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300 O(57 INDEX TO MINUTES OF BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1939 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis KEY TO INDEX Branch Banks, Domestic, FRBanks and Foreign, see Branch Banks Clayton Act, see Interlocking Directorates Directors of FRBanks 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 1939 "A" Acceptances up to 100% of capital and surplus: Pan American Trust Company, New York, N. Y., action on application deferred pending receipt of examination 6/1 report 8/3 Application approved Accounting firms: Check on FRBank auditors, statements by Messrs. McCabe and Young at Conference of Chairmen as to procedure at their FRBanks, and statement by Mr. 12/ 5 Eccles on work of Board examiners Accounts: Board of Governors, letter to FRBank of Richmond closing two accounts and consolidating into one general ac2/15 count Addresses: Paulger, Leo H., suggested to group six, W. Va. Bankers Association as speaker of annual meeting to be held 3/20 at Fairmont, W. Va. Adjusted service certificates, rediscount of notes secured by, letter to Mr. Hines on proposed repeal of Regula1/6 tion G of Regulation G, repeal of, and letter to FRBanks on treatment applications and rediscount of such certifi4/6 cates 8 11/ Draft of entry for policy record of Board approved Aetna Life Insurance Company, Hartford, Conn., Board to make application for group life insurance policy, request 3/23 for forms for use in connection with Affiliates: American Safe Deposit Co., Inc., of American Bank and Trust Co., New Orleans, La., investment in stock shown in 2/ 4 wrong item in condition report of member bank County Charles G. Allen Co., Inc., relationship with Worcester 3/29 Trust Co., Worcester, Mass. transcall next Condition reports, forms and instructions for 3/23 mitted to FRBanks 8/25 ed transmitt Forms for use as of next call date Forms and instructions for next call transmitted to FRBanks 12/13 Farmers and Fishermens Company, to dispose of stock of Farmers Bank of Mathews, Va., as condition of member11/15 ship of bank teleMo., Joseph, St. South Bank, First St. Joseph Stock Yards 4/ 4 gram to Mr. Hamilton on obtaining reports of reof waiver Minn., is, Minneapol on, First Service Corporati quirement for submission of reports for member 8/31 banks, letter to Comptroller of the Currency http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 712 971 1519 227 403 23 498 1405 425 171 452 424 1040 1564 1416 481 1076 2 Pages Affiliates: (Continued) Germantown Fireproof Storage Company, Philadelphia, Pa., condition report, extension of time within which Integrity Trust Company, Philadelphia, Pa., 11/16 must file investin increase Industrial Trust Building Corporation, ments in and loans to by Industrial Trust Co. 4/ 7 approved recondition Pa., Joseph L. Shoemaker Co., Inc., Philadelphia, port, extension of time within which Integrity 11/16 Trust Company, Philadelphia, must file of Bank by ion contribut on, Merchants National Realty Corporati America National Trust and Savings Association to, questions raised by national bank examiner 3/10 on of as report of on publicati Oak Harbor Mortgage Loan Company, Dec. 31, 1938 waived but report should be rendered at next call if affiliation still ex3/ 6 ists not need exhibits Y., N. Hornell, Royal Development Company, be filed by Marine Midland Corp. in connection with approval of general voting permit to vote 12/20 stock of Nyack Bank & Trust Co., Nyack, N. Y. extenJ., N. Summit, Co., Guarantee Mortgage and Title Summit sion of time to Summit Trust Company to dis5/19 pose of stock of Trust Company of Georgia Associates, subsidiary of Trust Company of Georgia, purchase of corporate stock 4/ 7 of Edgemar Company, no objection to Utah Hotel Company, Salt Lake City, Utah, submission of condition report and mortgage loan from Utah Savings 9/ 8 & Trust Company, discussed Agencies, FRSystem: Savannah: Decision of directors of FRBank of Atlanta not to recommend 4/ 1 closing of agency Staff: 1/23 Bowden, J. H., Manager, salary approved 1/23 approved salary Looney, E. M., Assistant Manager, Agreement required of nonmember banks before making loans to brokers or dealers, advice to Mr. Rounds that name of Swiss Bank Corporation has been added to list of nonmember banks having such agreements in 11/ 7 force Air conditioning: 1/26 Birmingham Branch, expenditure approved 11/17 re expenditu to objection Denver Branch, no 1/20 FRBank of St. Louis and branches, expenditure approved 12/21 re expenditu to No objection 3/14 Jacksonville Branch, additional expenditure for, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1422 508 1422 334 310 1623 663 508 1107 479 97 97 1379 112 1430 94 1626 356 3 Pages Air conditioning: (Continued) 12/21 Little Rock Branch, no objection to expenditure 2/24 Los Angeles Branch, no objection to proposed expenditure for 12/21 Louisville Branch, no objection to expenditure 12/21 Memphis Branch, no objection to expenditure 1/26 Nashville Branch, expenditure approved 1/26 New Orleans, expenditure approved 11/17 Oklahoma City Branch, no objection to expenditure 11/17 Omaha Branch, no objection to expenditure of American Agricultural Editors Association, payment of cost 4/20 luncheon of members approved American Banker, outline of advantages created for banks by new check collection schedules, telegram to FRBanks 8/30 on reply to be made American Bankers Association: Amendment to Sec. 22(g) of FRAct on loans to executive officers of member banks, proposed draft left with Mr. 2/28 McKee by representatives of 3/ 8 No objection by Board insured of Clayton Act, amendment suggested to allow director bank to serve one other bank not favored by 3/ 8 Board Board the of members with Common Trust Fund Committee, meeting 1/25 and staff, guests at luncheon of copies revised Division, Common Trust Fund Committee of Trust 4/26 plan for operation of trust funds submitted size and States by banks Earnings and expenses of State member of banks, information for 1938 to be made 5/19 available to permitting L Regulation Interlocking directorates, amendment to relationship between trust companies which do not accept deposits and member banks which do not exercise fiduciary powers, sent to for com12/ 4 ments 12/ 7 Letter transmitting 9/12 convention Leonard, R. F., authorized to attend annual Regulation F, self dealing in trust accounts, memo of Mr. Wingfield recalling that American Bankers Association had approved amendment as proposed by 10/ 6 Board in letter to Comptroller of Currency atbe to Arkansas, Springs, Hot at meeting Council Research tended by Mr. Ransom to discuss absorption by member banks of exchange charges as indirect 3/ 3 payment of interest Report of Mr. Ransom on discussions on absorption of exchange 5/ 9 and collection charges by member banks Trust Division, letter to Mr. Waugh suggesting appointment of Committee to confer with Board on amendment to Regulation F relating to self-dealing in admin5/26 istration of trusts http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1626 258 1626 1626 112 112 1430 1430 555 1063 277 318 319 108 574 666 1500 1542 1116 1219 301 620 687 4 Pages American Farm Bureau Federation: 12/ 5 Meeting being attended by Yr. Davis to receive special award to members five for luncheons Rural Credit Committee, cost of 11/ 8 be paid by Board American Institute of Banking: Officers and employees of State member banks by States, counties and cities over 10,000 population, advice to American Institute of Banking that arrangements have been made to compile figures and will be 11/21 sent when completed Banking) of (See also Graduate School Anderson, Jo H., reply of Board on savings or thrift plan of Park 1/20 National Bank unwith connection in proceedings Anniversary of signing of FRAct, veiling of bas relief to Senator Glass, copies 1/25 sent to FRBanks Annual reports: Board of Governors: Amendments to FRAct, counsel to list desirable technical 1/13 amendments and obsolete provisions Government on Committee Select to submitted be to Copies Organization at request of Representative 2/27 Cochran Directors, FFBanks and branches, copy of latest issue or9/12 dered sent to each new appointee Draft submitted by Mr. Goldenweiser, made special order for 1/10 meeting on January 13 be Draft submitted and discussed and revised draft to 1/13 submitted early next week Draft being sent to members of Board to be considered 1/20 at meeting on January 23 released Report approved as revised, ordered Printed and 1/27 to the press Foreword and summary read by Mr. Ransom and discussed by Mr. 1/30 Eccles Franking privilege in connection with distribution of, letter to Assistant Postmaster General on interpre5/26 tation of law bank national Manual of banking and business statistics, statistics to be included and combined with 10/13 Board's statistics that r Goldenweise Dr. of Procedure for issuance, memorandum 1/10 one edition in reduced form be issued, approved banks, all to n distributio for Reprint of part of report 2/3 subscribers to FRBulletin, etc. banking and monetary on supplement of Statement in nature 3/31 problems suggested be to effort and discussed report of scope Substance and made for submission to Congress prior to Jan1/6 uary 30 objecno data, Federal Deposit Insurance Corporation, earnings 7/6 tion to publication of table http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1523 1405 1450 93 107 50 261 1111 37 50 89 114 141 693 1267 34 161 467 20 877 5 Pages Annual reports: (Continued) FRBank of New Draft submitted with memorandum of Dr. Goldenweiser to be 2/24 254 taken up at special meeting rediscuss to Goldenweiser Messrs. Davis, Szymczak and 265 2/27 vised draft of report with President Harrison Davis, Messrs. to agreeable Changes made and report now 3/6 307 Szymczak and Goldenweiser following thus and discussion National questions, avoiding practice of other FRBanks, Mr. Eccles to call Mr. Harrison and invite him and Mr. Young, or 12/19 1598 Mr. Ruml to Washington for discussion FRBank of Philadelphia: Publication in present form, with one additional suggestion, 6/12 753 approved recommendamake to Szymczak FRBanks, scope of, Messrs. Davis and tion to Board as to whether certain questions of System policy of national concern should be 2/27 265 included inforCalif., Sebastopol, Sebastopol National Securities Co., mation to be obtained by examiners on readily marketable assets in connection with bank stocks, payment of dividends in excess of in965 8/2 come, etc. for report California, Francisco, Transamerica Corporation, San 1938 submitted, not necessary to await comple599 5/3 tion of annual audit before submission listed Association Trust National Stock of Bank of America 7/31 953 as satisfying requirements of revised statutes the of ves representati with Aranha, Oswaldo, report of discussions Treasury on establishment of central bank in 3/3 300 Brazil to be made by President Harrison admaking of policy on FRBanks of Armed conflict abroad, replies vances to member and nonmember banks on security of Government obligations, FRBank of Chicago 5/9 619 advised to give further consideration to policy (See also War in Europe) Army day, division heads authorized to excuse the employees who can 3/28 448 be spared to participate in or view parade publication: Articles for Deposit losses experienced by sample group of banks suspended between 1930-33 as part of closed bank study conducted by Works Progress Administration to 252 2/24 be published in FRBulletin Second article prepared from ITA closed bank study to be published in April FRBulletin and subsequent WO 3/28 articles to be published as prepared Assessments on FRBanks: Board's expenses: 6/13 772 Resolution approved covering last half of 1939 Resolution levying to cover expenses for first half of 1940 12/22 1636 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 Pages Association of State Bank Supervisors, violations of Regulation U by uninsured banks, MOW sent to Mr. chairman of executive committee of Associa11/28 1473 tion Attorney General of the United States: Advisory committee to be formed to study existing practices and procedure in various administrative boards, etc., Mr. Wyatt designated to represent Board 524 4/12 of Governors Calif., Pasadena, of Bank Citizens Commercial Trust and Savings 239 2/17 certified copy of condition report sent to of president and chairman Audit function at FRBanks, relation to bank, suggested as topic for discussion at Con21 1/ 6 ference of Chairmen be to agenda and fall in held Auditors of FRBanks, conference to be prepared by Mr. Paulger in collaboration with 5/ 9 618 auditors to topics 16, October Conference to be held in Washington on 709 5/31 be submitted to Mr. Grayson Audits, Board of Governors: 893 7/ 8 FRBank of Atlanta to conduct during year ending June 30, 1940 apBoard of use for car passenger Dodge of Automobiles, purchase 982 8/ 9 proved to Board by granted hearing at present FDIC, AYcock, Charles B., Committee on Mortgage Investment Funds of 12/14 1566 Pennsylvania Bankers Association 11BIt Bailie, Earl, luncheon in Board's dining room, payment authorized Balance sheet figures: Member banks: Form F. R. 456 revised and sent to FRBanks with request that they be filled out and returned, and advice that Board will do work of calculating averages if FRBanks so desire Tables showing averages for 1938 sent to FRBanks Bane, Baldwin B.: (See Securities and Exchange Commission) ' Bank for International Settlements: Advance by FRBank of New York secured by gold in transit approved Advance previously authorized, no time limit but to be reconsidered after October 1 Letter ordered prepared stating that unless there were reasons for continuation of authority, this authority would be terminated with understanding that matter could be opened at any time for further consideration Letter approved and transmitted Authority terminated http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/ 5 1091 12/ 6 1530 12/ 6 1530 3/22 410 5/26 685 10/17 1298 10/23 1329 11/ 2 1359 7 Pages Bank relations reports, preparation and distribution of summaries 8/18 to be continued Bank of the United States, bill introduced by Senator Frazier providing for establishment of, no report to be 3/28 made on bill until specificP)ly requested Banking and monetary field, Mr. Goldenweiser to submit questions for 4/17 consideration at meeting with Presidents Banking quarters: Bank of America National Trust and Savings Association, San Francisco, contributions to affiliate for pur3/10 chases of premises of branches Citizens State Bank, Dalhart, Texas, investment in bank premises without reference to Board, transaction regarded 10/26 closed Commonwealth Trust Company of Pittsburgh, Pa., additional investment in quarters, no objection to enlarging of 11/22 quarters of Mt. Lebanon branch Depositors Trust Company, Augusta, Maine, investment in addi5/ 1 tional quarters approved inFarmers State Bank of Laupaca, Wisconsin, no objection to 12/16 vestment of specified sum in banking house adof purchase First State Bank of Rushmore, Rushmore, Minn., 5/29 ditional interest in property occupied approved permisCalif., Salinas, Monterey County Trust and Savings Bank, tion to purchase site and building occupied by 3/21 branch that request depreciation, Zapp State Bank, St. Cloud, Minn., condition of membership be waived for present, advice to FRBank of Minneapolis that Board pre11/ 8 fers to rely upon judgment of FRBank bealterations for expense Mich., Zeeland State Bank, Zeeland, 2/24 cause of fire damage, approved Bankruptcy Act: Charges for holding securities pledged by nonmember banks as 5/11 collateral to deposits of bankrupt estates Barber shop: 4/21 Agreement with Ralph Vendemia for operation of Indenture Trust Legislation, (See Barkley Trust Indenture Bill: Bill) Beauty shop: 4/21 Agreement with Mary Ruth Counts for operation of 7/27 Counts Miss to letter in embodied contract Changes in Bell, George M., cost of luncheon served in Board's dining room to 12/13 be borne by Board Berger, G. Fred, present at hearing granted to Committee on Mortgage Investment Funds of the Pennsylvania Bankers 12/14 Association Berle, Adolf A.: (See State Department) Bernstein, Bernard: (See Secretary of Treasury) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1026 446 541 334 1340 1454 590 1587 707 407 1402 256 633 566 567 931 1565 1566 8 Pages Bethlehem Municipal Water Authority: Serial Revenue Bonds of Bethelehm Municipal Water Authority, question raised by Mr. Gravatt of Philadelphia Stock Exchange as to exempted securities under Regulation T Bingham, Harry, Letter sent by Senator Logan on transfer of portion of Kentucky from Fourth to Eighth FRDistrict Bivings, Charles K., informal contract for delivering Spacarb machine Black, Ramsey S.: (See Post Office Department) B1e-aey, William F.: (See National banks, Yonkers National Bank and Trust Co.) Bloom, J. D., inquiry on interpretation of Regulation F regarding investment of trust funds Board of Governors of FRSystema Accounts, consolidation of two existing accounts into one general account Administration: Barber shop, agreement with Ralph Vendemia for operation of Beauty shop, agreement with Mary Ruth Counts for operation Changes in contract embodied in letter to Miss Counts Administrative procedure, report prepared by Mr. Salant, question of appointing representatives to be present at committee meeting when report is taken up, deferred Messrs. Ransom, Wyatt, Morrill, and Thurston named to represent Board at committee meeting Annual report: Amendments to FRAct, counsel to list desirable technical amendments and obsolete provisions Copies to be submitted to Select Committee on Government Organization at request of Representative Cochran Directors, FRBanks and branches, copy of latest issue ordered sent to each new appointee Draft submitted by Mr. Goldenweiser, made special order for meeting on January 13 Draft submitted and discussed and revised draft to be submitted early next week Draft being sent to members of Board to be considered at meeting on January 23 Report approved as revised, ordered printed and released to the press Foreword and summary read by Mr. Ransom and discussed by Mr. Eccles Franking privilege in connection with distribution of, letter to Assistant Postmaster General on interpretation of law Manual of banking and business statistics, national bank statistics to be included and combined with Board's statistics http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/17 384 5/16 647 6/26 842 1/13 53 2/15 227 4/21 4/21 7/27 566 567 931 12/14 1576 12/19 1603 1/13 50 2/27 261 9/12 1111 1/10 37 1/13 50 1/20 89 1/27 114 1/30 141 5/26 693 10/13 1267 9 Pages Board of Governors of FRSystem: (Continued) Annual report: (Continued) Procedure for issuance, memorandum of Dr. Goldenweiser that one edition in reduced form be issued, approved Reprint of part of report for distribution to all banks, subscribers to FRBulletin, etc. Statement in nature of supplement on monetary and banking problems suggested Substance and scope of report discussed and effort to be made for submission to Congress prior to January 30 Automobile, purchase of Dodge passenger car approved Beauty shop: (See supra Administration) Budget: Adopted for 1940 with certain provisions as to procedure Board Members' Section: Increase in item for postage and expressage Increase to take care of non-personal services during remainder of year Building Operation and Maintenance, amount added to item repairs and alterations to building increase of funds for non-personal serOffice, Counsel's vices to last through last quarter of current year Operations, sum added to cover item printBank of Division ing and binding Division of Examinations, telephone and telegraph item increased and Statistics, increase in funds for Research of Division non-personal services to last through last quarter of year Loans, increase in funds for non-perSecurity of Division sonal services to last through last quarter of current year Agent: Fiscal Sum added for transporting payroll cash for December Increase in funds for non-personal services to last through last quarter of current year General budget increased to provide for absorption of Board's payment for group life insurance premium Printing and binding, item increased to cover cost of publication of booklet on FRSystem prepared by Mr. Hammond Secretary's Office, increase to take care of non-personal services during remainder of year Cashing of checks, service provided by Credit Union and Board does not wish for arrangement by which manager of cafeteria would cash checks Destruction of records, letter to Mr. Connor listing material to be included in list submitted to Congress http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/10 34 2/3 161 3/31 467 1/6 8/9 20 982 12/20 1610 5/11 636 10/16 1287 8/30 1063 10/23 1330 11/13 1/114 12/28 1656 10/23 1330 10/23 1330 1/ 7 27 10/23 1330 5/10 629 3/28 437 10/16 1287 8/31 1066 2/6 175 10 Pages Board of Governors of FRSystem: (Continued) Destruction of records: (Continued) List submitted to National Archives for submission to Congress Dictaphone Telecord Machine and transcribing machine, purchase approved Division of Research and Statistics: Expansion, plan to be prepared at later date by Mr. Goldenweiser, following inquiry by Mr. McKee Traveling expenses, authority granted to Mr. Goldenweiser to incur traveling expenses and per diem allowance for persons invited to Washington for interview in connection with possible employment Division of Security Loans: Securities and Exchange Commission's reporting service, revision of, Division authorized to participate in preliminary survey of trading "on margin" and "for cash" for sample week in November, in connection with Expenses of: Assessment on FRBanks for last half of 1939, resolution approved Assessment on FRBanks to cover expenses during first six months of 1940 Federal Advisory Council meetings with Board, joint preliminary meeting before regular separate meeting of Council to be held in future Advice to Mr. Lichtenstein that Board is in agreement with proposed procedure Advice to Mr. Lichtenstein that Board is in agreement with program Advice to Mr. Lichtenstein that business and credit condition report could still be heard in morning, leaving afternoon for Council's separate meeting Files: Department of Justice Committee on Administrative Procedure, files made accessible to representative of committee French and British Governments' account with FRBank of New York, question of whether Board's authority was necessary to opening of account, discussed Invitations, New Orleans meeting of Atlanta directors with directors of New Orleans Branch, letter to FRBank of Atlanta that it is understood that Board members will be invited Means available through FRSystem to protect the public interests in event of war, memorandum to be drafted by Mr. Wyatt in collaboration with Messrs. Thomas and Morrill Draft of statement read by Mr. Morrill and approved with certain changes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/25 678 9/15 1150 9/12 1115 9/12 1115 10/10 1244 6/13 772 12/22 1636 11/21 iho 12/19 1602 12/21 1626 12/21 1626 11/ 2 1360 10/13 1259 10/20 1317 8/28 1054 8/29 1057 11 Pages Board of Governors of FRSystem: (Continued) Members: Davis, Chester C.: American Farm Bureau Federation, meeting being attended to receive special award Appointed member of Personnel Committee for year Member of special committee to study classification of officers of FRBanks in considering salary changes Statement at meeting of Chairmen of FRBanks that visits of directors of FRBanks to branches would be beneficial and relation of Board of Governors to FRSystem Draper, Ernest G.: Community Chest campaign, appointed chairman for Board's organization at request of General Hines Mead Bill, insurance on loans to business, to revise draft of report on Member of special committee to study classification of officers of FRBanks in considering salary changes Problem created by division of banks into member and nonmember banks, statement at Conference of Chairmen Eccles, M. S.: Advances to nonmember banks secured by Government obligations, belief that formal press statement should be issued Alternate member of special conunIttee to study classification of officers of FRBanks in considering salary changes Statement to Conference of Chairmen that Board would consider working out broad educational program Telephone conversation with Mr. Ransom on reasons for not taking up recent statement with Treasury previous to issuance White House, call received and not able to attend meeting of Federal Advisory Council McKee, John K.: Alternate member of special committee to study classification of officers of FRBanks in considering salary changes Dealings of FRBanks with member banks, statement on attitude that should be taken Plainfield Trust Company, Plainfield, N. J., named to consult with FDIC re problem of discontinuing dividend payments by bank Report of illness in family, will prevent return to office until April 13 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/ 5 1523 3/28 436 2/ 6 175 1/30 136 8/16 1011 5/19 657 2/ 6 175 1/30 137 8/28 1051 2/ 6 175 1/30 139 4/ 7 512 6/ 6 725 2/ 6 175 1/30 138 11/ 2 1357 4/11 520 12 Pages Board of Governors of FRSystem: (Continued) Members: (Continued) Ransom, Ronald: Absorption of exchange charges as indirect payment of interest, to attend meeting of Research Council of American Bankers Association for discussion of Report on discussions at meeting Alternate member of special committee to study classification of officers of FRBanks in considering salary changes Committee on Administrative Procedure of Department of Justice, named along with Messrs. Wyatt, Thurston, and Morrill to represent Board at committee meeting when report on Board is taken up Examinations of banks by Federal authorities, letter Journal of Commerce on editorial, to New permission for publication of letter Savings plan to encourage long-time deposits, possible objection because not used for productive purposes Supervisory responsibility over banks, statement on complexity of Szymczak, M. S.: Appointed member of Personnel Committee for year Designated chairman pro tern for meeting to consider salaries at FRBank of Philadelphia Member of special committee to study classification of officers in considering salary changes Report of discussions with directors of FRBank of Dallas during recent trip Stockholders meetings at FRBanks, payment of traveling expenses of representatives from member banks, question of future practice of FRBanks, referred to for recommendation Minutes: Meeting with Chairmen of FRBanks, change made in statement by Mr. Thomas Meetings of Board, approved: December 30 January 3 January 5 January 6 January 7 January 9 January 10 January 11 January 13 January 16 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/3 5/9 301 620 2/6 175 12/19 1603 3/ 3 302 5/26 684 1/30 138 3/28 436 3/14 351 2/6 175 4/10 513 10/ 6 1218 3/11 349 1/3 1/ 5 1/6 1/7 1/9 1 7 1/10 1/11 1/13 1/16 1/17 21 25 29 37 39 51 56 62 13 Pages Board of Governors of FR$ystem: (Continued) Minutes: (Continued) Meetings of Board, approved: (Continued) January 17 January 18 (two) January 19 January 20 January 23 January 25 January 26 January 27 January 28 January 30 January 31 February 1 February 2 February 3 February 4 February 6 February 7 February 8 February 10 February 13 February 15 February 16 February 17 February 20 February 21 February 24 February 27 February 28 March 1 March 2 March 3 March 6 March 7 March 8 March 10 March 11 March 14 (three) March 15 March 16 March 17 (two) March 20 March 21 March 22 March 23 March 24 March 27 March 28 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 1/19 1/20 1/23 1/25 1/26 1/27 1/28 1/30 1/31 2/1 2/2 2/3 2/4 2/6 2/7 2/8 2/10 2/13 2/15 2/16 2/17 2/24 2/24 2/24 2/27 2/28 3/1 3/2 3/3 3/6 3/8 3/8 3/10 3/11 3/14 3/16 3/16 3/17 3/20 3/21 3/22 3/23 3/24 3/27 3/28 3/29 68 78 89 96 103 109 115 118 121 143 148 153 164 169 174 178 188 191 202 224 231 239 254 254. 254 270 282 286 291 303 307 320 320 342 346 354 366 366 384 396 405 413 /421 426 431 447 450 14 Pages Board of Governors of FRSystem: (Continued) Minutes: (Continued) Meetings of Board, approved: (Continued) March 29 March 30 March 31 April 1 April 4 April 5 April 6 April 7 April 10 April 11 April 12 April 13 April 17 April 19 April 20 April 21 April 26 April 27 April 28 April 29 May 1 May 2 May 3 May 5 May 9 May 10 May 11 May 12 May 15 May 16 May 19 May 23 May 25 May 26 May 29 May 31 June 1 June 2 June 5 June 6 June 7 June 9 June 12 June 13 June 14 June 15 June 16 June 19 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/31 3/31 4/1 4/4 4/5 4/6 4/7 4/10 4/11 4/12 4/13 4/17 4/19 4/20 4/21 4/26 4/27 5/2 5/2 5/2 5/2 5/3 5/ 9 5/9 5/10 5/19 5/19 5/19 5/19 5/19 5/23 5/25 5/26 5/29 5/31 6/1 6/2 6/5 6/6 6/7 6/12 6/12 6/13 6/14 6/15 6/16 6/19 6/21 469 469 475 480 492 498 505 513 521 522 530 533 548 552 559 570 577 594 594 594 594 598 620 620 625 661 661 661 661 661 667 676 700 703 708 712 715 720 747 749 753 753 771 775 778 787 794 807 15 Pages Board of Governors of FRSystem: (Continued) Minutes: (Continued) Meetings of Board, approved: (Continued) June 21 June 22 June 23 June 24 (two) June 26 June 27 June 28 June 29 June 30 (two) July 1 July 5 July 6 July 7 July 8 July 10 July 12 July 13 July 17 July 18 July 19 July 21 July 27 July 28 July 29 July 31 August 1 August 2 August 3 August 4 August 7 August 9 August 10 August 11 August 14 August 15 August 16 August 17 August 18 August 23 August 24 August 25 (two) August 28 (three) August 29 August 30 August 31 September 1 (two) September 2 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/22 6/23 6/24 6/26 6/28 6/28 6/29 6/30 7/1 7/5 7/6 7/7 7/31 7/31 7/31 7/31 7/31 7/31 7/31 7/31 7/31 7/31 7/31 7/31 8/1 8/7 8/7 8/7 8/7 8/14 8/14 8/14 8/14 8/15 8/16 8/17 8/18 8/25 8/25 8/25 8/28 8/30 8/30 8/31 9/ 2 9/ 2 9/ 5 811 830 838 841 850 850 854 867 869 874 876 885 955 955 955 955 955 955 955 955 955 955 955 955 958 978 978 978 978 1001 1001 1001 1001 1004 1012 1015 1020 1035 1035 1035 1049 1062 1062 1067 1086 1086 1089 16 Pages Board of Governors of FRSystem: (Continued) Minutes: (Continued) Meetings of Board, approved: (Continued) September 5 September 6 September 7 September 8 September 12 (two) September 13 September 15 September 16 September 19 September 20 September 21 September 22 September 25 September 27 September 28 September 29 October 3 October 4 October 5 October 6 October 7 October 10 October 11 October 12 October 13 October 14 October 16 October 17 October 18 (two) October 19 October 20 October 23 October 25 October 26 October 27 October 31 November 2 November 3 November 7 November 8 November 10 November 13 November 15 November 16 November 17 November 18 November 21 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/6 1094 9/ 7 1100 9/ 8 9/12 9/13 9/15 9/16 9/20 9/20 9/22 9/22 9/25 9/27 9/28 9/29 10/ 3 1103 1110 1123 1145 1152 1162 1162 1169 1169 1174 1184 1189 1196 1202 10/ 4 10/ 5 10/ 6 10/ 7 1206 1211 1219 1221 1243 1247 1249 1281 1281 1282 1299 10/10 10/11 10/12 10/14 10/14 10/16 10/17 10/18 1304 10/19 10/20 10/23 10/25 10/26 10/27 10/31 11/ 2 11/ 3 11/ 7 11/ 8 11/21 11/21 11/21 11/21 11/21 11/21 11/21 11/22 1312 1315 1320 1332 1336 1343 1350 1355 1367 1370 1401 1446 1446 1446 1446 1446 1446 1446 1452 17 Pages Board of Governors of FRSystem: (Continued) Minutes: (Continued) Meetings of Board, approved: (Continued) November 22 November 24 November 25 November 27 November 28 November 30 December 1 (two) December 2 December 4 December 5 December 6 December 7 December 8 December 11 December 12 December 13 December 13 December 14 (two) December 15 December 16 December 18 December 19 December 20 December 21 December 22 December 26 December 27 Meetings of Board with: Chairmen of FRBanks on January 30, approved Federal Advisory Council on February 14, approved Federal Advisory Council on June 6, approved Federal Advisory Council on October 10, approved Federal Advisory Council on November 21, approved Presidents of FRBanks on April 17 and 18, approved Monthly statement of matters under consideration, Messrs. McKee and Draper relieved of considering revision of Clayton Act Multilith duplicator, 'bendorfer offset, purchase approved Offices to be closed on July 3 Offices to be closed on December 23 and 30 in addition to regular holidays Personnel administration, appointments, recommendations for filling vacancies must state that there is no person in Board's employ available for promotion Policy record, entry on amendments to Regulation L approved Saturdays during summer months, skeleton force to be maintained from May 27 to September 9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/24 11/27 11/27 11/28 11/30 12/ 1 12/ 2 12/ 4 12/ 5 12/ 6 12/ 7 12/ 8 12/11 12/13 12/13 12/14 12/15 12/15 12/16 12/18 12/19 12/20 12/21 12/22 12/26 12/27 12/28 1457 1467 1467 1474 1477 1486 1496 1502 1505 1525 1540 1546 1549 1558 1558 1578 1580 1580 1583 1589 1603 1610 1625 1633 1650 1652 1655 1/31 143 2/15 224 6/ 7 749 10/11 1247 11/22 1452 548 4/19 6/13 7/31 6/28 769 952 849 12/ 8 1548 10/16 1283 33 1/ 9 4/13 531 18 Pages Board of Governors of FRSystem: (Continued) Secretary's note: Bowman, Dr. Isaiah, unable to accept appointment as Class 2/ 6 174 C director at FRBank of Richmond Contributions by Dr. Currie and Mrs. Myer and by Board to Retirement System during absence, report of Mr. 913 7/18 Morrill that Mr. Ransom concurred in action French and British Governments, accounts with FRBank of New York, advice that Chairman Eccles had added additional sentence to memo which had been approved for transmission to Secretary 10/14 1281 of Treasury Merritt, J. H., resignation as Class C director and FRAEent 818 6/23 at Dallas, withdrawal of Rates on advances secured by direct obligations of United States under last paragraph of Sec. 13, tele8/25 1046 grams prepared on Regulation J and recommendations of Standing Committee on Collections, memo prepared by Messrs. Smead, 699 5/26 Wyatt, and Vest submitted to Mr. McKee Regulation 0, attitude of Chairman Eccles toward amendment 820 6/23 to Regulation T, objections to recent amendment, reply to 8/16 1008 Chairman Frank approved Report of Mr. Ransom of telephone conversation with Chairman Eccles reporting conversation with Mr. 512 4/10 Morgenthau on press statement issued by Board Salaries of officers of certain FRBanks, report of Mr. 316 3/ 7 Szymczak on advice to FRBanks S. 2035, Gillette bill, establishing branch offices in communities having no banking facilities, advice that Secretary had communicated with Governor Davis who felt that report should be transmitted and that he would personally present 763 6/13 copy to Senator Gillette incident England, of Bank by guarantee exchange, Sterling involving lapse of time between receipt and publication of information, note that Secretary of Treasury had requested Board to investigate, and that Mr. Harrison was coming to Washington, and that press representatives 9/15 1139 were not disturbed or interested South American Committee, advice to State Department that Board would be glad to name representative to serve with representatives from State, Treasury, 9/ 6 1097 and Commerce Departments 842 6/26 Spacarb machine, contract covering delivery of Studies on monetary and banking problems, drafts to be furnished to Board as promptly as possible for decision as to manner of getting suggestions FRBanks and Advisory Council, as well as from 12/26 1649 decision on question of distribution http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 19 Pages Board of Governors of FRSystem: (Continued) Telephone switchboard to be kept in operation from 8:00 a. 36 to 11:00 D. M. on week days, and during necessary hours on weekends during unsettled European situation, temporary operator appointed and additional direct line between 9/ 1 1083 New York and Washington authorized Traveling expenses, Division of Research and Statistics, authority granted to Mr. Goldenweiser to incur traveling expenses and per diem allowance for persons invited to Washington for interview 9/12 1115 in connection with possible employment Vouchers: Edmiston, Henry, senior economist, travel voucher and rail9/29 1198 road expenses, approved for payment Bolton, James C., letter on status of R. S. Thornton as executive 823 6/23 officer of bank 872 7/ 1 Correcpondence on Bonds: Canadian National Railway, ruling of Comptroller re aggregate amount of bonds that may be purchased by banks under Banking Act of 1935, advice to FRBank of 10/ 7 1223 Kansas City that ruling seems to apply to Condition of membership requiring banks to write down to cost, no reason why such condition should not be applied to First-Citizens Bank & Trust Co., 9/28 1191 Greencastle, Ind. Defaulted, liberalization of ruling of Comptroller of the Currency to permit exchange of bonds of one rail3/28 442 road for ineligible bonds of another railroad Dominion of Canada, ruling of Comptroller re aggregate amount of bonds that may be purchased by banks under Banking Act of 1935, advice to Mr. Worthington 10/ 7 1223 that ruling seems to apply to Serial 'Water Revenue Bonds of Bethlehem Municipal Water Authority, question raised by Mr. Gravatt of Philadelphia Stock Exchange as to exempted securi3/17 384 ties under Regulation T Surety: 96 1/23 Brainard, George C., as FRAgent at Cleveland 38 1/10 approved City Kansas FRAgent at as Caldwell, Robert B., 12/29 1661 Coffey, Walter C., as FRAgent at Minneapolis Commercial Trust and Savings Bank, Storm Lake, Iowa, in561 4/21 crease in amounts for officers suggested Fricek, Elmer F., as Alternate Assistant FRAgent at Cleveland 4/ 5 492 37 McCabe, Thos Thomas B., as FRAgent at Philadelphia approved Relf, G. W., as FRAgent's Representative at FRBank of San 625 5/10 Francisco United States savings as collateral security for trust funds awaiting investment, reply to Scovell, Welling 7/ 1 871 ton and Company http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 20 Pages Boston: Banks to maintain reserves required by banks in reserve cities Branch banks, domestic: Bank of Sheboygan, Wisconsin: Elkhart Lake, to be established after purchase of assets and assumption of liabilities of Bank of Elkhart Lake Camden Trust Company, Camden, N. J.: Blackwood, N. J., upon assumption of deposit liabilities of First National Bank and Trust Company of Blackwood Gloucester City, New Jersey, removal of present branch at King and Monmouth Streets to premises of Gloucester City Trust Co. after absorption of that bank Commonwealth Trust Company of Pittsburgh, Pa.: Mt. Lebanon, investment to provide enlarged quarters approved Complimentary copies of FRBulletin, letter to FRBanks on furnishing to Depositors Trust Company, Augusta, Maine: Waldoboro, Maine, on premises of Medomak National Bank after purchase of assets and assumption of liabilities of national bank Elmira Bank and Trust Co., Elmira, N. Y.: Watkins Glen, establishment approved in connection with merger of Watkins State Bank Establishment in communities with no banking facilities, letter to Senator Wagner on S. 2035 to be sent as revised Report on S. 2035 approved for transmittal to Senate Committee after consultation with Comptroller of the Currency Report on S. 2035 ordered sent to Senate Committee since Comptroller of Currency has no objection Federal and State statutes relating to branch banking within United States, compilation of, statement ordered published in FRBulletin FRBulletin, complimentary copies to be furnished to important branches of member banks up to fifty First Bank & Trust Co., Ottumwa, Iowa: Eddyville, Iowa, to be relinquished as condition of membership Guardian Bank of Royal Oak, Michigan: Royal Oak, establishment proposal after removal of main office to Highland Park Upon absorption of Highland Park Trust Company, withdrawal from FRSystem necessary for plan Hadley Falls Trust Co., Holyoke, Mass.: Chicopee, Mass., permission granted to establish branch in connection with absorption of Cabot Trust Com, pany, Chicopee, Mass. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/24 428 1/ 9 32 2/20 244 4/21 561 11/22 1455 3/16 374 7/12 902 4/ 7 507 5/ 9 616 5/19 653 6/13 761-3 9/20 1165 4/17 535 10/26 1337 8/30 1062 12/ 7 1542 21 Pages Branch banks, domestic: (Continued) Manufacturers and Traders Trust Co., Buffalo, N. Y.: Niagara Falls, N. Y., establishment and operation approved 4/4 481 Monterey County Trust and Savings Bank, Salinas, Calif.: 407 3/21 Greenfield, purchase of site and building approved State and Federal statutes relating to branch banking within United States, compilation of, statement or9/20 1165 dered published in FRBulletin State member banks: 6/2 718 Condition reports, Form 105h, amendment to form approved Wachovia Bank and Trust Company, Winston-Salem, N. C.: Charlotte, absorption of Charlotte National Bank and estab6/13 771 lishment of branch approved Branch banks, FRSystena Baltimore: Staff: 1/18 70 Cupit, John R., Cashier, salary approved 70 1/18 Hagner, Donald F., Assistant Cashier, salary approved Johnson, Edwin Joseph, transfer to staff of Board of 1 Governors as Assistant FRExaminer 1/3 70 1/18 Johnston, John A., Assistant Cashier, salary approved 70 1/18 Milford, W. R., Managing Director, salary approved Birmingham: Air conditioning and general improvements, expenditure ap1/26 112 proved Personnel classification plan: 9/22 1171 Changes approved 11/ 7 1371 Changes approved Staff: 1/23 97 Beavers, P. L. T., Managing Director, salary approved Secretary of Discharge of older employees, reply to 6/15 781 Labor to complaint lodged with 1/23 97 Buffalo:Urquhart, H. J., Cashier, salary approved Bylaws, amendment providing for creation and compensation of Executive Committee and Discount Committee, approved with understanding that all changes in bylaws must be approved by Board of Governors before becoming effective Executive Committee and Discount Committee, amendment to bylaws providing for creation and compensation classification plan, changes creating new posiPersonnel other changes approved making and tions Staff: Blakeslee, C. L., Assistant Cashier, retirement of Bylaws, not necessary to submit to Board for approval but must be according to law and regulations Charlotte: Cancellation of new notes for 1928 series and shipment to Washington for destruction, no objection to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/20 1318 10/20 1318 1/11 41 1/13 46 12/19 1601 1/5 11 22 Pages Branch banks, FRSystem: (Continued) Charlotte: (Continued) Staff: 1/18 Brooks, Louis D., Assistant Cashier, salary approved 1/18 approved salary Cashier, L., Cherry, Robert 1/18 approved salary Director, Managing Clements, W. T., Cincinnati: 2/10 Bylaws, amended copies submitted and approved Staff: Frede, George, name removed from list of those designated assistant examiners to lend clerical as9/22 sistance 1/13 approved salary Cashier, Geers, P. J., Assistant 3/ 7 Salary approved 1/13 approved salary Cashier, Johnson, R. G., Assistant 3/ 7 Salary approved 1/13 approved salary Lazar, B. J., Managing Director, 1/13 Ott, H. N., Cashier, salary approved lend to examiner assistant Taylor, Howard E., designated 9/22 clerical assistance those desigof list from removed name B., Walsh, James nated assistant examiners to lend clerical as9/22 sistance Wiegand, A. F., Jr., designated assistant examiner to 9/22 lend clerical assistance Denver: Personnel classification plan, changes creating new positions 1/31 and changing description of work of others Quarters, air conditioning and soundproofing building, no 11/17 objection to expenditure Staff: 1/13 Brown, S. A., Cashier, salary approved 1/13 approved salary Director, Managing E., J. Olson, 1/13 Phillips, William, Assistant Cashier, salary approved Detroit: Collection of items drawn on local banks, memo of Mr. Vest 6/13 on, referred to Messrs. Szymczak and McKee Personnel classification plan: Change to provide for increase in maximum salary of 1/11 FRAgents Representative Change creating new position in Securities Department, 1/25 Custody Division Staff: 1/13 Buss, R. H., Managing Director, salary approved 1/13 Chalfont, H. J., Cashier, salary approved 1/13 Diehl, H. L., Assistant Cashier, salary approved 3/ 7 Salary increase disapproved George, John, Assistant Examiner, designated to lend 2/ 7 clerical assistance to regular examiners lend Johnson, Lew, Assistant Examiner, designated to 2/ 7 clerical assistance to regular examiners http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 70 70 70 195 1171 47 314 47 314 47 47 1170 1171 1170 145 1430 49 49 49 765 41 104 48 48 48 314 180 180 23 Pages Branch banks, FRSystem: (Continued) Detroit: (Continued) Staff: (Continued) Mack, Ealter, Assistant Examiner, designated to lend 180 2/ 7 clerical assistance to regular examiners Raether, Bernard L., FRAgent's Representative, salary 1/18 approved 74 12/22 1634 Salary approved El Paso: Staff: 72 Hermann, J. L., Managing Director, salary approved 1/18 King, H. A., Chief Guard, further extension of service 8/16 1013 disapproved 72 1/18 Sayles, Allen, Cashier, salary approved Helena: Bylaws, amendments approved 927 7/27 Houston: Personnel classification plan, changes increasing maximum 1/25 104 salaries for certain positions Staff: 1/18 72 DeMoss, H. R., Cashier, salary approved 72 1/18 Gentry, W. D., Managing Director, salary approved Jacksonville: Building, expenditure for modernizing, approved 3/14 356 Reception to be held in connection with renovation and 6/15 779 modernization of FRnotes, cancellation and shipment to Washington for destruction because of limited vault space, no 3/27 433 objection Money department, supervision considered disturbing, de3/11 347 serves attention Personnel classification plan, changes approved 9/22 1171 Situation referred to in examination report, now considered 5/ 5 satisfactory 604 Staff: 1/23 Lanford, T. A., Cashier, salary approved 97 8/23 1028 Pike, Winslow E., Assistant Cashier, salary approved 97 1/Xeman, G. S., Jr., Managing Director, salary approved 1/23 Little R Air conditioning and ventilating equipment, expenditure ap1/20 proved 94 No objection to expenditure 12/21 1626 Bylaws, directors, amendment to provide that no director of FRBank may serve as director of branch during 9/22 1172 tenure of office Personnel classification plan, changes creating new posi3/14 354 tions and changing other positions approved Staff: 71 1/18 Bailey, A. F., Managing Director, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 24 Pages Branch banks, FRSystem: (Continued) Little Rock: (Continued) Staff: (Continued) Childers, Clay, Assistant Cashier, salary approved Wood, Clifford, Cashier, salary approved Los Angeles: Air conditioning, proposed expenditure approved FRAgent's Representative at, procedure for appointment of Personnel classification plan: Change to increase retainer fee of physician approved Change in maximum salary of FRAgent's Representative Staff: Ambrose, W. N., Managing Director, salary approved Craft, H. M., Assistant Manager, salary approved McRitchie, M., Assistant Manager, salary approved Meyer, L. C., Assistant Cashier, salary approved Reif, G. W., appointment as FRAgent's Representative approved Swengel, H. D., FRAgent's Representative, to be transferred to Salt Lake City Branch, procedure for appointment of successor To be relieved of duties as FRAgent's Representative Louisville: Air conditioning and ventilating equipment, expenditure approved No objection to expenditure Bylaws: Directors, amendment to provide that no FRBanks director may serve as director of branch during tenure of office Revised to change closing time on Saturday Closing time, revision of bylaws to change closing hour on Saturdays Personnel classification plan: Change to increase maximum salary for position Changes approved Staff: Jenks, S. B., Assistant Cashier, salary approved Rash, F. D., Managing Director, salary approved Schacht, C. A., Cashier, salary approved Memphis: Air conditioning and ventilating equipment, expenditure approved No objection to expenditure Bylaws, directors, amendment to provide that no FRBank director may serve as director of branch during tenure of office Personnel classification plan: Change increasing maximum salary of maid Change approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 71 71 2/24 2/8 258 189 1/18 5/10 75 626 1/18 1/18 73 73 73 73 3/27 431 2/8 189 3/27 432 1/18 1/18 1/18 1/20 94 12/21 1626 9/22 1172 1/17 64 1/17 64 91 1/20 9/ 5 1089 1/18 1/18 1/18 71 71 71 1/20 94 12/21 1626 9/22 1172 2/4 170 9/29 1198 25 Pages Branch banks, FRSystem: (Continued) Memphis: (Continued) Staff: Belcher, S. K., Cashier, salary approved Glasgow, W. H., Managing Director, salary approved Martin, C. E., Assistant Cashier, salary approved Nashville: Air conditioning and general improvements, expenditure approved Staff: Davis, Frank J., designated assistant examiner to lend clerical assistance in one examination Fort, J. B., Jr., Managing Director, salary approved Harrison, E. R., Cashier, salary approved Hooper, M. L., designated assistant examiner to lend clerical assistance in one examination McGee, S. H., designated assistant examiner to lend clerical assistance in one examination Miller, M. L., designated assistant examiner to lend clerical assistance in one examination Starr, L. IN., designated assistant examiner to lend clerical assistance in one examination University of the South v., payment to Edward J. Smith for legal services in case, approved New Orleans: Air conditioning and general improvements, expenditure approved Personnel classification plan: General ledger bookkeeper, change in maximum salary and description of work Changes approved Quarters, building, air conditioning and modernizing, advice that work has been completed, no objection to expenditure for dinner to celebrate Staff: Clark, L. M., Managing Director, salary approved Frazer, H. C., Assistant Manager, salary approved Shaw, M. L., Cashier, salary approved thgt;r:ling, F. C., Assistant Cashier, salary approved Oklahoma Personnel classification plan, changes approved Quarters, air conditioning of building, no objection to expenditure Staff: Daniel, C. E., Managing Director, salary approved Mathes, R. L., Assistant Cashier, salary approved Wunderlich, R. O., Cashier, salary approved Omaha: Personnel classification plan, changes creating new positions and increasing maximum salaries approved Changes approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 1/18 1/18 71 71 71 1/26 112 2/10 1/23 1/23 193 97 97 2/10 193 2/10 193 2/10 193 2/10 193 9/ 8 1107 1/26 112 595 5/ 2 11/27 1468 10/20 1317 1/23 1/23 1/23 1/23 97 97 97 97 9/ 8 1104 11/17 1430 1/13 1/13 49 49 49 1/11 7/ 1 42 869 1/13 26 Pages Branch banks, FRSystem: (Continued) Omaha: (Continued) Quarters, air conditioning of building, no objection to ex11/17 1430 penditure Staff: 1/13 50 Cordill, 0. P., Assistant Cashier, salary approved 1/13 50 Earheart, L. H., Managing Director, salary approved 1/13 50 Gregory, G. A., Cashier, salary approved 3/29 455 Photographs of buildings, recent prints requested Pittsburgh: 2/10 195 Bylaws, amended copies submitted and approved Staff: 1/13 47 Bolthouse, C. J., Assistant Cashier, salary approved Salary increase disapproved 3/7 315 1/13 47 Brown, P. A., Managing Director, salary approved 1/13 47 Clouser, D. B., Cashier, salary approved 1/13 47 Cobun, F. E., Assistant Cashier, salary approved Salary increase disapproved 3/7 315 Portland: Personnel classification plan, changes in title and distri282 2/28 bution of work approved Staff: 1/18 73 Blanchard, J. P., Assistant Cashier, salary approved Davis, D. L., appointment and salary as managing direc22 1/ 6 tor 1/18 73 MacEachron, S. A., Assistant Manager, salary approved 1/18 73 West, R. B., Managing Director, salary approved Salary approved 3/ 7 314 Regulations of Board covering operation, proposed regulations outlined in letter to FRBanks with request for 12/19 1601 comments Salt Lake City: Staff: 1/18 74 Leisner, J. M., Assistant Manager, salary approved 1/18 74 Partner, W. L., Managing Director, salary approved 1/18 74 Scott, W. M., Assistant Cashier, salary approved San Antonio: Personnel classification plan, changes increasing maximum 1/25 104 salaries for certain positions Staff: 72 1/18 Crump, M., Managing Director, salary approved 72 1/18 Eagle, IL E., Cashier, salary approved Seattle: Personnel classification plan, changes creating new posi282 2/28 tions and changing titles approved Staff: 1/18 74 Bold, F. C., Assistant Manager, salary approved 1/18 approved 74 Davis, D. L., Assistant Manager, salary Everson, R. E., position as acting assistant manager 7/18 915 considered as official and salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 27 Pages Branch banks, FRSystem: (Continued) Seattle: (Continued) Staff: (Continued) Russell, B. A., Assistant Manager, salary approved Shaw, C. R., Managing Director, salary approved Spokane: Press statement on decision not to reestablish, no objection to FRBank giving out statement Reestablishment proposed by Congressman White, reply of Board on decision not to reopen Branch banks, foreign: Bank of America N.T. & S. A., San Francisco, Calif.: London branch subsidiary office at Denham, Middlesex, permission to establish branch not necessary since essential operations are still conducted in London, but permission will become necessary if regular operations are shifted there Permission to transfer banking operations to Denham, Middlesex, England when such transfer becomes necessary because of war Bankers Trust Company, New York City, N. Y.: London, England, permission to conduct at Tetworth, Ascot, England, such of operations as may seem advisable during period of present emergency London, England, permission to establish sub-branch at Sunningdale to carry on recording and bookkeeping activities, during war emergency Sunningdale, England, activities conducted at, to be discontinued National City Bank of New York, N. Y.: Barranquilla, Colombia, formal application for establishment to be filed Establishment approved Shanghai, China, letters to State Department and Comptroller asking if there is objection to establishment of additional branch to supplement facilities of existing branch Order authorizing opening of additional branch to be located in French Concession 444ch, group, and chain banking, report of, request of Mr. Hertrais for copy, offered use of copy at FRBank of Boston 8razil: Establishment of central bank in, President Harrison to submit report on discussions with representatives of the Treasury and Oswaldo Aranha Mission to United States with respect to creation of central bank, report on participation of officers of FRBank of New York in discussions -"", Inc., use by member banks to pick up deposits and deliver payrolls, as indirect payment of interest http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 1/18 74 74 1/ 5 8 1/ 3 5 11/10 1408 12/ 2 1497 10/26 1340 10/ 5 1213 10/26 1340 7/27 8/10 925 989 10/16 1284 11/ 7 1375 1/16 60 3/ 3 300 3/28 440 5/ 9 622 28 Pages Brown, George W. (See State member banks, Integrity Trust Company, Philadelphia, Pa.) Brown/ W. Elbridge, present at hearing granted to Committee on Mortgage Investment Funds of the Pennsylvania Bankers Association 12/14 1566 Budget: Board of Governors: 1940, adopted with certain provisions as to procedure 12/20 1610 Board Members' Offices: Increase to take care of non-personal services during remainder of year 10/16 1287 Postage and expressage, increase in 5/11 636 Building Operation and Maintenance, amount added to item repairs and alterations to building 8/30 1063 Counsel's Office: Increase of funds for non-personal services to last through last quarter of current year 10/23 1330 Division of Bank Operations, sum added to item printing and binding 11/13 1/41/1 Division of Examinations, telephone and telegraph item increased 12/28 1656 Division of Research and Statistics, increase of funds for non-personal services to last through last quarter of year 10/23 1330 Division of Security Loans, increase in funds for non-personal services to last through last quarter of year 10/23 1330 Fiscal Agent, sum added for transporting payroll cash for December 1/ 7 27 Increase in funds for non-personal services to last through last quarter of current year 10/23 1330 General budget increased to provide for absorption of Board's payment for group life insurance premium 629 5/10 Printing and binding, item increased to cover cost of publication of booklet on FRSystem prepared by Mr. Hammond 3/28 437 Secretary's Office: Increase to take care of non-personal services during remainder of year 10/16 1287 FRBanks: Examination departments approved 4/21 564 Statistical and analytical functions for 1939 approved 780 6/15 BUffe tt & Company, Omaha, Nebraska, fact that securities business is only small part of business of firm, cannot take case out of provisions of Regulation T applicable to brokers or dealers transacting business in securities through medium of a member 9/15 1149 811-1-1cling and loan associations, director of member bank serving as director of, letter to Malta National Bank, Malta, Ohio, that inquiry has been referred to http://fraser.stlouisfed.org FRBank of Cleveland for reply 9/25 1179 Federal Reserve Bank of St. Louis 29 Pages Bureau of Budget: Coordination of Government reports, etc., bill recommended by Central Statistical Board, report on 3/31 Letter favoring enactment of bill with change suggested 4/ 4 Report on proposed amendments to Federal Home Loan Act, etc., request for use at Conference Bureau will have with officers of Federal Home Loan Bank Board 3/24 S. 1057, no coments on proposed report by Secretary of Agriculture 3/20 S. 2150 to amend Clayton Act, no objection to approval of 7/28 B alureau of the Census: Transfer of tabulation and publication of basic data in current statistical service of Bureau of Foreign and Commerce, advice of Domestic 1/19 Bureau ,ur Investigation: (See Federal Bureau of Investigation) Bu eau of Printing and Engraving: FRnotes: FRBank of Chicago, Comptroller requested to place special order for printing of additional 9/12 FRBank of New York, Comptroller requested to place special order for printing of additional notes 9/ 8 Order for printing FRnotes for next fiscal year approved 6/14 Printing requirements for FRnotes for fiscal year ending June 6/16 30, 1941 Burgess, W. Randolph, luncheon in Board's dining room, payment authorized 9/ 5 : 111 ance, Edmund: (See Securities and Exchange Commission) 40-Lnes8 statistics, collection and analysis of current information by FRBanks, statements by Messrs. Conklin and Thomas and suggestions by Chairmen, at meeting Board with Chairmen 12/ 5 of B ylaws: 468 486 429 402 938 81 1112 1108 777 792 1091 1513 Board of Governors, change necessitated by change in accounts to be made when general revision of bylaws is 2/15 227 made Buffalo Branch, amendment providing for creation and compensation of Executive Committee and Discount Committee, approved with understanding that all changes must be approved by Board of Governors before becoming effective 10/20 1318 Cincinnati Branch, amended copies submitted and approved 2/10 195 Bank of Atlanta, executive committee, holding too frequent meetings, matter referred to Mr. SzFmczak in connection with same practice at Kansas City, to submit recommendation for Kansas City bylaws broad enough to cover Atlanta bank and any FRBank following same practice 6/13 764 PRBank of Cleveland, amended copies submitted including changes of duties of cashier and providing for managing committee 2/10 195 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 30 Pages Bylaws: (Continued) FRBank of Kansas City: Executive counittee, holding too frequent meetings, matter referred to Mr. Szymczak to submit a recommendation for bylaws broad enough to cover any other FRBanks following similar practice Proposed change in Section 1 of Article 3, no objection to FRBank of Minneapolis, amendments PRBanks and branches, amendments to, reporting of changes to Board PRBranch banks, not necessary to submit to Board for approval but must be according to law and regulation Helena Branch, amendments approved Little Rock Branch, directors, bylaws amended to provide that no director of FRBank may serve as director of branch during his tenure of office Louisville Branch: Closing on Saturdays, bylaws revised to change time of Directors, amendment to provide that no director of FRBank may serve as director of branch during tenure of office Memphis Branch, directors, amendment to provide that no FRBank director may serve as director of branch during tenure of office Pittsburgh Branch, amended copies submitted and approved 6/13 8/10 7/27 764 993 927 1/26 112 12/19 1601 7/27 927 9/22 1172 1/17 64 9/22 1172 9/22 1172 2/10 195 "C" Cafeteria, cashing of checks by manager, Board does not wish to 8/31 1066 arrange for Calif°rnid Security Dealers Association, Northern Division, statements contained in letter from FRBank of San Francisco on questions raised under Section 4(c) of Regulation T, exception taken to statement by FRBank 2/3 167 Campbell, Leroy 17.: (See State member banks, Chemical Bank and Trust Co., New York, N. Y.) Canada: Bonds of Dominion, advice to FRBank of Kansas City that ruling of Comptroller re aggregate amount of bonds that may be purchased by banks under Banking Act of 1935, seems to apply to 10/ 7 1222 Canadian National Railway: Bonds, advice to FRBank of Kansas City that ruling of Comptroller re aggregate amount of bonds that may be purchased by banks under Banking Act of 1935, seems to apply to 10/ 7 1222 CaPita] -) funds available for, statements at Conference of Chairmen 12/ 6 1536 that there appeared to be no shortage Carr_l, u-LL) Frederick A., Committee on Trust Policies, Trust Division, American Bankers Association, suggested amend 8/17 1017 ment to Regulation F http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 31 Pages Carter Investment Company: Classification of obligations held by Wharton Bank and Trust Company, Wharton, Texas Notes in assets of Wharton Bank and Trust Company should be classified as loans Central Statistical Board: Call report on condition, Messrs. Horbett and Thomas designated to work with staff concerning volume of retail installment paper and related items Coordination of Government reports, etc., draft of bill recommended by, report to Bureau of Budget approving Report recently submitted to President, report of Mr. Goldenweiser on recommendations contained in ertificates of deposit: (See Deposits) Certificates of ownership: Ohio Merchants Trust Co., Massillon, Ohio, in Ohio Merchants Building, no objection to acquiring additional in satisfaction of debts but should not make direct purchase Charge offs: PRBank of Atlanta: Birmingham, Jacksonville, and New Orleans Branch buildings, approved FRBank of Boston, loss on industrial loan made by Second National Bank to Walker and Pratt Manufacturing Co. FRBank of Chicago, head office building and site and Detroit site, authorized FRBank of Cleveland: Pittsburgh Branch, authority to make charge off on old building FRBank of Minneapolis, head office site, authorized FRBank of St. Louis, loss on loan to Mordie Wolf charged to profit and loss Plaza Bank of St. Louis, Mo., condition of membership requiring minimum depreciation on furniture and fixtures waived but to be not less than permitted as deduction by Bureau of Internal Revenue Chi cago Stock Exchange: "Distributing", meaning as used in section 4(f)(5) of Regulation T, letter to FRBank of Chicago in reply to letter forwarded from stock exchange elewski, Alexander, letter on adoption of call report form in Rhode Island similar to banking form adopted by Federal banking agencies "reulars: Board of Governors: Adjusted service certificates, letter to FRBanks on repeal of Regulation G and treatment of applications for rediscount of such certificates http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/18 916 8/14 1002 8/ 2 967 3/31 468 1/10 36 3/28 444 12/22 1640 5/19 673 12/22 1640 12/22 1641 12/22 1641 4/26 576 3/ 8 321 11/10 1408 4/21 562 4/ 6 498 32 Pages Circulars: (Continued) Board of Governors: (Continued) Advances to member and nonmember banks on Government obligations at par, telegram to FRBanks on attitude Telegram to FRBank of Kansas City that it may wish to consider establishing schedule which would make it clear that rates established applied to advances to member banks as well as nonmember banks, copy sent to FRBanks Bank relations, reports submitted by FRBanks, preparation and distribution of summaries to be continued Banque Centrale de la Republique de Turquie, FRBank of New York authorized to make loans to, other FRBanks to be notified that they may participate in Branch banks, FRSystem, operation of, proposed regulations of Board covering operation outlined in letter to FRBanks with request for comments Bylaws of FRBanks and branches, amendments to, reporting of changes to Board Call reports, summary of statement to be furnished in connection with Capital contribution loans between members of national securities exchange, copy of ruling and press statement sent to FRBanks Cash and noncash collection circulars of FRBanks, recommendation of Standing Committee on Collections approved Check clearing and collection, revised paragraphs approved Check collection circulars and time schedules, proposed changes to be furnished Board Request of American Banker for outline of advantages created for banks by Christmas, advice to FRBanks that offices of Board will be closed on December 23 and 30 in addition to regular holidays Collection of noncash items, draft of regulation governing Condition reports of State member banks and affiliates, forms and instructions transmitted to FRBanks Condensed form to be sent when advice from Mr. Upham of approval of paragraph on national banks is received Forms for next call date transmitted Letter to FRBanks transmitting forms for use as of next call date Conferences: Chairmen: Conference with Chairmen to be postponed until fall, letter to Chairmen asking approval Advice that meeting was being deferred until fall Meetings, letter ordered prepared to Chairmen inquiring whether Dec. 4, 1939, would be con venient http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/24 1033 9/13 1122 8/18 1026 9/ 2 1086-7 12/19 1601 1/26 112 6/22 813 8/18 1025 5/1 5/26 591 695 7/21 923 8/30 1063 12/ 8 1548 599 5/3 3/23 424 8/4 975 8/25 1040 12/13 1564 5/11 5/23 635 674 10/17 1297 33 Pages Circulars: (Continued) Board of Governors: (Continued) Conferences: (Continued) Chairmen: (Continued) Letter approved and ordered transmitted Mr. Morrill to communicate with Chairmen not yet heard from and fix meeting on either December 4th and 5th, or December 5th and 6th, depending on which is most satisfactory Statement re questions unanswered at last meeting, sent to Chairmen Meeting on December 5, 1939, telegram ordered sent to each Chairman stating that it seemed certain that conference would extend into December 6th, and extending invitation to dinner Economists of FRBanks, date set for January 2 and 3, letter to FRBanks Examination department heads of FRBanks, meeting to be held first of 1940, and suggested topics sent to Counterfeit notes, issued by Secret Service Division, letter to FRBanks on distribution of Credit inquiries regarding project sponsors, FRBank to cooperate in handling inquiries from Federal Housing Administration, charge to be made on basis of actual cost Credit to commercial and industrial businesses, report on amount of intermediate and long-term credit to be made by weekly reporting member banks on form 464 Custody of FRnotes, collateral, etc., held by FRAgent, procedure for transfer on termination of Customers rates charged by banks in 36 cities, plan for revising monthly series member banks, method of reporting for determinaof Deposits tion of reserve requirements Destruction of records of FRAgents covering non-statutory functions, letter on what should be included in list and manner of reporting Directors, FRBranch banks, service as branch director cannot be continued after appointment as FRBank director, letter to FRBanks Disturbance in money market in case of outbreak of hostilities in Europe, questions to be taken up with directors of FRBanks in connection with Domestic broker borrowing from foreign broker, ruling under Regulation T to be published in FRBulletin and issued in press statement Examiners of FRBanks, procedure for submitting information on appointments http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/19 1314 10/31 1347 11/25 1464 12/ 1 1482 12/21 1627 12/22 1637 3/17 391 1/ 5 13 4/ 4 487 4/29 588 3/10 345 4/26 573 6/21 808 9/ 8 1105 4/ 7 509 7/27 932 8/25 1036 34 Pages C irculars: (Continued) Board of Governors: (Continued) Express shipments of government securities, failure of some FRBanks to comply with tariff regulations in declaring value of 7/27 Extension of Time by Committee of Exchange after Original Period Has Expired, copy of press statement on, 3/17 sent to FRBanks FRBanks as agents for United States Housing Authority in 3/21 plan for furnishing local agencies with funds FRBulletin, complimentary copies to branches of member banks, 3/16 letter on furnishing to Complimentary copies to be furnished to domestic branches of member banks up to fifty but additional copies to officers and heads of departments of head office not to be furnished 4/17 Federal Reserve System -- Its Purposes and Functions, letter to all banks in United States for opinion of interest and value of book and their suggestions 8/25 in preparation of future material Functional expense reports for second half of 1938, copies 5/15 sent to FRBanks for study and action Funds contributed to Federal Reserve club or society, annual report of expenditures may be discontinued 3/ 6 but will be reviewed by Board's examiners Graduate School of Banking, reimbursement of members of staffs attending, provisions of revised letter 1/13 not retroactive Holding company affiliates possessing general voting permits, FRBanks requested to send copies of Form 12/14 F.R. 437 to them for annual reports Industrial loans, FRBanks may furnish information to National Bureau of Economic Research, advice sent 9/ 2 in letter to FRBanks FRBanks to furnish Board with statement as to each application filed, and to make sincere efforts to grant credits applied for, whenever it can be 10/17 done on reasonable and sound basis Interlocking directorates, amendment to Regulation L permitting relationship between trust companies which do not accept deposits and member banks which do not exercise fiduciary powers, copies of amendment ordered sent to Advisory Council, Comptroller, and American Bankers Association If/ transmitting Letter estate real other premises or representing bank Investments to be shown separately by weekly reporting mem2/ 1 ber banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 928 394 407 374 535 1042 641 311 54 1579 1087 1297 500 1 5543 150 35 Pages Circulars: (Continued) Board of Governors: (Continued) Leased wire system, regulations, amendment providing that telegrams between FRBanks and branches now being sent over commercial wires, be sent over leased wires, except in cases involving undesirable 6/12 circuitous routing, approved, letter to FRBanks Loans to small business, discussion dispensed with at Conference of Chairmen, with understanding that statement prepared by Mr. Draper would be 12/ 6 mailed to Chairmen Mead Bill, copy of new bill sent to members of Federal Ad11/ 8 visory Council Morris Plan Company of Rhode Island, ruling that it is not bank for purposes of Sec. 8 of Clayton Act, letter ordered sent to Company and copy sent 10/17 FRBanks 10/19 Letter approved and ordered transmitted Noncash collection circulars of FRBanks, advice to FRBanks that Regulation G will be adopted when circulars have been reviewed by Board, and FRBanks re12/14 quested to send copies Changes in uniform paragraphs approved, telegram to 12/15 FRBanks furnished to be banks for 1938 Operating ratio for member by FRBanks for project being undertaken by 3/17 FRSystem and FDIC member banks, Operating ratios and balance sheet figures of tables showing average for 1938 sent to FRBanks, along with revised form F.R. 456 to be filled in and returned to Board for comput12/ 6 ing 1939 figures Par list, manner of showing banks collected through inter6/23 mediary towns, etc. Photographs of FRBanks and branches, recent prints requested 3/29 Pledging of eligible paper with FRAgent can be discontinued when amount of gold certificates exceeds amount 7/19 of notes outstanding Policy record of Federal Open Market Committee, entries covering actions taken at meetings on March 7, 20, April 19, June 21, and September 18, 1939, drafts sent to committee members with requests 12/13 for comments or suggestions Press statement in event of outbreak of hostilities abroad 4/27 transmitted to presidents of FRBanks 6/ 1 Revised press statement sent to FRBanks Proceedings in connection with unveiling of bas relief of Senator Glass, pamphlet containing record of, 1/25 copies forwarded to FRBanks and member banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 754 1534 1404 1293 1309 1578 1582 386 1530 831 455 918 1565 583 713 107 36 Pages Circulars: (Continued) Board of Governors: (Continued) Public relations activities of FRBanks, discussion dispensed with at Conference of Chairmen, with understanding that statement by Mr. Davis would be mailed to Chairmen Radio script prepared at request of National Emergency Council, copies sent to FRBanks and to National Emergency Council Questions on use of, before another script is arranged New script prepared and sent to FRBanks Rate on advances to nonmember banks secured by direct obligations of United States, advice of approval of rate of one per cent for FRBank of New York Recommendations of Standing Committee on Collections approved Recommendations approved and Regulation J approved in revised form Regulation G, revised form sent to FRBanks with advice that uniform paragraphs for FRBank circulars will be considered by Standing Committee on Collections, and that municipal warrants should be stamped Adopted, effective as of February 1, 1940, letter to FRBanks Regulation 0, amendment to definition of executive officer, etc. Regulation U, principles for handling possible violations Retirement System, special contributions and separation allowances to supplement regular allowance, and retention of employees past age 65, proposed circular sent to chairmen of Presidents' Conference with request that it be made topic for discussion Salaries of officers of FRBanks, revised procedure for considering Stocks registered on national securities exchanges, publication of list with supplements, FRBanks to notify Board of requirements Telegrams sent over leased wires for member banks, method of charging for Theses to meet graduation requirements of Graduate School of Banking, not necessary to submit to Board but should be made clear that they express only views of the writer Wagner Resolution, discussion dispensed with at Conference of Chairmen because of time element, with understanding that statement prepared by Mr. Ransom would be mailed to Chairmen http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/ 6 1534 1/ 7 2/15 5/25 27 229 679 8/25 1047 4/10 514 5/26 697 9/15 1142 12/26 1648 6/23 3/16 822 370 12/ 4 1503 6/16 787 2/20 245 7/10 900 4/21 565 12/ 6 1534 37 Pages Circulars: (Continued) FRBank of Philadelphia, election of directors of FRBanks, proposed changes in wording of some sentences re 9/ 8 new procedure FRBanks: Cash and noncash collections, consideration of suggested 4/10 changes in apcollections of conditions and terms to Amendment 5/ 1 proved letand amended be to J Regulation and approved Changes 5/26 ter to FRBanks approved advantages of outline for Banker Request of American 8/30 created for banks by by Board furnished be to changes proposed Check collection, 7/21 August 1 suggest to changes no has Board that FRBanks Advice to 7/31 in Non-cash items, letter to President Harrison that he arrange for revision of entire non-cash circulars of FRBanks, at time that uniform provisions are under consideration in connection with adoption 9/13 of regulation Advice to Mr. Gilbert that Regulation G does not contemplate any changes in existing practices of 11/16 FRBanks Advice to FRBanks that Regulation G will be adopted when drafts of revised circulars have been reviewed, and request that two copies of revised 12/14 circular be sent to Board Changes in uniform paragraphs approved by Board, tele12/15 gram to FRBanks Regulation G adopted, effective as of February 1, 1940, and press statement and letter to FRBanks ap12/26 proved Secret Service Division: Counterfeit notes, copies to be furnished to FRBanks for dis1/23 tribution 3/17 Letter to FRBanks on distribution of vil Service Commission: Staff Personnel Committee authorized to contact to obtain information