued) Letter stating that comments have been noted and suggestion that figures of total loans on securities be collected at six months intervals would be 10/ 3 given careful consideration t of securities companies by Transamerica Corporation, divorcemen request of FRBank of San Francisco, reply to 12 1 /2 telegram from Board connection with travel outside conTravel,expenditure of Board in tinental United States, report sent to Appro2/1? priations Committee, United States Senate of those payable solely in blocked Travelers checks, issue end sale currencies of foreign countries, Chase Bank, New York, authorized to transact type of busi9 /23 ness in United States Treasury Depertment: Industrial loans, difference in computations of Treasury and FRBenks as to amounts payable under Section 2/4 13b of YVAct placing in Treasury account, discussion of Gold, tmnorted, 6/7 general policy Secretary of Treasury) (See also Treasury financing, factors determining extent of September 15 financing, discussion prior to meeting of executive committee of Federal Open Market with 8 1 /3 Secretary of Treasury reports on holdings, purchases and sales of seTrUst companies, curities for accounts administered, letter to American Bankers Association suggesting that larger trust companies be required to make not 2/11 approved Trust funds: Arizona, pledging by Southern Arizona Bank and Trust Company of securities as collateral to trust funds deposited in banking department, reply to Mr. Evans, FRBank of Dallas, that Board will not press for further action pending passing of legislation in near future 1/12 Bond issue funds deposited for redemption and refunding of, manner of handling by banks to escape Federal 12/27 Deposit Insurance Corporation assessment Common: First Trust Company of St. Paul, Minn., limitation upon 19 7/ investment of funds of a trust in 8/15 published in FPBulletin Ordered Investment of funds of a trust in, limitations upon, ruling 7/19 re 8/15 in FRBUlletin Ordered published http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1074 1332 1c3P 1002 149 621 895 179 52 1353 767 852 767 852 267 Pages Trust funds: (Continued) Common: (Continued) Mutual Bank and Trust Co., St. Louis, Mo., segregation of assets, ruling sent Mr. Moser Peal estate mortgages, amendment to Regulation F providing for, suggested as topic for discussion at Federal Advisory Council meeting Recommended by Federal Advisory Council it be adopted in principle but that self-dealing be avoided Letter to Trust Division of American Bankers Association re statement that it cannot recommend adoption of amendment, and requesting reasons for that decision, also that Board will arrange conference if committee so desires Conditions of membership applicable to, standard condition ?!5 revised to comply with Regulation F as amended, State member banks compliance with to be considered meeting condition #5 of Regulation H, letter to FPBanks Deposit in commercial department, condition of membership requiring deposit of security with trust department in case of, Board accepts opinion of State authorities and San Francisco counsel that State Security Bank, Brigham City, Utah may validly pledge such securities and fulfill condition Deposit of, by a national bank in its own savings department, ruling to be published in FRBulletin Investment under Regulation F, interpretation of regulation as to trust instruments silent with respect to kinds or classes of investments to be made Plan covering operation under Regulation F, letter to Carl W. Fenninger suggesting conference of Special Committee Common Trust Funds with Board State National Bank, Texarkana, Arkansas, reply to inquiry on deposits of securities in trust department to secure funds deposited in savings department Uninvested: California Trust Company, Los Angeles, depositing in FRBank of San Francisco, Board will offer no objection to receipt of such deposits in certain specified instances .PRBanks, Board will offer no objection to reDeposit in ceipt of such deposits in certain specified instances TrUst receipts: value is Seaboard Trust Company of Hoboken, N. T., whose face but not guaranbacked by like amount of bonds teed as to principal or interest, neither registered securities nor exempted securities and have no loan value under Regulation T http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/11 841 9/30 892 9/20 967 10/18 1078 1/18 79 9/ 1 902 12/14 1288 9/ 1 901 12/27 1367 11/22 1205 10/14 1062 10/14 1062 / 7 14 307 268 Pages Twohy, D. W., protest against closing of Spokane Branch, reply that circumstances do not justify continuance Underhill, Hurshel E.: (See Bylaws, FRBank of Kansas City and branches) United