for assistance in its work 3/31 C1eal'Ing and collection: Absorption of exchange and collection charges by member banks, report of Mr. Ransom of discussions at meeting of Executive Council of American Bankers Asso5/ 9 ciation at Hot Springs, Va. Mr. Ransom's memo discussed and matter held for further 10/31 consideration Cash and noncash collection circulars of FRBanks, amendment to terms and conditions of collections recommended 5/ 1 by Standing Committee on Collections approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1105 517 591 695 1063 923 943 1118-9 1423 1578 1582 1644 101 391 463 620 1349 591 38 Pages Clearing and collection: (Continued) Cash and noncash collection circulars: (Continued) Changes approved and Regulation J to be amended and letter to FRBanks to be approved Request of American Banker for outline of advantages created for banks by Circulars of FRBanks and time schedule changes to be furnished Board Exchange charges, absorption by member banks as indirect payment of interest, Mr. Ransom to attend meeting of Research Council of American Bankers Association for discussion of Items drawn on local banks, collection by Detroit Branch, memo of Mr. Vest referred to Messrs. Szymczak and McKee Noncash collections, procedure for consideration and adoption of regulation Noncash items: Circulars of FRBanks, telegram to FRBanks approving changes in uniform paragraphs Draft of regulation governing collection of FRBanks accepting from individual drawees in remittance for noncash items, bank drafts, officers' checks, etc., statement by Messrs. Wyatt and Smead that paragraph should not be included in proposed Regulation G Indorsements, use of uniform indorsement by FRBanks in handling municipal warrants as, advice to Mr. Gilbert that it had been found to be not feasible after discussion by Special Committee of FRBank Counsel at January 1939 meeting Regulation G, memo of Mr. Vest submitting revised draft of proposed regulation, referred to at meeting Revised form sent to FRBanks with advice that uniform paragraphs for FRBank circulars will be considered by Standing Committee on Collections, and that municipal warrants should be stamped Advice to Mr. Gilbert that regulation is entirely permissive and does not contemplate any changes in existing practices of FRBanks, and that adoption of uniform indorsement in handling municipal warrants had been found not feasible after discussion Advice to FRBanks that regulation will be adopted when drafts of revised circulars have been received, and request that two copies of revised circular be sent to Board Regulation G adopted, effective as of February 1, 1940, and press statement and letter to FRBanks approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/26 695 8/30 1063 7/21 923 3/ 3 301 6/13 765 4/ 4 490 12/15 1582 599 5/ 3 9/15 1141 11/16 1423 9/15 1140 9/15 1142 11/16 1423 12/14 1578 12/26 1644 39 Pages Clearing and collection: (Continued) Noncash items: (Continued) Regulations of Board, letter to President Harrison that he should arrange for revision of entire non-cash circulars of FRBanks, at time that uniform provisions are under consideration in connection 9/13 with adoption of regulation Par collection system, recommendation of Federal Advisory Coun2/14 cil on continuation of Par list for July, manner of showing banks collected through 6/23 intermediary towns, letter to FRBanks on 4/10 Recommendations of Standing Committee on Collections approved Regulation G: (See supra Noncash items) Regulation J, procedure for consideration and adoption 4/4 5/26 Revision adopted, to be effective at later date Adopted as amended 7/31 Telegraphic transfers of funds over leased wires, amendment to 6/12 regulations governing Unassorted items, correspondence between Manufacturers National Bank of Detroit and FRBank of Chicago re collection of and other matters, committee of presi6/20 dents appointed to study Closed bank study, article on deposit losses experienced by sample group of suspended banks, to be published in 2/24 FRBulletin C chran, Merle: (See Treasury Department) e°dification Board: Titles of regulations of Board to be carried in Code of Federal 2/1 Regulations, letter to Mr. Yntema on 00114_ ---1-Las, Charles W.: Opinion re legal question involved in determining amount of marketable assets held as reserves by Transamerica Corporation, and request for reconsideration of Board's views re proper construction 9/19 of Sec. 51/1h Revised Statutes Advice to Mr. Collins that matter is being reconsidered in 9/20 light of his comments (See also Holding company affiliates, Transamerica Corporation) Ceftissioner of Internal Revenue: Holding company affiliates, credit to be allowed under Revenue Act of 1936, procedure to be followed by Board in furnishing certificates showing earnings or profits devoted to acquisition of readily marketable assets other than bank stock, sent to 10/ 3 Commissioner purposes, advice to Credits to be allowed for income tax Commissioner that suggested procedure is satisfactory 12/16 Holding company affiliates, other than banks, now holding gen10/31 eral voting permits, list sent to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1118-9 205,2 831 514 490 695 945 754 797 252 151 1158 1163 1203 1588 1352 40 Pages Commissions: Director of Barnett National Bank of Jacksonville, Fla., question of receiving commission from borrower on real estate loan madeby bank C ommittees: Administrative Procedure of Department of Justice, report covering Board's procedure in promulgating regulations, memo of Mr. Wyatt submitting proposed letter to, approved Files of Board made accessible to representative Messrs. Morrill, Thurston, and Wyatt tO'continue discussions with Messrs. Salant and Gellhorn in order to make corrections in report prepared by Mr. Salant Appointment of representatives to be present at committee meeting when Mr. Salant's report is presented, deferred Messrs. Ransom, Morrill, Thurston, and Wyatt named to represent Board at meeting Advisory committee to undertake study of existing practices and procedure in various administrative boards, Mr. Wyatt designated to serve on American Bankers Association: Common Trust Fund Committee, meeting of members with Board and staff and guests at luncheon Revised copies of plan for operation of Association of State Bank Supervisors, executive committee, memo re violation of Regulation U by uninsured banks, sent to Board of Governors: Classification of official positions as basis for two salary recommendations, two members to serve with Mr. Szymczak for further study Messrs. Davis and Draper appointed to serve with Mr. Szymczak with Messrs. McKee, Ransom, and Eccles as alternates Personnel Committee: Messrs. Szymczak and Davis appointed to serve for year Salaries of officers of FRBanks to consider satisfactory classification in determining, composed of Messrs. Szymczak, Davis and Draper, report submitted and ordered filed Staff Personnel Committee, outline of appointment and procedure for, recommendations on Recommendation submitted by Mr. Clayton after meeting of heads of divisions approved Minutes of actions to be recorded Committee authorized to contact Civil Service Commission or any other organization to obtain information for assistance in work http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/29 454 9/29 1200 11/ 2 1360 12/14 1576 12/14 1577 12/19 1603 4/12 524 1/25 L/26 108 574 11/28 1473 2/3 158 2/6 175 3/28 436 3/15 361 3/30 458 3/31 3/31 460 462 3/31 463 41 Pages Co mmittees: (Continued) Board of Governors: (Continued) Supplemental allowances granted on retirement of employees, Messrs. Smead, Vest, and Bethea appointed subcommittee to study 7/ 7 Branch, Group, and Chain Banking: "Branch Banking in the United States", report of committee entitled, request for, by Mr. Hertrais, copies not available for distribution but permission granted him to use FRBank of Boston's copy 1/16 Reports to be made available to responsible persons at libraries of Board and libraries of FRBanks 4/19 Conference of Chairmen: Executive Committee: Curtiss, F. H., appointed to serve until adjournment of next meeting of Chairmen 12/ 6 Lassiter, Robert, appointed to serve until adjournment of next meeting of Chairmen 12/ 6 McCabe, T. B., appointed to serve until adjournment of next meeting of Chairmen 12/ 6 Requested to call first meeting of Executive Committee with understanding that committee would select its own chairman 12/ 6 Membership to consist of three chairmen 12/ 6 To serve as point of contact with Board and arrange programs, recommendation that it be set up, approved 12/ 6 Congressional, appointment to study banking and monetary problems, statement approved 4/ 7 To study banking and credit field, subject discussed at meeting of Board with Presidents 4/17 , Appointment approved by Presidents 4/18 uePartment of Justice Committee on Administrative Procedure, report covering Board's procedure in promulgating regulations, memo of Mr. Wyatt submitting pro9/29 posed letter to, approved Files of Board made accessible to representative 11/ 2 Messrs. Wyatt, Thurston, and Morrill to continue discussions with Messrs. Gellhorn and Salant in order to make corrections in report on Board prepared by Mr. Salant 12/14 Appointment of representatives to be present at committee meeting when report of Mr. Salant on Board is taken up, deferred 12/14 Messrs. Ransom, Wyatt, Thurston, and Morrill named to represent Board at committee meeting 12/19 Federal Advisory Council: Mead Bill on establishment of permanent industrial loan corporation, special committee appointed to study 11/21 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 887 60 549 1538 1538 1538 1539 1538 1537-8 500 540 546 1200 1360 1576 1577 1603 1444 42 Pages Committees: (Continued) Federal Open Market: Policies adopted by, suggestion of Mr. Thomas that directors of FRBanks be informed of War in Europe, review by Mr. Eccles for Conference of Chairmen of actions taken by System in Government securities market because of unsettled conditions Foreign Exchange Committee: Sterling exchange, guarantee by Bank of England, incident involving lapse of time between receipt and publication of information, discussed, with view to appeasing press, determining whether information was acted upon, and means to prevent similar incident in future Functions of, excerpt read by Secretary of Treasury from record of meeting in his office, and excerpt read containing statement by Mr. Harrison at same meeting, advice that Mr. Harrison had discussed in telephone conversation with Mr. Hanes Advice that Secretary of Treasury had requested Board to investigate incident involving lapse of time between receipt and publication of information, that Mr. Harrison was coming to Washington, and that press representatives were neither disturbed nor interested Mr. Harrison to prepare full report for Board and Treasury Advice that Secretary of Treasury wanted to know from Mr. Harrison whether New York banks had received during period, information on which they acted, statement of Mr. Loree that his bank had no transactions, and statement by Mr. Harrison that it was of no concern to Board Report submitted by Mr. Harrison, Secretary to prepare letter to Secretary of Treasury acknowledging receipt of report, and that Board understood it was satisfactory and no further action necessary Letter approved and transmitted House: Banking and Currency Committee: Banking and monetary problems, letter to Chairman transmitting statement Federal Home Loan Bank Act, Home Owners Loan Act, and National Housing Act, H.R. 6971 amending, statement of Advisory Council given to Board to file with committee when bill comes up for consideration Interstate and Foreign Commerce, statement of Federal Advisory Council on Trust Indenture Bill to be transmitted to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/30 135 12/ 5 1511 9/15 1126 9/15 1128 9/15 1139 9/15 1139 9/19 1160 9/27 1182 9/28 1190 4/ 7 500 11/21 1434 3/22 412 43 Pages Committees: (Continued) House: (Continued) Interstate and Foreign Commerce: (Continued) Report on Trust Indenture Bill (H. R. 5220) forwarded to Industrial Advisory: FRBank of Atlanta: French, W. W., reappointed for one year Lockett, A. M., reappointed for one year Milner, I. C., reappointed for one year Sanford, John E., reappointed for one year Winship, George, reappointed for one year FRBank of Boston: Carter, 'Winthrop L., reappointed for 1939 Creighton, Albert M., reappointed for 1939 Luncheon as guest of Board, payment approved Cost of luncheon in Board's dining room to be borne by Board Dennett, Carl P., reappointed for 1939 Draper, Paul A., reappointed for 1939 Graham, Edward M., reappointed for 1939 FRBank of Chicago: Epstein, Max, reappointment approved Harnischfeger, Walter, reappointment approved Monroe, R. R., reappointment approved Moxley, G. Barrett, reappointment approved Young, George W., reappointment approved FRBank of Cleveland: Davies, Daniel R., reappointment for one year approved Folsom, Edward C., reappointment for one year approved Neff, Herman R., reappointment for one year approved Smythe, F. A., reappointment for one year approved Swander, Dan C., reappointment for one year approved FRBank of Dallas: Cullum, T. M., reappointed for one year Ferguson, Lewis R., reappointed for one year Marsh, W. B., reappointed for one year Moore, C. R., reappointed for one year Ousley, Clarence, reappointed for one year FRBank of Kansas City: Berkowitz, Walter J., reappointed for 1939 Forrester, D. Bruce, reappointed for 1939 Gray, R. L., reappointed for 1939 Miller, Ed S., reappointed for 1939 Rooney, L. F., reappointed for 1939 FRBank of Minneapolis: Bush, John M., reappointed for 1939 Follett, C. O., reappointed for 1939 Miller, Albert, reappointed for 1939 Wood, Sheldon V., reappointed for 1939 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/31 464 2/16 2/16 2/16 2/16 2/16 231 231 231 231 231 1/18 1/18 3/28 76 76 448 12/26 1650 76 1/18 1/18 76 76 1/18 1/16 1/16 1/16 1/16 1/16 58 58 58 58 58 2/10 2/10 2/10 2/10 2/10 193 193 193 193 193 2/15 2/15 2/15 2/15 2/15 225 225 225 225 225 1/31 1/31 1/31 1/31 1/31 145 145 145 145 145 1/28 1/28 1/28 1/28 118 118 118 118 44 Pages Committees: (Continued) Industrial Advisory: (Continued) FRBank of New York: 2/20 242 Beach, Herman K., reappointed for one year 2/20 242 Nelson, Arthur G., reappointed for one year 2/20 242 Noble, Edward J., reappointed for one year 2/20 242 Pouch, William H., reappointed for one year 2/20 242 Reynolds, Francis B., reappointed for one year FRBank of Philadelphia: 1/28 Butterworth, J. Ebert, reappointment for 1939 118 1/28 118 Chipman, John S., reappointment for 1939 1/28 118 McDade, John T., reappointed for 1939 1/28 118 Mechling, B. F., reappointed for 1939 1/28 118 Prentis, H. W., Jr., reappointed for 1939 FRBank of Richmond: 2/15 225 Dennis, Overton D., reappointed for one year Holtzclaw, J. G., reappointed for one year 2/15 225 Manning, William L., reappointed for term of one year 2/15 225 2/15 225 Probest, George E., Jr., reappointed for one year 2/15 225 Stuart, Walker D., reappointed for one year FRBank of St. Louis: 2/15 225 Finch, M. E., reappointed for one year Gray, Henry S., reappointed for one year 2/15 225 2/15 225 Norris, Wm. K., reappointed for one year 2/15 225 VanDyke, Jacob, reappointed for one year Weil, Maurice, reappointed for one year 2/15 225 FRBank of San Francisco: Burnside, Ralph, reappointment for one year approved 2/10 193 2/10 Crandall, Shannon, reappointment for one year approved 193 2/10 193 Nichols, Henry D., reappointment for one year 2/10 193 Rawlings, Stuart L., reappointment for one year 2/10 193 Starr, Walter A., reappointment for one year Inter-departmental: Meeting being called by Secretary of the Treasury to con520 sider Brown Bill and other legislation 4/11 Report of discussions on Brown Bill, reply to Mr. Duffield should express personal views of Messrs. 4/21 Eccles and Ransom 559 Pennsylvania Bankers Association: Mortgage Investment Committee, hearing to be arranged by Messrs. Morrill and Wingfield in connection with request for amendment to Regulation F to allow common trust funds composed principally of 11/ 3 1367 mortgages Advice to Committee that December 14 was suitable to Board, and invitation extended to FDIC and Comp11/22 1455 troller to have representatives present Hearing on amendment to Regulation F to permit opera12/14 1566-8 tion of common mortgage trust funds http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 45 Pages Committees: (Continued) Presidents' Conference: (Continued) Collection of unassorted items and other matters, appointed to study 6/20 Legislative, to study problems presented by BrolNn rill and work out program for approval by Board and Presidents 4/18 Legislative Committee to examine certain factual studies prepared by staff of Board during last three years, material transmitted to member of corn, mittee 4/21 Standing Committee on Collections: Recommendations approved 4/10 Report approved and Regulation J to be adopted as re5/26 vised and circulars of FRBanks revised Subcommittee of Standing Committee on Collections, appointment recommended 4/10 NJ() Committee, report being included in statement under preparation by Securities and Exchange Commission for Monopoly Investigating Committee 3/3 Rural Credit Committee of American Farm Bureau Federation, cost of luncheons for five members to be paid by 11/ 8 Board Senate: Agriculture and Forestry, report on S. 1057 on stabiliza3/10 tion of prices sent to Senator Smith Banking and Currency Committee: Banking and Monetary problems, letter to Mr. Wagner transmitting statement on 4/7 Study proposed by Senator Wagner, news item in Wall Street Journal on 4/18 Federal Home Loan Bank Act, Home Owners Loan Act and National Housing Act, H.R. 6971 amending, statement of Advisory Council given to Board to file with committee when bill cones up for consideration 11/21 Hearings: Banking and Monetary problems, drafts of studies to be furnished to Board members as promptly as possible for decision as to manner of getting suggestions from FRBanks and Advisory Council as 12/26 well as decision on question of distribution Wagner Resolution re proposed banking legislation, request by Advisory Council that it be given opportunity to read material before Board submits it to Committee 11/21 Warren, Robert B., advice that he had been approached with view to temporary appointment to assist with material for hearings, that he would come to Washington for interview, and could not 9/21 accept salary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 797 546 564 514 695 516 302 1405 337 500 543 1434 1649 1443 1166 46 Pages Committees: (Continued) Senate: (Continued) Banking and Currency Committee: (Continued) Hearings: (Continued) Warren, Robert B.: (Continued) Temporary appointment without salary, ordered reimbursed for railroad transportation to and from Princeton not more than once each week, and given per diem allowance Woodward, Donald B., appointment to assist Mr. Ransom in preparation of material in connection with prospective hearings Loans to executive officers, bill to amend Sec. 22(g) of FRAct, no reply to be made to request for report Mead Bill, Chairman Eccles to advise that report is being prepared and will be submitted Statement of views of Advisory Council sent to Request for reports on bills to be acted on only when deemed necessary S. 2035, Gillette Bill, establishing branch offices in communities having no banking facilities, report ordered sent to, in view of fact that Comptroller of Currency has no objection Trust Indenture Bill, letter to Senator Wagner with proposed amendments Gold policy, resolution to appoint special joint committee to study, report on bill S.R. 82 requested Joint committee to investigate gold policy, letter to Senator Wagner on S. J.R. 82 on appointment of Joint Congressional to study monetary and banking problems, draft of statement suggesting Monopoly Investigating Committee, report prepared by Securities and Exchange Commission indicating inclusion of banking field in investigation Special Silver Committee, request from Senator Pittman that Chairman Eccles testify at hearings on silver program Questions being studied by Committee, draft of reply to Senator Pittman to be prepared by Mr. Goldenweiser South American Republics: Advice to State Department that Board would be glad to name representative to serve on committee with representatives from State, Treasury, and Commerce Departments Standstill Committee: German exchange, advice from Mr. Harrison that New York banks had attached German balances, that exchange was cut off, and that Standstill Committee wished to reopen negotiations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/25 1174 9/21 1166 3/28 445 5/29 702 6/ 7 749 1/20 86 6/13 761-3 2/16 232 3/ 3 301 3/11 348 3/31 467 3/ 3 302 3/ 8 320 3/28 445 9/ 6 1097 9/13 1121 47 Pages Committees: (Continued) Temporary National Economic: Hearings on investment securities, Messrs. Goodman and Hersey requested to attend as representatives of Board 12/ 1 H. Res. 118 requesting investigation which would bring scope into banking field, no report to be made 3/17 Common trust funds: Plan for operation of, reply to Mr. Lacovara of Trusts and 6/ 6 Estates (See also Trust funds) °mmunity Chest Campaign for 1940, Mr. Draper appointed chairman of Board's organization at request of General Hines 8/16 Co mptroller of the Currency: Bank of America N.T. & S.A., condition of, memo ordered prepared reviewing Board's position with understanding that it would serve as basis for discussion by Chairman Eccles with Comptroller and Secretary of Treasury Memo prepared and set forth in minutes IV/ 4 1 Sec. 30 proceeding, letter asking Comptroller that Board be kept fully informed ordered prepared by Messrs. Morrill and Dreibelbis, following request by Secretary of Treasury 12/12 Letter approved and Mr. Eccles to discuss with Comptroller 12/13 Advice from Comptroller that situation is unchanged and proceeding is still contemplated, summary showing Board does not have full information discussed, letter sent to Comptroller stating that Board wishes to be kept fully informed, and that conference will be arranged with him 12/22 Bonds, liberalization of ruling that would permit exchange of defaulted and other ineligible bonds of one railroad for ineligible bonds of another railroad 3/28 Consumer loans by banks, schedule of information, Mr. Smead authorized to prepare letter to, asking if he will send out schedule with December call on national banks 11/ 3 Delano, Preston, luncheon as guest of Board, payment approved 3/31 Federal Reserve Issue and Redemption Division, request that employees be reinstated in Federal Reserve Retirement System, not to be submitted to Board of Trustees 1/ 5 Interlocking directorates, amendment to Regulation L permitting relationship between trust companies which do not accept deposits and member banks which do not exercise fiduciary powers, sent to, for comments 12/ 4 Letter transmitting 12/ 7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1483 382 747 1011 01 15 543 1553 1557 1629 1,1,2 1363 474 11 1500 1543 48 Pages Cc)mlotroller of the Currency: (Continued) National City Bank of New York, N. Y., establishment of additional branch at Shanghai, China, to supplement facilities of existing branch, letter to, asking if there is objection 10/16 Nonconforming savings accounts of First-Mechanics National Bank, Trenton, N. J. criticized by national bank examiners 8/23 Pennsylvania Bankers Association Committee on Mortgage Investment, invitation to Comptroller to send representatives to hearing to be granted by Board on request to amend Regulation F to allow common trust funds composed principally of mortgages 11/22 Regulation F, self dealing in trust accounts, letter to Comptroller recommending amendment of section, discussed in light of American Bankers Association recommendations, and approved for transmittal 10/ 6 Savings deposits, inquiry of First National Bank of Glens Falls, New York, on applicability of banking law of New York 1/ 5 Schedules compiled from Wisconsin national banks showing restricted or deferred payments of deposits, banks obtaining waivers from depositors, etc., during period 1930-1936, Federal Deposit Insurance Corporation advised that clearance must be obtained from Comptroller of Currency 9/25 Condition reports: Affiliates of State member banks: Integrity Trust Company, Philadelphia, Pa., extension of time in which to publish reports of Germantown Fireproof Storage Company and Joseph L. Shoemaker Co., Inc. 11/16 American Bank and Trust Company of New Orleans, La., comments on certain items, republication not to be required 2/ 4 Branch bank reports, Form 105h, amendment to form approved 6/ 2 Call report forms: Adoption by Bank Commissioner of Rhode Island of forms substantially similar to that adopted by Federal banking agencies /e21 Condensed form for use in spring and fall calls Letter to Mr. Upham for approval of paragraph in letter relating to national banks 8/ 4 Copies furnished to National Association of State Bank Supervisors 8/10 Reasons for not consulting State bank supervisors, letter to FRBank of Kansas City in connection with complaint by Bank Commissioner of Kansas 9/ 7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1284 1030 1456 1218 9 1180 1422 172 718 562 959 975 991 1102 49 Pages Condition reports: (Continued) Call report forms: (Continued) Forms and instructions for next call transmitted to FRBanks 3/23 Forms for use by banks and their affiliates as of next call date, letter to FRBanks transmitting 12/13 . Summary of statement to be furnished in connection with 6/22 Citizens Commercial Trust and Savings Bank, Pasadena, California, certified copy sent to the Attorney General of the United States 2/17 Citizens State Bank, Houston, Texas, real estate sold under contract, letter to Mr. Evans, FRBank of Dallas, 10/31 re correct manner of showing in report Colonial Trust Company, Pittsburgh, Pa., proper method of reporting repayments on installment loans 3/ 1 Consumer loans, Mr. Smead to confer with Federal Deposit Insurance Corporation and Comptroller of Currency 11/ 3 on obtaining information in call reports Continental National Bank and Trust Co. of Chicago, Ill., uninvested trust funds should not be shown as deposits but rather included under item "Other liabilities", advice to Comptroller with request that he advise bank 11/28 Drafts drawn upon member bank reserve accounts, method of re8/ 3 porting for reserve computation purposes Farmers and Merchants Bank, Huron, South Dakota, December 1938 9/28 statement need not be republished FRBank weekly statement: "Secured by U. S. Government obligations, direct or fully guaranteed", caption changed to "Secured by U. S. Government obligations, direct and guaranteed" 9/ 5 "Treasury" eliminated from captions, "Treasury bills" and "Treasury notes" 9/ 6 "U. S. Government securities", caption changed to read "U. S. Government securities, direct and guaranteed" 9/ 5 First National Bank, Montgomery, Ala., reporting of dormant account placed by Treasury Department to compen3/ 1 sate for services rendered Fulton National Bank, Atlanta, Ga., reporting of dormant account placed by Treasury Department to compen3/ 1 sate for services rendered Gary-Wheaton Bank, Wheaton, Ill., depositors and shareholders certificates outstanding plus accrued 6,; interest on latter, letter to Mr. Young requesting that bank be advised to show against item 33(h) in next report 10/23 Holding company affiliates required to submit because of general voting permits, FRBanks requested to distribute copies of Form F.R. 437 and obtain reports not later than February 1, 1940 12/14 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 424 1564 813 239 1350 288 1364 1475 972 1192 1090 1095 1090 289 289 1322 1579 50 Pages Condition reports: (Continued) Illinois State member banks, compliance with membership condition requiring stamping of stock certificates or publication of information of waived deposits 2/ 3 Integrity Trust Company, Philadelphia, Pa., extension of time within which to publish 10/31 Further extension of time for publishing not to be granted, Board to take no action at present 12/11 Iowa State member banks, acceptance of standard form by State Banking Department discussed 4/ 4 Liberty State Bank, Dallas, Texas, correction in items approved 8/ 7 Lincoln Bank and Trust Company, Louisville, Ky., banking house and other real estate not pledged assets within meaning of 7/12 Mercantile-Commerce Bank and Trust Co., St. Louis, Mo., advice to Mr. Martin that bank should apportion the reserves for bond premiums as of call dates on the basis of such information as it has available 11/ 2 National banks: Call as of December 31, 1938 1/ 5 Call as of March 29 3/31 Call as of June 30 7/ 5 Call as of October 2 10/ 4 Call as of December, 1939, Mr. Smead authorized to prepare letter to Comptroller asking that he send out schedule of information on consumer loans of banks with December call, matter again to be brought to attention of Board if he is not willing to include schedule 11/ 3 National Marine Bank of Baltimore, Md., proper method of reporting repayments on installment loans 3/ 1 Nonmember insured banks, call as of December, 1939, Mr. Smead authorized to prepare letter to FDIC asking that they send out schedule of information on consumer loans of banks with December call, with understanding that matter would again be brought to attention of Board if they were not willing to include schedule 11/ 3 Publication by State banks in Ohio and Pennsylvania, revised form 105e approved 3/23 Retail installment paper and related items, Messrs. Horbett and Thomas to work with representatives of other banking agencies in obtaining data 8/ 2 Riceville State Bank, Riceville, Iowa, contributions by shareholders and directors should be shown against item 33(h) of condition reports until it is shown that bank is not legally liable on the contributions 12/ 6 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 165 1351 1550 483 979 904 1358 7 469 874 1206 1363 287 1363 423 967 1529 51 Pages Co ndition reports: (Continued) State member banks: Call as of December 31, 1938 Call as of March 29 approved Call as of June 30 Call as of October 2, 1939 Call as of December, 1939, Mr. Smead authorized to prepare letter to Comptroller and FDIC asking that they send out schedule of information on consumer loans of banks with December call, with understanding that matter would again be considered by Board if they were not willing to send out schedule Certification on form 105e, or substitution of affidavit District of Columbia, duplicate reports to Comptroller and Board need not be published Form 105e amended to simplify joint publication Forms 105 and 105e, amendment to form approved Instructions for preparation of, amendment to Form 105a, approved (See also supra Call reports) Tracy Loan and Trust Company, Salt Lake City, Utah, certain loans should not be shown, advice to Mr. Clerk Transamerica Corporation, San Francisco, Calif., submitted in connection with general voting permits not necessary to wait for audited statements Union Trust Company, Providence, R. I., report of dormant account in call reports Walker Bank and Trust Company, Salt Lake City, Utah, showing of certain loans and investments Weekly member bank, Form 416, revision approved No change to be made for time being Weekly reporting member banks: Government securities, holdings of Treasury notes, Treasury bills and United States bonds to be shown separately Lincoln and Omaha, request of Mr. Spurr for use in study being made Loans, advice to Dun and Bradstreet that classification of loans will be found in July FRBulletin e°11ferences: Auditors of FRBanks, to be held in fall and agenda to be prepared by Mr. Paulger in collaboration with auditors of FRBanks Meeting called to be held in Washington on October 16, topics to be submitted to Mr. Grayson Bank of America N.T. & S.A., Sec. 30 proceeding, advice to Comptroller that conference will be arranged with him in connection with advising Board more fully as to developments http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/ 5 7 469 3/31 874 7/ 5 10/ 4 1206 11/ 3 1363 52 1/13 10/12 1252 327 3/ 8 718 6/ 2 6/ 2 718 12/18 1590 5/ 3 599 1/ 3 5 3/16 1/25 2/ 8 369 106 190 3/ 2 291 3/29 455 9/12 1112 5/ 9 618 5/31 709 12/22 1633 52 Pages Conferences: (Continued) Chairmen: Advances under Section 10(b) of FRAct, uniformity recommended by Mr. Goldenweiser, and that rates should not exceed regular discount rates by more than one-half percent Auditing departments of FRBanks, transfer of employees to nonoperating departments to render assistance, discussed at Auditors of FRBanks, relations with directors and value of discussions by directors of auditors' reports, statement by Mr. Peulger and discussion Practice at FRBank of New York and other FRBanks stated, and conclusion of Mr. Eccles that auditor was responsible to directors and not to operating officers Check on work by outside accounting firms, statements by Messrs. McCabe and Young as to procedure at their banks, and offer by Mr. Eccles to send Board examiners at any time Auditors' reports, shorter reports suggested by Mr. Wood, or that they be supplemented by brief summaries Business statistics, collection and analysis of current information by FRBanks, statements by Messrs. Conklin and Thomas and suggestions by Chairmen Capital, funds available for, statements that there appeared to be no shortage Carpenter, Samuel P., requested to serve as secretary for part of meeting Coffey, W. C., appointed temporary chairman Directors, FRBanks: Assistance to FRSystem in times of emergency and in studying problems certain to arise in future, discussed by Mr. Wood at Conference of Chairmen Relation with Auditors of FRBanks, statement of Mr. Paulger and discussion at conference Practice of FRBank of New York and other FRBanks stated, and conclusion of Mr. Eccles that auditor is responsible to directors and not to operating officers Responsibility, increased, discussed at meeting with Board Earnings and expenses of FRBanks, statements of Messrs. Szymczak and Ransom and discussion at meeting Examination reports of FRBanks, shorter reports suggested by Mr. Wood, or that they be supplemented by brief summaries Information contained in, discussed by Mr. Paulger http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/ 5 1511 12/ 5 1517 12/ 5 1516 12/ 5 1518-9 12/ 5 1519 12/ 5 1517 12/ 5 1513 12/ 6 1536 12/ 6 1538 12/ 6 1538 12/ 6 1535 12/ 5 1516 12/ 5 1518-9 1/30 130 12/ 6 1533-4 12/ 5 1517 12/ 5 1521 53 Pages Conferences: (Continued) Chairmen: (Continued) Examination reports of FRBanks: (Continued) Confidential sections considered by examiners with directors, discussed, and statement by Er. 12/ 5 Eccles that Board would consider suggestions re views Examiners, Board of Governors, rotation to get practices and procedures at banks, statement 12/ 5 by Mr. Szymczak that this was being done Excess reserves, reasons for, discussed by Mr. Eccles with statement that there appeared little likelihood 12/ 5 of any change FRAgents: Responsibility in connection with collateral for outstanding FRnotes and of unissued notes, dis12/ 6 cussed Separation of office from that of chairman of board of directors, statement by Mr. Eccles that separation should be made, and that it would be sug12/ 5 gested as needed legislation Services available to, from FRSystem, suggested by Mr. McCabe that letter be sent to all new Agents advising them of services available and out12/ 5 lining duties and responsibilities Luncheon, arrangements to be made for set luncheon both 12/ 1 days of conference Meetings: To be held in Washington on January 30, 1939, and 1/6 topics for discussion suggested consideration of months for further In three or four 1/30 matters discussed, suggested by Mr. Ruml fall To be deferred until 5/9 5/11 Letter to Chairmen for approval fall 5/23 until Letter to Chairmen on postponement December 4, 1939, letter to be prepared to Chairmen in10/17 quiring whether date would be convenient 10/19 Letter approved and ordered transmitted December 4th and 5th, or 5th and 6th, Mr. Morrill to communicate with Chairmen not yet heard from and 10/31 to fix meeting on most satisfactory date Evening session on December 5 to accommodate one chairman who cannot remain in Washington over December 6, matter referred to Messrs. Davis 11/28 and Szymczak for recommendation December 5, 1939, Chairmen to be advised that conference will more than likely extend into December 6, 1939 Evening session not to be held, but Chairmen to be advised that conference will run over into December 6th Meeting with Board of Governors http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1523 1520 1511 1536 1521 1522 1482 18 142 618 635 674 1297 1314 1347 1472 12/ 1 1482 12/ 1 1482 12/ 5 1510 54 Pages Co nferences: (Continued) Chairmen: (Continued) Meetings: (Continued) Holding at time determined well in advance and at place away from Washington where entire time can be devoted to program of conference, sug12/ 6 gested by Conference of Chairmen Metnorandum on matters discussed at meeting referred to Messrs. Davis and Szymczak as to recommendation 2/27 for action Minutes of meeting sent to each FRBank for information of 2/ 8 directors Minutes of October 10, 1939, meeting, draft of memo containing discussion of various comments and suggestions set forth in minutes, sent to Mr. McCabe with request for opinion as to desirability of 11/17 sending to other Chairmen before next meeting Open market operations, review by Mr. Eccles of actions taken by System in Government securities market 12/ 5 because of unsettled conditions Program for meeting, to include cost of the dinner, to be 1/27 paid by the Board Copy of tentative program sent to Board members to send suggestions as to topics to Mr. Davis, after revision by Messrs. Davis and Szymczak, then sent to Chairmen for suggestions as to addi10/31 tional topics Recommendation to be submitted by Messrs. Davis and 11/28 Szymczak Recordings of broadcast programs prepared by FRBank of Minneapolis to be played, and dinner and luncheon to be given, Chairmen to be advised that 12/ 1 conference will run over into December 6th Questions remaining unanswered at last meeting, statement 11/25 prepared by Board sent to Chairmen Radio broadcasts, recordings prepared by FRBank of Min12/ 5 neapolis to be played for Rediscount rates, uniformity in, desirability discussed by 12/ 5 Mr. Goldenweiser and others Relation to speculative conditions in district or 12/ 5 generally throughout nation, discussed Reasons for changes, desirability of preliminary dis12/ 5 cussions between Board and FRBanks, discussed 12/ 6 Salaries of FRBank officers, discussed at Communications from banks should be signed by either Chairman or Deputy Chairman instead of by executive officers, statement by Mr. Szymczak 12/ 6 at conference http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1535 268 190 1429 1511 115 1347 1472 1482 1465 1524 1511 1512 1513 1533 1534 55 Pages Conferences: (Continued) Chairmen: (Continued) Self insurance by FRBanks, question raised by Mr. Eccles in view of few irregularities at FRBanks, and statement of Mr. Smead that question was being studied Services of FRBanks to member banks, discussed at meeting with Board Surveys at FRBanks, audit, examination and fiscal agency departments, statement by Mr. Paulger that they were being carried on from time to time in connection with examinations Taylor, Jay, FRBank of Dallas, requested to attend meeting on December 5, 1939, since Mr. Merritt will be absent because of illness Topics for discussion: Audit function at FRBanks, relation to chairman and president of bank Auditors of FRBanks, relations with directors, to be led by Mr. Paulger Copy of tentative program sent to Board members to send suggestions as to topics to Mr. Davis, and after revision by Messrs. Davis and Szymczak, then sent to Chairmen for suggestions as to additional topics Current business information, collection and analysis of, to be led by Mr. Thomas December 5, 1939, meeting, matter of program and of advisability of holding evening session on December 5, referred to Messrs. Davis and Szymczak for recommendation No evening session to be held, but recordings of broadcast programs prepared by FRBank of Minneapolis to be played Discount rates of FRBanks, to be led by Mr. Goldenweiser Examination reports of FRBanks, usefulness to directors, to be led by Mr. Paulger Information to be furnished to directors of FRBanks and branches, letter to Mr. Neely that it will be included Loans to small business, discussion dispensed with because of time limitation, with understanding that statement of Mr. Draper would be mailed to Chairmen Meetings of directors of FRBanks and branches, service of FRSystem, future meetings of Chairmen, etc. Members of staff appointed to lead discussion of each topic http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/ 5 1517 1/30 131 12/ 5 1521 11/18 1431 1/ 6 21 11/28 1473 10/31 1347 11/28 1472 11/28 1472 12/ 1 1482 11/28 1472 11/28 1473 1/19 78 12/ 6 1534 1/ 6 19 11/28 1472 56 Pages Conferences: (Continued) Chairmen: (Continued) Topics for discussion: (Continued) Membership in FRSystem, statistical information on membership and changes, discussion dispensed with because of time element and statement prepared 12/ 6 by Mr. McKee handed to Chairmen Public relations activities of FRBanks, advice that Mr. Davis would discuss with conference on next 12/ 5 day Discussion dispensed with because of time element, with understanding that statement prepared by 12/ 6 Mr. Davis would be mailed to Chairmen Questions remaining unanswered at last meeting, letter to Chairmen transmitting copy of statement pre11/25 pared by Board Rates, rediscount, uniform rates at all FRBanks, reply to Mr. Neely, FRBank of Atlanta, that question was one that might well be considered by Con10/17 ference 10/19 Letter approved and ordered transmitted Salaries of FRBank officers for 1940, tentative standards established for maximum salaries to be presented to Chairmen at meeting with Board in 10/31 December Wagner Resolution, discussion dispensed with because of limited time, with understanding that statement prepared by Mr. Ransom would be mailed to 12/ 6 Chairmen Counsel of FRBanks, suggested by Mr. Wyatt and authorized to proceed with preparation of agenda 5/9 Noneash items, standard form of indorsement to be used by FRBanks in handling municipal warrants as, advice to Mr. Gilbert that it had been discussed 11/16 by conference and found to be not feasible Economists of FRBanks, January 2 and 3 set as dates for confer12/21 ence, letter to FRBanks Examination department heads of FRBanks, meeting to be held first part of 1940, letter to FRBanks advising, 12/22 and suggesting topics for discussion advised to be Board proposed, First Vice Presidents of FRBanks, 1/9 as plans for meeting develop Presidents: Brom Bill, solution of problems presented by, opinion of 4/17 each President given Economic situation and outlook for future, statement of Mr. 6/20 Goldenweiser an 6/20 Statement by Mr. Williams on Meetings: Called for April 17 in Washington, telegram to Presidents 4/11 advising of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1535 1523 1534 1464 1297 1315 1346 1534 619 1423 1627 1637 33 540 797 801 521 57 Pages ecInferences: (Continued) Presidents: (Continued) Meetings: (Continued) Meeting with Board of Governors Meeting with Board of Governors Meeting with Board of Governors Recommendations: Leased wire system, recommendation that telegrams between FRBanks and branches now being sent over commercial wires, be sent over leased wires, except in cases involving undesirable circuitous routing, approved, and regulations amended Recommendations of Standing Committee on Collections approved Topics for discussion: Charges for holding securities pledged by nonmember banks as collateral to deposits of bankrupt estates, method of computing Functional expense reports, publication of statements based on, consideration postponed Installment paper, difficulties experienced in discounting operations of FRBanks, suggestion that Mr. Clerk may wish to place on program Retirement System, proposed circular re changes to provide for special contributions, end changes in policy of retention of employees past age 65, sent to with request that it be discussed and commented upon Statements of FRBanks showing cost of conducting operations of banks by functions and number of items handled, publication by all FRBanks to be discussed Supplemental allowances granted upon retirement of employees, report of subcommittee to be submitted for consideration of War in Europe, actions that might be taken by FRSystem in event of, discussed RePresentatives of Treasury, State and Agriculture Departments, Security and Exchange Commission and Board on Government bond market and margin requirements, report of Mr. Eccles on Sterling exchange incident, meeting of Messrs. Ransom, Harrison, Dreibelbis and Gardner with members of staff of Secretary of Treasury lleeticut: State member banks, condition of membership requiring banks to pledge securities with trust department to secure trust funds deposited in banking department, Board will not request FRBank of Boston to take further action re Union and New Haven Trust Co., Brooks Bank and Trust Co., and Waterbury Trust Co. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/17 4/18 6/20 539 543 796 6/12 754 4/14 514 5/11 633 3/11 348 4/12 523 12/ 4 1503 3/ 3 304 7/ 7 888 4/17 539 8/29 1058 9/19 1159 9/16 1156 58 Pages Connecticut: (Continued) Trust funds, pledge of securities to secure funds deposited in own banking department, bank to secure solution Coof problem in State anery J. A., FDIC, present at hearing granted by Board to Committee on Mortgage Investment Funds of Pennsylvania Bankers Association C°n01,7, Sam S.: (See National banks, Barnett National Bank, Jacksonville, Fla.) C°nsolidations: Bank of Sheboygan, Wisconsin, purchase of assets and assumption of liabilities of Bank of Elkhart Lake, and establishment of branch at Elkhart Lake Bloomfield State Bank, Bloomfield, Ind., and Citizens State Bank, application for membership in FRSystem, approved upon merger Camden Trust Company, Camden, New Jersey, assets and liabilities assumed of American National Bank Assumption of deposit liabilities of North Camden Trust Company and First National Bank and Trust Company of Blackwood and establishment of branch at Blackwood To assume liabilities and acquire assets of Gloucester City Trust Company and remove present branch to premises of Citizens State Bank, Bloomfield, Ind., with Bloomfield State Bank, application for membership in FRSystem approved upon merger Citizens State Bank of Liberal, Kansas, purchase of assets and assumption of liabilities of First National Bank of Tyrone, Okla., advice that information should be forwarded even though not within scope of membership condition Depositors Trust Company, Augusta, Maine, purchase of assets and assumption of liabilities of Medomak National Bank of Waldoboro, Maine, and to establish branch at Waldoboro Elmira Bank and Trust Co., Elmira, New York, merger of Watkins State Bank, establishment of branch at Watkins Glen approved First National Bank of Madison, Wisconsin, fiduciary power application approved upon consolidation with Central Wisconsin Trust Company of Indison First National Bank in Oshkosh, Wisconsin and First Trust Company in Oshkosh, application of national bank for fiduciary powers approved upon consolidation First Security Bank of Idaho, Boise, Idaho, assets purchased and liabilities assumed of Hailey National Bank without previous advice to FRBank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/10 627 12/14 1566 1/9 32 12/20 1618 2/13 203 2/20 244 4/21 561 12/20 1618 12/11 1549 7/12 902 4/ 7 507 11/24 1458 12/13 1560 2/24 256 59 Pages Con solidations: (Continued) Grand Rapids Trust Company, Grand Rapids, Mich., with National Bank of Grand Rapids into First National Bank & Trust Co. of Grand Rapids Guardian Bank of Royal Oak, Michigan, proposed absorption of Highland Park Trust Company, Highland Park, Michigan, removal of main office and establishment of branch necessary to withdrawal from membership to accomplish Hadley Falls Trust Company, Holyoke, Mass., absorption of Cabot Trust Company, Chicopee, Mass., permission granted to Hadley Falls Trust Co. to establish branch in Chicopee in connection with Lemay Ferry Bank, proposed absorption of Lafayette National Bank and Trust Co., approval of Board not required Manufacturers Trust Company, New York, N. Y., assumption of deposits of Banca Commerciale Italiana Trust Company, New York, N. Y., approval of Board not required Metals Bank & Trust Company, Butte, Montana, purchase of assets and assumption of liabilities of Montana State Bank, Philipsburg, Montana, no objection National Bank of Grand Rapids, Mich. with Grand Rapids Trust Co. into First National Bank & Trust Co. of Grand Rapids Wachovia Bank and Trust Company, Winston-Salem, N. C., absorption of Charlotte National Bank and establishment of branch at Charlotte approved 'Wheeling Dollar Savings and Trust Co., Wheeling, W. Va., purchase of assets and assumption of liabilities of Citizens Mutual Trust Co., Wheeling, IL Va., approval of Board not required under circumstances, but statements as to progress will be appreciated Zeeland State Bank, Zeeland, Michigan, purchase of assets and assumption of liabilities of State Commercial & Savings Bank, Zeeland, no objection although statement should be obtained from bank that current net earnings would be used to build up capital Corisumer credit, schedule of information on consumer loans of banks to supplement, Mr. Smead authorized to prepare letters to FDIC and Comptroller asking that they send out schedule with December call, with understanding that matter would again be considered if they were not willing to include schedule 0oh4. sank of America National Trust and Savings Association to Merchants National Realty Corporation for purchases of premises of branches http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/20 1621 8/30 1062 12/ 7 1542 4/5 493 2/3 166 11/ 7 1374 12/20 1621 6/13 771 6/5 722 6/5 723 11/ 3 1363-5 3/10 334 60 Pages Con tributions: (Continued) FRBanks: Federal Reserve clubs or societies, annual report of, may be discontinued, but will be reviewed by examiners of Board Shareholders and directors of Riceville State Bank, Riceville, Iowa, manner of showing in condition report Con ventions: American Bankers Association at Seattle, Mr. Leonard to attend National Association of State Bank Supervisors at Salt Lake City, Messrs. Paulger and Leonard to attend Special Libraries Association, list of material to be used in exhibit at Co nversions: Citizens National Bank & Trust Co. of Goose Creek, Texas: Citizens Bank and Trust Co. converted into No objection to change in plan of conversion Elmhurst National Bank, Elmhurst, Ill., application for fiduciary powers approved upon conversion from Elmhurst State Bank First National Bank in Cedar Falls, Iowa, application for fiduciary powers approved upon conversion of Union Bank and Trust Company First State Bank, Eldorado, Okla., application for membership approved and to succeed First National Bank, Eldorado Highland National Bank, Highland, Ill., application for fiduciary powers approved upon conversion of State and Trust Bank into Mercantile National Bank of Chicago, Ill., application for fiduciary powers approved after conversion from Mercantile Trust and Savings Bank of Chicago Northwestern National Bank, St. Louis, Mo., application for fiduciary powers approved upon conversion from Northwestern Trust Co. NYack Bank and Trust Company, Nyack, N. Y., conversion of Nyack National Bank and Trust Co. into, application of State bank for membership in FRSystem approved upon conversion Coote, G. G., Member of Board of Directors of Bank of Canada, payment of cost of luncheon for, approved Col"Porate bonds: Study to be conducted as W.P.A. project, Louis N. Dembitz assigned for three months to assist on technical problems Oot, 00'Porate trusteeships: (See Legislation, Trust Indenture Bill) rl'esPondence: Replies relating to Thomas bill and similar legislation, Messrs. Wyatt and Goldenweiser to prepare letter to be used as basis for http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/ 6 311 12/ 6 1529 9/12 1116 9/12 1116 5/ 3 601 12/13 1561 12/22 1635 1/19 81 7/10 897 6/16 789 1/28 119 5/11 637 1/31 146 12/20 1614 3/21 409 6/23 831 2/ 3 160 61 Pages Cor respondence: (Continued) Salaries of officers of FRBanks, communications from FRBanks should be signed by Chairman or Deputy Chairman instead of by President or other executive officers, statement of Mr. Szymczak at Confer12/ 6 ence of Chairmen Counsel, FRBanks: Conference suggested by Mr. Wyatt, authorized to proceed with preparation of agenda for 5/9 eftulsel, General, Memoranda of: Credit in checking account for obtaining new depositors not considered payment of interest, publication of 6/15 ruling in FRBulletin approved Federal Bankruptcy Act, problems created by amendments made by Chandler Act 4/4 FRBulletin for May, statements on repeal of Regulation G and certain rulings to be published in 4/17 9/20 PRBulletin for October issue, material Investment trusts, possible legislation relating to, to keep in 3/28 touch with Securities and Exchange Commission Noncash collections, procedure for consideration and adoption 4/4 Rates, FRBanks, advances to Federal Home Loan Banks on Government securities at par, applicability of rates set for similar advances to banks, Counsel requested to prepare memo for use by Chairman Eccles in anticipated telephone conversation 9/ 6 with FRBank presidents applicable to Advice that they are included under rates 9/25 nonmember banks and consideration adoption Regulation J, procedure for 4/ 4 Regulations of Board in pamphlet form, printing of index de3/27 ferred until after adjournment of Congress -"sel, Special, FRBanks: Brown, Adelbert, FRBank of Chicago, employed as special counsel 4/26 for contesting taxes on building Cole, Judge, FRBank of Philadelphia, payment by FRBank for services in connection with FRBank of Philadelphia v. City of Ocean City, N. J., approved 9/20 Covington, Burling, Rublee, Acheson & Shorb, payment of legal fees by FRBank of New York in case of BritishAmerican Tobacco Co. v. FRBank of New York, ap12/18 proved Davis, Polk, Wardwell, Gardiner and Reed, payment of fee by FRBank of New York for legal services in case 6/30 of Leno Soma, etc. Gross, Hyde and Williams of Conn., payment of fee by FRBank of Boston in connection with foreclosure of mort6/30 gage Lynch and Cahn, no objection to payment of fees by FRBank of New in connection with case of Mosier Radio Service v. FRBank of New York 12/11 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1534 619 780 488 536 1164 439 490 1093-4 1181 490 433 570 1164 1590 868 868 1551 62 Pages Counsel, Special, FRBanks: (Continued) Mayer, Meyer, Austrian and Platt employed by FRBank of Chicago as special counsel for contesting taxes on building Smith, Edward J., payment of fee in connection with case of University of South v. Nashville Branch, approved, advice to Atlanta Bank Winthrop, Stimson, Putnam, and Roberts employed by FRBank of New York to assist in mandamus proceedings brought against FRBank by Armand Schmoll, Inc. NInterfeit notes: Circulars of Secret Service Division describing, copies to be furnished to FRBanks for distribution on distribution of Letters to FRBanks Colin ts, Mary Ruth, agreement for operation of beauty shop in building p_ Changes in contract contained in letter to vulIrt cases: Armand Schmoll, Inc. v. FRBank of New York, employment of Winthrop, Stimson, Putnam and Roberts to assist in mandamus proceedings Basham v. First National Bank, Birmingham, Ala., reply to Mr. Persons that Board does not consider it appropriate to file brief in case British-American Tobacco Co. v. FRBank of New York, payment of fees by FRBank of New York to Covington, Burling, Rublee, Acheson and Shorb, approved First National Bank, Birmingham, Ala., test suit to determine bank's liability to beneficiaries of trust, request that Board file brief as friend of the court Leno Soma v. George Handrulis, Sarah Alkoff and FRBank of New York, payment of fee by FRBank of New York to Davis, Polk, Wardwell, Gardiner and Reed approved Mosier Radio Service v. FRBank of New York, no objection to payment by FRBank of New York of legal fees to • Messrs. Lynch and Cahn Edward payment to Branch, University of the South v. Nashville J. Smith for legal services approved First State Bank, Celina, Texas, undue use for speculative carrying of commodities, no action in this instance ellt inquiries regarding project sponsors, FRBanks to cooperate with Federal Housing Administration in handling inquiries, charge to be made on basis of actual cost 4. 4e1i unions: Notes given to banks, rediscount at FRBanks, letter to Mr. Evans of Farm Credit Administration on http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/26 570 9/ 8 1106-7 4/4 481 1/23 3/17 101 391 4/21 7/27 931 4/4 481 3/24 428 567 12/18 1591 3/17 377 6/30 868 12/11 1551 9/ 8 1107 4/10 514 1/5 13 3/20 399 63 Pages Cret Paul, FRBank of Philadelphia, erection of garage on vacant lot adjoining building and rebuilding small house, no objection to employment of Mr. Cret to mnke preliminary studies and plans Currency: Condition of currency sent by Jacksonville Branch to First National Bank of Miami Cost of shipping by member bank to correspondent bank, absorption as payment of indirect interest FRnotes: (See FRnotes) Greenbacks, S. 1696 to terminate authority to issue $3,000,000,000, memo to be prepared by Messrs. Goldenweiser and Wyatt hiPments by private armored cars by FRBank of Philadelphia to points in district, reply to Assistant Postmaster General U. S. notes, S. 1696 to terminate power to issue, request that Messrs. Goldenweiser and Wyatt prepare memorandum withdrawn Czec hoslovakia: Handling of funds of, no report made by Mr. Harrison of discussions with State Department, Treasury Department and Bank of England 11/17 1429 2/27 275 5/11 635 3/10 332 1/26 112 5/1 591 3/28 hill !ID'S Naths: Thomson, Alexander, director of Cincinnati Branch, telegram 850 6/28 expressing sympathy Nbent ures and capital Citizens State Bank, Puyallup, Washington, retirement of capital 1/25 105 debentures approved Cowlitz Valley Bank, Kelso, Washington, retirement of capital 1/23 101 debentures approved Farmers State Bank of Wallace, Nebraska, desire to reduce amount held by RFC, FRBank to make recommendation to 2/28 284 Board First-Central Trust Company, Akron, Ohio, application for retirement of, Board would favor nominal amount 6/29 855 but not full amount applied for First Security Bank, Beaverton, Oregon, retirement of additional, to be advised that further retirements should 8/2 963 not be approved Form of those sold to RFC by Security Savings & Commercial Bank, Washington, D. C., to be furnished in connection 11/22 1453 with membership approval 8 • ecurity State Bank and Trust Company, Beaumont, Texas, retirement subject to establishment of reserve for dividends payable in common stock 8/3 970 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 64 Pages Debentures and capital notes: (Continued) Walker Bank and Trust Company, Salt Lake City, Utah, retirement 9/ 7 approved Definitions: Executive officers, proposed amendment to Regulation 0 covering 1/20 inactive officers 6 /23 officers inactive , Amendment to Regulation 0 modifying as to than "more 50 per nolding company affiliate, definition of term centum of the number of shares voted for the election of directors of any one bank at the preceding election", advice to Mr. Clerk that situation remains substantially the same as described in Mr. Wingfield's letter of Dec. 22, 12/13 1936 Net earnings and actual net earnings, reply to Northwest Bancorporation in answer to request for definition of 11/15 terms as used in Revised Statutes IDeiPartMent of Commerce: Publication of basic data of current statistical service being transferred from Bureau of Foreign and Domestic 1/19 Commerce to Bureau of the Census DePartment of Justice: Committee on Administrative Procedure, Board's files made ac11/ 2 cessible to representative of committee Report on Board prepared by Mr. Salant, Messrs. Morrill, Thurston, and Wyatt to continue discussions with Messrs. Gellhorn and Salant in order to 12/14 make additional corrections Report on Board prepared by Mr. Salant, question of appointing representatives to be present at committee meeting when report is taken up, de12/14 ferred Messrs. Ransom, Wyatt, Morrill, and Thurston named to rep12/19 resent Board at committee meeting Loans made by State member banks to Richard Whitney and Com1/30 pany, report of investigation of Security Bank and Trust Company, Madison, S. D., request of United States Attorney for copy of examination 8/23 report, information already furnished Townsend, Judge, Acting Solicitor General, report of Mr. Wyatt of request for list of things that could be done in event of war to protect our neutrality 8/28 and the public interests Draft of statement read by Mr. Morrill and approved with 8/29 certain changes DA Alartment of State: Iiission to Venezuela, letter making services of Martin Krost 6/19 available for Regulations, orders or notices of Board, request that Board send copies of any dealing with neutrality of U.S. for transmission to Pan American Union 11/10 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1101 85 819 1564 1419 81 1360 1576 1576 1603 125 1032 1053 1057 794 1410 65 Pages DePoeits: Behavior prior to suspension in selected group of banks, article prepared from WPA closed bank study to be published in FRBulletin Brinks Inc., practice of member bank of using as agency to solicit and pick up deposits and to deliver payrolls, absorption of expense as indirect payment of interest Certificates, payment or renewal of certificate maturing on Sunday, on previous day, advice to Farmers National Bank of Sparta, Wis. that under bisconsin law it may not be paid until next succeeding business day Statement ordered published in October Bulletin (:)/nPutation for reserve purposes, letter to all FRBanks on reporting cash items in process of collection, etc. Demand, drafts drawn on reserve accounts, manner of showing in condition reports for reserve computation purposes First-Mechanics National Bank of Trenton, N. J., nonconforming savings accounts criticized by national bank examiners First National Bank of Hattiesburg, Miss., certificate issued to Mrs. Hannah Smith at bank in another community before maturity, no objection Interest on demand, problems resulting from prohibition on, discussed by Mr. Ransom with Federal Advisory Council Public funds, safekeeping by FRBanks of securities pledged to secure, advice to FRBank of Dallas that Board has no objection Restricted or deferred payments, waivers obtained from depositors, statistics compiled on Wisconsin national banks, FDIC advised that clearance must be obtained from Comptroller before they can be furnished Waivers obtained from depositors, statistics compiled on, Wisconsin State member banks showing period 1930-1936, sent to Federal Deposit Insurance Corporation for information Savings accounts: Baldwin National Bank and Trust Company, Baldwin, N. Y., transfer by depositors of, to FHA Mortgage accounts without presentation of pass books Statement ordered published in FRBulletin First-Mechanics National Bank of Trenton, N. J., letter to Comptroller that there seems to be nothing to add to previous comments, in view of circumstances http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/28 11/11 5/9 622 9/ 8 1108 9/20 1165 4/26 573 8/3 972 8/23 1030 5/16 644 2/14 219 9/29 1199 9/25 1180 9/25 1180 8/31 1074 9/20 1164 9/ 6 1095 66 Pages De Posits: (Continued) Savings accounts: (Continued) First National Rank of Glens Falls, New York, use of word in connection with thrift deposit pass books, re1/5 ferred to Comptroller of Currency Interest, maximum rates payable by member banks under Regula9/15 tion Q, matter dropped for time being Interest, payment after death of depositor, letter to Long9/15 mont National Bank, Longmont, Colo. 9/20 Statement ordered published in FRBulletin Savings or thrift plan of Park National Bank, Knoxville, Tennessee, reply to Mr. Anderson on establishment 1/20 of Savings plan of State Planters Bank and Trust Company of Richmond, Va. arranged to encourage long-time deposits, no objection to plan, but ruling not 5/26 to be published in FRBulletin Tax imposed by Michigan statute does not constitute payment of interest on demand deposits in violation of 12/19 Regulation Q Transfers to FHA mortgage accounts without presentation of pass books, statement ordered published in 9/20 FRBulletin Time: Interest, maximum rates payable by member banks under Regu9/15 lation Q, matter dropped for time being Treasu-Ga. Atlanta, of ly Department, in Fulton National Bank and First National Bank, Montgomery, Ala., dormant account placed for services rendered, treatment for reserve purposes and in condi3/1 tion reports Union Trust Company, Providence, R. I., report of dormant ac1/3 count in call reports • est,r uction of records: Board of Governors, letter to Mr. Connor listing material to be 2/6 included in list submitted to Congress duties nonstatutory FRAgents, accumulated in performance of prior to transfer of duties to FRBanks, permis5/9 sion to be requested next year 6/21 Letter to FRAgents on plan for reporting kBank of New York, to submit consolidated list of FRAgents 6/28 records recommended for destruction Pt13.ank of St. Louis advised that certain records should be retained and list of those destroyed included in 11/16 another letter Fiscal agency and depositary records, annual list to be submitted by FRBank of New York on behalf of all 8/11 FRBanks List submitted to National Archives for submission to Congress 5/25 141meographed statements issued by Board accumulated by FRAgents 8/11 may be destroyed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9 1145 1149 1165 93 682 16(r 1164 1145 289 5 175 623 808. 851 1424 998 678 999 67 Pages Nttap hone Telecord machine and transcribing machine, purchase of two machines authorized St of Rulings, directors, FRBanks and branches, copy of digest ordered sent to each new appointee Dirme rs, Chairmen of FRBanks, to be guests of Board at dinner to be arranged after conference D irector of the Budget: 8. 31, request for comments on letter prepared for signature of Secretary of Agriculture, reply to be prepared tter to Mr. Bell approved Directorj: Barnett National Bank, Jacksonville, Fla., question of one in real estate business receiving commission from borrower on mortgage loan made by bank Question of director in real estate business receiving commission from borrower on real estate loan made by bank ftaiik of Atlanta: Glenn, T. K., Class A, advice of election for three-year term McCrary, J. A., Class B, advice of election for three-year term Meetings: Holding at too frequent intervals, matter referred to Mr. Szymczak in connection with same practice at Kansas City, to submit recommendation for FRBank of Kansas City broad enough to cover Atlanta Bank and any other bank following similar practice Jacksonville: February meeting to be held in July 14, meeting to be held at Jacksonville Branch in connection with reception at completion of renovation of building New Orleans, no objection to holding regular meetings in, and expenditure of funds in connection with dinner to celebrate completion of building modernization and air conditioning system Neely, F. H.: Conference with Board, statement on increasing responsibility of directors of FRBanks Designated chairman and FRAgent for 1940 Porter, J. F.: Appointed as Class C director for three-year term and and designated deputy chairman for 1940 Conference of Chairmen, suggestion of Mr. Neely that he i invited to, not to be invited ank of Boston: Classification of member banks for election of Class A and B, no changes contemplated http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/15 1150 9/12 1111 1/27 115 2/ 3 2/ 4 160 3/ 2 293 3/29 454 171 12/13 1559 12/13 1559 6/13 764 1/19 79 6/15 779 10/20 1317 1/30 133 12/14 1573 12/14 1574 1/19 7 9/16 1153 68 Pages Directors: (Continued) FRBank of Boston: (Continued) Curtiss, F. H.: Conference of Chairmen with Board, statement at, on services of FRBanks to member banks Designated chairman and FRAgent for 1940 Dennison, Henry S., Class C, appointed director for threeyear term and designated deputy chairman for 1940 Acceptance of appointment as director noted, and request that he continue as deputy chairman despite his recommendation that Director Harriman be named Dodge, L. A., Class A, advice of election for three-year term Election of Class A and B directors, classification of member banks, no changes contemplated Frost, Edward J., Class B: Arbitrator for Nem- York Stock Exchange, no objection to service as Election for three-year term, advice of Harriman, Henry I., Class C, recommended for appointment as Chicago:clputy chairman by Ur. Dennison PRBank of Babb, M. W., Class B, advice of election for three-year term Cummings, W. J., Class A, advice of election for three-year term Gregory, Clifford V., Class C, appointed for three-year term Lewis, F. J., Class C, designated deputy chairman for 1940 Wood, R. E., Class C, designated chairman and FRAgent for 1940 PRBank of Cleveland: Brainard, G. C., Class C, designated chairman and FRAgent for 1940 Conner, Ben R., Class A, advice of election for three-year term Galvin, J. E., Class B, advice of election for three-year term Klages, R. E., Class C: Appointed for three-year term and designated deputy chairman for 1940 Statement at meeting of Board on service of FRBanks to member banks FRaank of Dallas: Cozzo, J. B., to be tendered appointment as Class C for Unexpired term Telegram appointing and requesting acceptance Merritt, J. H., Class C: Chairman and FRAgent, designated for 1940 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/30 131 12/14 1572 12/14 1572 12/22 1628 12/13 1559 9/16 1153 8/23 1029 12/13 1559 12/22 1628 12/13 1560 12/13 1559 12/14 1571 12/14 1572 12/14 1571 12/14 1573 12/13 1559 12/13 1559 12/14 1573 1/30 132 6/23 6/26 818 841 12/14 1575 69 Pages Dire aL°1_rs: (Continued) rttbank of Dallas: (Continued) Merritt, J. H.: (Continued) Conference with Board, statement at, that members of Board should visit FRBanks frequently and that directors of a branch should be changed to ad1/30 visory committee Resignation as director and FRAgent tendered and later 6/23 withdrawn three-year for election of B, advice Milam, J. R., Class 12/13 term accept to not Seale, Ford, Class A, telegram asking Board resignation of Mr. Merritt as FRAgent and 6/23 Class C director Taylor, Jay, Class C: Appointed for three-year term and designated deputy 12/14 chairman for 1940 Conference of Chairmen, requested to attend, since Mr. 11/18 Merritt will be absent because of illness three-year for Winton, E. H., Class A, advice of election 12/13 term MBank of Kansas City: Caldwell, R. B., Class C, designated Chairman and FRAgent 12/14 for 1940 three-year for election of advice A, Dines, T. A., Class 12/13 term three-year for election of advice B, Class Hosford, W. D., 12/13 term refermatter intervals, frequent too at Meetings, holding red to Mr. Szymczak to submit a recommendation for FRBank broad enough to cover any other 6/13 FRBanks following similar practice term three-year for appointed C, Class Roberts, Clarence, with understanding that he will resign as direc12/19 tor of Oklahoma City Branch C: Class Thomas, J. J., Conference with Board, statement that directors should 1/30 be given greater responsibility 3/11 Statement changed 12/14 Designated deputy chairman for 1940 PR8ank of Minneapolis: Coffey, W. C., Class C: Appointed for three-year term and designated chairman 12/14 and FRAgent for 1940 Conference with Board, statement on increasing responsibilities of directors and broadening services 1/30 of member banks Eames, Paul V., appointed Class C for unexpired term sub8/18 ject to willingness to accept 9/ 6 Appointment refused because of health Funk, A. P., Class B, advice of election for three-year term 12/13 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 135 816 1560 816 1575 1431 1559 1575 1559 1560 764 1599 134 349 1575 1574 134 1020 1093 1560 70 Pages Directors: (Continued) PRBank of Minneapolis: (Continued) McCartney, Fred D., Class A, advice of election for threeyear term Shepard, Roger B., Class C, appointment for unexpired portion of term DIBank of New York: Day, Edmund E., Class C, appointed for three-year term Dorrance, Neil H., Class A, advice of election for threeyear term Ruml, Beardsley, Class C: Designated deputy chairman for 1940 Mr. Eccles to invite to come to Washington to discuss avoidance of discussion of national questions in FRBank's annual report, if Mr. Young is unable to be present Requested to come to Washington to discuss with Mr. Szymczak the placing of salaries of junior officers of FRBanks under a classification Statement at Conference of Chairmen with Board on increasing activities of directors Stevens, R. T., Class B, advice of election for three-year term Young, Owen D., Class C, designation as Chairman for 1940 with compensation on same basis as 1939 Rank of Philadelphia: Biddle, Francis, resignation as Class C accepted Election of, revised procedure, no objection to trial and request that results be transmitted to Board and other FRBanks so that Chairmen's Conference can determine whether or not to recommend revision of procedure at all FRBanks Kerlin, Ward D., Class B, elected for three-year term McCabe, T. B., Class C: Appointed for three-year term and designated chairman and FRAgent for 1940 Conference of Board, statement on discussing more interesting problems at meetings of directors and suggestion that FRBanks exchange economists for discussions at meetings Reily, G. W., Class A, advice of election for three-year term Whittier, Warren F., Class C, appointed for unexpired portion of term ending December 31, 1940 Villiams, Alfred H., Personnel Committee authorized to tender appointment as Class C for unexpired term Appointment as Class C for unexpired term, advice of Appointed deputy chairman for 1940 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/13 1559 12/22 1633 12/14 1572 12/13 1559 12/18 1589 12/19 1598 4/11 519 1/30 129 12/13 1559 12/18 1589 4/10 513 9/ 8 1105 12/13 1559 12/14 1572 1/30 131 12/13 1559 12/ 1 1486 2/27 270 292 3/2 12/14 1573 71 Pages DirAn4. (Continued) FRBank of Richmond: Bowman, Dr. Isaiah, appointment as Class C director authorized, unable to accept Lassiter, Robert: Conference with Board, suggestion that directors of FRBanks meet annually with Board at Washington Designated chairman and FRAgent for 1940 McCormick, Charles P., appointed Class C for unexpired term subject to willingness to accept Advice of appointment and request for resignation as director of Baltimore Branch Oath of office executed, resignation as director of Baltimore Branch accepted August 31, 1939, set as effective date of appointment Reed, C. C., Class B, advice of election for three-year term Rieman, C. F., Class A, advice of election for three-year term Vl3rs0r, W. G., Class C, appointed for three-year term and designated deputy chairman for 1940 FRBank of St. Louis: Brooks, Douglas W., Class C, appointed for unexpired portion of term ending December 31, 19/11 Group classification of member banks for election of Class A and B, no changes contemplated this year Harris, J. T., Class B, advice of election for three-year term 2/6 174 1/30 133 12/14 1573 8/18 1020 8/23 1028 9/ 1 1084 9/12 1110 12/13 1559 12/13 1559 12/14 1573 12/14 1571 8/28 1049 12/13 1560 Johnston, Oscar, Class C, appointed deputy chairman for 12/14 1940 Mahm, m. R., Class A, advice of election for three-year 12/13 term Nardin, W. T., Class C: Appointed for three-year term and designated chairman 12/14 and FRAgent for 1940 Conference with Board, statement that increased responsibility on part of directors should be en1/30 couraged FRBank of San Francisco: Byrd, Carroll, Class A, advice of election for three-year 12/13 term Class B, President of Federal savings and loan association who has served as Class A director is not 10/18 eligible as Class B 1/13 Fees and allowances for 1939 approved Holden, St. George: Conference with Board, statement on preparation of manual on FRSystem and of visits by directors of 1/30 FRBanks to branches 12/14 1940 chairman for deputy Designated http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1574 1559 1574 133 1559 1304 52 136 1576 72 Pages Direct ,°re: (Continued) 1113-Bank of San Francisco: (Continued) Taylor, R. H., Class B, advice of election for three-year 12/13 term term 12/14 three-year for Thorpe, Carlyle, Class C, appointed wanks: Annual meetings with Board of Governors suggested by Mr. 1/30 Lassiter Appointments: The Federal Reserve System -- Its Purposes and Functions, copy of book ordered sent to each appointee, along with copies of FRAct, Digest of Rulings, 9/12 and latest Annual Report in studying and emergency of times Assistance to FRSystem in problems certain to arise in future, discussed 12/ 6 by Mr. Wood at Conference of Chairmen Audit reports, value of discussions by directors, statement of Mr. Paulger and discussion of question at 12/ 5 Conference of Chairmen disand Paulger Mr. of statement Auditors, relations with, 12/ 5 cussion of question at Conference of Chairmen stated, FRBanks other and York New of Practice of FRBank and conclusion of Mr. Eccles that auditor is responsible to directors and not to operating 12/ 5 officers Chairmen, separation of office from that of FRAgent, statement by Mr. Eccles at Conference of Chairmen that separation should be made and that it 12/ 5 would again be suggested as needed legislation Class A: Officer, director, or stockholder of a bank, not neces7/12 sary for candidate to be who association loan and savings Federal of President has served as Class A director ruled not 10/18 eligible for election as Class B director Class B: 1/18 Ownership of stock in bank does not disqualify service who association loan and savings Federal of President has served as Class A director ruled not to'be 10/18 eligible for election as Class B director Conference of Chairmen to be held in Washington on January 1/ 6 30, 1939, topics for discussion by trial Election of, revised procedure, no objection to FRBank of Philadelphia and request that results be transmitted to Board and other FRBanks so that Chairmen's Conference can determine whether or not to recommend revision of procedure at 9/ 8 all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1560 1576 133 1111 1535 1516 1516 1517-9 1521 902 1304 75 1304 18 1105 73 Pages Directors: (Continued) FRBanks: (Continued) Eligibility: (See supra Class A and Class B) Examination reports of FRBanks, examiners discussing confidential section with, discussed at Conference of Chairmen, and statement by Mr. Eccles that Board would consider suggestions Information to be furnished to, to be added to program for Conference of Chairmen Responsibility of, discussed by Chairmen of FRBanks at meeting with Board FRB ranch banks: Appointments, The Federal Reserve System -- Its Purposes and Functions, copy of book ordered sent to each appointee, along with copies of FRAct, Digest of 9/12 Rulings, and latest Annual Report Baltimore: 12/14 Baker, Joseph D., Jr., appointed for three-year term McCormick, Charles P., resignation requested because of appointment as Class C director of FRBank of 8/23 Richmond direcResignation accepted to enable him to become tor of FRBank of Richmond, copy of letter sent 9/ 1 to Mr. Leach Corn State Roads Thomas, W. Frank, service as member of 9/ 7 mission, Board will not take any action Birmingham: 12/14 Gray, Howard, appointed for three-year term Buffalo: 12/14 Prole, Gilbert A., appointed for three-year term Charlotte: Benet, Christie, advice that he did not desire reappoint12/19 ment . Watkins, D. 1A., appointed for three-year term 12/19 Cincinnati: Brown, Frank A., appointed for unexpired portion of term 12/14 ending December 31, 1940 12/14 Sutphin, Stuart B., appointed for two-year term 6/28 Thomson, Alexander, death of Denver: 12/1h 7thy, Tilson, appointed for three-year term DetrCIft 12/14 Pierson, H. L., appointed for three-year term El Paso: 12/14 Sherman, R. E., appointed for three-year term Helena: 12/14 Myrick, H. D., appointed for two-year term Houston. 12/1h Taub, Sam, appointed for three-year term http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1522 78 129 1111 1571 1028 1084-5 1100 1574 1572 1599 1599 1571 1573 850 1575 1574 1575 1575 1576 74 Pages Directors: (Continued) FRBranch banks: (Continued) Jacksonville: Phillips, Howard, appointed for three-year term Little Rock: Bylaws amended to provide that no FRBank directors may serve as director of branch during tenure of office Short, R. E., appointed for three-year term Los Angeles: Newman, Carl V., appointed for two-year term Louisville: Bingham, George Barry, appointed for three-year term Bylaws amended to provide that no FRBank director may serve as director of branch during tenure of office Memphis: Bylaws amended to provide that no FRBank director may serve as director of branch during tenure of office Norfleet, J. P., appointed for term of three years Nashville: McEwen, W. E., appointed for three-year term New Orleans: Chalkley, H. G., Jr., appointed for three-year term Meetings, no objection to directors of head office holding regular meeting jointly with branch directors in New Orleans and expenditure of funds for dinner to celebrate completion of building modernization and air conditioning system Oklahoma City: Hanna, T. S., appointed for three-year term Johnson, Neil R., appointed for unexpired portion of term ending December 31, 1941 Roberts, Clarence, appointed Class C director of Kansas City bank with understanding that he would resign as director of branch Omaha: Dempster, H. L., appointed for three-year term Pittsburgh: Wherrett, H. S., appointed for two-year term Portland: Davis, D. L., appointment and salary as Managing Director Gerlinger, George T., appointed for two-year term West, R. B., former Managing Director, appointment and salary as vice president at head office Regulations amended to provide that no branch director may continue service after appointment as director of FRBank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/14 1574 9/22 1172 12/19 1600 12/14 1576 12/19 1599 9/22 1172 9/22 1172 12/19 1599 12/14 1574 12/14 1574 10/20 1317 12/14 1575 12/19 1599 12/19 1599 12/14 1575 12/14 1573 22 1/ 6 12/14 1576 1/6 22 9/8 1105 75 Pages Direm. (Continued) PRBranch banks: (Continued) Salt Lake City: Auerbach, H. S., appointed for two-year term San Antonio: Flato, Edwin F., appointed for three-year term Odom, James, appointed for unexpired term subject to willingness to accept Seattle: Larrabee, Charles F., appointed for two-year term Member banks: Purchase of securities or other property by member bank from, regulation under Sec. 22(d) of FRAct Dia r. not to be issued at present %let of Columbia: te member banks, condition reports, duplicate reports to Comptroller and Board need not be published 14tt1ar, E. Jay: (See Holding company affiliates, Lirt G. Bowman Investment Co.) Dividend s: Bank of America National Trust and Savings Association, San Francisco, California, proposed letter for submission by bank agreeing to declare no dividends not previously approved by Board of Governors, FDIC or Comptroller of the Currency's office Letter to Comptroller of the Currency that Board cannot approve procedure outlined Shares Corporation, payment approved if capital is not impaired PRBanks: 12/14 1576 12/14 1576 2/6 174 12/14 1576 5/19 656 10/12 1252 4/13 526 4/13 529 1/7 26 6/22 813 Payment for six months ending June 30, 1939 approved G, Payment for last six months of 1939 authorized 12/22 1639 ' 17 State Bank, Gary, Ind., application for membership approved with understanding that dividend will not be 552 4/20 declared until surplus is accumulated Plai nfield Trust Company, Plainfield, N. J., payment, advice to FDIC that payment had been discontinued last summer, and that Mr. McKee would confer with 11/ 2 1357 Corporation on problem E . . S.: Brow; Bill, memoranda enclosing copy of Treasury report on, draft of reply to 4/21 558 traft of bill to authorize Secretary of Treasury to reimburse FRBanks for redeeming FRnotes and FRbank notes which have entered into circulation without being properly issued, Board does not favor 5/11 633 bill at this time Request for publication by Treasury Department of data on holdings of United States securities by State member 3/10 329 banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 76 Pages Outland Bradstreet, Inc., New York, N. Y., loans made by FRBanks to commercial and industrial business, information as to classification of such losses has not been 9/12 1112 compiled, letter to Duran, Luis Alfaro, President of the Banco Central de Reserva de El Salvador, San Salvador, reply that Board will welcome Mr. Valdes to Washington to facilitate 795 6/19 his banking studies Earrop, -"ge, net earnings and actual net earnings, definition of terms as used in Revised Statutes, reply to Northwest 11/15 Bancorporation Eartv,.. 4-ugs of banks, data recorded and prepared by FDIC, no objection 7/6 to publication of table in their annual report , 44 , !gs and expenses: rttBanks, statements of Messrs. Szymczak and Ransom at Chairmen's 12/ 6 Conference and discussion at meeting State member bank figures for 1938 to be made available to Amer5/19 ican Bankers Association u°311eY policy, suggested as topic for discussion at meeting of Board with Federal Advisory Council, Mr. Golden8/16 weiser to prepare statement of causes Me Memo of Mr. Goldenweiser, instructions modified so as to provide for preparation of memo in terms of changed situation, without so much discussion of reasons for past policy as of the recent change in money market situation and what prospects for 9/13 future are Federal Advisory Council resolution recommending that operations of Federal Open Market Committee not be influenced by considerations of extending policy 10/10 of extremely easy money Inquiry by Mr. McKee as to whether it was to be taken from resolution of Council that it was not in sympathy with actions of Federal Open Market Committee, and reply of Mr. Loeb that it was not council's 10/10 intention Res°1ution not intended as public recommendation but developed 10/10 only as matter for discussion Sta tement of Mr. Fraser that resolution was not intended as 10/10 criticism State 10/10 rtements of certain Board members as to resolution vlew by Mr. Ransom at Advisory Council meeting of records of Board of Governors since 1936 in relation to problem, and that nothing showed maintenance 10/10 4toll of extremely easy money '4111iam D., reply to letter that it is not appropriate to adcker. vise him of Board's views on Trust Indenture Act 3/31 t, Phil S.: (See Ohio State University) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1419 877 1533 666 1011 1117 1225 1226 1230 1237 1239 1239 472 77 Pages Naand: Sterling exchange, guarantee by Bank of England, incident involving lapse of time between receipt and publication of information, discussed with view to appeasing press, determining whether information was used during interim, and means to 9/15 prevent similar incident in future Advice that Secretary of Treasury had requested Board to investigate, that Mr. Harrison was coming to Washington, and that press representatives were 9/15 not disturbed or interested Mr. Harrison to prepare full report for Board and Treasury 9/15 Statement by Mr. Ransom that Secretary of Treasury had asked Mr. Harrison whether New York banks representing Foreign Exchange Committee had taken advantage of information during hour and ten minutes in9/19 volved Advice that Secretary of Treasury told Mr. Harrison he wanted to know whether New York banks received during the period, information on which they acted, statement of Mr. Loree that his bank had no transactions, and statement by Mr. Har9/19 rison that matter was of no concern to Board Memo of Mr. Ransom with attached transcripts of telephone conversations between Secretary of Treasury and 9/21 Messrs. Knoke and Harrison on Sept. 14th Report submitted by Mr. Harrison, Secretary to prepare letter to Secretary of Treasury acknowledging receipt, and that Board understood it was satis9/27 factory and no further action necessary tscrow _Letter approved and transmitted 9/28 1und8, inquiry on depositing of security to cover when deposited in banking department by trust depart7/ 6 ment ' e John H., present at hearing granted to Committee on Mortgage Investment Funds of Pennsylvania Bankers Asso12/14 ciation ion function of FRBanks, transfer to FDIC: (See Legislation, Brown Bill) c4r1tLn A 4 1125 1139 1139 1159 1159 1167 1182 1190 876 1566 u'L•OnS ank of Tifton, Ga., permission to FDIC to examine in order to continue as nonmember insured bank after withdrawal from FRSystem Cen tral Hone Trust Company, Elizabeth, New Jersey, permission to FDIC to examine 04,; Bank, New York, N. Y., copy of report forwarded to bank az -"ens State Bank of Dalhart, Texas, investment of money in bank premises without referring matter to Board for consideration as required by membership condition, advice to Mr. Evans that Board has noted and will consider matter closed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/19 80 7/27 2/15 930 226 10/26 1340 78 Pages 4arain ations: (Continued) Citizens State Bank, Marianna, Fla., unsound loans revealed by report Citizen's State Bank, Sheboygan, Wisconsin, repeated criticisms of bank because of purchase of corporate stocks and speculative bonds and failure of bank to comply with Comptroller's regulations Commerce Union Bank, Nashville, Tenn., designations of employees of Nashville Branch as assistant examiners to lend clerical assistance in Curri County Bank, Gold Beach, Oregon, Federal Deposit Insurance Corporation given permission to examine in connection with withdrawal from FRSystem and continuation as nonmember insured bank Parmers and Merchants Bank, Huron, South Dakota, report shows irregular transaction causing error in December 1938 condition report, but statement of condition need not be republished Federal authorities, editorial in New York Journal of Commerce on, letter of Mr. Ransom to editor of paper, permission to publish PRZenk of Atlanta, report of, attention called to certain matters especially money department at Jacksonville Branch Report as of January 6, 1939, report on matters receiving attention FRBamk of Boston, report left with FRBank, request for comments PRI3allk of Kansas City, memo of Mr. McKee on frequency of committee meetings involving attendance of directors of Minneapolis, request for advice taken on matters mentioned in report -1111ank of New York: Employees of FRBanks assisting in, extra compensation and overtime work, letter to FRBank of Cleveland on Per diem allowance to Board's examiners while in New York during 1939 increased from 5 to 6 dollars Report, letter to FRBank requesting advice as to action to be taken with respect thereto aflk of Philadelphia, report of September 8, 1939, advice of action on matters requested PRIlanit of Richmond, report sent to Mr. Lassiter with request for comments or suggestions FRD_ --onk of St. Louis, request for advice of action on matters mentioned in PR}3atilL%- of San Francisco, report as of March 3, 1939, advice of action on matters requested 118anks: Confidential sections of reports, examiners discussing with directors, discussed at Conference of Chairmen and statement of Mr. Eccles that Board would consider suggestions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/8 322 4/5 494 2/10 193 11/ 3 1369 9/28 1192 3/3 302 3/11 346 5/5 604 9/13 1123 6/13 763 7/7 889 7/10 899 6/16 792 9/15 1146 11/13 1413 12/15 1581 7/1 871 5/5 604 12/ 5 1522 79 Pages +4 4lindna-4.ons: (Continued) PRBanks: (Continued) Mr. Paulger directed to make at least one of each FRBank during 1940 Reports, shorter reports suggested by Mr. Wood at Conference of Chairmen, or that they be supplemented by brief summaries Information contained in, discussed by Mr. Paulger at Conference of Chairmen Rotation of examiners to get viewpoint re practices and procedures of banks, statement of Mr. Szymczak at Conference of Chairmen that this was being • done FirstCitizens Bank and Trust Co., Greencastle, Ind., report, salary advance of one month is not extension of credit under Sec. 22(g) of Regulation 0, and no reason why bank should not be required to write down bonds to cost Pirst Trust and Deposit Company, Syracuse, N. Y., Federal Deposit Insurance Corporation given permission to examine in connection with corrective program ,Alan Bank of Royal Oak, Mich., permission to FDIC to examine in connection with continuation of deposit insurance after withdrawal from FRSystem Information in, use by Securities and Exchange Commission, suggested amendment to Trust Indenture Bill Letter to Securities and Exchange Commission submitting amendment, report that Board would be given opportunity to submit amendment IntegMty Trust Company, Philadelphia, Pa., permission to FDIC to examine jointly with FRBank of Philadelphia Iowa State Bank, Algona, Iowa, report discloses administering of one court trust, permission to be obtained acceptance of other trust business before Le wis County Trust Company, Lowville, N. Y., continued unsatisfactory condition in management and capital structure revealed by report, corrections to be made at once Inber banks, recommendation of Federal Advisory Council that efforts to secure uniformity of procedure should continued be Okla homa State Bank, Ada, Oklahoma, no objection to FRBank of Kansas City deferring examination until next spring Re Ports of member banks, visit of Mr. Barrow Lyon to members of the staff of the Board in connection with trust departments of member banks Sp ,,.• lty Bank and Trust Company, Madison, S. D., request of " United States Attorney for copy of report, all information already furnished http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/26 1650 12/ 5 1517 12/ 5 1521 12/ 5 1520 9/28 1191 11/18 1432 8/30 1062 2/ 7 176 2/ 8 186 3/16 367 8/25 1042 3/31 470 2/14 206 11/ 7 1378 1/20 87 8/23 1032 80 Pages 'nations. (Continued) Security State Bank, Cannon Falls, Minn., compliance with condition of membership requiring annual depreciation in banking house and furniture and fixtures, waived for 1938 and 1939 because of certain im10/25 provements Southern Arizona Bank and Trust Company, Tucson, Arizona, capi5/29 tal account, need for building up revealed by • SPringfield certain shows report Ill., Springfield, Marine Bank, provision in trust instrument, advice to Mr. Young that provision does not relieve bank from compliance with membership condition which requires that if trust funds are deposited with banking department, bank shall deposit with its trust department security in same manner as na10/ 7 nal bank State member ofbanks:FRB Kansas City, advice that FRBank expects to complete all examinations during calendar year with exception of one bank, and letter to FRBank that Board will interpose no objection to deferred examination but hopes schedule 11/ 7 can be better coordinated during next year Tracy Loan and Trust Company, Salt Lake City, Utah, report shows that certain accounts were reported un12/18 der wrong head in condition reports Union securities Md., Baltimore, Trust Company of Maryland, 1/ 3 listed as nonconforming in report 44W-tiers: 1334 704 1221 1378 1590 3 Board of Governors: Auditing and examining accounts of FRBanks, check on work of, statement of Mr. Eccles at Conference of 12/ 5 Chairmen commenting on Connell, John J. 3/16 FRExaminer, promoted to, and salary increased 11/17 Granted additional leave to cover excess leave taken 11/15 Resignation 1/ 3 Johnson, Edwin Joseph, appointment and salary as assistant Per diem allowance while examining FRBank of New York in6/16 creased from five to six dollars viewget to FRBanks Rotation of those in charge of examining point re practices and procedures of banks, statement by Mr. Szymczak at Conference of Chair12/ 5 men that this was being done 12/ 5 04_ flow, R. Thornton, Assistant Examiner, resignation 'fleInnati Branch: Frede, George, name removed from list of those designated 9/22 assistant examiners to lend clerical assistance Taylor, Howard E., designated assistant examiner to lend 9/22 clerical assistance http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1520 366 1427 1415 1 792 1520 1505 1171 1170 81 Pages 4andn er!: (Continued) uincinnati Branch: (Continued) Walsh, James B., name removed from list of those designated assistant examiners to lend clerical assistance Wiegand, A. F., Jr., designated assistant examiner to lend clerical assistance Detroit Branch: George, John, designated as assistant to lend clerical assistance to regular examiners Johnson, Lew, designated assistant to lend clerical assistance to regular examiners Mack, Walter, designated assistant to lend clerical assistanc to regular examiners FRBank of Atlanta: Cameron, Joseph Edward, appointment as assistant Comfort, J. F., designated assistant to lend clerical assistance Johnson, Hudson, designated assistant to lend clerical assistance McCravey, J. R., Jr., designation approved Stephenson, Robert M., appointment approved Wilson, R. P., appointment as assistant examiner approved "atnk of Boston: Groot, Benjamin, appointment approved, was formerly assistant examiner athbun, Frederick J., appointed assistant k of Chicago: Benson, H. 0., designated assistant to lend clerical assistance Cahill, Arthur A., designated assistant to lend clerical assistance Diercks, Wilford R., salary as chief approved Helmer, Hugh J., appointment approved Smith, Minor B., designated as assistant to lend clerical assistance Smyth, Bruce L., designated assistant to lend clerical assistance Sollenbarger, Earl H., designated assistant to lend c1ei4ical assistance Appointment as assistant approved Stoetzel, W. L., designated as assistant to lend clerical assistance Turner, W. IL, designated assistant to lend clerical assistance Title of examiner will not be approved but Board will approve designation as special examiner b1113ank of Cleveland: Atzberger, F. A., designated assistant examiner to lend clerical assistance Basta, R. S., designated assistant examiner to lend clerical assistance FR4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/22 1171 9/22 1170 2/7 180 2/7 180 2/7 180 5/25 676 2/10 192 2/10 2/10 6/24 3/6 192 192 838 308 3/28 3/28 448 448 2/8 188 2/8 1/3 5/10 188 3 626 7/13 908 2/8 188 2/8 4/10 188 514 7/13 908 2/8 188 11/ 8 1401 9/22 1170 9/22 1170 82 Pages 4amin , " 8: (Continued) rRBank of Cleveland: (Continued) Bechemer, Carl, designated assistant examiner to lend clerical assistance J., Caley, V. designated assistant examiner to lend clerical assistance Cassell, P. H., designated assistant examiner to lend clerical assistance Davies, D. E., designated assistant examiner to lend clerical assistance Elliott, Wm., designated assistant examiner to lend clerical assistance Endsley, Harper J., assistant examiner, appointment approved upon assumption that amortization payments on mortgage loan are being kept current Gaertner, A. F., designated assistant examiner to lend clerical assistance Hasek, L. G., designated assistant examiner to lend clerical assistance Jones, Alfred L., assistant examiner, appointment approved Kunz, R. H., designated assistant examiner to lend clerical assistance McEnteer, Ben, Jr., assistant examiner, appointment approved Neubacher, R., designated assistant examiner to lend clerical assistance Neuswander, E. L., designated assistant examiner to lend clerical assistance Osburn, F. M., designated assistant examiner to lend clerical assistance Ostendorf, J. A., designated assistant examiner to lend clerical assistance Peck, E. F., designated assistant examiner to lend clerical assistance Pretzer, H. B., designated assistant examiner to lend clerical assistance Quast, George T., assistant examiner, appointment approved with understanding that amortization payments on small loan will be kept current Ramsay, Thos., designated assistant examiner to lend clerical assistance Sheets, F. A., designated assistant examiner to lend clerical assistance Sommer, George, name removed from list of those designated assistant examiners to lend clerical assistance Sparrow, O. O., designated assistant examiner to lend clerical assistance 8Pring, 1.4. C., designated assistant examiner to lend clerical assistance Steehler, Earl E., assistant examiner, appointment approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/22 1170 9/22 1170 9/22 1170 9/22 1170 9/22 1170 12/ 6 1525 9/22 1170 9/22 1170 12/ 6 1525 9/22 1170 12/ 6 1525 9/22 1170 9/22 1170 9/22 1170 9/22 1170 9/22 1170 9/22 1170 12/ 6 1525 9/22 1170 9/22 1170 9/22 1171 9/22 1170 9/22 1170 12/ 6 1525 83 Pages Examin r_e_rs: (Continued) rmank of Cleveland: (Continued) Wereb, Joseph, designated assistant examiner to lend clerical assistance Winter, P. A., designated assistant examiner to lend clerical assistance PRBank of Dallas: Austin, John F., Jr., appointment approved and obligations to member banks to be removed Chancellor, E. A., appointment as assistant examiner approved PRBank of Minneapolis: Tillander, Clayton Edward, appointment dank of New York: Connolly, Richard C., appointment as assistant approved Forberg, Frederick W., appointment as assistant approved Holland, William F., appointment as assistant approved Hurley, John J., appointment as assistant approved Lamont, John T., designated assistant to lend clerical assistance in examinations Mahaffey, Palmer K., designated assistant examiner to lend clerical assistance Mass, James A., appointment as assistant approved MuzzY, Nathan N., appointment as assistant approved Noa, Arthur H., designated assistant examiner to lend clerical assistance Quackenbush, Lawrence E., appointment approved, was formerly assistant Smith, George C., appointment approved, formerly assistant vabiank of Philadelphia: pbr, Campbell, Joseph P., appointment, was assistant examiner ' 3cank of Richmond: Yeates, Rutherford M., designated assistant to lend clerical assistance PRI), 'Ilk of St. Louis: Mueller, F. J., appointment Osborn, Bryan, appointment Powers, A. H., appointed assistant for special examinations Appointment as assistant 9/22 1170 9/22 1170 1/11 42 1/11 43 8/ 3 969 2/7 2/7 2/7 6/2 179 179 179 716 2/7 179 5/10 6/2 2/7 626 716 179 5/10 626 2/7 2/ 7 179 179 1/ 7 25 8/28 1049 5/ 2 7 5/29 6/21 /: 46 703 807 Assisting in examination of MBank of New York, extra compensation for overtime work, letter to FRBank of 7/10 899 Cleveland on sugand list of Conference to be held first part of 1940 12/22 1637 gested topics sent to FRBanks 8/25 1036 appointment with connection Information to be submitted in qshville Branch: Davis, Frank J., designated assistant to lend clerical as193 2/10 sistance in one examination http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 84 Pages miners: (Continued) Nashville Branch: (Continued) Hooper, Jesse, designated assistant to lend clerical assistance in one examination McGhee, S. H., designated assistant to lend clerical assistance in one examination Miller, M. L., designated assistant to lend clerical assistance in one examination Starr, L. W., designated assistant examiner to lend clerical assistance in one examination National bank: Invited to have luncheon in Board's dining room on August 3 Local agency at Dallas, suggestion that space be provided in FRBank building for 441g functions of Board and FRBanks, bill introduced by Senator Brown to transfer to Federal Deposit Insurance Corporation, discussion of Change drafts: Bank of Boston, outstanding for eight years or more, no objectoan tion to writing off r ge Stabilization Fund: ' arnarck, Andrew M., assignment to Treasury Department for six 4"ellt*months in connection with study lve officers: eare, R. L., Second National Bank, Jackson, Tenn., ruled to be executive officer under Regulation 0 Def.t . -Lnition of, amendment to Regulation 0 changing Statement to be published in August issue of FRBulletin 114ctive officers, suggested amendment to definition in Regulation 0 L08 to, Newberry State Bank, Newberry, Mich., Sec. 22(g) not applicable to loans made prior to admission to membership Thornton, R. S., status as inactive vice president of the Rapides Bank and Trust Company, Alexandria, La. Not considered executive officer of Rapides Bank and Trust Company in Alexandria, La. under Regulation 0 as amended ive orders: 1,°17ernment employees excused from work on July 3 V uits: 2/10 193 2/10 193 2/10 193 2/10 193 8/2 967 8/16 1007 4/4 480 3/10 337 10/31 1348 7/ 8 930 819 895 1/20 84 2/21 248 6/23 8-'3 7/1 872 6/28 849 7/27 6/23 Sine • clal Libraries Association, list of material to be contributed for exhibit at convention of 5/3 eritures: ank of Atlanta, reception at Jacksonville Branch upon comple6/15 tion of renovation of building PRI3ank of Kansas City, power plant, increased expenditure for 3/24 installation approved PPD.. "As, funds contributed to Federal Reserve clubs, annual report may be discontinued but examiners of Board 3/6 to review expenditures http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 601 779 430 3L1 85 Pages 410enditures: (Continued) Jacksonville Branch, building, additional amount for modernizing, 3/14 air conditioning, etc. lAlpress: ' Government securities shipments, failure of some FRBanks to comply with tariff regulations in declaring value 7/27 356 928 "F" Labor Standards Act, examiners of FRBanks assisting in examination of FRBank of New York, extra compensation 7/10 under L'redit Administration, rediscount of notes given by credit unions to banks, letter to Mr. Evans for reply 3/20 to Mr. Rentfro Perin_ "ral Advisory Council: Agenda for meetings, copies to be sent to Board members in 11/21 future, in advance of meetings 12/21 , Advice to Mr. Lichtenstein that 15 copies are desired 'usiness and credit conditions, advice to Mr. Lichtenstein that report could still be heard in morning along with joint preliminary meeting with Board, leaving afternoon for Council's separate meet12/21 ing Compensation of members, FRBank of Kansas City, 300 for each 1/28 meeting attended authorized Dev disPresident of power aluation of dollar, termination of 6/ 6 cussed of operations that money policy, resolution recommending Federal Open Market Committee not be influenced by considerations of extending policy of ex10/10 tremely easy money from taken be to was it whether to as Inquiry by Mr. McKee resolution of Council that it was not in sympathy with actions of Federal Open Market Committee, and reply of Mr. Loeb that it was not 10/10 Council's intention debut recommendation public as intended Resolution not 10/10 veloped only as matter for discussion intended not was resolution that Fraser Mr. of Statement 10/10 as criticism 10/10 Statements of certain Board members as to resolution Statement by Mr. Ransom reviewing records of Board of Governors since 1936 in relation to problem, and that nothing showed maintenance of extremely 10/10 easy money i nination departments of FRBanks, suggestion that they be given discretion and authority as given by Comptroller of the Currency to chief national bank 6/ 6 examiners reference discussed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 899 399 1442 1626 1626 120 731 1225 1226 1230 1237 1239 1239 727 86 Pages Federai Advisory Council: (Continued) v-4cese reserves of member banks, statement of Mr. Eccles that if United States continued to receive world's silver and gold, even though the entire portfolio was sold, the excess reserves would increase Federal Home Loan Bank Act, Home Owners Loan Act and National Housing Act, H. R. 6971 to amend, statement of Council given to Board to file with appropriate committee of Congress when bill comes up for consideration Federal Open Market Committee announcement that it was out of market, statement of Mr. Evans that he considered it a mistake and reply by Mr. Eccles that there had been no such announcement Federal Open Market Committee program, statement by Mr. Evans at meeting that criticisms he had heard were confined to details PBanks acting in confidential relationship in own district for member banks in buying and selling operations in open market, suggestion of Mr. Evans discussed Statement by Mr. Brown that plan had been approved in Chicago for putting into effect during period such as present Ge neral interest rate structure, reasons given by Chairman Eccles why operations of Federal Open Market Committee were not intended or could not hope to affect :1 imports, resumption of desterilization discussed G°11 Gwernment securities, sales of long-term securities by Federal Open Market Committee, resolution agreeing with policy Expansion in volume of sales from System Open Market Account, resolutions adopted by Council at meetings on October 9 and November 21, 1939, sent to Open Market Committee Interlocking directorates, amendment to Regulation L permitting relationship between trust companies that do not accept deposits and member banks which do not exercise fiduciary powers, ordered sent to for comments 4 Letter transmitting ead bill, statement of views sent to Banking and Currency Com' mittee of Senate Copy of new bill sent to members of Advisory Council S. 2998, to provide for industrial loans to small business, memo of Mr. Draper discussed at meeting of Advisory Council http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/10 1241 11/21 1434 10/10 1228 10/10 1228 10/10 1233 10/10 1240 10/10 1241 6/ 6 733 11/21 1441 11/28 1472 12/ 4 1500 12/ 7 1543 6/ 7 749 11/ 8 1404 11/21 1 4-44 87 Pages Ped eral Advisory Council: (Continued) Meeting with Board of Governors, recommendations presented Meeting to be held on June 5 and 6 to avoid conflict with meetings to be held in May Meet -ang to be held on June 4, preliminary to meeting with Board, arrangements to be made for use of building for Meeting with Board of Governors Ueeting, deferring until October suggested in letter to Mr. Lichtenstein eti Meng to be held on October 8, 9, 10, list of topics requested Letter to Mr. Lichtenstein on topics Me ting with Board of Governors aeetings: Recommended by Board that Council advise of subjects it desires to consider, and that members of Board meet with Council for round table discussion of subjects before Council holds regular meeting Recommendation to be discussed at November meeting Agenda to be sent to Board members in future, in advance of meetings Sending copies to Board members, advice to Mr. Lichtenstein that it is assumed this procedure will be followed, and request for 15 copies Joint preliminary meeting of Council and Board before regular separate meeting of Council to be held in future Advice to Mr. Lichtenstein that Board is in agreement with proposed procedure Advice to Mr. Lichtenstein that Board is in agreement with program Advice to Mr. Lichtenstein that business and credit condition report could be heard in morning, leaving afternoon for Council's separate meeting Ilembers: Ball, Edward, FRBank of Atlanta, reappointed Brown, Edward E., FRBank of Chicago, reappointed Crosby, John, FRBank of Minneapolis, reappointed P,avis, T. J., FRBank of Cleveland, appointment Lack, Paul S., FRBank of San Francisco, reappointed Evans, John, FRBank of Kansas City, appointment Fraser, Leon, FRBank of New York, appointment Hanes, Robert M., FRBank of Richmond, reappointment Harding, R. E., FRBank of Dallas, reappointed Reappointed Loeb, Howard A., FRBank of Philadelphia, reappointed Reappointed Smith, Walter W., FRBank of St. Louis: Reappointed attend meeting on account of illness Unable to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/14 204 2/14 222 5/ 5 6/ 6 605 725 8/ 7 980 8/16 1011 433 10 11./g 3 11/ 2 1359 11/ 8 1404 11/21 1442 12/21 1626 11/21 1441 12/19 1602 12/21 1626 12/21 1626 1/20 1/20 1/20 1/20 1/20 1/20 1/20 1/20 1/18 1/20 1/16 1/20 94 94 95 94 95 95 94 94 72 95 57 94 1/20 95 10/10 1225 88 Pages Pede 1's1 Advisory Council: (Continued) Members-= (Continued) Steele, Thomas M., FRBank of Boston, reappointed Reappointed °Pen market account, sale of bonds discussed 4 1/ 6'9 9 4 6/ 6 734 Recommendations: Assignment of claims where legitimate credit has been extended, memo of Mr. Vest on amendment of re2/ 3 vised statute Sec. 3477 laid on table Board for of report annual Recommendation included in 2/14 1938 amendfurther Act, Chandler Act amending Federal Bankruptcy 2/14 ments of study conduct EaSY money policy, that Board of Governors consequences of Study to be made of EXaminations of member banks, opposed to consolidation of examining authorities but greater uniformity should be assured Industrial loan activities of FRBanks, effect of amendments to Federal Bankruptcy Act on Interlocking directorates, that directors now serving should continue service but new permits should not be issued Referred to Messrs. McKee and Draper to suggest action to be taken Amendment to prohibit creation of new relationships Report of Special Committee and letter to Mr. Lichtenstein approved Report requirements of member banks, efforts to obtain uniformity should be continued and number of reports should be decreased if possible Reserve requirements of member banks, counting of cash in vaults Services to member banks, including collection system, examinations, reserve requirements and reports Trust Indenture Bill, that Board submit objections to certain sections to Senate Committee on Banking and Currency Letter to Banking and Currency Committee of Senate transnutting recommendations ReaY to letter from Board expanding reply of February 14 regarding specific questions asked by Board and requesting to be excused from further consideration of topic RePort on Trust Indenture Bill introduced in House transmitted to Congressman Cole http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 162 222 214 : 32 3/1 2 2- 3 4F 2/14 206 3/31 473 2/24 210 2/27 268 3/31 473 3/31 472 2/14 207 220 2/14 206 219 2/14 205 2/14 212,21 2/15 226 6/ 6 726 4/ 4 483 89 Pages Federal Advisory Council: (Continued) oellers in Government securities market, practice of Open Market Committee of requiring names to be given, defended by Chairman Eccles, and sub10/10 1231-7 ject discussed by members Statement by Mr. Evans that machinery should be developed for confidential relationship between local FRBank and member banks in buying and selling 10/10 1233 operations Statement by Mr. Brown that question had been discussed in Chicago and that it was decided that such plan should be put into effect during period such as 10/10 1240 present Staff: Assistant Secretary permanently located in Washington to keep Council and Board members advised of matters being discussed by other group, advisability of appointing, discussed Statement on easy money policy adopted at separate meeting and presented to Board • ToPies for discussion: p Advice that Board has no topics to suggest and recommendation that Council advise of subjects it desires to consider, and that members of Council meet with Board for round table discussion of subjects before Council holds regular meeting Recommendation to be discussed at November meeting Agenda for meeting, copies to be sent to Board members in future, in advance of meetings Easy money policy, thorough discussion of action suggested Greater part of time of meeting to be used for detailed consideration of Instructions to Mr. Goldenweiser as to memo, modified so as to provide for preparation of memo in terms of changed situation, without so much discussion of reasons for past policy as of the recent change in money market situation and what prospects are for future List requested, reply to Mr. Lichtenstein that Board has nothing to suggest except question relating to services of FRSystan to member banks Recommended by Board that Council advise of subjects it desires to consider, and that members of Board meet with Council for round table discussion of subjects before Council holds regular meeting Recommendation to be discussed at November meeting Services of FRSystem to member banks, further consideration to be given to Council excused from further consideration http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/21 1443 6/ 6 728 11/ 2 1359 11/ 8 1404 11/21 1442 8/16 1011 8/18 1026 9/13 1117 5/16 650 11/ 2 1359 11/ 8 1404 5/16 6/13 650 761 90 Pages Federal Advisory Council: (Continued) -copies for discussion: (Continued) Topic originally submitted on how FRSystem can increase value or scope of services to member banks, etc., Council excused from further considera860 6/29 tion of question Trust Indenture Bill, statement prepared on Barkley Trust Indenture Bill, copy to be sent to Chairman of House Committee on Interstate and Foreign Commerce to which had been referred a new trust 412 3/22 indenture bill introduced by Mr. Cole that request legislation, Wagner Resolution re proposed banking it be given opportunity to read factual study before Board submits it to Banking and Currency 11/21 1443 Committee of Senate ?ederal Bureau of Investigation: Manufacturers and Traders Trust Company, Buffalo, N. Y., reply to letter that $4,000,000 in reserves were used 709 5/31 for purposes other than payment of dividends Use of reserves for purposes other than payment of divi911 7/17 dends, reply to J. Edgar Hoover on letter on Corporation: Deposit Insurance seasment for, balances which insured banks owed to other in' 952 7/31 sured banks, S. 1318 to exempt Central Home Trust Co., Elizabeth, N. J., advice to Board of Governors of continued unsafe and unsound prac3/22 417 tices Certification of banks as members: 272 2/27 Elmira Bank and Trust Company, Elmira, New York 1550 12/11 . Farmers Bank and Trust Co., Bardstown, Ky. 309 3/ 6 Nevada Bank of Commerce, Elko, Nevada 1581 12/15 cia.Pine Lawn Bank and Trust Co., Pine Lawn, Mo. lms on account of liability of stockholders of closed insured banks. S. 1701 to give corporation au332 3/10 thority to waive, no report to be made on auCc3nsumer loans by banks, schedule of information, Mr. Smead thorized to prepare letter to, asking if Corporation will send out schedule with December 11/ 3 1363-5 call on nonmember insured banks Contributions to banks in Hudson County, N. J., plan to be an202 2/13 nounced by Mr. Crowley OUrry County Bank, Gold Beach, Oregon, permission to examine in connection with withdrawal from FRSystem and 11/ 3 1369 continuance as nonmember insured bank 4c%rning8 data, recording and preparation of, no objection to 877 7/ 6 publication of table in annual report of FDIC 4.-aminations: Bank of Tifton, Ga., permission to examine in order to continue as nonmember insured bank after withdrawal from FRSystem http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/19 80 91 Pages Fed ralDe Insurance Corporation: (Continued) ninations: (Continued) Central Home Trust Company, Elizabeth, New Jersey, permission to examine jointly with FRBank of New York Farmers State Bank, Lincolnton, Ga., permission to examine in connection with continuance of deposit insurance upon withdrawal from FRSystem First Trust and Deposit Company, Syracuse, N. Y., permission given to examine in connection with corrective program Integrity Trust Company, Philadelphia, Pa., permission to examine jointly with FRBank of Philadelphia 4aminers invited to have luncheon in Board's dining room on August 3 Hamilton Trust Company of Paterson, N. J., advice to Board of Governors of continued unsafe and unsound pracInterest rates: tices Change in schedule under Regulation Q to be taken up with Matter dropped for time being Maximum rates on time and savings deposits under Regulation Q, reduction of, to be discussed with members of Meeting with Board to discuss reducing maximum rates of interest to be arranged upon return of Mr. Crowley to be obtained by Mr. McKee from information Further corporation the Loen, agency at Dallas, suggestion that space be provided in Bank building for 14(311nt Pleasant Bank and Trust Co., Pleasantville, N. Y., advice to Board of continued unsafe and unsound practices °Perating ratio for member banks for 1938 to be furnished for making special analyses “usYlvania Bankers Association Committee on Mortgage Investment, invitation to Corporation to send representatives to hearing to be granted by Board on request to amend Regulation F to allow common trust funds composed principally of mortgages Plainfield Trust Company, Plainfield, N. J., advice to Federal Deposit Insurance Corporation that payment of dividends had been discontinued last summer, and that Mr. McKee would consult with them on problem P°11cY record, entries covering actions taken at meetings on March 7, 20, April 19, June 21, and September 18, 1939, drafts sent to committee members with request for comments or suggestions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/27 930 2/21 250 11/18 1432 3/16 367 8/ 2 967 3/22 415 2/19 5 g95 6/13 768 6/16 786 6/27 846 8/16 1007 11/24 1459 3/17 385 11/22 1455 11/ 2 1355 12/13 1564 92 Pages Federal Deposit Insurance Corporation: (Continued) Schedules compiled from Wisconsin State member banks showing restricted or deferred payments of deposits, banks obtaining waivers from depositors, etc., during period 1930-1936, sent to FDIC, with advice that clearance for national bank schedules would have to be obtained from Comptroller of 9/25 1180 Trust Currency We+4, of Board -u-aeld to advice J., N. Company, Westfield, Governors of continuation of unsafe and unsound 10/ 4 1207 practices Pe deAdl Home Loan Bank Act: R. 6971 amending, statement of Advisory Council read and given to Board to file with Banking and Currency Committees of Congress when bill comes 11/21 1434 up for actual consideration ProPosed bill to amend, draft of reply to Acting Director of 3/17 377 the Budget on the of Director 8 2098 ' Acting to amending, report already made Budget, no further report to be made at this time 5/9 616 PederAal Hone Loan Bank Board: -ocivances by FRBanks to Federal Home Loan Banks on Government securities, request for ruling as to whether rates applicable to member banks are likewise applicable to, Counsel to prepare memo for use by Chairman Eccles in anticipated telephone 9/ 6 1093-4 conversation with FRBank presidents Advice that they are included under rates applicable to 9/25 1181 nonmember banks He to the Bureau of the Budget on proposed amendments to Federal Hone Loan Act, etc., copies to be fur429 3/24 nished to P"eral Home Loan Banks, advances by FRBanks on Government securities, request for ruling whether rates applicable to member banks are likewise applicable to, Counsel to prepare memo for use by Chairman Eccles, in anticipated telephone conversation 9/ 6 1093-4 with FRBank presidents vice that they are included under rates applicable to nonmem, Per,teraa. 9/25 1181 ber banks cre,_LPusing Administration: Qlt inquiries regarding project sponsors, letter to FRBanks 13 1/5 to cooperate in handling Mortgage accounts, transfers from savings accounts without presentation of pass books, statement ordered pub? 9/20 1164 lished in FRBulletin GZ Open Market Committee: eral interest rate structure, reasons given by Mr. Eccles at Advisory Council meeting why operations of Committee were not intended or could not hope to 10/10 1241 affect http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 93 Pages Peder,, A Open Market Committee: (Continued) uvernment securities, sales of long-term securities, resolu11/21 tion of Advisory Council agreeing with policy ExPansion of volume of sales from System Open Market Account, resolutions of Advisory Council passed at October 9 and November 21, 1939 meetings, 11/28 sent to Open Market Committee Pr °gram discussed in connection with resolution by Federal 10/10 Advisory Council Criticism of procedure followed, statement by Mr. Evans at Advisory Council meeting that criticisms he had heard were confined to details, and that he considered it mistake for Federal Re10/10 serve to withdraw from market Sellers in market, practice of requiring names to be given defended by Chairman Eccles at Advisory Council meeting, and subject discussed fully by cer10/10 tain members of Council Statement by Mr. Evans at meeting that machinery should be developed for confidential relationship between local FRBank and member banks in buying and 10/10 selling operations in discussed Statement by Mr. Brown that question had been Chicago, and sentiment was that it should be 10/10 put into effect during such period as present Eccles Mr. of 8Y8tem Open Market Account, decreases, statement at Advisory Council meeting that excess reserves would increase if shipments of gold and silver to United States were continued, even 10/10 though entire portfolio were sold Staff: Rouse, R. G., agreed to advise FRBank of New York that decision on salary increase will not be made until Committee has given consideration to appointment 12/ 4 as manager of System account 7 12/ Letter to FRBank containing advice lathdrawal from market, statement by Mr. Evans at Advisory Council meeting that he considered announcement a mistake, and reply of Mr. Eccles that no such 10/10 announcement had been made 1441 1472 1226 1228 1231-7 1233 1240 1241 1501 1541 1228 Arilerldments, statement on desirable technical amendments and elimination of obsolete provisions to be prepared by counsel for inclusion in annual re50 1/13 port r etors, FRBanks and branches, copy of Act ordered sent to 9/12 1111 each new appointee PrA•ro... •ng privilege in connection with distribution of, letter to Assistant Postmaster General on interpretation 693 5/26 of law http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 94 Pages (Continued) Sec. 9, continued violation of, by two member banks in holding 1/16 own stock, to be corrected Sec. 22(d), gurchase of securities or other property by member bank from its directors, draft of Regulation submitted, decided not to adopt at present 5/19 time FRAgents: A ssistant: Barnett, Genevieve M., FRBank of Atlanta, salary as alternate 2/20 increased Diercks, Wilford R., salary as alternate at FRBank of 1/3 Chicago approved Fricek, Elmer F., FRBank of Cleveland: 3/22 Appointment and salary as alternate 4/5 Bond as alternate approved Henk, Lester J., FRBank of Cleveland, to be relieved of 3/22 duties as alternate McCravey, J. R., Jr., FRBank of Atlanta, designated examiner 2/10 3/16 Reappointment because of change of FRAgent not necessary alterRehfuss, J. Frank, FRBank of Philadelphia, salary as 1/17 nate for 1939 approved Robb, T. Bruce, FRBank of Kansas City: 1/16 Salary as alternate approved after FRAgent To retain position of Alternate Assistant 2/1 becoming officer of bank Br • alnard, George C., FRBank of Cleveland: 1/23 Bond of 12/14 Designated for 1940 Membership in FRSystem, letter suggesting methods of increasing and advising to contact Mr. Young of 3/2 Chicago Caid City: -well, Robert B., FRBank of Kansas 1/10 Bond approved 12/14 004, Designated for 1940 'reY, Walter C., FRBank of Minneapolis: 12/29 Bond approved 12/14 0_ Designated for 1940 '"ference to be held in Washington on January 30, 1939, topics 1/6 for discussion suggested Co),r Chairmen asking to letter fall, until 'LLerence to be deferred 5/11 approval 12/14 1940 designated for Boston, of 011, 83, F. H., FRBank ' 1-43c1Y of FRnotes, collateral, etc., procedure for transfer on 4/29 termination of 12/14 mcF.Lter, Robert, FRBank of Richmond, designated for 1940 alp,e, Thomas B., FRBank of Philadelphia: 1/10 Bond approved 12/14 Designated for 1940 Minutes of meeting of Chairmen sent to, with comments and 11/17 suggestions and requesting his comments http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 59 656 242 3 413 492 413 192 367 62 58 149 96 1573 292 38 1575 1661 1574 20 635 1572 588 1573 37 1572 1429 95 Pages IllAgents: (Continued) Merritt, J. H., FRBank of Dallas: 12/14 Designated for 1940 6/23 Resignation tendered and later withdrawn 12/14 ;rdin, 14m. T., FRBank of St. Louis, designated for 1940 ReelY, F. H., FRBank of Atlanta, designated for 1940 12/14 ee°rds accumulated in performance of nonstatutory duties, man6/21 ner of reporting for destruction 6/28 rrt-bank of New York to submit consolidated list Itwsponsibility in connection with collateral for outstanding FRnotes and unissued notes, discussed at Con12/ 6 of Chairmen ference Se paration of office from that of Chairman of board of directors, statement by Mr. Eccles at Conference of Chairmen that separation should be made and that it would again be suggested as needed 12/ 5 legislation Services available to from FRSystem, suggested by Mr. McCabe at Conference of Chairmen that letter be sent to all new Agents advising them of available services, and outlining duties and responsi12/ 5 bilities Wood R. E., 12/14 1940 FRBank of Chicago, designated for Yo ling, Owen D FRBank of New York: Annual report of FRBank, avoiding discussion of national questions, Mr. Eccles to invite to come to 12/19 Washington for discussion 12/18 Nee Designated for 1940 T 8 Representative: " ;fs Angeles Branch, procedure for appointment 2/8 Aud.wtther, 1/18 approved salary L. Bernard, Detroit Branch, 12/22 11_ Salary approved 'lf, G. W., Los Angeles Branch: 3/27 APPointment approved at present salary 5/10 sw Bond approved at FRBank of San Francisco Salt to transferred be to Branch, engel, H. D., Los Angeles Lake City, procedure for selection of suc2/8 cessor katil, To be relieved of duties 3/27 4. notes, losses resulting from redemption of those entering into circulation without being regularly issued, draft of bill suggested by Mr. Duffield not 5/11 Ntealk favored by Board of Atlanta: A of accounts of fiscal agent of Board to be conducted by auditors of FRBank during the year ending June 7/8 30, 1940 r' , for examination department approved 13nd'bet 4/21 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1575 816 1574 1573 808 852 1536 1521 1521 1571 1598 1589 189 74 1634 431 625 189 432 633 893 564 96 Pages FliBank of Atlanta: (Continued) J-aws, executive committee holding too frequent meetings, matter referred to Mr. Szymczak in connection with same practice at Kansas City, to submit recommendation for Kansas City broad enough to cover Atlanta bank and any other FRBank followCharing same practice a.v offs on Birmingham, Jacksonville, and New Orleans Branch buildings, approved Directors' meetings, no objection to holding regular meeting in New Orleans and expenditure of funds for dinner to celebrate completion of building modernization 4alid-nation report, attention called to certain matters especially condition in money department of Jacksonville Branch eLetter from FRBank that matters are receiving attention nditures for repairs and improvements at branches approved Illdustrial advances, authorized to set aside reserves for losses Per sonnel classification plan: Changes approved Re_ Changes approved 3erves on Birmingham, Jacksonville, New Orleans, and Nashville Branches, authorized to set up special 8a . larles of officers: Approved for 1939 Mr. Parker called into meeting of Board for discussion of Plan submitted by Mr. Szymczak for approval in May each year 81111-th, J., payment for legal services in case of University of the South v. Nashville Branch Barnett, Genevieve M., Alternate Assistant FRAgent, salary increased Bowman, V. K., Assistant Cashier, salary approved Bryan, Malcolm H.: Request of State Department to serve as tax expert with financial mission to Venezuela, services needed by FRBank Salary approved uameron, Joseph Edward, appointment as assistant examiner C Arm, -""NI C. R., Assistant Cashier, salary approved Proposed increase in salary to be reviewed later Salary approved Comfort, J. F., designation as assistant examiner to lend clerical assistance approved Conniff, H. F., Vice President, salary will be approved if fixed at rate stated Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/13 764 12/22 1640 10/20 1317 3/11 5/ 5 1/26 346 604 112 12/22 1641 9/22 1171 12/28 1655 12/22 1640 97 1/23 3/ 7 312 4/11 518 9/ 8 1107 2/20 1/23 242 6/16 1/23 5/25 784 676 1/23 97 97 97 1/23 98 3/ 7 314 2/10 192 1/ 6 1/23 97 22 97 Pages 111Bank of Atlanta: (Continued) Staff: (Continued) Johnson, Hudson, designated assistant examiner to lend clerical assistance McCravey, J. R., Jr., designation as examiner approved McLarin, W. S., Jr., Vice President and Cashier, salary approved Promoted from Vice President to First Vice President and salary increased Neely, F. H., Chairman and FRAgent, designated for 1940 Newton, Oscar, President, salary approved Paris, E. P.: Audit of Board's accounts for year ending June 30, 1940, to be conducted under supervision of Salary approved Parker, Robert S.: Appointment and salary as President for unexpired term approved Factual studies prepared in Board's offices transmitted to, as member of Legislative Committee of Presidents' Conference Salaries of officers, called into meeting of Board for discussion of Salary approved Schuessler, S. P., Assistant Cashier, salary approved Proposed increase in salary to be reviewed later Salary approved Stephenson, Robert M., appointment as examiner approved urman) J. P., Counsel, salary approved 8, 12ilson, R. P., appointment as assistant examiner approved uatistical and analytical function, budget for 1939 approved T 2/10 2/10 192 192 1/23 97 10/13 1262 12/14 1573 97 1/23 7/ 8 893 1/23 97 2/20 241 4/21 564 3/ 7 1/23 1/23 1/23 3/ 7 6/24 4/20 3/ 6 6/15 312 97 97 98 314 838 552 308 780 1/16 4/21 61 564 5/23 673 of Boston: "B1"anch Banking in the United States", bank requested by Board to allow Mr. Hertrais to use its copy of the report 11c_lget for examination department approved .1, I'ge offs, loss on commitment on loan made by Second National Bank to Walker and Pratt Manufacturing Co. . Cl. assification of member banks for election of Class A and B directors, no changes contemplated Com • Mitment granted to Second National Bank of Boston in connection with loan by bank to Walker and Pratt Manufacturing Company, small loss expected 4 • nation report left with FRBank, request for comments 'flange drafts outstanding for eight years or more, no objection to writing off Pee.„ for professional services and disbursements with respect to industrial loans, payment approved GIN-% 8, Hyde, and Williams, Hartford, Conn., payment of fee for ' legal services in connection with foreclosure of mortgage 9/16 1153 60 1/16 9/13 1123 3/10 337 8/14 1002 et http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/30 868 98 Pages illiank of Boston: (Continued) 12/22 Industrial advances, authorized to make charge offs _ Reserves for losses authorized 12/27 morr is Plan companies, request that FRBank furnish Board with copy of any amendments to Massachusetts law 11/15 since January 1, 1939 Reserve for contingencies, authorized to transfer amount from 12/22 surplus to Salaries of officers for 1939 approved 1/18 No changes recommended and president not called for discus3/ 7 sion Plan submitted by Mr. Szymczak for approval in April each Sta year ff:4/11 Carrick, Krickel K., Secretary and General Counsel, salary approved Increase in salary Curtiss, F. H., Chairman and FRAgent, designated for 1940 Fogg, John J., Auditor, salary approved Increase in salary Groot, Benjamin F., appointed examiner, formerly assistant examiner Hult, Ellis G., Assistant Cashier, salary approved Leavitt, Ernest M., Assistant Cashier, salary approved Kennel, A. C., Jr., Assistant Counsel, salary approved Ketchum, Phillips, Associate Counsel, retainer approved McRae, William D., Chief Examiner, salary P'ddock, William W., First Vice President, salary approved Pitman, Carl B., Assistant Cashier, salary approved Salary increased Rathbun, Frederick J., appointed assistant examiner Schneider, Robert L., service as member of Finance Committee of Town of Needham, Mass., no objection to SN:leetser, L. Wallace, Assistant Cashier, salary approved Willett, William, Cashier, salary approved Young, Roy A.: Factual studies prepared in Board's offices transmitted to, as member of Legislative Committee of Presidents' Conference si., . Salary approved Z'tistica1 and analytical function, budget for 1939 approved 5`43ckholders meetings, payment of traveling expenses of representatives of member banks, decision reconsidered and FRBank to be advised that no objection will be interposed PNIk Letter approved and ordered transmitted 1641 1654 1418 1642 68 315 518 68 1/18 10/ 4 1207 12/14 1572 69 1/18 10/ 4 1207 3/28 448 1/18 1/18 68 68 1/18 69 1/18 69 1/18 69 1/18 68 68 1/18 10/ 4 1207 3/28 448 1/25 1/18 106 69 1/18 68 4/21 564 1/18 68 780 6/15 10/ 6 1216 10/10 1243 Act °f Chicago: vances to member and nonmember banks secured by Government ob- http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ligations in the event of outbreak of hostilities abroad to be submitted to directors for further consideration in view of action by other 5/16 FRBanks 644 99 Pages FRBank 13_ of Chicago: (Continued) r°wn, Adelbert, employed as special counsel in contesting 4/26 taxes on building 4/21 1! 1,1 1get for examination department approved "arge offs on head office building and site and Detroit site, 12/22 authorized Destruction of records accumulated by FRAgents prior to transfer of nonstatutory duties to FRBanks, permis5/9 sion to be requested next year Economic and monetary matters, studies prepared by C. A. Phillips, letter from President Schaller on 7/31 distribution of, referred to Mr. Davis Memo of Mr. Davis that President Schaller had showed him list of those to whom reports were sent, and that certain names had been eliminated, Board 9/12 to take no further action PRnOtes, Special order for additional notes requested placed with Bureau of Printing and Engraving, letter 9/12 to Comptroller of Currency Industrial advances, authorized to set aside reserves for 12/22 losses "Labor Catechism", prepared by Dean Phillips for use of officers 12/19 and directors of FRBanks MsYer, Meyer, Austrian and Platt, employed as special counsel 4/26 in contesting tax on building amPhlet showing operations and expenses of bank for distribution to visitors, objection to publication of 3/3 certain tables Including functional expense reports, no objection to publi3/11 cation of r-onnel classification plan: Changes to provide increases in maximum salaries and descrip3/29 tion of work approved 5/ 2 Changes in Auditing Department approved 5/23 Change providing for new position of statistical adviser 10/17 Changes approved 12/20 Changes approved po,.0hanges approved 12/27 seon banks 11cY of making advances to member and nonmember curity of United States obligations in event of armed conflict abroad, directors to be requested 5/9 to give further consideration to matter Sa . 1/13 laries of officers for 1939 approved 3/7 Mr. Schaller called into meeting of Board for discussion of each March in approval for Plan submitted by Mr. Szymczak 4/11 year Staff: Bachman, W. C., Assistant Vice President, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/13 570 564 1640 623 951 1113 1112 1641 1597 570 344 348 450 595 668 1299 1613 1653 619 48 312 518 48 100 Pages of Chicago: (Continued) Staff: (Continued) Benson, H. 0., designated assistant examiner to lend clerical assistance Black, A. M., Manager, Planning Department, salary approved Salary for remainder of year approved Cahill, Arthur A., designated assistant examiner to lend clerical assistance Callahan, J. C., Assistant Cashier, salary approved Clark, J. IL, Supervisor, salary approved in excess of maximum Dawes, N. B., Assistant Cashier, salary approved Diercks, Wilford R., salary as Alternate Assistant FRAgent and chief examiner approved Dillard, J. H., Vice President and Secretary, salary approved DUnn, C. B., General Counsel, salary approved Endres, John J.: Letter of appreciation for services in auditing Board's accounts during year Salary approved Helmer, Hugh J., appointment as examiner approved Henriksen, E. N., General Bookkeeper, salary approved in excess of maximum Hodge, P. C., Assistant Counsel, salary approved J°rn, A. C., General Clerk, salary approved in excess of maximum Kuehn, G. W., Senior Clerk, salary approved in excess of maximum Lindsten, F. A., Assistant Cashier, salary approved Meyer, L. G., Assistant Cashier, salary approved Salary approved Netterstrom, 0. J., Assistant Vice President, salary approved Olson, A. L., Assistant Vice President and Assistant Secretary, salary approved Phillips, C. A., Economic Adviser: Economic and monetary matters, studies prepared by, letter from President Schaller on distribution of referred to Mr. Davis Memo of Mr. Davis that President Schaller had showed him list of those to whom reports were sent, and that certain names had been eliminated, Board to take no further action Memoranda circulating outside FRBank, Mr. Eccles to explain Board's point of view to Mr. Wood, with thought that he might develop program to correct situation Redesignation for 1940 recommended by directors, opposed by Mr. Goldeftweiser http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/8 1/13 5/19 188 48 663 2/ 8 1/13 188 48 12/27 1652 48 1/13 1/3 3 1/13 1/13 48 48 7/ 8 1/13 5/10 894 48 626 12/27 1652 48 1/13 12/27 1652 12/27 1652 48 1/13 48 1/13 3/7 313 1/13 48 1/13 48 7/31 951 9/12 1113 12/19 1598 12/19 1596 101 Pages „ 1-1113arik „_o, Chicago: (Continued) Staff: (Continued) 1/13 48 Preston, H. P., First Vice President, salary approved 1/13 48 Purrington, F. L., Assistant Cashier, salary approved 1/13 48 Roberts, J. G., Assistant Cashier, salary approved 1/13 48 Saltnes, C. M., Assistant Cashier, salary approved 313 3/ 7 Salary approved Schaller, G. J., President: Salaries of officers, called into meeting of Board for 312 3/ 7 discussion of 1/13 48 Salary approved 1/13 48 Sihler, A. T., Assistant Vice President, salary approved Smith, Minor B., designated as assistant examiner to lend 908 7/13 clerical assistance Smyth, Bruce L., designated assistant examiner to lend 2/ 8 188 clerical assistance 1/13 48 Snyder, W. H., Vice President and Cashier, salary approved Sollenbarger, Earl H.: Designated assistant examiner to lend clerical assist188 2/ 8 ance 514 4/10 Appointed assistant examiner lend to examiner Stoetzel, W. L., designated as assistant 908 7/13 clerical assistance Department, Statistics Sweet, J. L., Manager, Research and 1/13 48 salary approved clerilend exnminer to Turner, W. W., designated assistant 188 2/ 8 cal assistance approve will Board Title of examiner not approved but 11/ 8 1401 designation as special examiner 12/14 1571 1940 designated for Wood, R. E., Chairman and FRAgent, 1/13 48 approved Young, C. S., Vice President, salary 313 7 3/ 8‘ . _.. Salary approved 780 6/15 Ngari tlstical and analytical function, budget for 1939 approved of Cleveland: laws, amended copies submitted including changes of duties of 195 2/10 cashier and providing for managing committee 564 4/21 1311ciget approved on,,,,, for examination department Brainard.on Mr. to letter FRSystem, -"Paign for membership in 292 3/ 2 best method of conducting Oh-rge n offs: Pittsburgh Branch, authority to make charge off on old build12/22 1641 ing Inclustrial loans under Sec. 13b, report of bank's experience in connection with, excerpts from summary read 6/23 828 by Mr. Ransom Lie 7/28 937 or,lenses, change in form not to be raised at present let'ers for purchase and sale of securities of member banks, ter to Senator Sheppard on criticism by securi7/27 933 ties dealers of method of handling http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 102 Pages PREsnic , of Cleveland: (Continued) ramPhlet entitled "Our Nation-Wide Facilities" to be furnished member banks for distribution to customers, plan approved but changes in wording suggested Personnel classification plan, changes creating new positions, changing titles of departments, titles of positions and description of work ReServs for contingencies, authorized to transfer amount from Ftessurplus to ervs on head office building, no objection to using remainder of net earnings for purpose of setting up Sal 4 ar.Les of officers: Approved for 1939 Mr. Fleming called into meeting of Board for discussion of Plan submitted by Mr. Szymczak for approval in April each year Staff: Arnold, C. V., Assistant Vice President, salary approved Salary increase disapproved Atzberger, F. A., designated assistant examiner to lend clerical assistance Basta, R. S., designated assistant examiner to lend clerical assistance Bechemer, Carl, designated assistant examiner to lend clerical assistance Brainard, George C., FRAgent: Bond of Designated Chairman for 1940 CaleY, W. J., designated assistant examiner to lend clerical assistance Carter, E. A., Assistant Cashier, salary approved Salary approved Cassell, P. H., designated assistant examiner to lend clerical assistance Davies, D. E., designated assistant examiner to lend clerical assistance Elliott, Wm., designated assistant examiner to lend clerical assistance Endsley, Harper J., appointment as assistant examiner approved upon assumption that amortization payments on mortgage loans are being kept current J., President: M. Fleming, Salaries of officers, called into meeting of Board for discussion of Salary approved Increase disapproved Fletcher, W. H., Vice President, salary approved Salary increase disapproved Foster, A. G., Assistant Cashier, salary approved Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/6 23 3/22 414 12/22 1642 12/22 1642 1/13 3/7 47 312 4/11 518 1/13 3/7 47 315 9/22 1170 9/22 1170 9/22 1170 96 1/23 12/14 1573 9/22 1170 1/13 47 3/ 7 314 9/22 1170 9/22 1170 9/22 1170 12/ 6 1525 3/7 1/13 3/7 1/13 3/7 1/13 3/7 312 47 314 47 315 47 314 103 Pages FRB of Cleveland: (Continued) Staff: (Continued) Fricek, Elmer F., Alternate Assistant FRAgent: 3/22 Appointment and salary 4/5 Bend approved Gaertner, A. F., designated assistant examiner to lend cler9/22 ical assistance Grayson, F. V., Auditor: 1/13 Salary approved be to Auditors of Conference at considered Topics to be 5/31 submitted to Hasek, L. G., designated assistant examiner to lend clerical 9/22 assistance Hays, R. B., Assistant Vice President and Secretary, salary 1/13 approved 3/ 7 alary approved Henk, S Lester J., to be relieved of duties as Alternate As3/22 sistant FRAgent examiassistant as approved appointment Jones, Alfred L., 12/ 6 ner clerical lend to examiner assistant designated Kunz, R. H., 9/22 assistance MoEnteer, Ben, Jr., appointment as assistant examiner ap12/ 6 proved Neubacher, R., designated assistant examiner to lend cleri9/22 cal assistance Ileuswander, E. L., designated assistant examiner to lend 9/22 clerical assistance Osburn, F. M., designated assistant examiner to lend cleri9/22 cal assistance clerOstendorf, J. A., designated assistant examiner to lend 9/22 ical assistance Peck, E. F., designated assistant examiner to lend clerical 9/22 assistance Pretzer, H. B., designated assistant examiner to lend cleri9/22 cal assistance approved Quast, George T., appointment as assistant examiner with understanding that amortization payments on 12/ 6 small loan will be kept current clerilend to examiner Ramsay, Thomas, designated assistant 9/22 cal assistance Sheets, F. A., designated assistant examiner to lend cleri9/22 cal assistance 1/13 approved salary Cashier, Smith, H. E. J., Assistant designated those of list from Sommer, Geo., name removed 9/22 assistant examiners to lend clerical assistance clerilend to examiner assistant Sparrow, 0. O., designated 9/22 cal assistance clerilend to examiner assistant SPring, I% C., designated 9/22 cal assistance http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 413 492 1170 47 709 1170 47 314 413 1525 1170 1525 1170 1170 1170 1170 1170 1170 1525 1170 1170 47 1171 1170 1170 104 Pages PRBank of Cleveland: (Continued) Staff: (Continued) Squire, Sanders, and Dempsey, Counsel, retainer approved Steehler, Earl E., appointment as assistant examiner approved Taylor, W. F., Vice President and Cashier, salary approved Wagner, G. H., Vice President, salary approved Wereb, Joseph, designated assistant examiner to lend clerical assistance Winter, P. A., designated assistant examiner to lend clerical assistance Zurlinden, F. J., First Vice President, salary approved Salary increase disapproved m'atistical and analytical function, budget for 1939 approved le rritory: Kentucky, transfer to FRBank of St. Louis, letter to Senator Logan on procedure for petitioning 1.11!1 k of Dallas: AYudget for examination department approved strial advances, authorized to set aside reserves for losses Per sonnel classification plan: Changes increasing maximum salaries for certain positions Changes approved Changes providing for new positions, designations of positions and increases in maximum salaries Quarters: Building, proposed enlargement discussed, suggestion that space be provided for RFC, FDIC, etc. to include unfinished seventh floor approved rite for contingencies, authorized to transfer amount from °re surplus to Res on head office building, authorized to set up special safe,_ Keeping, securities pledged to secure deposits of public funds, no objection to FRBank rendering service 81 a..„• arles of officers: APproved for 1939 110 changes recommended and President not called for distussion Plan submitted by Mr. Szymczak for approval in May each year Staff: Austin, E. B., Assistant Cashier, salary approved Austin, John F., Jr., appointment as examiner approved and obligations to member banks to be removed Chancellor, E. A., appointment as assistant examiner approved Clarke, V. P., General Auditor, salary approved Coleman, R. B., Vice President and Cashier, salary approved To be relieved of duties as cashier but to continue as vice president http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/13 47 12/ 6 1525 1/13 47 1/13 47 9/22 1170 9/22 1170 1/13 47 3/7 315 780 6/15 5/16 647 L/21 564 12/22 1641 1/25 3/21 104 405 8/7 978 8/16 1006 9/ 6 1092-3 12/22 1642 12/22 1641 9/29 1199 1/18 72 3/7 315 4/11 518 1/18 72 1/11 42 1/11 1/18 1/18 43 72 72 6/14 775 105 Pages PI/Bank of Dallas: (Continued) Staff: (Continued) Evans, W. J., Vice President and Secretary of Board of Directors, salary approved Ford, W. 0., Assistant Vice President, salary approved Salary approved Gilbert, R. R.: Appointment and salary as President approved with salary less than at first recommended Salary as first vice president approved Holloway, W. H., General Auditor, salary for remainder of year approved Locke, Locke, Stroud and Randolph: Contract for services as counsel to be terminated Retainer approved McKinney, B. A., President, salary approved Merritt, J. H., Chairman and FRAgent, designated for 1940 Pondrom, L. G., Assistant Cashier, salary approved Smyth, Mac C., Assistant Cashier, salary approved Stroud, E. B., appointment as first vice president and general counsel and salary approved Thaxton, E. A., approval of salary in excess of maximum for period of six months st Webb, R. 0., Assistant Cashier, salary approved / stical and analytical function, budget for 1939 approved as!sit of Mr. Szymczak to, report of, discussions with directors of Kansas City: ,uctget for examination department approved zYlaws: l Iceoutive committee, holding too frequent meetings, matter referred to Mr. Szymczak to submit a recommendation for bylaws broad enough to cover similar practices by other FRBanks 4amP iroposed change in Section 1 of Article 3, no objection to nations, State member banks, advice that FRBank expects to complete all examinations during calendar year with exception of one bank, and letter to FRBank that Board will interpose no objection to deferred examination but hopes that schedule can be better coordinated next year eder.1 Advisory Council member, compensation for each meeting attended authorized 'onnel classification plan: Changes creating new positions and increasing maximum salaries approved Changes creating new positions and discontinuing others Changes to provide for increases in maximum salaries, changes in title, etc. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 1/18 6/14 72 72 776 4/13 1/18 527 69 5/19 663 6/14 775 72 1/18 72 1/18 12/14 1575 72 1/18 6/14 776 6/14 775 4/ 7 1/18 6/15 4/10 506 72 780 513 4/21 564 6/13 8/10 993 764 11/ 7 1378 1/28 120 1/11 1/31 42 145 7/ 1 869 106 Pages 1111ank oi Kansas City: (Continued) • • Post 0ffice reimbursement for part of expenses in building, incurred in connection with, advice to Mr. Hamilton that it would do little good for Board to take matter up with Post Office Department, but that matter will be discussed with him when 12/ 6 1531 in Tashington for Presidents' Conference Power plant expenditure in excess of amount previously requested 430 3/24 approved Reserve for contingencies, authorized to transfer amount from 12/22 1642 surplus to Sal • arles for officers for 1939 approved 1/13 49 312 3/ 7 Mr. Hamilton called into meeting of Board for discussion of Plan submitted by Mr. Szymczak for approval in May each 518 4/11 year Staff: Assistant FRAgents, etc., reappointment by new FRAgent not necessary Caldwell, R. B., Chairman and FRAgent, designated for 1940 Hamilton, G. H.: Factual studies prepared in Board's offices transmitted to, as member of Legislative Committee of Presidents' Conference Salaries of officers, called into meeting of Board for discussion of Salary approved Helm, J. W., Vice President and Cashier, salary approved Leedy, H. G., Vice President, General Counsel and Secretary, salary approved Park, M. W. E., Assistant Cashier, salary approved Phillips, John, Jr., Assistant Cashier, salary approved Pipkin, G. H., Assistant Cashier, salary approved Robb, T. Bruce, Manager, Research and Statistical Department and Alternate Assistant FRAgent, salary approved , Made officer of bank an and salary approved as officer zYner, E. P., Assistant Cashier, salary approved Wardell, S. A., Auditor, salary approved Woolley, D. W., Assistant Cashier, salary approved Salary, increase recommended, will be reviewed with President of bank Salary approved st.4orthington, C. A., First Vice President, salary approved .5tica1 and analytical function, budget for 1939 approved 1,4Ta i lt°rY, transfer of certain Missouri counties from FRBank of ' St. Louis discussed, action deferred Transfer of thirteen counties in western Missouri from FRBank of St. Louis, letter to Mr. Hoefer advising that action had been deferred schedules, statement to be used in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 367 3/16 12/14 1575 4/21 564 3/ 7 1/13 1/13 312 49 49 1/13 1/13 1/13 1/13 49 49 49 49 . 