States Etployees Compensation Commission: Refusal to treat Board employee, Fourth Assistant Engineer Harvey to be allowed treatment by Board's examining physician for injuries sustained in performance of duties Employees injured in course of employment to be cared for at Board expense pending making Permanent arrangements elsewhere Letter to that Board is not in accord with view that it is not a branch of the Federal Government United States Golden Gate International Exposition Commission, Washington, D. C., offer to place Board's publications on display, reply to that they are not of a character appropriate for general distribution University of Oklahoma: (See Griswold, John A.) 9 8 1013 /2 4/26 470 /3 4 0 492 5 13 / 534 1/2 1 102 /3 6 0 719 5/20 568 5/14 537 5/14 537 3/16 314 /1 259 1/g8 123 "V" Vendemia, 'Ralph, letter stating terms of agreement for operation of Board's barber shop Violations: City National Bank and Trust Company of Salem, N. J., note of President acquired through bank's service as trustee, Sec. 22(g) not applicable Company„Newark, N. T., misappropriation by ofColumbus Trust ficers of funds collected as liquidating agent for FDIC, permission granted FDIC to examine records Mr. Gidney inclosing copy and requesting to be Letter to advised of developments as to financial condition or affecting solvency False reports of member banks, letter to Senator Caraway that no Federal statute exists Bank, Bishopville, South Carolina, use of word "naPeoples tional" on building in violation of statute and must be removed U, those discovered by FDIC and Comptroller in examRegulation ining banks, procedure to be adopted approved and Board staff authorized to negotiate informally with FDIC and Comptroller http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 269 Pages Violations: (Continued) Peculation U: (Continued) Principles agreed upon for handling violations after discussion with Federal Deposit Insurance Corpora/26 2 250 tion and Comptroller member banks end two national banks in New York City State by loans to Richard Whitney and Company, letter to FRBank of New York requesting that investigation be made of member banks with understanding that conference would be held with Comptrol7/27 788 ler re investigation of national banks U by national banks and State member banks in Regulations T and connection with loans of Richard Whitney, report of Mr. Dreibelbis as to Procedure for investiga5/ 5 506 tion Company, Revised statutes, First-American Bank and Trust Middletown, Ohio, no objection to holding of 5/31 606 bonds nurchased in view of circumstances of FRAct, liability of executive officers of memSection 22(g) ber banks who execute Commodity Credit Corporation notes on cotton, reply to Mr. O'Connor that 1/12 53 it constitutes 30 of FRAct: Section Bank of America National Trust and Savings Association: (See National banks) Tapert, K. G., former employee of Seattle Branch, irregularity in account to be discussed with local United 12 13 1283 / States Attorney Visits to foreign countries: Despres, FMile, FRBank of New York, visit to European banks, question deferred pending meeting at which all 640 Board members are present 6/10 647 6/13 Board offers no objection 849 8/12 To bring report to Washington for discussion with Board Goldenweiser, E. A., Division of Research and Statistics, directed to proceed to England, France and such other points as necessary on official Board 6/21 678 business FRBank of New York, advice that he plans Harrison, George L., 8/16 854 to pay Bank of Canada a courtesy call of New York, visit to certain European Knoke, L. W., FRBank banks, question deferred pending meeting at 6 10 / 640 which all Board members are present 6 17 / 647 objection Board offers no of trip to Washington for discussion with To bring report 8/12 849 Board Division of Research and Statistics, directed Morse, Chandler, to proceed to England, France and other points /2 6 1 679 as necessary on official Board business http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 270 Pages Voting permits: American Investment Corporation, Ogden, Utah, voluntary surrender suggested because of termination of relationship with Commercial Security Bank Applications, recommendation of Federal Advisory Council that FPBanks be allowed to approve BancOhio Corporation, Columbus, Ohio, extension of time within which relationship with BancOhio Securities Co. must be terminated to obtain, reauest cannot be granted First National Bank of Delaware, Ohio, condition report need not be filed with new application To vote stock of First National Bank of Delaware, Ohio, application approved Bank Shares Corporation, Minneapolis, Minn., provisions