11(1 1/13 1/13 1/13 49 49 49 1/18 3/ 7 1/13 6/15 74 313 49 780 1/ 6 16 1/11 8/ 4 43 976 107 Pages FRBankof Minneapolis: Adv ances to nonmember banks secured by Government obligations, 5/16 letter to Mr. Powell on action of directors Budget for examination department approved 4/21 7/27 IfitY:laws, amendments kiaarr. 12/22 se offs, head office site, authorized 41411.1-nation, request for advice of action on matters mentioned ' 7/ 7 in Graduate students of expenses of School of Banking, reimbursement 1/13 attending, letter of Board on Holt days, Thanksgiving Day, no objection to observing on day proclaimed by Governor of State, and remaining 10/18 open on day proclaimed by President of U. S. II:Tistrial advances, authorized to set aside reserves for losses 12/22 I e sonnel classification plan, change creating new position of ' 2/8 Radicoin teller approved O programs: Recordings played at Board meeting by Mr. Peyton, and voted that no objection be offered to programs as outlined, with understanding that recording of each 10/18 program would be sent to Board Recordings of broadcast programs to be played for benefit 12/ 1 of Conference of Chairmen 12/ 5 8?,,1 Recordings to be played for Conference of Chairmen arlee of officers: 1/20 APProved for 1939 at rates in effect on Dec. 31, 1938 of Mr. Peyton called into meeting of Board for discussion 3/7 starPflan submitted by Mr. Szymczak for approval in May each year 4/11 Coffey, Walter C., Chairman and FRAgent: Bond approved Designated for 1940 Peterson, W. F., Assistant Cashier, proposed increase in salary to be reviewed Salary approved Peyton, John N., President: Salaries of officers, called into meeting of Board for discussion of Present at Board meeting to discuss radio program at FRBank Preston, 0. R., Assistant Cashier, proposed increase in salary to be reviewed . Salary approved st,2111ander, Clayton Edward, appointment as examiner Nkrik''astical and analytical function, budget for 1939 approved New York: %lints with France and Britain, advice that Secretary of Treasury desired account to be fiscal agency account, and that it was opinion of Counsel for FRBank that account could only be estab lished under fiscal agency provision http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 646 564 927 1641 889 54 1305 1641 189 1302 1482 1524 91 312 518 12/29 1661 12/14 1574 1/20 3/7 91 313 3/7 312 10/18 1301 1/20 3/7 8/3 6/15 91 313 969 780 10/13 1254 108 Pages IliBank of New Aceounts York: (Continued) with France and Britain: (Continued) Review by Mr. Dreibelbis of discussions with Counsel for Treasury Department re question of whether ac10/13 counts must be handled as fiscal agency matter Review by Mr. Dreibelbis of 1917 precedents in setting up 10/13 such accounts , Question of whether Board's authority was necessary to 10/13 opening of accounts, discussed Mr. Dreibelbis to suggest to Mr. Foley that they be handled through existing account with Bank of France and to point out that fiscal agency relationship would not relieve Board of supervisory re10/13 sponsibility to New York Bank 10/13 Report by Mr. Dreibelbis as to discussion with Mr. Foley Recommended by Mr. Eccles that Board suggest to Secretary of Treasury that matter be handled through existing account with Bank of France and not as 10/13 a fiscal agency account Review by Mr. Harrison of past fiscal agency relations between Treasury and FRBank and account of events 10/14 dealing with present topic Statement of Mr. Eccles that Treasury was mistaken in thinking that matter could only be kept confidential in fiscal agency account, and recommendation that account be handled through existing ac10/14 count with Bank of France approved Eccles Memorandum embodying recommendation of Mr. as expressing views of Board, and ordered 10/14 given to Secretary of Treasury Report of Mr. Eccles giving reaction of Secretary of Treasury to Board's memo, and that Secretary would 10/17 like Mr. Harrison to come to Washington again Report by Mr. Eccles of discussion at Treasury meeting, and that there was no opposition to handling 10/19 through existing account includbusiness, all handle Question of allowing FRBank to ing that proposed to be handled through com10/19 mercial banks, discussed Review by Mr. Harrison of developments with special emphasis on whether account should be exclusive, and 12/ 1 whether FRBank should carry blocked account Achr'ance to Bank for International Settlements secured by gold 3/22 in transit approved Advance previously authorized, no time limit but further con5/26 sideration to be given after October 1 Letter ordered prepared stating that unless there were reasons for continuation of authority it would be terminated with understanding that matter could be opened at any time for further con10/17 sideration http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1256 1258 1259 1264 1267 1272 1275 1277-9 1280 1290 1306 1308 1487 410 685 1299 109 Pages FRBank of New York: (Continued) Advance to Bank for International Settlements: (Continued) Letter approved and transmitted Authority terminated Advance to nonmember banks secured by Government obligations, letter to Mr. Harrison on action of directors Annual report to stockholders for 1938, draft submitted with memo of Mr. Goldenweiser to be taken up at special meeting Messrs. Davis, Szymczak, and Goldenweiser to discuss revised draft of report with President Harrison Changes made in report and report now agreeable to Messrs. Davis, Szymezak and Goldenweiser National questions, avoiding discussion and thus following practice of other FRBanks, Mr. Eccles to call Mr. Harrison and invite him and Mr. Young, or Mr. Ruml to Washington for discussion azilian Mission, participation of officers of FRBank in dis' Bl cussions with members of Mission on creation of central bank in Brazil for B _ CIudget department approved examination osed on August 25, advice from Mr. Harrison that members of staff would be at bank to handle any situation that might arise CoviOfl Burling, Rublee, Acheson & Shorb, payment of legal fees by FRBank of New York in case of BritishAmerican Tobacco Co. v. FRBank of New York, approved 1 Czech°8-Lovakian funds, no report made by Mr. Harrison of discussions with State Department, Treasury, and Bank of England on handling of • Davls , Polk, Wardwell, Gardiner, and Reed, payment for legal services in case of Leno Soma v. test ruction of records, to submit consolidated list to be presented to National Archives, instructions for preparation pest ruction of fiscal agency and depositary records, to submit annually a list of obsolete forms to be added to those listed for periodic destruction Examinations: Per diem allowance to Board's examiners while in New York during 1939 increased from 5 to 6 dollars Report, letter to FRBank requesting advice as to action to be taken with respect thereto ?Rnote Special order for printing of °uPPlemental order for nrinting notes of large denominations • order for additional notes requested placed with 8/11-eolal Bureau of Printing and Engraving, letter to Comptroller of Currency http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/23 1329 11/ 2 1359 5/16 646 2/24 254 2/27 265 3/ 6 307 12/19 1598 3/28 4/21 440 564 8/25 1048 12/18 1590 3/28 441 6/30 868 6/28 851 8/11 998 6/16 792 9/15 1146 489 4/ 4 5/ 1 592 9/ 8 1108 110 Pages 111884k of New York: (Continued) Gold: Thai Treasury, earmarking of gold held for account of, approved • Industrial advances, authorized to make charge offs and set aside reserves for losses 9/ 5 1090 12/22 1641 Banque Centrale de la Republique de Turquie, no objection 6/2 to loan by FitBank FRBanks other and FRBank authorized to make loans to, 9/ 2 to be advised that they may participate in to time from to, Authority to make additional loans 11/18 time, within certain limits Sveriges Riksbank on gold held by bank in Sweden, telegram to Mr. Knoke suggesting that clause in proposed cable to bank be modified to say that it has been policy of FRBank not to make loans on gold 12/27 held in foreign countries Offie reto as policy and ers, proportion to number of employees 3/14 placements discussed by Mr. Harrison PaYment. legal of Cahn and Lynch to --8, no objection to payment fees in connection with case of Mosier Radio 12/11 Service v. FRBank of New York Personnel classification plan: Changes to provide for new positions and new sections ap1/11 proved and discontinuance of other positions Changes providing for consolidation of certain sections and 2/3 other changes approved Changes discontinuing Bill Department and creating Bill Division in Securities Department and other 3/20 changes approved Changes providing for separation of certain departments, elimination of certain positions, etc., ap4/13 proved Changes creating new positions, increasing maximum salaries, 5/29 etc. 6/13 Change transferring position of foreign analyst approved Changes approved 9/25 ,, Re_ kihanges approved 12/29 e for contingencies, authorized to transfer amount from 12/22 surplus to Salaries of officers of bank approved for period January 1 to January 15, 1939 at rates in effect on December 1/13 31, 1938 1/27 Approved for January 16 to January 31 Approved at present rate for period February 1 - February 28, 1939 President Harrison to meet with Board on March 13 for discussion of Approved for period March 1 - March 15 at same rate as in effect on December 31, 1938 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 718 1086-7 1431 1653 358 1551 40 164 396 530 703 773 1176 1662 1642 46 116 2/13 202 3/7 316 3/14 354 111 Pages of New York: (Continued) Salaries of officers: (Continued) Faicy of Board discussed with Mr. Harrison APproved to become effective on April 1, 1939 Letter to Mr. Runl acknowledging approval of directors and stating views of directors will have consideration of Board Plan submitted by Mr. Szymczak for approval in March each year Staff: --Y, H. A., Assistant General Auditor, salary approved Dburt, W. v., Manager, Accounting Department, salary approved Connolly, Richard C., appointment as assistant examiner approved Days, F. Assistant Counsel, salary approved Manager of Check Department, salary approved Davis, N. P., Manager, Security Loans Department, salary approved Despres, Emile M., reimbursement to FRBank for salary and retirement payments while rendering service to Board to be made at increased rate because of salary increase Appointment and salary as senior economist on staff of Board Douglas, E. O., Manager, Bill Department and Collection Department, salary approved Ferguson, G. W., General Auditor, salary approved Porberg, Frederick W., appointment as assistant examiner approved Hal'ris, Marcus A., Department Manager, promotion and increase in salary approved Harrison, George L., President: Annual report of FRBanks, avoiding discussion of national questions, Mr. Eccles to request to come to Washington for discussion Brazil, central bank in, report of discussions with representatives of the Treasury and Oswaldo Aranha on establishment of, to be made to Board Factual studies prepared in Board's offices transmitted to, as member of Legislative Committee of Presidents' Conference French and British Governments' accounts with FRBank of New York, requested to come to Washington on October 14 for meeting with Board to discuss Present at Board meeting to discuss opening of accounts for French and British Governments at FRBank of New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/14 3/15 357 363 4/ 1 476 4/11 518 3/15 364 3/15 364 2/ 7 179 3/15 4/17 364 534 3/15 364 2/15 224 8/16 1012 3/15 3/15 364 364 2/ 7 179 11/28 1470 12/19 1598 3/ 3 300 4/21 564 10/13 1270 10/14 1274 112 Pages 1111.k of New York: (Continued) Staff: (Continued) Harrison, George L.: (Continued) French and Eritish Governments' accounts: (Continued) Advice that Secretary of Treasury wanted Mr. Harrison to COMB back to Washington, and Mr. Eccles to ask Secretary if Friday instead of Thursday would be agreeable Advice that he had been present at Treasury meeting this morning Present at meeting of Board in connection with accounts with British and French Governments German exchange, advice that German balances had been attached by New York banks, that exchange was cut off, that Standstill Committee wished to reopen negotiations, and that he would discuss with State Department Present at meeting of Board ofPresent at meeting of Board to discuss salaries of of ficers Present at meeting of Board to discuss procedure to be followed by FRBank of New York in placing bids in Government securities market Sterling exchange, guarantee by Bank of England, incident, etc., advice that Secretary of Treasury wanted to inquire of him whether New York banks had received during period, information on which they acted, and statement by Mr. Harrison that matter is of no concern to Board Report submitted to Secretary of Treasury, Mr. Morrill to prepare letter to Secretary acknowledging receipt, and that Board understood no further action was necessary Letter approved and transmitted HarveY, Vincent A., as Supervisor of Work Relief Check Section, salary in excess of maximum approved Ritchings, George P., transfer from staff of Board of Governors Holland, William F., appointment as assistant examiner approved Htuai , John J., Assistant Examiner, appointment approved all, H. H. Assistant Vice President, salary approved Knoke, L. W.: Participation in discussions with representative of Brazilian Mission requested by Mr. Morgenthau Present at Treasury meeting to discuss opening of accounts by FRBank for French and British Governments Salary recommended, discussed with Mr. Harrison Salary approved ximi7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/17 1291-2 10/19 1306 12/ 1 1487 9/13 1121 526 4/13 3/14 357 9/ 1 1078 9/19 1160 9/27 1182 9/28 1190 7/19 918 8/31 1065 2/ 7 6/ 2 179 3/15 716 364 3/ 3 300 10/19 1306 3/14 360 3/15 364 113 Pages of New York: (Continued) t'aff: (Continued) Lamont, John T., Assistant Examiner, appointment approved, 2/ 7 179 to lend clerical assistance in examinations Logan, Walter S., Vice President: French and British Governments' accounts with FRBank, requested to come to Washington on October 14 10/13 1270 for meeting with Board to discuss Present at Board meeting to discuss opening of accounts for French and British Governments at FRBank of 10/14 1274 New Mahaffey, Palmer K., designated assistant examiner to lend 5/10 626 clerical assistance Manning, Thomas V., retention in service until March 1, 62 1/17 1939 approved 6/ 2 716 Mass, James A., Assistant Examiner, appointment approved Matteson, W. B., Assistant Vice President, advice of pre46 1/13 vious approval of salary for six months 3/28 448 To be continued in active service until June 30, 1939 Retirement, extension for one month to give vacation prior to retirement, and special retirement allowance, matters referred to Mr. Szymczak to 760 6/13 discuss with President Harrison Continuation of employment for one month and to be 787 6/16 granted usual vacation during period 3/15 364 Miller, S. A., Securities Department, salary approved 795 6/19 Salary approved for balance of year 7/13 907 Salary covered under general approval Vice Promotion from department manager to Assistant 11/28 1470 President and increase in salary approved apexaminer MUzzY, Nathan N., appointment as assistant 2/ 7 179 proved clerilend to U0a, Arthur H., designated assistant examiner 626 5/10 cal assistance Orbell, Clifford, machine repair mechanic, no objection to retaining in employ of Bank until December 31, 12/13 1558 1940, even though having attained age 65 Pattillo, Mrs. Victrin, transfer from staff of Board of 7/27 934 Governors Phe approved 15 salary 364 3/ President, n, la Assistant Vice Arthur, t appointmen Examiner, Quackenbush, Lawrence E., Assistant 2/ 7 179 as examiner approved Rice, J. M., Assistant Vice President, salary approved 3/15 364 with Mr. discussed d, R°11nds, L. R., salary recommende 360 3/14 Harrison 365 3/15 d Salary increase disapprove for salary President, Vice Rouse, Robert G., Assistant period from July 1, 1939 to December 31, 1939, 6/ 7 749 approved 907 7/13 approval Salary covered under general http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 114 Pages 11113ehk of s,New York: (Continued) 'aft: (Continued) Rcliee, Robert G.: (Continued) Promotion from assistant vice president to vice president and increase in salary, FRBank to be advised that Board is deferring action on proposed salary, and agreed that matter would be considered at first meeting of Board at which all 11/28 members are present Salary, agreed to advise bank that no decision will be made until Open Market Committee has given consideration to appointment as manager of System 12/ 4 Open Market Account 12/ 7 Letter to FRBank containing advice Increase in salary, FRBank to be advised that Board will defer action until official salary list 12/19 is submitted in March 1940 12/20 Letter sent exlford, Horace, Manager, Research Department and Assistant 3/15 Secretary, salary approved Sheehan, salary Department, Examination W. F., Manager, Bank 3/15 approved Smith, George C., Assistant Examiner, appointment as exami2/7 ner approved Smith, I. B., Manager, Bank Relations Department, salary ap3/15 proved Sproul, Allan, First Vice President, salary recommended, dis3/14 cussed with Mr. Harrison 3/15 Salary approved otocker, Frederick, Manager of Cash Custody Department, 4/17 salary approved Treiber, W. F., Assistant Counsel, salary approved 3/15 \Tan Houten, C. N., Jr., Manager, Security Custody Department, 3/15 salary approved Williams, J. H.: Economic situation, statement before meeting of Presi6/20 dents with Board Present at meeting of Board to discuss procedure to be followed by FRBank of New York in placing bids 9/ 1 in Government securities market W• Valentine, Assistant Vice President, salary approved 3/15 Y°1-Ing, Owen D., Chairman and FRAgent: Annual Report of FRBank, avoiding discussion of national questions, Mr. Eccles to invite to come to 12/19 Washington for discussion 12/18 1940 Designated for , .; Stat 6/15 Tel.,--e-cical and analytical function, budget for 1939 approved -Phone wires, installation of additional direct wire from 9/ 1 Zashington, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1470 1501 1541 1595 1612 364 364 179 364 360 364 534 364 364 801 1078 364 1598 1589 780 1083 115 Pages 11111ank of New York: (Continued) Ituephone wires: (Continued) Installation of third direct wire from V.ashington, authorized, Secretary's Office to ascertain whether FRBank will share in expense WinthroP, Stimson, Putnam and Roberts, employment as special counsel in mandamus proceedings brought against )11. haTank by Armand Schmoll, Inc. of Philadelp ual Report for 1938, publication in present form, with one Auditadditional suggestion, approved °Ps, check on work by outside accounting firms, statement by Mr. McCabe as to procedure, at Conference of Chairmen BUdget f department approved examination or Cole Judge, letter to FRBank approving expenditure for services in connection with FRBank of Philadelphia v. City of Ocean City, N. J. Destruction of records, mimeographed statements issued by Board may be destroyed . 48-minataons, report as of September 8, 1939, advice of action on matters requested Indus . trial advances, authorized to set aside reserves for losses 9/15 1140 4/4 481 6/12 753 -zn 12/ 5 1519 564 4/21 9/20 1164 8/11 999 11/13 1413 12/22 1641 Garage, erection on vacant lot adjoining building and rebuilding of small building on rear of lot, no objection to employment of Mr. Paul Cret to 11/17 1429 make preliminary studies and plans 141Provements and alterations on vacant lot, Mr. Cret to make 11/17 1429 preliminary studies 1/16 56 for officers for 1939 approved Meeting with Board requested by President before Jan. 20, will be arranged as soon as circumstances per57 1/16 mit Pre disfor 13 on March Board with sldent Sinclair to meet 316 3/7 cussion of Dis officer's individual and policy cussion of Board's new 351 3/14 with Mr. Sinclair lan submitted by Mr. Sumczak for approval in April each 518 4/11 year 8hiPn1ent, of instead of regiscars armored private by currency -s tered mail, reply to Assistant Postmaster 112 1/26 Start, : General amlobell, Joseph R., appointment as examiner, was assistant examiner Cr°well, Joseph F., requirement that employees of bank certify to political office held, letter to Senator Guffey sent to Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/7 25 7/21 923 116 Pages FRBank 0, of Philadelphia: (Continued) "aff: (Continued) Davis, W. J., Vice President, salary approved Donaldson, L. E., Assistant Vice President, salary approved Drinnen, F. J., First Vice President, salary will be approved if fixed at present rate Salary approved General Auditor, changes in position being considered E. C., Vice President, salary approved 14aeCo1, Brittain, Evans, and Lewis, Counsel, retainer approved McCabe, Thomas B., Chairman and FRAgent: Designated for 1940 Minutes of meeting of Chairmen sent to, with comments and suggestions and requesting his comments McCreedy, W. G., Assistant Vice President, salary approved McIlhenny, C. A., Vice President and Cashier, salary approved Moore, R. M., General Auditor, salary approved Appointed Head of Audit Department, salary approved Morris, G. K., Assistant Cashier, salary will be approved if fixed at present rate , Salary approved !„-oorman, Philip M., appointment as auditor, salary approved .,1:°st, A. E., Secretary, salary approved .r,',?hfuss, J. Frank, salary for 1939 approved i.enkiewicz, C. A., Assistant Vice President, salary will be approved if fixed at present rate Salary approved Sinclair, J. S., President: Factual studies prepared in Board's offices transmitted to, as member of Legislative Committee of Presidents' Conference Present at meeting of Board to discuss salaries of officers at FRBank T Salary approved ,' J. M., Assistant Cashier, salary approved pb„ Stati°Y -14411k 0;suical and analytical function, budget for 1939 approved kcirsti nichmond: pz,ca:;;;:c for examination department approved nation report sent to Mr. Lassiter with request for comments or suggestions -'rial advances, authorized to set aside reserves for losses P and make charge offs el'sonnel classification plan: Changes creating new positions and increasing maximum salaries creating new positions and increasing maximum salaries Pt‘c)fit and loss account, authorized to deduct from reserves for contingencies and credit to Changes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/16 1/16 56 56 1/16 3/15 1/16 1/16 57 362 57 56 1/16 57 12/14 1572 11/17 1429 56 1/16 1/16 1/16 2/10 56 57 192 1/16 3/15 2/10 1/16 1/17 57 362 192 57 62 1/16 3/15 57 362 4/21 564 3/14 1/16 1/16 6/15 351 56 57 780 4/21 564 12/15 1581 12/22 1641 1/25 103 11/30 1477 12/22 1642 117 Pages IIRBAM1, --,•az Of OP n • 0, Ri achmond: (Continued) oalaries of officers for 1939 approved President not to confer with Board at present Plan submitted by Mr. Szymczak for approval in May each year Staff: Brook, R. S., Jr., Auditor, salary approved Dillard, W. W., Assistant Cashier, salary approved Guthrie,G., Vice President, salary approved Fry,il Claude L., Assistant Cashier, salary approved Salary approved if established by directors at rate stated Johnstone, Albert S., Assistant Cashier, salary approved iiCc.?esee, George H., Cashier and Secretary, salary approved E. A., change in terms of employment approved as iter, Robert, Chairman and FRAgent: s lLAseiter, Designated for 1940 Leach, Hugh, President: Present at meeting of Board to discuss purchase and sale of Government securities for System open market account Present at meeting of Board considering rates on ad— vances to nonmember banks and developments in Government securities market Present at meeting of Board to discuss purchase or sale of securities in System open market account due to disturbed foreign situation Present at meeting of Board Salary, proposed increase, Board to consider Increase disapproved Mercer, Roger W.: Indebtedness to bank admitted to membership, should be liquidated Salary approved Salary approved if established by directors at rate stated Wald --en, J. S., Jr., First Vice President, salary approved ;allace, Maxwell G., Counsel, salary approved yaller, Edward, Jr., Assistant Cashier, salary approved eates, Rutherford M., designated assistant examiner to lend clerical assistance Sta.+. 4 rt.8 ' ILstieal and analytical function, budget for 1939 approved Airc)f St. Louis: conditioning and ventilating equipment, expenditure ap— proved Aoildpe# --'Jection to expenditure 'd for examination department approved ge offs, loss on loan to Mordie Wolf charged to profit and loss http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 3/7 69 315 4/11 518 1/18 1/18 1/18 1/18 70 69 69 69 3/7 1/18 1/18 4/21 315 69 69 560 12/14 1573 8/24 1033 8/25 1044 8/28 1051 9/ 6 1092 70 1/18 315 7 3/ 1/23 1/18 3/7 1/18 1/18 1/18 100 70 315 69 70 69 8/28 1049 780 6/15 1/20 94 12/21 1626 4/21 564 4/26 576 118 Pages De of St. Louis: (Continued) st'ruction of records, advised that certain records should be retained and list of those destroyed included in another letter 4ailli.nati:on, request for advice of action on matters mentioned ation Department: °Pinion of Mr. Martin on handling work of, and report of Mr. Koppang on situation at bank Reasons for not approving appointment of successor to Mr. Wood at this time Surve, report of discussions on five FRBanks to be preif pared with understanding that examiner in charge would discuss with officers the various points raised in survey as well as current examination, and results of discussions be reported to Board Group classification of member banks for election of Class A and B directors, no changes contemplated this year Loans ) industrial, reserve, reallocation of reserve for losses on loan to Hug Company, approved Per — svanel classification plan: Changes creating new positions, discontinuing positions, changing maximum salaries, titles and description of work Ch -ge providing for consolidation of two positions approved Changes creating new positions, increasing maximum salaries and abolishing positions, approved Reserve for contingencies, authorized to withdraw from surplus and transfer to, an amount equal to net profits Saiar. from sales of Government securities A les of officers: ITt.,Ppraved for 1939 President not to confer with Board at present lan submitted by Mr. Szymczak for approval in May each year Starr: 0. M., Vice President, salary approved Bailey, r, L. H., General Auditor, salary approved a.rstarphen, L. H., General Counsel, salary approved Salary approved if established by directors at rate stated .2ilmore, S. F. Assistant Cashier, salary approved A. H., Assistant Cashier, salary approved F. N., Assistant Cashier, salary approved ultt) F. Guy, First Vice President, salary approved rlocher, G. 0., Assistant Cashier, salary approved McC., President, salary approved NIleller, F. J., appointment as examiner ardin, V;rn. T., Chairman and FRAgent, designated for 1940 Osb0, Bryan, appointment as examiner http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/16 1424 7/1 871 4/21 557 4/29 586 11/ 8 1403 8/28 1049 12/29 1665 6/14 776 8/23 1029 12/20 1613 12/27 1654 1/18 3/7 71 315 4/11 518 1/18 1/18 1/18 71 71 71 3/7 315 71 1/18 71 1/18 71 1/18 71 1/18 71 1/18 71 1/18 26 1/7 12/14 1574 5/2 594 119 Pages FRBank of St. Louis: (Continued) Staff: (Continued) Phillips, 0. C., Head of Money Department, salary approved in excess of maximum, formerly assistant 2/ 7 180 cashier Powers, A. H., appointed assistant examiner 5/29 703 807 6/21 Appointment of Sailor, Vance L., employment in charge of Examination Department recommended by Bank, Board does not favor 4/21 557 at this time 586 4/29 Reasons for not approving appointment at this time 1/18 71 Stewart, C. M., Cashier and Secretary, salary approved 71 approved 1/18 staj eigel, H. H., Assistant Vice President, salary stical and analytical function, budget for 1939 approved 780 T 6/15 errltory: Kentucky, transfer from FRBank of Cleveland, letter to Sen5/16 647 ator Logan on procedure for petitioning Transfer of thirteen counties in Western Missouri to FRBank 1/6 16 of Kansas City discussed, action deferred Letter to Mr. Hoefer advising that action has been de1/11 43 ferred Francisco: t for examination department approved 564 4/21 "a4rge offs: Writing down of book value of Los Angeles Branch, author12/22 1641 ized 604 Pee nation report, advice of action on matters requested 5/ 5 Ind;and allowances for directors for 1939 approved 1/13 52 strial advances, authorized to set aside reserves for 12/22 1641 losses Per,. "nne1 classification plan: saaaCI.langes providing for new positions approved 2/28 282 es of officers for 1939 approved 1/18 73 ;;* Day called into meeting of Board for discussion of 3/7 312 'an submitted by Mr. Szymczak for approval in April each 518 4/11 &tart: year a • frignew, A. C., Counsel, retainer approved Ira: Placing of examination work under, to be considered when Mr. Day visits Washington , Salary approved 'aY, W. A., President, salary approved Salaries of officers, called into meeting of Board for discussion of arhart, C. E., Cashier, salary approved H Salary approved ale, W. M., Vice President and Secretary, salary approved Salary approved R. T., Assistant Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 73 1/31 1/18 1/18 143 73 73 3/7 1/18 3/ 7 1/18 3/7 1/18 312 73 314 73 314 73 120 Pages Pata0,1. ; ,aor San Francisco: (Continued) fFT: (Continued) nolman, F. H., General Auditor, salary approved Uailliard, E. C., Assistant Cashier, salary approved Salary approved gangels, H. N., Assistant Cashier, salary approved : ° 1 Tsr, J. M., Assistant Cashier, salary approved WitiliPs, C. D., Assistant Cashier, salary approved ',;e4-f, G. W., FRAgent's Representative, bond approved aade, H. F., Assistant Cashier, salary approved Shortt, W. D., to recommend appointment of FRAgent's Representative at Los Angeles Branch to succeed Mr. Swengel --uerg, V. F., Auditor, salary approved Salary approved test, R. B., Vice President: Appointment and salary APpointment as vice president to be discussed when salaries are reviewed sta„ .Proposed salary as vice president approved 11:stical and analytical function, budget for 1939 approved schedule, authority to Mr. Szymczak to approve when in harmony with other FRBanks Pki8a*s:Approved 1/18 1/18 3/7 1/18 1/18 1/18 5/10 1/18 73 73 314 73 73 73 625 73 2/8 1/18 3/7 189 73 314 1/6 22 1/31 3/7 6/15 143 314 780 7/31 8/4 950 976 Agent of 8 United States Housing Authority in plan for furnish3/21 407 ing local agencies with funds titrva reports, scope of, Messrs. Davis and Szymczak to make recommendation to Board as to whether certain questions of System policy of national concern 2/27 265 should be included Asses sment for expenses of Board for last half of 1939, resolu6/13 772 tion approved Asse_ment of half to cover expenses of Board during first 12/22 1636 1940 AUdit bank, function, relation to chairman and president of suggested as topic for discussion at Conference 21 1/6 of Chairmen AUditin denonoperating -g Departments, employees, transfer to partments to render assistance, discussed at 12/ 5 1517 Conference of Chairmen AUditors: Chemk on work by outside accounting firms, statements by Messrs. McCabe and Young at Conference of 12/ 5 1519 Chairmen as to procedure at their banks Reiat. direcdiscussions by of aons with directors and value tors of auditor's reports, statement of Mr. Paulger and discussions at Conference of Chair12/ 5 1516 men http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 121 Pages ftBanliz: kContinued) '41011tors: (Continued) Relations with directors: (Continued) Practice of FRBank of New York and other FRBanks stated, and conclusion of Mr. Eccles that auditor is responsible to directors and not to operating officers Shorter reports suggested by Mr. Wood at Conference of Chairmen, or that they be supplemented by brief summaries Bankers meetings, expenses incurred in connection with, no objection to absorption by FRBanks, but banks not to be advised of action at present 11! 3 ti for examination departments approved r1a Charge 'amendments to, reporting of changes to Board Check offs at end of 1939, authority to make 'collection circulars, advice that Board has no changes to suggest in C. lcation of official positions for use in action on salary recommendations, two other members of Board to serve with Mr. Szymczak as special committee and Presidents to be called in individually Cost of conducting operations during year by functions, and number of items handled in each function, publication of tables to be discussed by Conference of Presidents 1, -etion of records, each bank to submit list for submission bivid to Congress through Archivist payment for first half of 1939 approved Pa a3rment for last six months of 1939 approved gs and expenses, statements of Messrs. Szymczak and Ransom and discussion at meeting of Chairmen with Board Eton,. 11110 advisers at, desirability of appointment discussed ' nation departments, suggestion of Federal Advisory Council that they be given same discretion and authority as given by Comptroller of the Currency to chief bank examiners national Ea reports: fidential sections, examiners discussing with board of directors, discussed at Conference of Chairmen and statement of Mr. Eccles that Board would consider suggestions Information contained in, discussed by Mr. Paulger at Conference of Chairmen Shorter reports suggested by Mr. Wood at Conference of Chairmen, or that they be supplemented by brief summaries „ -aLlons: Mr* Paulger directed to make at least one of each FRBank during 1930 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/ 5 1517 12/ 5 1517 12/22 1638 564 4/21 1/26 112 12/22 1640 7/31 943 2/3 158 3/3 305 5/9 6/22 623 813 12/22 1639 1532 12/19 1598 12/ 6 6/6 727 12/ 5 1522 12/ 5 1521 12/ 5 1517 12/26 1650 122 Pages PP141*8:. (Continued) ations: (Continued) otation of examiners to get viewpoint re practices and procedures of banks, statement of Mr. Szymczak at Conference of Chairmen that this was being 12/ 5 done 44miners, information to be submitted in connection with ap8/25 pointment of • First Vice Presidents' Conference, proposed, Board to be advised 1/ 9 as plans for meeting develop Pisen, Z„L-L agency operations: 'rench and British Governments, establishment of accounts with FRBank of New York, advice that Secretary of Treasury desired account to be fiscal agency account, that it was opinion also of Counsel for FRBank of New York that accounts could only 10/13 be established under fiscal agency provision Establishment of accounts with FRBank of New York, review by Mr. Dreibelbis of discussions with Counsel for Treasury Department re question of whether accounts must be handled as fiscal 10/13 agency matters setReview by Mr. Dreibelbis of precedents of 1917 in 10/13 ting up such accounts quesEstablishment of accounts with FRBank of New York, tion of whether Board's authority was necessary 10/13 to opening, discussed Determination of whether relationships were fiscal agency relationships, question of whether it is within scope of law or whether Treasury has 10/13 power to determine at will, discussed Mr. Dreibelbis to suggest to Mr. Foley that they be handled through existing account with Bank of France, and to point out that fiscal agency relationship would not relieve Board of super10/13 visory responsibility to New York bank Report by Mr. Dreibelbis as to discussion with Mr., 10/13 Foley Secreto Recommended by Mr. Eccles that Board suggest tary of Treasury that matter be handled through existing account with Bank of France, and not 10/13 as fiscal agency matter relations agency Review by Mr. Harrison of past fiscal between Treasury and FRBank and account of 10/14 events dealing with present topic misinformed was Statement of Mr. Eccles that Treasury in thinking that matter could only be handled confidentially in fiscal agency account, and recommendation that account be handled through 10/14 existing account with Bank of France http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1520 1036 33 1254 1257 1258 1259 1260 1264 1267 1272 1275 1277 123 Pages l'alL;88e; (COntinUed) agency operations: (Continued) French and British Governments: (Continued) Memorandum embodying recommendation of Mr. Eccles approved as expressing views of Board, and ordered given to Secretary of Treasury Report b5 Mr. Eccles giving reaction of Secretary of Treasury to Board's memo, and that Secretary would like Mr. Harrison to come to Washington again, Mr. Eccles to ask Secretary if Friday instead of Thursday is agreeable Report by Mr. Eccles of discussion at Treasury meeting, and that there was no opposition to handling through existing accounts Question of allowing FRBank to handle all business, including that proposed to be handled through commercial banks, discussed Review by Mr. Harrison of developments with special emphasis on whether account should be exclusive, and whether FRBank should carry blocked account 111111•CtiOnal expense reports for second half of 1938, ELMO of Mr. Szymczak that chairmen study reports and representatives of Division of Bank Operations visit FRBanks to correct differences C°Pie3 submitted for study and action by FRBanks self, question raised by Mr. Eccles at Conference of Chairmen as to cheapness in view of few irregularities at FRBanks, and statement of Mr. Smead that question was being studied L°aris to commercial and industrial business, information as to classification of such losses has not been compiled, letter to Dun and Bradstreet Market within own district for member banks if they wished to sell Government bonds, suggestion of Mr. Evans at Federal Advisory Council meeting discussed St atement by Mr. Brown that plan had been approved in , Chicago for putting into effect during period as present such .1 „ Photor Polin;saPiis of buildings, recent prints requested "J of making advances to member and nonmember banks on security of U.S. obligations at par at discount rate in event of armed conflict abroad P111311 relations activities, Conference of Chairmen, advice that Mr. Davis would discuss with conference on next day Di scussion dispensed with at Conference of Chairmen because of time element, with understanding that statement prepared by Mr. Davis would be mailed to Chairmen 10/14 10/17 1289 10/19 1306 10/19 1308 12/ 1 1487 4/17 5/15 .1311rance http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1280 534 641 12/ 5 1517 9/12 1112 10/10 1233 10/10 1240 3/29 455 5/9 619 12/ 5 1523 12/ 6 1534 124 Pages PR,Banks c . , • (Continued) ?,alaries of employees, lists approved 241 2/20 °salaries of officers, special committee to study classification 175 2/6 in considering changes Report of committee appointed to determine satisfactory classification in determining salaries of officers submitted and ordered filed and to be 3/15 361 used as informal guide Discussion of consideration at different banks on different dates and question of discussing with chairmen 3/31 459 of FRBanks at their next meeting MI** Szymczak to make recommendation on procedure for consid3/31 461 eration of Procedure for by submitted approving recommendations, plan 4/11 518 Mr. Szymczak Junior disbe officers, placing under a classification to 4/11 519 cussed by Mr. Szymczak with Mr. Ruml 5/15 639 Procedure outlined at previous meeting adopted Letter on revised procedure for considering 6/16 787 1940, tentative standards established for maximum salaries to be presented to Chairmen at meeting with 10/31 1346 Board in December 12/ 6 1533 Problem discussed at Chairmen's Conference Cmmunications from FRBanks should be signed by Chairman or Deputy Chairman instead of by executive officers, statement of Mr. Szymczak at Con12/ 6 1534 ference of Chairmen conomists, conference set for January 2 and 3, letter to FRBanks Ste+ ‘ast-1cal advisers at, desirability of appointment discussed Stet; sto,,,_',8tical and analytical function, budget for 1939 approved ''molders meetings, payment of traveling expenses of representatives from member banks, decision reconsidered and FRBank of Boston to be advised that Board will interpose no objection, question of future practices of FRBanks, referred to lip. Szymczak for recommendation Lett er appruved and ordered transmitted y 1'0 objection to absorption by FRBanks, but banks not to be advised of action at present -p.Lus p, kunie 1 amount transferred to, at end of year ple: (See Surveys at FRBanks) eral Credit Union, cashing of checks, arrangement stated ' by Mr. Morrill as sufficient to care for needs of Board V ?11-144/1 erldnlents to law relating Lo loans to executive officers and membership in FRSystem of insured banks, statement to be published in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/21 1627 12/19 1598 6/15 780 10/ 6 1216 10/10 1243 12/22 1638 12/22 1640 8/31 1066 6/22 814 125 Pages FRBIllaat' A ln: (Continued) 8.r.U.cle on behavior of deposits prepared as a result of WPA closed bank study to be published in April FRBulletin and subsequent articles to be pub3/28 lished as prepared 131'921°1 banks, domestic, Federal and State statutes relating to branch banking in United States, compilation 9/20 of, statement ordered published in Brokeror through securities dealer who transacts business in medium of a member, statement with respect 10/17 thereto, ordered published in Certificate of deposit, payment or renewal of certificate maturing on Sunday, ruling ordered published in 9/20 October issue e°10Plimentary copies to branches of member banks, letter to 3/16 FRBanks on furnishing Copies to be furnished to domestic branches of member banks up to fifty but additional copies for officers and heads of departments of head office not to 4/17 be sent • Cl%ectit in checking account for obtaining new depositors not considered payment of interest, publication of 6/15 ruling approved Credit to isregulations belligerents, statement with respect to sued by President of the U.S., ordered published 10/17 • in Del3"it losses experienced by sample groups suspended between 1930-33, publication of articles as part of study conducted by Viorks Progress Administration, publication of future articles to be de2/24 cided as submitted ive officers, definition of term in Regulation 0 as amended, 7/ 8 Pr statement to be published in August issue inp Privilege, applicability to, letter to be prepared to 5/19 Post Office Department on restriction of use ter to Assistant Postmaster General on interpretation of Letter 5/26 Gradua law te School of Banking, advice to Mr. Harold Stonier, birector, that copies will be sent to members of 11/10 the student body upon receipt of request Inter e8t on savings accounts, payment after death of depositor, Loans __ 9/20 statement ordered published in °r weekly reporting member banks, advice to Dun and Bradstreet that classification of loans will be 9/12 found in July Bulletin 4eutralti. L,..Y Act of 1939, proclamation of President, statement with Persona., 11/17 respect thereto, ordered published in with, connection 1 loans as deposits, amount received in 7/18 statement to be published in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 441 1165 1300 1165 374 535 780 1300 252 895 658 691 1411 1165 1112 1430 917 126 Pages FaBlalet.ln: (continued) 'ere relating to stabilization fund and weight of dollar, extension of, statement to be published in FRBul7/18 letin Question and answer section, suggested as new feature of revised 12/14 bulletin RFC and related agencies, statement on continuation of, to be 3/17 published in Regulation F, amendment adding footnotes and changing numbering of existing footnotes, statement with respect 11/17 thereto, ordered published in Regulation H, revision of, statement with respect thereto, or11/17 dered published in Regulation J, statement on revision and press statement to be 8/15 published in Regulation L, statement on amendment and message of President 8/15 vetoing S. 2150 to be published in Revised form approved effective with January 1940 issue 12/14 lngs on use of obligations of United States as collateral 7/18 for FRnotes, etc., to be published in Savi , "gs plan of State Planters Bank and Trust Company of Richmond, Va. to encourage deposits over long period 5/26 of time, ruling not to be published Secret to board of directors, question of whether Sec. 32 of Banking Act of 1933 is applicable to, statement 12/22 ordered published in Bulletin Spea4— 4-a-L, tables to be published in connection with statistical manual to replace tables previously contained 1/10 in annual report Stab llzation of prices, report to be used as basis for reply 3/10 to inquiries to be published in Ste.4.uem eatS on rulings and regulations to be published in May Tr 4/17 issue -ansf ers from savings accounts to FHA mortgage accounts without presentation of pass books, statement or9/20 dered published in October Bulletin 1st pim ndenture Act of 1939, statement ordered published in 'teral Re 9/20 Bulletin serve clubs, funds contributed by FRBanks for expenditures, annual report may be discontinued but examiners Notes:, 3/6 of Board to review Ohara. °tte Branch, Series of 1928, no objection to cancellation of new notes and shipment to Washington for destruction 1/5 4 of of those held by FRAgents, procedure for transfer upon termination of 4/29 PilAgenti e responsibility for custody of collateral for outstanding notes and of unissued notes, discussed at 12/ 6 Conference of Chairmen http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 917 1569 394 1430 1430 1004 1004 1570 917 682 1638 35 333 536 1164 1165 311 11 588 1536 127 Pages FRaank(Continued) of Chicago, special order for additional notes requested placed with Bureau of Printing and Engraving, to Comptroller of Currency letter FRBa;Lm of New York, special order for printing of Supplemental order for printing in large denominations SPscial order for additional notes ordered placed with Bureau of Printing and Engraving, letter to Comptroller of Currency Gov erament securities as collateral for, report of Chairman Eccles on status of amendment to Section 16 of FRAct Jaoko . ionialle Branch, cancellation and shipment to Washington for destruction because of limited vault space, no objection Loss_ resulting from redemntion of those entering into circulation without being regularly issued, draft of bill suggested by Mr. Duffield, not favored by Board Ordsfor printing during fiscal year placed with Bureau of Engraving and Printing Pl. Pledge 4ge of obligations of United States as collateral security ' for, amendment to Sec. 16 of FRAct to make authority permanent suggested Bill amending Sec. 16 of FRAct extending time for to be prepared and sent to Senator Glass Bill • troduced to extend authority for two years Leterto Senator Wagner favoring passage of S. 2618 to extend period for ..44L8' of eligible paper with FRAgent can be discontinued when amount of gold certificates exceeds amount of • outstanding notes Pr Ing requirements for fiscal year ending June 30, 1941, letter to Bureau of Engraving and Printing 9/12 1108 2 ig9 9/ 8 1108 5/26 700 3/27 433 5/11 633 777 3/ 8 319 6/13 6/16 766 786 6/22 811 7/19 918 6/16 792 1/30 1/30 136 141 3/ 1 290 1/ 7 27 2/15 5/25 229 679 6/13 761 lifarkaa on, suggestion of Mr. Holden that one be prepared for use of directors Report of chlest. Mr. Davis on preparation of 1°n8 and answers for use of United States Information Service at Federal buildings at New York World Fair Re.c and Golden Gate International Exposition -- script prepared at request of National Emergency Council, revised copies sent to FRBanks Sot.ipt presented in cooperation with National Emergency Council, letter to FRBanks on results and on preparation of a second script ServiNev _ script submitted to FRBanks to member banks, Federal Advisory Council excused from further consideration of topic, in view of apparent inability to reach agreement as to reasons underlying conclusions previously expressed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12e Pages er ags and loan associations: resident'-s who has served as Class A director of FRBank ruled 10/18 not eligible for election as Class B director Service of directors also as directors of national banks, not Picb,/ 1/30 prohibited by Clayton Act '"3.J-arY powers: American National Bank, San Bernadino, California, inquiry on depositing of security to cover escrow funds which trust department deposits with banking 7/ 6 department Carbon Eine_ ry Bank, Price, Utah, application for, unrestricted permission to act as trustee and guardian of estates not favored, but no objection to handl1/30 ing certain accounts Center .1vl-Lle National Bank, Centerville, Iowa, application ap1/25 proved Central apapplication National Bank of Columbus, Nebraska, 7/12 proved Citi zens National Bank & Trust Co. of Goose Creek, Texas, application approved upon conversion of Citizens State Bank & Trust Co., Goose Creek, Texas, 12/13 into 001011? objection to change in plan of conversion 12/22 "Ial Trust Co., New York, N. Y., operation of common trust fund proposed, reply to Mr. Albert Parker on pro2/10 visions of Regulation F eatilr County National Bank of Greensburg, Ind., supplemental 7/13 application approved NPosit of security with trust department for funds deposited in own banking department, compliance with membership condition waived for Maryland banks be4/25 cause of new State law ". ' uounty National Bank of Clear Lake, S. D., surrender ap3/ 1 proved t t i s:rt National Bank, Dysart, Iowa, surrender approved 4/12 '11-rst National Bank, Elmhurst, Ill., application approved Ee'ff 1/19 upon conversion from State bank ‘"V runds, inquiry on depositing of security to cover when deposited in banking department by trust deFarmer 7/ 6 partment s and State Bank, Evansville, Wisconsin, application ap12/13 proved Parme1.8 Bank of Pelham, Ga., no objection to acting as trustee for railroad under indenture but should receive 3/23 permission before acting in other instances sP - alls National Bank and Trust Company, Fergus Falls, Minnesota, application for supplemental powers ap2/ 1 proved National Bank of Alger County, at Munising, Mich., sur11/25 render of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1304 127 876 123 105 903 1561 1635 194 908 676 286 522 81 876 1561 /121 150 1463 129 Pages Piduciary Powers: (Continued) First National Bank of Cape Girardeau, Missouri, application ap11/10 proved First National approved application Bank in Cedar Falls, Iowa, 7/10 upon conversion First disapapplication National Bank of Centerville, Iowa, 7/1 proved First National 5/19 approved surrender Bank of Columbia, Ky.', First National bedenied application Bank in Henderson, N. C., 9/22 cause of unsatisfactory proposed trust officer First National approved 4/20 surrender Bank of Lake Linden, Mich., First approved application National Bank of Madison, Wisconsin, effective upon consolidation with Central Wis11/24 consin Trust Company of Madison First National Bank upon approved in Oshkosh, Vds., application consolidation with First Trust Company in Osh12/13 kosh First National 8/2 Bank of Ovid, N. Y., surrender approved First National violaBank at Pittsburgh, Pa., transactions as tions of Regulation F, letter to Mr. Warden 8/17 referred to FRBank of Cleveland National Bank of Pittsfield, Ill., surrender approved 4/29 5/11 National Bank of Wahool Nebraska, surrender approved appliMich., National Bank and Trust Co. of Grand Rapids, cation approved upon consolidation of National Bank of Grand Rapids and Grand Rapids Trust Co. 12/20 into First Nat tonal Bank and Trust Company, Manhasset, N. Y., sur6/28 Gt IA% t render approved ones Exchange Bank, Marcellus, Mich., unauthorized exer1/30 cise of trust powers by National Bank, Highland, Ill., application approved up1/28 on conversion of State and Trust Bank into Comptrolitillestment of trust funds of national banks, letter to ler of the Currency on question raised by Penn1/13 sylvania banking department 417a State Bank, Algona, Iowa, examination report discloses administering of one court trust, permission to be obtained before acceptance of other trust 8/25 Joh,business -Auson n , % ounty National Bank and Trust Company, Johnson County, Kansas, application for fiduciary powers ap6/30 proved MeMb not those exerbetween er banks, interlocking relationship cising, and trust companies not accepting deposits, Counsel directed to draft amendment to 12/ 1 Regulation L permitting Amend-,ment ordered sent to Advisory Council, Comptroller and 12/ 4 =t c i : Bankers Association for comments American Letter 12/ 7 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1407 897 870 664 1172 552 1458 1560 964 1016 587 631 1621 850 121 119 53 1042 863 1483-5 1499 1542 130 Pages Pid • ,uola rY powers: (Continued) 'ercantile National Bank of Chicago, Ill., application approved 5/12 after conversion from State bank Merchants N ational Bank of Middletown, N. Y., surrender ap8/9 proved 14:nd National Bank, Midland, Texas, surrender of 12/18 un Bank and Trust Co., Minden, Louisiana, application ap5/25 proved 11°Itgages t taken in name of bank and sold to trust, request of First National Bank of Birmingham, Ala., that Board file brief in test suit to determine bank's 3/17 liability to beneficiaries of trusts National Nor„ 10/16 Bank of Waterloo, Iowa, application approved '411sestern National Bank of St. Louis, Mo., application ap1/31 proved upon conversion from State bank Regulation F, possible amendments to Sec. 11, letter to Mr. 8/17 Carroll of American Bankers Association Amendment adding footnotes and changing existing footnote 11/ 7 numbering Statement with respect thereto, ordered published in FRBul11/17 letin Sec,, _ sec:u.u. National Bank of Greenville, Ohio, surrender approved 3/11 se1 : 4,... 4ritY National Bank of Reno, Nevada, application approved 8/11 dealing in administration of trusts, memo of Mr. Ransom on requests for rulings and letter to Trust Division of American Bankers Association suggesting appointment of Committee to give assistance and 5/26 advice in amending Regulation F 8°11th P surPhiladelphia, Pa., of hiladelphia National Bank 11/28 render of State member banks, trust instrument, provision does not relieve bank from compliance with membership condition which requires that if trust funds are deposited with banking department, bank shall deposit with its trust department security in same manner as 10/ 7 national bank CitY National Bank, Union City, Michigan, surrender ap8/ 3 proved " National Bank of Bartlesville, Oklahoma, supplemental ap7/10 plication approved N ational Bank in Kansas City, Mo., possible violation of Regulation F relating to collective investment of trust funds, letter to Comptroller of the 6/29 Currency • c'sslble violation of Regulation F relating to collective tho 7/ 7 investment of trust funds u -korl m . 5/11 ajdonal Bank of Vestminster, Md., application approved kers National Bank and Trust Company, Yonkers, N. Y., application approved upon authority to commence busi5/26 ness http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 637 987 1592 677 377 1286 146 1017 1380 1430 347 995 685 1474 1221 970 898 854 888 630 701 131 Pages Pis cal agency operations of FHBanks: Pre"en and British Governments, establishment of accounts with FRBank of New York, advice that Secretary of Treasury desired account to be fiscal agency account, and that it was opinion of Counsel for FRBank of New York that accounts could only be established under fiscal agency provi10/13 sion Review by Mr. Dreibelbis of discussions with Counsel for Treasury Department re question of whether acRevcounts must be handled as fiscal agency matters 10/13 iew by Mr. Dreibelbis of precedents of 1917 for setting 10/13 up such accounts QUestion of whether Board's authority was necessary to open10/13 ing, discussed Question of whether it is within scope of law or whether Treasury has power to determine at will, dis10/13 cussed Mr. handled be they that Foley Mr. Dreibelbis to suggest to through existing account with Bank of France, and to point out that fiscal agency relationship would not relieve Board of supervisory re10/13 sponsibility to New York Bank Re_Port by Mr. Dreibelbis as to discussion with Mr. Foley 10/13 R co mmendation of Mr. Eccles that Board suggest to Secretary of Treasury that matter be handled through existing account with Bank of France, and not 10/13 as fiscal agency account Rev iew by Mr. Harrison of past fiscal agency relations between Treasury and FRBank and account of events 10/14 dealing with present, topic Stat sment by Mr. Eccles that Treasury was mistaken in thinking that matter could only be kept confidential in fiscal agency account, and recommendation that account be handled through existing ac10/14 count with Bank of France morandum embodying recommendation of Mr. Eccles, approved as expressing views of Board, and ordered given 10/14 to Secretary of Treasury Report by Mr. Eccles giving reaction of Secretary of Treasury to Board's memo, and that Secretary would like Mr. Harrison to come to Washington again, Chairman to ask Secretary if Friday instead of 10/17 Thursday is agreeable Repo,,+ , meeting, Treasury by at discussion to Mr. as " Eccles and that there was no opposition to handling 10/19 through existing accounts QUestion of allowing FRBank to handle all business, including that proposed to be handled through commer10/19 cial banks, discussed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1254 1256 1258 1259 1260 1264 1267 1272 1275 1277 1280 1289 1306 1308 132 Pages Pi.80.1 agency operations of FRBanks: (Continued) nch and British Governments: (Continued) Review by Mr. Harrison of developments with emphasis on whether account should be exclusive, and whether 12/ 1 FREank should carry blocked account Ploat plo, ' iLaianks, increase caused by revision of check collection ,nro5/26 Poley . cedure Pole/ r)113-ght L.: (See West Virginia Bankers Association) Porei 'Edward H., Jr.: (See Secretary of Treasury) phkgri aeo -ank f ounts: or International Settlements, advance by FRBank of New York previously authorized, no time limit but 5/26 to considered after October 1 b be 41‘eign bank Corporations: Chase Bank, New York N. Y.: Examination report received, copy forwarded to bank 2/15 Letters of credit payable solely in blocked currencies of 2/17 CitYforeign countries, plan approved Bank Farmers Trust Co., New York, N. Y., permission to invest in stock of corporation yet to be organized 12/13 under certain conditions Irvterr, W'a'aonal Banking Corporation: "ational City Bank of New York given extension of time withwhich to invest additional amount in stock in? 12/16 of corporation °1'eign bae: nk "c° Central de Reserva de El Salvador, San Salvador, reply to President Duran that Board will welcome Mr. Valdes to Washington to facilitate his banking 6/19 studies Bank ,u1. anada: ,Apo.L'o Cote G. G., Director, payment of cost of luncheon approved 3/21 -"A Of r.^Engiand;) h-,unt with FRBank of New York for British and French governments, review by Mr. Harrison of developments with special emphasis on whether account should be exclusive, and whether FRBank should carry 12/ 1 blocked account Czec hoslovakian funds, no report by Mr. Harrison of discus3/28 sions with relative to handling of of York willing-‘Ing exchange, advice to FRBank of New ness to purchase at certain price, report of conversations with FRBank and with Treasury Depart9/15 ment knk A I FranCe: '1C°11.ntS of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis French and British Governments with FRBank of New York, establishment of, Mr. Dreibelbis to suggest to Mr. Foley that accounts be handled through existing account with Bank of France 1487 698 685 226 239 1562 1586 795 409 1487 WO 1125 10/13 1264 133 Pages Forej pttypanks: (Continued) 0f Prance: (Continued) Accounts of French and British Governments: (Continued) Report by Mr. Dreibelbis as to discussion with Mr. Foley Recommended by Mr. Eccles that Board suggest to Secretary of Treasury that matter be handled through existing account with Bank of France, and not as fiscal agency account Recommended by Chairman Eccles that they be handled through existing fund with Bank of France Memorandum embodying recommendation of Mr. Eccles, approved as expressing views of Board and ordered given to Secretary of Treasury Report of Mr. Eccles giving reaction of Secretary of Treasury to Board's memo Report by Mr. Eccles of discussion at Treasury meeting, and that there was no opposition to handling through existing account Question of allowing FRBank to handle all business, including that proposed to be handled through commercial banks, discussed Review by Er. Harrison of developments with special emphasis on whether account should be exclusive, and whether FRBank should carry blocked account Centrale de la Republique de Turquie: T_an by FRBank of New York, Board offers no objection 'ysa by FRBank of New York approved, other FRBanks to be advised that they may participate in RBank of New York authorized to make additional loans to, from time to time, not to exceed certain amount REank of New York authorized to extend new credit within certain limits, and advice that participation by other FRBanks is approved and that they will . be notified al Bank, India, official discount rate of Reserve Bank of Re India to be cabled instead of 8erve Dank of India, changes in official discount rate to be avert cabled instead of those of Imperial Bank ges Riksbank, loan by FRBank of New York on gold held in Sweden, telegram to Mr. Knoke suggesting that clause in proposed cable be modified to state that it has been policy of hBank not to make loans on gold held in foreign countries Bank Corporation, Basle, Switzerland, agreement required of nonmember banks before making loans to brokers or dealers, advice to Mr. Rounds that name has been added to list of nonmember banks having such agreements in force http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/13 1267 10/13 1272 10/14 1277 10/14 1280 10/17 1289 10/19 1306 10/19 1308 12/ 1 1487 6/ 2 718 9/ 2 1086-7 11/18 1431 12/ 2 1497 5/11 634 5/11 634 12/27 1653 11/ 7 1379 134 Pages '13reigri banks: (Continued) rhaa. Treasury, FRBank of New York authorized to earmark gold in account -1Lgri exchange: _ Ger.uian exchange, advice from Mr. Harrison that New York banks had attached German balances, that exchange was cut off, and that Standstill Committee wished to reopen negotiations, and advice that he would consult with State Department ng exchange, guarantee by Bank of England, incident involving lapse of time between receipt and publication of information, discussed with view to appeasing press, determining whether information was acted upon during interim, and means to prevent similar incident in future Mr. Harrison to prepare full report for Board and Treasury Advice that Secretary of Treasury had requested Board to investigate, that Mr. Harrison was coming to Washington, and that press representatives were not disturbed or interested St atement by Mr. Ransom that Secretary of Treasury had asked Mr. Harrison whether New York banks representing Foreign Exchange Committee had taken advantage of information during hour and ten minutes involved Advice that Secretary of Treasury told Mr. Harrison he wanted to know whether New York banks received during period, information on which they acted, statement of Mr. Loree that his bank had no transactions, and statement by Mr. Harrison that matter was of no concern to Board tienio of Mr. Ransom with attached transcripts of telephone conversation between Secretary of Treasury and Messrs. Harrison and Knoke on Sept. 14 Report submitted by Mr. Harrison, Secretary to prepare letter to Secretary of Treasury acknowledging receipt, and that Board understood it was.satisfactory and no further action necessary N. Lett lea r approved and transmitted 9/ 5 1090 9/13 1121 9/15 1125 9/15 1139 9/15 1139 9/19 1159 9/19 1160 9/21 1167 9/27 1182 9/28 1190 Aceo_ gcArernments: with FRBank of New York, advice that Secretary of Treasury desired French and British accounts to be fiscal agency accounts, and that it was opinion of Counsel for FRBank of New York that accounts could only be established under fiscal 10/13 1254 agency accounts by Mr. Dreibelbis of discussions with Counsel for view Treasury Department re question of whether accounts for France and Britain must be handled 10/13 1255 as fiscal agency matters grit8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 135 Pages N.e4- -Ltia go vernments: (Continued) Accounats with FRBank of New York: (Continued) eview by Mr. Dreibelbis of 1917 precedents in setting up such accounts Question of whether Board's authority is necessary to opening of accounts, discussed Question of whether it is within scope of law or whether Treasury has power to determine at will, discussed Mr. Dreibelbis to suggest to Mr. Foley that French and British Government accounts be handled through existing account with Bank of France, and to point out that fiscal agency relationship does not relieve Board of supervisory responsibility to New York Dank Report of Mr. Dreibelbis as to discussion with Mr. Foley Recommended by Mr. Eccles that Board suggest to Secretary of Treasury that accounts for British and French governments be handled through existing account with Bank of France, and not through fiscal agency account Review by Mr. Harrison of past fiscal agency relations between Treasury and FRBank and account of events dealing with present topic Statement by Mr. Eccles that Treasury was mistaken in thinking that matter could only be kept confidential in fiscal agency account, and recommendation that account be handled through ex, isting account with Bank of France Me Morandum embodying recommendation of Mr. Eccles approved as expressing views of Board, and ordered given to Mr. Morgenthau Re of Mr. Eccles giving reaction of Secretary of Treasury to Board's memo, and that Secretary would like Mr. Harrison to come to Vashington again, Mr. Eccles to ask Secretary if Friday instead of Thursday would be agreeable ReD0rt by Mr. Eccles of discussion at Treasury meeting, and that there was no opposition to handling through existing accounts Question of allowing FRBank to handle all business, including that proposed to be handled through com!ercial banks, discussed Review by mr. Harrison of developments with special emphasis on whether account should be exclusive, and whether FRBank should carry blocked account 10/13 1258 10/13 1259 10/13 1260 10/13 1264 10/13 1267 10/13 1274 10/14 1275 10/14 1277 10/14 1280 10/17 1289 10/19 1306 10/19 1308 12/ 1 1487 0°'1dition reports of State member banks and affiliates transmitted to FRBanks Let ter to FRBanks transmitting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/23 424 8/25 1040 136 Pages (Continued) uondition reports: (Continued) Condensed form for use in spring and fall calls, reasons for not consulting supervisors of State banks, letter to FRBank of Kansas City re complaint 9/ 7 by Bank Commissioner for Kansas ,.c Letter to 12/13 FRBanks transmitting 7/28 i: enSeS 3 change suggested by FRBank of Cleveland up) condition reports of State member banks, amendment to 6/2 form, approved Condensed autumn form of call report for use in spring and 8/1 calls approved 10.. Letter to 8/4 FRBanks on )a) instructions for preparation of condition reports, amend6/2 ment to form approved 105e ) Publishers copy of condition report of State member banks, minor amendments for sake of uniformity ap3/8 proved requireevised to make publication conform to certain State 3/23 ments 6/2 105hAm,endment to form approved 3 °ranch bank reports of condition, amendment to form ap6/2 proved 414)„,w 1/25 approved eeekly member bank condition report, revision vised, manner of showing investments representing bank 2/1 premises or other real estate 437, Dr), affil"wanks requested to send copies to holding company iates possessing general voting permits for 12/14 their annual reports connectabulating operation ratios of member banks in tion with special analyses being made jointly 3/17 by FRSystem and FDIC Revised forms sent to FREanks with request that they be filled out and returned to Board, and advice that Board will do work of calculating averages 12/ 6 if FRBanks so desire 464 op 'retort to be made by weekly reporting member banks amount of intermediate and long term credit being extended to commercial and industrial 4/ 4 business Report on loans with maturities in excess of one year, further attempt to secure information from Whitney 5/19 National Bank of New Orleans 11143de Island, adoption by Bank Commissioner of, of call report forms substantially similar to that adopted by 4/21 Federal banking agencies agreement executed by Swiss Bank Corporation seems to be in proper form and Board will offer no objection, provided signature of general man11/ 7 ager is added thereto jL http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1102 1564 937 718 959 975 718 327 423 718 718 106 150 1578 385 1530 487 665 562 1379 137 Pages FOrms. (Continued) "lust Nake departments of banks, request of Mr. Barrow Lyon for blank forms in connection with monopoly investigation ROY A.: (See Dun and Bradstreet) Account with MBank of New York, advice that Secretary of Treasury desired account to be fiscal agency account, and that it was opinion of Counsel for FRBank of New York that account could only be established under fiscal agency provision Review by Mr. Dreibelbis of discussions with Counsel for Treasury Department re question of whether account must be handled as fiscal agency matter Revieu by Mr. Dreibelbis of 1917 precedents in setting up such accounts Question of whether Board's authority was necessary to opening of account, discussed Question of whether it is within scope of law or whether Treasury has power to determine at will, discussed Mr. Dreibelbis to suggest to Mr. Foley that they be handled through existing account with Bank of France and to point out that fiscal agency relationship does not relieve Board of supervisory reBank sponsibility to New Report by Mr. Dreibelbis as to discussion with Mr. Foley vuommended by Mr. Eccles that Board suggest to Secretary of Treasury that matter be handled through existing account with Bank of France, and not through fiscal agency account Review -17 uy Mr. Harrison of past fiscal agency relations between Treasury and FRBank and account of events dealing with present topic Statement by Mr. Eccles that Treasury is mistaken in thinking that matter could only be kept confidential in fiscal agency account, and recommendation that it be handled through existing account with Bank of France Menl°randum embodying recommendation of Mr. Eccles approved as expressing views of Board, and ordered given to Secretary of Treasury Report of Mr. Eccles giving reaction of Secretary of Treasury to Board's Memo, and that Secretary would like Mr. Harrison to =DR to Viashington again, Mr. Eccles to ask Secretary if Friday instead of Thursday would be agreeable RePort -y Mr. Eccles of discussion at Treasury meeting, and that there was no opposition to handling through existing accounts http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/20 87 10/13 1254 10/13 1256 10/13 1258 10/13 1259 10/13 1260 10/13 1264 10/13 1267 10/13 1272 10/14 1275 10/14 1277 10/14 1280 10/17 1289 10/19 1306 138 Pages Prtm„... (continued) count with FRBank of New York: (Continued) Question of allowing FRBank to handle all business, including that proposed to be handled through commer10/19 1308 cial banks, discussed Review by Mr. Harrison of developments with special emphasis on whether account should be exclusive, and Prankin 12/ 1 1487 whether FRBank should carry blocked account g PriVilege: . 