of paragraphs 1 and 2 of agreement executed at time permit was granted have been complied with Barnett National Securities Corporation, Jacksonville, Fla., granted general voting permit to vote stock of Barnett National Bank of Fort Lauderdale, Fla. First Bank Stock Corporation, Minneapolis, Minn., agreement executed as condition precedent to issuance of general voting permit, letter to advising that paragraph 1 is no longer binding General voting permit, acquisition of stock in First State Bank of Cooperstown, N. D. need not be reported since it is subsequent to issuance of permit affiliates need not submit information coverHolding company ing acquisition of stock in bank subsequent to Issuance of general voting Permit List of those held furnished Senator McAdoo in answer to request Corporation, application to be filed to vote Marine Midland stock of proposed State bank to be organized to succeed First National Bank end Trust Company of Elmira, N. Y. Northwest Bancorporation, Minneapolis, Minn., general voting permit, need not submit information covering acquisition of stock in bank subsequent to issuance of permit permit granted to vote stock of twenty-five banks General listed rica Corporation, general, agreement to cease particiTransame pating in management of any securities company within five years, period not yet over and Board has not considered sale of Bankamerica stock to Western States Corporation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12 /27 1367 11/2 9 1221 / 8 11 839 /23 8 877 12/ 8 1253 6 0 /2 675 1/7 28 1/5 11 19 9/ 962 9/ 19 962 7/16 310 12 2 /8 1775 9 19 / 962 12/29 1386 5/3 503 271 Pages Voting nermits: (Continued) Transamerica Corporation: (Continued) Letter to FRBank of San Francisco that they need not advise Transamerica Corporation of above letter if they are satisfied corporation is not laboring under any false impressions concerning the Board's 5 26 / 592 position of permit, Mr. Clerk Agreement in connection with issuance requested to ascertain what change in relationship with Bankamerica Company and BankamericaBlair Corporation has been made or is contem9/ 1 903 plated general permit, letter Agreement executed in connection with from FRBank of San Francisco forwarding condition report and stating it might be well to defer Board's request until Board has reviewed 996 /23 9 report Agreement executed in connection with granting of general permit, Board is of opinion that Corporation still controls Bankamerica Company and FRBank of San Francisco asked to advise Corporation 997 /23 9 accordingly Agreement executed in connection with general permit, corporation still has interest in Bankamerica Company and consideration must also be given relationship with Bancamerica-Blair Corporation, WBank of San Francisco requested to advise corporation and keep Board advised of developments 11/ 1 1126 Universal Corporation, Miami Beach, /la., not necessary to obtain to vote stock of Lake Worth National Bank, Lake Worth, Fla., and Mercantile National Bank of Miami Beach, Fla. 32 1/10 Wisconsin Bankshares Corporation, Milwaukee, Wis., limited permit granted to vote stock of Baraboo National Bank, Baraboo, Wisconsin 221 2/19 Vouchers: Fiscal Agent of Board of Governors, payments, letter to re 4/20 439 policy to be set up as result of survey guests of Board members and staff, assumption Meals served to of cost of two which had not been previously 8/12 authorized, approved 848 advice to Mr. Foulk, Fiscal Agent, re turning Paid vouchers, over file to General Files and procedure for 7 /27 791 monthly transfers to General Files TIV;r1 & J. Sloane, payment to, covering balance due on furniture and furnishings http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 9 /2 360 272 Pages W. & T. Sloane: (Continued) Payment to, for additional furniture and furnishings for Board 3 9 /2 members section bonds, Board to pay expenses W. P. A. Projects, study of corporate 10/31 of member of staff to assist in study on service of Mr. Osborne Walsh, Senator David I., reply to inquiry 12 /27 Bezanson under Clayton Act War in Europe: Government securities, advances on promissory notes secured 9 2 /1 by, attitude of FRBanks in case of war of outbreak re steps to be taken Press statement issued in event by FRSystem in easing shock to country, Mr. Goldenweiser to prepare statement and letter to 9 8 /2 FRBanks Association) Warner, Frank: (See Iowa Bankers Warrants: California State Retirement Life Payments Act, compensation warrants issued under, refusal of Board to 9/ 19 rule on handling ion, inquiry as to how nonmember banks Washington Bankers Associat are informed of rulings under Regulation U, reply to, enclosed with letter to FRBanks requesting that they make such distribution and 1/ 6 offering to furnish copies Barber Shop, Washington, D. C., letter to outlinWashington Hotel ing conditions for placing barber shop in Board' 2 /24 new building terminating agreement for operation of Board's barber Letter to /3 6 0 shop of agreement with Mr. Basqual for operation of Termination Board's barber shop and beauty parlor, check 8/1 accepted in full settlement of rental fee present at Board's hearing on extension of efWayne, Joseph, Ir., fective date of interlocking directorates under 10/13 Banking Act of 1935 Philadelphia Clearing House Association) (See also (See Equitable Life Assurance Society of the Welch, Vincent United States, N. Y.) ion of Public Buildings and Welfare and Recreational Associat Grounds, Inc.: New contract covering operation of cafeteria, snack bar, etc. 12/30 approved and Voucher covering two meals to Fuests of Board members staff, assumption of cost of which had not 8/11 been previously authorized, approved study made at White, Joseph L., Consultant, payment to for special request of Chairman Eccles on railroad equipment situation and operation of a Federal /2 3 8 equipment corporation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 361 1122 1368 978 1014 964 16 237 719 795 1050 1396 848 355 273 Pages White, W. R., Superintendent of Banks of State of New York, regulation of Banking Board of New York State limiting rate of interest on time and savings deposits, ruled not applicable to national banks in New York State, copy sent to Ruling withheld, Mr. White to be invited to personal conference if he so desired before ruling is made Letter containing ruling sent upon advice from Mr. White Whitney, Richard, violation of Regulation U by State member and national banks in New York City in connection with loans to, FRBenk of New York requested to investigate State member banks and conference to be held with Comptroller re investigation of national banks Report of Mr. Dreibelbis as to procedure for investigating violations of Regulations T and U by national banks and State member banks in connection with Wilbur, Harding L.: (See State member banks, Lake Shore Trust and Savings Bank, Chicago, Ill.) banks, State-Planters Wilkinson, J. Harvie, Jr.: (See State member Company, Richmond, Va.) Bank and Trust Williams, Parker S., present at Board's hearing on extension of effective date of interlocking directorates under Banking Act of 1935 Willits, Dr. Joseph H.: (See National Bureau of Economic Research) Wilmoth Paving Company, payment to, in full settlement for work done on Board's parking lot Winnipeg Bankers Lecture Club: Powell, 0. S., FRBank of Minneapolis, no objection to address on some general topic dealing with differences between banking set-up in United States and Canada Wisconsin: Member banks, statistics showing restricted or deferred payments of deposits, waivers obtained from depositors, etc., during period January 1930 to December 1936, letter to FRBank of Minneapolis acknowledging receipt and requesting expense be absorbed by bank Withdrawals from FRSystem: Alpena Savings Bank, Alpena, Michigan, six months notice waived and permission for immediate Eastman, Georgia, waiver of notice and permission for Bank of immediate Sasser, Georgia, waiver of notice and permission for Bank of immediate State Bank, Afton, Iowa, six months notice waived Commercial and permission for immediate http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/12 741 7/12 7/2 0 742 770 /27 7 788 5/5 506 10/17 1050 6 /27 691 10/29 1116 9/13 944 6 16 / 664 8/3 813 8/17 861 10/ 3 1031 274 Pages Withdrawals from FRSystem: (Continued) Fleetwood Bank, Mount Vernon, N. Y., must prepare satisfactory plan for rehabilitation of affairs and strengthening of management or membership will be ter5 /27 596 minated Peoples Bank of Indianola, Miss., application approved with 12/23 1351 permission for immediate withdrawal State Bank of Aurora, Minn., immediate withdrawal approved 12/13 1279 and bank to continue as insured nonmember bank State Bank of Cochran, Georgia, six months notice waived and 6/ 14 654 immediate withdrawal approved months Truckers Exchange Bank, Crystal Springs, Miss., six 3 1 /3 363 notice waived and immediate withdrawal approved Woollcott, Philip: (See Morris Plan banks, Morris Plan Bank of Asheville, N. C.) Workman, W. H.: (See First Industrial Loan Company of California) World Calendar Association, Incorporated, letter to Mr. Sutter ex11/ 19 1198 pressing views on calendar reform Zimmerman, Charles F.: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (See Pennsylvania Bankers Association)
@FedFRASER