411ter,re tatlon of Treasury Post Office Appropriations Act as relating to publications of Board, letter to Assistant Postmaster General Restrict._ ons on departments of the Government in certain respects, letter on application to FRBulletin for transmission to post office department to be prepared expense reports: " i P44etib sicati°n of statements based on to be considered at next Conference of Presidents Secorld half of 1938, copies submitted to FRBanks for study and action 5/26 689 5/19 658 3/11 348 5/15 641 ltQtt Gel/hc)rn, Walter: (See Committees, Attorney General's Committee on Germalvt. Administrative Procedure) Relarir.'' in New York banks, advice from Mr. Harrison that they had been attached, that exchange was cut off and Standstill Committee wished to reopen negotiations, and that he would discuss with State 9/13 1121 Department A. p.: S.A., (See National banks, Bank of America N.T. & Gillette, senator San Francisco, California) Guy M., report on S. 2035 to authorize establishment of branch offices in communities with no 653 Copy. banking facilities, copy of report to be sent to 5/19 of report to be handed personally to Senator Gillette by adclin 761-3 6/13 Governor Davis upon his return g, Howard E., present at meeting of Board to discuss application of provisions of Clayton Act to Morris Plan a.a8 66 1/18 companies 44ell.ator Carter: "eld In • Treasury, title to, letter on problems connected with purchase and effect of issue of gold cer571 4/26 tificates on bank reserves , ?4ar-La D., File Clerk in Secretary's Office, request by Senator Glass' office that records be reviewed for purpose of deciding if salary should be increased, referred back to Personnel Committee 759 6/13 to submit recommendation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 139 Pages Glass, 0 OenatOr Carter: (Continued) roceedinge in connection with unveiling of bas relief, copies of pamphlet sent to FRBanks and member banks Sec. 16 of FRAct, amendment to make permanent authority to pledge Government securities as collateral for FRnotes, meeting of Mr. McKee with 1/25 107 6/13 766 Coinage of gold and issuance of certificates redeemable in gold, S. 1684 to provide for, memo to be pre3/10 pared by Messrs. Goldenweiser and Wyatt on ta rmarked, weekly totals for earmarked gold in this country to 11/ 7 be given out by Board in response to inquiries POreign, shipments to United States, statement of Mr. Eccles at Advisory Council meeting that excess reserves would increase if shipments continued, even though entire portfolio of Open Market 10/10 Committee were sold 4-gn countries, loans by FRBanks on gold held in, telegram to Mr. Knoke suggesting that proposed cable to Sveriges Riksbank be modified to state that it to has not been policy of FRBank of New 12/27 make such loans Held . la Treasury, letter to Senator Glass on title to, and prob4/26 lems connected with 'Y of United States, report on S.R. 82 to appoint special 3/3 joint committee to investigate, requested APP°intment of special joint committee to investigate, let3/11 ter to Senator Wagner on S.J.R. 82 Act of 1934, S. 1684 to amend, request that Messrs. Goldenweiser and Wyatt prepare memorandum with5/1 drawn 9/ 5 1e1:11t Treasury, FRBank of New York authorized to earmark -'e International Exposition, questions and answers on FRSystem furnished to United States Informa3/1 tion Service for use at Federal building t s ecurities: -"ces to member and nonmember banks on security of Government 9/ 1 bevel obligations, press statement approved 8/25 N)re°13nient5 in market reviewed at Board meeting by Mr. Piser 88 shipments of, failure of some FRBanks to comply with tariff regulations of Interstate Commerce Corn7/27 mission in declaring value and bills Treasury g8 of member banks of Treasury notes, United States bonds to be shown separately in 3/2 weekly member bank statement Cln for Duffield Mr. -881fication as to maturities, request of 3/10 Loan,. publication by Treasury Department questions in case of outbreak of hostilities in Europe, for directors of FRBanks on extent and rates to 4/7 be charged http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 332 1380 1241 1653 571 301 348 591 1090 290 1078 1048 928 291 329 509 140 Pages er C'13111i n securities: (Continued) "lngs, details of future offerings to be sent by FRBank to Princeton State Bank, Princeton, Mo., advice to bank that arrangement has been noted Pledge as collateral security for FRnotes, proposed amendment to Sec. 16 of FRAct to make authority permanent Purchase and sale from member banks, letter to Senator Morris Sheppard on practice of FRBank of Cleveland and objections of securities dealers ?lire/lase and sale for System open market account, telegram to FRBanks on ability to make advances to member and nonmember banks on Government obligations at par Discussed in view of disturbed foreign situation on in weekly offering of Treasury bills and issuing additional long-term securities, request of Secretary of Treasury for report from Board and of New York FRBank Sales of long-term securities by Open Market Committee, resolution of Advisory Council expressing agreement with policy Sales , 'rom System Open Market Account, resolutions passed by Advisory Council at Oct. 9 and Nov. 21 meetings recommending that volume of sales from System account be expanded in orderly manner, sent to Open Market Committee 114011rt security market: "un prepared by Mr. Piser to be given further study and held on docket Memo to be considered at full meeting of Board Uade Special order for this meeting, passed over and to be brought up at subsequent meeting of Mr. Piser to be considered at meeting of Board when all members are present Menlo of mr, Piser, Secretary requested to arrange for thorough review of problem by staff and report to Board at earliest practicable date 4aCillat -chool of Banking: PIllees of Board selected to attend 1939 resident session "4-1-etin, advice to Director Stonier that copies will be sent to members of the student body upon receipt of request Ileirnb ursernent of expenses of students attending, letter to FRBank of Minneapolis on Letter to FRBanks that provisions of revised letter are not retroactive These., Prepared by graduates, letter to presidents of FRBanks that it is not necessary that they be submitted to Board, but it should be made clear that they express the individual views of the writer 4 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/20 1624 3/8 319 7/27 933 8/24 1033 8/28 1051 2/27 262 11/21 1441 11/28 1472 1/10 2/27 34 269 6/23 824 6/30 863 10/13 1266 4/19 549 11/10 1411 1/13 54 1/13 54 4/21 565 141 Pages 4eat Britian: Account, With FRBank of New York, advice that Secretary of Treasury desired account to be fiscal agency account, and that it was opinion of Counsel for FRBank of New York that accounts could only be established under fiscal agency pro10/13 vision Review by Mr. Dreibelbis of discussions with Counsel for Treasury Department re question of whether ac10/13 count must be handled as fiscal agency matter Review by Mr. Dreibelbis of 1917 precedents in setting up 10/13 such accounts Question of whether Board's authority was necessary to open10/13 ing of account, discussed Question of whether or law of scope whether it is within Treasury has power to determine at will, dis10/13 cussed Mr, be account that Foley Dreibelbis to suggest to Mr. handled through existing account with Bank of France,and to point out that fiscal agency relationship does not relieve Board of responsi10/13 bility to New York Bank RzePort 10/13 by Mr. Dreibelbis as to discussion with Mr. Foley "ecommended by Mr. Eccles that Board suggest to Secretary of Treasury that matter be handled through existing account with Bank of France, and not 10/13 through fiscal agency account ReView by Mr. Harrison of past fiscal agency relations between Treasury and FRBank and account of events 10/14 dealing with present topic Statement by Mr. Eccles that Treasury is mistaken in thinking that matter could only be kept confidential in fiscal agency account, and recommendation that it be handled through existing account with 10/14 Bank of France Me Men approved Eccles, Mr. of embodying recommendation as expressing views of Board, and ordered given 10/14 to Secretary of Treasury Re by Mr. Eccles giving reaction of Secretary of Treasury to Board's MOM, and that Secretary would like Mr. Harrison to come to Washington again, Mr. Eccles to ask Secretary if Friday instead 10/17 of Thursday would be agreeable RePort by Mr. Eccles of discussion at Treasury meeting, and that there was no opposition to handling 10/19 through existing accounts Rue84- • ulon of allowing FRBank to handle all business, including that proposed to be handled through comner10/19 cial banks, discussed Rev-1 -Lew by Mr. Harrison of developments with special emphasis on whether account should be exclusive, and 12/ 1 http://fraser.stlouisfed.org whether FRBank should carry blocked account Federal Reserve Bank of St. Louis 1254 1256 1258 1259 1260 1264 1267 1272 1275 1277 1280 1289 1306 1308 1487 142 Pages Green, Theodore Francis, present at meeting of Board to discuss ap- plication of provisions of Clayton Act to Morris Plan companies %trey, Senator Joseph F., employees of FRBank of Philadelphia holding political office, letter of Gerald F. Crowell enclosed to Board 1/18 66 7/21 923 tf Hanes Y, Clement: ' 3 j°hrl }kit en W.3 (See Thomson & McKinnon) luncheons in Board's dining room, cost to be borne by Board 9/ 6 1095 11-17 C•) present at meeting of Board to discuss application of provisions of Clayton Act to Morris Plan 1/18 66 7/ 7 aatilt; -aand Currency Committee of Senate: 'u4ing and Monetary problems, drafts of studies to be furnished to Board members as promptly as possible for decision as to manner of getting suggestions from FRBanks and Advisory Council as well 12/26 as decision on question of distribution 17agner Resolution re proposed banking legislation, request by Advisory Council that it be given opportunity to read material before Board submits 11/21 it to Committee War, 'en) Robert B., temporary appointment to staff of Board to assist in preparation of material in connection with hearings, advice that he had been approached and would come to Washington, and that 9/21 he could not accept salary Temporary appointment without salary, ordered reimbursed for railroad transportation to and from Princeton not more than once each week, and given per 9/25 diem allowance Woo dward, Donald B., temporary appointment to staff of Board to assist Mr. Ransom with preparation of material for submission to Board in connection with pros9/21 pective hearings ge Investment Funds Committee of Pennsylvania Bankers Association, Messrs. Morrill and Wingfield to arrange for hearing in connection with request for amendment to Regulation F permitting common trust funds composed principally of mort11/ 3 gages Advice to Committee that December 14, 1939 is date suitable to Board, and invitations extended to FDIC and 11/22 Comptroller to have representatives present 886 " companies tta una.v ersity: Rear, er School, leave of absence to be granted to one employee each year if granted fellowship http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1649 1443 1166 1174 1166 1366 1455 143 Pages ;"T: (Continued) estment Funds Committee: (Continued) held, list of arguments received by Board from various sources ordered sent to Mr. Berger so that committee could submit review of comments as it wished to make • Se elmitaes and Commission: Transamerica Corporation, on delisting of stock, Messrs. Cagle and Wingfield to sit as observers Telegram from Mr. Giannini, form of reply discussed and representative of FRSystem at hearing to be discussed by Mr. Szymczak Serla e Special Silver Committee, request of Senator Pittman , 'Ten that Chairman Eccles testify at hearings -woraria'. National Economic Committee, investment securities, Messrs. Glenn Goodman and A. B. Hersey requested Heiv. to attend as representatives from Board erIng GuY uertrais T.: (See Commissioner of Internal Revenue) S.: (See National banks, Indian Head National Bank) u, J. B. and Son, Louisville, Ky., stocks listed on Canadian exchanges cannot be carried for cusRine tomer on margin -83 Genera]. Frank T., letter on proposed repeal of Regulation G, Rediscount of Notes Secured by Adjusted Service Certificates hat Mr. Draper be appointed department chairman for that lioeter coming Community Chest Campaign 3 Sam u - "•, letter advising that action was postponed on transfer of thirteen counties in western Missouri Role from eighth to tenth FRDistrict 0116• Ma40 J r General Thomas, luncheon served to, and members of H01 his staff, payment approved --.44g COM,. , Pa :-.ny affiliates: an Investment Corporation, Ogden, Utah, ruled not to be ' Atlanti of Commercial Security Bank c Trust Company, Jacksonville, Fla., earnings or profits devoted to acquisition of readily marketable assets other than bank stock, request from Internal Revenue Agent at Jacksonville, Fla. for certificate from Board, letter to Commissioner of Internal Revenue suggesting procedure to be 44IcOhifollowed by Board in furnishing 42Corporation, Columbus, Ohio: king Valley National Bank of Lancaster, Ohio, general ' voting permit to vote stock of New agrent eem submitted on account of typographical error in first agreement la4-• Laonship with BancOhio Securities Company, information requested tzil http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/14 1566 1/13 51 7/7 883 3/8 320 12/ 1 1482 5/ 9 621 1/6 23 8/16 1011 1/11 43 4/21 569 2/27 273 10/ 3 1203 12/ 5 1506 1/ 7 26 1/17 64 1144 Pages 11(11cling TPany affiliates: (Continued) '"4..6hares Corporation, Minneapolis, Minn.: Acquisition of assets to comply with requirements of subsections (b) and (c) of Sec. 5144, reply on Assumptions relating to requirements of subsections (b) and (c) of Section 5144 of revised statutes Dividend, payment approved if capital is not impaired thereby Barnett National Securities Corp., Jacksonville, Fla., earnings or profits devoted to acquisition of readily marketable assets other than bank stock, request from Internal Revenue Agent at Jacksonville, Fla. for certificate from Board, letter to Commissioner of Internal Revenue suggesting procedure to be followed by Board in furnishing Central Republic Trust Co., Chicago, Ill., ruled not to be, in connection with admission of liestern State Bank of Cicero c°11dition reports required to be submitted by those having general voting permits, FRBanks requested to distribute copies of Form F.R. 437 and obtain reports not later than Feb. 1, 1940 of the President of the Church of Jesus Christ of Latter-Day Saints, Salt Lake City, Utah, condition report of Utah Hotel Company, and mortgage loan from Utah Savings et Trust Co. to hotel company, discussed C edits to be allowed under Revenue Act of 1936, procedure to be followed by Board in furnishing certificates showing earnings or profits devoted to acquisition of readily marketable assets other than bank stock, sent to Commissioner of Internal Revenue term "more than 50 per centum of the number of shares voted for the election of directors of any one bank at the preceding election", advice to Mr. Clerk that situation remains substantially same as described in Mr. Wingfield's letter of Dec. 22, 1936 Pirat National Bank of Kansas City, Missouri, ruled not to be, for purposes other than those of Sec. 23A of FRAct Pirat National Bank of St. Joseph, Mo., Oetermined not to be for purposes other than those of Sec. 23A of P FRAct irat ervice Corporation, Minneapolis, Minn., waiver of requirement for submission of reports of affiliates by member banks c'r*Poration 4finition of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/16 792 8/7 980 1/7 26 10/ 3 1203 6/ 5 721 12/14 1578 9/ 8 1107 10/ 3 1203 12/13 1564 9/28 1193 4/4 482 8/31 1078 1/4 5 Pages ,g company affiliates: (Continued) First Trust Company, St. Joseph, Mb., determined not to be for purposes other than those of Sec. 23A of FRAct4/ 4 Incorne taxes, credit to be allowed to holding company affiliates, letter to Commissioner of Internal Revenue that 12/16 suggested procedure is satisfactory List of holding companies, other than banks, now holding general voting permits, sent to Commissioner of Internal 10/31 MarineRevenue Midland Corporation, application of Nyack Bank and Trust Co., Nyack, N. Y. for membership in 171/System approved subject to compliance by Marine Midland Corp. of conditions incident to permit to 12/20 vote stock of General. voting permit to vote stock of Nyack Bank & Trust 12/20 Co., Nyack, N. Y. Ilinerva zolding Company, Minerva, Ohio, determined not to be holding company affiliate of Minerva Savings & Bank Co. for any purposes other than those 12/19 of Section 23A of FRAct 4" Mexico Title Company, Albuquerque, N. M., ruled not to be, for purposes other than those of Sec. 23A of 1/ 5 FRAct llorthwest Bancorporation, Minneapolis, Minn., net earnings and actual net earnings, reply to request for defi11/15 of terms as used in Revised Statutes nition Request that Board certify to Commissioner of Internal Old ma • 4/ 5 Revenue as to credit granted tlonal Corporation, Spokane, Washington, to be advised that Board does not consider it appropriate to suggest to Old National Bank and Union Trust Company that annual stockholders meeting be 1/ 5 . Pe.c44.41c postponed Coast Mortgage Company, relationship with Transamerica 5/19 Corporation to be watched ic National Bank of Dallas, Texas, opinion that it will be of Liberty State Bank upon admission to 1/19 FRSystem Sebast- 'Pol National Securities Company, Sebastopol, Calif., examiners for MBank of San Francisco to inspect records to find out accumulated net earnings, Thh etc. 482 1588 1352 1615 1621 1604 8 1419 496 10 661 80 8/ 2 965 1/17 63 5/ 3 599 7/31 953 A,,,zrica Corporation: —"Ilea report, extension of time for filing if necessary Annual report submitted, not necessary to wait until completion of annual audit to submit report Bank of America National Trust Association, annual report lists stock of, as satisfying requirements of subsection (c) of Section 5144 of revised statutes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 146 Pages c 444ing p„smPany affiliates: (Continued) -'cla_merica Corporation: (Continued) Divorcement of Bankamerica Company and Bancamerica-Blair Corporation, letter from Mr. Pay filed without 5/19 action Hearing deliston Commission before Securities and Exchange ing of stock, Messrs. Wingfield and Cagle to 1/13 sit as observers Mr. Giannini, Resumption of hearings, telegram from Mr. Szymezak to discuss representative of FRSystem 7/7 with President Day Reserves, legal question involved in determining amount of marketable assets held as, opinion submitted by Charles W. Collins, Counsel for Transamerica, along with request for reconsideration of views express(-(1 by Doard re proper construction of Sec. 5144 of Revised Statutes, 9/19 discussed reconsidered Letter to Mr. Collins that matter is being 9/20 in light of his request and comments asmarketable Legal question of determining amount of sets held as, under Sec. 5144 R.S., letter to President Grant giving reasons for feeling that reversal of opinion previously expressed is not 10/23 warranted, sent to Mr. Clerk for transmittal adR.S., 5144 Marketable assets held as, under Sec. vice to Mr. Clerk that Mr. Collins had met with Board, and memo of discussion enclosed with let12/29 ter vYoung be, to not determined and Company, Clinton, Iowa, for any purposes other than those of Sec. 23A 9/28 of FRAct Ilirt G. n NaFirst of be to not Bowman Investment Company, ruled 1/7 tional Bank of Nogales, Ariz. • De of those than termlned not to be for any purposes other 10/16 Wiaco section 23A of FRAct extension Vdsc., "in Bankshares Corporation, Milwaukee, 2/ 4 of time for filing annual report zoA„ of Governors of the FRSystem: Arqr day, employees who can be spared to participate in or 3/28 view parade Ch•/n-stmas, advice to FRBanks that offices of Board will be closed on December 23 and December 30 in addi12/ 8 tion to regular holidays Jul 6/28 closed be to p LY 3, offices of the Board -4 urdays, during summer months, skeleton force to be main4/13 tained from May 27 to September 9 excused employees Britain, Great -Looming King and Queen of 6/ 6 from 10 a.m. to 2 p.m. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 660 51 883 1158 1163 1324 1665 1194 26 1286 172 448 1548 849 531 748 147 Pages g8: (Continued) of Minneapolis: Tha nksgiving Day, no objection to MBank observing on day proclaimed by Governor of State, and remaining liOnle A. open on day proclaimed by President of U.S. viNners Loan Corporation Act of 1933, proposed bill to amend, draft of reply to Acting Director of the Budget ank S. 2098 amendin:report already made to Acting Director of the 10/18 1305 3/17 377 Budget, no further report to be made at this 5/ 9 616 time R.R. 600 given and ,71 amending, statement of Advisory Council read to Board to file with Banking and Currency Committees of Congress when bill comes up for actual 11/21 1434 consideration w_cthn Fdgar: uracturers and Traders Trust Company, Buffalo, New York, use of reserves for purposes other than payment of 7/17 911 reply to letter on dividends, 1.1 (See ,Alg co also Federal Bureau of Investigation) p/rY, Highland, Ill.: ' n of St. Louis authorized to reallocate reserve for es12/29 1665 timated losses on industrial advances to loan lOi 1 e°111P iance of banks with membership condition requiring stamping of stock certificates or publication of information on waived deposits 2/3 165 3/27 433 ileg4lati0n8 of Board in pamphlet form, printing deferred until after adjournment of Congress Itici°1'8enient8, municipal warrants, standard form to be used by FRBanks in handling as noncash items, advice to Mr. Gilbert that it had been found to be not feasible after discussion by Special Committee of FRBank Counsel at January 1939 meet- 111(1118t, ing rial loan corporation, bill prepared in offices of Board to 14'11Aq ai provide for creation of 11/16 1423 5/26 699 P4i-- -Loans: allks maY furnish information to National Bureau of Economic Research, letters to bureau and FRBanks Seco.— "Q1 National Bank of Boston, to Walker & Pratt Manufacturing Company, small loss to FRBank on commitment anTh ticipated bit ?Ilt Paper. flculties experienced in discounting operations of FRBanks, letter to Hr. Clerk on http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/ 2 1087 1/16 60 4/12 523 148 Pages Itletsaja,, Re4_711u paper: (Continued) u411, data to be obtained in condition reports, Messrs. Horbett and Thomas designated to work with Instirance: representatives of other banking authorities Absor Pulon of amount in excess of portion contributed by employees approved Deposits: Amendment to FRAct relating to, bill S. 2649 introduced by 8/2 967 5/10 629 6/23 825 Senator George Reference in banks suspended of article on deposit losses 2/24 252 to be eliminated PliBanks Conat Eccles Mr. raised by self-insurance, question ference of Chairmen as to cheapness in view of few irregularities at FRBanks, and statement of 12/ 5 1517 Mr. Smead that question was being studied Group life for employees of Board, request for forms in connec3/23 425 tion with t°ans to business Senate proenterprises, bills introduced in 5/9 617 viding for insurance by RFC Report on S. 2343 to be revised by Mr. Draper and submitted 5/19 657 for further consideration lcY holders of objection no Company, Liberty Mutual Insurance 14 3/11 to including Board in list of 349 tel'est: 48°rPti0n by member bank of costs of shipping of currency or coin to correspondent bank as indirect payment 5/11 635 of Absorption of out-of-pocket charges by National Bank of Commerce, Lincoln, Nebraska as possible violation of Reg8/23 1031 ulation Q deand 'Ino., use by member banks to pick up deposits liver payrolls, as indirect payment of 5/9 622 to depositor for introduction of new depositors who open special checking accounts, clipping from New 5/15 640 considered payment of interest p4tella Ing to 6/15 780 beYloplu'l=edl ncitt FRBulletin lige charges, absorption by member bank as being payment of interest under Regulation Q, memo of Mr. Ransom discussed and matter held for further considera10/31 1349 tion rates payable on time and savings deposits, reduction under Regulation Q to be discussed with members 6/13 768 of FDIC of FDIC 'ussion of reduction in, meeting with directors 6/16 786 to be arranged on return of 4r. Crowley . Dis cusslon of proposed meeting with FDIC and further infor6/27 846 mation to be obtained from FDIC by Mr. McKee Mattsr dropped for time being, in view of money market situ9/15 1145 ation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 149 Pages (Continued) ma,c higan tax on deposits does not constitute payment of interest on demand deposits in violation of Regulation Q 12/19 tIew Je rseY, order of Commissioner of Banking and Insurance prescribing maximum rate of one per cent, FRBank of 6/21 New York to advise member banks in New Jersey Savings gs accounts, payment after death of depositor, letter to 9/15 Longmont National Bank, Longmont, Colorado Staternent 9/20 ordered published in Bulletin ' Lugs plan of State Planters Bank and Trust Co., Richmond, Va. to encourage long-time deposits, no objec5/26 tion to plan ueposits imposed by Michigan legislature does not constitute payment of interest on demand deposits 12/19 iriviolation of Regulation Q 'St rat e Structure: euerai vpen Market Committee, reasons given by Chairman Eccles at Advisory Council meeting why Committee opera41t tions:were not intended or could hope to affect 10/10 ng director Yt#(3r1 Act, memo of Mr. Wyatt on history of Sec. 8 and suggested revision, referred to Messrs. McKee and 2/27 Draper for report Amendment Bankers discussed by representatives of American 2/28 Association Amendment suggested by American Bankers Association to allow directors of insured bank to serve one other 3/8 bank not favored by Board Anlendment to Clayton Act extending until Feb. 1, 1944 relationships in existence on August 23, 1935, letter to Senator Wagner on S. 2150 5/9 Revi • sion of Sec. 8, report on status of S. 2150, Messrs. McKee and Draper relieved of further considera6/13 tion Letter to the Bureau of the Budget that there is no objec7/28 tion to approval of ector of First National Bank in Manitowoc, Wisc., may serve as president of Lumbermens National Bank of Chippewa Falls, Wisconsin as towns are not con7/12 1311'set°I's now tiguous or adjacent serving as private bankers and another bank, recommendation of Federal Advisory Council that service should be continued but new permits should Pecierai 2/14 not be issued Savings and loan associations, serving of director of national bank as director of, not prohibited 1/30 by Clayton Act, letter to Mr. Ernest E. Radford neous-• &Ile% ) 'Ian, James T., should resign from one institution, may 8/10 continue to serve two others http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1608 807 1149 1165 682 1608 1241 268 278 319 613 769 938 905 210 127 993 150 Pages terlOnl-I 11427/1g directorates: (Continued) -443c aaneous: (Continued) Winthrop,A Robert, relationships not excepted from prohibi3/28 tions of statute Uorr-; rlan companies, request of Mr. Green that Board rule that they are not banks within meaning of 1/18 Clayton Act, action deferred Ruling a not is Island that Morris Plan Company of Rhode bank for purposes of Sec. 8 of Clayton Act, approved with understanding that other similar institutions would be permitted to present their 10/17 cases to Board for determination Letter to instithat Morris Plan Bankers Association asking tutions address requests for rulings to FRBanks, and letter to FRBank of Boston asking that copy of any amendments to Massachusetts law since 11/15 January 1, 1939 be furnished to Board bank Plan Company of Rhode Island, ruling that it is not for purposes of Sec. 8 of Clayton Act, letter ordered sent to Company, question of whether ruling should be published left open for present, and copy of letter ordered sent to FRBanks 10/17 Lette 10/19 r approved and ordered transmitted ue bankers, amendment to Regulation L permitting interlocking relationship with trust companies that do not receive deposits, agreed not to consider 12/ 4 Servic_ at present time contigare e bY to two banks in places which uous but not adjacent, discussed, letter to Mr. 9/25 Gidney, FRBank of New York Se - T? under Banking Act of 1935: lding and loan associations, director of member bank serving as director of, letter to Malta National Bank, Malta, Ohio, that inquiry has been refer9/25 red to FRBank of Cleveland for reply Can Candor, John G., service to two Villiamsport, Pa. institutions not permissible since they do not come 11/25 within exception Detroit Bank, Detroit, Mich., and Detroit Trust Co., question of serving bank with no deposit liabili12/ 1 ties and bank which does no fiduciary business ipeYerberg, Herman F., cannot serve two banks because of fact that towns are contiguous although not 9/25 adjacent Gree_, of provisions of Theodore Francis, application Clayton Act to Morris Plan companies, action 1/18 deferred Gr • be dismust institution iffith, James A., service to one 8/18 continued http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 438 66 1293 1418 1293 1309 1500 1178 1179 1464 1484 1178 66 1023 151 Page I te1O se_1/4•z1-3-rig directorates: (Continued) ,ce under Banking Act of 1935: (Continued) narle, Frank J., further information to be obtained on service to banks Johnson, S. K., may continue to serve banks listed Kenyon, Ralph E., small change in business of one bank would bring service within exception of Clayton Act MaYfield, C. S., further information to be obtained on service to banks McGh -ee, Alexander W., relationships excepted because Tenafly is not contiguous to New York City Menschke, Henry, service to one institution must be discontinued Meriden Trust and Safe Deposit Co. of Meriden, Conn., directors serving Home National Bank, Counsel's Office directed to draft amendment to Regulation L permitting interlocking relationship between trust company which does not accept deposits, and member bank which does not exercise fiduciary powers Amendment ordered sent to Advisory Council, Comptroller of Currency and American Bankers Association for comments m Letter transmitting °rris Plan Company of Springfield, Mass., ruled not to be "bank" within meaning of section 8 of Clayton Act, and officers and directors may serve member banks Stauffem LI Ernest, Jr., elected director of bank he is already serving as officer, will have to sever relationship with one bank after February 1, 1940 Ust h -usiness, two institutions transacting, are doing same class of business and exception is not applicable Net companies which do not accept deposits and member banks which exercise no fiduciary powers, Counsel's office directed to draft amendment to Regulation L permitting interlocking relationship between Alliendment ordered sent to Advisory Council, Comptroller of Currency and American Bankers Association for comments Let 1$118t, ter transmitting companies which do not receive deposits, amendment to Regulation L permitting interlocking relationship with private banker, agreed not to consider at present time http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/31 5/31 710 710 1/11 /44 5/31 710 4/12 524 8/18 1023 12/ 1 1483 12/ 4 1499 12/ 7 1542 12/28 1657 9/27 1186 8/10 993 12/ 1 1483-5 12/ 4 1499 12/ 7 1543 12/ 4 1500 152 Pages Invest• lgationss Uonopoi Y Investigating Committee of Senate, reports being prepared for, indicating inclusion of banking field Investmentin investigation funds, hearings by Temporary National Economic Committee, Messrs. Goodman and Hersey requested to attend as representatives of Board tznst securities: °f Dominion of Canada and Canadian National Railway, ruling of Comptroller of Currency on aggregate amount that may be purchased applies to Hearings by Temporary National Economic Committee, Messrs. Glenn Goodman and A. B. Hersey requested to attend as representatives of Board Union Trust Co. of Maryland, Baltimore, Md., securities listed Investa_ as non-conforming in examination report telt trusts: slation designed to regulate, report of Mr. Wingfield on conference with attorneys for Securities and Exchange Commission on drafting Mr. Wingfield and Mr. Ransom to keep in touch with Securities and Exchange Commission on drafting of proposed Nblication of condition reports rendered by State member banks in, letter from Mr. Bunce on 3/3 302 12/ 1 1482 10/ 7 1222 12/ 1 1482 1/3 3 3/17 381 3/28 439 4/ 4 483 3/17 377 jII 411118to p -°rneY, visit to Mr. Ransom to request Board to file j one., we p brief in test suit se (See National banks, First National Bank, Hattiesburg, Miss.) Kariaas. itv ' Co rnmissioner for State of Kansas, condition reports,of member banks, letter to FRBank of Kansas City giving reasons for not consulting State bank 411_ supervisors before shortening report form -7, T. r, .u-LoYd, Jr.: (See State member banks, State Planters Bank and Trust Company of Richmond, Va.) 9/ 7 1102 !tip ta-oyara , r Philip, reply to letter on plan for operation of comIft. mon trust fund tels„ korithi plione cost of Washington-Philadelphia-New York and New YorkWashington telephone wires, distribution approved and additional cost to Board added to http://fraser.stlouisfed.org Board's budget Federal Reserve Bank of St. Louis 6/6 747 8/15 1004 153 Pages Leased IILtelephone wires: (Continued) ew Ioric_washi ngton, installation of additional direct wire for period of emergency arising out of European 9/ 1 1083 situation, authorized Installation of third direct wire for period of emergency arising out of European situation, authorized, Secretary's office to ascertain whether New Le 9/15 1140 York Bank will share in expense toste e asedwir system: 11-Mew York private telephone line, no objection to discon6/1 713 Regulations, tinuance amendment providing that telegrams between FRBanks and branches now being sent over commercial wires, be sent over leased wires, except in cases involving undesirable circuitous routing, 6/12 754 Tele , approved, letter to FRBanks Leave- G'"ams sent for member banks, manner of charging for 7/10 900 0:80f absence: 7/18 914 004c!t T4 Mary Q., leave without pay during period of confinement ') J- J., Examiner, Board of Governors, granted addi11/17 1427 tional leave to cover excess leave taken CUrrie 44 T auchlin, granted for one year to become administrative 7/10 896 assistant to the President of the United States IDePstbr Mrs. Barbara S., leave without pay during period of Dever_ 7/18 914 confinement ,'11X, Mrs. Flora S., granted advance sick leave 7/18 915 Dohe_kirianted additional sick leave with pay 8/31 1067 rtY, George, granted leave without pay to attend school and contributions to Retirement System to be con7/7 885 tinued 41Ploy ees, leave without pay for short periods, authority granted to Secretary's office to approve and 8/2 961 to continue contributions to Retirement System Rito,L-arY Sibley, granted leave to date of retirement 7/7 887 --"gs, George P., not required to refund amount of salary 4 8/31 1065 ost, martin: forunearned leave Advisory Economic Mission to Venezuela, official leave extended for such time as may be necessary for mission to complete work, present financial ar10/ 5 1211 Lawrence, to be continued Evelyn M., Division of Bank Operations, deduction from salary for excessive sick leave taken in 9/25 1175 connection with acceptance of resignation MYer 4t, Chester, granted additional sick leave with pay 5/15 639 3 '41'8* Eleanor, leave granted without pay for one year to 7/18 912 act as secretary to Dr. Currie 114ttillo 3 Mrs. Victrin, not required to refund amount of salary 8/31 1065 for unearned leave http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 154 Pages Leave: reeor.absence: (Continued) sane, Ing, Mrs. Ruth H., leave without pay for not over 60 days 'ers, Jean M., not required to refund amount of salary equal to excess leave taken in connection with acceptance of resignation Waehin,, 814n, Lafayette, porter, advance of sick leave for not Legislation: over sixty days Alwo. ents to FRAct: FRAgent's office, separation from chairman of board of directors, statement by Mr. Eccles at Conference of Chairmen that separation was needed and would be suggested as needed legislation S tatement on desirable technical amendments to be included in annual report to be prepared by counsel Amendments to law relating to loans to executive officers and membership in FRSysten of insured banks, statement to be published in FRBulletin Assigament of claims on United States, proposed amendment to Sec. 3477 of Revised Statutes, memo of Mr. Vest Bank of laid on table the United States, bill introduced by Senator Frazier providing for establishment of, no report to be made on bill until specifically requested opinion of Mr. Williams expressed to Representative Cochran that amendments to Federal banking • laws be made matter of separate consideration it4s..g bills now before Congress, discussion of law of New York, applicability of section on use of 4411chword "savings" to deposits of national banks banks, bill to authorize establishment in communities with no banking facilities, letter to be sent to Senator Wagner as revised tranch offices of banks in communities with no banking facilities, report on S. 2035 for establishment of, to be transmitted to Senate Committee after consultation with Comptroller of the Currency trown Bill) s' 2045, examination functions of Board and other agencies, statement recommending appointment of committee to study problems approved and to be released to the press and sent to Committees of the Senate and House Advice from Secretary of the Treasury that meeting of Interdepartmental Committee was being cslled to consider Problems presented by, discussed by Board in meeting with Presidents RePort requested by Banking and Currency Committee, draft of reply read by Mr. Ransom http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/3 303 9/28 1189 5/31 708 12/ 5 1521 1/13 50 6/22 814 2/3 162 3/28 446 2/27 4/11 261 520 1/ 5 9 5/ 9 616 5/19 653 4/7 500 4/11 520 4/17 539 4/18 544 155 Pages Leg,,.., (Continued) 46 own Bill, S. 2045: (Continued) Problems presented by, legislative committee of Presidents' Conference to remain in Washington to work out 546 4/18 suitable program Draft of reply to Mr. Duffield, opinion that reply should express personal views of Messrs. Eccles and 558 4/21 Ransom Revised draft of report considered, no report to be made at this time but form of draft to be sent later if 652 5/19 considered desirable Chandler Act amending Federal Bankruptcy Act, recommendation of Federal Advisory Council suggesting further 2/14 21A amendments el 488 Board by Problems created by, no action to be taken 4/4 aYt°n Act, revision of Section 8 suggested in memorandum of 2/27 268 Mr. Wyatt referred to Messrs. McKee and Draper of representatives Report of Mr. McKee of discussion with 278 2/28 American Bankers Association Amendment alto Association Bankers suggested by American low directors of insured banks to serve one other 319 3/8 bank not favored by Board Proposed amendment to continue until Feb. 1, 1944 interlocking directorates in existence on August 23, 613 5/9 1935, letter to Senator Wagner reporting on bill aevision of, removed from monthly statement of matters under 769 6/13 consideration in view of status of S. 2150 Coor dination of Government reports, simplification of Government reporting requirements, etc., report on draft of bill recommended by Central Statis468 3/31 tical Board Letter to Bureau of Budget favoring enactment of bill with 486 4/4 El.)(41-111.change suggested -A-ug functions, discussion of Brown Bill (S. 2045) which 4/4 480 would transfer functions to FDIC (Se b ,e also supra Brown Bill) , ce(e Bankruptcy Act, problems created by amendments to, no 488 4/4 action to be taken Pecier„, Q.-1- Home Loan Bank Act, draft of reply to Acting Director 377 3/17 Letof the Budget on proposed bill to amend 386 3/17 Re ter to Mr. Bell on Board's views Port to Bureau of the Budget on proposed amendments, copies to be furnished to Federal Home Loan 429 3/24 Bank Board 8. n Director Acting to made 498 amending, report already of the Budget, no further report to be made at 616 5/9 this time Ch 882 Wagner Senator 7/7 with 2098 alrman Eccles to discuss S. H. R. and read Council Advisory of statement 0971 to amend, given to Board to file with appropriate committees of Congress when bill comes up for actual 11/21 1434 http://fraser.stlouisfed.org consideration Federal Reserve Bank of St. Louis 156 Pages , lon: (Continued) pn'et, Sec. 16, pledge of obligations of United States as collateral for FRnotes, amendment to make authority permanent suggested Further consideration given to 1111. 111 to be prepared and sent to Senator Glass vlses and FRbank notes entering into circulation without being regularly issued, bill suggested by Mr. Duffield Gillettto reimburse FRBanks for losses resulting from e bill, S. 2035, to establish branch offices in communities having no banking facilities, statement that Comptroller of Currency had no objection, and report ordered transmitted G°1c1 P°11-oY, to appoint special joint committee to on bill S.R. 82 requested report study, Gold11 erve Act of 1934, S. 1684 to amend, request that Messrs. Goldenweiser and lAyatt prepare memorandum withdrawn florae ers Loan Act, views of Board on draft of bill to amend, letter to Mr. Bell on S 2098 amending, report already made to Acting Director ' of the Budget, no further report to be made at this time C n Eccles to discuss with Senator Wagner hairman H. /1.. 6971 to amend, statement of Advisory Council read and handed to Board to file with appropriate committees of Congress when bill comes up for actual R. 15 consideration "' 118, requesting Temporary National Economic Committee to make investigation of questions which would bring scope of investigation into banking field R. D 4425, reorganization bill, application to Board discussed by Messrs. Vest and Wingfield, copies of Annual Report to be sent to members of Select Commit4. tee on Government Organization 11.• 5220, Trust Indenture Bill, introduced in House by Mr. Cole, statement of Federal Advisory Council on Barkley Trust Indenture Bill to be transmitted to Chairman of House Committee on Interstate and Foreign Commerce Re Pc)rt forwarded to House Committee on Interstate and Foreign Commerce Report of Mr. Wingfield that revised draft was improvement over previous draft Report of Mr. Wingfield on conversations with Mr. Burke of Securities and Exchange Commission (See infra Trust Indenture Bill) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/8 5/26 6/13 319 700 766 5/11 633 6/13 761-3 3/ 3 301 5/1 591 3/17 386 5/9 616 7/7 882 11/21 1434 3/17 382 2/27 260 3/22 412 3/31 464 6/13 769 6/23 828 157 Pages Led /11.4!ion: (Continued) 6913 to extend time for pledging direct obligations of United States as collateral security for FRnotes, companion measure to S. 2618, Chairman Eccles to discuss with Mr. Steagall to obtain immediate passage CO • 13anlon measure to S. 2618, report of favorable action by the House Committee R. 6971= (See supra Federal Home Loan Bank Act) 4441strial loan corporation, bill prepared in offices of Board to provide for creation of irist,See Mead Bill) ance of loans to business, report on Mead Bill to be revised by Mr. . Draper trusts, conference with attorneys of Securities and Exchange Commission on drafting of bill designed to regulate langfield and Mr. Ransom to keep in touch with staff of Securities and Exchange Commission on drafting of Loans to business enterprises, Bill 1482 providing for insurance by RFC on, no report to be made 14)4ns to executive officers of member banks, amendment to Sec. 22(g) of FRAct suggested by American Bankers Association to permit orderly liquidation of loans, no objection by Board to to amend Sec. 22(g) to extend for three years time within which loans could be renewed or extended 4e4d Bill f S. 2343) loans to small business concerns, draft of report on bill to be given further consideration /3 101:8 4-1 of report to Congress to be revised ft of statement prepared by Federal Advisory Council on Statement of views sent to Banking and Currency Committee of Senate 8. 2998, to provide for industrial loans to small business, memo of Mr. Draper presented and discussed at kichiga Advisory Council meeting ny tax on deposits does not constitute a payment of interest on demand deposits in violation of Regulation Q 14°Iletal, -.1 Problems and stabilization of prices, letter to President with proposed reply to Senator Thomas on bill nousing Act, views of Board on draft of bill to amend, letter to Mr. Bell on 8. 2098 amending, report already made to Acting Director of the Budget, no further report to be made at this time Chairman Eccles to discuss with Senator Wagner http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/27 843 6/28 849 5/26 699 5/19 657 3/17 381 3/28 439 5/9 617 3/8 318 3/28 445 5/26 5/29 6/6 699 702 746 6/7 749 11/21 1444 12/19 1608 2/16 234 3/17 386 5/9 7/7 616 882 158 Pages 144tton: (Continued) Housing Act: (Continued) Statementa of Advisory Council read and given to Board to file with appropriate committees of Congress when bill comes up for actual consideration Prices, stabilization of agricultural and commodity through regulation of the value of the dollar, reply to Senator Thomas to be prepared Letter to President with proposed reply to Senator Thomas prepared by Messrs. Wyatt and Goldenweiser with comments on bills Report on S. 1057 to be prepared by Messrs. Davis and Eccles and used as basis for future replies Re°rganization bill, application to Board discussed by Messrs. Vest and Wingfield, copies of Annual Report to be sent to members of Select Committee on Government Organization Status of bill reviewed by Mr. Wyatt, to watch progress of bill Report of Mr. Williams on status of bills before Congress, to continue to watch developments Report of Mr. Williams that bill had passed the House and been referred to Senate Select Committee on Government Organization, progress of bill to be watched closely and action taken when deemed desirable Report of Mr. Williams that Board had been exempted from provisions of bill and excerpts from report of read by Mr. Ransom elpgrts on bills requested from committees of Congress to be acted on only when necessary Deci • On to make report on proposed Trust Indenture Bill Resol Ofl introduced by Senator Townsend for study of gold, monetary and banking policies Revi "g statutes, Sec. 3477, amendment to permit assignment of claims where legitimate credit has been extended, memo of Mr. Vest laid on table 4etion it -"of FRAct, authority to permit FRBanks to pledge Government securities as collateral for FRnotes, question of requesting authority be made permanent 13111her consideration given to P -I- to extend time for pledging of Government securities as collateral for FRnotes to be prepared and sent to Senator Glass See. 2? ( ,g) g, of FRAct, draft of proposed amendment submitted by S. representatives of American Bankers Association 31 'request for comments on letter prepared for signature of Secretary of Agriculture reporting on, reply to Mr. Bell to be prepared http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/21 1434 2/6 ]59 234 2/17 238 2/27 267 2/27 260 3/ 6 306 3/ 8 317 3/10 331 3/15 362 1/20 2/17 237 4/18 544 2/ 3 162 3/ 8 5/26 319 700 6/13 766 2/28 277 2/ 3 160 2/13 86 159 Pages Legial i!ttion: (Continued) 31: (Continued) Request of Director of Budget for comments, copies of statements indicating views of Board transmitted Letter t0 Mr. Bell approved 4-(7 to provide for regulation of sale of certain securities in interstate and foreign commerce and through the mails and the regulation of trust indentures under which issued, no report to be made s. .l ee infra Trust Indenture Bill) "D7, bill for regulation and stabilization of agricultural and commodity prices, reply to Senator Thomas to be prepared and to serve as basis for replies to similar letters Statement referred to Messrs. Davis and Eccles and to be forwarded to Senate Committee on Agriculture and Forestry and to be used as basis for future communications on price stabilization Views of Board had been expressed in statement on proposals to maintain prices at fixed levels, letter to Mr. Bell that Board has no comments to make on report to Secretary of Agriculture S. 1. ( n!e supra Prices) 66 relating to the exclusion of certain deposits in deter' -3J mining assessment base of banks insured by FDIC, counsel to draft report of bill s. No report to be made 44, insurance on loans to business enterprises by RFC, no report to be made at this time 8 1684 to ' amend gold reserve account of 1934 to provide for coinage of gold coins and issuance of certificates redeemable in gold, Messrs. Goldenweiser and Wyatt to prepare memorandum on bill Request that Messrs. Goldenweiser and Wyatt prepare memo/ randum on, withdrawn 1696 4u0 repeal authority granted by Act of May 12, 1933 for issuance of 1,000,000,000 of greenbacks', Messrs. Goldenweiser and Wyatt to prepare memorandum on bill Request that Messrs. Goldenweiser and Wyatt prepare memoran, dum on, withdrawn -L701 + to amend Sec. 12B of FRAct to waive claims on account of liability of stockholders of closed insured banks, no report to be made S• 1886 to amend Sec. 22(g) of FRAct to extend time within which loans to executive officers could be reor extended, report on status of bill newed Renn,..+ of Mr. McKee on discussion with Senator Glass http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/4 2/4 170 171 2/3 162 2/3 159 2/27 267 3/20 402 6/23 7/31 825 952 5/9 617 3/10 332 5/1 591 3/10 332 5/1 591 3/10 332 6/6 6/13 745 766 160 Pages Le • glaation. Q 1886: (Continued) (Continued) Provision to repeal section of law that banks with deposits of 1.,000,000 cannot be insured after July 1, 1942 unless members of FRSystem ' 3 1917 introduced by Senator Frazier to establish Bank of United States, no report to be made on bill until specifically requested ' 8 2035 to authorize establishment of branch offices in communities with no banking facilities, draft of letter to be sent to Senator Wagner as revised Report approved and to be transmitted after consultation with the Comptroller of the Currency Statement that Comptroller of Currency had no objection, and report ordered transmitted 8. 2045 ,„ $ L)rown Bill, which would transfer examining functions of s.1.1pra 1311=d13- 1F )DIC, discussion of (See 2098, to amend Federal Home Loan Bank Act, Home Owners Loan Act, etc., report already made to Acting Director of the Budget, no further report to be made at this time Cha irman Eccles to discuss with Senator Wagner and proposed report to be sent if consideration of bill is 8. n, given by committee c.4-50 ) Proposed amendment to Clayton Act to extend interlocking directorates in existence on August 23, 1935 to February 1, 1944, draft of letter to Senator Wagner on IAlc_ivice of Mr. Ransom on favorable report Port of Mr. Ransom that bill was passed by the Senate and probably would be favorably reported by the House Committee Lett er to Bureau of Budget that there is no objection to bill tiese ' .ge of President vetoing to be published in FRBulletin Q. 23h, Mead Bill, insurance on loans to business enterprises by RFC, new bill to take place of S. 1482, no report to be made at this time Report to be revised by Mr. Draper and submitted for further consideration Pede ral Advisory Council, statement of views sent to Banking and Currency Committee of Senate " of new bill sent to members of Federal Advisory CounS. 2606, cil bill introduced by Senator Logan to amend FRAct, declaring monetary policy, etc., report to be made and counsel to draft letter 11eP°rt not to be sent at present http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/13 768 3/28 446 5/9 616 5/19 653 6/13 761-3 4/1+ 480 5/9 616 7/7 882 5,19 6/6 613 744 6/23 825 7/28 938 8/15 1005 5/9 617 5/19 657 6/7 749 11/ 8 1404 6/23 7/7 816 885 161 Pages (Continued) 4618 to amend section 16 of FRAct to extend for two years the power of the Board to authorize FRBanks to pledge direct obligations of the United States as collateral for FRnotes Letter to Senator Wagner favoring passage of bill Report of Mr. Ransom that subcommittee had reported bill out favorably Report of Mr. Ransom on contact with offices of Senator Wagner and Congressman Steagall as to status of bill 4r. McKee to contact Senator Glass to have bill passed by Senate at once Report that bill had passed the Senate and that companion measure had been favorably reported to the House Report of passage of bill by House and to be sent to White House 8. 2649 to amend Sec. 12B relating to insured deposits intro. 2998,duced by Senator George Mead Bill, to provide for industrial loans to small business, memo of Mr. Draper presented and discussed at Advisory Council meeting 8. R 82 providing for appointment of special joint committee to investigate United States gold policy, report to be drafted by Mr. Goldenweiser to Senator Wagner on 8, Pt. 125 1-25 providing for study and determination of a national monetary and banking policy, procedure for preparing and presenting material to committee discussed by Mr. Ransom 8114er program, request from Senator Pittman that Chairman Eccles testify at hearings to be held by the Stabilization Special Senate Silver Committee of prices, reply to Senator Thomas to be prepared President with proposed reply to Senator Thomas 187:tenZ prepared by Messrs. Wyatt and Goldenweiser with comments on bills Report on S. 1057 to be prepared by Messrs. Davis and Eccles and used as basis for future reports on such bills Report to Senator Smith on S. 1057 to be released to press and published in FRBulletin 11,?rt on S. 1057 sent to Senator Smith ' 131Y to Senator Wagner that Board does not favor enactment of S. 31 Sllpplementai statement recommending appointment by Congress of committee to consider monetary and banking problems to be drafted by Mr. Goldenweiser http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/16 6/22 786 811 6/23 826 6/24 833 6/27 845 6/28 849 6/30 862 6/23 825 11/21 1/// 3/ 3 3/11 301 348 6/23 826 3/ 8 2/ 3 2/16 320 159 234 2/17 238 2/27 267 3/10 3/10 333 337 3/10 344 3/31 467 162 Pages Legis .i°11: (Continued) s41.,t laws, branch banks, domestic, compilation of State statutes dealing with, statement ordered published in FRBulletin Trust indenture bill, for regulation of sale of certain securities in interstate and foreign commerce, etc., no report to be submitted Ss 477, provisions with respect to use of information contained in examination reports by Securities and Exchange Commission Amend-.ents proposed by Board, submitted to Securities and Exchange Commission, report of Mr. Williams that Senator Wagner had advised Board of hearings on bill A mendment proposed by Board, attitude of Securities and Exchange Commission to amendment, and counsel to prepare draft of letter to Chairman Wagner Reco mmendation of Federal Advisory Council opposing sections of Rec ommendation of Federal Advisory Council transmitted to Banking and Currency Committee of Senate Draft of proposed amendments sent to Chairman Wagner of the Senate Committee on Banking and Currency Re requested by Senator Wagner, draft submitted and to Rebe resubmitted as revised vised draft of report discussed and Mr. Ransom to discuss with Commissioner Eicher and the Comptroller of the Currency and to be transmitted to Senate not later than March 1 RePcrt of Mr. Ransom on conversation with Comptroller of the Currency and on conference with Commissioner Eicher and Mr. Burke, representing Securities and Exchange Commission, Chairman Eccles to confer with Senator Wagner as to whether report should refer to confidential reprint as well as request from committee for report on bill Re of Mr. Eccles that Chairman Wagner desired report to include confidential reprint No. 2, Mr. Wingfield to prepare revised draft of report Drafts of report to Senate Banking and Currency Committee, consolidated by Mr. Morrill and report approved Letter and statement from H. C. McCollom on, acknowledgement of Regliest of Mr. Wilcox for Board's report on, should be released through Chairman of Banking and Currency Committee of Senate Stat ement of Federal Advisory Council to be transmitted to House Committee on Interstate and Foreign Commerce to which had been referred a new trust indenture bill introduced by Mr. Cole http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/20 1165 2/3 162 2/7 176 2/8 183 2/13 197 2/14 212-7 2/15 226 2/16 232 2/17 237 2/27 263 2/28 278 2/28 281 3/3 297 3/16 374 3/17 382 3/22 412 163 Pages (Continued) indenture bill: (Continued) Amendments suggested by Board not included in Senate bill and report on House bill forwarded to Committee 3/31 464 on Interstate and Foreign Commerce Letter to William D. Eaton that it is not appropriate for 3/31 472 Board to advise him of its views on bill Report of Federal Advisory Council transmitted to Congress4/4 483 man Cole Report of Mr. Wingfield on H. R. 5220 6/13 770 Statement ordered published in FRBulletin 9/20 1165 elf-liquidating paper, definition of, advice that Securities and Exchange Commission had requested informal assistance, and Mr. Sloan to continue 10/ 6 1215 his informal discussions with Commission ' II S. notes, S. 1696 to terminate power to issue, request that Messrs. Goldenweiser and Wyatt prepare memoran5/1 591 withdrawn ¼ner l !esolution re proposed banking legislation: 4111ace that Robert B. Warren had been approached in connection with appointment to assist in preparation 9/21 1166 of material for hearings APpointment of Mr. Warren 9/25 1174 A APPointment extended so that leave might be taken 11/10 1406 'PPointment of Donald B. Woodward to assist in preparation 9/21 1166 of material for hearings Appointment extended so that leave might be taken 11/10 1406 "citlest by Advisory Council that it be given opportunity to read material before Board submits it to 11/21 1443 Senate Banking and Currency Committee Dis . cussion at Conference of Chairmen dispensed with because of time limitation, with understanding that prepared by Mr. Ransom would be statement tetter 12/ 6 1534 mailed to Chairmen Irlist Oh: neredit: ' ank, New York, N. Y., plan to issue and sell in blocked currencies of foreign countries ' 461.1a1 Insurance Company, no objection to including Board eriaes: in list of policy holders rvf" u &551 Change suggested by FRBank of Cleveland Pol.; 4-eY holders of Liberty Mutual Insurance Company, no objection Tioarlas to including Board in statistics on Ohio State member banks, classified according to counties as of June 30, 1939, to be sent to Ohio State University, provided they will not make data available in such a way as to identify figures of any individual bank Or I nternational Settlements, advance by FRBank of New York secured by gold in transit approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/17 239 3/11 349 7/38 937 3/11 349 9/29 1200 3/22 410 164 Pages c41%;11 (Continued) 'pa que Centrale de la Republique de Turquie: FRBank of New York authorized to make loans to, at any time and from time to time other FRBanks to be advised that they may participate in FRBank of New York authorized to make additional loans from time to time not to exceed certain limit FRBank of New York authorized to extend new credit within certain amounts, and advice that participation by other FRBanks is approved and that they will be advised Borrowings by on customers securities should not exceed total loans to customers, letter to Mr. Frank on ruling of commission 8rokers or dealers, agreement required of nonmember banks before making loans to, advice to Mr. Rounds that name of Swiss Bank Corporation has been added to list of nonmember banks having such agreements in force enterprises, bills introduced to provide for insurance by RFC, no report to be made on S. 1482 and S. 2343 at this time Draft of Ndtal report to be revised by Mr. Draper and resubmitted bY members of national securities exchanges to other members, amendment to Regulation T being considered State Bank, Marianna, Fla., large loans secured by warehouse receipts on peanuts, unsafe and unsound practices charged against President Nobles Probable liquidation of Brandon line of credit, strengthening of capital deferred trust notes issued by Carter Investment Co., classification of , schedule of information on consumer loans of banks, Mr. Smead authorized to prepare letters to Comptroller and FDIC asking if they will send out schedule with December call, and to make minor changes in form agreed upon by three agencies A e of 4Mendment to Regulation 0, entry for policy record of Board, approved Amervb,, -",ent to Section 22(g) of FRAct, draft of proposed left with Board by representatives of American Bankers Association Amendment to Sec. 22(g) to renew limit on liquidation suggested by representatives of American Bankers Association No report to be made on bill http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/ 2 1086-7 11/18 1431 12/ 2 1497 12/ 5 1508 11/ 7 1379 5/9 5/19 617 657 1/20 88 3/8 322 3/29 451 7/18 916 11/ 3 1363-5 11/ 8 1405 2/28 277 3/8 3/28 318 445 165 Pages Loans. vi (Continued) '42CeelltiVe officers: (Continued) Amendment to Sec. 22(g): (Continued) Act to extend time for renewing referred to by Senator Glass in discussion with Mr. McKee Statement on amendments to law relating to, to be published in FRBulletin Salary advance of one month is not extension of credit under Sec. 22(g) of FRAct Wife of executive officer of national bank on security of first mortgage, no opinion expressed Wife of vice president who owns real estate and stocks and bonds in her own name, no objection to loan FRBank , of New York: 'anque Centrale de la Republique de Turquie, no objection to loan by FRBank Authority to make additional loans from time to time not to exceed certain amount Extension of new credit authorized within certain limits, and advice that participation by other FRBanks is approved, and that they will be notified kat* of St. Louis to Mordie Wolf, loss to be charged to profit and loss "'R841.1.ka t0 commercial and industrial business, information as to classification of such losses has not been compiled, letter to Dun and Bradstreet Pidelity Savings Bank, Antigo, Wisconsin, possible violation of FRAct because of loans secured by stocks in Gold in , excess of limit allowed '°reign countries, FRBank of New York to Sveriges Riksbank, telegram to Mr. Knoke suggesting that clause of proposed cable be modified to state that it has not been policy of FRBank to make Go such loans Illment securities, questions to be presented to directors of FRBanks in connection with possible outbreak oiostilities abroad advances: PPlications, statement as to each application filed, requested by Board, with additional request that sincere efforts be made to grant credits applied for, whenever it can be done on reasonof Boable l basis tor: PR13 PaYment of fee for professional services and disbursements in connection with Reserves for losses authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/13 766 6/22 814 9/28 1191 3/8 326 1/27 117 6/2 718 11/18 1431 12/ 2 1497 4/26 576 9/12 1112 3/8 325 12/27 1653 4/7 509 10/17 1297 8/14 1002 12/27 1654 166 Pages Loans: (Continued) Industrial advances: (Continued) FRBank of St. Louis, reserve, reallocation of reserve for 12/29 losses on loan to Hug Company, approved PRBanks authorized to set aside reserves for losses and 12/22 make charge offs Information as to applications may be furnished by FRBanks to National Bureau of Economic Research, let9/ 2 ters to bureau and FRBanks Mead bill to establish permanent industrial loan corpora11/21 tion, discussed by Advisory Council Report of experience of FRBank of Cleveland in connection 6/23 with, excerpts from summary read by Mr. Ransom Walker and Pratt Manufacturing Company of Watertown, Mass., loan made by Second National Bank of Boston, 1/16 small loss to FRBank on commitment anticipated . .Charge off by FRBank of loss on commitment 5/23 'LLtstrial Trust Co., Wilmington, Delaware, to Industrial Trust Building Corporation in violation of FRAct, ac4/7 tion approved stanaLent: Colonial Trust Company, Pittsburgh, Pa., method of reporting in condition reports and for reserve pur3/1 poses Nat' lmal Marine Bank of Baltimore, Md., method of reporting 3/1 Libe,, in condition reports and for reserve purposes "Y State Bank, Dallas, Texas, secured by stock of holding company affiliate, as possible violation of 8/17 Section 23 of FRAct Limitati, -n of aggregate amount of member banks secured by stock or bond collateral to general partner of un3/20 Long limited partnership te suggestion of Mr. Ransom that reports be obtained on 2/14 extent of 'les in excess of one year, reporting member banks to fur4/4 nish information on form 464 as of April 19 of Carter Investment Company in assets of Wharton Bank 8/14 and Trust Company should be classified as P4rtne/,.1,1 -'"J-1), as loan to partner under Sec. 11(m) of FRAct, statement on ruling to be published in FRBul4/17 Real letin estate, Utah Savings & Trust Company, Salt Lake City, Utah, Reh 9/8 b.e°11tinto Utah Hotel Company, discussed of 9/12 g member banks, reply to Dun and Bradstreet on size Villitney and Company, report to Attorney General of in1/30 vestigation of loans made by State member banks Rehr,, ' 1 6 of loans made by certain member banks to be pre' pared by FRBank of New York, copies to be sent 5/11 to banks concerned http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1665 1641 1087 1444 828 60 673 508 288 287 1018 402 220 487 1002 536 1108 1112 125 632 167 Pages Lo , kContinued) k4uall. business: Conferences, Chairmen, discussion dispensed with because of time limitation, with understanding that statement prepared by Mr. Draper would be mailed to Chairmen sts,j5!e also Legislation, Mead Bill) u bank of Geneva, Ill., loans to former president to be reduced and no new loans or extensions of credit to be made &ver4 4-ges Riksbank by FRBank of New York on gold held in Sweden, telegram to Mr. Knoke suggesting that proposed cable be modified to state that it has not been policy of FRBank to make loans on gold held in countries foreign L WhitneY e Richard: (See supra Richard Whitney and Co.) Logari,a'1, Archie: (See Treasury Department) Senator M. m., transfer of portion of Kentucky now in Fourth FRDistrict to Eighth FRDistrict, letter on proLoree, 14111 Robert F for petitioning cheone: kSee Committees, Foreign Exchange Committees) (See Pinkert, 'an Agricultural Editors Association, payment of cost of members, approved tl1e,) Earl payment for luncheon in Board's dining room, aul G e1thorized Burg : eorge M., cost of luncheon to be borne by Board se) W. Randolph, payment of luncheons in Board's dining Chat_ room, authorized "nen of FRBanks with members of Board and senior members of staff of Board Ar rangements to be made for set luncheon on both days of conference elaiet n ational bank examiners and members of staff of FDIC and RFC engaged in examining work invited for luncheon on August 3 ' rust Fund Committee of American Bankers Association, 000te guests of Board at luncheon '-* G., member of Board of Directors of Bank of Canada, payment of cost of luncheon approved Creigh t°11, Albert M., Member of Industrial Advisory Committee, payment approved h C084 ue144 v of luncheon to be borne by Board 2 Preston, Comptroller of the Currency, payment approved Peder°, tifilriala'. Advisory Council, arrangements to be made for October 9 e C°rPs, absorption of costs of luncheon served to Major General Thomas Holcomb and three members of his staff 114114.n „ '"11liam McC., Jr., cost of luncheon to be borne by Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/ 6 1534 3/8 324 12/27 1653 5/16 647 4/20 555 9/ 5 1091 12/13 1565 9/ 5 1091 1/27 115 12/ 1 1482 8/2 967 1/25 108 3/21 409 3/28 448 12/26 1650 3/31 474 8/18 1027 4/21 569 9/22 1173 168 Pages 144tich13:°ns: (Continued) nnaYlvania Bankers Association Committee on Mortgage Investment, cost to be borne by Board Robbin s, Carl B., cost of luncheon to be borne by Board . Credit Committee of the American Farm Bureau Federation, cost to be assumed by Board Sabin s amuel H., cost of luncheon to be borne by Board y'aal Libraries Association, tea to be served to members of financial group of Association N_ vaa rp,s Senator Elmer, cost to be borne by Board "asurY Department officials invited by Board members to luncheons, costs to be borne by Board 12/1L 1568 11/10 1411 11/ 8 1405 11/10 1411 5/15 643 11/ 2 1361 9/ 6 1095 tqd" IlaCtavi R. (See Holding company affiliates, Northwest Bancorporation) '81114q1cnt of currency by FRBank of Philadelphia by private armored car instead of by registered mail, kari 112 1/26 letter to Assistant Postmaster General 4genlent f Lem_ c)--- banks: .." County Trust Co., Lowville, N. Y., continued unsatisfac470 3/31 tory condition in state p 1 an4 of Geneva, Ill., criticism of new president and loans 3/ 8 324 Wyomin , to former president to be reduced g, k ounty Bank and Trust Company, Warsaw, N. Y., financial condition of President Humphrey and record of 14a4 7/27 928 accomplishments as president criticized It„ Ilal °f banking and business statistics, national bank statistics ' grein -_ 10/13 1267 corzmirements:to be included and combined with Board's 1441 8h3 F " l'enee called by Secretary of Treasury for discussion of acRe 8/29 tion in case of war, report of Mr. Eccles on gill-at' 1°ns T and U, changes in, statement of Ir. Parry recommending that margin prescribed in first paragraph of supplement be changed, leaving requirements on short sales and other margin require8 9/13 ments at present rates cl.lrities Exchange Act, discussion of question whether requirements based on statutory formula contained in 4.ri, will. 9/13 Act was more satisfactory than formula in use lam McC., Jr., cost of luncheon in Board's dining room lita 9/22 to be borne by Board YIEL11(11 C °nditions of membership of State banks requiring deposit of security with trust department for funds deposited 5/25 in own banking department, waived Ilchiletts. orris pi. an companies, State law dealing with, letter to FRBank of Boston asking that copy of any amendments to Massachusetts law since Jan. 1, 1939 be fur11/15 nished to Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1058 1121 1121 1173 676 1418 169 Pages H. C., reply that Board cannot furnish him with letter on Barkley Bill until released by Senate Committee 4ccomason Banking and Currency P-: (See State member banks, Bankers Trust Company, ktex New York City, N. Y.) iernari H.: (See National banks, Longmont National Bank, Longmont, Colorado) }ley., tt, Lowell: (See National Emergency Council) banks, Fidtvo "arY powers, interlocking relationship between those not exercising, and trust companies not receiving deposits, Counsel directed to draft amendment to Regulation L permitting kenclment ordered sent to Advisory Council, Comptroller and Bankers Association for comments Letter opera ,.. transZItn ri : e tang ratios and balance sheet figures, Form FR 456 revised and sent to FRBanks with request that they be filled out and returned, and advice that Board will do work of calculating averages if FRBanks desire it liekbera Tab,es covering averages for 1938 sent to FRBanks 441;1 in FRSystem: ,....t.Late Bank, Anna, Illinois, application approved ' Antwe 6ellsion of time for completion of r1:1 Exchange Bank Company, Antwerp, Ohio, application approved and bank to fulfill obligation to saving depositors 19Pro'cations: 3/16 374 4e117 12/ 1 1483-5 12/ 4 1499 12/ 7 1542 12/ 6 1530 12/ 6 1530 7/27 925 8/28 1050 8/9 Eldorado, Kansas, can be made by national bank being converted or by group of individuals as organiza5/23 tion committee 13atit ' 1 Elizabeth, Pa., application approved 8/18 °f the Manhattan Company, New York, N. Y., condition requiring disposal of stock in County Trust Com9/ 7 pany of White Plains, N. Y., waived 8ank of „ Manteca, California, application approved subject to certain charge offs and attention called to ex8/ 9 cessive deposit with nonmember bank • tat*4tenslon 9/20 of time within which to complete of Phoebus, Virginia, application approved subject to agreement not to invest collectively funds held by bank except as permitted in case of banks exer10/25 cising fiduciary powers "Smithfield, Va., application approved subject to having charged off losses and own stock held as coltart. 11/ 3 lateral for loans to be disposed of ver State Bank, Bark River, Mich., application approved 12/ 6 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 983 673 1024 1099 986 1163 1332 1368 1527 170 Pages Boi-4_-4 in FRSystem: (Continued) 9/16 ":"Ttcm Bank, Belington, W. Va., application approved , Bi—°Infield State Bank, Bloomfield, Ind., application approved upon merger with Citizens State Bank, Bloom12/20 field, Ind. uounty Trust Company, New York, N. Y., application ap10/ 5 proved BIN)cks Bank and Trust Company, Torrington, Conn., condition requiring bank to pledge securities with trust department to secure trust funds deposited in banking department, validity of, Board will not request FRBank of Boston to take further action 9/16 at present 8111.°r1 enter State Bank, Byron, Mich., application approved 2/ 2 cam_ 41gn under consideration by FRBank of Cleveland, letter on l' 3/ 2 best method of conducting Central uank Company, Lorain, Ohio, application approved and 7/29 carrying value of premises to be reduced, etc. Ohemi-_, subject approved application "al Bank, Sweet Springs, Mo., 4/ 7 to certain charge offs, etc. Citizens 12/20 ettizens Bank of Poquoson, Odd, Va., application approved Bank of St. Bernard, Ohio, application approved subject 8/ 3 to certain charge offs, etc. Citizens subject approved application D., S. Bank, Vermillion, 11/22 to losses having been charged off Citizens Bank and Trust Company, Campbellsville, Ky., application approved subject to agreement not to exercise fiduciary powers unless given permission 11/30 by Board Citizens 11/ 7 approved application Ohio, Sandusky, 014zens Banking Company, approved State Bank of Clare, Michigan, application subject to savings accounts being brought into 6/ 2 conformity with Regulation Q eit4zeus State Bank of Dalhart, Texas, investment of money in bank premises without referring matter to Board for consideration as required by membership condition, advice to Mr. Evans that Board has noted 10/26 and will consider matter closed 5/23 approved Citiz:4 State Bank of El Dorado, Kansas, application State Bank, Sheboygan, Wisconsin, criticism of practices and policies as shown in examination re4/ 5 ports Trust and Savings Bank, Youngstown, Ohio, application ap7/ 8 proved subject to certain charge offs, etc. e°41niercial Bank of Camden, S. C., application approved and permission to be requested in future exercise of 8/25 Com,. trust powers -"rcial Trust and Savings Bank, Storm Lake, Iowa, application approved and efforts to be made to increase 4/21 bonds of officers http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1155 1618 1212 1156 153 292 939 506 1617 969 1453 1479 1372 717 1340 669 494 892 1038 560 171 Pages 4embersts, en 'LLP in FRSystem: (Continued) - 11itY State Bank of Avilla, Ind., application approved sub' 8/16 ject to certain charge offs, etc. Conditions: Adjustment in salaries of officers while deferred certificates of deposit remain outstanding, letter on admission of Exchange State Bank of Lanark, 10/23 Ill., without compliance with Bonds, requiring banks to write down to costs, no reason why First-Citizens Bank and Trust Company, 9/28 Greencastle, Ind., should not be subject to DePosit of security with trust department for funds deposited in own banking department, waived for 4/25 Maryland banks because of recent law DePreciation on banking house, compliance by Zapp State Bank, St. Cloud, Minn., Board must rely on judgment 11/ 8 of FRBank Real estate mortgage loans, condition 3 prohibiting banks from selling, memo of Mr. McKee that he cannot 12/18 recommend modification of condition Reglaation H revised and set forth in minutes 11/ 7 in published ordered thereto, respect Statement with 11/17 FRBulletin Rev.; • .-Lsion, recommendation of Mr. McKee that no further action be taken and that matter be removed from monthly statement of unfinished business, ap12/18 proved T rIlet funds deposited in banking department, condition 6 as to security for such deposits, MBMO of Mr. McKee that he cannot recommend modification of condition Croton D 10%11 8flk Company, Croton, Ohio, application approved Oepo 'lt Guaranty Bank and Trust Co., Jackson, Miss., application approved subject to improvement in trust depart12/22 ment 4lat side application Ill., Chicago, Bank, Savings Trust and approved and excess balances with nonmember 12/16 bank to be reduced 4c1°11ado, Kans., application may be made by national bank to be succeeded or by individuals acting as organiza5/23 tion committee c.ellange State Bank, Lanark, Ill., application approved subject to review and adjustment of salaries to directors, officers and employees, in light of bank's obligation to holders of deferred cer9/27 tificates of deposit Letter to Mr. Young expressing surprise that FRBank allowed admission merely on promise of bank officers to call meeting for discussion of such adjustment, 10/23 and requesting to be kept advised http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1013 1321 1191 676 1402 1593 1381 1430 1593 123 9 1634 1583 673 1185 1321 172 Pages Merlibershi 4.,;13 in FRSystem: (Continued) unange State Bank: (Continued) Reply to Mr. Young acknowledging receipt of reasons for admitting bank without compliance with membership condition, and that Board trusts that adjustment will be made at annual meeting of bank 11/ 7 in January 1air.4 State Bank of Fairview, Okla., application approved 5/23 to be verified and 4rmers and Citizenstitle Banking Company, Monroeville, Ohio, appli10/17 cation approved Parmers and Merchants Bank Company, Sylvania, Ohio, application approved subject to savings accounts having been 9/25 brought into conformity with Board's regulation Pam— 3 and State Bank, Evansville, Wisconsin, application ap" 3/31 proved subject to certain charge offs, etc. ?arm— Bank, Clay, Kentucky, application approved upon acceptance for deposit insurance and advice that cap8/31 ital stock was paid in Farm.— Bank of Mathews, Virginia, application approved subject to causing affiliate to dispose of bank's own 11/15 stock ParMers Bank and Trust Co., Bardstown, Ky., application ap11/17 proved subject to having charged off losses 12/11 Certified Pa to member FDIC as p /triers 12/ 4 approved State application Ill., Bank Chadwick, of a/tiers State Bank of Lakefield, Minn., application approved, certain charge offs and compliance by First Bank Stock Corporation with conditions for is5/23 suance of general voting permit apMinn., Bank of Madelia, Incorporated, Madelia, 6/16 plication approved 7/13 4tension of time for completion of membership 7/27 ?a,,4tension of time for completion of -4,ters State Bank of West Concord, Minn., application approved subject to certain charge offs, etc., and consolidation with competitor bank should be looked 8/ 1 Pideli into tY State Bank, Minneapolis, Minn., application approved 10/20 subject to increase in capital structure Piret Bank to subject of Berne, Ind., application approved 12/21 charge off of estimated losses Pirat Bank apand Trust Company, Ottumwa, Iowa, application proved subject to agreement not to invest collectively funds held by bank as fiduciary except as permitted by national bank exercising 10/26 fiduciary powers, and to relinquish branch apapplication PeoPles State Bank, Traverse City, Mich., 2/27 proved subject to certain charge offs, etc. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1378 570 1300 1177 469 1071 1415 1427 1550 1502 668 788 908 932 958 1316 1625 1336 270 173 Pages , D;'n1P in PRSystem: (Continued) '4.rst State Bank, Eldorado, Oklahoma, application approved and bank to succeed First National Bank, Eldorado St State Bank, Granger, Texas, application approved and loan Pirstsecured by own stock to be corrected State Bank of Red Bud, Ill., application approved subject to certain charge offs and treatment of outstanding deferred certificates of deposit State Bank of St. Peter, Ill., application approved Recovery Banking Company, Fort Recovery, Ohio, application approved and banking situation in town to be closely observed GarY State Bank, Gary, Indiana, application approved subject to certain charge offs, etc. Gnadenh G0_, utten Bank, Gnadenhutten, Ohio, application approved "Q-Larld State Bank, Goodland, Kansas, may be admitted to membership at this time without increasing capital 110,._413_Plication approved "'e &Late Bank, Trent, Texas, application approved, attention to be called to fact that balance of more than 10% of capital and surplus is being carried with nonmember bank 111811red banks, amendment to law relating to, statement to be published in FRBulletin 401a and Glass Dollar Savings Bank of Birmingham, Pittsburgh, Pa., application approved subject to certain charge offs and service of directors, etc. EXtension of time within which to complete condition of membership ICentu e-v-Farmers Bank of Catlettsburg, Kentucky, application approved upon condition that bank dispose of own stock owned by it, etc. itiptEjtension of time to complete Le4v. ri Bank Company, Kipton, Ohio, application approved e1 8 Trust Company, New York, N. Y., extension of time for ' compliance with condition of membership, tibertY State Bank, Dallas, Texas, application approved subject to increase in capital and surplus, etc. C°mPletion of membership to be deferred until status of Republic National Bank as holding company affiliate is determined r tension of time to accomplish admission 'Pinion that Republic National Bank of Dallas will be holding company affiliate upon admission to membership Ilace . cLnia-Northfield Banking Company, Northfield, Ohio, application approved subject to certain charge offs, etc. 44Ple Wood Bank and Trust Company, Maplewood, Mo., application approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/16 789 2/21 248 3/6 5/31 308 708 7/29 940 4/20 552 2/7 180 2/28 4/5 283 492 10/19 1312 6/22 814 8/18 1022 9/12 1111 9/16 1154 10/ 4 1207 9/ 7 1101 2/24 254 1/9 29 1/16 58 2/3 165 1/19 80 5/ 5 602 3/20 397 174 Pages ti:r1P in FRSystem: (Continued) 'rellants and Farmers Bank, Portsmouth, Va., application approved and to dispose of loans secured by own 1/20 stock Extension of time within which bank may complete conditions 9/28 of membership Extension of time within which to comply with condition of 12/20 membership Uerchants and apn Mechanics Bank of Flint, Mich., applicatio proved and own stock held as collateral to be 3/21 disposed of !kiddie n Point Banking Company, Middle Point, Ohio, applicatio 9/27 4inerwapproved subject to having charged off losses Juanking Company, Minerva, Ohio, application approved subject to correcting excess deposits with nonmember bank, and bringing certain deposits into 12/19 conformity Uine rva Savings and Bank Co., Minerva, Ohio, application approved and bank determined not to be affiliate of Minerva Holding Company for purposes other 12/19 than those of Sec. 23A 4c)ffat County State approved n applicatio Colorado, Craig, Bank, 5/ 2 and number of directors to be increased Ileirada Bank of Commerce, Elko, Nevada, application approved, permission to be obtained before exercise of trust 2/20 powers NW) errY State Bank, Newberry, Michigan, application approved, loans to executive officers made prior to appli2/21 cation for membership not affected apn applicatio Y., N. and Nyack, I'lack Bank Trust Company, proved subject to charge off of losses and compliance by Marine Midland Corporation of condi12/20 tions incident to permit to vote stock of bank Patch ogue Citizens Bank and Trust Company, Patchogue, New York, 1/11 of time for completion of membership • ofextension xxt,snsion 3/17 Now. of time for completion es Savings Bank Company, Mt. Gilead, Ohio, application approved upon condition that bank charge off cer9/16 tain estimated losses Pe()151eR - e te Bank, New Boston, Michigan, application approved 6/ 5 subject to charge off of losses 7/ 5 Pila 4tension of time for completion of e Lauh, -, Bank 8.: Trust Company, Pine Lawn, Mo., application approved subject to capital having been paid in, and ratification by directors of action taken in behalf of bank in making application for ad11/21 mission looz 11_Lver County Bank, Broadus, Montana, application approved subject to increase in number of direc12/16 tors http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 91 1190 1620 406 1184 1606 1603 595 242 247 1614 43 384 1153 721 874 1447 1584 175 Pages prn'110 in FRSystem: (Continued) Re lrie State Bank, Augusta, Kansas, application approved : 10/26 kiPng Bank, Reading, Ohio, application approved 8/14 Roagerield State Bank, Ridgefield, Wash., application approved 12/28 chdale Bank and Trust Co., Roachdale, Indiana, application 12/ 6 approved Robert Lee State Bank, Robert Lee, Texas, application approved, dividends will not be paid until surplus is in1/26 creased Sober tz State Bank, Schertz, Texas, application approved subject to correction of practice of carrying ex12/16 cessive balance with nonmember bank 11/15 -ank, Webster, South Dakota, application approved 4rity Savings and Commercial Bank, Washington, D. C., appli11/22 cation approved SeciiritY State Bank, Cannon Falls, Minn., condition requiring annual depreciation in banking house and furniture and fixtures, waived for 1938 and 1939 10/25 in view of improvements 7/18 State Bank of Sterling, Colorado, application approved 8/16 Sill:tension of time for completion of "assee County Bank, Durand, Mich., application approved subject to having set up arrangement for waiving 11/30 depositors sout Ebctension of time within which to accomplish 12/26 "Range State Bank, South Range, Mich., application approved with understanding that personnel ques12/ 6 tion will be settled shortly 4Ahe„ -" Dank and Trust Company, Richmond, Va., application 1/23 approved )3 , State 8/ 2 State 1...cLutc of Piper City, Ill., application approved suballk of Rockville, Minnesota, application approved ' 8/17 ject to certain charge offs, etc. EXtens. 9/12 lon of time in which to complete State rnsion of time to complete 10/16 1°.elik and Trust Co., San Marcos, Texas, application approved and bank to equip itself to handle trust Ste,te 4/ 1 business, etc. , Qtate 10/12 gs Bank of Woodville, Ohio, application approved Savings Bank Company, Maumee, Ohio, application approved with understanding that excessive balance with 11/ 7 nonmember bank will be reduced `41-st4 'cal information on membership and changes, discussion of statement prepared by Mr. McKee dispensed with at Conference of Chairmen because of time 12/ 6 Stetibe element, and copy handed to Chairmen approved 11 County State Bank, Angola, Indiana, application subject to charge off of losses and agreement not to accept trust accounts other than two now be10/12 ing administered http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1338 1001 1655 1526 109 1585 1417 1452 1334 915 1014 1478 1650 1528 98 962 1015 1111 1284 476 1250 1373 1535 1250 176 Pages ileniberal„ FRSystem: (Continued) Bank Company, Sylvania, Ohio, application ap8/ 2 charge offs, etc. Union and New proved subject to certain Haven Trust Company, New Haven, Conn., condition requiring bank to pledge securities with trust department to secure trust funds deposited in banking department, validity of, Board will request FRBank of Boston to take no further ac9/16 tion at present Union Ban, K and Trust Company, Montgomery, Ala., application approved subject to increase in stock and adoption of resolution ratifying action of directors in /7 12/29 reserve for dividends Unioncreating , BanK and Trust Company, Strawberry Point, Iowa, applica2/ 2 tion approved pryarldalia State Bank, Vandalia, Ohio, application approved "4iver of conditions, condition applied to the Bank of the Manhattan Company. New York, N. Y., re disposal of stock in County Trust Company of White 9/ 7 Plains, N. Y., waived Ilaterbury Trust Company, Waterbury, Conn., condition requiring bank to pledge securities with trust department to secure trust funds deposited in banking department, validity of, Board will not request FRBank of Boston to take further action at 9/16 present i -'-L-Le State Savings Bank Company, Waterville, Ohio, appliate"cation approved subject to certain charge offs and advice as to liability to saving depositors, 8/ 9 etc. Nrrle xrust Company, Cambridge City, Ind., application approved subject to having charged off losses, trust business to be discontinued and capital debentures 11/ 2 1%1,, not to be considered in issuing FRBank stock -'0111e State Westr‘ 10/ 3 approved application Minnesota, Welcome, Bank, 41:11,re,r1 State Bank of Cicero, Ill., application approved 6/ 5 °tate Bank, St. Cloud, Minn., condition requiring depreciation on bank premises, request that condition be waived for present advice to FRBank of Minneapolis that Board prefers to rely upon judgkeetie 11/ 8 ment of FRBank Itickt:sillith, George S.: (See Department of State) oAn: Tax dePosits does not constitute a payment of interest on 12/19 r, Gil demand deposits in violation of Regulation Q "H., Jr.: (See National banks, Culpeper National , Bank) rr, -ger: (See Holding company affiliates, New Mexico Title Company) SavingsU http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 962 1156 7 6 3: :6 154 1099 1156 984 1356 1202 720 1402 1608 177 Pages eet-41g of Board with Chairmen of FRBanks, change made in 3/11 349 statement by Mr. Thomas . Staff. n itorgenth :rersonnel Committee, actions to be recorded 462 3/31 Henry, luncheons in Board's dining room, cost to be 4orrell 9/ 6 1095 borne by Board 144118 Ve U.: (See Liberty Mutual Insurance Company) 'an Bankers Association, Washington, D. C., requests by Morris Plan companies for rulings as to appli— cability of Clayton Act, letter to, asking that 11/15 1 /118 18 institutions address requests to FRBanks pi r.Lan 4-ELYton ' Act, rulings as to whether they came within provisions of Sec. 8, Morris Plan Company of Rhode Island ruled not to be bank, with understanding that other similar institutions would be permitted to present their cases to Board for determina— tion Letter to Morris Plan Bankers Association, Washington, D. C., asking that institutions address requests for rulings to FRBanks, and letter to FREank of Boston requesting that it furnish Board with copy of any amendments to Massachusetts law since January 1, 1939 4°1118 Plan C of Rhode Island ruled not to be bank for purposes of Sec. 8 of Clayton Act, with under— standing that similar institutions would be permitted to present their cases to Board for an Morri8 determination p1 Company of Springfield, Mass., ruled not to be "bank" within meaning of section 8 of Clayton Act, and officers and directors may serve rtgages. member banks e(traon rrust funds composed principally of, amendment to Regula— tion F to permit operation, Messrs. Morrill and Wingfield requested to arrange for hearing for Committee on Mortgage Investment of the Pennsyl— vania Bankers Association Achrice to Committee that Dec. 14, 1939 was suitable to Board, and invitations extended to FDIC and Comptroller to have representatives present Rear4_ -Lug for Pennsylvania Committee held, list of arguments received by Board from various sources ordered sent to Mr. Berger so that committee could sub— IAA vs.s mit review of comments if it wished -ullitY of banks to beneficiaries of trusts on mortgages sold to trusts, request that Board file brief in test suit http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/17 1293-6 11/15 1418 10/17 1293-6 12/28 1657 11/ 3 1366 11/22 1455 12/14 1566 3/17 377 178 Pages machine, purchase of Webendorfer offset duplicator apNlinici proved Pal warrants: (See Tax revenue notes) ellki Archives: Nat% .iestruction of records of Board, letter to Mr. Connor listing material to be included in list submitted to Congress List N . submitted for submission to Congress All;Lescciation of Supervisors of State Banks: convention at Salt Lake City, Messrs. Leonard and reportPaulger authorized to attend Cala condensed forms for State member banks, copies furnished to Palager, Leo H., advice that he would not be able to attend convention, and Mr. Smead authorized to attend in 1444(.1h , his place -An- banks: cif' Natj0nal Bank, Camden, New Jersey, assets and liabilities assumed by Camden Trust Company kell.can National Bank, San Bernadino, California, inquiry on depositing of security to cover escrow funds which trust department deposits with banking department National Bank and Trust Company, Baldwin, N. Y., transfer from savings accounts of depositors to FHA mortgage accounts without presentation of pass books 8ank 134 America N.T. & S.A., San Francisco, Calif.: 'ranch banks, foreign: London branch subsidiary office at Denham, Uxbridge, Middlesex, permission to establish branch not necessary since essential operations are still being conducted in London, but permission will become necessary if regular operations of branch are actually shifted there Permission to transfer banking operations to Denham, Middlesex, England when such transfer becomes necessary because of war C°11tribution to Merchants National Realty Corporation, an affiliate, report of national bank examiner on questions relating to ivide nds proposed, letter to be submitted by bank to Comptroller of the Currency agreeing to declare no dividends until approved by Board, FDIC, and Comptroller of the Currency's office Letter to Comptroller of the Currency that Board cannot approve procedure http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/31 952 2/6 5/25 175 678 9/12 1116 8/10 991 9/15 1144 2/13 203 7/6 876 8/31 1074 11/10 1408 12/ 2 1497 3/10 3V3. 4/13 526 4/13 529 ' 179 Pages Nat. Baw _ ban s: (Continued) %of America N.T. 84 S.A. (Continued) 30 proceeding, review by Mr. McKee for information of Mr. Eccles of discussions by Board with the Messrs. Giannini during his absence, and memo ordered prepared reviewing Board's position with understanding that Chairman Eccles would use it in discussion with Comptroller and Sec12/ 4 retary of the Treasury Memo prepared and set forth in minutes 12/ 7 Advice from Mr. Eccles that he had presented memo to Secretary who had requested that Board write Comptroller asking that it be kept fully informed, and Messrs. Morrill and Dreibelbis re12/12 quested to draft letter Letter approved and Mr. Eccles to discuss with Comp12/13 troller unchanged Advice from Comptroller that situation is and proceeding is still contemplated, summary showing Board does not have full information discussed, and letter sent to Comptroller stating that Board wishes to be kept informed, 12/22 and that conference with him will be arranged Trail on Giannini samerica Corporation, telegram from Mr. resumption of public hearings relating to af7/7 tartm„ . fairs of "National Bank, Jacksonville, Fla., question of director of bank who is in real estate business receiving commission from borrower on real estate mortgage 3/2 loan made by bank Qllsstion of director who is in real estate business receiving commission from borrower on real estate loan 3/29 made by bank Centerir; --.=.11e National Bank, Centerville, Iowa, application for 1/25 fiduciary powers approved eelltral Nat Bank of Columbus, Nebraska, application for 7/12 fiduciary powers approved ehar1,4., s National Bank, Charlotte, N. C., absorption by Wachovia Bank and Trust Company, Winston-Salem, N. C. and 6/13 ettize establishment of branch in Charlotte ns National Bank and Trust Co. of Goose Creek, Texas, fiduciary powers, application approved upon conversion of Citizens State Bank and Trust Co. 12/13 into No o . Olovi 12/22 bjection to change in plan of conversion 8 National Bank of Clovis, New Mexico, request that FRBank of Dallas reconsider policy of declining to hold for safekeeping securities pledged to secure de9/29 reportzsits of public funds e°4eliti -on Cali as of December 31, 1938 1/5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1501 1543 1553 1556 1629 882 293 454 105 903 771 1561 1633 1199 7 180 Pages Nat• anks: (Continued) witdibn reports: (Continued) Call as of March 3/31 29 Call as of June 30 7/ 5 Call as of October 2, 1939, advice that Comptroller had is10/ 4 sued Condensed form of call report, letter to Mr. Upham for ap8/ 4 proval o paragraph in letter to FRBanks Con+4 + Ill., conChicago, National Bank and Trust Co. of dition reports, uninvested trust funds should not be shown as deposits but rather under item "Other liabilities", advice to Comptroller with request that he advise bank Cuiv'Per National Bank, Culpeper, Va., loan to wife of execu1/27 tive officer, no objection r County National Bank of Greensburg, Ind., supplemental 7/13 application for fiduciary powers approved County of surrender National Bank of Clear Lake, S. D., 3/ 1 fiduciary powers approved 1)1/sart National Bank, Dysart, Iowa, surrender of fiduciary 4/12 powers approved 111 1t National Bank, Elmhurst, Ill., application for fiduciary Parra 1/19 powers approved upon conversion from State bank el'8 National Bank, Clay, Kentucky, State institution being organized to succeed, application for memberPay,, 8/31 ship approved National Bank of Sparta, Wisconsin, certificates of deposit maturing on Sunday, payment or renewal on previous day, advice that under Wisconsin law Peretis 9/ 8 it may not be paid until next succeeding day 'rails National Bank and Trust Company, Fergus Falls, Minnesota, supplemental application for fidu2/ 1 ciary powers approved nonconforming vehanics National Bank of Trenton, N. J., savings accounts criticized by national bank 8/23 examiners Sauls accounts, letter to Comptroller that there seems to be nothing to add to previous comments, in view 9/ 6 of circumstances Piret -`'-'-onal Bank of Alger County, at Munising, Mich., fidu11/25 ciary powers, surrender of Plrat Nm44 '-k-Lonal Bank, Birmingham, Ala., request of officers that 3/17 Board file brief in test suit Rero 1-4-Y to Mr. Persons that Board does not consider it appropriate to file a brief in case of Bashan V. 3/24 bank -1'13tNIA44 - v-Lona1 Bank of Cape Girardeau, Missouri, fiduciary Pi 11/10 powers, application approved onal Bank in Cedar Falls, Iowa, application for fidu7/10 ciary powers approved upon conversion http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 469 874 1206 975 975f 117 908 286 522 81 1071 1108 150 1030 1095 1463 377 428 1407 897 181 Pages 440W-banks: (Continued) Pirat National Bank of Centerville, Iowa, application for fidu7/1 ciary powers disapproved Pirst National Bank of Columbia, Ky., surrender of fiduciary 5/19 powers approved First by First succeeded be National Bank of Eldorado, Okla., to State Bank of Eldorado and application for mem6/16 bership of State bank approved First of use on inquiry York, National Bank of Glens Falls, New word "savings" in connection with thrift deposit pass books, referred to Comptroller of 1/5 the Currency Pirst National Bank, Hattiesburg, Miss., transfer of certificate of deposit issued to Mrs. Hannah Smith to bank 5/16 in another town before maturity, no objection First powers, apNational Bank in Henderson, N. C., fiduciary plication denied because of unsatisfactory pro9/22 posed trust officer Pirst National Bank of Kansas City, Missouri, determined not to be holding company affiliate, for purposes other 9/28 than those of Sec. 23A of FRAct First of surrender fiduNational Bank of Lake Linden, Mich., 4/20 ciary powers approved First powers, apfiduciary National Bank of Madison, Wisconsin, plication approved effective upon consolidation 11/24 with Central Wisconsin Trust of Madison Pirst National Bank of Miami, Fla., reply on condition of cur2/27 rency received by bank from Jacksonville Branch Pirst placed National Bank, Montgomery, Ala., dormant account with bank by Treasury to compensate for services rendered, method of reporting for reserve 3/1 purposes and in condition reports Pirst National Bank in Oshkosh, Wis., fiduciary powers, application approved upon consolidation with First 12/13 Trust Company in Oshkosh Pirst National Bank of Ovid, N. Y., surrender of fiduciary 8/2 powers approved Pirst violaNational Bank at Pittsburgh, Pa., transactions as tions of Regulation F, letter from Mr. Warden 8/17 referred to FRBank of Cleveland First National Bank of Pittsfield, Ill., surrender of fiduciary 4/29 powers approved Pirst National Bank of St. Joseph, Mo., voting permit to vote stock of First St. Joseph Stock Yards Bank, 3/23 South St. Joseph not necessary et National Bank of Tyrone, Oklahoma, purchase of assets and assumption of liabilities by Citizens State Bank of Liberal, Kansas, advice that information should be forwarded to Board even though not 12/11 contained in condition of membership http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 870 664 789 9 644 1172 1193 554 1458 275 289 1560 964 1016 587 422 1549 182 Pages tonal banks: (Continued) First National Bank of Wahoo, Nebraska, fiduciary powers, sur5/11 render approved 1,-ut National Bank and Trust Company of Blackwood, N. J., deposit liabilities assumed by Camden Trust Com2/20 pany and branch to be established at Blackwood First National Bank and Trust Co. of Grand Rapids, Mich., fiduciary powers, application approved upon consolidation of National Bank of Grand Rapids and Grand Rapids Trust Co. into 12/20 First National Bank and Trust Company of Manhasset, New York, surrender of fiduciary powers approved 6/28 First National Bank and Trust Company of Paulsboro, N. J., penalty for deficiency in reserves waived 1/18 FIllton National Bank, Atlanta, Ga., dormant account placed with bank by Treasury to compensate for services rendered, method of reporting for reserve pur3/ 1 poses and in condition reports e National Bank, Hailey, Idaho, assets purchased and liabilities assumed by First Security Bank of Idaho, Boise, Idaho without advice to FRBank 2/24 and National Bank, Highland, Ill., application for fiduciary powers approved upon conversion of State and Trust Bank into 1/28 Rock.; ;'.,ng Valley National Bank of Lancaster, Ohio: 15ancOhio Corporation granted general voting permit to vote stock of 12/ 5 Rom_ " -Av uational Bank, Meriden, Conn., directors of Meriden Trust and Safe Deposit Co. serving, Counsel's office directed to draft amendment to Regulation L permitting interlocking directorate relationship between trust companies not accepting deposits, and member banks not authorized to exercise fi12/ 1 duciary powers Amendment ordered sent to Advisory Council, Comptroller of Currency and American Bankers Associatien for comments 12/ 4 111,1„Letter transmitting 12/ 7 fl Head National Bank, Nashua, New Hampshire: Branch Banking in the United States", request of Mr. Hertrais for copy of, advised that copies are not for distribution but given permission to use FRBank of Boston's copy of report 1/16 n County National Bank and Trust Company, Johnson County, Kansas: Fiduciary powers, application approved 6/30 Referred to in determination whether First National Bank of Kansas City, Mo., was holding company affil9/28 iate http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 631 244 1622 850 76 289 256 119 1506 1483 1499 1542 60 863 1193 183 Pages Ilatio nal banks: (Continued) l'iaiette National Bank and Trust Co., Luxemburg, Mo., proposed absorption by Lemay Ferry Bank 4/5 LO ngnlont National Bank, Longmont, Colorado, savings accounts, payment of interest after death of depositor, 9/15 letter to Malta National Bank, Malta, Ohio, director of member bank serving as director of building and loan association, letter to bank that matter has beeh referred to 9/25 FRBank of Cleveland for reply 1484Wacturers National Bank of Detroit, Michigan, correspondence with respect to collection of unassorted items and other matters, committee of presidents ap6/20 pointed to study Uedomak National Bank of Waldoboro, Maine, assets purchased and liabilities assumed by Depositors Trust Company, Augusta, Maine and branch to be established in 7/12 Waldoboro . reantile National Bank of Chicago, Ill., fiduciary powers, application approved upon conversion from State 5/12 bank Uerchants National Bank of Middletown, N. Y., surrender of fidu8/9 ciary powers approved and National Bank, Midland, Texas, fiduciary powers, sin'12/18 render of Bank of Commerce, Lincoln, Nebraska, absorption of outof-pocket charges as possible violation of Reg8/23 Q ulation trational Bank of Grand Rapids, Mich., consolidation with Grand Rapids Trust Co. into First National Bank and 12/20 Co. of Grand Rapids Natiow. Bank ofTrust application powers, fiduciary Waterloo, Iowa, 10/16 approved National trust Va., Charlottesville, at Bank and Trust Company funds, investment in real estate mortgages acquired from City Mortgage and Insurance Qo., shares of stock in which company are owned by officers and directors of bank, seems to fall 9/15 within provisions of Regulation F Nat i'Pal City Bank of New York, N. Y.: Foreign branches: Barranquilla, Colombia, formal application should be 7/27 filed for establishing 8/10 Establishment approved Shanghai, China, letters to State Department and Comptroller asking if there is objection to establishment of additional branch to supplement 10/16 facilities of existing branch to branch additional Order authorizing opening of 11/ 7 be located in French Concession http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 493 1149 1179 797 902 637 987 1592 1031 1621 1286 1147 925 989 1284 1375 184 Pages Nation m al :banks: (Continued) atlonal City Bank of New York, N. Y.: (Continued) Stock of International Banking Corporation, extension of 12/16 time within which to invest additional amounts Ilati°nal Marine Bank of Baltimore, Md., condition report, proper method of reporting repayments on in3/ 1 stallment loans, and for reserve purposes Northwestern National Bank of St. Louis, Mo., application for fiduciary powers approved upon conversion from 1/31 State bank 145 Cr National Bank and Trust Company, Nyack, N. Y., conversion into Nyack Bank and Trust Co., application of 12/20 State bank approved for membership increase National Bank of Columbus, Ohio, requested to 12/ 5 capital structure . qational Bank and Union Trust Company, Spokane, Washington, FRBank to advise Mr. Twohy that Board does not consider it appropriate to suggest postponement 1/ 5 of annual stockholders meeting no plan, thrift or National Bank, Knoxville, Tenn., savings 1/20 opinion of Board expressed on Republic National Bank, Dallas, Texas, to file application for voting permit in connection with membership of 1/ 9 Liberty State Bank Holding company affiliate, Board to determine status as, completion of membership of Liberty State Bank 1/16 deferred pending ruling by Board °Pinion that it will be holding company affiliate of Liberty State Bank, Dallas, Texas upon admission to mem1/19 bership General voting permit granted to vote stock of Liberty 2/27 8ebe.State Bank s uopol National Bank, Sebastopol, California, examination of 8/ 2 in connection with holding company affiliate 8ee,„ vrld National Bank of Boston, industrial loan made to Walker & Pratt Manufacturing Company, small loss on 1/16 commitment by FRBank anticipated See.,fid National Bank of Greenville, Ohio, surrender of fiduciary 3/11 powers approved Seer, 'nd National Bank, Jackson, Tenn., R. L. Beare ruled to be 7/27 executive officer under Regulation 0 8ecil . l'atY National Bank of Reno, Nevada, application for fiduciary 8/11 NIthpowers approved Philadelphia National Bank of Philadelphia, Pa., fiduciary 11/28 powers, surrender of South Shore National Bank of Chicago, Ill., permission to main1/31 tain reserves required of reserve city banks 8tatiR+4 --Les to be included in manual of banking and business sta10/13 tistics and combined with Board's statistics http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1586 287 146 1614 1507 10 93 30 58 80 273 966 59 347 930 995 1474 146 1267 185 Pages 4tital banks: (Continued) Irust funds, investment in property acquired from bank, advice to Comptroller that two types of cases described are in violation of Regulation F Union City National Bank, Union City, Mich., surrender of fiduciary powers approved National Bank of Bartlesville, Oklahoma, supplemental application for fiduciary powers approved on National Bank in Kansas City, Mo., possible violation of Regulation F relating to collective investment of trust funds, letter to Comptroller of the Currency Possible • violation of Regulation F a National Bank of Westminster, Md., fiduciary powers, application approved Utah State National Bank of Salt Lake City, Utah, affiliates, comments to be brought to attention of Comptroller of Currency tneY National Bank of New Orleans, Louisiana, refusal to submit report on form 464 concerning loans with maturities in excess of one year, FRBank of Atlanta to make another effort to secure report Wisconsin, schedules showing restricted or deferred payment of deposits, banks obtaining waivers from depositors, etc., during period 1930-1936, FDIC advised that clearance must be obtained from Comptroller before they can be furnished 1°11kers National Bank and Trust Company, Yonkers, N. Y., application for fiduciary powers approved when bank authorized to commence business is Aul co.:LBureau of Economic Research: 'Torate bond study being conducted as W.P.A. project, extension of assignment of Louis N. Dembitz to 14111str-al i loan applications, permission given for FRBanks to furnish information to research staff, and advice of action to FRBanks 411 -__ di "on consumer credit, memo of Mr. Davis stating that proposed schedule of information on consumer loans of banks to be sent out by Comptroller, FDIC and Board with December call, would round out 4kti studies by Bureau ItFo tmergenoy Council: Ilaatien booth in Federal building at New York World Fair, person to answer questions at information booth cannot be furnished by Board or FRBank of New Radio York script on FRSystem prepared at request of, copies transmitted to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/19 1600 8/ 3 970 7/10 898 6/29 7/ 7 854 888 5/11 630 9/ 8 1108 5/19 665 9/25 1180 5/26 701 10/27 1344 9/ 2 1087 11/ 3 1363-5 3/23 425 1/ 7 27 186 Pages Emergency Council: (Continued) "Q-10 script on FRSystem: (Continued) Letter to FRBanks on radio script presented in cooperation 2/15 229 with and on preparation of second script New script submitted to FRBanks 5/25 679 "lted States Information Service, permission to list book, The Federal Reserve System Its Purposes and Func6/ 1 713 tions, granted Hz Housing Act: 6971 amending, statement of Advisory Council read and given to Board to file with Banking and Currency Committees of Congress when bill comes up for ac11/21 1434 tual consideration °Posed bill to amend, draft of reply to Acting Director of the Budget on 377 3/17 ' S 2098 amending, report already made to Acting Director of the Budget, no further report to be made at this 5/ 9 616 time D. J., amendment to Sec. 22(g) of FRAct, loans to executive officers of member banks, draft left with 2/28 277 Board 4e4traii,_ V regulations, Board requested by State Department to send copies of any regulations issued, for transmission to Pan American Union, reply to State Department that none have as yet been promul4t 11/10 1410 gated but request will be borne in mind ' 41t3r Act of 1939, proclamation of President, statement with 11/17 1430 respect thereto, ordered published in Bulletin Jel.ft y: rate of interest to be paid by banks, etc., order of 6/21 807 Commissioner of Banking and Insurance uournal of Commerce, editorial on examination of banks by Federal authorities, letter of Mr. Ransom to editor of paper on, permission granted to pub3/ 3 302 lish pro.,:otock Exchange: Edward J., no objection to service as arbitrator in First 8/23 1029 FRDistrict eY of trading "on margin" and "for cash" for sample week in November, Division of Security Loans authorized to participate with SEC in negotiating with stock exchange for such survey, in connection with re4 v vision of SEC's reporting service 10/10 1244 'ork r ior.:14 Fair: °rmation booth in Federal building, employee of Board or (41eatiFRBank of New York not to be assigned to 3/23 425 -ons and answers on FRSystem furnished to United States In3/ 1 290 formation Service for use at Federal building http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 187 Pages No ILtOer banks= Savings Bank, Sebastopol, Calif., subsidiary of Sebastopol National Securities Co., reporting of stock of Baja ea Commerciale Italiana Trust Company, New York, N. Y., deposits assumed by Manufacturers Trust Co., approval of Board not required of Elkhart Lake, Wisconsin, assets to be purchased and liabilities to be assumed by Bank of Sheboygan, Wisconsin and branch to be established at Elkhart Lake Of Guerneville, Calif., subsidiary of Sebastopol National Securities Co., reporting of stock of Cabot Trust m-Company, Chicopee, Mass., absorption by Hadley Falls Trust Company, Holyoke, Mass., permission to Hadley Falls Trust Co. to establish branch in Chicopee in connection with Citizens Mutual Trust Co., Wheeling, W. Va., purchase of assets and assumption of liabilities by Wheeling Dollar Savings and Trust Co., approval of Board not required, but report as to progress will be appreciated 414zens State Bank, Bloomfield, Ind., merger with Bloomfield State Bank, and application of Bloomfield State Bank for membership in FRSystem approved Piret Trust Company in Oshkosh, Wis., consolidation with First National Bank in Oshkosh Grke% -"k4 Rapids Trust Co., Grand Rapids, Mich., consolidation with National Bank of Grand Rapids into First National Bank and Trust Co. of Grand Rapids "c‘na State Bank, Philipsburg, Montana, purchase of assets and assumption of liabilities by Metals Bank and Trust Co., Butte, Montana, no objection Ikrth Camden Trust Company, Camden, N. J., deposit liabilities assumed by Camden Trust Co. Pm— --"Qeton State Bank, Princeton, Mo.: Government securities, advice that arrangement whereby FRBank will send details of future offerings has been noted Missouri counties, transfer from Kansas City to St. Louis district, advice that letter will be considered when readjustment of boundary lines is taken up 4ellrities pledged as collateral to deposits of bankrupt estates, schedule of charges for safekeeping to be reviewed AnalY http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/2 965 2/ 3 166 1/ 9 32 8/ 2 965 12/ 7 1542 6/ 5 722 12/20 1618 12/13 1560 12/20 1621 11/ 7 1374 2/20 244 12/20 1624 12/20 1624 5/11 633 188 Pages NotIN-a_ --zuDer banks: (Continued) 'nate Commercial and Savings Bank, Zeeland, Mich., purchase of assets and assumption of liabilities by Zeeland State Bank, no objection to consolidation although statement should be obtained from bank that it will use current earnings to build up capital 6/5 723 "On 040: Agt. icultural loan statistics of Ohio State member banks classified by counties as of June 30, 1939, to be sent to Ohio State University, provided they will not make data available in such way that it would make it possible to identify figures of any individual bank cenn.4, tion statements of State banks in, revised form for use in Obi -publication of 4 Ate University: 6 lcultural loan statistics of Ohio State member banks classi' fied by counties as of June 30, 1939, to be sent to, provided they will not make data available in such a way that it would be possible to ktv identify figures of any individual bank James C., resolution introduced in House by, that would bring scope of investigation into banking 01Neill., c. field J.: (See National banks, National Bank and Trust Co. at Charlottesville, Va.) 9/29 1200 3/23 423 9/29 1200 3/17 382 6/ 6 735 1/10 34 2/27 269 6/23 824 6/30 863 4Ailtlrket account: bills to run off without replacement or sale of bonds, GOV..discussed by Federal Advisory Council TlIment security market, memorandum prepared by Mr. Piser to be given further study and held on docket Memorandum of Mr. Piser to be considered at full meeting of Board Memo of Mr. Piser made special order for this meeting, passed over and to be brought up at subsequent meeting Memo of Mr. Piser to be considered at meeting of Board when °Dell all members are present (14alicet operations: -tldential relationship between local FRBank and member banks suggested by Mr. Evans at Advisory Council meeting, in connection with buying and selling operations Statement by Mr. Brown that plan had been approved in Chicago for putting into effect during period such as present http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/10 1233 10/10 1240 189 Pages °Pe et operations: (Continued) ks acting in confidential relationship in own district for member banks in buying and selling in open market, suggestion of Mr. Evans at Advisory Council meeting, discussed Statement by Mr. Brown that plan had been approved in Chicago for putting into effect during period such as present War in Europe, review by Mr. Eccles for Conference of Chairmen of actions taken by System in Government securities market because of unsettled conditions ()Pe rating ratios of member banks for 1938, forms to be supplied by FRBanks for project being undertaken by FRSystem and FDIC P°1'141 P.R. 456 revised and sent to FRBanks with request that they be filled out and returned, and advice that Board will do work of calculating averages if FRBanks so desire Orcieririables covering averages for 1938 sent to FRBanks pit 10/10 1233 10/10 1240 12/ 5 1511 3/17 386 12/ 6 1530 12/ 6 1530 -unition of, opinions by various members of Federal Advisory 10/10 1226 Council Pect,,& -ral Advisory Council resolution recommending that market price of Government bonds should be allowed to find its natural level, free of official intervention, as rapidly as possible consistent 10/10 1225 with an orderly market ttpt all Am Ne!fican Union: 'Q'slity of U.S. in present European conflict, request byState Department that Board send copies of any regulations, orders or notices dealing with, for transmission to Pan American Union, reply to State Department that none have as yet been promulgated but that request will be borne in mind system, discussion at meeting of Federal Advisory Council with Board Petri, 'ing privilege in connection with distribution of, letter to Assistant Postmaster General on interpretation of law issue manner of showing banks collected through intermediary towns, etc., letter to FRBanks Albert, reply to inquiry on common trust fund proposed to be operated by Colonial Trust Co. of New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/10 1410 2/14 218 5/26 692 6/23 831 2/10 194 190 Pages - Ships, loans to, limitation on aggregate amount secured by stock or bond collateral to general partner of limited , Nvm ents:11) Francis X: (See Federal Home Loan Bank Board) vqt Board of Governors: Dinner for Chairmen of FRBanks and members of Board, to be arranged by Secretary Johnson, Sven, doctors bills in connection with treatment of injuries to feet approved Stewart, Mrs. Phyllis E., for hospital and doctor's bill in connection with fall on ice in Board's parking Collot e) Judge, by FRBank of Philadelphia, additional amount for legal services approved 01r4 v-Lagton, Burling, Rublee, Acheson and Shorb, payment by FRBank of New York for services in case of British-American Tobacco Co. v. FRBank of New /1)3arlicYork, approved Of Boston, professional services and disbursements in connection with industrial loans 111Saxike: Bankers' meetings, expenses incurred in connection with, no objection to absorption by FRBanks, but banks not to be advised of action at present time Stockholders' meetings, traveling expenses of representatives, no objection to absorption by FRBanks, but banks not to be advised of action at present and Cahn, no objection to payment of legal fees by FRBank of New York in connection with case of Mosier Radio Service v. FRBank of New York 811n1t41) Edward J., payment by Atlanta bank in connection with services in case of University of the South v. Nashville Branch, approved 041rania: 48 -°ndition statements of State banks in, revised form for use P in publication of etIllenv contra Bankers Association: ttee on Mortgage Investment, hearing to be arranged by Messrs. Morrill and Wingfield in connection with request for amendment to Regulation F to allow common trust funds composed principally of mortgages Advice to Committee that Dec. 14, 1939 was suitable to Board, and invitation extended to FDIC and Comptroller to have representatives present Hearing held, list of arguments received by Board from various sources ordered sent to Mr. Berger so that committee could submit review of comments if it wished http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/20 402 1/27 115 8/ 2 961 1/20 90 9/20 1164 12/18 1590 8/14 1002 12/22 1638 12/22 1638 12/11 1551 9/ 8 1106-7 3/23 423 11/ 3 1366 11/22 1455 12/14 1566 191 Pages 44/1—, 71xania Bankers Association: (Continued) `410mittee on Mortgage Investment: (Continued) 12/14 Nrs Luncheon on date of hearing, cost to be borne by Board brief Q118, J. C., visit to Mr. Ransom to request Board to file 3/17 in test suit (See also National banks, First National Bank of Birmingham, Ala.) Photo graPhs, buildings of FRBanks and branches, recent prints re3/29 quested tac• examinations: 111, Joanna, temporary appointment made effective without ' being subject to examination, and permitted to become member of Retirement System at beginning of payroll period after she has corn9/25 pleted examination K' becomming in take to required zmaler, Mrs. Anna M., not 2/ 1 member of Retirement System Tern "Torary appointment made effective without physical examination, and Miss Joanna Eakin permitted to become member of Retirement System at beginning of payroll period after she has completed her exami9/25 nation Lt, Haskell P., accepted as a member of Board's staff in 5/19 ttt spite of high and irregular pulse respect Senator Key, draft of reply to letter from, with to silver question to be prepared by Mr. Golden?cat 3/28 weiser )record: Of Governors: 11/ 8 Regulation G, entry covering repeal, approved 1/ 9 approved to, amendments Regulation L, entry on 11/ 8 , 11egulati0n 0, amendment to, entry approved ' Iegulation T, amendment to provisions relating to cash transactions and loans by one member of exchange to 11/ 8 another, entry approved Fede F.sal Open Market Committee: tntries covering actions taken at meetings on March 7, 20, April 19, June 21, and September 18, 1939, drafts sent to committee members with request P°It 12/13 for comments or suggestions tical Pati affiliations of officers and directors: ank of Philadelphia, letter from Gerald F. Crowell to Senator 7/21 Guffey inquiring as to requirement for arbitrator service as Edward J., no objection to 8/23 New York Stock Exchange -"ta-cler, Robert L., service as member of Finance Committee of 1/25 Town of Needham, Mass., no objection to Thorn, State of member as service W. Frank, Baltimore Branch, 9/ 7 Roads Commission, Board will take no action Z http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1568 377 455 1176 148 1176 662 445 1405 33 1405 1405 1564 923 1029 106 1100 192 Pages NO11.4., of towns: ktoo,a, 'A-Land, Kansas, Goodland State Bank eligible for membership 2/28 Postwithout increase in capital poffice Department: -uLl-rig privilege, restriction of use by departments of Government, letter on application to FRBulletin and 5/19 other material issued by Board to be prepared Pl'anking of publications of Board, letter on interpretation of Treasury Post Office Appropriations Act as re5/26 lating to publications of Board ShiMents of currency by private armored cars by FRBank of 1/26 Philadelphia, letter to Mr. North N)at offices in FRBank buildings, reimbursement for part of expenses incurred in connection with, advice to Mr. Hamilton that taking up matter with Post Office Department would avail nothing at present, but that matter will be discussed with him when in 12/ 6 Washington for Presidents' Conference sa . of rates maximum of vings deposits, effect of reduction interest under Regulation Q on, to be taken up 11).Neipt 5/19 with Post Office Department NI_ of the United States: rle, Lauchlin, request that Board grant leave of absence for one year to become administrative assistant 7/10 to MetetarY prepared reply problems and stabilization of prices, 2/16 for letter from Senator Thomas Re gulations re credits to belligerents, statement relating to, PNa 10/17 ordered published in Bulletin 44ta tements: ances to member and nonmember banks on Government obligations at par, form in which to be released at proper 8/28 time St 9/ 1 atement approved for release C t41 contribution loans between members of national securi8/18 ties exchange, ruling on Regulation T 7/31 'collection procedure, changes in : Kte "ion of Time by Committee of Exchange after Original Period Has Expired, copies sent to FRBank of 3/17 Boston 111Ban " weekly statement: Secured by U. S. Government obligations, direct or fully guaranteed", caption changed to "Secured by U. S. Government obligations, direct and 9/ 5 guaranteed" orp-4'easuryn eliminated from captions, "Treasury bills" and 9/ 6 "Treasury notes" 'S. Government securities", caption changed to read "U.S. 9/ 5 Government securities, direct and guaranteed" http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 283 658 689 112 1531 659 896 234 1300 1052 1078 1024 951 392 1090 1095 1090 193 Pages l'11388 statements: (Continued) Interdistrict time schedules, not advisable to change base from 998 8/11 calendar days to business days ber bank weekly statement: 2/ 8 190 P°rm of, no change to be made for time being of classification Loans, advice to Dun & Bradstreet that 9/12 1112 loans will be found in July Bulletin lionetary and credit action, statement prepared in considering report on S. 2045 (Brown Bill), and recommending 500 4/ 7 appointment of committee to study problems ti°fleta of measures and objectives, recommending committee Congress be appointed to study, report of conversation with Secretary of Treasury as to why 510 4/10 he was not advised of statement in advance Olathlreak of hostilities abroad, to be released in event of, 583 4/27 copies sent to presidents of FRBanks Revised form of press statement to be released in event of, 713 6/ 1 copies sent FRBanks Nalcation of reports submitted to committees of Congress on 333 3/10 proposed legislation, general policy discussed Reepw, 1648 12/26 10,0.44-ation G adopted, effective as of February 1, 1940 'nUlation L, amendment extending effective date of Sections 957 8/ 1 3(a) and 3(e) to February 1, 1940 Re ation 0, amendment to definition of executive officer, 6/23 822 etc. T, amendment to provisions relating to cash transactions and loans by one member of exchange to 612 5/ 9 another 8p010... "ne Branch, decision not to reestablish, no objection to 8 1/ 5 FRBank giving out statement Stab4,. 4.4.1zation of prices, statement to be used in report on S. 333 3/10 1057 and similar inquiries, release approved GoldMr. by prepared be to statement supplemental of Draft 1519 467 3/31 enweiser for use by Board -...lzation of agricultural and commodity prices by regulation of the value of the dollar, reply to be 159 prepared on S. 1057 / /13 6 234 atm.RePY prepared for President to letter from Senator Thomas "ement prepared by Messrs. Wyatt and Goldenv.reiser containing comments on bills, another draft to be pre238 7 2/17 pared and submitted to Board 238Lat ment prepared by Messrs. Davis and Eccles to be sent to Senate Committee on Agriculture and Forestry Oel 267 2/27 and used as basis for other replies °ns of President of the United States: 'ality Act of 1939, statement with respect to proclamation, 11/17 1430 ordered published in Bulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 194 Pages cations: i.oard of Governors: Exhibit at convention of Special Libraries Association, list of material for The Federal Reserve System Its Purposes, Functions and Organization, prepared by Ir. Hammond, publication and distribution approved and details referred to Mr. Davis Permission granted National Emergency Council to list Printing of additional 40,000 copies authorized Letter to all banks in United States for opinion of interest and value of book and their suggestions in preparation of future material Copy to be sent to each appointee as director of FRBank or branch ?Rs Printing of additional paper bound copies authorized ark of Chicago: Pamphlet showing major operations and expenses of bank for distribution to visitors, objection to publication of certain tables Publication of pamphlet approved otudies on economic and monetary matters prepared by Mr. Phillips, letter from President Schaller on distribution of Distribution of articles -?k of Cleveland: 4Our Nation Wide Facilities", folder to be distributed by FRBank of Cleveland to member banks, changes in wording suggested Proceedings in connection with unveiling of bas relief of Senator Glass, copies of pamphlet sent to and member, banks FRBanks hocie ' 8 registered on national securities exchanges, list and supplements, letter to FRBanks on number of copies required "J-ngton Banking Trends and Backgrounds, request for inclusion in weekly letter the contents of report of Board on Trust Indenture Bill 4-4mlttee: P°1‘t being included in statement under preparation by Securities and Exchange Commission for Monopoly Investigating Committee 5/ 3 601 3/28 6/ 1 6/23 437 713 824 8/25 1042 9/12 1111 12/ 4 1499 3/ 3 304 348 :/951 /1 1 31 9/12 1113 1/6 23 1/25 107 2/20 245 3/17 382 3/ 3 302 1/30 127 HRH Ernest E., reply to inquiry on service of director of national bank as director of Federal savings and loan association http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 195 Pages 440 t„1.!Mgram5: 'mienk of Minneapolis, recordings played at Board meeting by Mr. Peyton, and voted that no objection be offered to programs as outlined, with understanding that recording of each program would be 10/18 1302 sent to Board benefit for played to be broadcast programs Recordings of 12/ 1 1482 of Conference of Chairmen Conference of for Recordings to be played by Mr. Davis RkLio 12/ 5 1524 Chairmen 8cript on FRSystem prepared at the request of National Emergency Council, copies sent to FRBanks for co1/ 7 27 operation in preparing program Let ter to FRBanks for questions on result of first script before 2/15 229 preparation of another New 679 5/25 'Atess ecriPt prepared and copies sent to FRBanks ell °flers, revision of monthly series of rates charged by banks in 36 cities, plan submitted by Mr. Goldenweiser and letter to FRBanks approved 4ecount. Memo prepared by Dr. Goldenweiser at request of Board placed on docket for consideration at Board meeting at which majority of members are present Reserve Bank of India, changes to be cabled to Board rather than changes at Imperial Bank PRBan k of Atlanta:Advances to member and nonmember banks on Government securities at par, reduction will be approved by Board, letter to FRBank Rate approved Advances to member banks under paragraph 8 of Sec. 13, rate of 1% approved Advances to nonmember banks secured by Government obligations at par, rate approved Schedule of discount and purchase 3/10 345 7/18 913 5/11 634 9/13 1119 9/15 1143 9/15 1143 9/ 1 1080 15 1/ 6 1/20 2/3 2/17 2/24 3/10 3/24 4/7 4/21 5/5 5/19 6/2 6/16 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 83 157 236 251 330 426 505 556 602 651 715 783 196 Pages kateA , (Continued) idank of Atlanta: (Continued) Schedule of discount and purchase: (Continued) 6/30 7/17 7/28 8/11 8/25 9/ 8 9/15 9/29 10/13 10/23 11/ 3 11/17 12/ 1 12/15 12/29 862 910 936 995 1047 1103 1143 1196 1265 1320 1362 1426 1481 1580 1661 Schedule of discount and purchase approved except rate on advances secured by direct obligations of the United States '11Batik of Boston: Advances secured by direct obligations of the United States, consideration should be given revision of Advances to member banks under Sections 13 and 13-a, rate approved Advances to nonmember banks secured by Government obligations, bank to be notified before announcement of policy by Board Rate approved Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/25 1047 8/25 1047 9/ 1 1079 8/29 1057 9/ 1 1079 15 1/6 83 1/20 2/3 157 2/17 236 3/ 3 296 3/17 376 3/31 460 4/17 533 4/28 584 5/12 637 5/26 681 6/9 751 6/23 815 7/7 879 7/21 920 8/4 974 8/18 1019 197 Pages kite.!,_ , (Continued) rmank of Boston: (Continued) Schedule of discount and purchase: (Continued) PR8ank of Chicago: Advances to individuals, partnerships and corporations, proposed by directors in case of disturbances abroad Review due to disturbances abroad, should be considered further by directors dA vances to member and nonmember banks secured by Government obligations in event of outbreak of hostilities abroad, directors to give further consideration to Request that directors give further consideration to Rate approved Review due to possible disturbances in market as result of political developments abroad, action of direc— tors on Board's letter Request that directors give further consideration to review at next meeting Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/ 1 9/15 9/29 10/13 10/27 11/10 11/24 12/ 8 12/22 1079 1137 1196 1266 1343 1406 1457 1546 1628 6/30 864 7/ 7 881 5/16 645 7/10 897 9/ 1 1080 6/30 864 7/ 7 1/ 6 1/13 1/27 2/3 2/10 2/24 3/3 3/10 3/24 3/31 4/17 4/21 4/28 5/5 5/12 5/19 5/26 6/2 6/16 6/23 6/30 880 15 52 116 157 191 251 296 330 426 460 533 556 584 602 637 651 681 715 783 815 862 198 Pages Rate 8' (Continued) PliBank of Chicago: (Continued) Schedule of discount and purchase: (Continued) 7/7 7/17 7/21 7/28 8/4 8/11 8/18 8/25 9/ 1 9/ 8 9/15 9/22 9/29 10/ 6 10/20 10/27 11/ 3 11/10 11/17 12/ 1 12/ 8 12/15 12/29 879 910 920 936 974 995 1019 1047 1080 1103 1137 1170 1196 1215 1315 1343 1362 1406 1426 1481 1546 1580 1661 PRBank of Cleveland: Advances to individuals, partnerships and corporations secured by Government securities at par, rate approved Rate approved Ad ances to member and nonmember banks secured by Governv ment securities, Messrs. Bethea and Vest appointed to report on telegram from FRBank Rates applicable for 90 days to member banks and 15 days to nonmember banks, FRBank to be advised that it should not discriminate between banks Rate approved with regular schedule Advances to nonmember banks secured by Government securities at par, rate approved Advances secured by direct obligations of the United States, consideration should be given to revision of Action conditioned on outbreak of hostilities should be modified Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/ 1 1080 9/16 1152 9/15 1138 9/15 1143 9/16 1152 9/ 1 1080 8/25 1047 8/29 1056 15 1/ 6 1/20 2/3 2/17 3/ 3 3/17 3/31 83 157 236 296 376 /460 199 Pages R;Lt eLs (Continued) 'ilbank of Cleveland: (Continued) Schedule of discount and purchase: (Continued) 4/17 533 4/28 584 5/26 681 6/9 751 6/23 815 7/7 879 7/21 920 8/4 974 8/18 1019 9/ 1 1080 9/16 1152 9/29 1196 10/13 1265 10/27 11/10 11/24 12/ 8 1343 1406 1457 1546 12/22 1628 ank of Dallas: Advances to member and nonmember banks on Government securities, Messrs. Bethea and Vest appointed to report on telegram from FRBank Rate approved Advances to member banks under paragraph 8 of Sec. 13, rate approved Advances to nonmember banks secured by Government securities, rate approved Schedule of discount and purchase 9/15 1138 9/15 1144 9/15 1144 9/ 1 1081 1/6 15 52 1/13 1/27 116 2/10 191 2/24 251 3/10 330 3/24 426 4/7 505 4/17 534 5/12 637 5/26 681 6/9 751 6/23 815 7/7 879 7/17 910 7/28 936 8/25 1047 9/ 8 1103 9/15 1144 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 200 Pages Rates: (Continued) r mank of Dallas: (Continued) Schedule of discount and purchase: (Continued) Schedule of discount and purchase approved but action on emergency rate deferred Schedule of discount and purchase approved except rate on advances secured by direct obligations of the United States PRBank of Kansas City: Advances secured by direct obligations of the United States, consideration should be given to revision of Advances to banks on Government securities, telegram to FRBank stating that it may wish to consider establishing schedule which would make it clear that rates established applied to advances to member banks as well as nonmember ordered sent by wire to other FRBanks Advances to member and nonmember banks on Government securities, Messrs. Bethea and Vest appointed to report on telegram from FRBank Rate approved Ad ances to member banks under paragraph 8 of Sec. 13, rate v approved Advances to nonmember banks secured by Government securities at par, Mr. Morrill to advise FRBank that rate of 2% was not approved, and that in absence of action by FRBank: the Board would take action to fix rate at 1.'24 Rate approved Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/29 10/13 10/27 11/10 11/24 12/ 8 12/15 12/29 1196 1265 1343 1406 1457 1546 1580 1661 4/28 585 8/25 1047 8/25 1047 9/13 1122 9/13 1122 9/15 1138 9/15 1144 9/15 1144 82 9/ 1 : 4 3-4 1/ 6 15 1/20 2/3 2/17 3/ 3 3/17 83 157 236 296 376 4 3.A. 4/28 5/12 5/26 6/9 6/23 7/ 7 43 0 584 637 681 751 815 879 201 Pages 4ten (Continued) 11111Unk of Kansas City: (Continued) Schedule of discount and purchase: (Continued) 7/28 8/4 936 974 1019 1083 1144 1196 1266 1343 1362 106 1457 1546 8/18 9/ 1 9/15 9/29 10/13 10/27 11/ 3 11/10 11/24 12/ 8 12/15 1580 12/22 Pllaank of Minneapolis: A vances to individuals, partnerships, and corporations, no d action at present time but will be taken promptly 5/16 if disturbances develop 9/ 1 Rate approved Advances to member and nonmember banks on Government securi9/15 ties, rate approved Advances to nonmember banks secured by Government securi9/ 1 ties, rate approved Emergency rate, approval of schedule of rates does not ap4/28 ply to 1/ 6 Schedule of discount and purchase 1/13 1/27 2/10 2/24 3/10 3/24 4/ 7 4/17 4/28 5/12 5/26 6/9 6/23 7/7 7/17 7/28 8/11 8/25 9/ 8 9/15 9/29 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1628 646 1081 1137 1081 584 15 52 116 191 251 330 426 505 533 584 637 681 751 815 879 910 936 995 1047 1103 1138 1196 202 Pages Rates. (Continued) 'alliank of Minneapolis: (Continued) Schedule of discount and purchase: (Continued) 10/13 10/27 11/10 11/24 12/ 8 12/15 12/29 Schedule of discount and purchase approved except rate on advances secured by direct obligations of the United States Schedule of discount and purchase approved except that Board approves rate of 1L-% on advances to banks oriGovernment securities Pkgank of New York: Advances to individuals, partnerships and corporations on Government securities, request that bank confirm Board's understanding that rates on advances to banks on Government securities, also applies to these advances Advances to member and nonmember banks on Government securities, request that bank confirm Board's understanding that rate established for, applies also to advances to individuals, partnerships and corporations on Government securities Advances to nonmember banks secured by direct obligations of United States, rate of one per cent approved Differential between and those in effect at other FRBanks, Mr. Goldenweiser to study and submit report Ilmergency rate, approval of schedule of rates does not apply to Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1265 1343 1406 1457 1546 1580 1661 8/25 1047 9/15 1137 9/22 1169 9/22 1169 8/25 1047 7/ 7 880 4/28 1/ 6 1/13 1/20 1/27 2/3 2/10 2/17 2/24 3/3 3/10 3/17 3/24 3/31 4/7 4/17 4/21 4/28 584 15 51 83 115 157 191 236 251 296 330 376 426 460 505 533 556 584 203 Pages Llten (Continued) ''xbank of New York: (Continued) Schedule of discount and purchase: (Continued) 5/ 5 602 5/12 637 5/19 651 5/26 681 6/ 2 715 6/ 9 751 6/16 783 6/30 862 7/ 7 879 7/17 910 7/21 920 8/ 4 974 8/18 1019 8/25 1047 9/ 1 1084 9/ 8 9/15 9/22 9/29 10/ 6 10/20 10/27 11/ 3 11/10 11/17 12/ 1 12/ 8 12/15 12/22 12/29 of Philadelphia: Advances secured by direct obligations of the United States, consideration should be given to revision of Advances to individuals, partnerships, or corporations se— cured by Government obligations at par, rate approved Advances to member and nonmember banks on Government securi— ties, rate approved Advances to nonmember banks secured by Government obligations at par, rate approved Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1103 1137 1169 1196 1215 1315 1343 1362 1406 1426 1481 1546 1580 1628 1661 8/25 1047 9/ 1 1079 9/15 1137 9/ 1 1079 1/6 15 1/20 2/3 2/17 157 83 3/3 3/17 3/31 296 376 460 236 204 Pages ntinued) (C° Philadelphia: (Continued) 'allankof Schedule of discount and purchase: (Continued) % 7 53; /4/17 Schedule of discount and purchase approved except that Board approves rate of 1,13% on advances to banks on Government securities PI1136--tik of Richmond: Advances to individuals, partnerships and corporations secured by Government securities, rate approved Advances to member and nonmember banks on Government securities, rate approved Advances to nonmember banks secured by Government securities, rate approved Schedule of discount and purchase http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/21 556 5/5 5/19 6/2 6/16 6/30 7/7 7/21 8/4 8/18 9/ 1 9/15 9/29 10/ 6 10/20 11/ 3 11/17 12/ 1 12/15 12/29 602 651 715 783 862 879 920 974 1019 1079 1137 1196 1215 1315 1362 1426 1481 1580 1661 9/15 1137 9/ 1 1080 9/15 1137 3. 10E15 /6 71 0 1/13 1/27 2/10 2/24 3/10 3/24 51 115 191 251 330 426 4 4%17 4/28 5/12 5 5353 584 637 5/26 6/9 6/23 681 751 815 205 Pages 'late 8: (Continued) PRBank of Richmond: (Continued) Schedule of discount and purchase: (Continued) 7/ 7 7/17 7/28 8/11 8/25 9/ 8 9/15 9/29 10/13 10/27 11/10 11/24 12/ 8 12/15 12/29 Schedule of discount and purchase approved except rate on advances secured by direct obligations of the United States Schedule of discount and purchase approved except that on advances to memBoard approves rate of ber and nonmember banks on Government securi— ties '11113arik of St. Louis: Advances to member and nonmember banks secured by Government securities at par, rate approved Rate approved Advances to member banks secured by Government securities at par, rate approved Advances to nonmember banks secured by direct obligations of United States, advice of no change and will be considered at full meeting of board of direc— tors on Thursday Schedule of discount and purchase 8/25 1047 9/15 1137 9/ 1 1081 9/15 1138 9/20 1162 8/29 1060 1/6 1/13 1/27 2/10 2/24 3/ 3 3/17 3/24 4/7 4/17 4/28 5/12 5/26 6/9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 879 910 936 995 1047 1103 1137 1196 1265 1343 1406 1457 1546 1580 1661 15 52 116 191 251 296 376 426 505 533 584 637 681 751 206 Pages IlateA (Continued) 'Ithiank of St. Louis: (Continued) Schedule of discount and purchase: (Continued) 6/23 6/30 7/17 7/28 815 862 910 936 8/4 974 8/18 1019 9/ 1 1081 9/15 1138 9/29 1196 10/13 1265 10/27 11/10 11/24 12/ 8 12/15 12/29 1343 1406 1457 1546 1580 1661 Schedule of discount and purchase approved except that Board approves rate of 1% on advances to banks 9/15 1138 Government securities on ?RBI ank of San Francisco:' Advances to member and nonm.ember banks on Government secur9/22 1170 ities, rate approved Advances to nonmember banks secured by Government securities 9/ 1 1081 at par, rate approved 1/6 Schedule of discount and purchase 15 1/13 52 1/20 83 1/27 116 2/3 2/10 2/17 2/24 3/3 3/10 3/17 3/24 4/ 7 4/17 4/21 4/28 5/5 5/19 5/26 6/2 6/9 6/16 6/30 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 157 191 236 251 296 330 376 426 505 534 556 584 602 651 681 715 751 783 862 207 Pages z. (Continued) IrtiBarik of San Francisco: (Continued) Schedule of discount and purchase: (Continued) tIz 7/ 7 879 7/21 920 7/28 936 8/4 974 8/11 995 8/18 1019 8/25 1047 9/ 1 1081 9/ 8 1103 9/15 1137 9/22 1170 9/29 1196 10/ 6 1215 10/13 1265 10/20 1315 10/27 1343 11/ 3 11/17 11/24 12/ 1 12/ 8 12/15 12/22 12/29 Schedule of discount and purchase approved except rate on advances secured by direct obligations of the United States Schedule of discount and purchase approved except that Board approves rate on advances to member and nonmember banks on Government securities 1118anks: Advances to Federal Home Loan Banks on Government securities at par, applicability of rates set for similar advances to member and nonmember banks, counsel requested to prepare memo for use by Chairman Eccles in anticipated telephone conversation with presidents of FRBanks Advice that they are included under rates applicable to nonmember banks Advances to member and nonmember banks on Government obligations at par, formal press statement to be released at proper time Press statement approved for release Advances under Section 10(b) of FRAct, uniformity recommended by Mr. Goldenweiser at Conference of Chairmen, and that rates should not exceed regular discount rates by more than 11% http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1362 1426 1457 1481 1546 1580 1628 1661 8/25 1047 9/22 1170 9/ 6 1093-4 9/25 1181 8/28 1052 9/ 1 1078 12/ 5 1511 208 Pages (Continued) FRBanks: (Continued) Board of Governors to fix rate in absence of action by 9/ 1 FRBank Emergency rate proposed by FRBank of Dallas to be considered in connection with similar action by other 4/28 FRBanks at later date Rediscount: Policy in case of outbreak of hostilities in Europe, questions to be presented to directors of 4/7 FRBanks Reasons for changes, desirability of program of preliminary discussions between Board and FRBanks, 12/ 5 discussed at Conference of Chairmen Reduction in to be studied and report submitted by Dr. Goldenweiser 7/ 7 Memorandum of Mr. Goldenweiser discussed and placed 8/16 on docket for full meeting of Board later Uniform rates at all FRBanks, reply to Mr. Neely, FRBank of Atlanta, that question has been under consideration, and was one that might well be considered by Conference of Chairmen 10/17 Letter approved and ordered transmitted 10/19 Desirability discussed by Mr. Goldenweiser and 12/ 5 others at Conference of Chairmen Speculative conditions in a district or generally throughout nation, relation of rates to, discussed at 12/ 5 Conference of Chairmen terest, changes in schedule considered, to be taken up with FDIC and Post Office Department 5/19 il7 nlarketable assets: ank Shares Corporation, Minneapolis, Minn., assumptions relating to requirements of subsections (b) and (c) 8/7 of Sec. 5144 ' "Ings 1 or profits devoted by holding company affiliates to acquisition of certificates from Board showing amounts of, in connection with credits allowed under Revenue Act of 1936 10/ 3 Ill ' allsamerica Corporation, San Francisco, Calif., reserves, legal question re determining amount of marketable assets held as, opinion from Counsel Collins, and request for reconsideration of Board's views re proper construction of Sec. 9/19 5144 R.S., discussed Letter to Mr. Collins that matter is being considered in 9/20 light of his comments Letter to Mr. Grant, President, giving reasons for feeling that reversal of opinion previously expressed is not warranted, sent to Mr. Clerk for transmittal 10/23 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1082 585 509 1513 880 1010 1297 1314 1511 1512 659 980 1203 1158 1163 1324 209 Pages -4, estat e: Cita zens State Bank, Houston, Texas, condition report, letter to Mr. Evans re correct manner of showing real 10/31 Re estate under contract in report 4Ptions: jacksonville Branch on completion of renovation of building, no 6/15 objection to expenditure 1 ?truction Finance Corporation: ,,..n. oritinuation 3/17 of, statement to be published in FRBulletin ' 46Lnli-riers invited to have luncheon in Board's dining roan on 8/2 August 3 Irizm introduced in bills enterprises, -ranee on loans to business 5/ 9 Senate providing for insurance on Loeal provided in be agency at Dallas, suggestion that space Recordi 8/16 FRBank building for rigs for radio programs to be prepared by FRBank of Minne10/18 apolis, topics approved s: 'hated service certificates, letter to Mr. Hines on repeal of 1/ 6 Regulation G Letter to FRBanks on treatment of applications 4/ 6 Draft of policy entry covering repeal of Regulation G, ap11/ 8 proved -"ces by FRBanks to member and nonmember banks on security of U.S. obligations at par at discount rate in 5/ 9 event of armed conflict abroad Letter to FRBank of Chicago for further consideration of 5/16 directors in View of action by other FRBanks Adaht Press statement approved 9/ 1 nces to nonmember banks secured by Government obligations in event of political disturbances abroad, letter 5/16 to Mr. Powell on action of directors of FRBank cre2.,etter to Mr. Harrison on action of directors of FRBank 5/16 `41t union notes as basis for extension of credit, statement to be published in FRBulletin 4/17 1118tall'Ilent paper, difficulties experienced in discounting operations of FRBanks, letter to Mr. Clerk on 4/12 140te - given by credit unions to banks, letter to Mr. Evans of 3/20 Farm Credit Administration on 'late . 44,8- (See Rates) ivAioar., • of Governors: -branch bank directors, amendment providing that no branch director may continue such service after appoint9/ 8 ment as director of FRBank 8ranch banks, FRSystem, operation of, proposed regulations outlined in letter to FRBanks with request for 12/19 comments D: 1 Amendment to agree with Regulation J recommended by Committee on Collections Standing http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/10 1350 779 394 967 617 1007 1302 23 498 1405 619 645 1078 646 646 536 523 399 1105 1601 515 210 Pages e6u-Lati (Continued) Board of Governors: (Continued) F: Amendment permitting operation of common trust funds composed principally of mortgages, statement that majority of Board members and staff were opposed to amendment, and Messrs. Morrill and Wingfield requested to arrange for hearing for Committee on Mortgage Investment Funds of Penn11/ 3 sylvania Bankers Association Advice to Committee that Dec. 14, 1939 is suitable to Board, and invitations extended to FDIC and 11/22 Comptroller to have representatives present Hearing for Pennsylvania Bankers Committee held, list of arguments received by Board from various sources ordered sent to Mr. Berger so that committee could submit review of com12/14 ments as it wished to make Amendment adding footnotes and changing numbering of 11/ 7 existing footnotes Statement with respect thereto, ordered published 11/17 in FRBulletin Amendment to section 11 suggested, letter to Mr. Carroll of Committee of Trust Policies, Trust 8/17 Division, American Bankers Association Footnote to sections 12 and 10(c), inquiry of Mr. Bloom 1/3 on interpretation of Investment of trust funds by national banks in obligations or property acquired from bank or its directors, officers or employees, or their interests, operations of National Bank and Trust Co. at Charlottesville, Va. seem to fall within 9/15 provisions of regulation Advice to Comptroller that two cases described are 12/19 in violation of Regulation F Self-dealing in administration of trusts, amendment discussed and letter to Trust Division of American Bankers Association suggesting appointment of 5/26 Committee to confer with Board on Letter to Comptroller of Currency recommending amendment of section, discussed in light of American Bankers Association recommendations, and ap10/ 6 proved for transmittal G, Rediscount of Notes Secured by Adjusted Service Certificates, letter to Administrator of Veterans Af1/ 6 fairs on proposed repeal of Repeal of, and letter to FRBanks on applications for 4/ 6 notes secured by such certificates 4/17 Statement on repeal to be published in FRBulletin apBoard, Draft of entry on repeal for policy record of 11/ 8 proved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1366 1455 1566 1380 1430 1017 53 1147 1600 685 1218 23 498 536 1405 211 Pages ,b4 tatlons: (Continued) board of Governors: (Continued) G, Noncash Items: Memo of Mr. Vest submitting revised draft of proposed 9/15 regulation, referred to at meeting Paragraph authorizing FRBanks to accept from individual drawees in remittance for noncash items, bank drafts, officers' checks, etc., statements by Messrs. Wyatt and Smead that paragraph should 9/15 not be included in proposed regulation Revised form of proposed regulation sent to FRBanks with advice that uniform paragraphs for FRBank circulars will be considered by Standing Committee on Collections, and that municipal warrants 9/15 should be stamped Advice to Mr. Gilbert that regulation is entirely permissive and does not contemplate any changes in existing practices of FRBanks, and that adoption of uniform indorsement in handling municipal warrants had been found not feasible after dis11/16 cussion Advice to FRBanks that regulation will be adopted when drafts of revised circulars have been received and reviewed, and request that two copies of revised circular be sent to Board 12/14 Regulation adopted, effective as of February 1, 1940, and press statement and letter to FRBanks approved 12/26 (See also infra Noncash collections) H: Revision of, adopted and set forth in minutes Statement with respect thereto, ordered published in FRBulletin Index in pamphlet form, printing deferred until after adjournment of Congress J: Procedure for consideration and adoption Revision adopted, to be effective at later date Adopted as amended Statement on revision to be published in FRBulletin L Interlocking Bank Directorates Under the Clayton Act: Amendments, entry for policy record approved Amendment extending effective date of Sections 3(a) and 3(e) to February 1, 1940 Statement on amendment to be published in FRBulletin Amendment permitting interlocking relationship between trust companies which do not accept deposits and member banks not authorized to exercise trust powers, Counsel's Office directed to draft http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1140 1141 1142 1423 1578 1643 11/ 7 1381 11/17 1430 3/27 433 4/ 4 490 5/26 695 7/31 945 8/15 1004 1/9 33 8/ 1 957 8/15 1004 12/ 1 1483-5 212 Pages 10_ ims: (Continued) rd of Governors: (Continued) L: (Continued) Amendment: (Continued) Amendment ordered sent to Advisory Council, Comptroller of Currency and American Bankers Association for comments Agreed not to consider at present time Letter transmitting Leased wire system, amendment providing that telegrams between FRBanks and branches now being sent over commercial wires, be sent over leased wires, except in cases involving undesirable circuitous routing, approved, letter to FRBanks Neutrality of U. S. in present European conflict, request by State Department that Board send copies of any regulations, orders or notices dealing with, for transmission to Pan American Union, reply to State Department that none have as yet been promulgated but request will be borne in mind Noncash collections, procedure for consideration and adoption Draft submitted to FRBanks for comments and suggestions Statement by Mr. Wyatt that Standing Committee on Collection of Presidents' Conference was prepared to revise bank circulars as soon as new regulation was forthcoming, letter to President Harrison that entire circulars should be revised at time of consideration (See supra Regulation G) 0, Loans to Executive Officers of Member Banks: Inactive officers, amendment to definition of executive officers being considered Changed to conform to recent amendment to law Entry for policy record of Board approved romulgation of, report covering procedure, letter to Attorney General's Committee on Administrative Procedure, approved Q: 12/ 4 1499 12/ 4 1500 12/ 7 1542 6/12 754 11/10 1410 4/ 4 5/ 3 490 599 9/13 1118-9 1/20 84 6/23 819 11/ 8 1405 9/29 1200 Absorption of cost of shipping currency by member bank to correspondent bank as indirect payment of in635 5/11 terest of Bank Absorption of out-of-pocket charges by National Commerce, Lincoln, Nebraska as possible viola8/23 1031 tion taken up be considered, to Change in schedule of rates 5/19 659 with FDIC and Post Office Department depositors Credit to depositor for introduction of new who open special checking accounts, not con5/15 640 sidered indirect payment of interest http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 213 Pages $4:111 ba'ims: (Continued) 4ard of Governors: (Continued) ' Q: (Continued) Tax on deposits imposed by Michigan legislature does not constitute payment of interest on demand deposits in violation of regulation Retirement System, changes approved Sec. 22(d) of FRAct, purchase of securities or other property by member bank from directors, draft of regulation submitted, decided not to adopt at present time T: Amendment to permit members of national securities exchanges to make capital loans to other members, amendment being considered Amendment to provisions relating to cash transactions and loans by one member of exchange to another Entry for policy record of Board, approved Broker or dealer transacting business in securities through medium of a member, fact that business is only small part of business of firm, cannot take case out of provisions of regulation Statement with respect thereto, ordered published in FRBulletin Capital contribution loans between members of a national securities exchange, ruling on Creditor borrowing from foreign broker, letter to Mr. Rounds "Distributing", meaning as used in section 4(f)(5) of regulation, letter to FRBank of Chicago in reply to letter forwarded from Chicago Stock Exchange Domestic broker borrowing from foreign broker, ruling to be published in FRBulletin Exempted securities, question raised by Mr. Gravatt of Philadelphia Stock Exchange as to Serial Water Revenue Bonds of Bethlehem Municipal Water Authority Guaranteed accounts of section 6(c), ruling on deductions in calculation of adjusted debit balance Interpretation of Section 4(c) regarding seven-day period Margin requirements, changes in, statement of Mr. Parry recommending that margin prescribed in first paragraphs of supplements be changed, leaving requirements on short sales and other margin requirements at present rates Member of national securities exchange accepting transfer of account, adjusted debit balance of which exceeds maximum loan value of securities in the from a foreign broker account http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/19 1608 605 5/5 5/19 656 1/20 88 607 5/ 9 11/ 8 1405 9/15 1149 10/17 1300 8/18 1024 7/27 926 11/10 1408 7/27 932 3/17 384 8/11 996 2/ 3 166 9/13 1121 8/10 991 214 Pages Regllaati (Continued) Board of Governors: (Continued) T: (Continued) Objections raised by Securities and Exchange Commission to recent amendment, reply to Chairman Frank approved Reprinting because of amendment deferred until further amendment is decided upon Substitution of securities in restricted account may be effected by means of withdrawals from general accounts, etc., Ir. Schaller requested to advise firm of Thomson and McKinnon Titles to be carried in Code of Federal Regulations, letter to Codification Board on abbreviation of U: Commingling and rehypothecation of customers securities, tentative rule under consideration by SEC, advice to Mr. Frank that suggested clause is in accord with Board's views and Regulation U Margin requirements, changes in, statement of Mr. Parry recommending that margin prescribed in first paragraph of supplements be changed, leaving requirements on short sales and other margin requirements at present rates Principles for handling possible violations of Violations by uninsured banks, procedure to be followed with respect to, memo sent to Mr. William R. White, chairman of executive committee of Association of State Supervisors . 8 ecurlties and Exchange Commission: Trust indentures, request that Commission not require banks which are prospective trustees to publish more information than is essential, and that provision for keeping Some information confidential should be provided o mi ns with dealers in securities: scellaneous: Coolidge, Lawrence, Sec. 32 not applicable to Haines, R. A., service as director of firm of investment dealers will be violation of Sec. 32 upon admission of Prairie State Bank to membership Mills, H. T., provisions of Section 32 applicable to statute See„ Service within prohibition of 4eLary to board of directors, statement re question whether Sec. 32 of Banking Act of 1933 is applicable 4 to, ordered published in Bulletin gtlorls , With foreign banks and bankers: val. ues, Mr., reply to Banco Central de Reserva de El Salvador, San Salvador that Board will welcome to Washington to facilitate his banking studies http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/16 1008 5/15 641 12/20 1623 2/ 1 151 12/ 5 1508 9/13 1121 370 3/16 11/28 1473 12/29 1664 3/ 2 294 10/26 1338 5/10 628 7/12 904 12/22 1638 6/19 795 215 Pages aela tionshiPs of FRBanks with foreign countries: PRBank of New York: Brazilian Mission, participation of officers of FRBank in discussions with respect to creation of central bank in Brazil Czechoslovakia, handling of funds of, no report by Mr. Harrison of discussions with State Department, Treasury, and Bank of England Rentfro, Earl, reply to Mr. Evans of Farm Credit Administration re inquiry on rediscount by FRBanks of notes of credit unions given to banks as evidence of loans IlePorts• Affiliates: First Service Corporation, Minneapolis, Minn., waiver of requirement for submission by member banks, letter to Comptroller of the Currency Bank relations, monthly summaries to be continued Central Statistical Board, to President on elimination of duplication in statistical information gathered by Government departments, recommendations summarized by Dr. Goldenweiser committee on Branch, Group and Chairn Banking, to be made available to responsible persons at libraries of and FRBanks Board Onh • (See Condition reports) oanctional expense reports of FRBanks for last half of 1938, MR= of Mr. Szymczak that chairmen study reports and that representatives of Division of Bank Operations visit FRBanks to adjust differences R. H. Copies submitted for study and action by FRBanks 5220, Trust Indenture Bill, letter to House Committee on Interstate and Foreign Commerce on LOan3 With maturities in excess of one year, letter to FRBank of Atlanta on information submitted and further attempt to secure report from Whitney National Bank of New Orleans oak Harbor Mortgage Loan Co., Oak Harbor, Ohio, report as of December 31, 1938 waived but should be rendered at next call if affiliation still exists Salaries of officers of FRBanks, report of the committee appointed to determine satisfactory classification for use in determining submitted and ordered filed Stab ilization of prices, statement of reasons for opposing S. 1057 sent to Senator Smith Tr anaamerica Corporation, extension of time for filing on Form 437 if necessary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/28 440 3/28 /10 3/20 399 8/31 1076 8/18 1026 1/10 36 4/19 550 4/17 5/15 534 641 3/31 464 5/19 665 ' 3/6 310 3/15 361 3/10 337 1/17 63 216 Pages lier/cTts: (Continued) rrust Indenture Bill, drafts consolidated and report approved as revised Vieekl --Y reporting member banks, investments representing bank premises or other real estate to be shown separately Wi sconsin Bankshares Corporation, Milwaukee, Wisc., extension of time for filing Ileserves: 3/ 3 298 2/ 1 150 2/ 4 172 Banks authorized to carry reduced, lists submitted and authority 3/24 427 continued BOnd Trust and Bank premium amortization, Mercantile-Commerce Company of St. Louis to be advised to apportion 11/ 2 1358 in condition reports Bos+ member banks to maintain reserves required of banks in 3/24 427 reserve cities • 0ash In vaults as part of required, recommendation of Federal 2/14 206 Advisory Council on 219 00 1°nial Trust Company, Pittsburgh, Pa., reporting of repayments 3/ 1 288 on installment loans Drafts reportof drawn upon member bank reserve accounts, method 8/ 3 972 ing in condition reports and reports of deposit of Conference reasons for, discussed by Mr. Eccles at Chairmen and statement that there appeared lit12/ 5 1511 tle likelihood of any change at National Bank and Trust Company of Paulsboro, N. J., 1/18 76 penalty for deficient, waived n and Glass Dollar Savings Bank of Birmingham, Pittsburgh, Pa., permission to maintain same reserves against demand and time deposits as are required to be maintained by member banks not 10/25 1334 in central reserve or reserve cities Itat ufacturers and Traders Trust Co., Buffalo, N. Y., use of 4,000,000 for purposes other than payment of 709 5/31 dividends, letter to Bureau of Investigation tieh,, Letter to Mr. Hoover 7/17 911 : utoer banks: Cash items in process of collection, method of reporting to 573 4/26 show allowable deductions from deposits Glass 4/26 572 Senator Effect of gold held in Treasury on, letter to meeting Excess, statement of Mr. Eccles at Advisory Council that if United States continued to receive World's silver and gold, even though the entire 10/10 1241 portfolio of Open Market Committee was sold reor reserve 4ember banks in outlying sections of central serve cities, annual review of those granted 427 3/24 permission to carry reduced National Marine Bank of Baltimore, id., reporting of repayments 287 3/ 1 on installment loans http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 217 Pages 4ciewt. es: (Continued) oouth Shore National Bank of Chicago, Ill., permission to main1/31 146 tain reserves required of reserve city banks Tr:ansamerica Corporation, San Francisco, Calif., marketable assets held as, opinion from Transamerica Counsel Charles W. Collins re legal question involved in determining, and request for reconsideration of Board's views re proper construction of Sec. 9/19 1158 5144 of Revised Statutes, discussed Letter to Mr. Collins that matter is being considered once 9/20 1163 more in light of his comments Letter to President Grant giving reasons ['or feeling that reversal of opinion previously expressed is not warranted, sent to Mr. Clerk for trans10/23 1324 mittal Advice to Mr. Clerk that Mr. Collins had met with Board, and copy of memo of discussion inclosed with Res 12/29 1665 letter ignations: IlcIlsews, Thomas F., as assistant gardener assie,V. Lewis, as senior economist in the Division of Research and Statistics eAAY, Mary Q., as Secretary in Division of Research and Sta- 9/ 5 1089 8/ 9 982 2 1496 5/29 703 1/23 96 7/21 922 tistics12/ 00 stello Par • 'John M., as clerk on guard force p ran, Dorothy, as substitute nurse Gella, Robert D., as economic assistant accepted *Iles, Mrs. Mary Louise C., as stenographer in Office of Secretary Hitch• -lngs, George P., as economic assistant in Division of Research and Statistics ! nes, Matthew R., garage attendant, accepted 'wrence, Mrs. Evelyn M., as stenographer in Division of Bank Operations, refund to be made for excessive sick leave taken Mecra rY, Ruth, file clerk, accepted olultirlon, Jerry P., as elevator operator, accepted ow alleY, Charles M., as guard on staff of Board Joseph T., Assistant Counsel, accepted ' tillo, Mrs. Victrin, as stenographer in office of Governor Szymczak Roo Me, Helen C., comptometer operator, Division of Bank Operations Rose, ,H Hudson McKay, as elevator operator, accepted sn at, Zilliam A., as economic assistant, accepted -41ers, Mrs. Jean M., as clerk in Division of Research and Statistics, not required to refund salary for excessive leave taken Sheph erd, Warren D., as guard Ow, T/. Thornton, Assistant Examiner, Division of Examinations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/26 109 8/31 1065 621 5/ 9 9/25 1175 621 5/ 9 6/15 779 1/ 3 2 3/27 431 7/27 934 8 1547 7/ 8 7/17 891 910 9/28 1189 6/30 867 12/ 5 1505 218 Pages Resignations: (Continued) Qweezy, Alan R., as senior economist in Division of Research and Statistics Resolutions: Board of Governors: Assessment on FRBanks for expenses of Board for last half of 1939 approved Assessment on FRBanks to cover expenses of Board during first six months of 1940 National City Bank of New York, N. Y., establishment of branch at Barranquilla, Colombia approved Regulation G, Rediscount Notes Secured by Adjusted Service Certificates, repeal of Regulation G, collection of noncash items, adopted effective as of February 1, 1940 Regulation J, Check Clearing and Collection, adopted as amended Regulation L, amendment changing effective date of Sections 3(a) and 3(e) to February 1, 1940 Regulation 0, amendment to definition of executive officer, etc. Regulation T, amendments covering cash transactions and loans by one member of an exchange to another Pe deral Advisory Council: Easy money policy, recommendation that operations of Open Market Committee not be influenced by considerations of extending policy of extremely easy money Resolution not intended as public recommendation but developed merely as matter for discussion Statement of Mr. Fraser that resolution was not intended as criticism Statement of certain Board members as to resolution Government securities, resolution stating that Council is in accord with policy of Open Market Committee in making sales of long term Government securities Expansion in volume of sales from System Open Market Account, resolutions passed at Oct. 9 and Nov. 21, 1939 meetings, sent to Open Market Committee Ua tional City Bank of New York, N. Y.: Shanghai, China, resolution authorizing establishment of additional branch to be located in French Concession 0.111?nt System: Ml Service: 0_ Lupton, Helen A., to remain member of ' Iltribution on behalf of employees on leave without pay, recommendation of Staff Personnel Committee Authority to Secretary's office to approve continuance for http://fraser.stlouisfed.org short periods Federal Reserve Bank of St. Louis 9/29 1198 6/13 772 12/22 1636 8/10 989 4/ 6 498 12/26 1644 7/31 945 8/ 1 957 6/23 820 5/ 9 609 10/10 1225 10/10 1230 10/10 1237 10/10 1239 11/21 14/11 11/28 1472 11/ 7 1375 7/21 921 7/ 7 885 8/ 2 961 219 Pages Reti rement System: (Continued) Contributions: Currie, Lauchlin, Board to continue during absence on condition that he continue his contributions No further payments to be made until return to active service Doherty, George, payments to be continued while on leave without pay to attend school Myer, Mrs. Eleanor, Board to continue during absence on condition that she continue her contributions No further payments to be made until return to active service Sissman, Mrs. Louise, to continue own contributions to Retirement System while on leave without pay and also assume Board's contributions akiril Joanna, Division of Research and Statistics, temporary appointment made effective without physical examination, and permitted to become member of Retirement System at beginning of payroll period after she has completed her examination 4tensions of service: King, H. A., Chief Guard at El Paso Branch, further extension not warranted Manning, Thomas V., retention at FRBank of New York until March 1, 1939 Matteson, W. B., FRBank of New York, to be continued in service until June 30, 1939 Extension for one month in order to give vacation before retirement, and special retirement allowance, matters referred to Mr. Szymczak to discuss with President Harrison Orbell, Clifford, machine repair mechanic, no objection to retaining in employ of bank until December 31, 1940 Retention of officers and employees after age 65, proposed circular sent to chairman of Presidents' Conference with request that it be put on program for discussion pederal Reserve Issue and Redemption Division of the Office of the Comptroller of the Currency, reinstatement of employees, request not to be submitted to Board of Trustees ticcrary, Ruth, not requested to become member because of impending resignation P hYsloal examinations: Eakin, Joanna, temporary appointment made effective without examination, and permitted to become member of Retirement System Johnson, Edwin Joseph, not necessary because already member of Retirement System examinations) Physical (See also http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/18 913 8/18 1021 7/ 7 885 7/18 912 8/18 1021 8/18 1021 9/25 1176 8/16 1013 1/17 62 3/28 448 6/13 760 12/13 1558 12/ 4 1503 1/ 5 11 5/ 3 598 9/25 1176 1/3 1 220 Pages Rett ,-re'lLwit System: (Continued) Retirements: 1/13 Blakeslee, C. L., Assistant Cashier of Buffalo Branch Evans, Mary Sibley, as junior economist in Division of Research and Statistics, supplemental contribution 7/ 7 and leave in connection with retirement special New of Matteson, Walter D., FRBank allowance and extension of one month in order to give vacation prior to retirement, matters referred to Mr. Szymczak to discuss with Mr. 6/13 Harrison Employment to be continued for month of July and to be 6/16 granted usual vacation during that period 111_11e? and regulations, changes approved 5/ 5 'Pecial contributions and separation allowances to supplement retirement allowance, proposed circular sent to chairman of Presidents' Conference with request 12/ 4 that it be put on program for discussion Su pplemental allowances to be studied in, subcommittee consisting of Messrs. Smead, Vest, and Bethea to submit 7/ 7 4111, report to Staff Personnel Committee on Statutes: Net earnings and actual net earnings, definition as used in, reply to Northwest Bancorporation in reply to re11/15 quest Sec. 3477, proposed amendment on assignment of claims on United 2/3 States, memo of Mr. Vest laid on table request as, held assets marketable of amount reserves, "5144, Se from Transamerica Counsel Charles W. Collins for reconsideration of Board's views re proper con9/19 struction of section Letter to Mr. Collins that matter is being reconsidered in 9/20 light of his suggestions President to Amount of marketable assets held as, letter Grant of Transamerica Corporation giving reasons for feeling that reversal of opinion previously expressed is not warranted, sent to Mr. Clerk 10/23 for transmittal for counsel Advice to Mr. Clerk that Mr. Collins, Washington Transamerica Corporation, had met with Board, and copy of memo of discussion inclosed with 12/29 letter See, 5201, continued violation of, by two member banks in holdRho„, 1/16 ing own stock, to be corrected 46 887 760 787 605 1503 888 1419 162 1158 1163 1324 1665 59 Island: " Cali report form, letter to Bank Commissioner on adopting one substantially similar to standard form adopted kce by Federal banking agencies 3 Stuart A.: (See Central Statistical Board) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/21 562 221 Pages _hard Whitney and Company, report of investigation of loans made 1/30 125 by State member banks to 1,0alas by certain member banks to, report prepared by FRBank of 5/11 632 Nem-York, copies to be sent to banks Robbin S, Carl B., cost of luncheon in Board's dining room to be 11/10 1411 borne by Board Robbins, J. T (See Nonmember banks, Princeton State Bank, Princeton, Missouri) Roberts, T. V., Office of the Comptroller, present at hearing granted by Board to Committee on Mortgage Investment Funds of Pennsylvania Bankers Associa12/14 1566 Roh Edward C.: (See National banks, First National Bank of 40t,Miami, Fla.) Harriett: (See National Emergency Council and United States 4h(loth T Information Service) banks, Sveriges Riksbank) Foreign var: (See ' Board of Governors: Broker or dealer transacting business in securities through medium of a member, fact that business is only small part of business of firm, cannot take case out of provisions of Regulation T Statement with respect thereto ordered published in Bulletin Capital contribution loans between members of national securities exchange, inquiry of Board of Trade of Chicago on Regulation T Certificates of deposit maturing on Sunday, payment or renewal on previous day, advice to Farmers National Bank of Sparta, Wis., that under Wisconsin law it may not be paid until next succeeding business day published in October Bulletin Credit union notes as basis for extension of credit by FRBanks Directors: FRBanks, person whose sole occupation is president of Federal savings and loan association and who has served as Class A director is not now eligible for election as Class B director FRBranch banks, service as branch bank director cannot be continued after appointment as FRBank director, letter to FRBanks Domestic broker borrowing from foreign broker under Regulation T, copy of press statement sent to FRBanks EXtension of Time by Committee of Exchange after Original Period Has Expired, copy sent to FRBanks Interest: Credit in checking account for obtaining new depositors not considered payment of, to be published in FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/15 1149 10/17 1300 8/18 1024 9 4 TS 9/ Orde 4/17 536 10/18 1304 9/ 8 1105 7/27 932 3/17 392 6/15 780 222 Pages Nita ,g81 (Continued) zoard of Governors: (Continued) Interest: (Continued) Savings accounts, payment after death of depositor, ruling ordered published in FRBulletin Loan to partnership as loan to partner under Sec. 11(m) of FRAct, statement to be published in FRBulletin Morris Plan Company of Rhode Island, ruled not to be bank for purposes of Sec. 8 of Clayton Act, letter ordered prepared, and copy sent to FRBanks Letter approved and ordered transmitted Morris Plan companies, ruling that Morris Plan Company of Rhode Island is not bank for purposes of Sec. 8 of Clayton Act, approved with understanding that other similar institutions would be permitted to present their cases to Board for determination Letter to Morris Plan Bankers Association, Washington, D. C., asking that institutions address requests for rulings to FRBanks, and letter to FRBank of Boston asking that copy of any amendments to Massachusetts law since January 1, 1939 be furnished Obligations of United States as collateral for FRnotes, to be published in FRBulletin Personal loans as deposits, amount received in connection with, statement to be published in FRBulletin Savings accounts: Payment of interest after death of depositor, letter to Longmont National Bank, Longmont, Colorado Transfer to FHA mortgage accounts without presentation of pass book, ordered published in Bulletin Savings plan of State Planters Bank and Trust Company of Richmond, Va., to encourage deposits over long period, no objection to plan, but not to be published in FRBulletin Secretary to board of directors, applicability of Sec. 32 of Banking Act of 1933, statement ordered published in FRBulletin Te-x on deposits imposed by Michigan legislature does not constitute payment of interest on demand deposits in violation of Regulation Q Trust funds, investment by national banks in obligations or property acquired from bank or its directors, officers or employees, or their interests - roller of Currency: -bonds: Aggregate amount of bonds that may be purchased by banks under Banking Act of 1935, advice to Mr. borthington that ruling of Comptroller seems clearly to apply to bonds of Dominion of Canada and http://fraser.stlouisfed.org Ry. bonds of 1956 Federal Reserve Bank of St. Louis Canadian National 9/20 1165 4/17 536 10/17 1293-6 10/19 1309 10/17 1293-6 11/15 1418 7/18 917 7/18 917 9/15 1149 9/20 1164 5/26 682 12/22 1638 12/19 1608 9/15 1147 10/ 7 1222 223 Pages Nita (Continued) uomptroller of Currency: (Continued) Bonds: (Continued) Exchange of defaulted and other ineligible bonds of one railroad for ineligible bonds of another railroad, letter on liberalization of ruling 3/28 442 "S" Sabin, Samuel H., cost of luncheon in Board's dining room to be borne by Board 84rekeePing: Securities pledged by nonmember banks as collateral to deposits of bankrupt estates, schedule of charges Se curities pledged to secure deposits of public funds, FRBank of Dallas, no objection to FRBank rendering Sg such service aries: PRBanks: Lists of employees, approved Officers, classification as basis for salary recommendations, two members of Board to be appointed to serve with Mr. Szymczak as special committee for further study and Presidents to be called in individually Special committee to consider classification of, Messrs. Davis and Draper appointed to serve with Ir. Szymczak on Procedure discussed and questions raised by Yr. Szymczak on dates and maximum salaries Mr. Szymczak to make recommendation as to whether they should be considered at one time or by groups of one or more banks Plan submitted by Mr. Szymczak Procedure outlined at meeting on April 11 adopted Letter to FRBanks on revised procedure for considering 1940, tentative standards established for maximum salaries, agreed to present to Chairmen at meeting with Board in December Staff of Board, salaries discussed and appointment of Staff Personnel Committee considered Report of Mr. Clayton on meeting of heads of divisions, procedure approved 4ovel,,Recommendations of Personnel Committee approved V,ellington and Company, Springfield, Mass., use of United States savings bonds as collateral security for funds awaiting investment 1'et ' n. Service Division: ruulars describing counterfeit notes, copies to be furnished to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/10 1411 5/11 633 9/29 1199 2/20 241 2/3 158 2/6 175 3/31 459 3/31 4/11 5/15 6/16 461 639 787 10/31 1346 3/30 458 3/31 4/27 460 578 7/1 871 1/23 101 518 224 Pages ret Service Division: (Continued) Circulars describing counterfeit notes: (Continued) Letter to FRBanks on distribution to member and nonmember 3/17 banks Secr„ i ',arY of Agriculture: Lteport on S. 31, letter prepared for signature of, reply to Mr. 2/ 3 Bell to be prepared with comments on 2/ 4 Letter to Mr. Bell approved 3/20 :1057, no comments on proposed report by Seer8 l.,ary of Labor: e ul-smissal of older employees by Birmingham Branch, reply to 6/15 question re Seer 4.69r7 1 ! of Treasury: lie, Earl, report of conference with Mr. Loree on sterling 9/19 exchange 4/11( of America N.T. & S.A., condition of, memo ordered prepared reviewing Board's position with understanding that it would serve as basis for discussion by Chairman Eccles with Comptroller and Secretary12/4 12/ 7 Memo prepared and set forth in minutes Advice from Mr. Eccles that he had presented memo to Secretary who had requested that Board write Comptroller asking that it be kept fully informed, and Messrs. Morrill and Dreibelbis requested 12/12 to draft letter p Letter approved and Mr. Eccles to discuss with Comptroller 12/13 l'ench and British Governments' account with FRBank of New York, advice that Secretary desired account to be fiscal agency account, and that it was opinion of Counsel for FRBank of New York that account could only be opened under fiscal agency 10/13 provision Review by Mr. Dreibelbis of discussions with Counsel for Treasury Department re question of whether accounts must be handled as fiscal agency matters 10/13 Review by Mr. Dreibelbis of 1917 precedents in setting up 10/13 accounts Question of whether Board's authority was necessary to open 10/13 account, discussed Mr. Dreibelbis to suggest to Mr. Foley that they be handled through existing account with Bank of France, and to point out that fiscal agency relationship does not relieve Board of supervisory re10/13 sponsibility to New York Bank 10/13 Report by Mr. Dreibelbis as to discussion with Mr. Foley Recommended by Mr. Eccles that Board suggest to Secretary that matter be handled through existing account with Bank of France, and not through fiscal 10/13 agency account http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 391 160 171 402 781 1160 1501 1544 1553 1556-8 1254 1256 1258 1259 1264 1267 1272 225 Pages Secret ar'Y of Treasury: (Continued) r ench and British Governments: (Continued) Review by Mr. Harrison of past fiscal agency relations between Treasury and FRBank and account of events 10/14 dealing with present topic in thinkmistaken Statement by Mr. Eccles that Treasury is ing that matter could only be kept confidential in fiscal agency account, and recommendation that it be handled through existing account 10/14 with Bank of France approved Memorandum embodying recommendation of Mr. Eccles as expressing views of Board, and ordered given 10/14 to Secretary of Treasury Report by Mr. Eccles giving reaction of Secretary to Board's memo, and that Secretary wanted Mr. Harrison to come to Washington again, Mr. Eccles to ask Secretary if Friday instead of Thursday would 10/17 be agreeable Report by Mr. Eccles of discussion at Treasury meeting, and that there was no opposition to handling through 10/19 existing accounts includbusiness, Question of allowing FRBank to handle all ing that proposed to be handled through commercial banks, suggested by Secretary and dis10/19 cussed title on Glass Gc)id held in Treasury, copy of letter to Senator 4/26 to, transmitted Il uricheons in Board's dining room, cost to be borne by Board 9/ 6 ePort of Mr. Ransom on conversation with, as to why he had not " been advised in advance of press statement on 4/10 monetary measures and objectives Re of Mr. Ransom that conversation with, would receive consideration of Board today and that meeting with Secretary should be held for full discussion of 4/11 by the Board and Treasury cooperation Sterling exchange, guarantee by Bank of England, incident, etc., advice that Secretary wanted to know from Mr. Harrison whether New York banks had received during that period, information on which they 9/19 acted Incident involving lapse of time between receipt and publication of information, memo of Mr. Ransom with attached transcripts of telephone conversations between Secretary and Messrs. Knoke and Harri9/21 son on Sept. 14 Secretary to prepare letter to, acknowledging receipt of Mr. Harrison's report, and that Board understood it was satisfactory, and no further action nec9/27 essary 9/28 Letter approved and transmitted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1275 1278 1280 1289 1306 1308 572 1095 510 519 1160 1167 1182 1190 226 Pages 7,ary of War: 'lrcular on verbal authorization by President to excuse employees who can be spared to view army day parade Secret_ s note: "Iraan, Dr. Isaiah, unable to accept appointment as Class C director at FRBank of Richmond • Co• ntributions by Dr. Currie and Mrs. Myer and by Board to Retirement System during absence, report of Mr. Morrill that Mr. Ransom concurred in action French and British Governments, accounts with FRBank of New York, advice that Chairman Eccles had added additional sentence to memo which had been approved for transmission to Secretary of Treasury 14erritt, J. H., resignation as Class C director and FRAgent at Dallas, withdrawal of Rates on advances secured by direct obligations of United States under last paragraph of Sec. 13, telegrams prepared on and recommendations of Standing Committee on Collections, memo prepared by Messrs. amead, Wyatt and Vest submitted to Mr. McKee ation 0, attitude of Chairman Eccles toward amendment to egtilation T, objections to recent amendment, reply to Chairman Frank approved Report of Mr. Ransom of telephone conversation with Chairman Eccles reporting conversation with Mr. Morgenthau on press statement issued by Board 841aries of officers of certain FRBanks, report of Mr. Szymczak on advice to FRBanks SI 2035, Gillette bill, establishing branch offices in communities having no banking facilities, advice that Secretary had communicated with Governor Davis who felt that report should be transmitted and that he would personally present copy to 3/28 448 2/6 174 7/18 913 10/14 1281 6/23 818 8/25 1046 5/26 6/23 699 820 8/16 1008 4/10 512 3/7 316 6/13 763 Senator Gillette inincident exchange, guarantee by Bank of England, volving lapse of time between receipt and publication of information, note that Secretary of Treasury had requested Board to investigate, that Mr. Harrison was coming to Washington, and that press representatives were not disturbed 9/15 1139 •41.ties or interested 00 and Exchange Commission: naing and rehypothecation of customers securities, tentative draft of rule under consideration, advice to Mr. Frank that suggested clause is in accord 12/ 5 1508 with Board's views and Regulation U http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 227 Pages Sekr., R ies and Exchange Commission:. (Continued) tleaYlng on delisting of stock of Transamerica Corporation, Messrs. Wingfield and Cagle to sit as observers In Vestment trusts, legislation being drafted to regulate, memo of Mr. Wingfield on Mr. Wingfield and Mr. Ransom to keep in touch with drafting of proposed legislation Re being prepared for Monopoly Investigating Committee of Senate containing report of Pujo Committee indicating inclusion of banking field in investi— gation 4. • Repo Porting service, Division of Security Loans authorized to participate in preliminary survey of trading "on margin" and "for cash" for sample week in November, in connection with revision Staff: Lyon, Barrow, report on visit to members of staff of Board on examination reports of member banks covering trust departments Trus, Indenture Bill, copy of letter forwarding recommendation of Federal Advisory Council to Senate Committee on Banking and Currency sent to C°PY of letter to Senator Wagner transmitting amendments sent to Definition of self-liquidating paper, advice that Commission had requested informal assistance, and Mr. Sloan authorized to continue informal discussions with Trust indenture regulations, request that Commission not require banks which are prospective trustees to publish more information than is essential, and that provision for keeping some information confiSectiri. dential should be provided tatles companies: neenlerica-Blair Corporation, report of action of Transamerica Corporation in divorcing and relationship with Pacific Coast Mortgage Co. tan^ni . 1110 Securities Company, Columbus, Ohio, relationship with BancOhio Corporation, information requested 4316. --america Company, report of action of Transamerica Corporation in divorcing and relationship with Pacific • , cilz Coast Mortgage Co. Ae l ees Exchange Act: ement executed by Swiss Bank Corporation in connection with agreements required of nonmember banks before making loans to brokers or dealers under sec. 8(a), advice to Mr. Rounds that name of bank had been added to list of banks having such agreements in force http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/13 51 3/17 381 3/28 439 3/3 302 10/10 12/44 1/20 87 2/15 227 2/16 234 10/ 6 1215 12/29 1664 5/19 660 1/17 64 5/19 660 11/ 7 1379 228 Pages Secur•— u -Tiles Exchange Act: (Continued) ! Lrgin requirements based on statutory formula contained in, ' question of whether such requirements are more satisfactory than requirements based on formula 9/13 now in use, discussed Sectlrit* ,r les exchange administration: oker or dealer transacting business in securities through medium of member, fact that business is only small part of business of firm, cannot take 9/15 case out of provisions of Regulation T 4 Statement with respect to, ordered published in FRBulletin 10/17 Pital contribution loans between members of a national securities exchange, ruling on Regulation T on inquiry 8/18 of Board of Trade of Chicago C°romingling and rehypothecation of customers securities, tentative draft of rule under consideration by SEC, advice to Mr. Frank that suggested clause is in 12/ 5 accord with Board's views and Regulation U st Regulation of 4(f)(5) section in used as meaning ributing", T, letter to FRBank of Chicago in reply to let11/10 ter forwarded from Chicago Stock Exchange 4:tension of Time by Committee of Exchange after Original Period 3/17 Has Expired, statement for press approved For^4 .-1-gn broker who transacts business through a member, account 8/10 may be transferred to member avanteed accounts, ruling on section 6(c) of Regulation T on 8/11 deductions in calculation of debit balance liarz•-1 ao-n requirements, change in those provided in Regulations T 9/13 and U, statement of Mr. Parry on . wA-Lation T, exercise of "put" before expiration of three full 4/ 4 business days after purchase of stock Serial Water Revenue Bonds of Bethlehem Municipal Water Authority, question raised by Mr. Gravatt of Philadelphia Stock Exchange as to exempted securities 3/17 under Regulation T Special cash account transactions not settled within seven-day period, letter to FRBank of San Francisco on statements in their letter to California Security 2/ 3 Dealers Association Stock_ registered on national securities exchanges, list and supplements to be published, letter to FRBanks 2/20 on number of copies required 811bs titution of securities in restricted account may be effected by means of withdrawals from general accounts, etc., under Regulation T, Mr. Schaller requested 12/20 to advise Thomson and McKinnon Unre gistered securities, reply to be made to J. J. B. Hilliard and Son that stocks listed on Canadian exchanges 5/ 9 may not be carried for customer on margin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1121 1149 1300 1024 1508 1408 392 991 996 1121 489 384 167 245 1623 621 229 Pages , -u_.cjuidating paper: uefinition under Trust Indenture Act, advice that Securities and Exchange Commission had requested informal assistance, and Mr. Sloan authorized to continue informal discussions with Commission Sheppard, Senator Morris, orders for purchase and sale of securities of member banks, reply on practice of FRBank of Cleveland Silver. 10/ 6 1215 7/27 933 Foreign, shipments to United States, statement of Mr. Eccles at Advisory Council meeting that excess reserves would increase if shipments continued, even though entire portfolio of Open Market Commit10/10 tee were sold Hearings request to be held by Special Senate Silver Committee, of Senator Pittman that Chairman Eccles testify 3/8 at hearings Tables Senate and drafts relative to auestion being studied by Special Silver Committee, draft of reply to Senator Pittman to be prepared by Mr. Golden3/28 weiser 4111110/Ids Alith, Frank VI.: .: (See American Bankers Association) (See National banks, Malta National Bank, Yalta, S. Ohio) Edward J., payment by Atlanta bank in connection with services in case of University of the South v. 9/ 8 Nashville Branch, approved tt, Harry P.: (See American Institute of Banking) 811 111erican Republics: ucommittee consisting of representatives of State, Treasury and Commerce Departments and Board to consider 9/ 6 assistance to Republics in period of crisis Ile•earb of New of delivery York, Inc., informal contract to cover Spacarb machine in FP,Buildin7,, formal contract 6/26 1.)ecisa. to be executed later conannual Libraries Association, material for exhibit at 5/3 vention Tea to be served to financial group on visit to Board's build5/15 ing Skoner, Robert R.: (See Morris Plan Bankers Association, Washing1)1441, ton, D. C.) , 4att IN. A.: (see University of Nebraska) of )3 Ap, . oard of Governors: v°1ntments, recommendations for filling vacancies must state that there is no person already in Board's 10/16 employ available for promotion APPr entice mechanic: tolash, John, promoted from porter and salary increased 11/21 members' offices: Carter, Beverly A., transfer as messenger from office of Governor Draper to Division of Research and http://fraser.stlouisfed.org 8/9 Statistics Federal Reserve Bank of St. Louis k 1241 320 445 1106 1097 8L2 601 643 1283 1447 983 230 Pages Starr , 01 Board of Governors: (Continued) B i°10ard members' offices: (Continued) Dyson, Seaton, assigned to handle work for Governor Draper in addition to work as Board room messenger Pattillo, Mrs. Victrin, resignation as stenographer in office of Mr. Szyrnczak Build* ang Operation and Maintenance: Andrews, Thomas F., resignation as assistant gardener Crozier, Alma S., supervisor of charwomen, salary increased Faber, Philip D., porter, salary increased Handley, Thomas B., clerk, salary increased Jarvis, Ruth, day maid, salary increased Jones, Matthew R., garage attendant: Salary increased Resignation accepted Kelleher, Jos. E., Sergeant of the Guard, salary increased Salvetti, Umberto F., head night porter, salary increased c„._.Storm, Charles W., carpenter, salary increased "airman's Office: Clayton, Lawrence: Appointed as chairman of staff conference to consider recommendations to Board with respect to Staff Personnel Committee and procedure Designated to serve as chairman of Staff Personnel Committee Thurston, Elliott, Special Assistant: Committee on Administrative Procedure of Justice Department, request that he and _Messrs. Wyatt and Morrill continue discussions in order to make corrections in report on Board prepared by Mr. Salant Named along with Messrs. Ransom, IVatt, and Morrill to represent Board at committee meeting Charwomen: Crozier, Alma S., supervisor, salary increased PYles, Mrs. Adelia Gertrude, appointment as relief charwoman Promoted to charwoman with no increase in salary Steiner, Mrs. Almeda, appointed as relief charwoman Promoted from relief charwoman to charwoman Sunderman, Mrs. Ethel, appointed relief charwoman Promoted from relief charwoman to charwoman Elizabeth, relief charwoman, appointment and salary ch_ qklund, Mrs. Lillie J., appointed on permanent basis cillffeurs: Hammond, Julian B., transferred from elevator operator to assistant chauffeur Sanderson, James Willard, appointment as assistant chauffeur approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/9 983 7/27 934 9/ 5 1089 4/27 579 4/27 579 4/27 579 4/27 579 4/27 5/ 9 4/27 4/27 4/27 579 621 579 579 579 3/30 458 3/31 463 12/14 1576 12/19 1602 4/27 579 7/27 934 11/16 1421 2/ 4 170 5/ 1 590 5/ 1 590 7/27 934 11/16 1421 2/ 4 170 5/23 667 8/ 9 982 231 Pages klf4. 4 of Board of Governors: (Continued) Chauffeurs: (Continued) , Wilkinson, C. M., salary increased uounsel's Office: Loiseau, Edna B., Secretary, salary increased Chase, G. Howland, Assistant Counsel, salary increased Dolan, Helen V., stenographer, salary increased Dreibelbis, J. P., Assistant General Counsel: French and British Governments' accounts with FRBank of New York, review of discussions with Counsel for Treasury Department re question of whether accounts must be handled as fiscal agency matters Review of 1917 precedents in connection with setting up similar accounts Directed to suggest to Mr. Foley that they be handled through existing account with Bank of France, and to point out that fiscal agency relationship would not relieve Board of supervisory responsibility to New York Bank Report as to discussion with Mr. Foley Services to be offered to Banking and Currency Committee of Senate to aid in presenting material of Board to committee Sterling exchange, guarantee by Bank of England, etc., Mr. Morrill to consult, in preparation of letter to Secretary of Treasury that Mr. Harrison's report had been received and Board understood it satisfactory, and no further action necessary Letter approved and transmitted Goepfert, Mabel, secretary, salary increased Rackley, Howard H., appointed assistant counsel and salary increased Rill, Richard A., file clerk, salary increased .lutchinson, Clara B., stenographer, salary increased nabnett, Lucy, secretary, salary increased ! areponnell, Mary, stenographer, salary increased gan, Mary A., stenographer, salary increased tfens, Joseph T., resignation as assistant counsel accepted 'ua5r, Jerome V., law clerk, salary increased 'clomon, Frederic, Assistant Counsel: Graduate School of Banking at Rutgers University, selected to attend 1939 session , Salary increased v est, George B., Assistant General Counsel: Rates, FRBanks of Dallas, Kansas City, and Cleveland, appointed on committee to report on telegrams from Supplemental allowances granted on retirement of employees, appointed on subcommittee to study Z http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 579 4/27 4/27 4/27 579 579 579 10/13 1256 10/13 1258 10/13 1264 10/13 1267 6/23 826 9/27 1182 9/28 1190 4/27 579 1/27 4/27 4/27 4/27 4/27 4/27 3/27 4/27 116 579 579 579 579 579 431 579 4/19 4/27 549 579 9/15 1138 7/7 887 232 Pages Staff of Board of Governors: (Continued) Counsel's Office: (Continued) Vdingfield, B. M., Assistant General Counsel, hearing of Transamerica Corporation before Securities and 1/13 Exchange Commission to sit as observer Wyatt, Walter, General Counsel: Committee on Administrative Procedure of Justice Department, request that he and Messrs. Morrill and Thurston continue discussions in order to make corrections in report on Board prepared by Mr. 12/14 Salant Named along with Messrs. Morrill, Thurston and 12/19 Ransom to represent Board at committee meeting Designated to serve on advisory committee to study existing practices and procedure in various admin4/12 istrative boards, etc. vi Sion of Bank Operations: Baldwin, Beatrice S., comptometer operator, transferred to Division of Research and Statistics and title 11/ 7 changed to clerk 4/27 Boyer, Rita S., comptometer operator, salary increased Bryan, Evelyn, comptometer operator, salary increased 4/27 4/27 Buchanan, Avelyn, secretary, salary increased 4/27 Craighill, Ellen L., comptometer operator, salary increased ,/ Daniels, Mortimer B., Technical Assistant, salary increased 0 Devereux, Mrs. Flora S., granted advance sick leave 8/31 Granted additional sick leave with pay Glazebrook, Virginia T.: 1/20 Appointment and salary as stenographer 4/27 Salary increased Hainer, Sybil E.: 4/27 Designation changed from stenographer to secretary 4/27 Salary increased Hammond, Bray: Booklet on FRSystem, publication and distribution author3/28 ized and details referred to Mr. Davis Horbett, J. E., designated to work with staff of Central Statistical Board in connection with 1939 call 8/ 2 reports of condition Kennedy, D. M., Technical Assistant: Graduate School of Banking at Rutgers University, se4/19 lected to attend 1939 session 4/27 Salary increased Kroh, Margaret M., comptometer operator, salary increased 4/27 Lawrence, Evelyn M., stenographer, resignation accepted, deduction to be made from salary for excessive 9/25 sick leave McLelland, Beatrice S., comptometer operator, salary increased 4/27 Thelma C., clerk, salary increased 4/27 4/27 Zillis H., salary clerk, increased Mitchell, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 51 1576 1602 524 1370 580 581 580 581 580 915 1067 90 581 580 580 437 967 549 580 581 1175 581 581 580 233 Pages 48.ff Of . Board of Governors: (Continued) ulvlsion of Bank Operations: (Continued) Ontrich, Neva E., senior stenographer, transferred from 11/16 Secretary's Office and salary increased differences into Representatives to visit FRBanks to look 4/17 in expenses of certain functions Roame, Mrs. Helen C., appointed comptometer operator for 7/28 not over three months Appointment extended for period not to exceed three 10/31 months at no change in salary 12/ 8 Resignation Skinner, Carl M., messenger, salary increased 4/27 Smead, Edw. L., Chief: National Association of State Bank Supervisors, authorized to attend convention in place of Mr. 9/15 Paulger Schedule of information on consumer loans of banks, authorized to prepare letters to Comptroller and FDIC asking that they send out schedule with December call, with understanding that matter would again be considered if they were not will11/ 3 ing to include schedule Supplemental allowances granted on retirement of employees, appointed on subcommittee to study 7/ 7 4/27 Smith, Jewell B., secretary to Mr. Smead, salary increased D, * Williams, Jerry, messenger, salary increased 4/27 4.1asion of Examinations: BoYsen, John T., assistant examiner, salary increased 4/27 Brown, Arch B., clerk-stenographer, salary increased 4/27 Cagle, C. E., hearing of Transamerica Corporation before Securities and Exchange Commission, to sit as ob1/13 server Connell, John J.: 3/16 Promoted to FRExaminer and salary increased 11/15 Resignation 11/17 Granted additional leave to cover excess leave taken English, J. Fred: Graduate School of Banking at Rutgers University, se4/19 lected to attend 1939 session 4/27 Salary increased Giovanetti, Eleanor, stenographer, salary increased 4/27 Goodman, Glenn M., examiner: Salary increased 4/27 Temporary National Economic Committee, hearings on investment securities, requested to attend as 12/ 1 representative of Board Hagler, Herbert H., assistant examiner, salary increased 4/27 Hopkins, Julia B., assistant examiner, salary increased 4/27 Howard, Thomas P., assistant examiner, salary increased 4/27 J°Iles, Laurence H.: Graduate School of Banking at Rutgers University, selected to attend 1939 session http://fraser.stlouisfed.org 4/19 Federal Reserve Bank of St. Louis 1421 535 937 1350 1547 581 1144 1363-5 887 580 581 579 580 51 366 1415 1427 549 580 580 580 1483 580 580 580 549 234 Pages Staff .of Board of Governors: (Continued) plvision of Examinations: (Continued) Johnson, Edwin Joseph, appointment and salary as assistant FRExaminer Koppanc4., H. 0.: Meeting with Audit Committee of directors of FRBank of New York to discuss examination report Report on situation in Examination Department of FRBank of St. Louis, to remain in St. Louis only long enough to dispose of current material Salary increased Leonard, R. F., Assistant Chief: American Bankers Association, authorized to attend annual convention National Association of Supervisors of State Banks, authorized to attend annual convention Massey, E. Ralph, assistant examiner, salary increased McClelland, Warren J., examiner, salary increased Millard, E. R., report of visit to banks in Missouri counties affected by proposed transfer to Kansas City District Murff, Gordon R., examiner, salary increased Nelson, Fred A., examiner, salary increased Newcome, Elnyr D., secretary, salary increased Newman, Harold J., assistant examiner, salary increased Paulger, Leo H., Chief: Auditors of FRBanks, relations with directors, topic for discussion at Conference of Chairmen, to be led by Directed to make at least one examination of each FRBank during 1940 Examination reports of FRBanks, usefulness to directors, topic for discussion at Conference of Chairmen to be led by National Association of Supervisors of State Banks, authorized to attend annual convention. Advice that he would not be able to attend convention, and Mr. Smead chosen in his place Suggested as speaker for program of group six of W. Va. Bankers Association for annual meeting to be held at Fairmont, W. Va. Pollard, William B., examiner, salary increased Radford, John R., Jr., examiner, salary increased Sl°an, George S., examiner: Trust Indenture Act, authorized to continue informal discussions with Securities and Exchange Commission now, R. Thornton, assistant examiner: Salary increased Resignation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/3 9/15 1146 4/21 4/27 557 580 9/12 1116 9/12 1116 4/27 579 4/27 580 1/6 4/27 4/27 4/27 4/27 16 580 580 580 580 11/28 1473 12/26 1650 11/28 1473 9/12 1116 9/15 1144 3/20 h/27 4/27 403 580 580 10/ 6 1215-6 /4/27 579 12/ 5 1505 235 Pages Nfr Of ,.0 . Board of Governors: (Continued) Lavision of Examinations: (Continued) Sowers, John J., stenographer, transfer from Secretary's Office, and increase in salary Troup, Fred W., assistant examiner, salary increased Turnbull, Joseph A., assistant examiner, salary increased Winkler, Patrick J., examiner, salary increased Wishart, Harvey J., assistant examiner, salary increased ulvision of Research and Statistics: Baldwin, Beatrice S., clerk, transferred from Division of Bank Operations and title changed to clerk Barnett, Lucille, clerk, salary increased Barnett, M. Elizabeth, clerk, salary increased Barton, H. C., Jr., junior economist, salary increased Bassie, V. Lewis, resignation as senior economist Baum, Beulah S., secretary: Designation changed from stenographer Salary increased Bohlin, Mary H., clerk, appointment and salary on temporary basis, and permitted to become member of Retirement System Boiseau, Natalie, secretary, salary increased Breithut, Richard C., appointment as junior economist for eight months and salary Temporary appointment extended for nine months Bull, Susan Lydia, appointment as clerk made permanent Burgess, Caroline M., library assistant, salary increased Carter, Beverly A., transfer as messenger from office of Governor Draper Casady, Mary Q., secretary: Designation changed from stenographer Salary increased Leave of absence without pay Resignation Caskey, Franc S., secretary, salary increased Counts, Catherine M., clerk, salary increased Currie, Lauchlin: Salary increased Granted leave of absence for one year to become administrative assistant to the President of the United States Contributions to Retirement System while on leave of absence to be continued No further payments to Retirement System to be made until return to active service Depenbrock, Mrs. Barbara S.: Leave of absence without pay granted Salary increased Despres, Emile M.: Salary increased, FRBank of New York to be reimbursed at increased rate, memo of Mr. Ooleenweiser http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/13 1123 4/27 580 4/27 580 4/27 580 4/27 580 11/ 7 1370 4/27 582 4/27 4/27 8/9 582 581 982 4/27 4/27 582 582 11/17 1427 4/27 581 1/11 7/13 4/1 4/27 39 907 475 582 8/9 983 4/27 582 4/27 582 7/18 914 12/ 2 1496 4/27 4/27 581 582 6/30 865 7/10 896 7/18 912 8/18 1021 7/18 4/27 914 582 2/15 224 236 Pages 81Aff vt Board of Governors: (Continued) ulvision of Research and Statistics: (Continued) Despres, Emile M.: (Continued) 8/16 Appointment and salary as senior economist of Sepinstead Appointment made effective September 5 9/ 1 tember 11 increased Dirks, Frederick C., junior economist, salary 4/27 Doherty, George, junior economist: Granted leave without pay to attend school, contribution to Retirement System to be continued by him and 7/7 by Board 4/27 Salary increased Eakin, Joanna, secretary, appointment and salary on temporary basis, and permitted to become member of Retirement System, in view of Prospective per9/15 manent appointment Temporary appointment made effective without being subject to usual physical examination, and permitted to become member of Retirement System at beginning of Payroll period after she has com9/25 pleted physical examination 4/27 Edmiston, Henry H., senior economist, salary increased 8/16 Salary increased Travel voucher and railroad transportation expenses, ap9/29 proved for payment Ellis, Margaret, junior economist and executive assistant, 4/27 designation changed from junior economist 4/27 Salary increased .Ernst, Rosa, economic assistant, salary increased 4/27 4/27 Eleanor M., library assistant, salary increased 4/27 vans, Ethel L., clerk, salary increased Mary Sibley, junior economist, retirement, supplemental contribution and leave in connection 7/7 with 9/12 Pansion of, plan to be presented by Mr. Goldenweiser -P enn, Robert D., economic assistant: 4/27 Salary increased 7/21 Resignation Fishburn, Judith M., clerk, appointment and salary on tem9/16 porary basis 10/16 p Appointment on permanent basis and salary 4/27 , Ord, G. Elizabeth, clerk, salary increased 'Tardner, Valter R., Senior Economist, sterling exchange, guarantee by Bank of England, etc., Mr. Morrill to consult, in preparation of letter to Secretary of Treasury, that Mr. Harrison's report had been received and Board understood it sat9/27 isfactory 9/28 Letter approved and ordered transmitted ehman, Clayton, junior economist, salary increased 4/27 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1012 1084 581 885 581 1146 1176 581 1012 1198 581 581 581 582 582 887 1115 581 922 1153 1282 582 1182 1190 581 237 Pages Staff of Board of Governors: (Continued) Division of Research and Statistics: (Continued) Goldenweiser, E. A., Director: Banking and monetary field, problems in, to submit questions for consideration at meeting with Presi4/17 dents 4/18 Question submitted at meeting with Presidents Discount rates at FRBanks, memo prepared at request of 7/18 Board presented Memo discussed briefly and placed on docket for 8/16 later full meeting of Board Topic for discussion at Conference of Chairmen to 11/28 be led by Easy money situation, statement to be prepared in connection with discussion with Federal Advisory 8/16 Council preparafor provide to as so Instructions modified tion of memo in terms of changed situation, without so many reasons for past policy as of the recent change in money market situation and 9/13 what prospects for future are statement future, for outlook and Economic situation 6/20 on recent developments Gold under earmark, weekly totals to be given in re11/ 7 sponse to inquiries account, market open Statement on reduction in System 6/ 6 etc., at meeting of Federal Advisory Council Grunwell, Helen R., draftsman: 4/27 Salary increased salary 10/23 in increase Title changed to chief draftsman and Hamill, Caroline, economic assistant: 4/27 Designation changed from secretary 4/27 Salary increased tienrY, Mrs. Ella, temporary employment as a draftsman for 5/10 not over two weeks on a per diem basis 9/ 8 Appointment on temporary daily basis 10/12 period additional Temporary appointment extended for nersey, A. B., Senior Economist: Temporary National Economic Committee, requested to attend hearings on investment securities as repre12/ 1 sentative of Board Hitchings, George P., economic assistant: Resignation accepted and not necessary to refund amount 8/31 of salary for period of unearned leave 4/27 Salary increased economist n°rne, Roman L., temporary appointment as senior 3 ' p;4 extended for three months . Appointment made permanent aiser, Philip M., economic assistant, appointment and 10/16 salary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 541 544 913 1010 1472 1011 1117 797 1380 736 581 1320 581 581 625 1104 1250 1483 1065 581 522 891 1282 . 238 Pages St at,r.of. Board of Governors: (Continued) 'lvleion of Research and Statistics: (Continued) Kamarck, Andrew LI., appointment as junior economist for one year with probability of later permanent ap6/23 pointment Department for Assignment for six months to Treasury work on study in connection with Exchange Sta10/31 bilization Fund Kenn-, increased salary y Gunhild Anderson, junior economist, 4/27 Kitzmiller, Mrs. Anna M., appointment as clerk made permanent and to become member of retirement sys2/1 tern without examination Kline, valliam A., printing clerk: 4/27 Designation changed from assistant printing clerk 4/27 Salary increased Knapp, J. Burke, Jr., junior economist, temporary appointment for one year and allowed to become member 11/27 of Retirement System Paid month's salary for work in assembling information in London re economic measures in United Kingdom since outbreak of war, and allowed reim12/ 8 Lotbursement for incidental expenses Kriegel, 3/2 Appointment as secretary made permanent 4/27 Salary increased K.rost, Martin, services with financial mission to Venezuela, informal request received from State Department 6/16 for 6/19 Letter to Department of State making services available 7/21 Payment of per diem allowance during stay in Venezuela Letter to State Department restating basis of arrange8/ Li ment leave official Venezuela, Advisory Economic Mission to extended for such time as may be necessary for mission to complete work, present financial 10/ 5 arrangements to be continued Litchfield, Susan Burr, senior economist 4/27 LOn gley, Elizabeth F., clerk, salary increased 4/27 Ltxpton, Helen A.: Appointment and salary as draftsman and to remain member 7/21 of Civil Service Retirement System , Increase in salary 10/23 Sherman J., appointment and salary as economic as8/25 sistant Maroney, 4/27 increased Mary M., economic assistant, salary 4/27 rall, Michael, economic assistant, salary increased 4/27 ,4.eCloud, Lyndall C., economic assistant, salary increased Melanson, Cecil, appointment and salary as draftsman and 8/17 to become member of Retirement System 1 1 /17 salary Appointment made permanent with no increase in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 830 1348 581 148 581 581 1469 1547 291 582 784 794 920 975 1211 581 582 921 1321 1035 581 582 581 1015 1426 239 Pages Staff of Board of Governors: (Continued) Division of Research and Statistics: (Continued) Morelle, Mary W., clerk, appointment and salary on temporary basis, and allowed to join Retirement System Myer, Eleanor, secretary: Salary increased Leave of absence granted for one year to act as secretary to Dr. Currie No further payments to Retirement System to be made until return to active service Parsons, Thomas M., junior economist, salary increased Perkins, Margaret R., temporary appointment and salary as economic assistant Piser, Leroy M., Senior Economist: Developments in Government securities and other markets reviewed Memorandum on Government security market and System open market account to be given further study and held on docket for about thirty days Made special order of business for early meeting of Board at which all members are present Made special order for this meeting, passed over and to be considered at subsequent meeting Memo to be considered at meeting with all members present Secretary requested to arrange for thorough review of problem by staff and report to Board at earliest practicable date Reehling, Mrs. Ruth H., leave without pay for not over 60 days granted Reil, Katharyn P., economic assistant, salary increased Rhodes, Isabelle N., clerk, transferred from Secretary's Office and salary increased Rott, Neva E., secretary, salary increased Rumsey, Elizabeth V., clerk, appointment and salary Sahm, Grace R., draftsman, salary increased Increase in salary Salant, tilliam A., economic assistant: Resignation accepted Salary increased Sanders, Jean M., clerk, resignation accepted, not required to refund salary for excess leave taken Schultz, Rose H., secretary, salary increased Scott, Mavis N., clerk-stenographer, salary increased Sherrard, Alfred, junior economist, appointment on temporary basis, salary fixed, and allowed to become member of Retirement System Appointment made permanent at present salary Silverman, Joseph, economic assistant, salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/17 1427 4/27 581 7/18 912 8/18 1021 4/27 581 7/21 922 8/25 1048 1/10 34 2/27 269 6/23 824 6/30 863 10/13 1266 3/ 3 4/27 303 581 11/ 3 1367 4/27 582 11/27 1468 582 4/27 10/23 1321 7/17 4/27 910 582 9/28 1189 4/27 582 582 4/27 9/29 1197 12/19 1603 582 4/27 240 Pages Nff of Board of Governors: (Continued) Division of Research and Statistics: (Continued) Sissman, Mrs. Louise, junior economist: Granted leave without pay and to continue her own contributions to Retirement System and to assume 8/18 1021 Board's contributions for period 581 4/27 Salary increased on salary and appointment Slavik, Mrs. Walter, draftsman, 9/29 1197 temporary basis not to exceed three months 4/27 582 increased Smith, Jesse D., messenger, salary Snapp, John, library clerk: 6/ 2 716 Resignation 4/27 582 Salary increased increased 4/27 salary 582 Stockwell, Eleanor J., economic assistant, Surgqy, J. Robert, assistant printing clerk, salary in582 4/27 creased insalary librarian, Sutherland, Alvern H., assistant 4/27 581 creased 9/29 accepted 1198 resignation Sweezy, Alan R., senior economist, 4/27 582 Swindlehurst, Alice, clerk, salary increased increased 581 4/27 salary Terborgh,.George, senior economist, 4/27 582 Tewksbury, Elizabeth P., clerk, salary increased Director: Thomas, Woodlief, Assistant Current business information, collection and analysis, topic for discussion at Conference of Chairmen, 11/28 1472 to be led by Statistical Central Designated to work with staff of Board in connection with 1939 call reports of 967 8/ 2 condition 6 / 3 0 866 Increase in salary disapproved To attend conference of Tennessee Bankers Association 5/ 9 618 to discuss regulations of Board 582 4/27 increased Thompson, Muriel W., clerk, salary employees, prospective Traveling expenses and per diem for 9/12 1115 expense approved increased 4/27 582 salary Trescott, Charles G., messenger, increased 4/27 582 salary Van Brakle, Raymond, messenger, Wald, Haskell P., appointed economic assistant on permanent 5/11 630 basis rating higher of spite in Accepted as member of staff 5/19 662 because of high and irregular pulse and salary 9/15 appointment 1145 assistant, Waybur, Bruce, economic 4/27 582 Williams, Lois A., secretary, salary increased increased 582 4/27 salary 4111s) Norma F., secretary, h. ulvi_, 6lon of Security Loans: 4/27 582 Branic, Otto H., messenger, salary increased asto months three for assigned Dembitz, Louis N., to be sist on technical problems in study of cor6/23 831 porate bonds conducted as WPA project http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 241 Pages Statp Board of Governors: (Continued) uivision of Security Loans: (Continued) Dembitz, Louis N.: (Continued) Assignment to tPA corporate bond study extended until December 31, 1939 with understanding that he would be available for conference after that date Elevator operators: Hall, Richard E., Jr., appointment approved Hammond, Julian B., transferred to position of assistant chauffeur Huber, Frederick H.: Appointment of Promoted to stenographer and transferred to stenographic section of Secretary's Office with increase in salary Kern, Harry E., porter, promoted to elevator operator and salary increased Langham, Lee Winston: Appointment of Promoted to guard and salary increased, with understanding that salary would be further increased if services are satisfactory McGinniss, Harry W., III, appointment and salary licKinnon, Jerry Patrick: Appointment and salary approved Resignation accepted Reading, Benjamin R., promotion to guard and salary increased Rose, Hudson McKay, resignation accepted eT,!'eacy, Norbert C., appointment and salary og:k, , t, Louis William, appointment of p_mpiL o answer questions at information booth in Federal World Fair, not to be asBuilding at New signed 41Ployees whocan be spared to be excused to view army day parade 4alaine rs, per diem allowance while examining FRBank of New York increased from five to six dollars Sed from duty from 10 a.m. to 2 p.m. on June 8 to join in welcoming King and Queen of Great Britain GaT,A 'meners: ,rldrews, Thomas F., assistant gardener, resignation massell, William Henry, assistant gardener, appointment and salary 8hiPP, A. Benjamin, assistant gardener, appointment and salary -Life insurance policy covering employees, letter to P Aetna Life Insurance Company requesting forms in connection with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/27 1344 5/23 667 5/23 667 6/30 867 10/12 1249 11/21 1446 6/23 830 11/ 7 1371 7/8 891 1/11 6/15 40 779 39 1/11 7/8 891 11/ 7 1371 6/23 830 3/23 425 3/28 448 6/16 792 6/6 748 9/ 5 1089 9/13 1123 9/25 1175 3/23 425 242 Pages Of Board of Governors: (Continued) Guards: Costello, John M., resignation as clerk on guard force Kelleher, Jos. E., sergeant, salary increased Langham, Lee W., promoted from elevator operator and salary increased, with understanding that salary would be further increased if services are satisfactory O'Malley, Charles M., resignation accepted Power, Reginald C., transferred to position of junior operator, office devices, with understanding that salary would be increased if services were satisfactory Reading, Benjamin R., promotion from elevator operator and salary increased Shepherd, Warren D., resignation of Weaver, Douglas P., probationary appointment made permanent and salary increased Holt daYs, Saturdays during summer months, skeleton force to be maintained for period from, May 27 to September 9 Leaye's without pay for short period, authority to Secretary's Office to approve and to continue contributions to Retirement System Mail clerks: Johnson, Claiborne C., promoted from porter and salary increased Watkins, F. L., promoted to chief mail clerk and salary increased ua Wheeler, Rutledge, period of probation terminated rble maintainer: Murphy, Royal Joseph: Appointment approved uesseng:ze involving workmens' compensation insurance Branic, Otto H., salary increased Carter, Beverly A., transfer as messenger from office of Governor Draper to Division of Research and Statistics Drake, William H., increase in salary with advice of no further increase Dyson, Seaton, assigned to handle work for Governor Draper in addition to work as Board room, messenger Frost, Frederick L., increase in salary with advice of no further increase &nith, Jesse D., salary increased ?escott, Charles G., salary increased fl Brakle, Raymond, salary increased 'ashington, Lafayette, title changed from porter http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/29 4/27 703 579 11/ 7 1371 2 1/3 11/ 7 1371 1/11 6/30 39 867 6/ 2 715 4/13 531 8/2 961 1/11 40 1/11 7/1 40 869 2/7 179 8/31 1067 4/27 582 8/9 983 1/3 2 8/9 983 2 1/3 582 4/27 4/27 582 4/27 582 11/21 1447 243 Pages 4aff Of Board of Governors: (Continued) Messengers: (Continued) Washington, Sidney, increase in salary with advice of no further increase 1/3 2 Nurses: 1/23 Farrin, Dorothy, resignation as substitute nurse 4/27 Jones, Lois W., salary increased 2/28 Wickline, Miss Mary Callie, appointed substitute nurse race of the Chairman: Benton, Madeleine E., secretary to Mr. Thurston, salary in4/27 creased °frice of Mr. Szymczak: Pattillo, Mrs. Victrin, not to be requested to refund salary 8/31 payment for period of unearned leave °frice devices: 5/19 t KaY, George R., junior operator, salary increased 'ages: Beers, Peter W.: 4/27 Salary increased 10/23 Promoted to supply clerk and salary increased Ellison, Miles R.: 4/1 Appointment and salary approved Promoted to clerk in Secretary's Office and salary in7/28 creased inventory of position to transferred MacDowell, McN. DuBose, 10/12 clerk and increase in salary 8/18 Maize, Samuel B., Jr., appointment and salary Petrey, Robert C., appointed on temporary basis for not over 5/19 four months approved 4/1 Poundstone, John M., promoted to clerk and salary increased Rieseberg, Robert W., promoted to position of clerk in 2/4 Secretary's Office and salary increased Shollenberger, Lewis W., appointment and salary 10/23 Sowers, John J.: 2/4 Appointment and salary stenographer, as Transfer to Division of Examinations 9/13 and increase in salary 9/15 p,,,_Thorn, Stewart, Secretary's Office, appointment and salary -4-nters: 2/7 DamPley, Chester Barrett, appointment approved p°rters: Accrocco, Russell, period of probation terminated 7/1 B'ash, John, promoted to apprentice mechanic and salary in11/21 creased 4/27 Faber, Philip D., salary increased Johnson, Claiborne C., promoted to position of mail clerk 1/11 and salary increased Kern, Harry Eugene: 2/7 Appointment approved 11/21 Promoted to elevator operator and salary increased " (Orley, Michael, appointment and salary 11/21 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 96 579 282 578 1065 662 579 1321 476 937 1249 1020 663 475 169 1321 169 1123 1146 179 869 1447 579 40 179 1446 1016 244 Pages 81App ' 4. of Board of Governors: (Continued) Porters: (Continued) Riston, Percy Clinton: Appointment approved Promoted to assistant supervising janitor and salary increased Salvetti, Umberto F., salary increased Sexton, Walker Harry, appointment and salary Spargo, Calvin Wesley, appointment and salary Washington, Lafayette: Advance of sick leave for not over sixty days 8a • Title changed to messenger laries of personnel, policy discussed and appointment of staff personnel committee and procedure outlined Report of Mr. Clayton on meeting of heads of divisions with recommendations Staff Personnel Committee to consider recommendations for adjustments submitted by division heads Report prepared in Secretary's office comparing salaries with classified departmental service, copies to be furnished each member of Staff Personnel Committee Salaries recommended by Personnel Committee approved Sal larY payment to employee before he reports for duty, month's salary paid to J. Burke Knapp, Jr. for work in assembling in London information re economic measures taken by United Kingdom since outbreak 2/ 7 179 11/21 1447 111 '/ /21 15 44 76 9 11/21 1446 5/31 708 11/21 1447 3/30 457 3/31 460 3/31 462 3/31 4/27 467 578 12/ 8 Sec retary's Office: 4/27 Anderson, Eleanor K., file clerk, salary increased Ball, Annie-Arden, made stenographer on permanent basis, formerly temporary file clerk V/27 7 Bastable, Claire A., stenographer, salary increased Beers, Peter W., page: 4/27 Salary increased Promoted from page to supply clerk and salary in10/23 creased 4/27 Bertol, Louis N., Captain of Guards, salary increased Bethea, L. P., Assistant Secretary: Rates, FRBanks of Dallas, Kansas City, and Cleveland, appointed on committee to report on telegrams 9/15 from Supplemental allowances granted on retirement of em7/ 7 ployees, appointed on subcommittee to study Carpenter, Samuel R., Assistant Secretary: Conference of Chairmen, requested to serve as secretary 12/ 6 for part of meeting Graduate School of Banking at Rutgers University, selected to attend 1939 session 4/19 1547 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 578 trg 579 1321 579 1138 887 1538 549 245 Pages katf of Board of Governors: (Continued) Secretary's Office: (Continued) Cassil, John F., order clerk, salary increased Coffman, Hazel I., file clerk, salary increased Davis, Margery M., appointed as temporary file clerk for six months Temporary appointment made permanent with increase in salary Dedman, Bert C., assistant index clerk, salary increased Dyson, Nelson S., mimeograph operator, salary increased Ellison, Miles R.: Appointment and salary approved as page Promoted from page to clerk Griffith, Flora J., telephone operator, salary increased Grimes, Mrs. Mary Louise C., resignation as stenographer Haislip, Vivian K., file clerk, appointment made permanent and salary increased Higdon, Margaret L., stenographer, salary increased Huber, Frederick H., promoted from elevator operator to stenographer, and transferred to stenographic section of Secretary's Office with increase in salary Johnston, Margaret, file clerk, appointment made permanent and salary increased Jones, Mrs. Helen, appointed as temporary telephone operator for one week Jones, Lois W., nurse, salary increased Jones, Robert H., mail clerk, salary increased Kiley, John N., assistant chief file clerk, salary increased Kilgore, J. Edward, administrative assistant, salary increased Kirkland, Rexford M., appointment as senior operator of office devices Kolinski, James C., clerk, salary increased Promoted to stenographer and transferred to stenographic section of Secretary's Office with no change in salary Krieger, D. Jeanne, chief stenographer, salary increased Lavelle, Helen, clerk, salary increased MacDowell, McN. DuBose, inventory clerk, promoted from page and salary increased Maize, Samuel B., Jr., appointment and salary as page licCrary, Ruth, file clerk: Appointment made permanent and salary increased Intention to resign, to remain on payroll without physical examination and without becoming member of Retirement System Resignation as file clerk accepted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 578 4/27 4/27 578 6/15 778 12/ 7 1540 4/27 578 4/27 579 4/1 4/27 1/26 476 937 579 109 4/27 4/27 578 578 7/28 10/12 1249 4/27 578 8/18 1021 4/27 579 4/27 579 4/27 578 4/27 578 7/31 953 4/27 578 10/12 1249 4/27 4/27 578 578 10/12 1249 8/18 1020 4/27 578 5/ 3 5/ 9 598 621 246 Pages Staff of Board of Governors: (Continued) Secretary's Office: (Continued) McNeese, Marie Garland, file clerk, temporary appointment and salary with understanding that appointment would be made permanent and salary increased if T /1,, services are satisfactory stenographer Meiser, Emma K., appointment and salary as Miles, Maria D., file clerk, salary, request by office of Senator Glass that records be reviewed for purpose of deciding if salary should be increased, matter referred back to Personnel Committee to 6/13 submit recommendation to Board Morrill, Chester, Secretary: 5/15 Additional sick leave with pay approved for Committee on Administrative Procedure of Justice Department, request that he continue, along with Messrs. Thurston and Wyatt, discussions with committee in order to make corrections in report 12/14 on Board prepared by Mr. Salant Named along with Messrs. Ransom, Thurston, and 12/19 Wyatt to represent Board at committee meeting Bank by Sterling exchange, incident involving guarantee of England, Mr. Morrill to prepare letter to Secretary of Treasury that Mr. Harrison's report had been received, and Board understood it satisfactory and no further action necessary 8 a7 Letter approved and transmitted Noble, Isabelle G., file clerk, appointment made permanent 4/27 and salary increased 4/27 O'Brien, Bernice T., file clerk, salary increased Ontrich, Mrs. Neva E.: 4/19 Appointed stenographer on temporary basis 10/18 Appointment made permanent with no change in salary Transferred to Division of Bank Operations as senior 11/16 stenographer and salary increased ' Parkhill, Dorothy M., stenographer, salary increased 4/27 Petrey, Robert C., appointed on temporary basis for not 5/19 over four months approved 4/27 Finn, William E., mail clerk, salary increased Pitzer, Ruby A., file clerk, appointment made permanent 4/27 and salary increased Poundstone, John M., promoted to clerk from page and salary 4/ 1 increased Power, Reginald C., junior operator, office devices, transferred from guard with understanding that salary would be increased if services were satis11/ 7 factory Rhodes, Isabelle N., file clerk, transferred to Division of 11/ 3 Research and Statistics and salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5N 13 759 639 1576 1602 1182 1190 578 578 548 1304 1421 578 663 579 578 475 1371 1367 247 Pages haft' Of Board of Governors: (Continued) Secretary's Office: (Continued) Rieseberg, Robert W., promoted to position of clerk from page and salary increased Romans, Vera, stenographer, salary increased Shollenberger, Lewis W., page, appointment and salary Smith, Mildred F., stenographer, salary increased Sowers, John J.: Appointment and salary as page Transfer to Division of Examinations as stenographer and increase in salary Stewart, Mrs. Phyllis E., payment of hospital and doctor's bill in connection with fall on ice in parking lot Thorn, Stewart, page, appointment and salary Todd, Mildred Evelyn, file clerk, temporary appointment and salary with understanding that appointment would be made permanent and salary increased if services are satisfactory T;yrell, Alice E., file clerk, salary increased lard, Thelma E., file clerk, appointment on temporary basis with understanding that if work is satisfactory her appointment will be made permanent at increased salary tilkinson, C. M., chauffeur, salary increased South American Committee, advice to State Department that Board would be glad to name representative to serve on committee with representatives from Treasury, and Commerce Departments e •clal assistants: Spts Warren, Robert B., advice that he had been approached with view to temporary appointment to assist with material for Senate Banking and Currency Committee hearings, that he would come to Washington for interview, and could not accept salary Temporary appointment without salary, ordered reimbursed for railroad transportation to and from Princeton not more than once per week, and given per diem allowance Appointment extended so that leave might be taken voodward, Donald B., appointment and salary on temporary basis to assist Mr. Ransom in preparation of material in connection with prospective hearings by Senate Banking and Currency Committee Appointment extended so that leave without pay might be taken 81.1T1ai 'vlsing janitor: Johnson, Sven, payment of doctors bills in connection with treatment of injuries to feet Liston, Percy C., promoted from porter to assistant supervising janitor and salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/ 4 169 578 4/27 10/23 1321 578 4/27 2/ 4 169 9/13 1123 1/20 90 9/15 1146 11/ 2 1355 578 4/27 12/ 7 1540 579 4/27 9/ 6 1097 9/21 1166 9/25 1174 11/10 1407 9/21 1166 11/10 1407 8/ 2 961 11/21 1447 248 Pages Staff of Board of Governors: (Continued) Telephone operators: Griffith, Flora J. salary increased Jones, Mrs. Helen, appointed as temporary operator for one week Appointment on temporary basis in connection with lengthening hours of switchboard operation Workimens compensation insurance, letter to Deputy Commissioner of the United States Employees Compensation Commission that employees of the Board are protected Nte oank supervisors: 'c)ndition reports, condensed form for use in spring and fall calls, reasons for not consulting supervisors, letter to FRBank of Kansas City in connection with complaint by Bank Commissioner for Kansas kate uanking departments: 4a(aminations of State member banks by FRBanks, deferring in order to accommodate State departments, no objection to FRBank of Kansas City deferring examination of Oklahoma State Bank, Ada, Okla. 8tat Department: ulscount rate of Reserve Bank of India to be supplied to Board instead of that of Imperial Bank Financial mission to Venezuela, Malcolm H. Bryan not available and Martin Krost informally requested 4"ty Martin, expenses and allowances as member of mission to Venezuela, letter restating basis of arrangement Official leave for Mr. Krost extended for such time as may be necessary for mission to complete work, present financial arrangements to be continued Ge rmoLn exchange, advice from Mr. Harrison that German balances had been attached by New York banks, that exchange was cut off, that Standstill Committee wished to reopen negotiations, and that he would discuss with State Department LOnal City Bank of New York, N. Y., establishment of additional branch at Shanghai, China, to supplement facilities of existing branch, letter to, asking if there is objection 8°11th American Committee, advice that Board would be glad to name representative to serve on committee with representatives from State, Treasury, and Cornmerce Departments t -emuer banks: 'gl ' Icultural loan statistics of Ohio banks classified by counties as of June 1939, ordered sent to Ohio State University, provided they will not make data available in such way that it would make it possible to identify figures of any one bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 579 8/18 1021 9/ 1 1083 8/31 1067 9/ 7 1102 11/ 7 1378 5/11 634 6/16 784 /4 975 10/ 5 1211 9/13 1121 10/16 1284 9/ 6 1097 9/29 1200 249 Pages State member banks: (Continued) American Bank and Trust Company, New Orleans, La., condition report, comments on and republication not to be required Further retirement of preferred stock not justified at this time Anna State Bank, Anna, Illinois, application for membership approved . Extension of time for completion of membership Antwerp Exchange Bank Company, Antwerp, Ohio, membership application approved and bank to fulfill obligation to saving depositors 8 ,ank of Elizabeth, Pa., membership application approved 'Dank of the Manhattan Company, New York, N. Y., membership condition requiring disposal of stock in County Trust Company of White Plains, N. Y., waived sank of Manteca, California, membership application approved subject to certain charge offs and attention called to excessive deposit with nonmember bank , Extension of time within which to complete membership luank of Phoebus, Virginia, membership in FRSystem, application approved subject to agreement not to invest collectively funds held by bank except as permitted in case of banks exercising fiduciary Bankpowers of Sheboygan, Vdsconsin, purchase of assets and assumption of liabilities of Bank of Elkhart Lake and to establish a branch at Elkhart Lake Bank of Smithfield, Va., membership in FRSystem, application approved subject to having charged off losses and own stock held as collateral for loans to be disposed of 13aak of Tifton, Ga., immediate withdrawal approved and permission to FDIC to examine to permit continuance as nonmember insured bank Bankers Trust Company, New York City, N. Y.: Branch banks, foreign: London, England, permission to conduct at Tetworth, Ascot, England, such of operations as may seen advisable during period of present emergency London, England, permission to establish subbranch at Sunningdale to carry on recording and bookkeeping activities during war emergency Sunningdale, England, activities conducted at, to be discontinued ttiver State Bank, Bark River, Mich., membership in FRSystern, application approved 13ei ington Bank, Belington, W. Va., membership in FRSystem, application approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/4 171 6/29 856 7/27 925 8/28 1050 8/9 983 8/18 1024 9/ 7 1099 8/9 986 9/20 1163 10/25 1332 1/9 32 11/ 3 1368 1/19 79 10/26 1340 10/ 5 1213 10/26 1340 12/ 6 1527 9/16 1155 250 Pages State .member banks: (Continued) Blrmingham Trust and Savings Company, Birmingham, Ala., FRBank of Atlanta designated to make determinations 6/28 of fair value of assets Probable loss in suits involving mortgages sold to various trusts 3/17 • B1 °vmfield State Bank, Bloomfield, Ind., membership in FRSystem, application approved upon merger with Citizens 12/20 State Bank, Bloomfield, Ind. Bronx County Trust Company, New York, J. Y., membership in 10/ 5 FRSystem, application approved Brooks Bank and Trust Company, Torrington, Conn., membership condition requiring pledge of securities with trust department to secure trust funds deposited in banking department, validity of Board will request FRBank of Boston to take no further ac9/16 tion at present BYron Center State Bank, Byron, Mich., application for member2/2 ship approved Calvert Bank, Baltimore, Md.: FRBank of Richmond requested to consider, in addition to annual report on capital position of State member banks subject to condition of membership, the banks capital structure, dividend policy, and general condition, and make recommendation 11/13 to Board Camden Trust Company, Camden, New Jersey: 2/13 Assets and liabilities assumed of American National Bank Assumption of deposit liabilities of North Camden Trust Company and First National Bank and Trust Company of Blackwood and establishment of branch 2/20 at Blackwood Branch at Gloucester City, removal of present branch to premises of Gloucester City Trust Company after 4/21 absorption of that bank Carb°a Emery Bank, Price, Utah, application for fiduciary powers, unrestricted permission to act as trustee and guardian of estates not favored, 1/30 but no objection to handling certain accounts Pledge of securities to secure trust funds deposited in 3/14 banking department Centi"al Bank Company, Lorain, Ohio, membership application approved and carrying value of premises to be 7/29 reduced, etc. Central Home Trust Co., Elizabeth, N. J., unsafe and unsound 3/22 practices to be corrected before given date Permi • 7/27 ssion to to FDIC examine Cent ral Trust Company, Rochester, N. Y., reduction in capital approved on condition of introduction of new 8/31 capital funds http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 850 377 1618 1212 1156 153 1412 203 244 561 123 355 939 417 930 1073 251 Pages hate member banks: (Continued) Chemical Bank, Sweet Springs, Mo., application for membership approved subject to certain charge offs, etc. Chemical Bank and Trust Co., New York, N. Y.: Loans made to Richard thitney, report prepared by FRBank of New York, copy to be sent to Inquiry on credit for introduction of new depositors to bank, not considered payment of interest Citizens Bank of Poquoson, Odd, Va., membership in FRSystem, application approved Citizens Bank of St. Bernard, Ohio, membership application approved subject to certain charge offs, etc. Citizens Bank, Vermillion, S. D., membership in FRSystem, application approved Citizens Bank and Trust Company, Campbellsville, Ky., membership in FRSystem, application approved subject to agreement not to exercise fiduciary powers without permission of Board Citizens Banking Company, Sandusky, Ohio, membership in FRSystem, application approved Citizens Commercial Trust and Savings Bank of Pasadena, Calif., condition reports, certified copy transmitted to Attorney General of the United States Citizens State Bank of Clare, Michigan, membership in FRSystem, application approved upon bringing savings account into conformity with Regulation Q Citizens State Bank of Dalhart, Texas, investment of money in bank premises without referring matter to Board for consideration, advice to Mr. Evans that Board has noted and will consider matter closed Citizens State Bank of El Dorado, Kansas, application for membership approved Citizens State Bank, Houston, Texas, real estate sold under contract, letter to Mr. Evans, FRBank of Dallas, re proper manner of shoring in report of condition Citizens State Bank of Liberal Kansas, purchase of assets and assumption of liabilities of First National Bank of Tyrone, Okla., advice that information should be forwarded to Board even though not within condition of membership Citizens State Bank, Marianna, Fla., unsound loans revealed by examination report Strengthening of capital deferred until probable loss from loans is determined Citizens State Bank, Puyallup, hashington, retirement of capital debentures approved Citizens State Bank, Sheboygan, Wisconsin, repeated criticisms shown by examination report regarding purchase of corporate stocks and speculative bonds and failure of bank to comply with Comptroller's regulations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/ 7 507 5/11 632 5/15 640 12/20 1617 969 2 1453 181//23 11/30 1479 11/ 7 1372 2/17 239 6/ 2 717 10/26 1340 5/23 669 10/31 1350 12/11 1549 3/ 8 322 3/29 451 1/25 105 4/ 5 494 252 Pages State member banks: (Continued) Citizens State Bank and Trust Co., Goose Creek, Texas, conversion into Citizens National Bank and Trust Co. 12/13 of Goose Creek 12/22 . No objection to change in plan of conversion City Bank Farmers Trust Company, New York, N. Y., investment in stock of corporation yet to be organized, ap12/13 proved upon certain conditions City Trust and Savings Bank, Youngstown, Ohio, membership application approved subject to certain charge 7/8 offs, etc. Colonial Trust Company, New York, N. Y., operation of common trust fund proposed, letter to Mr. Albert 2/10 Parker on Colonial Trust Company, Pittsburgh, Pa., method of reporting repayments on installment loans in condition re3/1 ports and for reserve purposes Commerce Union Bank, Nashville, Tenn., designations of employees of Nashville Branch as assistant examiners to 2/10 lend clerical assistance in Commercial Bank of Camden, S. C., application for membership approved and permission to be requested in future 8/25 exercise of trust powers Commercial Trust and Savings Bank, Storm Lake, Iowa, membership application approved and efforts to be made to 4/21 increase bonds of officers Commercial Trust Company of New Jersey, Jersey City, N. J., violation of Sec. 9 of FRAct and Sec. 5201 U.S.R.S. 1/16 in holding own stock, to be corrected Commonwealth Trust Company of Pittsburgh, Pa., banking quarters, no objection to investment in premises to en11/22 large quarters of Mt. Lebanon branch Community State Bank of Avilla, Ind., membership application 8/16 approved subject to certain charge offs, etc. Condition reports: 1/5 Call as of December 31, 1938 3/31 Call as of March 29 approved 7/ 5 Call as of June 30 10/ 4 Call as of October 2, 1939 1./13 Certification of publish District of Columbia member trust companies need not 10/12 duplicate reports to Comptroller and Board FRBanks 3/23 to Forms and instructions for next call transmitted 6/2 Forms 105 and 105e, amendment to form approved Condensed form of form 105 for use in spring and autumn 8/ 1. calls approved calls, Condensed form for use in spring and autumn copies of form sent to executive committee of 8/10 National Association of State Bank Supervisors http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1561 1635 1562 892 194 288 193 1038 560 59 1b54 1013 7 469 874 1206 52 1252 424 718 959 991 253 Pages state member banks: (Continued) Condition reports: (Continued) Forms: (Continued) Forms for use in submitting reports as of next call date 8/25 transmitted Forms for use by banks and their affiliates as of next 12/13 call date, letter to FRBanks transmitting Instructions for preparation of, amendment to Form 105a, ap6/ 2 proved Continental Bank and Trust Company, New York, N. Y., loans made to Richard Whitney, report prepared by FRBank 5/11 of New York, copy to be sent to Violation of Sec. 9 of FRAct and Sec. 5201 of U.S.R.S. in 1/16 holding own stock, to be corrected Corn Exchange Bank Trust Co., New York, N. Y., loans made to Richard Whitney, report prepared by FRBank of 5/11 New York, copy to be sent to County Trust Company of White Plains, N. Y., stock, waiver of condition of membership applicable to the Bank 9/ 7 of the Manhattan Company requiring sale Cowlitz Valley Bank, Kelso, Washington, retirement of capital 1/23 debentures approved Croton Bank Company, Croton, Ohio, membership in FRSystem, ap10/11 plication approved Cu117 County Bank, Gold Beach, Oregon, withdrawal from FRSystem, FDIC given permission to examine in connection with withdrawal and continuation as nonmember 11/ 3 insured bank Deposit Guaranty Bank and Trust Co., Jackson, Miss., membership in FRSystem, application approved subject to 12/22 improvement in trust department Depositors Trust Company, Augusta, Maine: Investment in additional banking quarters approved 5/ 1 Purchase of assets and assumption of liabilities of Medomak National Bank of Valdoboro, Maine and establish7/12 ment of branch at Waldoboro Detroit Bank, Detroit, Mich., director serving Detroit Trust Co., question of serving bank with no deposit liabilities and bank which does not exercise 12/ 1 fiduciary powers East Side Trust and Savings Bank, Chicago, Ill., membership in FRSystem, application approved subject to having 12/16 reduced balance with nonmember bank Lira Bank and Trust Co., Elmira, N. Y., branch at Watkins Glen, establishment approved in connection with merger with Watkins State Bank 41 /27 7 Certification to FDIC as member of FRSystem .14xChange State Bank, Lanark, III., membership in FRSystem, application approved subject to review and readjustment of compensation to directors, officers and employees, in light of bank's obligation to 9/27 holders of deferred certificates of deposit http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1040 1565 718 632 59 632 1099 101 1247 1369 1634 590 902 1484 1583 07 2772 1185 254 Pages State member banks: (Continued) Exchange State Bank, Lanark, Ill.: (Continued) Membership condition requiring adjustment by directors of compensation to directors, officers, and employees in light of bank's obligation to waiving depositors, letter to Mr. Young expressing surprise that FRBank allowed admission merely on promise of bank officers to call meeting to discuss adjustment, and requesting to be kept advised 10/23 Reply to Mr. Young acknowledging receipt of reasons for admitting bank without compliance, and that Board trusts that adjustment will be made at annual meeting of bank in January 11/ 7 Fairview State Bank of Fairview, Okla., membership application approved and title to be verified 5/23 Farmers and Citizens Banking Company, Monroeville, Ohio, membership in FRSystem, application approved 10/17 Farmers and Merchants Bank, Huron, South Dakota, examination report shows transaction causing error in December 1938 condition report, but statement of condition need not be republished 9/28 Farmers and Merchants Bank Company, Sylvania, Ohio, membership in FRSystem, application approved subject to savings accounts having been brought into conformity with regulation 9/25 Farmers and State Bank, Evansville, Wisconsin: Membership application approved 3/31 12/13 Fiduciary powers, application approved Farmers Bank, Clay, Kentucky, application for membership approved upon acceptance for deposit insurance 8/31 and advice that capital stock was paid in Farmers Bank of Mathews, Virginia, membership in FRSystem, application approved subject to causing affiliate 11/15 to dispose of bank's own stock Farmers Bank of Pelham, Ga., no objection to bank continuing to act as trustee for railroad under indenture but should obtain permission to exercise trust powers before acting in any other instances 3/23 Farmers Bank and Trust Company, Bardstown, Ky., membership in FRSystem, application approved subject to having charged off losses 11/17 Certification to FDIC as member of FRSystem 12/11 Farmers State Bank of Chadwick, Ill., membership in FRSystem, application approved 12/ 4 Farmers State Bank of Lakefield, Minn., application for membership approved, certain charge offs and compliance by First Bank Stock Corporation with conditions for issuance of general voting permit 5/23 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1321 1378 570 1300 1192 1177 469 1561 1071 1415 421 1427 1550 1502 668 255 Pages State member banks: (Continued) Farmers State Bank, Lincolnton, Ga., immediate withdrawal from membership approved and bank to continue de2/21 posit insurance Minn., Madelia, Farmers State Bank of Madelia, Incorporated, membership application approved 3 V/16 Extension of time for completion of membership 7/27 Extension of time for completion of membership Farmers State Bank of Wallace, Nebraska, reduction in capital debentures held by RFC, recommendation to be 2/28 made to Board on no objecquarters, Farmers State Bank of Waupaca, Wis., banking tion to investment of specified sum in banking 12/16 house applicamembership Farmers State Bank of West Concord, Minn., tion approved subject to certain charge offs, etc., and consolidation with competitor bank 8/ 1 should be looked into of violation possible Fidelity Savings Bank, Antigo, Wisconsin, FRAct because of loans secured by stocks in ex3/ 8 cess of limit in FRSystem, membership Minn., Fidelity State Bank, Minneapolis, application approved subject to increase in cap10/20 ital structure application FRSystem, in First Bank of Berne, Ind., membership 12/21 approved applimembership Iowa, Ottumwa, First Bank and Trust Company, cation approved subject to agreement not to invest collectively funds held by bank as fiduciary except as permitted by national bank exercising 10/26 fiduciary powers, and to relinquish branch nominal of retirement First-Central Trust Co., Akron, Ohio, amount of capital debentures favored but op6/29 posed to retirement of full amount applied for salInd., Greencastle, First-Citizens Bank and Trust Company, aries, question of paying month in advance, advice to FRBank of Chicago that thirty-day period is not extension of credit under Regulation 0, and no reason wily bank shouldn't be compelled 9/28 to carry bonds at cost First-Peoples State Bank, Traverse City, Mich., application for membership approved subject to certain charge 2/27 offs and conduct of fiduciary business First St. Joseph Stock Yards Bank, South St. Joseph, Mo., voting permit application by First National Bank of St. 3/23 Joseph not necessary First Security Bank, Beaverton, Oregon, retirement of capital debentures, should be advised that further 8/ 2 retirement of debentures should not be approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 249 908 932 284 1587 958 325 1316 1625 1336 855 1191 270 422 963 256 Pages State member banks: (Continued) First Security Bank of Idaho, Boise, Idaho, purchase of assets and assumption of liabilities of Halley National Bank without advice to FRBank First State Bank, Celina, Texas, report of undue use of credit for speculative carrying of commodities, assurance that practice will not be permitted in future First State Bank, Eldorado, Oklahoma, application approved and bank to succeed First National Bank, Eldorado First State Bank, Granger, Texas, membership application approved and loan secured by own stock to be corrected First State Bank of Red Bud, Ill., application for membership approved subject to certain charge offs, etc. First State Bank of Rushmore, Minnesota, purchase of additional interest in banking property approved First State Bank of St. Peter, Ill., application for membership approved First Trust and Deposit Company, Syracuse, N. Y., examination, FDIC given permission to examine in connection with corrective program Fort Recovery Bank Company, Fort Recovery, Ohio, membership application approved and banking situation in town to be closely observed Gary State Bank, Gary, Indiana, application for membership approved subject to certain charge offs, etc. Gary-Wheaton Bank, Wheaton, Ill., condition report, letter to Mr. Young requesting that bank be advised to show against item 33(h) in next report the depositors and shareholders certificates outstanding plus accrued 6% interest on latter Gnadenhutten Bank, Gnadenhutten, Ohio, membership application approved Goodland State Bank in Goodland, Kansas, application for membership approved Guardian Bank of Royal Oak, Mich., withdrawal from FRSystem in connection with proposed absorption of uninsured bank, permission to FDIC to examine Withdrawal from FRSystem, six months' notice waived and permission given for immediate withdrawal G. W. Jones Exchange Bank, Marcellus, Mich., unauthorized exercise of trust powers by Hadley Falls Trust Co., Holyoke, Mass., permission to establish branch at Chicopee, Mass. in connection with absorption of Cabot Trust Company, Chicopee, Mass. Hamilton Trust Company of Paterson, N. J., unsafe and unsound practices to be corrected before given date http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/24 256 4/10 514 6/16 789 2/21 248 3/6 308 5/29 707 5/31 708 11/18 1432 7/29 940 4/20 552 10/23 1322 2/7 180 4/ 5 492 8/30 1062 12/ 5 1505 1/30 121 12/ 7 1542 3/22 415 257 Pages State member banks: (Continued) Holdings of Government securities by, request of Mr. Duffield for publication by Treasury Department Home State Bank, Trent, Texas, membership in FRSystem, application approved, attention of bank to be called to fact that balance of more than 10% of capital and surplus is being carried with nonmember bank Illinois: Compliance with membership conditions requiring stamping of stock certificates or publishing information on waived deposits Industrial Trust Co., Vvilmington, Delaware, increase in investment in, and loans to Industrial Trust Building Corporation and affiliate approved Integrity Trust Company, Philadelphia, Pa., condition reports, extension of time within which to publish Extension of time within which to publish reports of Germantown Fireproof Storage Company and Joseph L. Shoemaker Co., Inc. Further extension of time for publishing not to be granted, Board to take no action at present time Permission to FDIC to examine jointly with FRBank Iowa State Bank, Algona, Iowa, examination report shows administering of one court trust, to request permission before accepting any other trust business Iron and Glass Dollar Savings Bank of Birmingham, Pittsburgh, Pa., membership application approved subject to certain charge offs and service of directors, etc. Extension of time within which to complete Reserves, permission to maintain same reserves against demand and time deposits as are required to be maintained by member banks not in reserve or central reserve cities Xentucky-Farmers Bank of Catlettsburg, Ky., membership in FRSystem, application approved upon condition that bank dispose of own stock owned by it, etc. . Extension of time within which to complete Klpton Bank Company, Kipton, Ohio, membership in FRSystem, application approved Lawyers Trust Company, New York, N. Y., extension of time for compliance with condition of membership Lemay Ferry Bank, Luxemburg, Mo., proposed absorption of Lafayette National Bank and Trust Co., approval not required Lewis County Trust Company, Lowville, N. Y., continued unsatisfactory condition in management and capital structure shown by examination report http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/10 329 10/19 1312 2/3 165 4/ 7 508 10/31 1351 11/16 1422 1 /12.1 1Z07 8/25 1042 8/18 1022 9/12 1111 10/25 1334 9/16 1154 10/ 4 1207 9/ 7 1101 2/24 254 4/ 5 493 3/31 470 258 Pages State member banks: (Continued) Liberty State Bank, Dallas, Texas: Application for membership approved subject to increase in 29 1/ 9 capital and surplus, etc. Completion of membership to be deferred until status of Republic National Bank as holding company 1/16 58 affiliate is determined Opinion that Republic National Bank will be holding com1/19 80 pany affiliate upon admission to membership 165 2/ 3 Extension of time to accomplish admission to membership 8/ 7 979 Condition report, correction in items approved FRAct 8 of / 23 17 Section of 1018 violation as by possible made Loan Lincoln Bank and Trust Company, Louisville, Ky., condition report, banking house and other real estate not 7/12 pledged assets within meaning of 904 application Ohio, Northfield, Co., Macedonia-Northfield Banking for membership approved subject to certain 602 5/ 5 charge offs, etc. Manufacturers and Traders Trust Co., Buffalo, N. Y., branch at Niagara Falls, N. Y., establishment and opera4/ 4 481 tion approved Use of reserves for purposes other than payment of divi709 5/31 dends, letter to Bureau of Investigation 911 Use of reserves for purposes other than payment of dividends 7/17 Manufacturers Trust Company, New York, N. Y.: Assumption of deposits of Banca Commerciale Italiana Trust Company, New York, N. Y., approval of Board not L oans made to Richard Whitney, report prepared by FRBank of 3 1 5/11 2/ 63: requ sent to New York, copy to be ired Maplewood Bank and Trust Company, Maplewood, Mo., application 397 3/20 for membership approved Marine Midland Trust Co., New York, N. Y., loans made to Richard Whitney, report prepared by FRBank of New York, 5/11 632 copy to be sent to Mercantile-Commerce Bank and Trust Co., St. Louis, Mo., condition reports, advice to Mr. Martin that bank should apportion the reserves for bond premiums as of call dates on the basis of such informa11/ 2 1358 tion as it has available Mercantile Trust and Savings Bank of Chicago, Ill., conversion into Mercantile National Bank, application for 5/12 637 fiduciary powers approved Merchants and Farmers Bank, Portsmouth, Va., application for membership approved subject to certain charge offs and to dispose of loans secured by own 1/20 91 stock Stock, capital, reduction deferred, but extension of time within which bank may complete condition of 9/28 1190 membership http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 259 Pages State member banks: (Continued) Merchants and Farmers Bank: (Continued) Extension of time within which to comply with condition of membership Merchants and Mechanics Bank of Flint, Mich., application for membership approved and own stock held as collateral to loan to be eliminated Meriden Trust and Safe Deposit Co. of Meriden, Conn., directors serving Home National Bank, Meriden, Counsel's Office directed to draft amendment to Regulation L permitting interlocking directorate between trust companies which do not accept deposits and member banks which do not exercise fiduciary powers Amendment ordered sent to Advisory Council, Comptroller of the Currency and American Bankers Association for comments Letter transmitting Metals Bank and Trust Company, Butte, Montana: Montana State Bank, Philipsburg, Mont., purchase of assets and assumption of liabilities, no objection Middle Point Banking Company, Middle Point, Ohio, membership in FRSystem, application approved subject to having charged off certain losses Minden Bank and Trust Co., Minden, Louisiana, fiduciary powers, application approved Minerva Banking Company, Minerva, Ohio, membership in FRSystem, application approved subject to correcting excess deposits with nonmember banks, and bringing certain deposits into conformity Minerva Savings and Bank Company, Minerva, Ohio, membership in FRSystem, application approved and bank determined not to be affiliate of Minerva Holding Company for any purpose other than those of Sec. 23A of FRAct Moffat County State Bank, Craig, Colorado, application for membership in FRSystem approved and to increase number of directors Monterey County Trust and Savings Bank, Salinas, Calif., permission to purchase site and building occupied by branch Mount Pleasant Bank and Trust Company, Pleasantville, N. Y., unsafe and unsound practices, directed to correct within 120 days Mount Vernon Trust Company, Mount Vernon, N. Y., stock, capital, reduction approved Nevada Bank of Commerce, Elko, Nevada, membership application approved, permission to be obtained before exercise of trust powers Certification to FDIC as member of FRSystem http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/20 1620 3/21 406 12/ 1 1483 12/ 4 1499 12/ 7 1542 11/ 7 1374 9/27 1184 5/25 677 12/19 1606 12/19 1604 5/ 2 595 3/21 407 11/24 1459 11/ 7 1376 2/20 3/6 242 309 260 Pages State member banks: (Continued) New Jersey Title Guarantee and Trust Company, Jersey City, New Jersey, no further steps to be taken by FDIC, RFC and State banking powers to aid bank, Mr. Wyatt to study any action Board might be able to take Action of FDIC looking to closing of, no action by Board of Governors at present Report of closing, and contributions to be made by FDIC to assist other banks in Hudson County New York Trust Co., New York, N. Y., loans made to Richard Whitney, report prepared by FRBank of New York, copy to be sent to Newberry State Bank, Newberry, Mich., membership application approved, loans to executive officers made prior to application for membership not affected Nyack Bank and Trust Co., Nyack, N. Y.: Marine Midland Corporation granted general voting permit to vote stock of Membership in FRSystem, application approved subject to charge off of losses and compliance by Marine Midland Corp. of conditions incident to permit to vote stock of bank Oak Harbor State Bank Company, Oak Harbor, Ohio, report of Oak Harbor Mortgage Loan Company as of December 31, 1938 waived but should be rendered at next call if affiliation still exists Officers and employees, figures of number by States, counties and cities over 10,000 population, advice to American Institute of Banking that figures are being compiled and will be sent when tabulation has been completed Ohio Merchants Trust Company, Massillon, Ohio, no objection to acquiring certificates of ownership in Ohio Merchants Building in satisfaction of debts but should not acquire certificates by direct purchase Oklahoma State Bank, Ada, Oklahoma, examination, no objection to FRBank of Kansas City deferring until 1940 Pan American Trust Company, New York, N. Y., acceptances up to 100% of capital and surplus, action on application deferred pending receipt of examination report Application approved Patchogue Citizens Bank and Trust Company, Patchogue, New York, extension of time for completion of membership Extension of time for completion of membership Peoples Savings Bank Company, Mt. Gilead, Ohio, membership in FRSystem, application approved upon condition that bank charge off certain estimated losses http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/ 3 163 2/ 8 186 2/13 201 5/11 632 2/21 247 12/20 1621 12/20 1614 3/ 6 310 11/21 1450 3/28 444 11/ 7 1378 6/ 1 8/ 3 712 971 1/11 3/17 h3 384 9/16 1153 261 Pages State member banks: (Continued) Peoples State Bank, New Boston, Mich., membership in FRSystem, application approved subject to charge off of 6/ 5 certain losses 7/ 5 Extension of time for completion of membership Pine Lawn Bank and Trust Company, Pine Lawn, Mo., membership in FRSystem, application approved subject to capital having been paid in, and ratification by board of directors of actions taken in behalf of bank in making application for admission . 12/f5 Certified to FDIC as member of FRSystem advice dividends, J., N. Plainfield, Company, Plainfield Trust to FDIC that payment had been discontinued last summer, and that Mr. McKee would confer with 11/ 2 them on problem Plaza Bank of St. Louis, Mo., condition of membership on depre3/ 8 ciation charges waived Powder River County Bank, Broadus, Montana, membership in FRSystem, application approved subject to in12/16 crease in number of directors Prairie State Bank, Augusta, Kansas, membership in FRSystem, 10/26 application approved Rapides Bank and Trust Co., Alexandria, La., status of R. S. 6/23 Thornton as executive officer of 7/ 1 Correspondence on 8 /14 Reading Bank, Reading, Ohio, membership application approved Riceville State Bank, Riceville, Iowa, condition reports, contributions by shareholders and directors should be shown against item 33(h) of condition reports until it is shown that bank is not legally li12/ 6 able on contributions FRSysin membership Wash., Ridgefield, Bank, Ridgefield State 12/28 tem, application approved Roachdale Bank and Trust Company, Roachdale, Indiana, member12/ 6 ship in FRSystem, application approved Robert Lee State Bank, Robert Lee, Texas, membership application approved, dividends will not be paid until 1/26 surplus is increased apFRSystem, Schertz State Bank, Schertz, Texas, membership in plication approved subject to correction of practice of carrying excessive balance with non12/16 member bank Seattle Trust and Savings Bank, Seattle, Washington, pledging of securities with Trust Department to secure 6/24 funds deposited in Savings Department applicaSecurity Bank, Viebster, S. D., membership in FRSystem, 11/15 tion approved of Security Bank and Trust Company, Madison, S. D., request United States Attorney for copy of examination 8/23 report, information already furnished http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 721 874 1/ 1£4. ; 31 1357 321 1584 1338 823 872 1001 1529 1655 1526 109 1585 838 1417 1032 262 Pages State member banks: (Continued) Security Savings and Commercial Bank, Washington, D. C., membership in FRSystem, application approved Security State Bank, Cannon Falls, Minn., membership condition requiring annual depreciation in banking house and furniture and fixtures, waived for 1938 and 1939 in view of improvements Security State Bank of Sterling, Colorado, membership application approved xtension of time for completion of membership Security State Bank and Trust Company of Beaumont, Texas, retirement of capital debentures subject to establishment of reserve for dividends payable in common stock Shiawassee County Bank, Durand, Michigan, membership in FRSystem, application approved subject to having set up arrangements for waiving depositors Extension of time within which to accomplish South Range State Bank, South Range, Mich., membership in FRSystem, application approved with understanding that personnel question will be shortly settled Southampton Bank, Southampton, New York, reduction of common stock and sale of preferred stock approved Southern Arizona Bank and Trust Company, Tucson, Arizona, capital account, need for building up revealed by examination report Southern Bank and Trust Company, Richmond, Va., application for membership approved Springfield Marine Bank, Springfield, Ill., trust instrument, provision does not relieve bank from compliance with membership condition which requires that if trust funds are deposited with banking department, bank shall deposit with its trust department security in same manner as required of national bank State Bank of Geneva, Ill., management of bank criticized and loans to former president to be reduced State Bank of Pearl River, New York, reduction in capital stock approved State Bank of Piper City, Ill., membership application approved State Bank of Rockville, Minnesota, membership application approved subject to certain charge offs, etc. Extension of time within which to complete Extension of time to complete State Bank and Trust Co., San Marcos, Texas, application for membership in FRSystem approved and bank to equip itself to handle trust business, etc. State Planters Bank and Trust Company of Richmond, Va., savings plan to encourage deposits over long period of time, no objection to plan but ruling not to be published in FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/22 1452 10/25 1334 7101 %11 8 E4 5 8/ 3 970 11/30 1478 12/26 1650 12/ 6 1528 2/16 231 5/29 704 1/23 98 10/ 7 1221 3/ 8 324 3/27 8/ 2 432 962 8/17 1015 9/12 1111 10/16 1284 4/ 1 476 5/26 682 r 263 Pages State member banks: (Continued) State Savings Bank of Woodville, Ohio, membership in FRSystem, application approved State Savings Bank Company, Maumee, Ohio, membership in FRSystem, application approved Steuben County State Bank, Angola, Ind., membership in FRSystem, application approved subject to charge off of losses and agreement not to accept trust accounts other than two now being administered Summit Trust Company, Summit, N. J., extension of time for disposal of stock of Summit Title and Mortgage Guarantee Co. Sylvania Savings Bank Company, Sylvania, Ohio, membership application approved subject to certain charge offs, etc. Tracy Loan and Trust Co., Salt Lake City, Utah, condition reports, certain loans should not be shown in, advice to Mr. Clerk Examination report shows that certain accounts were reported under wrong head in condition report Trust Company of Georgia, Atlanta, Ga., expansion of activities through purchase of receivables under plan outlined, no objection under conditions of membership corporate stock of Edgemar Company by Trust Comof Purchase pany of Georgia Associates, a wholly owned subsidiary Trust funds, provision in trust instrument does not relieve bank from compliance with membership condition which requires that if trust funds are deposited with banking department, bank shall deposit with its trust department security in same manner as national bank Union and New Haven Trust Company, New Haven, Conn., membership condition requiring pledge of securities with trust department to secure trust funds deposited in banking department, validity of, Board will request FRBank of Boston to take no further action at present Union Bank and Trust Company, Cedar Falls, Iowa, application for fiduciary powers approved upon conversion into First National Bank in Cedar Falls, Iowa Union Bank and Trust Company, Montgomery, Alabama, membership in FRSystem, application approved subject to increase in stock and adoption of resolution ratifying action of directors in creating reserve for dividends Union Dank and Trust Company, Strawberry Point, Iowa, application for membership approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/12 1250 11/ 7 1373 10/12 1250 5/19 663 8/ 2 962 12/18 1590 12/18 1590 3/28 435 4/ 7 508 10/ 7 1221 9/16 1156 7/10 897 12/29 1662 2/ 2 154 264 Pages State member banks: (Continued) Union New Haven Trust Company, New Haven, Conn., compliance with condition of membership requiring pledge of securities with Trust Department to secure 5/10 trust funds deposited in Banking Department Union Trust Company of Maryland, Baltimore, Md., examination 1/ 3 report, securities listed as nonconforming in Union Trust Company, Providence, R. I., report of dormant ac1/ 3 count in call reports Utah Savings and Trust Company, Salt Lake City, Utah, real 9/ 8 estate loan to Utah Hotel Company, discussed Vandalia State Bank, Vandalia, Ohio, membership in FRSystem, 11/ 7 application approved C., N. branch Winston-Salem, Company, Wachovia Bank and Trust at Charlotte approved upon absorption of Char6/13 lotte National Bank Walker Bank and Trust Company, Salt Lake City, Utah: Capital debentures, retirement approved 9 1/11 , Condition report, showing of certain loans and investments Laterbury Trust Company, Waterbury, Conn., condition of membership requiring bank to pledge securities with trust department to secure trust funds deposited in banking department, validity of, Board will not request FRBank of Boston to 9/16 take further action at present Waterville State Savings Bank Company, Waterville, Ohio, membership application approved subject to certain charge offs and advice as to liability to sav8/ 9 ings depositors, etc. Watkins State Bank, Watkins Glen, N. Y., merger with Elmira Bank and Trust Co., establishment of branch at Watkins Glen of Elmira Bank and Trust Co. ap4/ 7 proved Vlayne Trust Company, Cambridge City, Ind., membership in FRSystem, application approved subject to charge off of losses, trust business to be discontinued and capital debentures not to be considered in 11/ 2 issuing FRBank stock Welcome State Bank, Welcome, Minnesota, membership in FRSystem, application approved 10/ 3 West Side Trust Company, Newark, N. J., cancelation of shares of own stock held approved and further action under condition of membership not to be in2/ 2 sisted on at present Western State Bank of Cicero, Ill., membership in FRSystem, ap6/ 5 plication approved Westfield Trust Company, Westfield, N. J., advised to correct 10/ 4 unsafe and unsound practices before given date Wharton Bank and Trust Company, Wharton, Texas, classification of obligations of Carter Investment Company 7/18 held by http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 627 3 5 1108 1374 771 .g 3 12 . 1156 984 507 1356 1202 155 720 1207 916 265 Pages State member banks: (Continued) Wharton Bank and Trust Company: (Continued) Notes of Carter Investment Company should be classified as 8/14 loans Wheeling Dollar Savings and Trust Co., iheeling, W. Va., purchase of assets and assumption of liabilities of Citizens Mutual Trust Co., Wheeling, approval of Board not required under circumstances, but 6/ 5 statement as to progress will be appreciated Report to be made on disposal of stocks acquired in previous 6/ 5 consolidation of payment deferred or restricted showing schedules Wisconsin, deposits, banks obtaining waivers from depositors, etc., during period of 1930-1936, sent to 9/25 FDIC for information Worcester County Trust Company, Worcester, Mass., relationship 3/29 with Charles G. Allen Co., Inc. Wyoming County Bank and Trust Company, Warsaw, New York, disturbing situation reflected by examination re7/27 port and character of investment criticized Zapp State Bank, St. Cloud, Minn., depreciation on banking house, request that condition of membership be waived, advice to FRBank of Minneapolis that Board 11/ 8 would prefer to rely upon judgment of FRBank Zeeland State Bank, Zeeland, Mich.: Increase in investment and banking house because of altera2/24 tions and changes, no objection to State of Purchase of assets and assumption of liabilities Commercial and Savings Bank, Zeeland, no objection to consolidation although statement should be obtained that bank will use current net earn6/ 5 ings to build up capital Statistical information gathered by departments and agencies of the Government, report of Mr. Goldenweiser on recom1/10 mendations of Central Statistical Board pretables Statistical manual, issuance every five years to cover viously contained in annual report, memo of Mr. 1/10 Goldenweiser approved Statistics: Agricultural loan statistics of Ohio State member banks classified by counties as of June 30, 1939, to be sent to Ohio State University, provided they will not make data available in such way that it would make it possible to identify figures of any in9/29 dividual bank advice data, Current statistical service publication of basic of transfer from Bureau of Foreign and Domestic 1/19 Commerce to the Bureau of the Census banking National banks, figures to be included in manual of and business statistics and combined with Board statistics 10/13 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1002 722 723 1180 452 928 1402 256 723 36 35 1200 81 1267 266 Pages Steagall, Congressman H. B., report of Mr. Ransom on conversations in connection with bill to extend time in which direct obligations of the United States may be pledged as collateral security for FRnotes 6/24 Sterling exchange: Guarantee by Bank of England, incident involving lapse of time between receipt and publication of information, discussed with view to appeasing press, determining whether information was acted upon during interim, and means to prevent similar incident in future 9/15 Mr. Harrison to prepare full report for Board and Treasury 9/15 Advice that Secretary of Treasury had requested Board to investigate, that Mr. Harrison was coming to Washington, and that press representatives were not disturbed or interested 9/15 Advice that Secretary of Treasury wanted to know from Mr. Harrison whether New York banks received during period information on which they acted, statement of Mr. Loree that his bank had no transactions, and statement by Mr. Harrison that matter was of no concern to Board 9/19 Memo of Mr. Ransom with attached transcriptions of telephone conversations between Secretary of Treasury and Messrs. Harrison and Knoke on Sept. 14 9/21 Report by Mr. Harrison, Secretary to prepare letter to Secretary of Treasury acknowledging receipt, and that Board understood it was satisfactory and no further action was necessary 9/27 Letter approved and transmitted 9/28 8t(3ck, capital: Bank of America National Trust and Savings Association, San Francisco, California, listed as satisfying requirements of revised statutes in annual report of Transamerica Corporation 7/31 Bank of Smithfield, Va., stock held as collateral for loans to be disposed of under condition of membership 11/ 3 Calvert Bank, Baltimore, Md., capital structure, FRBank of Richmond requested to consider structure, dividend policy and general condition, and make recommendation to Board 11/13 Central Trust Company, Rochester, N. Y., reduction approved upon introduction of new capital funds 8/31 Citizens State Bank, Marianna, Fla., strengthening of capital deferred until loss from loans is determined 3/29 Commercial Trust Co. of New Jersey, Jersey City, N. J., violation of law in holding own stock, to be corrected 1/16 Continental Bank and Trust Co., New York, violation of law in holding own stock, to be corrected 1/16 Corporation to be organized by City Bank Farmers Trust Co New York, investment approved 12/13 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 833 1125 1139 1139 1160 1167 1182 1190 953 1368 1412 1073 451 59 59 1562 267 Pages Stock, capital: (Continued) County Trust Company of White Plains, N. Y., condition of membership applicable to Bank of the Manhattan 9/ 7 Company requiring disposal of, waived First Central Trust Co., Akron, Ohio, no objection to retirement of nominal amount of capital debentures, but not 6/29 full amount applied for Goodland State Bank, Goodland, Kansas, increase not required for 2/28 admission to membership with present population International Banking Corporation: National City Bank of New York given extension of time with12/16 in which to invest additional amounts Merchants and Farmers Bank, Portsmouth, Virginia, reduction deferred but extension of time granted within 9/28 which bank may complete condition of membership 12/20 Extension of time to dispose of loans secured by own stock Mount Vernon Trust Company, Mount Vernon, N. Y., reduction ap11/ 7 proved Ohio National Bank of Columbus, Ohio, increase in structure re12/ 5 quested Security State Bank and Trust Company, Beaumont, Texas, retirement of capital debentures subject to establishment of reserve for dividends payable in common stock 8/ 3 Southampton Bank, Southampton, New York, reduction of common 2/16 stock and sale of preferred stock approved Southern Arizona Bank and Trust Company, Tucson, Arizona, need for building up capital account revealed by ex5/29 amination report State Bank of Pearl River, New York, reduction approved 3/27 Summit Title and Mortgage Guarantee Company, Summit, N. J., extension of time to Summit Trust Company to dis5/19 pose of stock of Wachovia Bank and Trust Company, Winston Salem, N. C., bank to 6/13 be advised to strengthen capital structure West Side Trust Company, Newark, N. J., cancelation of own shares held approved and further action under condition of membership not to be insisted on 2/ 2 at present 8t°ck, corporate: Edgemar Company, purchase by Trust Company of Georgia Associates, a subsidiary of Trust Company of Georgia, no objection to 4/ 7 Wheeling Dollar Savings and Trust Co., Wheeling, W. Va., acquired in previous consolidation, reports to be made on disposal of 6/ 5 St°ek, FRBanks: Capital debentures held locally not to be considered in figuring 11/ 7 number of shares to be issued to member bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1099 855 283 1586 1190 1620 1376 1507 970 231 704 432 663 771 155 508 723 1373 268 Pages Stock, FRBanks: (Continued) FRBank of St. Louis: Chemical Bank, Sweet Springs, Mo., bank entitled to addi4/ 7 tional stock Stock, preferred: American Bank and Trust Company, New Orleans, La., retirement 6/29 not justified at this time Central Trust Co., Rochester, N. Y., sale to R.F.C. in plan in8/31 volving reduction of capital stock Mount Vernon Trust Company, Mt. Vernon, N. Y., to exchange capi11/ 7 tal debentures for Southampton Bank, Southampton, New York, sale to RFC and to 2/16 local interests approved Stockholders meetings: FRBank of Boston, payment of traveling expenses of representatives of member banks, decision reconsidered and FRBank to be advised that no objection will be interposed 2-(/ 1 ) 0 /16 ) 0 Letter approved and ordered transmitted FRBanks: Expenses may be absorbed by FRBanks within reasonable 12/22 limits, no advice of action to be made from memrepresentatives Payment of traveling expenses of ber banks, decision reconsidered and FRBank of Boston to be advised that Board will interpose no objection, question of future practice of FRBanks, referred to Mr. Szymczak for recom10/ 6 mendation transmitted 10/10 Letter approved and ordered Old National Bank and Union Trust Company, Spokane, rashington, FRBank to advise Mr. Twohy that Board does not consider it appropriate to suggest postponement 1/ 5 of annual B Class as direcserve to disqualified Stockholders of banks not 1/18 tors of FRBanks New York, New Banking, of School Stonier, Harold: (See Graduate York) Studies: Banking and Monetary problems, drafts to be furnished to Board members as promptly as possible for decision as to manner of getting suggestions from FRBanks and Advisory Council, as well as decision on 12/26 question of distribution Corporate bonds, conducted by National Bureau of Economic Research as W.P.A. project, extension of assign10/27 ment of Louis N. Dembitz to in Trends on Commercial Research of Economic Bureau liational Borrowing, etc., information to be supplied from 9/ 2 industrial loan applications http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 507 856 1073 1377 231 1 22/ 6 34.3 1638 1216 1243 10 75 1649 1344 1087 001 269 Pages Surveys: New York Stock Exchange, of trading "on margin" and "for cash" for sample week in November, Division of Security Loans authorized to participate with SEC in negotiating with stock exchange for survey, in connection with proposed revision of SEC's re10/10 porting service s sugadjustment on Territory of FRBanks and branches, hearings 1/6 gested by Mr. Eccles 'veYs at FRBanks: Auditing departments, statement by Mr. Paulger at Conference of Chairmen that such surveys were made from time to time in connection with examinations, in 12/ 5 answer to request that such surveys be made Examination departments, report of discussions on survey of five FRBanks to be prepared with understanding that examiner in charge would discuss with officers the various points raised in survey in addition to current examination, and re11/ 8 sults of discussions be reported to Board Statement by Mr. Paulger at Conference of Chairmen that such surveys were made from time to time in connection with examinations,in answer to request 12/ 5 that such surveys be continued at ConferPaulger Mr. by Fiscal agency departments, statement ence of Chairmen that such surveys were made from time to time in connection with examinations, in answer to request that surveys be 12/ 5 continued 8stem open market account: Memo of Mr. Piser, Secretary requested to arrange for thorough review of problem by staff and report to Board 10/13 at earliest practicable date (See also Open market account) 1244 17 1521 1403 1521 1521 1266 - 117,11 Ta,xes: Deposits in Michigan, payment by member banks does not constitute payment of interest FRBank of Chicago: Building, special counsel employed for contesting Income: Holding company affiliates, procedure for furnishing certificates showing credit to be allowed under Revenue Act of 1936 Advice to Commissioner of Internal Revenue that suggested procedure is satisfactory http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/19 1608 4/26 570 10/ 3 1203 12/16 1588 270 Pages Taxes: (Continued) Income: (Continued) Northwest Bancorporation, Minneapolis, Minn., request that Board certify to Commissioner of Internal Revenue as to credit granted 4/ 5 496 Tax revenue notes: Indorsements, use of standard form of indorsement by FRBanks in handling municipal warrants as noncash items, advice to Mr. Gilbert that it had been found to be not feasible after discussion by Special Committee of FRBank Counsel at January 11/16 1423 1939 meeting Te lephone conversations, purchase of Dictaphone Telecord machine and transcribing machine for making records of 9/15 1150 Tel service: 6/ 1 713 Boston-New York private line, no objection to discontinuance New York-Washington, installation of additional direct wire for period of emergency arising out of European 9/ 1 1083 situation, authorized Installation of third direct wire during period of emergency arising out of European situation, authorized, Secretary's Office to ascertain whether FRBank will share in expense 1140 Washington-Philadelphia-New York and New York-Washington leased wires, distribution of monthly cost of 98/1 : 1004 Telephone switchboard: Board of Governors, agreed to keep in operation from 8 a.m. to 11 p.m, on week days, and during necessary hours on week ends during situation in Europe, temporary operator appointed, and installation of additional wire between Board and FRBank of 9/ 1 1083 New York approved TeraP°rary National Economic Committee, hearings on investment securities, Messrs. Glenn Goodman and A. B. Hersey re12/ 1 1482 quested to attend as representatives of Board TeaRessee Bankers Association: Conference to be held at University of Tennessee, Mr. Thomas to attend as representative of Board to discuss 5/ 9 regulations 618 Te/lritory: FRBank of Cleveland: Kentucky, transfer to FRBank of St. Louis, letter to Senator 5/16 647 Logan on procedure for petitioning for FRBank of Kansas City: Missouri counties, transfer to St. Louis district, action 1/6 deferred 16 been deferred had action /11 1 Advice to Mr. Hoefer that 43 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 271 Pages Territory: (Continued) FRBank of Kansas City: (Continued) Missouri counties: (Continued) Advice to Princeton State Bank, Princeton, Mo. that letter will be considered when readjustment of boundary lines is taken up FRBank of St. Louis: Kentucky, transfer from Cleveland district, letter to Senator Logan on procedure for petitioning for Missouri counties, transfer of thirteen counties from eighth to tenth FRDistrict, action deferred Advice to Mr. Hoefer Advice to Princeton State Bank, Princeton, Mo. that letter will be considered when readjustment of boundary lines is taken up FRBanks, adjustment in district or branch territory lines survey suggested by Mr. Fccles Theses prepared to meet graduation requirements of Graduate School of Banking, letter to presidents of FRBanks that it is not necessary to submit to Board but it should be made clear that they express views of writer Th°mas, Senator Elmer: Cost of luncheon to be borne by Board Reply on bill for regulation and stabilization of agricultural and commodity prices, reply to be prepared and to serve as basis for replies to similar letters Reply prepared for President to letter from mrpson, Th Donald S.: (See Federal Deposit, Insurance Corporation) mson and McKinnon: Regulation T, Mr. Schaller requested to advise firm that substitution of securities in restricted account may be effected by means of withdrawals from general accounts, etc., in present regulation e schedules: Adopted for all banks except San Francisco Calendar days used as basis instead of business days, telegram to FRBank of San Francisco FRBank of Kansas City, statement to be used in FRBank of San Francisco, approved 74,Proposed changes to be furnished Board by August 1 Maplewood Bank and Trust Company, Maplewood, Mo., slight difference in name used in articles of agreement and in certificate of incorporation Regulations of Board, letter to Codification Board on official titles to be carried in Code of Federal Regulations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/20 1624 5/16 647 1/ 6 1/11 16 43 12/20 1624 1/ 6 17 h/21 565 11/ 2 1361 / /11 1394 12/20 1623 7/31 950 8/11 8/ h 8/ 4 7/21 998 976 976 e 923 3/20 398 2/ 1 151 , ' 272 Pages 1 Transamerica Corporation, hearing before Securities and Exchange Commission on delisting of stock, Messrs. Tim.field and Cagle to attend as observers (See Holding company affiliates) Travel vouchers: Edmiston, Henry, senior economist, voucher approved for payment Traveling expenses: Board of Governors: Division of Research and Statistics, authority granted to Mr. Goldenweiser to incur traveling expenses and per diem allowance for persons invited to Washington for interview in connection with possible employment Treasury Department: Duffield, E. S., sterling exchange, to discuss informally with press the release of information on Kamarck, Andrew M., assigned to Treasury for six-month period for work on study in connection with Exchange Stabilization Fund Officials invited to dine with Board members at lunch, costs to be borne by Board Sterling exchange, guarantee of Bank of England, incident involving lapse of time between receipt and publication of information, Messrs. Lochhead and Cochran referred to as being present in discussions Treasury financing: Report of Mr. Morgenthau that Treasury would not ask for new money in connection with March 15 financing but would offer new securities in exchange for Treasury notes maturing Securities to be offered in exchange on March 15, 1939 for Treasury notes maturing on June 15, statements by Messrs. Edmiston and Piser TrUst companies: Interlocking relationship between those accepting no deposits and member banks not exercising fiduciary powers, Counsel directed to draft amendment to Regulation L permitting Amendment ordered sent to Advisory Council, Comptroller and American Bankers Association for comments Letter transmitting Trrh St funds: Carbon Emery Bank, Price, Utah, pledge of securities to secure funds deposited in banking department Collective investment of, possible violation of Regulation F by Union National Bank of Kansas City, Mo. Common: Plan for operation of, revised copies submitted by Committee of Trust Division of American Bankers Asso ciation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/13 9/29 1198 9/12 1115 9/15 1136 10/31 1348 9/ 6 1095 9/15 1125 2/27 267 2/28 281 12/ 1 1483 12/ 4 1499 12/ 7 15L2 3/14 355 7/ 7 888 4V26 574 273 Pages Trust funds: (Continued) Common: (Continued) Plan for operation: (Continued) Reply to Mr. Lacovara of Trusts and Estates on plan Regulation F, amendment permitting funds composed principally of mortgages, statement that majority of Board members and staff were opposed to amendment, and Messrs. Morrill and Wingfield authorized to arrange for hearing for Committee on Mortgage Investment of Pennsylvania Bankers Association Advice to Committee that Dec. 14, 1939 was suitable to Board, and invitations extended to FDIC and Comptroller to have representatives present Hearing for Pennsylvania Committee held, list of arguments received by Board from various sources ordered sent to Mr. Berger so that committee could submit review of comments if it wished Investment by national banks in property acquired from bank, advice to Comptroller that two types of cases described are in violation of Regulation F Investment by national banks in obligations or property acquired from bank or its directors, officers, or employees, or their interests, operations of National Bank and Trust Co. at Charlottesville, Va., seem to fall within provisions of Regulation F Investment in real estate loans, inquiry of Mr. Bloom on interpretation of footnote in Regulation F Pledge of securities with trust department to secure funds deposited in banking department, validity of pledge by banks in Connecticut Seattle Trust and Savings Bank, Seattle, Viashington, pledging of securities with Trust Department to secure funds deposited in Savings Department Self dealing, amendment to Regulation F, letter to Comptroller recommending, discussed in light of American Bankers Association recommendations, and approved for transmittal State member banks, provision in trust instrument does not relieve bank from compliance with membership condition which requires that if trust funds are deposited with banking department, bank shall deposit with its trust department security in same manner as national bank Uninvested, manner of showing in condition reports by Continental National Bank and Trust Co., Chicago, 6/ 6 747 11/ 3 1366 11/22 1455 12/14 1566 12/19 1600 9/15 1147 1/13 53 9/16 1156 6/24 838 10/ 6 1218 10/ 7 1221 11/28 1475 United States savings bonds as collateral security for, reply to Scovell, Vellington and Company on use of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/1 871 274 Pages Trust indentures: Regulations, Securities and Exchange Commission, request that Commission not require banks which are prospective trustees to publish more information than is essential, and that provision for keeping some information confidential should be provided Trusts and Estates, New York, N. Y., reply to assistant editor on plan for operation of common trust fund TwohY, D. W., to be advised that Board does not consider it appropriate to suggest to Old National Bank and Union Trust Company that meeting of stockholders be postponed Twomey, A. Y.: (See National banks, Bank of America N.T. & S.A., San Francisco, Calif.) 12/29 1664 6/ 6 747 1/5 10 flu" Under Secretary of Treasury: 9/ 6 Luncheons in Board's dining room, cost to be borne by Board united States Compensation Commission, letter to Mr. Cardillo advising that employees of Board are covered by 8/31 workmens compensation insurance policy United States Housing Authority: PRBanks acting as agents of in plan for furnishing local agencies 3/21 with funds United States Information Service: Questions and answers on FRSystem for use at Federal buildings at New York World Fair and Golden Gate Interna3/ 1 tional Exposition Council) (See also National Emergency University of Nebraska: Condition of figures of weekly reporting banks in Lincoln and Omaha, no objection to use in study being con3/29 ducted by Mr. Spurr Unsafe and unsound practices: Mount Pleasant Bank and Trust Co., Pleasantville, N. Y., directed to correct unsound practices within 120 11/24 days correct -to advised N. J., Westfield, Westfield Trust Company, 10/ 4 unsafe and unsound practices before given date 1095 1067 407 290 455 1459 1207 frV11 4/21 Ralph, agreement for operation of barber shop flezuela: Financial mission to be sent to assist in working out financial system, services of Malcolm Bryan not available, and informal request for services of Martin 6/16 Krost by State Department http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 566 784 275 Pages Venezuela: (Continued) Mission to advise on fiscal and commercial policy matters, letter to Department of State making services of 6/19 Martin Krost available for Advisory Economic Mission to, expenses and allowances of Martin Krost, letter to State Department restating basis 8/ 4 of arrangement Official leave for Mr. Martin Krost, extended for such time as may be necessary for mission to complete work, present financial arrangements to be continued 10/ 5 Violations: Central Home Trust Co., Elizabeth, N. J., advised to correct unsafe and unsound practices before given date 3/22 Commercial Trust Company of New Jersey, Jersey City, N. J., continued violation of Sec. 9 of FRAct and Sec. 5201 U.S.R.S. in holding own stock, to be disposed of 1/16 Continental Bank and Trust Company of New York, continued violation of Sec. 9 of FRAct and Sec. 5201 U.S. R.S. in holding own stock, to be disposed of 1/16 Hamilton Trust Co. of Paterson, N. J., advised to correct unsafe and unsound practices before given date 3/22 Mount Pleasant Bank and Trust Co., Pleasantville, N. Y., unsafe and unsound practices, directed to correct within 120 days 11/24 Regulation F, Sec. 11(a) inquiry of Mr. Warden of First National Bank at Pittsburgh, Pa., referred to FRBank of Cleveland 8/17 Regulation Q, absorption of out-of-pocket charges by National Bank of Commerce, Lincoln, Nebraska as possible violation 8/23 Regulation U, investigation of loans by State member banks to Richard Whitney and Co., report to Department of Justice 1/30 Principles for handling possible violations of 3/16 Uninsured banks, procedure to be followed with respect to, memo ordered sent to Mr. William R. White, chairman of executive committee of Association 11/28 of State Bank Supervisors Salary advance of one month is not extension of credit under Sec. 22(g) andRegulation 0 9/28 Sec. 11(m) of FRAct: Fidelity Savings Bank, Antigo, Wisconsin, because of loans secured by stocks in excess of limit allowed 3/8 Sec. 22(c) of FRAct: Director of Barnett National Bank of Jacksonville, Fla., question of receiving commission from borrower 3/2 on real estate loan made by bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 794 975 1211 417 59 59 415 1459 1016 1031 125 370 1473 1191 325 293 276 Pages Violations: Sec. 23A of FRAct: Liberty State Bank, Dallas, Texas, loans secured by stock of holding company affiliate 8/17 Sec. 30 of FRAct: Bank of America N. T. & S. A., San Francisco, Calif., review by Mr. McKee for information of Mr. Eccles of discussions by Board with the Messrs. Giannini during his absence, and memo ordered prepared reviewing Board's position with understanding that it would serve as basis for discussion by Chairman Eccles with Comptroller and Secretary of Treasury 12/ 4 12/ 7 Memo prepared and set forth in minutes presented had been to Advice from Mr. Eccles that memo Secretary of Treasury who had requested that Board write Comptroller asking that Board be kept fully informed, and Messrs. Morrill and 12/12 Dreibelbis requested to draft letter Letter approved and Chairman Eccles to discuss with 12/13 Comptroller unchanged and situation is that Advice from Comptroller proceeding is still contemplated, summary showing Board does not have full information discussed, and letter sent to Comptroller stating that Board wishes to be kept fully informed, 12/22 and that conference with him will be arranged unsound and Citizens State Bank, Marianna, Fla., unsafe practices of President Nobles in conducting 3/ 8 business of bank Co., Trust and Bank Stensland, George, former teller of Security Madison, S. D., copy of examination report re8/23 quested by United States Attorney correct Westfield Trust Company, Westfield, N. J., advised to 10/ 4 unsafe and unsound practices before given date Visits: King and Queen of Great Britain, employees of Board excused from 6/ 6 10 a.m. to 2 p.m. to join in welcoming Voting permits: BancOhio Corporation, Columbus, Ohio: Hocking Valley National Bank of Lancaster, Ohio, general 12/ 5 voting permit to vote stock of New agreement submitted because of typographical error in 1/ 7 first one First Bank Stock Corporation, compliance with conditions in connection with membership application of Farmers 5/23 State Bank of Lakefield, Minn. General permit issued to vote stock of Farmers State Bank of 5/23 Lakefield http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1018 1501 1543 1553 1556 1629 322 1032 1207 748 1506 26 668 671 277 Pages Voting permits: (Continued) First National Bank of St. Joseph, Mo., application to vote stock of First St. Joseph Stock Yards Bank not necessary 3/23 First Security Corporation of Ogden, Utah, general permit granted to vote stock of First Security Bank of Idaho, Boise, Idaho and First Security Bank of Utah, National Association, Ogden, Utah 5/29 Extension of time for issuing general permit previously authorized 6/26 7/28 Extension of time for issuing general permit to First Trust Company, St. Joseph, Mo., application to vote stock of First St. Joseph Stock Yards Bank not necessary 3/23 General: Holding company affiliates required to submit annual condition reports because of permits, FRBanks requested to distribute copies of Form F.R. 437 and obtain reports not later than Feb. 1, 1940 12/14 List of holding company affiliates, other than banks, now holding general permits, sent to Commissioner of Internal Revenue 10/31 Investment and Securities Company, Spokane, Wash., limited permit to vote stock of two national banks granted 1/ 6 Limited permit granted to vote stock of Old National Bank 3/20 and Union Trust Co., Spokane Marine Midland Corporation, Jersey City, N. J.: General voting permit granted to vote stock of Elmira Bank and Trust Company, Elmira, N. Y. 2/24 General permit to vote stock of Nyack Bank and Trust Com12/20 pany, Nyack, N. Y. Nyack Bank and Trust Co., Nyack, N. Y., application for membership in FRSystem approved subject to compliance by Marine Midland Corp. of conditions 12/20 incident to permit to vote stock of Old National Corporation, Spokane, Washington, limited permit 1/ 6 to vote stock of two national banks granted Limited permit to vote stock of Old National Bank and Union 3/20 Trust Company of Spokane Republic National Bank, Dallas, Texas, to file application in connection with membership of Liberty State Bank 1/ 9 Holding company affiliate, Board to determine status as, completion of membership of Liberty State Bank de1/16 ferred pending ruling by Board General permit granted to vote stock of Liberty State Bank of Dallas 2/27 Trustees under trust agreement with reference to stock of The First National Bank of Louisville, Ky., and other corporations dated July 1, 1925, granted limited permit to vote stock of First-Owensboro Bank and Trust Company 1/ 9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 422 706 841 937 422 1578 1352 22 399 257 1621 1615 22 399 30 58 273 32 278 Pages Vouchers: Travel: Edmiston, Henry, senior economist, voucher approved for payment 9/29 1198 Wagner Resolution: (See Legislation, Wagner Resolution) Walker and Pratt Manufacturing Co.: Commitment granted to Second National Bank of Boston in connec1/16 tion with loan to Wall, A. N.: (See National banks, Farmers National Bank, Sparta, Wis.) Wall Street Journal: Banking and monetary policy, study by Senate Banking and Currency Committee, news item on 4/18 1%ar in Europe: Actions that might be taken by FRSystem in event of, discussed by Board with Presidents 4/17 Advances to member and nonmember banks on security of Government obligations, replies of FRBanks on policy of making, FRBank of Chicago advised to give further consideration to policy 5/ 9 Telegram to FRBanks on attitude in absence of actual out8/24 break of hostilities Credit to belligerents, statement relating to regulations issued by President of U. S., ordered published 10/17 in FRBulletin Government securities market, review by Mr. Eccles for Conference of Chairmen of actions taken by System be12/ 5 cause of unsettled conditions Means available through FRSystem to protect public interests, statement to be prepared by Ir. Wyatt with the 8/28 aid of Mr. Thomas and Mr. Morrill 8/29 Statement approved with changes Neutrality of U. S., request by State Department that Board send copies of any regulations, orders or notices dealing with, for transmission to Pan American Union, reply to State Department that none have as yet been promulgated but that request will 11/10 be borne in mind proclamation Neutrality Act of 1939, statement with respect to 11/17 of President, ordered published in Bulletin hostilities Press statement to be issued in event of outbreak of abroad, copy sent to FRBanks 4/27 6/ 1 Revised copy of statement sent to FRBanks Purchase and sale of Government securities in System open market account discussed in view of disturbed foreign situation 8/28 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 60 543 539 619 1033 1300 1511 1057 1058 1410 1430 583 713 1051 279 Pages War in Europe: (Continued) Shock on American markets resulting from, executive session with Presidents to discuss steps that might be taken by Government 4/18 547 Warden, James B.: (See National banks, First National Bank at Pittsburgh, Pa.) Warren, Robert B., proposed temporary employment to assist in preparation of material for submission at hearing of Senate Banking and Currency Committee to be discussed with 9/21 1166 To be reimbursed for railroad transportation and allowed per diem in lieu of subsistence 9/25 1174 Washington A. B. Bureau: Request for inclusion in weekly letter the contents of report of Board on Trust Indenture Bill 3/17 382 Waugh, Samuel C., Trust Division of American Bankers Association, letter on amendment to Regulation F relating to self-dealing in administration of trusts 5/26 687 West Virginia Bankers Association, request that Board furnish speaker for annual meeting in Fairmont, W. Va., Mr. Paulger suggested 3/20 403 Whigham, Walter Kennedy, report that visit to FRBank of New York had been only courtesy call 12/ 1 1494 White, Congressman Compton I., reply to letter on reestablishment of Spokane Branch 1/3 5 White, William R.: (See National Association of State Bank Supervisors) White and Case, Esq., New York City, opinion that instruments executed by Swiss Bank Corp. are valid agreements under sec. 8(a) of Securities Exchange Act of 1934 11/ 7 1379 Whitney, Richard and Company, report of investigation of loans made by State member banks to 1/30 125 Loans by certain member banks to, report prepared by FRBank of New York, copies to be sent to banks 5/11 632 Wiggins, A. L. M., amendment to Sec. 22(g) of FRAct, loans to executive officers of member banks, draft left 2/28 with Board 277 Winthrop, Stimson, Putnam and Roberts employed as special counsel by FRBank of New York to assist in mandamus proceedings against FRBank by Armand Schmoll, Inc. 4/4 481 Wisconsin: National banks, schedules showing restricted or deferred payment of deposits, banks obtaining waivers from depositors, etc., during period 1930-1936, FDIC advised that clearance must be obtained from Comptroller before they can be furnished 9/25 1180 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 280 Pages Wisconsin: (Continued) State member banks, schedules showing restricted or deferred payment of deposits, banks obtaining waivers from depositors, etc., during period 1930 1936, sent to FDIC for information 9/25 1180 Withdrawals from membership: Bank of Tifton, Ga., immediate withdrawal approved and permission to FDIC to examine in order to continue as nonmember insured bank 1/19 79 Curry County Bank, Gold Beach, Oregon, FDIC given permission to examine in connection with withdrawal and continuation as nonmember insured bank 11/ 3 1369 Farmers State Bank, Lincolnton, Ga., immediate withdrawal approved, bank to continue deposit insurance 2/21 249 Guardian Bank of Royal Oak, Michigan, contemplated withdrawal in order to establish branch, permission to FDIC to examine for continuation of deposit insurance 8/30 1062 Six months notice waived and permission given for immediate withdrawal 12/ 5 1505 W. J. Young and Company, Clinton, Iowa, determined not to be holding company affiliate, for any purposes other than those of Sec. 23A of FRAct 9/28 1194 Wolf, Walter Reid, common trust funds, plan for operation of, revised copies submitted 4/26 574 Woodward, Donald B., appointment to assist Mr. Ransom with preparation of material in connection with hearings of Senate Banking and Currency Committee 9/21 1166 Works Progress Administration: Closed bank study, article on deposit losses experienced by a sample group of banks to be published in FRBulletin, publication of future articles to be decided as submitted 2/24 252 Publication of articles on behavior of deposits in FRBulletin approved and subsequent articles to be pub3/28 lished as prepared 441 Study of corporate bonds, Louis N. Dembitz to be assigned for 6/23 three months to assist on technical problems 831 Assignment of Louis N. Dembitz extended until December 31, 1939 with understanding that he would be available for conference after that date 10/27 1345 Yntema, Hessel F.: (See Codification Board) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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